Inmode Ltd (INMD) 2025 Q2 法說會逐字稿

Good day and welcome to InMode's second-quarter 2025 earnings results conference call. (Operator Instructions)

大家好，歡迎參加 InMode 2025 年第二季財報電話會議。（操作員指示）

Please note, this event is being recorded. I would now like to turn the conference over to Moshe Mizrahy, CEO of MSIR. Please go ahead.

請注意，此事件正在被記錄。現在，我想將會議交給 MSIR 執行長 Moshe Mizrahy。請繼續。

Thank you, operator, and everyone for joining us today. Welcome to InMode's second-quarter 2025 earnings call.

謝謝接線員以及今天加入我們的所有人。歡迎參加 InMode 2025 年第二季財報電話會議。

Before we begin, I would like to remind our listeners that certain information provided on this call may contain forward-looking statements, and the Safe Harbor statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please visit the investor relations section of the company's website. Changes in business, competitive, technological, regulatory, and other factors would cause actual results to differ materially from those expressed by the forward-looking statements made today.

在我們開始之前，我想提醒我們的聽眾，本次電話會議中提供的某些資訊可能包含前瞻性陳述，今天的收益報告中概述的安全港聲明也適用於本次電話會議。如果您尚未收到該新聞稿的副本，請造訪公司網站的投資者關係部分。業務、競爭、技術、監管和其他因素的變化將導致實際結果與今天前瞻性陳述所表達的結果有重大差異。

Our historical results are not necessarily indicative of future performance. As such, we can give no assurance as to the accuracy of our forward-looking statements and assume no obligation to update them, except as required by law.

我們的歷史表現不一定能代表未來的表現。因此，我們無法保證我們的前瞻性陳述的準確性，並且不承擔更新這些陳述的義務，除非法律要求。

With that, I'd like to turn the call over to Moshe Mizrahy, InMode's CEO. Moshe, please go ahead.

接下來，我想將電話轉給 InMode 執行長 Moshe Mizrahy。摩西，請繼續。

Thank you, Miri, and to everyone for joining us. With me today, Dr. Michael Kreindel, our Co-Founder and Chief Technology Officer; Yair Malca, our Chief Financial Officer; and Rafael Lickerman, our VP of Finance. Following our prepared remark, we will all be available for answer your question.

謝謝 Miri 以及所有加入我們的人。今天與我一起的還有我們的共同創辦人兼技術長 Michael Kreindel 博士、我們的財務長 Yair Malca 和我們的財務副總裁 Rafael Lickerman。按照我們準備好的發言，我們將隨時回答您的問題。

In the second quarter, we continue to navigate a challenging medical aesthetic market, especially in North America due to reduced personal spending. This environment results in fewer treatments and less capital investment from physicians, consistent with the macroeconomic trend of recent quarter.

在第二季度，我們將繼續應對充滿挑戰的醫療美容市場，尤其是由於個人支出減少而導致的北美市場。這種環境導致醫生的治療減少和資本投資減少，這與最近一個季度的宏觀經濟趨勢一致。

Building on the strategy we outlined last year, we have started restructuring a key part of our sales team to drive deeper market penetration. We have began by appointing a specialized manager and dedicated sales team focused on the envisioned platforms for the ophthalmology market.

基於我們去年概述的策略，我們已經開始重組銷售團隊的關鍵部分，以推動更深層的市場滲透。我們首先任命了一位專業經理和一支專門的銷售團隊，專注於眼科市場的設想平台。

At the same time, we are strategically expanding our global footprint with new direct operations in Thailand and Argentina. These offices will enhance our local presence, improve customer support, and streamline operation compared to walking through distributors.

同時，我們正在泰國和阿根廷開展新的直接業務，策略性地擴大我們的全球影響力。與透過經銷商相比，這些辦公室將增強我們的本地影響力、改善客戶支援並簡化營運。

Looking ahead, we are hosting a user meeting in late August to officially launch our new platforms in the wellness space, focused on increased blood circulation and pain relief for the urology community. We conducted a soft launch during Q2 and began introducing the platforms to selected users and gathered early feedback. The full commercial rollout will take place at the August event, and we anticipate initial revenue contribution in the fourth quarter.

展望未來，我們將於 8 月底舉辦一次用戶會議，正式推出我們在健康領域的新平台，重點關注泌尿科社群的血液循環促進和疼痛緩解。我們在第二季進行了軟啟動，開始向選定的用戶介紹平台並收集早期回饋。全面的商業推廣將在八月的活動上進行，我們預計第四季將帶來初始收入貢獻。

In closing, we will continue to navigate the current market challenges. We remain confident in in-mode offering and brand recognition, backed by a strong balance sheet and diversified portfolio and cutting-edge technology were well positioned to continue leading the minimally invasive aesthetic and wellness industry.

最後，我們將繼續應對當前的市場挑戰。我們仍然對模式內的產品和品牌認知充滿信心，憑藉強大的資產負債表和多元化的產品組合以及尖端技術，我們有能力繼續引領微創美容和健康產業。

Now, I would like to turn the call over to Yair, our Chief Financial Officer. Yair?

現在，我想將電話轉給我們的財務長亞伊爾。亞伊爾？

Thanks, Moshe, and hello, everyone. Thank you for joining us. I would like to review our Q2 2025 financial results in more detail.

謝謝，Moshe，大家好。感謝您加入我們。我想更詳細地回顧一下我們 2025 年第二季的財務表現。

Despite global headwinds and the challenging macroeconomic environment, InMode generated revenues of $95.6 million. As a reminder, when comparing year-over-year results, last year's quarterly revenue of $86.4 million excluded $16.2 million in pre-orders for new platforms which had not yet been delivered by end of Q2 2024. Our minimally invasive platforms accounted for 84% of total revenues this quarter.

儘管面臨全球不利因素和充滿挑戰的宏觀經濟環境，InMode 仍創造了 9,560 萬美元的收入。提醒一下，在與去年同期業績進行比較時，去年 8,640 萬美元的季度收入不包括 2024 年第二季末尚未交付的新平台預訂單中的 1,620 萬美元。我們的微創平台佔本季總營收的 84%。

Sales outside of the US accounted for $45 million, or 48% of overall sales, an 11% increase year over year. Europe was the largest geographical revenue contributor, reaching a record of $23 million. Gross margin remained strong at 80% on a GAAP basis, consistent with Q2 2024. These industry-leading margins continue to underscore the unique value that our platforms provide.

美國以外的銷售額為 4,500 萬美元，佔總銷售額的 48%，較去年同期成長 11%。歐洲是最大的地區收入貢獻者，達到了創紀錄的 2,300 萬美元。根據 GAAP 計算，毛利率仍保持強勁，達到 80%，與 2024 年第二季持平。這些業界領先的利潤率繼續凸顯了我們的平台所提供的獨特價值。

Non-GAAP gross margin were 80% in the second quarter compared to 81% in Q2 of 2024. As part of our global expansion, we currently have a direct sales force of over 297 representatives and distributors coverage in more than 74 countries.

第二季非公認會計準則毛利率為 80%，而 2024 年第二季為 81%。作為我們全球擴張的一部分，我們目前擁有超過 297 名代表和分銷商組成的直銷隊伍，覆蓋超過 74 個國家。

Sales and marketing expenses increased to $47.5 million from $45.1 million in the same period last year. The year-over-year increase reflects continued investment in our sales team, resulting in higher salaries and travel and entertainment costs. We also saw increased spending on trade shows and other marketing activities. These were partially offset by lower share-based compensation, which declined to $3.4 million from $5.2 million in the second quarter of 2024.

銷售和行銷費用從去年同期的4,510萬美元增至4,750萬美元。同比成長反映了我們對銷售團隊的持續投資，從而帶來了更高的薪資和差旅及娛樂費用。我們也看到貿易展覽會和其他行銷活動的支出增加。但股權激勵費用的減少部分抵消了這一影響，股權激勵費用從 2024 年第二季的 520 萬美元下降至 340 萬美元。

GAAP operating expenses in the second quarter were $53.6 million, a 5% year-over-year increase. On an non-GAAP basis, operating expenses were $50.5 million in the quarter, up from $46.3 million and 9% increase year over year.

第二季 GAAP 營運費用為 5,360 萬美元，較去年同期成長 5%。以非公認會計準則計算，本季營運費用為 5,050 萬美元，高於去年同期的 4,630 萬美元，年增 9%。

GAAP operating margin was 24%, up from 21% in the second quarter of 2024. On a non-GAAP basis, operating margin reached 28% compared to 27% last year. GAAP net income was $26.7 million, up 12% from $23.8 million. On a non-GAAP basis, net income was $30.1 million, up from $29 million.

GAAP 營業利益率為 24%，高於 2024 年第二季的 21%。以非公認會計準則計算，營業利潤率達 28%，去年同期為 27%。GAAP 淨收入為 2,670 萬美元，較 2,380 萬美元成長 12%。以非公認會計準則計算，淨收入為 3,010 萬美元，高於 2,900 萬美元。

GAAP diluted earnings per share for the second quarter were $0.42, a significant increase from $0.28 in Q2 of 2024. Non-GAAP diluted EPS was $0.47, up from $0.34 per diluted share in the second quarter of 2024. We ended the quarter with a strong balance sheet. As of June 30, 2025, the company had cash and cash equivalents, marketable securities, and deposits of $510.7 million. This quarter, InMode generated $24 million in cash from operation, from operating activities.

第二季 GAAP 稀釋每股收益為 0.42 美元，較 2024 年第二季的 0.28 美元大幅成長。非公認會計準則稀釋每股收益為 0.47 美元，高於 2024 年第二季的每股攤薄收益 0.34 美元。我們以強勁的資產負債表結束了本季。截至 2025 年 6 月 30 日，該公司擁有現金和現金等價物、有價證券和存款 5.107 億美元。本季度，InMode 透過經營活動產生了 2,400 萬美元的營運現金。

If current US tariffs remain at 10%, we expect gross margins to be impacted by approximately 2% to 3%. We continue to closely monitor the situation and will adjust our forecast and strategy as needed.

如果當前美國關稅維持在 10%，我們預計毛利率將受到約 2% 至 3% 的影響。我們將繼續密切關注局勢，並將根據需要調整我們的預測和策略。

Before I turn the call back to Moshe, I'd like to reiterate our guidance for 2025. Assuming the slowdown in our industry continues and interest rates remain at current levels, we expect revenues between $365 million to $375 million compared to previous guidance of $395 million to $405 million.

在我將電話轉回給 Moshe 之前，我想重申我們對 2025 年的指導。假設我們行業繼續放緩且利率保持在當前水平，我們預計收入將在 3.65 億美元至 3.75 億美元之間，而先前的預期為 3.95 億美元至 4.05 億美元。

Non-GAAP gross margins to be the same as in previous guidance between 78% and 80%. Non-GAAP income from operations between $93 million and $98 million compared to previous guidance of $101 million to $106 million. Non-GAAP earnings per the user share between $1.55 to $1.59, compared to previous guidance of $1.64 to $1.68.

非公認會計準則毛利率與先前的預期相同，介於 78% 至 80% 之間。非公認會計準則營業利潤在 9,300 萬美元至 9,800 萬美元之間，而先前的預期為 1.01 億美元至 1.06 億美元。非公認會計準則每股用戶收益在 1.55 美元至 1.59 美元之間，而先前的預期為 1.64 美元至 1.68 美元。

I will now turn over the call back to Moshe.

我現在將電話轉回給 Moshe。

Thank you, Yair. Operator, we're ready for Q&A, please.

謝謝你，亞伊爾。接線員，我們已經準備好要進行問答了。

(Operator Instructions) Matt Miksic, Barclays.

（操作員指示）巴克萊銀行的 Matt Miksic。

Hi. Thanks so much. Thanks for taking the question. So maybe if you could talk a little bit about two things. First, I think there were some dynamics in Q1 that drove, I think, what you described at that time, some slight, below-expectation results for Q1 that didn't quite warrant a reduction. Some of that here continued in Q2 and just wanted to get a sense of the cadence of what that looked like.

你好。非常感謝。感謝您回答這個問題。所以也許您可以談談兩件事。首先，我認為第一季出現了一些動態因素，正如您當時所描述的，第一季的業績略低於預期，這並不值得減少。其中一些情況在第二季度繼續出現，只是想了解這種情況的節奏。

And Q1, there was great guilt and uncertainty towards the end of March. May or may not have influenced buying behavior, timing of purchases, or that sort of thing, and just wondering just qualitatively, or if you could quantitatively describe how that compares to Q2 and the backend, particularly of Q2 when you close most of your [consol] deals. And then I have just one quick follow-up.

而第一季度，三月底人們的罪惡感和不確定性非常大。可能會或可能不會影響購買行為、購買時機或諸如此類的事情，只是想知道它與第二季度和後端相比如何，特別是當您完成大部分 [consol] 交易的第二季度。然後我只想快速跟進。

So as you remember, we discussed it after Q1. We did come a little bit below our expectation in Q1. And same thing happened here in Q2. So now, we have already two quarters behind us, and we kind of missed a little bit both of them. Not drastically, but definitely we saw some weakness in Q1 and also in Q2.

所以你記得，我們在第一季之後討論過這個問題。我們第一季的業績確實略低於我們的預期。同樣的事情也發生在第二季。現在，我們已經過去了兩個季度，我們有點錯過了這兩個季度。雖然不是非常明顯，但我們確實在第一季和第二季看到了一些疲軟。

So taking this into consideration, looking ahead to the remainder of the year, without the uncertainty that we are seeing, we thought it's the right thing to do to make this one-time adjustment to our guidance.

因此，考慮到這一點，展望今年剩餘時間，在沒有我們看到的不確定性的情況下，我們認為對我們的指導進行一次性調整是正確的做法。

Does that answer your question?

這回答了你的問題嗎？

Yeah, I mean, partially, and thank you for that. I just was trying to get a sense of -- there seemed to be quite a bit more uncertainty in March and April than there is now, frankly, in terms of capital purchases or business investment or anything, and I'm just wondering if any of that came through, or not in what you saw and the way the quarter shaped up, even though both were slightly below expectations.

是的，我的意思是，部分地，謝謝你。我只是想了解一下——坦白說，就資本購買或商業投資或其他方面而言，三月和四月的不確定性似乎比現在要多得多，我只是想知道這些因素是否體現在您所看到的情況和本季度的表現中，儘管兩者都略低於預期。

Any difference in that way? Or did they just look like two quarters that didn't quite hit what you hoped?

那樣的話有什麼區別嗎？或者這兩個季度看起來並沒有達到你的期望？

Well, this is Moshe. As you know, the business that we're in, medical aesthetic, has some seasonality effect. Typically, the first quarter is not very strong. I don't say it's like Q3, but it's not very strong. And Q2 is one of the strongest quarter.

嗯，這是摩西。如您所知，我們所從事的醫療美容行業具有一些季節性的影響。通常來說，第一季的表現不會很強勁。我並不是說它像 Q3，但它並不是很強勁。第二季是表現最強勁的一個季度。

So I mean, according to the seasonality model of the medical aesthetic industry for many years, the first quarter is basically 20% and the second quarter should be 25%. So if the original guidance was $400 million, we were supposed to do $80 million in the first quarter and $100 million in the second quarter.

所以我的意思是，按照醫美產業多年來的季節性模型，第一季基本上是20%，第二季應該是25%。因此，如果最初的指導金額是 4 億美元，那麼我們應該在第一季實現 8,000 萬美元，在第二季實現 1 億美元。

But we missed both quarters. In the first quarter, we did only $77 million and the second quarter, $95.5 million. So the difference between the two of them, if you calculate the third and the fourth quarter, bring us to the new guidance.

但我們錯過了兩個季度。第一季我們的營收僅 7,700 萬美元，第二季則為 9,550 萬美元。因此，如果計算第三季度和第四季度，兩者之間的差異就會為我們帶來新的指引。

But it's all, as you know, estimation. If we do better, we'll improve the guidance. But we try to be conservative, as usual, in order not to promise something that we're not sure we can achieve.

但如你所知，這都只是估計。如果我們做得更好，我們就會改進指導。但我們一如既往地試圖保持保守，以免承諾一些我們不確定能否實現的事情。

At the moment, we don't see any change in behavior. If that's what you're looking for, if we see any change in behavior. So the answer is no, we do not see any change in behavior between Q2 and Q1. The market still continues to be challenging.

目前，我們沒有看到任何行為改變。如果這是您所尋找的，如果我們看到行為有任何變化。所以答案是否定的，我們沒有看到 Q2 和 Q1 之間的行為有任何改變。市場仍然充滿挑戰。

That's helpful. And just a quick one on guidance is that, it seems like you're -- you talk often about maintaining your organization in advance of and anticipation of a turn in the cycle. So rather than top line coming down and tightening your belt to sort of hit a higher EPS number just for the sake of hitting that commitment, you're taking a view to get you through this last part of the cycle and into the upswing of the cycle to remain invested.

這很有幫助。關於指導的簡短說明是，您似乎經常談論提前維護您的組織並預期週期的轉變。因此，您不需要為了實現承諾而降低營業收入並勒緊褲腰帶以達到更高的每股收益，而是要考慮如何度過週期的最後階段並進入週期的上升階段以繼續投資。

Just if you could talk a little bit about that strategy, if that's changing at all, if you're still committed to that and any sense or ideas that you have on the timing of when we might start to see things pick up. Thanks.

如果您可以稍微談一下該策略，該策略是否會改變，您是否仍然致力於該策略，以及您對何時我們可能開始看到情況好轉有什麼看法或想法。謝謝。

Again, we remain positive on the long-term potential of the market. Yes, we are experiencing a temporary weakness. How long it's going to last, we don't know, but we believe at some point the market will recover and will come back. In terms of making the necessary investment in some part of the world, we are expanding and going direct in more countries because we think that's the right thing to do.

再次，我們仍然對市場的長期潛力持樂觀態度。是的，我們正在經歷暫時的疲軟。我們不知道這種情況會持續多久，但我們相信市場最終會復甦並捲土重來。在世界某些地區進行必要的投資方面，我們正在向更多國家擴張並直接開展業務，因為我們認為這是正確的做法。

In the US, we see that the headwinds are significantly stronger than what we experience in Europe and Asia. We don't have any concrete plan or downsizing the company. We don't need to, but definitely we are looking to make sure we have the best structure in place to stay competitive.

在美國，我們看到的逆風比我們在歐洲和亞洲經歷的要強得多。我們沒有任何具體的計劃或縮減公司規模的計劃。我們不需要，但我們肯定會確保我們擁有最好的結構來保持競爭力。

Fair enough.

很公平。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Just one question on capital allocation, Moshe, for you, and then I have a specific question on non-invasive and the strengths we saw there. So on capital allocation, Moshe, I know you guys have done some share repurchasing. I mean, you still have like $600 million in cash on hand as of, I think, the end of June.

摩西，我只想問您一個關於資本配置的問題，然後我還有一個關於非侵入性以及我們在那裡看到的優勢的具體問題。因此，關於資本配置，Moshe，我知道你們已經做了一些股票回購。我的意思是，截至六月底，你手邊仍然有 6 億美元現金。

So just maybe talk a little bit about where your priorities are, how they're changing, whether you're still exploring assets to potentially acquire. And then I'll ask my follow-up on that and base it.

因此，請您稍微談談您的優先事項是什麼、它們如何變化，以及您是否仍在探索可能收購的資產。然後我會以此為基礎詢問後續事宜。

Okay. As far as capital allocation, I believe we're giving the same answer all the time. We did $508 million of buyback in the last two years, which was a lot. I mean, if we will do additional buyback in Israel, it will require 20% dividend tax. So we're considering it. I'm not saying we're not. It's one of the options.

好的。就資本配置而言，我相信我們一直給出相同的答案。過去兩年我們進行了 5.08 億美元的回購，這是一個很大的數字。我的意思是，如果我們在以色列進行額外回購，則需要繳納 20% 的股息稅。所以我們正在考慮。我並不是說我們不是。這是其中一個選項。

So every type of capital allocation is considered all the time, and it's on the table. We don't have any acquisition on the pipeline, so I cannot announce that we're doing any acquisition this year. As far as dividend, it might, but it also requires dividend tax.

因此，我們會一直考慮各種類型的資本配置，並將其放在桌面上。我們沒有任何正在進行的收購，所以我不能宣布我們今年將進行任何收購。就股利而言，可能會有，但也需要繳納股利稅。

So basically, everything is possible. We will need to see how the continue of the year will go, and probably we'll make a decision sometime in the next six months.

所以基本上一切都有可能。我們需要觀察今年的情況如何，也許我們會在未來六個月的某個時候做出決定。

Okay, got you. And then, one area of strength, at least relative to what we were modeling, but also I think versus last year, very strong growth in non-invasive. Just wondering what's driving that. Is it a new product cycle? Is it just customer behavior? Is that something that's notable? Is it one time in nature? Maybe talk a little bit about that in the mix of non-invasive versus minimally invasive.

好的，明白了。然後，一個優勢領域，至少相對於我們所建模的而言，但我認為與去年相比，非侵入性領域的成長非常強勁。我只是想知道是什麼導致了這種情況。這是一個新產品週期嗎？這僅僅是客戶行為嗎？這是值得注意的事嗎？在自然界中它是一次嗎？也許可以從非侵入性與微創性的結合角度來討論這個問題。

Well, as you know, minimally invasive procedures are relatively expensive. Either body tight, face tight, quantum, Morpheus, which can go up to 8 millimeter, they are relatively expensive. And they require local anesthesia either by blocking, tumescent, and other types of local anesthesia. So the range of one treatment can be in between $1,500 and $4,000 or $5,000.

嗯，如您所知，微創手術相對昂貴。無論是bodytight、facetight、quantum、Morpheus，可以做到8毫米，價格都比較貴。他們需要局部麻醉，可以是阻斷麻醉、腫脹麻醉或其他類型的局部麻醉。因此一次治療的費用可能在 1,500 美元到 4,000 美元或 5,000 美元之間。

The non-invasive procedures are much cheaper. Laser, IPL, non-invasive RF. So we see some trend that the minimal invasive, which is relatively require more personal spending, I don't want to say go down, but the number of procedures are going down. And therefore, we see a little bit of a trend toward the non-invasive handpieces and platforms. And that's what happened in the second quarter.

非侵入性手術便宜得多。雷射、IPL、非侵入性射頻。因此，我們看到一些趨勢，即微創手術，相對而言需要更多的個人支出，我不想說下降，但手術數量確實在下降。因此，我們看到了向非侵入式手把和平台發展的趨勢。這就是第二季度發生的情況。

In addition, we came up with the platforms which call OptimasMAX. And OptimasMAX has a new type of IPL, IPL Peak, and a new type of laser for hair removal and also for blood vessels. And this platform is very successful and therefore this part of the market is non-invasive. Well, but yet, the biggest part of our business is still invasive, penetrate the skin, and either one is almost more than 80%, so it's a high number.

此外，我們也推出了名為 OptimasMAX 的平台。OptimasMAX 擁有新型 IPL、IPL Peak 和新型激光，可用於除毛和血管除毛。這個平台非常成功，因此這部分市場是非侵入性的。嗯，但是，我們業務的最大部分仍然是侵入性的，穿透皮膚，而且任何一個都幾乎超過 80%，所以這是一個很高的數字。

Michael Sarcone, Jefferies.

薩科內（Michael Sarcone），傑富瑞集團（Jefferies）。

This is Mike on for Matt this morning. I guess just to start, Moshe, some clarifying questions around your commentary on guidance. I think you mentioned with that $400 million original guide, you were a little light in 1Q and 2Q, and to me it looks like you were maybe $7 million or $8 million light in the first half versus those original expectations.

今天早上，我是麥克，代替馬特。摩西，我想先就你對指導的評論提出一些澄清問題。我想您提到過，根據最初的 4 億美元指引，您在第一季和第二季的業績略有下滑，在我看來，與最初的預期相比，上半年的業績可能下滑了 700 萬或 800 萬美元。

I think you also said that's kind of the reason you lowered the guide, but you lowered it by about $30 million at the midpoint. So could you just clarify that? Have you also lowered your outlook for the second half?

我想您也說過這就是您降低指導價的原因，但您在中間將其降低了約 3000 萬美元。你能澄清一下嗎？您是否也下調了對下半年的展望？

Well, as you know, the third quarter is usually a very slow quarter, especially in Europe because of the summertime and the vacations. In recent years, we see that effect also in the US market and also in the Canadian market. So basically, in order to achieve the $400 million, we thought we would do $100 million in the third quarter and $120 million or $125 million on the fourth quarter.

嗯，正如你所知，第三季度通常是一個非常緩慢的季度，特別是在歐洲，因為夏季和假期。近年來，我們在美國市場和加拿大市場也看到了這種影響。因此，基本上，為了實現 4 億美元的目標，我們認為我們將在第三季實現 1 億美元，在第四季實現 1.2 億或 1.25 億美元。

Based on the slowdown and the slow market that we experienced in the second quarter, we don't think that that is achievable, $220 million, and this is why we reduced the budget at that target.

基於我們在第二季度經歷的經濟放緩和市場低迷，我們認為 2.2 億美元的目標無法實現，這就是我們削減該目標預算的原因。

Got it. That's very helpful. I guess, can you comment on any kind of contribution that you may have included from the urology end markets in the 4Q quarter?

知道了。這非常有幫助。我想，您能否評論一下第四季泌尿科終端市場可能做出的貢獻？

It's minimal. I think it's going to be a minimal contribution. That's usually what we do with every new launch of a product. We don't count too much on contribution. It will be more symbolic than anything. And again, if we'll be pleasantly surprised, we'll take it, but we don't count on it.

這是最小的。我認為這將是一項微不足道的貢獻。這通常是我們在每次推出新產品時所做的。我們不太依賴貢獻。它比任何東西都更具象徵意義。再說一次，如果我們感到驚喜，我們會接受，但我們不會指望它。

Caitlin Cronin, Canaccord Genuity.

凱特琳‧克羅寧 (Caitlin Cronin)，Canaccord Genuity。

I guess just to start and really expand on the urology question earlier, just any more details on the urology market and the opportunity and if you'll use a dedicated sales team like you're going to do for the Envision platform?

我想先開始並真正擴展之前的泌尿科問題，關於泌尿科市場和機會的更多細節，以及您是否會使用專門的銷售團隊，就像您將為 Envision 平台所做的那樣？

Okay. Let's start with the urologist. As you know, we're developing a platform for the erection dysfunction. But we don't have the indication from the FDA yet. So we're launching it on a pilot level for blood circulation and pain relief.

好的。讓我們從泌尿科醫生開始。如您所知，我們正在開發一個治療勃起功能障礙的平台。但我們尚未收到 FDA 的指示。因此，我們正在試驗推出該療法，以促進血液循環並緩解疼痛。

We're doing some clinical testing right now to prove the concept, and therefore this is, although we are launching the platforms, but eventually once we have the FDA indication for erection dysfunction, these platforms will be much more, will be successful. Right now, we have to be very careful with how we do it and under IRB and other all kind of regulatory procedures.

我們目前正在進行一些臨床測試來證明這個概念，因此，儘管我們正在推出這些平台，但最終一旦我們獲得 FDA 對勃起功能障礙的適應症，這些平台將會更加成功。現在，我們必須非常小心地按照 IRB 和其他各種監管程序去做。

Regarding the Envision, the Envision platforms is for dry eye and full-face rejuvenation. Again, we don't have the FDA indication approval for the dry eye yet. It's in the process. We have submitted to the FDA the protocol, and we're going to prove it and start the study. We submitted all the pilot and all the clinical data that we had. Once we have the approval from the FDA for dry eye treatment with the bipolar RF, again, this platform will fly.

至於 Envision，Envision 平台適用於乾眼症和全臉年輕化。再次強調，我們尚未獲得 FDA 對治療乾眼症的批准。正在進行中。我們已經向 FDA 提交了協議，我們將對其進行驗證並開始研究。我們提交了所有試點和臨床數據。一旦我們獲得 FDA 批准使用雙極射頻治療乾眼症，這個平台就會再次快速發展。

And yet, it's an early stage. We're not promoting it directly for dry eye because we cannot. And every test and every study that we do is under regulatory procedures like [IRB], et cetera. And those two platforms in the wellness business were in the middle of regulatory procedures and regulatory submissions. Hopefully, sometime next year, they will be approved.

但這仍處於早期階段。我們不會直接推廣其用於治療乾眼症，因為我們做不到。我們所做的每項測試和每項研究都遵循 [IRB] 等監管程序。健康業務中的這兩個平台正處於監管程序和監管提交的階段。希望明年某個時候他們能夠獲得批准。

Great, and I think you talked about last quarter just given the relative strength, OUS and Europe in particular, you were expecting somewhat of a larger skew in the mix to OUS versus US, I mean, is that still something that's contemplated in your guidance for this year?

太好了，我想您上個季度談到了相對實力，特別是美國和歐洲，您預計美國和歐洲的市場份額會呈現較大偏差，我的意思是，這是否仍然是您今年指導方針中考慮的事情？

Yes, it is built into the guidance already. As you know, in previous years, the split between US and OUS was about 60% to 65% US, and the rest is OUS. Now it's more in Q1 and in Q2 it was more 50-50 split and that was the assumption that it will remain 50-50 for the rest of the year. And it's already built into the guidance.

是的，它已經納入指南中了。如您所知，前幾年，US 和 OUS 之間的分割大約是 60% 到 65% 是美國，其餘的是 OUS。現在第一季和第二季的比例大致為 50-50，我們假設今年剩餘時間內的比例仍將保持 50-50。並且它已經融入指南之中。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Moshe, maybe if I could follow up on some of your Envision comments. We've been out there kind of doing some checks, kind of have heard of a decent number, I would say, of luminous account conversions and wins for you guys.

Moshe，也許我可以跟進你對 Envision 的一些評論。我們一直在進行一些檢查，聽說你們的發光帳戶轉換和勝利數量相當可觀。

Would it be crazy, as Danielle asked about the non-invasive number that was strong this quarter, to think that Envision also contributed to that? I know you're still waiting for the dry eye indication, but our back-of-the-envelope map, maybe it was as much as 5% or 10% of your US system sales. In 2Q, I'm sorry, could have been envisioned. Would that be too high of a number?

正如丹妮爾所問，本季非侵入式數據表現強勁，認為 Envision 也對此做出了貢獻，這是否太瘋狂了？我知道您仍在等待乾眼症的跡象，但根據我們的粗略估算，它可能占到您美國系統銷售額的 5% 或 10%。在第二季度，很抱歉，這是可以預見的。這個數字會不會太高了？

10% to 15%, it's relatively high. I would say it's more like a 10% or a little bit less than that, but not more than that before we get the FDA. Now, regarding Luminis, Luminis has the approval on the IPL and not on the RF. Everybody knows we also have IPL on the system, on the Envision, and doctors can use either the IPL, which is approved like Luminis, or the RF. But the RF needs to be done under regulatory procedures and local approvals.

10%到15%，比較高。我想說這個比例更像是 10% 或略低一點，但在我們獲得 FDA 批准之前不會超過這個比例。現在，關於 Luminis，Luminis 已獲得 IPL 的批准，但尚未獲得 RF 的批准。大家都知道我們的系統和 Envision 上也有 IPL，醫生可以使用像 Luminis 一樣獲得批准的 IPL 或 RF。但 RF 需要按照監管程序和當地批准進行。

All right, fair enough. And my question was, could it be 5% to 10% of your US system sales, not 10% to 15%? So it sounds like you're saying yes there. I just want to clarify, you think 5% to 10% is a reasonable US system revenue for Envision for this quarter.

好吧，夠公平。我的問題是，它能占到您美國系統銷售額的 5% 到 10% 而不是 10% 到 15% 嗎？聽起來你的答案是肯定的。我只是想澄清一下，您認為本季 Envision 的美國系統收入合理在 5% 到 10% 之間。

Correct.

正確的。

Okay, great. And then, sorry, Yair, you talked about no change in behavior throughout the quarter. Would that comment be applicable to both kind of the doctor side of the equation on purchasing capital and on the patient side, on the procedures and consumables side? That consumables number getting closer to flat, so maybe getting a little bit of improvement on the patient demand side. But just if you could disaggregate your comment on no change in behavior across both system purchases and or patient demand, that would be helpful, thanks.

好的，太好了。然後，抱歉，亞伊爾，您談到整個季度的行為沒有改變。該評論是否適用於醫師方面（購買資本）和病患方面（手術和消耗品）？消耗品數量越來越接近平穩，因此患者需求方面可能會有所改善。但是，如果您可以將您的評論分解為系統購買和患者需求方面的行為沒有變化，那將會很有幫助，謝謝。

Just one quick comment about your previous question. The CO2 device that we launched earlier this year, this one is also included in the non-invasive, and that's one of the reasons why you see this jump.

對於您之前的問題，我只想簡短地評論一下。我們今年稍早推出的二氧化碳設備也屬於非侵入式設備，這也是您看到這種飛躍的原因之一。

Regarding to your second question, yes, it might be better to separate between the two, the trends that we see in the capital equipment. This has stayed pretty similar for the last several quarter with the high interest rate and challenging with financing and uncertainty in the market. I think you see many doctors probably delaying their purchasing decisions on capital equipment.

關於您的第二個問題，是的，最好將我們在資本設備中看到的趨勢與兩者區分開來。過去幾個季度，這種情況一直很相似，利率很高，融資困難，市場不確定。我認為您會看到許多醫生可能會推遲購買資本設備的決定。

Consumers behave a little bit differently. This is more subject to this question of spending by consumers, and we see some challenges there. But as you mentioned, it looks like the decline kind of plateau. So I guess we can see it as a positive, that we stopped the bleeding, and hopefully when things improve, we will start seeing that climbing back up.

消費者的行為略有不同。這更取決於消費者支出的問題，我們看到其中存在一些挑戰。但正如你所提到的，它看起來像是下降的平台期。所以我想我們可以把它看作是一件積極的事，我們止住了流血，希望當情況好轉時，我們會看到它重新攀升。

Mike Matson, Needham & Company.

麥克‧馬森 (Mike Matson)，Needham & Company。

Yeah, thanks. Just a question on the tariff impact. I think the press release mentions a tariff rate of 10%. I thought the rate on Israel was 17%. Was that lower to 10%? And then just the 2% to 3% they're calling out impact to gross margin from tariffs, is that for the full year? Is there any kind of timing there in terms of this hitting maybe more in the second half of the year or something?

是的，謝謝。我只是想問一下關稅的影響。我認為新聞稿中提到的關稅稅率是10%。我認為以色列的稅率是 17%。那是不是低至 10% 了？然後他們所說的關稅對毛利率的影響僅為 2% 至 3%，這是全年的影響嗎？就此次衝擊而言，是否存在某種時間安排，可能在下半年或類似時間發生？

So you're right. The original tariff was set at 17%. It was reduced to 10% on a temporary basis, and it was extended. I'm sure there is some negotiation going on between Israel and the US administration, and our assumption right now is that it's going to remain at around 10%. It can be higher. However, we are also working to see if we can make some strategy changes that would help us actually bring this even lower.

所以你是對的。最初的關稅定為17%。暫時降至10%，也延長了。我確信以色列和美國政府之間正在進行一些談判，我們目前的假設是，這一比例將保持在 10% 左右。還可以更高。然而，我們也在努力看看是否可以做出一些策略改變，以幫助我們進一步降低這個數字。

So I think going with an average of 10% at this point is the right thing to do, because this is what we are currently paying. And once we have updates this way or another, we will provide an update.

所以我認為現在平均支付 10% 是正確的做法，因為這就是我們目前支付的。一旦我們透過某種方式獲得更新，我們就會提供更新。

Regarding the 2% to 3% impact, that's on an annual basis. So probably in 2025, because we didn't have the tariffs from the beginning of the years and some of the inventory that we already have in the US was not subject to this tariff, the impact would be lower, probably half than that.

至於 2% 到 3% 的影響，這是按年計算的。因此，可能在 2025 年，由於我們從年初就沒有徵收關稅，而且我們在美國已有的一些庫存不受此關稅的影響，因此影響會較低，可能只有一半。

We basically thought that, like Europe and other countries, that Israel will reach an agreement before the end of the second quarter, but not yet. I believe that by the end of August, President Trump to get -- that's the deadline. I believe by then it will be settled and probably it will be 10% or in Europe it's 15%. I don't think we'll get to 15%, but it's all guessing.

我們基本上和歐洲及其他國家一樣，認為以色列將在第二季結束前達成協議，但目前還沒有。我相信到 8 月底，川普總統將會得到——這是最後期限。我相信到那時這個問題將會得到解決，可能達到 10%，或在歐洲達到 15%。我認為我們不會達到 15%，但這都只是猜測。

Yeah, I understand. Okay, just to be clear, so the 2% to 3%, that's a fully annualized number in terms of what the impact would be if you were paying the 10% over the full year.

是的，我明白。好的，需要明確的是，2% 到 3% 是一個完全年化的數字，指的是如果你在全年支付 10% 會產生的影響。

Okay, and then just a question on the new urology system that you're launching. Can you maybe just talk about the initial labeling that you're going to have there and how you're I guess for the urology-specific treatments on it and how you're going to market that. And then this user meeting, I assume that's focused on urologists, correct?

好的，然後我問一個關於您即將推出的新泌尿科系統的問題。您能否談談您將在那裡進行的初始標籤以及我對泌尿科特定治療的看法以及您將如何推銷它。然後，我認為這次用戶會議的重點是泌尿科醫生，對嗎？

You're going to be hosting a group of urologists? This particular platform, yes, it's for urologists. The development continues to get an indication by the FDA for erection dysfunction. We're doing clinical study right now in the major hospitals and in the major, clinics that deal with this indication in the US.

您要接待一群泌尿科醫師嗎？是的，這個特殊的平台是為泌尿科醫師準備的。此研發成果持續獲得 FDA 對治療勃起功能障礙的批准。我們目前正在美國各大醫院和各大診所進行治療此病的臨床研究。

In the meantime, the approval that we receive for these platforms, bipolar RF, is basically for increased blood circulation, pain relief, and also collagen building, which are the basic three elements for erection dysfunction. Not yet with the final indication, hopefully in the future we'll have.

同時，我們獲得的這些平台雙極射頻的批准主要是為了增加血液循環、緩解疼痛以及膠原蛋白的生成，這是治療勃起功能障礙的三個基本要素。目前還沒有最終的跡象，希望將來能夠有。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Maybe just coming back to Europe for a second. Two straight quarters here of growth in capital equipment outside the US. So we'd love to hear maybe, is that a reflection of a more stable environment? Are you launching new products there, taking price? And then how sustainable do you think some of those trends are?

也許只是暫時回到歐洲。美國以外地區的資本設備連續兩季實現成長。所以我們很想聽聽，這是否反映了更穩定的環境？你們在那裡推出新產品並定價嗎？那麼您認為其中一些趨勢的可持續性如何？

I think they are very sustainable because, just to remind everyone, we started in the early years with focusing on developing the North American market mainly and we were a little bit late to the game in developing the OUS, the international markets, which is what we are doing right now. We used to be a smaller player in the international markets and that's definitely one of our growth engines in the year to come, so it's very sustainable.

我認為它們非常可持續，因為，提醒大家，我們早年主要專注於開發北美市場，而在開發 OUS 即國際市場方面我們起步稍晚，而我們現在正在做的就是這個。我們曾經是國際市場上規模較小的參與者，但這無疑是我們未來一年的成長引擎之一，因此它非常永續。

Okay, that's helpful. Moving to the US here, are we starting to see any kind of upgrade cycle with Ignite and OptimasMAX? I know it's a question we typically ask every quarter, but are you offering discounts yet for customers to upgrade, and is there any way to quantify that contribution?

好的，這很有幫助。轉到美國，我們是否開始看到 Ignite 和 OptimasMAX 的任何升級週期？我知道這是我們每季都會問的問題，但是您是否為升級的客戶提供折扣，有沒有辦法量化這種貢獻？

We will probably start doing it on the third quarter, trying to convert users that use the Optimas and the body type, which are both fully, not similar, but fully FDA approved, with Ignite, which is fully FDA approved, and the OptimasMAX as well. We will probably start doing it in the third quarter. And at the same time, we're introducing those platforms in our OW as well.

我們可能會在第三季開始這樣做，嘗試將使用 Optimas 和 body type 的使用者轉換為完全獲得 FDA 批准的 Ignite 和 OptimasMAX。我們可能會在第三季開始這樣做。同時，我們也在 OW 中引入了這些平台。

Okay, helpful.

好的，很有幫助。

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

謝謝。我們的問答環節到此結束。我想將會議交還給 Moshe Mizrahy 做最後發言。

Thank you, everybody. Thank you for joining us today.

謝謝大家。感謝您今天加入我們。

I believe we covered all aspects of the financial results that we usually present. Hopefully, the market will improve in the next two quarters, especially on the fourth quarter, which is really the strongest quarter. We're going to be there.

我相信我們涵蓋了我們通常呈現的財務結果的所有方面。希望市場在接下來的兩個季度會有所好轉，尤其是第四季度，這確實是最強勁的一個季度。我們會去的。

I know that one question was asked whether or not we are cutting down cost. We're a technology company, and if we will cut down costs, that means that we will fire engineering people and good salespeople. We don't want to do it. We're adjusting our costs in the manufacturing and the logistics, but all the rest, we keep business as usual in order to jump on the market whenever the market will improve.

我知道有人問我們是否在削減成本。我們是一家科技公司，如果我們削減成本，那就意味著我們將解僱工程師和優秀的銷售人員。我們不想這麼做。我們正在調整製造和物流方面的成本，但其餘方面，我們仍保持正常業務，以便在市場好轉時及時進入市場。

Again, thank you for joining us. We'll see you again in the summary of the third quarter. Thank you, everybody.

再次感謝您的參與。我們將在第三季總結中再次與您相見。謝謝大家。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的演講。您現在可以斷開連線。