IRadimed Corp (IRMD) 2024 Q4 法說會逐字稿

Welcome to the IRADIMED corporation fourth quarter of 2024 financial results conference call. (Operator Instructions) This call is being recorded today, February 13, 2025 and contains time-sensitive accurate information only today.

歡迎參加IRADIMED公司2024年第四季財務業績電話會議。 （操作員指示）此通話於今天（2025 年 2 月 13 日）錄製，僅包含今天的時間敏感的準確資訊。

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 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 iradimed.com, and a replay will be available on the website for the next 90 days.

此前，IRADIMED 發布了其 2024 年第四季的財務業績。該公司盈利公告的新聞稿副本可在其網站 iradimed.com 的新聞標題下找到。新聞稿的副本也以 8-K 表格形式提交給了美國證券交易委員會，可以在 sec.gov 上找到。此次電話會議將透過公司網站 iradimed.com 進行網路現場直播，並且重播將在接下來的 90 天內在網站上提供。

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 focus on future performance, results, plans, and events that 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.

今天會議中的一些資訊將構成美國 1995 年私人證券訴訟改革法案所定義的前瞻性陳述。前瞻性陳述著重於未來的績效、結果、計畫和事件，其中可能包括公司預期的未來績效。 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 the SEC's website at sec.gov.

有關可能影響公司業務的相關風險和不確定因素的描述，請參閱本公司向美國證券交易委員會提交的最新報告中的風險因素部分，該報告可從美國證券交易委員會網站 sec.gov 免費取得。

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

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

Thank you. And good morning, and thank you all for joining us on today's call. Once again, I am in a fairly unique position to report yet another record quarter, and our 14th consecutive quarter. Driving this record quarter is revenue at over $19.4 million. Gross profit came in at 76.1% with earnings very strong as well, meaning GAAP diluted earnings per share increasing 11% from Q4 2023.

謝謝。早安，感謝大家參加今天的電話會議。再次，我以一個相當獨特的身份向大家報告又一個創紀錄的季度，這也是我們連續第 14 個季度取得的成績。推動本季創紀錄的因素是超過 1,940 萬美元的收入。毛利達到 76.1%，獲利也非常強勁，這意味著 GAAP 稀釋每股收益較 2023 年第四季成長 11%。

For the year, pump sales continued their extraordinarily strong trend. However, also proud to say that the team also has brought in monitor bookings domestically for the quarter at a record time rate and pump sales continued their extraordinary strong trend as well. This is due to the sales team's focus on continuing customer interest and demand.

今年，泵浦的銷售持續保持強勁的趨勢。然而，同樣自豪的是，該團隊本季在國內的顯示器預訂量也創下了歷史新高，而泵浦的銷售也延續了強勁的趨勢。這是因為銷售團隊注重持續的客戶興趣和需求。

Jack Glenn, our CFO, shall provide more details on revenue and earnings comps in a bit. Well, I would like to discuss the new pumps progress through FDA clearance. As previously discussed, we received an additional information letter from the FDA shortly after the submission was made in early September. We've engaged with the agency twice via SIR meetings to clarify certain items in this AI additional information letter.

我們的財務長傑克·格倫（Jack Glenn）稍後將提供有關收入和收益的更多詳細資訊。好的，我想討論一下新型幫浦通過 FDA 審批的進展。如同前面所討論的，我們在 9 月初提交申請後不久就收到了 FDA 發來的一封補充資訊信。我們已透過 SIR 會議與該機構進行過兩次接觸，以澄清 AI 附加資訊函中的某些內容。

With our team pushing -- our teams have been pushing very hard gathering data and writing the formal responses. With that, we plan to have this response back to the FDA in the first week of April. From there, we would expect a few possible follow-up questions to come in May with our final responses shortly thereafter.

在我們的團隊推動下——我們的團隊一直在努力收集數據並撰寫正式回應。我們計劃在四月第一週向 FDA 回覆。從那時起，我們預計 5 月將出現一些可能的後續問題，並在不久後提供最終答案。

Given the turmoil with various agencies in the current administration, it's anyone's guess if the FDA may be operating more slowly than usual. However, we do not see any strong sign as of yet. And so we will expect clearance as previously stated, mid-summer. To reiterate what I mentioned, this new device, the 3870 [MR IV] pump will be a 2026 story. Clearance in mid-'25 means that we expect only light revenue from the new device in fourth quarter of 2025 as the sell-in shipment cycle is measured in months, not days.

鑑於現任政府各機構的動盪，任何人都無法猜測 FDA 的運作速度是否會比平常更慢。然而，到目前為止我們還沒有看到任何強勁跡象。因此，我們預計清關時間將如前所述，即仲夏。重申我所提到的內容，這款新設備，3870 [MR IV] 泵將是 2026 年的故事。 2025 年中期清倉意味著我們預計 2025 年第四季新設備的收入會很低，因為銷售出貨週期是以月而不是天來衡量的。

However, as witnessed by the strong sales of replacing the older IV pump after we discontinued offering our extended maintenance on pumps seven years and older, the new 3870 pump sales are expected to [door of] sales of the sold model as the quarters progress through 2026 and into 2027 and beyond.

然而，在我們停止為七年及更舊的泵提供延長維護後，更換舊款 IV 泵的強勁銷售表現證明，隨著季度進展到 2026 年、2027 年及以後，新型 3870 泵的銷量預計將超過已售型號的銷量。

Finally, with regard to our new facility, it's now under construction, progress has been steady and to plan with only minor material supply disturbances, which the general contractor has managed to mitigate well. Interior walls were up electrical and plumbing are well past halfway. And with the installation of the glass going in very soon, the building will be totally dried in and ready for the interior final trim. We remain confident in the June final certificate of occupancy and commencements of our move shortly thereafter.

最後，關於我們的新設施，它現在正在建設中，進展穩定，按照計劃進行，只出現了輕微的材料供應中斷，總承包商已設法很好地緩解了這些中斷。內牆已安裝完畢，電氣和管道也已安裝完畢一半。隨著玻璃安裝工作即將開始，建築物將完全乾燥並準備好進行室內最後的裝修。我們對六月最終的入住許可證和隨後不久開始的搬遷工作充滿信心。

I'd now like to provide a bit of what we expect to see in Q1 2025. For this first quarter of 2025 financial guidance we expect revenue of $19.2 million to $19.4 million with a GAAP diluted earnings per share of $0.35 to $0.39. Non-GAAP diluted earnings per share $0.39 to $0.43. We look forward to reporting revenue of $78 million to $82 million for the full year. And we would expect GAAP diluted earnings per share of $1.55 to $1.65 with non-GAAP diluted earnings per share of $1.71 to $1.81.

現在，我想提供一些我們對 2025 年第一季的預期。對於 2025 年第一季的財務指引，我們預計營收為 1,920 萬美元至 1,940 萬美元，GAAP 攤薄每股收益為 0.35 美元至 0.39 美元。非公認會計準則每股攤薄收益 0.39 美元至 0.43 美元。我們預計全年收入將達到 7,800 萬至 8,200 萬美元。我們預計 GAAP 稀釋每股收益為 1.55 美元至 1.65 美元，非 GAAP 稀釋每股收益為 1.71 美元至 1.81 美元。

And with that, I'll turn the call over to Jack Glenn, our CFO, to review the quarter's financial results.

說完這些，我將把電話轉給我們的財務長傑克·格倫 (Jack Glenn)，來審查本季度的財務結果。

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，我們的業績報告是基於 GAAP 和非 GAAP 基礎的。您可以在今天早上的收益報告中找到我們非公認會計準則 (GAAP) 營運指標的描述，並在今天報告的最後一頁找到這些非公認會計準則 (GAAP) 指標與公認會計準則 (GAAP) 指標的對帳表。

As we reported earlier this morning, revenue in the fourth quarter of 2024 was $19.4 million, an increase of 11% compared to the fourth quarter of 2023. For fiscal year 2024, revenue increased 12% to $73.2 million. The increase for the quarter and the year was due to the sustained strong demand for our IV pump as our end-of-life replacement program continues to drive exceptional growth for our pumps.

正如我們今天早上報導的那樣，2024 年第四季的收入為 1,940 萬美元，與 2023 年第四季相比成長了 11%。 2024 財年，營收成長了 12%，達到 7,320 萬美元。本季和本年度的成長是由於我們的靜脈注射幫浦的持續強勁需求，因為我們的報廢更換計劃繼續推動我們幫浦的卓越成長。

Domestic sales increased 21% to $16.5 million, and international sales decreased 24% to $2.9 million. Overall, domestic revenue accounted for approximately 85% of total revenue for Q4 2024 compared to 78% for Q4 of 2023. Device revenue increased 12% to $14.3 million in the fourth quarter and 13% to $52 million in fiscal 2024, again, driven by a 34% and 36% increase in pump revenue, respectively.

國內銷售額成長 21% 至 1,650 萬美元，國際銷售額下降 24% 至 290 萬美元。整體而言，國內收入約佔 2024 年第四季總營收的 85%，而 2023 年第四季為 78%。設備收入在第四季度增長 12% 至 1,430 萬美元，在 2024 財年增長 13% 至 5,200 萬美元，這同樣是由於泵收入分別增長 34% 和 36% 所推動。

Revenue from disposables and services increased 9% for both the fourth quarter of 2024 and fiscal 2024. The gross margin was 76.1% for the fourth quarter of 2024, slightly below the 76.9% for the 2023 quarter. The gross margin for fiscal 2024 increased to 76.9% compared to 76.5% for fiscal 2023.

2024 年第四季和 2024 財年的一次性用品和服務收入均成長了 9%。 2024 年第四季的毛利率為 76.1%，略低於 2023 年季的 76.9%。 2024財年的毛利率從2023財年的76.5%上升至76.9%。

The increase in overhead spending year-over-year primarily was driven by the slight decline in the gross margin for the quarter. Operating expenses were $9 million or 46% of revenue compared to $8.3 million or 47% of revenue for the fourth quarter of 2023. For 2024, operating expenses were $34 million or 47% of revenue compared to $30 million or 46% of revenue for 2023.

間接支出年增主要是由於本季毛利率小幅下降。營業費用為 900 萬美元，佔營收的 46%，而 2023 年第四季為 830 萬美元，佔營收的 47%。 2024 年的營業費用為 3,400 萬美元，佔收入的 47%，而 2023 年為 3,000 萬美元，佔收入的 46%。

The dollar increase in operating expenses for the quarter and the year is primarily due to increased sales and marketing expenses due to higher sales commission expenses. We accrue and pay sales commissions on orders booked so the higher sales and marketing expenses in the fourth quarter reflect the exceptional bookings for the quarter and a result in record backlog as we enter 2025.

本季度和本年度的營業費用以美元計算的增加，主要是由於銷售佣金費用增加導致銷售和行銷費用增加。我們根據訂單累積並支付銷售佣金，因此第四季度更高的銷售和行銷費用反映了本季度的特殊訂單，並導致我們進入 2025 年時創紀錄的積壓訂單。

Operating income was $5.8 million for the quarter and $22 million for fiscal 2024 as we maintained a solid operating margin of 30% for the quarter and the year. We recognized a tax expense of approximately $5 million for fiscal 2024, resulting in an effective tax rate of 20.8% for the year and 18.9% for the fourth quarter. This rate was in line with the 20.9% effective rate in 2023.

本季和全年的營業利潤率均維持 30% 的穩健水平，因此本季營業收入為 580 萬美元，2024 財年營業收入為 2,200 萬美元。我們確認 2024 財年的稅費約為 500 萬美元，導致全年有效稅率為 20.8%，第四季有效稅率為 18.9%。該利率與 2023 年 20.9% 的實際利率一致。

On a GAAP basis, net income for the quarter was $0.40 per diluted share compared to $0.36 per diluted share for the 2023 fourth quarter. On a GAAP basis, net income for fiscal 2024 was $1.50 per diluted share compared to $1.35 per diluted share for fiscal 2023. On a non-GAAP basis, adjusted net income was $0.44 per diluted share for the fourth quarter of 2024 compared to $0.39 per diluted share for the fourth quarter of 2023. On a non-GAAP basis, adjusted net income was $1.66 per diluted share for fiscal 2024 compared to $1.48 per diluted share in 2023, an increase of 12% year-over-year.

根據 GAAP 計算，本季淨收入為每股攤薄收益 0.40 美元，而 2023 年第四季每股攤薄收益為 0.36 美元。以美國通用會計準則 (GAAP) 計算，2024 財年淨收入為每股攤薄收益 1.50 美元，而 2023 財年為每股攤薄收益 1.35 美元。以非美國通用會計準則 (Non-GAAP) 計算，2024 年第四季調整後淨收入為每股攤薄收益 0.44 美元，而 2023 年第四季為每股攤薄收益 0.39 美元。以非美國通用會計準則 (Non-GAAP) 計算，2024 財年調整後淨收入為每股攤薄收益 1.66 美元，而 2023 年為每股攤薄收益 1.48 美元，年增 12%。

Cash from operations was $6 million for the three months ended December 31, 2024, up from $3.9 million for the same period in 2023 as we drove efficiencies in our working capital management, particularly in the inventory. For the three months ended December 31, 2024, our free cash flow, a non-GAAP measure, was $2.9 million, down from $3.3 million for the same period in 2023. This decline is related to our ongoing capital expenditures for construction of our new building, which were $2.7 million for the quarter. As Roger noted, we expect to complete the new facility by June and we'll spend approximately another $5.5 million to complete the project.

截至 2024 年 12 月 31 日的三個月，經營現金流為 600 萬美元，高於 2023 年同期的 390 萬美元，因為我們提高了營運資本管理效率，尤其是庫存效率。截至 2024 年 12 月 31 日的三個月，我們的自由現金流（非 GAAP 指標）為 290 萬美元，低於 2023 年同期的 330 萬美元。這一下降與我們用於建造新大樓的持續資本支出有關，本季為 270 萬美元。正如羅傑所說，我們預計新工廠將於六月完工，並且我們將再花費約 550 萬美元來完成這個項目。

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

說完這些，我將把電話轉給接線生來回答問題。操作員？

(Operator Instructions)

（操作員指令）

Jason Wittes, ROTH Capital Partners.

傑森‧維特斯，羅仕資本合夥人。

Jason. Hi, thanks for taking the questions and solid quarter here. So in terms of next year, should we assume that the sales force is going to focus more on the monitor business and we see an uptick there? How do you see this 2025, at least on the top line sort of forming?

傑森。嗨，感謝您回答我的問題，並且非常感謝您提供寶貴的意見。那麼就明年而言，我們是否應該假設銷售人員將更加關注顯示器業務，並且我們會看到該業務出現上升趨勢？您如何看待 2025 年的情勢，至少是營收情況如何？

Hi Jason, yes, this is Roger. Good question. I've spoken to it. I guess, the last maybe two quarters here since probably midyear last year that 2025, we would indeed be highlighting sales of the monitor as far as how we are going to incentivize the sales team.

嗨 Jason，是的，我是 Roger。好問題。我已經談過了。我想，從去年年中到 2025 年的最後兩個季度，我們確實會專注於顯示器的銷售，並考慮如何激勵銷售團隊。

And so we would expect the monitor business in 2025 will be significantly impacted. As I mentioned, it started to show already. We had some very strong bookings for the monitor in this fourth quarter. So yeah, 2025, as you put it, is going to have more to come on the monitor.

因此，我們預計 2025 年的顯示器業務將受到重大影響。正如我所提到的，它已經開始顯現了。我們在第四季的顯示器訂單量非常大。是的，正如您所說，到 2025 年，顯示器上將會有更多內容出現。

So related to the uptick, has there already been sort of a shift in focus of the sales force or as part of the reason we saw this sort of uptick in monitor business? Or is it just sort of --

那麼與這種成長相關，銷售人員的重點是否已經發生了某種轉變，或者這是我們看到顯示器業務出現這種成長的原因之一？或者只是有點——

Yes. Yeah. I'd say midyear, slightly past last midyear. We did some minor tweaks to the goals surrounding the monitor versus the pump and that's starting to show -- it's beared some fruit already in Q4. And it didn't impact the pump business.

是的。是的。我想說的是年中，略晚於去年年中。我們對監視器與幫浦周圍的目標做了一些細微的調整，並且開始顯現效果——在第四季已經取得了一些成果。並且它並未對泵業務產生影響。

That's good too.

那也很好。

Pretty happy with that.

對此我非常滿意。

Yeah. So then if I think about -- then looking at your bottom line assumptions, does R&D come down because you now have submitted for the pump and also, what do I think about gross margins for 2025?

是的。那麼，如果我考慮一下 - 然後看看你的底線假設，研發費用是否會下降，因為你現在已經提交了泵，而且我對 2025 年的毛利率有何看法？

Jason, this is Jack. So yes, from the R&D spend, I would say it's going to be pretty consistent, maybe a little uptick from where we're at right now as we might add some head count in that area into 2025 but fairly consistent. As far as our gross margin, I think?

傑森，這是傑克。所以是的，從研發支出來看，我會說它將相當穩定，可能比現在略有上升，因為我們可能會在 2025 年在該領域增加一些員工，但會相當穩定。我認為就我們的毛利率而言？

In R&D?

在研發方面？

Yes, R&D. And then as far as the gross margin, I would say that we right now feel that it's pretty much going to be in line with where we're at in 76%, 77% range going into 2025. Always a little dependent upon the mix as far as geographical, as you know, about roughly 20% of the business is international, and we sell it at fairly excitable discount through just distribution. But overall, I should say, pretty in that range for 2025.

是的，研發。至於毛利率，我想說我們現在認為到 2025 年它將與目前的 76% 到 77% 的水平基本一致。就地理而言，總是有點依賴組合，如你所知，大約 20% 的業務是國際業務，我們透過分銷以相當誘人的折扣出售它。但總體而言，我應該說，到 2025 年，這一數字將大致處於這一範圍內。

Sorry, just to clarify, on a dollar basis or a percentage basis, when you saying --?

抱歉，只是想澄清一下，您說的是按美元計算還是按百分比計算——？

Percentage basis. Yeah, [pretty consistent] in that that like I said.

以百分比計算。是的，就像我說的，[相當一致]。

Okay. Got it. And then, I guess that means that you're going to see -- if I look at the map there in terms of getting to plugging in the numbers you provided for guidance, sounds like there's going to be some leverage in G&A and S&M. I don't know if you can elaborate any on that on how that might play out this year?

好的。知道了。然後，我想這意味著你會看到——如果我看那裡的地圖，以便插入你提供的指導數字，聽起來 G&A 和 S&M 中會有一些槓桿作用。我不知道您是否可以詳細說明今年的情況將如何？

Yeah, I think that we will, hopefully, that's our plan, is to get some leverage in the model in the G&A. Sales and marketing, as I spoke to, is the big piece there is the variable expense, right? The sales commissions and that was reflected in our Q4. We do accrue for commissions on bookings. And we had again a very strong bookings quarter.

是的，我認為我們希望這是我們的計劃，即在 G&A 模型中獲得一些槓桿作用。正如我所說，銷售和行銷是變動費用中最大的部分，對嗎？銷售佣金已經反映在我們的第四季。我們確實會根據預訂收取佣金。我們本季的預訂量再次非常強勁。

That was -- and you can see the increase in the sales and marketing in Q4. Going forward, I would say that, yeah, we expect it kind of to be in that range, though, but certainly maybe a little more leverage as we go through the year, always dependent upon how the performance is to plan, which is if it exceeds that, it's certainly a good problem to have, right?

那是——您可以看到第四季度的銷售和行銷有所增長。展望未來，我想說，是的，我們預計它會在那個範圍內，但是，隨著時間的流逝，我們肯定會有更多的槓桿，這始終取決於績效計劃如何進行，如果超過了那個範圍，那肯定是一個好問題，對吧？

This year in getting prepared for having the new pump next year, though, we will be also extending, I guess, over extending for a lack of a better word, it would look like overextension in 2025 to get ready for the 2026 launch of the new pump in that we'll be adding some of the support people, the clinical specialists.

不過，今年，在為明年推出新泵做準備時，我們也將進行延長，我想，由於缺乏更好的詞來形容，所以看起來 2025 年的延長是過度的，為 2026 年推出新泵做準備，我們將增加一些支持人員，即臨床專家。

We probably put in some -- we'll be starting to put in some territories, additional territory plug-in. So yeah, there'll be some cost increases that aren't directly commissions paid for actual sales made in 2025 as well.

我們可能會投入一些——我們將開始投入一些領土，額外的領土插件。所以是的，會有一些成本增加，這些成本不是直接由 2025 年的實際銷售支付的佣金。

Got it. I will jump back in queue. Thank you very much.

知道了。我將重新回到隊列。非常感謝。

[Frank Takkinen], Lake Street.

[弗蘭克·塔基寧]，湖街。

(technical difficulty) . Hey Roger and Jack, this is Nelson Cox on for Frank. Kind of just following up on that, correct me if I'm wrong, I think the last we had talked -- you talked about 35 territories kind of being an optimal number post the new pump approval and I think that's versus 30 today. Is there any change to the thinking there on how you were thinking about an optimal sales organization kind of post approval of the new pump?

（技術難度）。嘿，羅傑和傑克，我是弗蘭克的尼爾森·考克斯。我只是對此進行了跟進，如果我錯了請糾正我，我認為我們上次談話時——您談到 35 個地區是新泵批准後的最佳數量，而我認為今天是 30 個。在考慮新泵浦核准後的最佳銷售組織方式時，您的想法有什麼改變嗎？

No, that's where we -- that is still the plan. And of course, it means we'll see that starting a little early. We won't put in 35 in calendar year 2025 on the one hand, but we will be putting in a few extra above our current 20 -- where we at? 28% right now, actually. So that's why we'll have some expense there in preparation for rightsizing the sales team to do the business we anticipate we'll have within pump.

不，這就是我們 — — 這仍然是計劃。當然，這意味著我們將會提早看到這一結果。一方面，我們不會在 2025 年投入 35 人，但我們將在目前的 20 人基礎上再投入一些——我們在哪裡？實際上，現在是 28%。因此，這就是為什麼我們要在那裡花一些錢，為調整銷售團隊的規模以開展我們預計將在泵內開展的業務做準備。

Perfect. And then it sounds like the backlog is providing good visibility and good to see the strength there. Can you maybe just walk us through how you're thinking about backlog as we move through the year? Any commentary on how you're thinking about the overall composition of the backlog possibly changing throughout the year would be helpful. It sounds like monitors maybe take a bigger portion with the focus there on the sales team, but any additional color there would be helpful.

完美的。然後聽起來積壓訂單提供了良好的可見性，並且很高興看到那裡的實力。您能否向我們介紹一下您對今年積壓訂單的看法？如果您對全年積壓工作總體構成可能發生的變化有何看法，那麼任何評論都是有幫助的。聽起來顯示器可能佔據了更大的份額，重點放在銷售團隊身上，但任何額外的顏色都會有幫助。

Yeah, Nelson, this is Jack. Yeah, it is, as we mentioned, it was a very strong backlog beginning of the year. So that gives us very good visibility, especially into the first half of the year. I would say that the backlog right now is certainly based on the pump bookings is very strong on pump. And also at the same time, though, as Roger mentioned, that we had a very strong bookings as a number of units here domestically on the monitoring side.

是的，尼爾森，我是傑克。是的，正如我們所提到的，今年年初的積壓訂單非常多。因此，這為我們提供了非常好的可視性，尤其是在今年上半年。我想說的是，目前的積壓訂單肯定是基於泵浦預訂量非常強勁。但同時，正如羅傑所提到的，我們在國內監控方面的許多單位的預訂量都非常強勁。

So I think right now, it's maybe a little more biased towards the pumps. But certainly, our plan, as we've talked about, would be to have the monitors pick up as we go along. But again, it gives us very good visibility, especially for the first half of the year.

因此我認為現在它可能更偏向於泵。但可以肯定的是，正如我們已經討論過的，我們的計劃是讓監視器在我們進行過程中不斷監控。但同樣，它為我們提供了非常好的可視性，特別是對於今年上半年。

Perfect. And then maybe just one last quick one. Of the current pump installed base out there, can you just walk us through a starting in 2026 how many pumps you think you can renew a year with the 3870?

完美的。然後也許只剩下最後一個快速的了。在目前已安裝的泵浦基數中，您能否向我們介紹一下，從 2026 年開始，您認為每年可以用 3870 更新多少台幫浦？

Do you mean this replacement business?

您指的是這個替換業務嗎？

Yeah.

是的。

Well, as we've talked in the past, right, we'll have over 4,000 -- mid-4,000s of pumps that are older than five years out there of our current 3860 model. And we feel it will be -- we feel that we want to kind of hold the demand to where it's going to be about 800 to 1,000 replacements of those systems which ultimately is about 1,600 to 2,000 pumps because most of the systems we'd be replacing are twin channel systems in the US market. So that represents -- given that currently today, twin channels, what we're selling now is about 1,200, we're looking at more than doubling the number of pumps that we sell.

嗯，正如我們過去談到的，我們將擁有超過 4,000 個 - 大約 4,000 個泵，這些泵的年齡超過五年，是我們目前的 3860 型號。我們認為，我們希望將需求控制在約 800 至 1,000 台系統的更換範圍，最終約為 1,600 至 2,000 台泵，因為在美國市場上，我們要更換的大多數系統都是雙通道系統。所以這意味著——考慮到目前雙通路的銷售量約為 1,200 台，我們預計銷售的幫浦數量將增加一倍以上。

In 2026.

在2026年。

In 2026, yeah.

是的，2026 年。

Yeah. All right, thank you.

是的。好的，謝謝。

Thank you. I would now like to turn the conference back to Roger Susi for closing remarks. Sir?

謝謝。現在我想請羅傑蘇西致閉幕詞。先生？

Yes. Well, thanks. One last thought I had here is regarding concerns that folks may have over these various tariffs that are being implemented. And I'd like to say that, this will mix into probably most every manufacturer in the US has some exposure to that. In our case, we source only three or four rather expensive components from countries that are going to be hit with the tariffs and increasing and/or increased tariffs over what we've already been paying.

是的。好吧，謝謝。我在這裡的最後一個想法是關於人們可能對正在實施的各種關稅產生的擔憂。我想說的是，這可能會影響到美國大多數製造商。就我們的情況而言，我們僅從即將受到關稅影響的國家採購三四種相當昂貴的零件，而且這些國家的關稅將在我們已經支付的價格基礎上增加或提高。

And of course, there's a larger number of inexpensive components, which we feel the impact from those is very negligible. But still, these larger parts make up less than 3% of our BOM cost, the bill of material cost. So with tariffs as a fraction of that, therefore, do the math, and we wouldn't expect tariffs to affect gross margin materially.

當然，還有大量廉價的組件，我們認為它們的影響非常小。但這些較大的零件僅占我們BOM成本（物料清單成本）的不到3％。因此，如果將關稅作為其中的一小部分，那麼計算一下，我們預計關稅不會對毛利率產生重大影響。

And I just thought I'd speak to that briefly. And with that, as always, it has been a great pleasure that we take this opportunity to review IRADIMED progress for you all. And we also probably state that we expect strong performance as 2025 progresses. With that, thank you.

我只是想簡單談談這個問題。像往常一樣，我們非常高興能藉此機會向大家回顧 IRADIMED 的進展。我們可能還會說，我們預計 2025 年將會有強勁的表現。就這些，謝謝大家。

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

謝謝。通話到此結束。您現在可以斷開連線。