Bioventus Inc (BVS) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Bioventus Inc. second quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持。我叫卡莉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Bioventus Inc. 2025 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Dave Crawford, Vice President, Investor Relations. Please go ahead.

現在我想將電話轉給投資者關係副總裁 Dave Crawford。請繼續。

Thanks, Carly, and good morning, everyone, and thanks for joining us. It's my pleasure to welcome you to the Bioventus 2025 second quarter earnings conference call. With me this morning are Rob Claypoole, President and CEO; and Mark Singleton, Senior Vice President and CFO.

謝謝，卡莉，大家早安，謝謝你們加入我們。我很高興歡迎您參加 Bioventus 2025 第二季財報電話會議。今天早上與我一起的有總裁兼執行長 Rob Claypoole 和資深副總裁兼財務長 Mark Singleton。

Rob will begin his remarks with an update on our business and our 2025 priorities. Then Mark will review our second quarter results and discuss our outlook, including our 2025 financial guidance. We will finish the call with Q&A. A presentation for today's call is available on the Investors section of our website, bioventus.com.

羅布將首先介紹我們的業務進展和 2025 年的優先事項。然後馬克將回顧我們的第二季度業績並討論我們的前景，包括我們的 2025 年財務指導。我們將以問答形式結束通話。今天電話會議的簡報可在我們網站 bioventus.com 的投資者部分找到。

But before we begin, I would like to remind everyone that our remarks today contain forward-looking statements that are based on the current market expectations of management and involve inherent risks and uncertainties that could cause actual results to differ materially from those indicated, including the risks and uncertainties described in the company's filings with the Securities and Exchange Commission, including Item 1A Risk Factors of the company's Form 10-K for the year ended December 31, 2024.

但在開始之前，我想提醒大家，我們今天的言論包含前瞻性陳述，這些陳述基於管理層對當前市場的預期，並涉及固有風險和不確定性，可能導致實際結果與所示的結果存在重大差異，包括公司向美國證券交易委員會提交的文件中描述的風險和不確定性，包括公司截至 2024 年 12 月 31 日的 10-K 表格第 1A 項風險因素。

As such factors may be updated from time to time in the company's other filings made with the Securities and Exchange Commission. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.

因為這些因素可能會在公司向美國證券交易委員會提交的其他文件中不時更新。請注意不要過度依賴任何前瞻性陳述，這些陳述僅代表截至當時的觀點。

Although the company may voluntarily do so from time to time, it undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

儘管公司可能不時自願這樣做，但它不承諾更新或修改前瞻性陳述，無論是由於新資訊、未來事件還是其他原因，除非適用的證券法要求。

This call will also include reference to certain financial measures that are not calculated in accordance with US generally accepted accounting principles or GAAP. We generally refer to these as non-GAAP or adjusted financial measures. Important disclosures about and definitions and reconciliations of those non-GAAP financial measures to the most comparable measures calculated and presented in accordance with GAAP are available in the earnings press release on the Investors section of our website at bioventus.com.

此次電話會議也將參考某些未依照美國公認會計原則或 GAAP 計算的財務指標。我們通常將這些稱為非公認會計準則或調整後的財務指標。有關這些非 GAAP 財務指標的重要揭露、定義以及與根據 GAAP 計算和呈現的最具可比性的指標的對賬，請參閱我們網站 bioventus.com 投資者部分的收益新聞稿。

And now I will turn the call over to Rob.

現在我將把電話轉給羅布。

Thank you, Dave. Good morning, everyone, and thanks for joining our call today. I'm pleased to report that Bioventus delivered another quarter of solid financial results, driven by our team's disciplined execution. As we move into the second half of the year, we are well positioned to accelerate revenue growth, profitability and cash flow as we help patients recover so they can live life to the fullest.

謝謝你，戴夫。大家早安，感謝大家今天參加我們的電話會議。我很高興地報告，在我們團隊的嚴格執行的推動下，Bioventus 又取得了一個季度的穩健財務表現。隨著我們進入下半年，我們已做好準備，加速收入成長、獲利能力和現金流，幫助患者康復，讓他們能夠充分享受生活。

Second quarter revenue of $148 million was in line with our expectations and reflected the strength of our portfolio's diversity as we drove above-market organic growth of 6% even with challenging prior year comparisons in pain treatments.

第二季營收為 1.48 億美元，符合我們的預期，並反映了我們產品組合多元化的優勢，儘管疼痛治療領域與去年同期相比面臨挑戰，但我們仍實現了高於市場的 6% 的有機成長。

Adjusted earnings of $0.21 per share increased 31% compared to the prior year, while our adjusted EBITDA margin of 23% for the quarter exemplified the stability of our peer-leading gross margin and disciplined investment in key growth strategies. As a result of a solid first half and strong outlook for the remainder of the year, we are reiterating our full year revenue, adjusted EBITDA and adjusted earnings per share guidance.

調整後每股收益為 0.21 美元，較上年增長 31%，而本季度調整後的 EBITDA 利潤率為 23%，體現了我們同業領先的毛利率的穩定性以及對關鍵增長戰略的嚴格投資。由於上半年業績穩健且今年剩餘時間前景強勁，我們重申全年營收、調整後 EBITDA 和調整後每股盈餘預期。

Now let's take a closer look at our second quarter highlights and provide an update on our business across the three priorities I introduced at the start of the year, driving above-market revenue growth, continuing to expand our profitability and accelerating free cash flow generation.

現在讓我們仔細看看我們第二季度的亮點，並根據我在年初提出的三個優先事項更新我們的業務，即推動高於市場的收入增長、繼續擴大盈利能力和加速自由現金流的產生。

With respect to our first priority, driving above-market revenue growth, let me share a few highlights starting with our Surgical Solutions business, where we delivered strong double-digit growth in ultrasonics. We are well positioned for sustained above-market revenue growth as we continue to broaden awareness in the market of our ultrasonics value proposition of enhanced precision and control for surgeons, reduced patient blood loss and increased operating room efficiency.

關於我們的首要任務，即推動高於市場的收入成長，讓我分享一些亮點，首先從我們的外科解決方案業務開始，我們在超音波領域實現了強勁的兩位數成長。隨著我們不斷擴大市場對超音波價值主張的認識，即提高外科醫生的精度和控制力、減少患者失血量並提高手術室效率，我們已準備好實現持續高於市場的收入成長。

Switching to our Restorative Therapies business, Exogen accelerated and achieved double-digit growth for the quarter. This performance validates our approach to drive success across all of our product categories at Bioventus, tighter focus, right strategy, targeted investments and disciplined commercial execution, which we believe will enable us to deliver strong above-market growth.

轉向我們的修復療法業務後，Exogen 加速發展並在本季實現了兩位數的成長。這項業績驗證了我們在 Bioventus 所有產品類別中取得成功的方法：更緊密的關注、正確的策略、有針對性的投資和嚴謹的商業執行，我們相信這些將使我們能夠實現強勁的高於市場的成長。

And in our Pain Treatments business, as expected, growth temporarily slowed as a result of difficult comparisons to the prior year period. In the second half of this year, we expect Pain Treatments growth to accelerate as comparisons normalize and we drive traction with our focused strategy on large accounts, including IDNs.

在我們的疼痛治療業務中，正如預期的那樣，由於與去年同期相比難以比較，成長暫時放緩。今年下半年，隨著比較正常化，我們預計疼痛治療業務的成長將會加速，我們將透過專注於大客戶（包括 IDN）的策略來推動成長。

Powered by DUROLANE, we have a solid platform for sustained above-market growth in HA with our clinical differentiation, dedicated commercial team, strength of our private payer coverage and significant opportunities for geographic expansion.

在 DUROLANE 的支持下，我們擁有堅實的平台，能夠憑藉臨床差異化、專業的商業團隊、強大的私人付款人覆蓋範圍和巨大的地域擴張機會，在 HA 領域實現持續高於市場的成長。

Let me take a moment to discuss a key development within our pain treatment business, our recent 510(k) clearance of both StimTrial and TalisMann for peripheral nerve stimulation, or PNS, for the treatment of chronic peripheral pain.

請容許我花點時間討論我們疼痛治療業務中的一個關鍵發展，我們最近通過了 510(k) 批准，批准了 StimTrial 和 TalisMann 用於治療慢性周圍疼痛的周邊神經刺激或 PNS。

In many cases, patients suffer from debilitating chronic pain that limits their life or work activities on a daily basis. This therapy uses PNS products to deliver electrical pulses to specific peripheral nerves to provide non-opioid relief from chronic pain. The clearance of both StimTrial and TalisMann represents a very attractive growth opportunity for Bioventus as we look to expand aggressively in the fast-growing PNS market, which is currently estimated to be growing above 20% annually in the US with revenue expected to exceed $500 million by 2029.

在許多情況下，患者會遭受嚴重的慢性疼痛，這限制了他們的日常生活或工作活動。該療法使用 PNS 產品向特定的周邊神經傳送電脈衝，以非鴉片類藥物緩解慢性疼痛。StimTrial 和 TalisMann 的核准對 Bioventus 來說是一個非常有吸引力的成長機會，因為我們希望在快速成長的 PNS 市場中大力擴張，目前估計該市場在美國每年的成長率超過 20%，預計到 2029 年收入將超過 5 億美元。

With an expected total addressable market of approximately $2 billion, this represents an exciting expansion opportunity for Bioventus to advance non-opioid minimally invasive solutions for chronic pain management.

預計總目標市場約為 20 億美元，這為 Bioventus 提供了一個令人興奮的擴張機會，可以推進用於慢性疼痛管理的非鴉片類微創解決方案。

For those of you who are unfamiliar with our PNS business, our focus until now has centered on our R&D efforts to bring this new technology to market. We've had limited investment and commercial focus for this business with only a few million dollars in annual revenue from its legacy product offering.

對於那些不熟悉我們的 PNS 業務的人來說，到目前為止，我們的重點一直集中在研發工作上，以將這項新技術推向市場。我們對這項業務的投資和商業重點有限，其傳統產品每年僅帶來數百萬美元的收入。

With StimTrial, we bring to market our first ever trial lead designed to allow physicians the ability to evaluate a patient's response to PNS therapy. The lack of a trial lead in our portfolio has significantly limited adoption by physicians historically because physicians often prefer to validate the effectiveness of the treatment before considering a permanent implant and because the trial assessment is required by some payers for reimbursement.

透過 StimTrial，我們向市場推出了第一個試驗線索，旨在讓醫生能夠評估患者對 PNS 療法的反應。我們的產品組合中缺乏試驗線索，這在歷史上極大地限制了醫生的採用，因為醫生通常更願意在考慮永久植入之前驗證治療的有效性，並且一些付款人要求進行試驗評估才能報銷。

And this is complemented by our new TalisMann PNS system, which combines our patented electric field conduction technology with an integrated pulse generator to potentially reach deeper, larger nerves. This combination is designed to provide long-term relief from chronic nerve pain for patients, potentially increasing the number of patients who respond to neuromodulation therapy.

我們的全新 TalisMann PNS 系統對此進行了補充，該系統將我們專利的電場傳導技術與整合式脈衝產生器相結合，可以到達更深、更大的神經。這種組合旨在為患者提供慢性神經痛的長期緩解，從而可能增加對神經調節療法有反應的患者數量。

From a physician's perspective, the increase in power allows for easier lead placement and potentially broadens addressable nerves. Our innovative technology also has a user-friendly interface for both clinicians and patients. This technology reflects our team's world-class R&D capabilities as we bring leapfrog innovation to the market.

從醫生的角度來看，功率的增加使得導線放置更容易，並且可能擴大可尋址的神經。我們的創新技術也為臨床醫生和患者提供了使用者友善的介面。這項技術體現了我們團隊世界級的研發能力，為市場帶來了跨越式創新。

Over the past few years, we have had a small direct sales force for PNS, which we plan to invest in more over the second half of this year and going forward. We plan a limited commercial release of StimTrial and TalisMann in select US markets starting in this third quarter, with a broader rollout expected in early 2026.

過去幾年，我們為 PNS 組建了一支小型直銷隊伍，我們計劃在今年下半年及未來加大對這支隊伍的投入。我們計劃從今年第三季開始在部分美國市場有限度地商業發布 StimTrial 和 TalisMann，並預計在 2026 年初進行更廣泛的推廣。

For Bioventus, StimTrial and TalisMann represent an opportunity to accelerate our growth rate as we see a path to generating an estimated $100 million or more of revenue and we expect the combination of our PNS portfolio with the double-digit growth of our market-leading ultrasonics platform to continue to shift our Bioventus portfolio to higher growth end markets where we can sustainably grow our revenues at above-market rates with differentiated proprietary technology platforms.

對於 Bioventus 而言，StimTrial 和 TalisMann 代表著加速我們成長率的機會，因為我們看到了一條創造約 1 億美元或更多收入的途徑，並且我們預計，我們的 PNS 產品組合與我們市場領先的超聲波平台的兩位數增長相結合，將繼續將我們的 Bioventus 產品組合轉移到我們市場領先的超聲波平台的兩位數增長相結合，將繼續將我們的 Bioventus 產品組合轉移到我們市場領先的超聲波平台的兩位數增長相結合，將我們的 Bioventus 產品組合轉移到更高

Before I shift from discussing revenue growth, I'll mention that this was the seventh quarter in a row of at least mid-single-digit growth for Bioventus. And while our aspiration and our expectation is much higher, this consistent performance demonstrates the stability and strength of our diverse portfolio.

在討論營收成長之前，我想提一下，這是 Bioventus 連續第七個季度至少達到中等個位數的成長。雖然我們的願望和期望要高得多，但這種持續的表現證明了我們多元化投資組合的穩定性和實力。

Turning to our second focus area, expanding profitability. We continue to strongly believe that our peer-leading gross margin, combined with acceleration of revenue growth in the second half of the year will enable us to achieve 100 basis points of adjusted EBITDA margin expansion for the year despite the negative impact from foreign exchange that Mark will discuss.

轉向我們的第二個重點領域，擴大獲利能力。我們仍然堅信，儘管馬克將討論外匯帶來的負面影響，但我們同業領先的毛利率，加上下半年收入增長的加速，將使我們今年的調整後 EBITDA 利潤率擴大 100 個基點。

And with respect to our third focus area, as anticipated, we generated a significant acceleration in cash flow this quarter. We expect this performance to continue into the second half of the year as we benefit from our deleveraging, greater business efficiencies and reduced extraordinary expenditures to nearly double cash flow from operations compared to the prior year.

關於我們的第三個重點領域，正如預期的那樣，本季我們的現金流顯著加速。我們預計這種業績將持續到今年下半年，因為我們受益於去槓桿、更高的業務效率和減少的非常支出，與前一年相比，經營現金流幾乎翻了一番。

In conclusion, we made significant progress this quarter to deliver on our three priorities, and we achieved an important milestone with the 510(k) clearance of StimTrial and TalisMann, which creates a very attractive long-term growth opportunity for Bioventus.

總而言之，本季度我們在實現三大優先事項方面取得了重大進展，並且透過 StimTrial 和 TalisMann 的 510(k) 許可實現了重要的里程碑，這為 Bioventus 創造了非常有吸引力的長期成長機會。

I will also mention that we were recently recognized by US News & World Report as one of the top 10 companies to work for in North Carolina. The combination of very positive employee engagement and improved business performance demonstrates the exciting advancement of our company and that with the right focus, prioritization and disciplined execution, we will continue marching toward becoming a $1 billion high-growth, high-margin, high cash flow company that generates significant value for all of our stakeholders.

我還要提到，我們最近被《美國新聞與世界報道》評為北卡羅來納州十大最適合工作的公司之一。非常積極的員工參與度和不斷提升的業務績效相結合，表明了我們公司令人興奮的進步，並且透過正確的重點、優先次序和嚴格的執行，我們將繼續朝著成為一家價值 10 億美元的高增長、高利潤、高現金流的公司邁進，為我們所有的利益相關者創造巨大的價值。

Now I'll turn the call over to Mark.

現在我將把電話轉給馬克。

Thanks, Rob, and good morning, everyone. Let me begin by saying that I am pleased with our results and progress through the first half of the year as we work to constantly improve and strengthen our company and our performance.

謝謝，羅布，大家早安。首先，我要說的是，我們致力於不斷改進和加強公司和業績，我對我們上半年的成果和進步感到滿意。

Turning to our headline results for the second quarter. Revenue of $148 million was 2% lower than 2024, reflecting the impact of our Advanced Rehabilitation divestiture at the end of last year. Adjusting for the divestiture, organic growth was 6%, highlighted by strong performance across Surgical Solutions and Restorative Therapies. Adjusted EBITDA of nearly $34 million was $1 million higher than the prior year due to the divestiture and $1 million of foreign currency expense due to the US dollar weakening.

談談我們第二季的整體業績。1.48 億美元的收入比 2024 年低 2%，反映了我們去年年底高級康復業務剝離的影響。調整資產剝離後，有機成長率為 6%，其中外科解決方案和修復療法的強勁表現尤為突出。調整後的 EBITDA 接近 3,400 萬美元，比前一年高出 100 萬美元，原因是資產剝離以及美元走弱導致的 100 萬美元外匯費用。

Similar to last quarter, the majority of this FX loss resulted from the settlement of payables on our balance sheet. On a year-to-date basis, we've now absorbed more than $2 million in impacts from unplanned foreign currency exchange rate movements.

與上一季類似，大部分外匯損失源自於我們資產負債表上的應付款項結算。從年初至今，我們已因意外的外匯匯率變動而承受了超過 200 萬美元的影響。

Now let me provide some additional commentary on our quarterly revenue. Surgical Solutions revenue grew by 11%, driven by strong double-digit growth in ultrasonics. We are also encouraged by the acceleration in growth in bone graft substitutes, which we expect to continue into the second half of the year as new distributors ramp up and existing ones continue to access new customers.

現在，讓我對我們的季度收入提供一些額外的評論。受超音波業務強勁兩位數成長的推動，外科解決方案收入成長了 11%。我們也對骨移植替代品的成長加速感到鼓舞，隨著新經銷商的增加和現有經銷商繼續獲得新客戶，我們預計這種成長將持續到今年下半年。

In Pain Treatments, revenue increased 1% as we lapped challenging comparisons to the prior year period. Excluding these items, pain treatments grew an estimated 4% to 5%.

在疼痛治療方面，收入增加了 1%，與去年同期相比，我們取得了突破性的進展。除這些項目外，疼痛治療費用估計增加了 4% 至 5%。

Shifting to Restorative Therapies, the divestiture of Advanced Rehabilitation business resulted in a 32% decrease in revenue. Excluding the impact of the divestiture, organic growth was 11% as we accelerated growth in Exogen, which demonstrated improvement in commercial effectiveness and sales force execution, along with the timing of international distributor orders. We are optimistic we will be able to deliver high single to double-digit organic growth for the remainder of the year.

轉向恢復性療法，高級康復業務的剝離導致收入下降 32%。排除資產剝離的影響，有機成長率為 11%，這得益於我們加速了 Exogen 的成長，這反映了商業效率和銷售團隊執行力的提高，以及國際經銷商訂單時間的安排。我們樂觀地認為，我們將能夠在今年剩餘時間內實現高個位數至兩位數的有機成長。

Finally, revenue from our International segment increased 12% compared to the prior year, while organic growth climbed 24%. Organic growth was fueled by double-digit growth across Surgical Solutions and Pain Treatments.

最後，我們國際部門的營收比去年成長了 12%，而有機成長率則上升了 24%。外科解決方案和疼痛治療業務的兩位數成長推動了有機成長。

Moving down the income statement. Adjusted gross margin of 76% was 50 basis points higher than last year, driven by improved product mix. Adjusted total operating expenses declined $4 million as increased investment in our growth initiatives was more than offset by direct expense savings related to the Advanced Rehabilitation divestiture. Now for the additional detail on our bottom line financial metrics. Adjusted operating income increased $2 million compared to the prior year to $31 million.

向下移動損益表。調整後的毛利率為 76%，比去年高出 50 個基點，這得益於產品組合的改善。調整後的總營運費用下降了 400 萬美元，因為我們對成長計畫的投資增加被與高級復健業務剝離相關的直接費用節省所抵消。現在來詳細了解我們的底線財務指標。調整後的營業收入較前一年增加 200 萬美元，達到 3,100 萬美元。

Adjusted net income of $18 million increased 45% compared to $13 million in the prior year. The growth is a result of our lower interest expense as we continue to pay down debt and benefited from the reduced employee equity-based compensation. And finally, adjusted earnings of $0.21 per share for the quarter, an increase of $0.05 compared to the prior year.

調整後的淨收入為 1,800 萬美元，較上年的 1,300 萬美元成長 45%。這一增長是由於我們繼續償還債務，降低了利息支出，並受益於員工股權薪酬的減少。最後，本季調整後每股收益為 0.21 美元，比上年增加 0.05 美元。

Now shifting to the balance sheet and cash flow statement. We ended the quarter with $33 million in cash on hand and $341 million in outstanding debt, which included $5 million drawn on our revolving credit facility. Consistent with our planning assumptions, we realized a significant acceleration in cash flow. Cash flow from operations totaled $26 million, representing an increase of $11 million compared to the prior year. The stronger cash flow was driven by lower interest expense and a reduction in onetime cash costs.

現在轉到資產負債表和現金流量表。本季末，我們手頭上有 3,300 萬美元現金，未償債務為 3.41 億美元，其中包括從循環信貸中提取的 500 萬美元。與我們的計劃假設一致，我們實現了現金流的顯著加速。經營活動現金流總計 2,600 萬美元，比前一年增加 1,100 萬美元。現金流的強勁成長得益於利息支出的降低和一次性現金成本的減少。

We are confident in our ability to generate significant cash from operations for the remainder of the year, and we continue to expect cash from operations in 2025 to nearly double compared to 2024. Given the projected strong cash flow and increase in adjusted EBITDA, we expect our net leverage will fall to below 2.5 times by the end of 2025.

我們有信心在今年剩餘時間內從營運中產生大量現金，我們仍然預計 2025 年的營運現金將比 2024 年增長近一倍。鑑於預計強勁的現金流和調整後 EBITDA 的成長，我們預計到 2025 年底我們的淨槓桿率將降至 2.5 倍以下。

Our strong financial performance and growing cash flow enabled us to recently refinance our credit facility. We entered into a new $300 million five-year term loan agreement and $100 million revolving credit facility with our lenders. We realized several benefits as a result of this refinancing.

我們強勁的財務業績和不斷增長的現金流使我們最近能夠對我們的信貸額度進行再融資。我們與貸款人達成了新的 3 億美元五年期貸款協議和 1 億美元循環信貸協議。這次再融資為我們帶來了多項好處。

First, we lowered the interest rate on our debt by 75 basis points, generating annual interest expense savings of over $2 million. Second, we improved our liquidity and financial flexibility by extending the maturity of our loan to 2030 and increasing the size of our revolver by $60 million.

首先，我們將債務利率降低了 75 個基點，每年節省利息支出超過 200 萬美元。其次，我們將貸款期限延長至 2030 年，並將循環信貸額度增加 6,000 萬美元，從而提高了流動性和財務靈活性。

Finally, the annual amortization on the term loan was reduced from 10% to 5% per year for the tenor of the loan. This reduces our annual debt repayment by $15 million, enabling greater opportunity for capital deployment moving forward.

最後，定期貸款的年度攤銷率從貸款期間的 10% 降至 5%。這使我們的年度債務償還減少了 1500 萬美元，為未來的資本部署提供了更大的機會。

To complete the refinancing, we initially drew $30 million on the new revolver and plan to use cash generated in the second half of the year to repay the borrowing on the revolver. By borrowing $30 million on our revolver, we reduced our net debt by an additional $11 million since the end of the second quarter. We believe these are all positive developments for our long-term strategy.

為了完成再融資，我們最初從新的循環信貸中提取了 3,000 萬美元，並計劃使用下半年產生的現金來償還循環信貸的借款。透過借入 3,000 萬美元循環信貸，自第二季末以來，我們的淨債務又減少了 1,100 萬美元。我們相信這些對於我們的長期策略來說都是正面的發展。

Finally, as Rob mentioned, we are pleased to reaffirm our 2025 financial guidance, which we initially provided on March 11. This includes organic revenue growth of 6% to 8%, adjusted EBITDA of $112 million to $116 million and EPS of $0.64 to $0.68. Our guidance incorporates the full year impact of $5 million of the current expectation of tariffs in 2025 and the year-to-date impact related to foreign exchange.

最後，正如 Rob 所提到的，我們很高興重申我們最初在 3 月 11 日提供的 2025 年財務指導。其中包括有機收入成長6%至8%，調整後息稅折舊攤提前利潤（EBITDA）1.12億美元至1.16億美元，每股收益0.64美元至0.68美元。我們的預期已包含目前預期2025年關稅帶來的500萬美元全年影響，以及年初至今與外匯相關的影響。

We now expect the impact of current tariffs to be approximately $3 million in 2025. In addition, we have been successfully in offsetting over $2 million related to foreign exchange expense through the first half of the year, and our guidance does not assume additional impact from the US dollar fluctuation in the second half of the year.

我們現在預計，到 2025 年，現行關稅的影響將達到約 300 萬美元。此外，我們已成功抵銷了上半年與外匯費用相關的 200 多萬美元，而我們的指導意見並未假設下半年美元波動會產生額外影響。

In closing, we continue to execute our business plan and believe we are well positioned to create shareholder value through strengthening our growth, profitability and cash flow over the coming quarters and the long term.

最後，我們將繼續執行我們的業務計劃，並相信我們有能力透過在未來幾季和長期內加強我們的成長、獲利能力和現金流來創造股東價值。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

(Operator Instructions)

（操作員指示）

Chase Knickerbocker, Craig-Hallum.

蔡斯·尼克博克，克雷格·哈勒姆。

Congrats on the solid quarter. I wanted to start on pain. Can you -- I might have missed this, I'm sorry, but can you remind us what growth would have been year-over-year on an organic basis, if not for that favorable rebate adjustment in 2Q '24? And then along those same lines, just can you kind of walk through the pluses and minuses in pain in the quarter? It sounds like DUROLANE volume was a plus.

恭喜本季業績穩健。我想從痛苦開始。你能——我可能錯過了這一點，很抱歉，但你能提醒我們，如果沒有 2024 年第二季有利的回扣調整，有機成長率會達到多少？然後按照同樣的思路，您能否大致描述一下本季的優點和缺點？聽起來 DUROLANE 的容量是一個優勢。

What was the volume growth there for DUROLANE? And then you had mentioned kind of price being a bit of a distractor. Was that for DUROLANE? Or was that the multi-shot portfolio? And then if you could just kind of give us your overall thoughts on kind of GELSYN and SUPARTZ and kind of the competitive environment for those products as well.

DUROLANE 的銷售成長如何？然後您提到價格有點分心。那是 DUROLANE 嗎？還是那是多鏡頭作品集？然後，您能否向我們介紹一下您對 GELSYN 和 SUPARTZ 的整體看法，以及這些產品的競爭環境。

Thanks, Chase. That was a lot of questions. So we'll try to get through. I'll start with the first one and hand it over to Rob. I think when you look at our normalized growth, I talked about that in the script and essentially, it would be 4% to 5% versus the 1% that we reported.

謝謝，蔡斯。有很多問題。所以我們會盡力解決。我將從第一個開始並將其交給 Rob。我認為，當您查看我們的正常化成長時，我在腳本中談到了這一點，基本上，它將是 4% 到 5%，而我們報告的是 1%。

Chase, for the business overall, and feel free to elaborate on your question if this doesn't touch on it. But I think it's important. Just keep in mind, last year, we grew about 4 times the market. And as we shared in the beginning of this year, I didn't expect that to continue, but really confident that we can grow above the market given the factors we've talked about before with our clinical differentiation, large dedicated commercial team and our private payer contract strength.

蔡斯，就整個業務而言，如果這沒有涉及到它，請隨意詳細說明你的問題。但我認為這很重要。請記住，去年我們的市場規模成長了約 4 倍。正如我們在今年年初所分享的那樣，我並不期望這種情況會持續下去，但我真的有信心，考慮到我們之前談到的臨床差異化、大型專業商業團隊和私人付款人合約實力等因素，我們可以超越市場。

And as it relates to the competition, yes, this market has been competitive for a long time, and we've been driving above-market growth in that environment and expect to continue to do so.

至於競爭，是的，這個市場長期以來一直競爭激烈，我們一直在這種環境下推動高於市場的成長，並希望繼續這樣做。

So in terms of across the portfolio, naturally, DUROLANE continues to be the strongest driver in that portfolio, both our focus on that and our clinical differentiation and also as the category continues to shift to single injection. Let us know which aspects of your question we didn't cover there.

因此，就整個產品組合而言，DUROLANE 自然繼續成為該產品組合中最強勁的驅動力，這既是我們對此的關注，也是我們的臨床差異化，而且該類別也繼續轉向單次注射。請讓我們知道我們未涉及您問題的哪些方面。

Yes, through a lot of idea, sorry. Maybe just specifically on DUROLANE volume growth, if you could elaborate what that was in the quarter. And then basically, what I'm trying to get at is, in the back half of the year here, you will have to kind of step up organic growth on a year-over-year basis even from kind of that 4% to 5% range, call it, certainly in the high single digits in pain, at least kind of in my model to get to the guidance. Can you just kind of elaborate on kind of the drivers of that acceleration?

是的，經過很多想法，抱歉。也許只是具體關於 DUROLANE 銷售成長，如果您可以詳細說明本季的情況。然後基本上，我想要表達的是，在今年下半年，你必須在同比基礎上提高有機增長率，甚至從 4% 到 5% 的範圍來看，至少在我的模型中，肯定會達到高個位數的痛苦增長，才能達到預期。能否詳細說明一下這種加速的驅動因素？

Yes. Chase, when you think about volume, we just talk about above-market growth from our HA business and you think about the market growth from a single injection for DUROLANE, which I think is what you're asking about. So we think that market grows in the mid-single digits.

是的。蔡斯，當您考慮銷售量時，我們只談論 HA 業務的高於市場的成長，而您考慮的是 DUROLANE 單次注射帶來的市場成長，我認為這就是您所問的。因此我們認為市場成長率將達到中等個位數。

We were slightly above that for our performance in second quarter. And when you look at the back half of the year, I mean, really, I guess, from a pain but overall perspective, when you normalize for the kind of the first half unfavorable compares, we're going to make up half of that -- more than half of that growth just with the kind of the onetime compares.

我們第二季的表現略高於這一水平。當你回顧下半年時，我的意思是，從痛苦但總體的角度來看，當你將上半年不利的比較正常化時，我們將彌補其中的一半——超過一半的增長僅通過一次性比較即可實現。

And then we get into the growth drivers in the back half, it's going to be HA and BGS. And I know your question is just about HA specifically. But we have a clear line of sight to some new account wins that have been coming on board over the last few months and then some new IDN accounts as well that we're looking to accelerate in the back half of the year.

然後我們進入後半部分的成長動力，那就是 HA 和 BGS。我知道您的問題只是關於 HA 的問題。但我們清楚地看到，過去幾個月來，我們已經贏得了一些新帳戶，並且還贏得了一些新的 IDN 帳戶，我們希望在今年下半年加速這些帳戶的成長。

So we feel confident about it. And just remind you in that, we -- from an EBITDA perspective, again, not just about pain, but we've absorbed $5 million of cost and headwinds between foreign exchange and our tariffs. And so that's all absorbed in the guidance and feel good about where we are.

所以我們對此充滿信心。需要提醒您的是，從 EBITDA 的角度來看，我們不僅僅是承受痛苦，我們還承受了 500 萬美元的成本以及外匯和關稅之間的阻力。因此，這一切都融入了指導中，我們對目前的狀況感到滿意。

Chase, this is Rob. I'll just elaborate on that a bit to specify a few points to your question. So first, when you look at the first half of the year, we grew about 5.5%. And to your point, when you look at our full year guidance, it implies an acceleration of about 300 basis points in the second half versus the first half. And as Mark touched on, more than half of that, at least half will come from just getting past the unfavorable comps that we've been talking about.

蔡斯，這是羅布。我將稍微詳細說明一下，以明確您的問題的幾點。首先，當你看今年上半年時，我們的成長了約 5.5%。正如您所說，當您查看我們的全年指引時，它意味著下半年的成長速度將比上半年加快約 300 個基點。正如馬克所提到的，其中超過一半，至少一半將來自我們一直在談論的不利的競爭。

And then also, as he touched on, we have PGS, bone graft substitute and HA acceleration happening in the second half with new business that we already have visibility to in our pipeline. So just from that combination, let alone the momentum across the rest of our business, that's why we're confident in our revenue guidance for the back half.

然後，正如他所提到的，我們將在下半年加速推進 PGS、骨移植替代品和 HA 業務，而新業務已在我們的管道中得到關注。因此，僅從這個組合來看，更不用說我們其他業務的發展勢頭，這就是我們對下半年收入預期充滿信心的原因。

That was really helpful, guys. And then maybe just one more on Surgical. Can you -- what was BGS growth in the quarter? And then kind of piecing all this commentary together with ultrasonics that continuing to do very well and BGS expected to accelerate. Should we be expecting accelerating year-over-year growth from surgical franchise as a whole as we look at the Q3 and Q4 year-over-year growth number compared to Q2?

夥計們，這真的很有幫助。然後也許再談一個關於外科的問題。您能－本季 BGS 的成長情況如何？然後將所有這些評論與超音波拼湊在一起，繼續表現良好，BGS 預計會加速。當我們看到第三季和第四季與第二季相比的同比增長數字時，我們是否應該期待整個外科手術特許經營業務的同比增長加速？

Yes. Chase, I'll just look at your BGS question that you had. I think in the first quarter, we had really low single digits. And then when we look at the second quarter, we had pretty much a high single-digit growth in the second quarter for BGS. And we look for that business to continue to accelerate as we've been talking about since the beginning of the year and still on track for that.

是的。蔡斯，我只想看看你提出的 BGS 問題。我認為在第一季度，我們的成長率確實很低，只有個位數。然後，當我們看第二季度時，我們發現 BGS 在第二季度實現了相當高的個位數成長。我們期待該業務繼續加速發展，正如我們自今年年初以來一直在談論的那樣，並且目前仍處於正軌上。

From an overall surgical portfolio as well -- overall, we are still confident in the growth in ultrasonics, great portfolio, as you've heard us talk about before. So with BGS accelerating and overall, we feel good about the second half of the year for that business.

從整體外科手術產品組合來看，總體而言，我們仍然對超音波產品的成長充滿信心，產品組合很棒，正如您之前聽到我們談論的那樣。因此，隨著 BGS 的加速發展，總體而言，我們對該業務下半年的表現感到樂觀。

And Chase, I'll also touch on this one, just to make sure that you remind you that it's in line with expectations. So we're seeing that nice acceleration in bone graft substitutes that we expected that we've been talking about for a couple of quarters now and expect that to continue again in the second half as we bring new customers online.

蔡斯，我也會談到這一點，只是為了確保提醒你，這符合預期。因此，我們看到骨移植替代品的良好加速發展，這是我們預期的，我們已經討論了幾個季度，並且預計隨著我們為新客戶提供服務，這種趨勢將在下半年繼續下去。

And ultrasonics, important to say it was another very strong quarter of growth. We have this world-class technology, and we believe we can change the standard of care in this space. So we're seeing excellent capital placements, again, which is a leading indicator of market development, as you know. And we expect our momentum to continue in the second half and then ramp from there in 2026 and beyond. So expect surgical to continue to be a very attractive growth driver for us.

對於超音波而言，值得一提的是，這又是一個成長非常強勁的季度。我們擁有世界一流的技術，我們相信我們可以改變這個領域的護理標準。因此，我們再次看到了出色的資本配置，正如您所知，這是市場發展的領先指標。我們預計我們的勢頭將在下半年繼續保持，並在 2026 年及以後進一步增強。因此，我們預計外科手術將繼續成為我們非常有吸引力的成長動力。

Congrats again on the execution here, guys.

再次恭喜你們的執行，夥計們。

Ross Osborn, Cantor Fitzgerald.

羅斯奧斯本、康托費茲傑拉。

This is Matthew Park on for Ross today. I guess maybe starting with Exogen. I was hoping to get some more color on what drove strength in the quarter and I guess, your confidence in your ability to sustain growth levels here.

今天，馬修·帕克 (Matthew Park) 將為羅斯主持節目。我想也許從 Exogen 開始。我希望能更詳細地了解本季的強勁成長動力，以及您對維持成長水平的能力的信心。

Thanks, Matthew. Yes. Well, in Exogen and our Restorative Therapies business, as mentioned, we generated double-digit growth for Restorative Therapies in the second quarter. So we're very excited about that. And that's from a combination of the focus that we're putting on the business, fantastic leadership and team.

謝謝，馬修。是的。嗯，正如所提到的，在 Exogen 和我們的修復療法業務中，我們在第二季度為修復療法實現了兩位數的成長。所以我們對此感到非常興奮。這是因為我們對業務的關注、出色的領導力和團隊。

I can't say enough about that team. The right strategy, smart investments and really stronger commercial execution. And that stronger execution is, in turn, demonstrating a favorable ROI on the investments that we've made in the business. And that growth is coming from a combination of previous customers that we lost, existing customers driving more volume and from new customers. And looking forward to keeping this going.

我對那支球隊的讚美之詞說不完。正確的策略、明智的投資和更強大的商業執行力。而更強勁的執行力反過來又證明了我們在業務上所做的投資獲得了良好的投資回報率。這種成長來自於我們失去的舊客戶、現有客戶的增加以及新客戶的增加。並期待繼續保持這種狀態。

I think helpful for everybody online to remind them that as we look forward, this market has an extremely large TAM or available market, total available market. And -- so it's up to us to go help the unaware and the nonbelievers so that they can help their patients with what we consider to be remarkable noninvasive technology.

我認為提醒網路上的每個人都有幫助，正如我們展望未來一樣，這個市場擁有極其龐大的 TAM 或可用市場、總可用市場。因此，我們有責任去幫助那些不了解情況和不相信的人，以便他們能夠利用我們認為卓越的非侵入性技術來幫助他們的患者。

And so we plan on continuing to drive that. We may not be counting on double-digit growth in this business by the quarter, but we do believe we can generate sustained growth in the mid-single-digit range or above while always aiming for higher. And then last, Matthew, for your perspective, as you may know, this business used to be over $100 million in size, and we believe we can get it back over $100 million in size with the momentum that we have.

因此我們計劃繼續推動這項進程。我們可能不會指望該業務在本季度實現兩位數的成長，但我們確實相信，我們能夠實現中等個位數或以上的持續成長，同時始終追求更高的成長。最後，馬修，從你的角度來看，你可能知道，這項業務的規模曾經超過 1 億美元，我們相信，憑藉我們現有的勢頭，我們可以將其恢復到 1 億美元以上。

Super helpful. And then maybe one more for me. I guess how should we think about OpEx spend in the back half of the year, especially as you begin to roll out TalisMann and StimTrial and build the sales force?

超有幫助。然後也許對我來說再多一個。我想我們應該如何考慮下半年的營運支出，特別是當您開始推出 TalisMann 和 StimTrial 並建立銷售團隊時？

Yes. Thanks for the question. When you look at the back half of the year, we'll see a slight increase in spend on commissions as our BGS revenue ramps, and then we're going to start to do some additional investing in PNS and PRP in the second half of the year. So it will slightly increase. But I think if you look at our P&L going from 1Q to 2Q, it's really about delivering on the revenue as Rob and myself walked you through that and our confidence in that.

是的。謝謝你的提問。展望下半年，隨著 BGS 收入的增加，我們會看到佣金支出略有增加，然後我們將在下半年開始對 PNS 和 PRP 進行一些額外投資。所以會稍微增加。但我認為，如果你看一下我們從第一季到第二季的損益表，你會發現這實際上是為了實現收入，正如 Rob 和我向你介紹的那樣，我們對此充滿信心。

When the revenue grows, the EBITDA will come. And we've historically done a good job of being disciplined in managing our spending, and we'll continue to do so.

當收入成長時，EBITDA 就會隨之成長。我們在管理支出方面一直做得很好，我們將繼續這樣做。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

First for me, I wanted to ask on R&D, both the absolute dollar spend in percentage of sales and how you're thinking about that over the future as you start adding more innovative products?

首先，我想問關於研發的問題，包括銷售額的絕對支出百分比，以及當您開始添加更多創新產品時，您如何考慮未來這方面的支出？

Robbie, it's Rob. Yes, we have moderate investment, I'd say, from an R&D standpoint that's ramping up with what we've been doing both within our ultrasonics platform and with PNS. For those two businesses, we have what we believe are the best world-class R&D teams internally. And that's why while we're excited about the existing platforms for both of those, we have strong capabilities to continue to expand those platforms organically. And that's where the majority of our R&D dollars are going right now.

羅比，我是羅布。是的，我想說，從研發的角度來看，我們進行了適度的投資，並且隨著我們在超音波平台和 PNS 所做的工作而不斷增加。對於這兩項業務，我們擁有我們認為最好的世界級內部研發團隊。這就是為什麼我們對這兩個平台的現有平台感到興奮，同時我們也有強大的能力繼續有機地擴展這些平台。這就是我們目前大部分研發經費的投入方向。

And we expect in both of those businesses for that to increase because even though we've now launched this very exciting technology with StimTrial and TalisMann in PNS, we still have the opportunity to significantly expand that portfolio. We're very committed to that business.

我們預計這兩項業務的銷售額都會成長，因為儘管我們現在已經在 PNS 領域推出了 StimTrial 和 TalisMann 這一非常令人興奮的技術，但我們仍然有機會大幅擴展該產品組合。我們非常致力於這項業務。

And in ultrasonics, we've made a number of changes, both in terms of our growth aspirations, what our strategy is to get there and how our portfolio plays into that. And that's included putting stronger resources from an upstream marketing standpoint that are developing our long-term portfolio strategy coming from our overall growth strategy, and that leads to an increase in the R&D spend that we're putting against that business. So moderate so far, but it has been ramping and expect it to go up from here as we continue to drive those high-growth businesses.

在超音波領域，我們做出了許多改變，包括我們的成長願望、實現目標的策略以及我們的產品組合如何發揮作用。這包括從上游行銷的角度投入更強大的資源，制定來自我們整體成長策略的長期投資組合策略，從而增加我們在該業務上的研發支出。到目前為止，成長速度還比較溫和，但隨著我們繼續推動這些高成長業務，成長速度一直在加快，預計還會繼續上升。

And I'd just add, I agree with Rob's comments. And if you really -- but if you break it down and you look at R&D in total, it might seem on the lower end or to the moderate. But when you break down PNS and ultrasonics portfolio and the amount we're investing in those as a percentage of revenue in the individual portfolios, it's much more material amount of what you would expect from a med device investment.

我還要補充一點，我同意 Rob 的評論。如果你真的——但如果你把它分解開來，看看研發總額，它可能看起來處於較低水平或中等水平。但是，當您分解 PNS 和超音波產品組合，並將我們在這些產品上的投資金額佔各個產品組合收入的百分比時，您會發現，這比您預期的醫療設備投資金額要大得多。

Great. Just another question on OpEx. It's a little difficult to tease out what's underlying given the sale of the business. You grew about 6% organic. How should we think about what second quarter and 2025 OpEx growth looks like on an underlying organic basis?

偉大的。關於 OpEx 的另一個問題。鑑於業務出售的情況，要弄清楚其中的根本原因有點困難。您的有機種植量約為 6%。我們該如何看待第二季和 2025 年營運支出成長在基礎有機基礎上的表現？

Yes. I think our revenue is growing faster than our OpEx overall. When you think about the OpEx that we had with our rehabilitation business is about $6 million overall from a quarter perspective. So that comes down and then other expenses ramp up. But overall, we're continuing to bring OpEx down overall from an operational perspective and driving back to our commitment on the 100 basis points margin expansion.

是的。我認為我們的收入成長速度總體上快於我們的營運支出。從季度角度來看，我們康復業務的營運支出總計約為 600 萬美元。因此，這部分費用會下降，而其他費用則會上升。但總體而言，從營運角度來看，我們將繼續降低營運支出，並重新履行我們對 100 個基點利潤率擴張的承諾。

It's obviously both the revenue growth with a peer-leading gross margin that we're driving and then scaling our OpEx and making sure that the revenue is growing faster than the expense.

顯然，我們正在推動收入成長和同業領先的毛利率，然後擴大我們的營運支出並確保收入成長速度快於支出成長速度。

Caitlin Cronin, Canaccord.

凱特琳‧克羅寧 (Caitlin Cronin)，Canaccord。

Just on TalisMann, StimTrial, any more color on the launch and early commercialization strategy? And then when do you expect kind of this PNS portfolio to become a more significant contributor to revenue?

就 TalisMann、StimTrial 而言，還有什麼關於發布和早期商業化策略的更多資訊嗎？那麼，您預計這種 PNS 產品組合何時會對收入產生更重要的貢獻？

Caitlin, thanks for the question. Yes, we're really excited about this business. And a reminder that it's a very fast-growing market. And a new platform that you referred to there, it's going to help patients who are coping with this unbearable chronic peripheral pain. I think it's important to keep in mind.

凱特琳，謝謝你的提問。是的，我們對這項業務感到非常興奮。並提醒我們這是一個成長非常快速的市場。您提到的新平台將幫助那些正在應對這種難以忍受的慢性周圍疼痛的患者。我認為牢記這一點很重要。

And why? Because we have a patented electric field conduction technology with the integrated pulse generator that potentially reaches those deeper, larger nerves, which could be easier for the doctor and beneficial for the patient.

為什麼？因為我們擁有專利的電場傳導技術，其中整合的脈衝產生器可以潛在地到達更深、更大的神經，這對醫生來說更容易，對患者也更有益。

So to your question, in the back half of this year, we'll do a limited launch, and then we'll rapidly ramp in 2026. And while we're not giving guidance on next year, I'll broaden it a little bit, our initial thoughts are that this business, combined with our new PRP platform that those two alone have the potential to generate 200 basis points of growth next year for the company overall and ramp from there.

所以對於你的問題，在今年下半年，我們將進行有限的發布，然後在 2026 年迅速擴大規模。雖然我們沒有給出明年的指導，但我會稍微擴大一點，我們最初的想法是，這項業務與我們的新 PRP 平台相結合，僅這兩項就有可能在明年為整個公司帶來 200 個基點的增長，並從那裡開始增長。

So that gives you a feel for when we believe this will start being a more meaningful contributor to our growth profile. And of course, we'll update you and set expectations as we learn more in the early stages of both of those launches.

因此，這讓您感受到我們何時會相信這將開始對我們的成長狀況做出更有意義的貢獻。當然，隨著我們在兩次發布的早期階段了解更多信息，我們會向您通報最新情況並設定預期。

That's great. And then updates to the tariff expectations, I mean, what drove the increase? Any updates to any potential impact to HA.

那太棒了。然後更新關稅預期，我的意思是，是什麼推動了關稅上漲？對 HA 的任何潛在影響的任何更新。

Yes. Thanks, Caitlin. I think when we talked about this in the first quarter, it was roughly like $1 million of tariff impacts. And today, as we said in the prepared remarks, we see about $3 million of an impact and that with all of the news that we know through yesterday, obviously, this is a very volatile situation and changes day-to-day. And so overall, between tariffs and FX, we've absorbed $5 million of those headwinds and maintained our guidance.

是的。謝謝，凱特琳。我認為，當我們在第一季談論這個問題時，關稅的影響大約是 100 萬美元。今天，正如我們在準備好的發言中所說的那樣，我們看到了大約 300 萬美元的影響，根據我們昨天了解到的所有新聞，顯然，這是一個非常不穩定的情況，而且每天都在變化。因此，總體而言，在關稅和外匯方面，我們吸收了 500 萬美元的不利因素，並維持了我們的指導。

And so we'll continue to monitor this and be responsible with engaging and managing the P&L accordingly. But again, $3 million what we expect, and that's really going to be coming in the back half of the year. We've had a little bit in the first half, but most of the tariff headwinds will be in the back half of the year and the FX headwind is already behind us year-to-date of about $2 million that we've all contained within the guidance that we've provided.

因此，我們將繼續監控這一點，並負責任地參與和管理損益表。但同樣，我們預計收入為 300 萬美元，而且這筆收入將在今年下半年到帳。我們在上半年遇到了一些困難，但大部分關稅逆風將出現在下半年，今年迄今為止，外匯逆風已經過去，損失約為 200 萬美元，我們都已將其控制在我們提供的指導範圍內。

And Caitlin, I'll just add that I think this speaks to the power of our P&L of the strength and agility that we have. As Mark mentioned, FX and tariffs combined have created that $5 million headwind, but we believe we can manage through that and deliver on our goals, which again speaks to the power of our P&L.

凱特琳，我只想補充一點，我認為這說明了我們的損益表的強大力量和我們的敏捷性。正如馬克所提到的，外匯和關稅共同造成了 500 萬美元的逆風，但我們相信我們可以克服這一困難並實現我們的目標，這再次證明了我們的損益表的實力。

That concludes our Q&A session. I'll now turn the conference back over to Rob Claypoole for closing remarks.

我們的問答環節到此結束。現在我將會議交還給 Rob Claypoole 並請他致閉幕詞。

All right. Thanks, everyone, for your interest in Bioventus. Once again, we delivered a solid performance throughout our business in the second quarter, and we are confident in our ability to build on our momentum to deliver above-market revenue growth, improve profitability and accelerate our cash flow to create significant shareholder value. Thanks for joining the call.

好的。感謝大家對 Bioventus 的關注。我們在第二季度再次實現了穩健的業務表現，我們有信心憑藉這一勢頭實現高於市場的收入增長、提高盈利能力並加速現金流，從而為股東創造顯著的價值。感謝您參加此通話。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。