ICAD Inc (ICAD) 2024 Q3 法說會逐字稿

Greetings.

問候。

Welcome to the iCAD Incorporated third-quarter 2024 earnings call.

歡迎參加 iCAD Incorporated 2024 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note, this conference is being recorded.

請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Rosalyn Christian, Investor Relations.

現在我將會議轉交給主持人投資者關係部門的羅莎琳·克里斯蒂安 (Rosalyn Christian)。

You may begin.

你可以開始了。

Thank you, operator.

謝謝你，接線生。

Good afternoon, everyone.

大家下午好。

Thank you for joining us today for iCAD's third-quarter 2024 earnings call.

感謝您今天參加我們的 iCAD 2024 年第三季財報電話會議。

On the call, we have Dana Brown, our President and Chief Executive Officer; and Eric Lonnqvist, our Chief Financial Officer.

電話會議由我們的總裁兼執行長 Dana Brown 主持。和我們的財務長 Eric Lonnqvist。

Before turning the call over to Dana, I would like to remind everyone that we'll be making forward-looking statements on the call today.

在將電話轉交給達納之前，我想提醒大家，我們將在今天的電話會議上發表前瞻性聲明。

These forward-looking statements are based on iCAD's current expectations and are subject to uncertainty and changes in circumstances.

這些前瞻性陳述是基於 iCAD 目前的預期，並可能受到不確定性和情況變化的影響。

Actual results may differ materially from these expectations.

實際結果可能與這些預期有重大差異。

For a list of factors that could cause actual results to differ, please see today's press release and our filings with the US Securities and Exchange Commission. iCAD undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call.

有關可能導致實際結果有所不同的因素列表，請參閱今天的新聞稿以及我們向美國證券交易委員會提交的文件。 iCAD 不承擔修改或更新任何聲明以反映本次電話會議之後發生的事件或情況的義務。

Also, please note that management will refer to certain non-GAAP financial measures.

另請注意，管理階層將參考某些非公認會計準則財務指標。

Management believes that these measures provide meaningful information for investors and reflect the way they view the operating performance of the company.

管理階層認為，這些指標為投資者提供了有意義的訊息，並反映了他們對公司經營績效的看法。

You can find a reconciliation of our GAAP to non-GAAP measures at the end of the earnings release.

您可以在收益發布結束時找到我們的 GAAP 與非 GAAP 指標的調整表。

With that, I will turn the call over to Dana.

這樣，我會將電話轉給達納。

Thank you, Roslyn, and good afternoon, everyone.

謝謝羅斯林，大家下午好。

I'm pleased to announce Q3 was another successful quarter for iCAD with revenue growth of 4% compared to the third quarter of 2023.

我很高興地宣布，第三季度是 iCAD 又一個成功的季度，與 2023 年第三季相比，營收成長了 4%。

In the quarter, we saw continued progress with our transformation strategy, including the transition to cloud or Software-as-a-Service through the growth of our ProFound Cloud platform as well as global expansion of our products and technology.

本季度，我們看到轉型策略持續取得進展，包括透過 ProFound 雲端平台的成長以及產品和技術的全球擴張，向雲端或軟體即服務過渡。

Before we dive into the highlights of this quarter, I'd like to provide some detail on how iCAD is positioned for sustained growth by multiple industry drivers.

在我們深入探討本季度的亮點之前，我想提供一些有關 iCAD 如何在多個行業驅動因素的推動下實現持續成長的詳細資訊。

ICAD is uniquely positioned in the rapidly expanding AI-powered breast cancer detection market, where our solutions are backed by more than 50 clinical studies and presentations and key global clearances, including from the FDA.

ICAD 在快速擴張的人工智慧乳癌檢測市場中處於獨特的地位，我們的解決方案得到了 50 多項臨床研究和演示以及全球關鍵許可（包括 FDA 許可）的支持。

Our technology can reduce radiologist reading time by 52% and we empower providers to detect cancer earlier and with greater confidence.

我們的技術可以將放射科醫生的閱片時間縮短 52%，並且我們使醫療服務提供者能夠更早、更有信心地檢測癌症。

While we have a market-leading position, AI adoption in mammography remains low, with approximately only 37% of U.S. sites currently using AI.

雖然我們擁有市場領先地位，但乳房 X 光檢查中人工智慧的採用率仍然很低，目前大約只有 37% 的美國網站使用人工智慧。

This presents a substantial opportunity for expansion, particularly as our global presence spans more than 50 countries and is growing.

這提供了巨大的擴張機會，特別是我們的全球業務遍及 50 多個國家，並且還在持續成長中。

In case you missed it, yesterday, we announced FDA clearance for iCAD's ProFound Detection version 4.0.

如果你錯過了，昨天我們宣布 FDA 批准 iCAD 的 ProFound 檢測版本 4.0。

This new version marks another significant milestone in our track record of industry-leading high-performance AI solutions for breast cancer detection.

這個新版本標誌著我們領先業界的高性能乳癌檢測人工智慧解決方案記錄中的另一個重要里程碑。

This latest version offers a 22% improvement in detecting challenging and aggressive cancers over our previous version, version 3, empowering radiologists to quickly and accurately identify hard-to-find cancers with greater precision.

與我們之前的版本（第3 版）相比，最新版本在檢測具有挑戰性和侵襲性的癌症方面提高了22%，使放射科醫生能夠以更高的精度快速、準確地識別難以發現的癌症。

Version 4.0 now also integrates prior exam analysis in the AI calculation, emulating a radiologist's own comparative approach, which enhances diagnostic confidence and accuracy.

4.0 版本現在還在人工智慧運算中整合了先前的檢查分析，模擬放射科醫生自己的比較方法，從而增強了診斷的信心和準確性。

With an 18% reduction in false positives, it also improves reading efficiency, diagnostic accuracy and patient experience by minimizing unnecessary follow-ups.

誤報率降低了 18%，還透過最大限度地減少不必要的追蹤來提高讀取效率、診斷準確性和患者體驗。

This clearance not only strengthens our competitive edge, but also supports revenue growth as both new and existing customers upgrade to version 4.0.

此次授權不僅增強了我們的競爭優勢，而且隨著新客戶和現有客戶升級到 4.0 版本，也支援收入成長。

This new version, combined with the recent launch of ProFound Cloud, marks our shift to a Software-as-a-Service model, enabling scalable, seamless updates and creating a high-margin reoccurring revenue stream.

這個新版本與最近推出的 ProFound Cloud 相結合，標誌著我們向軟體即服務模式的轉變，實現了可擴展、無縫更新並創造了高利潤的經常性收入流。

With our pioneering technology, strong market foothold and strategic shift to SaaS, iCAD is well positioned to capture substantial growth opportunities in the years ahead.

憑藉我們的領先技術、強大的市場立足點以及向 SaaS 的策略轉型，iCAD 已做好充分準備，在未來幾年抓住巨大的成長機會。

Turning to our Q3 deal highlights.

轉向我們第三季的交易亮點。

In the third quarter, we closed a total of 85 deals, 52 perpetual, 20 subscription and 13 cloud.

第三季度，我們總共完成了 85 筆交易，其中 52 筆永久交易、20 筆訂閱交易和 13 筆雲端交易。

Some of these deals included the University of California San Diego or UCSD.

其中一些交易包括加州大學聖地牙哥分校或加州大學聖地牙哥分校。

This was a large strategic 3-year cloud deal for us.

這對我們來說是一項為期 3 年的大型策略雲端交易。

UCSD licensed 2D and 3D detection plus density and UCSD performs around 90,000 exams per year.

UCSD 獲得 2D 和 3D 檢測加密度許可，UCSD 每年執行約 90,000 次檢查。

Last quarter, we announced our partnership with US Radiology Specialists and specifically that Windsong Radiology, one of their premier imaging providers, would be the first to champion implementation of our ProFound AI Breast Health Suite.

上個季度，我們宣布與美國放射專家建立合作關係，特別是他們的主要影像供應商之一 Windsong Radiology 將率先支持實施我們的 ProFound AI 乳房健康套件。

You may recall, US Radiology is one of the country's premier providers of diagnostic imaging services with more than 175 outpatient imaging centers across 13 states.

您可能還記得，US Radiology 是美國主要的診斷影像服務提供者之一，在 13 個州擁有超過 175 個門診影像中心。

This quarter, we secured Charlotte Radiology, another imaging provider for US Radiology.

本季度，我們獲得了美國放射學的另一家成像提供商 Charlotte Radiology。

It's a 3-year cloud deal.

這是一份為期 3 年的雲端協議。

Other new deals won this quarter include Alexandra Marine General Hospital, Madison Regional in Wisconsin, Allegheny Memorial in North Carolina and Parkview Medical in Texas.

本季度贏得的其他新交易包括亞歷山德拉海洋總醫院、威斯康辛州麥迪遜地區醫院、北卡羅來納州阿勒格尼紀念醫院和德克薩斯州 Parkview Medical 醫院。

Turning to some examples of existing customer migrations.

轉向現有客戶遷移的一些範例。

Orlando Health signed a deal to migrate from their on-prem solution with no support or service agreement to a 3-year subscription agreement.

Orlando Health 簽署了一項協議，從沒有支援或服務協議的本地解決方案遷移到 3 年訂閱協議。

El Rio Health signed a migration deal to move to cloud as well as upgrade to the latest 3D solution.

El Rio Health 簽署了一項遷移協議，遷移到雲端並升級到最新的 3D 解決方案。

Cleveland Clinic signed a support agreement for their on-prem solution to bridge them to a 2025 cloud migration and Citizens Memorial upgraded and expanded their on-prem solution to add in 3D.

克利夫蘭診所為其本地解決方案簽署了支援協議，以將其與 2025 年雲端遷移聯繫起來，而 Citizens Memorial 則升級並擴展了其本地解決方案以添加 3D。

And SimonMed added 5 additional locations for ProFound to their existing footprint of over 300 locations.

SimonMed 在其現有 300 多個地點的基礎上為 ProFound 添​​加了 5 個地點。

In this quarter, we also expanded iCAD's growing global reach.

在本季度，我們也擴大了 iCAD 不斷成長的全球影響力。

We forged new commercial distribution alliances in countries such as Dominican Republic, France, Spain, Turkey, United Arab Emirates and with leading health care technology companies, including Tamer, Ozel and deepc, expanding the availability of our ProFound AI solutions globally.

我們在多明尼加共和國、法國、西班牙、土耳其、阿拉伯聯合大公國等國家建立了新的商業分銷聯盟，並與Tamer、Ozel 和Deepc 等領先的醫療保健技術公司建立了新的商業分銷聯盟，擴大了我們ProFound AI 解決方案的全球可用性。

We received regulatory clearance in South Africa and secured our first deal in collaboration with our AI platform partner, Blackford, a subsidiary of Bayer.

我們獲得了南非的監管許可，並與我們的人工智慧平台合作夥伴拜耳子公司 Blackford 合作達成了第一筆交易。

Blackford is an experienced partner in the radiology AI space with over a decade of experience working in partnership with leading hospitals and groundbreaking health care technology providers.

Blackford 是放射學人工智慧領域經驗豐富的合作夥伴，擁有十多年與領先醫院和突破性醫療保健技術提供者合作的經驗。

Blackford provides a core AI platform where iCAD solutions, including ProFound AI Detection, Density and Risk are delivered as a single source technology platform to improve patient outcomes.

Blackford 提供了一個核心 AI 平台，其中包括 ProFound AI 檢測、密度和風險在內的 iCAD 解決方案作為單一來源技術平台提供，以改善患者治療結果。

Our first joint customer is SCP Radiology in Cape Town, South Africa, who implemented 2D detection and density on the Blackford AI platform.

我們的第一個聯合客戶是南非開普敦的 SCP Radiology，他們在 Blackford AI 平台上實施了 2D 檢測和密度。

SCP Radiology processes 22,000 exams per year.

SCP 放射學每年處理 22,000 份檢查。

Lastly, expansion opportunities are well underway in Chile, Argentina, Mexico and Japan.

最後，智利、阿根廷、墨西哥和日本的擴張機會正在順利進行中。

We expect to be active in these countries in the next 12 months.

我們預計未來 12 個月將在這些國家開展業務。

Turning now for a quick review of our marketing efforts and third quarter conference and publication activity.

現在快速回顧一下我們的行銷工作以及第三季的會議和出版活動。

In August, our U.S. team participated in the 28th Annual Mammography Conference in Santa Fe, New Mexico.

8月，我們的美國團隊參加了在新墨西哥州聖塔菲舉行的第28屆年度乳房X光攝影會議。

This is a smaller, highly targeted show whose audience is primarily radiologists and imaging professionals.

這是一個規模較小、針對性很強的節目，觀眾主要是放射科醫生和影像專業人士。

We were selected to participate in the show's AI workshop, where radiologists were able to compare their reading of up to 5 cases against selected AI detection technology.

我們被選中參加該展會的人工智慧研討會，放射科醫生能夠將他們對多達 5 個病例的讀數與選定的人工智慧檢測技術進行比較。

We also attended the Annual Meeting of the Association of Medical Imaging Management.

我們也參加了醫學影像管理協會年會。

With over 600 attendees, AHRA represents management at all levels of hospital imaging departments, freestanding imaging centers and group practices.

AHRA 共有 600 多名與會者，代表醫院影像部門、獨立影像中心和團體診所各級管理層。

Our commercial team generated numerous leads and met with several of our large key accounts.

我們的商業團隊產生了大量的潛在客戶，並會見了我們的幾個大客戶。

Also of note, as of September 10, 2024, the Food and Drug Administration requires that all mammogram reports in the United States include a breast density assessment.

另外值得注意的是，自 2024 年 9 月 10 日起，美國食品藥物管理局要求美國所有乳房 X 光檢查報告均包含乳房密度評估。

The report must state whether the patient's breasts are dense or not dense.

報告必須說明患者的乳房是否緻密。

The report should also include information about the risk of developing breast cancer and how dense tissue can make it harder to detect breast cancer on a patient's mammogram.

該報告還應包括有關乳癌的風險以及組織緻密程度如何使患者的乳房X光檢查更難檢測到乳癌的資訊。

The decision was originally published as an update for U.S. mammography regulations in March 2023.

該決定最初於 2023 年 3 月作為美國乳房 X 光檢查法規的更新發布。

Prior to the update, 39 states and the District of Columbia complied with dense breast reporting.

在更新之前，39 個州和哥倫比亞特區遵守了密集的乳房報告。

Breast density refers to the amount of fibro glandular tissue that relates to fat and is identified either visually or quantitatively on mammography.

乳房密度是指與脂肪相關的纖維腺組織的數量，可以透過肉眼或透過乳房X光照相術定量識別。

Based on the Breast Imaging Reporting Data System or BI-RADS, there are 4 categories of density.

根據乳房影像報告資料系統或 BI-RADS，密度分為 4 類。

Mammograms are considered the gold standard in breast cancer detection and the only form of imaging modality proven to reduce breast cancer mortality.

乳房X光檢查被認為是乳癌檢測的黃金標準，也是唯一被證明可以降低乳癌死亡率的影像方式。

However, the effectiveness of mammograms can be compromised by breast density.

然而，乳房X光檢查的有效性可能會因乳房密度而受到影響。

More than half of U.S.

美國一半以上

women over 40 years of age are classified as having dense breast tissue, typically making cancers more difficult to detect on a mammogram.

40 歲以上的女性被歸類為乳房組織緻密，通常會使乳房 X 光檢查更難發現癌症。

It is important for patients to learn about their breast density because density often results in an increase in false positive findings and a reduction in cancer detection.

對於患者來說，了解自己的乳房密度非常重要，因為密度通常會導致假陽性結果增加和癌症檢測率降低。

ICAD's ProFound density solution uses AI to analyze the mammography images to determine the BI-RADS density classification.

ICAD 的 ProFound 密度解決方案使用 AI 分析乳房 X 光攝影影像，以確定 BI-RADS 密度分類。

Our solution is unique in that it is, one, an image-based 2-part AI algorithm; and two, more closely aligned to the current radiologist's approach to assessing density versus other automated solutions.

我們的解決方案的獨特之處在於，其一，基於圖像的兩部分人工智慧演算法；第二，與其他自動化解決方案相比，更符合目前放射科醫師評估密度的方法。

The FDA mandate for mammography facilities to disclose breast density information is a crucial step towards improving breast cancer detection and prevention.

FDA 要求乳房 X 光檢查設施披露乳房密度訊息，這是改善乳癌檢測和預防的關鍵一步。

While the requirement provides patients with valuable knowledge about their breast health, it's also essential to address the ongoing challenges related to insurance coverage and access to additional screening modalities.

雖然這項要求為患者提供了有關其乳房健康的寶貴知識，但解決與保險範圍和獲得其他篩檢方式相關的持續挑戰也至關重要。

Policies like the Find It Early Act ensure that all women, regardless of their financial circumstances, have equitable access to the necessary tools for early breast cancer diagnosis and improved outcomes.

《早期發現法案》等政策確保所有女性，無論其經濟狀況如何，都能公平地獲得早期乳癌診斷和改善結果的必要工具。

Let's now turn to our research and technology updates.

現在讓我們轉向我們的研究和技術更新。

In the third quarter, we began participation in the RENAISSANCE trial sponsored by the National Cancer Institute.

第三季度，我們開始參與美國國家癌症研究所贊助的 RENAISSANCE 試驗。

Detailed information about this trial can be found on the website, ClinicalTrials.gov.

有關該試驗的詳細資訊可以在網站 ClinicalTrials.gov 上找到。

In summary, this trial is using iCAD's ProFound density solution to evaluate the change in breast density over time for pre-menopausal women to determine a personalized approach for breast cancer prevention options by utilizing the lowest effective dose of tamoxifen.

總之，該試驗使用 iCAD 的 ProFound 密度解決方案來評估停經前女性乳房密度隨時間的變化，從而透過使用最低有效劑量的他莫昔芬來確定乳癌預防的個人化方法。

In addition, iCAD's ProFound Risk will be used to evaluate change in the estimates of the likelihood of developing breast cancer from baseline to 18 months and compare changes by dose group.

此外，iCAD 的 ProFound Risk 將用於評估從基線到 18 個月期間患乳癌的可能性估計值的變化，並按劑量組比較變化。

Selection for participation in this study not only validates our technology, but it also expands our reach with partners and potential customers.

選擇參與這項研究不僅驗證了我們的技術，而且還擴大了我們與合作夥伴和潛在客戶的聯繫。

You may recall from prior calls that our ProFound Risk has been classified as a de novo device, first of its kind by the FDA, and we are working through the submission process with the FDA.

您可能還記得之前的電話，我們的 ProFound Risk 已被 FDA 首次歸類為 de novo 設備，我們正在與 FDA 一起完成提交流程。

In parallel, we received approval for the launch of our own ProFound Risk observational trial titled User Acceptance of a short-term image-derived risk tool in screening mammography.

同時，我們獲得了啟動自己的 ProFound Risk 觀察試驗的批准，該試驗名為「使用者接受乳房 X 光檢查中的短期影像衍生風險工具」。

This study is now IRB approved and site identification is underway. iCAD's ProFound Risk will be available for prospective evaluation on those women who consent to the study.

這項研究現已獲得 IRB 批准，地點識別正在​​進行中。 iCAD 的 ProFound Risk 將對那些同意研究的女性進行前瞻性評估。

Outcome data and survey data will be utilized to assist in operationalizing risk in screening programs.

結果數據和調查數據將用於協助篩檢計畫中的風險運作。

Late first quarter, we announced commercial availability of ProFound Cloud, powered by Google's cloud architecture and health AI initiatives.

第一季末，我們宣布 ProFound Cloud 投入商業使用，由 Google 的雲端架構和健康人工智慧計畫提供支援。

Our innovative Software-as-a-Service or SaaS platform provides medical providers with a cost-effective, secure and scalable means to access and deploy the latest ProFound Breast Health Suite of AI solutions.

我們創新的軟體即服務或 SaaS 平台為醫療供應商提供了一種經濟高效、安全且可擴展的方式來存取和部署最新的 ProFound Breast Health 人工智慧解決方案套件。

ProFound Cloud continued the momentum that we reported last quarter and we've continued to secure more deals than anticipated for our newly released cloud platform.

ProFound Cloud 延續了我們上季報告的勢頭，我們新發布的雲端平台繼續獲得比預期更多的交易。

In its first 2 full quarters of U.S. availability, ProFound Cloud has processed over 100,000 cases, showing rapid early adoption.

在美國推出的前兩個完整季度中，ProFound Cloud 已處理了超過 100,000 個案例，顯示出快速的早期採用。

Achieving processing speeds more than 50% faster than many traditional on-premises solutions, the ProFound Cloud is an efficient solution for deploying the ProFound AI suite.

ProFound Cloud 的處理速度比許多傳統的本地解決方案快 50% 以上，是部署 ProFound AI 套件的高效解決方案。

With recent global distribution partnerships and regulatory clearances, the availability of ProFound Cloud is expanding around the globe.

隨著最近的全球分銷合作夥伴關係和監管許可，ProFound Cloud 的可用性正在全球擴展。

The health care landscape is shifting towards technology as-a-service models, avoiding the pitfalls of investing in rapidly outdated hardware and software.

醫療保健領域正在轉向技術即服務模式，避免投資快速過時的硬體和軟體的陷阱。

As AI relies heavily on specialized hardware like Graphical Processing Units or GPUs, setting up and upgrading both software and hardware becomes increasingly complex.

由於人工智慧嚴重依賴圖形處理單元或 GPU 等專用硬件，因此軟體和硬體的設定和升級變得越來越複雜。

Cloud-based solutions like ProFound Cloud address this challenge by providing Software-as-a-Service to ensure that all customers have access to the latest technology without the initial hardware investment, support contracts and constant updates.

ProFound Cloud 等基於雲端的解決方案透過提供軟體即服務來應對這項挑戰，確保所有客戶無需初始硬體投資、支援合約和持續更新即可獲得最新技術。

Moreover, ProFound Cloud provides facility administrators with the ability to update configurations and perform administrative tasks in multiple languages.

此外，ProFound Cloud 為設施管理員提供了以多種語言更新配置和執行管理任務的能力。

ProFound Cloud is designed to support patients, providers and partners while facilitating the management of diverse data types critical for comprehensive health care analysis.

ProFound Cloud 旨在為患者、提供者和合作夥伴提供支持，同時促進對全面醫療保健分析至關重要的各種資料類型的管理。

This includes 2D and 3D mammography images alongside all cancer images.

這包括 2D 和 3D 乳房 X 光檢查影像以及所有癌症影像。

And in parallel, it stores limited images of benign, recall and normal cases.

同時，它還儲存有限的良性、回憶和正常病例的圖像。

ProFound Cloud also manages ProFound Detection and Density assessment results, radiology and pathology reports while ensuring seamless access to critical diagnostic information.

ProFound Cloud 還管理 ProFound 檢測和密度評估結果、放射學和病理學報告，同時確保無縫存取關鍵診斷資訊。

Importantly, Profound Cloud securely handles de-identified patient information and provider data, adhering to strict privacy and compliance standards.

重要的是，Profound Cloud 可以安全地處理去識別化的病患資訊和提供者數據，遵守嚴格的隱私和合規標準。

The comprehensive approach enables robust analytics for informed decision-making.

這種全面的方法可以進行強大的分析，從而做出明智的決策。

We are at the front end of this business evolution with significant transformation expected over the next 3 years.

我們正處於這項業務發展的前沿，預計未來 3 年將發生重大轉型。

In the short term, as we promote and support more and more customers choosing our cloud platform, we will intentionally sacrifice immediate recognition of some GAAP revenue and cash flow as we will recognize revenue and receive cash on a monthly basis rather than upfront.

短期內，隨著我們推廣和支援越來越多的客戶選擇我們的雲端平台，我們將有意犧牲一些 GAAP 收入和現金流的立即確認，因為我們將按月而不是預先確認收入和收到現金。

It would not be unusual to see top line revenue flatten out as we go through this transition.

當我們經歷這一轉變時，收入持平並不罕見。

That is why as a metric of success, we provide our annual reoccurring revenue metrics and deal counts.

這就是為什麼我們提供年度經常性收入指標和交易數量作為衡量成功的指標。

Also, as we go through this transformation, we will deploy some capital from our strong cash position to support this strategy.

此外，在我們經歷這項轉型時，我們將從強大的現金狀況中調配一些資本來支持這項策略。

And over time, we believe this strategy should drive strong economic returns as we become a more profitable company.

隨著時間的推移，我們相信，隨著我們成為一家盈利能力更強的公司，這項策略應該會帶來強勁的經濟回報。

Furthermore, as the reoccurring revenue builds, we will be entering each quarter with more and more visibility and predictability.

此外，隨著經常性收入的增加，我們將進入每個季度，並具有越來越多的可見性和可預測性。

As an example of the reoccurring build, the 13 cloud deals closed in Q3, add more than $850,000 to our backlog for both billings and GAAP revenue.

作為重複建造的一個例子，第三季完成的 13 筆雲端交易為我們的帳單和 GAAP 收入的積壓訂單增加了超過 85 萬美元。

To illustrate this short-term impact on top line revenue and cash, let's look at a hypothetical example.

為了說明這對營收和現金的短期影響，讓我們來看一個假設的例子。

Assume a perpetual deal is worth $36.

假設永久交易價值 36 美元。

With perpetual, we recognize revenue and bill all $36 upfront.

對於永久，我們確認收入並預付全部 36 美元。

Compare that to a $36 3-year cloud deal.

與 36 美元的 3 年雲端協定相比。

With cloud, we recognize revenue and collect cash over the term of the agreement.

透過雲，我們在協議期限內確認收入並收取現金。

Each quarter, we would recognize $3 as revenue.

每個季度，我們都會確認 3 美元為收入。

Billing would be annually in advance at $12.

每年預付費用 12 美元。

To compare the impact on revenue in the quarter, we would recognize $36 for a perpetual deal versus $3 for cloud.

為了比較對本季收入的影響，我們會確認永久交易的費用為 36 美元，而雲端交易的費用為 3 美元。

This illustrates the short-term impact on revenue.

這說明了對收入的短期影響。

As we've stated, we will be intentionally sacrificing immediate recognition of some GAAP revenue and cash flow as we go through the transition.

正如我們所說，在過渡過程中，我們將有意犧牲一些公認會計原則收入和現金流的立即確認。

Top line revenue may flatten or even drop in the short term as we go through this transition and more and more deals choose cloud versus perpetual.

隨著我們經歷這一轉變，並且越來越多的交易選擇雲而不是永久，短期內收入可能會持平甚至下降。

This is a normal cycle experienced by companies going through a perpetual to SaaS transition.

這是正在經歷永久轉型為 SaaS 的公司所經歷的正常週期。

The long-term benefit of the cloud deal is that it would contribute $33 to backlog for revenue.

雲端交易的長期好處是，它將為積壓收入貢獻 33 美元。

Moving through this transition, our building backlog will result in revenue and cash flow becoming more stable and predictable.

透過這項轉變，我們的建築積壓將導致收入和現金流變得更加穩定和可預測。

In addition to this benefit, iCAD will have the opportunity to renew the deal at the end of the 3 years, therefore, creating an ongoing revenue stream versus the perpetual one and done.

除了這項優勢之外，iCAD 還將有機會在 3 年後續簽協議，從而創造持續的收入流，而不是永久的收入流。

I'll now turn the call over to Eric for a detailed review of our Q3 2024 financials.

我現在將把電話轉給 Eric，詳細審查我們 2024 年第三季的財務狀況。

Good afternoon, everyone, and thank you, Dana.

大家下午好，謝謝你，達納。

I'll now summarize our financial results for the third quarter ended September 30, 2024.

我現在總結一下我們截至 2024 年 9 月 30 日的第三季的財務表現。

As noted in prior earnings calls, the steady shift to a recurring revenue model from a perpetual model has numerous benefits, including better business visibility, more efficient expense management and an improved ability to predict future cash flow.

正如先前的財報電話會議所指出的，從永久模式穩步轉向經常性收入模式有很多好處，包括更好的業務可見性、更有效率的費用管理以及預測未來現金流的能力提高。

That said, this shift will also create lower GAAP revenue and negative cash flow in the short term as our SaaS revenues grow.

也就是說，隨著我們的 SaaS 收入成長，這種轉變也將在短期內造成 GAAP 收入下降和負現金流。

To help illustrate our progress in this transition, we began reporting the following annual recurring or ARR metrics in Q3 '23.

為了幫助說明我們在這一轉變中取得的進展，我們在 23 年第 3 季開始報告以下年度經常性指標或 ARR 指標。

Total ARR or TARR, represents the annualized value of subscription license, maintenance contracts and active cloud services at the end of a reporting period.

總 ARR 或 TARR 代表報告期末訂閱許可證、維護合約和活動雲端服務的年化價值。

Maintenance Services ARR or MARR represents the annualized value of active perpetual license maintenance service contracts at the end of the reporting period.

維護服務 ARR 或 MARR 代表報告期末有效的永久許可證維護服務合約的年化價值。

Subscription ARR or SARR, represents the annualized value of active subscription or term licenses at the end of a reporting period.

訂閱 ARR 或 SARR 表示報告期末有效訂閱或定期授權的年化價值。

Cloud ARR or CARR represents the annualized value of active cloud services contracts at the end of a reporting period.

雲端 ARR 或 CARR 表示報告期末有效雲端服務合約的年化價值。

Total ARR or TARR was $9.3 million as of September 30, 2024, up from $8.4 million in the third quarter of 2023.

截至 2024 年 9 月 30 日，ARR 或 TARR 總額為 930 萬美元，高於 2023 年第三季的 840 萬美元。

Maintenance Services ARR or MARR was $6.7 million, down from $7 million at the end of the third quarter of 2023.

維修服務 ARR 或 MARR 為 670 萬美元，低於 2023 年第三季末的 700 萬美元。

This decline relates in part to service customers migrating to our subscription or cloud products.

這種下降部分與服務客戶遷移到我們的訂閱或雲端產品有關。

Subscription ARR or SARR was $2.2 million, up from $1.4 million at the end of the third quarter of 2023.

訂閱 ARR 或 SARR 為 220 萬美元，高於 2023 年第三季末的 140 萬美元。

Cloud ARR or CARR was $0.4 million, representing the accumulation of the first two quarters of recurring revenue from our cloud product.

雲端 ARR 或 CARR 為 40 萬美元，代表我們雲端產品前兩季經常性收入的累積。

In addition to the recurring revenue metrics noted above, we also began disclosing the total number of orders relating to the perpetual product, subscription and cloud deals.

除了上述經常性收入指標外，我們也開始揭露與永久產品、訂閱和雲端交易相關的訂單總數。

The intent of this metric is to illustrate the pure volume of sales without the complexity of the multiple GAAP revenue streams.

此指標的目的是說明純粹的銷售量，而不考慮多個 GAAP 收入流的複雜性。

We are pleased to report that in the third quarter of 2024, we closed 52 perpetual, 20 subscription and 13 cloud orders.

我們很高興地報告，在 2024 年第三季度，我們完成了 52 個永久訂單、20 個訂閱訂單和 13 個雲端訂單。

Year-to-date, we have secured 188 perpetual, 65 subscription and 23 cloud orders.

今年迄今為止，我們已獲得 188 個永久訂單、65 個訂閱訂單和 23 個雲端訂單。

Please note that these counts include all new, upsell and migration deals and exclude standard renewals.

請注意，這些計數包括所有新交易、追加銷售和遷移交易，不包括標準續約。

Revenue for the quarter was $4.2 million, an increase of $0.1 million or 4% over the third quarter of 2023.

該季度營收為 420 萬美元，比 2023 年第三季增加 10 萬美元，即 4%。

The increase is attributable to some of the key deals Dana noted earlier in the call, helping to continue the momentum of our recently expanded sales team.

這一增長歸因於達納早些時候在電話會議中提到的一些關鍵交易，有助於繼續我們最近擴大的銷售團隊的勢頭。

Third quarter 2024 product revenue was $2.5 million, up 14% over the prior year.

2024 年第三季產品營收為 250 萬美元，較上年成長 14%。

Service revenue was $1.7 million, down 9% over the prior year.

服務收入為 170 萬美元，比上年下降 9%。

This decline was largely driven by service customers migrating to our subscription or cloud products.

這種下降主要是由於服務客戶遷移到我們的訂閱或雲端產品所造成的。

Moving on to gross profit.

轉向毛利。

On a percentage of revenue basis, gross profit was 86% for the third quarter of 2024, which was in line with the third quarter of 2023.

以營收百分比計算，2024年第三季毛利為86%，與2023年第三季持平。

On a pure dollar basis, gross profit for the quarter was $3.6 million as compared to $3.5 million last year.

以純美元計算，本季毛利為 360 萬美元，而去年為 350 萬美元。

Total operating expenses for the third quarter of 2024 were $5.6 million, a $0.9 million or 19% year-over-year increase.

2024 年第三季的總營運費用為 560 萬美元，年增 90 萬美元，成長 19%。

The largest driver of the increase was investments in R&D and regulatory to support plans for both product and regional expansion.

成長的最大推動力是對研發和監管的投資，以支持產品和區域擴張計劃。

This increase was partially offset by additional streamlining of expenses and G&A.

這一增長被額外精簡的費用和一般及行政費用部分抵消。

GAAP net loss from continuing operations for the third quarter of 2024 was $1.8 million or $0.07 per diluted share compared with a GAAP net loss from continuing operations of $1 million or $0.04 per diluted share for the third quarter of 2023.

2024 年第三季的 GAAP 持續營運淨虧損為 180 萬美元，即稀釋每股 0.07 美元，而 2023 年第三季的 GAAP 持續營運淨虧損為 100 萬美元，即稀釋每股 0.04 美元。

Non-GAAP adjusted EBITDA loss for the third quarter of 2024 was $1.5 million compared with $0.8 million in the third quarter of 2023.

2024 年第三季非 GAAP 調整後 EBITDA 虧損為 150 萬美元，而 2023 年第三季為 80 萬美元。

Moving to the balance sheet.

轉向資產負債表。

As of September 30, 2024, the company had cash and cash equivalents of $18.8 million compared to cash and cash equivalents of $21.7 million as of December 31, 2023.

截至2024年9月30日，該公司擁有現金及現金等價物為1,880萬美元，而截至2023年12月31日的現金及現金等價物為2,170萬美元。

Net cash used for operating activities for the 9 months ended September 30, 2024, was $2.6 million compared to $3.5 million for the first 9 months of 2023.

截至 2024 年 9 月 30 日的 9 個月用於經營活動的淨現金為 260 萬美元，而 2023 年前 9 個月為 350 萬美元。

This improvement of 26% year-over-year is due primarily to stronger sales performance in 2024.

年成長 26% 主要是由於 2024 年銷售業績更加強勁。

We believe we have sufficient cash resources to fund our planned current operations with no need to raise additional funding.

我們相信我們有足夠的現金資源來資助我們計劃的當前運營，而無需籌集額外資金。

This concludes the financial highlights of our presentation.

我們演示的財務要點到此結束。

I would now like to turn the call back over to the operator to lead the Q&A.

我現在想將電話轉回給接線員來主持問答。

(Operator Instructions)

（操作員說明）

Per Ostlund, Craig-Hallum Capital.

Per Ostlund，克雷格-哈勒姆資本。

Thanks.

謝謝。

Good afternoon, Dana.

下午好，達納。

Let's start with deal counts this quarter.

讓我們從本季的交易數量開始。

Obviously, I think you've done a good job of communicating the revenue impact of the transition and how we need to be thinking about that.

顯然，我認為您在傳達轉型對收入的影響以及我們需要如何考慮這一點方面做得很好。

So, I think ARR and deal count end up kind of being almost equal in terms of where our focus ought to be.

因此，我認為就我們應該關注的焦點而言，ARR 和交易數量最終幾乎是相等的。

How would you characterize third quarter deal count versus your own expectations?

您如何評價第三季的交易數量與您自己的預期？

It sounds like cloud is running maybe a little bit ahead of expectation.

聽起來雲的運行速度可能比預期提前了一點。

Was the overall count kind of where you thought?

總體計數是否符合您的預期？

And is there seasonality in there?

那裡有季節性嗎？

Because I think I tend to think Q3 is a little bit -- a little sketchy sometimes with deal flow.

因為我認為我傾向於認為第三季的交易流程有時有點粗糙。

Is that a fair characterization?

這是一個公平的描述嗎？

Per, maybe this is Dana.

Per，也許這就是達納。

I'll jump in first and then turn it over to Eric.

我先介入，然後將其交給艾瑞克。

But I think just to the last part of your question around seasonality, that definitely impacts us in third quarter from an OUS perspective.

但我認為，就你關於季節性問題的最後一部分而言，從 OUS 的角度來看，這肯定會影響我們第三季的情況。

Most, if not all of Europe, it feels like they're on holiday throughout July, August, maybe sometimes even a little bit into September.

大多數（如果不是全部）歐洲人感覺整個七月、八月都在度假，有時甚至會持續到九月。

I think from a US perspective, you just -- you have a little bit of -- we used to call it brain drain that could happen over the summer months.

我認為從美國的角度來看，你只是 - 你有一點 - 我們過去稱之為人才流失，可能會在夏季發生。

People get back online, right, and figuring out what the rest of the year strategy is going to look like once we pass kind of the Labor Day.

人們回到網路上，對吧，並弄清楚一旦我們過了勞動節，今年剩下的時間策略會是什麼樣子。

So those two forces in general tend to make Q3 a little depressed compared to the other quarters of the year.

因此，總體而言，這兩種力量往往會使第三季與今年其他季度相比有點低迷。

But I think if you probably went back through iCAD's timeline and really kind of any software company's timeline, you would see those effects happening.

但我認為，如果您回顧 iCAD 的時間表以及任何軟體公司的時間表，您就會看到這些影響正在發生。

Eric, do you want to chime in with any other either specifics or commentary you might have?

艾瑞克，你想補充你可能有的其他細節或評論嗎？

Sure.

當然。

No, I think that was right on, Dana, about the seasonality.

不，我認為達納關於季節性的說法是正確的。

We see this every Q3, specifically in OUS as far as people on vacations and so forth.

我們每個第三季都會看到這種情況，特別是在 OUS 中，人們在度假等方面。

That said, I think as far as the deal count, the 85 we reported was up quite a bit from last year in Q3.

也就是說，我認為就交易數量而言，我們報告的第三季交易數量為 85 筆，比去年增加了不少。

Also, I think that's when we first started reporting deal counts with 67 deals in Q3 of '23.

另外，我認為那是我們第一次開始報告 23 年第三季交易數量為 67 筆的時候。

So, the counts were up.

所以，計數增加了。

I think cloud continues to exceed our internal plans as far as how fast we're going to cloud.

我認為，就我們的雲端運算速度而言，雲端運算繼續超出了我們的內部計劃。

So, 10 deals last quarter and 13 this quarter, I think both exceed our expectations.

因此，上季有 10 筆交易，本季有 13 筆交易，我認為都超出了我們的預期。

So those 13 cloud deals, I think two of the biggest ones were what Dana talked about with UCSD and the Charlotte Radiology expansion.

因此，在這 13 筆雲端交易中，我認為其中最大的兩筆是 Dana 與 UCSD 談論的以及夏洛特放射科的擴張。

We get very little revenue from those deals right now that are in Q3.

目前，我們從第三季的這些交易中獲得的收入非常少。

Even for ARR, very few of those have gone live because normally, they'll go live in the following quarter.

即使對於 ARR 來說，也很少有人上線，因為通常情況下，它們會在下個季度上線。

So we'll get a bump in ARR when those go live.

因此，當它們上線時，我們的 ARR 將會有所改善。

So, the volume and the ARR we'll get from those deals, I think, is -- we were generally happy with on the US side.

因此，我認為，我們將從這些交易中獲得的數量和 ARR 是——我們對美國方面總體上感到滿意。

Okay.

好的。

That's very helpful.

這非常有幫助。

Maybe a big picture question as cloud is kind of seeded in the marketplace and subscription is prominent for you guys.

也許是一個大問題，因為雲端已經在市場上播種了，而訂閱對你們來說很重要。

I think I've always felt like those offerings would help you access customers you wouldn't have accessed that didn't want to take on a perpetual license and that it would also help you in OUS markets where there isn't the same level of access.

我認為我一直覺得這些產品可以幫助您接觸到您本來無法接觸到的、不想獲得永久許可證的客戶，它也可以幫助您進入沒有相同級別的 OUS 市場的訪問權限。

I'm curious what your thoughts are, and I suspect that it's very early on this front.

我很好奇你的想法是什麼，我懷疑這方面還為時過早。

But if there are customers out there that may have, let's say, a Hologic system and maybe using Hologic's AI as well, does your ability to offer a subscription or cloud model without that upfront cost, does that help you get into more of those customers that might otherwise not have just entertained you straight away just because they felt like they had something.

但是，如果有客戶可能擁有 Hologic 系統，並且可能也使用 Hologic 的人工智慧，那麼您是否有能力在無需前期成本的情況下提供訂閱或雲端模型，這是否可以幫助您吸引更多此類客戶否則，他們可能不會因為他們覺得自己擁有一些東西而立即讓你感到高興。

And in this case, now you can kind of go in there with maybe a little bit less upfront cost and get people to kind of utilize you side-by-side with something else?

在這種情況下，現在你可以以少一點的前期成本進入那裡，並讓人們同時利用你和其他東西嗎？

Well, I think in general, again, following the pattern, right, picking up on the last part of your question, subscription and cloud does improve both affordability and accessibility to customers.

嗯，我認為總的來說，遵循這個模式，正確的，接受你的問題的最後一部分，訂閱和雲端確實提高了客戶的負擔能力和可訪問性。

And we're actually seeing that across the whole spectrum of customers, right?

我們實際上在所有客戶群中都看到了這一點，對吧？

So, large or small, US versus OUS.

因此，無論大小，美國與海外。

It isn't necessarily, I'll say, unique to any particular equipment configuration they may have like Hologic versus our partner, GE.

我想說，這不一定是他們擁有的任何特定設備配置所獨有的，就像 Hologic 與我們的合作夥伴 GE 相比。

But it's definitely improving, right, the quantity of customers that can look at the solution and figure out how to afford it and take advantage of it.

但這肯定會增加能夠查看解決方案並弄清楚如何負擔得起並利用它的客戶數量。

So

所以

--

--

Okay.

好的。

That makes sense.

這是有道理的。

It's kind of what I expected, but I thought I'd ask the question.

這有點符合我的預期，但我想我應該問這個問題。

All right.

好的。

One more for me for now.

現在再給我一份。

With the change in the density regulations that went into play in September, you've had a density product for a while.

隨著 9 月開始生效的密度法規的變化，您已經擁有密度產品一段時間了。

Some states were mandating it before, but now that you have it at the broader level, is that changing conversations with customer's potential, current and otherwise in terms of really taking on the full iCAD suite?

一些州之前曾強制要求這樣做，但現在您已經在更廣泛的層面上進行了強制實施，這是否會改變與客戶的潛力、當前以及其他方面的對話，以真正採用完整的 iCAD 套件？

Probably not in terms of like a significant quantity of additional density licenses sold.

可能不是像銷售大量額外密度許可證那樣。

So, I would say the pattern we have seen in our customer base or imaging centers looking at AI, they already understand the challenges in reading mammography for women with dense breast, right?

所以，我想說的是，我們在客戶群或成像中心看到的人工智慧模式，他們已經了解了讀取乳房緻密女性乳房X光檢查所面臨的挑戰，對吧？

So, they were already looking for a solution that would help them find those subtle and very hard-to-find cancers.

因此，他們已經在尋找一種解決方案來幫助他們發現那些微妙且難以發現的癌症。

So -- and one of our, I would say, most popular bundle packages, right, is density plus detection.

因此，我想說，我們最受歡迎的捆綁包之一是密度加檢測。

So I think, if anything, it's helped to reinforce and give a confidence to a decision they already made.

所以我認為，如果有的話，這有助於強化他們已經做出的決定，並為他們帶來信心。

It probably helps a little bit more in terms of just considering an AI solution to assist the radiologist overall because now there is this, I would say, kind of nationwide recognition that density is one of the leading risk factors and it makes reading mammography right, or mammograms very difficult.

就考慮使用人工智慧解決方案來整體協助放射科醫生而言，它可能會更有幫助，因為現在，我想說，全國範圍內都認識到密度是主要風險因素之一，它使得讀取乳房X光檢查是正確的，或乳房X光檢查非常困難。

So -- but it's not like this is a breakout market driver for the density solution kind of in and of itself, if that kind of makes sense.

所以，但這並不是密度解決方案本身的突破性市場驅動力，如果這是有道理的話。

So -- because as you mentioned, I mean, we've had a density solution in the market now over 10 years.

所以，正如您所提到的，我的意思是，我們在市場上推出密度解決方案已經有十多年了。

There was a nice quantity of states that had begun adopting, I'll say, kind of like this guideline, right, or this requirement before the federal, right, or nationwide mandate went into effect in September.

我想說的是，在聯邦、右翼或全國性授權於 9 月生效之前，有很多州已經開始採用類似此指導方針或此要求。

Speaking right from Komen, right, it was something that we advocated for at a state level and at the federal level from an advocacy standpoint.

從科曼的角度來說，從倡議的角度來看，這是我們在州級和聯邦層級所提倡的。

So, it's been something that's been making this kind of slow and steady progress kind of all along.

所以，它一直在推動這種緩慢而穩定的進展。

If anything, it just helps reinforce and makes this decision to go ahead and buy the bundle even an easier decision, more straightforward decision.

如果有什麼不同的話，那就是它只是有助於強化並讓繼續購買捆綁包的決定變得更容易、更直接的決定。

Sure, that makes total sense.

當然，這是完全有道理的。

Thanks.

謝謝。

I appreciate the answers.

我很欣賞這些答案。

Oh, yeah.

哦，是的。

(Operator Instructions)

（操作員說明）

Yale Jen, Laidlaw & Company.

耶魯‧詹 (Yale Jen)，萊德勞公司。

Good afternoon and thanks for taking the questions.

下午好，感謝您提出問題。

My first question is that, first, congrats for the FDA approval of the version 4.

我的第一個問題是，首先，恭喜 FDA 對第 4 版的批准。

So, the question is that how soon do you anticipate this version will be incorporated or being sold in your product of different models; subscription, perpetual or cloud at this point?

那麼，問題是，您預計這個版本多久會被整合到您的不同型號的產品中或在您的不同型號的產品中銷售？目前是訂閱、永久還是雲端？

Yes.

是的。

So first, thanks for the congrats on version 4.0. As you can probably imagine, it made for a very happy Friday and weekend for our team.

首先，感謝您對 4.0 版本的祝賀。正如您可能想像的那樣，這讓我們的團隊度過了一個非常快樂的周五和周末。

And so -- we right now are going through a list of our key customers to understand their preferred deployment model to your point, right?

因此，我們現在正在查看我們的主要客戶列表，以了解他們的首選部署模型是否符合您的觀點，對吧？

Is it cloud?

是雲嗎？

Is it perpetual?

是永久的嗎？

And then we'll make the decision of which implementation platform will come out first with 4.0, but we're only talking a matter of weeks, right?

然後我們將決定哪個實施平台將首先推出 4.0，但我們只討論了幾週的時間，對吧？

So, the first shipment, if you will, of 4.0 will probably happen in mid-December, so right after RSNA and then we'll follow up with the next implementation platform just a few weeks later.

所以，如果你願意的話，4.0 的第一批發貨可能會在 12 月中旬發生，所以就在 RSNA 之後，然後我們將在幾週後跟進下一個實施平台。

So, it will be a fast process for us.

因此，這對我們來說將是一個快速的過程。

And so going forward, for new customers, regardless which model they are in, I mean, the business model they are in, are they going to immediately get the version 4 to start with, whereas the existing customer may have a time for sort of transition instead?

因此，展望未來，對於新客戶來說，無論他們採用哪種模式，我的意思是，他們所處的業務模式，他們是否會立即開始使用版本4，而現有客戶可能需要一段時間才能開始使用版本4。

Yes, I would expect that most new customers would choose version 4.

是的，我預計大多數新客戶會選擇版本 4。

There will be a period of time.

會有一段時間。

I don't -- I'm trying to think of a good reason why they would want version 3.

我不——我正在嘗試想出一個他們想要版本 3 的充分理由。

I really can't think of anything.

我實在想不出什麼了。

But yes, they would receive version 4 out, so

但是，是的，他們會收到版本 4，所以

--

--

Okay.

好的。

One more question here is that just from the reporting perspective, with the increasing of subscription as well as the cloud model, the product revenue line, would that going down more quickly or that's not necessarily the case?

這裡還有一個問題是，僅從報告的角度來看，隨著訂閱量以及雲端模型、產品收入線的增加，這種情況是否會下降得更快，或者情況不一定如此？

The product versus the service line in the P&L.

損益表中的產品與服務線。

Yale, it's Eric.

耶魯，是艾瑞克。

You're talking quarter-over-quarter.

你說的是季度環比。

Yes or yes.

是還是是。

Yes.

是的。

Yes.

是的。

So in that product line is perpetual subscription and cloud are all in that line, the way it's reported right now.

因此，該產品線是永久訂閱，雲端也都在該產品線中，正如目前報導的那樣。

The main drop quarter-over-quarter is perpetual deals.

環比下降的主要因素是永續交易。

Right.

正確的。

So, the cloud as well as the subscription model revenue portion will be allocated to -- or assigned to the product line.

因此，雲端以及訂閱模式的收入部分將分配給—或分配給產品線。

Is that correct?

這是正確的嗎？

Correct.

正確的。

Correct.

正確的。

Yes.

是的。

Okay.

好的。

Maybe the last question here is that -- just look at over this period of time, we still see a lot of perpetual deals.

也許最後一個問題是——看看這段時間，我們仍然看到很多永久性交易。

Has that something -- that has something to do with the GE part of the business or that's a very different piece where those deals come from?

這是否與通用電氣的業務部分有關，或者是這些交易來自的一個非常不同的部分？

Eric, do you want to take that one as well, or

艾瑞克，你也想拿那個嗎，還是

--?

——？

I can.

我可以。

Yes, GE is 100% perpetual for us for new deals.

是的，GE 對我們來說是 100% 永久的新交易。

We do have some service contracts through GE customers, which are ratable and they're in that service line.

我們確實透過 GE 客戶簽訂了一些服務合同，這些合約是可評級的，並且屬於該服務範圍。

But all new deals continue to be perpetual through GE.

但所有新交易將繼續透過通用電氣進行。

So that's a big portion of the perpetual revenue that flows into our P&L right now.

因此，這是目前流入我們損益表的永久收入的很大一部分。

That's correct.

這是正確的。

Okay.

好的。

Great.

偉大的。

Congrats on the good migration at this point and best luck for the quarters going forward.

恭喜您目前的遷移順利，並祝福您在接下來的季度一切順利。

Thank you.

謝謝。

We have reached the end of the question-and-answer session.

我們的問答環節已經結束。

And I will now turn the call over to Dana for closing remarks.

我現在將把電話轉給達納，讓其致閉幕詞。

Thank you, operator.

謝謝你，接線生。

In conclusion, I want to just reiterate, as we've demonstrated on the call today, our demand for our technology is continuing to be strong.

最後，我想重申，正如我們在今天的電話會議中所表明的那樣，我們對技術的需求仍然強勁。

Also, as we discussed our clinical trials that we're involved in, in other publications, the evidence supporting it continues to grow.

此外，當我們在其他出版物中討論我們參與的臨床試驗時，支持它的證據不斷增加。

And as we noted, several marquee deals, our team continues to secure opportunities with some of the most prestigious and esteemed health care facilities worldwide.

正如我們所指出的，在幾項重大交易中，我們的團隊繼續獲得與全球一些最負盛名和最受尊敬的醫療機構合作的機會。

On behalf of the management team, I think I'm confident in saying that we remain optimistic about the company and its future and we firmly believe in our ability to generate significant shareholder value.

我代表管理團隊有信心地說，我們對公司及其未來保持樂觀，我們堅信我們有能力創造顯著的股東價值。

Thank you all for your time today, and have a great rest of the evening.

感謝大家今天抽出寶貴的時間，祝大家晚上好好休息。

This concludes today's conference and you may disconnect your lines at this time.

今天的會議到此結束，您現在可以掛斷電話了。

Thank you for your participation.

感謝您的參與。