Accuray Inc (ARAY) 2025 Q1 法說會逐字稿

Good day, and welcome to the Accuray Fiscal 2025 First Quarter Financial Results Call. All participants will be in listen-only mode. (Operator Instructions)

美好的一天，歡迎參加 Accuray 2025 財年第一季財務業績電話會議。所有參與者將處於僅聽模式。（操作員說明）

After today's remarks, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded.

今天的發言結束後，將有機會提問。（操作員說明）請注意，正在記錄此事件。

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

我現在想將會議交給首席法務官 Jesse Chew。請繼續。

Thank you, operator and good afternoon everyone. Welcome to Accuray's conference call to review financial results for the first quarter of fiscal year 2025, which ended September 30, 2024.

謝謝接線員，大家下午好。歡迎參加 Accuray 的電話會議，審查截至 2024 年 9 月 30 日的 2025 財年第一季的財務業績。

During our call this afternoon, management will review recent corporate developments. Joining us on today's call is 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。Accuray 總裁兼執行長 Suzanne Winter 參加了今天的電話會議。和 Accuray 財務長 Ali Pervaiz。

Before we begin, I would like to remind you that our call today includes forward-looking statements. The actual results may differ materially from those contemplated or implied by these forward-looking statements.

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有重大差異。

Factors that could cause these results to differ materially are outlined in the press release we issued just after the market close this afternoon, as well as in our filings with Securities and Exchange Commission. We based the forward-looking statements on this call on the information available to us as of today's date.

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。我們根據截至今天為止所掌握的資訊做出了本次電話會議的前瞻性陳述。

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 security laws. Accordingly, you should not put undue reliance on any forward-looking statements.

我們不承擔因新資訊或未來事件而更新任何前瞻性聲明的義務，除非適用的安全法要求。因此，您不應過度依賴任何前瞻性陳述。

A few housekeeping items for today's call. First, during the Q&A session, we request that participants limit themselves to two questions and then re-queue with any follow-ups.

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兩個問題，然後重新排隊回答任何後續問題。

Second, all references to a specific quarter in the prepared remarks are to our fiscal year quarters. For example, statements regarding our first quarter refer to our fiscal first quarter ended September 30th, 2024.

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。例如，有關第一季的報表指的是截至 2024 年 9 月 30 日的第一季。

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.

此外，本次電話會議還將提供補充投影片，您可以透過直接造訪 Accuray 的投資者關係頁面 Investors.accuray.com 來存取該投影片。

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

接下來，讓我將這個電話轉給 Accuray 的執行長蘇珊娜·溫特 (Suzanne Winter)。蘇珊娜？

Thank you, Jesse. Good afternoon and thank you all for joining the call. Before discussing the quarter, I would like to thank you all and the global Accuray team for your support, well wishes and keeping me in your thoughts during my medical leave.

謝謝你，傑西。下午好，感謝大家加入通話。在討論本季之前，我要感謝你們所有人和全球 Accuray 團隊的支持、良好祝愿以及在我病假期間對我的關心。

I'm extremely grateful and proud of Sandeep Chalke, Accuray's Senior Vice President and Chief Commercial Officer, who stepped in as an interim CEO during my absence. He seamlessly continued to execute our vision and strategic priorities, while concurrently running day-to-day operations.

我非常感謝 Accuray 的高級副總裁兼首席商務官 Sandeep Chalke，並為此感到自豪，他在我缺席期間擔任臨時執行長。他無縫地繼續執行我們的願景和策略重點，同時負責日常營運。

It is a privilege to return as CEO, and I could not be more excited about where we are as the company executes our strategy to drive top line and adjusted EBITDA growth, transforming our competitive position in the global radiotherapy market.

能夠再次擔任執行長是我的榮幸，我對公司目前的處境感到非常興奮，因為公司正在執行我們的策略，以推動營收和調整後的EBITDA 成長，改變我們在全球放射治療市場的競爭地位。

Turning to the first quarter results. We had a strong start to the fiscal year where we delivered on both revenue and adjusted EBITDA. We've begun to make good progress on our FY 2025 priorities that we laid out in August, which includes new product innovation to advance care, the expansion of our service solutions business and execution of commercial strategies to improve patient access in high-growth emerging markets like China, where we believe we can achieve number one or number two market share in the long term.

轉向第一季業績。我們在本財年取得了良好的開局，實現了收入和調整後 EBITDA。我們已開始在 8 月制定的 2025 財年優先事項上取得良好進展，其中包括促進護理的新產品創新、擴大我們的服務解決方案業務以及執行商業戰略以改善高增長新興市場的患者就醫機會像中國這樣的市場，我們相信從長遠來看我們可以實現第一或第二的市場份額。

Finally, we advanced progress on operational efficiencies and pricing actions to improve margins and profitability.

最後，我們在營運效率和定價行動方面取得了進展，以提高利潤率和獲利能力。

There were several positive highlights during the quarter, which has added a level of optimism to our outlook for the remainder of the fiscal year. First, our Q1 performance in China. The region delivered significant revenue growth at 30% year-over-year, driven by strong customer demand in both Type A and B markets.

本季出現了一些積極的亮點，這使我們對本財年剩餘時間的前景更加樂觀。首先，我們第一季在中國的表現。受 A 類和 B 類市場強勁客戶需求的推動，該地區營收年增 30%。

As discussed in the last earnings call, we ended fiscal year 2024 receiving the final regulatory approvals for the Tomo C product, which allowed a full market launch and shipments to end customers.

正如上次財報電話會議中所討論的那樣，我們在 2024 財年結束時收到了 Tomo C 產品的最終監管批准，這使得我們能夠全面上市並向最終客戶發貨。

As a reminder, the Tomo C system expands our product portfolio in China and allows us to compete in the largest and fastest-growing segment of the China radiotherapy market, the Type B segment, which is estimated to be $3 billion over the next five years.

謹此提醒，Tomo C 系統擴大了我們在中國的產品組合，使我們能夠在中國放射治療市場規模最大且增長最快的B 類細分市場中展開競爭，預計未來五年該市場的規模將達到30 億美元。

In Q1, we continued to see positive customer reception to our technology in both Type A and B segments. In the Type A market, where we have been the radiotherapy market share leader over the last several years, customer installation activity of both the CyberKnife and Radixact systems were robust, and we ended the quarter with 22% growth in new customers installed year-over-year as well as building the China backlog funnel by achieving above-market new order growth.

在第一季度，我們繼續看到 A 類和 B 類細分市場的客戶對我們的技術的積極接受。在A 類市場中，我們在過去幾年中一直是放射治療市場份額的領先者，Cyber​​Knife 和Radixact 系統的客戶安裝活動都很強勁，本季度末我們安裝的新客戶數量同比增長了22 %並透過實現高於市場水平的新訂單成長來建立中國積壓管道。

Operationally, I'm very proud of our China team's ability to ramp manufacturing production of the Tomo C product, hitting a key milestone of systems built at the Tianjin facility with the close support of our operations and quality teams here in Madison, Wisconsin. These systems will ship over the next several quarters based on customer timing with the majority expected in Q2 through Q4.

在營運方面，我對我們的中國團隊能夠提高Tomo C 產品的製造產量感到非常自豪，在我們位於威斯康辛州麥迪遜市的營運和品質團隊的密切支持下，在天津工廠建造的系統達到了一個重要里程碑。這些系統將根據客戶的時間安排在接下來的幾個季度內發貨，其中大多數預計在第二季度到第四季度發貨。

As discussed, when Tomo C systems ship to the end customer, we can then realize deferred margin on our balance sheet from previous shipments to our JV partner that was used in final assembly and testing of finished product. This will positively impact product gross margins and adjusted EBITDA as it is released through the next several quarters.

如所討論的，當 Tomo C 系統運送給最終客戶時，我們可以在資產負債表上實現從先前運送給合資夥伴的遞延利潤，該利潤用於成品的最終組裝和測試。這將對未來幾季發布的產品毛利率和調整後 EBITDA 產生積極影響。

After FY 2025, we expect this impact to be minimal. We also saw revenue momentum in the APAC region, where we had several first-in-country shipments to new markets, consistent with our strategy of expanding patient access in areas where radiotherapy is underserved.

2025 財年之後，我們預計這種影響將很小。我們也看到了亞太地區的收入成長勢頭，我們在該地區首次向新市場發貨，這符合我們在放療服務不足的地區擴大患者就診範圍的策略。

First, we delivered the first VitalHold surface-guided radiotherapy for the Radixact system in Thailand, which provides advanced breast cancer treatment capabilities. The first CyberKnife S7 was delivered in the Philippines, providing SBRT and stereotactic radiosurgery capabilities and the first Radixact system was shipped in Myanmar, providing patient access to advanced radiotherapy treatments.

首先，我們在泰國為 Radixact 系統提供了首個 VitalHold 表面導引放射治療，該系統提供了先進的乳癌治療能力。第一台 Cyber​​Knife S7 在菲律賓交付，提供 SBRT 和立體定位放射外科功能，第一台 Radixact 系統在緬甸發貨，為患者提供先進的放射治療。

In the EIMEA and Japan regions, Q1 total revenue was in line with expectations, but down 35% and 22% year-over-year, respectively, mainly due to tougher year-over-year comps and after achieving record shipments in Q4.

在 EIMEA 和日本地區，第一季總收入符合預期，但同比分別下降 35% 和 22%，這主要是由於同比比較更加嚴峻以及第四季度實現了創紀錄的出貨量。

As we have discussed, regional performance can vary significantly from quarter-to-quarter based on customer timelines. However, I was very satisfied with the installation rates of new systems in both regions.

正如我們所討論的，根據客戶時間表，區域績效每個季度可能會有很大差異。不過，我對這兩個地區新系統的安裝率非常滿意。

The customer base grew 4% year-over-year in EIMEA and 3% in Japan within the quarter, which will increase installed base in those regions and drive future recurring service and upgrade revenue opportunities. We expect both regions to show stronger revenue growth in the second half of FY 2025, driven by visibility to customer timing and additional commercial coverage.

本季 EIMEA 的客戶群年增 4%，日本的客戶群年增 3%，這將增加這些地區的安裝基數，並推動未來的經常性服務和升級收入機會。我們預計，在客戶時間可見度和額外商業覆蓋範圍的推動下，這兩個地區將在 2025 財年下半年出現更強勁的收入成長。

In the Americas region, revenue was up 2% year-over-year, driven by a strong increase in product shipments, which was offset by an 8% decline in service revenue due to the installed base consolidation we have seen over the last year.

在美洲地區，由於產品出貨量強勁成長，營收年增 2%，但由於去年安裝基礎整合導致服務收入下降 8%，抵消了這一影響。

Installed base remains a key area of focus for trade-in, trade-up upgrades, and we expect conditions to improve in the US market in the second half of FY 2025 and into FY 2026, in line with the guidance we provided in August.

安裝量仍然是以舊換新、以舊換新升級的重點關注領域，我們預計 2025 財年下半年和 2026 財年美國市場的狀況將有所改善，這與我們 8 月份提供的指導一致。

Moving on to our service business. I was very pleased with our service revenues for the quarter, which grew at 5% year-over-year, driven mainly by increased contract revenue, which grew 5% year-over-year.

繼續我們的服務業務。我對本季的服務收入感到非常滿意，年增 5%，主要是由於合約收入增加，年增 5%。

As a reminder, service contracts are a source of recurring revenue that comes from providing high-touch service and support to our existing installed base of global systems.

提醒一下，服務合約是經常性收入的一個來源，它來自於為我們現有的全球系統安裝基礎提供高接觸服務和支援。

This growth was faster than our growth of our installed base, which globally grew 2% year-over-year and reflects our emphasis on providing the highest value support to our customers as well as increased price for enhanced service contracts as customers are increasingly including innovations like ClearRT and VitalHold in their system configuration.

這一增長快於我們的安裝基礎的增長，全球安裝基礎同比增長 2%，反映出我們重視為客戶提供最高價值的支持，以及隨著客戶越來越多地採用創新而提高增強服務合同的價格就像其係統配置中的ClearRT 和VitalHold 一樣。

Service remains one of the largest growth opportunities, both from a revenue and margin perspective. Our strategy of penetrating new higher-growth markets is contributing materially and offsetting slower growth in the developed markets.

從收入和利潤的角度來看，服務仍然是最大的成長機會之一。我們滲透新的高成長市場的策略正在做出重大貢獻，並抵消了已開發市場成長放緩的影響。

We saw 7% growth in our non-US markets and are developing a deep infrastructure in key markets that have created highly innovative products like Tomo C that fit well within high demand environments.

我們在非美國市場實現了 7% 的成長，並正在關鍵市場開發深入的基礎設施，這些基礎設施創造了像 Tomo C 這樣非常適合高需求環境的高度創新產品。

In August, we received CE Mark for the new Accuray Helix platform, which represented a major milestone for the company. Helix was developed for India and other emerging markets where access to advanced radiotherapy treatments has been historically limited.

8 月，我們的新 Accuray Helix 平台獲得了 CE 標誌，這是該公司的一個重要里程碑。Helix 是為印度和其他新興市場開發的，這些市場歷來難以獲得先進的放射治療。

I was pleased that during the ASTRO conference, we were able to finalize several orders for Helix, and I anticipate these orders and revenue conversion in the coming quarters.

我很高興在 ASTRO 會議期間，我們能夠敲定 Helix 的多個訂單，我預計這些訂單和收入將在未來幾季實現轉換。

During the quarter, our new order book-to-bill ratio was solid at 1.1, and we continue to book more new product orders versus product shipments in order to maintain a healthy backlog of approximately 2 times FY 2024 product revenue.

本季度，我們的新訂單與帳單比率穩定在 1.1，並且我們繼續預訂更多新產品訂單而不是產品出貨量，以保持約 2024 財年產品收入兩倍的健康積壓。

And finally, we saw a very strong reception at the ASTRO Conference for Cenos online adaptive solution and our full Adaptive suite for the Radixact system. Cenos will be the latest innovation on the Radixact system and with ClearRT, VitalHold, and Synchrony, positions the Radixact system against competitive systems.

最後，我們在 ASTRO 會議上看到 Cenos 線上自適應解決方案和 Radixact 系統的完整自適應套件受到了非常強烈的歡迎。Cenos 將是 Radixact 系統的最新創新，並與 ClearRT、VitalHold 和 Synchrony 一起讓 Radixact 系統在競爭系統中脫穎而出。

We believe our Adaptive suite, including Cenos, will be a key differentiator for Accuray because we will be the only player in the radiotherapy space that can adapt treatment plans between, during and on the day of treatment and provide the best opportunity for outcome and quality of life.

我們相信，包括Cenos 在內的自適應套件將成為Accuray 的關鍵差異化因素，因為我們將成為放射治療領域唯一一家能夠在治療之間、治療期間和治療當天調整治療計劃，並為結果和品質提供最佳機會的公司的生活。

Regulatory submission is expected to occur in our fiscal Q4, at which point we can take orders in Europe with expected clearance and revenue starting at the end of calendar year 2025 in EIMEA and the US

監管提交預計將在我們的第四財季進行，屆時我們可以在歐洲接受訂單，預計 EIMEA 和美國的清關和收入將從 2025 年底開始

Additionally, in October, we announced the publication of the Accuray-sponsored PACE-B study in the New England Journal of Medicine. The PACE-B trial compared patients treated with SBRT to conventional radiotherapy for localized prostate cancer. The study is groundbreaking and should change the way prostate cancer is treated.

此外，10 月，我們宣佈在《新英格蘭醫學雜誌》上發表 Accuray 贊助的 PACE-B 研究。PACE-B 試驗將 SBRT 治療與傳統放射治療局限性前列腺癌的患者進行了比較。這項研究具有開創性，應該會改變前列腺癌的治療方式。

Further, we are committed and investing in translating research into practice and last week sponsored an SBRT and Prostate Cancer Symposium in Miami with a prestigious international faculty of experts in conjunction with NYU Health System. The demand for practical education is significant, and we were pleased to see approximately 250 attendees from over 24 countries at this educational hands-on session.

此外，我們致力於並投資將研究轉化為實踐，並在上週與紐約大學健康系統共同主辦了在邁阿密舉行的 SBRT 和前列腺癌研討會，由著名的國際專家組成。對實踐教育的需求很大，我們很高興看到來自超過 24 個國家的約 250 名與會者參加了這次教育實踐會議。

Finally, on the operational side, we advanced progress on our margin expansion and productivity initiatives and saw overall cost efficiencies year-over-year after excluding a prior year one-time benefit to our service margins associated with our transition to a new ERP system.

最後，在營運方面，我們在利潤擴張和生產力計劃方面取得了進展，在排除上一年因過渡到新ERP 系統而給我們的服務利潤帶來的一次性效益後，我們的整體成本效率逐年提高。

We are now past our first full year of ERP implementation. And despite some challenges, which were identified in September, the ERP system is fully integrated and believe this will allow us to be much leaner and more efficient as we enter a pivotal growth stage for our company in the coming years.

ERP 實施的第一個完整年度現已過去。儘管 9 月發現了一些挑戰，但 ERP 系統已完全集成，並相信這將使我們在未來幾年進入公司的關鍵成長階段時變得更加精簡和高效。

In summary, I'm proud of the foundation we have set for future growth. We achieved strategic customer wins in the marketplace and penetrated new markets. With a solid start to the year, we are modestly raising full year fiscal 2025 guidance based on the underlying trends we see and are confident in the outlook.

總之，我為我們為未來發展所奠定的基礎感到自豪。我們在市場上取得了策略性客戶勝利並打入了新市場。憑藉今年的良好開局，我們根據我們看到的基本趨勢適度提高 2025 財年全年指引，並對前景充滿信心。

We believe we are well-positioned to achieve our goals in top line growth, drive share gain in the markets where we compete and expand margins in FY 2025 and beyond.

我們相信，我們有能力在 2025 財年及以後實現收入成長的目標，推動我們競爭的市場份額的成長，並擴大利潤率。

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

現在我將把它交給阿里，他將負責我們的財務事宜。

Thank you, Suzanne and good afternoon, everyone. As we kick off the first earnings call of FY 2025, let me start by thanking our global cross-functional teams who helped us deliver a solid first quarter. Our results give us the confidence to modestly raise our full year revenue and adjusted EBITDA guidance.

謝謝蘇珊娜，大家下午好。在我們開始 2025 財年第一次財報電話會議之際，我首先要感謝我們的全球跨職能團隊，他們幫助我們實現了穩健的第一季業績。我們的業績使我們有信心適度提高全年收入和調整後的 EBITDA 指導。

With approximately half of our business tied directly to capital equipment, we experienced longer sales cycles and timing of installation, which can create some variability in orders and revenues from quarter-to-quarter.

由於我們大約一半的業務直接與固定設備相關，因此我們經歷了更長的銷售週期和安裝時間，這可能會導致訂單和收入的季度變化。

Having said that, the underlying demand trend we are seeing as we enter high-growth markets remains very positive and gives us confidence in our product backlog and customer timing in FY 2025 and beyond.

話雖如此，隨著我們進入高成長市場，我們看到的潛在需求趨勢仍然非常積極，這讓我們對 2025 財年及以後的產品積壓和客戶時機充滿信心。

Additionally, while multiple factors can have outsized impact to our gross margin and adjusted EBITDA on a quarterly basis, we believe our underlying margin expansion efforts are starting to pay off as our fiscal year unfolds.

此外，雖然多種因素可能對我們的毛利率和按季度調整後的 EBITDA 產生巨大影響，但我們相信，隨著本財年的展開，我們的基本利潤擴張努力將開始獲得回報。

As Suzanne mentioned, China margin deferral is one of the factors that has had an outsized impact to our quarterly results in the last couple of years. As a reminder, due to JV accounting rules, we must defer approximately 50% of the margin associated with the shipment revenue that we have made to the joint venture and do not realize that margin until the joint venture ships that product to their end customer. This phenomena has driven volatility in terms of timing of revenue and associated margin.

正如蘇珊娜所提到的，中國保證金延期是過去幾年對我們季度業績產生巨大影響的因素之一。提醒一下，根據合資企業的會計規則，我們必須推遲與我們向合資企業賺取的發貨收入相關的大約 50% 的利潤，並且直到合資企業將該產品運送給最終客戶後才能實現該利潤。這種現象導致了收入時間和相關利潤率的波動。

Given all the Tomo C shipments to-date, as the deferred margin starts to release to the P&L beginning in Q2 and through FY 2025, we expect to have approximately $3 million to $4 million benefit, which is included in our fiscal year 2025 adjusted EBITDA guidance.

鑑於迄今為止所有Tomo C 的出貨量，隨著遞延利潤從第二季度開始直至2025 財年開始釋放到損益表中，我們預計將獲得約300 萬至400 萬美元的收益，這已包含在我們2025 財年調整後的EBITDA 中指導。

We have provided additional details in our supplemental deck on the impact of this deferral historically and moving forward. We expect this margin deferral timing to be less of a factor moving beyond fiscal year 2025 as joint venture volumes normalize and to have a nominal impact.

我們在補充資料中提供了有關此推遲的歷史影響和未來影響的更多詳細資訊。我們預計，隨著合資企業數量正常化，2025 財年之後的保證金延期時間不會成為一個影響因素，並且只會產生名義上的影響。

Turning to the financials. Net revenue for the first quarter was $102 million, which was down 2% versus the prior year and down 2% on a constant currency basis. Product revenue for the first quarter was $48 million, down 9% from the prior year and down 9% on a constant currency basis.

轉向財務。第一季淨收入為 1.02 億美元，比去年同期下降 2%，以固定匯率計算下降 2%。第一季產品營收為 4,800 萬美元，較上年同期下降 9%，以固定匯率計算下降 9%。

Service revenue for the quarter was $53 million, up 5% from the prior year and up 6% on a constant currency basis. As Suzanne mentioned, this was driven by contract revenue, which is the annuity part of our service business, which makes up greater than 90% of our service revenue, and we are encouraged by this trend as it is higher than our IB growth and illustrates price accretion as part of our margin expansion actions.

該季度的服務收入為 5,300 萬美元，比上年增長 5%，以固定匯率計算增長 6%。正如Suzanne 所提到的，這是由合約收入推動的，合約收入是我們服務業務的年金部分，占我們服務收入的90% 以上，我們對這一趨勢感到鼓舞，因為它高於我們的IB 增長並說明價格上漲是我們利潤擴張行動的一部分。

Product gross orders for the first quarter were approximately $55 million and represented a book-to-bill ratio of 1.1 with a trailing 12 month ratio of 1.5. Our book-to-bill ratio is defined as gross product orders for the period divided by product revenue for the period.

第一季的產品總訂單約為 5,500 萬美元，訂單出貨比為 1.1，過去 12 個月的訂單出貨比為 1.5。我們的訂單出貨比定義為該期間的總產品訂單除以該期間的產品收入。

As Suzanne mentioned, we continue to believe that the book-to-bill ratio is the right metric to ensure healthy growth of our backlog as we add more product orders than shipments in the quarter.

正如蘇珊娜所提到的，我們仍然相信訂單出貨比是確保我們積壓訂單健康成長的正確指標，因為我們在本季增加的產品訂單多於出貨量。

We ended the first quarter with a reported order backlog of approximately $469 million, defined as orders that are younger than 30 months. This represents greater than two years of FY 2024 product revenue. As part of our diligence in ensuring a high-quality backlog, we canceled only one unit, representing approximately $3 million of orders due to evolving customer dynamics.

截至第一季末，我們報告的積壓訂單約為 4.69 億美元，定義為 30 個月以內的訂單。這相當於 2024 財年產品收入的兩年多。作為確保高品質積壓訂單的努力的一部分，由於不斷變化的客戶動態，我們僅取消了一個單位，相當於約 300 萬美元的訂單。

As mentioned before, over the last couple of years, we have redefined our order booking criteria focused on deals with higher profitability that convert to revenue within 30 months and as a result, have seen lower age-outs and faster order to revenue conversion. Our overall gross margin for the quarter was 33.9% compared to 38% in the prior year.

如前所述，在過去幾年中，我們重新定義了訂單預訂標準，重點關注在30 個月內轉化為收入的盈利能力較高的交易，因此，老化時間更低，訂單轉化為收入的速度更快。我們本季的整體毛利率為 33.9%，去年同期為 38%。

As a reminder, there was a one-time cost benefit that led to lower parts consumption last year, primarily due to the timing of the ERP implementation. Sequentially, we saw improvements in both product and service margins.

提醒一下，一次性成本效益導致去年零件消耗量下降，這主要是由於 ERP 實施的時機所致。隨後，我們看到產品和服務利潤率都有提高。

Operating expenses in the first quarter were $36.6 million compared to $37.3 million in the first quarter of the prior fiscal year. Operating loss for the quarter was $2.1 million compared to operating income of $2.2 million from the prior year.

第一季營運費用為 3,660 萬美元，而上一財年第一季營運費用為 3,730 萬美元。本季營業虧損為 210 萬美元，而上年營業收入為 220 萬美元。

Adjusted EBITDA for the quarter was $3.1 million compared to $6.5 million from the prior year due to the timing of the one-time parts consumption dynamics related to the ERP implementation mentioned earlier. We described the reconciliation between GAAP net income and adjusted EBITDA in our earnings release issued today.

由於與前面提到的 ERP 實施相關的一次性零件消耗動態的時間安排，本季調整後 EBITDA 為 310 萬美元，而去年同期為 650 萬美元。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 之間的調整。

Turning to the balance sheet. Total cash, cash equivalents, and short-term restricted cash amounted to $60 million compared to $69 million at the end of last quarter, primarily due to the buildup of inventory as we prepare for the launch of Helix.

轉向資產負債表。現金、現金等價物和短期限制性現金總額為 6,000 萬美元，而上季末為 6,900 萬美元，這主要是由於我們準備推出 Helix 時庫存增加。

Net accounts receivable were approximately $92 million, flat compared to the prior quarter. Our net inventory balance was $155 million, up $17 million from the prior quarter as we ramp up manufacturing for increased shipments in the coming quarters. As we go into fiscal year 2025, there is a significant emphasis on optimizing working capital, including overall inventory, which will benefit our cash position.

應收帳款淨額約 9,200 萬美元，與上一季持平。我們的淨庫存餘額為 1.55 億美元，比上一季增加 1700 萬美元，因為我們增加了生產力度，以增加未來幾季的出貨量。隨著我們進入 2025 財年，我們非常重視優化營運資本，包括整體庫存，這將有利於我們的現金狀況。

Lastly, related to the balance sheet, we're also focused on addressing our capital structure and refinancing needs to ensure we have flexibility to grow the business for the years to come.

最後，與資產負債表相關，我們也專注於解決我們的資本結構和再融資需求，以確保我們在未來幾年能夠靈活地發展業務。

In summary, we are pleased with our Q1 results and given the momentum we are seeing thus far, we are raising our previous full year FY 2025 revenue guidance range of $460 million to $470 million to an updated range of $462 million to $472 million and raising our previous full year adjusted EBITDA guidance range of $27.5 million to $29.5 million to an updated adjusted EBITDA range of $28 million to $30 million.

總之，我們對第一季的業績感到滿意，鑑於我們迄今為止看到的勢頭，我們將之前的2025 財年全年收入指導範圍從4.6 億美元至4.7 億美元提高到更新後的範圍4.62 億美元至4.72 億美元，並籌集資金我們先前全年調整後 EBITDA 指引範圍為 2,750 萬美元至 2,950 萬美元，更新後調整後 EBITDA 範圍為 2,800 萬美元至 3,000 萬美元。

This guidance range assumes that the US market will begin its recovery in the second half of fiscal year 2025, delaying system revenue and associated margin and adjusted EBITDA to the back half of the year. Those are our key financial highlights.

該指引範圍假設美國市場將在 2025 財年下半年開始復甦，從而將系統收入和相關利潤率以及調整後的 EBITDA 推遲到下半年。這些是我們的主要財務亮點。

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

說到這裡，我想把電話轉給蘇珊娜。

Thank you, Ali. In closing, I've never been more excited about our future and the market opportunity. The upward trends in cancer incidents continues globally and the need for innovative radiotherapy solutions to combat them and improve outcomes and extend life has never been more important.

謝謝你，阿里。最後，我對我們的未來和市場機會從未如此興奮。全球癌症事件持續呈上升趨勢，對創新放射治療解決方案對抗癌症、改善結果和延長生命的需求從未如此重要。

I would like to thank the entire Accuray team for all their hard work and the role they have played in the meaningful progress we have made against our strategic priorities and their ongoing dedication and passion to advancing our mission and creating value for all stakeholders.

我要感謝整個 Accuray 團隊的辛勤工作以及他們在我們根據戰略重點取得的有意義的進展中所發揮的作用，以及他們為推進我們的使命並為所有利益相關者創造價值而持續的奉獻和熱情。

I will now turn it back over to the operator for Q&A.

我現在將其轉回給接線員進行問答。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員說明）

Marie Thibault with BTIG.

瑪麗蒂博與 BTIG。

Good evening. Thanks for taking the questions and very nice quarter. Suzanne, very happy to see you back and glad you're doing well health-wise. I wanted to start here, I guess, with China. It is getting to be a pretty considerable portion of your total revenue, which is good to see?

晚安.感謝您提出問題，這個季度非常愉快。蘇珊娜，很高興見到你回來，也很高興你健康狀況良好。我想，我想從中國開始。它將佔您總收入的相當大一部分，這是好事嗎？

And I wanted to get a better understanding of the time line for the rollout of Tomo C, how long we can expect this system to be a strong source of growth and revenue for the company? Is this a matter of years, quarters? Just how impactful can this launch be?

我想更了解 Tomo C 的推出時間線，我們可以期望該系統在多長時間內成為公司強勁的成長和收入來源？這是幾年、幾季的問題嗎？這次發布的影響力到底有多大？

Company in the total market and really being a player in the Type B segment. We are very pleased with the reception to the Tomo C product and the fact that this is a made in China for China product for the company. So, again, I think what we are seeing, at least in the short term is we have pent-up demand, which we are seeing, and we are able to release the margin deferral that's been on our balance sheet.

公司在整個市場中佔有一席之地，並且真正成為 B 類細分市場的參與者。我們對 Tomo C 產品的反應感到非常高興，而且這是該公司為中國製造的中國產品。因此，我再次認為，至少在短期內，我們看到的是我們所看到的被壓抑的需求，並且我們能夠釋放資產負債表上的保證金遞延。

And so we're going to see that play out through Q2 through Q4. But we do believe that the product itself, we're going to gain market share within the Type B segment. But we also think we continue to be a market share leader in the Type A segment as well.

因此，我們將看到第二季到第四季的情況。但我們確實相信，就產品本身而言，我們將在 B 類細分市場中獲得市場份額。但我們也認為我們仍然是 A 類細分市場的市佔率領導者。

Now, Type A segment is a smaller segment, but we have the lion's share of that segment and so we are going to continue to be a strong competitor there

現在，A 型細分市場是一個較小的細分市場，但我們擁有該細分市場的最大份額，因此我們將繼續成為該細分市場的強大競爭對手

Okay. And I couldn't hear the first part of your comments, Suzanne, so it might have been a glitch on my end. But did you say sort of where your JV partner is in the launch of introducing Tomo C? Have they gone out to most of their target accounts, just a fraction of their accounts? It may be just a qualitative detail on that.

好的。蘇珊娜，我聽不到你評論的第一部分，所以這可能是我這邊的小故障。但您是否說過您的合資夥伴在推出 Tomo C 時處於什麼位置？他們是否訪問了大部分目標帳戶，而只訪問了一小部分帳戶？這可能只是一個定性的細節。

No, I think they're still going out to a large number of accounts. I mean, again, the Type B segment is very large. And -- but I think that they have been doing a soft launch for the past year as we waited for the approval. And so we are seeing some of that pent-up demand.

不，我認為他們仍在向大量帳戶發放資金。我的意思是，B 型細分市場非常大。而且 - 但我認為，在我們等待批准的過程中，他們在過去的一年裡一直在進行軟啟動。因此，我們看到了一些被壓抑的需求。

But again, as we install, as we get customers up and running and we get a critical mass of units, we think that's just going to help our win rate within this larger market.

但同樣，當我們安裝時，當我們讓客戶啟動並運行並獲得足夠數量的設備時，我們認為這將有助於我們在這個更大的市場中的獲勝率。

Got it. Got it. Thank you. My follow-up here, I wanted to talk about service contract revenue growth outpacing installed base growth. Good to see as well. I know that's been something you've been targeting for a while. Can you give us any more details on what some of the enhanced value is that you're offering?

知道了。知道了。謝謝。我的後續行動是，我想談談服務合約收入成長超過安裝基礎成長的問題。很高興看到。我知道這一直是你的目標。您能否向我們詳細介紹一下您所提供的增強價值？

What kind of pricing tailwind you're seeing? And I guess, importantly, is this a sustainable level going forward? Should we think about this low 50s range is kind of the range to think about going forward? Thank you.

您看到了什麼樣的定價順風？我想，重要的是，這是一個可持續的水平嗎？我們是否應該考慮一下這個 50 多歲的低範圍是值得考慮的未來範圍？謝謝。

Yes. I think the service business is a tremendous initiative for the company, and it's really driven by installed base growth. So, as we're penetrating these emerging high-growth markets, getting systems installed, getting new customers into our installed base, we're able to sell service contract revenue. So, that's our business model.

是的。我認為服務業務對公司來說是一項巨大的舉措，它確實是由安裝基礎成長所推動的。因此，當我們滲透這些新興的高成長市場、安裝系統、吸引新客戶進入我們的安裝基礎時，我們就能夠銷售服務合約收入。這就是我們的商業模式。

Now, within that, we are also enhancing some of the service contracts that we're offering to customers. Every time they buy a new system and it's a richer configuration, we are able to offer an enhanced service contract, which allows us to get higher pricing for the service contracts. So that's very positive. And that's just the recurring service contract revenue.

現在，我們也加強了向客戶提供的一些服務合約。每當他們購買配置更豐富的新系統時，我們就能夠提供增強的服務合同，這使我們能夠獲得更高的服務合同定價。所以這是非常積極的。這還只是經常性服務合約收入。

The other big area of service growth that we've talked about is the noncontract revenue, the other enhanced services that we can bring to our customers, which may include additional educational offerings.

我們談到的服務成長的另一個重要領域是非合約收入，即我們可以為客戶帶來的其他增強服務，其中可能包括額外的教育產品。

We just introduced something called Cybercomm for the CyberKnife, which greatly reduces the time of commissioning of the system. So, by the time they get it installed to the time that they can treat their first patient is reduced considerably, and we're able to charge additional for that type of value-added service.

我們剛剛為 Cyber​​Knife 引入了一種叫做 Cyber​​comm 的東西，它大大減少了系統的調試時間。因此，當他們安裝它時，他們可以治療第一個病人的時間會大大減少，我們可以對此類增值服務收取額外費用。

So, we're going to continue to invest back into our service growth because we do believe that ultimately, we can improve top line as well as margin.

因此，我們將繼續投資於我們的服務成長，因為我們相信最終我們可以提高營收和利潤。

Very helpful. Thanks for taking the questions.

非常有幫助。感謝您提出問題。

Young Li with Jefferies.

小李和傑弗里斯。

Great. Thanks so much for taking our questions and welcome back, Suzanne. It's good to see that you're feeling better.

偉大的。非常感謝您提出我們的問題，歡迎回來，蘇珊娜。很高興看到你感覺好多了。

Thank you.

謝謝。

Thank you. And yeah, I guess to start, just wanted to ask a little bit about the guidance. I mean the increase was less than the beat. I know it's early in the year, and there's some level of appropriate conservatism baked in. But maybe if you can talk a little bit more about how you arrived at that decision and what's sort of driving the cautiousness for the rest of the fiscal year?

謝謝。是的，我想首先只是想詢問一些有關指導的資訊。我的意思是增幅低於節拍。我知道現在還處於今年年初，並且存在一定程度的適當保守主義。但也許您能多談談您是如何做出這項決定的，以及是什麼推動了本財年剩餘時間的謹慎態度？

Yeah, Thanks for the question, Young, and I'll start, and then I'll turn it over to Ali as well. We feel we've had a good start to the year. Q1 is, as we've discussed, is usually our smallest quarter within the year, and we are very pleased with how we landed.

是的，謝謝你的問題，Young，我會開始，然後我也會把它交給阿里。我們覺得今年有一個好的開始。正如我們所討論的，第一季通常是我們一年中最小的季度，我們對我們的表現非常滿意。

And we're also pleased with what we see are some strong underlying trends, certainly out of our APAC region, which showed very strong growth, but also our continued optimism with the strength in the second half from some of our other regions like EIMEA and Japan and the US.

我們也對我們所看到的一些強勁的潛在趨勢感到滿意，當然在我們的亞太地區，這些趨勢顯示出非常強勁的增長，而且我們對下半年來自歐洲、中東和非洲等其他一些地區的持續樂觀態度。

And so we're lifting the guidance modestly, taking up the lower end of the guidance and something that we feel comfortable with. And we as we go into Q2, Q3, we'll again take a look at the guidance.

因此，我們正在適度提高指導意見，採取指導意見的下限以及我們感到滿意的措施。當我們進入第二季、第三季時，我們將再次查看指導。

Yeah, And I think maybe just adding on to that, Yung. I mean, just like Suzanne said, we're raising it up modestly. We're cautiously optimistic as we go into the year. I think it's going to be really important just to understand as we sort of also shared during earnings last time is that the way that we think about our revenue profile is still Q2 is a little bit better and then Q4 is really sort of our big revenue quarter as we witnessed last year. So, I think those are still two key phenomenon.

是的，我想也許只是補充一下，Yung。我的意思是，就像蘇珊娜所說，我們正在謙虛地提高它。進入今年，我們持謹慎樂觀的態度。我認為了解這一點非常重要，因為我們上次在財報中也分享過，我們對收入狀況的看法仍然是第二季度好一點，然後第四季度確實是我們的大收入正如我們去年所見證的那樣。所以，我認為這仍然是兩個關鍵現象。

And then in terms of first half-second half performance for revenue, we still expect first half to be about 45% of our total guide. So. the midpoint is 4.67% and then also 55% in the second half.

然後就上半年和下半年的收入表現而言，我們仍然預計上半年將占我們總指引值的 45% 左右。所以。中點是4.67%，下半年也是55%。

All right. Great, very helpful. I guess to follow-up on China a little bit. It seems like there's pretty strong organic demand for Tomo C. I guess I'm just kind of curious -- what are you seeing from sort of the stimulus impact side or anticorruption campaign? How much are those things impacting the revenue in the business in China?

好的。太棒了，非常有幫助。我想對中國進行一些跟進。看來對 Tomo C 的有機需求相當強勁。這些因素對中國業務的收入有多少影響？

Yeah. No, thanks for the question because I know it's come up on other companies' calls who are also in the same area that we are, diagnostic imaging, for example. For sure, the anticorruption campaign, as we've talked about, has slowed down the process. I think the stimulus program that we were all hoping to start hasn't quite initiated yet.

是的。不，謝謝你提出這個問題，因為我知道這個問題也出現在其他公司的電話中，這些公司也與我們處於同一領域，例如診斷成像。當然，正如我們所討論的，反腐敗運動減緩了這一進程。我認為我們都希望啟動的刺激計劃還沒有完全啟動。

So overall, I do think that is creating a delay in some reduction in budgets. That being said, I think it shows that we are gaining share in this market, even though budgets may be reduced.

總的來說，我確實認為這導致了預算削減的延遲。話雖這麼說，我認為這表明我們正在獲得這個市場的份額，儘管預算可能會減少。

We have a unique partnership with the joint venture in China and our strategy of having a domestically produced that we just got approval for, I think, is being driven by pent-up demand for radiotherapy in this segment and our strong partnership with our JV partner.

我們與中國的合資企業有著獨特的合作夥伴關係，我們剛剛獲得批准的國產化策略是由該領域被壓抑的放射治療需求以及我們與合資夥伴的牢固合作關係推動的。

And so there's a lot of puts and takes and a lot still to continue to monitor, but it should not change the trajectory that we are seeing. The response has been very positive, both in Type A and Type B. So, we expect pretty good visibility.

因此，有很多看跌期權，還有很多需要繼續監控，但它不應該改變我們所看到的軌跡。A 型和 B 型的反應都非常正面。

Alright, thank you very much.

好的，非常感謝。

Brooks O'Neil with Lake Street Capital Markets.

布魯克斯·奧尼爾 (Brooks O'Neil) 與湖街資本市場 (Lake Street Capital Markets)。

Good afternoon guys. This is Aaron on the line for Brooks. Thanks for taking our questions. And Brooks and I would also like to extend a welcome back to you, Suzanne.

各位下午好。我是亞倫，正在接聽布魯克斯的電話。感謝您回答我們的問題。布魯克斯和我也想對你回來表示歡迎，蘇珊娜。

I guess I wanted to start with India. How have your orders sort of been tracking there? And do you sort of still expect to be in a shipping position at the end of the year?

我想我想從印度開始。您的訂單在那裡追蹤得怎麼樣？您是否仍然希望在今年年底處於運輸狀態？

Thank you for the question. Yes, India is another strategic area for us that we think has a lot of potential. We've certainly made an investment in commercial resources there for that reason. And we're excited about the potential of the Helix product, which is also a product that has been designed for high-growth emerging markets, again, less advanced features and more on productivity, throughput and economics.

謝謝你的提問。是的，印度是我們認為具有巨大潛力的另一個戰略領域。出於這個原因，我們當然對那裡的商業資源進行了投資。我們對 Helix 產品的潛力感到興奮，該產品也是專為高成長的新興市場設計的產品，同樣，先進的功能較少，而更多的是生產力、吞吐量和經濟性。

We do have CE Mark for the product, which is allowing us to at least start to take orders in India, and we have taken orders. And we expect that after we finalize the local regulatory testing that we expect to be completed in early Q3, we can be in a shipping mode and more of a full market launch there.

我們的產品確實有 CE 標誌，這使我們至少可以開始在印度接受訂單，而且我們已經接受了訂單。我們預計，在我們完成預計在第三季初完成的當地監管測試後，我們可以進入出貨模式，並在當地進行全面的市場啟動。

Understandable. Super helpful. And then I'm curious if you have any comments on the outlook of the election results and how that fares in sort of terms of the growth outlooks in foreign markets, specifically China?

可以理解。超有幫助。我很好奇您對選舉結果的前景有何評論，以及外國市場（特別是中國）的成長前景如何？

No, thank you for that question. And certainly, we're watching as everyone to see the policies unfold. I will say one of the very strong points, I think, even with this new administration is there is a hypersensitivity to US competitiveness. And Accuray products are a company headquartered in the US and we're the only radiotherapy company that is headquartered here.

不，謝謝你提出這個問題。當然，我們正在關注每個人的政策進展。我想說的是，我認為，即使是這個新政府，最重要的一點是，人們對美國的競爭力高度敏感。Accuray products 是一家總部位於美國的公司，我們是唯一一家總部設在美國的放射治療公司。

We are made in the US with the exception of our product, which is China for China. And so, I think on a positive note, we know congressional Republicans have floated a lower corporate tax rate for companies with US manufacturing and tax credits for onshoring. So, again, we're waiting to see what the impact might be.

我們的產品是美國製造的，但我們的產品是中國製造的。因此，我認為從積極的角度來看，我們知道國會共和黨人已經為在美國製造的公司提出了較低的企業稅率，並為在岸生產提供了稅收抵免。因此，我們再次拭目以待，看看可能會產生什麼影響。

But we're also taking a look at who might be the new Head of Health and Human Services, FDA, CMS and trying to understand that impact to the overall health system and see what impact that may have on radiotherapy.

但我們也在研究誰可能成為新任衛生與公共服務部、FDA、CMS 負責人，並試圖了解這對整個衛生系統的影響，並了解這可能對放射治療產生什麼影響。

And the good I mean, good news is certainly not good news, but the incidence for cancer continues to grow and radiotherapy is just such a strong therapy and cost-effective and noninvasive. So I think we're in a good position overall, but we're going to continue to monitor.

我的意思是，好消息當然不是好消息，但癌症的發生率持續增長，而放射治療正是一種強而有力的治療方法，具有成本效益且非侵入性。所以我認為我們總體上處於有利位置，但我們將繼續監控。

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

我們的問答環節到此結束。我想將會議轉回蘇珊溫特（Susan Winter）發表閉幕詞。

Thank you all for attending. This concludes our earnings call and we look forward to speaking with you again in February for our fiscal 2025 2nd quarter earnings release.

感謝大家的出席。我們的財報電話會議到此結束，我們期待在 2 月再次與您討論我們的 2025 財年第二季財報。

The conference is 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。您現在可以斷開連線。