Varex Imaging Corp (VREX) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Varex fourth-quarter fiscal year 2025 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Varex 2025 財年第四季財報電話會議和網路直播。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to turn the call over to Christopher Belfiore, Director of Investor Relations. Please go ahead, sir.

現在我很高興將電話轉交給投資者關係總監克里斯托弗·貝爾菲奧雷。請繼續，先生。

Good afternoon, and welcome to Varex Imaging's earnings conference call for the fourth quarter and fiscal year 2025. With me today are Sunny Sanyal, our President and CEO; and Sam Maheshwari, our CFO.

下午好，歡迎參加Varex Imaging公司2025財年第四季及全年業績電話會議。今天陪我一起的還有我們的總裁兼執行長 Sunny Sanyal，以及我們的財務長 Sam Maheshwari。

Please note that the live webcast of this conference call includes a supplemental slide presentation that can be accessed at Varex's website at vareximaging.com. The webcast and supplemental slide presentation will be archived on Varex's website.

請注意，本次電話會議的即時網路直播包含一份補充幻燈片演示文稿，可透過Varex公司網站vareximaging.com存取。網路直播和補充幻燈片簡報都將存檔於Varex公司網站。

To simplify our discussion, unless otherwise stated, all references to the quarter are for the fourth quarter of fiscal year 2025 and to the year are for fiscal year 2025. In addition, unless otherwise stated, quarterly comparisons are made year over year from the fourth quarter of fiscal year 2025 to the fourth quarter of fiscal year 2024. Finally, all references to the year are to the fiscal year and not the calendar year, unless otherwise stated.

為簡化討論，除非另有說明，所有提及的季度均指 2025 財年的第四季度，所有提及的年份均指 2025 財年。此外，除非另有說明，季度比較均以 2025 財年第四季與 2024 財年第四季為基準進行。最後，除非另有說明，所有提及的年份均指財政年度，而非日曆年度。

Please be advised that during this call, we will be making forward-looking statements, which are predictions and projections about future events. These statements are based on current information, 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，我們將發表前瞻性聲明，即對未來事件的預測和展望。這些聲明是基於當前資訊、預期和假設，但存在風險和不確定性，可能導致實際結果與預期結果有重大差異。

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.

與我們的業務相關的風險已在我們的季度收益報告和提交給美國證券交易委員會的文件中進行了描述。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信息，請參閱我們提交給美國證券交易委員會的文件，包括我們的季度報告（10-Q 表格）和年度報告（10-K 表格）中的第 1A 項「風險因素」。本討論中的資訊僅代表截至今日的情況，我們不承擔更新或修改本討論中前瞻性陳述的義務。

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 provide 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，我們將討論一些非GAAP財務指標。這些非GAAP指標並非依照GAAP財務指標列示，也不能取代GAAP財務指標。我們在獲利新聞稿中提供了每項非GAAP財務指標與最直接可比較的GAAP財務指標的調節表，該新聞稿已發佈在我們的網站上。

With that, I will now turn the call over to Sunny.

接下來，我會把電話交給Sunny。

Thank you, Chris. Good afternoon, everyone, and thank you for joining us for our fourth-quarter earnings call.

謝謝你，克里斯。各位下午好，感謝各位參加我們的第四季財報電話會議。

We are pleased to report a strong finish to the year with fourth quarter revenue of $229 million, up 11% year over year and at the high end of our guidance. During the quarter, we saw strong demand from our global CT customers and continued to see strength in our Industrial segment which posted its highest revenue quarter ever at $77 million.

我們很高興地宣布，該公司第四季度營收達到 2.29 億美元，年增 11%，達到我們預期的上限，為今年畫上了圓滿的句號。本季度，我們看到來自全球 CT 客戶的強勁需求，工業部門也持續保持強勁勢頭，創下有史以來最高的季度收入，達到 7,700 萬美元。

Non-GAAP gross margin of 34% in the fourth quarter was above the high end of our guidance benefiting from the higher volume and favorable product sales mix in the quarter.

非公認會計準則第四季毛利率為 34%，高於我們預期的上限，這得益於該季度銷量增加和產品銷售組合有利。

Turning to the fourth-quarter results. Total revenue was up 11% year over year, with Medical segment up 5%; and Industrial segment up 25%. Non-GAAP gross margin of 34% was 130 basis points higher than that in the same quarter last year. Non-GAAP earnings per share in the fourth quarter was $0.37, up $0.21 compared to last year. Looking at results for the full fiscal year, total revenue of $845 million, increased 4% compared to fiscal 2024.

接下來來看第四季業績。總營收年增 11%，其中醫療業務成長 5%，工業業務成長 25%。非GAAP毛利率為34%，較去年同期高出130個基點。第四季非GAAP每股收益為0.37美元，比去年同期成長0.21美元。從整個財政年度的業績來看，總收入為 8.45 億美元，比 2024 財年增長了 4%。

Medical revenue of $593 million increased 2% year over year and Industrial revenue of $252 million increased 10%. Non-GAAP gross margin of 35% was 230 basis points higher than last year. Non-GAAP EBITDA at $122 million was up $33 million from $89 million last year. Non-GAAP earnings per share for the year was $0.90, up $0.35. We ended the year with $155 million worth of cash, cash equivalents and marketable securities on the balance sheet compared to $213 million last year. Recall that during the third quarter of fiscal 2025, we used approximately $75 million of our cash to retire our convertible debt.

醫療收入為 5.93 億美元，年增 2%；工業收入為 2.52 億美元，年增 10%。非GAAP毛利率為35%，比去年高出230個基點。非GAAP EBITDA為1.22億美元，比去年的8,900萬美元增加了3,300萬美元。本年度非GAAP每股收益為0.90美元，較上年同期成長0.35美元。截至年底，資產負債表上的現金、現金等價物及有價證券總額為1.55億美元，而上年同期為2.13億美元。回想一下，在 2025 財年第三季度，我們動用了約 7,500 萬美元的現金來償還可轉換債券。

Let me give you some insights into sales detailed by modality in the quarter compared to a five-quarter average, which we refer to as sales trend. Our Medical segment saw strong demand in the quarter led by global sales of CT tubes, which were above its sales trend. Sales in fluoroscopy and radiography were also above their respective sales trends in the quarter, while sales in mammography and dental modalities were in line with their respective sales trends. Sales in our oncology modality were below its sales trend.

讓我為您詳細介紹本季按銷售模式劃分的銷售情況，並與過去五個季度的平均值進行比較，我們稱之為銷售趨勢。本季度，我們的醫療業務部門需求強勁，其中CT管的全球銷售額高於其銷售趨勢。本季度，透視和放射影像的銷售額也高於各自的銷售趨勢，而乳房X光檢查和牙科檢查的銷售額則與各自的銷售趨勢一致。我們腫瘤治療領域的銷售額低於其銷售趨勢。

Our Industrial segment posted its strongest quarter ever as demand for security screening continue to drive sales of security inspection systems and components globally. We also saw positive trends in nondestructive testing and inspection in the aerospace and defense and food inspection verticals as our customers continue to find new ways to use our technology to solve problems they were unable to address in the past.

由於全球對安檢的需求持續推動安檢系統和組件的銷售，我們的工業部門迎來了有史以來最強勁的一個季度。我們也看到，在航空航太、國防和食品檢測等垂直領域，無損檢測和檢驗也呈現出積極的趨勢，因為我們的客戶不斷找到利用我們的技術解決他們過去無法解決的問題的新方法。

During fiscal 2025, we advanced our key growth initiatives, including the introduction of innovative new technologies like Photon Counting for CT, a radiographic detector for the value segment from our new facility in India, and cargo systems in Industrial. In photon counting, during fiscal 2025, we worked closely with our OEM customers as they continue to advance their product development process.

在 2025 財年，我們推進了關鍵成長計劃，包括引入創新新技術，例如用於 CT 的光子計數、來自我們在印度新工廠的價值領域放射成像探測器，以及工業領域的貨物系統。在光子計數領域，2025 財年，我們與 OEM 客戶緊密合作，協助他們持續推進產品開發流程。

We also made significant progress with our photon counting CT project with the Technical University of Munich. In addition, we completed the first stage of our India expansion plans and have begun to ramp up production and shipments of radiographic detectors from this facility.

我們與慕尼黑工業大學的合作進行的光子計數 CT 計畫也取得了重大進展。此外，我們完成了印度擴張計畫的第一階段，並已開始從該工廠提高放射偵測器的生產和出貨量。

In Industrial, we're very pleased with how our cargo inspection systems business performed in fiscal 2025. During the year, we booked over %55 million in orders and shipped over 15 systems to several countries, including Mexico, Iraq, Brazil and Saudi Arabia. We continue to be focused on establishing our sales channels for cargo inspection systems by building on our strong relationships and reputation for quality and innovation in this vertical.

在工業領域，我們對貨物檢驗系統業務在 2025 財年的表現非常滿意。年內，我們獲得了超過 5,500 萬美元的訂單，並向包括墨西哥、伊拉克、巴西和沙烏地阿拉伯在內的多個國家運送了超過 15 套系統。我們將繼續專注於建立貨物檢驗系統的銷售管道，鞏固我們在該垂直領域強大的關係網絡以及在品質和創新方面的良好聲譽。

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

那麼，我把電話交給薩姆吧。

Thanks, Sunny, and hello, everyone. Let me begin by sharing a breakdown of our revenues for both the Medical and Industrial segments. Providing this information annually offers valuable context for understanding our performance and the strength of our business.

謝謝Sunny，大家好。首先，讓我先向大家介紹一下我們在醫療和工業領域的收入明細。每年提供這些資訊有助於了解我們的業績和業務實力，從而提供有價值的背景資訊。

Our Medical segment spans nearly all X-ray imaging modalities, underscoring the breadth of our capabilities and market presence. Total Medical sales for fiscal 2025 were $593 million with CT as the largest modality and accounting for 40% of total Medical revenue. These CT sales are primarily driven by X-ray tubes as we currently do not participate in the supply of detectors for this modality.

我們的醫療業務涵蓋幾乎所有 X 光成像方式，凸顯了我們廣泛的能力和市場影響力。2025 財年醫療總銷售額為 5.93 億美元，其中 CT 是最大的模式，佔醫療總收入的 40%。這些 CT 銷售主要由 X 光管驅動，因為我們目前不參與該模式偵測器的供應。

From a geographic perspective, the Medical segment remains well balanced across all three regions, reflecting our strong global partnerships with leading imaging OEM. The slight skew towards APAC in fiscal 2025 was fueled by a recovery in China and increased sales to our top customer, Canon. In fiscal 2025, revenue from our Industrial segment grew to $252 million, serving a highly fragmented customer base.

從地理角度來看，醫療業務板塊在所有三個地區都保持著良好的平衡，這反映了我們與領先的影像設備製造商之間強大的全球合作夥伴關係。2025 財年亞太地區的業務略有成長，這主要得益於中國市場的復甦以及對我們最大客戶佳能的銷售額增加。2025 財年，我們工業部門的營收成長至 2.52 億美元，服務高度分散的客戶群。

The security vertical accounted for roughly 41% of total Industrial sales, up from 40% in fiscal 2024. This growth was driven by strong performance in our security inspection systems business which gained significant traction since its introduction early in fiscal '25. Our top 10 customers were 52% of revenues in fiscal '25 and revenue from our largest customer, Cannon, grew 6% year over year.

安防垂直產業約佔工業總銷售額的 41%，高於 2024 財年的 40%。這一成長主要得益於我們安全檢測系統業務的強勁表現，該業務自 2025 財年初推出以來取得了顯著進展。2025 財年，我們前 10 位客戶的營收佔總營收的 52%，其中我們最大的客戶佳能的營收年增了 6%。

Turning to the fourth quarter. Our performance exceeded expectations. Revenues of $229 million were at the high end of our guidance. Non-GAAP gross margin of 34% and non-GAAP EPS of $0.37 were above expectations. Compared to the same period in fiscal '24, total revenues increased 11%, driven by a 5% increase in Medical and a 25% increase in Industrial, primarily from cargo system shipments.

進入第四節。我們的表現超越了預期。營收達到 2.29 億美元，處於我們預期範圍的高端。非GAAP毛利率為34%，非GAAP每股盈餘為0.37美元，均高於預期。與 2024 財年同期相比，總收入成長了 11%，其中醫療收入成長了 5%，工業收入成長了 25%，主要來自貨物運輸系統。

Medical revenues were $152 million, and Industrial revenues were $77 million, representing 66% and 34% of total revenues, respectively. This marks the highest quarterly contribution of Industrial revenue to total Varex history, a milestone that speaks to the strength of our diversification strategy.

醫療收入為 1.52 億美元，工業收入為 7,700 萬美元，分別佔總收入的 66% 和 34%。這標誌著工業收入對 Varex 總收入的季度貢獻達到了歷史最高水平，這一里程碑體現了我們多元化策略的實力。

Now analyzing regional performance. Americas grew 9%, EMEA rose 16% and APAC increased 8% year over year. Sales volume to China remained steady, contributing 14% of total revenues underscoring the resilience of our health care market position despite the tariff challenges.

現在正在分析區域表現。美洲地區年增 9%，歐洲、中東和非洲地區年增 16%，亞太地區較去年同期成長 8%。儘管面臨關稅挑戰，但對華銷售額保持穩定，佔總收入的 14%，這凸顯了我們在醫療保健市場地位的韌性。

Let me now cover our results on a GAAP basis. Fourth quarter gross margin was 34%, an improvement of 140 basis points year over year, reflecting our continued operational discipline. Operating expenses were $58 million, up $2 million compared to the fourth quarter of fiscal '24. We reported operating income of $20 million net income of $12 million and GAAP EPS of $0.29 per share based on fully diluted 42 million shares.

現在讓我根據公認會計準則（GAAP）來介紹我們的績效。第四季毛利率為 34%，年增 140 個基點，反映了我們持續的營運紀律。營運支出為 5,800 萬美元，比 2024 財年第四季增加了 200 萬美元。我們公佈的營業收入為 2,000 萬美元，淨收入為 1,200 萬美元，以完全稀釋後的 4,200 萬股計算，GAAP 每股收益為 0.29 美元。

For full fiscal year 2025, gross margin was 34%, up 270 basis points year over year, demonstrating strong margin improvement. Operating expenses totaled $318 million, an increase of $94 million compared to fiscal year '24. As noted previously, the primary driver was a noncash goodwill impairment charge of $94 million taken in Q3. This resulted in an operating loss of $28 million, a net loss of $70 million and a GAAP loss per share of $1.70 based on fully diluted 41 million shares.

2025 財年全年毛利率為 34%，較去年同期成長 270 個基點，毛利率大幅提高。營運支出總計 3.18 億美元，比 2024 財年增加了 9,400 萬美元。如前所述，主要原因是第三季提列了 9,400 萬美元的非現金商譽減損費用。這導致營業虧損 2,800 萬美元，淨虧損 7,000 萬美元，以完全稀釋後的 4,100 萬股計算，每股虧損 1.70 美元（GAAP）。

Now moving on to the non-GAAP results for the quarter. Gross margin in Q4 was 34%, up 130 basis points year over year, primarily due to the higher volume and a favorable product sales mix. For the full year, we delivered gross margin 35%, up 230 basis points year over year and in line with the goal we communicated at the start of the year.

接下來來看本季的非GAAP財務表現。第四季毛利率為 34%，年成長 130 個基點，主要原因是銷量增加和產品銷售組合有利。全年毛利率為 35%，較去年同期成長 230 個基點，與年初設定的目標一致。

R&D spending in the fourth quarter was $24 million, an increase of $2 million compared to the fourth quarter of fiscal '24 and representing 10% of revenues. R&D was $91 million for fiscal '25, an increase of $4 million compared to last year and represented 11% of revenues. For both the quarter and year, the increase in R&D was primarily due to investment in growth initiatives, including security systems in Industrial, photon counting and radiographic in Medical.

第四季研發支出為 2,400 萬美元，比 2024 財年第四季增加了 200 萬美元，佔營收的 10%。2025 財年研發支出為 9,100 萬美元，比前一年增加了 400 萬美元，佔營收的 11%。無論是季度或年度，研發投入的成長主要歸功於對成長計畫的投資，包括工業領域的安全系統、醫療領域的光子計數和放射成像技術。

SG&A expense was $31 million, in line with the fourth quarter of fiscal '24 and representing 14% of revenues. For the full year, SG&A expense was $122 million, down $1 million compared to last year and representing 14% of revenues. Operating expenses totaled $55 million, an increase of $2 million compared to the fourth quarter of fiscal '24 and represented 24% of revenues. For the full year, operating expenses totaled $213 million, an increase of $3 million compared to fiscal '24.

銷售、一般及行政費用為 3,100 萬美元，與 2024 財年第四季持平，佔營收的 14%。全年銷售、管理及行政費用為 1.22 億美元，較上年減少 100 萬美元，佔營收的 14%。營運支出總計 5,500 萬美元，比 2024 財年第四季增加了 200 萬美元，佔營收的 24%。全年營運支出總計 2.13 億美元，比 2024 財年增加了 300 萬美元。

Operating income was $23 million, an increase of $9 million compared to the previous year and operating margin was 10% of revenue, up from 7% in the fourth quarter of fiscal '24. For the full year, operating income was $80 million, an increase of $28 million compared to last year, and operating margin was 9% of revenue, up from 6% in '24.

營業收入為 2,300 萬美元，比上年增加了 900 萬美元；營業利潤率為收入的 10%，高於 2024 財年第四季的 7%。全年營業收入為 8,000 萬美元，比前一年增加了 2,800 萬美元；營業利潤率為收入的 9%，高於 2024 年的 6%。

Tax expense in the fourth quarter was $2 million or 14% of pretax income compared to a $2 million benefit in the fourth quarter of fiscal '24. For the full year, tax expense was $11 million or 22% of pretax income compared to $1 million in fiscal 2024 or 3% of pretax income.

第四季的稅收支出為 200 萬美元，佔稅前收入的 14%，而 2024 財年第四季則有 200 萬美元的稅收收益。全年稅收支出為 1,100 萬美元，佔稅前收入的 22%，而 2024 財年稅收支出為 100 萬美元，佔稅前收入的 3%。

Net earnings were $15 million or $0.37 per diluted share, up 131% from $0.16 in the year ago quarter. Average diluted shares for the quarter on a non-GAAP basis were $42 million. For the full year, net earnings were $0.90 per diluted share, up 73% from $0.52 in fiscal '24. Average diluted shares for the full year on a non-GAAP basis were 41 million shares.

淨利潤為 1500 萬美元，即每股攤薄收益 0.37 美元，比去年同期的 0.16 美元增長了 131%。本季以非GAAP準則計算的平均稀釋股份為4,200萬股。全年淨收益為每股攤薄收益 0.90 美元，比 2024 財年的 0.52 美元增加了 73%。以非GAAP準則計算，全年平均稀釋股份數為4,100萬股。

Now turning to the balance sheet. Accounts receivable increased by $20 million and days sales outstanding increased by 1 day to 62 days. Inventory held steady at $299 million in the fourth quarter and days of inventory decreased by 21 days to 180 days. Accounts payable decreased by $1 million and days payable decreased 5 days to 42 days.

現在來看資產負債表。應收帳款增加了 2,000 萬美元，應收帳款週轉天數增加了 1 天，達到 62 天。第四季庫存維持穩定在 2.99 億美元，庫存週轉天數減少了 21 天，至 180 天。應付帳款減少了 100 萬美元，應付帳款天數減少了 5 天，降至 42 天。

Now moving to debt and cash flow information. Net cash flow from operations was $8 million in the quarter. We ended the quarter with cash, cash equivalents and marketable securities of $155 million, up $3 million compared to the third quarter of 2025. Compared to fiscal '24, cash was down from $213 million, primarily due to the use of $75 million to reduce our debt in June.

接下來是債務和現金流資訊。本季經營活動產生的淨現金流為 800 萬美元。本季末，我們持有現金、現金等價物和有價證券1.55億美元，比2025年第三季增加了300萬美元。與 2024 財年相比，現金從 2.13 億美元減少，主要是因為 6 月使用了 7,500 萬美元來減少債務。

Gross debt outstanding at the end of the quarter was $370 million and debt net of $155 million of cash, cash equivalents and marketable securities was $215 million. Adjusted EBITDA for the quarter was $35 million or 15% of sales. Our trailing 12 months adjusted EBITDA was $122 million and our net debt leverage ratio was approximately 1.8 times adjusted EBITDA on a trailing 12-month basis.

截至季末，未償債務總額為 3.7 億美元，扣除 1.55 億美元的現金、現金等價物和有價證券後，債務淨額為 2.15 億美元。本季調整後 EBITDA 為 3,500 萬美元，佔銷售額的 15%。我們過去 12 個月的調整後 EBITDA 為 1.22 億美元，淨債務槓桿約為過去 12 個月調整後 EBITDA 的 1.8 倍。

Over the years, our net leverage ratio has continued to come down, and this year's performance marks the lowest level we have reported as a public company. This achievement underscores our commitment to deleveraging and reflects our ability to establish a stable long-term capital structure since our spin-off from Varian.

多年來，我們的淨槓桿率持續下降，今年的業績是我們作為上市公司公佈的最低水準。這項成就凸顯了我們致力於去槓桿化的決心，也反映了自我們從瓦里安分拆出來以來，我們建立穩定長期資本結構的能力。

Now moving on to outlook for the first quarter. Guidance for the first quarter is as follows: Revenues are expected between $200 million and $215 million, non-GAAP earnings per diluted share are expected between $0.05 and $0.25 of profit. Our expectations are based on non-GAAP gross margin of 32% to 34%, non-GAAP operating expenses of approximately $52 million, interest and other expense net in a range of $8 million to $9 million, tax rate of about 23% for the first quarter and non-GAAP diluted share count of about 42 million shares.

接下來展望第一季。第一季業績指引如下：預計營收在 2 億美元至 2.15 億美元之間，非 GAAP 稀釋後每股收益預計在 0.05 美元至 0.25 美元之間。我們的預期基於以下假設：非GAAP毛利率為32%至34%，非GAAP營運費用約為5,200萬美元，利息和其他淨支出在800萬美元至900萬美元之間，第一季稅率約為23%，非GAAP稀釋後股份數約為4,200萬股。

I would like to now hand the call back to Sunny for some thoughts on the year ahead.

現在我想把電話交還給Sunny，請她談談對未來一年的看法。

Thank you, Sam. Looking back, we faced a challenging start to fiscal 2025 due to unpredictable global tariff situation. However, as we had anticipated, our customers' ordering patterns normalized once tariff situation stabilized. Looking ahead, our customers in China are projecting stronger orders and sales for 2026 and compared to 2024 and 2025.

謝謝你，山姆。回顧過去，由於全球關稅狀況難以預測，我們在 2025 財政年度就面臨挑戰。然而，正如我們預期的那樣，隨著關稅狀況的穩定，客戶的訂購模式也恢復正常了。展望未來，我們在中國的客戶預計 2026 年的訂單和銷售額將比 2024 年和 2025 年更強勁。

Last year's uncertainty around the implementation of stimulus programs led hospitals to delay imaging equipment purchases, but this appears to be behind us. Customers in China are now saying that they are seeing increased tender activity driven by demand for value tier and mid-tier CT systems to support rural health care expansion plans.

去年，由於刺激計畫實施的不確定性，醫院推遲了影像設備的採購，但這種情況似乎已經過去了。中國的客戶現在表示，由於對中低端 CT 系統的需求增加，以支持農村醫療保健擴展計劃，他們看到招標活動增加。

I'm also happy to say that we were recently informed by MOFCOM that investigations regarding CT2 pricing have been paused indefinitely. We are intensifying our efforts to strengthen geopolitical resiliency through supply chain and manufacturing regionalization. We've also raised prices and are charging our customers for tariffs. Together with export-oriented manufacturing and localized or regional supply chains, we have put several measures in place to position Varex better to withstand current and future trade challenges.

我也很高興地告訴大家，商務部最近通知我們，有關 CT2 定價的調查已無限期暫停。我們正加大力度，透過供應鏈和製造業區域化來增強地緣政治韌性。我們也提高了商品價格，並向顧客收取關稅。結合出口導向製造業和本地化或區域化供應鏈，我們已採取多項措施，使 Varex 能夠更好地應對當前和未來的貿易挑戰。

These operational and supply chain initiatives are reinforcing our customers' confidence in Varex as a premier long-term partner. We plan to continue to invest in R&D to strengthen our competitive edge. Looking at other future growth markets such as India, South Asia, the Middle East and Latin America, we see value tier and mid-tier products in both radiographic and CT, playing a critical role in driving our future growth.

這些營運和供應鏈措施正在增強客戶對 Varex 作為一流長期合作夥伴的信心。我們計劃繼續加大研發投入，以增​​強我們的競爭優勢。展望印度、南亞、中東和拉丁美洲等其他未來成長市場，我們看到放射成像和 CT 領域的價值級和中端產品將在推動我們未來的成長方面發揮關鍵作用。

Our strategy is to lead with innovation while also maintaining cost effectiveness in these segments. Our investments in supply chain, cost-effective product designs and expanded low-cost manufacturing in India are central to our strategy to drive growth in the value and mid-tier segments. Our detectors factory in Vizag, India is ramping up production of our radiographic detectors, and we are expanding the site to enable even greater vertical integration to support further product cost-reduction efforts.

我們的策略是在保持成本效益的同時，以創新引領這些領域。我們在供應鏈、成本效益高的產品設計以及擴大印度低成本製造的投資，是我們推動價值型和中端市場成長策略的核心。我們在印度維沙卡帕特南的探測器工廠正在加大放射探測器的生產力度，我們正在擴建該廠，以實現更大的垂直整合，從而支持進一步降低產品成本的努力。

While we continue to advance our Photon Counting CT detector offering with our anchor OEM customers, we are engaged with additional OEMs to secure design-ins. A couple of years ago, we announced a collaboration with the Technical University of Munich to develop a technology demonstrator for Photon Counting CT system. Over the past two years, this project has achieved key milestones, and we plan to showcase this system for customers at major trade shows in 2026.

在我們繼續與主要 OEM 客戶合作推進光子計數 CT 偵測器產品的同時，我們也正在與其他 OEM 廠商合作，以確保產品設計整合。幾年前，我們宣布與慕尼黑工業大學合作開發光子計數 CT 系統的技術演示器。在過去的兩年裡，該計畫取得了重要的里程碑式進展，我們計劃在 2026 年的大型貿易展上向客戶展示該系統。

Our goal is to demonstrate the value proposition of Photon Counting CT beyond just higher resolution images. We know that Photon Counting technology offers potential for more precise material discrimination, and we hope to be able to show clinical value and improved workflow with our capabilities. This system will also showcase the added value of integrating multiple Varex components such as our high-power CT tubes optimized for photon counting detectors, along with our high voltage generator, connectors, heat exchangers.

我們的目標是證明光子計數 CT 的價值不僅僅在於提供更高解析度的影像。我們知道光子計數技術具有更精確的材料鑑別能力，我們希望能夠透過我們的能力展現其臨床價值和改進的工作流程。該系統還將展示整合多個 Varex 組件的附加價值，例如我們針對光子計數探測器優化的高功率 CT 管，以及我們的高壓發生器、連接器和熱交換器。

By enabling customers to experience the full capabilities of our X-ray components and photon counting detector technology within a fully functional CT system, we intend to accelerate adoption of Varex's photon counting CT Detector offering. November 8 marked World Radiography Day, commemorating Rungis discovery of X-rays 130 years ago. Since then, X-rays have largely been generated the same way using heated filament in a vacuum tube.

透過讓客戶在功能齊全的 CT 系統中體驗我們 X 光組件和光子計數偵測器技術的全部功能，我們旨在加速 Varex 光子計數 CT 偵測器產品的普及。11月8日是世界放射學日，紀念蘭吉斯130年前發現X射線。從那時起，X射線基本上都是以相同的方式產生的，即在真空管中使用加熱燈絲。

Looking beyond photon counting, we expect nano tubes-based coal emitters to enable a new generation of X-ray sources that will drive development of new imaging applications for decades to come. We are continuing to invest in nano tube-based coal emitters and are making progress with this technology in collaboration with several innovative OEMs who are developing novel applications.

除了光子計數之外，我們期望基於奈米管的煤炭發射器能夠催生新一代 X 射線源，並在未來幾十年推動新型成像應用的發展。我們正在繼續投資奈米管煤炭排放器，並與幾家正在開發新型應用的創新原始設備製造商合作，在該技術方面取得進展。

As with any foundational technology, bringing applications to market takes time. We plan to provide more visibility to this technology at trade shows in fiscal 2026.

任何基礎技術的發展都需要時間，將應用推向市場也不例外。我們計劃在 2026 財年的貿易展上提高這項技術的知名度。

On the Industrial segment side, progress on our products and implementations of our systems are on track, and we're planning to scale up production capacity of our cargo systems in fiscal 2026. Recently, we shipped a batch of our VX M6 mobile cargo inspection system to our European customer, and we are now preparing to implement a rail cargo scanner for our customer in Latin America during fiscal '26. The strong customer relationships and brand reputation that we have built over decades is giving us access to key tenders, and we have very good visibility into upcoming cargo systems opportunities through our channels.

在工業領域方面，我們的產品和系統實施進展順利，我們計劃在 2026 財政年度擴大貨物系統的產能。最近，我們向歐洲客戶交付了一批 VX M6 行動貨物檢查系統，目前我們正準備在 2026 財年為我們在拉丁美洲的客戶實施鐵路貨物掃描儀。幾十年來，我們建立了牢固的客戶關係和品牌聲譽，這使我們能夠獲得重要的招標機會，並且透過我們的管道，我們對即將到來的貨物系統機會有非常清晰的了解。

Overall, we're happy with our performance in fiscal 2025 and are looking forward to another year of solid progress towards our strategic plans in fiscal 2026. These include exiting fiscal '26 with additional OEM design-ins for Photon Counting CT, ramped up detector production in India, introduction of new products in cargo systems, increased traction with new bendable industrial detectors and more OEM integration of nano tubes in multi-beam medical applications.

總體而言，我們對 2025 財年的表現感到滿意，並期待在 2026 財年繼續朝著我們的策略計劃穩步前進。這些成果包括：在 2026 財年結束時，新增光子計數 CT 的 OEM 設計；在印度提高探測器產量；在貨物運輸系統中推出新產品；新型可彎曲工業探測器的市場吸引力增強；以及奈米管在多束醫療應用中的更多 OEM 整合。

I want to thank all our employees and partners worldwide for their hard work and dedication. Their efforts and flexibility have been instrumental in delivering a solid year and driving the innovation that powers our growth initiatives in medical and industrial. Together, we're building momentum and shaping the future of our business.

我要感謝我們全球所有員工和合作夥伴的辛勤工作和奉獻精神。他們的努力和靈活性對我們穩健的業績以及推動醫療和工業領域成長計畫的創新起到了至關重要的作用。我們攜手並進，正在積蓄力量，塑造我們業務的未來。

Thank you, everyone, for your commitment and passion for making this possible. With that, we will now open up the call for your questions.

感謝大家的付出和熱情，讓這一切成為可能。接下來，我們將開放提問環節。

(Operator Instructions) Suraj Kalia, Oppenheimer.

（操作說明）Suraj Kalia，奧本海默。

Sam, can you hear me all right?

山姆，你能聽清楚我說話嗎？

Yes, Suraj, how are you?

蘇拉傑，你好嗎？

Gentleman, congrats on a strong end to the year. Sunny, Sam, one of the comments you made in your prepared remarks, I appreciate you giving us some incremental detail and maybe I got my numbers wrong, top 10 customers were 52% of sales. If I got that right, could you split it between Medical and Industrial? How should we think about the sustainability just given the customer concentration?

各位先生，祝賀你們以優異的成績結束了這一年。Sunny，Sam，你在準備好的演講稿中提到的一點，我很感謝你提供了一些細節，也許我的數字錯了，前 10 位客戶佔銷售額的 52%。如果我理解正確的話，你能把它分成醫療和工業兩部分嗎？考慮到客戶集中度，我們該如何看待永續性？

Yes, Suraj, thanks for your question. I can try to answer that. So the sustainability, and for a number of years, top 10 customers generally for us are in that range, 50%, 55% range. So this number is very much within the range over the last many, many years. The reason we do not break out Medical versus Industrial, Suraj, is that vast majority of those top 10 customers are Medical, and sometimes one industrial customer might be there.

是的，蘇拉傑，謝謝你的提問。我可以試著回答這個問題。因此，就永續性而言，多年來，我們前 10 位客戶的佔比通常都在 50% 到 55% 的範圍內。所以這個數字與過去很多年的數據基本上一致。Suraj，我們不將醫療行業與工業行業分開統計的原因是，排名前 10 的客戶中絕大多數是醫療行業客戶，有時可能只有一家工業行業客戶。

And if we begin to break that out, then it can become public information for that one customer, which is not something that for commercial reasons, we are doing it at this time. So that is the reason we do not break it out between Industrial and Medical.

如果我們開始透露這些訊息，那麼對於那位客戶來說，這些資訊就可能變成公開資訊。出於商業原因，我們目前不會這樣做。所以這就是為什麼我們不將其分為工業和醫療兩類的原因。

Got it. Sunny, obviously, for the last two quarters, Medical has been somewhat soft but it has been more than compensated by industrials. Can you just walk us through what specifically -- are we seeing some sort of a structural shift? And as we enter '26, do you think any of the systemic forces could change as you go through the year, specifically within these two buckets?

知道了。顯然，在過去的兩個季度裡，醫療部門表現略顯疲軟，但工業板塊的強勁表現彌補了這一不足。能具體解釋一下嗎？我們是否看到了某種結構性轉變？進入 2026 年，您認為在這一年中，特別是這兩個領域內，有哪些系統性因素可能會改變？

Thank you, Suraj. So Suraj, Industrial as a percent of our overall sales has been growing. So it's approaching 30%, and we expect it will get up to mid-30s. So that is a trend that has been consistent. It has been consistently growing and growing faster than medical. Within medical, any movement between modalities or between China and non-China tends to be largely, I'd say, that volatility is month to month, quarter to quarter, and it moves around.

謝謝你，蘇拉傑。所以，蘇拉傑，工業銷售占我們總銷售額的比例一直在成長。所以它已經接近 30%，我們預計它會達到 30% 左右。所以這是一個一直持續的趨勢。它一直在持續成長，而且成長速度比醫療產業更快。在醫療領域，任何不同治療方式之間或中國與非中國之間的流動，我認為，其波動性主要體現在每月、每季之間，並且不斷變化。

What we have been seeing, though, increasingly is given the geopolitical situation, more of our non-Chinese OEMs are asking us to ship product to them from our Chinese facilities from our facilities, Wushi so it's very difficult for us to now maintain consistency between China and ex-China within the Medical segment because of that phenomenon.

不過，鑑於地緣政治形勢，我們看到越來越多的非中國OEM廠商要求我們從中國工廠（武士工廠）向他們發貨，因此，由於這種現象，我們現在很難在醫療領域保持中國境內外產品的一致性。

Sunny, forgive me, can I ask another question?

Sunny，請原諒，我可以再問一個問題嗎？

Yes.

是的。

Sunny, I'm sure you've heard in the news, GE's thinking about or there's some speculation about them kind of selling or divesting their China business. Siemens Healthineers is splitting out. Any implications for Varex per se, maybe not in the short term, but how do you see -- if these happen, do you see any impact to Varex?

Sunny，我相信你已經從新聞中聽說了，通用電氣正在考慮出售或剝離其在中國的業務，或者說有一些猜測。西門子醫療正在分拆。如果這些事情發生，對 Varex 本身會有什麼影響嗎？也許短期內不會，但您認為——如果這些事情發生，會對 Varex 產生什麼影響嗎？

So vast majority of our business in China comes through our Chinese OEMs. So from that perspective, these announcements really do not have any significant implications for us, although our non-Chinese OEMs. Our global OEMs do some business in China. But we're not anticipating a significant impact from at least a couple of examples that you cited.

因此，我們在中國的業務絕大部分都是透過我們的中國OEM廠商實現的。因此從這個角度來看，這些公告對我們來說實際上沒有任何重大影響，儘管對我們的非中國 OEM 廠商而言是如此。我們的全球OEM廠商在中國有一些業務。但我們預計您提到的至少幾個例子不會產生重大影響。

Secondly, our Chinese OEMs are also -- they're also increasingly commercially focused outside of China. So at the end of the day, for us, it's all about building our franchise of OEM partners and securing design wins and the geography while they start in one place, they can all end up in other place. Virtually, most of our customers used to be concentrated in one geography and then they move global into other geographies. And we're seeing that out of our customers in China as well.

其次，我們的中國OEM廠商也越來越注重中國以外的商業發展。所以歸根結底，對我們來說，一切都是為了建立我們的 OEM 合作夥伴特許經營體系，確保設計訂單的贏得，以及地域上的擴張。雖然他們最初可能在一個地方起步，但最終都可能發展到其他地方。實際上，我們的大多數客戶過去都集中在一個地區，然後他們擴展到全球其他地區。我們在中國的客戶中也看到了這種情況。

(Operator Instructions) Larry Solow, CJS Securities.

（操作員說明）Larry Solow，CJS Securities。

Great. I guess, just first question, Sunny, Sam. I know you don't give full year guidance. I don't want to make too much of Q1. I know it's seasonally a little bit slower. But I guess it looks like you have like kind of flat to 8% growth of mid-single digit for the quarter, 4% to midpoint. Is there anything we could glean from the quarter in reference to the full year? Qualitatively, it sounds like things are going pretty well, both on Medical and Industrial.

偉大的。我想，先問第一個問題，Sunny，Sam。我知道你們不提供全年的業績指引。我不想過度強調第一季。我知道季節性因素會導致生意稍微冷清一些。但我猜想，你們本季的成長似乎持平在 8% 到個位數中段之間，中間值是 4%。從本季的數據中，我們能了解到哪些與全年情況相關的資訊？從定性角度來看，醫療和工業領域的情況似乎都相當不錯。

So just trying to get any high-level outlook for the full year that you can share would be great.

所以，如果您能分享對全年的整體展望，那就太好了。

Sure, Larry. I'll let me answer that question. Yes, at this point, the demand environment looks to be solid. And we expect full year revenues to grow. We are expecting our Medical business to grow for the year. We also expect Industrial business to grow. And we are expecting medical business ex-China to grow. And at the same time, we are modeling China to be flattish. So that's some additional color that I can provide you for the full year.

當然可以，拉里。讓我來回答這個問題。是的，目前來看，需求環境穩健。我們預計全年營收將成長。我們預計今年的醫療業務將實現成長。我們也預期工業業務將會成長。我們預計中國以外的醫療業務將會成長。同時，我們卻將中國建模成一個地勢平坦的國家。所以，這就是我能為大家提供的全年額外色彩。

As you know and you mentioned that we do not guide annually just for various reasons, and so that's the color I can provide. And then trying to glean more from Q1 into the full year, I would say, for this coming fiscal year, Q1 and Q3 comps are somewhat easier for us in the sense because of tariff and this and that, business volumes followed somewhat of an unusual pattern for us in FY25.

如您所知，也正如您所提到的，由於各種原因，我們不每年發布指南，所以這就是我能提供的資訊。然後，為了從第一季中汲取更多經驗來推斷全年情況，我認為，對於即將到來的財政年度，第一季和第三季的比較對我們來說相對容易一些，因為關稅等等因素，2025 財年的業務量對我們來說呈現出一種不尋常的模式。

But in FY26, everything seems to be normal. So I would expect through the year, through various quarters, we would see normal gradual growth through the year as opposed to the up-and-down pattern that we saw in FY25. So I would say Q1, Q3, easier comps, Q2, Q4, a little bit more difficult comps. But overall, we should see gradual growth through the year as is our typical pattern.

但到了2026財年，一切似乎都恢復正常了。因此，我預計在這一年中，各個季度將會出現正常的逐步成長，而不是像 2025 財年那樣上下波動的模式。所以我認為 Q1、Q3 比較容易，Q2、Q4 比較難一些。但總體而言，我們應該會看到全年穩定成長，這符合我們一貫的模式。

Got you. And the China piece, specifically, you're assuming kind of flat or as in your budget, not the full year guidance because we got sharing that with us. But it sounds like your customers in China expect growth, although I know you also mentioned that it's a little bit hard to figure out now because you're shipping from China more often than not than you were previously, but any thoughts on that?

抓到你了。特別是關於中國市場的部分，您假設的是基本持平，或者像您的預算那樣，而不是全年的指導意見，因為我們還沒有收到相關資訊。但聽起來你們在中國的客戶期望增長，雖然我知道你們也提到現在很難確定增長情況，因為你們現在從中國發貨的頻率比以前高得多，但對此你們有什麼想法嗎？

Yes. It is becoming more and more difficult because our customers, global customers are changing their supply chains. But to the extent that what we can model, we are seeing China a stable, stable to slight growth. But given the tariff and all of the uncertainties around US-China situation, we are modeling essentially a stable and a flattish China for the coming year.

是的。這變得越來越困難，因為我們的客戶，尤其是全球客戶，正在改變他們的供應鏈。但就我們目前能夠建立的模型來看，中國正處於穩定或略有成長的階段。但考慮到關稅以及中美關係的種種不確定性，我們預計未來一年中國經濟將保持穩定且相對穩定。

Okay. And I want to just ask on Industrial, if I can seek one more question.

好的。我只想問一下工業領域的問題，是否可以再問一個問題？

Yes, sure, go ahead.

好的，沒問題，請便。

Really strong -- yes, the quarter was strong. The year was strong. The quarter was really strong, obviously. I know a few million dollars could jack up those percentages a little bit, but also the gross margin was really strong in the quarter. Was there anything -- I'm just trying to figure out -- I know you have the stand-alone systems now, and sometimes the mix will actually drive higher revenue on the service side, but that wouldn't be a lumpy higher revenue number.

表現非常強勁——是的，本季表現強勁。今年業績不錯。很明顯，本季業績非常強勁。我知道幾百萬美元可能會稍微提高這些百分比，但本季的毛利率也確實非常強勁。有沒有什麼——我只是想弄清楚——我知道你們現在有獨立系統，有時這種組合實際上會推動服務方面的收入增加，但這不會是一個突兀的高收入數字。

So any color to that, the strong performance, particularly on the margins in the quarter in Industrial?

那麼，工業板塊本季強勁的表現，尤其是利潤率方面，有什麼值得關注的嗎？

Sure. I can try to answer that. So you're right, Larry. Industrial gross margins were quite a bit better than our expectations for this past quarter. We experienced a higher-than-usual proportion of service revenues on our linac installed base. And as you know, service business is at much higher margin than the hardware equipment gross margins that we experienced. So because of that service and time and material, which is generally unplanned, service business experience.

當然。我可以試著回答這個問題。你說得對，拉里。上個季度工業毛利率遠超我們的預期。我們的直線加速器安裝基礎的服務收入比例高於平常。如您所知，服務業的利潤率遠高於我們之前所經歷的硬體設備毛利率。因此，由於服務、時間和材料（通常是計劃外的）以及服務業務經驗。

So that drove our gross margins higher for the quarter. So in order to kind of glean more than that, I think this is a little bit unusual for the Industrial business to produce that type of margin. We are shipping currently a decent amount of hardware. So I would say that Q4 gross margin was -- is not the norm, but we did benefit from higher as a normal service.

因此，這推高了我們本季的毛利率。所以，為了更深入了解情況，我認為工業企業能產生這種利潤率有點不尋常。我們目前硬體出貨量相當可觀。所以我覺得第四季的毛利率——雖然不是正常水平，但我們確實受益於正常服務價格的上漲。

And sorry, I was saying that when I say -- if you go back two years ago, our Industrial margin had much more of service component to it. And at that time, we could do 37%, 38%, 40% gross margin. And what I was going to add there is that my comment is more on the near to midterm.

抱歉，我剛才說的是──如果你回顧兩年前，我們的工業利潤中服務成分佔比要大得多。當時，我們的毛利率可以達到 37%、38%、40%。我原本想補充的是，我的評論更多是關於近期到中期的考試。

But in the long term, say, when you're thinking of, say, two years and stuff, when a lot of this hardware that we are currently shipping goes into service, that should provide a nice gross margin tailwind for us, and we would like to see our industrial margins go back up to 38%, 39%, 40% in that range.

但從長遠來看，比如說兩年後，當我們目前出貨的大量硬體投入使用時，這將為我們提供良好的毛利率成長動力，我們希望看到我們的工業利潤率回升到 38%、39%、40% 的範圍內。

(Operator Instructions) James Sidoti, Sidoti & Company.

（操作說明）詹姆斯·西多蒂，西多蒂公司。

So your revenue came in well above your guidance and the Street. Was there anything unusual? Did you pull any sales in from the first quarter? Or anything unusual in this fourth quarter that led to the revenue growth?

所以你的營收遠超預期和華爾街的預期。有什麼異常狀況嗎？第一季有銷售額嗎？或者說，第四季有什麼異常情況導致了營收成長？

Jim, there was nothing unusual here. There always is a little bit of a push and pull driven by our own customers and their freight optimization type of a situation that can happen, but nothing to speak about in terms of pull in or push out. It's just that the demand in both the segments was strong, and we benefited from that.

吉姆，這裡沒什麼不尋常的。總是會有一些由我們自己的客戶及其貨運優化需求驅動的推拉情況，但就吸引或驅逐而言，沒有什麼可說的。只是這兩個細分市場的需求都很強勁，我們從中受益匪淺。

And also, we did ship cargo systems in this last quarter, and they can be $1 million to $2 million per system. So that can swing the numbers, one or two systems can increase the number as opposed to tubes or detectors, which are generally in the $50,000, $75,000 in that type of price range versus $1.5 million to $2 million type of a system. So that's a little bit more color behind the strong performance for Q4.

此外，我們在上個季度也交付了貨物運輸系統，每個系統的價格在 100 萬美元到 200 萬美元之間。所以這可能會影響數字，一兩個系統就能增加數量，而管子或偵測器的價格通常在 5 萬美元到 7.5 萬美元之間，而一個系統的價格則在 150 萬美元到 200 萬美元之間。以上就是第四季強勁業績背後的更多細節。

Okay. And I believe you said China was 14% of revenue. So I'd just check on my math, about $32 million compared to about $30 million a year ago. Is that fair, right?

好的。我記得你說過中國市場佔總收入的14%。所以我核對了一下我的計算，大約是 3200 萬美元，而一年前大約是 3000 萬美元。這樣公平嗎？

That is correct. This last quarter, China was $32 million, yes. And a quarter ago, I have $31 million that might just be rounding, Jim.

沒錯。是的，上個季度中國市場的營收為 3,200 萬美元。吉姆，三個月前，我還有 3,100 萬美元，這可能只是四捨五入的結果。

Yes. No, I was comparing to the fourth quarter of fiscal '24.

是的。不，我是和 2024 財年第四季做比較的。

Yes. Yes.

是的。是的。

Okay. All right. And India, it sounds like you started to ship the detectors. Do you expect those to ramp over the next couple of quarters? And when do you expect to start to ship tubes?

好的。好的。印度，聽起來你們已經開始出貨探測器了。你預計這些指標會在未來幾季內成長嗎？你們預計何時開始出貨？

Okay. So when it comes to India, yes, we've started to ship detectors from India. So now the factory, as you just said, we expect it to ramp up over FY26. So we are really excited about that, and we'll be planning to ramp that up. And then the tubes factory, that is still under construction, although I would say it is towards the later stages of construction schedule.

好的。所以就印度而言，是的，我們已經開始從印度出貨探測器了。所以現在，正如你剛才所說，我們預計工廠將在 2026 財年逐步提高產能。我們對此感到非常興奮，並將計劃加大力度。還有那家管材廠，它還在建造中，不過我想說它已經接近建造進度的後期階段了。

So once we complete the construction, then we need to bring in equipment and then qualify the equipment, run trial runs, et cetera, and make sure it's all optimized and qualified. So I would say that factory is still now 12 months away from production, from product shipments 12 to 15 months. But we've made a lot of progress there on the tube side and of course, detectors it started to ramp.

所以一旦我們完成了建設，我們就需要引進設備，然後對設備進行鑑定、試運行等等，並確保一切都經過優化和鑑定。所以我認為，該工廠距離投產還有 12 個月，距離產品出貨還有 12 到 15 個月。但我們在電子管方面取得了很大進展，當然，探測器方面也開始加速發展。

Okay. And as the business from India grows, should we see that an improvement in gross margin? Or are those lower margin products?

好的。隨著印度業務的成長，我們是否會看到毛利率的提高？或者說，這些是利潤率較低的產品？

Yes. So as you know, Jim, gross margin has many factors to it, which is overall cost, new product introductions as well as what the tariff environment is doing and, of course, customer concentration, product concentration and everything else like that. But just isolated to India. There are two aspects in India that are happening, some of the legacy product that we transfer from Salt Lake City to India, of course, that product will see a pickup in gross margin. So that's one aspect of India production.

是的。如你所知，吉姆，毛利率受許多因素影響，包括總成本、新產品推出以及關稅環境的變化，當然還有客戶集中度、產品集中度以及其他類似因素。但僅限於印度。在印度，目前有兩個面向正在發生，一些我們從鹽湖城轉移到印度的傳統產品，當然，這些產品的毛利率將會上升。這是印度生產的一個面向。

So that should see gross margin improvement. However, the amount of product that we will transfer from Salt Lake City to India is mostly radiographic and it is a very small proportion of overall revenues. We are talking $10 million, $20 million, $30 million and not more than that. So that is a small amount of revenue that ships from India eventually, which is transferred from Salt Lake. But our bigger plants from India are to be more competitive in the radiographic segment -- subsegment of our Medical segment.

這樣一來，毛利率應該會有所提高。然而，我們將從鹽湖城運往印度的產品主要是放射線產品，這在總收入中所佔比例非常小。我們說的是1000萬美元、2000萬美元、3000萬美元，不會超過這個數字。所以，最後從印度運出的部分收入很小，這些收入是從鹽湖城轉移過來的。但我們在印度的大型工廠將在放射成像領域（我們醫療業務的一個子領域）更具競爭力。

And so as we begin to ship from there and then as commercial, competitive and all other dynamics play out, we'll be able to provide you more color. But overall, we are thinking that the new business piece is corporate average gross margins, not necessarily a big driver for upward momentum to gross margin. So those are -- that's the two areas of color I can provide you as it comes to gross margin.

因此，隨著我們開始從那裡發貨，隨著商業、競爭和所有其他動態的發展，我們將能夠為您提供更多色彩。但總的來說，我們認為新業務部分是企業平均毛利率，但這不一定會成為毛利率上升的主要驅動力。所以，關於毛利率，我能提供的就這兩方面資訊就是──以上就是兩方面。

Separately, outside of India, as it comes to overall color for gross margin for the company, we've been doing a lot of work trying to take cost out, trying to pass tariff-related costs to our customers, and we are being successful at that. So that is helping our gross margin. And then as photon counting detector related products begin to ship and as some of our new products in cardiovascular, et cetera, begin to ship, that should provide a little bit more tailwind to our gross margin.

另外，在印度以外，就公司整體毛利率而言，我們一直在努力降低成本，並努力將關稅相關成本轉嫁給客戶，而我們在這方面取得了成功。所以這有助於提高我們的毛利率。隨著光子計數偵測器相關產品開始出貨，以及我們在心血管等領域的一些新產品開始出貨，這將為我們的毛利率帶來更多利多。

So I would say India impact on gross margin is there, but small. India enables us to grow in the RAD segment for Medical, but our cost reduction and other new products actually provide more of a tailwind for our gross margin as we look into late '26 and '27.

所以我認為印度市場對毛利率有影響，但影響較小。印度市場使我們能夠在醫療領域的 RAD 業務成長，但隨著我們展望 2026 年末和 2027 年，成本降低和其他新產品實際上為我們的毛利率提供了更大的推動力。

All right. And then last one for me. R&D. And I know that, that expense can move up and down. I think you had a payment to Micro-X in the first quarter. But in this quarter, it was up almost $3 million on a GAAP basis are from the June quarter. Was there noncash expense in there? Is that the timing of projects and how should we think about R&D? I know you said it will be up or are you going to continue to spend in R&D. But should that number continue to rise year over year?

好的。最後，也是我最後一個問題。研發。我知道，這筆開銷會有波動。我認為你在第一季向Micro-X支付了款項。但以 GAAP 計算，本季比 6 月的季度增長了近 300 萬美元。其中是否有非現金支出？這就是專案的時間安排嗎？我們該如何看待研發？我知道你說過它會發展壯大，或者你會繼續投入研發。但這個數字是否應該繼續逐年成長？

So Jim, in R&D, there's a lot of expense tariffs. Engineers like to play with -- experiment with materials and everything else and also we need to buy material to build new prototypes. So -- and that is generally not on a linear basis across quarters. So it can jump up and down a couple -- $1 million or $2 million here and there. So that's what happens in R&D.

吉姆，研發領域有許多費用稅費。工程師喜歡擺弄各種材料，進行各種實驗，我們也需要購買材料來製造新的原型。所以——而且這通常不是按季度線性變化的。所以它可能會上下波動幾百萬美元——一會兒100萬美元，一會兒200萬美元。這就是研發過程中發生的事情。

But what I can say is overall, OpEx for coming year, we are planning it to be lower than this last fiscal year. So all I can say is that OpEx should be around $52 million, $53 million a quarter for the full year as we go through the year.

但我可以肯定的是，總體而言，我們計劃來年的營運支出將低於上個財政年度。因此，我只能說，全年每季的營運支出應該在 5,200 萬美元到 5,300 萬美元左右。

Anderson Schock, B. Riley Securities.

安德森·肖克，B.萊利證券。

Congrats on a really strong quarter and into the year. So you mentioned a batch of VX 6 mobile cargo inspection systems to a European customer and then implementing a rail cargo scanner this year, right, in 2026. Is there any color you can share on the size of these orders and the time line of shipping these?

恭喜你們本季和今年都取得了非常優異的成績。所以您提到向歐洲客戶交付了一批 VX 6 移動貨物檢查系統，然後在今年實施鐵路貨物掃描儀，對嗎？ 2026 年。您能否透露一下這些訂單的規模以及出貨時間？

And I guess, how should we think about growth in 2026 compared to the $55 million in orders in 2025?

那麼，我們應該如何看待 2026 年的成長與 2025 年 5,500 萬美元的訂單相比呢？

Yes. We haven't given specific color around that in that detail. We are expecting a growth year out of our cargo systems. So maybe I'll just leave it at that. I mentioned the VXM-6, the cargo and the rail can as examples of new products. So at this point, for the products that we had set out to build and market in cargo systems.

是的。我們沒有就此細節給出具體的顏色描述。我們預計今年貨運系統將成長。所以，也許我就說到這裡吧。我以 VXM-6、貨物和鐵路罐為例，說明了新產品的特色。所以，就目前而言，對於我們計劃在貨物系統中生產和銷售的產品而言。

There were portals, gantries, mobiles, car scanners, there all of them are the products are there, and they are manufacturable and we have shipped them to customers, and they've either been installed or in the process of being installed. So that was my point about giving the color about these systems.

這裡有門戶、龍門架、行動裝置、汽車掃描儀，所有這些產品都在那裡，它們都是可製造的，我們已經將它們運送給了客戶，它們要么已經安裝完畢，要么正在安裝過程中。所以，我的意思就是要為這些系統增添一些色彩。

Okay. Got it. And then did I hear correctly that the anti-dumping investigations in China have been paused indefinitely?

好的。知道了。我沒聽錯吧，中國的反傾銷調查已經無限期暫停了？

Yes. There were two investigations. One was anti-dumping; that's a pricing matter. And the second one was an industry investigation, and both have been paused without any end date, so indefinitely.

是的。共有兩項調查。其中一項是反傾銷；那是定價問題。第二項調查是行業調查，這兩項調查都已暫停，且沒有結束日期，因此無限期暫停。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Great. Just quickly, I know you don't guide simple products. So the $55 million in orders that you got for the systems are a little bit more than that for the security screening, is that -- I mean, I would assume majority of that has not shipped yet without giving us a number. Is that fair?

偉大的。簡單來說，我知道你不指導簡單的產品。所以，你們獲得的5500萬美元系統訂單比安檢訂單略多一些，我的意思是，我估計其中大部分還沒有發貨，但我沒有給我們具體的數字。這樣公平嗎？

I don't know if I could say majority. Some of that has been shipped and a lot of that has not been shipped.

我不知道我能不能說是多數。其中一些已經發貨，還有很多尚未發貨。

Okay. Or said another way, would you expect more to be shipped this year than less than in '26 and '25?

好的。換句話說，你認為今年的出貨量會比 2025 年和 2026 年多嗎？

Yes. The projects that are in flight, that will be -- will come off of that backlog. And then with it during the year, there will be orders that we capture depending on the timing, it's likely some of that will also get shipped and installed in '26. We don't have a large backlog. So our cycle time from taking the order to when it gets out of our ships out of our docs is about six months.

是的。正在進行的項目，以及即將進行的項目，都將從積壓的項目中移除。然後，在這一年中，我們會根據時間情況接到一些訂單，其中一些訂單很可能也會在 2026 年發貨和安裝。我們沒有積壓很多工作。因此，從接到訂單到貨物從我們的船塢發出，我們的週期大約是六個月。

Okay. Right. But that's actually pretty long for you for backlog, right? Your business generally is not a backlog --

好的。正確的。但對你來說，這其實算是很長的積壓工作了，對吧？您的業務通常不會出現積壓。--

Yes, components business, yes.

是的，零件業務。

So that's probably longer cycles for you, at least, right?

所以你的週期可能會更長，至少是這樣，對吧？

It is. But in a systems business, it's not unusual to have more than a year of that type of a lead time. But in our case, we're at that point where we can get those out fairly quickly.

這是。但在系統業務中，這種類型的提前期超過一年並不罕見。但就我們而言，我們已經到了可以相當迅速地把這些產品推出去的階段。

Right. No, that's a good thing. And then just last question, just from a general broad brush tariff impact there is some on the gross margin on the higher cost side, right. Assuming tariffs don't -- let's probably a tough assumption, but let's say nothing changes from here. Can you just kind of walk us through the impact of tariffs? And is that -- I guess that may get better? Or as you ship more out of India and China, but I know you just color on the impact currently that would be great.

正確的。不，那是一件好事。最後一個問題，從整體來看，關稅的影響比較廣泛，成本較高的一方會對毛利率產生一定影響，對嗎？假設關稅不變——這可能是一個很難的假設，但我們假設一切照舊。能簡單介紹一下關稅的影響嗎？那是不是——我想情況可能會好轉？或者隨著你們從印度和中國發貨量的增加，但我知道你們目前只是在強調其影響，那將非常棒。

Yes. Yes, Larry. So we are getting impacted by tariffs on the gross margin line, somewhere between 100 and 150 basis points. And now if those tariffs were not there, we would be clearly at a 35% gross margin, but with the tariffs being there, and there is a lot of discussion in the Supreme Court and this and that in terms of tariff decisions. Yes, so there is a little bit of variability to it, depending upon where the outcome is.

是的。是的，拉里。因此，關稅對毛利率的影響在 100 到 150 個基點之間。如果沒有這些關稅，我們的毛利率顯然可以達到 35%，但由於關稅的存在，最高法院就關稅裁決進行了很多討論等等。是的，所以結果會有一些變數，這取決於結果如何。

But right now, the tariffs have been flowing through our P&L and balance sheet, et cetera, and it's impacting us around 100 to 150 basis points. And you are right, in certain situations, rerouting supply chains from higher tariffs -- sourcing from higher tariff country to lower tariff country into the United States.

但目前，關稅已經影響到我們的損益表和資產負債表等等，對我們造成了大約 100 到 150 個基點的影響。你說得對，在某些情況下，可以改變供應鏈的走向，從高關稅國家採購，轉而從低關稅國家採購，最終進入美國。

And then the finished goods, the only country where I am aware of is China, where there is a US-sourced product getting tariffs by China at around 10% right now. So some of that benefit can be obtained by us when the tubes factory in India goes online, so that can help. But it's still maybe, I would say, at least 12 months are way on that side.

至於成品，據我所知，目前只有中國對美國產品徵收約 10% 的關稅。因此，當印度的管材廠投產時，我們可以從中獲得一些好處，這會有所幫助。但我覺得，至少12個月的時間還是遠遠不夠的。

We have reached end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

我們的問答環節到此結束。我想把發言權交還給各位，請大家補充或作總結發言。

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 this quarterly conference call will be available through December 2 and can be accessed at www.verximaging.com/investorrelations.

感謝各位提出問題並參與我們今天的財報電話會議。網路直播和補充幻燈片簡報將存檔在我們的網站上。本次季度電話會議的錄音重播將保留至 12 月 2 日，可透過 www.verximaging.com/investorrelations 存取。

Thank you, and goodbye.

謝謝，再見。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。