IRadimed Corp (IRMD) 2024 Q2 法說會逐字稿

Welcome to the IRadimed Corporation second quarter of 2024 financial results conference call. (Operator Instructions) As a reminder, this call is being recorded today, August 1, 2024, and contains time-sensitive accurate information only today. Earlier, IRadimed released its financial results for the second quarter of 2024. A copy of this press release announcing the company's earnings is available under the heading News on our website at iradimed.com.

歡迎參加 IRadimed Corporation 2024 年第二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 8 月 1 日）進行錄音，並且僅包含今天的時效性準確資訊。此前，IRadimed 公佈了 2024 年第二季財務業績。公佈公司收益的本新聞稿副本可在我們網站 iradimed.com 的「新聞」標題下取得。

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 and on the company's website at iradimed.com, and a replay will be available on the website for the next 30 days.

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。此次電話會議將透過網路和公司網站 iradimed.com 進行現場直播，並且在未來 30 天內將在該網站上提供重播。

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 are focused on future performance, results, plans, and events that may include the company's expected future results.

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、計劃和事件，其中可能包括公司預期的未來結果。

IRadimed reminds you that the future results may differ materially from those forward-looking statements due to several risk factors. 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 the 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?

IRadimed 提醒您，由於多種風險因素，未來結果可能與這些前瞻性陳述有重大差異。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, and good morning, and thank you all for joining us on today's call. I'm very happy to report yet another record quarter, in fact, our 12th consecutive record quarter. Driving this record quarter was revenue at over $17.9 million. In addition, gross profit was up, reaching 78% and earnings came in very strong as well, with GAAP diluted earnings per share increasing 19% from Q1 of this year.

謝謝接線員，早安，也謝謝大家參加今天的電話會議。我很高興地報告又一個創紀錄的季度，事實上，這是我們連續第 12 個創紀錄的季度。超過 1790 萬美元的收入推動了這一創紀錄的季度。此外，毛利上升，達到78%，獲利也非常強勁，GAAP攤薄後每股收益較今年第一季成長19%。

Recall that the pump order intake rate in Q1 was very strong. And Q2 now reflects the revenue generated as we move to keep the pump backlog in check. Plus this pump backlog being mostly domestic results in the sizable gross margin. Once again, our team is executing very well, and product demand remains strong, actually extraordinary in the case of the current 3860 model IV pumps.

回想一下，第一季的泵浦訂單接收率非常強勁。第二季現在反映了我們為控制泵浦積壓而產生的收入。再加上泵浦的積壓大部分來自國內，導致毛利率相當可觀。我們的團隊再次表現出色，產品需求仍然強勁，對於目前的 3860 IV 型幫浦而言，實際上非常出色。

We are on target to have the strong year that we have planned, even though the new 3870 IV pump is still not on the menu. I'll refer to Matt, who's standing in for our CFO, Jack Glenn, this morning, for more details regarding the revenue and earnings comps.

儘管新的 3870 IV 泵仍未出現在菜單上，但我們的目標是實現我們計劃的強勁表現。今天早上，我將向馬特（Matt）請教我們的財務長傑克·格倫（Jack Glenn），以了解有關收入和盈利比較的更多詳細資訊。

So let me move on to the new pump progress. It's all about getting that clearance that we've been working so hard to achieve. Of course, key to this is having a clear, concise complete 510(k) filed in soon. My recent commitment for 510(k) delivery was in August, and we are very confident that it will be in the FDA's hands in these next few weeks of August.

那麼讓我繼續談談新幫浦的進展。這一切都是為了獲得我們一直努力實現的許可。當然，關鍵是盡快提交一份清晰、簡潔、完整的 510(k)。我最近承諾 510(k) 交付是在 8 月份，我們非常有信心它將在 8 月份接下來的幾週內交到 FDA 手中。

Again, FDA will ask questions and sometimes we'll transpire during the review and additional question period. We will have a better indication of the time required for final clearance of the 510(k) after receiving that first response and list of questions that we fully expect from FDA, which we expect to see in late October.

同樣，FDA 會提出問題，有時我們會在審查和附加問題期間發現問題。在收到 FDA 的第一次答覆和問題清單後，我們將更深入了解 510(k) 最終批准所需的時間，我們預計將在 10 月底看到 FDA 的答覆和問題清單。

At this point, as I have stated in the past, the 3870 will be a 2026 story revenue-wise. Clearance in mid-2025 means that we would expect only light revenues from this new device in Q4 '25 as well as the cell and shipment cycles are measured in months, not days.

在這一點上，正如我過去所說，3870 將在 2026 年實現收入成長。2025 年中期的清倉意味著我們預計這款新設備在 25 年第 4 季僅有少量收入，而且電池和出貨週期以月為單位，而不是以天為單位。

Due to strong increases in sales of the existing pump, helped by order or replacement of these older pumps that are seven years and beyond, which we started seeing strongly in January 1, we have now stepped up efforts on the monitor business via new sales strategies and incentives. Though the monitor business has been steady and strong, we believe these new incentives and methods will drive monitor growth to get a new level.

由於現有泵浦的銷量強勁增長，在訂購或更換這些七年及以上的舊泵的幫助下（我們從1 月1 日開始看到這一點），我們現在透過新的銷售策略加大了監測業務的力度和激勵措施。儘管顯示器業務一直穩定且強勁，但我們相信這些新的激勵措施和方法將推動顯示器成長達到新的水平。

There's also been a steady adoption of our FMD device. This relatively new offering is gaining in the market, though there is an inertia due to the placement of many of these units tied to construction of new MR suites.

我們的 FMD 設備也得到了穩定的採用。這種相對較新的產品正在市場上獲得成功，但由於許多此類單元的放置與新 MR 套房的建設相關，因此存在慣性。

Construction being rather drawn out process and subject to delay, places a limit on the speed of delivery and revenue for the FMD line, dissimilar to the pump and monitor. Still, as you will hear from Matt, revenue for the FMD is growing.

與泵浦和監視器不同，FMD 生產線的施工過程相當漫長且容易延誤，這限制了 FMD 生產線的交付速度和收入。儘管如此，正如您將從 Matt 那裡聽到的那樣，FMD 的收入仍在增長。

Finally, a bit about our new headquarters. Construction is well underway, and the weather has not been overly cruel to the schedule. The walls and roof should be up and nearly dried in by the time of my next report. With the exception of moving -- with our expectation, excuse me, of moving just before next summer, right in time to begin production of the newly cleared 3870 MR pump.

最後，介紹一下我們的新總部。施工進展順利，天氣並沒有對進度造成太大影響。到我下一次報告時，牆壁和屋頂應該已經升起並幾乎乾燥。除了搬遷之外，對不起，我們預計明年夏天之前搬遷，正好趕上開始生產新批准的 3870 MR 泵。

Now before Matt steps in for Jack, comes online, I'd like to finish with a report of what we see in Q3. For the third quarter 2024 financial guidance, we expect revenue of $18 million to $18.2 million, with GAAP diluted earnings per share of $0.34 to $0.37 and non-GAAP diluted earnings per share, $0.38 to $0.41.

現在，在馬特接替傑克上線之前，我想以一份關於我們在第三季度看到的情況的報告作為結束。對於 2024 年第三季的財務指引，我們預計收入為 1800 萬美元至 1820 萬美元，GAAP 稀釋後每股收益為 0.34 美元至 0.37 美元，非 GAAP 稀釋後每股收益為 0.38 美元至 0.41 美元。

Accordingly, we reiterate our guidance for the full year '24, and we expect to report revenues of $72 million to $74 million, with GAAP diluted earnings per share annually of $1.37 to $1.47 and non-GAAP diluted earnings per share of $1.52 to $1.62. Now I'd like to turn the call over to Matt Garner, who as I said, is going to stand in for Jack, who's up on leave this morning. Matt?

因此，我們重申對 24 年全年的指導，預計收入為 7,200 萬美元至 7,400 萬美元，GAAP 攤薄後每股收益為 1.37 至 1.47 美元，非 GAAP 攤薄後每股收益為 1.52 至 1.62 美元。現在我想把電話轉給馬特·加納，正如我所說，他將代替今天早上休假的傑克。馬特？

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 measures 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 second quarter of 2024 was $17.9 million, an increase of 11% compared to the second quarter of 2023. This increase was due to strong bookings and resulting backlog for our pump in the first quarter. This strength in bookings for the pump continued into the second quarter.

正如我們今天早上早些時候報導的那樣，2024 年第二季度的收入為 1790 萬美元，比 2023 年第二季度增長 11%。這一增長是由於第一季我們的泵的大量預訂和積壓造成的。該泵的預訂量持續強勁至第二季。

Domestic sales increased 19% to $15.5 million, and international sales decreased 23% to $2.4 million. Overall, domestic revenue accounted for approximately 86% of total revenue for Q2 2024 compared to 80% for Q2 of 2023.

國內銷售額成長 19% 至 1,550 萬美元，國際銷售額下降 23% 至 240 萬美元。整體而言，國內收入約佔 2024 年第二季總營收的 86%，而 2023 年第二季則為 80%。

Device revenue increased 17% to $12.7 million. This was driven by a 52% increase in pump revenue. Revenue from disposables and services decreased 3% to $4.7 million for the second quarter of 2024, while our maintenance contracts remain stable at $600,000.

設備收入成長 17%，達到 1,270 萬美元。這是由泵浦收入成長 52% 推動的。2024 年第二季度，一次性用品和服務收入下降 3%，至 470 萬美元，而我們的維護合約維持穩定在 60 萬美元。

As Roger mentioned, the gross margin was 78.1% for the second quarter of 2024 compared to 75.5% for the 2023 quarter. This increase in gross margin is primarily due to favorable geographic sales mix of domestic revenue, a decrease in raw material costs and direct labor efficiencies.

正如 Roger 所提到的，2024 年第二季的毛利率為 78.1%，而 2023 年季度的毛利率為 75.5%。毛利率的成長主要是由於國內收入的有利地理銷售組合、原材料成本的下降和直接勞動力效率的下降。

Operating expenses were $8.4 million or 46% of revenue compared to $7.2 million or 44% of revenue for the second quarter of 2023. On a dollar basis, this increase is primarily due to higher sales and marketing expenses for higher sales commissions and sales activity expenses along with higher regulatory and payroll and benefit expenses. The noted strength in the gross margin resulted in income from operations growing 13.4% to $5.6 million for 2024 second quarter.

營運費用為 840 萬美元，佔營收的 46%，而 2023 年第二季營運費用為 720 萬美元，佔營收的 44%。以美元計算，這一增長主要是由於銷售佣金和銷售活動費用的增加導致銷售和行銷費用增加，以及監管、工資和福利費用增加。毛利率的強勁表現導致 2024 年第二季營運收入成長 13.4%，達到 560 萬美元。

We recognized a tax expense of approximately $1.4 million during the second quarter of 2024, resulting in an effective tax rate of 21.8% for the quarter, which is in line with the effective tax rate of 21.1% in 2023. On a GAAP basis, net income was $0.38 per diluted share, an increase of 15% as compared to $0.33 for the 2023 quarter. On a non-GAAP basis, adjusted income was $0.42 per diluted share for the second quarter of 2024 compared to $0.36 for the second quarter of 2023.

我們在 2024 年第二季確認了約 140 萬美元的稅務費用，導致該季度的有效稅率為 21.8%，與 2023 年 21.1% 的有效稅率一致。以 GAAP 計算，攤薄後每股淨利潤為 0.38 美元，較 2023 年季度的 0.33 美元增長 15%。以非公認會計準則計算，2024 年第二季調整後每股攤薄收益為 0.42 美元，而 2023 年第二季為 0.36 美元。

Cash from operations was $6.6 million for the three months ended June 30, 2024, which is up $3.5 million for the same period in 2023. For the three months ended June 30, 2024, our free cash flow, a non-GAAP measure, was $5.4 million, up from $3.1 million for the same period in 2023. And with that, I will turn the call over for questions. Operator?

截至 2024 年 6 月 30 日的三個月，營運現金為 660 萬美元，較 2023 年同期增加 350 萬美元。截至 2024 年 6 月 30 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 540 萬美元，高於 2023 年同期的 310 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。

Congrats on all the progress. I wanted to start with one maybe on the revenue growth expectations by line item. Obviously, pumps is growing very well as of recently, given the seven-plus year old warranty force conversion.

祝賀所有的進展。我想從按訂單項劃分的收入成長預期開始。顯然，鑑於七年多的保固期強制轉換，泵浦最近發展得非常好。

Should we expect that continues through the end of the year? Or is that normalized down a little bit lower than the 52% growth rate this year and then monitors comes back? Or maybe just talk a little bit about growth expectations by pumps and monitors for the back half of the year?

我們是否應該期望這種情況持續到今年年底？或者，正常化後的成長率會比今年 52% 的成長率略低一些，然後監測結果又回來了？或只是談談今年下半年泵浦和監測器的成長預期？

Yeah. Hi, Frank, good to talk to you, Roger here. So yeah, we we'll see revenue from this uptick in the 3860, the original -- the existing, the old IV pump, which, as you know, we kicked off with this notice to our customers that we weren't going to do the service contracts on seven-plus year old pumps. So that is coming in fairly steadily.

是的。嗨，弗蘭克，很高興與你交談，羅傑在這裡。所以，是的，我們將看到 3860 的收入成長，即原來的、現有的、舊的 IV 泵，正如你所知，我們一開始就向客戶發出這樣的通知：我們不會簽訂七年以上舊泵的服務合約。所以這是相當穩定的。

So your question was, is it going to grow? Well, it was, as I mentioned, it's surprisingly large, frankly, to us what happened. And no, I don't think it's going to grow more, but I do see it carrying us through the rest of these final two quarters of '24 and even into '25.

所以你的問題是，它會成長嗎？嗯，正如我所提到的，坦白說，對我們來說所發生的事情是驚人的大。不，我不認為它會增長更多，但我確實看到它會帶領我們度過 24 年最後兩個季度的剩餘時間，甚至進入 25 年。

So if you will, we've stepped up to quite a nice plateau. It's some 35%, 40% boost to this 3860 product line. And we feel that's going to stay there. Now it's not going to grow to 45% or 50%, no. But it's going to be very healthy and very much unexpected from what we were looking at two quarters ago when we first launched this program.

所以如果你願意的話，我們已經邁出了一個相當不錯的平台期。與 3860 產品線相比，效能提升了約 35%、40%。我們認為這種情況將繼續存在。現在它不會增長到 45% 或 50%，不會。但與我們兩個季度前首次啟動該計劃時所看到的情況相比，它將非常健康且非常出乎意料。

So it will remain a healthy booster to our revenues, as I said, into 2025. So given that, this is why I mentioned that we're incentifying and doing some marketing things with the salesforce to do the same thing. I don't expect it to be 40% with the monitor. But to boost that monitor growth from what it's been. It's been nice, but we hope to boost it a little bit more, not 30%, 40% like we got out of this pump, but healthily.

因此，正如我所說，到 2025 年，它仍將是我們收入的健康推動力。有鑑於此，這就是為什麼我提到我們正在激勵銷售人員並與銷售人員一起做一些行銷工作以做同樣的事情。我預計顯示器不會達到 40%。但要提高監視器的成長速度。這很好，但我們希望能再提高一點，不是像我們從這個泵中得到的 30%、40%，而是健康地提高。

And so, this is why we'll look forward in 2025, if you want to get a little out over our skis. And we expect '25, even though the -- as I mentioned, the new pump revenue won't be much of an impact till late in '25 and probably only a small amount. We're seeing '25 as another year in which we can grow again based upon the continued plaque oil business from the oil pump, and pulling off some incentive and marketing ideas that we're putting behind the monitor line.

因此，如果您想在我們的滑雪板上放鬆一下，這就是我們展望 2025 年的原因。我們預計 25 年，儘管——正如我所提到的，新的泵浦收入直到 25 年末才會產生太大影響，而且可能只是很小的影響。我們認為 25 年是我們可以基於油泵持續的斑塊油業務再次成長的一年，並實現我們在監控線後面的一些激勵和行銷理念。

Okay. That's good color. I appreciate that. Maybe just a broader question. I don't know if it's been brought up in the last couple of calls. In the past, you've been able to push through ASP increases, what's the latest status with ASP? Do you think there's still more room to expand those ASPs, keep them where they are? Or how does that look over the next 12 months?

好的。這顏色真好啊我很欣賞這一點。也許只是一個更廣泛的問題。我不知道最近幾次通話中是否有提到這個問題。過去，你們一直能夠推動 ASP 的成長，ASP 的最新狀況如何？您是否認為還有更多的空間來擴展這些 ASP，將它們保持在原來的位置？或是未來 12 個月的情況如何？

Yeah. So we're still doing that. I mean, basically our biggest contracts have already happened in the US market. There's a few smaller ones, which we'll see some price increases, mostly with the monitor, but also pump a little bit.

是的。所以我們仍在這樣做。我的意思是，基本上我們最大的合約已經發生在美國市場。有一些較小的產品，我們會看到一些價格上漲，主要是顯示器的價格上漲，但也會有一點上漲。

But we're also doing this internationally. Internationally, every time we have these calls, we point out that when the revenue mix is made up more heavily from international, it shows in the gross margins and in the bottom line. So we think there's got to be some increases yet in a number of countries internationally.

但我們也在國際上這樣做。在國際上，每次我們接到這些電話時，我們都會指出，當收入組合更多來自國際時，它就會反映在毛利率和利潤中。因此，我們認為國際上許多國家的產量肯定會增加。

So yes, I guess, to your point. But in the domestic side, the big agreements have already been boosted and we, by contract, we won't be able to move those again for another year-and-a-half or two.

所以，是的，我想，就你的觀點而言。但在國內方面，大型協議已經得到推動，根據合同，我們在接下來的一年半或兩年內將無法再次移動這些協議。

Okay. That's helpful. And then maybe just last one for me on the backlog. Typically, you've carried a fair amount of backlog that's help you execute to expectations. Does that continue to be the case? Do you continue to carry a backlog? And maybe if you can kind of parse out between disposables as well as equipment, that would be helpful.

好的。這很有幫助。然後也許只是我積壓的最後一項。通常，您會積壓相當多的訂單，這有助於您按照預期執行任務。情況還會繼續如此嗎？您是否繼續積壓訂單？也許如果你能在一次性用品和設備之間進行解析，那會很有幫助。

Yeah. Maybe I'll let Matt help you out with that one.

是的。也許我會讓馬特幫你解決這個問題。

Yeah. I mean, related to our backlog, it continues to be strong. We don't really get too deep into what it's comprised of. But we do -- we continue to have growth, our salesforce. We've got four territories now. So the backlog is remaining consistent as it has in the past.

是的。我的意思是，就我們的積壓而言，它仍然很強壯。我們並沒有真正深入了解它的組成部分。但我們確實如此——我們的銷售隊伍持續成長。我們現在有四個地區。因此，積壓工作與過去一樣保持一致。

Yeah. That's the takeaway. It's pretty consistent. So if you were looking yeah, this is one reason why we're bullish on where we can get through the rest of this year and even into next year. Backlog has been very steady.

是的。這就是外賣。這是相當一致的。因此，如果您正在尋找答案，這就是我們看好今年剩餘時間甚至明年的情況的原因之一。積壓訂單一直都很穩定。

Jason Wittes, ROTH.

傑森·維茨，羅斯。

Congrats on a nice quarter. So in terms of -- what are the timing for the new pump. Could you just walk us through kind of the milestones in terms of when you expect approval? And how long the manufacturing is going to take before and how long it will take to basically fill orders? Because I think you mentioned it's going to have only a modest impact on Q4 of next year. So I'm just curious in terms of what are the assumptions behind that.

恭喜您度過了一個美好的季度。那麼就新泵浦的安裝時間而言。您能否向我們介紹一下您預計何時獲得批准的里程碑？之前的生產需要多長時間以及基本完成訂單需要多長時間？因為我認為您提到這只會對明年第四季產生適度的影響。所以我只是好奇背後的假設是什麼。

Yeah, let me give you some depth there, right. So as I mentioned, so we'll get the 510(k) in this month, really to make a prediction on how we expect it to come out until we see this first round of additional information requested by the FDA. I could -- it's anyone's guess.

是的，讓我給你一些深度，對吧。正如我所提到的，我們將在本月獲得 510(k)，實際上是為了預測它的結果，直到我們看到 FDA 要求的第一輪附加資訊。我可以——這是任何人的猜測。

So it's very crucial what we'll see with that first AI ramp. That I can predict pretty well when that will happen. They're pretty steady once they get a 510(k) to get AI questions back to the applicants in 60, 65 days. They've been pretty well able to do that. Even during the COVID period they were able to get us questions back in 65, 70 days.

因此，我們將在第一個人工智慧斜坡上看到什麼是非常重要的。我可以很好地預測這種情況何時會發生。一旦獲得 510(k)，他們就會非常穩定地在 60、65 天內將人工智慧問題回饋給申請人。他們已經很好地做到了這一點。即使在新冠疫情期間，他們也能在 65、70 天內回覆我們的問題。

So that would put us some time, let's say, latter part of October, early November. That's about when we'll have our -- it will be getting close to when we'll have our next earnings call. So really by next earnings call, depending on the scope and depth of these AI questions, I'll be able to tell you we got a longer slog or it's looking like we're on a faster track, at this point, having no benefit of that and just making a filing in August, it's very difficult to predict.

所以這會給我們一些時間，比如說十月下旬、十一月初。那大約是我們召開下一次財報電話會議的時間。因此，實際上，到下一次財報電話會議時，根據這些人工智慧問題的範圍和深度，我將能夠告訴你，我們將面臨更長的困難，或者看起來我們正走在更快的軌道上，但在這一點上，沒有任何好處其中並在八月才提交文件，很難預測。

So got to give me about 65, 70 days if you to hear something back or started from us we should get it in later in this month. to get really any real color on that. So after that, right, I'm hopeful that we get a handful -- we get no more than a few handfuls of questions, certainly not 100 or 200, but less than that. And if that's the case, then I think we're on a pretty good track to have this in cleared in the latter part of Q1 or early part of Q2.

因此，如果您收到我們的回覆或開始，請給我大約 65、70 天的時間，我們應該會在本月晚些時候收到。以獲得真正的顏色。所以在那之後，對，我希望我們能得到一些問題——我們得到的問題不超過少數，當然不是 100 或 200 個，但少於這個。如果是這樣的話，那麼我認為我們正處於一個很好的軌道上，可以在第一季末或第二季初期解決這個問題。

So that will fit in fairly well if that happens. If we have clearance towards the middle of next year, certainly, it will be fine. That's the time we'll be moving into our new building, as I mentioned. And that's where we really plan to start up the production of the pump is with that increased capacity in the new pump.

因此，如果發生這種情況，這將非常適合。如果我們能在明年年中獲得許可，那當然沒問題。正如我所提到的，那時我們將搬進新大樓。這就是我們真正計劃開始生產泵浦的地方，因為新泵浦的容量增加了。

And so given that we get clearance in that early part of 2025 and we have new capacity online right in the middle of 2025, that's when we'll start building our demo equipment and getting the sales teams all amplified up and really hit the ground and start to talk about the new pump and take orders.

因此，考慮到我們在 2025 年初獲得許可，並且我們在 2025 年中期擁有新的在線產能，那時我們將開始建造我們的演示設備，並讓銷售團隊全部壯大並真正落地，開始談論新泵並接受訂單。

So it won't be really a question of making pumps because by the time we actually get orders to fill, the initial few orders, this is why I said Q4 will show some revenue we anticipate from 3870, but probably not huge amounts, those would just be the initial orders coming in. And there's a sales cycle here.

因此，這實際上並不是製造泵的問題，因為當我們真正收到訂單來填補時，最初的幾個訂單，這就是為什麼我說第四季度將顯示我們預計3870 的一些收入，但可能不會很大，這些只是最初收到的訂單。這裡有一個銷售週期。

So given that we start showing the product in Q3, we won't have tons of orders to ship in Q4, but we expect to have something that will be on the board. The real story, as I said, is probably getting into 2026. That's when the revenue will really start to be significant from a new product.

因此，考慮到我們在第三季度開始展示該產品，我們在第四季度不會有大量訂單要發貨，但我們預計會有一些東西出現在板上。正如我所說，真正的故事可能要到 2026 年了。那時，新產品的收入才真正開始變得可觀。

Okay. I appreciate all the color on that. That's very helpful. And then in terms of -- I know you characterized the backlog, but if I think about your pump sales, it sounds like they're nicely above our expectations. I think that was -- I'm guessing a lot of it to do with acceleration of the backlog to some degree.

好的。我很欣賞上面的所有顏色。這非常有幫助。然後就 - 我知道您描述了積壓的情況，但如果我考慮一下您的泵銷售情況，聽起來它們遠遠超出了我們的預期。我認為這在某種程度上與積壓的加速有關。

At the same time, it seemed like the monitors were a little lighter than at least our expectations. Was that also backlog driven? Or what were the dynamics between those two businesses and what you saw this quarter and what the outlook might be?

同時，顯示器似乎至少比我們的預期要輕一些。這也是積壓造成的嗎？或者這兩項業務之間的動態是什麼？

Well, like I said, we started getting these orders in from that new program with 3860 pump in Q1. And we just didn't want that backlog from that product to get too long in the tooth and too far out of hand. So yeah, we shipped heavily to keep that under control, old pumps, 3860s in Q2.

嗯，就像我說的，我們在第一季開始從 3860 泵的新計劃中獲得這些訂單。我們只是不希望該產品的積壓積壓時間過長且失控。所以，是的，我們在第二季度大量發貨以控制舊泵 3860。

We didn't hold back much on the monitor, but maybe a little bit to get these pumps out ahead of it. So backlog in general, that's your question that you're driving at is very healthy and it still has a good mix, still a little heavy maybe on 3860s, but that will start to balance out as we get towards Q4. I think we'll have Q3 still be a little heavy on the old pump.

我們在顯示器上沒有太多保留，但可能會稍微讓這些泵先於它出現。因此，總的來說，積壓問題是您所面臨的問題，它非常健康，並且仍然具有良好的組合，可能在 3860 上仍然有點重，但隨著我們進入第四季度，這將開始平衡。我認為第三季度我們的舊泵仍然會有點重。

And I would now like to turn the call back to Roger for remarks.

現在我想將電話轉回羅傑以徵求意見。

Okay. Again, it's been a great pleasure, once again, that we can report our Q2 '24 excellent results. And it's also with great pride that we can guide that we expect strong performance and are on the right track as the year progresses. With that, I look forward to reporting our future successes as 2024 progresses, and thank you all for joining us.

好的。再次，我們非常高興能夠再次報告 24 年第 2 季的出色業績。我們也非常自豪地知道，隨著這一年的進展，我們期待強勁的業績並走在正確的軌道上。藉此，我期待隨著 2024 年的進展報告我們未來的成功，並感謝大家加入我們。

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。