PROCEPT BioRobotics Corporation (PRCT) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to PROCEPT BioRobotics first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Matt Bacso, Vice President, Investor Relations, for a few introductory comments.

各位下午好，歡迎參加 PROCEPT BioRobotics 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次通話將錄音以供重播之用。現在我想把電話交給投資人關係副總裁 Matt Bacso，請他先做幾點開場說明。

Good afternoon, and thank you for joining PROCEPT BioRobotics first quarter 2026 earnings conference call. Presenting on today's call are Larry Wood, Chief Executive Officer; and Kevin Waters, Chief Financial Officer. Before we begin, I'd like to remind listeners that statements made on this conference call that relate to future plans, events or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.

各位下午好，感謝您參加 PROCEPT BioRobotics 2026 年第一季財報電話會議。今天出席並發言的有執行長 Larry Wood，以及財務長 Kevin Waters。在開始之前，我想提醒各位聽眾，本次電話會議中與未來計畫、事件或績效相關的陳述，均屬於《1995 年私人證券訴訟改革法》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, uncertainties, assumptions and other factors that could cause results to differ materially from the expectations expressed on this conference call. These risks and uncertainties are disclosed in more detail in PROCEPT BioRobotics filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov.

雖然這些前瞻性陳述係基於管理層目前的預期與信念，但仍受多項風險、不確定性、假設及其他因素影響，可能導致實際結果與本次電話會議所表達的預期存在重大差異。這些風險與不確定性已在 PROCEPT BioRobotics 向美國證券交易委員會提交的文件中更詳細揭露，相關文件皆可於 www.sec.gov 線上查閱。

Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date, April 29, 2026. 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 will also reference certain financial measures that are not prepared in accordance with GAAP. More information about how we use these non-GAAP financial measures as well as reconciliations of these measures to their nearest GAAP equivalent are included in our earnings release. With that, I'd like to turn the call over to Larry.

提醒各位聽眾，勿過度依賴這些前瞻性陳述；其僅反映截至今日（2026 年 4 月 29 日）之情況。除法律要求外，PROCEPT BioRobotics 不承擔更新或修訂任何前瞻性陳述之義務，以反映可能出現的新資訊、情況或未預期事件。在本次通話中，我們也將提及若干非依 GAAP 編製的財務衡量指標。關於我們如何使用這些非 GAAP 財務衡量指標的更多資訊，以及這些指標與最接近之 GAAP 指標的調節表，均已包含於我們的財報新聞稿中。接下來，我想把電話交給 Larry。

Good afternoon, and thank you for joining us. Over the past six months, we have taken decisive actions to reset the organization. We have sharpened our focus on operational excellence, accountability and commercial discipline. Our first quarter performance reflects the early impact of these efforts. We are encouraged by our Q1 results and the momentum we are building, having reported total revenue of $83.1 million, representing an annual growth of 20%.

各位下午好，感謝大家加入我們。過去六個月，我們採取了果斷行動以重整組織。我們更加聚焦於營運卓越、問責制與商業紀律。我們第一季的表現反映了這些努力的初步成效。我們對 Q1 的結果以及正在建立的動能感到鼓舞；本季總營收為 8,310 萬美元，年增 20%。

Starting with procedures. We completed approximately 12,200 US procedures in the first quarter of 2026. While our commercial realignment initiatives modestly affected Q1 procedure growth, performance was largely in line with expectations. The team is adapting well, and we expect the full benefit of these changes to materialize in the second half of 2026.

先從手術量談起。2026 年第一季，我們在美國完成約 12,200 例手術。雖然我們的商業重整措施對 Q1 手術量成長造成些許影響，但整體表現大致符合預期。團隊適應良好，我們預期這些變革的完整效益將在 2026 年下半年逐步顯現。

Regarding handpieces, we believe field inventory levels and customer purchasing behavior have normalized with handpieces sold representing approximately 95% of procedures in the first quarter. On a weighted average basis, we continue to expect approximately a 1:1 ratio of handpieces to procedures for the full year. Turning to US systems. We sold 49 Hydros systems, which included two replacement systems.

關於手持器（handpieces），我們認為前線庫存水位與客戶採購行為已趨於正常；第一季售出的手持器約相當於手術量的 95%。以加權平均計算，我們仍預期全年手持器與手術量約為 1:1 的比例。接著談美國系統銷售。我們售出 49 台 Hydros 系統，其中包含兩台汰換系統。

We remain confident in our full year system plan and are encouraged by the early positive customer response to the AQUABEAM replacement program. With regards to pricing, as we emphasized in our last earnings call, establishing price discipline remains fundamental to long-term value creation. In the first quarter of 2026, US Hydros system average selling prices of approximately $485,000. This represents an all-time high and a 14% increase compared to the fourth quarter of 2025 despite what is typically a seasonally challenging quarter for capital.

我們對全年系統銷售計畫仍具信心，且對 AQUABEAM 汰換計畫在早期獲得客戶正面回饋感到鼓舞。就定價而言，正如我們在上次財報電話會議所強調的，建立定價紀律仍是長期價值創造的基礎。2026 年第一季，美國 Hydros 系統平均售價約為 48.5 萬美元。這創下歷史新高，且相較 2025 年第四季提升 14%，儘管第一季通常是資本設備採購的季節性淡季。

Given our increased pricing discipline across the organization and strong first quarter pricing, we now expect full year 2026 system pricing to be modestly above our initial guidance range. Additionally, US handpiece average selling prices were approximately $3,500, representing a 5% increase compared to the fourth quarter of 2025 and a 10% increase year-over-year. Now I'll provide an update on our commercial organization. We previously described two key changes that we believe are strategically important for long-term performance.

鑑於我們在全組織推動更強的定價紀律，以及第一季強勁的定價表現，我們目前預期 2026 年全年系統定價將略高於原先指引區間。此外，美國手持器平均售價約為 3,500 美元，較 2025 年第四季提升 5%，年增 10%。接下來我將更新我們的商業組織。我們先前提到兩項我們認為對長期表現具有策略重要性的關鍵變革。

First, we realigned our commercial team into an integrated regional structure where our clinical and sales functions now report to a common regional leader. 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.

第一，我們將商業團隊重新調整為整合式的區域架構，使臨床與銷售職能現在共同向同一位區域主管匯報。新架構在區域層級建立單一問責窗口，確保臨床與商業活動能以客戶成功與手術量成長為核心進行協同。

Second, we are continuing to advance our dedicated launch team to drive more consistent launches, reduce variability in activation and accelerate procedure volume ramp for customers. We view launches as a key lever for improving downstream utilization and overall performance. The realignment of the commercial organization and implementation of the launch team was finalized in early Q1 and as expected, resulted in some short-term disruption in the first quarter.

第二，我們持續推進專責的上市（launch）團隊，以推動更一致的導入、降低啟用（activation）差異，並加速客戶手術量的爬坡。我們將導入視為提升後續使用率與整體表現的關鍵槓桿。商業組織的重整與上市團隊的導入已於第一季初完成，且如預期在第一季造成了一些短期干擾。

We view this as a normal transition period as teams ramp, establish account relationships and standardize new operating processes. Most important, we believe these changes, along with our marketing programs, better position us for sustained high growth. We will continue to manage through the transition thoughtfully, and we expect the benefits to build as the organization settles into the new model. Now let's look at gross margins and how we are progressing towards profitability. In the fourth quarter of 2025, we reported gross margins of 61% and indicated this level was temporary.

我們將其視為正常的過渡期，因為團隊需要時間爬坡、建立客戶關係並標準化新的營運流程。最重要的是，我們相信這些變革，加上我們的行銷計畫，能讓我們更有利於維持長期的高速成長。我們將審慎管理這段轉換期，並預期隨著組織逐步適應新模式，效益將持續累積。接下來看看毛利率，以及我們朝獲利能力邁進的進展。2025 年第四季，我們的毛利率為 61%，並指出該水準屬暫時性。

We guided to full year 2026 gross margins of approximately 65%, reflecting expected improvement. Driven by increased price discipline and better leverage of our cost structure, we delivered first quarter gross margins of 65%. With this strong start, we expect gross margins to increase modestly on a sequential basis throughout the year. We will also continue to manage operating expenses as we work toward achieving positive adjusted EBITDA in the fourth quarter of 2026. Turning to regulatory and clinical updates.

我們對 2026 年全年毛利率的指引約為 65%，反映預期的改善。在更強的定價紀律與成本結構更佳槓桿效益的帶動下，我們第一季毛利率達到 65%。在這個強勁開局下，我們預期毛利率將在全年逐季小幅提升。我們也將持續管理營運費用，朝 2026 年第四季達成正向調整後 EBITDA 的目標邁進。接著談法規與臨床進展。

In March, at the 41st Annual European Association of Urology Congress in London, the EAU updated clinical guidelines to give Aquablation therapy a strong recommendation as a surgical treatment for men with BPH and moderate to severe LUTS, reflecting the high quality of evidence and favorable patient outcomes. The therapy is now recommended as an alternative to TURP, especially for patients seeking to preserve ejaculatory function.

3 月在倫敦舉行的第 41 屆歐洲泌尿科學會（EAU）年會上，EAU 更新臨床指引，對 Aquablation 治療作為男性 BPH 且中重度 LUTS 的外科治療給予強烈推薦，反映其高品質證據與良好的病患結局。該療法目前被建議作為 TURP 的替代方案，特別適用於希望保留射精功能的患者。

This upgrade for prostates 30 to 80 milliliters and the additional notes for treating prostates greater than 80 milliliters is supported by multiple clinical trials, including WATER and WATER 2, all of which demonstrated durable improvements in urinary symptoms, preservation of ejaculatory and urinary function and effectiveness across a wide range of prostate anatomies. A strong recommendation from one of the most respected global guideline bodies reflects the strength of the clinical evidence supporting Aquablation therapy and reinforces its role as a modern surgical option for physicians seeking to deliver durable symptom relief while preserving quality of life outcomes that matter most to patients.

此一針對 30 至 80 毫升前列腺的升級推薦，以及對於治療大於 80 毫升前列腺的補充說明，均獲多項臨床試驗支持，包括 WATER 與 WATER 2；這些研究皆顯示泌尿症狀可獲得持久改善、射精與泌尿功能得以保留，且在廣泛的前列腺解剖型態中均具有效性。來自全球最受尊敬的指引制定機構之一的強烈推薦，反映支持 Aquablation 治療的臨床證據力道，並強化其作為現代外科選項的角色，協助醫師在提供持久症狀緩解的同時，保留對患者最重要的生活品質結局。

At EAU, we also announced the first international launch of Hydros in the UK. This milestone marks the beginning of a broader global expansion. Specifically, in the first quarter, we sold seven new Hydros systems in the United Kingdom at an average selling price of over USD400,000.

在 EAU 期間，我們也宣布 Hydros 在英國的首次國際上市。此一里程碑標誌著更廣泛全球擴張的起點。具體而言，第一季我們在英國售出 7 台新的 Hydros 系統，平均售價超過 40 萬美元。

Building on the recent approval and strong clinical momentum, including the rapid adoption at high-volume NHS hospitals, our UK capital pipeline continues to grow nicely. We have also received FDA clearance on our second-generation FirstAssist AI software, an advancement in personalized image-guided planning for Aquablation therapy.

在近期核准與強勁臨床動能的基礎上（包括在高量能 NHS 醫院的快速採用），我們在英國的資本設備銷售管線持續良好成長。我們也已取得 FDA 對第二代 FirstAssist AI 軟體的核准（clearance），這是 Aquablation 治療個人化影像導引規劃的一項進展。

This milestone further strengthens the capability of the Hydros robotic system and enables more precise identification of prostate anatomy and more complete treatment planning to help surgeons plan with greater confidence and consistency. We remain deeply committed to advancing the standard of care in urology through our continued innovation for the millions of men affected by BPH.

此一里程碑進一步強化 Hydros 機器人系統的能力，使其能更精準辨識前列腺解剖結構，並進行更完整的治療規劃，協助外科醫師以更高的信心與一致性完成術前規劃。我們仍將持續致力於透過不斷創新，推動泌尿科照護標準的提升，造福數以百萬計受 BPH 影響的男性。

Lastly, we are approaching the completion of patient enrollment in the WATER IV study and based on current trends, expect to be fully enrolled by the end of May. We have been very pleased with the pace of enrollment, which is on track to be completed in less than 18 months. For a clinical trial of WATER IV size and complexity, the speed of enrollment highlights strong surgical interest and a patient willingness to participate, factors we believe will ultimately translate into broader market adoption post approval.

最後，我們正接近完成 WATER IV 研究的病患收案；依目前趨勢，預期將於 5 月底前完成全數收案。我們對收案速度感到非常滿意，進度可望在不到 18 個月內完成。以 WATER IV 這樣的規模與複雜度而言，收案速度凸顯外科醫師的高度興趣以及病患參與意願；我們相信這些因素最終將在核准後轉化為更廣泛的市場採用。

Based on current time lines, we expect to present the WATER IV primary endpoint at AUA in the spring of 2027. With that, I will turn the call over to Kevin.

根據目前的時程，我們預期將於 2027 年春季在 AUA 發表 WATER IV 的主要終點結果。接下來我把電話交給 Kevin。

Thanks, Larry. Total revenue for the first quarter of 2026 was $83.1 million, representing 20% year-over-year growth. US revenue for the quarter was $72 million, reflecting 19% growth compared to the prior year period. Turning to US procedures. We completed approximately 12,200 US procedures in the first quarter of 2026, representing approximately 30% year-over-year growth.

謝謝你，Larry。2026 年第一季總營收為 8,310 萬美元，年增 20%。本季美國營收為 7,200 萬美元，較去年同期成長 19%。接著談美國手術量。我們在 2026 年第一季完成約 12,200 例美國手術，約為年增 30%。

The percentage of handpieces sold to procedure volume was approximately 95% with handpiece average selling price of approximately $3,500. As a result, total US handpiece and other consumable revenue was $43 million in the first quarter of 2026, representing 13% growth compared to the first quarter of 2025. Turning to US systems. Total US system revenue was $23.4 million in the first quarter, representing 25% year-over-year growth.

手把（handpieces）銷售量相對於手術量的比例約為 95%，手把平均售價約為 3,500 美元。因此，2026 年第一季美國手把及其他耗材營收合計為 4,300 萬美元，較 2025 年第一季成長 13%。接著談美國系統。第一季美國系統總營收為 2,340 萬美元，年增 25%。

We sold 49 Hydros systems at an average selling price of approximately $485,000 for new US systems. Additionally, the 49 systems include two replacement systems, representing the early stages of what we expect to become a growing replacement cycle. We exited the first quarter of 2026 with a US installed base of 765 systems.

我們售出 49 套 Hydros 系統，新美國系統的平均售價約為 48.5 萬美元。此外，這 49 套系統包含兩套汰換系統，代表我們預期將逐步形成並成長的汰換週期之早期階段。2026 年第一季結束時，我們在美國的裝機基數為 765 套系統。

International revenue in the first quarter of 2026 was $11.1 million, representing year-over-year growth of 25%. Moving down the income statement. Gross margin for the first quarter of 2026 was 65% compared to 64% in the first quarter of 2025 and 61% in the fourth quarter of 2025. The improvement was driven by increased pricing, cost discipline and favorable product mix. Total operating expenses for the first quarter of 2026 were $86.6 million compared to $71.6 million in the prior year period.

2026 年第一季國際營收為 1,110 萬美元，年增 25%。往下看損益表。2026 年第一季毛利率為 65%，相較於 2025 年第一季的 64% 以及 2025 年第四季的 61%。改善主要來自提價、成本紀律以及有利的產品組合。2026 年第一季總營業費用為 8,660 萬美元，去年同期為 7,160 萬美元。

The increase reflects continued investment to support commercial expansion, ongoing innovation across our BPH platform technology and increased funding for our WATER IV prostate cancer trial, positioning us to drive long-term growth and expand our clinical and technology leadership. Net loss for the first quarter of 2026 was $31.6 million compared to a net loss of $24.7 million in the first quarter of 2025.

增加主要反映我們持續投資以支持商業擴張、在 BPH 平台技術上的持續創新，以及對 WATER IV 攝護腺癌試驗的資金投入增加，使我們得以推動長期成長並擴大臨床與技術領導地位。2026 年第一季淨損為 3,160 萬美元，去年同期淨損為 2,470 萬美元。

Adjusted EBITDA was a loss of $18.1 million in the first quarter of 2026 compared to a loss of $15.8 million in the prior year period. Cash, cash equivalents and restricted cash totaled $249 million as of March 31, 2026, providing a strong balance sheet to support our strategic priorities. We expect cash usage to improve throughout the year, driven by greater operating leverage and improvements in working capital.

2026 年第一季調整後 EBITDA 為虧損 1,810 萬美元，去年同期為虧損 1,580 萬美元。截至 2026 年 3 月 31 日，現金、約當現金及受限制現金合計為 2.49 億美元，提供強健的資產負債表以支持我們的策略重點。我們預期全年現金使用將逐步改善，主要由更高的營運槓桿與營運資金改善所帶動。

Moving to our 2026 financial guidance. We continue to 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 continues to assume international revenue to be in the range of $50 million to $51 million. Additionally, we continue to expect 2026 total US procedures to be in the range of 60,000 to 64,000, representing growth of approximately 39% to 48%.

接著談 2026 年財務指引。我們仍預期 2026 全年總營收約在 3.90 億至 4.10 億美元區間，較 2025 年成長約 27% 至 33%。此指引區間仍假設國際營收約在 5,000 萬至 5,100 萬美元。此外，我們仍預期 2026 年美國手術總量約在 60,000 至 64,000 例區間，約成長 39% 至 48%。

With respect to new US system pricing, we now expect pricing to range between $450,000 and $460,000 for the remainder of the year, depending on customer mix between individual accounts and large IDNs. While first quarter US system revenue and pricing exceeded expectations, and we remain encouraged by both pricing and sales momentum, our focus is on ensuring this performance is sustainable. Based on current trends, we have strong confidence in our full year total revenue guidance.

就美國新系統定價而言，我們目前預期今年剩餘期間的價格區間為 45 萬至 46 萬美元，視客戶組合（單一帳戶與大型 IDN 之間）而定。雖然第一季美國系統營收與定價優於預期，且我們對定價與銷售動能皆感到鼓舞，但我們的重點在於確保此表現具可持續性。根據目前趨勢，我們對全年總營收指引充滿信心。

We will provide further detail on these metrics as the year progresses. Turning to gross margins. We continue to expect full year 2026 gross margin to be approximately 65%. This includes $5 million to $6 million of tariff expense compared to $1.3 million in fiscal 2025. Our gross margin guidance does not reflect any potential benefit from previously paid tariff refunds, which could provide upside to 2026 gross margins.

我們將在年度進行過程中提供這些指標的更多細節。接著談毛利率。我們仍預期 2026 全年毛利率約為 65%。其中包含 500 萬至 600 萬美元的關稅費用，相較於 2025 會計年度的 130 萬美元。我們的毛利率指引未反映先前已支付關稅可能退稅的任何潛在利益；若發生，可能為 2026 年毛利率帶來上行空間。

We continue to expect full year 2026 adjusted EBITDA loss to be in the range of $30 million to $17 million. This guidance reflects positive EBITDA in the fourth quarter of 2026 at both the low and high end of the revenue range. In the second quarter of 2026, we expect total revenue to be in the range of $91 million to $95 million, representing growth of 15% to 20%. I would now like to pass it back to Larry for closing comments.

我們仍預期 2026 全年調整後 EBITDA 虧損約在 3,000 萬至 1,700 萬美元區間。此指引反映在營收區間的低端與高端情境下，2026 年第四季皆可達成 EBITDA 為正。2026 年第二季，我們預期總營收約在 9,100 萬至 9,500 萬美元區間，成長 15% 至 20%。接下來我想把電話交回 Larry 做結語。

Thanks, Kevin. In closing, while we have undergone significant change over the past 6 months, we believe these steps are essential to driving sustainable, high growth and to establishing a clear path to profitability. In summary, while we are mostly complete with our US commercial realignment initiatives and expect more consistent commercial execution over the course of the second quarter as reflected in our total revenue guidance. We have established pricing discipline across the organization, which we believe is critical to our long-term success.

謝謝你，Kevin。最後總結，雖然過去 6 個月我們經歷了重大變革，但我們相信這些措施對於推動可持續的高速成長，以及建立清晰的獲利路徑至關重要。總結來說，我們的美國商業重整計畫大致已完成，並預期在第二季期間商業執行將更為一致，這也反映在我們的總營收指引中。我們已在全組織建立定價紀律，我們相信這對長期成功至關重要。

The US capital pipeline continues to build, increasing our confidence in the sustainability of higher average selling pricing and the conversion of this pipeline into sales. Lastly, WATER IV enrollment is ahead of schedule, and we expect to complete enrollment in May. In closing, I want to thank our employees, customers and shareholders for all their support to help us along our journey to becoming the standard of care for BPH. At this point, we will be happy to take questions.

美國資本設備的銷售管線持續累積，提升我們對較高平均售價可持續性，以及該管線轉化為銷售的信心。最後，WATER IV 收案進度超前，我們預期將於 5 月完成收案。最後，我要感謝員工、客戶與股東一路以來的支持，協助我們朝成為 BPH 照護標準的目標前進。接下來我們很樂意回答問題。

Operator?

接線員？

(Operator Instructions)

（接線員指示）

Matthew O'Brien of Piper Sandler.

Piper Sandler 的 Matthew O'Brien。

Good afternoon. Thanks for taking the questions. The first one is just a broader question kind of on the puts and takes that we saw here in Q1, the strength on the capital side. I'd love just to hear about where that originated plus the ASP benefit that you're getting. And then on the handpiece side, I don't know, Larry, if there's a way to kind of frame up some of the disruption that you saw this quarter and then kind of how long it should linger and when we should be past that? And then I do have a follow-up.

下午好。謝謝讓我提問。第一個問題比較宏觀，想談談我們在第一季看到的一些拉抬與抵銷因素（puts and takes），尤其是資本設備端的強勁表現。我想了解這股動能的來源，以及你們取得的 ASP（平均售價）提升效益。接著在手把端，我不確定 Larry 你是否能協助界定本季看到的一些干擾程度，以及這種影響大概會持續多久、何時可望走出影響？另外我還有一個追問。

Yes. Thanks, Matt. I think the capital quarter was pretty broad-based. We didn't really have a lot of large IDN orders or anything like that. So it was pretty broad-based.

是的，謝謝你，Matt。我認為資本設備這一季的表現相當廣泛分散。我們其實沒有很多大型 IDN 訂單或類似情況，所以表現是相當廣泛分布的。

And I think that also contributed to the ASP upside. But we did certainly implement pricing discipline, much like what we did with handpieces, we implemented that on capital as well. And so that's just an important part of our journey toward profitability.

我想這也促成了 ASP 的上行。不過我們確實也導入了定價紀律，就像我們在手把上所做的一樣，我們在資本設備上也同樣導入。這是我們邁向獲利旅程中很重要的一環。

On the handpieces, the realignment of the sales force has been complete. And I think we're just in a very just natural transition phase where we're reestablishing account relationships and backfilling some of the key positions for people that have moved over to the launch teams.

至於手把，銷售團隊的重整已經完成。我認為我們正處於一個很自然的過渡期：重新建立客戶帳戶關係，並補足一些關鍵職位，因為有些人已轉到上市（launch）團隊。

But we expect the momentum on procedures to build throughout the quarter sorry, throughout the year. And we remain, I believe, on track related to our guidance, and those are certainly our goals. So we're not where we want to be yet, but I think we've made the changes we need to make and we're building. And I think the team is going to continue to grow into these roles, and I'm excited about what the future looks like.

但我們預期手術量的動能會在本季、抱歉，是在全年逐步增強。我們也仍然（我相信）在指引相關目標上維持正軌，這些當然也是我們的目標。我們還沒到達理想狀態，但我認為我們已做出需要的改變，並正在累積動能。我也認為團隊會在這些角色上持續成長，我對未來的樣貌感到很振奮。

Okay. I appreciate that. That's very helpful. And then on the second question on the guide side. Just if I'm looking at the roughly I think it was $93 million midpoint of the range for Q2.

好的。我很感謝，這非常有幫助。第二個問題是關於指引。若我看第二季區間的中位數，大概是 9,300 萬美元。

Just talk about plus all the again, the ASP benefit you're going to get on the system side. Just talk about the confidence in the especially the back half, it seems like it's a little bit more loaded than normal to get to the midpoint of that range and just the confidence there getting to the midpoint or even higher just again, given the ASP benefit that you're talking about on the system side?

請談談系統端你們將獲得的 ASP 提升效益。也請談談你們對於（尤其是）下半年信心的來源；看起來要達到該區間中位數，下半年似乎比以往更偏後段集中。就你們提到的系統端 ASP 提升效益而言，請談談達到中位數甚至更高的信心？

Yes, Matt, I'll take that. So regarding Q2, in our prepared remarks, we did say that we are guiding to new systems in the $450,000 to $460,000 range even with the strength that we saw in the first quarter. And I would definitely suggest our confidence in executing within our guidance range this year has increased with our Q1 performance. But we did just feel it's prudent to maintain current expectations as we continue to emerge from the recent commercial realignment. But look, we feel good about the full year across all metrics.

是的，Matt，我來回答這題。關於第二季，在我們事先準備的發言中，我們確實提到，即使第一季表現強勁，我們對新系統的指引仍維持在每套45萬至46萬美元的區間。我也會明確表示，隨著第一季的表現，我們對於今年在指引區間內執行的信心有所提升。但我們認為，在近期商業重整仍在逐步到位之際，維持目前的預期是較為審慎的作法。不過整體來看，我們對全年各項指標的表現都感到樂觀。

And as I said in my prepared remarks, it will probably be the end of Q2 where we start to formally update some metrics around pricing and volume given what we've seen in the first six months here.

而且如同我在事先準備的發言中所說，我們大概會在第二季末，基於前六個月所看到的情況，開始正式更新一些與定價與銷量相關的指標。

Okay.

好的。

Thank you.

謝謝。

Nathan Treybeck, Wells Fargo.

Wells Fargo 的 Nathan Treybeck。

Great. Good afternoon. So procedures were flat quarter-over-quarter. Is there any way to quantify how much of this is driven by disruption from the commercial or changes in the inventory destocking? And I guess, have you seen any underlying softening in demand or referral funnels?

很好，下午好。手術量季對季持平。能否量化一下，其中有多少是由商業端的干擾或庫存去化（destocking）變化所驅動？另外，你們是否看到需求或轉介漏斗有任何潛在走弱？

No. I think what we saw in Q1 was just sort of some normal seasonality that we see when we start the year, and that's not uncommon for us. And so I think that was all pretty normal. It's hard to quantify the sales force part of it in terms of people growing into their new roles and just sort of the normal seasonality we see in Q1. But we're going to continue to drive procedures throughout the course of the year.

沒有。我認為我們在第一季看到的主要是年初常見的季節性波動，對我們來說並不罕見，所以我覺得整體都相當正常。至於銷售團隊的部分，要量化人員在新職務上逐步上手的影響，以及第一季的季節性因素，確實不容易。但我們會在全年持續推動手術量成長。

And we had strong system placements and the combination of strong system placements along with our launch teams. We think also is going to be a contributor to procedures as we get deeper in the year, and we have more launch team systems in the field, and we think that's going to help us.

此外，我們的系統裝機（placements）表現強勁，強勁的裝機加上我們的上市支援團隊（launch teams），我們也認為會在今年後續對手術量形成助力；隨著時間推進、更多由上市團隊導入的系統在外部落地，我們認為這會幫助我們。

Great. And for my follow-up, so handpiece sales were below your target of 1: 1 procedures. You mentioned inventory rightsizing is completed, but can you help us understand how much residual destocking impact there was in Q1? And could handpieces fall below procedures in upcoming quarters?

很好。我的追問是，手持件（handpiece）銷售低於你們目標的「每1次手術對應1個手持件」比例。你們提到庫存調整（rightsizing）已完成，但能否協助我們理解第一季仍有多少殘餘去庫存影響？以及未來幾季手持件是否可能低於手術量？

Yes. No, we tried to guide that for the full year, we're going to be 1:1 on handpieces, and we still remain very confident that that's going to be the case. And I think the bottom line is we have if we're 95%, I'm not going to really apologize for it. And if we're 105%, we're not going to brag about it. I think handpiece sales are always going to fluctuate a little bit based on the number of systems we launch and all these other sorts of things.

可以。不會。我們在全年指引中已嘗試說明，手持件全年會維持1:1，我們仍然非常有信心會如此。我想重點是，如果我們做到95%，我不會特別為此道歉；如果做到105%，我們也不會因此自誇。我認為手持件銷售本來就會因為我們推出（launch）的系統數量以及其他因素而有些微波動。

So I think that it's normalized. The number that we're focused on are procedures because eventually, procedures and handpiece sales have to equalize out over time. It's not going to be about how much inventory people carry. It's going to be how many procedures we drive. So we feel like that is largely normalized now, but we remain confident in the 1:1 full year ratio that we provided at our investor conference.

所以我認為目前已經回到常態。我們真正關注的數字是手術量，因為最終手術量與手持件銷售必須隨時間拉回一致；重點不在於客戶持有多少庫存，而在於我們能推動多少手術量。因此我們覺得目前大致已正常化，但我們仍對在投資人會議所提供的全年1:1比例充滿信心。

Mike Kratky, Leerink Partners.

Leerink Partners 的 Mike Kratky。

Hi, everyone. Thanks very much for taking my questions. Maybe just one quick one. You mentioned the $450,000 to $460,000. Was that the full year average? Or was that for the remainder of the year?

各位好，謝謝回答我的問題。我可能只有一個簡短問題。你們提到的45萬到46萬美元，是指全年平均？還是指今年剩餘期間？

I would classify that as for the remainder of the year. You could put in that puts the full year average more towards the upper end, probably around $460,000 when you average that out, Mike.

我會把那個區間定義為今年剩餘期間。若以此推算全年平均，平均後會更接近區間上緣，可能大約在46萬美元左右，Mike。

Yes. And just to add to that, part of our thinking on this is we didn't have a lot of big IDN orders in Q1. And when we get larger IDN orders, that can sometimes have a little bit more effect on price. But I think even broader than that, we don't want to get out over our skis on ASP commitments because there are certain places where we want to maintain some flexibility. But we are driving price discipline across the organization, and we're going to continue to do that.

是的，補充一下，我們這樣思考的部分原因是第一季沒有太多大型 IDN（整合式醫療網）訂單；當我們拿到較大型的 IDN 訂單時，有時會對價格帶來一些影響。但更廣泛地說，我們不希望在 ASP（平均售價）的承諾上過度激進，因為有些地方我們希望保留一定彈性。不過我們正在全組織推動價格紀律，並會持續這麼做。

Understood. And maybe just as a quick follow-up. But Kevin, totally appreciate your comments on the prudence and maybe some conservatism for now given it's early in the year, but you're reiterating your US systems revenue guidance in the backdrop of the higher ASPs. Is there anything fundamental from a number of units sold perspective that is maybe changing?

了解。再快速追問一下：Kevin，我完全理解你提到在年初階段基於審慎、可能稍微保守一些的考量；但在 ASP 較高的背景下，你們仍重申美國系統營收指引。從銷售台數的角度來看，有沒有任何根本性的變化？

Or is this really just as usual?

還是其實一切如常？

Look, I don't think it's changing, but I definitely believe the Q1 performance gives us greater conviction and confidence around achieving our full year guide. That should be implied with our performance. But at the same time, we're just coming off a Q4 shortfall. We're coming off a commercial realignment. And we just want to make sure that we maintain current expectations and not get out over our skis, as Larry mentioned, but our confidence in executing the full year on systems, particularly with the Q1 performance is higher today than it was when we gave guidance in February.

我看不出有變化，但我確實相信第一季的表現讓我們對達成全年指引更有把握與信心，這應該可以從我們的表現中推論出來。但同時，我們才剛經歷第四季未達標，也才剛完成商業重整。我們只是想確保維持目前的預期，不要像 Larry 提到的那樣過度冒進；不過就系統業務而言，特別是考量第一季表現，我們今天對全年執行的信心，確實高於2月給出指引時。

Understood. Congrats again.

了解。再次恭喜。

Richard Newitter, Truist.

Truist 的 Richard Newitter。

Excuse me, hi, thanks for taking the questions. Maybe just to start, I'm trying to get a sense for of the new initiatives or the kind of the way you're approaching the market and the selling organization that you outlined. Can you highlight where you're seeing or where we should expect to see the proof points or the benefits show up fastest?

不好意思，嗨，謝謝讓我提問。我先從一點開始：我想更了解你們所概述的新措施，或你們在市場切入與銷售組織運作方式上的調整。你能否指出你們目前看到、或我們應該預期最快會看到哪些驗證點（proof points）或效益？

Like are there I think there were three main ones that you had. Like where are you seeing the improvements show up most meaningfully and soonest? And I get that you're pointing more to the back half, but I'm just curious where it's most evident that the progress is going the way you want it to be going in the first half?

例如我記得你們主要有三項。你們在哪些方面看到改善最明顯、也最早出現？我理解你們更多指向下半年，但我想知道在上半年，哪些地方最能看出進展正朝你們希望的方向前進？

Well, I think we have a lot of confidence in our launch teams. I think we moved some of our more senior people over there with a lot of experience. And I think the key thing there is the more systems we put in the field that we do under the launch team model, which is going to build throughout the year that we will continue to see benefit of that. And I think that's one that we have great confidence in. The patient awareness activities, we're running multiple pilots on that.

我認為我們對上市支援團隊（launch teams）非常有信心。我們把一些更資深、經驗豐富的人員調到那邊。關鍵在於：我們以上市團隊模式導入並部署到市場的系統越多——而這會在全年逐步累積——我們就會持續看到其帶來的效益。我認為這是我們非常有信心的一項。至於病患認知（patient awareness）活動，我們正在進行多個試點（pilots）。

And when those pilots read out, it will help us really prioritize what things are most effective and what things we should be driving. And I think that's just a prudent way to approach some of these new marketing programs.

當這些試點有結果後，將幫助我們更好地排定優先順序，判斷哪些作法最有效、哪些應該加大推動。我認為以這種審慎方式來導入一些新的行銷計畫是合理的。

But I think it's also really important for people to understand that there's always just going to be a lag between driving patient awareness and a patient getting a procedure. It's not that patient gets new information, they get an e-mail, they see something on social media or maybe they hear a radio ad and they show up at a doctor and they get treated the next day. They have to come in, they have to schedule their appointment, they have to go to work up.

但我也認為讓大家理解一點很重要：從提升病患認知到病患實際接受手術之間，永遠會有時間落差。不是病患獲得新資訊、收到一封電子郵件、在社群媒體看到內容或聽到廣播廣告，隔天就去看醫師並接受治療。他們需要先來就診、安排門診時間、完成術前評估（work up）。

I think most systems in the country probably schedule people a month out or so. So there's always going to be a natural lag between some of these initiatives and actually seeing the patients get treated. But we're encouraged by all of the things. I think we spend a lot of time with the sales team, and I think people have good conviction about the changes we've made and the new roles that we have for people. But it still just takes time for people to reestablish account relationships and to get some of the new people trained to backfill some of the launch teams.

我想全國大多數醫療系統可能都會把排程排到大約一個月之後。因此，這些措施與實際看到病患接受治療之間，必然存在自然的時間落差。不過我們對各項進展都感到鼓舞。我們花很多時間與銷售團隊在一起，我認為大家對我們做出的改變以及新增的職務安排都很有信念。但同時也需要時間，讓大家重新建立客戶關係，並讓新進人員完成訓練，以補上上市團隊調動後的空缺。

But I think these are all very natural things. They're not like they're not things that we think are going to be a struggle, but that's why we've always modeled, and we tried to be really clear about this at the investor conference. These things are going to contribute more in the back half of the year than they are in the early part of the year.

但我認為這些都是非常自然的事情；不是說我們覺得會很吃力，但這也是為什麼我們一直以來的模型、並且在投資人會議上努力講清楚：這些措施對下半年的貢獻會大於上半年，對年初的貢獻相對較小。

Got it. That's really helpful. And then just this is now the first quarter or the first few months that you've been able to really see how physicians would react to kind of the physician fee payment changes that happen to all respective procedures going down, including yours. I guess what are you hearing and seeing out there? Do you feel better or worse unchanged versus kind of the way you were talking to us before we obviously have these changes in place.

了解。這真的很有幫助。接著，這應該是第一季或前幾個月，你們第一次能真正看到醫師會如何回應那種醫師費用支付的變動——也就是所有相關手術的給付都在下調，包括你們的。我想問的是，你們在市場上聽到、看到的是什麼？相較於我們之前跟你們討論、而現在顯然這些變動已經實施之後，你們覺得情況是變好、變差，還是沒有改變？

I think we had pretty much factored those things in, in February when we spoke before. And I don't think anything has remarkably changed from what we talked about in February. I think the economics for all these procedures are what they are. It is really about driving the clinical benefit and making sure patients understand how differentiated our procedure is versus competitive procedures. And I think when physicians understand that as well and patients understand it, I think that's what drives therapy adoption and taking share from competitive procedures.

我認為我們在2月跟你們上次談的時候，基本上已經把這些因素納入考量了。而且我不覺得相較於2月我們談到的內容，有任何顯著的改變。我想這些手術的經濟性就是那樣。重點其實在於推動臨床效益，並確保病患了解我們的手術相較於競品手術有多麼差異化。我認為當醫師也理解這一點、病患也理解這一點時，這才是驅動治療採用、並從競品手術手中取得市占的因素。

But I don't think anything has meaningfully changed on that.Thank you.

但我不認為在這方面有任何實質性的改變。謝謝。

Josh Jennings, TD Cowen.

Josh Jennings，TD Cowen。

Hi, good afternoon. Thanks for taking the questions. Nice to see the solid start to the year. I wanted to start off and just follow up on the reimbursement question. And just is there any way you could help us frame up the potential for Aquablation procedure to kind of move up in the APC level as we go through these proposed rules and then final rules over the next couple of months?

嗨，午安。謝謝讓我提問。很高興看到今年開局穩健。我想先從給付問題延伸追問一下。你們是否能協助我們理解：在接下來幾個月經歷這些提案規則到最終規則的過程中，Aquablation 手術在 APC 等級上調的可能性大概如何？

Yes. We haven't built that into our modeling. And I think one of the important things to remember, Josh, is that even when these codes change, they always collect actual costs. Medicare doesn't pay for value, they pay for resource consumption. And so that's just not I think if you make our economics the primary part of the story here, you're always going to be sort of chasing those ghost.

可以。我們的模型中沒有把這點納入。我想要提醒的一個重點是，Josh，即使這些代碼（code）變動，他們一向都是收集實際成本。Medicare 不是為價值付費，而是為資源消耗付費。所以我認為如果你把我們的經濟性當作這裡故事的主要部分，你就會一直在追逐那些虛幻的東西。

So what we're focused on is at the current levels of reimbursement exists, how is this an economically solid procedure for hospitals and then how do we drive patients in. And I think the other part about it is how do we help hospitals be efficient with the procedure? How do we help them be efficient with procedure time? How do we help them be efficient with discharge, be efficient in avoiding complications. And when we do that, I think the economics for this procedure work well.

因此我們聚焦的是：在目前既有的給付水準下，這對醫院而言如何是一個經濟上穩健的手術，然後我們如何把病患導入。我認為另一個部分是：我們如何幫助醫院在手術上更有效率？如何幫助他們提升手術時間效率？如何幫助他們在出院流程上更有效率、在避免併發症上更有效率。當我們做到這些時，我認為這項手術的經濟性就會運作得很好。

But we haven't factored anything into our guidance about changing APC levels. If that happened, it would be certainly an upside to reimbursement.

但我們在指引中沒有把 APC 等級變動納入考量。如果真的發生，那當然會是給付上的上行利多。

Thanks for that. And then just a follow-up. Sorry if I missed this in the earlier remarks, but sounds like there was more positive reception than anticipated for replacement systems, Hydros replacements. Any new outlook just in terms of how replacements kind of factor into through the rest of 2026? And maybe just remind us why you expect replacements to pick up next year. Thanks a lot.

謝謝。接著再追問一下——如果我前面漏聽了先說抱歉——但聽起來更換系統（replacement systems）、Hydros 更換的市場反應比預期更正面。就 2026 年剩餘期間而言，對於更換需求在你們展望中的貢獻，有沒有新的看法？另外也請提醒我們，為什麼你們預期明年更換會加速？非常感謝。

Yes. Thanks, Josh. Yes, I think just in simplest terms, given a typical capital cycle, and we just really launched our replacement program kind of at the beginning of the year, the fact that we got two replacements already in, I think we were very encouraged by. And I think we've had a lot of customers now that they realize they can get a trade-in value for their legacy system, which helps them with a replacement strategy. I think we just probably feel confident that replacements are going to be something that we're going to really hone the program in this year.

好的，謝謝，Josh。是的，我想用最簡單的說法：以典型的資本設備週期來看，而我們其實是在年初才真正推出更換計畫（replacement program），但我們已經完成兩台更換，我們對此非常受到鼓舞。我想我們也有很多客戶在意識到他們的舊系統可以獲得折抵價值（trade-in value）後，這有助於他們制定更換策略。因此我們大概更有信心：更換會是我們今年要把這個計畫真正打磨成熟的一個重點。

And I think it's going to be a much bigger part of our story in 2027. But we're encouraged with our early start, and we just got to continue to drive execution on that. Thank you.

我認為到了 2027 年，這會成為我們故事中更大的一部分。但我們對於早期的良好開局感到鼓舞，接下來就是持續把執行推進。謝謝。

Chris Pasquale, Nephron Research.

Chris Pasquale，Nephron Research。

Besides all the moving pieces you guys had going on, there was also quite a bit of severe weather during the quarter. These cases are reschedulable if the need arises. Did you see procedures getting pushed from 1Q into 2Q because of that? Or was all of that disruption sort of contained within February and March?

除了你們在本季有很多變動因素之外，季度期間也有相當多的嚴重天氣。若有需要，這些手術案例是可以重新排程的。你們是否看到因為天氣因素，手術從第一季延後到第二季？還是說這些干擾大多都侷限在 2 月和 3 月之內？

Yes. Thanks. Chris, I mean certainly, there were some severe weather in the year, and we know that there are some case cancellations and whatnot. How many of those cases came back on the schedule and how many of those patients got something else. I think it would be really difficult for us to say.

是的，謝謝。Chris，我的意思是，年初確實有一些嚴重天氣，我們也知道有一些案例取消等等。但有多少案例後來回到排程上、又有多少病患改做了其他治療，我想我們很難判斷。

I think most of that's probably out of the system at this point because most of that happened early in the quarter. I don't think it materially impacted our quarter. And I'm sort of just not really inclined to attribute anything to weather or weather-related issues. Our numbers are our numbers. They have to stand alone.

我認為大部分影響到目前為止應該已經消化掉了，因為多數都發生在季度初。我不覺得它對我們本季造成了實質影響。而且我也不太傾向把任何事情歸因於天氣或天氣相關問題。我們的數字就是我們的數字，必須能夠自我成立。

If there's severe weather and cases get canceled, it's our team job to make sure that they get rescheduled and they get done. So we just don't really make any allowances for that here and just keep people focused on the execution that we control.

如果有嚴重天氣導致案例取消，我們團隊的工作就是確保它們能重新排程並完成。所以我們在這裡不會為此做任何調整，而是讓大家專注在我們能掌控的執行上。

Yes. Fair enough. I'd love to hear a little bit more about the UK opportunity and what that looks like. International, small part of the business today has been a consistent outperformer.

是的，合理。我很想多聽一些關於英國機會的細節，以及那看起來會是什麼樣子。國際業務目前在整體中占比不大，但一直是穩定的超預期表現者。

Can you talk a little bit about sort of what you think the denominator is for that particular market? And are there other areas that you're excited about in terms of next steps internationally?

你能談談你認為那個市場的「分母」大概是什麼嗎？以及在國際下一步方面，還有哪些你感到興奮的區域？

Yes. When I stepped into the role, I really felt there's opportunities in international. But international isn't a very homogeneous place. There's a lot of variation, obviously. And so some countries have really solid reimbursement and the capital opportunities there are solid.

可以。我接任這個職位時，確實覺得國際市場有機會。但國際並不是一個非常同質的地方，差異很大，這點很明顯。因此有些國家的給付非常穩健，資本設備的機會也很扎實。

And so we focus on those places and the UK is certainly our biggest place in Europe. We were excited to launch Hydros. I think we had a great showing at the AUA and combined with the latest guidelines, I think it was an overall very positive meeting for us. We continue to evaluate what other markets in Europe that we should be looking at as opportunities, but it's not going to be everywhere.

所以我們會聚焦在那些地方，而英國無疑是我們在歐洲最大的市場。我們很期待推出 Hydros。我認為我們在 AUA 的表現很不錯，再加上最新的臨床指引，我覺得整體而言那是一場對我們非常正面的會議。我們也持續評估歐洲還有哪些市場值得作為機會來看，但不會是到處都做。

But I think over time, it's Europe and international is going to become a bigger and bigger part of our story, but that's going to just take time to develop.

但我認為隨著時間推進，歐洲與國際市場會在我們的故事中占比越來越大，只是這需要時間來發展。

Thank you.

謝謝。

Stephanie Elghazi, Bank of America Securities.

Stephanie Elghazi，美國銀行證券（Bank of America Securities）。

Hey, thanks for taking the question.

嗨，謝謝讓我提問。

I wanted to ask on Q1 procedures were a little light of the Street and grew 31%, and you're still expecting a ramp in procedures to 50% growth in the second half. So can you remind us what's driving that acceleration and your confidence in that?

我想問一下，第一季手術量略低於市場預期（Street），成長 31%，但你們仍預期下半年手術量成長會加速到 50%。你能提醒我們是什麼在驅動這個加速，以及你們對此有信心的原因嗎？

Yes. Thanks for the question. I think we always expected the first half of the year to be slower than the second half of the year. And we always expect to see a little bit of seasonality in Q1, and we certainly did see that, but it was pretty much at expected levels. We implemented all of our organization changes in the sales force early in the year.

好的，謝謝這個問題。我想我們一直預期上半年會比下半年慢，而我們也一直預期第一季會有一些季節性，我們確實看到了，但大致符合預期水準。我們在年初就完成了銷售團隊的所有組織調整。

And so people are growing into those roles and they're reestablishing account management. The launch teams are starting to launch systems under the launch team model. They started in the quarter. But it takes time for those to build and for those to contribute. So I think it is a combination of people maturing the roles, reestablishing these account relationships.

因此大家正在逐步適應這些角色，並重新建立客戶管理。啟動團隊（launch teams）也開始在啟動團隊模式下導入系統，他們在本季就開始了。但這需要時間累積、並產生貢獻。所以我認為這是多項因素的組合：人員在角色上成熟、重新建立這些客戶關係。

I think in the back half of the year, we start seeing more benefit from some of our patient activation activities. And I think we get the full benefit of all of our newly launched systems this year and those contributing at a higher level than what we've seen historically. But the more systems you place under that model and the better they do, the more that builds for the back half of the year. So that's what's driving that.

我認為在下半年，我們會開始看到一些病患啟動（patient activation）活動帶來更多效益。我也認為我們會完整享受到今年所有新導入系統的效益，而它們的貢獻會高於我們過去看到的水準。但在那個模式下導入的系統越多、表現越好，下半年的累積效應就越強。這就是驅動因素。

Got it. And then on the Q2 guidance, the midpoint of $93 million is a little below the Street at $95 million. So maybe could you help us understand that? I'm just curious what's changed on your view of Q2, maybe it's some of what you had just talked about, but is there more lingering disruption from the commercial organization changes than you thought or anything else?

了解。接著關於第二季指引，93 百萬美元的中位數略低於市場預期的 95 百萬美元。你能否協助我們理解這點？我想知道你們對第二季的看法有什麼改變——也許部分是你剛剛提到的——但是否還有因商業組織調整而比你們預期更持續的干擾，或其他因素？

No, this is Kevin. Nothing has really changed in our thinking. If anything, as I said earlier, I think we feel more positive in our initial guide today than we did when we provided that a few months ago. And we have never provided Q2 guidance as part of Investor Day. So this is really the first time and really just sticking with the philosophy right now that we think it's prudent to keep expectations reasonable and give us a chance to outperform as opposed to getting out ahead of ourselves.

不，這裡是 Kevin。我們的看法其實沒有真正改變。若真要說有什麼不同，正如我先前提到的，我認為我們今天給出的初始指引，比幾個月前提供時更為正向。而且我們從未在投資人日提供過第二季（Q2）指引。所以這其實是第一次；我們目前也只是遵循一個理念：我們認為審慎地把預期維持在合理水準是明智的，讓我們有機會超越預期，而不是過度超前、把自己推得太前面。

But there's nothing unique or different in Q2, and we continue to feel good about the trajectory on both systems, procedures and our international business.

但第二季沒有任何獨特或不同之處，我們對於兩個系統、流程以及我們的國際業務的發展軌跡仍然感到樂觀。

Suraj Kalia, Oppenheimer.

Suraj Kalia，Oppenheimer。

Larry, Kevin, congrats on a good start to the year. So Larry, a lot of commentary on handpieces and procedures. Maybe if I could ask one question slightly differently. So of the 47 Hydros systems, right, you've given your site numbers in the US. Our rough math, Larry, is suggesting it's around the 17-ish number of procedures per site per quarter, roughly in that ballpark.

Larry、Kevin，恭喜今年開局良好。Larry，關於手持器與手術量有很多評論。也許我可以用稍微不同的方式問一個問題。就 47 套 Hydros 系統而言，對吧，你們已提供美國的站點數。我們粗略計算，Larry，推算每個站點每季大約是 17 左右的手術量，大概在那個區間。

Maybe if you could talk to what are you seeing in utilization in your sites? Where do you think your share capture is within those sites? And is this the bogey that we should be thinking about as we map out the year and new store same-store sales?

也許你可以談談你們在這些站點看到的使用率如何？你認為在這些站點內你們的市占捕捉（share capture）是多少？以及，當我們規劃今年與新店/同店銷售（new store same-store sales）時，這是否是我們應該用來思考的基準（bogey）？

Yes. Thanks for the question. We talked about this a little bit at the investor conference. Our sites are highly variable. And so trying to create averages and trying to create average utilization, especially when we have a mix of AQUABEAM and a mix of Hydros.

是的，謝謝你的問題。我們在投資人會議上稍微談過。我們的站點差異很大。因此要去做平均、去做平均使用率，尤其當我們同時有 AQUABEAM 與 Hydros 的組合時，會比較困難。

And going forward, we're going to have a mix of kind of our launch team launch systems and some of our legacy systems. I just think it's hard to be able to create an average. And I appreciate why everybody wants to do that because it's easy to just plug into a formula. But I think what people should be focused on is just our pure procedure growth. We put our procedure numbers that we expect to do this year.

而且往前看，我們會同時有一些屬於我們上市團隊（launch team）導入的系統，以及一些既有（legacy）系統的組合。我只是覺得很難做出一個平均值。我理解為什麼大家都想這麼做，因為很容易直接套進公式。但我認為大家應該關注的是我們純粹的手術量成長。我們已經公布了今年預期的手術量數字。

We put our ASP numbers, we put our system numbers on the board, and that's what we just have to go drive to. So the key for us is showing growth quarter-over-quarter on our procedure growth. And that's what we're going to be driving to. And I think I'm certainly not focusing the team on go to our lowest utilization places and trying to bring into the mean. We map out literally every system in the country and say, where are the biggest opportunities, where are their under-usage, where are there share shifts, where are there motivated people.

我們把 ASP（平均售價）數字、系統數量都列出來了，而我們要做的就是去推動達成。對我們而言，關鍵是手術量要呈現逐季（quarter-over-quarter）成長，這也是我們要推動的方向。我當然不會把團隊的重點放在去找使用率最低的地方、試圖把它拉回平均。我們會把全國每一套系統逐一盤點，去看哪裡機會最大、哪裡使用不足、哪裡有市占轉移、哪裡的人更有動機。

And so that's just our focus. But I would just continue to focus on procedure growth quarter-over-quarter.

所以這就是我們的重點。但我會建議持續聚焦在手術量的逐季成長。

Fair enough. And Larry, one follow-up question on WATER IV. So you'll have a readout in spring '27. Let's assume it's positive, right? Logic tells you there would be a collateral pull-through both on the BPH side and on the prostate cancer side, right?

了解。Larry，關於 WATER IV 我還有一個追問。你們會在 2027 年春季讀出結果。假設結果是正向的，對吧？邏輯上會帶動耗材（collateral）的拉動效應（pull-through），不論是在 BPH 端或前列腺癌端，對吧？

But Larry, should we think about, is it going to be a symmetric payoff? Or do you envision there could be some level of asymmetricity? In other words, let's say, superiority, there is some kink somewhere. Does it impact BPH? So how are you all thinking about that?

但 Larry，我們應該把它視為對稱性的回報嗎？還是你認為可能存在某種程度的不對稱？換句話說，假設出現優越性（superiority），中間某處有個轉折點（kink）。它會影響 BPH 嗎？你們是怎麼思考這件事的？

Thank you for taking my questions.

謝謝你回答我的問題。

Yes. That question may be about my education level. I'll say like I don't know the WATER IV data. Nobody knows the WATER IV data at this point. And I don't want to speculate about data.

是的。這個問題可能是在考驗我的學歷程度。我會說，我不知道 WATER IV 的數據；目前沒有人知道 WATER IV 的數據。我也不想對數據做任何臆測。

But I think just broadly speaking, the more positive that data is, the more disruptive it has the potential for being for patients with prostate cancer. And obviously, anybody that already has a system that's already trained would be able to adapt quickly to treating those patients, and we would certainly do everything we could to facilitate that.

但我想就廣義而言，數據越正向，它對前列腺癌患者就越有可能帶來顛覆性的影響。顯然，任何已經擁有系統且已受訓的單位，都能很快調整來治療這些患者，而我們也一定會盡一切所能來促成這件事。

But I think it's just going to matter most of the strength of the data and how doctors interpret that as it relates to where this fits in treating patients with prostate cancer. All of those things being said, we think it's a perfect adjacency for us. It's rare that you can get this kind of leverage out of the same exact system, the same exact handpiece and largely the same users, and that gives us leverage all of our sales force as well.

但我認為最重要的還是數據的強度，以及醫師如何解讀這些數據，並據此判斷它在前列腺癌治療中的定位。綜合以上，我們認為這對我們而言是非常完美的相鄰機會（adjacency）。很少見能從同一套系統、同一支手持器，且大致相同的使用者身上取得這種槓桿效益，這也讓我們的整個銷售團隊獲得槓桿。

So we're just focused on running a great trial and then presenting that data when it comes out at AUA next year. And we're all cautiously optimistic it's going to be positive. But we'll have a lot more view once the data is public and we can talk about it and be more granular.

所以我們現在就是專注把試驗做好，然後在明年 AUA 數據出來時進行發表。我們都抱持審慎樂觀，認為結果會是正向的。但等數據公開後，我們會有更多視角，屆時也能更細緻、更具體地討論。

Thank you.

謝謝。

David Rescott, R.W. Baird.

David Rescott，R.W. Baird。

Great. Thanks for taking the questions here. I wanted to ask on procedure utilization. I think at the I recall at the Analyst Day, you had called out different levels of procedure contribution from that class of systems sold pre-'25, those sold in '25 and those expected to be sold in 2026. And so just curious on the progress you've seen so far in Q1, maybe how that level of contribution from the different groups have stacked up relative to your initial expectations? And then what your expectations are through the rest of the year from that segmentation perspective to get to the lower end, the midpoint or upper end of the procedure guide for the year?

很好，謝謝讓我提問。我想問關於手術使用率。我記得在分析師日（Analyst Day）上，你們提到不同層級的手術量貢獻：包括 2025 年前售出的那一批系統、2025 年售出的，以及預期在 2026 年售出的。想請教你們在第一季（Q1）迄今看到的進展：不同群組的貢獻程度，與你們最初預期相比如何？另外，從這個分群角度來看，你們對今年剩餘期間的預期是什麼，以達到全年手術量指引的下緣、中位數或上緣？

Yes. I'll just say that we're still early in the launch model and the ability of those systems to contribute significantly to our overall total number is just very limited at this point. I will say we remain extremely confident in the launch team model.

是的。我先說，我們在上市模型（launch model）上仍處於早期階段，而那些系統能對我們整體總量做出顯著貢獻的能力，目前其實非常有限。我會說，我們對上市團隊模式（launch team model）仍然極具信心。

And I think when we saw the readout from our pilot that we shared at the investor conference, and I think we for all the same reasons, we continue to believe that, that's going to be a very important part of our story. And it really just comes down to making sure as many systems we sell as possible start off great because our view is when they start off great, they tend to stay great.

我認為，當我們看到試點（pilot）的讀出結果並在投資人會議上分享後，基於同樣的理由，我們持續相信那會是我們故事中非常重要的一部分。歸根結底，就是要確保我們賣出的系統越多越好，而且一開始就有很好的起步；因為我們的看法是，只要一開始做得好，通常就會一直維持得好。

And they tend to get established and they become a huge part of how BPH gets treated in those accounts. But we don't want to get too far ahead of ourselves, and I think it's too early to declare victory on any of our programs yet. We just remain laser-focused on all of them and making sure we're tracking the metrics. We're tracking the progress that we're making, and we're driving our procedure numbers and doing that to the very best of our ability. So that's our focus now.

而且它們會逐步建立起來，並成為那些客戶端治療 BPH 的重要方式。但我們不想過度超前，我也認為現在就宣告任何一個計畫成功都還太早。我們只是持續高度聚焦在所有計畫上，確保我們在追蹤各項指標、追蹤我們取得的進展，並盡最大努力推動手術量數字。所以這就是我們現在的重點。

We're just sort of head down and trying to drive the organizational excellence that we need to get where we need to go.

我們就是埋頭苦幹，努力推動我們所需要的組織卓越（organizational excellence），以到達我們必須到達的目標。

Okay, thanks. And then maybe on this system ASP in the US that you delivered in the quarter and then the subsequent guide through the remainder of the year. You called out this pricing discipline maybe as being a factor for the higher ASPs you saw in the first quarter, but obviously also shows that there clearly is an appetite maybe at least from the centers' perspective of paying a higher price for some of these systems. So maybe can you help reconcile why the guide for the second half of the year or sorry, for the remainder of the year would assume an ASP below what you delivered in the first quarter?

好的，謝謝。接著可能想問美國本季交付的系統 ASP，以及你們對今年剩餘期間的後續指引。你們提到定價紀律（pricing discipline）可能是第一季 ASP 較高的因素之一，但這也顯示至少從中心端的角度看，市場顯然願意為其中一些系統支付更高價格。那麼，你能否協助說明：為什麼你們對下半年——抱歉，是對今年剩餘期間——的指引，會假設 ASP 低於你們第一季實際交付的水準？

And is there a potential for what you saw in Q1 to maybe be a more realistic number as you go through the year from a system ASP perspective?

以及，從系統 ASP 的角度來看，你們在第一季看到的水準，是否可能才是你們今年往後更現實的數字？

Thank you.

謝謝。

Yes. I think as Kevin said earlier, a little bit of it comes down to customer mix. We talked about it a little bit in our Q4 number. We had probably more IDN sales in Q4. And so that took our ASP down a little bit from what we've seen earlier in the year last year, and we had less IDNs in Q1.

是的。我認為如 Kevin 先前所說，其中一部分取決於客戶組合（customer mix）。我們在第四季（Q4）數字時也稍微談過。我們在 Q4 可能有較多 IDN（整合式醫療網）銷售，因此 ASP 會比去年較早時期看到的水準低一些；而在 Q1 我們的 IDN 比重較少。

We are going to continue to drive price discipline, and we're going to continue to try to get the highest ASP that we can, and we think our value proposition is very strong. But we don't want to react to one quarter and get out over our skis for what the whole year ASP is going to be.

我們將持續推動價格紀律，並且會繼續努力爭取我們所能達到的最高ASP（平均售價），我們認為我們的價值主張非常強。但我們不想因為單一季度的表現就做出反應，進而對全年ASP的走勢做出過度超前的判斷。

So what we're just trying to do is be measured about that. And that's why Kevin covered that we're now thinking that you can model at $450,000 to $460,000 for the remainder of the year, and we think that that's a good modeling number. We'll certainly update that quarter or next quarter where we land.

所以我們只是希望在這方面保持審慎、拿捏得當。這也是為什麼Kevin提到，我們現在認為你可以用45萬到46萬美元來建模今年剩餘期間的數字，我們也認為這是一個不錯的建模假設。我們當然會在本季或下季視實際落點再做更新。

And depending on how that quarter lands, I think it will give us a lot more confidence in how durable the pricing ASP is going to be. But I'm very pleased overall with the operational discipline that we're showing. We guided if you go back and look at handpieces, we guided handpieces this year that you should model in $3,500. We were able to achieve that in Q1. And so I think that bodes well for us for the rest of the year.

而且取決於該季度最終落點，我認為這會讓我們對ASP定價的耐久性更有信心。但整體而言，我對我們展現出的營運紀律非常滿意。回頭看我們對手持器（handpieces）的指引，我們今年指引你應以3,500美元來建模。我們在第一季做到了。因此我認為這對我們今年剩餘時間是個好兆頭。

We're going to continue to drive that same sort of transition on systems. But as Kevin and I both said, we just don't want to get out ahead of ourselves.

我們也會持續在系統端推動同樣類型的轉變。但正如Kevin和我都說過的，我們只是不想操之過急、走在自己前面。

Mason Carrico, Stephens.

Mason Carrico，Stephens。

Hey, guys. I appreciate you fitting me in here. I'll keep it to one. Could you characterize, I guess, what percentage of the sales funnel today is being driven more by bottoms-up surgeon champion versus top-down admin of these larger systems? Are you seeing the new launch team attract more surgeon champions to deals that are sourced top down today versus, I guess, where you guys were 6 months ago?

嗨，各位。感謝你們讓我插進來。我只問一題。你們能否描述一下，目前銷售漏斗中，有多少比例是更多由自下而上的外科醫師倡議者（surgeon champion）所推動，相對於由這些大型系統的自上而下管理層（admin）所推動？你們是否看到新的上市（launch）團隊，讓目前由上而下來源的案子，相較於6個月前，能吸引更多外科醫師倡議者加入交易？

Well, yes, I'll start and then maybe I'll ask Kevin to add a little bit of color because he's very deep on our capital cycle and for some of those things. One of the things that is core to what we're doing on the capital side, though, is we don't want to sell a system to anybody, frankly, if there's not a surgeon champion who's established. We want people to always be standing on the dock waiting for the system. We want to have our launch team ready to go. We want to have patients prescreened and we want to drive that system very, very quickly.

嗯，是的。我先回答，然後也許請Kevin再補充一些細節，因為他對我們的資本採購週期（capital cycle）以及其中一些事項非常熟悉。不過，在資本端我們所做的核心之一是：坦白說，如果沒有已建立的外科醫師倡議者，我們不希望把系統賣給任何人。我們希望大家永遠是在碼頭上等著系統到來。我們希望上市團隊隨時待命。我們希望病患已完成預先篩選，並且希望非常、非常快速地推動該系統的使用。

And I think historically, we just were much looser on that process. If somebody wanted to buy a robot and we haven't identified a champion yet, it showed up on the dock, then the team would start working on that process. And now we just have a much more integrated approach on that, of making sure like when we sell a system that there's a home for it and there's a champion who's ready to go, and then we bring the launch team in and we try to drive case excellence from the very first cases we do with that system and try to establish it as a core therapy within their urology program.

我認為過去我們在這個流程上寬鬆得多。如果有人想買一台機器人，而我們還沒找到倡議者，系統就先送到碼頭，然後團隊才開始推動那個流程。現在我們採取更整合的方法：確保當我們賣出一套系統時，它有明確的落腳處，有一位已準備就緒的倡議者，接著我們引入上市團隊，並嘗試從該系統的第一批手術開始就推動病例卓越（case excellence），並努力把它建立為其泌尿科計畫中的核心療法。

And I just think we're just so much tighter about that now organizationally, and we're still building that muscle that that's going to be what I think really differentiates the organizational performance as we move through time. I'll ask if Kevin wants to add anything on customer mix or some of these other things.

我只是覺得我們在組織層面現在把這件事抓得緊很多，而我們也仍在鍛鍊這項能力；我認為這將會是隨著時間推進、真正拉開組織績效差距的關鍵。我想問Kevin是否要就客戶組合或其他一些面向補充。

Yes. I'll just add a follow-up point that I think it is a common misconception where we have said and we are seeing great relationships now with the top down with large IDNs. But at the same time, that does not mean we don't have the bottoms-up surgeon support within that IDN network. But historically, we only had the surgeon support, whereas now we're definitely being viewed as a viable technology across a much broader hospital network. And that is what we're seeing.

是的。我補充一點：我認為有一個常見的誤解。我們確實說過、也確實看到，我們現在與大型IDN（整合式醫療服務網）在自上而下層面建立了很好的關係。但同時，這並不代表在該IDN網路內我們沒有自下而上的外科醫師支持。只是過去我們只有外科醫師支持；而現在，我們明顯被視為可行的技術，能在更廣泛的醫院網路中被採用。這就是我們所看到的。

But to remind you, our Q1 results did not have any of those large IDN sales. So that's just another factor as well that gives us confidence in the full year system guidance.

但也提醒你，我們第一季的結果並不包含任何這些大型IDN的銷售。因此，這也是另一個因素，讓我們對全年系統指引更有信心。

Yes. I guess just to finish the thought, it's really both. If you have top-level administrative support, you don't have a surgeon champion, you can get the capital sale, but you're not going to get the pull-through on procedures that you want. If you have a surgeon champion that you don't have the administration that's supporting, bringing a new therapy in, then you're going to struggle with the capital sale and that cycle is going to go a lot longer.

是的，我想把這個想法補完整：其實兩者都需要。如果你有高層行政支持，但沒有外科醫師倡議者，你可能拿得到資本設備的銷售，但你不會得到你想要的手術量拉動（pull-through）。如果你有外科醫師倡議者，但沒有支持導入新療法的行政體系，那你在資本銷售上會很吃力，而且週期會拉得更長。

And I think what we're just really trying to do is just be super integrated about that and drive to where we have both pieces of those puzzles because when those 2 things come together really strongly, I think that's where we really drive utilization to where we want it to be.

而我認為我們真正想做的，就是把這兩者高度整合，推動我們同時具備這兩塊拼圖；因為當這兩件事都很強地結合在一起時，我認為那就是我們能把使用率推升到我們希望水準的時候。

Got it. That's helpful. I'll leave it there.

了解。這很有幫助。我就先到這裡。

Thanks, guys.

謝謝，各位。

Brandon Vazquez, William Blair.

Brandon Vazquez，William Blair。

Hey, guys, it's Max on for Brandon. I'll just do one quick one as well. First quarter gross margin was 65%. You guys reiterated the full year expectation of about 65%. Can you just walk us through some of the puts and takes given some of the revenue mix and ASP dynamics on the year and how that relates to gross margin and how we should be thinking about cadence for the rest of the year?

嗨，各位，我是代Brandon提問的Max。我也只快速問一題。第一季毛利率是65%。你們重申全年預期約65%。能否帶我們梳理一下今年在收入組合與ASP動態下的利多與利空因素，以及這與毛利率的關聯？另外，我們應該如何看待今年剩餘時間的節奏？

Yes, I can walk you through the year. Good question. So you pointed out in Q1, we did deliver 65% gross margin. That was driven sequentially by higher handpiece and system pricing and just our overall ability to leverage our overhead expenses. And as we move throughout the year, Q2 and Q3, you should think of very modest expansion in the next two quarters, somewhere in the 10 basis point to 20 basis point range over the next two quarters.

可以，我帶你走一遍全年。問得很好。你指出第一季我們確實交出65%的毛利率。這主要是由於手持器與系統定價較前一季提高，以及我們整體在分攤固定費用（overhead）方面的槓桿能力。隨著今年推進，在第二季與第三季，你可以預期接下來兩季會有非常溫和的擴張，大約在10到20個基點的區間。

But when you get to the fourth quarter, you have a multitude of factors. You have favorable revenue mix towards higher-margin handpieces. We have improved overhead absorption. And then just in general, we have total revenues, and we should be exiting the year in the 66%-plus range, but that will still translate to a full year margin at 65%. And definitely coming off of Q1, landing at our full year guide in Q1 at 65% gives us a greater degree of comfort with our full year margin guidance.

但到了第四季，你會看到多重因素：收入組合更偏向毛利較高的手持器；我們的固定費用吸收（overhead absorption）改善；以及整體而言，我們的總收入水準提升。我們在年底退出時的毛利率應會在66%以上，但全年仍會對應到65%的毛利率。而且從第一季來看，我們在第一季就達到全年指引的65%，這讓我們對全年毛利率指引更有把握。

Got it. Thanks, guys.

了解。謝謝，各位。

Thank you. This concludes our question-and-answer session and also today's conference call. Thank you for participating, and you may now disconnect.

謝謝。本次問答環節以及今天的電話會議到此結束。感謝各位參與，現在可以掛線。