直覺手術 (ISRG) 2009 Q1 法說會逐字稿

Good afternoon, and welcome to the Intuitive Surgical's first quarter 2009 conference call.

下午好，歡迎參加 Intuitive Surgical 2009 年第一季度電話會議。

All participants will be able to listen only until the question-and-answer session.

在問答環節之前，所有參與者都只能聽。

This conference is being recorded.

正在錄製本次會議。

(Operator Instructions).

（操作員說明）。

I would now like to turn the call over to Ben Gong, Vice President of Finance.

我現在想將電話轉給財務副總裁 Ben Gong。

You may begin.

你可以開始了。

Good afternoon, and welcome to our first quarter conference call.

下午好，歡迎來到我們的第一季度電話會議。

With me today, we have Lonnie Smith, our Chairman and CEO; Gary Guthart, our President and Chief Operating Officer; Marshall Mohr, our Chief Financial Officer; and Aleks Cukic, our Vice President of Strategic Planning.

今天和我在一起的是我們的董事長兼首席執行官朗尼·史密斯。我們的總裁兼首席運營官 Gary Guthart；我們的首席財務官 Marshall Mohr；和我們的戰略規劃副總裁 Aleks Cukic。

Before we begin, many of you are aware that our Form 8-K, containing our press release, was filed earlier than normal.

在我們開始之前，你們中的許多人都知道我們的 8-K 表格（包含我們的新聞稿）比正常情況更早提交。

That was unintentional.

那是無意的。

Our vendor for filing 8-Ks mistakenly filed it early this morning instead of waiting until after the press release went out.

我們提交 8-K 的供應商今天早上錯誤地提交了它，而不是等到新聞稿發布後才提交。

We apologize for any confusion this may have caused.

對於這可能造成的任何混亂，我們深表歉意。

Moving on, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements.

接下來，我想通知您，今天電話會議中提到的評論可能被視為包含前瞻性陳述。

Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties.

由於某些風險和不確定性，實際結果可能與明示或暗示的結果大不相同。

These risks and uncertainties are described in detail in the Company's Securities and Exchange Commission filings.

這些風險和不確定性在公司提交給證券交易委員會的文件中有詳細描述。

Prospective investors are cautioned not to place undue reliance on such forward-looking statements.

警告潛在投資者不要過分依賴此類前瞻性陳述。

Please note that this conference call will be available for audio replay on our website at intuitivesurgical.com on the Audio Archives section under our Investor Relations page.

請注意，本次電話會議將可在我們的網站上進行音頻重播，網址為：intuitivesurgical.com，位於我們投資者關係頁面下的音頻檔案部分。

In addition, today's press release has been posted to our website.

此外，今天的新聞稿已發佈到我們的網站。

Today's format will consist of providing you with highlights of our first quarter results as described in our press release announced earlier today, followed by a question-and-answer session.

今天的形式將包括為您提供我們今天早些時候宣布的新聞稿中所述的第一季度業績的亮點，然後是問答環節。

First, Lonnie will present the quarter's business highlights.

首先，朗尼將介紹本季度的業務亮點。

Gary will follow with operational highlights.

Gary 將跟進運營亮點。

Marshall will provide a review of our first quarter financial results.

Marshall 將對我們的第一季度財務業績進行審查。

Aleks will discuss marketing and clinical highlights, and I will provide an update on our financial forecast for 2009 and finally, we will host a question-and-answer session.

Aleks 將討論營銷和臨床亮點，我將提供我們對 2009 年財務預測的最新信息，最後，我們將主持一個問答環節。

With that, I would like to introduce Lonnie Smith, our Chairman and CEO.

在此，我想介紹一下我們的董事長兼首席執行官 Lonnie Smith。

Thank you for joining us today.

感謝您今天加入我們。

Despite the challenging economic environment, I feel that our team's operational execution was excellent.

儘管經濟環境充滿挑戰，但我覺得我們團隊的運營執行力非常出色。

Revenues were up 11% over prior year before a one-time $20 million revenue deferral associated with our offer to customers who purchased the da Vinci S this past quarter to upgrade to a new da Vinci Si.

與上一季度購買達芬奇 S 以升級到新達芬奇 Si 的客戶提供的優惠相關，我們的收入一次性延期 2000 萬美元，因此收入比去年增長了 11%。

Marshall will discuss the details of that accrual later.

馬歇爾稍後將討論應計項目的細節。

Procedures grew by 60%, and operating costs were effectively controlled.

手續增長60%，運營成本得到有效控制。

Two factors affected our year-over-prior year growth, as hospitals responded to the current economic environment.

由於醫院對當前的經濟環境做出了反應，有兩個因素影響了我們的同比增長。

We sold eight fewer systems in the first quarter of 2009 than we did in 2008.

我們在 2009 年第一季度售出的系統比 2008 年少了 8 個。

And as a part of their effort to improve cash flow, hospitals reduced inventories by slowing their purchase of incoming supplies, and that reduced the growth of our instrument and accessory revenue.

作為改善現金流的努力的一部分，醫院通過放緩採購進貨來減少庫存，這降低了我們儀器和配件收入的增長。

With that as background, operating highlights for the first quarter, excluding the one-time $20 million revenue deferral, are as follows.

以此為背景，第一季度的運營亮點（不包括一次性 2000 萬美元的收入遞延）如下。

Procedures grew 60% over the first quarter of 2008.

與 2008 年第一季度相比，程序增長了 60%。

We sold 68 da Vinci surgical systems, down eight from 74 during the first quarter of last year.

我們售出了 68 台達芬奇手術系統，比去年第一季度的 74 台減少了 8 台。

Our international team contributed 22 of the 66 systems sold.

在售出的 66 個系統中，我們的國際團隊貢獻了 22 個。

Total revenue was $208 million, up 11% over last year.

總收入為 2.08 億美元，比去年增長 11%。

Instrument accessory revenue increased to $82 million, up 32% before a $2 million accessory revenue deferral for potential future upgrades.

儀器附件收入增至 8200 萬美元，增長 32%，之後為潛在的未來升級推遲了 200 萬美元的附件收入。

Total recurring revenue grew to $121 million, up 36% from prior year, comprising 58% of total revenue.

經常性總收入增長至 1.21 億美元，比上年增長 36%，佔總收入的 58%。

We generated an operating profit of $88 million before the revenue deferral and noncash 123R stock option expense, up 11% from the first quarter of last year.

在扣除收入遞延和非現金 123R 股票期權費用之前，我們產生了 8800 萬美元的營業利潤，比去年第一季度增長了 11%。

GAAP net income, however, was $28 million, down 36% from last year.

然而，GAAP 淨收入為 2800 萬美元，比去年下降了 36%。

We ended the quarter with $822 million in cash and investments, down $80 million from last quarter and up $122 million from last year.

我們在本季度結束時擁有 8.22 億美元的現金和投資，比上一季度減少 8000 萬美元，比去年增加 1.22 億美元。

Significant cash outlays during the quarter include $27 million invested in intellectual property and fixed assets, and $150 million invested in our stock buyback during the quarter.

本季度的重大現金支出包括投資於知識產權和固定資產的 2700 萬美元，以及本季度投資於我們的股票回購的 1.5 億美元。

Excluding impact of these outlays, as well as $6 million received from stock option proceeds and a $14 million change in working capital, we generated $17 million in gross cash flow from operations, $1.98 per fully diluted share, and $278 million -- 278% of our reported GAAP net income for the first quarter.

排除這些支出的影響，以及從股票期權收益中獲得的 600 萬美元和 1400 萬美元的營運資本變動，我們從運營中產生了 1700 萬美元的總現金流量，每股完全攤薄後的每股 1.98 美元，以及 2.78 億美元 - 278%我們報告的第一季度 GAAP 淨收入。

I share this number with you because I believe that it is the best measure of economic horsepower and performance of our Company.

我與您分享這個數字，因為我相信它是衡量我們公司經濟實力和業績的最佳指標。

With that, I'll pass the time over to Gary Guthart, our President and Chief Operating Officer.

有了這個，我將把時間轉給我們的總裁兼首席運營官 Gary Guthart。

Thank you, Lonnie.

謝謝你，朗尼。

For the past several quarters, we have made significant investments in research, development and manufacturing.

在過去的幾個季度中，我們在研究、開發和製造方面進行了大量投資。

We are pleased with the progress of our product development teams, our operating teams and our technology partners, both from the depth of their achievements and in the speed with which they are accomplishing them.

我們對我們的產品開發團隊、我們的運營團隊和我們的技術合作夥伴的進步感到高興，無論是從他們成就的深度還是他們完成這些目標的速度。

We continue to invest in developing novel instruments for our da Vinci platform, in improving and expanding our imaging capabilities, in developing new patient-side mechanisms, and in creating surgical networking and training technologies.

我們將繼續投資於為我們的達芬奇平台開發新型儀器、改進和擴展我們的成像能力、開發新的患者側機制以及創建外科網絡和培訓技術。

On April 2, we announced the availability of our newest da Vinci model, the da Vinci Si.

4 月 2 日，我們宣布推出最新的達芬奇模型，達芬奇 Si。

The Si brings to market three significant innovations.

Si 為市場帶來了三項重大創新。

First, it introduces a dual surgeons console for use during surgery, which will allow new methods of training da Vinci surgeons and enable collaborative da Vinci surgery.

首先，它引入了在手術期間使用的雙外科醫生控制台，這將允許培訓達芬奇外科醫生的新方法並實現協作達芬奇手術。

With the Si, a surgeon sitting at a second console can view the same surgery as the primary surgeon, and can be passed control of some or all of the da Vinci arms during a case.

使用 Si，坐在第二個控制台前的外科醫生可以查看與主外科醫生相同的手術，並且可以在病例期間通過控制部分或全部達芬奇手臂。

We believe this will both shorten the learning curve for new surgeons, and will allow collaborative surgery in complex cases.

我們相信這將縮短新外科醫生的學習曲線，並允許在復雜病例中進行協作手術。

Secondly, our insight imaging system has been substantially redesigned for increased visual acuity and improved ease of use.

其次，我們的洞察成像系統經過大幅重新設計，可提高視力並提高易用性。

The HD imaging system's increased performance is analogous to the move from 720 P to 1080 I in commercial television.

高清成像系統性能的提高類似於商業電視中從 720 P 到 1080 I 的轉變。

We believe that the increased visual performance will continue to increase surgeon precision and confidence, and will contribute to improved patient outcomes and shorter procedure times.

我們相信，提高的視覺性能將繼續提高外科醫生的精確度和信心，並將有助於改善患者的治療效果並縮短手術時間。

The third significant improvement is the Si users interface, which has been redesigned to allow simplified and integrated control of da Vinci and other operating room devices, such as electrosurgical units.

第三項重大改進是 Si 用戶界面，該界面經過重新設計，可以簡化和集成控制達芬奇和其他手術室設備，例如電外科設備。

The simplified interface and improved ergonomics will allow for easier surgeon training and decreased surgeon workload during surgery.

簡化的界面和改進的人體工程學設計將使外科醫生培訓更加輕鬆，並減少手術期間的外科醫生工作量。

The Si system is FDA-approved and CE-marked.

Si 系統已獲得 FDA 批准和 CE 標誌。

It is currently available in the United States and most of Europe.

它目前在美國和歐洲大部分地區都有售。

Si systems will be available with an option to purchase a second console.

Si 系統將提供購買第二個控制台的選項。

Existing S instruments and most S accessories are compatible with the Si system, and upgrade to S systems to the Si system is available for our current customers.

現有的 S 儀器和大多數 S 附件都與 Si 系統兼容，我們現有的客戶可以升級到 S 系統到 Si 系統。

In other developments, this quarter, we acquired the assets of a Silicon Valley Company, NeoGuide Systems, that has been developing robotics for medical applications.

在本季度的其他發展中，我們收購了一家矽谷公司 NeoGuide Systems 的資產，該公司一直在為醫療應用開發機器人技術。

Included in the purchase are patents and applications with early issue and filing dates covering basic concepts and the design and control of multilink snake robotic systems for use in medicine.

購買中包括的專利和申請具有早期發布和提交日期，涵蓋基本概念以及用於醫學的多鏈路蛇形機器人系統的設計和控制。

The addition of NeoGuide's intellectual property to our organically developed technology and in-license technology from groups like Hansen Medical, Luna Innovations, SurgiQuest and USGI Medical, has established a strong IP base for Intuitive in single-incision, and potentially notes robotics.

將 NeoGuide 的知識產權添加到我們有機開發的技術和來自 Hansen Medical、Luna Innovations、SurgiQuest 和 USGI Medical 等集團的許可技術中，為 Intuitive 在單切口和潛在的機器人技術方面建立了強大的 IP 基礎。

Overall, we continue to drive our teams in investments into both our da Vinci platform and into new technologies that will advance robotic surgery.

總體而言，我們繼續推動我們的團隊投資於我們的達芬奇平台和推動機器人手術的新技術。

With that, I will turn the call over to Marshall for a review of financial highlights, and to take you through the financial implications of the Si launch.

有了這個，我將把電話轉給馬歇爾，以審查財務亮點，並帶你了解 Si 發布的財務影響。

Thank you, Gary.

謝謝你，加里。

As Lonnie mentioned, our first quarter 2009 revenue of $188 million was net of $20.1 million of revenue deferred in association with the da Vinci Si upgrade offers.

正如 Lonnie 所提到的，我們 2009 年第一季度的收入為 1.88 億美元，其中扣除了與達芬奇 Si 升級優惠相關的 2010 萬美元的遞延收入。

With the launch of the Si, we made offers to first quarter da Vinci S customers to upgrade their systems to the new Si model at a discount to the upgrade price.

隨著 Si 的推出，我們向第一季度的 da Vinci S 客戶提供以升級價格折扣的價格將他們的系統升級到新的 Si 型號。

We also extended offers to those customers to exchange da Vinci S camera equipment for Si camera equipment.

我們還向這些客戶提供了將 da Vinci S 相機設備換成 Si 相機設備的優惠。

We made these offers to be fair to the recent purchasers of da Vinci S systems who want to own the most capable system available.

我們提供這些優惠是為了對想要擁有最強大系統的最近購買達芬奇 S 系統的人公平。

As a result of this program, we deferred $18 million of system revenue and $2.1 million of accessory revenue.

由於該計劃，我們推遲了 1800 萬美元的系統收入和 210 萬美元的配件收入。

The $20.1 million of deferred revenue is anticipated to be realized before the end of this year, as the upgrades are completed, da Vinci SI camera equipment is shipped or the offers are declined.

隨著升級完成、達芬奇 SI 相機設備發貨或報價被拒絕，預計 2010 萬美元的遞延收入將在今年年底前實現。

Net of the deferral, our $188 million first quarter revenue was roughly equal to our first quarter of 2008 revenue and $43 million lower than the fourth quarter of 2008.

扣除延期後，我們第一季度 1.88 億美元的收入大致等於 2008 年第一季度的收入，比 2008 年第四季度低 4300 萬美元。

First quarter revenues by product category are as follows.

第一季度按產品類別劃分的收入如下。

First quarter instrument and accessory revenue was $79.5 million, up 29%, compared with $61.9 million for the first quarter of 2008 and down 3% compared with $81.6 million in the fourth quarter of 2008.

第一季度儀器和配件收入為 7950 萬美元，與 2008 年第一季度的 6190 萬美元相比增長 29%，與 2008 年第四季度的 8160 萬美元相比下降 3%。

The change compared with the first quarter of last year was driven by the 60% procedure growth, partially offset by the revenue deferral of $2.1 million and lower instrument and accessory revenue per procedure.

與去年第一季度相比的變化是由 60% 的程序增長推動的，部分被 210 萬美元的收入遞延以及每個程序的儀器和附件收入下降所抵消。

The change compared with the fourth quarter reflects the increased -- reflects increased procedure volume, more than offset by the revenue deferral of $2.1 million and lower revenue per procedure.

與第四季度相比的變化反映了增加——反映了程序量的增加，超過了 210 萬美元的收入遞延和每項程序的收入減少所抵消。

The amount of instrument and accessory revenue we realized per procedure, including initial stocking orders and adding back the deferred revenue of $2.1 million, was approximately $1,800 per procedure, down approximately $200 per procedure compared to the fourth quarter, and down approximately $400 per procedure compared to last year.

我們在每個程序中實現的儀器和配件收入金額，包括初始庫存訂單和加回 210 萬美元的遞延收入，每個程序約為 1,800 美元，與第四季度相比，每個程序減少了約 200 美元，與第四季度相比，每個程序減少了約 400 美元到去年。

The decline in revenue per procedure reflects lower stocking orders and customer order timing as our customers reduced their inventory investment.

每個程序的收入下降反映了由於我們的客戶減少了庫存投資，庫存訂單和客戶訂單時間減少。

The year-to-year decline also reflects customer efficiency gains and procedure mix.

同比下降也反映了客戶效率的提高和程序組合。

First quarter 2009 systems revenue of $70 million was $29 million lower than the first quarter 2008 systems revenue, and $44 million lower than fourth quarter systems revenue due primarily to the $18 million revenue deferral described earlier and lower system unit sales.

2009 年第一季度的系統收入為 7000 萬美元，比 2008 年第一季度的系統收入低 2900 萬美元，比第四季度的系統收入低 4400 萬美元，這主要是由於前面描述的 1800 萬美元的收入遞延和系統單位銷售額下降。

Sixty-six systems were sold during the first quarter of 2009 compared to 74 systems last year and 85 systems last quarter.

2009 年第一季度共售出 66 台系統，而去年為 74 台，上季度為 85 台。

We continue to feel the impact of curtailed hospital spending for capital equipment in the ongoing economic recession, particularly in the US.

在持續的經濟衰退中，我們繼續感受到醫院對資本設備的支出減少的影響，尤其是在美國。

Forty-four systems were sold in the US during the quarter compared with 54 systems last year.

本季度在美國售出 44 台系統，而去年為 54 台。

Twenty-two systems were sold outside the United States compared with 20 last year.

與去年的 20 個相比，在美國境外銷售了 22 個系統。

Our first quarter average revenue per system, including all da Vinci models but excluding upgrades and the revenue deferral, was $1.33 million, roughly equal to that for the fourth quarter of 2008.

我們第一季度每個系統的平均收入為 133 萬美元，包括所有 da Vinci 型號，但不包括升級和收入延期，大致相當於 2008 年第四季度的水平。

There were six system sales involving trade-ins of da Vinci systems and five sales of refurbished units during the quarter.

本季度有六次系統銷售涉及以舊換新達芬奇系統和五次翻新設備銷售。

Our installed base of da Vinci systems now is up to 1,171.

我們現在安裝的達芬奇系統已達 1,171 台。

Service revenue increased to $39 million, up 44% compared with $27 million last year, and up 9% compared with $36 million last quarter.

服務收入增至 3900 萬美元，比去年同期的 2700 萬美元增長 44%，比上一季度的 3600 萬美元增長 9%。

The growth in service revenue is primarily driven by a larger system install base.

服務收入的增長主要是由更大的系統安裝基礎推動的。

Total first quarter recurring revenue, comprised of instrument, accessory and service revenue, increased to $119 million, up 33% compared with the first quarter of 2008, and up 1% compared with the fourth quarter of 2008.

第一季度總經常性收入（包括儀器、配件和服務收入）增加到 1.19 億美元，比 2008 年第一季度增長 33%，比 2008 年第四季度增長 1%。

Recurring revenue grew to 63% of total first quarter revenue, or 58% excluding revenue deferrals, compared with 47% in the first quarter last year and 51% last quarter.

經常性收入增長到第一季度總收入的 63%，或不包括收入遞延的 58%，而去年第一季度和上一季度分別為 47% 和 51%。

Our first quarter 2009 gross margin of 68.3% decreased compared with 71.4% realized in the fourth quarter of 2008.

我們 2009 年第一季度的毛利率為 68.3%，與 2008 年第四季度的 71.4% 相比有所下降。

There were no costs deferred in conjunction with the $20.1 million revenue deferral, and therefore all of the $20.1 million impacted gross profit, operating income and pretax income.

2010 萬美元的收入遞延沒有遞延成本，因此所有 2010 萬美元都影響了毛利潤、營業收入和稅前收入。

Excluding the impact of the deferral, gross margins were approximately equal to the fourth quarter of 2008.

排除延期的影響，毛利率大約等於 2008 年第四季度。

First quarter 2009 operating expenses of $84 million were up 29% compared with the first quarter of 2008, and up $1 million compared with the fourth quarter.

2009 年第一季度的運營費用為 8400 萬美元，與 2008 年第一季度相比增加了 29%，與第四季度相比增加了 100 萬美元。

The quarter-over-quarter increase reflects costs associated with 41 employees added during the quarter, higher noncash 123R stock compensation, partially offset by lower consulting, outside service, travel and other operating expenses.

環比增長反映了與本季度增加的 41 名員工相關的成本、較高的非現金 123R 股票薪酬，部分被較低的諮詢、外部服務、差旅和其他運營費用所抵消。

First quarter 2009 patent amortization expense was $3.4 million compared to $1.4 million during the first quarter of 2008 and $3.2 million last quarter.

2009 年第一季度專利攤銷費用為 340 萬美元，而 2008 年第一季度為 140 萬美元，上一季度為 320 萬美元。

First quarter 2009 operating income was $45 million, or 23.9% of sales compared with $65 million, or 34.5% of sales for the first quarter of 2008, and $83 million, or 35.7% of sales for the fourth quarter 2008.

2009 年第一季度營業收入為 4500 萬美元，佔銷售額的 23.9%，而 2008 年第一季度為 6500 萬美元，佔銷售額的 34.5%，2008 年第四季度為 8300 萬美元，佔銷售額的 35.7%。

As I mentioned earlier, the revenue deferral directly impacted operating income by $20.1 million, representing a 7.3 percentage point decrease relative to sales.

正如我之前提到的，收入遞延直接影響營業收入 2010 萬美元，相對於銷售額下降了 7.3 個百分點。

First quarter 2009 operating income contained $22.7 million of noncash stock compensation expense, compared with $14.6 million for the first quarter of 2008 and $21.4 million last quarter.

2009 年第一季度的營業收入包含 2270 萬美元的非現金股票補償費用，而 2008 年第一季度為 1460 萬美元，上一季度為 2140 萬美元。

The quarter-over-quarter increase in 123R expense primarily reflects the impact of our annual option grant made on February 17.

123R 費用的環比增長主要反映了我們在 2 月 17 日授予的年度期權的影響。

Our first quarter 2009 other non-operating income was $5 million, compared with $8.5 million during the first quarter of 2008 and $5.5 million last quarter.

我們 2009 年第一季度的其他非營業收入為 500 萬美元，而 2008 年第一季度為 850 萬美元，上一季度為 550 萬美元。

The quarter-over-quarter decrease is primarily due to lower interest earned on lower investment balances, partially offset by higher foreign exchange losses.

環比下降主要是由於較低的投資餘額所賺取的利息較低，部分被較高的外匯損失所抵消。

The reduction in investments reflects the $150 million stock repurchase program.

投資減少反映了 1.5 億美元的股票回購計劃。

Our effective tax rate for the first quarter was 43.8%, which is higher than our anticipated rate of 40%, due primarily to a reduction in our long-term deferred tax assets as a result of a change in California tax laws.

我們第一季度的有效稅率為 43.8%，高於我們預期的 40%，主要是由於加州稅法的變化導致我們的長期遞延所得稅資產減少。

In February, California revised its income apportionment computation, which will reduce our California taxes beginning in 2011.

2 月，加利福尼亞州修訂了其收入分配計算，這將從 2011 年開始減少我們的加利福尼亞州稅收。

However, tax assets previously established the higher California tax rates, are required to be written down to the future rates in the current quarter.

但是，以前確定較高加利福尼亞稅率的稅收資產需要在本季度減記到未來的稅率。

Our net income was $28.1 million, or $0.72 per share, compared to $44.8 million, or $1.12 per share for the first quarter of 2008 and $50.8 million, or $1.27 per share last quarter.

我們的淨收入為 2810 萬美元，即每股 0.72 美元，而 2008 年第一季度為 4480 萬美元，即每股 1.12 美元，上一季度為 5080 萬美元，即每股 1.27 美元。

Our first quarter revenue deferral impacted net income by approximately $12.1 million, or $0.30 per share.

我們第一季度的收入遞延對淨收入的影響約為 1210 萬美元，即每股 0.30 美元。

In March, the Board of Directors authorized the repurchase of $300 million of the Company's common stock.

3 月，董事會授權回購 3 億美元的公司普通股。

In connection with this authorization, we entered into a $150 million accelerated stock repurchase program with Goldman Sachs.

與此授權相關，我們與高盛簽訂了 1.5 億美元的加速股票回購計劃。

In March, the Company delivered the $150 million to Goldman, and received and retired 1.4 million shares, which is the minimum number of shares due under the program.

3 月，公司向高盛交付了 1.5 億美元，並收到並退還了 140 萬股股票，這是該計劃下到期的最低股票數量。

Depending on the average daily volume weighted average share price over a specified period that will extend no longer than June, we could receive additional shares for retirement.

根據在不超過 6 月的特定時期內的平均每日成交量加權平均股價，我們可能會收到額外的退休股份。

The full impact of the retirement of 1.4 million shares will not be realized -- or will be realized in the second quarter.

140 萬股退市的全部影響將不會實現——或將在第二季度實現。

We ended the first quarter of 2009 with cash and investments of $822 million, down $80 million from December 31, 2008.

我們在 2009 年第一季度結束時的現金和投資為 8.22 億美元，比 2008 年 12 月 31 日減少了 8,000 萬美元。

The decrease reflects $150 million used to buy back and retire shares, and $27 million invested in fixed assets and intellectual property, partially offset by $79 million in gross cash flow from operations.

減少反映了用於回購和退股的 1.5 億美元，以及用於固定資產和知識產權的 2700 萬美元，部分被 7900 萬美元的運營現金流總額所抵消。

Our accounts receivable balance decreased to $139 million at March 31, from $170 million at December 31.

我們的應收賬款餘額從 12 月 31 日的 1.7 億美元降至 3 月 31 日的 1.39 億美元。

The decrease in receivables reflects lower first quarter revenue and continued excellent collections.

應收賬款的減少反映了第一季度收入的下降和持續出色的收款。

Our net inventory increased to $64 million at March 31 from $63 million at December 31.

我們的淨庫存從 12 月 31 日的 6300 萬美元增加到 3 月 31 日的 6400 萬美元。

Our inventory growth was primarily due to materials acquired to support the da Vinci Si product launch.

我們的庫存增長主要是由於為支持達芬奇產品的推出而購買的材料。

And with that, I would like to turn it over to Aleks, who will go over our sales, marketing and clinical highlights.

有了這個，我想把它交給 Aleks，他將審查我們的銷售、營銷和臨床亮點。

Thank you, Marshall.

謝謝你，馬歇爾。

During the first quarter, we sold 66 da Vinci systems, 44 in the United States, 17 in Europe, and five into rest-of-world markets.

在第一季度，我們售出了 66 台達芬奇系統，其中 44 台在美國，17 台在歐洲，還有 5 台銷往世界其他市場。

A total of 6 system sales were part of trade-up transactions.

共有 6 筆系統銷售屬於以舊換新交易的一部分。

The net 60 new system installation brings to 1,171 the cumulative number of da Vinci systems worldwide -- 863 in the US, 211 in Europe and 97 in rest-of-world markets.

淨安裝 60 台新系統使全球達芬奇系統的累計數量達到 1,171 台——美國 863 台，歐洲 211 台，世界其他市場 97 台。

Seventeen of the 60 net systems installed during the quarter represented repeat system sales to existing customers.

本季度安裝的 60 個淨系統中有 17 個代表對現有客戶的重複系統銷售。

That included a fifth system, which was an Si system, to Hartford Hospital in Connecticut, and third systems to UCLA Medical Center, Northside Hospital in Atlanta, and the Karlinsky Institute in Stockholm, Sweden.

其中包括康涅狄格州哈特福德醫院的第五個系統，即 Si 系統，以及加州大學洛杉磯分校醫學中心、亞特蘭大北區醫院和瑞典斯德哥爾摩卡林斯基研究所的第三個系統。

This brings to 146, the total number of customers which own two or more da Vinci systems.

這使擁有兩個或更多達芬奇系統的客戶總數達到 146 個。

International sales were particularly strong, and included three more da Vinci placements into China, Germany, Italy and Spain.

國際銷售特別強勁，其中包括在中國、德國、意大利和西班牙的另外三個達芬奇展示位置。

Clinically, we had an excellent quarter, with strong double-digit sequential procedure growth, both domestic and internationally.

在臨床上，我們有一個出色的季度，在國內和國際上都有強勁的兩位數連續程序增長。

Demand for da Vinci hysterectomy, both for benign and malignant conditions, sacrocopopexy, myomectomy, partial nephrectomy, cystectomy and da Vinci prostatectomy were most notable.

對達芬奇子宮切除術的需求，包括良性和惡性疾病、骶骨固定術、子宮肌瘤切除術、部分腎切除術、膀胱切除術和達芬奇前列腺切除術是最顯著的。

We also experienced strong international demand for several general surgery procedures, specifically da Vinci colon and rectal procedures and da Vinci thyroidectomy.

我們還經歷了對幾種普通外科手術的強勁國際需求，特別是達芬奇結腸和直腸手術以及達芬奇甲狀腺切除術。

In Q1, well over 200 da Vinci-related clinical publications and abstracts appeared within various peer review journals, and our participation at the medical conferences was robust.

在第一季度，超過 200 篇與達芬奇相關的臨床出版物和摘要出現在各種同行評審期刊中，我們對醫學會議的參與度很高。

Several case studies and series presentations were provided, but I'll limit and highlight just a few.

提供了幾個案例研究和系列演示，但我將限制和強調一些。

Last week, we had the clinical unveiling for the new da Vinci Si system at the World Robotic Symposium in Orlando, Florida.

上週，我們在佛羅里達州奧蘭多舉行的世界機器人研討會上為新的 da Vinci Si 系統進行了臨床揭幕。

The conference featured 12 live da Vinci procedure broadcasts, which included DVPs, partial nephrectomy, cystectomy and radical hysterectomy.

會議以 12 場達芬奇手術直播為特色，其中包括 DVP、部分腎切除術、膀胱切除術和根治性子宮切除術。

The Orlando attendance represented approximately 300 clinicians, but the program was also simulcast to 150 urologists in Milan, Italy and over 100 in Seoul, Korea.

奧蘭多的出席代表了大約 300 名臨床醫生，但該計劃還同時向意大利米蘭的 150 名泌尿科醫生和韓國首爾的 100 多名泌尿科醫生同步播放。

The highlight of the program was the unveiling of the da Vinci Si, specifically the cases performed with the dual console.

該計劃的亮點是達芬奇Si的揭幕，特別是使用雙控制台執行的案例。

The first case was a DVP performed by Dr.

第一個案例是由 Dr. DVP 進行的 DVP。

Vip Patel, where Dr.

Vip Patel，博士在哪裡。

Vip Patel controlled the instruments from one console, and Dr.

Vip Patel 從一個控制台控制儀器，Dr.

Bob Myers, Chairman of the Department of Urology at the Mayo Clinic, observed and learned from the second console.

梅奧診所泌尿外科主任鮑勃·邁爾斯（Bob Myers）從第二台控制台觀察並學習。

The second DVP incorporated a second surgeon into the operation.

第二個 DVP 將第二個外科醫生納入手術。

Dr.

博士。

Jeff Colin, a urologist from Australia, assisted Dr.

來自澳大利亞的泌尿科醫師 Jeff Colin 協助 Dr.

Patel throughout the operation from the second console.

帕特爾從第二個控制台進行整個操作。

The US, European and Asian audiences observed what several described as a paradigm-shifting approach to robotic training, as well as an interesting new multi-surgeon approach in the management of very complex surgical procedures.

美國、歐洲和亞洲的觀眾觀察了一些人所說的機器人訓練的範式轉換方法，以及一種有趣的新的多外科醫生方法來管理非常複雜的外科手術。

The commentary from the surgeons also included very positive reviews on Si's next generation vision system, enhanced motion scaling and expanded user interfaces.

外科醫生的評論還包括對 Si 的下一代視覺系統、增強的運動縮放和擴展的用戶界面的非常積極的評價。

All in all, it was a very positive launch for what we believe to be an exciting new product offering in Intuitive Surgical's product line.

總而言之，對於我們認為 Intuitive Surgical 產品線中令人興奮的新產品來說，這是一次非常積極的發布。

In the January edition of the Journal of Robotic Surgery, a publication from a urology group out of Korea led by Dr.

在 1 月版的《機器人外科雜誌》上，該刊物來自韓國泌尿外科小組，由 Dr.

Ee-Rah Sung entitled "the Halo Effect in Korea -- Change in Practice Patterns Since the Introduction of Robotic Assisted Radical Prostatectomy," highlighted an interesting phenomenon taking place in urology centers around the world.

Ee-Rah Sung 題為“韓國的光環效應——自引入機器人輔助根治性前列腺切除術以來實踐模式的變化”，強調了世界各地泌尿外科中心正在發生的一個有趣現象。

We have often discussed the expansion of a hospital's prostatectomy business following the initiation of a da Vinci program, but I don't recall it being detailed this clearly with empirical evidence in a peer reviewed publication.

我們經常討論在達芬奇計劃啟動後醫院前列腺切除術業務的擴展，但我不記得在同行評審的出版物中用經驗證據清楚地詳細說明了這一點。

This analysis tracked the relationship between three variables -- open prostatectomy, da Vinci prostatectomy and overall prostatectomies performed over a 33-month period beginning in July of 2005.

該分析跟踪三個變量之間的關係——開放式前列腺切除術、達芬奇前列腺切除術和從 2005 年 7 月開始的 33 個月內進行的整體前列腺切除術。

The numbers were as follows -- 663 prostatectomies were performed, 274, or 41.3%, were performed with open surgery, and 389, or 58.7%, were performed with da Vinci.

數字如下——進行了 663 例前列腺切除術，274 例或 41.3% 進行了開放手術，389 例或 58.7% 進行了達芬奇手術。

The evolution of the distribution is what's noteworthy about the analysis.

分佈的演變是分析中值得注意的。

During the first three months of their study, 92% of the prostatectomies were performed using open technique, compared to 8% with da Vinci.

在他們研究的前三個月中，92% 的前列腺切除術是使用開放式技術進行的，而達芬奇的這一比例為 8%。

At the end of their study, 23% were performed with open surgery compared to 77% with da Vinci.

在他們的研究結束時，23% 的患者接受了開放手術，而達芬奇的這一比例為 77%。

What surprised the authors most was the overall growth of their prostate business during this period.

最令作者驚訝的是他們在此期間前列腺業務的整體增長。

During the 33-month period, total prostatectomy volume had grown from an average of 25 cases per quarter to an average of 103 cases per quarter, and all of this growth came by way of da Vinci.

在 33 個月期間，前列腺切除術總量從平均每季度 25 例增長到平均每季度 103 例，所有這些增長都來自達芬奇。

Da Vinci procedures had grown from two procedures per quarter to 79 procedures per quarter, while open prostatectomy remained flat.

達芬奇手術從每季度 2 次增加到每季度 79 次，而開放式前列腺切除術保持平穩。

Their prostatectomy business quadrupled, and all of the growth was DVP.

他們的前列腺切除術業務翻了兩番，所有的增長都是 DVP。

There are a couple of theories as to why this was.

關於為什麼會這樣，有幾種理論。

First, a consolidation of prostate cancer patients within their particular geography, and second, a conversion of patients away from other potential prostate cancer therapies.

首先，將前列腺癌患者整合到他們的特定地理區域內，其次，將患者從其他潛在的前列腺癌療法中轉移出來。

It is always challenging to capture how much growth came from which bucket, but I believe it's fair to assume that both are taking place, and not just in Korea.

捕捉來自哪個桶的增長總是具有挑戰性的，但我相信可以公平地假設兩者都在發生，而不僅僅是在韓國。

The authors concluded their publication with the following quote -- "It seems that the next generation of surgical innovation has arrived in the form of the predominant telerobotic surgical system, the da Vinci surgical system, which may become the gold standard technique for the management of localized prostate cancer in the near future." -- close quote.

作者以以下引述結束了他們的出版物——“似乎下一代手術創新已經以占主導地位的遠程機器人手術系統的形式出現，即達芬奇手術系統，它可能成為管理在不久的將來會出現局限性前列腺癌。” -- 關閉報價。

Once again, da Vinci partial nephrectomy was among our fastest growing procedures quarter over quarter.

再一次，達芬奇腎部分切除術是我們季度環比增長最快的手術之一。

The clinical advantages of da Vinci partial nephrectomy over conventional laparoscopy and open surgery are being discussed more frequently at various urologic conferences.

達芬奇腎部分切除術相對於傳統腹腔鏡和開放手術的臨床優勢在各種泌尿外科會議上得到了更頻繁的討論。

And the data pools are beginning to form.

數據池開始形成。

At this year's Pan-American Robotic Oncologic Symposium, or PAROS, Dr.

在今年的泛美機器人腫瘤學研討會（PAROS）上，Dr.

Sam Bhayani, a leading renal cancer surgeon from Washington University in St.

來自聖路易斯華盛頓大學的領先腎癌外科醫生 Sam Bhayani

Louis, presented multi-institutional data comparing warm ischemic time between da Vinci partial nephrectomy and conventional laparoscopy for both simple and complex disease.

Louis 博士提供了多機構數據，比較了簡單和復雜疾病的達芬奇部分腎切除術和傳統腹腔鏡手術之間的熱缺血時間。

The importance of re-establishing blood circulation through the kidney as rapidly and efficiently as possible is an important determinant to the kidney's long-term function.

盡可能快速有效地通過腎臟重建血液循環的重要性是腎臟長期功能的重要決定因素。

Reducing warm ischemic time is of paramount importance to all involved.

減少熱缺血時間對所有相關人員都至關重要。

In Dr.

在博士。

Bhayani's presentation, he showed that in simple partial nephrectomy, where the tumor is not invading the collection system, warm ischemic time for da Vinci cases was 15.3 minutes, which compared to conventional laparoscopy's 25.2 minute warm ischemic time.

Bhayani 的報告顯示，在簡單的部分腎切除術中，腫瘤沒有侵入收集系統，達芬奇病例的熱缺血時間為 15.3 分鐘，而傳統腹腔鏡的熱缺血時間為 25.2 分鐘。

Within the cohort of complex invading tumors, the warm ischemic time within the da Vinci cases averaged 25.9 minutes, which compared to 36.7 minutes for conventional laparoscopy.

在復雜侵襲性腫瘤的隊列中，達芬奇病例的熱缺血時間平均為 25.9 分鐘，而傳統腹腔鏡檢查為 36.7 分鐘。

The average blood loss was similar, within the simple cohorts, but within the complex cohorts, da Vinci patients experienced approximately 30% less blood loss.

在簡單隊列中，平均失血量相似，但在復雜隊列中，達芬奇患者的失血量減少了約 30%。

The dissemination and adaptation of improved clinical technique, training and new instrument enhancements should help improve these important metrics even further.

改進的臨床技術、培訓和新儀器增強的傳播和適應應該有助於進一步改進這些重要指標。

This year's annual Society of Gyn Oncology Conference included several clinical outcomes and surgical technique presentations on da Vinci hysterectomy.

今年的婦科腫瘤學會年度會議包括關於達芬奇子宮切除術的幾項臨床結果和手術技術演示。

Most of these presentations concerned both cervical and endometrial cancer.

這些報告中的大多數都涉及宮頸癌和子宮內膜癌。

One of the more interesting presentations was an actual cost comparison between da Vinci hysterectomy and conventional laparoscopy for endometrial cancer staging.

更有趣的演示之一是達芬奇子宮切除術和傳統腹腔鏡檢查子宮內膜癌分期的實際成本比較。

Some among the advanced laparoscopic community have expressed opinions relating to a potential cost disparity between conventional laparoscopy performed by a skilled laparoscopist to that of a da Vinci hysterectomy.

一些先進的腹腔鏡社區已經表達了關於由熟練的腹腔鏡醫師進行的傳統腹腔鏡檢查與達芬奇子宮切除術之間的潛在成本差異的觀點。

Dr.

博士。

[Ravi Hanna] and the team from the University of North Carolina set out to compare for themselves.

[Ravi Hanna] 和北卡羅來納大學的團隊開始為自己進行比較。

They presented the economic findings from 147 hysterectomies performed for endometrial cancer.

他們介紹了 147 例子宮內膜癌切除術的經濟結果。

Their study compared the average cost from 81 da Vinci hysterectomies to 66 of their conventional laparoscopic hysterectomies, itemizing various costs, which included instruments, anesthesia, PACU, boarding, lab, pharmacy and operative costs.

他們的研究比較了 81 次達芬奇子宮切除術和 66 次傳統腹腔鏡子宮切除術的平均成本，並列出了各種成本，包括器械、麻醉、PACU、寄宿、實驗室、藥房和手術成本。

The overall difference between each of these sub categories was pretty insignificant, and the overall cost difference was also insignificant.

這些子類別中的每一個之間的總體差異很小，總體成本差異也很小。

In fact, the da Vinci hysterectomy cohort was actually on average $53 less per procedure than the conventional hysterectomies at their facility.

事實上，達芬奇子宮切除術隊列實際上比他們設施中的傳統子宮切除術平均每次手術少 53 美元。

When you factor in the reduction in da Vinci hysterectomy complications, which this group has reported on in various publications in the past, the reasons to use da Vinci become even clearer.

當您考慮到達芬奇子宮切除術並發症的減少（該小組過去在各種出版物中報告過）時，使用達芬奇的原因變得更加清晰。

This concludes my summary, and I'll now turn the time over to Ben.

我的總結到此結束，我現在將時間交給 Ben。

Thank you, Aleks.

謝謝你，亞歷克斯。

I will be providing an update on our forecast for 2009 based on our results in Q1.

我將根據我們在第一季度的結果提供我們對 2009 年預測的更新。

First, as outlined by Marshall earlier, we expect the $20 million of revenue we deferred in Q1 to be recognized starting in the second quarter and completely recognized by the end of 2009.

首先，正如馬歇爾早些時候所概述的，我們預計我們在第一季度推遲的 2000 萬美元收入將在第二季度開始確認，並在 2009 年底完全確認。

As a result, this should have no impact on our revenue for the year.

因此，這對我們今年的收入應該沒有影響。

Moving on to procedures, our procedure growth has been stronger than we previously expected.

繼續進行程序，我們的程序增長比我們之前預期的要強勁。

Procedures grew approximately 60% in the first quarter, consistent with our procedure growth for all of 2008.

第一季度的程序增長了大約 60%，與我們 2008 年全年的程序增長一致。

As a result, we expect procedures to grow more than 40% this year, compared with our previous forecast of 35% to 40%.

因此，我們預計今年的程序將增長 40% 以上，而我們之前的預測為 35% 至 40%。

Procedure growth will continue to drive significant growth in our total instrument and accessory revenues this year.

今年程序的增長將繼續推動我們儀器和配件總收入的顯著增長。

However, stocking orders, which are tied to new system sales, are likely to fluctuate in the near term.

然而，與新系統銷售相關的庫存訂單可能在短期內出現波動。

In addition, as we saw in Q1, our customers' ordering patterns could cause some fluctuations in our revenues per procedure.

此外，正如我們在第一季度看到的那樣，我們客戶的訂購模式可能會導致我們每次手術的收入出現一些波動。

While our revenues per procedure should normalize over time, we could see increases or decreases on a quarterly basis this year.

雖然我們每個程序的收入應該隨著時間的推移而正常化，但今年我們可能會看到每個季度的增加或減少。

Previously, we forecasted 25% to 30% revenue growth in our instrument and accessory revenues.

此前，我們預測我們的儀器和配件收入將增長 25% 至 30%。

Although we expect procedures to grow more than we previously forecast, we are less certain that we will achieve this revenue forecast.

儘管我們預計程序的增長將超過我們之前的預測，但我們不太確定我們能否實現這一收入預測。

At this time, we are suspending our previous guidance for instrument and accessory revenue growth.

目前，我們暫停了之前對儀器和配件收入增長的指導。

When we gain better visibility, we plan to resume providing you with a revenue forecast for instruments and accessories.

當我們獲得更好的知名度時，我們計劃繼續為您提供儀器和配件的收入預測。

We would like to emphasize that in the longer term, instrument and accessory revenue growth should more closely match our growth in procedures.

我們想強調的是，從長遠來看，儀器和配件的收入增長應該更接近我們在程序方面的增長。

While procedures will drive our revenue -- while procedures drive our revenue growth, in the short-term, the environment for hospital capital spending remains highly uncertain and difficult to predict.

雖然程序將推動我們的收入 - 雖然程序推動我們的收入增長，但在短期內，醫院資本支出的環境仍然高度不確定且難以預測。

As an example, we sold approximately 10% fewer systems in the first quarter than we previously expected.

例如，我們在第一季度售出的系統比我們之前預期的少了大約 10%。

Last quarter, we forecasted flat system sales for the year.

上個季度，我們預測了全年的平板系統銷售。

Although demand for systems continues to be strong, we are suspending guidance for systems revenue.

儘管對系統的需求持續強勁，但我們暫停了對系統收入的指導。

Once again, when we gain better visibility, we plan to resume providing you with the revenue forecast for systems.

再次，當我們獲得更好的可見性時，我們計劃繼續為您提供系統的收入預測。

Our service revenue model has been very consistent, and we expect it to remain as it has in the past.

我們的服務收入模式非常一致，我們預計它會保持過去的樣子。

We are generating an average of about $140,000 in service revenue per system per year.

我們每年為每個系統平均產生約 140,000 美元的服務收入。

Since our service revenue is driven largely by the installed base, we continue to expect service revenue to grow approximately 35% this year.

由於我們的服務收入主要由安裝基礎驅動，我們繼續預計今年服務收入將增長約 35%。

With regard to gross margin, it should be noted that we did not defer any costs of sales along with the $20 million revenue deferral in Q1.

關於毛利率，應該注意的是，我們沒有推遲任何銷售成本以及第一季度 2000 萬美元的收入延期。

Therefore, when the deferred revenue is recognized in the ensuing quarters this year, it will result in increased gross margin.

因此，當本年度後續季度確認遞延收入時，將導致毛利率上升。

For the year, the deferral should have no net impact.

對於這一年，延期應該沒有淨影響。

We continue to expect our gross margin for the year to come in between 70% and 71%.

我們繼續預計我們今年的毛利率將在 70% 至 71% 之間。

With regard to operating expense, last quarter we provided a forecast of growing our GAAP operating expense by approximately 20% in 2009.

關於運營費用，上個季度我們預測 2009 年我們的 GAAP 運營費用將增長約 20%。

Based on our current plans for the remainder of the year, we expect our GAAP operating expense to grow by approximately 17% from 2008 to 2009.

根據我們目前對今年剩餘時間的計劃，我們預計 2008 年至 2009 年我們的 GAAP 運營費用將增長約 17%。

Included in this estimate are some significant increases in non-cash expenses.

此估計中包括非現金費用的一些顯著增加。

First, with regard to FAS 123R, in 2008, we recorded $77 million stock compensation expense.

首先，關於 FAS 123R，2008 年，我們記錄了 7700 萬美元的股票補償費用。

In 2009, we expect stock compensation expense to increase 24% to approximately $95 million.

2009 年，我們預計股票補償費用將增加 24% 至約 9500 萬美元。

And secondly, with regard to IP amortization charges, we are scheduled to record approximately $16 million in the R&D expense line for 2009, up 60% from the $10 million we recorded in 2008.

其次，關於知識產權攤銷費用，我們計劃在 2009 年的研發費用項目中記錄約 1600 萬美元，比 2008 年記錄的 1000 萬美元增長 60%。

We will continue to manage our fixed costs closely, as we demonstrated in Q4 and Q1.

正如我們在第四季度和第一季度所展示的那樣，我們將繼續密切管理我們的固定成本。

However, we will continue to add resources in the sales and R&D functions, as we view these as important investments to continue driving growth in the near-term and the long-term.

但是，我們將繼續在銷售和研發職能方面增加資源，因為我們認為這些是繼續推動近期和長期增長的重要投資。

With regard to income tax, the tax adjustment related to changes in state tax laws that impacted our Q1 tax rate is not expected to recur in the balance of the year.

關於所得稅，與影響我們第一季度稅率的州稅法變化相關的稅收調整預計不會在今年的餘額中再次發生。

Going forward in 2009, we expect to report a GAAP tax rate of approximately 40%.

展望 2009 年，我們預計報告的 GAAP 稅率約為 40%。

For calculating earnings per share, we ended the quarter with 37.9 million shares outstanding after buying back and retiring approximately 1.4 million shares through our accelerated buyback program.

為了計算每股收益，在通過我們的加速回購計劃回購和退市約 140 萬股股票後，我們在本季度末發行了 3790 萬股流通股。

We will complete the accelerated buyback by the end -- by the middle of June, though the number of additional shares we receive under the program will be small compared with the 1.4 million already received.

我們將在年底前完成加速回購 - 到 6 月中旬，儘管與已經收到的 140 萬股相比，我們根據該計劃獲得的額外股票數量將很少。

Approximately 500,000 shares were added to the diluted share count for calculating EPS in Q1.

大約 500,000 股被添加到稀釋後的股數中，用於計算第一季度的每股收益。

Therefore, we expect our share count for calculating EPS in Q2 to be approximately 38.4 million shares.

因此，我們預計我們計算第二季度每股收益的股票數量約為 3840 萬股。

Finally, when analyzing and forecasting our cash flows, it is important to note that while we reported net income of approximately $28 million in Q1, we generated approximately $90 million in cash from operations during the first quarter.

最後，在分析和預測我們的現金流時，重要的是要注意，雖然我們報告第一季度的淨收入約為 2800 萬美元，但我們在第一季度從運營中產生了大約 9000 萬美元的現金。

The $20 million revenue deferral caused a significant part of this difference.

2000 萬美元的收入遞延造成了這一差異的很大一部分。

An even larger contributor to the difference was our recording of approximately $23 million of FAS 123R stock compensation expense.

造成差異的更大原因是我們記錄了大約 2300 萬美元的 FAS 123R 股票補償費用。

And we continued -- and we expect to continue to record approximately $24 million per quarter for the rest of the year.

我們繼續 - 我們預計在今年剩下的時間裡每季度將繼續記錄約 2400 萬美元。

As a result, our cash flow should continue to be significantly higher than our reported net income.

因此，我們的現金流量應繼續顯著高於我們報告的淨收入。

That concludes our prepared remarks.

我們準備好的發言到此結束。

We will now open the call to your questions.

我們現在將打開您的問題的電話。

(Operator Instructions).

（操作員說明）。

David Lewis from Morgan Stanley, you may ask your question.

摩根士丹利的大衛劉易斯，你可能會問你的問題。

Good afternoon.

下午好。

Hi, Stephen.

嗨，斯蒂芬。

David.

大衛。

So I'll try to limit this to a few questions.

因此，我將嘗試將其限制為幾個問題。

I guess first of all, maybe just talk us through thematically the decision to suspend guidance.

我想首先，也許只是在主題上與我們討論暫停指導的決定。

Was this a -- things you learned incrementally into the first quarter, or the difficulty in filling boxes in the first quarter that led you to this?

這是您在第一季度逐漸學到的東西，還是在第一季度填充盒子的困難導致您這樣做？

Or simply the operating environment got less visible materially in the last six weeks, so there's too many factors to control for, so suspension of guidance seems most prudent?

或者僅僅是過去六週的運營環境在實質上變得不那麼明顯了，所以要控制的因素太多了，所以暫停指導似乎是最謹慎的？

Yes, I think you're on to it, David.

是的，我認為你已經做到了，大衛。

Given the current environment, our visibility in the system sales is not very good, and this was evidenced in the first quarter where we missed our system forecast by about 10%.

鑑於目前的環境，我們在系統銷售方面的知名度不是很好，這在第一季度就得到了證明，我們錯過了大約 10% 的系統預測。

And so rather than give you guidance that has a high degree of uncertainty, we're just going to suspend guidance at this time.

因此，我們不會為您提供具有高度不確定性的指導，而是暫時暫停指導。

And when visibility improves, we plan to resume giving you guidance.

當能見度提高時，我們計劃繼續為您提供指導。

Would you say this means that your visibility from three months ago is better, worse, or the same?

你會說這意味著你三個月前的能見度更好、更差還是一樣？

It's probably relatively the same.

應該是差不多的吧。

I actually think it might be a little bit better, but because we've seen -- actually in terms of just the range of what could have happened, I think that we performed quite well.

我實際上認為它可能會好一點，但是因為我們已經看到 - 實際上就可能發生的事情的範圍而言，我認為我們表現得很好。

But if we were to give guidance, it would be such a wide range, it might not be very meaningful.

但是如果要指導的話，範圍那麼廣，可能意義不大。

So, we've decided let's see what happens, and as we get further down this path, we will get more confident in our ability to forecast, we will be willing to do so.

所以，我們決定讓我們看看會發生什麼，隨著我們在這條道路上走得更遠，我們將對我們的預測能力更有信心，我們將願意這樣做。

Just to add one point, David, is that we -- as you know, we manage a pipeline and we work on a lot of different deals.

大衛，只是要補充一點，我們 - 如你所知，我們管理著一條管道，我們從事許多不同的交易。

What's become difficult is not knowing what deals you're working on, but trying to predict the demand in reconciling it to when is it going to close.

變得困難的是不知道您正在處理什麼交易，而是試圖預測需求以將其與何時完成進行協調。

And predicting that within 90-day windows became very hard.

並且預測在 90 天的窗口內變得非常困難。

But again, working on a lot of systems is something that we continue to do; just predicting the closure on them is harder.

但同樣，在很多系統上工作是我們繼續做的事情。僅僅預測他們的關閉更加困難。

Okay.

好的。

Just a couple more questions.

還有幾個問題。

Just on instruments specifically, would you say that more of the variability is tied to the pricing and mix issues than we talked about last year?

僅就工具而言，您是否會說與我們去年討論的相比，更多的可變性與定價和組合問題有關？

Or is this more of not understanding the inventory in the channel with customers today?

或者這更多的是不了解今天與客戶的渠道庫存？

So, David, for changes that happen pretty rapidly, like from Q4 to Q1, the things that can move things the fastest are things like changes in stocking orders, which we definitely saw.

所以，大衛，對於發生得非常快的變化，比如從第四季度到第一季度，可以最快推動事情的事情是庫存訂單的變化，這是我們肯定看到的。

And also changes in, let's say, customers managing their inventory.

比如說，客戶管理他們的庫存也會發生變化。

The things that we talk about -- that we talked about before, like efficiencies and procedure mix, those are things that gradually impact the revenue per procedure over longer periods of time.

我們談論的事情——我們之前談論過的事情，比如效率和程序組合，這些事情會在更長的時間內逐漸影響每個程序的收入。

Okay, and then just last question, I want to kind of get back to the deferral of revenue.

好的，然後是最後一個問題，我想回到延遲收入的問題上。

I don't know if Marshall can provide us some detail on how many customers were affected by the deferral in this quarter, so how many specific upgrades?

我不知道 Marshall 能否提供一些細節，說明本季度有多少客戶受到延期的影響，那麼具體升級了多少？

And then how many actually were affected by the specific accessory upgrade?

那麼究竟有多少人受到特定配件升級的影響？

Yes.

是的。

So this was a program that we developed in order to make sure we were being fair to customers that were buying da Vinci S's in a quarter just before we introduce a new product.

所以這是我們開發的一個程序，以確保我們在推出新產品之前的一個季度內對購買達芬奇 S 的客戶公平。

And so when you say how many customers were affected, we effectively offered all customers of the S, the opportunity to upgrade.

所以當你說有多少客戶受到影響時，我們有效地為 S 的所有客戶提供了升級的機會。

Now, the accounting rules are kind of convoluted and they basically require us then to defer the amount of discount that we're offering them to buy the upgrade at, and the discount being that from list price.

現在，會計規則有點複雜，它們基本上要求我們推遲我們提供給他們購買升級的折扣金額，折扣是標價的折扣。

But we made the offer so that effectively had they bought an S -- if they bought an S, the amount that they will have to pay to get to the Si equivalent is equal to what we would have sold them an Si for.

但是我們提供的報價是為了讓他們有效地購買了 S - 如果他們購買了 S，他們必須支付的金額才能獲得 Si 等價物，這等於我們向他們出售 Si 的價格。

I'll help you a little bit there, David.

我會幫你一點點，大衛。

There were 44 customers who got an offer for a discounted upgrade.

有 44 位客戶獲得了折扣升級優惠。

And if I could just give you one example that helps you understand how this works, because it is a little bit complex.

如果我能給你舉一個例子來幫助你理解它是如何工作的，因為它有點複雜。

Let's assume that you bought a system for $1.6 million this quarter.

假設您本季度以 160 萬美元的價格購買了一個系統。

And the normal price of an upgrade is $600,000, but we offered to that particular customer an upgrade for $150,000 to get them to a list price of $1.75 million for a da Vinci Si.

升級的正常價格是 600,000 美元，但我們向該特定客戶提供了 150,000 美元的升級，以使他們的達芬奇 Si 標價為 175 萬美元。

So what we deferred, let's say, for that customer is $450,000.

因此，假設我們為該客戶推遲了 450,000 美元。

That's the difference between the $600,000 list price of the upgrade and the $150,000 that they would pay if they choose to do the upgrade, okay.

這就是升級的 600,000 美元標價與他們選擇升級時願意支付的 150,000 美元之間的差額，好吧。

And then we withheld that $450,000 from the recognition of the $1.6 million sale in Q1.

然後我們從第一季度 160 萬美元的銷售額中扣留了 450,000 美元。

If the customer chooses not to upgrade, and we did give them a limited timeframe to make this decision, if they choose not to upgrade, we're going to recognize the $450,000 when the offer expires.

如果客戶選擇不升級，並且我們確實給了他們做出此決定的有限時間框架，如果他們選擇不升級，我們將在優惠到期時確認 450,000 美元。

If they choose to upgrade, we're going to recognize $600,000 at the time that they upgrade.

如果他們選擇升級，我們將在他們升級時確認 600,000 美元。

I hope that helps clear it up.

我希望這有助於清除它。

It's actually very, very helpful.

它實際上非常非常有幫助。

And then lastly, and I'll jump back in queue and let someone else take a crack here.

最後，我會跳回隊列，讓其他人在這裡試一試。

In terms of the timing of the system, you've launched new systems before, at various times during the quarter.

在系統的時間安排方面，您之前在本季度的不同時間推出了新系統。

I'm just curious as to -- we have not seen a significant deferral program before.

我只是好奇——我們之前沒有看到過重大的延期計劃。

So was there a specific -- was the economic sensitivity tied to the specific timing or nature of this program or were they unrelated?

那麼是否存在特定的經濟敏感性與該計劃的特定時間或性質相關，或者它們是否無關？

David, really, again, what we're trying to do is to be fair to customers who are buying da Vinci S.

大衛，真的，再一次，我們試圖做的是公平對待購買達芬奇 S 的顧客。

So it's really -- the timing is unrelated.

所以真的 - 時間是無關的。

It had to do with upfront thinking about the rollout program and what made sense.

這與預先考慮推出計劃以及什麼是有意義的有關。

And the other thing is the last major, let's call it larger product launch was standard da Vinci to da Vinci S.

另一件事是最後一個專業，讓我們稱之為更大的產品發布是標準的達芬奇到達芬奇 S。

Those two were not compatible in terms of an upgrade that would have been missing.

這兩個在升級方面是不兼容的，本來會丟失的。

In other words, the S can be upgraded to the Si.

換句話說，S可以升級為Si。

The standard could not be upgraded to the S.

該標準無法升級到 S。

Okay.

好的。

Well, we also learned from that experience with the S that we had a few very unhappy customers and we -- and the accounting rules, because of the way we treated it, did not allow us to talk with them for six months to even communicate anything to them.

嗯，我們還從與 S 的經驗中了解到，我們有一些非常不滿意的客戶，而且我們——以及會計規則，因為我們對待它的方式，不允許我們在六個月內與他們交談甚至交流對他們來說任何事。

And that's just not the way we want to run our business.

這不是我們經營業務的方式。

It -- long term, these are our customers.

它——從長遠來看，這些是我們的客戶。

We want them to be happy.

我們希望他們快樂。

We want to treat them as the way we would want to be treated, and so we structured this and taken the hit in this quarter to be able to -- because we believe long-term we'll have a better relationship with those customers than if we treat it as we did with the S.

我們希望以我們希望被對待的方式對待他們，因此我們構建了這一點並在本季度受到了打擊，因為我們相信從長遠來看，我們與這些客戶的關係會比如果我們像對待 S 一樣對待它。

Okay.

好的。

I'll jump back in queue.

我會跳回隊列。

Thank you.

謝謝你。

Tao Levy from Deutsche Bank, you may ask your question.

德意志銀行的 Tao Levy，你可以問你的問題。

Great, thanks.

太謝謝了。

Good afternoon, everyone.

大家下午好。

Hi, Tao.

你好，濤。

So how long does it take to upgrade an S system?

那麼升級一個S系統需要多長時間呢？

You guys had mentioned anywhere between 2Q and the rest of '09 you'll get a decision.

你們已經提到了 2Q 和 09 年剩餘時間之間的任何時間，你會得到一個決定。

Is it relatively quick?

是不是比較快？

Is it mostly software?

主要是軟件嗎？

So, first of all, make clear that the offer is valid till the end of June, so they have till the end of June to decide whether they want to be upgraded.

所以，首先要明確offer的有效期到6月底，所以他們要到6月底才能決定是否要升級。

Okay.

好的。

But it is both -- Gary, why don't you answer this.

但兩者都是——Gary，你為什麼不回答這個問題。

It's both software and hardware.

它既是軟件也是硬件。

Yes, in terms of physically what it is, it's a fair amount of hardware as well as the software that goes in it.

是的，就它的物理特性而言，它是相當數量的硬件以及其中的軟件。

And to physically do it is kind of a half a day, an afternoon.

身體力行是半天，一個下午。

Got you.

得到你。

And basically all the S's out there could potentially be upgraded?

基本上所有的S都有可能升級？

And do you have a number roughly?

你有一個大致的數字嗎？

Of how many there are out there?

外面有多少？

Yes, of how many S's that could be upgraded.

是的，有多少 S 可以升級。

Well, of the 1,171 systems that are out there, I think over 700 of them are the S variety.

好吧，在現有的 1,171 個系統中，我認為其中有 700 多個是 S 品種。

Okay, great.

好，太棒了。

And then just to be clear, in terms of going on a go-forward basis, you aren't probably going to have any more of the deferrals -- deferred revenues?

然後要明確一點，就前進的基礎而言，您可能不會再有任何遞延 - 遞延收入？

So this offer is only for Q1 customers, not 2Q or anything like that?

所以這個優惠只適用於第一季度的客戶，而不是第二季度或類似的？

Correct.

正確的。

Yes.

是的。

Okay.

好的。

And then the last question, you kind of provide a little bit of insight into your thinking around single incision.

然後是最後一個問題，您提供了一些關於您對單切口的想法的見解。

Gary, I was wondering if you could maybe flush that out.

加里，我想知道你是否可以把它沖掉。

Maybe if -- are there any milestones, timing of when something like that could become more visible out of Intuitive?

也許如果 - 是否有任何里程碑，何時可以在 Intuitive 中更明顯地看到類似的東西？

I guess what I would say is we'll share with you as we progress where we are.

我想我會說的是，隨著我們的進展，我們將與您分享。

Right now we're in the early phases.

現在我們處於早期階段。

We're looking closely at both the technology and the IP required to do it.

我們正在密切關注實現這一目標所需的技術和 IP。

And as that work progresses and there's an appropriate milestone, we'll let you know.

隨著這項工作的進展和適當的里程碑，我們會通知您。

Okay, thank you.

好的謝謝你。

But Tao, by policy, we do not pre-announce products, and nor would we start.

但是Tao，根據政策，我們不會預先發布產品，也不會開始。

Yes, I was just trying to get a sense of where it was and the progress.

是的，我只是想了解它的位置和進展。

And just a last question this time.

這次只是最後一個問題。

I know you're not providing full-year guidance because of the visibility.

我知道由於可見度，您沒有提供全年指導。

But, Ben, any trends heading into the second quarter that might be helpful for us?

但是，本，進入第二季度的任何趨勢可能對我們有幫助嗎？

Yes, I think the best data point we have is that we just sold 66 systems in Q1 and, again, that was down by about 10% from Q1 of last year.

是的，我認為我們擁有的最佳數據點是我們在第一季度僅售出了 66 台系統，並且再次比去年第一季度下降了約 10%。

And I know there was a wide range out there of forecasts, and some people were thinking we'd do quite a few less than that and some people thought it would be more.

而且我知道預測範圍很廣，有些人認為我們會做的比這少很多，有些人認為會更多。

We were hoping for more.

我們希望得到更多。

But anyway, I think that's probably our best data point at this point.

但無論如何，我認為這可能是我們目前最好的數據點。

Okay, great.

好，太棒了。

Thanks a lot, guys.

非常感謝，伙計們。

Mimi Pham from JMP Securities, you may ask your question.

JMP Securities 的 Mimi Pham，您可以提出您的問題。

Hi, good afternoon.

你好，下午好。

Can you just clarify then, the 66 systems for first quarter, none of these are double counted, right?

那麼您能否澄清一下，第一季度的 66 個系統，這些都不是重複計算的，對嗎？

I mean if there was someone who bought an S in first quarter and then upgraded to an Si, do they count twice?

我的意思是，如果有人在第一季度購買了 S，然後升級為 Si，他們算不算兩次？

Or all of these were first customers?

還是所有這些都是第一批客戶？

So we sold 66 systems in Q1.

因此，我們在第一季度售出了 66 個系統。

We announced the Si after Q1 was over.

我們在第一季度結束後宣布了 Si。

So there's no overlap or double counting.

所以沒有重疊或重複計算。

And just to kind of reiterate what Marshall said, we did the launch with the plan of going back to those Q1 customers who just purchased to give them an offer to upgrade so that they could feel like they were not given the opportunity to buy an Si if they could.

只是重申一下馬歇爾所說的話，我們推出的計劃是回到那些剛剛購買的 Q1 客戶，為他們提供升級優惠，這樣他們就會覺得自己沒有機會購買 Si如果可以的話。

But Mimi, to answer your question.

但是咪咪，回答你的問題。

No, there was no double counting, and nor will there be when we upgrade.

不，沒有重複計算，我們升級時也不會重複計算。

We will not count that as an additional system.

我們不會將其視為附加系統。

We'll count it as an upgrade.

我們將其視為升級。

Okay, and thank you so much for that clarification.

好的，非常感謝您的澄清。

And then I know you're not giving guidance, but in terms of what we normally see for you guys is first quarter.

然後我知道你沒有提供指導，但就我們通常看到的第一季度而言。

Whatever you do in first quarter for system sales, we generally see a better number second and third quarter, and then a better number than that in fourth quarter.

無論您在第一季度為系統銷售做什麼，我們通常會看到第二季度和第三季度的數字更好，然後比第四季度的數字更好。

Is that -- kind of similar to the last question, is that what you expect to see?

是不是 - 有點類似於最後一個問題，這是你期望看到的嗎？

Or is there a risk just given what we're seeing in the complex environment of even the second quarter being sequentially lower than the first quarter?

或者考慮到我們在復雜環境中看到的情況，甚至第二季度連續低於第一季度，是否存在風險？

So I think what we can say is, you're right, the seasonality we have seen in the past is the second quarter is typically up from the first quarter.

所以我認為我們可以說的是，你是對的，我們過去看到的季節性是第二季度通常高於第一季度。

And by the way, for service revenues and instrument accessory revenues, you're going to expect some sequential growth.

順便說一句，對於服務收入和儀器配件收入，你會期待一些連續增長。

With system revenues, there's less certainty there.

有了系統收入，那裡的確定性就降低了。

All things being equal, you would expect sequential growth.

在所有條件相同的情況下，您會期望連續增長。

But we don't have enough visibility to make that call at this time.

但我們目前沒有足夠的知名度來做出這個決定。

Okay.

好的。

It gets right back down to, it's not the pipeline, it's the point that Aleks made earlier and we made it actually on the last call.

它馬上回到，這不是管道，這是 Aleks 早些時候提出的觀點，我們實際上是在最後一次通話中做到的。

Is just you get right down to the last signature, and somebody decides that -- not to do it because of just concern for the current financial situation.

是否只是您直接到最後一個簽名，並且有人決定不這樣做，因為只是出於對當前財務狀況的關注。

On the other hand, as the economy -- if it does get better, and as people gain some confidence, then perhaps that will be a positive.

另一方面，作為經濟——如果它確實變得更好，並且隨著人們獲得一些信心，那麼也許這將是積極的。

It just depends on what happens in the environment we're in.

這僅取決於我們所處的環境中發生的情況。

When we overlay it all, there's really -- demand comes from really three areas.

當我們將所有內容疊加在一起時，確實 - 需求來自三個領域。

You've got procedure demand.

你有程序需求。

You've got physician demand to deliver those procedures, and you have hospital demand to build robotic initiatives.

你有醫生需要提供這些程序，你有醫院需要建立機器人計劃。

The demand is strong in all of those universes.

所有這些領域的需求都很強勁。

The challenge is converting the last one to an actual sale in a predictable time period.

挑戰在於在可預測的時間段內將最後一個銷售轉化為實際銷售。

And -- but the sales people are very active.

而且——但銷售人員非常活躍。

And as you can tell by global procedure expansion during Q1, the -- probably the most important component is well intact, and that is the procedure demand.

從第一季度的全球程序擴展可以看出，最重要的組件可能完好無損，這就是程序需求。

And I guess you mentioned -- or you addressed this a little bit on the last questions, but in terms of the international markets, are you seeing less visibility in there in terms of delays hitting their CapEx purchase decisions more than what you had seen in first, fourth quarter?

而且我猜你提到了 - 或者你在最後一個問題上稍微解決了這個問題，但就國際市場而言，你是否看到在延遲影響他們的資本支出購買決策方面的知名度低於你在第一季度，第四季度？

Again, as we sometimes mention in these calls, is that it's really hard to give a single answer for the international market because Europe is made up of 26 markets and Asia's made up of a number and the Americas, et cetera.

同樣，正如我們有時在這些電話中提到的那樣，很難為國際市場給出一個單一的答案，因為歐洲由 26 個市場組成，亞洲由多個市場和美洲組成，等等。

But again, when I look across the board, across Europe into Belgium, Denmark and France, let's say in Germany, their procedure numbers were exceptionally strong.

但同樣，當我全面審視歐洲，比利時、丹麥和法國，比如說德國，他們的手術數量異常強勁。

If I look at Korea, Canada and Brazil in our [O-US] distribution market, very, very strong.

如果我看看我們 [O-US] 分銷市場中的韓國、加拿大和巴西，它們非常非常強大。

And even the distribution within Europe, be it Romania and Turkey, and whatnot.

甚至歐洲內部的分佈，無論是羅馬尼亞和土耳其，等等。

So in general, each one is going to vary.

所以總的來說，每個人都會有所不同。

Each country is a little bit different, and each region is different.

每個國家都有點不同，每個地區都不一樣。

Q1, we sold 22 systems, and our procedure growth was exceptional.

第一季度，我們售出了 22 個系統，我們的程序增長非常出色。

I think it was a very good performance.

我認為這是一場非常好的表演。

Great, and then just last question, the -- we've heard feedback that the Si is really a great tool for your teaching hospitals.

太好了，最後一個問題，我們聽到反饋說 Si 確實是您的教學醫院的一個很好的工具。

Can you let us know how many of your customers in the US are teaching hospitals that might be the best candidates for the Si upgrade?

您能否讓我們知道您在美國有多少客戶正在教學醫院，這些醫院可能是 Si 升級的最佳候選者？

Well, I would say this, that it -- I can't give you the exact number of customers, but I can tell you that less than 2% of the US hospitals are academic medical centers, which is approximately 150 medical schools across the United States.

好吧，我想說的是——我不能給你確切的客戶數量，但我可以告訴你，美國祇有不到 2% 的醫院是學術醫療中心，大約有 150 所醫學院遍布全美美國。

But when you then add in the caveat of teaching, we have teaching centers that are not university-based, that are very large community hospitals or large active community hospitals that can be teaching centers for us.

但是，當您添加教學警告時，我們的教學中心不是以大學為基礎的，它們是非常大的社區醫院或大型活躍的社區醫院，可以成為我們的教學中心。

So it isn't as clean an answer to say -- I can't give you a much cleaner answer.

所以說它不是一個乾淨的答案——我不能給你一個更乾淨的答案。

There are a number of centers and there are a number of academic hospitals that have residency programs, and I think your reconnaissance is accurate.

有許多中心和許多學術醫院都有住院醫師計劃，我認為你的偵察是準確的。

I think it makes -- it changes the potential paradigm for how robotic training can go forward.

我認為它改變了機器人培訓前進的潛在範式。

Okay.

好的。

Thank you so much.

太感謝了。

Ben Andrew from William Blair, you may ask your question.

來自威廉布萊爾的本安德魯，你可以問你的問題。

Good afternoon.

下午好。

Maybe just following up on the time to close question.

也許只是跟進結束問題的時間。

Can you sort of characterize the magnitude of the change?

你能描述一下變化的幅度嗎？

I mean if you missed by 10%, could we sort of extrapolate that and we're still getting to closing, but 10% slower?

我的意思是，如果你錯過了 10%，我們可以推斷一下，我們仍然接近關閉，但慢了 10%？

And like you said, the pipeline is still quite full, so over the course of several quarters you should see those same orders come back through?

就像你說的那樣，管道仍然很滿，所以在幾個季度的過程中，你應該看到同樣的訂單回來了嗎？

Is that the way you're looking at it?

你是這麼看的嗎？

In Q1, we got some of the orders that were postponed in Q4.

在第一季度，我們收到了一些在第四季度被推遲的訂單。

And as you might expect, you have people that are maybe taking longer to make some of those decisions and that's what's causing some of the uncertainty of when these things are closing.

正如您所料，有些人可能需要更長的時間來做出其中一些決定，這就是導致這些事情何時結束的一些不確定性的原因。

I'm not sure that you can do an extrapolation, a straight extrapolation that says 10% down is going to be what it's going to be for the rest of the year.

我不確定您是否可以進行外推，直接外推表示下降 10% 將是今年餘下時間的情況。

But that's what we see so far.

但這就是我們目前所看到的。

I guess it depends on your time horizon.

我想這取決於你的時間範圍。

Will we get these?

我們會得到這些嗎？

Yes, we believe we will get them.

是的，我們相信我們會得到它們。

Right.

正確的。

It's just we don't know when.

只是我們不知道什麼時候。

All right.

好的。

We think longer term, as the economy normalizes a little bit -- I don't think it will get back to where it was -- but as it normalizes, then the confidence will build and people will buy those that have capital freezes on at this point in time.

我們認為從長遠來看，隨著經濟稍微正常化——我認為它不會回到原來的水平——但隨著它正常化，信心將會建立，人們會購買那些資本凍結在這個時間點。

Okay.

好的。

If we can talk a little more about the upgrade, I mean, the Si, is it a -- there's only one variety of upgrade?

如果我們可以多談談升級，我的意思是，Si，是不是只有一種升級？

Or can somebody take the functional upgrade without the training console?

或者有人可以在沒有訓練控制台的情況下進行功能升級嗎？

Actually I think I sense a little bit of a confusion.

其實我覺得我有點困惑。

So there's a new system version.

於是有了新的系統版本。

It's called the Si.

它被稱為Si。

And you can upgrade from an S to an Si.

您可以從 S 升級到 Si。

So we didn't launch just an upgrade.

所以我們不只是升級。

We launched a new system, and you can actually convert an S to an Si.

我們推出了一個新系統，您實際上可以將 S 轉換為 Si。

Okay.

好的。

But the second console is available as an option.

但是第二個控制台可以作為一個選項使用。

So you convert the base system from S to Si, and then you can buy the second console as you describe.

因此，您將基本系統從 S 轉換為 Si，然後您可以按照您的描述購買第二個控制台。

The second console is not necessarily part of the upgrade.

第二個控制台不一定是升級的一部分。

I understand.

我明白。

And so the upgrade cost would be the $600,000 that you mentioned, the list price?

所以升級成本是你提到的 600,000 美元，標價？

Correct.

正確的。

Okay.

好的。

But the list price of a new system with a single console is $1.75 million and the list price of a second console is $500,000.

但是帶有單個控制台的新系統的標價為 175 萬美元，而第二個控制台的標價為 500,000 美元。

Okay, so the Si will essentially replace the S as your top-of-the-line product.

好的，所以 Si 將基本上取代 S 成為您的頂級產品。

Will you continue selling the S or does that get discontinued?

您會繼續銷售 S 還是停止銷售？

That's a good question.

這是個好問題。

We will continue to sell both S and Si, and we expect to sell the S version for quite some time.

我們將繼續銷售 S 和 Si，我們預計 S 版本會銷售相當長的一段時間。

Okay, and then as you think about the customers that purchased an S before the first quarter, there might be some grumpiness there too in terms of the relative near-term nature of the upgrade.

好的，然後當您考慮在第一季度之前購買 S 的客戶時，就升級的相對近期性質而言，那裡也可能存在一些脾氣暴躁。

Have you thought through kind of offering some of those customers upgrades at some sort of a discount, and is there a systematic process to go back to them?

您是否考慮過以某種折扣為其中一些客戶提供升級服務，是否有系統的流程可以回饋給他們？

Or are you forbidden under the six-month rule of doing that?

或者你在六個月的規則下被禁止這樣做？

Well, we'll try not to let the accounting rules dictate everything we do, but we will try to work with each of our customers, the people who bought maybe in Q4 or in 2007, and work with them as best we can.

好吧，我們會盡量不讓會計規則支配我們所做的一切，但我們會努力與我們的每一位客戶合作，可能是在第四季度或 2007 年購買的人，並儘我們所能與他們合作。

Okay.

好的。

You mean in 2008, of course?

你是說2008年，當然？

Yes.

是的。

Okay.

好的。

Fair enough.

很公平。

And the ones in 2007.

還有2007年的那些。

We'll work with all of our customers in upgrading, obviously.

顯然，我們將與所有客戶合作進行升級。

Yes.

是的。

Yes.

是的。

Of course.

當然。

All right, last question.

好的，最後一個問題。

On the instrument pull-through, there's a question relative to, obviously, the revenues relative to the procedure volumes and you've characterized I think some of the different dynamics there, some that move more quickly than others.

在儀器拉通方面，顯然存在一個與手術量相關的收入問題，你已經描述了我認為那裡的一些不同動態，有些比其他的移動得更快。

How much movement has there been in hospitals relative to that gain of efficiency?

相對於效率的提高，醫院發生了多少變化？

So trying to tease out that effect of somebody maybe using fewer instruments per case, if you will, or being more efficient with how they use these expensive instruments?

因此，如果您願意的話，試圖梳理出某人可能在每個案例中使用更少的儀器，或者更有效地使用他們如何使用這些昂貴的儀器？

I think when you think of efficiencies even, there are some sub-components of efficiencies.

我認為，當您甚至想到效率時，效率也有一些子組成部分。

For example, if you look at a hospital's inventory system, they may have a few instruments in the operating room.

例如，如果您查看醫院的庫存系統，他們的手術室中可能有一些儀器。

They may have central storage.

他們可能有中央存儲。

They may have a couple of different places to make sure they do not have to cancel a case because they are missing one key instrument.

他們可能有幾個不同的地方來確保他們不必因為缺少一個關鍵工具而取消案件。

That sort of par level setting and managing of inventory is a pretty natural progression through just about any medical device technology I've been associated with for a long time.

這種標準水平設置和庫存管理是我長期以來一直與之相關的幾乎所有醫療設備技術的一個非常自然的進展。

And so I think that's one component.

所以我認為這是一個組成部分。

The other is surgeons becoming more efficacious with the instruments used in the operation.

另一個是外科醫生對手術中使用的器械變得更加有效。

I think that tends to mirror procedure efficacy more than it does how do I get $200 out of this case?

我認為這往往更能反映程序的效果，而不是我如何從這個案例中獲得 200 美元？

And so when we talk about stocking orders, we are often referring to the initial system purchase and the instruments that come with it.

因此，當我們談論庫存訂單時，我們通常指的是初始系統購買和隨之而來的工具。

When we talk about efficiencies, it can be in the management of inventory within the hospital.

當我們談論效率時，它可以是醫院內部的庫存管理。

And then there are certainly components which we totally expect as we become more readily used in simple procedures, and that's the instrument mix in the actual procedure.

隨著我們在簡單程序中變得更容易使用，當然還有我們完全期望的組件，這就是實際程序中的儀器組合。

Okay.

好的。

So that combined with the procedure mix, because obviously a prostatectomy might use a different number of instruments or cost of instruments than, say, a hysterectomy?

所以結合手術組合，因為顯然前列腺切除術可能使用不同數量的器械或器械成本，而不是子宮切除術？

Yes, and I would point to the area, and I think we called this out in one of the previous calls, that some of the benign GYN procedures can perhaps consume fewer instruments.

是的，我會指出這個領域，我認為我們在之前的一個電話中提到了這一點，一些良性的 GYN 程序可能會消耗更少的儀器。

And we're perfectly happy about that, because as we go into these simple cohort of procedures, the volumes are significantly larger, and I think moving into that is a very positive thing.

我們對此感到非常高興，因為當我們進入這些簡單的程序隊列時，數量要大得多，我認為進入這是一件非常積極的事情。

We'd much rather have three instruments or four instruments in a universe of significantly large procedures than we would to have five instrument procedures in relatively small universes.

我們寧願在一個非常大的程序宇宙中擁有三台或四台儀器，而不是在相對較小的宇宙中擁有五台儀器程序。

Okay.

好的。

Thank you.

謝謝你。

Vincent Ricci from Wachovia, you may ask your question.

美聯銀行的 Vincent Ricci，你可以問你的問題。

Great.

偉大的。

Guys, just a couple of quick questions first.

伙計們，先問幾個簡單的問題。

So just to get this -- you guys were really good about explaining it, but I just want to make this abundantly clear.

所以只是為了明白這一點——你們真的很擅長解釋它，但我只想把這一點說清楚。

Sixty-six systems were physically placed in the quarter.

該季度實際放置了 66 個系統。

Is that correct?

那是對的嗎？

They are actually installed?

它們實際上是安裝的嗎？

That's correct.

這是正確的。

Okay, and did you recognize the cost of goods sold on those systems, and that's why it's basically $20.1 million in deferred operating income?

好的，您是否認識到在這些系統上銷售的商品成本，這就是為什麼它基本上是 2010 萬美元的遞延營業收入？

Correct.

正確的。

That's correct.

這是正確的。

We did not defer any costs along with the $20 million of revenue.

我們沒有推遲任何成本以及 2000 萬美元的收入。

Okay, and then on your deferred revenue entry on the balance sheet, I mean that's predominantly your service contracts.

好的，然後在資產負債表上的遞延收入條目上，我的意思是主要是您的服務合同。

But could you just go into a little bit -- do you have orders that kind of -- someone signed, but the installation doesn't slip?

但是你能不能稍微說一下——你有那種訂單——有人簽了字，但安裝沒有滑倒嗎？

Or how does that work?

或者它是如何工作的？

Can you just walk us through that a little bit?

你能稍微介紹一下嗎？

What's in deferred revenue on the balance sheet right now is pretty much the prepaid service contracts and this $18 million of deferred revenue associated with this deferral we just did.

現在資產負債表上的遞延收入幾乎是預付費服務合同以及與我們剛剛進行的遞延相關的 1800 萬美元的遞延收入。

Okay, great.

好，太棒了。

Can you just give us quickly the international and domestic breakout?

能不能快點給我們介紹一下國際國內的突圍？

For the quarter or for the installed base, or both?

季度或安裝基數，或兩者兼而有之？

For the quarter and specifically just overall revenues.

對於本季度，特別是整體收入。

Oh, revenues -- the system placements, and we sold 17 in Europe and five in rest-of-world markets.

哦，收入——系統佈局，我們在歐洲銷售了 17 個，在世界其他市場銷售了 5 個。

The revenue, I'll let Ben --

收入，我會讓本——

It was roughly 75% of our revenues in the US, 25% international.

這大約占我們美國收入的 75%，國際收入的 25%。

Okay, great.

好，太棒了。

Just for a quick question on the stuff you guys are working on.

只是對你們正在研究的東西的一個快速問題。

I realize you don't talk about anything in advance, but you have mentioned you picked up the IP from Power Medical.

我知道您沒有提前談論任何事情，但您提到您從 Power Medical 獲得了 IP。

Can you talk just a little bit about where you guys are with the surgical stapler?

你能談談你們使用外科縫合器的情況嗎？

We're in the process here of development.

我們正處於發展過程中。

So far, so good.

到目前為止，一切都很好。

Okay, great.

好，太棒了。

And I guess lastly, with the standard system, is that something you guys are still selling, or is that something you guys are going to phase out over time?

最後，我猜想，對於標準系統，你們還在銷售這種東西，還是隨著時間的推移你們將逐步淘汰這種東西？

We sold five refurbished standard systems during Q1.

我們在第一季度售出了五個翻新的標準系統。

And over time, it's probably, now that it's maybe a couple of generations older than the latest one, it will probably decrease in terms of the number of these that we'll sell going forward.

隨著時間的推移，現在它可能比最新的一代要大幾代，就我們未來銷售的數量而言，它可能會減少。

But we're not manufacturing standard systems any longer.

但我們不再製造標準系統。

We do take them back as trade-ins.

我們確實將它們作為折價收回。

We refurbish them and sell them to those people who are looking for a low-price system.

我們翻新它們並將它們出售給那些正在尋找低價系統的人。

They still use instruments and they still do the job, they just don't do it quite as well as the newer systems.

他們仍然使用儀器，他們仍然做這項工作，他們只是做得不如新系統好。

Okay, great.

好，太棒了。

And then I realize it's not a large part of your international sales right now, but can you tell us what you're seeing with the emerging markets, particularly with the currency movements that have happened?

然後我意識到這不是你們國際銷售的很大一部分，但你能告訴我們你對新興市場的看法，特別是已經發生的貨幣變動嗎？

That's a good question.

這是個好問題。

I don't know if you would call this an emerging market, but in Korea, the Korean won has definitely gotten weaker versus the US dollar.

我不知道你是否會稱其為新興市場，但在韓國，韓元兌美元肯定已經走弱。

And in places like that, it's more difficult for those guys to purchase systems, and we actually did not sell any in Korea in Q1.

在這樣的地方，這些人購買系統更加困難，我們實際上在第一季度沒有在韓國銷售任何系統。

Okay, and I'll just make this my last question because I've clearly just taken up a lot of time.

好的，我將把這個作為我的最後一個問題，因為我顯然已經佔用了很多時間。

But can you just talk to us a little bit about -- you've been talking about the de-stocking at hospitals.

但是你能不能和我們談談 - 你一直在談論醫院的去庫存。

But can you talk to us a little about any distributors you have, say in Europe and whatnot?

但是你能和我們談談你擁有的任何分銷商嗎，比如在歐洲等等？

Do you have stocking distributors in Europe, and is that an issue potentially?

您在歐洲是否有庫存分銷商，這可能是一個問題嗎？

So there's normal fluctuations in the buying patterns of our European folks.

因此，我們歐洲人的購買模式存在正常波動。

It was -- we did actually do one thing.

那是——我們確實做了一件事。

We took the UK direct -- it was through distribution up through the last year and then starting the beginning of this year, we took it direct.

我們直接在英國進行 - 這是通過去年的分配，然後從今年年初開始，我們直接進行。

And so there's a little bit of a transition there.

所以那裡有一點過渡。

It didn't have a material impact on that quarter's results.

它對該季度的業績沒有重大影響。

Okay, great.

好，太棒了。

Thanks, guys.

多謝你們。

I appreciate it.

我很感激。

The next question comes from Tycho Peterson from JPMorgan.

下一個問題來自摩根大通的 Tycho Peterson。

Your line is open.

你的線路是開放的。

Hey, thanks for taking my call.

嘿，謝謝你接我的電話。

Maybe just starting out with one on the market opportunity for the Si, and I appreciate the color on the mix and some of the discussion on DVP and DVH.

也許只是從 Si 的市場機會開始，我很欣賞混合的顏色以及關於 DVP 和 DVH 的一些討論。

But are you anticipating a similar kind of procedure mix?

但是您是否期待類似的程序組合？

And then can you just talk a little bit about how you're viewing the greenfield versus upgrade opportunity?

然後你能談談你如何看待新建和升級機會嗎？

And maybe with that in mind, talk a little bit about some of these deferred orders, too, if that mirrors the kind of existing mix?

也許考慮到這一點，如果這反映了現有的組合，也可以談談這些延期訂單中的一些？

I know it's a lot of points, but if you could just elaborate, that would be helpful.

我知道這有很多要點，但是如果您能詳細說明一下，那將很有幫助。

Okay.

好的。

I'll take a shot at some of those.

我將對其中一些進行拍攝。

Greenfield versus sales to --

綠地與銷售——

As we think about the installed base for maybe over the next 12 months for Si, how many of these systems do you anticipate going to new customers, versus upgrading your existing install base?

當我們考慮 Si 可能在未來 12 個月內的安裝基礎時，您預計其中有多少系統會提供給新客戶，而不是升級您現有的安裝基礎？

Oh.

哦。

Well, we'll certainly continue to sell to new customers.

好吧，我們肯定會繼續向新客戶銷售產品。

In Q1, it was a fairly high mix of sales to existing customers.

在第一季度，這是對現有客戶的相當高的銷售組合。

And that can also be a factor of the environment, where it's -- in a tougher buying environment, the folks who know exactly what they are getting, existing customers are more likely to make a decision quicker than some of the ones who don't.

這也可能是環境的一個因素，在更艱難的購買環境中，那些確切知道他們得到什麼的人，現有客戶比一些不知道的人更有可能更快地做出決定.

We may see that continue.

我們可能會看到這種情況繼續下去。

I think that that's a testament to the value of the system, actually.

我認為這實際上證明了該系統的價值。

Those that have it see the value, they see the revenue that it brings, and they are invested heavily in it and it's made a priority investment for them.

那些擁有它的人看到了它的價值，他們看到了它帶來的收入，他們在其中投入了大量資金，並且對他們進行了優先投資。

And so they continue to buy because it's an opportunity for them to take market share and build revenue.

所以他們繼續購買，因為這是他們佔領市場份額和增加收入的機會。

Okay.

好的。

And of what you've talked about on the deferred revenues, I mean does that mirror kind of the mix you've been seeing with greenfield versus upgrades?

關於您談到的遞延收入，我的意思是這是否反映了您在新建與升級中看到的那種混合？

I'm not sure I understand.

我不確定我是否理解。

Yes, the -- I believe they are disconnected, and that the deferred has to do with the 44 accounts that purchased in Q1.

是的，我相信它們是斷開的，並且延期與第一季度購買的 44 個賬戶有關。

Right.

正確的。

And those are all --

而這些都是——

So when you look at the overall mix of greenfield versus second systems in Q1, out of the 60 net new systems, 17 were to existing customers.

因此，當您查看第一季度新建系統與第二個系統的整體組合時，在 60 個淨新系統中，有 17 個是現有客戶的。

If you look at it including the trade-up transactions, that number grows to 23, and most of those were in the United States.

如果你看一下包括以舊換新交易在內的交易，這個數字會增長到 23 個，其中大部分都在美國。

Okay.

好的。

That's what I was getting at.

這就是我的意思。

But have you done a global upgrade?

但是你做過全球升級嗎？

I mean you talked about 44 customer offers for the upgrade, which kind of mirrors the US number.

我的意思是你談到了 44 個客戶提供的升級優惠，這與美國的數字很相似。

Are there plans to --

有沒有計劃——

Oh, no.

不好了。

So there were -- of the 44 systems that were impacted, eight of them were international and the other ones were in the United States.

因此，在受到影響的 44 個系統中，有 8 個是國際的，其他的在美國。

So we made the -- we made offers internationally as well.

所以我們做了 - 我們也在國際上提供了報價。

Okay.

好的。

That's helpful.

這很有幫助。

On -- and then just on service, I guess I would assume in this environment it's going to go up a little bit, both as a function of longer utilization and the upgrade path.

開 -- 然後只是服務，我想我會假設在這個環境中它會上升一點，無論是作為更長的利用率和升級路徑的函數。

And you talked about kind of not having a change in your outlook there.

你談到了在那裡你的觀點沒有改變。

Can you just comment, I guess, as to why that's not picking up a little bit in this environment?

我猜你能評論一下為什麼在這種環境下沒有一點點好轉嗎？

Or a little bit more beyond what you had previously expected?

還是超出您之前的預期？

So remember, service is just the ongoing annual fee that we collect from the installed base.

所以請記住，服務只是我們從已安裝基礎中收取的持續年費。

So there's 1,171 systems out there, and the reason why the service revenue is not fluctuating too much is most of the service revenue comes from the installed base.

所以那裡有 1,171 個系統，服務收入波動不大的原因是大部分服務收入來自安裝基礎。

And it will go up as we install new systems, but in proportion to the installed base, it's -- the new systems will be a small percentage.

隨著我們安裝新系統，它會上升，但與安裝基數的比例，新系統將佔一小部分。

And that's why you don't see too much fluctuation on service revenues with, let's say fluctuations in new system placements this year.

這就是為什麼你看不到服務收入有太大波動的原因，比如說今年新系統佈局的波動。

Okay.

好的。

And then you had talked in the past about leasing picking up a little bit and I think you said last quarter that you weren't expecting to really expand that program.

然後您過去曾談到租賃有所增加，我認為您在上個季度說過您並不期望真正擴大該計劃。

But any views in light of the current environment as to how you're looking at that?

但是，根據當前環境，您對您的看法有何看法？

Yes, we'll ask this one last question, Tycho.

是的，我們會問最後一個問題，第谷。

On leasing, it has been relatively the same, 15% to 20% of our sales in Q1 were leases.

在租賃方面，情況大致相同，我們第一季度銷售額的 15% 到 20% 是租賃。

And they were actually across six different leasing sources.

他們實際上跨越了六個不同的租賃來源。

There continues to be no shortage of leasing available to our customers.

向我們的客戶提供的租賃仍然不乏。

Got it.

知道了。

All right.

好的。

I appreciate the color.

我很欣賞這種顏色。

Thanks.

謝謝。

We'll take one last call -- or one last question.

我們將接聽最後一個電話——或最後一個問題。

Yes, sir, thank you.

是的，先生，謝謝。

Your last question comes from Ed Shenkan from Needham.

您的最後一個問題來自 Needham 的 Ed Shenkan。

Your line is open.

你的線路是開放的。

Thanks, Lonnie.

謝謝，朗尼。

Got in under the bell here.

來到這裡的鐘聲下。

We knew you were waiting.

我們知道你在等。

Yes.

是的。

Wanted to ask you on calculating ASPs, maybe you can help me, because if I take $1.33 million per system times 60 new systems, I get $79.8 million, which is $10 more million than you reported for systems.

想問你計算 ASP 的問題，也許你可以幫助我，因為如果我每個系統 133 萬美元乘以 60 個新系統，我得到 7980 萬美元，比你報告的系統多 1000 萬美元。

So how do you do the calculation?

那麼如何計算呢？

What am I missing?

我錯過了什麼？

So just -- it's really straightforward.

所以只是 - 這真的很簡單。

Take the system revenue, add $18 million to it, and then divide that by 66 and you will get the ASP of about $1.33 million, and it's about the same, exactly the same as it was in Q4.

以系統收入，加上 1800 萬美元，然後除以 66，你會得到大約 133 萬美元的 ASP，它與第四季度的情況大致相同，完全一樣。

It's almost the same as it was in Q1 of last year.

這與去年第一季度的情況幾乎相同。

And what's an ASP going forward for the S robot -- the Si you said is $1.75 million.

S 機器人的 ASP 是多少——你說的 Si 是 175 萬美元。

And maybe you could break it out US and O-US for the S going forward.

也許您可以將其拆分為 US 和 O-US 以供 S 前進。

So average selling prices, given the launch of the Si at a higher price and the fact that you can buy it with the feature of a second console, could cause our ASPs to go up going forward.

因此，平均售價，考慮到 Si 以更高的價格推出，並且您可以使用第二個控制台的功能購買它，這可能會導致我們的 ASP 繼續上漲。

As you know, the product mix and the geography mix will have impacts on that on a quarterly basis.

如您所知，產品組合和地理組合將按季度對其產生影響。

But just given the fact that we've got a new product out here with a higher price could cause our ASPs to increase.

但考慮到我們已經推出了價格更高的新產品這一事實，可能會導致我們的平均售價增加。

What will the ASP for the S be going forward?

S 的 ASP 將如何發展？

Will it stay at where it's been or go down?

它會停留在原來的位置還是下降？

Where should it be?

它應該在哪裡？

We'll see.

走著瞧。

Well, the list price is staying where it's at.

好吧，標價保持不變。

Yes, the list price is staying exactly where it's at.

是的，標價完全保持在原價。

And did you have to discount it at all in the first quarter?

您是否必須在第一季度完全打折？

I think the ASP is indicative of where our pricing has been and continues to be.

我認為 ASP 表明了我們的定價已經並將繼續保持在哪裡。

Pricing was pretty consistent with where it was in Q4 of last year and Q1 of last year.

定價與去年第四季度和去年第一季度的價格非常一致。

But less the service component.

但更少的服務組件。

Yes, but the average selling price is --

是的，但平均售價是——

Because the warranty's in that, yes.

因為保修在那，是的。

Yes.

是的。

And last question.

最後一個問題。

Is it fair to say then in the -- outside the US for selling systems, you haven't seen the weakness even close to what we've seen in the US impacting your businesses, is that right?

公平地說，在美國以外的銷售系統，您還沒有看到與我們在美國看到的影響您業務的弱點相近的弱點，對嗎？

You know, again, I would sort of hedge back to the earlier comments of, it varies by country.

你知道，再一次，我會迴避之前的評論，它因國家而異。

It really does.

確實如此。

I mean some countries that you have seen systems sold in, in the past, you did not see this quarter.

我的意思是在過去，您已經看到系統在某些國家/地區銷售，而您在本季度沒有看到。

And then you've seen a lot of strength, for example, out of Korea for some period of time.

然後你已經看到了很多力量，例如，在一段時間內離開韓國。

Germany is picking up strength and for the last few quarters has been very strong.

德國正在增強實力，過去幾個季度一直非常強勁。

Italy has been strong for a long time, but you -- it's going to vary country by country.

意大利很長一段時間以來一直很強大，但是你——它會因國家而異。

At the end of the day, 22 systems from outside of the United States were sold in Q1, which was I believe two more than last year.

一天結束時，第一季度售出了 22 台來自美國以外的系統，我相信這比去年多了 2 台。

So the system placements were actually higher on a year-over-year basis internationally and roughly 10% lower in the United States.

因此，系統配置在國際上實際上比去年同期更高，而在美國則下降了大約 10%。

Okay, thanks very much.

好的，非常感謝。

Thank you, Ed.

謝謝你，埃德。

That was our last question.

那是我們的最後一個問題。

As I've said previously, while we focus on the financial metrics, which is revenues, profits and cash flow during these conference calls, our organizational focus remains on increasing patient value by improving surgical outcomes and reducing surgical trauma.

正如我之前所說，雖然我們在電話會議期間關注財務指標，即收入、利潤和現金流，但我們的組織重點仍然是通過改善手術結果和減少手術創傷來增加患者價值。

I hope the following three patient experiences give you some sense of what that means in the lives of our patients.

我希望以下三個患者經歷能讓您了解這對我們患者的生活意味著什麼。

The first patient is a 12-year-old girl born with an undiagnosed double uterus and missing kidney.

第一位患者是一名 12 歲女孩，出生時有未確診的雙子宮和缺腎。

When she first began menstruating, she experienced excessive pain.

當她第一次來月經時，她經歷了過度的疼痛。

She went to the local hospital and was [opened from] sternum to pelvis.

她去了當地醫院，從胸骨到骨盆[打開]。

Excess blood was drained from her non-functioning uterus and the incision closed.

從她無功能的子宮中排出多餘的血液，並關閉切口。

She continued to experience extraordinary pain, was seen by Dr.

她繼續經歷著異常的疼痛，醫生看到了她。

[Stapi] in Miami, Florida.

[Stapi] 在佛羅里達州邁阿密。

He recognized the anatomical abnormality and the second uterus without a vaginal outlet.

他認識到解剖異常和沒有陰道出口的第二子宮。

He drained 1.5 liters of trapped blood from the redundant isolated right uterus and performed a hysterectomy on that uterus, the right fallopian tube and the right ovary with the da Vinci system.

他從多餘的孤立的右側子宮中抽出 1.5 升滯留的血液，並使用達芬奇系統對該子宮、右側輸卵管和右側卵巢進行了子宮切除術。

She was released less than 24 hours after the surgery with minimal pain and resumed her life as an active 12-year-old.

手術後不到 24 小時，她以最小的疼痛出院，並恢復了她 12 歲活躍的生活。

The second patient is the wife of a member of our marketing team, who had been diagnosed with uterine fibroids.

第二位患者是我們營銷團隊成員的妻子，她被診斷出患有子宮肌瘤。

She had a myomectomy performed by Dr.

她接受了醫生的子宮肌瘤切除術。

[Avincula] at the University of Maryland.

[Avincula] 在馬里蘭大學。

She was treated as an outpatient, returned to the hotel 10 hours after entering the hospital, had dinner with her husband and went shopping at the mall the next day.

她作為門診治療，入院10小時後返回酒店，與丈夫共進晚餐，次日去商場購物。

The last patient is from Illinois, who was personally -- who personally had undergone two da Vinci surgical procedures.

最後一位患者來自伊利諾伊州，他本人曾親自接受過兩次達芬奇手術。

In February of 2007, the patient underwent a da Vinci prostatectomy performed by Dr.

2007 年 2 月，該患者接受了由醫生進行的達芬奇前列腺切除術。

[Shelhave] at the University of Chicago.

[Shelhave] 在芝加哥大學。

He was discharged in 24 hours, and says he walked out of the Medical Center, went home and mowed his lawn the next day.

他在 24 小時內出院，並說他走出醫療中心，第二天回家修剪草坪。

Less than a year later, however, he was diagnosed with a blocked artery - or a couple of blocked arteries and he needed a coronary artery bypass, which required a full sternotomy followed by an extended recovery period of one month or more.

然而，不到一年後，他被診斷出動脈阻塞 - 或幾處阻塞的動脈，他需要進行冠狀動脈搭橋術，這需要進行完整的胸骨切開術，然後延長一個月或更長時間的恢復期。

He said that he decided right then and there that he didn't want anything to do with open chest surgery.

他說他當時就決定不要與開胸手術有任何關係。

He drove home, got on the Internet and learned that he could have a da Vinci surgery for his heart as well.

他開車回家，上網，得知他的心臟也可以進行達芬奇手術。

Four days following the double bypass performed by Dr.

醫生進行雙旁路手術後四天。

[Shavastiva] at the University of Chicago, I walked out of the Medical Center, went home, and played ball with my grandson.

[Shavastiva] 在芝加哥大學，我走出醫療中心，回家，和孫子一起打球。

Patients like these are the strong -- are our strongest advocates for surgery with a da Vinci system and are the very foundation of our operating performance.

像這樣的患者是強者——是我們最強烈支持使用達芬奇系統進行手術的人，也是我們運營業績的基礎。

In closing, I assure you that we remain committed to focus on the vital few things that truly make a difference as we strive to take surgery beyond the limit of the human hand.

最後，我向您保證，在我們努力超越人手的極限進行手術時，我們將繼續專注於真正產生影響的重要幾件事。

This concludes our call today.

我們今天的電話到此結束。

We thank you for your participation and support of this -- on this extraordinary journey.

我們感謝您在這次非凡的旅程中的參與和支持。

We look forward to talking with you again in three months.

我們期待在三個月內再次與您交談。

Thank you for participating in today's conference.

感謝您參加今天的會議。

You may now disconnect.

您現在可以斷開連接。