Penumbra Inc (PEN) 2025 Q1 法說會逐字稿

Good afternoon. My name is Tamika, and I will be your conference operator today. At this time, I would like to welcome everyone to Penumbra's first-quarter 2025 conference call. (Operator Instructions)

午安.我叫 Tamika，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Penumbra 2025 年第一季電話會議。（操作員指示）

I would now like to introduce Ms. Cecilia Furlong, Business Development and Investor Relations for Penumbra. Ms. Furlong, you may begin your conference.

現在我想介紹 Penumbra 業務發展和投資者關係主管 Cecilia Furlong 女士。弗隆女士，您可以開始您的會議了。

Thank you, operator, and thank you all for joining us on today's call to discuss Penumbra's earnings release for the first quarter of 2025. A copy of the press release and financial tables, which includes a GAAP to non-GAAP reconciliation, can be viewed under the Investors tab on our company website at www.penumbrainc.com.

謝謝接線員，也謝謝大家參加今天的電話會議，討論 Penumbra 2025 年第一季的財報。新聞稿和財務表的副本（包括 GAAP 與非 GAAP 的對帳）可在我們公司網站 www.penumbrainc.com 的「投資者」標籤下查看。

During the course of this conference call, the company will make forward-looking statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our financial performance, commercialization, clinical trials, regulatory status, quality, compliance, and business trends. Actual results could differ materially from those stated or implied by our forward-looking statements due to certain risks and uncertainties, including those referenced in our 10-K for the year ended December 31, 2024 filed with the SEC. As a result, we caution you against placing undue reliance on these forward-looking statements, and we encourage you to review our periodic filings with the SEC, including the 10-K previously mentioned for a more complete discussion of these factors and other risks that may affect our future results or the market price of our stock. Penumbra disclaims any duty to update or revise our forward-looking statements as a result of new information, future events, developments, or otherwise.

在本次電話會議期間，本公司將根據 1995 年私人證券訴訟改革法案的安全港條款做出前瞻性聲明，包括有關我們的財務業績、商業化、臨床試驗、監管狀況、品質、合規性和業務趨勢的聲明。由於某些風險和不確定性，包括我們向美國證券交易委員會提交的截至 2024 年 12 月 31 日的 10-K 報告中提及的風險和不確定性，實際結果可能與我們的前瞻性陳述中明示或暗示的結果有重大差異。因此，我們提醒您不要過度依賴這些前瞻性陳述，並鼓勵您查看我們向美國證券交易委員會提交的定期文件，包括前面提到的 10-K 文件，以便更全面地討論這些因素以及可能影響我們未來業績或股票市場價格的其他風險。Penumbra 不承擔因新資訊、未來事件、發展或其他原因而更新或修改我們的前瞻性聲明的任何義務。

On this call, financial results for revenue and gross margin are presented on a GAAP basis, while operating expenses, operating income, and adjusted EBITDA are presented on a non-GAAP basis. The corresponding GAAP measures and a reconciliation of GAAP to non-GAAP financial measures are provided in our posted press release.

在本次電話會議上，收入和毛利率的財務結果以 GAAP 為基礎呈現，而營業費用、營業收入和調整後的 EBITDA 則以非 GAAP 為基礎呈現。我們在發布的新聞稿中提供了相應的 GAAP 指標以及 GAAP 與非 GAAP 財務指標的對帳。

Non-GAAP operating expenses and operating income exclude amortization of acquired intangible assets of $2.4 million and nonrecurring litigation-related expenses of $4.8 million in the first quarter of 2024 and adjusted EBITDA excludes such nonrecurring litigation-related expenses, stock compensation expense, depreciation and amortization, provision for income taxes, and interest income expenses.

非公認會計準則營業費用和營業收入不包括 2024 年第一季收購無形資產的攤銷 240 萬美元和非經常性訴訟相關費用 480 萬美元，調整後的 EBITDA 不包括此類非經常性訴訟相關費用、股票薪酬費用、折舊和攤銷、所得稅準備金和利息收入費用。

Adam Elsesser, Penumbra's Chairman and CEO, will provide a business update; Maggie Yuen, our Chief Financial Officer, will then discuss our financial results for the first quarter of 2025; and Jason Mills, our Vice President of Strategy, will discuss our 2025 guidance.

Penumbra 董事長兼執行長 Adam Elsesser 將提供業務最新進展；我們的財務長 Maggie Yuen 將討論我們 2025 年第一季的財務表現；我們的策略副總裁 Jason Mills 將討論我們的 2025 年指導方針。

With that, I would like to turn over the call to Adam Elsesser.

說到這裡，我想把電話轉給亞當·埃爾塞瑟 (Adam Elsesser)。

Thank you, Cecilia. Good afternoon. Thank you for joining Penumbra's first-quarter 2025 conference call. In the first quarter, we generated total revenue of $324.1 million, representing underlying year-over-year growth of 16.3% on a reported basis and 16.9% on a constant currency basis. Our first-quarter performance reflected continued momentum across our core US thrombectomy business with the clinical benefits of our differentiated and proprietary CAVT technology, helping us further enhance our strong market position.

謝謝你，塞西莉亞。午安.感謝您參加 Penumbra 2025 年第一季電話會議。第一季度，我們的總營收為 3.241 億美元，以報告基礎計算年增 16.3%，以固定匯率計算成長 16.9%。我們第一季的表現反映了我們核心美國血栓切除業務的持續成長勢頭，以及我們差異化和專有的 CAVT 技術的臨床優勢，幫助我們進一步增強了強大的市場地位。

First quarter US thrombectomy revenue increased 25% year over year to $187.9 million, with our US VTE franchise once again leading the business with total year-over-year growth of 42%. Our arterial and stroke businesses also delivered strong growth as those products continue to take share from open surgery and competitive stroke catheters respectively. Our strong topline results coupled with our focus on delivering profitable growth and an expanding profitability profile resulted in another solid quarter of operating cash flow.

第一季美國血栓切除術收入年增 25% 至 1.879 億美元，其中我們的美國 VTE 特許經營權再次領先業務，年增 42%。我們的動脈和中風業務也實現了強勁成長，因為這些產品繼續分別從開放性手術和競爭性中風導管中搶佔市場份額。我們強勁的營收業績，加上我們對實現獲利成長和不斷擴大的獲利狀況的關注，使得本季的經營現金流再創穩健。

In the first quarter, gross margin of 66.6% expanded 160 basis points over the prior-year period, while operating income of $40.4 million or 12.4% of revenue increased 550 basis points over the year-ago period. We remain on track and are well positioned to achieve a gross margin profile of over 70% by the end of 2026.

第一季度，毛利率為 66.6%，較去年同期增加 160 個基點；營業收入為 4,040 萬美元，佔營收的 12.4%，較去年同期增加 550 個基點。我們仍保持著良好的發展勢頭，預計在 2026 年底實現 70% 以上的毛利率。

I'd like to address the question of proposed or enacted tariffs and the current macro backdrop. We currently manufacture 100% of our products in the United States in our manufacturing facilities in Alameda and Roseville, California. In addition, approximately 3/4 of our raw materials and components are currently sourced in the United States. We're also engaged in a regular ongoing process of optimizing our supply chain, which includes, among other things, the strategic onshoring of certain materials that are not currently sourced in the United States.

我想談談擬議或已頒布的關稅以及當前宏觀背景的問題。目前，我們 100% 的產品均在美國加州阿拉米達和羅斯維爾的製造工廠生產。此外，我們目前約有四分之三的原料和零件都來自美國。我們也致力於定期持續優化我們的供應鏈，其中包括對目前未在美國採購的某些材料進行策略性國內採購。

In the quarter, sales from the US accounted for 79.2% of total revenue. Regarding China specifically, there was only $5 million included in our original forecast for the balance of the year, which we are now excluding given the current macro environment.

本季，來自美國的銷售額佔總營收的79.2%。具體到中國，我們最初對今年餘額的預測僅包括 500 萬美元，但考慮到當前的宏觀環境，我們現在將其排除在外。

Turning to our US peripheral business. In the quarter, we delivered strong sequential expansion from the fourth quarter in the total number of VTE patients treated with our technology. Our strong first-quarter results underscore Flash 2.0's durable growth and momentum in VTE with 2.0's demonstrated value proposition continuing to drive conversions from anticoagulation, lytics, and other mechanical thrombectomy platforms to CAVT for both PE and DVT. The recent addition of Lightning Bolt 12 to the portfolio further augments our competitive positioning with Bolt 12 contributions exceeding expectations in its first full quarter on the market.

轉向我們的美國週邊業務。本季度，使用我們的技術治療的 VTE 患者總數較第四季度實現了強勁的連續成長。我們強勁的第一季業績凸顯了 Flash 2.0 在 VTE 領域的持久成長和發展勢頭，2.0 所展現的價值主張將繼續推動從抗凝血、溶解劑和其他機械血栓切除術平台向 PE 和 DVT 的 CAVT 的轉變。最近將 Lightning Bolt 12 添加到產品組合中，進一步增強了我們的競爭地位，Bolt 12 在市場上第一個完整季度的貢獻超出了預期。

Our US arterial business also delivered a solid first quarter with a combination of continued strong growth in Bolt 7 and ramping ahead of expectations contributions from Bolt 6X, together driving physician conversion from open surgery or the use of lytics to CAVT. Continuous and rapid innovation is a key tenet of our strategy and a strong competitive differentiator. Our first priority is continuing to enhance and expand the reach of our proprietary CAVT portfolio. We view our forthcoming new products as significant, and we believe they will continue to drive a paradigm shift in how clot is addressed and treated.

我們在美國動脈業務的第一季也取得了穩健的業績，Bolt 7 繼續保持強勁增長，Bolt 6X 的貢獻超出預期，共同推動醫生從開放性手術或使用溶解劑轉向 CAVT。持續快速的創新是我們策略的關鍵原則和強大的競爭優勢。我們的首要任務是繼續增強和擴大我們專有的 CAVT 產品組合的覆蓋範圍。我們認為即將推出的新產品具有重要意義，我們相信它們將繼續推動血栓處理和治療方法的典範轉移。

That said, we will also invest in further innovation across our embolization and access portfolios. In mid-March, we received FDA clearance for Ruby XL, a new larger-sized diagnostic catheter compatible peripheral coil. Ruby XL will further augment our existing peripheral embolization portfolio, expanding our market leadership into larger vessel anatomies. Ruby XL will be utilized to address conditions such as pelvic congestion, endo leaks, and TIPS varices to name a few.

也就是說，我們也將對栓塞和通路產品組合的進一步創新進行投資。3 月中旬，我們獲得了 FDA 對 Ruby XL 的批准，這是一種新型更大尺寸的診斷導管相容外周線圈。Ruby XL 將進一步增強我們現有的周邊栓塞產品組合，將我們的市場領導地位拓展到更大的血管解剖領域。Ruby XL 將用於解決骨盆充血、子宮內膜漏和 TIPS 靜脈曲張等病症。

FDA clearance of Ruby XL came earlier than we expected, so we have commenced an expedited inventory build to support a market launch in either late Q2 or early Q3 in order to quickly meet the high interest in the product we have seen from physicians to date. As we further expand our product portfolio, we will strategically invest in our commercial team in a measured way to support and enhance focus on the large market opportunities we're addressing, positioning our commercial team for success. We continue to expand and leverage our market access initiatives to increase awareness around CAVT's clinical as well as health economic benefits. At the SIR Annual Scientific Meeting in Nashville at the end of March, two additional retrospective analyses focused on DVT and ALI management with CAVT were presented.

FDA 對 Ruby XL 的批准比我們預期的要早，因此我們已開始加快庫存建設，以支持在第二季度末或第三季度初將其推向市場，從而快速滿足迄今為止醫生對該產品的高度興趣。隨著我們進一步擴大產品組合，我們將以有節制的方式對我們的商業團隊進行策略性投資，以支持和加強對我們正在解決的大型市場機會的關注，使我們的商業團隊成功。我們將繼續擴大和利用我們的市場准入措施來提高人們對 CAVT 的臨床和健康經濟效益的認識。在 3 月底於納許維爾舉行的 SIR 年度科學會議上，還展示了另外兩項以 CAVT 管理 DVT 和 ALI 為重點的回顧性分析。

Relative to anticoagulation and open surgery for the treatment of DVT and ALI respectively, these analyses demonstrated CAVT's ability to reduce hospital length of stay as well as improve the rate of patient discharge to the home setting, a positive for both the patients treated with CAVT as well as for the healthcare systems. The health economic data that are part of these studies is being shared with hospital executives. We are in the early stages of leveraging our market access initiatives to highlight CAVT's myriad benefits versus alternative interventional options as well as anticoagulation. We will continue to invest in and grow our body of clinical evidence and build upon our efforts to drive further adoption of our CAVT technology and reach the substantial number of patients globally who suffer from clot burden anywhere in the body.

相對於分別用於治療 DVT 和 ALI 的抗凝血治療和開放手術，這些分析證明了 CAVT 能夠縮短住院時間並提高患者出院回家的速度，這對接受 CAVT 治療的患者和醫療保健系統來說都是有利的。這些研究的健康經濟數據正在與醫院管理人員分享。我們正處於利用市場准入措施的早期階段，以突顯 CAVT 相對於替代介入治療方案和抗凝血治療的眾多優勢。我們將繼續投資並擴大我們的臨床證據體系，並在此基礎上繼續努力，推動我們的 CAVT 技術的進一步應用，並惠及全球大量患有身體任何部位血栓負擔的患者。

Shifting to our neurovascular business. Our US stroke thrombectomy franchise delivered another solid quarterly performance with the clinical and procedural benefits of our market-leading aspiration portfolio, supporting volume growth ahead of our expectations and the market. The commercial introduction late in the first quarter of our next-generation RED 72 catheter, nicknamed Silver Label, was met with significant physician enthusiasm. Silver Label has seen strong interest, adoption, and utilization to date with our R&D team's continued focus on technology innovation, delivering a meaningful enhancement in trackability.

轉向我們的神經血管業務。我們的美國中風血栓切除術特許經營權再次取得了穩健的季度業績，憑藉我們市場領先的抽吸產品組合的臨床和程序優勢，支持銷量增長超出我們的預期和市場。我們下一代 RED 72 導管（暱稱“銀標”）在第一季末進行了商業推廣，受到了醫生們的極大歡迎。在我們的研發團隊持續關注技術創新的推動下，Silver Label 迄今已獲得廣泛關注、採用和利用，從而顯著提高了可追蹤性。

With Silver Label, we are continuing to move the mechanical aspiration field forward and raise the bar for catheter trackability, while with Thunderbolt, we see an additional meaningful opportunity to address and improve the speed with which clot is extracted in a safe and simple procedure, further expanding our already dominant market leadership position.

借助 Silver Label，我們將繼續推動機械抽吸領域的發展並提高導管可追蹤性的標準，而藉助 Thunderbolt，我們看到了另一個有意義的機會，即透過安全、簡單的程序解決和提高血塊提取速度，從而進一步擴大我們已經佔據主導地位的市場領導地位。

Regarding our THUNDER trial, in the first quarter of 2025, we submitted the clinical data to the FDA for review. We will provide additional future updates as appropriate and remain excited to introduce CAVT to the neurovascular field.

關於我們的THUNDER試驗，我們在2025年第一季向FDA提交了臨床數據以供審查。我們將在未來適當的時候提供更多更新，並繼續熱衷於將 CAVT 引入神經血管領域。

We entered 2025 with significant momentum across our business that sustained into the first quarter of the year, led by our CAVT portfolio and its strong value proposition. Our focus on continuous innovation, generation of high-quality clinical and health economic data, and strategic investments in our commercial team positions us to deliver durable growth alongside increasing profitability and expand upon our position as the leading global thrombectomy company.

進入 2025 年，我們的業務勢頭強勁，並持續到今年第一季度，這主要得益於我們的 CAVT 產品組合及其強大的價值主張。我們專注於持續創新、產生高品質的臨床和健康經濟數據以及對商業團隊的策略性投資，這使我們能夠實現持久成長並提高盈利能力，並擴大我們作為全球領先血栓切除術公司的地位。

I'll now turn the call over to Maggie to go over our financial results for the first quarter of 2025.

現在我將把電話交給 Maggie，讓她來介紹一下我們 2025 年第一季的財務表現。

Thank you, Adam. Good afternoon, everyone. Today, I will discuss the financial results for the first quarter of 2025. Financial results (technical difficulty) for revenue and gross margin on a GAAP basis, while operating expenses and operating income are on a non-GAAP basis. The corresponding GAAP measures and a reconciliation of GAAP to non-GAAP financial measures are provided in our posted press release.

謝謝你，亞當。大家下午好。今天，我將討論 2025 年第一季的財務表現。財務結果（技術難度）為收入和毛利率以 GAAP 為基礎，而營業費用和營業收入則以非 GAAP 為基礎。我們在發布的新聞稿中提供了相應的 GAAP 指標以及 GAAP 與非 GAAP 財務指標的對帳。

For the first quarter ended March 31, 2025, our total revenues were $324.1 million, an increase of 16.3% reported and 16.9% in constant currency compared to the first quarter of 2024. Our geographic mix of sales for the first-quarter 2025 was 79.2% US and 20.8% international. Our US region reported growth of 22.5%, driven by 25% growth in our thrombectomy franchise compared to the same period last year.

截至 2025 年 3 月 31 日的第一季度，我們的總營收為 3.241 億美元，與 2024 年第一季相比成長 16.3%，以固定匯率計算成長 16.9%。2025 年第一季度，我們的銷售地理分佈為 79.2% 美國和 20.8% 國際。我們的美國地區報告增加了 22.5%，這得益於我們的血栓切除術特許經營業務與去年同期相比增長了 25%。

Our international regions decreased 2.5% reported and 0.1% in constant currency, primarily due to a decline in China revenue of $6.7 million compared to the same period last year, partially offset by an increase of $5 million in all other international regions. The sequential growth in our total revenue of 2.7% was primarily driven by an increase in US thrombectomy revenue and an increase in EMEA revenue offset by a decline in China revenue of $5.4 million compared to the fourth quarter of 2024.

我們的國際地區報告收入下降了 2.5%，按固定匯率計算下降了 0.1%，這主要是由於中國地區的收入與去年同期相比下降了 670 萬美元，但其他所有國際地區的收入增加了 500 萬美元，部分抵消了這一影響。我們總收入環比增長 2.7%，主要得益於美國血栓切除術收入的增長以及 EMEA 地區收入的增長，但中國收入與 2024 年第四季度相比下降了 540 萬美元。

Moving to revenue by products. Revenue from our global thrombectomy business grew to $226.5 million in the first quarter of 2025, an increase of 20.7% reported and 21.2% in constant currency compared to the same period last year, which was primarily driven by growth in our US thrombectomy business of 25%. Our international thrombectomy business increased by 3.3%, including a decline China revenue of $4.7 million. Excluding the impact to the China region, our international thrombectomy revenue grew by 18.2% when compared to the same period last year. Given the macroeconomic conditions with China, we expect to continue to have year-over-year headwinds from our China business for the second quarter of 2025.

轉向按產品劃分的收入。2025 年第一季度，我們全球血栓切除術業務的收入增長至 2.265 億美元，與去年同期相比增長 20.7%，按固定匯率計算增長 21.2%，這主要得益於我們美國血栓切除術業務 25% 的增長。我們的國際血栓切除業務成長了 3.3%，其中中國收入下降了 470 萬美元。不計中國地區的影響，我們的國際血栓切除術收入與去年同期相比成長了18.2%。鑑於中國的宏觀經濟狀況，我們預計 2025 年第二季我們的中國業務將繼續面臨同比阻力。

Revenue from our embolization and access business was $97.6 million in the first quarter of 2025, an increase of 7.3% reported and 8.1% in constant currency, primarily driven by an increase in the US. Gross margin for the first quarter of 2025 is 66.6% compared to 65% for the first quarter of 2024, which represents a 160-basis-point improvement driven by favorable thrombectomy product mix across our regions and strong productivity improvements. Looking forward into Q2 2025, we will continue to expect higher thrombectomy product mix, offset by higher manufacturing investment to support new product launches, including as Adam previously mentioned, a one-quarter expediting cost for Ruby XL, resulting in our gross margin in Q2 2025 similar to or slightly lower than Q1 2025. As we move into the second half of 2025, we expect to see sequential gross margin expansion.

2025 年第一季度，我們的栓塞和通路業務收入為 9,760 萬美元，報告成長 7.3%，以固定匯率計算成長 8.1%，主要得益於美國的成長。2025 年第一季的毛利率為 66.6%，而 2024 年第一季為 65%，這意味著毛利率提高了 160 個基點，這得益於我們各地區血栓切除產品組合良好以及生產率的強勁提高。展望 2025 年第二季度，我們將繼續預期更高的血栓切除產品組合，但為支持新產品發布而增加的製造投資將抵消這一增長，包括 Adam 之前提到的 Ruby XL 一個季度的催貨成本，這將導致我們 2025 年第二季度的毛利率與 2025 年第一季相似或略低。隨著進入 2025 年下半年，我們預計毛利率將持續擴大。

Now on to our non-GAAP operating expenses, non-GAAP operating income, and margin and adjusted EBITDA. Total operating expense for the quarter was $175.5 million or 54.2% of revenue compared to $161.8 million or 58.1% of revenue for the same quarter last year. Our research and development expenses for Q1 2025 were $22.1 million or 6.8% of revenue compared to $24.6 million or 8.8% of revenue for Q1 2024, which reflects savings of $4.5 million due to our Immersive business wind down, offset by continued investment in product development.

現在來談談我們的非公認會計準則營業費用、非公認會計準則營業收入、利潤率和調整後的 EBITDA。本季總營運費用為 1.755 億美元，佔營收的 54.2%，去年同期為 1.618 億美元，佔營收的 58.1%。我們 2025 年第一季的研發費用為 2,210 萬美元，佔營收的 6.8%，而 2024 年第一季的研發費用為 2,210 萬美元，佔營收的 8.8%，這反映了由於我們的沉浸式業務逐漸減少而節省了 450 萬美元，但對產品的持續投資也抵消了這一持續投資。

SG&A expenses for Q1 2025 were $153.5 million or 47.3% of our revenue for Q1 2025 compared to $137.2 million or 49.2% of revenue for Q1 2024, which is primarily driven from our continued investment in commercial and market access team, partially offset by our savings due to the wind down of the Immersive business. As expected, SG&A in Q1 2025 includes higher seasonality expenditures for payroll taxes and our annual sales meeting. As we continue to invest in the right sales levers, we are pleased to see leverage of our G&A expenditures this quarter.

2025 年第一季的銷售、一般及行政費用為 1.535 億美元，佔 2025 年第一季收入的 47.3%，而 2024 年第一季的銷售、一般及行政費用為 1.372 億美元，佔收入的 49.2%，這主要得益於我們對商業和市場的資金減少正如預期的那樣，2025 年第一季的銷售、一般及行政費用包括工資稅和年度銷售會議的較高季節性支出。隨著我們繼續投資於正確的銷售槓桿，我們很高興看到本季我們的 G&A 支出發揮了槓桿作用。

We recorded operating income of $40.4 million or 12.4% of revenue compared to an operating income of $19.3 million or 6.9% of revenue for the same period last year. We posted adjusted EBITDA of $59.6 million or 18.4% of total revenue compared to $36.3 million or 13.5% in the first quarter last year.

我們的營業收入為 4,040 萬美元，佔營收的 12.4%，而去年同期的營業收入為 1,930 萬美元，佔營收的 6.9%。我們公佈的調整後 EBITDA 為 5,960 萬美元，佔總營收的 18.4%，而去年第一季為 3,630 萬美元，佔 13.5%。

Turning to cash flow and balance sheet. We ended the first quarter of 2025 with cash, cash equivalents, and marketable securities balance of $378.8 million and no debt, which is an increase of $38.7 million sequentially, driven by strong operating profitability and includes our initial capital expenditure investment in Costa Rica of $10.7 million, which is not currently scheduled to come online until 2027. We expect positive operating cash flow trends to continue in 2025 and beyond.

轉向現金流和資產負債表。截至 2025 年第一季度，我們的現金、現金等價物和有價證券餘額為 3.788 億美元，且沒有債務，比上一季度增加 3870 萬美元，這得益於強勁的運營盈利能力，其中包括我們在哥斯達黎加的 1070 萬美元初始資本支出投資，目前計劃要到 2027 年上線。我們預期 2025 年及以後經營現金流將持續呈現正向成長趨勢。

And now I'd like to turn the call over to Jason to discuss our 2025 guidance.

現在我想把電話轉給傑森，討論我們的 2025 年指導。

Thank you, Maggie, and good afternoon, everyone. Consistent with our guidance philosophy communicated on our last call and notwithstanding our removing revenue from China from our forecast, we are reiterating our total revenue guidance range for the year of 12% to 14% year-over-year growth. For our US thrombectomy business, we are raising our guidance to growth in the range of 20% to 21% year over year. Additionally, we reiterate our expectations for gross margin and operating margin expansion for 2025.

謝謝你，瑪吉，大家下午好。與我們在上次電話會議上傳達的指導理念一致，儘管我們從預測中剔除了來自中國的收入，但我們仍重申今年總收入指導範圍為同比增長 12% 至 14%。對於我們的美國血栓切除業務，我們將成長率預期提高到 20% 至 21% 之間。此外，我們重申對 2025 年毛利率和營業利潤率擴張的預期。

This concludes our prepared remarks. Operator, we can now open the call to questions.

我們的準備好的演講到此結束。接線員，我們現在可以開始提問了。

(Operator Instructions) Robbie Marcus, JPMorgan.

（操作員指示）摩根大通的羅比馬庫斯 (Robbie Marcus)。

Great. Congrats on a nice quarter. Maybe to start, really nice US thrombectomy growth. You called out the 42% VTE.

偉大的。恭喜本季取得良好業績。也許首先，美國血栓切除術的發展確實很好。您提到了 42% VTE。

I was hoping you could give us a little more color maybe on stroke versus peripheral and some of the market trends you're seeing in the two different markets.

我希望您能為我們提供更多關於中風與週邊疾病的信息，以及您在兩個不同市場中看到的一些市場趨勢。

Yes. Well, first of all, thank you for the comment on the VTE business. As you know, that has been the second quarter in a row where we've seen that type of growth wave is moving through here. As it relates to the other businesses, we sort of highlight we're not going to break out every segment. Obviously, it sort of gets complicated quarter by quarter.

是的。嗯，首先感謝您對 VTE 業務的評論。如您所知，這是我們連續第二個季度看到這種成長浪潮。由於它與其他業務相關，我們強調我們不會突破每個部分。顯然，情況每季都會變得越來越複雜。

But we do believe our stroke business grew significantly above the market based on volume this quarter. As you know, we did launch toward the end of the quarter the new RED 72, which saw a significant interest and early uptick at the end of the quarter. And it has really been a great position for us to be ready for Thunderbolt. Lots and lots of talk out there, excitement about it.

但我們確實相信，本季我們的中風業務按銷量計算成長幅度遠高於市場。如您所知，我們確實在本季度末推出了新款 RED 72，該產品在本季度末引起了極大的關注並出現了早期上漲。這確實為我們做好了迎接 Thunderbolt 的準備。人們對此議論紛紛，興奮不已。

And obviously, the two most important parts about the stroke procedures is, one, you have to be able to get the catheter there safely and quickly. With this new catheter, I think in that size category, we are without a doubt sort of the market leader on that side and then be able to get it out really quickly. I think Thunder Bolt will show that benefit. So I think our stroke business is in pretty great shape. On the arterial side, as I said in the prepared remarks, we were sort of right where we had hoped to be, if not a touch ahead on some of the newer products, how fast they've been up sort of taken on by physicians.

顯然，中風手術最重要的兩個部分是，第一，你必須能夠安全、快速地將導管插入那裡。憑藉這種新型導管，我認為，在這種尺寸類別中，我們毫無疑問是該領域的市場領導者，並且能夠快速將其推出。我認為 Thunder Bolt 將會展現出這項優勢。所以我認為我們的中風業務狀況非常好。在動脈方面，正如我在準備好的發言中所說的那樣，我們已經達到了我們所希望的水平，即使在某些新產品上沒有領先一步，但醫生們對它們的接受速度非常快。

Great. Maybe just a quick follow-up. Again, down the P&L, EPS performance was very nice in the quarter. If I look, it's not just -- I mean you had gross margin upside, you had SG&A improvement. I would say the biggest delta versus the Street and the way we were thinking about it was on R&D.

偉大的。也許只是一個快速的跟進。再次，本季的損益表顯示每股盈餘表現非常好。如果我看一下，它不僅僅是——我的意思是你的毛利率上升了，銷售、一般及行政費用也得到了改善。我想說，與華爾街相比，我們最大的差距在於研發方面。

So maybe I'll lump them together here. How are you thinking -- are you thinking you're more maybe at the top end of the operating margin commentary given the first quarter performance? I know it's tough to raise after just 1 quarter. And how are you thinking about R&D going forward?

所以也許我會在這裡把它們歸為一類。您怎麼想的—根據第一季的表現，您是否認為您的營業利潤率可能處於最高水準？我知道僅僅一個季度之後就很難籌集資金。您對未來的研發有何看法？

Yes. Let me address the R&D question, and then Maggie can sort of talk to where we fit in the yearly sort of cadence, if you will. R&D, the specific spend on R&D, as you know, is never sort of a linear spend. There are certain things that happen at certain times in the process. And so it's not been a linear spend.

是的。讓我來回答研發問題，然後 Maggie 可以談談我們在年度節奏中處於什麼位置，如果你願意的話。研發，如你所知，研發的具體支出從來都不是線性支出。在此過程中的某些時間會發生某些事情。所以這不是線性支出。

Some of that also reflects sort of the anniversarying of Immersive Healthcare. So that's why, I think, partly see it lower because we're now sort of into the comparisons without having Immersive Healthcare in there. But Maggie can talk to sort of the cadence throughout the rest of the year.

其中一些也反映了沉浸式醫療保健的周年紀念。所以我認為這就是為什麼我們看到它更低的原因，部分原因是我們現在進行的比較中沒有包含沉浸式醫療保健。但瑪吉可以談論今年剩餘時間的節奏。

Yeah. I think, Adam, you pointed out right and also pointed out in the prepared remarks, of the estimated roughly $10 million of per quarter savings from the Immersive business wind down, about half of them were realized in the R&D line. So proportionally, on a year-over-year basis, especially as a percent of revenue, that's when you see the improvement. But you can look at it as relatively baseline going forward with continued investment. And also, if you compare to last quarter, you'll see this is the trend going forward.

是的。亞當，我認為你指出的很正確，並且在準備好的發言中也指出，Immersive 業務結束之後每季度節省的大約 1000 萬美元中，大約有一半是在研發線上實現的。因此，按比例計算，特別是按收入的百分比計算，你會看到改善。但你可以將其視為未來持續投資的相對基準。而且，如果與上一季進行比較，你會發現這是未來的趨勢。

Yes. Let me just make the obvious point. We called out R&D and how amazing our innovation has been over the many years we've been around. We're not shying away from investing in R&D. I think we've spent some time in the prepared remarks talking about that.

是的。讓我只提出一個顯而易見的觀點。我們呼籲研發部門關注我們多年來的創新有多麼令人驚嘆。我們不迴避對研發的投資。我想我們在準備好的發言稿中已經花了一些時間討論這個問題。

We're going to continue to invest where appropriate on products that need to be made to continue to make -- we're moving clot better and better on the embolization access set. So there's a robust pipeline. It happened to be a quarter based on a couple of those things that were slightly lower.

我們將繼續在需要繼續生產的產品上進行適當的投資——我們在栓塞通路裝置上移動血塊的效果越來越好。因此，這是一個強大的管道。碰巧的是，根據其中幾個因素，這個季度的業績略低一些。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

It's Lei calling in for Larry. A nice start to the year. First question relates to Thunderbolt. Would you expect a normal FDA review for that product? And can you talk about what are the key metrics you believe physicians will look at to compare versus other catheters now first-pass effect, procedure time, et cetera?

是雷為拉里打來的。新的一年有一個美好的開始。第一個問題與 Thunderbolt 有關。您是否期望 FDA 會對該產品進行正常的審查？您能否談談您認為醫生在與其他導管進行比較時會關注的關鍵指標是什麼？例如首過效應、手術時間等等？

And I have a follow-up.

我還有一個後續問題。

Yes. So the first part of the question is it's submitted as a 510(k), the clinical data is really what they're looking at. They obviously looked at a lot of the -- all the other aspects of it beforehand. One never does know. So I don't want to having predicted particularly on that product before, I think I'm going to stay disciplined and not predict again timing of it. But so far, there is certainly nothing that has come up that is surprising.

是的。因此問題的第一部分是，它是作為 510(k) 提交的，臨床數據是他們真正關注的。他們顯然事先考慮了很多其他方面。誰也不知道。所以我不想之前對該產品做出特別的預測，我想我會保持自律，不會再預測它的時機。但到目前為止，還沒有出現任何令人驚訝的事情。

The metrics that were sort of measured about on the submission is obviously the primary and secondary end points, sort of how do we do the sort of very typical things than the other things that you've mentioned like first pass effect and all are obviously captured and will be a relevant part of the discussion. So obviously, we believe we should be doing well against those expectations. That sort of goes without saying.

提交時所測量的指標顯然是主要終點和次要終點，我們如何做一些非常典型的事情，而不是您提到的其他事情，例如首過效應，所有這些都顯然被捕獲，並將成為討論的相關部分。因此，顯然，我們相信我們應該能夠達到這些預期。這是不言而喻的。

What I think is different on top of those, so it's not instead of, is something that really hasn't been discussed before, which is not just procedure time, but the metric of how long does the device when it's engaged in whatever form take to get the clot out because that's the difference. The catheters have already been on the market, versions of them obviously for many, many years. So we're really now looking at the mechanism of the CAV technology. And again, that will be something that will be more of a gut check on physicians as they start to understand that and see it. But I think, obviously, the first phase will be just the traditional metrics that you already outlined.

我認為除此之外還有一點不同，那就是它不是替代，而是以前從未討論過的事情，這不僅僅是手術時間，而且是衡量設備以任何形式啟動時需要多長時間才能將血塊取出的指標，因為這就是區別。這些導管已經上市，而且顯然各個版本都已經上市很多年了。所以我們現在真正關注的是 CAV 技術的機制。再次強調，當醫生開始理解並看到這一點時，這將對他們進行更直觀的檢查。但我認為，顯然第一階段將只是您已經概述的傳統指標。

That's helpful. And for my follow-up, we've heard reports of sales force disruption since the Stryker-Inari deal. Just wanted to hear kind of what you're seeing on the ground and how that may be affecting the dynamics in the market.

這很有幫助。就我的後續情況而言，自從 Stryker 和 Inari 交易以來，我們聽到了有關銷售隊伍混亂的報道。只是想聽聽您實際看到的情況以及這些情況如何影響市場動態。

Organizations, people move around. Certainly, it has been that way when there was a merger, sometimes that happens, sometimes it doesn't. I can tell you that we're pretty confident that we are taking significant share not because of the merger, but rather because, to be honest and not sort of snotty about it, we just have better product. And as more and more people talk about it, that word of mouth spreads from doctor to doctor, we're seeing people come on board. And I don't think it's because of the merger, I think it's because we have the better product.

組織、人員都在流動。當然，合併時情況就是這樣，有時會發生，有時則不會。我可以告訴你，我們非常有信心，我們能夠佔據相當大的市場份額，這並不是因為合併，而是因為，說實話，我們並沒有對此感到傲慢，我們只是有更好的產品。隨著越來越多的人談論它，口耳相傳從一個醫生傳到另一個醫生，我們看到人們開始接受它。我認為這並非因為合併，而是因為我們擁有更好的產品。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Just circling back to guidance here. So the only change here you guys had is that you removed $5 million of revenue from China that you had before that you are now not assuming that's being offset with the additional growth from US thrombectomy. Is that what we should be taking away?

只是回到這裡的指導。因此，你們這裡唯一的變化是，你們從中國拿走了 500 萬美元的收入，而現在你們不認為這筆收入會被美國血栓切除術的額外增長所抵消。這就是我們該拿走的東西嗎？

Yeah. So we are definitely taking that out of our expectations because -- and again, it's a relatively small amount compared to past years, but that was sort of what we've been talking about for the last few quarters around China.

是的。因此，我們肯定會將其排除在預期之外，因為——與過去幾年相比，這個數字相對較小，但這正是我們過去幾個季度在中國所談論的情況。

Jason, do you want to add a comment?

傑森，你想添加評論嗎？

Yeah. The way I would frame it, Pito, and thank you for the question is, I think the relative difference between the Q1 results and the Q1 consensus expectations was around $8 million or $9 million. The amount we're talking about in China, which is the vast majority of which is in the second quarter, it's around $5 million. And so the net increase there is $4 million if you just look at the first-quarter performance and what we said about China at this point. So -- and that obviously is happening, that outperformance mostly in the United States in US thrombectomy.

是的。皮托，謝謝你提出這個問題，我是這樣表述的，我認為第一季業績與第一季度普遍預期之間的相對差異約為 800 萬美元或 900 萬美元。我們談論的中國地區的金額，其中絕大部分是在第二季度，約 500 萬美元。因此，如果只看第一季的業績以及我們目前對中國的評價，那麼那裡的淨增額為 400 萬美元。所以 — — 這顯然正在發生，美國在血栓切除術的表現最為出色。

Okay. Great. And then can you talk about what you're seeing in the international markets in thrombectomy outside of China. I know it's pretty strong this quarter. Where is that strength coming from? And are you seeing any changes to reimbursement for your products in any new markets? And should we see that growth continuing as these China headwinds fade?

好的。偉大的。然後您能談談您對中國以外的國際血栓切除術市場的看法嗎？我知道本季的表現相當強勁。那股力量從何而來？您是否看到任何新市場對貴公司產品的報銷有任何變化？隨著中國逆風逐漸消退，我們是否應該看到這種成長持續下去？

Yeah. So thank you for noticing that and seeing that. Where we have CAVT, we are definitely seeing growth for the same reasons we're seeing it in the US. Obviously, the ratio of our total revenue, it's a smaller percentage. The US is now approaching 80% of our revenue. So that's going to provide an outsized amount of growth. Obviously, at a time when our products are made in the US and sold in the US, that's probably not the worst timing for that. But CAVT is working in countries around the world where they can afford it and pay for it.

是的。感謝您注意到並看到這一點。在擁有 CAVT 的地方，我們確實看到了成長，原因與我們在美國看到的一樣。顯然，這占我們總收入的比例較小。美國目前已接近我們收入的80%。因此這將帶來巨大的成長。顯然，當我們的產品在美國製造並在美國銷售時，這可能不是最糟糕的時機。但 CAVT 正在世界各地有條件且有支付能力的國家開展工作。

We're getting some real traction there. I think that will continue. I think we'll add additional countries over the course of time, and we're pretty excited about that.

我們在那裡取得了一些真正的進展。我認為這種情況將會持續下去。我認為我們會隨著時間的推移增加更多的國家，我們對此感到非常興奮。

That being said, I think I've said bunch, US will outgrow that just because of the ability to -- the size of that opportunity in the US, the reimbursement, the data that we're now talking about in our market access, all of those things, I think, will mean for the next couple of years, the US will drive a lot of this growth. I think the other parts of the world will be great opportunities as they come now, but really probably play a bigger role in future years.

話雖如此，我想我已經說過很多次了，美國將會超越這一點，僅僅是因為有能力——美國的機會規模、報銷、我們現在在市場准入中談論的數據，我認為，所有這些都意味著在未來幾年，美國將推動這一增長的大部分。我認為世界其他地區現在將會是巨大的機遇，而且在未來幾年可能會發揮更大的作用。

Margaret Kaczor, William Blair.

瑪格麗特·卡佐爾，威廉·布萊爾。

This is Macauley on for Margaret. Understand the priority here is getting Thunderbolt approved before you start to discuss that launch timing. But if we look back to when Flash and Bolt were first approved and similarly having to go through the VACs here for 6x and 12, just wondering if the market access initiatives have reduced the time around that process at all? And if not, has it at least taken some of the load off of your commercial team, so they can focus more on converting physicians rather than, again, some of that kind of more burdensome administrative processes?

這是麥考利為瑪格麗特所做的報道。在開始討論發佈時間之前，請先了解當務之急是獲得 Thunderbolt 的批准。但是，如果我們回顧一下 Flash 和 Bolt 首次獲得批准的時候，同樣需要經過 6x 和 12 的 VAC，只是想知道市場准入舉措是否縮短了這一流程的時間？如果沒有，那麼它是否至少減輕了您的商業團隊的一些負擔，以便他們可以更加專注於轉變醫生，而不是再次處理一些更繁瑣的行政流程？

Yeah, that's a great question. On the vascular side, obviously, I think we sort of have that down. Some of that was hiring an appropriate number of reps, which we have done that allowed us to have the manpower and the capacity to do that. We were sort of caught a little flat-footed just because of this year, new -- number of new accounts.

是的，這是一個很好的問題。從血管方面來說，顯然，我認為我們已經基本掌握了這一點。其中之一是僱用適當數量的代表，我們已經這樣做了，這讓我們擁有人力和能力來做到這一點。由於今年新增帳戶數量較多，我們有點措手不及。

On the neuro side as it relates to Thunderbolt, we don't really have that issue. We've been covering all of the neuro accounts pretty comfortably. We can get there. We've been launching products over and over again for many years. We've never sort of raised the question of VACs. And I think the argument around Thunderbolt will be fairly compelling in a hospital setting.

在與 Thunderbolt 相關的神經方面，我們實際上沒有這個問題。我們已經相當輕鬆地覆蓋了所有的神經帳戶。我們能到達那裡。多年來，我們不斷推出新產品。我們從來沒有提出過有關 VAC 的問題。我認為在醫院環境中圍繞 Thunderbolt 的爭論將會相當引人注目。

So I don't think VACs will be the issue. Obviously, we have to go through it. That's always a gating item, but it won't be the thing that -- I think it isn't built into our expectations. And I think we just have a better handle on it because we have a lot more history with that whole wide range of accounts.

所以我不認為 VAC 會成為問題。顯然，我們必須經歷這個過程。這始終是一個門檻問題，但它不會是——我認為它沒有被納入我們的預期之中。我認為我們能夠更好地處理這個問題，因為我們對各種各樣的帳戶有更多的歷史記錄。

Great. That makes sense there. And then maybe as a follow-up, I just want to ask on the arterial strength. I mentioned the demand increasing contribution, obviously, from Bolt 7 and 6x. So I guess maybe for Jason, wondering if you can at least directionally frame where growth was in the quarter compared to either US throm or that VTE growth? And ultimately, what should we expect for the remainder of the year here?

偉大的。這很有道理。然後也許作為後續問題，我只想問動脈強度。我提到了需求增加的貢獻，顯然來自 Bolt 7 和 6x。因此，我想也許對於 Jason 來說，想知道您是否可以至少定向地確定本季度的增長情況，與美國 throm 或 VTE 增長相比如何？最後，我們對今年剩餘時間的情況該有何期待？

Yeah, I can start, and then Adam can jump in. Arterial has been a strength of our US business. It remained a strength of our US business in the first quarter. And Adam in his prepared remarks, talked to you about why. It is really the products in CAVT, Bolt 7, and Bolt 6x, which is the first full quarter on the market, both doing very, very well in an underpenetrated patient population still. So we expect to continue to see strong arterial growth within our US thrombectomy franchise.

是的，我可以開始，然後亞當可以加入。Arterial 一直是我們美國業務的優勢。這仍然是我們第一季美國業務的優勢。亞當在他的準備好的發言中向你們解釋了原因。實際上是 CAVT、Bolt 7 和 Bolt 6x 中的產品，這是上市的第一個完整季度，在滲透率不足的患者群體中，它們都表現得非常非常好。因此，我們預計美國血栓切除術特許經營業務將繼續實現強勁的動脈成長。

Bill Plovanic, Canaccord.

比爾·普洛瓦尼克（Bill Plovanic），Canaccord。

Just if I could, as we talk about Lightning Bolt 6x and 7 kind of going in, just curious, if you look at growth in those products and you look at the volume versus ASPs, I mean, our understanding is as you get 6x, you're also pairing that with SENDit as we get into BTK. Just wondering what type of pricing versus volume benefit are you seeing? And we're in the early stages of this. I mean, is this something where 6x with SENDit is going to be magnitude, double triple of what you're getting per case than the standard catheter today?

當我們談論 Lightning Bolt 6x 和 7 時，如果可以的話，我只是好奇，如果你看看這些產品的成長情況，看看銷量與 ASP，我的意思是，我們的理解是，當你獲得 6x 時，你也會將它與 SENDit 配對，因為我們進入 BTK。只是想知道您看到了什麼類型的定價與數量優勢？我們正處於這一進程的早期階段。我的意思是，使用 SENDit 的 6 倍是否會是數量級，是目前標準導管的兩倍或三倍？

And then I have a follow-up.

然後我有一個後續問題。

Yeah. So the -- first of all, most of our growth this past quarter was volume, not price at all. When you look at 6x primarily, those are cases we weren't doing beforehand. Those are cases that were being done with open surgery because of the size of the artery. So that's obviously, the price is -- it's just volume.

是的。所以——首先，我們上個季度的大部分成長是銷售成長，而不是價格成長。當你主要看 6x 時，這些是我們之前沒有做過的情況。由於動脈大小，這些病例都以開放性手術進行。顯然，價格只是數量而已。

It's new cases. There's really little difference between 6x and 7. And so there's -- you're not going from, oh, I used to use 7, now I use 6x, it costs a little more. The vast majority of this is obviously value. And we called that out in the prepared script.

這是新案例。6x 和 7 之間確實差異不大。所以 — — 你不會想到，哦，我以前使用 7，現在我使用 6x，這樣成本會高一點。其中絕大部分顯然是有價值的。我們在準備好的腳本中提到了這一點。

Okay. And then just any update on coronary, getting the CAVT technology in the coronary?

好的。那麼關於冠狀動脈的任何更新，將 CAVT 技術應用於冠狀動脈嗎？

Yeah, it's a good question. Coronary has continued to be a great business. Those who use it regularly, obviously, think it's changed their practice dramatically. The question really is, is it necessary in the coronary arteries? Clot is very different typically. There are always exceptions.

是的，這是個好問題。冠狀動脈疾病一直是一項偉大的事業。顯然，那些經常使用它的人認為它極大地改變了他們的做法。真正的問題是，冠狀動脈中有必要存在這種物質嗎？血塊通常非常不同。凡事都有例外。

But if you remember way back to the CHITA study that happened a number of years ago, the time for that product to remove the clot was really short, like a couple of minutes, a little over 1 minute, 1.5 minutes, I think, is the exact number. So what can we add to that case right now and even a set of time that adds a minute or two to it might be not as good.

但如果你還記得幾年前進行的 CHITA 研究，你會發現該產品去除血栓的時間非常短，大​​約幾分鐘，1 分鐘多一點，1.5 分鐘，我想，這是確切的數字。那麼我們現在可以為此案例添加什麼呢？甚至添加一兩分鐘的一組時間也可能不太好。

So we're going to continue to look at that. There are some exceptions that in the coronary, we're having something that is effective at getting more chronic or harder clot out. But it really, as a general rule, the product we have is doing a really, really good job in the coronary. So obviously, that's continuing to be a great business. It isn't growing anywhere near all these years later at the same rate the other ones are.

因此我們將繼續關注這個問題。有一些例外，在冠狀動脈中，我們正在使用一些有效的方法來去除更慢性或更堅硬的血栓。但實際上，一般來說，我們的產品在冠狀動脈方面確實發揮了非常非常好的作用。顯然，這將繼續是一項偉大的事業。這麼多年過去了，它的成長速度遠不及其他公司。

Yeah. And then if I could, just on tariffs, it just sounds like at the end of the day, not really an impact for you given where you manufacture and where you source from. Yeah, it just seems -- and it's kind of redundant, but given the significant outperformance of the first quarter, the guide is at least especially on an operating margin basis, our operating profitability basis seems super conservative. And I'm just wondering what is kind of driving that?

是的。然後，如果可以的話，僅就關稅而言，聽起來最終這對您來說並沒有太大的影響，因為您生產的地方和採購的地方。是的，看起來似乎有點多餘，但考慮到第一季的顯著表現，該指南至少是基於營業利潤率，我們的營業盈利能力基礎似乎非常保守。我只是想知道是什麼導致了這種現象？

I think you just said it. We have recent experience of getting over our skis. It's the early in the year, just the first quarter, and we're going to stick to our conservative approach. I think you got it.

我想你剛才已經說過了。我們最近有過克服滑雪板的經驗。現在才年初，也就是第一季度，我們將堅持保守的做法。我想你明白了。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Just want to follow up a little bit on Ruby XL, new product, maybe markets that we're not as familiar with. Can you kind of help us understand the product and maybe the market opportunity? Is this something measured in tens of millions or a $100 million-plus opportunity?

只是想稍微跟進一下 Ruby XL、新產品以及我們不太熟悉的市場。您能幫助我們了解產品和市場機會嗎？這是價值數千萬美元還是超過一億美元的機會？

Yeah. Let me first describe the product. It's built on our same fundamental platform of all of our peripheral coils, which are generally larger diameters, softer, longer, so that you can just have more control and fill the space that you're filling much faster and much more completely. The softness allows it to have better packing density. So we're taking that platform, having a bigger coil now from a diameter standpoint, length and so on so that we can do that in areas where you don't typically use coils, or if you do, you're using sort of coils that don't have those same properties of being super soft and extra long.

是的。我先來描述一下這個產品。它建立在我們所有外圍線圈相同的基礎平台上，這些線圈通常直徑更大、更柔軟、更長，因此您可以更好地控制並更快、更徹底地填充您要填充的空間。柔軟度使其具有更好的填充密度。因此，我們利用該平台，從直徑、長度等角度來看，擁有更大的線圈，以便我們可以在通常不使用線圈的領域做到這一點，或者如果您使用線圈，則可以使用不具備超軟和超長特性的線圈。

It's a little early for us, let's do our first cases first once we get product, and then we'll start to be able to give you a better sense of how broad this will go. If you can indulge us just a little time to get our first cases done, I will be happy to try to, in future calls, size that market a little more for you.

對我們來說現在還為時過早，一旦我們拿到產品，我們就會先做第一批案例，然後我們才能開始讓您更好地了解這個產品的範圍有多廣。如果您能給我們一點時間來完成我們的第一批案件，我將很樂意在以後的電話中為您進一步擴大該市場的規模。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

I guess two for me. You are making these efforts in Costa Rica. Arguably, you're in the right spot. You're not seeing an impact from tariff dynamics. You've made some investment rate. Did your plans change at all in terms of your expansion into Costa Rica, using that as a stepping stone to a broader international effort?

我想對我來說是兩個。你們正在哥斯達黎加做出這些努力。可以說，您是在正確的位置。你沒有看到關稅動態的影響。您已獲得一些投資率。您在向哥斯達黎加擴張方面的計劃是否有任何改變，以此作為更廣泛的國際努力的墊腳石？

I know this is -- everything is in flux, but I'm just curious if kind of the market dynamics have caused you to take a pause and think about that a little more differently?

我知道這是——一切都在變化，但我只是好奇市場動態是否會讓您停下來並以不同的方式思考這個問題？

Yeah, no. It's a great question. I'm glad you asked it. So the answer is that, that project is underway. We signed a contract for the land and the facilities going to be built and all of that stuff.

是的，不。這是一個很好的問題。我很高興你問了這個問題。答案是，該項目正在進行中。我們簽署了有關土地、將要建造的設施以及所有這些東西的合約。

It's a several-year process. Before it would be online, it would be coming online sometime in 2027. So too early to decide what one -- which way one goes. If we're in a situation where tariffs are back to normal and it's no longer the topic that it is right now, then it would be the obvious next place that we expand. We'll bring some of our products there that might have slightly higher margins being made in the US, and we'll get some significant margin benefit there as well.

這是一個需要幾年的時間的過程。在其上線之前，它將在 2027 年的某個時候上線。現在決定走哪條路還為時過早。如果我們處於關稅恢復正常並且不再是現在的話題的情況，那麼這顯然將是我們下一個擴張的地方。我們將把一些在美國生產時利潤率可能略高的產品帶到那裡，我們也會在那裡獲得一些可觀的利潤收益。

The pace of being able to expand there is pretty quick, a couple of years, until we can be up and running, if you will. If we're not in a different situation, and we're still in a situation where tariffs are governing a lot of our decision-making, then we have a facility outside the US that can in effect supply the rest of the international market without the risk of tariffs for product that we're sending from here.

在那裡擴張的速度相當快，如果你願意的話，幾年後我們就可以開始營運了。如果我們的情況沒有改變，並且仍然處於關稅左右我們許多決策的情況，那麼我們在美國境外擁有一個工廠，可以有效地供應其餘的國際市場，而不必擔心從這裡發送的產品面臨關稅風險。

So we have a lot of flexibility by doing that. And to be honest, having manufacturing in more than one general location, albeit our two plants or a couple of hours away, they're still in the same state, is obviously, I think, prudent for us to do. So either way, we can pivot, and it just gives us a lot of flexibility in a couple of years to decide what to do.

因此，透過這樣做，我們擁有很大的靈活性。老實說，雖然我們的兩家工廠相距幾個小時，但它們仍然處於同一狀態，但將製造業務設在多個地點顯然是明智之舉。所以無論哪種方式，我們都可以轉變，這給了我們在幾年內很大的靈活性來決定要做什麼。

Okay. And then the follow-up, there was a new drug approved, a new thrombolytic agent in March, I believe, offers about a single 5-second IV bolus as opposed to maybe some of the slower drugs like Activase. I'm specifically talking about neurovascular, right now, Adam, as you're probably aware. I'm just wondering whether you see this impacting thrombectomy demand in the near term as it's rolled out, and physicians maybe are a little more apt to try it in the face of what could be some of your technology?

好的。然後，後續還有一種新藥獲得批准，我相信，這是一種新的溶栓劑，只需一次 5 秒的靜脈推注，而不是像 Activase 等一些速度較慢的藥物那樣。亞當，我現在特別想談論的是血管神經，你可能已經知道了。我只是想知道，隨著這項技術的推廣，您是否認為它會影響短期內血栓切除術的需求，並且醫生在面對您的某些技術時是否更傾向於嘗試它？

Yeah. I think we're really talking about different patients. There are patients that don't have clot -- they have sort of lacunar strokes way deeper in the brain, where catheters don't get even the more -- the smaller distal catheters, where a drug like that would be a huge benefit. I have heard nobody, even non-interventional neurologists talking about going backwards and using a drug in its early stages to see if it's better than thrombectomy at this point. I just haven't heard that.

是的。我認為我們實際上談論的是不同的病人。有些患者沒有血栓，他們患有腦部深處的腔隙性中風，導管無法到達更遠的地方，即使是更小的遠端導管，這樣的藥物也會為他們帶來巨大的好處。我還沒有聽到任何人，甚至非介入性神經病學家談論倒退並在早期階段使用藥物來查看它是否比血栓切除術更好。我只是沒聽過。

It's more logical and more likely that it's for way distal sort of strokes where catheters don't fit at all.

這更符合邏輯，也更有可能適用於導管根本無法插入的遠端中風。

Kallum Titchmarsh, Morgan Stanley.

摩根士丹利的卡勒姆·蒂奇馬什 (Kallum Titchmarsh)。

A couple of quick ones from me, and I'll ask them both upfront. Just on Ontario, specifically just looking for a bit more clinical color on the early rollout of 6x. The feedback you received on those BPK cases and how willing have the docs been to switch up treatment methods.

我只想快速問他們幾個問題，然後我會提前問他們兩個。僅在安大略省，具體只是在 6x 的早期推出中尋找更多臨床色彩。您收到的有關這些 BPK 病例的回饋以及醫生改變治療方法的意願如何。

And then just secondly on Thunderbolt. Obviously, your current data for distal clot thrombectomy has been great, albeit more than skewed. Is there any kind of technological factor that would enable modulated aspirations to better target distal clots than existing tech today?

其次是 Thunderbolt。顯然，您目前關於遠端血栓切除術的數據非常好，儘管存在一些偏差。是否存在某種技術因素，可以使調節抽吸比現有技術更好地瞄準遠端血栓？

Yeah. So a couple of good questions. Let's start on arterial and sort of how that's going. Look, arterials, we're competing against open surgery. And so if you can get the clot out in a matter of a minute or two of device time or three minutes compared to open surgery, you're going to win over those physicians. And it's the predictability of it.

是的。有幾個好問題。讓我們從動脈開始，看看它是如何進行的。瞧，動脈手術，我們正在與開放式手術競爭。因此，如果您能在一兩分鐘的設備時間內或與開放手術相比三分鐘的時間內取出血栓，您就會贏得那些醫生的青睞。這是可預測的。

With modulated aspiration 6x, it's just that much more predictable. It happens, it's fast, you're going to start to have that word of mouth. And we saw that happen. There's a lot of discussion about it, a lot of excitement about it.

透過調節抽吸 6x，一切都變得更加可預測。它發生了，它發生得很快，你就會開始有口耳相傳。我們親眼見證了這一切的發生。人們對此有很多討論，也有很多興奮。

And I think over -- again, these things happen in waves. You don't just get everyone at once. It's not like that where you have a giant seminal clinical trial, or you have a reimbursement or a guideline change. This is word of mouth. What do I do now?

我再想一想──這些事情是一波一波發生的。你不可能一下子就得到所有人的青睞。這並不是說你進行了一次大型開創性臨床試驗，或進行了一次報銷或改變了指導方針。這是口耳相傳。我現在該怎麼辦？

What is someone else doing? Should I try it? I did, oh wow, that's good and word of mouth builds. And it comes in waves. And we've seen that, obviously, in the VTE front where we've had two quarters of this sort of wave, and we're onboarding folks for the next round of conversions, and that's an exciting moment.

其他人在做什麼？我應該嘗試一下嗎？我做到了，哇哦，這很好，而且可以形成口碑。而且它是波浪式地湧來的。顯然，我們已經看到，在 VTE 方面，我們已經經歷了兩個季度的這種浪潮，我們正在為下一輪的轉換做準備，這是一個激動人心的時刻。

And the same thing on the arterial side, where it's happening because the product has worked and it works in smaller vessels, it works in the larger ones with 7, and I think we'll see that.

動脈方面也發生了同樣的事情，因為該產品已經發揮了作用，它在較小的血管中起作用，它在較大的血管中也起作用，有 7 種，我想我們會看到這一點。

As it relates to sort of Thunderbolt going more distal, Thunderbolt right now is paired with in the trial with our 72 or 68 and our 62. So 62 certainly can go a little more distal when you really go into the places where you're not on label, which is the M3, you're on label in M2, where you can use our current technology. When you're going in places where you're not on label, which some of those distal trials that stentriever showed, it's a different story. And there, the 43 has done a really good job.

由於它與 Thunderbolt 的遠端連接有關，目前在試驗中 Thunderbolt 與我們的 72 或 68 以及 62 配對。因此，當您真正進入不在標籤上的地方時，62 肯定可以走得更遠一些，即 M3，您在 M2 上的標籤上，您可以在其中使用我們當前的技術。當你去到標籤上沒有標註的地方時，情況就不同了，正如 stentriever 的一些遠端試驗所顯示的那樣。在這方面，43 做得非常好。

Clot tends, as it gets smaller and smaller, to sometimes, many times be a little less challenging to get out if you can just get the catheter there.

隨著血塊變得越來越小，如果能將導管插入血塊，取出血塊的難度就會降低很多。

So we'll wait and see. We haven't made any final decisions on how small you can use -- how small of a catheter you can use Thunderbolt with. And is there a benefit as you go forward, smaller and smaller, but we'll let you know.

所以我們拭目以待。我們尚未就可以使用多小的導管（可以使用多小的導管與 Thunderbolt 配合使用）做出任何最終決定。隨著你不斷前進，會不會有好處，會不會越來越小，但我們會讓你知道。

Richard Newitter, Truist.

Richard Newitter，Truist。

Congrats on the quarter. Maybe just the first one on US stroke. I know you guys have been at or close to 20% growth for US neurothrombectomy in the last few quarters. I know you have a tougher comp year over year this quarter, but is it fair to assume that you are in that ballpark? Or maybe you could benchmark us to what the market rate is that you referenced.

恭喜本季取得佳績。或許這只是美國中風的第一例。我知道過去幾季美國神經血栓切除術的成長率達到或接近 20%。我知道本季你們的競爭比去年同期更加激烈，但是我們可以假設你們的競爭水平大致如此嗎？或者您可以根據您所參考的市場價格來對我們進行基準測試。

Yeah, so a couple of times, Richard, everyone wants to know the specific numbers. And we're just going to go down this really tough path, of course, of number by number, quarter by quarter, and it's not going to be helpful. We obviously called out VTE because of just sort of the prominence of that growth and the effect that it had and the size of that market.

是的，理查德，有幾次每個人都想知道具體的數字。當然，我們只能沿著這條非常艱難的道路前進，一個數字一個數字，一個季度一個季度地前進，這不會有任何幫助。我們之所以呼籲 VTE，顯然是因為這種成長的突出性、它產生的影響以及該市場的規模。

Stroke, as I've said, we did really well. We clearly grew above the market. The market, as you know, has been growing as a small clip, but it has been not the same kind of growth that we've seen on the arterial side or venous side. And it was clear just from our own data, looking at places that are doing cases that used to not doing cases. We didn't really lose anybody, and we saw a significant group of new physicians sort of convert over.

中風，正如我所說，我們做得非常好。我們的成長明顯高於市場。如你所知，市場一直在小幅增長，但這種增長與我們在動脈或靜脈方面看到的增長不同。從我們自己的數據中可以清楚看出，現在有些地方正在處理以前不處理案件的情況。我們實際上並沒有失去任何人，而且我們看到一大批新醫生轉變了態度。

So I think we're doing pretty well on the stroke side.

所以我認為我們在擊球方面做得很好。

Okay. I guess if you can share what maybe a rough estimate of the US market is, and then I'll just provide my follow-up now. I'm not asking whether or not it's in guidance. I'm guessing the answer is, no, but you've got a number of new launches that are coming.

好的。我想如果你能分享一下對美國市場的粗略估計，那麼我現在就可以提供我的後續資訊。我並不是問它是否在指導範圍內。我猜答案是否定的，但你們即將推出許多新產品。

So 1Q has all been volume growth. Should there be an opportunity for price as a tailwind or incremental driver in the second half from these new products? And if you care to share whether or not you're factoring any of that into guidance.

因此，第一季的銷售量全部都在成長。這些新產品是否有機會在下半年推動價格上漲或增加銷售量？如果您願意分享，您是否將其中任何一個因素納入指導之中。

Yeah. Well, so the big thing that we've talked about obviously is Thunderbolt isn't in the guidance until we get approved, and we'll obviously add it. We've said that before. Thunderbolt is the product that probably has the most obvious price for us. It's actually, ironically, if you look at the vast majority of what people are doing, whether they're using stentrievers and expensive guide catheters and all that kind of stuff, we're actually not going to be more expensive on a per case basis. But for us, we'll get a price better fit for the use of Thunderbolt. So that's true.

是的。好吧，我們討論的一件大事顯然是，Thunderbolt 在我們獲得批准之前不會出現在指導中，我們顯然會添加它。我們之前已經說過了。Thunderbolt 可能是我們最重視價格的產品。諷刺的是，如果你看看人們所做的絕大多數事情，無論他們是使用支架取栓器還是昂貴的導引導管以及所有類似的東西，我們實際上不會在每個病例上花費更多。但對我們來說，我們會得到更適合使用 Thunderbolt 的價格。確實如此。

The larger question about raising price, maybe you weren't asking this, but in case you were, in response to this moment in time, lots of companies we compete with are raising their prices. And that's how they're seeing their growth. They're just saying my product now costs x and that is their growth. It's not volume growth, it's not market growth. In fact, in some of the cases, it's a decline but covered over by raising prices.

關於提高價格的更大問題，也許您沒有問這個問題，但如果您問了，那麼為了應對這一時刻，我們競爭的許多公司都在提高價格。這就是他們所看到的自己的成長。他們只是說我的產品現在花費 x，這就是他們的成長。這不是數量成長，也不是市場成長。事實上，在某些情況下，銷售量確實下降，但透過漲價來掩蓋。

That's not something -- that's something that hospitals are all talking about right now. I've been brought into some of those conversations, and everyone's hearing about it. We have not done that, and it provides us, because we have lots of growth coming from volume, new cases. And that really does in times when things are tough, not doing that is a big deal and people remember that in a positive way for a long time.

這不是——這是醫院現在都在談論的事情。我參與了一些這樣的對話，每個人都聽過。我們還沒有做到這一點，但它為我們提供了幫助，因為我們從數量和新案例中獲得了很多增長。在困難時期確實如此，不這樣做是一件大事，人們會長期以正面的方式記住這一點。

So I just wanted to make sure that was clear that we're not increasing our price.

所以我只是想明確地表明我們不會提高價格。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

So the peripheral number, again, Adam, super strong. Can you just talk a little bit about what you're seeing in the marketplace in terms of the growth of that product on the PE side of things -- sorry, Flash 2.0 specifically, but PE side, DVT side of things, are you seeing an inflection anywhere specifically? I don't know if it's on one side or the other? And are you starting to see that penetration conversion away from lytics maybe accelerating? And then I do have a follow-up.

因此，外圍數字，再次，亞當，超級強大。您能否簡單談談您在市場上看到的 PE 方面產品的成長情況——抱歉，具體來說是 Flash 2.0，但就 PE 方面、DVT 方面而言，您是否看到了具體的拐點？我不知道它是在這邊還是那邊？您是否開始看到溶解劑的滲透轉化正在加速？然後我確實有一個後續行動。

Yeah. I mean, just to give some sort of context, we obviously had a larger percentage of the market in DVT and PE when a couple -- two quarters ago. So by definition, a bigger percentage of this growth is coming in PE, but we're still seeing it in DVT as well. And again, it really is -- it's not coming from lytics as much, albeit there's always going to be somebody here and there, but the vast majority is really coming from other people, other mechanical products.

是的。我的意思是，只是為了提供某種背景，兩個季度前，我們顯然在 DVT 和 PE 市場佔有更大的份額。因此，根據定義，這種增長的更大比例來自 PE，但我們在 DVT 中也看到了這種增長。再說一次，事實確實如此——它不是來自溶解的，儘管總會有人在這裡或那裡，但絕大多數實際上來自其他人，其他機械產品。

And again, not to sort of be flippant or smart, but CAVT is just better. It's -- you're using a computer to actuate the valve. It works a lot faster. We sort of shared what that looks like. And as more and more people understand that, they hear it, they hear their friends.

再說一次，我並不是想輕率或自作聰明，但 CAVT 確實更好。您正在使用計算機來啟動閥門。它的工作速度更快。我們大致分享了它的樣子。隨著越來越多的人理解了這一點，他們聽到了它，他們聽到了他們的朋友的聲音。

They go to meetings, they're talking about it, it brings people in. SIR had dozens and dozens of folks who haven't ever used our product come up to us and want to engage in a conversation where in the past, that wasn't something they wanted to do. And we're seeing that across the board.

他們參加會議，討論此事，以此吸引人們參與。SIR 有幾十個從未使用過我們產品的人來找我們，想要進行對話，而在過去，這不是他們想做的事情。我們看到這種情況普遍存在。

Again, it's a better product. And we're not going to rest on our laurels. I talked about that in the prepared remarks, innovation is going to continue with a priority focus on these CAVT products so that we stay ahead and we continue to make getting clot out more and more routine with these patients. So that's what happens. And these things happen in waves.

再說一次，這是一個更好的產品。我們不會滿足於現狀。我在準備好的發言中談到，創新將繼續，優先關注這些 CAVT 產品，以便我們保持領先地位，並繼續使這些患者的血塊清除變得越來越常規。事情就是這樣的。這些事情一波一波地發生。

They're not linear. I got to repeat that over and over again. That's not code for anything other than that's just a process. There's a process that happens when people talk to each other and then convert. It's a great moment.

它們不是線性的。我必須一遍又一遍地重複這一點。這不是任何其他東西的程式碼，而只是一個過程。當人們互相交談並轉變觀念時，就會發生一個過程。這是一個偉大的時刻。

It's a lot of fun to have people who, for many, many years have been skeptical now be approaching us and be the ones primarily calling us versus us calling them. It's a testament to the extraordinary R&D work, and frankly the patients and frankly dedication that our commercial team has to the customers.

有趣的是，那些多年來一直持懷疑態度的人現在開始聯繫我們，而且主要是他們給我們打電話，而不是我們打電話給他們。這證明了我們卓越的研發工作，坦白說，也證明了我們的商業團隊對客戶的耐心和奉獻精神。

Got it. Okay. Appreciate that. And then a question for Maggie, and I'm sure Jason is going to shut this down. But just that gross margin improvement in the quarter was again kind of eye-popping.

知道了。好的。非常感謝。然後問瑪姬一個問題，我相信傑森會結束這個問題。但本季毛利率的提高再次讓人大跌眼鏡。

Peripheral is doing really well. I'm assuming those have some really good gross margins to them. Can we potentially get to 70% gross margins a little bit earlier than the kind of end of next year? I know it's still a long way to go. But I mean, can we start touching that kind of number even late this year or maybe Q2 of next year?

外圍設備表現非常好。我認為這些產品的毛利率確實很高。我們能否在明年年底前稍微實現 70% 的毛利率？我知道路還很長。但我的意思是，我們能在今年年底或明年第二季開始達到這個數字嗎？

It's a little premature to talk about it but I think everything is on the right track. I mean, you can look at our projection on this year's sequential improvement similar to last year. So it's a similar phasing of how our improvement in product mix has an impact of our gross margin. But at the same time, I also pointed out that in the second quarter, due to some accelerating investment in Ruby XL, trying to optimize our manufacturing process, our margin may be a little bit flat in the second quarter compared to the first quarter.

現在談論這個還為時過早，但我認為一切都在正確的軌道上。我的意思是，您可以看看我們對今年與去年類似的連續改善的預測。因此，我們的產品組合改善對毛利率的影響也處於類似的階段。但同時，我也指出，在第二季度，由於對 Ruby XL 的一些加速投資，試圖優化我們的製造流程，我們的利潤率在第二季度與第一季相比可能會持平。

But it's just a timing on the investment, and we are still on the right track.

但這只是投資時機的問題，我們仍然走在正確的軌道上。

David Rescott, Baird.

大衛雷斯科特，貝爾德。

Adam, I think last quarter, you talked more about invested focus on some of the embolization businesses in the US. I'm wondering if you could maybe expand on kind of what your thoughts are there? And where you think the benefit could be?

亞當，我想上個季度你更多地談到了對美國一些栓塞業務的投資重點。我想知道您是否可以詳細說明一下您的想法？您認為其好處在哪裡？

And if that's something that can help you get back to maybe more stable embolization growth? And if so, what are you kind of paying back normalized market growth at?

這是否可以幫助您恢復更穩定的栓塞生長？如果是這樣，那麼您將以何種方式回報正常的市場成長？

Yeah. Thanks, David. That's a really good question. We've talked about it a couple of times. The investment is in two areas. One, obviously, in our -- on the innovation side, we've been working on new embolization technologies.

是的。謝謝，大衛。這真是一個好問題。我們已經討論過這個問題幾次了。投資涉及兩個領域。首先，顯然，在創新方面，我們一直致力於研究新的栓塞技術。

Ruby XL is one of them that is there to solve a unique and pretty significant issue. And if the product works once we get into the clinic with it, the way we anticipate and expect, I think it will be a pretty helpful and significant product and certainly add to the growth.

Ruby XL 就是其中之一，它可以解決一個獨特且非常重要的問題。如果該產品在進入臨床後能夠像我們預期的那樣發揮作用，我認為它將是一款非常有用且意義重大的產品，並且肯定會促進成長。

The other area that we're investing in is, I've talked about it, making sure the commercial team has the capacity to focus. We have a lot of products. In a vascular (inaudible) we're selling a suite now of embolization tools with yet another one to launch and then a suite of CAVT tools, sometimes they're different customer bases. That's a lot to do, and we need those teams to focus. So we'll give you more information about that probably in upcoming quarters of what that really means at a specific level.

我們正在投資的另一個領域是，我之前談過，確保商業團隊有能力集中精力。我們有很多產品。在血管（聽不清楚）中，我們現在正在銷售一套栓塞工具，還有另一套即將推出，然後是一套 CAVT 工具，有時他們是不同的客戶群。有很多事情要做，我們需要這些團隊集中精力。因此，我們可能會在接下來的幾季向您提供更多有關這在特定層面上真正意味著什麼的資訊。

But those are the two areas. So that both the embo team, the embo group can focus, if you will, the thrombectomy can be on focus. And that, to me, is critical because otherwise, you're just running around, and you're not able to do it all.

但那是兩個領域。這樣，無論是栓塞團隊還是栓塞組都可以集中精力，如果願意的話，可以集中精力進行血栓切除術。對我來說，這一點至關重要，因為否則，你只是四處奔波，無法完成所有的事情。

Okay. Great. Maybe on the medium kind of vessel segment and the stroke side, I think we're maybe three or four months past that data. Wondering if you have any updated thoughts on what that market could be or could be post the data we saw in some of the checks that we've had while not a positive for the total thrombectomy market seems to suggest that maybe the aspiration market could see a benefit from what those trials read out to be. So curious on any updated thoughts on that and whether or not maybe Thunderbolt could play a role in that market.

好的。偉大的。也許在中等類型的血管段和中風方面，我認為我們可能已經超過這些數據三到四個月了。想知道您是否對該市場可能是什麼有任何最新的想法，或者可以發布我們在一些檢查中看到的數據，雖然對於完全血栓切除術市場來說並不是積極的，但似乎表明也許抽吸市場可以從這些試驗的結果中受益。所以我很好奇對此有什麼最新的想法，以及 Thunderbolt 是否可以在這個市場發揮作用。

Yeah. So that's a great question. So it's pretty clear that if you're going pretty distal in the M3 and so on with a stentriever, you shouldn't do that. That was, to be honest, I think for folks who have focused on aspiration as a company the whole time that was fairly obvious. There's data recently published that with our RED 43 showing a very different result in more distal vessels.

是的。這是一個很好的問題。因此很明顯，如果你要使用支架取回器在 M3 等車輛中行駛到遠端，你就不應該這樣做。老實說，我認為對於那些一直專注於公司願景的人來說，這一點是相當明顯的。最近發布的數據顯示，我們的 RED 43 在更遠端的血管中顯示出非常不同的結果。

So I think you're right. If you're going to do it, you should be doing it with an appropriate-sized aspiration catheter. I think there's -- so I think there's a benefit for aspiration in that area.

所以我認為你是對的。如果您要這樣做，您應該使用適當尺寸的抽吸導管。我認為——所以我認為這對那個領域的抱負是有好處的。

As it relates to Thunderbolt, the question is still open, how small of a catheter can benefit with the idea of modulated aspiration? Right now, we do have Thunderbolt on RED 62. That was part of our trial. So that's not obviously a small as 43, but it certainly can go to sort of the midsized vessels.

至於與 Thunderbolt 相關的問題，問題仍然是：多小的導管可以從調節抽吸的想法中受益？目前，RED 62 上確實有 Thunderbolt。這是我們試驗的一部分。所以這顯然不是像 43 那麼小，但它肯定可以用於中型船隻。

Those are not terms of -- everyone has slightly different definitions. But if it's 62 bits, it's proven to be a very effective tool in the trial with Thunderbolt. So I think we're positioned really well to be able to help all of those patients ultimately where the catheter can fit. And that's something we've always been doing, and we're going to continue to do it.

這些不是術語——每個人的定義都略有不同。但如果是 62 位，那麼在與 Thunderbolt 的試驗中，它被證明是一個非常有效的工具。所以我認為我們完全有能力幫助所有能夠安裝導管的患者。這是我們一直在做的事情，而且我們將繼續這樣做。

This concludes the Q&A portion of today's conference call. I will now turn today's call over to Cecilia Furlong for closing remarks.

今天電話會議的問答部分到此結束。現在，我將今天的電話會議交給塞西莉亞·弗隆 (Cecilia Furlong) 做結束語。

Thank you, operator. On behalf of our management team, thank you all again for joining us today and for your interest in Penumbra. We look forward to updating you on our second-quarter call.

謝謝您，接線生。我代表我們的管理團隊，再次感謝大家今天的參與以及對 Penumbra 的關注。我們期待在第二季電話會議上向您通報最新情況。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。