Masimo Corp (MASI) 2022 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Masimo's First Quarter 2022 Earnings Conference Call. The company's press release is available at www.masimo.com. (Operator Instructions)

女士們，先生們，下午好，歡迎參加 Masimo 2022 年第一季度收益電話會議。該公司的新聞稿可在 www.masimo.com 上查閱。 （操作員說明）

I'm pleased to introduce Eli Kammerman, Masimo's Vice President of Business Development and Investor Relations. Please go ahead.

我很高興向大家介紹 Masimo 業務發展和投資者關係副總裁 Eli Kammerman。請繼續。

Thank you, and good afternoon, everyone. Joining me today are Chairman and CEO, Joe Kiani; and Executive Vice President and Chief Financial Officer, Micah Young.

謝謝大家，大家下午好。今天加入我的還有董事長兼首席執行官 Joe Kiani；執行副總裁兼首席財務官 Micah Young。

This call will contain forward-looking statements, which reflect management's current judgment, including certain of our expectations regarding fiscal year 2022 financial performance. However, they are subject to risks and uncertainties that could cause actual results to differ materially. Risk factors that could cause our actual results to differ materially from our projections and forecasts are discussed in detail in our periodic filings with the SEC. You will find these in the Investor Relations section of our website.

本次電話會議將包含前瞻性陳述，反映管理層當前的判斷，包括我們對 2022 財年財務業績的某些預期。但是，它們受制於可能導致實際結果大不相同的風險和不確定性。我們定期向美國證券交易委員會提交的文件中詳細討論了可能導致我們的實際結果與我們的預測和預測產生重大差異的風險因素。您可以在我們網站的投資者關係部分找到這些信息。

Also, this call will include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles or GAAP. We generally refer to these as non-GAAP financial measures. In addition to GAAP results, these non-GAAP financial measures are intended to provide additional information to enable investors to assess the company's operating results in the same way management assesses such results. Management uses non-GAAP measures to budget, evaluate and measure the company's performance and sees these results as an indicator of the company's ongoing business performance.

此外，本次電話會議還將討論某些未按照公認會計原則或 GAAP 計算的財務指標。我們通常將這些稱為非公認會計原則財務指標。除 GAAP 結果外，這些非 GAAP 財務指標旨在提供額外信息，使投資者能夠以與管理層評估此類結果相同的方式評估公司的經營業績。管理層使用非公認會計準則指標來預算、評估和衡量公司的業績，並將這些結果視為公司持續經營業績的指標。

The company believes that these non-GAAP financial measures increase transparency and better reflect the underlying financial performance of the business. Reconciliation of these measures to the most directly comparable GAAP financial measures are included within the earnings release and supplementary financial information on our website. Investors should consider all of our statements today, together with our reports filed with the SEC, including our most recent Form 10-K and 10-Q in order to make informed investment decisions.

該公司認為，這些非公認會計原則財務措施提高了透明度，並更好地反映了企業的基本財務業績。這些措施與最直接可比的 GAAP 財務措施的對賬包含在我們網站上的收益發布和補充財務信息中。投資者應考慮我們今天的所有聲明以及我們向 SEC 提交的報告，包括我們最近的 10-K 和 10-Q 表格，以便做出明智的投資決策。

In addition to the earnings release issued today, we have posted a quarterly earnings presentation within the Investor Relations section of our website to supplement the content we will be covering this afternoon.

除了今天發布的收益報告外，我們還在我們網站的投資者關係部分發布了季度收益報告，以補充我們今天下午將要介紹的內容。

I'll now pass the call to Joe Kiani.

我現在將電話轉給 Joe Kiani。

Thank you, Eli. Good afternoon, and thank you for joining us for Masimo's first quarter 2022 earnings call.

謝謝你，伊萊。下午好，感謝您參加 Masimo 2022 年第一季度財報電話會議。

This quarter was an anomaly from the perspective of reported revenue and earnings due to supply chain problems. I'm happy to report that as of today, we have manufactured almost all of the backordered products from the first quarter. And barring any shipment delays that are out of our control, we are on track to meet the second quarter revenue expectations.

由於供應鏈問題，從報告的收入和收益的角度來看，本季度是一個異常情況。我很高興地報告，截至今天，我們已經製造了幾乎所有第一季度的延期交貨產品。除非我們無法控制任何發貨延遲，否則我們有望實現第二季度的收入預期。

We believe we have addressed the supply chain challenges we saw in the first quarter related to component shortages and limited labor availability at our manufacturing facilities. In addition, we have significantly increased our manufacturing output, which should allow us to not only meet our expected revenues but simultaneously build up a sufficient level of safety stock.

我們相信我們已經解決了我們在第一季度看到的與製造設施的零部件短缺和勞動力有限有關的供應鏈挑戰。此外，我們顯著增加了我們的製造產量，這將使我們不僅能夠滿足我們的預期收入，而且同時建立足夠的安全庫存水平。

I'm happy to report that hospitals are steadily returning to normal practices and procedure volumes. With hospitalization concerns about the pandemic easing, we are seeing a rebound in elective surgeries and seeing better access for our sales force within hospitals.

我很高興地報告，醫院正在穩步恢復正常的做法和手術量。隨著對大流行病住院的擔憂有所緩解，我們看到選擇性手術的反彈，並看到我們的銷售人員在醫院內獲得更好的機會。

Our installed base grew by 7% in the past 12 months due to strong and consistent customer demand for our technologies. There has been no slowdown in demand as we continue to win new contracts at a fast pace while maintaining the strong renewal rate with our existing customers.

由於客戶對我們技術的強勁而持續的需求，我們的安裝基礎在過去 12 個月中增長了 7%。由於我們繼續快速贏得新合同，同時保持與現有客戶的強勁續訂率，需求並未放緩。

While our revenues rose only modestly in the first quarter due to the supply chain issues, we still expect to deliver double-digit constant currency revenue growth for our health care business this year.

儘管由於供應鏈問題，我們的收入在第一季度僅小幅增長，但我們仍預計今年我們的醫療保健業務將實現兩位數的固定貨幣收入增長。

2022 will be an exciting year for Masimo as we extend our reach into some very large new markets in consumer health and wellness as well as into telehealth and telemedicine. In April, we closed the Sound United transaction ahead of schedule. The team at Sound United will be invaluable for enabling successful launches of our upcoming products over the next 12 months and beyond. The company also brings us a group of highly regarded brands and technologies that we can leverage to create some very innovative products that combine Masimo technologies with theirs.

2022 年對於 Masimo 來說將是激動人心的一年，因為我們將業務範圍擴展到消費者健康和保健以及遠程醫療和遠程醫療等一些非常大的新市場。 4 月，我們提前完成了 Sound United 交易。 Sound United 的團隊對於在未來 12 個月及以後成功推出我們即將推出的產品而言將是非常寶貴的。該公司還為我們帶來了一組備受推崇的品牌和技術，我們可以利用這些品牌和技術來創造一些非常創新的產品，將 Masimo 技術與他們的技術相結合。

Sound United has built a broad network of global distribution channels that will serve us well as we introduce products such as our biosensing watch and augmented hearing devices, among many other planned innovations. We are excited about the potential of our combined businesses to capitalize on the growing trend of moving care from hospital to home.

Sound United 建立了廣泛的全球分銷渠道網絡，在我們推出生物傳感手錶和增強聽力設備等產品以及許多其他計劃中的創新產品時，這將為我們提供良好的服務。我們對合併後的業務在利用從醫院轉移到家庭的日益增長的趨勢方面的潛力感到興奮。

I'll discuss more about our outlook and strategic plans later in the call. Now I will ask Micah to review our first quarter results in more detail and provide you with an update on our 2022 financial guidance.

稍後我將在電話會議中詳細討論我們的前景和戰略計劃。現在，我將要求 Micah 更詳細地審查我們的第一季度業績，並向您提供我們 2022 年財務指導的最新信息。

Thank you, Joe, and good afternoon, everyone. Before I get started, I want to direct you to the earnings presentation on the Masimo website, which covers much of the detail that we will be discussing today.

謝謝你，喬，大家下午好。在開始之前，我想向您介紹 Masimo 網站上的收益演示文稿，其中涵蓋了我們今天將要討論的大部分細節。

Our first quarter results illustrate our ability to increase earnings even in the face of supply chain issues that limited our shipments and sales growth. The strength in the demand from our customers can be seen in our driver shipments, which met our expectations by reaching 75,700 as we had our third consecutive quarter of driver shipments of approximately 75,000 units.

我們的第一季度業績表明，即使面對限制我們出貨量和銷售增長的供應鏈問題，我們也有能力增加收益。從我們的驅動器出貨量中可以看出客戶需求的強勁，達到了 75,700 台，達到了我們的預期，因為我們連續第三個季度的驅動器出貨量約為 75,000 台。

Increased demand for patient monitoring in hospitals has been durable as these results demonstrate. We have now shipped over 2.3 million technology boards and instruments over the last 10 years. For the first quarter of 2022, we reported revenue of $304 million, representing 2% reported growth and 3% constant currency growth. Our results were adversely affected by certain supply chain issues, which we have addressed. Had this not occurred, we would have exceeded our revenue and earnings expectations for the quarter due to our continued strong customer demand.

這些結果表明，醫院對患者監測的需求不斷增加。在過去的 10 年中，我們現在已經運送了超過 230 萬塊技術板和儀器。 2022 年第一季度，我們報告的收入為 3.04 億美元，代表 2% 的報告增長和 3% 的固定匯率增長。我們的結果受到某些供應鏈問題的不利影響，我們已經解決了這些問題。如果沒有發生這種情況，由於我們持續強勁的客戶需求，我們將超過本季度的收入和盈利預期。

Moving down the P&L. Our first quarter 2022 non-GAAP gross margin increased 140 basis points to 67.5% compared to 66.1% in the prior year period. Our gross margin improvement was driven by favorable product mix as we derived a higher proportion of our revenues from adhesive sensors compared to equipment. Our first quarter 2022 non-GAAP operating profit was $70 million or an operating margin of 22.9%. In comparison, first quarter 2021 non-GAAP operating profit was $68 million or an operating margin of 22.9%.

向下移動損益表。我們 2022 年第一季度的非美國通用會計準則毛利率從去年同期的 66.1% 增長 140 個基點至 67.5%。我們的毛利率提高是由有利的產品組合推動的，因為與設備相比，我們從粘合劑傳感器中獲得的收入比例更高。我們 2022 年第一季度非 GAAP 營業利潤為 7000 萬美元，營業利潤率為 22.9%。相比之下，2021 年第一季度非美國通用會計準則營業利潤為 6800 萬美元，營業利潤率為 22.9%。

Our first quarter 2022 non-GAAP net income was $53 million or $0.93 per diluted share. In comparison, first quarter 2021 non-GAAP income was $52 million or $0.90 per diluted share.

我們 2022 年第一季度的非公認會計原則淨收入為 5300 萬美元或每股攤薄收益 0.93 美元。相比之下，2021 年第一季度非美國通用會計準則收入為 5200 萬美元或每股攤薄收益 0.90 美元。

Overall, for the first quarter, we achieved earnings growth that was in line with sales growth in the face of supply chain challenges that affected production volume, and our driver shipments have held steady at roughly 75,000, illustrating the strength of our core business.

總體而言，第一季度，面對影響產量的供應鏈挑戰，我們實現了與銷售增長一致的盈利增長，並且我們的驅動器出貨量穩定在約 75,000 台，顯示了我們核心業務的實力。

Now I'd like to provide you with an update on our 2022 financial guidance, including expectations for the recently acquired Sound United business, which closed 3 weeks ago. Due to the acquisition and timing of revenues stemming from supply chain challenges in the first quarter, we are providing consolidated guidance ranges for the second quarter and for the full year. Our guidance incorporates increased foreign currency headwinds from the strengthening of the U.S. dollar against most major currencies.

現在，我想向您提供我們 2022 年財務指導的最新信息，包括對最近收購的 Sound United 業務的預期，該業務於 3 週前關閉。由於第一季度供應鏈挑戰帶來的收入收購和時間安排，我們將提供第二季度和全年的綜合指導範圍。我們的指引包括美元兌大多數主要貨幣走強帶來的外匯逆風。

For the second quarter of 2022, we are projecting consolidated revenue of $525 million to $555 million, which includes $180 million to $190 million of revenue for Sound United from the closing of the transaction on April 11 through the end of the quarter.

對於 2022 年第二季度，我們預計合併收入為 5.25 億美元至 5.55 億美元，其中包括 Sound United 從 4 月 11 日交易結束至本季度末的 1.8 億美元至 1.9 億美元收入。

For our health care business, we are projecting $345 million to $365 million of revenue, which includes $4 million of year-over-year currency headwinds. For the first half of the year, this implies a revenue range of $649 million to $669 million for our health care business, which reflects 9% to 12% constant currency growth.

對於我們的醫療保健業務，我們預計收入為 3.45 億美元至 3.65 億美元，其中包括 400 萬美元的同比貨幣逆風。今年上半年，這意味著我們的醫療保健業務的收入範圍為 6.49 億美元至 6.69 億美元，這反映了 9% 至 12% 的固定匯率增長。

Consistent with what Joe mentioned earlier in the call, this outlook illustrates our confidence in recapturing a large portion of the delayed revenues in the second quarter while being thoughtful about the broader supply chain environment and logistics challenges.

與喬早些時候在電話會議中提到的一致，這一前景表明我們有信心在第二季度重新獲得大部分延遲的收入，同時考慮更廣泛的供應鏈環境和物流挑戰。

Going back to our second quarter guidance. We are projecting consolidated non-GAAP gross margins of 56%, operating margins of 18% and earnings per share ranging from $1.13 to $1.25.

回到我們的第二季度指導。我們預計綜合非公認會計準則毛利率為 56%，營業利潤率為 18%，每股收益為 1.13 美元至 1.25 美元。

Now moving on to our full year 2022 financial guidance. For the full year, we are projecting consolidated revenue of $2 billion to $2.06 billion, which includes $660 million to $700 million of revenue for Sound United from the closing of the transaction on April 11 through the end of the year.

現在繼續我們的 2022 年全年財務指導。全年，我們預計合併收入為 20 億美元至 20.6 億美元，其中包括從 4 月 11 日交易結束到今年年底 Sound United 的 6.6 億美元至 7 億美元的收入。

For our health care business, we are projecting revenue of $1.34 billion to $1.36 billion, which includes $17 million of year-over-year currency headwinds. This implies a constant currency revenue range of $1.357 billion to $1.377 billion compared to our prior constant currency guidance of $1.357 billion. This update reflects 9.5% to 11% constant currency growth for our health care business. We are also projecting shipments of at least 300,000 technology boards and instruments this year.

對於我們的醫療保健業務，我們預計收入為 13.4 億美元至 13.6 億美元，其中包括 1700 萬美元的同比貨幣逆風。這意味著固定匯率收入範圍為 13.57 億美元至 13.77 億美元，而我們之前的固定匯率指引為 13.57 億美元。此更新反映了我們醫療保健業務 9.5% 至 11% 的固定貨幣增長。我們還預計今年將出貨至少 300,000 塊技術板和儀器。

On a non-GAAP basis, we are projecting gross margin of 56% for our consolidated business, which assumes gross margin of 36% to 37% for Sound United and 66.5% for our health care business. Incorporated in our guidance for the remainder of the year are higher freight and product costs, which we believe will be partially offset by increased manufacturing efficiencies and cost reduction efforts.

在非公認會計原則的基礎上，我們預計合併業務的毛利率為 56%，假設 Sound United 的毛利率為 36% 至 37%，我們的醫療保健業務的毛利率為 66.5%。我們對今年剩餘時間的指導包括更高的運費和產品成本，我們認為這將被提高製造效率和降低成本的努力部分抵消。

On a non-GAAP basis, we are projecting an operating margin of 18% to 19% for our consolidated business, which assumes operating margins of 5% to 7% for Sound United and 24.8% for our health care business. It is important to note that Sound United's operating margin guidance includes co-development and co-commercialization investments that will drive the expected benefits of this acquisition.

在非公認會計原則的基礎上，我們預計合併業務的營業利潤率為 18% 至 19%，假設 Sound United 的營業利潤率為 5% 至 7%，我們的醫療保健業務的營業利潤率為 24.8%。值得注意的是，Sound United 的營業利潤率指導包括共同開發和共同商業化投資，這將推動此次收購的預期收益。

These initiatives will allow us to enter and expand into large and growing markets that are, in order of magnitude, larger than the markets we serve today. These investments represent roughly 2% of Sound United's revenue. Furthermore, this guidance includes depreciation, amortization and noncash share-based compensation expenses, which represent approximately 4% of Sound United's revenue.

這些舉措將使我們能夠進入並擴展到龐大且不斷增長的市場，這些市場在數量級上比我們今天所服務的市場要大。這些投資約佔 Sound United 收入的 2%。此外，該指引還包括折舊、攤銷和非現金股份補償費用，約佔 Sound United 收入的 4%。

Lastly, the continued strengthening of the U.S. dollar against most major currencies has negatively impacted Sound United's operating margins by a magnitude of 2 percentage points.

最後，美元兌大多數主要貨幣的持續走強對 Sound United 的營業利潤率產生了 2 個百分點的負面影響。

Moving further down the P&L. Our non-GAAP nonoperating expense for the consolidated business is expected to be $18 million in 2022. This is primarily comprised of the interest expense associated with the roughly $600 million drawdown against the new credit facility used to finance the acquisition. We are also projecting a non-GAAP tax rate of 25.3% and weighted average shares outstanding of 58.2 million for the consolidated business. Based on these assumptions, we are projecting a non-GAAP EPS range of $4.46 to $4.73 on a consolidated basis.

進一步降低損益。到 2022 年，我們合併業務的非公認會計原則非營業費用預計為 1800 萬美元。這主要包括與用於為收購融資的新信貸額度提取約 6 億美元相關的利息費用。我們還預計合併業務的非 GAAP 稅率為 25.3%，加權平均流通股數為 5820 萬股。基於這些假設，我們預計非公認會計原則每股收益範圍為 4.46 美元至 4.73 美元。

To summarize, our core health care business is on track to meet or exceed expectations this year, and we are steadfast in our commitment to achieving long-term revenue growth of 8% to 10% for this business. I've never been more excited about our long-term financial future. For additional details on our 2022 financial guidance, please refer to today's earnings presentation within the Investor Relations section of our website at masimo.com.

總而言之，我們的核心醫療保健業務今年有望達到或超過預期，我們堅定地致力於實現該業務的長期收入增長 8% 至 10%。我對我們的長期財務未來感到前所未有的興奮。有關我們 2022 年財務指導的更多詳細信息，請參閱我們網站 masimo.com 投資者關係部分今天的收益報告。

With that, I'll turn the call back to Joe.

有了這個，我會把電話轉回給喬。

Thank you, Micah. Back in February, we announced our plans to acquire Sound United as part of our strategy to be a leader in the growing trend of moving health care from hospital to home as well as to deploy Masimo technology in all settings where it can be useful. With the acquisition, we announced our intent to launch some high potential products in the consumer health and wellness area, including our biosensing watch and to create enhanced hearing on biosensing earbuds.

謝謝你，米卡。早在 2 月份，我們就宣布了收購 Sound United 的計劃，作為我們戰略的一部分，該戰略旨在成為將醫療保健從醫院轉移到家庭這一日益增長的趨勢中的領導者，並將 Masimo 技術部署到所有可能有用的環境中。通過此次收購，我們宣布打算在消費者健康和保健領域推出一些高潛力產品，包括我們的生物傳感手錶，並在生物傳感耳塞上增強聽力。

Sound United has a healthy and growing presence with its premium brand. In addition to the brand, we saw at least 4 very valuable assets in Sound United that influenced our decision to acquire the company: one, a well-established network of global distribution channels with over 20,000 distribution points we can access for our upcoming consumer health and wellness product launches; two, a connectivity software platform called HEOS that can connect any type of digital device to flow data through a network and into the cloud, which can be useful for telehealth and telemedicine systems; three, premium brand wearable sound devices, such as Denon and Bowers & Wilkins earbuds that can serve as a foundation for creating augmented hearing devices that incorporate Masimo's advanced signal processing and biosensing technologies; and four, a strong leadership team and accomplished professionals with sales, marketing and advertising expertise, who can facilitate the successful launch of our consumer health and wellness products over the next 12 months and beyond.

Sound United 以其優質品牌擁有健康且不斷增長的影響力。除了品牌之外，我們還看到 Sound United 至少有 4 項非常寶貴的資產影響了我們收購該公司的決定：第一，完善的全球分銷渠道網絡，我們可以訪問 20,000 多個分銷點，為即將到來的消費者健康服務和健康產品發布；第二，一個名為 HEOS 的連接軟件平台，它可以連接任何類型的數字設備，將數據通過網絡傳輸到雲中，這對於遠程醫療和遠程醫療系統很有用；三、優質品牌的可穿戴聲音設備，例如 Denon 和 Bowers & Wilkins 耳塞，它們可以作為創建融合了 Masimo 先進信號處理和生物傳感技術的增強聽力設備的基礎；第四，強大的領導團隊和具有銷售、營銷和廣告專業知識的專業人士，他們可以促進我們在未來 12 個月及以後成功推出我們的消費者健康和保健產品。

In 2021, Sound United saw strong demand for its home theater products as consumers streamed more content at home than ever before. Sound United has reinvested in the Bowers & Wilkins brand with numerous product launches such as the 800 Diamond (sic) [800 Series Diamond] loudspeakers, PI5 and PI7 wireless headphones and iconic Zeppelin wireless speaker.

2021 年，隨著消費者在家中流式傳輸的內容比以往任何時候都多，Sound United 對其家庭影院產品的需求強勁。 Sound United 對 Bowers & Wilkins 品牌進行了再投資，推出了眾多產品，例如 800 Diamond (sic) [800 Series Diamond] 揚聲器、PI5 和 PI7 無線耳機以及標誌性的 Zeppelin 無線揚聲器。

Looking at 2022, Sound United should continue to benefit from the growth of high-resolution audio streams that should drive adoption of premium home entertainment systems, which can process it. The company also has new products from the Bowers & Wilkins brand, such as the Panorama, sound bar and new headphone models. The brand will also be growing its partnership with renowned automotive brands such as BMW, McLaren and Volvo.

展望 2022 年，Sound United 將繼續受益於高分辨率音頻流的增長，這將推動採用可以處理它的高級家庭娛樂系統。該公司還擁有 Bowers & Wilkins 品牌的新產品，例如 Panorama、條形音箱和新耳機型號。該品牌還將擴大與寶馬、邁凱輪和沃爾沃等知名汽車品牌的合作夥伴關係。

Launch plans for 2022 include new industrial design and connected functionality across the suite of Marantz products as well as Denon expanding its reach with an enhanced offering of home wireless surround sound speakers and home theater solutions, and Polk extending this lineup with several Dolby Atmos sound bars.

2022 年的發布計劃包括全新的工業設計和馬蘭士產品套件的連接功能，以及 Denon 通過增強型家庭無線環繞聲揚聲器和家庭影院解決方案擴大其覆蓋範圍，Polk 通過多個杜比全景聲條形音箱擴展該陣容.

As you can see from the earnings presentation on our website, the Sound United acquisition increases our total market potential from $12 billion annually to over $180 billion as we expand into new, large and growing consumer health and wellness markets. While we expect brands like Bowers & Wilkins, Denon, Marantz and Polk consumer products to achieve strong growth on their own, we do believe our health care business, including hospitals and home, will help -- with help from our entire organization, will grow more rapidly and eventually constitute the vast majority of our revenues.

正如您在我們網站上的收益報告中所見，隨著我們向新的、龐大且不斷增長的消費者健康和保健市場擴張，收購 Sound United 將我們的總市場潛力從每年 120 億美元增加到超過 1800 億美元。雖然我們預計 Bowers & Wilkins、Denon、Marantz 和 Polk 消費品等品牌能夠自行實現強勁增長，但我們確實相信我們的醫療保健業務（包括醫院和家庭）將有所幫助——在我們整個組織的幫助下，我們將實現增長更快，最終構成我們收入的絕大部分。

Some of the markets I'm truly excited about are the opportunities for combined products we will be introducing such as biosensing watches and augmented hearing devices. Just imagine the incredible audio engineering of Bowers & Wilkins, Marantz and Denon in combination with Masimo's advanced digital signal processing and biosensing engineering. They pioneered innovations for the incredible sound we experience with those top-tier brands. And we pioneered the use of advanced signal processing such as adaptive filters, systems theory and AI in the biosensing arena. We believe we will pioneer incredible new solutions together, all for the betterment of life.

我真正興奮的一些市場是我們將推出的組合產品的機會，例如生物傳感手錶和增強聽力設備。想像一下 Bowers & Wilkins、Marantz 和 Denon 令人難以置信的音頻工程與 Masimo 先進的數字信號處理和生物傳感工程相結合。他們為我們在這些頂級品牌中體驗到的令人難以置信的聲音開創了創新。我們率先在生物傳感領域使用先進的信號處理技術，例如自適應濾波器、系統理論和人工智能。我們相信，我們將共同開創令人難以置信的新解決方案，一切都是為了改善生活。

The strategic work of Masimo in consumer health and wellness and into the home with telehealth technologies began many years ago with a focused research and development efforts to capitalize on emerging use cases for our technologies. Examples of these products include the launch of iSpO2 in 2012, Radius PPG for SafetyNet in 2019 and sleep in 2020 as well as Radius team for temperature monitoring in 2020. And just yesterday, on the 33rd anniversary of our incorporation, we announced the limited market release of Masimo W1, our first biosensing watch, offering continuous and accurate pulse oximetry and other measurements.

多年前，Masimo 在消費者健康和保健以及遠程醫療技術進入家庭方面的戰略工作開始於集中研發工作，以利用我們技術的新興用例。這些產品的例子包括 2012 年推出的 iSpO2、2019 年用於 SafetyNet 和 2020 年 sleep 的 Radius PPG 以及 2020 年用於溫度監測的 Radius 團隊。就在昨天，在我們成立 33 週年之際，我們宣布了有限市場發布我們的第一款生物傳感手錶 Masimo W1，提供連續準確的脈搏血氧飽和度和其他測量。

Our ability to help lives can go beyond the confines of hospitals and long-term care facilities. We are very excited by what we can do to help improve life in other settings, especially the home. We will have more to say at our upcoming Investor Day in September here in Irvine. I hope you'll all be able to join us to learn more about the future of Masimo and what it will mean to the lives of many. We've expanded our mission to improve life and we remain committed to our mission of improving patient outcomes, reducing the cost of care and taking noninvasive monitoring to new sites and applications.

我們幫助生命的能力可以超越醫院和長期護理機構的範圍。我們很高興我們可以做些什麼來幫助改善其他環境中的生活，尤其是在家中。在即將於 9 月在歐文舉行的投資者日，我們將有更多話要說。我希望你們都能夠加入我們，了解更多關於 Masimo 的未來以及它將對許多人的生活意味著什麼。我們已經擴大了改善生活的使命，我們仍然致力於改善患者治療效果、降低護理成本以及將無創監測應用於新地點和應用的使命。

With that, we'll open the call to questions. Operator?

有了這個，我們將打開問題的電話。操作員？

(Operator Instructions) Our first question comes from Rick Wise from Stifel.

（操作員說明）我們的第一個問題來自 Stifel 的 Rick Wise。

Let me ask one on the base business and one on Sound United. The base business, I mean, clearly came in, in the middle of your range. Help us think -- Micah, perhaps I'll start with you about the setup for the second quarter for the core business. The full year is on track, you reiterated in your guidance. But maybe quantify for us what the revenues would have been, do you think, in the first quarter. And do we layer that on top of what second quarter might have been? How do we think about the cadence now as you play catch-up on that side of things?

讓我問一個關於基礎業務的問題，一個關於 Sound United 的問題。我的意思是，基礎業務顯然在您的範圍內。幫助我們思考——Micah，也許我會先從你開始介紹第二季度核心業務的設置。你在指導中重申，全年都在軌道上。但也許可以為我們量化一下第一季度的收入。我們是否將其置於第二季度的基礎之上？當你在這方面追趕時，我們如何看待現在的節奏？

Yes. I think, Rick -- I think the best way to look at it is we're providing a guidance range of $345 million to $365 million for the second quarter for Masimo. That basically implies that we're recovering a large portion of those revenues in the second quarter because we're seeing more confidence in our ability to recover the shortfall in Q1.

是的。我認為，里克——我認為最好的看待它的方式是我們為 Masimo 第二季度提供 3.45 億美元至 3.65 億美元的指導範圍。這基本上意味著我們將在第二季度收回大部分收入，因為我們對彌補第一季度短缺的能力更有信心。

We're also being thoughtful about supply chain challenges, just like shipping and logistics that we experience at the end of quarters. So -- but if you look at the year-to-date, I think an important point I made in my prepared remarks is that for the first half of the year, our revenue range in the second quarter implies a first half revenue of $649 million to $669 million for our health care business, which reflects 9% to 12% revenue growth on a constant currency basis. I think that's the way you should look at it.

我們也在考慮供應鏈挑戰，就像我們在季度末遇到的運輸和物流一樣。所以 - 但是如果你看看年初至今，我認為我在準備好的評論中提出的一個重要觀點是，在今年上半年，我們第二季度的收入範圍意味著上半年的收入為 649 美元百萬至 6.69 億美元用於我們的醫療保健業務，這反映了按固定匯率計算的 9% 至 12% 的收入增長。我認為這就是你應該看待它的方式。

Okay. Got you. Joe, maybe let me turn to you and talk about Sound United. Obviously, I mean, I think that people have been, I don't know what the right word is, confused, concerned about this deal. You're laying it out very clearly, your vision about the future. Maybe help us understand from several angles what needs to be done to integrate the acquisition. Now when do we start to see this vision unfold that you're talking about? And maybe talk about the combined pipeline, both the Masimo pipeline and the Sound United pipeline, and how -- and when we're going to see that truly contribute to growth. I don't know how to say it clearer than that.

好的。得到你。喬，也許讓我來找你談談 Sound United。顯然，我的意思是，我認為人們一直在，我不知道用什麼合適的詞，困惑，擔心這筆交易。你的佈局非常清楚，你對未來的願景。也許可以幫助我們從多個角度了解整合收購需要做什麼。現在我們什麼時候開始看到你所說的這個願景展開？也許談談合併的管道，包括 Masimo 管道和 Sound United 管道，以及我們將如何 - 以及何時看到它真正有助於增長。我不知道該怎麼說比這更清楚。

No. No, you were correct. They were great, Rick. So one, from everything that I have seen and the feedback I've gotten, both teams, Masimo and Sound United teams, are really excited about this acquisition. Everyone's working really well together. The engineering team at Sound United is excited about the combined projects that we are doing. and so is the Masimo team.

不，不，你是對的。他們很棒，瑞克。因此，從我所看到的一切和我得到的反饋來看，Masimo 和 Sound United 兩個團隊都對這次收購感到非常興奮。每個人都在一起工作得很好。 Sound United 的工程團隊對我們正在進行的聯合項目感到興奮。 Masimo 團隊也是如此。

We've already kicked off a few product road maps and product development together, which we hope to begin seeing coming to the market in 2023. In addition, we are working on a very long-term path of ensuring the vision that we have ultimately comes to fruition for the combined companies in both the telehealth, home monitoring consumer health care as well as the home side of things.

我們已經共同啟動了一些產品路線圖和產品開發，我們希望在 2023 年開始看到這些產品進入市場。此外，我們正在製定一條非常長期的道路，以確保我們最終擁有的願景合併後的公司在遠程醫療、家庭監控消費者醫療保健以及家庭方面都取得了成果。

As far as when you will see the revenue impact of this combination beyond what they each are doing on their own, I think it will be 2023. But already, we're getting the benefit of the team as Sound United to think through the launch of W1 and the other products that are coming that are derivatives of W1 in the future. So I'm -- so far, thumbs up all around. And this is the honeymoon stage. I hope I can tell you the same thing 6 months and a year from now, but it feels really good.

至於什麼時候你會看到這種組合對收入的影響超出了他們各自的工作，我認為這將是 2023 年。但是，我們已經從 Sound United 團隊的利益中獲得了對發布進行思考的好處W1 和未來 W1 衍生產品的其他產品。所以我 - 到目前為止，大家都豎起大拇指。這是蜜月階段。我希望我能在 6 個月和一年後告訴你同樣的事情，但感覺真的很好。

Our next question comes from Jayson Bedford from Raymond James.

我們的下一個問題來自 Raymond James 的 Jayson Bedford。

Congrats on both managing 1Q and the close of the deal. So just a couple of questions on Sound United. What's the growth rate assumed in the Sound United revenue guide of $660 million to $700 million?

祝賀管理第一季度和完成交易。所以只是關於 Sound United 的幾個問題。 Sound United 收入指南中假設的 6.6 億美元到 7 億美元的增長率是多少？

Yes. Jayson, this is Micah. What's implied in our guidance -- and we can't really give the pro forma numbers yet. We're hoping to provide those very soon as far as what last year's results were. The team at Sound United is still working through their year-end audit. And they close their financial year on a different fiscal year than us. They close in March 31 as opposed to our fiscal year ending in December. So they just recently closed the financials for the year. They're working through the audit. We're also working through the stub period because we closed the transition -- transaction on April 11. So keep that in mind, that the revenue we're guiding to for Sound United, the $660 million to $700 million, is from April 11 through the end of the year.

是的。傑森，這是米卡。我們的指導中暗示了什麼——我們還不能真正給出備考數字。我們希望盡快提供與去年的結果一樣的結果。 Sound United 的團隊仍在進行年終審計。他們在與我們不同的財政年度結束財政年度。它們在 3 月 31 日結束，而不是我們在 12 月結束的財政年度。所以他們最近剛剛關閉了今年的財務報表。他們正在通過審計工作。由於我們在 4 月 11 日完成了過渡——交易，因此我們也在處理存根期間。所以請記住，我們為 Sound United 指導的收入為 6.6 億美元至 7 億美元，是從 4 月 11 日開始的到年底。

What it implies, though, in our full year guidance is that they're about a high single-digit revenue growth rate on an organic revenue growth, looking at a pro forma as well as constant currency. Keep in mind, there's a lot of currency headwinds that both businesses are experiencing. But if you back that out, we're assuming high single-digit growth for the full year.

然而，在我們的全年指導中，這意味著它們是關於有機收入增長的高個位數收入增長率，同時考慮備考和固定貨幣。請記住，兩家企業都遇到了很多貨幣逆風。但如果你支持這一點，我們假設全年實現高個位數增長。

Okay. Great. And I hate to ask another boring financial question. But Micah, the assumed op margin for Sound United at 5 to 7 is a bit lower than we thought coming off the fourth quarter call. I think we're thinking mid-teens EBITDA. I think you did a good job of bridging the two. But are there temporary cost weighing down margin here in the near term? And I guess I'm wondering is kind of sub 10% op margin the right way to think about the business?

好的。偉大的。我不想再問一個無聊的財務問題。但是 Micah，Sound United 的假設運營利潤率為 5 比 7，這比我們在第四節電話會議上認為的要低一些。我認為我們正在考慮十幾歲的 EBITDA。我認為你在兩者之間做得很好。但短期內是否存在暫時性成本壓低利潤率？我想我想知道低於 10% 的營業利潤率是思考業務的正確方式嗎？

Yes. No, I think they've definitely got room to improve the operating margins. They've done a good job of actually managing margins over time. But I think the way to think about it is -- one thing that's kind of transitory. And depending on where currency goes, but they're getting about 2 percentage points of headwinds due to currency this year that they didn't have in their financials last year. So that's one piece.

是的。不，我認為他們肯定有提高營業利潤率的空間。隨著時間的推移，他們在實際管理利潤方面做得很好。但我認為思考它的方式是——一件事是短暫的。並且取決於貨幣的去向，但由於今年的貨幣，他們在去年的財務中沒有遇到大約 2 個百分點的逆風。所以這是一件。

The other piece is we are including about 2% of the revenue for investment in co-development projects and co-commercialization projects as we try to drive the strategic initiatives of the business together. And then the other 4%, if you're trying to walk back to that -- you're probably assuming kind of a 13% to 14% EBITDA number, is they have about 4% of depreciation and amortization and now share-based compensation in that number as well. So that should well kind of bridge of the gap.

另一部分是我們將大約 2% 的收入用於投資共同開發項目和共同商業化項目，因為我們試圖共同推動業務的戰略計劃。然後剩下的 4%，如果你想回到那個 - 你可能假設一個 13% 到 14% 的 EBITDA 數字，他們有大約 4% 的折舊和攤銷，現在是基於股份的也有這個數字的補償。所以這應該很好地彌補了差距。

Our next question comes from Jason Bednar from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Jason Bednar。

I want to start with coming back to a couple of the topical issues here at hand, supply chain dynamics and then Sound United for my follow-up. But starting with the supply chain. The hiccups risen here for a lot of manufacturers here in the last several months, both in terms of sourcing product needed and then getting finished goods to where they need to be. So I appreciate the (inaudible) at the outset of today's call. But wondering what's the level of risk we should be considering and running into a similar situation, supply chain challenge going forward, be it for Masimo or Sound United. And then is there any color you can talk about or confidence you can get here to ensure that the issues that hit here in the first quarter don't repeat.

我想先回到手頭的幾個熱門話題，供應鏈動態，然後是 Sound United 的後續工作。但從供應鏈開始。在過去的幾個月裡，這裡的許多製造商都遇到了麻煩，無論是在採購所需產品方面，還是在將成品運送到他們需要的地方。所以我很欣賞今天電話會議開始時的（聽不清）。但是想知道我們應該考慮的風險水平是多少，並遇到類似的情況，供應鏈將面臨挑戰，無論是對於 Masimo 還是 Sound United。然後，您是否可以談論任何顏色或有信心來這裡，以確保第一季度在這裡遇到的問題不會重演。

Well, we thought we were immune to it. As many, many companies over the past couple of years complained about supply chain, we had always been able to mitigate them. So I guess once bitten, twice as shy. We -- I can't guarantee you we won't have a problem again since we had one that we couldn't have predicted before.

好吧，我們認為我們對它免疫。在過去的幾年裡，有很多很多公司抱怨供應鏈，我們總是能夠緩解它們。所以我猜一旦被咬，就會害羞兩倍。我們——我不能保證我們不會再有問題，因為我們有一個我們以前無法預測的問題。

What I can tell you is there was a myriad of issues, from labor shortage, component shortage to Shanghai lockdown and shipment problems. So we believe at this point, as I said earlier in our prepared remarks, we have all the components we need to not only fulfill what we couldn't ship at the end of Q1, but what we expect to do in Q2, with the range that Micah provided.

我可以告訴你的是，從勞動力短缺、零部件短缺到上海的封鎖和運輸問題，存在著無數的問題。所以我們現在相信，正如我之前在準備好的評論中所說，我們擁有我們需要的所有組件，不僅可以滿足我們在第一季度末無法交付的產品，而且還可以滿足我們在第二季度的預期，與Micah 提供的範圍。

So really the only thing that can go wrong now is shipments, shipment delays. We are reaching out to our customers that normally want the shipment towards the end of the quarter to see if they'll take it earlier so that we hopefully don't end the quarter with any potential (inaudible) but we'll do everything we can.

所以現在唯一可能出錯的是發貨，發貨延遲。我們正在聯繫通常希望在本季度末發貨的客戶，看看他們是否會提早發貨，以便我們希望不會在本季度末有任何潛力（聽不清），但我們會盡我們所能能夠。

The one thing I'll tell you on the labor shortage, we've got -- we are remaking everything we need. As I said earlier, we pretty much have caught up to all of the purchase orders that we had. But we're not shipping safety -- we're not making, excuse me, safety stock and much more than we had previously planned to just to make sure we can weather any hiccups. So all I can tell you, we really have a wonderful team. And they've done everything and they're doing everything. But unfortunately, there's no guarantees.

關於勞動力短缺，我要告訴你的一件事是——我們正在改造我們需要的一切。正如我之前所說，我們幾乎已經完成了所有的採購訂單。但我們並沒有運輸安全——對不起，我們沒有製造安全庫存，而且比我們之前計劃的要多得多，只是為了確保我們能經受住任何麻煩。所以我只能告訴你，我們真的有一個很棒的團隊。他們已經做了一切，他們正在做一切。但不幸的是，沒有任何保證。

Okay. All right. No, that's helpful. And maybe just for the follow-up here on Sound United. Joe or Micah, just bigger picture, thinking about the go-forward strategy here. I know we'll hear more at the Investor Day in September. But I wonder if there's anything here you can discuss, just like what are the near- to intermediate-term plans in consumer beyond the recent W1 announcement.

好的。好的。不，這很有幫助。也許只是為了跟進 Sound United。 Joe 或 Micah，只是更大的圖景，正在考慮這裡的前進戰略。我知道我們會在 9 月的投資者日聽到更多消息。但我想知道這裡是否有什麼可以討論的，就像最近的 W1 公告之後消費者的近期到中期計劃是什麼。

And here, I'd really just be curious how you plan to move forward with establishing the consumer brand, what other infrastructure investments might be necessary to have a proper platform to build from. And then anything you'd be willing to share on additional pipeline items beyond the watch and the hearing aids that you've highlighted already.

在這裡，我真的很好奇你打算如何推進建立消費者品牌，還有哪些其他基礎設施投資可能需要建立一個合適的平台。然後，您願意在手錶和您已經強調的助聽器之外的其他管道項目上分享任何內容。

Well, I think Micah and I both can take this one. Bottom line is we have bought Sound United for several reasons. I think I articulated that during our prepared remarks. One of them is their management team and their ability to think through consumer sales, advertisement, logistics.

好吧，我認為 Micah 和我都可以接受這個。底線是我們收購 Sound United 有幾個原因。我想我在我們準備好的發言中已經闡明了這一點。其中之一是他們的管理團隊以及他們通過消費者銷售、廣告、物流進行思考的能力。

Secondly, their very strong distribution channel, which is over 20,000 distribution points with strong relations that have been built over decades. So we expect to use that. We're also discussing additional novel approaches to add to what they've been doing, which we will share with you later as we announce them.

其次，他們非常強大的分銷渠道，超過20,000個分銷點，幾十年來建立的牢固關係。所以我們希望使用它。我們還在討論其他新穎的方法來增加他們一直在做的事情，我們將在稍後公佈這些方法時與您分享。

So a big reason for this acquisition is our conclusion that we have some really incredible products coming out without an incredible distribution channel and team. And as we tried over the last few years as we were preparing for the launch of W1 and other products, we try to build that up organically. We had not succeeded to the level that we thought would fulfill our plans. So they are our plan. And we have additional things we're brainstorming with them, but that's really the plan.

因此，此次收購的一個重要原因是我們的結論是，我們有一些非常令人難以置信的產品出來，但沒有令人難以置信的分銷渠道和團隊。在過去幾年中，當我們為 W1 和其他產品的推出做準備時，我們一直在嘗試，我們試圖有機地建立起來。我們還沒有達到我們認為可以實現我們計劃的水平。所以他們是我們的計劃。我們還有其他事情正在與他們進行頭腦風暴，但這確實是計劃。

Our next question comes from Michael Polark from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Michael Polark。

I'm going to ask another one on the strategic direction and frame it maybe a little bit differently. The question is this, did the investment community's response to the Sound United transaction surprise you? And in the context of $1 billion investment to purchase the asset, and the market has voted by reducing your enterprise value by $6 billion or $7 billion, that's an alarmingly high spread.

我要問另一個關於戰略方向的問題，並可能會有所不同。問題是，投資界對Sound United交易的反應是否讓你感到意外？在投資 10 億美元購買資產的情況下，市場投票決定將您的企業價值減少 60 億美元或 70 億美元，這是一個驚人的高價差。

And so I just wondered, did that surprise you? And if it did, has it catalyzed perhaps a rethink of maybe the best way forward with the consumer strategy and if there might be a different way to prosecute this vision?

所以我只是想知道，這讓你感到驚訝嗎？如果確實如此，它是否促使人們重新思考也許是推動消費者戰略的最佳方式，以及是否可能有不同的方式來實現這一願景？

Yes. It definitely surprised me. I couldn't have imagined the way some of the investors reacted because, look, I don't know why people want to invest in Masimo or why they don't. But if people got out because of the Sound United, that was really a bad decision because Sound United helps our plans for the future. And we didn't mortgage much to gain that assurance for our future.

是的。這絕對讓我感到驚訝。我無法想像一些投資者的反應方式，因為，看，我不知道人們為什麼想投資 Masimo 或為什麼不投資。但如果人們因為 Sound United 而離開，那真的是一個糟糕的決定，因為 Sound United 有助於我們的未來計劃。而且我們沒有抵押太多來為我們的未來獲得保證。

So yes -- no, the investors' reaction is a big surprise, but it doesn't at all, not at all, change our thinking about the reason we did it and our conclusion that this is a great acquisition. As of this point, we told you before, if things don't work out, you make decisions, you go forward, but sometimes you can be wrong. If it doesn't work out, we'll let you know. But this is really at this point what we think is the best thing we could have done.

所以是的 - 不，投資者的反應是一個很大的驚喜，但它根本沒有，根本沒有改變我們對我們這樣做的原因的想法以及我們認為這是一次偉大收購的結論。到目前為止，我們之前告訴過你，如果事情不順利，你會做出決定，你會繼續前進，但有時你可能會出錯。如果不成功，我們會通知您。但這確實是在這一點上我們認為是我們能做的最好的事情。

And I can tell you, maybe I'm old-fashioned, but I thought the business' job was to try to figure out what your customers want in products and services and provide that to them in an ethical fashion, improve your cash flow and improve your chances of survival in the future. That's what the Sound United acquisition does for us. And people who don't see that, I'm not one to judge them, but I hope we'll prove them wrong.

我可以告訴你，也許我已經過時了，但我認為企業的工作是試圖弄清楚你的客戶對產品和服務的需求，並以合乎道德的方式向他們提供，改善你的現金流和提高你未來的生存機會。這就是收購 Sound United 為我們所做的。而那些看不到這一點的人，我不是評判他們的人，但我希望我們能證明他們是錯的。

Fair and full response, I appreciate that. If I could drill into the weeds of the quarter with 1 or 2 follow-ups, I'd appreciate it. Micah, perhaps for you, the board and monitor shipment number look to be solid and up sequentially and in the zone of expectations, but the revenue missed. And so I just -- maybe it's just me and not everyone else, but I'm just trying to bridge the variance there. How does the shipment number get there but the revenue fall short?

公平和全面的回應，我很感激。如果我能通過 1 或 2 次跟進深入了解本季度的雜草，我將不勝感激。 Micah，也許對你來說，主板和顯示器的出貨量看起來很穩定，並且在預期區域內連續上升，但收入沒有實現。所以我只是 - 也許這只是我而不是其他所有人，但我只是試圖彌合那裡的差異。出貨量如何到達那裡，但收入不足？

Yes. Michael, the answer there is, really, our overall driver shipments were strong, as you see from the number, and that's really driven by the amount of technology boards that we were able to get out due to the strong demand. We -- as far as our Masimo-branded equipment, that was kind of tied up with some of those supply chain and logistics challenges we had in the quarter. So our driver shipments would have been stronger in the first quarter had we been able to ship all those Masimo-branded drivers.

是的。邁克爾，答案是，真的，我們的整體驅動器出貨量很強勁，正如你從數字中看到的那樣，這實際上是由於需求強勁，我們能夠推出的技術板數量推動了這一點。我們 - 就我們的 Masimo 品牌設備而言，這與我們在本季度遇到的一些供應鍊和物流挑戰有關。因此，如果我們能夠運送所有這些 Masimo 品牌的驅動程序，我們的驅動程序出貨量在第一季度會更加強勁。

So I think that that's where you're going to see. And listen, we've got more and more confidence of that 300,000 -- at least shipping 300,000 this year for the rest of the year. So I think that's the floor now, and that's what we're driving to. And I think you'll see strong shipments each quarter for the rest of the year as we start to recover on some of that Masimo-branded equipment.

所以我認為這就是你要看到的地方。聽著，我們對這 300,000 輛的信心越來越大——至少在今年餘下的時間裡出貨 300,000 輛。所以我認為這就是現在的地板，這就是我們正在努力的方向。而且我認為隨著我們開始恢復一些 Masimo 品牌設備，您將在今年剩餘時間每個季度看到強勁的出貨量。

Got it. So the shipments would have been higher. That's a good reply, good color. And last one, look, I need to do work on the consumer wearables marketplace, clearly. I was walking around Best Buy last weekend and hadn't been there in 7 years. So it was -- I had to orient -- where will W1 fall in the U.S. market from a selling price perspective? Is there any color you can provide? I saw the release yesterday that the pilot users get access to the device for half off and that will be coming up here in the next quarter or two. But as you roll this out and a fuller commercial launch perhaps next year, how will the price point compare to some of the other products in the market?

知道了。所以出貨量會更高。這是一個很好的回复，顏色很好。最後一個，看，我需要在消費者可穿戴設備市場上工作，很明顯。上週末我在百思買逛了一圈，已經 7 年沒去過那裡了。所以——我必須定位——從售價的角度來看，W1 在美國市場會跌到哪裡？有什麼顏色可以提供嗎？我昨天看到發布，試點用戶可以享受該設備的半價優惠，這將在接下來的一兩個季度推出。但是，當您推出這款產品並可能在明年進行更全面的商業發佈時，與市場上其他一些產品相比，價格點將如何？

The W1 will probably be in the market at $500 with services that people can sign up for, for monthly or annual agreements. And as far as where it lands in the market, it is the only continuous and accurate pulse oximetry with many other features that will come that we'll announce after the limited market release date. So we think it's probably just right.

W1 可能會以 500 美元的價格上市，提供人們可以註冊的服務，包括月度或年度協議。就其在市場上的定位而言，它是唯一具有許多其他功能的連續且準確的脈搏血氧儀，我們將在有限的市場發布日期之後宣布。所以我們認為這可能是正確的。

(Operator Instructions) Our next question comes from Marie Thibault from BTIG.

（操作員說明）我們的下一個問題來自 BTIG 的 Marie Thibault。

I did want to hear a little bit more about the augmented hearing device. You can tell me if we need to wait for September, but I'd love to hear a little bit more about what that will be capable of. Is this a hearing aid? Or is this something more that you're envisioning?

我確實想多聽一點關於增強聽力設備的信息。你可以告訴我我們是否需要等到 9 月，但我很想听聽更多關於它的能力。這是助聽器嗎？或者這是你所設想的更多？

Well, we have to be -- first of all, we believe it will have the ability to help people experience sounds better. There might be an Rx version for us for over the counter that will get FDA clearance that will be marked for hearing enhancement. And there might be ones that are marketed as the best sound possible for individuals that will not be making claims about hearing improvement.

好吧，我們必須——首先，我們相信它將有能力幫助人們體驗更好的聲音。可能有一個 Rx 版本供我們在櫃檯購買，將獲得 FDA 許可，並標記為聽力增強。對於那些不會聲稱聽力改善的人來說，可能會有一些被推銷為最好的聲音。

Okay. That's clear enough. We look forward to hearing some time lines on that. I'll ask my follow-up here away from Sound United. Would love to hear an update sort of on the litigation front, the patent front. I don't know how much you can tell me, but we've been certainly following the inter partes review and some of the back and forth on the lawsuit. So I would like to hear the latest or just anything factual you can tell us on the lawsuit as well as the International Trade Commission.

好的。這很清楚。我們期待聽到一些時間線。我會在 Sound United 以外的地方詢問我的後續行動。很想听聽訴訟方面的更新，專利方面。我不知道你能告訴我多少，但我們肯定一直在關注多方審查和訴訟的一些來回。所以我想听聽你可以告訴我們關於訴訟以及國際貿易委員會的最新消息或任何事實。

Well, on the International Trade Commission case, we're going to go to trial in June, and we expect to have a decision in September with the final resolution in January of next year. The patents that we have in that case, we believe, are great patents and spot on. So we feel really good about our ITC case.

好吧，關於國際貿易委員會的案子，我們將在 6 月份進行審判，我們預計將在 9 月份作出決定，並在明年 1 月份作出最終決議。我們相信，在這種情況下，我們擁有的專利是偉大的專利，而且是正確的。所以我們對我們的 ITC 案件感覺非常好。

And then on the district court, which is supposed to [run trial] in March, we have a trade secret case. As you know, the patent case got -- stayed when Apple filed the interparty re-exam on our patents. A couple of the key patents in that case have been allowed by IPR. So they may get added to the (inaudible) case or they may go up to a third case, third trial. But so far, we feel really good about our cases. And hopefully, we'll have some good news to share in the future.

然後在本應在 3 月份 [開庭審理] 的地方法院，我們有一個商業秘密案件。如您所知，當 Apple 對我們的專利進行多方復審時，專利案得到了解決。該案中的幾項關鍵專利已獲得知識產權許可。因此，他們可能會被添加到（聽不清）案件中，或者他們可能會進入第三個案件，第三次審判。但到目前為止，我們對我們的案例感覺非常好。希望我們將來能分享一些好消息。

I think we're done for the day. We appreciate you all attending and being on the call. Our analysts are welcome to take part of the limited market release of W1 as long as you agree to our rules, so that you can learn something more about what we're doing. So thank you all, and we look forward to our next call.

我想我們已經完成了這一天。我們感謝大家出席並接聽電話。歡迎我們的分析師參與 W1 的有限市場發布，只要您同意我們的規則，這樣您就可以更多地了解我們正在做的事情。所以謝謝大家，我們期待著我們的下一次電話會議。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。