Vivos Therapeutics Inc (VVOS) 2024 Q4 法說會逐字稿

Good day, everyone, and welcome to the Vivos Therapeutics full year 2024 earnings conference call. (Operator Instructions) This conference call is being recorded, and a replay of today's call will be available on the Investor Relations section of Vivos' website and will remain posted there for the next 30 days. I will now hand the call over to Brad Ammon, Vivos' Chief Financial Officer, for introductions and the reading of the Safe Harbor statement. Please go ahead, Brad.

大家好，歡迎參加 Vivos Therapeutics 2024 年全年收益電話會議。（操作員指示）本次電話會議正在錄音，今天電話會議的重播將在 Vivos 網站的投資者關係部分提供，並將在接下來的 30 天內一直發佈在那裡。現在，我將把電話交給 Vivos 財務長布拉德·阿蒙 (Brad Ammon)，讓他進行介紹並宣讀安全港聲明。請繼續，布拉德。

Thank you, Jenny. Hello, everyone, and welcome to our 2024 earnings conference call. A copy of our earnings press release is available on the Investor Relations section of our website at www.vivos.com. With us on today's call are myself and Kirk Huntsman, Vivos' Chairman and Chief Executive Officer. Today, we will review positive highlights and financial results for the full year 2024 as well as key recent developments in our marketing and distribution strategy pivot.

謝謝你，珍妮。大家好，歡迎參加我們的 2024 年財報電話會議。我們的收益新聞稿副本可在我們網站 www.vivos.com 的投資者關係部分找到。參加今天電話會議的有我本人和 Vivos 董事長兼執行長柯克‧亨茨曼 (Kirk Huntsman)。今天，我們將回顧 2024 年全年的正面亮點和財務業績，以及我們行銷和分銷策略轉型的最新關鍵進展。

Following these formal remarks, we will be happy to take questions. I would also like to remind everyone that today's call will contain forward-looking statements from our management made within the meaning of Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities and Exchange Act of 1934 as amended concerning future events.

在這些正式發言之後，我們很樂意回答問題。我還想提醒大家，今天的電話會議將包含我們管理層根據經修訂的 1933 年證券法第 27A 節和經修訂的 1934 年證券交易法第 21E 節就未來事件所作的前瞻性陳述。

Words such as aim, may, could, should, projects, expects, intends, plans, believes, anticipates, hopes, estimates, goal and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve significant known and unknown risks and are based upon a number of assumptions and estimates, which are inherently subject to significant risks, uncertainties and contingencies, many of which are beyond the company's control.

目標、可能、可以、應該、預計、預期、打算、計劃、相信、預計、希望、估計、目標等詞語以及此類詞語的變體和類似表達旨在識別前瞻性陳述。這些聲明涉及重大已知和未知風險，並基於一系列假設和估計，這些假設和估計本質上受重大風險、不確定性和意外事件的影響，其中許多超出了公司的控制範圍。

Actual results, including, without limitation, the results of Vivos' growth strategies, operational plans, including sales, marketing, product acquisition and integration, research and development, regulatory initiatives, cost savings plans and plans to generate revenue, as well as future potential results of operations or operating metrics, such as the potential for Vivos to achieve future positive cash flows and other matters to be addressed by Vivos' management in this conference call may differ materially and adversely from those expressed or implied by such forward-looking statements.

實際結果包括但不限於 Vivos 的成長策略、營運計畫（包括銷售、行銷、產品收購和整合、研發、監管舉措、成本節約計畫和創收計畫）的結果，以及未來潛在的營運結果或營運指標（例如 Vivos 實現未來正現金流的潛力以及 Vivos 管理層將在本次電話會議中討論的其他事項），可能與此類前瞻性聲明所表達不利的差異。

Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described and other disclosures contained in Vivos' filings with the Securities and Exchange Commission, including the risk factors and other disclosures in our Form 10-K for the year ended December 31, 2024, which was filed with the SEC today and our other filings with the SEC, all of which are or will be accessible on the Investor Relations section of the Vivos' website as well as the SEC's website.

可能導致實際結果出現重大差異的因素包括但不限於 Vivos 向美國證券交易委員會提交的文件中所述的風險因素和其他披露，包括我們今天向美國證券交易委員會提交的截至 2024 年 12 月 31 日止年度的 10-K 表格中的風險因素和其他披露以及我們向美國證券交易委員會提交的其他文件

Except to the extent required by law, Vivos assumes no obligation to update statements as circumstances change. Finally, please be aware that the US Food and Drug Administration has given certain Vivos appliances 510(k) clearance to treat mild to severe OSA. With the FDA clearance for severe OSA in November 2023, treatment of patients with severe OSA is no longer needed to be performed off-label at the clinical discretion of the treating doctor and is now an integral part of the Vivos treatment protocol.

除法律要求的範圍外，Vivos 不承擔隨著情況變更更新聲明的義務。最後，請注意，美國食品藥物管理局已授予某些 Vivos 設備 510(k) 許可，用於治療輕度至重度 OSA。隨著 FDA 於 2023 年 11 月批准用於治療嚴重 OSA，嚴重 OSA 患者的治療不再需要根據主治醫生的臨床判斷進行非說明書治療，而是現在已成為 Vivos 治療方案的一個組成部分。

That said, all Vivos' appliances should only be used within their FDA-cleared uses. Now at this time, it's my pleasure to introduce Kirk Huntsman, Chairman and CEO of Vivos. Kirk, please go ahead.

也就是說，所有 Vivos 裝置只能在 FDA 核准的用途範圍內使用。現在，我很高興介紹 Vivos 董事長兼執行長柯克‧亨茨曼 (Kirk Huntsman)。柯克，請繼續。

Thank you, Brad. I want to thank all of you for joining us on today's conference call. In a moment, I'll turn the call back to Brad, who will walk us through the highlights of what we believe are Vivos' positive 2024 financial and operating results. After that, we'll be happy to take your questions. But before I do that, I'll offer some brief remarks on our progress throughout the past year and our strategic business model pivot and why we believe this is important for our company's growth prospects and financial success.

謝謝你，布拉德。我要感謝大家參加今天的電話會議。稍後，我將把電話轉回給布拉德，他將向我們介紹我們認為 Vivos 2024 年積極的財務和營運績效的亮點。之後，我們將很樂意回答您的問題。但在此之前，我將簡要介紹我們過去一年的進展和戰略業務模式的轉變，以及我們為什麼認為這對我們公司的成長前景和財務成功至關重要。

In 2024, we increased revenue while we continue to lower our cost structure. We increased product revenue by 26% while reducing operating expenses by 21%. These two items resulted in us reducing our operating loss for the year by 35%. We believe these steps were prudent and necessary as we move away from our former business model, which was more reliant on VIP enrollment revenue and lay the foundation for our future in a dynamic, new and high-margin way of getting our life-changing Vivos technology out to the masses.

2024年，我們在增加收入的同時繼續降低成本結構。我們的產品收入增加了 26%，同時營運費用減少了 21%。這兩項使我們全年的經營虧損減少了 35%。我們相信這些舉措是審慎且必要的，因為我們正在擺脫以前更加依賴 VIP 註冊收入的商業模式，並為我們未來以動態、全新和高利潤的方式將我們改變生活的 Vivos 技術推向大眾奠定基礎。

And even though we are still early on in this effort, during 2024 alone, Vivos providers placed just over 16,000 Vivos' devices, nearly twice as many total as in 2023 and in just one year, accounted for more than 25% of all Vivos appliance sales in the entire history of the company.

儘管我們仍處於這項努力的早期階段，但僅在 2024 年，Vivo 的供應商就放置了超過 16,000 台 Vivos 設備，幾乎是 2023 年總數的兩倍，並且僅在一年內，就佔 Vivos 公司整個歷史上所有設備銷售額的 25% 以上。

During the year, we also successfully launched our expansion into the Middle East. Working closely with and through our distributor there, we gained regulatory approvals and access to several key markets, including Dubai, the United Arab Emirates, Jordan, Bahrain, Lebanon, Qatar, and others with Saudi Arabia approvals pending and expected soon.

今年，我們也成功地啟動了向中東的擴張。透過與當地經銷商的密切合作，我們獲得了監管部門的批准，並進入了幾個主要市場，包括杜拜、阿拉伯聯合大公國、約旦、巴林、黎巴嫩、卡達等，其中沙烏地阿拉伯的批准正在等待中，預計很快就會得到批准。

Demand from that region has exceeded our forecast, and we expect to see excellent sales and revenue growth going forward. Also in 2024, we took steps to strengthen our liquidity position and shore up our stockholders' equity. During the year, we raised approximately $17.9 million through four separate equity transactions, including a key validating $7.5 million investment from private equity firm, New Seneca Partners, which we announced alongside the launch of our new marketing and distribution strategy.

該地區的需求已經超出了我們的預測，我們預計未來銷售額和收入將實現出色的成長。此外，在 2024 年，我們採取措施加強流動性狀況並鞏固股東權益。在這一年中，我們透過四次獨立的股權交易籌集了大約 1,790 萬美元，其中包括來自私募股權公司 New Seneca Partners 的 750 萬美元關鍵驗證投資，我們在推出新的行銷和分銷策略時宣布了這筆投資。

Our positive financial performance during the year helped lay the foundation for the critical pivot we made during 2024 to a new marketing and distribution strategy. As we've discussed previously, this new model focuses on contractual profit-sharing alliances and or outright acquisitions of sleep testing clinics and sleep health care providers, where as many as 125,000 or more newly diagnosed OSA patients per month throughout the United States are making critical decisions as to what kind of OSA treatments to undertake.

我們今年的正面財務表現為我們在 2024 年轉向新的行銷和分銷策略的關鍵轉變奠定了基礎。正如我們之前所討論的，這種新模式側重於合約利潤分享聯盟和/​​或直接收購睡眠測試診所和睡眠保健提供商，全美每月有多達 125,000 名或更多的新診斷 OSA 患者正在做出關鍵決定，即採取何種 OSA 治療。

The key objective of our new model is for Vivos to be at the table when those critical decisions are made and to also inform existing CPAP users that a new and better solution is now available for all severities of OSA. The pivot was launched in June of 2024 with a strategic marketing and distribution alliance with Rebis Healthcare, an operator of multiple sleep testing and treatment centers in Colorado.

我們新模型的主要目標是讓 Vivos 在做出這些關鍵決策時參與其中，並告知現有的 CPAP 用戶，現在有一個針對所有嚴重程度 OSA 的新的、更好的解決方案。此次轉型於 2024 年 6 月啟動，與科羅拉多州多家睡眠測試和治療中心的營運商 Rebis Healthcare 建立了策略行銷和分銷聯盟。

We expect this initial alliance will be the first of a series of similar alliances or potential acquisitions of sleep health care providers across the country, which we will use to drive sales of our novel appliances and services.

我們預計，此次初步聯盟將成為全國一系列類似聯盟或潛在收購睡眠保健提供者的首個聯盟，我們將利用這些聯盟或收購來推動我們新型設備和服務的銷售。

Under the new alliance model, we are collaborating with Rebis to offer OSA patients a full spectrum of evidence-based treatments such as our own advanced proprietary and FDA-cleared care oral medical devices, oral appliances, traditional oral appliances and additional adjunctive therapies and other methods, including traditional CPAP treatment.

在新的聯盟模式下，我們與 Rebis 合作，為 OSA 患者提供全方位的循證治療，例如我們自己的先進專有和 FDA 批准的護理口腔醫療設備、口腔器具、傳統口腔器具以及其他輔助療法和其他方法，包括傳統 CPAP 治療。

The program commenced in August of 2024 in the Longmont office of Rebis and has since expanded to two additional locations. We believe the advantages of our new strategic marketing and distribution model are compelling.

該計劃於 2024 年 8 月在 Rebis 的朗蒙特辦事處啟動，此後已擴展到另外兩個地點。我們相信，我們新的策略行銷和分銷模式的優勢是顯而易見的。

First, this new model provides access to many thousands of OSA patients who are likely candidates for Vivos treatment options through the sleep testing centers and sleep medicine providers, including dentists, but expanding to more medical professionals who make OSA diagnoses. Second, we expect to close, meaning initiate treatment, more Vivos method cases using Vivos trained personnel.

首先，這種新模式透過睡眠測試中心和睡眠醫學提供者（包括牙醫）為數千名可能接受 Vivos 治療的 OSA 患者提供了治療途徑，但範圍擴大到更多進行 OSA 診斷的醫療專業人員。其次，我們希望透過 Vivos 訓練的人員完成（即開始治療）更多 Vivos 方法個案。

In our pilot testing, which we conducted at over 45 separate locations around the United States, during 2023 and 2024, our Vivos trained personnel were able to consistently close over 70% of OSA patients into some form of Vivos treatment at a realized top line revenue of just over $4,500 per case with contribution margins of up to 50%.

在我們於 2023 年至 2024 年期間在美國 45 多個不同地點進行的試點測試中，我們經過 Vivos 培訓的人員能夠始終如一地讓 70% 以上的 OSA 患者接受某種形式的 Vivos 治療，實現的頂線收入為每例略高於 4,500 美元，貢獻利潤率高達 50%。

These figures were relatively consistent across diverse demographic and economic patient profiles and geographies. This significantly alters the economics to Vivos, increasing top line revenues and per case start revenues by approximately four to six times when compared to our prior model, which focused more exclusively on the dentistry market.

這些數據在不同人口和經濟狀況的患者概況和地區之間相對一致。這顯著改變了 Vivos 的經濟狀況，與我們先前更專注於牙科市場的模式相比，其營業收入和每例起始收入增加了約四到六倍。

Third, top line revenue and profitability per case are expected to continue to rise as we more fully implement our adjunctive diagnostic and therapeutic services alongside OSA treatment with our proprietary appliances. Such adjunctive services are expected to account for at least another $1,000 to $2,500 in revenue per case at comparable or better contribution margins.

第三，隨著我們利用專有設備更全面地實施輔助診斷和治療服務以及 OSA 治療，預計每例病例的營業收入和盈利能力將繼續上升。預計此類輔助服務每例至少可帶來 1,000 至 2,500 美元的收入，且貢獻利潤率相當或更高。

We've said all along and genuinely believe that Vivos appliances are simply better ways to treat OSA than traditional therapies like CPAP or surgery. Now under our new marketing and distribution model of either partnering with or acquiring sleep testing centers and other sleep medicine providers, we believe our product sales efforts will be more closely aligned with frontline OSA health care providers.

我們始終堅信，Vivos 設備是治療 OSA 的更好方法，比 CPAP 或手術等傳統療法更好。現在，在我們與睡眠測試中心和其他睡眠醫學提供者合作或收購他們的新行銷和分銷模式下，我們相信我們的產品銷售工作將與第一線 OSA 醫療保健提供者更加緊密地結合。

And thus, we expect to see Vivos treatment options presented to more patients as an alternative to CPAP or surgical implants. In turn, based on feedback that shows when presented the alternatives, patients routinely choose Vivos treatment. We expect more patients to select Vivos treatment at much higher rates, thereby potentially generating more revenue and profit per case for us.

因此，我們希望看到 Vivos 治療方案作為 CPAP 或手術植入物的替代方案呈現給更多患者。反過來，根據回饋顯示，當提供替代方案時，患者通常會選擇 Vivos 治療。我們預計會有更多患者以更高的價格選擇 Vivos 治療，這可能為我們帶來更多的每例收入和利潤。

In summary, our new model allows us to expose significantly more OSA patients to Vivos treatment in a setting where our experience has been that about 70% will select Vivos treatment over CPAP or just doing nothing. We've also established predictable revenue levels per case of approximately $4,500 across diverse demographics and payer types.

總而言之，我們的新模型使我們能夠讓更多的 OSA 患者接受 Vivos 治療，而我們的經驗是，大約 70% 的患者會選擇 Vivos 治療，而不是 CPAP 治療或什麼都不做。我們還針對不同的人口統計和付款人類型確定了每例約 4,500 美元的可預測收入水準。

We further expect to be able to raise that revenue per case figure as we more fully implement the entire range of our adjunctive diagnostic testing and treatment services to patients. Accordingly, in our new model, we expect every 1,000 newly diagnosed OSA patients per month who are exposed to Vivos treatment options to generate roughly 700 new case starts at an average revenue of $4,500 or more each with strong contribution margins of about 50%

我們也希望，隨著我們更全面地為患者提供全方位的輔助診斷測試和治療服務，能夠提高每個病例的收入。因此，在我們的新模型中，我們預計每月每 1,000 名接受 Vivos 治療方案的新診斷 OSA 患者將產生約 700 個新病例，平均每例收入為 4,500 美元或更多，貢獻利潤率約為 50%

Thus, every 1,000 newly diagnosed OSA patients to which we are exposed should yield annual top line revenues of approximately $38 million with approximately $19 million net. The key now is to extend our model for affiliation with or acquisition of sleep health care providers so that they can, in turn, help us maximize and extend our preferred treatment to as many OSA patients as possible.

因此，我們接觸的每 1,000 名新診斷的 OSA 患者每年應產生約 3,800 萬美元的營業收入，淨收入約為 1,900 萬美元。現在的關鍵是擴展我們與睡眠保健提供者的合作或收購模式，以便他們反過來幫助我們最大限度地為盡可能多的 OSA 患者提供我們首選的治療方法。

Fortunately, there are over 2,500 AASM accredited sleep testing and treatment centers throughout the United States. Many of these clinics, independent of hospitals, typically operate on a high-volume, low-margin business model, where CPAP is the go-to solution for the vast majority of their patients.

幸運的是，全美有超過 2,500 個 AASM 認可的睡眠測試和治療中心。許多此類診所獨立於醫院，通常採用高容量、低利潤的商業模式，其中 CPAP 是絕大多數患者的首選解決方案。

Yet many of these operators have expressed a desire for their patients to have treatment options beyond traditional CPAP that are both safe and effective. Vivos treatment fits that need exceptionally well. In our recent efforts to introduce our high-margin business model to the sleep testing and treatment centers, we have seen that our unprecedented 2023 and 2024 FDA 510(k) clearances to treat severe OSA in adults and children have given Vivos a high level of clinical credibility with sleep specialists and sleep testing clinic owners.

然而，許多操作員都表示希望他們的患者能夠獲得傳統 CPAP 以外的安全有效的治療選擇。Vivos 治療非常適合這項需求。在我們最近努力將我們的高利潤商業模式引入睡眠測試和治療中心的過程中，我們看到，我們前所未有的 2023 年和 2024 年 FDA 510(k) 批准，用於治療成人和兒童的嚴重 OSA，這使得 Vivos 在睡眠專家和睡眠測試診所所有者中獲得了很高的臨床信譽。

In short, we firmly believe we have the right technology now being delivered to and through the right clinical providers to the patients who need it most and who have proven they will choose and pay for it, especially when insurance can help offset the expense.

簡而言之，我們堅信我們現在擁有正確的技術，可以透過正確的臨床提供者將其提供給最需要的患者，並且他們已經證明他們會選擇並支付費用，特別是當保險可以幫助抵消費用時。

I am, therefore, pleased to report that we have migrated our former medical integration personnel into our Vivos M&A team, which is currently negotiating several potential transactions with sleep providers across the United States that test and treat nearly 8,500 newly diagnosed OSA patients per month. We are thus extremely optimistic that we will continue to experience highly accretive and profitable affiliation and acquisition opportunities across the United States in the months and years to come.

因此，我很高興地報告，我們已將我們以前的醫療整合人員遷移到我們的 Vivos 併購團隊，該團隊目前正在與美國各地的睡眠提供者談判幾項潛在交易，這些提供者每月對近 8,500 名新診斷的 OSA 患者進行測試和治療。因此，我們非常樂觀地認為，在未來的幾個月和幾年裡，我們將繼續在美國各地體驗到高度增值和有利可圖的聯盟和收購機會。

This is major corporate -- this is a major corporate focus for us now, and our aim is to announce new affiliations and/or acquisitions in the near future and provide further guidance as to the financial impact on our business. We are currently exploring and evaluating a number of proposals to finance these expected transactions, including traditional debt facilities with and without warrant coverage as well as existing -- our existing ATM facility and other equity financing options.

這是一項重要的企業事務——這是我們目前關注的重點，我們的目標是在不久的將來宣布新的聯盟和/或收購，並就其對我們業務的財務影響提供進一步的指導。我們目前正在探索和評估為這些預期交易提供資金的多項提案，包括有和沒有認股權證涵蓋的傳統債務融資以及現有的——我們現有的 ATM 融資和其他股權融資選擇。

Given the highly accretive nature of the potential affiliations and acquisitions, we believe these financings will help drive shareholder value. I want to thank all of you for joining us on today's conference call. Now let me turn the call over to our Chief Financial Officer, Brad Amman, to review in more detail our year-end financial results. Brad, please go ahead.

鑑於潛在聯盟和收購的高度增值性質，我們相信這些融資將有助於提高股東價值。我要感謝大家參加今天的電話會議。現在，讓我將電話轉給我們的財務長布拉德·阿曼 (Brad Amman)，以更詳細地回顧我們的年終財務業績。布拉德，請繼續。

Thank you, Kirk. Today, I'll review the highlights of our financial results for the full year 2024. For further information on our results for the 12-month periods ended December 31, 2024 and 2023, I'll refer you to our earnings release, which was distributed later or earlier today and our annual report on Form 10-K, which was filed today and is available on the SEC filings portion of the Investor Relations section of Vivos' website at vivos.com/investor-relations.

謝謝你，柯克。今天，我將回顧我們 2024 年全年財務表現的亮點。有關我們截至 2024 年 12 月 31 日和 2023 年 12 月 31 日的 12 個月期間業績的更多信息，請參考我們今天晚些時候或早些時候發布的收益報告以及我們今天提交的 10-K 表年度報告，該報告可在 Vivos 網站 vivos.com/investor-relations 的投資者關係部分查閱。

Today, we recorded total 2024 revenue of $15 million compared to $13.8 million in 2023. This year-over-year increase of $1.2 million or 9% was due to higher product revenue generated from appliance sales, partially offset by a decrease in service revenue from fewer VIP enrollments.

今天，我們記錄的 2024 年總收入為 1500 萬美元，而 2023 年為 1380 萬美元。與去年同期相比，這一增長為 120 萬美元，即 9%，這是由於家電銷售產生的產品收入增加，但 VIP 註冊人數減少導致的服務收入減少部分抵消了這一增長。

The decrease in VIP enrollments was expected and occurred as part of the change in marketing and strategy -- marketing and sales strategy Kirk just described. During the full year 2024, we sold 16,182 oral appliance arches and guides for a total of approximately $7.9 million, a 26% increase in revenue compared to 8,240 oral appliance arches and guides for $6.3 million in 2023.

VIP 報名人數的減少是意料之中的，是行銷和策略變化的一部分——正如柯克剛才所描述的行銷和銷售策略。2024 年全年，我們售出了 16,182 個口腔器具弓和導板，總收入約為 790 萬美元，與 2023 年的 8,240 個口腔器具弓和導板（總收入為 630 萬美元）相比，收入增長了 26%。

The $1.6 million increase in product revenue is attributable to an increase in guide sales as well as a 71% decrease in discounts offered with less than $200,000 in discounts offered during 2024 compared to $700,000 in 2023. The year-over-year increase in product revenue was partially offset by a decrease in service revenue of $400,000. For the full year ended December 31, 2024, gross profit increased by approximately $700,000 to $900,000.

產品收入增加 160 萬美元，這歸因於指導銷售額的增加以及折扣的減少 71%，2024 年提供的折扣不到 20 萬美元，而 2023 年為 70 萬美元。產品收入的同比增長被服務收入的 40 萬美元的減少部分抵消。截至 2024 年 12 月 31 日的全年毛利增加約 70 萬美元至 90 萬美元。

This increase was attributable to the increase in revenue of $1.2 million, offset by an increase in cost of sales of $500,000. Gross margin remained constant at 60% for both years ended December 31, 2024, and 2023. Sales and marketing expenses were lower year-over-year. For the full year ended December 31, 2024, sales and marketing expense was approximately $1.7 million compared to $2.5 million for the year ended 12/31/2023. The lower spend reflects lower sales commissions and sales-related expenses in 2024 on lower VIP enrollments.

這一增長歸因於收入增加 120 萬美元，但被銷售成本增加 50 萬美元所抵消。截至 2024 年 12 月 31 日及 2023 年 12 月 31 日止兩個年度的毛利率均維持在 60% 左右。銷售和行銷費用較去年同期下降。截至 2024 年 12 月 31 日的全年銷售和行銷費用約為 170 萬美元，而截至 2023 年 12 月 31 日的年度銷售和行銷費用為 250 萬美元。支出減少反映了 2024 年 VIP 註冊人數減少導致銷售佣金和銷售相關費用減少。

We continue to see a significant reduction in general and administrative expense due to our cost-cutting efforts. General and administrative expenses decreased approximately $4.6 million or 20% to $17.9 million for the year ended December 31, 2024, compared to $22.5 million for the year ended 2023.

由於我們努力削減成本，我們的一般和行政費用繼續大幅減少。截至 2024 年 12 月 31 日止年度的一般及行政開支減少約 460 萬美元（即 20%）至 1,790 萬美元，而截至 2023 年止年度則為 2,250 萬美元。

The primary driver of the decrease was a change in personnel related and related compensation of approximately $1.7 million as a result of the reduction in force implemented during the last two years. In addition, we reduced professional fees by $1.8 million, travel, meals, and entertainment by $400,000, insurance expense by $300,000 and infrastructure costs of $200,000. We continue to believe these cost-cutting efforts will reduce our cash burn as we begin to ramp revenues and move toward our goal of cash flow positive operations.

造成這一下降的主要原因是過去兩年實施的裁員措施導致人員相關費用和相關薪酬發生了約 170 萬美元的變化。此外，我們還減少了 180 萬美元的專業費用、40 萬美元的差旅、餐飲和娛樂費用、30 萬美元的保險費用以及 20 萬美元的基礎設施成本。我們仍然相信，隨著我們開始增加收入並朝著現金流為正的營運目標邁進，這些削減成本的措施將減少我們的現金消耗。

Our operating loss was approximately $11.2 million in 2024 compared to $17.3 million in 2023. The year-over-year decrease of $6.1 million or 35% was due to higher revenue and gross profit and lower SG&A resulting from our expense cuts.

2024 年我們的營業虧損約為 1,120 萬美元，而 2023 年為 1,730 萬美元。與去年同期相比，減少 610 萬美元（35%）是由於我們削減了開支，導致收入和毛利增加，銷售、一般及行政費用降低。

Turning to our statement of cash flows. Cash used in operations for the year ended December 31, 2024, was $12.7 million compared to $11.9 million during the prior year. The increase is primarily due to approximately $2.3 million in accounts payable and accrued expenses, offset in part by the lower loss in 2024 and changes in the fair value of warrant liability in 2023 that wasn't present in 2024.

轉向我們的現金流量表。截至 2024 年 12 月 31 日止年度的經營活動現金使用量為 1,270 萬美元，而前一年為 1,190 萬美元。成長的主要原因是應付帳款和應計費用約為 230 萬美元，但部分被 2024 年的較低虧損以及 2023 年認股權證負債公允價值的變動（2024 年不存在）所抵銷。

As of December 31, 2024, we had total liabilities of approximately $7.3 million as compared to $10.3 million as of December 31, 2023. For the year ended December 31, 2024, net cash used in investing activities of $600,000 consisted of software-related capital expenditures for the development of ordering software for internal use, which was placed in service in the first quarter of 2025.

截至 2024 年 12 月 31 日，我們的總負債約為 730 萬美元，而截至 2023 年 12 月 31 日的總負債為 1,030 萬美元。截至 2024 年 12 月 31 日止年度，投資活動所用淨現金為 60 萬美元，包括用於開發內部使用的訂購軟體的軟體相關資本支出，該軟體於 2025 年第一季投入使用。

This compares to net cash used in investing activities of $900,000 in the comparable 2023 period, arising from 2023 capital expenditures incurred for the same ordering software as well as the purchase of a patent portfolio in February of 2023.

相較之下，2023 年同期投資活動所使用的淨現金為 90 萬美元，來自 2023 年訂購相同軟體所產生的資本支出以及 2023 年 2 月購買專利組合。

Net cash provided by financing activities of $17.9 million for the years ended December 31, 2024, is attributable to gross proceeds of $19.2 million from the issuance of common stock and warrants, net of approximately $1.4 million of professional fees and other issuance costs related to our February warrant inducement and our June, September and December equity offerings.

截至 2024 年 12 月 31 日止年度，融資活動提供的淨現金為 1,790 萬美元，歸因於發行普通股和認股權證所得的總收益 1,920 萬美元，扣除與我們 2 月份認股權證誘導以及 6 月份、9 月份和 12 月份股票發行相關的約 140 萬美元的專業費用。

For the year ended December 31, 2023, net cash provided from financing activities of $10.9 million related to our January and November 2023 private placements. As of December 31, 2024, we had approximately $6.3 million in cash and cash equivalents compared to $1.6 million as of December 31, 2023.

截至 2023 年 12 月 31 日止年度，與我們 2023 年 1 月和 11 月的私募相關的融資活動提供的淨現金為 1090 萬美元。截至 2024 年 12 月 31 日，我們的現金和現金等價物約為 630 萬美元，而截至 2023 年 12 月 31 日為 160 萬美元。

Although we have increased revenue and implemented cost-saving measures in 2024 and are pivoting the business model, which we believe will drive top line revenue, we are currently using cash to fund operations, which will require us to seek additional financing in the near term as well as financing in support of our alliance and acquisition efforts when needed.

儘管我們在 2024 年增加了收入並實施了節約成本的措施，並且正在調整業務模式，我們相信這將推動營業收入的增長，但我們目前正在使用現金來資助運營，這將要求我們在短期內尋求額外融資以及在需要時為支持我們的聯盟和收購努力而尋求融資。

In short, we believe these are very positive financial results with higher revenue, lower costs, which help us set the foundation for our new marketing and sales model. And now I'll turn it back over to Kirk.

簡而言之，我們相信這些都是非常積極的財務業績，收入更高，成本更低，這有助於我們為新的行銷和銷售模式奠定基礎。現在我將把發言權交還給柯克。

Thank you, Brad. So that concludes our prepared remarks. Now we'll be happy to take questions. Operator?

謝謝你，布拉德。我們的準備好的演講到此結束。現在我們很樂意回答問題。操作員？

(Operator Instructions) Do Kim, Water Tower Research.

（操作員指示）Do Kim，水塔研究。

Hi Kirk and Brad. Congrats on the progress and thanks for taking my questions. The first one I have on the Rebis alliance. We understand that with the new marketing model, you have the potential to generate higher margin revenue. But could you help us know what the incentive for Rebis here is in this collaboration?

嗨，柯克和布萊德。恭喜您的進展，感謝您回答我的問題。這是我在 Rebis 聯盟上看到的第一個。我們知道，透過新的行銷模式，您有可能獲得更高的利潤收入。但您能否幫助我們了解一下 Rebis 在這次合作中的動機是什麼？

Sure. I think that's actually a great question because as we go out to the market, we're pitching the sleep centers and sleep testing groups such as Rebis Healthcare basically on the same value proposition. And just to give you a little history there that's kind of interesting, these guys reached out to us, I guess, maybe a little over 18 months ago, they reached out and said, hey, we'd like to talk. We are frustrated with giving our patients all the CPAP units and just nothing but CPAP around here. We've kind of given up on some of the other treatment therapies.

當然。我認為這實際上是一個很好的問題，因為當我們進入市場時，我們向睡眠中心和睡眠測試團體（例如 Rebis Healthcare）推銷基本上相同的價值主張。跟大家講一點有趣的歷史，這些人聯絡了我們，我想，大概是在 18 個月前，他們聯絡我們說，嘿，我們想談談。我們很沮喪，因為我們為病人提供了所有的 CPAP 設備，但這裡只有 CPAP。我們已經放棄了一些其他的治療方法。

They just don't seem to work as well, et cetera. So we hear good things about Vivos, and we'd like to talk about what you're doing and how we might work together. And so that really -- we'd already been looking as to where we were going to begin to introduce our new strategic alliance and acquisition model. And it was right here in our backyard. These guys were here in Colorado.

它們似乎不能很好地發揮作用，等等。我們聽到了有關 Vivos 的好評，我們想談談你們正在做的事情以及我們如何合作。所以實際上——我們已經在尋找從哪裡開始引入我們的新策略聯盟和收購模式。它就在我們的後院。這些人就在科羅拉多州。

They actually have five locations, I believe, in Colorado here along the front range. And we began talking with them and going through and planning and then we began in June, we executed an agreement and we began to do that.

我相信，他們實際上在科羅拉多州前山脈沿線有五個地點。我們開始與他們交談、討論和規劃，然後從六月開始，我們簽署了一項協議，並開始這樣做。

Now their incentive, to get to your point, is that they see not only an improvement in the quality of care that they can offer to their patients, but they see this as an important advancement in the method of care that is available for patients. They see opportunities to extend the kinds of treatments that they're making available, and that really involves Vivos front and center. And so I think it was a way for them to differentiate.

現在，根據你的觀點，他們的動機是，他們不僅看到了他們能夠為患者提供的護理品質的提高，而且他們認為這是患者可用的護理方法的重要進步。他們看到了擴展其所提供的治療種類的機會，而這確實涉及到 Vivos 的核心。所以我認為這是他們區分的一種方式。

I mean, they compete with other sleep testing facilities just like anybody. And so I think it gave them a way to differentiate. It gave them a way to profit and sign up a new profit stream and create a new profit center for their things. And there were a lot of patients that they had almost 100,000. I think it's over 90,000 patients in their database.

我的意思是，他們和其他睡眠測試機構一樣，都存在競爭。所以我認為這為他們提供了一種區分的方法。它為他們提供了一種獲利的方式，並開闢了新的利潤流，並為他們的產品創造了一個新的利潤中心。病人很多，幾乎有10萬名。我認為他們的資料庫中有超過 90,000 名患者。

Many of those patients, I'm not sure the exact numbers, but a large, large number, maybe half or more of those patients had probably stopped using their CPAP. And so to go back to those patients with a new option, a new alternative that might put those patients back in some form of treatment, again, another profit opportunity, but also another way of improving and increasing the kind of care that they give.

對於其中的許多患者，我不確定具體的數字，但很大一部分，也許一半或更多的患者可能已經停止使用 CPAP。因此，為這些患者提供一種新的選擇，一種新的替代方案，可能讓這些患者重新接受某種形式的治療，這又是一個盈利機會，也是另一種改善和增加他們所提供的護理類型的方法。

So we found this to be true, though, with every one of the sleep testing groups we've gone to so far, and it's been without exception. They've all welcomed the advent of a new and differentiated treatment that's now safe and effective according to the FDA for their patients. And many of them realize that the CPAP model, which has been the only go-to model for the last 40 years is now probably run its course, and there needs to be technologies coming forward that can make it better.

因此，我們發現這是事實，到目前為止，我們參加過的每個睡眠測試小組都如此，沒有例外。他們都對這種新的差異化治療方法的出現表示歡迎，根據 FDA 的說法，這種治療方法對他們的患者來說是安全有效的。他們中的許多人都意識到，過去 40 年來唯一可用的 CPAP 模型現在可能已經走到了盡頭，需要有技術來使其變得更好。

So I would say that it's the profit motive and the ability to improve and differentiate their services offerings to patients that's giving them -- motivating them to work with us.

所以我想說，利潤動機以及改善和區分他們為患者提供的服務的能力激勵著他們與我們合作。

Yes. It sounds like a perfect match right in your backyard. You also talked about repurposing your medical integration division into an M&A team. I was hoping you could expand a little bit more on that. And if you're able to talk about what regions that they're deployed in and whether certain territories are focused and what you hope to gain from this whole transition?

是的。這聽起來就像是你家後院的完美搭配。您也談到將醫療整合部門重新調整為併購團隊。我希望您能對此進行更詳細的闡述。您能否談談他們部署在哪些地區、是否有特定的重點地區以及您希望從整個過渡中獲得什麼？

Well, another good question. So we realized probably -- I'm trying to think when we first established our Medical Integration division, but it's probably about five years ago. And we put a group together that we call our Medical Integration division, and we took a guy that had been very experienced in the medical field calling on physicians and whatnot. And -- but we put them out there with a model that really it wasn't really right. And we had to experiment with it.

嗯，又一個好問題。所以我們可能意識到——我試著回想一下我們第一次建立醫療整合部門的時間，但那大概是五年前了。我們組建了一個團隊，稱之為“醫療整合部門”，並聘請了一位在醫療領域經驗豐富的人員來拜訪醫生等等。而且 — — 但是我們提出的模型其實並不正確。我們必須對此進行實驗。

We had to kind of learn from it. It was actually the learnings from that helped inform our decision to make the pivot, quite frankly. And so while we -- while the model itself didn't work the way we had hoped, the learnings that we gained from that pointed us in the direction that we are today.

我們必須從中吸取教訓。坦白說，其實正是從中學到的教訓幫助我們做出了轉變的決定。因此，雖然模型本身並沒有按照我們所希望的方式發揮作用，但我們從中獲得的經驗教訓卻指引了我們今天的方向。

And so it was very helpful. But these guys are now -- they're ones out there pitching rather than us trying to attract dentists who will come in and get training to go out and carry the water for Vivos in their practices, we're going directly to the medical communities, the medical testing centers and their MD physician owners or collaborators, and we're going to them and we're bringing the dentists to the table.

所以這非常有幫助。但現在這些人——他們正在進行推銷，而不是我們試圖吸引牙醫來接受培訓，然後在他們的實踐中為 Vivos 提供支持，我們直接面向醫療界、醫療檢測中心和他們的 MD 醫師所有者或合作者，我們面向他們，將牙醫帶到談判桌上。

And so that's a huge difference in terms of how the model gets implemented in the trenches. Because now what happens is that these testing centers are front and center with patients at that critical moment in a patient journey where they know they've got sleep apnea. They've got the test. The test has come back and the patient now knows, okay, I have moderate to severe OSA and now what are my treatment options? And now Vivos has a seat at the table to say, you know that CPAP, you don't have to take that.

因此，就該模型在實際實施過程中的實施方式而言，存在著巨大的差異。因為現在的情況是，這些檢測中心在患者知道自己患有睡眠呼吸中止症的關鍵時刻，處於患者的最中心位置。他們已經接受了測試。測試結果出來了，病人現在知道，好吧，我患有中度至重度 OSA，現在我的治療選擇是什麼？現在 Vivos 可以發言了，你知道 CPAP，你不必接受它。

There's an alternative to rehabilitate your airway, and it's now been approved by the FDA and cleared to treat moderate to severe OSA in both adults and children. So the value proposition when 80% -- 70% to 80% of the patients choose Vivos, we think that we've got a very strong value proposition to these patients. And the testing center people, the medical people are liking it because the patients are happier. They're more pleased and satisfied with the services. They feel like they've been heard and they're not forced into something that they don't really want, being CPAP.

有一種方法可以恢復您的呼吸道，並且該方法現在已獲得 FDA 批准，可用於治療成人和兒童的中度至重度 OSA。因此，當 80%（70% 到 80% 的患者選擇 Vivos 時，我們認為我們對這些患者有非常強大的價值主張。檢測中心的人員和醫護人員都很喜歡它，因為病人更開心了。他們對服務更加滿意。他們感覺自己的心聲被聽到了，並沒有被強迫去做自己並不真正想要的事情，也就是 CPAP。

And so it's a win-win-win all the way around. So our Medical integration division team has been -- they've been scouring the nation for who's doing the sleep tests, where are they being done? Who are the groups that might be open to a dialogue with us and a possible affiliation or acquisition.

所以這是一個三贏的局面。因此，我們的醫療整合部門團隊一直在全國範圍內搜尋進行睡眠測試的人、在哪裡進行測試？哪些團體可能願意與我們對話並進行可能的合作或收購。

And it's been pretty incredible, the leads and the caliber of people that we've been turning up. And I really want to commend our M&A guys for doing a great job of getting out there and really pivoting to this new model and making good presentations to good prospects and candidates, and we're finding no shortage of interest levels, in fact, to the point where we've had to kind of dial them back a little bit.

我們找到的線索和人才水平真是令人難以置信。我真的很想讚揚我們的併購人員，他們做得很好，真正轉向了這種新模式，並向優秀的潛在客戶和候選人進行了精彩的演示，我們發現他們的興趣水平並不低，事實上，我們不得不稍微降低一點興趣。

We've got more people interested than we could actually properly handle right now. So we're -- but we are -- the reception from the sleep testing groups and whatnot out there has been very, very pleasing, and very almost surprising to us, but we're very pleased by that.

有興趣的人太多了，我們現在無法妥善處理。因此，我們 — — 但我們 — — 睡眠測試小組和其他人員的回饋讓我們非常非常高興，甚至讓我們感到非常驚訝，但我們對此感到非常高興。

Scott Henry, Alliance Global Partners.

史考特‧亨利 (Scott Henry)，Alliance Global Partners。

A couple of questions. First, and I know you have a lot of moving parts with the changing business model. But any thoughts on how we should think of 2025 relative to 2024 as far as top line revenues and even perhaps a little easier, the sequential change from fourth quarter to first quarter since today is the last day of the first quarter.

有幾個問題。首先，我知道你們在改變商業模式的過程中有很多活動部件。但是，就營業收入而言，我們應該如何看待 2025 年相對於 2024 年的情況，甚至可能更容易一些，因為今天是第一季的最後一天，所以從第四季度到第一季的連續變化。

Yes. Good question, Scott. The revenue from our affiliation with Rebis is not showing up in 2024. It will begin to show up in 2025, probably now accelerating as we get into the second quarter and third quarter of the year. So very little of that revenue because of the way we got started out there with Rebis and the sort of the start-up nature of everything, we had to kind of feel our way through what we needed to do and how we needed to do it with the team out there at Rebis Health, worked through a lot of operational concerns and challenges and all the normal things you go through when you're starting something up.

是的。問得好，史考特。我們與 Rebis 合作產生的收入不會在 2024 年顯現。它將在 2025 年開始顯現，隨著我們進入第二季度和第三季度，這種趨勢可能會加速。由於我們創辦 Rebis 的方式以及一切事物的初創性質，我們只能靠自己摸索需要做什麼以及如何與 Rebis Health 的團隊一起去做，解決了很多運營問題和挑戰以及創業時會遇到的所有正常事情。

But we've seen here lately an acceleration of things. That's why between Rebis and Vivos, we jointly made a call to extend the model to two additional locations that we have in the greater Denver market. The success of what we had at the very first location was such that everybody was on board with making the capital requirements and the expenditures to extend the model into two additional locations. And so we're excited about that. We think that will accelerate now as they've hired -- I want to say it's 15 or 17 additional PAs to handle the demand.

但我們最近看到事態正在加速發展。這就是為什麼 Rebis 和 Vivos 共同決定將該模式擴展到大丹佛市場的另外兩個地點。我們的第一個地點取得了巨大的成功，每個人都同意滿足資本要求並承擔支出，以便將模式擴展到另外兩個地點。因此我們對此感到興奮。我們認為現在這一進程將會加速，因為他們已經僱用了 15 或 17 名額外的 PA 來滿足需求。

So they're talking about -- and some additional doctors. So they've got more demand. They've got more capacity to refer patients. So we expect to see -- actually starting here in the second quarter, we expect to see the first real contributions to our financial results will start to happen in the second quarter and then accelerate throughout the year at Rebis.

所以他們正在談論——以及一些額外的醫生。所以他們有更多的需求。他們擁有更強的轉診病人的能力。因此，我們預計——實際上從第二季開始，我們預計對我們的財務表現的第一個實際貢獻將在第二季開始出現，然後在全年在 Rebis 加速。

We don't expect, as we get into some of these other affiliations and acquisitions, we don't expect the delay to be nearly this long in terms of turning these things into profitable affiliations and acquisitions. So I think as you look at 2025, 2025 is going to be materially better in terms of just top line revenue and hopefully net profits than 2024.

我們不認為，當我們進入一些其他的聯盟和收購時，我們不認為將這些事情轉變為有利可圖的聯盟和收購需要這麼長時間的延遲。因此，我認為展望 2025 年，2025 年的營業收入和淨利都將比 2024 年有顯著改善。

As we get into the specifics of each transaction, we'll provide you with guidance as far as what the size of -- see each one of these is different. And so we'll provide you with guidance as to what we think the contributions and accretive sort of nature of each one of these transactions will be. And then we'll start stacking that up. And as we stack up the interactions with more and more sleep treatment centers and more and more patients, the revenue will follow and the profits will follow as well.

當我們了解每筆交易的具體情況時，我們會為您提供有關每筆交易規模不同的指導。因此，我們將為您提供指導，說明我們認為每筆交易的貢獻和增值性質。然後我們就開始將其堆疊起來。隨著我們與越來越多的睡眠治療中心和越來越多的患者的互動不斷增加，收入和利潤也會增加。

I will say this, we expect this year to be substantially materially better than last year.

我想說的是，我們預計今年的情況將比去年好得多。

Okay. Great. And the income statement is changing with the new business model. So if a patient comes in and you expect to get $4,500 of revenue from that patient, how does that $4,500 work through the income statement? I mean, does it go under appliances? Where does it come through the income statement and in what fashion?

好的。偉大的。而損益表也隨著新的商業模式而改變。因此，如果一位患者就診並且您預計從該患者那裡獲得 4,500 美元的收入，那麼這 4,500 美元將如何體現在損益表中？我的意思是，它可以放在電器下面嗎？它是從哪裡透過損益表得出的，以什麼方式得出的？

Yes, Scott, that will continue to come through appliances. Those are appliances that are being sold. There will be a change to our COGS. Not only will it be the COGS from the cost of the appliance, but it will also be -- and in the case of an affiliate, it will be any amounts that are paid to the affiliate. If there's a profit sharing and so forth, that will show up as COGS.

是的，斯科特，這將繼續透過設備實現。那些是正在出售的電器。我們的銷貨成本 (COGS) 將會有所變動。它不僅是設備成本中的銷貨成本，而且對於關聯公司而言，它還是支付給關聯公司的任何金額。如果有利潤分享等，那將顯示為 COGS。

But the rest of it is all pretty much the same in terms of product revenue. And I wanted to say, too, we've always talked about product revenue being the area that we're going to see the highest growth in and service revenue going down. And historically, we've seen it 60% service, 40% product. But you can see in 2024, we were at 52% product and 48% service. So you're already seeing this shift in the alliance model, this new marketing distribution model will exacerbate that even further.

但就產品收入而言，其餘部分幾乎都相同。我也想說，我們一直在談論產品收入是我們將看到最高成長的領域，而服務收入將會下降。從歷史上看，我們的服務佔比為 60%，產品佔比為 40%。但你可以看到，到 2024 年，我們的產品佔比將達到 52%，服務比例將達到 48%。所以你已經看到聯盟模式的這種轉變，這種新的行銷分銷模式將進一步加劇這種轉變。

I did get a chance to look at the 10-K, which you have to back out fourth quarter. So if you changed any of the previous quarters, that may create some noise. But when I backed out in the fourth quarter, it looked like there was a huge bolus of arches coming through, like 10,000 of the 16,000 all came in the fourth quarter. Am I doing that math correctly? Or is there a reason why that all showed up in the fourth quarter?

我確實有機會看一下 10-K，你必須退出第四季。因此，如果您更改了任何先前的季度，則可能會產生一些噪音。但當我在第四節退出時，看起來好像有大量的拱門湧來，好像 16,000 個拱門中的 10,000 個都是在第四節出現的。我做的數學計算正確嗎？或者這一切在第四季出現是有原因的嗎？

We have a very large customer that buys guides from us, and they use it in their business with their customers, and that was all portrayed in the fourth quarter. Even though that happened throughout the numbers, all came through in the fourth quarter. So that's the biggest piece of the change there.

我們有一個非常大的客戶，他們從我們這裡購買指南，並在與客戶的業務往來中使用它，這一切都在第四季度得到了體現。儘管從數據上看，這種情況確實存在，但一切都在第四季度得到了體現。這就是最大的改變。

So when you booked all of that in the fourth quarter of this year, does that cover prior periods? Or could that signal -- if your biggest customer orders -- that's a pretty big order, may they not order for a couple of quarters? Or is this backward looking?

那麼，當您在今年第四季度預訂所有這些時，是否涵蓋了之前的時期？或者這是否意味著——如果您最大的客戶訂購——這是一個相當大的訂單，他們可能幾個季度都不會訂購？還是這是回顧過去？

Well, the revenue from that is pro rata as it occurred, as it was shipped throughout the year. The numbers -- and they did make a large purchase right at the end of the year, which took care of some of their demand in the first couple of months of 2025, certainly, but they did make a large fourth quarter purchase.

嗯，由於它是全年運送的，因此收入是按發生時的比例計算的。這些數字——他們確實在年底進行了大規模採購，這當然解決了 2025 年前幾個月的部分需求，但他們確實在第四季度進行了大規模採購。

Scott, the thing with that particular customer is they're experiencing just truly unprecedented demand and growth and expansion. And so we don't expect them to go into a holding pattern. I don't know that they are carrying a whole lot of inventory. They've just been seeing a real surge in demand for the guides' products. They've got a very innovative and very effective marketing and go-to-market strategy that's really working well for them.

史考特，那個特定客戶的情況是，他們正在經歷前所未有的需求、成長和擴張。因此我們不希望它們進入等待狀態。我不知道他們是否持有大量庫存。他們剛發現導遊產品的需求量大幅增加。他們擁有非常創新且非常有效的行銷和市場進入策略，並且效果顯著。

And so they're executing well on their plan and I would not expect to see them do anything but get better. They've actually said to us that they're expecting to see their revenue and their orders triple this year over what they were last year.

因此，他們的計劃執行得很好，我並不期望他們取得任何進展，只會變得更好。他們實際上告訴我們，他們預計今年的收入和訂單量將比去年增加兩倍。

So I mean, I think we're going to see continued growth from them as well as in some of our other lines. We have other product lines that are up as well, not quite to the extent that one is, but we have other product lines as well that are up.

所以我的意思是，我認為我們將看到它們以及我們的其他一些產品線的持續成長。我們還有其他產品線也在成長，雖然沒有達到某個產品的水平，但我們也有其他產品線在成長。

Okay. That's great. And final question, Brad. Just a couple of other numbers that just kind of bounced around this quarter, but it looked like a sponsor seminar, other among the service component was about $1 million higher than it typically is for a quarter. And it looked like VIP was actually a negative number for the quarter. Anything to take from those trends that will be helpful going forward? Or would you just put that in the noise category?

好的。那太棒了。最後一個問題，布拉德。本季度還有幾個其他數字出現波動，但看起來像是贊助商研討會，其他服務部分比通常一個季度高出約 100 萬美元。看起來本季的 VIP 實際上是一個負數。這些趨勢對於未來的發展有什麼幫助嗎？還是你只是把它歸類在噪音類別？

With seminar and sponsorship revenue, we utilize our TVI center, which is the old Frontier Airlines training center. That's what we've repurposed for our Vivos training center. VTI is actually hosting a number of events for Seattle Study Club, for some other customers of ours. And there's revenue, and we're seeing more and more revenue from that coming on board, just utilizing that for other purposes other than just our own.

利用研討會和贊助收入，我們利用了我們的 TVI 中心，即舊的 Frontier Airlines 培訓中心。這就是我們為 Vivos 培訓中心重新打造的。VTI 實際上正在為西雅圖學習俱樂部和我們的其他一些客戶舉辦一些活動。而且還有收入，我們看到越來越多的收入來自此，這些收入不僅用於我們自己的目的，也用於其他目的。

I think it's important to note, guys, that we made a huge investment in infrastructure to teach and train all the dentists. We've had over 5,000 dentists that have come through over the last four or five years, and they've come through our facilities out there at TVI, which we call the Vivos Institute.

我認為值得注意的是，我們在基礎設施方面投入了大量資金來教育和培訓所有牙醫。在過去的四、五年裡，我們已經接待了超過 5,000 名牙醫，他們都來自我們位於 TVI 的機構，我們稱之為 Vivos 研究所。

And that -- the mandate that we gave -- the challenge we gave our team was now that we're not doing as many of those kinds of sales events and other things, fill this place up with people that will be relevant. We were holding, for example, last fall, we held a very successful women's conference on sleep disorders and women, specifically for females. And it was hosted and staffed and all the speakers were medical, dental, all different, but they were all women speakers.

我們給團隊下達的任務是，我們現在不再舉辦那麼多這類銷售活動和其他活動，而是讓這個地方充滿相關的人才。例如，去年秋天，我們舉辦了一場非常成功的女性會議，主題是睡眠障礙和女性，特別是針對女性。會議由主持人和工作人員主持，所有演講者都是醫學、牙科方面的，各有不同，但都是女性演講者。

We had -- we premiered a brand-new documentary on sleep breathing disorders, sleep OSA, and it was a huge success. And so we're doing that again this year. All of those events that we use in our facilities, they're paid events. And so people are coming to those events, they're paying. I wouldn't consider that noise.

我們首映了一部關於睡眠呼吸障礙（OSA）的全新紀錄片，並獲得了巨大的成功。因此我們今年將再次這樣做。我們在設施中使用的所有活動都是付費活動。所以人們會來參加這些活動，他們會付費。我不會考慮那個噪音。

I would consider that things that you can count on as part of a revenue stream. It's going to cover the cost and put the TVI into the black as far as just being a revenue generator, not an anchor that we're dragging as we go forward. And there are many ways that we can leverage that asset into profits for us. So that's what you're seeing there.

我認為這些東西都是你可以依靠的收入來源的一部分。它將覆蓋成本並使 TVI 盈利，因為它將是一個收入來源，而不是我們前進過程中的拖累。我們可以透過多種方式利用該資產為我們帶來利潤。這就是你所看到的。

(Operator Instructions) Lucas Ward, Ascendiant Capital Markets.

（操作員指示）Lucas Ward，Ascendiant Capital Markets。

My first question is about -- so the conversion of new customers at these sleep centers, starting with Rebis, like you've described some very large volume opportunities there, 100,000 existing customers, 1,000-plus people a month coming in to get new diagnosis. So I guess my question is what gates the speed at which you can turn that potential customer base into Vivos customers?

我的第一個問題是關於——這些睡眠中心新客戶的轉換情況，從 Rebis 開始，就像您描述的一些非常大批量的機會，100,000 名現有客戶，每月有 1,000 多人來獲得新的診斷。所以我想我的問題是，什麼決定了您將潛在客戶群轉變為 Vivos 客戶的速度？

That's a great question. Look, you homed in on one of the key metrics, one of the key KPIs that we're tracking here, which is the conversion rate of all these patients. We're going to be in front of these patients. We're going to have the opportunity to present them with the full spectrum of their treatment options. No longer will patients get diagnosed for sleep apnea and just automatically be sent to the next door for fitting for their CPAP.

這是一個很好的問題。你看，你已經關注到我們在此追蹤的一個關鍵指標、一個關鍵 KPI，也就是所有這些病患的轉換率。我們將站在這些病人面前。我們將有機會為他們提供全方位的治療方案。患者將不再被診斷為睡眠呼吸暫停，而是自動被送到隔壁去安裝 CPAP。

They will now be given an education and information about their alternatives and their options. And if they still choose CPAP, that's still available. But if they want to try to rehabilitate their airway, if they want to try to address what we consider to be the root cause of the sleep apnea that they're experiencing, then that is where it comes in.

現在，他們將接受有關他們的替代方案和選擇的教育和資訊。如果他們仍然選擇 CPAP，那麼仍然可用。但如果他們想嘗試恢復呼吸道功能，如果他們想嘗試解決我們認為的導致他們出現睡眠呼吸中止症的根本原因，那麼這種方法就派上用場了。

So what we're saying here is that in our experience across multiple different markets and multiple different encounters at dental offices, at medical offices, now at CSI out there in Boulder and Longmont, we're actually experiencing a 70% to 80% uptake. So patients are saying, hey, I want to take a Vivos treatment and take a Vivos device of some [core].

因此，我們在這裡要說的是，根據我們在多個不同市場和牙科診所、醫療診所以及現在在博爾德和朗蒙特的 CSI 的多次不同接觸中的經驗，我們實際上經歷了 70% 到 80% 的吸收率。所以病人說，嘿，我想接受 Vivos 治療，並服用一些 Vivos 設備[核]。

We have a whole spectrum of clinical options there. Some of the cases are $3,500 and some of them are $8,500, $10,000. It just depends on the needs of the patient. It depends on their insurance coverage. It just depends on a lot of different things as to which they typically select.

我們擁有全方位的臨床選擇。有些案件的賠償金額為 3,500 美元，有些案件的賠償金額為 8,500 美元、10,000 美元。這取決於病人的需要。這取決於他們的保險範圍。他們通常會選擇什麼，這取決於許多不同的因素。

But now they have a choice. And so when they're given a choice, what we're finding is that most people do not want CPAP, and they will choose something other than CPAP when it's presented properly. And so that's what we're trying to do, and that's what we are doing, and we're finding it to be very, very successful. But that -- you asked about the gating factors there. Well, we have to have dentists that are trained in Vivos.

但現在他們有了選擇。因此，當他們面臨選擇時，我們發現大多數人並不想要 CPAP，並且當 CPAP 被正確呈現時，他們會選擇其他產品。這就是我們正在嘗試做的，也是我們正在做的，而且我們發現它非常非常成功。但是 — — 您詢問了那裡的限制因素。嗯，我們必須有受過 Vivos 訓練的牙醫。

Fortunately, we have over 2,000 of them to choose from out there in the marketplace that we've trained and certified over the course of time. And many of those doctors have expressed to us interest and are coming to work for us in this new model with these new advantages. Treating sleep for a dentist is much easier than doing general dentistry. It's much more rewarding financially. It's much more -- it's less taxing on their bodies, and so one of the gating features is finding dentists.

幸運的是，市場上有超過 2,000 名經過我們長期培訓和認證的人員可供選擇。許多醫生都向我們表達了興趣，並願意以這種具有新優勢的新模式為我們工作。對於牙醫來說，治療睡眠比治療一般牙科要容易得多。從經濟角度來說，這更有回報。這對他們的身體負擔較小，因此其中一個門檻就是找到牙醫。

And so far, we have found a ready pool of interested and enthusiastic providers to provide the dental services that are required. And so I think right now, that's probably the gating factor, but we have the manufacturing capacity in place so that we can meet the demand, which will be accelerating.

到目前為止，我們已經找到了一群感興趣且熱心的服務提供者來提供所需的牙科服務。所以我認為現在這可能是個限制因素，但我們擁有現有的製造能力，因此我們能夠滿足不斷加速成長的需求。

We have the staffing models that we've worked out. We have all of the software and hardware for billing and practice management that we know how to do this. So, I think we really expect to be able to see that we can meet this demand without encountering too many choke points along the way.

我們已經制定了人員配置模式。我們擁有用於計費和實踐管理的所有軟體和硬件，我們知道如何做到這一點。因此，我認為我們確實希望能夠滿足這一需求，而不會遇到太多瓶頸。

And as we encounter those, we'll obviously work through it. But from the standpoint of identifying the patients, we know they're there. We know they're there in abundance. We've got to train and teach staff to get up to speed. And we're feeling very good about what we've experienced so far.

當我們遇到這些問題時，我們顯然會努力解決。但從識別病人的角度來看，我們知道他們在那裡。我們知道那裡有大量這樣的資源。我們必須培訓和教導員工，使他們能夠快速掌握知識。我們對迄今為止所經歷的一切感到非常滿意。

There's a ready workforce out there that's excited about what we're doing and excited to join the Vivos team or the team that's going to be delivering this out wherever this may be. Most of our opportunities that we're exploring right now happen to be in the Midwest and the West. But we are also hearing from sleep, so the word is spreading. So, people are reaching out and contacting us from all across the country. So, we've had some interest here recently from the East Coast as well.

我們已經擁有一群隨時準備投入工作的員工，他們對我們所做的事情感到興奮，並很高興加入 Vivos 團隊或將要實現這一目標的團隊，無論它在哪裡。我們目前正在探索的大多數機會恰好都在中西部和西部。但我們也在睡夢中聽到消息，所以這個消息正在傳開。因此，來自全國各地的人們紛紛向我們伸出援手並與我們聯繫。所以，我們最近也受到了來自東海岸的一些關注。

But right now, most of these are geographically dispersed so that our management team can get there and we're familiar with these markets. We're familiar with the providers. We're familiar with the insurance coverages out here. So we feel really good about all those different things so far. So, I don't think that we're finding or encountering too many choke points that we can't get through.

但目前，這些市場大多在地理上分散，因此我們的管理團隊可以到達那裡，我們也熟悉這些市場。我們熟悉這些提供者。我們熟悉這裡的保險範圍。所以到目前為止我們對所有這些不同的事情都感到非常滿意。因此，我認為我們並沒有發現或遇到太多無法克服的瓶頸。

Okay. So does this mean then that you're working with dentists that are not VIPs to get the prescriptions filled for people? Help me understand the sales funnel a little bit better for Rebis like someone gets a diagnosis, they are presented Vivos as an option. What are the steps that they would then go through to actually (multiple speakers).

好的。那麼這是否意味著您正在與非 VIP 牙醫合作為人們配藥？幫助我更好地理解 Rebis 的銷售管道，就像有人得到診斷一樣，他們會將 Vivos 作為一種選擇。他們將採取哪些步驟來真正（多位發言者）

Yes. So, let's go through that really quickly. So yes, the patient journey that's a great question. So, the patient journey typically begins with the patient at their primary care provider. The MD that's doing an annual physical is doing this or the other.

是的。那麼，讓我們快速地過一遍這個步驟。是的，患者的旅程是一個很好的問題。因此，患者的就診旅程通常從其初級保健提供者開始。進行年度體檢的醫生正在做這做那。

And the MD, for whatever reason, suspects that this patient might have a sleep or breathing disorder like obstructive sleep apnea. They then write a script. That script is for them to go get tested, and they're going to get tested at a place like Rebis. So they're going to go over to Rebis Health, which is DBA, Colorado Sleep Institute, they're going to go there. They're going to present their script for their sleep test.

無論出於什麼原因，醫生懷疑該患者可能患有睡眠或呼吸障礙，例如阻塞性睡眠呼吸中止症。然後他們編寫了一個腳本。該腳本是讓他們去接受測試，他們將在像 Rebis 這樣的地方接受測試。所以他們要去 Rebis Health，也就是科羅拉多州睡眠研究所 (DBA)。他們將要展示睡眠測試的腳本。

They'll go through the process there, and whether it's an in-lab overnight polysomnogram or whether it's a home sleep test, that's typically determined by their provider and their insurance company, but they'll get tested for sleep apnea.

他們會在那裡完成整個過程，無論是實驗室內整夜多導睡眠圖還是家庭睡眠測試，通常由他們的服務提供者和保險公司決定，但他們會接受睡眠呼吸中止症測試。

If they come back positive for OSA, which is 80% to 90% of the time, they're going to get a positive diagnosis for OSA. That's when they sit down with the medical doctor the sleep specialist, and they ask the question, what do I do now? What do I do about this? Now I know I have moderate to severe OSA or even mild. What do I do about this? And will it go away on its own? Will it help if I lose weight? Will it do all these different things? The doctor is going to walk them through their options.

如果他們的 OSA 檢測結果呈陽性，即 80% 到 90% 的情況，他們都會得到 OSA 的陽性診斷。這時，他們與睡眠專家醫生坐下來，問出這樣一個問題：我現在該怎麼辦？我該怎麼辦呢？現在我知道我患有中度至重度甚至輕度的 OSA。我該怎麼辦呢？它會自行消失嗎？如果我減肥的話這會有幫助嗎？它會做所有這些不同的事情嗎？醫生將向他們介紹各種選擇。

He will also then hand them over to a treatment navigator who will further educate them and help them understand their insurance coverages, there are different kinds of treatment options that are available. The treatment navigators are key here because they spend more time with the patients than the doctors are able to. And so they help them understand they can either manage this disease with a CPAP, they can manage this disease with an oral appliance device, or they can rehabilitate with one of the Vivos appliances.

然後，他也會將他們交給治療導航員，治療導航員將進一步教育他們並幫助他們了解他們的保險範圍，以及可供選擇的不同治療方案。治療導航員在這裡至關重要，因為他們花在患者身上的時間比醫生多。因此，他們幫助患者了解可以使用 CPAP 治療這種疾病，可以使用口腔器械設備治療這種疾病，或者可以使用 Vivos 器械進行復健。

And so the patients who hear that story typically will make a decision, and that decision will then determine whether they go into the CPAP path or whether they go into some type of oral appliance in which all of that is considered Vivos treatment. So if they do a Mandibular advancement device, that's a Vivos treatment because we're delivering a dental device.

因此，聽到該故事的患者通常會做出決定，而該決定將決定他們是採用 CPAP 治療還是使用某種口腔器具（所有這些都被視為 Vivos 治療）。因此，如果他們做了下顎推進裝置，那就是 Vivos 治療，因為我們正在提供牙科裝置。

But it's one of our proprietary or one of our custom design appliances. And then they can, if they want to rehabilitate, they'll go down that path. And so at each step along the way, the patient is informed as to their clinical status and they're informed as to what kinds of out-of-pocket costs they have, what kinds of coverage their insurance carrier is going to have.

但它是我們專有的或客製化設計的設備之一。然後，如果他們想要康復，他們就會走那條路。因此，在整個過程中的每個步驟中，患者都會被告知他們的臨床狀況，並被告知他們需要自付哪些費用，以及他們的保險公司將提供哪些類型的保險。

And in fact, we've just developed, we haven't announced it yet, but we've just developed some software that helps us and streamlines our ability to get the carriers to give us the coverage that's going to be given on these people right away. So it's really saving us some FTEs in our billing services department.

事實上，我們剛剛開發了一些軟體，雖然還沒有公佈，但我們剛剛開發了一些軟體來幫助我們簡化流程，讓我們能夠讓營運商立即為這些人提供保險。因此，它確實為我們的計費服務部門節省了一些全職當量 (FTE)。

To our knowledge, nobody else in the country has anything like this, and it's really a competitive advantage because it actually lowers our cost and streamlines our ability to bill. But the patient then is fully aware at every stage of the game, what all their treatment options are and what the potential benefits of each path forward might be.

據我們所知，國內還沒有其他人擁有這樣的產品，這確實是一個競爭優勢，因為它實際上降低了我們的成本並簡化了我們的計費能力。但患者在遊戲的每個階段都充分了解他們的所有治療選擇以及每個治療途徑可能帶來的潛在好處。

And so we've already seen some patients will select in the near term, they may select going down a path of the CPAP treatment. They might select the CPAP because of some financial considerations in the short run and then come back to us later and say, now I want to go and start the rehabilitative process. So that's actually the way that we see the patient journey unfolding, and that's kind of how that goes.

因此，我們已經看到一些患者會在短期內做出選擇，他們可能會選擇 CPAP 治療。他們可能會因為短期內的一些經濟考慮而選擇 CPAP，然後過一段時間再來找我們說，現在我想去開始康復過程。這其實就是我們看到的患者旅程展開的方式，事情就是這樣的。

Okay. Final question on M&A. It sounds like you are looking potentially to acquire sleep centers. I'm just wondering like, what would be the scale of that type of acquisition? And how would it change your patient conversion rates or economics to own a sleep center as opposed to being an affiliate or a partner or provider in one?

好的。關於併購的最後一個問題。聽起來您正在考慮收購睡眠中心。我只是想知道，這種收購的規模有多大？與成為睡眠中心的附屬機構、合作夥伴或提供者相比，擁有睡眠中心會如何改變您的患者轉換率或經濟效益？

Well, here's what we found so far. We've looked at, I don't know how many probably a dozen or more sleep centers operations across the country. They're typically profitable. They're not wildly profitable because they operate on a high volume, rather low margin. It's a high-volume, low-margin business.

好吧，這是我們目前發現的。我們已經調查過，我不知道全國有多少個睡眠中心，可能有十幾個或更多。它們通常都是有利可圖的。他們的利潤並不高，因為他們的經營量很大，但利潤卻很低。這是一項高產量、低利潤的業務。

However, when you combine what they're doing with the metrics that I've already given you about the conversion into Vivos treatment, which is a high-margin product, what you find is that all of a sudden, these businesses become wildly profitable. And so they've got the volume.

然而，當你將他們的做法與我已經給出的關於轉化為 Vivos 治療（一種高利潤產品）的指標結合起來時，你會發現這些業務突然變得利潤豐厚。所以他們得到了音量。

They've got the patients. They've got the patients' interest at that very inflection point when the patients are trying to decide what kind of treatment they want. And so I think that's one of the reasons why the sleep centers are so anxious to talk to us is because it's not a high-margin business.

他們有病人。當患者試圖決定他們想要哪種治療時，他們恰好抓住了患者的興趣。所以我認為這是睡眠中心如此急於與我們交談的原因之一，因為這不是一個高利潤的業務。

It's a business that works. It's a business that can be profitable. It's a business that is scalable, but it's not a business where you've got huge margins. And so when we come along and say, hey, why don't we treat this model that you've got here which is mildly successful, moderately profitable ? And why don't we add in what you're doing, what we do here at Vivos and look at what happens to your business when we do that.

這是一項可行的業務。這是一門可以獲利的生意。這是一項可擴展的業務，但並非一項能帶來巨額利潤的業務。所以當我們說，嘿，我們為什麼不把你的這個模型當作一個稍微成功、利潤適中的模型？為什麼我們不添加您正在做的事情、我們在 Vivos 所做的事情，並看看當我們這樣做時，您的業務會發生什麼變化。

And so when that happens, and we show them that, they get really excited. That's what Rebis got excited about that. The other ones that we'll be announcing over the next few weeks and months they've gotten really excited about it. And you'll see as we go through and make some of these announcements in the upcoming weeks and months, you'll see more details around this that I think you'll find them pretty compelling, and it's compelling to these guys as well.

所以當這種情況發生時，我們向他們展示這一點，他們會非常興奮。這就是讓 Rebis 感到興奮的原因。我們將在未來幾週和幾個月內宣布其他消息，他們對此感到非常興奮。您將會看到，隨著我們在未來幾週和幾個月內發布這些公告，您將看到更多有關此問題的細節，我認為您會發現它們非常引人注目，並且對這些人來說也是如此。

So, I think that's why we have such optimism about what this inflection point for Vivos. We call it our pivot, but this inflection point is in terms of revenue growth and opportunities for 2025 and beyond.

所以，我認為這就是我們對 Vivos 的轉捩點如此樂觀的原因。我們稱之為我們的支點，但這個轉折點是就 2025 年及以後的收入成長和機會而言的。

There are no further questions at this time. Please proceed.

目前沒有其他問題。請繼續。

Okay. So, I would like to thank everyone once again for joining us on today's call and for your continued interest in Vivos. This is a very important time in our history, and we believe our business model pivot in 2024, when combined with the benefits of an unprecedented regulatory improvements for our products will provide a bright future for the company.

好的。因此，我想再次感謝大家參加今天的電話會議，並感謝大家對 Vivos 的持續關注。這是我們歷史上非常重要的時刻，我們相信，2024 年我們的商業模式轉型，加上我們產品前所未有的監管改進帶來的好處，將為公司帶來光明的未來。

Furthermore, given the relationships that we've established, our success in managing costs and reducing our cash burn, our increased liquidity and enhanced capital structure, we are extremely excited about our prospects for 2025 and beyond. We look forward to sharing our continued progress with you as we continue to execute on our plans throughout 2025.

此外，鑑於我們已經建立的關係、我們在管理成本和減少現金消耗方面的成功、我們增加的流動性和增強的資本結構，我們對 2025 年及以後的前景感到非常興奮。我們期待與您分享我們在 2025 年繼續執行計劃過程中取得的持續進展。

So, thank you very much, and have a great evening.

非常感謝，祝您有個愉快的夜晚。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝。女士們、先生們，會議現已結束。感謝大家的加入。你們都可以斷開自己的線路。