Inogen Inc (INGN) 2025 Q1 法說會逐字稿

Welcome to Inogen's First Quarter 2025 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded today, May 7, 2025.

歡迎參加 Inogen 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議將於今天（2025 年 5 月 7 日）進行錄製。

I would now like to turn the call over to Ryan Peterson, Investor Relations.

現在我想將電話轉給投資者關係部的 Ryan Peterson。

Thank you all for participating in today's call. Joining me are President and CEO, Kevin Smith; and CFO, Mike Bourque. Earlier today, Inogen released financial results for the first quarter 2025. The earnings release is available in the Investor Relations section of the company's website, along with a supplemental financial package.

感謝大家參加今天的電話會議。與我一起出席的還有總裁兼執行長 Kevin Smith 和財務長 Mike Bourque。今天早些時候，Inogen 發布了 2025 年第一季的財務表現。收益報告可在公司網站的投資者關係部分查閱，同時也可查閱補充財務資料。

As a reminder, the information presented today will include forward-looking statements, including, without limitation, statements about our growth prospects and strategy for 2025 and beyond; expectations related to our financial results for the second quarter and full year 2025, progress of our strategic initiatives, including innovation; our expectations regarding the market for our products and our business; and supply and demand for our products in both the short term and long term. The forward-looking statements in this call are based on information currently available to us as of today's date, May 7, 2025. These forward-looking statements are only predictions and involve risks and uncertainties that are set forth in more detail in our most recent periodic reports filed with the Securities and Exchange Commission. Actual results may vary, and we disclaim any obligations to update these forward-looking statements, except as may be required by law.

提醒一下，今天提供的資訊將包括前瞻性陳述，包括但不限於有關我們 2025 年及以後的成長前景和策略的陳述；與我們 2025 年第二季和全年財務業績相關的預期、我們的策略舉措（包括創新）的進展；我們對我們的產品和業務的市場預期；以及我們產品的短期和長期供需。本次電話會議中的前瞻性陳述是基於截至 2025 年 5 月 7 日我們所掌握的資訊。這些前瞻性陳述僅是預測，涉及風險和不確定性，這些風險和不確定性在我們向美國證券交易委員會提交的最新定期報告中有更詳細的說明。實際結果可能有所不同，我們不承擔任何更新這些前瞻性陳述的義務，除非法律另有要求。

During the call, we will also present certain financial information on a non-GAAP basis. Management believes that non-GAAP financial measures taken in conjunction with U.S. GAAP financial measures provide useful information for both management and investors by excluding certain noncash items and other expenses that are not indicative of Inogen's core operating results. Management uses non-GAAP measures internally to understand, manage and evaluate our business, and make operating decisions. Reconciliations between U.S. GAAP and non-GAAP results are presented in tables within our earnings release.

在電話會議中，我們也將以非公認會計準則 (non-GAAP) 為基礎提供某些財務資訊。管理層認為，非公認會計準則財務指標與美國公認會計準則財務指標相結合，透過排除某些非現金項目和其他不反映 Inogen 核心經營績效的費用，為管理層和投資者提供了有用的信息。管理階層在內部使用非公認會計準則指標來了解、管理和評估我們的業務，並做出營運決策。我們收益報告中的表格中顯示了美國 GAAP 和非 GAAP 結果之間的對帳情況。

With that, I will turn the call over to Inogen's President and CEO, Kevin Smith.

說完這些，我將把電話轉給 Inogen 總裁兼執行長 Kevin Smith。

Good afternoon, and thank you for joining our first quarter 2025 conference call. During today's call, I will review our first quarter performance and provide an update on our progress towards our 3 strategic priorities: driving top line growth, advancing our path to profitability and expanding our innovation pipeline. I will then turn the line to Mike for a full review of our financials and outlook.

下午好，感謝您參加我們的 2025 年第一季電話會議。在今天的電話會議上，我將回顧我們第一季的業績，並介紹我們在三大策略重點方面取得的進展：推動營收成長、推進獲利之路以及擴大創新管道。然後，我將把電話轉給麥克，讓他全面審查我們的財務狀況和前景。

Before I share more on our first quarter results, I would like to briefly address the recently announced tariffs. Considering our business position and current exemptions, we do not anticipate a material impact to our operating plan or financial profile from the announced tariffs. We believe that we are well positioned to continue executing on our strategic priorities and financial goals despite these developments. However, the situation is dynamic, and we will continue to monitor it closely.

在分享我們第一季業績之前，我想先簡單談談最近宣布的關稅。考慮到我們的業務狀況和目前的豁免，我們預計宣布的關稅不會對我們的營運計劃或財務狀況產生重大影響。我們相信，儘管有這些發展，我們仍有能力繼續執行我們的策略重點和財務目標。然而，情況是動態的，我們將繼續密切關注。

Shifting back to our strong first quarter results, where we delivered over $82 million in revenue, reflecting 5.5% year-over-year growth. Alongside the strong top line performance, we drove another quarter of adjusted EBITDA profitability, reflecting our focus on operational excellence. Our growth was driven by the continued strength of our business-to-business channels. This was offset by expected pressure in our DTC channel, where we have optimized the size of our sales team. We expect more favorable year-over-year comparisons in the back half of 2025 as we lap 1 year with our newer, more efficiently sized team in place.

回顧我們強勁的第一季業績，我們的營收超過 8,200 萬美元，年增 5.5%。除了強勁的營收表現外，我們還推動了另一個季度的調整後 EBITDA 獲利，這反映了我們對卓越營運的關注。我們的成長得益於企業對企業通路的持續強勁成長。這被我們 DTC 通路的預期壓力所抵消，我們已優化了銷售團隊的規模。隨著我們更新、更有效率的團隊到位一年，我們預計 2025 年下半年的年比業績將更加有利。

As previously announced, we finalized our collaboration with Yuwell Medical during the quarter. This collaboration furthers our efforts toward all of our strategic priorities by driving growth, broadening our geographic reach and improving our product portfolio. As a reminder, Yuwell would distribute Inogen portable oxygen concentrators under the Inogen brand in China, accelerating our entry into the attractive Chinese respiratory market. We will be distributing their stationary oxygen concentrators under the Inogen brand in the United States, expanding our offerings across all of our channels.

正如先前宣布的，我們在本季度完成了與魚躍醫療的合作。此次合作將推動成長、擴大我們的地理覆蓋範圍並改善我們的產品組合，從而進一步加強我們所有策略重點的努力。提醒一下，魚躍醫療將在中國以 Inogen 品牌分銷 Inogen 便攜式氧氣濃縮器，加速我們進入具有吸引力的中國呼吸市場。我們將在美國以 Inogen 品牌分銷其固定式氧氣濃縮器，擴大我們在所有通路的產品供應。

Our team is making progress on completing the necessary regulatory hurdles for a full rollout of these products in both the United States and China. In the United States, we expect a limited launch in 2025 as we focus on market development with a more fulsome launch in 2026. While in China, we continue to work through the registration process with Yuwell. We will continue to provide updates on these processes as appropriate.

我們的團隊正在努力克服必要的監管障礙，以便在美國和中國全面推出這些產品。在美國，我們預計在 2025 年進行小規模推出，因為我們專注於市場開發，並在 2026 年進行更全面的推出。在中國期間，我們繼續與魚躍公司合作完成註冊流程。我們將繼續適時提供這些流程的最新資訊。

Additionally, Yuwell completed an investment in one of its subsidiaries of approximately $27 million in late February, acquiring a 9.9% ownership stake in Inogen. This investment is reflected in our first quarter financials and is meaningful capital for reinvestment into growth and innovation.

此外，Yuwell於2月底完成了對其一家子公司約2,700萬美元的投資，收購了Inogen 9.9%的所有權。這項投資反映在我們的第一季財務狀況中，並且是用於再投資於成長和創新的重要資本。

Now turning to our second strategic objective, progressing towards sustained profitability, where we have continued to make considerable advancements. In the first quarter, we once again generated positive adjusted EBITDA as a result of our continued top line strength and focus on managing expenses responsibly. As Mike will expand upon further in his remarks, we still expect to approach adjusted EBITDA breakeven for the full year 2025 as we continue to invest in innovation, the introduction of Simeox and our Yuwell rollout. We have made significant progress where we will carefully manage our expense profile and drive manufacturing and operational efficiencies going forward.

現在轉向我們的第二個策略目標，即朝著持續獲利的方向前進，我們已經取得了長足的進步。在第一季度，由於我們持續的營收實力和注重負責任地管理費用，我們再次實現了正調整後 EBITDA。正如 Mike 在他的演講中進一步闡述的那樣，隨著我們繼續投資於創新、Simeox 的推出和 Yuwell 的推出，我們仍然預計 2025 年全年調整後的 EBITDA 將接近盈虧平衡。我們已經取得了重大進展，我們將精心管理我們的費用狀況，並推動未來的製造和營運效率。

Finally, I would like to provide an update on our innovation pipeline. We are continuing to make progress with our pursuit of reimbursement and the limited commercial release of Simeox. There are no material updates to provide as of now, but we will continue to share pertinent information in the future. In our digital health portfolio, we are advancing several updates to streamline remote monitoring of device usage and status for patients and our partners. We remain committed to developing digital solutions that save time and money. I look forward to sharing updates on those as they are introduced throughout the year.

最後，我想介紹一下我們的創新管道的最新情況。我們在尋求報銷和 Simeox 的有限商業發布方面正在繼續取得進展。目前尚無重大更新可提供，但我們將在未來繼續分享相關資訊。在我們的數位健康產品組合中，我們正在推進多項更新，以簡化患者和合作夥伴對設備使用和狀態的遠端監控。我們始終致力於開發節省時間和金錢的數位解決方案。我期待在全年發布這些更新內容時與大家分享。

I am proud of our team's strong performance in the first quarter and look forward to delivering progress on growth, profitability and innovation throughout the rest of 2025.

我為我們團隊在第一季的出色表現感到自豪，並期待在 2025 年剩餘時間內在成長、獲利和創新方面取得進展。

With that, I'll turn it to Mike to provide an update on our financials. Mike?

有了這些，我將讓麥克提供有關我們財務狀況的最新資訊。麥克風？

Thank you, Kevin, and good afternoon, everyone. Unless otherwise noted, all financial comparisons are to the prior year comparable period.

謝謝你，凱文，大家下午好。除非另有說明，否則所有財務比較均與去年同期相比。

Total revenue for the first quarter of 2025 was $82.3 million, an increase of 5.5% on a reported basis and 7.1% on a constant currency basis compared to the prior year. The increase was primarily driven by higher demand from international and domestic business-to-business customers, partially offset by lower direct-to-consumer and rental revenue. As a reminder, full constant currency growth rates across our channels can be found in our earnings release. For the first quarter, foreign exchange had a negative 160 basis points impact on total revenue and a negative 500 basis points impact on international revenue.

2025 年第一季總營收為 8,230 萬美元，與前一年相比，以報告基礎計算成長 5.5%，以固定匯率計算成長 7.1%。這一增長主要得益於國際和國內企業對企業客戶需求的增加，但直接面向消費者的收入和租金收入的下降部分抵消了這一增長。提醒一下，您可以在我們的收益報告中找到我們各個管道的完整固定貨幣成長率。第一季度，外匯對總收入產生了負面 160 個基點的影響，對國際收入產生了負面 500 個基點的影響。

Looking at first quarter revenue on a more detailed basis. Domestic business-to-business revenue increased 29.9% to $21.5 million versus $16.5 million in the prior period driven by increased demand from existing customers. International business-to-business revenue increased 22.9% to $32 million compared to $26 million in the prior period, primarily driven by an increase in demand from new and existing customers.

更詳細地查看第一季的收入。受現有客戶需求增加的推動，國內企業對企業營收成長 29.9%，至 2,150 萬美元，而上一季為 1,650 萬美元。國際企業對企業營收較上一季的 2,600 萬美元成長 22.9%，達到 3,200 萬美元，主要得益於新舊客戶需求的成長。

Direct-to-consumer sales decreased 26.8% to $15 million from $20.5 million in the prior period as we continue to operate with a smaller and more efficient team. As we have discussed in the past, we have made significant changes to our business and operational profile within the DTC channel over the past 1 to 2 years in order to improve efficiency in this channel as part of our commitment to driving increased profitability. These changes also allowed us to adapt to the evolving market dynamics. We believe our current team is well positioned for better performance as we look to the back half of this year and beyond.

由於我們繼續以更小、更有效率的團隊經營，直接面向消費者的銷售額從上一時期的 2,050 萬美元下降 26.8% 至 1,500 萬美元。正如我們過去所討論過的，在過去的 1 到 2 年裡，我們對 DTC 管道內的業務和營運狀況進行了重大改變，以提高該管道的效率，這是我們致力於提高盈利能力的一部分。這些變化也使我們能夠適應不斷變化的市場動態。我們相信，展望今年下半年及以後，我們目前的團隊已經做好準備，取得更好的表現。

Rental revenue decreased 7.5% to $13.8 million from $14.9 million in the prior period, primarily driven by continued lower average billing rates due to the mix shift to private payers. Despite year-over-year declines, rental revenue grew slightly on a sequential basis, which we see as a positive indicator for the health of this channel.

租金收入從上一期的 1,490 萬美元下降 7.5% 至 1,380 萬美元，主要原因是由於客戶結構轉向私人付款人導致平均計費費率持續下降。儘管年比有所下降，但租金收入較上季略有成長，我們認為這是該通路健康狀況的正面指標。

Now on to discuss first quarter gross margins. Total gross margin was 44.2% in the first quarter of 2025, increasing 15 basis points from the same period in the prior year, primarily driven by lower warranty expense, offset by the impact of customer mix and channel mix. Sales revenue gross margin was 44.4%, an increase of 24 basis points. Rental revenue gross margin was 43.3%, a decline of 33 basis points.

現在來討論第一季的毛利率。2025 年第一季總毛利率為 44.2%，較去年同期增加 15 個基點，主要由於保固費用降低，但被客戶組合和通路組合的影響所抵銷。銷售收入毛利率為44.4%，較去年同期增加24個基點。租賃收入毛利率為43.3%，下降33個基點。

Moving on to operating expense. In the first quarter of 2025, total operating expense decreased to $44 million compared to $50.6 million in the prior period, representing a decrease of 13.1% as we continue to execute on our goal to improve operating margins. As a reminder, our OpEx in Q1 of 2024 included higher-than-usual costs such as consulting fees, including the exit of our third-party prescriber channel relationship.

繼續討論營運費用。2025 年第一季度，總營運費用從上一季的 5,060 萬美元下降至 4,400 萬美元，降幅為 13.1%，因為我們繼續執行提高營運利潤率的目標。提醒一下，我們 2024 年第一季的營運支出包括高於平常的成本，例如諮詢費，包括退出第三方處方管道關係。

In the first quarter of 2025, we reported a GAAP net loss of $6.2 million compared to a loss of $14.6 million in the prior period and loss per diluted share of $0.25 in the first quarter of 2025 versus a loss of $0.62 in the prior period. On an adjusted basis, we had a net loss of $2.9 million in the first quarter of 2025 compared to a loss of $10.4 million in the prior period and an adjusted loss per diluted share of $0.11 in the first quarter of 2025 compared to a loss of $0.45 in the prior period.

2025 年第一季度，我們報告的 GAAP 淨虧損為 620 萬美元，而上一季的虧損為 1,460 萬美元，每股攤薄虧損為 0.25 美元，而上一季的虧損為 0.62 美元。經過調整後，2025 年第一季我們的淨虧損為 290 萬美元，而上一期間的虧損為 1,040 萬美元；2025 年第一季調整後每股攤薄虧損為 0.11 美元，而上一期間的虧損為 0.45 美元。

Adjusted EBITDA was a positive $36,000 in the first quarter of 2025 compared to a negative $7.6 million in the prior period.

2025 年第一季調整後 EBITDA 為正 36,000 美元，而上一季為負 760 萬美元。

Moving on to our balance sheet. As of March 31, 2025, we had cash, cash equivalents and restricted cash of $122.5 million with no debt outstanding. As a reminder, we made a $13 million earn-out payment to Physio-Assist in the first quarter of 2025 related to achieving FDA clearance for Simeox.

繼續我們的資產負債表。截至 2025 年 3 月 31 日，我們擁有現金、現金等價物和受限現金 1.225 億美元，沒有未償還債務。提醒一下，我們在 2025 年第一季向 Physio-Assist 支付了 1300 萬美元的盈利支付，用於獲得 Simeox 的 FDA 批准。

On that note, I will now discuss our full year 2025 and second quarter financial outlook. We continue to expect full year 2025 reported revenue to be in the range of $352 million to $355 million, reflecting a 5% to 6% reported growth relative to the full year 2024. As previously announced, our gross margin expectations for the full year have not changed. For the full year 2025, we expect to approach adjusted EBITDA breakeven.

關於這一點，我現在將討論我們 2025 年全年和第二季的財務展望。我們繼續預期 2025 年全年報告營收將在 3.52 億美元至 3.55 億美元之間，與 2024 年全年相比成長 5% 至 6%。正如先前宣布的，我們對全年毛利率的預期並沒有改變。對於 2025 年全年而言，我們預計調整後的 EBITDA 將接近損益兩平。

For the second quarter of 2025, we expect reported revenue to be in the range of $89 million to $91 million, reflecting flat to approximately 3% growth relative to the second quarter of 2024. Our second quarter outlook reflects a healthy sequential step-up in total revenue from the first quarter. This follows our expectations for quarterly revenue distribution as we track toward our full year revenue expectations. As Kevin shared earlier in his remarks, based on current exemptions from certain medical devices, we do not currently anticipate any significant tariff-related headwinds to gross margin or adjusted EBITDA. However, we will continue to monitor the evolving situation and provide updates as relevant.

對於 2025 年第二季度，我們預計報告營收將在 8,900 萬美元至 9,100 萬美元之間，與 2024 年第二季度相比持平至約 3% 的成長。我們對第二季的展望反映出總營收較第一季環比健康成長。這符合我們對季度收入分配的預期，因為我們正在追蹤全年收入預期。正如凱文早些時候在演講中所說，基於目前對某些醫療器材的豁免，我們目前預計關稅不會對毛利率或調整後的 EBITDA 造成任何重大阻力。不過，我們將持續監測情勢發展並提供相關資訊。

And with that, I will pass the call back to Kevin for closing remarks.

最後，我將把電話轉回給凱文，請他作最後發言。

Thank you, Mike. I am proud of our achievements in the first quarter. They are a direct reflection of the dedication and resilience demonstrated by our team. We've driven notable growth while staying focused on operational efficiency and innovation. I'm confident that we'll maintain this momentum throughout the year and look forward to continuing to meet the needs of respiratory patients globally.

謝謝你，麥克。我為我們第一季所取得的成就感到自豪。它們直接體現了我們團隊所展現的奉獻和韌性。我們在註重營運效率和創新的同時，也實現了顯著的成長。我相信我們將全年保持這一勢頭，並期待繼續滿足全球呼吸系統疾病患者的需求。

With that, I will open it up for questions. Operator?

好了，現在就開始回答問題吧。操作員？

(Operator Instructions) Our first question is from the line of Matthew Blackman with Stifel.

（操作員指示）我們的第一個問題來自 Stifel 的 Matthew Blackman。

This is Colin Clark on for Matt. I had a quick one on rentals. You spoke to billing rates being down. But looking at my model, net patients have been declining for a few straight quarters now. Can you speak to what's driving that?

我是柯林克拉克 (Colin Clark)，代替馬特 (Matt)。我快速了解了一下租賃情況。您談到收費標準下降了。但從我的模型來看，淨患者數量已經連續幾季下降。您能說說是什麼原因導致這現象的發生嗎？

Colin, I'll take that question. This is Mike. What we've been discussing in the past in terms of rental is a couple of a couple of things that have been challenging. One of the first one is really as we look at a total patient service and what percentage of those patients are under Medicare versus private pay, with private pay being a lower monthly reimbursement rate.

科林，我來回答這個問題。這是麥克。我們過去在租賃方面討論過的一些事情都很有挑戰性。第一個問題是，當我們真正關注整體患者服務時，有多少比例的患者享受醫療保險，有多少比例的患者享受私人支付，而私人支付的每月報銷率較低。

What we have been seeing for a number of quarters was that that percentage of private pay was higher, getting higher and higher as a percent of total pace of service. So therefore we're seeing impact to not only the growth, not only the revenue line but gross margin because our service costs weren't, they don't go down, they stay the same. That was one of the dynamics we've been talking about.

我們已經連續幾個季度看到，私人支付的比例越來越高，佔總服務速度的比例也越來越高。因此，我們看到的不僅是成長、收入線和毛利率都受到了影響，因為我們的服務成本沒有下降，而是保持不變。這是我們一直在談論的動態之一。

The other one we've been talking about was. Cap patients, so patients had decapitated period, that was increasing as well. Again, that was causing an impact to both revenue and gross margin. Now, what we're seeing, what we are seeing now in that channel is both of those things leveling off a little bit. We're not ready to say that's an inflection point yet, but we're very encouraged by that. And the other point I would make that's an encouraging one related to the rental business is in Q1 of 2025 we saw the first sequential improvement in rental revenue in a number of number of quarters.

我們一直在談論的另一個是。為患者戴上帽子，這樣患者就有了斷頭期，這也在增加。這再次對收入和毛利率造成了影響。現在，我們看到，我們現在在該頻道看到的是，這兩件事都趨於平穩。我們還沒準備好說這是一個轉捩點，但我們對此感到非常鼓舞。我想說的另一點是，與租賃業務相關的令人鼓舞的一點是，在 2025 年第一季度，我們看到了多個季度以來租金收入的首次連續增長。

Great and I'm curious about the rental's gross margin outperformance at least versus our estimate and consensus. Was there anything particular behind that? I think we had thought about the billing changes having a little bit more of an impact. I is this tracking as you guys expected?

太好了，我很好奇租賃的毛利率表現至少與我們的估計和共識相比如何。這背後有什麼特別之處嗎？我認為我們已經考慮過計費變化會產生更大的影響。這是你們所期望的追蹤嗎？

Yeah, I think it's it's another positive sign for sure. We've had in the past we've had some challenges in that area with certain operating costs, cost of goods so associated with that. We've been doing a number of things to TRY to improve on those, so we're seeing, I think some of the benefit of that.

是的，我認為這肯定是另一個積極的信號。過去，我們在該領域遇到了一些挑戰，例如與此相關的某些營運成本、商品成本等。我們一直在做很多事情來嘗試改進這些問題，因此，我認為我們已經看到了其中的一些好處。

Alright, thank you guys.

好的，謝謝大家。

For taking my questions. I'll hop back into you.

感謝您回答我的問題。我會跳回你身邊。

Our next questions come from the line of Robbie Marcus with JPMorgan.

我們的下一個問題來自摩根大通的羅比·馬庫斯。

Hi, this is actually Rohan on for Robbie. Thanks for taking our question. I guess I just wanted to ask about cadence for the balance of the year. I know that you guided for 2nd quarter slightly below, I think, expectations to maintain the guide for the year.

嗨，這實際上是 Rohan 為 Robbie 表演的。感謝您回答我們的問題。我想我只是想問一下今年剩下的節奏。我知道您對第二季的預期略低於維持全年預期的預期。

So I just want to get a sense for how you're thinking about just the progression, and maybe if you could elaborate on, some of the specific actions you're taking to stabilize it, to stabilize the DTC sales and rental revenues, maybe just more color on that and how you're thinking about that moving forward.

所以我只是想了解一下您是如何看待這一進展的，如果您可以詳細說明您為穩定 DTC 銷售和租賃收入而採取的一些具體措施，也許可以更詳細地說明一下這一點以及您對未來發展的看法。

Rohin, I'll take that one as well. This is Mike. I think the best way to explain, this might be the best way to explain it, so as we look at the year, first of all, we're pleased with our Q1 results. When we look at the first half of 2025, we are where we expected to be. We're confident with our full year guidance. As you know, we reaffirmed that guidance.

Rohin，我也要這個。這是麥克。我認為最好的解釋方式，這可能是最好的解釋方式，所以當我們回顧今年時，首先，我們對第一季的業績感到滿意。當我們展望 2025 年上半年時，我們已經達到了預期目標。我們對全年業績指引充滿信心。如您所知，我們重申了該指導。

Secondly, we need to keep in mind that last year, we had tough year-over-year comps in DTC. That was the case in all 4 quarters of the year. So the DTC channel was negatively impacting our year-over-year total company revenue growth for both the first and second halves of the year. And we look at that in 2025, that should only occur in the first half of the year because of rebasing of that DTC channel we've been talking about. So again, we've rebased that in 2024, which means our rep count was down significantly.

其次，我們需要記住，去年，我們在 DTC 的年比表現十分艱難。全年四個季度都是這種情況。因此，DTC 通路對我們今年上半年和下半年公司總營收的年成長產生了負面影響。我們預計，到 2025 年，這種情況應該只會在上半年發生，因為我們一直在談論的 DTC 管道的重新調整。因此，我們再次在 2024 年重新調整了基準，這意味著我們的代表數量大幅下降。

So as we look at roughly halfway through 2025, we'll start seeing those comps more in line, probably more likely in about halfway through Q3. So we'll no longer have that DTC unfavorable comparability on a year-over-year basis impacting our total company growth rate. And as a result, our expectation is to see second half growth rates better than first half growth rates. Hopefully, that answered your first question.

因此，當我們展望 2025 年大約中期時，我們將開始看到這些比較更加一致，可能更有可能在第三季中期左右出現。因此，我們將不再受到 DTC 年比不利可比性的影響，從而影響我們公司的整體成長率。因此，我們預計下半年的成長率將好於上半年的成長率。希望這能回答您的第一個問題。

Yes, that was helpful. And I guess just a follow-up on tariffs, I appreciate the color that you provided on the exemptions. And I assume that, that only really applies to products manufactured or coming into the U.S., I should say. So how are you thinking about the Yuwell partnership beyond China? And maybe like have you also gotten exemptions for that just with regards to the reciprocal tariffs?

是的，這很有幫助。我想這只是關於關稅的後續問題，我很感謝您提供的有關豁免的詳細資訊。我認為，這實際上只適用於在美國製造或進入美國的產品。那麼您如何看待與魚躍在中國以外的地區的合作？也許你們也獲得了與互惠關稅有關的豁免？

Yeah, thanks. I'll go ahead and I'll take that and you know we're still, as we stated there, the tariffs are with the exemptions, we are not impacted on bringing product into the United States. I'll also just clarify too when we think about Europe and its's not necessarily asked. But we do have manufacturing, remember in the Czech Republic, a contract manufacturer that manufactures in Europe without having to have components passed through the United States to make their way to check.

是的，謝謝。我會繼續，我會接受這一點，你知道我們仍然，正如我們所說的那樣，關稅是有豁免的，我們將產品帶入美國不會受到影響。當我們考慮歐洲時，我也會澄清這一點，這並不一定會被問到。但我們確實有製造業，記住在捷克共和國，一家合約製造商在歐洲製造，而不需要將零件通過美國進行檢查。

So that gives us coverage in the. And also opportunity there in international markets, potentially including China as well, but China, we are still a little away from having product there on the market launched in China, so that gives us that gives us a little bit of time. But right now, we're not, we have options to be able to get product into China both from the United States as well as from Europe, so we believe we have some mitigation.

這樣我們就可以獲得報道。國際市場也有機會，也可能包括中國，但中國，我們距離在中國市場推出產品還有一段距離，所以這給了我們一點時間。但目前，我們沒有，我們可以選擇從美國和歐洲將產品運往中國，所以我們相信我們有一些緩解措施。

Our next questions are from the line of Mike Matson with Needham & Company. Let's just use your questions.

我們的下一個問題來自 Needham & Company 的 Mike Matson。我們只使用你的問題。

Yeah, thanks. So, great to see the the really strong growth continuing in in B2B on both US and no US. I'm just wondering, I don't know if you have any way to measure this or not, but is that, how much of that is shared gains, how much of that is just kind of the overall category growth for POCs, any thoughts on that?

是的，謝謝。因此，很高興看到 B2B 業務在美國和美國以外地區都繼續保持強勁成長。我只是想知道，我不知道您是否有任何方法來衡量這一點，但是，其中有多少是共享收益，其中有多少只是 POC 的整體類別增長，對此有什麼想法？

Yeah, Mike, I'll I'll start with that Kevin, this is, we see that there's a, it's a bit of a mix. We believe that it is, we know that we're gaining, new companies, new customers that are coming from B2B, from conversations that that I've had that our commercial team has had, as well as surveying. We believe that there continues to be a shift from tanks to POCs, which is which is not shared gain necessarily versus other POCs, other portable concentrators, but it is a share gain versus the versus the tanks.

是的，麥克，我將從凱文開始，這是，我們看到的，它有點混亂。我們相信，我們知道我們正在獲得來自 B2B 的新公司和新客戶，從我和我們商業團隊的對話以及調查中我們也知道這一點。我們相信，從儲罐到 POC 的轉變仍在繼續，這與其他 POC、其他便攜式濃縮器相比不一定會帶來共享收益，但與儲罐相比會帶來共享收益。

Now on the on the other side, when you look at share gain versus competitors, other portable concentrators, that's a little bit harder to measure that. But if you look at our unit growth and It's reflective of the impact on the B2B from 23 to 24, so we had 21% unit growth last year in the POCs, and in the first quarter of 25 we've had like what about a 27% increase in unit volume, so that you would believe is a strong showing.

另一方面，當你觀察與競爭對手、其他便攜式濃縮器相比的市場份額成長時，衡量這一點就有點困難了。但如果你看看我們的單位成長，它反映了 23 到 24 年對 B2B 的影響，所以去年我們的 POC 單位增長了 21%，而在 25 年第一季度，我們的單位數量增長了 27%，所以你會相信這是一個強勁的表現。

Okay, got it. And then just, on the DTC, business, and I understand the issue of the, rep count reduction and other changes you've made there, but, I'm wondering if you're, what you're seeing in terms of macro and economic environment on consumer spending. I mean, I don't know if you have a way, I would assume you can measure like the close rate or something of the leads you're generating. Have you seen any kind of drop there, is it getting harder to close, sales for your reps and that, or is it that steady and really just simply lower reps, the main issue?

好的，明白了。然後，就 DTC 業務而言，我了解代表數量減少的問題以及您在那裡所做的其他更改，但是，我想知道您是否從宏觀和經濟環境的角度看待消費者支出。我的意思是，我不知道你是否有辦法，我認為你可以衡量你所產生的潛在客戶的成交率或某些東西。您是否看到任何形式的下降，是否越來越難以完成銷售，您的銷售代表的銷售情況如何，或者這種下降是否穩定，實際上只是銷售代表人數減少，這是主要問題？

Yeah, no, but I appreciate that that your question go a little bit deeper there, Mike. When we look at this on a on a quarter on quarter basis. Yeah, we talked about the headcount being down and our focus had been on rebalining that, positioning it for profitable growth going forward. Now one thing that I'll also note here is we're continuing to roll out that patient first initiative. We're about 75% complete with with that rollout. We'll have that completed in the first half of this year.

是的，不，但我很感激你的問題更深入一些，麥克。當我們逐季度觀察這一情況時。是的，我們談到了員工人數減少的問題，我們的重點是重新平衡員工人數，為未來的獲利成長做好準備。現在我還要指出的一件事是，我們正在繼續推行「病人至上」的舉措。我們的推出工作已完成約 75%。我們將在今年上半年完成這項工作。

And what we've seen so far on a per rep basis, year on year. We have higher unit volume per rep. We have higher revenue per rep. We have fewer returns per rep, which is also leading towards customer satisfaction, improving that experience, part of that being through the that patient first rollout. So we feel that we're in a in a good position once we start to have that equal comparison year on year rep count that is that will show favorability once we approach the back end of the year.

到目前為止，我們看到的都是以年同比計算的業績。我們每次的單位產量都更高。我們的每位代表的收入更高。我們每個代表的退貨率更低，這也提高了客戶滿意度，改善了客戶體驗，其中一部分是透過「患者優先」的推廣實現的。因此，我們認為，一旦我們開始擁有與去年同期相當的比較代表數量，我們就處於一個良好的位置，也就是說，當我們接近年底時，這將顯示出有利的情況。

Okay. Got it.

好的。知道了。

Thank you.

謝謝。

Our next question is from the line of Margaret Andrew with William Blair.

我們的下一個問題來自威廉布萊爾的瑪格麗特安德魯。

Hey, good afternoon guys. Thanks for taking the question. I wanted to touch on a couple different things. One was, just touching on guidance, you guys are talking about a lot of new customers, you've seen the B2B beats globally, so maybe walk us through, was this above the prior guidance range and, maybe as these new customers ramped, why shouldn't we assume, some continued traction there maybe you're not assuming that. Oh, I'll maybe stop there and then I'll ask follow up.

嘿，大家下午好。感謝您回答這個問題。我想談一些不同的事情。一是，只是談到指導，你們正在談論很多新客戶，你已經看到了全球 B2B 的增長，所以也許可以向我們介紹一下，這是否高於之前的指導範圍，也許隨著這些新客戶的增加，我們為什麼不應該假設，那裡會有一些持續的牽引力，也許你沒有假設這一點。哦，我可能會就此停下來，然後再問後續情況。

Yeah, I'll start with that one. So first of all, we don't, when we provide the guidance, as we didn't get into the channel guidance by channel, but I can answer the question in terms of like how do we build to that low end to high end of the guidance range. So when we approach it really it starts at the base. The AOP that we have a robust process, bottoms up process. We look at it like you would normally think, right? We have pluses and minuses and as we look at weighting those and then determining, okay, at the low end of the range to get from the low end of the range to the high end of the range, we need to execute a lot more of these on these certain upsides.

是的，我就從那一個開始。首先，當我們提供指導時，我們不會，因為我們沒有進入各個管道的指導，但我可以回答這個問題，例如我們如何建立從指導範圍的低端到高端。因此，當我們真正接近它時，它就從基礎開始。我們有一個強大的 AOP 流程，由下而上的流程。我們以您通常的想法來看待它，對嗎？我們有優點和缺點，當我們考慮權衡這些優點和缺點，然後確定，好的，在範圍的低端，從範圍的低端到範圍的高端，我們需要在這些特定的優勢上執行更多這些。

The more those upsides we execute on, then the higher the rates we go and even potentially be. So without getting into the specific details about, the exact guidance by channel which we typically, we don't do, hopefully it gives us a general idea of how we build things and how we're looking at it and how we ended up with that.

我們實現的優勢越多，利率就越高，甚至有可能越高。因此，我們通常不會透過管道提供具體的指導，但我們無需深入探討具體細節，希望它能讓我們大致了解我們如何建構事物、我們如何看待它以及我們如何最終實現它。

The other thing I would say is that it just reiterate our guidance philosophy really. I think we've kind of shown this over the course of time that Kevin and I have been here. We want to provide guidance that's realistic and achievable and prudent guidance. So that's how we approached this year and we, that's been our approach and it'll continue to be our approach.

我想說的另一件事是，它實際上只是重申了我們的指導理念。我想，自從凱文和我在這裡以來，我們已經證明了這一點。我們希望提供切實可行且審慎的指導。這就是我們今年的做法，這一直是我們的做法，並將繼續是我們的做法。

Okay, yeah, no, that's that's fair enough, and I appreciate that, but on the same token, you guys did beat in the first quarter, so I'm just trying to get a sense of if there are, underlying macro issues or something that you are baking into this guidance, or maybe, not a continuation of some of these customers just so we can get a sense of, while it's conservative, here are the pushes and pulls maybe, you know that that we're just we're trying to be conservative or maybe there is some kind of a change versus what we saw in the first quarter.

好的，是的，不，那就足夠了，我很感激，但同樣，你們在第一季度確實取得了超出預期的成績，所以我只是想了解一下是否存在潛在的宏觀問題，或者你們正在將哪些內容納入這份指引中，或者可能不是某些客戶的延續，這樣我們就可以了解一下，雖然它是保守的，但這裡有一些推拉因素，你知道我們只是在保守的因素，你知道可能會有某種情況。

Yeah, so you know one thing that might be helpful there I can just add in a little bit more, but this is Kevin is when we look at the B2B in particular, we did have last year towards the it was towards the end of the first quarter we brought on a larger national, B2B customer that was they started. Ordering at the end of the first quarter, so that that adds a little bit to the to the baseline now as we go forward through this year. We do anticipate, although we're not guiding by by channel, we do anticipate continued growth year on year in the B2B, which would be offsetting that unfavorable comparison from a from a DTC perspective.

是的，所以你知道有一件事可能會有幫助，我可以再補充一點，但這是凱文，當我們特別關注 B2B 時，我們去年確實在第一季末，我們帶來了一個更大的全國性 B2B 客戶，這是他們開始的。在第一季末進行訂購，這樣隨著我們今年的推進，這會為基線增加一點。我們確實預計，儘管我們不會透過管道進行指導，但我們確實預計 B2B 業務將繼續逐年成長，這將從 DTC 的角度抵消不利的比較。

Okay, no, that's that's helpful. Thanks for a little bit extra complex, Kevin. And then, as we look at the OpEx as well, GNA pulled back just on a sequential basis. R&D pulled back on a sequential basis, again you guys sort of reiterated the same guidance range you had last time, but I think this is the first positive just performance in the first quarter since 2021. So, kudos to the team for achieving that.

好的，不，這很有幫助。謝謝你，凱文，你講得有點複雜。然後，當我們再看一下營運支出時，GNA 只是按順序回落了。研發支出環比有所回落，你們再次重申了上次的指導範圍，但我認為這是自 2021 年以來第一季的首次積極表現。因此，我們向實現這一目標的團隊表示祝賀。

So as we think about where those dollars maybe from the beat this quarter go in the coming quarters, maybe walk us through that as an assumption.

因此，當我們思考本季的資金在未來幾季可能流向何處時，也許可以向我們介紹這個假設。

Yeah, I guess to answer your question about OpEx, that's what we're getting at, I think we haven't got into OX, but what we have said is that our expectation is that as a percentage of revenue would continue, we'd see a lower OpEx in 2025 versus 2024. I would add to that that if you just if you look at OX say over the past year plus.

是的，我想回答你關於營運支出的問題，這就是我們要討論的，我想我們還沒有討論 OX，但我們所說的是，我們的預期是，作為收入的百分比將繼續保持，我們會看到 2025 年的營運支出低於 2024 年。我想補充一點，如果你看 OX，你就會知道過去一年多來的情況。

When you exclude the impairment of goodwill in 2023, we're down about 2% from 23 to 24%, but as we look at the second half of 2024, we're down about 5.5%. an op X and as you as probably noted, we were down about 13% in Q1 of this year versus Q1 of last year. I would just add to that one thing to that, Margaret, is that, I wouldn't use Q1opX as a proxy for the rest of the year. We have, a couple of things that we were planning on in Q1 that slipped a little bit into the further quarters. But we are certainly still in line with the expectation of continuing to manage our cost structure, continue to watch our our expenses, and we will, we still expect to see lower off ex as a percent of revenue in 2025 compared to last year.

如果排除 2023 年的商譽減值，我們的利潤將從 23% 下降到 24%，降幅約為 2%，但展望 2024 年下半年，我們的利潤將下降約 5.5%。正如您可能注意到的，今年第一季與去年第一季相比，我們的利潤下降了約 13%。瑪格麗特，我只想補充一點，那就是我不會在今年剩餘時間使用 Q1opX 作為代理。我們在第一季計劃的幾件事，在之後的幾個季度裡有所推遲。但我們當然仍會按照預期繼續管理我們的成本結構，繼續關注我們的開支，我們仍然預計，與去年相比，2025 年的扣除費用佔收入的百分比會有所下降。

I really appreciate it guys. Congrats.

我真的很感謝你們。恭喜。

Thanks man.

謝謝老兄。

Thank you. At this time we've reached the end of our question and answer session, and that will also conclude today's teleconference. You may now disconnect your lines at this time. We thank you for your participation and have a wonderful day.

謝謝。至此，我們的問答環節已經結束，今天的電話會議也將結束。現在您可以斷開線路了。感謝您的參與並祝您有美好的一天。