Outset Medical Inc (OM) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Outset Medical Q3 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Jim Mazzola, Head of Investor Relations. Please go ahead, sir.

您好，感謝您的耐心等待。歡迎參加 Outset Medical 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的主講人，投資人關係主管吉姆‧馬佐拉先生。請繼續，先生。

Good afternoon, everyone, and welcome to our third quarter 2025 earnings call. Here with me today, as always, are Leslie Trigg, Chair and Chief Executive Officer; and Renee Gaeta, Chief Financial Officer. We issued a news release after the close of market today, which can be found on the Investor pages of outsetmedical.com.

各位下午好，歡迎參加我們2025年第三季財報電話會議。今天和我在一起的，一如既往，是董事長兼首席執行官萊斯利·特里格；以及首席財務官蕾妮·蓋塔。今天收盤後，我們發布了一份新聞稿，可以在 outsetmedical.com 的投資者頁面上找到。

This call is being recorded and will be archived on the Investors section of our website. It is our intent that all forward-looking statements made during today's call be protected under the Private Securities Litigation Reform Act of 1995.

本次通話將會被錄音，並將存檔於我們網站的投資者關係版塊。我們意圖使今天電話會議中所做的所有前瞻性陳述均受 1995 年《私人證券訴訟改革法案》的保護。

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

這些聲明涉及對未來事件的預期或預測，基於我們目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 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. Leslie?

Outset不承擔更新這些聲明的義務。有關與我們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報告和季度報告。萊斯利？

Thanks for your patience, everybody, and thanks again for joining us. Before we get into the details of the quarter and our revised revenue guidance, I'd like to begin with a few key takeaways. First, while we've made significant progress transforming our sales process and strengthening our team, our third quarter results show that there's still work ahead.

感謝大家的耐心等待，再次感謝大家的參與。在詳細介紹本季業績和我們修訂後的收入預期之前，我想先總結幾個關鍵要點。首先，雖然我們在改革銷售流程和加強團隊方面取得了重大進展，但第三季的業績表明，我們還有很多工作要做。

Several large opportunities that remain in the final stages of our sales process were forecasted for the third and fourth quarters, and we now expect them to close over the fourth quarter and into 2026. This is a shift in timing, not in our expectations for closing these significant in-sourcing opportunities with large nationally recognized health systems.

我們預計第三季和第四季將有幾個大型交易機會處於銷售流程的最後階段，現在我們預計這些交易將在第四季完成，並延續到 2026 年。這只是時間上的調整，而不是我們對與全國知名的大型醫療系統達成這些重要的內部採購合作機會的預期改變。

As we've shifted towards selling enterprise-wide in-sourcing, we are managing very large opportunities that often span dozens of hospitals within a large health system. For example, an opportunity we had forecasted to close in the third quarter required approvals from the executive leadership of more than a dozen different hospitals after approval at the corporate level.

隨著我們轉向銷售企業範圍內的內部資源，我們正在管理非常大的機會，這些機會通常涵蓋大型醫療系統內的數十家醫院。例如，我們預測將在第三季完成的一個機會，在獲得公司層級的批准後，還需要獲得十幾家不同醫院的高階主管的批准。

We need to, and I fully expect we will better anticipate these deal dynamics going forward. We continue to make good progress on this particular opportunity, which we expect to realize via multiple orders spanning the remainder of the fourth quarter and into next year.

我們需要這樣做，而且我完全相信，未來我們將能夠更好地預測這些交易動態。我們在這個特定機會上持續取得良好進展，預計將在第四季度剩餘時間和明年透過多筆訂單實現這一目標。

Second, hospital demand continues to grow as a result of the clinical, operational and financial benefits that can be achieved by in-sourcing dialysis with Outset's proven technology, expert know-how and exceptional service. We continue to see clear evidence that acute customer demand for in-sourcing with Tablo is growing, and we expect this will support growth for many years to come. Tablo console sales increased 8% in the third quarter.

其次，由於採用 Outset 成熟的技術、專業知識和卓越的服務進行透析治療可以帶來臨床、營運和財務方面的益處，醫院的需求持續增長。我們持續看到明確的證據表明，客戶對 Tablo 內部資源的需求正在不斷增長，我們預計這將支持未來多年的成長。Tablo遊戲機第三季銷量成長了8%。

Our pipeline grew meaningfully over last year, and the average size of our sales opportunities increased more than 20%. The markets we serve are large, and we are changing practice within them. Third, our ability to expand gross margin to our next milestone of 50% comes into clear focus with each subsequent quarter of progress, reaching nearly 40% non-GAAP gross margin in the third quarter and remaining disciplined in expense management provides fuel on our path to profitability. Turning to commercial execution. Our third quarter results fell short of our expectations.

與去年相比，我們的銷售管道顯著成長，平均銷售機會規模成長超過 20%。我們服務的市場規模龐大，我們正在改變其中的經營方式。第三，隨著每季的進展，我們實現毛利率達到下一個里程碑 50% 的能力也越來越清晰。第三季非 GAAP 毛利率接近 40%，我們始終嚴格控制費用，這為我們獲利提供了動力。進入商業執行階段。我們第三季的業績未達預期。

Last week, I accepted the resignation of our Head of Sales, who has made the decision to retire. We have a strong sales leadership team in place that will now report to me directly as we conduct a search process, which is already underway.

上週，我接受了銷售主管的辭呈，他決定退休。我們已經組建了一支強大的銷售領導團隊，在進行招募工作期間，他們將直接向我報告工作，招募工作已經開始。

This leadership change may result in some internal disruption in the fourth quarter, which is a factor we felt was prudent to take into account as we considered our approach to guidance for the remainder of the year. What I can assure you is that our team has an unwavering commitment to our customers and the patients they serve, and I expect we will demonstrate that commitment as we move through the fourth quarter and into next year.

這次領導層變動可能會在第四季造成一些內部混亂，我們認為在考慮今年剩餘時間的業績指引時，應該謹慎地考慮到這一因素。我可以向你們保證，我們的團隊對我們的客戶和他們服務的患者有著堅定不移的承諾，我預計我們將在第四季和明年繼續展現這種承諾。

Taking a closer look at the third quarter, revenue was $29.4 million, which represents 3% growth over the third quarter of last year. Treatment utilization was strong, and we remain disciplined in our pricing across consoles and consumables.

仔細觀察第三季度，營收為 2,940 萬美元，比去年第三季成長了 3%。治療方案的使用情況良好，我們在主機和耗材的定價方面仍然保持嚴格把控。

We believe ASP strength indicates that customers see Tablo appropriately priced for the value delivered and consistent utilization reinforces that once a unit is installed, it's used and provides a long tail of recurring revenue. We also were pleased with our progress executing against a clear path to cash flow breakeven and then profitability.

我們認為 ASP 的強勁表​​現表明客戶認為 Tablo 的定價與其提供的價值相符，而持續的利用率也印證了這一點：一旦安裝了設備，它就會被使用，並帶來長期的經常性收入。我們也對我們在實現現金流收支平衡並最終盈利方面取得的進展感到滿意。

This path begins with top line growth and gross margin expansion. It includes disciplined spend management, and it shows up in the both significant reduction in cash use we project for 2025 and in the leverage we see to the bottom line.

這條道路始於營收成長和毛利率擴張。它包括嚴格的支出管理，這體現在我們預計 2025 年現金使用量的大幅減少以及我們看到的對利潤的提升。

Additionally, our base of clinical, financial and operational evidence supporting the advantages of in-sourcing continues to grow. Last week, there were three new data sets presented at the Annual Kidney Week Conference.

此外，我們支持內部化優勢的臨床、財務和營運證據基礎也在不斷增長。上週，在年度腎臟週會議上公佈了三組新的數據集。

Among the findings, we presented data from more than 1 million Tablo treatments across approximately 750 facilities that show the clinical effectiveness of in-sourced dialysis in achieving rigorous treatment goals, including up to 24-hour treatments that typically involve the most critically ill patients.

在研究結果中，我們展示了來自約 750 家機構超過 100 萬次 Tablo 治療的數據，這些數據表明，院內透析在實現嚴格的治療目標方面具有臨床療效，包括長達 24 小時的治療，這些治療通常涉及病情最危重的患者。

One of our customers, AdventHealth, also presented data from the conversion of their Ocala, Florida site to an in-sourced dialysis service line with Tablo. Their results over five years showed a 94% reduction in serious cardiac or respiratory events, a sustained reduction in central line bloodstream infections, a very high nurse retention rate with greater than 95% dialysis staff satisfaction and a strong return on investment in the first two years of operations.

我們的客戶之一 AdventHealth 也展示了他們位於佛羅裡達州奧卡拉的站點與 Tablo 合作，將其改造為內部透析服務線的相關數據。五年來，他們的研究結果顯示，嚴重心臟或呼吸系統事件減少了 94%，中心靜脈導管血流感染持續減少，護理師留任率非常高，透析工作人員滿意度超過 95%，並且在營運的前兩年獲得了強勁的投資回報。

These results support the sentiment we hear from many nurse leaders who believe that in-sourcing with Tablo should be the standard of care at any hospital that provides inpatient dialysis.

這些結果支持了我們從許多護理領導者那裡聽到的觀點，他們認為，對於任何提供住院透析的醫院來說，與 Tablo 合作進行內部透析都應該成為護理標準。

With that, I'll turn it over to Renee for more detail on the quarter before I provide closing comments.

接下來，我將把發言權交給蕾妮，讓她詳細介紹本季的情況，之後我將作總結發言。

Thank you, Leslie, and good afternoon, everyone. Revenue for the third quarter of $29.4 million consisted of $20.6 million in product revenue, which was slightly ahead of $20.3 million in the prior year period. Product revenue included console sales of $8.3 million and consumable sales of $12.2 million.

謝謝你，萊斯利，大家下午好。第三季營收為 2,940 萬美元，其中產品營收為 2,060 萬美元，略高於去年同期的 2,030 萬美元。產品收入包括主機銷售額 830 萬美元和耗材銷售額 1,220 萬美元。

Service and other revenue of $8.9 million grew 6% from $8.4 million in the prior year period. Recurring revenue from the sale of Tablo consumables and service was $21.1 million, slightly ahead of the third quarter of 2024.

服務及其他收入為 890 萬美元，比去年同期的 840 萬美元增長了 6%。Tablo 耗材和服務銷售的經常性收入為 2,110 萬美元，略高於 2024 年第三季。

Third quarter recurring revenue was dampened by ordering patterns for treatments across our large volume acute care customers that don't always perfectly mirror underlying utilization. For example, during the quarter, data from connected Tablo consoles showed that several of our large acute care customers performed twice as many treatments as they ordered.

第三季經常性收入受到大量急性照護客戶治療訂單模式的影響，這些訂單模式並不總是能完全反映實際使用情況。例如，本季從連接的 Tablo 控制台獲得的數據顯示，我們的一些大型急診護理客戶實際執行的治療次數是他們訂購的治療次數的兩倍。

Thus far, in the fourth quarter, we have seen treatment orders accelerate to better match actual utilization. We expect treatment revenue to normalize next year as we lap the comparison to an unusually strong fourth quarter in 2024, and we see orders from our larger acute care customers catch up with our usage data. We also believe there are steps we can take to help the ordering patterns of our customers more closely align with actual utilization to assist us with better visibility and forecasting.

到目前為止，在第四季度，我們已經看到治療訂單加速增加，以更好地匹配實際使用情況。我們預計明年治療收入將恢復正常，因為與 2024 年第四季度異常強勁的業績相比，我們將不再需要進行大幅度比較，而且我們看到來自大型急診客戶的訂單將與我們的用量數據相符。我們也相信，我們可以採取一些措施，幫助客戶的訂購模式與實際使用情況更加緊密地結合起來，從而幫助我們更好地了解情況並進行預測。

We will be working to make these improvements during 2026. Next, I will 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.

我們將在 2026 年努力實現這些改進。接下來，我將詳細介紹本季的毛利率和營運費用。請參考今天發布的獲利報告中的表格，以了解 GAAP 與非 GAAP 指標的調整表。

Non-GAAP gross margin expanded another 350 basis points from last year, reaching 39.9% for the quarter, even with a 130 basis point headwind from the under-absorption of manufacturing overhead. Excluding the manufacturing headwind, we would have seen non-GAAP gross margin above 41% for the first time.

即使受到製造費用吸收不足帶來的 130 個基點的不利影響，非 GAAP 毛利率仍比去年同期增長了 350 個基點，達到 39.9%。如果排除製造業的不利因素，我們將首次看到非GAAP毛利率超過41%。

Product gross margin increased 250 basis points year-over-year to 45.7% from 43.2% in the third quarter of 2024. Service and other gross margin was 24.8%, more than doubling from the 12.5% we reported in the third quarter of 2024.

產品毛利率年增 250 個基點，從 2024 年第三季的 43.2% 增至 45.7%。服務和其他業務的毛利率為 24.8%，比 2024 年第三季報告的 12.5% 翻了一番還多。

This progress keeps us right on our path to the next milestone of 50%. 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. For the full year, I continue to expect a headwind of approximately 150 basis points, which will have a diminishing effect in 2026.

這項進展使我們離下一個里程碑——50%的目標——更近了一步。我們正朝著優化庫存水準和逐步提高產量的計劃穩步前進，這將進一步減輕我們全年討論的未消化生產對毛利率的影響。全年來看，我預計仍將面臨約 150 個基點的不利影響，但到 2026 年這種影響將會減弱。

Moving to operating expenses. We continue to see the positive impact of actions taken primarily during the second half of 2024 to remove $80 million of annualized spend. For the quarter, non-GAAP operating expenses declined 17% to $22.1 million compared to $26.5 million in the third quarter of 2024.

接下來是營運費用。我們繼續看到主要在 2024 年下半年採取的措施所帶來的正面影響，這些措施旨在減少 8,000 萬美元的年度支出。本季度，非GAAP營運費用下降17%至2,210萬美元，而2024年第三季為2,650萬美元。

Non-GAAP operating loss was $10.4 million, over 35% below the operating loss of $16.1 million in the prior year period. Non-GAAP net loss was $12.4 million, was 39% lower than $20.2 million in the third quarter of 2024. These measures reflect the positive results of our drive to profitability.

非GAAP營業虧損為1,040萬美元，較上年同期的1,610萬美元營業虧損減少了35%以上。非GAAP淨虧損為1,240萬美元，比2024年第三季的2,020萬美元減少了39%。這些措施反映了我們追求獲利目標所取得的正面成果。

Moving to our balance sheet. We ended the quarter with $182 million in cash, cash equivalents, short-term investments and restricted cash. We used approximately $6 million in cash during the quarter, driven by expanding gross margin, lower operating expenses and the optimization of inventory levels. Turning to our guidance for 2025.

接下來來看看我們的資產負債表。本季末，我們持有現金、現金等價物、短期投資和受限現金共 1.82 億美元。本季度我們使用了約 600 萬美元現金，這主要得益於毛利率的提高、營運費用的降低以及庫存水準的優化。接下來，我們來看看2025年的指導方針。

Considering the factors Leslie and I have covered, we revised our 2025 revenue guidance to a range of $115 million to $120 million from our prior guidance of $122 million to $126 million. We continue to expect gross margin for the full year to be in the high 30% range.

考慮到萊斯利和我討論過的因素，我們將 2025 年的收入預期從之前的 1.22 億美元至 1.26 億美元調整為 1.15 億美元至 1.2 億美元。我們仍然預計全年毛利率將在 30% 以上。

With regards to operating expenses, we remain on track in the low $90 million range for 2025. The combination of revenue growth, gross margin expansion and expense discipline means that we continue to expect to use less than $50 of cash in 2025. As a reminder, we used more than $100 million in 2024.

至於營運費用，我們預計 2025 年的費用將維持在 9,000 萬美元左右。收入成長、毛利率擴張和費用控制相結合，意味著我們預計到 2025 年現金使用量將少於 50 美元。提醒一下，我們在 2024 年使用了超過 1 億美元。

So we are trending towards more than a 50% reduction in operating cash use. We continue to believe our cash balances are sufficient through cash flow breakeven and beyond. With that, I'll turn the call back over to Leslie for closing comments.

因此，我們的營運現金使用量預計將減少 50% 以上。我們仍然相信，我們的現金餘額足以支撐現金流收支平衡，甚至更高。接下來，我將把電話轉回給萊斯利，請她做總結發言。

Thanks, Renee. I want to close this and that we operate in two large end markets where we remain the clear technology leader. We are now approaching 1,000 acute sites using Tablo on a run rate of 1 million treatments per year, and we expect to close the year having performed more than 3 million cumulative treatments on Tablo systems.

謝謝你，蕾妮。我想總結一下，我們在兩個大型終端市場中運營，並且在這些市場中仍然是明顯的技術領導者。目前，我們已在近 1,000 個急性治療點使用 Tablo，年治療量達 100 萬次，預計到年底，Tablo 系統累積治療量將超過 300 萬次。

We are gaining scale with significant growth runway ahead as our installed base matures. With hundreds of customer master sales and service agreements already in place, our expansion opportunity within our current customer base alone is significant.

隨著用戶群的成熟，我們的規模正在擴大，未來還有很大的成長空間。由於我們已經簽訂了數百份客戶主銷售和服務協議，僅在我們現有的客戶群中，我們的擴張機會就非常巨大。

And on top of that, we continue to convert new customers in this multibillion-dollar acute care market. Gross margin has reached a new high. Our operating expenses have been rightsized, and we are well capitalized with cash that puts us in a strong position to deliver on our long-term mission. And importantly, our technology, in-sourcing expertise and customer experience moat is getting wider and deeper. All of this progress sets a powerful foundation for value creation over the long term.

除此之外，我們還在價值數十億美元的急診市場中不斷贏得新客戶。毛利率創歷史新高。我們的營運支出已得到合理控制，並且我們擁有充足的現金，這使我們能夠更好地實現我們的長期使命。更重要的是，我們的技術、內部專業知識和客戶體驗優勢正在不斷擴大和深化。所有這些進展都為長期價值創造奠定了堅實的基礎。

Customer demand for what only Outset can offer continues to grow. Providers, including some of the largest health systems in the country, are realizing the enormous clinical, financial and operational advantages that in-sourcing with Tablo can deliver. The market opportunity remains wide open for us as we continue to improve our execution, which I believe will enable us to make significant progress in 2026 and beyond.

客戶對只有 Outset 才能提供的服務的需求持續成長。包括美國一些最大的醫療系統在內的醫療服務提供者正在意識到，透過與 Tablo 合作進行內部營運可以帶來巨大的臨床、財務和營運優勢。隨著我們不斷改進執行力，市場機會依然廣闊，我相信這將使我們能夠在 2026 年及以後取得重大進展。

And with that, I think we are ready for Q&A. Operator, please open the lines, if you will.

至此，我想我們已經準備好進入問答環節了。接線員，請開通線路。

(Operator Instructions)

（操作說明）

Rick Wise, Stifel.

Rick Wise，Stifel。

Good afternoon, Leslie, hi Renee, there's a lot of questions. Just maybe -- and I think you make a persuasive case for -- and for the factors behind the quarter performance and the change in guidance and the positive outlook. But maybe come at this from a couple of directions. The guidance, Tim, the $6 million or $7 million at each end of the range, is that one order, three orders? Is it -- I mean, is that all reflective of that?

下午好，萊斯利；嗨，蕾妮，有很多問題。或許——而且我認為你對此提出了令人信服的論點——以及季度業績、業績指引變化和積極展望背後的因素。但或許可以從幾個不同的角度來探討這個問題。提姆，你給的指導意見，即價格區間兩端各 600 萬或 700 萬美元，是指一筆訂單，還是三筆訂單？我的意思是，這一切是否都反映了這一點？

Or is there extra insurance baked in? And it must be incredibly frustrating. How conservative are you being about this since you have, as you cited, the one, headquarters approval and you're just getting the signatures on the other 12 hospitals. Just -- maybe just talk us through all that, if you would, for starters.

或其中是否包含額外的保險？這肯定令人非常沮喪。既然如您所說，您已經獲得了總部的批准，而您現在只是在爭取其他 12 家醫院的簽名，那麼您對此事的態度有多保守呢？首先，如果您方便的話，能不能給我們詳細講解這一切？

So Rick, this is Renee. I'll start sort of on the numbers commentary, and then I'll let Leslie sort of comment on our overall thinking beyond that. But certainly, the shortfall -- the way we look about it is, first of all, just what happened in the quarter, right? And so if you just look at Q3, the primary driver for the shortfall is a large console opportunity slipping from the third quarter into the fourth. And so then we then took a step back.

瑞克，這位是蕾妮。我先從數據方面做些評論，然後讓萊斯利對我們更宏觀的思考做一些評論。但可以肯定的是，對於這個缺口——我們看待這個問題的方式首先是，看看本季到底發生了什麼，對吧？因此，如果只看第三季度，造成業績下滑的主要原因是主機市場的一個巨大機會從第三季度滑落到了第四季度。於是，我們退後了一步。

And of course, when we're trying to think about guidance for the remainder of the year, we're looking at all of those deals that were slated for the back half of the year that didn't close in Q3 and then anticipated to close in Q4 and where are we at with those deals.

當然，當我們考慮今年剩餘時間的業績指引時，我們會關注所有原定於下半年完成但第三季度未能完成、預計第四季度完成的交易，以及這些交易目前的進展情況。

And I would say there are, again, sort of a couple of these larger enterprise deals where we are trying to change the standard of care and therefore, identifying that, just being realistic about where we think that those are at. And I would say factoring in the departure of our Head of Sales that this is a disruptive -- could be a disruptive situation, and we're just being mindful of that when we forecast the remainder of our guidance for the year.

而且我想說，再次強調，有一些規模較大的企業交易，我們正在努力改變護理標準，因此，我們需要明確這一點，並對我們認為這些交易所處的階段保持務實的態度。而且，考慮到銷售主管的離職，這可能會造成混亂，我們在預測今年剩餘時間的表現時，我們會考慮到這一點。

Got you. No, that's clear. I don't know whether you wanted to say something, Leslie, or shall I go ahead?

抓到你了。不，這很清楚。萊斯利，我不知道你是否想說什麼，還是我先說？

Yeah, please go ahead, Rick, that was well said by Renee.

是的，瑞克，請繼續，蕾妮說得很好。

Yeah, very clear. And I'm going to ask a couple of questions, if I could. But console revenues were better than we were thinking this quarter. Again, I'm not sure how to balance the third quarter performance with the order timing commentary. I mean that was encouraging as was the service.

是的，非常清楚。如果可以的話，我想問幾個問題。但本季主機遊戲收入比我們預期的要好。同樣，我不太確定如何平衡第三季的業績和訂單時間的評論。我的意思是，這很令人鼓舞，服務也很好。

Can you talk more about what you're seeing and just help us better understand the individual moving numbers and what we're looking at and how that fits into this larger narrative you're sharing today.

您能否更詳細地談談您觀察到的情況，幫助我們更好地理解各個變動數字，以及我們正在關注的內容，並說明這些內容如何融入您今天分享的這個更大的敘事中？

Sure. We -- yes, we did see an increased growth in console revenue over the third quarter of last year, which felt very positive. And at the same time, as you noted, we were very frustrated and not pleased with our own execution in terms of our ability to consistently predict the timing of deal close. We have more work to do there. We can be better, and we will be better.

當然。是的，我們確實看到主機收入比去年第三季有所成長，這令人非常欣喜。同時，正如您所指出的，我們對自己在持續預測交易完成時間方面的表現感到非常沮喪和不滿。我們在那裡還有更多工作要做。我們可以做得更好，而且一定會做得更好。

I think it is important to recognize as we look forward that -- and I noted in the prepared remarks that the order size -- the order sizes of our -- the individual deals in our pipeline, it has grown substantially. The average deal size has grown by about 20%. And that has some implications, both sort of both good and challenging. I think great in the sense that we are seeing demand and very high interest, as we noted, from the largest health systems in the country.

我認為，展望未來，我們必須認識到——我在準備好的發言稿中也提到了這一點——訂單規模——我們——我們正在洽談的單一交易的訂單規模，已經大幅增長。平均交易規模增加了約 20%。這會帶來一些影響，既有好的方面，也有挑戰性。我認為情況非常好，因為我們看到了需求，正如我們所指出的，來自全國最大的醫療系統的興趣非常濃厚。

And we also have to be ready for the challenges of being able to predictably and consistently call the timing of when those deals are going to close. And so while I think we have made a, a really meaningful amount of progress, foundational progress on -- over the last year, implementing a new sales process, new sales tools, hiring to a different sales profile, getting our organization really proficient at selling at the enterprise level.

我們也要做好準備，迎接能夠準確、持續地預測這些交易何時完成的挑戰。因此，雖然我認為我們在過去一年中取得了非常有意義的進展，取得了基礎性的進展，實施了新的銷售流程、新的銷售工具，招募了不同銷售職位的人員，使我們的組織真正精通企業級銷售。

All those changes have taken root, and they really have helped to transform the organization. Our work is not done. And now it's time to refine and continue to improve our ability to control the deal timing and predict time to close. And that's our next step here.

所有這些改變都已生根發芽，並且確實幫助組織實現了轉型。我們的工作還沒完成。現在是時候改進並繼續提高我們控制交易時機和預測成交時間的能力了。這就是我們下一步要做的事。

Got you. And maybe just last for me for now. In looking for a new sales leader, Leslie, what kind of individual are you looking for? What kind of experience? What do you need them to bring?

抓到你了。也許對我來說，這就是目前為止的最後一點了。萊斯利，在尋找新的銷售主管時，你想要什麼樣的人才？什麼樣的經歷？你需要他們帶什麼？

And sort of the unfair part of the question is -- how quickly do you think you can make this happen? And what are the implications of this sales leader transition for '26? Are we more anxious now? Should we be more anxious about either the outlook for '26 or the magnitude of '26 or the way the '26 year could unfold because of this particular issue?

而這個問題不公平的地方在於──你認為你能多快實現這件事？那麼，此次銷售領導層更迭對 2026 年有何影響？現在我們更焦慮了嗎？我們應該更擔心 2026 年的前景、2026 年的嚴重程度，還是 2026 年由於這一特定問題而可能的發展方式？

Of course. Sure. I'm happy to address all of that. Maybe I'll take it from the top. In terms of the criteria for our search, and I'll emphasize that the search is already underway, and I'll address your question there in a second, Rick, around timing.

當然。當然。我很樂意回答所有這些問題。或許我會從頭開始。關於我們的搜尋標準，我要強調的是，搜尋工作已經開始了，瑞克，我稍後會回答你關於時間安排的問題。

But the search is underway. I don't think any of the criteria will surprise you, but I'll take you through it. First and foremost is a background in capital equipment. Number two, a background and strong track record in enterprise sales, total conversion of health systems, total standardization of health systems, the ability to convert many hospitals inside a health system to standardization around one, technology and one, care delivery model.

但搜尋工作正在進行中。我想這些標準都不會讓你感到意外，但我還是會為你一一講解。首先，最重要的是具備資本設備的背景知識。第二，擁有企業銷售、醫療系統全面轉型、醫療系統全面標準化的背景和強大的業績記錄，能夠將醫療系統內的多家醫院轉型為圍繞單一技術和單一護理服務模式的標準化模式。

And someone, I would say, maybe three who has the capacity to act very strategically, but at the same time, is extremely immersed in the details, sort of obsessed with the details and involved with the customer and with our sales team every step of the way.

我認為，或許需要三個人，他們有能力進行非常策略性的決策，但同時又非常注重細節，甚至可以說是癡迷於細節，並且全程參與到客戶和銷售團隊的工作中。

And last, I'll say somebody who is an exceptional coach, somebody who is an exceptional leader developer and will ensure that we continue to preserve what's great about Outset and our sales team right now, which is who they are as individuals and in the collective from a culture standpoint.

最後，我想說，我們需要一位傑出的教練，一位傑出的領導者培養者，他能夠確保我們繼續保持 Outset 和我們銷售團隊目前的優勢，即他們作為個體以及從文化角度來看作為一個整體所展現出的優秀品質。

So that's what we're going to have our eye on there, Rick, as we move forward in our search. I will say in terms of impact, let me start by several of our sales VPs were hired prior to Laura joining. So I think it's important to note that we have really good tenure and importantly, experience, both in acute and home in these top roles. So I want to emphasize that.

所以，里克，這就是我們接下來要重點關注的方面，在我們繼續尋找的過程中。就影響而言，我想先說明一點，我們的幾位銷售副總裁都是在勞拉加入之前聘用的。所以我認為有必要指出，我們這些高階職位上的人員都擁有非常良好的任期，更重要的是，他們在急診和家庭護理方面都經驗豐富。所以我想強調這一點。

At the same time, we have many other very valuable team members who are serving in important roles and making meaningful contributions that remain very committed to Outset and our mission and the opportunity here.

同時，我們還有許多其他非常優秀的團隊成員，他們在重要的職位上發揮著重要作用，做出了有意義的貢獻，他們始終對 Outset 和我們的使命以及這裡的機會充滿熱情。

I am very much looking forward to, as I know Renee is as well, is getting even more directly engaged with the team with the sales team now reporting to me and sales operations reporting to Renee and getting even deeper engagement with our customers.

我非常期待，因為我知道蕾妮也很期待，銷售團隊現在向我匯報，銷售營運團隊向蕾妮匯報，從而能夠更直接地參與到團隊工作中，並與我們的客戶進行更深入的互動。

That said, as Renee noted, whenever you make a change in sales leadership, you do see the potential for some distraction. What does that all mean at a practical level? It can mean fewer selling hours, right, as everybody sort of digests the change and gets ready for new leadership. So we did feel it was prudent to account for this in our revised guidance.

也就是說，正如蕾妮指出的那樣，每當銷售領導層發生變動時，都會出現一些幹擾的可能性。從實際層面來看，這一切意味著什麼？這意味著銷售時間可能會減少，對吧？因為大家都在消化這種變化，並為新的領導做好準備。因此，我們認為在修訂後的指南中考慮這一點是明智之舉。

But I am very confident that hiring a new sales leader will take us to the next level and help us get to the state of predictability and consistency around deal close timing that we're looking for.

但我非常有信心，聘請一位新的銷售主管將帶領我們邁上新的台階，並幫助我們達到我們所追求的交易完成時間的可預測性和一致性。

Thank you.

謝謝。

Shagun Singh, RBC.

Shagun Singh，RBC。

Great, thank you so much. Leslie, I just wanted to kind of touch on the visibility and the growth outlook for your business here. In '25, you're delivering about 3% growth off of pretty easy comps last year. You're exiting the year with a 9% year-over-year decline. So firstly, what does that imply for '26? I think consensus is at 10.5% year-over-year growth.

太好了，非常感謝。萊斯利，我只是想稍微談談你公司的知名度和成長前景。2025 年，在去年相對較低的基數基礎上，你們實現了約 3% 的成長。今年結束時，你的業績年減了9%。首先，這對 2026 年意味著什麼？我認為市場普遍預期年成長率為10.5%。

And then also, how do you think about the long-term growth of this business? Is this mid-single digit, high single-digit, low double-digit growth business? How should we think about it? It's definitely a large market opportunity, but how do you give investors conviction in the execution?

此外，您如何看待這家企業的長期發展？這是個位數中段、個位數高段還是兩位數低段的成長業務？我們該如何看待這個問題？這無疑是一個巨大的市場機遇，但如何讓投資人對專案的執行充滿信心呢？

Yeah, sure. Well, I'll start by reiterating something that you won't be surprised to hear me say. We haven't obviously provided guidance for any period past 2025. And obviously, we look forward to doing that in the future. I'm glad you touched on what hasn't changed, which is -- demand is growing despite the setback this quarter with deal timing, the deals in the pipeline are progressing and the size of those deals continues to get larger.

當然可以。好吧，首先我要重申一點，相信你們不會感到驚訝。我們顯然沒有提供2025年以後的任何時期的指導。當然，我們期待未來能夠做到這一點。我很高興你提到了沒有改變的事情，那就是——儘管本季交易時間有所延誤，但需求仍在增長，正在進行的交易正在推進，而且這些交易的規模也在不斷擴大。

Our competitive differentiation, our in-sourcing ecosystem and moat is getting wide -- wider and wider and deeper. And the console utilization remains very high and really consistent, which we've always felt is extremely important because utilization is the most direct reflection of the customer experience. It's something we're really proud of, and it continues to feed that foundation of recurring revenue.

我們的競爭優勢、我們的內部資源生態系統和護城河正在變得越來越寬廣、越來越深。而且主機使用率一直都非常高，而且非常穩定，我們一直認為這一點極為重要，因為使用率最直接反映了客戶體驗。我們對此感到非常自豪，而且它也持續為我們提供穩定的收入來源。

Obviously, what we saw this quarter is we still have work to do on this final piece of the commercial transformation, but we believe that work can be accelerated under new leadership. And so we do remain as optimistic and confident as ever about our future as we look forward because what we saw in the quarter, I don't want to trivialize it.

顯然，本季度我們看到，我們在商業轉型的最後階段仍有許多工作要做，但我們相信，在新領導層的帶領下，這項工作可以加快步伐。因此，展望未來，我們仍然像以往一樣對未來充滿樂觀和信心，因為我們在本季度所看到的，我不想輕視它。

We're not happy with it. We're not pleased with the execution. But what we saw in the quarter was a shift in timing. We do know we have more work to do on capital sales execution to better anticipate these deal dynamics with these larger and larger deals. But that said, nothing has changed in our market opportunity or technology or know-how and the core customer demand from larger and larger health systems really gives us even more confidence in our ability to grow revenue at differentiated rates in the future.

我們對此並不滿意。我們對執行情況並不滿意。但我們在本季看到的是時間上的變化。我們知道，在資本銷售執行方面，我們還有很多工作要做，以便更好地預測這些規模越來越大的交易的動態。但即便如此，我們的市場機會、技術或專業知識都沒有改變，而且來自規模越來越大的醫療系統的核心客戶需求，確實讓我們對未來以差異化的速度增長收入的能力更有信心。

But that being said, I'll maybe transition from my -- sort of my color over to Renee for any other comments.

但話雖如此，我可能會從我的——某種程度上說我的顏色——過渡到Renee，以便發表其他評論。

Yeah, sure. I think as you think about just reflecting on the update that we've provided with our 2025 guidance and the trim on that number, it's a good starting point for how we should be thinking about 2026. Of course, highlighting all of the factors that we talked about today.

當然可以。我認為，回顧我們對 2025 年業績指引的更新以及對該數字的調整，這為我們思考 2026 年的業績提供了一個良好的起點。當然，也要強調我們今天討論的所有因素。

So a change in sales leadership is something that you should probably also factor in, in the near term. And I would just sort of reiterate around we aspire to be a higher growth a company that have a higher growth than 5% or 10%, and we believe that we've got the marketplace to do that.

因此，在短期內，銷售領導層的變動可能也是您應該考慮的因素之一。我再次重申，我們渴望成為一家成長速度超過 5% 或 10% 的公司，我們相信我們擁有實現這一目標的市場。

We just need to have some execution here on deal timing. The market has not changed and the product has not changed.

我們只需要在交易時機上做好執行工作。市場沒有變化，產品也沒有變化。

Got it. And just a clarification question. With respect to your comment on there is work remaining to be done, have the forecasting changes or anything that you're doing in the background, is that completed? Is that behind you? And then you did talk about some ordering patterns and that you would work through that in 2026.

知道了。還有一個需要澄清的問題。關於您提到的還有工作要做，預測方面的變化或您在後台進行的其他工作，是否已經完成了？那件事已經過去了嗎？然後您確實談到了一些訂購模式，並表示您將在 2026 年解決這個問題。

So does that mean we should expect '26 to be a transition year in any way, maybe first half, second half? Any color there would be great.

那麼，這是否意味著我們應該預期 2026 年會是個過渡年，可能是上半年，也可能是下半年？任何顏色都行。

Yeah, sure. I think it really sort of depends on which revenue stream you're speaking to. I think on the console side, it's clear that deal close and transition of close to shipment is of most importance. That is something that we need to continue to refine. And I would say it's probably the heaviest lift here in front of us.

當然可以。我認為這很大程度取決於你指的是哪種收入來源。我認為就主機遊戲而言，很明顯，完成交易和從接近交付到最終發貨的過渡是最重要的。這是我們需要繼續完善的地方。而我認為，這可能是我們面前最艱鉅的任務。

On the treatment side or the consumables, we get a ton of data from our connected Tablo devices and watch that on a monthly, if not a daily basis at this point and notice that utilization remains strong. And so really, it is just a timing issue with regards to the ordering pattern of a few large customers that didn't materialize in Q3.

在治療方面或耗材方面，我們從連接的 Tablo 裝置中獲得了大量數據，現在每月甚至每天都會觀察這些數據，我們注意到使用率仍然很高。所以實際上，這只是幾個大客戶的訂單模式在第三季沒有出現的時間問題。

And we have seen that those orders -- Q4 orders are beginning to more closely match utilization. So specific to that order or that area where we absolutely do need to do a bit more refinement. We need to get closer to our customers, more visibility.

我們已經看到，第四季的訂單量開始與產能利用率更加接近。所以具體來說，就是那個訂單或那個領域，我們確實需要再做一些改進。我們需要拉近與客戶的距離，提高客戶對我們品牌的認知。

And we believe that we're going to be able to take those steps to help understand their ordering patterns, their supply chain management, et cetera, so that we can fully have better forecasting on the treatment side. But the consoles are being used. They are high utilization, that's remained consistent, and that's what's given us the strength for the opportunity ahead.

我們相信，我們將能夠採取這些措施，幫助了解他們的訂購模式、供應鏈管理等等，以便我們能夠在治療方面進行更準確的預測。但是這些遊戲機正在被使用。它們的利用率很高，而且一直保持穩定，正是這一點讓我們有能力抓住未來的機會。

I'll just maybe chime in one other thought, Shagun, on the console side because you had asked about, hey, is there sort of more new kind of more foundational changes that are needed in this commercial transformation journey.

Shagun，關於主機方面，我可能還要補充一點想法，因為你問過，在這個商業轉型過程中，是否需要一些新的、更基礎的變革。

And I would say no. I mean we have work to do to further cement the impact of all the changes. But look, I mean, a lot of really great foundational work has taken place and taken root from sales process to enterprise selling, the sales rep profile, the sales rep structure. I mean we would not have been able to get this far over the last year without all of it.

我會說不。我的意思是，我們還有很多工作要做，才能進一步鞏固所有這些變化的影響。但你看，我的意思是，從銷售流程到企業銷售，從銷售代表的形像到銷售代表的組織結構，很多非常優秀的奠基性工作已經完成並紮根。我的意思是，如果沒有這一切，我們過去一年不可能走到今天這一步。

And now we need to kind of fine-tune focus on predictability and the ability to better forecast the timing of deal close. And there are certainly, suffice it to say, some lessons here from Q3 that we can and will apply to the predictability of deal close going forward, and we are going to get better as a result. But there are no profound or foundational changes incremental to what we've already implemented here over the last year, Shagun. So I just wanted to clarify that as well.

現在我們需要更加重視可預測性，並提高預測交易完成時間的能力。當然，第三季的一些經驗教訓我們可以而且將會應用到未來交易完成的可預測性中，我們也將因此而做得更好。沙貢，但並沒有什麼深刻的或根本性的改變，只是在過去一年裡我們已經實施了一些措施的基礎上有所改進。所以我也想澄清一下這一點。

Thank you.

謝謝。

Marie Thibault, BTIG.

瑪麗·蒂博，BTIG。

Hi, good evening, thanks for taking the questions. Just wanted to follow up to understand the consumables sales order timing issue a little bit more closely. Is that just sort of an issue of the hospitals maybe overordered, weren't as good on their own forecasting?

您好，晚上好，感謝您回答問題。我只是想進一步了解耗材銷售訂單時間的問題。這是否只是醫院訂購過多、自身預測不夠準確所導致的問題？

I don't recall really hearing of this sort of difference between the treatment patterns and the order pattern happening in the recent past. So I just want to understand that, what's being done to prevent it? And then sort of the timing of that coming back, right?

我不太記得最近有沒有聽說過治療模式和訂單模式之間有這種差異。所以我想了解的是，目前採取了哪些措施來防止這種情況發生？然後就是它回歸的時機，對吧？

Should we think of Q4 being order and revenue very similar to what we're used to seeing on utilization? Is there some pull forward or making up for some of the missed revenue in Q3? Does that extend into 2026? Just a little more clarity on that.

我們是否應該認為第四季度的訂單和收入與我們以往在利用率方面看到的情況非常相似？是否有任何措施來彌補第三季錯失的部分收入？這項政策會延續到2026年嗎？還需要再澄清一下。

Sure. Marie, happy to help give some more information and highlights here. I think ultimately, this is a limited group of higher volume customers that we saw for Q3, where we ultimately expected in that third month of the quarter for an additional order to be materialized, and that just didn't happen. Each customer is unique, right? They've got their own supply chain policies and practices and managing of their own balance sheets.

當然。瑪麗很樂意在此提供更多資訊和重點內容。我認為歸根結底，這只是我們在第三季度看到的一小部分大批量客戶，我們原本預期在第三個月會有額外的訂單出現，但這種情況並沒有發生。每個顧客都是獨一無二的，對吧？他們有自己的供應鏈政策和實踐，並管理自己的資產負債表。

And so we're going to get closer to that information. We're going to work on that incrementally to providing our customers with all of the information that we have on our side that we're seeing from a forecasting perspective and just having closer collaboration.

因此，我們將更接近獲得這些資訊。我們將逐步推進這項工作，向客戶提供我們從預測角度看到的所有信息，並加強合作。

This is, I would say, a defined set of customers that we need to go after and tackle this work, and we are absolutely committed to doing that for 2026. I think what we're predicting for the back half of this year within our guidance range is more of a normalized what we saw for Q1 and Q2 of this year. We -- to date, for the quarter, we have not seen any significant orders that we were in absence of what happened in Q3.

我認為，這是一組明確的客戶群，我們需要爭取並完成這項工作，我們絕對致力於在 2026 年實現這一目標。我認為，在我們給出的指導範圍內，今年下半年的預測更像是今年第一季和第二季業績的正常化版本。到目前為止，本季度我們還沒有看到任何重大訂單，這與第三季的情況截然不同。

We've seen, again, just very consistent ordering coming through in Q4 matching utilization incrementally to, I think, how customers think about their balance sheets and their policies, right? They're also trying to predict the amount of activity that they're going to have in their hospitals, what does flu season look like?

我們再次看到，第四季度訂單量非常穩定，與利用率逐步匹配，我認為這與客戶對其資產負債表和政策的看法相符，對吧？他們還在嘗試預測醫院的就診量，流感季的情況會是怎麼樣的？

What does -- what do they expect just coming through the door. And so we just need to get closer to that information. I think our sales group has done a great start, and we just need to continue to get closer to customers specific to treatment utilization and treatment buying.

他們進門後會期待什麼？所以，我們只需要更接近獲取這些資訊。我認為我們的銷售團隊開局不錯，我們只需要繼續拉近與客戶在治療利用和治療購買方面的距離。

Okay. Understood. And a follow-up here on the console side and the Head of Sales resignation. When exactly in the quarter did that happen? And is there a way to sort of size up some of the guidance cut?

好的。明白了。這裡還有關於主機遊戲方面以及銷售主管辭職的後續報導。具體是本季的哪一季發生的？有沒有辦法大致評估一下業績指引下調的幅度？

How much of that is coming from sort of the timing issues around console orders closing versus some uncertainty about sales force disruption? Is there a way to kind of parse out what you're assuming in that $6 million guidance cut? And thanks again for taking the questions.

其中有多少是因為主機訂單截止的時間安排問題造成的，又有多少是因為銷售團隊中斷所帶來的不確定性所造成的？能否解釋一下，您在下調600萬美元業績預期中做了哪些假設？再次感謝您回答問題。

Of course, yes. Why don't I can start by addressing your first question. And then, Renee, if you have thoughts on guidance, I'll transition over to you. So Marie, to answer your question, the change in our sales leader occurred after the close of the quarter recently here. And it was actually last week.

當然，是的。我能不能先回答你的第一個問題？然後，蕾妮，如果你對指導有什麼想法，我就把麥克風交給你。瑪麗，回答你的問題，我們銷售主管的變動發生在最近一個季度結束後。其實就是上週的事。

So it was very recent. And I think look, I'm only reflecting back historically as I've seen these sorts of changes and evolutions in the past that there can be some time in the follow-on quarter where members of the commercial team naturally need time to kind of digest and absorb and that can, not always, but can lead to some distraction and less time available for selling forward. And so we were just trying to be cognizant of that and consider it as a factor, potential factor for the remainder of this year. I don't know if you want to pick up on anything further on the guidance.

所以這件事發生的時間非常近。我認為，我只是回顧過去，因為我過去也見過類似的變化和發展，在接下來的季度中，商業團隊成員自然需要一些時間來消化和吸收，這雖然不總是如此，但可能會導致一些注意力分散，減少用於未來銷售的時間。因此，我們只是想意識到這一點，並將其視為今年剩餘時間的潛在因素。我不知道你是否還想進一步了解指導方面的內容。

I would say, Marie, specific to the console activity for third quarter, you might not be surprised in that console activity because it's a capital sale is generally in the third month of the quarter, where we start to see visibility and what orders are going to be coming in.

瑪麗，我想說，就第三季的遊戲機業務而言，你可能不會對此感到驚訝，因為遊戲機業務屬於資本銷售，通常在季度的第三個月進行，那時我們開始看到市場走向，以及將會有哪些訂單。

So late in September was that sort of where that activity fell through, similarly on the consumables treatment ordering as well, sort of all late in the third month of the quarter. And as we then look towards what should we update guidance for, for the year, what is our full year forecast, we took that into consideration as well as, as I mentioned, our full set of deal review for what was anticipated now for Q4, where are those at current conversations, getting really close to the sales organization as to the timing of that event. And that plus the resignation of our sales leader, we factored all of those in, and that's how we've come up with the guidance range of $115 million to $120 million.

所以到了九月下旬，那項活動就此告吹，耗材處理訂單也是如此，所有這些都發生在季度末的第三個月。接下來，當我們展望應該更新哪些年度業績指引時，我們的全年預測是什麼，我們考慮到了這一點，正如我提到的，我們還對第四季度的預期交易進行了全面審查，目前這些交易的進展情況如何，我們正在與銷售部門就該事件的時間安排進行非常密切的討論。再加上銷售主管的辭職，我們把所有這些因素都考慮進去了，這就是我們得出1.15億美元至1.2億美元業績指引範圍的原因。

Thanks so much.

非常感謝。

Josh Jennings, TD Cowen.

喬什·詹寧斯，TD Cowen。

Hi, good afternoon. Thank you. I was hoping to just follow up on the update on the guidance and just make sure that you're not seeing any orders fall out of the pipeline, not seeing any order cancellation. I believe you may have commented on that, but just to circle back on that if you haven't.

您好，下午好。謝謝。我希望能夠跟進指導意見的更新情況，並確認是否有任何訂單從流程中掉線，或者有任何訂單被取消。我相信您可能已經就此發表過評論，但如果您還沒有，我還是再補充一下。

And then also just on the sales force, have you seen much transition through the quarter? Or is it really just the head of the sales organization that's departed? Is there any other transitions that you guys are considering in the guidance? Sorry that's two questions in one, but I have one more.

另外，就銷售團隊而言，您是否看到本季出現了許多人員變動？或者，其實只是銷售部門負責人離職了？你們在指導方針中是否還考慮了其他過渡方案？不好意思，我把兩個問題放在一起問了，但我還有一個問題。

You're efficient, Josh. Thank you. Thanks for asking about the deal flow and sort of the deal progress. Short story long, no. None of the deals that were projected to close in Q3 and in Q4 have dropped out of the pipeline.

喬希，你效率很高。謝謝。感謝您詢問交易流程和進度。長話短說，沒有。預計在第三季和第四季完成的交易，沒有一項退出交易計畫。

The deal that we saw as a timing shift around out of Q3 forward specifically remains in the final stages of our sales process.

我們認為交易時間將從第三季開始調整，目前該交易仍處於銷售流程的最後階段。

And I think we had given some color to that in the script just to hopefully provide some context about as we get up into these enterprise-wide deals with a dozen or dozens of hospitals, there are more and more stakeholders and a much greater number of approvals as appropriate, it's a big decision on the part of the health system to down-select to one technology and in-source.

我認為我們在劇本中對此進行了一些潤色，希望能提供一些背景信息，說明當我們與十幾家醫院達成企業級交易時，利益相關者越來越多，需要獲得更多批准，對於醫療系統來說，選擇一種技術並進行內部開發是一個重大決定。

And so we continue to work through all of those steps. I think our sales team is taking all the right steps to close them. None of these opportunities have fallen out of the pipeline, which is -- which we feel very good about. And then in terms of the change in sales leadership, this is our primary change. As I mentioned, we have several of our sales vice presidents who were hired prior to Laura joining.

因此，我們繼續按部就班地完成所有這些步驟。我認為我們的銷售團隊正在採取一切正確的步驟來促成交易。這些機會都沒有從我們的計劃中消失，我們對此感到非常欣慰。至於銷售領導層的變動，這是我們主要的變動。正如我之前提到的，我們有好幾位銷售副總裁都是在勞拉加入公司之前聘用的。

And so we do have really good tenure experience and commitment at that level. We don't have any other significant changes at this time at the VP level.

因此，我們在這一層面上擁有非常豐富的終身教職經驗和敬業精神。目前副總裁層級沒有其他重大變動。

And we know we have a very, very committed team who believes in the change that this is hard work. We are changing a space that hasn't changed in 40 years and that's never easy to do. But this is a resilient team, and this is a team who has never been more motivated to kind of make a permanent and profound change in this industry, both acute and home for the benefit of -- ultimately the benefit of patients.

我們知道我們擁有一支非常非常敬業的團隊，他們相信變革，而這需要付出艱苦的努力。我們正在改變一個40年來從未改變過的空間，這絕非易事。但這是一支韌性十足的團隊，也是一支從未像現在這樣充滿動力，致力於在這個行業（包括急診和家庭護理）做出持久而深刻改變的團隊，最終造福患者。

So we have a team that is ready to execute and ultimately to deliver on our long-term mission and achieve the differentiated growth rates we know are capable in such a large market with a technology leader.

因此，我們擁有一支隨時準備執行並最終實現我們長期使命的團隊，並且能夠在這樣一個擁有技術領先地位的大市場中實現我們所能達到的差異化增長率。

Thanks for that. And maybe just lastly to circle up on just the home channel and your success there in 3Q and outlook for 4Q. It sounds like the turbulence was in the acute channel. You have these MDO contracts in place with the 5 largest organizations. Anything of note to provide more detail there and then also in the SNF channel?

謝謝。最後，我們不妨再談談家庭頻道在第三季的成功情況以及對第四季的展望。聽起來像是湍流發生在急流通道裡。你們與五大組織簽訂了這些 MDO 合約。有什麼值得注意的地方，以及SNF頻道上需要提供的更多細節嗎？

Yeah. Sure. Yeah. Thanks for the question. On the home side, we always start by talking about the retention rate, which is foundational to growth. And we have seen, again, this past quarter, very stable and high retention rates in the home population even as that home population continues to grow, which is great to see.

是的。當然。是的。謝謝你的提問。在家庭方面，我們總是先討論客戶留存率，這是成長的基礎。而且，在過去的一個季度裡，我們再次看到，即使家庭用戶數量持續增長，家庭用戶留存率仍然非常穩定且高，這真是令人欣慰。

We have continued to see growth in the home programs of our largest MDO customers, which, again, we see as a direct reflection of their experience and the experience of their patients. We continue to hear from the MDOs that their patients talk about a materially easier training time, materially easier use, day-to-day use and this feeling better effect, which we don't talk about quarter-over-quarter on earnings calls.

我們看到，我們最大的 MDO 客戶的家庭護理課程持續成長，我們認為這直接反映了他們自身的經驗以及他們患者的體驗。我們不斷從醫療發展官員那裡聽到，他們的患者反映訓練時間明顯縮短，使用起來也明顯更容易，日常使用也更加方便，而且感覺效果更好，而我們在季度財報電話會議上並沒有談到這一點。

But this feeling better effect has stayed with us really literally from patient one, talking about feeling physiologically better on Tablo at home and in the acute setting. And so we feel really good actually about the progress across the home and across these MDO customers and into the SNF opportunity, which we continue to look at as a whole future vector of additional growth in the home channel.

但這種感覺改善的效果確實一直伴隨著我們，從第一位患者開始，他就表示服用 Tablo 後，無論是在家裡還是在急性治療環境中，生理上都感覺更好了。因此，我們對居家照護、MDO 客戶以及 SNF 領域的進展感到非常滿意，我們將繼續將 SNF 視為居家照護管道未來進一步成長的整體方向。

Shagun Singh, RBC.

Shagun Singh，RBC。

Great, thank you so much. Just a quick follow-up on '26. I think you said 2025 is a good proxy for '26 as of now. I just wanted to make sure I heard that correctly. And then also just anything you can share on Q1? Would you expect some of the orders that didn't come in 2025 or Q4 to come in Q1 '26, so we should expect a stronger Q1 versus the balance of the year?

太好了，非常感謝。關於 '26 的簡要後續說明。我認為你之前說過，2025 年可以很好地代表 2026 年。我只是想確認一下我沒聽錯。還有什麼Q1的問題可以分享嗎？您認為 2025 年或第四季未到貨的一些訂單會在 2026 年第一季到貨嗎？因此，我們應該預期第一季業績會比今年其他季度更強勁嗎？

And then I know that this year in '25, you started with a pretty broad range of 1% to 10%. Should we expect a wide range in 2026? Just any directional color on guidance philosophy would be helpful. Thank you.

我知道，在 2025 年，你們的起始範圍相當廣泛，從 1% 到 10% 不等。我們是否可以預期2026年會出現較大範圍的波動？任何關於指導理念的方向性顏色說明都會有所幫助。謝謝。

Sure. I think to clarify on my statement specific to 2025 and the good place to start is I specifically said we reduced 2025 guidance by, let's just calculate it, roughly $7 million. And so that's a good place for you to start when you're thinking about 2026 forward.

當然。我認為，為了澄清我關於 2025 年的具體聲明，最好的切入點是，我明確表示我們將 2025 年的業績預期下調了，我們來算一下，大約 700 萬美元。所以，當你思考2026年及以後的事時，這是一個很好的起點。

And I would say, at this point, as we updated, the orders from Q3 and Q4 have now slipped into Q4 and into 2026. At this point, sort of forecasting forward into Q1 and specifically what our guidance range is going to be at that point, I'm just going to reserve the right to talk about that when we've got a full update on 2026 guidance.

而且我認為，就目前而言，正如我們更新後的信息，第三季和第四季的訂單現在已經推遲到第四季和 2026 年。目前，對於第一季的預測，特別是屆時的業績指引範圍，我保留在2026年業績指引全面更新後再討論的權利。

Rick Wise, Stifel.

Rick Wise，Stifel。

Sorry to put you on the spot, folks. But just listening to Shagun's question, I'm sort of thinking, is it impossible? Is it highly improbable that the $7 million or whatever the number is, is it impossible that it falls into the fourth quarter? I mean -- or does it seem highly likely it won't? I mean you see where I'm getting at. Sorry to put you on the spot.

抱歉讓各位措手不及。但聽了莎貢的問題，我不禁想，這真的不可能嗎？700萬美元（或其他任何數字）落在第四季的可能性極低嗎？我的意思是──或者說，這種情況發生的可能性極低嗎？我的意思是，你應該明白我的意思了。不好意思打擾你了。

No, that's fine, Rick. As we were thinking about how to guide for the remainder of the year and for '25, our philosophy took into account, again, the fact that we are changing the sales leadership and that some of these deals will close in Q4 and some will close in Q1.

不，沒關係，瑞克。在思考如何指導今年剩餘時間和 2025 年的工作時，我們的理念再次考慮到了我們正在更換銷售領導層，以及其中一些交易將在第四季度完成，而另一些交易將在第一季完成。

And so that new range of $115 million to $120 million does not assume that all of the deals, again, if you think about a $7 million reduction, it does not assume that all those come into Q4. It's not to say that it's impossible or it could never happen. But again, given all the factors at play here for the remainder of the year, we felt it was prudent to take this approach.

因此，1.15 億美元至 1.2 億美元的新範圍並不意味著所有交易都能在第四季度完成，再說一遍，如果你考慮到 700 萬美元的減少，它並不意味著所有這些交易都能在第四季度完成。這並不是說這是不可能的，或永遠不會發生。但是，考慮到今年剩餘時間各種因素的影響，我們認為採取這種做法是謹慎的。

Got you. Thank you, Leslie.

抓到你了。謝謝你，萊斯利。

Of course.

當然。

And I am now showing no further questions, and I would like to hand the conference back over to Leslie Trigg for closing remarks.

現在我沒有其他問題要問了，我想把會議交還給萊斯利·特里格，請她作閉幕致詞。

Okay. Thank you, and thank you again for your patience and bearing with our top technical start there. I do appreciate everybody joining today. And I'd like to close by thanking our customers and our team for the meaningful difference they make every day in the lives of dialysis patients. Thank you all, and have a great evening.

好的。謝謝，再次感謝您對我們技術問題的耐心和包容。我非常感謝今天所有到場的朋友。最後，我要感謝我們的客戶和團隊，感謝他們每天為透析患者的生活帶來有意義的改變。謝謝大家，祝大家晚上愉快。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great evening.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。祝大家晚上愉快。