Trinity Biotech PLC (TRIB) 2024 Q3 法說會逐字稿

Greetings. Welcome to Trinity Biotech's third-quarter 2024 earnings conference call. (Operator instructions) As a reminder, this conference is being recorded.

問候。歡迎參加 Trinity Biotech 2024 年第三季財報電話會議。（操作員說明） 請注意，本次會議正在錄製中。

It is now my pleasure to introduce Eric Ribner, Investor Relations. Thank you, Eric, you may begin.

現在我很高興向大家介紹投資者關係部的 Eric Ribner。謝謝你，艾瑞克，你可以開始了。

Thanks very much. Before we begin, please note that statements made during this presentation may be deemed forward-looking statements within the meaning of Federal Securities Laws. These statements are subject to known and unknown risks and uncertainties that may cause actual events to differ from those expressed or implied in such statements.

非常感謝。在開始之前，請注意，本簡報中所做的陳述可能被視為聯邦證券法含義內的前瞻性陳述。這些陳述受到已知和未知的風險和不確定性的影響，可能導致實際事件與此類陳述中明示或暗示的情況有所不同。

These risks include, but are not limited to those set forth in the risk factor statement in the company's annual report on Form 20-F filed with the SEC. Trinity Biotech undertakes no obligations to publicly update or revise these forward-looking statements to reflect events or circumstances after today or the occurrence of unanticipated events.

這些風險包括但不限於公司向 SEC 提交的 20-F 表格年度報告中風險因素聲明中列出的風險。Trinity Biotech 不承擔公開更新或修改這些前瞻性聲明以反映今天之後的事件或情況或意外事件發生的義務。

I will now hand you over to John Gillard, President and CEO of Trinity Biotech, who will give an overview of Q3 performance and a business update. John will be followed by the company's Chief Financial Officer, Louise Tallon, who will give further details on third quarter financials.

現在我將交給 Trinity Biotech 總裁兼執行長 John Gillard，他將概述第三季的業績和業務更新。緊隨約翰之後的是公司財務長路易絲·塔隆 (Louise Tallon)，她將提供有關第三季度財務狀況的更多詳細資訊。

John, I turn it over to you.

約翰，我把它交給你了。

Good morning, everyone, and thank you for joining today's call. It has been an exciting time for our company. I have a lot to share with you today. Our company has been significantly transformed over the past year, and we are now looking to the future and the growth drivers that will create meaningful value to our shareholders.

大家早安，感謝您參加今天的電話會議。對我們公司來說，這是一個令人興奮的時刻。今天我有很多東西要跟大家分享。我們的公司在過去的一年裡發生了巨大的轉變，現在我們正在展望未來和成長動力，為我們的股東創造有意義的價值。

On our call today, I want to focus on three key elements. One, planning for long-term growth, which we believe will be driven by our continuous glucose monitor or CGM for diabetes management. As we progress towards commercial launch of our next-generation solution, we are incredibly excited about the opportunity our innovative and pioneering approach presents in this vast market, a market that is already worth over $10 billion a year and projected to grow rapidly.

在今天的電話會議上，我想重點討論三個關鍵要素。第一，規劃長期成長，我們相信這將由我們的連續血糖監測儀或用於糖尿病管理的 CGM 推動。隨著我們下一代解決方案的商業發布，我們對我們的創新和開創性方法在這個廣闊的市場中所帶來的機會感到非常興奮，這個市場每年價值已超過100 億美元，並且預計將快速增長。

In addition, in order to provide shareholders with more opportunities for value accretion, we are building out our pipeline of high-growth potential products through the acquisition of innovative prostate cancer and preeclampsia test technology, plus a strategic investment in asepsis diagnostic technology.

此外，為了給股東更多增值機會，我們正在透過收購創新的前列腺癌和子癇前症檢測技術以及對無菌診斷技術的策略性投資來建立高成長潛力產品的管線。

Moving on to two. I would also update you on our continued strong execution of our comprehensive transformation plan, which is establishing the profitability infrastructure for our existing and future business lines.

繼續講兩個。我還要向您介紹我們繼續大力執行全面轉型計劃的最新情況，該計劃正在為我們現有和未來的業務線建立盈利基礎設施。

This will support R&D for growth and balance sheet strengthening as well as increasing the value of many of our existing business lines. And finally, three, I would speak to how we have strengthened the company by successfully addressing NASDAQ listing deficiencies removing an important overhang from our stock.

這將支持研發以促進成長和加強資產負債表，並增加我們許多現有業務線的價值。最後，第三，我要談談我們如何透過成功解決納斯達克上市缺陷、消除我們股票的重要懸而未決來增強公司實力。

Before I address each of those three areas, let me first speak to our Q3 performance. As you saw in today's press release, we are continuing to grow our revenue base, while at the same time reducing cost. We saw a 3% year-on-year revenue growth driven by TrinScreen HIV revenues.

在討論這三個領域之前，讓我先談談我們第三季的表現。正如您在今天的新聞稿中看到的，我們正在繼續擴大我們的收入基礎，同時降低成本。在 TrinScreen HIV 收入的推動下，我們的營收年增了 3%。

Our TrinScreen revenues were lower in Q3 compared to Q2, but this is only as a result of different ordering patterns quarter-on-quarter, which are a feature of the rapid HIV test market. We expect higher revenues in Q4 of this year for TrinScreen HIV. And as set out in today's press release, we are reiterating our guidance of 2024 sales revenue for TrinScreen HIV of approximately $10 million.

與第二季相比，我們第三季的 TrinScreen 收入較低，但這只是由於季度環比訂購模式不同的結果，這是愛滋病毒快速檢測市場的一個特徵。我們預計今年第四季 TrinScreen HIV 的營收將會更高。正如今天的新聞稿所述，我們重申 TrinScreen HIV 2024 年銷售收入約為 1000 萬美元的指導。

Our Q3 2024 hemoglobin revenues from A1c testing products were lower than Q3 2023, primarily due to Q3 '23 having unusually high revenues compared to the normal run rate, due mainly to an even ordering patterns from certain customers during 2023.

我們來自A1c 測試產品的2024 年第三季度血紅蛋白收入低於2023 年第三季度，主要是由於23 年第三季度的收入與正常運行率相比異常高，這主要是由於2023 年某些客戶的訂購模式均勻。

Continued disciplined execution on our profitability enhancing initiatives contributed to a decrease in the operating loss before restructuring and impairment charges to $2.2 million from $4.5 million in Q3 2023, a 51% improvement.

繼續嚴格執行我們的獲利能力增強計劃，導致重組和減損費用前的營運虧損從 2023 年第三季的 450 萬美元減少到 220 萬美元，減少了 51%。

As I will speak to later, while we have spent this year planning and executing on the many profitability initiatives in our comprehensive transformation plan, most of them were scheduled to be completed at the end of this year or early in 2025, and as such are not yet very significantly adding to our profitability.

正如我稍後將談到的，雖然我們今年在全面轉型計劃中規劃和執行了許多盈利舉措，但其中大部分計劃於今年年底或 2025 年初完成，因此尚未顯著增加我們的盈利能力。

However, I am happy to confirm that in line with our plan, many are due to be executed by the end of this year or very early 2025. And as such, we expect that we are on the cusp of a near-term step change in our profitability performance. Louise will bring you through our Q3 financial results in more detail later on the call.

不過，我很高興地確認，根據我們的計劃，許多項目將於今年年底或 2025 年初執行。因此，我們預計我們的獲利能力近期即將發生重大變化。路易斯將在稍後的電話會議上向您詳細介紹我們第三季的財務表現。

Now let me walk you through some of our key achievements and provide more details across the three main priority areas for our new leadership team. Beginning with driving long-term growth from our CGM solution and recently acquired lab based innovative diagnostic tests.

現在，讓我向您介紹我們的一些主要成就，並為我們的新領導團隊提供有關三個主要優先領域的更多詳細資訊。首先透過我們的 CGM 解決方案和最近收購的實驗室為基礎的創新診斷測試來推動長期成長。

With respect to our next generation CGM for diabetes management, as I mentioned, we are incredibly excited about the progress we are making in the design of this breakthrough solution. The opportunities this innovative solution presents for the company in this vast and rapidly growing market are game changing.

正如我所提到的，關於我們用於糖尿病管理的下一代 CGM，我們對這項突破性解決方案的設計所取得的進展感到非常興奮。在這個廣闊且快速成長的市場中，這個創新解決方案為公司帶來了改變遊戲規則的機會。

Having consulted with a broad range of commercial and clinical stakeholders globally, we know that reducing the cost per day of CGM solutions is a critical need in both established and developing markets. This is a need that the current main products do not satisfactorily address given their products are built around entirely or mainly disposable components. We are specifically designing our next generation solution to address this market need.

在諮詢了全球廣泛的商業和臨床利益相關者後，我們知道降低 CGM 解決方案的每日成本是成熟市場和發展中市場的關鍵需求。鑑於目前的主要產品完全或主要圍繞一次性組件構建，因此當前的主要產品無法令人滿意地滿足這一需求。我們正在專門設計下一代解決方案來滿足這一市場需求。

To remind you, our next generation solution capitalizes on our proprietary glucose sensor technology to reduce down the amount of non-reusable components. As a result, our new breakthrough design, both a reusable applicator and transmitter paired with a simplified low-cost disposable sensor patch, all designed to give a great user experience. This modular approach significantly reduces both cost per day and waste.

提醒您，我們的下一代解決方案利用我們專有的葡萄糖感測器技術來減少不可重複使用組件的數量。因此，我們新的突破性設計，包括可重複使用的塗抹器和發射器，以及簡化的低成本一次性感測器貼片，所有這些都旨在提供出色的用戶體驗。這種模組化方法顯著降低了每日成本和浪費。

Our new design also allows our solution to capture additional physiological data points beyond glucose, similar to many of the data points captured by smart watches and other wearable devices. We believe these data points will provide key insights to users, and further strengthen and differentiate the value proposition of our solution.

我們的新設計還允許我們的解決方案捕獲血糖以外的其他生理數據點，類似於智慧手錶和其他穿戴式裝置捕獲的許多數據點。我們相信這些數據點將為用戶提供關鍵見解，並進一步加強和區分我們解決方案的價值主張。

I suppose you could say rather than trying to get a smart watch to accurately measure glucose as we understand some companies have tried, we are developing an accurate continuous glucose monitor that incorporates many of the data collection functions of a smart watch and other wearables. We believe this is a much more achievable solution.

我想你可能會說，我們正在開發一種精確的連續血糖監測儀，它結合了智慧手錶和其他可穿戴設備的許多數據收集功能，而不是像我們所知的一些公司嘗試過的那樣嘗試讓智慧手錶準確測量血糖。我們相信這是一個更容易實現的解決方案。

We are moving quickly to capitalize on this incredible market opportunity. And as we previously reported, we successfully completed the first pre-pivotal trial of our updated sensor technology. This week, we are starting a second larger pre-pivotal trial, which will provide extensive data on further developments on the sensor technology which would feed into our sensor design choices.

我們正在迅速採取行動，以利用這個令人難以置信的市場機會。正如我們之前報導的，我們成功完成了更新感測器技術的首次關鍵前試驗。本週，我們將開始第二次更大規模的關鍵前試驗，該試驗將提供有關感測器技術進一步發展的大量數據，這些數據將有助於我們的感測器設計選擇。

We are confident that the steps we are taking, supported by our impressive partners with an emphasis on, one a great user experience, two, enhance data capture and insights, and three, reduce cost through more reusable components will lead to a differentiated product and a higher value proposition. We believe this will allow Trinity Biotech to take a leading position in the globe of CGM and diabetes management markets.

我們相信，在我們令人印象深刻的合作夥伴的支持下，我們正在採取的步驟將帶來差異化的產品和優勢，一是出色的用戶體驗，二是增強數據捕獲和洞察力，三是通過更多可重複使用元件降低成本。我們相信，這將使 Trinity Biotech 在全球 CGM 和糖尿病管理市場中佔據領先地位。

Additionally, as we have mentioned previously, we are receiving significant inbound interest in our CGM technology for both commercial and strategic partners alike. We continue to build and nurture these solutions to create strategic optionality for our assets as well as create shareholder value.

此外，正如我們之前提到的，商業和策略合作夥伴都對我們的 CGM 技術產生了濃厚的興趣。我們將繼續建立和培養這些解決方案，為我們的資產創造策略選擇並創造股東價值。

Finally, I'm pleased to report that we are establishing strategic manufacturing and supply chain relationships with large-scale premium market players to prepare for efficient and rapid scaling across the globe upon launch.

最後，我很高興地報告，我們正在與大型高端市場參與者建立策略製造和供應鏈關係，為產品推出後在全球範圍內高效、快速地擴展做好準備。

Now let's turn to our recent new lab-based technology acquisitions, which form an additional vertical to our long-term value creation and growth strategy. The catalyst for these acquisitions is the recent set of changes by the US Food and Drug Administration, the FDA to the rules regarding the introduction of new lab developed tests or LDTs.

現在讓我們來看看我們最近收購的新的基於實驗室的技術，這些收購形成了我們長期價值創造和成長策略的另一個垂直領域。這些收購的催化劑是美國食品和藥物管理局 (FDA) 最近對有關引入新實驗室開發的測試或 LDT 的規則進行的一系列修改。

We expect that these recent FDA changes will limit the ability of reference laboratories that are not New York State Department of Health certified to bring new laboratory developed tests, such as EpiCapture's prostate cancer test and Metabolomics' preeclampsia test to the market in the US. As our Immco lab is New York State Department of Health certified, this provides us with a competitive advantage, which we have sought to capitalize on with these two acquisitions.

我們預計 FDA 最近的這些變化將限制未經紐約州衛生部認證的參考實驗室將新實驗室開發的測試（例如 EpiCapture 的前列腺癌測試和 Metabolomics 的子癇前症測試）推向美國市場的能力。由於我們的 Immco 實驗室獲得了紐約州衛生部的認證，這為我們提供了競爭優勢，我們在這兩次收購中尋求利用這一優勢。

Trinity Biotech strategy was to leverage our New York State laboratory to attract new innovative technologies and products and combine those with Trinity's established capabilities to address large-scale, urgent and important clinical issues. We believe that this FDA rule change provided us with attractive and capital efficient opportunities to acquire companies with new technologies and products and support their route to market.

Trinity Biotech 的策略是利用我們的紐約州實驗室吸引新的創新技術和產品，並將其與 Trinity 的既定能力相結合，以解決大規模、緊急和重要的臨床問題。我們相信 FDA 規則的這種變化為我們提供了有吸引力且資本效率高的機會來收購擁有新技術和產品的公司並支持他們的市場路線。

As we evaluated these new opportunities in this area, our criteria were focused on, one large and important disease areas, two, diagnostics that lead to differentiated treatment path for patients, and three, utilization of sophisticated next generation technology platforms. For example, prostate cancer is the most common nonskin cancer among men in the US with about one in eight men diagnosed during their lifetime. And the cost for diagnosis and treatment is estimated at over $100 billion annually.

當我們評估這一領域的這些新機會時，我們的標準集中在：一是大型且重要的疾病領域；二是為患者提供差異化治療路徑的診斷；三是先進的下一代技術平台的利用。例如，攝護腺癌是美國男性最常見的非皮膚癌，大約八分之一的男性在一生中被診斷出來。每年診斷和治療的費用估計超過1000億美元。

The ability to accurately monitor prostate cancer progression is critical as the disease can often be slow growing and unnecessarily invasive interventions such as prostate biopsies can lead to significant complications.

準確監測前列腺癌進展的能力至關重要，因為這種疾病通常發展緩慢，並且前列腺活檢等不必要的侵入性幹預措施可能會導致嚴重的併發症。

The EpiCapture test could significantly reduce the frequency of these intervention, thereby improving the quality of life for patients. The EpiCapture test offers a breakthrough approach to monitoring disease progression by using epigenetic analysis.

EpiCapture測試可以顯著減少這些幹預的頻率，從而提高患者的生活品質。EpiCapture 測試提供了一種利用表觀遺傳學分析監測疾病進展的突破性方法。

This technology is innovative and new to Trinity Biotech, thus allowing us to move up the technology and value curve in a large-scale disease area and introduce our company to the high-value oncology market.

這項技術對 Trinity Biotech 來說是創新的、全新的，從而使我們能夠在大規模疾病領域提昇技術和價值曲線，並將我們的公司引入高價值的腫瘤市場。

Similarly, our other new acquisition, Metabolomics Diagnostics addresses the large scale issue of preeclampsia, which impacts up to 5% of pregnancies in the US and which can cause serious illness or death in affected mothers and babies. The Metabolomics Diagnostics proprietary PrePsia technology has been shown to deliver improved prediction of preterm preeclampsia risk at week 12 of pregnancy.

同樣，我們的另一項新收購代謝組學診斷解決了子癇前症的大規模問題，該問題影響著美國高達 5% 的妊娠，並可能導致受影響的母親和嬰兒患有嚴重疾病或死亡。Metabolomics Diagnostics 專有的 PrePsia 技術已被證明可以改善妊娠第 12 週時的早產子癇前症風險的預測。

Early detection of preeclampsia would allow for the prescription of effective medication, which can significantly reduce the risk of often serious health issues for mothers and their babies. The Metabolomics test uses mass spectrometry combined with machine learning powered bioinformatics, which again is a new and innovative technology to Trinity Biotech. This increases our exposure to and capabilities in machine learning, which is increasingly becoming a critical aspect of modern health care and, in particular, diagnostics.

及早發現先兆子癇將有助於開立有效的藥物，這可以顯著降低母親及其嬰兒出現嚴重健康問題的風險。代謝組學測試使用質譜與機器學習驅動的生物資訊學相結合，這對 Trinity Biotech 來說又是一項全新的創新技術。這增加了我們對機器學習的接觸和能力，機器學習正日益成為現代醫療保健，特別是診斷的一個重要面向。

Regarding Novus Diagnostics in which we have made a 12.5% strategic investment, our strategic rationale is to leverage our existing capabilities to support the development and commercialization of Novus's groundbreaking technology. This is a rapid 15 minute sepsis test that can provide life saving information to physicians to enable faster diagnosis and time line treatment.

對於我們策略性投資12.5%的Novus Diagnostics，我們的策略理由是利用我們現有的能力來支持Novus突破性技術的開發和商業化。這是一種 15 分鐘的快速膿毒症測試，可以為醫生提供挽救生命的信息，從而實現更快的診斷和及時治療。

Novus's platform addresses key limitations in current sepsis diagnostics, such as the delay in results. This rapid point of care solution is expected to significantly improve sepsis outcomes by enabling faster diagnosis and timely treatment, potentially saving lives and reducing the over $50 billion estimated annual cost of sepsis related hospitalization in the US.

Novus 的平台解決了目前敗血症診斷的關鍵限制，例如結果延遲。這種快速護理解決方案預計將透過實現更快的診斷和及時的治療來顯著改善敗血症的結果，從而有可能挽救生命並減少美國每年超過 500 億美元的敗血症相關住院費用。

Now turning to the second of the three key areas I want to focus on today. Our comprehensive transformation plan, on which we continue to make significant progress and remains on track. Our aim with these initiatives is to enhance the value of our existing business lines by transforming operations to address the root causes of historical inefficiency and pave the way for profitability growth on a larger scale.

現在轉向我今天要重點關注的三個關鍵領域中的第二個。我們的全面轉型計劃，我們繼續取得重大進展並保持在正軌上。我們採取這些措施的目的是透過營運轉型來提高現有業務線的價值，以解決歷史上效率低下的根本原因，並為更大規模的獲利成長鋪平道路。

Under this plan, we have several objectives to accomplish. First, reduced costs through consolidation and offshore of manufacturing. In this regard, we have now successfully completed the transfer of our second rapid HIV product manufacturing process to our offshore manufacturing partner. In a significant milestone, we have made submissions to the relevant international regulator to permit commercial production of both rapid HIV tests with our offshore partner.

根據這個計劃，我們有幾個目標要實現。首先，透過整合和離岸製造來降低成本。在這方面，我們現在已成功完成將我們的第二個快速愛滋病毒產品製造流程轉移給我們的海外製造合作夥伴。這是一個重要的里程碑，我們已向相關國際監管機構提交了申請，允許與我們的海外合作夥伴一起商業化生產這兩種愛滋病毒快速檢測試劑。

We expect offshore production of both products to begin in Q1 2025. We expect this shift will be gross margin accretive and provide meaningful working capital benefits. We are also beginning to transfer some of the more technical aspects of production of both of our rapid HIV test to our offshore partner. In fact, we already have a team on site for the next two weeks with our partner. Once in place, this change to support further gross margin and profitability enhancements.

我們預計這兩種產品將於 2025 年第一季開始海上生產。我們預期這項轉變將增加毛利率，並帶來有意義的營運資本效益。我們也開始將我們的兩種快速愛滋病毒檢測產品生產的一些更具技術性的方面轉移給我們的海外合作夥伴。事實上，我們已經派出一個團隊與我們的合作夥伴一起在接下來的兩週內駐守現場。一旦到位，這項變更將支持毛利率和獲利能力的進一步提升。

We have continued to make significant progress in consolidating our main hemoglobin manufacturing activities currently carried out at our Kansas City plant into two of our other existing plants. We remain on track to cease the main manufacturing activities at our Kansas City site by the end of 2024.

我們在將目前在堪薩斯城工廠進行的主要血紅蛋白製造活動整合到我們其他兩個現有工廠方面繼續取得重大進展。我們仍有望在 2024 年底前停止堪薩斯城工廠的主要製造活動。

We have recently also informed staff at our autoimmune test manufacturing site at Buffalo, New York, of our intention to consolidate its main manufacturing activities into our Jamestown, New York plant. We expect to cease main manufacturing activities at our Buffalo site by the end of Q1 2025.

我們最近也告知紐約州布法羅自體免疫測試製造工廠的工作人員，我們打算將其主要製造活動整合到紐約州詹姆斯敦工廠。我們預計到 2025 年第一季末停止布法羅工廠的主要製造活動。

We are also focused on optimizing our supply chain. In this regard, we've continued to identify further material saving opportunities in our rapid HIV test supply chain and expect to have them in place by the end of Q1 2025.

我們也致力於優化我們的供應鏈。在這方面，我們繼續在快速 HIV 檢測供應鏈中尋找進一步節省材料的機會，並預計在 2025 年第一季末將其落實到位。

Lastly, we plan to centralize and offshore many of our corporate services to drive both efficiency and agility. As planned, our offshore corporate services site is now live with a number of functions operating from the site. We expect to add additional functions through the end of 2024 and into Q1 2025. These changes will support improved profitability.

最後，我們計劃集中和離岸許多企業服務，以提高效率和敏捷性。按照計劃，我們的離岸企業服務站點現已上線，並可在該站點上運行許多功能。我們預計在 2024 年底和 2025 年第一季添加更多功能。這些變化將支持盈利能力的提高。

Our comprehensive transformation plan is ambitious and wide ranging, impacting almost every aspect of our business. I would like to take this opportunity to thank our staff, including those that are set to leave the business as part of the transformation for their support and co-operation during this important journey. Once completed, I believe we will have a much more efficient and modernized operating model.

我們的全面轉型計劃雄心勃勃且範圍廣泛，幾乎影響到我們業務的各個方面。我想藉此機會感謝我們的員工，包括那些準備在轉型過程中離開公司的員工，感謝他們在這一重要歷程中的支持和合作。一旦完成，我相信我們將擁有更有效率和現代化的營運模式。

With just two main manufacturing sites focusing on the more complex aspects of our products, one in the US and one in Ireland, with less led complex manufacturing activities either offshore or outsourced. This simplification is expected to drive significant efficiency and profitability enhancement. In addition, our centralized and offshore corporate services site should give us a more efficient and effective platform to support the business.

只有兩個主要製造基地專注於我們產品的更複雜方面，一個在美國，一個在愛爾蘭，離岸或外包的複雜製造活動較少。這種簡化預計將顯著提高效率和獲利能力。此外，我們的集中式離岸企業服務網站應該為我們提供一個更有效率、更有效的平台來支援業務。

Given our continued strong execution on our wide range of comprehensive transformation plan, we are today reiterating our guidance to achieve approximately $20 million of annualized run rate earnings before interest, tax, depreciation and share options costs or EBITDASO, excluding impairment charges and once-off items and annualized run rate revenues of approximately $75 million by Q2 2025, and we will continue to execute towards this.

鑑於我們繼續大力執行廣泛的綜合轉型計劃，我們今天重申我們的指導，以實現約2000 萬美元的未計利息、稅項、折舊和股票期權成本或EBITDASO​​ 之前的年化運行收益，不包括減損費用和一次性費用到 2025 年第二季度，我們的專案和年化運行收入約為 7,500 萬美元，我們將繼續實現這一目標。

Finally, and thirdly, I'm extremely pleased to be closing out a difficult period for the company over the past year. One of my top priorities when I took on the CEO role in December 2023 was to address the company's pre-existing NASDAQ listing requirement deficiencies.

最後，也是第三點，我很高興能夠結束公司過去一年的困難時期。當我於 2023 年 12 月擔任執行長時，我的首要任務之一是解決公司先前存在的納斯達克上市要求的缺陷。

We have now regained compliance with NASDAQ listing requirements and removed an important overhang on our stock. We are grateful for the continued support of our shareholders, partners and employees during this process.

我們現在已經重新符合納斯達克上市要求，並消除了我們股票上的重要懸而未決的問題。我們感謝股東、合作夥伴和員工在過程中的持續支持。

So to conclude, overall, I am very satisfied with the significant progress we have made over the past few months on our ambitious priorities. We will remain focused on disciplined execution in our comprehensive transformation program so that we as rapidly as possible, transition to profitability, while at the same time, preparing the company for significant future goals with our exciting programs in CGM, prostate cancer and pre-cancer.

總之，總的來說，我對過去幾個月我們在雄心勃勃的優先事項上取得的重大進展感到非常滿意。我們將繼續專注於全面轉型計劃的嚴格執行，以便盡快實現盈利，同時透過我們在 CGM、前列腺癌和癌前治療方面令人興奮的計劃，為公司實現重大的未來目標做好準備。

I would like to thank you all for your attention. And I will now hand you over to Louise Tallon, our Chief Financial Officer to discuss the Q3 financial results in more detail.

我要感謝大家的關注。現在我將把您交給我們的財務長 Louise Tallon，她將更詳細地討論第三季的財務表現。

Thanks, John. I'm glad to go through our Q3 results and highlight some of the progress the company has made during the last quarter. Starting with our revenue. Our revenues for Q3 2024 were $15.2 million, which is just over 3% higher than Q3 2023.

謝謝，約翰。我很高興瀏覽我們第三季的業績，並強調公司在上個季度取得的一些進展。從我們的收入開始。我們 2024 年第三季的營收為 1,520 萬美元，比 2023 年第三季高出 3% 多一點。

Our point of care revenue continues to have a large impact on growing our business, increasing by $2.7 million to $4.3 million. This is an increase of 60% compared to Q3 2023 driven by our TrinScreen product, which had sales of approximately $2.4 million. We have reiterated our guidance for TrinScreen sales of approximately $10 million for the full year 2024.

我們的護理點收入繼續對業務成長產生重大影響，增加了 270 萬美元至 430 萬美元。與 2023 年第三季相比，在我們的 TrinScreen 產品的推動下成長了 60%，該產品的銷售額約為 240 萬美元。我們重申了 TrinScreen 2024 年全年銷售額約為 1000 萬美元的指引。

Our clinical laboratory revenues were $10.8 million, which is a decrease of 9% compared to Q3 2023. Included in these revenues was a strong performance from our clinical chemistry portfolio, which grew by almost 80% year-on-year. This increase in revenue was offset by a revenue decrease in our hemoglobin business, which was 70% lower year-over-year.

我們的臨床實驗室收入為 1,080 萬美元，較 2023 年第三季下降 9%。這些收入包括我們臨床化學產品組合的強勁表現，較去年同期成長近 80%。這一收入成長被我們血紅蛋白業務收入的下降所抵消，該收入年減了 70%。

This occurred due to decreased instrument sales during the period combined with higher consumable sales in Q3 2023, which, as John noted was influenced by the phasing of hemoglobin revenues from certain customers throughout the prior year.

出現這種情況的原因是該期間儀器銷量下降，加上 2023 年第三季度消耗品銷量增加，正如 John 指出的那樣，這是受到上一年某些客戶的血紅蛋白收入分階段的影響。

Moving on to our gross profit for the quarter, which was $5.3 million and represented a gross margin of 35%. This was broadly consistent with the margin for the comparative quarter in 2023 when you exclude the stock obsolescent costs that were included in 2023 results.

接下來是本季的毛利，毛利為 530 萬美元，毛利率為 35%。當您排除 2023 年業績中包含的庫存廢棄成本時，這與 2023 年比較季度的利潤率大致一致。

Within our gross margin, there are two pieces of key businesses that affected the result. Firstly, we have positive margins with our hemoglobins business. We're now manufacturing costs through supply chain initiatives and from our revised in-house manufacturing process.

在我們的毛利率中，有兩項關鍵業務影響了結果。首先，我們的血紅蛋白業務擁有正面的利潤率。我們現在透過供應鏈規劃和修訂後的內部製造流程來降低製造成本。

Secondly, and offsetting this, the TrinScreen HIV sales are currently diluting our overall gross margin percentage, but we're expecting this to improve incrementally over the next three quarters due to the increased operational efficiency through automation and expect to transfer of assembly activities to a lower cost location, which begins Q1 2025.

其次，為了抵消這一點，TrinScreen HIV 的銷售目前正在稀釋我們的整體毛利率百分比，但我們預計，由於自動化提高了營運效率，我們預計這一情況將在未來三個季度逐步改善，並預計將組裝活動轉移到成本較低的地點，從 2025 年第一季開始。

We have some favorable movement in expenses year-on-year. Within research and development expenses, they were $200,000 less in the comparable quarter. We also capitalized $2.1 million for the quarter in relation to our biosensor development as we continued our development activities post the Waveform transaction we completed in January.

我們的支出比去年出現了一些有利的變化。在研發費用方面，與可比季度相比減少了 20 萬美元。我們也在 1 月完成 Waveform 交易後繼續我們的開發活動，本季也為生物感測器開發資本化了 210 萬美元。

Our SG&A expenses were $6.5 million in the quarter compared to $7.7 million in Q3 2023. This is a substantial decrease of $1.2 million and is a clear indication of our journey on cost reduction, where we've lowered overall employee remuneration costs.

本季我們的 SG&A 費用為 650 萬美元，而 2023 年第三季為 770 萬美元。這大幅減少了 120 萬美元，清楚地表明了我們的成本削減之旅，即我們降低了員工整體薪資成本。

This quarter, we've also incurred restructuring costs of approximately $300,000 related to the comprehensive transformation plan, which John described earlier. This brings total costs year-to-date to $2.3 million with further costs expected in Q4 as a result of our ongoing transformation plan.

本季度，我們還產生了與約翰之前描述的全面轉型計劃相關的約 30 萬美元的重組成本。這使得今年迄今的總成本達到 230 萬美元，由於我們正在進行的轉型計劃，預計第四季度的成本將進一步增加。

These costs mainly comprise of termination payments, factory closure costs and costs associated with the transfer of activities to the offshore service provider. The majority of the cash outflow related to these restructuring costs will happen in Q4 2024 and Q1 2025. Overall, we then report an operating loss of $2.6 million in the quarter compared to an operating loss of $4.5 million in Q3 2023.

這些成本主要包括終止付款、工廠關閉成本以及與將活動轉移到離岸服務提供者相關的成本。與這些重組成本相關的大部分現金流出將發生在 2024 年第四季和 2025 年第一季。總體而言，我們報告本季的營運虧損為 260 萬美元，而 2023 年第三季的營運虧損為 450 萬美元。

Our net financial expense in the quarter increased by approximately $200,000. This increase is due to our term loans a result of the additional loan drawdowns related to the Waveform transaction earlier in the year. This brings us to a net loss post-tax and interest position of $4.8 million in the quarter compared to $6.7 million loss in the same quarter last year.

本季我們的淨財務費用增加了約 20 萬美元。這一增長是由於我們的定期貸款是由於今年早些時候與 Waveform 交易相關的額外貸款提取所致。這使我們本季的稅後和利息部位淨虧損為 480 萬美元，而去年同期的虧損為 670 萬美元。

The adjusted EBITDASO was one of our primary KPIs and represents the loss before depreciation, amortization, impairment charges, restructuring costs, tax, interest and share based payments. For the quarter, we reported adjusted EBITDA sale of $1.4 million loss, compared to $3.5 million loss in the equivalent period last year, while our basic loss per ADS was $0.46 compared to $0.88 in Q3 2023.

調整後的 EBITDASO​​ 是我們的主要關鍵績效指標之一，代表折舊、攤提、減損費用、重組成本、稅金、利息和股份付款前的損失。本季度，我們報告調整後 EBITDA 銷售虧損 140 萬美元，而去年同期虧損 350 萬美元，每份美國存託股基本虧損為 0.46 美元，而 2023 年第三季為 0.88 美元。

Finally, I'll talk about our cash for the quarter. The cash balance decreased from $5.3 million at June 30 to $2.8 million at the end of September. Cash used by our operations was $3.6 million in the quarter, an improvement of $1 million compared to Q3 2023. Although there was improvement on the prior year, I note the working capital outflow in the quarter.

最後，我會談談我們本季的現金。現金餘額從6月30日的530萬美元減少到9月底的280萬美元。本季我們營運使用的現金為 360 萬美元，比 2023 年第三季增加了 100 萬美元。儘管與前一年相比有所改善，但我注意到本季的營運資金流出。

Trade and trade receivables have increased relating to large receivables associated with our TrinScreen product. We expect to show improvements here in quarter 4. We had investing cash outflows of $3.1 million, which mainly related to our R&D capital expenditure for CGM and hemoglobin products as well as cash related to the acquisition of Metabolomics Diagnostics. Cash inflow from financing activities were $4.2 million in the quarter. During the quarter, the company entered into an aftermarket offering agreement, which resulted in a positive net cash flow of $7.1 million.

與我們的 TrinScreen 產品相關的大額應收帳款相關的貿易和貿易應收帳款增加。我們預計在第四季會出現改進。我們的投資現金流出 310 萬美元，主要與 CGM 和血紅蛋白產品的研發資本支出以及與收購 Metabolomics Diagnostics 相關的現金有關。本季融資活動現金流入為 420 萬美元。本季度，該公司簽訂了售後市場發行協議，實現了 710 萬美元的正淨現金流。

Now I'll hand you back to Eric for any questions.

如果您有任何問題，現在我會將您轉交給埃里克。

Thank you. And I guess we'll take questions now. Yeah.

謝謝。我想我們現在就問問題。是的。

(Operator instructions)

（操作員說明）

James Sidoti, Sidoti & Company.

詹姆斯·西多蒂（James Sidoti），西多蒂公司。

Hi, good evening. Thanks for taking the questions. It's nice to see earnings coming out and before the quarter, the next quarter has ended. So it seems like you're back on track that way, which is nice to see. So regarding the third quarter, you said you still expect the TrinScreen sales around $10 million. So it sounds like you're looking for a little over $3 million of revenue from that in the fourth quarter. Does that sound right?

嗨，晚上好。感謝您提出問題。很高興看到利潤在本季之前公佈，下個季度已經結束。所以看起來你又回到了正軌，這很高興看到。那麼關於第三季度，您說您仍然預計 TrinScreen 的銷售額約為 1000 萬美元。聽起來您希望第四季度的收入略高於 300 萬美元。聽起來對嗎？

Hi, Jim, good to talk to you, and thanks for your question. Yes, I think that's fair. And as we've seen over many years with HIV rapid sales, there can be quarter-on-quarter variation in ordering patterns. Because the order sizes for TrinScreen are much larger typically than we would have for Uni-Gold that leads to, I think, was a higher overall impact in terms of our revenue. And yes, we would expect about $3 million for quarter 4.

嗨，吉姆，很高興與你交談，感謝你的問題。是的，我認為這是公平的。正如我們多年來看到的 HIV 快速銷售一樣，訂購模式可能會出現季度與季度的變化。因為 TrinScreen 的訂單規模通常比 Uni-Gold 的訂單規模大得多，我認為這對我們的收入產生了更高的整體影響。是的，我們預計第四季的營收約為 300 萬美元。

And with regard to the premier instruments, it sounds like those sales were a little lower this quarter as some customers waited for the new column to come out. Do you think that business comes back in the fourth quarter? Or do you think that business is lost? Or do you think it comes back in 2025?

至於頂級樂器，聽起來本季的銷售額略有下降，因為一些客戶正在等待新專欄的推出。您認為第四季業務會恢復嗎？還是你認為生意丟了？或者你認為它會在 2025 年回歸？

Yes. I think the core revenue for consumables there is broadly consistent quarter-on-quarter, which we would expect, right, given the nature of that business where you've got typically instruments placement and a consistent level of throughput in terms of those instruments.

是的。我認為消耗品的核心收入季度環比大致一致，這是我們所期望的，正確的，考慮到該業務的性質，您通常擁有儀器放置以及這些儀器的一致吞吐量水平。

I think that variation was more really got to do with 2023. And there was some high variation in ordering patterns across particularly one customer. And we took steps earlier this year to kind of normalize their demand because it creates operational challenges where you're having very high spikes in demand over particular quarters. So we've kind of more smoothed it out.

我認為這種變化更與 2023 年有關。特別是一位客戶的訂購模式有很大差異。今年早些時候，我們採取了一些措施，使他們的需求正常化，因為這會帶來營運挑戰，在特定季度需求會出現非常高的高峰。所以我們已經把它弄得更加平滑了。

In terms of the other differential in revenue predominantly down to instrument placement sales being reduced. As we've been consistent, I think, throughout the year, we're not pushing them as hard as we will be in the past because we think the new column proposition is a much better proposition given the higher level of test that those columns do and the lower level of calibrations, et cetera, required for customers.

就收入的其他差異而言，主要歸因於儀器安置銷售的減少。我認為，由於我們在這一年中一直保持一致，我們不會像過去那樣努力推動它們，因為我們認為新的專欄提案是一個更好的提案，因為考慮到這些專欄的測試水平更高以及客戶所需的較低水平的校準等。

So why we're rolling out the new columns and bedding in that value proposition, we're not pushing instruments as much as possible because as you know, instrument sales for us typically have been quite gross margin dilutive and in some cases, significantly cash flow negative. So we think that the value proposition is better with the new column and we prefer to sell on the basis of that.

因此，為什麼我們在該價值主張中推出新的色譜柱和基礎材料，我們並沒有盡可能地推銷儀器，因為如您所知，我們的儀器銷售通常會相當攤薄毛利率，在某些情況下，會大量現金流量為負。因此，我們認為新專欄的價值主張較好，我們更願意在此基礎上進行銷售。

We also have made some significant supply chain changes in our supply chain for instrumentation, which allows us to have a much reduced cost of instruments. And we are also waiting for that to fully come through before we start pushing again. So a temporary reduction, I would say, Jim, but in terms of our instrument placement revenues, but overall, our level of throughput and consumables revenues is consistent.

我們也在儀器供應鏈中進行了一些重大的供應鏈變革，這使我們能夠大幅降低儀器成本。在我們再次開始推動之前，我們也在等待這一點完全實現。因此，吉姆，我想說的是暫時減少，但就我們的儀器放置收入而言，但總體而言，我們的吞吐量和耗材收入水準是一致的。

Okay. And it sounds like you're making some pretty significant progress on the cost reduction side. Did I hear you say you think that the first phase of initiatives they should be complete by the end of the first quarter of 2025?

好的。聽起來您在降低成本方面取得了一些相當重大的進展。我是否聽到您說您認為第一階段的計劃應該在 2025 年第一季末完成？

Yes, Jim. Look, I appreciate completely that it is somewhat frustrating for investors hearing about these initiatives, but not seeing a huge, huge impact in terms of financials as yet. We operate in a highly regulated environment, as people know.

是的，吉姆。看，我完全理解，對於投資者來說，聽到這些舉措有些令人沮喪，但尚未看到對財務方面的巨大影響。眾所周知，我們在高度監管的環境中運作。

And changes in terms of our operating structure requires significant planning and execution, right? And I do believe, and I know from other people who are very experienced in the industry, we are moving at a very fast pace, a controlled but very fast pace.

我們營運結構的變化需要大量的規劃和執行，對嗎？我確實相信，而且我從業內經驗豐富的其他人那裡了解到，我們正在以非常快的速度前進，一種受控但非常快的速度。

There is nobody beyond myself and Louise that would like to see this happen much quicker. We would like this to be done as quickly as possible. But the truth is, it just takes time in this industry for all the various steps with checks and balances that are properly there to be carried out.

除了我和路易絲之外，沒有人希望看到這一切發生得更快。我們希望盡快完成這項工作。但事實是，在這個行業中，所有各個步驟都需要時間來適當地執行並進行製衡。

And so for that reason, we had always expected most of these changes to be affected by the end of quarter 4 this year or very early in 2025. And that's where we expect the real profitability and cash flow benefits associated with those to come on stream.

因此，我們一直預計大部分變化將在今年第四季末或 2025 年年初受到影響。這就是我們期望與這些相關的實際獲利能力和現金流效益產生的地方。

So as I mentioned in my prepared remarks, we do expect we are on the cusp of a step change in financial performance and that should build throughout the rest, throughout primarily 2025 towards the end of the year.

因此，正如我在準備好的發言中提到的那樣，我們確實預計我們正處於財務業績發生重大變化的風口浪尖，這種變化應該在接下來的時間裡（主要是 2025 年年底）持續發生。

Okay. And then just a couple more. What's the time line for the two tuck-in deals you did, the PSA test, the preeclampsia tests. What's the time line do you think to commercialize those tests? And will they be sold throughout the United States? Or are they just New York test?

好的。然後還有幾個。你做的兩次 PSA 測試、子癇前症測試的時間軸是多少？您認為將這些測試商業化的時間表是什麼？它們會銷往美國各地嗎？或者他們只是紐約測試？

Yes. So if I'll take the Metabolomics test, the Preeclampsia. We'd expect that to be revenue generating in the second half of 2025. They will be sold initially as lab developed tests. We would expect that we will be able to provide that testing service all around the US because our lab is New York State certified, which basically gives us the right to be able to provide testing services to people in 50 states. And so that is the way that we will initially roll out the test is as a service.

是的。所以如果我要參加代謝組學測試，先兆子癇。我們預計這將在 2025 年下半年產生收入。它們最初將作為實驗室開發的測試出售。我們希望能夠在美國各地提供測試服務，因為我們的實驗室已獲得紐約州認證，這基本上使我們有權向 50 個州的人們提供測試服務。這就是我們最初將測試作為服務推出的方式。

And as Immco has done for many, many years, we will then look to get traction for that test in the market through interaction with KOLs, so key opinion leaders, physicians, et cetera, Jim, and then assuming that we get the level of traction that we expect from providing that test as a service, we would then typically look to get an FDA approval as a [510k], for example, on that test and then sell it as a test kit to other laboratories all across the US and possibly internationally.

正如 Immco 多年來所做的那樣，我們將通過與關鍵意見領袖、醫生等關鍵意見領袖、吉姆等人的互動，尋求市場上該測試的吸引力，然後假設我們達到了以下水平：如果我們期望通過提供該測試作為服務獲得牽引力，那麼我們通常會尋求獲得FDA 批准作為[510k]，例如，對該測試，然後將其作為測試套件出售給美國各地的其他實驗室，可能是國際性的。

With regards to the prostate cancer test for Metabolomics, again, we're very excited with that opportunity and the opportunity to get into the oncology space. There is more work to be done on that in order to get us into the necessary kind of stage in order to start offering testing services out of our New York State certified lab and expect that would be revenue in 2026.

關於代謝組學的前列腺癌測試，我們再次對這個機會以及進入腫瘤學領域的機會感到非常興奮。為了讓我們進入必要的階段，開始從我們的紐約州認證實驗室提供測試服務，並預計在 2026 年實現收入，這方面還有更多工作要做。

But given the nature of the test and the market that it focuses on, I believe there's an opportunity for us to create very significant value in the short to medium term by further developing that test. So our plan would be to roll it out in the same way, but I think we can add a lot of value. As I said, given the nature of the test, the type of technology, what it does for patients in line with its intended use and the space that it operates in.

但考慮到測試的性質及其所關注的市場，我相信我們有機會透過進一步開發該測試在中短期內創造非常重要的價值。所以我們的計劃是以同樣的方式推出它，但我認為我們可以增加很多價值。正如我所說，考慮到測試的性質、技術類型、它為患者所做的事情以及其預期用途和操作空間。

All right. And the last one for me is what do you expect the share count to be in the fourth quarter as a result of these two acquisitions?

好的。我的最後一個問題是，您預計這兩次收購導致第四季度的股票數量是多少？

I don't have that number right now. We can come back to you on that, Jim. We can come back to you on that.

我現在沒有那個號碼。吉姆，我們可以再聯絡你。我們可以就此回覆您。

Okay, thank you.

好的，謝謝。

Thanks, Jim.

謝謝，吉姆。

Paul Nouri, Noble Equity Funds.

保羅‧努里，Noble 股票基金。

Hey, good morning. I guess the, looking at these goals for the second quarter of next year, I guess, pretty much calls for a sales increase of 20% and EBITDASO, quarterly turnaround of $6.5 million. So maybe, I know all the initiatives you have, and it's great that you're drilling into the details publicly. But what are the biggest maybe two or three items that will get you there in the next few quarters?

嘿，早安。我想，看看明年第二季的這些目標，我想，幾乎要求銷售額成長 20%，稅息折舊及攤銷前利潤 (EBITDASO​​) 和季度週轉率達到 650 萬美元。所以也許，我知道你們所採取的所有舉措，並且很高興你們能夠公開深入了解細節。但是，在接下來的幾個季度中，最重要的兩三個項目是什麼？

Yes. Thanks, Paul. Look, for commercial reasons, as you can imagine, we're dealing with partners. So I don't want to give particular details around the savings we get from different initiatives. But I think it's safe to say the ones that we have noted are the biggest ticket items that we have, right?

是的。謝謝，保羅。聽著，出於商業原因，正如你可以想像的那樣，我們正在與合作夥伴打交道。因此，我不想提供有關我們從不同舉措中獲得的節省的具體細節。但我認為可以肯定地說，我們注意到的那些是我們擁有的最大的門票項目，對嗎？

The drains on profitability for our analysis has been a significant number of factories operating not at full capacity. And because we're in a very highly regulated industry that comes with a significant amount of overhead, right?

根據我們的分析，獲利能力下降的原因是大量工廠未滿載運轉。因為我們處於一個監管非常嚴格的行業，會產生大量管理費用，對吧？

So reducing down from three in the US to just one, will have a big impact, right? And then offshoring some of the less complex aspects of our operations to a lower cost location and to a partner who's also manufacturing other products allows effectively spread a lot of that overhead.

因此，從美國的三個減少到只有一個，會產生很大的影響，對嗎？然後，將我們營運的一些不太複雜的方面外包到成本較低的地點，以及也生產其他產品的合作夥伴，可以有效地分攤大量管理費用。

So they are each the biggest contributors. The offshoring and consolidation of Corporate Services has an impact, and it's probably in the lower side than the physical infrastructure ones in terms of manufacturing, but again, it does add.

所以他們都是最大的貢獻者。企業服務的離岸外包和整合會產生影響，就製造業而言，其影響可能低於實體基礎設施，但它確實增加。

I think the key benefit around that would be modernization of our processes and further agility and ability to scale, particularly as we push out the CGM product. And so that is a cost save move, but also further agility focused as well. Does that make sense?

我認為這方面的主要好處是我們流程的現代化以及進一步的敏捷性和擴展能力，特別是在我們推出 CGM 產品時。因此，這是節省成本的舉措，但也進一步注重敏捷性。這樣有道理嗎？

Yes. Thank you. I guess looking at TrinScreen and the revenues for next year. Are most of the revenues for next year on TrinScreen expected to be from new tenders or building on the existing tender from this current year?

是的。謝謝。我想看看 TrinScreen 和明年的收入。TrinScreen 明年的大部分收入預計來自新招標還是以今年現有招標為基礎？

Yes. Thanks, Paul. Good question. So a mix. So we are in a number of valuation processes for TrinScreen. I know as a long-time investor in the company, Paul, you know as well as anyone, there is uncertainty around the timing of those tenders and those evaluation processes and they can move from quarter-to-quarter, depending upon different priorities within the health organizations, government changes, et cetera, right? And that's something that we need to be agile on and ready to react.

是的。謝謝，保羅。好問題。所以混合。因此，我們正在對 TrinScreen 進行多項評估。我知道，作為公司的長期投資者，保羅，你和任何人都知道，這些招標的時間和評估過程存在不確定性，並且它們可能會根據內部不同的優先事項而逐季度變化。變化等等，對嗎？我們需要對此保持敏捷並準備好做出反應。

And I think our outsourced manufacturing will allow us to be more agile and to react to shorter notice in terms of scaling up for big wins, right? And that was one of the drivers in addition to cost savings. So we would hope to win and do expect to win additional tenders and evaluations for 2025. And when exactly they will come in, we don't know. We have an idea. That's not something we will go into publicly.

我認為我們的外包製造將使我們更加敏捷，並在擴大規模以獲得重大勝利方面對更短的通知做出反應，對嗎？除了節省成本之外，這也是驅動因素之一。因此，我們希望能夠獲勝，並且確實希望贏得 2025 年的更多招標和評估。他們具體什麼時候進來，我們不知道。我們有一個想法。這不是我們會公開討論的事情。

But as you know, it can shift around. But we've done what we needed to do this year on TrinScreen, which was supply the market at a very, very big volume from the off. So we've proven that we can manufacture and supply a very high volume of product on time to the highest levels of quality.

但如你所知，它可以改變。但我們已經在 TrinScreen 上完成了今年需要做的事情，那就是從一開始就以非常非常大的數量供應市場。因此，我們已經證明，我們可以按時製造和供應大量的產品，並達到最高的品質水準。

Okay. Great. And then final question, how much capacity is remaining on the ATM?

好的。偉大的。最後一個問題是，ATM 上還剩下多少容量？

I think there's about less than $1 million on the current ATM filing.

我認為目前 ATM 備案中的金額大約不到 100 萬美元。

Okay. Thank you.

好的。謝謝。

Thanks, Paul.

謝謝，保羅。

We have reached the end of our question and answer session. I would like to turn the conference back over to management for closing remarks.

我們的問答環節已經結束。我想將會議轉回管理階層進行閉幕致詞。

Thank you, Sherry. Thank you everybody for your attention. We appreciate your interest in the company and your support as we continue with this transformation journey and we look forward to speaking with you over the next coming weeks.

謝謝你，雪莉。感謝大家的關注。我們感謝您對公司的興趣以及您在我們繼續這趟轉型之旅時的支持，我們期待在接下來的幾週內與您交談。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。