AngioDynamics Inc (ANGO) 2025 Q2 法說會逐字稿

Good morning and welcome to the AngioDynamics fiscal year 2025 second quarter earnings call at this time. (Operator instructions)

早安，歡迎參加 AngioDynamics 2025 財年第二季財報電話會議。（操作員指令）

The news release detailing AngioDynamics fiscal 2025 second quarter results crossed the wire earlier this morning and is available on the company's website. This conference call is also being broadcast live over the internet at the investors section of the company's website at www.geodynamics.net and the webcast replay of the call will be available at the same site approximately one hour after the end of today's call.

有關 AngioDynamics 2025 財年第二季業績的新聞稿已於今天早上發布，可在公司網站上查閱。本次電話會議也將透過公司網站 www.geodynamics.net 的投資者專區進行網路現場直播，會議結束後約一小時，同一網站將提供本次電話會議的網路重播。

Before we begin, I would like to caution listeners that during the course of this conference call, the company will make projections or forward-looking statements regarding future events including statements about expected revenue adjusted earnings and gross margins for fiscal year 2025. As well as trends that may continue. Management encourages you to review the company's past and future filings with the SEC including without limitation, the company's forms 10-Q and 10-K which identifies specific factors that may cause the actual results or events to differ materially from those described in the forward-looking statements.

在我們開始之前，我想提醒聽眾，在本次電話會議期間，公司將對未來事件做出預測或前瞻性陳述，包括有關 2025 財年預期收入調整後收益和毛利率的陳述。以及可能持續的趨勢。管理層鼓勵您查看公司過去和未來向美國證券交易委員會提交的文件，包括但不限於公司的 10-Q 表和 10-K 表，其中列出了可能導致實際結果或事件與前瞻性陳述中描述的結果或事件存在重大差異的具體因素。

The company will also include certain non-GAAP and pro form financial measures. During this call management uses these measures to establish operational goals and review operational performance and believes that these measures may assist investors in analyzing the underlying trends in the company's business over time. Investors should consider these non-GAAP and pro form of measures. In addition to not as a substitute for or superior to financial reporting measures prepared in accordance with GAAP, a slide package offering insight to the company's financial results is also available on the investors section of the company's website under the events and presentations.

該公司還將納入某些非公認會計準則和預測財務指標。在此次電話會議中，管理層使用這些指標來制定營運目標和審查營運績效，並相信這些指標可以幫助投資者分析公司業務隨時間推移的潛在趨勢。投資者應該考慮這些非公認會計準則和專業形式的指標。除了不能替代或優於根據 GAAP 編制的財務報告指標之外，公司網站的投資者部分中的事件和演示下還提供了提供公司財務業績洞察的幻燈片包。

This presentation should be read in conjunction with the press release discussing the company's operating results and financial performance during this morning's conference call. I now like to turn the call over to Jim Clemmer, AngioDynamics, President and Chief Executive Officer, Mr. Clemm.

本簡報應與今天上午電話會議上討論公司經營業績和財務業績的新聞稿一起閱讀。現在，我想將電話轉給 AngioDynamics 總裁兼執行長 Jim Clemmer 先生。

Thank you operator, good morning everyone and thank you for joining us for AngioDynamics fiscal 2025 second quarter earnings call. Joining me on today's call is Stephen Trowbridge, AngioDynamics, Executive Vice President and Chief Financial Officer.

謝謝接線員，大家早安，謝謝您參加 AngioDynamics 2025 財年第二季財報電話會議。參加今天電話會議的還有 AngioDynamics 的執行副總裁兼財務長 Stephen Trowbridge。

I will begin today's call by providing an overview of our recent performance. Steve will then provide a detailed analysis of our second quarter financial performance and I will conclude with our outlook for the balance of the year before opening the line for questions, unless otherwise noted, all financial results and growth rates mentioned during today's call are on a pro forma basis which exclude the results of the dialysis and Biocentric businesses that we divested in June 2023 and the pick and Midline products that we divested in February 2024 and the radio frequency and Sintra support catheter products that we discontinued in February 2024 we had a very strong second quarter. Total worldwide revenue was $73 million representing growth of approximately 9% year-over-year.

我將在今天的電話會議上首先概述我們最近的表現。然後，史蒂夫將對我們第二季度的財務業績進行詳細分析，在開始回答問題之前，我將總結我們對今年剩餘時間的展望，除非另有說明，今天電話會議中提到的所有財務結果和增長率均為備考基礎，不包括透析和生物中心業務的結果我們在 2023 年 6 月剝離了該產品，2024 年 2 月剝離了該產品的第二季和 Sintra非常強勁。全球總收入為 7,300 萬美元，較去年同期成長約 9%。

Our MedTech segment had yet another excellent quarter growing 25% led by growth across all of our platforms. Beyond the top line, we continue to show strong results with respect to profitability reporting, adjusted EBITA of $3.1 million and generated $2.5 million in operating cash flow based on our first half performance and the momentum we expect to deliver in the back half of the year, we now expect to deliver positive adjusted EBITDA for the full year.

我們的醫療科技部門又度過了一個出色的季度，成長了 25%，這得益於我們所有平台的成長。除營收之外，我們在獲利報告方面繼續表現出強勁的業績，調整後的 EBITA 為 310 萬美元，並根據上半年的業績和我們預計下半年將實現的勢頭產生了 250 萬美元的營運現金流，我們現在預計全年將實現正的調整後 EBITDA。

Illustrating continued execution our goal of delivering sustained profitability.

說明我們持續執行實現持續獲利的目標。

Starting with an update on our MedTech business, Arion continued on its sustained delivery of solid results growing approximately 22% over the prior year, we have continued to execute on our strategy by taking share with a better product, allowing us to increase penetration and drive a higher mix of revenue from hospital customers.

從我們醫療技術業務的更新開始，Arion 繼續保持穩健的業績，較上年增長約 22%，我們繼續執行我們的策略，透過更好的產品來佔領市場份額，從而提高滲透率並從醫院客戶那裡獲得更高的收入組合。

Turning to our mechanical thrombectomy business. We are very encouraged by the performance of both Alphavac and Angiovac which in combination grew approximately 46% over the second quarter of last year and further validates the strength of this broad innovative portfolio.

談談我們的機械血栓切除手術業務。Alphavac 和 Angiovac 的業績令我們非常鼓舞，這兩家公司的合併銷售額較去年第二季度增長了約 46%，進一步證明了這一廣泛創新產品組合的實力。

Angiovac and Alphavac together provide AngioDynamics with an unparalleled product portfolio option. And we will continue to leverage the synergies between these two product lines to cement AngioDynamics as a solid bona fide competitor in this large fast growing high margin market.

Angiovac 和 Alphavac 共同為 AngioDynamics 提供了無與倫比的產品組合選擇。我們將繼續利用這兩條產品線之間的協同作用，鞏固 AngioDynamics 在這個快速成長的高利潤市場中作為堅實競爭對手的地位。

Beginning with Alphavac, we saw solid performance in the quarter with revenue increasing by over 33% versus prior year.

從 Alphavac 開始，我們在本季度看到了穩健的表現，收入比上年增長了 33% 以上。

This also marks the third consecutive quarter of sequential revenue growth highlighting its adoption for treating P/E following our FDA clearance in early April and our CE marking in late May as noted on our prior call supported by our excellent clinical data and a fully trained sales force. We moved into full market release in both the US and Europe in June, we remain very encouraged by physicians and hospitals, willingness to evaluate Alphavac for the treatment of P/E evidenced by the positive utilization trends. We are seeing within existing customer accounts as well as progress we are making within our new customer pipeline. As Alphavac is being reviewed as part of a growing number of hospitals, value analysis committees.

這也標誌著我們連續第三個季度實現收入成長，這凸顯了該技術在治療 P/E 方面的應用。我們於 6 月在美國和歐洲全面上市，我們仍然受到醫生和醫院的鼓舞，他們願意評估 Alphavac 對 P/E 治療的效果，積極的利用趨勢就是明證。我們看到現有客戶帳戶以及新客戶管道所取得的進展。隨著越來越多的醫院、價值分析委員會對 Alphavac 進行審查。

As expected, the vast majority of our growth in the quarter was driven within the US as our focused commercial efforts in combination with the strength of our apex data have been very successful.

正如預期的那樣，本季度我們絕大部分的成長都是在美國推動的，因為我們集中的商業努力加上我們強勁的頂點數據取得了成功。

In late December data from the apex trial were published in the journal of the Society for cardiovascular angiography and interventions. One of the premier peer reviewed journals in the space, the publication confirmed the outstanding results announced in May of 2024 which highlighted that Alphavac is safe, effective and highly efficient in treating patients with acute intermediate risk PE. Importantly, the paper highlighted Alphavac's 35.5% reduction in clock burden from the baseline which compares favorably to the 9.3% reduction reported in the current market leaders IDE data.

12 月底，這項頂尖試驗的數據發表在《心血管造影與介入學會》雜誌。該出版物是該領域首屈一指的同行評審期刊之一，證實了 2024 年 5 月公佈的傑出成果，強調 Alphavac 在治療急性中度風險 PE 患者方面是安全、有效和高效的。重要的是，該論文強調了 Alphavac 的時鐘負擔相對於基線減少了 35.5%，這與當前市場領導者 IDE 數據報告的 9.3% 的減少相比更為有利。

This publication is yet another point of validation within the clinical community and should act as a catalyst. As many physicians and hospital value analysis committees use studies like these to support their decision making process. When evaluating new technologies, turning to Angiovac, the P/E indication for Alphavac has proven to be a positive catalyst for Angiovac.

該出版物是臨床界的另一個驗證點，並應起到催化劑的作用。許多醫生和醫院價值分析委員會使用此類研究來支持​​他們的決策過程。在評估新技術時，轉向 Angiovac，Alphavac 的 P/E 指標已被證明是 Angiovac 的積極催化劑。

As the awareness and utilization of Alphavac has grown. It has created opportunities for a commercial organization to educate physicians on our entire mechanical thrombectomy portfolio. This increased engagement has opened doors to new facilities and physicians which helped to drive revenue growth of approximately 51%. While we don't expect to see this level of growth during the balance of 2025 we do expect continued broader adoption to drive year-over-year growth moving forward.

隨著人們對 Alphavac 的認識和利用不斷增長。它為商業組織創造了機會，讓其可以向醫生介紹我們的整個機械血栓切除術產品組合。這種參與度的提高為新設施和醫生打開了大門，有助於推動約 51% 的收入成長。雖然我們預計在 2025 年左右不會出現這種增長水平，但我們確實預計持續更廣泛的採用將推動未來同比增長。

And lastly within our MedTech segment is Nanoknife, which has recently seen a number of exciting developments. We continue to be encouraged by trends in the adoption and utilization of Nanoknife, in particular within the urology community, as evidenced by approximately 23% growth in probe revenue in the quarter.

最後，在我們的醫療科技領域中，奈米刀 (Nanoknife) 最近取得了許多令人興奮的進展。我們繼續對奈米刀的採用和使用趨勢感到鼓舞，特別是在泌尿科領域，本季探頭收入成長約 23% 就是明證。

As outlined on our last call, we expected to achieve multiple key milestones for Nanoknife by the end of calendar all 2024 of which we did, we identified three key pillars that are necessary to drive long term adoption and exciting growth for Nanoknife.

正如我們上次電話會議中概述的那樣，我們預計在 2024 年底之前實現 Nanoknife 的多個關鍵里程碑，我們做到了，我們確定了推動 Nanoknife 的長期應用和令人興奮的增長所必需的三大關鍵支柱。

First, regulatory clearances for specific indications. Second reimbursement and market access and third increased market awareness. We have made significant progress on all three fronts. Since our last update with respect to regulatory clearance, we received an expanded indication for the Nanoknife system for prostate tissue ablation from the FDA in early December.

首先，針對特定適應症的監管許可。第二是報銷和市場准入，第三是提高市場意識。我們在這三個方面都取得了重大進展。自從我們上次更新監管批准以來，我們在12月初從 FDA 獲得了奈米刀系統用於前列腺組織消融的擴大適應症。

With this clearance in hand, we can now more proactively market, educate and train for the procedure in ways that we've been previously unable to do. With respect to reimbursement and market access in mid September. We participated in the CPT editorial panel meeting related to a proposal to create a new CPT category one code specific to IRA and prostate procedures.

獲得這項批准後，我們現在可以更積極地以以前無法做到的方式推銷、教育和培訓該程序。關於九月中旬的報銷和市場准入。我們參加了 CPT 編輯小組會議，該會議涉及創建針對 IRA 和前列腺手術的新 CPT 第一類別代碼的提案。

In October. We were thrilled to have been granted a new CPT one code for the treatment of lesions in the prostate and in liver. The new codes will be effective with physician relative value units attached on January 1, 2026. We continue to work diligently with our market access teams on coverage, coding and payment initiatives to ensure that reimbursement will be widely available across both the commercial and private payers in advance of that effective date.

十月。我們很高興獲得了用於治療前列腺和肝臟病變的新的 CPT 代碼。新的代碼將於 2026 年 1 月 1 日與醫生相對價值單位一起生效。我們將繼續與市場准入團隊在覆蓋範圍、編碼和支付措施方面密切合作，以確保在生效日期之前，商業和私人付款人都可以廣泛獲得報銷。

Finally, with respect to our marketing and education strategy to both urologists and patients, we began highlighting the quality of outcomes generated during our Preserve clinical study. The pivotal trial we ran in support of our Nanoknife prostate expanded indication, preserve, evaluated the safety and effectiveness of Nanoknife for the ablation of prostate tissue in patients with intermediate risk prostate cancer, which included 121 patients enrolled across 17 clinical sites.

最後，關於泌尿科醫生和患者的營銷和教育策略，我們開始強調在 Preserve 臨床研究期間產生的結果的品質。我們為支持奈米刀前列腺擴大適應症而進行的關鍵試驗，評估了奈米刀對中度風險前列腺癌患者前列腺組織消融的安全性和有效性，其中包括 17 個臨床地點的 121 名患者。

Preserve met its primary effectiveness endpoint demonstrating the performance of the Nanoknife system for the ablation of prostate tissue in patients with intermediate risk prostate cancer. At 12 months, post procedure, 84% of men were free from any clinically significant cancer in the targeted area.

Preserve 達到了其主要有效性終點，證明了奈米刀系統對中度風險前列腺癌患者前列腺組織消融的性能。手術後 12 個月，84% 的男性目標區域不再出現任何臨床顯著的癌症。

Just as importantly, the study demonstrated extremely compelling quality of life outcomes. When men have prostate cancer and are evaluating treatment options, they are forced to choose between effectively treating the cancer or maintaining the quality of life. Post treatment, particularly as it relates to sexual and urinary function.

同樣重要的是，該研究顯示出了極其令人信服的生活品質結果。當男性患有前列腺癌並評估治療方案時，他們被迫在有效治療癌症和維持生活品質之間做出選擇。治療後，特別是與性功能和泌尿功能相關的治療。

While traditional treatments such as radical prostectomy and radiation therapy often result in significant rates of erectile dysfunction and urinary incontinence following treatment. Nanoknife's targeted approach demonstrates that men need not be forced to make this trade off and represents a meaningful advancement in prostate cancer treatment.

而根治性攝護腺切除術和放射線治療等傳統治療方法通常會導致治療後出現大量勃起功能障礙和尿失禁。奈米刀的針對性方法表明男性不需要被迫做出這種權衡，並且代表了前列腺癌治療的重大進步。

In the Preserve study, men treated with Nanoknife did not have any higher rates of sexual dysfunction after 12 months than is seen with active surveillance or men who undergo no intervention. Just as impressively, approximately 99% of men did not suffer increased urinary incontinence 12 months post procedure. The Preserve study validates the robust safety and clinical efficacy. We have seen in more than 32 clinical studies involving over 2,600 patients.

在 Preserve 研究中，接受奈米刀治療的男性在 12 個月後性功能障礙的發生率並不高於接受主動監測或未接受干預的男性。同樣令人印象深刻的是，大約 99% 的男性在手術後 12 個月沒有出現尿失禁加重的症狀。Preserve 研究驗證了其強大的安全性和臨床療效。我們已經進行了 32 多項臨床研究，涉及 2,600 多名患者。

In addition to the publications that we expect over the coming months to preserve data will be featured at the AUA annual meeting in Las Vegas at the end of April 2025.

除我們預計在未來幾個月內出版的出版物之外，保存的數據還將在 2025 年 4 月底在拉斯維加斯舉行的 AUA 年會上展出。

As we look forward to the future of Nanoknife, we are very excited about what this product can be with the validation of a specific prostate indication and line of sight to a well established reimbursement pathway with a solid foundation of existing users in the US and then established commercial infrastructure. We are able to hit the ground running.

展望奈米刀的未來，我們對這款產品的未來感到非常興奮，它已經通過了特定前列腺適應症的驗證，並且在美國現有用戶的堅實基礎和已建立的商業基礎設施下建立了完善的報銷途徑。我們能夠立即開始行動。

Nanoknife has the potential to redefine the standard of care for prostate health and deliver treatment outcomes that patients and physicians need with its unique mechanism of action in combination with its efficiency and efficacy. It is a fantastic alternative to radical therapies which force patients to make significant quality of life trade offs.

奈米刀有可能重新定義前列腺健康護理的標準，並以其獨特的作用機制以及其效率和功效提供患者和醫生所需的治療結果。它是激進療法的絕佳替代方案，激進療法迫使患者在生活品質方面做出重大犧牲。

We believe that these trade offs have historically limited the widespread adoption of other focal therapies. We are confident that nanoe can provide a new paradigm for men. We are very excited to provide a deep dive into Nanoknife and how it can revolutionize the treatment of prostate cancer with our virtual Nanoknife technology event following this earnings call, turning to our medical device segment revenue was approximately flat to the prior year with our US med device business increasing about 2% year-over-year.

我們認為，從歷史上看，這些權衡限制了其他局部療法的廣泛應用。我們相信nanoe能夠為男性提供一個新典範。我們非常高興在本次財報電話會議之後透過虛擬奈米刀技術活動深入探討奈米刀及其如何徹底改變前列腺癌的治療，我們的醫療器械部門收入與上年基本持平，美國醫療器械業務同比增長約 2%。

Beyond our commercial execution, we illustrated another significant step towards sustained profitability. We reported adjusted EBITDA of $3.1 million during the second quarter compared to a loss of $10,000 during the second quarter of fiscal 2024 in the quarter, adjusted EPS was a loss of $0.04 per share improving from a loss of $0.08 per share in fiscal 2024. And importantly, we generated $2.5 million of operating cash flow.

除了商業執行之外，我們還朝著持續獲利邁出了重要一步。我們報告第二季調整後的 EBITDA 為 310 萬美元，而 2024 財年第二季虧損 10,000 美元，調整後的每股收益為每股虧損 0.04 美元，較 2024 財年的每股虧損 0.08 美元有所改善。重要的是，我們創造了 250 萬美元的營運現金流。

These results highlight that our strategy to drive towards profitability is tracking ahead of plan and we now expect to deliver positive adjusted EBITDA for the full year before turning the call over to Steve. I wanted to provide a quick update on our shift to outsourced manufacturing. We have continued to find ways to optimize the process. And as part of that, we have made the decision to keep a portion of our Queensbury facility open which allows us to make our supply chain more resilient.

這些結果凸顯出，我們推動盈利的戰略正在提前完成計劃，我們現在預計在將權力移交給史蒂夫之前，全年將實現正的調整後 EBITDA。我想快速介紹一下我們轉向外包製造的情況。我們一直在尋找優化流程的方法。作為其中的一部分，我們決定保持昆斯伯里工廠的部分產能開放，這將使我們的供應鏈更具彈性。

The process remains on track with our expectations and will allow us to fundamentally change our manufacturing overhead structure and take out those overhead costs which will ultimately flow through to our bottom line. As a reminder, we expect this transition to generate approximately $15 million in annualized savings by fiscal 2027.

這個流程符合我們的預期，並將使我們能夠從根本上改變我們的製造費用結構，並消除那些最終將影響我們利潤的間接成本。提醒一下，我們預計到 2027 財年，這項轉變將帶來約 1,500 萬美元的年度節省。

We are very excited about our performance during the second quarter and the momentum we have been able to generate during the first half of the year. Our achievements over the past six months, in combination with the efforts of our organization over the last three years have transformed AngioDynamics.

我們對第二季的表現以及上半年所取得的進展感到非常興奮。我們過去六個月的成就，加上我們組織過去三年的努力，已經改變了 AngioDynamics。

Our focus on driving growth within large and fast growing markets has paid off through strategic investments in R&D clinical research, regulatory submissions and market access initiatives within our MedTech portfolio. We have now successfully expanded our total addressable market which now stands at over $10 billion globally, up from just $3 billion in 2021 not only have we delivered improving growth, but we have also accelerated our pathway to profitability through operational efficiency initiatives supported by the strength of our balance sheet, we are in a fantastic position to bring our innovative technologies to more health care providers and more patients. While at the same time, creating shareholder value with that, I'll turn the call over to Steve Trowbridge, our executive Vice President and Chief Financial Officer to review the quarter in more detail.

我們專注於推動大型快速成長市場的成長，透過對醫療技術產品組合中的研發臨床研究、監管提交和市場准入舉措進行策略性投資，我們獲得了回報。我們現已成功擴大我們的總目標市場，目前全球該市場已超過 100 億美元，而 2021 年僅為 30 億美元。在創造股東價值的同時，我將把電話轉給我們的執行副總裁兼財務長史蒂夫·特羅布里奇 (Steve Trowbridge)，以更詳細地回顧本季。

Thanks Jim. Good morning. Everybody.

謝謝吉姆。早安.大家好。

Before I begin, I'd like to direct everyone to the presentation our investor relations website, summarizing the key items from our quarterly results as Jim mentioned, unless otherwise noted, all metrics and growth rates mentioned during today's call are on a pro forma basis which exclude the results of the dialysis and Biocentric businesses that we divested in June 2023 the pick and Midline products that we divested in February 2024 and the radio frequency and Syntrex support catheter products that we discontinued in February 2024.

在我開始之前，我想引導大家瀏覽我們投資者關係網站上的演示文稿，總結我們季度業績的關鍵項目，正如吉姆提到的，除非另有說明，今天電話會議中提到的所有指標和增長率都是備考基礎，其中不包括透析和生物中心業務的結果我們在 2023 年 6 月剝離的 pick 和 Midline 產品以及我們在 2024 年停產的導管

Our revenue for the second quarter of FY 2025 increased 9.2% year-over-year to $73 million driven by growth in both our MedTech and US Med device platforms. Med tech revenue was $31.6 million a 25% year-over-year increase. While med device revenue was $41.5 million flat compared to the second quarter of FY 2024. But as Jim mentioned, our US med device business was up 1.6% over the prior year.

我們的 2025 財年第二季營收年增 9.2% 至 7,300 萬美元，這得益於我們的 MedTech 和 US Med 設備平台的成長。醫療技術收入為 3,160 萬美元，年增 25%。而醫療設備收入與 2024 財年第二季相比持平，為 4,150 萬美元。但正如吉姆所提到的，我們的美國醫療器材業務比前一年成長了 1.6%。

The second fiscal quarter. Our MedTech platforms comprised 43.2% of our total revenue compared to 37.7% of total revenue a year ago. Illustrating sustained execution our strategy of increasing the percentage of our overall revenue base coming from our MedTech segment.

第二財政季度。我們的醫療科技平台占我們總營收的 43.2%，去年同期為 37.7%。這說明我們持續執行增加來自醫療技術部門的總收入百分比的策略。

Our Arion platform contributed $13.7 million in revenue during the second quarter, growing 21.8% compared to last year, Arion has now delivered double digit year-over-year growth in each of the 14 consecutive quarters. Following the anniversary of its launch, mechanical thrombectomy revenue, which includes Alphavac and Angiovac sales increased 46.2% over the second quarter of fy 2024 Alphavac revenue for the second quarter was $2.5 million. An increase of 33.3% year-over-year and 14% sequential increase over the first quarter of 2025 resulting from the continued adoption of Alphavac for P/E.

我們的 Arion 平台在第二季度貢獻了 1,370 萬美元的收入，比去年增長了 21.8%，Arion 已連續 14 個季度實現同比增長。在推出一周年之際，包括 Alphavac 和 Angiovac 在內的機械血栓切除術收入比 2024 財年第二季度增長了 46.2%，其中 Alphavac 第二季度的收入為 250 萬美元。由於繼續採用 Alphavac 進行本益比計算，與 2025 年第一季相比，年增 33.3%，季增 14%。

We're pleased to see the strong performance of Angiovac during the quarter which generated $8.1 million of revenue. An increase of 50.7% year-over-year. As Jim mentioned, the combined strength of Angiovac and Alphavac illustrate the strength of our Comprehensive Mechanical Thrombectomy portfolio.

我們很高興看到 Angiovac 本季表現強勁，創造了 810 萬美元的收入。年增50.7%。正如 Jim 所提到的，Angiovac 和 Alphavac 的綜合實力體現了我們綜合機械血栓切除術產品組合的實力。

We're definitely seeing synergies between the two product offerings. We remain very encouraged by the universally positive feedback we're receiving regarding Alphavac as well as the increased adoption of Angiovac.

我們確實看到了兩種產品之間的協同作用。我們對於收到的有關 Alphavac 的普遍正面回饋以及 Angiovac 的採用率不斷提高感到非常鼓舞。

The mechanical thrombectomy market continues to be one of the most exciting fastest growing MedTech markets. And although the market is currently led by two large scale competitors, AngioDynamics continues to demonstrate our ability to take share, positioning us as a strong. Number three, we are excited about our current growth trajectory and our future prospects in this market led by our innovative portfolio total nanoe revenue was $6 million. An increase of 4.9% over the prior year quarter, Nanoknife's disposable revenue during the quarter increased 23.1%.

機械血栓切除市場繼續成為最令人興奮、成長最快的醫療技術市場之一。儘管目前市場由兩家大型競爭對手主導，但 AngioDynamics 繼續展示我們佔領市場份額的能力，使我們成為強大的企業。第三，我們對目前的成長軌跡和在這個市場的未來前景感到非常興奮，這得益於我們創新的產品組合，奈米電子總收入達到了 600 萬美元。與去年同期相比，Nanoknife 的一次性收入成長了 4.9%，本季成長了 23.1%。

As we've discussed throughout the year, we expect capital sales during the year to be approximately half of what they were in 2024. And in line with those expectations, capital sales declined 39.7% during the quarter, we were very pleased with the trajectory of prostate cases in the quarter and are on track for our projections for Nanoknife for the full year.

正如我們全年所討論的那樣，我們預計今年的資本銷售額將約為 2024 年的一半。與這些預期一致，本季資本銷售額下降了 39.7%，我們對本季前列腺病例的發展趨勢非常滿意，並且與我們對 Nanoknife 全年的預測一致。

While we expect to see increasing contribution from Nanoknife following the positive reimbursement decision received in October and the prostate indication received in December. These milestones were built into our expectations for fiscal year 2025 and are already reflected in our guidance for the year.

我們預計，在 10 月獲得積極的報銷決定以及 12 月獲得前列腺指徵後，奈米刀的貢獻將會增加。這些里程碑已包含在我們對 2025 財年的預期中，並已反映在我們對該年度的指導中。

Moving down the income statement, our gross margin for the second quarter of FY 2025 was 54.7%. A decrease of 10 basis points compared to the year ago period. But ahead of our expectations for the quarter for the second fiscal quarter, med tech gross margin was 63.7%. An increase of 120 basis points primarily driven by mix associated with increased Angiovac revenue.

沿著損益表向下移動，我們 2025 財年第二季的毛利率為 54.7%。與去年同期相比下降了10個基點。但第二財季醫療技術毛利率達到 63.7%，超出了我們的預期。增加 120 個基點，主要由於 Angiovac 收入增加所帶來的組合推動。

Med device gross margin was 47.8%. A decrease of 240 basis points primarily driven by inflationary pressures and costs associated with the transition to outsource manufacturing. Turning to R&D our research and development expense. During the second quarter of FY 2025 was 6.4 million or 8.8% of sales compared to $8.3 million or 12.5% of sales a year ago.

醫療設備毛利率為47.8%。下降 240 個基點，主要由於通膨壓力和外包製造轉型相關的成本。轉向研發，我們的研發費用。2025 財年第二季的銷售額為 640 萬美元，佔 8.8%，而去年同期的銷售額為 830 萬美元，佔 12.5%。

The year-over-year decrease is primarily related to timing including the completion of our Preserve and apex Clinical studies. We remain committed to investing in R&D initiatives to support the long term growth of our MedTech segment SG&A expense for the second quarter of FY 2025 was $36 million, representing 49.3% of sales compared to $33.2 million or 49.7% of sales a year ago.

年比下降主要與時間有關，包括我們完成保留和頂點臨床研究。我們仍致力於投資研發計劃，以支持我們醫療科技部門的長期成長。

Our adjusted net loss for the second quarter of FY 2025 was $1.7 million or an adjusted loss per share of $0.04 compared to an adjusted net loss of $3.4 million or an adjusted loss per share of $0.08 in the second quarter of last year.

我們 2025 財年第二季的調整後淨虧損為 170 萬美元，或調整後每股虧損為 0.04 美元，而去年第二季的調整後淨虧損為 340 萬美元，或調整後每股虧損為 0.08 美元。

The year-over-year improvement is largely attributable to higher revenue and improving operating leverage during the second quarter of this year.

年比成長主要歸功於今年第二季營收增加和營運槓桿提高。

Adjusted EBITA in the second quarter of FY 2025 was a gain of $3.1 million compared to a loss of 10,000 in the second quarter of 2024. Turning to an update on our balance sheet on November 30, 2024 we had $54.1 million in cash and cash equivalents inclusive of the cash utilized in our stock repurchase program compared to $55 million in cash and cash equivalents at August 31, 2024.

2025 財年第二季的調整後 EBITA 獲利 310 萬美元，而 2024 年第二季則虧損 1 萬美元。回顧我們 2024 年 11 月 30 日的資產負債表更新，我們的現金和現金等價物為 5,410 萬美元，其中包括股票回購計畫中使用的現金，而 2024 年 8 月 31 日的現金和現金等價物為 5,500 萬美元。

As a reminder, we currently have zero debt in the second quarter of fiscal '25. We generated $2.5 million in operating cash had capital expenditures of $0.8 million in additions to Arion placement and evaluation units of $1.2 million for the balance of the year. We expect to utilize approximately $10 million of cash in the third quarter before returning to cash generation in the fourth quarter. As we stated in July, we're targeting to end the year with approximately $60 million of cash on the balance sheet, cash utilization in the third quarter will be driven by scheduled payments associated with the settlement of our patent litigation with BD Bard that we executed last year and working capital usage connected with our transition manufacturing arrangement with spectrum vascular. The company, we sold our pick and midline business to in February of last year while we've been managing working capital associated with this transition manufacturing arrangement.

提醒一下，我們目前在 25 財年第二季沒有任何債務。我們產生了 250 萬美元的營運現金，資本支出為 80 萬美元，此外，今年餘下的 Arion 安置和評估單位支出為 120 萬美元。我們預計第三季將使用約 1000 萬美元現金，然後在第四季度恢復現金創造。正如我們在 7 月所說的那樣，我們的目標是到年底資產負債表上擁有約 6,000 萬美元的現金，第三季度的現金使用將來自我們去年與 BD Bard 達成的專利訴訟和解相關的預定付款，以及與我們與 Spectrum vascular 達成的過渡製造安排相關的營運資金使用。去年 2 月，我們將我們的挑選和中線業務出售給了該公司，同時我們一直在管理與此過渡製造安排相關的營運資金。

Since the divestiture, we do expect working capital requirements to increase during the back half of our fiscal year as we progress towards full manufacturing transfer during our calendar 2025 to leverage the strength of our balance sheet. We're evaluating the addition of a working capital revolving credit facility while we're very comfortable with the current amount of cash on the balance sheet. We view the addition of a revolver as a matter of prudent financial housekeeping. One that further bolsters our balance sheet and provides for increased flexibility and optionality at a relatively low cost of capital and zero dilution.

自資產剝離以來，我們確實預計，隨著我們在 2025 年實現全面製造業轉移以充分利用我們資產負債表的實力，我們財政年度下半年的營運資本需求將會增加。我們正在評估增加營運資金循環信貸額度，同時我們對資產負債表上的當前現金金額非常滿意。我們認為增加循環信貸是審慎的財務管理事項。這進一步增強了我們的資產負債表，並以相對較低的資本成本和零稀釋提供了更大的靈活性和可選性。

We are extremely proud of our cash position and balance sheet management and we'll continue to appropriately manage working capital as we turn to proving that our business model generates cash for the full year in the next couple of quarters through the continued execution of our growth strategy and operational efficiency initiatives and our demonstrated progress towards profitability. We remain on track with our stated goal of being cash flow positive for the full year of fiscal 2026.

我們對我們的現金狀況和資產負債表管理感到非常自豪，我們將繼續適當地管理營運資本，透過繼續執行我們的成長策略和營運效率舉措以及我們在盈利方面所取得的進展，我們將證明我們的業務模式能夠在未來幾個季度為全年創造現金。我們仍在按計畫實現 2026 財年全年實現現金流為正的目標。

As announced in July of calendar 2024 the company approved a stock repurchase program authorizing purchases of up to $15 million of our outstanding common shares.

正如 2024 年 7 月宣布的那樣，該公司批准了一項股票回購計劃，授權購買最多 1500 萬美元的已發行普通股。

Through the end of the fiscal second quarter, we purchased approximately $1.7 million worth of stock at an average share price of $6.82. We will continue to be opportunistic about our decision to make further repurchases on a number of factors including market conditions as well as the need to balance investment in our growth strategy. As we seek to leverage the strength of our balance sheet to create value for our shareholders.

截至第二財季末，我們以平均 6.82 美元的股價購買了價值約 170 萬美元的股票。我們將繼續根據多種因素，包括市場條件以及平衡成長策略投資的需要，擇機做出進一步回購的決定。我們力求利用資產負債表的優勢為股東創造價值。

And turning now to guidance for fiscal year 2025 we continue to expect revenue will be in the range of $282 million to $288 million representing growth of between 4.2% and 6.4% over fiscal year 2024 within each of our businesses. We now expect med tech net sales to grow in the range of 12% to 15% ahead of our previous guidance of 10% to 12%. And we now expect med device net sales to be about flat down from the previous guidance of 1% to 3% from a quarterly cadence perspective. We expect the balance of the year to follow a typical seasonality pattern with total revenue in the third quarter being slightly down sequentially from the second quarter. With the fourth quarter being the strongest of the fiscal year for fiscal 2025. We continue to expect gross margin to be in the range of 52% to 53%.

現在談到 2025 財年的指引，我們繼續預期營收將在 2.82 億美元至 2.88 億美元之間，比 2024 財年成長 4.2% 至 6.4%。我們現在預計醫療技術淨銷售額將成長 12% 至 15%，高於我們先前預測的 10% 至 12%。從季度節奏的角度來看，我們現在預計醫療設備淨銷售額將與先前預期的 1% 至 3% 持平。我們預計今年的餘額將遵循典型的季節性模式，第三季的總收入將比第二季略有下降。第四季是 2025 財年中最強勁的季度。我們繼續預計毛利率在52%至53%之間。

We now expect adjusted EBITA in the range of a gain of $1 million to $3 million up from the previous guidance of a loss of $2.5 million to zero. And finally, we now expect an adjusted loss per share in the range of $0.34 to $0.38. An improvement from our previous guidance of a loss per share of $0.38 to $0.42. With that I'll turn it back to Jim.

我們現在預計調整後的 EBITA 將在獲利 100 萬美元至 300 萬美元之間，高於先前預期的虧損 250 萬美元至零美元。最後，我們現在預計調整後每股虧損在 0.34 美元至 0.38 美元之間。較我們先前每股虧損 0.38 美元至 0.42 美元的預期有所改善。說完這些，我就把話題轉回給吉姆。

Thanks Steve, looking to the balance of the year. We will remain focused on a number of key strategic areas of our business aimed at driving growth starting with Arion in the US. We will leverage the momentum built during the first half of the year to continue to drive increased penetration with a particular focus on the hospital setting.

謝謝史蒂夫，期待今年的平衡。我們將繼續專注於業務的幾個關鍵策略領域，旨在從美國的 Arion 開始推動成長。我們將利用上半年建立的勢頭，繼續推動滲透率的提高，特別關注醫院環境。

Having received the CE mark in late Q1, we have now shifted to a full market release in Europe which we expect to make a positive impact on revenues. During the back half of the year, we will continue to develop, supporting clinical data and launching new product line extensions. As we move forward with Alphavac, we continue to push ahead commercially as we focus on driving increased adoption for the treatment of P/E to support that, we will continue to invest in high quality clinical data highlighting the differentiation of our products to help support long term adoption.

在第一季末獲得 CE 標誌後，我們目前已轉向在歐洲全面上市，我們預計這將對收入產生積極影響。下半年，我們將繼續開發、支援臨床數據並推出新的產品線擴展。隨著 Alphavac 的不斷推進，我們將繼續在商業化方面取得進展，專注於推動 P/E 治療的普及，為支持這一點，我們將繼續投資於高品質的臨床數據，突出我們產品的差異化，以幫助支持長期採用。

In addition, we continue to expect to launch new product enhancements over the course of the year to refine and approve usability and lastly with Nanoknife with prostate indication in hand, as well as the clarity around the reimbursement pathway in the US.

此外，我們將繼續期望在今年推出新的產品增強功能，以改進和批准可用性，最後推出適用於前列腺指徵的奈米刀，以及美國報銷途徑的清晰度。

We expect to leverage our well established commercial infrastructure and high quality clinical data to drive increased long term adoption in the US for prostate.

我們希望利用我們完善的商業基礎設施和高品質的臨床數據來推動美國對前列腺的長期採用。

To that end, I would like to remind everyone that we will be hosting a virtual Nanoknife specific event at 9:30 AM Eastern time to provide an in depth overview on our market opportunity, the nanoe technology and our go to market strategy.

為此，我想提醒大家，我們將在東部時間上午 9:30 舉辦一場虛擬奈米刀專案活動，深入介紹我們的市場機會、奈米電子技術和我們的市場策略。

We continue to be very excited about the future at AngioDynamics with the tremendous work done across our organization to transform our portfolio to focus on large high growth markets and overhaul our financial profile supported by the strength of our balance sheet. We are on the precipice of being able to deliver sustainable profitable growth for years to come with that operator. I will now open the line for questions.

我們繼續對 AngioDynamics 的未來感到非常興奮，我們整個組織做了大量工作，將我們的投資組合轉變為專注於大型高成長市場，並在強勁的資產負債表的支持下徹底改變我們的財務狀況。憑藉該營運商，我們即將在未來幾年實現可持續的獲利成長。我現在開始回答大家的提問。

(Operator instructions)

（操作員指令）

Our first question today comes from the line of Jon Young, Canaccord Genuity.

我們今天的第一個問題來自 Canaccord Genuity 的 Jon Young。

Hey, Jim and Steve. Thanks for taking the questions this morning and congrats on a great quarter. I think I'll hold my prostate questions until the event later. So maybe I could just start on the thrombectomy progress that you guys made. It's really encouraging to see it, first what drove that sort of acceleration and NGOV and how sustainable do you think the acceleration could be? And then two, for Alphavac really just a matter of effective commercial execution here to be successful. What are the plans of what's working, what's not? And how do you think about that Zach pipeline that you guys mentioned on the call?

嘿，吉姆和史蒂夫。感謝您今天上午回答問題，並祝賀您度過了一個美好的季度。我想我會把我的前列腺問題留到稍後的活動上。所以也許我可以開始介紹你們在血栓切除手術方面的進展。看到這一點確實令人鼓舞，首先，是什麼推動了這種加速和 NGOV，您認為這種加速能夠持續多久？其次，對於 Alphavac 來說，成功實際上只取決於有效的商業執行。計劃中哪些可行，哪些不可行？您如何看待您們在電話中提到的 Zach 管道？

And maybe just sneak in a third question here too just in light of the M&A. In the fact that we saw this week, what changes in your commercial plans because of that. And then also, how do you think about monetizing and value creation here in terms of getting the best return of technology in your hands versus someone else's hands? Thanks.

也許只是考慮到併購，這裡還要偷偷提出第三個問題。事實上，我們本週看到，您的商業計劃因此發生了哪些變化。另外，您如何看待這裡的貨幣化和價值創造，即從自己手中而不是別人手中獲得最佳技術回報？謝謝。

Hi Jon. Thanks for the question. A few things we learned, it's going really well. Now with our selling and marketing team and our clinical support teams are fully trained on both Angiovac and Alphavac, we really found from the customer pointing synergies back to us. So our teams are sometimes I'll give you an example making a sales presentation the P/E device with alpha fact, why we think it's so safe and effective to use. And along the way, we get a lot of agreement and then the doctors are saying, wait a minute, you guys also have the Angiovac device. I've seen it before. I'm not sure about it, walk me through it. So we're getting a lot of synergistic selling opportunities that didn't occur before either one's opening the door for the other, which is terrific.

嗨，喬恩。謝謝你的提問。我們學到了一些事情，一切都很順利。現在，我們的銷售和行銷團隊以及臨床支援團隊都接受了 Angiovac 和 Alphavac 的全面培訓，我們確實從客戶那裡發現了協同效應。因此，我們的團隊有時會舉一個例子來向您進行銷售演示，其中介紹了 P/E 設備以及 alpha 事實，說明為什麼我們認為它如此安全有效。在這個過程中，我們獲得了很多同意，然後醫生們說，等一下，你們還有 Angiovac 設備。我以前見過。我不太確定，請告訴我。因此，我們獲得了很多協同銷售機會，這些機會在任何一方為另一方打開大門之前都是不會出現的，這真是太棒了。

So as we go forward, our selling and marketing teams are really selling mechanical from back to the products. And that's really what the pipeline that we have built up around both products which are both unique, both very different and solve different needs in the market. So we're going to continue to do that. Jon, we've learned a lot and we're adding new selling and marketing resources as we go. And we're getting more people who join our company that come already from the space that are skilled, knowledgeable and have relationships. They want to join our team, represent our product. So that's been helpful, Jon, we think that'll keep the momentum going in both IV and Alpha back Steve.

因此，隨著我們不斷前進，我們的銷售和行銷團隊實際上正在銷售從機械到產品的產品。這就是我們圍繞這兩種產品建立的管道，它們都是獨一無二的，都非常不同，並且能夠滿足市場上的不同需求。因此我們將繼續這樣做。喬恩，我們學到了很多東西，並且不斷增加新的銷售和行銷資源。我們正在吸引更多來自該領域的技術熟練、知識淵博且有人際關係的人才加入我們的公司。他們想加入我們的團隊，代表我們的產品。所以這很有幫助，喬恩，我們認為這將保持 IV 和 Alpha 的勢頭，史蒂夫。

Yeah, I think that's exactly right just to build a little bit on what Jim said. We are learning that there is a very identifiable benefit to the comprehensive portfolio offering that we have with both Angiovac and Alphavac. I think it's something that we're finding some that we're pleasantly surprised about how well they're working together as we go to market. Now, we talked a little bit last year about some of the changes in Angiovac and some of the new training with our sales force. As Jim said, I think the training of the full sales force has allowed us to really leverage this comprehensive portfolio. And so when you look at our results, the overall mechanical from back to be combined with Angiovac and Alphavac is something that has us really excited. We're pleased with alphabet. We're pleased with the progress that we're seeing the feedback we're getting is universally positive from physicians who have had their chance to get their hands on the device. We think our device in alpha that can do things that no other device on the market can do as a reminder, we're still in our first generation.

是的，我認為這完全正確，只是稍微鞏固了吉姆所說的內容。我們了解到，Angiovac 和 Alphavac 的綜合產品組合具有非常明顯的優勢。我認為這是我們在進入市場時發現的一些讓我們感到驚訝的事情，他們的合作非常融洽。去年我們談論了 Angiovac 的一些變化以及針對我們銷售人員的一些新培訓。正如吉姆所說，我認為全體銷售人員的培訓使我們能夠真正利用這個綜合產品組合。因此，當您查看我們的結果時，與 Angiovac 和 Alphavac 結合的整體機械性能確實令我們感到非常興奮。我們對字母表很滿意。我們對所取得的進展感到滿意，因為我們收到的回饋普遍來自那些有機會接觸該設備的醫生的正面回饋。我們認為，我們的設備還處於 alpha 階段，可以做到市場上其他設備無法做到的事情，提醒一下，我們仍處於第一代。

So we've got some line extensions that Jim talked about coming out this year. We'll continue to innovate on that, but we're going to continue to really leverage the combined portfolio that we have because we're seeing that that gives us a little bit of a different story than some other folks in the market with your question the on the back pipeline. Absolutely getting the data published, we think is going to be important. You know that this is a little bit of a crowded space. There's been kind of some top heavy market leaders and there's a lot of folks who are in trials as we speak, we've already gone through that. We've committed, we performed in our trial, we completed it, you saw the results particularly when it comes to removal of clot burden and how we believe that all of that is significantly better than the other products that are on the market. We think continuing to leverage that is going to drive some expansion through the back process while we go back to what we were saying before and really leverage that combined portfolio.

因此，我們有一些 Jim 談到的產品線延伸將在今年推出。我們將繼續在此方面進行創新，但我們將繼續真正利用我們擁有的綜合投資組合，因為我們看到，這給我們帶來了與市場上其他一些人略有不同的故事，就像您提到的關於後台管道的問題一樣。我們認為，發布數據絕對非常重要。你知道這是一個有點擁擠的空間。現在已經有了一些頂級的市場領導者，還有很多人正在接受考驗，我們已經經歷了這一切。我們已經承諾，我們已經進行了試驗，我們完成了它，您看到了結果，特別是在消除血栓負擔方面，我們相信所有這些都比市場上的其他產品明顯更好。我們認為，繼續利用這一優勢將透過後台流程推動一定程度的擴張，同時我們回到先前所說的內容，並真正利用組合投資組合。

That's not lost on us. The news that you were talking about and some of the M&A activity, your question in terms of what changes in our commercial plans? Look, we're always going to assess that and on what it means for us, I think the what we're going to continue to do is leverage the combined portfolio. As Jim mentioned, continue to invest in our sales and marketing teams and invest in the resources that we give those teams. And we think that we are very well positioned to continue to show that we are a strong player in this exciting market and we're going to continue to take share and drive growth.

我們對此並不陌生。您談到的新聞和一些併購活動，您的問題是我們的商業計劃有哪些變化？你看，我們會一直評估這一點，以及這對我們意味著什麼，我認為我們將繼續做的是利用合併後的投資組合。正如吉姆所提到的，繼續投資我們的銷售和行銷團隊，並投資我們為這些團隊提供的資源。我們認為，我們完全有能力繼續證明自己是這個令人興奮的市場的強大參與者，而且我們將繼續佔據市場份額並推動成長。

Great, thanks and then maybe just a follow up on Orean just, quarter over quarter, seeing a little bit of slowing here. I know you guys are really focused on the hospital health, patient opportunity, when it comes to OBLS, do you think that opportunity essentially has breached ceiling and then on the OUS opportunity for the second half this year, can you talk about the reimbursement dynamics in Europe and maybe impacts a ST that we expected. Thanks again for taking our questions.

太好了，謝謝，然後也許只是對 Orean 的後續情況進行跟踪，每個季度都看到這裡有一點放緩。我知道你們非常關注醫院健康和病患機會，當談到 OBLS 時，你是否認為機會實際上已經突破了上限，然後關於今年下半年的 OUS 機會，你能談談歐洲的報銷動態以及可能對我們預期的 ST 產生的影響嗎？再次感謝您回答我們的問題。

Yeah, thanks John. I think the RM team is off to a great start the first six months of this year. According to the quarter dynamics, we don't measure that closely. There's always a couple of little things, but they're off to a great start. There's great momentum there and it's really built upon the actual product itself is a really amazing product. It's been proven already how safe and effective it is. Then our shift, our team really did a great job. About 18 months ago, we talked about it publicly with that shift in our focus going from the OBL initial focus over to the hospitals. It's going really well. I think we're now a little over 35% of our revenues is coming from the hospital. Customer shows how well we receive now and again, when we win share that we're winning it from really good companies that are entrenched in those spaces that have the abilities to bundle other products that we don't have.

是的，謝謝約翰。我認為 RM 團隊今年上半年的開局很好。根據季度動態，我們並沒有進行那麼密切的衡量。總是會有一些小事情發生，但他們已經有了很好的開始。那裡有著巨大的發展勢頭，而且它真正建立在實際產品之上，本身就是一款令人驚嘆的產品。它的安全性和有效性已經被證實。然後我們的輪班，我們的團隊確實做得很好。大約 18 個月前，我們公開談論了這個問題，我們的重點從最初的 OBL 轉移到了醫院。一切進展順利。我認為我們現在超過35%的收入來自醫院。客戶一次又一次地向我們展示了我們獲得的良好業績，當我們贏得市場份額時，我們從那些根深蒂固的優秀公司那裡贏得了份額，這些公司有能力捆綁我們沒有的其他產品。

So we're winning the share based upon the ability of our product to outperform the other products. So we're bullish that will continue to do so, Jon and grow in that space and we're not abandoning the OBL those are still good customers. We're getting new opportunities all the time there. But for us, we talked about it publicly, we stand by the shift of the hospital customer is really important for us and we'll continue there. Back to your point on the European reimbursement, that's probably very complicated. I don't know if I have all the knowledge here, Jon, to give you that country by country that people who lead our business are very well knowledgeable in the space they planned for this. They've been fully trained, our distributor partners are fully trained, ready to go and establish ourselves in the European market based on opportunity. First, as you know, the company our size can approach all markets. We have a targeted approach platform ready to go and we're doing that as we speak. So if you have time, we can give you more details on that.

因此，我們贏得市場份額是基於我們的產品優於其他產品的能力。因此，我們樂觀地認為，Jon 將繼續這樣做，並在這一領域發展，我們不會放棄 OBL，他們仍然是好客戶。我們在那裡一直都有新的機會。但對我們來說，我們已經公開談論過這個問題，我們堅持認為醫院客戶的轉變對我們來說確實很重要，我們會繼續這樣做。回到你關於歐洲報銷的問題，這可能非常複雜。喬恩，我不知道我是否具備所有的知識，可以向您逐一介紹各個國家的情況，領導我們業務的人對他們為此規劃的領域非常了解。他們已經接受過充分的培訓，我們的經銷商合作夥伴也經過了充分的培訓，隨時準備好抓住機會在歐洲市場站穩腳跟。首先，如您所知，我們規模的公司可以進入所有市場。我們已經準備好了一個有針對性的方法平台，我們正在這樣做。因此，如果您有時間，我們可以向您提供更多詳細資訊。

Specifically to your question reimbursement here in the US and the dynamics in the OBL versus the ASC or in hospital. As you know, there's been some reimbursement pressures in this business over the last few years. As we said, from the beginning, it's something we expected. It's something we expected when we did the due diligence and looking to buy this product. So if we took it from zero revenue, when we bought it to a run rate that exceeds over $50 million, now, we're pretty pleased with the process and we said that we didn't think any of those changes would be derailing and, and they haven't been in terms of what you've seen recently over the last quarter, not surprising to us and fits right within our strategy and scam.

具體來說，關於您提到的美國的報銷問題，以及 OBL 與 ASC 或醫院之間的動態。如您所知，過去幾年該業務存在一些報銷壓力。正如我們一開始所說的，這是我們所預料到的。這是我們做盡職調查並希望購買該產品時所預料到的。因此，如果我們將其從零收入（當時我們購買了它）提升到超過 5,000 萬美元的運行率，那麼現在，我們對這個過程非常滿意，並且我們說，我們認為任何變化都不會導致脫軌，而且就您最近一個季度看到的情況而言，這些變化對我們來說並不意外，並且完全符合我們的戰略和策略。

Our next questions are from the line of Steve Lichtman, Oppenheimer.

我們的下一個問題來自奧本海默公司的史蒂夫·利希特曼 (Steve Lichtman)。

Thank you. Good morning guys and congrats on the continued progress. I wanted to start on a mechanical thrombectomy. Great to see the cross selling opportunities beginning here as you look at the portfolio across the two new products. What is your outlook for growth here in the back half of the year? Obviously, Andrew back came in well ahead of expectations the second quarter. So trying to get a sense of how you're thinking about the combined as we look out here over the next couple quarters.

謝謝。大家早安，祝賀你們不斷進步。我想開始進行機械血栓切除手術。當您查看這兩種新產品的組合時，很高興看到交叉銷售機會從這裡開始。您對今年下半年的成長前景有何展望？顯然，安德魯第二季度的回歸遠遠超出了預期。因此，我們試著了解一下，展望未來幾個季度，您對合併有何看法。

Yes. So we haven't given specific guidance on what we expect. We did say that we expect mechanical thrombectomy as a portfolio to be a meaningful contributor to our growth for this year. And we feel we're clearly on track to show that we're very pleased with the performance that we saw in the first half. We expect to continue to see sequential growth as well as you know, significant growth year-over-year as we proceed through the full year. As we continue to assess and have learnings around the portfolio opportunity that we have, we'll refine those expectations a little bit, but your expectation should be, you continue to see double digit growth in the back half.

是的。因此，我們還沒有對我們的預期給予具體的指導。我們確實說過，我們預計機械血栓切除術作為一個產品組合將對我們今年的成長做出有意義的貢獻。我們感覺我們已經步入正軌，我們對上半年的表現感到非常滿意。我們預計，隨著全年的推進，我們將繼續看到連續成長以及同比顯著成長。隨著我們繼續評估和學習我們所擁有的投資組合機會，我們會稍微調整這些預期，但你的預期應該是，你將繼續看到下半年實現兩位數的成長。

Okay, great. You already spoke to some of your term potential drivers for Orion longer term. I know you had been looking at potential indication expansion to Iliofemoral DVT and and Coronary. Can you update us on where you are relative to those?

好的，太好了。您已經與 Orion 的一些長期潛在驅動因素進行了交談。我知道您一直在研究髂股深部靜脈血栓 (DVT) 和冠狀動脈的潛在適應症擴展。您能否告訴我們您目前的狀況？

Yes. So a couple of things going on, we believe that this unique product could actually perform really well in the two areas that you just mentioned. We believe it could be ad VT product the way it works, that'll take a little more work from us, not just on the R&D work, but the regulatory clearances that are in front of us. So we've not talked about a pathway there yet to open up a program there. We've also talked about, we believe it could be really effective in the coronary space. We understand the path way process there. It's complicated.

是的。因此，根據幾件事，我們相信這款獨特的產品實際上可以在您剛才提到的兩個領域中表現得非常出色。我們相信，按照其工作方式，它可能是廣告 VT 產品，這需要我們做更多的工作，不僅僅是研發工作，還包括擺在我們面前的監管許可。因此，我們還沒有談論在那裡開設計畫的途徑。我們也討論過，我們相信它在冠狀動脈領域確實有效。我們了解那裡的路徑過程。情況很複雜。

So we're looking at it internally. Does that make sense for us? It's a really great market opportunity. We think our product will perform really well in that space. So really, we got to decide if that's the right place to put our energy and our resources. We also think too there was a study that came out last year that showed that we can crack me need calcification, like some of the IVL product can do and we're really effective at cracking that calcification. From what study show that interests us as well as we know, there are a lot of people interested in that space. So what we've got Steve is a product that's really performing well, taking share in the PAD market where we're focused on today. But there's at least the three runways for us to pursue over time.

因此我們正在內部研究這個問題。這對我們來說有意義嗎？這確實是一個絕佳的市場機會。我們認為我們的產品在該領域將會表現得非常出色。因此，我們實際上必須決定這是否是投入我們精力和資源的正確地方。我們還認為，去年有一項研究表明，我們可以破解我需要的鈣化，就像一些 IVL 產品可以做到的那樣，我們可以非常有效地破解這種鈣化。從我們感興趣的研究表明，我們知道有很多人對該領域感興趣。所以，史蒂夫，我們的產品確實表現良好，並在我們目前關注的 PAD 市場中佔據了一定份額。但隨著時間的推移，我們至少還有三條跑道可以追求。

A company our size only has so many resources. We want to make sure we apply them to the right area for us to give our shareholders the growth opportunity they deserve. And we'll give you more detail on that when we have those decisions made.

我們這種規模的公司只有這麼多資源。我們希望確保將它們應用到正確的領域，以便為我們的股東提供他們應得的成長機會。當我們做出決定後，我們會向您提供更多詳細資訊。

Thanks Jim. And then just, I guess lastly, Steve on gross margin the first half coming in north of 54%. Obviously, you came in ahead of expectations in the second quarter and maintained the full year guidance. Any conservatism in that full year, are we thinking back half mix with would be the delta that would bring the full year down. How should we think about that?

謝謝吉姆。最後，我想，史蒂夫上半年的毛利率超過了 54%。顯然，你們第二季的業績超出了預期，並維持了全年預期。在全年中，我們是否會採取任何保守主義，考慮後半部分混合將會導致全年下降。我們該如何思考這個問題？

Yeah. So the main driver for the performance that we saw is the mix that you mentioned. And so the continued growth in tech and the uptick in the in the tech guidance will be a tailwind to gross margin the back half. The other thing that's happening though is the dynamic we talked about is we're working through our manufacturing transfer as we get products out of Queensbury and get them to Costa Rica. It kind of accelerates us double paying overhead and having some additional una unabsorbed overhead in the in the structure until we're able to take those costs out as part of the manufacturing transfer. So as we mentioned, we're right on track of that manufacturing transfer. We're going to get the benefit of our program for the full year 27 but it does have a structural impact where it may create some under absorption here in the back half. So you're going to see those two dynamics happening benefit coming from the mix shift, which is really our overall gross margin, long term strategy for AngioDynamics. If you remember when we first started reporting in our two segments, MedTech was less than 17% of our overall revenue base. As Jim mentioned, it's 43% of our revenue base this quarter. So you're seeing that myth shift and then as we can get through the manufacturing transfer, take out some of those overhead costs right size, that overall structure, you're not going to see the full benefit of that drop to gross margin as well as the bottom line.

是的。因此，我們看到的表現的主要驅動因素就是您提到的組合。因此，技術的持續成長和技術指引的上升將成為下半年毛利率的順風。然而，正在發生的另一件事是我們談到的動態，我們正在努力進行製造業轉移，將產品從昆斯伯里運送到哥斯達黎加。這在某種程度上加速了我們雙倍支付間接費用，並且在結構中產生一些額外的未吸收間接費用，直到我們能夠將這些成本作為製造轉移的一部分取出。正如我們所提到的，我們正處於製造業轉移的軌道上。我們的計劃將在 27 年全年帶來收益，但它確實會產生結構性影響，可能會在下半年造成一些吸收不足的情況。因此，您將會看到這兩種動態受益於組合轉變，這實際上是我們的整體毛利率，也是 AngioDynamics 的長期策略。如果您還記得我們首次開始報告兩個部門的情況，那麼醫療科技收入占我們總收入的不到 17%。正如吉姆所提到的，它占我們本季收入的 43%。因此，您會看到這種神話的轉變，然後，當我們完成製造轉移時，可以適當地削減一些間接成本，但在整體結構上，您將無法看到毛利率和底線下降的全部好處。

Got it. Thanks guys next day. Next day.

知道了。第二天再謝謝大家。第二天。

Our next questions are from the line of EnGene, HC Wainwright.

我們的下一個問題來自 EnGene 的 HC Wainwright。

All right. Thank you for taking my questions. Could you comment on the feedback from the limited market release of or in eu countries? And when do you plan to transition to a full market launch?

好的。感謝您回答我的問題。您能否評論一下歐盟國家有限市場發布的回饋？您計劃何時全面推向市場？

Hi, good question. So really good feedback, we've been able to participate, Steve and I have both been able to attend, our European team has done a really good job setting up a series of scientific symposiums on a semi annual basis. So over the last 18 to 24 months, we've really developed a good understanding of the global market. A lot of the thought leaders have attended our symposium, some have tried our device, the reporting some of the results of their studies and their findings.

你好，好問題。因此回饋非常好，我們能夠參加，史蒂夫和我都能夠參加，我們的歐洲團隊在每半年舉辦一系列科學研討會方面做得非常好。因此，在過去的 18 到 24 個月裡，我們對全球市場有了很好的了解。許多思想領袖參加了我們的研討會，有些人嘗試了我們的設備，並報告了他們的一些研究成果和發現。

So it's kind of generated a lot of organic interest overseas which have been helpful for our teams and to target where the best spot for us to put our energy is. So our team is really focused. We got through the regulatory clearances that we needed to get the ce and now we have access to that market. We have mentioned that this year we don't expect a lot this year. It'll be a small single digit contributor to our revenue. You'll see that come in the back half here and then we'll see more revenue performance into next fiscal year. But our team is well prepared. They're going to do a great job with this amazing product. But again, a company our size with limited resources, we're very selective as to where we're going to target how we get there. And we know there's a lot of demand and interest in the product.

因此，它在海外引起了很多自然的興趣，這對我們的團隊很有幫助，也讓我們找到了最適合我們投入精力的地方。所以我們的團隊非常專注。我們已獲得 CE 認證所需的監管許可，現在我們可以進入該市場了。我們已經提到過，今年我們並沒有抱持太多的期望。這將為我們的收入貢獻一個小數。您會看到這一點出現在下半年，然後我們將在下一財年看到更多的收入表現。但我們的團隊已經做好了充分的準備。他們將會憑藉這個令人驚嘆的產品做出巨大成就。但是，對於我們這樣規模且資源有限的公司，我們會非常謹慎地確定目標和實現目標的方式。我們知道，人們對該產品有很大的需求和興趣。

Got it. Thank you and could you talk about the status of the Recover AV trial in EU of alphabet for P/E? And do you expect the sales of alphabet for P/E to be limited compared to the US until the read out from the recover a V trial?

知道了。謝謝，您能談談 P/E 的 Alphabet 在歐盟進行的 Recover AV 試驗的現況嗎？您是否預計，在 V 型試驗恢復之前，與美國相比，Alphabet 的市盈率銷售額會受到限制？

So I'm starting with the last question. I don't expect the sales in the US to be limited until the readout of recover. I think Apex as we talked about the publication there and how that helps us with some of the VAC committees here in the US and just continued commercial execution around our combined portfolio in the US is what we're focusing on for Alphavac here. And the European question around recover ongoing. It's part of our continued commitment to providing data generation in this space. We think that data is very important to continue to support your own products, support the physicians who are moving from medical interventions to adopting mechanical interventions for thrombectomy. We're going to continue to invest in that area, again, as we really continue to cement ourselves as a primary player in Thrombectomy globally. So we're excited about where we're going with recover.

我先問最後一個問題。我預計，在復甦數據公佈之前，美國的銷售不會受到限制。我認為，正如我們在 Apex 上討論的出版物以及它如何幫助我們與美國的一些 VAC 委員會打交道，以及繼續圍繞我們在美國合併後的投資組合進行商業執行，這些都是我們在 Alphavac 上關注的重點。而歐洲圍繞復甦的問題仍在持續。這是我們持續致力於在該領域提供資料生成的一部分。我們認為數據對於繼續支持自己的產品、支持從醫療幹預轉向採用機械幹預進行血栓切除的醫生非常重要。我們將繼續在該領域進行投資，因為我們確實繼續鞏固我們作為全球血栓切除術主要參與者的地位。因此，我們對恢復的進展感到非常興奮。

Got it. Thank you very much.

知道了。非常感謝。

Thank you at this time. I'll turn the floor back to Mr. Clemmer for closing remarks.

這次謝謝你了。我將把發言權交還給克萊默先生，請他作最後發言。

Thank you operator. Again, I'd like to thank everybody for participating today on the call. We'll invite you to join us at 9:30 AM this morning Eastern time for our special presentation why we believe our nanoe product is a really effective opportunity for people with intermediate risk prostate cancer to be treated. I also want to thank our employees for their hard work and dedication to our customers, the patients that they serve. And I also mentioned too that we're thinking of our employees and the other folks on the west coast affected by the terrible wire fires. Today, we hope they can all be safe on this terrible tragedy. Thank you operator. Thanks for joining us today.

謝謝接線生。再次感謝大家今天參加電話會議。我們將邀請您於今天東部時間上午 9:30 參加我們的特別演講，說明為什麼我們相信我們的奈米電子產品對於中度風險前列腺癌患者來說是一個真正有效的治療機會。我還要感謝我們的員工為我們的客戶和服務的患者所做的努力和奉獻。我還提到，我們正在關心我們的員工以及西海岸受到可怕電線火災影響的其他人。今天，我們希望他們在這場可怕的悲劇中都能平安。謝謝接線生。感謝您今天加入我們。

Thank you. This will conclude today's conference. We disconnect your lines at this time.

謝謝。今天的會議到此結束。我們此時斷開您的線路。