Outset Medical Inc (OM) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to Outset Medical second-quarter 2024 earnings conference call.

歡迎參加 Outset Medical 2024 年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would like now to turn the conference over to Jim Mazzola, Head of Investor Relations.

現在我想將會議交給投資者關係主管吉姆·馬佐拉 (Jim Mazzola)。

Please go ahead.

請繼續。

Okay, thank you very much.

好的，非常感謝。

Good afternoon, everyone, and sorry for starting a few minutes late here.

大家下午好，很抱歉遲到了幾分鐘。

Welcome to our second-quarter 2024 earnings call.

歡迎參加我們的 2024 年第二季財報電話會議。

Here with me, as always, are Leslie Trigg, Chair and Chief Executive Officer; and Nabeel Ahmed, Chief Financial Officer.

一如既往，與我同在的還有董事長兼執行長萊斯利‧特里格 (Leslie Trigg)；財務長納比爾‧艾哈邁德 (Nabeel Ahmed)。

We issued a news release after the close of market today, which can be found on the Investor page of outsetmedical.com. This call is being recorded and will be archived on the Investors section of our website.

我們在今天收盤後發布了新聞稿，您可以在 outsetmedical.com 的投資者頁面上找到新聞稿。本次電話會議正在錄音，並將存檔在我們網站的投資者部分。

It's our intent that all forward-looking statements made during today's call will be protected under the Private Securities Litigation Reform Act of 1995.

我們希望今天電話會議期間所做的所有前瞻性陳述都將受到 1995 年私人證券訴訟改革法案的保護。

These statements relate to expectations or predictions of future events are based on our current estimates and various assumptions and involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied.

這些與對未來事件的預期或預測有關的陳述是基於我們當前的估計和各種假設，並涉及重大風險和不確定性，可能導致實際結果或事件與預期或暗示的結果或事件有重大差異。

Outset assumes no obligation to update these statements.

Outset 不承擔更新這些聲明的義務。

And for a list and description of risks and uncertainties associated with our business, please refer to the Risk Factors section of Outset's public filings with the SEC, including our latest annual and quarterly reports.

有關與我們業務相關的風險和不確定性的清單和描述，請參閱 Outset 向 SEC 公開提交的文件中的風險因素部分，包括我們最新的年度和季度報告。

Leslie?

萊斯利？

Thanks, Jim.

謝謝，吉姆。

Good afternoon, everyone, and thank you for joining us.

大家下午好，感謝您加入我們。

I'll begin with our results in the second quarter which, on the top line, were below our expectations as we work through the re-ramp of TabloCart and saw new evidence of our sales cycle elongating.

我將從第二季的業績開始，在我們重新調整 TabloCart 的過程中，我們看到了銷售週期延長的新證據，從整體來看，我們的業績低於我們的預期。

Areas of strength in the quarter included treatment sales, which grew 25% year over year; console ASP, which increased more than 8% year over year; the console installed base, which grew 18% year over year; and the number of acute facilities using Tablo, which grew 16% year over-year.

本季的優勢領域包括治療藥物銷售，年增 25%；主機平均售價較去年同期成長超過8%；主機安裝量年增 18%；使用 Tablo 的急診設施數量年增 16%。

Non-GAAP gross margin came in substantially above our expectations at 37.3% for the quarter, with product margin coming in at 44.8%.

本季非 GAAP 毛利率大幅高於我們的預期 37.3%，產品利潤率為 44.8%。

Despite the progress, second-quarter revenue of $27.4 million was lighter than expected and driven entirely by console sales below our forecast.

儘管取得了進展，但第二季 2,740 萬美元的收入仍低於預期，這完全是由於遊戲機銷量低於我們的預測所致。

While the return of TabloCart was helpful in advancing some of the acute deals in our pipeline, the ship hold [masks] what we now recognize, which is the need for commercial execution changes to better position ourselves to capitalize on enterprise opportunities that typically come with a longer sales cycle.

雖然 TabloCart 的回歸有助於推進我們管道中的一些重要交易，但這艘船掩蓋了我們現在認識到的事實，即需要進行商業執行變革，以便更好地利用通常伴隨而來的企業機會。長的銷售週期。

Before I get to those changes, I think it may be helpful to reflect on the growth we've experienced since our launch in 2019, which was driven by early market adopters.

在討論這些變化之前，我認為反思自 2019 年推出以來我們所經歷的成長可能會有所幫助，這是由早期市場採用者推動的。

These innovators and visionaries largely in the acute setting where we have scale and now low double-digit market share were the first to leave their long-standing outsourced relationships, motivated by gaining control over their financial, operational, and clinical destiny.

這些創新者和遠見者主要處於我們擁有規模且目前低兩位數市場份額的嚴峻環境中，他們是第一批離開長期外包關係的人，其動機是獲得對其財務、營運和臨床命運的控制權。

The support from early adopters of Tablo and the in-sourcing model has been essential to demonstrating the benefits Tablo provides, that will fuel our next stage of growth.

Tablo 早期採用者和內包模式的支援對於展示 Tablo 提供的優勢至關重要，這將推動我們下一階段的成長。

This next stage of growth comes as we extend past the early enterprise adopters and use our foothold to expand into the mainstream enterprise adopters.

當我們超越早期企業採用者並利用我們的立足點擴展到主流企業採用者時，下一階段的成長就會到來。

These customers are deliberate, consensus-driven, and process-oriented.

這些客戶是經過深思熟慮的、以共識為導向、以流程為導向的。

Purchase decisions are contemplated with enterprise conversion in mind.

購買決策時要考慮企業轉型。

And accordingly, the sales cycle often takes longer as it requires a larger group of stakeholders buying in.

因此，銷售週期通常需要更長的時間，因為它需要更多的利害關係人群體的參與。

We've learned that success with mainstream enterprise adopters requires a change in how we sell, who we sell, and the process we use to get there.

我們了解到，要獲得主流企業採用者的成功，就需要改變我們的銷售方式、銷售對像以及實現目標的流程。

For example, we've identified the need to sell more broadly within the C-suite and established commitment across a larger base of stakeholders deeper within the system to gain buy-in.

例如，我們已經確定需要在最高管理層內進行更廣泛的銷售，並在系統內更深入的更廣泛的利害關係人群體中做出承諾，以獲得支持。

We've also recognized that our team needs to demonstrate exceptional consultative and change management skills as they work with large health systems on potential enterprise conversions.

我們也意識到，我們的團隊在與大型醫療系統合作進行潛在的企業轉型時，需要展現卓越的諮詢和變革管理技能。

As we advance the in-sourcing movement from the early enterprise adopters into mainstream enterprise adoption, it requires changes in how we go to market, which involves three big shifts in our commercial approach: first, retooling our commercial team by infusing our capital sales team with individuals who have a different profile and skill set and ensuring we have the right talent in each role; second, introducing a new capital sales process with greater specificity, accountability, and discipline; and third, injecting rigorous sales management inspection at every step along the way to improve capital sales forecasting and the timing of close.

當我們將內包運動從早期企業採用者推進到主流企業採用時，需要改變我們進入市場的方式，這涉及我們商業方法的三個重大轉變：首先，透過注入我們的資本銷售團隊來重組我們的商業團隊與具有不同背景和技能的個人合作，確保我們在每個職位上都有合適的人才；其次，引入更具針對性、問責性和紀律性的新資本銷售流程；第三，在每一步中註入嚴格的銷售管理檢查，以改善資本銷售預測和成交時間。

This work is already underway.

這項工作已經在進行中。

For example, we now have in place a sales leadership team with deep capital equipment experience centered around enterprise selling.

例如，我們現在擁有一支以企業銷售為中心、擁有豐富資本設備經驗的銷售領導團隊。

We have also restructured our sales organization and trained them on our new enterprise sales approach.

我們也重組了我們的銷售組織，並對他們進行了新的企業銷售方法的培訓。

As we effectuate these changes, the result will be a resized and more nimble sales team and a methodical enterprise sales process, commensurate with our expected future growth trajectory.

當我們實現這些變革時，結果將是調整規模和更靈活的銷售團隊以及有條不紊的企業銷售流程，與我們預期的未來成長軌跡相稱。

Given the depth and breadth of the sales team and process restructuring, we expect it to take several quarters to fully implement and realize the many benefits that will come from it.

考慮到銷售團隊和流程重組的深度和廣度，我們預計需要幾個季度的時間才能完全實施並實現由此帶來的許多好處。

As we look ahead to the second half of the year, we now know it will not be possible to execute this transformation, given the expected accompanying disruption while simultaneously delivering on the ramp we previously forecasted.

當我們展望今年下半年時，我們現在知道，考慮到預期的伴隨中斷，同時實現我們先前預測的成長，將不可能執行這項轉型。

As a result, we expect the second half of 2024 will look similar to the first half, with expected revenue for the year of approximately $110 million.

因此，我們預計 2024 年下半年將與上半年相似，預計全年營收約 1.1 億美元。

We will continue to ensure spending is aligned to this new revenue outlook as we drive toward profitability.

在我們努力實現盈利的過程中，我們將繼續確保支出與新的收入前景保持一致。

We expect this restructuring and optimization to deliver additional annualized savings into 2025.

我們預計此次重組和優化將在 2025 年之前實現額外的年度節省。

While the transition to enterprise sales is challenging for any company, we believe the benefits are substantial in terms of deal size and revenue growth.

雖然向企業銷售的轉型對任何公司來說都充滿挑戰，但我們相信，就交易規模和收入成長而言，好處是巨大的。

While this transition is having a near-term negative impact on our business, we have strong conviction that it's the right thing for our business over the long term.

雖然這一轉變在短期內對我們的業務產生了負面影響，但我們堅信，從長遠來看，這對我們的業務來說是正確的事情。

What we're observing is not a lack of demand or losing opportunities to a competitor.

我們觀察到的並不是缺乏需求或失去了競爭對手的機會。

Tablo remains highly differentiated in delivering the clinical, financial, and operational improvements healthcare providers need in both the acute and home settings.

Tablo 在提供醫療保健提供者在急診和家庭環境中所需的臨床、財務和營運改進方面仍然保持高度差異化。

The quality and depth of demand in our pipeline is stronger than we have ever seen to date, with a high percentage of large deal sizes over $1 million each.

我們管道中的需求品質和深度比迄今為止任何時候都強，每筆交易規模超過 100 萬美元的大宗交易比例很高。

What we're experiencing is a temporary dislocation of converting the pipeline to revenue on our timeline due to the changes in customer profile and process and the improvements needed in our own sales execution.

由於客戶資料和流程的變化以及我們自己的銷售執行所需的改進，我們正在經歷的是在我們的時間表上將管道轉化為收入的暫時混亂。

With our installed base now at roughly 5,700 consoles, the number of treatments performed each month on Tablo continues at record levels.

目前我們的安裝基數約為 5,700 個控制台，Tablo 每月進行的治療數量繼續保持創紀錄水平。

Treatment orders remain strong, and our recurring revenue business model continues to distinguish itself.

治療訂單依然強勁，我們的經常性收入業務模式持續脫穎而出。

During the second quarter, recurring revenue grew 24% from the second quarter of 2023, with gross margin materially expanding as it has each quarter for more than three years.

第二季經常性收入較 2023 年第二季成長 24%，毛利率大幅成長，這是三年多來每季的表現。

Non-GAAP gross margin in the second quarter reached a record 37.3%, with product margin at 44.8% and service and other margin at 19.8%.

第二季非公認會計準則毛利率達到創紀錄的37.3%，其中產品利潤率為44.8%，服務及其他利潤率為19.8%。

Before turning the call over to Nabeel, I'd like to add a few highlights from our end market.

在將電話轉交給 Nabeel 之前，我想補充一些來自我們終端市場的亮點。

For example, in the acute and sub-acute settings, we added nearly 30 new accounts during the quarter and continued strategic in-sourcing rollout at two of the largest health systems in the country.

例如，在急性和亞急性情況下，我們在本季增加了近 30 個新帳戶，並繼續在國內兩個最大的衛生系統進行策略性內包推廣。

Data from one of our ICU customers was also published in a medical journal and showed a 40% reduction in mean length of stay, which resulted in savings during the measurement period of more than $1 million.

我們的 ICU 客戶的數據也在醫學期刊上發表，顯示平均住院時間縮短了 40%，從而在測量期間節省了超過 100 萬美元。

In the home, we continue to see industry-leading retention rates and look forward to publishing more data from our home registry later this year.

在家庭方面，我們繼續看到行業領先的保留率，並期待在今年稍後發布我們家庭註冊表的更多數據。

At the end of the second quarter, our 90-day retention rate remained at 90% versus the 55% average reported with the incumbent home hemodialysis device.

截至第二季末，我們的 90 天保留率維持在 90%，而現有家用血液透析設備的平均保留率為 55%。

And our cumulative opt-out rate remains at just approximately 10%.

我們的累計選擇退出率仍維持在 10% 左右。

Our home centers continue to grow with multiple mid-sized dialysis organizations and skilled nursing facilities expanding with Tablo.

我們的家庭中心不斷發展，多個中型透析組織和熟練的護理設施隨著 Tablo 的擴張而不斷擴大。

With that, I'll now turn it over to Nabeel.

有了這個，我現在將把它交給納比爾。

Thanks, Leslie.

謝謝，萊斯利。

Hello, everyone.

大家好。

Revenue for the second quarter was $27.4 million, a 3% decline from the first quarter and driven solely by softness in console revenue for the reasons Leslie described.

第二季的營收為 2,740 萬美元，比第一季下降 3%，這完全是由於遊戲機收入疲軟所致，原因如 Leslie 所描述的。

Product revenue of $19.2 million included console revenue of $7.2 million, which declined 22% from the first quarter.

產品收入為 1,920 萬美元，其中主機收入為 720 萬美元，較第一季下降 22%。

The other component of product revenue is consumable sales, which performed very well as utilization continued to be strong.

產品收入的另一個組成部分是消耗品銷售，由於利用率持續強勁，其表現非常好。

Consumable revenue rose nearly 8% sequentially and more than 25% from the second quarter of last year to nearly $12.1 million.

消費品營收比上一季成長近 8%，比去年第二季成長超過 25%，達到近 1,210 萬美元。

Service and other revenue also performed well, increasing to $8.2 million, up 5% sequentially and 22% year over year.

服務和其他收入也表現良好，增至 820 萬美元，環比增長 5%，年增 22%。

We were encouraged to see that console ASP remained strong across all end markets as a result of our disciplined pricing and strong uptake of our Tablo PRO+ offering with acute customers.

我們很高興地看到，由於我們嚴格的定價以及敏銳的客戶對我們的 Tablo PRO+ 產品的強烈接受，所有終端市場的遊戲機平均售價保持強勁。

Now, moving to our second-quarter gross margin and operating expenses, which, as a reminder, reflects our non-GAAP results.

現在，我們來看看第二季的毛利率和營運費用，提醒一下，這反映了我們的非公認會計準則表現。

Please refer to the reconciliation of GAAP to non-GAAP measures found in today's earnings release.

請參閱今天的收益報告中的 GAAP 與非 GAAP 指標的調整表。

Gross margin of 37.3% increased more than 6 percentage points from the first quarter and more than 14 percentage points from the second quarter of last year.

毛利率為37.3%，較第一季成長超過6個百分點，較去年第二季成長超過14個百分點。

As Leslie mentioned, we saw a strong underlying dynamics within both product gross margin, which was a record 44.8%, and service and other gross margin at 19.8%.

正如 Leslie 所提到的，我們看到產品毛利率（創紀錄的 44.8%）以及服務和其他毛利率（19.8%）的強勁潛在動力。

Expanding gross margin remains a hallmark of our story and continues to be driven by our product mix, console cost-down programs, strong utilization, and service renewals.

不斷擴大的毛利率仍然是我們故事的一個標誌，並繼續受到我們的產品組合、控制台成本降低計劃、強勁的利用率和服務更新的推動。

Because gross margin is sensitive to mix, it may fluctuate a bit on a quarter-to-quarter basis.

由於毛利率對組合很敏感，因此每季可能會出現一些波動。

But we remain confident in our ability to reach our next milestone at 50%.

但我們仍然對達到 50% 的下一個里程碑充滿信心。

Operating expenses of $31.2 million declined 11% as compared to the first quarter and 25% from the prior-year period, driven by our ongoing focus on expense management and the restructuring actions we've taken since the fourth quarter of 2023.

由於我們持續關注費用管理以及自 2023 年第四季以來採取的重組行動，營運費用為 3,120 萬美元，較第一季下降 11%，較去年同期下降 25%。

Non-GAAP net loss was $24.7 million or $0.47 per share, materially lower on a sequential and year-over-year basis.

非 GAAP 淨虧損為 2,470 萬美元，即每股 0.47 美元，較上季和年比大幅下降。

Net loss for the second quarter was 16% lower than the first quarter and 27% lower than the second quarter of 2023, reflecting the positive results of our drive to profitability.

第二季淨虧損比第一季減少 16%，比 2023 年第二季減少 27%，反映了我們推動獲利的正面成果。

These results also reflect our ongoing focus on gross margin expansion, which we've achieved consistently for three years now and on our commitment to aligning OpEx with our level of revenue growth.

這些結果也反映了我們對毛利率擴張的持續關注（我們已經連續三年實現了毛利率擴張）以及我們致力於使營運支出與收入成長水準保持一致。

I want to step back for a moment here and focus on our ongoing commitment towards reaching profitability.

我想在這裡退後一步，重點關注我們對實現盈利的持續承諾。

We have, in previous quarters, underscored our alignment with shareholders on this goal.

在前幾季中，我們強調了我們與股東在這一目標上的一致。

And I wanted to update you on our related actions.

我想向您通報我們相關行動的最新情況。

First, from a revenue perspective, our business is structurally designed for both revenue growth over the long term and for gross margin expansion.

首先，從收入角度來看，我們的業務在結構上是為了長期收入成長和毛利率擴張而設計的。

Every console we sell today is expected to generate between $15,000 to $20,000 of annual recurring revenues.

我們今天銷售的每台遊戲機預計每年可產生 15,000 至 20,000 美元的經常性收入。

These revenues have historically proven to be very predictable and come at high gross margins with high marginal operating leverage.

歷史證明，這些收入是非常可預測的，並且具有高毛利率和高邊際營運槓桿。

Indeed, our recurring revenues grew by 24% in Q2 '24 compared to Q2 of 2023 and by 27% if you compare the first half of 2024 to the first half of 2023.

事實上，與 2023 年第二季度相比，我們的經常性收入在 2024 年第二季度增長了 24%，如果將 2024 年上半年與 2023 年上半年進行比較，則增長了 27%。

Once we get our console placement engine ramps, we should expect that these recurring revenues will continue their contribution to growth and gross margin expansion.

一旦我們的遊戲機放置引擎得到提升，我們應該預期這些經常性收入將繼續對成長和毛利率擴張做出貢獻。

We believe that recurring revenues on an annual basis should continue to be over half of our total revenues as we move forward.

我們相信，隨著我們的前進，每年的經常性收入應繼續占我們總收入的一半以上。

Second, we continue to deliver on our gross margin expansion initiatives and have improved gross margin by more than 70 percentage points since Q3 of 2020, our first publicly reported quarter.

其次，我們繼續實施毛利率擴張計劃，自 2020 年第三季（我們的第一個公開報告季度）以來，毛利率提高了 70 個百分點以上。

In addition to the gross margin expansion that is structurally driven by our business, we expect to continue our work to improve gross margin over time as we continue our cost reduction initiatives across product and service.

除了由我們的業務結構性推動的毛利率擴張之外，我們預計隨著時間的推移，我們將繼續努力提高毛利率，同時繼續實施跨產品和服務的成本削減措施。

Third, we are focused on ensuring that our OpEx scales at a rate that is aligned with our expected rate of revenue growth and with an eye towards profitability.

第三，我們致力於確保我們的營運支出以符合我們預期收入成長率的速度擴展，並著眼於獲利能力。

Since the fourth quarter of 2023 and inclusive of the actions we discussed today, we have reduced our annualized spending by roughly $17 million, putting our run rate non-GAAP operating expenses at just over $100 million.

自 2023 年第四季以來，包括我們今天討論的行動，我們已將年化支出減少了約 1,700 萬美元，使我們的非公認會計原則營運支出略高於 1 億美元。

Our non-GAAP operating loss for the second quarter was $21 million, the lowest quarterly level it has been at since we achieved commercial scale in 2021, reflecting the work we've done around driving recurring revenue growth, expanding gross margin, and managing OpEx.

我們第二季的非 GAAP 營運虧損為 2,100 萬美元，這是自 2021 年實現商業規模以來的最低季度水平，反映了我們在推動經常性收入成長、擴大毛利率和管理營運支出方面所做的工作。

And finally, moving to our balance sheet.

最後，轉向我們的資產負債表。

We are focused on additional opportunities to reduce the working capital impacts on cash through supply chain and manufacturing strategies to optimize inventory levels.

我們專注於透過供應鏈和製造策略優化庫存水準來減少營運資金對現金的影響的其他機會。

We expect that inventory will step up over the second half of this year before burning down beyond that period.

我們預計庫存將在今年下半年增加，然後在該期間之後減少。

We remain well financed, ending the second quarter with $198.2 million in cash, cash equivalents, short-term investments, and restricted cash.

我們的資金狀況仍然良好，截至第二季末，我們擁有 1.982 億美元的現金、現金等價物、短期投資和限制性現金。

Turning to our outlook for full-year 2024, we now expect revenue of approximately $110 million.

談到我們對 2024 年全年的展望，我們現在預計收入約為 1.1 億美元。

Our base assumption is that console revenue in the second half is similar to what we reported for the first half.

我們的基本假設是下半年的遊戲機收入與我們報告的上半年相似。

With strong utilization, we would expect recurring revenue to continue to perform well as it has consistently done.

由於利用率強勁，我們預計經常性收入將繼續表現良好，一如既往。

Turning to gross margin, with our continued outperformance, we have increased conviction in our guidance for 2024 non-GAAP gross margin.

談到毛利率，隨著我們持續表現優異，我們對 2024 年非 GAAP 毛利率指引更有信心。

For the full year, we are updating this guidance to now be in the low to mid-30% range.

對於全年，我們正在更新這項指導，目前處於 30% 的低至中範圍內。

Again, gross margin expansion is driven by recurring revenues from a larger installed base, service leverage, and console cost-down programs.

同樣，毛利率的成長是由更大的安裝基礎、服務槓桿和控制台成本降低計劃帶來的經常性收入所推動的。

Turning now to OpEx for 2024, we expect to realize additional benefit this year from the work we have done.

現在轉向 2024 年的營運支出，我們預計今年將從我們所做的工作中獲得額外的收益。

We now anticipate that OpEx for 2024 will be roughly $120 million, down from our prior guidance of $125 million to $130 million.

我們現在預計 2024 年的營運支出約為 1.2 億美元，低於我們先前指引的 1.25 億至 1.3 億美元。

As I said earlier, since the fourth quarter of 2023, we have reduced our annualized spending by roughly $70 million, putting our run rate non-GAAP operating expenses at just over $100 million.

正如我之前所說，自 2023 年第四季以來，我們的年化支出減少了約 7,000 萬美元，使我們的非 GAAP 營運支出略高於 1 億美元。

And finally, with our strong value proposition across two large end markets, wide competitive moat, and broad integrated offering of products and services, we remain bullish on the long-term revenue growth profile.

最後，憑藉我們在兩個大型終端市場的強大價值主張、廣泛的競爭護城河以及廣泛的綜合產品和服務，我們仍然看好長期收入成長狀況。

We will revisit our long-term outlook once the enterprise sales transition is complete and believe that following this transition, we will return to a strong, consistent top-line growth.

一旦企業銷售轉型完成，我們將重新審視我們的長期前景，並相信在這項轉型之後，我們將恢復強勁、持續的營收成長。

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

說完，我會把電話轉回給萊斯利。

Thanks, Nabeel.

謝謝，納比爾。

We are clearly dissatisfied with our performance.

我們顯然對自己的表現不滿意。

And we are making significant and difficult changes in our people, our processes, and our commercial approach as a result.

因此，我們正在對我們的人員、我們的流程和我們的商業方式做出重大而艱難的改變。

While it has caused disruption and it will continue to disrupt our near-term console growth trajectory, we are firmly convinced that these are the right steps to return the company to meaningful, sustainable top-line growth.

雖然它已經造成了乾擾，並將繼續擾亂我們近期的遊戲機成長軌跡，但我們堅信，這些是使公司恢復有意義、可持續的營收成長的正確步驟。

Further, the fundamentals of this market, the business model, and our products remain firmly intact.

此外，這個市場的基本面、商業模式和我們的產品仍然完好無損。

We are penetrating one of the largest healthcare markets in the world, with over 85 million dialysis treatments performed each year in the United States alone.

我們正在打入世界上最大的醫療保健市場之一，僅在美國每年就進行超過 8500 萬例透析治療。

We have a proven business model.

我們擁有經過驗證的商業模式。

During just the past three years, we have increased recurring revenue from about 30% to well above 50% of total revenue when Tablo consoles are sold and installed

僅在過去三年中，我們就將銷售和安裝 Tablo 遊戲機的經常性收入從佔總收入的 30% 左右增加到遠高於 50%

[their use].

[他們的用途]。

And we have executed very well to expand gross margin consistently since our IPO, again, demonstrating the strength of this business model over time.

自首次公開募股以來，我們在持續擴大毛利率方面表現出色，再次證明了這種商業模式隨著時間的推移的優勢。

We remain as committed as ever to reaching profitability.

我們一如既往地致力於實現盈利。

This is a business that can be profitable and we believe, will be profitable due to a proven foundation of predictable recurring revenue, our gross margin profile, and inherent operating leverage.

這是一項可以獲利的業務，我們相信，由於可預測的經常性收入、我們的毛利率狀況和固有的營運槓桿的可靠基礎，該業務將會獲利。

What we do well goes far beyond the technology.

我們做得好的遠遠超出了科技的範圍。

Our product is not just a device that change management and customer success expertise that is proprietary and very hard to replicate.

我們的產品不僅僅是一種可以改變管理和客戶成功專業知識的設備，這些專業知識是專有的且難以複製。

We now have data from hundreds of customers that support the business case and the value proposition of in-sourcing with Tablo.

我們現在擁有來自數百家客戶的數據，這些數據支援業務案例以及 Tablo 內包的價值主張。

We help save healthcare providers money, simplify their operations, and improve the quality of living for their patients.

我們幫助醫療保健提供者節省資金、簡化他們的操作並提高患者的生活品質。

These fundamental benefits are more important than ever.

這些基本好處比以往任何時候都更重要。

And Tablo brings a highly differentiated, difficult-to-copy product market fit to them.

而 Tablo 則為他們帶來了高度差異化、難以複製的產品市場。

With that, I think we are ready for Q&A.

至此，我想我們已經準備好要進行問答了。

Operator, please open the lines.

接線員，請開通線路。

(Operator Instructions) Marie Thibault, BTIG.

（操作員說明）Marie Thibault，BTIG。

Hi, good evening.

嗨，晚上好。

Thanks for taking the questions.

感謝您提出問題。

I want to start here with just trying to understand a little bit more of the challenges you're facing.

我想從這裡開始，只是嘗試更多地了解您所面臨的挑戰。

I hate to be dense here.

我討厭在這裡變得密集。

But enterprise sales, on the little juggernaut to me, I want to understand who the enterprise customers are, how different that is from the MDOs that you had been targeting.

但企業銷售對我來說是一個小力量，我想了解企業客戶是誰，這與您一直瞄準的 MDO 有什麼不同。

And then are there structural challenges to the market?

那麼市場是否存在結構性挑戰？

Is it competition?

是競爭嗎？

What else is making it hard for Tablo to compete for console sales here?

還有什麼原因讓 Tablo 難以在遊戲機銷售領域競爭？

Yeah.

是的。

Thanks, Marie, for the questions.

謝謝瑪麗提出的問題。

Yeah, a couple of things.

是的，有幾件事。

So first of all, maybe I'll work backwards here.

首先，也許我會在這裡倒退。

Short answer, no; no structural changes or challenges that we're facing here.

簡短的回答，不；我們在這裡沒有面臨任何結構性變化或挑戰。

In a good way, in a bad way, we own this.

無論以好的方式，還是壞的方式，我們都擁有它。

The changes we need to make are entirely in our control, and require shifts and adjustments in our sales team, in our sales processes, in our pipeline management, and our deal control.

我們需要做出的改變完全在我們的控制範圍內，並且需要我們的銷售團隊、我們的銷售流程、我們的通路管理和我們的交易控制方面的轉變和調整。

We do know how to do this.

我們確實知道如何做到這一點。

We have successfully closed large enterprise-level deals before.

我們之前已經成功完成大型企業級交易。

We now need to do so more consistently across the country.

我們現在需要在全國範圍內更加一致地這樣做。

So that's maybe point one.

這可能是第一點。

In terms of the first part of your question, what are the real differences between the customer segment, I think what we've recognized in hindsight is that the first phase of our growth was fueled by early adopters.

就您問題的第一部分而言，客戶群之間的真正差異是什麼，我認為事後我們認識到，我們成長的第一階段是由早期採用者推動的。

And those decision-making processes are different.

這些決策過程是不同的。

Early adopters tend to move more quickly, tend to move with less consensus, fewer steps in the process, and are really willing to kind of move quickly and sometimes, without all the evidence in hand.

早期採用者往往行動得更快，往往在共識較少、過程中步驟較少的情況下採取行動，有時確實願意在沒有所有證據的情況下迅速採取行動。

We have moved through that segment.

我們已經完成了該部分。

We're now in the low double-digit market penetration zone, which kind of aligns actually to that classic adoption curve and the early adopters, the visionaries, and innovators that tend to go first within it.

我們現在處於低兩位數的市場滲透率區域，這實際上與經典的採用曲線以及早期採用者、有遠見的人和創新者往往是最先進入的一致。

Now, we have earned the right to penetrate into mainstream enterprise adopters.

現在，我們已經贏得了滲透到主流企業採用者的權利。

And their decision-making processes are different.

而且他們的決策過程也不同。

It is more consensus-driven.

它更受共識驅動。

There are more stakeholders, both vertically up and down, within these health systems and across from finance to operations to clinical influencers.

在這些健康系統內，從財務到營運再到臨床影響者，有更多的利害關係人，無論是垂直向上還是向下。

And we need to do a better job of building that support top to bottom, left to right.

我們需要更好地建立從上到下、從左到右的支援。

So those are some of the differences in the types of deals and the stage that we're seeing shifting from, again, early adopters, often smaller deals, to now a pipeline that has evolved as we see it, to a larger percentage of significant deals.

因此，這些是交易類型和階段的一些差異，我們再次看到從早期採用者（通常是較小的交易）轉變為現在的管道，正如我們所看到的那樣，已經發展到更大比例的重要交易交易。

These are deals that are 50-plus consoles, 100-plus consoles.

這些交易包括 50 多個遊戲機、100 多個遊戲機。

These are customers that are considering enterprise-wide conversions.

這些客戶正在考慮進行企業範圍的轉換。

And while that's actually good news in the sense that the commitment levels and the interest levels are higher and much cheaper, the flip side of that is that it does involve a longer sales cycle.

雖然這實際上是個好消息，因為承諾水平和利息水平更高且便宜得多，但另一方面是它確實涉及更長的銷售週期。

And we need to make the adjustments in our team and our processes to better prosecute that.

我們需要對我們的團隊和流程進行調整，以更好地實現這一目標。

Understood.

明白了。

That's very helpful, Leslie.

這很有幫助，萊斯利。

I guess, my follow-up here would have to do with the workforce changes you've been making.

我想，我的後續行動與你們一直在進行的勞動力變動有關。

On the last call, you discussed reductions in headcount and a commitment to not impact commercial efforts.

在上次電話會議上，您討論了裁員以及不影響商業活動的承諾。

Now there's a discussion of finding the right people for the seat and sort of resizing the team.

現在正在討論尋找合適的人選以及調整團隊規模。

Is it a smaller sales force that you're looking at?

您正在尋找的是規模較小的銷售團隊嗎？

It does sound like a very different type of person that you're targeting.

這聽起來確實是你所針對的一個非常不同類型的人。

Is that targeting done?

目標定位完成了嗎？

Is the hiring done, and are the right people in place and now we're selling?

招募工作完成了嗎？

Or is there still more evolution to come on the workforce?

或者勞動力方面還會有更多的演變嗎？

Thanks for taking the questions.

感謝您提出問題。

Yeah, sure, of course.

是的，當然，當然。

Understood.

明白了。

Again, I'll start with, probably, with the last part of your question.

再說一次，我可能會從你問題的最後部分開始。

So yes, these individuals -- and I'll start at the leadership level that have a very different profile and more importantly, a track record of kind of being in the end zone and shepherding multimillion-dollar deals all the way to the end zone successfully.

所以，是的，這些人——我將從領導層開始，他們有著非常不同的形象，更重要的是，他們有著在端區和引導數百萬美元交易一直到端區的記錄。

They are already inside of our organization, not only at the leadership level, but also within our capital sales team.

他們已經在我們的組織內部，不僅在領導層，而且在我們的資本銷售團隊中。

We've seen them demonstrate success here already at Outset.

我們從一開始就看到他們在這裡展示了成功。

Now we need to see it happening more broadly and more consistently across the rest of the organization.

現在我們需要看到它在組織的其他部門更廣泛、更一致地發生。

In terms of the size of the sales force, I would think about it as probably more kind of spans and layers, getting closer to the customer.

就銷售團隊的規模而言，我認為可能會更加跨度和層次，更加貼近客戶。

By and large, the size of the team focused on selling capital is the same, again, just a very different talent background, level profile, and skill sets.

總的來說，專注於出售資本的團隊規模是相同的，只是人才背景、水平概況和技能組合截然不同。

The other key areas of the commercial team that's probably underappreciated, and I really want to underscore, is our field service and support team.

商業團隊的另一個可能被低估的關鍵領域是我們的現場服務和支援團隊，我真的很想強調一下。

The size of that team isn't changing at all.

該團隊的規模根本沒有改變。

The composition isn't changing.

成分沒有改變。

They really are the face of Outset.

他們確實是 Outset 的代言人。

They inform the user experience more than probably anybody else on our team.

他們可能比我們團隊中的其他任何人都更能提供使用者體驗。

And they're vital to this growth that we continue to see in the recurring revenue base.

它們對於我們在經常性收入基礎上繼續看到的成長至關重要。

And that part of our organization isn't changing.

我們組織的這一部分並沒有改變。

Thank you.

謝謝。

Rick Wise, Stifel.

瑞克懷斯，史蒂菲爾。

Hi.

你好。

Good afternoon, Leslie.

下午好，萊斯利。

Like Marie, I'd like to make sure I'm understanding how this all -- it makes total sense that bigger contracts, bigger orders, enterprise-wide selling, and execution maybe requires evolution.

和瑪麗一樣，我想確保我理解這一切——更大的合約、更大的訂單、企業範圍的銷售和執行可能需要進化，這是完全合理的。

But I guess, a two-part question related to that.

但我想，與此相關的問題分為兩部分。

Looking back at your comments last quarter, it felt like, with TabloCart in hand, orders that had been delayed could now be sold.

回顧你上個季度的評論，感覺有了 TabloCart，原本被推遲的訂單現在可以出售了。

And there was a cyber attack that disrupted things, and we would see an acceleration.

網路攻擊破壞了一切，我們會看到加速。

Help us transition from what you were thinking and understanding about where you were in early mid-May and where we are now.

幫助我們從您對五月中旬的想法和理解轉變為我們現在的處境。

Sort of like, what happened -- what didn't materialize that you thought was materializing?

有點像，發生了什麼事——你認為會實現的事情卻沒有實現？

Is it that you were counting on multiple large orders that didn't happen?

是不是你期待有多個大訂單沒有發生？

Just trying to understand how we got here.

只是想了解我們是如何到達這裡的。

I understand what you're saying about where you need to go as an organization next.

我理解您所說的作為一個組織下一步需要走向何方。

Thank you.

謝謝。

Yeah.

是的。

Very fair set of questions there.

那裡有非常公平的問題。

Well, first and foremost, I think certainly, in hindsight -- with the benefit of hindsight, I think TabloCart masked some additional factors that we're also helping to elongate our sales cycle.

嗯，首先也是最重要的，我想，事後看來，我認為 TabloCart 掩蓋了一些額外的因素，而這些因素也有助於延長我們的銷售週期。

I think we were pretty clearly slow to recognize it as we focused principally on getting TabloCart back on track and back on market.

我認為我們顯然很慢地認識到這一點，因為我們主要專注於讓 TabloCart 重回正軌並重返市場。

I think the first thing that we missed, which is now very discernible as we sit here today, is this shift in the composition of our pipeline and in our customer base, again, away from the earlier adopters and toward a very large percentage of deals that are enterprise level with mainstream adopters.

我認為我們錯過的第一件事是我們今天坐在這裡時非常明顯的，是我們的渠道構成和客戶群的轉變，再次遠離早期採用者並轉向很大比例的交易這是主流採用者的企業級別。

Now, what that requires to convert is a much different sales process and sales team than we've had in the past.

現在，需要轉變的是與過去截然不同的銷售流程和銷售團隊。

As I've mentioned, the process with these customers is more consensus-driven, with more stakeholders and more deliberation, which is quite understandable given the level of commitment that they're contemplating, and more steps.

正如我所提到的，與這些客戶的流程更加以共識為導向，有更多的利益相關者和更多的深思熟慮，考慮到他們正在考慮的承諾程度和更多的步驟，這是完全可以理解的。

I think good news, this shift reflects high demand and a high level of commitment.

我認為好消息是，這種轉變反映了高需求和高水準的承諾。

Again, on the flip side, we need to change.

另一方面，我們再次需要改變。

And we need to make adjustments in our commercial execution just to be able to capitalize on that.

我們需要對我們的商業執行進行調整，以便能夠利用這一點。

What -- I think what most surfaces for us, Rick, thinking back to the second quarter is, while TabloCart itself certainly did elongate some of these larger deals, it didn't alone elongate all of them.

瑞克，回想起第二季度，我認為對我們來說最重要的是，雖然 TabloCart 本身確實延長了其中一些較大的交易，但它並沒有單獨延長所有交易。

And yeah, we did expect more of the sort of the TabloCart occluded deals, for lack of better term, to advance and to close in the second quarter.

是的，我們確實預計更多此類 TabloCart 封閉交易（由於缺乏更好的條款）將在第二季度推進並完成。

And when they didn't, it really became pretty apparent that there probably was something more going on here, something that we needed to examine on a much deeper level, which really led to our realization that, hey, we're past the early adopters.

當他們沒有這樣做時，很明顯，這裡可能發生了更多的事情，我們需要在更深層次上進行檢查，這確實讓我們意識到，嘿，我們已經過了早期的階段。

We've earned the right with our results, with our footprint, with our experience to go after these larger enterprise deals with mainstream customers and go after enterprise-wide conversion.

我們憑藉我們的成果、我們的足跡和我們的經驗贏得了權利，可以幫助這些大型企業與主流客戶達成交易，並實現企業範圍內的轉換。

But we're going to need to change in order to take full advantage of it.

但我們需要做出改變才能充分利用它。

I hope that helps.

我希望這有幫助。

Yeah.

是的。

Thank you.

謝謝。

And a couple of other questions about -- as you go through this transition.

當你經歷這個轉變時，還有一些其他問題。

I guess, there's so many questions here.

我想，這裡有很多問題。

How does the lower-than-anticipated revenue impact cash flow breakeven timing, the 50% gross margins?

低於預期的收入如何影響現金流損益兩平時間（50% 的毛利率）？

I mean, you reiterated all these things basically.

我的意思是，你基本上重申了所有這些事情。

But does the timing change?

但時間會改變嗎？

And -- well, I'll stop there.

而且——好吧，我就到此為止。

Go ahead.

前進。

Thank you.

謝謝。

Hey, Rick.

嘿，瑞克。

It's Nabeel.

這是納比爾。

So with respect to cash flow breakeven timing, so our run rate OpEx for 2025 and kind of after the actions we've taken is now about $100 million.

因此，就現金流損益平衡時間而言，我們 2025 年以及採取行動後的營運支出目前約為 1 億美元。

And so that means that at a 50% gross margin, which we continue to have conviction in getting to, we can now get there at a revenue run rate of $200 million, which is actually lower than our previous guidance when it came to breaking even.

因此，這意味著，在毛利率達到 50% 的情況下（我們仍然堅信要達到這個目標），我們現在可以實現 2 億美元的收入運行率，這實際上低於我們之前在盈虧平衡方面的指導。

And then, Rick, as we move a little bit above 50% gross margin, that revenue run rate is below $200 million.

然後，Rick，當我們的毛利率略高於 50% 時，收入運行率就會低於 2 億美元。

Now, talking about the gross margin for a minute here, our growth is really underpinned by the recurring revenues that Leslie and I talked about.

現在，在這裡討論一下毛利率，我們的成長實際上是由萊斯利和我談到的經常性收入所支撐的。

And these recurring revenues, particularly consumables, come with higher gross margins than consoles.

這些經常性收入，尤其是消耗品，比遊戲機具有更高的毛利率。

That's been the case and will continue to be the case.

情況一直如此，並將繼續如此。

And so the mix shift associated with more recurring revs actually conceivably accelerates our path to 50%, all else being equal.

因此，在其他條件相同的情況下，與更多重複轉速相關的混合轉變實際上可以將我們的速度加快到 50%。

And so, hopefully, that gives you a size for sort of look, we actually break even at a lower run rate and continue to have conviction in that 50% gross margin milestone.

因此，希望這能讓您了解一下，我們實際上在較低的運行率下實現了收支平衡，並繼續對 50% 的毛利率里程碑充滿信心。

Let me pause to see if I answered your question.

讓我停下來看看我是否回答了你的問題。

Yeah.

是的。

That's very helpful, Nabeel.

這非常有幫助，納比爾。

And I guess, last for me for the moment.

我想，暫時就這樣吧。

You've guided us to a second half, as you've said very clearly, roughly equal to the first half as you go through this sales or execution transition.

正如您非常明確地說的那樣，您引導我們進入了下半年，在您經歷銷售或執行過渡時，該下半年大致相當於上半年。

And again -- impossible to answer, I'm sure -- but how do we -- we have to plug something into our models for '25 and beyond.

再說一次——我確信這是不可能回答的——但是我們如何——我們必須將一些東西插入我們的模型中，以適應 25 年及以後的需求。

Do we -- should we imagine -- Leslie, do you imagine -- do you hope that this is a six-month transition process?

我們是否——我們是否應該想像——萊斯利，你是否想像——你希望這是一個為期六個月的過渡過程嗎？

I mean, what are you hoping and dreaming at this point?

我的意思是，此時你的希望和夢想是什麼？

And that starting -- from the get-go in '25, we should -- you hope that we'll be able to see the demand translate into better execution, and some of these $1 million contracts translate into better sales.

從 25 年一開始，我們應該希望我們能夠看到需求轉化為更好的執行，其中一些 100 萬美元的合約轉化為更好的銷售。

How do we think about '25 and beyond, frankly?

坦白說，我們如何看待 25 歲及以後？

Sure.

當然。

Yeah.

是的。

I have to comment on that.

我必須對此發表評論。

And Nabeel, jump in at any time.

還有納比爾，隨時加入。

Suffice it to say, in the very immediate short-term here, we're obviously focused on executing this transformation.

可以說，在短期內，我們顯然專注於執行這項轉型。

And I do expect it to take several quarters to fully implement.

我確實預計需要幾個季度才能完全實施。

Again, it's underway.

再次，它正在進行中。

It's taking root, but that never happens overnight.

它正在紮根，但這絕對不會在一夜之間發生。

And along the way, we'll get better and better visibility about the timing, the effects, the results, which obviously will put us in a good position to provide guidance for '25 as we get closer to the turn of the year.

在這個過程中，我們將越來越清楚地了解時間、效果和結果，這顯然將使我們處於有利位置，在接近歲末之際為「25」提供指導。

Over the longer term, '25 and beyond, I think about it in a couple of ways.

從長遠來看，25 歲及以後，我會從幾個方面考慮這個問題。

First and foremost, nothing about the fundamentals, the structure of this opportunity, has changed.

首先也是最重要的是，這個機會的基本面和結構並沒有任何改變。

As I said, we own this.

正如我所說，我們擁有這個。

We have demonstrated the ability to close large enterprise deals in the past.

我們過去已經展現了完成大型企業交易的能力。

We just need to do it more consistently across the country in a more standardized fashion.

我們只需要在全國範圍內以更加標準化的方式更加一致地開展工作。

And all the steps needed to get there are in-flight.

到達那裡所需的所有步驟都是在飛行中完成的。

The strength of our recurring revenue foundation really is a powerful growth engine.

我們的經常性收入基礎的實力確實是一個強大的成長引擎。

We've seen that time and again.

我們已經一次又一次地看到這種情況。

And in fact, actually, interestingly, our cohort analysis shows that console utilization in the acute and sub-acute space actually goes up over time as new accounts become more mature accounts.

事實上，有趣的是，我們的隊列分析表明，隨著新帳戶變得更加成熟，急性和亞急性領域的控制台利用率實際上會隨著時間的推移而上升。

So that's obviously very encouraging to see.

所以這顯然是非常令人鼓舞的。

Second, the growth in our pipeline that I alluded to earlier, it indicates very strong forward demand.

其次，我之前提到的管道的成長顯示未來需求非常強勁。

The overall pipeline actually has never been larger than it is today.

實際上，整個管道從未像今天這樣龐大。

And the number of deals with 50 consoles, 100 consoles, several hundred consoles has never been higher.

50 台、100 台、數百台遊戲機的交易數量也達到了前所未有的水平。

So this is not a demand problem.

所以不是需求問題。

Where we need to get stronger is converting the pipeline.

我們需要加強的地方是改造管道。

The changes we need to make in order to do that pertain to sales execution.

為了做到這一點，我們需要做出與銷售執行相關的改變。

They are in our control, and we do know how to do this.

它們在我們的控制之下，我們確實知道如何做到這一點。

We just need to do it consistently.

我們只需要堅持不懈地去做。

My final remark with regard to longer-term growth is, it's kind of a double-edged sword actually.

關於長期成長，我的最後一句話是，這其實是一把雙面刃。

With the deals in our pipeline getting larger, it actually doesn't take that many deals to close incrementally to drive growth.

隨著我們管道中的交易規模越來越大，實際上不需要那麼多交易就能逐步完成來推動成長。

Now, obviously, near term here, we've seen that work the other way.

現在，顯然，在短期內，我們已經看到了相反的情況。

It's several deals that are -- call it, 50-plus consoles don't close on the timeline that you expect them to.

有幾筆交易——可以這麼說，50 多個遊戲機並沒有按照您期望的時間表完成。

It has a sizable impact on revenue, which is what we've seen happening in Q1 and Q2 and what informed our guidance for the back half of the year.

它對收入產生了相當大的影響，這是我們在第一季和第二季看到的情況，也是我們今年下半年的指導的依據。

But looking forward, getting back to growth can be achieved with better, more predictable execution, actually, on a relatively small number of larger deals.

但展望未來，恢復成長可以透過更好、更可預測的執行來實現，實際上，只需在數量相對較少的較大交易上進行即可。

Rick, if I may, I'd just love to help provide sort of how we think about our model.

Rick，如果可以的話，我很樂意幫助提供我們對模型的看法。

We're not providing any guidance for any period beyond 2024 right now.

我們目前不提供 2024 年之後任何時期的任何指導。

But hopefully, this will give you kind of the color as you think about your models.

但希望這會給您在思考模型時提供某種顏色。

So first of all, we always start with the recurring revenues.

因此，首先，我們總是從經常性收入開始。

Implied in our guidance is that recurring revenues will be roughly $80 million or a little bit more for 2024.

我們的指導暗示，到 2024 年，經常性收入將約為 8,000 萬美元或更多。

That's going to grow in 2025 as the installed base grows and matures as it sort of always has done.

隨著安裝基礎的增長和成熟，這一數字將在 2025 年繼續增長。

Now, as we previously shared, this recurring revenue growth means that we can grow total revenue even if console placements or console revenues remain flat.

現在，正如我們之前分享的那樣，這種經常性收入成長意味著即使主機投放量或主機收入保持不變，我們也可以增加總收入。

And then, Rick, any console growth year on year easily gets you into the low double-digit growth range for total revenue or beyond.

然後，里克，任何控制台的同比增長都很容易讓你的總收入進入低兩位數增長範圍或更高。

So, again, we're not giving guidance, but hopefully, that helps you sort of with how we think about the model.

因此，我們再次強調，我們不會提供指導，但希望這可以幫助您了解我們如何看待該模型。

Okay.

好的。

Thanks, Rick.

謝謝，瑞克。

And next question, operator?

下一個問題，操作員？

Shagun Singh, RBC Capital Markets.

Shagun Singh，加拿大皇家銀行資本市場。

Great.

偉大的。

Thank you so much.

太感謝了。

Yeah, Leslie, it does seem like there's an execution issue at Outset on multiple fronts.

是的，萊斯利，似乎從一開始就在多個方面存在執行問題。

And I'm just wondering, you're calling out commercial, but is it commercial?

我只是想知道，你在喊商業廣告，但它是商業廣告嗎？

Is it strategy?

是策略嗎？

Is it something broader than that?

還有比這更廣泛的嗎？

I'm sure you guys have looked into it in more detail.

我相信你們已經更詳細地研究過了。

So can you share what your findings are?

那麼可以分享一下您的發現嗎？

And then I'm just curious, how do you know that this is a sales elongation issue?

然後我很好奇，你怎麼知道這是一個銷售延伸問題？

Because to Rick's question, earlier, we were thinking it's a TabloCart issue, and it's not being in the market.

因為對於 Rick 的問題，早些時候，我們認為這是 TabloCart 的問題，而且它沒有出現在市場上。

And perhaps, like you can give us some look into the pipeline.

也許，就像您可以讓我們了解管道。

Where does it stand versus last year?

與去年相比，情況如何？

Have you thought of any metrics you're going to share with us going forward that gives us confidence that you have visibility into this?

您是否想過未來要與我們分享的任何指標，讓我們相信您對此有了解？

I know there are a lot of questions, but just how can you make us more comfortable with the story that's here going forward?

我知道有很多問題，但如何讓我們對接下來的故事更滿意呢？

Thank you.

謝謝。

Sure.

當然。

Yeah, I'm happy to address those questions.

是的，我很高興回答這些問題。

On the pipeline front, compared to last year, the pipeline in totality is significantly larger across the board.

在管道方面，與去年相比，管道總數明顯更大。

And that's actually across all of our end markets, acute, sub-acute, and home, than it was a year ago today.

實際上，與一年前相比，我們所有的終端市場（急性、亞急性和家庭）都是如此。

That's kind of point one.

這是第一點。

Another way that we look at our pipeline is by stage, stage of this new sales process that we have introduced and trained everybody, too.

我們看待管道的另一種方式是分階段、分階段地介紹和培訓每個人的新銷售流程。

We have a greater percentage of deals in the late stages of the sales process than we ever have before, so, i.e., greater progress through the sales process compared to a year ago this time.

我們在銷售流程後期階段的交易比例比以往任何時候都高，因此，與一年前相比，這次銷售流程取得了更大的進展。

And the third thing we look at is deal size.

我們關注的第三件事是交易規模。

We have a large percentage, approximately 60% a bit above, of deals that equate to roughly $1 million or substantially more in deal size, sitting in the pipeline.

我們有很大比例（大約 60% 以上）的交易規模約為 100 萬美元或更多，正在醞釀中。

So those are the ways that we look at the pipeline.

這些就是我們看待管道的方式。

All of those trend lines are up as you compare them to last year.

與去年相比，所有這些趨勢線都上升了。

Regarding your question about, hey, is it execution or is it strategy or other, we feel strongly that it is execution.

關於你的問題，嘿，是執行還是策略或其他，我們強烈認為這是執行。

And I'll tell you the reasons for that.

我會告訴你原因。

First and foremost, we now have the largest evidence base we've ever had around the financial cost savings that Tablo has driven for customers, the clinical outcomes that it has provided, and the operational efficiencies.

首先也是最重要的是，我們現在擁有有史以來最大的證據基礎，涉及 Tablo 為客戶帶來的財務成本節省、提供的臨床結果以及營運效率。

We have 75 abstracts and 15 papers and innumerable case studies and white papers that all show tangibly the benefits of in-sourcing with Tablo.

我們有 75 篇摘要、15 篇論文以及無數的案例研究和白皮書，所有這些都切實地展示了 Tablo 內包的好處。

I have spent a lot of time in the field, I'll add, qualitatively.

我補充說，我在這個領域花了很多時間。

And with our sales team really pressing on, hey, is there something that's changed in the value proposition or the implementation?

隨著我們的銷售團隊的不斷努力，嘿，價值主張或實施方面有什麼變化嗎？

And the answer to that has been resoundingly no.

答案是否定的。

The feedback that we continue to get from current customers and prospective customers is their interest level has never been higher around improving their own margins and producing tangible day one, $1 expense reduction by in-sourcing with Tablo.

我們不斷從現有客戶和潛在客戶那裡得到的反饋是，他們對提高自身利潤和透過與 Tablo 內包在第一天就能切實減少 1 美元的費用產生了前所未有的興趣。

So I think our strategy is on point with acute.

所以我認為我們的策略是正確的。

Sub-acute has been one of the fastest-growing market segments for us for the last year or two here with rehab, LTAC, and skilled nursing facilities.

過去一兩年，亞急性一直是我們成長最快的細分市場之一，這裡有復健中心、LTAC 和熟練的護理設施。

When we look at our expansion with the number of customers and the number of sites using Tablo in the sub-acute segment, that also is all up and to the right.

當我們看到我們在亞急性細分市場中使用 Tablo 的客戶數量和站點數量的擴張時，情況也完全正確。

And we talked about 16% growth year over year in facility expansion and an 18% growth year over year in the installed base, which are data points that do point to customer validation in the model and in the technology.

我們談到了設施擴建年增 16%，安裝基礎年增 18%，這些數據點確實顯示了客戶對模型和技術的驗證。

We have more demand than I ever could have hope for a couple of years ago.

我們的需求比我幾年前所希望的還要多。

What we now need to do is evolve and transition the way we get after it.

我們現在需要做的是發展和轉變我們所追求的方式。

I would say that, again, our sales team, our sales processes were really oriented around the first part of the market, which for any medical device company are those early adopters.

我想說，我們的銷售團隊、我們的銷售流程實際上是圍繞著市場的第一部分進行的，對於任何醫療器材公司來說，這部分市場都是早期採用者。

It's time for us to evolve that, so we can reach up to the next shelf and take advantage of the mainstream enterprise adoption that's available to us now.

現在是我們發展這一點的時候了，這樣我們就可以進入下一個貨架並利用我們現在可用的主流企業採用。

Okay.

好的。

I want to make sure we get everyone's question.

我想確保我們得到了每個人的問題。

So we should probably move to the next question, operator.

所以我們可能應該轉向下一個問題，運算符。

Suraj Kalia, Oppenheimer.

蘇拉吉·卡利亞，奧本海默。

Leslie, can you hear me all right?

萊斯利，你聽得到我說話嗎？

Yes.

是的。

Perfect.

完美的。

So Leslie, just one question, but a multipart question.

萊斯利，這只是一個問題，但卻是一個由多個部分組成的問題。

And I have to confess, Leslie, I cannot connect the dots on the reasons for the shortfall, especially given the bullish commentary over the last the years, the guidance cuts almost every year.

萊斯利，我必須承認，我無法將短缺的原因聯繫起來，特別是考慮到過去幾年的看漲評論，指引幾乎每年都會下調。

What I'm trying to understand is -- I understand Q1 to Q2 may be something short term.

我想要了解的是——我了解第一季到第二季可能是短期的。

But is it more of an issue of internal forecasting versus execution capabilities?

但這更多的是內部預測與執行能力的問題嗎？

I guess, that's one of the things that I'm trying to understand.

我想，這就是我想要理解的事情之一。

Has price sensitivity increased because you all did implement an 8% console price increase?

價格敏感度是否因為你們都實施了 8% 的主機價格上漲而增加？

Is that a factor?

這是一個因素嗎？

Was there any geographic pockets of weakness?

是否存在地理上的弱點？

And finally, I would ask is, you mentioned multiple times about 50, 100s of console deals in the pipeline.

最後，我想問的是，您多次提到了大約 50、100 個遊戲機交易正在醞釀中。

Are these deals actually signed?

這些交易真的簽署了嗎？

Is there a PO in hand?

手上有 PO 嗎？

Thank you.

謝謝。

I know that's a multipart question.

我知道這是一個由多個部分組成的問題。

But hopefully, you can help me reconcile -- I'm having a very hard time connecting the dots here.

但希望你能幫我調和——我很難把這些點連起來。

Thank you.

謝謝。

Sure.

當然。

Well, yeah, let me kind of take that one piece at a time.

嗯，是的，讓我一次拿一件。

So you asked about sort of the connecting the dots on the magnitude of the impact here for the second half of the year.

因此，您詢問了今年下半年影響程度的一些關聯。

There were a couple of factors we considered in developing our guidance for the back half of the year.

我們在製定今年下半年的指導時考慮了幾個因素。

First, we do expect some level of disruption from this sales force restructuring, the process restructuring.

首先，我們確實預期這次銷售團隊重組和流程重組會帶來一定程度的干擾。

And so, that certainly was an element of our thought process in guidance development as we implement and continue to implement all the changes.

因此，當我們實施並繼續實施所有變革時，這當然是我們制定指南的思考過程的一個要素。

Second, I mentioned that the complexion of our pipeline has changed in a good way.

其次，我提到我們的管道的情況已經發生了很大的變化。

It is populated much more heavily with these larger enterprise agreements that can be 50-plus consoles.

其中包含更多大型企業協議，可能包含 50 多個控制台。

And so, at that level, it really doesn't take all that many deals to arrive at a revenue impact that's pretty significant. $40 million is roughly a dozen or so deals.

因此，在這個水準上，其實並不需要那麼多交易就能對收入產生相當大的影響。 4000萬美元大約相當於十幾筆交易。

And so, hopefully, that provides a little bit of color and a connection point for you there on the first part of your question.

因此，希望這能為您問題的第一部分提供一些色彩和連接點。

Second, you asked about price sensitivity.

其次，你問到價格敏感度。

No, we really have not experienced price sensitivity as a factor.

不，我們確實沒有經​​歷過價格敏感度作為一個因素。

Because in the acute and sub-acute setting -- and again, this has been well demonstrated and documented and published on -- the magnitude of the cost savings that Tablo drives in the acute and sub-acute setting is extremely significant, 50% to 70% down on the total cost of a hospital's expense line for dialysis after the implementation of in-sourcing with Tablo.

因為在急性和亞急性環境中，Tablo 在急性和亞急性環境中實現的成本節省幅度極其顯著，這已得到充分證明、記錄和發表，節省了 50%與Tablo 實施內包後，醫院透析費用線的總成本下降了70%。

So no, price sensitivity, really, has not been a factor at all.

所以不，價格敏感度其實根本不是一個因素。

You then asked about the pipeline.

然後您詢問了管道的情況。

You have issues in forecasting, and are these deals with a PO in hand?

您在預測方面遇到問題，這些交易是否與現有的採購訂單有關？

I mean, the definition of a pipeline is future forward.

我的意思是，管道的定義是未來的。

These are deals that are at various stages in our sales cycle.

這些交易處於我們銷售週期的不同階段。

We stage them just like any capital equipment company.

我們像任何資本設備公司一樣安排它們。

And so, when I talk about the strength of the pipeline, the size of the pipeline, and the stage of the pipeline, we're referring to our visibility and our future opportunities that are in front of us across the end market.

因此，當我談論管道的強度、管道的規模和管道的階段時，我們指的是我們在終端市場上的知名度和未來的機會。

Of course, going lastly to forecasting, one of the reasons why we see the need to adjust and mature our sales process and methodologies and teams are because we do believe it will reap benefits in the way that we execute against forecasting.

當然，最後談到預測，我們認為需要調整和成熟我們的銷售流程、方法論和團隊的原因之一是因為我們確實相信它將透過我們執行預測的方式獲得收益。

We think it will give us greater visibility, greater control, and greater predictability moving forward.

我們認為這將為我們帶來更大的可見性、更強的控制力和更大的未來可預測性。

Great.

偉大的。

Thanks Suraj.

謝謝蘇拉吉。

Next question, operator.

下一個問題，操作員。

Kristen Stewart, CL King.

克里斯汀·斯圖爾特，CL King。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

I just wanted to focus on the expenses of the company.

我只是想關注公司的開支。

I think you had mentioned that operating expenses were going to be about $120 million this year.

我想您曾提到今年的營運費用約為 1.2 億美元。

And if I heard you right, you said $100 million for run rate for 2025.

如果我沒聽錯的話，您說 2025 年的營運費用為 1 億美元。

What kind of gives you the confidence that you can make these cuts?

是什麼讓您有信心進行這些削減？

Where are they coming from and just the confidence that this is going to be more disruptive from a selling organization perspective?

他們來自哪裡？

Yeah.

是的。

Hey, Kristen.

嘿，克里斯汀。

With respect to the -- so first of all, you are right.

關於——所以首先，你是對的。

We guided to about $120 million in OpEx for '24 and a run rate of about $100 million in 2025.

我們預計 24 年的營運支出約為 1.2 億美元，2025 年的運行率約為 1 億美元。

That cuts this time are all around the areas that Leslie talked about.

這次的削減都是圍繞著萊斯利談到的領域。

And it's really for us about rightsizing our OpEx structure with both our revenue levels, number one; and then number two, with our commitment to making sure that we remain on the path to profitability.

對我們來說，根據我們的收入水準調整我們的營運支出結構確實很重要；第一；第二。第二，我們致力於確保我們繼續走上獲利之路。

Great.

偉大的。

Thanks, Kristen.

謝謝，克里斯汀。

Operator, we can move to the next question.

接線員，我們可以進入下一個問題了。

Stephanie Piazzola, Bank of America Securities.

史蒂芬妮·皮亞佐拉，美國銀行證券公司。

Hi.

你好。

Thanks for taking the question.

感謝您提出問題。

I just wanted to follow up about the guidance for this year, moving over by $40 million, and maybe a little bit more about how you thought about this being the new guidance level.

我只是想跟進今年的指導，增加 4000 萬美元，也許更多地了解您如何看待這是新的指導水平。

You said it would be similar second half to first half.

你說下半場會跟上半場相似。

But maybe if you could dive a little bit more into the underlying assumptions here and confidence in this being the right thought, just with some expected disruption from the commercial execution changes.

但也許你可以更深入地了解這裡的基本假設，並相信這是正確的想法，只是商業執行變化帶來了一些預期的干擾。

Thank you.

謝謝。

Yeah, hey, Stephanie.

是的，嘿，史蒂芬妮。

So first of all, when we think about guidance for any period, we start with kind of the recurring revenue base, which for us is consumables and then the service and other line in our P&L.

因此，首先，當我們考慮任何時期的指導時，我們從經常性收入基礎開始，對我們來說，這是消耗品，然後是損益表中的服務和其他項目。

That for the first half is about $40 million, just under $40 million.

上半年約 4,000 萬美元，略低於 4,000 萬美元。

And we would expect that to grow a little bit here in the second half or at least stay stable, all else being equal.

我們預計，在其他條件相同的情況下，下半年這一數字將有所增長，或至少保持穩定。

So you start out for the second half with $40 million of kind of recurring revenue base.

因此，下半年你將擁有 4000 萬美元的經常性收入基礎。

The implied 2H total revenue is $55 million, which leaves consoles at about $50 million.

預計 2H 總收入為 5500 萬美元，這使得遊戲機收入約為 5000 萬美元。

And again, if you look at what we've done in the first half, console revenue was about $60 million.

再說一次，如果你看看我們上半年所做的事情，你會發現遊戲機收入約為 6000 萬美元。

So, again, it's that same level of console placement in the second half as we expect -- as we did in the first half of the year.

因此，下半年的主機放置水平與我們預期的相同——就像我們在今年上半年所做的那樣。

That's how we thought about the guidance.

這就是我們對指導的看法。

Okay.

好的。

Thanks, Stephanie.

謝謝，斯蒂芬妮。

I just want to make sure we get everybody in here.

我只是想確保我們讓每個人都來到這裡。

So operator, can we move to the next question please?

那麼接線員，我們可以進入下一個問題嗎？

Drew Ranieri, Morgan Stanley.

德魯‧拉涅利，摩根士丹利。

Hi, Leslie.

嗨，萊斯利。

Hi, Nabeel.

嗨，納比爾。

Thanks for taking the questions.

感謝您提出問題。

Maybe just one, and it's on 2025.

也許只有一個，而且是在 2025 年。

But when I think about your installed base, where you're kind of ending the second quarter at least, kind of like what our numbers you're pointing to, and it kind of gets us to recurring revenue on an annualized basis of about $110 million.

但當我想到你的安裝基礎時，你至少在第二季度結束，有點像你所指的我們的數字，這讓我們的經常性收入按年化計算約為 110 美元百萬。

So is that at least a good point to start for 2025, and then we can think about levering on maybe a similar revenue number for quarterly consoles, somewhere around that like $7 million per quarter?

那麼，這至少是 2025 年的一個好起點，然後我們可以考慮利用季度遊戲機的類似收入數字，大約每季 700 萬美元？

It sounds like you have at least some visibility in the back-half numbers, but just thinking about holding that constant for next year.

聽起來你至少對後半段的數據有一定的了解，但只是考慮明年保持這個不變。

Yeah, hey, Drew.

是的，嘿，德魯。

So a couple of things.

有幾件事。

So first of all, we're not guiding to 2025 or for any period beyond 2024 right now here.

首先，我們現在不提供 2025 年或 2024 年之後任何時期的指導。

But let me tell you maybe the way we think about the components, right?

但讓我告訴你我們對組件的看法，對嗎？

So if you unpack recurring revenues on the consumable side, we assume between four and five treatments per console per week in the acute setting.

因此，如果您從消耗品分析經常性收入，我們假設在緊急情況下每個控制台每週進行四到五次治療。

And again, we have this notion of some consoles need to ramp up; some obviously do more, some do a bit less.

再說一遍，我們認為某些遊戲機需要升級；有些顯然做得更多，有些做得更少。

But on average, it's between four and five treatments per console per week in the acute.

但平均而言，急性期每個控制台每週需要四到五次治療。

And then at home, it's between three and four treatments per console per week in the home setting.

然後在家裡，每個控制台每週在家庭環境中進行三到四次治療。

So that's kind of how you get the consumable number.

這就是取得消耗品編號的方式。

Service -- it's the service contract, and then they renew -- they typically renew in the 90% zone.

服務——這是服務合同，然後他們續約——他們通常在 90% 的區域續約。

So, again, that's kind of the assumption that we have used at least as we think about the second half of the year.

因此，這也是我們至少在考慮今年下半年時所使用的假設。

And then you're left with the console number.

然後你就剩下控制台號碼了。

So I don't want to comment on a specific number.

所以我不想對具體數字發表評論。

But hopefully, that helps you with the construct of how to think about '25.

但希望這能幫助您建立如何思考「25」。

You also gave '24 run rate for

您也給出了 '24 的運行率

--

--

Yeah, and '24 -- thank you -- and then '24 run rate, yeah.

是的，還有‘24’——謝謝——然後是‘24’的運行率，是的。

It's $80 million from a run rate perspective for recurring revs given our guidance.

根據我們的指導，從運行率的角度來看，這是 8000 萬美元。

Okay.

好的。

Thanks, Drew.

謝謝，德魯。

Josh Jennings, TD Cowen.

喬許·詹寧斯，TD·考恩。

Hi, thanks for taking the questions.

您好，感謝您提出問題。

Can you hear me okay?

你聽得到我說話嗎？

Yeah.

是的。

Okay, great.

好的，太好了。

Sorry for the technical issue.

對於技術問題，我們深表歉意。

I wanted to just ask about the pipeline.

我只是想問一下管道的狀況。

I mean, it sounds like it's flush.

我的意思是，聽起來好像很沖洗。

Are you seeing some of these pipeline orders, when they don't convert, fall out of the pipeline?

您是否看到其中一些管道訂單在未轉換時就從管道中掉出？

Any help thinking through that dynamic?

有什麼幫助思考這個動態嗎？

And if not, should we just be thinking about the delays in pipeline conversion being pushed out to 2025, and so we could see a bolus of system revenues and increase in installed base in 2025?

如果不是，我們是否應該考慮將管道轉換推遲到 2025 年，這樣我們就可以在 2025 年看到系統收入的激增和安裝基礎的增加？

Yeah, I'll take that.

是的，我會接受的。

Thanks, Josh.

謝謝，喬許。

Short answer, no, we are not seeing deals fall out of this pipeline.

簡短的回答是，不，我們沒有看到交易從這個管道中消失。

We are seeing deals push out from the quarter in which we expect them to close into another quarter.

我們看到交易從本季開始推進，我們預計這些交易將在下一個季度完成。

And so, I think what we want to try to do better at and get stronger on is converting the pipeline to close and revenue on the timeline that we anticipate.

因此，我認為我們想要做得更好、更強的是，將管道關閉並按我們預期的時間表實現收入。

So that's kind of point one.

這就是第一點。

But no, the pipeline has continued to grow.

但事實並非如此，管道仍在持續成長。

And we have not seen really any movement of these deals falling out of the pipeline.

我們還沒有真正看到這些交易有任何動向。

Yeah.

是的。

So the second part of your question, as we think about 2025, yes, our expectation is that the deals that are in the pipeline, those that don't close in 2024, will still be available to us in 2025.

所以你問題的第二部分，當我們考慮 2025 年時，是的，我們的期望是，那些正在醞釀中的交易，那些沒有在 2024 年完成的交易，在 2025 年仍然可供我們使用。

And that's really been -- that's not new for us.

這對我們來說確實不是什麼新鮮事。

That is not a new phenomenon.

這並不是什麼新現象。

We really have not had deals falling out of our pipeline really at any point in time.

我們確實在任何時候都沒有真正發生過交易。

I think, again, we were overly focused in hindsight on TabloCart and late to the party to realize that there was another reason, another factor behind the elongation of this sales cycle and behind why some of these deals were not closing or coming to fruition when we intended them to.

我再次認為，事後我們過於關注 TabloCart，並且遲到才意識到還有另一個原因，這個銷售週期延長背後的另一個因素，以及為什麼其中一些交易沒有完成或實現的原因。

And those are exactly the sales execution challenges that we're attacking and expect to make significant progress on here in the next couple of quarters.

這些正是我們正在應對的銷售執行挑戰，並預計在接下來的幾個季度中將取得重大進展。

I show no further questions in the queue at this time.

目前我在隊列中沒有顯示任何其他問題。

I would now like to turn the call back to Leslie Trigg for closing remarks.

現在我想將電話轉回給萊斯利·特里格 (Leslie Trigg)，讓其致閉幕詞。

Great.

偉大的。

Thanks to everybody for joining today.

感謝大家今天的加入。

I'd like to close by thanking our entire team for the very meaningful difference that they're making every day in the lives of dialysis patients and their families, as well as providers.

最後，我要感謝我們的整個團隊，他們每天都在為透析患者及其家人以及提供者的生活帶來非常有意義的改變。

We look forward to seeing many of you in investor conferences in September, and I hope you have a great evening.

我們期待在 9 月的投資者會議上見到你們，希望你們度過一個愉快的夜晚。

Thank you.

謝謝。

This does conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。