IRadimed Corp (IRMD) 2025 Q2 法說會逐字稿

Welcome to the IRADIMED CORPORATION second quarter of 2025 financial results conference call. (Operator Instructions) This call is being recorded today, August 1, 2025, and contains time-sensitive accurate information only today.

歡迎參加 IRADIMED CORPORATION 2025 年第二季財務業績電話會議。（操作員指示）本次通話於 2025 年 8 月 1 日錄製，僅包含今天有效的時效性準確資訊。

Earlier, IRADIMED released its financial results for the second quarter of 2025. 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 2025 年第二季的財務業績。本公司發布獲利報告的新聞稿可在本公司網站 iradimed.com 的「新聞」欄位下查閱。新聞稿已以 8-K 表格的形式提交給美國證券交易委員會 (SEC)，可在 sec.gov 網站上查閱。本次電話會議正在公司網站 iradimed.com 上進行網路直播，並將於未來 90 天內提供回放。

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 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. 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.

本次會議中的一些資訊將構成 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。前瞻性陳述著重於未來的績效、結果、計畫和事件，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，未來的結果可能與這些前瞻性聲明有重大差異。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，這些報告可從美國證券交易委員會的網站 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，我想把電話交給 IRADIMED CORPORATION 的總裁兼執行長 Roger Susi。蘇西先生？

Thank you, operator. Good morning and thank you all for joining us on today's call. I am indeed very pleased to report yet another record quarter, marking our 16th consecutive quarter of record revenues. For the second quarter of 2025, we achieved revenue of $20.4 million, a 14% increase over the same period last year. Gross profit came in at 78%, with earnings very strong as well.

謝謝接線生。早安，感謝各位參加今天的電話會議。我非常高興地宣布，我們又迎來了一個創紀錄的季度，這是我們連續第16個季度營收創下新高。2025年第二季度，我們的營收達到2,040萬美元，比去年同期成長了14%。毛利率達到 78%，獲利能力也非常強勁。

GAAP diluted earnings per share increasing 18% from Q2 of 2024. Pump shipments led performance in the quarter as our 3860 MRI IV pump continued to excel in Q2. In addition to the great pump performance, I am also very happy to report that shipments of our MRI patient monitor grew 9% and that bookings in Q2 indicate that our emphasis on monitoring sales for 2025 can be expected to achieve our plans with this product line as well.

GAAP稀釋後每股盈餘較2024年第二季成長18%。本季泵浦出貨量領先業績，我們的 3860 MRI IV 泵浦在第二季度繼續表現出色。除了泵浦的出色性能外，我還非常高興地報告，我們的 MRI 病人監護儀出貨量增長了 9%，第二季度的預訂量表明，我們對 2025 年銷售監測的重視有望通過該產品線實現我們的計劃。

I'd like to quickly follow up on comments regarding tariffs and DOGE impacts, which we had discussed at some length during our earnings call of Q1. We can now look back and see that though tariffs have been collected on some of the components we utilized, the actual impact is still very small. We do feel, however, that as tariffs become stable and finalized, especially Chinese tariffs and as pre-tariff inventories dwindle here within our stocks, we will have a better idea of the measurable tariff impacts to manage and report upon in the future.

我想快速跟進一下關於關稅和狗狗幣影響的評論，我們在第一季財報電話會議上對此進行了相當詳細的討論。現在回過頭來看，雖然我們使用的某些零件被徵收了關稅，但實際影響仍然很小。不過，我們認為，隨著關稅趨於穩定和最終確定，特別是中國關稅，以及我們庫存中關稅前庫存的減少，我們將更好地了解未來需要管理和報告的可衡量的關稅影響。

As for DOGE effects upon various agencies and possible issues secondarily affecting IRADIMED, such impacts did not materialize. In fact, as announced on May 22, the FDA cleared our new 3870 IV pump systems for distribution. With this long awaited and hard-fought FDA action, the road ahead for IRADIMED is clear and wide. Since the founding of IRADIMED 20 years ago, this clearance and the sales growth that the new pump will ignite will prove to be a seminal event.

至於 DOGE 對各機構的影響以及可能對 IRADIMED 產生次生影響的問題，這些影響並未出現。事實上，正如 5 月 22 日宣布的那樣，FDA 已批准我們的新型 3870 IV 泵系統進行分銷。隨著 FDA 這項期待已久且來之不易的行動，IRADIMED 的未來道路變得清晰而寬廣。自 IRADIMED 20 年前成立以來，此次清倉甩賣以及新泵將帶來的銷售成長將被視為一件具有里程碑意義的事件。

Reflecting a moment, when I founded IRADIMED, frankly, though we had a strong vision that an MRI IV pump would be a highly successful niche device, my revenue targets from then now appear overly modest, being in the double digits. Now that revenue vision looks to be passing the $100 million revenue run rate, as we progress through 2026. I could not be prouder of what we have done with this fascinating MRI niche.

回想我創立 IRADIMED 的那一刻，坦白說，雖然我們當時強烈認為 MRI IV 幫浦會是一款非常成功的利基設備，但我當時設定的收入目標現在看來過於保守了，只有兩位數。隨著我們邁向 2026 年，目前看來，營收目標可望超過 1 億美元的年化營收。我為我們在這個引人入勝的核磁共振成像細分領域所取得的成就感到無比自豪。

Let me share how we envision these next several quarters. Most of you have seen the effect on the sales of our existing legacy pump, the original design core from 20 years ago, when we simply discontinued offering service contracts for units seven years and older. This action led a number of customers to replace older 3860 pumps with newer, newly manufactured 3860 pumps. But now that we have a new state-of-the-art pump with 20 years of technological advancement, we anticipate a huge demand for replacing older 3860 model pumps starting at the five-year-old level.

讓我來分享一下我們對未來幾季的想像。你們大多數人都已經看到了，當我們停止為使用七年及以上的設備提供服務合約時，我們現有的傳統泵（20 年前的原始設計核心）的銷量受到了影響。這項措施促使許多客戶將老舊的 3860 型幫浦更換為新生產的 3860 型幫浦。但現在我們有了經過 20 年技術進步的新型先進水泵，我們預計從使用五年以上的舊款 3860 型水泵開始，將會有大量需求來替換舊款水泵。

For context, in the US market alone, there are over 6,200 five-plus-year-old 3860, 61 pump channels up for replacement. We currently sell approximately 1,000 such channels annually into the domestic market. We will target adding to that base of 1,000 channels per year another 1,000 channels through update replacement sales from that 6,200 units that are over five years old. This will be our target in 2026.

作為參考，光是在美國市場，就有超過 6,200 台使用超過 5 年的 3860,61 幫浦通道需要更換。我們目前每年在國內市場銷售約 1000 個此類頻道。我們將以每年新增 1,000 個頻道為目標，透過對 6,200 台使用超過五年的設備進行升級更換，再增加 1,000 個頻道。這將是我們2026年的目標。

In subsequent years, we expect to increase the drawdown of old pump channels from 1,000 to over 2,000 and growing and so on. Again, adding the increased sales for replacements into the current base run rate of 1,000 a year, and you can understand why I see piercing that $100 million revenue run rate in 2026 and continuing strong growth for years afterwards. To put numbers on this, for our domestic opportunity only, as we sell 2,000 3870 pump channels annually, with a slightly higher ASP we anticipate, the 2025 domestic pump device revenue currently expected at $28 million in 2025 will become nearly $50 million, adding in disposables, then international sales plus the MRI monitor business, and one can understand my confidence in breaking through this $100 million revenue range.

在隨後的幾年裡，我們預計舊水泵渠道的抽水量將從 1,000 增加到 2,000 以上，並且還會繼續增加。再把新增的替換銷售額加到目前每年 1000 台的基本運行率中，你就能明白為什麼我認為 2026 年的收入運行率將突破 1 億美元，並在之後的幾年裡繼續保持強勁增長。為了具體說明這一點，僅就我們的國內市場而言，由於我們每年銷售 2,000 個 3870 型泵通道，並且我們預計平均售價會略高一些，因此 2025 年國內泵設備收入目前預計為 2800 萬美元，到 2025 年將接近 5000 萬美元。再加上一次性用品、國際銷售以及 MRI 顯示器業務，大家就能理解我為何有信心突破 1 億美元的收入大關了。

Now let's discuss our updated financial guidance. For the third quarter of 2025, we expect revenue of $20.5 million to $20.9 million, representing 12% to 14% growth over Q3 2024, which was $18.3 million. We anticipate GAAP diluted earnings per share of $0.41 to $0.45, and non-GAAP diluted earnings per share of $0.45 to $0.49, reflecting a 10% to 12% growth over Q3 2024's $0.40 to $0.43, respectively, tempered by anticipated, but short-lived operational inefficiencies during our facility transition, which we've just moved into our new building.

現在我們來討論一下我們更新後的財務指導意見。我們預計 2025 年第三季的營收為 2,050 萬美元至 2,090 萬美元，比 2024 年第三季的 1,830 萬美元成長 12% 至 14%。我們預計 GAAP 稀釋後每股收益為 0.41 美元至 0.45 美元，非 GAAP 稀釋後每股收益為 0.45 美元至 0.49 美元，分別比 2024 年第三季的 0.40 美元至 0.43 美元增長 10% 至 12%。但由於我們剛搬入新大樓，預計在設施過渡期間會出現短暫的營運效率低下，因此上述成長將會減弱。

For the full year 2025, we are raising our guidance to reflect our strong first half performance. We now expect revenues of $80 million to $82.5 million, up from our prior range of $78 million to $82 million, representing 9% to 13% growth over 2024's $73.2 million revenues. GAAP diluted earnings per share now expected to be $1.60 to $1.70, up from $1.55 to $1.65, and non-GAAP diluted earnings per share is $1.76 to $1.86, up from $1.71 to $1.81. These ranges account for approximately $2.6 million in stock-related compensation expense, net of tax for the full year and $0.6 million for Q3. We also remain committed to delivering value through our $0.17 per share quarterly dividend declared for Q3 and payable on August 28, 2025.

鑑於上半年業績表現強勁，我們上調了 2025 年全年業績預期。我們現在預計營收為 8,000 萬美元至 8,250 萬美元，高於我們先前預測的 7,800 萬美元至 8,200 萬美元，比 2024 年的 7,320 萬美元收入成長 9% 至 13%。以美國通用會計準則（GAAP）計算，預計稀釋後每股收益為1.60美元至1.70美元，高於先前預期的1.55美元至1.65美元；以非美國通用會計準則（Non-GAAP）計算，稀釋後每股收益為1.76美元至1.86美元，高於先前預期的1.71美元至1.81美元。這些預期範圍包含了全年約260萬美元的股票相關薪資支出（稅後）和第三季約60萬美元的股票相關薪資支出。我們也將繼續致力於透過派發第三季每股 0.17 美元的季度股息來創造價值，該股息將於 2025 年 8 月 28 日支付。

Now, I'll turn the call over to Jack Glenn, our CFO, to review the quarter's financial results in detail.

現在，我將把電話交給我們的財務長傑克·格倫，讓他詳細回顧一下本季的財務表現。

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。與以往一樣，我們的業績報告將按照 GAAP 準則和非 GAAP 準則進行。您可以在今天早上發布的收益報告中找到我們非GAAP營運指標的說明，並在今天發布的收益報告最後一頁找到這些非GAAP指標與GAAP指標的調節表。

For the three months ended June 30, 2025, we reported revenue of $20.4 million, a 14% increase from $17.9 million in the second quarter of 2024. This growth was driven by strong performance across all product lines with MRI compatible IV infusion pump systems contributing $8.2 million, up 19% year-over-year and patient vital signs monitoring systems contributing $5.9 million, up 9%.

截至 2025 年 6 月 30 日的三個月，我們報告的營收為 2,040 萬美元，比 2024 年第二季的 1,790 萬美元成長了 14%。這一增長得益於所有產品線的強勁表現，其中 MRI 兼容型靜脈輸液泵系統貢獻了 820 萬美元，同比增長 19%；患者生命體徵監測系統貢獻了 590 萬美元，同比增長 9%。

Disposables' revenue grew 14% to $4.2 million, reflecting increased utilization of our devices while Ferromagnetic Detection Systems and Services revenue also saw a solid gain. Domestic sales increased 18% to $18.2 million, and international sales decreased 9% to $2.2 million. Overall, domestic revenue accounted for 89% of total revenue for Q2 2025 compared to 86% for Q2 2024.

一次性用品收入成長 14% 至 420 萬美元，反映出我們設備的使用量增加，而鐵磁檢測系統和服務收入也實現了穩健成長。國內銷售額成長 18% 至 1,820 萬美元，國際銷售額下降 9% 至 220 萬美元。整體而言，2025 年第二季國內營收佔總營收的 89%，而 2024 年第二季則為 86%。

Gross profit was $16 million, up 14% from $14 million in Q2 of 2024 with a gross margin of 78%, consistent with the prior year. The strong margin performance was supported by increased overhead absorption, as we built inventory ahead of the new facility's opening. Operating expenses for the quarter were $9.2 million, up 9% from $8.4 million in Q2 of 2024, driven by higher sales and marketing expenses to support our growth and modest increases in general and administrative costs. Research and development expenses remained steady at approximately $0.9 million.

毛利為 1,600 萬美元，比 2024 年第二季的 1,400 萬美元成長了 14%，毛利率為 78%，與上年持平。強勁的利潤率得益於更高的間接費用吸收，因為我們在新工廠開業前建立了庫存。本季營運費用為 920 萬美元，比 2024 年第二季的 840 萬美元增加了 9%，主要原因是銷售和行銷費用增加以支持我們的成長，以及一般和管理費用略有增加。研發費用維持穩定，約 90 萬美元。

Income from operations grew 21% to $6.8 million from $5.6 million in Q2 2024. Tax expense for the quarter was $1.6 million, resulting in an effective tax rate of 21.2%. Net income was $5.8 million or $0.45 per diluted share, an 18% increase from $4.9 million or $0.38 per diluted share in Q2 of 2024. On a non-GAAP basis, net income was $6.4 million or $0.49 per diluted share, up 17% from $0.42, excluding $0.6 million of stock-based compensation expense net of tax.

2024 年第二季營業收入成長 21%，達到 680 萬美元，而 2024 年第二季為 560 萬美元。本季稅金支出為 160 萬美元，實際稅率為 21.2%。淨收入為 580 萬美元，即每股攤薄收益 0.45 美元，比 2024 年第二季的 490 萬美元或每股攤薄收益 0.38 美元增長了 18%。以非GAAP準則計算，淨收入為640萬美元，即每股攤薄收益0.49美元，較上年同期的0.42美元增長17%，不包括扣除稅項後的60萬美元股票選擇權費用。

Now turning to our balance sheet. We ended the quarter with cash and cash equivalents of $53 million, up from $52.2 million at year-end 2024. Cash flow from operations was a strong $7.7 million for the quarter, up 17% from $6.6 million in Q2 of 2024 and $12 million for the first half, up 14% from $10.5 million. Free cash flow was $4.9 million for the quarter and $5.3 million for the first half, reflecting capital expenditures of $6.7 million year-to-date, primarily related to the new facility. We expect final payments of approximately $1.1 million for the facility in Q3, bringing the total construction cost to approximately $12.6 million.

現在來看我們的資產負債表。本季末，我們的現金及現金等價物為 5,300 萬美元，高於 2024 年底的 5,220 萬美元。本季經營活動產生的現金流強勁，達到 770 萬美元，比 2024 年第二季的 660 萬美元成長了 17%；上半年經營活動產生的現金流為 1,200 萬美元，比 1,050 萬美元成長了 14%。本季自由現金流為 490 萬美元，上半年自由現金流為 530 萬美元，反映出年初至今的資本支出為 670 萬美元，主要與新設施有關。我們預計該設施的尾款將於第三季支付約 110 萬美元，使總建設成本達到約 1,260 萬美元。

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

接下來，我將把電話轉交給接線員，回答大家的問題。操作員？

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

（操作說明）弗蘭克‧塔基寧，湖街資本合夥公司。

Congrats on all the progress and congrats on the 3870 clearance. I was hoping to start with one on kind of current backlog. I saw the comment and heard your positive remarks about a record backlog. Can you talk about the composition of that backlog and then kind of marry that into how you expect 3860 sales to trend in front of 3870 launching?

恭喜你們取得的所有進展，也祝賀你們通過了 3870 號許可證。我原本希望先處理目前積壓的工作。我看到了你的評論，也聽到了你對創紀錄的積壓案件的正面評價。您能否談談積壓訂單的組成，然後將這些訂單與您預期 3860 在 3870 發布前的銷售趨勢聯繫起來？

Sure. Sure. I can take that one, Frank. Yeah, as we said, it was a record backlog as of June 30, and it was composed of both -- certainly, as we discussed the pumps, but also a very strong monitoring backlog as well. And so that certainly gives us, I think, good visibility into the second half of the year, especially with -- before we commercialize and introduce the 3870 that we have a strong backlog of 3860s to get us through what we see to the second half of the year.

當然。當然。法蘭克，我可以接受這個挑戰。是的，正如我們所說，截至 6 月 30 日，積壓案件數量創下歷史新高，其中既包括我們討論過的泵，也包括非常嚴重的監測積壓案件。因此，我認為這無疑讓我們對今年下半年有了良好的展望，尤其是在我們將 3870 商業化並推出之前，我們有大量的 3860 訂單可以讓我們度過下半年的難關。

Frank, I think -- Frank, it was just good to hear your voice. Thanks for the question. Maybe that was a two-parter, you also want to know how the -- maybe the 3860s, the old pump, the legacy pump orders would trend.

法蘭克，我想──法蘭克，很高興聽到你的聲音。謝謝你的提問。也許這是一個分成兩部分的內容，你也想知道——也許是 3860s，老式水泵，傳統水泵的訂單趨勢會如何。

So -- I mean, they're still trending extraordinarily strong, and that's why we're so bullish as the year wraps up. We really feel at this point that we're more or less in control of how that will trail off, so -- and that comes to the timing of when we actually unleash our sales team to go out and actively in mass, start discussing this new pump. So they're not doing that at this point. We don't want them to do that.

所以——我的意思是，它們的趨勢仍然非常強勁，這就是為什麼我們在年底之際如此看好它們的原因。我們現在感覺，我們或多或少可以控制這種情況的走向，所以——這涉及到我們何時真正放手讓銷售團隊出去，大規模地積極宣傳這款新泵。所以他們目前還沒有這樣做。我們不希望他們這樣做。

But certainly, somewhere in December is where we'll do that. And -- so we think the orders are still -- for the older pump will still be rather significant, quite strong right up until we do start to talk about the 3870 somewhere in December.

但可以肯定的是，我們會在十二月的某個時候做這件事。所以——因此我們認為——舊款泵的訂單仍然相當可觀，而且一直非常強勁，直到我們在 12 月開始討論 3870 型號為止。

Got it. Very helpful. Clear. And then Roger, I wanted to follow up on some of your comments. I appreciate all the color on kind of 3870 renewal potential.

知道了。很有幫助。清除。羅傑，我想就你的一些評論做個後續說明。我欣賞關於 3870 更新潛力的各種見解。

How do you think about the cadence of that ramp to the $50 million of pump revenue? I assume it builds over time, but any thoughts around how that kind of scales throughout 2026 would be helpful.

您如何看待泵浦業務收入逐步成長至 5,000 萬美元的目標？我猜想它會隨著時間的推移而發展，但任何關於這種發展趨勢在 2026 年如何演變的想法都會很有幫助。

Yeah. Well, it will -- our plan, as we mentioned before, and I think we went over this on previous calls, is in Q4, we'll sell a few 3870s. It will be insignificant to revenue, but the purpose is not how much we generate revenue, it's to generate a few -- it's basically to generate feedback from a few of our stronger users as to any user suggestions or little tweaks that we might want to -- last-minute tweaks put into the product. So we plan to start that all right around Christmas time, New Year's.

是的。嗯，會的——正如我們之前提到的，而且我認為我們在之前的電話會議上也討論過，我們的計劃是在第四季度出售一些 3870。對收入而言，這微不足道，但目的不在於我們能創造多少收入，而是在於創造一些收入——這基本上是為了從一些更活躍的用戶那裡獲得反饋，以便我們提出任何用戶建議或進行一些小的調整——在產品中加入一些最後的調整。所以我們計劃在聖誕節和新年前後開始這項工作。

And of course, then we will also be fully out showing the 3870 by that point as well. And so, the bookings of the new pump in the first quarter, they won't be all the way ramped up to these numbers I was talking about at that point, certainly. They'll be just starting to bring in revenue. And as you understand, I think everybody understands, there's a pipeline and an inertia to people writing POs, even though due to this resale of 3860s that we've had going on, there will be a number of customers who have the funds budgeted, and we'll be switching those to the new pump as we can.

當然，到那時我們也會全面展示 3870 型號。因此，第一季新幫浦的預訂量肯定不會完全達到我當時所說的那些數字。他們才剛開始產生收入。正如你所理解的，我想大家都明白，人們寫採購訂單是有流程的，而且存在慣性，儘管由於我們一直在進行的 3860 轉售，將會有很多客戶已經為這筆資金做了預算，我們將盡可能地把這些資金轉移到新泵上。

But Q1 on pump bookings overall, I expect to be weak. And we'll fill it with the revenue won't be though because we have such a huge backlog. So you won't really see it by looking at revenue, but bookings we anticipate in Q1 for pumps should be a little bit weak. But then by second quarter, we should be back to pretty strong run rate on booking pumps, which will just accelerate through Q3 and Q4 so that certainly by the end of 2026, as I think you could glean from what I was saying earlier, the overall run rate of the business will be towards that $100 million number and past it.

但我預計第一季整體加油站訂單量將疲軟。但我們會用收入來填補空缺，不過因為我們積壓的訂單太多，收入肯定不夠。所以從營收看不出來，但我們預期第一季幫浦的預訂量會略顯疲軟。但到了第二季度，我們的泵浦訂單量應該會恢復到相當強勁的水平，而且這一趨勢會在第三季度和第四季度加速，因此，正如我之前所說，到 2026 年底，公司的整體業務收入肯定會接近甚至超過 1 億美元。

Got it. That makes sense. And then just last one for me. Obviously, you have a very large opportunity to harvest the renewal cycle with the 3870. But curious if you think the functionality and improvements of the 3870 could expand the overall market and demand in the pump area.

知道了。這很有道理。最後，我還要再來一個。顯然，3870 為實現更新周期提供了非常好的機會。但我很好奇，您是否認為 3870 的功能和改進能夠擴大泵浦領域的整體市場和需求。

I haven't really even factored that in. But as you've heard us say over the last few years, you've been on these calls for a while, and those that have been on this call for a while heard us say, that this new pump is 20-year -- it's two decades improved over what we've been selling. And so, we think, and we decided to address one of the Achilles heels of this old pump, which was its usability. We made the new pump. As we've talked about in the past, it has a very -- compared to the old pump, let's call it, much more modern and interactive user interface.

我根本沒把這一點考慮進去。但正如你們過去幾年一直聽到我們所說，你們也參加了一段時間的電話會議，那些參加過一段時間電話會議的人也聽到我們說過，這款新泵比我們過去銷售的產品改進了 20 年。因此，我們決定解決這款老式水泵的一個致命弱點，那就是它的易用性。我們製造了新的水泵。正如我們之前討論過的，與舊泵相比，它擁有一個非常現代化、互動性更強的使用者介面。

We have little graphics and animations on it that help lead the user through the use of the pump. To some extent, we think that is the single largest deterrent that slows down the adoption of the older pump. And so yes, we feel that with the new pump being much more modern and with this much more user-friendly help that comes on the screen to guide the users through its use, that the greenfield, those folks that have sat on the fence and not adopted the older pump, we should knock them off at an accelerating rate. I didn't factor that into these numbers I'm talking about. So that is upside.

我們在泵浦上添加了一些圖形和動畫，以幫助引導使用者使用泵浦。在某種程度上，我們認為這是減緩老式水泵普及的最大阻礙因素。所以，是的，我們認為，由於新泵更加現代化，並且屏幕上會顯示更加人性化的幫助信息來指導用戶使用，我們應該加快那些還在猶豫不決、沒有採用舊泵的新興用戶群體的接受度。我沒有把這一點考慮進我所說的這些數字。這是有利的一面。

Jason Wittes, ROTH.

傑森·威特斯，羅斯。

And solid quarter here. So first off, on the new pump, is there an ASP increase that we should be factoring in here?

本季表現穩健。首先，關於新泵，我們是否應該考慮平均售價上漲的問題？

I missed that.

我錯過了。

What was the pricing on the new pump.

新水泵的價格是多少？

Oh, yeah. Yeah, I kind of alluded to that in what I said. We anticipate the ASP will be a little bit higher. We've had this question a few times in previous calls. And now, we're finally in the last -- just these last few weeks since we got clearance from FDA, we've really put the pencil to the pricing and modeled the pricing. So it looks like it's coming out where it's probably going to be around 12-ish percent more than the ASP of the existing pump.

哦，是的。是的，我剛才的話裡也暗示過這一點。我們預計平均售價會略高一些。在之前的幾次通話中，我們已經被問到這個問題了。現在，我們終於進入了最後階段——自從獲得 FDA 批准以來的幾週，我們真正開始認真研究定價並建立定價模型。所以看起來最終結果可能會比現有幫浦的平均售價高出 12% 左右。

Okay. That's good to hear. I guess, is there -- I mean, would that be -- is that possible to put some upward pressure on the gross margins from that pricing? Can we assume that as well? Or is it too early to make that call?

好的。聽到這個消息真好。我想，這種定價方式是否有可能對毛利率施加一些上行壓力？我們也可以這樣假設嗎？現在下結論是否為時過早？

Well, yeah, it should be reflected in that. And it might actually be reflected a little bit more so even in the gross margin because --

是的，這應該體現在那裡。而且，這一點或許在毛利率上反映得更明顯，因為--

I meant gross margins, yes. But I'll take -- I actually -- operating margins will be more important, so that's even better to hear. Thank you.

是的，我指的是毛利率。但我認為——實際上——營業利潤率會更重要，所以聽到這個消息就更好了。謝謝。

And then on the backlog, how long is it taking you guys to fulfill your backlog at this point? What is the, I guess, timing from an order to -- that goes in backlog to getting fulfilled?

那麼，關於待辦事項，你們目前需要多長時間才能完成待辦事項？我想問的是，從訂單進入積壓狀態到最終完成，大概需要多久？

Well, it's a little different between the pump and the monitor. The monitor backlog is running, as I recall, about four weeks, five weeks, somewhere in there. A pump backlog is running about five months, five, six months, and we're letting that take place.

嗯，泵浦和監視器之間有點不同。我記得監控積壓工作大概需要四週到五週的時間。水泵積壓情況大約持續了五到六個月，我們正任其發展。

As I mentioned, we anticipate bookings for pumps will be low in Q1 as we transition. But revenue won't be because we got this huge backlog of these older pumps to deliver. So yeah, it's -- there's a good length of time in the backlog.

正如我之前提到的，由於我們正在進行轉型，我們預計第一季泵浦的預訂量會比較低。但收入不會增加，因為我們還有大量舊泵需要交付。是的，積壓的工作確實很多。

Okay. That's helpful. And then it sounds like customers -- there are going to be some upgrades from the backlog, but it doesn't sound like per se customers expecting pumps in the next -- certainly, for the rest of this year are necessarily going to be motivated to upgrade. They'll be happy getting just a new pump.

好的。那很有幫助。而且聽起來，客戶——積壓訂單中會有一些升級，但聽起來客戶本身並不指望在今年剩餘的時間裡就能用上泵——當然，他們未必有動力去升級。他們只要得到一台新水泵就會很高興了。

Is that the right way to think about it? Or do you anticipate there's some upgrades there as well?

這種思考方式正確嗎？或者您預計那裡也會有一些升級？

In this year, no, we're only targeting a limited number of facilities, basically three, that we're going to deliver 40 to 50 of the new pumps and to watch those customers, I mentioned before, that we want to just use more as just any things that we need to put a finishing touch to that may come up during watching how people actually interact with and use the pump. And that's why we're going to deliberately have this delay in Q1 is because we're going to wait for that two, three months of education from what we can learn from initially planting about 40 pumps.

今年，我們只針對有限的幾個設施，基本上是三個，我們將向這些設施交付 40 到 50 台新泵。正如我之前提到的，我們會觀察這些客戶，並根據需要進行更多改進，以完善在觀察人們實際與幫浦互動和使用過程中可能出現的問題。這就是為什麼我們要在第一季故意推遲的原因，因為我們要等待兩到三個月的時間，從最初安裝的大約 40 台泵中吸取經驗教訓。

Thank you. At this time, I would now like to turn the conference back over to Roger Susi for closing remarks.

謝謝。現在，我謹將會議交還給羅傑·蘇西，請他作閉幕致詞。

Again, thank you, operator. I'd like to thank those who have ridden along with us on this MRI niche journey, which though always maintaining great revenue growth and margins, at times provide a few white-knuckle twists and turns, mainly due to the clearance process for this new pump. But it is with very clear vision we now see that road ahead, providing us many more years of rewarding growth as we can after nearly 20 years, offer our customers a path to move their MRI IV solution delivery onto our new exciting pump platform. Thank you.

再次感謝接線生。我要感謝那些與我們一同踏上 MRI 細分市場征程的人們，雖然我們一直保持著良好的收入增長和利潤率，但有時也會出現一些令人心驚膽戰的曲折，這主要是由於這款新泵的審批過程。但我們現在以非常清晰的願景看到了前方的道路，這條道路將為我們帶來更多年豐厚的回報，因為經過近 20 年的發展，我們可以為客戶提供一條途徑，將他們的 MRI IV 溶液輸送系統遷移到我們令人興奮的新泵平台上。謝謝。

This concludes the call. You may now disconnect.

通話到此結束。您現在可以斷開連線了。