The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Matt Taylor - Jefferies - Analyst
: I wanted to, I guess, start with a question on Q1 and phasing, given the first quarter is almost over. Could you talk a little bit about the trends that
you're seeing in Q1, and relative to your $60 million to $65 million guidance for the year, how do you expect that to land through the year?
Question: Matt Taylor - Jefferies - Analyst
: And can we expect that gross margins basically follow the top line, so you'd also expect gross margin improvement through the year?
Question: Matt Taylor - Jefferies - Analyst
: Got you. And maybe I'll just do one follow-up. I would like to ask more about the spending reductions and the focus on cash burn. It sounds like
you're having some success there, but obviously there's a trade-off, as you alluded to, with less marketing spending. I guess, can you talk about
how you're able to try to balance those two things in terms of being able to continue to drive the top line, but also with an eye to costs and lowering
the cash burn?
Question: Matt Taylor - Jefferies - Analyst
: Great. Thank you very much.
Question: Ryan Zimmerman - BTIG - Analyst
: Just follow up a couple of quick ones from me. As you guys think about and pursue this B2B model with some of the software programs you
develop? How much of that is contemplated in the $60 million to $65 million this year in guidance?
Question: Ryan Zimmerman - BTIG - Analyst
: Okay. Reading between the lines in those comments, Shantanu, it's fair to assume it sounds like that you're not going to ramp -- spending would
be very modest for these efforts in 2024. I ask that in the context of the reduction in cash burn and also kind of moderating some of the growth
initiatives that you're pursuing.
Question: Ryan Zimmerman - BTIG - Analyst
: Yeah, certainly. Then just last one for me, if you could talk a little bit about the user base, particularly physician customers in some of the markets
where you've had a lot of success. The reason I want to ask about that is because given the dynamics we saw in the fourth quarter with the
distributors, how did some of those high-end users, some of your top users navigate the fourth quarter? Did you see binary outcomes with, say,
the top users and a broader customer base? I'm just wondering how -- distributors aside, what you're seeing in the end markets, particularly with
some of your key customers in certain markets in the Middle East or India and so forth, and just reflect on how they navigated some of the GLP
headwinds?
Question: Ryan Zimmerman - BTIG - Analyst
: Very helpful. Thanks for taking the question.
Question: Keay Nakae - Chardan Capital Markets - Analyst
: Yes, thanks. A couple questions. Chris, when we think about the G&A line going forward, what's sort of a nominal level there you're expecting in
2024?
Question: Keay Nakae - Chardan Capital Markets - Analyst
: Okay, great. And then in terms of VCS and the initial use of that with the clinics you announced earlier this year, talk about maybe two things. One,
with those first set of clinics, what's the economics associated with that? And then what are the opportunities on some of the other territories
where you're currently at to enter into similar agreements?
Question: Keay Nakae - Chardan Capital Markets - Analyst
: And the second part of that question, the opportunities on the geographies, and maybe even looking out a little further, what are the opportunities
once you enter the US for integrating that?
Question: Keay Nakae - Chardan Capital Markets - Analyst
: Okay, great.
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