Accuray Inc (ARAY) 2025 Q3 法說會逐字稿

Good day, and welcome to the Accuray third quarter fiscal 2025 financial results conference call. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Accuray 2025 財年第三季財務業績電話會議。（操作員指示）今天的演示結束後，將有機會提問。（操作員指示）請注意，此事件正在被記錄。

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

現在我想將會議交給首席法律官 Jesse Chew。請繼續。

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

謝謝接線員，大家下午好。歡迎參加 Accuray 電話會議，回顧截至 2025 年 3 月 31 日的 2025 財年第三季的財務表現。在今天下午的電話會議中，管理階層將回顧公司最近的發展。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 closed this afternoon as well as in our filings with the Securities and Exchange Commission. We based the forward-looking statements on this call and 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.

在我們開始之前，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所預期或暗示的結果有重大差異。我們在今天下午股市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。我們根據本次電話會議以及截至今天我們掌握的資訊做出了前瞻性陳述。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。

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 two questions and then re-queue with any follow-ups.

因此，您不應過度依賴任何前瞻性陳述。今天通話中有一些日常事務。首先，在問答環節，我們要求參與者只提出兩個問題，然後重新排隊詢問任何後續問題。

Second, all references to a specific quarter in the prepared remarks are to our fiscal year quarters. For example, statements regarding our third quarter refer to our fiscal third quarter ended March 31, 2025. Additionally, there will be a supplemental slide deck to accompany this call, which you can ask us by going directly to Accuray's Investor Relations page at investors.accuray.com.

其次，準備好的評論中所有對特定季度的提及均指我們的財政年度季度。例如，有關我們第三季的聲明是指截至 2025 年 3 月 31 日的第三財季。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 investors.accuray.com 向我們索取。

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, everyone, and thank you for joining us today. Today, I want to explain four key points to help our stakeholders understand Accurate even better. First, similar to every US-based company with significant international markets, the visibility on our very near-term growth in revenues and earnings is lower than just one month ago. However, our teams are identifying and executing on opportunities to operate more efficiently to become more and more resilient, while our commercial partnerships with customers are focused on placing our important products as quickly as possible.

謝謝你，傑西。大家下午好，感謝大家今天的參與。今天，我想解釋四個重點，以幫助我們的利害關係人更好地理解 Accurate。首先，與每一家擁有重要國際市場的美國公司一樣，我們近期收入和獲利成長的可見性低於一個月前。然而，我們的團隊正在尋找和執行更有效率的營運機會，從而變得更有彈性，而我們與客戶的商業夥伴關係則專注於盡快推出我們的重要產品。

Second, recent results and orders outlook suggest strong demand for our technologies and improving execution by our teams. This gives us increasing confidence that we can emerge from the current environment as a stronger, more resilient organization.

其次，最近的業績和訂單前景表明，市場對我們的技術有強勁需求，而且我們的團隊執行力也在不斷提高。這讓我們越來越有信心，我們可以在當前環境中崛起，成為一個更強大、更有韌性的組織。

Third, we continue to benefit from approximately $215 million of recurring annual services revenue with which we see several potential growth avenues. Demand for our products is strong, and our services revenue provides a stable, predictable base of growing revenues. Fourth, our investments in ERP and talent is expanding our adaptability and improving our capabilities to operate in a rapidly changing, highly fluid global market. Regardless of the global trade circumstances that will likely remain volatile, we want to be the most reliable and trusted global partner of choice in radiation therapy treatment technology. And we are staying close with our customers and prospects to help them get the equipment they need to provide vital care to their patients.

第三，我們繼續受益於約 2.15 億美元的年度經常性服務收入，我們從中看到了幾個潛在的成長途徑。我們的產品需求強勁，我們的服務收入提供了穩定、可預測的收入成長基礎。第四，我們在 ERP 和人才方面的投資正在擴大我們的適應性並提高我們在快速變化、高度流動的全球市場中運作的能力。無論全球貿易環境如何動盪，我們都希望成為放射治療技術領域最可靠、最值得信賴的全球合作夥伴。我們與客戶和潛在客戶保持密切聯繫，幫助他們獲得所需的設備，為患者提供重要的照護。

Today, we reported strong third quarter results, which exceeded our expectations, and we are encouraged by the overall progress we have made operationally through the first three quarters of fiscal 2025. Revenue for the quarter was solid, growing at 12% year-over-year. This growth was driven by strong performances in both developed and emerging markets. We also saw a strong performance in our service business, which this quarter represented approximately 49% of our revenue and 59% of our gross margin.

今天，我們報告了強勁的第三季業績，超出了我們的預期，我們對 2025 財年前三個季度在營運方面取得的整體進展感到鼓舞。本季營收穩健，年增 12%。這一成長得益於已開發市場和新興市場的強勁表現。我們的服務業務也表現強勁，本季約占我們營收的 49% 和毛利率的 59%。

I was also pleased with our adjusted EBITDA performance of $6 million compared to $1.1 million a year ago. The year-over-year increase was driven primarily by volume, pricing and operational improvements. We managed our working capital extremely well this quarter with $16 million of free cash flow generation and reduced overall inventory levels, which Ali will speak about in greater detail.

我對我們的調整後 EBITDA 表現也感到滿意，今年為 600 萬美元，而去年同期為 110 萬美元。年比成長主要得益於銷售、定價和營運改善。本季度，我們非常出色地管理了營運資金，產生了 1600 萬美元的自由現金流，並且降低了整體庫存水平，Ali 將對此進行更詳細的介紹。

Turning to orders. Our book-to-bill was over 1.2 this quarter, representing healthy customer demand for solutions across both developed and emerging markets. Within these markets, order growth was driven largely by new customer expansion from customers adding new radiation therapy capacity to their facilities and approximately 35% coming from the replacement of aged equipment. Product revenues were up 16% versus last year, growing faster than the market and was driven by strong demand for our solutions across our expanded portfolio.

轉向訂單。本季我們的訂單出貨比超過 1.2，顯示已開發市場和新興市場的客戶對解決方案的需求旺盛。在這些市場中，訂單成長主要得益於客戶在其設施中增加新的放射治療能力而帶來的新客戶擴張，約 35% 的訂單成長來自於老舊設備的更換。產品營收較去年同期成長 16%，成長速度高於市場水平，這得益於我們擴展的產品組合中解決方案的強勁需求。

Moving on to our service business. Our Q3 service revenue grew by 9% year-over-year. We expect the service business to be a growth engine and primary catalyst for expanding margins as we benefit from higher pricing, increased scale and operating leverage and as we develop subscription software-as-a-service offerings in the coming years.

繼續談我們的服務業務。我們的第三季服務收入年增9%。我們預計，隨著我們受益於更高的定價、更大的規模和營運槓桿，以及我們在未來幾年開發訂閱式軟體即服務產品，服務業務將成為成長引擎和擴大利潤率的主要催化劑。

Finally, I'll briefly touch on the recently announced tariff policies and the impact to our business. As a global company with life-changing technologies in key markets, 70% of our raw materials and product components are sourced within the US and finished products are assembled and manufactured within the US with over 80% exported throughout the world. I'm incredibly confident in our supply chain flexibility. And we have multiple mitigation actions underway to help offset the impact of the tariffs, including establishing a foreign trade zone in Madison, Wisconsin; two, duty drawback on qualifying parts and subcomponents; three, development of secondary domestic sources of raw material and components; and four, working closely with our China JV to obtain a tariff exemption in China for our life-saving products.

最後，我將簡要地談談最近宣布的關稅政策及其對我們業務的影響。作為一家在主要市場擁有改變生活的技術的全球性公司，我們 70% 的原材料和產品零件都來自美國，成品也在美國組裝和製造，其中 80% 以上出口到世界各地。我對我們的供應鏈彈性非常有信心。我們目前正在採取多項緩解措施來幫助抵消關稅的影響，包括在威斯康辛州麥迪遜建立一個對外貿易區；二、對符合條件的零件實行退稅；三、開發國內原材料和零部件的二次來源；第四，與我們的中國合資企業密切合作，為我們在中國的救生產品獲得關稅豁免。

While there is significant uncertainty, assuming the existing tariffs remain in place, we are expecting minimal shipments to China despite customer demand, which has averaged over $25 million to $30 million per quarter in product shipments over the first three quarters of FY25. Our teams are confident that we can offset a significant portion of this revenue impact in Q4 with greater contributions from the other regions. We estimate that there is a potential negative impact of $10 million to $15 million in Q4 revenue as a direct result.

儘管存在很大的不確定性，假設現有關稅保持不變，我們預計對中國的出貨量將很少，儘管客戶需求旺盛，2025 財年前三個季度的產品出貨量平均每季超過 2500 萬至 3000 萬美元。我們的團隊有信心，透過其他地區的更大貢獻，我們可以在第四季度抵消這項收入影響的很大一部分。我們估計，這將直接對第四季的收入造成 1,000 萬至 1,500 萬美元的負面影響。

Note that this impact is primarily isolated to product sales in China. In general, our service business is much more insulated from the tariff dynamics with exposure limited to parts consumption. For adjusted EBITDA, although we expect headwinds due to reduced China volume and associated increased tariff costs, our teams have been laser-focused on what we can control and are taking every action possible to mitigate the impact in Q4 and are confident that we can remain within full year adjusted EBITDA guidance range.

請注意，這種影響主要局限於中國的產品銷售。整體而言，我們的服務業務受關稅動態的影響較小，其影響僅限於零件消費。對於調整後的 EBITDA，儘管我們預計中國銷售減少和相關關稅成本增加會帶來不利影響，但我們的團隊一直專注於我們能夠控制的事情，並正在採取一切可能的措施來減輕第四季度的影響，並且有信心我們可以保持在全年調整後的 EBITDA 指導範圍內。

Further, we expect to see much greater positive impact to the mitigation efforts as we enter the second half of FY26. This situation is subject to change at any point, we're monitoring it very closely. Overall, we believe that despite the volatility and the uncertainty of these new challenges, we are well positioned to implement both long and short-term mitigations to offset the tariff policy impact.

此外，我們預計，進入 26 財年下半年，緩解措施將產生更大的正面影響。這種情況隨時可能發生變化，我們正在密切關注。總體而言，我們認為，儘管這些新挑戰具有波動性和不確定性，但我們已準備好實施長期和短期緩解措施，以抵消關稅政策的影響。

I will now turn it over to Ali, who will cover our financial performance for the quarter.

現在我將把時間交給阿里，他將介紹我們本季的財務表現。

Thank you, Suzanne, and good afternoon, everyone. Before we go into our fiscal third quarter financial results, I want to begin by addressing the dynamic tariff situation and potential range of impact on our fiscal fourth quarter and FY2025 results as the situation continues to evolve.

謝謝你，蘇珊娜，大家午安。在我們公佈第三財季財務業績之前，我想先談談動態關稅情況，以及隨著情況的不斷發展，對我們第四財季和 2025 財年業績的潛在影響範圍。

As a company with a global footprint and a majority of revenue generated outside the US, we have spent a considerable amount of time understanding the changes in trade policies and global tariffs announced recently and the potential impact on our business. As Suzanne mentioned, the impact of tariffs is expected to decrease near-term volume of product sales in China, which we estimate could impact product revenue by $10 million to $15 million in Q4.

作為一家業務遍及全球且大部分收入來自美國以外的公司，我們花費了大量時間來了解最近宣布的貿易政策和全球關稅的變化及其對我們業務的潛在影響。正如蘇珊娜所提到的，關稅的影響預計將在短期內減少中國的產品銷售量，我們估計這可能會對第四季度的產品收入造成 1,000 萬至 1,500 萬美元的影響。

Additionally, tariffs associated with the US-China trade are expected to have an incremental cost, which we had anticipated, and we believe we can offset these impacts through driving near-term actions with our cross-functional teams as well as higher levels of contribution from other regions. With the above in mind, based on what we know today, we expect Q4 revenues to be in the range of $121 million to $129 million and adjusted EBITDA in the range of $9.5 million to $12 million.

此外，與中美貿易相關的關稅預計將產生增量成本，這也是我們預料到的，我們相信，我們可以透過推動跨職能團隊的近期行動以及其他地區的更高貢獻來抵消這些影響。考慮到以上因素，根據我們目前掌握的信息，我們預計第四季度營收將在 1.21 億美元至 1.29 億美元之間，調整後 EBITDA 將在 950 萬美元至 1200 萬美元之間。

Lastly, this range does not reflect any potential additional tariffs for any potential inflationary impact on labor cost or the cost of procured components. Now turning to the quarter's financials. Net revenue for the third quarter was $113 million, which was up 12% versus the prior year and up 14% on a constant currency basis. Product revenue for the third quarter was $57 million, up 16% from the prior year and up 16% on a constant currency basis reflecting a 23% increase in unit volume over the same time period. Service revenue for the quarter was $56 million, up 9% from the prior year and up 11% on a constant currency basis.

最後，該範圍並未反映任何潛在的附加關稅，以及對勞動成本或購買零件成本的潛在通膨影響。現在來談談本季的財務狀況。第三季淨收入為 1.13 億美元，較上年成長 12%，以固定匯率計算成長 14%。第三季的產品營收為 5,700 萬美元，較上年成長 16%，以固定匯率計算成長 16%，反映出同期單位銷售成長 23%。本季服務收入為 5,600 萬美元，比上年增長 9%，以固定匯率計算增長 11%。

Product gross orders for the third quarter were approximately $71 million and represented a book-to-bill ratio of 1.2. Our book-to-bill ratio is defined as gross product orders from the period divided by product revenue for the period. 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.

第三季的產品總訂單金額約為 7,100 萬美元，訂單出貨比為 1.2。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。我們仍然相信，隨著我們在本季增加更多產品訂單和出貨量，訂單出貨比是確保積壓訂單健康成長的正確指標。

We ended the third quarter with a reported order backlog of approximately $452 million defined as orders that are younger than 30 months. We had zero order cancellations in the quarter. 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.

截至第三季末，我們報告的訂單積壓量約為 4.52 億美元（定義為 30 個月內的訂單）。本季我們的訂單取消率為零。如前所述，在過去幾年中，我們重新定義了訂單預訂標準，重點是盈利能力更高且能在 30 個月內轉化為收入的交易。

Our overall gross margin for the quarter was 27.9% compared to 28.7% in the prior year. This decrease was due to approximately 1.3 points or $1.4 million of incremental net China margin deferral associated with the shipments to the JV that did not make it to the end customer. This was partly offset by higher install training and spare parts volume in our service business, which tends to have a higher margin. Operating expenses in the third quarter were $31 million compared to $34 million in the third quarter of the prior fiscal year.

本季我們的整體毛利率為 27.9%，去年同期為 28.7%。造成這一下降的原因是，由於發往合資公司的貨物未能送達最終客戶，導致中國淨利潤遞延約 1.3 個百分點或 140 萬美元。這在一定程度上被我們服務業務中更高的安裝培訓和備件數量所抵消，因為服務業務的利潤率往往更高。第三季的營運費用為 3,100 萬美元，而上一財年第三季的營運費用為 3,400 萬美元。

Operating income for the quarter was $1 million compared to an operating loss of $4.6 million from the prior year. Adjusted EBITDA for the quarter was $6 million compared to $1.1 million from the prior year, primarily due to higher shipments, better service margins and lower overall OpEx. Turning to the balance sheet. Total cash, cash equivalents and short-term restricted cash amounted to $79 million compared to $64 million at the end of last quarter. Net accounts receivable were approximately $78 million compared to $87 million in the prior quarter. Our net inventory balance was $146 million, down $2 million from the prior quarter as we focus on a leaner approach to inventory management.

本季營業收入為 100 萬美元，而去年同期營業虧損為 460 萬美元。本季調整後的 EBITDA 為 600 萬美元，而去年同期為 110 萬美元，主要原因是出貨量增加、服務利潤率提高以及整體營運支出降低。轉向資產負債表。總現金、現金等價物和短期受限現金總額為 7,900 萬美元，而上季末為 6,400 萬美元。淨應收帳款約為 7,800 萬美元，而上一季為 8,700 萬美元。由於我們專注於更精簡的庫存管理方法，我們的淨庫存餘額為 1.46 億美元，比上一季下降了 200 萬美元。

Additionally, a major focus is addressing our capital structure and refinancing needs and as it pertains to that, we are exploring any and all alternatives to find an optimal solution to maximize our opportunities and create value for our constituents. Lastly, as Suzanne mentioned, while we anticipate $10 million to $15 million of product volume pressure in China due to the recent tariffs, we are maintaining our adjusted EBITDA guidance for fiscal year '25 in the range of $28.5 million to $31 million. Those are our key financial highlights.

此外，我們的重點是解決資本結構和再融資需求，就此而言，我們正在探索所有替代方案，以找到最佳解決方案，最大限度地利用我們的機會並為我們的客戶創造價值。最後，正如蘇珊娜所提到的，雖然我們預計由於最近的關稅，中國的產品銷量將面臨 1000 萬至 1500 萬美元的壓力，但我們仍將 25 財年的調整後 EBITDA 預期維持在 2850 萬美元至 3100 萬美元的範圍內。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.

說完這些，我想把電話交還給蘇珊娜。

Thanks, Ali. I'm proud of our team and our ability to navigate through unforeseen challenges and execute at a high level, advancing progress towards achieving our longer-term goals. We continue to monitor and navigate the fluid tariff and geopolitical situation and the potential impact to the global economy and are taking the actions needed. Our results year-to-date demonstrate our dedication to improving patient outcomes and execution of our strategy.

謝謝，阿里。我為我們的團隊以及我們克服不可預見的挑戰並在高水準上執行的能力感到自豪，並推動我們實現長期目標。我們將繼續監測和應對不斷變化的關稅和地緣政治局勢及其對全球經濟的潛在影響，並採取必要的行動。我們今年迄今的成果證明了我們致力於改善患者的治療效果和執行我們的策略。

From an operational perspective, our business remains healthy with strong underlying demand for our solutions and the strength of our position in the markets in which we compete. Further, we are actively exploring all possible avenues to strengthen our capital structure to allow us to achieve our long-term goals and deliver substantial long-term value for our shareholders.

從營運角度來看，我們的業務依然健康，我們的解決方案有著強勁的潛在需求，而且我們在競爭的市場中佔據著強勢地位。此外，我們正在積極探索一切可能的途徑來加強我們的資本結構，以使我們能夠實現長期目標並為股東帶來巨大的長期價值。

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

現在我將把問題交還給操作員進行問答。

(Operator Instructions) Brooks O'Neil, Lake Street Capital Markets.

（操作員指示）布魯克斯奧尼爾（Brooks O'Neil），Lake Street Capital Markets。

Congratulations on the strong quarter and performance, guys, really nice. I had a question, obviously, Suzanne, you commented on the strong adjusted EBITDA performance in the quarter. I didn't hear Ali's specific comments about the impacts to adjusted EBITDA in the quarter. But was there much of a significant impact of deferred China adjusted EBITDA in this particular quarter?

恭喜你們本季的出色表現，夥計們，真的很棒。我有一個問題，顯然，蘇珊娜，你評論了本季強勁的調整後 EBITDA 表現。我沒有聽到阿里關於本季調整後 EBITDA 的影響的具體評論。但是，遞延中國調整後 EBITDA 對本季的影響是否很大？

Yes, Brooks, I can start. So on product margin, specifically, you'll see that product margins were at 22.7% this quarter, and that was primarily due to just having a higher margin deferral on China. If you recall, last quarter, our China -- sorry, our overall product margin was about 43.5% because we did see an outsized China margin release last quarter. But if you actually take a look at our overall product margins for the year, we're hovering around 31%, which is pretty much in line with where we want to be, given that we're penetrating into the value segment. So I think overall, our EBITDA is reflective of the overall revenue volume that we had this quarter.

是的，布魯克斯，我可以開始了。因此，具體到產品利潤率，您會發現本季產品利潤率為 22.7%，這主要是因為中國有更高的利潤遞延。如果你還記得的話，上個季度，我們的中國市場——抱歉，我們的整體產品利潤率約為 43.5%，因為我們確實看到上個季度中國市場的利潤率大幅提升。但如果你真的看一下我們今年的整體產品利潤率，就會發現我們徘徊在 31% 左右，考慮到我們正在滲透到價值領域，這與我們想要達到的水平基本一致。所以我認為總體而言，我們的 EBITDA 反映了我們本季的總收入。

Good. That's great. Let me just ask, obviously, you commented quite a bit about the China impact. I know you see tremendous potential in other non-US markets. Would you anticipate as big -- as impact in markets like India and South America, as you anticipate in China at this time?

好的。那太棒了。我只想問一下，顯然您對中國的影響發表了不少評論。我知道您看到了其他非美國市場的巨大潛力。您是否預期印度和南美等市場會受到和中國市場一樣大的影響？

Again, we're monitoring everything that is evolving and coming out of this administration. And I think that probably the China impact is the highest, and that's what we've really been laser-focused on and determining what other regions will be able to either make up the volume here in Q4. But as we move forward, we've got strength in our largest region, which is the IMEA, and that does include India.

再次強調，我們正在關注本屆政府正在發生的一切事情。我認為中國的影響可能是最大的，這也是我們真正關注的重點，並確定哪些其他地區能夠在第四季度彌補這一數量。但隨著我們不斷前進，我們在最大的地區，即 IMEA，實力不斷增強，其中包括印度。

Our non-China APAC region is also performing very strong. Japan had a very good quarter as well, we've continued to see strength there. In the US in this quarter, it was better than previous quarters, and we're still looking for more of a turnaround in the US market. But in general, I would say we're preparing for all potential as it relates to the China tariffs. And again, as visibility improves, we'll be able to provide more clarity.

我們除中國以外的亞太地區表現也非常強勁。日本本季的表現也非常好，我們持續看到其強勁表現。本季美國市場的表現優於前幾個季度，我們仍在期待美國市場出現更多改善。但總的來說，我想說我們正在為與中國關稅相關的所有潛在問題做好準備。而且，隨著可見性的提高，我們將能夠提供更清晰的資訊。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Congrats on a strong quarter. We have to commend you for being able to hold up those profit metrics despite some of the challenges from the macro environment. I wanted to just quickly try to dive into the China issue a little bit more and ask if you could help us think about a couple of various scenarios. I know there had been some speculation that China might carve out medical products. So I'm wondering if that's what you're referring to when you said trying to work with the China JV to find a tariff exemption.

恭喜本季業績強勁。我們必須讚揚你們在宏觀環境面臨一些挑戰的情況下仍能維持這些利潤指標。我想快速深入探討中國問題，並請您幫我們考慮幾種不同的情況。我知道有人猜測中國可能會對醫療產品進行豁免。所以我想知道，當您說嘗試與中國合資企業合作尋求關稅豁免時，您指的是否就是這個。

And then if there were to be an exemption, how quickly could things slip? Could you start shipping right away? Or is this we should really think of this as being something that would get pushed out into fiscal '26. And as part of that, how would you have us think about this $10 million to $15 million a quarter, is that kind of a good number to think about on a quarterly basis going forward? I realize it's a lot to get through, but any more detail on kind of the scenarios as we think about it.

那麼，如果有豁免，事情會多快惡化？您能立即開始出貨嗎？或者我們真的應該認為這是會被推遲到 26 財年的事情。作為其中的一部分，您希望我們如何看待每季 1000 萬到 1500 萬美元這個數字，這是一個值得在未來季度考慮的好數字嗎？我知道有很多事情需要解決，但是當我們考慮這個問題時，我們能否提供更多關於這些場景的細節？

Yes. No, I would say it's murky. It's murky, and we're taking a look at all the facts that we have. Now let me just talk about the exemption. We're working very closely with our China JV.

是的。不，我認為它很模糊。情況很模糊，我們正在審查所掌握的所有事實。現在我只談豁免。我們正在與中國合資企業密切合作。

And as you know, they are part of a state-owned entity, and they have their own government affairs -- efforts just like we do here in the US, and we are partnering with them both in the US and in China to try and get a medical device exemption. And again, we don't really have a lot of clarity in terms of probability or when and how quickly that could impact things. So again, I think as we learn more, we'll be able to provide more transparency around that.

如你所知，他們是國有實體的一部分，他們有自己的政府事務——就像我們在美國所做的一樣，我們正在與美國和中國的他們合作，試圖獲得醫療器械豁免。再說一次，我們對於機率或何時以及多快會對事情產生影響並不太清楚。所以，我認為，隨著我們了解更多，我們將能夠提供更多的透明度。

Okay. And any detail on how quickly you'd be able to start shipping again if something like that came through?

好的。如果發生類似情況，您能詳細說明多久後可以恢復出貨嗎？

Yes. I mean, I think, relatively quickly.

是的。我的意思是，我認為相對較快。

Jason Wittes, ROTH Capital.

羅仕資本（ROTH Capital）的 Jason Wittes。

Solid performance this quarter. Obviously, more questions on China. In terms of the potential impact going into next year, I mean, until this tariff situation gets resolved one way or the other, are we assuming there's really just no -- there be no activity in China? And in terms of the magnitude of that impact, this is the fourth quarter? Is it more -- would it have been more pronounced in the fourth quarter? Just trying to think about what parameters we're talking about here in relation to China.

本季表現穩健。顯然，更多問題涉及中國。就明年的潛在影響而言，我的意思是，在關稅問題解決之前，我們是否假設中國真的不會有任何活動？就影響程度而言，這是第四季嗎？這種現像在第四季會更加明顯嗎？只是想思考我們在這裡談論的與中國有關的參數是什麼。

I mean I think we're doing various scenarios. And again, as visibility improves, we'll be able to comment more. We're not going to be able to comment on FY26 at this point. And we normally don't at this point anyway, and we will probably have more clarity at the Q4 earnings call to be able to comment on FY26. But I would just say we're doing our own internal scenario planning based on that and taking the appropriate actions to remain profitable and within our outlook.

我的意思是我認為我們正在做各種不同的場景。再次，隨著知名度的提高，我們將能夠發表更多評論。目前我們無法對 FY26 做出評論。無論如何，我們通常不會在這個時候發表評論，我們可能會在第四季度財報電話會議上對 26 財年有更清晰的了解。但我只想說，我們正在根據這一點進行我們自己的內部情景規劃，並採取適當的行動來保持盈利並在我們的前景範圍內。

Well, just from your commentary, it sounds like you're diverting resources at least from the sales and marketing front away from China for the moment to sort of offset that. I assume that, that's going to be focused more towards some of the emerging markets, notably, I think you're now focused on India. Or how is that going to work? Is that just a global focus? Or is that going to be looking at more emerging markets?

嗯，僅從您的評論來看，聽起來您至少正在將銷售和行銷方面的資源從中國轉移出去，以抵消這一影響。我認為，這將更多地集中在一些新興市場，特別是，我認為你現在關注的是印度。或者說這將如何進行？這僅僅是全球焦點嗎？或者說會關注更多的新興市場？

Yes. Great question. I think we have areas of strength in both developed and emerging markets. For example, just this past quarter, we were able to take advantage of stimulus in the UK, for example, and we took five new orders for premium high-end equipment.

是的。好問題。我認為我們在已開發市場和新興市場都有優勢。例如，就在上個季度，我們利用了英國的刺激政策，獲得了五份高階設備的新訂單。

So that was fantastic. And I think we're looking for those areas of opportunity, and we're going to be very opportunistic on where we put our resources but of course, then there are also areas of opportunity in the emerging markets in non-China APAC.

這真是太棒了。我認為我們正在尋找這些機會領域，我們將非常珍惜機會，將我們的資源投入其中，當然，除中國以外的亞太地區新興市場也有機會領域。

I think we talked about last time how we had created a separate region for non-China APAC because of the opportunities that we see there. Certainly, last quarter, we did see strength there, and we had very strong orders in Thailand, Taiwan, Korea and also from a revenue standpoint, we ship the first Helix system to Myanmar and in Taiwan. We also shipped three Radixact high-end X9 systems. And so we're going to continue to take a look at both mid- and long-term opportunities in both developed and emerging markets.

我想我們上次討論過，由於我們看到了中國以外的亞太地區的機會，所以我們在那裡創建了一個單獨的區域。當然，上個季度我們確實看到了那裡的實力，我們在泰國、台灣、韓國的訂單非常強勁，而且從收入的角度來看，我們將第一批 Helix 系統運往了緬甸和台灣。我們也運送了三台 Radixact 高階 X9 系統。因此，我們將繼續關注已開發市場和新興市場的中期和長期機會。

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

我們的問答環節到此結束。我想將會議交還給管理階層，請他們發表結束語。

Very good. This concludes our earnings call. We look forward to speaking with you again in the summer for our fiscal 2025 fourth quarter and full year earnings release. Thanks very much.

非常好。我們的收益電話會議到此結束。我們期待在夏季再次與您溝通，發布 2025 財年第四季和全年財報。非常感謝。

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。您現在可以斷開連線。