Conmed Corp (CNMD) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to CONMED's first-quarter fiscal 2025 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 CONMED 2025 財年第一季財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. Before the conference call begins, let me remind you that during this call, management will be making comments and statements regarding its financial outlook, its plans and objectives. These statements represent the forward-looking statements that involve risks and uncertainties as those terms are defined under the federal securities laws.

請注意，今天的會議正在錄音。在電話會議開始之前，請允許我提醒您，在本次電話會議中，管理層將就其財務前景、計劃和目標發表評論和聲明。這些聲明代表前瞻性聲明，涉及聯邦證券法所定義的風險和不確定性。

Investors are cautioned that any such forward-looking statements are not guarantees of future events, performance or results. The company's actual results may differ materially from its current expectations. Please refer to the risks and other uncertainties disclosed under the forward-looking information in today's press release, as well as the company's SEC filings, for more details on the risks and uncertainties that may cause actual results to differ materially.

敬請投資人注意，任何此類前瞻性陳述均不能保證未來事件、表現或結果。該公司的實際業績可能與目前預期有重大差異。有關可能導致實際結果出現重大差異的風險和不確定性的更多詳細信息，請參閱今天的新聞稿中前瞻性信息中披露的風險和其他不確定性，以及公司的美國證券交易委員會文件。

The company disclaims any obligation to update any forward-looking statements that may be discussed during this call, except as may be required by applicable law. You will also hear management refer to non-GAAP or adjusted measurements during this discussion.

除非適用法律另有要求，否則本公司不承擔更新本次電話會議中可能討論的任何前瞻性陳述的義務。您還將聽到管理層在討論中提及非 GAAP 或調整後的測量。

While these figures are not a substitute for GAAP measurements, management uses these figures to aid in monitoring the company's ongoing financial performance from quarter to quarter and year to year on a regular basis and for benchmarking against other medical technology companies.

雖然這些數據不能取代 GAAP 衡量標準，但管理層使用這些數據來幫助定期監控公司每季和每年的持續財務業績，並與其他醫療技術公司進行比較。

Adjusted net income and adjusted earnings per share measure the income of the company, excluding credits or charges that are considered by the company to be special or outside of its normal ongoing operations. These adjusting items are specified in the reconciliation supporting the company's earnings releases posted to the company's website.

調整後淨收入和調整後每股收益衡量公司的收入，不包括公司認為特殊的或超出其正常持續經營範圍的信用或費用。這些調整項目在公司網站上發布的支持公司收益報告的對帳單中有詳細說明。

With these required announcements completed, I will turn the call over to Pat Beyer, President and Chief Executive Officer, for opening remarks. Mr. Beyer?

在完成這些必要的公告後，我將把電話轉給總裁兼執行長 Pat Beyer 致開幕詞。拜爾先生？

Thank you, Latif. And those attending, I want to thank you for staying on. We had a little technical issue, and we had to log off and come back on. I want to thank you for joining us. Good afternoon, and thank you for joining us for CONMED's first-quarter 2025 earnings call.

謝謝你，拉蒂夫。各位出席者，我要感謝你們留下來。我們遇到了一點技術問題，必須登出並重新登入。我要感謝您加入我們。下午好，感謝您參加 CONMED 2025 年第一季財報電話會議。

With me on the call is Todd Garner, Executive Vice President and Chief Financial Officer. I'll provide a brief overview of the financial and operating performance for the first quarter. Todd will then provide a more detailed analysis of our financial performance and guidance, as well as our updated view on the impact of tariffs. We will then open the call to your questions. I'll start by quickly reviewing our first quarter results.

與我一起參加電話會議的是執行副總裁兼財務長 Todd Garner。我將簡要概述第一季的財務和營運表現。然後，托德將對我們的財務表現和指導進行更詳細的分析，以及我們對關稅影響的最新看法。然後我們將開始回答您的問題。我將首先快速回顧我們的第一季業績。

Total sales for the quarter were $321.3 million, representing a year-over-year increase of 2.9% as reported and 3.8% in constant currency, a little better than our guidance. While we have more work left to do with our supply chain initiatives, we are pleased that we are starting the year consistent with our full year growth expectations.

本季總銷售額為 3.213 億美元，報告顯示年增 2.9%，以固定匯率計算成長 3.8%，略高於我們的預期。雖然我們在供應鏈計劃方面還有很多工作要做，但我們很高興看到，今年的開局與全年成長預期一致。

From an earnings perspective, excluding special items that affected comparability, our adjusted net income of $29.6 million increased 19.6% year over year and our adjusted diluted net earnings per share of $0.95 increased 20.1% year over year. First quarter sales growth was balanced across our segments with constant currency sales growth of 3.9% in orthopedics and 3.8% in general surgery. Performance in orthopedics was led by double-digit sales growth in our foot and ankle products, as well as strong demand for BioBrace.

從收益角度來看，剔除影響可比性的特殊項目，我們的調整後淨收入為 2,960 萬美元，年增 19.6%，調整後每股攤薄淨收益為 0.95 美元，年增 20.1%。第一季度，我們各部門的銷售額成長均衡，以固定匯率計算，骨科銷售額成長 3.9%，普外科銷售額成長 3.8%。骨科業務的業績得益於足部和踝部產品的兩位數銷售成長，以及對 BioBrace 的強勁需求。

We are excited about the outlook for BioBrace, our highly differentiated product for soft tissue repair and sports medicine. BioBrace is being used clinically in over 50 procedures from the rotator cuff to the ACL and into the Achilles.

我們對 BioBrace 的前景感到非常興奮，它是我們用於軟組織修復和運動醫學的高度差異化產品。BioBrace 已在臨床上用於從肩袖到 ACL 再到跟腱的 50 多種手術。

We have 14 peer-reviewed publications already in print, and we have nine clinical studies underway. We have a large randomized prospective clinical study with 268 patients, and we look to have this study enrollment completed in 2026 with publication in 2027. Also on the good news front, in early April, we received FDA clearance for our new delivery device for BioBrace in rotator cuff repair.

我們已經出版了 14 篇經過同行評審的出版物，並且有 9 項臨床研究正在進行中。我們有一項涉及 268 名患者的大型隨機前瞻性臨床研究，我們預計這項研究的招募工作將於 2026 年完成，研究結果將於 2027 年發表。另外還有一個好消息，4 月初，我們用於肩袖修復的 BioBrace 新輸送裝置獲得了 FDA 批准。

We believe this will make the procedure easier and faster for surgeons. General surgery continues to be led by AirSeal and smoke evacuation, both seeing double-digit demand in quarter one. We continue to believe in the importance of clinical insufflation provided by AirSeal in robotic surgery and laparoscopy, which is particularly important for longer and more complex procedures.

我們相信這將使外科醫生的手術過程更加輕鬆、快速。普通外科手術繼續由 AirSeal 和煙霧疏散主導，兩者在第一季的需求都達到了兩位數。我們始終相信 AirSeal 在機器人手術和腹腔鏡手術中提供的臨床充氣的重要性，這對於更長、更複雜的手術尤其重要。

Physicians are continuing to choose AirSeal to prioritize patient care, as AirSeal has been clinically proven to reduce both length of stay and postoperative pain for patients. We are working on a way to help investors understand the AirSeal attachment rate to DV5 compared to Xi and compared to non-robotic procedures.

醫生們繼續選擇 AirSeal 來優先考慮患者護理，因為臨床證明 AirSeal 可以減少患者的住院時間和術後疼痛。我們正在研究一種方法來幫助投資者了解 AirSeal 與 DV5 的附著率，與 Xi 和非機器人程式的附著率進行比較。

There are multiple uses within the hospital, and there is no practical method to determine where a product is used after the sale. The hospital could be using the capital or the disposables in all three modalities, which ties to the broad clinical benefit in both laparoscopy and robotic surgery. We do, though, sell one SKU that is only used in conjunction with robotic procedures, and that SKU grew in the healthy double digits in quarter 1. Turning to our supply chain initiatives, we have made progress here. Number of SKUs on back order are declining.

產品在醫院內有多種用途，並且沒有實用的方法來確定產品售出後用於何處。醫院可以在這三種方式中使用資金或一次性用品，這與腹腔鏡手術和機器人手術的廣泛臨床益處有關。不過，我們確實銷售一種僅與機器人程式結合使用的 SKU，而該 SKU 在第一季實現了健康的兩位數成長。談到我們的供應鏈計劃，我們已經取得了進展。缺貨的 SKU 數量正在減少。

We're seeing early progress, but we are not where we need to be yet. We continue to believe we should be in a better position by the end of the year. I'm excited about our long-term future. We have a significant tailwind from mix at our back with strong growth drivers, and the opportunity to turn our supply chain operations into an area of strength for the company is well within our control. Of course, we would acknowledge that the near-term macroeconomic and policy backdrop creates some uncertainty for our customers.

我們看到了早期的進展，但尚未達到我們需要的水平。我們仍然相信，到今年年底我們的狀況會更好。我對我們的長遠未來感到興奮。我們擁有強勁的成長動力和強大的組合優勢，將供應鏈營運轉變為公司優勢領域的機會完全在我們的掌控之中。當然，我們承認近期的宏觀經濟和政策背景為我們的客戶帶來了一些不確定性。

However, demand for our products remains strong. We think this is a function of the healthy end markets in which we operate and our clinically differentiated products. We are closely tracking the spending pattern of our customers but have not seen any material changes to date as hospital systems appear to be prioritizing areas that are key to our business, including our high-growth focus areas of minimally invasive surgery in the areas of laparoscopy and arthroscopy, which tend to not be as reliant on large capital purchases.

然而，我們產品的需求依然強勁。我們認為這是我們經營的健康終端市場和臨床差異化產品的功能。我們正在密切追蹤客戶的消費模式，但迄今為止尚未看到任何重大變化，因為醫院系統似乎優先考慮對我們的業務至關重要的領域，包括腹腔鏡和關節鏡領域的微創手術等高成長重點領域，這些領域往往不依賴大規模的資本購買。

Within these two categories, we have four very unique platforms that are still in the early stages of their growth trajectories. These four platforms are surrounded by a portfolio of products that have been developed hand-in-hand with physicians over time with the goal of supporting ease of use and improved patient outcomes.

在這兩個類別中，我們有四個非常獨特的平台，它們仍處於成長軌蹟的早期階段。這四個平台周圍有一系列產品，這些產品都是與醫生長期攜手開發的，目的是支持易用性和改善患者的治療效果。

I'm excited about the opportunities that lie ahead for this portfolio, particularly AirSeal, Buffalo Filter, BioBrace and CONMED Foot and Ankle, especially as we begin to see the effects of the improvements to our supply chain operations over the coming quarters.

我對這個產品組合的未來機會感到興奮，特別是 AirSeal、Buffalo Filter、BioBrace 和 CONMED Foot and Ankle，特別是當我們開始看到未來幾季供應鏈營運改善的效果時。

With that, I'll turn the call over to Todd, who will provide a more detailed analysis of our financial performance and discuss our 2025 financial guidance, as well as quantifying our latest thinking on tariffs. Todd?

接下來，我將把電話轉給托德，他將對我們的財務表現進行更詳細的分析，並討論我們的 2025 年財務指導，並量化我們對關稅的最新想法。托德？

Thank you, Pat. All sales growth numbers I reference today will be given in constant currency. The reconciliation to GAAP numbers is included in our press release. As usual, we have included an investor deck on our website that summarizes the results of the quarter and our financial guidance. As a reminder, we had one less sales day in Q1 compared to the prior year, which we estimate to be worth between 100 basis points and 150 basis points of growth.

謝謝你，帕特。我今天引用的所有銷售成長數字都將以固定貨幣表示。我們的新聞稿中包含了與 GAAP 數據的對帳。像往常一樣，我們在網站上提供了投資者演示文稿，總結了本季度的業績和我們的財務指導。提醒一下，與去年同期相比，我們第一季的銷售日減少了一天，我們估計這相當於成長 100 個基點到 150 個基點。

For the first quarter of 2025, our total sales increased 3.8% year over year. For Q1, our sales in the US increased 4.2% versus the prior year quarter, and our international sales grew 3.4%. Total worldwide orthopedics sales grew 3.9% in the first quarter. In the US, orthopedics sales decreased 2.1%, and internationally, orthopedics sales increased 7.9%.

2025年第一季度，我們的總銷售額年增3.8%。第一季度，我們在美國銷售額比去年同期成長 4.2%，國際銷售額成長 3.4%。第一季全球骨科產品總銷售額成長了3.9%。在美國，骨科銷售額下降了 2.1%，而在國際上，骨科銷售額增加了 7.9%。

While supply challenges in parts of our orthopedics business drove the underperformance in the US, we were pleased to see another quarter of double-digit growth in foot and ankle. Total worldwide general surgery sales increased 3.8% in the quarter. US general surgery sales grew 6.9%, while internationally, general surgery sales decreased 3.3%. The decline internationally was due to our energy and critical care product lines.

雖然我們部分骨科業務的供應挑戰導緻美國市場表現不佳，但我們很高興看到足踝業務再次實現兩位數成長。本季全球一般外科手術總銷售額成長了 3.8%。美國一般外科銷售額成長 6.9%，而國際一般外科銷售額下降 3.3%。國際市場的下滑是由於我們的能源和重症監護產品線所致。

Now, let's move to the expense side of the income statement. We will discuss expenses and profitability in the first quarter excluding special items, which are detailed in our press release. Adjusted gross margin for the first quarter was 56.4%, which is 80 basis points higher than the prior year quarter.

現在，讓我們轉到損益表的費用部分。我們將討論第一季不包括特殊項目的費用和獲利能力，詳情請參閱我們的新聞稿。第一季調整後毛利率為56.4%，較去年同期高出80個基點。

This was a little stronger than we expected, given the mix of the sales in Q1. We're encouraged by the opportunities to improve the supply chain operations that are being identified in conjunction with our external consultants, and we expect at least $20 million of annual savings to come out of this effort.

考慮到第一季的銷售組合，這比我們預期的要強勁一些。我們與外部顧問共同發現的改善供應鏈營運的機會令我們感到鼓舞，我們預計這項努力每年至少可節省 2000 萬美元。

However, those benefits won't really materialize until calendar 2026 as our manufacturing variances are deferred into inventory and get recognized as that inventory is sold. We now have increased visibility into how margins could play out for the rest of the year. We expect margins in Q2 to be in the mid-56% range, Q3 in the mid-55%s and Q4 approaching 57%.

然而，這些好處要到 2026 年才能真正實現，因為我們的製造差異被推遲到庫存中，並在庫存售出時得到確認。現在，我們對今年剩餘時間內利潤率的走勢有了更清晰的了解。我們預計第二季的利潤率將在 56% 左右，第三季的利潤率將在 55% 左右，第四季的利潤率將接近 57%。

That all adds up to margins being relatively flat versus 2024 for the full year, consistent with what we estimated at the beginning of the year. The currency impact has improved by about 20 basis points in the last three months, but the timing of the savings from the operational improvements are a little slower to materialize than anticipated.

所有這些加起來，使得全年利潤率與 2024 年相比相對持平，與我們年初的估計一致。過去三個月，貨幣影響改善了約 20 個基點，但營運改善帶來的節省實現的時間比預期慢一些。

Research and development expense for the first quarter was 4.0% of sales, 40 basis points lower than the prior year quarter. First quarter adjusted SG&A expenses were 38.7% of sales, consistent with the prior year, as expected. On an adjusted basis, interest expense was $6.8 million in the first quarter. The adjusted effective tax rate in Q1 was 23.1%. First quarter GAAP net income was $6.0 million compared to $19.7 million in 2024.

第一季研發費用佔銷售額的 4.0%，比去年同期低 40 個基點。第一季調整後的銷售、一般及行政費用佔銷售額的 38.7%，與去年同期持平，符合預期。經調整後，第一季利息支出為 680 萬美元。第一季調整後有效稅率為23.1%。第一季 GAAP 淨收入為 600 萬美元，而 2024 年為 1,970 萬美元。

GAAP earnings per diluted share were $0.19 this quarter compared to $0.63 a year ago. Excluding the impact of special items discussed earlier, in the first quarter, we reported adjusted net income of $29.6 million, an increase of 19.6% compared to the first quarter of 2024. Our Q1 adjusted diluted net earnings per share were $0.95, an increase of 20.1% compared to the prior year quarter.

本季 GAAP 每股攤薄收益為 0.19 美元，去年同期為 0.63 美元。不包括前面討論過的特殊項目的影響，第一季度，我們報告的調整後淨收入為 2960 萬美元，與 2024 年第一季相比增長 19.6%。我們第一季調整後的每股攤薄淨收益為 0.95 美元，較去年同期成長 20.1%。

Turning to the balance sheet. Our cash balance at March 31 was $35.5 million compared to $24.5 million at December 31. Accounts receivable days as of March 31 were 62 days, no change from the end of 2024. Inventory days at March 31 were 222 compared to 211 at December 31 as we go through the process of improving the supply chain.

轉向資產負債表。截至 3 月 31 日，我們的現金餘額為 3,550 萬美元，而截至 12 月 31 日，現金餘額為 2,450 萬美元。截至 3 月 31 日的應收帳款天數為 62 天，與 2024 年底相比沒有變動。隨著我們不斷改善供應鏈，3 月 31 日的庫存天數為 222 天，而 12 月 31 日的庫存天數為 211 天。

Long-term debt at the end of the quarter was $891.4 million versus $905.1 million as of December 31. Our leverage ratio on March 31 was 3.2x, which was a little better than expected. Cash flow provided from operations in the quarter was $41.5 million compared to $29.1 million in the first quarter of 2024. Our cash flow remains very strong. Capital expenditures in the first quarter were $3.8 million compared to $2.0 million a year ago.

本季末的長期債務為 8.914 億美元，而截至 12 月 31 日的長期債務為 9.051 億美元。我們的3月31日槓桿率為3.2倍，比預期略好。本季經營活動產生的現金流為 4,150 萬美元，而 2024 年第一季為 2,910 萬美元。我們的現金流依然非常強勁。第一季的資本支出為 380 萬美元，而去年同期為 200 萬美元。

Now, let's turn to financial guidance. I'm going to talk about guidance without tariffs first and then detail how we're estimating the tariff impact, so you can have both pieces, as we expect the environment may continue to be dynamic.

現在，讓我們來談談財務指導。我將首先討論不包含關稅的指導，然後詳細說明我們如何評估關稅的影響，以便您可以同時了解這兩個方面，因為我們預計環境可能會繼續保持動態。

So excluding tariffs for now, let's start with revenue. While Q1 came in a little better than we expected, it does not change our view of the constant currency growth for the year. So we continue to expect the year to be between 4% and 6% constant currency growth. Our projected FX impact did ease by about 50 basis points for the year, going from what had been a headwind of 100 basis points to 120 basis points to a headwind of 50 basis points to 70 basis points.

現在先排除關稅，讓我們從收入開始。雖然第一季的表現比我們預期的要好一些，但這並沒有改變我們對今年貨幣持續成長的看法。因此，我們繼續預期今年的固定匯率成長率將在 4% 至 6% 之間。我們預計今年的外匯影響確實減輕了約 50 個基點，從先前的 100 個基點到 120 個基點的逆風變為 50 個基點到 70 個基點的逆風。

That takes our full-year guidance up from a range of $1.344 billion to $1.372 billion to a slightly higher range of $1.35 billion to $1.378 billion. We expect reported revenue in Q2 to be between $335 million and $340 million.

這使得我們的全年預期從 13.44 億美元至 13.72 億美元上調至略高的 13.5 億美元至 13.78 億美元。我們預計第二季的報告收入將在 3.35 億美元至 3.4 億美元之間。

Our adjusted EPS guidance excluding tariffs for the full year is increasing from a prior range of $4.25 to $4.40 to a new higher range of $4.45 to $4.60. That reflects the beat in Q1, as well as an improvement in FX of about $0.05 on the year. We started the year with an estimate of currency headwind of approximately $0.15 to $0.20. We now expect that headwind to be between $0.10 and $0.15. We expect Q2 adjusted EPS to be between $1.10 and $1.15.

我們對全年不含關稅的調整後每股收益預期從先前的4.25美元至4.40美元區間上調至4.45美元至4.60美元的新高區間。這反映了第一季業績的良好表現，以及外匯匯率年增約0.05美元。我們年初估計的匯率逆風約為0.15美元至0.20美元。現在我們預計逆風將在0.10美元至0.15美元之間。我們預計第二季調整後每股盈餘將在1.10美元至1.15美元之間。

Now, let's talk about tariffs. The good news since our last call is that it has become clear that product coming from our plant in Mexico will be exempt from tariffs as we are USMCA compliant. Our disclosure today is based on a 145% tariff on products coming from China, 25% from Canada and 10% on products from Europe and the rest of the world. Using those percentages, we estimate approximately $5.5 million of supply chain exposure in 2025. 85% of that is from China, 12% is from Europe.

現在，我們來談談關稅。自我們上次通話以來的好消息是，由於我們符合 USMCA 規定，來自我們墨西哥工廠的產品將免關稅。我們今天揭露的資訊是基於對來自中國的產品徵收 145% 的關稅，對來自加拿大的產品徵收 25% 的關稅，對來自歐洲和世界其他地區的產品徵收 10% 的關稅。依照這些百分比，我們估計 2025 年的供應鏈風險敞口約為 550 萬美元。其中 85% 來自中國，12% 來自歐洲。

This computes to approximately $0.14 of EPS with $0.02 hitting Q3 and $0.12 hitting Q4. We have added a slide in our investor deck that shows our adjusted EPS guidance without tariffs and then with this estimate of tariff exposure. So in a very dynamic environment, we started the year consistent with our revenue guidance and delivering better on the bottom line. We remain focused on the operational improvements we need to move fully on offense in all parts of our business.

這計算得出每股收益約為 0.14 美元，其中第三季為 0.02 美元，第四季為 0.12 美元。我們在投資者簡報中加入了一張投影片，其中顯示了不考慮關稅的調整後每股盈餘指引，以及對關稅風險的估計。因此，在高度動態的環境中，我們在新的一年中按照我們的收入預期開始，並實現了更好的利潤。我們將繼續專注於營運改進，以便在我們業務的各個部分全面發動攻擊。

With that, we'd like to open the call to your questions, and I'll hand it back to Latif.

好了，我們現在開始回答你們的問題，然後我會把電話轉回給拉蒂夫。

(Operator Instructions) Matt O'Brien, Piper Sandler.

（操作員指示）馬特·奧布萊恩、派珀·桑德勒。

Hey. Thanks for taking our questions. This is Phil on for Matt. Starting with guidance, it looks like you beat this quarter by just over $7 million versus the Street, and you're raising full year guidance by less than that, especially if you factor in that improvement on the FX side of things. Can you help us understand the shifting perspective on the remaining three quarters as it relates to the top line, any softness that you're seeing in hospital budgets, that sort of thing? Thank you.

嘿。感謝您回答我們的問題。我是菲爾，取代馬特。從指引開始，看起來你們本季的業績比華爾街預期高出 700 多萬美元，而你們上調的全年指引卻低於這個數字，特別是如果將外匯方面的改善考慮在內的話。您能否幫助我們了解剩餘三個季度與營業收入相關的變化觀點，以及您在醫院預算中看到的疲軟現像等？謝謝。

Yeah. Thanks for the question, Phil. No softness that we're worried about. We guided the year to be 4% to 6% constant currency. If you do days adjusted, we're well right in the middle of that range, a little -- maybe a little better than the middle of that range for Q1.

是的。謝謝你的提問，菲爾。沒有我們擔心的柔軟度。我們預計今年的固定匯率成長率為 4% 至 6%。如果進行幾天的調整，我們會發現我們正好處於這個範圍的中間，可能比第一季的中間情況要好一點。

So that's where we expect the year to be. We're not going to get ahead of ourselves after Q1 and change how we see the year. So that was the thought and guidance we did. So basically, we took the year up for the currency improvement, and that's it. We left the operational the same.

這就是我們對今年的預期。我們不會在第一季之後就超越自己並改變我們對今年的看法。這就是我們的想法和指導。所以基本上，我們花了一年的時間來改善貨幣，就是這樣。我們保持原來的運作。

That's helpful. And then, one final one for Patrick. Really just trying to get a good State of the Union at this point, understanding you've only been CEO for a short while, but what has surprised you, maybe both good and bad at this point? Thank you so much.

這很有幫助。最後再說一句帕特里克的話。現在真的只是想獲得一個好的國情咨文，了解您只擔任執行長很短的時間，但是現在什麼讓您感到驚訝，也許是好事，也許是壞事？太感謝了。

Thanks, Phil, and fair question. On the bad side, quite honestly, I've been here 10 years before I took over the CEO job and nothing has surprised me on the bad side. On the good side, I've been a continual positive passion from the CONMED team.

謝謝，菲爾，這個問題問得公平。就壞的一面而言，坦白說，在我接任執行長一職之前，我已經在這裡工作了 10 年，沒有什麼壞的一面讓我感到驚訝。好的一面是，我一直對 CONMED 團隊充滿熱情。

I've been really pleased and astounded by the commitment to delivering on world-class products and clinical solutions. And I've spent a fair amount of time with customers in quarter one, and the embracing that they have on our technology has been really pleasing.

我對我們致力於提供世界一流的產品和臨床解決方案的承諾感到非常高興和震驚。在第一季度，我花了相當多的時間與客戶相處，他們對我們科技的接受度確實令人欣慰。

And so that's probably been the most positive surprise, the passion from the team and the passion from the customers we serve.

因此，這可能是最積極的驚喜，來自團隊的熱情以及我們服務的客戶的熱情。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Great. Thanks for taking the questions and congrats on a good quarter here. Two for me. Todd, first on tariffs, hard to avoid it here. I just wanted -- hopefully, you could help us reconcile the math you gave us from last call and this call. I think China was something like $250,000 a month impact at a 10% tariff rate. So to me, it would be a little more than the implied annualized rate here than you're coming up with at $145,000.

偉大的。感謝您回答問題，並祝賀本季業績良好。對我來說是兩個。托德，首先談論關稅，這裡很難迴避這個問題。我只是想——希望您能幫助我們檢查您上次通話和這次通話中給我們的數學計算結果。我認為，在 10% 的關稅稅率下，中國每月將遭受 25 萬美元的影響。所以對我來說，它會比你得出的 145,000 美元的隱含年利率略高一些。

And part of the tariff question, help us understand some of the mitigation efforts you can start to put into place because it's not so much the $0.02 in third quarter, it's the $0.12 in fourth quarter that annualizes into next year, and how we should think about any offsets you can put into place and the run rate into next year? Thanks.

關於關稅問題的一部分，請幫助我們了解您可以開始實施的一些緩解措施，因為這不是第三季度的 0.02 美元，而是第四季度的 0.12 美元，這筆錢會轉化為明年的年度收入，我們應該如何考慮您可以實施的任何抵消措施以及明年的運行率？謝謝。

Sure. Thanks, Robbie. Yeah, of course, the great news from the last call is that the lion's share of the numbers we talked about last time were from Mexico, and that has turned into not -- does not look like it should be an issue for us at all. So we're left with the China number. And as you say, the rates are much higher.

當然。謝謝，羅比。是的，當然，上次通話中的好消息是，我們上次談到的數字中大部分來自墨西哥，而這已經變成了——看起來這對我們來說根本不是一個問題。因此我們只剩下中國的數字了。正如你所說，費率要高得多。

But it's also become clearer on how that will flow through, right? So that will flow through with our inventory. So while the rates are higher, less of it will hit 2025 than previously estimated. So we'll have to see where that lands. Pretty good news out of China last week with China saying that they intend to exempt medical devices products into China.

但其流程如何也變得更加清晰了，對嗎？因此這將透過我們的庫存流通。因此，儘管利率較高，但到 2025 年的利率將低於先前的估計。所以我們必須看看結果如何。上週中國傳來好消息，表示打算豁免醫療器材產品進入中國。

So hopefully, there's more rational conversations that happen going forward. But -- so our new updated numbers for 2025 are as I showed them today. And then, mitigation efforts, the first thing is, we can pretty quickly stop the practice of shipping everything into the US and then out to the world from our Atlanta distribution center. So the first and easiest thing is the logistics of shipping products around the world.

所以希望未來能有更多理性的對話。但是——我們的 2025 年最新更新數據和我今天展示的一樣。然後，為了緩解這種情況，首先，我們可以很快停止將所有貨物從亞特蘭大配送中心運往美國再運往世界各地的做法。因此，第一件也是最簡單的事情就是將產品運送到世界各地進行物流。

We can avoid the US for the products that don't need to come to the US. So that's the quickest and easiest. There's also, obviously, price mitigation that you can consider. If we're in the same boat as everybody else in a certain country, that gets easier.

對於不需要進入美國的產品，我們可以避開美國。這是最快捷、最簡單的方法。顯然，您也可以考慮降低價格。如果我們與某個國家的其他人處境相同，事情就會變得更容易。

If for some reason, CONMED is an outlier, that gets harder, of course. When you think -- when you talk about changing vendors or changing where you make something, I think everybody on the call should understand, in a regulated industry under the FDA, none of that happens really quickly.

當然，如果由於某種原因，CONMED 是一個異常值，那麼情況就會變得更加困難。當你想到——當你談到更換供應商或改變生產地點時，我想電話中的每個人都應該明白，在 FDA 監管的行業中，這些都不會很快發生。

And of course, that can affect labeling changes and multiple other things. And so, those would be slower, but still mitigations available to us. And then, the last thing I would say is accounting and transfer price approaches.

當然，這可能會影響標籤變化和其他多種事項。因此，這些速度會比較慢，但我們仍然可以採取緩解措施。然後，我要說的最後一件事是會計和轉移價格方法。

The construct of how things are done were based on previous rules and previous conventions and how things and market rates. And once we have a stable set of ground rules going forward, you could relook at how some of that is recorded and tracked and reported. And so, that's the list of things we're looking at to mitigate tariff exposure.

事情如何完成的構造是基於先前的規則和先前的慣例以及事物和市場利率。一旦我們有了一套穩定的基本規則，你就可以重新審視其中的一些內容是如何記錄、追蹤和報告的。這就是我們正在考慮的減輕關稅風險的措施清單。

Rick Wise, Stifel.

瑞克懷斯 (Rick Wise)，Stifel。

All right. Thank you. Good afternoon, Pat. Hi, Pat. Maybe you could expand a little more on your supply chain improvement initiatives. I think, Todd, you or Pat said you expect further improvement in coming quarters. Maybe help us understand maybe in a little more detail where are you, what's happening, what impact, where will we see it? And maybe in particular, update us on where things stand with BioBrace.

好的。謝謝。下午好，帕特。你好，帕特。也許您可以進一步闡述您的供應鏈改進計畫。托德，我想你或帕特說過，你預計未來幾季會有進一步的改善。也許可以幫助我們更詳細地了解您在哪裡、發生了什麼、有什麼影響、我們會在哪裡看到它？並且特別地，請向我們介紹一下 BioBrace 的現況。

Rick, thanks for the question. So as we think about the supply chain, I'd want you to think about a couple of things, first of all. We're improving our supply chain for stability and for continuity going forward and the ability to grow this business sequentially in the future. There's really three areas we're focused on right now. Number one, it's the procurement and the supply and that relationship with our suppliers.

里克，謝謝你的提問。因此，當我們考慮供應鏈時，首先我希望您考慮幾件事。我們正在改進我們的供應鏈，以確保未來的穩定性和連續性，並有能力在未來逐步發展這項業務。我們現在主要關註三個領域。首先，是採購、供應以及與供應商的關係。

Number two, it's the planning of that production. And number three, it's the production. And those three things dynamically connect, and that's our focus today, and it's just not as robust as we would like it to be. A lot of work is going on in that. We've announced and we've told the outside world, we're working with a first-class consulting company to help us on that.

第二，是生產規劃。第三是生產。這三件事是動態連接的，這就是我們今天的重點，但它並不像我們希望的那樣強大。目前有很多工作正在進行中。我們已經宣布並告訴外界，我們正在與一家一流的顧問公司合作來幫助我們實現這一目標。

We've made progress. Our focus in the early days is our implant products to help surgeons get back and using our implants for procedures that they want to use them in. We've made good progress there. A number of our key portfolios are actually off of backorder, and we're able to go on offense on those in quarter one, which is great news there. And Rick, what was the other question you had there?

我們已取得進展。我們早期的重點是我們的植入產品，幫助外科醫生恢復並使用我們的植入物進行他們想要使用的手術。我們在那裡取得了良好的進展。我們的許多主要投資組合實際上都已擺脫了積壓訂單，我們能夠在第一季對這些投資組合發動進攻，這是個好消息。里克，你還有什麼問題？

Yes, BioBrace, Rick, we had a really good quarter. And I alluded to it in the -- my script there. We passed the 51 mark in clinical procedures. We're up to 52 now. We had our application device for rotator cuff repair, got 510(k) approved in early April, which is a significant move for us.

是的，BioBrace，瑞克，我們這個季度過得非常好。我在我的劇本中提到過這一點。我們在臨床程序方面通過了51分。現在我們已經有 52 人了。我們已將器械應用於肩袖修復，並於4月初獲得510(k)批准，這對我們來說是一個重大舉措。

We believe that will make the procedure easier and more predictable for the surgeons, and early feedback has been really good. We've been in procedures already. And our prospective randomized clinical study with 268 patients continues to advance, and we're over the halfway mark on enrollment. So we feel really good about BioBrace, Rick.

我們相信這將使手術過程對外科醫生來說更加簡單、更加可預測，而且早期的回饋也非常好。我們已經開始辦理相關手續了。我們針對 268 名患者進行的前瞻性隨機臨床研究正在進行，目前入組人數已過半。所以我們對 BioBrace 感覺非常好，Rick。

Young Li, Jefferies.

Young Li，傑富瑞。

Hi, guys. Thanks for taking our questions. I guess, maybe to start with Pat. I think on the last call, you mentioned doing a deep dive of the portfolio for like the next decade. Where are you with that process? When can we hear more about some potential changes you'll implement with the portfolio? And can you share any of the early findings so far? Understanding you probably got distracted with the tariff stuff.

嗨，大家好。感謝您回答我們的問題。我想，也許應該從帕特開始。我想在上次通話中，您提到要對未來十年的投資組合進行深入研究。這個過程你進行到哪一步了？我們什麼時候可以聽到有關您將對投資組合實施的一些潛在變化的更多資訊？您能分享迄今為止的任何早期發現嗎？我理解您可能因為關稅問題而分心了。

Yeah, Young, thanks for the question. So I'm four months into CEO role. First four months, I'm spending an incredible amount of time with three constituents. Number one, our shareholders, have had spent good time at analyst meetings with shareholders talking to them about CONMED; number two, a lot of time with Team CONMED employees, both from the factory floor to our sales forces, to our marketing people, understanding who we are and who we should be; and number three, maybe most importantly, customers.

是的，楊，謝謝你的提問。我擔任執行長已經四個月了。前四個月，我花了大量的時間與三位選民在一起。首先，我們的股東在分析師會議上花了大量時間向股東介紹 CONMED；其次，我們花了很多時間與 CONMED 團隊的員工交流，包括從工廠車間到銷售人員、行銷人員，了解我們是誰以及我們應該成為誰；第三，也許是最重要的，客戶。

And I've spent time in quarter one in the operating room talking to customers, understanding why they use us and what they like to use from us. And what I can tell you is, our four growth drivers are strong, BioBrace, Foot and Ankle, AirSeal and smoke.

在第一季度，我花了很多時間在手術室與客戶交談，以了解他們為什麼使用我們的產品以及他們喜歡使用我們的哪些產品。我可以告訴你們的是，我們的四大成長動力非常強勁，分別是 BioBrace、腳部和腳踝、AirSeal 和煙霧。

Those portfolios around those, we're continuing to dive into and look at what should they be. It's early days on that. I expect to spend more time on that. What I'm pleased with is, our growth drivers have durability there.

圍繞著這些投資組合，我們將繼續深入研究並研究它們應該是什麼樣子。現在還處於早期階段。我希望花更多時間在這上面。令我高興的是，我們的成長動力具有持久性。

And I've been really pleased to see what the internal teams are driving around those and what our customers think of them.

我很高興看到內部團隊正在推動這些舉措，以及我們的客戶對此有何看法。

Great. Very helpful. And then, I guess, for the follow-up, I wanted to ask a little bit about capital trends at AirSeal. It looks like capital is down 5% in the quarter, US down 10%.

偉大的。非常有幫助。然後，我想，作為後續問題，我想問一下有關 AirSeal 的資本趨勢。看起來本季資本下降了 5%，美國下降了 10%。

Wondering if you can maybe put that number -- those numbers in context for us, how much of that's driven by AirSeal? And now that there's around 500 DV5s in the US and 5% of the overall installed base worldwide, I guess, I'm just wondering, are you seeing any differences in terms of utilization or ordering patterns for DV5 accounts versus non-DV5 account?

想知道您是否可以將這些數字與我們的背景聯繫起來，其中有多少是由 AirSeal 推動的？現在美國大約有 500 個 DV5，佔全球總安裝量的 5%，我只是想知道，您是否看到 DV5 帳戶和非 DV5 帳戶在使用率或訂購模式方面有任何差異？

Young, why don't I take the AirSeal one and Todd will take the capital piece. On the AirSeal side, you're right. So Intuitive released their earnings a week ago, 505 total units in the market, 146 increase. Our attachment rate -- and when I say attachment rate, I mean the AirSeals that are operating on the DV5s continue to be there. It's still early days, and we can't be definitive about a percentage.

楊，我為什麼不拿 AirSeal 那塊，而讓托德拿那塊大寫字母呢？從 AirSeal 的角度來看，你是對的。Intuitive 一週前公佈了其收益，市場上共售出 505 台，增加了 146 台。我們的附著率——當我說附著率時，我的意思是在 DV5 上運行的 AirSeal 繼續存在。現在還為時過早，我們無法確定具體百分比。

But we still have DV5 units going in the field where surgeons are saying, I have a complicated procedure, and I want to use AirSeal in clinical insufflation. So from a percentage of application, we don't know right now, but we are seeing continued adoption. And the other thing I would call out is, we have one SKU that is only used on da Vinci robots, and that SKU grew double digits in quarter one.

但我們仍有 DV5 裝置在現場使用，外科醫生會說，我有一個複雜的手術，我想在臨床充氣中使用 AirSeal。因此，從應用百分比來看，我們目前還不知道，但我們看到其正在持續被採用。我想指出的另一件事是，我們有一個 SKU 僅用於達文西機器人，而該 SKU 在第一季增長了兩位數。

Yeah. On the capital side, Young, from our perspective, there's no real change in the customers' appetite. I'll remind everybody that our capital is on the low end of capital expenditures that hospitals deal with. There is a little noise in the comps. The Q1, specifically in the US, was double digits last year.

是的。楊，從我們的角度來看，在資本方面，客戶的需求並沒有真正的改變。我要提醒大家，我們的資本在醫院處理的資本支出中處於低端。電腦裡有一點噪音。去年第一季度，特別是在美國，成長率達到了兩位數。

So there might be a little noise in the comp, but we don't really see any flags or alarms on capital demand for our types of products.

因此，同類產品中可能會存在一些噪音，但我們並沒有真正看到針對我們這類產品的資本需求的任何標誌或警報。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Hey. Thanks for taking the question. Todd, I wanted to follow up on the tariff and tie it together to what you disclosed last quarter. I think last quarter, you gave us some helpful numbers on China. So like if you think about the 35% tariff rate, I think it was $875,000 per month, which is like $10.5 million annually.

嘿。感謝您回答這個問題。托德，我想跟進關稅問題，並將其與你上個季度披露的內容聯繫起來。我認為上個季度您向我們提供了一些有關中國的有用數據。因此，如果你考慮 35% 的關稅稅率，我認為每月是 875,000 美元，也就是每年 1,050 萬美元。

And if you take that to the new rate, it's 170% incremental because you weren't paying the original tariff underlying rate, and that gets to me -- it's around $50 million on an incremental basis for the China tariff. Just wanted to make sure that math is correct and if anything has changed with the math you gave on the last earnings call as it relates to China.

如果按照新稅率計算，增量為 170%，因為你沒有支付原始關稅基礎稅率，對我來說——中國關稅的增量約為 5000 萬美元。只是想確保計算結果正確，以及與您在上次收益電話會議上給出的與中國相關的計算結果相比是否有任何變化。

Yeah. I think we spent 90 days. So it's a more specific product-by-product analysis now. And like I said before, the timing of when that hits, right? So the tariffs that you pay in Q1, for example, and we did pay some tariffs in Q1, those will show up in the P&L in Q3 because that expense travels with inventory.

是的。我想我們花了90天。因此現在是一個更具體的產品分析。就像我之前說的，什麼時候會發生這種情況，對嗎？例如，您在第一季支付的關稅，我們確實在第一季支付了一些關稅，這些關稅將顯示在第三季的損益表中，因為這些費用隨庫存一起轉移。

So if you want to -- I think it's too early to talk about 2026 and annual impact there. I don't -- I haven't heard any of our peers really do that. But we gave it to you quarter by quarter. I told you $0.02 in Q3 and $0.12 in Q4 for the purpose of -- you can see that, obviously, Q4 would be closer to the run rate than Q3.

所以如果你想——我認為現在談論 2026 年及其年度影響還為時過早。我沒有——我還沒有聽說我們的任何同行真的這樣做過。但我們每季都會把它交給你。我告訴您第三季度的運行率是 0.02 美元，第四季度的運行率是 0.12 美元，目的是——您可以看到，顯然，第四季度比第三季度更接近運行率。

Okay. Is that $0.12 in Q4, the actual run rate? Or is the run rate higher than that? I'm not sure how much the inventory turns are helping Q4 as an offset.

好的。第四季的實際運行率是 0.12 美元嗎？或是運行率是否高於此？我不確定庫存週轉率對第四季的抵銷有多大。

Yeah. I mean, obviously, there'll be mitigation steps that you could do and there could also be growth. And so, we're not going to get into 2026 numbers today, but that's the impact for 2025. And I think it gives you decent visibility into what the run rate would look like. And hopefully, very soon -- we're not at the 145% number anymore either, but we'll see how that all plays out.

是的。我的意思是，顯然你可以採取緩解措施，而且也可能實現成長。所以，我們今天不會討論 2026 年的數字，但這是對 2025 年的影響。我認為它能讓你清楚地了解運行率的情況。希望很快——我們不會再達到 145% 這個數字，但我們會看看這一切將如何發展。

Great. Okay. Thanks a lot.

偉大的。好的。多謝。

Mike Matson, Needham.

麥克馬森，尼德姆。

Yeah. Thanks. I was just wondering if you could give us any sense of what you think the company's growth -- top-line growth potential is once you get past the supply chain issues completely. I mean, I know in the past, you talked about very high-single-digit organic growth, driven by the 30%-plus of these -- the four platforms you mentioned growing 20%-plus, maybe like low to mid-single-digit growth in the rest of the business.

是的。謝謝。我只是想知道，一旦徹底解決供應鏈問題，您是否可以告訴我們您認為公司的成長——營收成長潛力是多少。我的意思是，我知道在過去，您談到過非常高的個位數有機增長，這得益於其中 30% 以上的增長——您提到的四個平台增長了 20% 以上，而其餘業務可能也實現了低到中等的個位數增長。

Looking at the slides and hearing your commentary, it sounds like maybe those four growth drivers are -- you're talking about double digits. So maybe the right way to look at that is more like 10% growth of those and low-to-mid single-digits in the rest of the business. But I don't know if you can comment on that at all.

看著幻燈片並聽著您的評論，聽起來這四個成長動力可能是—您說的是兩位數。因此，正確的看法可能是這些業務的成長率為 10%，而其餘業務的成長率為低至中等個位數。但我不知道您是否可以對此發表評論。

Mike, yeah, good question. Again, so we've guided this year 4% to 6%, and we're on track for that. I've talked about our four growth drivers that are double-digit growers and we feel good about. We are operating in big markets, growing fast. So we think our markets are growing mid-high single digits.

麥克，是的，好問題。再次重申，我們預計今年的成長目標是 4% 至 6%，而且我們正在朝著這個目標前進。我已經談到了我們的四個成長動力，它們都是兩位數的成長，我們對此感到滿意。我們在大市場中運營，並且快速發展。因此我們認為我們的市場正在以中高個位數成長。

And so, as I think about this business, it's a 4% to 9% grower there on the top line. And obviously, we're looking for more growth drivers and how we can drive that harder. But I think that balanced mix with four growth drivers, double digits, and the rest of the portfolio, I think 4% to 9% is in that range.

因此，當我考慮這項業務時，它的營業收入成長率為 4% 到 9%。顯然，我們正在尋找更多的成長動力以及如何更大程度地推動這一成長。但我認為，均衡的組合包含四個成長動力、兩位數，而投資組合的其餘部分，我認為 4% 到 9% 就在這個範圍內。

Yeah. Okay. I mean, is the -- are the supply chain issues keeping you at the lower end of the range and maybe you could get toward the higher end of that range without the supply chain issues? I don't know if you're able to quantify the impact this year at all from that. I mean, how many points of growth is that taking away?

是的。好的。我的意思是，供應鏈問題是否使您處於範圍的低端，也許您可以在沒有供應鏈問題的情況下達到該範圍的高端？我不知道您是否能夠量化今年的影響。我的意思是，這會帶走多少成長點？

Yeah. We can't quantify it today, but I think you're right there. I mean, we want to win in our markets, and we believe that's taking market share, and winning is more in the 7% and 8%, 9% range, not 4%, 5% and 6%. That's what we should be doing, and that's what we're driving for.

是的。我們今天無法量化它，但我認為你是對的。我的意思是，我們希望在我們的市場上取勝，我們相信這就是佔領市場份額，而勝利更多的是在 7%、8%、9% 的範圍內，而不是 4%、5% 和 6%。這才是我們該做的，也是我們努力的方向。

Okay. Got it. And then, just a question for Todd. The currency benefit that's pushing up your EPS guidance, where will that show up in the P&L? Is it in gross margin, OpEx or spread between them?

好的。知道了。然後，我只想問托德一個問題。貨幣收益推高了您的每股盈餘預期，這會在損益表中反映出來嗎？它是毛利率、營運支出還是兩者之間的利差？

Yeah, it is spread through the P&L, Mike. As I said, gross margin, we started a quarter ago, I said there was about 50 basis points of headwind in gross margin. That's gone down 20 basis points. So now, still a headwind, but closer to 30 basis points than 50 basis points. And so, yeah, the FX impact is in both gross margin and the operating expenses.

是的，它是透過損益表傳播的，麥克。正如我所說的，毛利率，我們在一個季度前開始說，毛利率面臨約 50 個基點的阻力。這下降了20個基點。因此現在，仍然存在逆風，但更接近 30 個基點而不是 50 個基點。是的，外匯影響既影響毛利率，也影響營業費用。

Thank you. I would now like to turn the conference back to Pat Beyer for closing remarks. Sir?

謝謝。現在我想請派特·拜爾致閉幕詞。先生？

Thank you, Latif. I want to thank everybody for joining us, for your time today, and we look forward to speaking with you on our next earnings call. Thank you.

謝謝你，拉蒂夫。我要感謝大家今天抽出時間參加我們的會議，我們期待在下次財報電話會議上與您交談。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。