百特醫療 (BAX) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Baxter International's First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this call is being recorded by Baxter and is copyrighted material. It cannot be recorded or rebroadcast without Baxter's permission. If you have any objections, please disconnect at this time.

早安，女士們、先生們，歡迎參加百特國際 2024 年第一季財報電話會議。 （操作員說明）謹此提醒，此通話由 Baxter 錄音，並且是受版權保護的資料。未經百特許可，不得對其進行錄製或轉播。如果您有任何異議，請此時斷開連接。

I would now like to turn the call over to Ms. Clare Trachtman, Senior Vice President, Chief Investor Relations Officer at Baxter International. Ms. Trachtman, you may begin.

我現在想把電話轉給百特國際公司高級副總裁兼首席投資者關係官克萊爾·特拉赫特曼女士。特拉赫特曼女士，您可以開始了。

Good morning, and welcome to our first quarter 2024 earnings conference call. Joining me today are Joe Almeida, Baxter's Chairman and Chief Executive Officer; and Joel Grade, Baxter's Executive Vice President and Chief Financial Officer.

早上好，歡迎參加我們的 2024 年第一季財報電話會議。今天加入我的還有百特董事長兼執行長喬‧阿爾梅達 (Joe Almeida)；以及百特執行副總裁兼財務長 Joel Grade。

On the call this morning, we will be discussing Baxter's first quarter 2024 results along with our financial outlook for the second quarter and full year 2024. With that, let me start our prepared remarks by reminding everyone that this presentation, including comments regarding our financial outlook for the second quarter and full year 2024; new product development, including the potential impact of recent regulatory clearances with status and potential impact of our ongoing strategic and recent pricing actions, business development, regulatory matters and the macroeconomic environment, including commentary on improving supply chain conditions and evolving customer capital spending trends; contain forward-looking statements that involve risks and uncertainties and of course, our actual results could differ materially from our current expectations.

在今天早上的電話會議上，我們將討論百特2024 年第一季度的業績以及我們對第二季度和2024 年全年的財務展望。評論2024 年第二季和全年展望；新產品開發，包括近期監管許可的潛在影響以及我們正在進行的策略和近期定價行動、業務發展、監管事項和宏觀經濟環境的現狀和潛在影響，包括對改善供應鏈狀況和不斷變化的客戶資本支出趨勢的評論；包含涉及風險和不確定性的前瞻性陳述，當然，我們的實際結果可能與我們目前的預期有重大差異。

Please refer to today's press release and our SEC filings for more detail concerning factors that could cause actual results to differ materially. In addition, on today's call, non-GAAP financial measures will be used to help investors understand Baxter's ongoing business performance. A reconciliation of the non-GAAP financial measures being discussed today to the comparable GAAP financial measures is included in the accompanying investor presentation and also available in our earnings release issued this morning, which are both available on our website.

請參閱今天的新聞稿和我們向 SEC 提交的文件，以了解有關可能導致實際結果出現重大差異的因素的更多詳細資訊。此外，在今天的電話會議上，將使用非公認會計準則財務指標來幫助投資者了解百特持續的業務表現。今天討論的非公認會計原則財務指標與可比較的公認會計原則財務指標的調節表包含在隨附的投資者演示文稿中，也可在我們今天上午發布的收益報告中找到，這兩份報告都可以在我們的網站上找到。

Now I'd like to turn the call over to Joe. Joe?

現在我想把電話轉給喬。喬？

Thank you, Clare, and good morning, everyone. We appreciate you taking the time to join us today. I will begin with an overview of our first quarter results and then provide some updates regarding our ongoing strategic transformation. Joel Grade will follow with a closer look at our financials as well as our outlook for the second quarter and the remainder of the year. Then, as always, we'll open it up to your questions.

謝謝你，克萊爾，大家早安。我們感謝您今天抽出時間加入我們。我將首先概述我們第一季的業績，然後提供有關我們正在進行的策略轉型的一些最新資訊。 Joel Grade 將仔細研究我們的財務狀況以及第二季和今年剩餘時間的前景。然後，像往常一樣，我們將開放回答您的問題。

Baxter started the year on a positive note, delivering solid results, which exceeded previously issued guidance on both the top line and bottom line first quarter sales from continuing operations with 2% on a reported basis and 3% at constant currency rates. This compares to our original outlook of approximately 1% reported and 1% to 2% constant currency.

百特以積極的態度開啟了新的一年，取得了穩健的業績，超出了之前發布的第一季度持續運營銷售額的指引，報告基礎上增長了2%，按固定匯率計算增長了3% 。相較之下，我們最初的預期約為 1%，以固定匯率計算約為 1% 至 2%。

Overall revenue growth was driven by positive demand and pricing for a broad range of Baxter products. On the bottom line, adjusted earnings per share for continuing operations of $0.65 came in above our prior guidance range of $0.59 to $0.62 per share. This performance was fueled by top line results, combined with our intense focus on driving improved supply chain execution across our manufacturing network.

百特各種產品的積極需求和定價推動了整體收入成長。總而言之，持續經營業務調整後每股收益為 0.65 美元，高於我們先前每股 0.59 美元至 0.62 美元的指導範圍。這項業績得益於頂線業績以及我們對推動整個製造網路供應鏈執行改進的高度重視。

Overall, performance is clearly benefiting from the streamlining and strategic clarity afforded by our newly implemented operating model, as we leverage the advantages of improved visibility globally, increased accountability and function of verticalization. Crisp execution of our margin improvement initiatives, along with a more stable macroeconomic backdrop, is driving enhanced performance across our integrated supply chain operations.

總體而言，我們的業績顯然受益於我們新實施的營運模式帶來的精簡和策略清晰度，因為我們利用了全球可視性提高、問責制增強和垂直化功能的優勢。我們積極執行利潤改善計劃，加上更穩定的宏觀經濟背景，正在推動我們綜合供應鏈業務的績效提升。

And as always, Baxter benefits from its emphasis on essential health care needs in combination with the diversity and durability of our portfolio. This is clearly affecting our overall performance this quarter as the strength of our results across Medical Products and Therapies, Pharmaceuticals and Kidney Care helped offset underperformance in our Healthcare Systems & Technology segment.

一如既往，百特受益於對基本醫療保健需求的重視以及我們產品組合的多樣性和持久性。這顯然影響了我們本季的整體業績，因為我們在醫療產品和療法、藥物和腎臟保健領域的業績強勁，幫助抵消了醫療保健系統和技術領域的不佳表現。

Taking a closer look at our performance by segment. Medical Products and Therapies, or MPT, delivered first quarter growth of 6% above reported and constant currency rates. Growth was fueled by both pricing and volume gains amid stable market conditions globally.

仔細看看我們按細分市場的表現。醫療產品和療法 (MPT) 第一季​​度的成長率比報告的固定匯率高出 6%。在全球市場狀況穩定的情況下，價格和銷售量的成長推動了成長。

We believe we're well positioned to build on our momentum in MPT with the recent U.S. FDA clearance of our leading-edge Novum IQ large volume infusion pump and Dose IQ Safety Software. This integrated platform, which also includes our previously cleared syringe pump, comprises a single connected intelligent system offering a broad range of benefits for nurses, physicians and other clinicians as well as the patients who depend on them.

我們相信，隨著美國 FDA 最近批准我們領先的 Novum IQ 大容量輸液幫浦和 Dose IQ 安全軟體，我們已經做好了充分準備，可以鞏固 MPT 領域的發展勢頭。這個整合平台還包括我們先前批准的注射泵，由一個連接的智慧系統組成，為護士、醫生和其他臨床醫生以及依賴他們的患者提供廣泛的好處。

Our Novum IQ technology is now available to order in the U.S. as part of our expanding portfolio of connected care solutions. Customers are excited about the Novum platform's ability to advance connectivity and intelligent infusion therapy. And the team is already engaged with many customers interested in this new technology.

作為我們不斷擴大的互聯護理解決方案組合的一部分，我們的 Novum IQ 技術現已在美國接受訂購。客戶對 Novum 平台推進連接和智慧輸液治療的能力感到興奮。該團隊已經與許多對這項新技術感興趣的客戶進行了接觸。

In fact, the large existing Novum syringes Spectrum customer will begin implementing the full Novum platform in the next few months. In just last week, we secured a 100% competitive account conversion to Baxter pumps with a top-tier multistate health system.

事實上，現有的 Novum 注射器 Spectrum 大型客戶將在未來幾個月內開始實施完整的 Novum 平台。就在上週，我們透過頂級多州衛生系統實現了 100% 競爭性客戶轉換為百特泵。

As you may remember, Novum LVP clearance was not factored in our original FY 2024 outlook. Given the time of the approval, we expect the contribution from Novum launch to be more notable in the second half of the year, even as it displaces, to some degree, sales of our Spectrum IQ pump and the outlook we are sharing today reflects this expected benefit along with the outperformance in the first quarter.

您可能還記得，我們​​最初的 2024 財年展望中並未考慮 Novum LVP 清算。鑑於批准時間，我們預計 Novum 推出的貢獻將在今年下半年更加顯著，儘管它在某種程度上取代了我們 Spectrum IQ 泵的銷售，而我們今天分享的前景也反映了這一點預期收益以及第一季的優異表現。

Also in late-breaking MPT news last week, we received FDA approval of an expanded indication for Clinolipid, our mixed oil lipid emulsion that provides a source of calories and essential omega fatty acids for parenteral nutrition patients.

同樣在上週最新的 MPT 新聞中，我們收到 FDA 批准 Clinolipid 的擴大適應症，Clinolipid 是我們的混合油脂乳液，為腸外營養患者提供熱量和必需 omega 脂肪酸的來源。

Clinolipid is now indicated for use in pediatric patients, including preterm and term neonates. This is an example of our continued commitment to meeting the nutritional needs of patients of all ages and is expected to be a positive addition to our nutrition portfolio.

Clinolipid 現在適用於兒科患者，包括早產兒和足月新生兒。這是我們持續致力於滿足所有年齡層患者營養需求的一個例子，預計將成為我們營養產品組合的積極補充。

Our Pharmaceutical segment achieved a growth of 11% in the first quarter at both reported and constant currency rates. Results for the quarter reflect a benefit from our recent new product launches in the U.S., including 5 new injectables in key therapeutic areas, including anti-infective and antihypertensive medications.

以報告匯率和固定匯率計算，我們的製藥業務第一季實現了 11% 的成長。本季的業績反映了我們最近在美國推出的新產品的好處，其中包括抗感染和抗高血壓藥物等關鍵治療領域的 5 種新註射劑。

Together, these new product introductions demonstrate our continued focus on innovation and delivering differentiated products that address areas of need with proprietary ready-to-use presentations, they can simplify the preparation process and support patient safety. Our performance in this segment was also strengthened by heightened demand outside the U.S. for our drug compounding services. This overall momentum more than offset declines from inhaled anesthesia products.

總而言之，這些新產品的推出表明了我們對創新和提供差異化產品的持續關注，這些產品透過專有的即用型演示來滿足需求領域，它們可以簡化準備過程並支持患者安全。美國以外地區對我們的藥物配製服務的需求增加也增強了我們在這一領域的表現。這一整體動能足以抵消吸入麻醉產品的下降。

Our Kidney Care segment delivered 3% growth at reported rates and 4% at constant currency. Growth was driven by pricing benefits as well as a strong demand for our Acute Therapies portfolio and steady gains of peritoneal patients in nearly all markets.

我們的腎臟護理部門以報告率計算成長 3%，以固定匯率計算成長 4%。成長是由定價優勢、對我們的急性治療產品組合的強勁需求以及幾乎所有市場的腹膜患者的穩定成長所推動的。

Growth in this business was tempered by the impact from select product and market exits and reduced volumes in China due to government-based procurement initiatives and a lower patient census. As noted, positive results across these 3 segments helped offset disappointing performance in Healthcare Systems & Technologies, or HST, which declined 9% at both reported and constant currency rates. This decline was driven to some extent by order timing as well as operational factors.

該業務的成長受到部分產品和市場退出的影響，以及由於政府採購計劃和患者人口普查減少而導致的中國銷售減少。如前所述，這 3 個細分市場的積極業績幫助抵消了醫療保健系統與技術 (HST) 令人失望的業績，按報告匯率和固定匯率計算，該領域的業績均下降了 9%。這種下降在一定程度上是由訂單時間和營運因素造成的。

Our new operating model has been vital in helping us isolate underlying challenges affecting this segment. The size of steps are already underway to address and enhance performance in this business and help realize our full opportunity in this space. These include forging a deeper partnership between the commercial and enterprise account teams focused on the value and quality of the broader portfolio.

我們的新營運模式對於幫助我們隔離影響該細分市場的潛在挑戰至關重要。我們已經採取了一系列措施來解決和提高該業務的績效，並幫助我們實現在該領域的全部機會。其中包括在商業和企業客戶團隊之間建立更深入的合作夥伴關係，重點關注更廣泛的產品組合的價值和品質。

Implementing new tools and processes focused on increasing visibility to historical purchases, creating greater differentiation in customer engagement practices and related measures. We expect these steps collectively to improve operational performance for HST, particularly in the second half of the year. I remain excited about HST and the positive contribution it is expected to deliver to the overall Baxter portfolio. The team is working incredibly hard to address this challenge and turnaround performance in this business and I'm grateful for their dedication and efforts.

實施新的工具和流程，重點是提高歷史購買的可見性，在客戶參與實踐和相關措施方面創造更大的差異化。我們預計這些措施將共同改善 HST 的營運績效，特別是在今年下半年。我對 HST 及其預計為整個百特產品組合帶來的積極貢獻仍然感到興奮。團隊正在非常努力地應對這項挑戰並扭轉該業務的業績，我感謝他們的奉獻和努力。

Before I pass it to Joel, I will share an update on our proposed Kidney Care separation as we announced in the March 4th 8-K filing, we are now pursuing dual pathways in the proposed separation of this business, including potentially selling the business to a private equity investor.

在我將其傳遞給Joel 之前，我將分享我們在3 月4 日的8-K 文件中宣布的關於我們擬議的腎臟護理分拆的最新情況，我們現在正在尋求雙重途徑來擬議的該業務分拆，包括可能將該業務出售給私募股權投資者。

The ultimate path forward will be determined consistent with our objective to accelerate performance for both entities and maximize shareholder value. We currently expect the separation to take place in the second half of 2024.

最終的前進道路將根據我們加速兩個實體績效並最大化股東價值的目標來確定。我們目前預計分拆將於 2024 年下半年進行。

Looking ahead, I want to express my excitement about Baxter overall trajectory. Our life sustaining mission is as always our North Star and our colleagues around the world making it come alive tenacious focus on execution and operational excellence.

展望未來，我想表達我對百特整體發展軌跡的興奮之情。我們的維生使命始終是我們的北極星和我們世界各地的同事，頑強地專注於執行和卓越運營，使其成為現實。

Our progress against our strategic transformation initiative showcases our ability to deliver on what we set out to accomplish. The benefits are clear in our overall outperformance for the quarter. Our building momentum, our recent innovation milestones and the progress of our proposed Kidney Care separation journey. We will continue to maintain the pace and intensity of our transformation and take the necessary steps so that all of our segments are well positioned to power our performance going forward.

我們在策略轉型計劃方面取得的進展表明我們有能力實現我們設定的目標。我們本季的整體優異表現所帶來的好處是顯而易見的。我們的發展勢頭、最近的創新里程碑以及我們擬議的腎臟護理分離之旅的進展。我們將繼續保持轉型的步伐和強度，並採取必要的步驟，以便我們的所有部門都處於有利位置，為我們未來的業績提供動力。

I will now pass it to Joel to provide more detail on our performance and outlook.

我現在將其轉交給喬爾，以提供有關我們的業績和前景的更多詳細資訊。

Thanks, Joe, and good morning, everyone. As Joe mentioned, we are pleased with our first quarter results, which came in ahead of our expectations. First quarter 2024 global sales of $3.6 billion increased 2% on a reported basis and 3% on a constant currency basis, and as mentioned, compared favorably to our previously issued guidance.

謝謝喬，大家早安。正如喬所提到的，我們對第一季的業績感到滿意，超出了我們的預期。 2024 年第一季全球銷售額為 36 億美元，按報告基礎計算成長 2%，以固定匯率計算成長 3%，如上所述，與我們先前發布的指導相比，情況良好。

Performance in the quarter benefited from better-than-expected sales across all our product divisions, with the exception of those within our Healthcare Systems & Technologies segment.

本季的業績得益於我們所有產品部門（醫療保健系統和技術部門除外）的銷售優於預期。

On the bottom line, adjusted earnings from continuing operations totaled $0.65 per share, increasing 33% versus the prior year period and ahead of our prior guidance of $0.59 to $0.62 per share. These results reflect the meaningful operational improvements we are recognizing both commercially as well as within our integrated supply chain network, and these factors drove our outperformance in the quarter.

淨利方面，調整後的持續經營收益總計為每股 0.65 美元，比去年同期成長 33%，高於我們先前每股 0.59 美元至 0.62 美元的指引。這些結果反映了我們在商業和綜合供應鏈網絡中認識到的有意義的營運改進，這些因素推動了我們在本季度的優異表現。

Now I'll walk through our results by reportable segments. Commentary regarding sales growth will reflect growth at constant currency rates. Sales in our Medical Products & Therapies, or MPT segment, were $1.2 billion, increasing 6%.

現在我將按可報告的部分介紹我們的結果。有關銷售成長的評論將反映以固定匯率計算的成長。我們的醫療產品和療法（MPT）部門的銷售額為 12 億美元，成長 6%。

Within MPT, first quarter sales from our Infusion Therapies & Technologies division totaled $966 million and increased 6%. Sales in the quarter benefited from strong growth internationally across the division, including in our IV solutions, nutrition and infusion systems portfolios. Solid demand in the U.S. for IV solutions also contributed to growth in the quarter.

在 MPT 內，輸液治療與技術部門第一季的銷售額總計 9.66 億美元，成長 6%。本季的銷售額受益於整個部門在國際上的強勁成長，包括我們的靜脈注射解決方案、營養和輸液系統產品組合。美國對靜脈注射解決方案的強勁需求也推動了本季的成長。

Sales in Advanced Surgery totaled $263 million and grew 8%, coming in ahead of expectations, and reflecting strong growth internationally.

高級手術銷售額總計 2.63 億美元，成長 8%，超出預期，反映了國際市場的強勁成長。

For our Healthcare Systems & Technologies, or HST segment, sales in the quarter were $667 million and declined 9%. Within the HST segment, sales in our Care and Connectivity Solutions, or CCS division were $402 million, declining 7%.

對於我們的醫療保健系統和技術 (HST) 部門，本季銷售額為 6.67 億美元，下降 9%。在 HST 細分市場中，我們的護理和連接解決方案（CCS）部門的銷售額為 4.02 億美元，下降了 7%。

Performance in the quarter was impacted by several factors, including the phasing of product installations, particularly for care communications, which is expected to accelerate later in the year by the timing of capital orders, which increased mid-single digits in the quarter,, but are expected to ramp more meaningfully over the course of the year.

本季度的業績受到多種因素的影響，包括產品安裝的分階段，特別是護理通信方面的產品安裝，預計今年晚些時候由於資本訂單的時間安排將加速，資本訂單在本季度增加了中個位數，但預計在這一年中將取得更有意義的成長。

By lower rental revenues, which negatively impacted sales by approximately $5 million. And finally, by certain operational challenges, for which the team is in the process of implementing clear plans to improve performance and enhance commercial rigor. Given all these factors, we expect to see significant improvements for CCS in both orders and revenue in the second half of the year, which is similar to the (technical difficulty) we experienced last year in this division.

租金收入下降，對銷售額造成約 500 萬美元的負面影響。最後，針對某些營運挑戰，團隊正在實施明確的計劃，以提高績效並增強商業嚴謹性。考慮到所有這些因素，我們預計下半年 CCS 的訂單和收入都會有顯著改善，這與我們去年在該部門經歷的（技術困難）類似。

Front Line Care sales in the quarter were $265 million, declining 12%.

該季度 Front Line Care 銷售額為 2.65 億美元，下降 12%。

Growth in the quarter was impacted by a difficult comparison in the prior year as backlog reductions positively contributed to growth in the prior year period.

本季的成長受到去年同期的困難比較的影響，因為積壓訂單的減少對去年同期的成長做出了積極貢獻。

Performance in the quarter was also affected by softness in the primary care market which negatively impacted sales in both our connected monitoring and intelligent diagnostics product portfolios.

本季的業績也受到初級保健市場疲軟的影響，這對我們的連網監控和智慧診斷產品組合的銷售產生了負面影響。

Similar to CCS, we expect performance to meaningfully improve in the second half of the year as market conditions for primary care are anticipated to ease, the pace of customer orders are expected to increase, and we anniversary the prior year impact from the backlog reduction.

與CCS 類似，我們預計下半年業績將顯著改善，因為初級保健的市場狀況預計將有所緩解，客戶訂單的速度預計將加快，而且我們已經迎來了去年積壓訂單減少所帶來的影響週年紀念。

Sales in our Pharmaceuticals segment were $578 million, increasing 11%. Performance in the quarter reflected double-digit growth in both our U.S. and international injectables portfolio, driven by new product launches as well as continued strong demand for services within our drug compounding portfolio internationally.

我們的藥品部門銷售額為 5.78 億美元，成長 11%。本季的業績反映出我們的美國和國際注射產品組合均實現了兩位數的成長，這得益於新產品的推出以及國際上對我們的藥物複合產品組合中的服務持續強勁的需求。

Moving on to Kidney Care. Sales in the quarter were $1.1 billion, increasing 4%. Within Kidney Care, global sales for chronic therapies were $888 million, increasing 2%. Solid PD growth in the quarter was partially offset by the negative impact from certain products and market exits in our in-center HD business as well as reduced sales in China due to government procurement initiatives and lower patient census volumes following the pandemic.

繼續腎臟護理。該季度銷售額為 11 億美元，成長 4%。在腎臟護理領域，慢性療法的全球銷售額為 8.88 億美元，成長 2%。本季 PD 的穩健成長部分被中心 HD 業務中某些產品和市場退出的負面影響以及政府採購舉措和疫情後患者普查量減少導致的中國銷售額減少所抵消。

We estimate that these items negatively impacted sales by approximately $50 million in the quarter. Sales in our Acute Therapies business were $214 million, representing growth of 15%, driven by strong demand and competitive wins in the U.S. and solid performance internationally.

我們估計這些產品對該季度的銷售額產生了約 5000 萬美元的負面影響。我們的急性治療業務銷售額為 2.14 億美元，成長 15%，這得益於美國的強勁需求和競爭優勢以及國際上穩健的業績。

Other sales, which represent sales not allocated to a segment and primarily includes sales of products and services provided directly through certain of our manufacturing facilities, were $16 million and declined 47% during the quarter, in line with our expectations and reflecting reduced demand for certain contract manufacturing volumes.

其他銷售額（代表未分配給某個部門的銷售額，主要包括透過我們的某些製造設施直接提供的產品和服務的銷售額）為1,600 萬美元，本季下降47%，符合我們的預期，並反映出某些產品和服務的需求減少。

Now moving on to the rest of the P&L. Our adjusted gross margin totaled 42.5% and represented an increase of 170 basis points over the prior year and was favorable to our expectations. The year-over-year improvement in gross margin primarily reflects the strong operational efficiencies we are realizing within our integrated supply chain network, resulting from execution of the margin improvement programs we're implementing and the anniversary of the negative margin impacts from inflationary pressures that drove higher cost of goods sold in the prior year period.

現在繼續討論損益表的其餘部分。調整後毛利率總計 42.5%，較上年增加 170 個基點，符合我們的預期。毛利率的同比改善主要反映了我們在綜合供應鏈網絡中實現的強勁運營效率，這是由於我們正在實施的利潤率改善計劃的執行以及通貨膨脹壓力對利潤率造成負面影響的周年紀念日。上年同期銷售商品成本上升。

Pricing initiatives in select markets also positively contributed to margin improvement in the quarter. First quarter margins also reflected a benefit from the closure of our dialyzer facility as production in the facility was increased in advance of the closure, resulting in better absorption and lower costs for these dialyzers.

特定市場的定價措施也對本季利潤率的改善做出了積極貢獻。第一季的利潤率也反映了關閉我們的透析器設施所帶來的好處，因為該設施的產量在關閉之前增加，導致這些透析器的吸收更好並降低了成本。

This benefit is expected to be isolated to the first quarter. Overall product mix in the quarter did partially offset margin expansion in the quarter. Adjusted SG&A totaled $856 million or 23.8% as a percentage of sales consistent with the prior year period as ongoing transformation initiatives to enhance operational efficiencies were offset by higher spend in select investments in sales and marketing initiatives.

預計這一收益將僅限於第一季。本季的整體產品組合確實部分抵銷了本季利潤率的擴張。調整後的銷售及管理費用總額為8.56 億美元，佔銷售額的23.8%，與上年同期一致，這是因為為提高營運效率而進行的轉型舉措被銷售和營銷舉措的特定投資支出增加所抵消。

SG&A leverage is expected to improve as sales ramp over the course of the year. Adjusted R&D spending in the quarter totaled $160 million and represented 4.5 as a percentage of sales, similar to the prior year period and reflects our continued investments in advancing new products across the portfolio and bringing innovation to patients across (technical difficulty).

隨著年內銷售額的增加，SG&A 槓桿預計將有所改善。本季調整後的研發支出總計 1.6 億美元，佔銷售額的 4.5%，與去年同期相似，反映出我們在推進整個產品組合的新產品以及為患者帶來創新（技術難度）方面的持續投資。

These factors resulted in an adjusted operating margin of 14.3%, an increase of 180 basis points versus the prior year. Net interest expense totaled $78 million in the quarter, a decrease of $39 million versus the prior year period, driven by debt repayments in the fourth quarter of 2023 with proceeds from our BPS divestiture.

這些因素導致調整後營業利益率為 14.3%，比前一年增加 180 個基點。本季淨利息支出總計 7,800 萬美元，較上年同期減少 3,900 萬美元，這是由於 2023 年第四季我們透過 BPS 剝離所得款項償還債務所致。

We plan to continue to repay debt in 2024, consistent with our stated capital allocation priorities. Adjusted other nonoperating income totaled $7 million in the quarter, compared to income of $2 million in the prior year period. The adjusted tax rate in the quarter was 25.0% compared to 23.1% in the prior year period. The year-over-year increase is primarily driven by a valuation allowance recognized in the quarter.

我們計劃在 2024 年繼續償還債務，符合我們既定的資本配置優先事項。本季調整後的其他非營業收入總計 700 萬美元，而去年同期營收為 200 萬美元。本季調整後稅率為 25.0%，去年同期為 23.1%。年比成長主要是由本季確認的估值備抵推動的。

And as previously mentioned, adjusted earnings from continuing operations totaled $0.65 per share and increased 33% versus the prior year, primarily driven by commercial performance and operational efficiencies within our integrated supply chain.

如前所述，持續經營業務的調整後收益總計為每股 0.65 美元，比上年增長 33%，這主要是由我們整合供應鏈內的商業業績和營運效率推動的。

Let me conclude my remarks by discussing our outlook for the second quarter and full year 2024, including some key assumptions underpinning the guidance. For full year 2024, Baxter now expects total sales growth of approximately 2% on a reported basis and 2% to 3% on a constant currency basis, which is an increase from prior guidance of approximately 2% on a constant currency basis.

最後，我想討論我們對 2024 年第二季和全年的展望，包括支撐指引的一些關鍵假設。對於 2024 年全年，百特目前預計總銷售額將按報告基礎增長約 2%，按固定匯率計算增長 2% 至 3%，這比之前按固定匯率計算約 2% 的指導有所增長。

Constant currency sales guidance for the full year by reportable segments is as follows: For MPT, we expect sales growth of 4% to 5%. This is an increase from the prior guidance of 3% to 4% and reflects the first quarter outperformance and the inclusion of Novum, which is currently expected to contribute an incremental $25 million to infusion pump sales and reflects some cannibalization of prior planned sales of Spectrum.

以可報告分部計算的全年以固定匯率計算的銷售指引如下： 對於 MPT，我們預期銷售將成長 4% 至 5%。這比之前3% 至4% 的指引有所增長，反映了第一季的優異表現以及Novum 的納入，目前預計Novum 將為輸液泵銷售額貢獻2500 萬美元的增量，並反映出Spectrum 之前計劃銷售額的部分蠶食。

Sales in our Healthcare Systems & Technologies segment are expected to be flat to the prior year as compared to previous guidance of approximately 3%. As mentioned earlier, we expect performance to meaningfully improve in the second half of the year, driven by the factors discussed, including timing of installations, order phasing and improved operational execution. We expect pharmaceutical sales growth of 6% to 7%, which compares favorably to prior guidance of 4% to 5% and reflects the strong start to the year and continued momentum for our new product launches.

我們的醫療保健系統和技術部門的銷售額預計將與去年持平，而先前的指導約為 3%。如前所述，我們預計下半年的業績將在所討論的因素的推動下顯著改善，包括安裝時間、訂單分階段和改進的營運執行。我們預計藥品銷售將成長 6% 至 7%，這好於先前 4% 至 5% 的指導，反映了今年的強勁開局以及我們新產品推出的持續勢頭。

Collectively, sales for these Baxter businesses are expected to increase 3% to 4% in 2024. For Kidney Care, we expect sales growth of flat to 1% as compared to 2023. This also compares favorably to prior guidance and reflects the underlying momentum of this business.

總的來說，百特這些業務的銷售額預計將在2024 年增長3% 至4%。 ，並反映了這項業務。

Now turning to our outlook for other P&L line items. We continue to expect adjusted operating margin to increase by at least 50 basis points in 2024. We expect our nonoperating expenses, which include net interest expense and other income and expense, to total approximately $350 million in aggregate during 2024.

現在轉向我們對其他損益項目的展望。我們仍預期 2024 年調整後營業利潤率將增加至少 50 個基點。

We continue to anticipate a full year adjusted tax rate between 22.0% and 22.5%. We expect our diluted share count to increase slightly and average 511 million shares for the year. Based on all these factors, we now anticipate full year adjusted earnings, excluding special items, of $2.88 to $2.98 per diluted share, which also compares favorably to prior guidance of $2.85 to $2.95 per diluted share and reflects the outperformance we realized in the first quarter.

我們繼續預計全年調整後稅率在 22.0% 至 22.5% 之間。我們預計稀釋後的股票數量將略有增加，今年平均為 5.11 億股。基於所有這些因素，我們現在預計全年調整後每股攤薄收益（不包括特殊項目）為2.88 美元至2.98 美元，這也優於之前每股攤薄每股2.85 美元至2.95 美元的指導，反映了我們在第一季實現的優異表現。

Specific to the second quarter of 2024, we expect global sales growth of approximately 1% on a reported basis and 2% to 3% on a constant currency basis. And we expect adjusted earnings, excluding special items, of $0.65 to $0.67 per diluted share.

具體到 2024 年第二季度，我們預期全球銷售額將按報告資料成長約 1%，以固定匯率計算成長 2% 至 3%。我們預計調整後每股收益（不包括特殊項目）為 0.65 至 0.67 美元。

With that, we can now open up the call for Q&A.

至此，我們現在可以開始問答環節了。

(Operator Instructions) I would like to remind participants that this call is being recorded, and a digital replay will be available on the Baxter International website for 60 days at www.baxter.com.

（操作員說明）我想提醒參與者，本次通話正在錄音，並將在百特國際網站 www.baxter.com 上提供為期 60 天的數位重播。

Our first question comes from Vijay Kumar of Evercore ISI.

我們的第一個問題來自 Evercore ISI 的 Vijay Kumar。

I guess, my first one is on top line here. When I look at the business here, the Hillrom portion health care tech part of the business underperformed, all other segments came in about right. And Joe, when you think about this exiting fiscal '24, can Baxter get back to like 4% top line, like when does Hillrom normalized? And perhaps talk about what gives you confidence that this business is actually growing? Is there any reason to fear share loss within that part of the business?

我想，我的第一個是在這裡的最上面。當我查看這裡的業務時，Hillrom 部分的醫療保健技術部分錶現不佳，所有其他部分錶現都不錯。喬，當你想到即將結束的 24 財年時，巴克斯特能否恢復到 4% 左右的營收，就像 Hillrom 何時恢復正常一樣？也許可以談談是什麼讓您對這項業務實際上正在成長充滿信心？是否有理由擔心該業務部分的份額損失？

Vijay, we are committing to a 4% -- around 4% exit rate for the year. We see what happened in HST in the first quarter as a postponement of orders and some operational issues that we have, that we're addressing very diligently. We're starting to see good results coming out of it.

Vijay，我們承諾今年的退出率是 4%——大約 4%。我們認為第一季 HST 發生的情況是訂單延遲和我們遇到的一些營運問題，我們正在非常努力地解決這些問題。我們開始看到良好的結果。

What gives me confidence in the second half of the year for HST is that the orders that we have, have improved in the exit of Q1 into Q2 with a healthy funnel of opportunities over the rest of 2024. We have commercial and operational challenges that we identified and we have very specific action plans in place. We also are executing on the existing backlog and we also saw some typical seasonality.

讓我對 HST 下半年充滿信心的是，我們的訂單在第一季度進入第二季度時有所改善，並在 2024 年剩餘時間裡提供了健康的機會。確定，並且我們制定了非常具體的行動計劃。我們也正在處理現有的積壓訂單，我們也看到了一些典型的季節性。

The first quarter is always the weakest quarter for HST, and the fourth quarter is the highest quarter for HST. Vis-a-vis 2023, we exit Q4 with 7% growth. So what I want to make sure to our investors that we are -- we will exit Baxter around 4% this year -- 4% to 5%, actually -- 4% to 5%, and we will have a recovery of HST based on their operational results and the good funnel that we have established and we're starting to see.

第一季始終是 HST 最弱的季度，第四季是 HST 最高的季度。與 2023 年相比，我們第四季的成長率為 7%。因此，我想向我們的投資者確保，今年我們將以 4% 左右的價格退出 Baxter，實際上是 4% 到 5%，我們將實現基於 HST 的複蘇他們的營運成果以及我們已經建立並開始看到的良好管道。

This is ex Kidney. I want to make sure that you know. When I talk about Baxter exit 4% to 5% is ex Kidney. So to your question, there's good confidence in exiting the business 4 to 5, good plans in place and starting to see the recovery in HST. This is the headline.

這是前腎。我想確定你知道。當我談論百特出口時，4% 到 5% 是前腎臟。因此，對於你的問題，人們對 4 到 5 的退出業務充滿信心，制定了良好的計劃，並開始看到 HST 的復甦。這是標題。

That's helpful comments, Joe. One on maybe margins here. Q1, both gross margins and operating margins came in above. What drove that gross margins? Are we seeing benefits of cost actions or is this any timing element? Are we seeing pricing contribution? Because when I look at the second quarter EPS, it's below 3. So was there any timing element here on that margins?

這是有用的評論，喬。這裡可能是邊緣之一。第一季毛利率和營業利潤率均位於上方。是什麼推動了毛利率的成長？我們是否看到了成本行動的好處，或者這是任何時間因素嗎？我們看到定價貢獻了嗎？因為當我查看第二季每股收益時，它低於 3。

Yes. This is Joel. And so a couple of things on the Q1 margins, I would call out. Number one, the ISC drove a substantial portion of that. We had strong operational efficiencies. We had positive manufacturing variances that flowed through. And so I think just in general, our ISC performance was a strong contributor there.

是的。這是喬爾.因此，我想指出有關第一季利潤的一些事情。第一，ISC 推動了其中很大一部分。我們的營運效率很高。我們有積極的製造差異。所以我認為總的來說，我們的 ISC 表現對此做出了很大的貢獻。

Our pricing also had, I'd say, a modest, but partial part of that is well in terms of enhancing our margins. There's a little bit of a mix impact that was offsetting some of that, but I think that's really -- those are some of the really primary drivers in the first quarter. I think from a second quarter standpoint, there's a couple of things I'd just call out there.

我想說，我們的定價也有一個適度的部分，但在提高我們的利潤方面，這部分是很好的。有一些混合影響抵消了其中的一些影響，但我認為這確實是第一季的一些真正的主要驅動因素。我認為從第二季的角度來看，我要指出一些事情。

Number 1 is there was some favorability in the first quarter that was related to the closing of our dialyzer facility. And we had production that was increased. So we had better absorption there. And so from a timing standpoint, those -- that benefited the Q1 margins to some extent that you won't see as much in Q2.

第一，第一季存在一些與我們關閉透析器設施相關的有利因素。我們的產量增加。所以我們在那裡有更好的吸收。因此，從時間的角度來看，這些在一定程度上有利於第一季的利潤，但在第二季你不會看到那麼多。

And I think the other thing I would call out in Q2, while we certainly continue to have positive contribution from the IHC, positive contribution from pricing, and in particular, some OUS markets, but we also did have a pharma MSA that was part of our BPS divestiture that has -- is impacting the pharma margins in the second quarter as well. So those are a few of the puts and takes from the Q1, Q2 margins.

我認為我要在第二季度指出的另一件事是，雖然我們肯定會繼續獲得 IHC 的積極貢獻，定價的積極貢獻，特別是一些 OUS 市場，但我們也確實有一個製藥 MSA，它是我們的BPS 剝離也影響了第二季的製藥利潤。這些是第一季和第二季利潤率中的一些看跌期權和平倉期權。

Pito Chickering of Deutsche Bank is on the line with a question.

德意志銀行的皮托·奇克林 (Pito Chickering) 正在電話裡提問。

Going back to the softness in Healthcare Systems & Technology, can you give a little more detail on what exactly were the operational factors that impacted the first quarter? And why it should ramp sort of in the back half of the year? And also on the capital orders, I guess, why did those not flow through in the quarter as you guys were expecting?

回到醫療保健系統和技術的疲軟，您能否更詳細地說明影響第一季的營運因素到底是什麼？為什麼它會在今年下半年上升？我想還有資本訂單，為什麼這些訂單沒有像你們預期的那樣在本季流通？

And then finally, kind of why you saw lower rental revenues you're expecting? I guess I'm just trying to understand that the delta and the guidance you're seeing sort of today is down 300 bps for the year versus 3 months ago. And what changed so dramatically?

最後，為什麼您會看到預期的租金收入下降？我想我只是想了解您今天看到的 Delta 值和指引與 3 個月前相比，今年下降了 300 個基點。是什麼發生瞭如此巨大的變化？

I will take the first part of your question and Joel will take the second part of your question. We saw the operational issues were more related to how we were integrating our enterprise accounts and our folks who are every day in the field. We had made significant changes halfway through the quarter but did not catch up fast enough.

我將回答你問題的第一部分，喬爾將回答你問題的第二部分。我們發現營運問題更與我們如何整合企業帳戶和每天在現場工作的人員有關。我們在本季中途做出了重大改變，但趕上的速度不夠快。

We've been seeing a great deal of larger orders being signed today. As a matter of fact, a couple of them are full conversion -- competitive conversions. We have a very effective and large enterprise account that now is fully integrated with HST. And those were the things that we saw and didn't start in the first quarter, we should have been integrated and done a better job in -- probably in August, September last year.

今天我們看到大量較大的訂單被簽署。事實上，其中有幾個是完全轉換——競爭性轉換。我們擁有一個非常有效的大型企業帳戶，現在已與 HST 完全整合。這些是我們在第一季看到但沒有開始的事情，我們應該整合並做得更好——可能是在去年八月、九月。

We did catch up to that, and we see that better. We also have integrated some of the sales systems with more rigor than we had before, and we are making some changes at the mid-level management in that operation so we can get more rigor in how we sell product. But I have to tell you that we're already seeing the momentum that Baxter brings to HST, the part of the 2 companies and how the connectivity of our, for instance, a new Novum pump and how that works with the beds and the monitors how that makes a difference.

我們確實趕上了這一點，而且我們看得更清楚。我們也比以前更嚴格地整合了一些銷售系統，我們正在對該業務的中層管理進行一些改變，以便我們可以在銷售產品的方式上更加嚴格。但我必須告訴你，我們已經看到了 Baxter 為 HST（兩家公司的一部分）帶來的動力，以及我們的新 Novum 泵的連接方式以及它如何與床和監視器配合使用這有何不同？

So that is one part. There were operational issues in frontline care completely different than our CCS business. Front Line Care were related to government orders is slowed down by the government, also primary care issues with the payment system that was got hacked in the first quarter that was a division of United Healthcare that affect the primary care physicians offices, therefore, affect how they're ordering the products and getting paid.

這就是一部分。在第一線護理中存在與我們的 CCS 業務完全不同的營運問題。前線護理與政府訂單有關，被政府放慢了速度，而且初級保健支付系統的問題在第一季度遭到黑客攻擊，該系統是聯合醫療保健的一個部門，影響了初級保健醫生辦公室，因此影響了如何他們正在訂購產品並獲得報酬。

So that affects us as well. And there is a temporary contraction in the primary care physicians market, which we have very high market share. As a matter of fact, we probably gained share in that business. Instead of losing, we actually have proof that we gained share.

所以這也會影響我們。我們擁有很高市場份額的初級保健醫生市場出現暫時收縮。事實上，我們可能獲得了該業務的份額。我們實際上並沒有失去份額，反而有證據證明我們獲得了份額。

So we see that as a temporary blips in the Front Line Care. In the CCS business were pure operational issues, a lack of better integration in our key account management or enterprise accounts. So the headline of the answer is, we are executing much better right now. We're starting to see the effect in the CCS. We have converted couple of very large accounts from the competition and our offering of launches from last year, Progressa+ and Centrella CLR with a continuous lateral rotation have done very, very well.

因此，我們認為這只是前線護理中的暫時現象。 CCS 業務存在純粹的營運問題，我們的大客戶管理或企業帳戶缺乏更好的整合。所以答案的標題是，我們現在的執行情況要好得多。我們開始在 CCS 中看到效果。我們已經從競爭對手中轉換了幾個非常大的客戶，並且我們去年推出的產品、具有連續橫向旋轉的 Progressa+ 和 Centrella CLR 都做得非常非常好。

As a matter of fact, that was the reason why a Midwest system converted from the competition to us. In terms of Front Line Care, we're starting to see the rebound. I think we hit the bottom in the primary care office. And what we saw there in terms of all the things coming together, the payment system and the slowdown of the market and we're starting to see that is starting to pick up.

事實上，這就是中西部系統從競爭對手轉向我們的原因。在前線護理方面，我們開始看到反彈。我認為我們的初級保健辦公室已經觸底。我們看到所有的事情都聚集在一起，支付系統和市場放緩，我們開始看到這種情況開始好轉。

So I feel cautiously optimistic that our actions are starting to provide results and Baxter, in general, has a pretty strong portfolio that bringing together, as you could see by the results of the quarter. Now passing on to Joel on the second part of the question on the revenue.

因此，我對我們的行動開始產生成果感到謹慎樂觀，而且百特總體上擁有相當強大的投資組合，正如您從本季度的業績中看到的那樣。現在請喬爾回答關於收入的問題的第二部分。

Yes. I would say your question around the second half of year, why are we not recovering fully all the way to the 3%? I mean, I guess what I would say, the first quarter was a fairly sharp decline relative to expectations. And I think more than anything, it's simply that we're not fully anticipating making that up throughout the rest of the course of the year. Having said that, to Joe's point, we certainly do remain optimistic about the growth prospects in this business.

是的。我會在下半年問你的問題，為什麼我們沒有完全恢復到 3%？我的意思是，我想我會說，第一季相對於預期來說是相當急劇的下降。我認為最重要的是，我們並沒有完全預期在今年剩下的時間裡能夠彌補這一點。話雖如此，就喬的觀點而言，我們當然對這項業務的成長前景保持樂觀。

We have a number of new product launches that are coming in, they are going to continue to enhance our growth. As Joe pointed out, the improvement in Front Line Care, we had a lot of issues. We had gone through a lot of backlog last year and so there was actually a lot of difficult comparisons in the first half of the year that we're going to be lapping in the second half of the year.

我們即將推出許多新產品，它們將繼續促進我們的成長。正如喬指出的那樣，在前線護理的改善中，我們遇到了許多問題。去年我們經歷了很多積壓，因此上半年實際上有很多困難的比較，我們將在下半年進行比較。

We certainly expect our orders from CCS to continue to meaningfully accelerate. And as Joe said, we've taken specific actions to ensure that commercially and operationally, we're executing better as we head into the back half of the year.

我們當然預期 CCS 的訂單將繼續大幅成長。正如喬所說，我們已經採取了具體行動，以確保在進入今年下半年時，我們在商業和營運方面執行得更好。

So I guess, again, in summary, I don't know we're planning that -- we're not going to be able to make up the entire impact that we had in the first quarter of the year, but we're still confident in how we're moving forward. And I would say this, we started to see some modest improvements even starting in Q2 in that business as well.

所以我想，總而言之，我不知道我們正在計劃——我們無法彌補今年第一季的全部影響，但我們對我們的前進方式仍然充滿信心。我想說的是，即使從第二季開始，我們也開始看到該業務的一些適度改進。

Okay. And then a follow-up question on the gross margin. Is it just such a key part of the Baxter story here. Can you quantify the impact of the closing of the dialyzer facility in the quarter?

好的。然後是關於毛利率的後續問題。這就是巴克斯特故事的關鍵部分嗎？您能否量化本季關閉透析器設施的影響？

Looking at the rest of the gross margin improvement year-over-year, what's the split between the inflationary pressures easing versus increased pricing versus just simple operational efficiencies? And should inventories rolling through the balance sheet on the P&L be a tailwind to margins this year? And any seasonality around that occurring?

看看其餘的毛利率年比改善情況，通膨壓力緩解與定價上漲與簡單營運效率之間的差異是什麼？損益表上資產負債表上的庫存是否會成為今年利潤率的推動因素？發生這種情況有什麼季節性嗎？

So Pito, I'll take that. There are a lot of questions in there. What I would say is that the key is within our integrated supply chain, a lot of this comes down to the execution on our margin improvement initiatives. They've always been designed to offset inflation.

所以皮托，我會接受的。裡面有很多問題。我想說的是，關鍵在於我們的綜合供應鏈，這很大程度取決於我們的利潤改善計畫的執行。它們一直是為了抵消通貨膨脹而設計的。

So even this year, we do have normal inflationary pressures within our organization, but the MIPs that the team is executing against are more than offsetting that and driving the savings both on a year-over-year basis and relative to our expectations.

因此，即使今年，我們的組織內部確實存在正常的通膨壓力，但團隊正在執行的 MIP 足以抵消這一壓力，並推動同比和相對於我們的預期的節省。

Now in the first quarter, we did benefit from some of the positive and favorable manufacturing variances that Joel was referencing. So within the fourth quarter, we did have better volumes than we had anticipated that did -- so those favorable manufacturing variations rolled off in the first quarter giving us a benefit inclusive of what Joel referenced on Opelika where we were preparing for the closure of that dialyzer facility down in Opelika, Alabama. So that's really what I would say.

現在在第一季度，我們確實受益於喬爾提到的一些積極和有利的製造差異。因此，在第四季度，我們的銷量確實比我們預期的要好——因此，這些有利的製造變化在第一季度開始顯現，這給我們帶來了好處，其中包括喬爾在歐佩萊卡上提到的內容，我們當時正在準備關閉該工廠位於阿拉巴馬州歐佩萊卡的透析器設施。這就是我想說的話。

Pricing is a benefit. It's a benefit on a year-over-year basis and it's a benefit relative to our expectations. And this is pricing again across the organization on a net basis. And what we're doing is really outside the U.S., we're looking at those businesses and driving a lot of targeted actions within those markets outside the U.S. So I think this is collective. This is in line with what we said earlier that a lot of our margin improvement this year would be coming from gross margin.

定價是一個好處。這是同比的收益，也是相對於我們的預期的收益。這再次是整個組織以淨值定價。我們正在做的事情實際上是在美國之外，我們正在關注這些業務，並在美國以外的這些市場中推動許多有針對性的行動，所以我認為這是集體的。這與我們之前所說的一致，即今年我們的利潤率改善很大程度上將來自毛利率。

Larry Biegelsen of Wells Fargo is on the line with a question.

富國銀行的拉里·比格爾森 (Larry Biegelsen) 正在電話中提出問題。

Joe, there was a lot of strength in Q1 outside of HST, but the guidance implies growth slows in all segments. Why would growth slow so much relative to Q1 in Q2 through Q4 in those other segments? And I had one follow-up.

喬，第一季除 HST 之外的業務表現強勁，但該指引意味著所有細分市場的成長都在放緩。為什麼其他細分市場的第二季到第四季的成長速度會比第一季放緩這麼多？我有一個後續行動。

So Larry, maybe I'll start with that and let folks. I would say most of it -- we did see some strength within our Kidney Care that came in favorable to our expectations. So I think that we are still anticipating that to slow in the second half of the year as we get the impact from some of the government-based pricing initiatives in China. Also just the impact of some of the market exits that we will be incurring for the rest of the year.

拉里，也許我會從這個開始，讓大家知道。我想說的是，我們確實看到了腎臟護理方面的一些優勢，這符合我們的期望。因此，我認為，隨著我們受到中國一些政府定價措施的影響，我們仍然預計下半年成長會放緩。此外，我們還將在今年剩餘時間內遭受一些市場退出的影響。

So that's probably one of the biggest differences if I think about kind of the rest of the year. In addition, within our Pharmaceuticals business, we had really strong performance from our hospital pharmacy compounding business outside the U.S. We are continuing -- we have strong demand for that business. But we are also really focused on improving the profitability of that business.

因此，如果我考慮今年剩餘時間的情況，這可能是最大的差異之一。此外，在我們的製藥業務中，我們在美國以外的醫院藥局複合業務的表現非常強勁。但我們也真正專注於提高該業務的獲利能力。

So as we look at it going forward, being very disciplined about some of the business and demand that we're taking on for that. So I'd say that's probably the other impact. Besides that, I think most of the other businesses really kind of continue to perform in line. But those are the 2 big drivers of what changes between the first half and the second half.

因此，當我們展望未來時，我們對我們為此承擔的一些業務和需求非常嚴格。所以我想說這可能是另一個影響。除此之外，我認為大多數其他業務確實繼續表現良好。但這是上半場和下半場發生變化的兩大驅動因素。

And you'll see a tremendous acceleration for HST, Larry, that is reflective of the pace of the business but also acceleration of some of our actions that we took mid-Q1, that is starting to get effect in Q2. We have accelerated our pump sales.

拉里，你會看到 HST 的巨大加速，這反映了業務的步伐，也反映了我們在第一季中期採取的一些行動的加速，這些行動在第二季度開始生效。我們加快了泵的銷售。

We also see tremendous demand for our IV solutions and our nutrition -- IV nutrition doing pretty well. And our Pharmaceutical is doing extremely well with the 5 launches. We put those gains into the forecast, into the guidance going forward. However, we see this -- us seeking profitability ahead of sales growth.

我們也看到對我們的靜脈注射解決方案和我們的營養品的巨大需求——靜脈注射營養品表現相當不錯。我們的製藥公司在 5 次上市中表現非常出色。我們將這些成果納入預測和未來的指導中。然而，我們看到了這一點——我們在銷售成長之前尋求盈利。

So we will make some of the decisions to be markets where we can actually improve the bottom line. So it's a combination. You saw what happens. We beat the top. We beat the bottom and we continue to seek for opportunities to hopefully overperform.

因此，我們將做出一些決定，使我們能夠真正提高利潤的市場。所以這是一個組合。你看到發生了什麼事。我們擊敗了頂峰。我們已經觸底，繼續尋找機會，希望能夠超越市場。

And if I could just add one thing on the kidney piece for a little bit just 1 order of magnitude. That business that we talked about going from flat to 1% from a guidance perspective would be closer to mid-single digits without some of the market exits. So to Clare's point, that is a fairly sizable impact as we head into the remaining part of the year as well on a holdco basis.

如果我能在腎臟片上添加一點東西，就只是 1 個數量級。如果沒有一些市場退出，我們從指導角度討論的從持平到 1% 的業務將接近中個位數。因此，就克萊爾的觀點而言，當我們進入今年剩餘時間以及控股公司的基礎上時，這是一個相當大的影響。

That's helpful. Just one quick follow-up. Joe, on the plan for Kidney Co. spin versus sale, when do you expect to make a decision? And how do you guys think about the pros and cons of the spin versus a sale?

這很有幫助。只需一個快速跟進。喬，關於腎臟公司的分拆與出售計劃，您預計什麼時候做出決定？你們如何看待旋轉與銷售的優缺點？

Larry, we will be separating the business in the second half of 2024. And I don't want to comment at the moment and which option is a better option than the other. We're contemplating both options, and we have said that before that we will maximize shareholder return for the option. So whatever option we choose is going to be one of 2. We will separate first of all. Second, when we separate, we will separate with maximization of shareholder return in mind.

Larry，我們將在 2024 年下半年拆分業務。我們正在考慮這兩種選擇，在此之前我們已經說過，我們將最大限度地提高該選擇的股東回報。所以無論我們選擇什麼，都將是兩個選項之一。其次，當我們分開時，我們會考慮股東回報最大化。

Robbie Marcus of JPMorgan is on the line with a question.

摩根大通的羅比馬庫斯正在電話裡提出一個問題。

Maybe one on R&D. This is one of the first years in a while that R&D is growing slower than sales. How do you think about your R&D investment and where it's going? And are we just seeing some of the benefits of the Hillrom integration here?

也許是研發方面的。這是研發成長慢於銷售成長的頭幾年之一。您如何看待您的研發投資及其去向？我們是否只是在這裡看到了 Hillrom 整合的一些好處？

I want to start by saying that we actually increased R&D in HST, the former Hillrom business, we call HST in Baxter now. We increased R&D there. We are very, very judicious about capital allocation within the business and what put money in R&D. We also have plans in '24, but also in '25 to continue to increase the dollar's value, not as a percentage of sales, the dollar's value that we put there.

首先我想說的是，我們實際上增加了 HST（前 Hillrom 業務）的研發，現在我們在 Baxter 稱為 HST。我們在那裡增加了研發。我們對企業內部的資本分配以及研發資金的投入非常非常明智。我們還計劃在 24 年以及 25 年繼續提高美元的價值，而不是佔銷售額的百分比，也就是我們放在那裡的美元價值。

So we have not reduced the dollar value of R&D for '24, we actually increased that. As a percentage, that number may show a slowdown, but it has dollar-wise improved. There's no -- there are no savings that we are requiring from research and development. As a matter of fact, we continue to hire folks.

因此，我們並沒有減少 24 年研發的美元價值，實際上我們增加了研發的美元價值。從百分比來看，該數字可能顯示放緩，但從美元角度來看，該數字有所改善。我們不需要從研發中節省任何費用。事實上，我們仍在繼續招募人員。

We are right now exploring alternate sites for more R&D centers in one in Ireland and another one in the East Coast of the United States, we are actually increasing that. So our objective is to drive our goal to 4% to 5% top line growth with innovation, and that's going to be fueled by R&D.

我們現在正在尋找更多研發中心的替代地點，其中一個位於愛爾蘭，另一個位於美國東海岸，我們實際上正在增​​加這一點。因此，我們的目標是透過創新推動營收成長 4% 至 5%，而這將由研發推動。

You're going to see the Novum, we just had Clinolipid approved in the U.S. for neonate and term babies utilization. We also had -- we have significant pipeline coming in from HST. We have wireless communication device. We have new monitors, new thermometers. We have a significant amount of new technology. So there's no slowing down in R&D. It's the other way around.

你會看到 Novum，我們剛剛在美國批准了 Clinolipid 用於新生兒和足月嬰兒。我們還有大量來自 HST 的管道。我們有無線通訊設備。我們有新的監視器、新的溫度計。我們擁有大量新技術。因此研發並沒有放緩。恰恰相反。

Great. And maybe one, it doesn't get a lot of attention, but I feel like almost every quarter for the past few years, it keeps driving upside and now it's broken out as drug compounding. Nice high-teens growth here. Kind of same question, following up on Larry, but more specific to the drug compounding.

偉大的。也許其中一個，它沒有得到太多關注，但我覺得過去幾年幾乎每個季度，它都在持續上漲，現在它作為藥物複合物而爆發。這裡的青少年成長不錯。類似的問題，是對拉里的跟進，但更具體地涉及藥物合成。

How do we think about the trajectory of this business? It's one that keeps growing double digits year in and year out and the expectations it always will slow, but it hasn't yet. So what are your views here on how to think about this for the rest of the year?

我們如何看待這項業務的發展軌跡？它年復一年地保持兩位數的成長，人們期望它總是會放緩，但它還沒有。那麼，您對今年剩餘時間如何思考這個問題有何看法？

Robbie, we at pharmaceutical relied outside the U.S. in very key markets, the combination of drug compounding and premix and vial pharmaceuticals as well as IV solutions as Baxter provides a full solution to the customers.

羅比，我們製藥公司依賴美國以外的非常關鍵的市場，將藥物配製、預混劑和小瓶藥品以及靜脈注射解決方案相結合，百特為客戶提供了完整的解決方案。

Drug compounding is not an area -- a strategic area for Baxter, but it's strategic in specific markets that we do business. I would look at the performance of injectable pharmaceuticals, which has been -- was 8% this first quarter, we're starting to see the new products really taking shape and helping offset the price erosion headwinds as well as the gross margin that got eroded during the pandemic.

藥物複合不是百特的一個策略領域，但它在我們開展業務的特定市場中具有戰略意義。我會關註註射藥品的表現，第一季成長了 8%，我們開始看到新產品真正成形，有助於抵消價格侵蝕的阻力以及毛利率受到侵蝕疫情期間。

So I would say to you that I'm always optimistic on the second half of the compounding business volume. It is an opportunity that we have to continue to grow. But it's more important to us to grow the new products that we're launching because for every dollar that we sell of a new molecule or a new launched premix, the gross margin is one of the highest in the company, and it goes between 70% and 85%. So that's the focus.

所以我想對大家說，我對下半年的複利業務量始終持樂觀態度。這是我們必須繼續成長的機會。但對我們來說更重要的是開發我們推出的新產品，因為我們每銷售一美元的新分子或新推出的預混料，毛利率是公司最高的之一，在 70 之間% 和85% 。這就是重點。

Compounding is a good all-around business in Australia, New Zealand, U.K., Canada, Ireland to bring the IV solution volumes and some of the pharmaceuticals, but it's not the driver of the business in pharmaceutical. The new product launches and the volume is.

在澳洲、紐西蘭、英國、加拿大、愛爾蘭，複合是一項很好的綜合業務，可以帶來靜脈注射液和一些藥品，但它並不是製藥業務的驅動力。新產品上市，量產。

Danielle Antalffy of UBS is on the line with a question.

瑞銀 (UBS) 的丹妮爾·安塔菲 (Danielle Antalffy) 正在電話中提出問題。

Congrats on a good start to the year here. I just wanted to ask about Novum. Obviously, that's probably the biggest event that has happened now since we were all asked on the phone together. So just curious what you're seeing. I know it's early days, but with Novum, how much of that is factored into the Q1 outperformance or maybe drove some of the Q1 outperformance and into the higher guide? And just sort of what you're seeing from a competitive dynamic now that you do have Novum out there?

恭喜您今年有一個好的開始。我只是想問一下 Novum 的情況。顯然，這可能是自從我們一起透過電話詢問以來發生的最大事件。所以只是好奇你看到了什麼。我知道現在還為時過早，但對於 Novum，其中有多少因素會影響第一季的表現，或者可能推動部分第一季的表現並進入更高的指導？既然您已經有了 Novum，那麼您從競爭動態中看到了什麼？

Thank you for the compliment. Opening the question, it was very nice of you to recognize that, we agree with you. Novum has had no impact in the first quarter. As a matter of fact, that performance is driven by strong volumes all around the MPT portfolio, but Novum.

謝謝你的誇獎。打開這個問題，很高興您認識到這一點，我們同意您的觀點。 Novum 對第一季沒有產生影響。事實上，這項績效是由 MPT 投資組合（但 Novum 除外）的強勁交易量所推動的。

So Novum is going to be -- will have an impact on the company in the second half of the year when we start shipping. As we noted in the prepared remarks, we have 2 large accounts that just order the product. One is a full conversion from our competitor, our largest competitor, and we're going to continue to see that as our technology is modern, is new.

因此，當我們下半年開始出貨時，Novum 將會對公司產生影響。正如我們在準備好的評論中指出的，我們有 2 個大客戶只訂購該產品。一是我們的競爭對手，我們最大的競爭對手的全面轉變，我們將繼續看到我們的技術是現代的，是新的。

The equipment was designed with a significant amount of productivity built in. It comes with the best drug library on the market. And we're going to continue to have a combination of good alternatives to our customers between SIGMA SPECTRUM and Novum. So we -- as we transition between one technology and the other, we will have customers who will continue to use SIGMA SPECTRUM with our award-winning version 9 of the pump and the ones who will have the need for Novum to go there. But our objective right now is competitive conversions. And I think we can make a significant impact there, some in 2024 and more so in 2025.

該設備的設計內建了顯著的生產力。我們將繼續為客戶提供 SIGMA SPECTRUM 和 Novum 之間的良好替代方案組合。因此，當我們在一種技術和另一種技術之間過渡時，我們將擁有繼續使用 SIGMA SPECTRUM 和我們屢獲殊榮的第 9 版幫浦的客戶，以及需要 Novum 的客戶。但我們現在的目標是有競爭力的轉換。我認為我們可以在那裡產生重大影響，有些是在 2024 年，更多是在 2025 年。

Yes. And if I could just add a couple of things to that. Number one, keep in mind, as Joe talked about, we continue to see really strong performance in our Spectrum pump. And so throughout the course of the year, we've anticipated still strong double-digit growth in Spectrum.

是的。如果我可以添加一些內容的話。第一，請記住，正如 Joe 所說，我們繼續看到 Spectrum 泵的強勁性能。因此，在這一年中，我們預計 Spectrum 仍將實現兩位數的強勁成長。

As we head into the second half of the year, again, we will start rolling out Novum. We talked about them from the prepared remarks, we've anticipated some cannibalization of Spectrum with the Novum rollout, but we've included certainly $25 million in the fourth quarter of the year as an anticipation of incremental impact from the Novum rollup -- rollout and as Joe said, much more heading into 2025.

當我們進入今年下半年時，我們將再次開始推出 Novum。我們在準備好的發言中談到了這些問題，我們預計隨著Novum 的推出，Spectrum 會受到一些蠶食，但我們肯定在今年第四季度投入了2500 萬美元，作為Novum 推出帶來的增量影響的預期正如喬所說，2025 年還會有更多。

Patrick Wood of Morgan Stanley is on the line with a question.

摩根士丹利的派崔克伍德正在電話中提出問題。

Amazing. I'll keep it to one given the amount going on this morning. So thank you for taking it. Pharmaceuticals, obviously, again, very strong growth. I'm just trying to think bigger picture. The drug shortage list is still very high. You've got some onshoring certainly of the syringe side of things. And I think the Civica experiment didn't really work and some of the Indian manufacturers have been having a difficult time.

驚人的。考慮到今天早上發生的事情，我會將其保留為 1。所以謝謝你接受它。顯然，製藥業再次出現非常強勁的成長。我只是想考慮更大的前景。藥品短缺清單仍然很高。當然，注射器方面也有一些外包。我認為 Civica 實驗並沒有真正發揮作用，一些印度製造商一直在經歷困難時期。

I guess what do you see as a long-term opportunity there within that business to keep pushing out ANDAs and potentially either benefit from onshoring or pulling back some capacity and better pricings of the drug shortages? Just curious for the outlook there.

我想您認為該業務中的長期機會是什麼，可以繼續推出 ANDA，並可能從本土生產中受益，或者撤回一些產能並為藥品短缺提供更好的定價？只是對那裡的前景感到好奇。

Patrick, we are in an injectable space that is -- it's called a specialty generic. We take ANDAs, and we create premixes. They're very safe, they have good shelf life and they can be deployed to hospitals very quickly. So as we think about drug shortages, we continue to explore drugs that can be put into that format.

帕特里克，我們處於一個可注射的領域，它被稱為特殊仿製藥。我們採用 ANDA，並生產預混料。它們非常安全，保質期長，可以很快部署到醫院。因此，當我們考慮藥物短缺時，我們會繼續探索可以採用這種形式的藥物。

But we have also a different -- we have 2 technologies, one we call Calix, but we have another 1 that we call Viaflo. And the Viaflo technology also allows for premix even better without having to refrigerate for the most part. So our portfolio and Alok Sonig who runs that business has brought in a significant amount of opportunities for us to look at more drugs, more molecules.

但我們也有不同的技術——我們有兩種技術，一種我們稱之為 Calix，但我們還有另一種技術，我們稱之為 Viaflo。 Viaflo 技術還可以更好地進行預混，大部分情況下無需冷藏。因此，我們的投資組合和經營這項業務的 Alok Sonig 為我們帶來了大量的機會來研究更多的藥物、更多的分子。

We revamped our portfolio of new molecules that is going into premix and put more relevant ones. So they see the 5 we just launched. We have a really good effect in '24 and '25 for Baxter. That business is launching probably 3 to 4, 5 relevant molecules a year. And between expansion of markets outside the U.S. and the U.S., we will have more than 25 different launches in 2025.

我們改進了即將進入預混料的新分子組合，並添加了更多相關分子。所以他們看到了我們剛推出的 5 款產品。我們在 24 年和 25 年為 Baxter 取得了非常好的效果。該公司每年可能推出 3 到 4、5 個相關分子。在美國以外市場和美國市場的擴張中，我們將在 2025 年推出超過 25 種不同的產品。

So we continue to accelerate the innovation, but it's the quality of the innovation. In terms of making the product available, we will continue to invest in the technology. As you know, all GALAXY technology is U.S., base is made here in Illinois, and we have some of our products made in Puerto Rico as well as Ireland, but most onshore. So there should be of a good value proposition for our customers who look for security of supply.

所以我們繼續加速創新，但重點是創新的品質。在產品的推出方面，我們將繼續對技術進行投資。如您所知，所有 GALAXY 技術均來自美國，基地在伊利諾伊州製造，我們的一些產品在波多黎各和愛爾蘭製造，但大多數是在陸地上製造的。因此，對於尋求供應安全的客戶來說，應該有一個好的價值主張。

Travis Steed of Bank of America Securities is on line with a question.

美國銀行證券公司的 Travis Steed 線上提問。

I wanted to ask some of the segment margins, like Renal margins were really strong this quarter, HST margins were lower. I assume that's the revenue stuff, but I just wanted to make sure any other color you can provide on kind of those segment margins this quarter just given they were kind of way off trend?

我想問一些細分市場的利潤率，例如本季腎臟利潤率非常強勁，而 HST 利潤率則較低。我認為這是收入的問題，但我只是想確保您可以在本季度的這些細分市場利潤率上提供任何其他顏色，因為它們有點偏離趨勢？

Yes. Thanks for the question. Yes, you're correct in your assumption on that. And then on the Kidney side in particular, there is a lot of impact on that, and something I referred to you earlier in terms of closing our Opelika plant. So again, in that -- in the first quarter, there was -- I call there's a lot of increased production that drove a fairly significant amount of margin in our Kidney business in Q1 in particular. So I think that's really the main driver of that business that you saw that looked like a bit of an outsized margin. We're certainly not anticipating that to continue in Q2.

是的。謝謝你的提問。是的，您的假設是正確的。特別是在腎臟方面，這會產生很大的影響，我之前提到關閉我們的歐佩萊卡工廠。因此，在第一季度，我認為產量大量增加，特別是在第一季推動了我們腎臟業務相當大的利潤率。所以我認為這確實是你看到的利潤率看起來有點過大的業務的主要驅動力。我們當然預計這種情況不會在第二季繼續下去。

Okay. And then just kind of bigger picture, when you think about the core Baxter business kind of excluding the Renal business, just the opportunity for continued margin expansion. You're getting good margin expansion this year. But just in general, like what are the line of sight that you have? Is it cost rolling off? Is it based on revenue growth acceleration, cost opportunity that you can take out of this business just to kind of keep this margin trajectory and expansion kind of going longer term?

好的。然後，從更大的角度來看，當你考慮百特的核心業務（不包括腎臟業務）時，這只是持續利潤擴張的機會。今年您的利潤率成長良好。但一般來說，你的視線範圍是多少？成本會下降嗎？是否基於營收成長加速、您可以從該業務中獲得的成本機會，以維持這種利潤率軌跡和長期擴張？

Yes. I think it's really a combination of things. First of all, it's the volume, as you said, it is continued opportunities from pricing. As you know, we've had some pricing impact this year. And we've renegotiated some of our contracts with our GPOs as we head into next year. We're anticipating continued favorability from a pricing standpoint.

是的。我認為這確實是多種因素的結合。首先是數量，正如你所說，這是定價帶來的持續機會。如您所知，今年我們對定價產生了一些影響。進入明年，我們已經與 GPO 重新談判了一些合約。從定價的角度來看，我們預計會繼續受到青睞。

We also continue to -- the IFC continues to be an area of strength for us that is going to be positively impacting our margins. I think the continued operations for execution, the operational efficiencies, some of the automation opportunities we've had, we continue to do work from a procurement standpoint and some of the buying opportunities we have both to leverage our scale as well as for risk mitigation, we -- I see continued opportunities in the IFC space.

我們也繼續下去——國際金融公司仍然是我們的優勢領域，這將對我們的利潤產生積極影響。我認為持續的執行操作、營運效率、我們擁有的一些自動化機會、我們繼續從採購的角度開展工作，以及我們擁有的一些購買機會，既可以利用我們的規模，也可以降低風險，我們——我看到了國際金融公司領域的持續機會。

And I think the other thing I would say is I've said this before, I'll say it again, we're not going to SG&A are way to prosperity. However, there are areas of opportunity there. For example, we'll be hiring, even starting next week, a person that's going to be leading our global business services.

我想我要說的另一件事是我以前說過，我會再說一遍，我們不會將SG&A 視為繁榮之道。然而，那裡也有一些機會。例如，甚至從下週開始，我們將招募一名領導我們全球業務服務的人員。

That is an opportunity for us to continue to think about how we -- what our operating model is, as opposed to verticalization and how we can leverage some of the -- those opportunities across our organization. So I think, again, I see a variety of ways really up and down our P&L in terms of those type of opportunities to continue to expand our margins.

這對我們來說是一個機會，可以繼續思考我們的營運模式是什麼，而不是垂直化，以及我們如何在整個組織中利用這些機會。因此，我再次認為，就繼續擴大利潤率的此類機會而言，我看到了多種真正影響我們損益的方式。

Josh Jennings of TD Cowen is on the line with the question.

TD Cowen 的 Josh Jennings 在線上提出了這個問題。

I was hoping to ask Joe and team just about the geographic expansion initiative for the Hillrom or HST portfolio. Has it taken a little bit longer than Baxter initially thought? Or are there challenges to bring Hillrom technologies into international geographies where Baxter are present and Hillrom didn't? It sounds like some of the international softness was based on government order timing in Q1, but just wanted to get an update there as it was part of the strategic rationale for the Hillrom acquisition.

我希望向 Joe 和團隊詢問 Hillrom 或 HST 產品組合的地理擴張計劃。是不是比巴克斯特最初想像的要長一點？或者，將 Hillrom 技術引入 Baxter 存在而 Hillrom 沒有的國際地區是否有挑戰？聽起來有些國際疲軟是基於第一季的政府訂單時間，但只是想了解最新情況，因為這是收購 Hillrom 的戰略理由的一部分。

Yes. We have good performance in Western Europe, we see that, and we see good performance in Latin America as well. So we see that Baxter combination with Hillrom has expanded Hillrom opportunity in those markets. We are making changes in our Asia Pacific organization to bring more focus on capital sales to supplement what Baxter is strong, which is general acute market sales.

是的。我們在西歐有良好的表現，我們看到了這一點，我們在拉丁美洲也看到了良好的表現。因此，我們看到 Baxter 與 Hillrom 的結合擴大了 Hillrom 在這些市場的機會。我們正在對亞太地區的組織進行變革，以更加重視資本銷售，以補充百特的優勢，即普遍敏銳的市場銷售。

So we're increasing talent in Asia Pacific with some changes we just recently made. And Western Europe continues to be a strong market for us, and we continue to strengthen the group there, Latin America as well. So it has been a positive take on Baxter and Hillrom combined for outside the U.S. One market where things are not as strong is China, but China because specifically Made in China restrictions in VBP is known in the market, but our sales ambitions there were not very great as opposed to the fact that in Latin America, Europe, Middle East and Africa and the rest of Asia Pac, they become very strong, including Australia.

因此，我們正在透過最近做出的一些改變來增加亞太地區的人才。西歐仍然是我們的強大市場，我們將繼續加強那裡的團隊，拉丁美洲也是如此。因此，對於美國以外的地區，百特和Hillrom 的結合是一種積極的態度。的銷售雄心壯志卻沒有實現。

We're very successful in Australia, just closed some really good deals there. So Baxter brought a lot of talent into that equation, and we continue to strengthen the team with new hires that we're bringing on board.

我們在澳洲非常成功，剛剛在那裡達成了一些非常好的交易。因此，巴克斯特引進了許多人才，我們將繼續透過引進新員工來增強團隊實力。

Understood. And just one follow-up. Wanted to just ask about the Connectivity Solutions technology. It sounds like Novum IQ, the smart beds, they're adding to that connectivity solutions portfolio. But maybe if you could just share with us any pipeline initiatives and how you think they can roll in and then start delivering bigger sales impacts as we move into '25 and 2026?

明白了。只有一個後續行動。只是想詢問連接解決方案技術。聽起來像是 Novum IQ，智慧床，他們正在將其添加到連接解決方案組合中。但也許您可以與我們分享任何通路計劃，以及您認為這些計劃如何實施，然後在我們進入 25 和 2026 年時開始產生更大的銷售影響？

We, with Novum IQ, syringe and LVP, large volume parenteral, now we have a suite that connects with Baxter, gateway, overall gateway called Connex. And the Connex brings all these devices to talk to each other. So right now, if you went to our center, our customer experience center in Batesville or in any other place that we have, you would see the pump communicating to devices like Volt, the bed communicating to Volt.

我們擁有 Novum IQ、注射器和 LVP、大容量注射劑，現在我們有一套與 Baxter、網關、稱為 Connex 的整體網關連接的套件。 Connex 使所有這些設備能夠相互通訊。因此，現在，如果您前往我們的中心、位於貝茨維爾的客戶體驗中心或我們擁有的任何其他地方，您會看到泵與 Volt 等設備進行通信，床與 Volt 進行通信。

You see the connectivity. And as it becomes more important to our customers, Baxter has the right solutions for the hospitals. Interestingly speaking that it has to bring productivity improvement to the hospital. The ability to connect by just connecting is table stakes. But what Baxter is seeking is continue to innovate to bring specific solutions to improve productivity in the hospital setting.

您會看到連接性。隨著它對我們的客戶變得越來越重要，百特為醫院提供了正確的解決方案。有趣的是，它必須為醫院帶來生產力的提升。透過連結來連結的能力是賭注。但百特正在尋求的是繼續創新，帶來具體的解決方案，以提高醫院環境的生產力。

So we -- when we do our -- later this year, we do our Investor Day, we'll be able to bring a demo where you're going to be able to see how these devices will be connecting to each other. But they are very important. And with Novum now, the last piece of this puzzle is complete.

因此，當我們在今年稍後舉辦投資者日時，我們將能夠帶來一個演示，您將能夠看到這些設備如何相互連接。但它們非常重要。現在有了 Novum，這個難題的最後一塊就完成了。

We have time for one final question. Matt Miksic of Barclays is on the line with our final question.

我們還有時間回答最後一個問題。巴克萊銀行的馬特·米克西克 (Matt Miksic) 在線提出了我們的最後一個問題。

So I'd love to understand one of the things that a question I get often on Baxter is sort of where is the sort of tall pole in the tent? Where is the sort of significant single growth driver, if there is one? And looking into the end of back half of this year and '25, maybe, Joe or if you could highlight which of the product lines or business lines do you think are going to emerge as something that we're all going to look to, to sort of see lift in growth or lifting leverage into '25?

所以我很想了解我常在 Baxter 上收到的一個問題，就是帳篷裡的那種高桿子在哪裡？如果有的話，那種重要的單一成長動力在哪裡？展望今年下半年和 25 年，喬，或者您是否可以強調您認為哪些產品線或業務線將成為我們所有人都會關注的東西，進入 25 年後是否會看到增長的提升或槓桿率的提升？

Matt, one of the advantages of Baxter, it's diverse portfolio that brings things to a point where acute -- the acute market, we provide significant amount of infrastructure products for those markets, IV solutions, pharmaceuticals, pumps.

馬特，百特的優勢之一是，它的多樣化產品組合使事情達到了一個尖銳的地步——尖銳的市場，我們為這些市場提供了大量的基礎設施產品、靜脈注射解決方案、藥品、泵。

We also have the capital market with beds, monitors. And so when we think about Baxter in general, our -- we have several of -- several drivers of growth. You could see this quarter was a significant amount of growth and it was more than enough to offset some headwinds that we had in HST and HST is going to continue to -- I'm cautiously optimistic about the business.

我們還有資本市場，有床、有監視器。因此，當我們總體考慮百特時，我們的——我們有幾個——幾個成長驅動因素。您可以看到本季度出現了大幅增長，這足以抵消我們在 HST 方面遇到的一些阻力，並且 HST 將繼續 - 我對這項業務持謹慎樂觀的態度。

And I think we have -- we're back into our cadence of growth for that business. We have innovation of every single part of Baxter. We have significant drivers coming out of pharmaceutical, our injectable pharmaceutical portfolio. Our pump conversion rates will be what's going to make that business grow is going to be competitive conversions to our biggest competitor because we have a product that is new and it fulfills significant market needs.

我認為我們已經回到了該業務的成長節奏。我們對百特的每個部分都有創新。我們的注射藥品組合中的製藥業具有重要的動力。我們的泵浦轉化率將是使業務成長的因素，這將是對我們最大競爭對手的有競爭力的轉化，因為我們擁有一種新產品，它滿足了巨大的市場需求。

We also have, in our HST portfolio, more than 7 significant launches in 2025. So innovation in Baxter is not dependent on 1 or 2 products, it's a wide range of products that derisk the company and put the company in a good solid footing to achieve ex Kidney 4% to 5% growth.

在我們的HST 產品組合中，我們也將在2025 年推出超過7 個重要產品。的風險，並為公司奠定良好的堅實基礎。

Ladies and gentlemen, this concludes today's conference call with Baxter International. Thank you for participating.

女士們先生們，今天與百特國際的電話會議到此結束。感謝您的參與。