Nikon Corporation (OTCPK:NINOY) Q2 2025 Earnings Conference Call November 7, 2024 1:00 AM ET Company Participants Muneaki Tokunari - President Yasuhiro Ohmura - Deputy CFO Conference Call Participants Muneaki Tokunari Good afternoon everyone. I am Muneaki Tokunari, President of Nikon Corporation. Thank you very much for taking time to join us today. I will explain the progress of our medium term management plan. Please look at Slide 3. The current medium term management plan spans a period of four years, an ...

Financial Data and Key Metrics - Total revenue for Q3 2024 was $32.5 million, down from $46.5 million in Q3 2023, primarily due to decreases in North American capital equipment and consumables revenue [32] - Non-GAAP gross profit for Q3 2024 was $3.7 million with a gross margin rate of 11.5%, compared to 19.3% in Q3 2023, driven by a $10.1 million charge for excess and obsolete inventory [33] - Non-GAAP operating expenses for Q3 2024 were $34.7 million, down $5.1 million YoY, reflecting personnel savings and lower sales commissions, partially offset by higher bad debt expense [34] - Cash, cash equivalents, and restricted cash at the end of Q3 2024 were $59.0 million, down from $84.3 million in June 2024 [36] Business Line Performance - AviClear revenue grew YoY, driven by international launch, with over 100 systems sold outside North America and expansion into approximately 25 countries [11] - Core capital sales increased modestly sequentially but were down YoY, with North America showing relative stability in Q3 compared to Q2 [8] - The Secret portfolio of RF microneedling devices and truFlex saw sequential sales growth, while the truBody platform was highlighted for potential indication expansion [16] Market Performance - International markets showed strong AviClear utilization, averaging over nine treatments per device per month, with positive feedback from customers [11] - North America experienced typical seasonality, with core capital revenue stable QoQ but broader revenue contribution across the field team [13] - The company began selling under a distribution partnership with L'Oreal's SkinCeuticals in Japan, with potential for long-term growth [30] Strategic Direction and Industry Competition - The company is focused on operational excellence, fully developing AviClear opportunities, and improving financial health through cost structure efficiency and working capital reduction [17] - Progress in product reliability, field service, supply-demand planning, and inventory control has been made, with service response times improving to industry-leading levels [18][19] - The company is exploring indication expansion for AviClear and truFlex, potentially targeting functional strength and physical rehabilitation [16] Management Commentary on Operating Environment and Future Outlook - The company reaffirmed its full-year revenue guidance range of $140 million to $145 million, with an expected cash balance of approximately $40 million at year-end [36] - Management noted challenging macroeconomic conditions, including limited credit availability and dampened demand for capital equipment, which are expected to persist in the near term [37] - The company is focused on improving service, cleaning up inventory, rebuilding the North America field organization, and driving international launches [38] Other Important Information - The company terminated its skin care distribution agreement in March 2024, contributing to the revenue decline [32] - AviClear systems under the lease model decreased by approximately 140 in Q3, with around 200 more expected to be returned in the coming quarters [22] - The company anticipates a 50% reduction in cash burn in 2025, driven by working capital improvements and cost-saving initiatives [29][56] Q&A Session Summary Question: North American Sales Force Update - The company made leadership changes in the North American sales force, with Steve Kreider taking over commercial leadership, resulting in improved productivity and culture [41][42] Question: Gross Margin Improvement - Gross margin improvement will depend on volume, product mix, and operational efficiencies, with AviClear consumables and body contouring products being key drivers [46][47] Question: Inventory Adjustment - The $10.1 million inventory charge in Q3 included a reserve for refurbished AviClear units, with future charges expected to be significantly reduced [52] Question: R&D Pipeline and Innovation - The company is exploring indication expansion for AviClear, including sebaceous hyperplasia and hidradenitis suppurativa, with potential for further studies [53][54] Question: Cash Burn Reduction - The company expects at least a 50% reduction in cash burn in 2025, primarily driven by working capital improvements [56] Question: Geographic Opportunities - Key opportunities include further penetration of AviClear in existing markets, with significant potential in Korea, Japan, and China [58][59] Question: AviClear Device Returns - Approximately 785 AviClear systems remain under the lease model, with around 200 expected to be returned in the coming quarters [60][61] Question: Macro Environment and Growth Drivers - The company is adapting to a challenging macro environment, with growth expected from international markets and improved productivity in North America [66][68]

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