AngioDynamics, Inc. (ANGO) 2026 Q4 法說會逐字稿

Good morning, and welcome to the AngioDynamics fiscal year 2026 fourth-quarter and full-year earnings call. (Event Instructions)

早安，歡迎參加 AngioDynamics 2026 會計年度第四季與全年財報電話會議。（活動說明）

The news release detailing AngioDynamics fiscal 2026 fourth-quarter and full-year 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 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.

說明 AngioDynamics 2026 會計年度第四季與全年業績的新聞稿已於今日稍早發布，並可於公司網站查閱。本次電話會議亦於網路上同步直播，位於公司網站 www.angiodynamics.com 的「投資人」專區。電話會議結束約一小時後，亦可於同一網站收看網路重播。

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 margin for fiscal year 2027, as well as trends that may continue.

在開始之前，我想提醒各位聽眾，在本次電話會議過程中，公司將就未來事件提出預測或前瞻性陳述，包括對 2027 會計年度預期營收、調整後盈餘與毛利率的說明，以及可能持續的趨勢。

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.

管理團隊鼓勵您查閱公司過去與未來向美國證券交易委員會（SEC）提交的文件，包括但不限於公司 Form 10-Q 與 Form 10-K，其中載明可能導致實際結果或事件與前瞻性陳述所述內容出現重大差異的特定因素。

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.

公司亦將在本次電話會議中討論若干非 GAAP 與備考（pro forma）財務衡量指標。管理團隊使用這些指標來設定營運目標並檢視營運表現，並相信這些指標可協助投資人分析公司業務隨時間推移的基本趨勢。

Investors should consider these non-GAAP and pro forma measures in addition to, not a substitute for, or as superior to, financial reporting measures prepared in accordance with GAAP.

投資人應將這些非 GAAP 與備考指標視為 GAAP 編製之財務報告衡量指標的補充，而非替代，亦不應視為更優於 GAAP 指標。

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 and presentations. 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.

另有一份投影片簡報，提供公司財務結果的洞見，可於公司網站「投資人」專區的「活動與簡報」中取得。本簡報應與新聞稿一併閱讀，以配合今日上午電話會議中對公司營運結果與財務表現的討論。

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 biocentury businesses that were divested in June 2023, the PICC and midline products that were also divested in February 2024, and the radiofrequency and Syntrax support catheter products that we discontinued in February 2024.

除非另有說明，今日電話會議中提及的所有指標與成長率皆以備考基礎呈現，排除 2023 年 6 月已處分之透析與 Biocentury 業務的結果、2024 年 2 月亦已處分之 PICC 與 midline 產品，以及我們於 2024 年 2 月停止的射頻（radiofrequency）與 Syntrax 支撐導管產品。

Also, unless otherwise noted, all comparisons will be the fourth fiscal quarter of 2026 versus the fourth fiscal quarter of 2025, and the full fiscal year 2026 versus the full fiscal year of 2025.

此外，除非另有說明，所有比較將以 2026 會計年度第四季對比 2025 會計年度第四季，以及 2026 會計年度全年對比 2025 會計年度全年。

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

現在，我想把電話會議交給 AngioDynamics 總裁兼執行長 Jim Clemmer。Clemmer 先生？

Thank you, and good morning, everyone, and thank you for joining us for Andro Dynamics' fiscal 2026 fourth quarter and full-year earnings call. Joining me today is Steve Trowbridge, our Executive Vice President and Chief Financial Officer.

謝謝，各位早安，也感謝各位參加 Andro Dynamics 2026 會計年度第四季與全年財報電話會議。今天與我一同出席的是我們的執行副總裁兼財務長 Steve Trowbridge。

I am proud of our performance in fiscal 2026. We capped off a year of consistent execution across the business with a strong fourth quarter. Full-year medtech growth of more than 18% tells the story.

我為我們在 2026 會計年度的表現感到自豪。我們以強勁的第四季，為全年在各項業務上持續且一致的執行畫下句點。全年 MedTech 成長超過 18%，足以說明一切。

Our platform technologies across cardiovascular and interventional oncology took share in large, fast-growing markets. And because of the discipline this team brings every day, that growth came with increasing profitability even as we absorb tariffs that were not in our business a year ago.

我們在心血管與介入腫瘤領域的各項平台技術，於大型且快速成長的市場中持續擴大市占。而且，憑藉團隊每日展現的紀律，這樣的成長伴隨著獲利能力提升，即使我們正在吸收一年前業務中尚不存在的關稅影響。

With a full year now behind us, I want to step back and talk about what this team accomplished in fiscal 2026, what we built, and why I believe this company is in the strongest position it ever has been in. Steve will then take you through the financial details and our outlook for fiscal 2027.

在完整的一年已經過去之後，我想退一步談談這個團隊在 2026 會計年度完成了什麼、我們建立了什麼，以及為何我相信公司正處於史上最強的位置。接著 Steve 將帶各位了解財務細節，以及我們對 2027 會計年度的展望。

A number of years ago, we set out to transform AngioDynamics into a fast-growing profitable company by bringing innovation to large global markets. Fiscal 2026 was another year of proof that the strategy is working and is playing out the way we said it would.

數年前，我們著手將 AngioDynamics 轉型為一家高速成長且具獲利能力的公司，透過創新切入大型全球市場。2026 會計年度再次證明這項策略正在奏效，並且正如我們所說的方式逐步落實。

Our MedTech segment was 47% of our total revenue this year, up from roughly 22% at the end of fiscal 2020. Over the past six years, that business has grown at a compound annual rate of approximately 24%, and we have done all of this while driving sustained profitability.

今年我們的 MedTech 事業部占總營收 47%，高於 2020 會計年度末約 22% 的水準。過去六年來，該業務以約 24% 的年複合成長率成長，而我們在推動持續獲利的同時完成了這一切。

I want to be clear about why that matters, because it did not just happen by accident, and it's not because we did one thing right. This is years of work coming together. It is a group of people doing the right things every day in the right markets for the right patients.

我想清楚說明為何這很重要，因為這並非偶然發生，也不是因為我們只做對了一件事。這是多年努力的成果匯聚。是一群人在正確的市場、為正確的病患，每天把正確的事做好。

Now, let me take you around the portfolio. Starting with Auryon, which delivered its 20th consecutive quarter of double-digit year-over-year growth. We keep winning by taking share across all sites of care. Auryon remains a really strong performer for us, and we are excited about where this platform can go from here.

現在，讓我帶各位快速瀏覽我們的產品組合。先從 Auryon 開始，它已連續第 20 個季度實現兩位數的年增成長。我們持續在所有照護場域擴大市占並取得勝利。Auryon 仍是我們非常強勁的績效貢獻者，我們也對這個平台接下來的發展方向感到振奮。

Turning to Mechanical Thrombectomy. Collectively, this portfolio grew double digits during the year, driven by strong performance with both AlphaVac and AngioVac. Position feedback on both products remains consistently strong. Our work in an increasingly competitive market is getting these products into more hands, and that is squarely within our control.

接著談機械取栓（Mechanical Thrombectomy）。整體而言，該產品組合在本年度實現兩位數成長，主要由 AlphaVac 與 AngioVac 的強勁表現帶動。市場對兩項產品的定位回饋持續且一致地正面。在競爭日益激烈的市場中，我們的工作是讓這些產品進入更多使用者手中，而這完全在我們的掌控之內。

We have sharpened our commercial execution and accountability here. We are still early in the life cycle of this portfolio, and we have meaningful catalysts directly ahead, including our AlphaReturn blood management system, where we now have IDE approval and an active pivotal trial, along with our AngioVac Right Heart Program. We expect this to be one of our key growth engines for a long time to come.

我們已在此強化商業執行力與問責機制。我們仍處於該產品組合生命週期的早期階段，且眼前有重要催化劑，包括 AlphaReturn 血液管理系統（我們現已取得 IDE 核准並啟動關鍵性試驗），以及我們的 AngioVac 右心計畫。我們預期這將在未來很長一段時間內成為我們的關鍵成長引擎之一。

Turning to NanoKnife, this unique product was a standout this year and had an exceptional fourth quarter. In the US, the story is prostate. Physician interest and procedure volumes keep building, and as a result, we hit record procedures during the quarter. Behind those results is a lot of deliberate work on the fundamentals that drive this business.

再來談 NanoKnife。這項獨特產品今年表現亮眼，第四季更是格外出色。在美國，核心主軸是前列腺。醫師興趣與手術量持續攀升，因此我們在本季創下手術量新高。支撐這些成果的，是我們在驅動此業務的基本面上所做的大量且有計畫的工作。

We generated strong two-year data from our PRESERVE study. Our Category I CPT code for prostate and liver became effective on January 1. And during the quarter, we received a Medicare coverage framework that further supports patient access. All of that is coming together, and we expect NanoKnife to keep growing.

我們從 PRESERVE 研究取得強勁的兩年期數據。我們針對前列腺與肝臟的 Category I CPT 代碼已於 1 月 1 日生效。此外，在本季我們也獲得 Medicare 的給付涵蓋框架，進一步支持病患可近性。這些因素正逐步匯聚，我們預期 NanoKnife 將持續成長。

What connects all of this is intense. We've built this portfolio purposefully around large markets with real clinical need. And the strength of our technology is allowing us to win and deliver value for everyone we serve, from patients and physicians to our shareholders.

將這一切串連起來的，是「強度」。我們有目的地圍繞具真實臨床需求的大型市場打造這個產品組合。而我們技術的強大，使我們能夠勝出，並為我們服務的每一方創造價值，從病患與醫師到股東。

Underpinning that growth is our med-device business that plays an essential role and continues to do exactly what we ask of it. A terrific team delivering steady, profitable growth from a portfolio of sticky, market-leading products. Importantly, this business generates the cash generation profile and earnings foundation that lets us keep investing in our higher-growth medtech platforms.

支撐這項成長的，是我們的醫療器材（med-device）業務；它扮演關鍵角色，並持續精準達成我們對它的期待。一支出色的團隊，憑藉一組具黏著度、具市場領先地位的產品組合，帶來穩健且具獲利性的成長。重要的是，這項業務提供現金創造能力與獲利基礎，使我們得以持續投資於更高成長的 MedTech 平台。

If there is one theme that I want you to take away from in fiscal 2026, it is this. We are delivering above-market profitable growth consistently. We are taking share in the markets we set out to win, and we are doing it while expanding profitability and proving that the business can generate positive cash flow.

如果要我用一個主題總結 2026 會計年度，希望各位帶走的是這點：我們持續交出高於市場水準的獲利性成長。我們在原本就鎖定要勝出的市場中擴大市占，同時提升獲利能力，並證明這項業務能夠產生正向現金流。

We continue to invest in the clinical data behind our platforms, and Steve will highlight that shortly. It is really important for us. But the headline for the year is simple. We are growing. We are profitable, and we are continuing to invest for the future. That balance reflects how we run this business, and it is exactly what gives me confidence in the years ahead.

我們持續投資於支撐我們各平台的臨床數據，Steve 稍後會重點說明。這對我們而言非常重要。但今年的重點很簡單。我們正在成長。我們具備獲利能力，並且持續為未來投資。這樣的平衡反映了我們經營這項業務的方式，也正是讓我對未來幾年充滿信心的原因。

Before I hand it to Steve, a quick word on the leadership transition that we announced earlier this year. As I shared them, after a decade with our company, I intend to retire. And the Board is running a comprehensive search with help from a leading executive search firm to identify our next CEO, which we expect to occur during the first half of fiscal 2027.

在我把時間交給 Steve 之前，先簡短談一下我們今年稍早宣布的領導階層交接。如我先前所分享，在公司服務十年後，我計畫退休。董事會正與一家頂尖高階主管獵才公司合作，進行全面性的遴選，以尋找下一任執行長；我們預期將在 2027 會計年度上半年完成。

Until my successor is in place, I will keep leading the team alongside Steve, and I am committed to a seamless handoff. With that, let me turn the call over to Steve to take you through the quarter, the full year, and our outlook for fiscal 2027.

在我的接班人到位之前，我將與 Steve 一起持續帶領團隊，並致力於確保交接順暢無縫。接下來我把電話會議交給 Steve，請他帶各位回顧本季、全年表現，以及我們對 2027 會計年度的展望。

Thanks, Jim, and good morning, everybody. As always, 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.

謝謝你，Jim，各位早安。一如往常，在我開始之前，我想請大家參考我們投資人關係網站上的簡報，其中彙整了本季財報的重點項目。

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 biocentury 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 also in February '24.

除非另有說明，今天電話會議中提到的所有指標與成長率皆以備考（pro forma）基礎呈現，排除我們於 2023 年 6 月出售的透析與 Biocentury 業務、於 2024 年 2 月出售的 PICC 與 midline 產品，以及同樣於 2024 年 2 月停止的射頻與 Syntrax 支撐導管產品。

And unless otherwise noted, all comparisons will be the fourth fiscal quarter of '26 versus the fourth fiscal quarter of '25.

除非另有說明，所有比較皆為 2026 會計年度第四季相較於 2025 會計年度第四季。

Company top-line revenue performance was strong again in the quarter. Revenue increased 8% to $86.6 million, driven by growth across both our segments. MedTech revenue was $41.8 million, a 16.7% increase. For the fourth fiscal quarter, our MedTech platforms comprised 48% of our total revenue, compared to 45% of total revenue a year ago, reflecting the ongoing shift in our business mix.

本季公司營收（top-line）表現再度強勁。營收成長 8% 至 8,660 萬美元，成長動能來自我們兩大事業部門。MedTech 營收為 4,180 萬美元，年增 16.7%。在 2026 會計年度第四季，我們的 MedTech 平台占總營收 48%，高於一年前的 45%，反映我們業務組合持續轉移。

Within our MedTech segment, our Auryon platform contributed $17.8 million in revenue, growing 14.4% compared to last year. Auryon has now delivered double-digit year-over-year growth for 20 consecutive quarters. This growth continues to be supported by our strategy to shift more of our atherectomy business towards the hospital side of care, while we keep growing our customer base across both the hospital and OBL settings, along with ongoing international adoption following our CE mark approval.

在 MedTech 事業部門中，Auryon 平台貢獻營收 1,780 萬美元，較去年成長 14.4%。Auryon 已連續 20 個季度繳出年對年雙位數成長。此成長持續受惠於我們的策略：將更多旋切（atherectomy）業務轉向醫院端，同時在醫院與 OBL（門診血管介入中心）兩種場域持續擴大客戶基礎，並在取得 CE 認證後推動國際市場的持續採用。

Mechanical Thrombectomy revenue, which includes AngioVac and AlphaVac sales, was $11.1 million, a decrease of 1.1% year-over-year. In the quarter, AlphaVac revenue was $4.2 million, a 38.4% year-over-year increase, continuing its strong trajectory. And AngioVac revenue was $6.9 million, a 15.8% year-over-year decrease.

機械取栓（Mechanical Thrombectomy）營收（包含 AngioVac 與 AlphaVac 銷售）為 1,110 萬美元，年減 1.1%。本季 AlphaVac 營收為 420 萬美元，年增 38.4%，延續強勁成長軌跡。AngioVac 營收為 690 萬美元，年減 15.8%。

We are very encouraged by the catalyst ahead, including the IDE approvals for our AlphaReturn blood management system and our AngioVac right-sided infective endocarditis study. We're confident in the long-term opportunity for the combined portfolio.

我們對即將到來的催化劑感到非常振奮，包括 AlphaReturn 血液管理系統的 IDE 核准，以及 AngioVac 右心側感染性心內膜炎研究的 IDE 核准。我們對合併後產品組合的長期機會充滿信心。

Mechanical Thrombectomy remains an attractive market in its early stage, with many competitors working to actively move patient care towards mechanical interventions from lytic-based therapies, which can lead to lumpiness quarter-to-quarter. This is a crowded space for good reason, and we have built the best portfolio, illustrated by our 13.4% growth in the year. We believe mechanical thrombectomy will grow faster for us for the full fiscal year 2027.

機械取栓仍是處於早期階段、具吸引力的市場；許多競爭者正積極推動病患照護從溶栓（lytic）療法轉向機械介入，這可能導致季度間表現出現波動。這是一個競爭擁擠但理由充分的領域，而我們已打造出最佳的產品組合，並由我們全年 13.4% 的成長所印證。我們相信在 2027 會計年度全年，機械取栓對我們而言將有更快的成長。

Total NanoKnife revenue was $11.8 million, an increase of 64.5%, with probes growing 47% and capital sales growing 132.5%. Probe sales were primarily driven by demand for NanoKnife and prostate care, and we hit record procedure volumes during the quarter.

NanoKnife 總營收為 1,180 萬美元，成長 64.5%，其中探針成長 47%，資本設備銷售成長 132.5%。探針銷售主要由 NanoKnife 與前列腺照護需求帶動，本季我們的手術量創下新高。

As these systems are placed and new physicians and providers experience the improved patient outcomes our technology enables, we expect them to drive increased probe utilization going forward. I will note that capital sales are always lumpy quarter-to-quarter, so we would not expect capital to grow at this rate going forward. We continue to view disposables as the bellwether for this business.

隨著這些系統完成裝機，且更多醫師與醫療提供者體驗到我們技術所帶來的更佳病患預後，我們預期未來將帶動探針使用量提升。我也要指出，資本設備銷售在季度間一向較為波動，因此我們不預期資本設備能持續以此速度成長。我們仍將一次性耗材（disposables）視為此業務的關鍵指標。

In the fourth quarter, our Med Device segment increased 1.1% year-over-year with revenue of $44.8 million. This business generates consistent cash and profitability, allowing us to keep investing in the growth of our MedmeTech platforms.

在第四季，我們的醫療器材（Med Device）事業部門營收為 4,480 萬美元，年增 1.1%。此業務能帶來穩定的現金流與獲利能力，使我們得以持續投資於 MedTech 平台的成長。

Now, moving down the income statement, our gross margin for the fourth quarter of FY26 was 54%, a 130-basis point increase from the fourth quarter of FY 2025, driven primarily by the continued product mix shift towards our higher margin medtech sales, partially offset by tariffs.

接著往下看損益表，2026 會計年度第四季毛利率為 54%，較 2025 會計年度第四季提升 130 個基點，主要受惠於產品組合持續轉向毛利率較高的 MedTech 銷售，部分被關稅影響所抵銷。

Total operating expenses in the quarter were $57 million, representing 66% of sales compared to $48 million or 60% of sales last year.

本季總營業費用為 5,700 萬美元，占銷售額 66%；去年同期為 4,800 萬美元，占銷售額 60%。

Turning to R&D, our research and development expense was $8.2 million, or 9% of sales, compared to $6.6 million, or 8% of sales a year ago. We remain committed to investing in R&D initiatives to support the long-term growth of our MedTech segment and are targeting approximately 10% of sales going forward.

在研發方面，我們的研發費用為 820 萬美元，占銷售額 9%；一年前為 660 萬美元，占銷售額 8%。我們仍致力於投資研發計畫，以支持 MedTech 事業部門的長期成長，並以未來約占銷售額 10% 為目標。

SG&A expense for the fourth quarter of FY 2026 was $41.4 million, representing 48% of sales, compared to $36.7 million, or 46% of sales a year ago.

2026 會計年度第四季的銷售、一般及行政（SG&A）費用為 4,140 萬美元，占銷售額 48%；一年前為 3,670 萬美元，占銷售額 46%。

On a GAAP basis, our net loss for the fourth quarter was $11.4 million, or a loss per share of $0.27, compared to a net loss of $6.1 million, or a loss per share of $0.15 a year ago. Our adjusted net loss for the fourth quarter of FY 26 was $2.8 million or an adjusted loss per share of $0.07 compared to an adjusted net loss of $1.1 million or an adjusted loss per share of $0.03 in the fourth quarter of last year.

按 GAAP 基礎計算，本季淨損為 1,140 萬美元，每股虧損 0.27 美元；去年同期淨損為 610 萬美元，每股虧損 0.15 美元。2026 會計年度第四季調整後淨損為 280 萬美元，調整後每股虧損 0.07 美元；相較之下，去年第四季調整後淨損為 110 萬美元，調整後每股虧損 0.03 美元。

Adjusted EBITDA on the fourth quarter of FY 2026 was $3.3 million compared to adjusted EBITDA of $3.4 million in the fourth quarter of 2025.

2026 會計年度第四季調整後 EBITDA 為 330 萬美元，相較於 2025 年第四季的調整後 EBITDA 340 萬美元。

Touching briefly on tariffs, tariff expense of approximately $500,000 in the fourth quarter was in line with our expectations and compared to $1.6 million in the prior year quarter.

簡要談一下關稅，第四季關稅費用約 50 萬美元，符合我們的預期；去年同期為 160 萬美元。

Now, turning to a quick review of the fiscal full-year results. Revenue increased 9.4% to $320.2 million, primarily driven by growth across our MedTech segment. MedTech revenue was $150 million, an 18.4% increase.

接下來快速回顧 2026 會計年度全年結果。營收成長 9.4% 至 3.202 億美元，主要由 MedTech 事業部門的成長所帶動。MedTech 營收為 1.50 億美元，成長 18.4%。

Our Auryon platform contributed $66.9 million in revenue, growing 17.7% compared to last year.

Auryon 平台貢獻營收 6,690 萬美元，較去年成長 17.7%。

Chemical (sic -- see slide 9, "Mechanical") Thrombectomy revenue, which includes AngioVac and AlphaVac sales, increased 13.4% to $45 million year-over-year. AlphaVac had a strong year with revenue of $15.5 million, a 44.1% year-over-year increase. And AngioVac revenue was $29.5 million, a 2.1% year-over-year increase, growing for the full year.

化學（原文如此——見第9張投影片「機械」）血栓切除術營收（包含 AngioVac 與 AlphaVac 銷售）年增 13.4% 至 4,500 萬美元。AlphaVac 表現強勁，營收 1,550 萬美元，年增 44.1%。而 AngioVac 營收為 2,950 萬美元，年增 2.1%，全年持續成長。

Total NanoKnife revenue was $33.1 million, up 35.2%, with disposables up 28.7% and capital up 61.8% for the year.

NanoKnife 總營收為 3,310 萬美元，成長 35.2%；其中耗材年增 28.7%，資本設備年增 61.8%。

In fiscal 2026, our Med Device revenue was $170.2 million, an increase of 2.5%.

在 2026 會計年度，我們的醫療器材（Med Device）營收為 1.702 億美元，成長 2.5%。

Our gross margin for fiscal year 2026 was 54.6%, a 70-basis point increase from 53.9% in the prior year. For the full year, total gross margin saw an approximate 150-basis point negative impact from tariffs.

我們 2026 會計年度的毛利率為 54.6%，較前一年度的 53.9% 提升 70 個基點。全年而言，關稅對總毛利率造成約 150 個基點的負面影響。

Turning to operating expenses, total operating expenses for the full year were $214.8 million or 67% of sales compared to $197.8 million or 68% of sales a year ago.

轉到營業費用，全年總營業費用為 2.148 億美元，占銷售額 67%；相較一年前為 1.978 億美元，占銷售額 68%。

Our adjusted net loss for fiscal year '26 was $10 million or an adjusted loss per share of $0.24 compared to an adjusted net loss of $10.2 million or an adjusted loss per share of $0.25 last year.

我們 2026 會計年度的調整後淨損為 1,000 萬美元，或調整後每股虧損 0.24 美元；相較去年調整後淨損 1,020 萬美元，或調整後每股虧損 0.25 美元。

On a GAAP basis, our total net loss for the full year was $36.7 million or a loss per share of $0.88, compared to a net loss of $34 million or a loss per share of $0.83 a year ago.

按 GAAP 基礎計算，我們全年淨損為 3,670 萬美元，或每股虧損 0.88 美元；相較一年前淨損 3,400 萬美元，或每股虧損 0.83 美元。

Adjusted EBITDA in the full fiscal year 2026 was $13.2 million, compared to $7.6 million in fiscal year 2025.

2026 會計年度全年調整後 EBITDA 為 1,320 萬美元，較 2025 會計年度的 760 萬美元增加。

This year-over-year improvement is largely attributable to our MedTech revenue growth and the success of our gross margin and operating efficiency initiatives, and we delivered it while absorbing tariff costs that were not in our business a year ago.

這項年對年改善主要歸因於我們 MedTech 營收成長，以及毛利率與營運效率提升計畫的成功；同時，我們是在吸收去年業務中尚不存在的關稅成本下達成的。

For the full year, tariff expense was approximately $4.8 million, compared to $1.6 million in the prior year, and this was in line with our expectations. That landed right within the $4 million to $6 million range we guided to at the start of the year, which I think speaks to our ability to forecast and manage these costs, even in a dynamic environment.

全年關稅費用約為 480 萬美元，較前一年度的 160 萬美元增加，且符合我們的預期。這正落在我們年初所提供的 400 萬至 600 萬美元區間內，我認為這反映了我們即使在動態環境中，仍具備預測並管理這些成本的能力。

Turning to cash, in the fourth quarter, the company generated $17.5 million of cash from operations in line with our expectations. For the full fiscal year, the company generated $3.1 million of cash from operations.

談到現金，第四季公司自營運產生現金 1,750 萬美元，符合我們的預期。就整個會計年度而言，公司自營運產生現金 310 萬美元。

I want to put that full year number in context because it is inclusive of approximately $4.8 million of tariffs as well as the working capital and inventory actions we took during the year to proactively manage through the sterilization vendor maintenance shutdowns.

我想為這個全年數字提供一些背景，因為其中包含約 480 萬美元的關稅，以及我們在年度期間為了主動因應滅菌供應商維護停機而採取的營運資金與庫存措施。

The fact that we still generated cash from operations for the year while absorbing all of that really speaks to the underlying cash generation profile of our business model. We ended fiscal year 2026 with $53.9 million in cash and we maintained a strong debt-free balance sheet.

在吸收上述所有因素的情況下，我們全年仍能自營運產生現金，這充分說明了我們商業模式的基礎現金創造能力。我們在 2026 會計年度結束時持有 5,390 萬美元現金，並維持強健、無負債的資產負債表。

Turning now to guidance, for the fiscal year 2027, we anticipate net sales to be in the range of $336 million to $341 million, representing growth of between 5% and 6.5% over fiscal 2026 revenue of $320.2 million. Within each of our businesses, we expect Med Tech net sales to grow 12% to 15% year-over-year, and we expect Med Device sales to be roughly flat.

接著談展望，對於 2027 會計年度，我們預期淨銷售額將落在 3.36 億至 3.41 億美元區間，較 2026 會計年度營收 3.202 億美元成長 5% 至 6.5%。在各項業務中，我們預期 Med Tech 淨銷售額年增 12% 至 15%，而 Med Device 銷售額預期大致持平。

Fiscal '27, we expect gross margin to be in the range of 54% to 55%. We expect adjusted EBITDA to be in the range of $13 million to $16 million. And finally, we expect adjusted loss per share in the range of $0.29 to $0.24.

在 2027 會計年度，我們預期毛利率將落在 54% 至 55% 區間。我們預期調整後 EBITDA 將落在 1,300 萬至 1,600 萬美元區間。最後，我們預期調整後每股虧損將落在 0.29 至 0.24 美元區間。

We expect the impact from tariffs to be broadly similar to fiscal '26. Based on our current view of the tariff situation, this remains dynamic and subject to change.

我們預期關稅的影響將與 2026 會計年度大致相近。基於我們目前對關稅情勢的看法，這仍具動態性並可能改變。

Stepping back from the numbers, our fiscal 2027 outlook reflects our execution of the same playbook that allowed us to deliver the strength we saw in '26. Compete in large, fast-growing markets, take share of better technology backed by strong clinical data, invest for growth, and turn that growth into increasing profitability.

跳脫數字來看，我們對 2027 會計年度的展望反映了我們持續執行同一套策略，正是這套策略讓我們在 2026 年展現出強勁表現。在大型且快速成長的市場中競爭、以有力臨床數據支持的更佳技術來取得市占、投資以促進成長，並將成長轉化為持續提升的獲利能力。

Let me give you some color on how we're thinking about the MedTech portfolio in fiscal 2027. Starting with Auryom, we expect it to remain a solid grower in the mid-teens range as we continue to expand on the hospital side of care while growing across both the hospital and OB settings and as international adoption builds.

我補充一些我們對 2027 會計年度 MedTech 產品組合的思考。先從 Auryom 開始，隨著我們持續擴展醫院端照護，同時在醫院與婦產科（OB）場域雙向成長，並且國際採用度提升，我們預期其仍將在約中十位數（mid-teens）的區間穩健成長。

In Mechanical Thrombectomy, we expect AlphaVac to continue its strong trajectory and for AngioVac to return to growth against more normal comparisons.

在機械血栓切除術方面，我們預期 AlphaVac 將延續其強勁走勢，而 AngioVac 將在較正常的比較基期下恢復成長。

And in NanoKnife, we expect continued momentum in prostate with disposables as a primary driver and capital remaining lumpy from quarter-to-quarter as reimbursement and awareness continues to build.

在 NanoKnife 方面，我們預期前列腺領域將持續保持動能，其中耗材將是主要驅動力；而資本設備銷售將因報銷與市場認知持續建立而呈現季度間波動。

Underpinning all of this is our commitment to clinical data. We're not resting on the growth we've already built; we are prudently investing in high-quality clinical data across the portfolio to drive adoption and to expand the markets we can compete in.

支撐這一切的是我們對臨床數據的承諾。我們不會停留在既有的成長成果上；我們正審慎地在整個產品組合中投資高品質臨床數據，以推動採用並擴大我們可競爭的市場。

On the cardiovascular side, in addition to the alpha return and PAVE studies we are currently running, we have formed a global cardiovascular medical advisory board of leading physicians to help guide our clinical and product strategy, and we are expanding our ambition BTK study internationally.

在心血管領域，除目前正在進行的 alpha return 與 PAVE 研究外，我們已成立由頂尖醫師組成的全球心血管醫學顧問委員會，以協助指導我們的臨床與產品策略，並正將我們的 BTK 研究的企圖心擴展至國際。

In interventional oncology, NanoKnife continues to build one of the strongest data engines in our space, from the two-year durability data from PRESERVE through FDA approval of the IDE for our relief feasibility study, which takes our IRE technology into benign prosthetic hyperplasia, one of the most common conditions in men's health.

在介入腫瘤領域，NanoKnife 持續打造我們領域中最強大的數據引擎之一，從 PRESERVE 的兩年耐久性數據，到 FDA 核准我們 relief 可行性研究的 IDE，使我們的 IRE 技術得以延伸至良性前列腺增生（benign prostatic hyperplasia），這是男性健康中最常見的疾病之一。

In addition, at the AUA conference in May, independent investigators from Weill Medical College of Cornell University presented results from an investigator-initiated study, Radiation Therapy and Irreversible Electroporation for Intermediate-Risk Prostate Cancer, or ARTIRE, which combines IRE with reduced-dose radiation therapy.

此外，在 5 月的 AUA 年會上，康乃爾大學威爾醫學院（Weill Medical College of Cornell University）的獨立研究者發表了一項研究者發起研究的結果：中度風險前列腺癌的放射治療與不可逆電穿孔（Radiation Therapy and Irreversible Electroporation for Intermediate-Risk Prostate Cancer），或稱 ARTIRE，該研究將 IRE 與降低劑量的放射治療結合。

Key findings from the presentation included 42 patients enrolled, a 100% negative biopsy rate at 12 months, 90% reduction in PSA from baseline at three months, rapid recovery of quality-of-life following treatment, and no grade 3 or higher adverse events. These fantastic results suggest that combining focal NanoKnife IRE treatment with reduced radiation may offer a powerful new treatment paradigm and convince the investigators to conduct a follow-on RCT IDE study.

該報告的主要發現包括：納入 42 名患者、12 個月時 100% 陰性切片率、治療後三個月 PSA 較基線下降 90%、治療後生活品質快速恢復，且未出現第 3 級或以上不良事件。這些極佳結果顯示，將局部 NanoKnife IRE 治療與降低劑量的放射治療結合，可能提供一種強而有力的新治療典範，並促使研究者進一步進行後續的 RCT IDE 研究。

The common thread is that we are committed to generating high-quality data to expand indications and reach more patients over time. We are well aware of the broader environment for our industry right now, and what I would emphasize is that AngioDynamics is built to be a consistent performer through it.

共同主軸是：我們致力於產出高品質數據，以擴大適應症並隨時間推進觸及更多患者。我們非常清楚目前產業所處的整體環境；我想強調的是，AngioDynamics 的體質足以在其中成為穩健且持續的表現者。

We see real demand for the procedures our platforms enable. We are positioned in markets that are growing, and we have a clean, debt-free balance sheet that gives us the flexibility to keep investing. And we intend to do all of it the way that we did this year, investing for tomorrow while delivering improved profitability today.

我們看到市場對我們平台所促成之手術程序有真實需求。我們所處的市場正在成長，且我們擁有乾淨、無負債的資產負債表，使我們能保持持續投資的彈性。我們也打算以今年同樣的方式完成這一切：在為明天投資的同時，於今天交出更佳的獲利能力。

There's one thing fiscal 2026 demonstrated that our business model can fund growth, absorb outside headwinds like tariffs, generate cash, and still expand profitability. We fully expect to keep delivering on that balance in fiscal 2027 as we drive sustained profitable growth and create value for our shareholders.

2026 會計年度證明了一件事：我們的商業模式能夠為成長提供資金、吸收如關稅等外部逆風、產生現金，並且仍能擴大利潤率。我們完全預期在 2027 會計年度將持續達成這種平衡，推動可持續的獲利成長，並為股東創造價值。

With that, operator, let's open the line for questions.

接下來，接線員，讓我們開放提問。

Thank you. (Operator Instructions)

謝謝。(接線員指示)

John Young, Canaccord Genuity.

John Young，Canaccord Genuity。

Just a couple for me. Maybe first on NanoKnife, if I can. Palmetto, the LCD going live as of January 5. hat change in neurologist adoption or account transitions have you seen so far? And what's the timeline for any expected benefit from this? And then maybe you could walk us through what the regional coverage to broader national coverage pathway looks like?

我這邊只有幾個問題。也許先從 NanoKnife 談起。Palmetto 的 LCD 自 1 月 5 日起生效。到目前為止，你們看到神經科醫師採用或帳戶轉換有什麼變化？以及你們預期從中受益的時間表是什麼？另外，也請你們帶我們了解一下，從區域性給付覆蓋走向更廣泛的全國性覆蓋，這條路徑大概會是什麼樣子？

We were very excited about receiving that information from Palmetto. That's an important decision for us, and it was a lot of work that our team put into getting to that spot. As we said, going back to the time that we announced the CPT code going effective, we didn't expect that that was going to be by itself a hockey stick that would drive business going forward.

我們對於從 Palmetto 收到這項資訊感到非常振奮。這對我們而言是一項重要決定，而團隊為了走到這一步投入了大量工作。如同我們先前所說，回到我們宣布 CPT 代碼開始生效的時點，我們並不預期僅靠這件事就會成為推動業務向前的「曲棍球棒式」爆發。

But what we've seen since that CPT code went into effect in January of this year is consistent good anecdotes around adoption for the technology and seeing that payers are covering that code. Palmetto is a very important piece of that and making sure that we got now the first positive LCD out there is going to be an important element for us to grow on and continue to drive adoption.

但自今年 1 月該 CPT 代碼生效以來，我們看到關於這項技術採用的正面案例持續出現，也看到付款方正在給付該代碼。Palmetto 是其中非常重要的一環；而現在我們取得第一個正向的 LCD，將成為我們後續擴大成長並持續推動採用的重要要素。

So I would say that what you've seen in our results are the early stages of good indications coming from those types of decisions. It's not the full amount yet, and there's still work to do. We're going to follow the same playbook. We're going to talk to the other MACs and to the other regional decision makers to make sure that we're finishing the work to get consistent reimbursement across the country. But we like what we're seeing so far.

因此我會說，你們在我們的業績中所看到的，是這類決策帶來良好訊號的早期階段。目前還不是全部的效果，仍有工作要做。我們會沿用同樣的作法。我們會與其他 MAC 以及其他區域決策者溝通，確保完成相關工作，讓全國各地都能有一致的給付。但到目前為止，我們對所看到的情況感到滿意。

And then on RELIEF BPH, how large is the BPH opportunity for NanoKnife relative to prostate cancer? And then what's the timeline to first data?

另外關於 RELIEF BPH，對 NanoKnife 而言，BPH 的機會相較於前列腺癌有多大？以及第一批數據的時間表是什麼？

So, John, we're being cautious here and trying to understand how large this market can be. The feedback we've received from a lot of the physicians who've used nano to treat tumors is when they do the patient follow-ups, they're saying, hey, by the way, the follow-up was terrific on the BPH, I'm sorry, on the tumor, but you cured his BPH. So we're hearing these antidotes in the field. So it really inspired us to do this.

John，我們在這裡會比較謹慎，並試著了解這個市場到底能有多大。我們從許多使用 nano 治療腫瘤的醫師那裡得到的回饋是：他們在做病患追蹤時會說，順帶一提，腫瘤的追蹤結果非常好，但你也把他的 BPH 治好了。所以我們在第一線聽到這些案例。這也確實啟發我們去做這件事。

As you know, John, the BPH market dwarfs the prostate market. We're being careful that's why we launched. We think it's really important for us to learn more with the physicians, learn what we can do, and we'll be really transparent with you once we learn from this study. But there's a lot of interest in the product. A lot of interest in the space, looking for really a good BPH opportunity for a company to solve. But we haven't yet sized the market or talked about that beyond this yet.

如你所知，John，BPH 市場規模遠大於前列腺市場。我們之所以啟動，是因為我們很謹慎。我們認為與醫師一起進一步學習、了解我們能做什麼非常重要；一旦我們從這項研究中學到東西，我們也會非常透明地與你們分享。但市場對這個產品的興趣很高。這個領域也有很高的關注度，大家都在尋找一個真正好的 BPH 機會，讓公司能夠去解決。不過我們目前還沒有對市場規模做出估算，也尚未在此之外進一步談論。

And then one more quickly for me. Just on mechanical thrombectomy, what are you seeing that led to the quarter-over-quarter declines in the business? Is this a slowdown in usage in active accounts? Or is it the less-than-expected new account holdings in the quarter? Just any additional color there would be helpful. Thank you again.

最後再快速問一個。關於機械取栓，你們看到哪些因素導致該業務季度對季度下滑？這是既有帳戶的使用量放緩嗎？還是本季新增帳戶數低於預期？任何額外的說明都會很有幫助。再次感謝。

So we saw a lot this past year. Again, we're pleased that AlphaVac grew 44% over prior. We wanted to do a little bit more. So we had goals to do a bit more. We told you guys AngioVac for the year would have been single digits. It was. We still wanted to do a bit more there. So the market is terrific. It's very competitive.

過去一年我們看到很多情況。再次強調，我們很高興 AlphaVac 較前一年成長 44%。我們原本希望能做得更多一些。所以我們確實設定了更高的目標。我們也告訴各位，AngioVac 全年會是個位數成長。結果確實如此。但我們仍希望那邊能再多一些。因此市場非常好。競爭也非常激烈。

We're still all working together with our peer companies and competitors to get more adoption, more physicians coming over to use mechanical interventions as a standard of care. We all want to grow via the TAM that we compete in. But we've also looked internally.

我們仍在與同業公司與競爭對手一起努力，推動更多採用、讓更多醫師轉而將機械介入作為標準治療。我們都希望透過我們所競爭的 TAM（可服務總市場）來成長。但我們也做了內部檢視。

We can't control all the external factors. We have a great product. You've seen the data. We get feedback every day on how intuitive it is to use, how safe and effective it is in the field and how we're getting more and more adoption every day. What we can't control is our ability to take as much share as we can as fast as we can in this growing market.

我們無法控制所有外部因素。我們有很棒的產品。你們也看過數據。我們每天都收到回饋，說它使用起來很直覺、在臨床現場安全且有效，而且我們每天都在獲得更多採用。我們無法控制的是：在這個成長中的市場裡，我們能以多快的速度、拿下多少市占。

So even there, we've made some changes. In Q4, we changed our commercial approach, put a couple new people in place, new leadership structure, and did a lot of work on training our sales force to be effective as fast as we can. We've got new people joining us that come with experience as well.

因此即便在這方面，我們也做了一些調整。在第四季，我們改變了商業策略，安排了幾位新成員到位，建立新的領導架構，並在訓練銷售團隊上投入大量工作，讓我們能盡快提升成效。也有具備相關經驗的新同仁加入我們。

So John, keep an eye on the next couple of quarters coming out. We've got a great product in a great marketplace, and we expect this to be a growth driver for a long time to come.

所以 John，請留意接下來幾個季度的表現。我們在一個很好的市場裡擁有很好的產品，我們預期這將在未來很長一段時間成為成長動能。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，Lake Street Capital Markets。

I was hoping to start with one on the guidance. Maybe if you could point us directionally in the cadencing of revenues. I think historically, we've seen August stepped down quarter-over-quarter. And then, growth really throughout the year from that point, with sometimes the third quarter being down a little bit from the second quarter. But any context on the cadencing would be helpful.

我想先從財測開始問。也許你們可以就營收的季度節奏提供一些方向性的說明。我想從歷史來看，我們常看到 8 月那一季會較前一季下滑。之後從那個時間點起，全年大致呈現成長，有時第三季會比第二季略低一些。但若能提供任何關於節奏的背景說明都會很有幫助。

And then, if you could also overlay the cadencing of cash generation and cash generation expectations for the year, that would be great. Thank you.

另外，如果你們也能一併說明全年現金產生的節奏，以及對今年現金產生的預期，那就太好了。謝謝。

So we don't guide specifically quarterly, but the seasonality that you talked about, I think, is the right way to think about the business going forward. We typically see Q4 being our highest quarter in terms of both revenue and cash generation. Q1 is usually a step down from the previous Q4 in revenue. It's certainly also our highest use of cash quarter. That's typical for most businesses where Q1 is going to be the highest utilization of cash. We're no different. So expect that we'll have some cash usage here in Q1.

我們不會針對季度提供具體指引，但你提到的季節性，我認為是未來思考這項業務的正確方式。我們通常看到第四季在營收與現金產生方面都是最高的一季。第一季的營收通常會較前一年的第四季下滑一個台階。而第一季也通常是我們現金使用量最高的一季。這對多數企業而言都很典型，第一季往往是現金使用最高的季度。我們也不例外。因此預期我們在第一季會有一些現金使用。

With Q2 and Q3 being a sequential step up from where you saw Q1. Sometimes Q3, given our structure, is down from Q2. It's usually a little bit less pronounced. And then Q4, of course, is going to be the highest generation quarter in terms of both revenue as well as cash. I would expect that to continue.

第二季與第三季會在第一季的基礎上逐季上升。有時候第三季因為我們的結構因素會低於第二季。通常幅度不會太明顯。然後第四季當然會是營收與現金產生都最高的一季。我預期這種情況會持續。

Now, some of the quarterly trends that you've seen in the middle of the year with Q2 and Q3, I expect those to continue to mitigate a little bit given the fact that we're in growth mode. And then you've got our MedTech products that are continuing to grow. So you may see some mitigation of some of that lumpiness within the year. But overall, I would expect that you're going to see the same cadence that we've seen last year and the year before, just based on some of the structural constructs of our fiscal year.

現在，就你在年中第二季與第三季看到的一些季度趨勢而言，鑑於我們正處於成長模式，我預期這些趨勢會持續、但波動會稍微緩和一些。另外，我們的 MedTech 產品也在持續成長。因此，你可能會看到一年之內某些不均勻性的波動有所緩解。但整體而言，基於我們會計年度的一些結構性設計，我預期你會看到與去年以及前年相同的節奏。

I wanted to ask one specific on NanoKnife. I heard the comments around capital can be lumpy, but I expect disposables to continue to trend positively. Should we read that as the $8.4 million in disposable revenue in NanoKnife being a baseline level of disposable revenue to grow off of? Or would the seasonality impact that number too?

我想針對 NanoKnife 問一個具體問題。我聽到你們提到資本設備的營收可能會有波動，但我預期耗材會持續呈現正向趨勢。我們是否可以將 NanoKnife 耗材營收 840 萬美元視為一個可在其上持續成長的基準水準？還是季節性也會影響這個數字？

Yes, so a little bit of both. I do think what you're seeing here is if you look at our results in nano disposables, you're seeing that increase in the adoption by urologists. You're seeing a little bit of a step up in terms of how we expect nanoprobes to continue to progress through the quarter. You may still see some of that seasonality with Q4 being our strongest quarter, Q1 being a little bit of a step down and following the same pattern that we just talked about.

是的，所以兩者都有一些。我確實認為你在這裡看到的是：如果你看我們在 nano 耗材的結果，你會看到泌尿科醫師採用率的提升。你也會看到我們預期 nanoprobes 在季度內持續推進的幅度有些上調。你仍可能會看到一些季節性：第四季是我們最強的一季，第一季會稍微回落，並延續我們剛才談到的相同模式。

But I definitely expect that you're going to see nano probes coming from a little bit of a higher baseline than they had before because of all the really exciting growth that we've seen and the adoption from the urologists.

但我確實預期你會看到 nano probes 會從比以往更高的基準起步，因為我們看到非常令人振奮的成長，以及泌尿科醫師的採用。

And then just last one for me, Jim, wanted to follow-up on one of your previous answers on the mechanical thrombectomy business. You hinted towards some commercial changes that were made, new leadership structure and some new people coming in. Can you go a little bit deeper into that? Maybe how many new reps have you hired and what commercial changes are you referring to?

最後一個問題，Jim，我想追問你先前對機械取栓業務的其中一個回答。你提到做了一些商業端的調整，包括新的領導架構以及一些新成員加入。你能再深入說明一下嗎？例如你們新聘了多少位業務代表，以及你所指的商業變更是哪些？

So we took a look at how we were performing in the field, watching the competitors in the market. Remember, there's really three factors we look at every day. One is the actual market at people transitioning how they're delivering care to PE patients, going from lytic-based therapies as the standard of care over to mechanical intervention. So watching that market shift, we're helping that market shift with the use of AlphaVac.

所以我們檢視了我們在前線的表現，也觀察市場上的競爭對手。記住，我們每天主要看三個因素。第一是實際市場：人們正在改變對 PE（肺栓塞）病患的照護方式，從以溶栓為基礎的療法（作為標準治療）轉向機械介入。因此我們在觀察這個市場轉變，同時也透過 AlphaVac 的使用來協助推動這個市場轉變。

Second, look at our competitors. The competitors, we've got two really good big ones that everyone knows about. And a bunch of small guys trying to get into space. So it's an active space. We're doing really well there. When someone tries our product, uses it a few times, the feedback is terrific on how intuitive it is, how safe and effective it is. We pulled more clot burden out than anybody. The APEX study showed that.

第二，觀察我們的競爭對手。競爭對手方面，有兩家大家都知道、非常強的大型公司。另外還有一堆小公司想要進入這個領域。所以這是一個很活躍的市場。我們在那裡做得非常好。當有人試用我們的產品、使用幾次之後，回饋都非常好，認為它很直覺、很安全且有效。我們取出的血栓負荷量比任何人都多。APEX 研究也顯示了這一點。

Then finally, Frank, look at the thing that we most care about what we can control, which is our ability to be the best we can every day in the field with our clinical teams, our selling and marketing teams. So we thought we could do a little better there just as we learned the messaging that we can do, train our teams, and affect change in the field.

最後，Frank，我們看的是我們最在意、也最能掌控的事情：也就是我們每天在前線能否做到最好——透過我們的臨床團隊、銷售與行銷團隊。因此我們認為在這方面還可以再做得更好：隨著我們學到可以如何傳遞訊息、訓練團隊，並在前線推動改變。

So we changed a little bit of the structure we have internally. We've added more people. We're excited that every time we seem to have a sales opening, we've got people now with experience that know the marketplace, have sold products like these for other companies and want to come join us. Salespeople are really smart, and they want to sell products they can make the most money on, have the most fun, and work for a company with a great culture. We seem to offer that. Got a lot of people joining us.

所以我們在內部稍微調整了組織架構。我們增加了更多人力。我們很興奮的是，每次看起來有業務職缺時，現在都有具備經驗的人才——了解市場、曾在其他公司銷售過類似產品——想加入我們。業務人員都很聰明，他們想賣能讓自己賺最多錢、做得最開心的產品，也想在企業文化很好的公司工作。我們似乎提供了這些條件。因此有很多人加入我們。

So we'll watch you during the course of the year, Frank, be really transparent. The product is solid. We've got a great team now. So we changed that structure, added to it, strengthened it to make sure we can continue to take share above market.

所以在今年的過程中我們會持續讓你看到進展，Frank，我們會非常透明。產品很扎實。我們現在也有很棒的團隊。因此我們調整了架構、擴充並強化它，以確保我們能持續在高於市場的水準上取得市占。

Yi Chen, HC Wainwright.

Yi Chen，HC Wainwright。

I'm still stuck on the mechanical thrombectomy. With the lumpy growth, how would you characterize the competitive intensity from like Boston Scientific and thronbectomies and Medtronic in arthrotomie? Are you really starting to see any of that pricing pressure show up?

我還是卡在機械取栓這塊。在成長起伏較大的情況下，你會如何形容像 Boston Scientific 在取栓、以及 Medtronic 在 arthrotomie（原文如此）方面的競爭強度？你們是否真的開始看到任何定價壓力浮現？

In neither of the two categories you mentioned, our two cardiovascular categories, we don't hear a lot of pricing pressure. You go back to the question you mentioned on thrombectomy, you now get you have Boston and Penumbra going to market differently than it was in the past. You've got Anaria and Stryker going to market differently.

在你提到的兩個類別、也就是我們兩個心血管類別中，我們沒有聽到太多定價壓力。回到你提到的取栓問題，現在你會看到 Boston 和 Penumbra 的市場策略與過去不同。你也看到 Anaria 和 Stryker 的市場策略不同。

Our product competes really well with both of those. Those are great products and great companies behind them, but our product is really good. Pricing has not been an issue in the marketplace. Probably for any of the three of our companies based on what we do and the value we provide for the patient and the caregiver, removing clot quickly and safely and effectively.

我們的產品與這些對手相比競爭力很強。它們都是很棒的產品、背後也有很棒的公司，但我們的產品也非常好。在市場上，價格並不是問題。就我們三家公司而言，可能都一樣——基於我們所做的事，以及我們為病患與照護者提供的價值：快速、安全且有效地移除血栓。

And we really take cost out of the system, keep people out of the ICU, extended stays, a lot of drug therapies. So each of us in the space take a lot of cost out of the system for providers. So price is not an issue on the device.

而且我們確實為整個系統降低成本，讓病人不必進 ICU、避免延長住院，以及減少大量藥物治療。所以在這個領域裡，我們每一家都為醫療提供者大幅降低了系統成本。因此裝置的價格不是問題。

Switching over to the PAD side, we're just taking share in that space way above market rates for two reasons. We've got the best product. Auryon now has been proven in the field. It's been used over 200,000 times in the last five years. And it's really safe and effective what we do there.

切換到 PAD（周邊動脈疾病）這一側，我們在該領域取得市占的速度遠高於市場成長率，原因有兩點。我們有最好的產品。Auryon 現在已在臨床現場被證實。過去五年已使用超過 200,000 次。而且我們在那裡所做的確實非常安全且有效。

So we're taking share because the product is the best product in the market. It works above and below the knee and about 10% of the procedures we do is for instant restenosis. And that a lot of the other products in the market cannot do.

所以我們能取得市占，是因為產品是市場上最好的產品。它能用於膝上與膝下血管，且我們約 10% 的手術是用於即時再狹窄（instant restenosis）。而市場上許多其他產品做不到這一點。

Then finally, we've got a great selling and clinical team that supports our customers. We're winning new customers all the time, and each of the customers we have seem to do more and more procedures with Auryon as they trust the device. So we've got a great cardiovascular business.

最後，我們有很棒的銷售與臨床團隊來支援客戶。我們一直在贏得新客戶，而我們現有的每一位客戶，隨著他們對裝置的信任提升，似乎都會用 Auryon 做越來越多的手術。所以我們有很強的心血管業務。

We'll continue to hone our game and make sure we're the best we can be, but we'll be transparent with you during the course of the year in both of these avenues.

我們會持續精進我們的作法，確保我們能做到最好；同時在今年的過程中，針對這兩條路徑我們都會對你保持透明。

[Arlan Kanakazi, Tradium Broker].

[Arlan Kanakazi，Tradium Broker]。

I actually wanted to start with NanoKnife. Now that Medicare coverage is in effect, what are you guys actually seeing on the ground? Has the conversation with physicians and hospitals started to shift, for example, from proving the clinical case to more practical things like logistics and capacity?

我其實想先從 NanoKnife 開始。現在 Medicare（美國聯邦醫療保險）給付已生效，你們在第一線實際看到的是什麼？與醫師和醫院的對話是否已開始轉變，例如從證明臨床價值，轉向更實務的事情，如物流與產能？

It's funny. We spent the day yesterday; we're spending the day today with our commercial team. The NanoKnife commercial team is giving us a lot of feedback on what they're seeing and hearing in the field. And it really starts first with the clinical conversation. What the product does is so unique, the way that NanoKnife directs energy to treat that tumor.

這很有趣。我們昨天花了一整天；今天也和我們的商業團隊一起度過一整天。NanoKnife 商業團隊就他們在第一線看到與聽到的情況，給了我們很多回饋。而這一切首先都從臨床對話開始。這個產品的作用非常獨特，NanoKnife 以其導引能量的方式來治療那個腫瘤。

So the clinical conversation is what we hear from our field team is the most active conversation. A lot of urologists have been looking for years at a good focal option to keep the gland intact and to treat it. Now, NanoKnife is giving them that great focal option. The PRESERVE study shows that. So we're excited at first, urologists are asking how they can learn about Nano, try Nano and treat their patients.

所以我們從第一線團隊聽到的是，臨床對話是最活躍的討論。許多泌尿科醫師多年來一直在尋找一個良好的局部治療選項，既能保留腺體完整，又能進行治療。現在，NanoKnife 正為他們提供那個很棒的局部治療選項。PRESERVE 研究顯示了這一點。因此我們很振奮，一開始泌尿科醫師就在問他們要如何了解 Nano、試用 Nano，並為病患進行治療。

Then second, the economic story, what you just mentioned, getting the coverage that we want, not just with Medicare, but now with privates coming on, getting the LCD from Palmetto is really important. It shows, again, how safe and effective the device is, and it can pass those economic tests as well. So patients can get treated, and doctors and hospitals can get paid.

接著第二個是經濟面的故事，也就是你剛提到的：取得我們想要的給付覆蓋，不僅是 Medicare，現在也有民間保險加入；而從 Palmetto 取得 LCD 非常重要。這再次顯示該裝置有多安全且有效，而且也能通過那些經濟性測試。因此病患可以接受治療，而醫師與醫院也能獲得給付。

So we're excited, first, clinically, and second, back to your question, we'll watch over the course of the year as we get more and more of the reimbursement hurdle out of the way. The field team is excited because they're getting so much interaction with urologists who want to come on. And if we can make sure we get the reimbursement hold cleared, we're really excited about the future. But good question.

所以我們很興奮：第一是臨床面；第二回到你的問題，我們會在一年當中觀察，隨著我們逐步把更多的報銷障礙排除。第一線團隊很興奮，因為他們與想加入的泌尿科醫師有大量互動。如果我們能確保把報銷方面的卡點清除，我們對未來真的非常期待。不過問得很好。

And my last question is about the guidance. We can see that the adjusted EBITDA range implies that you're investing most of the gross profit back into the business, even with the mix continuing to shift towards higher-margin medtech. I can see that a lot of that is clinical pipeline because you have APEX, Ambition, and many more. Can you help us think about how that clinical spend phases over the next couple of years? Or the fiscal 2027 is the peak investment year, and at one point, the model starts to showing the operating leverage.

我最後一個問題是關於指引。我們可以看到，調整後 EBITDA 的區間意味著你們把大部分毛利再投入到業務中，即使產品組合持續轉向毛利率更高的醫療科技。我看其中很大一部分是臨床管線，因為你們有 APEX、Ambition，還有更多。你能否幫我們理解，未來幾年這些臨床支出會如何分期？或者 2027 財年是投資高峰年，並且在某個時間點，模型開始展現營運槓桿？

So what we've historically said is that we're targeting about 10% of sales as our R&D spend going forward in the year. The clinical spend is within that 10%, so I wouldn't expect that you're going to see a significantly higher investment year in '27, particularly when it comes to R&D and clinical spend, above and beyond what we've guided to, which is that expecting about 10% going forward.

我們過去一貫的說法是，未來我們的研發支出目標約為銷售額的 10%。臨床支出包含在這 10% 之內，因此我不預期你會在 2027 年看到顯著更高的投資年度，特別是在研發與臨床支出方面，超出我們已給出的指引；也就是預期未來約 10%。

The question around growth and how it drops to the bottom line, it's a constant balancing act for us. We are in investment mode. We're continuing to invest in our business. It's very important for us to continue to invest in all three of the growth drivers within MedTech to continue to grow at the above-market rates that we've been growing at.

至於成長以及如何反映到最終損益，對我們而言一直是持續的平衡取捨。我們正處於投資模式。我們會持續投資於業務。對我們來說，持續投資於 MedTech 三大成長驅動因素非常重要，才能延續我們一直以來高於市場的成長速度。

At the same time, we're balancing that with dropping some profit to the bottom line to prove that we can do both. You saw that this year with the EBITDA contribution that we gave at the end of the fiscal year. And then, we're targeting growing about 20% from that elevated baseline from '26 into '27, while we're continuing to invest back in the business in terms of clinical trials, new product line introductions that Jim talked about, continuing to invest in our sales force and the feet on the street to drive those MedTech products going forward.

同時，我們也在平衡把部分利潤落到最終損益，以證明我們兩者都能做到。你今年在財年末看到我們提供的 EBITDA 貢獻就是例子。接著，我們的目標是在 2026 年這個較高的基期之上，從 2026 到 2027 年再成長約 20%，同時持續把資金再投入業務，包括臨床試驗、Jim 提到的新產品線導入，以及持續投資我們的銷售團隊與第一線人力，以推動未來這些 MedTech 產品。

So expect that balance to continue, expect us to do both, invest in our businesses, drive above market growth, as well as we continue to drop profit to the bottom line at a healthy pace. But it's going to be a balance of both of those things going forward.

所以預期這種平衡會持續下去，預期我們兩者都會做：投資於業務、推動高於市場的成長，同時也以健康的速度把利潤落到最終損益。但未來會是在這兩件事之間取得平衡。

And then add to that the fact that we're proving that our business model can generate cash while we make those balancing decisions. Very good in terms of generating cash flow from operations last year, and we're going to have positive cash flow going into 2027 as well.

此外還要加上，我們正在證明：在做這些平衡決策的同時，我們的商業模式也能產生現金。去年在營運現金流的產生方面表現非常好，而我們在 2027 年也將維持正向現金流。

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

謝謝。各位女士、先生，問答環節到此結束。我把時間交回給 Clemmer 先生做最後的評論。

Thank you for joining us today. I think today you can see the validation of the strategy we put in place years ago. To change the dynamics, to transform the company. From what was a slow-growth company in slow-growth markets that were small.

感謝各位今天加入我們。我想今天各位可以看到，我們多年前制定的策略已獲得驗證。去改變態勢、轉型公司。從一家在小型、低成長市場中的低成長公司。

Today, our company competes in larger markets that are faster growing, where technology and innovation matter, and patient outcomes can be measured, and we can show improvement on patient wellness. AngioDynamics is part of that shift. We have the team in place, the people who joined our company, know how to do what we've just said, how to deliver that message to our customers. We've got the products and innovation in these markets to change and win.

今天，我們公司在更大的、成長更快的市場中競爭；在這些市場裡，科技與創新很重要，病患結果可以被衡量，而我們也能展示病患健康狀況的改善。AngioDynamics 是這個轉變的一部分。我們已建立好團隊，加入我們公司的夥伴知道如何做到我們剛才所說的，如何把這個訊息傳遞給客戶。我們在這些市場擁有產品與創新，能夠帶來改變並取得勝利。

These are really exciting markets for us. This company has a good balance today with our medical device products that provide us with the cash and stability to fund our medical technology investments going forward. So my message to investors is keep an eye on our company. We think we've got a great balance of being in the right place at the right time with great products.

對我們而言，這些都是非常令人振奮的市場。如今公司在產品組合上取得良好平衡：我們的醫療器材產品為我們提供現金與穩定性，以支持未來的醫療科技投資。因此我想對投資人傳達的訊息是：請持續關注我們公司。我們認為我們具備很好的平衡：在對的時間點、處於對的位置，並擁有很棒的產品。

We'll continue to show we can grow above market rates in these markets, and we'll drop profitability down through the company each year that goes by. We continue to grow above those rates and drop profit that enables us to be strong, keep the debt-free balance sheet in place and use our cash and capital to continue to invest in our company going forward.

我們將持續展現：在這些市場中，我們能以高於市場的速度成長，並且每一年都把獲利能力向下滲透到公司各層面。我們持續以高於市場的速度成長並落實利潤，使我們能保持強健，維持無負債的資產負債表，並運用我們的現金與資本，持續投資於公司未來的發展。

We couldn't do this without our great team of people. So thank you to each of our employees who make it all work. Thanks to the investors for joining us today. We'll see you soon.

沒有我們優秀的團隊，我們做不到這些。因此，感謝每一位讓一切運作起來的員工。也感謝投資人今天加入我們。我們很快再見。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話。感謝您的參與。