Procept Biorobotics Corp (PRCT) 2025 Q3 法說會逐字稿

Good afternoon and welcome to Procept Biorobotics Third Quarter 2025 Earnings Conference Call. (Operator Instructions)

下午好，歡迎參加Procept Biorobotics 2025年第三季財報電話會議。（操作說明）

As a reminder, this call is being recorded for replay purposes. I would now like to turn it over to Matt Bacso, Vice President, Investor Relations, for a few introductory comments.

再次提醒，本次通話將會被錄音，以便回放。現在我謹將發言權交給投資人關係副總裁馬特‧巴克索，請他作幾句介紹性發言。

Good afternoon and thank you for joining Procept Biorobotics Third Quarter 2025 Earnings Conference Call, presenting on today's Call Larry Wood, Chief Executive Officer, and Kevin Waters, Chief Financial Officer.

下午好，感謝各位參加 Procept Biorobotics 2025 年第三季財報電話會議，今天在會議上發言的是執行長 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, and performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.

在開始之前，我想提醒各位聽眾，本次電話會議中有關未來計劃、事件和業績的陳述，均屬於 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。

While these forward-looking statements are based on management's current expectations and beliefs, these statements are subject to several risks uncertainty assumptions and other factors that could cause the results to differ materially from the expectations expressed on this conference call.

雖然這些前瞻性陳述是基於管理階層目前的預期和信念，但這些陳述受到多種風險、不確定性假設和其他因素的影響，這些因素可能導致實際結果與本次電話會議中表達的預期有重大差異。

These risks uncertainties are disclosed in more detail and process by robotics filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov.

這些風險和不確定性透過向美國證券交易委員會提交的機器人文件進行更詳細的揭露和處理，所有這些文件都可以在www.sec.gov網站上線上查閱。

Listeners are cautioned not to replace undue reliance on these statements, which speak only as of today's date, November 4, 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 during the call, we'll also reference certain financial measures that are not prepared in accord in accordance with GAAP.

聽眾請注意，除法律另有規定外，請勿過度依賴這些聲明，這些聲明僅代表截至 2025 年 11 月 4 日的情況。Procept Biorobotics 不承擔任何義務更新或修改任何前瞻性聲明以反映在電話會議期間可能出現的新資訊、情況或意外事件，我們還將提及一些不符合公認會計原則 (GAAP) 的財務指標。

More information about how we use these non-GAAP financial measures, as well as reconciliation 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 Larry.

有關我們如何使用這些非GAAP財務指標的更多信息，以及這些指標與其最接近的GAAP等效指標的調節表，請參閱我們的盈利報告。接下來，我想把電話交給拉里。

Thanks, Matt. I'm excited to be on the call today to discuss our third quarter results and share some early insights from my first couple of months in the role. First, let's talk about the quarter. We demonstrated strong execution and results with total revenue for the third quarter of 2025 of $83.3 million. Strength in the quarter was driven primarily by US Capital System shift, which totaled $58 million in the quarter.

謝謝你，馬特。我很高興今天能參加電話會議，討論我們第三季的業績，並分享我上任頭幾個月的一些初步見解。首先，我們來談談本季的情況。我們展現了強大的執行力和業績，2025 年第三季總營收達到 8,330 萬美元。本季強勁的成長主要得益於美國資本系統轉移，該轉移在本季總額達到 5,800 萬美元。

While we have begun to see some large hospital systems more carefully scrutinize capital spending in light of evolving macroeconomic conditions, we delivered a strong capital quarter. Capital pricing has remained stable and importantly, we continue to maintain solid visibility into our pipeline and remain confident in our ability to finish 2025 on a strong note.

儘管我們已經看到一些大型醫院系統根據不斷變化的宏觀經濟狀況更加仔細地審查資本支出，但我們本季的資本支出仍然強勁。資本定價保持穩定，更重要的是，我們對專案儲備保持著清晰的可見性，並且對2025年能夠取得強勁的業績充滿信心。

On procedures, by hand these sales were roughly in line with expectations. Procedure utilization is an area we're highly focused on improving moving forward and believe it's a key to unlocking long-term value. As part of this increased focus, we're implementing several organizational changes and launching multiple initiatives aimed at improving our commercial execution.

就流程而言，這些銷售額以手動計算大致符合預期。提高流程利用率是我們未來重點關注的領域，我們認為這是釋放長期價值的關鍵。為了更加重視這一點，我們正在實施多項組織變革，並推出多項旨在提高商業執行力的措施。

One example is increasing focus on improving our speed of new account launches. While hydros launches consistently deliver strong procedure adoption post launch, the timing for sale the first procedure is highly variable.

例如，我們正在加強提高新帳戶開通速度。雖然水動力療法的推出總是能帶來強勁的術後普及率，但首次手術的銷售時間卻變化很大。

The situation presents two challenges. First, it delays the realization of utilization benefits for newly installed systems. And second, hospitals are holding excess hydro handpieces that were purchased at the time of the capital sale. To address this, we launched an initiative with clear goals and metrics aimed at achieving procedural targets in the shortest possible time after a sale.

這種情況帶來了兩個挑戰。首先，它會延遲新安裝系統實現利用效益的時間。其次，醫院也囤積著在資本出售時購買的過剩液壓手柄。為了解決這個問題，我們啟動了一項計劃，制定了明確的目標和指標，旨在銷售後以最短的時間實現程序目標。

Early results have been highly encouraging. We plan to expand this program in the 4th quarter and fully implement it in 2026.

初步結果令人鼓舞。我們計劃在第四季度擴大該計劃，並在 2026 年全面實施。

Reflecting on my first few months, I've had the opportunity to observe procedures and speak with a number of key opinion leaders across the field. What I've seen has only deepened my conviction in this opportunity and validated the reasons I chose to join Procept.

回顧我入職的頭幾個月，我有機會觀察各種流程，並與該領域的許多關鍵意見領袖進行了交流。我所看到的只會加深我對這個機會的信念，並驗證我當初選擇加入 Procept 的理由。

When I think about our long-term potential, it really starts with the fundamentals. BPH is massively undertreated. Many patients fear the side effects of drugs or surgery and avoid therapy altogether. What they don't realize is delaying therapy can significantly affect their quality of life and even lead to more serious health issues.

當我思考我們的長期潛力時，我認為一切都始於基本面。良性攝護腺增生症的治療嚴重不足。許多患者害怕藥物或手術的副作用，因此完全避免接受治療。他們沒有意識到的是，延遲治療會嚴重影響他們的生活質量，甚至會導致更嚴重的健康問題。

At the same time, many patients are still unfamiliar with aquablation therapy and the life-changing benefits it can offer.

同時，許多患者仍然不熟悉水消融療法及其所能帶來的改變生命的好處。

Our clinical value proposition is strong. The aquablation procedure and the supporting clinical evidence are highly compelling, especially on the outcomes that matter most to patients.

我們的臨床價值主張非常強大。水消融術及其相關的臨床證據非常有說服力，尤其是在對患者而言最重要的結果方面。

I think the team has done an excellent job driving early adoption and supporting clinical users, but if we want to expand our impact, we must do more foundational work to increase therapy awareness and drive patient activation, which is something I have a lot of experience from my time at Edwards. This will in part. This will be a core part of our near and midterm commercial strategy.

我認為團隊在推動早期採用和支持臨床使用者方面做得非常出色，但如果我們想擴大影響力，就必須做更多基礎工作來提高治療意識和推動患者積極參與，而這正是我在 Edwards 工作期間積累的豐富經驗。這將在一定程度上有所幫助。這將是我們近期和中期商業策略的核心部分。

We are also sharpening our focus internationally. We see strong opportunities in markets that value transformational therapies and are willing to support access for patients. We will increase investment and organizational support in these regions accordingly.

我們也正在加強對國際市場的關注。我們看到，在重視變革性療法並願意支持患者獲得治療的市場中，存在著巨大的機會。我們將相應地增加對這些地區的投資和組織支持。

Additionally, to support our core initiatives, we've made a number of organizational changes. Pooja Sharma has joined us as chief marketing and strategy officer. She brings deep experience from Edwards Life Sciences, where she led marketing and strategy for the trans catheter heart valve business. Her background in driving category leadership and therapy development is exactly what we need at this stage.

此外，為了支持我們的核心舉措，我們進行了一些組織結構調整。Pooja Sharma 已加入我們，擔任行銷和策略長。她擁有來自 Edwards Life Sciences 的豐富經驗，曾領導經導管心臟瓣膜業務的行銷和策略制定。她擁有豐富的品類領導和療法開發經驗，這正是我們現階段所需要的。

Also, Stephen McGill has been promoted to senior Vice President, general manager, International and will now report directly to me. Stephen has done an outstanding job leading our international business.

此外，Stephen McGill 已晉升為高級副總裁兼國際總經理，現在將直接向我報告工作。Stephen在領導我們的國際業務方面做得非常出色。

With added investment and focus. I'm excited to have him on the leadership team. This also enables our incoming commercial leader to focus exclusively on North America.

透過增加投資和重點投入。我很高興他能加入領導團隊。這也使得我們即將上任的商業負責人能夠專注於北美市場。

By organizational change and influx of new talent can create some short-term disruption. My primary responsibility is to ensure that we have the right people and the right objectives to drive long-term success.

組織變革和新人才的湧入可能會造成一些短期混亂。我的主要職責是確保我們擁有合適的人才和正確的目標，以推動長期成功。

Overall, procedure volumes have been solid year-to-date. However, given the size of the BPH market in the United States, we are still only scratching the surface and at tremendous opportunity to further accelerate procedure growth.

今年迄今為止，手術量總體保持穩定。然而，鑑於美國良性前列腺增生症市場的規模，我們目前仍只是觸及皮毛，還有巨大的機會進一步加速手術量的成長。

Looking ahead, aqua ablation is a highly differentiated solution for BPH patients. While our current evidence is already strong, we will continue to invest in building a robust clinical foundation and ensuring patients are aware of ocqua ablation therapy. We also see longer opportunities beyond BPH.

展望未來，水刀消融術是治療良性前列腺增生症患者的一種高度差異化的解決方案。雖然我們目前的證據已經充分，但我們將繼續投資，以建立強大的臨床基礎，並確保患者了解耳蝸消融療法。我們也看到了BPH以外的長期發展機會。

Specifically, we believe aqua ablation has the potential to be a compelling therapy for prostate cancer. This is an area we are actively studying in the water for clinical trial. High-quality evidence generation will be foundational part of our expansion strategy in this space.

具體而言，我們認為水消融術有可能成為治療攝護腺癌的有效療法。這是我們正在積極研究的水質臨床試驗領域。高品質的證據產生將是我們在這個領域拓展策略的基礎部分。

In closing, I'm energized by the opportunity ahead. The leadership team has been incredibly supportive, and we are committed to advancing this therapy for the patients that need it.

最後，我對未來的機會充滿熱情。領導團隊給予了我們極大的支持，我們致力於推動這項療法，造福有需要的病人。

We will build a world class marketing organization to activate patients and accelerate utilization. We will invest meaningfully to expand market awareness. We will accelerate new account launches and drive international growth with a focused, market-specific approach. With that, I'll hand it over to Kevin to walk through the financials for the quarter. Kevin.

我們將建立世界一流的行銷組織，以調動患者積極性，加快藥物使用率。我們將進行大量投資，以提高市場認知度。我們將加快新帳戶的開通速度，並透過有針對性的市場策略推動國際業務成長。接下來，我將把工作交給凱文，讓他來整理本季的財務狀況。凱文。

Thanks, Larry. Total revenue for the third quarter of 2025 with $83.3 million representing growth of 43% compared to the third quarter of 2024.

謝謝你，拉里。2025 年第三季總營收為 8,330 萬美元，比 2024 年第三季成長 43%。

US revenue for the third quarter was $73.9 million representing growth of 42% compared to the prior year period.

第三季美國營收為7,390萬美元，較上年同期成長42%。

Turning to US procedures, handpiece and other consumable revenue for the third quarter of 2025 was $44.4 million representing growth of 50% compared to the third quarter of 2024. We also recorded approximately $2.4 million of other consumable revenue in the third quarter of 2025.

就美國手術而言，2025 年第三季的手柄和其他耗材收入為 4,440 萬美元，比 2024 年第三季成長了 50%。2025 年第三季度，我們也錄得約 240 萬美元的其他消耗品收入。

In the third quarter, we sold approximately 13,225 hand pieces reflecting 51% year over year unit growth. While we navigated a period of commercial leadership transition, our team continued to deliver solid performance and momentum, turning to US robot placements.

第三季度，我們售出了約 13,225 台手機，年增 51%。在我們經歷商業領導層過渡時期的同時，我們的團隊繼續保持穩健的績效和發展勢頭，轉向美國機器人部署。

We generated total US system revenue of $24.7 million representing system revenue growth of 26% compared to the third quarter of 2024.

我們在美國的總系統收入為 2,470 萬美元，與 2024 年第三季相比，系統收入成長了 26%。

In the third quarter, we sold 57 new hydro systems. The pricing for our systems was at an average selling price of approximately $435,000. Additionally, we placed one hydro system under an operating lease model. As a result, we exited the 3rd quarter of 2025 with the US install base of 653 systems, representing an increase of 47% compared to the prior year period.

第三季度，我們售出了 57 套新的水力發電系統。我們系統的平均售價約為 435,000 美元。此外，我們也採用經營租賃模式部署了一個水力發電系統。因此，截至 2025 年第三季末，我們在美國已安裝 653 套系統，比去年同期成長 47%。

Lastly, international revenue in the third quarter of 2025 was $9.4 million representing growth of 53% compared to the prior year period.

最後，2025 年第三季國際營收為 940 萬美元，比上年同期成長 53%。

Moving down the statement, growth margin for the third quarter of 2025 was 64.8%, representing an increase of 160 basis points year over year. The year over year margin expansion was driven primarily by greater organizational effectiveness.

繼續往下看，2025 年第三季的成長率為 64.8%，比上年同期成長 160 個基點。利潤率較去年同期上升主要得益於組織效率的提升。

Total operating expenses for the third quarter of 2025 amounted to $77.2 million compared to $59.3 million during the same period in the prior year.

2025 年第三季的總營運支出為 7,720 萬美元，而去年同期為 5,930 萬美元。

That loss was $21.4 million for the third quarter of 2025 compared to $21 million in the same period of the prior year. Adjusted EBITDA was a loss of $7.4 million compared to a loss of $12.4 million in the third quarter of 2024. Our cash equivalents, and restricted cash balances as of September 30th were approximately $297 million.

2025 年第三季虧損 2,140 萬美元，而上年同期虧損 2,100 萬美元。調整後的 EBITDA 虧損 740 萬美元，而 2024 年第三季虧損 1,240 萬美元。截至 9 月 30 日，我們的現金等價物和受限現金餘額約為 2.97 億美元。

Moving to our 2025 financial guidance, we continue to expect full year 2025 total revenue to be approximately $325.5 million representing growth of approximately 45% compared to 2024. We now expect to sell approximately 213 new robotics systems in the United States in 2025.

展望 2025 年財務預期，我們仍預期 2025 年全年總營收約為 3.255 億美元，比 2024 年成長約 45%。我們現在預計到 2025 年將在美國銷售約 213 套新的機器人系統。

As a result, we anticipate sales in the 4th quarter to total approximately 65 systems.

因此，我們預計第四季度的銷售總量約為 65 套系統。

Turning the handpieces for the full year, we now expect sales of approximately 52,000 handpieces, representing a 61% increase in unit volume compared to 2024.

考慮到全年手機的銷量，我們現在預計手機銷量約為 52,000 台，與 2024 年相比，銷量成長 61%。

The reduction in 4th quarter hand piece sales guidance reflects modest headwinds related to the optimization of field inventory resulting from the variable launch timing of recent hydros placements.

第四季手機銷售預期下調反映了由於近期水壓試驗機部署時間不固定，導致現場庫存優化方面存在一些不利因素。

We are maintaining handpiece average selling prices to be approximately $3200 and other consumable revenue expectations to be approximately $9.5 million for the full year.

我們預計全年手機平均售價約為 3,200 美元，其他耗材收入預計約為 950 萬美元。

Additionally, we expect US service and other revenue to now be approximately $17.5 million for the full year.

此外，我們預計全年美國服務和其他收入約為 1750 萬美元。

Lastly, on international revenue, given strong positive momentum, we now expect full year international revenue to be approximately $37.5 million representing annual growth of 56%.

最後，關於國際收入，鑑於強勁的積極勢頭，我們現在預計全年國際收入約為 3,750 萬美元，年增長率為 56%。

Turning the growth margins, we now expect full year 2025 gross margins to be in the range of 64% to 64.5%. This would imply 1/4 quarter growth margin of approximately 63%, which includes approximately $2 million of tariff expense.

考慮到成長幅度，我們現在預計 2025 年全年毛利率將在 64% 至 64.5% 之間。這意味著第一季的成長率約為 63%，其中包括約 200 萬美元的關稅支出。

Turning to operating expenses, we continue to expect full year 2025 operating expenses to total $302 million representing a 29% increase compared to 2024. After considering all relevant factors, we continue to expect a full year 2025 adjusted EBITDA loss of approximately $35 million. I would now like to pass it back to Larry for closing comments.

談到營運費用，我們仍然預計 2025 年全年營運費用總額為 3.02 億美元，比 2024 年成長 29%。考慮到所有相關因素，我們仍然預計 2025 年全年調整後 EBITDA 虧損約為 3,500 萬美元。現在我想把發言權交還給拉里，讓他做總結陳詞。

Thanks, Kevin. Before we open the line for questions, I'd like to take a moment to provide perspective on fiscal 2026 to give investors early visibility into how we are approaching the year ahead.

謝謝你，凱文。在開放提問環節之前，我想花一點時間展望一下 2026 財年，讓投資人儘早了解我們應對未來一年的計畫。

For fiscal 2026, we're currently anticipating total revenue in the range of $410 million to $430 million.

我們目前預計 2026 財年的總營收將在 4.1 億至 4.3 億美元之間。

The outlook reflects our current momentum in capital sales even in an uncertain macro environment and incorporates our expectation of modest procedural headwinds in the first half of 2026 when we make targeted strategic investments to enhance our commercial capabilities and operational excellence. These initiatives are designed to drive sustained long-term utilization growth and position us for durable profitability.

展望反映了我們目前在資本銷售方面的勢頭，即使在宏觀環境不確定的情況下也是如此，並且包含了我們對 2026 年上半年可能出現的輕微程序性阻力的預期，屆時我們將進行有針對性的戰略投資，以增強我們的商業能力和卓越運營。這些措施旨在推動持續的長期利用率成長，並使我們獲得持久的獲利能力。

We will continue to invest in our strategic priorities to drive long-term growth, and do not expect these investments to impede our progress toward achieving profitability.

我們將繼續投資於我們的策略重點領域，以推動長期成長，並且預計這些投資不會阻礙我們實現盈利的進程。

Lastly, in late February 2026, we plan to host a formal analyst day in New York City where we will outline multi-year revenue guidance and provide updates on our marketing priorities, R&D initiatives, prostate cancer trial, and profitability targets. We look forward to providing a more robust long-term view. With that, we are happy to take questions, operator.

最後，我們計劃於 2026 年 2 月下旬在紐約市舉辦正式的分析師日活動，屆時我們將概述多年收入指導，並提供有關我們的行銷重點、研發計劃、前列腺癌試驗和盈利目標的最新資訊。我們期待提供更穩健的長期展望。接線員，我們很樂意回答您的問題。

Thank you. At this time, we will conduct the question-and-answer session.

謝謝。屆時我們將進行問答環節。

(Operator Instructions)

（操作說明）

Our first question is from Matthew O’Brien from Piper Sandler. The line is open.

我們的第一個問題來自 Piper Sandler 的 Matthew OâBrien。線路已開通。

Great, thanks so much for taking the questions, and Larry, I hope things are going well here early in your tenure as CEO. I would love if either you or Kevin would talk about the capital environment because that number in the quarter was quite strong, clear acceleration. I know some people were worried come out of Q2.

太好了，非常感謝您回答這些問題。拉里，我希望您擔任執行長初期一切順利。我非常希望您或凱文能談談資本環境，因為本季的資本環境數據非常強勁，明顯呈現加速成長的態勢。我知道有些人對第二季末的情況感到擔憂。

About the capital environment, so can you just talk about the strength that you saw there, especially in an environment that you say is weakening a little bit? Is it really, hydros that's starting to see an inflection or, maybe build some of the backlog even further, maybe just talk a little bit more about what you're seeing there and then I do have a follow-up.

關於資本環境，您能否談談您看到的資本環境的優勢，尤其是在您認為環境略有疲軟的情況下？水力發電真的開始有轉機了嗎？或者說，也許還能進一步增加一些積壓訂單？也許可以再多談談你在那方面看到的情況，然後我還有一個後續問題。

Yeah, maybe I'll start, Matt. This is Kevin. I appreciate your question. So, as you observed, we're really pleased with the cap team's performance in the 3rd quarter. I think if you recall in the second quarter, we said that we had some variability in timing, particularly with some of our IDN partners.

是啊，也許我會先開始，馬特。這是凱文。感謝您的提問。正如你所觀察到的，我們對球隊在第三節的表現非常滿意。我想如果你還記得第二季的情況，我們說過我們在時間安排上存在一些不確定性，特別是與我們的某些 IDN 合作夥伴。

And that still continues to be the case. So when you know we highlight perhaps some future weakness in capital, it's really more around timing and capital allocation with our customers as opposed to any worsening of the macro environment and the team executed very well in the 3rd quarter and we feel good about that momentum heading into the 4th quarter where we're expecting someone in the kind of mid-60s.

這種情況至今依然如此。所以，當我們指出未來可能出現的資本疲軟時，這實際上更多的是關於時機和與客戶的資本配置，而不是宏觀環境的惡化。團隊在第三季度表現出色，我們對進入第四季度的良好勢頭感到滿意，預計第四季度業績將達到 60 多美元。

A range of systems but feel good about the team, the capital environment and performance.

雖然系統種類繁多，但我對團隊、資本環境和業績都感到滿意。

Got it. Thanks for that, Kevin. And then Larry, question directly for you, 2 months on the job now, would love to hear a little bit more about what you've seen, in your seat, maybe low-hanging fruit, some longer-term things that you can focus on and forgive the long-winded question, but it, the near term changes on the orb side.

知道了。謝謝你，凱文。那麼，拉里，我直接問你一個問題，你上任已經兩個月了，很想聽聽你在這個崗位上看到的一些情況，比如哪些事情比較容易處理，哪些事情需要你關注，以及一些長期的事情。請原諒我這個問題有點長，但我想了解近期地球方面的變化。

Probably make people a little bit nervous, especially as you're guiding for next year. So why the confidence in even providing that 2026 revenue guidance, which basically brackets for the streets at, can you just talk a little bit about your confidence there? Thanks so much.

可能會讓大家有點緊張，尤其是因為你是明年的嚮導。那麼，您為何如此有信心給予 2026 年的營收預期（基本上就是一個市場普遍預期的範圍），您能否談談您的信心來源？非常感謝。

Very well, thanks for the question, Matthew. I will say my 1st 8 weeks have been really incredible here. I thoroughly enjoyed getting involved with the management team and digging in, and I've had the chance to spend some time in the field and talk to a number of our KOLs and, for those of you who know me from my time at Edwards.

好的，謝謝你的提問，馬修。我想說，我在這裡的頭八週真的非常棒。我非常享受與管理團隊合作並深入其中，並有機會花一些時間在實地與我們的幾位關鍵意見領袖交談，對於那些從我在 Edwards 工作期間就認識我的人來說，我更是如此。

I spent 40 years at Edwards and, probably thought I'd never leave and but spending the time on the board with Procept it just felt like such a spectacular opportunity to change medicine again and my time here, everything is really just validated it, spending time with the KOLs, seeing procedures, seeing what we can deliver for patients.

我在 Edwards 工作了 40 年，可能以為我永遠不會離開，但在 Procept 董事會任職期間，我感覺這是一個再次改變醫學的絕佳機會，而我在這裡的這段時間，與 KOL 們交流、觀看手術、了解我們能為患者提供什麼，這一切都證實了我的想法。

I think the challenges in front of us are I don't think we've necessarily told our story yet. I don't think we've told our story to clinicians, and I certainly don't think we've taken the story to patients.

我認為我們面臨的挑戰是，我們還沒有真正講述好我們的故事。我認為我們還沒有把我們的故事告訴臨床醫生，而且我肯定我們還沒有把這個故事告訴病人。

And I lived a lot of this journey when I was at Edwards, we had a lot of early success with transcatheter heart valves, but then we sort of hit a little bit of a wall once we got through the early adopters, and we had to do a lot more with therapy, awareness and with patient activation and all of those things, and that was one of the big things that, attracted Pooja to come here.

我在 Edwards 工作時就親身經歷了這段歷程。我們在經導管心臟瓣膜方面取得了早期的成功，但早期用戶群過後，我們遇到了一些瓶頸，不得不在治療、意識提升、患者參與等方面投入更多精力。這也是吸引 Pooja 來到這裡的重要原因之一。

Because we get an opportunity to sort of transform medicine again. But when you start with a procedure that I think is so highly differentiated but isn't necessarily respected as such, I think it just creates this enormous opportunity that we can change the practice of medicine.

因為我們有機會再次改變醫學。但是，當你開始採用一種我認為非常獨特但又未必得到應有尊重的程序時，我認為這創造了一個巨大的機會，我們可以改變醫學實踐。

And so, I'm super energized by it, we wanted to provide guidance for next year. I know being a new CEO coming in, I'll just be really frank about it. There's a lot of people that just assume somebody's going to be overly conservative with the approach and that creates uncertainty for folks. And so, we just wanted to give you a range.

因此，我對此充滿熱情，我們希望為明年提供指導。我知道身為新上任的CEO，我會非常坦誠地表達我的看法。很多人都認為對方會採取過於保守的做法，這會帶給人們不確定性。所以，我們只是想給你一個範圍。

We feel great about our future. We feel incredibly optimistic about our future. We have a lot of initiatives that we've already started and some of the pilots that we've run, I feel very encouraged by. So, I'm just really excited about the opportunity, and we look forward to sharing more with you in February.

我們對未來充滿信心。我們對未來感到無比樂觀。我們已經啟動了很多項目，也開展了一些試點項目，我對此感到非常鼓舞。所以，我對這個機會感到非常興奮，我們期待在二月與大家分享更多資訊。

I'll have more time in the role. Pooja actually starts tomorrow, so, she'll have a little bit of time in the chair to be able to lay out some of her plans, and we're excited to share them with you and give you more long-term view in February.

我將有更多時間擔任這個職位。Pooja 實際上明天就要上任了，所以她會有一些時間來製定一些計劃，我們很高興能在二月份與大家分享這些計劃，並向大家提供更長期的展望。

One moment while we cue the next question.

請稍等片刻，我們正在準備下一個問題。

Our next question is from Brandon Vazquez from William Blair. Brandon, the line is open.

下一個問題來自威廉布萊爾大學的布蘭登瓦茲奎茲。布蘭登，線路已接通。

Hey everyone, thanks for taking the question.

大家好，感謝大家回答這個問題。

First, I just wanted to focus a little bit on the quarter specifically and some of the updates and then maybe a follow-up on a broader question, but you talked about this dynamic in the quarter of hydros placement seeing a little bit of a slower ramp.

首先，我想重點談談本季的具體情況和一些更新，然後再就一個更廣泛的問題進行後續討論。您提到本季水力發電部署的動態，其成長速度放緩。

It sounds like that probably impact utilization. I have you on my on my initial update of the model here at low single-digits of increase in utilization.

聽起來這可能會影響利用率。我這裡有一個模型的初步更新，利用率的成長幅度只有個位數。

One, is that right? And then 2, just talk about this dynamic. Is this something specific to Hydros and then what kind of changes did you guys make that are already showing improvements and how do we think about that utilization number ticking back up to the normal kind of high single low double-digit range that you've historically been seeing as you tackle this dynamic?

第一，是這樣嗎？然後，第二點，談談這種動態。這是Hydros特有的問題嗎？如果是，你們做了哪些改變，才已經開始有成效？隨著你們應對這一動態，我們該如何看待利用率回升到你們過去一直看到的正常的高個位數低兩位數範圍？

Yeah thanks Brand. Let me take the math part of that equation, and you're correct. So if you look at this pure year over year growth and utilization in the 3rd quarter, it is in the low single-digits, but frankly kind of right around our expectations and what our guidance implied heading into the back half of the year.

謝謝你，布蘭德。讓我來分析一下這個等式中的數學部分，你是對的。因此，如果您查看第三季度的純粹同比增長率和利用率，雖然只有個位數，但坦白說，這與我們的預期以及我們對下半年的指導基本吻合。

And then you do see utilization in the 4th quarter guide kind of really step back up to more in line with where we're at with Q2 and That dynamic of hydros, first off, a significant number of hydro systems we've sold in the last two quarters coupled with an elongated launch timeline has contributed to kind of that low single-digit utilization, and that's really the initiatives that we're focused on as a company.

然後，你會看到第四季度的利用率確實有所回升，與第二季度的水平更加一致。首先，水力發電的動態是，我們在過去兩個季度售出了大量的水力發電系統，加上較長的上市時間，導致了利用率一直保持在個位數的低位，而這正是我們公司目前關注的重點。

Yeah, I'll just add to that, we just in our natural capital cycle, a lot of our instrument placements happen late in the late in the quarters when we close those sales, and I think that's true of most capital, organizations, and what that means is we don't really get benefit from the units that we sell in that quarter.

是的，我再補充一點，就我們目前的自然資本週期而言，我們的許多工具配置都發生在季度末，也就是我們完成銷售的時候。我認為大多數資本機構都是如此，這意味著我們實際上無法從當季售出的單位中獲益。

That benefit comes later, but we see a lot of variability in newly placed systems between, the sale and between when they come online. And when they start delivering real utilization, and that's just a huge opportunity for us to really tighten up and that's been an area of focus for us.

這種好處會在之後顯現，但我們看到，從銷售到系統上線，新安裝的系統之間存在著很大的差異。當他們開始真正實現利用率時，這對我們來說就是一個巨大的機會，可以真正加強管理，這也是我們一直關注的領域。

But I'm committed to really focusing on utilization. I mean we have to deliver on the capital side of things for sure, but increasing utilization, I think is our number one priority, and I think that also fuels future capital. So, I see these two things as going hand in hand.

但我決心真正專注於提高利用率。我的意思是，我們當然要在資金方面有所作為，但提高利用率，我認為才是我們的首要任務，我認為這也能為未來的資金注入提供動力。所以我認為這兩件事是相輔相成的。

And again, I think there's tremendous work that we need to do to drive utilization, and again we have early initiatives on this that we're encouraged by and we've made organizational changes to try to drive it, and we're going to continue to do that over the next over the next several months, but getting systems placed and getting them active and hitting our utilization targets sooner is going to be really important to us longer-term.

再次強調，我認為我們在提高利用率方面還有很多工作要做。我們已經有一些早期舉措，這些舉措令人鼓舞，我們也進行了組織變革來推動利用率的提高。在接下來的幾個月裡，我們將繼續這樣做。但是，從長遠來看，盡快部署系統、使其投入使用並實現我們的利用率目標對我們來說至關重要。

Okay.

好的。

And maybe a higher level picture as a follow-up, Larry, you had mentioned a little bit that your experience in building the TAVR market, I think you used the phrase of sorry, patient activation and some other learnings, and you were talking about moving kind of past the early adopters into the crossing the cha chasm here and going into the broad adoption.

拉里，或許我們可以從更高的層次來探討。你之前稍微提到過你在建立 TAVR 市場方面的經驗，我想你用了「抱歉，患者激活」之類的詞語，以及其他一些經驗教訓，你談到瞭如何超越早期採用者，跨越鴻溝，走向廣泛採用。

Talk a little bit about in TAVR, what did that take? And what isn't being done here in Procept? What do you think within the Procept story in your experience needs to be done? It feels like that's kind of the next step, as you had alluded to for Procept is you've got a great technology, great clinical backing. How do you make this a technology for the masses?

請您簡單談談經導管主動脈瓣置換術（TAVR），它需要哪些步驟？Procept 這裡有哪些事情沒有做？根據您的經驗，您認為 Procept 的故事中還需要做些什麼？感覺這就像是下一步的發展方向，正如你之前提到的，Procept 擁有很棒的技術和強大的臨床支援。如何讓這項技術惠及大眾？

Yeah, no, it's a great question. I think one of the things that we saw in Haver is if patients just were referred and they walked into a surgeon's office and they had aortic stenosis, the surgeon would just recommend surgery because that's the procedure that they can do.

沒錯，這確實是個好問題。我認為我們在哈彿看到的一件事是，如果病人只是被轉診到外科醫生的辦公室，並且患有主動脈瓣狹窄，那麼外科醫生就會建議手術，因為這是他們能夠進行的手術。

And frankly it's a procedure that had a great contribution margin for the hospital, and they were happy to just keep doing that. And so, when a patient walks in indifferent to the procedure that they're going to get, then the doctor might do what's easiest for them or what's most profitable for them. And go down that road.

坦白說，這項手術為醫院帶來了很高的利潤，他們也樂於繼續這樣做。因此，當病人走進診室，對即將接受的治療漠不關心時，醫生可能會選擇對他們來說最容易或最有利可圖的治療方案。然後沿著那條路往下走。

I think bringing the patient's voice into that equation is really important. And I think also, we generated a lot of evidence in the TAVR space to show why TAVR was a good procedure for these patients and in many cases why it was a better procedure than surgery.

我認為將患者的意見納入考量非常重要。而且我認為，我們在 TAVR 領域也累積了大量證據，證明 TAVR 對這些患者來說是一個很好的手術，而且在許多情況下，它比外科手術更好。

And I think we need to spend more time focused on the evidence with the clinical community so they understand these procedures aren't all created equal and we can't deliver differentiated results for patients. And at the same time, we need patients to be educated on what questions should they be asking their doctor to the degree that things like, I only want to have one procedure, so I want the most complete outcome.

我認為我們需要花更多時間與臨床界一起關注證據，讓他們明白這些手術並非都一樣，我們無法為患者提供差異化的結果。同時，我們需要教育病人應該向醫生提出哪些問題，例如，「我只想做一次手術，所以我希望獲得最全面的結果」。

There's just a lot of things that we need to do from an educational standpoint, but I think it's a complete game changer when a patient, walks in and says, I want an aqua ablation procedure, and then the doctor has to, try to change them to another procedure versus a patient just coming in and saying, I, what do you think I should have, whatever you recommend is what I'll go with.

從教育的角度來看，我們還有很多事情要做，但我認為，當病人走進來說「我想做水消融術」時，醫生不得不嘗試說服他們接受其他手術，這與病人直接進來問「你覺得我應該做什麼手術？你推薦什麼我就做什麼」的情況截然不同，也徹底改變了遊戲規則。

And there's just a lot of work there that we have to do both with the medical community and patients. And then I think the other thing is we need to keep focusing on the evidence. We need to keep creating the evidence and we need to keep amplifying that message so that people feel.

我們有很多工作要做，既要與醫療界合作，也要與病人合作。然後我認為另一點是，我們需要繼續關注證據。我們需要不斷創造證據，我們需要不斷擴大宣傳範圍，讓人們有所感動。

Great about the procedure they're performing. They know they can deliver these great outcomes for patients, and I think that's really what our system can do in a very differentiated way. And right now I think the doctors view a lot of these procedures as being very similar in terms of outcomes, and I don't think that's representative of what the data reflects, but that's on us to tell that story.

他們執行的手術非常出色。他們知道自己可以為患者帶來這些良好的治療效果，我認為這正是我們的系統能夠以非常獨特的方式做到的。目前我認為醫生們認為這些手術在結果方面非常相似，但我認為這並不能代表數據所反映的情況，但我們有責任講述這個故事。

Got it. Thanks a lot.

知道了。多謝。

Guys.

夥計們。

Thank you.

謝謝。

Our next question is from Richard Newitter from Truist Securities. The line is open.

我們的下一個問題來自 Truist Securities 的 Richard Newitter。線路已開通。

Hi, thanks for taking the questions.

您好，感謝您回答這些問題。

I wanted to start off with the 26 Outlook.

我想先從第 26 期展望開始。

Thank you for providing a high level revenue number. I was hoping you could provide maybe broad strokes on some level on the components.

感謝您提供大致的營收數據。我希望您能大致介紹一下各個組成部分。

There's probably a lot of ways you can get to that number, so. Maybe you know whether it's commenting relative to where you see consensus capital procedures, is there anything that needs to be kind of moved around or you kind of feel pretty good with the some of the components as they are and then also if you could just talk about you mentioned the first half next year procedure, I think you had said procedures will be or utilization will be a little challenged.

可能有很多方法可以達到這個數字。也許您知道，就您看到的共識資本程序而言，是否有任何需要調整的地方，或者您對某些組成部分目前的狀況感到相當滿意？另外，如果您能談談您提到的明年上半年的程序，我想您說過程序或利用率會面臨一些挑戰。

Is that why is that?

這就是原因嗎？

Yeah, right, so there's a lot of puts and takes to the model, so I appreciate the question, and I'll start by saying, we plan to provide a lot of color obviously in February when we introduced guidance, and I don't think there was anything out there. We see modeling that is grossly misrepresented at this time, and our guidance essentially brackets where consensus stands today.

是的，沒錯，這個模型有很多需要改進的地方，所以我很感謝你的提問。首先我想說的是，我們計劃在二月發布指導方針時提供很多細節，我認為當時還沒有相關資訊。我們看到目前的模型存在嚴重的誤導性，我們的指導基本上涵蓋了目前的共識範圍。

I think the one thing I will say to maybe help frame is just with the international business you could that's somewhere in the $45 million to $50 million dollar range then you could kind of work the model backwards from there. But at this time, we're not going to get into the different components.

我認為我唯一想說的或許有助於建立框架的是，就國際業務而言，如果你的業務規模在 4500 萬美元到 5000 萬美元之間，那麼你可以從那裡反向推導模型。但目前我們暫且不深入探討各個組成部分。

We want to finish the year we're focused on driving procedures and the business in the 4th quarter, and we'll provide an update in February.

我們希望在年底前完成工作，我們將在第四季度專注於推動流程和業務發展，並將在二月提供最新進展報告。

Yeah, okay, I'll just add, as we, we mentioned that there could be some headwinds in the first half, we're not, we don't want to be blind to the fact that we've made a lot of organizational changes, but I'm really committed to putting the right long-term organization in place that's going to drive our long-term growth and our long-term future.

好的，我補充一點，正如我們之前提到的，上半年可能會遇到一些阻力，我們不會忽視我們已經進行了很多組織變革的事實，但我真心致力於建立正確的長期組織架構，這將推動我們的長期增長和長遠未來。

And I appreciate that that's a transitional period and we may see a little bit of headwind from that, but I remain super confident in the team and everything that I've seen, everybody's on board, everybody's committed to making these changes and driving the business and we all think we're going in the right direction, but we just want to be respectful of that it is a lot of change for a lot of people in a short period of time.

我知道這是一個過渡時期，我們可能會遇到一些阻力，但我對團隊和所有我所看到的都充滿信心，每個人都齊心協力，致力於做出這些改變，推動業務發展，我們都認為我們正朝著正確的方向前進，但我們也想尊重這一點，因為在短時間內對很多人來說，這確實是一個很大的變化。

But that's all reflected in our guidance and we're very comfortable with the guidance that we provided and obviously we're going to try to drive the business, as hard as we can.

但這一切都已體現在我們的指導意見中，我們對所提供的指導意見非常有信心，顯然，我們將盡最大努力推動業務發展。

Okay, and then maybe if I can just on profitability, look, 2 quarters in a row here where you guys are coming in above us or better than better than the streets thinking.

好的，那麼如果我能就盈利能力談談的話，你看，你們連續兩個季度都超過了我們，或者說比市場預期還要好得多。

Kevin, can you talk a little bit about, where you are in the trajectory to profitability, and then.

凱文，你能談談你目前在實現盈利的道路上處於什麼階段嗎？

I guess Larry, just, should we expect anything in terms of reinvestment that's needed now that you've had some time to look at the business and what should we be thinking about the profit trajectory and all the comments you've provided, before this leadership change, if any? Thanks.

拉里，我想問的是，既然你已經有時間了解公司的情況，那麼在這次領導層變動之前，我們是否應該期待任何必要的再投資？以及在獲利軌跡和你提出的所有意見方面，我們該如何看待？謝謝。

Yeah, maybe I'll start with it and then if I'll let Kevin pile on if there's if I miss anything, but you know.

是啊，也許我會先從這裡開始，如果我漏掉了什麼，再讓凱文補充，你知道的。

There are going to be strategic investments that we make, but to some degree I think it's going to be redirecting some of our spending to some of the new activities rather than just all incremental spending. But at the same time, I don't think anything's going to disrupt our path to profitability, but I will say this just so it's clear to everyone.

我們會進行一些策略性投資，但在某種程度上，我認為我們會將部分支出重新分配到一些新的活動中，而不是只增加支出。但同時，我認為任何事情都不會擾亂我們實現盈利的道路，但我還是要說明這一點，以便讓大家都清楚。

If there's an investment that I feel we need to make that's going to drive our long-term growth and that delayed profitability by 25%, we would make that investment. I'm really, I'm building a house to live in. I'm building a house that I plan on being here for a long time, and I'm really looking at how we build this to try to drive long-term growth and long-term value.

如果我覺得我們需要進行一項投資，這項投資將推動我們的長期成長，即使這會延遲 25% 的獲利能力，我們也會進行這項投資。我真的在蓋房子，準備自己住。我正在建造一棟我打算長期居住的房子，我正在認真考慮如何建造它以推動長期成長和長期價值。

And I don't want to become so obsessed with profitability that we miss out on critical investments, even if those don't pay off for 2 or 3 quarters or for 4 quarters. So we're going to make those investments, but I don't think anything disrupts the path that we're on to profitability, and I think. We're going to be responsible spenders of our money, but we're going to invest in the strategic priorities that are going to drive our long-term value.

我不想過於執著於獲利能力，以至於錯失關鍵的投資，即使這些投資在 2、3 個季度甚至 4 個季度內都不會產生回報。所以我們會進行這些投資，但我認為沒有什麼會擾亂我們實現盈利的道路，而且我認為。我們將負責任地使用資金，並將投資重點放在能夠推動我們長期價值的策略優先事項上。

Thank you.

謝謝。

Our next question is from Patrick Wood of Morgan Stanley. The line is open.

下一個問題來自摩根士丹利的派崔克‧伍德。線路已開通。

Amazing.

驚人的。

Thank you so much.

太感謝了。

I'll keep it to one, but basically around the commercial activities and utilization side of things, I guess, correct me if I'm wrong, but there's basically two component trees. There's a soon as the systems placed, getting, faster off the blocks and getting some utilization right out the gate, but presumably B. It's getting eventual total utilization higher, you mentioned you were putting some commercial activities in place.

我只是說一個，但基本上圍繞著商業活動和利用方面，我想，如果我錯了請糾正我，但基本上有兩個組件樹。系統一旦部署到位，就能更快地啟動並立即獲得一些利用率，但據推測，B. 最終的總利用率會更高，你提到你正在進行一些商業活動。

I'm just really curious, when you're addressing those two factors, can you give us some like specific flesh on the bones to sort of think about the changes that are being made? Is it just who's running what or is it incentive structure? Just any more details that'd be amazing.

我真的很好奇，當您談到這兩個因素時，您能否具體闡述一下，讓我們思考一下正在發生的變化？只是人事安排的問題，還是激勵機制的問題？如果能提供更多細節就太好了。

Thanks.

謝謝。

Yeah, thanks for your question. I think, there's there's a few things there. I think one, as I mentioned before, we want to see new systems, the metrics that we're building in is, really from time of sale to hitting our utilization targets, and we want to minimize the amount amount of time, which is highly variable and I just wouldn't say I would say if I'm just real frank about it.

謝謝你的提問。我認為，這裡面有些東西。我認為，正如我之前提到的，我們希望看到新的系統，我們正在建立的指標實際上是從銷售時間到達到我們的利用率目標，我們希望最大限度地減少時間，因為時間長短變化很大，坦白說，我不會說。

Then I think sometimes the handoff between the capital sales team and the utilization team could be enhanced. And so that's become a big area of focus, and I think that will improve our utilization out of the gate. And that's not just the time to first procedures, but the time to doing a number of procedures that we would consider a system to be fully launched.

我認為，有時資本銷售團隊和利用率團隊之間的交接可以加強。因此，這成為了我們關注的重點領域，我認為這將從一開始就提高我們的利用率。這不僅是開始實施首批程序的時間，而是完成一系列程序，我們認為這些程序標誌著一個系統全面啟動的時間。

I think the other thing is we've looked at our organization structure to say how do we best util utilize our field resources, and I think there's a recognition that It's more than just being in cases, we have a lot of our field team that spends time in cases and they support physicians, and it's an important part of what we do because we want to make sure every patient has, a spectacular outcome.

我認為另一點是，我們審視了我們的組織結構，思考如何才能最好地利用我們的現場資源。我認為大家已經認識到，這不僅僅是參與病例，我們有很多現場團隊成員會花時間參與病例，他們為醫生提供支持，這是我們工作的重要組成部分，因為我們希望確保每位患者都能獲得良好的治療效果。

But there's more to the role than that, and we need to be building the market and driving the cases and spending time in the office, spending time with refers. And doing all of the other work to make sure people are up to date with the latest evidence and those sorts of things so that we're the preferred procedure for BPH.

但這個角色遠不止於此，我們還需要開拓市場、推動案例、花時間在辦公室裡，花時間與推薦人交流。我們還做了其他所有工作，以確保人們了解最新的證據等等，使我們成為治療良性前列腺增生的首選方法。

So it is asking our people to do a lot of things differently than what they've done historically. But I think that's what it's going to take if we're going to drive and improve our utilization over time. And again, it's, I don't want to keep referring back to it, but this is very much the transition that we went through at Edwards in the beginning. All we did was go and support cases, and it was sort of an if you build it, they will come.

所以，它要求我們的人民做很多與他們以往做法不同的事情。但我認為，如果我們想要隨著時間的推移提高利用率，就必須這樣做。再說一遍，我不想總是提起這件事，但這確實是我們愛德華茲公司最初經歷的轉型過程。我們所做的就是去提供支持案例，這有點像是「如果你把它建好了，他們就會來」。

Then you reach an inflection point where you have to start getting to the doctors that do multiple procedures or aren't those necessarily early.

然後你會達到一個轉捩點，你必須開始去找那些可以做多種手術的醫生，或者說，這些醫生不一定非得很早就開始做手術。

And eventually we're going to have to get to those entrenched positions who are very comfortable doing what they're doing and maybe shy away from new technology, but each one of those tranches takes a different mindset and a different interaction with the customer, and I think we're just moving to the next phase of it.

最終，我們不得不面對那些固守成規、安於現狀、可能對新技術有所迴避的人，但每一階段都需要不同的思維方式和與客戶不同的互動方式，我認為我們只是進入了下一個階段。

And again, I think the team's done a great job with early adopters, but we're just entering into the next phase, and it's just going to require us to do different things than what we've done historically.

再次強調，我認為團隊在早期用戶方面做得非常出色，但我們只是進入下一個階段，這將要求我們做一些與以往不同的事情。

Appreciate it. Thanks.

謝謝。謝謝。

Larry.

拉里。

Our next question is from Ryan Zimmerman, BTIG. The line is open.

下一個問題來自 BTIG 的 Ryan Zimmerman。線路已開通。

Good afternoon. Thanks for taking our questions. Nice to speak with everyone. Larry, the utilization talk is music to my ears. I appreciate you, harping on that. one of the questions I have though is.

午安.謝謝您回答我們的問題。很高興和大家交流。拉里，你提到的利用率問題正合我意。我很感激你一直強調這一點。不過，我還有一個問題：

You know there are some new PFS rates that just came out, and you guys got a category one code.

你知道最近推出了一些新的 PFS 費率，而你們拿到的是一級代碼。

It's down in line with kind of the other procedures, about 550 if I'm not mistaken, on 5 on the code, but my question is just, in light of that.

它與其他程式大致相同，如果我沒記錯的話，大約是 550，代碼是 5，但我的問題是，鑑於此。

How do you think that impacts utilization and you know what underpins your confidence on procedure adoption given those dynamics, especially for '26?

您認為這會對利用率產生什麼影響？考慮到這些動態因素，您知道是什麼支撐了您對程式採用的信心，特別是對於 2026 年而言？

Yeah, thanks for your question, Ryan. I Honestly, I think the fees came in about what we expected them to. I think everything's in line, but that's really the smaller part of the economics. I mean, the procedural reimbursement is a much larger part of that, and we're still waiting to see where that falls, but we remain cautiously optimistic that that's going to land in a solid place.

謝謝你的提問，瑞恩。說實話，我覺得費用基本上符合我們的預期。我認為一切都在掌控之中，但這只是經濟學中很小的一部分。我的意思是，手術費用報銷佔了很大一部分，我們仍在等待最終結果，但我們仍然謹慎樂觀地認為最終結果會比較穩定。

But I think the other thing too is economics are important.

但我認為經濟因素也很重要。

When you know technology is all viewed as homogeneous, I think when technology is highly differentiated, I don't know that people are going to take better economics over a better procedure.

當人們普遍認為科技都是同質的，而技術又高度差異化時，我不認為人們會為了更經濟的效益而選擇更優的技術。

And for those of you who, I know several of you followed Edwards in the early days of TAVR, I remember there was a lot of discussions with the contribution margin from open heart surgery is probably more than double the contribution margin from doing a TAVR, and there was a lot of people who thought that was going to be a massive headwind, and we've seen how that played out.

我知道你們當中有不少人在TAVR早期就關注了Edwards，我記得當時有很多討論，認為開胸手術的利潤率可能是TAVR的兩倍多，很多人認為這將是一個巨大的阻力，而我們已經看到了結果如何。

We had a highly differentiated technology, and it became less about the contribution margin, and it became more about the procedure and the efficiency of the procedure and the outcomes that we were driving for patients.

我們擁有高度差異化的技術，因此利潤率不再那麼重要，而更專注於手術流程、手術效率以及我們為患者帶來的結果。

So I think we need to make sure that people understand how differentiated our procedure is. But I think the economics behind our procedure certainly support the improved utilization and increased utilization that we expect to drive.

所以我認為我們需要確保人們了解我們的流程有何不同。但我認為，我們流程背後的經濟原理肯定支持我們預期將要實現的利用率提高和使用量增加。

Okay, I got a lot of other questions. I'm going to just stick with one more and then I'll save it for the follow-up for you guys. But if you think about guidance, Larry, I mean, the com has had a philosophy around guidance. I think, the beats have been fairly, formulaic relative to maybe expectations or, kind of what the guidance has been.

好的，我還有很多其他問題。我打算再做最後一個，然後把剩下的留到後續給你們看。但如果你仔細想想指導方面的問題，拉里，我的意思是，公司一直以來都有一套關於指導的理念。我認為，相對於預期或相對於先前的指導方針而言，這些節奏相當程式化。

How do you have a different view on this in terms of how you're approaching? You talked about obviously your thought process for the 26 guide, but I guess, more in the context of how you think about it relative to, the expectations or how you perform or maybe what your internal guidance is, etc. Just curious if you want to speak to that.

你對此事的看法有何不同，你採取的方法又是什麼？你顯然談到了你寫第26期指南的思路，但我想，你更想了解的是你如何看待它，以及它與預期、你的表現、或者你的內在指導原則等之間的關係。我只是好奇你是否願意談談這方面。

Yeah, I don't know that I can give you a very satisfying answer to be frank about it. It, I think, my approach to guidance is we need to create a range that we're going to achieve, and I think we need to be. Accurate about it, and I think we need to have, upside potential, but we also need to, reflect realities and not everything may go exactly like we want.

坦白說，我不知道我能不能給你一個令人滿意的答案。我認為，我的指導方法是，我們需要製定一個我們將要實現的目標範圍，而且我認為我們需要這樣做。這一點很準確，我認為我們需要有上升潛力，但我們也需要反映現實，並非所有事情都會完全按照我們想要的方式發展。

But to the degree, that there's expectations out there, I'm not probably a big believer in moving guidance around in relation to expectations. I'm more a believer in driving the execution of the company and putting out good guidance and achieving or exceeding our guidance through. Improved execution. So that's kind of where I'm going to land on things and we'll go.

但是，如果外界有期望，我可能不太贊成根據期望來調整指導方針。我更相信應該推動公司執行，給予良好的指導，並透過實際行動來實現甚至超越我們的預期目標。執行力提升。所以，這就是我對事情的看法，我們就此打住吧。

But I think it'd be unrealistic to think that I know everything about the business, obviously Kevin and Matt have been here a long time, and I rely heavily on them.

但我認為，認為自己了解公司的一切是不切實際的，顯然凱文和馬特在這裡工作了很長時間，我非常依賴他們。

I'm in my 8th week and I suspect when we get to February we could probably have a lot more wholesome discussions around guidance and how we see the long-term and maybe some of the models that we have.

我已經工作了 8 週，我估計到了二月份，我們或許可以就指導方針、我們如何看待長期發展以及我們現有的一些模型進行更多有益的討論。

Understood. Thank.

明白了。感謝。

You.

你。

Our next question is from Chris Pasquale, Nephron Research, the line is open.

下一個問題來自腎臟研究專家克里斯·帕斯誇萊，熱線已開通。

Thanks, Larry, this is a market where you have a lot of patients on the sidelines deferring care. You talked about the need to educate those patients. You talked about the company not really having told its story yet. I put all that together and it sounds like an argument for an investment in DTC advertising.

謝謝你，拉里，在這個市場裡，有很多病人觀望，推遲治療。你談到了對這些患者進行教育的必要性。你提到這家公司還沒有真正講好自己的故事。我把這些因素綜合起來，覺得這似乎是個支持投資DTC廣告的理由。

Which some other companies in the sector have spent a lot of money on in recent years. Is that something that you're contemplating and maybe talk about how you balance that drive toward profitability with maybe some spending priorities or some areas where the company may not have been investing enough historically.

近年來，該行業的其他一些公司也在這方面投入了大量資金。這是您正在考慮的問題嗎？或許可以談談您如何平衡獲利目標與某些支出優先事項，或是公司過去可能投資不足的某些領域？

Thanks, Chris. Well, I think there's a lot of different channels that you can use, and obviously if we want to do a Super Bowl commercial that gets very expensive, but I don't think you have to do that to go deliver your message to patients. I think, there's social media, there's a lot of other things that we can do that are pretty cost-effective ways to do things, and we did a lot of these things at Edwards.

謝謝你，克里斯。我認為有很多不同的管道可以利用，當然，如果我們想投放超級盃廣告，那肯定會非常昂貴，但我認為你不必這樣做才能將你的訊息傳遞給病人。我認為，除了社群媒體，還有很多其他方法可以以相當低的成本有效地完成工作，我們在愛德華茲做了很多這樣的事情。

So, I think these are all things that we're going to be. We're going to be focused on, but we do have to take our message to the patients, and we do have to get that out there to them so that they understand.

所以，我認為這些都是我們將要做的事情。我們將重點關注這一點，但我們確實需要將我們的訊息傳達給患者，我們必須讓他們了解這一點，以便他們能夠理解。

I think one of the other things, and I know you call it Edwards, Chris, but there were a lot of patients that just believed that aortic stenosis was just all about symptoms tolerance, and they, there was not an understanding of the damage that was being done while they sat in that symptomatic phase until it became intolerable. I think the same is true of BPH.

我認為還有一點，我知道你稱之為愛德華茲，克里斯，但有很多患者認為主動脈瓣狹窄只是症狀耐受的問題，他們並不了解在症狀出現到無法忍受的階段所造成的損害。我認為良性攝護腺增生症也是如此。

I think a lot of patients are sitting on the sidelines and they're just saying, well, it's just about whether I can tolerate these symptoms or not, but there's not a good understanding of the damage that they're doing to the bladder and the long-term complications that can lead to that point to a need for earlier therapy.

我認為很多患者都在觀望，他們只是說，好吧，這只是我能否忍受這些症狀的問題，但他們並沒有充分了解這些症狀對膀胱造成的損害以及可能導致需要更早治療的長期併發症。

And so again, I don't think any work's been done in that area to really tell that story or make that clear to patients. I think it's all just been focused purely on this procedure versus that procedure and a lot of early data, so. When I say we've got to tell our story, it's not just to the patients, some of it's to the clinicians, but there is going to be a directed patient element of this that we will be investing in.

所以，我認為在這個領域還沒有人真正著手講述這個故事，或向病人解釋清楚。我認為所有的一切都只是單純地關注這個手術方法與那個手術方法的比較，以及大量的早期數據。我說我們必須講述我們的故事，這不僅是對患者而言，部分內容也是對臨床醫生而言，但其中肯定會包含針對患者的部分，我們會對此進行投入。

But again, I don't think it fundamentally changes our path to profitability. I think that remains intact and we'll just have to make responsible investments along the way.

但我仍然認為，這不會從根本上改變我們實現獲利的路徑。我認為這一點依然成立，我們只需要在過程中進行負責任的投資。

That's helpful.

那很有幫助。

And I just, I wanted to double click on the comment about hospitals scrutinizing purchases more closely. You guys had a strong quarter for capital. Most of the other companies that get asked about this topic routinely have also said, look, things remain pretty healthy.

我只是想雙擊點一下關於醫院更嚴格審查採購的評論。你們本季的資本表現非常出色。其他大多數常被問到此話題的公司也表示，目前情況依然相當健康。

So is there something new that you're seeing that you wanted to call out and really flag here because it could impact things going forward, or are you just alluding to the fact that look, it's been a tough year from a macro perspective in general, and you're continuing to execute despite that.

所以，你有沒有發現什麼新的情況，想特別指出來，因為它可能會影響未來的發展？或者你只是想暗示，從宏觀角度來看，今年總體來說是艱難的一年，但你們仍然在繼續執行計劃？

Yeah, I don't think it fundamentally changes our projections for capital. I think what we've seen is the purchasing process is taking longer. I think there were systems that we expected to close, for example, in Q2, they just got pushed to Q3 just because it just seemed like a lot of systems have put additional steps in place or they've expressed just some macro concerns and And it's just caused things to be delayed.

是的，我認為這不會從根本上改變我們對資本的預測。我認為我們看到的是，採購流程耗時更長了。我認為有些系統原本預計在第二季度關閉，但後來被推遲到第三季度，因為很多系統似乎都採取了額外的措施，或者表達了一些宏觀方面的擔憂，這就導致了延誤。

I think we generally expect, and we saw that this quarter, the systems ended up showing up and they ended up coming through, and we continue to expect that to happen. It just seems like there's a few more steps being added to the process and things have just been moving a little slower. I think we just wanted to be transparent about that.

我認為我們通常都會預期，而且我們也看到，本季系統最終都會正常運作並正常運行，我們將繼續預期這種情況會發生。感覺流程中又增加了一些步驟，事情進展得有點慢了。我想我們只是想在這件事上保持透明。

That's helpful.

那很有幫助。

Thank you.

謝謝。

Thank you.

謝謝。

The next question is from Suraj Kalia from Oppenheimer and Company.

下一個問題來自奧本海默公司的蘇拉傑·卡利亞。

Larry, congrats on your new role. It's a pleasure to be working with you again. Hopefully you can hear me all right?

拉里，祝賀你榮升新職。很高興再次與您合作。希望你能聽清楚我說話？

Again.

再次。

Perfect. So Larry, totally get to a point about Caver, the perils there.

完美的。所以拉里，你完全可以談談洞穴探險，以及那裡的危險。

If I could just expand on Chris's earlier question, Larry, so TAVR was a convincing solution for a high equity condition, and we saw rapid share shifts, right, from Saber.

Larry，如果我可以就 Chris 之前的問題再補充一點，TAVR 對於高權益狀況來說是一個令人信服的解決方案，我們看到了 Saber 的份額迅速轉移，對吧。

Specifically, as you look at BPH, do you think, and as you lay out the long-term plan, the focus is specifically going to be on pulling in de novo patients, whether through DDC or otherwise, or you envision this more in terms of share gains from, nucleation, what have you.

具體來說，當您審視良性前列腺增生症 (BPH) 時，您認為，在您制定長期計劃時，重點是吸引新患者，無論是透過直接接觸式治療 (DDC) 還是其他方式，還是您更多地設想從成核術等方式獲得市場份額。

Yeah, thanks for your question, and it's good to hear from you.

是的，謝謝你的提問，很高興收到你的來信。

It's nice to hear friendly voices.

聽到友善的聲音真好。

The, I think the biggest opportunity we have is getting people off the sidelines, and I think even when I worked back in cardiac surgery, there were a lot of patients that viewed the cure is worse than the disease. And so, people would avoid having open heart surgery even though they had a life-threatening condition that was damaging their quality of life, and I think we see that in the BPH space as well.

我認為我們最大的機會是讓人們不再袖手旁觀，而且我認為即使在我以前從事心臟外科工作的時候，也有很多病人認為治療比疾病本身更糟糕。因此，即使患有危及生命的疾病，嚴重影響生活質量，人們也會避免進行開胸手術。我認為我們在良性前列腺增生症領域也看到了這種情況。

You have people who they're so worried about the surgery and its impact on potentially leading to incontinence or potentially leading to sexual dysfunction, so they'd rather live with their symptoms than having them cured.

有些人非常擔心手術及其可能導致的尿失禁或性功能障礙，所以他們寧願忍受症狀也不願治癒。

And I think what we need to be able to show people through our evidence is our incontinence rates are incredibly low, almost zero, and our sexual dysfunction rates are also incredibly low. And so, you can correct your problem and actually Markedly improve your quality of life.

我認為我們需要透過證據向人們證明，我們的尿失禁發生率非常低，幾乎為零，我們的性功能障礙發生率也非常低。因此，您可以糾正您的問題，並顯著提高您的生活品質。

So, the people suffering on the sidelines are by far and away the biggest opportunity. As we grow the market, we want to absolutely make sure we're getting our fair share. But to the degree that we can expand the market and that we can grow the market, that's more valuable to me than trying to move a SharePoint from turp over to an aqua.

因此，那些被邊緣化的人們才是最大的機會。隨著市場的發展，我們希望確保獲得應有的份額。但是，如果我們能夠擴大市場、發展市場，對我來說，這比嘗試將 SharePoint 從 turp 遷移到 aqua 更有價值。

Got it. And for my follow-up, Larry, obviously BPH is a lot more fragmented, right? Versus severe symptomatic AS.

知道了。拉里，我的後續問題是，顯然良性前列腺增生症的病理特徵更加分散，對吧？與重度症狀性僵直性脊椎炎相比。

How should we think about or what is your view in terms of the price elasticity of demand, i.e., should we think about the same approach there with the Sapien and Sapien 3 Ultra, you'll adopt it in terms of premium pricing versus the rest of the market for acobation also, or? You'll think there would be a more flexible approach given a changing price elasticity of demand and BPH and a fragmented market.

我們該如何看待需求價格彈性？或者說，您對需求價格彈性有什麼看法？也就是說，我們是否應該對 Sapien 和 Sapien 3 Ultra 採取相同的方法？您是否也會針對 Acobation 市場採取高於市場平均的溢價策略？考慮到需求和 BPH 的價格彈性不斷變化以及市場分散，人們可能會認為應該採取更靈活的方法。

Thank you for taking my questions and congrats again.

感謝您回答我的問題，再次恭喜您。

Well, to the degree that you want to draw parallels with, saving, I think I waited 15 years before I did a price increase, so I don't think price increases was a huge part of our of our development strategy, and I don't know that price increases are going to be a huge part of our strategy here either.

嗯，如果你想拿價格上漲和儲蓄做類比，我想我等了 15 年才漲價，所以我不認為漲價是我們發展戰略的重要組成部分，而且我也不知道漲價是否會成為我們未來戰略的重要組成部分。

It's funny when people say, the erosis market was not very fragmented. I think that's a view today. That was not a view 15,18, 20 years ago when we started working on it. I think it was highly fragmented. You looked at high risk people and intermediate risk people, low risk people, and that we talked about asymptomatic.

人們常說情色市場並不十分分散，這真是可笑。我認為這是當今的一種觀點。15、18、20年前我們開始做這個專案的時候，情況並非如此。我認為它非常分散。你觀察了高風險族群、中度風險族群、低風險族群，我們也討論了無症狀感染者。

So again, it's not a perfect analogy by any means, but I do believe that there are a lot of parallels, and I do think the journey is going to be similar now to your point, we're going to continue to develop our platform.

所以，這當然不是一個完美的類比，但我相信兩者之間有很多相似之處，而且我認為接下來的發展歷程也會與你所說的類似，我們將繼續開發我們的平台。

We're going to continue to innovate and we're going to continue to make sure that we have the best therapy and the best technology, and it's also backed by the best evidence, and I think those are things that are. That are just going to be hallmarks of what we do, but it's really going to be about getting patients off the sideline and improving our utilization rates.

我們將繼續創新，並將繼續確保我們擁有最好的療法和最好的技術，而這些療法和技術也都有最好的證據支持，我認為這些都是很重要的。這些都將成為我們工作的標誌，但真正的重點在於讓患者不再袖手旁觀，提高我們的使用率。

One moment for the next question.

稍等片刻，準備回答下一個問題。

Our next question is from Nathan Treybeck from Wells Fargo. The line is open.

下一個問題來自富國銀行的內森·特雷貝克。線路已開通。

Hi, thanks for taking the question. Kevin, I think you disclosed one system placement under an operating lease. Can you talk about why this was done and do you expect operating leases to become a bigger part of your system placements going forward and then just modeling considerations there?

您好，感謝您回答這個問題。凱文，我認為你揭露了一個根據經營租賃方式部署的系統。您能否談談這樣做的原因，以及您是否預期經營租賃在未來的系統部署中會佔據更大的比例，並就此進行建模考慮？

Yeah, like this was not an indicative or a shift in our business practice, but we did feel we owed an explanation given our install base went up by 58 and we sold 57. So this robot is, I would.

是的，這並不代表我們的業務實踐發生了轉變，但鑑於我們的安裝基數增加了 58，而我們只賣出了 57，我們覺得有必要做出解釋。所以，如果這是機器人，我會這麼認為。

Characterize it more as a one-off where we aren't able to recognize revenue. It's going to be paid for over time, but there is no near term plan to have a significant shift in our business model.

更確切地說，這是一次性事件，我們無法確認收入。這筆款項將分期支付，但近期內沒有計劃對我們的商業模式進行重大調整。

But as we've said in the past, the number one priority is to get robots installed and to generate procedures and to treat patients, and we'll continue to evaluate various alternatives as they make sense for the business.

但正如我們過去所說，首要任務是安裝機器人，制定手術流程，治療病人，我們將繼續評估各種對業務有意義的替代方案。

Okay, thanks. Just for my follow-up, so just based on my forecast, I guess over 70% of your install base next year will be with accounts that have been doing al ablation procedures for over a year. So, it seems to me that new accounts should be less of a drag on utilization growth. I guess how does this play out for your utilization outlook next year.

好的，謝謝。我再補充一下，根據我的預測，明年你們新增客戶中超過 70% 的客戶將接受消融手術一年以上。因此，在我看來，新帳戶對使用率成長的拖累應該較小。我想這會對你們明年的利用率預期產生怎樣的影響。

Yeah, look, I think a drag is a bit harsh, but I think our focus on launching accounts in a more timely and robust manner, and the focus there should allow those new accounts to come up the curve faster and start contributing more meaningful to utilization sooner in 2026.

是的，你看，我覺得說它拖累有點過分了，但我認為我們專注於以更及時、更穩健的方式推出賬戶，這種專注應該能讓這些新賬戶更快地提升業績，並在 2026 年更早地開始對利用率做出更有意義的貢獻。

So that's 0.1 and then 0.2 the other area of focus is driving. Utilization in our existing accounts and as you've pointed out now with the age of our installed base that's a huge opportunity for us to drive procedure volumes and procedure revenue. It's focusing not only on new accounts but on existing accounts doing more procedures as well and we also are working on numerous initiatives to help that metric as well, so it's twofold.

所以，這是 0.1，然後 0.2，另一個重點領域是駕駛。現有客戶的使用率，以及您現在指出的，考慮到我們已安裝設備的年限，這對我們來說是一個巨大的機會，可以推動手術量和手術收入的成長。它不僅關注新帳戶，還關注現有帳戶的更多操作流程，我們也在努力推進多項舉措來幫助提升這一指標，所以這是雙管齊下的。

Thank you. While we're bringing our next question to the stage, just in, respect for timing, if we ask that we can limit our Q&A to one question.

謝謝。在我們把下一個問題帶到台上的時候，為了尊重時間，我們能否將問答環節限制為一個問題？

Thank you.

謝謝。

Our next question is from Mason Carrico from Stephens Inc. The line is open.

下一個問題來自 Stephens 公司的 Mason Carrico。線路已接通。

Hey, thanks for taking the questions here. On the variability and timing from system sale for surgery beyond that initial delay.

嘿，謝謝你回答這些問題。關於系統銷售到手術的時間安排，以及由此造成的最初延誤之外的變動和時間差異。

Is there any meaningful difference in utilization once fully ramped in the accounts where there was a longer delay prior to the first surgery versus accounts that made the transition quickly, and then second.

在首次手術前延遲時間較長的帳戶與快速過渡到第二次手術的帳戶相比，完全啟動後，其利用率是否存在任何實質差異？

For the accounts that that did have a longer delay, are there any commonalities between those accounts fundamentally? I mean, does that tend to be concentrated in low volume hospitals, high volume hospitals, academic centers, community hospitals, I guess, any additional detail you can get there.

對於那些延遲時間較長的帳戶，這些帳戶之間是否存在一些根本性的共同點？我的意思是，這種情況是否往往集中在低流量醫院、高流量醫院、教學中心、社區醫院？我想，您能否提供更多細節？

Yeah, thanks for the question.

謝謝你的提問。

I think, every count is a little bit of a snowflake, and so I don't want to speak in gross generality. I will say I don't think we've had the focus organizationally in what happens the day after the systems fail, and I think now what we've done in our launch pilots is we have everybody focused on what happens day one.

我認為，每個統計數據都略有不同，所以我不想泛泛而談。我想說，我認為我們在組織層面上並沒有把重點放在系統故障後的第二天會發生什麼上，而現在我們在啟動試點計畫中所做的，是讓每個人都專注於第一天會發生什麼。

And also, a plan not just to get the first case done but to get, the 1st 15 cases done, to get the 1st 20 cases done, and really get people in a cadence of doing the cases and the routines of it.

此外，還制定了一個計劃，不僅要完成第一個案例，還要完成前 15 個案例，完成前 20 個案例，真正讓人們養成處理案例的節奏和習慣。

And so, I think it's just a bunch of renewed focus on that and putting the energy behind it so that we drive that. I do have a belief that if we get, and this is a belief that's, I can't necessarily back it with data, but it's just intuitive to me that if we get a system placed.

所以，我認為這只是重新聚焦於此，並投入精力來推動它發展。我確實相信，如果我們能建立一個系統，這是一種我無法用數據來佐證的信念，但這只是我的直覺，如果我們能建立一個系統。

And they immediately start with a high cadence of cases that we're just going to see better utilization out of that system over time than we will if we just sort of, let the game come to us.

他們立即開始處理大量案件，隨著時間的推移，我們將看到該系統得到更好的利用，而不是像我們一樣，任由遊戲自然而然地發生。

So, it really is just about us driving the system and driving the adoption of the procedure much more aggressively than maybe what we've done historically where we've just kind of let the doctors, use the system as they see fit rather than having a real strategic plan for how we launch each system.

所以，關鍵在於我們要比以往更積極地推動系統和流程的採用，而不是像過去那樣，任由醫生們自行決定如何使用系統，而不是製定一個真正的戰略計劃來啟動每個系統。

Got it. Thank You.

知道了。謝謝。

Thank you.

謝謝。

Our next question is from Joshua Jennings, TD Cowen.

下一個問題來自 TD Cowen 的 Joshua Jennings。

Your line is open.

您的線路已開通。

Hi, good afternoon. Thanks for taking the questions. Nice to be on the earnings call with you again, Larry. Wanted to, and the rest of the team, wanted to, just ask about the concomitant BPH and localized prostate cancer.

您好，下午好。謝謝您回答問題。很高興能再次和你一起參加財報電話會議，拉里。我和其他隊員都想問他是否同時患有良性前列腺增生和局部前列腺癌。

Scenario, and I mean it is a meaningful, I think.

場景，我的意思是，我認為這是一個有意義的場景。

Case volume opportunity.

病例量提升機會。

Have we've had some dots over the last 12,18 months talk about using aqua ablation for those patients. Is that Started to factor into utilization levels at some centers or more than some centers, and is there any opportunity to capture real world data from those cases if they're being done at a high enough clip? Is the question.

在過去的 12、18 個月裡，我們有一些關於使用水消融術治療這些患者的討論。這是否已經開始影響某些中心或某些中心的使用率水準？如果這些案例的發生頻率夠高，是否有可能從中取得真實世界的數據？這是問題所在。

Yeah, thanks, Josh, and it's good to hear a familiar voice.

是啊，謝謝你，喬什，很高興聽到熟悉的聲音。

I will say that, we're really focused on the BPH opportunity. BPH is undertreated and I don't want to get people too distracted with cancer. Now that being said, I think cancer is just a natural adjacency for us and you know I've had time with a number of our KOLs, and there's a lot of excitement about how this can transform prostate cancer, but we need to complete the trial. Water for is running.

我想說的是，我們確實非常關注良性前列腺增生症（BPH）的治療機會。良性前列腺增生症的治療不足，我不想讓人們過度關注癌症。話雖如此，我認為癌症對我們來說只是一個自然而然的鄰近領域，而且你知道，我和我們的一些關鍵意見領袖有過交流，大家對這項技術如何改變前列腺癌的治療前景感到非常興奮，但我們需要完成試驗。水正在流動。

I think we're going to provide a full update on that in February of next year at the analyst Day, and we can provide more insights on that and it's a natural adjacency, but I look at something that is blocks that build on top of our BPH story, not like, the whole story. And so I think everything that is in front of us right now to grow this business and drive it is going to be built around BPH with with prostate cancer being an add on.

我認為我們將在明年二月的分析師日上提供關於此事的完整更新，我們可以提供更多見解，這是一個自然的關聯，但我看到的是建立在我們 BPH 故事之上的模組，而不是整個故事。因此，我認為我們目前發展和推動這項業務的一切都將圍繞著良性前列腺增生症 (BPH) 展開，而前列腺癌則是一個附加項。

Understood. Thank.

明白了。感謝。

You.

你。

Thank you.

謝謝。

Our next question is from Mike Kratky from Leerink Partners. The line is open.

我們的下一個問題來自 Leerink Partners 的 Mike Kratky。線路已開通。

Hey guys, this is Brett on from Mike. Thanks for taking the question and congrats on the quarter. I just want to go back to ASP primarily on the consumable side, just where, how should we be thinking about, the mix of hydros factoring into that 3,200 that we've been seeing in the last few quarters, particularly in 2026.

大家好，我是 Brett，替 Mike 發訊息。感謝您回答這個問題，並祝賀您本季取得佳績。我只想回到 ASP 主要在消耗品方面，想想我們應該如何考慮水力發電的組合，以及在過去幾個季度中我們看到的 3,200 美元，尤其是在 2026 年。

Is there any point where there's an inflection where, the mix actually gets to a point where we can start to see some growth there?

是否存在這樣一個轉折點，在這個轉折點上，這種組合真正達到一個我們可以開始看到成長的程度？

Yeah, so if you look at our install base today and when we launched hydros, essentially every system sold since Q3 of 24 has been the hydro system and we said hydros does carry the consumable component. A higher ASP than Aquabee think somewhere in the low single-digits, and our guide in 26 perhaps for your model, I'd be relatively conservative on price.

是的，所以如果你看看我們今天的安裝基礎，以及我們推出水力系統時的情況，基本上自 2024 年第三季度以來售出的所有系統都是水力系統，我們說過水力系統確實包含耗材組件。ASP 比 Aquabee 高，估計在個位數低位，而我們的指南中 26 款可能更適合您的型號，我對價格會比較保守。

We will get some upside as the mix shifts more heavily to hydros, but we're also not relying on price increases to get to the guide that is in the model. But naturally over time you should see.

隨著能源結構向水力發電傾斜，我們將獲得一些收益，但我們也不指望價格上漲就能達到模型中預測的目標。但隨著時間的推移，你自然就會明白。

Low single-digit price increases as the mix becomes more towards hydro.

隨著能源結構中水電佔比增加，價格將出現個位數的小幅上漲。

Got it. That's helpful. Thanks guys.

知道了。那很有幫助。謝謝各位。

Our next question is from Michael Sarcone from Jefferies. The line is open.

下一個問題來自傑富瑞集團的麥可·薩爾科內。線路已開通。

Good afternoon and thanks for taking the question.

下午好，感謝您回答這個問題。

Maybe one for Kevin. You talked about 4Q gross margin guide of around 63%, and I think you did call out $2 million from tariffs but just wanted to know if there were any other factors that you would call out in terms of what's impacting the gross margin for 4Q.

或許給凱文一個。您提到第四季度毛利率預期約為 63%，而且我認為您確實提到了關稅帶來的 200 萬美元收入，但我只是想知道，就影響第四季度毛利率而言，您是否還有其他因素需要指出。

No, you said it. Our guy does incorporate about $2 million in tariff related expense. That's about 200 basis points alone for Q4.

不，是你說的。我們的這個人確實計入了大約200萬美元的關稅相關費用。光是第四季就增加了約 200 個基點。

So outside of tariffs you'd be looking at somewhere in the mid-60s, and I'll just say our margins at this point, they'll continue to trend upwards, but at this stage of the company, even at 65% margins, this isn't a headwind or a hindrance to the company being profitable, and we feel that even at these levels with outsized revenue growth and manageable op effects, that path to profitability still remains clear and we're not dependent on margin expansion at this point to get there, but we're continuing to work at it, obviously.

所以，撇開關稅不談，利潤率大概在 60% 左右。我只想說，我們目前的利潤率會繼續上升，但就公司現階段而言，即使利潤率達到 65%，也不會對公司獲利構成阻礙。我們認為，即使在目前的水平下，憑藉超額的收入成長和可控的營運影響，獲利之路依然清晰，我們目前並不依賴利潤率的擴張來實現盈利，但顯然，我們會繼續為此努力。

Got it, thank you.

明白了，謝謝。

Thank you. This will be our last question.

謝謝。這將是我們最後一個問題。

And this question is from Travis Steed from BofA Securities. The line is open.

這個問題來自美國銀行證券的特拉維斯·斯蒂德。線路已開通。

Hi, this is Stephanie Piazzolla on for Travis. Thanks for taking the question. I just wanted to ask about the Q4 implied guidance. You beat Q3 but maintained the full year 2025 guide, and you talked about some of the recent trends and changes, but just wanted to follow-up on the Q4 guide and the Q drivers of the Loed outlook in Q4.

大家好，我是Stephanie Piazzolla，替Travis為您報道。感謝您回答這個問題。我只是想問一下關於第四季業績指引的問題。你們第三季業績超出預期，但維持了 2025 年全年業績指引，並且談到了一些近期趨勢和變化，但我想跟進一下第四季度業績指引以及第四季度 Loed 展望的驅動因素。

Thank you.

謝謝。

Yeah, so if you look at what our guide entails compared to previous guides, we essentially have lowered the overall hand pieces sold number by about 1,000 systems, and really we mentioned destocking, we mentioned inventory optimization and a focus on launching accounts.

是的，如果你看看我們的指南與之前的指南相比包含的內容，我們基本上將售出的所有手柄數量減少了大約 1000 套系統，而且我們確實提到了去庫存、庫存優化以及專注於開設帳戶。

And it's really that dynamic flushing through via hand pieces sold in the 4th quarter and we do look forward to giving our investors an update on the procedure side of the business in February 26th, and we believe when you look at that metric, you'll find that there's not really a slowdown in the business, but we felt we needed to call out the handpiece dynamic that both Larry and I referred to in our script.

第四季售出的手持設備確實體現了這種動態，我們期待在 2 月 26 日向投資者報告業務的手術方面。我們相信，從這個指標來看，業務並沒有真正放緩，但我們覺得有必要強調 Larry 和我都在演講稿中提到的手持設備動態。

Yeah, just to add what Kevin said, and I think this is just a little bit of a business maturity issue as we as we get larger is we haven't really been managing customer inventory by establishing par levels for each customer, so we have some customers that are probably not carrying enough inventory, and we certainly never want a customer to not be able to do a case because they don't have adequate inventory.

是的，我補充一下凱文剛才說的，我認為這其實是一個業務成熟度方面的問題，隨著我們規模的擴大，我們還沒有真正通過為每個客戶設定庫存標準來管理客戶庫存，所以我們有些客戶的庫存可能不足，我們當然不希望客戶因為庫存不足而無法完成訂單。

But at the same time, we have other customers that are probably carrying too much inventory, and you know our initial look at this probably says there's probably more inventory in the field than what's needed. And so, as we optimize those par levels we may see a little bit of destocking.

但同時，我們還有其他客戶可能持有過多的庫存，我們初步調查顯示，實際庫存可能超過了所需數量。因此，隨著我們不斷優化庫存水平，可能會出現一些去庫存現象。

But you know we're focused on procedure growth and that's what's going to drive the long-term health of the business, and you know I'm expecting that we're going to have, a good procedure quarter in in you know in Q4 and that's, going to be our focus kind of go forward basis.

但你知道，我們專注於手術量的成長，這將推動業務的長期健康發展，而且我預計我們在第四季度會有一個不錯的手術量季度，這將是我們未來發展的重點。

Thank you.

謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

Thank you for your participation in today's conference. This does conclude the program and you may now disconnect.

感謝您參加今天的會議。程式到此結束，您可以斷開連線了。