Procept Biorobotics Corp (PRCT) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the Procept BioRobotics second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes.

下午好，歡迎參加 Procept BioRobotics 2025 年第二季財報電話會議。（操作員指示）提醒一下，此通話將被錄音以供重播。

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 afternoon, and thank you for joining Procept BioRobotics second-quarter 2025 earnings conference call. Presenting on today's call are Reza Zadno, Chief Executive Officer; Larry Wood, Incoming Chief Executive Officer; and Kevin Waters, Chief Financial Officer.

下午好，感謝您參加 Procept BioRobotics 2025 年第二季財報電話會議。出席今天電話會議的有執行長 Reza Zadno、新任執行長 Larry Wood 和財務長 Kevin Waters。

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 defined under the Private Securities Litigation Reform Act of 1995. All 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 in Procept BioRobotics' filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov.

在我們開始之前，我想提醒聽眾，本次電話會議上與未來計畫、事件或表現相關的陳述均屬於《1995 年私人證券訴訟改革法案》定義的前瞻性陳述。所有這些前瞻性陳述均基於管理階層目前的預期和信念，這些陳述受多種風險、不確定性、假設和其他因素的影響，可能導致結果與本次電話會議上表達的預期有重大差異。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 上線上查閱。

Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date, August 6, 2025. Except as required by law, Procept BioRobotics undertakes no obligation to update or revise any forward-looking statements to reflect new information, circumstances or unanticipated events that may arise.

敬請聽眾不要過度依賴這些前瞻性陳述，這些陳述僅截至今天（2025 年 8 月 6 日）有效。除法律要求外，Procept BioRobotics 不承擔更新或修改任何前瞻性聲明以反映可能出現的新資訊、情況或意外事件的義務。

During the call, we will also reference certain financial measures that are not prepared in accordance with GAAP. More information about how we use these non-GAAP financial measures as well as reconciliations of these measures to their nearest GAAP equivalent are included in our earnings release.

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。有關我們如何使用這些非 GAAP 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。

With that, I would like to now turn the call over to Reza.

說完這些，我現在想把電話轉給 Reza。

Good afternoon. Before we review our second quarter results and provide an update on our outlook for 2025, I'd like to share a few brief remarks on our progress and welcome Larry Wood to Procept. As we mark this leadership transition, we do so from a position of strength, supported by several sustainable growth drivers.

午安.在我們回顧第二季業績並提供 2025 年展望的最新資訊之前，我想簡要介紹一下我們的進展，並歡迎 Larry Wood 加入 Procept。值此領導層換屆之際，我們以強大的實力和多種永續成長動力實現這一目標。

We expect to exit 2025 with an estimated installed base of 715 systems with the only 20% procedural share in the hospital market, highlighting significant room for expansion. The recent launch of HYDROS, our next-generation robotic platform that will serve as a foundation for continued innovation.

我們預計，到 2025 年，安裝的系統數量將達到 715 個，而醫院市場的程序份額僅為 20%，這凸顯出巨大的擴展空間。我們最近推出的下一代機器人平台 HYDROS 將為持續創新奠定基礎。

Enrollment in the WATER IV trial is progressing well, positioning us to enter the highly synergistic prostate cancer market. And financially, the company is well capitalized with gross margins expanding into the mid-60s range, establishing a clearer path to profitability.

WATER IV 試驗的招募進展順利，這使我們能夠進入高度協同的前列腺癌市場。從財務角度來看，該公司資本充足，毛利率擴大至 60% 左右，獲利路徑更加清晰。

None of this momentum would be possible without the strong team executing at a high level. Procept will continue to evolve and scale, investing in strategic capabilities while developing and strengthening leadership to support future growth. A great example of that evolution is the succession process that has yielded Larry Wood as our next CEO.

如果沒有強大團隊的高水準執行，這種勢頭就不可能實現。Procept 將繼續發展和擴大規模，投資策略能力，同時發展和加強領導力以支持未來的成長。這種演變的一個很好的例子就是繼任過程，拉里·伍德 (Larry Wood) 成為我們的下一任執行長。

While many of you know Larry from his time building the TAVR business at Edwards, we are excited to have him here today to make a few comments before he officially starts on September 2. Larry?

雖然你們中的許多人在 Larry 在 Edwards 建立 TAVR 業務時就認識他了，但我們很高興今天能邀請他來這裡，在他於 9 月 2 日正式上任之前發表一些評論。拉里？

Good afternoon. As my official start date of PROCEPT is only a few weeks away, I won't be commenting on the quarter or taking any questions. But I am appreciative of the opportunity to speak with all of you today. Before looking ahead, I would like to reflect the gratitude. I had the privilege of spending 40 years at Edwards Life Sciences, working alongside extraordinary individuals to build and scale a leading global TAVR business.

午安.由於距離我正式開始 PROCEPT 的日期只有幾週時間，因此我不會對本季度發表評論或回答任何問題。但我很感激今天有機會與大家交談。在展望未來之前，我想表達我的感激之情。我有幸在愛德華生命科學公司工作了 40 年，與傑出的人才一起建立和擴大了全球領先的 TAVR 業務。

For those of you who know me from Edwards, you know what excites me is the opportunity to change the standard of care and improve patients' lives in a meaningful way. In many ways, I see the opportunity of PROCEPT to have many parallels with the same goals and mission. We will focus on evidence, purposeful innovation and always striving to provide transformational therapies for patients who need it. It's an incredible honor to step in the role of CEO of PROCEPT BioRobotics. I am both humbled and energized by the opportunity to lead such a talented, mission-driven and forward-thinking team.

對於那些在愛德華茲醫院認識我的人來說，你們知道讓我興奮的是能夠改變護理標準並以有意義的方式改善病人的生活。在許多方面，我看到了 PROCEPT 的機會，它與相同的目標和使命有許多相似之處。我們將注重證據、有目的的創新，並始終努力為需要的患者提供轉化療法。能夠擔任 PROCEPT BioRobotics 的執行長是我的莫大榮幸。能夠領導這樣一支才華橫溢、有使命感和有遠見的團隊，我感到既榮幸又振奮。

As I begin this new chapter, I want to emphasize how deeply I believe in PROCEPT's potential to become a global leader in urology. Having served on the Board of Directors and audit committee this past year, I've had a unique vantage point to assess the company's strengths and future growth prospects. And I can say confidently, I would not be here today if I did not believe that the future is extraordinarily bright.

當我開始這一新篇章時，我想強調我多麼相信 PROCEPT 有潛力成為泌尿學領域的全球領導者。在過去的一年裡，我擔任董事會和審計委員會成員，因此我能夠以獨特的視角評估公司的優勢和未來的成長前景。我可以自信地說，如果我不相信未來無比光明，我今天就不會站在這裡。

I also want to thank Reza and the team for laying such a strong foundation. Their vision and leadership have positioned the company well for the road ahead. As a team, I know we can achieve great things to innovate, grow and build a culture rooted in trust, collaboration and performance. I look forward to sharing more about my vision as I transition into the CEO role.

我還要感謝 Reza 和他的團隊奠定瞭如此堅實的基礎。他們的遠見和領導力為公司未來的發展奠定了良好的基礎。作為一個團隊，我知道我們可以取得偉大的成就，創新、發展並建立以信任、協作和績效為基礎的文化。當我轉任執行長一職時，我期待與大家分享更多我的願景。

While change is inevitable, our direction remains clear. I approach this new chapter with a deep sense of responsibility and commitment to our employees, customers, patients and shareholders.

儘管變革不可避免，但我們的方向依然明確。我以對我們的員工、客戶、病患和股東的深切責任感和承諾來開啟這一新篇章。

Thank you, and I cannot wait to officially be in the role in early September. With that, I will pass it back to Reza for the quarterly business update.

謝謝，我已經迫不及待在九月初正式擔任這個職位了。我會將其轉交給 Reza 進行季度業務更新。

Thanks, Larry. Beginning with our quarterly revenue results. We delivered another strong quarter with results exceeding expectations across key performance indicators. The HYDROS sales funnel remains healthy and well positioned for conversion with average selling prices above the prior quarter. Procedure volumes outperformed expectations, reflecting both increased utilization and strong surgeon adoption.

謝謝，拉里。從我們的季度收入結果開始。我們又一個季度表現強勁，各項關鍵績效指標均超出預期。HYDROS 銷售通路保持健康，轉換率較高，平均售價高於上一季。手術量超出預期，反映出利用率的提高和外科醫生的大力採用。

We delivered record international revenue performance. Gross margin impact from tariffs has been effectively mitigated through disciplined execution and a more favorable environment. These results support our confidence in continuing to execute at a high level.

我們實現了創紀錄的國際收入表現。透過嚴格的執行和更有利的環境，關稅對毛利率的影響已得到有效緩解。這些結果增強了我們繼續高水準執行的信心。

Next, I want to provide an update on the recent 2026 proposed Medicare physician fee schedule. In mid-July, CMS announced Aquablation therapy was assigned a Category I code effective January 1, 2026.

接下來，我想提供最近提出的 2026 年醫療保險醫師收費表的最新情況。7 月中旬，CMS 宣布水消融療法被指定為 I 類代碼，自 2026 年 1 月 1 日起生效。

The new CPT Category I code was assigned a 2026 National Medicare Physician proposed payment of 16.14 total RVUs under the 2026 proposed Medicare physician fee schedule. By comparison, TURP was assigned 15.82 total RVUs. Securing a Category I CPT code marks a significant milestone for PROCEPT, the urology community and the patients we serve.

根據 2026 年擬議的醫療保險醫師收費表，新的 CPT 類別 I 代碼被分配了 2026 年國家醫療保險醫師擬議付款，總計 16.14 RVU。相比之下，TURP 的總 RVU 為 15.82。取得 I 類 CPT 代碼對於 PROCEPT、泌尿科界和我們服務的患者來說是一個重要的里程碑。

This transition acknowledges the clinical value and growing adoption of Aquablation therapy, reinforcing its role in the treatment of BPH as we work towards establishing it as the surgical standard of care. We believe the Category I designation will support broader support adoption and expand patient access to Aquablation therapy.

這項轉變承認了水消融療法的臨床價值和日益廣泛的應用，強化了其在 BPH 治療中的作用，我們正努力將其確立為手術治療標準。我們相信，I 類指定將支持更廣泛的支持採用並擴大患者接受水消融療法的機會。

Most importantly, the Category I code will reduce administrative burdens and ensure consistent reimbursement for both surgeons and hospitals. While overall professional fees have declined across the BPH resective procedure category, they continue to be collectively higher than national averages for non-resective BPH and kidney stone and bladder stone procedures, which are high-volume procedures performed by urologists in the hospital and ASC settings.

最重要的是，第一類代碼將減輕行政負擔並確保外科醫生和醫院獲得一致的報銷。雖然整個 BPH 切除手術類別的專業費用總體有所下降，但非切除性 BPH 以及腎結石和膀胱結石手術的費用仍然高於全國平均水平，這些手術是醫院和 ASC 環境中泌尿科醫生執行的大容量手術。

Additionally, the 2026 Medicare proposed Hospital Outpatient Prospective Payment System, or OPPS, continues to recognize Aquablation therapy hospital facility fee at APC Level 6. The 2026 OPPS proposed rule establishes hospital-based Aquablation therapy reimbursement at $9,765, an increase of 5.6% from $9,247 in 2025.

此外，2026 年醫療保險提議的醫院門診預付費系統 (OPPS) 繼續將水消融治療醫院設施費認定為 APC 第 6 級。2026 年 OPPS 提議的規則規定醫院的水消融治療報銷金額為 9,765 美元，比 2025 年的 9,247 美元增加 5.6%。

As we have communicated previously, the more important variable driving Aquablation adoption is a stable facility reimbursement rate that supports investment for the HYDROS system.

正如我們之前所傳達的，推動 Aquablation 採用的更重要的變數是支持 HYDROS 系統投資的穩定的設施報銷率。

Turning to the global macro environment, specifically our exposure to tariffs. As a reminder, with greater than 95% of the direct material cost for our single-use handpiece sourced in the United States, our primary tariff exposure lies with our ultrasound system associated components sourced from China.

轉向全球宏觀環境，特別是我們的關稅風險。提醒一下，由於我們一次性手機的直接材料成本有 95% 以上來自美國，因此我們的主要關稅風險在於從中國採購的超音波系統相關組件。

Back in April, based on a [145%] Chinese tariff rate, we estimated a potential cost of goods sold headwinds of approximately $5 million. Given that Chinese tariff rates have declined to approximately 55%, we estimate our cost of goods sold headwinds in the second half of 2025 to now be approximately $1 million to $2 million.

早在 4 月份，基於 [145%] 的中國關稅稅率，我們估計潛在的商品銷售成本約為 500 萬美元。鑑於中國關稅稅率已降至約 55%，我們估計 2025 年下半年的銷售成本逆風約為 100 萬至 200 萬美元。

During this period, we have been actively pursuing operational strategies to materially mitigate this exposure. We remain confident that the current tariff environment does not compromise our path to achieving our long-term profitability and gross margin objectives.

在此期間，我們一直在積極推行營運策略，以實質地減輕這種風險。我們仍然相信，目前的關稅環境不會影響我們實現長期獲利和毛利率目標的道路。

Next, I want to provide a brief update on WATER IV enrollment. As a reminder, we initiated enrollment in the first quarter of 2025 and activity is progressing to our expectations. As with all large clinical studies, the first phase is site selection and activation. Once activated, enrollment starts to accelerate.

接下來，我想簡單介紹一下 WATER IV 的註冊情況。提醒一下，我們在 2025 年第一季開始招生，活動進展順利，符合我們的預期。與所有大型臨床研究一樣，第一階段是地點選擇和活化。一旦啟動，註冊就會開始加速。

At our current pace, we continue to expect full enrollment by the second half of 2026. In connection with the WATER IV trial, Dr. Rahul Mihan successfully completed three same-day surgery prostate cancer procedures at an ISC in Arizona. While the vast majority of patients in the WATER IV trial will be treated in the hospital setting, Dr. Mihan has elected to treat Aquablation patients in the ASC.

以目前的速度，我們預計到 2026 年下半年將實現全面招生。在 WATER IV 試驗中，Rahul Mihan 博士在亞利桑那州的 ISC 成功完成了三次當日手術前列腺癌手術。雖然 WATER IV 試驗中的絕大多數患者將在醫院接受治療，但 Mihan 博士選擇在 ASC 中治療水消融患者。

Although still early, this announcement is exciting for two key reasons: first, we have demonstrated that localized prostate cancer can be treated and patient discharged the same day. Second, as highlighted during our AUA Analyst Day in April, the procedure involves removing nearly twice as much tissue as in BPH cases. Despite this, Dr. Mihan was able to safely and successfully treat these patients and discharge them the same day.

儘管還為時過早，但這一聲明令人興奮，主要有兩個原因：首先，我們已經證明局限性前列腺癌可以得到治療，患者當天即可出院。其次，正如我們 4 月 AUA 分析師日所強調的那樣，該手術需要切除的組織量幾乎是 BPH 病例的兩倍。儘管如此，Mihan 醫生還是能夠安全成功地治療這些患者並讓他們當天出院。

Last, I'd like to share an important organizational update. Building on our strong performance, we have made the decision to strengthen our commercial execution in support of our long-term objective to become the BPH surgical standard of care. To advance this goal, we are eliminating the role of the Chief Commercial Officer and searching for two new leadership positions: Senior Vice President of Sales; and Senior Vice President of Marketing, both reporting directly to the CEO.

最後，我想分享一個重要的組織更新。基於我們強勁的業績，我們決定加強商業執行，以支持我們成為 BPH 手術護理標準的長期目標。為了實現這一目標，我們將取消首席商務官的職位，並尋找兩個新的領導職位：銷售高級副總裁和行銷高級副總裁，均直接向執行長報告。

As a result of this change, Sham Shiblaq will no longer serve as CCO effective September 1. We appreciate Sham's leadership and contributions to the company's growth over the last six years and wish him all the best.

由於這項變化，Sham Shiblaq 自 9 月 1 日起將不再擔任 CCO。我們感謝 Sham 在過去六年中對公司發展的領導和貢獻，並祝他一切順利。

With that, I will turn the call over to Kevin to provide more detail on second quarter performance and our financial outlook.

說完這些，我將把電話轉給凱文，讓他提供有關第二季業績和財務前景的更多細節。

Thanks, Reza. Total revenue for the second quarter of 2025 was $79.2 million, representing growth of 48% compared to the second quarter of 2024. US revenue for the second quarter was $69.6 million, representing growth of 46% compared to the prior year period.

謝謝，雷札。2025 年第二季總營收為 7,920 萬美元，與 2024 年第二季相比成長 48%。第二季美國營收為 6,960 萬美元，比去年同期成長 46%。

Turning to US procedures. Handpiece and other consumable revenue for the second quarter of 2025 was $43.1 million, representing growth of 58% compared to the second quarter of 2024. We also recorded approximately $2.2 million of other consumable revenue in the second quarter of 2025.

轉向美國的程序。2025 年第二季手機及其他消耗品收入為 4,310 萬美元，與 2024 年第二季相比成長 58%。我們也在 2025 年第二季記錄了約 220 萬美元的其他消耗品收入。

In the second quarter, we sold approximately 12,750 handpieces, representing year-over-year unit growth of 59%. As noted during our first quarter earnings call, we exited March with strong procedural momentum that was sustained throughout the second quarter.

第二季度，我們銷售了約 12,750 支手機，較去年同期成長 59%。正如我們在第一季財報電話會議上所指出的，我們在三月保持了強勁的程序勢頭，並且這種勢頭一直持續到第二季​​度。

With the saline disruption now behind us, second quarter represented one of the most stable operating periods we've seen in the past six months. This is particularly noteworthy as it signals a clear return to the procedural momentum that was disrupted in the fourth quarter of 2024.

隨著鹽水中斷事件的結束，第二季度成為過去六個月中最穩定的營運時期之一。這一點尤其值得注意，因為它標誌著 2024 年第四季度中斷的程序勢頭明顯恢復。

In the second quarter of 2025, over 1,300 surgeons performed an Aquablation therapy procedure, reflecting strong engagement across our surgeon community. Given this large and growing number of surgeons, our commercial team is highly focused on identifying high potential surgeons and driving increased utilization.

2025 年第二季度，超過 1,300 名外科醫生進行了水消融治療手術，反映了我們外科醫生群體的積極參與。鑑於外科醫生的數量龐大且不斷增長，我們的商業團隊高度重視尋找具有高潛力的外科醫生並提高利用率。

Turning to US robot placements. We generated total US system revenue of $22.1 million, representing system revenue growth of 24% compared to the second quarter of 2024. In the second quarter, we sold 48 new HYDROS robotic systems and replacement systems. The pricing for our greenfield systems was at an average selling price of approximately $455,000.

轉向美國機器人的部署。我們在美國創造了 2,210 萬美元的系統總收入，與 2024 年第二季相比，系統收入成長了 24%。第二季度，我們銷售了 48 套新的 HYDROS 機器人系統和替換系統。我們的綠地系統的平均售價約為 455,000 美元。

As we have previously communicated, the timing of deal closures can vary quarter-to-quarter, and we continue to take confidence in the fact that once opportunities reach the later stages of our sales funnel, it is more a matter of when they close, not if.

正如我們之前所傳達的，交易結束的時間可能每個季度都有所不同，我們仍然相信，一旦機會進入銷售漏斗的後期階段，更多的是何時結束的問題，而不是是否結束的問題。

Additionally, the momentum with our IDN customers during the second quarter continues to progress nicely and reinforces our confidence heading into the second half of 2025. Furthermore, adoption of the HYDROS system by BPH hospitals is steadily increasing, reinforcing our confidence in the opportunity to penetrate the remaining high-volume BPH hospitals and expand into medium and lower volume hospitals.

此外，第二季我們 IDN 客戶的發展動能持續良好，增強了我們對 2025 年下半年的信心。此外，BPH 醫院採用 HYDROS 系統的情況正在穩步增加，這增強了我們對滲透剩餘高容量 BPH 醫院並擴展到中低容量醫院的機會的信心。

International revenue in the second quarter of 2025 was $9.6 million, representing growth of 69% compared to the prior year period. Growth in the second quarter was driven primarily by strong sales momentum in the United Kingdom, Japan and Korea.

2025 年第二季國際營收為 960 萬美元，比去年同期成長 69%。第二季的成長主要得益於英國、日本和韓國強勁的銷售勢頭。

Moving down the income statement. Gross margin for the second quarter of 2025 was 65.4%, representing an increase of 640 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 second quarter of 2024.

向下移動損益表。2025年第二季毛利率為65.4%，年增640個基點。利潤率同比擴大主要得益於與 2024 年第二季相比營運效率的提高和平均售價的提高。

Total operating expenses for the second quarter of 2025 amounted to $74 million compared to $58.3 million during the same period in the prior year. We believe our path to profitability is becoming increasingly clear as reflected in our recent performance.

2025 年第二季的總營運費用為 7,400 萬美元，而去年同期為 5,830 萬美元。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。

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 both systems and handpieces.

這種清晰度是由我們的毛利率擴大到 60% 左右所驅動的，這是我們能夠利用現有間接費用來提高收入水平的直接結果，同時系統和手機的平均售價也提高了。

Net loss was $19.6 million for the second quarter of 2025 compared to $25.6 million in the same period of the prior year. Adjusted EBITDA was a loss of $8 million compared to a loss of $18 million in the second quarter of 2024. Our cash, cash equivalents and restricted cash balances as of June 30 were approximately $306 million.

2025 年第二季淨虧損為 1,960 萬美元，去年同期淨虧損為 2,560 萬美元。調整後的 EBITDA 虧損 800 萬美元，而 2024 年第二季虧損 1,800 萬美元。截至 6 月 30 日，我們的現金、現金等價物和受限現金餘額約為 3.06 億美元。

Moving to our 2025 financial guidance. We now expect full year 2025 total revenue to be approximately $325.5 million, representing growth of approximately 45% compared to 2024. We continue to expect to sell approximately 210 new robotic systems in the United States in 2025. The quarterly volume has shifted slightly due to the timing of certain sales that move from June into the third quarter.

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 3.255 億美元，與 2024 年相比將成長約 45%。我們預計 2025 年美國將銷售約 210 套新機器人系統。由於某些銷售的時間從六月移至第三季度，季度銷量略有變化。

As a result, we now anticipate greenfield system sales in the third quarter to total approximately 52 units with average selling prices expected to be approximately $440,000 per system. Our primary commercial focus in 2025 remains capitalizing on the significant opportunity to expand HYDROS adoption in greenfield accounts.

因此，我們現在預計第三季綠地系統銷售總量約為 52 台，平均售價預計約為每台系統 44 萬美元。2025 年，我們的主要商業重點仍然是利用這一重大機會擴大 HYDROS 在綠地帳戶中的應用。

As such, we have revised our expectations for replacement system sales in the third and fourth quarters, which we now expect to be immaterial. We continue to believe that replacement sales represent a meaningful long-term growth driver for the business.

因此，我們修改了對第三季和第四季替換系統銷售的預期，現在我們預計這將無關緊要。我們仍然相信，替代銷售對於業務而言是一個有意義的長期成長動力。

However, given our current position early in the adoption curve, we anticipate this opportunity to begin contributing more substantially starting in 2026. Taking all of this into account, we now expect full year US system revenue to total approximately $93.5 million.

然而，考慮到我們目前在採用曲線中的早期位置，我們預計這個機會將從 2026 年開始做出更大的貢獻。考慮到所有這些因素，我們現在預計全年美國系統收入總計約為 9,350 萬美元。

Turning to US handpieces. For the full year, we now expect sales of approximately 53,000 handpieces, representing a 64% 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 second quarter.

轉向美國手機。我們目前預計全年手機銷量約為 53,000 台，與 2024 年相比銷量將增加 64%。我們仍然對新帳戶推出和季度程序量的可見性充滿信心，這有助於我們在第二季度取得優異的業績。

In terms of quarterly cadence, we expect to sell approximately 13,350 US handpieces in the third quarter. We are maintaining handpiece average selling prices to be approximately $3,200 and other consumables revenue expectations to be approximately $9 million for the full year. Additionally, we expect US service and other revenue to now be approximately $17 million for the full year. Given strong positive momentum, we now expect full year international revenue to be approximately $36 million, representing annual growth of 50%.

就季度節奏而言，我們預計第三季將銷售約 13,350 支美國手機。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維持在約 900 萬美元。此外，我們預計美國服務和其他收入全年約為 1700 萬美元。鑑於強勁的積極勢頭，我們現在預計全年國際收入約為 3,600 萬美元，年增長率為 50%。

Turning to 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. As Reza noted, at current tariff rates, we estimate a potential gross margin headwind of approximately $1 million to $2 million in 2025, which is expected to result in a modest decline in gross margin during the second half of the year compared to the first half.

談到毛利率。當前的關稅情勢仍然高度不穩定。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。正如 Reza 所指出的，按照目前的關稅稅率，我們估計 2025 年的潛在毛利率阻力約為 100 萬至 200 萬美元，預計這將導致下半年的毛利率與上半年相比略有下降。

Taking these impacts into consideration, we are now expecting a full year gross margin of approximately 64.5%, which is at the high end of our previously issued gross margin guidance. Although we are not yet providing guidance for 2026, we remain confident that the current tariff environment does not compromise our path to achieving our long-term profitability objectives.

考慮到這些影響，我們現在預計全年毛利率約為 64.5%，這處於我們先前發布的毛利率指引的高端。儘管我們尚未提供 2026 年的指導，但我們仍然相信，當前的關稅環境不會影響我們實現長期獲利目標的道路。

Turning to operating expenses. We now expect full year 2025 operating expenses to total approximately $302 million, representing a 29% increase compared to 2024. For the third quarter of 2025, our operating expense guidance reflects anticipated spending of approximately $79 million, inclusive of certain onetime expenses associated with the CEO transition.

談到營運費用。我們現在預計 2025 年全年營運費用總計約為 3.02 億美元，比 2024 年成長 29%。對於 2025 年第三季度，我們的營運費用指引反映預計支出約為 7,900 萬美元，其中包括與執行長過渡相關的某些一次性費用。

In addition, based on current interest rates and our cash position, we project full year interest and other income to be approximately $9 million. After considering all relevant factors, we continue to expect a full year 2025 adjusted EBITDA loss of approximately $35 million with fourth quarter results approaching breakeven.

此外，根據當前利率和我們的現金狀況，我們預計全年利息和其他收入約為 900 萬美元。在考慮所有相關因素後，我們繼續預期 2025 年全年調整後 EBITDA 虧損約 3,500 萬美元，第四季業績接近損益兩平。

With that, I will turn the call over to Reza for final comments.

說完這些，我將把電話交給 Reza 進行最後的評論。

Thanks, Kevin. To reiterate, PROCEPT is strategically well positioned to achieve our long-term goal of becoming a global leader in urology. We are building the leadership team and the capabilities necessary to scale the business effectively to reach our goals. I'm confident Larry and his team will do just that. As for me, serving as CEO of this incredible company has been the greatest honor of my professional career.

謝謝，凱文。重申一下，PROCEPT 在策略上處於有利地位，可以實現我們成為泌尿科全球領導者的長期目標。我們正在組建領導團隊並建立必要的能力，以有效擴大業務規模並實現我們的目標。我相信拉里和他的團隊會做到這一點。對我來說，擔任這家令人難以置信的公司的執行長是我職業生涯中最大的榮譽。

I'm immensely proud of what we have accomplished together, the milestones we have reached, the challenges we have overcome and the culture of performance, integrity and innovation we have built. To our employees, I want to thank each and every one of you for your hard work, dedication and trust over the years.

我為我們共同取得的成就、達到的里程碑、克服的挑戰以及建立的績效、誠信和創新文化感到無比自豪。對於我們的員工，我要感謝你們每一位多年來的辛勤工作、奉獻和信任。

At this point, we will take questions. Operator?

現在，我們將回答問題。操作員？

(Operator instructions) Matthew O'Brien, Piper Sandler.

（操作員指示）馬修·奧布萊恩、派珀·桑德勒。

Reza, best of luck in retirement. And Larry, welcome to the new role. I thought maybe we could start with guidance. Just the confidence level that you guys have in maintaining the guidance here, especially with the system number in the quarter, maybe coming in a little lighter than some folks had maybe expected.

Reza，祝你退休後一切順利。歡迎拉里擔任新職務。我想也許我們可以從指導開始。你們對維持此處指導的信心水平，特別是本季度的系統數字，可能比一些人預期的要低一些。

Just the confidence you have there, some of the puts and takes as you think about guide for the back half of the year. And then I do have a follow-up.

只是你有信心，當你考慮指導下半年時，你會做出一些讓步。然後我確實有一個後續行動。

Yes. Thanks, Matt. Let me take that in two parts. Let me first make sure you're clear on what the actual guidance is because I did hear you say we maintained guidance, but we actually did slightly increase our guidance. Let me just walk through the guidance, and then I'll separately kind of go through kind of what gives us confidence in how we formulated that guidance.

是的。謝謝，馬特。讓我分成兩部分來討論這個問題。首先，讓我確保您清楚實際指導是什麼，因為我確實聽到您說我們維持了指導，但實際上我們確實略微提高了指導。讓我先介紹一下指導意見，然後我將分別介紹一下是什麼讓我們對制定該指導意見充滿信心。

So just starting with the full year guidance. We did affirm our full year system greenfield guide of 210, although we did note that we had a few systems that move into the back half of the year purely due to timing. But our overall number remains unchanged.

因此，剛開始全年指導。我們確實確認了全年系統綠地指南為 210，儘管我們確實注意到，有幾個系統純粹由於時間原因而進入下半年。但我們的總數保持不變。

And at the same time, we've actually increased the average selling prices we now expect in the third and fourth quarter to $440,000 per system based on what we see in the pipeline. When you look at handpiece sales, we're actually really pleased with the trends in the business, and we essentially raised the full year guidance by the Q2 beat, which kind of gets us to that 53,000 number.

同時，根據我們在產品線中看到的情況，我們實際上已經將第三季和第四季預計的平均銷售價格提高到了每套系統 44 萬美元。當您查看手機銷售情況時，我們實際上對業務趨勢感到非常滿意，我們基本上提高了第二季度的全年預期，這使我們達到了 53,000 這個數字。

And then some other items on service, we increased that guide by about $1 million, which is a function of renewing service contracts. And then also, we did increase again, international revenue by about $1.5 million given the trends we're seeing in the UK, Korea, and Japan to get to a full year number of $36 million. So that -- those are the numbers. And kind of to your second part of your question around kind of confidence and formulation, our guidance is always based on the trends we see currently in the business. And we went through a normal process in formulating guidance.

然後是關於服務的一些其他項目，我們將該指南增加了約 100 萬美元，這是續約服務合約的功能。此外，考慮到英國、韓國和日本的趨勢，我們的國際收入再次增加了約 150 萬美元，全年收入達到 3,600 萬美元。所以——這些就是數字。對於您問題的第二部分，關於信心和製定方式，我們的指導始終基於我們目前在業務中看到的趨勢。我們在製定指導方針時經歷了正常的流程。

And we do appreciate that in times of change, execution can be difficult. But it's important to remember, we have hundreds of people in the field on our sales force. These are dedicated professionals. Many have been doing this for 20-plus years. And we have a high degree of confidence in that team and the ability to execute from a pure people perspective.

我們確實意識到，在變革時期，執行可能會很困難。但重要的是要記住，我們的銷售團隊有數百名現場人員。這些都是敬業的專業人士。許多人已經這樣做了20多年。從純粹的人員角度來看，我們對該團隊及其執行能力充滿信心。

And we've continuously said ever since you've noticed, Matt, that we think we have the best sales force out there in medical device, and we're going to leverage them over the next six months during this period of change.

馬特，自從你注意到以來，我們就一直在說，我們認為我們擁有醫療設備領域最好的銷售隊伍，我們將在未來六個月的變革時期充分利用他們。

And then when you actually look through the details, remember, our capital sales cycle is six to nine months. And therefore, we have a ton of visibility into the deals currently in the funnel, and that sales team is out there executing on that. And when you look at procedures, we have strong visibility over the next 30 to 60 days. These are elective procedures.

然後，當您真正查看詳細資訊時，請記住，我們的資本銷售週期是六到九個月。因此，我們對當前通路中的交易有很高的了解，並且銷售團隊正在執行這些交易。當您查看程序時，我們對未來 30 到 60 天有很強的可視性。這些都是選擇性程序。

They're typically booked months in advance. We're in every case, and that provides some relative level of stability to our forecast. So long-winded way of saying we have a ton of confidence in the team and in our guidance and feel good about executing in the back half of the year.

他們通常提前幾個月就預訂了。我們處於每種情況下，這為我們的預測提供了一定程度的相對穩定性。長話短說，我們對團隊和我們的指導充滿信心，並對下半年的執行感到滿意。

Appreciate that. And then as a follow-up, and I think you're kind of touching on some of those points there, Kevin. With Reza leaving now with Sham and giving that update on this call that he's leaving, there is quite a bit of disruption.

非常感謝。然後作為後續問題，我認為你有點觸及了其中的一些觀點，凱文。現在，Reza 將與 Sham 一起離開，並在這次電話會議中宣布了他的離開計劃，這造成了相當大的混亂。

So historically, when investors see this level of disruption, you get a little worried that there's going to be some loss of focus among sales reps or other folks in the organization. Can you just kind of touch on how you're going to minimize the potential for that level of disruption as we think about the growth of the business over the rest of this year and into '26?

因此，從歷史上看，當投資者看到這種程度的混亂時，你會有點擔心銷售代表或組織中的其他人會失去注意力。當我們考慮今年剩餘時間和 26 年的業務成長時，您能否簡單談談您將如何盡量減少這種程度的中斷的可能性？

Yes. I mean I'm going to apologize, it might be somewhat repetitive, but I'm going to say it again. We have full confidence in the team we have in the field. This is not a company with 20 or 30 reps now. I mean we have hundreds of people in the field.

是的。我的意思是我要道歉，這可能有點重複，但我要再說一次。我們對我們在該領域的團隊充滿信心。現在這已經不是一家擁有 20 或 30 名銷售代表的公司了。我的意思是我們在這個領域有數百人。

We go through a very methodical process internally to formulate guidance, and those people are committed to executing in the back half of the year. And again, we appreciate times of change, execution can be difficult. We have confidence in the team and process, and we're moving forward.

我們在內部透過非常有條理的流程來製定指導方針，並且這些人致力於在今年下半年執行。再次強調，我們理解變革的時代，但執行起來可能會很困難。我們對團隊和流程充滿信心，我們正在向前邁進。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

Maybe first, just talk to us a little bit more about why now was the right time to split up the CCO role and kind of expectations for what the organization might look like differently? What can you do more efficiently with two roles instead of one? And again, why now is the right time to do that?

首先，請您與我們多談談為什麼現在是拆分 CCO 角色的最佳時機，以及對組織可能出現的不同表現有何期望？與扮演一個角色相比，扮演兩個角色可以更有效率地完成哪些工作？那麼，為什麼現在是做這件事的最佳時機呢？

Yes. Thanks, Brandon. As I said in the prepared remarks, this was really a result of our decision to further strengthen our commercial execution to support our long-term objective of becoming a leading global urology company. And with this decision, eliminating the CCO role, we have the opportunity of bringing two executives for, one, SVP of Sales and one, SVP of Marketing.

是的。謝謝，布蘭登。正如我在準備好的發言中所說，這實際上是我們決定進一步加強商業執行的結果，以支持我們成為全球領先的泌尿科公司的長期目標。透過這個決定，取消了 CCO 角色，我們有機會引進兩位主管，一位是銷售資深副總裁，另一位是行銷資深副總裁。

Okay. Maybe separately, we've talked a lot about in the past how one of the -- or not the gating factors, but the predictors of utilization growth is simply time in your accounts, right? As you look now and we're getting deeper and deeper into accounts and more tenure, as you look at some of your oldest accounts, do you guys feel like pretty uniformly, the more time you give accounts, the closer they get to Aquablation being standard of care in those accounts?

好的。也許單獨地，我們過去已經討論過很多關於其中一個 - 或者不是門控因素，但利用率增長的預測因素只是您帳戶中的時間，對嗎？正如您現在所看到的，我們對帳戶和任期的研究越來越深入，當您查看一些最古老的帳戶時，您是否覺得非常一致，您給帳戶的時間越長，他們就越接近 Aquablation 成為這些帳戶的護理標準？

Maybe just curious if you can talk to us as we're looking forward from here, how many of these accounts, you probably can't put a number on it, but how many of your accounts are really getting predominantly most of their BPH volumes are being done on Aquablation and becoming a workforce solution, just to give us a better sense of how this can trend in the future?

也許只是好奇您是否可以和我們談談我們對未來的展望，有多少這樣的帳戶，您可能無法給出一個數字，但是您的帳戶中有多少真正主要透過 Aquablation 完成大部分 BPH 量並成為一種勞動力解決方案，只是為了讓我們更好地了解未來的趨勢？

So I'm not going to put an exact number on it, as you alluded to, but I do think your characterization is fair that the longer you are an account, the more Aquablation procedures you do. And we do have multiple examples where Aquablation therapy is the standard of care within that hospital practice. But we have a long ways to go.

因此，正如您所暗示的，我不會給出一個確切的數字，但我確實認為您的描述是公平的，即您擁有帳戶的時間越長，您進行的 Aquablation 程序就越多。我們確實有多個例子顯示水消融療法是該醫院的標準治療方法。但我們還有很長的路要走。

If you look at where we're at, we're planning to exit the year at only 20% of the US resective market share. And we feel that we're just scratching the surface of kind of the potential here, but we definitely have multiple examples of us being the standard of care within our given customers.

如果你看看我們現在的狀況，我們計劃在今年年底前僅占美國切除市場份額的 20%。我們覺得我們只是觸及了這方面的潛力的表面，但我們確實有多個例子表明我們是特定客戶的護理標準。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

Maybe the first one from me is on the recent physician fee schedule reduction within urology procedures, especially including yours. I'm just -- what gives you the confidence or what are you hearing, if anything, that physician behavior won't change on their treatment algorithm or whether they do a resective procedure versus something else that maybe minimally invasive procedure that potentially saw some lift to the economic remuneration. I'd love to just hear your thoughts there. And I have a follow-up.

也許我首先要問的是最近泌尿外科手術的醫師費用表降低，特別是包括你們的手術。我只是——是什麼讓你有信心或你聽到了什麼，如果有的話，醫生的行為不會改變他們的治療演算法，或者他們是否進行切除手術而不是其他可能對經濟報酬有所提升的微創手術。我很想聽聽你的想法。我還有一個後續問題。

Thanks for the question. As you mentioned, all resective procedures payments went down by about 25%. We were modestly higher than the other resective procedures. I think we should focus always on the clinical outcomes and adoption and utilization of our system from a hospital point of view is mostly by the APC Level 6 that was not modified and 50% of the physicians we work with are salaried in this hospital.

謝謝你的提問。正如您所提到的，所有切除手術的費用都下降了約 25%。我們的手術比其他切除手術略高一些。我認為我們應該始終關注臨床結果，從醫院的角度來看，我們系統的採用和利用主要由未經修改的 APC 6 級人員進行，並且與我們合作的 50% 的醫生都在這家醫院領取薪水。

But again, adoption and utilization is primarily on clinical outcomes. So we believe the surgeons will continue doing BPH procedures, and they are happy with the clinical outcomes we are providing.

但同樣，採用和利用主要取決於臨床結果。因此，我們相信外科醫生將繼續進行 BPH 手術，並且他們對我們提供的臨床結果感到滿意。

And then just on the system placement. So I guess the only real change that I'm seeing on the placement side, maybe two systems got pushed into 4Q, but it sounds like you have good visibility there out of 3Q. And then just more of a kind of a de minimis replacement assumption this year.

然後只是關於系統放置。所以我想我在佈局方面看到的唯一真正的變化是，也許兩個系統被推入了第四季度，但聽起來你在第三季度有很好的可見性。那麼今年就只是一種最低限度的替代假設。

I guess, what changed there? And why would replacements just start picking up next year? Or is there just -- yes, just maybe elaborate on that a little bit.

我猜，那裡發生了什麼變化？為什麼替代產品的數量到明年才開始增加呢？或者只是——是的，也許稍微詳細說明一下。

Yes. I think you're characterizing that correctly, Rich, where the system absolute revenue number has increased since the beginning of the year, primarily due to ASPs and our overall guide of 210 million remains the same. But compared to our last quarter guide of $95 million, we've reduced that to $93.5 million. And that is solely, as you pointed out, the fact that we do not think we're going to execute on the number of replacements that we felt we were going to do at the beginning of the year. And this is really focus.

是的。我認為你對此的描述是正確的，Rich，系統絕對收入數字自今年年初以來一直在增加，這主要歸功於 ASP，而我們的 2.1 億的總體指導保持不變。但與上一季的 9,500 萬美元指導價相比，我們已將其削減至 9,350 萬美元。正如您所指出的，這完全是因為我們認為我們不會執行我們在年初計劃進行的替換數量。這才是真正的重點。

And we do feel with the amount of greenfield deals we have in the funnel, the opportunity there, the fact that we're still 20% penetrated into the total hospital environment, we feel that's where the focus needs to be in the near-term. Reps are not incentivized on replacement, and it's just not a focus.

我們確實感覺到，考慮到我們在通路中擁有的大量綠地交易、其中蘊藏的機遇，以及我們仍然滲透到整個醫院環境的 20% 這一事實，我們認為這是短期內需要關注的重點。銷售代表不會受到更換的激勵，而且更換也不是重點。

I'd also point out why do we think in the future, this will become more robust is if you look at the useful life of our system, our capital is a bit unique in that we peg the useful life somewhere in the five to seven year range. And if you start to look at when we really started to garner a significant number of placements, that really started in earnest in 2021 post receiving full Medicare coverage.

我還要指出的是，為什麼我們認為未來這會變得更加穩健，如果你看看我們系統的使用壽命，我們的資本有點獨特，因為我們將使用壽命固定在五到七年的範圍內。如果你開始關注我們何時真正開始獲得大量安置，你會發現這實際上是在 2021 年獲得全面醫療保險覆蓋後才真正開始的。

And with that is why I made the comment that I think 2026 could be the year where you start to see a more robust replacement cycle that coincides with the useful life of the system, not 2025.

這就是為什麼我發表評論說，我認為 2026 年可能是你開始看到更強勁的更換週期的一年，與系統的使用壽命相吻合，而不是 2025 年。

Chris Pasquale, Nephron Research.

Chris Pasquale，腎元研究。

I thought the statistic around 1,300 surgeons performing at least one case in the quarter was interesting. It implies about 10 per physician. I'm curious how that utilization curve looks. Do you have a significant number of doctors who are still only doing one or two cases kind of dabbling? Or is it more tightly bunched around that run rate of maybe three or four months?

我認為本季約有 1,300 名外科醫生至少實施了一例手術的統計數據很有趣。這意味著每位醫生大約需要 10 名醫生。我很好奇利用率曲線是什麼樣的。你們那裡是否有相當數量的醫生仍然只是涉獵一兩例病例？或者它是否更緊密地集中在大約三到四個月的運行率上？

It's fairly consistent in the trajectory with surgeons where we've said it typically takes our average surgeon three to four quarters to start performing at the corporate average, and that remains consistent. On average, we have about two to three surgeons per account. That remains consistent. But where we've put in a lot of effort, and I think it's starting to bear fruit in the numbers here is how we launch accounts. And we're now launching accounts with multiple surgeons and asking those surgeons, encouraging those surgeons to schedule multiple patients.

這與外科醫生的發展軌跡相當一致，我們說過，我們的平均外科醫生通常需要三到四個季度才能開始達到公司平均水平，而且這一趨勢一直保持一致。平均而言，每個帳戶我們有大約兩到三名外科醫生。這保持一致。但我們已經付出了很多努力，而且我認為我們在如何開設帳戶方面已經開始取得成果。我們現在正在與多位外科醫生建立帳戶，並要求這些外科醫生、鼓勵這些外科醫生安排多位患者。

It's very inefficient for us as a company, inefficient for the surgeon and his or her patients to treat one patient a day. And I think that's starting to manifest itself a little bit now, and you're seeing it in the numbers.

對於我們公司來說，每天只治療一名患者是非常低效的，對於外科醫生和患者來說，這種效率也很低。我認為這一點現在已經開始有所體現，您可以從數字中看到。

Okay. And then can you talk a little bit more about the international strength? That continues to kind of run ahead of expectations. And in the past, you said most of that is the UK Is that still true? Or are other regions starting to be more meaningful?

好的。那麼您可以再多談談國際實力嗎？這仍然超出了預期。過去您曾說過，大部分是英國，現在還是這樣嗎？或者其他地區開始變得更有意義？

Yes. So consistent with previous quarters, the upside we're seeing is primarily related to UK demand. However, while still relatively minor, we are starting to see some good progress in both Japan and Korea. We're really looking to build those markets for the long-term, and we're starting to see kind of some good traction there.

是的。因此，與前幾個季度一致，我們看到的上行趨勢主要與英國的需求有關。然而，儘管規模仍然相對較小，但我們開始看到日本和韓國都取得了一些良好進展。我們確實希望長期建造這些市場，並且我們開始看到一些良好的發展勢頭。

To put it in perspective, between those three markets I just mentioned, the UK, Japan and Korea, that would represent about 70% of all international sales.

換個角度來看，我剛才提到的三個市場，英國、日本和韓國，約佔所有國際銷售額的 70%。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

This is Eric on for Josh. I wanted to ask about the HYDROS rollout. Now that you're a few quarters into that launch, I was wondering if you could talk a little bit about the value proposition of that system and how it's being received by customers?

我是 Eric，代替 Josh 發言。我想詢問有關 HYDROS 推出的情況。現在您已經發布了幾個季度，我想知道您是否可以談談該系統的價值主張以及客戶的接受程度？

And maybe more specifically, if there's any metrics like utilization where maybe you're seeing more procedures take place with the folks who have that. Just wondering if there's anything to call out there.

也許更具體地說，如果有任何指標，例如利用率，那麼您可能會看到擁有該指標的人進行更多的程序。我只是想知道是否有什麼東西需要調用。

Yes. Let me take the utilization metric first. It's too early is the answer on utilization. What we're seeing good anecdotes with accounts launching with multiple surgeons with multiple patients per day, as I just mentioned, it's early. If you go back to our HYDROS installations, they really began in earnest in the first quarter of '25.

是的。讓我先來看看利用率指標。關於利用率的答案還為時過早。我們看到的好消息是，每天都有多名外科醫生為多名患者開設帳戶，正如我剛才提到的，現在還為時過早。如果您回顧我們的 HYDROS 安裝，它們實際上是在 25 年第一季開始認真進行的。

And given the fact that it does take three to four quarters for an account to ramp, I think we'll have a lot more to say at the conclusion of '25 with how we see that ramp. But the general receptivity has been fantastic in terms of the features that HYDROS offers.

考慮到一個帳戶的成長確實需要三到四個季度的時間，我認為在 25 年結束時我們會對如何看待這一增長有更多的話要說。但就 HYDROS 提供的功能而言，整體接受度非常好。

Yes. And I can add to that. Definitely, as we have said, setup time is simpler. The fact that we have the single use that reduces the one more step of restorization that's cheaper for the hospital. And of course, the first AI assist, these are all the features that still are the value proposition for HYDROS.

是的。我還可以補充一點。毫無疑問，正如我們所說，設定時間更簡單。事實上，我們採取一次性使用的方式，減少了一個修復步驟，這對醫院來說更便宜。當然，第一個 AI 輔助，這些功能仍然是 HYDROS 的價值主張。

Understood. That makes sense. And then maybe on the capital sales team, I was wondering if you could share how you're feeling about the size of that team currently and maybe how you're thinking about the pace of rep additions over the next 12 months or so?

明白了。這很有道理。然後也許在資本銷售團隊中，我想知道您是否可以分享您對該團隊目前規模的感受，以及您對未來 12 個月左右銷售代表增加速度的看法？

Look, we feel good about the size. We provided that we have about 40 quota carrying reps. But more importantly, we're adding strategically around those reps based on the needs of the business. And we've talked about adds in different areas there. I'm not going to get into specifics.

瞧，我們對尺寸感覺很好。我們規定，我們有大約 40 位配額執行代表。但更重要的是，我們根據業務需求策略性地增加這些代表。我們已經討論了不同領域的附加內容。我不想談論細節。

But directionally, the pipeline is strong. The rep productivity is performing to our expectations, and we'll continue to add to that group heading into 2026. So we feel good about how that team is performing and the productivity around that group.

但從方向上看，該管道非常強大。銷售代表的生產力符合我們的預期，我們將在 2026 年繼續擴大團隊。因此，我們對團隊的表現和生產力感到滿意。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Awesome. Just two for me quickly. One, you touched on the Cat I code shift at the start. But like have you had conversations with surgeons to get a sense of that faster flow from them? Any uptake in terms of volumes just from the ease of quality of life on the coding side on there? And any sort of like anecdotes around what that could do for volumes, if anything?

驚人的。對我來說很快只有兩個。首先，您一開始就提到了 Cat I 代碼轉換。但是您是否與外科醫生交談過以了解他們手術流程為何如此之快？僅從編碼方面的生活品質的改善來看，數量是否有所增加？如果有的話，這對銷量有什麼影響嗎？

So question is on Cat I. So definitely, we are very excited about moving to Cat I. As you know, that's considered an established procedure versus when you are in Category III or considered experimental. It standardizes the billing, it removes all the operational barriers and the clinical outcomes and at the end of the day, it's just the clinical outcomes, which will drive utilization.

所以問題是關於 Cat I 的。所以我們對進入 Cat I 感到非常興奮。如你所知，這被認為是一種既定程序，而不是屬於 Category III 或被認為是實驗性的。它使計費標準化，消除了所有操作障礙和臨床結果，最終，正是臨床結果推動了利用率。

Pat, this is Kevin as well. I mean to your question about physician feedback, the reality is this is not going to be implemented until January 2026. So in terms of surgeon experience, there is none to date. And I don't think we have heard anecdotes from our customers that the payment is going to be a barrier to adoption. They are still excited about the clinical benefits that our procedure offers and standardization to their practice. And the early feedback, I'd say it's been fairly neutral is how I would characterize it with surgeon feedback.

帕特，這也是凱文。對於您關於醫生回饋的問題，事實上，這項政策要到 2026 年 1 月才會實施。因此，就外科醫生的經驗而言，迄今為止還沒有。我認為我們並沒有聽到客戶說付款會成為採用的障礙。他們仍然對我們的程序所提供的臨床益處和實踐的標準化感到興奮。而早期的回饋，我想說它是相當中性的，這是我用外科醫生的回饋來描述它的方式。

Classic. They've got better things to worry about. I mean, the other one is you touched on it in relation to the IDNs, but looking for the distribution of new placements and particularly some of the lower volume facilities, how you're feeling about that? How that mix could hit going forward rather than just the high-volume facilities, how are you feeling about the lower volume?

經典的。他們有更重要的事情要擔心。我的意思是，另一個問題是，您談到了與 IDN 相關的問題，但尋找新安置的分佈，特別是一些較低容量的設施，您對此有何感想？這種組合未來將如何影響，而不僅僅是高容量設施，您對較低容量有何看法？

We feel good. And I think it's important to -- since you brought it up here to remind folks that these large IDNs in the US account for about 30% of all resective procedures being performed in the hospital. And there's about 17 of these IDNs, and we're very fortunate to be able to have relationships and contracts with most all of them. And we started to see some of those deals come through in the first half of '25.

我們感覺很好。我認為這一點很重要——既然你在這裡提出這個問題，是為了提醒大家，美國這些大型 IDN 佔醫院所有切除手術的 30% 左右。目前大約有 17 個 IDN，我們很幸運能夠與其中大多數建立關係並簽訂合約。我們開始看到其中一些交易在 2025 年上半年達成。

I would suggest it's going to be a big part of our growth strategy as we exit the year and head into 2026. We are starting to form great relationships at the top. We've hired a handful of folks to run a strategic accounts team led by very accomplished and experienced individuals.

我認為，隨著我們今年的結束和 2026 年的到來，這將成為我們成長策略的重要組成部分。我們開始在高層建立良好的關係。我們聘請了一些人員來管理一個由非常有成就和經驗豐富的個人領導的策略客戶團隊。

And where historically, we have always worked deals from the bottom up, which we continue to do, this group really allows us to work from the top down, and we feel good about the pipeline and the deals and the progress that we see with IDNs.

從歷史上看，我們一直都是自下而上地開展交易，現在我們也將繼續這樣做，而這個小組確實讓我們能夠自上而下地開展工作，我們對 IDN 的管道、交易和進展感到滿意。

Nathan Treybeck, Wells Fargo.

內森‧特雷貝克 (Nathan Treybeck)，富國銀行。

Reza, congratulations. It was a pleasure working with you and Larry, looking forward to working with you as well. I just wanted to touch on the capital environment. I guess, in light of recent macro concerns, can you confirm you're not hearing from hospitals about any slowing or pausing of capital spending?

雷扎，恭喜你。很高興與您和 Larry 合作，也期待與您合作。我只是想談談資本環境。我想，鑑於最近的宏觀擔憂，您能否確認您沒有聽到醫院關於放緩或暫停資本支出的消息？

Yes, I can confirm that. We believe the environment is relatively stable. I said in our prepared remarks, the deals that moved from Q2 to Q3, I would not characterize as due to any type of macro headwinds. These are more due to individual hospital discussions, IDN budgets and when those come to fruition. But we believe we're operating in a very stable environment.

是的，我可以確認這一點。我們認為環境相對穩定。我在準備好的發言中說過，從第二季轉移到第三季的交易，我不會將其描述為由於任何類型的宏觀逆風造成的。這些更多取決於各醫院的討論、IDN 預算以及何時實現。但我們相信我們正處於一個非常穩定的環境。

And I'd also point out, and we've said this numerous times given the macro backdrop we've been through over the last three years, our robotic offering and Aquablation therapy provides a unique benefit to hospitals even in challenging macro times. It allows hospitals to recruit and retain surgeons. It allows them to now standardize their practice and treat more patients than they otherwise were treating.

我還要指出的是，我們已經多次說過，考慮到過去三年我們經歷的宏觀背景，即使在充滿挑戰的宏觀時期，我們的機器人服務和水消融療法也為醫院提供了獨特的優勢。它允許醫院招募和留住外科醫生。它使他們現在能夠標準化他們的實踐並治療比以前更多的患者。

So when I have conversations with hospital CFOs, they get excited about that much more than any type of macro headwinds that could be perceived in the environment today. But we're not seeing it, Nathan.

因此，當我與醫院財務長交談時，他們對此感到的興奮程度遠遠超過當今環境中可能出現的任何宏觀逆風。但我們沒有看到，內森。

And just for my follow-up, has there been any, I guess, evolution in your outlook or strategy for entering the ASCs? And now with the commercial organization changes, is this something you're going to be looking at a little more closely?

順便問一下，您進入 ASC 的前景或策略有什麼改變嗎？現在隨著商業組織的變化，您是否會更加密切地關注這一點？

So yes, thanks for the question. As we have said, our primary focus is hospital-based, and we still have a long runway over there. 90% of the resective procedures are done in the hospital. We had a pilot program, and that's going well. But really, our primary focus is hospital-based. And also in the WATER IV, as you heard, one of our physicians did cases at ASC. So that's something for the future, we look at, but our primary focus remains hospital.

是的，謝謝你的提問。正如我們所說，我們的主要重點是醫院，我們在那裡還有很長的路要走。 90％的切除手術都是在醫院完成的。我們有一個試點項目，進展順利。但實際上，我們的主要關注點是醫院。而且正如您所聽到的，在 WATER IV 中，我們的一位醫生在 ASC 處理過病例。所以這是我們未來要考慮的事情，但我們的主要關注點仍然是醫院。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Reza, you're a young guy. My question is why you're retiring now? No, I'm kidding.

Reza，你是個年輕人。我的問題是，您為什麼現在要退休？不，我在開玩笑。

I look 20 but I'm older than 20.

我看起來像 20 歲，但實際上年齡超過 20 歲。

Okay. No, that's -- I wish you to the best on your retirement. Maybe I want to ask a couple of things. So number one, the tariff impact has gotten arguably a little bit better, right? And the gross margins, I understand they're going to be impacted in the back half of the year. But your gross margin guidance is unchanged despite the tariff dynamics coming down. And so maybe, Kevin, you can elaborate on what's driving that.

好的。不，那是——我祝福您退休後一切順利。也許我想問幾個問題。那麼第一，關稅的影響可以說已經好轉了一點，對嗎？而毛利率，我知道他們會在今年下半年受到影響。但儘管關稅動態下降，您的毛利率預期仍保持不變。那麼，凱文，也許你可以詳細說明一下造成這種情況的原因。

Yes. So our gross margin guidance on the previous call, we actually had guided to a range to account for a $5 million impact. And that range was 63% to 64.5% on our last call. And what we've essentially done with this guide, Ryan, is lower the exposure from $5 million to $1 million to $2 million, and that puts margins now at 64.5%.

是的。因此，我們在上次電話會議上給出的毛利率指引實際上已經考慮到了 500 萬美元的影響範圍。上次通話時，範圍為 63% 至 64.5%。瑞安，根據本指南，我們所做的基本上就是將風險敞口從 500 萬美元降低到 100 萬美元，再降低到 200 萬美元，這樣利潤率就達到了 64.5%。

So while we did increase the range, we also chopped off the bottom end, and we're guiding to the high range. And just overall tariffs aside, we feel really good about kind of our ability to continue to expand margins here with operational efficiencies and higher volumes.

因此，雖然我們確實增加了範圍，但我們也切斷了底端，並引導到高範圍。除了整體關稅之外，我們對透過提高營運效率和增加產量來繼續擴大利潤的能力感到非常滿意。

Yes. Okay. Let's talk about utilization for a minute, if we could. If I heard you, Kevin, 13,350 is the handpiece number for Q3. I think it was 13,500 last time. I could be wrong. But it does arguably at 52 units, imply about a mid-single-digit kind of growth rate versus last year on utilization. It shifts back the utilization uptick to the fourth quarter to make that 53,000. I know there's some nuances in kind of how everyone calculates utilization. But just simple math, that's what it's coming out at. Is there anything to read into here with how that utilization is shifting on the systems?

是的。好的。如果可以的話，我們來討論一下利用率。如果我沒聽錯的話，凱文，13,350 是第三季的手機號碼。我認為上次是 13,500。我可能錯了。但可以說，52 個單位的數量意味著與去年相比，利用率將出現中等個位數的成長率。它將利用率上升趨勢推遲到第四季度，達到 53,000。我知道每個人計算利用率的方式都存在一些細微差別。但這只是簡單的數學運算，結果就是這樣。關於系統利用率如何變化，這裡有什麼需要了解的嗎？

No, there's nothing to read into. And let me walk you through kind of that year-over-year comparison. So our Q3 year-over-year utilization at 13,350 would assume about 4% year-over-year growth. We just grew in Q1 and Q2 on average right around 5%, right? So I view those numbers as relatively comparable and nothing should be read into it.

不，沒有什麼好讀的。讓我帶您了解同比情況。因此，我們第三季的年比利用率為 13,350，預計將年增約 4%。我們在第一季和第二季的平均成長率就在 5% 左右，對嗎？因此，我認為這些數字是相對可比的，不應進行任何解讀。

I think the bigger question is, how can Q4 grow 25% if we're mid-single digits in the first half of the year. And that's a relatively easy answer for us. If you go back to Q4 of '24 with saline and our commentary around 2,000 lost procedures in Q4. And if you take those and add them back to the '24 number, that's more of an apples-to-apples comparison.

我認為更大的問題是，如果今年上半年的成長率只有個位數，那麼第四季如何才能達到 25% 的成長。對我們來說這是一個相對簡單的答案。如果您回顧 24 年第四季度，鹽水和我們的評論顯示第四季度損失了約 2,000 個程序。如果你把這些數字加回 24 這個數字上，那就更像是同類比較。

And that would actually put the Q4 growth required at a number very comparable to the first nine months. So I don't feel like we're sitting here today relying on a huge hockey stick of growth in the fourth quarter to meet our targets. If anything, I think you'll find the fourth quarter guide might even be slightly less than the first nine months. So we feel good about the setup for the rest of the year.

這實際上將使第四季度所需的成長與前九個月的數字非常相似。因此，我覺得我們今天坐在這裡並不是依靠第四季度的巨大成長來實現我們的目標。如果有的話，我認為你會發現第四季度的指南甚至可能比前九個月的指南略低。因此，我們對今年剩餘時間的安排感到滿意。

But Kevin, just to push a little -- I mean, the guidance originally was for linear growth in terms of growth improving through the year, throughout the year, if I'm not mistaken, when you originally guided 2025, right?

但是凱文，稍微強調一下——我的意思是，最初的指導意見是全年線性增長，如果我沒記錯的話，當你最初指導 2025 年時，增長會不斷改善，對嗎？

Yes. And we're just probably going to talk semantics here, Ryan, because 4%, 5%, 6%, I mean, that's -- I mean, you can do the math on how many procedures that is. I feel good about the setup for Q3. I'll just say that.

是的。瑞安，我們可能只是在這裡討論語義，因為 4%、5%、6%，我的意思是——我的意思是，你可以計算一下這有多少個程式。我對 Q3 的設定感覺很好。我只想說這些。

Michael Sarcone, Jefferies.

薩科內（Michael Sarcone），傑富瑞集團。

Reza, congrats on the retirement and Larry, looking forward to working with you here. I guess first question from me. Just maybe, Kevin, any comments you could give us on second half revenue phasing? I know you've got a few systems that got deferred into 3Q. Just wanted to know if that or if there's anything else you'd call out as we think about the revenue phasing in the back half.

Reza，恭喜你退休，Larry，期待在這裡與你合作。我想這是我第一個問題。凱文，您能否就下半年的收入分階段給我們一些評論？我知道你們有幾個系統被推遲到第三季。我只是想知道，當我們考慮下半年的收入分階段時，您是否還有其他要說的嗎？

Yes. I tried to give you guys enough to get there, but let me tell you what we said. I think you're going to find what comes out on the other end pretty mathematical. So we guided to 52 systems in the third quarter. That would put the Q4 number around 67 at a 440 ASP.

是的。我試著給你們足夠的資訊以達到目的，但讓我告訴你們我們說了什麼。我認為你會發現另一端的結果非常具有數學意義。因此我們在第三季預計有 52 個系統。這意味著第四季的數字將在 440 ASP 時達到 67 左右。

We guided to 13,350 handpieces in the third quarter. What we did guide to, however, which I think I'm going to help you out here was international revenue. And if you look at international revenue, the third quarter, as we all know, with seasonality, is typically a step down from the second quarter.

我們預計第三季手機銷量將達到 13,350 台。然而，我們確實指導了國際收入，我認為我可以在這裡幫助你。如果你看一下國際收入，眾所周知，由於季節性因素，第三季的收入通常會比第二季下降。

And typically, for us, that's about $0.5 million to $1 million step down sequentially. I think if you plug all of those into your model, you can come out with a number. But we did not guide to a specific revenue number in Q3 and Q4.

對我們來說，通常來說，這個數字會依次下降約 50 萬美元至 100 萬美元。我認為如果你將所有這些都插入到你的模型中，你就可以得出一個數字。但我們並沒有給出第三季和第四季的具體收入數字。

Understood. That's helpful. And maybe understanding that the expected tariff impacts have eased a bunch. I just wanted to know if you've made any progress or how you're thinking about the sole-source ultrasound supplier based in China.

明白了。這很有幫助。或許可以理解，預期的關稅影響已經大大減輕。我只是想知道您是否取得了任何進展，或者您對位於中國的獨家超音波供應商有何看法。

Yes. We're working very closely with that partner. We do think we can onshore that ultrasound longer-term to mitigate any longer-term tariff impact. I think the primary takeaway for me there is that we have very good relationships with the supplier and the continuity of supply is unquestioned.

是的。我們正在與該合作夥伴密切合作。我們確實認為我們可以長期在岸使用超音波技術，以減輕任何長期關稅影響。我認為對我來說最重要的一點是我們與供應商的關係非常好，供應的連續性是毋庸置疑的。

But given this environment and that it seems to be fairly fluid, I think we're looking at strategies longer-term to not only mitigate that but look at other parts as well that we could start to bring in-house or work with someone in a domestic fashion.

但考慮到這種環境，而且它似乎相當不穩定，我認為我們正在考慮長期策略，不僅要緩解這種影響，還要考慮其他部分，我們可以開始將其引入內部或以國內方式與某人合作。

Mike Kratky, Leerink Partners.

麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

This is Sam on for Mike. Can you just kind of provide any additional color on the degree of penetration that you're seeing today in low to medium volume hospitals and how their case volume typically evolves after adopting Aquablation, specifically how long it may take them to become kind of more high-volume hospitals following adoption? And then I have a follow-up.

這是 Sam 為 Mike 代言。您能否進一步說明目前在中低容量醫院中看到的滲透程度，以及採用 Aquablation 後這些醫院的病例量通常如何變化，特別是採用 Aquablation 後這些醫院需要多長時間才能成為容量更大的醫院？然後我有一個後續問題。

Yes. Look, it's a pretty specific question. I think the constituency of our sales between high volumes and low and medium volume hospitals remains consistent. There's nothing really to point out there. We'd also suggest that our low-hanging fruit in the near-term is continuing to penetrate high-volume hospitals.

是的。看，這是一個非常具體的問題。我認為我們的銷售額在高銷售醫院和中低銷售醫院之間的組成保持一致。那裡確實沒有什麼可指出的。我們也建議，我們近期最容易實現的目標是繼續滲透到病人數量較多的醫院。

And even with kind of the ramp we've had over the last two to three years, we still feel there's a significant opportunity to penetrate the 860 high-volume hospitals that are out there in the US. And at the same time, we also recognize, given the value proposition that we can turn, to your point, these smaller hospitals into larger hospitals, but it's too early to kind of get into the details as to where the procedures are being driven or where those can ultimately go.

即使我們在過去兩三年內取得了一定成長，我們仍然認為，在美國 860 家患者量較大的醫院中，我們仍有很大的機會獲得市場份額。同時，我們也認識到，鑑於我們的價值主張，我們可以將這些小型醫院轉變為大型醫院，但現在討論這些程序將如何推進或最終將走向何方還為時過早。

Got it. Understood. And then just kind of following commentary from last quarter, what commercial impact have you guys seen from the recent LCD updates from Medicare administrative contractors? And have any additional contractors updated their LCDs or expressed interest to remove restrictions on Aquablation?

知道了。明白了。然後根據上個季度的評論，你們從醫療保險管理承包商最近的 LCD 更新中看到了什麼商業影響？還有其他承包商更新了他們的 LCD 或表示有興趣取消對 Aquablation 的限制嗎？

It's too early. So most of those LCDs that we mentioned do not become active until the fall. So we'll have to see. At the same time, I don't think the expectation is that should be immediate. These things take time to phase in. It takes time to get everybody up to speed. And if there were going to be any impact, I would suggest that wouldn't occur until 2026.

太早了。因此，我們提到的大多數 LCD 直到秋季才會生效。所以我們得拭目以待。同時，我不認為期望是立即實現的。這些事情需要時間來逐步實現。讓每個人都熟悉情況需要時間。如果會產生任何影響，我認為這要到 2026 年才會發生。

Suraj Kalia, Oppenheimer & Company.

蘇拉傑‧卡利亞 (Suraj Kalia)，奧本海默公司。

Reza, congrats on your retirement. Larry, looking forward to working with you again. So Kevin, you provided a lot of additional color on guidance, handpieces units. Maybe if I could come at it from a little different angle. How should we think about the ratio of handpieces shipped versus actually used in the quarter?

Reza，恭喜你退休。拉里，期待再次與您合作。所以凱文，你在指導、手機單元方面提供了很多額外的資訊。也許如果我能從稍微不同的角度來看這個問題。我們該如何看待本季手機出貨量與實際使用量的比例？

I guess, what I'm just trying to get my arms around is the 2,000 or so cases that got pushed from Q4 into presumably this year, utilization numbers, we went back and forth and 4%, 5% or 6% up year-over-year. Maybe if you could tie all of this together and tell us how should we think about shipments versus actual utilization?

我想，我只是想弄清楚的是，從第四季度推遲到今年的大約 2,000 個案例，利用率數字來回波動，同比增長 4%、5% 或 6%。也許您可以將所有這些結合起來並告訴我們應該如何考慮出貨量與實際利用率？

Yes. Look, we monitor this metric closely. We have the advantage here at Procept of having visibility into when all our procedures are being done. And we also do not typically utilize distributors in the US and that differential between procedures and handpieces has remained relatively consistent throughout our time as a public company.

是的。看，我們密切監視這個指標。在 Procept，我們的優勢在於能夠了解所有程式的完成時間。而且我們通常也不會利用美國的經銷商，而且在我們作為上市公司的整個期間，程式和手機之間的差異一直保持相對一致。

Got it. And Reza, for WATER IV, how should we think about the Venn diagram in between urologists who are using Aquablation to treat BPH and you're also pretty proficient with robotic radical prostatectomies. Is there a lot of overlap? Or you would say these guys are relatively segregated.

知道了。Reza，對於 WATER IV，我們應該如何看待使用 Aquablation 治療 BPH 的泌尿科醫生與您非常精通機器人根治性前列腺切除術之間的維恩圖。有很多重疊嗎？或者你會說這些人是相對隔離的。

Thank you. We are working with all of them. And so they're all included in this study.

謝謝。我們正在與他們所有人合作。因此他們都被納入了這項研究。

Mason Carrico, Stephens Inc.

梅森·卡里科，史蒂芬斯公司

Realizing you've guided handpiece ASP this year, are you willing to give any color on how we should be thinking about ASP into 2026 increasing mix to HYDROS as well.

意識到您今年已經指導了手機 ASP，您是否願意就我們應該如何考慮 2026 年的 ASP 以及增加 HYDROS 的組合提供一些說明。

Yes, we're not going to comment on '26, but let me tell you what we've said historically regarding HYDROS. As we start to sell more HYDROS, the mix of handpieces between HYDROS and Aquablation will begin to increase. And therefore, you should start to see low single-digit increases with HYDROS handpieces as we move forward.

是的，我們不會對 26 年發表評論，但讓我告訴你我們歷史上對 HYDROS 的評價。隨著我們開始銷售更多的 HYDROS，HYDROS 和 Aquablation 之間的手把組合將開始增加。因此，隨著我們繼續前進，您應該會看到 HYDROS 手機的低個位數成長。

But in terms of kind of building a model, that's where we're going here, I would be relatively conservative on handpiece price as we move forward into 2026.

但就建立模型而言，這就是我們要做的，隨著我們進入 2026 年，我對手機價格會相對保守。

Got it. Okay. Some placements request. Are you implementing any flexible purchasing options to help close deals? And if so, are you seeing an increasing mix of hospitals starting to utilize that option, like I said, it is?

知道了。好的。一些安置請求。您是否正在實施任何靈活的採購選項來幫助達成交易？如果是這樣，您是否看到越來越多的醫院開始採用該選項，就像我說的那樣？

Yes. Look, we're obviously aware of kind of what goes on in the capital environment, and we definitely understand flexible purchasing options are important to customers. And so with that in mind, we do work with third-party leasing companies if one of our customers would like to seek financing for their HYDROS system. So we continue to work with those folks. And at the same time, we have done some flexible purchasing deals internally, but the ability to sell capital in the near-term, that model is unchanged.

是的。看，我們顯然意識到資本環境中發生的事情，我們也確實明白靈活的購買選擇對客戶很重要。因此，考慮到這一點，如果我們的客戶想要為其 HYDROS 系統尋求融資，我們會與第三方租賃公司合作。因此我們繼續與這些人合作。同時，我們在內部進行了一些彈性的採購交易，但短期內出售資本的能力，這種模式並沒有改變。

And I'm showing no further questions in the queue. Thank you for joining, and the call has now concluded. Thank you.

隊列中沒有其他問題。感謝您的加入，通話現已結束。謝謝。