IRadimed Corp (IRMD) 2024 Q1 法說會逐字稿

Welcome to IRADIMED CORPORATION First Quarter of 2024 Financial Results Conference Call. (Operator Instructions) This call is being recorded today, May 2, 2024, and contains time-sensitive accurate information only today.

歡迎參加 IRADIMED CORPORATION 2024 年第一季財務業績電話會議。（操作員說明）此通話於今天（2024 年 5 月 2 日）錄音，僅包含今天的時效性準確資訊。

Earlier, IRADIMED released its financial results for the first quarter of 2024. A copy of this press release announcing the company's earnings is available under the heading News on the website, iradimed.com. A copy of the press release 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 iramimed.com. And a replay will be available on the website for the next 90 days.

此前，IRADIMED公佈了2024年第一季財務業績。公佈該公司收益的本新聞稿的副本可在 iradimed.com 網站的「新聞」標題下找到。新聞稿的副本也已透過 8-K 表提交給美國證券交易委員會，可在 sec.gov 上找到。該電話會議正在該公司網站 iramimed.com 上透過網路進行現場直播。未來 90 天內，網站上將提供重播。

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 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 the SEC website at sec.gov.

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。

I would like to turn the call over to Roger Susi, President and Chief Executive Officer of IRADIMED CORPORATION. Mr. Susi?

我想將電話轉給 IRADIMED 公司總裁兼執行長 Roger Susi。蘇西先生？

Good morning. Thank you all for joining us on today's call. As recently reported, I'm once again very pleased to announce yet another consecutive quarter of record IRADIMED net revenue generated in our recent Q1 2024 quarter. This is our 11th revenue increase in a row.

早安.感謝大家參加今天的電話會議。正如最近報道的那樣，我再次非常高興地宣布 IRADIMED 在最近的 2024 年第一季中創造的淨收入又連續一個季度創紀錄。這是我們的收入連續第 11 次成長。

As this morning's press release announced, in the first quarter of 2024, revenue came in at $17.6 million, representing a 13.7% increase over the first quarter of '23. GAAP diluted earnings per share for the first quarter were $0.32. While non-GAAP diluted earnings were $0.36 per share, a 20% increase over Q1 of '23.

正如今天上午的新聞稿所宣布的那樣，2024 年第一季的收入為 1760 萬美元，比 2023 年第一季增長 13.7%。第一季 GAAP 稀釋後每股收益為 0.32 美元。非 GAAP 攤薄收益為每股 0.36 美元，比 23 年第一季成長 20%。

All product lines performed well with our inside and outside teams executing exceptionally well. From the revenue standpoint in Q1, the MR patient monitor bested the IV pump and increased by 38%, compared to Q1 of '23. However, this doesn't show the strength of one product line over the other as bookings for the MR IV pump product in Q1, greatly exceeded expectations. So we actually expect that in Q2, the table may turn in favor of pump revenue.

所有產品線都表現良好，我們的內部和外部團隊都表現出色。從第一季的營收來看，MR 患者監視器優於 IV 泵，與 23 年第一季相比成長了 38%。然而，這並不能顯示一個產品線相對於另一個產品線的實力，因為第一季 MR IV 泵產品的預訂量大大超出了預期。因此，我們實際上預計第二季的情況可能會轉向有利於泵浦收入。

As I previously discussed, we notified customers with pumps 7 years and older that our extended maintenance would no longer be offered for such older devices. This, as expected, has prompted the uptick in pump orders we've seen in Q1, which we hope to continue to see in the upcoming quarters as well. To be sure, our major products remain viable and fitting for their markets, while we continue to make inroads with our newer FMD product.

正如我之前所討論的，我們通知使用 7 年及以上泵的客戶，我們將不再為此類舊設備提供延長維護服務。正如預期的那樣，這促使我們在第一季看到泵浦訂單的增加，我們希望在接下來的幾個季度中繼續看到這種情況。可以肯定的是，我們的主要產品仍然可行並適合他們的市場，同時我們繼續利用新的 FMD 產品取得進展。

Previously, I had spoken about reducing our delivery time for disposables and the associated reduction of backlog, though as seen in financial disclosures, the disposable business remains strong and growing, we have managed to reduce the lead time of these products and continue to work to improve these lead times, though orders continue growing, production is not outpaced.

此前，我曾談到減少一次性用品的交貨時間以及相關的積壓訂單減少，儘管從財務披露中可以看出，一次性業務仍然強勁且不斷增長，我們已設法縮短這些產品的交貨時間並繼續努力儘管訂單持續成長，但產量並未超過交貨時間。

Along those lines, we recently began construction on our new 61,000 square foot manufacturing facility here in Orlando, Florida, to consolidate operations, improve efficiencies and prepare for the continued and expanding growth we foresee. We anticipate spending approximately $13 million on its development over the next 12 months. And we will keep you posted in these coming quarters as construction progresses towards a moving date.

沿著這些思路，我們最近開始在佛羅裡達州奧蘭多建造 61,000 平方英尺的新製造工廠，以鞏固營運、提高效率並為我們預見的持續擴大成長做好準備。我們預計在未來 12 個月內將花費約 1300 萬美元用於其開發。隨著施工進度到搬遷日期，我們將在接下來的幾季隨時通知您。

Now regarding the progress of our 510(k) submission for the new 3870 MRI IV pump. The team is focused and pushing very hard, yet we are still not quite there due primarily to some expanded testing. As previously reported, we have engaged a third-party consultant with 2 very recent ex-FDA reviewers on their staff, from whom we are getting excellent input. Their feedback has, however, driven us to repeat some of the previous tests, mainly because of devices under test for many months ago, and they have undergone some changes. Our ex-FDA consultants sleeve, the FDA would be much more comfortable with all testing done on the absolute final configuration of the device.

現在介紹我們新型 3870 MRI IV 幫浦 510(k) 提交的進度。團隊非常專注並非常努力地推動，但我們仍然沒有完全達到目標，這主要是由於一些擴展的測試。正如之前報道的，我們聘請了一位第三方顧問，其員工中有兩名最近的前 FDA 審查員，我們從他們那裡得到了很好的意見。然而，他們的回饋促使我們重複先前的一些測試，主要是因為幾個月前測試的設備已經發生了一些變化。我們的前 FDA 顧問表示，FDA 會對在設備的絕對最終配置上進行的所有測試感到更加放心。

Therefore, the aim is to have the test reports referenced, the very latest version of the device, thus removing any questions, is anticipated that these steps should impact the delivery of the 510(k) by approximately 9 to 10 weeks. Still remain on plan with expected clearance in Q1 2025 and plan to show the revenue from the new device in the back half of 2025.

因此，目的是引用最新版本的設備測試報告，從而消除任何問題，預計這些步驟將影響 510(k) 的交付約 9 至 10 週。仍按計劃進行，預計在 2025 年第一季完成，並計劃在 2025 年下半年展示新設備的收入。

Now I'd like to present our expected financial performance guidance for the coming quarter and the balance of the year. For the second quarter of 2024 financial guidance, we expect revenues of $17.6 million to $17.8 million. GAAP diluted earnings per share of $0.33 to $0.36 and non-GAAP diluted earnings per share of $0.36 to $0.39. We reiterate our guidance for the full year of 2024. We expect to report revenues of $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.

現在我想介紹我們對下一季和今年剩餘時間的預期財務業績指引。對於 2024 年第二季的財務指導，我們預計營收為 1,760 萬美元至 1,780 萬美元。GAAP 稀釋後每股收益為 0.33 至 0.36 美元，非 GAAP 稀釋後每股收益為 0.36 至 0.39 美元。我們重申對 2024 年全年的指導。我們預計營收為 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。

Lastly, I'm pleased to report that our Board of Directors has declared a quarterly cash dividend of $0.15, payable on May 30, 2024. And we expect to pay the quarterly cash dividend going forward, to reward our loyal shareholders. Now I'd like to turn the call over to Jack Glenn, our CFO, to review the quarter's financial results.

最後，我很高興地報告，我們的董事會已宣布派發季度現金股利 0.15 美元，將於 2024 年 5 月 30 日支付。我們預計未來將支付季度現金股息，以獎勵我們忠實的股東。現在我想將電話轉給我們的財務長傑克·格倫 (Jack Glenn)，讓他審查本季的財務表現。

Thank you, Roger, and good morning, everyone. As in the past, our results have been reported on both a GAAP and 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 first quarter of 2024 was $17.6 million, an increase of 14% compared to the first quarter of 2023. Domestic sales increased 12% to $13.4 million and International sales increased 20% to $4.2 million.

正如我們今天早上早些時候報道的，2024 年第一季的收入為 1760 萬美元，比 2023 年第一季增長 14%。國內銷售額成長 12%，達到 1,340 萬美元，國際銷售額成長 20%，達到 420 萬美元。

Overall, Domestic revenue accounted for 76% of total revenue for Q1 2024 compared to 77% for Q1 2023. Device revenue increased 13% to $11.9 million, driven by a 38% increase in Monitor revenue. Revenue from Disposables and Services increased 17% to a record $5.2 million for the first quarter of 2024, while our maintenance contracts remained stable at $487,000.

整體而言，國內收入佔 2024 年第一季總收入的 76%，而 2023 年第一季為 77%。受顯示器收入成長 38% 的推動，設備收入成長 13%，達到 1,190 萬美元。2024 年第一季一次性用品和服務收入成長 17%，達到創紀錄的 520 萬美元，而我們的維護合約則保持穩定在 487,000 美元。

The gross margin was 76.1% for the first 2024 quarter compared to 75.7% for the 2023 quarter. The increase in gross margin is primarily due to increased revenue, decreased raw material costs and direct labor efficiencies offset by overhead spending.

2024 年第一季的毛利率為 76.1%，而 2023 年第一季的毛利率為 75.7%。毛利率的增加主要是由於收入增加、原物料成本下降、直接勞動效率被間接費用支出所抵銷。

Operating expenses were $8.6 million or 49% of revenue compared to $7.7 million or 50% of revenue for the first quarter of 2023. On a dollar basis, this increase is primarily due to higher sales and marketing expenses for higher sales commissions, sales activity expenses and payroll and benefit expenses.

營運費用為 860 萬美元，佔營收的 49%，而 2023 年第一季營運費用為 770 萬美元，佔營收的 50%。以美元計算，這一增長主要是由於銷售佣金增加、銷售活動費用以及工資和福利費用導致銷售和行銷費用增加。

As a result, income from operations grew 18.5% to $4.7 million for the 2024 first quarter. We recognized a tax expense of approximately $1.1 million during the first quarter of 2024, resulting in an effective tax rate of 21.1% for the quarter, which was in line with the effective tax rate of 20.9% in 2023. On a GAAP basis, net income was $0.32 per diluted share compared to $0.27 for the 2023 quarter.

因此，2024 年第一季營運收入成長 18.5%，達到 470 萬美元。我們在 2024 年第一季確認了約 110 萬美元的稅務費用，導致該季度的有效稅率為 21.1%，與 2023 年 20.9% 的有效稅率一致。以 GAAP 計算，稀釋後每股淨利潤為 0.32 美元，而 2023 年季度為 0.27 美元。

On a non-GAAP basis, adjusted net income was $0.36 per diluted share for the 2024 first quarter, compared to $0.30 for the first quarter of 2023. Cash from operations was $3.9 million for the 3 months ending March 31, 2024, down from $4.6 million for the same period in 2023.

以非公認會計原則計算，2024 年第一季調整後攤薄每股淨利為 0.36 美元，而 2023 年第一季為 0.30 美元。截至 2024 年 3 月 31 日的三個月，營運現金為 390 萬美元，低於 2023 年同期的 460 萬美元。

For the 3 months ended March 31, 2024, our free cash flow, a non-GAAP measure, was $3.4 million. This compares to a negative free cash flow figure of $1.9 million in the first quarter of 2023, when we purchased the land for our future facility for $6.2 million. Our cash and cash equivalents totaled $45.1 million as of March 31, 2024.

截至 2024 年 3 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）為 340 萬美元。相較之下，2023 年第一季自由現金流為負，為 190 萬美元，當時我們以 620 萬美元購買了未來設施的土地。截至 2024 年 3 月 31 日，我們的現金和現金等價物總計 4,510 萬美元。

And with that, I will now turn the call over to the operator for questions.

現在，我將把電話轉給接線員詢問問題。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Jason Wittes of ROTH Capital Partners.

我們的第一個問題來自羅斯資本合夥公司的 Jason Wittes。

In terms of the Monitor business, yes, it did look quite strong, obviously. Have you sent any communications to the field about your Monitors and about the competition that may have spurred on some growth in this quarter?

就顯示器業務而言，是的，顯然它看起來確實相當強大。您是否向現場發送過有關您的顯示器以及可能刺激本季度增長的競爭的信息？

Jason, good to hear from you. I'm not quite sure I understand the question, though. How about -- give it to me again?

傑森，很高興收到你的來信。不過，我不太確定我理解這個問題。怎麼樣－再給我一次？

I mean I know that you basically sounded a directive to the field or to your customers that you're no longer going to service the pumps after 7 years. Have you done anything similar with Monitors that might have spurred on growth? Or how would you -- the growth was surprising this quarter. So I'm just curious if there were any -- what's behind it or what your thoughts are in terms of what's behind it?

我的意思是，我知道您基本上向現場或您的客戶發出了指令，即 7 年後不再對泵浦進行維修。您是否對監視器做過類似的事情，可能會刺激成長？或者你會怎樣——本季的成長令人驚訝。所以我只是好奇是否有任何——背後是什麼，或者你對其背後有何想法？

No, it's -- maybe it was buried a little bit in my comments when I said it doesn't really show so much strength of one product line pump or monitor over the other. It's a matter of timing more than anything else. So -- but no, we absolutely -- the Monitor, actually, we've come out with the competitive nature of the Monitor is that it's quite advanced, and it's state-of-the-art as is. So we wouldn't be absolutely not putting out any sort of a letter obsoleting any facet of it, including support. There's -- we haven't even been selling them for 5 years. So yes, that's just -- I just have to say, it's just simply the strength of the team going out and selling monitors.

不，它是——當我說它並沒有真正顯示出一個產品線泵或監視器比另一個產品線泵或監視器有那麼大的強度時，它可能被埋在了我的評論中。這比其他任何事情都更重要的是時間問題。所以——但不，我們絕對——監視器，實際上，我們推出的監視器的競爭本質在於它相當先進，而且是最先進的。因此，我們絕對不會發出任何形式的信件來廢除它的任何方面，包括支持。我們已經五年沒有銷售它們了。所以，是的，這只是 - 我不得不說，這只是團隊出去銷售顯示器的力量。

Sounds good. Yes, it's impressive. It was a strong number, much stronger than I was anticipating. And then in terms of what you said about the submission for the 510(k) for the new pump, I guess that would put it I think originally, it was last communication, it was sort of expected second quarter. And now I guess you're saying 9 to 10 weeks, I guess that would put it into the third quarter in terms of when you would submit that 510(k)?

聽起來不錯。是的，這令人印象深刻。這是一個強勁的數字，比我預期的要強得多。然後，就您所說的關於新泵 510(k) 提交的內容而言，我想這將是我認為最初的情況，這是最後一次溝通，這是預計的第二季度。現在我猜你說的是 9 到 10 週，我想這將把你提交 510(k) 的時間放到第三季？

Yes, to put months on it, we'd anticipated getting it out of here by the end of this month. That's what we've been focusing on. But with this curve ball here, it's an abundance of caution to redo some of these tests. And of course, then getting them scheduled has been a delay because we rely on third parties and all of that.

是的，為了幾個月的時間，我們預計在本月底之前將其運出這裡。這就是我們一直在關注的。但有了這個曲線球，重做其中一些測試就需要非常謹慎。當然，安排它們的時間會被推遲，因為我們依賴第三方等等。

So, yes, we think it's going to add about 9, 10 weeks to that. So that puts us somewhere very end of July or early August. We think of it more monthly rather than something that's tied to a quarter.

所以，是的，我們認為這會增加大約 9、10 週。因此，我們將在七月底或八月初的某個時間進行預測。我們更多地考慮每月而不是與季度掛鉤的事情。

I appreciate that precision. It's good to hear that. And then maybe a final question. I mean the communicate you put out, definitely seems to be spurring on growth in pumps. If you look at -- I don't know if you can give any color in terms of if you look at who's been upgrading or who's been replacing. Has it been many of those -- I mean I don't know if you can give us any parameters that can kind of show how many of those pumps that are getting replaced now are the ones that got to communicated that they're no longer to be service after 7 years?

我很欣賞這種精確性。很高興聽到這個消息。然後也許是最後一個問題。我的意思是，您發布的信息似乎肯定會刺激泵的增長。如果你看看——我不知道你是否可以給出任何顏色，如果你看看誰在升級或誰在替換。是不是有很多——我的意思是我不知道你是否可以給我們任何參數來顯示現在要更換的泵中有多少是那些已經被告知不再需要更換的泵7年後才能服役？

We were anticipating that very question just before the call. So we didn't -- we don't have some definitive metric to give you, but we will shortly. We'll pass that along. But generally, it's a substantial part of the bookings that I mentioned, this big -- a rather large booking uptick in in Q1. And it's pretty substantially from that. But like I say, we'll get some -- we'll have some numbers to share with you very shortly.

就在電話會議之前，我們就預料到了這個問題。所以我們沒有——我們沒有一些明確的指標可以給你，但我們很快就會提供。我們會把它傳承下去。但總的來說，這是我提到的預訂的很大一部分，第一季的預訂量有相當大的增長。這與此有很大關係。但就像我說的，我們很快就會得到一些數據與你們分享。

Our next question comes from the line of Frank Takkinen of Lake Street Capital.

我們的下一個問題來自 Lake Street Capital 的 Frank Takkinen。

Roger, Jack, congrats on a good start to the year. I was hoping to ask one on the guidance. Obviously, you had a nice outperformance versus your Q1 expectations, and then you kind of hinted at the expectation for pumps to be strong next quarter from some of the Q1 ordering. I was curious kind of the thought process you went through when thinking about slightly increasing the guidance versus reiterating it? Was it just a function of conservatism? Or was there anything else baked into that thought process?

羅傑、傑克，恭喜今年有個好的開始。我希望能就指導問題向一位人士請教。顯然，您的表現超出了第一季的預期，然後您暗示了對第一季某些訂單中泵下季度表現強勁的預期。我很好奇您在考慮稍微增加指導而不是重申指導時所經歷的思考過程？這只是保守主義的功能嗎？或是這個思考過程中還有其他因素嗎？

Well, I think, Chris, that yes, I think if you -- from our past experience here, I think we've tried to be somewhat conservative in the guidance we give. And I think that still is -- the second half of the year is certainly some much bigger numbers in order to hit that. So -- but we feel confident. And certainly, as we progressed throughout the year, we'll certainly maybe provide updates that. But for right now, we think that's the best position for us to reiterate our guidance for the year as is.

嗯，我想，克里斯，是的，我想如果你——根據我們過去的經驗，我認為我們在提供的指導方面已經盡力保持保守。我認為，為了達到這個目標，今年下半年肯定會有一些更大的數字。所以——但我們充滿信心。當然，隨著我們全年的進展，我們肯定會提供更新。但就目前而言，我們認為這是重申今年指導方針的最佳位置。

Perfect. Perfect. So then on the -- maybe just a follow-up on backlog, generally speaking. Obviously, a little plus/minus here. So I think if I heard correctly, you burned down some of the disposable backlog, but perhaps the pump commentary resulted in pump backlog increasing. Can you just net out total backlog, how much visibility you have and how that gives you confidence going through the rest of the year?

完美的。完美的。那麼，一般來說，也許只是積壓工作的後續行動。顯然，這裡有一點加/減。所以我想如果我沒聽錯的話，你燒掉了一些一次性積壓，但也許泵的評論導致了泵積壓的增加。您能否淨掉總積壓訂單、您的可見度以及這如何讓您對今年剩餘時間充滿信心？

Well, of course, we don't give the exact numbers, as you know. But again, it's probably very much in line with where the backlog was as we came into the end of the year. So remains strong, gives us good visibility, for at least a quarter out for sure, but very strong and stable backlog. And especially, again, a lot of that, too, due to the pump backlog going into this Q2.

當然，如您所知，我們不會給出確切的數字。但同樣，這可能與我們進入年底時的積壓情況非常一致。因此仍然保持強勁，為我們提供了良好的可見性，至少有四分之一的時間是確定的，但積壓的訂單非常強勁和穩定。尤其是，由於第二季的泵浦積壓，其中也有很多。

Yes. Maybe to add a little more color, Frank, to topic, though we are trying to shave that lead time and associated backlog with the with the disposable side, which we're making progress, as I said. Yes, due to the orders on the hardware side, what Jack saying is that the backlog remains pretty consistent as it's been in the last half a dozen quarters.

是的。也許要為主題添加更多色彩，弗蘭克，儘管我們正在努力縮短交貨時間並減少與一次性方面相關的積壓工作，正如我所說，我們正在取得進展。是的，由於硬體方面的訂單，傑克所說的是積壓訂單與過去六個季度一樣保持相當穩定。

Got it. That's helpful. And then maybe just one more for me on the Monitor side. I think, Roger, we've talked about in the past, the day-to-day business or quarter-to-quarter business, you talk about the active systems being replaced on the Monitor side and your share of that market and then the broader 10,000 or so pieces of equipment install. Maybe just give us an update how you feel you're penetrated into those? How you feel about the low-hanging fruit opportunity still existing within those? And just anything else you could talk about in those monitoring markets.

知道了。這很有幫助。然後也許在監視器方面對我來說還有一個。我想，羅傑，我們過去討論過日常業務或季度業務，您談到了監控端正在更換的活動系統以及您在該市場的份額，然後是安裝了大約10,000台設備。也許只是告訴我們您對這些的了解如何？您對其中仍然存在的唾手可得的成果機會有何看法？以及您可以在這些監控市場中談論的任何其他內容。

Yes. Well, good question. So we still don't have the lion's share of the market. We're still the underdog. So that means there's still quite a bit to go. We estimate we're just nudging close to 30-ish percent of this business, right? So there's still plenty more for us to go.

是的。嗯，好問題。所以我們仍然沒有佔據最大的市場份額。我們仍然是弱者。這意味著還有很長的路要走。我們估計我們只是在推動這項業務的 30% 左右，對嗎？所以我們還有很多事情要做。

Having said that, of course, with every incremental percentage gains still against a well-entrenched competitor. The low-hanging fruit is a little higher on the tree. It's life. That's the way it works. So the team is jumping getting, getting their ladders and trying to reach up to a little bit more than they had to do the quarter before and the quarter before that, certainly.

話雖如此，當然，每個增量百分比的成長仍然是針對根深蒂固的競爭對手的。低垂的果實在樹上稍高。這就是生活。這就是它的工作原理。因此，團隊正在跳躍，獲得梯子，並努力達到比前一個季度和前一個季度更高的水平，當然。

But we still are scratching away at that existing open share of what's the Monitor business, which is, by and large, one-to-one with magnets. And that's still where we're operating at. We have had a little luck. We're starting to -- the real upside, as we've mentioned and presented in the past is to have this multiplier effect for the transport strategy, like we developed with the pumps happen with the monitor.

但我們仍然在努力爭取現有的監視器業務的開放份額，總的來說，它與磁鐵是一對一的。這仍然是我們運作的地方。我們有一點運氣。我們開始——正如我們過去提到和介紹的那樣，真正的好處是為傳輸策略帶來乘數效應，就像我們開發的泵浦與監視器一樣。

And we need to put maybe 1 or 2 more little features onto the pump to really make that very smooth, but we're already starting to get some nibbles there. And a few of these monitors each quarter that we bring in are related to let's say, more than one per magnet, an extra one. And there's leaning storage starting to adopt this transport theory. That's yet to be rolled out over the coming quarters, as I said, we still got our hands full just nipping away at the existing placements of monitors. So we'll eat pretty well for still a number of quarters doing what we've been doing. And then we hope to roll out this transport strategy and really get the multiplier effect on top of these monitors, so where they're not just one monitor per each MRI.

我們可能還需要在幫浦上添加 1 或 2 個小功能才能真正使其變得非常平滑，但我們已經開始在那裡得到一些小功能。我們每季引進的一些監視器與每個磁鐵不只一個、額外一個有關。傾斜儲存開始採用這種運輸理論。正如我所說，該功能尚未在未來幾季推出，我們仍然忙於調整現有的顯示器放置位置。因此，我們將在接下來的幾個季度吃得很好，做我們一直在做的事情。然後我們希望推出這種傳輸策略，並真正在這些監視器之上獲得乘數效應，因此它們不僅僅是每個 MRI 一台監視器。

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

問答環節到此結束。現在我想請羅傑蘇西 (Roger Susi) 發表結束語。

Well, thank you, operator. Good. Again, we are pleased with our Q1 2024 results, as stated. And we also say, as guided that we expect continued strong performance as the new year progresses. So we look forward to reporting our future successes to you, and thank you all.

好的，謝謝你，接線生。好的。如上所述，我們再次對 2024 年第一季的業績感到滿意。我們也表示，根據指導，我們預計隨著新的一年的進展，將繼續保持強勁的業績。因此，我們期待向您報告我們未來的成功，並感謝大家。

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

謝謝。通話就此結束。您現在可以斷開連線。