Procept Biorobotics Corp (PRCT) 2025 Q4 法說會逐字稿

Good afternoon and welcome to the Procept BioRobotics fourth quarter 2025 earnings conference call. (Operator instruction) As a reminder, this call is being recorded for replay purposes. I would now like to turn the conference over to Matt Vasco, Vice President of Investor Relations, for a few introductory comments. Please go ahead.

下午好，歡迎參加 Procept BioRobotics 2025 年第四季財報電話會議。（操作員指示）提醒您，本次通話將會被錄音，以便回放。現在我謹將會議交給投資人關係副總裁馬特‧瓦斯科，請他作幾句開場白。請繼續。

Good afternoon and thank you for joining Prose Biorobotics fourth quarter 2025 earnings conference call. Presenting on today's call are Larry Wood, Chief Executive Officer, and Kevin Waters, Chief Financial Officer. Before we begin, I would 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 1995, while these forward-looking statements are based on management's current expectations and beliefs, these statements are subject to several risks, uncertainties, assumptions, and other factors that could cause results to differ materially from the expectations expressed on this conference call. These risks and uncertainties are disclosed in more detail in process by robotics filings with the Securities Exchange Commission, all of which are available online.

下午好，感謝各位參加Prose Biorobotics 2025年第四季財報電話會議。出席今天電話會議的有執行長 Larry Wood 和財務長 Kevin Waters。在會議開始前，我想提醒各位聽眾，本次電話會議中有關未來計畫、事件或業績的陳述均屬於1995年《私人證券訴訟改革法案》所定義的「前瞻性陳述」。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。這些風險和不確定性在向美國證券交易委員會提交的機器人技術流程文件中進行了更詳細的揭露，所有這些文件都可以在網路上查閱。

At www.secc.gov. Listeners are cautioned not to place under reliance on these forward-looking statements which speak only as of today's date, February 24, 2026, except as required by law, by robotics undertakes no obligation to update or revise any forward-looking statements to reflect new information, circumstances, or unanticipated events that may arise.

請造訪 www.secc.gov。聽眾請注意，除法律要求外，請勿依賴這些前瞻性聲明，這些聲明僅代表截至 2026 年 2 月 24 日的觀點。機器人公司不承擔任何義務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。

During the call we'll 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. With that, I would like to turn the call over to Larry.

在電話會議中，我們也會提及一些不符合公認會計準則 (GAAP) 的財務指標。有關我們如何使用這些非公認會計準則財務指標的更多信息，以及這些指標與其最接近的公認會計準則等效指標的調節表，請參閱我們的盈利報告。接下來，我想把電話交給拉里。

Thanks, Matt. Before discussing our 4th quarter results, I want to share context on progress since joining the company as CEO.

謝謝你，馬特。在討論我們第四季度業績之前，我想先分享一下我擔任公司執行長以來的進展。

When I joined Procept, I outlined an immediate near-term plan for the organization that I believe was critical to positioning the company for its next chapter. It was essential to move with a clear vision, a strong sense of urgency, and a culture grounded in discipline and accountability. Historically, Procept executed effectively in its first chapter of growth. That work created the foundation the company benefits from today.

當我加入 Procept 時，為公司製定了一個近期計劃，我認為這對公司邁向下一個發展階段至關重要。必須以清晰的願景、強烈的緊迫感以及以紀律和責任為基礎的文化來推進工作。從歷史角度來看，Procept 在其發展初期階段表現出色。這項工作為公司今天所受益的基礎奠定了基礎。

However, as the company evolves, so do the requirements for success. The next stage of process development requires shifting the operational focus towards increasing procedure volume, expanding margins, and achieving profitability and gaining market share. At the same time, we must deliberately build an organization that supports both near-term performance and long-term sustainable growth.

然而，隨著公司的發展，成功的要求也會隨之改變。流程開發的下一階段需要將營運重點轉移到增加流程量、擴大利潤率、實現盈利和獲得市場份額。同時，我們必須有意識地建構一個既能支持近期業績又能支持長期永續發展的組織。

We recently made two changes to our commercial organization that we believe are strategically important for long-term performance. First, we have realigned our commercial team into an integrated regional structure where our clinical and sales functions now report to a common regional leader.

我們最近對商業組織進行了兩項調整，我們認為這兩項調整對長期績效具有重要的策略意義。首先，我們已將商業團隊重新調整為一個一體化的區域結構，其中我們的臨床和銷售職能現在向一位共同的區域領導報告。

The new structure creates a single point of accountability at the regional level to ensure clinical and commercial activities are coordinated around customer success and procedure growth. Second, we formed a dedicated launch team by reassigning a small number of our top performers to focus specifically on new system placements. The intent is to drive more consistent launches, reduce variability and activation. And accelerate time to value for customers because we see launches as a key lever to improving downstream utilization and performance.

新架構在區域層面設立了單一問責點，以確保臨床和商業活動圍繞著客戶成功和手術量成長進行協調。其次，我們組建了一支專門的發布團隊，將我們團隊中表現最好的幾名員工重新分配到新系統部署方面。其目的是推動更穩定的產品發布，減少波動和啟動。加快客戶獲得價值的時間，因為我們認為產品發布是提高下游利用率和效能的關鍵槓桿。

In the near term, the sales realignment and formulation of the launch team creates some short-term disruption. Certain account coverage has changed, and temporarily we have fewer tenured resources in the field as we stand up the launch team.

短期內，銷售調整和上市團隊組成會造成一些短期混亂。某些客戶覆蓋範圍發生了變化，而且由於我們正在組建啟動團隊，因此暫時我們在現場的資深資源較少。

We view this as a normal transition period as teams ramp, establish account relationships, and standardize new operating processes. Importantly, we believe these changes better position us for sustained high growth through clearer leadership, better alignment, and more repeatable launches. We will continue to manage through this transition thoughtfully, and we expect the benefits to build as the organization settles into the new model.

我們認為這是一個正常的過渡期，團隊需要時間來適應變化，建立客戶關係，並規範新的營運流程。重要的是，我們相信這些改變將透過更清晰的領導、更好的協調和更可重複的產品發布，使我們更好地實現持續的高速成長。我們將繼續謹慎地管理這段過渡時期，並期望隨著組織逐漸適應新模式，其益處將持續顯現。

Now turning to 4th quarter results, in the 4th quarter we completed 12,200 procedures reflecting approximately 69% annual growth.

現在來看第四季的業績，第四季我們完成了 12,200 例手術，年增約 69%。

On the 3rd quarter earnings call, we reduced our previously issued Q four guidance by 1,000 handpiece units as we reestablished customer inventory targets that we thought were appropriate based on usage volume.

在第三季財報電話會議上，我們將先前發布的第四季業績預期下調了 1,000 台手機，因為我們根據使用量重新制定了我們認為合適的客戶庫存目標。

Separate from establishing inventory targets, it became clear as the quarter progressed that accounts had become accustomed to purchasing large quantities of handpieces and receiving bulk discounts in the final weeks of the quarter.

除了設定庫存目標之外，隨著季度的推進，很明顯，客戶已經習慣在季度的最後幾週大量購買手機並獲得批量折扣。

I've always believed pricing discipline is foundational to long-term success. At Procept, I've been focused on implementation of hand piece price discipline, and as part of that, we eliminate the historical practice of providing discounts on bulk purchases, particularly at the end of the quarter.

我一直認為，定價紀律是長期成功的基礎。在 Procept，我一直專注於實施手把價格紀律，作為其中的一部分，我們取消了以往對大量購買提供折扣的做法，尤其是在季度末。

Despite custom requests, we remained disciplined and did not allow bulk purchases at a discount. As a result, handpiece unit sales were approximately 80% of procedures in the 4th quarter, and for the first time, procedures exceeded handpieces sold.

儘管客戶提出了特殊要求，但我們始終堅持原則，不允許大量購買並享受折扣。因此，第四季手機銷量約佔手術量的 80%，而且手術量首次超過了手機銷量。

While this resulted in lower-than-expected revenue, it delivered a significant improvement in handpiece selling price. Average fourth quarter selling price was $3340 or up $140 or approximately 5% sequentially from the third quarter.

雖然這導致收入低於預期，但卻顯著提高了手機的售價。第四季平均售價為 3,340 美元，比第三季上漲 140 美元，漲幅約 5%。

Historically, handpiece unit sales exceeded procedure volumes by approximately 8% to 16%. Based on the last several months, we now expect handpiece unit sales and procedure volumes to be in close alignment on a go-forward basis with sustained improvement in handpiece average selling prices.

從歷史數據來看，手機銷量比手術量高出約 8% 至 16%。根據過去幾個月的情況，我們現在預計，隨著手機平均售價的持續改善，未來手機銷售和手術量將保持密切一致。

These business practice changes resulted in a reduction of our projected 2026 handpiece revenue. The revenue impact is meaningfully offset by the increase in handpiece average selling prices.

這些業務實踐的變化導致我們預計 2026 年手機收入減少。手機平均售價的上漲可以顯著抵銷收入方面的影響。

Based on the combination of these factors with the short-term disruption associated with the Salesforce realignment, we are now resetting 2026 guidance to $390 million to $410 million representing annual growth of 27% to 33%.

綜合以上因素以及 Salesforce 重組帶來的短期幹擾，我們現在將 2026 年的業績預期調整為 3.9 億美元至 4.1 億美元，年增長率為 27% 至 33%。

Before I turn it over to Kevin to walk through the financials, I want to close by previewing what to expect at our investor day tomorrow morning. For the first time since the IPO nearly 5 years ago, we will provide a more detailed multi-year look at our financial guidance, including more details on 26 and 27, our path to profitability, and an update on the WATER IV for prostate cancer trial, as well as a vision for our future. I hope to see everyone there. With that, I'll hand it over to Kevin to walk through the financials for the quarter, Kevin.

在把財務報表交給凱文講解之前，我想先預告一下明天早上投資者日的安排。自 IPO 近 5 年前以來，我們將首次提供更詳細的多年財務指導，包括 26 年和 27 年的更多細節、我們的盈利之路、WATER IV 前列腺癌試驗的最新進展以及我們對未來的願景。我希望在那裡見到大家。接下來，我將把時間交給凱文，讓他來介紹本季的財務狀況。

Thanks, Larry. Total revenue for the fourth quarter of 2025 was $76.4 million representing 12% year over year growth. US revenue for the quarter was $66.6 million reflecting 10% growth compared to the prior year period. Turning the US procedures.

謝謝你，拉里。2025 年第四季總營收為 7,640 萬美元，年增 12%。該季度美國營收為 6,660 萬美元，比上年同期成長 10%。改變美國程序。

As noted by Larry, we completed approximately 12,200 US procedures in the fourth quarter of 2025, representing approximately 69% year over year growth. Handpieces sold totaled 9,400 units at an average selling price of approximately $3340 during the quarter, reflecting a 5% price increase compared to the third quarter of 2025.

正如 Larry 指出的那樣，我們在 2025 年第四季完成了約 12,200 例美國手術，年增約 69%。本季共售出9,400台手機，平均售價約3,340美元，較2025年第三季上漲5%。

Other consumable revenue totaled $2.3 million in the fourth quarter. As a result, total US handpiece and other consumable revenue was $34 million in the fourth quarter of 2025, representing 16% growth compared to the fourth quarter of 2024.

第四季其他消耗品收入總計230萬美元。因此，2025 年第四季美國手機和其他耗材的總收入為 3,400 萬美元，比 2024 年第四季成長了 16%。

Turning the US robot placements. In the fourth quarter we sold 65 new hydro systems. At the end of 2025, we had an installed base of 718 systems representing a 42% increase compared to year end 2024.

改變美國機器人部署方式。第四季我們售出了 65 套新的水力發電系統。截至 2025 年底，我們的系統安裝量為 718 套，比 2024 年底成長了 42%。

Total US system revenue was $27.6 million in the fourth quarter comparable to the prior year period, with system sold at an average selling price of approximately $425,000. International revenue in the fourth quarter of 2025 was $9.8 million representing year over year growth of 25%. Moving down the income statement.

第四季美國系統總營收為 2,760 萬美元，與去年同期持平，系統平均售價約 42,5,000 美元。2025 年第四季國際營收為 980 萬美元，年增 25%。從損益表向下看。

Gross margin for the fourth quarter of 2025 was 60.6% compared to 64% in the fourth quarter of 2024. The approximate 450 basis points shortfall compared to fourth quarter guidance was driven primarily by lower than expected US consumable revenue, as well as a one-time voluntary field action that contributed approximately 240 basis points of pressure.

2025 年第四季的毛利率為 60.6%，而 2024 年第四季的毛利率為 64%。與第四季度預期相比，約 450 個基點的缺口主要源自於美國消費品收入低於預期，以及一次性自願現場行動造成了約 240 個基點的壓力。

On a full year basis, 2025 gross margin was 63.7% compared to 61.1% in 2024. Total operating expenses for the fourth quarter of 2025 were $77.4 million compared to $63.4 million in the prior year period. The increase reflects continued investment to support commercial expansion, continued innovation across our BPH platform technology, and increased funding for our water for prostate cancer trial, positioning us to drive long-term growth and expand our clinical and technology leadership.

以全年計算，2025 年毛利率為 63.7%，而 2024 年為 61.1%。2025 年第四季總營運支出為 7,740 萬美元，而去年同期為 6,340 萬美元。這一增長反映了我們為支持商業擴張而持續的投資，對我們 BPH 平台技術的持續創新，以及對我們用於治療前列腺癌的水療法試驗的資金增加，這使我們能夠推動長期增長並擴大我們在臨床和技術方面的領先地位。

Net loss for the fourth quarter of 2025 was $29.8 million compared to a net loss of $18.9 million in the fourth quarter of 2024. Adjusted EBITDA was a loss of $19 million in the fourth quarter of 2025 compared to a loss of $10.3 million in the prior year period. Cash equivalents and restricted cash totalled $285 million as of December 31st, 2025, providing a strong balance sheet to support our strategic priorities.

2025 年第四季淨虧損為 2,980 萬美元，而 2024 年第四季淨虧損為 1,890 萬美元。2025 年第四季調整後 EBITDA 虧損 1,900 萬美元，而上年同期虧損 1,030 萬美元。截至 2025 年 12 月 31 日，現金等價物和受限現金總額為 2.85 億美元，為支持我們的策略重點提供了強勁的資產負債表。

Moving to our 2026 financial guidance. We now expect full year 2026 total revenue to be in the range of approximately $390 million to $410 million representing growth of approximately 27% to 33% compared to 2025. This guidance range assumes international revenue to be in the range of $50 million to $51 million.

接下來是我們的2026年財務預期。我們現在預計 2026 年全年總營收將在 3.9 億美元至 4.1 億美元之間，與 2025 年相比成長約 27% 至 33%。該指引範圍假設國際收入在 5,000 萬美元至 5,100 萬美元之間。

Additionally, we now expect 2026 total US procedures to be in the range of 60,000 to 64,000, representing growth of approximately 39% to 48%. As Larry noted, the adjustment to our 2026 revenue guidance is driven by a few factors. As a result of our business practice changes, we now expect handpiece unit sales to be closely aligned with procedure volumes, which results in a reduction in 2026 handpiece revenue.

此外，我們現在預計 2026 年美國手術總數將在 60,000 至 64,000 例之間，增長約 39% 至 48%。正如拉里所指出的那樣，我們對 2026 年收入預期的調整是由幾個因素所驅動的。由於我們的業務實踐發生了變化，我們現在預計手機銷售將與手術量密切相關，這將導致 2026 年手機收入減少。

This revenue reduction is meaningfully offset by the increase in US handpiece average selling prices, which we now estimate to be $3500 in 2026. Our updated guidance incorporates both factors above in addition to the short-term disruption of our sales organization as discussed by Larry. Importantly, our 2026 outlook does not change our confidence in the company's long-term growth and profitability trajectory through 2026 and 2027.

收入的減少被美國手機平均售價的上漲所抵消，我們現在估計到 2026 年，手機平均售價將達到 3,500 美元。我們更新後的指導方針除了考慮上述兩個因素外，還考慮了 Larry 所討論的銷售組織短期中斷的情況。重要的是，我們對 2026 年的展望並沒有改變我們對公司在 2026 年和 2027 年長期成長和獲利軌蹟的信心。

Turning to gross margins We expect full year 2026 gross margin to be approximately 65%, which includes $5 million to $6 million of tariff expense compared to $1.3 million in fiscal 2025, which is an approximate 100 basis point headwind to 2026. Turning to operating expenses. We expect full year 2026 operating expenses to total $350 million representing a 17% increase compared to 2025.

再來看毛利率，我們預計 2026 年全年毛利率約為 65%，其中包括 500 萬至 600 萬美元的關稅支出，而 2025 財年為 130 萬美元，這對 2026 年來說大約是 100 個基點的不利因素。接下來談談營運費用。我們預計 2026 年全年營運支出總額將達到 3.5 億美元，比 2025 年成長 17%。

After considering all relevant factors, we expect full year 2026 adjusted EBITDA loss to be in the range of $30million to $17 million. Our revised revenue guidance reflects positive EBITDA in the fourth quarter of 2026 at both the low and high ends of the revenue range.

綜合考慮所有相關因素，我們預計 2026 年全年調整後 EBITDA 虧損將在 3,000 萬美元至 1,700 萬美元之間。我們修訂後的收入預期反映出，無論收入範圍的低端還是高端，2026 年第四季的 EBITDA 都將為正值。

For the first quarter, we expect total US procedures to be in the range of 12,000 to 12,800, representing growth of 29% to 37%. This anticipates the implementation of multiple commercial initiatives designed to drive more durable and sustainable procedure growth. As these initiatives take hold, we expect procedures to accelerate, reaching growth of over 50% in the second half of the year compared to fiscal 2025.

我們預計第一季美國手術總數將在 12,000 至 12,800 例之間，成長 29% 至 37%。這預示著將實施多項商業舉措，旨在推動業務的更持久、更永續的成長。隨著這些措施的落實，我們預計流程將加快，與 2025 財年相比，今年下半年將成長超過 50%。

We expect total revenues for the first quarter of 2026 of $79 million to $82 million representing growth of 14% to 19%. Included in our total first quarter revenue guidance is US system revenue of approximately $20 million and $10 million of international revenue.

我們預計 2026 年第一季總營收為 7,900 萬美元至 8,200 萬美元，年增 14% 至 19%。我們第一季總收入預期包括美國系統收入約 2000 萬美元和國際收入約 1000 萬美元。

I would now like to pass it back to Larry for closing comments.

現在我想把發言權交還給拉里，讓他做總結陳詞。

Thanks, Kevin. While financial performance in the fourth quarter was lower than anticipated, the changes we have made are critical to driving sustainable high growth and paving a clear path to profitability. We are very excited to share more details in 2026 and beyond at our investor conference tomorrow morning at 8:00 a.m. Eastern. With that, we're happy to take questions. Operator.

謝謝你，凱文。儘管第四季度的財務表現低於預期，但我們所做的改變對於推動可持續的高成長和鋪就實現盈利的明確道路至關重要。我們非常高興能在明天上午8點（美國東部時間）的投資者大會上分享更多關於2026年及以後的細節。那麼，我們很樂意回答大家的問題。操作員。

(Operator Instructions)

（操作說明）

Matthew O'Brien, Piper Sandler

馬修·奧布萊恩，派珀·桑德勒

Afternoon. Thanks for taking the questions. I think we can ask too, but the first one up front here is, just I think Larry, everybody knew that the quarter was going to be soft on the handpie side, but the level of softness here just wasn't anticipated. So maybe just talk a little bit more about what unfolded in Q4 and specifically did you flush, just looking at some of the math, did you flush about 4,000 handpieces in Q4 on the inventory side? And then I do have a follow-up.

下午。謝謝您回答問題。我想我們也可以問問，但首先要問的是，我覺得拉里，大家都知道這季度手抓餅會比較軟，但軟的程度是意料之外的。那麼，能否再詳細談談第四季的情況，特別是你們是否進行了庫存清理？從一些數據來看，你們在第四季是否清理了大約 4000 個手機庫存？然後我還有一個後續問題。

Yeah, thanks, Matt. Well, first I just say we're dealing with two distinctly different dynamics. The first was we had signalled on the Q3 call that we expect there to be some destocking, but that was really about establishing par levels for accounts based on their usage, and I think directionally that number was still pretty sound.

謝謝你，馬特。首先，我想說的是，我們面對的是兩種截然不同的動態。首先，我們在第三季電話會議上表示，我們預計會有一些去庫存，但這實際上是為了根據帳戶的使用情況設定庫存水平，我認為從方向上看，這個數字仍然相當合理。

The thing that came to light later in the quarter was how much our business practices. Of allowing bulk purchases at a discount was influencing customer purchase behaviour and when we did a deep review of that, I just didn't think it made sense for us on a go forward to be running that practice and discounting that way. I think without that incentive, customers no longer did the bulk purchasing and you know that's obviously what contributed to the revenue base. I think the big thing is it had two positive structural effects for us. The first one was the obvious one of ASP.

本季後期暴露出的問題是，我們的商業行為存在多少問題。允許大量購買享受折扣的做法影響了顧客的購買行為，當我們對此進行深入審查後，我認為我們今後繼續實行這種做法和折扣方式是沒有意義的。我認為如果沒有這種激勵措施，顧客就不會再進行大量購買了，而大量購買顯然是公司收入的基礎。我認為最重要的是，它對我們產生了兩個正面的結構性影響。第一個顯而易見的是ASP。

We saw our ASP increase to about $33,340 in the quarter, but the other thing is it's going to improve our quality and predictability of revenue by aligning shipments more closely with underlying procedure volumes and you know the health of our business was never going to be defined on customer stocking patterns or bulk purchases. It's always going to be about our procedure growth and so. That's really what we focused on. And so yeah, there was a lot more reduction in inventory. I think our Hay sales were about, I think, I don't know, 77% of procedure volume.

本季我們看到平均售價上漲至約 33,340 美元，但另一方面，透過使出貨量與基礎手術量更緊密地結合起來，這將提高我們的收入品質和可預測性，而且你知道，我們業務的健康狀況從來都不是取決於客戶的庫存模式或批量購買。一切都將圍繞著我們的流程發展等等。這才是我們真正關注的重點。所以，庫存確實大幅減少了。我認為我們的乾草銷售額大約佔手術量的 77%。

So, I think you can do the math on that and get to the number of units that came out. But I think the big thing for us is we look at 2026, we're now modelling. Those being at about a 1 to 1 ratio and we're modelling an ASP of about $33,500 which is about a 9% improvement over where we were in 2025 and these are the structural foundational fundamental things that I just feel we have to do to really ensure our path to profitability in the time frames that we want to be.

所以，我想你可以自己算一下，得出最終的產量是多少。但我認為對我們來說最重要的是展望 2026 年，我們現在正在建立模型。這些比例約為 1:1，我們預計 2025 年的平均售價約為 33,500 美元，比我們當時的水準提高了約 9%。我認為，為了確保我們在預期的時間範圍內實現盈利，這些是我們必須做的結構性基礎性工作。

Okay, appreciate that. And then as far as the guide goes for 2026, and it's obviously back and loaded, I've I'm looking at the Q1 commentary, it, it's just, it's still, it's the toughest top of the year as far as 10 pieces go, but it, it's pretty modest, so it just seemed like the impact from the commercial reorg is still going to be influencing Q1.

好的，謝謝。至於 2026 年的指南，顯然已經回歸並更新完畢。我看了第一季的評論，就 10 件商品而言，它仍然是今年最艱難的開局，但它相當溫和，所以商業重組的影響似乎仍然會對第一季產生影響。

I guess why such confidence that that you're going to see this benefit towards the back half of the year, because I just don't, I, I'm just hoping we don't have to cut the expectation for the full year, again thanks so much.

我想問的是，您為什麼如此自信地認為下半年就能看到這種好處？因為我個人不這麼認為，我只是希望我們不必下調全年的期望。再次非常感謝。

Yeah, no, thanks, Matt, and I understand your question completely. We are arranging, try to give guidance on where we think we're going to be in Q1, and I think, the Q1 always starts a little bit slow coming out of the holidays. That's always something that we have, and I think I've seen that in, previous companies as well.

好的，不用了，馬特，我完全理解你的問題。我們正在安排，並嘗試就我們認為第一季會達到的目標給出指導，而且我認為，第一季在假期結束後總是會有點慢熱。我們一直都有這種做法，我認為我在以前的公司也看到過這種情況。

I think the other thing though is we did just signal that as the. As the sales force matures into the new alignment and they rebuild relationships with customers, we have people covering different accounts. We just wanted to signal that there's, that's going to take a little bit of time for it to mature, but we do think these are going to pay dividends to us.

但我認為另一件事是，我們確實已經發出了這樣的訊號。隨著銷售團隊逐漸適應新的組織架構並重建與客戶的關係，我們有專人負責不同的客戶。我們只是想表明，這需要一些時間才能成熟，但我們認為這些將會為我們帶來回報。

We do think having people that are just dedicated solely on procedure growth in in their territories. And they're no longer distracted by launches and then having dedicated launch teams, we do feel that that's going to pay benefits, but those are going to show up more in the back half of the year rather than the front half of the year. And we're going to provide a lot more detail tomorrow.

我們認為應該安排一些專門負責各自區域業務拓展的人員。他們不再被產品發布分散注意力，也不再需要專門的發布團隊，我們認為這將會帶來好處，但這些好處將在下半年比上半年更明顯地顯現出來。明天我們將提供更多細節。

We're going to walk across the procedure walk and you're, we're going to be completely transparent about it. I know we've talked before about really procedure volumes. We focused on hand piece revenue, but tomorrow we're going to walk through all of that in detail and. And I can give you all the components of it and I think you know you'll be able to make informed decisions about how confident you could be in our plan.

我們將按照流程進行操作，我們將完全公開透明地進行。我知道我們之前討論過手術量的問題。我們今天主要關注了手把的收入，但明天我們將詳細討論所有這些內容。我可以把所有組成部分告訴你，我相信你會明白，這樣你就能對我們計劃的信心程度做出明智的決定。

And I just want to follow on to Larry here Matt this is Kevin, and we're going to go through this as Larry mentioned tomorrow to give a full cohort analysis and your concern or question around the low end of the range, like we're going to provide everybody with comfort that at the low end of the range we are only expecting very modest utilization growth in our legacy install base. We're actually going to show you that tomorrow to directly answer kind of your concern that you just brought up.

我接著 Larry 的話繼續說，Matt，我是 Kevin，正如 Larry 明天提到的，我們將進行全面的隊列分析，並解答您關於低端市場的擔憂或疑問。我們將向大家保證，在低端市場，我們預計傳統安裝基礎的利用率成長將非常溫和。我們明天會向您展示這一點，直接回答您剛才提出的問題。

Okay, thanks.

好的，謝謝。

Chris Pasquale, Nephron Research

克里斯·帕斯誇萊，腎臟單位研究

Thanks, it looks like handpiece sales exceeded procedure volumes by a little over 10,000 units over the past three years, including this quarter's drawdown. So what gives you confidence that the ratio is going to be 1 to 1 in 2026? Why shouldn't the rest of that gap need to be closed?

謝謝，看來過去三年裡，包括本季的下滑在內，手柄的銷量比手術量多出 10,000 多台。那麼，是什麼讓你確信到 2026 年這個比例會達到 1:1 呢？為什麼剩下的差距不需要被彌合呢？

Yeah, thanks for your question. I think there's a couple things here, when we look at the history here, hey sales, have been about 108% to 115% of procedure volume, and now we're modelling that at 1 to 1, but we're modelling it 1 to 1 even though that we're going to increase our install base by a couple 100 systems that are all going to have to take inventory and take stocking orders and do all those things as we expand our installed base. So even with that, we're modelling in a 1 to 1.

謝謝你的提問。我認為這裡有兩點要注意。回顧歷史，銷售額大約是手術量的 108% 到 115%，而現在我們將其建模為 1:1，但即便我們將增加幾百套系統，所有這些系統都需要進行庫存盤點、接收補貨訂單以及執行所有這些操作，我們仍然將其建模為 1:1。所以即使這樣，我們仍然以 1:1 的比例進行建模。

Based on all of our analysis and assessments, I think there's probably more upside to that number than downside, but I think 1 to 1 is the, is where we're modelling it at, and that's a significant change from how we've done all of our previous modelling, and that actually is probably the biggest impact to the reduction in guidance. If we would have modelled Hamy sales at 110% even of procedures like we historically had, then that would have been worth a little over $20 million probably $200 to $22 million and we're able to offset a lot of that with the price increase.

根據我們所有的分析和評估，我認為這個數字上漲的空間可能大於下跌的空間，但我認為 1 比 1 是我們目前的模型預測值，這與我們之前所有的模型預測方式都發生了重大變化，而這實際上可能是導致指導意見下調的最大影響因素。如果我們按照以往的模式，將 Hamy 的銷售額按 110% 的比例進行建模，那麼其價值將略高於 2000 萬美元，可能在 2 億至 2200 萬美元之間，而我們能夠透過提價來抵消其中的大部分損失。

But again, I think the long-term health of our business is going to be focusing on procedure growth and having steady stable revenue. The other thing I can say is, we made this change in the in the 4th quarter of, pretty much the last month, so we have about 8 or 9 weeks of runway under this new business practice, and we continue to see now handpiece sales and procedures pretty much flying in formation, and I think that's what gives us confidence that that's that the 1 to 1 ratio is going to be appropriate for 2026.

但我認為，我們業務的長期健康發展將取決於業務量的成長和收入的穩定成長。我還可以補充一點，我們在第四季度，也就是上個月，做出了這項改變，所以我們還有大約 8 到 9 週的時間來適應這種新的業務模式，而且我們現在看到手柄的銷售和手術量都在穩步增長，我認為這讓我們有信心，1:1 的比例對於 2026 年來說是合適的。

Okay. And then, Kevin, you talked about the gross margin impact of a field action in the quarter. Could you just give us some details around what that was and is that impact contained to the fourth Quarter?

好的。然後，凱文，你談到了本季現場行動對毛利率的影響。您能否詳細說明一下具體情況，以及這種影響是否僅限於第四季？

Yeah, I'll start with the field action, and here's what it was. It was a one-time non-recurring field action. There were no patient safety issues. There were no concerns. It had to do with compatibility between the handpiece and between.

好的，我先從場上情況說起，情況是這樣的。這是一次性的非重複性實地行動。沒有出現病人安全問題。沒有任何問題。這與手把之間的兼容性有關。

The system itself and what we did was we were just able to go to a field upgrade that just took that issue off the table for us and so we've upgraded our systems and made the appropriate changes so that was contained in the fourth quarter you can walk through the math on it.

系統本身以及我們所做的，就是進行現場升級，徹底解決了這個問題。因此，我們升級了系統並進行了相應的更改，這些更改已在第四季度完成，您可以查看相關計算。

Yeah, it was approximately $1.5 million which was 240 basis points of pressure is the math, but as Larry said one time it will not impact us moving forward.

是的，金額大約是 150 萬美元，按計算相當於 240 個基點的壓力，但正如拉里曾經說過的那樣，這不會影響我們未來的發展。

Thank you.

謝謝。

Josh Jennings, TD Cowan.

喬許·詹寧斯，TD·考恩。

Hi, thank you for taking the questions. I was hoping to just get a better understanding of the fourth quarter dynamics and the go forward outlook just on ending the bulk end of quarter bulk purchase, deals that were offered previously. Are you seeing any customer dissatisfaction?

您好，感謝您回答這些問題。我希望能夠更好地了解第四季度的動態以及未來前景，特別是關於結束季度末大宗採購（之前提供的交易）的情況。您是否發現任何客戶不滿的情況？

And do you anticipate that some high volume or medium volume or even low volume centres will decrease their utilization, at least in the short term, until these higher handpiece prices are digested?

您是否預期一些高流量、中等流量甚至低流量中心會降低其使用率，至少在短期內，直到您消化了這些更高的手機價格？

Yeah, thanks Josh. We don't anticipate that and we haven't seen that. I think there were some customers, frankly in December that were waiting us out to see if we would bring back these incentives before the end of the quarter and we didn't, but we've seen the ordering patterns and, survey in Q1 and even late last year people were having to reorder to support the cases that we're doing, and I don't think it impacted utilization or our case volume, and we haven't heard anything about that.

謝謝你，喬希。我們並未預料到這種情況，也尚未看到這種情況發生。坦白說，我認為去年 12 月有一些客戶一直在觀望，看看我們是否會在季度末之前恢復這些優惠活動，但我們沒有。不過，我們已經觀察到訂單模式，第一季的調查顯示，甚至去年年底，人們不得不重新下單來支持我們正在處理的案例，我認為這並沒有影響我們的利用率或案例量，我們也沒有收到任何相關回饋。

We're just, again really focused on being disciplined about this and again we're fairly deep in Q1 and I just don't think that that that's impacted us. I think there, it was a little bit of a mindset in the company that. If we, if people, took these orders and we, and the idea of bulk discounts isn't unique to Procept or anything else, I think people thought like if they have much more hand pieces maybe that would be an incentive for utilization, and I just don't think the two are related at all.

我們再次強調，我們非常注重保持紀律性，而且我們已經進入第一季的大部分時間，我不認為這已經對我們產生了影響。我認為，當時公司裡存在著一種觀念。如果我們，或者說如果人們接受了這些訂單，而且批量折扣的想法並非Procept或其他任何公司獨有，我認為人們會想，如果他們有更多的手柄，也許就能激勵他們使用，但我認為這兩者之間根本沒有任何联系。

So, you know we're going to continue to drive our procedure growth and that's going to be our key area of focus. That's why we made the changes to the Salesforce, but we're going to be very disciplined about hand piece pricing and you know we're going to be disciplined about system pricing as well.

所以，我們將繼續推動手術量的成長，這將是我們重點關注的領域。這就是我們對 Salesforce 進行更改的原因，但我們會嚴格控製手把的定價，您也知道，我們會嚴格控制系統定價。

Understood. And then, and you took, you made some comments, Larry, just on the, some disruption just in the commercial or the commercial, restructuring, just wanted to hear about just the stability of the sales force and some of your all-star.

明白了。然後，你發表了一些評論，拉里，只是關於商業或商業重組中的一些混亂，只是想聽聽銷售團隊的穩定性以及你的一些全明星銷售人員的情況。

Clinical specialists and reps on the capital side as well. I mean, are you, is it relatively stable? Are you seeing any attrition, and are you planning on adding to the team as you move forward, in 2026 and beyond? Thanks for taking the questions.

臨床專家和資本方面的代表也包括在內。我的意思是，你那邊的情況相對穩定嗎？你們目前是否遇到人員流失問題？你們計劃在 2026 年及以後繼續擴充團隊嗎？謝謝您回答問題。

Yeah, thanks, Josh. Yeah, no, I think our team's been stable. We haven't seen any higher attrition. When I talk about the disruption, it's not about losing people, and I'll just provide a little bit more colour on this, and we'll talk about it more tomorrow as well, but. What we did to create the launch teams is we took some of our most tenured people, some of our most seasoned people, and we moved them over to the launch team because we really want launches to go well.

謝謝你，喬許。是的，我認為我們團隊一直很穩定。我們沒有看到更高的員工流動率。當我談到這種混亂時，我指的不是人員流失，我再詳細解釋一下，我們明天也會繼續討論這個問題，但是。為了組成發布團隊，我們挑選了一些資歷最深、經驗最豐富的員工，並將他們調到發布團隊，因為我們真心希望產品發布能夠順利進行。

And I learned this in my time at Edwards when we launched, Taver sites, and they launched and they launched well with steady rhythm and steady volume. They just became healthy programs for us. If somebody launched and they launched poorly, it took a long time for them to get up to the projected volumes of where we thought they should be. So, we really want to focus on these launches and make sure they go well, make sure teams have all the support and they deliver, spectacular outcomes for their patients, especially in those first early procedures.

我在 Edwards 工作期間學到了這一點，當時我們推出了 Taver 網站，這些網站上線後發展得很好，節奏穩定，流量也穩定。它們對我們來說就變成了有益身心的項目。如果有人推出新產品，但推出得不好，那麼他們需要很長時間才能達到我們預期的銷售水平。所以，我們真的想專注於這些產品上市，確保它們順利進行，確保團隊獲得所有支持，並為患者帶來卓越的治療效果，尤其是在最初的早期手術中。

In creating those launch teams though, we took some of our best people out of the utilization team, the procedure support team, and in doing that. You know we backfill those positions we have people in place on those, but they have to rebuild relationship with those customers. You don't have somebody that maybe has a long-standing relationship, and we also realign territories that we think allow us to better service our customers and drive the growth.

不過，在組建這些啟動團隊的過程中，我們從利用團隊、流程支援團隊中抽調了一些最優秀的人員，而這也導致了這種情況。你知道，我們已經安排人填補了這些職缺，但他們必須重建與客戶的關係。我們沒有長期合作關係的人，而且我們也會重新調整業務區域，以便更好地服務客戶並推動成長。

But whenever you do that, people have to re-establish relationships and do all those things, and that's just what we're going through now. But you know this isn't anything that's unique to us. When I was in Edwards and we used to split territories and hire new reps, you had new people calling them on established accounts, and it takes time for them to build those relationships. I see this as being very transient and being very normal.

但無論何時這樣做，人們都必須重新建立關係並做所有這些事情，而這正是我們現在正在經歷的。但你知道，這不是我們獨有的問題。當我在 Edwards 工作時，我們經常劃分銷售區域並招募新的銷售代表，新人需要打電話給老客戶，建立這些關係需要時間。我認為這種情況非常短暫，也很正常。

We just did, a lot more of it all in one fell swoop rather than, the normal course of business where you're splitting territories periodically. But I think we have great people. I think we have people in the right places. It's just going to be a matter of people maturing and settling into their new accounts that they cover.

我們採取了一種更直接的方式，一次性完成了更多工作，而不是像通常那樣定期劃分區域。但我認為我們擁有非常優秀的人才。我認為我們的人員配置很合理。這只是人們逐漸成熟並適應他們所承擔的新責任的問題。

Appreciate the extra detail, thank you.

感謝您提供的額外細節。

Richard Neuwitter, Truest Securities.

Richard Neuwitter，Truest Securities。

Thanks for taking the questions. I have, two, the first one just on systems, I think you had said a $425,000 ASP or blended ASP.

謝謝您回答問題。我有兩個問題，第一個是關於系統的，我想你之前說過平均售價或混合平均售價為 425,000 美元。

You did 65 systems. So if you just tell us what the kind of the green fields were there any operating leases in there and, trade-ins, etc. And then for 2026 on systems. I don't think you gave an explicit placement number. I think the streets at around 220 something for the year is doing the math. It would suggest you're basically kind of, or I think that's what you're backing into. Can you confirm that and then have a follow-up?

你做了65個系統。所以，如果您能告訴我們這些綠地是什麼類型的，其中是否有經營性租賃、以舊換新等等，以及 2026 年的系統情況。我認為你沒有給出明確的排名編號。我認為街道年收入在 220 多美元左右，這是一個合理的計算結果。這說明你基本上有點……或者我覺得你正在朝著這個方向發展。能確認一下嗎？然後跟進一下？

Yeah, I'll start with the pricing. Our capital pricing varies a little bit quarter to quarter, and it really has to do with our customer mix, whether we're selling into some of the big ideas or whether. Their individual systems will be in place, so I, the $425 doesn't reflect any softness in the capital.

好的，我先從價格說起。我們的資本定價每季都會略有波動，這實際上與我們的客戶組合有關，取決於我們是否正在向一些大創意銷售產品。他們各自的系統都將到位，因此，425 美元並不反映資本的任何疲軟。

I think what we're modelling next year is we expect, ASB for systems to be flat to up compared to what we saw this year. And so that's kind of where we are. And I think in terms of systems, I think we're.

我認為我們預測明年系統ASB將與今年相比持平或上升。所以，我們目前的處境大概就是這樣。我認為就係統而言，我們…

Green fields to be very similar to this year. We're going to shed more light on that tomorrow, but Kevin, do you have anything to add? No.

綠油油的田野與今年非常相似。我們明天會對此進行更詳細的闡述，凱文，你還有什麼要補充的嗎？不。

We're going to walk through the different components of guidance tomorrow, but your observation around roughly flat system sales with a slight increase in ASP is a fair assumption.

我們明天將逐一分析業績指引的各個組成部分，但您關於系統銷售大致持平、平均售價略有上升的觀察結果是一個合理的假設。

Okay.

好的。

And then, Larry, just we are starting from the first quarter or fourth quarter of last year even, and I know this predates you, there were some seemingly transient or explained to us as transient externalities, things like the hurricane, the impact on. On solution etc. And then and then there were some one-time factors as we move through the year and then you on your last call obviously prepared us for the destocking or the stocking component and trying to get that right now seems like there was some discounting I guess you know with respect to kind of where we are today and what you see in the business going forward it.

然後，拉里，我們從去年第一季或第四季開始，我知道這比你早，有一些看似短暫的或被解釋為短暫的外部性，例如颶風及其影響。關於解決方案等等。然後，隨著我們一年時間的推移，出現了一些一次性因素，而您在上次電話會議中顯然已經為我們準備好了去庫存或庫存部分，現在試圖解決這個問題似乎有一些折扣，我想您也知道，就我們目前的處境以及您對未來業務的看法而言。

What can you tell us about the health of the actual underlying demand for procedures? Is there anything with the reimbursement changes, doctor, usage, patterns, is it all in fact self-inflicted type, items that are leading to the drawdown here or the lower consumable forecasting, I think, I think there's just been a lot of.

能告訴我們一下實際的手術需求狀況如何嗎？報銷政策的變化、醫生、使用情況、模式，這些是否都是人為造成的，導致資金減少或消耗預測降低？我認為，我認為有很多因素導致了這種情況。

Consecutive kind of noise around procedures and now we're entering a period where there's some internal self-help factors so you know how can you get people confident in your visibility, the ability to execute on this new you know seemingly reset level and that there's nothing underlying on demand side of the penetration curve that's just, you're bumping up against the wall.

圍繞流程的連續噪音，現在我們進入了一個內部自助因素較多的時期，所以你知道如何才能讓人們對你的可見性、執行這個看似重置的新水平的能力充滿信心，並且滲透曲線的需求側沒有任何潛在的問題，只是你碰壁了。

Yeah, thanks for the question, and I understand where you're going with this. And again, one of the things that we've never reported on before was actual procedures. We'd always report on hand piece revenue and to provide a new level of transparency, we, externally we're going to talk about procedures, and you look at our procedure growth, it was almost 70% in the quarter and so, compared to year over year. So, I think the procedure demand.

是的，謝謝你的提問，我明白你的意思了。再次強調，我們之前從未報導過實際的手術流程。我們一直以來都會報告手柄收入，為了提供更高水平的透明度，我們將對外談論手術量，您可以看看我們的手術量增長情況，本季度增長了近 70%，與去年同期相比。所以，我認為這是程序要求。

And I'll tell you, even at that number we're trying to accelerate well past that and drive further growth beyond that, but it was pretty healthy procedure growth. The revenue shortfall wasn't really driven on the procedure side. It really was about the customer ordering behaviour and it was being driven much more than probably we appreciated by these discounts that people have become accustomed to and we were living this cycle of people stocking up at the end of a quarter and then depleting going into the next quarter, which was leading to very lumpy sales.

我還要告訴你，即使達到了這個數字，我們也在努力加速成長，爭取遠遠超過這個數字，並推動進一步的成長，但這仍然是一個相當健康的成長。收入短缺並非手術量方面的問題。這實際上與顧客的訂購行為有關，而且這種行為受到人們已經習慣的折扣的影響可能比我們意識到的要大得多。我們陷入了一種循環：人們在一個季度末囤貨，然後在下一個季度開始時減少庫存，這導致了銷售額的劇烈波動。

And, again, I reviewed that practice with the team, and we just looked at it hard and said, I don't think this makes any sense for us. And if you look at the ASP that we're modelling for next year, I think that's where we're going to get the benefits from and. And to some degree, I traded off, continuous, this ordering cycling at discounts for having more ASB and a steady, and steady revenue that's going to mirror procedures, and I just think these are foundational fundamental things that needed to happen. But I feel very strongly that these things are behind us.

我又和團隊一起回顧了那次訓練，我們認真研究後說，我認為這對我們來說沒有任何意義。如果你看一下我們預測的明年的平均售價，我認為我們將從中獲得收益。在某種程度上，我放棄了持續的折扣訂購循環，換取了更多的ASB和穩定的收入，這將反映出流程。我認為這些都是必須發生的基礎性事情。但我強烈感覺到，這些事情都已經過去了。

We've talked about the salesforce reorganization that's that I expect to improve our execution around procedure growth, and we're going to talk tomorrow about what our value proposition is for aqua ablation. In the clinical community, and I think we have a compelling story to tell. And so, if you make the investor conference tomorrow or watch online, we're going to provide a lot of detail on that that we've never provided before. But I think we have a solid strategy, but it all starts with these fundamental pieces and price is just something that's always a huge part of that. And our margins and our path to profitability, those are key areas of focus for us, and the steps that we've taken are the things that I believe are going to drive us.

我們已經討論過銷售團隊重組，我預計這將改善我們在流程成長方面的執行力，明天我們將討論我們在水消融方面的價值主張是什麼。在臨床領域，我認為我們有一個引人入勝的故事要說。所以，如果您明天參加投資者會議或線上觀看，我們將提供許多以前從未提供過的詳細資訊。但我認為我們有一個穩健的策略，但這一切都始於這些基本要素，而價格始終是其中非常重要的一部分。我們的利潤率和獲利之路是我們關注的重點領域，我相信我們所採取的措施將推動我們前進。

To the success and profitability that I think we all want.

為了我們都渴望的成功和獲利。

Brandon Vasquez, William Blair.

布蘭登·瓦斯奎茲，威廉·布萊爾。

Hey everyone, thanks for taking the question.

大家好，感謝大家回答這個問題。

Larry, in a story like this, I mean, ideally, we're trying to put this behind us and, use the analogy of ripping the band-aid off in one quarter. I think what investors often TRY to grapple with here is that.

拉里，在這樣的故事裡，我的意思是，理想情況下，我們應該努力把這件事拋在腦後，用一個四分之一的時間來比喻，就像撕掉創可貼一樣。我認為投資者經常試圖解決的問題是：

Meaningful changes to the commercial side, or big inventory changes like this typically aren't a one quarter one and done, but it feels like you guys have some of the confidence that in fact you're going to just continue growing through the year, despite some of the noise going on and even some of the externalities that Rich was talking about that have been impacting the business for a little bit, maybe you could spend another like couple of minutes on you said it's been a couple of weeks that you guys have been doing some of these new initiatives.

對商業方面進行有意義的改變，或者像這樣的大規模庫存調整，通常不會在一個季度內就結束，但感覺你們似乎很有信心，儘管存在一些幹擾因素，甚至像Rich提到的一些外部因素已經對業務產生了一定的影響，但你們仍然會在今年繼續增長。你們說過，你們已經實施這些新措施幾週了，也許你們可以再花幾分鐘時間談談這些新措施。

Any metrics you can give us on what's already being done in the early days that's kind of giving you confidence that that this is done, that there's not going to be another thing that we need to change on a go forward basis.

您能否提供一些指標，說明在早期階段已經採取了哪些措施，從而讓您確信這項工作已經完成，並且在未來不需要進行任何其他改變？

Sure, thanks for the question. Well, I'll start with the procedure matching, to enhance this revenue. We made those changes in the last month, in December of last year, so we have pretty, many weeks of run right now where we're seeing those two numbers, pretty much aligned. And so that's one of the things that gives us confidence that that's behind us, but again, we're going to increase our installed base by a couple 100 instruments this year, and all of those are going to need inventory to drive.

當然，謝謝你的提問。好的，我將從流程配對入手，以提高收入。我們在上個月，也就是去年 12 月，做出了這些改變，所以現在已經連續好幾週，這兩個數字基本上都一致了。所以，正是這件事讓我們有信心，這件事已經過去了。但是，今年我們將增加數百台儀器的安裝量，而所有這些都需要庫存來推動。

So even if there was a little bit more destocking in our installed base, which I don't have any evidence that there is, we're still going to have all these new systems coming in that are going to need inventory, which is why I said there's probably a little more upside than downside. But again, I think our focus is going to just be strictly on procedure growth because you know the health of our business is never going to be impacted by customer ordering or stocking patterns. It's going to be driven.

所以即使我們的已安裝設備庫存減少（雖然我沒有任何證據表明有這種情況），我們仍然會有很多新系統需要庫存，這就是為什麼我說上漲空間可能比下跌空間略大。但我認為，我們的重點將完全放在業務成長上，因為你知道，我們業務的健康發展永遠不會受到客戶訂購或庫存模式的影響。它將被驅動。

By our execution in the field and by growing procedure volumes and that's why we made the changes to the sales organization, and we made them all at one time so we can get it behind us. We can get the team moving forward and they can go execute and we've, aligned the team under a common regional leader now to where we have the focus and we have the accountability and aligned incentives to go to go drive our growth on the things that matter the most, which again is going to be procedure growth, so.

透過我們在現場的執行力以及不斷增長的業務量，我們才對銷售組織進行了改革，而且我們一次完成了所有改革，以便盡快解決這個問題。我們可以讓團隊向前邁進，讓他們去執行，而且我們已經將團隊統一在一個共同的區域領導下，這樣我們就能集中精力，明確責任，並製定一致的激勵措施，從而推動我們在最重要的事情上實現增長，而這些最重要的事情仍然是流程增長。

I understand the question and I understand the comments, but we have to make these changes to drive the organization the way that we need to drive it, and I'm building this thing with a multi-year plan in place, not an individual quarter, and so we just had to stop some of these things that I think we're hurting our margins, and I think we're encouraging the wrong customer behaviour and that's what we've done, and I feel very confident that the inventory issue, I feel very confident that is behind us. And on the sales organization, I'm confident that this will pay dividends to us down the road. But again, it's a big organization change.

我理解這個問題，也理解大家的評論，但我們必須做出這些改變，才能以我們需要的方式推動組織發展。我正在製定多年計劃，而不是只關註一個季度，所以我們必須停止一些我認為正在損害我們利潤率、助長錯誤客戶行為的做法。我們已經停止了這些做法，而且我非常有信心，庫存問題已經解決了。至於銷售組織方面，我相信這將在未來為我們帶來回報。但話說回來，這是一場重大的組織變革。

It does take time for those things to settle in as people reestablish those relationships, but all of that is factored into our 2026 stats.

人們需要時間重新建立這些關係，讓這些事情穩定下來，但所有這些都已納入我們 2026 年的統計數據中。

Okay, and switching gears a little bit, but just because this will probably start to come up a lot in investor conversations going into the quarter, of course, I'm sure you guys have heard that a lot of noise around PAE given the reimbursement there and a lot of experts doing.

好的，稍微換個話題，因為這很可能在本季度投資者之間的談話中頻繁出現，當然，我相信你們也已經聽說了關於 PAE 的各種傳聞，因為那裡有報銷政策，而且很多專家都在談論它。

Or a lot of urologists doing more PAE cases these days. You gave the procedure numbers, which is super helpful, but maybe talk to us a little bit what you're seeing in the field and help us bridge, like, you called 10 neurologists and 9 out of 10 of them are doing more PAE. Yeah, your procedures are still growing. Kind of give us the lay of the land of how you're seeing, aqua ablation and PAE playing out in the field. Thanks.

或者說，現在很多泌尿科醫師做的PAE手術越來越多。您提供了手術數量，這非常有幫助，但也許可以和我們談談您在現場看到的情況，幫助我們更好地理解，例如，您聯繫了 10 位神經科醫生，其中 9 位都在進行更多的 PAE 手術。是的，你們的業務還在不斷發展。請您大致介紹一下您目前對水下消融和 PAE 技術在實際應用中的看法。謝謝。

Yeah, no, thank you, we're going to provide more detail on procedure trends at the investor conference tomorrow, but we're still very early in penetrating a market with more than 400,000 surgical BPH procedures annually. So our primary opportunity improving commercial execution is going to be consistently taking share, from a competitive standpoint, we continue to think that we offer a very strong value proposition, particularly related to term, specific to.

是的，不，謝謝。我們將在明天的投資者大會上提供更多關於手術趨勢的細節，但我們仍處於非常早期的階段，要打入一個每年有超過 40 萬例良性前列腺增生症手術的市場。因此，我們提高商業執行力的主要機會在於不斷擴大市場份額。從競爭的角度來看，我們仍然認為我們提供了非常強大的價值主張，尤其是在期限方面。

With respect to PAE, while the site and service economics can be attractive, we're seeing continued variability in clinical durability, and we've also seen more variability in payer coverage, and our current market intelligence suggests that coverage may be more selective over time rather than broader.

就 PAE 而言，雖然其場地和服務經濟性可能很有吸引力，但我們看到臨床持久性持續存在差異，我們也看到支付方覆蓋範圍存在更多差異，而且我們目前的市場情報表明，隨著時間的推移，覆蓋範圍可能會更具選擇性，而不是更廣泛。

And as a result, we don't see changing in the long-term competitive dynamic for patients who are appropriate for respective therapy, but we're going to show some data tomorrow and we're going to walk through what we think our value proposition is. And why we think we're going to be successful, making inroads from a shared perspective in this patient population.

因此，我們認為對於適合相應療法的患者而言，長期競爭格局不會發生變化，但我們明天將展示一些數據，並詳細說明我們認為自身的價值主張是什麼。以及我們為什麼認為我們會成功，因為我們從共同的角度出發，在這個患者群體中取得了進展。

Suraj Kalia, Oppenheimer and Co

Suraj Kalia，奧本海默公司

Hi Larry, can you hear me all right?

嗨，拉里，你能聽清楚我說話嗎？

I can hear you fine.

我能聽得很清楚。

So, Larry, I want to follow-up on Chris's question.

拉里，我想就克里斯的問題再補充一點。

Obviously, the math is the math in terms of inventory in the field. I guess if I could come at it from a different angle, Larry. Look, the board signed off. The audit committee had to sign off on the previous sales process, right?

顯然，這裡的數學計算指的是現場庫存的數學計算。我想如果我能換個角度來說，拉里。你看，董事會已經簽署批准了。審計委員會必須對先前的銷售流程進行審核批准，對嗎？

Now a new completely new process has been instituted. My question Larry would be why now? Why couldn't this be staged and what specific thing has triggered, the audit committee everyone to say okay we blessed this is the path to go and now is the time to do this.

現在，一套全新的流程已經建立。拉里，我想問的是，為什麼是現在？為什麼這件事不能事先安排好？究竟是什麼具體的事情觸發了審計委員會所有人，讓他們一致認為「好的，我們很幸運，這就是我們應該走的路，現在是時候這麼做了」。

Well, I, look, I, one of the things that we've talked about and we'll show more detail on it tomorrow is the. If we look over the last four or five years, the hand piece, revenue was always higher than our procedure volume, and if we look at what was happening with pricing was pretty stable during that period of time, but I signalled, last year that I thought inventory levels in the field were higher than they needed to be, and that's why we signalled that we thought we would take some of that inventory level down. It wasn't until we were deep in the corner that. I think we started to get an appreciation for just how much these incentives were really driving the customer stocking behaviour, and I think.

嗯，你看，我們討論過的一件事，明天我們會詳細介紹，就是…如果我們回顧過去四到五年，就會發現手柄的收入一直高於我們的手術量，而且在此期間價格也相當穩定。但我去年曾表示，我認為現場庫存水準過高，因此我們表示會降低部分庫存水準。直到我們陷入絕境，才意識到這一點。我認為我們開始意識到這些激勵措施對顧客的囤貨行為產生了多大的影響，而且我認為。

When I look at that price is such a hard thing to do, and improving margins is such a challenge, and I just thought there's this huge opportunity here to be at a $3500 price point in our 2026 plan is a really meaningful upside, but that's not going to pay dividends just for us in the short-term.

在我看來，定價非常困難，提高利潤率也是一個巨大的挑戰，我認為，在我們 2026 年的計劃中，將價格控制在 3500 美元是一個非常重要的機會，但這在短期內不會為我們帶來任何收益。

That's going to pay dividends over the next several years as we think about our path to profitability and improving our margins and so. The idea that you would try to like whittle these things down and bleed this thing off over many quarters, it was just going to be a headwind that we, frankly, would have to keep talking about and just gradually do it, and I think.

未來幾年，當我們思考如何獲利、提高利潤率等等時，這將帶來豐厚的回報。試圖逐步減少這些問題，讓這些問題在多個方面慢慢消散的想法，坦白說，只會給我們帶來阻力，我們不得不不斷地討論這個問題，並逐步地解決它，我認為。

We would not have seen the ASP benefit if we would have tried to lay this off over a long period of time. So, we just made the decision and look, we understand completely why it created a revenue shortfall, but the impact that it has to ASP next year is so significant to me again, building these foundational pieces for the long-term, it's just critical. And so, we just took the step.

如果我們試圖將這筆款項分攤到很長一段時間內，我們就無法獲得平均售價的收益。所以，我們做出了這個決定，我們完全理解為什麼這會造成收入缺口，但它對明年平均售價的影響對我來說非常重大，再次強調，為長期發展奠定基礎至關重要。於是，我們就踏出了這一步。

I think we also wanted to recondition our customers that these practices are behind us. And then we're not going to be doing these things anymore and so they can just order based on their procedural usage rather than ordering on other things and you know it none of the changes we've made impact our future growth trajectory and they don't impact our path to profitability, so I think they were just the right decisions for us to make. I understand the point that you're making and you know sometimes it may look tempting to TRY to bleed this stuff over time, but then I think you just continue to fuse your to confuse your customers. With these incentive plans, and we just wanted to put that behind us and be done with it.

我認為我們也想讓客戶重新體認到，這些做法已經成為過去了。然後我們就不再做這些事情了，所以他們可以只根據他們的流程使用情況下訂單，而不是根據其他事情下訂單。你知道，我們所做的任何改變都不會影響我們未來的成長軌跡，也不會影響我們實現獲利的道路，所以我認為這些對我們來說都是正確的決定。我明白你的意思，也知道有時候試圖慢慢地把這些東西慢慢淡化可能會很誘人，但我認為那隻會讓顧客更加困惑。有了這些激勵計劃，我們只想把這些都拋在腦後，徹底結束這件事。

Fair enough. And Larry, my second question, so you mentioned customer behaviour a couple of times in your remarks. I presumably that is referring to wanting end of quarter discounts and whatnot.

很公平。拉里，我的第二個問題是，你在發言中幾次提到了顧客行為。我猜你指的是想要季末折扣之類的。

So these customers have been their behaviour has been. Ed by procepts, sales practices, and it has, it is over multiple years, right? Have you done a sensitivity analysis based on the existing customer base where you know the switch that y'all are turning on or off, it's going to now change the end customer behaviour once again and almost instantaneously?

所以這些顧客的行為一直是如此。受銷售理念和實踐的影響，而且這種情況已經持續多年，對嗎？你們是否基於現有客戶群進行過敏感度分析？你們知道，你們打開或關閉的開關會再次改變最終客戶的行為，而且幾乎是瞬間改變的。

Thank you for taking my question.

感謝您回答我的問題。

Yeah, thanks. You know we've had multiple weeks of this where we've been dealing with it again we did this in December of last year we made these changes, so I think we've had a decent run now where we've been able to evaluate that and we don't really see any impact or change there and I don't expect that we will. I think, the, I speak of it in terms of customer conditioning, but you know we're a party to that to that as well, we were offering incentives, we were offering discounts to customers were taking advantage of those, and.

嗯，謝謝。你知道，這種情況我們已經持續好幾週了，我們去年 12 月也遇到過類似的情況，我們做出了這些改變，所以我覺得我們現在已經有一段時間可以評估這些改變的效果了，我們並沒有看到任何影響或變化，而且我也不認為會有影響或變化。我認為，我指的是客戶培養，但你知道我們也是其中的一份子，我們向客戶提供獎勵和折扣，而客戶也利用了這些優惠。

And it just wasn't a good healthy practice for us, I don't believe over the long haul. I think it's far more beneficial for us to see the impact on ASP, but also to have a stable, reliable ordering pattern and revenue stream. And so, I think those are just the things that we needed to do, and that's the structural impact of this change, but I think it benefits us over the long-term.

而且我認為這對我們來說並不是一種健康的做法，從長遠來看，我認為如此。我認為，對我們來說，觀察平均售價 (ASP) 的變化，以及擁有穩定可靠的訂單模式和收入來源，都更有益。所以，我認為這些正是我們需要做的事情，這就是這種變化帶來的結構性影響，但我認為從長遠來看，這對我們來說是有利的。

Our next question comes from the line of Michael Sarcone from Jefferies. The floor is yours.

我們的下一個問題來自傑富瑞集團的邁克爾·薩爾科內。現在輪到你發言了。

Hey, good afternoon and thanks for taking the questions. I guess the first one for me. I know you're going to give more detail, at the investor day tomorrow, but you carved out this team that's focused on the launch process. Can you maybe just help crystallize that? G

嗨，下午好，謝謝你回答問題。對我來說，應該是第一個。我知道您會在明天的投資者日上公佈更多細節，但您已經組建了一個專注於產品發布流程的團隊。您能幫忙把這件事具體化一下嗎？G

give us one or two examples of what's, what you're attempting to change in the launch process now that, that'll kind of position you for success.

請舉一兩個例子說明您現在在產品發布過程中試圖做出哪些改變，這些改變將有助於您成功。

Sure, well, here, here's what happened in the previous orange structure was, our team, we just had sort of one field team. That was focused on, procedures, and then obviously we had the Capitol team as well. In the old process, the Capitol team, they would sell the instrument and then at some point the procedure team gets notified of it and in addition to supporting the installed base, they would have to figure out how to launch this new system, how to provide the support, what doctors wanted to be trained, how they wanted to be trained, so they were sort of pulled in multiple different directions and.

當然，嗯，這裡，在之前的橙色結構中發生的事情是，我們的團隊，我們只有一個現場團隊。當時的重點是程序，當然我們還有國會團隊。在舊流程中，國會團隊會先賣出儀器，然後在某個時候通知手術團隊，除了支持已安裝的設備外，他們還必須弄清楚如何啟動這個新系統，如何提供支持，哪些醫生想接受培訓，以及他們想如何接受培訓，所以他們有點被拉扯到多個不同的方向。

When you think about it this way, you have a capital team that's trying to move capital. You have the procedure team, which is made up of salespeople and clinical people, but they reported up into different leaders and sort of had their own incentives and their own plans and their own objectives, and those weren't always aligned. And so by creating the launch team, it sits under our capital organization so that when the capital team is close to closing on an order we're already lining up who are the clinicians that need to be trained, what that process is going to be, and then we took some of our most tenured people and put them on the team because we want to make sure for every new system that's placed that that they get the best support, the best care.

這樣想來，你就有了一支試圖轉移資金的資本團隊。你們的流程團隊由銷售人員和臨床人員組成，但他們向上級匯報，各自有自己的激勵機制、計劃和目標，而這些並不總是一致的。因此，我們組建了啟動團隊，它隸屬於我們的資本組織，這樣當資本團隊即將完成訂單時，我們已經安排好需要培訓的臨床醫生，以及培訓流程，然後我們挑選了一些資歷最深的員工加入團隊，因為我們希望確保每個新部署的系統都能得到最好的支持和最好的護理。

So that they have a great launch and the metric that we're tracking to is, time for PO, the time that they complete their 1st 10 cases, not just getting one case under their belt. So we're really trying to drive that repeated excellence and predictability of launches and really running a very standard. Playbook, which we didn't really have historically, you have different people doing it differently and again they were being pulled from trying to support existing accounts and also trying to launch systems and in some cases, maybe you're having junior level people do some of these activities now we have our best people in place to do those things. The impact of that is we have to rebuild those positions on the procedure team and rebuild those relationships and do those things, but again.

這樣他們就能順利推出產品，我們追蹤的指標是採購訂單所需時間，也就是他們完成前 10 個訂單所需的時間，而不僅僅是完成一個訂單所需的時間。所以我們正在努力推動產品發布持續取得卓越成果並實現可預測性，並真正做到標準化營運。我們以前並沒有製定操作手冊，以前不同的人用不同的方式執行，而且他們還要兼顧支持現有客戶和啟動系統的工作，在某些情況下，甚至可能讓初級人員來做這些工作。現在我們已經安排了最優秀的人員來做這些事。其影響是，我們必須重建手術團隊中的這些職位，重建這些關係，並做這些事情，但是，再一次。

We think that's going to pay dividends for us. We ran a pilot in Q four and when we ran that pilot, we saw about, a 50% reduction in time to firsthand cases when we did under the launch team model, which I think is going to have a lot of impact for us on a go forward. And again, we'll talk more about this tomorrow and go into more detail on it, but these are the foundational pieces that I think we have to get in place and our goal, is by the end of the year that everybody's launching in a launch team model.

我們認為這將為我們帶來回報。我們在第四季進行了一項試點，試點結果顯示，採用啟動團隊模式後，第一手案例的處理時間減少了約 50%，我認為這將對我們未來的發展產生很大的影響。我們明天會詳細討論這個問題，但這些是我們必須落實的基礎要素，我們的目標是到今年年底，每個人都能以發布團隊模式開展工作。

Very helpful, Larry. Thanks for the call there. And I guess, the second one for me is, I'll echo the sentiment, from other folks here. 70% procedure growth is pretty impressive. I mean, can you give us any colour on, how that's split out between maybe older cohorts of existing customers versus newer cohorts?

非常感謝，拉里。謝謝你打來的電話。我想，第二點，我贊同其他人的看法，那就是手術量增加70%確實令人印象深刻。我的意思是，您能否具體說明一下，老客戶群和新客戶群之間的差異情況？

Yeah, thanks.

嗯，謝謝。

Yeah, well, while the growth number was pretty good, I will tell you we have much more ambitious goals than that, and that's again why we made some of these changes because we want to drive and accelerate that, in terms of where the growth comes from. I will tell you there's, it's highly variable, and we'll provide a little bit more colour on some of our insights.

是的，雖然成長數字相當不錯，但我必須說，我們的目標遠不止於此，這也是我們做出這些改變的原因，因為我們希望推動和加速成長，改變成長的來源。我要告訴你的是，情況變化很大，我們將進一步闡述我們的一些見解。

Tomorrow, but there's just not an easy one answer, and it's not to say that every customer is a snowflake, but there's not as much commonality as maybe one would think. But we're going to talk about that tomorrow and again we're going to be really transparent tomorrow walking people through our strategy through the changes we've made, why we believe they're going to benefit us, and what we're going to do differently on a go forward that, hopefully we'll give people confidence in our strategy and our long-term outcome.

明天或許會是這樣，但並沒有一個簡單的答案，這並不是說每個顧客都是獨一無二的，而是說他們之間的共同點可能沒有人們想像的那麼多。但我們明天會談到這個問題，明天我們會再次保持高度透明，向大家詳細介紹我們的策略、我們所做的改變、我們認為這些改變會為我們帶來哪些好處，以及我們未來將採取哪些不同的做法，希望這能讓人們對我們的策略和長期成果充滿信心。

Got it. Thank you.

知道了。謝謝。

(Ben on for Mason)

（本代替梅森）

Hi, good afternoon. Are you, in light of some of the recent changes that you've discussed today, could you update us on maybe your IDM level strategy? Are you planning to lean more heavily into these negotiations in 2026? And is there any opportunity for maybe some bulk system placements in the 2026 guide?

您好，下午好。鑑於您今天討論的一些最新變化，您能否向我們介紹您的身份管理 (IDM) 層級策略？您是否計劃在2026年加大力度參與這些談判？2026 年的規劃中是否有可能出現一些大批量系統部署的情況？

I don't know that anything really changes year over year. We always are focused on, we have a team that focuses really on ID ends, and we have teams focusing on new greenfield placements. I don't know that anything really materially is going to change from last year to next year, but we're going to talk broadly about our capital strategy tomorrow and try to shed maybe a little bit more light on that, but I don't think there's any massive changes from last year to this year.

我不認為每年都會有什麼真正的改變。我們始終專注於，我們有一支團隊專注於 ID 終端，我們還有團隊專注於全新的綠地佈局。我不認為從去年到明年會有什麼實質性的變化，但我們明天會大致談談我們的資本策略，並嘗試對此做更詳細的說明，但我認為從去年到今年不會有任何重大變化。

Okay, great, thank you for that. And then you've previously noted that, maybe aqua ablation improved outcome story, the aqua ablation improved outcome story may not be, as widely understood by patients today. Are there any patient activation initiatives, you plan to launch in 2026 to maybe help drive this messaging?

好的，太好了，謝謝你。而且您之前也提到過，水消融術改善預後的說法，可能並不像現在的患者普遍理解的那樣。您是否計劃在 2026 年推出任何患者動員計劃，以幫助推動此訊息傳遞？

Well, if you're interested in that, then you're definitely going to want to tune in tomorrow. We have a very specific plan and strategy about making the clinical case both to patients and to clinicians about the value proposition of ocul ablation. But one of the things that I really want to stress is, I think when some people hear patient activation, they think it's just about getting people off the sidelines. But this, there's about 400,000 people a year that get an invasive procedure for their BPH, and we're only about, 2025, about 10% penetrated into that group, so we have a lot of headroom just in taking shit.

如果你對此感興趣，那麼你明天一定要收看。我們制定了非常具體的計劃和策略，向患者和臨床醫生闡明眼部消融的價值。但我真正想強調的一點是，我認為有些人一聽到「患者賦能」這個詞，就以為這只是讓人們不再袖手旁觀。但是，每年大約有 40 萬人接受侵入性手術治療良性前列腺增生，而到 2025 年，我們才滲透到這個群體的 10% 左右，所以我們在承受痛苦方面還有很大的提升空間。

From the patients that are already being treated. You go beyond that, there's a whole another funnel of people who are on drugs and other things that we'll shed light on tomorrow, but our near term execution is all going to be focused on moving share. But I think, certainly the patient education and the physician education is going to be a key component of that.

來自正在接受治療的患者。除此之外，還有一大批吸毒者和其他有其他問題的人，我們明天會詳細介紹，但我們近期的重點將放在提升市場份額上。但我認為，病患教育和醫生教育肯定是其中的關鍵組成部分。

I think the other thing that people hear a lot of the time is when they hear patient activation, they think Super Bowl commercials and, millions of dollars are spent, and that's not anywhere in the ballpark that we're in. We're very focused on our path to profitability and the programs that we have are not going to be of that scale. And what's really good about this market for us is it's very easy for us to target and identify men with BPH. It's much simpler than, for example, my old world where you're looking for, the 5% of the people over the age of 80 that had. That have nobular heart disease, we know exactly who these people are, so you don't have to cast as wide a net to be able to target the people with BPH and so we could do much more targeted education programs that I think are going to be impactful.

我認為人們經常聽到的另一種說法是，當他們聽到「患者賦能」這個詞時，他們會想到超級盃廣告，想到花費數百萬美元，但這與我們目前的實際情況相差甚遠。我們非常專注於實現獲利，我們現有的專案規模還達不到那個程度。對我們來說，這個市場真正的優勢在於，我們可以非常容易地鎖定和識別患有良性前列腺增生的男性。這比我以前所在的世界簡單得多，在那個世界裡，你要找的是80歲以上人群中5%的人。我們知道患有良性心臟病的人是誰，所以不必撒那麼大網就能鎖定患有良性前列腺增生的人，因此我們可以開展更有針對性的教育項目，我認為這將產生影響。

Perfect.

完美的。

Thanks for taking the questions.

謝謝您回答問題。

Stephanie Piazzolla, Bank of America

史蒂芬妮·皮亞佐拉，美國銀行

Hi, thanks for taking the question. I'm sure we'll get more detail tomorrow, but if there's anything you could share now on how to think about that, step up to 62,000 US procedures in 2026 versus the Q4 run rate was a little under 50,000, and then also just wanted to clarify on the ASP uplift that you expect this year is that. Just a result of the change in the customer ordering practices or something else too.

您好，感謝您回答這個問題。我相信我們明天會得到更多細節，但如果現在你能分享一些關於如何看待這個問題的信息，比如2026年美國手術量將增加到62000例，而第四季度的運行率略低於50000例，另外，我還想澄清一下你預計今年的平均售價增長是多少。這只是客戶訂購習慣改變的結果，還是有其他原因？

Yeah, thanks. I'll take your second question first. Yeah, the ASP pickup is just by not offering incentives or discounts. For end of the quarter purchases and by eliminating that practice we've already seen the impact on our ASP and we expect that to continue, on the procedure walk we are going to go into detail on that tomorrow, but it's going to be a combination, I think the biggest drivers of it, frankly, are going to be, the new systems that we're adding, the benefits of the launch team, the growth that we're going to get from that. We don't have, massive.

嗯，謝謝。我先回答你的第二個問題。是的，ASP 的提升只是因為沒有提供任何優惠或折扣。對於季度末採購，透過取消這種做法，我們已經看到了對平均售價的影響，我們預計這種影響還會持續下去。明天我們將在流程講解中詳細討論這一點，但這將是多種因素共同作用的結果。坦白說，我認為最大的驅動因素是我們正在添加的新系統、啟動團隊帶來的益處以及我們將從中獲得的成長。我們沒有，大量的。

Uptake, at our installed base there's obviously going to be some growth that comes there, but we know it's going to take a little bit of time for some of our programs to take hold, but we're going to go off a detailed walk tomorrow to walk through kind of the puts and takes on how we take our procedure total from what we had in 2025 to what we had in 2026.

就我們現有的用戶基礎而言，顯然會有一些增長，但我們知道一些項目需要一些時間才能站穩腳跟，但我們明天將進行一次詳細的考察，仔細研究如何將我們的手術總量從 2025 年提高到 2026 年。

Got it, thank you. And then just on the sales force realignment and some of the potential disruption there, how do we think about where you are in that process and how much is left to go and, how do we think about the disruption turning to a benefit and when that happens?

明白了，謝謝。然後，關於銷售團隊重組以及可能帶來的一些幹擾，我們該如何看待您目前所處的位置以及還有多少工作要做？我們又該如何看待這種幹擾何時會轉化為優勢？

Yeah, thanks. They all of the changes structurally in the organization have been made.

嗯，謝謝。組織結構的所有變更都已經完成。

So those are all in May. Those are all in place. We rolled them out of our sales meeting in January and so all of that work has been done. Everybody has their account targets. Everybody has their quotas. Everybody has their revised, intended plans.

所以這些都發生在五月。這些都已準備就緒。我們在一月份的銷售會議上推出了這些方案，所以所有這些工作都已經完成了。每個人都有自己的銷售目標。每個人都有自己的配額。每個人都有自己修改後的計畫。

All of that work has been done. I think it's now just a matter of people maturing into these roles learning. Their new accounts, building those relationships and doing the things they need to do and just again I don't want to overstate things. It's not like every single customer got a new rep. A lot of things did hold over from the old as we realigned territories and you know we did pull some people out for the launch team, but it wasn't like 30% of our field force or anything.

所有這些工作都已經完成了。我認為現在的問題只是人們逐漸成熟並學習勝任這些角色的過程。他們的新帳戶，建立這些關係，以及做他們需要做的事情，我不想誇大其詞。並不是每個客戶都換了新的銷售代表。很多東西都沿用了以前的模式，因為我們重新調整了區域劃分，而且你知道，我們確實從以前抽調了一些人加入啟動團隊，但這並沒有占到我們現場團隊的 30% 左右。

But all of these things, have some impact. They do create some headwinds for us. And, but I do believe as the organization matures, having a team of people, their only focus is improving utilization in our install base. I think is going to pay dividends for us and ensuring that there's streamlined incentives between the commercial team, the sales team and the clinical team, and having them report to a common leader in that region is going to drive a lot more focus. It's going to drive a lot more accountability and ultimately improve our execution and performance.

但所有這些都會產生一定影響。它們確實為我們帶來了一些阻力。但我相信，隨著組織的成熟，擁有一支團隊，他們的唯一重點就是提高我們現有安裝基礎的使用率。我認為這將為我們帶來回報，確保商業團隊、銷售團隊和臨床團隊之間有簡化的激勵機制，並讓他們向該地區的共同領導匯報，這將促使他們更加專注。這將大大增強問責意識，並最終提高我們的執行力和績效。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Hey, good afternoon, guys. Thanks so much for taking the question. I imagine we are going to get this, more for this tomorrow, but Larry, I'm just curious, in the 6 months or so that you've been there, how much of a heavy lift do you think the market development component is here? I appreciate you've talked a lot about the sales.

嘿，各位下午好。非常感謝您回答這個問題。我想我們明天會得到更多這方面的信息，但是拉里，我只是好奇，在你到任的這六個月左右的時間裡，你認為市場開發工作在這裡有多繁重？感謝您詳細談到銷售情況。

Salesforce realignment and adjustments there, but just from a pure market education perspective, what's the plan? I mean, as much as you feel like saying on this call versus tomorrow, and how much of that is going to be part of this procedure volume, bridge and the long-term plan.

Salesforce 正在進行重組和調整，但僅從純粹的市場教育角度來看，計劃是什麼？我的意思是，你想在這次電話會議上說多少，明天又要說多少，以及其中有多少將屬於手術量、過渡方案和長期計劃的一部分。

Yeah, thank, thanks, Danielle. I, here's what I will say.

是啊，謝謝，謝謝你，丹妮爾。我會這樣說。

The company historically has really been focused on placing symptom systems and then working through the people that acquired the symptoms to make sure that they knew how to do the procedure and they delivered good outcomes with the with the system. I think the team did a great job on that in terms of marketing programs and in terms of awareness and in terms of those things, the value proposition, if I'm just real frank about it, none of that work was done.

該公司歷來專注於部署症狀系統，然後與獲得這些症狀的人合作，確保他們知道如何進行操作，並且能夠使用該系統取得良好的結果。我認為團隊在行銷計劃、品牌知名度等方面做得非常出色，但在價值主張方面，坦白說，這些工作他們都沒做。

If you, if I pretended to be a patient and I went online and tried to find information on BPH therapy, I couldn't even find aqua ablation on WebMD going through what I think a patient would normally do for search terms or any of those things. So, there's just some very basic fundamental work that had never been done, that had never really made our value proposition case to patients.

如果我假裝自己是患者，上網查找有關良性前列腺增生症 (BPH) 治療的信息，即使按照我認為患者通常會使用的搜尋字詞或任何類似方法，我也在 WebMD 上找不到水消融術。所以，還有一些非常基礎的工作從未做過，也從未真正向病人證明我們的價值主張。

But doing these things and getting on WebMD and getting in social media and doing the comparison how our procedure compares in terms of outcomes and durability, and you know the things that matter most to patients, we have to, we have to do that work, but this is always a build it's never a light switch. I mean you lived this average journey, during my entire time at Edwards and it's a continual build. You have to do, but there's just so much basic work that can be done quickly that I think it's going to make a difference, and I think, we're going to spend a fair amount of time on that tomorrow during the investor conference, and I hope you're there because I think when you see the work that we're doing, you see the value proposition we have, I think we're going to make a compelling case to clinicians and also to patients.

但是，做這些事情，上WebMD網站，在社交媒體上進行對比，比較我們的手術在結果和持久性方面與其他手術的差異，以及患者最關心的那些方面，我們必須這樣做，我們必須做這些工作，但這始終是一個循序漸進的過程，而不是一蹴而就的事情。我的意思是，在我整個愛德華茲大學期間，你都經歷了一段普通的旅程，這是一個持續發展的過程。你必須這樣做，但有很多基礎工作可以快速完成，我認為這將會產生影響。我認為，我們明天會在投資者大會上花相當多的時間來討論這個問題，我希望你能來，因為我認為當你看到我們正在做的工作，看到我們的價值主張時，我認為我們會向臨床醫生和病人提出一個令人信服的理由。

Okay, that's helpful, and I again don't want to front run tomorrow, but one thing we heard in our diligence and speaking to docs with some level of appetite to have the ability to do this in the AFC. I know you guys aren't ready for that yet, but just from a capacity perspective, is that something that could be a part of the long-term plan? Anything you can say about that?

好的，這很有幫助，我再次聲明，我不想提前透露明天的情況，但是我們在盡職調查和與一些醫生交談時聽到了一件事，他們對在AFC中擁有這種能力有一定的興趣。我知道你們現在還沒準備好，但從產能的角度來看，這是否可以成為長期計畫的一部分？你對此有什麼要說的嗎？

Thank you so much.

太感謝了。

Yeah, thanks Danielle. Certainly for the long-term plan that's going to be something that's going to become part of our story as we go through time. So I think that that's very fair. I don't think it's something that's so much of a near term thing for us. The other thing, and I'll just address it and we're going to talk about it tomorrow, is we have people saying like, are you going to cover cases forever, because that's been our model we've done historically, and we'll provide an update on that as well, on how we think these things evolve over time and that can improve our efficiency and again improve our ability to execute.

謝謝你，丹妮爾。當然，從長遠規劃來看，隨著時間的推移，這將成為我們發展歷程的一部分。所以我認為這非常公平。我認為這對我們來說不是近期內需要考慮的事情。還有一件事，我今天就簡單提一下，我們明天會討論這個問題，那就是有人問，你們會一直涵蓋所有案例嗎？因為這是我們過去一直採用的模式，我們也會就此提供最新信息，說明我們認為這些事情會如何隨著時間的推移而發展，從而提高我們的效率，並再次提高我們的執行能力。

Michael Kratky, SVB Leerink

Michael Kratky，SVB Leerink

Hey everyone, thanks for taking my questions.

大家好，感謝各位回答我的問題。

I wanted to follow-up on Chris's question again earlier. I mean, if hand pieces sold have consistently been above procedure volumes every single quarter for the last 3 years outside of the 4th quarter, I mean, wouldn't your customers still have a pretty substantial buildup of hand pieces that they have available that they need to work through. When you talk about this 1 to 1 ratio, can you just help us understand why that is, you have confidence that that's going to be the case, and was there anything in the voluntary field action that might have impacted that?

我想再次跟進克里斯之前提出的問題。我的意思是，如果過去三年中，除了第四季度之外，每個季度的手柄銷量都持續高於手術量，那麼你的客戶難道不會積壓相當多的手柄需要處理嗎？當您談到 1:1 的比例時，您能否幫助我們理解這是為什麼？您有信心會是這樣，自願實地行動中是否有任何因素可能對此產生影響？

Yeah, well, I'll start with the second part. There was nothing in the field action that had any impact on this one way or the other, completely separate event that that didn't, that didn't have any impact in terms of the handpieces. What I can tell you is customers still need to maintain inventory levels, nobody, nobody's sitting there with one handpiece on the shelf, so they need to continue to carry inventory levels. It's just a matter of what inventory levels are they carrying and. I think what was happening with the incentive plans is people would stock way much, way more inventory than they wanted, and then they would burn it down in the first couple months of the quarter and then they would repeat the process and reorder again and take advantage of these incentives. I think, we eliminated that and now what we've seen is a settling into where accounts are just are just carrying the inventory levels that they feel are appropriate based on their usage and based on whatever their inventory policies are.

好的，那我先從第二部開始。現場行動中沒有任何因素對此事產生任何影響，這完全是另一回事，與此無關，對手機方面沒有任何影響。我可以告訴你的是，客戶仍然需要保持庫存水平，沒有人會只在貨架上放一個手柄，所以他們需要繼續保持庫存水平。這只是他們庫存水準的問題。我認為激勵計劃導致的情況是，人們會囤積遠超所需的庫存，然後在季度初的幾個月內將其消耗殆盡，之後他們會重複這個過程，再次訂購並利用這些激勵措施。我認為，我們已經消除了這種情況，現在我們看到的是，各個帳戶都根據自身的使用情況和庫存政策，維持他們認為合適的庫存水準。

We modelled next year at 1 to 1 and that's what has been actually happening as we look at the last several weeks since we've made these policy changes or practice changes I guess. And so that's what gives us confidence on a go forward, but the other thing is, again, we're going to install a couple 100 systems next year and they're all going to have to take stocking orders and they're all going to have to, establish inventory levels as well, and we're still modeling it in 1 to 1. So those are the things that give us confidence next year that 1:1 ratio is going to be in line.

我們預測明年將實現 1:1 的成長，而從過去幾週我們做出這些政策或實踐改變來看，實際情況也確實如此。所以，這讓我們對未來充滿信心。但另一方面，我們明年將安裝數百套系統，它們都需要接收庫存訂單，也都需要建立庫存水平，我們仍然在進行一對一的建模。所以，正是這些因素讓我們有信心明年能達到 1:1 的比例。

Got it. And then maybe just the last one on my side, but can you provide any additional colour on the cadence of op acts and your Salesforce expansion, or SG&A throughout the year?

知道了。最後，我這邊可能只剩最後一個問題了，您能否提供一些關於營運活動的節奏、Salesforce 的擴展以及全年的銷售、一般及行政費用 (SG&A) 等方面的補充資訊？

Yeah, then on the.

是的，然後是。

Chance of, maybe I'll just, I'll just point to what our EBITDA guidance implies. So we had said that both the low and the high end of guidance will be EIDO positive in the 4th quarter. We're forecasting an EBITDA loss in Q1, somewhere in the $20 million range, which would put OE somewhere between $85million to $88 million in the first quarter, and then you can build from there. And again we're going to go through kind of that walk tomorrow as well.

或許，我只需指出我們的 EBITDA 指引所暗示的內容。因此我們曾表示，第四季業績指引的低階和高階都將對EIDO產生正面影響。我們預測第一季 EBITDA 將虧損 2,000 萬美元左右，這將使第一季的營運支出在 8,500 萬美元至 8,800 萬美元之間，然後就可以以此為基礎進行發展。明天我們還要再走一次類似的路線。

Understood thanks Kevin.

明白了，謝謝凱文。

Nathan Treybeck, Wells Fargo.

內森·特雷貝克，富國銀行。

Great, thanks for bringing the question.

太好了，謝謝你提出這個問題。

So it sounds like empty sales have exceeded procedure volumes by wide margin for a long time. I guess, can you talk about what this implies for actual utilization levels at your accounts, and I guess how would you put that into context, the monthly utilization numbers.

看來空置率長期以來遠遠超過手術量。我想，您能否談談這對您帳戶的實際使用程度意味著什麼？以及您會如何將其置於具體的背景中，例如每月的使用率數據？

That you know the company gave in the past for other BPH surgical procedures.

你知道該公司過去曾為其他良性前列腺增生症手術提供資助。

Yeah, it utilization is highly variable, and I think again what we're focused on is procedure growth. I probably can't go as deep on the history here. I don't know, Kevin, do you have anything you want to add?

是的，它的利用率波動很大，我認為我們目前關注的重點仍然是手術量的成長。我可能無法深入探討這裡的歷史。我不知道，凱文，你還有什麼要補充的嗎？

Oh, I think if you look at it, it's been relatively consistent over the last 3 years and just to maybe put a number that's been thrown around a few times to highlight, I think it is correct that we're at a 1 to 1 ratio. You would see about 11,000 units out in the field, but remember we're adding over 2,200 systems in 2026 which would put, given current procedure trends, average customer inventory just a little over a month to seven weeks which we feel really comfortable with.

哦，我覺得如果你仔細觀察，你會發現過去三年來情況相對穩定。為了強調這一點，我想引用一個被多次提及的數字，我認為我們目前的比例是 1:1。你會看到大約有 11,000 台設備投入使用，但請記住，我們將在 2026 年新增 2,200 多個系統，根據目前的流程趨勢，這將使平均客戶庫存僅略多於一個月到七週，我們對此感到非常滿意。

Okay. And so on your capital funnel, I think the last time you mentioned there might have been more scrutiny of budgets. It sounds like you're expecting flattish system placements in 26, I guess, talk about the level of price sensitivity you're seeing in, the accounts that you're pursuing now and I guess the willingness to place an occulablation system, with just the BPH indication. Thanks.

好的。所以，關於你的資金管道，我認為你上次提到的是，預算可能會受到更嚴格的審查。聽起來你預計 26 年的系統植入量會比較平穩，我猜，談談你現在看到的對價格的敏感程度，你正在爭取的客戶，以及我猜想他們是否願意植入眼球消融系統，僅僅因為 BPH 適應症。謝謝。

Yeah, well, we actually had a very strong cap corner in Q4. We have 65 systems, which is an all-time high for us. And so I think that supports, that we continue to see demand now just the natural nature of capital, the 4th quarter tends to be, our biggest quarter every year, and we are modelling about the same number of placements in 2026 as what we had in 2025, and we'll provide more detail on that, but we're actually modelling ASP to be flatter rock.

是的，實際上我們在第四季擁有非常強勁的資本角。我們擁有 65 套系統，這是我們有史以來最高的系統數量。因此，我認為這支持了我們現在繼續看到需求的觀點，這只是資本的自然特性，第四季度往往是我們每年最大的季度，我們預計 2026 年的配售數量將與 2025 年大致相同，我們將提供更多細節，但我們實際上預計平均售價將保持穩定。

From in 2026 from where they were in 2025 and so you know we continue to see good demand for and we think the capital market, I don't want to say it's ever easy, but I don't think there's anything structurally that's changing from 2025 to 2026 that would impact our ability to execute our plan.

從 2025 年到 2026 年，我們看到市場需求依然旺盛，我們認為資本市場——我不想說它一帆風順——但我認為從 2025 年到 2026 年，沒有任何結構性變化會影響我們執行計劃的能力。

Thank you for that question.

謝謝你的提問。

At this time, that does conclude the question-and-answer session. I would now like to turn it back to Matt Besco, CEO, for closing remarks.

至此，問答環節結束。現在我謹將發言權交還給執行長馬特·貝斯科，請他作總結發言。

Thanks operator.

謝謝接線生。

I appreciate everyone's time today going through Q&A and listening to the Q4 call. I just want to remind everybody that we are hosting our analyst day tomorrow in New York at 8:00 a.m. Eastern and please, show up a little early. There will be breakfast provided, but we will start promptly at 8:00 a.m. hope to see you there.

感謝大家今天抽空參與問答環節並收聽第四季電話會議。我只想提醒大家，我們明天早上8點（美國東部時間）將在紐約舉辦分析師日活動，請大家提早一點到場。我們會提供早餐，但活動將於早上8點準時開始。希望在那裡見到你。

Thank you.

謝謝。

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

感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。