AngioDynamics Inc (ANGO) 2025 Q3 法說會逐字稿

Good morning and welcome to the AngioDynamics fiscal year 2025 third quarter earnings call.

早安，歡迎參加 AngioDynamics 2025 財年第三季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（操作員指示）提醒一下，本次電話會議正在錄音。

The news release detailing AngioDynamics fiscal 2025 third 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.angiodynamics.com. A 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 財年第三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.angiodynamics.com 的「投資者」板塊進行網路直播。會議結束後約一小時，可在同一網站觀看本次電話會議的網路回放。

Before we begin, I'd 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 identify 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 財年的預期收入、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，這些文件確定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 discuss certain non-GAAP and pro forma 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.

該公司還將在本次電話會議中討論某些非公認會計準則和備考財務指標。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。

Investors should consider these non-GAAP and pro forma measures in addition to, not as a substitute for or as superior to financial reporting measures prepared in accordance with GAAP. A slide package offering insight into the company's financial results is also available in the Investors section of the company's website under Events & Presentations.

投資人應將這些非 GAAP 和考試指標視為依照 GAAP 編製的財務報告指標的補充，而非替代或優於這些指標。在公司網站的「活動與簡報」下的「投資者」部分中，也提供了有關公司財務表現的幻燈片包。

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.

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表現的新聞稿一起閱讀。

Now, I'd like to turn the call over to Jim Clemmer, AngioDynamics' President and Chief Executive Officer. Mr. Clemmer.

現在，我想將電話轉給 AngioDynamics 總裁兼執行長 Jim Clemmer。克萊默先生。

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

謝謝您，接線生。大家早安，感謝您參加 AngioDynamics 2025 財年第三季財報電話會議。參加今天電話會議的還有 AngioDynamics 執行副總裁兼財務長 Steve Trowbridge。

I will begin today's call by providing an overview of our recent performance. Steve will then provide a detailed analysis of our third quarter financial performance, including our increased guidance, and I will conclude with our outlook for the balance of the year before opening the line for questions.

在今天的電話會議上，我將首先概述我們最近的表現。隨後，史蒂夫將對我們第三季的財務業績進行詳細分析，包括我們增加的指導，然後我將對今年的餘額進行展望，然後再開始回答問題。

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 BioSentry businesses that we divested in June 2023, the PICC and Midline products that we divested in February 2024, and the Radiofrequency and Syntrax support catheter products that we discontinued in February 2024.

除非另有說明，今天電話會議上提到的所有財務結果和增長率均為備考基礎，不包括我們於 2023 年 6 月剝離的透析和 BioSentry 業務、我們於 2024 年 2 月剝離的 PICC 和 Midline 產品以及我們於 2024 年 2 月停產的射頻和 Syntrax 支持導管的結果。

Our third quarter was very strong, as momentum we developed during the first half of the year continued. Total worldwide revenue was $72 million, representing growth of over 9% year over year. Our Med Tech segment had yet another excellent quarter, growing 22%, led by growth across all of our platforms.

我們的第三季表現非常強勁，延續了上半年的發展動能。全球總收入為 7,200 萬美元，較去年同期成長超過 9%。我們的醫療科技部門又度過了一個出色的季度，成長了 22%，這主要得益於我們所有平台的成長。

Beyond the top line, we continued to show strong results with respect to profitability, reporting yet another quarter of improving gross margins and positive adjusted EBITDA.

除了營收之外，我們在獲利方面繼續表現出強勁的業績，報告顯示本季毛利率再次提高，調整後 EBITDA 也呈現正成長。

Our performance continues to highlight that our strategy to drive profitable growth in our high margin, large Med Tech markets is tracking ahead of plan, resulting in our decision to increase guidance for the year, for total revenue, Med Tech growth, gross margin, adjusted EBITDA and adjusted EPS, which Steve will touch upon shortly.

我們的業績繼續凸顯出，我們在高利潤、大型醫療技術市場推動盈利增長的戰略正在提前實現計劃，因此我們決定提高今年的總收入、醫療技術增長、毛利率、調整後 EBITDA 和調整後 EPS 的指導，史蒂夫很快就會談到這一點。

Now, with an update on our Med Tech business. Auryon continued its sustained delivery of solid results, growing approximately 17% over the prior year. We have consistently driven revenue growth by leveraging our superior technology to take share, including increasing penetration in the hospital market.

現在，讓我們來介紹一下我們的醫療技術業務的最新情況。Auryon 持續保持穩健的業績，較上年增長約 17%。我們利用先進的技術不斷擴大市場份額，包括提高在醫院市場的滲透率，從而持續推動收入成長。

Turning to our mechanical thrombectomy business, we are very encouraged by the performance of both AlphaVac and AngioVac, which in combination grew approximately 47% over the second quarter of last year and we believe it further validates the strength of this broad innovative portfolio. AngioVac and AlphaVac together provide AngioDynamics with an unparalleled product portfolio option and we continue to realize commercial adoption synergies between these two product lines.

談到我們的機械血栓切除術業務，AlphaVac 和 AngioVac 的業績令我們非常鼓舞，這兩款產品的合併銷售額比去年第二季度增長了約 47%，我們相信這進一步證明了這一廣泛創新產品組合的實力。AngioVac 和 AlphaVac 共同為 AngioDynamics 提供了無與倫比的產品組合選擇，我們將繼續實現這兩條產品線之間的商業採用協同效應。

Beginning with AlphaVac. We saw solid performance in the quarter with revenue increasing by over 160%. For the fourth quarter in a row, AlphaVac has seen sequential growth, highlighting its accelerating adoption for treating PE. We continue to see positive utilization trends within existing customer accounts, and just as importantly, we have made significant strides in growing the number of new customers, reviewing AlphaVac within their [hospital Value Analysis Committees].

從 AlphaVac 開始。本季我們表現穩健，營收成長超過 160%。AlphaVac 連續第四個季度實現環比成長，凸顯了其在治療 PE 方面的加速應用。我們繼續看到現有客戶帳戶的積極利用趨勢，同樣重要的是，我們在增加新客戶數量方面取得了重大進展，在他們的[醫院價值分析委員會]。

Turning to AngioVac. We maintained the strength that we exhibited in our second fiscal quarter. AngioVac contributed revenue of $6.8 million, representing 23% growth over the prior year period. AngioVac is a unique product with a compelling value proposition.

轉向 AngioVac。我們保持了第二財季所展現的強勁勢頭。AngioVac 貢獻了 680 萬美元的收入，比去年同期成長了 23%。AngioVac 是一款獨特的產品，具有引人注目的價值主張。

In addition, as we noted last quarter, AlphaVac's PE indication has proven to become a positive catalyst for AngioVac in our combined mechanical thrombectomy portfolio. We expect to see continued increasing adoption going forward, helping to drive sustained growth throughout this portfolio.

此外，正如我們上個季度所指出的，AlphaVac 的 PE 適應症已被證明成為我們聯合機械血栓切除術產品組合中 AngioVac 的積極催化劑。我們預計未來採用率將繼續提高，有助於推動整個投資組合的持續成長。

With Auryon and our mechanical thrombectomy product offerings taken together, we believe that we have one of the most innovative cardiovascular portfolios available today. We are excited to provide a deeper dive into that portfolio and our plans for the future during our virtual cardiovascular technology event following this earnings call.

我們相信，將 Auryon 和我們的機械血栓切除產品結合起來，我們擁有當今最具創新性的心血管產品組合之一。我們很高興在本次財報電話會議之後的虛擬心血管技術活動期間更深入地探討該產品組合和我們的未來計劃。

Lastly, within our Med Tech segment is NanoKnife. With all of the progress made in calendar year 2024, we are in a tremendous position to drive more widespread adoption, particularly within the urology community as NanoKnife represents a meaningful advancement in prostate cancer treatment. In the quarter, we continued to be encouraged by trends in the adoption and utilization of NanoKnife, evidenced by over 16% growth in probe revenue during the quarter.

最後，我們的醫療技術領域包括奈米刀 (NanoKnife)。隨著 2024 年的所有進展，我們處於推動更廣泛應用的巨大優勢，特別是在泌尿科領域，因為奈米刀代表了前列腺癌治療的重大進步。本季度，我們繼續受到奈米刀採用和使用趨勢的鼓舞，這從本季探針收入成長超過 16% 可以看出。

Having received an expanded indication for the NanoKnife System for prostate tissue ablation from the FDA in early December of 2024, we are able to more proactively market, educate and train for the procedure in ways that we have been previously unable to do so.

2024 年 12 月初，FDA 批准了奈米刀系統用於前列腺組織消融的擴展適應症，我們因此能夠以以前無法做到的方式，更積極地推銷、教育和培訓該手術。

A key component of our marketing and educational efforts is leveraging the high-quality data generated during our PRESERVE clinical study. PRESERVE met its primary effect on this endpoint, demonstrating the performance of the NanoKnife System for the ablation of prostate tissue in patients with intermediate risk prostate cancer. And just as importantly, the study demonstrated extremely compelling quality of life outcomes.

我們的行銷和教育工作的關鍵組成部分是利用 PRESERVE 臨床研究期間產生的高品質數據。PRESERVE 在該終點達到了其主要效果，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。同樣重要的是，該研究展示了極其令人信服的生活品質結果。

We are very encouraged by the interest we have seen for NanoKnife post-FDA clearance. It is important to highlight that the expanded indication was contemplated in our guidance for fiscal 2025 and that we don't expect to see a material inflection in a projected performance. We're in the adoption and utilization [until our] recently approved CPT 1 code goes into effect and payers adopt coverage. The new codes will be effective on January 1 of next calendar year.

看到奈米刀在獲得 FDA 批准後受到如此關注，我們感到非常鼓舞。值得強調的是，我們在 2025 財年指引中已經考慮到了擴大的適應症，並且我們預計預計的業績不會出現重大變化。我們正在採用和利用，直到我們最近批准的 CPT 1 代碼生效並且付款人採用覆蓋範圍。新法規將於明年1月1日生效。

As you are aware, reimbursement and coverage is a highly complex process encompassing many stakeholders. We will continue to work diligently with our market access team on coverage, coding, and payment initiatives, striving to ensure that reimbursement will be widely available across both commercial and private payers in advance of that effective date.

如您所知，報銷和承保是一個非常複雜的過程，涉及許多利害關係人。我們將繼續與我們的市場准入團隊在覆蓋範圍、編碼和支付計劃方面密切合作，努力確保在生效日期之前商業和私人付款人都能廣泛獲得報銷。

Now, turning to our Med Device segment. Revenue was $40.7 million, an increase of approximately 1% over last year. We were very pleased with the execution of this team, returning Med Device segment to growth.

現在，轉向我們的醫療設備部分。營收為4,070萬美元，較去年成長約1%。我們對這個團隊的表現非常滿意，使醫療設備部門恢復了成長。

Beyond our commercial execution, we completed another illustration of our sustained profitability. We reported adjusted EBITDA of $1.3 million during the third quarter compared to a loss of $3.6 million during the third quarter of fiscal 2024. In the quarter, adjusted EPS was a loss of $0.08 per share, improving from a loss of $0.16 per share in fiscal 2024.

除了商業執行之外，我們還完成了持續獲利能力的另一個例證。我們報告第三季的調整後 EBITDA 為 130 萬美元，而 2024 財年第三季的虧損為 360 萬美元。本季度，調整後每股虧損 0.08 美元，較 2024 財年的每股虧損 0.16 美元有所改善。

Before turning the call over to Steve for a financial review, I want to highlight the tremendous work being done by our clinical and regulatory teams to generate high-quality clinical data, supporting broader adoption of our technologies.

在將電話轉給史蒂夫進行財務審查之前，我想強調我們的臨床和監管團隊為產生高品質臨床數據所做的大量工作，並支持更廣泛地採用我們的技術。

With Auryon in January, we launched our AMBITION BTK trial and registry, with the BTK standing for below the knee. As a reminder, the Auryon laser can be used to treat all lower extremity lesion types, including below the knee, above the knee, and in-stent restenosis. This trial will evaluate clinical outcomes when treating patients suffering from critical limb ischemia below their knee using Auryon in combination with standard balloon angioplasty.

今年 1 月，我們與 Auryon 合作啟動了 AMBITION BTK 試驗和註冊，其中 BTK 代表膝蓋以下。提醒一下，Auryon 雷射可用於治療所有類型的下肢病變，包括膝蓋以下、膝蓋以上和支架內再狹窄。該試驗將評估使用 Auryon 結合標準球囊血管成形術治療膝下嚴重肢體缺血患者的臨床結果。

We believe this rigorous trial, which builds upon our earlier Auryon BTK study, could demonstrate an important advancement in the evidence supporting the benefits of Auryon's laser atherectomy in achieving acute and long-term procedural success in a US market where there is an unmet need, potentially driving increased adoption of Auryon.

我們相信，這項以我們早期的 Auryon BTK 研究為基礎的嚴格試驗，可以證明 Auryon 雷射旋切術在實現急性和長期手術成功方面的優勢在證據方面取得了重要進展，而美國市場存在尚未滿足的需求，這可能會推動 Auryon 的採用率提高。

Additionally, we're very pleased with the publication of the APEX-AV trial results in JSCAI, which validated the safety, efficacy, and efficiency of our AlphaVac F1885 System for pulmonary embolism treatment. We are very excited about our performance during the third quarter and throughout fiscal 2025.

此外，我們非常高興看到 APEX-AV 試驗結果在 JSCAI 上發表，該結果驗證了我們的 AlphaVac F1885 系統用於肺栓塞治療的安全性、有效性和效率。我們對第三季以及整個 2025 財年的表現感到非常興奮。

Through a combination of continued investment in top line growth and operational efficiency initiatives, we have accelerated our march to profitability. We remain in a fantastic position to drive widespread adoption of our portfolio to meet the evolving demands of healthcare providers and patients, while at the same time creating value for our shareholders.

透過持續投資於營收成長和營運效率舉措，我們加快了獲利步伐。我們仍然處於有利地位，可以推動我們的產品組合廣泛採用，以滿足醫療保健提供者和患者不斷變化的需求，同時為我們的股東創造價值。

With that, I'll turn the call over to Steve Trowbridge, our Executive Vice President and Chief Financial Officer, to review the quarter.

說完這些，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)，來回顧一下本季的情況。

Thanks, Jim. Good morning, everybody.

謝謝，吉姆。大家早安。

Before I begin, I'd like to direct everyone to the presentation on our investor relations website summarizing the key items from our quarterly results.

在開始之前，我想先請大家看一下我們投資者關係網站上的演示文稿，其中總結了我們季度業績的關鍵內容。

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 BioSentry businesses that we divested in June 2023, the PICC and Midline products that we divested in February 2024, and the Radiofrequency and Syntrax support catheter products that we discontinued in February 2024. Additionally, unless otherwise noted, all comparisons will be the third fiscal quarter of 2025 versus the third fiscal quarter of 2024.

正如 Jim 所提到的，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，其中不包括我們於 2023 年 6 月剝離的透析和 BioSentry 業務的結果、我們於 2024 年 2 月剝離的 PICC 和 Midline 產品以及我們於 2024 年 2 月停產的支持射頻。此外，除非另有說明，所有比較均為 2025 財年第三季與 2024 財年第三季的比較。

Revenue increased 9.2% to $72 million, driven by growth in both our Med Tech and US Med Device platforms. Med Tech revenue was $31.3 million, a 22.2% increase, while Med Device revenue was $40.7 million, a 0.9% increase.

由於醫療科技和美國醫療設備平台的成長，營收成長 9.2% 至 7,200 萬美元。醫療技術收入為 3,130 萬美元，成長 22.2%，而醫療設備收入為 4,070 萬美元，成長 0.9%。

For the third quarter, our Med Tech platforms comprised 44% of our total revenue compared to 39% of total revenue a year ago, illustrating sustained execution on our strategy of increasing the percentage of our overall revenue base coming from our Med Tech segment.

第三季度，我們的醫療科技平台占我們總收入的 44%，而去年同期為 39%，這表明我們持續執行增加來自醫療科技部門的總收入比例的策略。

Our Auryon platform contributed $13.9 million in revenue, growing 17.3% compared to last year. Auryon has now delivered double-digit year-over-year growth in each of the 15 consecutive quarters following the anniversary of its launch.

我們的 Auryon 平台貢獻了 1,390 萬美元的收入，比去年增長了 17.3%。自推出以來，Auryon 已連續 15 個季度實現了兩位數的同比增長。

Mechanical thrombectomy revenue, which includes AlphaVac and AngioVac sales, increased 46.7% year over year. AlphaVac revenue was $3 million, an increase of 161.4% year over year and a 20% sequential increase over the second quarter of 2025, resulting from the continued adoption of AlphaVac for PE. And we're also pleased to see the sustained strong performance of AngioVac during the quarter, which generated $6.8 million of revenue, an increase of 23.1%.

機械血栓切除術收入（包括 AlphaVac 和 AngioVac 的銷售）年增 46.7%。AlphaVac 的營收為 300 萬美元，年增 161.4%，比 2025 年第二季環比成長 20%，這得益於 AlphaVac 在 PE 方面的持續採用。我們也很高興看到 AngioVac 在本季持續表現強勁，創造了 680 萬美元的收入，成長了 23.1%。

As Jim mentioned, we're continuing to see synergies between the two product offerings demonstrating our ability to take share in a highly competitive market.

正如吉姆所提到的，我們繼續看到兩種產品之間的協同效應，證明了我們有能力在競爭激烈的市場中佔有一席之地。

Total NanoKnife revenue was $6.3 million, an increase of 5.3%. NanoKnife's disposable revenue during the quarter increased 16.2%. As we've discussed throughout the year, we expected capital sales during this year to be approximately half of what they were in 2024. The capital sales are performing better than expected, declining 21.6% during the quarter and down 26.5% year-to-date. We're particularly pleased with the trajectory of prostate cases in the quarter and are on track for our projections for NanoKnife for the full year.

NanoKnife 總營收為 630 萬美元，成長 5.3%。NanoKnife 本季的一次性收入成長了 16.2%。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。資本銷售表現優於預期，本季下降 21.6%，年初至今下降 26.5%。我們對本季前列腺病例的發展趨勢感到特別滿意，全年奈米刀的預測也基本準確。

As a reminder, while we expect to see increasing contribution from NanoKnife following the positive reimbursement decision and prostate indication received towards the end of calendar '24, these milestones were built into our expectations for FY25 and are already reflected in our guidance for the year.

提醒一下，雖然我們預計在 24 年底獲得積極的報銷決定和前列腺指徵後，奈米刀的貢獻會增加，但這些里程碑已經納入了我們對 25 財年的預期，並且已經反映在我們對今年的指導中。

Moving down the income statement, gross margin was 54%, an increase of 290 basis points compared to the year-ago period and ahead of our expectations for the quarter. Med Tech gross margin was 62.5%, an increase of 100 basis points, primarily driven by mix associated with increased AngioVac revenue and Auryon's increasing penetration into the hospital side of care. Med Device gross margin was 47.4%.

損益表中，毛利率為 54%，較去年同期成長 290 個基點，超出我們對本季的預期。醫療技術毛利率為 62.5%，成長 100 個基點，主要由於 AngioVac 收入成長以及 Auryon 在醫院護理領域的滲透率不斷提高。醫療設備毛利率為47.4%。

In a moment, I will discuss our increased guidance for the balance of our fiscal year, including our increased expectations for gross margins. I do want to take a quick moment to discuss the macro environment and potential tariffs. We're keeping a close eye on the ever-evolving tariffs situation, and like most of you, we don't have a concrete projection on where this will all end.

稍後我將討論我們對本財年餘額的增加指導，包括我們對毛利率的增加預期。我確實想花一點時間來討論宏觀環境和潛在的關稅。我們密切關注不斷變化的關稅形勢，和你們大多數人一樣，我們對於這一切將如何結束還沒有一個具體的預測。

While we do have a small amount of sub-component suppliers that may become subject to tariffs, we do not believe today that tariffs will materially impact our business. And we've historically manufactured the vast majority of our products in the US, and most of our suppliers are also US-based.

雖然我們確實有少量子零件供應商可能會受到關稅影響，但我們目前認為關稅不會對我們的業務產生重大影響。我們歷來絕大多數產品都在美國生產，而且我們的大多數供應商也位於美國。

We're currently executing on our manufacturing transition plan, but this plan has never included moves to areas such as Mexico or China. We'll continue to monitor this dynamic situation and provide appropriate updates as they develop with any clarity.

我們目前正在執行製造業轉型計劃，但該計劃從未包括向墨西哥或中國等地區轉移。我們將繼續監測此動態情況，並在情況明朗時提供適當的更新。

Turning to R&D, our research and development expense was $6.9 million or 9.6% of sales, compared to $8.1 million or 12.2% of sales a year ago. 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 Med Tech segment and are targeting approximately 10% of sales going forward. SG&A expense was $36 million, representing 50% of sales compared to $34.2 million or 51.9% of sales a year ago.

談到研發，我們的研發費用為 690 萬美元，佔銷售額的 9.6%，去年同期為 810 萬美元，佔銷售額的 12.2%。年比下降主要與時間有關，包括我們的 PRESERVE 和 APEX 臨床研究的完成。我們將繼續致力於投資研發計劃，以支持醫療技術部門的長期成長，並計劃在未來實現約 10% 的銷售額。銷售、一般及行政費用為 3,600 萬美元，佔銷售額的 50%，而去年同期為 3,420 萬美元，佔銷售額的 51.9%。

Our adjusted net loss was $3.1 million or an adjusted loss per share of $0.08 compared to an adjusted net loss of $6.5 million or adjusted loss per share of $0.16 in the third quarter of last year. The year-over-year improvement is largely attributable to higher revenue and improving operating leverage during the third quarter of this year. Adjusted EBITDA was $1.3 million compared to a loss of $3.6 million in the prior year.

我們的調整後淨虧損為 310 萬美元，即調整後每股虧損 0.08 美元，而去年第三季的調整後淨虧損為 650 萬美元，即調整後每股虧損 0.16 美元。年比成長主要歸因於今年第三季營收增加和經營槓桿提高。調整後的 EBITDA 為 130 萬美元，而去年同期的虧損為 360 萬美元。

Turning now to an update on our balance sheet. At February 28, 2025, we had $44.8 million in cash and cash equivalents. In the quarter, we used $13.2 million in operating cash, had capital expenditures of $1.8 million, and additions to Auryon placement and evaluation units of $1.4 million.

現在來更新一下我們的資產負債表。截至 2025 年 2 月 28 日，我們擁有 4,480 萬美元的現金和現金等價物。本季度，我們使用了 1,320 萬美元的營運現金，資本支出為 180 萬美元，並對 Auryon 安置和評估單位增加了 140 萬美元。

As expected, we utilized total cash on the balance sheet of approximately $10 million largely 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 PICC and Midline business to in February of last year.

正如預期的那樣，我們在資產負債表上使用的現金總額約為 1000 萬美元，主要由於我們去年與 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（我們去年 2 月將 PICC 和 Midline 業務出售給的公司）的過渡製造安排相關的營運資金使用。

In the fourth quarter, we expect to generate cash and end the year with approximately $55 million in cash and cash equivalents. The primary variable associated with our cash projection is related to the transition manufacturing arrangement I just mentioned.

我們預計第四季將產生現金，年底時現金和現金等價物約為 5,500 萬美元。與我們的現金預測相關的主要變數與我剛才提到的過渡製造安排有關。

As we discussed on our last earnings call, subsequent to our third quarter end, we secured a commitment from J.P. Morgan to provide us with a revolving line of credit agreement. We expect to close this facility in the next few weeks, which will give us the ability to draw up to $25 million in cash at our discretion.

正如我們在上次收益電話會議上所討論的那樣，在第三季結束後，我們獲得了摩根大通的承諾，為我們提供循環信貸額度協議。我們預計將在未來幾週內關閉該設施，這將使我們能夠自行提取高達 2500 萬美元的現金。

While we are very comfortable with the amount of cash we have on the balance sheet, we view the addition of a revolver as a matter of prudent financial housekeeping and a good safety net to ensure that any short-term working capital fluctuations associated with the Spectrum transition manufacturing agreement doesn't impact our execution on our strategy. We believe that this revolver will further bolster our balance sheet and provides for increased flexibility and optionality at a relatively low cost of capital and zero dilution.

雖然我們對資產負債表上的現金金額非常滿意，但我們認為增加循環信貸額度是審慎的財務管理和良好的安全網，以確保與 Spectrum 過渡製造協議相關的任何短期營運資本波動不會影響我們策略的執行。我們相信，這種循環信貸將進一步增強我們的資產負債表，並以相對較低的資本成本和零稀釋提供更大的靈活性和可選性。

Finally, we remain on track with our stated goal of being cash flow positive for the full fiscal year 2026. We're very pleased with our execution in managing our balance sheet through our strategic transition in a dynamic macro environment.

最後，我們仍有望實現既定目標，即 2026 財年全年實現現金流為正。我們對在動態宏觀環境下透過策略轉型管理資產負債表的執行情況感到非常滿意。

We're in a very strong position driving double-digit growth in our Med Tech segment with sufficient net cash position on our balance sheet, a P&L that is delivering positive adjusted EBITDA each quarter, and an overall business model that will generate positive cash for the upcoming year and beyond.

我們處於非常有利的地位，推動著醫療科技部門實現兩位數增長，資產負債表上有足夠的淨現金頭寸，每季度都提供正調整後 EBITDA 的損益表，以及將在來年及以後產生正現金的整體業務模式。

Returning now to guidance. For fiscal 2025, we now expect revenue will be in the range of $285 million to $288 million, representing growth of between 5.3% 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 14% to 16% ahead of our previously updated guidance of 12% to 15%, and we continue to expect Med Device net sales to be flat. From a quarterly cadence perspective, we expect the fourth quarter to be the strongest of the fiscal year.

現在回到指導。對於 2025 財年，我們目前預計營收將在 2.85 億美元至 2.88 億美元之間，比 2024 財年成長 5.3% 至 6.4%。在我們的每個業務中，我們現在預計醫療技術淨銷售額將成長 14% 至 16%，高於我們先前更新的 12% 至 15% 的預期，我們繼續預期醫療器材淨銷售額將持平。從季度節奏來看，我們預計第四季將是本財年表現最強勁的季度。

For fiscal 2025, we now expect gross margin to be in the range of 53% to 54%, up from previous guidance of 52% to 53%. We now expect adjusted EBITDA in the range of $4 million to $5 million, up from the previously updated guidance of $1 million to $3 million. And finally, we now expect an adjusted loss per share in the range of $0.31 to $0.34, an improvement from our previously updated guidance of a loss per share of $0.34 to $0.38.

對於 2025 財年，我們目前預期毛利率將在 53% 至 54% 之間，高於先前預測的 52% 至 53%。我們現在預計調整後的 EBITDA 在 400 萬至 500 萬美元之間，高於先前更新的 100 萬至 300 萬美元的預期。最後，我們現在預計調整後的每股虧損將在 0.31 美元至 0.34 美元之間，這比我們先前更新的每股虧損 0.34 美元至 0.38 美元的預期有所改善。

With that, I'll turn it back to Jim.

說完這些，我就把話題轉回給吉姆。

Thanks, Steve.

謝謝，史蒂夫。

Looking to the fourth quarter, we remain focused on a number of key strategic areas of our business aimed at driving growth, starting with Auryon.

展望第四季度，我們將繼續專注於一些旨在推動成長的關鍵業務策略領域，首先是 Auryon。

In the US, we will leverage the momentum built during the first three quarters of the year to continue to drive increased penetration with a particular focus on the hospital setting. Outside of the US, we expect a full market release following our CE Marking in Q1 to make a positive impact on revenue during the fourth quarter. We will continue to develop supporting clinical data and launching new product line extensions as we move forward.

在美國，我們將利用今年前三個季度累積的勢頭，繼續推動滲透率的提高，特別關注醫院環境。在美國以外，我們預計在第一季獲得 CE 標誌後全面上市將對第四季度的收入產生積極影響。我們將繼續開發支持性臨床數據並推出新的產品線擴展。

With AlphaVac, we continue to push ahead commercially as we focus on driving increased adoption for the treatment of PE. 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. In addition, we continue to expect to launch new product enhancements over the course of the year to further enhance our product.

透過 AlphaVac，我們將繼續推動商業化進程，致力於推動 PE 治療的普及。為了支持這一點，我們將繼續投資高品質的臨床數據，突出我們產品的差異化，以幫助支持長期採用。此外，我們將繼續期望在今年推出新的產品增強功能，以進一步增強我們的產品。

And lastly, with NanoKnife. With prostate indication in hand as well as clarity around the reimbursement pathway in the US, we expect to leverage our well-established commercial infrastructure and our high-quality clinical data to drive increased long-term adoption in the US for prostate.

最後，使用奈米刀。隨著前列腺適應症的掌握以及美國報銷途徑的清晰，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前列腺的長期應用。

I would like to remind everyone that we will be hosting a virtual cardiovascular specific event at 9:00 Eastern today to provide an in-depth overview on our cardiovascular franchise, including our Auryon, AngioVac, and AlphaVac technologies, our respective market opportunities and our strategic vision for these products moving forward.

我想提醒大家，我們將於今天東部時間 9:00 舉辦一場虛擬心血管專案活動，深入介紹我們的心血管特許經營權，包括我們的 Auryon、AngioVac 和 AlphaVac 技術、我們各自的市場機會以及我們對這些產品未來發展的戰略願景。

In summary, we remain very excited about the future of AngioDynamics. We have built a fantastic portfolio focused on large, high-growth markets. We have overhauled our financial profile and with the strength of our balance sheet, we are on the verge of delivering sustainable, profitable growth for years to come.

總之，我們對 AngioDynamics 的未來仍然感到非常興奮。我們已經建立了專注於大型高成長市場的出色投資組合。我們已經徹底改革了我們的財務狀況，憑藉我們強勁的資產負債表，我們即將在未來幾年實現可持續的獲利成長。

With that, we'll open the line for questions.

接下來，我們將開放問答熱線。

(Operator Instructions)

（操作員指示）

John Young, Canaccord Genuity.

John Young 的 Canaccord Genuity。

Hi, Jim and Steve. Thanks for taking the question and congrats on a great quarter.

嗨，吉姆和史蒂夫。感謝您回答這個問題，並祝賀您本季取得了出色的成績。

I just want to start first on AngioVac, still remains strong. It was nice to see just despite the very strong quarter you had last quarter, do you think the $6.8 million is a good new base that we should think about for the business going forward? And I have one follow up. Thanks.

我只是想先從 AngioVac 開始，它仍然很強大。很高興看到，儘管上個季度你們的業績非常強勁，但你們是否認為 680 萬美元是一個良好的新基礎，我們應該考慮將其作為未來業務發展的基數？我還有一個後續問題。謝謝。

Yeah, thanks, John. Good to talk to you this morning.

是的，謝謝，約翰。很高興今天早上和你談話。

Yeah, the answer is yes. I think as we talked about last quarter, we were very pleased with the performance we saw with AngioVac and particularly, we're pleased with the synergistic portfolio that we have with AngioVac together with the AlphaVac PE. We're seeing that our conversations with interventional cardiologists are driving increased awareness of our overall portfolio and certainly leading to good performance from both.

是的，答案是肯定的。我想，正如我們上個季度所討論的那樣，我們對 AngioVac 的表現非常滿意，特別是我們對 AngioVac 與 AlphaVac PE 的協同產品組合感到滿意。我們發現，與介入性心臟病專家的對話正在提高人們對我們整體產品組合的認識，並且肯定會帶來雙方的良好表現。

So, as we said last quarter, we expect the AngioVac will be a grower for us now, maybe not at the same growth rates, but I think this level, kind of mid-sixes and seeing that as a growth platform moving forward is the right way to think about AngioVac going forward. And as we said, we expect you're going to see increasing growth coming from AlphaVac as we continue to see further adoption for our products for PE cases.

因此，正如我們上個季度所說的那樣，我們預計 AngioVac 現在對我們來說將是一個成長產品，也許成長率不會相同，但我認為這個水平，也就是 60 年代中期，並將其視為一個向前發展的成長平台，是思考 AngioVac 未來發展的正確方式。正如我們所說，隨著我們的 PE 病例產品進一步採用，我們預計您將看到 AlphaVac 的成長。

Okay, great. Thanks. And then just on that NanoKnife prostate, any further details you could share with us just on your percentage of revenue that's [attributable to] prostate in the quarter, any KPIs from your direct to consumer, education or physician efforts that you've started with the marketing approval?

好的，太好了。謝謝。然後就奈米刀前列腺而言，您能否與我們分享更多細節，例如本季度前列腺癌的收入佔比，以及從獲得營銷批准開始的直接面向消費者、教育或醫生的工作中的任何 KPI？

And then for the CPT level 1 code, should we still think of July as being kind of the first update into what the possible reimbursement for next year looks like? Thanks again for taking our questions.

那麼對於 CPT 1 級代碼，我們是否仍應將 7 月視為明年可能的報銷情況的首次更新？再次感謝您回答我們的問題。

Yeah. Hi, John, it's Jim. A couple of questions. Yeah, we started our awareness and education campaign, as you know, right after we got the approval from the FDA for the prostate market. So, we're excited by the response we've seen, some from individual patients who are trying to learn about their treatment pathways and options that exist. So that's been really kind of fun to watch new people learn about this new option that we offer.

是的。嗨，約翰，我是吉姆。有幾個問題。是的，正如你所知，我們在獲得 FDA 對前列腺市場的批准後就立即開始了我們的宣傳和教育活動。因此，我們對所看到的反應感到非常興奮，其中一些來自個別患者，他們試圖了解現有的治療途徑和選擇。因此，看到新人們了解我們提供的這個新選擇真的很有趣。

Also with physicians, people signing up for our training programs, getting involved, wanting to learn how to use this technology, bringing it in house as part of the treatment protocol. So, really, really good organic metrics we track. We don't share all those for competitive reasons, but we also measure every month the procedures that we use with NanoKnife.

還有醫生，人們報名參加我們的培訓項目，參與其中，想要學習如何使用這項技術，並將其作為治療方案的一部分帶回家中。所以，我們追蹤的有機指標確實非常好。出於競爭原因，我們不會分享所有這些信息，但我們每個月也會測量使用奈米刀進行的程序。

And I think we've talked about it before, increasing percentages each month go by with prostates being treated at a higher and higher rate. It's now more than half of our treatments, liver and pancreas, as you know are the second and third. But for years, prostate was third behind them. It's become number one, and it grows each month at a higher and higher rate of treatment. So, we're really excited by the organic interest being created.

我想我們之前已經討論過這個問題，前列腺治療的比例每個月都在增加。現在我們的治療方法中，肝臟和胰臟佔了一半以上，正如你們所知，它們分別位列第二和第三位。但多年來，攝護腺癌一直排在第三位。它已經成為第一大治療中心，每月的治療量都在增加。因此，我們對所創造的有機興趣感到非常興奮。

Yeah. And John, getting to your question on reimbursement, it's the exact right question. As we've always said, there's really three pillars that are going to drive NanoKnife growth going forward. It was important for us to get the specific indication that's kind of [table stakes] we were able to do that in December. The second one is increased awareness, and Jim just talked about that. We're really pleased with the uptick in interest that we're seeing with respect to NanoKnife coming on the heels of getting the indication and certainly the event that we did last quarter.

是的。約翰，關於報銷的問題，這是完全正確的問題。正如我們一直所說，有三大支柱將推動 NanoKnife 未來的發展。對我們來說，獲得具體的跡象表明我們能夠在 12 月做到這一點非常重要。第二個是提高認識，吉姆剛才談到了這一點。我們非常高興地看到，在獲得適應症以及我們上個季度舉辦的活動之後，人們對 NanoKnife 的興趣有所上升。

And then the third and the most important in terms of driving adoption and getting to that inflection point is going to be reimbursement. We're still on track to hear the first readout in the summer, in July, and then we expect that the CPT 1 code will become permanent in January. And so, we're doing the work you would expect us to do now, continuing to kind of beat the ground and try to increase the amount of those private payers that are going to be covering once we get to that permanent code.

然後，在推動採用和達到這個轉折點方面，第三個也是最重要的一點就是報銷。我們仍有望在夏季（7 月）聽到第一次讀數，然後我們預計 CPT 1 代碼將在 1 月成為永久代碼。因此，我們正在做你們期望我們現在做的工作，繼續努力，並嘗試增加一旦我們獲得永久代碼後將要覆蓋的私人付款人的數量。

So, we'll continue to do that work. We'll update you as we move forward. But yes, the way that you're talking about it is exactly right. Expect the first readout in the summer and that code to go into effect in January.

因此，我們將繼續進行這項工作。我們將及時向您通報進度。但是是的，您談論的方式完全正確。預計首次公佈日期為夏季，該法規將於明年一月生效。

Steven Lichtman, Oppenheimer & Company.

史蒂文·利希特曼，奧本海默公司。

Thank you. Good morning, guys, and congratulations.

謝謝。大家早安，祝賀你們。

Just wanted to also ask on MT, given the strength you're seeing in AngioVac post the AlphaVac launch, can you give us an update on your commercial efforts across mechanical thrombectomy? I know initially, you're working through where the team focused, obviously, you're seeing success. Are you looking to further add to the commercial team or are you feeling good about sort of the coverage going after AlphaVac and keeping this AngioVac momentum going?

只是想在 MT 上問一下，鑑於您在 AlphaVac 推出後看到的 AngioVac 的實力，您能否向我們介紹一下您在機械血栓切除術方面的商業努力？我知道最初，你正在努力實現團隊所關注的目標，顯然，你看到了成功。您是否希望進一步擴充商業團隊，或者您是否對 AlphaVac 之後的報道以及保持 AngioVac 的發展勢頭感到滿意？

Yeah. Thanks, Steve. So, as we spoke previously, our team did a really good job targeting where our first batch of sales professionals will be located as we were expecting that PE indication and launch for the AlphaVac product, so we did that.

是的。謝謝，史蒂夫。因此，正如我們之前所說，我們的團隊在確定第一批銷售專業人員的位置方面做得非常好，因為我們預計 AlphaVac 產品的 PE 指示和發布，所以我們這樣做了。

We've got the right people in the right places that we thought were the 40 or so starting markets we wanted to be in, and that's going really well as you're seeing the effect of both products being sold together as well. The team is good, they're well trained, and they're educated now to serve our customers. We also talked about us expanding that group.

我們在合適的地方找到了合適的人才，我們認為這些市場是我們想要進入的 40 個左右的起步市場，而且一切進展順利，因為您也看到了兩種產品一起銷售的效果。這個團隊很棒，他們訓練有素，並且接受了相關教育，可以為我們的客戶提供服務。我們也討論了擴大該團體的問題。

If you go back and look at how we built out Auryon in the past 5 years in a similar fashion, we planned ahead, we invested ahead, but we wanted to see where opportunity existed. So you're going to see over this course of this calendar year expansion in that AlphaVac and AngioVac salesforce. We're looking now to expand. We'll do that over the course of this year, and we're set up well to grow that product again with sequential customers who've already adopted it and getting new customers, putting it through their VAC process and bringing it in-house, so we're excited.

如果你回顧我們在過去 5 年中如何以類似的方式打造 Auryon，我們提前規劃，提前投資，但我們希望看到機會存在的地方。因此，您將會看到 AlphaVac 和 AngioVac 銷售隊伍在今年內實現擴張。我們現在正在尋求擴張。我們將在今年內完成這項工作，並且我們已經做好了再次發展該產品的準備，透過已經採用該產品的連續客戶和新客戶，將其納入他們的 VAC 流程並將其帶入公司內部，因此我們很高興。

Great, thanks. Thanks, Jim. And then just on Auryon, can you give us an update on how things are progressing on the EU launch? And any updated thoughts on the opportunity there, I guess, a couple of quarters into the [post to see mark].

太好了，謝謝。謝謝，吉姆。然後就 Auryon 而言，您能否向我們介紹歐盟發布的進展？我想，在接下來的幾個季度裡，大家對這個機會有什麼新的想法嗎？[發文見標記]。

Yeah, it's a good question. It's funny, we've done a really good job training people. We have these scientific life symposiums that we've held every 6 months for the last few years, and we just had one last weekend in Barcelona, well attended by global folks came, folks from the US came over and spoke about Auryon globally. So, we're training and teaching physicians around the globe why Auryon is so special and how it works.

是的，這是個好問題。有趣的是，我們在培訓人員方面做得非常好。過去幾年，我們每 6 個月舉辦一次科學生活研討會，上週末我們在巴塞隆納舉辦了一次，全球各地的人們都參加了，美國的人們也來到這裡，在全球範圍內談論 Auryon。因此，我們正在培訓和教授世界各地的醫生為什麼 Auryon 如此特別以及它是如何發揮作用的。

So, we've done a lot of education. We have a great distributor network supporting us. They also do training and education for us in markets that we don't have reach into. So to help expand that, and we really expect now in Q4, Steve, you'll probably see some revenue coming in Q4 from Auryon, and we'll start to build that.

因此，我們做了很多教育工作。我們擁有強大的經銷商網路來支持我們。他們還在我們尚未進入的市場為我們進行培訓和教育。因此，為了幫助擴大這一點，我們真的預計在第四季度，史蒂夫，你可能會看到 Auryon 在第四季度帶來一些收入，我們將開始建立這一點。

We expect sequential growth going forward, but we've done a good job. Our team is really strong globally. They've done the right education campaigns, awareness campaigns, and now, we're going to build that business out. So, you'll see a business over time then with still strong US growth in Auryon and now the international growth kicking in.

我們預計未來會繼續成長，但我們已經做得很好了。我們的團隊在全球範圍內都非常強大。他們開展了正確的教育活動和宣傳活動，現在我們要拓展這項業務。因此，隨著時間的推移，您會看到 Auryon 在美國的業務仍然保持強勁增長，國際成長也開始顯現。

And just a reminder, Steve, that international market isn't as big as the US market, so we'll be a contributor. I wouldn't expect it to be a material contributor right away. But as Jim said, we're very pleased with the traction that we're starting to get there.

需要提醒的是，史蒂夫，國際市場不如美國市場大，所以我們會做出貢獻。我不會期望它立即成為實質貢獻者。但正如吉姆所說，我們對開始取得的進展感到非常高興。

Yi Chen, H.C. Wainwright.

陳毅，H.C.溫賴特。

Good morning. This is Eduardo on for Yi. Congrats on the great quarter.

早安.愛德華多替補易建聯上場。恭喜本季取得如此出色的成績。

In the same line of Auryon, I'm curious how you view, if you could give an update on the timeline for the AMBITION study and how you see the results, what do you measure as success there and how you see the application below the knee indication? Do you see any specific advantages for the technology in that space that you could really leverage and capture market there? Just kind of your vision and rationale on the AMBITION study and expectations.

與 Auryon 一樣，我很好奇您如何看待這個問題，您是否可以更新 AMBITION 研究的時間表以及您如何看待研究結果，您如何衡量研究的成功以及您如何看待膝下指徵的應用？您是否認為該領域的技術具有任何特定優勢，您可以真正利用這些優勢並佔領該市場？這只是您對 AMBITION 研究和期望的願景和理由。

Yeah, thanks, Eduardo. It's a great question. We're really excited about the AMBITION BTK study. So, we mentioned that we're going through the committees now. We expect to begin enrollment probably within the next quarter or so. And then, it's a pretty comprehensive trial. So, we'll give you some updates as we continue to go through it.

是的，謝謝，愛德華多。這是一個很好的問題。我們對 AMBITION BTK 研究感到非常興奮。所以，我們提到我們現在正在通過委員會。我們預計將在下個季度左右開始招生。這是一次相當全面的試驗。因此，我們會繼續進行此過程並向您提供一些更新資訊。

But I think your questions around the rationale for the trial are really important. So remember, Auryon already has a very broad indication base. So, it's currently indicated for use in hard and soft calcifications above the knee, below the knee, and in-stent restenosis. It's really the only atherectomy product out there that has that versatile of a use case scenario.

但我認為你關於試驗理由的問題非常重要。所以請記住，Auryon 已經擁有非常廣泛的適應症基礎。因此，它目前適用於治療膝蓋以上、膝蓋以下的硬鈣化和軟鈣化以及支架內再狹窄。它確實是唯一一款具有如此多功能使用情境的動脈粥狀硬化斑塊切除產品。

The reason we're doing this study is we believe we've been able to show before that using Auryon specifically below the knee in conjunction with balloon angioplasty will provide better results than balloon angioplasty by itself. And we think that that's a vitally important data point, one to continue to support the use of Auryon below the knee, but potentially also to increase the overall market of atherectomy.

我們進行這項研究的原因是，我們相信我們之前已經能夠證明，在膝蓋以下使用 Auryon 與球囊血管成形術相結合將比單獨進行球囊血管成形術產生更好的效果。我們認為這是一個至關重要的數據點，它不僅能繼續支持 Auryon 在膝下手術中的使用，還可能擴大整個動脈粥狀硬化切除術市場。

And so, we're really excited about getting into this study. We've worked with our physician thought leaders. This is a study that has a tremendous amount of scientific rigor behind it, and it's the kind of study that our customers are really looking forward to and excited to work with us as we continue to build out this type of data set going forward. So, as we continue to move forward, we'll give you some more details, but we think it's exactly the right study to do with this type of technology.

因此，我們非常高興參與這項研究。我們與我們的醫生思想領袖合作。這是一項有著大量科學嚴謹性的研究，也是我們的客戶真正期待並很高興與我們合作的研究，因為我們將繼續建立這種類型的資料集。因此，隨著我們不斷前進，我們將向您提供更多細節，但我們認為這正是針對此類技術的正確研究。

That's great. And do you envision, obviously, because it's already approved in this indication, you imagine that the existing commercial team would be sufficient to market it, you're not expecting an expansion?

那太棒了。您是否認為，顯然，由於該藥物已在該適應症中獲得批准，您認為現有的商業團隊足以推銷它，您不期待擴張嗎？

Yeah. So if you look at how we built this team, we were certainly building ahead of the curve as we were getting Auryon from the initial launch to where it is today. As Jim has mentioned, we're going to continue to invest opportunistically in our sales force. I think -- don't expect you're going to see a significant amount of additional investment right now in that business.

是的。因此，如果你看看我們是如何組建這個團隊的，你會發現，在將 Auryon 從最初的發布發展到今天的階段時，我們確實走在了時代的前列。正如吉姆所提到的，我們將繼續對我們的銷售團隊進行機會性投資。我認為——不要指望現在就能看到該業務出現大量額外投資。

We're going to be making some investments in our thrombectomy team as Jim talked about, as we head into next calendar year and getting that CPT code with oncology. I expect we'll be investing in that business to support that. We'll continue to invest in Auryon, there's no doubt about it, but I wouldn't expect a huge [bolus] right away.

正如 Jim 所談到的，我們將對血栓切除術團隊進行一些投資，因為我們將進入下一個日曆年並獲得腫瘤學的 CPT 代碼。我希望我們將對該業務進行投資以支持這一點。我們將繼續投資 Auryon，這是毫無疑問的，但我不會指望馬上就能獲得巨額投資。

Thank you, ladies and gentlemen. That concludes our question-and-answer session. I'll turn the floor back to Mr. Clemmer for any final comments.

謝謝各位，女士們、先生們。我們的問答環節到此結束。我將把發言權交還給克萊默先生，請他發表最後的評論。

Thank you very much. I want to thank our team here at AngioDynamics. They worked really hard. We've got a lot of priorities here that we're getting over the goal line and getting things done. And hopefully, investors are seeing the progress we've made in our transformation, the transformation that started with a portfolio shift. So we've got really good teams now.

非常感謝。我要感謝 AngioDynamics 的團隊。他們確實很努力。我們在這裡有很多優先事項，我們正在超越目標並完成任務。希望投資人能看到我們在轉型過程中所取得的進展，這項轉型始於投資組合的轉變。所以我們現在擁有非常優秀的團隊。

Our medical device products are sold to the markets that we can become a major player in. We do it with a great selling and marketing team, a great clinical support team. It gives us efficiency, enables us to invest in our Med Tech platforms that you heard about today that have really large opportunities. Our products are dynamic and they're good. Our design and development teams are great. Our regulatory and market access teams are great.

我們的醫療器材產品銷往我們可以成為主要參與者的市場。我們擁有一支優秀的銷售和行銷團隊以及優秀的臨床支援團隊。它提高了我們的效率，使我們能夠投資於您今天聽到的具有巨大機會的醫療技術平台。我們的產品充滿活力，而且品質優良。我們的設計和開發團隊非常棒。我們的監管和市場准入團隊非常出色。

And let's not forget too, our supply chain teams, while we're doing all this work in our market with our customers, we announced over a year ago we're changing our supply team base, how we're operating, where we're going to operate. They've done a really good job delivering on that transformation. Over time, that's going to make sure we have a stable supply chain to supply our customers for years to come. And also, take some of that stranded cost out that will drop to the bottom line over the next two fiscal years.

我們也不要忘記，我們的供應鏈團隊，當我們在市場上與客戶一起進行所有這些工作時，我們在一年多前宣布，我們將改變我們的供應團隊基礎、我們的運作方式以及我們的營運地點。他們在實現這一轉變方面做得非常出色。隨著時間的推移，這將確保我們擁有穩定的供應鏈，以便在未來幾年為客戶提供產品。此外，還要消除部分擱淺成本，這些成本將在未來兩個財政年度內降至底線。

So, our company is well set up to succeed for years to come. Thank you for joining us today.

因此，我們公司已做好充分準備，迎接未來幾年的成功。感謝您今天加入我們。

Thank you. This concludes today's conference; you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束；現在您可以斷開線路了。感謝您的參與。