Procept Biorobotics Corp (PRCT) 2025 Q1 法說會逐字稿

Good morning and welcome to Procept Biorobotics first quarter 2025 earnings conference call. (Operator Instructions)

早安，歡迎參加 Procept Biorobotics 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the call over to Matt Bacso, Vice President investor relations, for a few introductory comments.

現在，我想將電話轉給投資者關係副總裁 Matt Bacso，請他發表一些介紹性評論。

Good morning and thank you for joining Procept Biorobotics first quarter 2025 earnings conference call. Presenting on today's call are Reza Zadno, Chief Executive Officer, Kevin Waters, Chief Financial Officer, and Sham Shiblaq, Chief Commercial Officer.

早安，感謝您參加 Procept Biorobotics 2025 年第一季財報電話會議。參加今天電話會議的有執行長 Reza Zadno、財務長 Kevin Waters 和商務長 Sham Shiblaq。

Before we begin, I'd like to remind listeners that statements made on this conference call that relate to future plans, events, or performance are forward-looking statements as divined under the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想提醒聽眾，根據 1995 年《私人證券訴訟改革法案》，本次電話會議上所作的與未來計劃、事件或表現相關的陳述均為前瞻性陳述。

While these forward-looking statements are based on management's current expectations and beliefs, these statements are subject to several risks, uncertainties, assumptions. And other factors that could cause results to differ materially from the expectations expressed on this conference call. These risks and uncertainties are disclosed in more detail at Procept Biorobotics filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov.

雖然這些前瞻性陳述是基於管理階層目前的預期和信念，但這些陳述受若干風險、不確定性和假設的影響。以及其他可能導致結果與本次電話會議上表達的預期有重大差異的因素。Procept Biorobotics 向美國證券交易委員會提交的文件中更詳細地揭露了這些風險和不確定性，所有這些文件均可在 www.sec.gov 網站上查閱。

Listeners are cautioned not to place under reliance on these forward-looking statements, which Speak only as of today's date, April 24th, 2025, except as required by law, by robotics undertakes no obligation to update or revise any forward-looking statements to reflect new information, circumstances, or unanticipated events that may arise. During the call, we will also reference certain financial measures that are not prepared in accordance with GAAP.

敬請聽眾不要依賴這些前瞻性陳述，這些陳述僅截至今天（2025 年 4 月 24 日）有效，除非法律另有規定，機器人技術不承擔更新或修改任何前瞻性陳述以反映可能出現的新資訊、情況或意外事件的義務。在電話會議中，我們也會參考某些未依照 GAAP 編製的財務指標。

More information about how we use these non-gap financial measures as well as reconciliations of these measures to their nearest GAAP equivalent are included in our earnings release. With that, I'd like to turn the call over to Reza.

有關我們如何使用這些非差距財務指標以及這些指標與最接近的 GAAP 指標的對帳的更多信息，請參閱我們的收益報告。說完這些，我想把電話轉給 Reza。

Good morning and thank you for joining us for today's call. I will provide opening comments and a general business update followed by Shaam who will provide a commercial overview. Lastly, Kevin will provide additional details regarding our financial performance and updated 2025 financial guidance.

早安，感謝您參加今天的電話會議。我將提供開場白和一般業務更新，隨後 Shaam 將提供商業概述。最後，Kevin 將提供有關我們的財務表現和更新的 2025 年財務指導的更多詳細資訊。

Beginning with our quarterly revenue results, total revenue for the first quarter of 2025 was $69.2 million representing growth of 55% compared to the first quarter of 2024. Growth in the quarter was driven by increased US system and hand pieces sold as well as record international revenues.

從我們的季度營收結果開始，2025 年第一季的總營收為 6,920 萬美元，與 2024 年第一季相比成長了 55%。本季的成長得益於美國系統和手機銷量的成長以及創紀錄的國際收入。

We exited the first quarter of 2025 with a US installed base of 547 systems representing growth of 55% compared to the prior year period. We sold a total of 43 robotics systems in the first quarter of 2025.

截至 2025 年第一季度，美國安裝系統數量已達 547 個，較去年同期成長 55%。2025 年第一季度，我們共售出 43 套機器人系統。

Turning to the global macro environment, specifically our exposure to tariffs.

談到全球宏觀環境，特別是我們的關稅風險。

As a reminder, following the establishment of full Medicare coverage in 2021, we initiated US commercial operations in earnest at the time when the pandemic had exposed significant vulnerabilities in the global supply chain. In response, we took proactive steps to de-risk our supply chain by sourcing the majority of our strategic components in the US.

需要提醒的是，繼2021年建立全民健保覆蓋之後，我們在疫情暴露出全球供應鏈重大脆弱性之時認真啟動了美國商業運作。作為回應，我們採取了積極措施，透過在美國採購大部分戰略部件來降低供應鏈風險。

For components that could not be sourced within the US, we took deliberate steps to maintain significant inventory levels. This approach not only mitigated the risk of supply disruption, but also helped reduce our exposure to potential tariff escalations.

對於無法在美國境內採購的零件，我們採取了謹慎的措施來維持相當的庫存水準。這種方法不僅減輕了供應中斷的風險，而且還有助於降低我們面臨潛在關稅升級的風險。

For example, greater than 95% of the direct material cost of our single-use handpiece is sourced in the United States regarding our robotic system. Our primary exposure to China lies in the ultrasound system. However, we have typically maintained a robust supply of inventory for this critical component.

例如，我們的一次性手機機器人系統的直接材料成本中超過 95% 都來自美國。我們對中國的主要了解在於超音波系統。然而，我們通常會為此關鍵部件保持充足的庫存供應。

Kevin will provide additional detail in the guidance section. However, given our strong inventory position of ultrasound units and the fact that all products are assembled in California, we currently anticipate only a modest impact to 2025 gross margin. That said, we have taken a conservative approach to our 2025 gross margin outlook and will continue to closely monitor potential headwinds that could affect fiscal 2026. Turning to clinical updates.

Kevin 將在指導部分提供更多詳細資訊。然而，鑑於我們超音波設備的強大庫存地位以及所有產品都在加州組裝的事實，我們目前預計對 2025 年毛利率的影響只會很小。儘管如此，我們對 2025 年毛利率前景採取了保守的態度，並將繼續密切關注可能影響 2026 財年的潛在不利因素。轉向臨床更新。

In March at the 40th annual European Association of Urology Congress in Madrid, primary endpoint results from the water 3 randomized control trial were presented. Water 3 is an international perspective. Multi central study comparing Aquablation therapy to laser in nucleation in prostate sizes 80 to 180 mL.

今年 3 月，在馬德里舉行的第 40 屆歐洲泌尿外科協會年會上，展示了水 3 項隨機對照試驗的主要終點結果。Water 3 具有國際視角。多中心研究比較了水消融療法與雷射對80至180毫升前列腺核的影響。

This study treated 186 men and reported 3 months primary safety and efficacy endpoints. Quarter 3 will also follow patients up to 5 years. At 3 months, Aquablation therapy delivers similar symptom relief to laser renucleation while demonstrating a 0% transfusion rate and significantly lower rates of ejacular dysfunction and incontinence.

這項研究治療了 186 名男性，並報告了 3 個月的主要安全性和有效性終點。第三季也將對患者進行長達 5 年的追蹤。3 個月後，Aquablation 療法可緩解與雷射核複術類似的症狀，同時輸血率為 0%，且射精功能障礙和失禁發生率顯著降低。

Notably, the rate of stress incontinence was 0% among a population patients. These results add to our growing body of clinical evidence and support that Aquablation therapy is highly reproducible in treating prostates of all sizes with a low learning curve.

值得注意的是，在人群患者中，壓力性尿失禁的發生率為 0%。這些結果進一步證明了我們不斷增長的臨床證據，並證明水消融療法在治療各種大小的前列腺方面具有高度的可重複性，且學習曲線較低。

Aside from the clinical outcomes, we believe the water 3 results will be instrumental in helping modify global urology guidelines in the future for larger prostates. Next, I want to provide a positive update regarding US Medicare coverage.

除了臨床結果之外，我們相信水 3 的結果將有助於修改未來針對較大前列腺的全球泌尿科指引。接下來，我想提供有關美國醫療保險覆蓋範圍的積極更新。

Effective April 6, 2025, First goes and Novatas, two of the largest regional Medicare administrative contractors positively updated two key local coverage determinations for LCDs. We estimate first cost and Novatas account for approximately 30% of all Medicare patients in the United States.

自 2025 年 4 月 6 日起，兩家最大的區域醫療保險行政承包商 First goes 和 Novatas 積極更新了針對 LCD 的兩項關鍵本地覆蓋範圍決定。我們估計首次成本和 Novatas 約占美國所有醫療保險患者的 30%。

Regarding the LCD changes, first course and Novatas removed three key limitations age-based restrictions for men over 80, voided volume thresholds that impacted patients in retention, and the requirement to measure prostate size via transrectal ultrasound. These changes significantly streamline the pre-procedure workup and should expand access to Aquablation therapy for a broader patient population. With that, I will turn the call over to Sham to provide more details on first quarter commercial performance.

關於 LCD 變化，First Course 和 Novatas 取消了三個關鍵限制：針對 80 歲以上男性的年齡限制、影響患者保留的排尿量閾值以及透過經直腸超音波測量前列腺大小的要求。這些變化大大簡化了術前檢查，並擴大了更廣泛的患者群體接受水消融治療的機會。接下來，我將把電話轉給 Sham，讓他提供有關第一季商業表現的更多詳細資訊。

Thanks, Reza. Starting with US procedures in the first quarter, we sold 11,235 hand pieces representing year over year unit growth of 65%. As we noted during our fourth quarter earnings call, we experienced some residual impacts in the saline shortage in January. However, volumes returned to more normalized levels in February, with March demonstrating strong growth compared to the prior month. As of the end of March, we believe the sailing issue is behind us.

謝謝，雷札。從第一季的美國手術開始，我們售出了 11,235 件手部手術，年增 65%。正如我們在第四季度財報電話會議上指出的那樣，我們在一月份受到了鹽水短缺的一些殘留影響。然而，2 月份交易量已恢復至更正常的水平，3 月份的交易量與上個月相比呈現強勁增長。截至三月底，我們相信航行問題已經解決。

The first quarter of 2025 was an incredibly important quarter for the company to execute our plan given the macro factors from the fourth quarter. In addition to a strong handed piece quarter, we saw a greater number of accounts launch their off Aquablation program in the 1st quarter compared to any previous quarter.

考慮到第四季度的宏觀因素，2025 年第一季對於公司執行我們的計劃來說是一個非常重要的季度。除了本季表現強勁之外，我們還發現與以往任何季度相比，第一季有更多的帳戶啟動了 Aquablation 計畫。

As I look back over the last quarter, there are 3 key takeaways regarding the Hydro's account launches. First, internally, we proved we can execute supporting a large number of new accounts on accelerated timelines. Second, hospital customers are very motivated to launch and promote their hydro system.

回顧上個季度，我發現 Hydro 的帳戶發布有 3 個關鍵要點。首先，在內部，我們證明我們可以在加速的時間內支援大量新帳戶。其次，醫院客戶非常積極地推出和推廣他們的水力發電系統。

And finally, given the number of accounts that were launched in the first quarter and the daily procedure normalization post saline, we have a high degree of confidence we will continue our procedural and system momentum as we progress through 2025.

最後，考慮到第一季推出的帳戶數量和鹽水注入後的日常流程正常化，我們高度有信心，我們將在 2025 年繼續保持程序和系統的發展勢頭。

Turning to Hydros, with the launch of Hydros last year, we've seen a noticeable increase in engagement with large strategic IDMs, and based on the feedback we have received, we believe momentum is being enhanced by a few key factors. First, with the size of our install base and the growth across hospitals and procedures, many of these new hospitals now view Procept as being on par with the most well established MedTech companies in the US.

談到 Hydros，隨著去年 Hydros 的推出，我們看到與大型策略 IDM 的合作大幅增加，並且根據我們收到的回饋，我們相信一些關鍵因素正在增強其發展勢頭。首先，隨著我們安裝基數的擴大以及醫院和流程的成長，許多新醫院現在認為 Procept 與美國最成熟的醫療科技公司處於同一水平。

Second, they see hydros as a potentially game-changing technology, bringing advanced capabilities to a large established surgical category that has been stagnant for years.

其次，他們認為水光療法是一種可能改變遊戲規則的技術，為多年來一直停滯不前的大型外科手術類別帶來先進的功能。

And third, we're hearing a strong desire to standardize op Aquablation therapy across their hospital networks driven by the consistent reproducible outcomes and the operational efficiencies it brings. Many of these IDNs have also expressed a strong interest in growing patient volumes and view hydros as an enabling technology to support that goal.

第三，我們聽到了強烈的願望，希望在其醫院網路中標準化水消融治療，這是因為它能帶來一致、可重複的結果和運作效率。許多 IDN 也對增加患者數量表現出濃厚的興趣，並將水療法視為支持該目標的有利技術。

Of the 43 systems sold in the first quarter, approximately 45% were associated with IDN bulk buys executed at the corporate level. Furthermore, approximately half of Hydro's placements went to high volume BPH hospitals, with the other half being low or medium volume BPH hospitals. Given this dynamic, we believe hydros is resonating with large strategic IDNs and in all hospitals regardless of historical BPH volume.

在第一季銷售的 43 個系統中，約有 45% 與企業層級執行的 IDN 大量購買有關。此外，Hydro 大約一半的患者被送往了治療 BPH 數量較多的醫院，而另一半則被送往治療 BPH 數量較少或中等的醫院。鑑於這種動態，我們相信水力療法與大型策略性 IDN 以及所有醫院都產生了共鳴，無論歷史上的 BPH 數量如何。

Regarding the broader capital equipment environment, while market uncertainties present challenges, we have demonstrated a strong track record of selling capital at incrementally higher prices driven by the underlying value Aquablation therapy to the patient and hospital customers.

就更廣泛的資本設備環境而言，雖然市場不確定性帶來了挑戰，但我們已證明能夠以逐步提高的價格出售資本，這得益於水消融療法對患者和醫院客戶的潛在價值。

Based on daily conversations with prospective customers in our pipeline, we do not sense any material shift in overall sentiments. We believe Procept is in a strong position to continue to grow the install base for the foreseeable future.

根據我們與潛在客戶的日常對話，我們沒有感覺到整體情緒有任何實質的變化。我們相信，在可預見的未來，Procept 有能力繼續擴大安裝基礎。

Many hospitals associate robotic surgery as a long-term strategic priority to grow revenue and market share, and thus are less likely to cut investment in this area, even if macro conditions moderately worsen. Second, we are in the early innings of a new product launch that is gaining traction. The number of low and medium volume BPH hospitals acquiring hydro systems continues to increase, giving us confidence in our ability to expand into these hospital segments and continue on our path to becoming the BPH standard of care.

許多醫院將機器人手術視為增加收入和市場份額的長期戰略重點，因此即使宏觀條件適度惡化，也不太可能削減該領域的投資。其次，我們正處於新產品發布的初期，而該產品正在獲得越來越多的關注。採用水力治療系統的中小型良性前列腺增生 (BPH) 醫院數量持續增加，這讓我們對擴展到這些醫院領域的能力充滿信心，並繼續朝著成為 BPH 護理標準的方向前進。

Lastly, I want to touch briefly on our international performance. International revenue in the first quarter of 2025 was $8.9 million representing growth of 104% compared to the prior year period. While our international business remains primarily driven by capital sales, we're beginning to see meaningful revenue tailwinds from procedural volumes, particularly in the United Kingdom, where increasing utilization is becoming a meaningful driver of the overall business.

最後，我想簡單談談我們的國際表現。2025 年第一季的國際營收為 890 萬美元，比去年同期成長 104%。雖然我們的國際業務仍然主要由資本銷售驅動，但我們開始看到來自程序量的重要收入順風，特別是在英國，利用率的提高正在成為整體業務的重要驅動力。

This is very encouraging as we now have many examples across the UK of launching robust and durable oscillation programs in both the NHS and private sector. These real-world examples are critical as we continue to sell throughout the UK. With that, I will turn the call over to Kevin.

這是非常令人鼓舞的，因為現在我們在英國各地有許多在 NHS 和私營部門啟動強勁而持久的振盪計劃的例子。這些真實的例子對於我們繼續在英國各地銷售至關重要。說完這些，我會把電話轉給凱文。

Thanks, Shyam. Total revenue for the first quarter of 2025 was $69.2 million representing growth, 55% compared to the first quarter of 2024. US revenue for the first quarter was $60.3 million representing growth of 50% compared to the prior year period.

謝謝，Shyam。2025 年第一季總營收為 6,920 萬美元，與 2024 年第一季相比成長 55%。第一季美國營收為 6,030 萬美元，比去年同期成長 50%。

We generated total US system revenue of $18.7 million representing system revenue growth of 32% compared to the first quarter of 2024. In the first quarter, we sold 43 robotic systems at a blended average selling price of approximately $435,000.

我們在美國系統的總收入為 1870 萬美元，與 2024 年第一季相比系統收入成長了 32%。第一季度，我們銷售了 43 套機器人系統，綜合平均售價約為 43.5 萬美元。

Looking ahead, we expect a small percentage of Hydro's placements to come from legacy Aquabeam system replacement. In these cases, particularly with established customers, we anticipate pricing to be largely consistent with that of a new system.

展望未來，我們預計 Hydro 的一小部分配置將來自傳統 Aquabeam 系統的替換。在這些情況下，特別是對於老客戶，我們預計定價將與新系統的定價大致一致。

Notably during the quarter, one customer replaced their Aquabeam for hydros. As a result, while 43 systems were sold, the US install base grew by 42 units, reaching a total of 547 systems. This reflects continued momentum and system adoption, and the value customers place on our next generation technology.

值得注意的是，在本季度，一位客戶將其 Aquabeam 替換為水力發電機。結果，雖然售出了 43 套系統，但美國安裝基數增加了 42 套，總數達到 547 套系統。這反映了持續的勢頭和系統採用，以及客戶對我們下一代技術的重視。

Turning the US handpiece and consumable revenue. Revenue for the first quarter of 2025 was $38 million representing growth of 61% compared to the first quarter of 2024. The 11,235 hand pieces sold in the United States were at average selling prices of approximately $3200 representing unit growth of 65% compared to the first quarter of 2024.

轉變美國手機和耗材收入。2025 年第一季的營收為 3,800 萬美元，與 2024 年第一季相比成長 61%。美國售出的 11,235 部手機平均售價約為 3,200 美元，與 2024 年第一季相比成長了 65%。

We also recorded approximately $2.1 million of other consumable revenue in the first quarter of 2025. International revenue in the first quarter of 2025 was $8.9 million representing growth of 104% compared to the prior year period.

我們也在 2025 年第一季記錄了約 210 萬美元的其他消耗品收入。2025 年第一季的國際營收為 890 萬美元，比去年同期成長 104%。

Growth in the first quarter was once again driven primarily by strong sales momentum in the United Kingdom. Gross margin for the first quarter of 2025 was 63.9%, consistent with the fourth quarter of 2024, and up 750 basis points year over year. The year over year margin expansion was driven primarily by improved operational efficiencies and higher average selling prices compared to the first quarter of 2024.

第一季的成長再次主要受到英國強勁銷售勢頭的推動。2025年第一季的毛利率為63.9%，與2024年第四季持平，年增750個基點。利潤率同比擴大主要得益於營運效率的提高和與 2024 年第一季相比平均售價的上漲。

Moving down the income statement, total operating expenses for the first quarter of 2025 amounted to $71.6 million compared to $52.7 million during the same period in the prior year.

沿著損益表往下看，2025 年第一季的總營運費用為 7,160 萬美元，而去年同期為 5,270 萬美元。

We believe our path to profitability is becoming increasingly clear as reflected in our recent performance. This clarity is driven by our gross margin expansion into the mid 60% range, which is a direct result of our ability to leverage existing overhead at higher revenue levels along with increased average selling prices for systems and handpieces.

我們相信，正如我們最近的表現所反映的那樣，我們的獲利之路正變得越來越清晰。這種清晰度是由我們的毛利率擴大到 60% 左右所驅動的，這直接得益於我們能夠利用現有的間接費用來提高收入水平，同時提高系統和手機的平均售價。

Net loss was $24.7 million for the first quarter of 2025 compared to $26 million in the same period of the prior year. Adjusted EBITDA was a loss of $15.8 million compared to a loss of $20.4 million in the first quarter of 2024. Our cash equivalents, and restricted cash balances as of March 31st were approximately $319 million.

2025 年第一季淨虧損為 2,470 萬美元，而去年同期淨虧損為 2,600 萬美元。調整後 EBITDA 虧損 1,580 萬美元，而 2024 年第一季虧損 2,040 萬美元。截至 3 月 31 日，我們的現金等價物和受限現金餘額約為 3.19 億美元。

Moving to our 2025 financial guidance. We now expect full year 2025 total revenue to be approximately $323 million representing growth of approximately 44% compared to 2024. We continue to expect to sell approximately 210 new robotic systems in the United States with pricing in the range of $430000 to $440,000.

轉向我們的 2025 年財務指引。我們現在預計 2025 年全年總收入約為 3.23 億美元，與 2024 年相比將成長約 44%。我們繼續預計在美國銷售約 210 套新機器人系統，價格在 43 萬美元至 44 萬美元之間。

Our primary focus in 2025 remains on the substantial opportunity to sell hydross and greenfield accounts. However, we are also seeing interest from existing customers who are looking to either replace their current AquaBeam system or acquire a second system which would be Hydros.

2025 年，我們的首要關注點依然是出售水電和綠地帳戶的大量機會。然而，我們也看到現有客戶的興趣，他們希望更換現有的 AquaBeam 系統或購買第二個系統，即 Hydros。

Therefore, we are guiding the total full year US system revenue of approximately $95 million which includes greenfield sales and to a lesser extent replacement system. We continue to believe that the replacement opportunity will serve as a significant long-term driver for the business, although we are still in the early stages of the adoption curve.

因此，我們預計美國全年系統總收入約為 9,500 萬美元，其中包括綠地銷售和較小程度的替換系統。儘管我們仍處於採用曲線的早期階段，但我們仍然相信替代機會將成為業務的重要長期驅動力。

Turning the US handpieces for the full year, we continue to expect sales of approximately 52,500 handpieces representing a 63% increase in unit volume compared to 2024. We remain confident in our visibility into new account launches and quarterly procedure volumes which contributed to our outperformance in the first quarter.

展望全年美國手機銷量，我們預計手機銷量將達到約 52,500 台，較 2024 年增長 63%。我們仍然對新帳戶推出和季度程序量的可見性充滿信心，這有助於我們在第一季取得優異的業績。

We are maintaining handpiece average selling prices to be approximately $3200 and are increasing other consumable revenue expectations to be approximately $9 million for the full year. Additionally, we expect the US service revenue to now be approximately $16 million for the full year.

我們將手機平均售價維持在約 3,200 美元，並將全年其他消耗品收入預期提高至約 900 萬美元。此外，我們預計美國全年服務收入約為 1,600 萬美元。

Lastly, on international revenue, given strong positive momentum in the United Kingdom, we now expect full year international revenue to be approximately $34.5 million representing annual growth of 44%. Turning the gross margins, the current tariff landscape remains highly fluid. That said, we believe we are well positioned to manage both gross margins and overall profitability in this environment.

最後，關於國際收入，鑑於英國強勁的積極勢頭，我們現在預計全年國際收入約為 3,450 萬美元，年增長率為 44%。從毛利率來看，目前的關稅格局仍然高度不穩定。話雖如此，我們相信，在這種環境下，我們有能力管理毛利率和整體獲利能力。

To clarify our exposure, tariffs primarily impact our ultrasound system and associated component source from China. Should current rates remain elevated at 145%, we estimate a potential gross margin headwind of approximately $5 million in 2025, which would equate to a 150 basis point reduction from our guidance of 64.5%, with the majority of the impact expected in the second half of the year.

為了明確我們的風險敞口，關稅主要影響我們來自中國的超音波系統和相關零件來源。如果當前利率仍維持在 145% 的高位，我們估計 2025 年毛利率可能面臨約 500 萬美元的逆風，相當於從我們的預期 64.5% 下降 150 個基點，預計大部分影響將出現在下半年。

While we believe there's a reasonable likelihood that tariffs could moderate over time, we felt it important to outline the potential downside scenario, so rates remain unchanged. Although we are not yet providing guidance for 2026, we are actively evaluating operational mitigation strategies that could reduce future exposure.

雖然我們相信關稅有相當大的可能性會隨著時間的推移而緩和，但我們認為有必要概述潛在的下行情景，因此利率保持不變。雖然我們尚未提供 2026 年的指導，但我們正在積極評估可以減少未來風險的營運緩解策略。

Importantly, we remain confident that the current tariff environment does not compromise our path to achieving our long-term profitability objectives. We will continue to closely monitor developments and provide timely updates as needed.

重要的是，我們仍然相信，當前的關稅環境不會影響我們實現長期獲利目標的道路。我們將繼續密切關注事態發展並根據需要及時提供更新。

Turning to operating expenses, we continue to expect full year 2025 operating expenses to be approximately $300 million representing growth of 28% over 2024. In the second quarter of 2025, our operating expense guidance assumes spend of approximately $75 million.

談到營運費用，我們繼續預計 2025 年全年營運費用約為 3 億美元，比 2024 年成長 28%。2025 年第二季度，我們的營運費用指引假設支出約為 7,500 萬美元。

Additionally, given current interest rates and cash balances, we expect full year interest and other income of approximately $9.4 million. Taking all relevant factors into account, we continue to anticipate a full year 2025 adjusted EBITDA loss of approximately $35 million. We believe potential tariff-related headwinds can be largely mitigated through operational efficiencies identified across the organization. At this point I'd like to turn the call back to Reza for closing comments.

此外，考慮到目前的利率和現金餘額，我們預計全年利息和其他收入約為 940 萬美元。考慮到所有相關因素，我們繼續預期 2025 年全年調整後 EBITDA 虧損約為 3,500 萬美元。我們相信，透過提高整個組織的營運效率，可以大幅緩解與關稅相關的潛在阻力。現在，我想將電話轉回給 Reza，請他發表最後評論。

Thanks, Kevin. In closing, I want to provide a brief preview of AUA. We are currently in Las Vegas for the 2025 AUA conference, and it is also process's fourth consecutive AUA analyst Day. Tomorrow we will be video webcasting the event live starting at 8:00 a.m. Pacific, 11 a.m. Eastern. From a logistics point of view, it is very important to note that the location of our event has been moved to the [AA] Hotel in conference room, Joshua 9:00 and 10:00.

謝謝，凱文。最後，我想對 AUA 做一個簡單的介紹。我們目前正在拉斯維加斯參加 2025 年 AUA 會議，也是該過程連續第四年舉辦 AUA 分析師日。明天我們將於太平洋時間上午 8:00、東部時間上午 11:00 開始透過視訊網路直播活動。從後勤角度來看，值得注意的是，我們的活動地點已移至 [AA] 飯店會議室，約書亞時間為 9:00 和 10:00。

If you are planning to attend in person, please update your meeting location to the [AA] Hotel. Tomorrow will be an exciting event for Procept as this will be the first year we present prostate cancer results for Aquablation from a combination of both of our trials, PRCT001 and PRCT002.

如果您計劃親自參加，請將您的會議地點更新為 [AA] 酒店。明天對 Procept 來說將是一個令人興奮的事件，因為這是我們第一次展示兩個試驗 PRCT001 和 PRCT002 相結合的前列腺癌 Aquablation 結果。

The data we plan to present will include procedural anatomical capabilities and safety functional outcomes with respect to the incontinence and erectile function and oncologic control. Given the reproducible nature of our procedure and its safety profile seen during the treatment of BPH, we believe tomorrow's analyst Day will provide a glimpse into the future as to how low and intermediate risk prostate cancer patients could be treated.

我們計劃提供的數據將包括與失禁、勃起功能和腫瘤控制相關的程序解剖能力和安全功能結果。鑑於我們的手術具有可重複性，且在治療 BPH 期間具有安全性，我們相信明天的分析師日將為我們帶來未來如何治療低風險和中度風險前列腺癌患者的先見之明。

Furthermore, we are the first company ever to receive ID approval from the FDA to enroll a randomized trial comparing surgical therapy against radical prostatectomy for prostate cancer. We view this as the first crucial step in pursuing a specific prostate cancer treatment indication, which no other treatment has today.

此外，我們是第一家獲得 FDA ID 批准的公司，可以進行一項隨機試驗，比較前列腺癌的手術治療與根治性前列腺切除術。我們認為這是尋求特定前列腺癌治療指徵的第一步，目前其他治療方法均不具備此指徵。

Given the amount of level one clinical evidence we will be gathering over the next few years along with our breakthrough device designation to fast track approval, we believe we will be in an advantageous position to drive rapid change in a massively underserved market.

鑑於我們在未來幾年將收集的一級臨床證據數量以及我們突破性的設備指定以快速獲得批准，我們相信我們將處於有利地位，推動服務嚴重不足的市場的快速變革。

To conclude my prepared remarks, we are seeing multiple factors continue to trend positively, allowing us to execute our long-term strategic plan. In summary, the US Hydro's launch is gaining momentum with our pipeline and sales funnel growing nicely.

最後，我的發言即將結束，我們看到多種因素繼續呈現正面趨勢，這使我們能夠執行我們的長期策略計劃。總而言之，隨著我們的管道和銷售管道的良好發展，美國水力發電公司的推出勢頭強勁。

We launched significantly more Greenfield accounts in the first quarter compared to any other quarter. We exited March with very strong procedural momentum and viewed the sailing disruption to be behind us. We feel very confident in delivering another year of strong procedure growth. Our international business continues to build momentum in the UK.

與其他任何季度相比，我們在第一季推出了更多的 Greenfield 帳戶。我們在三月結束時擁有非常強勁的程序勢頭，並且認為航行中斷的問題已經過去了。我們非常有信心在新的一年裡實現強勁的成長。我們的國際業務在英國繼續蓬勃發展。

We are the first company ever to receive ID approval from the FDA to enroll a randomized trial comparing a surgical therapy against radical prostatectomy for prostate cancer. Lastly, based on current inventory levels and limited exposure to foreign suppliers, we believe the impact of tariffs on 2025 gross margins to be very manageable, and we have reiterated our adjusted EBITDA guidance for fiscal 2025.

我們是第一家獲得 FDA ID 批准的公司，可以進行一項隨機試驗，比較前列腺癌手術療法與根治性前列腺切除術。最後，基於目前的庫存水準和對外國供應商的有限敞口，我們認為關稅對 2025 年毛利率的影響非常可控，並且我們重申了 2025 財年的調整後 EBITDA 指引。

We believe these underlying fundamentals reflect the technology that is laying the foundation to become the BP surgical standard of care and a business that will be a leading global urology company. In closing, I want to thank our employees, customers, and shareholders for all their support to help us along our journey to becoming the standard of care for BPH. At this point, we will take questions, operator.

我們相信，這些基本面反映了為成為 BP 手術護理標準和成為全球領先的泌尿科公司奠定基礎的技術。最後，我要感謝我們的員工、客戶和股東，感謝他們的支持，幫助我們成為 BPH 治療的標準。現在，我們將回答問題，接線員。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Matthew O'Brien from Piper Sandler. Your line is open.

派珀桑德勒 (Piper Sandler) 的馬修奧布萊恩 (Matthew O'Brien)。您的線路已開通。

Good morning can you guys hear me, okay?

早安，你們聽得到我說話嗎，好嗎？

Oh good, excellent thanks for the questions for starters, just would love to hear and I think Sham kind of started to address it a little bit but just love to hear a little bit more about the CapEx environment. It's coming up in every conversation I think everybody's having at this point in terms of the. Environment potentially slowing with Medicaid cuts etc. But you just had your best greenfield quarter ever so maybe just talk a little bit about you know what you're seeing in the in the market in terms of you know buyer interest in the system.

哦，很好，非常感謝你首先提出的問題，我很樂意聽一聽，我認為 Sham 已經開始稍微討論這個問題了，但我還是想多聽一些關於資本支出環境的問題。我認為就這一點而言，每個人都會在每次談話中提到這一點。由於醫療補助削減等因素，環境可能會放緩。但您剛剛經歷了有史以來最好的綠地季度，所以也許您可以稍微談談您在市場上看到的買家對系統的興趣。

And then conversion rates versus what you were kind of expecting if anybody is kind of slowing things down just given the environment or even cancelling, converting over, just a bigger, discussion on what you're seeing on the CapEx side because again I think it's getting quite a bit of attention and then I do have one follow up.

然後，轉換率與您所預期的相比，如果有人在特定環境下放慢速度，甚至取消轉換，那麼就您在資本支出方面看到的情況進行更大規模的討論，因為我再次認為它引起了相當多的關注，然後我會進行後續跟進。

Hey, hi Matt, it's sham. Thanks for the question. So, I would start by saying we haven't seen an impact when it comes to our capital interest in the hospital just in acquiring hydros. We have, daily conversations. Our pipeline is at an all-time high when I look when we look at opportunities that have now entered the buying process for Hydros.

嘿，嗨，馬特，這是假的。謝謝你的提問。因此，首先我想說的是，就收購水力發電廠而言，我們並沒有看到對我們在醫院的資本利益產生影響。我們每天都會進行對話。當我們審視目前已進入 Hydros 購買流程的機會時，我們的管道處於歷史最高水準。

And so, we haven't seen any material shift in the sentiment as far as the excitement around acquiring our technology. But one thing I think we are different. I mean, we're in a unique position. We're still early innings when it comes to the opportunity we have with the number of hospitals that still remain, and we're talking about thousands of hospitals that still haven't acquired AquaBeam or hydros at this point.

因此，就收購我們的技術的興奮情緒而言，我們還沒有看到任何實質的變化。但有一點我認為我們是不同的。我的意思是，我們處於一個獨特的地位。就我們仍保留的眾多醫院而言，我們所擁有的機會仍處於早期階段，我們正在談論目前仍未獲得 AquaBeam 或水力發電系統的數千家醫院。

And we're continuing to build the pipeline. The other thing is due to the disruptive nature of this technology, due to the adoption with procedures, we now have patients demanding the technology. Surgeons, hospitals don't want to lose those patients, and we're in a unique position right now to continue to grow that pipeline and reimbursement supports the procedure as well.

我們正在繼續建造管道。另一件事是由於這項技術的顛覆性，由於採用程序，我們現在有患者需要這項技術。外科醫生和醫院都不想失去這些病人，我們現在處於一個獨特的位置，可以繼續擴大這一管道，並且報銷也支持這一程序。

So, there's a lot of things going in our favor even in this in this environment, and the last thing I'd mention is the relationship with IDNs continues to strengthen. We talk about this routinely. We're at a point now where we're being invited to corporate environments where we have the key executives at large IDNs talking to us about long-term strategy. All those things play into our favor over the course of this year in the future.

因此，即使在這種環境下，仍有許多事情對我們有利，最後我要提到的是與 IDN 的關係繼續加強。我們經常談論這個話題。我們現在正受邀前往企業環境，與大型 IDN 的主要主管討論長期策略。所有這些事情都會對我們今年乃至未來的發展有利。

Got it. Appreciate that feedback. And then the second one was really on the hand piece side that was really strong in the quarter, and I know there was probably some deferral of cases in Q4 and that's difficult to figure this out, but, how many of those may have gotten pushed in Q4 to Q1, or are there other dynamics underlying this that are just, even stronger in terms of maybe market share and certain geographies that are looking.

知道了。感謝您的回饋。然後第二個是本季度非常強勁的手部方面，我知道第四季度可能有一些案例被推遲，這很難弄清楚，但是，其中有多少可能從第四季度推遲到第一季度，或者是否存在其他潛在的動態，在市場份額和某些地區方面甚至更加強勁。

Above what you had, initially anticipated again, given how strong, the head piece number was if you one thanks.

超出了你最初預期的，考慮到有多強，頭件號碼是如果你一個感謝。

Yeah, thanks, Matt. This is Kevin. So, you are correct. We did see some impact from deferrals in the fourth quarter, but those were largely offset by the sailing impact that still lingered into January and February. So, I would characterize that dynamic as net neutral for procedures in Q1, which really means the Q1 procedures are just driven by the strength of the business as opposed to backlog coming into Q1, which was offset by the continued weakness into January and lingering into February.

是的，謝謝，馬特。這是凱文。所以，你是對的。我們確實看到了第四季度延期帶來的一些影響，但這些影響在很大程度上被持續到 1 月和 2 月的航行影響所抵消。因此，我認為這種動態對於第一季的程序來說是淨中性的，這實際上意味著第一季度的程序只是由業務實力驅動的，而不是第一季的積壓訂單，而積壓訂單被 1 月份持續的疲軟和 2 月份的持續疲軟所抵消。

Thank you.

謝謝。

Craig Biju from Bank of America Securities. Your line is open.

美國銀行證券公司的 Craig Biju。您的線路已開通。

Good morning, guys. Thanks for taking the questions and congrats on the strong start to the year. Wanted to follow up on Matt's question on hand pieces and maybe ask, in a slightly different way, but when I know you called out March as kind of getting back to normal and I wanted to see if maybe you could provide a little bit more color on what the procedure volume.

大家早安。感謝您回答這些問題，並祝賀您今年取得了良好的開端。想要跟進 Matt 關於手部部件的問題，也許可以用稍微不同的方式詢問，但當我知道您稱三月已經恢復正常時，我想看看您是否可以提供更多關於手術量的詳細信息。

Growth was in March, at least directionally versus some of the other quarters and maybe how we should think about utilization in March and how that carries forward for the rest of the year.

3 月出現了成長，至少與其他一些季度相比方向性有所提升，也許我們應該考慮 3 月的利用率，以及這種成長將如何延續到今年剩餘時間。

Yeah, I'll start maybe I'll let sham come in, but we were really pleased with kind of return to normalcy in March coming out of the January and February, lingering impacts from saline.

是的，我可能會開始使用假藥，但我們真的很高興看到 3 月的情況恢復正常，擺脫了 1 月和 2 月鹽水造成的揮之不去的影響。

Moving forward, our guidance in Q2 and Q3, it assumed very similar utilization rates to the first quarter, and then you get into the 4th quarter and you're looking at utilization, that would be up over 20%, which would imply a full year 10% utilization growth which we think it is fairly healthy, keeping in mind how many new accounts that we're adding to the business in 2025.

展望未來，我們在第二季度和第三季度的指導中假設利用率與第一季度非常相似，然後進入第四季度，你會發現利用率將上升 20% 以上，這意味著全年利用率將增長 10%，考慮到 2025 年我們將為業務增加多少新帳戶，我們認為這是相當健康的。

Which we've consistently said is just it's a natural headwind to utilization and it takes about 2 to 3 quarters, excuse me, for our accounts to get up to the corporate average but we're really pleased directionally with where utilization is trending.

我們一直說，這只是利用率的自然阻力，大約需要 2 到 3 個季度，對不起，我們的帳戶才能達到公司平均水平，但我們對利用率的趨勢感到非常滿意。

I would just add, Matt, I'm sorry, Craig, it's sham that you know we continue to have, great insight into daily procedures, a number of new surgeons, surgeon retention rates, and exiting March into April, we're on track to where we want to be as far as launching new accounts and hitting the surgeon retention rates and adding new surgeons. At the rate we need to be to hit our forecast, sailing is behind us. I think March is the first month where we felt confident that that that the dynamic that's now gone and we're now back in full swing as far as far as daily procedure rates.

我只想補充一點，馬特，對不起，克雷格，你知道我們繼續對日常程序、新外科醫生的數量、外科醫生的保留率有很深入的了解，從三月到四月，我們正朝著我們想要的目標前進，在推出新帳戶、達到外科醫生的保留率和增加新外科醫生方面。按照我們達到預測所需的速度，航行已經過去了。我認為三月是我們第一次有信心，這種動態已經消失，就每日手術率而言，我們已經恢復了全面復甦。

Great, that's helpful and I know you guys have talked a lot on this call about the multisystem orders for the IDNs and you have been talking about it for a number of years now and it seems like maybe there was an acceleration and you know I know you guys, I heard you guys mention Hydros is one of the drivers but. I mean anything else that's changed there like it's great to see and I'm just curious as to you know what those discussions look like now versus where you guys were a year ago and you know how should we think about that impact you know going in in years. Going forward.

太好了，這很有幫助，我知道你們在這次電話會議上談了很多關於 IDN 的多系統訂單，而且你們已經談論這個問題很多年了，似乎可能有一個加速的過程，我知道你們，我聽到你們提到 Hydros 是其中一個驅動因素，但是。我的意思是，那裡發生的任何其他變化都令人高興，我只是好奇，您知道現在的討論與一年前相比是什麼樣的，您知道我們應該如何看待這種影響。繼續前進。

Yeah, I'll start by just really mentioning the kind of the current environment has adjusted or changed your question simply because hospital systems now can look back at existing programs they've had for years and versus it being kind of a vision of establishing an Aquablation program, they can go back and look at the data and say, is this working?

是的，我首先要提一下，當前的環境已經調整或改變了你的問題，因為醫院系統現在可以回顧他們多年來已經擁有的現有項目，而不是建立水消融項目的願景，他們可以回顧並查看數據並說，這有效嗎？

And so, the fact that they can now look at their own hospitals, they can see what the reimbursement looks like they can see how patient. Volumes are growing at the hospital. They can see that they're adding new surgeons because of this technology. All of those reasons are the reasons why they want to now have more strategic or corporate conversations. I will tell you that, we've been having IDN purchases all along.

因此，他們現在可以查看自己的醫院，了解報銷情況，並了解患者有多耐心。醫院的業務量正在不斷增長。他們發現，由於這項技術，他們正在增加新的外科醫生。所有這些原因都是他們現在想要進行更多策略或企業對話的原因。我可以告訴你，我們一直在進行 IDN 購買。

This is now just becoming more of a partnership versus just taking one hospital at a time. Through the IDN, so the ability now to have those conversations will serve us, really well over the coming years. That's the partnership I think we have with IDNs, whether it's a bulk buy or one purchase at a time, this is more about the corporate level supporting their local hospitals, and that's what that's kind of the evolution of the conversation that's happened.

現在，這更像是一種合作關係，而不是一次只接管一家醫院。透過 IDN，現在進行這些對話的能力將在未來幾年為我們帶來很大的幫助。我認為這就是我們與 IDN 的合作關係，無論是大量購買還是一次購買，這更多的是關於企業層面對當地醫院的支持，這就是對話的演變。

Great thanks guys.

非常感謝大家。

Patrick Wood from Morgan Stanley. The line is open.

摩根士丹利的派崔克‧伍德。線路已開通。

Beautiful, thanks guys. I'd love to start actually this time on OUS, obviously any time nice, supported technology being the most stingy organization of all time, it always gets a lot of attention that way. And so, great result there. I'm really curious. How you're thinking about resourcing OUS growing there because obviously it's a massive opportunity and it's still incredibly early stage. So, I'm trying to work out, there's a lot to go in the US as well, but how do you balance those, how should we think about the OUS ramp over the next 3 or 5 years, whatever.

很漂亮，謝謝大家。實際上，這次我很想從 OUS 開始，顯然任何時候都很好，支援技術是有史以來最吝嗇的組織，它總是以這種方式獲得很多關注。所以，結果非常好。我真的很好奇。您如何考慮為 OUS 在那裡的發展提供資源，因為這顯然是一個巨大的機遇，而且仍處於非常早期的階段。所以，我正在努力弄清楚，美國也有很多事情要做，但如何平衡這些事情，我們應該如何看待未來 3 年或 5 年內 OUS 的成長，等等。

Hey Patrick, it's sham, thanks for the question. We are very excited about the international opportunity globally. The one thing that we've spoken about in the past, and I'll just reiterate, is we want to do things the right way, and when we go to a market, we want to make sure we win in a big way. And we're early as a company.

嘿派崔克，這是假的，謝謝你的提問。我們對全球的國際機會感到非常興奮。我們過去談到的一件事，我只想重申一下，那就是我們希望以正確的方式做事，當我們進入一個市場時，我們希望確保我們能夠大獲全勝。我們公司仍處於起步階段。

We've got a lot of opportunity, and we want to be very disciplined in making sure that when we go to the country that that all the boxes are checked. There's a lot of boxes that need to be checked to have a have a winning technology in many of these markets. So, we've made the decision.

我們有很多機會，我們希望非常自律，確保當我們去那個國家時，所有的條件都得到滿足。要想在許多這樣的市場中擁有致勝的技術，需要檢查很多方面。所以，我們做出了決定。

A lot of efforts we've made on getting good reimbursement, good support from NICE, as you mentioned, to focus on the UK as the next big market of ours. We've now continued to build the team there, and we have, we see some great growth. We also believe the formula we're using in the US can be reproducible and so we're following a very similar structure and growth format that we had in the US We've now taken that to the UK.

正如您所說，我們付出了很多努力來獲得良好的報銷和 NICE 的良好支持，並將英國作為我們的下一個大市場。我們現在繼續在那裡組建團隊，我們已經看到了一些巨大的成長。我們也相信，我們在美國使用的模式是可以複製的，因此我們遵循了與美國非常相似的結構和成長模式，現在我們將其帶到了英國。

The next market we'll go to is Japan, and outside of those three markets we continue to do a lot of market development activities. We've got interest from well over 20 countries, significantly more than 20 countries that we've decided not to go into right now because we want to support the markets we're in and win in those markets, but that does serve very well for us in the years to come.

我們下一個要進入的市場是日本，在這三個市場之外，我們也將繼續進行大量的市場開發活動。已經有超過 20 個國家對我們感興趣，其中很大一部分是我們決定暫時不進入的，因為我們想支持我們所在的市場並在這些市場中取得勝利，但這對我們未來幾年的發展確實大有裨益。

Beautiful. And then very quickly as a follow up, the US side of things we're obviously moving to, a permanent code. We got, there was some noise in the corner around the physician fee any sort of updated thoughts on how you're thinking about the pro fee and then the cat change, on the code side of things for this year.

美麗的。然後很快就作為後續行動，美國方面顯然正在轉向制定永久性法規。我們了解到，在醫生費用方面存在一些爭議，關於您如何看待專業費用以及今年代碼方面的貓咪變化，您有什麼最新的想法嗎？

Yes, so the rock process for the Category 1 is complete, so the proposed ruling, we expect to come out this summer. We feel very good about the physician payment because this procedure is very similar to other receptive procedures, so we anticipate this to be similar to other receptive procedures. What's important is this does not impact APC level 6, which is the ultimately the RO to the hospital that remains at 9,200.

是的，第 1 類岩石的處理過程已經完成，因此我們預計擬議的裁決將於今年夏天出台。我們對醫生的付款感到非常滿意，因為這個程序與其他接受程序非常相似，所以我們預計這與其他接受程序類似。重要的是，這不會影響 APC 6 級，即最終醫院的 RO 仍保持在 9,200。

Love it. Thank you so much.

愛它。太感謝了。

Richard Newitter from Truist Financial Corp. Your line is open.

Truist Financial Corp. 的 Richard Newitter。您的線路已開通。

Hi, thanks for taking the questions. I just want to talk about kind of the the concept of high volume, low volume, or low to mid volume hospitals you mentioned. I think that the proportion going into low to mid was about 50% and going into high volume was about 50%.

你好，謝謝你回答這個問題。我只是想談談您提到的高容量、低容量或中低容量醫院的概念。我認為進入低到中的比例約為 50%，進入高音量的比例約為 50%。

Can you just remind us kind of what that ratio has looked like over the last, 1 to 2 years so we can get a sense for whether you're at a point where maybe you're more reliant on medium to low volume accounts to drive higher utilization and if that's a consideration that we should be thinking about, is it harder to get incremental utilization per account from here on or just kind of steady as she goes is what you've been doing?

您能否提醒我們過去 1 到 2 年該比例的情況，以便我們了解您是否處於可能更加依賴中低容量帳戶來提高利用率的階段，如果這是我們應該考慮的問題，那麼從現在開始每個帳戶的增量利用率是否會變得更加困難，還是說您一直在保持穩定？

Yeah, hey Richard, it's sham. Yeah, I think we think very differently when you think about utilization and when you think about the size of hospitals. The one thing we've proven up to this point is if a hospital has a low or medium volume BPH volume, when they acquire Aquablation technology, we've seen significant increases in utilization. In fact, in many cases turning them into high volume BPH hospitals.

是的，嘿理查德，這是假的。是的，我認為，當你考慮利用率和醫院規模時，我們的想法非常不同。到目前為止，我們已經證明的一件事是，如果一家醫院的 BPH 病例數較低或中等，當他們採用 Aquablation 技術時，我們會看到利用率顯著提高。事實上，在許多情況下，它們被改造成治療量很大的 BPH 醫院。

And so, we're going to talk more about this tomorrow on our investor day, but this is something that actually has been very supportive for our hospitals to show they can move surgeons, they can move market share. This is what, when you look back historically over the last 25 years and you see the most successful robotic surgery companies, this is what they've done.

因此，我們將在明天的投資者日上進一步討論這個問題，但這實際上對我們的醫院非常有幫助，表明他們可以轉移外科醫生，可以轉移市場份額。當你回顧過去 25 年的歷史並看到最成功的機器人手術公司時，你會發現他們所做的就是這些。

The most successful companies have been able to move market share by hospitals establishing robotic programs. This This has been a great success of ours, and we have over 2000 hospitals that are low and medium volume BPH hospitals that we're just getting really just getting started in. As far as your question on the shift, we used to be about 70% of our hospitals were high volume hospitals, and now we are starting to see a shift down in that because of the addition of low and medium volume hospitals. So very exciting times for us, and we continue to validate that this technology is adopted by all.

最成功的公司已經能夠透過醫院建立機器人專案來擴大市場份額。這是我們取得的巨大成功，我們擁有超過 2000 家中小型 BPH 醫院，而我們的這項服務才剛起步。至於您關於輪班的問題，我們過去大約 70% 的醫院都是高容量醫院，現在由於增加了中低容量醫院，我們開始看到這一比例下降。這對我們來說是非常令人興奮的時刻，我們將繼續驗證這項技術是否被所有人採用。

Right. And maybe just for Kevin on the tariff for follow up here is the message that you know you could potentially see up to 150 basis point gross margin headwind obviously if everything stays the way it is right now, but you offset. That in the P&L, further down the P&L, such that you know the messages you absorb tariff headwind should it approach 150 basis points or there is a potential 150 basis points risk to your reiterated EBITDA guide.

正確的。也許只是對於凱文來說，關於關稅的後續資訊是，你知道，如果一切保持現在的狀態，你可能會看到高達 150 個基點的毛利率逆風，但你抵消了。在損益表中，進一步向下查看損益表，這樣您就知道如果關稅逆風接近 150 個基點，您就會吸收這些訊息，或者您的重申 EBITDA 指南可能會面臨 150 個基點的風險。

Yeah, I'll go through that, Richard, in detail here. So, the impact we discussed today, it does assume that the tariff rate for imports from China stay at the 145% level, and this expense of [$5 million] mac exposure would be weighted towards the second half of the year. Obviously, this is a very dynamic situation. I mean we heard recent commentary yesterday that that would be positive around this rate.

是的，理查德，我會在這裡詳細地講解這一點。因此，我們今天討論的影響確實假設從中國進口的關稅稅率保持在 145% 的水平，而這筆 [500 萬美元] Mac 風險支出將集中在下半年。顯然，這是一個非常動態的情況。我的意思是，我們昨天聽到最近的評論說，這對這個利率來說是利好的。

But specific to your question, the $5 million impact would be a 150-basis point reduction to our 64.5% margin guidance if nothing else changed here moving forward. With that said, and to the second part of your question, even with this head when we are affirming our EBITDA guidance if margins trend even towards the low end.

但具體到您的問題，如果未來沒有其他變化，500 萬美元的影響將導致我們的 64.5% 利潤率指導值減少 150 個基點。話雖如此，對於您問題的第二部分，即使在我們確認 EBITDA 指引時，利潤率趨勢甚至會趨向低端。

The reason being is we have identified offsets in our operating expenses to mitigate a $5 million impact, so margins would be reduced, but the overall profitability of the company would be unchanged. At the end of the day, a $5 million impact is approximately 2% of our operating expenses, and we think as a management team we could go find that to support continued EBITDA. And then lastly, I think it's important we don't believe the current tariff environment would materially impact our pathway to profitability in the future here we're working on a lot of things as we head into 26.

原因是我們已經確定了營運費用中的抵銷金額來減輕 500 萬美元的影響，因此利潤率會降低，但公司的整體獲利能力不會改變。最終，500 萬美元的影響約占我們營運費用的 2%，我們認為，作為管理團隊，我們可以找到支援持續 EBITDA 的方法。最後，我認為重要的是，我們不認為當前的關稅環境會對我們未來的獲利之路產生實質影響，在邁入 26 週年之際，我們正在做很多事情。

Okay, thank you.

好的，謝謝。

Brandon Vasquez from William Blair. Your line is open.

威廉布萊爾 (William Blair) 的布蘭登巴斯克斯 (Brandon Vasquez)。您的線路已開通。

Hi everyone, thanks for taking the question. I wanted to go back to the IDNs first and maybe ask the question a slightly different way. I'm kind of curious what does the utilization in these accounts look like and in part I'm asking because it sounds like this is an effort that you historically used to go in, find one KOL, put yourself in the account and expand from there.

大家好，感謝您提出這個問題。我想先回到 IDN，然後以稍微不同的方式提出問題。我有點好奇這些帳戶的利用率是什麼樣的，我之所以問這個問題，部分原因是因為這聽起來像是你過去常用的一種努力，找到一個 KOL，把自己放進帳戶，然後從那裡擴展。

But now you're having from the top the corporate organization push this. Is there a difference in the rate of utilization? Is there a difference in the in the peak utilization or the just raw number of procedures that are coming out of these accounts? Curious on any dynamics you can talk about there.

但現在你需要從企業組織的最高層推動這一點。利用率有差異嗎？這些帳戶的峰值使用率或實際執行的程式數量是否有差異？好奇您可以談論那裡的任何動態。

Yeah, hey, Brandon, sham. So, I think that this is something that over time we'll be able to hopefully give a lot more detail on, but I'll tell you that initially it's still driven the same way, and I'll tell you why we think that there could be favorability to it in the future. Right now, it's driven by surgeons.

是的，嘿，布蘭登，騙子。所以，我認為隨著時間的推移，我們將有望提供更多細節，但我要告訴你們，最初它仍然是以同樣的方式驅動的，而且我會告訴你們為什麼我們認為未來可能會對它有利。目前，它是由外科醫生推動的。

Surgeons drive this technology. They get excited about it, and they come in from the physician office level finding patients and bringing to the hospital and patients find those surgeons that are doing aqua ablation. However, we do have IDNs that have patient navigation programs. These are employed employees of the hospital network that work to educate the referring physicians on new technologies the hospitals offer, and that helps to drive this funnel of patients, to drive more patients for Aquablation.

外科醫生推動了這項技術。他們對此感到興奮，他們從醫生辦公室層面來尋找病人並帶到醫院，然後病人找到那些正在進行水消融的外科醫生。然而，我們確實有配備患者導航程序的 IDN。這些都是醫院網路的員工，負責向轉診醫生介紹醫院提供的新技術，並幫助推動病患群體的成長，吸引更多病患接受水消融術。

We have IDNs currently that are very interested in Procept educating those nurse navigators, educating that pathway, and those are opportunities that exist from the from the corporate level. The’s an example of something I think can help utilization and will. There are other areas that we're talking to strategically also, but at the end of the day, these decisions are surgeon decisions, but anything that IDNs can do to educate and raise awareness is always helpful for utilization.

我們目前擁有對 Procept 培訓護理師導航員、培訓該途徑非常感興趣的 IDN，這些都是從公司層級存在的機會。這是我認為可以幫助利用和意願的一個例子。我們也在策略性地討論其他領域，但歸根結底，這些決定是外科醫生的決定，而 IDN 為教育和提高認識所做的任何事情對於利用率總是有幫助的。

Okay, and as a maybe as a follow up to that, I'll throw two here because one's a follow up to that question is basically maybe the more blunt way to ask the question I was trying to ask is it looks like the goal of robotics often share from your experience and intuitive, and then now what you want to do in Procept is standardize, right? You want to standardize to a certain care pathway to the IDNs, the increasing adoption of IDNs ask it more bluntly, may give you a clearer pathway to standardizing on Procept.

好的，作為對此問題的後續跟進，我在這裡提出兩個問題，因為一個是對這個問題的後續跟進，基本上可能是更直白的方式來提出我試圖問的問題，看起來機器人的目標通常與您的經驗和直覺有關，那麼現在您想在 Procept 中做的是標準化，對嗎？您希望將 IDN 的某種護理途徑標準化，而 IDN 的採用率不斷提高，更直白地提出要求，可能會為您提供更清晰的 Procept 標準化途徑。

And then separate unrelated question. Now that you guys have a second randomized control trial with Water 3, can you just spend a couple of minutes on what's the game plan here in terms of using this potentially for societies, change guidelines, and then, maybe open some new international markets. Thanks guys.

然後分開不相關的問題。現在你們已經對 Water 3 進行了第二次隨機對照試驗，您能否花幾分鐘時間介紹一下這項計劃在社會應用方面有何潛力，改變指導方針，然後可能開拓一些新的國際市場。謝謝大家。

Yeah, hey, I'll take the utilization question. I'll pass it over to Reza. So, I think that you know what we're seeing on the IDN level is absolutely, an interest in doing more on the utilization front. So, you know I'll tell you that, tomorrow we'll talk more about it at our investor day, but these are all things that that I believe ultimately will help Aquablation become the standard of care. They do want to standardize.

是的，嘿，我會回答利用率問題。我會把它交給 Reza。所以，我認為，您知道我們在 IDN 層級上看到的絕對是利用率方面做更多事情的興趣。所以，你知道我會告訴你，明天我們會在投資者日進一步討論這個問題，但我相信這些最終都會幫助 Aquablation 成為護理標準。他們確實想要標準化。

At the end of the day, these are certain decisions, but anything that the hospitals can do to help with training, to help with education is going to help standardize the procedure. And those are the conversations we're having right now. We're making a big investment in the strategic accounts team to be able to support the hospitals, and that's, that is definitely something that that's on their mind is how do they get more off ablation procedures in their hospitals.

歸根結底，這些都是確定的決定，但醫院為幫助培訓、幫助教育所做的任何努力都將有助於標準化程序。這些就是我們現在正在進行的對話。我們正在對戰略客戶團隊進行大量投資，以便能夠為醫院提供支持，而這絕對是他們所考慮的事情，即如何在醫院中獲得更多消融手術。

Related to your second part of the question, water tree data were presented a few weeks ago in Madrid as early as it is, but the initial response has been very positive. This was a randomized study against the nucleation and multi-center multi-country net was shown with a 0% transfusion with similar efficacy results, but better safety outcomes. So, this will definitely be in the future get into the international guidelines and this further strengthens our clinical benefits of our population. So definitely as you said, and it will get the goal is to get into the guidelines.

關於問題的第二部分，水樹數據幾週前就在馬德里進行了展示，雖然時間還早，但最初的反應非常積極。這是一項針對成核和多中心多國的隨機研究，結果顯示與0％輸血具有相似的療效結果，但安全性結果較好。因此，這肯定會在未來納入國際指南，並進一步增強我們人口的臨床益處。所以正如你所說，它的目標就是進入指導方針。

Josh Jennings from TD Cowen. Your line is open.

TD Cowen 的 Josh Jennings。您的線路已開通。

Hi, good morning. Thanks for taking the questions. I was hoping to just ask about PRCT001, 002, those results coming out. I think you'll have 12 months results on 002, and maybe 001 as well. But help us understand the plan just in terms of filing and What a force is going to generate level one evidence, but in front of level one evidence, we'll pro that move forward with filing for a general use tools claim. For localized prostate cancer.

嗨，早安。感謝您回答這些問題。我只是想詢問 PRCT001、002 以及它們的結果。我認為您將獲得 002 的 12 個月結果，也許還有 001 的結果。但請幫助我們理解該計劃，僅在提交申請方面，什麼樣的力量將產生一級證據，但在一級證據面前，我們將支持繼續提交通用工具索賠。適用於局限性前列腺癌。

Yeah, thanks, Josh. This is Reza. We are very excited about the event tomorrow. I think more importantly is hopefully tomorrow that we will answer recently questions about do we spread cancer, can we treat the lesion in different locations of the prostate, can we treat in the peripheral zone or the transitional zone.

是的，謝謝，喬希。這是雷札。我們對明天的活動感到非常興奮。我認為更重要的是希望明天我們能夠回答最近的問題，例如我們是否會擴散癌症，我們是否可以治療前列腺不同位置的病變，我們是否可以治療外周區域或移行區。

And why is this randomized against prostatectomy? So, tomorrow that 70 patients, PRCT001, 002 with 3 months and 6 months data and 50 patients will be presented. Yes, we can potentially obtain a tool claim, but we know ultimately in order to, our goal is to expand the market of prostate cancer. And that's why we have started water for randomized study to against prostatectomy so that we can generate level one data in order to get to guidelines.

為什麼這與攝護腺切除術是隨機的？因此，明天將展示 70 名患者、PRCT001、002 的 3 個月和 6 個月數據以及 50 名患者。是的，我們有可能獲得工具索賠，但我們知道最終我們的目標是擴大前列腺癌市場。這就是為什麼我們開始對前列腺切除術進行隨機研究，以便我們能夠產生一級數據來獲得指導方針。

Chris Pasquale from Nephron Research. Your line is open.

Chris Pasquale 的 Nephron Research。您的線路已開通。

Thanks, wanted to follow up on, tomorrow, first and follow up on reimbursement, but you talked previously about some potential investment options you're evaluating to TRY and speed up the timeline for water for, not to get ahead of ourselves and what we're going to see tomorrow, but what are your latest thoughts on the enrollment timeline for that study?

謝謝，我想跟進一下，明天首先要跟進報銷事宜，但您之前談到了一些您正在評估的潛在投資選擇，以嘗試加快供水時間表，而不是超越我們自己以及我們明天將要看到的事情，但您對該研究的招生時間表的最新想法是什麼？

Yeah, well, we can, we'll provide a lot more detail tomorrow, but we've been consistent in stating that, kind of unencumbered, this would be any approximately a 24 month enrollment. I think we think a good result is to TRY and shorten that by 6 months, and that's the additional investments we're talking about, but we're going to give an update tomorrow kind of on timeline, but you should think of this as an 18-to-24-month enrollment.

是的，我們可以，明天我們會提供更多細節，但我們一直一致表示，這將是一個大約 24 個月的註冊期，沒有任何限制。我認為我們認為一個好的結果是嘗試將其縮短 6 個月，這就是我們正在談論的額外投資，但我們將在明天提供時間表的更新，但你應該將其視為 18 到 24 個月的招生。

Okay, that's helpful. And then could you just talk about the practical implications of the LCD changes and what you think that does to your market opportunity within the geographies represented by First Coast and Novitas.

好的，這很有幫助。然後，您能否談談 LCD 變化的實際影響，以及您認為這對 First Coast 和 Novitas 所代表的地區的市場機會有何影響。

So as I mentioned, the prepared remarks, removing some of those obstacles definitely streamlines the patient pre-workup, the age removal, the minimum void, impacting patients with detention and the measurement of the prostate. These are all the obstacles that are removed and definitely age is now removed on all Macs, but the other two, we believe this could be a precedent for the other macs to remove it the way they have to measure the prostate using a transrectal ultrasound. All of this will facilitate the using the technology on patients.

因此，正如我所提到的，準備好的評論，消除其中一些障礙肯定會簡化患者的預檢、年齡去除、最小空隙，影響患者的拘留和前列腺的測量。這些都是已被消除的障礙，現在所有 Mac 上的年齡因素都已被消除，但對於另外兩台 Mac，我們相信這可以成為其他 Mac 消除年齡因素的先例，就像它們必須使用經直腸超音波測量前列腺一樣。所有這些都將有助於該技術在患者身上的應用。

Chris, I just add that, I, I'm not sure everybody understands that not every urologist owns a transrectal ultrasound in their office setting. And so that their ability to use trans ultrasound is not in question, but their ability to have access to it can be a challenge. So that's a big one. And then rather the touch on the other one.

克里斯，我只是想補充一點，我不確定每個人都明白，並不是每個泌尿科醫生在他們的辦公室裡都配備了經直腸超音波檢查儀。因此，他們使用超音波檢查的能力沒有問題，但他們獲取超音波檢查的能力是一個挑戰。所以這是一個大問題。然後觸摸另一個。

This is, the more these are all smaller wins in the sense of like one at a time, but when you add all these small wins together, it becomes a big win because then these surgeons don't think of this as a as a, workup nightmare, so to speak. It becomes way easier to schedule patients.

也就是說，這些都是一個個小勝利，但當你把所有這些小胜利加在一起時，它就變成了一個巨大的勝利，因為這樣這些外科醫生就不會認為這是一個檢查噩夢了。安排病人變得更容易。

That's helpful, thanks.

這很有幫助，謝謝。

Mike Kratky from Leerink Partners. Your line is open.

來自 Leerink Partners 的 Mike Kratky。您的線路已開通。

Hi everyone, thanks for taking our questions. Have you seen any shift in the typical prostate size where Aquablation is being used as physicians get more and more familiar with the system or as they've incorporated it into their practice broadly, whereas hydros started to roll out and then maybe just a follow up, can you share any feedback that you hear from your customers on surgeons perceived value proposition of Aquablation across different prostate sizes and BPH?

大家好，感謝您回答我們的問題。隨著醫生越來越熟悉該系統或將其廣泛納入實踐，您是否看到使用 Aquablation 治療的典型前列腺大小發生了變化，而水熱療法開始推廣，然後可能只是後續跟進，您能否分享您從客戶那裡聽到的關於外科醫生對不同前列腺大小和 BPH 的 Aquablation 價值主張的反饋？

Yes, so the distribution curve that we have been showing in the last couple of years remains similar. So, it's and the majority of their prostate that are treated are below 100 mL, so that distribution curve has not changed. Sham, do you want to talk about.

是的，所以我們過去幾年所展示的分佈曲線保持相似。因此，接受治療的前列腺大部分都在 100 毫升以下，因此分佈曲線沒有改變。沙姆，你想談談嗎？

The one of the big benefits of Aquablation is, you don't. Always know what size the prostate is going to be when you when you go into surgery. I think that surgeons are consistently doing their best to gauge what they're dealing with, but you get in the operating room and many times they're surprised by what they're dealing with. And the Aquablation therapy technology allows you to treat prostates of all sizes consistently, efficiently.

Aquablation 的一大優點是，你不需要。當你進行手術時，一定要知道前列腺的大小。我認為外科醫生一直在盡力評估他們所處理的情況，但當你進入手術室時，很多時候他們會對自己所處理的情況感到驚訝。而且，Aquablation 治療技術可以讓您持續、有效地治療各種尺寸的前列腺。

And with consistent outcomes that we just saw we just saw with the randomized study with Water 3. And so, I think what you're going to see now is many surgeons who felt like they needed to refer out large prostates, many surgeons who felt like they may be needed to go get trained on a technique for large prostate, surgeons that were doing prostatectomies, etc.

並且，我們剛剛在 Water 3 的隨機研究中看到了一致的結果。所以，我認為你現在會看到許多外科醫生覺得他們需要轉診大前列腺，許多外科醫生覺得他們可能需要接受大前列腺技術培訓，進行前列腺切除術的外科醫生等等。

Those are patients that I believe they now have the data, they now have the support. Or to show consistent results with occupation therapy. We've had this data for a long time. There's over 150 peer reviewed journals, but this Water III study continues to validate that the randomized data we're investing in is very consistent across the board. So, I think we'll see this continue to be a big benefit for us long term.

我相信這些患者現在已經掌握了數據，並得到了支持。或與職業治療表現出一致的效果。我們擁有這些數據已經很久了。有超過 150 種同行評審期刊，但這項 Water III 研究繼續驗證了我們所投資的隨機數據在各方面都非常一致。所以，我認為從長遠來看，這將繼續為我們帶來巨大的利益。

Super helpful thanks Very much.

非常有幫助，非常感謝。

Nathan Treybeck from Wells Fargo. Your line is open.

富國銀行的 Nathan Treybeck。您的線路已開通。

Hi, thanks for taking the question. Hey Kevin, I just wanted to clarify something you said earlier on the ASP. I mean, I think going into the year you expected about 3 million from system replacements. Can you just clarify like the ASP differential between replacements and Greenfield? Thanks.

你好，謝謝你回答這個問題。嘿，凱文，我只是想澄清一下你之前關於 ASP 所說的話。我的意思是，我認為今年預計系統更換量約為 300 萬台。您能否澄清一下替代品和 Greenfield 之間的 ASP 差異？謝謝。

Yeah, so it's an interesting dynamic and it's going to vary based on the age of the system. So, for example, we did have one replacement in the first quarter, but given the age of that AquaBeam system, the pricing wasn't terribly different than to a new Greenfield account in the quarter, which is why we didn't separately call it out. And that that dynamic I think is fair if your AquaBeamis, I'll call it 3 plus years old, and then we obviously are offering some type of trade in discount.

是的，這是一個有趣的動態，它會根據系統的年齡而改變。例如，我們在第一季確實進行了一次更換，但考慮到 AquaBeam 系統的使用年限，其定價與本季度新的 Greenfield 帳戶的定價並沒有太大差別，這就是我們沒有單獨列出的原因。我認為這種動態是公平的，如果你的 AquaBeamis 已經使用了 3 年以上，那麼我們顯然會提供某種類型的以舊換新折扣。

But we haven't been specific on what that is. This is going to vary from customer to customer. It's also why we incorporated a full year system revenue number into guidance to kind of help everyone back into what a replacement could look like.

但我們還沒有具體說明那是什麼。這會因客戶不同而有所差異。這也是為什麼我們將全年系統收入數字納入指導中，以幫助每個人重新了解替代方案的樣子。

Okay, that's helpful, and then on the prior just deferred procedures, exiting, I think in Q4 you had 2000 procedures that were deferred. You talked about some, lingering impact in January and February. I guess where does the deferral stand today and over what time frame can you recapture these procedures?

好的，這很有幫助，然後關於之前剛剛推遲的程序，退出，我認為在第四季度你有 2000 個程序被推遲。您談到了一月和二月的一些揮之不去的影響。我猜想今天的延期情況如何以及您可以在什麼時間範圍內重新獲得這些程序？

Yeah, it's really difficult to say with absolute certainty at the end of the day, the 2000 procedures maximum that we felt were deferred in the fourth quarter, they're a small part of the 52,500 procedures we're going to do here in 2025. But we would expect these to kind of be coming back throughout the year. I mean, BPH is an elective procedure and therefore backlog procedures are probably just likely to filter in evenly throughout the year.

是的，到最後真的很難絕對肯定地說，我們認為在第四季度推遲的最多 2000 個程序，只是我們在 2025 年要進行的 52,500 個程序的一小部分。但我們預計這些情況將在全年逐漸恢復。我的意思是，BPH 是一種選擇性手術，因此積壓手術可能只是在全年均勻地過濾。

Thanks.

謝謝。

Michael Sarcon from Jefferies. Your line is open.

傑富瑞的麥可‧薩孔 (Michael Sarcon)。您的線路已開通。

Good morning all and thanks for taking the questions. Just to follow up on the capital equipment environment, can you maybe give us an update on where you stand in terms of the duration of a typical sales cycle these days? It doesn't sound like you're seeing any changes but would love an update there and then maybe comment on what kind of visibility you have into the funnel.

大家早安，感謝你們回答問題。為了跟進資本設備環境，您能否向我們介紹目前典型銷售週期的持續時間？聽起來您似乎沒有看到任何變化，但希望看到更新，然後評論一下您對頻道的了解程度。

Yeah, hey, Michael, it is a sham. So, to answer your question, no changes as far as the sales cycle. 6 months to 9 months continues to be a typical sales cycle. You will see some things move faster. You'll see some things go, a little bit longer depending on budgetary kind of constraints, but 6 months to 9 months is a fair kind of thought as far as when you think about our pipeline and how quickly we can move through. I apologize. What was the second part of your question?

是的，嘿，邁克爾，這是假的。所以，回答你的問題，就銷售週期而言沒有改變。 6個月到9個月仍然是典型的銷售週期。你會看到有些事情進展得更快。您會看到有些事情會進展得更慢一些，具體取決於預算限制，但就我們的管道和我們能夠多快完成而言，6 個月到 9 個月是一個合理的想法。我很抱歉。你的問題的第二部分是什麼？

It's, I could take it just kind of visibility into the funnel, and I mean specifically we haven't seen any change in conversion rates. We haven't seen any change in fallout, and it's been very consistent over the last 12 months to 24 months.

我可以將其視為管道的可見性，具體來說，我們沒有看到轉換率有任何變化。我們沒有看到後果有任何變化，並且在過去 12 個月到 24 個月內後果一直非常穩定。

Got it thank you and then just for the follow up maybe just give us an update on the competitive environment and BPH and what you're seeing, where are you taking share, maybe any commentary on what you're, the latest and greatest on the prostate artery embolization front.

明白了，謝謝，然後只是為了後續的問題，也許只是給我們提供有關競爭環境和 BPH 的最新信息以及您所看到的、您的市場份額在哪裡，也許您對前列腺動脈栓塞前沿的最新和最偉大的研究有什麼評論。

Yes, so, I addressed the PAE first, PAE has been around for more than 25 years and typically done by radiologists. Efficacy is similar to non-reactive, but the issue over there mostly on durability and the data show that.

是的，所以我首先談到了 PAE，PAE 已經存在 25 多年了，通常由放射科醫生完成。功效與非反應性相似，但那裡的問題主要在於耐用性，數據也顯示了這一點。

They have about 20% retreatment at one year. So these are obvious barriers, so we don't see that as a competition. As far as where we take market share when we ask the question, the answer we typically get is definitely we have said in the past, it is turp, green light, and, for larger prospects definitely in nucleation.

一年內，他們的復發率約為 20%。這些都是明顯的障礙，所以我們不認為這是一場競爭。至於我們在哪裡佔據市場份額，當我們問這個問題時，我們通常得到的答案肯定是我們過去說過的，它是松節油，綠燈，對於更大的前景來說，肯定是成核。

New technologies that are coming on board what we see mostly they are various forms of non-reactive procedures. So, this is what we are seeing on the receptive side, we are not aware of anybody coming up with a technology or running a clinical study on the receptive side.

我們看到的正在出現的新技術大多是各種形式的非反應性程序。所以，這就是我們在接受方面所看到的，我們不知道有人提出一種技術或在接受度方面進行臨床研究。

Great thank you.

非常感謝。

Ryan Zimmerman from BTIG. Your line is open.

BTIG 的 Ryan Zimmerman。您的線路已開通。

Morning, thanks for taking the questions. Just a clarification on the capital sales, Kevin, I think last quarter, and correct me if I'm wrong, the 210 unit guide, was separate the $95 million specifically was separate from the $3 million replacements and is the $3 million now included in the $95 million? I just want to be clear because. At 210 at 435 a piece, I mean you're coming in at like $91 million and change.

早上好，感謝您回答問題。凱文，我只是想澄清一下資本銷售情況，我想是上個季度，如果我錯了請糾正我，210 個單位的指南是分開的，9500 萬美元具體是與 300 萬美元的替換分開的，那麼 300 萬美元現在是否包含在 9500 萬美元中？我只是想說清楚原因。以每人 210 美元、435 美元計算，你的收入大約是 9,100 萬美元甚至更多。

Yeah, so it's correct, and so the $3 million would be incremental to the 210 to get you to the $95 million system guide.

是的，這是正確的，因此 300 萬美元將增加到 210 萬美元，以達到 9500 萬美元的系統指南。

But was that the case last quarter, Kevin, because I don't, as I interpreted it wasn't. I may be mistaken.

但凱文，上個季度的情況是這樣嗎？因為我不知道，我的理解是那樣。我可能錯了。

Yeah, sorry, it was same last quarter, but we did not guide a total revenue number and we just, we wanted to clarify that on this call, but nothing has changed in terms of our expectations.

是的，抱歉，上個季度的情況也一樣，但我們沒有公佈總收入數字，我們只是想在這次電話會議上澄清這一點，但就我們的預期而言，沒有任何改變。

Okay. And then just to be clear, I think this was asked but again I apologize I'm just trying to get some clarification questions. The 2000 procedures were that were deferred, you're not assuming, or you are assuming that those were fully recouped in the first quarter.

好的。然後只是為了清楚起見，我認為這是有人問的，但我再次道歉，我只是想得到一些澄清問題。2000 個程序被推遲了，您沒有假設，或者您假設這些程序在第一季就被完全收回了。

No, we are not assuming that we're what we're saying is. We would suggest that any deferrals from Q4 to Q1 were largely offset by the sailing impact that we saw in January and February, so we would consider that impact negligible in the first quarter, and if they were to come back, we feel that they're going to come back throughout the year, not in any one given quarter. Okay.

不，我們並沒有假設我們所說的就是事實。我們認為，從第四季度到第一季的任何延期在很大程度上都被我們在一月和二月看到的航行影響所抵消，因此我們認為第一季的影響可以忽略不計，如果它們要回來，我們認為它們將在全年回來，而不是在任何特定的季度。好的。

Very clear thank you for the clarification.

非常清楚，感謝您的澄清。

Thanks, Ryan.

謝謝，瑞安。

Thank you. I'm not showing any further questions at this time. I would like to send a call back over to Reza Zadno, CEO, for any closer remarks.

謝謝。我目前沒有其他問題。我想給執行長 Reza Zadno 回電話，以便聽取進一步的評論。

Yeah, thanks for attending this meeting. Hope to see you tomorrow at our event and see you in the future conferences. Thank you very much. Have a nice day.

是的，感謝您參加這次會議。希望明天在我們的活動中見到您，並在未來的會議上見到您。非常感謝。祝你今天過得愉快。

Thank you for your participation in today's conference. This does include the program. You may now disconnect everyone have a great day.

感謝大家參加今天的會議。這確實包括該程式。您現在可以斷開連接，祝大家有個愉快的一天。