Conmed Corp (CNMD) 2025 Q2 法說會逐字稿

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

您好，感謝您的支持。歡迎參加 CONMED 2025 財年第二季財報電話會議。（操作員指示）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。

These statements represent the forward-looking statements that involve risks and uncertainties as those terms are defined under the federal securities laws. 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.

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。投資者需注意，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。

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. 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.

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。除適用法律要求外，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。

You will also hear management refer to non-GAAP or adjusted measurements during this discussion. 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.

您還將聽到管理層在討論中提及非 GAAP 或調整後的測量。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 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盈餘衡量公司的收入，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援公司收益報告的對帳單中進行了指定。

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. Good afternoon, and thank you for joining us for CONMED's second-quarter 2025 earnings call. 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 second quarter as well as an update on our priorities and our growth drivers. 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.

謝謝你，拉蒂夫。下午好，感謝您參加 CONMED 2025 年第二季財報電話會議。與我一起參加電話會議的是執行副總裁兼財務長 Todd Garner。我將簡要概述第二季度的財務和營運業績，以及我們的優先事項和成長動力的最新情況。然後，托德將對我們的財務業績和指導以及我們對關稅影響的最新看法進行更詳細的分析。

We will then open the call to your questions. I'll start by quickly reviewing our second quarter results. Total sales for the quarter were $342.3 million, which came in slightly above the high end of our guidance range on year-over-year growth of 3.1% as reported and 2.9% in constant currency.

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二季業績。本季總銷售額為 3.423 億美元，略高於我們預期範圍的高端，報告顯示同比增長 3.1%，按固定匯率計算增長 2.9%。

Sales growth was driven by worldwide general surgery sales of 4.4%. Worldwide orthopedic sales grew 0.8% year-over-year. We are confident our supply chain initiatives can accelerate growth in orthopedics as well as move into 2026. We will discuss these initiatives in more detail later on in my prepared remarks.

銷售額成長主要得益於全球一般外科銷售額 4.4% 的成長。全球骨科銷售額較去年同期成長0.8%。我們相信，我們的供應鏈計畫可以加速骨科領域的發展並邁入 2026 年。我們將在稍後的準備發言中更詳細地討論這些舉措。

From an earnings perspective, excluding special items that affected comparability, our adjusted net income of $35.6 million increased 16.4% year-over-year, and our adjusted diluted net earnings per share of $1.15 increased 17.3% year-over-year.

從獲利角度來看，剔除影響可比性的特殊項目，我們的調整後淨收入為 3,560 萬美元，年增 16.4%，調整後每股攤薄淨收益為 1.15 美元，年增 17.3%。

Importantly, we believe the work we are doing with our supply chain, the ongoing review of our portfolio and the investments we are making behind our four key growth drivers support a mid-single-digit to high single-digit revenue growth profile for the business over the longer term. I will now discuss each of these topics, starting with our four key growth drivers: AirSeal, Buffalo Filter, BioBrace and Foot & Ankle.

重要的是，我們相信，我們在供應鏈方面所做的工作、對我們產品組合的持續審查以及我們在四個關鍵增長動力背後所做的投資，將支持該業務在長期內實現中等個位數到高個位數的收入增長。我現在將逐一討論這些主題，首先從我們的四個關鍵成長動力開始：AirSeal、Buffalo Filter、BioBrace 和 Foot & Ankle。

I'll begin with AirSeal. This platform remains the largest single contributor to our general surgery growth and is the primary driver of its 92% recurring revenue profile. We want to provide a more granular look at the potential of the platform here.

我將從 AirSeal 開始。該平台仍然是我們普通外科手術成長的最大單一貢獻者，也是其 92% 經常性收入的主要驅動力。我們希望在此更詳細地了解該平台的潛力。

With a little over a year now of experience with DV5 in the marketplace, we are seeing AirSeal being used in 10% to 20% of DV5 procedures. The procedures on Xi continue to grow at a healthy level, and AirSeal is used in 35% to 40% of those procedures.

目前，DV5 在市場上已經有一年多的使用經驗，我們發現 AirSeal 已用於 10% 到 20% 的 DV5 手術。Xi 上的手術繼續以健康水平增長，其中 35% 至 40% 的手術使用了 AirSeal。

For the purposes of this update, we are projecting that the AirSeal use in non-robotic procedures can grow between 10% to 15% annually over the next five years. If we apply those rates to the sell-side consensus of what the mix between DV5 and Xi will be over the next five years, we project AirSeal procedures will grow in the high single digits to the low double digits over that period.

為了本次更新，我們預測未來五年內非機器人手術中 AirSeal 的使用量每年可成長 10% 至 15%。如果我們將這些比率應用於賣方對未來五年 DV5 和 Xi 之間的組合的共識，我們預計 AirSeal 程序將在此期間以高個位數到低兩位數的速度增長。

We believe that the clinical benefits of AirSeal in complex procedures, continued Xi placements and growing adoption in laparoscopy will provide durable, healthy growth in this differentiated product line.

我們相信，AirSeal 在複雜手術中的臨床優勢、持續的 Xi 放置以及在腹腔鏡手術中的日益普及將為這一差異化產品線帶來持久、健康的增長。

Turning to Buffalo Filter. Quarter two direct sales reflect another quarter of double-digit growth. Growth in Buffalo Filter is supported by legislative adoption, new product introductions and deeper hospital protocols that protect caregivers from the harmful byproducts of surgical smoke. 19 US states have enacted smoke-free operating room laws, with West Virginia, Virginia and Minnesota taking effect in 2025.

轉向 Buffalo Filter。第二季的直銷再次實現了兩位數的成長。立法的通過、新產品的推出以及更深入的醫院協議（保護護理人員免受手術煙霧有害副產品的傷害）支持了 Buffalo Filter 的成長。美國已有 19 個州頒布了無菸手術室法律，其中西維吉尼亞州、維吉尼亞州和明尼蘇達州將於 2025 年生效。

On July 1, North Carolina became the 19th state to enact such laws, with implementation required by January 1, 2026. Globally, we continue to see geographies around the world also enact legislation. We estimate the global smoke evacuation market is approximately $300 million today with line of sight to $2 billion over the next several years.

7月1日，北卡羅來納州成為第19個頒布此類法律的州，並要求於2026年1月1日前實施。在全球範圍內，我們繼續看到世界各地也頒布立法。我們估計，目前全球煙霧疏散市場的規模約為 3 億美元，未來幾年可望達到 20 億美元。

We also continue to drive innovation in this market. In the first half of 2025, we have launched PlumeSafe, PX5, a smaller and quieter next-generation evacuator designed for ambulatory and outpatient settings. Moving on, sales for our orthopedic products grew in quarter two despite ongoing supply chain recovery work, which I will touch on shortly.

我們也將繼續推動這個市場的創新。2025 年上半年，我們推出了 PlumeSafe、PX5，這是一款更小、更安靜的下一代抽吸器，專為門診和門診環境設計。接下來，儘管供應鏈恢復工作仍在進行中，但我們的骨科產品銷售額在第二季度仍有成長，我很快就會談到這一點。

Growth in the quarter was led by double-digit demand for BioBrace, our highly differentiated biologic implant designed for soft tissue repair and augmentation. BioBrace is now in clinical use across 52 distinct procedures from rotator cuff and ACL repairs to Achilles and gluteus medius reconstructions, underscoring its versatility across sports medicine anatomies.

本季的成長主要得益於 BioBrace 兩位數需求的推動，BioBrace 是我們專為軟組織修復和增強而設計的高度差異化的生物植入物。BioBrace 目前已在 52 種不同的臨床手術中得到應用，包括肩袖和 ACL 修復、阿基里斯腱和臀中肌重建，凸顯了其在運動醫學解剖學中的多功能性。

In April, the FDA cleared a dedicated BioBrace surgery device for rotator cuff repair, BioBrace RC, and early surgeon feedback indicates the instrument streamlines workflow and improves reproducibility. But based on the strong feedback we received in the second quarter, we are moving into full market release in the United States.

今年 4 月，FDA 批准了專門用於肩袖修復的 BioBrace 手術設備 BioBrace RC，早期外科醫生的回饋表明該儀器簡化了工作流程並提高了可重複性。但根據我們在第二季收到的強烈回饋，我們將在美國全面上市。

Importantly, hospital systems continue to prioritize minimally invasive surgery spend and BioBrace align squarely with that trend. Our Foot & Ankle products delivered double-digit growth for the third consecutive quarter reflecting the successful resolution of prior supply chain challenges.

重要的是，醫院系統繼續優先考慮微創手術支出，而 BioBrace 完全符合這一趨勢。我們的足踝產品連續第三個季度實現兩位數成長，反映出我們成功解決了先前的供應鏈挑戰。

This sustained momentum is a direct result of the foundational work we completed last year to stabilize our operations and improve product availability. At CONMED, we're focused on building a stronger, more resilient operational foundation to support long-term growth and deliver exceptional value to our customers and stakeholders.

這種持續的勢頭直接得益於我們去年為穩定營運和提高產品可用性而完成的基礎工作。在 CONMED，我們專注於建立更強大、更具彈性的營運基礎，以支持長期成長並為我們的客戶和利害關係人提供卓越的價值。

A key priority is resolving our remaining supply chain challenges, particularly within sports medicine and transforming this area into a competitive advantage. Looking ahead, our strategy here centers on three core objectives. First, stabilizing and scaling operations. We are implementing targeted improvements in procurement, planning and production to enhance reliability and scalability. These efforts will allow us to better meet customer demand and support future growth. Two, driving efficiencies.

一個關鍵的優先事項是解決我們剩餘的供應鏈挑戰，特別是在運動醫學領域，並將這一領域轉化為競爭優勢。展望未來，我們的策略圍繞著三個核心目標。一是穩定和擴大經營。我們正在採購、規劃和生產方面實施有針對性的改進，以提高可靠性和可擴展性。這些努力將使我們能夠更好地滿足客戶需求並支持未來的成長。二、提高效率。

We've engaged a top-tier consulting firm to help optimize our operations. This collaboration is expected to generate at least $20 million in annual savings while also accelerating our ability to execute with precision and agility. Three, building a high-performance supply chain.

我們聘請了一家頂級顧問公司來幫助優化我們的營運。此次合作預計每年將節省至少 2,000 萬美元，同時也能提高我們精確、靈活的執行能力。三、打造高效供應鏈。

Our goal is to evolve our supply chain into a strategic asset, one that is agile, cost effective and capable of supporting innovation. We are focused on strengthening supplier relationships, improving inventory management and leveraging data to drive smarter decision-making. We are confident that by the end of the year, we will be in a significantly improved position.

我們的目標是將我們的供應鏈發展成為一種策略資產，使其靈活、經濟高效且能夠支持創新。我們專注於加強供應商關係、改善庫存管理並利用數據推動更明智的決策。我們有信心，到今年年底，我們的狀況將顯著改善。

The path forward is clear and the opportunity to turn operations into a true engine of growth and value creation is well within our control. To support these initiatives, CONMED is committed to maintaining a strong balance sheet and reducing debt.

前進的道路是明確的，將營運轉變為真正的成長和價值創造引擎的機會完全在我們的掌控之中。為了支持這些舉措，CONMED 致力於維持強勁的資產負債表並減少債務。

We expect our leverage ratio to fall below 3.0 by the end of 2025, providing financial flexibility for future investments. In conclusion, we remain confident in our business fundamentals and long-term strategy. We are actively optimizing our portfolio towards higher-margin, high-growth opportunities to enhance shareholder returns.

我們預計到 2025 年底我們的槓桿率將降至 3.0 以下，為未來的投資提供財務彈性。總之，我們對我們的業務基礎和長期策略仍然充滿信心。我們正在積極優化我們的投資組合，以獲得更高利潤、高成長的機會，從而提高股東回報。

Thank you to our employees, partners and stakeholders for your continued commitment and support. We look forward to updating you on our progress in the quarters ahead. With that, I'll turn the call over to Todd, who will provide a more detailed analysis of our quarter two financial performance and discuss our 2025 financial guidance as well as quantifying our latest thinking on tariffs. Todd?

感謝我們的員工、合作夥伴和利害關係人的持續承諾和支持。我們期待在未來幾季向您通報我們的進展。接下來，我將把電話轉給托德，他將對我們第二季度的財務業績進行更詳細的分析，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.

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資料，總結了本季的業績和我們的財務指導。

For the second quarter of 2025, our total sales increased 2.9% year-over-year. For Q2, our sales in the US increased 2.8% versus the prior year quarter and our international sales grew 2.9%. Total worldwide orthopedics sales grew 0.8% in the second quarter. In the US, orthopedic sales decreased to 0.8% and internationally orthopedic sales increased 1.8%.

2025年第二季度，我們的總銷售額年增2.9%。第二季度，我們在美國銷售額比去年同期成長 2.8%，國際銷售額成長 2.9%。第二季全球骨科產品總銷售額成長了 0.8%。在美國，骨科銷售額下降至 0.8%，而國際骨科銷售額則增加了 1.8%。

Total worldwide general surgery sales increased 4.4% in the quarter. US general surgery sales grew 4.3%, while internationally general surgery sales increased 4.7%. Now let's move to the expense side of the income statement.

本季全球一般外科手術總銷售額成長了 4.4%。美國一般外科銷售額成長 4.3%，而國際一般外科銷售額成長 4.7%。現在讓我們轉到損益表的費用部分。

We will discuss expenses and profitability in the second quarter, excluding special items which are detailed in our press release. Adjusted gross margin for the second quarter was 56.5%, which is 120 basis points higher than the prior year quarter and consistent with our expectations. We continue to make progress on back order with the numbers headed in the right direction.

我們將討論第二季的費用和獲利能力，但不包括新聞稿中詳述的特殊項目。第二季調整後的毛利率為 56.5%，比去年同期高出 120 個基點，符合我們的預期。我們在積壓訂單方面繼續取得進展，數字正朝著正確的方向發展。

Research and development expense for the second quarter was 4.1% of sales, 10 basis points lower than the prior year quarter. Second quarter adjusted SG&A expenses were 37.1% of sales, 20 basis points higher than the prior year.

第二季研發費用佔銷售額的 4.1%，比去年同期低 10 個基點。第二季調整後的銷售、一般及行政費用佔銷售額的 37.1%，較上年高出 20 個基點。

On an adjusted basis, interest expense was $6.4 million in the second quarter. The adjusted effective tax rate in Q2 was 24.8%. Second quarter GAAP net income was $21.4 million compared to $30.0 million in 2024.

經調整後，第二季利息支出為 640 萬美元。第二季調整後有效稅率為24.8%。第二季 GAAP 淨收入為 2,140 萬美元，而 2024 年為 3,000 萬美元。

GAAP earnings per diluted share were $0.69 this quarter compared to $0.96 a year ago. Excluding the impact of special items discussed earlier, in the second quarter, we reported adjusted net income of $35.6 million, an increase of 16.4% compared to the second quarter of 2024.

本季 GAAP 每股攤薄收益為 0.69 美元，去年同期為 0.96 美元。不包括前面討論過的特殊項目的影響，第二季度，我們報告的調整後淨收入為 3560 萬美元，與 2024 年第二季度相比增長 16.4%。

Our Q2 adjusted diluted net earnings per share were $1.15, an increase of 17.3% compared to the prior year quarter. Turning to the balance sheet. Our cash balance at June 30 was $33.9 million compared to $35.5 million at March 31.

我們第二季調整後的每股攤薄淨收益為 1.15 美元，較去年同期成長 17.3%。轉向資產負債表。截至 6 月 30 日，我們的現金餘額為 3,390 萬美元，而截至 3 月 31 日，現金餘額為 3,550 萬美元。

Accounts receivable days as of June 30 were 62 days, no change from the end of Q1. Inventory days at June 30 were 212, which is 10 days lower than at March 31. Long-term debt at the end of the quarter was $881.1 million compared to $891.4 million at March 31.

截至 6 月 30 日的應收帳款天數為 62 天，與第一季末相比沒有變動。6月30日庫存天數為212天，較3月31日減少10天。本季末的長期債務為 8.811 億美元，而 3 月 31 日為 8.914 億美元。

Our leverage ratio on June 30 was 3.1 times, which was a little better than expected. Cash flow provided from operations in the quarter was $29.1 million compared to $43.3 million in the second quarter of 2024. Capital expenditures in the second quarter were $5.7 million compared to $3.6 million a year ago.

我們6月30日的槓桿是3.1倍，比預期稍微好一點。本季經營活動產生的現金流為 2,910 萬美元，而 2024 年第二季為 4,330 萬美元。第二季的資本支出為 570 萬美元，而去年同期為 360 萬美元。

Now let's turn to financial guidance. Let's start with revenue. We are updating our full year reported revenue guidance to a range of $1.356 billion to $1.378 billion, which is a narrowing from the prior range of $1.350 billion to $1.378 billion.

現在讓我們來談談財務指引。讓我們從收入開始。我們將全年報告營收預期更新至 13.56 億美元至 13.78 億美元之間，較之前的 13.50 億美元至 13.78 億美元有所收窄。

FX is now projected to be essentially neutral for the full year 2025. We expect Q3 reported revenue to be between $330 million and $337 million, with about 50 basis points of tailwind from FX. Last quarter, we talked about margin and EPS guidance without tariffs and then gave specific disclosure on the expected tariff impact on 2025 by quarter.

目前預計 2025 年全年外匯匯率將基本保持中立。我們預計第三季報告的收入將在 3.3 億美元至 3.37 億美元之間，外匯將帶來約 50 個基點的順風。上個季度，我們討論了不考慮關稅的利潤率和每股收益指引，然後按季度具體披露了預計關稅對 2025 年的影響。

With the first six months of the year behind us and our cost of goods sold being deferred with inventory for six months, we now know the tariff impact on 2025, which is $0.02 in Q3 and $0.07 in Q4. That is now incorporated in our guidance. We told you back in January to expect gross margins in 2025 to be similar to 2024. That was without any additional tariffs.

今年上半年已經過去，我們的銷售成本也因庫存而遞延了六個月，現在我們知道了關稅對 2025 年的影響，即第三季為 0.02 美元，第四季為 0.07 美元。這現已納入我們的指導中。我們在一月就告訴您，預計 2025 年的毛利率將與 2024 年相似。這還未徵收任何額外關稅。

We continue to expect 2025 gross margins to be similar to 2024 while digesting the additional tariffs, currency has ameliorated somewhat. The FX impact on gross margins is still a headwind but better than the original estimate of 50 basis points.

我們繼續預期 2025 年的毛利率將與 2024 年相似，同時消化額外的關稅，貨幣有所改善。外匯對毛利率的影響仍然是不利的，但比最初估計的 50 個基點好。

We told you a quarter ago to expect margins in Q2 to be in the mid-56% range, Q3 in the mid-55% and Q4 approaching 57%, which was without tariffs. Including our tariff disclosure from the same call, that translated to Q4 guidance in the mid-55s. We continue to see the year playing out that way.

我們一個季度前就告訴過你們，預計第二季的利潤率將在 56% 左右，第三季將在 55% 左右，第四季將接近 57%，這還不包括關稅。包括我們在同一次電話會議中披露的關稅信息，這轉化為 55 年代中期的第四季度指導。我們繼續看到這一年以這種方式展開。

Turning to EPS. We started the year guiding adjusted EPS between $4.25 and $4.40, with currency headwind between $0.15 and $0.20. So the organic constant currency guide without additional tariffs was $4.45 to $4.55 at the beginning of the year. That organic constant currency guidance without tariffs is now increased to $4.59 to $4.74.

轉向 EPS。今年年初，我們預計調整後每股盈餘在4.25美元至4.40美元之間，匯率不利因素預計在0.15美元至0.20美元之間。因此，年初未計額外關稅的有機固定匯率預期為4.45美元至4.55美元。不含關稅的有機恆定貨幣指導價現已上調至 4.59 美元至 4.74 美元。

We now expect currency to be a headwind of approximately $0.10 and tariffs to be approximately $0.09, resulting in reported adjusted EPS between $4.40 and $4.55, which is $0.09 better on both ends than our guidance last quarter, inclusive of tariffs.

我們現在預計貨幣逆風約為 0.10 美元，關稅約為 0.09 美元，導致報告的調整後每股收益在 4.40 美元至 4.55 美元之間，比我們上個季度的指導（包括關稅）高出 0.09 美元。

Our guidance slide in the investor deck shows the apples-to-apples comparison of our prior guidance and today's guidance. Specific to Q3, we expect adjusted EPS to be between $1.03 and $1.08. In summary, we are overperforming in profitability, and our leverage is lower than projected halfway through the year. We remain focused on our growth drivers to improve our execution and get back to above-market revenue growth consistently.

投資者簡報中的指導幻燈片展示了我們之前的指導和今天的指導的同類比較。具體到第三季度，我們預計調整後每股收益將在1.03美元至1.08美元之間。總而言之，我們的獲利能力表現優異，且槓桿率低於年中預期。我們將繼續專注於我們的成長動力，以提高我們的執行力並持續恢復高於市場的收入成長。

With that, we'd like to open the call to your questions.

有了這一點，我們想開始回答你們的問題。

(Operator Instructions)

（操作員指示）

Mike Matson, Needham & Company.

麥克馬森，Needham & Company。

Hi, this is Joseph on for Mike. Maybe just starting with Buffalo Filter, was just wondering if you guys have seen any increased competition or pressure in the market just given all the legislative tailwinds. Have you seen any large players out there?

大家好，我是約瑟夫，接聽麥克的電話。也許只是從 Buffalo Filter 開始，只是想知道，考慮到所有立法的順風，你們是否看到市場競爭或壓力增加。你看過有什麼大牌球員嗎？

Joseph, we have not seen any new players other than the ones we continue to compete with. The market continues to grow, we announced the 19th state in the United States just passed legislation, North Carolina, but the competition remains the same.

約瑟夫，除了那些繼續與我們競爭的球員之外，我們還沒有看到任何新球員。市場持續成長，我們宣布美國第 19 個州北卡羅來納州剛剛通過立法，但競爭仍然存在。

Okay, that's helpful. And then I guess, maybe just a concern, I guess, around where your capacity is at, supply chain restraints, where is that kind of going together with sales force expansion? I know you guys usually talk about sales force expansion maybe around the beginning of the year. I'm not sure if you guys have talked about it in 2025 yet, so I was just kind of curious your view on that.

好的，這很有幫助。然後我想，也許只是擔心你的產能在哪裡，供應鏈限制在哪裡，這與銷售團隊的擴張有什麼關係？我知道你們通常會在年初談論銷售隊伍的擴張。我不確定你們是否已經討論過 2025 年的問題，所以我只是有點好奇你們對此的看法。

Let me have both questions. Let's start with the -- getting our supply chain fixed and back on offense there. We're making progress. We've made progress in the first half. Again, we're focused on planning, production and procurement.

讓我問一下這兩個問題。讓我們先修復我們的供應鏈並重新發動攻擊。我們正在取得進展。我們在上半場取得了進展。再次強調，我們專注於規劃、生產和採購。

We are finished quarter two with lower back order and lower SKUs on back order and expect to be finishing 2025 in a much better position. From a standpoint of adding sales professionals, we typically add them in the second half to be ready to kick off a new year with an expanded sales force.

我們已完成第二季度，積壓訂單減少，積壓訂單的 SKU 也減少，預計 2025 年結束時情況會更好。從增加銷售專業人員的角度來看，我們通常會在下半年增加他們，以便以擴大的銷售團隊迎接新的一年。

But to be honest, we typically add sales reps dynamically throughout the year. As we lose sales professionals where we have opportunities, we continue to add them where the sales territory becomes open. And when new products are expanding and moving throughout the year, we add sales professionals where it makes sense, be that the geography has the opportunity to do them. And we will continue to add sales professionals as our business grows.

但說實話，我們通常會在全年動態地增加銷售代表。當我們在有機會的地方失去銷售專業人員時，我們會繼續在銷售區域開放的地方增加他們。當新產品在全年不斷擴展和移動時，我們會在合理的地方增加銷售專業人員，只要該地區有機會這樣做。隨著業務的成長，我們將繼續增加銷售專業人員。

Robbie Marcus, JPMorgan

摩根大通羅比·馬庫斯

Hi, this is Lily on for Robbie. Thanks for taking the question. Maybe I'll start with capital. That came in a bit softer than what we were thinking. So can you talk a bit to the trends that you're seeing there? And is there any impact that you've seen in the quarter or that you're expecting moving forward from tighter hospital budgets?

大家好，我是 Lily，為 Robbie 服務。感謝您回答這個問題。也許我應該從資本開始。這比我們想像的要溫和一些。那麼，您能談談您在那裡看到的趨勢嗎？您在本季看到了什麼影響嗎？或者您預計醫院預算收緊會帶來什麼影響？

Good question. Let me start with we're not seeing, in general, a slowdown from hospitals. The capital market continues to be what it has been. When we look at our specific capital comparables versus prior year, you're probably seeing three things. Number one, in 2024, there was a competitive recall in the insufflation market and we saw our numbers were probably more robust than they normally would have been in that period.

好問題。首先，整體而言，我們並沒有看到醫院的業務放緩。資本市場依然保持原樣。當我們查看與上一年相比的具體資本可比情況時，您可能會看到三件事。首先，2024 年，充氣市場出現了競爭性召回，我們發現我們的業績可能比該時期的正常水平更為強勁。

We also had a number of new distributors on the international side in 2024 that started up. So you saw a higher capital flow last year on that. And our supply chain has also impacted our capital flow a little bit this year. So all in all, one side, capital demand from hospitals continues to be strong. We had some tough comparables and our supply chain is challenging our current capital ability to sell.

2024 年，我們也在國際上新增了一些經銷商。因此，去年你會看到資本流動增加。今年我們的供應鏈也對我們的資金流產生了一些影響。總而言之，一方面，醫院的資本需求持續強勁。我們有一些艱難的比較，我們的供應鏈正在挑戰我們當前的資本銷售能力。

But outside of that, we continue to have a capital portfolio we're proud of and expect capital to continue to have the same trends going forward as it has in prior years.

但除此之外，我們仍然擁有引以為傲的資本組合，並預期資本將繼續保持與前幾年相同的趨勢。

Got it. That's helpful. And then just as a follow-up, can you talk a bit about how you're feeling generally about your share position in ortho in light of these supply constraints? And to what extent do you think that any share loss that you may have seen has been sticky just given it's been a few quarters of disruption? And so how would you characterize your share position evolving over the last few months? Thank you.

知道了。這很有幫助。然後作為後續問題，您能否談談，鑑於這些供應限制，您對您在鄰苯二甲酸中的份額狀況的總體感受如何？考慮到已經經歷了幾個季度的混亂，您認為您所看到的份額損失在多大程度上是持久的？那麼，您如何描述過去幾個月以來您的股票狀況的變化？謝謝。

Well, from a pure number standpoint, we're not taking the share that we would like, and we know that our growth has not -- is lower than the actual market growth. So from a pure number standpoint, we've lost market share. The good news is with a platform like BioBrace, we're still driving forward and we're on offense there. We're continuing to be seen as an innovative orthopedic company globally.

嗯，從純粹的數字角度來看，我們沒有獲得我們想要的份額，而且我們知道我們的成長並沒有低於實際的市場成長。因此，從純粹的數字角度來看，我們已經失去了市場份額。好消息是，有了 BioBrace 這樣的平台，我們仍在繼續前進，並且正在進攻。我們將繼續被視為全球創新骨科公司。

Our sales professionals continue to be in operating rooms solving clinical issues and our sales forces are continuing to be ready to get on offense when our supply chain challenges mitigate over at the second half of the year.

我們的銷售專業人員繼續在手術室解決臨床問題，當我們的供應鏈挑戰在下半年減輕時，我們的銷售人員將繼續準備發動攻擊。

So on one hand, we have lost market share this year. The numbers say that. On the other side, our innovation from new products continues to roll out and our BioBrace platform continues to put us in a good position going forward.

因此，一方面，我們今年失去了市場份額。數字表明了這一點。另一方面，我們在新產品方面的創新不斷推出，我們的 BioBrace 平台繼續使我們在未來處於有利地位。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Hi there, this is [Anna] on for Matt. Thanks for taking the questions. I just wanted to ask on the guide here. You guys beat on revenues but are only raising the bottom end of the guide, especially when considering FX improvements. Could you just help us understand the perspective maybe on the next two quarters as it relates to the top line?

大家好，我是 [Anna]，為 Matt 報道。感謝您回答這些問題。我只是想在這裡詢問指南。你們在收入方面表現出色，但只提高了指南的底端，特別是考慮到外匯改進時。您能否幫助我們了解未來兩季與營收相關的前景？

Yeah, thanks, Anna. We've delivered the first half pretty much in line with what we thought. And as we look at the back half, our guidance today shows a little bit, we expect gradual improvement in the growth rate. As Pat said, we don't expect the same kind of capital headwinds in the back half that we had in the front half.

是的，謝謝，安娜。上半年我們所取得的成績基本上符合我們的預期。當我們展望下半年時，我們今天的指導顯示出一點，我們預計成長率將逐步提高。正如帕特所說，我們預計下半年不會出現與上半年相同的資本逆風。

But we see kind of gradual, hopefully steady improvement as we work through the rest of the year. And that led us to provide the guidance we did today, which is keeping the reported range the same, even though to your point, you're absolutely correct that currency did get a little easier. So brought the bottom end up, kept the top end the same, and that's how we're going to move into the back half.

但隨著我們在今年剩餘時間繼續努力，我們看到了逐步、有望穩定的改善。這促使我們今天提供指導，即保持報告範圍不變，儘管就您的觀點而言，您完全正確，貨幣確實變得更容易一些。因此，將底端向上移動，並保持頂端不變，這就是我們進入後半部的方式。

Got it. And then just on EPS, you raised the guide there. Is that primarily just due to margin improvements or more so on like the FX tariff side of things?

知道了。然後就在 EPS 上，您提出了指南。這主要是由於利潤率提高還是更多的是由於外匯關稅方面的原因？

Yeah, if you look at the $0.09 raise from what we said a quarter ago, about $0.03 is from FX, about $0.03 is from tariffs and about $0.03 is from performance and operations. And so it's kind of all three of those add up to $0.09.

是的，如果你看一下我們一個季度前所說的 0.09 美元的漲幅，其中約 0.03 美元來自外匯，約 0.03 美元來自關稅，約 0.03 美元來自績效和營運。所以這三者加起來就是 0.09 美元。

Great. Thank you.

偉大的。謝謝。

Young Li, Jefferies.

Young Li，傑富瑞。

All right, great, thanks for taking the questions. I guess to start, maybe just on the new AirSeal disclosures. Wondering if you can put that into perspective a little bit. I think the Xi attachment rate is 35% to 40%. How did that change versus before the introduction of DV5?

好的，太好了，感謝您回答這些問題。我想開始吧，也許只是關於新的 AirSeal 披露。想知道您是否可以稍微客觀地看待這個問題。我認為習近平的依附率是35%到40%。與 DV5 推出前相比，情況有何變化？

Yeah, that's been trending up really over the last decade. And so it was -- we talked about it being about one-third of procedures a few years ago, then it was closer to 35%, and now we're north of 35%. So that's just been a very consistent increased adoption and usage rate that we've seen with robotics and AirSeal.

是的，過去十年來這種趨勢確實呈現上升趨勢。事實確實如此——幾年前我們討論過它佔程序的三分之一，然後接近 35%，現在我們已經超過 35%。因此，我們看到機器人和 AirSeal 的採用率和使用率一直在持續成長。

All right. Great. And then just following up on the DV5 comments, 10% to 20% utilization. I'm kind of curious what type of procedures typically are -- I guess, are these procedures being used because the DV5 system doesn't have their own insufflation product on it or is it being used because of more complex procedures and the clinicians are choosing AirSeal for those type of procedures on DV5?

好的。偉大的。然後根據 DV5 的評論，利用率為 10% 到 20%。我有點好奇通常是什麼類型的程序——我猜，使用這些程序是因為 DV5 系統沒有自己的充氣產品，還是因為更複雜的程序而被使用，並且臨床醫生在 DV5 上為這些類型的程序選擇 AirSeal？

Yeah, Young, it's the latter. And so just to maybe remind you, DV5 has an integrated insufflator that's supplied with the robot. The more complex procedures where the surgeon understands the benefit of single digit low-pressure insufflation will improve patient outcomes through less pain and shorter length of stay.

是的，楊，是後者。因此，也許需要提醒您，DV5 有一個與機器人一起提供的整合式充氣器。對於更複雜的手術，如果外科醫師了解單指低壓充氣的好處，將透過減少疼痛和縮短住院時間來改善病患的治療效果。

Those procedures such as a laparoscopic prostatectomy, the surgeon is actually asking the hospital to have the AirSeal brought into the procedure. And we're seeing between 10% to 20% of the DV5 procedures are actually the surgeon is saying, I want to use single digit low-pressure AirSeal for those procedures. And it's -- we're a little over a year out now with DV5 in the marketplace. We're learning more every day, and this is an opportunity for us to update you on what we're seeing real time.

在腹腔鏡前列腺切除術等手術中，外科醫生實際上要求醫院將 AirSeal 引入手術中。我們發現 10% 到 20% 的 DV5 手術實際上是外科醫生說，我想在這些手術中使用個位數低壓 AirSeal。而且—DV5 上市已經一年多了。我們每天都在學習更多知識，這是一個讓我們向您即時更新我們所見情況的機會。

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

現在我想請派特·拜爾致閉幕詞。先生？

Thank you. Again, I would again like to reiterate what we said. We feel really strong about our growth outlook going forward. We're excited to get off of back order in the second half of the year and move on offense on our orthopedic side.

謝謝。我再次重申我們所說的話。我們對未來的成長前景充滿信心。我們很高興能夠在下半年擺脫積壓訂單的困境，並在骨科方面繼續進攻。

And we're thankful to be able to have four strong growth drivers in our portfolio and excited about the team CONMED has to deliver aggregate growth for our shareholders in the future. And so thank you, everybody, for joining us on the call.

我們很慶幸我們的投資組合中擁有四個強勁的成長動力，並對 CONMED 團隊未來為我們的股東實現整體成長感到興奮。所以，感謝大家參加我們的電話會議。

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。