Omnicell Inc (OMCL) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Eric, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Omnicell second-quarter 2025 financial results call. (Operator Instructions)

感謝您的支持。我叫 Eric，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Omnicell 2025 年第二季財務業績電話會議。（操作員指示）

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

早安，歡迎參加 Omnicell 2025 年第二季財務業績電話會議。今天與我一起參加電話會議的有 Omnicell 董事長、總裁、執行長兼創辦人 Randall Lipps、執行副總裁兼財務長 Nchacha Etta 以及執行副總裁兼營運長 Nnamdi Njoku。

The call today will contain forward-looking statements, including statements related to financial projections or performance and market or company outlook based on current expectations. These forward-looking statements speak only as of today on the date specified on the call. Actual results and other events may differ materially from those contemplated due to numerous factors that involve substantial risks and uncertainties.

今天的電話會議將包含前瞻性陳述，包括與財務預測或業績以及基於當前預期的市場或公司展望相關的陳述。這些前瞻性陳述僅代表截至今天電話會議中指定的日期的觀點。由於涉及重大風險和不確定性的眾多因素，實際結果和其他事件可能與預期有重大差異。

For more information, please refer to our press release issued today, Omnicell's annual report on Form 10-K filed with the SEC on February 27, 2025, and in other more recent reports filed with the SEC. Except as required by law, we do not assume any obligation to update any forward-looking statements.

欲了解更多信息，請參閱我們今天發布的新聞稿、Omnicell 於 2025 年 2 月 27 日向美國證券交易委員會提交的 10-K 表格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。除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

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 releases. Our results were released this morning, and our financial results press releases are posted in the Investor Relations section of our website at ir.omnicell.com.

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。這些非公認會計準則 (GAAP) 指標與最具可比性的公認會計準則 (GAAP) 財務指標的對帳包含在我們的財務績效新聞稿中。我們的業績於今天上午公佈，我們的財務業績新聞稿發佈在我們網站 ir.omnicell.com 的投資者關係部分。

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, everyone, and thank you for joining us today. We had a strong second quarter and first half of 2025, and I am pleased to announce today that we are reaffirming our full year 2025 outlook for product bookings and annual reoccurring revenue and modestly increasing our full year 2025 guidance for total revenues, non-GAAP EBITDA and non-GAAP earnings per share, which reflects our strong first half 2025 performance and greater visibility as we move through the back half of the year.

大家早安，感謝大家今天加入我們。我們在 2025 年第二季和上半年表現強勁，今天我很高興地宣布，我們重申對 2025 年全年產品預訂量和年度經常性收入的展望，並適度提高 2025 年全年總收入、非 GAAP EBITDA 和非 GAAP 每股收益的預期，這反映了我們 2025 年上半年更高的表現。

I'm proud of the team's ability to deliver strong results despite the headwinds from tariffs and uncertainty in the macroeconomic environment. I'm also pleased to note that we are seeing that overall customer demand is tracking to our expectations, which we believe reflects the strength of our innovative portfolio of products and services.

儘管面臨關稅阻力和宏觀經濟環境的不確定性，團隊仍能取得強勁業績，對此我感到自豪。我還很高興地註意到，我們看到整體客戶需求正在追蹤我們的預期，我們相信這反映了我們創新產品和服務組合的實力。

Customers appear to continue to see the value in our products and have been receptive of broader pricing increases and strategies we have recently started to implement. Also, we think it's important to remember that our installed base has grown significantly over the last several years. And as we continue to announce new innovations and capabilities, it should position us well as we move forward.

客戶似乎繼續看到我們產品的價值，並接受了我們最近開始實施的更廣泛的價格上漲和策略。此外，我們認為重要的是要記住，我們的安裝基礎在過去幾年中已經顯著成長。隨著我們不斷宣布新的創新和能力，它將為我們未來的發展提供良好的基礎。

I'm excited about the journey Omnicell is on, evolving from a device-centric medication and medical supplies management company to an end-to-end medication and medical supplies management technology platform company, combining both automation and intelligence that serves the entire continuum of care. This transformation is meant to allow us to serve our health system customers by providing high visibility of medications and medical supplies in every location and giving them accurate, actionable insights intended to enhance operational and clinical outcomes.

我對 Omnicell 的發展歷程感到興奮，它從一家以設備為中心的藥物和醫療用品管理公司發展成為一家端到端的藥物和醫療用品管理技術平台公司，結合自動化和智能化，服務於整個護理過程。此次轉型旨在讓我們能夠為醫療系統客戶提供服務，在每個地方提供藥品和醫療用品的高可見性，並為他們提供準確、可操作的見解，以改善營運和臨床結果。

Now let's review the second quarter 2025 financial results. Total revenue was $291 million, representing an increase of $14 million or 5% over the second quarter of 2024 and an increase of $21 million or 8% compared to the previous quarter.

現在讓我們回顧一下2025年第二季的財務表現。總營收為 2.91 億美元，比 2024 年第二季增加 1,400 萬美元（成長 5%），比上一季增加 2,100 萬美元（成長 8%）。

Our second quarter 2025 earnings per share in accordance with GAAP were $0.12 per share compared to $0.08 per share in the second quarter of 2024 and a loss of $0.15 per share in the prior quarter. We believe that we are building customer awareness around our road map, which includes both automation with robotics and smart devices and intelligence with software and analytics, and this appears to be resonating with the market.

我們 2025 年第二季的每股盈餘依照 GAAP 計算為 0.12 美元，而 2024 年第二季為 0.08 美元，上一季為 0.15 美元。我們相信，我們正在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的自動化以及軟體和分析的智慧化，這似乎引起了市場的共鳴。

We believe we are increasingly viewed by our customers as a way for them to maximize their capital and strategic investment dollars. As I noted, we are pleased to see that customer demand is tracking to our initial expectations at the start of the year despite the uncertainty customers are facing, whether from legislative or economic environment.

我們相信，我們的客戶越來越多地將我們視為他們實現資本和策略投資最大化的一種方式。正如我所指出的，儘管客戶面臨來自立法或經濟環境的不確定性，但我們很高興地看到，客戶需求正在追蹤我們年初的初步預期。

We expect our future growth to continue to be driven by three core levers: First, expanding our market presence. We are focused on capturing greater market share across both inpatient and outpatient settings. This includes nursing units, operating rooms and pharmacies of all types from central pharmacies to specialty pharmacies.

我們預計未來的成長將繼續由三個核心槓桿推動：首先，擴大我們的市場佔有率。我們致力於在住院和門診環境中佔據更大的市場份額。這包括護理單元、手術室和從中央藥房到專科藥房的所有類型的藥房。

Our recent customer wins and continued platform adoption reflect what we think is the strength of our solutions and the trust we believe we are building across the health care continuum. Second, scaling reoccurring revenue.

我們最近贏得的客戶和持續的平台採用反映了我們認為的解決方案的優勢以及我們相信我們正在整個醫療保健領域建立的信任。第二，擴大經常性收入。

We are taking actions to grow and scale our predictable recurring revenue base. This includes service contracts, software subscriptions and cloud-based offerings that are expected to provide long-term value to our customers and greater visibility in our own business. We are pleased to note that we are growing and scaling our predictable recurring revenue base, both from growth in market share and price levers. And third, accelerating our technology platform, OmniSphere.

我們正在採取行動來增加和擴大我們可預測的經常性收入基礎。這包括服務合約、軟體訂閱和基於雲端的產品，預計將為我們的客戶提供長期價值，並提高我們自身業務的知名度。我們很高興地註意到，我們正在透過市場份額和價格槓桿的成長來成長和擴大我們可預測的經常性收入基礎。第三，加速我們的科技平台 OmniSphere。

A key pillar of our transformation is OmniSphere, our cloud-native platform designed to be the connected backbone for all Omnicell products. OmniSphere is intended to enable enterprise-wide visibility into medications and medical supplies inventory and provide a single point of access for all cloud-connected automation and intelligence.

我們轉型的一個關鍵支柱是 OmniSphere，這是我們的雲端原生平台，旨在成為所有 Omnicell 產品的連結主幹。OmniSphere 旨在使企業能夠全面了解藥品和醫療用品庫存，並為所有雲端連接自動化和智慧提供單一存取點。

This quarter, we were proud to announce that OmniSphere received HITRUST CSF i1 certification. An important milestone that affirms our commitment to cybersecurity and operational excellence. We believe we are the only med management company to achieve this milestone and importantly, at a time when many customers are looking for solutions that achieve the highest data protection standards.

本季度，我們很榮幸地宣布 OmniSphere 獲得了 HITRUST CSF i1 認證。這是一個重要的里程碑，彰顯了我們對網路安全和卓越營運的承諾。我們相信，我們是唯一一家實現這一里程碑的醫療管理公司，而且重要的是，目前許多客戶都在尋求能夠達到最高資料保護標準的解決方案。

In the second quarter, we unveiled our innovation lab in Austin, Texas. This facility is dedicated to solving customer identified pain points through rapid prototyping and testing. We also hosted at our lab Illuminate 2025, our fifth annual customer-focused event that aims to shine a light on customers' most pressing medication management challenges and Omnicell's innovative solutions that are helping to drive enhanced clinical and operational outcomes.

第二季度，我們位於德州奧斯汀的創新實驗室正式揭幕。該設施致力於透過快速原型設計和測試來解決客戶發現的痛點。我們還在實驗室 Illuminate 2025 舉辦了第五屆年度以客戶為中心的活動，旨在揭示客戶最緊迫的藥物管理挑戰以及有助於推動改善臨床和營運結果的 Omnicell 創新解決方案。

As more patient care shifts toward an outpatient model, we believe there is a growing need for better medication management at the clinic level. To support health systems in managing growing inventory locations in outpatient settings, we launched MedVision, a software solution that is built to offer the ability to manage real-time medication inventory workflows in clinics.

隨著越來越多的病患照護轉向門診模式，我們相信在診所層面對更好的藥物管理的需求日益增長。為了支援醫療系統管理門診環境中不斷增長的庫存位置，我們推出了 MedVision，這是一種軟體解決方案，旨在提供管理診所即時藥物庫存工作流程的能力。

The product is designed to provide visibility through dynamic dashboards, insights into stockouts, stock values, usage and high interoperability through automated reordering and replenishing at the clinic level. We are pleased with the market reception thus far.

該產品旨在透過動態儀表板提供可見性，洞察缺貨、庫存價值、使用情況，並透過診所層級的自動重新訂購和補貨提供高度互通性。我們對迄今為止的市場反應感到滿意。

Also, to continue our path to increase visibility within the hospital to continue to lead the industry with innovation, we launched a new RFID product line, MedTrack. We are starting in the operating room with the first offering named MedTrack - OR. The RFID enabled draw is designed to work in conjunction with an Omnicell anesthesia workstation to allow noncontrolled medications to be automatically tracked via RFID and allow providers to adopt grab-and-go dispensing and returning approach within the operating room and procedural area environments.

此外，為了繼續提高醫院內部的知名度，繼續以創新引領產業，我們推出了新的 RFID 產品線 MedTrack。我們從手術室開始，推出第一個產品，名為 MedTrack - OR。支援 RFID 的抽藥裝置旨在與 Omnicell 麻醉工作站配合使用，以便透過 RFID 自動追蹤非受控藥物，並允許提供者在手術室和手術區域環境中採用即拿即用的分配和返回方式。

These exciting new products continue to add to our strategy that seeks to create visibility and provide actionable insights throughout the health system and reach the outcomes laid out in the Autonomous Pharmacy framework.

這些令人興奮的新產品繼續豐富我們的策略，旨在在整個醫療系統中創造可見性並提供可行的見解，並實現自主藥房框架中規定的成果。

These innovative products also reflect our commitment to seeking to help health care providers improve outcomes, reduce costs and alleviate staff burnout. I'm confident in our long-term strategy and our ability to lead the next era of medication management. We are building the infrastructure, the talent and the technology that should support our customers as they navigate a rapidly evolving health care landscape.

這些創新產品也體現了我們致力於幫助醫療保健提供者改善結果、降低成本和緩解員工倦怠的承諾。我對我們的長期策略和引領下一個藥物管理時代的能力充滿信心。我們正在建立基礎設施、人才和技術，以支持我們的客戶應對快速發展的醫療保健領域。

Now let's turn to some of the customer win highlights for the second quarter. We continue to be pleased with the strong customer demand for our XT Amplify offering, particularly XTExtend, which again helped drive our strong top line performance in the second quarter of 2025. XTExtend was part of several larger portfolio deals this quarter, including a significant win at a large Northeast health organization with seven locations across New Jersey, along with other wins at health care entities in Nebraska, Northern Pennsylvania and Southern and Central New York and government health care facilities.

現在讓我們來看看第二季一些客戶獲勝的亮點。我們繼續對客戶對 XT Amplify 產品（尤其是 XTExtend）的強勁需求感到高興，這再次幫助推動了我們在 2025 年第二季強勁的營收業績。XTExtend 本季參與了幾項較大的投資組合交易，其中包括一項重大交易，涉及一家在新澤西州擁有 7 個分支機構的大型東北醫療組織，以及內布拉斯加州、賓夕法尼亞州北部、紐約州南部和中部的醫療實體和政府醫療機構。

In June 2025, we held our inaugural IV Trust Summit, which brought together industry leaders, patient safety advocates and policy advisers to explore opportunities for improving patient safety of intravenous medication compounding through automation and intelligence. Our IV automation solutions continue to gain traction in the market with a leading Southern California health system selecting Omnicell to provide IV automation solutions that are intended to support safety and accuracy for their sterile compounding operations.

2025 年 6 月，我們舉辦了首屆 IV Trust 高峰會，匯集了產業領袖、病患安全倡議者和政策顧問，共同探討透過自動化和智慧化提高靜脈注射藥物配製病患安全的機會。我們的 IV 自動化解決方案繼續在市場上獲得關注，南加州領先的醫療系統選擇 Omnicell 來提供 IV 自動化解決方案，旨在支援其無菌複合操作的安全性和準確性。

Our central pharmacy footprint continues to grow with a large non-for-profit academic medical system in Illinois and a Mississippi-based Catholic health system selecting our central pharmacy dispensing service in its efforts to enhance safety and efficiency in central pharmacy inventory management and dispensing.

我們的中央藥房業務範圍不斷擴大，伊利諾伊州的一個大型非營利學術醫療系統和密西西比州的天主教醫療系統選擇我們的中央藥房配藥服務，以提高中央藥房庫存管理和配藥的安全性和效率。

Finally, a leading acute care regional hospital in Northern Georgia has selected Omnicell Specialty Pharmacy services to launch a specialty pharmacy, designed to extend its advanced inpatient and outpatient services as it seeks to deliver comprehensive community-focused care.

最後，北喬治亞州一家領先的急診區域醫院選擇了 Omnicell 專業藥房服務來開設專業藥房，旨在擴展其先進的住院和門診服務，以提供全面的以社區為中心的護理。

In summary, while we are mindful of macroeconomic uncertainty and are working to navigate a dynamic cost structure environment relative to tariffs, we are pleased with the pace of innovation Omnicell is delivering across the entire continuum of care and are excited about the opportunities ahead. We believe our focus on innovation and providing ROI solutions will resonate with customers during these uncertain times.

總而言之，雖然我們注意到宏觀經濟的不確定性，並正在努力應對與關稅相關的動態成本結構環境，但我們對 Omnicell 在整個護理過程中提供的創新速度感到滿意，並對未來的機會感到興奮。我們相信，在這些不確定的時期，我們對創新的關注和提供投資回報率解決方案將引起客戶的共鳴。

Now with that update, I'd like to turn over the call to Nchacha. Nchacha?

現在有了更新，我想把電話轉給 Nchacha。嗬嗬？

Thank you, Randall. I want to start with a big thank you to the entire team at Omnicell for delivering outstanding financial results for our second quarter of 2025. Your strategic thinking, resilience and ability to navigate through challenging tariff headwinds has been nothing short of exceptional. This quarter, I am pleased to report that we delivered strong results, exceeding the upper end of nearly all of our previously stated guidance ranges.

謝謝你，蘭德爾。首先，我要衷心感謝 Omnicell 的整個團隊，感謝他們為 2025 年第二季帶來了出色的財務表現。您的策略思維、韌性和克服關稅挑戰的能力非常出色。本季度，我很高興地報告，我們取得了強勁的業績，超過了我們之前所述的幾乎所有指導範圍的上限。

Now I am going to walk you through some of the key drivers of our second quarter 2025 performance as well as share our third quarter and updated full year guidance. Looking at our second quarter 2025 results, total revenue was $291 million, representing an increase of $14 million or approximately 5% from the second quarter of 2024 and an increase of $21 million or nearly 8% compared to the previous quarter.

現在，我將向您介紹我們 2025 年第二季業績的一些關鍵驅動因素，並分享我們第三季和更新的全年指引。綜觀我們 2025 年第二季的業績，總營收為 2.91 億美元，比 2024 年第二季增加 1,400 萬美元或約 5%，比上一季增加 2,100 萬美元或近 8%。

Compared to the second quarter 2024, we saw year-over-year growth from all four of our major product categories, including connected devices, which benefited from XTExtend as well as key contributions from technical services, SaaS and expert services and consumables.

與 2024 年第二季相比，我們的四大主要產品類別均實現了同比增長，其中包括受益於 XTExtend 的連接設備以及技術服務、SaaS 和專家服務以及消耗品的關鍵貢獻。

Compared to our second quarter 2025 product revenue guidance, we saw stronger-than-expected revenues from connected devices, including contributions from lease renewals as well as consumables. Second quarter 2025 product revenue was $163 million, representing an increase of $7 million compared to the second quarter of 2024 and an increase of $18 million over the previous quarter.

與我們對 2025 年第二季產品收入的預期相比，我們看到來自連網設備的收入強於預期，其中包括來自租賃續約和消耗品的貢獻。2025 年第二季產品營收為 1.63 億美元，較 2024 年第二季增加 700 萬美元，較上一季增加 1,800 萬美元。

Service revenue for the second quarter 2025 was $127 million, which increased by $7 million from the second quarter of 2024 and represented an increase of $3 million over the previous quarter. Non-GAAP gross margin for the second quarter of 2025 was 44.7%, representing an increase of 50 basis points compared to the second quarter of 2024 and an increase of 260 basis points from the prior quarter.

2025 年第二季的服務收入為 1.27 億美元，比 2024 年第二季增加 700 萬美元，比上一季增加 300 萬美元。2025年第二季非公認會計準則毛利率為44.7%，較2024年第二季增加50個基點，較上一季增加260個基點。

Second quarter 2025 non-GAAP gross margin when compared to first quarter 2025 results benefited from higher product revenue volumes, favorable pricing, customer and product mix as well as some seasonal expenses, which were lower in the second quarter of 2025.

2025 年第二季非 GAAP 毛利率與 2025 年第一季業績相比，受益於更高的產品收入量、優惠的定價、客戶和產品組合以及一些季節性費用，而 2025 年第二季這些費用較低。

A full reconciliation of our GAAP to non-GAAP results is included in each of our first quarter 2025 and second quarter 2025 quarterly earnings press releases, which are posted on our Investor Relations website. Our second quarter 2025 earnings per share in accordance with GAAP were $0.12 per share compared to $0.08 per share in the second quarter of 2024 and a loss of $0.15 per share in the prior quarter.

我們的 2025 年第一季和 2025 年第二季財報新聞稿均包含 GAAP 與非 GAAP 結果的完整對賬，這些新聞稿發佈在我們的投資者關係網站上。我們 2025 年第二季的每股盈餘依照 GAAP 計算為 0.12 美元，而 2024 年第二季為 0.08 美元，上一季為 0.15 美元。

We are very pleased to see earnings per share in accordance with GAAP swing to a positive compared to the prior quarter with the improvements driven by higher revenues and continuous focus on prudent expense management.

我們非常高興地看到，以 GAAP 計算的每股盈餘與上一季相比轉為正值，這得益於更高的收入和持續關注審慎的費用管理。

As we have noted in prior calls, our goal is to deliver consistent GAAP profitability. Our second quarter 2025 non-GAAP earnings per share was $0.45 compared to $0.51 per share in the same period last year and $0.26 per share in the prior quarter. Second quarter non-GAAP EBITDA was $38 million compared to $40 million in the same period last year and $24 million in the prior quarter.

正如我們在之前的電話會議中提到的那樣，我們的目標是實現持續的 GAAP 獲利能力。我們 2025 年第二季的非 GAAP 每股收益為 0.45 美元，去年同期為每股 0.51 美元，上一季為每股 0.26 美元。第二季非公認會計準則 EBITDA 為 3,800 萬美元，而去年同期為 4,000 萬美元，上一季為 2,400 萬美元。

As of June 30, 2025, our cash and cash equivalents were $399 million compared to $387 million as of March 31, 2025. Our company continued to generate solid free cash flow with free cash flow during the second quarter of 2025 of $27 million, which represents an increase of $17 million compared to the prior quarter.

截至 2025 年 6 月 30 日，我們的現金和現金等價物為 3.99 億美元，而截至 2025 年 3 月 31 日為 3.87 億美元。我們公司繼續產生穩健的自由現金流，2025 年第二季的自由現金流為 2,700 萬美元，比上一季增加了 1,700 萬美元。

In terms of accounts receivable, days sales outstanding for the second quarter of 2025 was 75 days, which represents a decrease of 11 days compared to the prior quarter. Inventories as of June 30, 2025, were $106 million, an increase of $15 million from the prior quarter and an increase of $13 million from June 30, 2024.

應收帳款方面，2025年第二季的未收帳款天數為75天，較上一季減少11天。截至 2025 年 6 月 30 日的庫存為 1.06 億美元，比上一季增加 1,500 萬美元，比 2024 年 6 月 30 日增加 1,300 萬美元。

As a reminder, during the second quarter of 2025, our Board of Directors authorized a new stock repurchase program of up to $75 million. As of June 30, 2025, we have bought back approximately $16 million worth of our stock. Going forward, we plan to continue buying back shares of our common stock opportunistically.

提醒一下，在 2025 年第二季度，我們的董事會批准了一項高達 7,500 萬美元的新股票回購計畫。截至 2025 年 6 月 30 日，我們已回購價值約 1,600 萬美元的股票。展望未來，我們計劃繼續適時回購我們的普通股。

Before we move to the guidance, I would like to provide an update on the tariff impact during the second quarter and our current thoughts on tariffs for the second half of 2025. The impact of tariffs on our profitability in the second quarter of 2025, net of our mitigation efforts was approximately $2 million, and we currently expect the net quarterly impact of tariffs for each of the third and fourth quarters of 2025 to be approximately $6 million per quarter.

在我們轉向指導之前，我想提供有關第二季度關稅影響的最新資訊以及我們對 2025 年下半年關稅的當前想法。在扣除我們的緩解措施後，關稅對我們 2025 年第二季獲利能力的影響約為 200 萬美元，我們目前預計 2025 年第三季和第四季關稅的淨季度影響約為每季 600 萬美元。

At this time, we expect our net tariff impact in 2025 to be approximately $15 million, which includes $32 million in gross tariff impact, which we expect to be partially offset by our estimates of the forecasted timing of the tariff impact on the income statement and our ongoing and planned mitigation efforts. As we have mentioned in previous calls, we are implementing various mitigation initiatives, but obviously, this take time to flow through our financial statements and to have the intended effect of offsetting a portion of our higher anticipated costs.

目前，我們預計 2025 年的淨關稅影響約為 1500 萬美元，其中包括 3200 萬美元的總關稅影響，我們預計這一影響將被我們對關稅對損益表影響的預測時間的估計以及我們正在進行和計劃中的緩解措施部分抵消。正如我們在先前的電話會議中提到的那樣，我們正在實施各種緩解措施，但顯然，這需要時間才能體現在我們的財務報表中，並達到抵消部分預期較高成本的預期效果。

As part of our mitigation efforts, we are reviewing our pricing strategies and have recently started implementing price increases. While it is early in this effort, we are pleased with the market reception we have seen, which we believe reflects the strength of our portfolio of products and solutions. We believe our products drive significant value for customers, given our focus on quality and superior return on investments. We would expect the benefits of the various mitigation plans to have a greater effect as we exit 2025.

作為緩解措施的一部分，我們正在審查我們的定價策略，並最近開始實施漲價。雖然這項工作才剛開始，但我們對市場的反應感到滿意，我們相信這反映了我們的產品和解決方案組合的實力。我們相信，鑑於我們注重品質和卓越的投資回報，我們的產品將為客戶帶來巨大的價值。我們預計，到 2025 年，各種緩解計畫的效益將發揮更大的作用。

Therefore, our projected 2026 tariff impact is anticipated to be lower than the currently expected annualized run rate of the $6 million impact in the fourth quarter of 2025. Please keep that in mind as you are preparing your financial modeling for 2026.

因此，我們預計 2026 年關稅影響將低於目前預期的 2025 年第四季 600 萬美元的年化運作率。在準備 2026 年的財務模型時請記住這一點。

Even before this round of tariffs kicked off, we had already been taking steps intended to improve our supply chain resilience, ensure continuity of products and reduce cost and enhance efficiencies. We are making good progress on our mitigation efforts and continue to feel confident in the steps we are taking to address this issue.

甚至在本輪關稅開始實施之前，我們就開始採取措施，以提高供應鏈的彈性，確保產品的連續性，降低成本並提高效率。我們的緩解努力正在取得良好進展，並繼續對我們為解決此問題所採取的措施充滿信心。

Now turning to guidance. Please note that our third quarter and updated full year 2025 guidance is based on our current estimate of the potential impact of the tariffs as of today. We recognize that the situation is fluid, and we will continue to monitor the potential impact as the remainder of the year progresses.

現在轉向指導。請注意，我們對第三季和更新後的 2025 年全年指引是基於我們對截至今天的關稅潛在影響的當前估計。我們認識到形勢瞬息萬變，我們將在今年剩餘時間內繼續監測其潛在影響。

For the third quarter of 2025, we are providing the following outlook. We expect third quarter 2025 total revenues to be between $290 million and $300 million, with product revenues anticipated to be between $165 million and $170 million and services revenue expected to be between $125 million and $130 million.

對於 2025 年第三季度，我們提供以下展望。我們預計 2025 年第三季總營收將在 2.9 億美元至 3 億美元之間，其中產品收入預計在 1.65 億美元至 1.7 億美元之間，服務收入預計在 1.25 億美元至 1.3 億美元之間。

We expect third quarter 2025 non-GAAP EBITDA to be between $28 million and $32 million and non-GAAP earnings per share to be between $0.30 per share and $0.37 per share. Please note that we expect to see some headwinds in the third quarter of 2025, including increased tariff expense and nonrecurring software upgrade costs in the field that will modestly impact our non-GAAP EBITDA and non-GAAP earnings per share guidance.

我們預計 2025 年第三季非 GAAP EBITDA 將在 2,800 萬美元至 3,200 萬美元之間，非 GAAP 每股收益將在 0.30 美元至 0.37 美元之間。請注意，我們預計 2025 年第三季將面臨一些阻力，包括關稅費用增加和現場非經常性軟體升級成本，這將對我們的非 GAAP EBITDA 和非 GAAP 每股盈餘指引產生輕微影響。

For full year 2025, we are maintaining our previously issued guidance ranges for product bookings and ARR and modestly raising our guidance ranges for total revenues, non-GAAP EBITDA and non-GAAP earnings per share.

對於 2025 年全年，我們將維持先前發布的產品預訂量和 ARR 指導範圍，並適度提高總收入、非 GAAP EBITDA 和非 GAAP 每股收益的指導範圍。

As we move through the back half of the year, these adjustments to setting of our guidance metrics reflect both our strong first half performance and greater visibility into full year results. Consistent with prior guidance, we continue to anticipate product bookings to be in the range of $500 million to $550 million and our year-end 2025 ARR to be in the range of $610 million to $630 million.

隨著我們進入下半年，我們對指導指標設定的這些調整既反映了我們上半年的強勁表現，也反映了全年業績的更大可見性。與先前的指引一致，我們繼續預期產品預訂金額將在 5 億至 5.5 億美元之間，2025 年底的 ARR 將在 6.1 億至 6.3 億美元之間。

For total revenues, we are raising and narrowing our prior guidance ranges. Total revenues are now expected to be in the range of $1.13 billion to $1.16 billion as compared to the prior expectation of $1.105 billion to $1.155 billion. Non-GAAP EBITDA is now expected to be in the range of $130 million to $145 million, up from our previous guidance of $120 million to $145 million. Finally, non-GAAP earnings per share is expected to be in the range of $1.40 to $1.65 versus our prior expectation of $1.30 to $1.65. As we have mentioned previously, we are also facing an approximate $0.20 headwind to non-GAAP earnings per share in 2025 compared to 2024 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 in the fourth quarter of 2024.

對於總收入，我們正在提高和縮小先前的指導範圍。目前預計總收入將在 11.3 億美元至 11.6 億美元之間，而先前預期為 11.05 億美元至 11.55 億美元。目前預計非 GAAP EBITDA 將在 1.3 億美元至 1.45 億美元之間，高於我們先前預測的 1.2 億美元至 1.45 億美元。最後，非公認會計準則每股收益預計在1.40美元至1.65美元之間，而我們先前的預期為1.30美元至1.65美元。正如我們之前提到的，由於2024年第四季回購了先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，2025年的非公認會計準則每股收益將比2024年減少約0.20美元。

For the full year 2025, we are assuming an effective blended tax rate of approximately 18% in our non-GAAP earnings per share guidance. As we close I once again would like to thank the entire team here at Omnicell for driving our strong second quarter 2025 performance and setting a foundation for what should be a strong 2025 and beyond. 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. We would now like to open the call for questions.

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%。最後，我要再次感謝 Omnicell 的整個團隊，感謝他們推動我們在 2025 年第二季度取得強勁業績，並為 2025 年及以後的強勁表現奠定了基礎。我為我們的團隊保持堅韌不拔的精神並致力於實現 Omnicell 的使命——成為臨床醫生最值得信賴的藥物管理合作夥伴而感到非常自豪。我們現在開始提問。

(Operator Instructions) Jessica Tassan, Piper Sandler.

（操作員指示）傑西卡·塔桑、派珀·桑德勒。

Randall, I'm wondering if you can just describe the competitive landscape. It sounded like you guys were gaining momentum in the kind of top 300 hospital space. Are those hospitals still in the market, have macro headwinds or kind of the impending 2026 volatility in marketplace and Medicaid kind of scared some portion of your pipeline? Or is it still strong? And then just in terms of competitor behavior, obviously, we are aware of a competitive launch.

蘭德爾，我想知道您是否可以描述一下競爭格局。聽起來你們在排名前 300 的醫院領域正在獲得發展勢頭。這些醫院是否仍在市場上，是否面臨宏觀阻力或即將到來的 2026 年市場波動以及醫療補助計劃是否對您的部分管道造成影響？或者說它依然強？然後就競爭對手的行為而言，顯然，我們知道競爭的發生。

Is Omnicell proactively approaching customers and prospects in light of that? Or is the launch just softer and less threatening than maybe we and investors have feared?

有鑑於此，Omnicell 是否會主動接觸客戶和潛在客戶？或者說，這次發表會的氣氛比我們和投資人擔心的要溫和、威脅性更小？

Sure. Good to hear from you, Jessica. I really believe that hospitals are talking slightly differently, but their buying behavior is -- has not changed. I think in the middle market, we tend to do very well as we do in all the markets, I think. But I think it's a little bit easier to swap.

當然。很高興收到你的來信，潔西卡。我確實相信醫院的說法略有不同，但他們的購買行為並沒有改變。我認為在中端市場，我們往往表現得很好，就像我們在所有市場中所表現的那樣。但我認為交換起來比較容易。

And I think we line up very competitively with -- in the competitive world against what's coming out and what we have out and what we're going to bring out.

我認為，在競爭激烈的世界中，我們與即將推出的產品、我們已經推出的產品以及我們將要推出的產品處於同一水平。

So that momentum has continued in that market. Their financials seem to be in line to continue to buy our products and make the swap. So we feel confident about that. And I think as we have done here in Austin, Texas, we've launched our innovation center. We are really moving away from just being a product company to a tech company.

因此，該市場的勢頭一直持續著。他們的財務狀況似乎適合繼續購買我們的產品並進行交換。所以我們對此充滿信心。我認為，正如我們在德克薩斯州奧斯汀所做的那樣，我們已經啟動了我們的創新中心。我們確實正在從一家產品公司轉型為科技公司。

So it's more about an enterprise, high-tech solution that's cybersecure that can answer a lot of different problems throughout an institution's continuum of care. And it's probably less about one product here or there. So I think we have the strongest solution set in the marketplace, and that continues to resonate really well with customers that we currently have and the ones that we're going after.

因此，它更多的是一種網路安全的企業高科技解決方案，可以解決整個機構護理過程中的許多不同問題。這可能與某一種產品無關。因此，我認為我們擁有市場上最強大的解決方案，而解決方案繼續與我們現有的客戶以及我們正在追求的客戶產生良好的共鳴。

Matt Hewitt, Craig-Hallum Capital Group.

馬特·休伊特，克雷格-哈勒姆資本集團。

Congratulations on the strong quarter. Maybe kind of an extension of the prior question. What are you hearing from customers regarding the Medicaid cuts and the impacts that they're facing on that side of the equation and its ability to purchase more products. Is it affecting the way that they're kind of lining up in queue? Or is it changing the way that they look at the services, maybe looking to adopt your services more broadly as a way to kind of reduce their overhead?

恭喜本季業績強勁。也許是前一個問題的延伸。您從客戶那裡了解到有關醫療補助削減以及他們在這方面所面臨影響以及購買更多產品的能力方面有何看法。這會影響他們排隊的方式嗎？或者它是否改變了他們看待服務的方式，也許希望更廣泛地採用您的服務，以某種方式減少他們的開銷？

Any color there would be great.

任何顏色都很棒。

Yes. I think as they think about these new legislative things coming down, they just haven't arrived yet. They have to go through the federal government and through the state government. And so -- and I'm not sure that they really can assess the full impact yet. But we do see these systems, the big providers really thinking about can technology begin to really solve some of my bigger issues, not just fill the gap, but actually solve some of these problems.

是的。我認為，當他們考慮這些新的立法時，它們還沒有到來。他們必須通過聯邦政府和州政府。所以——我不確定他們是否真的能夠評估其全部影響。但我們確實看到這些系統，大型供應商真正在思考科技是否能真正開始解決我的一些更大的問題，而不僅僅是填補空白，而是真正解決其中的一些問題。

So it really puts us in a good position to help reduce cost and improve efficiencies and really make a better experience for the users, which is really critical, particularly nursing. So I just feel that we are so well positioned with what we have to offer from an enterprise standpoint that it just seems to be resonating with customers. And I feel like as we move forward, it's just going to get better even if the dollars get tight, which they haven't yet. So just to be clear, we haven't seen any customer change of behavior in our pipeline to push out things or slow things down. It's been steady.

因此，它確實使我們處於有利地位，有助於降低成本、提高效率，並為使用者提供更好的體驗，這非常關鍵，尤其是護理方面。因此，我認為從企業角度來看，我們提供的產品非常出色，似乎能夠引起客戶的共鳴。而且我覺得，隨著我們不斷前進，即使美元變得緊張，情況也會變得更好，但目前還沒有。因此需要明確的是，我們還沒有看到客戶在我們的管道中改變行為來延遲或減慢進度。一直很穩定。

Stan Berenshteyn, Wells Fargo.

富國銀行的 Stan Berenshteyn。

I would love to maybe get some comments on the IV compounding product that you have. You just announced the inaugural Trust Summit that you just hosted. Can you just give us an update on the demand environment within compounding? And then also, I think previously, you've mentioned, Randy, that the compounding robot has been getting fixed up and upgraded. Do you have a time line of when that robot will graduate from being offered on a limited release basis?

我很想聽聽您對 IV 複合產品的一些評論。您剛剛宣布將主辦首屆信任高峰會。您能否向我們介紹複合需求環境的最新情況？而且，蘭迪，我想你之前提到過，複合機器人已經得到修復和升級。您是否有關於該機器人何時將不再以有限發布的方式提供的時間表？

Yes. We just released our fourth and final phase of completing the product substantially. And that was lined up with the timing of the IV Summit. So we have a product that's ready to go and has been gaining momentum, both in the pipeline, and we do have a backlog of customers that have begun to install. So that marketplace is picking up for us.

是的。我們剛剛發布了該產品的第四個也是最後一個階段的詳細完成情況。這與第四次峰會的時間一致。因此，我們的產品已經準備就緒，並且正在不斷獲得發展勢頭，無論是在渠道方面，還是在產品線方面，我們確實有一批積壓的客戶已經開始安裝。因此，我們的市場正在復甦。

We're pretty much the sole player in that market. And the new features and functions and productivity and safety features have been accepted really well.

我們幾乎是該市場的唯一參與者。新特性、新功能以及生產力和安全特性都得到了很好的認可。

And we have -- I think another key indicator of the momentum of that product is the reprehensibility of all the customers now, pretty much all the customers are a good reference for us as we go forward. And I just -- I'm excited about it because this is a hard, difficult product to make and solves a hard problem for our customers. And that's where you get good value and good return for them and for us.

而且我們有—我認為該產品發展勢頭的另一個關鍵指標是現在所有客戶的可譴責性，幾乎所有客戶都是我們前進的良好參考。我只是——我對此感到很興奮，因為這是一個很難製造的產品，並且為我們的客戶解決了一個難題。這樣，您就能為他們和我們獲得良好的價值和回報。

David Larsen, BTIG.

BTIG 的 David Larsen。

Congratulations on the good quarter. Randy, can you talk a little bit more about software in the clinics? And any color around like your product road map, what are you doing for the docs and the offices at these hospital systems? And sort of what's your vision going forward?

恭喜本季取得良好業績。蘭迪，您能再多談談診所的軟體嗎？您的產品路線圖周圍有什麼顏色，您為這些醫院系統的文件和辦公室做了什麼？您對未來的願景是什麼？

Well, it's really critical as we move to a fully automated world, the autonomous pharmacy, as I look at it, that you have to have full visibility of all the meds and all the locations, which include clinics, which include doctors' offices that include outpatient surgery centers and the like. And in order to do that, you have to have solutions that fit those situations. And MedVision is a down payment on that.

嗯，當我們走向一個完全自動化的世界時，這一點真的至關重要，在我看來，自主藥房必須全面了解所有的藥物和所有的地點，包括診所、醫生辦公室、門診手術中心等等。為了做到這一點，你必須有適合這些情況的解決方案。MedVision 是這項計劃的首付。

It really allows you to go anywhere that meds are. You can use hardware to manage and control those or you could just use open shelves. It doesn't matter. But the key is that it's an integrated system into our entire enterprise platform. So you don't have to buy separate platforms or separate systems or integrate them in later, it's already totally integrated.

它確實可以讓你去任何有藥物的地方。您可以使用硬體來管理和控制它們，或者您也可以使用開放式架。沒關係。但關鍵是它是我們整個企業平台的整合系統。因此您不必購買單獨的平台或單獨的系統或稍後將它們集成，因為它已經完全集成了。

So it's an easy add-on for our customers to move from inpatient to outpatient without having to deploy new servers, new systems or even new training. And it works really well from smart devices or smart pads in order to deploy it very quickly. So the key to reaching the best systems you can on an enterprise level require you to get to 100% visibility of the product and the supply chain and location at all times. And that's what we're striving for.

因此，對於我們的客戶來說，這是一個簡單的附加功能，他們可以從住院轉為門診，而無需部署新的伺服器、新系統甚至新的培訓。它可以很好地透過智慧型裝置或智慧平板進行操作，以便快速部署。因此，在企業層面實現最佳系統的關鍵在於您始終能夠 100% 地了解產品、供應鏈和位置。這正是我們所追求的。

Okay. So as volume shift towards outpatient settings, ASCs, doc offices, it sounds like you're meeting that demand and that need that hospital systems have. And then can you maybe just talk a little bit about your visibility into implementation schedules? We're here midway through the year. What is your visibility for 3Q and 4Q?

好的。因此，隨著數量轉向門診、ASC、醫生辦公室，聽起來您正在滿足醫院系統的需求。然後能否稍微談談您對實施計劃的了解？我們正值年中。您對第三季和第四季的預期如何？

Well, we've really worked on this over the years and have really created a solid go-forward process. We almost have 95% to 100% visibility on the entire rest of the year as far as scheduled of installs required to meet our revenue commitment. And it even goes beyond just the end of the year, it goes into next year.

嗯，這些年來我們確實一直在努力實現這一目標，並確實創造了一個堅實的前進流程。就實現收入承諾所需的安裝計畫而言，我們對今年剩餘時間的預測幾乎達到 95% 到 100%。它甚至超越了今年年底，延伸到明年。

So we have changed this process over the last few years, and we continue to yield great benefits from it. Not only for the customers and the predictability, but for employees who fly out to these customers to do the installs. They can schedule their lives around the known install dates and create a great experience for our customers.

因此，我們在過去幾年中改變了這一流程，並繼續從中獲得巨大的利益。這不僅對客戶而言是可預測的，對飛往這些客戶進行安裝的員工而言也是一樣。他們可以根據已知的安裝日期安排自己的生活，為我們的客戶創造良好的體驗。

Bill Sutherland, The Benchmark Company.

比爾·薩瑟蘭（Bill Sutherland），基準公司。

Just a two parter here on tariffs. Is the guidance assuming that the temporary -- the 30% tariff that was for the 90 days sticks? And are you -- and I'm curious about you last time talked about shifting subassembly work from China and really getting a lot of -- just a lot of the cost of sales here. Just curious how the outlook for that looks.

這裡僅討論關稅的兩個部分。該指導意見是否假設臨時的—為期 90 天的 30% 關稅將持續下去？我很好奇，您上次談到將組件工作從中國轉移，並真正獲得了很多——只是很多銷售成本在這裡。只是好奇前景如何。

Thanks for the question, Bill. So I'll address the work we've been doing to build resiliency into our supply chain. With regards to the mitigation efforts that we talked about last time, I would say we're very well on our way to having most of that in place that allows us to move the allocations as needed. As we talked about, a big part of our exposure were components we were sourcing from particularly China. And we've put things in place that as we go into 2026, we feel pretty good about the resiliency that we've built into our process.

謝謝你的提問，比爾。因此，我將談談我們為增強供應鏈彈性所做的工作。關於我們上次談到的緩解措施，我想說我們已經在實施大部分措施的道路上進展順利，這使我們能夠根據需要調整分配。正如我們所談到的，我們接觸到的大部分零件都是從中國採購的。我們已經做好了準備，當我們進入 2026 年時，我們對我們在流程中建立的彈性感到非常滿意。

So that's where we are right now. Good progress there.

這就是我們現在的狀況。那裡進展順利。

Allen Lutz, Bank of America.

美國銀行的艾倫·盧茨。

Really nice gross margins on the product side. And you talked in the prepared remarks about raising prices. I'm curious, did that impact gross margins in the quarter? Is raising prices specifically related to tariffs? Or is it broader than that around the value prop that you're providing? And then can you just talk about expectations for gross margins into the second half of the year?

產品方面的毛利率確實不錯。您在準備好的發言中談到了提高價格的問題。我很好奇，這對本季的毛利率有影響嗎？漲價與關稅具體相關？或者它比您提供的價值主張更廣泛？那麼您能談談對下半年毛利率的預期嗎？

Well under the pricing, we put a -- I'll answer the pricing question. We put pricing process in place a few years ago. And what -- and it's continued to pay off because as you put prices in, it takes a while for them to flow through. But what we have been doing of late is being able to range -- raise the range of pricing increases that we've had, maybe a little bit higher due to the higher rates of inflation that are permitted in our contracts, and that's beginning to flow through.

在定價方面，我們提出了一個——我會回答定價問題。幾年前我們就制定了定價流程。而且它還會持續帶來回報，因為當你輸入價格時，它們需要一段時間才能流通。但我們最近所做的就是提高價格上漲的幅度，由於我們的合約允許更高的通貨膨脹率，價格上漲幅度可能會更高一些，而且這種情況已經開始顯現。

And so -- but it wasn't specifically around tariffs per se, but it has been just about the increased cost overall that we have borne as a company, and those have kind of gone through without too much pressure. So we feel really good about that. And a lot of them continue to be implemented, and we'll continue to see the results of those price increases as we move forward.

所以——但這並不是專門針對關稅本身，而只是關於我們作為一家公司所承擔的總體成本增加，而且這些成本都沒有太大壓力。所以我們對此感到非常高興。其中許多措施仍在繼續實施，隨著我們繼續前進，我們將繼續看到這些價格上漲的結果。

With regards to gross margin expectations, we've been very pleased with the progress that we're making on gross margin. We've said this before. We're investing in our SaaS and expert services businesses. And as those businesses continue to scale, we expect to see them contributing to our gross margin going forward. Also, just speaking about our multiyear innovation program, XT Amplify has been getting very good reception from our customers.

關於毛利率預期，我們對毛利率的進展感到非常滿意。我們之前已經說過這​​一點。我們正在投資我們的 SaaS 和專家服務業務。隨著這些業務規模不斷擴大，我們預計它們將為我們的毛利率做出貢獻。此外，就我們的多年創新計劃而言，XT Amplify 得到了客戶的一致好評。

And as the business continues or start contributing to meaningful revenues going forward, we should see that have a positive impact on our gross margin.

隨著業務的持續發展或開始為未來帶來可觀的收入，我們應該會看到它對我們的毛利率產生積極的影響。

Scott Schoenhaus, KeyBanc.

KeyBanc 的 Scott Schoenhaus。

Congrats on the really good quarter. I have a two part question. So you clearly noted more visibility in your business. And I think Advanced Services and the recurring revenue nature there is clearly contributing. My question is that as we roll off the XT Series replacement cycle in addition to new software and service modules and offerings, should we see much more of a revenue mix shift?

恭喜本季取得如此好的成績。我的問題分為兩部分。因此，您顯然注意到您的業務更加引人注目。我認為高級服務和經常性收入的性質顯然做出了貢獻。我的問題是，隨著我們推出新的軟體和服務模組和產品以及 XT 系列更換週期，我們是否應該看到更多的收入組合轉變？

We only saw 100 basis points of mix shift this year per your expectations. How should we think about this mix shift going forward and the margin opportunities there as you build traction in Advanced Services?

正如您所預期的，今年我們的混合變化僅發生了 100 個基點。當您在高級服務領域建立牽引力時，我們應該如何看待未來的這種組合轉變以及其中的利潤機會？

And then secondly, I think Nchacha mentioned strong lease renewals in the quarter supporting product revenues. Could you remind us what percentage of your customers pursue leases now versus CapEx payments? And is there a change in behavior in regarding advanced services purchasing decisions with these sort of lease renewal customers versus full CapEx?

其次，我認為 Nchacha 提到本季強勁的租賃續約支持了產品收入。您能否提醒我們，目前您的客戶中，有多少比例選擇租賃，有多少比例選擇資本支出付款？與全額資本支出相比，這類續租客戶在購買高階服務的決策行為是否改變了？

Yes, most of our customers do purchase and some of those then execute a leaseback through their own banking relationships and some go through our leasing facilities. It's really a small portion of our business that really goes through our own facilities. And so it's not -- it's probably 10% of our business or something around that number.

是的，我們的大多數客戶確實會購買，其中一些客戶隨後透過自己的銀行關係進行回租，還有一些客戶透過我們的租賃設施進行回租。這實際上只是我們業務的一小部分，真正透過我們自己的設施進行。所以它不是——它可能只占我們業務的 10% 左右。

I think the customer -- I think the mix is growing slowly, but nicely on the more reoccurring, we're about 50-50 now, and we're growing a little bit more. But as we see customers beginning to renew with the Amplify, we know that, that's going to drive more product revenues through. And also our consumable business is continuing to grow nicely, which is also flows through the product line.

我認為客戶——我認為組合正在緩慢增長，但在更經常出現的方面，我們現在的比例大約是 50-50，而且還在進一步增長。但當我們看到客戶開始使用 Amplify 進行續約時，我們知道，這將帶來更多的產品收入。而我們的消耗品業務也持續良好成長，這也是貫穿整個產品線的。

So I think it will kind of go back and forth, but I think it's a lot better positioned than we have been historically, where maybe it's been 30% of our business has been reoccurring, 70% has been product. And this really allows us to weather storms when there are capital freezes. I don't really see any shift in behavior and wanting to buy one way or the other.

所以我認為它會來回波動，但我認為它比我們歷史上的定位要好得多，也許我們的業務中有 30% 是重複性的，70% 是產品。這確實使我們能夠在資本凍結時渡過難關。我並沒有真正看到任何行為的轉變，也沒有看到任何購買意願的轉變。

It is a different environment from the years past when interest rates were 0% and so people had large lines of their own to execute on leasebacks of equipment. And now that interest rates are higher, perhaps we can do more leasing and lean in more into reoccurring revenue products, but it's a slow movement.

這與過去幾年的情況不同，當時的利率為 0%，因此人們在設備回租方面擁有大量的自主權。現在利率較高，也許我們可以做更多的租賃，更傾向於經常性收入產品，但這是一個緩慢的過程。

Operator, could you reopen the line for Bill Sutherland. Bill, I don't think we addressed your question on tariffs. We want to make sure to get to that.

接線生，您能重新接通比爾·薩瑟蘭的電話嗎？比爾，我認為我們沒有回答你關於關稅的問題。我們希望確保實現這一點。

Okay. Cool. Yes. The first part of it was about the rate assumed in the back half guide for tariffs. That was the 30% that's been in place, I guess, until August 12 or if that gets pushed. I'm just wondering what you guys assume.

好的。涼爽的。是的。第一部分是關於後半部關稅指南中假設的稅率。我想，這個 30% 的稅率將維持到 8 月 12 日，或者如果稅率被推遲的話。我只是想知道你們是怎麼認為的。

Yes. We did assume 30% rate, which is based on the tariffs that we announced at the beginning of the second quarter. And that's what that's the assumption that we used for the full year projection.

是的。我們確實假設了 30% 的稅率，這是基於我們在第二季初宣布的關稅。這就是我們用於全年預測的假設。

Eugene Mannheimer, Freedom Capital Markets.

尤金‧曼海默，《自由資本市場》。

Congrats on a good -- I was wondering if you could elaborate a little more on OmniSphere in terms of what you're seeing with respect to customer adoption and rollout? And should we be thinking about this as a multiyear evolution? And how does it impact revenue and in particular, recurring revenue over time?

恭喜您—我想知道您是否可以從客戶採用和推廣的角度更詳細地介紹一下 OmniSphere？我們是否應該將其視為一個多年的演變過程？它對收入，特別是長期經常性收入有何影響？

Yes, Eugene, and good to hear from you again. Yes, OmniSphere is a key platform as we move forward. And our entire customer base over several years will be moving to OmniSphere as it will be -- represent the enterprise solution engine to all of our products. I think it's one of the most exciting pieces when you sit down with customers and talk about because these customers are massive, they're large.

是的，尤金，很高興再次收到你的來信。是的，OmniSphere 是我們前進的關鍵平台。未來幾年，我們的整個客戶群都將轉向 OmniSphere，因為它將成為我們所有產品的企業解決方案引擎。我認為當你與客戶坐下來談論這件事時，這是最令人興奮的事情之一，因為這些客戶規模龐大，規模很大。

And they want to deal with one single vendor that can provide everything they need through a cybersecure that has flexibility, both in compute power and storage power without having to buy any servers, without having to do anything in their IT room where it's all managed on the outside by us.

他們希望與一家供應商合作，該供應商可以透過具有靈活性的網路安全性提供所需的一切，包括運算能力和儲存能力，而無需購買任何伺服器，也無需在他們的 IT 室中做任何事情，所有一切都由我們在外部進行管理。

And so you can see that, that kind of product is one that really lends itself to the ever-changing landscape of these providers as they add more outpatient facilities or they acquire an inpatient facility, it becomes really easy to deploy and use. And with that, we are going to drive additional revenues to get connected into that device into that back-end system. And yes, you'll start to see more reoccurring revenues as we move forward.

因此，您可以看到，這種產品確實適合這些提供者不斷變化的環境，當他們增加更多的門診設施或獲得住院設施時，它變得非常容易部署和使用。透過這種方式，我們將透過將該設備連接到後端系統來增加收入。是的，隨著我們不斷前進，您將開始看到更多的經常性收入。

Now we're just at the beginning of the deployment. We've been working on this product for, 5 years. We've had it in beta for two years, and we're now just rolling it out. So it is a hardened product, as we mentioned, HITRUST certified that we're going to connect everything, every device out there we have to it to collect the data and manage the system. And eventually, it will be the backbone to apply all of our AI engine pieces to, which are also great revenue generators for us as we solve really big complicated problems for our customer in a simple, elegant way.

現在我們才剛開始部署。我們已經致力於該產品五年了。我們已經測試了它兩年，現在才正式推出。因此，正如我們所提到的，它是一種強化產品，經過 HITRUST 認證，我們將連接一切，我們需要的每個設備都使用它來收集數據並管理系統。最終，它將成為我們所有人工智慧引擎零件的支柱，當我們以簡單、優雅的方式為客戶解決真正複雜的問題時，它也是我們巨大的收入來源。

That sounds exciting, Randy. And just my follow-up is on some of the new innovations you've been introducing, MedTrack, MedVision, MedChill going back to last -- earlier in the year. Are these products in response to solutions that your competitors already provide? Or are these unique and unmatched by your competitors today?

聽起來很令人興奮，蘭迪。我只是對您在今年早些時候介紹的一些新創新進行了跟進，例如 MedTrack、MedVision 和 MedChill。這些產品是否回應了您的競爭對手已經提供的解決方案？還是這些是當今獨一無二的、競爭對手無法比擬的？

Well, we kind of try to go figure out where the customers' problems are and build out solutions. And we really think that these will meet our customers' needs. And most of these are fairly unique solution sets in the marketplace. And most importantly, these solutions are integrated into the platform. One of the feedbacks that we get from customers is they don't want to buy third-party products that integrate into our platform. They want to buy products from us that are totally integrated into the platform.

嗯，我們試圖找出客戶的問題所在並提出解決方案。我們確實認為這些將滿足我們客戶的需求。其中大多數都是市場上相當獨特的解決方案。最重要的是，這些解決方案都整合到了平台中。我們從客戶那裡得到的回饋之一是，他們不想購買整合到我們平台的第三方產品。他們希望從我們這裡購買完全整合到平台的產品。

And so it's really important that we continue to innovate and deliver new products that can be easily deployed and automatically connect into the network of the OmniSphere as we move forward. It makes it really easy to come out with new hardware platforms that automatically plug into our OmniSphere network are immediately identified, don't take a lot of time to configure and easy to deploy. So it's just -- I think, because we have this enterprise platform, it's easy to add on more solution sets quicker. That is our goal.

因此，在我們前進的過程中，繼續創新並提供可以輕鬆部署並自動連接到 OmniSphere 網路的新產品非常重要。它使我們可以輕鬆推出新的硬體平台，這些平台可以自動插入我們的 OmniSphere 網路並立即被識別，不需要花費大量時間進行配置並且易於部署。所以只是——我認為，因為我們有這個企業平台，所以可以更容易、更快地添加更多解決方案集。這就是我們的目標。

I will now turn the call back over to Randall Lipps for closing remarks. Please go ahead.

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

Well, thanks for joining us today. And as you can see, Omnicell does have momentum out there. A nice quarter to the team, nice delivering on the results, exciting times as we move from a product to a tech company, we deploy these new solutions, and it's just a privilege to work in the industry. So thanks for being with us, and we'll see you next time.

好吧，感謝您今天加入我們。如您所見，Omnicell 確實發展勢頭強勁。對於團隊來說這是一個美好的季度，取得了不錯的成果，從一家產品公司轉型為一家科技公司，部署了這些新的解決方案，這是令人興奮的時刻，能夠在這個行業工作是我的榮幸。感謝您的參與，我們下次再見。

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and 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，現在可以斷開連線了。