Outset Medical Inc (OM) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Outset Medical fourth-quarter 2024 earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Outset Medical 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Jim Mazzola, Head of Investor Relations. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係主管 Jim Mazzola。請繼續。

Okay. Thanks, Kevin, and good afternoon, everyone. Welcome to our fourth-quarter 2024 earnings call. Here with me today are Leslie Trigg, Chair and Chief Executive Officer; and Nabeel Ahmed, Chief Financial Officer.

好的。謝謝，凱文，大家下午好。歡迎參加我們的 2024 年第四季財報電話會議。今天和我一起在場的有董事長兼執行長 Leslie Trigg；以及財務長 Nabeel Ahmed。

We issued a news release after the close of the market today, which can be found on the Investor pages 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，可以在 outsetmedical.com 的投資者頁面上找到。本次通話正在錄音，並將存檔於我們網站的「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.

我們的意圖是，今天電話會議中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 and 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.

這些聲明與對未來事件的預期或預測有關，基於我們目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。Outset 不承擔更新這些聲明的義務。

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

有關與我們的業務相關的風險和不確定性的清單和說明，請參閱 Outset 向美國證券交易委員會提交的公開文件中的風險因素部分，包括我們最新的年度和季度報告。

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

說完這些，我將把電話轉給萊斯利。

Thanks, Jim. Good afternoon, everyone, and thank you for joining us. The fourth quarter again highlighted the commitment of our entire Outset team to dialysis patients and providers and showcase the financial, clinical, and operational advantages Tablo delivers in the markets we serve.

謝謝，吉姆。大家下午好，感謝大家的參與。第四季再次凸顯了我們整個 Outset 團隊對透析患者和提供者的承諾，並展示了 Tablo 在我們服務的市場中提供的財務、臨床和營運優勢。

The business performed well in the quarter, driven by our strong recurring revenue business model and continued sales transformation progress. We demonstrated another quarter of sequential revenue growth, a notable increase in gross margin, a decline in operating expenses driven by our cost-down measures, and a significant strengthening of our balance sheet with the financing we announced on January 6.

由於我們強勁的經常性收入業務模式和持續的銷售轉型進展，本季業務表現良好。我們又一個季度實現了收入連續增長，毛利率顯著提高，在成本削減措施的推動下，營業費用下降，並且隨著 1 月 6 日宣布的融資，我們的資產負債表顯著增強。

Revenue for the fourth quarter was $29.5 million, ahead of our earlier expectations, which enabled us to finish 2024 with revenue of $113.7 million.

第四季的營收為 2,950 萬美元，高於我們先前的預期，這使得我們在 2024 年底的營收達到 1.137 億美元。

While this was below our original plan for the year, we were pleased to finish with two quarters of progress and ahead of the updated guidance we provided in August. Strong utilization across the now nearly 6,000 Tablo in our installed base drove another record quarter of recurring revenue.

雖然這低於我們今年的原計劃，但我們很高興能夠完成兩個季度的進展，並且領先於我們在八月份提供的最新指引。目前，我們已安裝的 Tablo 數量已接近 6,000 台，其強勁的使用率推動了經常性收入再創季度紀錄。

Recurring revenue grew 13% sequentially and 17% over the fourth quarter of last year. On a console installed base that grew 10% during the year, recurring revenue grew 21% for the full year, reaching $83.9 million. At this pace, we expect recurring revenue exiting the fourth quarter of 2025 to be on a run rate of more than $100 million annually.

經常性收入環比成長 13%，比去年第四季成長 17%。由於遊戲機安裝基數在年內成長了 10%，全年經常性收入成長了 21%，達到 8,390 萬美元。以這個速度，我們預計到 2025 年第四季末，每年的經常性收入將超過 1 億美元。

We also continue to see strong average selling prices for our consoles and treatments in service across a larger installed base.

我們也繼續看到我們的控制台和處理服務在更大的安裝基礎上保持強勁的平均銷售價格。

Turning to our end markets. During the quarter, we continued to have success with acute care providers ready to in-source their dialysis service lines. There are now nearly 4,500 Tablo consoles deployed in 850 acute and subacute sites in the United States.

轉向我們的終端市場。在本季度，我們繼續成功地與急診護理提供者合作，準備將其透析服務線納入其中。目前，美國 850 個急性和亞急性病區部署了近 4,500 個 Tablo 控制台。

We talked about gaining scale in the acute setting as we began 2024, and we exited the year having objectively solidified that presence as we expanded the breadth and depth of Tablo's footprint with an existing large health system customers as well as securing contracts with new marquee customers.

在 2024 年伊始，我們就談到了在急性環境中擴大規模，而在 2024 年結束時，我們客觀地鞏固了這一地位，因為我們透過現有的大型醫療系統客戶擴大了 Tablo 業務的廣度和深度，並與新的大型客戶簽訂了合約。

Looking ahead to the next 10 months-plus of 2025, we anticipate much of our growth to come again from this end market. We are pleased with the size and quality of the later-stage opportunities in our pipeline, and our sales team has made tremendous progress establishing the business case and support for Outset and Tablo within each.

展望 2025 年的未來 10 個多月，我們預計我們的大部分成長將再次來自這個終端市場。我們對我們通路中後期機會的規模和品質感到滿意，我們的銷售團隊在建立商業案例和對 Outset 和 Tablo 的支援方面取得了巨大進展。

We recently hosted the Chief Nursing Officer from a 350-bed regional hospital in the Southeast to talk about the results of their in-sourcing program one year after its implementation. The driver for change was something we hear often. This hospital is paying what it believed to be an exorbitant cost for subpar care and service from its former outsourced provider.

我們最近接待了東南部一家擁有 350 個床位的地區醫院的首席護理官，談論其內部採購計劃實施一年後的成果。我們常聽到的是推動改變的動力。這家醫院認為，其先前的外包供應商提供的護理和服務品質太差，而其為此支付的費用過高。

The CNO told us that extra fees were regularly charged as a result of the outsourced providers for operations. Our team came in as a partner to help build the business case, support the CNO in establishing a coalition for change, and then rolled up its sleeves to assist in the implementation.

CNO 告訴我們，由於外包營運供應商，因此經常會收取額外費用。我們的團隊作為合作夥伴加入進來，幫助建立商業案例，支持 CNO 建立變革聯盟，然後擼起袖子協助實施。

One year after standup, the CNO reported that treatments had increased by more than 280%, which she attributed to the greater confidence that nephrologists and patients have with the quality and efficiency of the facility's in-sourced service line.

成立一年後，CNO 報告說治療量增加了 280% 以上，她將此歸因於腎病科專家和患者對該機構內部服務線的品質和效率更加信任。

Their overall treatment completion rate is now greater than 95%. And remarkably, central line bloodstream infections, one of the most serious and costly hospital-acquired infections were reduced by 75%.

他們的整體治療完成率現在已超過 95%。值得注意的是，最嚴重且最昂貴的醫院內感染之一，中心靜脈血流感染減少了 75%。

Despite hearing stories like this all the time, their impact never diminishes. The clinical, operational, and financial benefits Tablo delivers for dialysis in-sourcing are clear, compelling, reproducible, and unique to Outset, which is why we are so confident in our strategy and our ability to execute against it in 2025 and beyond.

儘管我們經常聽到這樣的故事，但它們的影響力從未減弱。Tablo 為透析內部採購帶來的臨床、營運和財務效益是明確的、令人信服的、可重複的，並且是 Outset 獨有的，這就是為什麼我們對我們的策略以及在 2025 年及以後執行該策略的能力如此有信心。

Turning to the home end market. We continue to expand Tablo's use among midsized dialysis providers and within skilled nursing facilities. We again saw industry-leading retention rates above 90% at 90 days.

轉向家用端市場。我們將繼續擴大 Tablo 在中型透析服務提供者和專業護理機構中的應用。我們再次看到業界領先的 90 天保留率超過 90%。

There are now approximately 1,425 Tablo consoles deployed through home providers. While change takes longer in this setting, we continue to make steady progress and remain driven by the stories from people who tell us their lives have been changed for the better by having access to Tablo at home or in their post-acute setting.

目前，家庭提供者部署了大約 1,425 台 Tablo 遊戲機。雖然在這種情況下改變需要更長的時間，但我們仍在穩步前進，並繼續受到人們的故事的推動，他們告訴我們，透過在家中或在急性期後環境中使用 Tablo，他們的生活變得更加美好。

From an operational perspective, we were pleased last week to receive notification from FDA that the warning letter from July of 2023 had been officially closed. This milestone followed a comprehensive FDA inspection in the fall, which successfully concluded with no 483 observations.

從營運角度來看，我們很高興上週收到 FDA 的通知，2023 年 7 月的警告信已正式結案。這一里程碑是在秋季 FDA 進行全面檢查之後實現的，該檢查成功結束，未發現 483 項異常。

Innovation will always be at our core, and therefore, our quality system and regulatory compliance are essential at Outset. I am very proud of how our team responded and proud of the commitment to continuous quality improvement that we have embedded across the organization.

創新永遠是我們的核心，因此，我們的品質系統和法規遵循對於 Outset 至關重要。我對我們團隊的反應感到非常自豪，也對我們在整個組織中體現的持續品質改進的承諾感到非常自豪。

In addition to the warning letter closure, another recent accomplishment was the recapitalization of the company that we announced on January 6.

除了警告信結案之外，最近的另一項成就是我們在 1 月 6 日宣布的公司資本重組。

The goal of the financing was to reassure our key constituents, investors, customers, and employees of our ability to reach cash flow breakeven based on our current projections with ample resources to prosecute our mission.

融資的目的是向我們的主要選民、投資者、客戶和員工保證，我們有能力根據目前的預測實現現金流收支平衡，並擁有充足的資源來完成我們的使命。

We secured $172.7 million in equity financing, of which $168.8 million was from a group of marquee new and existing investors, and $3.9 million that will be invested by members of management and the Board. An important element of the financing was the significant reduction in our outstanding debt from $200 million to $100 million, which we refinanced with a new highly regarded credit partner.

我們獲得了 1.727 億美元的股權融資，其中 1.688 億美元來自一群知名的新投資者和現有投資者，390 萬美元將由管理層和董事會成員投資。融資的一個重要因素是我們的未償債務從 2 億美元大幅減少到 1 億美元，我們與一位新的備受推崇的信貸合作夥伴進行了再融資。

The new debt agreement pushes out the maturity to 2030 and provides the option to access an incremental $25 million. We now open 2025 with approximately $210 million of cash, which based on our current projections, provides the funds expected to capitalize the company through cash flow breakeven and beyond.

新的債務協議將到期日推遲至2030年，並提供了獲得增量2500萬美元的選擇。我們現在擁有約 2.1 億美元的現金來迎接 2025 年，根據我們目前的預測，這筆資金預計將為公司實現現金流盈虧平衡及以後的資本化提供資金。

Related to the recapitalization, we have a special meeting of shareholders scheduled for March 5. I encourage all shareholders to carefully review the proxy and vote your shares.

關於資本重組，我們計劃於 3 月 5 日召開特別股東大會。我鼓勵所有股東仔細審查代理並投票。

Among several proposals under consideration at the meeting, we ask for your support to convert the preferred shares already issued to common shares and authorize a reverse split of the shares. We believe the reverse split will benefit the company in two ways. The first is in our ability to attract new investors who may be restricted for purchasing stock below a certain price threshold.

在會議審議的幾項提案中，我們請求您的支持將已發行的優先股轉換為普通股，並授權對股票進行反向分割。我們相信反向拆分將為公司帶來兩方面的好處。首先是我們吸引新投資者的能力，這些投資者可能會因購買低於一定價格門檻的股票而受到限制。

And second, we believe the reverse split may provide commercial benefit by ensuring that how customers perceive the company's financial strength matches the company's actual financial strength. Our rationale for these and all the proposals are outlined in the proxy, and we're available to answer questions shareholders may have as they consider these important matters.

其次，我們認為反向拆分可以確保客戶對公司財務實力的看法與公司的實際財務實力相匹配，從而帶來商業利益。我們對這些以及所有提案的理由均已在代理書中概述，我們隨時可以解答股東在考慮這些重要事項時可能遇到的問題。

I said last quarter that we expect the full dividends of our sales transformation to be realized beginning in the first half of 2025, and we remain on track to reach that goal. Three weeks ago, we brought the entire team together at our national sales training meeting with the goal of leading with deeper competency on all aspects of our sales model and go-to-market strategies.

我上個季度說過，我們預期銷售轉型的全部紅利將從 2025 年上半年開始實現，我們仍有望實現這一目標。三週前，我們召集了整個團隊召開全國銷售培訓會議，目標是更深入地領導我們銷售模式和市場策略的各個方面。

During the week, our team learned from one another about best practices and were inspired through the participation of customers eager to share stories of the clinical, financial and operational benefits they have realized by deploying Tablo.

在這一周中，我們的團隊互相學習了最佳實踐，並受到客戶參與的啟發，他們熱切地分享透過部署 Tablo 所實現的臨床、財務和營運效益的故事。

With the sales training meeting completed, key roles hired and process improvements in place, we look forward to seeing the results of this highly experienced and motivated team over the coming quarters. Our guidance for 2025, which Nabeel will outline, is intentionally conservative to provide some time to help ensure the benefits of the transformation we've undertaken are durable.

隨著銷售培訓會議的完成、關鍵職位的聘任以及流程改進的實施，我們期待在未來幾季看到這支經驗豐富、積極進取的團隊所取得的成果。納比爾將概述我們對 2025 年的指導方針，該方針有意採取保守態度，以提供一些時間來幫助確保我們所進行的轉型所帶來的利益能夠持久。

However, foundationally, we are very bullish on the competitive advantages Tablo and its established ecosystem can deliver. We've demonstrated time and again that once Tablo is deployed, it is used consistently, and this consistent use drives strong, growing and predictable recurring revenue.

然而，從根本上來說，我們非常看好 Tablo 及其已建立的生態系統所能帶來的競爭優勢。我們已經一次又一次地證明，一旦部署 Tablo，它就會被持續使用，而這種持續使用將帶來強勁、成長且可預測的經常性收入。

We've demonstrated that Tablo delivers compelling clinical, financial and operational benefits to providers in the acute, subacute and home settings. And we've demonstrated our ability to expand non-GAAP gross margin, which in 2024 expanded by nearly 12 percentage points.

我們已經證明 Tablo 為急性、亞急性和家庭環境中的服務提供者帶來了顯著的臨床、財務和營運效益。我們已經證明了我們擴大非 GAAP 毛利率的能力，2024 年非 GAAP 毛利率擴大了近 12 個百分點。

Finally, we have demonstrated our ability to right size our cost structure by removing approximately $80 million of annualized spend. These actions taken together have enabled us to reduce our cash use projections in 2025 by more than 50% to less than half of what was used in 2024.

最後，透過削減約 8000 萬美元的年度支出，我們證明了我們有能力合理調整成本結構。這些行動共同幫助我們將 2025 年的現金使用量預測減少 50% 以上，至 2024 年現金使用量的一半以下。

With all of these steps behind us, our focus in 2025 with the transformed commercial team is on reaccelerating revenue growth, and we have a solid foundation on which to build. Despite the challenges of 2024, the Tablo installed base grew by 10%, recurring revenue grew by 21%, and we are now on a run rate to perform more than 1 million treatments annually.

在完成所有這些步驟之後，我們將與轉型後的商業團隊一起在 2025 年專注於重新加速收入成長，並且我們擁有堅實的基礎。儘管面臨 2024 年的挑戰，Tablo 的安裝基數仍增長了 10%，經常性收入增長了 21%，而且我們目前的運行速度是每年執行超過 100 萬次治療。

With recurring revenue over a seven-year useful life of approximately $15,000 per year for each Tablo console deployed in the home and $20,000 per year for each Tablo console deployed in the acute market, we estimate that there is still a $0.5 billion in recurring revenue yet to be realized from the current installed base.

每台 Tablo 遊戲機在家庭中部署的七年使用壽命內每年可產生約 15,000 美元的經常性收入，每台在急性市場部署的 Tablo 遊戲機每年可產生 20,000 美元的經常性收入，我們估計，目前的安裝基數仍有 5 億美元的經常性收入尚未實現。

As we think about the year ahead, our priorities are clear. We are, first and foremost, focused on reigniting revenue growth and specifically console growth. Our sales transformation has been designed and implemented to help us do just that.

當我們展望未來的一年時，我們的優先事項很明確。我們首要關注的是重新激發營收成長，特別是遊戲機成長。我們的銷售轉型已經設計和實施，以幫助我們做到這一點。

During the second half of 2024, we saw some positive early indicators such as pipeline expansion and deal progression, but also recognize that our work here continues. We expect to see the full benefits of these changes reflected in console growth as we move through the year.

在 2024 年下半年，我們看到了一些積極的早期指標，例如通路擴展和交易進展，但我們也意​​識到我們在這裡的工作仍在繼續。我們期望看到這些變化帶來的好處能夠在今年逐漸顯現，並反映在遊戲機的成長上。

Next, we are committed to continuing to expand our gross margin. This has been a remarkable success for outset in an area with significant incremental upside ahead.

接下來我們致力於繼續擴大我們的毛利率。對於一個未來具有巨大上升空間的領域來說，這已經是一個顯著的成功。

And finally, with a recapitalized balance sheet, we are focused on using every lever at our disposal to accelerate our path to profitability. While 2024 was a year of challenge and transformation for us, what has not changed is the enormity of our market opportunity, the proprietary competitive advantages of Tablo and the power of its economic and clinical value proposition.

最後，透過重新資本化的資產負債表，我們將專注於利用我們掌握的一切槓桿來加速我們的獲利之路。雖然 2024 年對我們來說是充滿挑戰和轉型的一年，但我們巨大的市場機會、Tablo 的專有競爭優勢以及其經濟和臨床價值主張的力量始終沒有改變。

These bedrock strengths are at the heart of how we've driven a 50% increase in the number of health care facilities using Tablo in just the last two years, how we have increased our installed base by 47% in the same period and why we continue to see treatment expansion accelerating. For example, it took us 4.8 years to reach 1 million cumulative treatments.

這些基本優勢是我們在過去兩年內推動使用 Tablo 的醫療機構數量增加 50%、我們的安裝基數在同一時期增加 47% 以及我們繼續看到治療擴展加速的核心。例如，我們花了4.8年的時間才達到100萬次累積治療。

By contrast, it took us an incremental 17 months to reach 2 million cumulative treatments, and we are just getting started. I want to thank our entire team for their commitment to the patients we serve in addition to their commitment to drive growth, lower expenses and reach our shared goal of profitability.

相較之下，我們只花了 17 個月的時間就達到 200 萬次累積治療，而且我們才剛起步。我要感謝我們整個團隊對我們所服務的患者的承諾，以及他們致力於推動成長、降低開支和實現我們共同的獲利目標。

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

現在，我將把麥克風交給納比爾。

Thanks, Leslie. Hello, everyone. Revenue for the fourth quarter of $29.5 million grew 3% sequentially, driven primarily by recurring treatment and service revenue from continued strong Tablo utilization. On a year-over-year basis, revenue declined 3% due to lower console sales for the reasons we previously discussed, partially offset by strong recurring treatment and service revenue.

謝謝，萊斯利。大家好。第四季營收為 2,950 萬美元，季增 3%，主要得益於 Tablo 持續強勁利用帶來的經常性治療和服務收入。與去年同期相比，由於我們之前討論過的原因，遊戲機銷量下降，導致收入下降 3%，但強勁的經常性治療和服務收入部分抵消了這一下降。

Product revenue of $21 million, consisting of console revenue of $5.8 million and treatment revenue of $15.3 million grew 3% from $20.3 million in the third quarter and declined 8% from $22.9 million in the prior year.

產品收入為 2,100 萬美元，其中包括 580 萬美元的控制台收入和 1,530 萬美元的治療收入，較第三季的 2,030 萬美元增長 3%，較去年同期的 2,290 萬美元下降 8%。

Service and other revenue of $8.5 million was roughly even with the third quarter and grew 11% year over year. Recurring revenue from the sale of Tablo cartridges and service reached $23.7 million, an increase of 13% from the third quarter and 17% year over year.

服務和其他收入為 850 萬美元，與第三季基本持平，年增 11%。Tablo 墨水匣銷售和服務的經常性收入達到 2,370 萬美元，較第三季成長 13%，年增 17%。

We continue to see strong console ASP across all end markets as a result of our disciplined pricing, uptake with acute customers of our Tablo PRO+ offering and the return of TabloCart with Prefiltration, also with acute customers.

由於我們嚴格的定價、Tablo PRO+產品的忠實客戶群的接受度以及帶有預過濾功能的 TabloCart 的回歸（同樣受到了忠實客戶的青睞），我們繼續看到所有終端市場的控制台 ASP 強勁增長。

Now moving to gross margin and operating expenses, which, as a reminder, reflect our non-GAAP results. Please refer to the reconciliation of GAAP to non-GAAP measures found in today's earnings release.

現在轉到毛利率和營業費用，提醒一下，這反映了我們的非 GAAP 結果。請參閱今天的收益報告中 GAAP 與非 GAAP 指標的對帳表。

Gross margin for the fourth quarter of 37.6% increased 119 basis points sequentially and by nearly 11 percentage points from last year. This growth was underpinned by progress in both product and service and other gross margin.

第四季毛利率為37.6%，較上一季增加119個基點，較去年同期增加近11個百分點。這一增長主要得益於產品、服務以及其他毛利率的提高。

Product gross margin was roughly flat sequentially and increased nearly 8 percentage points year over year to 44.3%. Service and other gross margin was negative 2.5% in the prior year period and reached 20.9% in the fourth quarter of 2024.

產品毛利率與上一季基本持平，較去年成長近8個百分點至44.3%。服務和其他毛利率去年同期為負 2.5%，2024 年第四季達到 20.9%。

As I mentioned last quarter, gross margin is adversely affected in the short-term due to lower absorption of manufacturing overhead as a result of our reduced console build plan and efforts to reduce inventory levels.

正如我上個季度提到的，由於我們減少了控制台構建計劃並努力降低庫存水平，導致製造費用吸收減少，短期內毛利率受到不利影響。

Absent the impact of under-absorption of manufacturing overhead, which dampened gross margin by approximately 300 basis points in the quarter, we would have seen non-GAAP gross margin of just over 40%.

如果不考慮製造費用吸收不足的影響（導致本季毛利率下降約 300 個基點），非 GAAP 毛利率將略高於 40%。

Operating expenses of $26.6 million declined by 27% from the prior year period, driven by our ongoing focus on expense management and the restructuring actions we've taken. Net loss was $19.3 million or $0.37 per share, roughly 35% lower than the fourth quarter of 2023, reflecting the positive results of our drive to profitability.

營業費用為 2,660 萬美元，較去年同期下降 27%，這得益於我們持續注重費用管理以及所採取的重組措施。淨虧損為 1,930 萬美元，即每股 0.37 美元，比 2023 年第四季下降約 35%，反映了我們努力獲利的正面成果。

Moving to our balance sheet. We ended the fourth quarter with $162 million in cash, cash equivalents, short-term investments, and restricted cash. As Leslie mentioned, following our financing in January, we had approximately $210 million on the balance sheet and have reduced our outstanding debt from $200 million to $100 million maturing in 2030.

前往我們的資產負債表。截至第四季度，我們的現金、現金等價物、短期投資和受限現金為 1.62 億美元。正如萊斯利所提到的，在我們一月份融資之後，我們的資產負債表上大約有 2.1 億美元，並且已將未償債務從 2 億美元減少到 2030 年到期的 1 億美元。

Based on our current projections, we believe this level of cash gets us through cash -- cash flow breakeven. To close out the full year 2024, we reported revenue today of $113.7 million, which was ahead of our preannounced in January and the revised guidance we had provided in August of last year.

根據我們目前的預測，我們相信這種現金水準可以讓我們實現現金流收支平衡。為了結束 2024 年全年，我們今天報告的收入為 1.137 億美元，高於我們 1 月預先宣布的收入和去年 8 月提供的修訂指引。

Product revenue was $81 million, a decrease of 22% due to lower console sales for the reasons we have previously covered. Service and other revenue was $32.7 million, an increase of 22% from 2023, driven by high service renewal rates across a larger installed base.

產品收入為 8,100 萬美元，下降了 22%，原因是我們之前已經提到的遊戲機銷量下降。服務和其他收入為 3,270 萬美元，較 2023 年增長 22%，這得益於更大安裝基數的高服務續約率。

Recurring revenue for the full year was $83.9 million, representing a growth of 21% compared to our recurring revenue in 2023. Gross margin for the year increased nearly 12 percentage points to 35.6% or roughly 37%, excluding the impact of manufacturing under absorption.

全年經常性收入為 8,390 萬美元，與 2023 年的經常性收入相比成長 21%。全年毛利率增加近12個百分點，至35.6%，若剔除吸收製造業的影響，則約為37%。

Operating expenses in 2024 were $119.3 million, declining 26% from 2023 due to the focused efforts to restructure and streamline our operations and accelerate our path to profitability. Operating expenses included R&D expenses of $29.1 million, sales and marketing expenses of $61.9 million, and G&A expenses of $28.3 million. Net loss was $93.4 million or $1.79 per share, a 29% decline compared to $131.6 million or $2.65 per share for 2023.

2024 年的營運費用為 1.193 億美元，較 2023 年下降 26%，原因是我們集中精力重組和簡化營運並加快獲利之路。營業費用包括 2,910 萬美元的研發費用、6,190 萬美元的銷售和行銷費用以及 2,830 萬美元的一般及行政費用。淨虧損為 9,340 萬美元或每股 1.79 美元，較 2023 年的 1.316 億美元或每股 2.65 美元下降 29%。

Turning to our guidance for 2025. As Leslie mentioned, our approach is to be conservative. We expect revenue for the full year 2025 to be $115 million to $125 million. The midpoint of this range would imply that the installed base and recurring revenue both grow by roughly 10%. For modeling purposes, we anticipate revenue to be the lowest in the first quarter and then shield as we move through the year.

談到我們對 2025 年的指導。正如萊斯利所提到的，我們的做法是保守的。我們預計 2025 年全年營收將達到 1.15 億至 1.25 億美元。該範圍的中點意味著安裝基數和經常性收入均成長約 10%。為了建立模型，我們預計第一季的收入將最低，然後隨著全年的推移，收入將逐漸穩定下來。

Moving down the income statement. We expect another year of gross margin expansion in 2025 with gross margin for the full year in the high 30% range. As we discussed on last quarter's call, the rate of expansion will be affected as we burn down our inventory levels and under absorbed manufacturing overhead.

降低損益表。我們預計 2025 年毛利率將再次擴大，全年毛利率將達到 30% 左右。正如我們在上個季度的電話會議上所討論的那樣，隨著我們降低庫存水準並吸收製造費用，擴張率將受到影響。

Excluding the impact of under absorption, we would anticipate in the fourth quarter of 2025. We plan to continue to quantify this impact to non-GAAP gross margin each quarter to help you model the trajectory. Although gross margin may fluctuate on a quarter-to-quarter basis as a result of our product mix, we remain right on track to meet our next gross margin milestone at 50%.

排除吸收不足的影響，我們預計在 2025 年第四季。我們計劃每季繼續量化該影響對非公認會計準則毛利率的影響，以幫助您模擬發展軌跡。雖然由於我們的產品結構，毛利率可能會逐季度波動，但我們仍有望實現 50% 的下一個毛利率里程碑。

Again, gross margin expansion is driven by recurring revenue from a larger installed base, service leverage, and our console cost-down programs. With the cost reductions we have undertaken, we now anticipate OpEx in 2025 of roughly $90 million, below the $100 million run rate we projected on our third quarter call.

再一次，毛利率的擴大是由更大的安裝基數、服務槓桿和我們的控制台成本降低計劃帶來的經常性收入所推動的。隨著我們實施的成本削減措施，我們現在預計 2025 年的營運支出約為 9,000 萬美元，低於我們在第三季電話會議上預測的 1 億美元的運行率。

This combination of expected revenue growth, continued gross margin expansion and ongoing OpEx and working capital discipline means that we expect to use under $50 million of cash in 2025, which is less than half the $103 million we used in 2024.

預期的收入成長、持續的毛利率擴大以及持續的營運支出和營運資本紀律意味著，我們預計 2025 年的現金使用量將低於 5,000 萬美元，還不到 2024 年 1.03 億美元的一半。

Lastly, as it relates to our 2025 outlook, I want to address the potential impact of tariffs that have been proposed on goods imported from Mexico. As you know, we have a state-of-the-art manufacturing facility in Mexico where Tablo, TabloCart, and Tablo cartridges are produced. We do not believe we will have exposure to potential tariffs as our products are covered under a special exemption.

最後，由於這與我們 2025 年的展望有關，我想談談對從墨西哥進口的商品徵收關稅的潛在影響。如您所知，我們在墨西哥擁有一座最先進的製造工廠，用於生產 Tablo、TabloCart 和 Tablo 墨盒。由於我們的產品屬於特殊豁免範圍，我們認為我們不會面臨潛在關稅。

In addition, we've previously said that we are carrying adequate console inventory we believe will satisfy most of our anticipated demand in 2025 and which are already in the United States. We also have treatment inventory staged in the United States to meet near-term demand, and we are able to shift a portion of our future production to Thailand should it be necessary.

此外，我們之前曾表示，我們擁有足夠的遊戲機庫存，我們相信這些庫存將滿足我們預計 2025 年的大部分需求，而這些遊戲機已經在美國了。我們還在美國儲備了處理庫存以滿足近期需求，如果有必要，我們可以將未來的部分生產轉移到泰國。

To close, we operate in large end markets where our strong value proposition continues to resonate. And with two quarters of good progress under our belts, we look forward to returning to growth in 2025 and continuing on our path of gross margin expansion and to profitability.

最後，我們在大型終端市場開展業務，我們強大的價值主張在這些市場繼續產生共鳴。憑藉過去兩個季度的良好進展，我們期待在 2025 年恢復成長，並繼續實現毛利率擴大和獲利。

With that, I think we're ready for Q&A. Operator, please open the lines.

現在我想我們已經準備好進行問答了。接線員，請接通線路。

(Operator Instructions) Marie Thibault, BTIG.

(操作員指令) Marie Thibault，BTIG。

Hi. Good evening. Thanks for taking the questions and nice quarter. I wanted to ask quickly here for both the qualitative and quantitative outlook on the console side. I heard Nabeel's comments about a 10% increase in the installed base if we take the midpoint of the guide.

你好。晚安.感謝您回答問題，祝您生活愉快。我想在這裡快速詢問一下控制台方面的定性和定量前景。我聽到納比爾 (Nabeel) 說過，如果我們採用該指南的中間值，安裝基數將增加 10%。

But if I look at the Q4 console revenues, I think sequentially down from Q3, if I got the math right, I might be wrong. And so I wanted to understand what you're seeing from the sales force that continues to give you guidance -- I mean, confidence in this turnaround.

但如果我看一下第四季的遊戲機收入，我認為該收入比第三季環比下降，如果我的計算正確的話，我可能是錯的。所以我想了解您從銷售團隊那裡看到了什麼，他們繼續為您提供指導——我的意思是，對這種轉變的信心。

Any updates on large deals and how you would envision the midpoint of the guidance for console sales working throughout the year, cadence throughout the year? Thanks.

有關於大型交易的最新消息嗎？您如何預測全年遊戲機銷售指導的中點和節奏？謝謝。

Sure. Maybe I'll start and Nabeel feel free to jump in. Yeah, completely fair question on the console front. Look, we had a lot of change and a lot to change in 2024 and we have a 9- to 12-month sales cycle. And so as we look forward here, number one, we start to annualize that.

當然。也許我會開始，然後納比爾可以自由加入。是的，關於控制台方面的問題完全公平。你看，我們在 2024 年發生了很多變化，還有很多變化要發生，我們的銷售週期為 9 到 12 個月。因此，當我們展望未來時，首先，我們開始將其年度化。

Number two, the newly hired capital sales reps from 2024 become fully tenured in the first part of 2025 here. And also, we're achored by what we're seeing in the pipeline. Now, understandably, I believe, we want to be conservative as we lay out the year here. But what is true is that all of the sales management -- change management steps are behind us. The regulatory changes are behind us.

第二，2024 年新聘用的資本銷售代表將於 2025 年上半年正式成為終身職。此外，我們對管道中看到的情況也感到十分欣慰。現在，我相信，可以理解的是，我們在規劃今年時希望採取保守的態度。但事實是，所有的銷售管理——變革管理步驟都已經過去了。監管變化已經過去了。

The balance sheet perceptions are behind us, all of which can really increase our conviction on delivering strong console growth this year in 2025. Now it's really a matter of continuing to inspect and ensure that the right disciplines are having more than 10% growth in the 2025 pipeline.

資產負債表的看法已經過去，所有這些都可以真正增強我們在今年（2025年）實現強勁遊戲機成長的信心。現在真正的問題是繼續檢查並確保正確的學科在 2025 年的管道中實現 10% 以上的增長率。

Now roughly 70% of our top opportunities forecasted to close this year are already in the latest stages of our sales process. That is an advantage we have never enjoyed in the past as we've entered a new year. So that's new. The size of the pipeline is new. And the diversification is new.

現在，我們預計今年將完成的頂級機會中約有 70% 已經處於銷售流程的最新階段。這是我們進入新的一年以來從未享受過的優勢。這是新的。管道的尺寸是新的。而且多樣化是新的。

We've got really good healthy diversification between existing customers who are now looking to expand their use of Tablo across new hospitals and their networks and also new customers choosing to in-source for the first time in 2025 with Tablo. We have good diversification between national contracts and large regional IDN contracts and really good distribution across deal sizes.

我們在現有客戶之間實現了非常好的多樣化，現有客戶現在希望在新的醫院及其網路中擴大對 Tablo 的使用，而新客戶則選擇在 2025 年首次與 Tablo 進行內部採購。我們在國家合約和大型區域 IDN 合約之間實現了良好的多樣化，並且在交易規模方面也具有良好的分佈。

We are continuing to see a high percentage of potential large console opportunities that we do expect to close in 2025. So all in all, again, we've had a lot of change to absorb and for the team to internalize and get good at. But those changes really are behind us, and we are now in what I call the rinse-and-repeat part of change management under the new model.

我們繼續看到大量潛在的大型遊戲機機會，我們預計這些機會將在 2025 年實現。總而言之，我們再次經歷了許多變化，需要團隊吸收和掌握。但這些變化確實已經過去了，我們現在正處於新模式下變革管理的反覆階段。

Hopefully, that helps Marie.

希望這對瑪麗有幫助。

Yeah, that's a lot of great detail. Thank you for that, Leslie. I guess on the flip side, treatments continue to be very, very strong with your consumables revenue. And I'm curious what drove it? I mean, was it higher rates of utilization and turnover? Was there some ASP lift that came along with some of these consumables?

是的，有很多精彩的細節。謝謝你，萊斯利。我想，另一方面，治療對你消耗品的收入來說仍然非常非常強勁。我很好奇是什麼導致了它發生？我的意思是，利用率和周轉率是否更高？這些消耗品是否伴隨一定的 ASP 提升？

What was behind some of the beat, which was a good $1 million or $2 million higher than we had forecasted?

超出我們預期 100 萬或 200 萬美元的金額背後的原因是什麼？

Yeah. Hey, Marie. We, too, were really pleased with our recurring revenue performance and specifically treatment sales. We did see very strong console utilization on our larger installed base. And as we have seen in previous fourth quarters, we did see a little bit of stocking. But again, nothing that I would call out.

是的。嘿，瑪麗。我們對於經常性收入表現，特別是治療銷售表現也感到非常滿意。我們確實看到在我們更大的安裝基礎上控制台的利用率非常高。正如我們在之前的第四季看到的那樣，我們確實看到了一些庫存。但同樣，我什麼也沒說。

Okay. Very helfpul. Thank you.

好的。非常有幫助。謝謝。

Shagun Singh, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Shagun Singh。

Hey. Thank you so much. I was hoping maybe we could start on the P&L and gross margins. If you can walk us through the cadence for the year in 2025 on gross margins as well as OpEx. Given gross margins -- given R&D was about 500 basis points below expectations in Q4.

嘿。太感謝了。我希望我們可以從損益表和毛利率開始。您能否向我們介紹一下 2025 年的毛利率和營運支出節奏？考慮到毛利率——考慮到第四季度的研發費用比預期低約 500 個基點。

I'm just wondering if you can also walk us through some of the areas of OpEx cuts on R&D as well as SG&A? You're also investing given the commercial focus. So just walk us through some of the building blocks for 2025, that will be helpful.

我只是想知道您是否可以向我們介紹一下在研發以及銷售、一般及行政開支方面的營運支出削減的一些領域？您也是從商業角度進行投資的。因此，請向我們介紹 2025 年的一些基石，這將會很有幫助。

For sure. Yeah, Shagun, so please just keep me on track here. With respect to gross margin, we printed 35.6% here for the full year, and we expect that to expand to the high 30% zone. Now remember, gross margin will continue to be adversely affected by this under absorption of manufacturing overhead.

一定。是的，Shagun，所以請讓我繼續討論這個問題。就毛利率而言，我們全年的毛利率為35.6％，我們預計毛利率將擴大到30％以上的區域。現在請記住，在吸收製造費用的情況下，毛利率將繼續受到不利影響。

Absent that, it's been roughly 300 basis points in the last couple of quarters, so we could think about it in a similar ZIP code for next year.

除此之外，在過去幾個季度中，該數字一直保持在大約 300 個基點左右，因此我們可以考慮明年類似的郵遞區號。

With respect to the quarters, we tend to generally expect linear gross margin expansion, but that can be affected by our product mix, whether it's home versus acute consoles or treatment sales versus consoles. So that might put a little bit of what I'll call noise in the quarterly progression on gross margin.

對於季度而言，我們通常傾向於預期線性毛利率擴張，但這可能會受到我們的產品組合的影響，無論是家用遊戲機與急性遊戲機，還是治療銷售與遊戲機。所以這可能會對我所說的季度毛利率成長產生一些噪音。

With respect then to OpEx, so again, we printed just under $120 million of OpEx in 2024 and based on the annualization of the cuts that we made of the restructuring actions we've taken, we expect OpEx in 2025 to be in the $90 million zone. And again, OpEx for us tends to be relatively linear. We do see a little bit more in the fourth quarter as we true up annual incentive comp, that sort of thing.

至於營運支出，我們再次重申，2024 年我們的營運支出略低於 1.2 億美元，並且根據我們採取的重組行動的年度削減，我們預計 2025 年的營運支出將在 9,000 萬美元左右。而且，我們的營運支出往往是相對線性的。隨著我們調整年度激勵補償等，我們確實在第四季度看到了更多成長。

But otherwise, it tends to be pretty linear. And then, Shagun, with respect to where the cuts came from, our cuts have been focused on making sure that we do not touch our commercial ability to execute and expand consoles. So we've cut everywhere around that but remain convinced that we have the right commercial organization to execute against our objectives for '25.

但除此之外，它往往是相當線性的。然後，沙岡，關於削減的來源，我們的削減主要集中在確保我們不會影響我們執行和擴展遊戲機的商業能力。因此，我們在各個方面都進行了削減，但仍然堅信我們擁有正確的商業組織來實現我們2025年的目標。

Let me pause. Hopefully, that makes sense.

讓我暫停一下。希望這是有意義的。

Yeah. I can -- I'll add just a little bit more color to the R&D specific question that you have Shagun. Let me give you a couple of examples. It starts with disciplined prioritization. And so we are very, very, very clear and have an extreme focus around what we need to get done in '25.

是的。我可以——我將對你提出的有關研發的具體問題 Shagun 進行稍微詳細的說明。讓我給你舉幾個例子。首先要進行嚴格的優先排序。因此，我們非常非常清楚，並且高度關注我們需要在 25 年完成的任務。

And at the risk of repeating ourselves, is reignite revenue growth, continue to expand gross margins, and execute against our very clear path to profitability, that's it. And you put that on a bumper sticker. That's what we're going to do.

冒著重複的風險，我們要重新點燃收入成長的熱情，繼續擴大毛利率，並按照我們非常明確的獲利路徑執行，就是這樣。然後你把它貼在保險桿貼紙上。這就是我們要做的。

So as we looked at R&D, we took a very disciplined approach to prioritizing only the projects that directly benefited those three goals in the very near term. So said differently, that meant we had to take a much closer look at R&D projects that were longer dated, things that had a payoff period that fell outside of our LRP, or towards the end of our LRP.

因此，當我們審視研發時，我們採取了非常嚴謹的方法，只優先考慮那些在短期內直接有利於實現這三個目標的項目。換句話說，這意味著我們必須更仔細地研究那些期限較長的研發項目，那些回報期超出我們的 LRP 範圍或接近 LRP 末期的項目。

That's an example of things that projects that we're not undertaking in the near term. We also, on the SG&A side, we're just seeing good old-fashioned operating leverage. We are getting more done with fewer people, which is exactly what you want to see on a business scale. So those are hopefully a few additional details to provide you with the context.

這是我們近期不打算開展的項目的一個例子。我們也從銷售、一般及行政費用 (SG&A) 方面看到了良好的傳統營運槓桿。我們用更少的人力完成了更多的事情，這正是您在商業規模上所希望看到的。希望這些額外的細節能為您提供背景資訊。

Thank you so much.

太感謝了。

Yeah.

是的。

Suraj Kalia, Oppenheimer.

蘇拉傑‧卡利亞 (Suraj Kalia)、奧本海默 (Oppenheimer)。

Hey, Nabeel. Can you hear me all right?

嘿，納比爾。你聽見我說話嗎？

Hi, Suraj. Yes.

你好，蘇拉傑。是的。

Perfect. So one question from my side. Nabeel, obviously, a lot of positive commentary in your guys' prepared remarks. The greater than 50% reduction in cash outlay for 2025, Nabeel, the industry is very capital intensive. And I think so somewhere in your remarks also your commentary, you said like you're not touching the commercial organization.

完美的。我有一個問題。納比爾，顯然，你們的準備好的發言中有很多積極的評論。到 2025 年，現金支出將減少 50% 以上，Nabeel，該行業是資本密集型行業。我認為，在您的評論中您說過您沒有觸及商業組織。

Can you help tie both of those together in terms of cutting back so much and the capital intensity required for growth in this business? Any additional color would be great. Thank you for taking my questions.

您能否幫助將這兩者結合起來，即削減如此多的開支以及該業務成長所需的資本密集度？任何額外的顏色都很好。感謝您回答我的問題。

Hey, Suraj. Yeah, so first of all, with respect to our cash guidance, number one, we are expecting revenue to grow as we articulated in our call.

嘿，蘇拉傑。是的，首先，關於我們的現金指導，第一，我們預計收入將會成長，正如我們在電話會議中所表達的那樣。

Number two, we're expecting the gross margin to expand as we talked about and we have taken OpEx down from, again, $120 million to roughly $90 million. That's $30 million of change right there.

第二，正如我們之前所說，我們預計毛利率會擴大，而且我們已將營運支出從 1.2 億美元降至約 9,000 萬美元。那裡有 3,000 萬美元的零錢。

On top of that, Suraj, we've previously talked about our efforts to reduce inventory levels and reduce our console build plan to accommodate that.

除此之外，蘇拉吉，我們之前已經談到了我們為減少庫存水平和減少控制台構建計劃所做的努力，以適應這一點。

And then finally, we have taken out a material amount of interest -- cash interest expense given our reduction from $200 million of debt to $100 million of debt. So that's the bridge on cash burn.

最後，我們扣除了大量利息——現金利息支出，因為我們的債務從 2 億美元減少到了 1 億美元。這就是現金消耗的橋樑。

Thank you. I'm not showing any further questions at this time. I'd like to turn the call back over to Leslie Trigg for any further comments.

謝謝。我現在不想再問任何問題。我想將電話轉回給 Leslie Trigg，以便進一步發表評論。

Okay. Great. Well, thanks to all of you for joining today. I'd like to close by thanking our entire team again for the incredible difference they're making every day in the lives of dialysis patients, their families, and the providers who care for them. Have a great evening. Thanks, again.

好的。偉大的。好吧，感謝大家今天的參加。最後，我想再次感謝我們整個團隊，感謝他們每天為透析患者、他們的家人以及照顧他們的提供者的生活做出的巨大貢獻。祝您有個愉快的夜晚。再次感謝。

Ladies and gentlemen, this concludes today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。現在您可以斷開連接並享受美好的一天。