Omnicell Inc (OMCL) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Kathleen and I will be your conference operator today. At this time, I would like to welcome everyone to the Omnicell fourth quarter and full year 2024 financial results call. (Operator Instructions). And now I would like to turn the call over to Kathleen Nemeth, Senior Vice President, Investor relations. Please go ahead.

感謝您的支持。我叫凱瑟琳，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Omnicell 第四季和 2024 年全年財務業績電話會議。（操作員指令）。現在我想將電話轉給投資者關係高級副總裁凱瑟琳·內梅斯 (Kathleen Nemeth)。請繼續。

Good morning and welcome to the Omnicell fourth quarter and full year 2024 financial results conference call. On the call with me today are Randall Lipps, Omnicell Chairman, President CEO and Founder and Nchacha Etta, Executive Vice President and Chief Financial Officer. This call will contain forward-looking statements including statements related to financial projections or performance or other statements regarding Omnicell's plans, strategies, objectives, goals, expectations, planned investments, opportunities, expense management, products, services or solutions ability to drive long term growth and consistent GAAP profitability or market or company outlook that are subject to risks uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. For a more detailed description of the risks that impact these forward-looking statements.

早安，歡迎參加 Omnicell 第四季和 2024 年全年財務業績電話會議。今天與我一起通話的有 Omnicell 董事長、總裁兼執行長兼創辦人 Randall Lipps 和執行副總裁兼財務長 Nchacha Etta。本次電話會議將包含前瞻性陳述，包括與財務預測或業績相關的陳述或有關 Omnicell 的計劃、戰略、目標、期望、計劃投資、機會、費用管理、產品、服務或解決方案推動長期增長和持續的 GAAP 盈利能力或市場或公司前景的其他陳述，這些陳述受風險、不確定性和其他可能導致實際結果與明示或暗示的結果存在重大的影響因素的影響。有關影響這些前瞻性陳述的風險的更詳細描述。

Please refer to the information in our press release issued today in the Omnicell annual report on Form 10-K filed with the SEC on February 28, 2024 and in other more recent reports filed with the SEC. Please be aware that you should not place undue reliance on any forward-looking statements made today. All forward-looking statements speak only as of the date hereof or the date specified on the call. Except as required by law, we do not assume any obligation to update or otherwise release publicly any revisions to our forward-looking statements.

請參閱我們今天發布的新聞稿中的信息，該新聞稿中包含了 Omnicell 於 2024 年 2 月 28 日向美國證券交易委員會提交的 10-K 表年度報告以及向美國證券交易委員會提交的其他最新報告。請注意，您不應過度依賴今天所做的任何前瞻性陳述。所有前瞻性陳述僅代表本新聞稿之日或電話會議中指定的日期的觀點。除法律要求外，我們不承擔更新或以其他方式公開發布我們前瞻性陳述的任何修訂的義務。

Our results were released this morning and are posted in the investor relations section of our website at ir.omnicell.com. Additionally, we would like to remind you that during this call, we will discuss some non-GAAP financial measures. Reconciliation of these non-GAAP measures to the most comparable GAAP. Financial measures are included in our financial results, press releases posted on our investor relations website.

我們的業績已於今天早上公佈，並發佈在我們的網站ir.omnicell.com 的投資者關係部分。此外，我們想提醒您，在本次電話會議中，我們將討論一些非 GAAP 財務指標。將這些非 GAAP 指標與最具可比性的 GAAP 進行調整。財務指標包含在我們的財務結果和投資者關係網站上發布的新聞稿中。

With respect to forward-looking non-GAAP measures, we do not provide a reconciliation of forward-looking non-GAAP measures to the comparable GAAP measures on a forward-looking basis as these items are inherently uncertain and difficult to estimate and cannot be predicted without unreasonable effort.

對於前瞻性非公認會計準則指標，我們不提供前瞻性非公認會計準則指標與前瞻性可比較公認會計準則指標的對賬，因為這些項目本質上具有不確定性且難以估計，如果不付出合理努力就無法預測。

As we announced on our last earnings call starting in 2025. We are changing the bookings metrics that we provide. Going forward we will be providing a product bookings metric, which will consist of connected devices and software licenses. We will also be providing a new metric annual recurring revenue or ARR which will consist of SaaS and expert services, which was formerly known as advanced services, technical services and consumables.

正如我們在上次收益電話會議上所宣布的那樣，從 2025 年開始。我們正在改變我們所提供的預訂指標。展望未來，我們將提供產品預訂指標，其中包括連接的設備和軟體許可證。我們還將提供一個新的指標年度經常性收入或 ARR，其中包括 SaaS 和專家服務（以前稱為高級服務、技術服務和消耗品）。

In our earnings release issued earlier today, we provided a 2024 reconciliation utilizing the historic bookings metric, as well as an illustrative example for comparative purposes, using the new bookings, product bookings and ARR metrics. We will provide further detail on these metrics during today's call and with that, I will now turn the call over to Randall.

在我們今天稍早發布的收益報告中，我們利用歷史預訂量指標提供了 2024 年的對賬，並使用新預訂量、產品預訂量和 ARR 指標提供了用於比較目的的說明性範例。我們將在今天的電話會議中提供有關這些指標的更多詳細信息，現在我將把電話轉給蘭德爾。

Thank you Kathleen and good morning and thank you all for joining us to discuss our financial results for the fourth quarter and full year 2024 as well as our outlook for 2025. Before I begin, I'd like to wish everyone a healthy and happy new year. Here at Omnicell, we are entering 2025 with a renewed sense of vigor and a vast amount of gratitude for our customers who continue to place their trust in us and demonstrate their support of our vision to transform the pharmacy care delivery model across a wide array of care and distribution settings.

謝謝凱瑟琳，早安，感謝大家加入我們討論我們 2024 年第四季和全年的財務業績以及 2025 年的展望。首先，我祝大家新年健康快樂。在 Omnicell，我們正以全新的活力邁入 2025 年，並​​對我們的客戶心懷感激，他們繼續信任我們，並支持我們的願景，即在廣泛的護理和分銷環境中改變藥房護理提供模式。

Let's review a few highlights from our strong finish to 2024. We exceeded our bookings guidance for the year driven by strength in connected devices. We solidified our product backlog which assists with revenue planning and scheduling for 2025. We delivered consistent revenue performance throughout the year by aligning implementation plans with customers and continually improving processes to enable execution.

讓我們回顧一下我們在 2024 年取得的輝煌成績的一些亮點。在連網設備強勁發展的推動下，我們超越了今年的預訂預期。我們鞏固了產品積壓，這有助於 2025 年的收入規劃和安排。我們透過與客戶協調實施計劃並不斷改進流程以實現執行，在全年實現了穩定的收入業績。

We solidified our balance sheet at what we believe are favorable terms via the issuance of a new convertible senior notes. And we're also able to repurchase a majority of the principal amount of our previously outstanding convertible senior notes that are nearing maturity. And importantly, we continue to see demand for products and services launched as part of the XT Amplify program.

我們透過發行新的可轉換優先票據，以我們認為有利的條件鞏固了我們的資產負債表。我們還能回購即將到期且尚未償還的可轉換優先票據的大部分本金。重要的是，我們繼續看到對作為 XT Amplify 計劃的一部分推出的產品和服務的需求。

Turning to the financials for the quarter Omnicell delivered a solid fourth quarter and I am pleased to note that we returned to a year over year revenue growth for the quarter and are on our way to meeting our objective of delivering consistent GAAP profitability. Total revenues were $307 million, an increase of $24 billion over the prior quarter and an increase of $48 million over fourth quarter, 2023 product revenues were strong coming in at $182 million, which is an increase of $24 million over the previous quarter and an increase of $37 million compared to fourth quarter. 2023.

談到本季的財務狀況，Omnicell 在第四季度表現穩健，我很高興地註意到，我們本季的營收恢復了同比增長，並朝著實現持續 GAAP 盈利的目標邁進。總營收為 3.07 億美元，較上一季增加 240 億美元，較第四季增加 4,800 萬美元，2023 年產品營收強勁成長至 1.82 億美元，較上一季增加 2,400 萬美元，較第四季增加 3,700 萬美元。2023 年。

Service revenues were $125 million, an increase of $1 million over the previous quarter and an increase of $11 million over the fourth quarter, 2023. Non-GAAP gross margin for fourth quarter, 2024 was 47.4%. An increase of 290 basis points from the prior quarter boosted by our higher product revenue volumes and a favorable product and customer mix.

服務收入為 1.25 億美元，比上一季增加 100 萬美元，比 2023 年第四季增加 1,100 萬美元。2024 年第四季非 GAAP 毛利率為 47.4%。較上一季增加了 290 個基點，這得益於我們更高的產品收入和有利的產品和客戶組合。

Our fourth quarter 2024 earnings per share in accordance with GAAP was $0.34 per share compared to $0.19 per share in the prior quarter and a loss of $0.32 per share in the fourth quarter 2023. Our fourth quarter, 2024 non-GAAP earnings per share were $0.60 compared with $0.56 per share in the prior quarter and $0.33 per share in the same period last year.

我們 2024 年第四季的每股盈餘按照 GAAP 計算為每股 0.34 美元，而上一季為每股 0.19 美元，2023 年第四季每股虧損 0.32 美元。我們 2024 年第四季的非 GAAP 每股收益為 0.60 美元，而上一季為每股 0.56 美元，去年同期為每股 0.33 美元。

Fourth quarter, non-GAAP EBITDA was $46 million, an increase of $8 million compared to the previous quarter and an increase of $23 million when compared to the same period last year. Now let's turn to a review of the macroeconomic landscape. We are pleased to note that we see signs of favorable conditions in many of our addressable markets.

第四季度，非公認會計準則 EBITDA 為 4,600 萬美元，較上一季增加 800 萬美元，較去年同期增加 2,300 萬美元。現在讓我們來回顧一下宏觀經濟情勢。我們很高興地看到，我們在許多目標市場都看到了有利條件的跡象。

Our focus on innovation and building customer awareness around our road map which includes robotics and smart devices, intelligent software workflows and data analytics seems to be resonating with the market. I'll now highlight a few of the key customer wins in the fourth quarter. Our multiyear XT Amplify innovation program that we announced in April, 2024 continues to gain traction and we see exciting momentum across our portfolio.

我們專注於創新並圍繞我們的路線圖建立客戶意識，其中包括機器人和智慧型設備、智慧軟體工作流程和數據分析，這似乎與市場產生了共鳴。現在我將重點放在第四季度贏得的幾個關鍵客戶。我們於 2024 年 4 月宣布的多年期 XT Amplify 創新計劃繼續獲得關注，並且我們看到整個產品組合都呈現出令人興奮的發展勢頭。

Here are a few recent highlights. NYC health and hospitals announced they selected Omnicell's outcome centric solutions in an effort to improve efficiency and patient safety for one of the nation's largest municipal health care delivery systems. According to the health care system leadership, this strategic initiative is expected to transform patient care and assist staff in support of their core mission in ways they did not think previously possible.

以下是一些近期的亮點。紐約市衛生和醫院宣布，他們選擇了 Omnicell 的以結果為中心的解決方案，旨在提高美國最大的市政醫療保健系統之一的效率和病人安全。據醫療系統領導層稱，這項策略性舉措有望改變患者護理，並以他們以前認為不可能的方式幫助員工支持他們的核心使命。

In North Carolina not for profit health care system selected Omnicell's XT automated cabinets as it seeks to enhance patient care on nursing floors and in perioperative settings. With our inventory optimization services. This system is expected to increase inventory visibility, improve insights and optimize workflows across the system that should help to achieve optimal medication inventory outcomes.

在北卡羅來納州，非營利醫療保健系統選擇了 Omnicell 的 XT 自動化櫃，以期加強護理樓層和圍手術期環境中的患者護理。透過我們的庫存優化服務。該系統有望提高庫存可見度、改善洞察力並優化整個系統的工作流程，有助於實現最佳藥品庫存結果。

We are pleased to note this was a new market share win for Omnicell. Another East Coast health care organization will expand its pharmacy technology strategy with the addition of XT cabinet automation and the expansion of anesthesia dispensing, automation and software. In order to support care initiatives across the enterprise, we believe this is proof of the solid demand outlook, For XT systems in areas such as expansion within current customers.

我們很高興地註意到，這是 Omnicell 贏得的一個新的市場份額。另一家東海岸醫療保健組織將擴大其藥房技術策略，增加 XT 櫃自動化並擴展麻醉分配、自動化和軟體。為了支援整個企業的護理計劃，我們相信這證明了 XT 系統在現有客戶擴展等領域的強勁需求前景。

This is an exciting win for Omnicell, One of the largest health care delivery systems in the nation will be implementing XTExtend a core component of our XT Amplify offering as they strive to future proof their cabinet footprint and enhance their security user experience and value from their XT platform. 2024 was a busy year for IVCS as we increased our footprint of IVX station robot installations and expanded our early adopter customer base.

對於 Omnicell 來說，這是一個令人興奮的勝利，作為全美最大的醫療保健系統之一，Omnicell 將實施 XT Amplify 產品的核心組件 XTExtend，他們致力於確保其機櫃空間在未來得到充分利用，並透過其 XT 平台增強安全用戶體驗和價值。 2024 年對 IVCS 來說是忙碌的一年，因為我們增加了 IVX 站點機器人安裝的覆蓋範圍並擴大了早期採用者客戶群。

We received positive feedback from our IBCS customers particularly as the IV robots stock solution capabilities have been instrumental to support these customers during the IV fluid shortage. The enhanced features delivered in a recent update enabled a wider variety of drug vials that can now be used to compound IV bags and syringes in the IVX station robot. Unlocking 60 additional NDCs that our customers have been requesting.

我們收到了 IBCS 客戶的正面回饋，特別是因為 IV 機器人庫存解決方案功能在 IV 液體短缺期間為這些客戶提供了重要支援。最近更新提供的增強功能使得藥瓶的種類更加豐富，現在可用於在 IVX 站機器人中配製 IV 袋和注射器。解鎖我們的客戶一直要求的 60 個額外 NDC。

Specialty pharmacy services continues to gain market traction. Our offering combines deep expertise in leading technology to help customers maximize their specialty pharmacy outcomes. We had several notable wins in the fourth quarter of 2024 including renewal and expansion of services with a large academic medical center, a contract for a new specialty pharmacy program with the health system in the northeast and a new collaboration to optimize specialty pharmacy program for health system in the Southeast.

專業藥房服務繼續獲得市場關注。我們提供的服務結合了領先技術的深厚專業知識，可幫助客戶最大限度地提高其專業藥房的成果。我們在 2024 年第四季度取得了幾項顯著的勝利，包括與大型學術醫療中心續簽和擴展服務、與東北地區衛生系統簽訂新的專科藥房計劃合約以及為東南部衛生系統優化專科藥房計劃的新合作。

The Fortune 25 health insurance provider has selected EnlivenHealth as their primary reconciliation and medical billing partner in preparation for their 2025 strategy. We are committed to our multiyear growth journey. I want to thank employees for their steadfast commitment to our customer success and their embrace of our culture of innovation and fiscal discipline.

財富 25 強健康保險提供者已選擇 EnlivenHealth 作為其主要對帳和醫療帳單合作夥伴，為其 2025 策略做準備。我們致力於多年的成長之旅。我要感謝員工們對客戶成功的堅定承諾以及他們對我們的創新文化和財務紀律的支持。

Thank you for your support of Omnicell and we look forward to updating you on our progress through 2025. At this point, I'd like to turn the call over to our Chief Financial Officer, Nchacha Etta for a more detailed review of our fourth quarter and full year 2024 financial performance as well as our outlook for 2025.

感謝您對 Omnicell 的支持，我們期待向您通報我們在 2025 年的進展。現在，我想將電話轉給我們的財務長 Nchacha Etta，讓他更詳細地回顧我們 2024 年第四季和全年的財務業績以及我們對 2025 年的展望。

Thank you, Randall. We delivered solid fourth quarter and full year 2024 financial results with all guided metrics exceeding or landing in the upper end of our previously stated guidance ranges. I am very proud of the entire Omnicell team who continue to demonstrate their commitment to our promise and our guiding principles on a daily basis.

謝謝你，蘭德爾。我們實現了穩健的第四季度和 2024 年全年財務業績，所有指導指標均超過或達到我們先前所述的指導範圍的上限。我為整個 Omnicell 團隊感到非常自豪，他們每天都在不斷展示對我們的承諾和指導原則的承諾。

We believe our solid fourth quarter results reflect an improving macroeconomic environment and our commitment to consistent execution and our fiscal discipline. Now, I am going to walk you through some of the key drivers of our fourth quarter, 2024 and full year 2024 results as well as share our first quarter 2025 and four year 2025 guidance.

我們相信，我們第四季度的穩健業績反映了宏觀經濟環境的改善以及我們對持續執行和財務紀律的承諾。現在，我將向您介紹我們 2024 年第四季和 2024 年全年業績的一些關鍵驅動因素，並分享我們 2025 年第一季和 2025 年四年的指引。

Looking at our fourth quarter, 2024 results. As Randall noted total revenues were $307 million, an increase of $24 million over the prior quarter and an increase of $48 million over the fourth quarter of 2023. Revenues in the quarter were aided by the strong performance of connected devices as well as our SaaS and expert services, particularly specialty pharmacy services.

回顧我們 2024 年第四季的業績。蘭德爾指出，總收入為 3.07 億美元，比上一季增加了 2,400 萬美元，比 2023 年第四季增加了 4,800 萬美元。本季的營收得益於連網設備以及我們的 SaaS 和專家服務（尤其是專業藥局服務）的強勁表現。

Fourth quarter, 2024 product revenues were strong at $182 million representing an increase of $24 million over the previous quarter and an increase of $37 million compared to the fourth quarter of 2023. Product revenues in the fourth quarter of 2024 increased compared to the fourth quarter of 2023.

2024 年第四季產品收入強勁，達到 1.82 億美元，較上一季增加 2,400 萬美元，較 2023 年第四季增加 3,700 萬美元。2024 年第四季的產品收入與 2023 年第四季相比有所增加。

Primarily due to the improvement of the macroeconomic environment and the timing of XT series systems implementation service revenues for the fourth quarter, 2024 were $125 million an increase of $1 million over the previous quarter and an increase of $11 million over fourth quarter 2023.

主要是由於宏觀經濟環境的改善和XT系列系統實施時間的安排，2024年第四季的服務收入為1.25億美元，比上一季增加100萬美元，比2023年第四季增加1,100萬美元。

And you like the last quarter, both Saas and expert services as well as technical services contributed to services revenue growth compared to the fourth quarter of 2023, which we believe reflects a strong customer demand for our SaaS and expert services and continued growth and value capture of our technical services in store. Non-GAAP growth margin for the fourth quarter of 2024 was 47.4%.

和上一季一樣，與 2023 年第四季相比，Saas 和專家服務以及技術服務都為服務收入成長做出了貢獻，我們認為這反映了客戶對我們的 SaaS 和專家服務的強勁需求以及我們店內技術服務的持續成長和價值獲取。2024 年第四季非 GAAP 成長率為 47.4%。

An increase of 290 basis points from the prior quarter. Boosted by higher product revenue volumes and a favorable product and customer mix. A full reconciliation of our GAAP to non-GAAP results is included in each of our 3rd and 4th quarter 2024 quarterly earnings press releases which are posted on our investor relations website.

較上一季增加290個基點。得益於產品收入量的增加以及有利的產品和客戶結構。我們在投資者關係網站上發布的 2024 年第三季和第四季季度收益新聞稿中均包含我們的 GAAP 與非 GAAP 結果的完整對帳。

Our fourth quarter, 2024 earnings per share in accordance with GAAP, were $0.34 per share compared to $0.19 per share in the prior quarter and a loss per share of $0.32 in the fourth quarter of 2023. As we have mentioned previously, it is management's goal to return to consistent GAAP profitability and we believe our fourth quarter results have continued evidence of our progress towards this goal.

按照 GAAP，我們的 2024 年第四季每股收益為 0.34 美元，而上一季為每股 0.19 美元，2023 年第四季每股虧損為 0.32 美元。正如我們之前提到的，管理層的目標是恢復穩定的 GAAP 獲利能力，我們相信第四季度的業績繼續證明我們正在朝著這一目標前進。

Our fourth quarter, 2024 non-GAAP earnings per share was $0.60 compared to $0.56 per share in the prior quarter and $0.33 per share in the same period last year. Third quarter, non-GAAP EBITDA was $46 million. An increase of $8 million compared to the previous quarter and an increase of $23 million when compared to the same period last year.

我們 2024 年第四季的非 GAAP 每股收益為 0.60 美元，而上一季為每股 0.56 美元，去年同期為每股 0.33 美元。第三季度，非 GAAP EBITDA 為 4,600 萬美元。與上一季相比增加了 800 萬美元，與去年同期相比增加了 2,300 萬美元。

At the end of the fourth quarter of 2024 our cash and cash equivalent balance was $369 million, down from $571 million as of September 30, 2024. Driven by the fourth quarter convertible Senior notes transaction including the repurchase of $400 million aggregate principal amount of the outstanding convertible Senior notes that are maturing in 2025. Non-GAAP free cash flow during the fourth quarter of 2024 was $43 million. Free cash flow was significantly higher in the fourth quarter compared to the prior quarter as we continue to make good progress on cash collections and ongoing focus on cost management, as we work to drive consistent profitability.

截至 2024 年第四季末，我們的現金及現金等價物餘額為 3.69 億美元，低於 2024 年 9 月 30 日的 5.71 億美元。受第四季度可轉換高級票據交易的推動，包括回購 2025 年到期的未償還可轉換高級票據的總本金額 4 億美元。2024 年第四季非 GAAP 自由現金流為 4,300 萬美元。由於我們在現金回籠方面繼續取得良好進展，並持續注重成本管理，致力於實現持續盈利，因此第四季度的自由現金流較上一季大幅增加。

In terms of accounts receivable, these sales outstanding for the fourth quarter, 2024 was 77 days. We are pleased with our continued strong quarterly collections and working capital management. This is an area of significant positive progress over the last 18 months. Inventories as of December 31, 2024 were $89 million. A decrease of $6 million from the prior quarter and a decrease of $21 million from December 31, 2023.

就應收帳款而言，2024 年第四季的未收帳款為 77 天。我們對持續強勁的季度收款和營運資金管理感到滿意。這是過去 18 個月來取得重大積極進展的一個領域。截至 2024 年 12 月 31 日的庫存為 8,900 萬美元。較上一季減少 600 萬美元，較 2023 年 12 月 31 日減少 2,100 萬美元。

Now turning to review our full year 2024 results bookings for the full year 2024 were $923 million compared to our guidance of $800 million to $875 million. An increase of $69 million compared to full year 2023. Our strong 2024 bookings performance was driven by XT upgrades as we near the end of the XT upgrade cycle as well as better than expected bookings of XTExtend which demonstrates to us strong customer interest in our innovation road map.

現在回顧我們 2024 年全年業績，2024 年全年預訂額為 9.23 億美元，而我們的預期為 8 億至 8.75 億美元。與 2023 年全年相比增加 6,900 萬美元。我們 2024 年強勁的預訂業績得益於 XT 升級，因為我們已接近 XT 升級週期的尾聲，而且 XTExtend 的預訂量好於預期，這表明客戶對我們的創新路線圖有著濃厚的興趣。

Total backlog was $1.201 billion as of December 31, 2024 compared to $1.143 billion as of December 31, 2023. Product backlog, which includes connected devices such as XT series automated dispensing systems and the product portion of our central pharmacy dispensing services and IV compounding services. As of December 31, 2024 was $647 million of which $447 million is short term backlog, which we expect to convert to revenue within 12 months.

截至 2024 年 12 月 31 日，總積壓訂單為 12.01 億美元，而截至 2023 年 12 月 31 日為 11.43 億美元。產品積壓，包括連接設備，例如XT係列自動配藥系統和我們的中央藥房配藥服務和靜脈配藥服務的產品部分。截至 2024 年 12 月 31 日為 6.47 億美元，其中 4.47 億美元為短期積壓訂單，我們預計將在 12 個月內轉化為營收。

Product backlog increased by $36 million over the prior driven by strength in our connected devices portfolio as well as our XTExtend offering. Saas and expert services backlog as of December 31, 2024 was $555 million of which $93 million is short term and expert services backlog which is expected to convert to revenue within 12 months.

由於我們的連網設備產品組合和 XTExtend 產品實力強勁，產品積壓訂單較之前增加了 3,600 萬美元。截至 2024 年 12 月 31 日的 Saas 和專家服務積壓訂單為 5.55 億美元，其中 9,300 萬美元為短期和專家服務積壓訂單，預計將在 12 個月內轉化為收入。

And expert services backlog increased $23 million up 4% over the prior year. Our full year 2024 revenues were $1.112 billion. A decrease of $35 million or 3% from 2023. Our 2024 product revenues were $631 million. And about 2024 services revenues were $482 million within the four year 2024 services revenue. Technical services revenue was $238 million and SaaS and expert services revenues were $244 million. 2024 SaaS services revenue increased 14% over the prior year.

專家服務積壓訂單比前一年增加了 2,300 萬美元，成長 4%。我們 2024 年全年營收為 11.12 億美元。與 2023 年相比減少 3,500 萬美元，即 3%。我們的 2024 年產品收入為 6.31 億美元。而 2024 年服務收入在四年內約為 4.82 億美元。技術服務收入為 2.38 億美元，SaaS 和專家服務收入為 2.44 億美元。2024年SaaS服務營收比上年成長14%。

Our full year 2024 earnings per share in accordance with GAAP with $0.27 per share. Our full year 2024 non-GAAP earnings per share was $1.71 per share. A decrease of $0.20 per share from 2023. For the full year 2024 non-GAAP EBITDA was $136 million, which is above the high end of the revised four year 2024 guidance range we provided in the third quarter of 2024.

按照 GAAP，我們的 2024 年全年每股收益為 0.27 美元。我們 2024 年全年非 GAAP 每股收益為 1.71 美元。與 2023 年相比，每股減少 0.20 美元。2024 年全年非 GAAP EBITDA 為 1.36 億美元，高於我們在 2024 年第三季提供的修訂後的 2024 年四年指引範圍的高端。

Overall we are very pleased with our 2024 execution. The customer interest we are seeing in the market and the overall incremental macro economic improvement. Now turning to guidance for 2025. As we announced during our last earnings call beginning in 2025 we are changing the bookings metric that we provide our previous booking metric included connected devices and software licenses and expert services and consumables.

整體而言，我們對 2024 年的執行情況非常滿意。我們看到客戶對市場的興趣以及整體宏觀經濟的逐步改善。現在轉向2025年的指導。正如我們在上次財報電話會議上所宣布的那樣，從 2025 年開始，我們將改變我們提供的預訂指標，而先前的預訂指標包括連接設備和軟體許可證以及專家服務和消耗品。

As a reminder beginning in 2025 advanced services will now be known as SaaS and expert services. Beginning in 2025, we are providing product bookings which consist of connected devices and software licenses. We are also providing a new metric, annual recurring revenue or ARR which includes SaaS and expert services, technical services and consumables.

提醒一下，從 2025 年開始，高級服務將被稱為 SaaS 和專家服務。從 2025 年開始，我們提供由連接設備和軟體許可證組成的產品預訂。我們還提供了一個新的指標，即年度經常性收入或 ARR，其中包括 SaaS 和專家服務、技術服務和消耗品。

We believe this new metric better reflect how we are managing the business internally. And should be helpful in understanding and modeling our company going forward. For the full year 2025 we anticipate product bookings to be in the range of $500 million to $550 million. For a bit of context using the new definition, product bookings for full year 2024 were $558 million.

我們相信這個新指標更能反映了我們的內部業務管理方式。並且應該有助於理解和塑造我們公司未來的發展。我們預計 2025 年全年產品訂單金額將在 5 億至 5.5 億美元之間。根據新定義，2024 年全年的產品預訂金額為 5.58 億美元。

The guidance implies 2025 product bookings will be flat to modestly down in 2025 compared to 2024. As we have said, we are successfully concluding the XT replacement cycle and this is reflected in our product bookings outlook. While we do expect XT amplified bookings to partially offset the lower XT replacement bookings in 2025. It may not fully offset the decline in XT upgrade bookings.

該指引意味著，2025 年的產品預訂量將與 2024 年持平或略有下降。正如我們所說，我們成功完成了 XT 更換週期，這反映在我們的產品預訂前景中。雖然我們確實預計 XT 預訂量的增加將部分抵消 2025 年 XT 替代預訂量的下降。它可能無法完全抵消 XT 升級預訂量的下降。

Remember, while bookings will likely be down in 2025 compared to 2024 we will continue to see demand for XT via expansions as well as potential new market share opportunities. Looking forward, we are very excited about the customer response to XT Amplify and our refreshed multiyear innovation program and we expect these new products to be a meaningful contributor to 2025 product bookings.

請記住，雖然 2025 年的預訂量可能會比 2024 年有所下降，但我們將繼續看到透過擴張對 XT 的需求以及潛在的新市場份額機會。展望未來，我們對客戶對 XT Amplify 和我們更新的多年創新計劃的反應感到非常興奮，我們預計這些新產品將對 2025 年的產品預訂做出有意義的貢獻。

Our year and annual recurring revenue is expected to be in the range of $610 million to $630 million. Again, for context, using a new metric annual recurring revenue at the end of 2024 was $580 million. Within annual recording revenue technical services and consumables tend to grow in the low single digits. While SaaS and expert services is expected to grow at a stronger pace.

我們的年度和年度經常性收入預計在 6.1 億美元至 6.3 億美元之間。再次，為了便於理解，使用新的指標，2024 年底的年度經常性收入為 5.8 億美元。在年度記錄收入中，技術服務和消耗品往往以個位數低速成長。而SaaS和專家服務預計將以更快的速度成長。

Total revenue is expected to be in the range of 1.105 billion to 1.155 billion. The midpoint of our total revenue guidance range reflects a growth rate of 2% compared to 2024. With product revenues expected to be roughly flat and services revenues growing at a faster rate driven primarily by growth in sales and services.

預計總收入在11.05億至11.55億之間。我們總收入預期範圍的中點反映了與 2024 年相比 2% 的成長率。預計產品收入將基本持平，而服務收入將以更快的速度成長，主要受銷售和服務成長的推動。

Non-GAAP, EBITDA is expected to be in the range of $140 million to $155 million at the midpoint non-GAAP EBITDA is expected to expand approximately 100 basis points. Non-GAAP earnings per share is expected to be in the range of $1.65 to $1.85. Remember we are facing an approximate $0.20 headwind to non gov earnings per share in 2025 compared to 2024 due to the reduction in interest income as a result of repurchasing a significant portion of the principal amount of our previously outstanding convertible senior notes.

非 GAAP EBITDA 預計在 1.4 億美元至 1.55 億美元之間，中間值非 GAAP EBITDA 預計將擴大約 100 個基點。非公認會計準則每股收益預計在 1.65 美元至 1.85 美元之間。請記住，由於回購我們之前未償還的可轉換優先票據的大部分本金導致利息收入減少，因此與 2024 年相比，2025 年我們每股非政府收益將面臨約 0.20 美元的阻力。

For full year 2025 we are assuming an effective blended tax rate of approximately 18% in our non-GAAP earnings per share guidance. For the first quarter of 2025 we are providing the following guidance. We expect first quarter 2025 total revenues to be between $255 million and $265 million. With product revenues anticipated to be between $137 million and $142 million.

對於 2025 年全年，我們假設非 GAAP 每股盈餘指引中的有效混合稅率約為 18%。對於 2025 年第一季度，我們提供以下指引。我們預計 2025 年第一季的總營收將在 2.55 億至 2.65 億美元之間。預計產品收入在 1.37 億美元至 1.42 億美元之間。

And services revenues expected to be between $118 million and $123 million. The first quarter, 2025 revenue guidance reflects our typical seasonal product revenue pattern. In line with the historical trends we have seen in which product revenues tend to increase quarterly as the year progresses. We expect first quarter 2025 non-GAAP EBITDA to be between $19 million and $25 million.

服務收入預計在 1.18 億美元至 1.23 億美元之間。2025 年第一季的營收指引反映了我們典型的季節性產品營收模式。根據歷史趨勢，我們看到隨著時間的推移，產品收入呈現逐季增加的趨勢。我們預計 2025 年第一季非 GAAP EBITDA 將在 1,900 萬美元至 2,500 萬美元之間。

We expect first quarter 2025 non-GAAP earnings per share to be between $0.15 and $0.25 per share. As a reminder, the first quarter normally includes some seasonal expenses including payroll taxes and benefits reset. We expect non-GAAP dividend margins to expand as we progress through the years. With a strong 2024 in hand, I want to reiterate that we are very pleased with our solid results for both the fourth quarter and the full year and that we believe we are making solid progress towards consistent GAAP profitability.

我們預計 2025 年第一季非 GAAP 每股收益在 0.15 美元至 0.25 美元之間。提醒一下，第一季通常包括一些季節性支出，包括工資稅和福利重置。我們預計，隨著時間的推移，非公認會計準則股利率將會擴大。憑藉強勁的 2024 年業績，我想重申，我們對第四季度和全年的穩健業績感到非常滿意，並且我們相信我們正在朝著持續的 GAAP 盈利能力邁出堅實的步伐。

We are very excited about the long term outlook for Omnicell, as we plan to deliver innovative solutions under our XT Amplify program, that are designed to enhance pharmacy and nursing efficiencies, reduce medication errors and waste and ultimately maximize the value of our customers automated dispensing system investment.

我們對 Omnicell 的長期前景感到非常興奮，因為我們計劃在我們的 XT Amplify 計劃下提供創新解決方案，旨在提高藥房和護理效率，減少用藥錯誤和浪費，並最終最大限度地提高客戶自動配藥系統投資的價值。

I would also like to take a moment to thank the whole team here for their hard work, their commitment to improve execution and their relentless customer first focus. We would now like to open the call for questions.

我還想花點時間感謝整個團隊的辛勤工作、對提高執行力的承諾以及堅持不懈的客戶至上理念。我們現在開始回答問題。

Thank you. We will now begin the question and answer session. (Operator Instructions). Allen Lutz of Bank of America

謝謝。我們現在開始問答環節。（操作員指令）。美國銀行的艾倫‧盧茨

Good morning and thanks for taking the questions. Randall, one question the end market demand. You mentioned seeing some green shoots. Can you expand on that a little bit? I think it's pretty clear that hospital performance has improved. Do you think, you know how do you think that that is translating into budget growth? And then as it relates to the product revenue ramp throughout the course of the year, it seems very similar to last year. Can you kind of speak to what's driving the product revenue ramp? Thanks.

早上好，感謝您回答問題。蘭德爾，有一個問題是終端市場需求。您提到看到一些綠芽。能稍微詳細說明一下嗎？我認為醫院的表現明顯改善了。您認為，您知道這會如何轉化為預算成長嗎？然後，就全年產品收入的成長而言，它似乎與去年非常相似。您能否談談推動產品收入成長的因素是什麼？謝謝。

Yeah. Thanks Allen for the questions. Yeah, I think the hospital, financial conditions and providers have continued to improve and that has really given us the opportunity and probably contributed to our fourth quarter exceeding in our bookings. And so I think that really sets us up well for 2025. In fact, those strong bookings turn into revenues in 2025 mostly. And because we're have already prescheduled most of those or we're in line to grow quarter or, the business is troughing out so to speak.

是的。感謝艾倫提出的問題。是的，我認為醫院的財務狀況和服務提供者都在持續改善，這確實給了我們機會，也可能促使我們第四季的預訂量超出預期。所以我認為這確實為我們2025年做好了準備。事實上，這些強勁的預訂量大部分會在 2025 年轉化為收入。因為我們已經預定了其中的大部分，或者我們正準備實現季度成長，或者可以說業務正在進入低谷。

And, and so we'll see this quarter over quarter comparative growth that, we hope grows and continues to grow into the '26. So I think we're really well positioned with the strong end of the year. The improved financial position of our customers makes it the decision process. I think a little bit easier to make and in and the excitement around amplify frankly allows us to get in front of them and put these offerings and to get them to invest in. Now, as opposed to later.

因此，我們將看到本季的環比成長，我們希望這一成長能持續成長到 26 年。因此我認為，我們確實為今年年底的強勁表現做好了充分準備。我們客戶財務狀況的改善使其成為決策過程。我認為製作起來更容易一些，而且坦白說，放大周圍的興奮使我們能夠走到他們面前，提供這些產品並讓他們進行投資。現在，而不是以後。

I would add specialty as well to that.

我還會為此添加專業。

Specialty as well is also continuing to see good traction. We saw that in fourth quarter and we see some nice expansion there as well with current customers.

專業領域也持續展現出良好的發展動能。我們在第四季度看到了這一點，我們也看到現有客戶取得了一些不錯的擴張。

That's helpful. And then one for Nchacha around OpEx growth and gross margin 2025 there's been really good operating expense management over the course of 2024. As we think about the growth drivers in your business into 2025 just trying to get a sense of how to think about the trajectory of gross margin on a consolidated level and, and how that compares to the outlook for operating expense growth in 2025. Thanks guys.

這很有幫助。然後是 Nchacha 關於 2025 年營運支出成長和毛利率的問題，2024 年期間的營運費用管理非常好。當我們思考 2025 年業務的成長動力時，我們只是想了解如何在合併層面上思考毛利率的走勢，並將其與 2025 年營業費用成長前景進行比較。謝謝大家。

Yes. And so as you saw in the 2024 we did see an improvement in our gross margins quarter over quarter and we do expect that to continue into 2025. The key drivers that we will look at from a gross margin standpoint of gross margin improvements in 2025 is number one. We continue to manage our expenses very well. We do expect that, with some favorable product and customer mix going into 2025 we should see an improvement in our gross margins.

是的。因此，正如您在 2024 年看到的，我們的毛利率確實有所提高，並且我們預計這種狀況將持續到 2025 年。從毛利率的角度來看，2025 年毛利率提高的關鍵驅動因素是第一。我們繼續很好地管理我們的開支。我們確實預計，隨著 2025 年一些有利的產品和客戶組合的出現，我們的毛利率應該會有所提高。

Also, we've put in place some operational improvements that we believe will continue to improve our overall financial resource and performance. But our focus is primarily on improving our overall profitability. So you will see us continue to manage our P&L very prudently from a fiscal discipline standpoint that we believe will continue to help us improve our overall profitability.

此外，我們也實施了一些營運改進，我們相信這些改進將繼續改善我們的整體財務資源和績效。但我們的重點主要在於提高整體獲利能力。因此，您會看到我們繼續從財務紀律的角度非常謹慎地管理我們的損益，我們相信這將繼續幫助我們提高整體獲利能力。

Great. Thank you.

偉大的。謝謝。

Thanks Allen. Next question.

謝謝艾倫。下一個問題。

Jessica Tassan of Piper Sandler

派珀·桑德勒的傑西卡·塔桑

Hi. Thank you guys so much for taking the question and congrats on the strong results. I wanted to understand the upsides of bookings in 2024. We are backing into product bookings up about $100 million year over year and I'm just, I'm curious if that was all kind of XTExtend in the amplified portfolio exceeding expectations or was there some I guess you know, incremental or unanticipated strength in actual XT in XT cabinet bookings, whether that's from competitive conversions or otherwise. Thanks.

你好。非常感謝你們回答這個問題，並祝賀你們取得的傑出成績。我想了解 2024 年預訂的優勢。我們的產品預訂量比去年同期增加了約 1 億美元，我只是好奇，這是否是因為擴大後的產品組合中的 XTExtend 超出了預期，還是 XT 機櫃預訂量中存在一些增量或意外的強勁增長，無論是來自競爭性轉換還是其他原因。謝謝。

Thanks Jess.

謝謝傑西。

Yes, we did see some significant strength in demand for connected devices as we close the year. And then we also had additional bookings from XT upgrades as we're ending the successful upgrade cycle, including some market share wins or gains that we saw. But also XTExtend did contribute, we saw solid demand for XTExtend, which contributed to our improved bookings performance for the year.

是的，在年底之際，我們確實看到連網設備的需求顯著增強。隨著我們結束成功的升級週期，我們還從 XT 升級中獲得了額外的預訂，包括我們看到的一些市場份額的勝利或增長。但 XTExtend 也確實做出了貢獻，我們看到了對 XTExtend 的強勁需求，這有助於我們今年的預訂業績提高。

That, that's really helpful. And then I wanted, I wanted to just understand the sourcing or cost of goods situation. And you know, how do you think about just diversification of suppliers across countries or domestically sourced suppliers and, and tariff risk to the gross margin kind of framework you just put out there?

那，那真的很有幫助。然後我想，我只是想了解商品的採購或成本狀況。您知道嗎，您如何看待跨國供應商或國內供應商的多樣化，以及關稅風險對您剛才提出的毛利率框架的影響？

Yes. So, we've been through this same situation in the past with from a tariff standpoint. So we did put in place some processes that we believe will help us mitigate any potential tariffs impact. So we think there will be minimal to no impact to our business from it that if tariffs have been put in place.

是的。所以，從關稅的角度來看，我們過去也經歷過同樣的情況。因此，我們確實實施了一些流程，我們相信這些流程將有助於我們減輕任何潛在的關稅影響。因此，我們認為，即使關稅實施，對我們的業務的影響將很小，甚至不會產生影響。

Got it. And sorry, just last one to clarify on that. Is that because you have pricing flexibility in your, in your contract or because you have flex stability in your cost of them.

知道了。抱歉，我只想最後澄清一下。這是因為您的合約中具有定價彈性，還是因為您的成本具有靈活穩定性。

It's a, it's a combination of both. We do expect some price increases or inflation and so we did factor that into our pricing for 2025 but we do have some flexibility also to be able to manage and mitigate any potential cost increases.

這是兩者的結合。我們確實預計會出現一些價格上漲或通貨膨脹，因此我們確實將其考慮在 2025 年的定價中，但我們也確實具有一定的靈活性，能夠管理和減輕任何潛在的成本增加。

Awesome. Thank you. Thanks Jeff.

驚人的。謝謝。謝謝傑夫。

Matt Hewitt of Craig Hallum Capital Group

Matt Hewitt

Good morning and congratulations on the strong finish to the year, I guess. First one, what are your thoughts as far as the new administration? You know, what, what they seem to be focused a lot more on technology innovation? I would think that that plays well with your targets and goals. But what are your thoughts on how the new administration could impact your business?

早安，恭喜你今年取得了圓滿的結局。首先，您對新政府有何看法？你知道嗎，他們似乎更重視技術創新？我認為這很符合你的目標和目的。但是，您認為新政府將如何影響您的業務？

Well, it's rather dynamic, but I think the overall theme as you suggested is efficiency and safety and that is, that's our core strength and that's our core driver in our innovation is to make our customers more efficient and safe, easy to use, easier to deploy so that they can get a better return. And so, I feel like that positions us well and, and particularly as we deploy more products and higher densities into our customer base, there's more data and with that data, we're able to drive more outcomes and conclusions with analytics or AI to help customers really make tough decisions that can reduce cost just because they weren't visible before.

嗯，它相當有活力，但我認為正如您所說，整體主題是效率和安全，這是我們的核心優勢，也是我們創新的核心驅動力，就是讓我們的客戶更有效率、更安全、更易於使用、更易於部署，以便他們獲得更好的回報。因此，我覺得這讓我們處於有利地位，特別是當我們向客戶群部署更多產品和更高密度時，就會產生更多數據，利用這些數據，我們能夠透過分析或人工智慧獲得更多結果和結論，幫助客戶真正做出艱難的決策，從而降低成本，因為這些成本以前是不可見的。

So, but there's a lot of dynamics, there's some dynamics around 340 B, a lot of discussions, nothing in play. But you know, we're like the rest of us are like the rest of everyone. I suppose we're all watching very closely and I think we're, we're well positioned.

所以，但是有很多動態，在 340 B 左右有一些動態，有很多討論，但沒有任何進展。但你知道，我們和其他人一樣，也和其他人一樣。我想我們都在密切關注，而且我認為我們處於有利地位。

That's great. And then maybe a separate question. But as far as it sounds to get a really strong end of the year with the XT Amplify XTExtend and XT Amplify. What do those pipelines look? And are you envisioning a similar bell shaped curve on the adoption of those or is there anything that would, would maybe cause that to be a little more front end loaded or back end loaded? Just a little bit of color on the pipeline? Thank you.

那太棒了。然後也許會有一個單獨的問題。但就聽起來 XT Amplify XTExtend 和 XT Amplify 將會在今年年底取得強勁成績。這些管道是什麼樣子的？您是否設想在採用這些技術時會出現類似的鐘形曲線，或者是否有任何因素可能導致前端負載或後端負載稍微增加？管道上只有一點點顏色？謝謝。

Yeah, I think it's the traditional bell curve, but I do think that hospitals have, been slow to purchase and move back into the capital equipment markets for expansion that seems to be clearing up. So that could give us a little, a little more acceleration into the XT Amplify as we move forward. And that's what we kind of saw a little bit in fourth quarter and it gave us a lot of enthusiasm for this year that we will continue that momentum as we go forward. So, I think, most of the parts of our business are leaning forward and, and positively almost in every area. So we're, it's an exciting year for us to kind of put the last couple of years behind us and move forward to '25 and on to '26 growth, it's a good place to be.

是的，我認為這是傳統的鐘形曲線，但我確實認為，醫院在購買和重新進入資本設備市場進行擴張方面進展緩慢，這種情況似乎正在好轉。因此，這可以在我們前進的過程中為我們的 XT Amplify 提供更多的加速度。這就是我們在第四季度看到的情況，這給了我們很大的熱情，讓我們對今年充滿希望，我們將繼續保持這種勢頭。所以，我認為，我們業務的大部分都向前發展，幾乎在每個領域都呈現積極態勢。所以，對我們來說，這是令人興奮的一年，我們將過去幾年拋在身後，朝著 2025 年和 2026 年的成長邁進，這是一個美好的未來。

That's great. Thank you.

那太棒了。謝謝。

Thanks, Matt. Next question.

謝謝，馬特。下一個問題。

Scott Shaw of KeyBanc Capital Markets

KeyBanc Capital Markets 的 Scott Shaw

Hi, Scott.

你好，斯科特。

Thanks for the. Hi team. So first question, the first quarter guidance, how much of that assumes the remaining, you know XT within that product revenues' growth, maybe just walk through a little bit of what that new guidance growth assumes. And then also, I was wondering as you, you're switching to more expansion throughout the rest of the year after you, fully complete the XT series cycle with expansions and more modular solutions. Shouldn't that help on the gross margin side? Just kind of want to work applications on the gross margin side. Thanks.

謝謝。大家好。所以第一個問題，第一季的指引，其中有多少假設是剩餘的，你知道 XT 在該產品收入的成長中，也許只是稍微介紹一下新的指引成長假設。另外，我想知道，在您透過擴展和更多模組化解決方案全面完成 XT 系列週期之後，您是否會在今年剩餘時間內轉向更多擴充。這對毛利率不是有幫助嗎？只是想在毛利率方面進行應用工作。謝謝。

Let me jump in first and then I'll hand it over to Nchacha. So just to be clear from the XT upgrade cycle, we're talking about bookings, right, largely through bookings throughout the revenue for 2025. You see that robust backlog that we have. So we're now busy scheduling customer implementations, et cetera, XT. So you'll see a rich mix of XT revenue throughout 2025. So just to be clear on that relative to the first quarter and then I'll respond to the balance of your question.

讓我先開始，然後再交給 Nchacha。因此，為了清楚了解 XT 升級週期，我們談論的是預訂量，主要是透過 2025 年的整個收入的預訂。您會發現，我們擁有大量積壓訂單。所以我們現在正忙於安排客戶實施等等，XT。因此，您將在 2025 年看到 XT 收入的豐富組合。因此，為了明確相對於第一季的情況，然後我將回答您的其餘問題。

Yes, as I mentioned earlier, as you know, we've been investing in ours and expert services businesses and as those businesses continue to scale, we should see an improvement in order they should contribute to our overall margin for 2025 added to that is XT Amplify or XTExtend does have, even better margins. And so as XT Amplify starts or XTExtend starts to contribute to meaningful revenues in 2025 we should see that help improve our margins as well.

是的，正如我之前提到的，如你所知，我們一直在投資我們自己的專家服務業務，隨著這些業務的不斷擴大，我們應該看到改進，以便它們為我們 2025 年的整體利潤率做出貢獻，此外 XT Amplify 或 XTExtend 確實擁有更好的利潤率。因此，當 XT Amplify 或 XTExtend 在 2025 年開始貢獻可觀的收入時，我們應該看到這也有助於提高我們的利潤率。

Great, thanks.

太好了，謝謝。

And your next question comes from the line of Stan Berenstein of Wells Fargo. Please go ahead.

您的下一個問題來自富國銀行的史丹貝倫斯坦。請繼續。

Hi, thanks for taking my questions. Randy. It was nice to see that you're making progress on the robotic compounding capabilities that you called out in the prepared remarks. I guess what needs to happen for the compounding robot to move beyond the early adopter stage into a more widescale release? And is there a timeline for this happening?

你好，謝謝你回答我的問題。蘭迪。很高興看到您在準備好的發言中提到的機器人複合能力方面取得了進展。我想想，要讓配混機器人從早期採用階段走向更廣泛的推廣階段，需要發生什麼事？這件事有時間表嗎？

Yeah, I think we're fully expected by the end of this year, we'll be part of at our next level of, we just released the software, we have one more release this year, which would be sort of the completion of what we think is the near term profile of the robot that will be market ready in almost all the aspects. So, and that's coming to a very successful end of, of the trial period and, and moving forward to the rollout period and we're rolling out quite a few new customers with the robot this quarter and we expect to continue to increase that fairly every quarter this year and on into '26. So I think we've got a good glide path to where we want to be, we cured or completed all the key technical hurdles that we needed to do. So it's now about getting the robots in place and getting the production out of them that customers expect.

是的，我認為我們完全可以預期到今年年底，我們將進入下一個階段，我們剛剛發布了軟體，今年我們將再發布一個版本，這將是我們認為的近期機器人概況的完成，幾乎所有方面都將為市場做好準備。因此，試用期即將圓滿結束，並且我們即將進入推廣期，本季我們將為不少新客戶推出這款機器人，我們預計今年每個季度以及 26 年，這一數字將繼續大幅增加。所以我認為我們已經找到了一條通往目標的良好路徑，我們已經解決或完成了我們需要解決的所有關鍵技術障礙。因此，現在要做的就是將機器人安裝到位，並讓其實現客戶期望的生產。

Helpful. And then your competitor is expecting to release the new dispensary cabinets that, that it has this year. Are you seeing any increase in RFPs for your C cabinets from health systems that perhaps you're not part of your install base?

很有幫助。然後，您的競爭對手預計今年將推出新的藥局櫃。您是否看到來自醫療系統的 C 櫃 RFP 數量增加，也許您不屬於您的安裝基礎？

Well, I think as new products come on the market, it does create opportunities for more FRPs and opportunities for us to get into discussion. And so I do feel like there are more opportunities in our pipeline is larger on our expansion outside of our current customer base.

嗯，我認為隨著新產品進入市場，確實為更多的 FRP 創造了機會，也為我們進行了討論創造了機會。因此，我確實覺得，我們在現有客戶群之外的擴張中還有更多的機會。

Great. And then maybe one quick one from Nchacha. Just any comments on capital deployment priorities over the next 12 months?

偉大的。然後也許還有 Nchacha 的快速提問。對未來 12 個月的資本部署重點有何評論？

Thanks. Yes. So we continue to assess our capital deployment strategies and needs and we feel very comfortable with the capital strategy that we've put in place today. So we continue to assess the working capital needs and the needs of our business and we will make the right decisions to make sure that we're fueling long term sustainable growth.

謝謝。是的。因此，我們繼續評估我們的資本部署策略和需求，我們對今天實施的資本策略感到非常滿意。因此，我們將繼續評估營運資金需求和業務需求，並做出正確的決策，以確保推動長期永續成長。

Great. Thanks so much.

偉大的。非常感謝。

Thanks Stan.

謝謝斯坦。

David Larsen of BTIG.

BTIG 的 David Larsen。

Hi. Can you talk a bit about your annual recurring revenue? Like what percent of total revenue do you expect that to be in '25? And what is your sort of longer term goal there? And then just any color around the enliven when I think you mentioned you sold this to a couple of health plans? Thanks very much.

你好。您能談談您的年度經常性收入嗎？您預計到 25 年這個數字將佔總收入的百分之多少？那麼您長期的目標是什麼呢？然後，我認為您提到您將其出售給了幾個健康計劃時，周圍的任何顏色都變得生動起來？非常感謝。

Yeah, I think our live in business is really getting traction. As you know, we see you know, the ramp up of competition and the need to do better data analysis and engagement with patients. And we're, we're proud that we can not only represent retailers and improving their efficiencies, but then also payers by helping them understand what patients of theirs are using their products and how well they're using those products.

是的，我認為我們的現場業務確實越來越受歡迎。如您所知，我們看到競爭日益激烈，需要更好地進行數據分析並與患者互動。我們感到自豪的是，我們不僅可以代表零售商並提高他們的效率，還可以代表付款人，幫助他們了解哪些患者正在使用他們的產品以及他們使用這些產品的效果如何。

As well as we see other pharmacies, particularly larger pharmacies, nationwide pharmacies or institutional pharmacies looking for ways to employ their pharmacists and a other activities other than dispensing meds and so those activities would involve billing services to payers. And so we're excited that, that this is a big new frontier if you will for having pharmacists operate at the top of their license and then getting additional revenues and margins in these larger pharmacies that have been mostly dedicated to dispensing and not using billing activities.

我們還看到其他藥房，特別是大型藥房、全國性藥房或機構藥房，正在尋找僱用藥劑師的方法以及開展除配藥之外的其他活動，因此這些活動將涉及向付款人提供計費服務。因此，我們很高興，這是一個巨大的新領域，如果你願意的話，藥劑師可以在他們的執照範圍內工作，然後在這些大型藥局獲得額外的收入和利潤，這些藥局過去主要致力於配藥而不是計費活動。

Yeah, with regards to your question on ARR, we're very excited about our ARR outlook especially for 2025 ARR. Today is about 53% of our total revenue. And we anticipate this our ARR to continue to grow and contribute to our overall revenue. Again, specialty pharmacy services and live and health and our inventory optimization systems are key drivers of our growth for the specialty pharmacy is the key driver that's growing double digit and we expect that growth to continue.

是的，關於您對 ARR 的問題，我們對我們的 ARR 前景感到非常興奮，尤其是對 2025 年 ARR 的展望。今天約占我們總收入的53％。我們預計我們的 ARR 將繼續成長並為我們的整體收入做出貢獻。再次強調，專業藥局服務、生活和健康以及我們的庫存優化系統是我們成長的關鍵驅動力，因為專業藥局是實現兩位數成長的關鍵驅動力，我們預計這種成長將持續下去。

Great. And then I've been hearing about like this XT series sort of run off for a couple of years is 2025 going to be kind of your final year of sort of the run off of these XT upgrades and then starting in '26 will be kind of through all of that. Thanks very much. Obviously, I'm getting that product revenue growth expectations longer term. Thank you.

偉大的。然後我聽說這個 XT 系列將會停止生產幾年，2025 年將是這些 XT 升級停止生產的最後一年，然後從 26 年開始將會完成所有這些。非常感謝。顯然，我對該產品收入的長期成長抱持預期。謝謝。

Yeah, the XT Amplified when we announced it, we said there was more innovation in the road map and that innovation wasn't just focused on inpatient, but in other locations where med management has not been digitized. And so that's increasing both the addressable market and broadening our solution base and really getting at what our customers need, which is the ability to get 100% visibility of their medication flow. And so as we release and innovate these new connected devices that will provide an opportunity to grow our business and particularly on the product line side.

是的，當我們宣布 XT Amplified 時，我們說路線圖中會有更多創新，而且創新不僅關注住院患者，還關注醫療管理尚未數位化的其他地方。這樣既可以擴大潛在市場，又可以拓寬我們的解決方案基礎，真正滿足客戶的需求，即能夠 100% 地了解他們的藥物流動情況。因此，隨著我們發布和創新這些新的連網設備，這將為我們的業務成長提供機會，特別是在產品線方面。

But we also know that with the speed of technology and the things that are going on that we're going to have to upgrade the technology within our systems and provide new platforms to meet those demands. So that is also in our road map and in the future. But it's just not one thing. I think it's a multiple levels of innovation and it depends on where customers are probably in their life cycle with their product, on which ones would appeal to them at the moment. But we will, we will have a lot of offerings and opportunities to expand within our customer base. And potentially those outside.

但我們也知道，隨著技術的發展和事物的發展，我們必須升級系統內的技術並提供新的平台來滿足這些需求。所以這也在我們的路線圖和未來中。但它並不只是一件事。我認為這是一個多層次的創新，它取決於客戶產品生命週期中所處的位置，以及哪些產品目前對他們有吸引力。但我們會提供很多產品和機會來擴大我們的客戶群。也可能是那些外面的人。

Great medication safety is so important for our delivery of health care and you guys do a great job at it. So, thanks very much. Appreciate it.

良好的藥物安全對我們的醫療保健至關重要，你們在這方面做得很好。所以，非常感謝。非常感謝。

Thanks David.

謝謝大衛。

Gene Mannheimer of Freedom Capital Markets.

自由資本市場 (Freedom Capital Markets) 的 Gene Mannheimer。

Thank you and congrats on a great year and a good outlook. I wanted to drill down on the ARR a little bit further. Do you Nchacha, do you break the ARR out by those respective categories of services and consumables and SaaS?

謝謝您，並祝賀您度過了美好的一年並擁有美好的前景。我想進一步深入了解 ARR。你會把 ARR 按服務、消耗品和 SaaS 的各自類別分開嗎？

Yes. So the new metric that we're providing ARR is composed of our SaaS and expert services businesses, technical services as well as consumables. We do provide some details on the SaaS businesses, but again, those are the three components of ARR.

是的。因此，我們提供的 ARR 的新指標由我們的 SaaS 和專家服務業務、技術服務以及消耗品組成。我們確實提供了有關 SaaS 業務的一些細節，但同樣，這些是 ARR 的三個組成部分。

Right? So is, is there a 1 to 1 correspondence between your ARR and your forward 12 months revenue? So said differently, $620 million at the midpoint, how much of that will convert to revenue in the forward 12 months?

正確的？那麼，您的 ARR 和未來 12 個月的收入之間是否存在一一對應的關係？換句話說，中間值為 6.2 億美元，其中有多少將在未來 12 個月轉化為收入？

Most of it should convert to revenue in the next 12 months.

其中大部分將在未來 12 個月內轉化為收入。

Yeah, that's the ARR not the CAR. So it's, it's already running and assumed to be continued to running. So it's kind of easy to understand the business and that there's not a lot of conversion and that's ongoing running revenue is the best way to explain it. I'd say.

是的，那是 ARR 而不是 CAR。所以它已經在運作並且假定繼續運作。因此，很容易理解業務，並且沒有太多的轉換，而持續的營運收入是解釋它的最佳方式。我想說。

Good, good. Okay. Excellent. All right. And just on OmniSphere, great innovation there. And I'm just wondering with within a customer site is the way that gets implemented? Is it a big bang type implementation or a phased approach? So like in case of if it's in phases, are you supporting kind of two redundant environments for a time like on prem in the cloud? And does that impact your, your cost structure at all?

好，好。好的。出色的。好的。僅在 OmniSphere 上，就有偉大的創新。我只是想知道在客戶站點內如何實現這一目標？這是一次大規模的實施還是分階段的方法？那麼，如果是分階段的話，您是否會暫時支援兩種冗餘環境，例如在雲端進行本機部署？這會對你的成本結構產生影響嗎？

No, it's not actually two systems. You can actually run the cloud system with our current legacy systems. And then it's, it's meant to be incremental without the double workload. So it actually allows us to put in the infrastructure first without having to move the connected devices over and you can move those over. You know, when you're ready.

不，其實並不是兩個系統。您實際上可以使用我們目前的舊系統運行雲端系統。而且，這意味著是增量式的，但不會增加雙倍的工作量。因此，它實際上允許我們首先投入基礎設施，而無需移動連接的設備，然後您就可以移動它們。你知道，當你準備好的時候。

So, one of the things that we have really focused on is minimizing disruption in our customers with new technologies and new approaches. And we took a lot a long time to design this technology so that it's easy to deploy, easy to understand and really cause minimal disruption. And so if you get the XD Amplify, you'll be able to move to the OmniSphere rather easily and then move the devices over when you're ready.

因此，我們真正關注的事情之一是利用新技術和新方法來最大限度地減少對客戶的干擾。我們花了很長時間來設計這項技術，以便它易於部署、易於理解並且真正將乾擾降到最低。因此，如果您獲得了 XD Amplify，您將能夠相當輕鬆地移動到 OmniSphere，然後在準備好時移動設備。

That's, that's great. Thank you, appreciate it.

那，那太好了。謝謝，很感激。

And that concludes our Q&A session. I will now turn the conference back over to Randall Lipps for closing remarks.

我們的問答環節到此結束。現在，我將會議交還給 Randall Lipps，請他致閉幕詞。

Oh, well, I just want to reiterate how excited we are about 2025. As I said in my first question, we really have dropped out the business. We look forward to comparable growth over quarter to quarter. And this is really come about to the strong efforts of the success of the amplify our employees who have readjusted to deploying new cost efficient processes and reorganizing around customer success, which has led to our success and just really looking for an exciting year with some new innovation, new types of accounts and just continued growth. And they're really setting us up again for a great 2026. Thanks for joining us today. Cheers.

哦，好吧，我只是想重申我們對 2025 年的興奮。正如我在第一個問題中所說，我們確實已經放棄了這項業務。我們期待各季度之間能夠實現類似的成長。這實際上歸功於我們員工的巨大努力，他們重新調整以適應新的成本效益流程，並圍繞客戶成功進行重組，這導致了我們的成功，我們真正期待著令人興奮的一年，有一些新的創新，新的帳戶類型和持續的增長。他們確實在為我們偉大的 2026 年再次做好準備。感謝您今天加入我們。乾杯。

Thank you, ladies and gentlemen, that concludes today's call. Thank you all for joining you. May now disconnect.

謝謝各位女士、先生們，今天的電話會議到此結束。感謝大家的加入。現在可以編輯。