PROCEPT BioRobotics Corporation (PRCT) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Q2 2026 PROCEPT BioRobotics earnings conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

各位好，感謝您稍候。歡迎參加 PROCEPT BioRobotics 2026 年第二季（Q2）財報電話會議。（接線員指示）請注意，今天的電話會議將被錄音。

I would now like to hand the conference over to your first speaker today, Webb Campbell, Investor Relations.

現在我想把會議交給今天的第一位講者，投資人關係部的 Webb Campbell。

Good afternoon, and thank you for joining PROCEPT BioRobotics second quarter 2026 earnings conference call. Presenting on today's call are Larry Wood, Chief Executive Officer; and Kevin Waters, Chief Financial Officer.

各位下午好，感謝您參加 PROCEPT BioRobotics 2026 年第二季財報電話會議。今天出席並發言的有：執行長 Larry Wood，以及財務長 Kevin Waters。

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. 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. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of today's date, August 4, 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.

在開始之前，我想提醒各位聽眾，本次電話會議中涉及未來計畫、事件或績效的陳述，屬於《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述。儘管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（SEC）提交的文件中更詳細揭露，相關文件均可於 www.sec.gov 線上查閱。提醒聽眾勿過度依賴這些前瞻性陳述；其僅反映截至今日（2026 年 8 月 4 日）的情況。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、新情況或未預期事件。

During this 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.

在本次電話會議中，我們也會提及若干並非依據 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，以及這些指標與其最接近 GAAP 對應項目的調節表，均已包含於我們的財報新聞稿中。

With that, I'd like to turn the call over to Larry.

接下來，我想把電話交給 Larry。

Good afternoon, and thank you for joining us. This was an important quarter for PROCEPT as we continue to execute against the priorities we established at the beginning of the year.

各位下午好，感謝大家加入我們。對 PROCEPT 而言，這是一個重要的季度，因為我們持續依照年初所確立的優先事項推進執行。

Coming into the year, we made several significant changes to our commercial organization, including realigning our regional structure and establishing a dedicated launch team to support the continued rollout of the HYDROS Robotic System. We also initiated patient activation pilots designed to help patients better understand Aquablation as a treatment option and make it easier for those seeking care to connect with participating physicians.

進入今年之初，我們對商業組織進行了數項重大調整，包括重新調整區域架構，並成立專責的上市導入（launch）團隊，以支援 HYDROS 機器人系統的持續推廣。我們也啟動了病患啟動（patient activation）試點計畫，旨在協助病患更了解 Aquablation 作為治療選項，並讓尋求醫療照護的病患更容易與參與的醫師建立連結。

Today, we remain focused on execution across the organization, including driving strong HYDROS system sales and procedure volume. I am encouraged by the dedication and effort of our team and the progress we're making, and I remain confident in the significant growth opportunity ahead.

目前，我們仍專注於全組織的執行力，包括推動 HYDROS 系統的強勁銷售與手術量。我對團隊的投入與努力以及我們所取得的進展感到鼓舞，並且對未來龐大的成長機會仍充滿信心。

In the second quarter, we delivered total revenue of $94.5 million, growing 19% year-over-year. We completed over 13,100 US procedures, growing 21%, a strong increase, but softer than our expectations. Importantly, the shortfall was not broad-based across our installed base. It was concentrated primarily in the legacy AquaBeam accounts. Our newer HYDROS accounts continue to perform well, with procedures per account significantly exceeding those of our legacy AquaBeam accounts during the second quarter. We believe this performance demonstrates the value of the HYDROS platform. Its enhanced imaging, workflow, and clinical capabilities are helping physicians adopt Aquablation more quickly and utilize the system more consistently.

第二季我們實現總營收 9,450 萬美元，年增 19%。我們在美國完成超過 13,100 例手術，成長 21%，增幅強勁，但低於我們的預期。重要的是，缺口並非遍及整個已安裝客戶基礎，而是主要集中在舊款 AquaBeam 客戶。較新的 HYDROS 客戶表現持續良好，第二季每個客戶的手術量顯著高於舊款 AquaBeam 客戶。我們認為這樣的表現展現了 HYDROS 平台的價值；其強化的影像、工作流程與臨床能力，正協助醫師更快採用 Aquablation，並更一致地使用系統。

The contrast between the performance of HYDROS and legacy AquaBeam accounts has also made the opportunity in our existing installed base increasingly clear. We are therefore accelerating our efforts to upgrade legacy AquaBeam systems to HYDROS. We sold 14 replacement systems during the quarter. We expect replacement activity to remain an important part of our commercial strategy.

HYDROS 與舊款 AquaBeam 客戶表現的對比，也讓我們在既有已安裝基礎中的機會愈發清晰。因此，我們正加速將舊款 AquaBeam 系統升級至 HYDROS 的工作。本季我們售出 14 台替換系統。我們預期替換活動將持續成為我們商業策略的重要一環。

These upgrades can create modest near-term disruption as accounts transition between platforms. However, based on the utilization we are seeing from HYDROS accounts, we believe upgrading the legacy installed base will improve account productivity and support stronger, more durable procedure growth over time.

這些升級在客戶於不同平台間轉換時，可能在短期內造成些許干擾。然而，基於我們在 HYDROS 客戶端所觀察到的使用率，我們相信升級舊款已安裝基礎將提升客戶生產力，並在時間推移下支撐更強勁且更具持續性的手術量成長。

Handpiece sales represented approximately 98% of procedures this quarter, and we continue to expect an approximate 1-to-1 ratio of handpieces to procedures for the full year. Regarding system sales, we saw strong system demand in the quarter, placing 65 HYDROS systems in total in the United States. This included 50 greenfield systems, 14 replacement systems, and one HYDROS system placed under an operating lease.

本季手持器（handpiece）銷售約占手術量的 98%，我們仍預期全年手持器與手術量大致維持約 1 比 1 的比例。就系統銷售而言，本季系統需求強勁，我們在美國共安裝（placed）65 台 HYDROS 系統，其中包括 50 台新客戶（greenfield）系統、14 台替換系統，以及 1 台以營運租賃（operating lease）方式安裝的 HYDROS 系統。

Approximately 40% of the HYDROS systems placed during the quarter were launched through our dedicated launch team, up from approximately 20% in the first quarter. We expect another meaningful increase in the third quarter. By year-end, we expect to have the capability to support the launch of all new HYDROS systems while maintaining the flexibility to prioritize dedicated launch resources where they can have the greatest impact.

本季安裝的 HYDROS 系統中，約 40% 由我們的專責上市導入團隊完成導入，高於第一季約 20% 的比例。我們預期第三季還會有另一波顯著提升。到年底，我們預期將具備支援所有新 HYDROS 系統導入的能力，同時保有彈性，將專責導入資源優先配置於最能產生影響的地方。

Early results remain encouraging, with newly launched accounts demonstrating shorter time to first case and stronger early utilization than we've historically observed. In addition, our increased focus on the replacement program has also been well received by customers and will enable us to retire legacy AquaBeam systems and relaunch them with HYDROS.

初步結果仍令人鼓舞：新導入的客戶在首次手術（first case）所需時間更短，且早期使用率較我們過去觀察到的水準更強。此外，我們對替換計畫的加強聚焦也獲得客戶良好回饋，並將使我們得以汰換舊款 AquaBeam 系統，並以 HYDROS 重新導入。

Turning to pricing, as I mentioned, pricing discipline remains fundamental to our strategy. Our team executed with that discipline in this quarter. Our Q2 greenfield HYDROS ASP was the highest to date, reinforcing the value customers place on Aquablation therapy. Overall, our US HYDROS system ASP was approximately $495,000, up from $485,000 we reported in the first quarter and $435,000 for the full year of 2025.

談到定價，如我所提，定價紀律仍是我們策略的基石。我們的團隊在本季以該紀律落實執行。我們第二季新客戶（greenfield）HYDROS 的平均售價（ASP）創下新高，進一步強化客戶對 Aquablation 治療價值的認同。整體而言，我們美國 HYDROS 系統 ASP 約為 49.5 萬美元，高於第一季所報告的 48.5 萬美元，也高於 2025 全年 43.5 萬美元的水準。

Hospital capital investment of that magnitude validates the commitment to building and expanding a long-term Aquablation program. Strong system sales this quarter give us continued confidence in the value of our platform and our customers, as well as the outlook.

如此規模的醫院資本投資，驗證了其對建立並擴展長期 Aquablation 計畫的承諾。本季強勁的系統銷售，讓我們對平台價值、客戶基礎以及整體展望持續保持信心。

Before I turn to guideline updates and our regulatory process, I would like to provide some additional context on our second quarter performance. While procedure growth did not accelerate to the degree I had expected, the shortfall was driven primarily by softer procedures across our legacy AquaBeam accounts. Despite these challenges with our legacy locked AquaBeam accounts, we made meaningful progress during the first half of the year.

在我轉到臨床指引更新與我們的法規流程之前，我想就第二季表現提供一些補充背景。雖然手術量成長未如我預期般加速，但缺口主要是由舊款 AquaBeam 客戶手術量偏弱所致。儘管我們在舊款、受限（locked）的 AquaBeam 客戶端面臨這些挑戰，我們在上半年仍取得了具意義的進展。

Most importantly, we demonstrated the durability of demand for the HYDROS platform through strong capital placements, accelerated system adoption within our replacement program, and meaningful improvements in average selling prices for both systems and handpieces.

最重要的是，我們透過強勁的資本設備安裝、在替換計畫中加速系統採用，以及系統與手持器平均售價的顯著改善，展現了 HYDROS 平台需求的韌性。

Operationally, we have completed several important initiatives that position the business for long-term success. We substantially completed the US sales force realignment and optimized account coverage across the organization. As part of that effort, at the beginning of the second quarter, we promoted our former head of capital sales, Kyle Kelch, to lead our entire US sales organization, providing greater leadership continuity and commercial focus.

在營運方面，我們已完成數項重要計畫，使業務具備長期成功的條件。我們大致完成了美國銷售團隊的重新編制，並在全組織內優化了客戶覆蓋。作為該項工作的一部分，在第二季初，我們將原資本設備銷售主管 Kyle Kelch 晉升為美國整體銷售組織的負責人，以提供更高的領導延續性與商業聚焦。

Beginning in June, procedure pace coverage transitioned to our clinical organization, allowing our sales representatives to spend their time in physicians' offices driving therapy adoption, referrals, and expanding utilization.

自 6 月起，手術節奏覆蓋（procedure pace coverage）已轉由我們的臨床組織負責，使銷售代表能將時間投入在醫師診所中，推動療法採用、轉介，以及擴大使用量。

We have also launched several direct-to-patient pilots. We are now active across 18 markets in the United States with television, radio, digital, and social media campaigns. We are actively gathering data to assess which channels and messages are most effective at engaging patients and motivating them to seek care. We're encouraged by the leading indicators we're seeing, including increased website traffic, stronger digital engagement, and greater interaction with our patient education resources.

我們也推出了數個直接面向病患（direct-to-patient）的試點計畫。目前我們已在美國 18 個市場投放電視、廣播、數位與社群媒體活動。我們正積極蒐集數據，以評估哪些渠道與訊息最能有效吸引病患並促使其尋求醫療照護。我們對所看到的領先指標感到鼓舞，包括網站流量增加、數位互動更強，以及病患衛教資源的互動度提升。

In summary, we believe the deliberate changes we have made establish the right foundation for durable, high-quality growth in the years ahead. It is also the right foundation for healthy growth margin expansion and our path to profitability. Today, we believe we are in a strong position to deliver our 2026 revenue and gross margin guidance, and we believe we are on track to deliver on our expectation for positive adjusted EBITDA in the fourth quarter.

總結而言，我們相信所做的審慎調整，為未來數年的持久且高品質成長奠定了正確基礎；同時也為健康的毛利率擴張以及邁向獲利的路徑奠定基礎。今天，我們認為自己處於有利位置，可達成 2026 年營收與毛利率指引，並且我們相信有望如預期在第四季實現正向的調整後 EBITDA。

Now I'd like to highlight a few important clinical and regulatory milestones from the quarter. In May, the American Urological Association strengthened its recommendation for Aquablation therapy in its updated BPH treatment guidelines, further recognizing Aquablation as an important surgical treatment option for men with BPH. This follows the European Association of Urology's upgrade of Aquablation to a strong recommendation earlier this year and reflects the continued strength and maturity of our clinical evidence. Today, Aquablation is supported by approximately 250 peer-reviewed publications, making it one of the most extensively studied technologies in BPH.

接下來我想重點說明本季幾項重要的臨床與法規里程碑。5 月，美國泌尿科醫學會（American Urological Association）在其更新的 BPH 治療指引中強化了對 Aquablation 治療的建議，進一步肯定 Aquablation 是 BPH 男性的重要外科治療選項。這是在今年稍早歐洲泌尿科學會（European Association of Urology）將 Aquablation 升級為強烈建議之後的延續，也反映我們臨床證據持續增強且日趨成熟。如今，Aquablation 已獲約 250 篇同儕審查（peer-reviewed）論文支持，使其成為 BPH 領域研究最為廣泛的技術之一。

Turning to our cancer initiative, we reached an important milestone in the second quarter by completing enrollment in WATER IV, our first randomized clinical trial evaluating Aquablation therapy versus radical prostatectomy, with all 280 patients enrolled. WATER IV reflects our commitment to building the highest level of clinical evidence. With a prospective randomized trial, we remain on track to present the primary endpoint results at the AUA annual meeting in the spring of 2027.

談到我們的癌症計畫，我們在第二季達成一項重要里程碑：完成 WATER IV 的收案。WATER IV 是我們第一項隨機分派臨床試驗，用以評估 Aquablation 治療相較於根除性前列腺切除術，且 280 名患者已全數完成入組。WATER IV 反映我們致力於建立最高等級臨床證據的承諾。透過前瞻性隨機試驗，我們仍按計畫於 2027 年春季的 AUA 年會上公布主要終點結果。

We also received FDA IDE approval for a second randomized protocol, WATER IV AS, which will evaluate Aquablation against active surveillance in men with grade group 1 and 2 disease, and that will be up to 333 patients globally.

我們也取得 FDA IDE 核准，用於第二個隨機試驗方案 WATER IV AS，該試驗將在第 1 與第 2 級分組（grade group 1 和 2）疾病的男性中，評估 Aquablation 相較於主動監測（active surveillance），全球最多將納入 333 名患者。

Lastly, I'd like to highlight our international progress. We continue to take a disciplined approach to market expansion, prioritizing geographies with attractive reimbursement and capital dynamics. The UK remains our largest international market, where we continue to see strong capital pipeline and encouraging adoption. We also remain focused on the opportunity in Japan.

最後，我想強調我們在國際市場的進展。我們持續以嚴謹自律的方式推進市場擴張，優先布局具吸引力的給付（reimbursement）與資本動態（capital dynamics）的地區。英國仍是我們最大的國際市場，我們持續看到強勁的資本設備管線以及令人鼓舞的採用情況。我們也持續聚焦日本的機會。

With that, I will turn it over to Kevin to walk through our financial results and guidance in more detail.

接下來，我把時間交給 Kevin，請他更詳細說明我們的財務結果與財測指引。

Thanks, Larry. Total revenue for the second quarter of 2026 was $94.5 million, representing 19% year-over-year growth. US revenue totaled $83.4 million, an increase of 20% compared to the second quarter of 2025. Turning to US procedures, we completed more than 13,100 US procedures during the second quarter of 2026, representing approximately 21% year-over-year growth. Handpiece sales remain closely aligned with procedure volumes, with a handpiece-to-procedure ratio of approximately 98%, while handpiece average selling price increased to approximately $3,550. As a result, US handpiece and other consumable revenue totaled $48.4 million, an increase of 12% compared to the second quarter of 2025.

謝謝，Larry。2026 年第二季總營收為 9,450 萬美元，年增 19%。美國營收合計 8,340 萬美元，較 2025 年第二季成長 20%。談到美國手術量，我們在 2026 年第二季完成超過 13,100 例美國手術，約年增 21%。手把（handpiece）銷售仍與手術量高度一致，手把對手術比率約為 98%，同時手把平均售價提升至約 3,550 美元。因此，美國手把及其他耗材營收合計 4,840 萬美元，較 2025 年第二季成長 12%。

US system revenue totaled $29.1 million in the second quarter, representing 32% year-over-year growth. During the quarter, we placed 65 HYDROS systems at an average selling price of approximately $495,000 for new US system placements, reflecting continued strength in both demand and pricing.

第二季美國系統營收合計 2,910 萬美元，年增 32%。本季我們共裝機 65 台 HYDROS 系統，新裝機的美國系統平均售價約 495,000 美元，反映需求與定價皆持續強勁。

As Larry mentioned, the 65 systems included 14 replacement systems, demonstrating momentum in the early stages of what we expect to become a growing replacement cycle. International revenue in the second quarter of 2026 was $11.1 million, representing year-over-year growth of 15%.

如 Larry 所提到，這 65 台系統中包含 14 台汰換系統，顯示我們預期將逐步形成並成長的汰換週期，在早期階段已展現動能。2026 年第二季國際營收為 1,110 萬美元，年增 15%。

Moving down the income statement. Gross margin was 66% in the second quarter, compared to 65% in the prior year period. Gross margin benefited from a $2.9 million tariff recovery recognized during the quarter. Total operating expenses for the second quarter of 2026 were $89.8 million, compared to $73.9 million in the prior year period. The increase reflects continued investment in the business, including targeted initiatives to drive patient activation and market awareness, ongoing innovation across our BPH platform, and increased funding for our WATER IV prostate cancer trial. We believe these investments position us to drive long-term growth while strengthening our clinical and technology leadership.

接著往下看損益表。第二季毛利率為 66%，高於去年同期的 65%。毛利率受惠於本季認列的 290 萬美元關稅回收（tariff recovery）。2026 年第二季總營業費用為 8,980 萬美元，去年同期為 7,390 萬美元。增加主要反映我們持續投資於業務，包括推動病患啟動（patient activation）與市場認知的重點計畫、在 BPH 平台上的持續創新，以及對 WATER IV 前列腺癌試驗的資金投入增加。我們相信這些投資能讓我們推動長期成長，同時強化我們在臨床與技術上的領導地位。

Net loss for the second quarter of 2026 was $26.9 million, compared to a net loss of $19.6 million in the second quarter of 2025. Adjusted EBITDA was a loss of $11.3 million, compared to a loss of $8 million in the prior year period. Cash, cash equivalents, and restricted cash totaled $231 million as of June 30, 2026, providing us with a strong balance sheet to support our strategic priorities.

2026 年第二季淨損為 2,690 萬美元，去年同期淨損為 1,960 萬美元。調整後 EBITDA 為虧損 1,130 萬美元，去年同期為虧損 800 萬美元。截至 2026 年 6 月 30 日，現金、約當現金及受限制現金合計 2.31 億美元，為我們提供強健的資產負債表以支持策略重點。

Looking ahead, we continue to expect improvements in both cash usage and adjusted EBITDA in the second half of the year, driven by higher revenue, increased operating leverage, and continued improvements in working capital.

展望未來，我們仍預期下半年在現金使用與調整後 EBITDA 兩方面都將改善，主要由更高的營收、更高的營運槓桿，以及營運資金的持續改善所帶動。

Moving to our 2026 financial outlook. 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. We also continue to expect international revenue of $50 million-$51 million.

接著看 2026 年財務展望。我們仍預期 2026 全年總營收約落在 3.90 億至 4.10 億美元區間，較 2025 年約成長 27% 至 33%。我們也仍預期國際營收為 5,000 萬至 5,100 萬美元。

Turning to procedure guidance. We now expect 2026 US procedures to be in the range of 54,000 to 56,000, representing growth of approximately 25% to 29% compared to the prior year. With respect to new US system pricing, we expect average selling prices of approximately $480,000 to $490,000 during the second half of the year. In addition, reflecting the strength of our replacement cycle, we now expect to complete approximately 40 replacement sales at the midpoint of our full year revenue guidance, with an average selling price of approximately $300,000 to $325,000.

接著談手術量指引。我們目前預期 2026 年美國手術量將落在 54,000 至 56,000 例區間，較前一年約成長 25% 至 29%。就美國新系統定價而言，我們預期下半年平均售價約為 480,000 至 490,000 美元。此外，反映汰換週期的強勁動能，我們目前預期在全年營收指引的中位數情境下，全年約完成 40 台汰換銷售，平均售價約 300,000 至 325,000 美元。

Turning to gross margins. We continue to expect full year 2026 gross margin of approximately 65%. We now expect full year 2026 operating expenses to be in the range of $355 million to $360 million, reflecting a disciplined increase in commercial investments aligned with our objective of accelerating procedure growth. We now expect adjusted EBITDA loss to be in the range of $35 million to $30 million while continuing to expect positive adjusted EBITDA in the fourth quarter of 2026 across both the low and high end of our full year revenue guidance.

接著談毛利率。我們仍預期 2026 全年毛利率約為 65%。我們目前預期 2026 全年營業費用將落在 3.55 億至 3.60 億美元區間，反映在商業投資上的自律性增加，並與我們加速手術量成長的目標一致。我們目前預期調整後 EBITDA 虧損將落在 3,500 萬至 3,000 萬美元區間，同時仍預期在 2026 年第四季，無論全年營收指引落在低端或高端，調整後 EBITDA 皆可轉為正值。

With that, I will turn the call back to Larry for some closing remarks.

接下來，我把電話會議交回給 Larry 做結語。

Thanks, Kevin. To close, we remain confident in the trajectory of the business. HYDROS continues to perform well with a sequential improvement in utilization and accounting for the majority of our procedure volume for the first time this quarter. With our commercial reorganization behind us, our launch team model continuing to scale, and a replacement cycle gaining momentum, we believe the business has become stronger and more durable. Combined with record system pricing and a growing installed base, we are well positioned to drive sustainable long-term growth. We remain excited about where PROCEPT is headed, and I want to thank our team for their continued execution and our shareholders for their support.

謝謝，Kevin。作為結語，我們對業務發展軌跡仍充滿信心。HYDROS 持續表現良好，使用率（utilization）較前一季提升，且本季首次占我們手術量的大多數。隨著商業重組已告一段落、我們的上市團隊（launch team）模式持續擴大，以及汰換週期動能增強，我們相信公司已變得更強健、更具韌性。再加上創紀錄的系統定價與持續成長的裝機基礎（installed base），我們已具備推動可持續長期成長的良好條件。我們對 PROCEPT 的未來走向仍感到振奮，並感謝團隊持續落實執行，也感謝股東的支持。

With that, I'd like to open it up for questions.

接下來，我想開放提問。

(Operator Instructions)

（接線員指示）

Matthew O'Brien, Piper Sandler.

Matthew O'Brien，Piper Sandler。

Either Larry or Kevin, on the system side of things for starters, it looks like when you back out the replacements that you're about flat on the system side for 2026 versus 2025. Is that right? How quickly do you think you can get through this replacement cycle and get all your legacy Aquablation systems converted over as many as possible over to HYDROS? I do have a follow-up.

Larry 或 Kevin 皆可，先從系統端開始看，若把汰換因素扣除後，看起來你們 2026 年相較 2025 年在系統端大致持平。是這樣嗎？你們認為能多快走完這個汰換週期，並把既有的 Aquablation 舊系統盡可能多地轉換為 HYDROS？我還有一個追問。

I'll start with your first question, then I'll pass the replacement question to Larry. Our system expectations are somewhere in the 210-220 range is what our guidance implies, which for greenfield systems is really unchanged from our thought process going into the full year. There's really been no change to our system guidance except updating the average selling prices now that we have two quarters under our belt.

我先回答第一個問題，接著我會把汰換的問題交給 Larry。我們對系統的預期大約在 210 到 220 台區間，這是我們指引所隱含的水準；就綠地（greenfield）系統而言，基本上與我們在年初對全年的思考並無改變。除了在我們已有兩季數據後更新平均售價之外，我們的系統指引並沒有其他變動。

As it relates to our replacement strategy, in Q1, we just launched our first pilot. I think one of the things that we said was 2026, we really wanted to refine the playbook, and it was just going to be sort of a build. I think we've been really pleased with the demand we've seen from customers and the attractiveness of the upgrade system or the upgrade process that we're running. Clearly, doing 14 in Q2 was above what we would've modeled at the beginning of the year.

至於我們的汰換策略，第一季我們剛啟動第一個試點（pilot）。我想我們當時提到的一點是，2026 年我們主要希望把作戰手冊（playbook）打磨得更完善，並且會是逐步建立的過程。我們對客戶端所看到的需求，以及我們所推動的升級系統或升級流程的吸引力，感到非常滿意。很明顯地，第二季做到 14 台，超出我們在年初所建立的模型預期。

We think that's going to continue to remain attractive for customers. I think Kevin said at the midpoint of our guidance, that would imply about 40 systems for the full year. That's kind of where we're tracking. I think this is going to be a big part of 2027 as well, and I think as we think about procedures, the more that we can upgrade our systems from AquaBeam to HYDROS, and at the same time relaunch those under a launch team model, I think is going to be something that lifts utilization over time.

我們認為這對客戶而言仍會持續具有吸引力。我想 Kevin 提到，以我們指引的中位數來看，全年大約意味著 40 台系統，這大致就是我們目前的進度。我認為這在 2027 年也會是很重要的一部分；而且當我們思考手術量時，我們能把系統從 AquaBeam 升級到 HYDROS 的比例越高，同時再以上市團隊（launch team）模式重新啟動這些據點，我認為將會在時間推移下提升使用率。

The follow-ups on the guide for the year, I'm fiddling with the model here as quickly as possible, you're taking out, what is it, $23 million to $24 million in hand piece revenue, offsetting it somewhat with replacement revenue. I'm having a hard time getting the model kind of to the mid to upper point of your range. I'm not sure if there's something I'm missing there, or I guess why not just take the full year total revenue guidance down somewhat, just given the procedure reduction that we've seen here?

關於全年指引的追問，我正在盡快調整模型；你們等於拿掉了大概 2,300 萬到 2,400 萬美元的手把（hand piece）營收，並以汰換營收部分抵消。我很難把模型推到你們區間的中位到上緣。我不確定是不是我漏了什麼，或者說，既然我們看到手術量下修，為什麼不把全年總營收指引也相對下調一些？

If you look at pricing and the variables we've included, it will put total system revenue, Matt, somewhere in kind of the $115 million to $122 million range if you assume the midpoint of the replacement range and updating for system average selling prices.

如果你看一下定價以及我們納入的變數，並假設以更換區間的中點並更新系統平均售價（ASP），那麼系統總收入，Matt，大概會落在1.15億至1.22億美元的區間。

We also said that on a full year basis, we expect hand pieces sold to be at a 1-to-1 ratio to procedures, which would mean there is an expectation in the third and fourth quarter that hand pieces sold will probably be anywhere from 1% to 3% of total procedures, which puts total hand piece revenue somewhere in the $200 million to $215 million range. When you look at international at $50 million to $51 million, that essentially gets you to the range of $390 million to $410 million.

我們也提到，以全年為基礎，我們預期手柄（hand pieces）銷售與手術量將維持1比1的比例，這意味著在第三與第四季，手柄銷售預期可能約占總手術量的1%到3%，使得手柄總收入大約落在2.00億至2.15億美元的區間。再加上國際市場的5,000萬至5,100萬美元，基本上就會落在3.90億至4.10億美元的區間。

Brandon Vazquez, William Blair.

Brandon Vazquez，William Blair。

Maybe first at a little bit of a high level. Larry, can you kind of reflect back a quarter ago on the prior guidance versus today? In the past three months, what has changed? What's been more difficult than you would have anticipated in terms of ramping utilization and getting to that full year procedure number? Just to kind of understand a little bit more of the moving pieces of what's going on in the business.

也許先從較高層次來看。Larry，你能否回顧一下大約一季前的先前指引與今天相比？過去三個月有哪些變化？在提升使用率並達到全年手術量目標方面，有哪些比你原先預期更困難的地方？我想更了解一下業務中正在發生的各個變動因素。

Yeah. I think the biggest thing is that we've just seen more softness with our legacy AquaBeam accounts than what we anticipated. HYDROS continues to perform well and perform in line with expectations. It's pretty much there. I think that we've continued to drive the reorganization or realignment of our sales force. I think that is complete now, and that's largely overall behind us. And we were able to get reps into more of a selling mode starting in June, where they're not doing daily case coverage anymore. They only do that on an exception basis.

是的。我認為最大的因素是，我們在既有的AquaBeam客戶上看到的疲軟程度比我們預期更大。HYDROS持續表現良好，且符合預期，基本上都到位了。我想我們也持續推動銷售團隊的重組或重新調整；我認為現在已經完成，整體而言大致已經告一段落。我們也從6月開始讓業務代表更進入銷售模式，因為他們不再每天做病例覆蓋（case coverage），只有在例外情況下才會這麼做。

I think we've gotten those things completed. That might have taken a little bit longer than what we wanted, but we needed to make sure we had worked out the coverage model before we pulled our sales reps out of cases. I think it's those two things, but the primary thing is we've just seen a softening in our legacy AquaBeam accounts, and that's what's driven most of the change.

我認為這些事情我們都完成了。這可能比我們希望的花了更久一點，但在把業務代表從手術病例中抽離之前，我們必須確保覆蓋模式已經理順。我想就是這兩件事，但主要原因是我們在既有AquaBeam客戶上看到需求轉弱，而這驅動了大部分的變化。

Okay. Maybe as my follow-up on that last piece, historically, when HYDROS first came out, this was of course a great upgrade, and there were a lot of features for it, but it was never really portrayed as like HYDROS was meaningfully doing more procedures. I know we maybe heard some anecdotals that the improved efficiencies would help people do a couple more procedures here or there.

好的。也許我接著追問你剛才最後那一點。過去HYDROS剛推出時，這當然是一個很棒的升級，也有很多功能，但從來沒有真正被描述成HYDROS能顯著帶來更多手術量。我知道我們可能聽過一些零星說法，認為效率提升會幫助醫師多做幾台手術。

But it kind of sounds like that's changing now, and I'm kind of curious if you can spend a little bit of time on why that might be the case, why the legacy AquaBeam system seems to be performing so much worse. Is it accounts, or is it the systems? Do you guys have a good sense of what that is as you go forward? Thanks, guys.

但現在聽起來情況似乎正在改變，我也很好奇你能否花點時間談談為什麼會這樣、為什麼既有的AquaBeam系統表現看起來差這麼多。這是客戶端的問題，還是系統本身的問題？你們對未來走向是否有比較清楚的判斷？謝謝各位。

Yeah. I don't know that we fully understand what's driving all those dynamics. I think there's been some speculation, and we've gotten some anecdotal feedback from the team. I think in some situations where we have doctors that practice at multiple hospitals, if they can move their patients over to HYDROS just because it's more efficient and the imaging is better and the AI is certainly better, that they'll preferentially do that. But I don't think we've fully unpacked that yet. Previously AquaBeam had been pretty stable, the declines are fairly recent, so we're still digging into it.

是的。我不確定我們是否已完全理解驅動這些動態的原因。我想外界有一些推測，我們也從團隊那邊收到一些零星回饋。我認為在某些情況下，如果有醫師在多家醫院執業，而他們可以把病人轉到HYDROS上，因為它更有效率、影像更好、AI當然也更好，那他們可能會優先選擇那樣做。但我們還沒有把這件事完全拆解清楚。過去AquaBeam一直相當穩定，這些下滑是相對近期才出現，所以我們仍在深入了解。

At the same time, HYDROS has been very resilient. It's been very robust, and we've been pleased with the utilization of HYDROS. I think we probably have also spent probably more time from a marketing standpoint and from a sales standpoint, focusing on the features and benefits of HYDROS, and I think that's one of the reasons that that system's doing well, and I think that's also reflected in the desire for people to upgrade their systems from our legacy systems to HYDROS, which a year ago we weren't really seeing that sort of pull-through and that sort of demand. I think it's a combination of our trading strategy, but also really focusing on the features and benefits and the improvements that the HYDROS system offers that's driving that.

同時，HYDROS一直非常有韌性、非常穩健，我們對HYDROS的使用率感到滿意。我想我們在行銷與銷售面向，可能也花了更多時間聚焦在HYDROS的功能與效益上；我認為這是該系統表現良好的原因之一。我也認為這反映在大家想把系統從既有機型升級到HYDROS的意願上；一年前我們其實還沒有看到這種帶動效應（pull-through）與需求。我想這是我們的換機策略，再加上我們確實聚焦在HYDROS系統所提供的功能、效益與改進，這些共同驅動了目前的表現。

Nathan Treybeck, Wells Fargo.

Nathan Treybeck，Wells Fargo。

Larry, are you hearing anything from your commercial organization on any potential impact from the change in physician RVUs or the growth in competitive procedures like PAE?

Larry，你是否從商業團隊那邊聽到任何關於醫師RVU變動，或像PAE這類競爭性療程成長，可能帶來影響的訊息？

Certainly, the RVU thing we did hear some feedback from our customers. But I think whenever RVUs change or whenever there's things like that, you're always going to hear some noise on that. I don't think that's been a meaningful headwind for us. Again, if that was really the underlying issue, then I would expect to see that across both of our commercial platforms rather than just the AquaBeam platform. I don't really think that that's it.

當然，關於RVU這件事，我們確實有從客戶那邊聽到一些回饋。但我想只要RVU有變動或出現這類事情，你總是會聽到一些雜音。我不認為這對我們構成了實質性的逆風。再說，如果那真的是根本原因，我會預期在我們兩個商業平台上都會看到影響，而不會只出現在AquaBeam平台。我不太認為是這個原因。

As it relates to PAE, I know there's been a lot made about the proposed CMS rules. If you look at the hospital outpatient facility fees, all of it sort of went up by similar amounts. That hasn't really changed a lot. We know that PAE has been growing, but I think a lot of that is pulling patients off the sidelines who aren't ready for a surgical procedure. We know that the procedure is just simply not very durable. I've spent time in the field, and I've talked to customers, and for a lot of folks, a significant part of their practice now is doing a second procedure after a failed PAE. We've also gotten that feedback from patients as well.

至於PAE，我知道外界對於CMS擬議規則有很多討論。如果你看醫院門診機構費用（hospital outpatient facility fees），基本上各項都以類似幅度上調，這並沒有太大改變。我們知道PAE一直在成長，但我認為其中很大一部分是把原本還沒準備好接受外科手術的病人從觀望狀態拉進來。我們也知道這個療程的持久性（durability）其實不高。我在第一線待過，也和客戶聊過；對很多醫師而言，他們現在相當大的一部分業務是在PAE失敗後做第二次處置。我們也從病人那邊收到同樣的回饋。

I don't think it's a lingering headwind, and I don't think it's the same basic patient population. Certainly, there's some overlap there, but I don't think it's really the issue. I think we need to continue to execute on the clinical superiority of our procedure, especially compared to other surgical approaches, and continue to drive that, and that's where our biggest opportunity even lies.

我不認為這是一個持續性的逆風，也不認為它面對的是同一個核心病人族群。當然兩者之間有一些重疊，但我不覺得這才是問題所在。我認為我們需要持續落實我們療程的臨床優勢，特別是相較於其他外科手術方式，並持續推動這一點；而這也是我們最大的機會所在。

Can you say what percent of your install base today is AquaBeam?

你能說一下你們目前裝機基礎（install base）中，AquaBeam占比是多少嗎？

I think it's fairly close to 50/50 right now. HYDROS is doing more cases, but I think it's fairly close to 50/50.

我認為目前大概接近50/50。HYDROS做的病例數更多，但我想整體占比大致接近50/50。

(Operator Instructions)

（接線員指示）

Vijay Kumar, Evercore.

Vijay Kumar，Evercore。

Hey, one on this procedure utilization. I know it's been a key metric for you, procedure growth. The comment you made on legacy versus new account dynamics, right? How much of this is a function of Salesforce reorg? Is there any comp metric changes that's driving this? How do you rectify this, right?

嗨，我想問一個關於手術使用率的問題。我知道這一直是你們的關鍵指標之一，也就是手術量成長。你提到既有客戶與新客戶的動態差異，對吧？這其中有多少是銷售團隊重組的影響？是否有任何薪酬指標（comp metric）的變動在驅動這些情況？你們要如何矯正這個問題？

I think related to that, the peer-to-peer utilization is coming down. Why are hospitals buying systems? You guys seem really bullish on systems, right? I'm hard-pressed to see hospitals paying half a million for new systems if they're not going to use these systems. Can you address this utilization peer debate, please?

我想相關地，同業之間的使用率（peer-to-peer utilization）正在下降。那醫院為什麼還要買系統？你們看起來對系統銷售非常樂觀，對吧？如果醫院不打算使用這些系統，我很難想像他們會花50萬美元買新的系統。你能否回應一下這個使用率的同業比較爭論？

I don't think anybody's buying a half-million-dollar system to put it on the shelf and not use it. I think hospitals understand the importance of needing Aquablation in their facilities, and I think the case that we make for HYDROS is a strong case, and I think we've seen that in both greenfield and in replacements.

我不認為有人會買一套50萬美元的系統放在架上不用。我認為醫院了解在院內具備Aquablation的重要性；而且我們對HYDROS所提出的論述很有說服力，我們也在新設點（greenfield）與汰換（replacements）兩方面看到了這一點。

Again, the performance we're seeing out of HYDROS is very much in line with our expectations. I think AquaBeam, it's an older system now. It doesn't offer all the features and benefits of HYDROS, and I think, again, we don't fully understand why we've seen the decline there because it's been stable historically. That doesn't distract at all from how well the HYDROS system is performing. I think it just really drives our strategy for encouraging replacements.

再說一次，我們看到HYDROS的表現非常符合我們的預期。我認為AquaBeam現在是一個較舊的系統，它沒有HYDROS的所有功能與效益；而且我想我們仍未完全理解為什麼那邊會出現下滑，因為它過去一直很穩定。但這完全不會影響HYDROS系統表現得有多好。我認為這反而更強化了我們鼓勵客戶進行汰換的策略。

But if we were seeing a softness in capital, I think it'd be a different concern, but we're selling capital at levels that we're very, very pleased with, and we're doing at our highest-ever pricing. We also see very good pricing on our hand pieces, and I think that reflects the clinical value that we bring to the table.

但如果我們看到資本設備（capital）需求轉弱，那我會有不同的擔憂；然而我們的資本設備銷售水準讓我們非常、非常滿意，而且我們正以歷史最高的定價在銷售。我們也看到手柄有非常好的定價，我認為這反映了我們所帶來的臨床價值。

Kevin, one for you. I know the procedure guidance is updated. You've reiterated gross margins. When I look at the Analyst Day and the LRP you laid out, procedure was 25% to 30%. Given FY26 is now 25% to 29%. Are the LRP targets still intact both for procedures and gross margins? It feels that gross margins came down ex tariff refunds, and given the mix change, perhaps it's prudent for Street not to be modeling with your Analyst Day outlook.

Kevin，這題給你。我知道你們已更新手術量指引。你也重申了毛利率。當我回頭看你們在分析師日與你們提出的 LRP（長期計畫）中，手術量是 25% 到 30%。但現在 FY26 變成 25% 到 29%。LRP 的目標在手術量與毛利率兩方面是否仍然維持不變？感覺毛利率在扣除關稅退稅後是下來的，再加上產品組合改變，或許市場不應再用你們分析師日的展望來建模，這樣會比較審慎。

Let me take both of those. I'll bucket them the same. On this call, we've obviously reiterated our '26 numbers. The ranges for 2027 revenue guidance are still in the ballpark. As we get closer to year-end, we'll formalize our '27 guidance within our normal cadence. As I said earlier, I think what we put forth at Investor Day is still in the ballpark.

我把這兩個一起回答，我會把它們歸在同一類。在這通電話上，我們顯然重申了我們 2026 年的數字。2027 年營收指引的區間仍大致在同一範圍內。隨著我們更接近年底，我們會依照一貫節奏正式提出 2027 年指引。就像我先前說的，我認為我們在投資人日提出的內容仍大致在合理範圍內。

Just regarding the other areas, whether it be procedures or profitability, we will update our 2027 guidance on our normal cadence. With that said, we do feel good about the underlying trends that supported our LRP, and there's really nothing to update right now, given the performance in the first two quarters here, where we felt we needed to make an adjustment.

至於其他面向，不論是手術量或獲利能力，我們都會依照一貫節奏更新 2027 年指引。話雖如此，我們對支撐 LRP 的基本趨勢感到樂觀；就目前前兩季的表現而言，沒有任何需要更新的地方，也沒有讓我們覺得必須做調整的情況。

(Operator Instructions)

（接線員指示）

Stephanie Elghazi, Bank of America.

Stephanie Elghazi，美國銀行。

I just wanted to follow up on the procedure guidance for the year, which I think you're lowering by about 7,000 at the midpoint. I was hoping if you could just explain a bit what the underlying assumptions are there in terms of what you're assuming for the AquaBeam softness that you saw in Q2, as well as HYDROS, and then also just from a commercial reorganization benefits ramping that you had expected as well as competition.

我想追問一下你們今年的手術量指引，我認為你們在中位數大約下調了 7,000 例。我希望你們能說明一下背後的假設：你們對於 Q2 看到的 AquaBeam 疲弱、以及 HYDROS 的表現分別做了哪些假設？另外也包括你們原先預期的商業組織重整效益的爬坡，以及競爭因素。

I think the biggest thing is the guidance that we've laid out assumes no improvement in the AquaBeam sites. Frankly, at the lower end of the range, it doesn't assume any real improvement in the HYDROS performance as well. It keeps things pretty consistent.

我認為最主要的是，我們提出的指引假設 AquaBeam 站點不會有任何改善。坦白說，在區間下緣，也不假設 HYDROS 的表現會有任何實質改善；基本上是維持相當一致的狀態。

As we think about how the year or the cadence of the quarters go, we still expect to see an incremental pickup from Q2 to Q3, but we always see some seasonality in Q3 with vacations in the summer months. But then, we typically have our strongest quarter in Q4, and all of those things are the things that are baked into the model. The lower end of our range is basically not seeing any improvement from how we're performing today. I think the higher end of our range says some of our things start to take hold and we start seeing that improvement, and that's how we came up with that range.

當我們思考今年或各季的節奏時，我們仍預期從 Q2 到 Q3 會有一些增量回升，但 Q3 一向會受到季節性影響，因為暑假月份有休假因素。不過我們通常在 Q4 會是最強的一季，這些因素都已納入模型。區間下緣基本上是假設從我們今天的表現來看不會有任何改善。我認為區間上緣則是假設我們的一些措施開始發揮效果、開始看到改善，這就是我們得出該區間的方式。

I don't know, Kevin, anything to add on that?

Kevin，你還有什麼要補充的嗎？

No, I think Larry was spot on there. Nothing to add.

沒有，我覺得 Larry 說得很到位。沒有要補充的。

Just on the EBITDA guidance, you're expecting more spend now than you were previously. What are the main drivers of that, and what are the increased areas of commercial investment that you mentioned?

再問一下 EBITDA 指引，你們現在預期的支出比先前更多。主要驅動因素是什麼？以及你們提到的商業投資增加，具體是增加在哪些領域？

Yeah. We had mentioned it's primarily around our commercial organization. We did mention that we have launched a pilot now in 18 markets on DTC and patient activation. We're going to do this very thoughtfully. While we increased our OpEx guidance, we have looked at other areas in the organization where perhaps we don't need to spend as much, and we've made those decisions here internally, such that our Q4 guidance still suggests, even at the low end of revenue, that we will be EBITDA positive exiting the year.

是的。我們提到主要是在我們的商業組織。我們也提到目前已在 18 個市場啟動 DTC（直面消費者）與病患啟動（patient activation）的試點。我們會非常審慎地推進。雖然我們上調了 OpEx 指引，但我們也檢視了組織內其他領域，可能不需要投入那麼多，並已在內部做出相關決策；因此我們的 Q4 指引仍顯示，即使在營收區間下緣，我們在年底時仍將以 EBITDA 轉正的狀態收官。

Richard Newitter, Truist Securities.

Richard Newitter，Truist Securities。

Maybe the first one on the procedure comment, Larry, that you just made. I guess you said that there's seasonality in the third quarter, but you expect a sequential uptick in procedures. I guess that puts a little less burden on the 4Q, but there's still an implied step-up in utilization on some level in the back half. One, just calibrate us on exactly how we should model procedures between 3Q and 4Q.

第一個問題是關於你剛才對手術量的評論，Larry。我想你說第三季有季節性，但你預期手術量會季比上升。這樣看起來會讓第四季的壓力小一些，但下半年在某種程度上仍隱含使用率的提升。第一，請你幫我們校準一下，我們應該如何在 3Q 與 4Q 之間建模手術量。

And then the second part of that question really is what's driving that improvement if legacy AquaBeam doesn't improve? Is it just that you're no longer seeing the disruption from the sales rep changes and those are actually going to start yielding the hoped-for utilization kind of performance improvement fruit? What's ultimately going to drive the improvement as we move through the year if you don't hit the low end of your guidance?

第二部分是，如果既有的 AquaBeam 沒有改善，那麼改善是由什麼驅動？是否只是因為你們不再受到業務代表變動帶來的干擾，而這些變動將開始產生你們所期望的使用率提升成果？如果你們不落在指引下緣，隨著今年推進，最終會是什麼驅動改善？

Well, a couple things. I think, first of all, we continue to launch new systems, and in Q1, about 20% of our systems were launched under the launch team, and we got that up to about 40% in Q2, and we expect to see a solid step-up in Q3 as we scale the launch team.

嗯，有幾點。首先，我們持續推出新系統；在 Q1，大約 20% 的系統是由 launch team（導入團隊）模式完成導入，Q2 我們把這個比例提高到約 40%，而隨著我們擴大導入團隊規模，我們預期 Q3 會再有明顯提升。

I think as we launch those new systems and we do that in a launch team model, those things are certainly going to contribute to us. I think some of the leading indicators from our direct innovation programs we're very encouraged by, and I think that that's going to help drive patients into the system, which I think is a positive. As we replace legacy systems, I think that's something that can give us a boost as well.

我認為，當我們以導入團隊模式推出這些新系統時，這些確實會對我們有所貢獻。我們對直面創新計畫（direct innovation programs）的一些領先指標感到非常鼓舞，我認為這將有助於把病患導入體系，這是正面的。當我們替換既有系統時，我認為這也能帶來一些助力。

Again, at the low end of the range, it assumes very little improvement, and at the high end of the range, that's where some of these things start to play in. As I think about the quarter, the step up from Q2 to Q3, I think is going to be pretty modest, just again to the seasonality. but I think we expect to see a significant step up in Q4, which is a historical pattern that we've seen before.

再次強調，在區間下緣，假設改善非常有限；在區間上緣，則是這些因素開始發揮作用。就季度節奏而言，從 Q2 到 Q3 的提升我認為會相當溫和，主要還是因為季節性；但我們預期 Q4 會有顯著的跳升，這也是我們過去看到的歷史模式。

Okay. If I could just ask one more on the DTC step up or the increased spending related to activation of patients. Are you reliant on that as you head into '27 to drive incremental adoption into the opportunity? Or is that something, to get to the same place that you were thinking about when you laid out your LRP and the growth objectives there, or do you still have enough runway as it is today with people in the channel?

好的。那我再多問一題，關於 DTC 的加速或與病患啟動相關的支出增加。你們在邁向 2027 年時，是否仰賴這件事來推動機會中的增量採用？或者說，為了達到你們在提出 LRP 與成長目標時所設想的同一位置，這是必要的嗎？還是以目前通路中的人員配置，你們其實仍有足夠的跑道？

Well, our number one opportunity is converting competitive surgical cases, and that is our immediate near-term focus, and that's what we have the team really fixated on. I think that as we laid out during our Investor Day in February, there's a lot of patients sitting on the sideline that have failed drug therapy and other things that are frankly looking for a better solution but don't know what it is. I think there's an opportunity to activate these patients, but that's a longer-term play.

我們第一大機會是把競品的外科手術病例轉換過來，這是我們眼前近期的重點，也是團隊目前最專注的方向。我認為，正如我們在二月投資人日所說，有很多病患仍在觀望，他們藥物治療失敗或有其他情況，坦白說正在尋找更好的解決方案，但不知道是什麼。我認為啟動這些病患是個機會，但那是較長期的布局。

But from an expense standpoint, we're very focused on how do we make these investments in direct-to-patient things, but also still hit all of our bottom-line financial goals. I think as we look across the organization, in most of our functions, I think we've reached a critical mass on those, and those are things that are going to drive leverage as we go forward, as we make these incremental investments on the commercial side.

但從費用角度來看，我們非常專注於如何在投資這些直達病患（direct-to-patient）的項目同時，仍能達成所有底線的財務目標。我認為當我們檢視整個組織，在大多數職能上，我們已達到某種臨界規模；隨著我們在商業端做這些增量投資，這些職能將在未來帶來槓桿效益。

I'll turn it over to Kevin to provide more detail on that. I think we feel good overall about our long-term financial health.

我把問題交給 Kevin 來提供更多細節。我想我們整體對長期財務健康狀況感到樂觀。

We do believe that '27, and without getting in too far ahead of ourselves with guidance, is the year, though, where we could demonstrate greater operating leverage than we did in '26, even with increased investments around patient activation. I'll just say that today. If you look at our R&D spend as a percent of sales, we've been very transparent that that is going to come down over time.

我們確實相信 2027 年——在不過度超前談指引的前提下——會是我們能展現比 2026 年更高營運槓桿的一年，即使我們增加了病患啟動相關投資。我先說到這裡。如果你看我們的研發支出占銷售比重，我們一直很透明地表示，這個比重會隨時間下降。

The big bolus of spend in R&D was primarily related to WATER IV over the last 18 months, and we'll start to see those expenses come down along with some other internal efficiencies in G&A that we're working on today. We will be able to demonstrate greater operating leverage moving forward such that that pathway to profitability is maintained even with increased patient activation. This is a game of trade-offs. It's not incremental spend of the business.

過去 18 個月研發支出的主要大筆投入，主要與 WATER IV 有關；接下來我們會開始看到這些費用下降，同時也會看到我們目前正在推動的一些 G&A（一般及行政）內部效率提升。我們將能在未來展現更高的營運槓桿，使得即便增加病患啟動投入，通往獲利的路徑仍能維持。這是一個取捨的遊戲，並不是在既有業務之上單純增加支出。

Mason Carrico, Stephens.

Mason Carrico，Stephens。

This is Ben on for Mason. I'll probably just keep it to one here. Could you characterize the mix of Q2 placements between single site deals and any multi-system IDN orders? And then how should we think about IDN orders, those bulk orders relative to the full year guide? Is there a certain level of multi-system contribution baked into that number, or would any incremental IDN activity represent upside from here?

我是代 Mason 發問的 Ben。我大概只問一題。你們能否描述一下 Q2 的裝機（placements）組合：單一站點交易與任何多系統的 IDN（整合式醫療網）訂單各占多少？另外，我們應該如何看待 IDN 訂單、也就是那些批量訂單，相對於全年指引的關係？該數字中是否已納入一定程度的多系統貢獻，還是任何額外的 IDN 活動都會構成從現在起的上行空間？

Yeah. Q2, I would suggest the characterization is very similar to Q1, where we were not reliant on any large multi-system IDN deal. But at the same time, we did have multiple deals with hospitals affiliated with IDNs, but nothing that I would consider a bulk purchase. Our guide for the remainder of the year is not reliant on any type of bulk purchase.

是的。第二季，我會建議其特性與第一季非常相似，我們並不依賴任何大型、多系統的 IDN 交易。但同時，我們確實與隸屬於 IDN 的醫院達成了多筆交易，但沒有任何一筆我會認為是大量採購。我們對今年剩餘期間的指引並不依賴任何形式的大量採購。

However, we did give a range for average selling prices that would reflect a downside if we were to get any large IDN orders. In normal course of business, our guidance does not assume we're reliant on any one large hospital network executing a large order.

不過，我們確實給出了平均售價（ASP）的區間，若我們拿到任何大型 IDN 訂單，該區間會反映出下行風險。在正常營運情況下，我們的指引並不假設我們依賴任何單一大型醫院網路去執行一筆大額訂單。

David Rescott, Baird.

David Rescott，Baird。

I appreciate the comments you provided so far around the HYDROS utilization. Wanted to ask more about, or if you could provide some more color on how you're proactively accelerating that changeover there. Maybe what's contemplated in the guide with that for 2026, and how we should think about that as you exit the year.

感謝你們目前為止針對 HYDROS 使用率所提供的評論。我想再多問一些，或是請你們補充一些細節，關於你們如何主動加速那邊的轉換。也許在 2026 年的指引中對此有何規劃，以及當你們在年底收官時，我們應該如何看待這件事。

And then I think you touched on some gross margin commentary as well, but can you remind us, I guess, of the moving pieces around how the updated guide accounts for some of the moving pieces here?

另外我想你們也提到了一些毛利率的評論，但能否提醒我們一下，更新後的指引是如何把這裡一些變動因素納入考量的？

Well, I think it's a few things. One, if you look at our HYDROS system, we're continually upgrading those systems with software and with capabilities and advancing the AI. I think that keeps the system very fresh and up to date in the eyes of the customer. I think that's part of it.

我想主要有幾個因素。第一，如果你看我們的 HYDROS 系統，我們持續透過軟體與功能來升級這些系統，並推進 AI。我認為這讓系統在客戶眼中保持非常新穎且與時俱進。我想這是其中一部分。

I think also, we continue to drive a replacement strategy, and as we do that, I think that that's going to be a lift. The last thing is the launch teams. As our base grows to more and more systems that were launched under a launch team model, we think those systems are going to come with a durable increase in utilization. The more of those we have in our install base, the more that's going to improve our utilization.

另外，我們也持續推動汰換策略，而在我們這麼做的同時，我認為這將帶來提升。最後一點是導入團隊（launch teams）。隨著我們的基礎擴大，越來越多系統是在導入團隊模式下啟動，我們認為這些系統的使用率將出現可持續的提升。我們安裝基礎中這類系統越多，使用率就會越改善。

I'll turn it over to Kevin on the gross margin front.

毛利率方面我交給 Kevin 來說明。

Yeah. Just to remind you that the standard cost of both disposables and capital, it does vary quarter-to-quarter given the variability of cost, given the production levels of inventory. But on the whole, for the full year, we feel very comfortable right now with our guide of 65%. And even with a lower ASP on these replacement sales, which is somewhat offsetting to our normal standard margin, but we think that is made up over time by the increase in procedures that we expect those HYDROS systems to produce compared to AquaBeam.

好的。提醒一下你，耗材與資本設備的標準成本，會因成本波動以及庫存生產水準的變動，而在各季之間有所差異。但整體而言，就全年來看，我們對目前 65% 的指引感到非常有信心。即便這些汰換銷售的 ASP 較低，對我們正常的標準毛利率有些抵銷，但我們認為隨時間推移，HYDROS 系統相較於 AquaBeam 預期能帶來更多手術量，將彌補這部分影響。

We remain confident in the guide on margins, again, I think even with the increase in investments and with the increase in EBITDA, we're still committed to the fourth quarter EBITDA positive as we head into 2027.

我們對毛利率指引仍然有信心；同樣地，我認為即使投資增加、EBITDA 也增加，我們仍致力於在邁向 2027 年之際，於第四季達成 EBITDA 轉正。

Mike Kratky, Leerink Partners.

Mike Kratky，Leerink Partners。

Hi, everyone. Thanks for taking our question. Just maybe one follow-up on the nice comments on HYDROS's utilization trends that you're seeing. In terms of that kind of factoring in a way that turns overall utilization growth positive in the US, is that something that we should expect to see in the fourth quarter of this year, at some point '27, or how do you think about the full year '27 at this point?

各位好，謝謝讓我們提問。針對你們提到 HYDROS 使用率趨勢的正面評論，我想追問一下。就這種因素是否會以某種方式使美國整體使用率成長轉為正向而言，我們應該預期在今年第四季看到、或是在 2027 年某個時間點看到？或者你們目前如何看待 2027 全年？

I think directionally at the higher end of our guidance would model in some modest improvement in utilization. I think at the low end of the guidance, it stays largely the same. It's a continued area of focus for us, and again, as we replace systems and upgrade people to HYDROS, we think that's a lift as the installed base increases from systems launched under our launch team. I think that helps us, the longer-term things are direct-to-patient activation models, which brings more patients into the system and should increase treatment rates. Those are all sort of the factors that we're focused on.

我想從方向上來看，在我們指引的高端情境會納入一些溫和的使用率改善；在指引低端情境，使用率大致維持不變。這仍是我們持續聚焦的領域；同樣地，隨著我們汰換系統並將客戶升級到 HYDROS，我們認為隨著由導入團隊啟動的系統在安裝基礎中占比提高，這會帶來提升。更長期的因素是直達病患（direct-to-patient）的啟動模式，能把更多病患帶入系統並提高治療率。這些都是我們正在聚焦的因素。

Understood, maybe just a follow-up, in terms of the difference in utilization you're seeing for HYDROS systems placed under the sales team versus not, can you help kind of quantify what that difference looks like and what seems to be driving that success?

了解。再追問一下，關於你們看到由銷售團隊所放置的 HYDROS 系統與非銷售團隊放置的系統之間的使用率差異，你們能否協助量化這個差異大概長什麼樣子，以及看起來是什麼在驅動這樣的成功？

When you say sales team, are you referring to HYDROS placed under the launch team? Is that the genesis of your question?

你說的銷售團隊，是指由導入團隊（launch team）所放置的 HYDROS 嗎？這是你問題的出發點嗎？

Yeah.

是的。

We're not going to be specific. What we have said, though, is we definitely see more surgeons being trained on the system. We see a shorter time from system sold to first PO, and we see a higher number of cases initially. All of these metrics are why we've invested in this team such that when we get to the end of the year, if you go through Larry's prepared remarks, we expect to be able to launch 100% of our accounts under the launch team.

我們不會給出具體數字。不過我們確實說過，我們明顯看到有更多外科醫師接受系統訓練；我們看到從系統售出到第一張採購單（PO）的時間更短；我們也看到初期病例數更高。這些指標正是我們投資這支團隊的原因，因此當我們走到年底時，如果你看 Larry 的事先準備發言，我們預期能夠讓 100% 的客戶在導入團隊模式下啟動。

To contrast that, we were still somewhere in the 40% range exiting the second quarter. We still have half of our systems that we want to get under the launch team by the end of the year, which we think will be a driver to overall procedure growth, not just in 2026 but in 2027.

作為對比，在第二季結束時我們大約仍在 40% 左右。到年底前，我們仍有一半的系統希望納入導入團隊，我們認為這將驅動整體手術量成長，不僅在 2026，也會在 2027。

Yeah, I think that's the big thing. I think our installed base, if we look at where we're going to finish the rest of this year for things that are under the launch team, and then all of next year, we expect virtually all of our systems to be launched under our launch team, and that includes greenfield along with replacements. We think those are things that, again, provide durable upticks in utilization over time.

是的，我認為這是關鍵。我們的安裝基礎，如果看今年剩餘時間在導入團隊之下的占比，以及明年全年，我們預期幾乎所有系統都會在導入團隊模式下啟動，包含新開發據點（greenfield）以及汰換。我們認為這些因素會隨時間推移帶來可持續的使用率上升。

Suraj Kalia, Oppenheimer.

Suraj Kalia，Oppenheimer。

Larry, Kevin, for either one of you. Obviously, the procedures for this year have been lowered. As you look at your base, I'm just trying to look at it as a mathematical problem. You have the bell curve for procedures. You have an area under the curve. Do you sense the curve is skewing a bit more, or do you think it is flattening a bit more? Hopefully, you get the drift. I'm trying to understand what is going on within these centers, and how should we think about the emerging bell curve here?

Larry、Kevin，兩位都可以回答。很明顯，今年的手術量已被下修。當你們看你們的基礎時，我試著把它當作一個數學問題來看：你有手術量的鐘形曲線，也有曲線下面積。你們覺得這條曲線是否更偏斜了一些，或是你們覺得它變得更扁平了一些？希望你們懂我的意思。我想了解這些中心內部到底發生了什麼，以及我們應該如何看待這個正在形成的鐘形曲線？

Well, we've always, I think, tried to explain that there's a lot of variability between our sites, and that's true within AquaBeam and our HYDROS sites. The procedure trends are very clear with what we're seeing between those two platforms when you look at it on a macro level. I think that we still have opportunity to accelerate procedures, and that's why we're investing in the programs the way we are. I think for us, increasing the percentage of the installed base to HYDROS over AquaBeam, I think is an important part of our strategy, which is why we focused on that. I think the launch teams play a role in that. Looking at the historical trends is interesting at some level, our focus is how do we improve those historical levels of performance.

我想我們一直嘗試解釋的是，我們各據點之間存在很大的差異性，這在 AquaBeam 與 HYDROS 據點中都成立。當你從宏觀層面來看，這兩個平台之間我們所看到的手術趨勢非常清楚。我認為我們仍有機會加速手術量，這也是我們以目前方式投資各項計畫的原因。對我們而言，提高安裝基礎中 HYDROS 相對於 AquaBeam 的占比，是我們策略的重要一環，這也是我們聚焦於此的原因。我認為導入團隊在其中也扮演角色。回看歷史趨勢在某種程度上很有意思，但我們的重點是：如何改善那些歷史表現水準。

Got it. Larry, I know utilization is, in the past you have said, measure us on all the sales changes being done by utilization. So far, I think utilization seems to be trending a bit off. Is this still the metric you would advise us to gauge or measure all the initiatives, the changes that are being implemented? You would say, you know what? I'm going to be able to hybridize it to utilization and/or something else.

了解。Larry，我知道過去你曾說過，衡量我們就看使用率，因為所有銷售變革都會反映在使用率上。到目前為止，我認為使用率似乎有點偏離趨勢。這仍然是你會建議我們用來評估或衡量所有倡議與變革落地成效的指標嗎？還是你會說，你知道嗎？我會把它混合成使用率和／或其他指標。

To be really frank about it, I'm focused on sequential growth quarter-over-quarter. I'm looking at how much we're growing procedures, how much we're driving utilization, and how much we're penetrating the current existing surgical market. And then longer term, it's going to be about how many patients are we able to get off the sideline, because we know that there's a large opportunity there.

坦白說，我更聚焦在逐季（quarter-over-quarter）的連續成長。我在看我們的手術量成長了多少、使用率提升了多少，以及我們在現有外科手術市場的滲透提升了多少。更長期來看，則是我們能讓多少病患從觀望狀態走出來，因為我們知道那裡有很大的機會。

I'm more focused on sequential growth than I am looking at instrument utilization, because I think these are things that we can action more definitively than trying to get every system to do a half a more procedure a quarter.

相較於只看器械使用率，我更聚焦在連續成長，因為我認為這些事情我們能更明確地採取行動，而不是試圖讓每一台系統每季多做 0.5 台手術。

Josh Jennings, TD Cowen.

Josh Jennings，TD Cowen。

I hope I'm not asking a repeat. Just on the direct-to-patient pilot programs, you commented on, Larry, in the 18 markets, encouraged by leading indicators. How should we be thinking about the assessment of the success of the DTC and effort, make sure we'd be seeing some benefits as we move into 2027 or any precedent scenarios or experience you can share in terms of the kind of return on these DTC investments and timing, when we should expect to see not just leading indicators, but a translation into higher volumes?

希望我沒有問到重複的問題。關於你提到的直達病患（direct-to-patient）試點計畫，Larry，你說在 18 個市場看到令人鼓舞的領先指標。我們應該如何思考對 DTC 成功與否的評估，以及如何確保在邁入 2027 年時能看到一些效益？另外，有沒有任何可參考的先例情境或經驗可以分享，關於這類 DTC 投資的回報型態與時程——我們應該何時預期不只是領先指標，而是能轉化為更高的量？

Yeah, the first thing you get to see, these pilots are fairly recent for us, and the reason we're running these pilots is to find out which program is resonating the most and which gives us the biggest bang for our dollars as we look at these programs. What we can say is we're active now with television, we're active with radio, we're active with digital, and we do have patients calling in, asking for additional information.

是的，你首先會看到的是，這些試點對我們來說是相當近期的，而我們之所以在做這些試點，是為了找出在我們評估這些方案時，哪一個最能引起共鳴，以及哪一個能讓我們的投入獲得最大的效益。我們可以說的是，我們目前在電視上有投放、在廣播上有投放、在數位端也有投放，而且確實有病患來電詢問更多資訊。

We have patients showing up at accounts. We have much more digital engagement with our website. People are staying on there longer, they're clicking through, they're engaging with our clinical resources. We've already seen a lot of impact for those forward-looking indicators.

我們有病患到合作帳戶（醫療機構）就診。我們的網站也有更多的數位互動；人們停留更久、會點擊瀏覽、並與我們的臨床資源互動。我們已經在這些前瞻性指標上看到很大的影響。

Now, to transition that to a meaningful increase in procedures, even if you activate a patient today, there's waiting lists at all of these hospitals, and it might take somebody two, three, four months to be able to get on the schedule and be able to get their procedure, just because of the natural constraints that exist within the system. It's a no regrets move to activate these patients, but now we have to get the centers, once they see this steady flow of patients, to figure out how they're going to treat these people.

現在，要把這些轉化為有意義的手術量成長，即使你今天成功觸達並啟動了一位病患，所有這些醫院都有候補名單，可能需要兩、三、四個月才能排進手術時程並完成手術，這只是因為系統內天然存在的限制。啟動這些病患是「不會後悔」的決策，但接下來我們必須讓各中心在看到這股穩定的病患流入後，想清楚要如何治療這些人。

We're very pleased with the leading indicators that we have. We feel good about the investments that we're making. As Kevin said, this isn't just all incremental stuff. We are looking at things that we can trade off at the corporate level, at the G&A level, so that we can create capacity for spending here because we're committed to our bottom-line performance, not just by the end of this year, but certainly for 2027 as well.

我們對目前的領先指標非常滿意。我們對正在進行的投資感到樂觀。如 Kevin 所說，這不只是單純的增量投入。我們也在公司層級、在 G&A（一般與行政）層級尋找可以取捨調整的項目，以便為這裡的支出創造容量，因為我們致力於底線表現，不僅是今年年底，當然也包括 2027 年。

Just one follow-up. It's a little bit associated with the prior, just on driving more awareness in the urology community. TURP just seems so vulnerable, but seems to be hanging in there better than we'd have thought, not just in terms of the competitive dynamics with the Aquablation procedure, but other resective options as well.

再追問一點，這和前一題有些相關，主要是關於在泌尿科社群中提升認知。TURP 看起來非常容易受到衝擊，但它的表現似乎比我們原先想的更能撐住，不只是面對 Aquablation 手術的競爭態勢，還包括其他切除式選項。

Maybe just help us better understand any of the dynamics that are helping TURP volumes kind of not fall off more dramatically and just what PROCEPT can do on the physician side in terms of increasing awareness in the urology community and just getting more adopters flowing. Thanks for taking the questions.

也許可以幫我們更好地理解，哪些動態因素讓 TURP 的量沒有更明顯地下滑，以及 PROCEPT 在醫師端能做些什麼來提升泌尿科社群的認知、讓更多採用者持續加入。謝謝回答問題。

I think TURP volume has been resilient. It's been a resilient procedure in the space, and you can see a number of other technologies have actually been declining, but TURP's been pretty resilient. I think it just reflects people have been doing it for a long time. They're very comfortable doing it, and they generally, I think, believe that they can deliver pretty good results with it.

我認為 TURP 的量一直很有韌性。它在這個領域是一個很有韌性的手術，你也可以看到其他一些技術其實在下滑，但 TURP 仍相當穩健。我想這反映出大家做這個手術已經很久了，他們做起來很熟悉，也普遍相信用它可以帶來相當不錯的結果。

I think we offer significant advantages compared to TURP in terms of patient outcomes and in terms of efficiency for the system, especially as you get into larger size glands, and so I think we need to make our case with that. I think it's also about educating the patients. I think as patients come in and they ask for Aquablation by name, I think those are things that are going to drive a change in physician behavior.

我認為相較於 TURP，我們在病患預後以及系統效率方面都有顯著優勢，尤其是在腺體較大的情況下，因此我認為我們需要把這個論點講清楚。我也認為這同時關乎病患教育。當病患進來並指名要做 Aquablation 時，我認為這些因素會推動醫師行為的改變。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Just a question on systems, Kevin and Larry. When I think about that system number, the 210, the 220, if you look at the first half new systems, and I could be incorrect in including maybe a replacement here or there, but it does imply, I think, a lower new system composition or proportion of new systems in the back half of the year.

Kevin 和 Larry，我有一個關於系統數的問題。當我看那個系統數字 210、220，再看上半年新增系統的情況——我可能把一兩台汰換也算進去了——但這似乎意味著下半年新增系統的組成或占比更低。

So Kevin, when you think about those 51 units that were sold this quarter, was there any pull forward there? Historically, I think we've thought about new systems being higher in the second half. I could be wrong in that assessment.

所以 Kevin，當你看本季賣出的 51 台時，有沒有任何提前拉貨（pull forward）？歷史上我們一直認為下半年新增系統會更高。我可能判斷錯了。

I think what you're probably missing, Ryan, is you might be including the 14 replacements. We sold 97 greenfield systems in the first half of the year, which the 210 to 220 does not include the 40 replacement. You would still see the normal step-up in Q3 and Q4. Historically, what you see is a slight increase in Q3 from Q2, then the fourth quarter tends to be our largest quarter, given capital budgets, and our guidance this year reflects that as well. But the second half greenfield sales to get to 210 are definitely higher in the back half than the first half of 97.

Ryan，我想你可能漏掉的是，你可能把那 14 台汰換算進去了。我們上半年賣了 97 台綠地（greenfield）系統，而 210 到 220 的指引不包含那 40 台汰換。你仍然會看到 Q3 和 Q4 的正常上升。歷史上你會看到 Q3 較 Q2 略增，而第四季通常是我們最大的季度，因為資本預算的關係；我們今年的指引也反映了這點。不過，要達到 210 的下半年綠地銷售量，確實會高於上半年的 97 台。

Yeah, just to add that we don't pull systems forward. I think the days of people buying multiple systems and then installing them over a longer period of time to get a discount, we want to make sure that every system we sell has a home and that it's going to launch within a reasonable period of time. I think that's what you see reflected in our system ASP, which has been a very healthy improvement year-over-year, is that we're being very disciplined about the systems we sell. But we want to make sure that when we sell a system, it gets installed within a few months, and it starts providing procedures for us. We're much more disciplined about that process than we probably were historically.

是的，補充一下，我們不會把系統銷售提前。我認為過去那種客戶一次買多台系統、再在較長期間內分批安裝以取得折扣的日子已經過去了；我們希望確保每一台賣出的系統都有明確的落點，並且會在合理的時間內啟動。我想這也反映在我們的系統 ASP（平均售價）上，年對年有非常健康的改善，因為我們在系統銷售上非常自律。但我們要確保當我們賣出一台系統，它會在幾個月內完成安裝，並開始為我們帶來手術量。我們在這個流程上的紀律性，比起過去可能更強。

My follow-up to that is just when you think about the potential customers that are out there, historically, we've thought about kind of the high volume, medium volume, low volume customer sites. What's your sense, Larry, of kind of who you sold into this quarter on a greenfield basis and what you think the runway ahead is in terms of that characterization?

我接著想追問的是，當你思考外部潛在客戶時，歷史上我們會把客戶站點大致分成高量、中量、低量。Larry，你對於本季綠地銷售主要賣給哪一類客戶的感受是什麼？以及就這樣的分類來看，你認為未來的成長跑道如何？

Because obviously, we're all trying to understand the utilization dynamics that are occurring. While I appreciate that HYDROS is ramping faster, the implied procedure per system guide based on the new procedures still implies a decline on a per procedure basis into 3Q and so on. What I'm trying to understand is if you're selling into lower volume sites, are they dragging down your utilization as a result of those dynamics as well?

因為很明顯，我們都在試著理解目前正在發生的使用率（utilization）動態。雖然我理解 HYDROS 的爬坡更快，但根據新增手術量推算的每台系統手術量指引，仍暗示到 3Q 等期間每台手術量會下滑。我想理解的是，如果你們賣給較低量的站點，是否也會因為這些動態而拉低你們的使用率？

No, I don't think that's the case. I think, actually, in some ways, a medium volume center might be a great target for us because maybe they don't have a super active TURP program or a super active BPH program, and this can be a new program for them that generates a lot of interest and a lot of focus. I don't think that that's a headwind for us.

不，我不認為是那樣。其實在某些方面，中量中心可能是我們很好的目標，因為他們可能沒有非常活躍的 TURP 計畫或非常活躍的 BPH 計畫，而這對他們來說可以是一個新的計畫，能帶來很多興趣與關注。我不認為這會成為我們的逆風。

I will say, I think the biggest change that we see in utilization is when we launch under our launch team, and we do that properly, and we do it with clinical excellence, and we have people stacking cases and doing multiple cases in a day at a much higher frequency than maybe what our historical base does. I think that's the biggest impact, and I think that's agnostic of center size.

我會說，我認為我們看到使用率最大變化的時候，是在我們用啟動團隊（launch team）模式進行導入、而且做得正確的情況下：以臨床卓越為核心，讓團隊把病例排程堆疊起來，並在一天內以更高頻率完成多台手術，相較於我們歷史基礎可能更高。我認為這是最大的影響，而且與中心規模無關。

I don't think in our launch team we're seeing a dramatic difference in a larger center versus a smaller center when launched under the launch team model, and I think that just reflects the potential of the therapy. We just need to do a good job launching them the proper way with the right amount of energy and creating the right footprint and cadence for cases from the very beginning.

我不認為在啟動團隊中，我們會看到在啟動團隊模式下導入時，大型中心與小型中心之間有顯著差異；我想這反映的是療法本身的潛力。我們只需要從一開始就以正確方式把它們導入：投入足夠的能量，建立正確的覆蓋面與病例節奏（cadence）。

Thank you. This now concludes our question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。問答環節到此結束。感謝各位參與今天的會議。本次議程到此結束。您現在可以斷線。