Outset Medical, Inc. (OM) 2026 Q1 法說會逐字稿

Thank you for standing by. My name is Liz, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Outset Medical first-quarter 2026 earnings conference call. (Operator Instructions) I would now like to turn the call over to Jim Mazzolla, Head of Investor Relations. Please go ahead.

感謝各位稍候。我叫 Liz，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Outset Medical 2026 會計年度第一季財報電話會議。（接線員指示）現在我想把電話交給投資人關係主管 Jim Mazzolla。請開始。

Good afternoon, everyone, and welcome to Outset Medical's first-quarter 2026 earnings call. Today's speakers are Leslie Trigg, Chair and Chief Executive Officer; Derick Elliott, EVP of Commercial; and Renee Gaeta, Chief Financial Officer. The company issued a news release after the close of the market today, which can be found on the Investor pages of outsetmedical.com. This call is being recorded and will be archived on the Investors section of the Outset Medical website.

各位下午好，歡迎參加 Outset Medical 2026 會計年度第一季財報電話會議。今天的發言人包括董事長兼執行長 Leslie Trigg、商務執行副總裁 Derick Elliott，以及財務長 Renee Gaeta。公司已於今日收盤後發布新聞稿，可於 outsetmedical.com 的投資人頁面查閱。本次電話會議將被錄音，並會存檔於 Outset Medical 官網投資人專區。

All forward-looking statements made during today's call are intended to be protected under the Private Securities Litigation Reform Act of 1995. Outset assumes no obligation to update these statements. For a list and description of the risks and uncertainties associated with the business, please refer to Outset's public filings with the Securities and Exchange Commission, including its latest annual and quarterly reports.

今天電話會議中所作之所有前瞻性陳述，均意在受 1995 年《私人證券訴訟改革法案》保護。Outset 不承擔更新這些陳述之義務。關於與本公司業務相關之風險與不確定性之清單與說明，請參閱 Outset 向美國證券交易委員會提交的公開文件，包括其最新年度與季度報告。

Thanks, Jim. Good afternoon, everyone, and thank you for joining us. The first quarter reflected consistent execution across console utilization, new customer additions, gross margin expansion and disciplined cash management. While variability in capital order timing impacted our capital sales performance in the quarter, we remain confident in our growth plans for the year, supported by the upcoming launch of the next-generation Tablo, a deep sales pipeline and the addition of an experienced commercial leader in Derick Elliott, who I'm pleased to personally introduce to you today.

謝謝你，Jim。各位下午好，感謝各位加入我們。第一季在主機使用率、新客戶新增、毛利率擴張以及嚴謹的現金管理方面，均展現一致的執行力。雖然資本訂單時點的波動影響了本季的資本銷售表現，但在即將推出的下一代 Tablo、深厚的銷售管線，以及新增一位經驗豐富的商務領導人 Derick Elliott 的支持下，我們對今年的成長計畫仍充滿信心；我也很高興今天能親自向各位介紹他。

Beginning with the quarter, revenue of $27.9 million was down slightly from the fourth quarter due to the lumpiness of capital sales, but we are confident in our growth plans for the full year. Treatments and service performed exactly as we expected, and we achieved excellent gross margin expansion with product margin reaching over 52%, the result of our ongoing margin expansion programs and mix.

先從本季表現談起，營收為 2,790 萬美元，因資本銷售具波動性而較第四季略為下滑，但我們對全年成長計畫仍具信心。治療量與服務收入完全符合我們的預期；同時，我們也達成優異的毛利率擴張，產品毛利率提升至超過 52%，這是我們持續推動毛利擴張計畫與產品組合效應的成果。

More broadly, our end markets remain healthy and providers continue to allocate capital to projects that deliver clear benefits like those we offer. We are reaffirming our annual guidance today because we remain very confident in the depth, diversity and maturity of our pipeline. In particular, we are in the late stages of closing several large new deals and also an emerging refresh opportunity with existing customers who have older Tablo consoles and intend to buy replacement units in future quarters and years.

更廣泛來看，我們的終端市場仍然健康，醫療服務提供者也持續將資本配置到能帶來明確效益的專案上，例如我們所提供的方案。我們今天重申全年財測指引，因為我們對管線的深度、多元性與成熟度仍非常有信心。尤其是，我們正處於完成數筆大型新合約的後期階段；同時也看到一項新興的汰換機會：部分既有客戶擁有較舊的 Tablo 主機，並計畫在未來幾季與未來幾年購買替換機。

We had several key wins during the quarter and managed successful go-live implementations at both new customer sites and with existing customers expanding Tablo in-sourcing to new facilities within their network. A very recent example occurred just a few weeks ago in Texas.

本季我們取得數項關鍵勝利，並在新客戶據點以及既有客戶（將 Tablo 自建透析服務擴展至其網路內新院區）都成功完成上線導入。就在幾週前，德州便有一個非常近期的例子。

Over the course of two days, our team set up dialysis service lines at multiple hospitals owned by one of the largest health systems in the country. These facilities had a total of approximately 400 beds and required support to train the nursing staff, ensure replicable procedures were in place, and prepare the internal team to manage the new service line.

在兩天之內，我們的團隊在美國最大醫療體系之一所擁有的多家醫院建立透析服務線。這些院區合計約 400 張病床，並需要支援以訓練護理人員、確保可複製的作業流程到位，以及協助內部團隊為管理新的服務線做好準備。

Our service and implementation teams are truly the shining stars of Outset, extending our unique dialysis clinical expertise to customers. These teams ensure nurses are well trained, policies and procedures are in place, and that customers have a reliable, seamless transition from their outsourced provider to an in-sourced model.

我們的服務與導入團隊確實是 Outset 的耀眼明星，將我們獨特的透析臨床專業延伸到客戶端。這些團隊確保護理人員受過良好訓練、政策與流程到位，並讓客戶能從外包供應商順利、無縫地轉換至自建（in-sourced）模式。

Here in the second quarter, our team is replicating this success with go-live implementations occurring at more than 30 facilities involving nearly 200 consoles.

進入第二季，我們的團隊正複製這項成功經驗，於超過 30 個院區進行上線導入，涉及近 200 台主機。

From an operational perspective, we are well prepared for the initial transition to next-generation Tablo later this quarter. We believe this 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.

從營運角度來看，我們已為本季稍晚向下一代 Tablo 的初始轉換做好充分準備。我們相信，該平台是首個在 FDA 2025 年網路資安要求下獲准的透析系統，並包含硬體與軟體的強化，可提升效能與系統可靠性。

A dialysis system that meets FDA's cybersecurity guidance helps protect hospitals by reducing the risk of compromise, limiting the risk of spread and safeguarding patients. We view Tablo's secure-bydesign principles, layered access controls and controls intended to reduce the risk of unauthorized access as a significant new competitive advantage. It provides yet another compelling value proposition on top of the cost savings and clinical outcomes improvements associated with in-sourcing, that we believe will be recognized by health systems amid ever-increasing concerns over cybersecurity, continuity of care and patient safety.

符合 FDA 網路資安指引的透析系統，能透過降低遭入侵風險、限制擴散風險並保護病患，來協助醫院提升防護。我們認為 Tablo 的安全即設計（secure-by-design）原則、分層存取控制，以及旨在降低未經授權存取風險的控制措施，將成為一項重要的新競爭優勢。除自建模式所帶來的成本節省與臨床結果改善之外，這也提供了另一項具吸引力的價值主張；我們相信，在網路資安、照護連續性與病患安全疑慮日益升高之際，醫療體系將會認可這項價值。

We plan to begin with a limited release, extending into the third quarter, then ramp to a full launch. In early customer discussions, there has been strong reception to the cybersecurity benefits and other enhancements that next-generation Tablo will provide. We are very excited for the rollout, and we'll share additional details on our August call.

我們計畫先以有限度釋出開始，並延伸至第三季，之後再加速至全面上市。在與早期客戶的討論中，市場對下一代 Tablo 所帶來的網路資安效益及其他強化功能反應熱烈。我們對此次推廣非常期待，並將在 8 月的電話會議分享更多細節。

Finally, I'd like to reiterate our strong cash position and unwavering focus on reaching profitability. During the quarter, we expanded margins to record levels and remained disciplined in our spending, both of which contributed to a lower-than-expected use of cash. I'm proud of the progress our team continues to make streamlining our supply chain and manufacturing operations, strengthening our service organization, becoming more efficient in every corner of the business and expanding our partnership and presence with acute and post-acute care providers.

最後，我想再次強調我們強勁的現金部位，以及達成獲利的堅定聚焦。本季我們將毛利率擴張至創紀錄水準，並在支出上維持紀律，兩者共同促成現金使用量低於預期。我為團隊持續精簡供應鏈與製造營運、強化服務組織、在業務各個角落提升效率，以及擴大與急性與後急性照護提供者的合作與布局所取得的進展感到自豪。

Before Renee walks through the financials, I want to take a minute to introduce our new commercial leader, Derick Elliott. Derick has been on the job for a month and is already making an impact through his deep customer relationships, sales and marketing expertise and disciplined approach to pipeline management.

在 Renee 帶各位檢視財務數字之前，我想花一點時間介紹我們新的商務領導人 Derick Elliott。Derick 到任一個月，已憑藉其深厚的客戶關係、銷售與行銷專業，以及對管線管理的嚴謹方法，開始帶來影響。

I'd like to invite Derick to say a few words about himself and his priorities. Derick?

我想邀請 Derick 談幾句，介紹他自己以及他的優先事項。Derick？

Thanks, Leslie, and good afternoon, everyone. As Leslie said, I joined Outset about one month ago and spent that time conducting a deep dive into the business. I've met with our leadership and sales teams, conducted thorough reviews of our pipeline and forecast methodology and visited many customers.

謝謝你，Leslie，各位下午好。如 Leslie 所說，我大約一個月前加入 Outset，並利用這段時間對業務進行深入盤點。我與領導團隊與銷售團隊會面，對我們的銷售管線與預測方法進行全面檢視，並拜訪了許多客戶。

One month in, I can say with confidence that we have a great team, a strong and differentiated product fit, and customers who are deeply interested in improving the dialysis experience for their patients and organizations. When Leslie first approached me about this position, it became clear that my background was a unique fit for Outset.

到任一個月後，我可以有信心地說：我們擁有很棒的團隊、強而有力且具差異化的產品契合度，以及對改善其病患與組織透析體驗抱持高度興趣的客戶。當 Leslie 首次與我談到這個職位時，我就清楚我的背景與 Outset 有著獨特的契合度。

I spent more than 30 years serving many of the same customers in sales leadership positions, including 17 years at Stryker across national accounts, capital equipment and professional services. More recently, I've worked closely with customers to sell EMR connectivity, software and data analytics across hospitals and health systems nationwide, which is all very similar to Outset's business, customer call points and value proposition.

我在銷售領導職務上服務許多相同的客戶超過 30 年，其中在 Stryker 任職 17 年，涵蓋全國性客戶（national accounts）、資本設備與專業服務。近期，我也與客戶密切合作，在全美各地的醫院與醫療體系銷售 EMR 連接、軟體與資料分析；這些都與 Outset 的業務模式、客戶接觸點與價值主張非常相似。

My near-term priorities include working with our commercial team to prepare for the launch of next-generation Tablo and being very involved at the customer level as we advance and close business in 2026. We have a meaningful opportunity to improve the lives of patients and the providers who serve them. I see how that mission motivates people across Outset, and I'm proud to now be a part of this team.

我近期的優先事項包括：與商務團隊合作，為下一代 Tablo 的上市做準備；並在 2026 年推進與完成業務成交的過程中，於客戶層級深度參與。我們有一個重要的機會去改善病患以及服務他們的醫療提供者的生活。我看到這項使命如何激勵 Outset 各處的人，我也很自豪能成為這個團隊的一員。

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

接下來，我把電話交給 Renee。

Thank you, Derick, and good afternoon, everyone. Revenue in the first quarter was $27.9 million, a 6% decrease from $29.8 million in the first quarter of 2025, largely due to some lumpiness in the timing of capital orders.

謝謝你，Derick，各位下午好。第一季營收為 2,790 萬美元，較 2025 年第一季的 2,980 萬美元下降 6%，主要原因是資本訂單時點出現一些波動。

Product revenue was $18.6 million, down 13%. We anticipated this year-over-year dynamic on our last earnings call and also saw about $1 million in capital deals shifted from the first quarter and are expected to close later in the year. Capital sales were $5.4 million and consumable sales were a bit stronger than anticipated at $13.2 million. We remain very focused on our forecasting methodology for treatment, which, as I mentioned last quarter, now includes closer collaboration with our largest customers on their ordering patterns.

產品營收為 1,860 萬美元，下降 13%。我們在上次財報電話會議已預期到這項年對年變化，同時也看到約 100 萬美元的資本交易從第一季遞延，預計將於今年稍晚完成。資本銷售為 540 萬美元，而耗材銷售則較預期略強，達 1,320 萬美元。我們仍非常專注於治療量的預測方法；如我在上季所提到，該方法現在包含與我們最大客戶就其訂購模式進行更緊密的協作。

Service and other revenue of $9.3 million grew 10% from $8.5 million in the prior year period. Recurring revenue from the sale of Tablo consumables and service was $22.5 million, roughly flat sequentially and with the first quarter of 2025, both as we anticipated.

服務及其他營收為 930 萬美元，較去年同期的 850 萬美元成長 10%。來自 Tablo 耗材與服務銷售的經常性收入為 2,250 萬美元，按季大致持平，且與 2025 年第一季相當，皆符合我們先前的預期。

Next, I'll walk through 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.

接下來，我將說明本季的毛利率與營業費用。關於 GAAP 與非 GAAP 指標的調節，請參閱今日財報新聞稿中的表格。

Non-GAAP gross margin expanded 620 basis points from last year, reaching 43.8% for the quarter. Product gross margin was driven by sales mix and increased 400 basis points to 52.4% from 48.4% in the first quarter of 2025. Service and other gross margin was 26.7%, increasing again sequentially and growing more than 1,600 basis points compared to 10.3% in the first quarter of 2025. This reflects strong execution and keeps us on track for the next milestone of 50% company-wide gross margin.

本季非 GAAP 毛利率較去年擴大 620 個基點，達到 43.8%。產品毛利率受銷售組合帶動，較 2025 年第一季的 48.4% 提升 400 個基點至 52.4%。服務及其他毛利率為 26.7%，按季再度提升，且相較 2025 年第一季的 10.3% 成長超過 1,600 個基點。這反映了強勁的執行力，並使我們持續朝下一個里程碑——全公司 50% 毛利率——邁進。

Moving to operating expenses. Non-GAAP operating expenses increased nearly 4% to $25.6 million compared to $24.6 million in the first quarter of 2025, driven by investments in systems and people. Non-GAAP operating loss was $13.4 million, even with the prior year period. Non-GAAP net loss of $15.4 million improved 32% compared to $22.8 million in the first quarter of 2025. These results reflect the continued progress as we work to achieve profitability.

接著談營業費用。非 GAAP 營業費用較 2025 年第一季的 2,460 萬美元增加近 4% 至 2,560 萬美元，主要由於對系統與人員的投資。非 GAAP 營業損失為 1,340 萬美元，與去年同期相當。非 GAAP 淨損失為 1,540 萬美元，較 2025 年第一季的 2,280 萬美元改善 32%。這些結果反映我們在邁向獲利的過程中持續取得進展。

Moving to our balance sheet. We ended the quarter with $161 million in cash, cash equivalents, short-term investments and restricted cash. We used approximately $12 million during the quarter, which is less than we previously forecasted due to ongoing expense discipline and working capital management. As we look ahead to our cash needs for the remainder of the year, we now anticipate using less than $40 million, which is roughly 15% better than we previously expected.

接著看資產負債表。本季末我們持有 1.61 億美元的現金、約當現金、短期投資及受限制現金。本季約使用 1,200 萬美元，低於我們先前的預測，主要因為持續的費用紀律與營運資金管理。展望今年剩餘期間的資金需求，我們目前預期使用金額將低於 4,000 萬美元，較先前預期約改善 15%。

Turning to our guidance for 2026. We continue to expect revenue to be in the range of $125 million to $130 million, a 5% to 9% increase over 2025, with the majority of the 2026 growth coming in the third and fourth quarters. For non-GAAP gross margin, guidance assumes that as we ship more consoles, gross margin will approach the lower end of the range just as a higher mix of consumables will move gross margin towards the higher end of the range. Balancing these two factors, we continue to expect gross margin to be in the low to mid-40% range for the full year.

接著談 2026 年的財測。我們仍預期營收將落在 1.25 億至 1.30 億美元區間，較 2025 年成長 5% 至 9%，且 2026 年的大部分成長將來自第三與第四季。就非 GAAP 毛利率而言，指引假設隨著我們出貨更多主機（consoles），毛利率將趨近區間下緣；而耗材占比提高則會推動毛利率朝區間上緣移動。綜合這兩項因素，我們仍預期全年毛利率將落在 40% 出頭至 40% 中段（low to mid-40%）區間。

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

接下來，我將把電話會議交回給 Leslie 作結語。

Thanks, Renee. I want to close by emphasizing Outset's strong market position. With more than 1,000 facilities using Tablo and more than 3.5 million cumulative treatments performed, we continue to gain ground as the leader of dialysis in-sourcing. We expect next-generation Tablo as the only dialysis system we believe to have been cleared under the FDA's rigorous guidelines for cybersecurity will continue to solidify and extend that position.

謝謝你，Renee。我想在結語中強調 Outset 強勁的市場地位。目前已有超過 1,000 家機構使用 Tablo，累計完成超過 350 萬次治療，我們持續鞏固作為透析院內化（dialysis in-sourcing）領導者的地位。我們預期，下一代 Tablo 作為我們認為唯一依據 FDA 嚴格的資安指引獲得核准的透析系統，將持續強化並延伸這一地位。

There are now more than 8 trillion data points in our cloud platform, which helps fuel our analytics and innovation engine, improve the customer experience and ultimately enhance patient care. With insights from this data repository and our strong suite of professional implementation services, Outset is increasingly recognized as the trusted partner.

我們的雲端平台目前已累積超過 8 兆個資料點，這有助於驅動我們的分析與創新引擎、改善客戶體驗，並最終提升病患照護。憑藉此資料庫的洞察，以及我們完善的專業導入服務組合，Outset 正日益被視為值得信賴的合作夥伴。

We improve dialysis patient care while reducing costs and streamlining operations. And we get to see the results every day for customers of all sizes. For example, a regional 400-bed multisite health system reported an approximately sixfold decrease in their dialysis costs during their first year of in-sourcing with Outset and Tablo. This health system performed approximately 2,000 dialysis treatments per year, so the cost savings are substantial. As meaningful, they saw no central line bloodstream infections, improved their documentation and joint commission readiness, and operationalize a more sustainable staffing model.

我們在降低成本並簡化營運的同時，提升透析病患照護品質。我們每天都能在各種規模的客戶身上看到成果。舉例來說，一家區域性的 400 床多院區醫療體系表示，在採用 Outset 與 Tablo 進行院內化的第一年，其透析成本約下降至原來的六分之一。該醫療體系每年約執行 2,000 次透析治療，因此節省的成本相當可觀。同樣重要的是，他們未出現任何中心靜脈導管血流感染，文件紀錄與聯合委員會（Joint Commission）稽核準備度有所提升，並將人力配置模式營運化為更具永續性。

All of the progress we've made provides a powerful foundation for value creation over the long term, which we look forward to demonstrating in the coming quarters and years.

我們所取得的所有進展，為長期價值創造奠定了強而有力的基礎；我們也期待在未來幾季與未來幾年持續展現。

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

那麼，我想我們已準備好進入問答環節。接線員，請開放電話線路。

(Operator Instructions)

（接線員指示）

Rick Wise, Stifel.

Rick Wise，Stifel。

You won't be surprised that I'm hoping you can give us a little more color on, as you described, the capital order variability and lumpiness. Just when I look back to the fourth quarter, you characterized the pipeline as building positively. It sounds like it still is and a healthy balance of larger and smaller deals, new and existing customers. And I doubt that's changed. What resulted in lumpiness? Why the delay? And maybe help us better understand, when we're likely to see those sales happen or what you're expecting?

你不會意外我希望你能再多提供一些細節，關於你所描述的資本訂單的波動性與不均勻性（lumpiness）。我回顧第四季時，你們將管線描述為正向累積。聽起來現在仍是如此，而且大型與小型案子、新客與既有客戶之間的組合也很健康。我想這些應該沒有改變。那麼造成不均勻性的原因是什麼？為什麼會延後？也請協助我們更好理解，我們可能何時會看到這些銷售發生，或你們的預期是什麼？

Yes, sure. Rick, good to hear your voice. The, so yes, let's start with, I'll move through the sections of your question. I'll start with the capital order variability and the pipeline. The pipeline did continue to grow in Q1 as well.

好的，當然可以。Rick，很高興聽到你的聲音。那麼，是的，我們先從你問題的幾個部分依序回答。我先談資本訂單的波動性與管線。管線在第一季也持續成長。

We saw good sequential growth in new opportunities that were added to the pipeline. And as you remembered from Q4, the way we look at the health of the pipeline, of course, is in terms of its size, its depth, the diversity, the size of each deal, new customers versus existing customer expansions and then obviously, the maturity, the stage that the deals are in, in that pipeline.

我們看到新增進入管線的新機會按季有不錯的成長。正如你在第四季所記得的，我們評估管線健康度的方式，當然包括其規模、深度、多元性、每筆交易的大小、新客戶相對於既有客戶擴張的占比，以及很重要的——交易在管線中的成熟度與所處階段。

And across all three of these dimensions, the pipeline for 2026 and beyond is robust. We, in particular, are in the late stages of several large new deals that we do expect to close in 2026 and also at the cusp of an emerging refresh opportunity, which we just alluded to in the prepared remarks with existing customers who have now older Tablo fleets and have conveyed an intent to buy replacement units in future quarters and in future years.

而在這三個面向上，2026 年及之後的管線都相當強勁。我們特別是在數筆大型新案的後期階段，預期將於 2026 年完成簽約；同時也正處於一個新興的汰換（refresh）機會的臨界點——我們在事先準備的講稿中也略有提及——一些既有客戶目前擁有較舊的 Tablo 機隊，並已表達在未來幾季與未來幾年購買替換機的意向。

So that's a bit about how the pipeline has continued to strengthen, I think, kind of Q4 and into Q1. In terms of the lumpiness of the capital order sales cycle, it is less predictable for us than Tablo utilization. We've talked in the past about the stability and the predictability of the utilization of the consoles once sold and installed. That continues to serve us well. It served us well in Q1.

以上是關於管線如何在第四季並延續到第一季持續強化的一些說明。至於資本訂單銷售週期的不均勻性，它對我們而言比 Tablo 的使用量更難預測。我們過去談過，一旦主機售出並完成安裝，其使用量具有穩定性與可預測性；這點持續對我們有利，在第一季也同樣如此。

And yet, again, the lumpiness of the capital sales cycle does make it less predictable. It's really around the close timing, which might be stating the obvious. But beyond that, all the other areas of our business performed exactly as we expected, and we do remain on track with our guidance for the year, because the couple of deals that we saw slip out of the quarter are expected to close here in the Q2 through Q4 time frame to answer that part of your question, which, again, gives us a lot of confidence in the guidance range in addition to a couple of new tailwinds that we will be coming into here later in Q2 and through Q3, Q4 in the form of the next-generation Tablo launch, the kind of the additional firepower our new commercial leader is going to bring to our organization. So all of those things kind of make us very bullish about executing Q2 through Q4 here.

然而，資本銷售週期的「不均勻性」確實使其更難預測。主要就在於結案時間點（close timing），這可能是顯而易見的。但除此之外，我們業務的其他面向都如我們預期般表現；而且我們仍維持全年指引不變，因為我們看到有幾筆交易從本季遞延，預期會在第二季到第四季期間完成簽約，以回應你問題的那一部分。這也讓我們對指引區間更有信心，此外還有幾項新的順風因素，將在第二季後段並延續到第三季、第四季逐步顯現，包括下一代 Tablo 的上市，以及我們新的商務領導者將為組織帶來的額外火力。因此，這些因素都讓我們對第二季到第四季的執行非常樂觀。

Got you. Maybe just a second one for me. There's a lot to unpack here, but just on a more mundane level, help us think through the quarterly phasing, the quarterly flow. I mean, just, it sounds like it's going to be a more back half loaded year based on your comments or at least what we should assume that today for the moment. It could happen sooner, some of those delayed orders, for example.

了解。也許我再問第二個問題。這裡有很多可以拆解，但就比較基本的層面，請幫我們思考一下季度節奏、季度流量的分布。我的意思是，根據你們的評論，聽起來今年會更偏向下半年貢獻較多，至少我們目前應該先這樣假設。當然也可能更早發生，例如那些延後的訂單。

But the second quarter, I mean, does the second quarter as opposed to stepping up like it did sequentially the way it did last year. Is it flat with the first quarter or down? And do we, since you're holding guidance constant, if we take the midpoint of your $125 million, $130 million range, do we evenly step it up in the third, fourth quarter? And again, last year, both were around $29 million. I mean, are these going to be roughly equal quarters and whatever the remainder is to get to the midpoint of the guide? Help us think through the phasing.

但第二季，我的意思是，第二季相較於去年那樣按季逐步拉升的情況，會是與第一季持平還是下滑？另外，既然你們維持指引不變，如果我們取你們 1.25 億到 1.30 億美元區間的中點，我們是否可以在第三、第四季平均地逐步拉升？再者，去年第三、第四季兩季都大約是 2,900 萬美元。我的意思是，這兩季會大致相當，然後剩餘的部分用來達到指引中點嗎？請幫我們理解一下收入在各季之間的分布節奏。

Sure. Renee, do you want to take that one?

當然。Renee，你想回答這題嗎？

Sure. Rick, I'm happy to give some color here. As we sit here today with just one quarter in, we've obviously spent a lot of time looking at not only the pipeline, as Leslie sort of mentioned, but of course, all of the factors that roll up into our full year guidance. And I would, at this point in time, we would say that Q2 would sort of be a modest step up. And then as we indicated on the call, the Q3 and Q4, of course, we will see the larger percentage of the growth.

當然。Rick，我很樂意在這裡補充一些說明。以我們目前的情況來看，才剛過第一季，我們顯然花了很多時間檢視的不只是管線（Leslie 剛才也提到），當然也包括所有彙總到全年指引的各項因素。就目前這個時間點而言，我們會說第二季大致會是小幅度的上升。然後如同我們在電話會議中所指出的，第三季與第四季當然會看到較大比例的成長。

Whether or not it's, I don't think it's something that we would expect to see flat Q3 to Q4, you might continue to see some step-up, right? It will be, again, based on the timing of the close of these capital orders, will really dictate that and pull through. But 70% of our revenue is coming from the consumable and service and other, that part we expect to see stable and in the range of the 5% to 9% growth that we're expecting for the top line would certainly be across all of those categories.

至於是否會在第三季到第四季持平，我不認為我們會預期第三季到第四季完全持平；你可能會繼續看到一些逐步上升，對吧？這同樣會取決於這些資本設備訂單的結案時點，這將真正決定並帶動收入的實現。不過，我們 70% 的營收來自耗材、服務及其他項目；我們預期那一部分會保持穩定，而我們對營收年增 5% 到 9% 的預期，當然也會反映在所有這些類別上。

So just to sum it up, a modest step-up in the second quarter. And it's not like you're saying all of the remainder, if you get to, just again, I'm focused on the midpoint of the guide. It's not like it is all in the fourth quarter. You'll see sequential step-up in each quarter.

所以總結一下，第二季小幅上升。而且你們並不是在說，如果要達到——我再強調一次，我關注的是指引中點——並不是把剩下的全部都放在第四季。你們會在每一季都看到按季逐步上升。

Correct. I think that's a good way to think about it.

正確。我認為這樣理解是個不錯的方式。

Colin Clark, TD Cowen.

Colin Clark，TD Cowen。

First, on the delayed orders in the first quarter, I'm curious, you talked about having several large orders in the pipeline expected to get landed in the 2Q to 4Q period. What's driving your confidence there? What about those orders in size and scale and the stage of that process is driving the reiteration of guidance here?

首先，關於第一季延後的訂單，我想了解的是，你們提到管線中有幾筆大型訂單預期會在第二季到第四季期間落地。你們的信心來源是什麼？這些訂單在規模、量體以及流程所處階段方面，有哪些因素促使你們在此重申指引？

Sure. Yes, I'm happy to take that. Well, I have had the opportunity to remain extremely close to all of our largest deals and forecast for '26. And to answer your question more specifically, we would, first and foremost, look at the staging of those deals. We've talked in the past, maybe not recently, but we've talked in the past about the stages of our sales process. And so, we look at how many of those deals are in the later stages of the pipeline.

當然。是的，我很樂意回答。嗯，我一直有機會與我們所有最大型的交易以及 2026 年的預測保持非常緊密的掌握。更具體地回答你的問題，我們首先、也是最重要的，會看這些交易所處的階段。我們過去談過——也許最近沒有——但我們過去談過我們銷售流程的各個階段。因此，我們會看有多少交易已經進入管線的後期階段。

And then we have had enough history here and now have the ability to use some historical data to inform the probability of close between, let's say, Q2, Q3, Q4. And so, the confidence to answer your question, is informed by the data that we have about where these customers are, and these are both new customers and also existing customers that based on their financial and clinical results with Tablo are choosing to expand into new facilities, informed by that probability of close data. We feel we have a pretty good understanding and a good handle on which of those deals is likely to land in Q2, Q3 and Q4. So that's really what's underlying our expectations. Then in addition to, not to make this answer longer than it needs to be.

此外，我們在這裡已經累積了足夠的歷史，現在也能使用一些歷史數據來推估在第二季、第三季、第四季之間的結案機率。因此，回答你所問的信心來源，是基於我們掌握的數據：這些客戶目前所處的位置；這些客戶既包括新客戶，也包括既有客戶——他們基於使用 Tablo 所取得的財務與臨床成果，選擇擴展到新的院區——再加上這些結案機率數據的支持。我們認為自己對哪些交易可能在第二季、第三季與第四季落地，有相當不錯的理解與掌握。這就是支撐我們預期的核心。然後另外，為了不讓這個回答比需要的更長。

But in addition to that, I just alluded to this next-generation Tablo, which we will be in full launch mode in the second half of the year. And we do expect next-gen to be a demand driver as hospitals and health systems continue to tell us that cybersecurity is at or very near the top of their priority list.

但除此之外，我剛才也提到下一代 Tablo，我們將在今年下半年進入全面上市推廣模式。我們確實預期下一代產品會成為需求驅動因素，因為醫院與醫療體系持續告訴我們，資安在他們的優先事項清單上位居最前或非常接近最前。

And so, as we believe we have the only dialysis system in the market to meet these very stringent FDA requirements, we believe that will be a demand driver based on how well this is resonating thus far in our early sales conversations. So, we view that as an incremental tailwind for the second half of the year.

因此，鑑於我們相信自己是市場上唯一能符合這些非常嚴格 FDA 要求的透析系統，我們認為這將成為需求驅動因素；從目前在早期銷售對話中所獲得的回饋來看，市場反應相當正面。所以，我們把這視為下半年額外的順風因素。

Understood. That's very helpful. I'm curious on the next-gen system, does it have the potential, do you think to accelerate these trade-in time lines as far as replacing older generation Tablos?

了解。這非常有幫助。我想問一下，關於下一代系統，你認為它是否有可能加速這些以舊換新的時間表，也就是更快替換舊一代的 Tablo？

That is an excellent question. And the short answer is, yes, I think it could. Yes.

這是個非常好的問題。簡短的答案是：是的，我認為有可能。是的。

Perfect. One final one for me. Thank you guys for hosting the webinar this afternoon with the dialysis supervisor at Reid Health, which found it really helpful. We were interested in what you said about bidirectional integration of Tablo into the EMR. Can you talk about the functionality that enables and what that does for your revenue recognition when Tablo not only uploads data to the EMR, but operators have the potential to input orders from the EMR to Tablo?

太好了。我最後一個問題。謝謝你們今天下午邀請 Reid Health 的透析主管參加線上研討會，我覺得非常有幫助。我們對你們提到的 Tablo 與 EMR 的雙向整合很感興趣。你能談談這能帶來哪些功能，以及當 Tablo 不僅把資料上傳到 EMR，且操作人員也可能從 EMR 將醫囑輸入到 Tablo 時，這對你們的收入認列會有什麼影響嗎？

Sure. Well, thank you for listening to the webinar. I appreciate that. And yes, Reid Health has had a lot of very, very positive benefits clinically and financially through in-sourcing in Tablo. To fill other listeners in on this call, what is being alluded to here is a potential future capability for bidirectional data transfer.

當然。首先謝謝你收聽研討會，我很感謝。是的，Reid Health 透過在 Tablo 上進行院內自建（in-sourcing），在臨床與財務方面都獲得了非常、非常正面的效益。為了讓本次電話會議的其他聽眾了解，這裡所指的是一項未來可能具備的雙向資料傳輸能力。

Today, what we offer is uniquely one-way data transfer. We are directly integrated with Epic and Cerner and many other EMRs, which again is unique to Tablo. And the way that health systems are using that today is to directly transmit or upload all of the treatment data from Tablo after every treatment up to their EHR. There is an opportunity to add a new feature to our EMR offering in the future, which would allow prescription data or information to be transmitted directly from the EMR to the Tablo.

目前我們提供的是獨特的單向資料傳輸。我們已直接整合 Epic、Cerner 以及許多其他 EMR，這同樣是 Tablo 的獨特之處。醫療體系目前的使用方式，是在每次治療後，將 Tablo 的所有治療資料直接傳送或上傳到他們的 EHR。未來我們的 EMR 方案有機會新增一項功能，讓處方資料或資訊能夠直接從 EMR 傳送到 Tablo。

So, that is something that we're pretty excited about as a future direction and that we have heard, and it sounds like you heard from Reid Health, would deliver quite a bit of value to our customers. When we think about our recurring revenue foundation that Renee alluded to, it's roughly about 70% of our total revenue. Our overarching revenue strategy is to drive the highest possible percentage of our total revenue from recurring revenue sources.

因此，這是我們對未來方向感到相當興奮的一件事；而且我們也聽到——聽起來你也從 Reid Health 那裡聽到——這將為客戶帶來相當大的價值。當我們思考 Renee 提到的經常性收入基礎時，它大約占我們總營收的 70%。我們整體的營收策略，是盡可能提高總營收中來自經常性收入來源的占比。

It's visible, it's very predictable. So EMR is an example of a recurring revenue layer that we've added around service and around consumables. And we've had some pretty good early success with selling EMR, both in terms of upfront implementation and recurring maintenance fees annually. Were we to add new features like bidirectional, we would view that as, of course, an incremental revenue opportunity, further fueling the recurring revenue foundation that we enjoy.

它具可視性，也非常可預測。因此，EMR 就是我們在服務與耗材之外新增的一層經常性收入。我們在銷售 EMR 方面已取得相當不錯的早期成果，包括前期導入費用以及每年的經常性維護費。若我們新增像雙向傳輸這類新功能，我們會將其視為一個額外的營收機會，進一步強化我們所享有的經常性收入基礎。

We have no further questions at this time. I will now turn the call back over to Leslie Trigg for closing remarks.

目前沒有其他問題。我現在把電話會議交回給 Leslie Trigg 作結語。

Terrific. Thank you to everybody for joining today. I'd like to close by thanking our customers and our team for the difference that they make every day in the lives of dialysis patients. Have a great evening, everyone.

太好了。感謝各位今天的參與。最後，我想感謝我們的客戶與團隊，他們每天為透析病患的生活帶來改變。祝各位今晚愉快。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。