Varex Imaging Corp (VREX) 2024 Q1 法說會逐字稿

Greetings and welcome to the Varex's Q1 2024 earnings call. (Operator Instructions)

歡迎參加 Varex 2024 年第一季財報電話會議。（操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Christopher Belfiore, Director of Investor Relations. Thank you, Chris. You may begin.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人克里斯多福貝爾菲奧裡 (Christopher Belfiore)，他是投資者關係總監。謝謝你，克里斯。你可以開始了。

Good afternoon, and welcome to Varex Imaging Corporation's earnings conference call for the first quarter of fiscal year 2024. With me today are Sunny Sanyal, our President and CEO, and Sam Maheshwari, our CFO. Please note that the live webcast of this conference call includes a supplemental slide presentation that can be accessed at Varex website at vareximaging.com. The webcast and supplemental slide presentation will be archived on Varex website.

下午好，歡迎參加 Varex Imaging Corporation 2024 財年第一季財報電話會議。今天與我在一起的有我們的總裁兼執行長 Sunny Sanyal 和我們的財務長 Sam Maheshwari。請注意，本次電話會議的網路直播包括補充幻燈片演示，可在 Varex 網站 vareximaging.com 上存取。網路廣播和補充幻燈片簡報將存檔在 Varex 網站上。

To simplify our discussion, unless otherwise stated, all references to the quarter are for the first quarter of fiscal year 2024. In addition, unless otherwise stated, quarterly comparisons are made year over year from the first quarter of fiscal year 2024 to the first quarter of fiscal year 2023. This is a change compared to prior quarters where since COVID, we have compared results sequentially. We believe going forward, this will be a better representation of our results given that the impacts of COVID are largely behind us.

為了簡化我們的討論，除非另有說明，所有提及該季度的數據均指 2024 財年第一季。此外，除非另有說明，季度比較是從2024財年第一季到2023財年第一季的年比情況。與自新冠疫情以來我們連續比較結果的前幾季相比，這是一個變化。我們相信，展望未來，鑑於新冠疫情的影響已基本消除，這將更好地代表我們的結果。

Finally, all references to the year are to the fiscal year and not calendar year unless otherwise stated.

最後，除非另有說明，所有提及年份的內容均指財政年度而非日曆年。

Please be advised that during this call, we will be making forward-looking statements, which are predictions or projections about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated.

請注意，在本次電話會議中，我們將做出前瞻性陳述，即對未來事件的預測或預測。這些陳述是基於目前的預期和假設，這些預期和假設存在風險和不確定性，可能導致實際結果與預期有重大差異。

Risks relating to our business are described in our quarterly earnings release and our filings with the SEC. Additional information concerning factors that could cause actual results to materially differ from those anticipated is contained in our SEC filings, including Item 1A Risk Factors of our quarterly reports on Form 10-Q and our annual report on Form 10-K. The information in this discussion speaks as of today's date and we assume no obligation to update or revise the forward-looking statements in this discussion.

我們的季度收益報告和向 SEC 提交的文件中描述了與我們業務相關的風險。有關可能導致實際結果與預期結果有重大差異的因素的更多資​​訊包含在我們向 SEC 提交的文件中，包括我們表格 10-Q 季度報告和表格 10-K 年度報告的第 1A 項風險因素。本次討論中的資訊截至今天為止，我們不承擔更新或修改本次討論中的前瞻性陳述的義務。

On today's call, we will discuss certain non-GAAP financial measures. These non-GAAP measures are not presented in accordance with nor are they a substitute for GAAP financial measures. We provided a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure in our earnings press release, which is posted on our website.

在今天的電話會議上，我們將討論某些非公認會計準則財務指標。這些非 GAAP 衡量標準並非依照 GAAP 財務衡量標準提出，也不能取代 GAAP 財務衡量標準。我們在網站上發布的收益新聞稿中提供了每項非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節表。

I will now turn the call over to Sunny.

我現在將把電話轉給 Sunny。

Thanks, Chris. Good afternoon, everyone, and thank you for joining us for our first-quarter earnings call. Revenue of $190 million in the first quarter of fiscal 2024 was in line with our expectations. Lower volumes and unfavorable mix in both medical and industrial segments impacted profitability.

謝謝，克里斯。大家下午好，感謝您參加我們的第一季財報電話會議。2024財年第一季營收1.9億美元，符合我們的預期。醫療和工業領域的銷售下降和不利的組合影響了獲利能力。

As a result, non-GAAP gross margin was 31% and non-GAAP earnings per share was $0.06. Revenue in the first quarter was down 8% year over year. Revenue in the medical segment decreased 13% year over year, while the industrial segment revenue increased 10% year over year.

結果，非 GAAP 毛利率為 31%，非 GAAP 每股盈餘為 0.06 美元。第一季營收年減8%。醫療板塊收入較去年同期下降13%，工業板塊收入較去年同期成長10%。

Non-GAAP gross margin in the first quarter was 31%, which was below our expectations and down approximately 100 basis points compared to the same quarter last year. Adjusted EBITDA in the first quarter was $19 million and non-GAAP EPS was $0.06. We ended the first quarter with $195 million worth of cash, cash equivalents, and marketable securities on the balance sheet, up $87 million compared to the first-quarter fiscal 2023.

第一季非 GAAP 毛利率為 31%，低於我們的預期，比去年同期下降約 100 個基點。第一季調整後 EBITDA 為 1,900 萬美元，非 GAAP 每股收益為 0.06 美元。截至第一季末，我們的資產負債表上有價值 1.95 億美元的現金、現金等價物和有價證券，比 2023 財年第一季增加了 8,700 萬美元。

Let me give you some insights into sales detail by modality in the quarter compared to a five-quarter average, which we will refer to as the sales trend. In our medical segment, global sales of CT tubes were seasonally softer than usual and below its sales trends. Fluoroscopy and oncology modalities were weaker in the quarter and were below their respective sales trend. The lower volumes in these three modalities contributed to the unfavorable mix in the quarter for medical.

讓我向您介紹本季按方式劃分的銷售細節與五個季度平均值的比較，我們將其稱為銷售趨勢。在我們的醫療領域，CT 管的全球銷售季節性低於平時，低於其銷售趨勢。透視檢查和腫瘤學模式在本季表現疲軟，低於各自的銷售趨勢。這三種方式的銷售量較低導致了本季醫療領域的不利組合。

Dental improved slightly in the quarter but remained below its sales trend. Mammography continued to be solid with revenues above the sales trend in the quarter, while radiographic was below its sales trend. Global sales of our industrial products in the quarter were solid but below its sales trend in the quarter.

牙科業務本季略有改善，但仍低於銷售趨勢。乳房X光照相術持續保持穩健，本季收入高於銷售趨勢，而放射線照相術則低於其銷售趨勢。本季我們工業產品的全球銷售穩健，但低於本季的銷售趨勢。

We continued to see strong momentum in our cargo inspection business. Outside of cargo, we're experiencing softness in industrial end markets, particularly in semiconductor, automotive, and electronics. The lower-than-expected industrial revenue contributed to lower gross margin in the quarter.

我們的貨物檢驗業務持續保持強勁勢頭。除了貨運之外，我們還經歷了工業終端市場的疲軟，特別是在半導體、汽車和電子領域。低於預期的工業收入導致該季度毛利率下降。

At the end of November, we attended the Radiological Society of North America show, which is the world's largest imaging-focused event and attended by radiology professionals and diagnostic imaging companies globally. We had over 150 meetings with our customers and prospects, and it was a very productive business development event for us.

11月底，我們參加了北美放射學會展會，這是世界上最大的以影像為重點的活動，有全球放射學專業人士和診斷影像公司參加。我們與客戶和潛在客戶舉行了 150 多次會議，這對我們來說是一次非常有成效的業務發展活動。

We displayed and discussed several new products across our entire portfolio, including a prototype of our photon counting detector module. Unlike in the last couple of years where supply chain-related matters dominated the agenda, nearly all discussions with our customers at this RSNA were focused on new product development, including for CT, mammography, surgery, interventional, and general x-ray systems.

我們展示並討論了我們整個產品組合中的幾款新產品，包括我們的光子計數探測器模組的原型。與過去幾年供應鏈相關問題佔據主導地位不同，在本次 RSNA 上與客戶的幾乎所有討論都集中在新產品開發上，包括 CT、乳房 X 光攝影、手術、介入和通用 X 射線系統。

We also met with several new OEMs with novel technologies that could benefit from our Azure and photon counting detectors and our software applications. Photon counting continues to be at the front and center in many of our discussions. I'm happy to say that a major global OEM has expressed their interest to incorporate our photon counting technology into their next generation of CT scanners. Discussions with others are ongoing.

我們還會見了幾家擁有新技術的新 OEM，這些新技術可以從我們的 Azure 和光子計數探測器以及我們的軟體應用程式中受益。光子計數仍然是我們許多討論的前沿和中心。我很高興地說，一家全球主要 OEM 已表示有興趣將我們的光子計數技術整合到他們的下一代 CT 掃描儀中。與其他人的討論正在進行中。

With the acute supply chain problems behind them, our customers' focus has returned to new product introductions and so have our discussions with them.

隨著嚴重的供應鏈問題的出現​​，我們的客戶的注意力又回到了新產品的推出上，我們也與他們進行了討論。

In summary, we continue to be excited about the prospects for our new imaging products like photon counting CT and our unique position to support our customers and bringing innovative systems to market.

總而言之，我們對光子計數 CT 等新成像產品的前景以及我們支持客戶並將創新系統推向市場的獨特地位繼續感到興奮。

With that, let me hand over the call to Sam.

接下來，讓我把電話轉給 Sam。

Thanks, Sunny, and hello, everyone. As a reminder, the first quarter is generally a seasonally low quarter for us. Our revenues were at the midpoint of guidance, while gross margin was below the guided range and non-GAAP EPS was lower than the guidance midpoint.

謝謝，Sunny，大家好。提醒一下，第一季對我們來說通常是季節性低迷的季度。我們的收入處於指導中點，而毛利率低於指導範圍，非公認會計原則每股收益低於指導中點。

During the quarter, we experienced unfavorable product mix in both medical and industrial segments, along with seasonally low volumes. As a result, revenues were $190 million. Non-GAAP gross margin was 31% and non-GAAP EPS was $0.06. Further, operating cash flows were $10 million for the quarter.

本季度，我們在醫療和工業領域經歷了不利的產品組合，以及季節性的低銷售量。結果，收入為 1.9 億美元。非公認會計原則毛利率為 31%，非 GAAP 每股盈餘為 0.06 美元。此外，該季度的營運現金流為 1,000 萬美元。

First-quarter revenues decreased 8% compared to the first quarter of fiscal 2023. Medical revenues were $140 million and industrial revenues were $50 million. Medical revenues were 74% and industrial revenues were 26% of our total revenues for the quarter.

與 2023 財年第一季相比，第一季營收下降 8%。醫療收入為1.4億美元，工業收入為5000萬美元。醫療收入佔本季總收入的 74%，工業收入佔 26%。

Looking at revenues by region, Americas decreased 6% compared to the first quarter of fiscal '23 while EMEA increased 1% and APAC decreased 16%. As highlighted last quarter, the decline in APAC was primarily the result of lower sales in our China business due to the government's anti-corruption campaign into its healthcare system. China accounted for 17% of overall revenues in the first quarter, even though sales in China declined approximately 10% compared to the same period last year.

從各地區的營收來看，與 23 財年第一季相比，美洲地區營收下降了 6%，而歐洲、中東和非洲地區則成長了 1%，亞太地區下降了 16%。正如上季所強調的，亞太地區的下滑主要是由於政府對其醫療保健系統開展反腐敗運動導致中國業務銷售額下降。儘管中國的銷售額比去年同期下降了約10%，但中國市場佔第一季總收入的17%。

Let me now cover our results on a GAAP basis. First-quarter gross margin was 30%, 100 basis points lower year over year. Operating expenses were $53 million, up $3 million compared to the first quarter of fiscal '23. And operating income was $4 million, down $9 million. GAAP net loss was about $0.5 million, and EPS was a loss of $0.01 per share based on fully diluted 41 million shares.

現在讓我介紹一下我們按照公認會計準則計算的結果。第一季毛利率為30%，較去年同期下降100個基點。營運費用為 5,300 萬美元，比 23 財年第一季增加 300 萬美元。營業收入為 400 萬美元，減少 900 萬美元。GAAP 淨虧損約 50 萬美元，基於完全稀釋的 4,100 萬股計算，每股收益虧損 0.01 美元。

Moving on to non-GAAP results for the quarter. Gross margin of 31% was down 100 basis points compared to the first quarter of fiscal 2023. R&D spending was $20 million, flat compared to the first quarter of fiscal '23. Overall, R&D was 11% of revenues. Generally, our target is 8% to 10% of revenues on an annual basis.

接下來是本季非公認的會計準則業績。毛利率為 31%，較 2023 財年第一季下降 100 個基點。研發支出為 2,000 萬美元，與 23 財年第一季持平。整體而言，研發佔營收的 11%。一般來說，我們的目標是每年收入的 8% 到 10%。

SG&A was approximately $29 million, up $1 million compared to the first quarter of fiscal '23. SG&A was 15% of revenues. Operating expenses were $49 million or 26% of overall revenue. Overall, operating expenses were in line with our expectation.

SG&A 約 2,900 萬美元，比 23 財年第一季增加 100 萬美元。SG&A 佔營收的 15%。營運費用為 4,900 萬美元，佔總收入的 26%。整體而言，營運費用符合我們的預期。

Operating income was $10 million, down $8 million compared to the same quarter last year. Operating margin was 5% of revenue compared to 9% in the first quarter of fiscal '23. Tax expense was $1 million or 20% of pretax income compared to $2 million or 15% in the first quarter of prior year. We continue to expect a tax rate of 21% to 23% for full fiscal year 2024.

營業收入為 1,000 萬美元，比去年同期減少 800 萬美元。營業利益率佔營收的 5%，而 2023 財年第一季的營業利益率為 9%。稅收支出為 100 萬美元，佔稅前收入的 20%，而去年第一季為 200 萬美元，佔稅前收入的 15%。我們繼續預期 2024 財年的稅率為 21% 至 23%。

Net earnings were $2 million or $0.06 per diluted share, down $0.15 year over year. Average diluted shares for the quarter were 41 million on a non-GAAP basis.

淨利潤為 200 萬美元，即稀釋後每股收益 0.06 美元，年減 0.15 美元。以非公認會計準則計算，本季平均稀釋股數為 4,100 萬股。

Now turning to the balance sheet. Accounts receivable decreased by $24 million from Q4 of fiscal '23, primarily the result of lower sales in the quarter. Days sales outstanding increased by two days to 67 days.

現在轉向資產負債表。應收帳款較 23 財年第四季減少了 2,400 萬美元，主要是由於該季度銷售額下降。應收帳款天數增加了兩天，達到 67 天。

Inventory increased $12 million sequentially in the first quarter and days of inventory increased to 198 days. This was the result of an increase in raw materials ahead of higher expected sales in subsequent quarters, as well as higher finished goods held in inventory during the quarter. Accounts payables increased by $9 million and days payable increased 11 days to 50 days.

第一季庫存較上季增加 1,200 萬美元，庫存天數增加至 198 天。這是由於隨後幾季預期銷量增加之前原材料增加以及本季庫存中製成品增加的結果。應付帳款增加了 900 萬美元，應付帳款天數增加了 11 天，達到 50 天。

Now moving to debt and cash flow information. Net cash flow from operations was $10 million due primarily to the higher collection. We ended the quarter with cash, cash equivalents, and marketable securities of $195 million, up $87 million compared to the first quarter of prior year and flat compared to fiscal '23 year end.

現在轉向債務和現金流資訊。營運產生的淨現金流量為 1000 萬美元，主要是由於收款額增加。截至本季末，我們的現金、現金等價物和有價證券為 1.95 億美元，比上年第一季增加 8,700 萬美元，與 23 財年末持平。

Please note that $195 million include $141 million of cash and cash equivalents shown on the balance sheet, $53 million of marketable securities, and $1 million of deposit certificates. Gross debt outstanding at the end of the quarter was $448 million and debt net of $195 million of cash and marketable securities was $253 million.

請注意，1.95 億美元包括資產負債表上顯示的 1.41 億美元現金和現金等價物、5,300 萬美元的有價證券以及 100 萬美元的存款單。本季末未償債務總額為 4.48 億美元，扣除 1.95 億美元現金及有價證券後的債務淨額為 2.53 億美元。

Adjusted EBITDA for the quarter was $19 million or 10% of sales. Our trailing 12 months adjusted EBITDA was $125 million and our net debt leverage ratio was approximately 2 times on a trailing 12-months basis.

該季度調整後 EBITDA 為 1,900 萬美元，佔銷售額的 10%。我們過去 12 個月的調整後 EBITDA 為 1.25 億美元，過去 12 個月的淨債務槓桿比率約為 2 倍。

Now moving on to outlook for the second quarter of fiscal '24. Revenues are expected between $195 million and $215 million and non-GAAP earnings per diluted share are expected between $0.10 and $0.30.

現在轉向 24 財年第二季的展望。營收預計在 1.95 億美元至 2.15 億美元之間，非 GAAP 攤薄後每股收益預計在 0.10 美元至 0.30 美元之間。

Our expectations are based on non-GAAP gross margin in a range of 32% to 33%. Non-GAAP operating expenses in a range of $49 million to $50 million, a tax rate of about 22% for the second quarter, and non-GAAP diluted share count of about 41 million shares.

我們的預期是基於非 GAAP 毛利率在 32% 至 33% 之間。非 GAAP 營運費用在 4,900 萬至 5,000 萬美元之間，第二季稅率約為 22%，非 GAAP 攤薄後股數約為 4,100 萬股。

With that, we'll now open the call for your questions.

現在，我們將開始電話詢問您的問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

James Sidoti, Sidoti & Company.

詹姆斯·西多蒂（James Sidoti），西多蒂公司。

Hi, good afternoon. Thanks for taking the questions. I just want to confirm with China, it sounds like revenue for the quarter was about a little over $32 million this quarter compared to a little over $36 million a year ago. Does that sound about right?

嗨，下午好。感謝您提出問題。我只是想向中國確認一下，聽起來本季的收入約為 3,200 萬美元多一點，而一年前則為 3,600 萬美元多一點。那個聽起來是對的嗎？

Yes. So, Larry (sic - "James"), this quarter, yes, they were about slightly above $32 million. And then last year, they were, you know, mid-30s, $34 million, $35 million, something like that. Just so give us a time where it has not gotten better.

是的。所以，拉里（原文如此，「詹姆斯」），這個季度，是的，他們的收入大約略高於 3200 萬美元。去年，你知道，他們是 30 多歲，收入 3,400 萬美元、3,500 萬美元，類似的數字。就這樣給我們一段時間，讓情況還沒好轉。

So I don't mind you call me, Larry. He's a smart guy. It sounds like the decline was less than it was in the previous quarter. So are you starting to see things level off there?

所以我不介意你叫我拉里。他是個聰明人。聽起來下降幅度比上一季小。那麼你開始看到事情趨於平穩了嗎？

So, you know, China continues to remain soft due to two reasons, the macroeconomic situation in China as well as the anti-corruption campaign there. But from quarter to quarter, you're going to see some variations just because we are talking $1 million or $2 million here or there.

所以，你知道，中國繼續保持疲軟有兩個原因，一是中國的宏觀經濟情勢，二是中國的反貪腐運動。但從一個季度到另一個季度，你會看到一些變化，只是因為我們在這裡或那裡談論的是 100 萬美元或 200 萬美元。

But overall, it is soft. And also, we are hearing that the anti-corruption campaign kind of moves from one province to another. So you're going to see some variation or some fluctuation around that. But overall, China is still continuing to below.

但整體來說，還是軟的。而且，我們聽說反腐敗運動正在從一個省轉移到另一個省。所以你會看到一些變化或波動。但整體來看，中國仍繼續下行。

Right. And then on last quarter's call, you talked about some initiatives or some products, some non-organic infection and similar products. Can you give us an update how that's gone? I'm sorry, I guess, organic products, things like cannabis.

正確的。然後在上個季度的電話會議上，您談到了一些舉措或一些產品，一些非器質性感染和類似產品。您能給我們更新一下情況嗎？抱歉，我想是有機產品，像是大麻。

Jim, so we did launch our irradiation product and one of the first applications of that was in cannabis irradiation. Yes, that's going well. The product is showing well, and we've got a few customers on it. And it's moving forward.

吉姆，我們確實推出了輻照產品，其首批應用之一是大麻輻照。是的，進展順利。該產品表現良好，我們已經有了一些客戶。而且它正在向前發展。

So if I look at the guidance, you're expecting revenue to be down again in the second quarter, and I assume that's largely due to the situation in China. Do you think that by the time you get to the second half of the year, you think those trends start to reverse and you get back to top-line revenue growth in the second half of the year?

因此，如果我查看指導，您預計第二季的收入將再次下降，我認為這很大程度上是由於中國的情況造成的。您是否認為到了下半年，這些趨勢就會開始逆轉，並在下半年恢復營收成長？

Yes, Jim. As we mentioned in the prepared remarks, we are expecting a rebound in second half. The rebound in second half is a gated or it's dependent upon China coming back as well as somewhat of a pickup in industrial segment.

是的，吉姆。正如我們在準備好的發言中提到的，我們預計下半年會反彈。下半年的反彈是有限制的，或者取決於中國的復甦以及工業領域的一定程度的回升。

Right now, we are seeing softness in non-cargo domains of industrial, particularly in semiconductors, automotive, and electronics-related applications. We have a product that is sold in the industrial segment. So we are expecting both of them to pick up at this time, and that should drive a rebound in second half for us. So that is what we are expecting at this point.

目前，我們看到工業非貨運領域的疲軟，特別是在半導體、汽車和電子相關應用領域。我們有一種在工業領域銷售的產品。因此，我們預計兩者都會在此時回升，這應該會為我們帶來下半年的反彈。這就是我們目前所期待的。

And you talked about new product launches on the medical side; your customers are starting to talk about that. How long does that take to turn into a real product and real revenue for Varex?

您談到了醫療方面的新產品發布；您的客戶開始談論這一點。Varex 需要多長時間才能轉化為真正的產品和真正的收入？

So a lot of the conversations around successor products, someone has got a CT scanner in the market and we're bringing the next CT scanners. Those tend to be in usually within a two- to three-year window. That's a fairly short cycle.

因此，圍繞後續產品的許多討論都表明，有人在市場上購買了 CT 掃描儀，而我們將推出下一代 CT 掃描儀。這些通常會在兩到三年的時間內完成。這是一個相當短的周期。

So a lot of the conversations that we're having were in that vein of the next modality -- next version of the modality and the next markets tier that they want to go after. And then, of course, in the longer term, longer cycle times are for the newer platforms like photon counting and nanotubes or anything brand. Those tend to be five-plus years. Although photon counting is in -- we've been talking about it for sometimes; it's getting closer.

因此，我們正在進行的許多對話都是圍繞著下一個模式進行的——下一個版本的模式以及他們想要追求的下一個市場層次。當然，從長遠來看，光子計數和奈米管或任何品牌的新平台的週期時間更長。這些往往是五年多。儘管光子計數已經出現——我們有時已經在談論它了；越來越近了。

Okay. All right. That was it for me.

好的。好的。對我來說就是這樣。

Thanks, Jim.

謝謝，吉姆。

Thank you.

謝謝。

Anthony Petrone, Mizuho Group.

安東尼‧佩特龍，瑞穗集團。

Thanks, Sunny, Sam. Hope your afternoon is going well. Maybe revert back to China. Just a couple of questions there. You mentioned one, the anti-corruption headwind, but also just underlying economy.

謝謝，桑尼，山姆。希望你的下午一切順利。也許會回到中國。只是有幾個問題。你提到了一個，反貪腐的逆風，但也只是基礎經濟。

On anticorruption, is there anything you're hearing on the ground as to when the program can be completed? Is it safe to assume that it can be completed by midyear or could it extend further into the year?

關於反腐敗，您是否聽說過有關該計劃何時可以完成的消息？是否可以安全地假設它可以在年中之前完成，或者可以進一步延長到今年？

And when you talked about just underlying economic pressures, that's a new one. Is that something that you're hearing most recently from OEM partners in the region there? And then I'll have a couple of follow-ups.

當你談論潛在的經濟壓力時，這是一個新的壓力。這是您最近從該地區的 OEM 合作夥伴那裡聽到的嗎？然後我會進行一些後續行動。

So let me -- Anthony, this is Sunny. I'll get it started and then have Sam chime in and add on. There are always two parallel situations. One is the general health of the provinces -- economic health of the provinces post-COVID after they spent a lot of money on their zero COVID policy. That was there, always in the backdrop.

所以讓我——安東尼，這是桑尼。我會開始做，然後讓 Sam 插話補充。總是有兩種平行的情況。一是各省的整體健康狀況——新冠疫情後各省在零新冠政策上花費了大量資金後的經濟健康狀況。那是在那裡，總是在背景。

But however, the direct slowness we could attribute to the stop in purchasing due to the audit that was going on. What we're sensing now is that the audits made substantial progress. And as Sam said, it's moving along through the provinces and the expectation still is that it will start to taper off towards the second half.

但是，我們可以將速度緩慢直接歸因於正在進行的審計導致採購停止。我們現在感覺到的是，審計取得了實質進展。正如薩姆所說，它正在穿越各省，預計下半年它將開始逐漸減弱。

Now our understanding is that the audits don't necessarily end there. It's a new sort of a way for the Chinese government to monitor and manage how the monies are handled by the public hospital system. So I think in general, what we're sensing is slight, I'd say, a loosening up of the environment. And so that's why we still continue to be -- we have the belief that the second half, which we should expect to see things pick up in China.

現在我們的理解是，審計並不一定就此結束。這是中國政府監控和管理公立醫院系統如何處理資金的新方法。所以我認為總的來說，我們感受到的是輕微的環境放鬆。這就是為什麼我們仍然相信下半年，我們應該期望看到中國的情況有所改善。

Yes, I can just add there, Anthony, is that you know that there is no specific announcements or there are no sharp cutoff dates or deadlines that are announced. It is generally as we perceive and hear from our sales force. So we just need to be open to that, you know, and there can be various interpretations.

是的，安東尼，我可以補充一點，你知道沒有具體的公告，也沒有宣布明確的截止日期或最後期限。這通常是我們從銷售人員那裡看到和聽到的。所以我們只需要對此持開放態度，你知道，並且可以有多種解釋。

But in general, we are thinking things will improve. Because the government does want to spend money on the infrastructure and provide better healthcare facilities and services to its citizens. So there is the positive pressure there, along with, we would say, taking care of the healthcare system for the long-term goodness of the system. So in that way, that's also positive for the long term.

但總的來說，我們認為情況會有所改善。因為政府確實希望在基礎設施上花錢，並為公民提供更好的醫療設施和服務。因此，那裡存在著積極的壓力，同時，我們會說，為了系統的長期利益而照顧醫療保健系統。因此，從長遠來看，這也是積極的。

And maybe just a quick one there. I mean, is it safe to assume then just the -- I guess the lead time on new deals is maybe slightly longer here because this audit process may be continuously going on in the background? Or are there certain like checks and balances upfront before the deal is closed, whether that's in the provinces or major coastal cities? Just kind of the mechanics of what's going on behind the scenes there would be helpful.

也許只是一個快速的。我的意思是，可以安全地假設——我猜新交易的交付時間可能會稍微長一些，因為這個審計過程可能會在後台持續進行？或者，無論是在省份還是主要沿海城市，在交易完成之前是否會預先進行某些類似的製衡？只要了解幕後發生的事情的機制就會有所幫助。

You know, since we don't have direct visibility to end user hospital buying, I can't answer that very accurately for you. But the way we see it is: the hospital purchasing just stopped at some point because they're in the middle of the audits. But once the audits are completed, the hospitals go back to their normal operating mechanisms.

您知道，由於我們無法直接了解最終用戶醫院的購買情況，因此我無法非常準確地回答您的問題。但我們的看法是：醫院採購在某個時候停止了，因為他們正在進行審計。但一旦審計完成，醫院就會恢復正常的運作機制。

And so whatever was the deal cycles, the cycle times, we anticipate that that would come back for those particular hospitals. And for us, the lead times then come back to what would be normal traditionally lead times. As hospitals start taking orders, they might have -- I'm sorry, as vendors start or OEMs start to take orders, they may have three- to six month delivery cycles, and that's when we get the indicators for our forecasts and our factory will then build the components.

因此，無論交易週期、週期時間如何，我們預計這些特定醫院都會發生這種情況。對我們來說，交貨時間會回到傳統的正常交貨時間。當醫院開始接受訂單時，他們可能——我很抱歉，隨著供應商開始或原始設備製造商開始接受訂單，他們可能有三到六個月的交付週期，而那時我們就得到了我們的預測和工廠的指標然後將建構組件。

So I don't think anything gets extended. Once it turns on, it just comes back on and the way things were. So the question is, it's not all at the same time, it's going to start trickling in. And we're seeing early signs of a little bit of that happening.

所以我認為沒有什麼會被延長。一旦打開，它就會恢復原樣。所以問題是，這一切並不是同時發生的，而是會開始慢慢滲透進來。我們看到了這種情況正在發生的早期跡象。

Thanks. And last one for me. I'll hop back and just an update on photon counting on the CT detector side. Just maybe where we are in the cycle, what you're hearing in terms of demand for conversions on into photon counting, and how you expect that to play out over the next couple of years. Thanks.

謝謝。最後一張給我。我會跳回來，只是更新 CT 偵測器一側的光子計數。也許我們處於這個週期的哪個位置，您所聽到的關於轉換為光子計數的需求，以及您期望在未來幾年中如何發揮作用。謝謝。

Yes. So it's safe to say that the technology is here to stay in the sense that there's -- outside of the OEMs and the vendors like us making the noise around the technology itself, the broad-based radiology community has picked up on photon counting as a viable technology and clinically exciting for them.

是的。因此，可以肯定地說，這項技術將繼續存在——除了 OEM 和像我們這樣圍繞技術本身製造噪音的供應商之外，基礎廣泛的放射學界已經開始將光子計數視為一種技術。可行的技術和臨床上對他們來說令人興奮。

So from that perspective, we believe it's here to stay. And we are seeing that in the way our medical OEMs are beginning to talk about their future products and the need to incorporate -- their desire to incorporate photon counting technologies.

因此，從這個角度來看，我們相信它會繼續存在。我們看到，我們的醫療原始設備製造商開始談論他們未來的產品以及整合的需求——他們希望整合光子計數技術。

From a CT perspective, the initial introductions were at the high end of the spectrum of CTs, but the need in the market is for it to be more in the general tiers that are more broadly available. And we are targeting that type of market segment and our application -- our products are geared towards CTs that would be in that not-super-ultra-high end, but things that would be more broad based.

從 CT 的角度來看，最初的推出是在 CT 系列的高端，但市場需要它更多地進入更廣泛可用的通用級別。我們的目標是這種類型的細分市場和我們的應用——我們的產品面向的 CT 不是超超高端，而是基礎更廣泛的領域。

Suraj Kalia, Oppenheimer.

蘇拉吉·卡利亞，奧本海默。

Hi, Sunny and Sam. This is Seamus on for Suraj. Thank you for taking our questions. Just looking kind of outside of China, what are you seeing in terms of the capital equipment environment?

嗨，桑尼和山姆。這是 Seamus 為 Suraj 發言。感謝您接受我們的提問。看看中國以外的地區，您對資本設備環境有何看法？

And then kind of more specifically, I think you noted in the geographic mix, the Americas was down as well, and EMEA was pretty much flat. So I guess any color you could provide there as to what's happening in those regions as well?

更具體地說，我認為您在地理組合中註意到，美洲也出現了下滑，而歐洲、中東和非洲幾乎持平。所以我想你能提供一些關於這些地區正在發生的事情的資訊嗎？

So our perception and what we're picking up is that the hospital environment in the US is -- the hospitals are generally doing better from a profitability standpoint. Their cost structure, the labor costs, and tied to nursing and clinicians is that manpower has gotten better. And so they're managing it better.

因此，我們的看法和我們得到的結論是，美國的醫院環境是——從獲利能力的角度來看，醫院通常做得更好。他們的成本結構、勞動力成本以及與護理和臨床醫生相關的是人力已經變得更好。所以他們管理得更好。

So their profitabilities improve. So that generally bodes well for capital availability for diagnostic imaging. So we feel positive about the US market. Outside of that, we haven't noticed any measurable difference in Europe or, let's say, Japan, those are our two biggest regions. So I think US continues to be strong. Europe and Japan is still to be seen.

因此他們的盈利能力有所提高。因此，這對於診斷影像的資金可用性來說通常是個好兆頭。所以我們對美國市場持樂觀態度。除此之外，我們沒有註意到歐洲或日本有任何可衡量的差異，這是我們最大的兩個地區。所以我認為美國繼續強勁。歐洲和日本仍有待觀察。

Got it. Thank you. And then looking at the -- you know, the medical segment was down a little bit. I guess how should we think about the relative health over the next three to four quarters? Where would you describe any soft spots that maybe need to be monitored?

知道了。謝謝。然後看看——你知道，醫療領域略有下降。我想我們應該如何看待未來三到四個季度的相對健康狀況？您會在哪裡描述可能需要監控的弱點？

So I would say in medical, you're looking at our Q1, which is generally a seasonally softer quarter. So when you're comparing to Q4, you might see that it's a little bit down. But we did indicate in our prepared remarks that we are seeing -- we saw trends in oncology and CT, et cetera, in Q1, which was somewhat softer.

所以我想說，在醫療領域，你正在關注我們的第一季度，這通常是季節性疲軟的季度。因此，當您與第四季度進行比較時，您可能會發現它有點下降。但我們確實在準備好的發言中指出，我們在第一季看到了腫瘤學和 CT 等方面的趨勢，這一趨勢有些疲軟。

So what I would say is that, you know, CT will be now growing continuously for five years in a row. So that business is doing well. It's just a quarterly situation and then also impacted a little bit by China. So we expect CT to come up as China comes up.

所以我想說的是，你知道，CT 現在將連續五年持續成長。所以說生意做得很好。這只是一個季度的情況，然後也受到了中國的一點影響。因此，我們預期 CT 會隨著中國的出現而出現。

Other than that, there really isn't anything major that we are seeing, which is the takeaway here, Shane, other than that. I think the last couple of quarters, we talked about how our customers' environments have been choked manufacturing environment due to supply chain issues.

除此之外，我們確實沒有看到任何重大的事情，這是這裡的要點，肖恩，除此之外。我認為在過去的幾個季度中，我們討論了我們的客戶環境如何因供應鏈問題而受到製造環境的阻礙。

And so they had in some of these modalities, they are down. They have stocked up. So we saw some inventory adjustments and softness. Part of the CT bounce back will also happen as China starts to come back.

因此，他們在某些方式上表現不佳。他們已經備貨了。因此我們看到了一些庫存調整和疲軟。隨著中國開始復甦，CT 的部分反彈也將發生。

Got it. Appreciate that. And one last one from us, and then I'll hop back in queue. Just any latest thoughts on the convertible debt, how you're going to potentially address it. And I guess what's the optimal structure that, you know, if you had your choice you'd be looking for? Thank you.

知道了。感謝。我們還有最後一張，然後我會跳回隊列。關於可轉換債務的任何最新想法，以及您將如何解決它。我想，如果你有選擇的話，你會尋找什麼樣的最佳結構？謝謝。

Sure. Yes. So we are currently considering various approaches to refinance the convertible debt. And as and when we make a decision, we will be sure to share with all of you. I just want to remind that the debt is what is maturing next June, which is June of 2025. So that's an update on the convertible bond side.

當然。是的。因此，我們目前正在考慮各種方法為可轉換債務再融資。當我們做出決定時，我們一定會與大家分享。我只是想提醒一下，債務將於明年 6 月到期，即 2025 年 6 月。這是可轉換債券的最新情況。

Secondly, in terms of overall structure, we would like to bring down the overall gross debt that the company is carrying. And I would like to see that we maintain overall adjusted EBITDA based net debt leverage ratio to be 3.0 or below.

其次，從整體結構來看，我們希望降低公司的整體債務總額。我希望看到我們將整體調整後的基於 EBITDA 的淨債務槓桿率維持在 3.0 或以下。

Right now, we are running at around 2.0. So we are fairly comfortable with our overall leverage situation. I would also say that we are currently in an excess cash situation and we are appropriately carrying excess cash on the balance sheet to deploy some of that for the refinancing purposes and bring the overall gross debt for the company down.

現在，我們運行在 2.0 左右。因此，我們對整體槓桿狀況相當滿意。我還想說，我們目前處於現金過剩的情況，我們在資產負債表上適當地保留了多餘的現金，以將其中一些現金用於再融資目的，並降低公司的總體債務總額。

Larry Solow, CJS.

拉里·索洛，CJS。

Great. Thanks. Thank you for taking the questions. And thank you -- shout out to Mr. Sidoti. I appreciate the thoughts.

偉大的。謝謝。感謝您提出問題。謝謝你——向西多蒂先生大聲喊叫。我很欣賞這些想法。

Sorry, Larry, for that. (laughter)

抱歉，拉里，為此。（笑聲）

No, that's okay. That's all good. I say a lot worst about people so that's fine. I guess, first question, just on the medical side and you touched on it a little bit. But ex China, yes, it looks like you were down double digits ex China, too, right, or close to it just in medical alone. Because most of the sales I know into China today are medical, right? They were down only 10% because I think we thought that would be more like 25%, 30%.

不，沒關係。這一切都很好。我說了很多別人的壞話，所以沒關係。我想，第一個問題，只是在醫學方面，你觸及了一點。但在中國以外，是的，看起來你在中國以外的地區也下降了兩位數，對吧，或者僅在醫療方面就接近這個數字。因為據我所知，目前中國的大部分銷售都是醫療產品，對嗎？他們只下跌了 10%，因為我認為我們認為下跌幅度會更大，例如 25%、30%。

So just trying to figure out was that some of the weakness in the quarter within that medical being down a little bit more and the mix. I know you called out maybe industrial down as well, but industrial was actually up 10% year over year. I know it was down sequentially, but I'm trying to figure out, was industrial kind of also below your -- what was sort of the mix driver?

因此，我想弄清楚的是，本季的一些弱點在醫療方面有所下降，而且是混合的。我知道你也說過工業可能會下降，但工業實際上比去年同期成長了 10%。我知道它是連續下降的，但我試圖弄清楚，工業是否也低於你的——混合驅動因素是什麼？

And going forward, it looks like the gross margin, this quarter was supposed to be 33% to 34%. Now you're rebounding in revenue, which looks like that's kind of in line with original projections. But your gross margin is still below what you thought Q1 was going to be. So can you maybe give us a little more color on that, if that makes sense?

展望未來，本季的毛利率預計為 33% 至 34%。現在，您的收入正在反彈，這看起來與最初的預測相符。但您的毛利率仍然低於您認為第一季的水平。如果有道理的話，您能否給我們更多的資訊？

Yes, I can start off with the gross margin first, Larry. So gross margin, we did see softness in gross margin in Q1, and that was largely driven by unexpected softness in the industrial segment. Overall volume for the business is quite low at $190 million for the full company. So there is under-absorption in our factories in both industrial and medical. So there's lower volume.

是的，拉里，我可以先從毛利率開始。因此，在毛利率方面，我們確實看到第一季毛利率疲軟，這主要是由工業領域意外疲軟造成的。該公司的業務總量相當低，僅 1.9 億美元。因此，我們的工廠在工業和醫療領域都存在著吸收不足的情況。所以音量較低。

And then the unfavorable mix in industrial segment drove gross margins down. And right now, we are seeing that the mix in industrial in Q2 is also not as strong and overall volume is also not where we would like it to be.

然後工業領域的不利組合導致毛利率下降。現在，我們看到第二季的工業組合也沒有那麼強勁，整體銷售也沒有達到我們希望的水平。

So between China and industrial and the mix on the industrial, it's bringing the gross margins down, which we expect to rebound or recover in the second half. And that's what we are expecting right now. And then (multiple speakers) --

因此，在中國和工業以及工業的混合之間，它導致毛利率下降，我們預計毛利率將在下半年反彈或恢復。這就是我們現在所期待的。進而（多位發言者）——

It's more of an industrial mix -- an mix within industrial and medical sounds like outside of the --

它更像是一種工業混合——工業和醫療之間的混合聽起來就像是在工業和醫療之外--

In terms of -- yeah.

就——是的。

Yes. Okay.

是的。好的。

And then could you repeat your first question or the other piece? The first part of your question?

然後你能重複一下你的第一個問題或其他問題嗎？你問題的第一部分？

My other question was just kind of -- and I'll rephrase it, I guess. I think at the start of the year or at the end of last, when you kind of gave the 3% to 5% full-year revenue down guidance, and I think you had said, if I'm not mistaken, that you thought medical ex China would be flat to up. Do you still think that?

我的另一個問題是──我想我會重新表達。我想在今年年初或去年年底，當你給出了 3% 到 5% 的全年收入下降指導時，我想你曾說過，如果我沒記錯的話，你認為中國的醫療將持平到上升。現在還這麼認為嗎？

I think at this point, when it comes to the guide or the outlook around 3% to 5% down, I would say that at this point, we would be more closer to the lower end of the range than the higher end of the range, meaning more between 4% to 5% as opposed to 3% to 4%. So that is there.

我認為，在這一點上，當談到指導或下降 3% 至 5% 左右的前景時，我想說，在這一點上，我們將更接近該範圍的下端，而不是該範圍的高端。 ，意味著更多在4% 到5% 之間，而不是3% 到4%。就這樣。

But we were initially expecting a little bit better performance from our industrial segment. I'm not sure if we really commented on medical ex China. China still continues to be a situation. You know, China was a pretty strong growth area for us for CT and some other products over there.

但我們最初預計我們的工業部門會有更好的表現。我不確定我們是否真的評論了中國的醫療。中國仍然是這樣的情況。你知道，對於我們的 CT 和其他一些產品來說，中國是一個相當強勁的成長地區。

And they're -- outside of the two things that we talked about macroeconomic as well as anti-corruption, we expect China to come back. It's just that the timing is somewhat of an unknown factor for us. And the full year will really, Larry, depend upon, does China come back at the beginning of Q3? Or does it come back towards the end of Q3? And that will determine the overall medical situation in a big way for us.

除了我們談論的宏觀經濟和反腐敗這兩件事之外，我們預期中國會捲土重來。只是時間對我們來說是個未知因素。拉里，全年的業績確實取決於中國是否會在第三季初復甦？還是會在第三季末回歸？這將在很大程度上決定我們的整體醫療狀況。

Okay. And just on the industrial piece, again, I know you don't actually got by segment, but you had a great year last year. This quarter, like I said, it was up 10%, but down somewhat sequentially. And now you're lapping much more difficult comps, too, obviously as of yet, even next quarter.

好的。就工業而言，我知道您實際上並沒有按細分市場劃分，但去年您度過了美好的一年。正如我所說，本季度增長了 10%，但環比有所下降。現在你也正在完成更困難的比賽，顯然到目前為止，甚至是下個季度。

But it sounds like -- it sounds a little bit mixed there, too. Do you still think -- certainly sounds like you will grow sequentially or that you're building that into your expectations? Do you think you grow in the back half year over year? Or does this cycle -- does that segment overall -- you did $220 million last year. Is that a good place to start for this year, or do you think you can exceed that?

但聽起來——聽起來也有點混雜。您是否仍然認為——聽起來確實您會連續成長，或者您正在將其納入您的期望中？你認為你的後半年比去年有成長嗎？或者這個週期——整個細分市場——你去年賺了 2.2 億美元。這是今年的好起點嗎？還是你認為自己可以超越這個起點嗎？

Yes, a little bit a few things going on there. Let me explain that, Larry. So yes, the comps are going to become industrial. We grew very well last year. We grew 19% year over year in 2023. So that's clearly a very strong growth we had last year in industrial. And yes, you rightly pointed out, we did $220 million there.

是的，那裡發生了一些事情。讓我解釋一下，拉里。所以是的，這些比較將變得工業化。去年我們成長得很好。2023 年我們年增 19%。因此，去年我們的工業成長顯然非常強勁。是的，你正確地指出，我們在那裡投入了 2.2 億美元。

In industrial, we are seeing kind of like a tale of two cities and why I say that is this. In industrial, it is still very strong in the cargo inspection area where we are shipping a lot of hardware or what we call industrial systems, or you know, these big linear accelerators or linacs.

在工業領域，我們看到的是兩個城市的故事，這就是我為什麼這麼說的原因。在工業領域，它在貨物檢查領域仍然非常強大，我們正在運輸大量硬體或我們所說的工業系統，或者你知道，這些大型線性加速器或直線加速器。

When we ship these linacs, our gross margin on the hardware or the system upon shipment is lower. Our gross margin on the service piece is much higher. So overall, when you look at our industrial, we have softness ex cargo.

當我們運送這些直線加速器時，我們在運送時硬體或系統的毛利率較低。我們服務部分的毛利率要高得多。所以總的來說，當你看看我們的工業時，我們的貨運表現疲軟。

And within cargo, the distribution between systems and service is a lot more skewed towards systems. Because right now, we are shipping quite a bit of that. So that brings the overall gross margin down for the segment. It's a good thing because it will generate --

在貨物內部，系統和服務之間的分配更偏向系統。因為現在我們正在運送相當多的東西。因此，這導致該部門的整體毛利率下降。這是一件好事，因為它會產生--

Eventually (multiple speakers) right.

最終（多個發言者）是對的。

Yes, exactly. So that's happening on the industrial side. In terms of overall volume or sales levels for industrial, obviously, we would not be able to repeat the percentage growth factor in industrial of 2023. But we are still hopeful of having a year-over-year growth in industrial, again, provided the timing when it comes back.

對，就是這樣。這就是工業方面發生的情況。就工業總量或銷售水準而言，顯然我們無法重複2023年工業的百分比成長因素。但我們仍然對工業年成長再次抱持希望，前提是它恢復的時機。

The cargo inspection business, we have good visibility for the rest of the year. On the noncargo industrial business, we need to see how it develops. If it comes back sooner than later, the overall year will be a growth year for sure. So that is something that we are monitoring and that's where we are.

貨物檢驗業務，我們今年剩餘時間的能見度良好。對於非貨運工業業務，我們需要看看它如何發展。如果早點回來，全年肯定會是增長年。所以這就是我們正在監控的事情，這就是我們所處的位置。

Right. And just remind me, the cargo that's like -- includes like security, too, that's like one-third of the segment plus or minus. Is that about right? And then everything else is two-thirds of my guess. Is that right, in the ballpark?

正確的。請提醒我，貨物也包括安全性，這相當於該部分正負的三分之一。是這樣嗎？然後其他一切都是我猜的三分之二。是嗎，在球場上？

So security inspection is around in that range.

所以安檢就在這個範圍左右。

For cargo.

對於貨物。

Sometimes it can go higher, Larry, in certain quarters.

拉里，有時在某些方面它可能會更高。

Okay.

好的。

Longer shipping quite right. Yeah.

更長的運輸是正確的。是的。

Okay. Okay. Just last question, just on the photon technology and being adopted more or maybe not. It just sounds like we're in the early stages of adoption and you mentioned one particular OEM.

好的。好的。最後一個問題，關於光子技術以及被更多或可能不被採用的問題。聽起來我們正處於採用的早期階段，而且您提到了一個特定的 OEM。

I don't know if you can answer, I guess a broader question, would this, I guess to some extent, cannibalize the existing technology? And is this customer a customer today of you guys of your existing technology?

我不知道你是否能回答，我猜是一個更廣泛的問題，我想這會在某種程度上蠶食現有的技術嗎？這位客戶今天是你們現有技術的客戶嗎？

Larry, before we go to this photon counting-related question, I just wanted to correct that cargo is around 20% of the segment, not 30%.

Larry，在我們討論這個與光子計數相關的問題之前，我只是想糾正一下，貨物大約佔該段的 20%，而不是 30%。

Okay.

好的。

And with that -- yeah. And then on the photon counting, I'll ask Sunny to comment here. But in general -- not in general, specifically, what Sunny talked about was photon counting for CT. So that is not a market that we are participating today. So there is no cannibalization; that's really new market, new business development for us.

隨之而來的是——是的。然後關於光子計數，我會請 Sunny 在這裡發表評論。但總的來說——不是一般情況，具體來說，Sunny 談到的是 CT 的光子計數。所以這不是我們今天參與的市場。所以不存在蠶食；這對我們來說確實是新市場、新業務的發展。

Yeah. And, Larry, and everyone, in general, the photon counting detectors go into whole new type of applications. Where someone needs a flat panel or large area detector, they will go with a flat-panel detector and where they need a different type of performance, particularly in high-speed imaging or a different type of dynamic imaging, they will use photon counting detectors.

是的。拉里和大家，總的來說，光子計數探測器進入了全新類型的應用。當有人需要平板或大面積探測器時，他們將使用平板探測器；當他們需要不同類型的性能時，特別是在高速成像或不同類型的動態成像中，他們將使用光子計數探測器。

So we are not seeing cannibalization or we don't expect cannibalization at this stage between flat-panel detectors and photon counting. So that's one thing. So within existing customers, these would be new applications, new products. And then, of course, as Sam said, CT is a brand new space, new addressable market.

因此，我們沒有看到同類競爭，或者我們預計現階段平板偵測器和光子計數之間不會出現同類競爭。所以這是一回事。因此，在現有客戶中，這些將是新應用、新產品。當然，正如 Sam 所說，CT 是一個全新的空間、新的目標市場。

Got it. I appreciate that clarification. Thank you, guys.

知道了。我很欣賞這項澄清。感謝你們。

Michael Toomey, Jefferies.

邁克爾·圖米，杰弗里斯。

Hey, guys. Thanks for taking my questions. Mike Toomey here from Jefferies covering for Young Li. Most of my questions have been answered, but just two, please. Can I ask a follow-up on the photon counting? When do you think this could start contributing to revenue for you guys? Are we talking in the next two years or longer term? And anything you'd highlight on either pricing from your side or cost kind of easing or stabilizing with that globally or in China? Thanks for taking my question.

大家好。感謝您回答我的問題。傑富瑞 (Jefferies) 的邁克圖米 (Mike Toomey) 為楊李進行報道。我的大部分問題都已得到解答，但請只回答兩個。我可以詢問光子計數的後續情況嗎？您認為這什麼時候可以開始為你們帶來收入？我們是在未來兩年或更長時間內討論？您想強調一下您的定價或全球或中國的寬鬆或穩定成本嗎？感謝您提出我的問題。

Hi. This is Sunny. I didn't catch the second part of the question. So let me answer the first one.

你好。這是陽光明媚。我沒聽清楚問題的第二部分。那我來回答第一個問題。

Sure.

當然。

So it is going to be a cost question. We'll come back to that. So photon counting, so there are -- in addition to -- we talked about CT quite a bit about photon-counting applications for CT. That's a longer duration project. Those are -- our typical cycles for these types of projects are about three- to five-ish type of years. And this being a new technology, more on the five-year side.

所以這將是一個成本問題。我們稍後會回來討論這一點。光子計數，除此之外，我們也對 CT 的光子計數應用進行了許多討論。這是一個持續時間較長的項目。這些是 - 我們此類專案的典型週期約為三到五年。這是一項新技術，更需要五年的時間。

However, we've been working with our customers now for about a couple of years. So we're looking at about a three-year type of a horizon for when we expect our CT detectors to start contributing in any measurable volume, so to say. Between now and then, we will see some amounts of prototypes and low volumes of shipments.

然而，我們現在已經與客戶合作了大約幾年。因此，我們正在考慮大約三年的時間範圍，預計我們的 CT 偵測器何時開始為任何可測量的量做出貢獻，可以這麼說。從現在到那時，我們將看到一定數量的原型和少量的出貨量。

There are other applications within photon counting that are also being contemplated. Those will also be within that two- to three-year window, but those are for other modalities. And there you'll see the revenue contribution to be a modest.

光子計數領域還有其他應用也在考慮中。這些也將在兩到三年的時間內進行，但這些是針對其他方式的。在那裡你會發現收入貢獻不大。

A large chunk of our photon counting detectors are being sold -- a larger proportion of our photon counting detectors are going into industrial for food inspection and other applications, high-speed real-time imaging applications and industrial.

我們的光子計數探測器正在銷售很大一部分——我們的大部分光子計數探測器正在進入工業食品檢測和其他應用、高速即時成像應用和工業領域。

Those are short cycle. Those are happening continuously, and we're counting on industrial to contribute to the growth of photon counting in the near term.

這些都是短週期的。這些正在不斷發生，我們希望工業界能夠在短期內為光子計數的成長做出貢獻。

Okay. All right. That's really helpful. And just to reiterate the second question was just if there's anything on price that you're charging, any pressure on pricing? And any change -- significant changes in the costs?

好的。好的。這真的很有幫助。重申第二個問題，你們收取的價格是否有任何費用，定價有壓力嗎？成本方面有什麼變化嗎？

At this time, the supply chain-driven issues, they are largely behind us. I would say that freight is quite manageable at this time. And from the raw material cost perspective, things have begun to normalize or they are rather stabilized at this point.

此時，供應鏈驅動的問題，很大程度上已經被我們拋在了身後。我想說，目前貨運是相當容易管理的。從原料成本的角度來看，情況已經開始正常化，或者說目前已經相當穩定。

We talked about price increases about 12 to 18 months ago. That round of price increases has largely been completed. And other than on a spot basis, we are not embarking upon any new across-the-board price increase type of a campaign at this point.

我們大約在 12 至 18 個月前討論過價格上漲的問題。該輪漲價已基本完成。除了現貨之外，我們目前還沒有任何新的全面漲價活動。

But we are looking at here and there different situations where we need to work on certain price-related initiatives, which we would do. And in case inflation picks up much more than what we are planning, then we would address it through a campaign of price increases. But that is not front and center for the situation at this time.

但我們正在考慮不同的情況，我們需要採取某些與價格相關的舉措，我們也會這樣做。如果通貨膨脹的幅度遠遠超過我們的計劃，那麼我們將透過漲價運動來解決這個問題。但這並不是目前局勢的前沿和中心。

Okay, great. Thanks very much.

好的，太好了。非常感謝。

Thank you. There are no further questions. At this time, I'd like to turn the call back over to Chris for closing remarks.

謝謝。沒有其他問題了。此時，我想將電話轉回給克里斯，讓其結束語。

Great. Thank you. I'll now turn over the call to Sunny for some final comments.

偉大的。謝謝。我現在將把電話轉給 Sunny，徵求一些最後的意見。

Thank you, Chris. In closing, you know, as always, I'm very proud of all the hard work of our employees globally as they work to support our customers every day. We're looking forward to our customer successes with incorporating our technologies and also looking forward to their success this year with new product launches. So thank you for taking the time to join us today and for your continued interest in Varex.

謝謝你，克里斯。最後，您知道，一如既往，我為我們全球員工的辛勤工作感到非常自豪，因為他們每天都在努力支持我們的客戶。我們期待客戶透過整合我們的技術取得成功，也期待他們今年透過新產品發布取得成功。感謝您今天抽出時間加入我們，並感謝您對 Varex 的持續關注。

Thank you, Sunny, and thank you all for your questions and participating in our earnings conference call today. The webcast and supplemental slide presentation will be archived on our website. A replay of the quarterly conference call will be available through February 20 and can be found at vareximaging.com/investorrelations (sic - "vareximaging.com/investor-relations/"). Thank you and goodbye.

謝謝你，桑尼，謝謝大家提出問題並參加我們今天的財報電話會議。網路廣播和補充幻燈片簡報將存檔在我們的網站上。季度電話會議重播將於 2 月 20 日截止，可在 vareximaging.com/investorrelations（原文如此 -“vareximaging.com/investor-relations/”）上找到。謝謝，再見。

This concludes today's teleconference. You may disconnect your lines at this. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。