Outset Medical Inc (OM) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Outset Medical Second Quarter 2025 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Outset Medical 2025 年第二季財報電話會議。（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 first speaker today, Jim Mazzola, Head of Investor Relations.

現在，我想將會議交給今天的第一位發言人，投資者關係主管 Jim Mazzola。

Good afternoon, everyone, and welcome to our second quarter 2025 earnings call. Here with me today are Leslie Trigg, Chair and Chief Executive Officer; and Renee Gaeta, Chief Financial Officer.

大家下午好，歡迎參加我們 2025 年第二季財報電話會議。今天與我一起在場的有董事長兼執行長 Leslie Trigg 和財務長 Renee Gaeta。

We issued a news release after the close of 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一份新聞稿，可在 outsetmedical.com 的投資者頁面上查閱。本次電話會議錄音已錄製完畢，並將存檔於我們網站的「投資者」版塊。

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. 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.

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。這些與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. For a full 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.

Outset 不承擔更新這些聲明的義務。有關與我們的業務相關的風險和不確定性的完整清單和說明，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。

Thanks, Jim. Good afternoon, everyone, and thank you for joining us. I would like to begin by extending a warm welcome to Renee, who joined us in early June. She has very quickly rolled up her sleeves, immersed herself in the business, and has already become a valuable strategic and operational partner.

謝謝，吉姆。大家下午好，感謝大家的參與。首先，我要向六月初加入我們的蕾妮表示熱烈的歡迎。她很快就捲起袖子，全心投入業務中，並已成為寶貴的策略和營運合作夥伴。

Turning to the second quarter results. We are pleased to report another strong quarter today and to raise our guidance range for the year. With the progress we made during the second half of 2024 and now through the first half of 2025, we have momentum that reflects the growing demand for the clinical, financial and operational benefits that Tablo can deliver as well as the internal work we have done to improve our commercial execution.

談到第二季的業績。我們很高興今天報告又一個強勁的季度，並提高了今年的指導範圍。隨著我們在 2024 年下半年以及現在到 2025 年上半年的進展，我們的發展勢頭反映了對 Tablo 所能提供的臨床、財務和營運效益日益增長的需求，以及我們為改善商業執行所做的內部工作。

Revenue in the second quarter of $31.4 million grew 15% over last year, driven by another quarter of strong Tablo console sales and consistent utilization. A key goal for this year was to sustainably reignite console growth. And with two quarters down, our team is executing very well.

第二季營收為 3,140 萬美元，較去年同期成長 15%，這得益於 Tablo 遊戲機又一個季度的強勁銷售和穩定的使用率。今年的關鍵目標是持續重燃遊戲機的成長。兩個季度過去了，我們的團隊表現非常出色。

Console sales again increased sequentially and also grew over the second quarter of last year. We also continued to see consistent utilization across the Tablo installed base, which contributed to recurring revenue of $22.5 million in the quarter, 11% over the second quarter of last year. This included a 17% increase in consumable revenue. Once Tablo consoles are placed, they're used, and this utilization keeps us right on track to exit the fourth quarter on a run rate of more than $100 million annually in recurring revenue.

遊戲機銷量再次環比成長，並且比去年第二季也有所成長。我們也繼續看到 Tablo 安裝基數的穩定利用率，這為本季帶來了 2,250 萬美元的經常性收入，比去年第二季成長了 11%。其中包括消耗品收入增加 17%。Tablo 遊戲機一旦推出市場就會被使用，這種利用率使我們有望在第四季結束時實現每年超過 1 億美元的經常性收入。

Gross margin expansion remains a cornerstone of our path to profitability and an area where we again executed well during the quarter. Non-GAAP gross margin reached 38.4%, expanding more than 1 percentage point from last year, even as we managed through the lower absorption of manufacturing overhead that we've previously discussed. This progress keeps us right on path to the next milestone of 50%.

毛利率擴張仍然是我們獲利的基石，也是我們本季再次表現良好的領域。非公認會計準則毛利率達到 38.4%，比去年增長了 1 個百分點以上，儘管我們設法降低了先前討論過的製造費用吸收率。這一進展使我們朝著下一個里程碑——50%——邁進了一大步。

Turning to our end markets. Our results in the quarter were again driven by penetration within acute care providers, including new console placements during the quarter, Tablo is now in use at more than 900 acute and subacute sites in the United States.

轉向我們的終端市場。本季的業績再次受到急性護理提供者滲透率的推動，包括本季新控制台的投放，Tablo 目前已在美國 900 多個急性和亞急性站點使用。

Additionally, we closed a new enterprise agreement with one of the largest national health systems in the country during the second quarter, which provides access to well over 100 facilities with the potential to place many hundreds of Tablo consoles. What is gratifying to us is to see the strong support insourcing with Tablo has earned among the dialysis nursing community. With examples of better patient care at a substantially lower cost, nurse leaders have emerged as huge champions for insourcing.

此外，我們在第二季度與全國最大的國家醫療系統之一達成了一項新的企業協議，該協議提供了超過 100 個設施的使用權，並有可能放置數百台 Tablo 遊戲機。令我們欣慰的是，Tablo 的內部採購獲得了透析護理界的大力支持。透過以更低的成本提供更好的病患護理，護理長已成為內部採購的巨大擁護者。

In fact, the former CNO of one of our hospital customers that implemented insourcing with Tablo recently joined Outset as our Chief Nursing Officer. On several recent customer visits, I've had the opportunity to hear nurse leaders talk about how insourcing their dialysis service line with Tablo has dramatically reduced their rate of hospital-acquired infections and improved overall patient care by enabling, as several nursing leaders have put it, high nurse retention compared to the staffing challenges their outsourced providers struggled with and an ability for their hospital nursing teams to care for the whole patient versus solely delivering a dialysis treatment.

事實上，我們一家與 Tablo 實施內部採購的醫院客戶的前任 CNO 最近加入了 Outset，擔任我們的首席護理官。在最近幾次客戶拜訪中，我有機會聽到護理長們談論如何將他們的透析服務線外包給 Tablo，從而大大降低了醫院內感染率，並通過實現更高的護士保留率（正如幾位護理領導所說），改善了整體患者護理，相比之下，外包服務提供者面臨著人員配備方面的挑戰，而且醫院護理團隊能夠照顧整個患者，而不僅僅是提供透析治療。

In the home end market, we also made excellent progress during the quarter. Interest in Tablo from patients and their providers is growing steadily in this very large market. While we still expect home to evolve more gradually than the acute end market, we made another important advance during the quarter by finalizing an agreement with the third largest midsized dialysis organization. Through this agreement, approximately 15,000 dialysis patients across 30 states will have access to Tablo.

在家用終端市場，我們在本季也取得了優異的進展。在這個非常大的市場中，患者及其服務提供者對 Tablo 的興趣正在穩步增長。雖然我們仍然預期國內市場的發展速度將比急性端市場更為緩慢，但我們在本季度取得了另一項重要進展，即與第三大中型透析組織達成協議。透過該協議，30 個州的約 15,000 名透析患者將可以使用 Tablo。

We now have agreements with all five of the largest MDOs in the United States. The success we are having commercially is a direct result of the work we took to transform our sales organization and process. Our progress includes restructuring, retraining and enhancing our commercial organization, including by retooling our capital sales team and infusing an enterprise sales skill set.

我們目前已與美國所有五家最大的 MDO 達成協議。我們在商業上的成功是我們為轉變銷售組織和流程所做的努力的直接結果。我們的進展包括重組、再培訓和加強我們的商業組織，包括重組我們的資本銷售團隊和注入企業銷售技能。

Second, we implemented an entirely new capital sales process with high specificity, accountability and discipline. And third, we injected rigorous sales management inspection and tools at every step to improve capital sales forecasting and timing of close. We continue to see positive indicators that these efforts are paying off.

其次，我們實施了全新的資本銷售流程，具有高度的特殊性、責任感和紀律性。第三，我們在每一步都注入了嚴格的銷售管理檢查和工具，以改善資本銷售預測和成交時機。我們不斷看到積極的跡象表明這些努力正在取得成效。

For example, console sales in the second quarter returned to levels we last saw in early 2024. Forecast accuracy has improved. Our pipeline grew again in the second quarter, both sequentially and year-over-year. As we've grown the pipeline, we have also seen growth in the percentage of opportunities progressing to the later stage of the sales process. And most importantly, we continue to see strong conversion of opportunities to sales.

例如，第二季的遊戲機銷售恢復到了 2024 年初的水平。預測準確度有提高。我們的管道在第二季度再次成長，無論是環比增長還是同比增長。隨著通路的成長，我們也看到進入銷售過程後期階段的機會百分比有所成長。最重要的是，我們繼續看到機會向銷售的強勁轉換。

As I said last quarter, our team has become proficient at educating stakeholders at all levels of an enterprise about the benefits Tablo can deliver not only financially, but also clinically and operationally. During the quarter, we added new customers adopting Tablo for the first time and also saw existing customers expand their use to new locations.

正如我上個季度所說，我們的團隊已經熟練地向企業各個層級的利害關係人宣傳 Tablo 不僅在財務上，而且在臨床和營運上所能帶來的好處。在本季度，我們增加了首次採用 Tablo 的新客戶，同時也看到現有客戶將使用範圍擴展到新的地點。

As we look ahead to the rest of the year, we remain confident in our pipeline and strong market demand. While we continue to closely monitor any impact from proposed federal funding cuts in healthcare, customers tell us that the financial and clinical case for insourcing with Tablo remains compelling as they prioritize their capital expenditures for 2025.

展望今年剩餘時間，我們對我們的產品線和強勁的市場需求仍然充滿信心。雖然我們繼續密切關注聯邦政府削減醫療保健資金的提議所帶來的影響，但客戶告訴我們，在他們優先考慮 2025 年的資本支出時，與 Tablo 進行內部採購的財務和臨床案例仍然很有吸引力。

Insourcing with Tablo saves hospitals money, has a relatively low acquisition cost, and a short payback period. This customer feedback fuels our confidence in our plan for the rest of the year.

透過 Tablo 進行內部採購可以為醫院節省資金，採購成本相對較低，且回報期較短。這些客戶的回饋增強了我們對今年剩餘時間規劃的信心。

From an operational perspective, we are pleased with how average selling price and utilization trended. We believe ASP strength indicates that customers see Tablo appropriately priced for the value expected and consistent utilization reinforces that once a unit is installed, it's used and provides a long tail of recurring revenue.

從營運角度來看，我們對平均售價和利用率的趨勢感到滿意。我們認為，平均售價的強勁表明，客戶認為 Tablo 的定價符合預期價值，而持續的利用率則強化了這樣的觀點：一旦安裝了設備，它就會被使用，並帶來長期的經常性收入。

Related to utilization, our manufacturing site has now produced more than 1.5 million Tablo disposable treatments since we brought production in-house in 2023. This is important as we seek to deliver the highest levels of quality and gain scale to reduce production costs.

在利用率方面，自 2023 年我們將生產轉移至內部以來，我們的生產基地現已生產了超過 150 萬個 Tablo 一次性治療產品。這很重要，因為我們尋求提供最高水準的品質並擴大規模以降低生產成本。

As we've talked about for several quarters, our team is focused not only on reductions in cost of goods sold, but also in operating expenses. And the actions we took to remove approximately $80 million of annualized spend, again delivered leverage in the quarter with another record low non-GAAP operating loss. We also used approximately 60% less cash than in the prior year period, keeping us right on track with our goal to use less than $50 million this year.

正如我們幾個季度以來所討論的那樣，我們的團隊不僅專注於降低銷售成本，還專注於降低營運費用。我們採取的措施減少了約 8000 萬美元的年度支出，再次發揮了槓桿作用，使本季度的非 GAAP 營運虧損再創歷史新低。我們使用的現金也比去年同期減少了約 60%，這讓我們有望實現今年現金使用量低於 5,000 萬美元的目標。

I want to reiterate that, we are aggressively executing against a clear path to cash flow breakeven and then profitability. This path begins with top line growth and gross margin expansion. It includes disciplined spend management, and it shows up in both the significant reduction in cash use we project for 2025 and in the leverage we see to the bottom line.

我想重申的是，我們正在積極執行一條明確的路徑，實現現金流收支平衡，進而實現獲利。這條道路始於營業收入成長和毛利率擴張。它包括嚴格的支出管理，這體現在我們預計的 2025 年現金使用量的大幅減少以及我們看到的底線槓桿作用上。

Lastly, from an operational perspective, I want to reiterate our prior comments about tariff exposure. Tablo, TabloCart and Tablo cartridges remain exempt from tariffs under a special exemption pertaining to equipment that supports the chronically disabled. Additionally, we continue to have tariff exemption under the USMCA and further contingencies such that we continue to expect no impact from proposed or implemented tariffs at this time.

最後，從營運角度來看，我想重申我們先前關於關稅風險的評論。根據支持長期殘疾人士的設備的特殊豁免政策，Tablo、TabloCart 和 Tablo 墨盒仍可免關稅。此外，我們繼續享有 USMCA 下的關稅豁免和進一步的應急措施，因此我們預計目前提議或實施的關稅不會產生影響。

I'll close by reiterating our optimism for the opportunity ahead. We operate in two large end markets and the competitive moat around Tablo continues to deepen. Our growing installed base is extending our reach across the country.

最後，我要重申我們對未來機會的樂觀態度。我們在兩個大型終端市場開展業務，Tablo 周圍的競爭障礙不斷加深。我們不斷增長的安裝基礎正在將我們的業務範圍擴大到全國。

Our proprietary know-how around insourcing allows us to partner with hospitals as a solution, not just a product. Our exceptional field service team drives the customer satisfaction score consistently above 95%. Our portfolio of referenceable customers continues to grow, helping to drive market adoption.

我們在內部採購方面的專有技術使我們能夠與醫院合作，提供解決方案，而不僅僅是產品。我們卓越的現場服務團隊使客戶滿意度始終保持在 95% 以上。我們的可參考客戶組合不斷成長，有助於推動市場採用。

At the midpoint of an important year for Outset, our focus has not wavered from three vital priorities. One, grow console revenue; two, expand gross margin; and three, drive to profitability. With two quarters to go, we fully understand the importance of continued consistent execution during this pivotal year. We are confident about our outlook and believe we are set up very well for the second half and into 2026.

對於 Outset 來說，在重要的一年即將過去之際，我們的重點始終沒有改變，始終集中在三個重要優先事項上。一是增加遊戲機收入；二是擴大毛利率；三是提高獲利能力。距離結束還有兩個季度，我們充分認識到在這關鍵的一年持續一致執行的重要性。我們對我們的前景充滿信心，並相信我們已經為下半年和 2026 年做好了充分的準備。

Providers, including the largest health systems in the country are seeing the enormous clinical, financial and operational advantages that insourcing with Tablo can deliver. The market opportunity remains wide open for us, and we continue to gain ground.

包括國內最大的醫療系統在內的醫療服務供應商都看到了與 Tablo 合作進行內部採購可以帶來的巨大臨床、財務和營運優勢。市場機會依然對我們敞開，我們將繼續取得進展。

I want to close by thanking our entire team for their commitment to the patients we serve in addition to their commitment to driving growth, managing spend and reaching our shared goal of profitability.

最後，我要感謝我們整個團隊對我們所服務的患者的承諾，以及他們對推動成長、管理支出和實現我們共同的獲利目標的承諾。

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

說完這些，我就把麥克風交給蕾妮。

Thank you, Leslie, and good afternoon, everyone. I have enjoyed digging into the business during the two months since I joined Outset in early June, and I'm very happy to walk you through our financial results today. I look forward to meeting more of you in the coming weeks.

謝謝你，萊斯利，大家下午好。自從六月初加入 Outset 以來的兩個月裡，我很高興深入研究這項業務，今天我很高興向你們介紹我們的財務表現。我期待在接下來的幾週內與你們有更多的會面。

Revenue for the second quarter of $31.4 million grew 15% over the second quarter of 2024. The increase was driven largely by console volume and mix, including sales to acute customers, which carry a higher average selling price due to the additional features attached to each unit.

第二季營收為 3,140 萬美元，比 2024 年第二季成長 15%。成長主要得益於遊戲機的銷售和產品組合，包括對急性客戶的銷售，由於每台設備都附帶附加功能，因此平均售價更高。

Product revenue of $23.1 million, consisting of console revenue of $8.9 million and consumable revenue of $14.2 million grew 20% from $19.2 million in the prior year. Importantly, console revenue grew sequentially and year-over-year.

產品收入為 2,310 萬美元，其中包括遊戲機收入 890 萬美元和消耗品收入 1,420 萬美元，比上年的 1,920 萬美元增長了 20%。重要的是，遊戲機收入環比和同比增長。

Service and other revenue of $8.3 million grew 2% from $8.2 million in the prior year period. Recurring revenue from the sale of Tablo consumables and service was $22.5 million, an increase of 11% over the second quarter of 2024.

服務和其他收入為 830 萬美元，較去年同期的 820 萬美元增長 2%。Tablo 耗材和服務銷售的經常性收入為 2,250 萬美元，比 2024 年第二季成長 11%。

Next, I'll walk through our gross margin and operating expenses for the quarter. Please refer to the table in today's earnings release for a reconciliation of GAAP to non-GAAP measures. Non-GAAP gross margin expanded another 110 basis points from last year, reaching 38.4% for the quarter even with a 100 basis point headwind from the under-absorption of manufacturing overhead.

接下來，我將介紹本季的毛利率和營運費用。請參閱今天的收益報告中的表格，以了解 GAAP 與非 GAAP 指標的對帳情況。非公認會計準則毛利率較去年同期擴大了 110 個基點，儘管製造費用吸收不足造成 100 個基點的阻力，但本季仍達到 38.4%。

Product gross margin increased nearly 400 basis points year-over-year to 48.9%. Service and other gross margin was 6.9% compared to 13.6% we reported in the second quarter of 2024 due to the short-term investments we made in parts supply.

產品毛利率較去年增加近400個基點至48.9%。由於我們在零件供應方面進行了短期投資，服務和其他毛利率為 6.9%，而 2024 年第二季報告的毛利率為 13.6%。

We are making progress against our plan to optimize inventory levels and gradually increase production, which further mitigates the gross margin impact of the manufacturing under absorption we have discussed all year.

我們正在按照優化庫存水準和逐步提高產量的計劃取得進展，這進一步減輕了我們全年討論的製造業吸收對毛利率的影響。

For the year, I expect a headwind of approximately 150 basis points, which will have a diminishing effect in 2026. Excluding these factors, gross margin is approaching 40% and product gross margin is approaching 50%. All to say, we are right on track towards our next milestone of 50% gross margin.

我預計今年的逆風約為 150 個基點，到 2026 年其影響將會減弱。除去這些因素，毛利率接近40%，產品毛利率接近50%。總而言之，我們正朝著 50% 毛利率的下一個里程碑邁進。

Moving to operating expenses. We continue to see the positive impact of reductions the company primarily made during the second half of 2024. For the quarter, non-GAAP operating expenses declined 19% to $25.4 million compared to the second quarter of 2024.

轉向營運費用。我們繼續看到公司在 2024 年下半年主要削減措施的正面影響。本季度，非公認會計準則營業費用與 2024 年第二季相比下降 19% 至 2,540 萬美元。

Non-GAAP operating loss was $13.4 million, 36% below the operating loss of $21 million in the prior year period. Net loss of $18.5 million was 46% lower than the second quarter of 2024. These measures reflect the positive results of our drive to profitability.

非公認會計準則營業虧損為 1,340 萬美元，比去年同期的 2,100 萬美元營業虧損下降 36%。淨虧損 1,850 萬美元，較 2024 年第二季下降 46%。這些措施反映了我們追求獲利的努力所取得的正面成果。

Moving to our balance sheet. We ended the quarter with $187.4 million in cash, cash equivalents, short-term investments and restricted cash. Low cash use this year reflects the progress we are making on gross margin, operating expenses and inventory levels.

前往我們的資產負債表。本季末，我們擁有 1.874 億美元的現金、現金等價物、短期投資和受限現金。今年的低現金使用量反映了我們在毛利率、營運費用和庫存水準方面取得的進步。

We anticipate cash use will step up entering next year as we increase inventory purchasing and ramp production, with the first quarter of any year expected to be our highest cash-consuming quarter due to incentive compensation payouts. We continue to believe our cash balances are sufficient through cash flow breakeven.

我們預計，隨著我們增加庫存採購和提高產量，明年的現金使用量將會增加，由於激勵薪酬支出，預計每年的第一季將是我們現金消耗最高的季度。我們仍然相信，透過現金流損益平衡，我們的現金餘額是足夠的。

Turning to our guidance for 2025. As Leslie mentioned, we are pleased to be in a position to raise our revenue guidance for the year from $115 million to $125 million to a range of $122 million to $126 million. We are very confident in our outlook and yet intend to maintain a level of conservatism as we monitor the macro environment and work through this year of execution.

談到我們對 2025 年的指導。正如萊斯利所提到的，我們很高興能夠將今年的營收預期從 1.15 億美元至 1.25 億美元提高到 1.22 億美元至 1.26 億美元之間。我們對我們的前景非常有信心，但在監測宏觀環境和完成今年的執行工作時，我們打算保持一定程度的保守。

Moving down the income statement. We continue to expect gross margin for the full year in the high 30% range. Excluding the impact of under-absorption, we continue to anticipate gross margin exiting the year above 40% in the fourth quarter of 2025. Although, gross margin may fluctuate on a quarter-to-quarter basis as a result of our product mix, we continue to expect the path to 50% will be driven by higher margin reoccurring revenue across a larger installed base, service leverage, and our console cost-down program.

向下移動損益表。我們繼續預計全年毛利率將在 30% 左右。排除吸收不足的影響，我們仍然預計 2025 年第四季的毛利率將超過 40%。儘管由於我們的產品組合，毛利率可能會逐季度波動，但我們仍然預計，達到 50% 的道路將受到更大安裝基數、服務槓桿和我們的控制台成本降低計劃中更高利潤率的經常性收入的推動。

We anticipate operating expenses in 2025 in the low $90 million range. The combination of revenue growth, gross margin expansion and expense discipline means that we continue to expect to use under $50 million in cash in 2025, which is less than half we used in 2024.

我們預計 2025 年的營運費用將在 9,000 萬美元左右。收入成長、毛利率擴大和費用控制相結合意味著我們預計 2025 年的現金使用量仍將低於 5,000 萬美元，這還不到 2024 年所用現金的一半。

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

有了這些，我想我們已經準備好要進行問答了。接線員，請接通線路。

(Operator Instructions)

（操作員指示）

Rick Wise, Stifel.

瑞克懷斯，Stifel。

Good afternoon, everybody. Great to see another, I think, maybe the fourth quarter in a row of steady progress on all your key business priorities. It's great to see that. If I could start off just, Leslie, on your guidance, and not to use your words to against you, but you said -- I think I'm quoting you, you said we're set up very well for the second half of '25. And if I'm doing the back of the envelope math correctly, maybe I'm not, but it seems like at the midpoint of the guide that looking -- forget the differences between third and fourth quarter, it sounds like the midpoint would be sort of make the second half roughly -- very roughly equivalent to the first half sales level. But it feels like momentum is growing. Am I thinking about this correctly? And maybe help us understand what's maybe keeping you, I'll say, thoughtfully conservative?

大家下午好。我很高興看到，也許連續第四個季度，你們所有關鍵業務重點都取得了穩定進展。很高興看到這一點。萊斯利，如果我可以先談談你的指導，而不是用你的話來反對你，但是你說——我想我引用你的話，你說我們已經為 25 年下半年做好了充分的準備。如果我的粗略計算沒有錯誤的話，也許我沒有，但似乎在指南的中點看起來——忘記第三季度和第四季度之間的差異，聽起來中點會使得下半年大致——大致相當於上半年的銷售水平。但感覺勢頭正在增長。我這樣想對嗎？也許可以幫助我們理解是什麼讓您保持深思熟慮的保守態度？

Sure. Rick, happy to do that. First and foremost, we really are happy with the way the year has shaped up to date. Taking a quick step back, we kicked off the 2025 year by conveying that we did intend to remain conservative throughout '25 from a guidance standpoint as we stay focused on what we know is a really important year of execution for the company.

當然。里克，我很樂意這麼做。首先，我們對今年迄今取得的成績感到非常滿意。回顧一下，我們在 2025 年伊始就表示，從指導的角度來看，我們確實打算在整個 25 年保持保守，因為我們將專注於我們所知道的對公司來說真正重要的執行年。

But having said that, it was great to see very strong console and recurring revenue performance in the first half of this year, combining that with -- and you did hear me correctly, what we believe is a very good setup for the second half of the year, we were pleased to raise the range, both on the top and the bottom by a full $7 million, which effectively raises the low end above what was the midpoint of our guidance at the beginning of the year. So, I think that's all very, very good news.

但話雖如此，很高興看到今年上半年控制台和經常性收入表現非常強勁，再加上 - 你沒有聽錯，我們認為下半年的設置非常好，我們很高興將範圍提高，頂部和底部都提高了整整 700 萬美元，這實際上將低端提升到了年初指導中點之上。所以，我認為這都是非常非常好的消息。

Let me say a little bit more about another part of your question, kind of why we believe the setup for 2H, and I'd say beyond 2H is good. I'll try to keep it short, but three short points. One, this commercial transformation is absolutely taking root. The changes and the improvements we made to the team and the tools and the processes is really paying off from pipeline management to forecasting to our ability to convert opportunities to contracting. It's -- in short, it's all better.

讓我再多說一點關於你問題的另一部分，為什麼我們相信 2H 的設置，並且我會說超越 2H 是好的。我會盡量簡短，但只說三點。第一，這種商業轉型絕對正在生根。我們對團隊、工具和流程所做的改變和改進確實從通路管理到預測，再到將機會轉化為合約的能力都得到了回報。簡而言之，一切都變得更好了。

I think the second short point is that demand is growing. Our pipeline did grow again, both sequentially and year-over-year. And also, equally as important, the deals are progressing. We have more deals in the pipeline that are in the later stages versus the earlier stages. And we have good diversification in that pipeline. More and more of these deals are at the enterprise level, which, by definition, means sort of a very robust number of consoles per deal. So that's good.

我認為第二個要點是需求正在成長。我們的管道確實再次增長，無論是環比還是同比。同樣重要的是，交易正在取得進展。在我們正在進行的交易中，處於後期階段的交易比處於早期階段的交易更多。我們的產品線已多樣化。越來越多的交易是在企業層級進行的，根據定義，這意味著每筆交易的遊戲機數量非常多。這很好。

And then three, console utilization remains high. And this is a real point of pride for us because more than anything else, I've always believed that console utilization is a direct reflection of how good of a job we're doing, how good of a job is Tablo doing? Are we and the team fulfilling the promises that we're making to both patients and providers, and strong utilization suggests that, that answer is yes. And of course, the utilization continues to feed the foundation, a very consistent, very predictable recurring revenue, which is a strong place to operate from.

第三，控制台利用率仍然很高。這對我們來說是真正的驕傲，因為最重要的是，我一直相信主機的利用率直接反映了我們做得有多好，Tablo 做得有多好？我們和團隊是否履行了對病人和提供者的承諾？強大的利用率表明，答案是肯定的。當然，利用率繼續為基礎提供非常穩定、非常可預測的經常性收入，這是一個強大的營運基礎。

So all in, Rick, you heard it correctly. We do feel really good and feel that we're entering 2H with a strong setup. And at the same time, we remain very committed to what we said we were going to do at the end of the year, which was a commitment to guidance conservatism, and we're going to stay focused on executing through the next few quarters here to deliver on it.

總而言之，里克，你聽得沒錯。我們確實感覺很好，並且感覺我們正以強大的設置進入 2H。同時，我們仍然堅定地致力於我們在年底所承諾的事情，即對指導保守主義的承諾，並且我們將繼續專注於在接下來的幾個季度中執行以實現這一目標。

Great. I appreciate all the detail there. And maybe just sort of one factor of many underpinning all those comments is the commercial strategy transition. I was hoping you could give us some additional color on where are we? I think previously, if I remember correctly, you said that, you thought the sales force transition would be sort of fully productive after the quarter you just reported. I mean, are we past the sort of standup phase, if you will? Help us understand that or if there's more to go, what would get you to, yes, we're past that. And maybe help us -- maybe I'd be curious to hear your thoughts about how a now more fully trained on a productive sales force factors into your rest of '25 outlook and maybe how that sets you up even for next year from that perspective? Thanks so much.

偉大的。我很欣賞那裡的所有細節。也許所有這些評論背後的眾多因素之一就是商業策略轉型。我希望您能為我們提供一些關於我們目前處境的更多資訊？我想，如果我沒記錯的話，您之前說過，您認為銷售團隊的轉型在您剛剛報告的這個季度之後將會非常有成效。我的意思是，我們是否已經過了站立階段了？幫助我們理解這一點，或者如果還有更多的事情要做，什麼會讓你明白，是的，我們已經過去了。也許可以幫助我們——也許我很想聽聽您的想法，現在對高效銷售隊伍進行更全面的培訓如何影響您對 25 年剩餘時間的展望，也許從這個角度來看，這對您明年的發展有何影響？非常感謝。

Sure. Yes, happy to comment on that more. In a nutshell, the commercial organization looks and feels and operates very differently today in all of the best ways, as a result of the changes and the improvements that we've made here over the last couple of quarters.

當然。是的，很高興對此發表更多評論。簡而言之，由於我們在過去幾個季度中所做的改變和改進，如今的商業組織的外觀、感覺和運作方式在所有最佳方面都發生了很大變化。

And that showed up for us in a really nice way, both in the first quarter and again in the second quarter as these new tools and the new sales process, really, again, aimed at success at the enterprise sales level did contribute to -- these are some of the things we look at, Rick, improved forecast accuracy, more demonstrated visibility, predictability and control over how deals -- where are deals exactly in the sales process and how are those deals progressing. The ability of the team to convert those opportunities to contracts and ultimately to revenue has also improved.

無論是在第一季度還是在第二季度，這都給我們帶來了非常好的印象，因為這些新工具和新銷售流程確實再次以企業銷售層面的成功為目標，並做出了貢獻 - 這些是我們所關注的一些事情，Rick，提高了預測準確性，更好地展示了可見性、可預測性和對交易的控制 - 交易在銷售過程中的具體位置以及這些交易的情況。團隊將這些機會轉化為合約並最終轉化為收入的能力也得到了提高。

We're obviously going to stay extremely vigilant in monitoring how everything is going. But the headline value here, I think, is so far so good, and we're really happy with the progress and the evidence that we have seen to date and have confidence in how it's going to continue to translate here through the remainder of the year. Thanks again.

我們顯然會保持高度警惕，監控一切進展。但我認為，這裡的整體價值到目前為止還不錯，我們對迄今為止所看到的進展和證據感到非常高興，並且對它將如何在今年剩餘時間內繼續發揮作用充滿信心。再次感謝。

Yes, thank you.

是的，謝謝。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Good evening. Thanks for taking the questions. Congrats on a very nice quarter. I wanted to ask here a little bit more on some of the deal strength that you saw in the quarter. Absolutely understand that your deal pipeline is diversified, a lot coming from kind of enterprise sales. But just trying to understand how sustainable some of it is. And also, there was some commentary about strong ASPs on consoles. Of these new deals, is there a lot of uptake of some of your newer products or newer upgrades where you're able to get some of those higher ASPs, things like TabloCart and others?

晚安.感謝您回答這些問題。恭喜您度過了一個非常愉快的季度。我想在這裡進一步詢問一下您在本季度看到的一些交易實力。絕對要明白，您的交易管道是多樣化的，很多來自企業銷售。但只是想了解其中一些的可持續性。此外，還有一些關於遊戲機的強大 ASP 的評論。在這些新交易中，你們的一些新產品或新升級產品是否具有很大的市場吸引力，從而能夠獲得一些更高的平均銷售價格，例如 TabloCart 等？

Yes. Thanks for the question, Marie. And yes is the answer. But let me give you a little bit more color behind it. We did have ASP strength due to a really nice attach rate both on or said differently, uptake for TabloCart and the Tablo PRO+ software, which did help fuel the ASP strength.

是的。謝謝你的提問，瑪麗。答案是肯定的。但讓我給你稍微解釋一下它背後的意義。我們的 ASP 實力確實很大，因為 TabloCart 和 Tablo PRO+ 軟體的附加率確實很高，或者說，吸收率很高，這確實有助於增強 ASP 實力。

Also, I would be remiss, if I didn't mention that our team continues to do a great job on ASP discipline. And I think the ASP strength is reflective of the results that the technology and sort of the proprietary ecosystem around it is driving for customers.

此外，如果我不提及我們的團隊在 ASP 學科方面繼續表現出色，那我就是失職了。我認為 ASP 的優勢反映了該技術及其周圍的專有生態系統為客戶帶來的成果。

Customers, particularly in the acute and the post-acute setting, I think, is the nature of the question, really are experiencing and continuing to share actually more and more with their peers very, very tangible cost reduction, operational efficiencies. And I'll say, what is continuing to emerge are these clinical outcomes. More and more hospitals are reporting significantly lower CLABSI rates, lower rates of hospital-acquired infections when they have moved from an outsourced model to an insource model.

我認為，問題的本質是，客戶，特別是在急性和後急性環境中的客戶，確實正在經歷並繼續與同行分享越來越多的非常明顯的成本降低和營運效率。我想說的是，這些臨床結果正在不斷出現。越來越多的醫院報告稱，當他們從外包模式轉向內部模式時，CLABSI 率和醫院獲得性感染率顯著降低。

And so between, I think, that the way that we think about the pricing structure around Tablo, the team's discipline in executing around it, and the accessories and some of the software options, all of those were key contributors to ASP strength.

因此，我認為，我們對 Tablo 定價結構的思考方式、團隊執行定價結構的紀律以及配件和一些軟體選項，所有這些都是 ASP 實力的關鍵因素。

Now, going to the beginning part of your question on sort of how durable, I think -- and guide me, if I'm not getting the first part of your question right, but yes, kind of the durability and the sustainability of the pipeline and sort of forward-looking console sales. The console revenue that we saw this quarter and that we expect to see in 2H is driven not only by strong ASP, but let me be clear, by very strong console placements and strong console uptake. So that's a really important point one.

現在，回到你問題的開頭部分，關於耐用性，我想——如果我沒有正確理解你問題的第一部分，請指導我，但是是的，有點像耐用性和管道的可持續性以及前瞻性的遊戲機銷售。我們本季看到的遊戲機收入以及我們預計下半年的遊戲機收入不僅受到強勁的平均售價的推動，而且讓我明確一點，還受到非常強勁的遊戲機定位和強勁的遊戲機吸收的推動。所以這是非常重要的一點。

Point two, when we look forward into the pipeline, and I'll touch on this very large enterprise agreement that we signed this quarter, as I mentioned in the prepared remarks, that's dozens of facilities potentially and hundreds of consoles over time potentially. And so with several of our existing customers and new customers at the enterprise level, we do take a view that this could provide a pretty interesting growth rate for us for many quarters to come in the future.

第二點，當我們展望未來時，我將談到我們本季簽署的這項非常大的企業協議，正如我在準備好的發言中提到的那樣，隨著時間的推移，這可能會有數十個設施和數百個控制台。因此，對於我們現有的幾個客戶和企業級的新客戶，我們確實認為這可能會為我們在未來的許多季度提供相當有趣的成長率。

That's really encouraging, Leslie. Great to hear. And then I guess I'd like to ask a little bit about your hiring of a Chief Nursing Officer during the quarter. Great to see someone who believes in the Tablo story so much that they want to join the company. What will be her focus? Is it increasing home utilization? Is it increasing utilization in the acute care setting? Is it helping inside sales? What's kind of the focus of that role?

這真是令人鼓舞，萊斯利。很高興聽到這個消息。然後我想問一下您在本季聘請首席護理官的情況。很高興看到有人如此相信 Tablo 的故事並願意加入該公司。她將關注哪些方面？它是否提高了家庭利用率？它是否會增加急性護理環境中的使用率？它有助於內部銷售嗎？這個角色的重點是什麼？

Yes, I'm really glad you asked about that. The -- what we've learned, and I think we've talked about this a little bit in prior calls. One of the things that we learned as a team really over the last 12 to 18 months was just how critically important the role of the Chief Nursing Officer is in moving from outsourcing to insourcing of dialysis.

是的，我很高興你問到這個問題。我們已經了解了什麼，我想我們在之前的電話會議中已經討論過這個問題了。在過去的 12 到 18 個月裡，我們作為一個團隊真正學到的一件事就是，在透析從外包轉向內部採購的過程中，首席護理長的角色是多麼重要。

We were finding over time that more and more of our sales processes were involving a CNO audience. They are the folks at the executive level that do ultimately own the implementation of the move from outsourcing to insourcing. And so it was really critically important that our team focused on the Chief Nursing Officer at any given hospital and that we become really good at explaining how the move really serves them and their nursing teams.

隨著時間的推移，我們發現越來越多的銷售流程涉及 CNO 受眾。他們是執行層面的人員，最終負責從外包到內部包的轉變的實施。因此，我們的團隊必須關注任何一家醫院的首席護理官，並且善於解釋這項舉措如何真正服務於他們及其護理團隊。

And so now looking forward in this new hire of a Chief Nursing Officer, she will be really focused, first and foremost, on working with our sales organization and sharing her own experience in successfully moving from outsourcing to insourcing with many of the customers, the potential new customers in our pipeline and partnering with those CNOs to really explain and help them with the change management around that, and helping them understand kind of the key steps along the way from outsource to insource and what her keys to success were that did allow her hospital to materially lower their cost of dialysis, their complexity of dialysis and also drive some pretty meaningful clinical improvements for patient care.

因此，現在展望這位新聘用的首席護理官，她將首先專注於與我們的銷售組織合作，並與許多客戶、我們渠道中的潛在新客戶分享她自己成功從外包轉向內部包的經驗，並與那些首席護理官合作，真正解釋並幫助他們進行變革管理，幫助他們了解從外包到內部包過程中的關鍵步驟，以及她的意義的有意義，這些醫院秘訣使她非常合理的醫療保健成本並提高一些影響透析。

Very good. Thank you.

非常好。謝謝。

Thanks, Marie.

謝謝，瑪麗。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

Hi, good afternoon. Great to see the strong quarter and the updated guidance. Leslie and Renee, would love to just touch on the enterprise channel or IDN opportunity. And I know you've had some big wins over the years, and those wins seem to continue in the first half of '25 and the pipeline is filling up with opportunities, the sales pipeline up with opportunity as well. Maybe just talk about the penetration in this IDN or enterprise channel and the go-forward opportunity a little bit more. I think you've touched on it already in some of your answers, Leslie, but I'd love to hear your build and just how big of an opportunity from here you see that enterprise channel. Clearly, it's a large one.

嗨，下午好。很高興看到強勁的季度業績和更新的指導。Leslie 和 Renee 很想談談企業通路或 IDN 機會。我知道這些年來你們取得了一些重大勝利，這些勝利似乎將在 2025 年上半年繼續下去，管道中充滿了機遇，銷售管道中也充滿了機會。也許只是稍微談論一下這個 IDN 或企業管道的滲透率以及未來的機會。萊斯利，我想你已經在一些回答中提到了這一點，但我很想聽聽你的想法，以及你認為企業管道在這裡有多大的機會。顯然，這是一個很大的問題。

Yes, sure. Thanks for the question, Josh. I'm happy to. So, despite the successes that we've had here for the last couple of quarters in pipeline expansion and in closing new deals, we are still -- I would still call it an early innings in terms of the runway.

是的，當然。謝謝你的提問，喬希。我很樂意。因此，儘管過去幾季我們在管道擴張和達成新交易方面取得了成功，但就跑道而言，我仍然稱之為早期階段。

If we look at the total addressable market in the acute and subacute and just to recap on terms, in subacute, we include LTAC rehabs principally in that TAM number. We would consider ourselves to be kind of in the low double digits in terms of market penetration.

如果我們看一下急性和亞急性的總可尋址市場，並僅回顧一下亞急性的術語，我們主要將 LTAC 復健納入該 TAM 數字中。我們認為，就市場滲透率而言，我們的滲透率處於較低的兩位數水準。

So that is what really excites me the most is we've come a long way. And with 900 sites now using Tablo, both acute and post-acute, it is kind of amazing that we're only low double-digit penetrated, which tells me we have a lot of exciting opportunity ahead with a team now that is really ready and capable to go after it.

所以，真正讓我興奮的是我們已經取得了長足的進步。現在有 900 個站點使用 Tablo，包括急性和後急性站點，令人驚訝的是，我們的滲透率只有兩位數，這告訴我，我們現在擁有一個真正準備好並且有能力去追求它的團隊，面前有很多令人興奮的機會。

I think that another thing I think about in terms of the TAM is there's a lot of interconnectivity to think about, too. Many health systems own LTACs. Many health systems own rehabs. Many of these health systems have or are getting into the skilled nursing facility area. Nephrologists that round in hospitals also round in the outpatient setting of home and have patients at home. And so, we really benefit greatly from the interconnectivity, both at the clinician level and also at the IDN level, which I think is helping to kind of fuel this flywheel.

我認為，就 TAM 而言，我考慮的另一件事是還有很多互聯互通性需要考慮。許多醫療系統都擁有 LTAC。許多醫療系統都擁有自己的復健中心。許多醫療系統已經或正在進入專業護理設施領域。在醫院巡診的腎臟科醫師也會在家中的門診環境中巡診並在家中接待患者。因此，我們確實從互聯互通中受益匪淺，無論是在臨床醫生層面還是在 IDN 層面，我認為這有助於推動這個飛輪的發展。

Another, I'll give you one last observation that I found pretty interesting, Josh, is we have for the last 12 to 18 months seen a fair amount of executive leadership migration, executive leaders moving from one hospital to another, one health system to another. And that has really started to pay dividends for us as well, not that we had anything to do with that. But you can imagine, as the CNO moves from hospital A to hospital B and hospital A has successfully outsourced with Tablo and seen the benefits at their first hospital, they're kind of bringing that experience, that confidence and conviction to their next hospital executive leadership role.

另外，喬希，我最後要告訴你一個我發現非常有趣的觀察結果，那就是在過去的 12 到 18 個月裡，我們看到了相當多的高管領導層的遷移，高管領導從一家醫院轉移到另一家醫院，從一個醫療系統轉移到另一個醫療系統。這確實也開始帶給我們回報，儘管我們與此並無任何關係。但你可以想像，當 CNO 從 A 醫院轉移到 B 醫院，而 A 醫院已成功將業務外包給 Tablo 並在第一家醫院看到了好處時，他們會將這種經驗、信心和信念帶到下一家醫院的執行領導職位上。

So, we have actually experienced some tailwinds and some benefits that I think is only going to continue as this footprint for us grows in the acute and post-acute space and insourcing with Tablo becomes an interesting idea to the standard of care, which we fully intend to deliver on here in the coming future.

因此，我們實際上已經經歷了一些順風和一些好處，我認為，隨著我們在急性和後急性領域的足跡不斷擴大，這些好處只會持續下去，而與 Tablo 進行內部採購將成為護理標準的一個有趣的想法，我們完全打算在未來在這裡實現這一​​點。

Excellent. And sorry for another relatively high-level question. But you mentioned partnering up with the number 3, third largest dialysis provider for patient access to Tablo. I was hoping you could just provide a roadmap or help us think through the tailwinds for home hemo in second half '25 and into 2026. Clearly, that's a nice tailwind for Outset, but maybe the market and then any other tailwinds for the home hemo opportunity, how that's opening up, how you see it opening up and any tailwinds for Outset's home franchise specifically? Thank you.

出色的。抱歉，我又問了一個比較高層次的問題。但您提到與排名第三的透析提供者合作，以便患者可以使用 Tablo。我希望您能提供路線圖，或幫助我們思考 2025 年下半年和 2026 年家庭血液淨化的順風方向。顯然，這對 Outset 來說是一個很好的順風，但也許是市場以及家庭血液透析機會的任何其他順風，它是如何開放的，您如何看待它開放以及 Outset 家庭特許經營權的任何順風？謝謝。

Yes. Sure. I'm happy to. I always love talking about home. We have continued to make good progress in the home end market, both with the -- we call it, midsized dialysis organization, or MDOs, and then the skilled nursing facilities or SNFs. And that continues to contribute about 15% to 20% of our revenue, which is exactly in line with the expectations that we shared in the beginning of the year.

是的。當然。我很樂意。我總是喜歡談論家。我們在家庭終端市場繼續取得良好進展，包括我們稱之為中型透析組織或 MDO 以及專業護理機構或 SNF。這將繼續為我們的收入貢獻約 15% 至 20%，這與我們年初的預期完全一致。

Our overarching goals for home growth as we set up 2025 were, first and foremost, and at the risk of beating a dead horse, I'm really passionate about this topic around retention. I've always believed that sustainable longer-term growth has to start with an industry-leading retention rate, so that you're always growing from a strong foundation.

我們在製定 2025 年國內成長總體目標時，首先也是最重要的一點是，儘管冒著重複老生常談的風險，但我對保留這個話題非常感興趣。我一直相信，可持續的長期成長必須從行業領先的保留率開始，這樣你才能始終在堅實的基礎上成長。

We have maintained a 90% or greater retention during the first 90 days, which all of the data suggests is sort of the leading indicator of longer-term retention at home, and we have maintained very, very differentiatedly high retention rates at 12 months as well. So, the backbone of our growth is retention, regardless of the channel through which it comes.

我們在前 90 天保持了 90% 或更高的保留率，所有數據都表明，這是國內長期保留率的領先指標，而且我們在 12 個月內也保持了非常、非常差異化的高保留率。因此，無論透過何種管道，我們成長的支柱都是留存。

Our second goal was to achieve partnerships, with all of the largest MDOs in the country. And as of Q2, we now can check that box. We continue to see more location growth depth. Job number 1 is to contract with the largest MDOs. And then job number two over time is to deepen the utilization and offer Tablo in more and more and more of their locations. And that's the next phase that we're focused on now that we have achieved the contracts that we were hoping to achieve.

我們的第二個目標是與國內所有最大的 MDO 建立合作關係。從第二季開始，我們現在可以勾選該方塊。我們繼續看到更多的地點成長深度。第一項任務是與最大的 MDO 簽訂合約。然後，隨著時間的推移，第二項任務就是深化利用並在越來越多的地點提供 Tablo。既然我們已經達成了我們希望達成的合同，那麼這就是我們現在關注的下一階段。

And then the third thing is to begin our entry into SNFs. That was the third goal for '25. That does remain a very large, but also obviously very new to us market. The trappings are all there in the sense that the value proposition, it actually is quite similar to acute, lower and less complicated dialysis, which delivers a dramatically higher quality of life and treatment benefit for patients.

第三件事就是開始進入 SNF。這是 25 年的第三個進球。這確實是一個非常大的市場，但對我們來說顯然也是一個非常新的市場。從價值主張的意義上來說，它實際上與急性、低劑量和不太複雜的透析非常相似，可以為患者帶來顯著更高的生活品質和治療益處。

And so, we've gotten a good start to capitalizing on that here in 2025. As I mentioned, we're seeing some good kind of tailwind even through our acute partnerships into SNFs in addition to SNFs that want to directly manage dialysis in-house and through service providers that are specifically focused on coming in-house into the SNFs and providing dialysis there.

因此，我們已經為在 2025 年利用這一優勢取得了良好的開端。正如我所提到的，我們甚至透過與 SNF 建立密切的合作夥伴關係，以及希望直接在內部管理透析的 SNF，以及透過專注於進入 SNF 內部並在那裡提供透析的服務提供商，看到了一些很好的順風。

So that was a long answer, Josh. I apologize for that, but I'll just say that, those were our three key goals to continue to develop this market and penetrate into it with Tablo over the longer-term. But here in the near term, I think the team is executing very well across all three of these vectors.

所以，喬希，這是一個很長的答案。我對此表示歉意，但我只想說，這是我們繼續開發這個市場並與 Tablo 一起長期滲透的三個主要目標。但就短期而言，我認為團隊在這三個方面都表現得非常好。

Thanks Leslie. Excellent. Maybe if I could just sneak one in and maybe too granular with it. I mean, how should investors think about the growth trajectory from here second half of '25 into '26 for the home unit versus acute channel for Outset? Should that be kind of on par or would home or acute outpace the other? Thanks.

謝謝萊斯利。出色的。也許如果我可以偷偷地把它放進去並且可能太細粒度了。我的意思是，投資者應該如何看待從 25 年下半年到 26 年家用部門的成長軌跡以及 Outset 的急性管道？這應該算是同等水平嗎？還是家庭或急性病會超過其他疾病？謝謝。

Sure. No problem. Yes, broadly the same. I would think about it in the same way that we've always talked about acute and subacute as kind of our first wave of growth, and we are still very, very much in that first wave, as I mentioned, just only low double digits penetrated here. So, I would continue to expect acute, post-acute to be in that 80%, 85% of our revenue range with home as the remainder. So, we don't expect any changes in that mix as we look forward here.

當然。沒問題。是的，大致相同。我會以同樣的方式思考這個問題，就像我們一直談論急性和亞急性作為我們的第一波增長一樣，而且我們仍然處於第一波增長中，正如我提到的那樣，這裡只有低兩位數的滲透。因此，我預計急性病和急性後病治療將占我們收入範圍的 80% 到 85%，其餘部分來自家庭治療。因此，我們預計這種組合不會發生任何變化。

Great, thank you again.

太好了，再次感謝。

Of course.

當然。

Shagun Singh, RBC.

沙根·辛格，RBC。

Thank you, operator, and good afternoon, everyone. Thanks for taking the question. This is [Mo] on for Shagun Singh. Congrats on the quarter. I was wondering if you could touch a little bit deeper on some of the internal work that has been done to transform the commercial organization. You talked about the restructuring a little bit. Can you maybe just tell us where you stand on those efforts and maybe try to quantify that a little bit? Thank you very much and I'll have one follow up.

謝謝接線員，大家下午好。感謝您回答這個問題。這是 Shagun Singh 的 [Mo]。恭喜本季取得佳績。我想知道您是否可以更深入地談談為轉變商業組織而進行的一些內部工作。您稍微談了一下重整問題。您能否告訴我們您對這些努力的立場並嘗試稍微量化？非常感謝，我會跟進的。

Of course, yes, I'm happy to. Sort of -- to top line it for you, the commercial organization itself is, I would almost say, dramatically different than it was just a relatively short time ago. And again, credit to our commercial leader and her regional leadership team for implementing any number of changes and improvements.

當然，是的，我很樂意。某種程度上——總而言之，我幾乎可以說，商業組織本身與不久前相比發生了巨大的變化。再次感謝我們的商業領袖和她的區域領導團隊實施了許多變革和改進。

We looked at, Mo, to answer your question a little bit more specifically, we restructured the team. We looked at a new enterprise skill set. I've talked in the past about how our kind of original sales team was, I think, less able to capitalize on these enterprise-level opportunities that we had earned the right to get in front of. And just had a little bit of a different skill set, probably a little bit more start-up mode, as I would describe it.

莫，為了更具體地回答你的問題，我們重組了團隊。我們研究了一套新的企業技能。我過去曾談到，我認為我們原來的銷售團隊不太能夠利用我們有權獲得的企業級機會。正如我所描述的那樣，只是擁有一點點不同的技能，可能有點更像啟動模式。

And so, we needed capital sales professionals who had to put it shortly seen the movie before, and had success and a track record of end-to-end management of deals that were many dozens of Tablo and dozens of facilities that would all be making the move from outsourcing to insourcing. And so, I would say all of the work around infusing our team with those new skill sets is behind us, that work can be called complete.

因此，我們需要資本銷售專業人員，他們必須看過這部電影，並且擁有成功的端到端交易管理記錄，這些交易涉及數十個 Tablo 和數十個設施，這些設施都將從外包轉向內部採購。所以，我想說，為我們的團隊注入這些新技能的所有工作都已經完成，這項工作可以稱為完成了。

In addition to that, we introduced many new sales tools, data-driven sales tools that under a new Vice President of Sales Enablement, who's done an absolutely terrific job at enabling our team to be more focused, more targeted, and more efficient through the pipeline management, the sales process management, and also given the commercial and the finance organization, data-driven tools that have led to better forecasting and timing of close.

除此之外，我們還引入了許多新的銷售工具，即數據驅動的銷售工具，在新任銷售支援副總裁的領導下，他透過通路管理、銷售流程管理以及商業和財務組織的數據驅動工具，使我們的團隊更加專注、更有針對性和更有效率，從而實現了更好的預測和成交時機。

And lastly, we talked about introducing a new sales process. Again, this was aimed at a new segment of our audience, sort of more of our mainstream adopters versus the early adopters. And when the mainstream adopters are looking at moving from outsourcing to insourcing over, as I said, dozens and dozens of their hospital facilities, that's a different sales process. It's a really different sales process than the work that we needed to do, let's say, in 2021, 2022 earlier in our commercial penetration.

最後，我們討論了引進新的銷售流程。再次強調，這針對的是我們的受眾群體中的新群體，他們更多的是我們的主流採用者，而不是早期採用者。正如我所說，當主流採用者考慮從外包轉向內部採購時，數十家醫院設施的銷售流程就不同了。這是一個與我們在 2021 年、2022 年早期商業滲透過程中需要做的工作完全不同的銷售流程。

And so, we introduced an entirely new sales process with a very, very high level of inspection rigor and again, data-driven tools to ensure that we were moving across the country in every territory through an enterprise-level sales process in the same way. So, I'll stop there. This is a passion topic for me. I could go on and on. But I will stop there and hope that, that gives you the color that you're looking for.

因此，我們引入了全新的銷售流程，該流程具有非常高水準的檢查嚴格度，並且再次採用數據驅動的工具，以確保我們以相同的方式透過企業級銷售流程在全國各地開展業務。所以，我就到此為止。這對我來說是一個很熱衷的話題。我可以繼續說下去。但我會就此打住，並希望這能為你帶來你所尋找的色彩。

Totally, really appreciate it. And just a quick follow-up. You touched earlier on your goal to use less than $50 million of cash this year. Are you able to maybe talk a little bit more about what the outlook would be into 2026 for cash burn, just directionally? Any comments on that?

完全，真的很感激。這只是一次快速的跟進。您之前提到過，今年的目標是使用少於 5000 萬美元的現金。能否再多談談 2026 年現金消耗的前景，從方向來看？對此有何評論？

Yes. Mo, this is Renee. Happy to take this one. At this stage, we're -- we've given, I think, as much guidance as we're going to give at this stage. We've been really pleased with the performance, as you can see just in Q2, how much step down from Q1. And then we've given some sort of insight around what we expect for the back half of the year.

是的。莫，這是蕾妮。很高興拿到這個。在這個階段，我認為我們已經給了盡可能多的指導。我們對業績感到非常滿意，正如您所見，第二季的業績與第一季相比下降了很多。然後我們對今年下半年的預期給了一些見解。

I wanted to give some comfort into 2026 and some high-level view that it might not be just $5 million a quarter going forward. We're going to have a little bit of elevation as we, again, ramp production to continue to move towards sales growth, and we get back to sort of a normalized state on inventory production as well as one-off items that happen generally in Q1.

我希望為 2026 年帶來一些安慰，也希望從高層角度來看，未來可能不只是每季 500 萬美元。隨著我們再次提高產量以繼續實現銷售成長，我們的業績將略有提升，庫存生產以及通常在第一季發生的一次性項目將恢復到正常狀態。

At the moment, that's as much as we're going to give. I think as we get to the end of the year, we're going to absolutely be in a place to give additional guidance for 2026.

目前，我們能給予的就這麼多。我認為，隨著今年年底的到來，我們絕對能夠為 2026 年提供更多指導。

That's extremely helpful. I really appreciate it, and congrats again. Thank you very much.

這非常有幫助。我真的很感激，再次祝賀。非常感謝。

Thank you.

謝謝。

I'm showing no further questions at this time. I would now like to turn it back to Leslie Trigg for closing remarks.

我目前沒有其他問題。現在我想請 Leslie Trigg 做最後發言。

Thanks, and thanks again to all of you for joining today. I'd really like to close by thanking our entire team for the meaningful difference that they're making every single day in the lives of dialysis patients and the providers who care for them. I hope you all have a great evening. Thanks again.

謝謝，再次感謝大家今天的參加。最後，我要衷心感謝我們整個團隊，感謝他們每天為透析患者和照顧他們的醫護人員的生活做出的有意義的改變。我希望大家度過一個愉快的夜晚。再次感謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。