Outset Medical Inc (OM) 2024 Q3 法說會逐字稿

Good day.

再會。

And thank you for standing by.

感謝您的支持。

Welcome to the 2024 third quarter outset medical conference call.

歡迎參加 2024 年第三季開始醫療電話會議。

At this time, all participants are learn only mode after the speaker's presentation, there will be a question and answer session to ask a question during the session.

此時，所有參與者在演講者演講後都處於學習模式，會議期間將有一個問答環節來提問。

( Operate Instructions).

（操作說明）。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would like to hand the conference over to your first speaker today, Jim Mazzola of Investor relations.

我想將會議交給今天的第一位發言人、投資者關係部門的吉姆·馬佐拉 (Jim Mazzola)。

Please go ahead.

請繼續。

Okay, thank you and good afternoon, everyone.

好的，謝謝大家，大家下午好。

Welcome to our third quarter 2024 conference call here with me today are Leslie Trigg, Chair and Chief Executive Officer and the Nabeel Ahmed, Chief Financial Officer.

歡迎今天與我一起參加我們的 2024 年第三季電話會議的是董事長兼執行長 Leslie Trigg 和財務長 Nabeel Ahmed。

We issued a news release after the close of market today which can be found on the investor pages of outset Medical.com. This call is being recorded and will be archived on the investor section of our website.

我們在今天收盤後發布了一份新聞稿，您可以在 outset Medical.com 的投資者頁面上找到該新聞稿。本次通話正在錄音，並將存檔在我們網站的投資者部分。

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

我們的目的是，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 outset assumes no obligation to update these statements for a list and description of risks and uncertainties associated with our business.

這些與對未來事件的預期或預測相關的陳述是基於我們當前的估計和各種假設，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，不承擔更新這些陳述的義務與我們業務相關的風險和不確定性的清單和描述。

Please refer to the risk factors section about the public filings with the securities and exchange commission including our latest annual and quarterly reports.

請參閱有關向證券交易委員會公開提交的文件（包括我們最新的年度和季度報告）的風險因素部分。

With that.

就這樣。

I'll turn the call over to Leslie.

我會把電話轉給萊斯利。

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 want to begin by recognizing health care providers and their patients who are still recovering in the aftermath of hurricane Helene and Milton.

首先，我想向在颶風海倫和米爾頓之後仍在康復中的醫療保健提供者及其患者表示敬意。

We worked closely with several acute care customers to offer dialysis services with Tablo in affected areas.

我們與幾位急診護理客戶密切合作，透過 Tablo 在受影響地區提供透析服務。

And as we saw during the pandemic, health care providers selflessly stepped up to serve the very vulnerable population of dialysis patients.

正如我們在大流行期間看到的那樣，醫療保健提供者無私地挺身而出，為非常脆弱的透析患者群體提供服務。

Our thoughts and support remain with these health care heroes and the dialysis community as the southeastern US continues its recovery from the storm.

隨著美國東南部繼續從風暴中恢復，我們的思念和支持仍然與這些醫療保健英雄和透析界同在。

Moving to our results.

轉向我們的結果。

This quarter demonstrated the strength of our recurring revenue business model.

本季展現了我們經常性收入業務模式的實力。

Our scale in the acute and sub acute setting.

我們在急性和亞急性環境中的量表。

A return to quarterly sequential growth and strong year over year gross margin expansion.

恢復季度環比增長和強勁的同比毛利率擴張。

Third quarter revenue of $28.7 million was stronger than our guidance implied driven by new and expansion customers and another record quarter for recurring revenue while console sales were lower than the prior year for the factors we discussed last quarter, treatment revenue grew 14% and service revenue grew 22% both pushing recurring revenue to an all time high year-to-date, recurring revenue increased 23% over the same period of 2023.

第三季營收為2,870 萬美元，強於我們在新客戶和擴張客戶的推動下所暗示的指引，並且經常性收入再創歷史新季度，而由於我們上季度討論的因素，遊戲機銷售額低於去年同期，治療收入成長了14％，服務收入成長 22%，將經常性收入推至年初至今的歷史新高，經常性收入較 2023 年同期成長 23%。

We also saw average selling prices for our consoles improved by 18% and non-GAAP gross margin expand by nearly 11% points from Q3 of last year.

我們還發現，與去年第三季相比，我們的遊戲機平均售價提高了 18%，非 GAAP 毛利率增加了近 11%。

The third quarter also marks good progress on our commercial transformation.

第三季度，我們的商業轉型也取得了良好的進展。

As I highlighted last quarter, we've learned that success with mainstream enterprise adopters in the acute setting requires a change in how we sell, who we sell to and the process we use to get there.

正如我在上個季度所強調的那樣，我們了解到，要在嚴峻的環境下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。

We identified the need to sell more broadly within the C suite and establish commitment across a larger base of stakeholders deeper within the system to gain.

我們發現需要在最高管理層內部進行更廣泛的銷售，並在系統內更深入的更廣泛的利害關係人群體中建立承諾，以獲取收益。

Buy in this transformation has involved three shifts in our commercial approach.

此次轉型中的購買涉及我們商業方法的三個轉變。

First, we've retooled our commercial team by infusing our capital sales team with individuals who have an enterprise sales profile and skill set.

首先，我們重組了我們的商業團隊，為我們的資本銷售團隊注入了具有企業銷售背景和技能的個人。

Second, we implemented a new capital sales process with high specificity, accountability and discipline.

其次，我們實施了具有高度針對性、問責性和紀律性的新資本銷售流程。

And third, we injected rigorous sales management inspection at every step along the way to improve capital sales forecasting and the timing of close.

第三，我們在每一步都注入了嚴格的銷售管理檢查，以改善資本銷售預測和成交時間。

We entered the fourth quarter with all three elements of this transformation largely complete the key changes to our capital.

進入第四季度，這項轉型的所有三個要素基本上完成了我們資本的關鍵變化。

Sales and leadership teams have been made and our new sales process and forecast inspection rigor has been implemented.

銷售和領導團隊已經組建，我們新的銷售流程和預測檢查的嚴格性已經實施。

While we expect the full dividend of the sales transformation to manifest.

同時我們預期銷售轉型的全部紅利將會顯現。

In the first part of 2025 we saw early signs of positive impact in Q3 turning to our end markets during the quarter, we continue to have success with acute care providers eager to insource their dialysis service line.

在 2025 年上半年，我們在第三季度看到了積極影響的早期跡象，轉向我們的終端市場，我們繼續在渴望內包透析服務線的急診護理提供者方面取得成功。

We made progress with ongoing rollouts at several large health systems and worked with new regional providers to stand up insourcing program.

我們在幾個大型衛生系統的持續推廣中取得了進展，並與新的區域供應商合作實施內包計畫。

Overall, the number of acute and sub acute sites using Tableau grew 15% from the prior year period and we continue to see impressive results following implementation of these programs.

總體而言，使用 Tableau 的急性和亞急性部位數量比去年同期增加了 15%，我們在實施這些計畫後繼續看到令人印象深刻的成果。

For example, our team supported the rapid insourcing of a dialysis service line at a 300 bed hospital in the South Central US where the provider experienced a 300% increase in treatment growth following implementation and a 25% increase in successful treatments.

例如，我們的團隊支持美國中南部一家擁有 300 個床位的醫院快速內包透析服務線，實施後該提供者的治療成長增加了 300%，成功治療增加了 25%。

These results help improve the quality of dialysis care while reducing waste and cost.

這些結果有助於提高透析護理的質量，同時減少浪費和成本。

We also helped a smaller hospital in a rural community stand up a new dialysis program which resulted in a 30% increase in revenue from other services as patients no longer needed to be transferred to another facility for treatment in the sub acute setting, which represents one of the fastest growing segments of our installed base.

我們還幫助農村社區的一家小型醫院開展了一項新的透析計劃，該計劃使其他服務的收入增加了 30%，因為患者不再需要轉移到另一家機構接受亞急性治療，這代表著我們的安裝基礎中成長最快的部分。

One of the nation's largest inpatient rehabilitation providers continued its system wide rollout of insourcing with Tablo and now uses Tablo in more than 100 facilities performing 14,000 dialysis treatments per year.

美國最大的住院復健提供者之一繼續在全系統範圍內推廣 Tablo 內包，目前在 100 多家設施中使用 Tablo，每年進行 14,000 例透析治療。

Sub acute providers now comprise a roughly mid 10% percent of the Tablo installed base in the home and market.

目前，亞急性供應商約佔 Tablo 在家庭和市場安裝基數的 10% 左右。

We again saw industry leading retention rates as we ramped Tablo use with new and exact and existing providers.

隨著我們與新的、精確的和現有的供應商一起增加 Tablo 的使用，我們再次看到了行業領先的保留率。

Our 90 day retention rate remained above 90% versus the 65% average reported with the incumbent home hemodialysis device.

我們的 90 天保留率維持在 90% 以上，而現有家用血液透析設備的平均保留率為 65%。

Our cumulative opt off rate at one year remains at approximately 10%.

我們一年的累積選擇拒絕率維持在 10% 左右。

The average tenure for patients dialyzing at home with Tablo is now more than one year and our longest tenure patient has been dialyzing at home with Tablo for more than three years.

現在，使用 Tablo 在家進行透析的患者的平均任期超過一年，而我們任期最長的患者使用 Tablo 在家進行透析的時間已超過三年。

We also see strong patient satisfaction and affinity for Tablo in our home registry data.

在我們的家庭登記資料中，我們也看到了病患對 Tablo 的強烈滿意度和親和力。

Two weeks ago, at the American Society of Nephrology annual kidney week meeting, we published new data from this home study showing the vast majority of Tablo home patients are extremely likely to recommend home hemodialysis with Tablo to other end stage kidney disease patients on a scale from one indicating not likely to 10 indicating extremely likely to recommend Tableau.

兩週前，在美國腎臟病學會年度腎臟週會議上，我們發布了這項家庭研究的新數據，顯示絕大多數 Tablo 家庭患者極有可能向其他終末期腎病患者推薦使用 Tablo 進行家庭血液透析從表示不太可能的1 到表示極有可能推薦Tableau 的10。

The study showed a mean net promoter score of 9.2 at six months and 9.3 at 12 months.

研究顯示，6 個月時的平均淨啟動子得分為 9.2，12 個月時的平均淨啟動子得分為 9.3。

We're most proud of this type of data, real world evidence from patients who report they feel better are better able to manage daily activities, spend more quality time with family and in some cases, go back to work.

我們對這類數據感到最自豪，這些數據是來自患者的真實世界證據，他們表示自己感覺更好，能夠更好地管理日常活動，與家人共度更多美好時光，在某些情況下，還能重返工作崗位。

Tableau not only helps providers improve care and save money, it also has very real and measurable impact on the lives of patients.

Tableau 不僅可以幫助提供者改善照護並節省資金，還可以對患者的生活產生非常真實且可衡量的影響。

High patient and caregiver net promoter scores are not only driving Tablo patient expansion but also expansion in the number and depth of home program locations.

患者和照護者的高淨推薦值不僅推動了 Tablo 患者的擴張，而且還推動了家庭計畫地點的數量和深度的擴大。

Offering Tablo the number of Tablo home program locations has increased 40% during the last 18 months and the average size of these programs have continued to grow.

在過去 18 個月中，為 Tablo 提供的 Tablo 家庭計畫地點數量增加了 40%，而這些計畫的平均規模也在持續成長。

In fact, one such home program recently reached a record 27 patients home on Tablo and they're not done as we reflect back on what's been a tough period for outset and shareholders.

事實上，最近一項這樣的家庭計劃在 Tablo 上達到了創紀錄的 27 名患者回家的記錄，但當我們回顧對一開始和股東來說的艱難時期時，他們還沒有完成。

We are mindful of the challenges and disappointments of the last year.

我們銘記去年的挑戰和失望。

And while one quarter's performance is one quarter's performance, we look to Q4 and 2025 with confidence.

雖然一個季度的表現就是一個季度的表現，但我們對第四季和 2025 年充滿信心。

Our install base is approaching 6,000 consoles.

我們的安裝基數接近 6,000 台遊戲機。

Hundreds of facilities are using Tablo nationwide.

全國有數百家設施正在使用 Tablo。

Tens of thousands of nurses and thousands of physicians have been trained.

數萬名護士和數千名醫生接受了訓練。

Our evidence base has grown to more than 70 publications and abstracts and we are run rating to nearly a million treatments per year which speaks to the compelling clinical operational and financial results.

我們的證據基礎已發展到超過 70 種出版物和摘要，我們每年對近百萬種治療進行評級，這說明了令人信服的臨床營運和財務結果。

Tablo is delivering which in turn fuels the strength of our recurring revenue business model.

Tablo 所提供的服務反過來又增強了我們經常性收入業務模式的實力。

And we look ahead with confidence on the bottom line as well.

我們對未來也充滿信心。

Gross margin continues to expand and the decisive steps we've taken to reduce our operating expenses are paying off in the form of lower cash usage and meaningful progress toward break.

毛利率繼續擴大，我們為減少營運費用而採取的決定性措施正在以較低的現金使用量和有意義的突破進展的形式得到回報。

Even.

甚至。

I want to thank our entire team for their commitment to drive growth, lower expenses and reach our shared goal of profitability.

我要感謝我們整個團隊致力於推動成長、降低費用和實現我們共同的獲利目標。

And with that, I will turn it over to Nabeel.

這樣，我就把它交給納比爾了。

Thanks Leslie.

謝謝萊斯利。

Hello, everyone.

大家好。

Revenue for the third quarter of $28.7 million grew 5% sequentially driven primarily by recurring treatment and service revenue from continued strong Tablo utilization on a year over year basis revenue declined 6% due to lower console sales for the reasons.

第三季營收為 2,870 萬美元，季增 5%，主要是由於 Tablo 使用率持續強勁帶來的經常性治療和服務收入，由於遊戲機銷量下降，營收較去年同期下降 6%。

We previously discussed, partially offset by recurring treatment and service revenue.

我們之前討論過，部分被經常性治療和服務收入抵消。

Product revenue of $20.3 million grew 6% from $19.2 million in the second quarter and declined 14% from $23.5 million in the prior year service and other revenue of $8.4 million increased 3% sequentially and 22% year over year recurring revenue from the sale of Tablo cartridges and service reached $21 million.

產品收入為2,030 萬美元，較第二季的1,920 萬美元成長6%，較上年同期的2,350 萬美元下降14%；服務收入為840 萬美元，季增3%，銷售Tablo 帶來的經常性營收年增22%墨盒和服務達到 2,100 萬美元。

An increase of 4% sequentially and 17% from the prior year period.

環比成長 4%，比去年同期成長 17%。

We continue to see strong ASP across all end markets as a result of our disciplined pricing, strong uptake with acute customers of our Tablo Pro Plus offering and the availability of Tablo cart with prefiltration also with acute customers, as Leslie mentioned console ASP increased 18% from the third quarter of 2023.

由於我們嚴格的定價、Tablo Pro Plus 產品的敏銳客戶的強烈接受以及帶有預過濾功能的Tablo 推車的可用性，我們在所有終端市場上繼續看到強勁的ASP，正如Leslie 提到的，控制台ASP 成長了18%從2023年第三季開始。

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

現在轉向我們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績效。

Please refer to the reconciliation of GAAP to non-GAAP measures found in today's earnings release gross margin of 36.4% increased by nearly 11% points from last year with strong underlying dynamics in both product gross margin which was 44.9% and service another gross margin of 15.8% compared to the second quarter of 2024 gross margin was down by 1% point.

請參閱今天的財報中的GAAP 與非GAAP 指標的對賬，毛利率為36.4%，比去年增加了近11 個百分點，產品毛利率為44.9%，服務毛利率為44.9%，具有強勁的潛在動力。

As I mentioned last quarter, gross margin may fluctuate a bit on a quarter to quarter basis in the short term, primarily due to lower absorption of manufacturing overhead as a result of our reduced console build plan and efforts to reduce inventory levels which we expect will allow us to conserve a significant amount of cash as we move into next year.

正如我上個季度提到的，短期內毛利率可能會按季度略有波動，這主要是由於我們減少了主機製造計劃以及我們預計將減少庫存水平而導致製造費用的吸收減少。明年時節省大量現金。

Absent, the lower absorption of manufacturing overhead gross margin would have expanded sequentially by 2 to 3% points.

如果沒有，製造費用毛利率的較低吸收將連續擴大 2 至 3 個百分點。

I'd like to take a moment to remind investors of the unit economics of our treatment sales and our service contract renewals, both of which combine into our recurring revenues.

我想花點時間提醒投資者我們的治療銷售和服務合約續約的單位經濟效益，這兩者都構成我們的經常性收入。

Our gross margin on treatments is currently north of 50%.

目前我們的治療毛利率超過 50%。

And given that our cost of service consists of a largely fixed cost which is people.

鑑於我們的服務成本主要由固定成本組成，即人員成本。

The incremental gross margin from each service contract renewal approaches 100% said differently as our installed base grows.

隨著我們安裝基礎的成長，每次服務合約續約的增量毛利率接近 100%。

And as we drive further operating leverage from our service team, our gross margin benefits materially, this high incremental gross margin, recurring revenue foundation is the cornerstone of our path to 50% gross margin.

隨著我們進一步提高服務團隊的營運槓桿，我們的毛利率將大幅受益，這種高增量毛利率、經常性收入基礎是我們通往 50% 毛利率之路的基石。

Operating expenses of $26.5 million came in better than our expectations declining by 15% as compared to the second quarter and by 37% from the prior year period, driven by our ongoing focus on expense management and the restructuring actions we've taken non-GAAP.

營運費用為2,650 萬美元，優於我們的預期，與第二季相比下降15%，比去年同期下降37%，這得益於我們持續關注費用管理以及我​​們採取的非公認會計原則重組行動。

Net loss was $20.2 million or $(0.39) per share and continues to be materially lower on a sequential and year over year basis.

淨虧損為 2,020 萬美元，即每股虧損 0.39 美元，與上一季和去年同期相比，淨虧損持續大幅下降。

Net loss was 18% lower sequentially from the second quarter and 43% lower than the third quarter of 2023.

淨虧損較第二季季減 18%，較 2023 年第三季下降 43%。

Reflecting the positive results of our drive to profitability.

反映了我們推動獲利的正面成果。

Moving to our balance sheet, we ended the third quarter with $179 million in cash, cash equivalents, short term investments and restricted cash.

轉向我們的資產負債表，第三季末我們的現金、現金等價物、短期投資和限制性現金為 1.79 億美元。

Our entire team is laser focused on achieving profitability and believe that the work we've done to reduce OpEx and bring down inventory levels will materially contribute to our goal of reducing 2025 cash usage by roughly half relative to our expected 2024 cash usage.

我們整個團隊都專注於實現盈利，並相信我們為減少營運支出和降低庫存水準所做的工作將為我們的目標做出重大貢獻，即2025 年現金使用量相對於2024 年預期現金使用量減少約一半。

Turning to our full year outlook for 2024 we now expect revenue of approximately $112 million up from our prior guidance of approximately $110 million.

談到 2024 年全年展望，我們現在預計收入約為 1.12 億美元，高於先前指導的約 1.1 億美元。

As a reminder, our base assumption is that console revenue in the second half is similar to what we reported for the first half.

提醒一下，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 is 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.

轉向毛利率。

We now expect non-GAAP gross margin for the full year to be in the mid 30% range over our prior guidance of the low to mid 30% range.

我們現在預計全年非 GAAP 毛利率將在 30% 的中間範圍內，高於我們先前指導的 30% 中低範圍。

Again, gross margin expansion is driven by continued strength in ASP recurring revenue from a larger install base service leverage and console cost down programs.

同樣，毛利率的成長是由更大的安裝基數服務槓桿和控制台成本降低計劃帶來的 ASP 經常性收入的持續強勁推動的。

We continue to anticipate that OpEx for 2024 will be roughly $120 million which puts our run rate non-GAAP operating expenses at just over $100 million.

我們仍預計 2024 年的營運支出將約為 1.2 億美元，這使得我們的非 GAAP 營運費用運行率略高於 1 億美元。

And finally, with our strong value proposition across two large end markets, wide competitive mode and broad integrated offering of products and service.

最後，憑藉我們在兩個大型終端市場的強大價值主張、廣泛的競爭模式以及廣泛的綜合產品和服務。

We remain bullish on our long term revenue growth profile.

我們仍然看好我們的長期收入成長狀況。

At the same time, this quarter again demonstrated our commitment to achieving profitability by prudently managing our cash position, reducing operating expenses and becoming even more efficient in our operations with that.

同時，本季再次證明了我們透過審慎管理現金部位、減少營運費用並提高營運效率來實現獲利的承諾。

I think we're ready for Q&A operator.

我認為我們已經為問答操作員做好了準備。

Please open the lines.

請打開線路。

Thank you.

謝謝。

At this time.

此時。

We'll conduct a question answer session as a reminder to ask a question.

我們將舉辦問答環節，提醒提問。

(Operator Instructions).

（操作員說明）。

Please stand by while we compile the Q&A roster.

我們正在整理問答名單，請稍候。

Our first question comes from the line of Rick Wise Stifel Nicolaus.

我們的第一個問題來自 Rick Wise Stifel Nicolaus。

So your line is now open.

所以您的線路現已開通。

Good afternoon, everybody.

大家下午好。

Thanks for the question and it's good to see the positive progress in this quarter.

感謝您的提問，很高興看到本季的積極進展。

Let me just start off.

讓我開始吧。

It's hard to resist starting off with the guidance.

很難抗拒從指導開始。

Yeah, you did make solid progress this quarter.

是的，這個季度你確實取得了紮實的進步。

Both you Leslie and the bill highlighting some of the positive directional effects of the, the enterprise sales shift Tablo card cost down, etcetera, etcetera.

Leslie 和該法案都強調了一些正面的方向性影響，例如企業銷售轉移、Tablo 卡成本下降等等。

But the full year revenue guidance now of 112 sort of implies that 88 potentially sequentially lower fourth quarter than third quarter.

但現在的全年營收指引為 112，這意味著第四季的 88 可能比第三季低。

Can you help us just understand?

你能幫我們理解一下嗎？

You know, is this conservatism?

你知道，這是保守主義嗎？

Are there other things going on that we need to understand?

還有其他我們需要了解的事情嗎？

To just give us a little more colour there?

只是為了給我們多一點色彩嗎？

Thank you.

謝謝。

Yeah.

是的。

Hi Rick.

嗨瑞克。

It's to be so first we were pleased with our Q3 performance.

首先我們對第三季的表現感到滿意。

You know, our intent was really to pass through our over performance in Q3 relative to expectations.

您知道，我們的目的實際上是要讓我們在第三季的表現超出預期。

And we wanted to be thoughtful as we thought about the full year in the fourth quarter.

當我們在第四季度思考全年時，我們希望能夠深思熟慮。

Thoughtful translated in the bill.

法案中的翻譯很周到。

That means you want to err on the side of conservatism or there are other factors that we should be thinking about as we think about the fourth quarter.

這意味著你想犯保守主義的錯誤，或者我們在考慮第四季時應該考慮其他因素。

Yeah, I'll, hey, Rick, it's Leslie.

是的，我會，嘿，瑞克，我是萊斯利。

Maybe I'll, I'll jump in, I'd say, I think the intent is to remain a bit conservative in our outlook until, you know, we have more than one quarter of evidence that we're making the turn.

也許我會，我會插話，我想說，我認為我們的目的是在我們的前景中保持一點保守，直到，你知道，我們有超過四分之一的證據表明我們正在做出轉變。

I think Q3 will look back as an important turning point and kind of the beginning of a new chapter for outset.

我認為第三季將成為一個重要的轉捩點，也是新篇章的開始。

And we were, we too were, we're really pleased to see the progress.

我們非常高興看到進展。

But, you know, we need a little bit more run time on the changes to the commercial organization and just to make sure that we're seeing success replicated equivalently across the country, for more than one quarter.

但是，您知道，我們需要更多的時間來進行商業組織的變革，以確保我們看到成功在全國範圍內得到同等複製，持續超過四分之一。

So our thought here was, hey, let's kind of stay conservative in our outlook until we have more than this one quarter of evidence.

所以我們的想法是，嘿，讓我們對前景保持保守，直到我們擁有超過四分之一的證據。

To determine that, that we really are making the turn that said, you know, my confidence, the team's confidence at large is very high, both for Q4 and for 2025.

為了確定這一點，我們確實正在做出轉變，你知道，我的信心，整個團隊對第四季和 2025 年的信心都非常高。

Got you.

明白你了。

And Leslie last quarter you highlighted the order pipeline the progress, the quality and you touched on it in various ways today as well.

萊斯利上個季度強調了訂單管道的進度和質量，今天您也以各種方式談到了這一點。

Can you provide some additional details?

您能提供一些額外的細節嗎？

Where does that order pipeline stands?

該訂單管道位於何處？

A I think you said you had 60% of the order pipeline include the size of a million or more.

答：我想您說過 60% 的訂單管道規模為 100 萬或更多。

And did that metric increase in the third quarter?

第三季該指標是否有增加？

Is that something we should be focusing on?

這是我們應該關注的事情嗎？

And just help us, you know, as you went through your comprehensive review, did that change anything there?

請幫助我們，您知道，當您進行全面審查時，這有改變嗎？

Well, it is one of the points that gives me a lot of confidence and enthusiasm as we think about the setup into 2025.

嗯，當我們思考 2025 年的計畫時，這一點給了我很大的信心和熱情。

We, we do have a pipeline that's large and continues to get larger.

我們確實有一個很大的管道，而且還在不斷擴大中。

I think what you know, what we're particularly focused on is when you look at the pipeline, how many of those deals are in the earlier stages of the sales process, our new sales process and how many deals are in the later stages?

我想你知道，我們特別關注的是，當你查看管道時，有多少交易處於銷售流程的早期階段，我們的新銷售流程以及有多少交易處於後期階段？

Of course, the deals that are in the later stages have the higher probability of close within a defined period of time.

當然，處於後期階段的交易在規定的時間內完成的可能性更高。

And so as we sit here today, nearly half of the opportunities in our pipeline for 2025 are in the later stages of that sales process.

因此，當我們今天坐在這裡時，我們 2025 年通路中近一半的機會都處於銷售流程的後期階段。

And that's not a position that we've actually been in before.

這並不是我們以前真正經歷過的情況。

So I see that as a nice again early, but an encouraging leading indicator.

因此，我認為這是一個很好的早期指標，但也是一個令人鼓舞的領先指標。

And I think other thoughts about growth in 25 and our is to be able to use the word bullishness in 25.

我認為關於 25 年成長的其他想法是能夠在 25 年使用看漲這個詞。

It are kind of the following.

大致有以下幾種。

I we do believe that the challenges of the last couple of quarters are behind us.

我確實相信過去幾季的挑戰已經過去。

We do have the sales changes implemented.

我們確實實施了銷售變化。

And another point thing, I'll point out about 25 is our capital sales [reps] that have the new profile will have turned the corner into full tenure that is aligned to the duration of our 9 to 12 month sales cycle in the first part of 25.

另一點，我要指出的是，大約25 是我們的資本銷售[代表]，他們擁有新的形象，將轉入完整的任期，這與第一部分中我們9 到12 個月的銷售週期的持續時間一致共 25 個。

So the sales changes have been implemented, the sales process, the forecast inspection rigor has been implemented, Tablo cards back online and available.

因此，銷售變更已經實施，銷售流程、預測檢查的嚴格性已經實施，Tablo 卡重新上線並可用。

We look at this pipeline, as I mentioned, a large percentage of that already in the later stages of the sales process.

正如我所提到的，我們著眼於這條管道，其中很大一部分已經處於銷售流程的後期階段。

And this, you know, very I think valuable recurring revenue foundation that is now approximately 60% of our total revenue and only continues to strengthen, which gives us some nice visibility going forward into future quarters.

我認為這是非常有價值的經常性收入基礎，目前約占我們總收入的 60%，並且只會繼續加強，這為我們未來幾季的發展提供了良好的可見度。

No, that's very helpful perspective and just a last quick one for me just because you alluded to the hurricane impact.

不，這是非常有幫助的觀點，對我來說只是最後一個快速的觀點，因為你提到了颶風的影響。

And you, you know how you were dealing with it as a company did the hurricanes either one or together have a hurtful impact in any way on this quarter?

而您，您知道作為一家公司，您是如何應對颶風的，無論是一次還是一起，都對本季產生了任何有害影響嗎？

Did you feel any delay in starting home starts or program implementation that you want to call out?

您是否覺得在開始家庭啟動或計劃實施方面有任何延遲，您想指出？

Thank you very much.

非常感謝。

Of course, Rick.

當然，瑞克。

The short answer is no effect.

簡短的回答是沒有效果。

We had one of the strongest quarters we've seen for new home starts.

我們經歷了新屋開工最強勁的季度之一。

One of the advantages of Tablo is that it does not rely on pre made bags of dialysate.

Tablo 的優點之一是它不依賴預製的透析液袋。

It does as you know, it makes the dialysate on demand in real time during treatments.

如您所知，它在治療過程中即時按需提供透析液。

And so that's very helpful and advantageous in circumstances like this.

因此，在這種情況下，這是非常有幫助和有利的。

So no the hurricanes did not have any effect on outset for our patients directly.

因此，颶風對我們的患者的發病沒有任何直接影響。

As I alluded to in the prepared remarks, we did have an opportunity to step in and, and I hope provide some support and help to some of our customer providers though.

正如我在準備好的演講中提到的，我們確實有機會介入，並且我希望為我們的一些客戶提供者提供一些支持和幫助。

Thank you.

謝謝。

Yeah.

是的。

Thank you one moment for the next question.

謝謝您提出下一個問題。

Now, our next question comes from the line of Shagun Singh of RBC Capital Markets.

現在，我們的下一個問題來自加拿大皇家銀行資本市場的 Shagun Singh。

Your line is now open.

您的線路現已開通。

Hey, good afternoon.

嘿，下午好。

This is Avian for Shagun.

這是 Shagun 的 Avian。

Thanks for taking the question to follow up on 2025.

感謝您提出問題以跟進 2025 年。

I guess you indicated your pipeline is strong and it's continuing to get larger.

我想您表示您的管道很強大並且還在繼續擴大。

And like you said, nearly half of your pipeline is in the later stage of the sales process.

正如您所說，您的管道近一半處於銷售流程的後期階段。

Is there any visibility to growth getting back to double digits.

是否有可能恢復兩位數的成長。

I understand last quarter or maybe the quarter before you didn't reiterate your LRP.

據我了解，上個季度或可能是您沒有重申 LRP 之前的季度。

Is there any colour that you can provide on like revenue for 2025 or any pipeline?

您可以提供 2025 年類似收入或任何管道的任何顏色嗎？

Figures?

數字？

Thank you.

謝謝。

Yeah, hey, hey Avi.

是的，嘿，嘿，阿維。

So look a couple of things.

所以看幾件事。

One, we're not giving guidance at this point, we will give guidance in due course, sort of in early Q1 of next year as we always do.

第一，我們目前不會提供指導，我們將在適當的時候提供指導，就像我們一貫做的那樣，在明年第一季初提供指導。

First of all, there's no reason why we would not grow next year.

首先，明年我們沒有理由不成長。

And what I want to do maybe give you a bit more context about how we think about our business from a growth perspective.

我想做的也許可以讓您更了解我們如何從成長的角度思考我們的業務。

So one, if you start with the recurring revenues, we expect that to be roughly $80 million in 2024 based on kind of our guidance range, those recurring revenues are expected to grow in 25 as the install base grows.

因此，如果從經常性收入開始，我們預計根據我們的指導範圍，到 2024 年，經常性收入約為 8000 萬美元，隨著安裝基礎的增長，這些經常性收入預計將在 25 年內增長。

And that means, and as we previously shared, this recurring revenue growth means that we can grow total con total revenue even if you hold console sales flat on a year on year basis.

正如我們之前分享的那樣，這意味著，即使主機銷售與去年同期持平，這種經常性收入成長也意味著我們可以實現總收入的成長。

And so doesn't take you a lot of console unit growth year over year to get total revenue to get total revenue moving in a meaningful way.

因此，您不需要花費大量的控制台單位逐年成長就能獲得總收入，從而使總收入以有意義的方式成長。

So I hope that helps.

所以我希望這會有所幫助。

Yeah, I'll just, I'll add to that.

是的，我會補充這一點。

I think that's a great perspective.

我認為這是一個很好的觀點。

When I look at kind of where we're already growing, Avi and again, one quarter is one quarter.

當我看到我們已經在成長的地方時，Avi 再次強調，四分之一就是四分之一。

And I fully acknowledge that, however, when we look at where we're already seeing growth, What I, what I'm seeing that I like is a very healthy mix of existing customers, expanding new customers buying Tablo to insource for the first time and a really good distribution between acute, both national players and large regional players.

然而，我完全承認，當我們看到我們已經看到成長的地方時，我所看到的，我喜歡的是現有客戶的非常健康的組合，擴大購買 Tablo 的新客戶，以便首先進行內包時間以及在國家參與者和大型地區參與者之間的真正良好的分配。

Post acute LTAS rehab and skilled nursing facilities and home.

急性 LTAS 復健後和熟練的護理設施和家庭。

And so as I'm looking at the activity that's already happening in Q3 and you know, the continued benefit that we do expect to see in Q4 from the sales organ process changes that informs you know, our conviction in our ability to return to a full year growth, full year, healthy growth in 2025.

因此，當我關注第三季度已經發生的活動時，您知道，我們確實期望在第四季度從銷售機構流程變化中看到持續的好處，這告訴您，我們相信我們有能力恢復到全年增長，全年健康成長，2025年。

Got it.

知道了。

Thanks so much.

非常感謝。

Sure.

當然。

Thank you one moment for our next question and our next question.

謝謝您提出我們的下一個問題和下一個問題。

Control line of Suraj Kalia Oppenheimer & Co your line is now open.

Suraj Kalia Oppenheimer & Co 的控制線您的線路現已開放。

Hi, Leslie, the Bill.

嗨，萊斯利，比爾。

Can you hear me?

你聽得到我嗎？

All right.

好的。

Yes, perfect.

是的，完美。

Hey, congrats on the progress.

嘿嘿，恭喜你進步了。

So Leslie, the rough math is sub acute is about 15% of the overall business, let's say home is about 25% of the remaining is acute.

Leslie，粗略計算一下，亞急性的大約佔整個業務的 15%，比方說，家庭大約佔剩下的急性的 25%。

Could you characterize for us?

您能為我們描述一下特徵嗎？

You know, the respective growth rates within these buckets, at least just directionally versus you know, where the composite growth rate for product reps or product reps was.

您知道，這些類別中各自的成長率，至少只是方向性的，而不是您知道的產品代表或產品代表的複合成長率。

Yeah, maybe I'll kick it over to Bill and then I can add some colour.

是的，也許我會把它交給比爾，然後我可以添加一些顏色。

Yeah.

是的。

Hey, so our business, we talked about our home contribution being roughly 20% of our total revenues.

嘿，我們的業務，我們談到我們的家庭貢獻大約占我們總收入的 20%。

That's been consistent for the last couple of years.

這在過去幾年中一直是一致的。

And so that's just how we have thought about this year as well and nothing suggests it would be different.

這也是我們對今年的看法，沒有任何跡象表明情況會有所不同。

I'll maybe chime in a little bit on and give a little bit more colour just on home on the home front garage just to reiterate.

我可能會插話一下，並在家庭前面的車庫上提供更多的色彩，只是為了重申。

I think we're seeing really good encouraging growth through two channels.

我認為我們透過兩個管道看到了非常好的令人鼓舞的成長。

One is the midsized dialysis organizations.

一類是中型透析機構。

We talked about that before.

我們之前談過這個。

But the second, you know, newer emerging growth channel for us is through the skilled nursing facilities.

但你知道，我們的第二個新興成長管道是透過熟練的護理設施。

We have continued through 2024 to sign a number of pretty significant contracts within the skills nursing facility arena.

到 2024 年，我們將繼續在技能護理設施領域簽署許多相當重要的合約。

And as those implementations have rolled out we would expect to see a lot more activity through sniff because the economic value proposition there is so strong for the sniff operator.

隨著這些實施的推出，我們預計會看到更多透過嗅聞進行的活動，因為嗅探操作員的經濟價值主張非常強大。

The clinical benefits are strong for the sniff operator and of course, most importantly for the patient.

對於嗅探操作者來說，臨床益處是巨大的，當然，最重要的是對病人而言。

So I do view both of those channels in home paying a lot of dividends for us in 2025.

因此，我確實認為這兩個家庭管道將在 2025 年為我們帶來大量紅利。

Thank you.

謝謝。

Thank me for our next question.

謝謝我提出下一個問題。

Our next question.

我們的下一個問題。

The line of Marie Thibault of BTIG your line is now open.

BTIG your line 的 Marie Thibault 線路現已開通。

Hi, thanks so much for taking the questions.

您好，非常感謝您提出問題。

Nice quarter.

不錯的季度。

Wanted to ask a little bit about pricing.

想詢問一些有關定價的問題。

I think I heard you say Console ASP increased 18% year over year.

我想我聽到你說控制台 ASP 年比增加了 18%。

So with that in mind, I'm curious about the uptake of Tablo Cart, how instrumental that product has been and closing any of these large deals that you were able to get closed this quarter.

因此，考慮到這一點，我很好奇 Tablo Cart 的使用情況、該產品的作用以及完成本季度能夠完成的任何大型交易。

Yeah.

是的。

Hey, Marie, with respect to ASP, we were pleased to see the 18% year over the ASP growth.

嘿，瑪麗，關於 ASP，我們很高興看到 ASP 年增 18%。

You know, there's really a couple of drivers of ASP for us.

您知道，我們確實有幾個 ASP 驅動程式。

Number one, we have always maintained pretty disciplined pricing across all our end markets.

第一，我們在所有終端市場上始終保持相當嚴格的定價。

We don't do a lot of this quarter end discounting and haven't done for a while.

本季末我們並沒有做很多折扣，而且已經有一段時間沒有這樣做了。

Number two, we continue to see strong Tablo pro plus attach rates.

第二，我們繼續看到強勁的 Tablo pro plus 附加率。

That's our software offering that also contributes to the gross margin in a meaningful way.

我們的軟體產品也以有意義的方式為毛利率做出了貢獻。

And then third, we do have Tablo Cart with prefiltration that has come back and is now fully available for sale.

第三，我們確實有帶有預過濾功能的 Tablo Cart，它已經回來，現在完全可以出售。

And we did see some of the deals that we were expecting to sort of move with the return of Tablo Cart.

我們確實看到了一些我們預計會隨著 Tablo Cart 的回歸而發生變化的交易。

We did see them move and they're sort of baked into our over performance here in three Q.

我們確實看到他們移動了，他們在某種程度上融入了我們在三個季度的過度表現。

Okay.

好的。

That's wonderful.

太棒了。

Thank you.

謝謝。

And reassuring one quick follow up here on the gross margin dynamics you talked about in the bill.

並讓我們對您在法案中談到的毛利率動態進行快速跟進。

You know, some of that, you know, related to the reduced console build plan, is it fair to think that we should see the gross margin dynamics sort of straighten out or return kind of the normal cadence maybe you know, partway through 2025 anniversarying some of those changes.

你知道，其中一些與減少控制台構建計劃有關，公平地認為我們應該看到毛利率動態某種程度的理順或回歸正常的節奏，也許你知道，在 2025 年周年紀念日的中間其中一些變化。

Thanks for taking the questions.

感謝您提出問題。

Yeah, Mary, the three Q really was a result of the absorption that I talked about.

是的，瑪麗，這三個Q確實是我所說的全神貫注的結果。

You know, we're not giving guidance for 25 right now.

您知道，我們現在不提供 25 歲的指導。

What I will say though is we remain committed and on track to achieving 50% gross margin in a relatively linear fashion here as we move forward over the not too distant future.

不過，我要說的是，隨著我們在不久的將來繼續前進，我們仍然致力於以相對線性的方式實現 50% 的毛利率。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

And our next question comes from the line of Josh Jennings TD Cowen when your line is now open.

我們的下一個問題來自 Josh Jennings TD Cowen，當您的線路現已開放時。

Thank you.

謝謝。

And good evening, I was hoping to just get a better understanding.

晚上好，我希望能得到更好的體諒。

I apologize if I missed this.

如果我錯過了這一點，我深表歉意。

We had an overlapping call, but just the where are you with this transformation of the sales organization and implementation of the new enterprise sales approach?

我們進行了一次重疊的通話，但您對銷售組織的轉型和新的企業銷售方法的實施進展如何？

It seems like the trans the transformation is already you worked through that very quickly.

看起來你已經很快就完成了轉變。

Had a better than expected quarter.

本季業績優於預期。

What inning are we in?

我們現在處於第幾局？

And, and is there any impact to Q4 that we should be thinking about as you're executing on this new strategy?

而且，當您執行這項新策略時，我們應該考慮對第四季的影響嗎？

Yeah.

是的。

Hi.

你好。

Hi, Josh.

嗨，喬許。

Let's see.

讓我們來看看。

So first and foremost, I'd like to, I would like to really complement our team.

因此，首先也是最重要的，我想真正補充我們的團隊。

They have done a really, really good job of getting the right talent in the right places at the right time if you will implementing the sales process and putting a lot of the tools for kind of inspection and rigorous forecast methodology in place in a relatively short period of time to your point.

如果您要實施銷售流程並在相對較短的時間內使用大量用於檢查和嚴格預測方法的工具，那麼他們在正確的時間在正確的地點找到正確的人才方面做得非常非常好一段時間到你的觀點。

At this stage, I'd say we just need some more run time, you know, u under the new model.

在這個階段，我想說我們只需要更多的運行時間，你知道，在新模型下。

And in order to continue to leverage this deeper enterprise sales expertise that we've infused in the organization and just simply making sure that the changes continue to deliver the intended results.

為了繼續利用我們在組織中註入的更深入的企業銷售專業知識，並確保變革繼續實現預期結果。

And that we see this success replicated consistently across the country.

我們看到這種成功在全國範圍內不斷複製。

I had mentioned in the prepared remarks that I think this transition will be fully complete in the first part of 25.

我在準備好的發言中提到，我認為這項過渡將在 25 月初完全完成。

However, we definitely saw some nice leading indicator results in Q3 and we certainly expect some benefit again in Q4.

然而，我們確實在第三季度看到了一些不錯的領先指標結果，我們當然預計第四季度會再次受益。

So I would say so far, so good.

所以我想說到目前為止，一切都很好。

Excellent.

出色的。

And then just wanted to follow up on one of the bill's previous answers on this table cart deals that kind of maybe provided a minor benefit or some benefit in Q3.

然後只是想跟進該法案之前關於此桌面購物車交易的答案之一，該交易可能會在第三季度提供較小的好處或一些好處。

Can you just talk about that part of the pipeline specifically?

能具體談談管道的這一部分嗎？

And have any deals fallen out or are these deals working their way through the pipeline and still revenue generating opportunities in Q4 and 2025?

是否有任何交易失敗，或者這些交易是否正在醞釀中，並且在第四季度和 2025 年仍然有創收機會？

Thanks so much.

非常感謝。

Sure, of course.

當然，當然。

Yeah, I'm happy to comment on that.

是的，我很高興對此發表評論。

The so the short answer on the pipeline and deals moving through is no, we did not see any deals in Q3 exit the pipeline.

因此，關於管道和交易的簡短答案是否定的，我們沒有看到第三季有任何交易退出管道。

All of those opportunities remain active.

所有這些機會仍然活躍。

Our sales cycle also remains stable about, you know, 9 to 12 months with those bigger deals.

對於那些較大的交易，我們的銷售週期也保持穩定，約為 9 至 12 個月。

And in last quarter's call, I talked about how the percentage of our pipeline that consists of deals that are, you know, 50 to 100 plus consoles has actually gotten larger and larger over time.

在上個季度的電話會議中，我談到了我們的管道中由 50 到 100 多個遊戲機組成的交易的百分比實際上隨著時間的推移而變得越來越大。

These are bigger deals that do require more consensus decision making across bigger parts of the organization.

這些都是更大的交易，確實需要組織中更大的部門做出更多的共識決策。

But of course, it's worth it because you, you end up with very broad kind of whole house conversions of Tablo across a fairly significant network of hospitals.

但當然，這是值得的，因為您最終會在相當重要的醫院網絡中對 Tablo 進行非常廣泛的全屋改造。

And so the I would say the sales cycle for those large deals is on the outer edge of 12 months, but that hasn't changed.

因此，我想說這些大型交易的銷售週期是 12 個月，但這並沒有改變。

On the other hand, some of our smaller deals do close earlier than nine months.

另一方面，我們的一些規模較小的交易確實會早於九個月完成。

With regard to Tablo Cart.

關於 Tablo 購物車。

Yes, it is certainly been helpful to have Tablo Cart back.

是的，Tablo Cart 回來確實很有幫助。

As the demand and the customer interest in that accessory remains high.

由於對該配件的需求和客戶興趣仍然很高。

And as I look at the pipeline going forward in 2025 I think Tablo will be continue to be an important part of the mix here.

當我展望 2025 年的管道時，我認為 Tablo 將繼續成為其中的重要組成部分。

But so too will Tablo's core value proposition.

但 Tablo 的核心價值主張也將如此。

The number one reason why new customers adopt Tablo and existing customers expand with Tablo is because it delivers on its promises, you know that the essential value proposition here remains unchanged.

新客戶採用 Tablo 以及現有客戶透過 Tablo 進行擴展的首要原因是它兌現了承諾，您知道這裡的基本價值主張保持不變。

It is economic cost reduction, it is improved clinical care and it is improved operational efficiencies and as we've grown now to, you know, many hundreds of customers and sites,

它是經濟成本的降低，是臨床護理的改善，是營運效率的提高，正如我們現在已經發展到的那樣，你知道，有數百個客戶和站點，

I think the good news is we have a larger and larger evidence base of Tablo delivering on its value proposition.

我認為好消息是我們擁有越來越多的證據基礎來證明 Tablo 能夠實現其價值主張。

Promises.

承諾。

I appreciate all those details.

我很欣賞所有這些細節。

Thanks Leslie.

謝謝萊斯利。

Yeah.

是的。

Thank you.

謝謝。

Thank you.

謝謝。

I'm showing no further questions at this time and I'd like to turn it back to Leslie Trigg for close remarks.

我現在不會提出任何進一步的問題，我想將其轉回給萊斯利·特里格（Leslie Trigg）進行詳細評論。

Great.

偉大的。

Thank you and thanks to all of you for joining today.

謝謝大家今天的加入。

I would 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.

最後，我要感謝我們的整個團隊，感謝他們每天為透析患者的生活帶來的非常有意義的改變。

We look forward to seeing many of you at the upcoming investor conferences here in November and have a great evening.

我們期待在 11 月即將舉行的投資者會議上見到你們，並祝您度過一個愉快的夜晚。

Thanks again.

再次感謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。