Accuray Inc (ARAY) 2025 Q2 法說會逐字稿

Good day, and welcome to the Accuracy’s fiscal 2025 second-quarter financial results conference call. (Operator Instructions)

您好，歡迎參加 Accuracy 2025 財年第二季財務業績電話會議。（操作員指令）

I would now like to turn the conference over to Jesse Chew. Please go ahead.

現在我想將會議交給 Jesse Chew。請繼續。

Thank you operator, and good afternoon, everyone. Welcome to Accuray's conference call to review financial results for the second quarter of fiscal year 2025, which ended December 31, 2024.

謝謝接線員，大家下午好。歡迎參加 Accuray 電話會議，回顧截至 2024 年 12 月 31 日的 2025 財年第二季的財務表現。

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

在今天下午的電話會議中，管理階層將回顧公司的近期發展。參加今天電話會議的有 Accuray 總裁兼執行長 Suzanne Winter；以及 Accuray 財務長 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 closes this afternoon, as well as our filings with the Securities and Exchange Commission.

在我們開始之前，我想提醒您，我們今天的電話會議包括前瞻性陳述。實際結果可能與這些前瞻性陳述所預期或暗示的結果有重大差異。我們在今天下午市場收盤後發布的新聞稿以及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 based 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. Accordingly, you should not put undue reliance on any forward-looking statements.

我們根據截至今日所掌握的資訊在本次電話會議中做出了前瞻性陳述。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，除非適用的證券法要求。因此，您不應過度依賴任何前瞻性陳述。

A few housekeeping guidelines for today's call. First, if you're in the Q&A session, we request that participants limit themselves to two questions, and then reque with any follow ups. Second, all references to a specific quarter and the prepared remarks are to our fiscal year quarters. For example, statements regarding our second quarter, refer to our fiscal second quarter ended December 31, 2024. Additionally, there'll 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.

以下是今天通話中的一些常規指導原則。首先，如果您參加問答環節，我們要求參與者將自己提出的問題限制在兩個範圍內，然後再提出任何後續問題。其次，所有對特定季度的提及和準備好的評論均針對我們的財政年度季度。例如，有關我們第二季的聲明是指截至 2024 年 12 月 31 日的第二財政季度。此外，本次電話會議還將提供一份補充幻燈片，您可以直接造訪 Accuray 的投資者關係頁面 investor.accuray.com 來存取。

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

說完這些，請允許我將電話轉給 Accuray 的執行長 Suzanne Winter。蘇珊娜？

Thank you, Jesse. Good afternoon, and thank you for joining us today. I'm very pleased to report on another strong quarter of performance across key financial metrics, which is enabling us to innovate and expand our efforts to improve outcomes for cancer patients around the world, which is our mission.

謝謝你，傑西。下午好，感謝您今天加入我們。我很高興地報告，本季各項關鍵財務指標表現又表現強勁，這使我們能夠創新並擴大我們的努力，以改善世界各地癌症患者的治療效果，這也是我們的使命。

We saw strong year-over-year revenue and adjusted EBITDA results this quarter, reflecting significant progress on our FY25 priorities. These include advancing cancer care through innovation, expanding our service solutions business, and improving patient access to radiotherapy in developing markets, where we believe we can grow faster than the market, and achieve number one or number two market share in the long term.

本季度，我們的營收和調整後 EBITDA 業績年比強勁，反映出我們在 2025 財年重點工作上取得了重大進展。這些舉措包括透過創新推動癌症治療、擴大我們的服務解決方案業務、以及改善發展中市場患者接受放射治療的機會，我們相信我們可以在這些市場中以比市場更快的速度增長，並在長期內實現第一或第二的市場份額。

Finally, we advanced operational efficiencies and pricing actions to improve margins and long-term profitability. Revenue for the quarter was solid, growing 8% year-over-year with outstanding product revenue performance, compared to the prior year period. Additionally, I was also pleased with our adjusted EBITDA performance at $9.6 million, which was driven by pricing and operational improvements as well as Tomo C System deliveries to end customers from our joint venture facility in Tianjin.

最後，我們提高了營運效率和定價行動，以提高利潤率和長期獲利能力。本季營收穩健，與去年同期相比成長 8%，產品營收表現優異。此外，我對我們調整後的 EBITDA 業績達到 960 萬美元感到滿意，這得益於定價和運營的改進以及 Tomo C System 從我們位於天津的合資工廠向最終客戶交付產品。

Turning to orders in Q2, I'm very pleased with our book to bill results, which are encouraging, especially, given the strength of our product shipments this quarter. EIMEA led the way with 7% orders growth balanced in both developed and emerging markets within the region.

談到第二季的訂單，我對我們的訂單出貨結果非常滿意，這是令人鼓舞的，特別是考慮到本季我們產品出貨量的強勁。EIMEA 處於領先地位，訂單成長率達到 7%，該地區已開發市場和新興市場均實現了均衡成長。

Last quarter, we gained CE mark for the new Accuray's Helix platform, which is manufactured in Madison, Wisconsin. And in Q2, we booked 12 new Helix system orders, with key breakthrough wins from Pakistan, Northern Africa and key markets in APAC.

上個季度，我們獲得在威斯康辛州麥迪遜生產的新型 Accuray Helix 平台的 CE 標誌。第二季度，我們獲得了 12 個新的 Helix 系統訂單，並在巴基斯坦、北非和亞太地區主要市場取得了重大突破。

Turning to product revenues. We were up 19% versus last year, growing faster than the market driven by strong demand for our solutions across the portfolio. Here, our new product innovation is focused on advancing the capabilities of our existing systems, and always looking to improve patient care in the markets where we compete.

轉向產品收入。與去年相比，我們的成長了 19%，成長速度快於市場對我們整個產品組合解決方案的強勁需求。在這裡，我們的新產品創新專注於提高我們現有系統的功能，並始終尋求改善我們競爭市場的患者護理。

The CyberKnife system, which remains the only truly robotic radiotherapy system, dedicated to SBRT and stereotactic radiosurgery treatments, grew revenue well above 50% year over year, so great performance here.

Cyber​​Knife 系統仍然是唯一真正的機器人放射治療系統，專用於 SBRT 和立體定位放射外科治療，其收入同比增長遠超 50%，表現出色。

Another key driver for revenue growth was our overall performance in China, which is one of the standout stories for this quarter. Our team delivered over 50% revenue growth year-over-year in China. Our strategy in China is working, driven first by our differentiated product portfolio and service growth. And I'm very pleased with the performance of our joint venture partner, China Isotope & Radiation Corporation or CIRC, which is one of the largest state run entities.

營收成長的另一個關鍵驅動力是我們在中國的整體表現，這是本季的亮點之一。我們的團隊在中國實現了超過50%的營收年增。我們在中國的策略正在發揮作用，這首先得益於我們差異化的產品組合和服務成長。我對我們的合資夥伴中國同位素輻射有限公司（保監會）的業績感到非常滿意，它是中國最大的國有實體之一。

Additionally, we are very encouraged that in the most recent China market data for calendar year 2024, although the overall market declined versus the prior year, we gained 10 points of market share, and are disrupting competitive market share dynamics according to Ipsos, a global leader in market research, as well as official China government bidding, and local government procurement websites.

此外，我們非常高興地看到，在最新的2024日曆年中國市場數據中，雖然整體市場較上一年有所下降，但我們的市場份額卻增加了10個百分點，並且根據全球領先的市場研究機構益普索（Ipsos）以及中國政府招標和地方政府採購網站的統計，我們的市場份額正在打破競爭格局。

In the Type B market, we saw strong adoption of the Tomo C System, which positively impacted revenue and adjusted EBITDA in the quarter. We were able to complete significant Tomo C customer deliveries, allowing us to realize deferred margin which has built up over the past several quarters, as we waited for National Medical Products Administration regulatory approval.

在 B 型市場，我們看到 Tomo C 系統的廣泛應用，這對本季的營收和調整後 EBITDA 產生了正面影響。我們能夠完成大量 Tomo C 客戶交付，使我們能夠實現過去幾季在等待國家藥品管理局監管批准期間累積的遞延保證金。

As a reminder, the Tomo C product is manufactured in our JV Tianjin facility, specifically for the China market. Again, we've invested heavily in understanding regional customer trends and developed the right product with our JV partner to address the unique needs of the Type B market, which is estimated to be $3 billion in market potential over the next five years.

提醒一下，Tomo C 產品是在我們的合資天津工廠生產的，專門針對中國市場。再次，我們投入大量資金來了解區域客戶趨勢，並與我們的合資夥伴一起開發了合適的產品，以滿足 B 類市場的獨特需求，預計未來五年 B 類市場的市場潛力為 30 億美元。

During the quarter, we also continued to see positive customer reception to our technology in the premium Type A segment in China. With the recent approvals for the CyberKnife S7, Synchrony, and ClearRT, now available on the Radixact SynC system, customers have access to advanced capabilities which are critical to performing SBRT and stereotactic radio surgery treatments.

在本季度，我們也持續看到中國高端 A 型車市場客戶對我們技術的正面回應。隨著 Cyber​​Knife S7、Synchrony 和 ClearRT 最近獲得批准，現在可以在 Radixact SynC 系統上使用，客戶可以使用對執行 SBRT 和立體定位放射外科治療至關重要的高級功能。

We also saw stand out revenue performance in Japan, where we continue to hold the number two market share position with over 40% growth in the quarter versus last year. Revenue was down in EIMEA and AMS regions in the quarter compared to last year. But as we have discussed in the past, regional performance can vary significantly from quarter to quarter, and I expect both of these regions to show stronger revenue growth in the second half.

我們在日本的營收表現也十分突出，我們繼續保持第二大的市場份額，本季與去年相比成長了 40% 以上。與去年同期相比，本季 EIMEA 和 AMS 地區的營收有所下降。但正如我們過去討論過的那樣，各個季度的區域表現可能會有很大差異，我預計這兩個地區在下半年都會實現更強勁的收入成長。

Moving on to our service business. Our Q2 service contract revenues grew modestly on a comparable basis and were up sequentially from last quarter. Service revenue remains the largest long-term growth opportunity driven by a growing installed base of global customers who contract service from Accuray throughout the life of their system.

繼續談我們的服務業務。我們第二季的服務合約營收較上年同期略有成長，且較上一季有所上升。服務收入仍然是最大的長期成長機會，這得益於全球客戶群的不斷增長，這些客戶在整個系統生命週期內都與 Accuray 簽訂服務合約。

This service revenue opportunity which is predominantly a recurring revenue source, will further grow by retaining existing customers, winning new customers, and expanding new solution offerings, like CyberComm accelerated commissioning for the CyberKnife, which continue to contribute materially within the quarter.

這種服務收入機會主要是經常性收入來源，將透過保留現有客戶、贏得新客戶和擴展新的解決方案產品（如 Cyber​​Comm 加速 Cyber​​Knife 的調試）進一步成長，這些產品將在本季度繼續做出重大貢獻。

We expect that our service business will be a growing part of our overall revenue and a primary catalyst for expanding margins, as we benefit from higher pricing, increased scale and improved operating leverage in the upcoming years.

我們預計，由於未來幾年我們將受益於更高的定價、更大的規模和更好的經營槓桿，我們的服務業務將成為我們整體收入中不斷增長的一部分，並成為擴大利潤率的主要催化劑。

Finally, we're very proud of our clinical research and the academic recognition of clinical innovation, leveraging our technology to advance cancer care. For example, in December, the international Journal of Cancer highlighted the CyberKnife System as an effective and time efficient treatment option for brain stem metastases. Additionally, in October, we announced the publication of the Accuray sponsored PACE-B trial, in the New England Journal of Medicine, which showed groundbreaking potential for SBRT to change the way prostate cancer is treated.

最後，我們對我們的臨床研究和臨床創新的學術認可感到非常自豪，並利用我們的技術來推進癌症治療。例如，12 月，國際《癌症雜誌》重點指出 Cyber​​Knife 系統是一種有效且省時的腦幹轉移瘤治療選擇。此外，10 月份，我們在《新英格蘭醫學雜誌》上發表了由 Accuray 贊助的 PACE-B 試驗，該試驗顯示了 SBRT 在改變前列腺癌治療方式方面具有突破性潛力。

In summary, I'm proud of our team and the progress we're making towards achieving our longer-term goals. Operationally, we continue to strengthen our corporate leadership, and are excited to welcome Leonel Peralta, as Chief Operations Officer to the team.

總而言之，我為我們的團隊和我們在實現長期目標方面所取得的進展感到自豪。在營運方面，我們繼續加強我們的企業領導力，並很高興歡迎 Leonel Peralta 擔任營運長加入團隊。

Leonel has a proven work history in driving growth while improving productivity and brings more than 25 years of leadership experience in supply chain, business process improvement, and manufacturing optimization. This experience will be instrumental in transforming our supply base, driving operational excellence and optimizing working capital.

Leonel 在推動成長和提高生產力方面擁有豐富的工作經驗，並在供應鏈、業務流程改進和製造優化方面擁有超過 25 年的領導經驗。這種經驗將有助於轉變我們的供應基礎、推動卓越營運和優化營運資本。

I'm pleased with our strong Q2 and first half performance, which demonstrates the execution of our strategy. With a solid first half behind us, we're raising our full year fiscal 2025 guidance for revenue to $463 million to $475 million, from $462 million to $472 million, and adjusted EBITDA to $28.5 million to $31 million, from $28 million to $30 million.

我對我們第二季和上半年的強勁表現感到滿意，這證明了我們策略的執行力。由於上半年業績表現強勁，我們將 2025 財年全年營收預期從 4.62 億美元上調至 4.72 億美元，至 4.63 億美元至 4.75 億美元；調整後 EBITDA 從 2,800 萬美元至 3,000 萬美元上調至 2,850 萬美元。

As we look to the second half of our fiscal year, we would expect similar seasonality as we have seen in the past years, with a larger portion of revenues and earnings coming in the fourth quarter aligned with the timing of customer demand compared to Q3. In closing, we are confident that we are well positioned to achieve our goals, and top line growth drive share in the markets where we compete and expand margins in FY25 and beyond.

展望本財年的下半年，我們預計會出現與過去幾年類似的季節性，與第三季相比，第四季的營收和收益將有很大一部分與客戶需求的時間一致。最後，我們有信心，我們已做好準備實現我們的目標，並在我們競爭的市場中推動營收成長並擴大利潤率，直至 2025 財年及以後。

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

現在我將把會議交給 Ali Pervaiz，他將負責我們的財務。

Thank you, Suzanne, and good afternoon everyone. I would like to begin by thanking our global cross functional teams, who continue to execute tirelessly with their incredible work ethic and helped us deliver a strong Q2, which gives us the confidence that our underlying growth strategy is working, both from a top line and margin expansion standpoint.

謝謝你，蘇珊娜，大家午安。首先，我要感謝我們的全球跨職能團隊，他們以其令人難以置信的職業道德繼續不知疲倦地執行任務，幫助我們實現了強勁的第二季度業績，這讓我們相信，我們的潛在增長戰略正在發揮作用，無論是從營收還是利潤率擴張的角度來看。

As Suzanne mentioned, our revenue growth was broad based during the quarter, led by a strong performance in our China, APAC, and Japan regions. The overall demand trend we see as we enter high growth emerging markets remains positive and is expected to allow us to gain share in the coming years, while steadily increasing our global install base, which will in turn help grow our service business. This focused top-line growth, while continuing to remain committed to our margin expansion efforts, is starting to pay off despite continued inflation and macro headwinds.

正如蘇珊娜所提到的，本季我們的營收全面成長，這得益於中國、亞太地區和日本地區的強勁表現。當我們進入高成長新興市場時，我們看到的整體需求趨勢仍然是正面的，預計這將使我們在未來幾年獲得份額，同時穩步增加我們的全球安裝基數，這反過來將有助於成長我們的服務業務。這種專注的營收成長，加上我們繼續致力於提高利潤率的努力，儘管通膨和宏觀阻力持續存在，但已開始帶來回報。

Turning to the financials. Net revenue for the second quarter was $116 million, which was up 8% versus the prior year, and up 8% on a constant currency basis. Product revenue for the second quarter was $61 million. up 19% from the prior year and up 20% on a constant currency basis, reflecting a 17% increase in unit volume over the same time period.

談到財務方面。第二季淨營收為 1.16 億美元，較上年同期成長 8%，以固定匯率計算成長 8%。第二季產品收入為6100萬美元。比上年增長 19%，以固定匯率計算增長 20%，反映出同一時期單位銷量增長了 17%。

Service revenue for the quarter was $55 million, down 1% from the prior year and down 2% on a constant currency basis. As a reminder, service revenue was unusually high in the same period of the prior year, primarily due to a catch up of revenue related to the timing of the ERP implementation and cleanup of age deferred revenue.

本季服務收入為 5,500 萬美元，較上年下降 1%，以固定匯率計算下降 2%。需要提醒的是，去年同期的服務收入異常高，這主要是由於 ERP 實施時機和清理遞延收入相關的收入追趕所致。

Adjusting for those onetime items, service revenue would have been up 2% and in line with contract revenue growth, which makes up greater than 90% of our global service revenue and is the annuity part of our revenue stream.

在調整這些一次性項目後，服務收入將成長 2%，與合約收入成長保持一致，合約收入占我們全球服務收入的 90% 以上，是我們收入來源的年金部分。

Product gross orders for the second quarter were approximately $77 million and represented a book-to-bill ratio of 1.3, with a trailing 12-month ratio of 1.3. Our book-to-bill ratio is defined as gross product orders for the period divided by product revenue for the period. And 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 and shipments in the quarter.

第二季的產品總訂單量約為 7,700 萬美元，訂單出貨比為 1.3，過去 12 個月的訂單出貨比為 1.3。我們的訂單出貨比定義為期間的總產品訂單除以期間的產品收入。而且，隨著我們在本季增加了更多的產品訂單和出貨量，我們仍然相信，訂單出貨比是確保積壓訂單健康成長的正確指標。

We ended the second quarter with a reported order backlog of approximately $463 million, defined as orders that are younger than 30 months. This represents approximately two years of FY24 product revenue. As part of our diligence in ensuring a high quality backlog, we canceled only one unit representing approximately $2 million of orders, due to evolving customer dynamics.

在截止第二季末，我們報告的訂單積壓金額約為 4.63 億美元（訂單積壓定義為 30 個月內的訂單）。這大約相當於 FY24 兩年的產品收入。為了確保高品質訂單積壓，由於客戶動態的變化，我們僅取消了一個單位的訂單，該單位的價值約為 200 萬美元。

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 of seeing lower age outs and faster order to revenue conversion.

如前所述，在過去幾年中，我們重新定義了我們的訂單預訂標準，重點關注盈利能力更高的交易，這些交易可以在 30 個月內轉化為收入，並且可以看到更低的逾期率和更快的訂單到收入的轉換率。

Our overall gross margin for the quarter was 36.1% compared to 33.5% in the prior year. This increase was due to an approximately 2.4 points or $2.6 million of incremental net China margin release, associated with shipments from our JV partner to their end customers. Additionally, favorable pricing and efficiencies within our manufacturing operations contributed approximately 2.9 points offset by higher parts consumption and other service cost impact of approximately 2.7 points.

本季我們的整體毛利率為 36.1%，去年同期為 33.5%。這一增長是由於我們的合資夥伴向其最終客戶發貨帶來的約 2.4 個百分點或 260 萬美元的增量淨中國利潤釋放。此外，我們製造業務中的優惠定價和效率貢獻了約 2.9 個百分點，但零件消耗增加和其他服務成本的影響抵消了約 2.7 個百分點。

Coming back to the China margin release. 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 JV and do not realize that margin until the JV ships that product to their end customer. This phenomena resulted in an accumulation of deferred margin on our balance sheet as we were awaiting regulatory approval, which was obtained in June of 2024.

回到中國保證金釋放的話題。提醒一下，根據合資企業的會計規則，我們必須將與我們已經獲得的發貨收入相關的約 50% 的利潤推遲到合資企業，並且直到合資企業將該產品運送給最終客戶時才能實現該利潤。這種現象導致我們的資產負債表上累積了遞延保證金，因為我們正在等待監管部門的批准，該批准於 2024 年 6 月獲得。

Since then, the China JV started to make shipments to their end customers in our fiscal Q1 and delivered higher than anticipated shipments in Q2, allowing the release of that margin earlier than we expected. We have provided additional details in our supplemental deck on the impact of deferral historically. And moving forward, we expect this margin deferral timing to be less of a factor moving beyond FY25 as JV volumes normalize and to have a nominal impact.

自那時起，中國合資企業在我們第一財季開始向其最終客戶發貨，並在第二季度交付了高於預期的出貨量，從而比我們預期的更早釋放了利潤。我們在補充文件中提供了有關延期歷史影響的更多詳細資訊。展望未來，我們預計，隨著合資企業銷售恢復正常，保證金延期時間的影響在 2025 財年以後將不再那麼重要，而且影響也將很小。

Operating expenses in the second quarter was $37 million compared to $40 million in the second quarter of the prior fiscal year, primarily due to higher ERP implementation costs incurred last year. Operating income for the quarter was $4.7 million, compared to operating loss of $4 million from the prior year.

第二季的營運費用為 3,700 萬美元，而上年同期為 4,000 萬美元，這主要由於去年 ERP 實施成本較高。本季的營業收入為 470 萬美元，而去年同期的營業虧損為 400 萬美元。

Adjusted EBITDA for the quarter was $9.6 million, compared to $2 million from the prior year, primarily due to higher shipments, higher release of deferred China margin and lower operating expenses. Turning to the balance sheet, total cash, cash equivalent and short-term restricted cash amounted to $64 million, compared to $60 million at the end of last quarter.

本季調整後 EBITDA 為 960 萬美元，而去年同期為 200 萬美元，主要由於出貨量增加、中國遞延保證金釋放增加以及營運費用降低。談到資產負債表，總現金、現金等價物和短期受限現金總額為 6,400 萬美元，而上一季末為 6,000 萬美元。

Net accounts receivable were approximately $87 million compared to $92 million in the prior quarter. Our net inventory balance was $149 million, down $6 million from the prior quarter, as we focus on a leaner approach to inventory management. Lastly, we continue to be focused on addressing our capital structure and refinancing needs to ensure we have flexibility to grow the business for the years to come.

淨應收帳款約為 8,700 萬美元，而上一季為 9,200 萬美元。由於我們專注於精簡的庫存管理方法，我們的淨庫存餘額為 1.49 億美元，比上一季下降了 600 萬美元。最後，我們繼續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內能夠靈活地發展業務。

Given that we are an international business with a global supply chain, we are keeping a close eye on how tariffs being imposed by the new US administration could impact our business. Considering everything we know as of the time of this call, we think it is a de minimis risk for the second half of the year. But it's also a fluid situation that we intend to monitor closely and we'll update you further as the situation develops.

鑑於我們是一家擁有全球供應鏈的國際企業，我們正在密切關注新美國政府徵收的關稅可能對我們的業務產生的影響。考慮到我們在本次電話會議中了解到的所有情況，我們認為對於今年下半年來說，這是一個極小的風險。但這也是一種不穩定的情況，我們打算密切監視，並將隨著情況的發展向您提供進一步的更新資訊。

In summary, we are pleased with our Q2 and first half results and are raising our full year FY25 revenue guidance range to $463 million to $475 million, from the previous range of $462 million to $472 million. And full year adjusted EBITDA guidance range to $28.5 million to $31 million, from the previous range of $28 million to $30 million. This revised guidance range assumes a minimal tariff impact and the US market will begin its recovery in the second half of FY25, delaying system revenue and associated EBITDA to the fourth quarter of our fiscal year.

總而言之，我們對第二季和上半年的業績感到滿意，並將 2025 財年全年收入預期範圍從先前的 4.62 億美元至 4.72 億美元上調至 4.63 億美元至 4.75 億美元。全年調整後 EBITDA 預期範圍從先前的 2,800 萬美元至 3,000 萬美元調整至 2,850 萬美元至 3,100 萬美元。該修訂後的指導範圍假設關稅影響很小，且美國市場將在25財年下半年開始復甦，將系統收入和相關 EBITDA 推遲到本財年第四季。

Those are the key financial highlights. And with that, I'd like to hand the call back to Suzanne.

這些是主要的財務亮點。說完這些，我想把電話交還給蘇珊娜。

Thanks, Ali. Before Q&A, I want to sum up my view on the recent results which show clear progress toward our full year goals, setting the stage for sustained profitability in the long term. Product revenue growth was very strong, faster than the markets we compete in, driven by sales in China and Japan, and strong demand for CyberKnife.

謝謝，阿里。在問答之前，我想總結一下我對近期業績的看法，這些業績表明我們在實現全年目標方面取得了明顯進展，為長期持續盈利奠定了基礎。產品收入成長非常強勁，比我們競爭的市場成長更快，這得益於中國和日本的銷售以及對 Cyber​​Knife 的強勁需求。

Well, on a normalized basis, services revenue increased modestly. Margins benefited from our China margin release and deliberate operating efficiencies against some inflationary trends.

嗯，從正常化角度來看，服務收入略有增加。利潤率受益於我們在中國釋放的保證金以及針對部分通膨趨勢而刻意提高的營運效率。

Most importantly, I'm pleased that our financial performance improvements should help us to continue to innovate and expand our efforts to improve outcomes for cancer patients around the world. I would like to thank the entire Accuray team for all of 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.

最重要的是，我很高興我們的財務表現改善能夠幫助我們繼續創新並擴大我們的努力，以改善世界各地癌症患者的治療效果。我要感謝整個 Accuray 團隊的辛勤工作、他們在我們實現戰略重點方面所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和為所有利益相關者創造價值所表現出的持續奉獻和熱情。

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

現在我將把問題交還給接線員進行問答。

(Operator Instructions)

（操作員指令）

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Hi, good evening. Thanks for taking the questions and congrats on a very nice quarter. Wanted to start here with China. 54% year-over-year growth. I wonder if you could detail for us, what that is in terms of revenue?

嗨，晚上好。感謝您回答這些問題，並祝賀您度過了一個非常愉快的季度。想從中國這裡開始。較去年同期成長54%。我想知道您是否可以為我們詳細說明收入是多少？

And just how sustainable you think this demand is. You have some obvious catalysts like Tomo C coming onto the market, you've got new clearances in the Type A category. And I just want to have an understanding of can we see this demand continue for a couple quarters, a couple of years? How would you kind of size this for us?

以及您認為這種需求的可持續性如何。一些明顯的催化劑如 Tomo C 已經進入市場，A 類產品也獲得了新的許可。我只是想了解這種需求能否持續幾個季度或幾年？您認為這個尺寸對我們來說應該如何決定？

Thanks for the question, Marie. Yeah, we're very pleased with our performance in China, both in Q2 and really the full first half. I think we have been an outlier in the market, compared to what a lot of other folks are seeing in China. And the market data does show that the market was down, mainly due to market dynamics around the anti-corruption campaign.

謝謝你的提問，瑪麗。是的，我們對我們在中國的表現非常滿意，無論是第二季還是整個上半年。我認為，與許多其他人在中國看到的情況相比，我們是市場上的異類。市場數據確實顯示市場下跌，主要由於反腐敗運動帶來的市場動態。

But I think we're an outlier and outperform the market for two major reasons. One is that our JV partner is executing very well and has really proven to be a very strategic partner for us and our success within this market. And then the other is the strength of our product portfolio.

但我認為我們是一個異類，表現優於市場，主要有兩個原因。一是我們的合資夥伴表現非常出色，事實證明他們是我們在這個市場上成功的策略夥伴。另一個是我們產品組合的優勢。

We now have a very strong, broad portfolio with the clearance of Tomo C for the Type B segment as well. Now, the enhanced version of CyberKnife and Radixact with Synchrony and ClearRT, so we feel good about the product portfolio and how we can compete within this market.

現在，我們擁有非常強大、廣泛的產品組合，而 Tomo C 也已獲得 B 型細分市場的許可。現在，Cyber​​Knife 和 Radixact 的增強版已經配備了 Synchrony 和 ClearRT，因此我們對產品組合以及我們如何在這個市場中競爭感到滿意。

Now we did expect the first half to be stronger just due to the normal historical seasonality in China. But we're very pleased with the market share gain that we have seen over this year. Our goal is to disrupt the competitive share dynamics within this market and I think that's really important, especially as we look to go into other emerging markets.

現在我們確實預計上半年會更加強勁，因為中國的歷史季節性是正常的。但我們對今年的市佔率成長感到非常滿意。我們的目標是打破這個市場內的競爭份額格局，我認為這非常重要，特別是當我們打算進入其他新興市場時。

Very helpful. Were you able to share a revenue number for us from China?

非常有幫助。能與我們分享一下中國的收入數字嗎？

Yeah. And maybe we can do that when we're on the one on one calls, Marie because --

是的。也許我們可以在一對一通話時這樣做，瑪麗，因為--

Okay. Fair enough. And then, I want to ask a follow up. Very encouraging to hear that your outlook includes minimal impact from tariffs. Very good to hear and as well as recovery in the US market in the second half of the fiscal year.

好的。很公平。然後，我想問一個後續問題。很高興聽到你們的展望中關稅的影響微乎其微。很高興聽到這個消息，而本財年下半年美國市場也開始復甦。

Guess on the macro side, would love to understand what sort of feeds your confidence on that? What you're seeing today if you're starting to see green shoots? And then as well on the macro side, any impact you're building in for FX? I know, of course, the Japanese yen has recovered, but I know it is a big part of it, the Euro as well. So any details on that as well? Thanks for taking the questions.

猜猜宏觀方面，很想知道是什麼增強了你對此的信心？如果您今天開始看到綠芽，您會看到什麼？那麼從宏觀角度來看，您對外匯有何影響？我當然知道日圓已經復甦，但我知道這是其中很重要的一部分，歐元也是如此。還有關於這方面的詳細資訊嗎？感謝您回答這些問題。

We start with the US business and then I'll hand to Ali, more on the macro discussion. But I want to remind you that, we have said that we expected gradual recovery in the US business in the second half. With FY26 being more of the normalized market conditions, we've built into the balance of the year. What we have built in, we think is reasonable and it's based on what we have five high visibilities in the next six months.

我們從美國業務開始，然後我會把更多的宏觀討論交給阿里。但我想提醒大家的是，我們已經說過，預計下半年美國業務將逐步復甦。由於 26 財年的市場狀況更加正常化，我們已將其納入年度平衡之中。我們認為我們所建構的內容是合理的，並且它基於我們在未來六個月內的五個高可見性。

And these are orders that are already in the backlog that are going into the installation phase. And so we think the assumptions for the second half are reasonable with just final timing. Timing always being the only variable as it relates to just customer readiness.

這些訂單已經積壓，正在進入安裝階段。因此，我們認為，根據最終的時間安排，對下半年的假設是合理的。時間永遠是唯一的變量，因為它與客戶準備情況有關。

But we had some key installations this quarter, OU Stephenson Cancer Center, which is the only NCI, National Cancer Institute designated Cancer Center in Oklahoma, installed a Radixact, which was a competitive displacement. Also, Boston Medical Center, where they installed a CyberKnife and a trade in trade up.

但本季我們有一些關鍵的安裝，俄克拉荷馬州立大學史蒂芬森癌症中心（唯一的 NCI，國家癌症研究所指定的俄克拉荷馬州癌症中心）安裝了 Radixact，這是一種具有競爭力的替代品。此外，波士頓醫療中心也安裝了 Cyber​​Knife 並進行了以舊換新。

So we're consistent with what we believe in the second half and going into FY26 and we're going to continue to monitor the market conditions. And so we'll keep you posted on the upcoming calls. And then Ali can talk more about macro.

因此，我們對下半年和 26 財年的預期是一致的，我們將繼續關注市場狀況。因此，我們將及時向您通報接下來的電話會議的情況。然後阿里可以多談論宏觀。

Yeah, absolutely. Marie, obviously, there's a lot going on in terms of just the macro. Obviously, a lot of uncertainty as it pertains to tariffs as well, which as I mentioned during my prepared remarks, that's something that we are closely monitoring. We think that it has a de minimis risk over area in the second half. But again, of course, it is a pretty fluid situation. So we're going to continue to keep a close eye on it.

是的，絕對是如此。瑪麗，顯然，從宏觀角度來看有很多事情要做。顯然，關稅方面也存在著許多不確定性，正如我在準備好的演講中提到的那樣，這是我們正在密切關注的事情。我們認為，下半年該區域的風險極小。但當然，這是一個相當不穩定的情況。因此我們將繼續密切關注此事。

I think beyond that, inflation is something that impacted us quite a bit over the last couple of years. Inflation has not gone away. It's probably increasing at a lower rate, but it still is impacting our P&L, both on the product and the service side.

我認為除此之外，通貨膨脹在過去幾年對我們影響很大。通貨膨脹尚未消失。它的成長率可能較低，但仍會影響我們的損益，包括產品方面和服務方面。

And we have a lot of efforts going on internally as part of our margin expansion plan to combat that. And that's going to continue to remain a focus point for us, because we really do over the mid-term want to see our COGS come down, as part of our margin expansion strategy, which will really help with overall margin expansion. So inflation is a big one that we're keeping an eye on and again combating some of that.

作為利潤擴張計劃的一部分，我們在內部做出了很多努力來解決這個問題。這將繼續是我們關注的重點，因為從中期來看，我們確實希望看到我們的銷售成本下降，這是我們利潤率擴大策略的一部分，這將真正有助於整體利潤率的擴大。因此，通貨膨脹是我們密切關注的一個大問題，並且正在努力抑制它。

In terms of foreign exchange, I think the biggest factor really is Japan. And so we have a significant install base over there. We enjoy number two market share. And we have really great service revenue, and so we want to be able to maintain that service revenue.

在外匯方面，我認為最大的因素確實是日本。因此我們在那裡擁有重要的安裝基礎。我們的市佔率排名第二。我們的服務收入確實很高，因此我們希望能夠維持這種服務收入。

We are taking pricing actions, that's certainly not enough to be able to combat all the weakness we've seen in the Japanese yen. It's ebbs and flows between JPY150 to JPY160. So again, just keeping a close eye on that right now and just making sure that we're factoring that into our models as we look into the future.

我們正在採取定價行動，但這當然不足以對抗日圓的所有疲軟。它在 150 日元到 160 日元之間波動。所以，再說一次，我們現在要密切注意這一點，並確保在展望未來時將其考慮到我們的模型中。

Thank you so much.

太感謝了。

Brooks O'Neil, Lake Street Capital Markets.

布魯克斯‧歐尼爾 (Brooks O’Neil)，湖街資本市場 (Lake Street Capital Markets)。

Thank you very much. Good afternoon, everyone. Congratulations on the terrific second quarter. I'm just going to follow on a little bit with Marie's last question related to Japan. I think in our conversations in recent quarters, you've suggested Japan was a mature market, but it sounded like you had a pretty strong performance there this quarter. Are there any factors you'd call out for driving that?

非常感謝。大家下午好。恭喜您取得了出色的第二季業績。我將稍微繼續回答瑪麗關於日本的最後一個問題。我想在我們最近幾季的對話中，您曾表示日本是一個成熟的市場，但聽起來您本季在該國的表現相當強勁。您認為有哪些因素可以推動這個現象？

Yeah. Hi, Brooks. Yeah, I think the only thing to call out is we did expect the first half of the year in Japan to be the stronger half just based on again, visibility to customer timing. It is a replacement market; it is a developed market. And most of their installations and wins are competitive displacements so very strategic. But we do think the first half was probably the stronger half within the year.

是的。你好，布魯克斯。是的，我認為唯一需要注意的是，我們確實預計日本上半年的表現會更好，這再次基於對客戶時間的可見度。它是一個替代市場；這是一個已開發的市場。他們的大部分安裝和勝利都是透過競爭性取代而實現的，因此非常具有戰略意義。但我們確實認為上半年可能是今年表現較強勁的半年。

Cool. And then secondly, I'm very interested in your progress around the world beyond China and some of the other markets that you're developed in. So why don't you talk just a little bit about what you're seeing in India and the kind of opportunity you see there going forward.

涼爽的。其次，我對你們在中國以外的全球市場以及其他一些你們已經開發的市場所取得的進展非常感興趣。那麼請您談談您在印度看到的情況以及未來印度將面臨哪些機會。

Yeah, absolutely. So EIMEA, which includes India within the region, this still remains our largest region, very heterogeneous in terms of both developed and emerging markets. We are expecting a strong second half growth from this region.

是的，絕對是如此。因此，EIMEA（包括印度）仍然是我們最大的地區，已開發市場和新興市場都非常多樣化。我們預計該地區下半年將強勁成長。

And in particular in India, now we did get the CE mark for the Helix. We are still awaiting the local regulatory approval for the Helix targeted for India. We do expect it in the near term, and we do expect that it's going to have a meaningful impact in strategic markets like India.

特別是在印度，我們現在已經獲得了 Helix 的 CE 標誌。我們仍在等待針對印度的 Helix 的當地監管部門批准。我們確實預期它會在短期內發生，我們確實預期它會對印度等戰略市場產生有意義的影響。

We were really thrilled to see the order performance of Helix in some of these other markets. And we talked about that in our prepared remarks, but markets like Pakistan, like various countries within Northern Africa. And so we do expect that we'll be able to penetrate some of these higher growth under penetrated markets with this product. And have similar success as what we see with the Tomo C, which is a similar value segment product, really a workhorse product for these markets.

我們非常高興看到 Helix 在其他一些市場的訂單表現。我們在準備好的演講中談到了這一點，但像巴基斯坦這樣的市場，以及北非的各個國家。因此，我們確實希望能夠利用這款產品打入一些高成長、低滲透市場。並且取得了與 Tomo C 類似的成功，Tomo C 是一款類似的價值區隔產品，對於這些市場來說，它確實是一款主力產品。

And just if I could toss in one more to follow on, would you say from a competitive position those are differentiated in terms of price, but also in terms of clinical capability?

如果我可以再問一個問題的話，您是否認為從競爭角度來看，它們在價格方面有區別，而且在臨床能力方面也有區別？

Yeah. I would definitely say clinical capabilities. I will tell you that both the Helix and the Tomo C, the fact that it has a helical delivery is a differentiator. And also, within those markets a breakthrough high end premium technology like CyberKnife is also very attractive to establish the Accuray technology brand. So it's not pricing, it is technology.

是的。我一定會說臨床能力。我會告訴你，Helix 和 Tomo C 都具有螺旋輸送功能，這是一個區別因素。此外，在這些市場中，像 Cyber​​Knife 這樣的突破性高端技術對於建立 Accuray 技術品牌也非常有吸引力。所以這不是定價問題，而是技術問題。

Great. Thank you very much. Congratulations again.

偉大的。非常感謝。再次恭喜。

Thanks, Brooks.

謝謝，布魯克斯。

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。我想將會議交還給 Suzanne Winter 並邀請她作最後發言。

Thank you all for joining our call. This concludes our earnings call and we're looking forward to speaking with you again this spring for our fiscal 2025 third quarter earnings release.

感謝大家加入我們的電話會議。我們的收益電話會議到此結束，我們期待今年春季再次與您交談，以發布我們的 2025 財年第三季收益。

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。