Artivion Inc (AORT) 2024 Q2 法說會逐字稿

Greetings. And welcome to Artivion’s second-quarter 2024 financial conference call. (Operator Instructions)

問候。歡迎參加 Artivion 的 2024 年第二季財務電話會議。（操作員說明）

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Eileen Martin. Thank you. You may begin

提醒一下，本次會議正在錄製中。現在我想把會議交給主持人艾琳馬丁。謝謝。你可以開始

Good afternoon and thank you for joining the call today. Joining me today from Artivion’s management team are Pat Mackin, CEO; and Lance Berry, CFO. Before we begin, I’d like to make the following statements to comply with the Safe Harbor requirements of the Private Securities Litigation Reform Act of 1995. Comments made on this call that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

下午好，感謝您今天加入電話會議。今天與我一起參加 Artivion 管理團隊的有執行長 Pat Mackin；和財務長蘭斯·貝裡。在我們開始之前，我想做出以下聲明，以遵守 1995 年《私人證券訴訟改革法案》的安全港要求。本次電話會議的前瞻性評論涉及風險和不確定性，屬於 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

The forward-looking statements include statements made as to the company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future. These forward-looking statements are subject to a number of risks, uncertainties, estimates and assumptions that may cause actual results to differ materially from these forward-looking statements.

前瞻性陳述包括有關公司或管理階層對未來的意圖、希望、信念、期望或預測的陳述。這些前瞻性陳述受到許多風險、不確定性、估計和假設的影響，可能導致實際結果與這些前瞻性陳述有重大差異。

Additional information concerning certain risks and uncertainties that may impact these forward-looking statements is contained from time-to-time in the company’s SEC filing and in the press release that was issued earlier today. You can also find a brief presentation with details highlighted on today’s call on the Investor Relations section of the Artivion website.

有關可能影響這些前瞻性陳述的某些風險和不確定性的更多信息，不時包含在該公司向 SEC 提交的文件和今天早些時候發布的新聞稿中。您還可以在 Artivion 網站的投資者關係部分找到簡短的演示，其中重點介紹了今天電話會議的詳細資訊。

Now I’ll turn it over to Artivion’s CEO, Pat Mackin.

現在我將把它交給 Artivion 的執行長 Pat Mackin。

Thanks, Eileen, and good afternoon to everybody. We’re very pleased with our Q2 performance, which capped a strong first half of 2024 for Artivion, with which we made significant progress on our commercial, operational and financial goals.

謝謝艾琳，大家下午好。我們對第二季的業績感到非常滿意，這為 Artivion 2024 年上半年的強勁表現畫上了圓滿的句號，我們在商業、營運和財務目標方面取得了重大進展。

In the second quarter of 2024, we delivered constant currency revenue growth of 10% year-over-year, representing $98 million in revenue and adjusted EBITDA growth of 35% year-over-year, compared to the second quarter of 2023.

與 2023 年第二季度相比，2024 年第二季度，我們的貨幣收入年增 10%，即營收 9,800 萬美元，調整後 EBITDA 較去年同期成長 35%。

More recently, we amended our credit facility and option purchase agreements with Endospan. The amended credit facility provides Endospan with additional funding subject to progress towards completion of the NEXUS PMA, while the amended option purchase agreement significantly improves our acquisition terms for Endospan, should we elect to exercise our option.

最近，我們修改了與 Endospan 的信貸安排和選擇權購買協議。修訂後的信貸安排為 Endospan 提供額外資金，但須視 NEXUS PMA 的完成進度而定，而修訂後的選擇權購買協議將顯著改善我們對 Endospan 的收購條款（如果我們選擇行使我們的選擇權）。

From a financial perspective, our Q2 performance was led by On-X, which grew 15%, followed by stent grafts, which grew 13% and BioGlue that grew 12%, followed by tissue processing at 7%, each when compared to the second quarter of 2023, all on a constant currency basis. In the second quarter, we also continued to benefit from our regulatory approvals and commercial footprint expansion in key international markets, especially in Latin America and Asia-Pacific.

從財務角度來看，我們第二季度的業績領先於On-X，增長了15%，其次是支架移植，增長了13%，BioGlue 增長了12%，其次是組織處理，增長了7%，均與第二季相比2023 年季度，全部以固定匯率計算。第二季度，我們也繼續受益於我們在主要國際市場（特別是拉丁美洲和亞太地區）的監管批准和商業足跡擴張。

As a whole, our results and regulatory achievements further validate our growth strategy and we remain laser-focused on expanding access to our differentiated product portfolio in existing and new markets. From a product category perspective, as I just mentioned, On-X revenues increased 15% year-over-year on a constant currency basis, as we continue to take market share globally with the only mechanical aortic valve that can be maintained in an INR of 1.5 to 2.0.

總體而言，我們的業績和監管成就進一步驗證了我們的成長策略，我們仍然專注於在現有和新市場中擴大我們的差異化產品組合。從產品類別的角度來看，正如我剛才提到的，On-X 收入按固定匯率計算同比增長 15%，因為我們憑藉唯一可維持在 INR 水平的機械主動脈瓣膜繼續佔據全球市場份額1.5 至2.0 。

Based on feedback from the field, our recent market share gains, and the proven clinical benefits of the On-X aortic valve, we maintain our strong conviction that On-X is the best aortic valve on the market and will continue to take market share worldwide.

根據現場反饋、我們最近的市場份額增長以及 On-X 主動脈瓣經過驗證的臨床效益，我們堅信 On-X 是市場上最好的主動脈瓣，並將繼續佔據市場份額全世界。

Meanwhile, as I indicated earlier, our stent graft revenues grew 13% on a constant currency basis in the second quarter compared to the same period last year. Our stent graft portfolio remains a key component of our growth strategy, and we are encouraged by our strong results, which are driven by our differentiated product portfolio focused on the more complex segments of the stent graft market.

同時，正如我之前指出的，以固定匯率計算，第二季我們的覆膜支架營收與去年同期相比成長了 13%。我們的覆膜支架產品組合仍然是我們成長策略的關鍵組成部分，我們對強勁的業績感到鼓舞，這是由我們專注於覆膜支架市場更複雜細分市場的差異化產品組合所推動的。

Today, the products in our stent graft portfolio are primarily sold in Europe, where we leverage our existing direct infrastructure -- sales infrastructure and create significant cross-selling opportunities across our unique aortic products offering. Our pipeline consists largely of bringing these proven products to the US and Japan markets, which represents a significant growth opportunity.

如今，我們的覆膜支架產品組合中的產品主要在歐洲銷售，我們利用現有的直接基礎設施——銷售基礎設施，並在我們獨特的主動脈產品系列中創造重要的交叉銷售機會。我們的產品線主要包括將這些經過驗證的產品引入美國和日本市場，這代表著巨大的成長機會。

We also saw strength in BioGlue during the second quarter, which grew 12% on a constant currency basis. As we have discussed previously, we expect to see some variability in the growth rates of BioGlue from quarter-to-quarter, driven by the significant amount of stocking distributor business in this product line. On an annual basis, we expect BioGlue to grow in the mid-single-digit range.

我們也看到 BioGlue 在第二季表現強勁，以固定匯率計算成長了 12%。正如我們之前所討論的，由於該產品線中大量的庫存分銷商業務的推動，我們預計 BioGlue 的季度增長率會出現一些變化。我們預計 BioGlue 的年增長率將在中個位數範圍內。

Lastly, on tissue processing, our revenues grew 7% year-over-year on a constant currency basis in Q2, as we annualized the benefits from last year’s pricing initiatives. We continue to expect the tissue business to grow double digits for the full year of 2024, as we further leverage increased supply of our proprietary SynerGraft pulmonary valve and continue to benefit from our higher Ross procedure volumes.

最後，在組織加工方面，我們第二季的營收以固定匯率計算年增了 7%，因為我們將去年定價措施的收益進行了年度化。我們繼續預計，隨著我們進一步利用我們專有的 SynerGraft 肺動脈瓣供應的增加，並繼續受益於我們更高的 Ross 手術量，組織業務在 2024 年全年將實現兩位數增長。

For those unfamiliar with the Ross procedure, it’s a double-valve procedure in which the patient’s native pulmonary valve is replaced by the patient’s defective aortic valve and then the patient’s pulmonary valve is then replaced by a donated pulmonary valve. The Ross procedure is considered the best option for young to middle-aged patients with a diseased aortic valve, as it provides the best option for these patients to have a normal life expectancy.

對於那些不熟悉羅斯手術的人來說，這是一種雙瓣膜手術，其中患者的天然肺動脈瓣被患者有缺陷的主動脈瓣替換，然後患者的肺動脈瓣被替換為患者的肺動脈瓣。肺動脈瓣。羅斯手術被認為是患有主動脈瓣病變的年輕至中年患者的最佳選擇，因為它為這些患者提供了正常預期壽命的最佳選擇。

The use of the Ross procedure has increased rapidly over the last couple of months and years, due to significant long-term data demonstrating these significant clinical benefits. Our SynerGraft pulmonary valve has no competitive alternative and is the market leader in allografts used in these procedures.

羅斯手術的使用在過去幾個月和幾年迅速增加，因為大量的長期數據證明了這些顯著的臨床益處。我們的 SynerGraft 肺動脈瓣沒有任何競爭性替代品，並且是這些手術中使用的同種異體移植物的市場領導者。

Further, revenues in the second quarter were also driven by our continued progress and growth in Latin America and Asia-Pacific, primarily through new regulatory approvals and commercial footprint expansion.

此外，第二季的收入也受到我們在拉丁美洲和亞太地區的持續進步和成長的推動，主要是透過新的監管批准和商業足跡擴張。

Latin America and Asia-Pacific delivered constant currency revenue growth of 25% and 15%, respectively, compared to the second quarter of last year. We continue to anticipate strong revenue growth for both regions for the full year, and over the coming years as we continue to leverage our industry-leading product portfolio in these regions.

與去年第二季相比，拉丁美洲和亞太地區的貨幣收入穩定成長分別為 25% 和 15%。我們繼續預計這兩個地區全年以及未來幾年的收入將強勁增長，因為我們將繼續在這些地區利用我們行業領先的產品組合。

We are also excited about the progress of our partner, Endospan, as continuing to make on the US IDE TRIOMPHE trial for the NEXUS aortic arch stent graft system. As of today, there have been 50 of the 60 primary endpoint patients enrolled in the chronic dissection arm. Given this current enrollment, patients are scheduled for procedures. We expect to complete this trial by the end of 2024. Assuming the trial endpoints are met, NEXUS remains on track for approval in the second half of 2026.

我們也對 Endospan 的合作夥伴所取得的進展感到興奮，該公司繼續在 NEXUS 主動脈弓支架移植系統的美國 IDE TRIOMPHE 試驗中取得進展。截至今天，60 名主要終點患者中已有 50 名參加了慢性夾層組。鑑於目前的入組情況，患者已安排接受手術。我們預計在 2024 年底前完成這項試驗。假設試驗終點得到滿足，NEXUS 仍有望在 2026 年下半年獲得批准。

As a reminder, aortic arch disease patients with aneurysms and dissections who receive treatment have previously had little choice, before NEXUS, but to undergo open chest surgery, which is an invasive and risky operation associated with lengthy hospitalizations and prolonged recuperation. NEXUS is a highly differentiated technology that transforms a complex surgical aortic arch repair into a minimally invasive endovascular procedure.

需要提醒的是，接受治療的患有動脈瘤和夾層的主動脈弓疾病患者在NEXUS 之前別無選擇，只能接受開胸手術，這是一種侵入性且危險的手術，需要長時間住院和長時間康復。NEXUS 是一項高度差異化的技術，可將複雜的主動脈弓修補手術轉變為微創血管內手術。

In 2019, we secured exclusive right distribution rights for NEXUS in Europe and began leveraging our existing European direct sales organization to expand access to the technology and drive revenue growth. Based on our experience in Europe, we continue to see a significant global opportunity for NEXUS, which has been estimated on an annual global basis to be around $600 million.

2019 年，我們獲得了 NEXUS 在歐洲的獨家經銷權，並開始利用我們現有的歐洲直銷組織來擴大該技術的使用範圍並推動收入成長。根據我們在歐洲的經驗，我們繼續看到 NEXUS 面臨巨大的全球機遇，據估計，全球每年的機會約為 6 億美元。

Also in 2019, we provided a credit facility to Endospan to support the NEXUS US IDE trial in commercial operations. We also had entered into an option agreement to acquire Endospan until 90 days following the receipt of an FDA approval for NEXUS.

同樣在 2019 年，我們向 Endospan 提供了信貸額度，以支援 NEXUS US IDE 的商業營運試驗。我們也簽訂了一項收購 Endospan 的選擇權協議，直到收到 FDA 批准 NEXUS 後 90 天。

Recently in July, we amended these two agreements, which has resulted in three major changes that Lance will cover shortly. We view our revised agreements with Endospan as an investment in the next frontier of aortic arch surgery. We also view it as a potential opportunity to meaningfully expand our total addressable market on significantly more favorable terms than we had before.

最近在 7 月，我們修改了這兩項協議，這導致了 Lance 很快就會涉及的三項重大變更。我們將與 Endospan 修訂後的協議視為對主動脈弓手術下一個前沿領域的投資。我們也認為這是一個潛在的機會，可以以比以前更優惠的條件有意義地擴大我們的總目標市場。

We also continue to anticipate PMA approval for AMDS in 2025, which, as we have discussed, would open up an addressable market here in the US for about $150 million with no competitive alternatives.

我們也繼續預期 PMA 將於 2025 年批准 AMDS，正如我們所討論的，這將在美國開闢一個價值約 1.5 億美元的潛在市場，且沒有其他競爭性替代品。

In summary, we are very excited about our Q2 performance and look forward to sustaining our momentum throughout 2024 and beyond by driving continued growth in On-X, stent graft and our SynerGraft pulmonary valve business by further expanding our global footprint in Asia-Pacific and Latin America.

總之，我們對第二季的業績感到非常興奮，並期待透過進一步擴大我們在亞太地區和亞太地區的全球足跡，推動On-X、覆膜支架和SynerGraft 肺動脈瓣業務的持續成長，從而在2024 年及以後保持我們的勢頭。

With that, I’ll now turn the call over to Lance.

現在，我將把電話轉給蘭斯。

Thanks, Pat, and good afternoon, everyone. Before I begin, I’d like to remind you to please refer to our press release published earlier today for information regarding our non-GAAP results, including a reconciliation of these results to our GAAP results. Additionally, all percentage changes discussed will be on a year-over-year basis and revenue growth rates will be in constant currency unless otherwise noted.

謝謝帕特，大家下午好。在開始之前，我想提醒您，請參閱我們今天早些時候發布的新聞稿，以了解有關我們的非公認會計原則結果的信息，包括這些結果與我們的公認會計原則結果的調節。此外，除非另有說明，討論的所有百分比變化都將按年計算，收入增長率將以固定匯率計算。

Total revenues were $98 million for the second quarter of 2024, up 10% compared to Q2 of 2023. Adjusted EBITDA increased approximately 35% from $13.8 million to $18.6 million in the second quarter of 2024. Adjusted EBITDA margin was 19% in the second quarter, a 350 basis points improvement over the prior year, driven by a 320 basis points reduction in general administrative and marketing expense as a percentage of sales. We continue to believe our sales and G&A infrastructure is very scalable, and the significant leverage we have produced in the first half of the year supports our belief.

2024 年第二季的總營收為 9,800 萬美元，比 2023 年第二季成長 10%。2024 年第二季調整後 EBITDA 成長約 35%，從 1,380 萬美元增至 1,860 萬美元。第二季調整後 EBITDA 利潤率為 19%，比上年同期提高 350 個基點，主要是由於一般管理和行銷費用佔銷售額的百分比下降了 320 個基點。我們仍然相信我們的銷售和一般行政管理基礎設施具有很強的可擴展性，我們在今年上半年產生的巨大槓桿支持了我們的信念。

From a product line perspective, On-X revenues increased 15%, stent graft revenues grew 13%, BioGlue revenues grew 12%, and tissue processing revenues grew 7% in the second quarter of 2024. I would like to proactively note that other revenue declined approximately $1.3 million and 42% in the second quarter of 2024. We did not break this segment out by product, as it is relatively nominal to the business overall. However, I do want to provide some additional color on these results.

從產品線角度來看，2024年第二季On-X營收成長15%，覆膜支架營收成長13%，BioGlue營收成長12%，組織加工收入成長7%。我想主動指出，2024 年第二季其他收入下降了約 130 萬美元，下降了 42%。我們沒有按產品細分該細分市場，因為它對整個業務來說相對名義上。然而，我確實想為這些結果提供一些額外的色彩。

The decline in Q2 was driven by the timing of PerClot orders from Baxter as they worked to manage down inventory levels. The order decline also had a modest negative impact to adjusted EBITDA in Q2. Though the underlying end-user sales of PerClot are continuing to ramp up, we expect these inventory dynamics to continue through the balance of 2024. Excluding this impact, our underlying business grew 11% in the second quarter of 2024 compared to Q2 of 2023.

第二季的下降是由百特 (Baxter) 的 PerClot 訂單時機推動的，因為百特 (Baxter) 致力於降低庫存水準。訂單下降也對第二季調整後 EBITDA 產生了輕微的負面影響。儘管 PerClot 的潛在最終用戶銷售持續上升，但我們預計這些庫存動態將持續到 2024 年。排除此影響，我們的基礎業務在 2024 年第二季比 2023 年第二季成長了 11%。

On a regional basis, revenues in Latin America increased 25%, Asia-Pacific increased 15%, EMEA increased 13%, and North America increased 5%, all compared to the second quarter of 2023.

從地區來看，與 2023 年第二季相比，拉丁美洲的營收成長了 25%，亞太地區成長了 15%，歐洲、中東和非洲地區成長了 13%，北美地區成長了 5%。

As anticipated, gross margins were 64.6 in Q2, a slight decrease from 65.1% compared to the second quarter of 2023. The decrease was due to normal fluctuations in geographic and product mix. Q2 margins were in line with the gross margins we saw in Q1 and in line with our full year expectations.

如預期，第二季毛利率為 64.6%，較 2023 年第二季的 65.1% 略有下降。下降的原因是地理和產品組合的正常波動。第二季的利潤率與我們第一季的毛利率一致，也符合我們全年的預期。

General administrative and marketing expenses in the second quarter were $49.3 million, compared to $57.2 million in the second quarter of 2023. Non-GAAP general administrative and marketing expenses were $47.3 million in the second quarter, compared to $45.9 million in the second quarter of 2023, representing 320 basis points of leverage.

第二季的一般管理和行銷費用為 4,930 萬美元，而 2023 年第二季為 5,720 萬美元。第二季非 GAAP 一般管理和行銷費用為 4,730 萬美元，而 2023 年第二季為 4,590 萬美元，槓桿率為 320 個基點。

R&D expenses for the second quarter were $7.5 million, compared to $7.4 million in the second quarter of 2023. We still anticipate full year R&D spend as a percentage of sales to be relatively flat to prior year. Interest expense net of interest income was $8 million, as compared to $6.1 million in the prior year. Other income expense included foreign currency translation gains of approximately $900,000 this quarter. Free cash flow was $3.6 million in the second quarter of 2024. Importantly, we continue to expect free cash flow to be positive for the full year 2024.

第二季的研發費用為 750 萬美元，而 2023 年第二季的研發費用為 740 萬美元。我們仍預期全年研發支出佔銷售額的百分比將與上年相對持平。扣除利息收入後的利息支出為 800 萬美元，而前一年為 610 萬美元。其他收入支出包括本季約 90 萬美元的外幣換算收益。2024 年第二季自由現金流為 360 萬美元。重要的是，我們繼續預期 2024 年全年自由現金流為正。

As of June 30, we had approximately $55 million in cash and $313.6 million in debt, net of $6.8 million of unamortized loan origination costs. It is important to note that this does not contemplate the impact of our recently closed amendment agreement to the Endospan, which I will speak to shortly.

截至 6 月 30 日，我們擁有約 5,500 萬美元現金和 3.136 億美元債務，扣除 680 萬美元未攤銷貸款發放成本。值得注意的是，這並沒有考慮我們最近結束的 Endospan 修正案協議的影響，我很快就會談到這一點。

Further, we do not anticipate the need to raise additional capital to fund our debt obligations, our investments in our channels, or our pipeline in the foreseeable future. Our net leverage at the end of Q2 was 4.1, down from 4.7 in prior year. At the midpoint of our EBITDA guidance range, we expect net debt leverage to be closer to 3.5 by the end of the year and to continue to decrease in 2025.

此外，我們預計在可預見的將來不需要籌集額外資本來為我們的債務、管道投資或管道提供資金。第二季末我們的淨槓桿率為 4.1，低於去年同期的 4.7。在我們的 EBITDA 指導範圍的中點，我們預計到今年年底淨債務槓桿率將接近 3.5，並在 2025 年繼續下降。

In regard to the recently amended credit facility and option purchase agreements with Endospan, we are pleased with the combined results of these three major changes. First, Artivion will now provide additional loans to Endospan of up to $25 million in three tranches, which we expect to fund with free cash flow. Second, the upfront payment associated with the purchase option is reduced by $75 million and is now $135 million after offsetting the loans. And third, the $100 million minimum payout for the earn-out is eliminated.

關於最近修訂的與 Endospan 的信貸安排和選擇權購買協議，我們對這三個重大變化的綜合結果感到滿意。首先，Artivion 現在將分三期向 Endospan 提供高達 2500 萬美元的額外貸款，我們預計將透過自由現金流提供資金。其次，與購買選項相關的預付款減少了 7,500 萬美元，在抵銷貸款後現在為 1.35 億美元。第三，取消了 1 億美元的最低收益支付。

To reiterate Pat’s comments, we view the amended agreement as an investment in the future of aortic repair, while simultaneously providing Artivion with greater financial flexibility should we exercise our option to acquire Endospan.

重申 Pat 的評論，我們將修訂後的協議視為對主動脈修復未來的投資，同時如果我們行使收購 Endospan 的選擇權，則為 Artivion 提供更大的財務靈活性。

And now for our outlook for the remainder of 2024. Given our momentum in the first half of the year, we are raising fiscal year 2024 revenue guidance and now expect constant currency revenue growth of between 10% and 12% compared to the previous range of 9% to 12%. We expect reported revenues to be in the range of $388 million to $396 million, compared to our previous range of $386 million to $396 million. At current rates, we expect FX to have a negligible impact on full year revenue growth rates.

現在我們對 2024 年剩餘時間進行展望。鑑於我們上半年的勢頭，我們正在上調 2024 財年的收入指引，目前預計貨幣收入的恆定增長將在 10% 至 12% 之間，而之前的增長範圍為 9% 至 12%。我們預計報告的收入範圍為 3.88 億美元至 3.96 億美元，而先前的範圍為 3.86 億美元至 3.96 億美元。以目前的速度，我們預期外匯對全年營收成長率的影響可以忽略不計。

With our continued topline revenue growth and general expense management through Q2, we are raising our fiscal year 2024 adjusted EBITDA guidance and now expect to be in the range of $69 million to $72 million for the full year 2024, representing a 28% to 34% growth over 2023 and 280 basis points of adjusted EBITDA margin expansion at the midpoint of our ranges. This compares to the previous guidance range of $68 million to $72 million, representing 26% to 34% growth over 2023.

隨著第二季我們的營收持續成長和一般費用管理，我們正在提高2024 財年調整後EBITDA 指導，目前預計2024 年全年將在6,900 萬美元至7,200 萬美元之間，增幅為28% 至34 % 2023 年成長，調整後 EBITDA 利潤率擴張 280 個基點，處於我們範圍的中點。相比之下，先前的指導範圍為 6,800 萬美元至 7,200 萬美元，比 2023 年增長 26% 至 34%。

As a reminder, we expect gross margins to remain at levels similar to 2023 and continue to expect to drive significant leverage from our global sales force and G&A infrastructure. Additionally, R&D expense is expected to remain relatively flat as a percentage of sales.

提醒一下，我們預計毛利率將保持在與 2023 年類似的水平，並繼續期望從我們的全球銷售團隊和 G&A 基礎設施中獲得巨大的槓桿作用。此外，研發費用佔銷售額的比例預計將保持相對穩定。

With that, I will turn the call back to Pat for his closing comment.

至此，我將把電話轉回給帕特，讓他發表結束語。

Thanks, Lance. As you’ve heard, we’re very pleased with our second quarter results, which reflect the continued strength of our highly differentiated and highly defendable product portfolio.

謝謝，蘭斯。正如您所聽說的，我們對第二季度的業績非常滿意，這反映了我們高度差異化和高度可防禦的產品組合的持續優勢。

We are more excited than ever for our near-term and medium-term growth potential as we further expand our presence across markets with little existing competition and no anticipated new entrants by leveraging our existing global infrastructure and our ability to cross-sell into well-established account base.

我們對我們的近期和中期成長潛力比以往任何時候都更加興奮，因為我們透過利用我們現有的全球基礎設施和交叉銷售能力，進一步擴大我們在現有競爭很少且沒有預期新進入者的市場的影響力。

We are committed to delivering strong revenue growth and EBITDA growth through the balance of 2024 that expect to be driven by the following. First, strong growth in our stent graft business driven by our innovative portfolio. Second, market share increases for On-X. Third, continued expansion in Asia-Pacific and Latin America from our channel investment, as well as new regulatory approvals. Fourth, expense leverage driven by our global sales force and G&A infrastructure. And fifth, continued adjusted EBITDA margin expansion and positive free cash flow.

我們致力於在 2024 年剩餘時間內實現強勁的收入成長和 EBITDA 成長，預計將由以下因素推動。首先，我們的創新產品組合推動了覆膜支架業務的強勁成長。其次，On-X 的市佔率增加。第三，透過我們的管道投資以及新的監管批准，在亞太和拉丁美洲的持續擴張。第四，由我們的全球銷售團隊和 G&A 基礎設施驅動的費用槓桿。第五，調整後的 EBITDA 利潤率持續擴張，自由現金流為正。

Finally, I want to thank all the employees around the world for their continued dedication to our mission of being a leading partner to surgeons focused on aortic diseases.

最後，我要感謝世界各地的所有員工，感謝他們繼續致力於我們的使命，即成為專注於主動脈疾病的外科醫生的領先合作夥伴。

With that, Operator, please open the line for questions.

那麼，接線員，請打開提問線路。

(Operator Instructions)

（操作員說明）

Frank Takkinen, Lake Street Capital.

塔基寧（Frank Takkinen），湖街資本公司。

Great. Thanks for taking the questions. Congrats on all the progress. I wanted to start with one on EBITDA. Obviously, the leverage profile continues to be impressive. Saw the updated guidance for the back half of the year. Help us understand in weighing investments into the business and EBITDA growth through the end of the year.

偉大的。感謝您提出問題。祝賀所有的進展。我想從 EBITDA 開始。顯然，槓桿狀況仍然令人印象深刻。看到了下半年的更新指引。幫助我們了解如何權衡年底的業務投資和 EBITDA 成長。

I know in previous years, typically, you’ve had a little more EBITDA on the back half as a percentage of the full year versus the front half, and it’s about equal is what the guidance is implying for the back half. So is there may be some additional investment going on there or is that just in the interest of maybe a little bit of conservatism?

我知道，在前幾年，通常情況下，下半年的 EBITDA 佔全年的百分比比上半年要高一些，而且指導意見對下半年的影響大致相同。那麼，是否可能會有一些額外的投資正在進行，或者這只是為了一點保守主義的利益？

Yeah. There’s a little bit of spin timing between second and third quarter. Obviously, we had a really strong second quarter for EBITDA, and we do expect a very strong second half. I do think we’ll see Q3 growth probably be a little bit lighter than we saw in Q2 just due to timing. So it’s really not anything more than that. And as a reminder, we don’t have a ton of seasonality, but Q3 is typically our lowest revenue quarter, which does have a little bit of impact Q2 to Q3.

是的。第二節和第三節之間有一點旋轉時間。顯然，我們第二季的 EBITDA 非常強勁，我們確實預計下半年也會非常強勁。我確實認為，由於時機的原因，我們會看到第三季的成長可能會比第二季的成長慢一些。所以實際上僅此而已。提醒一下，我們沒有太多的季節性，但第三季通常是我們收入最低的季度，這確實對第二季到第三季產生了一些影響。

Got it. That’s helpful. And then maybe just for my second one, I’ll ask a follow-up on On-X. Maybe can you break out unit growth versus ASP and then talk about pricing in that line item? Obviously, you continue to take shares there. Still additional opportunity to raise price in the On-X portfolio?

知道了。這很有幫助。然後也許只是我的第二個問題，我會在 On-X 上問後續問題。也許您可以將單位成長與平均售價分開，然後討論該訂單項目的定價？顯然，你繼續在那裡持有股份。還有其他機會提高 On-X 產品組合的價格嗎？

Yeah. We don’t really break out the price volume. It’s not something we typically do. What I can tell you is, 15% growth of our mechanical valve segment is, we continue, I mean, in the last six years or seven years, we’ve grown this business on an average of around 15% over the last, I think, since we acquired the company. We still have a lot of opportunity internationally and we’re still taking share in the U.S., even from our high share position.

是的。我們並沒有真正細分價格數量。這不是我們通常會做的事情。我可以告訴你的是，我們的機械閥門細分市場增長了 15%，我的意思是，在過去的六年或七年裡，我們的業務比過去平均增長了 15% 左右，我想，自從我們收購了這家公司以來。我們在國際上仍然有很多機會，而且我們仍然在美國佔據市場份額，即使我們的市場份額很高。

We’re also increasing price. I mean, our recent post-approval data that came out shows an 85% reduction in major bleeding, which moves it a lot closer to a bioprosthetic valve. We’re also seeing, recent data that’s come out on mechanical versus bioprosthetic data that’s very compelling for people moving to the On-X valve in patients under 70. So we’re very bullish on what we have and we feel like we’ve got the best valve, and we’re going to keep taking share.

我們還提高了價格。我的意思是，我們最近公佈的批准後數據顯示，大出血減少了 85%，這使其更接近生物瓣膜。我們也看到，最近發布的機械與生物修復數據對於 70 歲以下患者轉向使用 On-X 瓣膜的患者來說非常有吸引力。因此，我們非常看好我們所擁有的產品，我們感覺我們擁有最好的閥門，並且我們將繼續佔據份額。

Suraj Kalia, Oppenheimer.

蘇拉吉·卡利亞，奧本海默。

Congrats on all the progress. So, Pat, just keying off from the last comment you made to the previous question, can you I believe last quarter On-X was about 30% OUS share, 50% plus US. Can you give us some color as to where we are exiting Q2?

祝賀所有的進步。那麼，Pat，請先結束您對上一個問題的最後評論，我能相信上個季度 On-X 的 OUS 份額約為 30%，加上 US 份額為 50%。您能給我們一些關於我們在哪裡退出第二季度的資訊嗎？

So, what I will tell you without getting into the granularity is we’re growing both markets double digits. As I just said, we’ve got -- your shared comments were pretty accurate, right? We’ve got about a 30% global and when you break that down, it’s, like, over 50% in the US and 20%, 25% internationally.

因此，我要告訴您的是，我們正在以兩位數的速度成長這兩個市場。正如我剛才所說，我們得到了——您分享的評論非常準確，對吧？我們在全球範圍內佔有大約 30% 的份額，如果你細分的話，你會發現美國的份額超過 50%，在國際範圍內則佔 20%、25%。

So we clearly have more opportunity internationally. But I think the big story on On-X is really all the dynamics that are going on. And, frankly, it’s our aortic valve portfolio in patients under 65. Our Ross, our pulmonary valve for the Ross, we have the only SynerGraft valve for that. It’s growing double digits consistently. On-X is growing consistently double digits with our new post-approval data.

所以我們顯然在國際上有更多的機會。但我認為 On-X 的大故事實際上是正在發生的所有動態。坦白說，這是我們針對 65 歲以下患者的主動脈瓣產品組合。我們的 Ross，我們的 Ross 肺動脈瓣，我們擁有唯一的 SynerGraft 瓣膜。它持續以兩位數增長。透過我們新的核准後數據，On-X 持續以兩位數成長。

As you well know, you’re very well read on the data. It’s a dynamic market, but there’s kind of more and more negative data coming out on TAVR in patients under 65, on bioprosthetic in patients under 65. The difference in reoperation and mortality out to 15 years benefits mechanical valves and they’ve seen lots of reoperations in patients getting TAVR under 65.

如您所知，您對數據非常了解。這是一個充滿活力的市場，但關於 65 歲以下患者的 TAVR 以及 65 歲以下患者的生物修復術，出現了越來越多的負面數據。長達 15 年的再次手術和死亡率差異有利於機械瓣膜，而且他們已經看到許多 65 歲以下接受 TAVR 的患者接受了再次手術。

And I think that’s a real problem, right. I mean, there’s a difference in re-op and mortality at 15 years. These are 65-year-olds. That’s a big deal. So, again, I think we’ve got a great story with the On-X valve. We’re just going to keep telling our story.

我認為這是一個真正的問題，對吧。我的意思是，15 年後的再次手術和死亡率有差異。這些都是 65 歲的人。這是一件大事。因此，我再次認為我們與 On-X 閥門有一個精彩的故事。我們將繼續講述我們的故事。

Got it. I’m drawing the blank here, so please forgive me. On NEXUS, it reminds me, when you talk about chronic aortic dissection, right, and the need and the 600 million TAM, I get that. The enrollment of the trial, again, if memory serves me correctly, it’s like five, six patients per quarter. Is that by design? Is that due to patient selection? Just kind of help us understand, take a leap from here, from the trial enrollment, to if you’ll acquire NEXUS, Endospan, how NEXUS layout and whatnot. In commercial adoption, how should we think about the speed of adoption?

知道了。我在這裡畫了一個空白，所以請原諒我。在 NEXUS 上，它提醒我，當你談論慢性主動脈剝離，對吧，以及需求和 6 億 TAM 時，我明白了。再次強調，如果我沒記錯的話，試驗的招募人數大約是每季五、六名患者。這是設計使然嗎？這是由於患者的選擇嗎？只是幫助我們理解，從這裡開始，從試驗註冊，到您是否會獲得 NEXUS、Endospan、NEXUS 的佈局等等。在商業採用中，我們該如何考慮採用速度？

Yeah. So I would say there’s a lot in that. I think both of our messages, Lance and I commented on, we’re making an investment in the future of aortic technology. Patients today who have to have a chronic dissection repaired and we have technology for that. You’re looking at a seven-day to 10-day ICU stay. We have patients in Europe that are getting the NEXUS device that are standing out in front of the hospital the next day, right? So it’s a big deal.

是的。所以我想說這其中有很多內容。蘭斯和我都評論道，我認為我們正在對主動脈技術的未來進行投資。如今，需要修復慢性夾層的患者，我們擁有這方面的技術。您需要在 ICU 住院 7 天到 10 天。我們歐洲的病人正在接受 NEXUS 設備，第二天他們就站在醫院門口，對吧？所以這是一件大事。

But like any new technology, there’s going to be an evolution, right. So what we’re talking about right now is a single branch into the innominate. That’s the US IDE trial called TRIOMPHE. We’ve enrolled 50 out of 60. We should enroll that by the end of the year.

但就像任何新技術一樣，都會有演進，對吧。所以我們現在討論的是無名的一個分支。這就是名為 TRIOMPHE 的美國 IDE 試驗。我們已經註冊了 60 人中的 50 人。我們應該在今年年底前註冊。

I think that’ll have modest uptake when we launch it, but we’ll be looking to start a two-branch trial probably right after that. And we think that that technology can capture half the chronic dissections in the world. So it’s a big deal and we’re very interested in the space, which is why we recut the deal. The data’s been excellent, and the trial’s almost done. So, yeah, we’re very excited and look forward to having it report out.

我認為，當我們推出它時，它會得到適度的採用，但我們可能會在那之後立即開始兩個分支的試驗。我們認為該技術可以捕捉世界上一半的慢性解剖。所以這是一件大事，我們對這個領域非常感興趣，這就是我們重新達成交易的原因。數據非常好，試驗即將完成。所以，是的，我們非常興奮並期待它的報告。

Got it. Pat’s final question, I’ll hop back in queue. In terms of your sales reps, walk us through, how does the bell curve look for sales rep productivity? At this stage in Artivion’s evolution, are we at that point in terms of higher elasticity to sales rep commission structure? Just kind of put this thing together, how you’re seeing the direct force, the self-force, US versus OUS. Gentlemen, thank you for taking my questions.

知道了。帕特的最後一個問題，我會跳回隊列。就您的銷售代表而言，請向我們介紹一下，鐘形曲線如何看待銷售代表的生產力？在 Artivion 發展的現階段，我們是否處於銷售代表佣金結構具有較高彈性的階段？只是把這些東西放在一起，你如何看待直接力量，自我力量，美國與海外。先生們，謝謝你們回答我的問題。

Thanks, Suraj. So, to me, I think this is one of the real benefits that you’re seeing in how we can grow topline 10% and bottomline 35%. We’ve got an excellent sales force, if you talk about here in the US as well as in Europe and some of the international markets. Most of our reps in the US have 10 years with a company. They know their customers. They call on them for Ross procedures with SynerGraft. They call on them with On-X for aortic procedures. They call them with BioGlue. When we get AMDS approved, they will call on them for that and when we get our frozen elephant trunk approved, they’ll call on them for that.

謝謝，蘇拉吉。因此，對我來說，我認為這是您所看到的真正好處之一，我們可以將營收成長 10%，獲利成長 35%。如果你談論的是美國、歐洲和一些國際市場，我們擁有一支優秀的銷售團隊。我們在美國的大多數代表都在公司工作了 10 年。他們了解他們的客戶。他們要求他們使用 SynerGraft 進行羅斯手術。他們請他們使用 On-X 進行主動脈手術。他們稱它們為BioGlue。當我們獲得 AMDS 批准時，他們會為此呼籲他們，而當我們的冷凍象鼻獲得批准時，他們也會為此呼籲他們。

So, the cardiac surgery segment is a much different segment than many of the other kind of medtech spaces. You don’t have to scale your sales force kind of one-to-one with your revenue, and you see that in our leverage. So, we’re very excited about bringing our AMDS when it gets approved in late 2025, but we can just drop it in our existing reps’ bags and see a lot of that incremental profitability go right to the bottomline, which has been part of our story all along.

因此，心臟外科領域與許多其他類型的醫療技術領域有很大不同。您不必根據收入一對一地擴大銷售團隊規模，您可以在我們的槓桿作用中看到這一點。因此，我們非常高興在 2025 年底獲得 AMDS 批准後推出 AMDS，但我們可以將其放入現有銷售代表的袋子中，並看到許多增量利潤直接進入利潤，這已經是一直以來都是我們故事的一部分。

Rick Wise, Stifel.

瑞克懷斯，史蒂菲爾。

This is John on for Rick today. Another strong quarter in this 2Q. Just wanted to sort of look ahead, think about the bigger picture. You’ve provided guidance or a rough structure at your 2022 Analyst Day on 2025-plus, but just thinking about the new approvals potentially coming through, the new potential products you’re adding to the portfolio and the areas where you’re innovating, just wanted to get your sense on the longer term, bigger picture looking ahead. Should we expect more of the same sort of double-digit growth 2025-plus?

今天我是約翰為里克發言。第二季又一個強勁的季度。只是想展望未來，思考更大的前景。您已在 2025 年及以後的 2022 年分析師日提供了指導或粗略結構，但只需考慮可能獲得的新批准、您要添加到產品組合中的新潛在產品以及您所在的領域重新創新，只是想了解您對未來更長遠、更大前景的認識。我們是否應該期待 2025 年以後出現更多類似的兩位數成長？

Yeah. So, we’ve stayed away from kind of re-upping long-term guidance. We’re just now finishing, we gave some formal targets back in 2022 through 2024, so hadn’t quite finished those out yet, so we’re not sending out some new ones.

是的。因此，我們沒有重新調整長期指導。我們剛剛完成，我們在 2022 年到 2024 年期間給出了一些正式目標，所以還沒有完全完成這些目標，所以我們不會發送一些新的目標。

But I think we feel good about saying, like, look, if you think about us looking further out with the portfolio we have now and then the things in our pipeline. We should be able to be a consistent double-digit grower for an extended period of time and then really we ought to be able to drive a lot of leverage off that.

但我認為，如果你考慮到我們會進一步關注我們現在擁有的投資組合以及我們管道中的產品，那麼我們會很高興地說，例如，看看。我們應該能夠在很長一段時間內保持兩位數的成長，然後我們真的應該能夠從中獲得很大的槓桿作用。

So, we ought to be able to grow the bottomline, really at least 2 times the topline. I mean, if you look this year, our guidance is 3 times the topline at the midpoint and we’re not committing to that forever going forward, but there’s a lot of leverage opportunity in the business.

因此，我們應該能夠增加利潤，實際上至少是收入的兩倍。我的意思是，如果你看看今年，我們的指導是中點營收的 3 倍，我們不會承諾永遠保持這一目標，但業務中有很多槓桿機會。

And our core business is very defendable. You’ve got PMA-based products in markets with not a lot of competition that are really unlikely to see new entrants and then we have this amazing pipeline. So, at a high level, we feel comfortable about double-digit growth and growing the bottomline at least 2 times that.

我們的核心業務非常有防禦能力。在競爭不激烈的市場上獲得基於 PMA 的產品，實際上不太可能看到新進入者，然後我們就有了這個令人驚嘆的管道。因此，從高水準來看，我們對這兩位數的成長感到滿意，且利潤成長至少是其兩倍。

Got it. No. I appreciate the color. And just as I look at the rest of the year, I realized last year, maybe in the second quarter, you guys put through a price increase. Just wanted to think about that in 2024, 2025. Is there another opportunity for Artivion to potentially take price or are you all done for a bit?

知道了。不。我很欣賞它的顏色。正如我回顧今年剩餘時間一樣，我意識到去年，也許在第二季度，你們進行了價格上漲。只是想在 2024 年、2025 年考慮這個問題。Artivion 是否還有另一個可能定價的機會，或者你們都已經完成了一點嗎？

And I’ve talked about this on previous calls. I mean, we look at the portfolio. We look at how differentiated our product line is, and in some cases, we have significant clinical outcomes where we’ve spent millions of dollars generating the data that nobody else has. And SynerGraft pulmonary valve is the perfect poster for that.

我在之前的電話會議中已經談到過這一點。我的意思是，我們來看看投資組合。我們著眼於我們的產品線的差異化程度，在某些情況下，我們花了數百萬美元來產生了其他人沒有的數據，從而獲得了顯著的臨床結果。SynerGraft 肺動脈瓣就是這方面的完美海報。

We spent a million dollars developing the technology, patenting it, and getting the clinical data that now has 25 year results, which is the best valve operation for, I would say, a patient under 55 years old.

我們花了 100 萬美元開發這項技術，申請了專利，並獲得了 25 年結果的臨床數據，我想說，對於 55 歲以下的患者來說，這是最好的瓣膜手術。

For something like that, we’re going to charge a premium price for it because it warrants. I talked about On-X. We just invested millions of dollars in the post-approval trial and we came out with data that nobody else can match, and I think that that clinical data warrants a higher price.

對於這樣的事情，我們將收取高價，因為它值得。我談到了 On-X。我們剛剛在批准後試驗中投入了數百萬美元，我們得出了其他人無法比擬的數據，我認為這些臨床數據值得更高的價格。

So we’re not going to go through kind of every line item on the portfolio, but you can get a sense of the things that are highly differentiated, backed by patents, backed by compelling clinical data. We will charge what we think is a fair price for those.

因此，我們不會逐一介紹產品組合中的每個項目，但您可以了解那些高度差異化、有專利支持、有令人信服的臨床數據支持的東西。我們將收取我們認為合理的價格。

Jeffrey Cohen, Ladenburg Thalmann.

傑弗瑞‧科恩，拉登堡‧塔爾曼。

Thanks for taking our questions in advance. Just a few from our end. I heard Lance call out on Baxter and the other revenue line. Are there any puts and takes there on PerClot or do you have any clarity or see-through into how things are going on their side?

感謝您提前提出我們的問題。離我們這邊只剩下一些了。我聽到蘭斯向巴克斯特和其他收入熱線喊話。PerClot 上有任何看跌期權嗎？

Yeah. I mean, I guess, first of all, at a high level, I mean, it’s not really very meaningful to us, so, I mean, it’s tiny to Baxter. Just to put it in context, the only reason we brought it up is it just sticks out because the decline was so significant.

是的。我的意思是，我想，首先，在較高的層面上，我的意思是，它對我們來說並不是非常有意義，所以，我的意思是，它對巴克斯特來說很小。簡而言之，我們提出這個問題的唯一原因是它之所以引人注目，是因為下降幅度如此之大。

And I mean, our visibility is not great to underlying sales, but our understanding is they’re continuing to ramp up. And this is just some basic managing the balance sheet on their side and just being good about inventory management is creating some fluctuation and with a very small line item, so it just jumps off the page. So, in general, we’re not going to talk about Baxter’s business. That’s their business. But again, I would just say, it’s not meaningful to us, so it’s really not meaningful to them.

我的意思是，我們的知名度對於基礎銷售來說並不是很好，但我們的理解是它們正在繼續增加。這只是他們這邊資產負債表的一些基本管理，只是做好庫存管理就會產生一些波動，並且行項目非常小，所以它只是跳出頁面。因此，總的來說，我們不會談論巴克斯特的生意。那是他們的事。但我還是想說，這對我們來說沒有意義，所以對他們來說也確實沒有意義。

Got it. Okay. And then, secondly, can you talk about BioGlue a little bit? It looked extremely strong for the second quarter coming into 1855. So, any commentary there? Any outlook as far as the back half of the year or general commentary on its strength or specific geographies?

知道了。好的。其次，可以談談 BioGlue 嗎？進入 1855 年第二季度，這一趨勢看起來極其強勁。那麼，有什麼評論嗎？對今年下半年的展望或對其實力或特定地區的一般評論有什麼看法嗎？

Yes, I think the field we mentioned it, Lance mentioned it in his comments, right. I mean viable grew like 1% in the first quarter and it grew 12% in the second quarter. I don't plug 12% in your model because it's a it's a very kind of lumpy business. We have a lot of indirect. We sell in 110 countries around the world. Com so you can the phasing of every 90 days, you get some bigger and some quarters less in other quarters. But on average we think that that product line is going to grow kind of in the mid-single digits so far, you obviously had a very good quarter this quarter and it's obviously extremely profitable.

是的，我認為我們提到的領域，蘭斯在他的評論中提到過，對吧。我的意思是，第一季可行成長了 1%，第二季成長了 12%。我不會在你的模型中插入 12%，因為這是一個非常不穩定的業務。我們有很多間接的。我們在全球 110 個國家/地區銷售。這樣你就可以每 90 天分階段進行，在其他季度中，你會得到一些更大的季度，而一些季度會更少。但平均而言，我們認為到目前為止，該產品線將以中個位數成長，顯然本季的業績非常好，而且利潤顯然非常高。

Got it. And then, lastly for us, could you talk a little bit about the aortic stent graft portfolio for the quarter? Areas of weakness or strength or any specific SKUs or items which are doing well or not as well?

知道了。最後，您能談談本季的主動脈支架移植物組合嗎？弱點或優勢領域，或任何具體的 SKU 或商品表現良好或不佳？

Yeah. We don’t break. I mean, we made a move like a couple of years ago to kind of put these large buckets in place. I can tell you the area that we focus on, which is the highly differentiated, faster growing, higher margin stent graft segment, we’re growing double digits in every category. I’m not going to break out line items and give competitors roadmaps. So, we’re doing extremely well. Frankly, even in the non-differentiated, the more competitive stuff, we’re growing double digits. So, the whole portfolio is doing really well.

是的。我們不會崩潰。我的意思是，我們像幾年前那樣採取了行動，將這些大桶放置到位。我可以告訴你我們重點關注的領域，即高度差異化、成長更快、利潤率更高的覆膜支架領域，我們在每個類別中都以兩位數的速度成長。我不會分解產品線並為競爭對手提供路線圖。所以，我們做得非常好。坦白說，即使在非差異化、競爭性更強的領域，我們也以兩位數的速度成長。所以，整個投資組合表現非常好。

Got it. And then, lastly for us, could you talk a little bit about the aortic stent graft portfolio for the quarter? Areas of weakness or strength or any specific SKUs or items which are doing well or not as well?

知道了。最後，您能談談本季的主動脈支架移植物組合嗎？弱點或優勢領域，或任何具體的 SKU 或商品表現良好或不佳？

Yeah. We don’t break. I mean, we made a move like a couple of years ago to kind of put these large buckets in place. I can tell you the area that we focus on, which is the highly differentiated, faster growing, higher margin stent graft segment, we’re growing double digits in every category. I’m not going to break out line items and give competitors roadmaps. So, we’re doing extremely well. Frankly, even in the non-differentiated, the more competitive stuff, we’re growing double digits. So, the whole portfolio is doing really well.

是的。我們不會崩潰。我的意思是，我們像幾年前那樣採取了行動，將這些大桶放置到位。我可以告訴你我們重點關注的領域，即高度差異化、成長更快、利潤率更高的覆膜支架領域，我們在每個類別中都以兩位數的速度成長。我不會分解產品線並為競爭對手提供路線圖。所以，我們做得非常好。坦白說，即使在非差異化、競爭性更強的領域，我們也以兩位數的速度成長。所以，整個投資組合表現非常好。

Mr. Mackin there are no further questions at this time. I’d like to turn the floor back over to management for closing comments.

麥金先生，目前沒有其他問題。我想將發言權交還給管理層以徵求結束意見。

Thanks for joining. Again, we’re excited about the quarter. Thanks for joining the call. We’ve obviously got a lot of great opportunity in front of us. As you heard both Lance and I talk, we’re executing well. We’re growing 10% topline and 35% on the bottomline. Again, this year, we did it last year. We just talked about our kind of, we’re not giving guidance, but we think we can grow double digits topline and twice that on the bottomline. We’ve got an exciting pipeline, a great channel, a great portfolio, highly differentiated and we’re very excited about building this aorta company and treating and taking care of more patients so our surgeons have what they need from a technology standpoint. So, thanks for joining.

感謝您的加入。我們再次對本季感到興奮。感謝您加入通話。顯然，我們面前有很多絕佳的機會。正如您聽到蘭斯和我所說的那樣，我們執行得很好。我們的收入成長了 10%，利潤成長了 35%。今年，我們去年也做到了。我們只是談論了我們的類型，我們沒有提供指導，但我們認為我們可以實現兩位數的營收成長和兩倍的淨利潤成長。我們擁有令人興奮的產品線、出色的管道、出色的產品組合、高度差異化，我們非常高興能夠建立這家主動脈公司並治療和照顧更多患者，以便我們的外科醫生從技術角度獲得他們所需的東西。所以，感謝您的加入。

This concludes today’s conference. You may disconnect your lines at this time and we thank you for your participation.

今天的會議到此結束。此時您可以斷開線路，我們感謝您的參與。