Outset Medical Inc (OM) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Outset Medical Q4 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I will now turn the conference over to Jim Mazzola, Head of Investor Relations. Please go ahead.

大家好，感謝您的耐心等待。歡迎參加 Outset Medical 2025 年第四季財報電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將會議交給投資者關係主管 Jim Mazzola，請開始。

Good afternoon, everyone, and welcome to our fourth quarter 2025 earnings call. Here with me today 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. 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 will be protected under the Private Securities Litigation Reform Act of 1995.

各位下午好，歡迎參加我們2025年第四季財報電話會議。今天與我一同出席的有董事長兼執行長萊斯利·特里格（Leslie Trigg）和財務長蕾妮·蓋塔（Renee Gaeta）。我們已於今日收盤後發布新聞稿，您可以在outsetmedical.com網站的投資者關係頁面查看。本次電話會議將進行錄音，錄音內容將存檔於我們網站的投資者關係頁面。我們承諾，本次電話會議中所有前瞻性陳述均受1995年《私人證券訴訟改革法案》的保護。

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 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，包括我們最新的年度報告和季度報告。萊斯利？

Thanks, Jim. Good afternoon, everyone, and thank you for joining us. 2025 was a year of progress and transformation at Outset Medical, a year where we overcame adversity to emerge with a stronger foundation and even deeper capabilities to help hospitals, health systems, post-acute and home providers improve patient care outcomes at lower cost and with less complexity.

謝謝吉姆。大家下午好，感謝各位的參與。 2025年是Outset Medical進步和轉型的一年，我們克服了重重困難，以更強大的基礎和更強大的能力，幫助醫院、醫療系統、復健護理機構和家庭護理機構以更低的成本和更簡化的流程，改善病患的照護效果。

During the year, we substantially reduced our cost structure while making significant investments to extend our technology and service leadership. These investments were key to our announcement two weeks ago about the FDA clearance of our next-generation Tablo platform.

年內，我們大幅降低了成本結構，同時進行了大量投資，以鞏固我們在技術和服務方面的領先地位。這些投資是我們兩週前宣布下一代Tablo平台獲得FDA批准的關鍵因素。

Second, we meaningfully strengthened our team and infused new talent into key leadership roles, in finance, medical affairs and field service. Third, we recapitalized the company with less debt and new capital to fund Outset through cash flow breakeven and beyond. Fourth, we expanded our base of published evidence, demonstrating the significant clinical, operational and financial benefits that can be achieved by in-sourcing with Outset and Tablo. In particular, the clinical value proposition came into clear focus as our customers documented even more evidence of improved clinical outcomes. Fifth, we maintained a very high customer satisfaction or CSAT score, above 95%, for the exceptional customer service we provide.

第二，我們大幅加強了團隊實力，並在財務、醫學事務和現場服務等關鍵領導職位注入了新血。第三，我們透過減少債務和注入新資本對公司進行了資本重組，以確保Outset能夠實現現金流收支平衡並超越這一目標。第四，我們擴大了已發表的證據基礎，證明了透過與Outset和Tablo合作開展內部業務可以顯著提升臨床、營運和財務效益。尤其值得一提的是，隨著客戶記錄了更多臨床療效改善的證據，我們的臨床價值主張更加清晰。第五，我們憑藉著卓越的客戶服務，維持了極高的客戶滿意度（CSAT）評分，超過95%。

And lastly, we continue to sign new agreements for the in-sourcing of dialysis at new and expansion sites, including at one of the largest national health systems in the country with well over 100 facilities. Tablo is now used at roughly 1,000 acute care sites in the United States. Turning to our financial results for the year, we announced preliminary fourth quarter revenue last month, which came in at the high end of our revised guidance range.

最後，我們繼續簽署新的協議，將透析服務納入新建和擴建站點的日常運營，其中包括與美國最大的全國性醫療系統之一（該系統擁有超過100家機構）的合作。目前，Tablo系統已在美國約1,000家急診護理機構投入使用。關於年度財務業績，我們上個月公佈了第四季度初步營收，該數據處於我們修訂後的預期範圍的高端。

At $119.5 million, revenue grew by 5% over 2024 and sets us up for what we anticipate will be an even stronger growth year in 2026. As we have worked toward greater consistency and predictability in our top line results, we continued our steady 5-year expansion of gross margin to finish the year at 39.6% non-GAAP gross margin.

2024年營收達到1.195億美元，較2024年成長5%，為我們預期2026年更強勁的成長奠定了基礎。隨著我們不斷努力提高營收的穩定性和可預測性，我們繼續保持了過去五年毛利率的穩定成長，最終以39.6%的非GAAP毛利率結束了這一年。

Gross margin exiting the year was well above 40%, which keeps us on a trajectory to our next milestone of 50%. Moving to our end markets, I am most proud of the progress we made during 2025 strengthening our partnership and presence with acute and post-acute care providers. We began to see vocal champions emerge throughout our customer base because of the clinical and operational benefits that can be achieved by in-sourcing with Outset.

年末毛利率遠超40%，這使我們朝著50%的下一個里程碑穩步邁進。在終端市場方面，我最引以為傲的是我們在2025年取得的進展，我們加強了與急診和復健護理機構的合作關係，並擴大了市場份額。由於與Outset合作開展內部業務能夠帶來許多臨床和營運方面的益處，我們開始看到客戶群中湧現出許多積極的擁護者。

The financial benefits have long been understood and remain a key selling point. In 2025, we saw new momentum from nursing leaders sharing their experiences with improved clinical outcomes as well: lower infection rates, reduced length of stay and higher nurse satisfaction with the dialysis service line that is in-sourced with Outset.

經濟效益早已為人所知，並且一直是關鍵的賣點。 2025年，我們看到護理領導者分享了他們在改善臨床結果方面的經驗，這為合作注入了新的動力：感染率降低、住院時間縮短，以及護理師對Outset內部提供的透析服務滿意度提高。

Operationally, from gross margin expansion to product innovation, to operating expense performance, we made meaningful progress in 2025 and took strides on our path to profitability. In the past year, we reduced cash usage by $70 million, increased gross margin by more than 500 basis points and continued to narrow our operating loss.

在營運方面，從毛利率提升、產品創新到營運費用控制，我們在2025年取得了顯著進展，並在實現盈利的道路上邁出了堅實的步伐。過去一年，我們減少了7,000萬美元的現金消耗，毛利率提高了500多個基點，並持續縮小了營運虧損。

Additionally, we made investments in innovation to further extend our technology lead and, just two weeks ago, received FDA clearance for the next-generation Tablo platform. This new platform is the first dialysis system cleared under the FDA's 2025 cybersecurity requirements and includes hardware and software enhancements that improve performance and system reliability as well. A 2025 survey of U.S.

此外，我們還加大了創新投入，以進一步擴大我們的技術領先優勢。就在兩週前，我們的下一代Tablo平台獲得了FDA的批准。該新平台是首個符合FDA 2025年網路安全要求的透析系統，其硬體和軟體均進行了改進，從而提升了性能和系統可靠性。一項針對美國2025年用戶的調查顯示，

health care IT and cybersecurity professionals, published in The HIPAA Journal, found that 93% of health care organizations had experienced at least one cyberattack in the past 12 months, with an average of 43 attacks per organization annually. Cyberattacks slow patient care, reduce the hospital capacity and create staffing strain.

發表在《HIPAA雜誌》上的一項針對醫療保健IT和網路安全專業人士的研究發現，93%的醫療機構在過去12個月中至少遭受過一次網路攻擊，平均每個機構每年遭受43次攻擊。網路攻擊會延緩病患治療，降低醫院容量，造成人員短缺。

More than 70% of hospitals experiencing a significant cyberattack report direct patient care disruption, which is why health systems now treat cybersecurity as a critical patient safety issue. A dialysis system that meets FDA's most stringent cybersecurity requirements helps protect hospitals by reducing the risk of compromise, limiting the risk of spread and safeguarding patients. We view Tablo's secure-by-design architecture, multilayer authentication and resilience against unauthorized access, as well as its compliance with FDA's rigorous cybersecurity standards, as a significant new competitive advantage.

超過70%遭受重大網路攻擊的醫院報告稱，病患照護直接受到影響，因此，醫療系統現在將網路安全視為至關重要的病患安全問題。符合FDA最嚴格網路安全要求的透析系統有助於降低攻擊風險、限制傳播風險並保障病人安全，進而幫助醫院更好地保護病人。我們認為，Tablo的安全設計架構、多層身份驗證和抵禦未經授權存取的彈性機制，以及其符合FDA嚴格的網路安全標準，都是一項重要的全新競爭優勢。

It provides yet another compelling value proposition, on top of cost savings and on top of clinical outcomes improvement, that we believe will be recognized by health systems amid ever-increasing concerns over cybersecurity, continuity of care and patient safety. This clearance is the 10th 510(k) for Outset, building on our track record of innovation in the dialysis market.

除了成本節約和臨床療效提升之外，它還提供了另一項極具吸引力的價值主張，我們相信，在網路安全、醫療連續性和病人安全日益受到關注的背景下，這項主張將得到醫療系統的認可。這是Outset獲得的第十項510(k)許可，進一步鞏固了我們在透析市場創新方面的卓越成就。

The next-generation Tablo is also a new foundation from which we intend to innovate further with future enhancements planned, to widen and deepen the moat we have already established in the acute and home market. We are excited for the planned launch toward the end of the second quarter. Turning to our commercial organization, our team executed well in the fourth quarter against many of the largest opportunities in our pipeline.

新一代Tablo也是一個全新的基礎，我們計劃在此基礎上進行更多創新，併計劃在未來進行更多改進，以拓寬和深化我們在急診和家庭護理市場已建立的競爭優勢。我們對計劃於第二季末發布的產品感到非常興奮。再來看我們的銷售團隊，他們在第四季出色地完成了多項重要項目。

We closed the deal that had shifted out of the third quarter and made meaningful progress on several others. I am proud of the fourth quarter execution our sales leadership team demonstrated and optimistic about the additional strides we can take in 2026. Our strong pipeline is reflective of the benefits that can be achieved by in-sourcing dialysis with Outset's proven technology, expert know-how and exceptional service. And now together with the next-generation Tablo launching this year and a rich roadmap of additional innovations to follow, we expect to drive growth for many years to come. With that, I'll turn it over to Renee for more detail on the year and our guidance for 2026.

我們完成了那筆從第三季延期的交易，並在其他幾項交易中也取得了實質進展。我對銷售領導團隊在第四季的出色表現感到自豪，並對2026年我們能夠取得的更大進步充滿信心。我們強大的銷售管道體現了透過Outset成熟的技術、專業的知識和卓越的服務將透析業務內部化所能帶來的許多益處。如今，隨著新一代Tablo透析機將於今年上市，以及一系列後續創新產品的推出，我們預計未來幾年將持續保持成長動能。接下來，我將把發言權交給Renee，讓她詳細介紹今年的業績以及我們對2026年的展望。

Thank you, Leslie, and good afternoon, everyone. Revenue in the fourth quarter of $28.9 million consisted of $19.9 million in product revenue, which, as expected, was below $21 million in the fourth quarter of last year. The components of product revenue include console sales, which grew 11% to $6.4 million, and consumable sales of $13.5 million. As we indicated last quarter, consumable sales were lower in the quarter compared to the fourth quarter of last year due to order timing. Consumable revenue did rebound sequentially, just as we had anticipated on last quarter's call based on our Tablo utilization data, growing nearly 11% over the third quarter.

謝謝Leslie，大家下午好。第四季營收為2,890萬美元，其中產品營收為1,990萬美元，如預期，低於去年同期的2,100萬美元。產品營收包括主機銷售額（成長11%至640萬美元）及耗材銷售額（1,350萬美元）。正如我們上季所述，由於訂單時間安排的原因，本季耗材銷售額低於去年同期。耗材營收環比反彈，正如我們上季度電話會議上根據Tablo使用率數據所預期的那樣，環比增長近11%。

We were very active during the quarter to tighten up our forecasting methodology for treatments, which now includes closer collaboration with our largest customers on their ordering patterns. I believe we have made improvements to better predict treatment demand, and we will continue to monitor Tablo utilization and ordering data as we hone our approach. Service and other revenue of $9 million grew 6% from $8.5 million in the prior year period. Recurring revenue from the sale of Tablo consumables and service was $22.5 million, again growing sequentially, as we anticipated on last quarter's call, but down from the fourth quarter of 2024 due to customer ordering patterns that resulted in a strong fourth quarter in the prior year. Next, I will walk through our gross margin and operating expenses for the quarter.

本季我們積極改善治療需求預測方法，包括與最大客戶就其訂購模式進行更緊密的合作。我相信我們已取得顯著改進，能夠更準確地預測治療需求，並將繼續監測Tablo的使用情況和訂購數據，不斷完善我們的方法。服務及其他收入為900萬美元，較上年同期的850萬美元成長6%。 Tablo耗材和服務銷售的經常性收入為2250萬美元，環比增長，正如我們在上季度電話會議上預期的那樣，但由於客戶訂購模式導致上年第四季度業績強勁，因此低於2024年第四季度的預期。接下來，我將詳細介紹本季的毛利率和營運費用。

Please refer to the tables in today's earnings release for a reconciliation of GAAP to non-GAAP measures. Non-GAAP gross margin expanded more than 500 basis points from last year, reaching 42.9% for the quarter, even with another 130 basis points headwind from the under-absorption of manufacturing overhead. Excluding the manufacturing headwind, we would have seen non-GAAP gross margin closer to the mid-40% range. Product gross margin increased 640 basis points year over year to 50.7%, from 44.3% in the fourth quarter of 2024. This marks the first time product gross margin has exceeded 50%.

請參閱今日發布的獲利報告中的表格，以了解GAAP與非GAAP指標的調節表。儘管受到製造費用未充分吸收帶來的130個基點的不利影響，本季非GAAP毛利率仍較去年同期成長超過500個基點，達到42.9%。若剔除製造費用的影響，非GAAP毛利率預計約40%。產品毛利率年增640個基點，從2024年第四季的44.3%增加至50.7%。這是產品毛利率首次突破50%。

Service and other gross margin was 25.6%, growing 470 basis points from 20.9% in the fourth quarter of 2024. This progress keeps us right on our path to the next milestone of 50%. Moving to operating expenses. Non-GAAP operating expenses declined nearly 4% to $25.7 million, compared to $26.6 million in the fourth quarter of 2024. Non-GAAP operating loss was $13.3 million, 14% below the operating loss of $15.5 million in the prior year period.

服務及其他業務毛利率為25.6%，較2024年第四季的20.9%成長470個基點。這項進展使我們朝著50%的下一個里程碑穩步邁進。接下來是營運費用。非GAAP營運費用下降近4%至2,570萬美元，而2024年第四季為2,660萬美元。非GAAP營運虧損為1,330萬美元，較上年同期的1,550萬美元營運虧損減少14%。

Non-GAAP net loss of $15 million was 22% lower than $19.3 million in the fourth quarter of 2024. These positive results reflect our drive to profitability. Moving to our balance sheet, we ended the quarter with $173 million in cash, cash equivalents, short-term investments and restricted cash. We used approximately $9 million in cash during the quarter. To close out the full year of 2025, we reported revenue of $119.5 million, a 5% increase over 2024.

非GAAP淨虧損為1,500萬美元，較2024年第四季的1,930萬美元下降22%。這些正面的業績反映了我們實現獲利的決心。從資產負債表來看，本季末我們持有現金、現金等價物、短期投資和受限現金共1.73億美元。本季我們動用了約900萬美元現金。 2025年全年，我們實現營收1.195億美元，較2024年成長5%。

Product revenue was $84.8 million, a 5% increase over $81 million in 2024. Service and other revenue was $34.7 million, a 6% increase over $32.7 million in 2024. And recurring revenue was $88.7 million, also a 6% increase over $83.9 million in 2024. Non-GAAP gross margin for the year increased 400 basis points to 39.6%, or 41.1% excluding the impact of manufacturing under-absorption. For the full year, the under-absorption headwind was 150 basis points, right on our forecast, and will have a diminishing effect in 2026.

產品收入為 8,480 萬美元，較 2024 年的 8,100 萬美元成長 5%。服務及其他收入為 3,470 萬美元，較 2024 年的 3,270 萬美元增長 6%。經常性收入為 8,870 萬美元，也較 2024 年的 8,390 萬美元成長 6%。全年非 GAAP 毛利率成長 400 個基點至 39.6%，若不計製造環節消化不足的影響，毛利率為 41.1%。全年消化不足的影響為 150 個基點，與我們的預測一致，並將於 2026 年逐漸減弱。

Non-GAAP operating expenses in 2025 were $97.8 million, a 19% reduction from $120.7 million in 2024. Non-GAAP net loss was $65.4 million, a 31% decline compared to $94.8 million in 2024. Turning to our guidance for 2026, we expect revenue to be in the range of $125 million to $130 million, a 5% to 9% increase over 2025. In terms of revenue timing, we expect the first quarter to be roughly flat to the fourth quarter of 2025, and then stepping up through the rest of the year. For non-GAAP gross margin, we expect to be in the low to mid-40% range.

2025年非GAAP營運費用為9,780萬美元，較2024年的1.207億美元下降19%。非GAAP淨虧損為6,540萬美元，較2024年的9,480萬美元下降31%。展望2026年，我們預計營收將在1.25億美元至1.3億美元之間，較2025年成長5%至9%。營收方面，我們預期第一季與2025年第四季基本持平，之後逐年遞增。非GAAP毛利率預計在40%左右。

A higher console mix would move gross margin lower in the range just as a higher mix of consumables would move gross margin to the higher end of the range. We expect the manufacturing under-absorption that was a headwind in 2025 to attenuate as we move through 2026. Finally, we anticipate continued operating leverage this year with operating expense growth at roughly half the rate of expected sales growth. In terms of cash use, we expect Q1 to be our highest cash use quarter for the year due to planned investments in inventory and manufacturing. On a full year basis, the combination of revenue growth, gross margin expansion and expense discipline will enable us to use less cash in 2026 than the $46 million we used in 2025.

主機產品佔比提高會拉低毛利率，耗材產品佔比提高則會提升毛利率。我們預計，2025年製造產能不足帶來的不利影響將在2026年逐漸緩解。此外，我們預計今年將持續維持營運槓桿效應，營運費用成長約為預期銷售成長的一半。現金使用方面，由於計劃對庫存和製造進行投資，我們預計第一季將是全年現金使用量最高的季度。從全年來看，收入成長、毛利率提升和費用控制相結合，將使我們2026年的現金使用量低於2025年的4,600萬美元。

With that, I will turn the call back to Leslie for closing comments.

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 by reiterating that we operate in two large end markets where we remain the clear technology leader. Tablo consoles have performed more than 3 million cumulative treatments. And what is even more astounding is the depth and the breadth of our data repository. There are now more than 8 trillion data points in our cloud platform, which helps fuel our analytics and innovation engines, improves the customer experience and ultimately enhances patient care.

謝謝，蕾妮。最後我想重申，我們在兩大終端市場運營，並且始終保持著技術領先地位。 Tablo 主機累計已完成超過 300 萬例治療。更令人驚訝的是我們資料儲存庫的深度和廣度。目前，我們的雲端平台擁有超過 8 兆個數據點，這有助於驅動我們的分析和創新引擎，改善客戶體驗，並最終提升病患照護水準。

We're gaining scale with significant growth runway ahead through hundreds of master sales and service agreements already in place and a pipeline of new customer opportunities. All of this progress sets a powerful foundation for value creation over the long term. Providers, including many of the largest health systems in the country, are realizing the advantages that in-sourcing with Tablo can deliver. Our team is differentiated by its expertise and an unwavering commitment to our customers and the patients they serve. I expect we will demonstrate that commitment again in 2026 as we drive growth and move ever closer to profitability.

我們憑藉數百份已簽署的主銷售和服務協議以及大量潛在新客戶，正不斷擴大規模，未來成長空間巨大。所有這些進展都為長期價值創造奠定了堅實的基礎。包括許多全國最大的醫療系統在內的醫療服務提供者，都已意識到與Tablo合作開展內部業務所帶來的優勢。我們的團隊以其專業知識和對客戶及其服務的患者的堅定承諾而脫穎而出。我預計，隨著我們不斷推動成長並逐步實現獲利，我們將在2026年再次展現這項承諾。

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

好了，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) Marie Thibault, BTIG.

（操作說明）Marie Thibault，BTIG。

Good evening. Thanks for taking the questions. I wanted to start here with next-gen Tablo. Thanks for the background on the advantages that system will offer. Can you tell us a little bit about how that might change the markets that you can go after, the types of hospitals you can go after, whether it might change your sales cycle time lines? And any ASP lift that we might see as well from that launch?

晚安.感謝您回答問題。我想先從下一代 Tablo 系統談起。感謝您介紹系統的優勢。能否簡要說明一下，它會如何改變你們的目標市場、目標醫院類型，以及是否會改變銷售週期？此外，該系統的發布是否會帶來平均售價 (ASP) 的提升？

Sure. I'm happy to address that. Thanks for the question and hello. Yes. So let me talk a little bit more about that. It's one of my favorite topics right now because we are really proud of the work that went into this and what we believe will be the value that we deliver to hospitals. I myself have talked with so many hospital leaders around cyber, and particularly those that view vendor devices as their biggest vulnerability.

當然。我很樂意回答這個問題。謝謝你的提問，你好。好的。那我就再詳細說說。這是我目前最感興趣的話題之一，因為我們對這項工作感到非常自豪，也相信它將為醫院帶來價值。我自己曾與許多醫院領導階層就網路安全問題進行過交流，特別是那些認為供應商設備是他們最大安全漏洞的領導者。

They not only have to worry about the security of their own network, but of course, increasingly, all of the different devices that are connected to it. So I think it's more than fair to say that health system executives have an extremely heightened focus on the cyber safety of the medical devices being used in their environment. So given the fact that we now have the first dialysis system harmonized with FDA's very rigorous cybersecurity standards, I do believe it will help us generate incremental attention and interest among potential customers, I'd say, regardless of size, maybe to hit on one part of your question.

他們不僅要擔心自身網路的安全，當然，越來越需要擔心所有連接到該網路的不同設備的安全。因此，我認為完全可以說，醫療系統主管們對醫療設備在其環境中使用的網路安全給予了極高的關注。鑑於我們現在擁有首個符合FDA極其嚴格的網路安全標準的透析系統，我相信這將有助於我們吸引潛在客戶的關注和興趣，無論其規模大小，這或許能解答您問題的一部分。

I haven't seen a big difference in the level of cybersecurity attention between small, medium or large hospitals. They're all concerned about it, because it's something that they increasingly view through the lens of like fundamental patient safety. So yes, I do think that this will be a potential tailwind, a potential catalyst for us in 2026 and obviously beyond. I do think that it could -- again, very early, we just got the approval a couple of weeks ago, so too early to speculate. But minimally, I think that we will see incremental attention and interest.

我並沒有發現小型、中型或大型醫院在網路安全重視程度上有顯著差異。他們都很關注網路安全，因為他們越來越將其視為關乎病人安全的基本問題。所以，我認為這在2026年及以後會成為我們發展的有利因素和催化劑。當然，現在下結論還為時過早，我們幾週前才獲得批准，所以現在下結論還為時過早。但至少，我認為我們會看到人們對網路安全的關注和興趣逐漸提高。

And I do think that our ability to offer hospitals sort of advanced cyber safeguards will be very positively received. In terms of the ASP lift, look forward to giving you more specifics on that as we get a little closer to the launch a little bit deeper in the year. We do, I think, philosophically, we have always followed a philosophy around pricing for value. And we believe that value to this upgrade is quite significant. But I'll close by saying stay tuned as we get a little deeper into the year on specifics.

我認為，我們為醫院提供先進的網路安全保障措施的能力將會受到非常積極的歡迎。至於平均售價的提升，隨著產品發布日期的臨近，我們將在今年稍後提供更多細節資訊。我認為，從理念上講，我們一直遵循著價值定價的原則。我們相信，此次升級的價值非常顯著。最後，請大家繼續關注，我們將在今年稍後公佈更多細節。

Okay. Very helpful, Leslie. Thank you for that. And then a quick follow-up on the sales force and the deal pipeline. It certainly sounds like you've tightened up the process so that you have cleaner visibility into timing and the deals. But can you tell us anything about the stability of the sales force?

好的，萊斯利，這很有幫助，謝謝。接下來我想快速了解一下銷售團隊和交易流程的狀況。聽起來你們確實優化了流程，讓交易時間和進展更加清晰明了。但是，您能談談銷售團隊的穩定性嗎？

Was there any attrition post the leadership leaving? And are there any updates on the search for the leader? And anything sort of on how you're viewing the deal pipeline now given the guidance of sequentially flat for first quarter?

領導階層離職後是否有人員流失？尋找新領導的進展如何？鑑於第一季業績環比持平，您目前如何看待交易管道？

Absolutely. Yes. Well, I think as I reflect on Q4, and I'll say, current state, today, we do have an experienced sales leadership team. They did an excellent job at keeping the organization focused on the quarter. I think the results of Q4 reflect that, albeit on a revised guidance range.

當然。是的。嗯，回顧第四季度，就目前情況而言，我認為我們擁有一支經驗豐富的銷售領導團隊。他們出色地完成了工作，使整個組織專注於本季的目標。我認為第四季度的業績也反映了這一點，儘管業績預期範圍有所調整。

We did execute at the top of that revised guidance range. We did see the treatments renormalize. We did see the deal from Q3, that slipped, close in Q4. We did see console sales bookings land exactly where we expected them to land in Q4. So all of that was encouraging.

我們確實達到了修訂後預期範圍的上限。我們看到治療方案恢復正常。第三季延期的交易在第四季完成。第四季主機銷售預訂量也完全符合預期。所有這些都令人鼓舞。

Now as we kind of look forward, Renee and I remain very hands-on inspecting the pipeline and forecasted deals. And we're still operating at a very detailed level. We'll obviously continue vigilant monitoring. But in terms of the stability and focus of the sales organization, I'd say, so far, so good. We do still have a search underway, which is being done for us by a leading executive search firm.

展望未來，我和蕾妮仍然會親自檢查銷售管道和預測的交易。我們依然在非常細緻的層面上運作。顯然，我們會繼續保持警惕。但就銷售組織的穩定性和專注度而言，我認為目前為止一切順利。我們仍在進行一項招募工作，這項工作由一家頂尖的獵人頭公司負責。

Because we do have a very strong and capable sales leadership team in place today, it is affording us the time to find the best of the best. So we're being very deliberative and to ensure that we have the best cultural and operational fit for the business. Maybe lastly, I think -- what?

因為我們目前擁有一支非常強大且能力出眾的銷售領導團隊，這讓我們有時間去尋找最優秀的人才。所以我們正在深思熟慮，確保找到最符合公司文化和營運模式的人才。最後，我想──什麼呢？

Sorry. I was just saying thank you.

抱歉，我只是想說謝謝。

Thank you.

謝謝。

Thank you. But I was going to address the third part of your question, which I think was pipeline in Q4 and kind of across 2025. So looking back on the year in full, yes, the pipeline did grow across all the key metrics that we measure, which are the overall size of the pipeline, the average deal size, in particular, deals over $1 million in console value. And then we also look at: does the pipeline look healthy in terms of diversification? And we look at diversification a couple of different ways.

謝謝。但我原本想回答您問題的第三部分，也就是關於第四季以及2025年全年的銷售通路狀況。回顧全年，是的，我們衡量的所有關鍵指標都顯示銷售管道有所成長，包括銷售管道的整體規模、平均交易規模，尤其是價值超過100萬美元的遊戲主機交易。此外，我們也會檢視銷售管道的多元化程度。我們會從幾個方面來評估多元化程度。

One is diversification between new customers, who are coming into the pipeline interested in moving from outsourcing to in-sourcing with Outset, and then existing customers who are already in-sourced with Tablo and looking at expansion to new facilities based on the clinical or operational and financial benefits that they've already seen and proven after themselves. So yes, we do see good diversification between new and existing. We also look at the diversification in terms of hospital size. We see good diversification between kind of the big, brand-name, beachhead health systems that have entered our pipeline, but also medium-sized hospitals and small hospitals. And I'll maybe take an opportunity just to touch on a point that's adjacent to your question, Marie.

一方面，我們實現了新舊客戶的多元化。這些新客戶有意從外包模式轉向使用Outset的自營模式；另一方面，我們也關注那些已經使用Tablo進行自營業務的現有客戶，他們希望基於自身實踐中已驗證的臨床、營運和財務效益，將業務拓展到新的醫療機構。因此，新舊客戶之間的多元化程度很高。此外，我們也關注醫院規模的多元化。我們看到，除了那些進入我們客戶名單的大型知名醫療系統之外，中型和小型醫院也佔據了相當大的市場份額。瑪麗，我或許可以藉此機會談談與你的問題相關的一點。

When I talk about small hospitals, we're really proud of the impact, albeit early, it's nascent, but the impact that we have had in '25, and we expect to have in '26, with critical access hospitals. These are hospitals that are increasingly looking at standing up new dialysis service lines because dialysis clinics in their local, rural communities have closed. And the patients, therefore, in these rural areas do not always have access to any sort of dialysis care, which obviously is problematic because it is a life-sustaining therapy. And so we are proud of the partnership that we're starting to effectuate with critical access hospitals, to ensure that these rural communities have consistent access to dialysis. So very long-winded answer, I apologize for that.

說到小型醫院，我們為所取得的成果感到非常自豪，儘管目前還處於起步階段，但我們在2025年以及預計在2026年與重點醫療機構合作所取得的成果令人矚目。這些醫院正越來越多地尋求建立新的透析服務，因為它們所在農村地區的透析診所已經關閉。因此，這些農村地區的患者並非總是能獲得任何形式的透析治療，這顯然是個問題，因為透析是維持生命的治療方法。所以，我們為與重點醫療機構建立的合作關係感到自豪，以確保這些農村社區能夠持續獲得透析服務。抱歉，我的回答有點長。

But in terms of pipeline diversification, across the size and type of the hospitals, I think we are very well balanced, again, across large enterprise solution level deals, again, all the way down to critical access hospitals and sort of everything in between. Thank you so much.

但就業務線多元化而言，考慮到醫院的規模和類型，我認為我們做得非常均衡，從大型企業級解決方案到基層醫療機構，以及介於兩者之間的所有類型，我們都覆蓋到了。非常感謝。

Joshua Jennings, TD Cowen.

Joshua Jennings，TD Cowen。

Hi, good afternoon, thanks for taking the questions and I wanted to follow up on Marie's question you answered, Leslie, just on the pipeline diversification. Is there any way to -- or two questions within one. One, can you quantify the pipeline growth entering '25 versus entering '26 or vice versa? And then just as we think about the potential to expand your current customer base and just the sales cycle associated with those deals, is there any -- is there a prioritization for the sales force to reduce the sales cycle? Or is the mix appropriate, I think, as you stated?

您好，下午好，感謝您回答問題。萊斯利，我想就您回答的瑪麗的問題再補充一下，關於銷售管道多元化的問題。有沒有辦法──或者說，兩個問題合而為一。第一，您能否量化一下2025年和2026年銷售通路的成長情況，反之亦然？第二，當我們考慮擴大現有客戶群的潛力以及與這些交易相關的銷售週期時，銷售團隊是否會優先考慮縮短銷售週期？或者，正如您所說，目前的組合方式是合適的？

Any strategic attack plan just in terms of the different buckets within the pipeline, thinking about contracting the sales cycle over the next 12 to 24 months?

是否有針對銷售管道中不同環節的策略性攻擊計劃，考慮在未來 12 到 24 個月內縮短銷售週期？

Yes. Thanks, Josh. Those are all great questions. I'm going to answer them with a little bit of sensitivity from a competitive standpoint, but let me see if I can at least provide some helpful color. So you really hit the nail on the head when you talked about the sales cycle.

是的，謝謝你，喬許。這些都是很好的問題。我會從競爭的角度出發，謹慎地回答這些問題，但至少讓我嘗試提供一些有用的信息。你剛才談到銷售週期時，真是說到重點了。

And that's exactly why diversification in the pipeline around deal size is important and why the diversification between sort of new customers and expansion customers is important. The larger the deal, the longer the sales cycle. And that's not unique to Outset. That's, I think, universal to any capital equipment business. When customers are new to Outset, obviously, you've got a few extra steps around master sales and service agreements and OAs, et cetera, long before you get to a PO.

正因如此，交易規模的多元化以及新客戶和現有客戶之間的多元化才顯得尤為重要。交易規模越大，銷售週期越長。這並非Outset獨有的現象，我認為所有資本設備企業都面臨同樣的問題。對於Outset的新客戶而言，在最終獲得採購訂單之前，顯然需要額外簽署一些主銷售協議、服務協議和營運協議等文件。

And that always adds some time. When you're dealing with enterprise solution opportunities, you are talking about 10 hospital conversions, 15, 20 or more hospital conversions, sometimes all at the same time. And those are big decisions. We recognize that those are big, important decisions. And so understandably, those types of deals are going to involve more stakeholders at the health system level.

這總是會耗費一些時間。在處理企業級解決方案時，通常涉及10家、15家、20家甚至更多醫院的改造，有時甚至同時進行。這些都是重大決策。我們深知這些決策的重要性。因此，這類交易自然會牽涉到醫療體系層面的更多利害關係人。

You not only are working with a system CNO. As for example, if it's a 15 or 20-hospital system, you also need to make sure that all other 15 or 20 local level CNOs are on board and enthusiastic. And so that takes a bit more time. So when we look at the larger enterprise opportunities, our sales cycle, and we've shared this before, it remains, I would say, in that 9 to 12-month plus-plus range that it can be as long as 1.5 years. At the same time, when we look at deals that are much smaller, that is closed, that can be as little as three to six months.

您不僅要與系統首席護理官 (CNO) 合作。例如，如果這是一個擁有 15 或 20 家醫院的系統，您還需要確保所有其他 15 或 20 位元本地 CNO 都參與其中並積極配合。因此，這需要更多的時間。所以，當我們審視大型企業專案時，我們的銷售週期（我們之前也提到過）仍然在 9 到 12 個月左右，甚至可能長達 1.5 年。同時，當我們審視規模小得多的交易時，成交週期可能只需 3 到 6 個月。

And so as we think about the design of our pipeline, the management of the pipeline, that's exactly how we're thinking about it, Josh, is really about a balance between sales cycle time. You also asked me about the sales force focus, and here I'll be a little bit more artful. But I would say that we are focused on serving any and all hospitals and post-acute facilities that want to kind of control their own destiny when it comes to the clinical, operational and financial benefits of in-sourcing versus outsourcing. With that being said, yes, you're right that if you're thinking about customers who already have a footprint with in-sourcing in Tablo, in the theoretical, that often can have a shorter sales cycle with lower barriers to adoption. But again, I want to stress, we're focused on serving everyone who wants to control their own destiny moving forward for better patient care.

所以，當我們思考銷售管道的設計和管理時，Josh，我們正是這樣想的，關鍵在於平衡銷售週期。你還問到了銷售團隊的重點，這裡我稍微委婉一點。我想說的是，我們專注於服務所有希望在臨床、營運和財務方面掌控自身命運的醫院和復健機構，幫助他們權衡自營業務與外包業務的利弊。話雖如此，你說得對，如果你考慮的是那些已經在Tablo平台上開展自營業務的客戶，理論上，他們的銷售週期通常更短，採用門檻也更低。但我再次強調，我們專注於服務所有希望掌控自身命運，從而提升病患照護水準的機構。

Hopefully, that provides a little bit of helpful color.

希望這能提供一些有用的信息。

No, definitely. And maybe a little bit too granular, but just any color on or quantification of, I guess, the pipeline ending '26 versus '25?

不，當然。或許細節有點太多了，但我想，能否提供一些關於2026年和2025年管道建設情況的顏色或量化數據？

Yes. We saw about the same amount of growth in the pipeline as we did between '24 and '25. We saw, again, about the same rate of growth between '25 heading into -- year-end '25 heading into the beginning of -- sorry, year-end '24 and the year-end '25, about the same rate of growth as we did the prior 12 months. So I continue to be very encouraged about the demand that we're generating. And I think that some of the pipeline -- I know that some of the pipeline expansion more recently has been because of this new clinical value proposition that's been emerging and then published increasingly by our own customers, seeing a reduction in length of stay, a reduction in CLABSI rates, even a reduction in code blues during dialysis treatment.

是的。我們在產品線方面的成長與2024年至2025年期間的成長基本持平。同樣，從2025年底到2024年底，再到2025年初，我們的成長率與前12個月的成長率基本相同。因此，我對我們所創造的需求仍然感到非常鼓舞。我認為，部分產品線的擴張——我知道最近產品線的擴張部分是由於我們客戶不斷湧現並發布的新的臨床價值主張，例如縮短住院時間、降低中心靜脈導管相關血流感染（CLABSI）發生率，甚至減少透析治療期間的緊急搶救次數。

And I have understood from potential customers that that has driven, I would say, an incremental wave of interest beyond the financial ROI benefits that have been long understood with in-sourcing with Tablo for a couple of years now.

我從潛在客戶那裡了解到，這引發了一波新的興趣浪潮，而不僅僅像過去幾年人們所認識到的那樣，透過與 Tablo 合作進行內部開發所帶來的財務投資回報率優勢。

Great, thanks. Just sneaking one more, sorry. Multipart question on that last one. But just thinking on the guide and 5% to 9% revenue growth, any help just thinking about, as we're forecasting, updating our models, console growth versus consumable growth within that range? Thanks for taking the questions.

太好了，謝謝。再問一個問題，不好意思。最後一個問題涉及多個部分。我參考了指南和5%到9%的營收成長預期，在預測和更新模型時，能否考慮一下主機銷售成長與消費品銷售成長在這個區間內的關係？感謝您回答這些問題。

Sure, Josh. Happy to step in here. I think as we sat back and thought about the guidance range, we absolutely looked at it across the three primary components of revenue and the different puts and takes to each of those. So you're right in that our 5% to 9% growth is our -- what we believe is our balanced, best approach for right now for the full year. And I would believe that -- my position is that you should think about forecasting growth for recurring revenue to be roughly in line with that top line growth.

當然，喬許。我很樂意補充。我認為，當我們坐下來思考業績指引範圍時，我們確實從收入的三大主要組成部分以及影響它們的各種因素進行了全面評估。所以你說得對，我們目前認為5%到9%的成長是全年最平衡、最適合的方案。而且我認為，你應該考慮將經常性收入的成長預測與營收成長大致保持一致。

And as you can even see from what we just performed on for 2025 against 2024, we saw very consistent revenue growth in console, consumables and service.

正如您從我們剛才對 2025 年與 2024 年的比較分析中看到的那樣，我們在遊戲主機、耗材和服務方面都實現了非常穩定的收入成長。

Thanks again.

再次感謝。

Kendall Au, RBC.

Kendall Au，RBC。

Hi, thanks so much for taking my question. I just had like two modeling questions. I know you guys continue to track ahead of expectations on gross margins. Is there any update on the time line to get into that 50% mark? Can you achieve that prior to exiting 2027? And then also, I have a quick question, does your current cash -- is that enough right now for you to reach profitability?

您好，非常感謝您回答我的問題。我只有兩個關於模型方面的問題。我知道貴公司的毛利率一直超乎預期。請問貴公司毛利率達到50%的目標時間表有更新嗎？能否在2027年底前實現？另外，我還有一個問題，貴公司目前的現金流是否足以支撐其獲利？

Or do you need to raise any more cash before reaching that point? Thanks so much.

或者，在達到那個目標之前，您還需要籌集更多資金嗎？非常感謝。

Sure. Yes, great questions. I think as you can see -- on gross margins alone, you can see that year after year we continue to execute against our gross margin and, just last year, had a 500 basis points improvement. So we are continuing to march towards that pathway. And as you've indicated, our goal is 50%.

當然。問得好。我想正如你所看到的——僅從毛利率來看，我們每年都在持續提升毛利率，去年更是提高了500個基點。所以我們正朝著這個目標穩步前進。正如你所提到的，我們的目標是50%。

And we just saw that even with just product gross margin for Q4. We're going to guide for the current year to, as I mentioned, sort of the low to mid-40% range. But we do feel as though that that 50% absolutely is within our planning horizon. I'm just not going to give a formal year to when we're going to achieve that, but we absolutely look forward to doing that and sharing that with everyone at that time.

我們剛才也看到了，即使只看第四季的產品毛利率，我們預計今年的毛利率也會像我之前提到的那樣，大約在40%左右。但我們認為50%的目標絕對在我們的計劃範圍內。我不會給出具體的實現時間，但我們非常期待實現這個目標，並會在那時與大家分享。

Specific to cash on the balance sheet, I think as you think about we've got $173 million in cash, cash equivalents and investments, as you've seen just from our performance in this past year, we brought operating cash burn down from $116 million in 2024 down to $46 million in 2025.

就資產負債表上的現金而言，我認為正如你所看到的，我們有 1.73 億美元的現金、現金等價物和投資，僅從我們過去一年的業績來看，我們已將 2024 年的經營現金消耗量從 1.16 億美元降至 2025 年的 4600 萬美元。

And as stated on our call, we will look to better improve against that in 2026 as well. And we absolutely believe that we've got sufficient cash on the balance sheet to get us to profitability and beyond.

正如我們在電話會議中所述，我們計劃在2026年進一步改善這一狀況。我們堅信，資產負債表上的現金儲備足以讓我們獲利，甚至超越獲利。

I really appreciate the color there. And then I have just quick question on capital budget. I was wondering what you're seeing on the hospital capital budget environment right now. Do you feel like it's up year over year? And also, what's the state right now?

我非常喜歡那裡的色彩。另外，我還有一個關於資本預算的問題。我想了解一下您目前對醫院資本預算環境的看法。您覺得它比去年有所成長嗎？還有，目前的狀況如何？

And then also, can you give me a little commentary, I know you talked about having a backlog, is that still -- like, can you talk about the size and maybe the scale of that right now for Tablo?

另外，您能否簡單談談您的看法？我知道您提到過積壓的工作，現在情況是否仍然如此？您能否談談目前 Tablo 的積壓工作量有多大？

Sure. Yes. Well, on the capital spending front, we are not seeing any material changes, at least in the customers that we're calling on or the customers that are in our pipeline, we have not really observed any material changes in their planning or how they're thinking about capital spending for 2026. So nothing systematic or widespread that changes our outlook either near term or long term. Backlog, yes.

當然。是的。就資本支出方面而言，我們目前沒有看到任何實質變化，至少在我們正在聯繫的客戶和潛在客戶中，我們沒有觀察到他們在2026年的計劃或資本支出考慮方面有任何實質性變化。因此，沒有任何系統性或普遍性的改變會改變我們近期或長期的預期。至於積壓訂單，是的。

That has been an important lever for us in the past. It remains an important lever for us as we move forward over the planning horizon. And I would say we feel very good about where we're entering 2026. And that will continue to be one of the KPIs that we measure ourselves against as we move through the year and into '27.

過去，這一直是我們的重要槓桿。展望未來，它依然是我們重要的槓桿。我對2026年的前景感到非常樂觀。在接下來的2026年以及2027年，這將繼續是我們衡量自身績效的關鍵績效指標之一。

Rick Wise, Stifel.

Rick Wise，Stifel。

Good afternoon. Hi Leslie. Hi Renee. Just I want to have some follow-up questions sort of building on a lot of the excellent questions already discussed. On the next-gen Tablo system, it's great to see it, a couple of follow-ups. One, is there an upgrade opportunity here? Like, does your existing installed base upgrade for a nominal fee? Is it a whole new Tablo they would buy?

午安.嗨，Leslie，嗨，Renee。我想就之前討論的幾個精彩問題提出一些後續問題。關於下一代Tablo系統，很高興看到它，我有幾個後續問題。第一，它是否提供升級機會？例如，現有用戶是否可以以像徵性的費用升級？還是他們需要購買全新的Tablo系統？

Is there an opportunity to upgrade your entire existing base at a full cost of a new Tablo, whatever that ASP would be? Maybe just help us understand that. Could you talk a little bit more -- the cyber security topic is obviously compelling alone, but help us understand some of the additional, some of the other new features and capabilities and how that might add to Tablo's luster and ease of use and clinical utility? And then I have a related follow-up question to that. Thank you.

是否有可能以購買全新 Tablo 的全部成本（無論其 ASP 是多少）升級您現有的所有設備？能否請您詳細解釋一下？網路安全這個主題本身就非常吸引人，但能否請您再多談談其他一些新功能和特性，以及它們如何提升 Tablo 的吸引力、易用性和臨床實用性？此外，我還有一個相關的後續問題。謝謝。

Okay. Great. Yes. Perfect. Why don't I -- I'll try to address the first part and then we can go to your part two.

好的。太好了。是的。完美。那我──我先試著回答第一部分，然後再討論你的第二部分。

So on the next gen and the upgrade opportunity, short story long, yes. Our existing installed base customers will have full access to this upgrade. They will be able to upgrade. At the same time, new customers will also have an opportunity to buy new Tablos that already contain, because they've been manufactured in, already contain all of the software, hardware and cyber upgrades that I'm about to elaborate on in one second. So yes, this is a full access upgrade both for -- that will be available to the current installed base and also new customers moving forward.

所以，關於下一代產品和升級機會，簡而言之，是的。我們現有的客戶群將完全享有此次升級的權限。他們可以進行升級。同時，新客戶也有機會購買全新的Tablo設備，這些設備在出廠時就已經包含了所有軟體、硬體和網路安全方面的升級，我稍後會詳細介紹。因此，是的，這是一項全面的升級，現有客戶和未來的新客戶都可以享受。

You also talked about or asked about what are some of the details around -- on the cyber front, what does that really mean? Gosh, this could be like an hour-long conference call that I -- a podcast, that I'm sure you all would really enjoy, but I will try to keep my answer brief. This was a massive amount of work for our team and took us many, many, many months of technical achievement to reach. But for example, we updated physical network cloud connections with new software and hardware changes. We added many, many, many new security controls.

您還談到或詢問了一些關於網路安全方面的細節，例如這到底意味著什麼？哎呀，這簡直可以開一個小時的電話會議了——或者說，可以做成一個播客，我相信大家都會很喜歡，但我會盡量長話短說。這對我們團隊來說是一項巨大的工作，我們花了幾個月的時間才取得技術上的突破。舉個例子，我們更新了實體網路和雲端連接，採用了新的軟體和硬體。我們還增加了許多新的安全控制措施。

We have -- our software now has round-the-clock cyber monitoring. In terms of the device performance itself and some of the reliability improvements, those, again, it's new software, a new operating system, new hardware. And how this translates to the customer benefit was something you also asked me about. Well, number one, we're always focused on improving uptime, which in and of itself improves the user experience. And so when you've got device performance enhancements, reliability enhancements, you are improving uptime.

我們的軟體現在具備全天候網路監控功能。至於設備效能和可靠性方面的提升，這也得益於新的軟體、新的作業系統和新的硬體。您也問到這些改進如何轉化為客戶利益。首先，我們始終致力於提升正常運作時間，這本身就能改善使用者體驗。因此，當設備效能和可靠性提升時，正常運作時間自然也會得到改善。

The availability of that device, the more the device is available, the better the patient care experience, patient care can be delivered when it is needed by the patient. And then, of course, the user experience with nurses and biomeds in the hospital, will be beneficiaries of the device performance and the reliability improvements as well. And I think I'll say moving forward, we're not done. We are extremely committed to what I like to call customer-centric innovation. Not inventing things because we can, from an engineering standpoint, but inventing things because we've heard them from users.

該設備的可用性越高，患者護理體驗就越好，患者就能在需要時獲得護理。當然，醫院的護理師和生物醫學工程師也將受益於設備性能和可靠性的提升。我想說的是，我們並未止步於此。我們始終致力於我所說的以客戶為中心的創新。我們並非僅僅因為技術能力允許就去發明創造，而是因為傾聽了使用者的心聲而進行創新。

Feedback, ideas. The improvements in this next-gen are a direct example of kind of this customer-centric orientation and very reflective of many of the suggestions and ideas we've gotten directly from our nurse users and others within the acute care and post-acute environment.

反饋和想法。新一代產品的改進正是這種以客戶為中心的理念的直接體現，也充分反映了我們直接從護理人員使用者以及急診和復健護理環境中的其他人員那裡獲得的許多建議和想法。

Great. And just to build on that, just in the simplest of terms, is -- and you haven't told us the ASP or whether it's more or less or equal to the current generation of Tablo. But if I assume it's -- there are more features and the cybersecurity is an incremental value and it's higher, what does this all mean for your gross margins once you're fully launched? Is this margin-accretive at that point? Is there a manufacturing learning curve, and so it actually depresses them initially as you launch?

太好了。為了更深入地探討這個問題，簡單來說——您還沒有告訴我們平均售價（ASP），也沒有說明它是否高於、低於或等於當前一代的Tablo。但如果我假設它擁有更多功能，網路安全也更有價值，而且價格更高，那麼一旦產品全面上市，這對您的毛利率意味著什麼？屆時它是否能提升毛利率？是否存在生產方面的學習曲線，以至於在上市初期反而會降低毛利率？

And maybe just related -- sorry to ask such a multipart question, but what's in your guidance at this point? A first or second half guide. Then bringing that gross margin question into it, how do we think about the new Tablo impacting margins? Thank you for dealing with all that.

或許還有些相關——抱歉問了這麼多問題，但您目前的指導意見是什麼？是上半年的指導還是下半年的指導意見？另外，關於毛利率的問題，我們該如何看待新推出的Tablo對毛利率的影響？感謝您解答這些問題。

No problem, Rick. This is Renee. I'll help sort of answer some of the gross margin questions and, in particular, how we're thinking about this. So as Leslie mentioned, we're working on the commercial launch strategy and how the Q2 time frame around that where, hopefully, we'll give additional clarity specific to ASPs. But I would say we absolutely think that there is value to product innovation and that this product just continues our innovation pipeline and that customers will see value in that.

沒問題，里克。我是蕾妮。我會幫您解答一些關於毛利率的問題，特別是我們對此的考量。正如萊斯利所提到的，我們正在製定商業上市策略，並計劃在第二季推出產品。希望屆時我們能更清楚說明平均售價（ASP）的具體情況。但我必須說，我們堅信產品創新具有價值，而這款產品正是我們創新之路的延續，相信顧客也會從中受益。

Specific to gross margin, you could imagine then that could be a potential tailwind specific to revenue throughout the year, but also gross margins. We've strategically thought about this product launch, this product generation, as Leslie just mentioned, the ability for current customers to upgrade their devices if they so choose, what future manufacturing of devices look like, plus also the units that I have on hand in finished goods at the moment. The functionality, we really thought about this when we were designing this next generation. And the ability to have that flexibility to upgrade, to add the components and, of course, add the software. So current state within our gross margin guide, we've factored it in, I would say, similar to how you can think about gross margin.

就毛利率而言，您可以想像，這可能會成為全年營收和毛利率的潛在利多因素。正如萊斯利剛才提到的，我們對此次產品發布和這一代產品進行了戰略性思考，包括現有客戶可以根據需要升級設備、未來的設備生產模式，以及我目前手頭上的成品庫存。在設計下一代產品時，我們確實考慮了其功能性。我們充分考慮了升級的靈活性，包括添加組件和軟體。因此，在目前的毛利率預期中，我們已經將這一點納入考量，您可以參考我們對毛利率的理解。

Right now, we currently don't expect it to be sort of a big detriment. I know sometimes companies have that when they're switching generations or versions of their device. We think this will be relatively a mild impact. And of course, the more consoles that we do sell, that has a dampening effect on gross margin, as you know, from our history. So in some ways, I'd love to sell -- have a tailwind from this and sell more consoles, have higher top line revenue growth, that could dampen in the near term gross margin.

目前，我們預計這不會造成太大的不利影響。我知道有些公司在更換設備版本或換代時會遇到這種情況。我們認為這次的影響相對較小。當然，正如您從我們以往的經驗中所知，主機銷售量越高，毛利率就會受到一定程度的抑制。因此，在某種程度上，我希望藉此機會促進主機銷售成長，從而實現更高的營收成長，但這在短期內可能會對毛利率造成一定程度的抑制。

But as we've thought about it in the current guide, both from a revenue perspective and a gross margin range, we need -- the commercial launch will be sort of late Q2. So it will be back-end -- included in our back-end assessment, and let's see how that launch goes and how it rolls through the summer months.

但正如我們在目前的指南中所考慮的，無論從收入角度還是毛利率範圍來看，我們需要——商業發布大概會在第二季末。所以它將屬於後端——包含在我們的後端評估中，讓我們看看發布情況如何，以及它在夏季幾個月的表現如何。

Thank you for all the color.

感謝你們帶來的所有色彩。

That does conclude today's Q&A session. I would like to turn the call back over to Leslie now for closing remarks. Please go ahead.

今天的問答環節到此結束。現在我想把電話交還給萊斯利，請她做總結發言。請開始吧。

Great. Thanks to everybody for joining today. I'd like to thank -- close by thanking our customers and our team for the very, very meaningful difference that they make every day in the lives of dialysis patients. I hope you all have a great evening.

太好了。感謝各位今天到場。我還要特別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的意義非凡的改變。祝大家晚上愉快。

Thank you so much for joining today's conference call. This does conclude today's meeting. You may now disconnect.

非常感謝您參加今天的電話會議。今天的會議到此結束，您可以斷開連線了。