Omnicell Inc (OMCL) 2025 Q1 法說會逐字稿

Good morning, my name is Carly and I will be your conference operator today. At this time, I would like to welcome everyone to the Omnicell first quarter 2025 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

早安，我叫卡莉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Omnicell 2025 年第一季財務業績電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員指示）謝謝。

I would now like to turn the call over to Kathleen Nemeth, Senior Vice President, Investor Relations. Please go ahead.

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 First Quarter 2025 financial results conference call. On the call with me today are Randall Lipps, Omnicell Chairman, President, CEO, and Founder; Nnamdi Njoku, Executive Vice President and Chief Operating Officer, and Nchacha Etta, Executive Vice President and Chief Financial Officer.

早安，歡迎參加 Omnicell 2025 年第一季財務業績電話會議。今天與我一起通話的有 Omnicell 董事長、總裁、執行長兼創辦人 Randall Lipps、執行副總裁兼營運長 Nnamdi Njoku 以及執行副總裁兼財務長 Nchacha Etta。

This call will contain certain forward-looking statements, including statements related to financial projections or performance or other statements regarding Omnicell's plans, strategy, objectives, goals, vision, expectations, planned investments, opportunities, expense mitigation, products, services or solution, driving toward a recurring revenue model, navigating the current macroeconomic environment, the impact of or ability to mitigate the impact of, tariffs, 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.

本次電話會議將包含某些前瞻性陳述，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、願景、期望、計劃投資、機會、費用緩解、產品、服務或解決方案的其他陳述，推動經常性收入模式，應對當前宏觀經濟環境，關稅或市場或公司前景的影響或減輕其影響的能力，這些結果都受到影響

For a more detailed description of the risks that impact these forward-looking statements, 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 27, 2025, 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.

有關影響這些前瞻性聲明的風險的更詳細描述，請參閱我們今天發布的新聞稿中的資訊、2025 年 2 月 27 日向美國證券交易委員會提交的 10-K 表格 Omnicell 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中的資訊。請注意，您不應過度依賴今天所做的任何前瞻性陳述。

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.

所有前瞻性陳述僅代表截至本文發布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前瞻性聲明的任何修訂的義務。

Our results were released this morning and are posted in the Investor Relations section of our website on ir.omnicel.com.

我們的業績於今天早上公佈，並發佈在我們的網站 ir.omnicel.com 的投資者關係部分。

Additionally, we would like to remind you that during this call, we will discuss some non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most comparable GAAP financial measures are included in our financial results press release posted on our Investor Relations website. 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.

此外，我們想提醒您，在本次電話會議中，我們將討論一些非公認會計準則財務指標。這些非 GAAP 指標與最可比較 GAAP 財務指標的對帳包含在我們投資者關係網站上發布的財務業績新聞稿中。對於前瞻性非公認會計準則 (non-GAAP) 指標，我們不提供前瞻性非公認會計準則 (non-GAAP) 指標與可比較公認會計準則 (GAAP) 指標的前瞻性對帳，因為這些項目本質上是不確定的且難以估計，如果不付出不合理的努力就無法預測。

With that, I will turn the call over to Randall. Randall?

說完這些，我會把電話轉給蘭德爾。蘭德爾？

Good morning, and thank you all for joining us on today's call. Our business performed very well during the first quarter of 2025, which is all driven by demand for Omnicell's robust medication management platform. At Omnicell, we are focused on redefining how medications and supplies are managed across healthcare as we seek to help customers seamlessly control inventory from the loading dock to the point of patient care. Our platform is designed to empower organizations to improve medication safety, drive supply chain efficiency, and make smarter data-driven decisions.

早安，感謝大家參加今天的電話會議。我們的業務在 2025 年第一季表現非常出色，這一切都得益於對 Omnicell 強大的藥物管理平台的需求。在 Omnicell，我們專注於重新定義醫療保健領域藥品和耗材的管理方式，力求幫助客戶無縫控制從裝貨碼頭到患者護理點的庫存。我們的平台旨在協助組織提高藥物安全性、提高供應鏈效率並做出更明智的數據驅動決策。

Our future growth is expected to come from three core levers. First, we seek to capture greater market share across inpatient settings, including nursing floors, operating rooms, and procedural areas, as well as central and satellite pharmacies, while continuing expansion into outpatient settings, such as specialty, retail, and institutional pharmacies.

我們未來的成長預計將來自三個核心槓桿。首先，我們尋求在住院環境中佔據更大的市場份額，包括護理樓層、手術室和手術區以及中央藥房和衛星藥房，同時繼續擴展到門診環境，如專科藥房、零售藥房和機構藥房。

Second, we are growing and scaling our predictable reoccurring revenue. And third, we are striving to grow OmniSphere, our cloud-based platform to extend and connect innovative automation technologies, which we expect will include the use of AI across the entire continuum of care.

其次，我們正在增加和擴大可預測的經常性收入。第三，我們正在努力發展我們的基於雲端的平台 OmniSphere，以擴展和連接創新的自動化技術，我們預計這將包括在整個護理過程中使用人工智慧。

Let's review a few highlights from our strong first quarter. The demand environment tracked well to our expectations as we saw market share gains and continued interest in our platform of products and services. We delivered solid revenue performance and are pleased with the growth in our recurring revenue. And we continue to see strong customer interest in OmniCell's long-term innovation roadmap.

讓我們回顧一下我們強勁的第一季的一些亮點。需求環境與我們的預期相符，我們看到市場份額的成長以及人們對我們的產品和服務平台的持續興趣。我們實現了穩健的收入業績，並對經常性收入的成長感到滿意。我們繼續看到客戶對 OmniCell 的長期創新路線圖表現出濃厚的興趣。

Now let's turn to the financials. Omnicell delivered a solid first quarter. Total revenue was $270 million, an increase of $24 million from our first quarter of 2024. Revenue in the quarter decreased by $37 million from our fourth quarter of 2024, reflecting typical seasonality and the fact that fourth quarter of 2024 performance was very strong. Product revenues came in above our first quarter 2025 outlook at $145 million, which is an increase of $12 million over the first quarter of 2024, and a decrease of $37 million compared to fourth quarter 2024. Service revenues were $125 million, an increase of $12 million over the first quarter of 2024, and flat compared to fourth quarter 2024.

現在讓我們來談談財務狀況。Omnicell 第一季業績穩健。總營收為 2.7 億美元，較 2024 年第一季增加 2,400 萬美元。本季營收較 2024 年第四季減少了 3,700 萬美元，反映了典型的季節性以及 2024 年第四季業績非常強勁的事實。產品收入高於我們對 2025 年第一季的預期，為 1.45 億美元，比 2024 年第一季增加 1,200 萬美元，與 2024 年第四季相比減少 3,700 萬美元。服務收入為 1.25 億美元，比 2024 年第一季增加 1,200 萬美元，與 2024 年第四季持平。

Non-GAAP gross margin for the first quarter of 2025 was 42.1%, a decrease of 530 basis points from the prior quarter due to the combination of lower product revenue volumes, as well as some seasonal expenses including payroll taxes and employee benefits reset. Our first quarter 2025 earnings per share in accordance with GAAP was a loss of $0.15 per share compared to a loss of $0.34 per share in the first quarter of 2024, and a profit of $0.34 per share in the prior quarter.

2025 年第一季非公認會計準則毛利率為 42.1%，較上一季下降 530 個基點，原因是產品收入減少，以及工資稅和員工福利調整等一些季節性費用。根據 GAAP，我們的 2025 年第一季每股收益為虧損 0.15 美元，而 2024 年第一季每股虧損 0.34 美元，上一季每股獲利 0.34 美元。

Our first quarter of 2025 non-GAAP earnings per share was $0.26 compared with $0.03 per share in the same period last year, and $0.60 per share in the prior quarter. First quarter non-GAAP EBITDA was $24 million, an increase of $13 million when compared to the same period last year, and a decrease of $23 million compared to the previous quarter. As you can see from our revised 2025 guidance that Nchacha will cover in more detail, we have completed an initial assessment of the company's tariff exposure assuming the announced tariffs, particularly on China-based products, are implemented as scheduled.

我們 2025 年第一季的非 GAAP 每股收益為 0.26 美元，去年同期為每股 0.03 美元，上一季為每股 0.60 美元。第一季非公認會計準則 EBITDA 為 2,400 萬美元，較去年同期增加 1,300 萬美元，較上一季減少 2,300 萬美元。正如您從我們修訂的 2025 年指南中看到的，Nchacha 將更詳細地介紹，我們已經完成了對公司關稅風險的初步評估，假設宣布的關稅（特別是針對中國產品的關稅）按計劃實施。

As a reminder, we began working on optimizing our supply chain several years ago with a combination of dual sourcing and nearshoring efforts. However, we continue to source a meaningful percentage of our subassemblies from China. At this time, we anticipate the impact from tariffs for 2025 to be approximately $40 million to non-GAAP EBITDA.

提醒一下，幾年前我們就開始致力於透過雙重採購和近岸外包相結合的方式來優化我們的供應鏈。然而，我們仍然從中國採購相當一部分組件。目前，我們預計 2025 年關稅對非 GAAP EBITDA 的影響約為 4,000 萬美元。

As a result, we are reducing the ranges for our full year 2025 non-GAAP EBITDA and non-GAAP earnings per share guidance to reflect that currently expected partial year potential impact from tariffs net of our planned mitigation efforts. Please note that absent the tariff headwinds, we remain comfortable with our previously issued full year 2025 non-GAAP EBITDA and non-GAAP earnings per share guidance, and are only modifying the ranges to reflect the expected potential impact from tariffs.

因此，我們降低了 2025 年全年非 GAAP EBITDA 和非 GAAP 每股盈餘指引的範圍，以反映目前預期的扣除我們計劃的緩解措施後關稅對部分年度的潛在影響。請注意，在沒有關稅阻力的情況下，我們仍然對先前發布的 2025 年全年非 GAAP EBITDA 和非 GAAP 每股盈餘指引感到滿意，並且僅修改範圍以反映關稅的預期潛在影響。

We intend to continue to shift production of subassemblies to more favorable geographies, and over time, we anticipate considering broader changes to our supply chain. We believe we have a strong competitive position, and we plan to continue to innovate regardless of the tariff impact. Also, as we continue our pivot to recurring revenue services, exposure to tariffs on a relative basis should decline over time. We expect to have more to share with you as the situation develops.

我們打算繼續將組件的生產轉移到更有利的地區，隨著時間的推移，我們預計將考慮對我們的供應鏈進行更廣泛的改變。我們相信我們擁有強大的競爭地位，無論關稅影響如何，我們都計劃繼續創新。此外，隨著我們繼續轉向經常性收入服務，相對而言的關稅風險應該會隨著時間的推移而下降。隨著情況的發展，我們期待與您分享更多資訊。

I'll now highlight a few of the key customer wins in the first quarter. Point-of-care dispensing solutions, including XT Cabinets for nursing care areas, anesthesia workstations for perioperative settings, and our XT Amplify program offerings, continue to be the backbone of medication management for many leading health systems.

現在我將重點介紹第一季贏得的一些關鍵客戶。即時護理配藥解決方案，包括用於護理區域的 XT 櫃、用於圍手術期環境的麻醉工作站以及我們的 XT Amplify 程序產品，繼續成為許多領先醫療系統藥物管理的支柱。

Leading health systems in New Jersey, Pennsylvania, and West Virginia have recently invested in Omnicell solutions as they seek to increase pharmacy and nursing efficiency and improve patient safety while delivering maximum value for the technology investment. Our comprehensive platform and innovative roadmap are resonating with customers, and we are seeing continued momentum converting customers to Omnicell solutions.

新澤西州、賓夕法尼亞州和西維吉尼亞州領先的醫療系統最近投資了 Omnicell 解決方案，因為他們尋求提高藥房和護理效率並改善患者安全性，同時為技術投資實現最大價值。我們全面的平台和創新路線圖引起了客戶的共鳴，我們看到客戶轉向 Omnicell 解決方案的勢頭持續增強。

One of the leading healthcare organizations in Illinois has chosen Omnicell XT automated dispensing cabinets to support point-of-care dispensing across numerous sites of care. This health system intends to leverage Omnicell's enterprise analytics solution, inventory optimization service, in an effort to enhance inventory visibility, gain medication usage insights, and optimize workflows across their system. A non-profit health system in Rhode Island selected Omnicell's point-of-care dispensing solutions, including XT Cabinets and anesthesia workstations, as they look to improve clinical outcomes and enhance efficiency for healthcare staff.

伊利諾伊州一家領先的醫療保健組織選擇了 Omnicell XT 自動配藥櫃來支援眾多護理站點的即時配藥。該醫療系統打算利用 Omnicell 的企業分析解決方案和庫存優化服務，以提高庫存可見度、了解藥物使用情況並優化整個系統的工作流程。羅德島的非營利醫療系統選擇了 Omnicell 的即時護理配藥解決方案，包括 XT 櫃子和麻醉工作站，以期改善臨床結果並提高醫護人員的效率。

A Southern California non-profit teaching hospital has chosen Omnicell's central pharmacy solutions as it seeks to reduce medication dispensing errors in waste, improve accuracy, and streamline workflows for their central pharmacy operations, which should free staff to focus on higher-value tasks. The federal government, specifically the US Department of Veterans Affairs and other federal healthcare facilities, is a sizable portion of Omnicell's customer footprint. This quarter, we saw traction within our government customers for our central pharmacy and point-of-care solutions, including products from our XT Amplify program.

南加州一家非營利教學醫院選擇了 Omnicell 的中央藥房解決方案，旨在減少藥物分配錯誤、提高準確性並簡化中央藥房運營的工作流程，從而使員工能夠專注於更高價值的任務。聯邦政府，特別是美國退伍軍人事務部和其他聯邦醫療機構，佔 Omnicell 客戶群的很大一部分。本季度，我們發現政府客戶對我們的中央藥房和護理點解決方案（包括來自 XT Amplify 計劃的產品）的吸引力很大。

Health systems continue to expand care delivery beyond acute care settings to improve patients' access to care, reduce costs, and increase revenue. This expansion includes investments in outpatient pharmacy programs, which for many providers may enable an opportunity for health systems to achieve financial growth and improve the patient experience. A Northeast non-profit healthcare system will add a new specialty pharmacy to their community in partnership with Omnicell's specialty pharmacy services division.

醫療系統不斷擴大醫療服務範圍，超越急性照護環境，以改善病患獲得醫療服務的機會、降低成本並增加收入。此次擴展包括對門診藥房計畫的投資，對於許多醫療服務提供者來說，這可能為醫療系統實現財務成長和改善病患體驗提供機會。東北非營利醫療保健系統將與 Omnicell 的專業藥房服務部門合作，為其社區增加一個新的專業藥房。

We also partnered with a Pennsylvania-based health system to open a new specialty pharmacy to serve their community. A Georgia-based not-for-profit healthcare system has selected Omnicell to launch a new initiative targeted at optimizing their specialty pharmacy by expanding patient access to specialty medications and growing outpatient services.

我們也與賓州的一家醫療系統合作，開設了一家新的專科藥房，為他們的社區提供服務。喬治亞州一家非營利醫療保健系統選擇 Omnicell 啟動一項新計劃，旨在透過擴大患者獲得專科藥物的機會和增加門診服務來優化其專科藥房。

Now, before I turn it over to Nchacha, I want to provide some closing thoughts. We are pleased with our first quarter performance, and we remain very encouraged about our long-term growth strategy and how we believe it aligns with the industry-defined vision of the autonomous pharmacy. Omnicell is a trusted leader in automating medication and supply management, and we believe we are poised to grow as hospitals continue to digitize.

現在，在將發言權交給 Nchacha 之前，我想說幾句結束語。我們對第一季的業績感到滿意，我們對我們的長期成長策略以及我們如何相信它與產業定義的自主藥局願景一致感到非常鼓舞。Omnicell 是藥物和供應管理自動化領域值得信賴的領導者，我們相信，隨著醫院不斷數位化，我們將迎來成長。

Despite the fluid tariff environment, I am confident that we will manage through the current tariff situation. We're reviewing different mitigation strategies around our supply chain, and I feel confident that the company's competitive position will remain strong as we tackle these headwinds. With or without tariffs, we are here to help our healthcare provider partners as they endeavor to increase operating efficiencies and improve patient safety.

儘管關稅環境不穩定，但我相信我們能夠應對當前的關稅狀況​​。我們正在審查圍繞我們供應鏈的不同緩解策略，我相信，在我們應對這些不利因素時，公司的競爭地位將保持強勁。無論有沒有關稅，我們都會幫助我們的醫療保健提供者合作夥伴努力提高營運效率並改善病患安全。

At this point, I'd like to turn the call over to our Chief Financial Officer, Nchacha Etta, and for a more detailed review of our first quarter financial performance.

現在，我想將電話轉給我們的財務長 Nchacha Etta，以便更詳細地回顧我們第一季的財務表現。

Thank you, Randall. I want to thank the entire team here at Omnicell who helped drive our strong start to 2025, delivering first quarter 2025 financial results where all of our guided metrics exceeded or landed in the upper end of our previously stated guidance ranges.

謝謝你，蘭德爾。我要感謝 Omnicell 的整個團隊，他們幫助我們在 2025 年取得了強勁開局，並在 2025 年第一季度取得了財務業績，其中我們所有的指導指標都超過或達到了我們之前所述的指導範圍的上限。

Now I am going to walk you through some of the key drivers of our first quarter 2025 performance, as well as share our second quarter 2025 and updated full-year 2025 guidance. Looking at our first quarter 2025 results, total revenue were $270 million, representing an increase of $24 million over the first quarter of 2024, and a decrease of $37 million compared to the previous quarter. First quarter 2025 revenue performance, when compared to our fourth quarter 2024 results, reflect our typical seasonal patterns in line with the historical trends we have seen, in which revenue tends to increase quarterly as the year progresses.

現在，我將向您介紹我們 2025 年第一季業績的一些關鍵驅動因素，並分享我們 2025 年第二季和更新的 2025 年全年指引。綜觀我們 2025 年第一季的業績，總營收為 2.7 億美元，比 2024 年第一季增加 2,400 萬美元，比上一季減少 3,700 萬美元。與 2024 年第四季的業績相比，2025 年第一季的營收表現反映了我們典型的季節性模式，符合我們所見的歷史趨勢，隨著時間的推移，收入往往逐季度增加。

The year-over-year increase in total revenue was driven by an increased contribution from our XT Amplify program, as well as continued growth in our SaaS and Expert Services, including an increase in revenues from specialty pharmacy services offerings. For the first quarter 2025, product revenue was $145 million, representing an increase of $12 million compared to the first quarter of 2024, and a decrease of $37 million over the previous quarter. Service revenue for the first quarter 2025 was $125 million, which increased $12 million from the first quarter of 2024, and was flat compared to fourth quarter 2024 levels.

總收入年增率的原因是我們的 XT Amplify 計畫貢獻的增加，以及我們的 SaaS 和專家服務的持續成長，包括專業藥局服務產品收入的成長。2025年第一季，產品營收為1.45億美元，較2024年第一季增加1,200萬美元，較上一季減少3,700萬美元。2025 年第一季的服務收入為 1.25 億美元，比 2024 年第一季增加了 1,200 萬美元，與 2024 年第四季的水平持平。

Non-GAAP gross margin for the first quarter of 2025 was 42.1%, representing an increase of 230 basis points compared to the first quarter of 2024, and a decrease of 530 basis points from the prior quarter. Non-GAAP gross margins, when compared to fourth quarter 2024 results, were impacted in the quarter by lower product revenue volumes, non-recurring costs, as well as some seasonal expenses, including payroll taxes and employee benefit receipts. The full reconciliation of our GAAP to non-GAAP results is included in each of our full year and fourth quarter 2024 and first quarter 2025 quarterly earnings press release, which are posted on our investor relations website.

2025年第一季非公認會計準則毛利率為42.1%，較2024年第一季增加230個基點，較上一季減少530個基點。與 2024 年第四季的業績相比，本季非 GAAP 毛利率受到產品收入下降、非經常性成本以及一些季節性費用（包括工資稅和員工福利收入）的影響。我們的 GAAP 與非 GAAP 結果的完整對帳包含在我們的 2024 年全年、第四季和 2025 年第一季季度收益新聞稿中，這些新聞稿發佈在我們的投資者關係網站上。

Our first quarter 2025 earnings per share in accordance with GAAP were a loss of $0.15 per share, compared to a loss of $0.34 per share in the first quarter of 2024, and a profit of $0.34 per share in the prior quarter. Our first quarter typically is the lowest revenue quarter for the year, and our revenue tends to grow throughout the year. As a result, the first quarter also tends to be the quarter with the lowest profitability. Our first quarter 2025 non-GAAP earnings per share were $0.26, compared to $0.03 per share in the same period last year, and $0.60 per share in the prior quarter.

我們 2025 年第一季以 GAAP 計算的每股盈餘為虧損 0.15 美元，而 2024 年第一季每股虧損 0.34 美元，上一季每股獲利 0.34 美元。我們的第一季通常是一年中收入最低的季度，我們的收入往往會在全年增長。因此，第一季也往往是獲利能力最低的季度。我們 2025 年第一季的非 GAAP 每股收益為 0.26 美元，去年同期為每股 0.03 美元，上一季為每股 0.60 美元。

First quarter non-GAAP EBITDA was $24 million, an increase of $13 million when compared to the same period last year, and a decrease of $23 million compared to the previous quarter. Non-GAAP EBITDA in the quarter was modestly impacted by higher cost and operating expenses, largely driven by non-recurring items and some seasonal expenses that came in a bit higher than expected. Our non-GAAP earnings per share and non-GAAP EBITDA in the first quarter of 2025 were both higher compared to the first quarter of 2024, driven primarily by an increase in revenue year-over-year in the quarter.

第一季非公認會計準則 EBITDA 為 2,400 萬美元，較去年同期增加 1,300 萬美元，較上一季減少 2,300 萬美元。本季度非公認會計準則 EBITDA 受到成本和營運費用增加的輕微影響，主要是由於非經常性項目和一些季節性費用略高於預期。我們 2025 年第一季的非 GAAP 每股盈餘和非 GAAP EBITDA 均高於 2024 年第一季，這主要得益於本季營收年增。

At the end of the first quarter of 2025, our cash and cash equivalents were $387 million, up from $369 million as of December 31, 2024. The company continues to generate solid free cash flows, with free cash flow of $10 million during the first quarter of 2025.

截至 2025 年第一季末，我們的現金及現金等價物為 3.87 億美元，高於 2024 年 12 月 31 日的 3.69 億美元。該公司繼續產生穩健的自由現金流，2025 年第一季的自由現金流為 1,000 萬美元。

In terms of accounts receivable, days sales outstanding for the first quarter of 2025 where 86 days. We remain pleased with our continued strong quarterly collections and working capital management. This is an area of significant positive progress over the last 18-24 months. Inventories as of March 31, 2025 were $91 million, an increase of $2 million from the prior quarter, and a decrease of $12 million from March 31, 2024.

就應收帳款而言，2025 年第一季的未收帳款週轉天數為 86 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 18-24 個月來取得重大積極進展的領域。截至 2025 年 3 月 31 日的庫存為 9,100 萬美元，比上一季增加 200 萬美元，比 2024 年 3 月 31 日減少 1,200 萬美元。

Before we move to guidance, I would like to comment more broadly on our current view of the tariff headwinds we are facing. Last quarter, I shared with you that based on the tariffs announced at that time, we thought that our existing mitigation plans would largely offset the potential impact. Today, of course, we are in a much different situation.

在我們轉向指導之前，我想更廣泛地評論一下我們目前面臨的關稅阻力的看法。上個季度，我與大家分享過，根據當時宣布的關稅，我們認為現有的緩解計畫將在很大程度上抵消潛在影響。當然，今天我們的情況已經大不相同了。

As a reminder, tariffs had no impact on our first quarter results. And as of today, we expect a fairly modest impact on our second quarter performance. We are implementing various mitigation initiatives, but obviously these take time to flow through our financial statements and to have the intended effect of offsetting a portion of the higher anticipated costs. We would expect the benefits of the mitigation plans to begin to take effect as we exit 2025. So please keep that in mind as you are preparing your financial models for 2026.

提醒一下，關稅對我們的第一季業績沒有影響。截至今天，我們預計這對我們第二季的業績影響相當小。我們正在實施各種緩解措施，但顯然這些措施需要時間才能體現在我們的財務報表中，並達到抵銷部分預期較高成本的預期效果。我們預計緩解計畫的效益將在 2025 年結束時開始顯現。因此，在準備 2026 年的財務模型時請記住這一點。

As we see today with the current tariff situation, if the tariffs that are in place today remain in place throughout 2025. We are anticipating the impact to our second quarter 2025 non-GAAP EBITDA to be approximately $5 million, with the impact to our full year 2025 non-GAAP EBITDA to be approximately $40 million, net of our ongoing mitigation efforts.

正如我們今天看到的當前關稅情況，如果目前實施的關稅在 2025 年全年都有效。我們預計，扣除我們正在採取的緩解措施後，對我們 2025 年第二季度非 GAAP EBITDA 的影響約為 500 萬美元，對我們 2025 年全年非 GAAP EBITDA 的影響約為 4000 萬美元。

As we have said, over the course of the past few years and dating back to the previous administrations, we have taken steps intended to improve our supply chain, ensure continuity of products, and reduce costs as well as enhance efficiencies. As a result, the majority of our components are dual source, and we have flexibility to source key components from multiple geographies. We are continuing to monitor any changes to the tariff environment and will continue to make what we believe are the right supply chain allocation decisions based on long-term goals and in consideration of near-term impacts.

正如我們所說，在過去幾年以及前幾屆政府時期，我們已經採取措施改善我們的供應鏈，確保產品的連續性，降低成本並提高效率。因此，我們的大多數組件都是雙重來源，並且我們可以靈活地從多個地區採購關鍵組件。我們將繼續監測關稅環境的任何變化，並將繼續根據長期目標和考慮近期影響做出我們認為正確的供應鏈分配決策。

While a significant portion of the estimated $40 million 2025 non-GAAP EBITDA tariff impact is a result of components we currently source from China, we also source components from multiple favorable geographies. And we will continue to evaluate the allocation of sourcing for these components. For the second quarter of 2025, we are providing the following guidance. We expect second quarter 2025 total revenue to be between $270 million and $280 million, with product revenue anticipated to be between $148 million to $153 million, and service revenue expected to be between $122 million and $127 million.

雖然預計 2025 年非 GAAP EBITDA 關稅影響為 4,000 萬美元，其中很大一部分是由於我們目前從中國採購零件，但我們也從多個有利地區採購零件。我們將繼續評估這些組件的採購分配。對於 2025 年第二季度，我們提供以下指引。我們預計 2025 年第二季總營收將在 2.7 億美元至 2.8 億美元之間，其中產品收入預計在 1.48 億美元至 1.53 億美元之間，服務收入預計在 1.22 億美元至 1.27 億美元之間。

We expect the second quarter 2025 non-GAAP EBITDA to be between $22 million and $30 million, and non-GAAP earnings per share to be between $0.19 per share and $0.32 per share. Please note that the ranges for non-GAAP EBITDA and non-GAAP earnings per share are wider than we typically guide due to the tariff uncertainty. For full year 2025, we are maintaining our previously issued product bookings, annual recurring revenue, and revenue guidance.

我們預計 2025 年第二季非 GAAP EBITDA 將在 2,200 萬美元至 3,000 萬美元之間，非 GAAP 每股收益將在 0.19 美元至 0.32 美元之間。請注意，由於關稅的不確定性，非 GAAP EBITDA 和非 GAAP 每股盈餘的範圍比我們通常指導的範圍要廣。對於 2025 年全年，我們將維持先前發布的產品預訂、年度經常性收入和收入指導。

As a result of the potential tariff impact as we see it today, we are adjusting the ranges for our full year 2025 non-GAAP EBITDA and non-GAAP earnings per share guidance. We are reducing the upper end of our 2025 non-GAAP EBITDA guidance by $10 million and reducing the upper end of our non-GAAP earnings per share guidance by $0.20. We are also reducing the bottom end of the range for non-GAAP EBITDA and non-GAAP earnings per share and widening both ranges to reflect the increased uncertainty due to tariffs.

由於我們今天看到的潛在關稅影響，我們正在調整 2025 年全年非 GAAP EBITDA 和非 GAAP 每股盈餘指引的範圍。我們將2025年非公認會計準則EBITDA指引上限下調1,000萬美元，並將非公認會計準則每股收益指引上限下調0.20美元。我們也將下調非公認會計準則EBITDA和非公認會計準則每股收益指引下限，並同時擴大這兩個指引區間，以反映關稅帶來的不確定性增加。

If not for the current potential impact of tariffs, our full year 2025 non-GAAP EBITDA and non-GAAP earnings per share guidance we had previously provided would not have changed. We anticipate product bookings to be in the range of $500 million to $550 million. Our year-end 2025 annual recurring revenue is expected to be in the range of $610 million to $630 million. Total revenue is expected to be in the range of $1.105 billion to $1.155 billion. Non-GAAP EBITDA is expected to be in the range of $100 million to $145 million. Please note that this is a wider range than we typically guide and reflect the potential tariff impact we see today.

如果不是當前關稅的潛在影響，我們先前提供的 2025 年全年非 GAAP EBITDA 和非 GAAP 每股盈餘指引不會改變。我們預計產品訂單額將在 5 億至 5.5 億美元之間。我們預計 2025 年底的年度經常性收入將在 6.1 億美元至 6.3 億美元之間。預計總收入將在 11.05 億美元至 11.55 億美元之間。非公認會計準則 EBITDA 預計在 1 億美元至 1.45 億美元之間。請注意，這個範圍比我們通常指導的要廣，反映了我們今天看到的潛在關稅影響。

Non-GAAP earnings per share are expected to be in the range of $1 to $1.65. Again, this is a wider range than we typically guide and reflect the tariff uncertainty and expected impact that we discussed earlier. As a reminder, we are also facing an approximate $0.20 headwinds to non-GAAP earnings per share in 2025 compared to 2024. This is due to a reduction in interest income as a result of repurchasing a significant portion of the principal amount of our previously outstanding convertible senior notes.

非公認會計準則每股收益預計在1美元至1.65美元之間。同樣，這一區間比我們通常的預期要寬，反映了我們之前討論過的關稅不確定性和預期影響。提醒一下，與 2024 年相比，2025 年我們的非 GAAP 每股盈餘還將面臨約 0.20 美元的阻力。這是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。

For full year 2025, we are assuming an effective blended tax rate of approximately 18% in our non-GAAP earnings per share guidance. Please note that our second quarter and revised full year 2025 guidance is based on our current estimates of the potential impact of the tariff in place today, including those which are scheduled to increase in the future and does not include any potential or additional tariff impacts from future changes not yet enacted or the potential impact of additional reciprocal tariffs that may be imposed. We recognize that the current situation is fluid and we will continue to monitor the potential impact as the year progresses.

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%。請注意，我們第二季和修訂後的 2025 年全年指引是基於我們對現行關稅潛在影響的當前估計，包括計劃在未來增加的關稅，並不包括尚未頒布的未來變化造成的任何潛在或額外的關稅影響，或可能徵收的額外互惠關稅的潛在影響。我們認識到當前情況瞬息萬變，我們將繼續監測未來一年的潛在影響。

In summary, I am pleased with the strong results that all of us here at Omnicell have worked hard to deliver for the first quarter of 2025. We believe that these results reflect a strong customer demand for our innovative and outcome centric medication management solutions as our customers look to be embracing the industry defined vision of the autonomous pharmacy and our continuous focus on driving the business towards a recurring revenue model.

總而言之，我對 Omnicell 全體員工在 2025 年第一季努力取得的強勁業績感到滿意。我們相信，這些結果反映了客戶對我們創新且以結果為中心的藥物管理解決方案的強烈需求，因為我們的客戶希望接受行業定義的自主藥房願景，並且我們持續致力於推動業務走向經常性收入模式。

Despite the challenging and evolving tariff situation, I am extremely proud of how our team has remained resilient and committed to delivering on Omnicell's mission to be the clinician's most trusted partner for medication management.

儘管關稅情況充滿挑戰且不斷變化，我仍然為我們的團隊保持韌性並致力於實現 Omnicell 的使命——成為臨床醫生最值得信賴的藥物管理合作夥伴——感到非常自豪。

We would now like to open the call for questions.

我們現在開始提問。

(Operator Instructions)

（操作員指示）

Jessica Datson with Piper Sandler.

傑西卡·達森 (Jessica Datson) 和派珀·桑德勒 (Piper Sandler)。

Hi guys, thank you for for taking the question and thanks for the color on on tariffs. Can you guys describe what your outlook implies in terms of just tariff distribution or how the burden of tariffs is distributed between Omni and your customers? Like to what extent are you passing through some portion of price, or are you absorbing effectively all of the impact? Thanks.

大家好，感謝您回答這個問題，也感謝您對關稅的解釋。你們能否從關稅分配的角度描述一下你們的前景，或者關稅負擔如何在 Omni 和你們的客戶之間分配？例如，您在多大程度上轉嫁了部分價格，或者您是否有效地吸收了所有影響？謝謝。

Well, at this moment, we are not passing significant price increases on to the customer. But as we continue through the tariff situation, there's a possibility that we could or maybe just not lower discounts as much. We do have contracts with customers that we will live up to. But I think for the most part, we need to reorient our supply chain to reduce the impact of tariffs. That's the biggest move we can make.

嗯，目前，我們不會將大幅的價格上漲轉嫁給客戶。但隨著關稅情勢的持續變化，我們有可能降低折扣，或者可能不會降低那麼多。我們確實與客戶簽訂了合同，我們會履行合約。但我認為，在大多數情況下，我們需要重新調整我們的供應鏈以減少關稅的影響。這是我們能採取的最大措施。

Got it. That's helpful. And so the reiterated guidance implies no change to units effectively because the price to the customer will be the same. That's my first one.

知道了。這很有幫助。因此，重申的指導實際上意味著單位不會發生變化，因為客戶的價格將保持不變。這是我的第一個。

And then just secondly, I'm interested to know, does XT Amplify have any have kind of a more favorable supply chain? Yeah, a more favorable or domestic supply chain relative to the XT Cabinets. And then just can you confirm that XT Amplify's first product, so XTExtend, is on the market and deploying right now? Thanks.

其次，我感興趣的是，XT Amplify 是否有更有利的供應鏈？是的，與 XT Cabinets 相比，國內供應鏈更加有利。那麼您能否確認 XT Amplify 的第一款產品 XTExtend 現在已經上市並且正在部署？謝謝。

Hi, Jessica. This is Nnamdi. Thanks for the question. Well, just to kind of paint a picture, XT Amplify is part of our XT portfolio. And when you look at the Omnicell portfolio in general, our point of care products, which XT is a big part of and Amplify components, are sourced globally. So that's what's really driving our exposure, particularly from a tariff standpoint. And with respect to the rollout, XTE is being rolled out as we speak. We started the rollout last year. So that's a part of our portfolio that continues to ramp.

你好，潔西卡。這是 Nnamdi。謝謝你的提問。好吧，只是為了描繪一下，XT Amplify 是我們 XT 產品組合的一部分。當您整體瀏覽 Omnicell 產品組合時，您會發現我們的護理點產品（XT 是其重要組成部分，而 Amplify 是其組件）均來自全球。所以這才是真正推動我們擴大影響力的因素，特別是從關稅的角度來看。關於推出，XTE 正在推出。我們去年就開始推出這項計劃。因此，這是我們投資組合中持續成長的一部分。

Gene Mannheimer with Freedom Capital Markets

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

Thanks, and good morning. Could you just maybe talk about the cadence of that $40 million tariff impact? In other words, Nchacha called out $5 million in Q2, but I'm trying to get a sense for whether the biggest impact will be in Q4 since that's when you install the most hardware. Just curious on that trajectory.

謝謝，早安。您能否談談 4000 萬美元關稅的影響節奏？換句話說，Nchacha 在第二季度花費了 500 萬美元，但我想了解最大的影響是否會出現在第四季度，因為那時安裝的硬體最多。只是對那條軌跡感到好奇。

Yes, Gene. So the total impact for the year is $40 million. So the gross impact is about $30 million. But then we have some that will stay in inventory through the end of the year. We have a total of about $50 million. And with our mitigation efforts, that's how we get to the $40 million. And so the $40 million, we have about $5 million that is going to be recorded in the second quarter. And then the remainder will be in the second half of the year. So we're looking at about $30 million to $35 million impacting the second half of the year.

是的，吉恩。因此，今年的總影響為 4000 萬美元。因此總影響約為3000萬美元。但我們還有一些庫存將保留到年底。我們總共有大約5000萬美元。透過我們的緩解措施，我們達到了 4000 萬美元的目標。因此，在這 4000 萬美元中，我們將有大約 500 萬美元將在第二季入帳。其餘部分將在下半年完成。因此，我們預計下半年將產生約 3,000 萬至 3,500 萬美元的影響。

And I would add, Gene, that there could be some bias towards the fourth quarter, per your comments about that being typically the strongest revenue quarter for us.

吉恩，我想補充一點，根據你的評論，第四季度通常是我們收入最高的一個季度，因此可能對第四季度存在一些偏見。

Right, right. That makes sense. Thanks. And my follow-up is, Randy called out some nice wins in Illinois and the Northeast with respect to XT. I'm just curious if those selections maybe were extended from the fourth quarter. I'm just trying to get a sense on where the demand is and where we are in the cycle for XT upgrades now. Thank you.

對，對。這很有道理。謝謝。我的後續問題是，蘭迪宣布了伊利諾伊州和東北部在 XT 方面取得了一些不錯的勝利。我只是好奇這些選擇是否可能從第四季開始延續。我只是想了解需求在哪裡以及我們現在處於 XT 升級週期的哪個階段。謝謝。

Yeah, those were new customers, and they had their own timing. They're not really tied to seasonality, I would say. But more about when the decision to make a swap and make the investment. And we kind of see those come and go kind of regularly every quarter. We may not have as many in some quarter, but I wouldn't say there's any special timing to note to those. And those were folks who really loved where XT Amplify was and where we were taking it and really saw the strategic fit with what they wanted to do and what we had to offer now, as well as what we were rolling out. So we think that trend will continue.

是的，那些都是新客戶，他們有自己的時間安排。我想說，它們實際上與季節性沒有太大關係。但更多的是關於何時做出交換和投資的決定。我們似乎每個季度都會看到它們定期出現和消失。在某些季度我們可能沒有那麼多，但我不會說有什麼特殊的時機需要注意。這些人真的很喜歡 XT Amplify 的現狀和發展方向，並且真正看到了他們想要做的事情、我們現在提供的服務和我們正在推出的產品之間的策略契合。因此我們認為這種趨勢將會持續下去。

That's great. Thanks again.

那太棒了。再次感謝。

Allen Lutz with Bank of America

美國銀行的 Allen Lutz

Good morning, and thanks for taking the questions. I know a lot of focus has been on the tariff piece here, but I want to talk about just generally what your hospital customers are thinking here. There have been some data points out in the market that pharmacy IT budgets may actually be inflecting a little bit more positively than where they've been over maybe the past couple of years or so. So if we kind of ignore the tariff piece for a second, are there any fundamentals going on within the hospital market that you're seeing that could be driving any type of reacceleration in demand for pharmacy IT and those types of budgets? Thank you.

早上好，感謝您回答問題。我知道很多人關注的是關稅問題，但我只想大致談談你們醫院的客戶是怎麼想的。市場上的一些數據表明，藥房 IT 預算實際上可能比過去幾年的情況更加積極。因此，如果我們暫時忽略關稅部分，您是否看到醫院市場中存在任何基本因素，可以推動藥房 IT 需求和此類預算的再次加速？謝謝。

Thanks, Allen. Yeah, well, certainly specialty is a top topic in all providers. And that is really making the pharmacy conversation with our customers that I have a lot more strategic. It's not just about the savings and safety issues, but the revenue generation, particularly in the outpatient settings and particularly around specialty pharmacy. And so those kinds of strategic discussions just seem to be more on customers' minds as these providers have gotten to be very, very large. So they want to leverage that, and they want to deploy a system that can help them leverage that. So I think that's the leaning we're feeling in the market. We saw the momentum at the end of last year, and we continue to see that momentum in first quarter and in the marketplace today.

謝謝，艾倫。是的，專業當然是所有提供者的首要話題。這確實使我與客戶之間的藥房對話變得更具策略性。這不僅涉及節省和安全問題，還涉及創收，特別是在門診環境和專科藥房方面。因此，隨著這些供應商的規模變得非常大，這些策略討論似乎更集中在客戶身上。所以他們想利用這一點，並希望部署一個可以幫助他們利用這一點的系統。所以我認為這就是我們在市場上感受到的傾向。我們在去年年底看到了這種勢頭，並且我們在第一季和今天的市場上繼續看到這種勢頭。

Great. Thanks, Randy.

偉大的。謝謝，蘭迪。

Bill Sutherland with Benchmark.

比爾·薩瑟蘭 (Bill Sutherland) 與 Benchmark 合作。

Thank you, everybody. I'm wondering about, as we think about the new EBITDA guidance range, what are the assumptions at the lower end of it? And what would be the assumptions at the higher end? Is it just a matter of success with mitigation? And if that's the case, maybe I should rephrase the question as what are the two or three key mitigation steps you think are going to be most effective?

謝謝大家。我想知道，當我們考慮新的 EBITDA 指導範圍時，其下限的假設是什麼？那麼，更高一級的假設又是什麼呢？這僅僅是緩解措施成功的問題嗎？如果是這樣的話，也許我應該重新表達這個問題：您認為最有效的兩三個關鍵緩解措施是什麼？

Yeah, so you're right. The changes that we made in the guidance was primarily driven to account for tariffs, both at the lower and upper end. But looking at the mitigation actions that we put in place, because we sourced most of our products from China. We're looking at really reallocating our supply chain footprint to more favorable geographies across the globe, including North America. So that's one of the main mitigation factors.

是的，你是對的。我們對指南所做的修改主要是為了考慮低端和高端的關稅。但看看我們採取的緩解措施，因為我們的大部分產品都來自中國。我們正在考慮將我們的供應鏈足跡重新分配到全球更有利的地區，包括北美。這是主要的緩解因素之一。

And as Randy mentioned earlier, we're looking at our pricing actions, so the pricing that we can take or execute based on our contracts to try to mitigate or reduce the impact of tariffs.

正如蘭迪之前提到的，我們正在研究我們的定價行動，因此我們可以根據合約採取或執行定價，以試圖減輕或減少關稅的影響。

And Bill, just to add a couple of points to what Nchacha has described, the other additional actions we're taking are also accelerating component shipments from lower tariff geographies. So a lot of this leverage that we have available to us is based on work that was done in the past, in past years to really build resiliency into our supply chain. As Randy also touched on, we're looking at evaluating pricing as we go as well. So all these things come together and they give us the ability to mitigate at least some portion of the tariff exposure that we're seeing.

比爾，我再補充幾點 Nchacha 所描述的內容，我們正在採取的其他額外措施還包括加速從低關稅地區發貨零件。因此，我們擁有的許多優勢都是基於過去、過去幾年來為真正增強我們的供應鏈彈性所做的工作。正如蘭迪所提到的，我們也在考慮評估價格。因此，所有這些因素結合在一起，使我們能夠減輕至少一部分我們所看到的關稅風險。

Bill?

帳單？

Yeah, I'm sorry, go ahead.

是的，很抱歉，請繼續。

Yeah, no, I would also -- just also add to the conversation that, you know, in terms of the tariff impact to EBITDA, the lower end just assumes the full impact. The change to the higher end is contemplating the impact we're expecting in the second quarter.

是的，不，我還要補充一點，就關稅對 EBITDA 的影響而言，下端只是假設了全部影響。向高端的變化正在考慮我們預計第二季將產生的影響。

Okay. And are the two biggest factors, semiconductors and metal for the frame?

好的。其中最重要的兩個因素是半導體和框架金屬嗎？

The primary driver here, just kind of going back to our prepared statement, the primary driver here is when you look at the components and the subassemblies that we source from China, that's what's really driving a lot of the net exposure of the $40 million in 2025. And as we're working with our partners to reallocate and move those sourcing nodes, if you will, outside China, we'll start to see the benefit of that. But really that's the piece that's driving the exposure here.

這裡的主要驅動因素，就像回到我們準備好的聲明中一樣，這裡的主要驅動因素是，當您查看我們從中國採購的零件和子組件時，這才是真正推動 2025 年 4000 萬美元淨敞口的因素。當我們與合作夥伴一起重新分配和移動這些採購節點時，如果你願意的話，在中國以外，我們將開始看到這樣做的好處。但實際上，這正是推動曝光度的關鍵。

Okay. And then I guess last, Randy, just a product question. IBX, an update on how that's moving forward?

好的。最後，蘭迪，我想問一個產品問題。IBX，請介紹一下其進展？

Yeah. We've had a very successful first quarter in rolling out our next release to all of our customers and gotten very favorable responses from our customers about the new capabilities that that release comes with it. And it really allows for both broader ranges of market areas to drive through the system, as well as more speed and reliance, reliability. So it's going well and it continues to build momentum. And we do have a great pipeline in our sales force as they take this product out. And so we think that slowly but continually builds and grows every quarter.

是的。我們在第一季非常成功地向所有客戶推出了我們的下一個版本，並且客戶對該版本附帶的新功能給出了非常積極的回饋。它確實允許更廣泛的市場區域透過該系統進行驅動，同時提高速度、可靠性和可信賴性。所以一切進展順利，勢頭持續增強。我們的銷售團隊在推廣產品時確實擁有出色的通路。因此我們認為，每個季度它都會緩慢但持續地建立和成長。

Great. Thanks for all the color, guys.

偉大的。謝謝你們帶來的所有色彩，夥伴們。

Stan Berenshteyn with Wells Fargo

富國銀行的 Stan Berenshteyn

Hi. Thanks for taking my questions. Just back on the China tariff discussion, how much time would it take to sufficiently disintermediate the supply chain exposure to China?

你好。感謝您回答我的問題。回到關於中國關稅的討論，需要多長時間才能充分消除對中國的供應鏈風險？

Just the way I would frame it here is if I go back to the actions that we've taken as a company to strengthen our supply chain. It really gets anchored in some key partnerships on the supply side. And we've made investments across multiple geographies. And that's giving us the flexibility to move the allocations out of China.

我在這裡想表達的是，如果我回顧我們作為一家公司為加強我們的供應鏈所採取的行動。它確實在供應方面的一些關鍵合作夥伴關係中紮根。我們已經在多個地區進行了投資。這使得我們可以靈活地將分配轉移出中國。

With regards to how long that would take, that's something that's probably going to happen over time. It's not -- I mean, there are still some components that flow through China and Taiwan. I think there's going to be a lag on those types of things that will sort of gate the ability to disintermediate completely. But we're doing -- basically, we're taking actions here to move what we can to other nodes. And then the last few pieces we'll have to work through over time. But that's how I would explain that.

至於這需要多長時間，這可能會隨著時間的推移而發生。事實並非如此——我的意思是，仍有一些零件流經中國大陸和台灣。我認為這些事情會有一定的滯後性，從而限製完全去中介化的能力。但我們正在做的——基本上，我們正​​在採取行動，將我們能移動的東西轉移到其他節點。然後，我們需要花些時間來解決最後幾個部分。但這就是我的解釋。

Okay. And do you have any revenue exposure to China?

好的。您在中國有收入來源嗎？

Nothing material.

沒有任何實質的東西。

Okay, thanks so much.

好的，非常感謝。

Thanks.

謝謝。

Matt Hewitt with Craig Hallum

馬特·休伊特和克雷格·哈勒姆

Good morning. Thanks for taking the questions. Maybe first up, historically, you were in a position where your products, your services were -- call it top five from a decision standpoint at your customers. And that's kind of helped you when things were a little cheekier or there were questions about the macro. How does that -- how does your product portfolio or service portfolio sit today?

早安.感謝您回答這些問題。首先，從歷史上看，您的產品和服務處於這樣的位置——從客戶決策的角度來看，這可以說是前五名。當事情變得有點棘手或對宏觀有疑問時，這會對你有所幫助。那怎麼樣－您的產品組合或服務組合目前情況如何？

You look at hospitals and there are some questions about the macro and Medicaid cuts and things like that. And we've heard anecdotally at least that there are some companies that are starting to see customers kind of pull back a little bit on some of the purchasing decisions. Yet you obviously had a very strong quarter. You reaffirmed your revenue guidance for the year. So is it because you kind of sit in that top five purchasing decision or is there some other dynamic that's helping you?

你看看醫院，你會發現有一些關於宏觀和醫療補助削減等問題。我們至少從傳聞中聽說，有些公司開始發現客戶在某些購買決策上有所退縮。但顯然你們本季表現非常強勁。您重申了今年的收入預期。那麼是因為您在購買決策中處於前五名之列，還是有其他動力在幫助您？

Well, I think pharmacy, as I said previously, becomes more and more strategic for these super large providers. And frankly, we've seen, I believe, the hospital margins first quarter around 6%, which continue to grow. They want to invest in pharmacy. And those investments aren't just in our equipment, but expanding pharmacies to be really outpatient driven as well. By having the outpatient driven piece, these providers can stay more connected to their patients and be more holistic as they approach their care and their outcomes.

嗯，我認為，正如我之前所說，藥局對這些超大型供應商來說變得越來越具有戰略意義。坦白說，我相信，我們看到第一季醫院的利潤率約為 6%，並且還在繼續增長。他們想投資藥局。這些投資不僅用於我們的設備，還用於擴大藥房，使其真正以門診病人為導向。透過門診驅動部分，這些提供者可以與患者保持更緊密的聯繫，並在護理和治療結果時更加全面。

And so they want to do that and they realize in order to do those kinds of things, they need to do more than just have good equipment inside the four walls of the hospital. But they must have a strategy to go outside of those walls. You have to have a specialty strategy and you have to have an outpatient strategy. So those topics are high on the list of the C-suite and will continue and really position as well to tell the whole story of Omnicell not just parts and pieces.

所以他們想這樣做，並且他們意識到為了做到這些事情，他們需要做的不僅僅是在醫院內配備良好的設備。但他們必須有一個策略來突破這些障礙。你必須有一個專業策略和門診策略。因此，這些主題在高階主管名單中名列前茅，並將繼續下去，真正講述 Omnicell 的完整故事，而不僅僅是各個部分。

That's helpful, Randy. Maybe as a follow up question, a little bit separate here, but I realize that you're sourcing some of your components globally. But with such an outsized tariff on the products coming from China, is there any way that you could quantify, I mean, is it roughly half of your components are coming from China? And as you mitigate that, as you shift some of your sourcing to other regions, that would have an outsized impact on helping your margins recover or any color that you could provide on geography exposure?

這很有幫助，蘭迪。也許作為後續問題，這裡有點單獨，但我意識到你正在全球採購一些組件。但是，由於對來自中國的產品徵收如此高的關稅，有沒有辦法量化，我的意思是，大約有一半的零件來自中國？當您緩解這種情況時，當您將部分採購轉移到其他地區時，這會對幫助您恢復利潤率或為地理曝光提供任何顏色產生巨大影響嗎？

China is our biggest exposure. And as we mitigate that one and move things to North America, which we actually had a three year plan, we're about one year into it. So if we didn't have the tariffs, it'd probably be about two years. But that's what we're trying to accelerate the plan to move quicker on that. That's the outside is probably two years. But we believe we can accelerate that and get things back to North America where the impact is small.

中國是我們最大的投資對象。當我們緩解這一問題並將產品轉移到北美時，我們實際上有一個三年計劃，我們已經進行了大約一年。因此，如果我們沒有關稅，大概需要兩年時間。但這就是我們正在嘗試加速該計劃以更快地實現這一目標的原因。那外面大概是兩年。但我們相信我們可以加速這一進程，並將產品帶回影響較小的北美。

So there are some other things that are a little bit tariffed, but they're mostly on rounding numbers. The key about being in China is that these are subassemblies. In other words, they're just not an electronic board. They actually build the subassembly so that we can do the manufacturing in the states for configuration and shipping here. So they're feeding our manufacturing that we have stateside.

因此，還有一些其他的東西需要繳納一些關稅，但它們主要是四捨五入的數字。在中國的關鍵在於這些都是子組件。換句話說，它們根本不是電子白板。他們實際上建造了子組件，以便我們可以在美國進行製造，然後在這裡進行配置和運輸。所以他們為我們在美國本土的製造業提供供給。

Right, thank you.

好的，謝謝。

David Larsen with BTIG.

BTIG 的 David Larsen。

Hi. Can you talk about the progression of expected revenue growth, I think both in product and services? I mean, your revenue growth looks pretty good in the quarter, year over year. And it seems like on a year over year basis, you're guiding to a pretty significant slowdown in that growth rate. I'm just wondering why that is. And just any thoughts on XT Amplify, how those sales are progressing, maybe what the current penetration rate is in your base? Thanks very much.

你好。您能否談談預期收入成長的進展情況，我認為包括產品和服務方面？我的意思是，與去年同期相比，本季你們的營收成長看起來相當不錯。看起來，與去年同期相比，成長率似乎出現了相當明顯的放緩。我只是想知道為什麼會這樣。您對 XT Amplify 有什麼看法？它的銷售進度如何？目前在您的基地內的滲透率是多少？非常感謝。

Yeah. Thanks, David. We feel really strong about the Amplify portfolio. It got off to its first year, started last year, and the momentum continues. We're going to do great in that product line. And it is the product that really starts the discussion at all of our accounts about how to prepare, how to get more efficiencies and safety today and prepare for the future possibilities of more innovation to help move to outpatient to integrate with specialty, and look at some retail SaaS business as well.

是的。謝謝，大衛。我們對 Amplify 產品組合非常看好。去年，它迎來了第一年，並且這一勢頭仍在繼續。我們將會在該生產線上取得巨大成功。該產品真正引發了我們所有帳戶的討論，關於如何準備，如何在今天獲得更高的效率和安全性，並為未來更多創新的可能性做好準備，以幫助轉向門診與專業相結合，並考慮一些零售 SaaS 業務。

So I think -- I feel like the momentum is continuing, and I think we'll get there. I think that we're still earlier in the first half of the year. So we'll probably be able to provide more clarity on product bookings as we move throughout the year, where we might end up there. But I just think -- I think the feeling in the company and the feeling in the way we're running the company is we do have positive momentum and that it's continuing forward, really built on the back of our customers who really want to move pharmacy forward in their operations and make it strategic. So I'm feeling good about this year.

所以我認為——我感覺這種勢頭正在持續，而且我認為我們會實現目標。我認為我們仍處於上半年的早期階段。因此，隨著我們全年的發展，我們可能能夠提供更清晰的產品預訂情況，最終實現這一目標。但我只是認為——我認為公司內部的感覺以及我們經營公司的方式的感覺是，我們確實擁有積極的勢頭，並且正在繼續向前發展，這真正建立在我們的客戶的支持之上，他們真正希望推動藥房業務的發展並使其具有戰略意義。所以我對今年感覺很好。

Great. Thanks. And just related to that, how would you characterize, like, the hospital buying environment? I mean, there was a period there with labor constraints and higher inflation. You mentioned like a 6% margin for facilities now. Would you say that the environment, despite tariffs, has improved?

偉大的。謝謝。與此相關，您如何描述醫院的購買環境？我的意思是，有一段時間那裡存在著勞動力短缺和通貨膨脹率較高的現象。您提到現在設施的利潤率為 6%。您是否認為儘管徵收了關稅，但環境已經有所改善？

Definitely. Definitely. And I think that hospitals are always laggards, right? If there's something that's happening, it generally takes a while for it to flow through. So I think we don't see any slowdown in our revenue or install processes. We went back and recreated those over the last two years, so we have very precise inputs on near-term, medium, and long-term installs. And the same for the sales cycle. And we haven't seen any slowdown in either, although I think the sales cycle could slow down. It's possible. But we haven't seen it yet.

確實。確實。我認為醫院總是落後的，對嗎？如果發生了什麼事情，通常需要一段時間才能解決。所以我認為我們的收入或安裝流程不會有任何放緩。在過去的兩年裡，我們回顧並重新創建了這些內容，因此我們對近期、中期和長期安裝有非常精確的投資。銷售週期也是如此。儘管我認為銷售週期可能會放緩，但我們尚未看到任何放緩。這是有可能的。但我們還沒有看到它。

Okay. Thanks very much.

好的。非常感謝。

Thanks Dave.

謝謝戴夫。

I will now turn the call back over to Randall Lips for closing remarks.

現在我將把電話轉回給蘭德爾·利普斯 (Randall Lips) 作結束語。

Yeah. Well, like I said, we're very positive on the first quarter of the year. As we've entered the tariffs, we understand that that is a headwind, but we've got good mitigation plans going. We do believe that we'll be able to, over the long term, set those right. We've got to continue to ship and install for our customers as the business continues to build. The other areas of the recurring sections of our business continue to be strong, and we're happy with their specialty and enlivened business.

是的。嗯，就像我說的，我們對今年第一季非常樂觀。當我們實施關稅時，我們明白這是一個阻力，但我們已經制定了良好的緩解計劃。我們確實相信，從長遠來看，我們能夠糾正這些問題。隨著業務的不斷發展，我們必須繼續為客戶提供出貨和安裝服務。我們業務中經常性部分的其他領域繼續保持強勁，我們對其專業性和活躍的業務感到滿意。

And I just want to also reach out and know that the teams out there have been working hard through all the supply chain issues, many hours and nights, and have put a good plan in place to get us where we need to go and continue to improve. So stay tuned. I'm sure there'll be some new news on the tariffs as we move forward. But we wanted to position ourselves to be nimble and ready to do what we need for our customers and for our shareholders. Thank you.

我也想聯繫一下，了解那裡的團隊一直在努力解決所有供應鏈問題，不分晝夜，制定了良好的計劃，以幫助我們實現目標並繼續改進。敬請關注。我相信隨著我們不斷前進，將會有一些關於關稅的新消息。但我們希望自己能夠靈活地準備為我們的客戶和股東做我們需要做的事情。謝謝。

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

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。