IRadimed Corp (IRMD) 2023 Q4 法說會逐字稿

Welcome to the IRADIMED CORPORATION fourth quarter of 2023 financial results conference call. (Operator Instructions) As a reminder, this call is being recorded today, February 8, 2024, and contains time-sensitive information that is accurate only today.

歡迎參加 IRADIMED CORPORATION 2023 年第四季財務業績電話會議。（操作員說明）謹此提醒，此通話於今天（2024 年 2 月 8 日）進行錄音，其中包含時效性信息，僅在今天準確。

Earlier, IRADIMED released its financial results for the fourth quarter of 2024. A copy of this press release announcing the company's earnings is available under the heading News on their website at iradimed.com. A press release copy was also furnished to the Securities and Exchange Commission on Form 8-K and can be found at SEC.gov. This call is being broadcast live over the Internet on the company's website at iradimed.com and a replay of the call will be available on the website for the next 90 days.

此前，IRADIMED公佈了2024年第四季財務業績。公佈該公司收益的本新聞稿的副本可在其網站 iradimed.com 的「新聞」標題下找到。也向美國證券交易委員會提供了 8-K 表中的新聞稿副本，可在 SEC.gov 上找到。該電話會議將在該公司網站 iradimed.com 上透過網路進行現場直播，並且在未來 90 天內將在該網站上提供該電話會議的重播。

Some of the information in today's session will constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements focused on future performance, results, plans, and events and may include the company's expected future results. IRADIMED reminds you that future results may differ materially from these forward-looking statements due to several risk factors.

今天會議上的一些資訊將構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。前瞻性陳述著重於未來績效、結果、計畫和事件，可能包括公司預期的未來結果。IRADIMED 提醒您，由於多種風險因素，未來結果可能與這些前瞻性聲明有重大差異。

For a description of the relevant risks and uncertainties that may affect the company's business, please see the Risk Factors section of the company's most recent reports filed with the Securities and Exchange Commission, which may be obtained free from SEC's website at SEC.gov. I would now like to turn the call over to Roger Susi, President and Chief Executive Officer of IRADIMED CORPORATION. Mr. Susi.

有關可能影響公司業務的相關風險和不確定性的說明，請參閱本公司向美國證券交易委員會提交的最新報告的「風險因素」部分，該部分可從 SEC 網站 SEC.gov 免費取得。我現在想將電話轉給 IRADIMED CORPORATION 總裁兼執行長 Roger Susi。蘇西先生。

Thank you, operator. Good morning, and thank you for joining us on today's call. I'm very happy to report our tenth consecutive record court. We believe Q4 2023 further demonstrates the strength of IRADIMED's product offerings and our ability to execute.

謝謝你，接線生。早安，感謝您參加今天的電話會議。我很高興地報告我們連續第十次打破記錄。我們相信 2023 年第四季進一步證明了 IRADIMED 產品供應的實力和我們的執行能力。

As this morning's press release is announced, fourth-quarter 2023 revenue came in at $17.5 million, representing a 17.4% increase over the fourth quarter of 2022. GAAP diluted earnings per share for the fourth quarter were $0.36, while non-GAAP diluted earnings were $0.39 per share, a 22% increase over Q4, '22.

正如今天上午發布的新聞稿所示，2023 年第四季營收為 1,750 萬美元，比 2022 年第四季成長 17.4%。第四季 GAAP 攤薄後每股收益為 0.36 美元，而非 GAAP 攤薄後每股收益為 0.39 美元，比 22 年第四季增長 22%。

Our entire team's commitment, focus, and can-do attitude pulls together to provide the winning performances we have achieved. The MRI patient vital signs monitor continues to gain acceptance and new customers and once again, with some sizable orders this past quarter. We have an expanded selling plan for the coming quarters to keep pushing the monitor business forward as we continue to gain a significant share of the market.

我們整個團隊的承諾、專注和進取的態度共同為我們帶來了勝利的表現。MRI 患者生命徵象監測儀繼續獲得認可和新客戶，並在上個季度再次獲得了一些較大的訂單。我們在未來幾季制定了擴大銷售計劃，以繼續推動顯示器業務向前發展，同時繼續獲得重要的市場份額。

Sales of our MRI IV pump came in very strong. And with our new program for field replacements of older pumps targeted to start after New Year, we received and pleasantly were surprised by having brought in orders per the plan in Q4 ahead of plan. Thusly, we are bullish regarding growth of this older product through 2024. With performance and the direction of the business, we once again feel comfortable providing our guidance for the year, which you shall learn in a moment.

我們的 MRI IV 幫浦的銷售非常強勁。我們計劃在新年後開始現場更換舊泵的新計劃，令我們驚訝的是，我們在第四季度提前收到了按計劃帶來的訂單。因此，我們看好這款舊產品到 2024 年的成長。憑藉業績和業務方向，我們再次放心地提供今年的指導，您稍後就會了解。

As I had indicated earlier in 2023, we plan to reduce our lead times, which in turn means reducing the backlog. And although a strong backlog of bookings provides excellent visibility and it allows us to maneuver and reallocate resources as supply issues may arise, we are striving to reduce the backlog and deliver products with less customer lead time, which what we started in Q3.

正如我在 2023 年早些時候指出的那樣，我們計劃縮短交貨時間，這反過來又意味著減少積壓。儘管大量積壓的預訂提供了良好的可見性，並且使我們能夠在可能出現供應問題時操縱和重新分配資源，但我們正在努力減少積壓並以更少的客戶交貨時間交付產品，這是我們從第三季開始的。

However, we still have a bit more backlog and associated long customer delivery lead time than we preferred. So, we shall continue to shave the lead time by another 15 to 30 days in the coming quarters. This is being done through an acceleration of production and materials delivery.

然而，我們的積壓訂單和相關的客戶交貨時間仍然比我們希望的要多一些。因此，我們將在未來幾季繼續將交貨時間再縮短 15 至 30 天。這是透過加速生產和材料交付來實現的。

Once again, I'd like to provide progress regarding our FDA efforts surrounding the new 3850 MRI IV pump. Previously, I have spoken of massive testing that's been underway, which continues with some test finished, while still others are in progress, but we are reaching the end. Our external support consultants are now deeply involved, one for technical help and the other for statutory and relationship assistance. And these costs have been, in fact, impacting earnings, but I do not see them rising materially as we move forward. Still, we feel the outside help necessary to ensure 510(k) success and minimize FDA review time.

我想再次提供有關 FDA 圍繞新型 3850 MRI IV 泵所做工作的進展。之前，我已經談到正在進行的大規模測試，其中一些測試已經完成，而另一些測試正在進行中，但我們正在接近終點。我們的外部支援顧問現在深入參與，一名提供技術協助，另一名提供法定和關係協助。事實上，這些成本一直在影響收益，但我認為隨著我們的前進，它們不會大幅上升。儘管如此，我們仍然認為外部幫助對於確保 510(k) 成功並最大限度地縮短 FDA 審查時間是必要的。

We are planning the submission for May for refiling the 3870's 510(k). But should our external help suggest additional or different elements that cause additional time, we will consider such input carefully. We feel that such external inputs would help us produce a more concise 510(k) filing and so shorten the lead time the FDA needs for clearance. Expecting clearance in Q1 2025, we would plan to show revenue from the new device in the back half of 2025.

我們計劃在 5 月提交重新提交 3870 的 510(k) 的申請。但是，如果我們的外部幫助建議了額外的或不同的元素，從而導致額外的時間，我們將仔細考慮此類輸入。我們認為此類外部輸入將幫助我們產生更簡潔的 510(k) 備案，從而縮短 FDA 審批所需的準備時間。預計 2025 年第一季獲得批准，我們計劃在 2025 年下半年展示新設備的收入。

As for our guidance for the full year 2024, we expect to report revenues $72 million to $74 million, with GAAP diluted earnings per share of $1.37 to $1.47 and non-GAAP diluted earnings per share of $1.52 to $1.62. For the first quarter of 2024 financial guidance, we expect revenue of $17 million to $17.3 million, and GAAP diluted earnings per share of $0.29 to $0.31, and non-GAAP diluted earnings per share of $0.33 to $0.35.

至於我們對 2024 年全年的指導，我們預計收入為 7,200 萬至 7,400 萬美元，GAAP 稀釋後每股收益為 1.37 至 1.47 美元，非 GAAP 稀釋後每股收益為 1.52 至 1.62 美元。對於 2024 年第一季的財務指引，我們預計收入為 1700 萬美元至 1730 萬美元，GAAP 稀釋後每股收益為 0.29 美元至 0.31 美元，非 GAAP 稀釋後每股收益為 0.33 美元至 0.35 美元。

Now, I'd like to highlight some of the details of our device sales performance during the year. The FMD product is still a relatively small contribution to overall revenue, increased over three-fold in 2023 from 2022. The 3880 MR patient monitor device sales increased 17% and the 3860 IV pump sales rose close to 35% in 2023, helped by the replacement strategy I spoke of earlier

現在，我想重點介紹一下我們今年設備銷售業績的一些細節。FMD 產品對整體收入的貢獻仍然相對較小，但 2023 年將比 2022 年增加三倍多。由於我之前提到的更換策略，2023 年 3880 MR 患者監護儀銷量增長了 17%，3860 IV 泵銷量增長了近 35%

All in all, we are very proud to deliver such performance to our shareholders and look forward to 2024. Now, I'd like to turn the call over to Jack Glenn, our CFO, to review the financial results for the quarter and year. Jack?

總而言之，我們非常自豪能為股東提供這樣的業績，並期待 2024 年。現在，我想將電話轉給我們的財務長傑克·格倫 (Jack Glenn)，讓他審查本季和年度的財務表現。傑克？

Thank you, Roger, and good morning, everyone. As in the past, our results are reported on a GAAP basis and a non-GAAP basis. You can find a description of our non-GAAP operating measures in this morning's earnings release and a reconciliation of these non-GAAP measures to the GAAP measure on the last page of today's release.

謝謝你，羅傑，大家早安。與過去一樣，我們的表現是根據公認會計原則和非公認會計原則報告的。您可以在今天早上的收益發布中找到我們的非 GAAP 營運指標的描述，並在今天發布的最後一頁找到這些非 GAAP 指標與 GAAP 指標的調整表。

As we reported earlier this morning, revenue in the fourth quarter of 2023 was $17.5 million, an increase of 17% compared to the fourth quarter of 2022. Domestic sales increased 12% to $13.6 million, and international sales increased 45% to $3.8 million. Overall, domestic revenue accounted for 78% of total revenue for Q4 2023 as compared to 82% for Q4 2022.

正如我們今天早上早些時候報導的，2023 年第四季的營收為 1750 萬美元，比 2022 年第四季成長 17%。國內銷售額成長 12%，達到 1,360 萬美元，國際銷售額成長 45%，達到 380 萬美元。整體而言，國內收入佔 2023 年第四季總營收的 78%，而 2022 年第四季為 82%。

Device revenue increased 31% to $12.8 million. This was driven by a 60% increase in monitor revenue. Revenue from disposables and services decreased 8% to $4.1 million for the fourth quarter of 2023, while our maintenance contracts were down 13% at $518,000. The gross margin was 76.9% for the 2023 quarter compared to 75.5% for the 2022 quarter. The increase in gross margin is primarily due to the increased absorption of fixed overhead from the higher production volumes in the quarter.

設備收入成長 31%，達到 1,280 萬美元。這是由顯示器收入成長 60% 推動的。2023 年第四季度，一次性用品和服務收入下降 8%，至 410 萬美元，而我們的維護合約收入下降 13%，至 518,000 美元。2023 年季度的毛利率為 76.9%，而 2022 年季度的毛利率為 75.5%。毛利率的增加主要是由於本季產量增加所吸收的固定管理費用增加。

Operating expenses were $8.3 million or 47% of revenue compared to $7 million or 47% of revenue for the fourth quarter of 2022. On a dollar basis, this increase is primarily due to higher general and administrative expenses for additional headcount, higher regulatory expenses, legal and professional expenses, and increased benefit expenses. As a result, income from operations grew 21% to $5.2 million for the 2023 fourth quarter.

營運費用為 830 萬美元，佔營收的 47%，而 2022 年第四季營運費用為 700 萬美元，佔營收的 47%。以美元計算，這一增長主要是由於額外員工的一般和管理費用增加、監管費用、法律和專業費用以及福利費用增加。因此，2023 年第四季的營運收入成長了 21%，達到 520 萬美元。

We recognized the tax expense during the fourth quarter of 2023 of approximately $1.1 million, resulting in an effective tax rate of 20.1% for the quarter and an effective tax rate of 20.9% for 2023. This was relatively the same effective tax rate as the 20.7% in 2022.

我們確認 2023 年第四季的稅務費用約為 110 萬美元，導致該季度的有效稅率為 20.1%，2023 年的有效稅率為 20.9%。這與 2022 年 20.7% 的有效稅率相對相同。

On a GAAP basis, net income was $0.36 per diluted share compared to $0.29 for the 2022 quarter. On a non-GAAP basis, adjusted income was $0.39 per diluted share for the 2023 fourth quarter compared to $0.32 for the fourth quarter of 2022.

以 GAAP 計算，稀釋後每股淨利潤為 0.36 美元，而 2022 年季度為 0.29 美元。以非公認會計準則計算，2023 年第四季調整後每股攤薄收益為 0.39 美元，而 2022 年第四季為 0.32 美元。

Cash from operations was $3.9 million for the three months ended December 31, 2023, up from $3 million for the same period in 2022. And for the three months ended December 31, 2023 and 2022, our free cash flow, a non-GAAP measure, was $3.3 million and $2.6 million, respectively. And with that, I will turn the call over for questions. Operator?

截至 2023 年 12 月 31 日止三個月的營運現金為 390 萬美元，高於 2022 年同期的 300 萬美元。截至 2023 年 12 月 31 日和 2022 年 12 月 31 日的三個月，我們的自由現金流（非公認會計原則衡量標準）分別為 330 萬美元和 260 萬美元。接下來，我將轉交電話詢問問題。操作員？

(Operator Instructions) Frank Takkinen, Lake Street Capital Markets.

（操作員指示）Frank Takkinen，湖街資本市場。

Great. Thanks for taking the questions, and congrats on the quarter. I was hoping we could start with one on the 2024 guidance. Can you help us understand how you're thinking about the growth profile of pumps, monitors, and disposables to bridge us to the $72 million to $74 million guide?

偉大的。感謝您提出問題，並祝賀本季。我希望我們可以從 2024 年指南開始。您能否幫助我們了解您如何看待泵浦、監視器和一次性用品的成長概況，以便為我們提供 7,200 萬至 7,400 萬美元的指導？

Yeah, Jack, do you want to handle that or --

是的，傑克，你想解決這個問題還是--

Well, sure. I think that, Frank, from a pump perspective, we've seen and you saw in Q4 that we had a very strong orders coming in and bookings from the program that we've talked about on the end of life. So going forward, we probably are a little more optimistic on the pumps than maybe before from that perspective. The monitors continue to grow in that double-digit-type growth.

嗯，當然。弗蘭克，我認為，從泵的角度來看，我們已經看到，你在第四季度也看到，我們收到了非常強勁的訂單，並從我們在生命週期結束時討論過的計劃中獲得了預訂。因此，展望未來，從這個角度來看，我們對泵浦的看法可能比以前更加樂觀。顯示器繼續以兩位數的速度成長。

And the disposables, I would say, consistently, we'll be somewhere around that 25% to maybe as high as 30% of total revenues going forward and kind of grow in line with the capital, I would say. But on that, I would say the caveat being that disposables can kind of be a little bit lumpy from quarter to quarter based on our lead times are shorter, so we don't have the visibility. But overall, I think that's how we get to our growth number to the $72-ish million type number.

我想說的是，我想說的是，我們的可支配收入將持續占到未來總收入的 25% 到 30% 左右，並且會隨著資本的成長而成長。但就此而言，我想說的是，由於我們的交貨時間較短，因此我們沒有可見性，因此一次性用品每季可能會有點不穩定。但總的來說，我認為這就是我們達到 7,200 萬美元左右的成長數字的方式。

Got it. That's helpful. And then maybe an update on the monitor competitive landscape. Anything you can provide related to how penetrated you feel you are into that replacement opportunity of the previous players or current player on the market other than yourselves in replacing those monitors? How penetrated into that opportunity do you think you are at this point?

知道了。這很有幫助。然後也許是顯示器競爭格局的更新。您能提供什麼與您認為您對市場上以前的玩家或當前玩家的替換機會（除了您自己之外）在更換這些顯示器方面的了解程度相關的信息嗎？您認為目前您對這個機會的了解程度如何？

Well, maybe I'll take that one, Frank, a bit to talk to you. Well, there's sort of two aspects to that, right? There's the penetration into, let's say, the day-to-day business that happens, month by month, quarter by quarter.

好吧，弗蘭克，也許我會稍微和你談談。嗯，這有兩個方面，對吧？比如說，逐月、逐季滲透到日常業務中。

And at this point, we feel that we're probably between 35% and 40% of the market for the day-to-day sales. But that doesn't address how many of our bigger competitors' products are out in the field. They have probably 10,000-plus that are installed around the world in the field. And so, currently, between the players in this market, we feel that we're shipping collectively somewhere just under, let's call it, around 1,000 units a year.

目前，我們認為我們的日常銷售市場份額可能在 35% 到 40% 之間。但這並沒有解決我們更大的競爭對手有多少產品已投入市場的問題。他們大約有 10,000 多個安裝在世界各地的現場。因此，目前，在這個市場的參與者之間，我們認為我們每年的出貨量總體略低於（我們可以稱之為）大約 1,000 台。

And we have, as I said, 35%, 40% of those. But that still leaves you a long way to go to replace all these others close to 10,000 older ones that are everywhere on the planet. So that's why I say it's kind of a two-fold way to look at the existing sales day-to-day versus replacing the legacy products that have been sold in the marketplace these last 30 years.

正如我所說，我們擁有其中的 35%、40%。但這仍然讓你還有很長的路要走，以取代地球上遍布的所有其他近 10,000 個較舊的設備。這就是為什麼我說這是一種雙重方式來看待現有的日常銷售與替換過去 30 年市場上銷售的遺留產品。

Got it. That's helpful. And then maybe just for my last one, if you can provide a little more of an update around the IV pump replacement cycle now that you have discontinued the warranty coverage on the seven-plus year one? I know you've talked about there was an influx of, we'll call them, RFPs that came in, and clearly, that converted into some orders and some revenue recognition as well.

知道了。這很有幫助。然後也許只是我的最後一個，既然您已經停止了七年多的保固範圍，您是否可以提供有關 IV 泵更換週期的更多更新？我知道您說過，大量（我們稱之為 RFP）湧入，顯然，它們轉化為一些訂單和一些收入確認。

How should we be thinking about that? Is there anything you can quantify that's out there to help us understand how significant the replacement of the old pump could be with this warranty discontinuation for the older pumps?

我們該如何思考這個問題？您是否可以量化任何內容，以幫助我們了解舊幫浦保固終止後更換舊幫浦的重要性？

Well, as I said earlier in the call, that growth, that's why I took the time to break down by product by product, device by device, what our growth has been. That old pump sales rose 35% in 2023, largely at the end of it because as I -- maybe I fumbled the words a bit, but largely at the end of 2023 because we got results from this replacement announcement that we stimulated back in August or September is when we first decided to do it and made people aware of it.

嗯，正如我之前在電話會議中所說的那樣，這種增長，這就是為什麼我花時間按產品、按設備細分我們的增長情況。舊幫浦的銷量在 2023 年增長了 35%，主要是在年底，因為我——也許我用詞有點含糊，但主要是在 2023 年年底，因為我們從 8 月份刺激的更換公告中得到了結果或者九月是我們第一次決定這樣做並讓人們意識到這一點的時候。

So yeah, I think we've got a nice surprise that not only were we getting quite a few hundred RFQs, as you said, and we quoted, resulting in quotes to those customers, but some of those customers turned around and placed orders, which was more rapid than we thought they would, resulting in the pump business up pretty good in 2023. And so, we're pretty happy that that trend is going to carry on for the next several months yet and breathe quite a bit of life still on the old pump.

所以，是的，我認為我們得到了一個很大的驚喜，正如您所說，我們不僅收到了數百個詢價，而且我們進行了報價，從而為這些客戶提供了報價，而且其中一些客戶轉身下訂單，這比我們想像的要快，導致泵浦業務在 2023 年成長得相當不錯。因此，我們很高興這種趨勢將在接下來的幾個月中持續下去，並且舊泵仍然具有相當大的生命力。

That's helpful. I'll stop there. Thanks for taking my questions and congrats on all the progress.

這很有幫助。我就到此為止。感謝您提出我的問題並祝賀所有的進展。

Thanks, Frank. Good to talk to you.

謝謝，弗蘭克。很高興和你說話。

Frank DiLorenzo, Singular Research.

弗蘭克·迪洛倫佐，奇異研究公司。

Good morning, and thank you for taking my question -- and questions, actually. The question about the general and administrative increase for Q4, was that largely related to the consultants, because that was a little bit of a bump there in the fourth quarter, so if you could just talk about that?

早上好，感謝您提出我的問題——實際上是問題。關於第四季度一般和行政增長的問題，很大程度上與顧問有關，因為第四季度出現了一些增長，所以您是否可以談談這個問題？

Yeah, Frank, that it was a lot attributed to outside consulting and legal, as we've talked about, as we're on the 510(k) progress being made. And so that would be expected to be bumped up, I think, going into the -- especially early part of this year, in the Q1 and Q2 especially. So probably in kind of the spend in line with what was in Q4 from that perspective.

是的，弗蘭克，這很大程度上歸功於外部諮詢和法律，正如我們所討論的，因為我們正在取得 510(k) 的進展。因此，我認為，進入今年年初，尤其是第一季和第二季度，預計這一數字將會上升。因此，從這個角度來看，支出可能與第四季的支出一致。

Okay. Thanks. And going back up toward the topline for your gross margins, is a goal of around 80%, is that still a realistic target longer term, say, once you get the launch of the new product assuming sometime in the second half of 2025? But say 2026 beyond, is an 80% gross doable on your side?

好的。謝謝。毛利率回到頂線是 80% 左右的目標，從長遠來看，這仍然是一個現實的目標嗎？假設在 2025 年下半年某個時候推出新產品？但假設 2026 年以後，您可以達到 80% 的總量嗎？

Well, I would say that, that's pretty optimistic. We certainly have a target than a goal to get there. But I would say that right now, as we've said, it's probably -- obviously, we've been north of 75% and in that range of 76%, 77% kind of range. I think that certainly, as we get on some higher volumes, we could always, again, continue to cover more of the fixed overhead. But I think 80% is possible but probably not in the near future.

嗯，我想說，這是非常樂觀的。我們當然有一個目標而不是實現這一目標。但我想說的是，正如我們所說，現在很可能——顯然，我們已經超出了 75%，並且處於 76%、77% 的範圍內。我認為，當然，隨著我們的銷售量增加，我們總是可以再次繼續承擔更多的固定管理費用。但我認為80%是可能的，但可能不會在不久的將來。

So, 77%, 78% is --

所以，77%、78% 是--

I might chime in.

我可能會插話。

That varies also just by geographic mix quarter to quarter, right, in product mix. But I would say that our ASPs have certainly stayed very strong. And actually, on the monitoring side, we were able to get some price increases up from an ASP standpoint, and that certainly has helped us overcome some of the material costs that we've been seeing as everyone else has been over the last year.

在產品組合方面，每季的地理組合也有所不同，對吧。但我想說的是，我們的 ASP 確實保持著非常強勁的勢頭。實際上，在監控方面，從平均售價的角度來看，我們能夠提高一些價格，這無疑幫助我們克服了一些材料成本，就像其他人在去年一樣。

Okay. One other question, you said you had a better-than-expected strength with the pump business. Looking into 2024, are you seeing any differences, similarities between 2023 regarding budgeting landscapes for the various hospital systems out there? Is it stable? Is it strengthening? Could you provide maybe a little granularity on that?

好的。還有一個問題，您說您在泵浦業務方面的實力超出了預期。展望 2024 年，您是否發現 2023 年之間各醫院系統的預算狀況有何差異或相似之處？穩定嗎？是強化嗎？您能否提供一些詳細資訊？

Yes. On the sales side, we aren't seeing any pullback from hospitals, et cetera, which you're trying to get at, generally for ordering pumps or monitors or FMDs. But in fact, the pump that's getting a boost on top of that from the obsolescence that we did in September -- back in August or September, we advised our customers we wouldn't be selling extended maintenance on seven-and-older-year pumps. And that's resulting in a lot of activity.

是的。在銷售方面，我們沒有看到醫院等機構的任何撤退，而您正試圖獲得這些撤軍，通常是為了訂購泵、監視器或口蹄疫。但事實上，除了我們在 9 月所做的過時之外，該泵正在得到提升 - 早在 8 月或 9 月，我們就告知客戶我們不會銷售七年及以上的延長維護服務泵。這導致了很多活動。

We started last quarter, and we think it'll go several quarters yet. And that money is -- as I said, we were pleasantly surprised last quarter that money got broken lose pretty soon, pretty quick. So no, we're not seeing any pullback.

我們從上個季度開始，我們認為還會持續幾個季度。正如我所說，這筆錢是——正如我所說，上個季度我們感到驚訝的是，錢很快就被打破了，損失得很快。所以不，我們沒有看到任何回調。

Okay. Thanks. Just one other question. For the ferromagnetic detection systems, can you talk about long term what you think the opportunity is, the total addressable market, US, ex US? Thanks.

好的。謝謝。還有一個問題。對於鐵磁檢測系統，您能談談您認為的長期機會是什麼，即美國（美國除外）的整體潛在市場嗎？謝謝。

Yeah. Well, it's a small market still. And it's getting littered with a lot of players. We see it is a very low barrier to entry, right? It's not a medical device. And so we see a lot of players that are small and not (technical difficulty) device makers doing these devices on the one hand.

是的。好吧，這仍然是一個小市場。而且裡面擠滿了很多玩家。我們看到它的進入門檻非常低，對嗎？它不是醫療設備。因此，我們看到很多規模較小的參與者，而不是（技術難度）設備製造商，一方面在生產這些設備。

On the other hand, the size of this business is somewhere between $15 million and $17 million, $18 million. It's sub-$20 million right now. So, it's not a huge market. But we're looking to take a sizable piece of this market. What we are learning is a big piece of the business is done through design firms and architectural firms, contractors. These things are put in during the time that MR rooms are being built.

另一方面，這項業務的規模在 1500 萬美元到 1700 萬美元、1800 萬美元之間。現在不到2000萬美元。所以，這並不是一個巨大的市場。但我們希望在這個市場中佔據相當大的份額。我們了解到，很大一部分的業務是透過設計公司、建築公司、承包商完成。這些東西是在建造 MR 房間時放入的。

So that's a pipeline we're trying to fill. So obviously, this takes a long way to get those things start before they start falling out the other end and resulting in business. But that's where we feel the best return is for our sales efforts, if you will, but they are rather slow to get that prime the pump, so to say.

這就是我們正在努力填補的管道。顯然，在這些事情開始陷入困境並產生業務之前，需要很長的路才能讓這些事情開始。但這就是我們認為最好的回報是我們的銷售努力，如果你願意的話，但可以這麼說，他們啟動泵浦的速度相當慢。

Thank you. That's helpful. Thanks.

謝謝。這很有幫助。謝謝。

Thank you. This concludes the question-and-answer session. I would now like to turn it back to IRADIMED for closing remarks.

謝謝。問答環節到此結束。現在我想將其轉回 IRADIMED 進行結束語。

Again, thank you. Again, with great pleasure that we report our year-end and Q4 2023 results. It's also a great pride that we can guide that we expect strong performance as the new year progresses. And with that, I look forward to reporting our future successes as the year progresses, and thank you all very much.

再次謝謝你。我們再次非常高興地報告我們的年終和 2023 年第四季業績。我們也非常自豪能夠在新的一年實現強勁的業績預期。因此，我期待著隨著時間的推移報告我們未來的成功，並非常感謝大家。

Thank you. This concludes the call and you may now disconnect.

謝謝。通話結束，您現在可以斷開連線。