IPG Photonics Corp (IPGP) 2025 Q1 法說會逐字稿

Good morning and welcome to IPG Photonics' first-quarter 2025 conference call. Today's call is being recorded and webcast.

早安，歡迎參加 IPG Photonics 2025 年第一季電話會議。今天的電話會議正在錄音並進行網路直播。

At this time, I'd like to turn the call over to Eugene Fedotov, IPG Senior Director, Investor Relations for introductions. Please go ahead with your conference.

現在，我想將電話轉給 IPG 投資者關係高級總監 Eugene Fedotov 進行介紹。請繼續進行您的會議。

Thank you and good morning, everyone. With me today is IPG Photonics' CEO, Dr. Mark Gitin; and Senior Vice President and CFO, Tim Mammen.

謝謝大家，早安。今天與我一起的還有 IPG Photonics 的執行長 Mark Gitin 博士和高級副總裁兼財務長 Tim Mammen。

Let me remind you that the statements made during the course of this call that discuss managements or the company's intentions, expectations, or predictions of the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause the company's actual results to differ materially from those projected and such forward-looking statements.

讓我提醒您，本次電話會議中討論管理層或公司意圖、期望或對未來的預測的陳述均為前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致公司的實際結果與預測和前瞻性陳述有重大差異。

These risks and certainties are defined in our Form 10-K for the period ended December 31, 2024, and our reports on file with the Securities and Exchange Commission. Any forward-looking statements made on this call are the company's expectations or predictions as of today, May 6, 2025, only, and the company assumes no obligation to publicly release any updates or revisions to any such statements.

這些風險和確定性在我們截至 2024 年 12 月 31 日的 10-K 表格以及我們提交給美國證券交易委員會的報告中進行了定義。本次電話會議上所做的任何前瞻性陳述僅為本公司截至今天（2025 年 5 月 6 日）的預期或預測，本公司不承擔公開發布此類陳述的任何更新或修訂的義務。

During this call, we will be referencing certain non-GAAP measures. For more information on how we define these non-GAAP measures and the reconsolidation of such measures to the most directly comparable GAAP measures, as well as additional details on our reported results, please refer to the earnings press release, earnings call presentation, and the financial data workbook posted on our Investor Relations website. We will also post these prepared remarks on our website after this call.

在本次電話會議中，我們將參考某些非公認會計準則指標。有關我們如何定義這些非 GAAP 指標以及將這些指標重新合併到最直接可比的 GAAP 指標的更多信息，以及有關我們報告結果的更多詳細信息，請參閱收益新聞稿、收益電話會議演示文稿以及發佈在我們投資者關係網站上的財務數據工作簿。我們還將在本次電話會議結束後在我們的網站上發布這些準備好的評論。

With that, I'll now turn the call over to Mark.

說完這些，我現在將電話轉給馬克。

Thanks, Eugene. Good morning, everyone. We had a solid start to the year with continued signs of stabilization in the business and modest upticks in demand across some of our markets. I'll begin today with a quick look at our first-quarter results and the overall demand environment, then walk through the progress we're making on our long-term strategy -- what's working, where we're focused.

謝謝，尤金。大家早安。今年我們有一個良好的開端，業務繼續呈現穩定跡象，部分市場的需求略有上升。今天，我將首先簡要回顧我們的第一季業績和整體需求環境，然後介紹我們在長期策略方面取得的進展——哪些措施有效，我們的重點是什麼。

Also, I will talk about where we're adapting to global trade dynamics and touch on the steps that we're taking to minimize risk and maintain flexibility in a shifting environment. After that, I will turn it over to Tim to provide financial details, and then we'll open the call for questions.

此外，我還將談論我們如何適應全球貿易動態，並談到我們為在不斷變化的環境中最大限度地降低風險和保持靈活性而採取的措施。之後，我會將問題轉交給提姆，讓他提供財務細節，然後我們開始回答問題。

Starting with the first quarter, revenue came in above the midpoint of our guidance, reflecting business conditions generally consistent with the past few quarters, helped by early traction in key areas that are central to our strategy. Our bookings improved sequentially, and book-to-bill was the strongest we've seen in more than two years.

從第一季開始，營收就高於我們預期的中點，反映出業務狀況與過去幾季基本一致，這得益於我們戰略核心領域早期取得的進展。我們的訂單量連續改善，訂單出貨比達到兩年多來的最高水準。

Welding revenue continued to show signs of stabilization with share gains and e-mobility. While cutting revenue remained challenged, orders increased as business in Japan, Europe, and the US started to normalize. We also saw strong results in some other materials processing applications, including cleaning, which benefited from the cleanLASER acquisition and solid growth in additive manufacturing.

隨著市場份額的成長和電動車的發展，焊接收入繼續呈現穩定跡象。儘管削減收入仍面臨挑戰，但隨著日本、歐洲和美國的業務開始正常化，訂單增加。我們也看到了一些其他材料加工應用的強勁業績，包括清潔，這得益於 cleanLASER 的收購和增材製造的穩定成長。

I'm very encouraged to see the momentum that we're starting to build in our medical micro-machining and advanced applications. We're gaining traction with key customers across several of these initiatives, and we're beginning to see a positive impact on revenue.

我很高興看到我們在醫療微加工和先進應用領域中開始建立的勢頭。透過這些舉措，我們正在與主要客戶取得聯繫，並開始看到對收入的正面影響。

In our medical business, we added a new urology customer this year, which contributed to the strong revenue performance in the quarter. Urology is a multi-billion-dollar market where our superior solutions are well positioned to replace legacy systems. We're currently developing the next generation of our Thulium fiber laser urology systems with a launch plan later this year, positioning us for additional growth in 2026 and beyond.

在我們的醫療業務中，我們今年增加了一位新的泌尿科客戶，這有助於本季強勁的收入表現。泌尿科是一個價值數十億美元的市場，我們的卓越解決方案完全有能力取代傳統系統。我們目前正在開發下一代铥光纖雷射泌尿科系統，計劃於今年稍後推出，為 2026 年及以後的進一步增長做好準備。

We also launched a new product in micromachining and secured new business that nearly doubled our revenue in that area this quarter. This is a large market with significant long-term potential, and we are actively working on a strong product roadmap to continue gaining share.

我們還推出了微機械領域的新產品，並獲得了新業務，使我們本季在該領域的收入幾乎翻了一番。這是一個具有巨大長期潛力的龐大市場，我們正在積極制定強大的產品路線圖，以繼續獲得市場份額。

In advanced applications, we reached a major milestone with one of our key customers six months ahead of schedule. We look forward to sharing more on this program in the future. Many of these wins are a direct result of our differentiated technology, product expertise, and the team's ability to address customers' most difficult requirements.

在高階應用方面，我們與一位重要客戶提前六個月達成了一項重要里程碑。我們期待將來分享有關該計劃的更多內容。許多勝利都直接歸功於我們的差異化技術、產品專業知識以及團隊滿足客戶最困難要求的能力。

Given the operating leverage in our financial model, revenue from these programs is expected to drive a meaningful bottom-line impact in the years ahead. These are early wins, and while they're not yet large enough to fully offset the headwinds in our more mature cutting applications, they're solid first steps. These and other strategic programs are targeting $5 billion in TAM and offer hundreds of millions of dollars in revenue opportunities for IPG over the next several years.

考慮到我們財務模型中的經營槓桿，這些項目的收入預計將在未來幾年產生有意義的底線影響。這些都是早期的勝利，雖然它們還不足以完全抵消我們更成熟的切割應用中的阻力，但它們是堅實的第一步。這些計劃和其他戰略計劃的目標是實現 50 億美元的 TAM，並在未來幾年為 IPG 帶來數億美元的收入機會。

Turning to the near-term outlook, our first quarter book-to-bill ratio was solidly above 1. We were encouraged by improving trends across several markets and regions heading into the second quarter. In fact, our revenue guidance today would have reflected sequential growth if not for the impact of recently imposed tariffs.

展望短期前景，我們的第一季訂單出貨比穩居 1 以上。進入第二季度，多個市場和地區的趨勢有所改善，這令我們感到鼓舞。事實上，如果不是最近徵收的關稅的影響，我們今天的收入預期將反映出連續的成長。

The guidance reflects approximately $15 million in potential shipment delays to customers. These are not cancellations. We will fulfill these orders as we optimize production across our global footprint. We're continuing to evaluate the dynamic operating environment and are leveraging the flexibility of our global manufacturing and supply chain to minimize the impact of tariffs.

該預期反映了客戶可能遭受的約 1500 萬美元的發貨延遲。這些並不是取消。我們將在全球範圍內優化生產，完成這些訂單。我們正在繼續評估動態的營運環境，並利用全球製造和供應鏈的靈活性來最大限度地減少關稅的影響。

We've demonstrated this agility before, most notably when we successfully navigated the loss of access to our Russian operations following the invasion of Ukraine. Looking ahead, our strong manufacturing base in North America positions us well, especially as reshoring drives renewed investment in local automated industrial production.

我們之前已經展示過這種敏捷性，最顯著的一次是在烏克蘭入侵後，我們成功度過了失去俄羅斯業務的機會。展望未來，我們在北美的強大製造業基礎為我們提供了良好的基礎，尤其是在回流推動對本地自動化工業生產的重新投資的情況下。

We continue to benefit from strong relationships with customers around the world. During my recent trip to Asia, I met with many of our top customers. And in those conversations, one message came through clearly: a shared commitment to deeper collaboration. Our customers place a high value on IPG's technology, as well as our quality, reliability, and global technical support, which they view as critical to their own success.

我們繼續受益於與世界各地客戶的牢固關係。在我最近的亞洲之行中，我會見了許多頂級客戶。在這些對話中，我們清楚地傳達了一個訊息：共同致力於更深入的合作。我們的客戶高度重視 IPG 的技術以及我們的品質、可靠性和全球技術支持，他們認為這些對於他們自身的成功至關重要。

As a valued partner and a global leader in fiber laser solutions, we remain focused on investing in R&D and applications expertise. Our engineering teams are developing innovative solutions, including lasers, subsystems, and systems to meet evolving customer needs across materials processing, medical, and other strategic opportunities.

作為光纖雷射解決方案領域的寶貴合作夥伴和全球領導者，我們始終專注於投資研發和應用專業知識。我們的工程團隊正在開發創新解決方案，包括雷射、子系統和系統，以滿足材料加工、醫療和其他策略機會方面不斷變化的客戶需求。

One example is our recently announced partnership with AkzoNobel to apply laser technology to cure powder coatings. This novel solution provides advantages in energy efficiency, process speed, and space utilization with the potential to replace large industrial curing ovens.

其中一個例子就是我們最近宣布與阿克蘇諾貝爾合作，並應用雷射技術來固化粉末塗料。這種新穎的解決方案在能源效率、處理速度和空間利用率方面具有優勢，有可能取代大型工業固化爐。

As we navigate near-term headwinds, we're staying agile and leaning into the foundational strengths that set IPG apart. We have one of the strongest balance sheets in the industry with over $900 million in cash and no debt. This financial strength gives us the flexibility to move quickly and strategically, a key advantage in today's environment. It allows us to pursue acquisitions that enhance our market position, expand our technology portfolio, and accelerate our entry into high growth markets.

在應對近期逆風的過程中，我們保持敏捷並依靠 IPG 脫穎而出的基礎優勢。我們的資產負債表是業內最強勁的之一，擁有超過 9 億美元的現金，並且沒有債務。這種財務實力使我們能夠靈活地快速、有策略地採取行動，這是當今環境下的關鍵優勢。它使我們能夠進行收購，以增強我們的市場地位，擴大我們的技術組合，並加速我們進入高成長市場。

A great example is our acquisition of cleanLASER late last year, which is already contributing to our growth. We will continue to look for targeted, high impact acquisitions that align with our strategy and create long-term value.

一個很好的例子就是我們在去年年底收購了 cleanLASER，這已經為我們的成長做出了貢獻。我們將繼續尋找符合我們策略並能創造長期價值的針對性、高影響力的收購。

In closing, while tariff-related uncertainty remains, we're energized by the progress we're making against our strategic priorities. We're encouraged by the early signs of momentum and remain confident in our ability to navigate the current environment while staying focused on the significant long-term opportunities ahead.

最後，雖然與關稅相關的不確定性仍然存在，但我們對策略重點所取得的進展感到振奮。早期的勢頭令我們感到鼓舞，我們對自己駕馭當前環境的能力充滿信心，同時繼續關注未來重要的長期機會。

With that, I will now turn the call over to Tim.

說完這些，我現在將電話轉給提姆。

Thank you, Mark, and good morning, everyone. My comments will generally follow the earnings call presentation, which is available on our Investor Relations website. I will start with the financial review on slide 4.

謝謝你，馬克，大家早安。我的評論通常會在收益電話會議報告之後進行，該報告可在我們的投資者關係網站上查閱。我將從幻燈片 4 上的財務回顧開始。

Revenue came in above the midpoint of our guidance in the first quarter at $228 million, which is roughly consistent level for the third consecutive quarter. Revenue was down 10% year over year due to lower revenue and materials processing and the impact from the divestiture of our Russian operations, offset by growth in medical and advanced applications and a contribution from the cleanLASER acquisition.

第一季的營收達到 2.28 億美元，高於我們預期的中位數，連續第三個季度保持大致相同的水平。由於收入和材料加工減少以及俄羅斯業務剝離的影響，營收年減 10%，但醫療和先進應用的成長以及 cleanLASER 收購的貢獻抵消了這一影響。

Foreign currency reduced revenue by approximately $5 million or 2% this quarter. Revenue from materials processing decreased 14% year over year, primarily due to lower sales and cutting and welding, partially offset by higher revenue in additive manufacturing and micromachining.

本季度，外幣收入減少了約 500 萬美元，即 2%。材料加工收入較去年同期下降 14%，主要原因是銷售額下降以及切割和焊接收入下降，但積層製造和微加工收入增加部分抵消了這一影響。

Revenue from other applications increased 25% driven by higher sales in medical and advanced applications. GAAP gross margin was 39.4%, an increase of 70 basis points year over year. Adjusted gross margin was 40% above the top end of our guidance range. The year-over-year improvement in gross margin, despite lower revenue, was driven by a decrease in inventory provisions and unabsorbed costs, partially offset by higher cost of products sold.

由於醫療和先進應用銷售額的成長，其他應用的收入成長了 25%。GAAP毛利率為39.4%，較去年成長70個基點。調整後的毛利率比我們的指導範圍上限高出 40%。儘管收入較低，但毛利率仍有同比提高，這是由於庫存撥備和未吸收成本的減少，但被銷售產品成本的上升部分抵消。

I am pleased to see that our effort to rightsize inventory in the last year is reflected in our margin. And our level of gross margin reflects the value that we deliver to customer.

我很高興地看到，我們去年為調整庫存所做的努力已經反映在我們的利潤率上。我們的毛利率水準反映了我們為客戶提供的價值。

Operating expenses were above last year's level and our guidance range, primarily due to the investments we are making in key areas that are central to our strategy, which Mark highlighted earlier on this call. Sequentially, $7.5 million of the increase in operating expenses is due to an increase in stock compensation, normalized variable compensation accruals, as well as employee benefits, which are typically higher in the first quarter.

營運費用高於去年的水平和我們的指導範圍，這主要是因為我們在對我們策略至關重要的關鍵領域進行的投資，馬克在本次電話會議早些時候強調了這一點。連續增加的 750 萬美元營運費用是由於股票薪酬、正常化可變薪酬應計以及員工福利的增加，這些費用通常在第一季較高。

GAAP operating income was $2 million and our adjusted EBITDA was $33 million at the top end of our guidance. GAAP net income was $4 million or $0.09 per diluted share. Adjusted earnings per diluted share, which includes stock-based compensation but exclude amortization of intangibles, other acquisition-related charges, foreign exchange loss, and discrete tax items were $0.31 in the first quarter, also above the midpoint of our guidance range.

按照我們的預期，GAAP 營業收入為 200 萬美元，調整後的 EBITDA 為 3,300 萬美元，處於最高水準。GAAP 淨收入為 400 萬美元，即每股 0.09 美元。第一季調整後每股攤薄收益（包括股票薪酬但不包括無形資產攤銷、其他收購相關費用、外匯損失和單獨稅項）為 0.31 美元，也高於我們指導範圍的中點。

Looking at the revenue trends by application on slide 5, we saw demand stabilizing in welding and saw growth in demand for handheld welders and increased sales in e-mobility applications in China. Cutting revenue was weak both year over year and sequentially across most regions, but customer inventories continued to normalize and purchasing activity showed some improvement with the introduction of our new high-power, low-cost, rack-mounted platform.

從投影片 5 中按應用劃分的收入趨勢來看，我們發現焊接需求趨於穩定，手持焊接機需求成長，中國電動車應用銷售也有所成長。大多數地區的營收年比和季減幅度都較小，但隨著我們推出新的高功率、低成本、機架式平台，客戶庫存持續正常化，採購活動有所改善。

Mark already highlighted strong results in our key applications in the quarter, so I won't go over them again. Our emerging growth products performed well in the quarter, increasing to more than 50% of sales driven by a wide variety of products.

馬克已經強調了我們本季主要應用的強勁業績，因此我不再贅述。我們的新興成長產品在本季表現良好，在多種產品的推動下，銷售額成長至 50% 以上。

Moving to the revenue performance by region on slide 6, sales in North America decreased 7% sequentially and we're down 12% year over year. Materials processing revenue was down year over year but more stable sequentially.

我們來看第 6 張投影片上按地區劃分的收入表現，北美地區的銷售額較上季下降 7%，較去年同期下降 12%。材料加工收入較去年同期下降，但環比更加穩定。

Medical revenue increased year over year, but it fluctuates on a quarterly basis and was down sequentially. We expect medical to be strong in the second quarter, and the overall outlook for this key strategic area is positive.

醫療收入年增，但季度間波動較大，且較上季下降。我們預計第二季醫療業務將表現強勁，而這一關鍵策略領域的整體前景是積極的。

Sales in Europe declined 11% sequentially, and 28% year over year, where higher revenue in cleaning driven by cleanLASER acquisition and growth in additive manufacturing was more than offset by lower cutting and welding revenue as well as divestitures.

歐洲的銷售額環比下降 11%，年減 28%，其中，清潔業務收入因收購 cleanLASER 和增材製造業務的增長而增加，但被切割和焊接業務收入的下降以及資產剝離所抵消。

Revenue in Asia increased 5% sequentially and 8% year over year, benefiting from stronger sales in additive manufacturing, micromachining, advanced applications, and medical. As I mentioned, we also saw some recovery in e-mobility demand in China during the quarter.

得益於積層製造、微機械加工、先進應用和醫療領域的強勁銷售，亞洲地區的營收季增 5%，較去年同期成長 8%。正如我所提到的，我們在本季也看到中國電動車需求有所復甦。

Moving to a summary of our balance sheet and cash flow on slide 7. We ended the quarter with cash equivalents, and short-term investments of $927 million and no debt. Cash provided by operations was $13 million and capital expenditures were $25 million during the first quarter. As a reminder, our cash flow generation is usually low in the first quarter due to the payments of variable compensation and the timing of tax payments.

前往投影片 7 上的資產負債表和現金流量摘要。本季末，我們的現金等價物和短期投資為 9.27 億美元，且沒有債務。第一季經營活動提供的現金為 1,300 萬美元，資本支出為 2,500 萬美元。提醒一下，由於支付浮動薪酬和納稅時間的原因，我們第一季的現金流量產生通常較低。

Moving to our outlook on slide 9, for the second quarter of 2025, we expect revenue of $210 million to $240 million. As Mark mentioned, our revenue guidance range is approximately $15 million lower than it would have been due to the timing of shipments affected by the tariffs. We anticipate adjusted gross margin to be between 36% and 38% with approximately 150 to 200 basis points impact from tariffs included in this guidance.

轉到第 9 張投影片上的展望，對於 2025 年第二季度，我們預計營收為 2.1 億美元至 2.4 億美元。正如馬克所提到的，由於關稅影響了發貨時間，我們的收入預期範圍比原先的水平低了約 1500 萬美元。我們預計調整後的毛利率將在 36% 至 38% 之間，本指引中包含的關稅影響約為 150 至 200 個基點。

We are addressing this impact with adjustments in our supply chain, optimizing our manufacturing to serve different regions and selective pricing actions, which will substantially offset the impact of tariffs in the future. As we've previously communicated, investments in the growth of our business and strengthening the organization will continue to drive elevated levels of operating expenses through 2025. In the second quarter, our operating expenses are expected to be between $86 million to $88 million.

我們正在透過調整供應鏈、優化製造以服務不同地區以及選擇性地採取定價行動來應對這種影響，這將大大抵消未來關稅的影響。正如我們之前所傳達的，到 2025 年，對業務成長和組織加強的投資將繼續推動營運費用水準的上升。第二季度，我們的營運費用預計在 8,600 萬美元至 8,800 萬美元之間。

We anticipate delivering adjusted earnings per diluted share in the range of minus $0.05 to $0.25, with approximately 43 million diluted common shares outstanding. Our adjusted EBITDA is expected to be between $16 million and $31 million.

我們預計調整後每股攤薄收益將在-0.05美元至0.25美元之間，流通在外的攤薄普通股約為4,300萬股。我們的調整後 EBITDA 預計在 1,600 萬美元至 3,100 萬美元之間。

In closing, we are pleased to see signs of demand improvements in key areas. As a broader recovery takes place and we begin delivering on our new product strategy, we believe we have significant operating leverage in our model. In the meantime, our continued cash generation and strong balance sheet are a tremendous advantage in the current environment.

最後，我們很高興看到關鍵領域需求出現改善的跡象。隨著更廣泛的復甦發生以及我們開始實施新的產品策略，我們相信我們的模式具有顯著的經營槓桿。同時，我們持續的現金創造和強勁的資產負債表在當前環境下是一個巨大的優勢。

With that, we will be happy to take your questions.

我們將很樂意回答您的問題。

Thank you. At this time we'll be conducting a question-and-answer session. (Operator Instructions) Ruben Roy, Stifel.

謝謝。這次我們將進行問答環節。（操作員指示）Ruben Roy，Stifel。

Thank you. Hi, Mark. Great to hear about signs of stabilization and the bookings trends. I wonder if you could maybe dig into that just a little bit more and talk about it in markets where you're seeing strength geographies and I guess you maybe touch on China. Tim mentioned the recovery and e-mobility in China, but China, obviously had a pretty good Q1 and I'm just wondering kind of what's driving that growth. I think it was up 22% sequentially, so can we start there, please?

謝謝。你好，馬克。很高興聽到穩定的跡象和預訂趨勢。我想知道您是否可以更深入地探討一下這個問題，並在您認為具有優勢地域的市場中討論這個問題，我想您可能會談到中國。提姆提到了中國的復甦和電動車，但中國第一季的表現顯然相當不錯，我只是想知道是什麼推動了這種成長。我認為它環比增長了 22%，所以我們可以從那裡開始嗎？

Yeah, no, thanks very much for the question, Ruben. Good to hear from you. So yes, we saw a very strong bookings growth, with a book to bill of very strongly above 1.1 -- I'm sorry, above 1 is what I meant to say. And we saw that in a number of areas.

是的，不，非常感謝你提出這個問題，魯本。很高興收到你的來信。所以是的，我們看到了非常強勁的預訂量成長，訂單出貨比強於 1.1——抱歉，我的意思是高於 1。我們在許多領域都看到了這一點。

So in China, we saw very good strength in e-mobility. So this is where our AMB lasers, our Adjustable Mode Beam lasers and our LDD or Laser Depth Dynamics together with our scanning systems, we were able to drive good growth and e-mobility there in China as well as areas like micromachining areas, also in additive manufacturing, good strength there.

因此，我們看到中國在電動車領域表現出非常好的實力。因此，我們的 AMB 雷射器、可調模式光束雷射和 LDD 或雷射深度動力學以及掃描系統能夠推動中國電動車的良好成長，並且在微加工領域以及增材製造領域具有良好的實力。

We also saw strength other places in Asia with -- in Japan, we saw some normalization of the inventories of key cutting OEMs in Japan and saw strength in bookings there. We saw strong bookings in medical and in the US. We picked up a new customer in medical, so very key growth area along our urology platform and then also saw some stabilization in in Europe. It was weaker, but we saw some stabilization.

我們也看到了亞洲其他地區的強勁表現——在日本，我們看到日本主要切割原始設備製造商的庫存正常化，並且那裡的訂單量強勁。我們看到醫療領域和美國的預訂量強勁。我們在醫療領域獲得了一位新客戶，因此這是我們泌尿科平台非常關鍵的成長領域，並且在歐洲也看到了一些穩定性。雖然它表現較弱，但我們看到了一些穩定性。

So it was really great to see is that -- the key areas that we've talked about last quarter, the key areas of our strategy, investment. So in that area of medical, in the area of micromining where we brought out a new product, and we're starting to see great take-up there. Also, in our advanced market, we also saw strength there. And as I mentioned in the call, it's a very key area where we where we also saw some advancement and one got to a key milestone early in that area. So overall, great growth among our strategic directions that were showing up in that growth.

因此，看到這一點真的很高興——我們上個季度討論的關鍵領域，我們的策略、投資的關鍵領域。因此，在醫療領域、微採礦領域，我們推出了一款新產品，並開始看到巨大的應用潛力。此外，在我們的先進市場中，我們也看到了實力。正如我在電話中提到的，這是一個非常關鍵的領域，我們也看到了一些進展，並且在該領域早期就達到了一個關鍵的里程碑。整體而言，我們的策略方向都取得了巨大的成長。

Perfect, thanks for that detail, Mark. And then if I could follow up with a question on the near-term delays in some of your orders, obviously, you mentioned no cancellations. I guess if you could maybe just detail kind of the moving parts in those delays. Is that a factor of you guys trying to proactively move productions to areas where you could lower your costs and not have to raise costs for your customers and maybe that's causing the delays? Or is it just customers waiting to see kind of what happens? Any detail on the extent of or why are those delays are happening if you have some thoughts on that.

非常好，謝謝你提供的詳細信息，馬克。然後，如果我可以繼續提問有關部分訂單近期延遲的問題，顯然，您提到沒有取消訂單。我想您能否詳細說明一下造成這些延誤的具體原因。這是因為你們試圖主動將生產轉移到可以降低成本的地區，而不必增加客戶的成本，而這也許是造成延誤的原因？或者只是客戶在等待看看會發生什麼？如果您對此有任何想法，請詳細說明延遲的程度或原因。

And then yeah, go ahead. I'm sorry. I was just going to finish by asking on the gross margin side of it, if it's a cost-related thing, does this extend into the second half? Thank you.

那麼，是的，繼續吧。對不起。最後我想問毛利率方面的問題，如果這是與成本相關的事情，那麼這種情況會延續到下半年嗎？謝謝。

Yeah. Sure. So let me first start with the delays. So the delays are simply a matter of moving our manufacturing around. So we're working very closely with the customers. The customers need the product, want the product. We're working closely with them on timing, and we're in the process of shifting our manufacturing across our footprint.

是的。當然。那麼讓我先從延遲開始說起。因此，延遲只是由於轉移製造環節造成的。因此，我們與客戶保持著密切的合作。顧客需要產品，想要產品。我們正在與他們密切合作以確定時間安排，我們正在將製造業務轉移到我們的整個生產基地。

And that's one of the things I talked about last quarter when asked. We do have this fungibility across our footprint. We have the capability both inside of the US as well as outside of the US. So being able to move some of those manufacturing to address areas that have the tariff issue. And that's the timing piece and we expect to ship most of that actually in Q3.

這是我上個季度被問到時談到的事情之一。我們的足跡確實具有這種可替代性。我們在美國境內和境外都具備這種能力。因此能夠將部分製造業轉移到有關稅問題的地區。這就是時間安排，我們預計大部分產品將在第三季出貨。

Okay, thanks. And then just on the margin side, Tim, would this spill into Q3?

好的，謝謝。那麼，就利潤方面而言，蒂姆，這會影響到第三季嗎？

Maybe a little bit. I mean, we're working on the reconfiguring of the supply chain, right, we're doing that as quickly as we can, the reconfiguring of the manufacturing. We said we expect to be delivering this product as we get into Q3 and then pricing. So substantially, can't say all of it will be done by Q3, but we expect to be significantly reducing the impact into Q3 and then probably eliminated by the time you get to Q4, that would be the target on it.

或許有一點。我的意思是，我們正在努力重新配置供應鏈，對的，我們正在盡快重新配置製造業。我們表示，我們預計將在進入第三季時交付該產品，然後進行定價。因此，實際上，不能說所有這些都將在第三季度完成，但我們預計將在第三季度顯著減少影響，然後可能在第四季度消除影響，這就是目標。

Just to add a little bit of color on sort of the delays, by the way, one of the customers actually, we've received additional orders from them in April. So this is not the customer, this is us working with the customers to ensure that they don't get impacted on the cost side for this product.

順便說一下，只是為了稍微解釋一下延遲的情況，實際上我們在四月收到了其中一位客戶的額外訂單。所以這不是客戶，而是我們與客戶合作，以確保他們不會受到該產品成本的影響。

Right, okay, that's great. Thank you, guys.

好的，好的，太好了。謝謝你們。

Jim Ricchiuti, Needham & Company.

吉姆‧里奇烏蒂 (Jim Ricchiuti)，李約瑟公司。

Hi, thanks. Good morning. Yeah, hopefully you can hear me okay?

你好，謝謝。早安.是的，希望你聽得到我說話，好嗎？

We missed the beginning. Yeah.

我們錯過了開始。是的。

Okay, thank you. I just wanted to ask you about the partnership with AkzoNobel that you announced. What kind of contribution are you expecting from that? And maybe give us a sense as to how impactful that could be over the next year or so. And then are you exploring a similar application partnership in the US?

好的，謝謝。我只是想問一下您宣布的與阿克蘇諾貝爾的合作關係。您期望它帶來什麼樣的貢獻？也許可以讓我們了解一下在未來一年左右的時間裡這可能會產生多大的影響。那麼，您是否正在美國探索類似的應用程式合作夥伴關係？

Yeah, thanks a lot. Good to hear from you, Jim. So we're excited with the partnership. This is an area where we're using our direct dial capability to cure these powder coatings and it happens -- when you do that, you're able to do it much faster and much more efficiently. So you know this is replacing large convection ovens, large lines, large convection lines.

是的，非常感謝。很高興收到你的來信，吉姆。因此我們對此次合作感到非常興奮。在這個領域，我們使用直接撥號功能來固化這些粉末塗料，當你這樣做時，你能夠更快、更有效地完成它。所以你知道這正在取代大型對流烤箱、大型生產線、大型對流生產線。

We're excited with the partnership. This is small starting but has good potential over the years to replace the way the powder coatings are put on today. And yes, that -- we are working with other players also around the world in that area, but it's -- we see it as a very interesting area for the future.

我們對此次合作感到非常興奮。這是一個很小的開始，但多年來具有很好的潛力來取代當今的粉末塗料塗裝方式。是的，我們也在與世界各地的其他參與者在該領域合作，但我們認為這是一個非常有趣的未來領域。

Got it. Maybe just sticking with the theme on the emerging side, two quick questions. First, on medical, you sound on the margin more optimistic about that, not only with the second customer. I don't know to what extent that'll be contributing meaningfully to the revenue in the back half, but the new urology system, is that expected to be a contributor in the back half or is that more 2026?

知道了。也許只是堅持新興面向的主題，兩個簡單的問題。首先，在醫療方面，您對此似乎更加樂觀，而不僅僅是第二位客戶。我不知道這將在多大程度上對下半年的收入做出有意義的貢獻，但新的泌尿系統預計會在下半年做出貢獻，還是要到 2026 年？

Yeah, so thanks. Yeah, we're very excited with bringing on this with this new customer. It's a large customer in the urology space. And over the next few years, we expect that to be a key piece of our strategy going forward. If you remember that urology is a multi-billion dollar market that we're making key investments in, and this is just one piece of the roadmap we talked about a new product coming out later this year. That's one piece we'll see some contribution on that later this year, but then larger contribution in 2026.

是的，謝謝。是的，我們非常高興能為這位新客戶提供這項服務。它是泌尿科領域的大客戶。在接下來的幾年裡，我們預計這將成為我們未來策略的關鍵部分。如果你還記得的話，泌尿科是一個價值數十億美元的市場，我們正在對其進行重點投資，而這只是我們討論的今年稍後推出的新產品的路線圖的一部分。我們將在今年稍後看到一些貢獻，但在 2026 年將看到更大的貢獻。

And that's just a piece of the roadmap for growth in urology going forward. And we've talked about the customer that we have named in the past, Olympus, and this is another key customer that we see growing with us over the next years.

這只是泌尿科未來發展路線圖的一部分。我們曾經討論過我們之前提到的客戶奧林巴斯，這是我們未來幾年將與我們共同成長的另一個重要客戶。

Got it. And just a quick one on the micro machining. It's -- again, it looks like you're seeing some nice momentum. What application was -- is driving that? I think you highlighted a newer application.

知道了。這裡簡單介紹一下微加工。再次，看起來你看到了一些好的勢頭。什麼應用程式在推動這一點？我認為您強調了一個較新的應用程式。

Yeah, so there are a number of applications in that area. We have not named the particular application that I was referring to, and we won't. But what I will tell you is that our micromachining initiative addresses a wide range of applications, some of them in microelectronics and other areas. And we see a strong roadmap for growth there and what we -- what I did say is we brought out a first new product in that area, and that's what's giving us the take up already, doubling the micromachining revenue from a year ago. And it's just the first of a product roadmap for growth in that area.

是的，該領域有許多應用。我們還沒有透露我所指的具體應用程式的名稱，而且我們也不會透露。但我要告訴你們的是，我們的微加工計劃涉及廣泛的應用，其中一些涉及微電子和其他領域。我們看到了那裡強勁的成長路線圖，而且我們——我確實說過，我們在該領域推出了第一款新產品，這已經讓我們獲得了認可，微加工收入比一年前翻了一番。這只是該領域成長產品路線圖的第一步。

Got it. Thanks very much.

知道了。非常感謝。

Michael Feniger, Bank of America.

美國銀行的麥可費尼格。

Hey guys, thanks for taking my question just so I understand the tariff impact. There's the impact of a delay in shipments to the top line that you guys helped quantify. I understand it's delay, not a cancellation, and then there's a gross margin impact from cost.

嘿，大家好，感謝你們回答我的問題，這樣我就可以了解關稅的影響。你們幫助量化了出貨延遲對頂線的影響。我理解這是延遲，而不是取消，而且成本會對毛利率產生影響。

Is there any we should know about in terms of your COGS exposure, in terms of the footprint? What tariffs are the impact? I know that we feel like every few weeks there's a new headline on tariffs. I'm just wondering, is the assumption based on that April 4 Liberation Day with those rates? Is it -- are we expecting those to be lower? Just any context of that would be helpful.

就您的 COGS 風險和足跡而言，我們是否應該了解一些資訊？關稅有何影響？我知道我們感覺每隔幾週就會出現有關關稅的新頭條新聞。我只是想知道，這些假設是否是基於 4 月 4 日解放日的利率？我們是否預期這些數字會更低？任何有關此內容的背景都會有所幫助。

No, at the moment, the impact that we've articulated for this quarter, Mike, relates to the current rates of tariffs that are in effect. So if Liberation Day is enacted in full, I think we're going to be dealing with a more uncertain position thereafter.

不，麥克，目前，我們所闡明的本季度的影響與現行的關稅稅率有關。因此，如果解放日全面實施，我認為我們此後將面臨更不確定的情況。

A lot of the stuff on the cost side is some product because you've got a very, very high tariff rate on metal parts and components coming into the US from China. The biggest impact in the near term relates to that. The 10% rates on other countries is less of an impact. And that's the part of the supply chain that we're really working on.

成本方面的很多東西都是產品，因為從中國進口到美國的金屬零件的關稅稅率非常高。短期內最大的影響與此有關。對其他國家的 10% 的稅率影響較小。這就是我們真正致力於的供應鏈的一部分。

I know our teams have already got up and running, qualifying other suppliers that would be -- would not be susceptible or subject to that very, very high tariff rate. So most of the impact on the gross margin is near term on the expense side related to tariff. That will come down as we use supplies in different parts of the world and even supplies much more locally, for example, in the US. That's about it.

我知道我們的團隊已經開始行動，對其他不會受到或受到非常高關稅稅率影響的供應商進行資格審查。因此，對毛利率的影響大部分是在與關稅相關的費用方面的短期影響。由於我們在世界各地使用物資，甚至更多地使用本地物資（例如美國），因此這一數字將會下降。就是這樣。

Helpful. And just to follow up, I remember it was last quarter we there was kind of some commentary around competition in certain areas from low-cost suppliers. Is that still out there and I just -- I'm curious, Tim, when you think of mitigation efforts, you kind of listed -- it seems like you guys are doing a lot of things working with suppliers, moving some manufacturing around to mitigate this by Q4. You also mentioned price.

很有幫助。順便說一下，我記得上個季度我們對低成本供應商在某些領域的競爭發表了一些評論。那還存在嗎？我只是——我很好奇，蒂姆，當你想到緩解措施時，你列出了——似乎你們正在與供應商合作做很多事情，轉移一些製造業以在第四季度緩解這種情況。您還提到了價格。

I'm just curious on the competitive dynamic out there, how you feel like those price increases would stick? Is it very competitive? Are you seeing the other competitors have to raise pricing as well? Just kind of any commentary on the pricing relative to what we heard last quarter. Thanks, guys.

我只是對外面的競爭動態感到好奇，您覺得這些價格上漲會持續多久？競爭激烈嗎？您是否發現其他競爭對手也必須提高價格？只是對我們上個季度聽到的定價發表一些評論。謝謝大家。

Yeah, so I'm happy to take that. As I mentioned last quarter, the real issue in price competition has been in China and it's been the cutting market in China. That's less than 5% of our business.

是的，我很樂意接受。正如我上個季度提到的，價格競爭的真正問題在於中國，而且是中國的切割市場。這還不到我們業務的5%。

The key -- the other key areas, we have strong differentiation across the world, across the applications when we talk about areas like micromachining, the areas like battery welding, the additive manufacturing. These are areas where we have very strong, competitive positions, and we believe there -- if we need to make strategic price adjustments, we would be in a position to be able to do that if needed.

關鍵－在其他關鍵領域，當我們談論微加工、電池焊接、積層製造等領域時，我們在全球範圍內、在應用領域有著強烈的差異化。在這些領域，我們擁有非常強大的競爭地位，我們相信，如果我們需要進行策略性價格調整，我們將能夠做到。

But again, the first thing that we're going to be able to do is to address the tariffs because of the fact that we have -- we're manufacturing most of what we're manufacturing for all of what we -- what gets delivered in North America is manufactured in the US and the other pieces are manufactured outside of the US. So our tariff exposure is also something that we can manage with moving manufacturing around as we've talked about.

但是，我們首先要做的就是解決關稅問題，因為我們製造的大部分產品都是在美國製造的，運往北美的產品都是在美國製造的，而其他產品都是在美國以外製造的。因此，正如我們所討論的，我們也可以透過轉移製造業來管理關稅風險。

So that's the primary thing that we'll do. And then, again if we have to, we believe we would have a position to adjust in other areas as needed.

這是我們要做的首要事情。然後，如果必須的話，我們相信我們可以根據需要在其他領域進行調整。

And don't forget, Mike, that any of the low-cost suppliers trying to bring product into the US are subject to a 145% tariff on their product, right? So their costs are doubling on their inbound, but that positions us pretty well given that we make everything for the US here and have our diode and other manufacturing locally.

麥克，別忘了，任何試圖將產品帶入美國的低成本供應商的產品都要繳納 145% 的關稅，對嗎？因此，他們的進口成本翻了一番，但考慮到我們在美國生產所有產品，並且二極管和其他產品都在當地製造，所以我們處於非常有利的地位。

That's right. And just to add to that for a second, also, if any of that actually drives some of the onshoring, that's likely to be in automated lines because labor costs in the US, and we have a very good position in automated manufacturing. Our lasers are used widely in those applications.

這是正確的。另外補充一點，如果其中任何一個因素確實推動了部分製造業的回流，那很可能是自動化生產線，因為美國的勞動力成本較低，而且我們在自動化製造方面處於非常有利的地位。我們的雷射在這些應用中已被廣泛應用。

Helpful. Thank you, everyone.

很有幫助。謝謝大家。

Scott Graham, Seaport Research Partners.

格雷厄姆（Scott Graham），海港研究合作夥伴。

Hey, good morning. Thanks for taking the questions. Can you -- you touched on a little bit, but I was hoping you could maybe put a finer point on the whole optimizing manufacturing thing as one of your mitigating strategies and qualifying suppliers, what have you. So is this essentially going to be changing how -- where you import these parts from away from China? Is that the big part of that?

嘿，早安。感謝您回答這些問題。您能否 - 您稍微談了一下，但我希望您能更詳細地說明將整個優化製造過程作為您的緩解策略和合格供應商之一，您有什麼建議。那麼這是否會從本質上改變從中國以外地區進口這些零件的方式？這是其中最重要的部分嗎？

So first of all, we don't do -- we're not manufacturing in China. We have very low amount of materials that come from China. So what we were talking about in moving things around, first and foremost, is the manufacturing footprint. So we actually, Scott, have the ability to manufacture -- to move manufacturing across and optimize it in regions.

首先，我們不在中國製造。我們來自中國的材料數量非常少。因此，我們在談論移動物品時，首先要討論的是製造足跡。因此，斯科特，我們實際上有能力進行製造——在各個地區轉移製造並進行最佳化。

So we've already started that process. We already have people that have -- that are transferring production in some of the areas to optimize position and tariffs. And then we're also able to optimize the supply chain and we've already moved some of that around so that we can not have tariffs incoming. And even in some places, we have some vertical capability that we've already started it up. So this is already in process and as we talked about, the shifts that we're talking about with, we would be shipping most of that already in Q3, that we would move from Q2.

我們已經開始了這個過程。我們已經有人員正在轉移某些地區的生產，以優化位置和關稅。然後，我們還能夠優化供應鏈，並且我們已經轉移了部分供應鏈，這樣我們就不會受到關稅的影響。甚至在某些地方，我們已經啟動了一些垂直能力。所以這已經在進行中了，正如我們所說的，我們正在談論的轉變，我們將在第三季度運送大部分貨物，這些貨物將從第二季度開始運送。

Okay. I think I said that I might want to come back to you on that later. Nevertheless, so the 150 to 200 basis points, that's a grossed-up number for the second quarter and it will decline from there. Is that what you're thinking?

好的。我想我說過我可能想稍後再回覆你這個問題。儘管如此，150 到 200 個基點是第二季的總計數字，此後將會下降。你是這麼想的嗎？

Correct. Yes. Just to, I mean, frame it in an example, so let's say you've got $3 million of product that you were sourcing from China, right, for whatever part of our component base that is. At the moment, you're paying at 145%. You're paying $4 million of tariff on that. If we move that source and we've got other suppliers, say, in Malaysia, or even if we insource some of that to our own machine shops in the US, you immediately and very quickly either reduce that tariff to 10%, which would be $300,000 versus the $4 million. Or if we actually are utilizing our own capacity internally, in the US, you'd eliminate the tariff, probably having a slightly higher cost on a fully loaded basis, but on a direct basis, probably not much of an impact even doing it internally in the US. That's how you have to think about it, Scott.

正確的。是的。只是為了，我的意思是，舉個例子，假設你有價值 300 萬美元的產品是從中國採購的，無論它是我們零件庫的哪個部分。目前，您支付的利率為 145%。你要為此支付400萬美元的關稅。如果我們轉移來源，而我們有其他供應商，例如馬來西亞，或者即使我們將部分產品外包給我們自己在美國的機械車間，我們也可以立即非常迅速地將關稅降低到 10%，也就是 30 萬美元而不是 400 萬美元。或者如果我們實際上在美國內部利用自己的產能，那麼就可以取消關稅，這樣在滿載情況下成本可能會略高一些，但從直接角度來看，即使在美國內部這樣做，也可能不會產生太大的影響。你必須這樣想，史考特。

I appreciate you saying that because --

我很感激你這麼說，因為--

Just on reconfiguring the manufacturing about 80% of what we make, for example, for China is already made outside of the US. There are some very specific products that we still make in the US and those are the ones that Mark is talking about will be moved outside of the US. So now they will not have an inbound tariff into China, and they'll have a normalized cost to the end customer.

僅就製造業的重新配置而言，我們為中國生產的約 80% 的產品已經在美國以外生產。我們仍在美國生產一些非常特殊的產品，馬克所說的那些產品將會轉移到美國境外。因此，現在他們將不再需要向中國徵收進口關稅，並且最終客戶的成本也將標準化。

So -- but relatively speaking, it's a small amount of the volume that we have. There's a couple of product lines that we were making in the US related to China's supply.

所以 — — 但相對而言，這只是我們擁有的量的一小部分。我們在美國生產的幾條產品線與中國供應有關。

I was saying -- I appreciate you're saying that. I think a lot of companies gloss over the fact that if they're moving production around, they might be saving on tariffs, but the cost in that country is a little bit higher. So thanks for saying that.

我說的是──我很感激你這麼說。我認為很多公司都忽略了一個事實：如果他們轉移生產，他們可能會節省關稅，但該國的成本會稍微高一些。謝謝你這麼說。

I think one of the things I just want to understand a little bit more is about you seeing them -- had a little bit more optimism around bookings with the book to bill. And I was hoping you could kind of give us maybe a little bit more on -- you serve a lot of general manufacturing markets where lasers are in place instead of machine tools and other forms of grinding and otherwise.

我想進一步了解的一件事是，當您看到它們時，對預訂出貨量抱有更樂觀的態度。我希望您能給我們更多相關資訊——您服務於許多一般製造市場，這些市場使用雷射器代替機床和其他形式的研磨等。

I'm just hoping you can give us those customers perspectives because a lot has gone on a lot of -- the CEOs are -- they're fairly cautious out there. Are you seeing that caution in your markets where it's just sort of general manufacturing laser trade-up markets?

我只是希望您能為我們提供這些客戶的觀點，因為已經發生了很多事情——執行長們——他們都非常謹慎。在您的市場中，您是否看到了這種謹慎情緒，它只是一種一般製造雷射升級市場？

Yeah, I can take that, Scott. So yes, as we've talked about the last couple of years, the overall industrial markets and the macro have been tough. They have been slow, and that's affected a lot of the general manufacturing. So areas like cutting and general welding and such have been affected.

是的，我可以接受，史考特。是的，正如我們在過去幾年中談到的那樣，整體工業市場和宏觀經濟都很艱難。他們進展緩慢，這對許多整體製造業產生了影響。因此切割和一般焊接等領域都受到了影響。

The book to bill and the things that we're seeing are a couple of things. First of all, we're seeing some stabilization in that. You can see that over the last two-plus quarters where our revenue is now -- has now been stable. And then the other piece that you can see as we look at these new bookings, these are in new areas that we're getting growth. These are the key areas that we're driving investment for growth. In fact, they're strategic areas.

訂單到賬單以及我們所看到的事情是幾件事。首先，我們看到了某種程度的穩定。您可以看到，在過去兩個多季度裡，我們的收入一直保持穩定。當我們查看這些新預訂時，您可以看到，這些是我們正在實現成長的新領域。這些是我們推動投資以促進成長的關鍵領域。事實上，它們是戰略區域。

So medical, we talked about picking up a new customer in medical. We talked about micromachining and the new product launched there and the fact that we're growing in micromachining at some of the advanced markets where we've seen the bookings growth.

在醫療領域，我們討論了在醫療領域尋找新客戶的問題。我們討論了微加工和在那裡推出的新產品，以及我們在一些先進市場的微加工業務正在成長的事實，我們已經看到訂單量的成長。

So I would say that overall, we're starting -- we're seeing maybe some stabilization. Of course, there's uncertainty in the industrial market still, but we're seeing some stabilization there and then pick up in some of these other areas that are exciting us.

所以我想說，總的來說，我們開始——我們可能看到了一些穩定。當然，工業市場仍然存在不確定性，但我們看到那裡出現了一些穩定跡象，並且在一些令我們興奮的其他領域也出現了回升。

Keith Hasam, North Coast Research.

哈薩姆（Keith Hasam），北海岸研究公司。

Thank you. Good morning, guys. Hey, guys, I was hoping you might be able to provide a little bit more detail on the book the bill. I understand you're saying solidly above 1. I guess, first off, is it -- perhaps able to give us a little bit more context there. And then is -- with the emerging growth lasers that you're experiencing there, is there a longer, I guess, cycle there, so not necessarily a quick turn as the traditional business might be?

謝謝。大家早安。嘿，夥計們，我希望你們能夠提供更多關於這本書的細節。我明白您說的是穩定在 1 以上。我想，首先，它或許可以提供我們更多的背景資訊。那麼，隨著您所經歷的新興成長雷射的出現，我猜，那裡是否會有一個更長的周期，所以不一定像傳統業務那樣快速轉變？

Sure, let me try to give a little bit more color. Again, the book to bill, we're seeing strength in a number of areas, and again, I can talk about some of the regions. So first of all, we saw strength in Asia in the bookings, and I talked about some of the key areas there, talked about how in Japan, we're seeing the normalization of inventories, one of our key cutting OEMs and bookings turning on there. Talked about in China that we're seeing actually some return in the EV markets and it's, I would say, batteries in general where we're getting -- we're gaining market share and we're also seeing some change in the -- and the factory capacities are starting to hit capacity in some of the factories in China as well.

當然，讓我嘗試提供更多一些色彩。再次，從訂單到帳單，我們看到了許多領域的實力，而且我可以再次談論一些地區。首先，我們看到亞洲的訂單量強勁，我談到了那裡的一些關鍵地區，談到了日本，我們看到庫存正常化，這是我們的主要削減 OEM 和訂單量的地方之一。談到中國，我們實際上看到了電動車市場的一些回報，我想說，總的來說，我們正在獲得電池——我們正在獲得市場份額，我們也看到了一些變化——工廠產能也開始達到中國一些工廠的產能。

And so we're seeing bookings increase in EV again. That's because of the core technology that we provide with our AMB lasers, our laser depth dynamics that does the in-situ monitoring plus scanning. So we're actually providing subsystems that have key differentiation. We're seeing booking growth there. We're seeing an additive manufacturing micromachining. And, again, as part of the growth in Asia, we saw strong growth in bookings. In North America, part of that is the strength that we're seeing in medical. And we saw the Europe has been weak. It's -- we saw some stabilization, I would say there, in bookings.

因此，我們看到電動車的預訂量再次增加。這是因為我們為 AMB 雷射器提供了核心技術，即進行現場監測和掃描的雷射深度動力學。因此，我們實際上提供了具有關鍵差異化的子系統。我們看到那裡的預訂量正在增加。我們看到了一種積層製造微加工技術。而且，作為亞洲成長的一部分，我們再次看到預訂量的強勁成長。在北美，我們看到醫療領域實力的增強。我們看到歐洲一直很虛弱。我想說的是，我們看到預訂量有所穩定。

I think you would ask something specifically about emerging products. I think I covered some of that there, again. And if you look at it from the emerging products piece, again, that was up 51% there. And that's talking about areas in our AMB lasers, micromachining is in that bucket. Also, we saw some growth quarter to quarter in handheld welding. So another area that's exciting for us with our LightWELD.

我認為您會問一些有關新興產品的具體問題。我想我再次談到了其中的一些內容。如果你從新興產品部分來看，你會發現它又上漲了 51%。這就是我們 AMB 雷射中的領域，微加工就屬於其中之一。此外，我們也看到手持焊接的季度環比有所增長。因此，LightWELD 的另一個讓我們興奮的領域是。

You've got a question on the turns? So a lot of the product actually is still quite short term. So the micromachining product, we've been pushed to deliver it as quickly as possible. A lot of the uptick on the EV side was being pushed to deliver as quickly as possible.

您對轉彎有疑問嗎？因此，許多產品實際上仍然是短期的。因此，我們必須盡快交付微機械產品。電動車方面的許多增長都被要求盡快實現。

I'd say the one area where the turn on the backlog is -- extends out is on the medical business. So the positive on that is that we've got good visibility into it, given the order flow not only in Q1 but in April. But that does cover a lot of orders through the end of the year for the medical side.

我想說，積壓工作出現轉機的一個領域是醫療業務。因此，積極的一面是，我們對此有很好的了解，因為不僅第一季度，而且四月份的訂單流也是如此。但這確實涵蓋了今年年底醫療方面的大量訂單。

But the rest of it, it's not as though we received a ton of orders in Q1 in April that are going to be for delivery throughout the year, right? It is -- medical is probably the biggest one that had a slower turn on and out of the order flow we've received.

但其餘部分，我們並沒有在 4 月第一季收到大量需要全年交付的訂單，對嗎？是的——醫療可能是我們收到的訂單流中開啟和退出速度較慢的最大行業。

Yeah, hey guys, but I guess I'm trying to understand is you say solidly above 1. Are we talking like 1.05 or we talking 1.3? Just trying to understand a little bit and how that plays into the guide. Because the guide is essentially through that $15 million, you're still roughly around the midpoint of where you are this quarter. So I was trying to understand how it turns out to the guide from the book-to-bill ratio.

是的，嘿夥計們，但我想我試圖理解的是，你所說的話穩定在 1 以上。我們說的是 1.05 還是 1.3？只是想稍微了解一下以及它在指南中發揮什麼作用。因為指南基本上是透過 1500 萬美元來實現的，所以您仍然大致處於本季度的中間點。因此，我試圖了解訂單出貨比對指南的影響。

Yeah, I know, it was solidly above 1. I mean, if you take the $15 million that we reduced third-party our guidance by, right, you get then an adjusted midpoint. And relative to that, you'll come up with -- the overall bookings were a bit stronger even than the adjusted midpoint because of the turns, particularly on the medical side of it.

是的，我知道，它確實高於 1。我的意思是，如果你拿出我們降低第三方指導價的 1500 萬美元，那麼你就會得到一個調整後的中點。相對於此，你會發現——由於轉變，特別是醫療方面的變化，整體預訂量甚至比調整後的中點還要強勁一些。

Okay, thank you.

好的，謝謝。

(Operator Instructions) Mark Miller, The Benchmark Company.

（操作員指示）Mark Miller，The Benchmark Company。

You indicated you were getting share in EVs. Is that in China or is that globally?

您表示自己正在獲得電動車的份額。這是在中國還是在全球？

Yeah, thanks. So I was specifically talking about China in that piece there again. We have a really unique position when you combine our Adjustable Mode Beam laser together with the Laser Depth Dynamics. That's the OCT system that is measuring the depth of the weld in situ together with scanning. So we can provide a very differentiated subsystem. And that's been an area that's gaining a share. It's not just in EV, but also stationary storage is a key area that's been growing now and is contributing there. And of course, we have gained share across the world in different pieces, but the place that I was talking about was in China.

是的，謝謝。所以我在那篇文章中再次特別談到了中國。當您將我們的可調模式光束雷射與雷射深度動力學結合在一起時，我們就擁有了真正獨特的地位。這就是OCT系統，它可以在掃描的同時測量焊接的深度。因此我們可以提供一個非常差異化的子系統。這是一個市場份額正在不斷增長的領域。不僅在電動車領域，固定儲存也是一個關鍵領域，目前正在不斷發展並做出貢獻。當然，我們在世界各地的不同領域都獲得了份額，但我談論的地方是中國。

What about North America? Ford pulled its yearly guidance, so you're starting to see some uncertainty there?

那麼北美呢？福特取消了年度業績預期，所以您開始看到一些不確定性嗎？

So there's been uncertainty in EV now for some time, specifically in EV as it's economic plus political hotbed, right? So that's moving around and hard -- quite hard to predict, I would say.

所以，電動車領域現在已經存在不確定性，特別是作為經濟和政治溫床的電動車領域，對嗎？所以，我想說，這是不斷變化的，而且很難預測。

Okay. Thank you and again congrats on your bookings.

好的。謝謝您，並再次恭喜您的預訂。

Thanks, Mark.

謝謝，馬克。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Eugene Federoff for closing comments.

問答環節已結束。現在我想將電話轉回給 Eugene Federoff 做最後發言。

Thank you for joining us this morning and your continuing interest in IPG. We will be participating in several industrial events this quarter and looking forward to speaking with you again soon. Have a great day, everyone.

感謝您今天上午加入我們並持續關注 IPG。本季我們將參加幾場行業活動，期待很快再次與您交談。祝大家有個愉快的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路，感謝您的參與。