Transmedics Group Inc (TMDX) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the TransMedics fourth-quarter and full-year 2024 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes.

下午好，歡迎參加 TransMedics 2024 年第四季和全年財報電話會議。（操作員指示）提醒一下，此通話將被錄音以供重播。

I would now like to turn the call over to Laine Morgan from the Gilmartin Group for a few introductory comments. You may begin.

現在，我想將電話轉給 Gilmartin 集團的 Laine Morgan，請她作一些介紹性評論。你可以開始了。

Thanks, operator. Earlier today, TransMedics released financial results for the quarter and full year ended December 31, 2024. A copy of the press release is available on the company's website.

謝謝，接線生。今天早些時候，TransMedics 發布了截至 2024 年 12 月 31 日的季度和全年財務業績。新聞稿的副本可在該公司的網站上查閱。

Before we begin, I would like to remind you that management will make statements during this call, including during the question-and-answer portion of the call that include forward-looking statements within the meaning of federal securities laws. Any statements contained in this call that relate to expectations or predictions of future events, results, or performance are forward-looking statements.

在我們開始之前，我想提醒您，管理階層將在本次電話會議中發表聲明，包括在電話會議的問答部分，其中包括聯邦證券法所定義的前瞻性陳述。本電話會議中包含的任何與未來事件、結果或表現的預期或預測相關的陳述均為前瞻性陳述。

All forward-looking statements, including, without limitation, our examination of operating trends, the potential commercial opportunity for our products, services, and timing of new clinical programs and our future financial expectations, which include expectations for growth in our organization and guidance and/or expectations for revenue, gross margins, and operating expenses in 2025 and beyond are based upon our current estimates and various assumptions.

所有前瞻性陳述，包括但不限於我們對營運趨勢的審查、我們產品、服務的潛在商業機會和新臨床項目的時機以及我們未來的財務預期，其中包括對我們組織和指導增長的預期和/或對 2025 年及以後的收入、毛利率和運營費用的預期，均基於我們當前的估計和各種假設。

These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. Accordingly, you should not place undue reliance on these statements.

這些聲明涉及重大風險和不確定性，可能導致實際結果或事件與這些前瞻性聲明預期或暗示的結果或事件有重大差異。因此，您不應過度依賴這些聲明。

Additional information regarding these risks and uncertainties appears under the heading Risk Factors of our Form 10-Q filed with the Securities and Exchange Commission on October 29, 2024, our subsequent SEC filings and the forward-looking statements included in today's earnings press release, which are available at www.sec.gov and our website at www.transmedics.com. TransMedics disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast today, February 27, 2025.

有關這些風險和不確定性的更多信息，請參閱我們於 2024 年 10 月 29 日向美國證券交易委員會提交的 10-Q 表的“風險因素”標題下的內容、我們隨後向美國證券交易委員會提交的文件以及今天的收益新聞稿中包含的前瞻性聲明，可在 www.sec.gov 和我們的網站 www.transmedics.com 上查閱。除法律要求外，TransMedics 不承擔更新或修改任何財務預測或前瞻性聲明的任何意圖或義務，無論是由於新資訊、未來事件或其他原因。本次電話會議包含時間敏感訊息，僅截至今天（2025 年 2 月 27 日）的現場直播時準確無誤。

And with that, I will now turn the call over to Waleed Hassanein, President and Chief Executive Officer.

現在，我將把電話轉給總裁兼執行長瓦利德·哈桑尼 (Waleed Hassanein)。

Thank you, Laine. Good afternoon, everyone, and welcome to TransMedics fourth-quarter and full-year 2024 earnings call. Joining me today is Gerardo Hernandez, our Chief Financial Officer.

謝謝你，萊恩。大家下午好，歡迎參加 TransMedics 2024 年第四季和全年財報電話會議。今天與我一起參加的是我們的財務長 Gerardo Hernandez。

Before reviewing our financial and operational results, I would first like to make a few remarks about our mission and our unique market position. Our mission at TransMedics has always been and remains to expand the utilization of available donor organs for transplantation, while delivering the best possible clinical outcomes for our transplant patients.

在回顧我們的財務和營運表現之前，我首先想談談我們的使命和獨特的市場地位。TransMedics 的使命始終是、並將繼續是擴大可用捐贈器官的移植利用率，同時為我們的移植患者提供最佳的臨床結果。

It is indisputable that TransMedics has been successful in meeting these goals. Today, TransMedics is radically transforming the field of organ transplantation globally and has already played an integral part in saving thousands of lives.

毫無疑問，TransMedics 已經成功實現這些目標。如今，TransMedics 正在徹底改變全球器官移植領域，並已在拯救數千人生命方面發揮了重要作用。

Enabled by our disruptive OCS technology, comprehensive NOP clinical services, and our rapidly growing transplant logistics infrastructure, we are doing things today that few thought possible in organ transplant field. We hold ourselves to the highest professional, ethical, and moral standards in everything we do. We are extremely proud of our highly diverse and dedicated team of professionals, all of whom are committed to saving the lives of patients in need of an organ transplant in the US and around the world.

在我們顛覆性的 OCS 技術、全面的 NOP 臨床服務以及快速發展的移植物流基礎設施的支持下，我們今天在器官移植領域做到了很少人認為可能做到的事情。我們在所做的每一件事中都嚴格遵守最高的專業、道德和倫理標準。我們為我們高度多元化和敬業的專業團隊感到非常自豪，他們都致力於拯救美國和世界各地需要器官移植的患者的生命。

Despite our efforts, TransMedics was targeted in a recent short report that raised serious allegations about the company and leadership. We took this matter very seriously and retained outside counsel at Kirkland & Ellis LLP to conduct a thorough investigation of the allegations in the short report. In addition, Kirkland engaged an experienced outside forensic accounting firm to support their work, which has been reported to the Audit Committee of the Board of Directors. This investigation did not find any evidence of fraud or other misconduct. Allow me to repeat this again, this investigation did not find any evidence of fraud or other misconduct.

儘管我們做出了努力，但 TransMedics 仍然在最近的簡短報告中成為攻擊目標，該報告對該公司及其領導層提出了嚴重指控。我們非常重視此事，並聘請了 Kirkland & Ellis LLP 的外部法律顧問對做空報告中的指控進行徹底調查。此外，凱易還聘請了經驗豐富的外部法務會計公司來支持其工作，並已向董事會審計委員會報告。本次調查未發現任何詐欺或其他不當行為的證據。請容許我再次重複一遍，本次調查沒有發現任何詐欺或其他不當行為的證據。

In addition, we engaged our senior FDA regulatory counsel from Covington & Burling LLP to respond to the citizen's petition, which was previously submitted by the short seller to FDA. Both our response and Covington's legal response to the citizens petition were published on the FDA website last week.

此外，我們還聘請了 Covington & Burling LLP 的高級 FDA 監管顧問來回應先前由賣空者向 FDA 提交的公民請願書。我們的回應和科文頓對公民請願的法律回應均已於上週在 FDA 網站上公佈。

To summarize, we strongly believe that this short report is nothing more than a collection of baseless and racist allegations and a smear campaign made for purely financial gains. Unfortunately, this was at the expense of TransMedics, the clinical transplant community, and most importantly, the lives of the patients whom we serve.

總而言之，我們堅信，這份簡短的報告只不過是一堆毫無根據的種族主義指控和一場純粹為了經濟利益而進行的誹謗運動。不幸的是，這是以犧牲 TransMedics、臨床移植界以及最重要的是我們所服務的患者的生命為代價的。

We stand firmly by our business and our dedicated world-class NOP surgical and clinical leadership and team. They are the unsung warriors who are out there in the middle of the night, ensuring that every suitable donor organ is evaluated and potentially preserved on OCS for possible transplantation to save a patient's life.

我們堅定地支持我們的業務和我們敬業的世界級 NOP 外科和臨床領導和團隊。他們就像是一群默默無聞的戰士，在半夜堅守崗位，確保每一個合適的捐贈器官都經過評估，並儘可能地保存在 OCS 中，以便進行可能的移植，挽救病人的生命。

Importantly, they are working tirelessly to manage these organs on OCS in a manner that enables the highest quality clinical care and outcomes for our patients. We are extremely humbled -- we're extremely humbled by and proud of the significant lifesaving impact of our OCS technology and NOP teams. We remain committed to our mission of expanding access and improving clinical outcomes to patients in need for organ transplants.

重要的是，他們正在不懈地努力，以一種能夠為我們的患者提供最高品質的臨床護理和治療結果的方式來管理 OCS 上的這些器官。我們感到非常謙卑——我們的 OCS 技術和 NOP 團隊在拯救生命方面發揮了重大作用，我們對此感到非常謙卑和自豪。我們將繼續致力於我們的使命：擴大器官移植的機會並改善需要器官移植的患者臨床療效。

Now let me proceed with discussing our business performance. On our last call, we discussed several headwinds that impacted 3Q results and why we view these generally as transient. Today, we are thrilled to report 4Q results that validate our views. 4Q '24 was a banner quarter for our business and allowed us to conclude '24 on a very high note.

現在讓我繼續討論我們的業務表現。在上次電話會議上，我們討論了影響第三季業績的幾個不利因素，以及我們為什麼認為這些因素一般都是暫時的。今天，我們很高興地報告第四季的業績，證實了我們的觀點。2024 年第四季是我們業務輝煌的一個季度，讓我們以非常高的成績結束 2024 年。

Here are the key operational highlights for Q4. Total revenue for 4Q '24 was $121.6 million, representing approximately 50% growth year over year and 12% sequential growth from 3Q '24. US revenue grew 11% sequentially to $117 million, while OUS revenue grew approximately 51% sequentially to $4 million.

以下是第四季的主要營運亮點。24 年第四季總營收為 1.216 億美元，年增約 50%，季增 24 年第三季成長 12%。美國業務收入較上季成長 11% 至 1.17 億美元，而美國以外地區營收季增約 51% 至 400 萬美元。

TransMedics transplant logistics service revenue for 4Q was $21.7 million, up from $9.2 million in 4Q '23, and up from $20.1 million in 3Q, representing approximately 8% sequential growth. Our overall gross margin for 4Q improved to 59%, up from 56% in 3Q '24. Finally, we delivered an operating profit of $8.6 million in 4Q, representing approximately 7.1% of total revenue and up from $3.9 million or 4% of total revenue in 3Q '24.

TransMedics 第四季的移植物流服務收入為 2,170 萬美元，高於 23 年第四季的 920 萬美元，也高於第三季的 2,010 萬美元，季增約 8%。我們第四季的整體毛利率從24年第三季的56%上升至59%。最後，我們在第四季實現了 860 萬美元的營業利潤，約佔總收入的 7.1%，高於 24 年第三季的 390 萬美元或佔總收入的 4%。

Now let me provide the financial metrics for the full year 2024. Total revenue for full year 2024 was $441.5 million, representing approximately 83% growth over full year 2023 revenue. Our US revenue grew to $422 million, representing approximately 91% growth over the full year 2023. Our OUS revenue was $15 million, relatively flat year over year.

現在，讓我提供 2024 年全年的財務指標。2024 年全年總營收為 4.415 億美元，較 2023 年全年營收成長約 83%。我們的美國營收成長至 4.22 億美元，比 2023 年全年成長約 91%。我們的 OUS 收入為 1500 萬美元，與去年同期基本持平。

Our overall gross margin for the full year '24 was 59.4%, down from 63.8% in '23. This is due to the higher contribution of service revenue and in line with our stated expectations.

我們24年全年的整體毛利率為59.4%，低於23年的63.8%。這是由於服務收入的貢獻較高，且符合我們所預期。

Importantly, we delivered an operating profit of $37.5 million, representing approximately 8.5% of total revenue for the full year 2024. We're very pleased by our strong performance in 4Q and full year '24, which was fueled by our ability to grow our case volume and drive further market penetration.

重要的是，我們實現了 3,750 萬美元的營業利潤，約佔 2024 年全年總收入的 8.5%。我們對第四季和24年全年的強勁表現感到非常高興，這得益於我們增加案件數量和進一步推動市場滲透的能力。

Importantly, our performance enabled growth in overall US liver and heart transplant volumes for the second consecutive year, driven primarily by OCS NOP cases. Our performance has also demonstrated our ability to return to our normal cadence of growing market share despite the ebbs and flows of monthly and quarterly variability in transplant market dynamics.

重要的是，我們的表現推動了美國肝臟和心臟移植總量連續第二年成長，這主要得益於 OCS NOP 病例。我們的業績也證明，儘管移植市場每月和每季的動態都有所變化，但我們有能力恢復正常的市佔率成長節奏。

Here are the key highlights of our annual case volume and market share per organ. For the third consecutive year, we grew OCS transplant case volume. There were 3,715 US OCS cases for the full year '24, up from 2,347 US cases in 2023. Our overall OCS US market share across all three organs was 20.9% for the full year '24, up from 13.8% in 2023.

以下是我們每年的病例數和每個器官的市場份額的重點。連續第三年，我們的 OCS 移植病例數量有所增加。2024 年全年美國 OCS 案件共 3,715 起，高於 2023 年的 2,347 起。我們三大機構在美國 OCS 市場的整體份額在 2024 年全年為 20.9%，高於 2023 年的 13.8%。

For the second year in a row, we saw growth in overall US adult liver, heart and lung transplant volume. For the full year of '24, there were 17,792 liver, heart and lung transplants, up from 16,580 in 2023. We strongly believe that the OCS NOP once again played a key role in driving liver and heart overall market growth due to the increased use of DCD and DBD donors in the US.

連續第二年，我們看到美國成年人肝臟、心臟和肺臟移植總量增加。2024 年全年，肝臟、心臟和肺臟移植手術共 17,792 例，高於 2023 年的 16,580 例。我們堅信，由於美國 DCD 和 DBD 捐贈者的使用增加，OCS NOP 再次在推動肝臟和心臟整體市場成長方面發揮了關鍵作用。

On an organ-by-organ basis, overall US liver transplant volume grew 9% over '23 to 10,393. US heart transplant volume grew by 1% over '23 to reach 4,085 transplants. Since 2022, the US adult liver transplant market grew at 11% CAGR, while adult heart transplant market grew at an approximately 6% CAGR. Again, we believe the OCS NOP played a key role in driving this growth by utilizing more DCD and DBD donors in the US.

以器官計算，美國整體肝臟移植數量在 23 年增加了 9%，達到 10,393 例。美國心臟移植數量在 23 年增加了 1%，達到 4,085 例。自 2022 年起，美國成人肝臟移植市場以 11% 的複合年增長率成長，而成人心臟移植市場以約 6% 的複合年增長率成長。再次，我們相信 OCS NOP 透過利用美國更多的 DCD 和 DBD 捐贈者在推動這一增長中發揮了關鍵作用。

Now let me discuss our annual market share per organ. For liver, we grew our overall US market share to 27% of liver transplants. This is up meaningfully from 17% in 2023. We saw growth in market share of both DBD and DCD segments. For DBD, we grew 17%, up from 9% in 2023. And for DCD, we grew to 53%, up from 50% in 2023.

現在讓我來討論一下我們每個器官的年度市場份額。對於肝臟而言，我們將美國整體肝臟移植市場的份額提高到了 27%。這比 2023 年的 17% 有顯著上升。我們看到 DBD 和 DCD 領域的市佔率均有所成長。對於 DBD，我們的成長率從 2023 年的 9% 上升至 17%。對於 DCD，我們將從 2023 年的 50% 成長到 53%。

For heart, we grew our overall market share to 19% of all heart transplants in the US, up from 16% in 2023. We maintained our dominant position with DCD hearts, enabling 66% of all DCD heart transplants, while 8% of DBD hearts in 2024 were done using OCS. For lung, we maintained a modest 4% market share of all US adult lung transplants.

對於心臟而言，我們的整體市佔率將從 2023 年的 16% 增加到美國所有心臟移植的 19%。我們在 DCD 心臟領域保持主導地位，實現了 66% 的 DCD 心臟移植，而 2024 年 8% 的 DBD 心臟是使用 OCS 完成的。對於肺部而言，我們在美國所有成人肺移植中保持了 4% 的市場份額。

These adoption metrics underscore the significant remaining greenfield growth opportunity for OCS NOP. In particular, we see an opportunity to drive deeper adoption across both DBD and DCD segments for liver.

這些採用指標強調了 OCS NOP 剩餘的巨大綠地成長機會。特別是，我們看到了在肝臟領域推動 DBD 和 DCD 更深入應用的機會。

The next-gen heart clinical Program will focus primarily on driving deeper adoption for DBD and continuing to grow share in DCD. Finally, our next-gen lung clinical program will focus on reinvigorating the OCS Lung market in the US. As we've discussed, both programs are targeted to launch in H2 2025.

下一代心臟臨床計劃將主要致力於推動 DBD 的更深入應用並繼續增加 DCD 的份額。最後，我們的下一代肺部臨床計劃將專注於重振美國的 OCS 肺市場。正如我們所討論的，這兩個項目都計劃在 2025 年下半年啟動。

Now let me shift gears and provide an update on our TransMedics transplant logistics infrastructure and 4Q performance. Through 4Q, we continue to expand our fleet of owned aircraft, reaching 19 by end of 4Q. As of today, we own 21 aircrafts. We are planning to add more aircraft in '25. Our goal is to leverage these 22 aircrafts for the remainder of the year to optimize utilization and maximize the efficiency of our operating model with existing assets. We will continue to hire pilots, however, so we can double shift a portion of our fleet to assess the impact on the efficiency of the operation.

現在，讓我換個話題，並提供有關我們的 TransMedics 移植物流基礎設施和第四季度業績的最新情況。在第四季度，我們繼續擴大自有飛機數量，到第四季末已達到 19 架。截至目前，我們擁有 21 架飛機。我們計劃在'25年增加更多飛機。我們的目標是利用今年剩餘時間的這 22 架飛機來優化利用率並最大限度地提高現有資產的營運模式效率。不過，我們將繼續僱用飛行員，這樣我們就可以將部分飛機輪班，以評估對營運效率的影響。

Our daily average aircraft availability in 4Q was 14, up from 10.7 aircraft on average in 3Q. This enabled us to service the majority of our NOP missions using TransMedics' owned aircraft. Overall, our owned aircraft covered 75% of our NOP flight missions in 4Q, compared to 61% in 3Q '24.

我們第四季的日均飛機可用量為 14 架，高於第三季的平均每日平均 10.7 架。這使我們能夠使用 TransMedics 擁有的飛機為大多數 NOP 任務提供服務。總體而言，我們自有的飛機在第四季度涵蓋了 75% 的 NOP 飛行任務，而 24 年第三季這一比例為 61%。

Moving now to provide a quick status update on our next-gen OCS heart and lung clinical programs. Last week, we filed our OCS Lung IDE for our new clinical program, and we expected to file our OCS Heart IDE for our new clinical program within the next few weeks.

現在就提供有關我們的下一代 OCS 心臟和肺臨床計劃的快速狀態更新。上週，我們為新的臨床計畫提交了 OCS 肺部 IDE，預計在接下來的幾週內為新的臨床計畫提交 OCS 心臟 IDE。

Detailed preclinical results as well as the proposed clinical program design and endpoints will be formally and publicly presented at the upcoming ISHLT Scientific Conference in April here in Boston. We are bullish about our clinical and product pipeline and the potentially transformative nature of these new clinical programs to catalyze the near-, mid- and long-term growth of our OCS platform. These programs will also be critical in further expanding overall lung and heart transplant volumes nationally, while enabling deeper adoption into DBD and DCD market segments.

詳細的臨床前結果以及擬議的臨床方案設計和終點將於 4 月在波士頓舉行的 ISHLT 科學會議上正式公開發表。我們對我們的臨床和產品線以及這些新臨床項目的潛在變革性質充滿信心，以催化我們的 OCS 平台的近期、中期和長期成長。這些計畫對於進一步擴大全國範圍內的肺和心臟移植總量也至關重要，同時能夠推動 DBD 和 DCD 細分市場的更深入應用。

Now let me discuss our 2025 expectations and guidance. As we stated at our Investor and Analyst Day in December '24, we believe that 2025 will represent another transformative year for TransMedics, particularly as we launch the next-gen heart and lung programs to catalyze growth in these important market segments.

現在讓我討論一下我們對 2025 年的期望和指導。正如我們在 2024 年 12 月的投資者和分析師日上所說的那樣，我們相信 2025 年將是 TransMedics 的又一個變革之年，特別是當我們推出下一代心臟和肺部項目以催化這些重要細分市場的增長時。

In addition, we will also continue to build on our strong liver foundation, expanding our DBD and DCD liver adoption based on our excellent clinical outcomes in both of these segments. We are also investing heavily in our Next-Gen OCS technology platform that will help us in future years go beyond our stated goal of 10,000 US NOP transplants in 2028.

此外，我們還將繼續鞏固我們強大的肝臟基礎，並基於我們在這兩個領域的優異臨床結果擴大我們在 DBD 和 DCD 肝臟方面的應用。我們也對下​​一代 OCS 技術平台進行了大力投資，這將有助於我們在未來幾年超越到 2028 年為美國進行 10,000 例 NOP 移植的既定目標。

Finally, we are planning to continue to strategically invest in our business infrastructure to ensure scalability, while maintaining quality and reducing supply chain risks. We're looking forward to discussing progress on these initiatives throughout the year.

最後，我們計劃繼續對我們的業務基礎設施進行策略性投資，以確保可擴展性，同時保持品質並降低供應鏈風險。我們期待全年討論這些舉措的進展。

As we plan for the year ahead, we're also cognizant of a few operational challenges that we would like to share and highlight. First, as stated, we are still building out our logistics infrastructure to optimize efficiency of operation. As such, unexpected aircraft maintenance may impact availability and create variability in our service margins. Second, we should expect that as we continue to gain market share throughout the year, we may be impacted by the normal ebbs and flows of organ transplantation volume in the US as we saw in 3Q 2024.

在我們規劃未來一年的同時，我們也意識到一些我們想要分享和強調的營運挑戰。首先，正如所說，我們仍在建造我們的物流基礎設施以優化營運效率。因此，意外的飛機維護可能會影響可用性並造成我們的服務利潤率的變化。其次，我們應該預計，隨著我們全年市佔率不斷擴大，我們可能會受到美國器官移植量正常起伏的影響，就像我們在 2024 年第三季看到的那樣。

Finally, the precise timing of launching the next-gen lung and heart clinical programs will depend on several variables, especially FDA IDE approval timeline, center IRB approval, and center initiation process, et cetera. We will continue to report on these important milestones as they materialize. Based on the above, we are setting revenue guidance for the full year of 2025 to be between $530 million and $552 million, representing a 20% to 25% growth over full year 2024.

最後，啟動下一代肺部和心臟臨床計畫的具體時間將取決於幾個變量，特別是 FDA IDE 批准時間表、中心 IRB 批准和中心啟動流程等。我們將繼續報道這些重要里程碑的實現。基於上述情況，我們預計 2025 年全年營收將在 5.3 億至 5.52 億美元之間，將比 2024 年全年成長 20% 至 25%。

With that, let me turn the call to Gerardo to cover the detailed financial results of the quarter.

說到這裡，請容許我把電話轉給 Gerardo，讓他介紹本季的詳細財務結果。

Thank you, Waleed. Good afternoon, everyone, and thank you for joining us today. I am pleased to be here to discuss TransMedics' strong fourth-quarter and full-year 2024 results.

謝謝你，瓦利德。大家下午好，感謝大家今天的參與。我很高興在這裡討論 TransMedics 強勁的第四季度和 2024 年全年業績。

As we closed the year, we continue to build momentum across our business, demonstrating disciplined execution, positive impact of our strategic investments and significant revenue growth. Our progress through the fourth quarter reflects increased OCS adoption, the ongoing expansion of our logistics infrastructure, and an overall improved financial performance.

在年末之際，我們持續增強業務發展勢頭，展現出嚴謹的執行力、策略投資的正面影響和顯著的收入成長。我們在第四季度的進展反映了 OCS 採用率的提高、物流基礎設施的持續擴展以及整體財務表現的改善。

Turning to our financial results. In Q4 of 2024, we delivered a total revenue of $121.6 million, representing a 49.8% year-over-year growth and 11.8% sequential growth from Q3. This performance underscores our ability to execute our strategy, while managing through a dynamic operating environment.

談到我們的財務結果。2024 年第四季度，我們實現總營收 1.216 億美元，年增 49.8%，季增 11.8%。這項績效凸顯了我們在動態營運環境中管理並執行策略的能力。

Breaking down our revenues, product revenue increased to $74.9 million, reflecting a 44.5% year-over-year growth and 13.8% sequentially. Growth was primarily driven by continued OCS adoption mainly in liver and heart.

具體來看，產品收入增加至 7,490 萬美元，年增 44.5%，季增 13.8%。成長的主要動力來自於 OCS 在肝臟和心臟領域的持續應用。

Service revenue, which includes revenue from our clinical and organ procurement services, logistics operations, and flight school reached $46.7 million, growing 59.3% year over year and 8.8% sequentially. Growth was primarily driven by the positive impact of our fleet expansion and fleet utilization.

服務收入（包括我們的臨床和器官採購服務、物流運營和飛行學校的收入）達到 4,670 萬美元，年增 59.3%，環比增長 8.8%。成長主要得益於我們機隊擴張和機隊利用率的正面影響。

International revenue remained a modest portion of our total business at $3.9 million, which represents 11% year-on-year increase and 50.7% sequential increase. The revenue split by organ in the fourth quarter for the international revenue was $3.4 million for heart, $0.3 million for lung, and $0.2 million for liver.

國際收入仍占我們總業務的一小部分，為 390 萬美元，年增 11%，環比成長 50.7%。第四季國際收入按器官劃分如下：心臟 340 萬美元、肺 30 萬美元、肝臟 20 萬美元。

Our gross margin for the quarter was 59.2%, which reflects a slight improvement over the 59% gross margin in the fourth quarter of 2023. Q4 gross profit included approximately $2 million in inventory-related charges associated with our year-end inventory procedures, which negatively impacted the fourth quarter's gross margin by approximately 164 basis points. As we continue strengthening our internal inventory controls, we do not anticipate similar impacts moving forward.

本季的毛利率為 59.2%，較 2023 年第四季的 59% 毛利率略有改善。第四季毛利中包括與我司年終庫存程序相關的約 200 萬美元庫存相關費用，這對第四季度的毛利率產生了約 164 個基點的負面影響。隨著我們繼續加強內部庫存控制，我們預計未來不會出現類似的影響。

Sequentially, gross margin improved from 55.9% in Q3 of 2024 to 59.2% in Q4, primarily driven by a recovery in service margin. Compared to Q3, product gross margin declined 200 basis points, reflecting the impact of the inventory-related charges. However, on a year-over-year basis, product gross margin expanded 500 basis points from 72.9% in Q4 of 2023 to 77.9% in Q4 of 2024, primarily driven by scale efficiencies and favorable cost variances.

與上一季相比，毛利率從 2024 年第三季的 55.9% 提高到第四季的 59.2%，這主要得益於服務利潤率的回升。與第三季相比，產品毛利率下降了200個基點，反映了庫存相關費用的影響。然而，與去年同期相比，產品毛利率擴大了 500 個基點，從 2023 年第四季的 72.9% 擴大至 2024 年第四季的 77.9%，這主要得益於規模效率和有利的成本差異。

Service margin improved from 19.2% in Q3 to 29.2% in Q4 of 2024 as the non-recurring costs that impacted Q3 were no longer a factor. Additionally, reduced reliance on third-party logistics partners contributed to margin recovery.

由於影響第三季的非經常性成本不再是因素，服務利潤率從第三季的 19.2% 提高到 2024 年第四季的 29.2%。此外，減少對第三方物流合作夥伴的依賴也有助於利潤率的恢復。

On a year-over-year basis, service gross margin declined 537 basis points from 34.5% in Q4 of 2023 to 29.2% in Q4 of 2024, reflecting a higher proportion of logistics revenue in the overall mix. Total operating expenses for the quarter were $63.4 million, up 39.8% year over year and 11.3% sequentially. R&D increased 53% year over year and 50.4% sequentially, reflecting continued investment in both near-term OCS innovation and longer-term development of next generation OCS technology.

與去年同期相比，服務毛利率從 2023 年第四季的 34.5% 下降 537 個基點至 2024 年第四季的 29.2%，反映出物流收入在整體收入結構中的佔比更高。本季總營運費用為 6,340 萬美元，年增 39.8%，季增 11.3%。研發費用年增 53%，季增 50.4%，反映了對近期 OCS 創新和下一代 OCS 技術的長期開發的持續投資。

SG&A expenses grew 35.7% year over year and 10% sequentially, primarily driven by strategic investment to continue to support clinical adoption and strengthening our NOP capabilities. We are confident that our investments in the NOP and logistics infrastructure will continue to enhance our operational efficiencies and drive long-term scalability and profitability.

銷售、一般及行政開支年增 35.7%，環比成長 10%，主要由於策略投資持續支持臨床採用並加強我們的 NOP 能力。我們相信，我們對 NOP 和物流基礎設施的投資將繼續提高我們的營運效率並推動長期的可擴展性和獲利能力。

Operating income for the quarter was $8.6 million with net profit of $6.9 million. This compares to a $2.6 million in operating income and $4 million net profit in the fourth quarter of 2023, reflecting a strong year-over-year improvement driven by revenue growth and continued operating leverage.

本季營業收入為 860 萬美元，淨利為 690 萬美元。相較之下，2023 年第四季的營業收入為 260 萬美元，淨利潤為 400 萬美元，反映出在營收成長和持續的營運槓桿推動下，較去年同期強勁成長。

Total cash at the end of the quarter was $336.7 million, a decrease of $58.2 million from December 31, 2023. In 2024, we invested approximately $112 million in the purchase of eight aircrafts, reinforcing our commitment to scaling our aviation and logistics capabilities.

本季末的總現金為 3.367 億美元，較 2023 年 12 月 31 日減少 5,820 萬美元。2024 年，我們投資約 1.12 億美元購買 8 架飛機，加強了我們擴大航空和物流能力的承諾。

2024 marked our first year of positive cash from operating activities as we generated $48.8 million, compared to $13 million outflow in 2023. This is a significant step towards sustained financial strength.

2024 年是我們經營活動現金流為正的第一年，創造了 4,880 萬美元的現金流出，而 2023 年的現金流出為 1,300 萬美元。這是邁向持續財務實力的重要一步。

Now let me summarize our full year 2024 financial results. Full-year revenue reached $441.5 million, representing an 82.7% growth over 2023. Growth was led by liver revenue, which grew 103.4%, while heart and lung also delivered strong growth at 50.3% and 49.6%, respectively.

現在讓我總結一下我們 2024 年全年的財務表現。全年營收達到 4.415 億美元，比 2023 年成長 82.7%。成長主要由肝臟收入帶動，成長了 103.4%，而心臟和肺臟也分別實現了 50.3% 和 49.6% 的強勁成長。

US transplant revenue reached $421.9 million, reflecting a 90.6% year-over-year growth. Our international transplant revenue ended the year at $15.3 million, representing a 1% decline compared to 2023 and reflecting limited reimbursement, which makes revenue from these markets inherently variable. Flight school revenue for the year was $4.4 million.

美國移植收入達4.219億美元，年增90.6%。我們年底的國際移植收入為 1530 萬美元，與 2023 年相比下降了 1%，並且反映了有限的報銷，這使得來自這些市場的收入本質上具有可變性。飛行學校當年的收入為 440 萬美元。

Breaking it down by category, product revenue reached $273.9 million, while service revenue contributed with $167.7 million. Breaking it down by organ, liver revenue reached $309.6 million. Heart revenue reached $109.9 million, and lung reached $17.7 million.

按類別細分，產品收入達到 2.739 億美元，而服務收入則貢獻了 1.677 億美元。以器官分類，肝臟收入達 3.096 億美元。心臟收入達 1.099 億美元，肺部收入達 1,770 萬美元。

Gross margin for the full year was 59.4%, down from 63.8% in 2023, primarily due to the increasing share of service revenue, which carries a lower gross margin. Total operating expenses were $224.6 million, up 22.8% year over year, primarily driven by continued investment in OCS platform, expansion of NOP infrastructure, and scaling of aviation capabilities to support business growth.

全年毛利率為 59.4%，低於 2023 年的 63.8%，主要原因是服務收入佔比增加，而服務收入的毛利率較低。總營運費用為 2.246 億美元，年增 22.8%，主要原因是持續投資於 OCS 平台、擴展 NOP 基礎設施以及擴大航空能力以支持業務成長。

It's important to note that 2023 operating expenses included a $27.2 million of acquired in-process R&D expenses related to the Bridge to Life acquisition. Excluding this one-time impact, operating expenses growth was at 44.3%, reflecting our strategic focus on supporting long-term growth initiatives and expanding operational capacity.

值得注意的是，2023 年營運費用包括與 Bridge to Life 收購相關的 2,720 萬美元的在研研發費用。除去這項一次性影響，營業費用成長率為 44.3%，反映了我們對支持長期成長計畫和擴大營運能力的策略重點。

2024 was a milestone year as we achieved operating profitability for the first time, generating $37.5 million in operating profit, compared to $28.7 million loss in 2023. Net profit for the year was $35.5 million, compared to $25 million loss in 2023. This performance reflects our ability to scale efficiently while driving meaningful financial improvements and positioning us for sustained momentum in 2025.

2024 年是一個里程碑，因為我們首次實現了營運盈利，創造了 3750 萬美元的營運利潤，而 2023 年的虧損為 2870 萬美元。全年淨利為 3,550 萬美元，而 2023 年虧損 2,500 萬美元。這項業績反映了我們有效擴大規模的能力，同時推動了有意義的財務改善，並為我們在 2025 年持續保持發展勢頭奠定了基礎。

Earnings per share was $1.07 and diluted earnings per share was $1.01. On a full year basis, the basic and diluted weighted average common shares outstanding were 33,229,953 and 35,216,837, respectively.

每股收益為 1.07 美元，每股攤薄收益為 1.01 美元。全年基本和稀釋加權平均流通普通股分別為 33,229,953 股和 35,216,837 股。

Now turning to our total revenue guidance for 2025. We anticipate a 20% to 25% total revenue growth over the full year of 2024, which translates on a year revenue range of $530 million to $552 million. Growth will continue to be driven primarily by increased OCS adoption and service revenue.

現在來談談我們對 2025 年的總收入預測。我們預計 2024 年全年總收入將成長 20% 至 25%，這意味著年收入範圍將達到 5.3 億美元至 5.52 億美元。成長的主要動力仍將是OCS採用率和服務收入的提高。

As Waleed mentioned, we expect some level of quarter-to-quarter variability, reflecting the dynamic nature of organ transplantation. However, we believe that that variability tend to normalize in subsequent quarters.

正如 Waleed 所提到的，我們預期季度間會出現一定程度的差異，這反映了器官移植的動態性質。不過，我們相信這種變化在接下來的幾季將會趨於正常化。

In 2025, we anticipate continued gross margin improvement across both product and service, driven by scale efficiencies and operational improvement. However, the increasing proportion of service revenue, which operates at a lower margin will moderate the overall margin expansion. As such, we expect a relatively modest gross margin expansion in 2025 compared to the full year of 2024.

到 2025 年，我們預計，在規模效率和營運改善的推動下，產品和服務的毛利率將繼續提高。不過，利潤率較低的服務收入佔比的增加將減緩整體利潤率的擴張。因此，我們預計 2025 年的毛利率增幅將相對溫和，與 2024 年全年相比。

Overall, we also anticipate modest operating leverage gains at total operating expense level. While we continue making targeted investments in growth and innovation, we remain focused on balancing strategic expansion with financial discipline to drive sustainable profitability.

整體而言，我們也預期總營運費用水準將出現適度的營運槓桿收益。在我們繼續對成長和創新進行有針對性的投資的同時，我們仍然致力於平衡策略擴張與財務紀律，以實現可持續盈利。

With that, I'll turn the call over to Waleed for closing remarks.

說完這些，我將把電話轉給瓦利德，請他作最後發言。

Thank you, Gerardo. Overall, we're very proud of our '24 results as we delivered 83% year-over-year growth, achieved positive cash flow from operating activities, while investing in our pipeline and continuing to build our infrastructure to capitalize on our highly differentiated technology and service offering. We now look forward to continuing to execute across several strategic initiatives throughout 2025.

謝謝你，傑拉爾多。總體而言，我們對 24 年的業績感到非常自豪，因為我們實現了 83% 的同比增長，實現了經營活動產生的正現金流，同時投資於我們的產品線並繼續建立我們的基礎設施，以利用我們高度差異化的技術和服務產品。我們現在期待在 2025 年繼續執行多項策略計劃。

In conclusion, we are humbled and proud of the significant lifesaving impact of our OCS technology, NOP service, and dedicated team and remain committed to our mission of expanding access and improving clinical outcomes to patients in need of organ transplants around the world.

總之，我們為我們的 OCS 技術、NOP 服務和專業團隊在拯救生命方面發揮的重大作用感到謙卑和自豪，並將繼續致力於我們的使命，即擴大器官移植的機會並改善世界各地需要器官移植的患者臨床結果。

With that, I will now turn the call to the operator for Q&A. Operator?

說完這些，我現在將電話轉給接線生進行問答。操作員？

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指令）

Allen Gong, JPMorgan.

摩根大通的艾倫龔（Allen Gong）。

Hi, team. Thanks for the question, and congratulations on a solid close to the year. I guess, just for my first question, Gerardo, you touched upon kind of seasonality and how you expect to see some quarter-to-quarter variability. I understand it might be hard given the nature of the market to predict that. But how should we be thinking about the quarter-to-quarter cadence implied in your guide? Should we be thinking about third quarter as being another soft quarter like this year? Just some help there.

大家好。感謝您的提問，並祝賀您在今年取得了圓滿的成績。我想，就我的第一個問題，Gerardo，您談到了季節性，以及您預計如何看到季度間的變化。我知道，考慮到市場的性質，預測這一點可能很困難。但是，我們應該如何思考您的指南中暗示的季度節奏呢？我們是否應該認為第三季是像今年一樣又一個疲軟的季度？只是有一些幫助。

Hi, Allen. Thank you for the question. It's Waleed. Let me start, and I'll pass it on to Gerardo for additional color.

你好，艾倫。感謝您的提問。是瓦利德。讓我開始，然後我會將其傳遞給 Gerardo 以獲取更多顏色。

As you know, Allen, we don't issue quarter-to-quarter guidance or quarterly guidance. The variability in the transplant market, we usually see it in any quarter. We wanted to be proactive and remind the market that of what we saw in 2023, but we are not identifying or highlighting a specific quarter.

艾倫，正如你所知，我們不會發布季度指引或季度指引。移植市場的變化在我們通常在任何一個季度都能看到。我們希望積極主動地提醒市場我們在 2023 年看到的情況，但我們不會確定或強調特定的季度。

Generally speaking, the two quarters we've experienced some of the volatility before -- generally speaking, was Q3 and Q4, given the summer holidays and the Christmas holidays. However, sometimes we see that variability in other quarters as well. I'll pass it on to Gerardo.

一般來說，我們之前經歷過一些波動的兩個季度——一般來說，是第三和第四季度，因為有暑假和聖誕假期。然而，有時我們也會在其他方面看到這種變化。我會將其轉達給杰拉爾多。

Allen, thank you for the question. The only point that I will add is, just bear in mind that we absolutely believe that variability tend to normalize in subsequent quarters. So just keep that in mind when we go through the year.

艾倫，謝謝你的提問。我要補充的唯一一點是，請記住，我們絕對相信變化性在接下來的幾季會趨於正常化。所以當我們度過這一年時，只要記住這一點。

Got it. And then just a follow-up on the organ-specific growth, right? This was a really strong close to the year for both heart and liver. When we think about the growth trajectories through 2025, should we essentially assume that kind of the mix of growth should look similar to this year with liver still driving the majority of the growth, at least until maybe you start getting some heart clinical trial revenues in the back half? Just kind of curious about that. Thank you.

知道了。然後只是對器官特異性生長的跟踪，對嗎？對於心臟和肝臟來說，今年的結束確實強勁。當我們思考到 2025 年的成長軌跡時，我們是否應該基本上假設成長組合應該與今年相似，肝臟仍然推動大部分成長，至少直到你在下半年開始獲得一些心臟臨床試驗收入？只是有點好奇。謝謝。

Thank you for the question, Allen. Yes, I think it's safe to assume that liver will continue to lead our growth until we see contribution from both the heart and lung clinical programs, which will hit in the second half of the year. So I hope that we see stronger signs as the programs become more active and broadly utilized in the US. So I'm looking forward to reporting on that by -- hopefully, by year-end '25 and into early 2026.

謝謝你的提問，艾倫。是的，我認為可以安全地假設肝臟將繼續引領我們的成長，直到我們看到心臟和肺部臨床計畫的貢獻，這將在今年下半年實現。因此我希望，隨著這些計畫在美國變得更加活躍和廣泛應用，我們能夠看到更強有力的跡象。因此，我希望能夠在 2025 年底至 2026 年初之前報告這一情況。

Josh Jennings, TD Cowen.

喬許詹寧斯（Josh Jennings），TD Cowen。

Hi, good afternoon. It's great to see a strong finish to the year. Waleed, there have been some concerns about the potential attrition of high-volume customers. Clearly, that was not in play in the fourth quarter. I was hoping you could just comment on your confidence level that high-volume customers are going to be just that in 2025? Or are you seeing any change in your customer base or evolution outside of adding new customers?

嗨，下午好。很高興看到今年有個圓滿的結局。瓦利德 (Waleed)，有人擔心大批量客戶可能會流失。顯然，第四節比賽並沒有發揮這樣的作用。我希望您能評論一下您對 2025 年大批量客戶是否會成為大批量客戶的信心程度？或者除了增加新客戶之外，您是否看到您的客戶群有任何變化或發展？

Thank you, Josh, for the question. I think that concern is not a broad concern. I think that concern is -- came from the confabulation that we saw in the short report. We have not seen that dynamic. The results speak for themselves.

謝謝喬希提出這個問題。我認為這種擔憂並不是一種廣泛的擔憂。我認為這種擔憂源自於我們在簡短報告中看到的虛構。我們還沒有看到這種動態。結果不言而喻。

In fact, I will go out and highlight or underscore some important information. The four centers that were cited in the short report are active users of the OCS in Q4 -- were active users in Q4, and they're active users in Q1. And I'll leave it at that.

事實上，我會​​出去強調或強調一些重要的訊息。簡短報告中提到的四個中心是第四季度 OCS 的活躍用戶——是第四季度的活躍用戶，也是第一季的活躍用戶。我就講到這裡。

Appreciate it. And I wanted to just ask about share gains from over -- another bucket of concern is just on the competitive risk of the NRP approach. Again, fourth quarter OCS, the whole offering took share by our math. But can you just talk about any trends that you're seeing in the fourth quarter in the DCD liver and heart segments with NRP and then how they're trending in 1Q '25 so far? Thanks a lot.

非常感謝。我只想問關於份額收益的問題——另一個值得關注的問題是 NRP 方法的競爭風險。再一次，第四季的 OCS，根據我們的計算，整個產品佔據了一定份額。但是，您能否談談您在第四季度看到的 DCD 肝臟和心臟部分與 NRP 的趨勢，以及它們在 2025 年第一季迄今為止的趨勢如何？多謝。

I think the only market where NRP could imply taking share from us is in the liver. We're seeing actually an overall growth in the DCD liver penetration for OCS. And again, NRP is not a mutually exclusive of OCS. We do NOP liver cases post-NRP.

我認為 NRP 可能從我們手中奪取份額的唯一市場是肝臟。實際上，我們看到 DCD 肝臟對於 OCS 的滲透率整體呈現成長趨勢。再次強調，NRP 與 OCS 並不互相排斥。我們在 NRP 後進行 NOP 肝臟病例治療。

NRP is nothing but a surgical procedure to try to convert a DCD donor to a DBD donor, but it's not as simple as that. You still need to preserve the liver. You still need to assess the liver. You still need to protect the liver. So again, as I stated before, we do not see NRP as a threat to our liver DCD franchise. And based on the data, we've actually seen market share increase in the year to 53%.

NRP 只不過是一種嘗試將 DCD 捐贈者轉變為 DBD 捐贈者的外科手術，但它並沒有那麼簡單。肝臟還是要保住的。您仍然需要評估肝臟。肝臟還是要保護的。所以，正如我之前所說，我們並不認為 NRP 會對我們的肝臟 DCD 特許經營權構成威脅。根據數據，我們實際上看到市佔率在今年增加到了 53%。

Bill Plovanic, Canaccord.

加拿大銀行 (Canaccord) 的 Bill Plovanic。

Yeah. Great. Thanks for taking my questions and good evening. So quick just -- first question is thoughts on the New York Times article today on the organ allocation and the line-jumping. And then, investors are asking what role, if any, does TransMedics play in that allocation process? What's your exposure to the skipper sites? And is this something if they get their hands slapped or something happens that there's an impact to your revenue? That's my first question.

是的。偉大的。感謝您回答我的問題，晚上好。那麼快就——第一個問題是關於今天紐約時報關於器官分配和插隊的文章的看法。然後，投資人詢問 TransMedics 在分配過程中扮演什麼角色（如果有的話）？您對船長網站的了解有多少？如果他們受到打擊或發生其他事情，這會對您的收入產生影響嗎？這是我的第一個問題。

Thank you, Bill. In one aspect, we're encouraged that there is public awareness now, more and more public awareness about the challenges of organ transplant. However, some of these physicians are missing the full picture and needs additional education.

謝謝你，比爾。一方面，我們很高興看到公眾意識的提高，越來越多的公眾意識到器官移植的挑戰。然而，其中一些醫生缺乏全貌，需要進一步教育。

As you called it -- not us calling it -- national allocation or broader allocation or what you called it as line-jumping doesn't happen in everyday cases, unless centers decline the organ. So in fact, if we want to see improvement in utilization of donor organs and overall growth, this has to happen because if centers keep declining the organ, historically, these organs would go by the wayside, and we never utilize them.

正如你們所說的——不是我們所說的——全國分配或更廣泛的分配或你們所說的插隊在日常情況下不會發生，除非中心拒絕該器官。因此，事實上，如果我們希望看到捐贈器官的利用率和整體增長得到改善，就必須這樣做，因為如果中心繼續拒絕器官，從歷史上看，這些器官就會被拋棄，我們永遠不會利用它們。

So there is a missing element to the New York Times article today -- that came out today that it's just a piece of information and education. And as we've stated publicly, we are going to play a more active role in continuing to educate the public community about the challenges of organ transplant. And we're encouraged that there are more and more public interest in organ transplantation.

因此，今天《紐約時報》的文章缺少一個部分——今天發表的文章只是一則訊息和教育內容。正如我們公開表示的那樣，我們將發揮更積極的作用，繼續教育大眾了解器官移植的挑戰。我們很高興看到大眾對器官移植的興趣越來越濃厚。

We do not see that article or the issue that that article highlight impacting our business meaningfully, Bill, to be clear.

比爾，要明確的是，我們認為那篇文章或那篇文章強調的問題不會對我們的業務產生重大影響。

Okay. And then, just on the first quarter, the UNOS weekly transplant data is improving both year over year and quarter over quarter -- month-to-date through the seven-week data. Just any thoughts on maybe why we're seeing that improvement? And how does that impact you?

好的。然後，僅在第一季度，UNOS 每週移植數據就同比和環比都有所改善——從月度到七週的數據來看。您能談談為什麼我們會看到這種改善嗎？這對你有什麼影響？

So Bill, why -- again, this is the variability that we've been talking about for three-plus years since we got FDA approval across all three organs. This happens in organ transplants every year. There's a variability quarter to quarter, month over month. That's why we only report our overall volume and penetration data in that level of granularity at year-end, so when everything is settled.

那麼比爾，為什麼——再說一次，這是我們自從這三個器官獲得 FDA 批准以來三年多來一直在談論的變化。每年的器官移植中都會發生這種情況。每個季度之間、每個月之間都存在差異。這就是為什麼我們只在年底以該粒度級別報告我們的總體數量和滲透率數據，以便當一切都解決時。

How does it impact our business? Of course, when the numbers are up, we should be up as well. But I think we also learned based on the results from second half of last year that our performance is -- it relies on many variables, one of which is the national volume, the other is the NOP volume, and our ability to penetrate in the different market segments. And we plan to continue to do both of the above.

它對我們的業務有何影響？當然，當數字上升時，我們也應該上升。但我認為，根據去年下半年的業績，我們也了解到，我們的業績取決於許多變量，其中一個是全國銷量，另一個是 NOP 銷量，以及我們在不同細分市場的滲透能力。我們計劃繼續做上述兩項工作。

So it's a great sign. It's important to see transplant volumes recovering. We were hoping to see that because, as you know, Q4, the overall national volume was kind of flattish or a little bit down. So it makes sense. As Gerardo said, our expectation is we always see when one or two quarters are flat or down, it normalizes afterwards. So this is a welcome transition.

所以這是一個好兆頭。看到移植量的恢復非常重要。我們希望看到這一點，因為如你所知，第四季度全國整體銷量持平或略有下降。所以這是有道理的。正如傑拉爾多所說，我們的預期是，當一兩個季度持平或下降時，它隨後會恢復正常。因此這是一個值得歡迎的轉變。

Yeah. And then, just on the guide, just any commentary on Q1? I mean, typical seasonal up is expected. And then, you mentioned on the guide, just with the benefit of having the heart and lung programs, how much of that are you -- of the 20%, 25% growth, how much is the back-half heart and lung a contributor there? And thanks for taking my questions and good quarter.

是的。然後，僅就指南而言，對 Q1 有什麼評論嗎？我的意思是，預計會出現典型的季節性上漲。然後，您在指南中提到，僅透過心臟和肺部計畫帶來的好處，在 20%、25% 的成長中，心臟和肺部計畫的後半部貢獻了多少？感謝您回答我的問題並給我良好的待遇。

Thank you, Bill. Thank you. Our guidance assumes the different variability quarter to quarter as well as variability in the start of the clinical trial. As far as how much of the clinical trial we're anticipating in this year, miniscule. I would estimate it to be between 2% to 5% maximum. So the guide contemplates all these variabilities, both at the national level and the initiation of the trial time point or timeline.

謝謝你，比爾。謝謝。我們的指導假設每個季度都會有不同的變化，以及臨床試驗開始時的變化。至於我們預計今年將進行多少臨床試驗，答案是微乎其微。我估計最多在 2% 到 5% 之間。因此，該指南考慮了所有這些變化，包括國家層級以及試驗時間點或時間表的啟動。

2% to 5% of growth or 2% to 5% of total revenues?

成長率為 2% 到 5%，還是總收入的 2% 到 5%？

The growth.

成長。

Okay. So without that, it would be 20% to 23%, and it's -- the programs are taking it up to 25%. Is that -- I just want to be clear on what that contribution you're saying is.

好的。因此，如果沒有這個數字，這個比例將會是 20% 到 23%，而這些項目正在將其提高到 25%。是的——我只是想清楚你所說的貢獻是什麼。

I would say roughly speaking, Bill, and it's not a guidance, and we said a range of 2% to 5%.

比爾，我會粗略地說，這不是一個指導，我們說的範圍是 2% 到 5%。

Suraj Kalia, Oppenheimer.

蘇拉傑‧卡利亞 (Suraj Kalia)、奧本海默 (Oppenheimer)。

Waleed, Gerardo, congrats on a strong finish to the year. So Waleed, your independent review done by Kirkland & Ellis, what was the scope of the review? Help us understand the independence of this review, because it was concluded in six weeks. And will this be made public?

瓦利德、傑拉爾多，祝賀你們今年取得了圓滿的成績。那麼 Waleed，您由 Kirkland & Ellis 進行的獨立審查，審查的範圍是什麼？幫助我們了解這次審查的獨立性，因為它是在六週內完成的。這會公開嗎？

Thank you, Suraj. We do not comment on any of our internal or Board-initiated dynamic. It is a full independent review. It was reported to the Audit Committee, and it was a pretty exhaustive review. And I would leave it at that.

謝謝你，蘇拉傑。我們不對我們的內部或董事會發起的任何動態發表評論。這是一次完整的獨立審查。它被報告給審計委員會，並且是相當詳盡的審查。我就不多說了。

Got it. Waleed, I just want to piggyback on Josh's earlier question. Obviously, your FY25 guide is strong, right? The math is implying roughly around 5,000 organs. Part of the noise right now, Waleed, the concern is that it would dampen enthusiasm at new sites, but you guys are telegraphing share gains. I think so in your prepared -- or in your comments, you mentioned share gains and the confidence thereof.

知道了。瓦利德，我只是想回應喬許之前提出的問題。顯然，您的 FY25 指南很強勁，對嗎？數學計算顯示大約有 5,000 個器官。瓦利德，目前的噪音部分來自於人們擔心這會削弱人們對新網站的熱情，但你們卻在傳遞著市場份額成長的訊息。我認為，在您的準備中 - 或者在您的評論中，您提到了股票收益及其信心。

Help us understand, Waleed -- okay, in the rearview mirror, Q4 has gone great. Kudos to everyone. But obviously, you guys have to be seeing something ahead in terms of share gains that gives you the confidence to put this guide out. Help us -- especially given all the noise, help us understand what is giving you the confidence for continued share gains? Gentlemen, thank you and congrats, again.

瓦利德，請幫助我們理解 - 好的，從後視鏡來看，第四季度進展順利。向所有人致敬。但顯然，你們必須預見到份額成長的前景，這才有信心發布這份指南。幫助我們—特別是在所有這些噪音的情況下，幫助我們了解是什麼讓您有信心繼續獲得市場份額的成長？先生們，再次感謝並祝賀你們。

Suraj, thank you so much for the thoughtful question. Suraj, I want to be crystal clear. Noise does not drive TransMedics, does not drive our planning, does not drive our business, period, full stop. Two, we reported significant share gain in '24 over '23, yet we reported single-digit penetration in DBD segments for liver and heart.

蘇拉吉，非常感謝您提出這個深思熟慮的問題。蘇拉吉，我想說清楚。噪音不會推動 TransMedics，不會推動我們的規劃，不會推動我們的業務，就是這樣。第二，我們報告稱，24年的份額較23年有顯著增長，但我們報告稱，肝臟和心臟DBD領域的滲透率僅為個位數。

We reported 53% penetration in DCD liver. There's a lot ahead of us. There's a big greenfield opportunity for growth ahead of us. We have not -- even though the noise claim or allege that we are losing market share or losing major users, we're not seeing any of this. And again, we are bullish about 2025.

我們報告了DCD肝臟的滲透率為53％。我們面前還有許多事情要做。我們的面前有一個巨大的、嶄新的成長機會。我們沒有——儘管有傳言稱我們正在失去市場份額或失去主要用戶，但我們並沒有看到任何這些情況。再次強調，我們對 2025 年充滿信心。

Our plans contemplate the guidance we set out. And from everything we're seeing in the business, in our interactions with our users, in the operation, in our logistics, we feel highly confident in the guidance that we set out in front of the Street.

我們的計劃考慮到了我們制定的指導方針。從我們在業務中看到的一切、我們與用戶的互動、在營運中、在物流中，我們對我們向華爾街提出的指導方針非常有信心。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊（Chris Pasquale），腎元研究公司。

Thanks. Waleed, the ramp in logistics utilization has been nice to see. You talked about adding one more plane gets you to 22, and then it sounds like you plan to pause for a while. How do you think about the capacity that that fleet gives you and balancing the desire to really work those assets versus giving yourselves some cushion? So if one does go down for maintenance, you don't lose case coverage.

謝謝。瓦利德，很高興看到物流利用率的提升。您剛才談到再增加一架飛機就能將飛機數量增加到 22 架，然後聽起來您打算暫停一段時間。您如何看待該船隊為您提供的運力，以及在真正利用這些資產的願望與為自己提供一些緩沖之間取得平衡？因此，如果確實發生停機維護，您不會失去案例覆蓋範圍。

Chris, great question. Listen, we want to -- in our remarks, we wanted to highlight that our primary focus right now is to make sure that we optimize the operation and really reach semi steady state on the efficiency that we can build in the operation. That is our primary goal. But if we see the demand is growing rapidly, if we see variability or high rate of unexpected maintenance event, we're not going to stop the operation.

克里斯，這個問題問得好。聽著，我們想 - 在我們的演講中，我們想強調的是，我們現在的主要重點是確保我們優化操作並真正達到我們可以在操作中建立的效率的半穩定狀態。這是我們的首要目標。但如果我們發現需求正在快速成長，如果我們發現變化性或意外維護事件的發生率很高，我們就不會停止營運。

I think Gerardo was very clear that we are still in growing mode. We are extremely fortunate to deliver 83% growth and profitability, but we are not going to stop that business. We still have a long way to go and a long runway of greenfield opportunity. I'll stop here, and I'll pass it on to Gerardo to add any additional comments from his perspective.

我認為杰拉爾多非常清楚我們仍處於成長模式。我們非常幸運地實現了 83% 的成長和盈利，但我們不會停止這項業務。我們還有很長的路要走，還有很長的綠地機會。我就講到這裡，然後我會將其轉交給 Gerardo，讓他從他的角度添加任何其他評論。

Yes. Chris, thank you for the question. I think what we can think in summary is what we have been saying since the JPMorgan conference. We expect to pause at around 22 aircrafts. That should give us the capacity of around having 18 to 20 aircrafts operational in average every month.

是的。克里斯，謝謝你的提問。我認為，我們可以總結的就是我們自從摩根大通會議以來一直在說的話。我們預計將在 22 架飛機左右停留。這樣我們每個月就能平均營運 18 到 20 架飛機。

And when we add on top of that, our pilot plan of double shifting, it certainly increases significantly the capacity. That's at least our theory, and that's what we want to test this year to make sure that we can sweat the assets and improve the operational efficiency and margins. So we still have a long way to go before we continue to acquire more airplanes. That's what I would tell.

如果我們在此基礎上加上我們的雙班試點計劃，那麼產能肯定會顯著提高。這至少是我們的理論，也是我們今年想要測試的，以確保我們能夠充分利用資產並提高營運效率和利潤率。因此，在繼續購買更多飛機之前，我們還有很長的路要走。這就是我要說的。

Thanks. That's helpful. And then maybe one for you, Gerardo, just as we look at R&D spending over the last couple of years, it's more than doubled. You come into '25 with a lot on your to-do list in terms of projects and clinical trials and how should we think about spending growth this year for R&D versus SG&A? And does R&D need to step up as those clinical trials get started in the back half?

謝謝。這很有幫助。也許有一個問題適合您，Gerardo，正如我們所看到的，過去幾年的研發支出增加了一倍以上。進入25年，您在專案和臨床試驗方面有很多待辦事項，我們應該如何考慮今年研發支出與銷售、一般及行政開支的成長？隨著下半年臨床試驗的開始，研發是否需要加強？

Right. Let me tell you that we expect to have some modest gains in operating leverage. So that said, are expecting that the overall operating expenses will grow at a lower pace than our revenue. Now R&D, we will continue to invest strongly in R&D. We have OCS innovation. We have next-generation OCS. We want to continue to advance our kidney program. We want to strengthen, or we will strengthen our product development capabilities. So we will continue to strongly invest in our long-term growth.

正確的。我告訴你們，我們預計經營槓桿會略有上升。因此，我們預計整體營運費用的成長速度將低於我們的收入的成長速度。現在研發，我們將繼續大力投資研發。我們有 OCS 創新。我們有下一代 OCS。我們希望繼續推進我們的腎臟計畫。我們希望加強，或者說我們會加強我們的產品開發能力。因此，我們將繼續大力投資我們的長期成長。

After that, we're going to be strengthening our NOP and command center. We will continue to expand our clinic and adoption team. And lastly, we will grow in a modest way our G&A functions as well. But overall, we're expecting to see some gains in operating -- a modest gain in operating leverage.

之後，我們將加強我們的 NOP 和指揮中心。我們將繼續擴大我們的診所和收養團隊。最後，我們也將適度擴大我們的一般及行政管理職能。但總體而言，我們預計營業利潤將有所增長——營業槓桿將略有上升。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Afternoon. Thanks for taking the questions. Maybe, Waleed, just for starters, when I look at the amount of organs you did in '24 versus '23, it's just under 1,400. It's a really nice progress. If I just multiply that by 4, add it to how many organs you did in '24, I'm still getting to more like 9,200 organs by 2028.

下午。感謝您回答這些問題。瓦利德，也許，只是開始而已，當我查看你在 1924 年與 1923 年進行的器官移植數量時，發現總數略低於 1,400 個。這確實是一個很好的進步。如果我將其乘以 4，再加上 24 年進行的器官移植數量，到 2028 年，我仍然會得到 9,200 個器官。

And so, I'm just wondering with a little bit more competition on the liver side, how do we bridge that extra 800 organs to get to 10,000? Is the -- are the heart and lung clinical studies enough to get you there? And is it more back-end loaded to get you to that 10,000?

所以，我只是想知道，如果肝臟方面的競爭稍微激烈一些，我們如何才能將這額外的 800 個器官達到 10,000 個呢？心臟和肺部臨床研究足以幫助你實現這一目標嗎？並且需要更多的後端負載才能讓您達到那 10,000 嗎？

Thank you, Matt. Excellent question. Matt, today, we're driving growth from heart and liver or liver and heart in that order. Lung is really not driving much growth for us at all. And even in the heart, as I reported, we have a single-digit penetration in the DBD, single digit. We are absolutely confident that the new clinical programs should contribute significantly, one, to resurrecting the lung program or the lung market for us to contribute to our growth and to increase our penetration in DBD heart transplants.

謝謝你，馬特。好問題。馬特，今天，我們將按心臟和肝臟或肝臟和心臟的順序推動生長。肺其實並沒有為我們帶來太大的成長。即使在心臟中，正如我所報告的，我們在 DBD 中的滲透率也只有個位數，個位數。我們絕對有信心，新的臨床計畫將做出重大貢獻，首先，它將為恢復肺部計畫或肺部市場做出貢獻，從而促進我們的成長並提高我們在 DBD 心臟移植中的滲透率。

We are bullish on these two programs and that's how we not only fill in the gap of those 700 or 800 additional organs, we think we are going to do more than 10,000 transplants into 2028 just from heart, lung and liver alone and not counting any additional organs that might be coming in the pipeline. So we're highly confident about that, Matt.

我們對這兩個項目持樂觀態度，因為我們不僅可以填補那 700 或 800 個額外器官的缺口，而且我們認為到 2028 年，僅心臟、肺和肝臟的移植手術就將超過 10,000 例，這還不包括可能正在籌備中的任何其他器官。所以我們對此非常有信心，馬特。

And your math is correct. If you assume that lung is dead or slow -- very, very slow as we are or we have been for the last two years, but that's not our expectation. And that's why we're prioritizing the investments in these clinical programs.

你的數學是正確的。如果您認為肺部已經死亡或進展緩慢——就像我們現在或過去兩年來一直進展得非常非常緩慢一樣，但這不是我們的預期。這就是我們優先投資這些臨床項目的原因。

And Matt, just to highlight one thing. It's back-end loaded for 2025, but we still have -- these programs should be concluded by '26, and that gives us two years of full operating leverage with two additional market catalysts that we currently don't have, especially on the lung front. I'm sorry if I interrupted you.

馬特，我只想強調一點。它是為 2025 年準備的，但我們仍然有——這些項目應該在 26 年之前完成，這將為我們帶來兩年的充分運作槓桿，以及兩個我們目前所沒有的額外市場催化劑，特別是在肺部方面。如果我打擾了你，我很抱歉。

No, that's perfect. And then, Gerardo, I don't want to get too specific, but you saw a step function improvement in operating margins in '24. You're saying modest improvement here in '25 as you're continuing to invest in the business. I don't know if that means a couple of hundred basis points, 300, I don't know how we should think about that. But then do we get another step function improvement in '26? Or do we need to wait until '27 for that, just given the investments on the clinical program side of things? Thanks.

不，那太完美了。然後，Gerardo，我不想說得太具體，但您看到 24 年營業利潤率有了階梯式的提升。您說隨著您繼續對該業務進行投資，25 年的情況會有所改善。我不知道這是否意味著幾百個基點，300個基點，我不知道我們應該如何考慮這一點。但是，我們在 '26 年會獲得另一個階躍函數改進嗎？或者我們需要等到 27 年，僅僅考慮到臨床項目的投資？謝謝。

Yeah. I do not want to share just yet any longer-term view in terms of margin as we still -- or I am still getting familiar into those long-term planning. But for 2025, what I can tell you is that we're expecting modest improvement in gross margin and modest -- capture modest operating leverage at operating expenses level. That should give us some improvement in operating margin, and I would rather leave it there.

是的。我現在還不想分享任何關於利潤的長期觀點，因為我們仍然——或者我仍然在熟悉這些長期規劃。但對於 2025 年，我可以告訴你的是，我們預計毛利率將適度改善，並且在營業費用水平上獲得適度的營業槓桿。這應該會使我們的營業利潤率提高，我寧願讓它保持在這個水平。

Understood thank you.

明白了，謝謝。

David Rescott, Baird.

大衛雷斯科特，貝爾德。

Great. Thanks for taking the questions. Congrats on the strong finish to the year here. Maybe just a follow-up, Gerardo, on those comments just around the margins in '25. You ended the year on the service line with a high-20s number in Q4 for service gross margins. You're at mid to high single, I guess, in operating margins.

偉大的。感謝您回答這些問題。恭喜您今年取得了圓滿的收官。杰拉爾多，也許只是對 25 年邊緣評論的後續評論。您在服務線上的第四季以 20% 以上的服務毛利率結束了這一年度。我想，您的營業利潤率處於中高等。

Does that high-20s service gross margin seem like a good kind of stepping off point for next year? You're still below that kind of mid-30s that you were at before. But when you think about the moderation through the year, should this 29% number on the service gross margins be kind of that low bar? Or could there be more variability to the lower end of that?

20% 以上的服務毛利率是否似乎是明年的一個好起點？您仍然低於之前的 35 歲左右。但是，當你考慮全年的緩和時，29% 的服務毛利率應該算是很低的標準嗎？或者說其低端可能存在更多的可變性？

Yeah. Thanks for the question, David. First, let me clarify that I have not said that we're going to target 35% or that's my expectation. I am still going into the review of our long-term views of what's really sustainable in the business.

是的。謝謝你的提問，大衛。首先，讓我澄清一下，我並沒有說我們要以 35% 為目標，或者這是我的期望。我仍在回顧我們對業務真正可持續發展的長期觀點。

What I can tell you today is that in 2025, both in product and service margin, we're going to see some improvements. However, the increase of portion in the mix of service will moderate the overall margin improvement. That's how I can see -- that's how I see 2025.

我今天可以告訴大家的是，到 2025 年，無論是產品和服務利潤率，我們都會看到一些改善。然而，服務組合份額的增加將減緩整體利潤率的改善。這就是我的看法——這就是我對 2025 年的看法。

And David, I would like to add to what Gerardo just said. Your question was specific about the service. I think we all expect improvement in the service margin. However, we want to caution that if we get hit by unexpected high rate of maintenance as we had in Q3 of '24, that could negatively impact the margin because we will rely more heavily on third-party logistics partner and not on our own operated aircraft. That's the only variability that might present itself. But on an overall year basis, we expect the modest improvement, as Gerardo outlined.

大衛，我想補充一下傑拉爾多剛才說的話。您的問題是關於該服務的具體問題。我認為我們都期待服務利潤率的提升。然而，我們要提醒的是，如果我們遭遇像24年第三季那樣的意外高維護率，這可能會對利潤率產生負面影響，因為我們將更依賴第三方物流合作夥伴，而不是我們自己營運的飛機。這是唯一可能出現的變化。但從全年來看，我們預計會出現適度改善，正如 Gerardo 所概述的那樣。

Okay. That's helpful. When you think about some of the step-up in bringing on new planes, my guess is that maybe you have a -- I don't know if it'd be a fixed amount of kind of pilots, surgeons, clinical support specialists for each plane, but when you think about bringing on some of those new planes, should we think about it being -- you bring on a new plane, you've got -- I don't know, two pilots, two surgeons, eight kind of dedicated clinical support specialists to each of those?

好的。這很有幫助。當您考慮引入一些新飛機時，我猜也許您有——我不知道每架飛機是否配備固定數量的飛行員、外科醫生和臨床支援專家，但是當您考慮引入一些新飛機時，我們是否應該考慮——您引入一架新飛機，您有——我不知道，兩名飛行員、兩名外科醫生，每架飛機配備八名專門的臨床支援專家？

Or as you scale, can you kind of spread across the clinical support staff for each plane, meaning that for every incremental plane that you bring on, you wouldn't expect the same amount of kind of dollar of OpEx associated with that new plane longer term?

或者隨著規模的擴大，您是否可以將臨床支援人員分攤到每架飛機上，這意味著對於您增加的每架飛機，您不會期望與該新飛機長期相關的營運支出金額相同？

David, thank you. Very important question. No, you should not model at all that each plane have an incremental clinical heads addition. Our network is broad and our clinical network is broad from surgeons and clinical specialists. We do not tie the staffing -- our clinical staffing to plane.

大衛，謝謝你。非常重要的問題。不，你根本不應該模擬每個平面都有一個增量的臨床頭部增加。我們的網絡很廣泛，我們的臨床網絡由外科醫生和臨床專家組成。我們不會將臨床人員配置嚴格限制在某一水準。

The only thing that we need to link to plane is two important things: one, we need a pilot crew to crew the plane; and the two to four weeks' time that a plane needs to be on the ground waiting for -- to be added to our Part 135 license. So not the minute we buy a plane, this plane can be operational.

我們唯一需要和飛機聯繫起來的是兩件重要的事情：第一，我們需要一個飛行員機組來駕駛飛機；飛機還需要在地面上等待兩到四周的時間才能添加到我們的第 135 部分許可證中。所以，不是我們買了飛機的那一刻，這架飛機就可以投入使用。

As far as pilots is concerned, we have a critical mass of pilots. We can operate those planes, but we are continuing to add, because as we stated, we are targeting to double shift somewhere between 20% and 30% of our fleet. So that will continue throughout the year. And we'll be monitoring the demand growth, and we will be titrating those additions to make sure that we're meeting that goal without running hot.

就飛行員而言，我們擁有大量的飛行員。我們可以運營這些飛機，但我們也將繼續增加飛機數量，因為正如我們所說，我們的目標是將我們機隊的 20％ 到 30％ 的飛機數量增加一倍。這種情況將持續全年。我們將監測需求成長情況，並對新增產能進行調整，以確保我們能夠達到目標，且不會出現過熱的情況。

Mike Matson, Needham & Company.

麥克‧馬森 (Mike Matson)，Needham & Company。

Yeah, thanks for taking my questions. So I just want to start with one on kind of the prices that you guys are charging. I understand your argument that it's compelling value proposition and whatnot. But there is -- when I've talked to people of your customers and people in the transplant world, there is a lot of concern, handwringing, pushback, about the pricing. I've seen some third-party research that cited the same thing. I know you're continuing to see strong growth. But I'm just wondering, is there anything that you can do to try to improve that kind of perception that the pricing is too high from a marketing standpoint or something like that?

是的，感謝您回答我的問題。因此，我只想先問一下你們收取的價格。我理解你的論點，即這是一個令人信服的價值主張等等。但是，當我與你們的客戶以及移植界的人士交談時，發現他們對定價有很多擔憂、焦慮和抗拒。我看到一些第三方研究也引用了同樣的事情。我知道你們正在繼續看到強勁的成長。但我只是想知道，從行銷角度或類似角度來看，您可以做些什麼來嘗試改善這種定價過高的看法？

Thank you for the question, Mike. But really, again, we are delivering significant value to the market. We actually wholeheartedly believe that the value we're delivering far exceeds the price we're charging. That's number one.

謝謝你的提問，麥克。但事實上，我們再次為市場帶來了巨大的價值。我們確實全心全意地相信，我們提供的價值遠遠超過我們所收取的價格。這是第一點。

The penetration rates and the growth rates speaks for themselves. The market see that value; otherwise, they would not have adopted the OCS. The growth in overall transplantation in the United States speaks for itself.

滲透率和成長率不言而喻。市場看到了這個價值；否則，他們就不會採用 OCS。美國整體移植數量的成長不言而喻。

The competition pricing is designed the way it's designed because of the low value the competitive technology brings. So we are not going to change our pricing because if a low value competitor decided to price their technology at a lower level than what TransMedics is doing. So that's number one.

競爭定價之所以如此制定，是因為競爭技術帶來的價值較低。因此，我們不會因為低價值競爭對手決定將其技術定價得低於 TransMedics 的定價而改變我們的定價。這是第一點。

Number two, operating the NOP and the full network effect of NOP gives us significant leverage to efficiently manage the entire process and pass some of that cost efficiency back to the transplant program. None of our competitor can deliver that cost efficiency to transplant program.

第二，營運 NOP 及其完整的網路效應為我們提供了顯著的優勢，可以有效率地管理整個流程，並將部分成本效益回饋給移植專案。我們的競爭對手都無法為移植項目提供如此成本效益。

I'll give you one example. For our NOP centers that are using the full spectrum of our service offering, including logistics, they get a 50% discount on the DCD donor that doesn't progress to become a donor. None of our competitor is even capable to even come close to making that offering. So yes, the technology might be $40,000 or $50,000, but the overall cost of the procedure is probably higher than TransMedics.

我給你舉一個例子。對於使用我們全方位服務（包括物流）的 NOP 中心，對於未成為捐贈者的 DCD 捐贈者，他們可享有 50% 的折扣。我們的競爭對手根本就沒有能力提供這樣的服務。所以是的，這項技術可能要花費 40,000 或 50,000 美元，但整個手術的成本可能高於 TransMedics。

And that, again, we usually do not comment on our pricing. Our pricing is standardized across the United States. Every center knows what our pricing is. Every user knows what our pricing is, every transplant administrator knows what our pricing is. And again, the results speak for themselves.

再次強調，我們通常不會對我們的定價發表評論。我們的定價在全美範圍內是標準化的。每個中心都知道我們的定價。每個使用者都知道我們的定價是多少，每個移植管理員都知道我們的定價是多少。再次，結果不言而喻。

Okay. I guess, I wasn't trying to say that you needed to lower your price, just maybe find a way to maybe pitch it to people in a more convincing way or something, but I understand --

好的。我想，我並不是說你需要降低價格，只是也許可以找到一種更有說服力的方式向人們推銷，但我明白--

I completely understand. And you highlight it right from a marketing perspective, we're doing that. Tamer and his team are doing that, and continuing to improve and refine the messaging to highlight the key points that I summarized a couple of minutes ago.

我完全理解。您從行銷角度強調了這一點，我們正在這樣做。Tamer 和他的團隊正在這樣做，並繼續改進和完善資訊傳遞方式，以強調我在幾分鐘前總結的要點。

Okay. Understood. Thank you. And then, just with regard to the plane service, it almost sounds like you don't have a great visibility into when it's required. But I'm just wondering, is there some way to schedule it, so it doesn't all sort of fall into a particular quarter like it did last year. I wouldn't say it all fell in the third quarter, but you had kind of abnormally high level of service in one quarter. Is there a way to plan it ahead and maybe spread that out or something? Or is it just really unpredictable?

好的。明白了。謝謝。然後，就飛機服務而言，聽起來你似乎無法很好地了解何時需要它。但我只是想知道，是否有某種方法可以安排它，以便它不會像去年一樣全部落入特定的季度。我不會說第三季全部下降，但某個季度的服務水準確實異常高。有沒有辦法提前計劃並將其傳播出去或採取其他方式？還是它真的難以預測？

Mike, that's an excellent question. So for scheduled service, we have full visibility in that, and we spread it across the year, and we have some flexibility to schedule it and manage it properly. The part that we don't have any visibility to, and its part and parcel of operating a fleet is what is called in the industry, AOG, Airplane on Ground. These are unanticipated, unexpected situations, where the plane is not airworthy. And it could happen any day, and it could happen even in the middle of a mission.

麥克，這個問題問得非常好。因此，對於定期航班，我們具有完全的可見性，並且我們將其分佈在全年，並且我們可以靈活地安排和妥善管理它。我們無法看到的部分，也是機隊運作的重要組成部分，就是業界所謂的 AOG（飛機停場）。這些都是無法預料的、意外的狀況，導致飛機無法飛行。它可能在任何一天發生，甚至可能發生在任務執行過程中。

So these are the things that we don't have visibility to. But how do we manage it? We manage it by having a robust fleet by managing our own internal maintenance ourselves and not rely on 100% on third-party. We can supplement with third-party and building a network that we can scramble a jet from a nearby -- TransMedics jet from a nearby hub to -- in case a plane is down unexpectedly in between missions.

所以這些都是我們看不到的事。但是我們要怎麼做才能做到這一點呢？我們透過擁有強大的車隊來管理它，我們自己管理內部維護，而不是 100％ 依賴第三方。我們可以與第三方合作，建立一個網絡，以便我們可以從附近的樞紐緊急派遣一架噴射機——TransMedics 噴射機——以防飛機在任務期間意外墜毀。

That's the part that we -- our team is navigating and is doing a great job navigating every quarter. We experienced a lot of that AOG events in Q3. The team managed it extremely well in Q4. And again, we continue to expect to do that. But sometimes, these things creep up on you, and you have to deal with it on the spot.

這就是我們團隊正在導航的部分，並且每個季度都做得很好。我們在第三季經歷了很多 AOG 事件。該團隊在第四季度表現非常出色。我們再次期望這樣做。但有時，這些事情會悄悄地發生在你身上，你必須立即處理。

At this time, there are no further questioners in the queue, and this does conclude our question-and-answer session. I would now like to turn the conference back over to Waleed Hassanein for any closing remarks.

目前，隊列中沒有其他提問者，我們的問答環節到此結束。現在，我想將會議交還給瓦利德·哈薩寧，請他作最後發言。

Thank you, Chris. Thank you all very much for your time. Have a wonderful evening, and we're looking forward to our next call. Bye-bye.

謝謝你，克里斯。非常感謝大家抽空。祝您有個美好的夜晚，我們期待下次通話。再見。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，現在您可以斷開連接了。