Accuray Inc (ARAY) 2023 Q4 法說會逐字稿

Hello, and welcome to the Accuray Fourth Quarter and Fiscal 2023 Financial Results Conference Call. (Operator Instructions) Please note, this event is being recorded.

您好，歡迎參加 Accuray 第四季度和 2023 財年財務業績電話會議。 （操作員說明）請注意，正在記錄此事件。

I would like now to turn the conference over to Jesse Chew, Senior Vice President and Chief Legal Officer. Please go ahead.

我現在將會議交給高級副總裁兼首席法務官 Jesse Chew。請繼續。

Thank you, operator, and good afternoon, everyone. Welcome to Accuray's conference call to review financial results for the fourth quarter of fiscal year 2023, which ended June 30, 2023.

謝謝接線員，大家下午好。歡迎參加 Accuray 的電話會議，審查截至 2023 年 6 月 30 日的 2023 財年第四季度的財務業績。

During our call this afternoon, management will review recent corporate developments. Joining us on today's call are Suzanne Winter, Accuray's President and Chief Executive Officer; and Ali Pervaiz, Accuray's Chief Financial Officer.

在今天下午的電話會議中，管理層將回顧公司最近的發展。參加今天電話會議的還有 Accuray 總裁兼首席執行官 Suzanne Winter；和 Accuray 首席財務官 Ali Pervaiz。

Before we begin, I would like to remind you that our call today includes forward-looking statements. Actual results may differ materially from those contemplated or implied by these forward-looking statements. Factors that could cause these results to differ materially are outlined in the press release we issued just after the market closed this afternoon as well as in our files with the Securities and Exchange Commission.

在開始之前，我想提醒您，我們今天的電話會議包含前瞻性陳述。實際結果可能與這些前瞻性陳述預期或暗示的結果存在重大差異。我們今天下午收盤後發布的新聞稿以及我們向美國證券交易委員會提交的文件中概述了可能導致這些結果出現重大差異的因素。

We base the forward-looking statements on this call on the information available to us as of today's date. We assume no obligation to update any forward-looking statements as a result of new information or future events, except to the extent required by applicable securities laws.

我們根據截至今天為止我們掌握的信息做出本次電話會議的前瞻性陳述。我們不承擔因新信息或未來事件而更新任何前瞻性陳述的義務，除非適用的證券法要求。

Accordingly, you should not put undue reliance on any forward-looking statements. A few housekeeping items for today's call. First, during the Q&A session, we request that participants limit themselves to 2 questions and then requeue with any follow-ups. Second, all references to a specific quarter in the prepared remarks are to our fiscal year quarters.

因此，您不應過分依賴任何前瞻性陳述。今天電話會議的一些家務用品。首先，在問答環節，我們要求參與者只提出 2 個問題，然後重新排隊回答任何後續問題。其次，準備好的評論中所有提及特定季度的內容均指我們的財年季度。

For example, statements regarding our fourth quarter refer to our fiscal fourth quarter ended June 30, 2023. Additionally, there will be a supplemental slide deck to accompany this call, which you can access by going directly to Accuray's Investor Relations page at investors.accuray.com.

例如，有關我們第四季度的報表指的是截至2023 年6 月30 日的第四財季。此外，本次電話會議還將提供一個補充幻燈片，您可以直接訪問Accuray 的投資者關係頁面Investors .accuray 來訪問該幻燈片。 .com。

With that, let me turn the call over to Accuray's Chief Executive Officer, Suzanne Winter. Suzanne?

接下來，讓我將電話轉給 Accuray 的首席執行官蘇珊娜·溫特 (Suzanne Winter)。蘇珊娜？

Thank you, Jesse, and thank you all for joining the call. Today, I will provide highlights from our fourth quarter and then reflect on my first year as CEO, both on our accomplishments and the areas of focus for FY '24 and beyond.

謝謝你，傑西，也感謝大家加入這次電話會議。今天，我將介紹第四季度的亮點，然後回顧我擔任首席執行官的第一年，包括我們的成就以及 24 財年及以後的重點領域。

Our fourth quarter performance was strong with total company revenue growing 8% year-over-year. Notably, both product and services revenue contributed materially to the growth within the quarter, up 8% and 7% year-over-year, respectively. As we mentioned on last year's call, we believe that our service business is a huge long-term opportunity for both revenue and margin growth, and we are encouraged by what we have seen in the early stages of our plan.

我們第四季度的業績強勁，公司總收入同比增長 8%。值得注意的是，產品和服務收入對本季度的增長做出了重大貢獻，分別同比增長 8% 和 7%。正如我們在去年的電話會議上提到的，我們相信我們的服務業務對於收入和利潤增長來說都是一個巨大的長期機會，我們對計劃早期階段所看到的情況感到鼓舞。

From a region review, fourth quarter revenue growth was led by the Americas region with 28% year-over-year growth and the APAC region growing 9% year-over-year. EIMEA revenue grew 1% and Japan declined 7%, but was flat excluding the impact of foreign exchange.

從地區來看，第四季度收入增長由美洲地區引領，同比增長 28%，亞太地區同比增長 9%。 EIMEA 收入增長 1%，日本收入下降 7%，但排除外匯影響，收入持平。

Foreign exchange has significantly impacted our Q4 revenue, especially in Japan, in this quarter alone, foreign exchange had an overall negative $1.8 million impact to revenue. From a product view, in Q4, demand for the delivery of the Radixact platform was strong with 40% growth in Radixact and Tomo system shipments compared to 1 year ago.

外匯對我們第四季度的收入產生了重大影響，尤其是在日本，僅在本季度，外匯就對收入產生了 180 萬美元的總體負面影響。從產品來看，第四季度Radixact平台交付需求強勁，Radixact和Tomo系統出貨量較一年前增長40%。

Customer reception continues to be strong for our latest innovations on the Radixact platform, including ClearRT CT imaging, Synchrony real-time motion correction and VOLO Ultra treatment planning. Q4 order performance was solid with a book-to-bill ratio at 1.4. We are very pleased with these results as it means that we have booked more orders than we have shipped during the quarter and that we are building our backlog.

我們在 Radixact 平台上的最新創新（包括 ClearRT CT 成像、Synchrony 實時運動校正和 VOLO Ultra 治療計劃）繼續受到客戶的熱烈歡迎。第四季度訂單表現穩健，訂單出貨比為 1.4。我們對這些結果感到非常滿意，因為這意味著我們預訂的訂單多於本季度發貨的訂單，並且我們正在積壓訂單。

Orders growth in Q4 was led by APAC and EIMEA. APAC ended the year with 53% growth in orders booked followed by EIMEA with 12% growth year-over-year. Within the quarter, we also booked several strategic and multisystem orders from key institutions globally. The MedStar Health System at Georgetown purchased 2 new CyberKnife S7 systems for their stereotactic radiosurgery and SBRT patient care.

第四季度的訂單增長由亞太地區和歐洲、中東和非洲地區引領。截至年底，亞太地區的訂單量增長了 53%，其次是歐洲、中東和非洲 (EIMEA)，同比增長 12%。本季度內，我們還從全球主要機構訂購了多個戰略和多系統訂單。喬治城的 MedStar Health System 購買了 2 套新的 Cyber​​Knife S7 系統，用於立體定向放射外科和 SBRT 患者護理。

Our fleet within the NYU health system has significantly expanded with the purchase of 2 Radixact systems that will be placed in their Winthrop University Hospital campus. The Bologna Bellaria Hospital in Italy is a highly influential academic center and recognized as one of the top neuro hospitals worldwide. They chose the CyberKnife S7 for their SRS/SBRT system over competitive systems. In India, Ganga Ram Hospital, a well-respected hospital in Delhi, purchased a Radixact system with ClearRT and Synchrony.

我們購買了 2 個 Radixact 系統，並將其放置在溫思羅普大學醫院校園內，紐約大學衛生系統內的機隊已顯著擴大。意大利博洛尼亞貝拉里亞醫院是極具影響力的學術中心，被公認為全球頂尖的神經醫院之一。他們選擇 Cyber​​Knife S7 作為其 SRS/SBRT 系統，而不是競爭系統。在印度，德里一家備受尊敬的醫院 Ganga Ram Hospital 購買了配備 ClearRT 和 Synchrony 的 Radixact 系統。

And finally, we won a 2-system order at Macau Central Hospital for both the CyberKnife and Radixact system. The success in these highly competitive sales situations gives us further confidence that our innovative solutions are winning against competitive offerings.

最後，我們贏得了澳門中心醫院的 Cyber​​Knife 和 Radixact 系統的 2 套系統訂單。在這些競爭激烈的銷售環境中取得的成功讓我們更加確信我們的創新解決方案正在戰勝競爭產品。

Further, these sites have the potential to become powerful references for new customers evaluating our innovative technology. Ali will discuss more of the Q4 financials, but we saw product margins temporarily challenged this quarter, driven by deal mix and direct material inflation versus the prior year. Service margins also declined driven mainly by FX. However, we were encouraged to see the improved pricing actions we have put in place in FY '23 are starting to demonstrate impact as customers appreciate the value of our solutions.

此外，這些網站有可能成為新客戶評估我們創新技術的有力參考。阿里將更多地討論第四季度的財務狀況，但我們看到本季度的產品利潤率暫時受到挑戰，原因是與上一年相比，交易組合和直接材料通脹推動了產品利潤率的下降。服務利潤率也下降，主要是受外匯影響。然而，我們很高興地看到，隨著客戶認識到我們解決方案的價值，我們在 23 財年實施的改進定價措施開始顯現出影響力。

Adjusted EBITDA grew 1% year-over-year however, it is very important to note that these results included a onetime unplanned Q4 bad debt reserve of $2 million resulting from the Genesis Care bankruptcy announcement. Without this reserve, Q4 adjusted EBITDA grew 40% year-over-year and put us well within our full year adjusted EBITDA guidance.

調整後 EBITDA 同比增長 1%，但值得注意的是，這些結果包括因 Genesis Care 破產公告而產生的一次性計劃外第四季度壞賬準備金 200 萬美元。如果沒有這筆準備金，第四季度調整後 EBITDA 同比增長 40%，使我們完全符合全年調整後 EBITDA 指引。

Finally, I was very pleased with the strong management of our balance sheet this quarter as we grew our cash position year-over-year and saw the second consecutive quarter of positive free cash flow generation. Free cash flow generation and strengthening our capital position remain a priority for our team.

最後，我對本季度資產負債表的強有力管理感到非常滿意，因為我們的現金頭寸逐年增長，並看到連續第二個季度產生正的自由現金流。自由現金流的產生和加強我們的資本狀況仍然是我們團隊的首要任務。

Moving on to our full year performance and reflecting on my first year as CEO, I remain incredibly proud of what our teams accomplished and remain humbled by our mission. Throughout the year, I was able to visit with customers and employees from around the world. I was able to see firsthand the impact our solutions have on people treated with our products. I also saw the incredible talent and tireless dedication of our customer-facing teams that support our clinician partners to ensure the highest level of care.

談到我們的全年業績並回顧我擔任首席執行官的第一年，我仍然為我們團隊所取得的成就感到無比自豪，並對我們的使命感到謙卑。在這一年裡，我能夠拜訪來自世界各地的客戶和員工。我親眼目睹了我們的解決方案對使用我們產品的人們所產生的影響。我還看到了我們面向客戶的團隊令人難以置信的才華和不懈的奉獻精神，他們支持我們的臨床醫生合作夥伴，以確保最高水平的護理。

Additionally, I am enormously proud of our organization and the progress we made this year against each of our strategic growth objectives. And as an organization, I believe we showed incredible resilience and resourcefulness that is the cornerstone of Accuray's culture as we drive our vision to expand the curative power of radiotherapy solutions to extend and improve lives of those diagnosed with cancer.

此外，我對我們的組織以及我們今年在每項戰略增長目標方面取得的進展感到非常自豪。作為一個組織，我相信我們表現出了令人難以置信的韌性和足智多謀，這是 Accuray 文化的基石，因為我們推動我們的願景，擴大放射治療解決方案的療效，以延長和改善癌症患者的生命。

I believe we demonstrated the operational resilience expected from companies with much greater scale. We were able to navigate significant headwinds from supply chain, inflation, geopolitical pressures and an $18 million foreign exchange headwind to revenue. Excluding the impact of FX alone would have put us $10 million higher than the high end of our revenue guidance range, demonstrating strong underlying growth of the business.

我相信我們展示了規模更大的公司所期望的運營彈性。我們能夠應對供應鏈、通貨膨脹、地緣政治壓力以及 1800 萬美元外匯不利因素對收入帶來的重大阻力。僅排除外彙的影響就會比我們的收入指導範圍的上限高出 1000 萬美元，這表明該業務強勁的潛在增長。

Despite these challenges, we ended the year delivering multiple impressive accomplishments, including the highest revenue in the company's history. We surpassed the 1,000 system milestone installed globally, which grew our user base by 5% relative to FY '22, driving future recurring service revenue. In FY '23, we shipped from our factory in Madison, Wisconsin, 109 systems, the highest number of system shipments in the company history, representing 24% year-over-year unit growth.

儘管面臨這些挑戰，我們在年底仍取得了多項令人印象深刻的成就，包括公司歷史上最高的收入。我們超越了全球安裝 1,000 個系統的里程碑，這使我們的用戶群相對 22 財年增長了 5%，推動了未來的經常性服務收入。 23 財年，我們從威斯康星州麥迪遜市的工廠發貨了 109 個系統，這是公司歷史上系統發貨數量最高的一次，同比增長 24%。

Finally, we drove underlying adjusted EBITDA growth of 14% year-over-year with the exclusion of the GenesisCare reserve referred to earlier and generated positive free cash flow for the year. Execution by our team has been almost flawless this entire year, and I believe they've done an excellent job in this high-demand environment.

最後，排除前面提到的 GenesisCare 儲備金，我們推動基本調整後 EBITDA 同比增長 14%，並在今年產生了正的自由現金流。我們團隊這一整年的執行幾乎完美無缺，我相信他們在這個高要求的環境中做得非常出色。

At the beginning of the year, I laid out 4 major pillars of our strategic growth plan. Our first pillar was growing revenue faster than the markets we compete in by driving innovative solutions to advanced radiotherapy. In FY '23, we executed several new product introductions that strengthened our portfolio and further differentiated Accuray technology.

今年年初，我制定了我們戰略增長計劃的四大支柱。我們的第一個支柱是通過推動先進放射治療的創新解決方案，使收入增長速度快於我們所競爭的市場。在 23 財年，我們推出了幾款新產品，增強了我們的產品組合併進一步實現了 Accuray 技術的差異化。

Notably, VitalHold surface-guided radiotherapy for breast cancer treatments was introduced for the Radixact system at both ASTRO and ESTRO meetings to strong customer reception. With the addition of VitalHold to the Radixact platform, we now offer the most comprehensive solution for breast treatments, which typically represent the highest volume of patients treated in the radiation oncology department.

值得注意的是，在 ASTRO 和 ESTRO 會議上，Radixact 系統引入了用於乳腺癌治療的 VitalHold 表面引導放射治療，受到了熱烈的客戶歡迎。隨著 Radixact 平台添加 VitalHold，我們現在為乳腺治療提供最全面的解決方案，這通常代表著放射腫瘤科治療的患者數量最多。

I am also pleased to announce that we have received 510(k) approval for full commercialization in the U.S. and the ability to take orders for VitalHold in the European Union. Also, we advanced the Tomo C product, which we jointly developed with our CNNC-Accuray joint venture, which we believe will allow us to compete fully in the Type B value segment of the China market.

我還很高興地宣布，我們已獲得在美國全面商業化的 510(k) 批准，並能夠在歐盟接受 VitalHold 的訂單。此外，我們還推出了與 CNNC-Accuray 合資企業共同開發的 Tomo C 產品，我們相信該產品將使我們能夠在中國市場的 B 類價值細分市場中充分競爭。

As discussed, the Type B market represents a major opportunity for us and is the largest and fastest-growing segment within China with a potential for nearly 2,000 systems and over $3 billion in market potential over the next 5 years. Tomo C was successfully submitted for regulatory approval in November of last year, and was followed by targeted market introductions at 2 major medical conferences in Q4.

正如所討論的，B 類市場對我們來說是一個重大機遇，是中國最大、增長最快的細分市場，未來 5 年內可能會出現近 2,000 個系統，市場潛力將超過 30 億美元。 Tomo C於去年11月成功提交監管部門批准，隨後在第四季度的兩次主要醫學會議上進行了有針對性的市場介紹。

These events allowed us to introduce the Tomo C platform to key opinion leaders and created significant interest that we expect to capitalize on upon full commercialization during the second half of FY '24. These new products in combination with the CyberKnife S7 and strong demand for ClearRT Imaging, Synchrony and VOLO Ultra on the Radixact system drove 9% full year growth in product revenue and 12% growth when you exclude the impact of FX.

這些活動使我們能夠向關鍵意見領袖介紹 Tomo C 平台，並引起了人們的極大興趣，我們預計將在 24 財年下半年全面商業化時利用這一興趣。這些新產品與 Cyber​​Knife S7 相結合，以及 Radixact 系統上對 ClearRT Imaging、Synchrony 和 VOLO Ultra 的強勁需求，推動產品收入全年增長 9%，如果排除 FX 的影響，則增長 12%。

We believe the market for radiotherapy systems grew in the low single-digit range over the course of FY '23 and that we gained share across all regions. EIMEA and Japan led with highest product revenue growth with 31% and 51% year-over-year, respectively, and non-China APAC at 2% growth. The Americas region grew 3% in FY '23 and ended the year with very strong growth in the second half.

我們相信，放射治療系統市場在 23 財年期間以低個位數增長，並且我們在所有地區都獲得了份額。 EIMEA 和日本的產品收入增長最高，分別同比增長 31% 和 51%，而非中國的亞太地區增長 2%。美洲地區在 23 財年增長了 3%，並在下半年實現了非常強勁的增長。

China product revenue declined 18% as a result of first half COVID lockdown but ended with positive growth in the second half versus the second half of FY '22. Our next strategic pillar was expanding and growing our service business. We set out a multiyear plan to strengthen our service business, which represents a recurring revenue stream and margin expansion opportunity. Our service revenue has essentially been flat over the last decade and currently represents 48% of our global revenue.

由於上半年新冠疫情封鎖，中國產品收入下降了 18%，但與 2022 財年下半年相比，下半年實現了正增長。我們的下一個戰略支柱是擴大和發展我們的服務業務。我們制定了一項多年計劃來加強我們的服務業務，這代表著經常性收入來源和利潤擴張機會。我們的服務收入在過去十年中基本持平，目前占我們全球收入的 48%。

In FY '23, our overall service revenue showed underlying positive growth of 5% when excluding the impact of foreign exchange, which is very encouraging. Service contract revenue growth is largely gated by the growth of our installed base.

23 財年，在排除外匯影響的情況下，我們的整體服務收入顯示出 5% 的潛在正增長，這是非常令人鼓舞的。服務合同收入的增長很大程度上取決於我們安裝基礎的增長。

In FY '23, we saw meaningful year-over-year growth in our global installed base of users growing 5% driven by 7% in the EIMEA region, 10% growth in Japan and 15% growth in the APAC region with strong installation activity in China. The U.S. continues to see radiotherapy capacity consolidation across the market and was the only subregion where we saw a decline in our installed base.

23 財年，我們的全球用戶安裝量同比增長了 5%，其中 EIMEA 地區增長了 7%，日本增長了 10%，亞太地區增長了 15%，安裝活動強勁在中國。美國繼續看到整個市場的放射治療能力整合，並且是我們的裝機量下降的唯一一個次區域。

Our focus in the U.S. is a long-term approach, where we have focused our commercial investment with a goal of ensuring the highest level of service and customer satisfaction. For our older installed systems, specifically the early generation TomoTherapy systems, our commercial strategy is set around working closely with these customers to offer compelling solutions and actively upgrading these legacy systems. We expect this will generate net positive growth in the U.S. IB in the coming years and become a tailwind to revenue growth and margin conversion.

我們在美國的重點是長期策略，我們將商業投資的重點放在確保最高水平的服務和客戶滿意度的目標上。對於我們較舊的已安裝系統，特別是早期一代 TomoTherapy 系統，我們的商業戰略是與這些客戶密切合作，提供引人注目的解決方案並積極升級這些舊系統。我們預計這將在未來幾年為美國投資銀行帶來淨正增長，並成為收入增長和利潤率轉換的推動力。

Additionally, in FY '23, we captured more value for our services through improved pricing and enhanced offerings. What we're hearing from customers is that they continue to experience labor shortages and staff turnover since COVID. In FY '23, we added service and support offerings to address those pain points, including remote training courses and incremental on-site training, which contributed to incremental service revenue.

此外，在 23 財年，我們通過改進定價和增強產品質量為我們的服務獲得了更多價值。我們從客戶那裡聽到的是，自新冠疫情以來，他們繼續面臨勞動力短缺和員工流動的問題。在 23 財年，我們增加了服務和支持產品來解決這些痛點，包括遠程培訓課程和增量現場培訓，這有助於增加服務收入。

In Madison, Wisconsin, we're building a new state-of-the-art customer training center. And in Europe, we're investing in the innovation center in Genolier, Switzerland, where we will showcase both CyberKnife S7 and Radixact systems. Those sites will provide the ideal environment to deliver high-value education and training solutions to customers from around the world starting in FY '24. We expect growth from the installed base and expanded value-added service and support solutions to drive top and bottom line impact over time.

在威斯康星州麥迪遜，我們正在建設一個新的最先進的客戶培訓中心。在歐洲，我們正在投資瑞士 Genolier 的創新中心，我們將在那裡展示 Cyber​​Knife S7 和 Radixact 系統。這些站點將從 24 財年開始為世界各地的客戶提供理想的環境，提供高價值的教育和培訓解決方案。我們預計安裝量的增長以及增值服務和支持解決方案的擴展將隨著時間的推移推動營收和利潤的影響。

The third pillar was expanding margin and profitability and improving our balance sheet. Last year, Ali and I laid out a multiyear, multifaceted plan to drive margin expansion and cost efficiencies with the goal of leaving no stone unturned. We made good progress against our goals with actions that helped us to navigate the impact of inflation, logistics costs and foreign exchange. In our service business, we improved full year service margins by 1% year-over-year, driven by improved service contract pricing, incremental service offerings and reducing full year parts consumption.

第三個支柱是擴大利潤率和盈利能力並改善我們的資產負債表。去年，阿里和我制定了一項多年、多方面的計劃，以千方百計地推動利潤率擴張和成本效率。我們採取的行動幫助我們應對通貨膨脹、物流成本和外彙的影響，在實現目標方面取得了良好進展。在我們的服務業務中，由於服務合同定價改善、服務增量和全年零部件消耗減少，我們的全年服務利潤率同比提高了 1%。

Product margins for the year declined 650 basis points versus last year, primarily driven by deal mix, direct material inflation and FX. However, we're encouraged to see an improvement in average system sales price associated with the inclusion of new product innovations like ClearRT, Synchrony and VOLO Ultra, allowing us to increase price and capture more of the value chain.

今年的產品利潤率比去年下降了 650 個基點，主要受到交易組合、直接材料通脹和外彙的推動。然而，我們欣喜地看到，由於加入了 ClearRT、Synchrony 和 VOLO Ultra 等新產品創新，平均係統銷售價格有所提高，這使我們能夠提高價格並佔領更多價值鏈。

Additionally, despite year-over-year revenue and unit increase, we held operating expenses flat and removed many operating costs by driving process efficiencies and through restructuring actions. Additionally, we began the process of consolidating our facilities by reducing our footprint in higher-cost geographic areas while fueling investment in Madison which as of July 31, has become the new headquarter location for Accuray.

此外，儘管收入和單位數量同比增長，但我們通過提高流程效率和重組行動，使運營費用保持不變，並消除了許多運營成本。此外，我們開始通過減少在成本較高的地理區域的足跡來整合我們的設施，同時加大對麥迪遜的投資，截至 7 月 31 日，麥迪遜已成為 Accuray 的新總部所在地。

We're in the early innings of where we want to go, but we've made solid progress and our confidence that our continued execution of these margin and profitability expansion initiatives will take further shape and provide greater contribution over the coming years.

我們正處於我們想要實現的目標的早期階段，但我們已經取得了堅實的進展，我們相信，我們繼續執行這些利潤和盈利能力擴張計劃將進一步成形，並在未來幾年提供更大的貢獻。

Strengthening our balance sheet and driving the highest return on capital remains just as big of a priority. In FY '23, we invested in key strategic priorities while improving our cash position and generating positive free cash flow for the full year. One major area of investment that aligns with our goal of simplifying and building a more durable business was transitioning the company to a new ERP system.

加強我們的資產負債表並推動最高資本回報率仍然是我們的首要任務。在 23 財年，我們對關鍵戰略重點進行了投資，同時改善了我們的現金狀況並為全年創造了正的自由現金流。與我們簡化和建立更持久業務的目標相一致的一個主要投資領域是將公司過渡到新的 ERP 系統。

This replaces our legacy system that was largely manual and old, dating back to Accuray's 2011 acquisition of the TomoTherapy business. The organizational effort has been a shining example of a focused all hands on deck endeavor. I'm proud to say that we remained on schedule, on budget and went live on August 1. This investment will empower our teams with better data and analytics to support more effective decision-making that is integral to building a mature and durable foundation for future growth.

這取代了我們的舊系統，該系統主要是手動且陳舊的，可以追溯到 Accuray 2011 年收購 TomoTherapy 業務時。此次組織工作是全員齊心協力努力的光輝典範。我很自豪地說，我們仍然按計劃、按預算進行，並於8 月1 日上線。這項投資將為我們的團隊提供更好的數據和分析，以支持更有效的決策，這對於建立成熟、持久的基礎至關重要。未來的增長。

Finally, in FY '23, we entered into several strategic partnerships to help us bring best-in-class solutions to the market faster, improve our sales funnel and enhance our win rate. We continued our strong partnership with research and treatment planning, oncology information and adaptive planning systems. We executed on our partnership with C-RAD for surface-guided radiation therapies for breast treatment.

最後，在 23 財年，我們建立了多個戰略合作夥伴關係，以幫助我們更快地將一流的解決方案推向市場，改善我們的銷售渠道並提高我們的獲勝率。我們繼續與研究和治療計劃、腫瘤學信息和適應性計劃系統建立牢固的合作夥伴關係。我們與 C-RAD 建立了合作夥伴關係，開展乳房治療的表面引導放射治療。

Brainlab continues to be an important partner for neurosurgical solutions and data registries for the CyberKnife. And finally, our development partnership with Limbus AI will provide innovative online adaptive capabilities for our Precision Treatment Planning system. We're also proud and excited to have entered into a commercial collaboration agreement with GE Healthcare to complement their precision oncology solutions.

Brainlab 仍然是 Cyber​​Knife 神經外科解決方案和數據註冊的重要合作夥伴。最後，我們與 Limbus AI 的開發合作夥伴關係將為我們的精準治療計劃系統提供創新的在線自適應功能。我們還很自豪和興奮地與 GE Healthcare 簽訂了商業合作協議，以補充他們的精準腫瘤學解決方案。

Our partnership with GE Healthcare has been strong with regional teams actively driving customer strategies and positioning oncology solutions to the market. We set out to measure our success of this partnership with increased sales funnel and improved win rates. To date, the GE Healthcare partnership has driven an increase in our near-term FY '24 sales funnel and nearly $40 million of total short- and long-term opportunity pipeline.

我們與 GE Healthcare 的合作關係一直很牢固，區域團隊積極推動客戶戰略並向市場定位腫瘤解決方案。我們開始通過增加銷售渠道和提高獲勝率來衡量這種合作關係的成功。迄今為止，與 GE Healthcare 的合作夥伴關係已推動我們 24 財年的近期銷售漏斗以及近 4000 萬美元的短期和長期機會渠道總額的增長。

Additionally, the partnership has positively influenced the win rate in several of the key Q4 wins mentioned earlier by more strongly positioning Accuray within the C-suite of health systems. The GE partnership continues to evolve and we expect the contribution to grow and impact.

此外，該合作夥伴關係通過在衛生系統最高管理層中更強有力地定位 Accuray，對前面提到的第四季度幾項關鍵勝利的勝率產生了積極影響。 GE 的合作夥伴關係不斷發展，我們期望其貢獻不斷擴大並產生影響。

In summary, we're proud of our FY '23 performance and the foundation we have set for future growth. We achieved strategic customer wins in the marketplace and [forged] key partnerships that improved our competitiveness. While we are early in our transformation, we end the year positioned to drive further growth, margin and profitability expansion and gained share over the coming years.

總之，我們對 23 財年的業績以及我們為未來增長奠定的基礎感到自豪。我們在市場上贏得了戰略客戶，並建立了重要的合作夥伴關係，從而提高了我們的競爭力。雖然我們還處於轉型初期，但我們在年底將推動進一步增長、利潤率和盈利能力擴張，並在未來幾年獲得市場份額。

I will now turn it over to Ali, who will cover our financials.

我現在將其交給阿里，他將負責我們的財務事宜。

Thank you, Suzanne, and good afternoon, everyone. I want to begin by thanking our global employees who executed tirelessly to deliver a strong fourth quarter and fiscal 2023 despite the macroeconomic headwinds faced in the year, including supply chain shortages, global inflationary pressure and unfavorable currency fluctuations in our non-U.S. markets.

謝謝蘇珊娜，大家下午好。首先，我要感謝我們的全球員工，儘管今年面臨宏觀經濟不利因素，包括供應鏈短缺、全球通脹壓力以及非美國市場不利的貨幣波動，但他們仍不懈努力，實現了強勁的第四季度和2023財年業績。

Net revenue for the fourth quarter was $118 million, which was up 8% versus prior year. Net revenue on a constant currency basis for the fourth quarter was $120 million, which represents a 9% increase versus prior year. On a full year basis, total revenue was $448 million, which is up 4% from prior fiscal year.

第四季度淨收入為 1.18 億美元，比去年同期增長 8%。第四季度按固定匯率計算的淨收入為 1.2 億美元，比去年同期增長 9%。全年總收入為 4.48 億美元，比上一財年增長 4%。

On a constant currency basis, total revenue for the fiscal year was $465 million and represents an 8% increase versus prior fiscal year. As Suzanne mentioned earlier, foreign exchange headwinds had an $18 million negative impact on the top line in fiscal year '23. As a reminder, coming into fiscal year '23, we had provided a revenue guidance range from $447 million to $455 million and our revenue results adjusted for the impact of foreign exchange, exceeded the high end of that range by $10 million. This underscores how fiscal '23 was a successful year from an operational execution standpoint, and we are very pleased with where we finished on the top line.

按固定匯率計算，本財年總收入為 4.65 億美元，比上一財年增長 8%。正如 Suzanne 之前提到的，外匯逆風對 23 財年的營收產生了 1800 萬美元的負面影響。提醒一下，進入 23 財年，我們提供了 4.47 億美元至 4.55 億美元的收入指導範圍，並且我們的收入結果根據外匯影響進行了調整，超出了該範圍的上限 1000 萬美元。這凸顯了從運營執行的角度來看，23 財年是成功的一年，我們對我們的營收成績感到非常滿意。

We have our cross functional team to thank for this tremendous accomplishment of record revenue and unit shipments in the company's history in any fiscal year. Product revenue for the fourth quarter was $62 million, up 8% from the prior year and up 9% on a constant currency basis, representing system shipments of 29 units.

我們的跨職能團隊在任何一個財年都取得了公司歷史上創紀錄的收入和出貨量的巨大成就，這要歸功於我們的跨職能團隊。第四季度產品收入為 6200 萬美元，比上年增長 8%，按固定匯率計算增長 9%，系統出貨量為 29 台。

On a full year basis, product revenue was $233 million, up 9% from the prior year. Full year product revenue adjusted for the impact of foreign exchange headwinds was $240 million, representing a 12% increase versus the prior year. Service revenue for the quarter was $56 million, up 7% from the prior year and up 9% once adjusted for the negative impact of foreign exchange.

全年產品收入為 2.33 億美元，比上年增長 9%。經外匯逆風影響調整後的全年產品收入為 2.4 億美元，較上年增長 12%。該季度的服務收入為 5600 萬美元，比上年增長 7%，經匯率負面影響調整後增長 9%。

On a full year basis, service revenue was $214 million, relatively flat when compared to the prior year. Full year service revenue adjusted for the impact of foreign exchange headwinds was $225 million, representing a 5% increase versus the prior year. Gross orders for the fourth quarter were approximately $88 million and represented a book-to-bill ratio of 1.4.

全年服務收入為 2.14 億美元，與上年相比相對持平。經外匯不利影響調整後的全年服務收入為 2.25 億美元，較上年增長 5%。第四季度的總訂單約為 8800 萬美元，訂單出貨比為 1.4。

On a full year basis, gross orders were $311 million and represented a book-to-bill ratio of 1.3. As a reminder, our book-to-bill ratio is defined as gross orders for the period divided by product revenue for the period we believe the book-to-bill ratio is the right metric to ensure healthy growth of our backlog and to focus our teams to build profitable orders that will convert to revenue within 30 months.

全年訂單總額為 3.11 億美元，訂單出貨比為 1.3。提醒一下，我們的訂單出貨比定義為該期間的總訂單除以該期間的產品收入，我們認為訂單出貨比是確保我們積壓訂單健康增長並集中精力的正確指標。團隊建立可盈利的訂單，並在30 個月內轉化為收入。

Moving to the backlog. We ended the fourth quarter with a backlog of approximately $511 million, which is a 1% increase sequentially and 9% lower than the prior year due to 14 orders representing $34 million that aged beyond 30 months within the quarter, primarily related to customer timing.

轉向積壓工作。截至第四季度末，我們的積壓訂單約為5.11 億美元，比上一季度增長1%，比上年同期下降9%，原因是本季度有14 份訂單（價值3,400 萬美元）的期限超過30個月，這主要與客戶時間安排有關。

In Q4, we had 7 orders aged back into revenue within the quarter, representing approximately $15 million of orders. Given the importance of the backlog to our business, we will continue to look for ways to simplify this metric further. Finally, we had no order cancellations in the quarter. Our overall gross margin for the quarter was 31.9% compared to 39.1% in the prior year, with the decline mainly driven by inflationary pressure of $3 million, which translates to approximately 2.5 points of gross margin pressure and approximately $2 million of foreign exchange, which translates to approximately 1.5 points of gross margin pressure with the remaining variance driven by deal mix.

在第四季度，我們有 7 個訂單在該季度內重新計入收入，相當於約 1500 萬美元的訂單。鑑於積壓對我們業務的重要性，我們將繼續尋找進一步簡化這一指標的方法。最後，本季度我們沒有取消訂單。我們本季度的整體毛利率為 31.9%，而上年同期為 39.1%，下降主要是由於 300 萬美元的通脹壓力，這意味著約 2.5 個百分點的毛利率壓力和約 200 萬美元的外匯，這使得轉化為約1.5 個百分點的毛利率壓力，其餘差異由交易組合驅動。

On a full year basis, our overall gross margin was 34.4% compared to 37.2% in the prior year, with the decline mainly driven by the negative impact of foreign exchange, we had an $18 million impact on revenue, which translates to roughly 3 points of gross margin pressure and approximately $5 million of inflationary pressure, which translates to 1 point of gross margin pressure.

全年來看，我們的整體毛利率為 34.4%，而上年為 37.2%，下降主要是由於外彙的負面影響，我們對收入產生了 1800 萬美元的影響，大約相當於 3 個百分點毛利率壓力和約500 萬美元的通脹壓力，相當於1 個百分點的毛利率壓力。

Our overall gross margin on a full year basis would have been above prior year by approximately 1.5 points, excluding the impact of inflation and foreign exchange. Operating expenses in the fourth quarter were $38.1 million, which included nonrecurring charges of approximately $0.4 million for restructuring and ERP-related expenditures and $2 million of unexpected bad debt reserve compared to $41 million in the fourth quarter of the prior fiscal year.

如果不考慮通貨膨脹和外彙的影響，我們全年的整體毛利率將比去年同期高出約 1.5 個百分點。第四季度的運營費用為 3810 萬美元，其中包括約 40 萬美元的重組費用和 ERP 相關支出以及 200 萬美元的意外壞賬準備金，而上一財年第四季度的運營費用為 4100 萬美元。

Excluding nonrecurring charges, total operating expenses were down 12% compared to the same period of the previous year. Operating expenses for the full year were $151.6 million, which included nonrecurring charges of $3.1 million for restructuring, $2.1 million of ERP-related expenditures and $2 million of unexpected bad debt reserve compared to $151.8 million in the prior fiscal year.

扣除非經常性費用後，總運營費用較上年同期下降12%。全年運營支出為 1.516 億美元，其中包括 310 萬美元的非經常性重組費用、210 萬美元的 ERP 相關支出以及 200 萬美元的意外壞賬準備金，而上一財年為 1.518 億美元。

Excluding nonrecurring charges, total operating expenses were down [5%] versus prior year showcasing focused cost control as we continue to push our teams to prioritize return on investment. Operating income for the quarter was negative $0.5 million compared to $2 million in the prior year. Operating income for the full year was $2.4 million compared to $8.1 million in the prior fiscal year.

不包括一次性費用，總運營費用比上一年下降了 [5%]，這表明我們繼續推動我們的團隊優先考慮投資回報，從而體現出重點的成本控制。本季度營業收入為負 50 萬美元，而上年同期為 200 萬美元。全年營業收入為 240 萬美元，上一財年為 810 萬美元。

Adjusted EBITDA for the quarter was $5.2 million compared to $5.2 million for the prior year period. Adjusted EBITDA in the fourth quarter includes incremental bad debt reserve of approximately $2 million related to the unexpected U.S. bankruptcy of one of our customers, GenesisCare, who owns and operates 6 CyberKnife systems and 8 TomoTherapy/Radixact Systems in the United States and filed for bankruptcy in Texas on June 1, 2023.

本季度調整後 EBITDA 為 520 萬美元，上年同期為 520 萬美元。第四季度調整後的EBITDA 包括約200 萬美元增量壞賬準備金，該準備金與我們的客戶之一GenesisCare 在美國意外破產有關，該公司在美國擁有並運營6 個Cyber​​Knife 系統和8個TomoTherapy/Radixact 系統，並已申請破產2023 年 6 月 1 日在德克薩斯州舉行。

As of this date, GenesisCare owed Accuray approximately $2 million of past due amounts for annual service contracts related to their installed base of 14 Accuray system. While we continue to work diligently to recoup the past due amounts, we reserved $2 million in Q4.

截至目前，GenesisCare 欠 Accuray 約 200 萬美元的逾期金額，用於與其安裝的 14 個 Accuray 系統相關的年度服務合同。在我們繼續努力收回逾期款項的同時，我們在第四季度預留了 200 萬美元。

For the full year, adjusted EBITDA is $24 million without the unexpected impact related to the reserve for the GenesisCare bankruptcy adjusted EBITDA for FY '23 would have been $26 million and within our guidance range. We described the reconciliation between GAAP net income and adjusted EBITDA in our earnings release issued today.

全年調整後 EBITDA 為 2400 萬美元，如果沒有與 GenesisCare 破產準備金相關的意外影響，23 財年調整後 EBITDA 將為 2600 萬美元，在我們的指導範圍內。我們在今天發布的收益報告中描述了 GAAP 淨利潤與調整後 EBITDA 之間的調節。

Turning to the balance sheet. Total cash, cash equivalents and short-term restricted cash amounted to $90 million compared to $89 million at the end of last quarter. Net accounts receivable were approximately $75 million, down $3 million from last quarter. Our net inventory balance was $145 million, down $5 million from the prior quarter as we optimized working capital to improve our cash position.

轉向資產負債表。現金、現金等價物和短期限制現金總額為 9,000 萬美元，而上季度末為 8,900 萬美元。應收賬款淨額約為 7500 萬美元，比上季度減少 300 萬美元。由於我們優化了營運資本以改善現金狀況，我們的淨庫存餘額為 1.45 億美元，比上一季度減少 500 萬美元。

In summary, FY '23 posed some significant challenges from a macro standpoint, despite these challenges, our team was able to deliver record revenue and unit volume for the company in its history. With this outcome, we delivered revenue of $448 million, which is within the guidance range.

總之，從宏觀角度來看，23 財年提出了一些重大挑戰，儘管存在這些挑戰，我們的團隊仍能夠為公司創造歷史上創紀錄的收入和銷量。憑藉這一成果，我們實現了 4.48 億美元的收入，處於指導範圍內。

Adjusting revenue for the impact of foreign exchange, we would have exceeded the high end of our guidance by $10 million with revenue of $465 million. This really illustrates the strong execution and performance the company was able to achieve in FY '23. From an adjusted EBITDA standpoint, had it not been for the unexpected bad debt reserve associated with the GenesisCare bankruptcy and continued deterioration of the Japanese yen in Q4, we would have finished with adjusted EBITDA over $26 million within our guidance, which again points to the strong fundamentals of the company.

根據外匯影響調整收入，我們的收入將超出指導上限 1000 萬美元，收入為 4.65 億美元。這確實說明了公司在 23 財年所取得的強大執行力和業績。從調整後 EBITDA 的角度來看，如果沒有與 GenesisCare 破產相關的意外壞賬準備金以及第四季度日元持續貶值，我們的調整後 EBITDA 將在我們的指導範圍內超過 2600 萬美元，這再次表明公司基本面雄厚。

As I reflect on my first year as CFO, I'm extremely proud of the financial discipline and operating rigor we were able to put in place across our entire organization. The enormous efforts from all our teams played an integral role in achieving our strong results in fiscal '23.

當我回顧擔任首席財務官的第一年時，我對我們能夠在整個組織中實施的財務紀律和嚴格的運營感到非常自豪。我們所有團隊的巨大努力為我們在 23 財年取得強勁業績發揮了不可或缺的作用。

Last year, Suzanne and I laid out a plan for the future of this company and I'm happy to say we are off to a very strong start with these ongoing efforts to improve our operating structure. Looking forward to FY '24, I firmly believe that the new product innovations we will introduce in the second half will position us nicely to drive an extended period of top line growth and profitability.

去年，蘇珊娜和我為這家公司的未來製定了計劃，我很高興地說，通過不斷努力改善我們的運營結構，我們已經有了一個良好的開端。展望 24 財年，我堅信，我們將在下半年推出的新產品創新將使我們能夠很好地推動營收和盈利能力的長期增長。

In addition, we will build upon the fundamentals established in FY '23 and while focusing on strengthening our balance sheet and making the right investments to provide further value for our shareholders and employees. Those are our key financial highlights.

此外，我們將在 23 財年確立的基本面基礎上繼續發展，同時專注於加強我們的資產負債表並進行正確的投資，為我們的股東和員工提供進一步的價值。這些是我們的主要財務亮點。

And with that, I'd like to call -- I'd like to hand the call back to Suzanne.

說到這裡，我想打電話——我想把電話轉給蘇珊娜。

Thank you, Ali. In FY '24, we will enter the next phase of our transformation. Radiotherapy patient procedures are well on their way to returning to pre-COVID levels, but gaps in care continue to manifest. Cancer incidence continues to rise with an estimated 25 million cases by 2030.

謝謝你，阿里。 24 財年，我們將進入下一階段的轉型。放射治療患者的治療程序正在順利恢復到新冠疫情前的水平，但護理方面的差距繼續顯現。癌症發病率持續上升，預計到 2030 年將有 2500 萬例癌症。

Still 10 million will die from cancer annually and the disparity globally for access to radiotherapy treatment continues to present a challenge. Accuray's vision is to conquer cancer by helping to close the gap to cancer care globally. We will do this first by advancing care through solution innovation to address the biggest pain points in radiotherapy.

每年仍有 1000 萬人死於癌症，全球範圍內獲得放射治療的差距仍然是一個挑戰。 Accuray 的願景是通過幫助縮小全球癌症治療的差距來征服癌症。為此，我們首先將通過解決方案創新來推進護理，解決放射治療中的最大痛點。

Second, drive patient access in the highest potential underserved markets so that all patients have access to the best therapy available. And finally, delight our customers with the highest level of operational performance and customer care and support regardless of where they are in their journey. FY '24 is an important year for Accuray as we anticipate the introduction of multiple growth drivers that will contribute to both top and bottom line over the coming years.

其次，推動患者進入最具潛力的服務不足市場，以便所有患者都能獲得最好的治療。最後，無論客戶處於旅程的哪個階段，都可以通過最高水平的運營績效以及客戶關懷和支持來取悅他們。 24 財年對於 Accuray 來說是重要的一年，因為我們預計將引入多種增長動力，這將在未來幾年對營收和利潤做出貢獻。

Our new product introduction cadence includes the full market introduction of the Tomo C system in China, introduction of the online adaptive capability for precision treatment planning and targeted market introduction of our new value segment product, which is designed for select high-potential emerging markets.

我們的新產品推出節奏包括在中國全面推出 Tomo C 系統、推出精準治療計劃的在線自適應功能以及針對特定市場推出專為高潛力新興市場設計的新價值細分產品。

Additionally, we expect greater impact from the service growth initiatives and margin expansion and profitability actions, which we began in FY '23. Accordingly, for FY '24, we are guiding to a revenue range of $460 million to $470 million and an adjusted EBITDA range of $27 million to $30 million.

此外，我們預計我們於 23 財年開始的服務增長計劃以及利潤擴張和盈利行動將產生更大的影響。因此，我們預計 24 財年的收入範圍為 4.6 億美元至 4.7 億美元，調整後的 EBITDA 範圍為 2700 萬美元至 3000 萬美元。

We expect flat to low single-digit growth in the first half of the year, followed by accelerating mid- to high single-digit growth in the second half of the year aligned with the introduction of our new product innovations. We believe these innovation growth drivers will enhance our solutions and set us up for strong future growth and margin conversion in the coming years.

我們預計上半年將實現持平至低個位數增長，隨後隨著新產品創新的推出，下半年將加速實現中高個位數增長。我們相信，這些創新增長動力將增強我們的解決方案，並為我們在未來幾年實現強勁的未來增長和利潤轉換做好準備。

In closing, I'm proud of what we've accomplished this year and our prospects for FY '24 and beyond. We will continue to advance our strategic growth pillars into the next phase of execution so that we can advance our leadership position to become the new trusted partner of radiotherapy.

最後，我對我們今年所取得的成就以及 24 財年及以後的前景感到自豪。我們將繼續將我們的戰略增長支柱推進到下一階段的執行，以便我們能夠提升我們的領導地位，成為放射治療領域新的值得信賴的合作夥伴。

I invite you to join us for our Investor Day that will be held in conjunction with the American Society of Radiation Oncology in October to hear more about the next phases of Accuray's strategic growth over the coming years. I will now turn it back over to the operator for Q&A.

我邀請您參加我們將於 10 月份與美國放射腫瘤學會聯合舉辦的投資者日，以了解有關 Accuray 未來幾年戰略增長下一階段的更多信息。我現在將其轉回給接線員進行問答。

(Operator Instructions) Our first question today will come from Josh Jennings of Cowen.

（操作員說明）今天我們的第一個問題將來自 Cowen 的 Josh Jennings。

Congratulations on the fourth quarter results and the full year results. I wanted to start, I know within your fiscal '24 guidance, you don't guide to orders, but -- there are a lot of positive tailwinds in play from our perspective. But it was great to just hear about the sales funnel -- system sales funnel that -- where it stands today versus the beginning of last year.

祝賀第四季度業績和全年業績。我想開始，我知道在你們的 24 財年指導中，你們不會指導訂單，但是——從我們的角度來看，有很多積極的推動因素在發揮作用。但很高興聽到今天的銷售漏斗——系統銷售漏斗——與去年年初相比的情況。

And maybe just a synopsis of some of the drivers of new order growth that are in place here as we enter into fiscal '24.

也許只是我們進入 24 財年時新訂單增長的一些驅動因素的概要。

Thanks for the question, Josh. Yes, we feel very strong about the new product innovations that we'll be introducing in FY '24 in addition to just the continued customer demand for the Radixact innovations, including ClearRT and Synchrony and now VitalHold, which we now have the 510(k) approval. So we do expect that to positively impact our orders.

謝謝你的提問，喬什。是的，除了客戶對 Radixact 創新的持續需求之外，我們對我們將在 24 財年推出的新產品創新感到非常強烈，包括 ClearRT 和 Synchrony 以及現在的 VitalHold，我們現在擁有 510(k ） 贊同。因此，我們確實預計這會對我們的訂單產生積極影響。

We saw great book-to-bill ratio in FY '23. We expect to continue to see that and continue to grow our backlog. So the new product innovations overall, we feel very strongly. We talked a little bit about our partnership with GE Healthcare that has had a positive impact in our sales funnel. So as we get a full year under our belt of that relationship in addition to our new product innovation, we think it's just going to be good news for the orders.

我們在 23 財年看到了出色的訂單出貨比。我們希望繼續看到這一點，並繼續增加我們的積壓訂單。所以新產品的創新整體上我們感受非常強烈。我們討論了與 GE Healthcare 的合作關係，這對我們的銷售渠道產生了積極影響。因此，除了我們的新產品創新之外，隨著我​​們在這一關係下度過了一整年，我們認為這對訂單來說將是個好消息。

Excellent. And maybe just to ask about the revenue guide relative to expectations for the radiation oncology market. You took share broadly in fiscal '23. I know it's hard to forecast market growth. But is the expectation here with that 3% to 5% revenue growth target that Accuray will take share again in fiscal '24?

出色的。也許只是想詢問相對於放射腫瘤學市場預期的收入指南。你們在 23 財年佔據了廣泛的份額。我知道很難預測市場增長。但 Accuray 的收入增長目標為 3% 至 5%，是否會在 24 財年再次佔據份額？

Yes. Thanks for the question, Josh. And yes, we do expect to take share. We think the overall market, and while there isn't one good source for it, as we take a look at others results, we expect this to be a flat to low single-digit market.

是的。謝謝你的提問，喬什。是的，我們確實希望分享。我們認為整個市場，雖然沒有一個好的來源，但當我們查看其他結果時，我們預計這將是一個持平到低個位數的市場。

Again, when we took a look at the overall guidance, Ali and I have been here now for a year, and we've done a deep dive into the business. And we've really gone into granularity of all of the drivers within the business, we think this is a realistic guidance. We have new product innovation that is occurring in the second half of the year. We have some product mix changes this year.

再次，當我們查看總體指導時，阿里和我已經在這里工作一年了，我們已經深入研究了該業務。我們確實深入了解了業務中所有驅動因素，我們認為這是一個現實的指導。我們下半年將進行新產品創新。今年我們的產品結構發生了一些變化。

The Radixact was -- really performed very well. That changed the product mix a little bit. And so as a result, we're taking these into account in setting the revenue guidance. And then in terms of the EBITDA guidance, same assumptions on the revenue range, but our range also includes parts consumption assumptions.

Radixact 確實表現得非常好。這稍微改變了產品組合。因此，我們在製定收入指導時考慮了這些因素。然後就 EBITDA 指導而言，對收入範圍進行相同的假設，但我們的範圍還包括零件消耗假設。

We made some good progress on reducing parts consumption, and we're assuming different productivity levels based on that range. And then the only other thing I would say is we are going to incur the cost of commercialization and new product introductions in the first half of the year that also impacts the revenue range from our first half to second half.

我們在減少零件消耗方面取得了一些良好進展，並且我們根據該範圍假設不同的生產率水平。我唯一要說的是，我們將在上半年承擔商業化和新產品推出的成本，這也會影響我們上半年到下半年的收入範圍。

Our next question comes from Young Li with Jefferies.

我們的下一個問題來自 Jefferies 的 Young Li。

Congrats on all the progress the team has made over the past year. I guess maybe to start on just the overall capital environment, the financial health of customers worldwide, some of the peer competitive companies in this space had some headwinds recently.

祝賀團隊在過去一年中取得的所有進步。我想也許從整體資本環境、全球客戶的財務健康狀況開始，這個領域的一些同行競爭公司最近遇到了一些阻力。

Last quarter, you had some pushout of orders in the U.S. I guess, I'm just kind of wondering how has that macro environment changed this quarter and more recently? And what do you think about the outlook going forward as it relates to potentially longer selling cycles with more approvals?

上個季度，你們在美國的訂單有所減少。我想，我只是想知道本季度和最近的宏觀環境發生了怎樣的變化？您如何看待未來的前景，因為它與可能更長的銷售週期和更多的批准有關？

Great. Thanks for the question. I think it varies by region. And certainly, we're understanding the dynamics in each one of the regions. Just to talk about some of our competitor companies that have discussed their results. Some of their results really are based on supply chain issues that they've had to deal with. So on the one hand, we feel very good about the way we've handled the supply chain headwinds especially in comparison to the market leader.

偉大的。謝謝你的提問。我認為這因地區而異。當然，我們正在了解每個地區的動態。只是談談我們的一些競爭對手公司已經討論過他們的結果。他們的一些結果實際上是基於他們必須處理的供應鏈問題。因此，一方面，我們對自己應對供應鏈逆風的方式感到非常滿意，尤其是與市場領導者相比。

But in terms of it being a signal to market demand, we still see procedures on the upswing. We see an increase in hypofractionation procedures, which we think is a good thing for our business and our technology as we're positioned. And at the same time, we're looking at those markets that are growing.

但就其作為市場需求的信號而言，我們仍然看到程序在上升。我們看到大分割手術有所增加，我們認為這對我們的業務和技術來說是一件好事。與此同時，我們正在關注那些正在增長的市場。

And we do see the emerging markets like China, we do expect that to grow, which is part of why we want to compete in a bigger part of the market than just a premium segment, which we think is sort of low single-digit growth. Again, I talked about the U.S. market last time. I do think that, in general, customers are sweating their assets. They're holding on to them as long as possible. They have to fight hard to get capital prioritized within the hospital budget. But overall, I wouldn't say that, that's going to be a major headwind.

我們確實看到像中國這樣的新興市場，我們確實預計這一市場將會增長，這就是為什麼我們希望在更大的市場領域競爭，而不僅僅是高端市場，我們認為高端市場的增長率較低。 。再說一次，我上次談到了美國市場。我確實認為，總的來說，客戶正在耗盡他們的資產。他們會盡可能長時間地堅持下去。他們必須努力爭取在醫院預算中優先考慮資金。但總的來說，我不會這麼說，這將是一個主要的阻力。

I guess maybe to follow up on China and Tomo C, wanted to hear the latest update with the regulators, how the communication process is going, confidence on the approval timing. And then maybe if you can talk a little bit about the second half fiscal '24 revenue impact. How much is in guidance for Radixact margin contribution?

我想也許是為了跟進中國和 Tomo C，想听聽監管機構的最新動態、溝通過程進展如何、對批准時間的信心。然後也許您可以談談 24 財年下半年的收入影響。 Radixact 利潤貢獻的指導值為多少？

Great. And I'll start, and then I'll hand over to Ali to talk about margins. But in general, the conversation with the regulators in China has been very positive. We continue to supply them with additional information when asked.

偉大的。我將開始，然後我將交給阿里談論利潤。但總的來說，與中國監管機構的對話非常積極。當他們詢問時，我們將繼續向他們提供更多信息。

So I think we remain on track. One never knows how long the regulatory process is going to take, but there are no red flags in terms of there being a major delay. So again, assuming what we have built into the guidance, we are expecting at the midrange of our guidance to have an approval by the end of the calendar year and have a second half impact to both orders and revenue. And then obviously, FY '25 being a full year of Tomo C in the marketplace in China.

所以我認為我們仍走在正軌上。人們永遠不知道監管過程需要多長時間，但沒有出現重大延誤的危險信號。因此，假設我們在指南中納入了內容，我們預計指南的中期將在年底前獲得批准，並對下半年的訂單和收入產生影響。顯然，25 財年是 Tomo C 在中國市場上市的全年。

So as a result, part of our guidance in the first half is that China, for the most part, remains flat from a revenue standpoint, but then strong double-digit growth in the second half. And then from a margin standpoint, same sort of...

因此，我們上半年的部分指引是，從收入的角度來看，中國在很大程度上保持平穩，但下半年將出現強勁的兩位數增長。然後從利潤的角度來看，同樣的......

Yes. I mean I think just -- overall, just going back to the full guidance, just like Suzanne had mentioned in her prepared remarks that we expect low single digit in the first half in terms of just overall growth and then we see mid- to high in the second half. And then when it pertains to our overall margin, we're exiting fiscal year '23 with product margin that is certainly challenged, and those dynamics are primarily driven by the impact of foreign exchange.

是的。我的意思是，我認為，總的來說，回到完整的指導，就像蘇珊娜在她準備好的講話中提到的那樣，我們預計上半年整體增長將呈低個位數，然後我們會看到中高增長在下半場。然後，當涉及到我們的整體利潤率時，我們將在 23 財年結束時，產品利潤率肯定會受到挑戰，而這些動態主要是由外彙的影響驅動的。

They're driven by the impact of inflation, which is unfortunately here to stay at least in the near term. And so we think product margins are probably going to continue to be challenged, at least in the near term. While our teams continue to focus on margin expansion to really change the trend on that. The highlight for us has really been our service margin, which has actually been up a point year-over-year. And we think that's really what's going to help really lead our margin expansion effort in fiscal year '24 and beyond.

它們受到通貨膨脹的影響，不幸的是，通貨膨脹至少在短期內會持續下去。因此，我們認為產品利潤率可能會繼續受到挑戰，至少在短期內是這樣。我們的團隊繼續專注於利潤擴張，以真正改變這一趨勢。對我們來說最重要的是我們的服務利潤率，實際上同比增長了一個百分點。我們認為這確實有助於真正引領我們在 24 財年及以後的利潤擴張工作。

Our next question comes from Marie Thibault of BTIG.

我們的下一個問題來自 BTIG 的 Marie Thibault。

Wanted to ask one as a follow-up on FX. I certainly heard your full year remarks on $18 million of headwinds from FX this year. I recall the first half was about $12 million. Could you -- I maybe missed it, could you tell us what it was in this fiscal fourth quarter?

想詢問一位作為 FX 的後續問題。我當然聽到了您對今年 1800 萬美元外匯不利因素的全年評論。我記得上半年大約是1200萬美元。我可能錯過了，你能告訴我們本財年第四季度的情況嗎？

And then as part and parcel of that. I wanted to try to understand the adjusted EBITDA guide for fiscal '24. If I add back that bad debt, you would have come in at about $26 million for this year. So it certainly makes the range you've set out for fiscal '24 look quite achievable given the progress you've made in the past. So I wanted to try to understand that metric a little bit better.

然後作為其中的一部分。我想嘗試了解 24 財年調整後的 EBITDA 指南。如果我把壞賬加回去，你今年的收入約為 2600 萬美元。因此，考慮到您過去取得的進展，這肯定會讓您為 24 財年設定的範圍看起來完全可以實現。所以我想嘗試更好地理解這個指標。

Sure. Yes. Ali (inaudible).

當然。是的。阿里（聽不清）。

Yes, Marie. So -- and you're right. The total impact of foreign exchange on revenue in fiscal year '23 was $18 million in Q4, specifically, that was $1.8 million. And then as it pertains to the bad debt reserve related to GenesisCare, you're right. If we add that back, we would have been at $26 million. So that certainly points to good operational performance.

是的，瑪麗。所以——你是對的。外匯對 23 財年第四季度收入的總影響為 1800 萬美元，具體而言，為 180 萬美元。然後，由於它涉及與 GenesisCare 相關的壞賬準備金，你是對的。如果我們把這個加回來，我們的收入將達到 2600 萬美元。因此，這無疑表明了良好的運營績效。

As we go into fiscal year '24, our guide, like Suzanne mentioned, is $27 million to $30 million. And I mean, I think there's just a lot of different dynamics that are going to contribute to that, right? From a revenue standpoint, we are going to see increased volume. That increased volume is going to come with product that has a lower margin associated with it as we penetrate the value segment.

當我們進入 24 財年時，正如 Suzanne 提到的，我們的指導值為 2700 萬至 3000 萬美元。我的意思是，我認為有很多不同的動力會對此做出貢獻，對嗎？從收入的角度來看，我們將看到數量的增加。隨著我們滲透到價值細分市場，銷量的增加將伴隨著利潤率較低的產品。

So we're not going to see that much of a lift. We are going to see the volume, but we're not necessarily going to see that in terms of incremental EBITDA dollars in the same way that we have seen historically.

所以我們不會看到那麼大的提升。我們將會看到數量，但我們不一定會像歷史上看到的那樣看到增量 EBITDA 美元。

And then really, I think what's going to help us drive EBITDA within the guidance range that we had suggested is really going to be around our service business and our parts consumption and driving productivity around our parts consumption, just like Suzanne had mentioned.

事實上，我認為真正能夠幫助我們在我們建議的指導範圍內推動 EBITDA 的，是我們的服務業務和零部件消耗，以及圍繞我們的零部件消耗提高生產力，就像蘇珊娜提到的那樣。

We have enjoyed roughly, I'd say -- productivity from fiscal year '22 to '23 in our overall parts consumption as our installed base has increased, and we expect something similar going into fiscal year '24. And I think that's really kind of where we think we're going to get some more tailwind from an EBITDA standpoint.

我想說，隨著我們的裝機基礎增加，從 22 財年到 23 財年，我們的整體零部件消耗量大致上享有生產力，並且我們預計 24 財年也會出現類似的情況。我認為，從 EBITDA 的角度來看，我們確實會獲得更多的推動力。

And let me just add to that, too, Marie. Just a little bit about the volume and the product mix. So we're excited by the number of units that we shipped this year, just significant growth, 24%. We're also really excited about our IB growth, and that is going to drive the recurring future service revenue. So even though we may not see the service revenue in FY '24, it is something that is going to continue to be accretive in our service business moving forward.

讓我也補充一下，瑪麗。簡單介紹一下產量和產品組合。因此，我們對今年的出貨量感到非常興奮，顯著增長了 24%。我們也對 IB 的增長感到非常興奮，這將推動未來的經常性服務收入。因此，儘管我們可能看不到 24 財年的服務收入，但這將繼續為我們的服務業務帶來增值。

Okay. That's really helpful. I appreciate that detail both of you. I wanted to follow up here on China. In other parts of med tech, we've seen that as China has reopened post-COVID, there's been kind of a rebound in the recovery in procedures and installs and things like that, wanted to hear if that was a dynamic here as you ended your fiscal fourth quarter and whether we might see some tailwinds from that on the Type A side in China.

好的。這真的很有幫助。我很欣賞你們倆的細節。我想在這裡跟進中國的情況。在醫療技術的其他領域，我們看到，隨著中國在新冠疫情后重新開放，程序和安裝等方面的恢復出現了一定程度的反彈，想听聽這是否是您結束時的動態您的第四季度財報以及我們是否會看到中國A 類方面的一些推動因素。

Yes. Thanks, Marie. Yes. No, I think we ended the second half of this year with China being in positive territory, at least from a product revenue standpoint. And we think going into the first half, there's going to be some pent-up demand for the Type B product, but we are going to continue to maintain the Type A business.

是的。謝謝，瑪麗。是的。不，我認為我們在今年下半年結束時，中國處於積極的狀態，至少從產品收入的角度來看是這樣。我們認為進入上半年，B 類產品將會有一些被壓抑的需求，但我們將繼續維持 A 類業務。

But then again, in the second half, that's when we think we'll be able to fulfill the pent-up demand to really drive the growth rate for the year for China. So China overall was down for us last year but it actually grew in its service revenue. So they were just wildly installing new systems, which was great. Their installed base grew, that's driving their service revenue.

但話又說回來，在下半年，我們認為我們將能夠滿足被壓抑的需求，從而真正推動中國今年的增長率。因此，去年中國的整體收入有所下降，但其服務收入實際上有所增長。所以他們只是瘋狂地安裝新系統，這很棒。他們的安裝基礎不斷增長，這推動了他們的服務收入。

So that was really important but product revenue was down primarily because of the lockdowns in the first half. So we'll see a little bit of a dynamic. I do think they're coming back, but we are going to see this first half, second half sort of waiting for the Tomo C to get cleared.

因此，這確實很重要，但產品收入下降主要是由於上半年的封鎖。所以我們會看到一些動態。我確實認為他們會回來，但我們會看到上半場、下半場都在等待 Tomo C 被清場。

The next question comes from Aaron Wukmir of Lake Street Capital Markets.

下一個問題來自 Lake Street Capital Markets 的 Aaron Wukmir。

This is Aaron on the line for Brooks. I want to just talk a little bit about actually, just to get your view on the supply chain challenges that have sort of been impacting you in the past couple of quarters. How long do you see these as sort of a constraint? And what can we sort of expect going forward with these challenges?

我是亞倫，正在接聽布魯克斯的電話。我只想談談一些實際情況，只是為了了解您對過去幾個季度影響您的供應鏈挑戰的看法。您將這些視為一種限制多久了？面對這些挑戰，我們可以期待什麼？

Yes, Aaron, thanks for the question. I don't think it's too dissimilar from what we've discussed in the past. We have certainly seen supply chain improve in certain elements, but we continue to play whack-a-mole with a few problematic suppliers.

是的，亞倫，謝謝你的提問。我認為這與我們過去討論的內容並沒有太大不同。我們確實看到供應鏈在某些方面有所改善，但我們仍然繼續與一些有問題的供應商打地鼠。

And it's just taking up a lot of our time to be able to make sure that they have what they need to be successful. So kudos to our operations teams that are working with our suppliers to make sure that we have what we need. That's kind of where you saw the inventory build happen last year. And I would anticipate perhaps maybe a little bit more of an inventory build as we continue to secure parts early on, just to make sure that we don't run into any challenges from a supply chain perspective. Just we want to be -- we want to try and come ahead of that as much as possible.

我們需要花費大量時間來確保他們擁有成功所需的條件。感謝我們的運營團隊與我們的供應商合作，以確保我們擁有所需的東西。這就是去年庫存增加的情況。我預計，隨著我們繼續儘早獲得零件，庫存可能會增加一點，只是為了確保我們不會從供應鏈的角度遇到任何挑戰。只是我們想要——我們想要嘗試並儘可能領先。

Congrats on the progress.

祝賀取得的進展。

Our next question comes from Neil Chatterji of B. Riley.

我們的下一個問題來自 B. Riley 的 Neil Chatterji。

I mean maybe just sticking with the top line guidance for fiscal '24. Just want to make sure I kind of understand any of the -- all the kind of puts and takes here. Is China and the Tomo C products kind of (inaudible) midyear is that kind of the big driver of that maybe softer first half, stronger second half dynamic? And then how should we think about any of the benefits of these various partnerships you have, whether it's GE or Brainlab or VitalHold clearance. Maybe just any more color around some of those dynamics.

我的意思是，也許只是堅持 24 財年的頂線指導。只是想確保我理解這裡所有的一切。中國和 Tomo C 產品是否是（聽不清）年中的主要推動力，可能是上半年較軟、下半年動力較強的動力？然後我們應該如何考慮您擁有的這些不同合作夥伴關係的好處，無論是 GE、Brainlab 還是 VitalHold 許可。也許只是圍繞其中一些動態添加更多顏色。

Thanks for the question, Neil. Yes, so let me just talk through a little bit of the assumptions on the revenue -- we expect growth from all the regions except for APAC in the first half. We expect that to be flat to maybe single-digit growth. We do expect that the other regions are going to benefit from VitalHold is being cleared.

謝謝你的提問，尼爾。是的，所以讓我簡單談談對收入的一些假設——我們預計上半年除亞太地區外的所有地區都會出現增長。我們預計這一增長將持平，可能為個位數增長。我們確實預計其他地區將受益於 VitalHold 的清理。

We expect in Japan, VitalHold will get shown an approval hopefully by JASTRO which is in the November time frame, that's what we're expecting. So the assumptions that we built in to the revenue range is that we begin to see the impact of VitalHold on revenue shipments. We expect all regions to grow, but really in the first half with the exception of China, APAC, and then second half growth driven by APAC/China.

我們預計在日本，VitalHold 有望在 11 月份獲得 JASTRO 的批准，這正是我們所期待的。因此，我們在收入範圍中建立的假設是，我們開始看到 VitalHold 對收入出貨量的影響。我們預計所有地區都會增長，但實際上是上半年（中國和亞太地區除外），下半年增長將由亞太地區/中國推動。

And Tomo approval, we're expecting at the mid range by the end of the year and then the lower and higher range being either longer or better than that expectation. We expect FX and supply chain to remain the same as we ended FY '23. So again, anything worsening is at the low end, anything better is at the high end.

和 Tomo 的批准，我們預計到今年年底將達到中間範圍，然後較低和較高的範圍會比預期更長或更好。我們預計外彙和供應鏈將與 23 財年結束時保持相同。再說一次，任何惡化都是低端，任何好轉都是高端。

And we're expecting very high unit growth again, but we're also managing these product mix trends more towards the Radixact and then ultimately, adding the Tomo C, and we expect service growth. So those are all built into our midrange assumption.

我們預計再次會出現非常高的單位增長，但我們也在管理這些產品組合趨勢，更多地轉向 Radixact，然後最終添加 Tomo C，我們預計服務會增長。所以這些都被納入我們的中端假設中。

Great. Maybe just one follow-up. I mean you talked about the new ERP system and kind of the better kind of analytics with that. Maybe just if you could elaborate what kind of impact you would expect to see from that as we progress to fiscal '24.

偉大的。也許只是一個後續行動。我的意思是，您談到了新的 ERP 系統以及更好的分析方法。也許您能詳細說明一下，隨著我們進入 24 財年，您希望從中看到什麼樣的影響。

Yes. Neil, good question. And I think we're going to continue to learn as we sort of close the first quarter with the SAP implementation. But I mean, I think it's just better insight for our region teams to be able to understand better customer profitability, understand profitability at a deeper level from a channel perspective so that we can just make better decisions from a pricing perspective, right? So I think it's just going to give us more visibility that's just been very, very manual to get to in current state. So I think that's one piece. I think it's going to be very beneficial for our supply chain and operations teams to be able to understand kind of what the impact is of product COGS and where to focus our efforts where we think we're going to get the most bang for our buck. So I think that's going to be helpful.

是的。尼爾，好問題。我認為，隨著第一季度 SAP 實施的結束，我們將繼續學習。但我的意思是，我認為我們的區域團隊能夠更好地了解客戶的盈利能力，從渠道的角度更深層次地了解盈利能力，這樣我們就可以從定價的角度做出更好的決策，對嗎？所以我認為這只會給我們帶來更多的可見性，而在當前狀態下，這需要非常非常手動的方式才能實現。所以我認為這是一件。我認為這對於我們的供應鍊和運營團隊來說非常有益，因為他們能夠了解產品銷貨成本的影響，以及將我們的努力重點放在我們認為能夠獲得最大收益的地方。 。所以我認為這會有所幫助。

It's going to be very helpful for my FP&A team to be able to -- make sure that we understand where are we spending our OpEx dollars. Not that we don't have that visibility today. It's just going to provide that visibility at a much deeper level, which just comes with a lot of manual work today. So it is going to drive a lot of efficiencies.

這對我的 FP&A 團隊非常有幫助，因為他們能夠確保我們了解我們的運營支出都花在哪裡了。並不是說我們今天沒有這樣的知名度。它只會提供更深層次的可見性，而這需要今天的大量手動工作。因此，它將大大提高效率。

I don't think that's going to happen overnight. It's going to take several quarters to be able to get there. But really, we think that's the value in the implementation.

我認為這不會在一夜之間發生。需要幾個季度才能到達那裡。但實際上，我們認為這就是實施的價值。

This concludes our question-and-answer session. I would like to turn the conference back over to Suzanne Winter for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給蘇珊·溫特（Suzanne Winter）發表閉幕詞。

Thank you, operator. This concludes our earnings call. We look forward to speaking with you again in October for our fiscal 2024 first quarter earnings release, and I again invite you to join us for our Investor Day that will be held in conjunction with the Society of Radiation Oncology in October to hear more about the next phases of our strategic growth over the coming years. Thank you.

謝謝你，接線員。我們的財報電話會議到此結束。我們期待在 10 月份再次與您討論我們的 2024 財年第一季度收益發布，我再次邀請您參加我們將於 10 月份與放射腫瘤學會聯合舉辦的投資者日，以了解更多有關我們未來幾年戰略增長的下一階段。謝謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。