IRADIMED CORPORATION (IRMD) 2026 Q1 法說會逐字稿

Welcome to IRadimed Corporation's first quarter of 2026 financial results conference call.

歡迎參加 IRadimed Corporation 2026 年第一季財務業績電話會議。

(Operator Instructions) This call is being recorded today, May 1, 2026, and contains time sensitive accurate informations that is valid only for today. Earlier, IRadimed released its financial results for the first quarter of 2026. A copy of this press release announcing the company's earnings is available under the heading News on their website at iradimed.com.

（接線員指示）本通話於今日 2026 年 5 月 1 日錄音，並包含具時效性的正確資訊，僅於今日有效。稍早，IRadimed 已公布其 2026 年第一季財務結果。宣布公司盈餘的本新聞稿副本可於其網站 iradimed.com 的「News」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 fcc.gov. This call is being broadcast live on the company's website at iradimed.com, and a replay will be available there for the next 90 days.

該新聞稿副本亦已以 Form 8-K 形式提交至美國證券交易委員會，並可於 fcc.gov 查閱。本通話將於公司網站 iradimed.com 進行即時直播，並將於該處提供未來 90 天的重播。

Some of the information in today's session will constitute forward-looking statements with the meanings of the Private Securities Litigation Reform Act of 1995. Forward-looking statements focus on the 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.

今日會議中的部分資訊將構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。前瞻性陳述著重於未來的表現、結果、計畫與事件，並可能包含公司對未來結果的預期。IRadimed 提醒您，由於若干風險因素，未來結果可能與這些前瞻性陳述存在重大差異。關於可能影響公司業務之相關風險與不確定性的說明，請參閱公司最近向美國證券交易委員會提交之報告中的「Risk Factors」章節；該等資料可於 SEC 網站 sec.gov 免費取得。

I want to turn the call over to Roger Susi, President and Chief Executive Officer of IRadimed Corporation. Mr. Susi.

我想把電話交給 IRadimed Corporation 總裁兼執行長 Roger Susi。Susi 先生。

Thank you, operator, and good morning. Welcome to IRadimed's Q1 2026 earnings call. Sorry for the late start. We have a little microphone problem on this end. We once again have a very positive performance to announce. With the first quarter 2026 revenue of $22 million. A 13% increase over the first quarter of 2025.

謝謝接線員，大家早安。歡迎參加 IRadimed 2026 年第一季（Q1）財報電話會議。抱歉延遲開始，我們這端麥克風出了點問題。我們再次要宣布非常正面的表現。2026 年第一季營收為 2,200 萬美元，較 2025 年第一季成長 13%。

These results reflect solid execution across our product line with strong revenue contribution from both our MRI-compatible IV infusion pump and our MR Patient monitoring, noting that pump revenue substantially derived from the 60-pump system. There also continues to be growing revenue support for our ferromagnetic detection systems.

這些結果反映我們在產品線上的穩健執行；我們的 MRI 相容 IV 輸注幫浦與 MR 病患監測產品皆有強勁的營收貢獻，並注意到幫浦營收很大一部分來自 60 幫浦系統。我們的鐵磁偵測系統也持續獲得日益成長的營收支撐。

Our continued revenue growth, combined with disciplined expense management, including a modified commission structure, drove operating income of $7.2 million, a 33% improvement over the first quarter of 2025.

我們持續的營收成長，加上嚴謹的費用管理（包括調整後的佣金結構），帶動營業利益達 720 萬美元，較 2025 年第一季提升 33%。

With net income of $5.8 million or $0.45 per diluted share, a 22% increase over that prior year.

淨利為 580 萬美元，或稀釋後每股盈餘 0.45 美元，較前一年成長 22%。

Next, I'd like to provide a brief recap of our expectations for the new 3870 MRI IV pump. Recalling that in positioning this new product and its pricing, we had anticipated that the 3870-pump deal typically, it's ASP, would increase by some 10% to 14% over the historical 3860 pump ASP. However, though just beginning, initial quoting and actual orders are showing a lift closer to 20% for the 3870 ASP.

接下來，我想簡要回顧我們對新款 3870 MRI IV 幫浦的預期。回想在定位此新產品及其定價時，我們原先預期 3870 幫浦的交易通常其 ASP（平均銷售單價）將較歷史上的 3860 幫浦 ASP 提升約 10% 至 14%。然而，雖然才剛開始，初步報價與實際訂單顯示 3870 的 ASP 提升幅度更接近 20%。

Additionally, we are seeing that a majority of this new business is for quad for pump systems rather than simply replacing the older 3860 dual channel system. Thus, we are seeing both a higher per pump ASP and a larger group of customers purchasing twice as many pump channels, doubling the number of pump channels at a particular customer site. Though obviously, our sales efforts are in the very stages, these two factors present a most exciting prospect for bookings and revenue as the year progresses.

此外，我們看到這些新業務多數是四幫浦系統，而非僅替換舊款 3860 雙通道系統。因此，我們同時看到每台幫浦更高的 ASP，以及更多客戶購買兩倍的幫浦通道數，讓特定客戶據點的幫浦通道數翻倍。雖然我們的銷售工作顯然仍在非常早期階段，但這兩項因素為今年後續的接單與營收帶來最令人振奮的前景。

Opportunities for the new 3870 pump system, as previously described, are both increased penetration of the greenfield, which are predominantly those facilities that continue to deal with IV fluid delivery in the MRI Setting via various old school workarounds. As well as the quite substantial replacement of their adamant-aged installed base of 3860 pump systems, the most immediate and significant increase coming from the large replacement opportunity. This replacement opportunity will be our key growth driver for the next several years, as that growth as mentioned has now begun to be the driving factor in this second quarter.

如先前所述，新款 3870 幫浦系統的機會來自兩方面：一是提高對綠地市場（greenfield）的滲透，這些多為仍在 MRI 環境中透過各種老派替代作法處理 IV 輸液的機構；二是相當可觀的替換其既有、年久且數量龐大的 3860 幫浦系統裝機基礎，其中最即時且最顯著的增量來自大型替換機會。這項替換機會將成為未來數年的關鍵成長動能；如前所述，該成長如今已開始，並在本第二季成為驅動因素。

To provide some clarity to the revenue expectations in Q2 and beyond, it will not be a step change, but rather a controlled rank, which is initially composed of declining revenue derived from the older 3860 pump system, domestic orders which have trailed off as expected, offset positively by increasing revenue from the new 3870 system as we ramp up its production.

為了讓大家更清楚第二季及之後的營收預期，這不會是階梯式的跳升，而是受控的爬升；其初期組成為：來自舊款 3860 幫浦系統的營收下滑（如預期，國內訂單已逐步減少），並由新款 3870 系統在我們提升產能的過程中帶來的營收成長所正向抵銷。

Jack, our CFO, will provide our Q2 guidance for further quantifying how Q2 is expected to develop.

我們的財務長 Jack 將提供第二季（Q2）指引，以進一步量化 Q2 預期的發展情況。

To reiterate, the source of the 3870 opportunity is given in our previous call. For the US Market, there are approximately 6,400 five-plus-year-old or older 3860s, 3861 pump channels up for replacement. We have been selling approximately 1,100 such 3860 channels annually. With the new 3870, we are targeting adding another 1,000 channels per year to replacement sales from the existing 6,400 3860 units that are over five years old.

再次重申，3870 的機會來源已在我們先前的電話會議中說明。就美國市場而言，約有 6,400 個使用超過五年或更久的 3860、3861 幫浦通道需要汰換。我們每年約銷售 1,100 個此類 3860 通道。隨著新款 3870，我們的目標是在既有超過五年的 6,400 台 3860 單位的替換銷售中，每年再增加 1,000 個通道。

As advertised, this starts in Q2 and continues through the rest of 2026 and beyond. It is also important to understand that replacing only 1,000 channels per year leaves many thousands more to be replaced in the years to come.

如同先前所宣示，這將自第二季開始，並延續至 2026 年其餘期間及之後。同時也必須理解，每年僅替換 1,000 個通道，仍會在未來年度留下數千個通道需要替換。

For our holistic business only, selling north of 2,000 3870 pump channels annually, with the higher ASP currently being experienced, we expect to approach a $50 million annual revenue run rate for pumps. Adding disposable, maintenance, international sales, the Mr. Monitoring business, the ferromagnetic system, one can understand our confidence in achieving a 100-plus revenue run rate as 2026 progresses.

就我們整體業務而言，若每年銷售超過 2,000 個 3870 幫浦通道，且目前所見 ASP 較高，我們預期幫浦業務的年化營收運行率可接近 5,000 萬美元。再加上耗材、維護、國際銷售、MR 監測業務、鐵磁系統等，大家可以理解我們對於在 2026 年推進過程中達成 1 億美元以上營收運行率的信心。

Timing has been discussed previously as well. But to recap that, we did not launch our sales effort for the 3870 until late January. As advised, we targeted shipping 130 to 135 3870s in Q2. Both the launch and the manufacturer of those initial 130, 135, 3870s are progressing as planned.

時程先前也已討論過，但在此重申：我們直到 1 月下旬才啟動 3870 的銷售推廣。如先前所述，我們目標是在第二季出貨 130 至 135 台 3870。目前，無論是產品上市推進，或是首批 130、135 台 3870 的製造，都按計畫進行。

As we issued in this morning's press release, the interest in the new 3870 has been very gratifying. The number of orders and the dollar size are well ahead of our expectations this early in the product launch, giving us great encouragement. Still, however, Q2 revenue will not fully reflect this high level of exciting order activity as shipping even 135 new 3870 systems combined with the declining revenue of over 3860s keeps Q2 revenue somewhat in check.

正如我們在今早新聞稿中所發布的，市場對新款 3870 的興趣令人非常滿意。產品上市初期，訂單數量與金額規模都遠超出我們的預期，給了我們很大的鼓舞。然而，第二季營收仍無法完全反映這種令人振奮的高水準訂單活動，因為即便出貨 135 套新的 3870 系統，再加上舊款 3860 營收下滑，仍會使第二季營收在某種程度上受到抑制。

Again, it will be the back half of 2026 that will shine as we continue to vote more pumps at that higher ASP and increasing production of these 3870 systems.

再一次，隨著我們持續以更高的ASP（平均銷售單價）投票通過更多幫浦訂單，並提高這些3870系統的產量，真正會發光發熱的將會是2026年下半年。

I'll turn the call over to Jack Glenn, our CFO, to review the course's financial results and provide a deeper color on growth through the balance of the year. Jack.

我把電話會議交給我們的財務長Jack Glenn，請他回顧本季度的財務結果，並就今年剩餘期間的成長提供更深入的說明。Jack。

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 measures in this morning's earnings release and a reconciliation to GAAP on the last page.

謝謝你，Roger，各位早安。和以往一樣，我們的業績同時以GAAP與非GAAP基礎呈報。您可以在今天早上的財報新聞稿中找到我們非GAAP衡量指標的說明，並在最後一頁看到與GAAP的調節表。

For the three months ended March 31, 2026, revenue was $22 million, up 13% from $19.5 million in the first quarter of 2025. IV Infusion Pump Systems contributed $7.7 million, up 28% year-over-year, reflecting the fulfillment of 3,860 pump backlog from the beginning of the year.

截至2026年3月31日止的三個月，營收為2,200萬美元，較2025年第一季的1,950萬美元成長13%。IV輸液幫浦系統貢獻770萬美元，年增28%，反映年初以來3,860台幫浦積壓訂單的履約出貨。

Patient vital signs monitoring systems contributed $7.1 million, up 9% year-over-year. Disposable revenue was $4.9 million, consistent with the prior-year period, while ferromagnetic detection systems contributed $600,000. Domestic sales accounted for 82% of total revenue, consistent with the first quarter of 2025. Gross profit for the quarter was $16.8 million, with a gross margin of 77%, up from 76% in the first quarter of 2025.

病患生命徵象監測系統貢獻710萬美元，年增9%。耗材營收為490萬美元，與去年同期一致；而鐵磁偵測系統貢獻60萬美元。國內銷售占總營收的82%，與2025年第一季一致。本季毛利為1,680萬美元，毛利率77%，高於2025年第一季的76%。

Total operating expenses for the quarter were $9.6 million, roughly in line with the first quarter of 2025. General and administrative expenses were $4.6 million, sales and marketing were $4.1 million, and research and development were $1.1 million. The increase in R&D was largely due to the end of capitalizing internally developed software for the 3870 compared with Q1 of 2025, as well as new product development for the next-generation monitor.

本季總營業費用為960萬美元，與2025年第一季大致相當。一般及行政費用為460萬美元，銷售與行銷費用為410萬美元，研發費用為110萬美元。研發增加主要是因為相較於2025年第一季，我們已結束對3870內部開發軟體的資本化，另外也投入下一代監測器的新產品開發。

Income from operations for the quarter was $7.2 million. Net income was $5.8 million, or $0.45 per diluted share on a GAAP basis, a 22% increase over the prior-year period. Non-GAAP net income was $6.4 million, or $0.49 per diluted share, up 17%.

本季營業利益為720萬美元。GAAP基礎下淨利為580萬美元，或稀釋後每股0.45美元，較去年同期成長22%。非GAAP淨利為640萬美元，或稀釋後每股0.49美元，成長17%。

The effective tax rate for the quarter was approximately 25%. The increase in the effective tax rate for the quarter is largely due to the timing of deductions tied to the windfall deduction for equity grants, which is a discrete item taken at time investing of the equity grants, most of which will occur in the fourth quarter of this year.

本季有效稅率約為25%。本季有效稅率上升主要是因為與股權授予相關的暴利扣除（windfall deduction）之扣除時點所致；這是一項在股權授予投資時點認列的離散項目，其中大部分將發生在今年第四季。

Therefore, we anticipate that the rate will trend down and, by the end of the year, be more in line with previous years. We ended the quarter with cash and cash equivalents of $56.4 million. Cash flows from operations was $8.3 million for the quarter compared to $4.3 million in the first quarter of 2025. An increase of 93%, reflecting higher net income and favorable working capital movements.

因此，我們預期稅率將呈下降趨勢，並在年底時更接近以往年度水準。本季期末現金及約當現金為5,640萬美元。本季營運活動現金流入為830萬美元，較2025年第一季的430萬美元增加93%，反映較高的淨利以及有利的營運資金變動。

Non-GAAP free cash flow was $7.8 million for the quarter after capital expenditures of approximately $500,000. Also today, the company's Board of Directors declared a regular quarterly cash dividend of $0.20 per share of outstanding common stock, payable on May 29, 2026, to stockholders of record as of the close of business on May 15, 2026.

本季非GAAP自由現金流為780萬美元，扣除約50萬美元的資本支出後計算。此外，公司董事會今日宣告例行季度現金股利，每股普通股配發0.20美元，將於2026年5月29日支付給截至2026年5月15日營業日結束時登記在冊的股東。

And lastly, for our financial guidance, for the second quarter of 2026, we expect revenue of $20 million to $21 million, GAAP diluted earnings per share of $0.40 to $0.44, and non-GAAP diluted earnings per share of $0.44 to $0.48. For the full-year 2026, we affirm our guidance with a revenue of $91 million to $96 million, GAAP diluted earnings per share of $1.90 to $2.05.

最後，關於財務指引：2026年第二季，我們預期營收為2,000萬至2,100萬美元，GAAP稀釋後每股盈餘為0.40至0.44美元，非GAAP稀釋後每股盈餘為0.44至0.48美元。2026年全年方面，我們重申指引：營收為9,100萬至9,600萬美元，GAAP稀釋後每股盈餘為1.90至2.05美元。

And non-GAAP diluted earnings per share of $2.06 to $2.21. The company expects stock-based compensation expense net of PAC to be approximately $2.4 million for the full year and $600,000 for the second quarter of 2026.

非GAAP稀釋後每股盈餘為2.06至2.21美元。公司預期全年以PAC淨額後的股票基礎薪酬費用約為240萬美元，而2026年第二季約為60萬美元。

With that, I will turn the call over to questions. Operator.

接下來，我們開放提問。接線員。

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

（接線員指示）Lake Street Capital Markets的Frank Takkinen。

Great. Thank you for taking my questions and congrats on all the solid progress. I was hoping to start with a follow-up on, Roger, your comments related to cloud system ordering.

很好。謝謝讓我提問，也恭喜你們取得紮實的進展。我想先從追問Roger你關於雲端系統下單的評論開始。

How do you maybe break that down a little bit? Why do you think folks are going from a single dual channel to ordering four individual channels? And then my assumption is you can't assume everybody goes to ordering four channels, but is there something specific to call out with some of these early customers that would be more likely to order four systems? Or is it fair to assume that a lot of your customers reordering could fall into this can of ordering four systems at once?

你能否再多拆解一下？為什麼你認為客戶會從訂購單一的雙通道，轉而訂購四個獨立通道？另外我假設不能認定每個人都會改成訂四個通道，但在某些早期客戶身上，有沒有什麼特定因素使他們更可能訂購四套系統？或者是否可以合理假設，你們許多回購的客戶可能會落在一次訂購四套系統這種情況？

Yeah, good question, Frank. Yeah, well, yeah, that's a good question. So it's a bit of a surprise that sold, yeah, more than half of these orders we've taken so far have been for this cloud system. So that's a bit surprising.

是的，Frank，問得好。是的，這確實是個好問題。老實說有點出乎意料，因為到目前為止我們拿到的訂單中，超過一半是針對這個雲端系統。所以這點有些令人意外。

We were hoping for maybe 10%, 15% customers, we could step up to this, doubling the number of channels they operate. So why, your question, I guess, is why is that happening?

我們原本希望大概有10%、15%的客戶會升級到這個方案，把他們可操作的通道數加倍。所以你問的重點，我想是：為什麼會發生這種情況？

I have to say, that you know I got to give the sales force a little credit for this by and large you know they are close to the customers. And they felt that you know with the new system the way it the way it works and the way it the impression it can lead customers well you know it it's smaller than the old pump. And the way they actually stack together on a pole, they really work together as four very easily. And so we're showing it that way.

我得說，這方面要給銷售團隊一些肯定。整體而言，他們與客戶距離很近。他們覺得新系統的運作方式，以及它給客戶的觀感，確實能帶動客戶採用。你知道，它比舊款幫浦更小。而且它們實際上在點滴架的桿子上堆疊起來時，四台一起運作非常容易、很協調。所以我們就是用這種方式展示。

We show, we walk in and we're showing the quad stack. And when customers see it, though, they, of course, hadn't been thinking in terms of that before, because they've only had a two-channel version before. It does seem that it's fairly quick that, as I said, more than half these existing customers fairly quickly see that, oh, wow, we've had some cases come up over the years that we've been using the older [Vanamet] pump where, yeah, we needed a third and a fourth channel handy.

我們會展示、走進去就展示四聯堆疊（quad stack）。客戶看到之後，當然以前不會這樣想，因為他們過去只有雙通道版本。但看起來他們很快就能理解——就像我說的，超過一半的既有客戶很快就會意識到：哇，這些年我們用舊款[Vanamet]幫浦時，確實遇過一些情況，需要第三、第四個通道隨手可用。

And this sort of stimulates this conversation makes customers think of those situations where they could see that they needed that many channels, and they put the budget through and another very positive sign has been, these orders get, we only started selling this thing in late January, as I pointed out.

而這也算是促成了這樣的對話，讓客戶想到那些情境：他們確實會需要那麼多通道，於是就把預算編列進去；另一個非常正面的跡象是，這些訂單進來的速度——我們如我所提到的，直到一月底才開始銷售這個產品——相當快。

So orders that we're getting in, and this point have been rather quick, quicker than the typical you know cycle time for getting orders so far so it's all very positive but I think that's generally the reason if you if you picked it out of that customers do have experience where extra channels were required in the past and they're going ahead and taking advantage of buying a quad stack.

所以我們目前收到的訂單，速度相當快，比起一般你知道的下單週期時間還要快；整體都很正面。但我想一般來說原因是：如果你從中挑出重點，客戶過去確實有需要額外通道的經驗，因此他們就直接把握機會購買四聯堆疊（quad stack）。

That's great. And then maybe just one follow-up on that. Is there a financial element to it as well? Are they getting a better per pump deal if they're buying four at a time?

這很棒。那再追問一個：這當中是否也有財務面的因素？如果他們一次買四台，每台幫浦的單價是否更划算？

No, that pump ASP is, as I said, $24. It was higher. The bonus price of the previous pump was, $20,000.

沒有，那個幫浦的ASP（平均售價）如我所說是2.4萬美元。之前更高。上一代幫浦的優惠價格是2萬美元。

So let's recap that, right? So the list price of the previous pump was $20,000. You can buy the second channel for about another $10,000. So as we've told many times, our typical ASP pump deal, it's just under $40,000 by the time you get the pump and the sidecar and the pole and the remote and all that, that's where it was landing.

所以我們回顧一下，對吧？上一代幫浦的牌價是2萬美元。你可以再加購第二個通道，大約再1萬美元。所以如我們多次提到的，我們典型的幫浦ASP成交案，等你把幫浦、側掛模組（sidecar）、點滴架（pole）、遙控器以及所有配件都算進去，通常會落在接近4萬美元以下一點的位置。

So the quad systems we've been selling again. Quad stack of the 3870s, again, the IV pole, the remote control. These are coming in at more than $100,000. So it's very exciting.

所以我們一直在賣的四聯系統——3870的四聯堆疊（quad stack），同樣包含IV點滴架與遙控器——這些訂單金額都超過10萬美元。這非常令人振奮。

Well, that's great. Maybe a bigger picture question, the concept that you laid out from going from around 1,000, I think you said 1,100 pumps a year, to adding another incremental 1,000 on top of that. What are the drivers to that? I assume this concept we just talked about, the quad pump ordering is a significant driver, too. But is there an assumption of greenfield capture in that number as well, or is it really just replacement?

很好。也許問個更宏觀的問題：你提到從每年大約1,000台（我記得你說是1,100台）提升到在此基礎上再增加額外1,000台的概念。推動因素是什麼？我想我們剛談到的四台幫浦一起下單（quad pump ordering）也是重要驅動之一。但這個數字裡是否也假設了綠地（greenfield）市場的拿下，還是其實主要只是汰換？

No. When I was speaking about that earlier in the call, I'm just talking taking 1,000 out of the installed base where the old pumps are. Greenfield would be extra. And frankly, maybe I'll make it more clear, but frankly, the excitement level and the customers, existing customers calling us wanting to see the new pump is kind of a frenzy right now. I don't see that we're going to have time to start calling on the greenfield for a while.

沒有。我先前在電話會議中談到那點時，我只是說從既有裝機基礎中，把舊幫浦所在的那1,000台拿出來做汰換。綠地市場會是額外的。而且坦白說，也許我應該講得更清楚：目前的興奮程度，以及既有客戶打電話來想看新幫浦的熱度，現在有點像是瘋狂搶看。我不覺得我們短期內會有時間去主動開發綠地市場。

So no, that doesn't have any upside from reading field factored in it at this point.

所以沒有，目前這個數字並沒有把綠地市場的上行空間納入。

Yeah, that's great. And just the last one for me, and I appreciate all the time on manufacturing. How are you feeling from that standpoint? I think in our previous conversations, you felt really good about that, but as you're taking orders now and scaling that, how is all of that going?

是的，很棒。最後一個問題，也謝謝你花這麼多時間談製造端。就製造而言你現在感覺如何？我記得我們之前的對話中，你對這方面很有信心；但現在開始接單並擴大規模後，整體進展如何？

Well, the sales team wants us to ramp it up a lot faster, but we're trying to take it a bit. Cautiously and, ramp it up here. That's what I'm talking about, 130, 135 pumps for this quarter. The sales team would like us to ship over 200, but we just can't do it. We're going to stay at that level; we're going to get them right.

嗯，銷售團隊希望我們加速得更快，但我們想更謹慎一些、循序拉升。我說的就是本季大約130到135台幫浦。銷售團隊希望我們出貨超過200台，但我們做不到。我們會維持在這個水準；我們要把品質與流程先做對。

And then third quarter, we'll plan to near double that up again over in the next quarter, maybe a little bit more in third quarter. And so on in the fourth quarter, where we shouldn't be by fourth quarter, hitting a pretty heavy stride on the number of these new pumps we're kicking out of here. And of course, having this new facility, we got the space and, it's a matter of ramping up the know-how and stabilizing the supply chain.

然後第三季，我們計畫在下一季的基礎上幾乎再翻倍，第三季可能還會再多一點。接著第四季也是如此；到第四季，我們應該能在這些新幫浦的產出數量上進入相當強勁的節奏。當然，有了這座新廠房，我們有空間；接下來就是把技術與經驗（know-how）拉升並讓供應鏈穩定下來。

And so that's why we're being more conservative on the ramp.

所以這就是我們在爬坡（ramp）上採取較保守作法的原因。

Perfect. Helpful. Thanks for taking the questions.

完美，很有幫助。謝謝回答問題。

(Operator Instructions) I'm showing no further questions at this time. I'd like to turn the call back over to Roger Susi for closing remarks.

（接線生指示）目前顯示沒有其他提問。我想把電話交回給Roger Susi做結語。

Well, thank you all once again for joining us on today's call. I'd like to add, as we close the call today, that the market is very excited about the new 3870 pump system, and we are being invited into customer facilities to show the device at a very high rate, and the sales team is rather inundated.

好的，再次感謝各位參加今天的電話會議。今天結束前我想補充：市場對新的3870幫浦系統非常興奮，我們以非常高的頻率受邀進入客戶院所展示設備，銷售團隊也相當應接不暇。

Further, we have had bookings with greater than expected ASP, as well as that the majority of those orders thus far are for double the number of pump channels. So, it's clear to us that the 3870 is having a great acceptance, generates great excitement, and motivates very positive and rather quick customer response. So, we're quite pleased.

此外，我們的接單（bookings）ASP高於預期，而且截至目前這些訂單中，多數是以雙倍的幫浦通道數下單。因此，我們很清楚3870獲得了很高的接受度，帶來很大的興奮感，並促成非常正面且相當快速的客戶回應。我們對此非常滿意。

And with that look forward to demonstrating IRadimed's success as we further execute the launch of this exciting 3870 MRID pump system and capitalize on the huge replacement opportunity throughout 2026 and beyond. Thank you.

最後，我們也期待在持續推進這款令人振奮的3870 MRID幫浦系統上市之際，進一步展現IRadimed的成功，並把握2026年及之後龐大的汰換機會。謝謝。

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

謝謝。本次電話會議到此結束。您現在可以掛線。