Conmed Corp (CNMD) 2025 Q3 法說會逐字稿

Thank you for standing by. Welcome to CONMED's third-quarter fiscal 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

感謝您的耐心等待。歡迎參加康美公司2025財年第三季業績電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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.

在電話會議開始之前，請允許我提醒各位，在本次電話會議中，管理層將就公司的財務前景、計劃和目標發表評論和聲明。這些聲明屬於前瞻性聲明，涉及風險和不確定性，這些術語的定義見聯邦證券法。

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.

投資人請注意，任何此類前瞻性陳述均不構成對未來事件、績效或結果的保證。公司的實際業績可能與目前的預期有重大差異。有關可能導致實際結果與預期結果存在重大差異的風險和不確定性的更多詳細信息，請參閱今天新聞稿中前瞻性信息披露的風險和其他不確定性，以及公司向美國證券交易委員會提交的文件。

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. While these figures are not a substitute for GAAP measures, 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.

除適用法律可能要求的情況外，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聲明的義務。在本次討論中，您也會聽到管理階層提及非GAAP或調整後的指標。雖然這些數字不能取代 GAAP 指標，但管理層使用這些數字來幫助定期監控公司每個季度和每年的持續財務業績，並與其他醫療技術公司進行基準比較。

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的是公司的收入，不包括公司認為屬於特殊情況或超出其正常持續經營範圍的信貸或費用。這些調整項目在公司網站上發布的獲利報告的調節表中均有列明。

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

完成這些必要的宣布之後，我將把電話交給總裁兼執行長帕特·拜爾先生，請他致開幕詞。拜爾先生？

Thank you, operator. Good afternoon, and thank you for joining us for CONMED's third-quarter 2025 earnings call. With me today is Todd Garner, our Executive Vice President and Chief Financial Officer. I'll begin with a review of our performance in the quarter. Todd will then walk through our financial results and guidance in more detail. We will then open the call to your questions.

謝謝接線生。下午好，感謝各位參加康美公司2025年第三季財報電話會議。今天陪我一起的是我們公司的執行副總裁兼財務長托德·加納。我將首先回顧我們本季的業績。接下來，Todd 將更詳細地介紹我們的財務表現和業績展望。接下來我們將開放提問環節。

Before I dive into the quarter, I want to take a moment to recognize the continued dedication of our global team. Their commitment to our mission, empowering health care providers worldwide to deliver exceptional outcomes for patients is what drives our performance and enables us to navigate change with confidence.

在深入探討本季內容之前，我想花一點時間感謝我們全球團隊的持續奉獻。他們致力於實現我們的使命，即賦予全球醫療保健提供者，為患者提供卓越的治療效果，這正是我們業績的驅動力，也使我們能夠自信地應對變革。

Turning to our third quarter results. Total sales were approximately $338 million. This represents 6.7% growth year over year as reported and 6.3% growth in constant currency. Performance was led by general surgery, which grew 6.9% globally on a constant currency basis and orthopedics, which delivered 5.3% constant currency growth globally.

接下來來看看我們第三季的業績。總銷售額約3.38億美元。以報告匯率計算，年增 6.7%；以固定匯率計算，年增 6.3%。業績成長主要由一般外科和骨科引領，一般外科以固定匯率計算全球成長了 6.9%，骨科以固定匯率計算全球成長了 5.3%。

From an earnings perspective, adjusted net income for the quarter was $33.4 million, up 2.2% year over year, excluding special items that affected comparability. Adjusted diluted earnings per share came in at $1.08, an increase of 2.9% compared to the prior year quarter.

從獲利角度來看，本季調整後淨收入為 3,340 萬美元，年增 2.2%，不包括影響可比性的特殊項目。經調整後的稀釋每股收益為 1.08 美元，比上年同期成長 2.9%。

Let me now turn to the platforms that continue to anchor our growth strategy and deliver differentiated durable performance across the business. I'll begin with BioBrace and Foot and Ankle, two foundational growth drivers within our orthopedics portfolio. BioBrace continues to be a cornerstone of our sports medicine strategy. Quarter three growth was driven by expanding clinical adoption and strong surgeon engagement. BioBrace is now used across 70-plus distinct procedures from rotator cuff and ACL repairs to Achilles and gluteus medius reconstructions, underscoring its versatility and clinical relevance.

現在，我想談談那些持續支撐我們成長策略並在整個業務中帶來差異化、持久業績的平台。首先是BioBrace和足踝產品，它們是我們骨科產品組合中兩個重要的成長驅動力。BioBrace 仍然是我們運動醫學策略的基石。第三季成長主要得益於臨床應用範圍的擴大和外科醫生的積極參與。BioBrace 目前已應用於 70 多種不同的手術中，從肩袖和前十字韌帶修復到跟腱和臀中肌重建，凸顯了其多功能性和臨床相關性。

Turning to our Foot and Ankle franchise. We see continued opportunity in this clinical area and will remain focused on driving growth and delivering strong economic returns through expanded adoption and portfolio innovation.

接下來，我們來看看我們的足踝專科門市。我們看到該臨床領域仍有發展機遇，並將繼續專注於透過擴大應用和產品組合創新來推動成長並帶來強勁的經濟回報。

Shifting to our general surgery portfolio, I want to highlight two platforms that continue to demonstrate strong performance and long-term potential, Buffalo Filter and AirSeal. Starting with Buffalo Filter, we're seeing sustained momentum driven by expanding legislative mandates, heightened awareness of surgical smoke risks, and deeper integration to hospital protocols.

接下來，我想重點介紹我們一般外科產品組合中的兩個平台，它們持續展現出強勁的性能和長期的潛力，分別是 Buffalo Filter 和 AirSeal。從 Buffalo Filter 開始，我們看到持續的成長勢頭得益於不斷擴大的立法授權、對手術煙霧風險的認識提高以及與醫院規程的更深入融合。

Moving to AirSeal. This platform remains a foundational pillar of our general surgery portfolio. The clinical benefits, reduced postoperative pain, shorter length of stay, and improved outcomes are well established and continue to resonate with surgeons. As DV5 adoption expands in the US, we continue to see AirSeal attachment rates within our range of expectations. We're also closely monitoring the potential redeployment of Xi system trade-ins into international markets and into United States ASCs.

遷移至 AirSeal。該平台仍然是我們一般外科手術產品組合的基礎支柱。臨床益處，如減輕術後疼痛、縮短住院時間和改善治療效果，已得到充分證實，並持續引起外科醫師的共鳴。隨著 DV5 在美國的普及，我們繼續看到 AirSeal 的安裝率在我們的預期範圍內。我們也密切關注 Xi 系統以舊換新產品可能重新部署到國際市場和美國 ASC 的情況。

While still early, we view this as a promising opportunity to accelerate AirSeal growth globally, particularly in regions where Xi placements are increasing and AirSeal's clinical advantages are well understood. Stepping back, one of my first priorities, as CEO after more than a decade with CONMED, was to initiate a comprehensive strategic review of our portfolio and operations. To support this effort, we engaged top-tier consultants to bring a fresh perspective on where we are today, where our greatest opportunities lie, and how we can deliver the strongest long-term returns for shareholders.

儘管目前仍處於早期階段，但我們認為這是一個加速AirSeal全球成長的絕佳機會，尤其是在Xi植入量不斷增加且AirSeal臨床優勢已被充分認可的地區。回顧過去，在我擔任首席執行官，結束在康美公司十餘年的任期後，我的首要任務之一便是對我們的產品組合和運營進行全面的戰略評估。為了支持這項工作，我們聘請了頂尖的顧問，為我們今天的處境、我們最大的機會所在以及如何為股東帶來最強勁的長期回報帶來新的視角。

While the review is still underway, I want to share some early insights. Our evaluation has been detailed and rigorous, assessing each product offering through the lens of long-term return on invested capital. The objective is clear: sharpen our focus, improve our margin profile, and position CONMED for durable long-term growth.

雖然審查仍在進行中，但我想分享一些初步見解。我們的評估細緻，從長期投資報酬率的角度對每款產品進行評估。目標很明確：集中精力，提高利潤率，使 CONMED 實現持久的長期成長。

For a company of our size, CONMED has a diverse set of product lines. Early findings confirm that our strongest growth opportunities lie in our core markets, minimally invasive robotic and laparoscopic surgery, smoke evacuation, and the surgical treatment of orthopedic soft tissue repair. We are positioned to capitalize on these opportunities through a portfolio of best-in-class clinical solutions, including AirSeal, Buffalo Filter and BioBrace, which is gaining momentum through its expanding application within Foot and Ankle procedures.

對於我們這樣規模的公司來說，康美擁有種類繁多的產品線。初步調查結果證實，我們最強勁的成長機會在於我們的核心市場，即微創機器人和腹腔鏡手術、煙霧清除以及骨科軟組織修復的外科治療。我們擁有業界領先的臨床解決方案組合，包括 AirSeal、Buffalo Filter 和 BioBrace，能夠抓住這些機會。 BioBrace 因其在足踝手術中的應用不斷擴展而發展勢頭強勁。

These platforms will be the cornerstone of our future investments in growth and profitability, enabling CONMED to drive superior clinical outcomes for patients, while delivering meaningful improvements in health care economics.

這些平台將成為我們未來在成長和獲利能力方面投資的基石，使康美公司能夠為患者帶來卓越的臨床療效，同時在醫療保健經濟方面帶來有意義的改善。

As part of our evolving capital allocation framework, we are transitioning the cash return to shareholders from our legacy dividend policy to prioritize share repurchases. The Board has authorized a new $150 million share repurchase program. Historically, we have returned approximately $25 million annually through dividends. Today, we are suspending the dividend, and you should expect at least $25 million of share repurchases annually going forward. This change enhances our financial flexibility and supports disciplined capital deployment aligned with long-term shareholder value creation.

作為我們不斷完善的資本配置框架的一部分，我們正在調整以往的股東分紅政策，將現金回報優先用於股票回購。董事會已批准一項新的1.5億美元股票回購計畫。從歷史上看，我們每年透過股息返還約 2500 萬美元。今天，我們宣布暫停派發股息，並預計未來每年將至少回購2,500萬美元的股票。此項調整將增強我們的財務靈活性，並支持我們進行審慎的資本配置，以實現長期股東價值的提升。

In conclusion, we remain confident in our ability to deliver both top line growth and margin expansion, supported by a focused portfolio, operational discipline and a commitment to innovation.

總之，我們仍然有信心在專注的產品組合、嚴謹的營運和對創新的承諾的支持下，實現營收成長和利潤率提升。

With that, I'll turn the call over to Todd, who will provide a more detailed analysis of our quarter three financial performance and discuss our 2025 financial guidance.

接下來，我將把電話交給托德，他將對我們第三季的財務表現進行更詳細的分析，並討論我們 2025 年的財務預期。

Todd?

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。我今天提到的所有銷售成長數據均以不變貨幣計價。與 GAAP 數據的核對情況已包含在我們的新聞稿中。像往常一樣，我們在網站上附上了投資者演示文稿，其中總結了本季度的業績和我們的財務預期。

For the third quarter of 2025, total sales increased 6.3% year over year. The quarter included one extra selling day, which we estimate contributed between 100 and 150 basis points to growth. For Q3, our sales in the US increased 5.9% versus the prior year quarter, and our international sales grew 6.8%. Total worldwide orthopedic sales grew 5.3% in the third quarter. In the US, orthopedic sales increased 5.5% and internationally, orthopedic sales increased 5.2%.

2025年第三季度，總銷售額年增6.3%。本季多出一個銷售日，我們估計這為成長貢獻了 100 到 150 個基點。第三季度，我們在美國市場的銷售額比去年同期成長了 5.9%，國際銷售額成長了 6.8%。第三季全球骨科產品總銷售額成長5.3%。在美國，骨科產品銷售額成長了 5.5%；在國際上，骨科產品銷售額成長了 5.2%。

Total worldwide general surgery sales increased 6.9% in the quarter. US general surgery sales grew 6.0%, while internationally general surgery sales increased 9.2%.

本季全球一般外科手術銷售額成長了6.9%。美國普通外科手術銷售額增加了 6.0%，而國際普通外科手術銷售額則增加了 9.2%。

Now let's move to the expense side of the income statement. We will discuss expenses and profitability in the third quarter, excluding special items, which are detailed in our press release.

現在我們來看損益表的費用部分。我們將討論第三季的支出和獲利情況，不包括特殊項目，具體細節請參閱我們的新聞稿。

Adjusted gross margin for the third quarter was 56.1%, which was ahead of our projection due to positive sales mix. As a reminder, the Q3 results reflect the expenses that went into inventory in Q1 when our manufacturing variances were high. This drove a 40-basis point decline in gross margin compared to Q3 of 2024, including 20 basis points of headwind from new tariffs.

第三季調整後毛利率為 56.1%，高於我們的預期，這得益於積極的銷售組合。提醒一下，第三季業績反映了第一季庫存支出，當時我們的生產差異較大。這導致毛利率較 2024 年第三季下降了 40 個基點，其中包括新關稅帶來的 20 個基點的不利影響。

Research and development expense for the third quarter was 4.1% of sales, 20 basis points lower than the prior year quarter.

第三季研發費用佔銷售額的 4.1%，比去年同期下降了 20 個基點。

Third quarter adjusted SG&A expenses were 37.3% of sales, 10 basis points higher than the prior year.

第三季調整後的銷售、一般及行政費用佔銷售額的 37.3%，比上年同期高出 10 個基點。

On an adjusted basis, interest expense was $6.3 million in the third quarter. The adjusted effective tax rate in Q3 was 25.5%.

經調整後，第三季利息支出為 630 萬美元。第三季調整後的實際稅率為25.5%。

Third quarter GAAP net income was $2.9 million compared to $49.0 million in 2024. GAAP earnings per diluted share were $0.09 this quarter compared to $1.57 a year ago. Excluding the impact of special items discussed earlier, in the third quarter, we reported adjusted net income of $33.4 million, an increase of 2.1% compared to the third quarter of 2024. Our Q3 adjusted diluted net earnings per share were $1.08, an increase of 2.9% compared to the prior year quarter.

第三季 GAAP 淨收入為 290 萬美元，而 2024 年為 4,900 萬美元。本季GAAP稀釋後每股收益為0.09美元，去年同期為1.57美元。剔除前面討論的特殊項目的影響，第三季我們報告的調整後淨收入為 3340 萬美元，比 2024 年第三季增長 2.1%。我們第三季調整後的稀釋後每股淨收益為 1.08 美元，比去年同期成長 2.9%。

Turning to the balance sheet. Our cash balance at September 30 was $38.9 million compared to $33.9 million at June 30. Accounts receivable days as of September 30 were 60 days, down from 62 days at the end of Q2. Inventory days at September 30 were 191, down from 212 days at the end of June. Long-term debt at the end of the quarter was $853.0 million versus $881.1 million as of June 30.

接下來看一下資產負債表。截至9月30日，我們的現金餘額為3,890萬美元，而6月30日為3,390萬美元。截至 9 月 30 日，應收帳款週轉天數為 60 天，低於第二季末的 62 天。截至9月30日，存貨週轉天數為191天，低於6月底的212天。本季末的長期債務為8.53億美元，而截至6月30日為8.811億美元。

Our leverage ratio stood at 3.0x as of September 30, reaching that milestone slightly ahead of expectations for the year, which, as Pat explained, provides us additional flexibility to return cash to shareholders through share repurchases.

截至 9 月 30 日，我們的槓桿率為 3.0 倍，略高於今年的預期，正如 Pat 所解釋的那樣，這為我們提供了更大的靈活性，可以透過股票回購向股東返還現金。

Cash flow provided from operations in the quarter was $53.7 million compared to $51.2 million in the third quarter of 2024. Capital expenditures in the third quarter were $5.2 million compared to $3.4 million a year ago.

本季經營活動產生的現金流量為 5,370 萬美元，而 2024 年第三季為 5,120 萬美元。第三季資本支出為 520 萬美元，去年同期為 340 萬美元。

Now let's turn to financial guidance. Let's start with revenue. We're guiding Q4 revenue to be between $363 million and $370 million, which represents mid-single-digit constant currency growth for the total company with about 100 basis points of tailwind from currency. That would put the full year 2025 reported revenue guidance at a range of $1.365 billion to $1.372 billion, which is a narrowing from the prior range.

現在我們來談談財務指引。我們先從收入說起。我們預計第四季度營收將在 3.63 億美元至 3.7 億美元之間，這意味著公司整體營收將實現中等個位數的固定匯率成長，並受益於匯率帶來的約 100 個基點的利多。這將使 2025 年全年報告收入預期在 13.65 億美元至 13.72 億美元之間，比之前的預期範圍有所縮小。

FX is still projected to be essentially neutral for the full year 2025. We continue to project adjusted gross margin in Q4 to be in the mid-55% range, inclusive of about 150 basis points of headwind from the new tariffs in 2025.

預計2025年全年外匯市場仍將維持基本中性。我們繼續預測第四季度調整後的毛利率將在 55% 左右，其中包括 2025 年新關稅帶來的約 150 個基點的不利影響。

Turning to adjusted EPS. We expect Q4 to be between $1.30 and $1.35, which would put the full year guidance at a range of $4.48 to $4.53 compared to the prior guidance range of $4.40 to $4.55. So far, 2025 has been a year of solid execution amid meaningful strategic transformation work.

接下來討論調整後的每股盈餘。我們預計第四季度每股收益將在 1.30 美元至 1.35 美元之間，這將使全年預期區間為 4.48 美元至 4.53 美元，高於先前預期的 4.40 美元至 4.55 美元。迄今為止，2025 年在穩步推動策略轉型工作的同時，各項業務也取得了顯著成效。

As Pat mentioned, our portfolio review is ongoing, and we're already seeing early benefits from a more focused approach. We believe the work done in 2025 positions CONMED to be a stronger, more profitable company over the long term.

正如 Pat 所提到的，我們的投資組合審查正在進行中，我們已經從這種更專注的方法中看到了初步成效。我們相信，2025 年所做的工作將使 CONMED 從長遠來看成為一家更強大、更有利可圖的公司。

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

接下來，我們想接受大家的提問。

Robbie Marston, JPMorgan.

羅比‧馬斯頓，摩根大通。

This is actually Lily on for Robbie. Maybe I'll start with one on capital allocation and suspending the dividend. Can you talk a bit more about what drove that shift in capital allocation strategy? And should we be expecting any other changes to your thinking and strategy on M&A or debt pay down?

這其實是莉莉代表羅比上場。或許我可以先寫一篇關於資本配置和暫停派息的文章。您能否詳細談談是什麼促成了資本配置策略的這種轉變？那麼，您在併購或償還債務方面的想法和策略是否還有其他變化？

Great question, Lily. Thank you. No other changes. You should not expect any other changes. We worked with our banking partners.

莉莉，問得好。謝謝。沒有其他變化。您無需期待會有其他變化。我們與銀行合作夥伴共同合作。

We looked at our peer set, med device companies our size. We're one of the very few to pay a dividend. I -- maybe one of the more common questions I get these days is with the stock where it is, why the company is not buyers of our own stock. I've answered over the last couple of years that we feel like we've had to prioritize getting leverage down. And when I've given that answer, I think investors have almost unanimously in agreement with those priorities.

我們考察了與我們規模相當的醫療器材同行公司。我們是極少數派發股息的公司之一。最近我被問到最多的問題之一就是，鑑於目前的股價，為什麼公司不買進我們自己的股票。過去幾年，我一直強調，我們必須優先降低槓桿。而當我這樣回答時，我認為投資人幾乎一致認同這些優先事項。

Now that we've reached the 3.0 mark, which has been kind of the target, we've reached it a little sooner than we thought. We thought now would be a good time to make that exchange and fit in more with the peer set and what's expected in our market and in our size and return cash to shareholders through share repurchases instead of dividends.

現在我們已經達到了 3.0 的目標，這算是我們的目標，而且我們比預想的要早一些達到。我們認為現在是進行這種交換的好時機，這樣可以更好地與同行保持一致，符合我們市場和我們規模的預期，並透過股票回購而不是分紅向股東返還現金。

Great. That's helpful. And then I was hoping to get some early thoughts on 2026. I know you're not guiding yet, but there's some moving pieces here. So can you talk about how you're thinking about supply and your ability to fully meet demand next year?

偉大的。那很有幫助。然後，我希望能得到一些關於 2026 年的早期想法。我知道你現在還沒開始擔任指導，但這裡面有很多變數。那麼，您能否談談您對供應的看法，以及您明年完全滿足需求的能力？

And any other important headwinds or tailwinds to be keeping in mind?

還有其他需要注意的重要逆風或順風因素嗎？

I certainly appreciate the attempt, and I know all of our interest is quickly moving to 2026. We're going to guide 2026 at the appropriate time when the year starts. So we're not going to get into that, and I don't have anything to call out for you at this time.

我非常感謝你們的嘗試，而且我知道我們所有人的注意力很快就轉移到了 2026 年。我們將在2026年初的適當時候發布2026年指南。所以我們就不深入討論這個問題了，我現在也沒有什麼要特別說明的。

Matt O'Brien, Piper Sandler.

馬特·奧布萊恩，派珀·桑德勒。

This is Anna on for Matt. So I guess I just want to ask one on tariffs. If there was any incremental tariff headwind versus what you expected before. In the press release, you commented on $0.09 in the back half in Q2, and now you're expecting $0.07 in Q4. So did this become a larger headwind sort of incrementally? Or what's the thought process there?

這是安娜替馬特主持節目。所以我想問一個關於關稅的問題。如果關稅方面出現了任何超出您預期的額外阻力。在新聞稿中，您提到第二季下半年每股收益為 0.09 美元，而現在您預計第四季度每股收益為 0.07 美元。所以，這種情況是否逐漸演變成更大的阻力？或者說，他們的思考過程是怎麼樣的？

Great question, Anna. Thank you for that question to make sure we're clear. So this has been consistent. So we started seeing -- a couple of quarters ago, we forecasted that Q3 would be about $0.02 and Q4 would be about $0.07. The reason we have been so accurate with that is because tariffs go into our manufacturing variances, which travel with inventory and then get released in the external P&L with that revenue, which for us is about a six-month deferral.

問得好，安娜。謝謝你提出這個問題，確保我們理解一致。所以情況一直如此。所以，幾個季度前，我們開始預測第三季約為 0.02 美元，第四季約為 0.07 美元。我們預測如此準確的原因是，關稅計入我們的生產差異，這些差異會隨庫存一起轉移，然後與收入一起計入外部損益表，對我們來說，這大約會延遲六個月。

So the tariffs you're seeing hit the P&L in the back half of '25 are actually the tariffs from calendar Q1 and Q2 of '25. And so that has been consistent with how we projected it. So Q2 of 2025 was $0.07. And that's what's being recognized in Q4 of 2025.

因此，您在 2025 年下半年的損益表中看到的關稅實際上是 2025 年第一季和第二季的關稅。因此，這與我們的預測是一致的。因此，2025 年第二季的營收為 0.07 美元。而這筆收入將在 2025 年第四季確認。

Great. That's super helpful. Thanks for clarifying there. And then I believe DV5's manufacturer on their quarterly call mentioned a 90% utilization rate of their insufflator in the quarter. So in your view, what keeps that from going to 100%? And then where does AirSeal fit into the picture there?

偉大的。這太有幫助了。謝謝你的澄清。另外，我記得DV5的製造商在季度電話會議上提到，他們那一季的充氣機利用率達到了90%。那麼在你看來，是什麼阻止了它達到 100% 呢？那麼，AirSeal 在這其中扮演著怎樣的角色呢？

Good question. This is Pat here. If you remember last quarter, we guided that our -- what we're seeing is between 80% and 90% of procedure rates with DV5's happening. And what we're seeing is the clinical benefits of AirSeal, I would remind you, those are shorter length of stay, reduction of pain are equally applicable to DV5 that were in Xi. And what we're seeing is the early adoption with AirSeal with DV5 is limited because of the commitment that hospitals have to have to do a set number of procedures with DV5.

問得好。我是帕特。如果你還記得上個季度，我們曾預測——我們現在看到的是，DV5 手術率在 80% 到 90% 之間。我們看到的是 AirSeal 的臨床益處，我要提醒各位，這些好處包括縮短住院時間、減輕疼痛，這些好處同樣適用於 Xi 中的 DV5。我們看到的情況是，由於醫院必須承諾使用 DV5 進行一定數量的手術，因此 AirSeal 與 DV5 的早期採用受到限制。

And what we're seeing with the total volume of DV5s in the market, it's nearly 90%. But what we're able to see is those hospitals that have DV5s and are after the commitment volume that they have to do, it's in that range of 80% to 90%. So it ties to what we were saying before. And I would also just say we're learning every day on that. What is steadfast is when clinicians use AirSeal with DV5, they're getting an enhanced clinical benefit for their patients.

我們看到，DV5 在市場上的總銷量接近 90%。但我們可以看到，那些擁有 DV5 並且正在努力達到其承諾量的醫院，其完成率在 80% 到 90% 之間。所以這和我們之前說的有關。我還要說，我們每天都在學習這方面的東西。可以肯定的是，當臨床醫生將 AirSeal 與 DV5 結合使用時，他們能夠為患者帶來更好的臨床益處。

Vik Chopra, Wells Fargo.

維克喬普拉，富國銀行。

Congrats on a nice quarter. A couple for me. So maybe one just on AirSeal. I mean, I think you talked in your comments about Xi systems being put into international markets and into the ASCs. I'm just curious how you're thinking about the adoption rate in ASCs in the US and how you're thinking about international markets? And then I had a follow-up, please.

恭喜你本季業績出色。給我一對。所以也許只有AirSeal公司會提供一份。我的意思是，我認為你在評論中談到了將習近平系統推向國際市場和ASC（先進航太中心）的問題。我只是好奇您如何看待美國門診手術中心的採用率，以及您如何看待國際市場？然後我還有一個後續問題，請問。

Yeah. Vik, as I think about Xis, we know that Xis have to have an external insufflator. We know that Xis have a history of benefiting from the clinical benefits of AirSeal. We know that when -- if an Xi is placed in an ASC, shorter length of stay really matters. And so that benefit of AirSeal, which delivers reduction of pain, shorter length of stay will play out, we believe, in the ASCs, and it will also play out in the international markets in which we're seeing right now.

是的。Vik，當我想到Xis時，我們知道Xis必須有外部充氣裝置。我們知道，Xis 患者一直以來都受惠於 AirSeal 的臨床療效。我們知道，如果一名患者被安置在日間手術中心，那麼較短的住院時間就非常重要。因此，我們相信，AirSeal 的這一優勢，即減輕疼痛、縮短住院時間，將在門診手術中心得到體現，也將在我們目前看到的國際市場中得到體現。

Got it. That's super helpful. And I'm just curious, if you can elaborate on the specific initiatives that strengthened your supply chain in the third quarter and how you intend to either maintain or enhance these improvements through 2026?

知道了。這太有幫助了。我很好奇，您能否詳細說明第三季加強供應鏈的具體舉措，以及您打算如何維持或加強這些改進措施直至 2026 年？

Vik, we started talking about it at the end of last year that we had to improve our supply chain, specifically in our orthopedic world. We commented in quarter one, we had an outside consultant come in and help us. We've made progress in quarter one. We made progress in quarter two. In quarter three, we had record manufacturing volumes for our orthopedic products.

Vik，我們從去年年底就開始討論這個問題，我們需要改進我們的供應鏈，尤其是在骨科領域。我們在第一季提出了意見，並聘請了外部顧問來幫助我們。第一季我們取得了進展。第二季我們取得了進展。第三季度，我們的骨科產品產量創下歷史新高。

And also, we had a record reduction in the critical SKUs associated to getting our orthopedics business back on offense. I would characterize it as we made progress. We're not there yet. We expect to make continued progress in quarter four. And the key things we're working on are systems and enhancements to our procurement, our planning and our production area.

此外，與恢復骨科業務相關的關鍵 SKU 數量也創下了歷史新低。我會將其描述為我們取得了進步。我們還沒到那一步。我們預計第四季將繼續取得進展。我們正在努力改進採購、計劃和生產領域的系統和功能。

Young Li, Jefferies.

楊李，傑富瑞。

I was wondering if you can maybe kind of give on sort of the US AirSeal non-robotic laparoscopic opportunity, if you guys have been making any headways in that channel? And then also maybe a similar question just for US, now intuitive robotic attachments, Hugo, CMR, like Asian, I'm just wondering how is the attachment rate for those categories?

我想問一下，你們能否稍微透露一下美國AirSeal非機器人腹腔鏡手術的機會，看看你們在這個領域是否取得了任何進展？那麼，對於美國用戶，例如 Hugo、CMR 等亞洲用戶，可能也有類似的疑問，我想知道這些類別的用戶的安裝率如何？

Vik, good question. I'll try to take it in two parts, and I think I heard your question. Number one, AirSeal attachment internationally on the robots that are internationally that are not DV5. There was a recent meeting in Strasbourg, France, that was the Global Society of Robotic Surgery. There are a number of robotic systems that are coming into the market.

維克，問得好。我會盡量分兩部分回答，我想我聽到你的問題了。第一，AirSeal配件在國際上適用於非DV5的機器人。最近在法國斯特拉斯堡舉行了一次會議，即全球機器人外科協會會議。市面上正在湧現許多機器人系統。

It leads us to believe there's a future for robotic surgery outside of DV5 and outside of Intuitive, and that also salutes the work that Intuitive has done in pioneering the clinical benefits of robotic surgery. DV5, as you know, has to have and -- it has an integrated insufflator. The robotic systems that aren't DV5 have to have an insufflator that attaches to it.

這讓我們相信，機器人手術在 DV5 和 Intuitive 之外也有未來，這也向 Intuitive 在開創機器人手術的臨床益處方面所做的工作致敬。如您所知，DV5 必須配備——它有一個整合式充氣裝置。除 DV5 以外的機器人系統必須配備一個可連接到其上的充氣裝置。

In the international space, we're seeing AirSeal where the clinical benefits are well known. Again, I would remind you, shorter length of stay, reduction in pain are also being used in the non-DV5 robots. We also -- I would pivot to your other question on the United States. We continue to see a strong opportunity in the laparoscopic area, the non-robotic procedures.

在國際市場上，我們看到 AirSeal 的臨床益處眾所周知。再次提醒您，非DV5機器人也能縮短住院時間、減輕疼痛。另外——我想轉而回答您關於美國的另一個問題。我們仍然看到腹腔鏡領域（非機器人手術）存在著巨大的發展機會。

Again, we commented, I think, last quarter, there's over 2 million procedures that are done laparoscopically. There are longer cases that are done also laparoscopically, where the clinical benefit of AirSeal is being used. And we're seeing more and more of a benefit and a drive from our United States commercial teams into that area. Sorry about that. I said Vik. Sorry about that, Young.

正如我們上個季度提到的，有超過 200 萬例手術是透過腹腔鏡完成的。還有一些手術時間較長的病例，也是透過腹腔鏡進行的，在這些病例中，AirSeal 的臨床優勢得以體現。我們看到，美國商業團隊越來越重視並積極開拓這一領域。對此我們深表歉意。我說的是維克。抱歉啊，楊。

No worries. It's an honor to be confused for Vik.

不用擔心。能被誤認為是維克，我感到非常榮幸。

I'll make it up to you in London.

我會在倫敦補償你。

Okay. Yes. Looking forward to seeing you there. Just a follow-up, I guess, just on the orthopedic side, I guess, kind of two-parter. Just maybe following up on ortho supply questions.

好的。是的。期待在那裡見到你。我想，這只是後續報道，主要涉及骨科方面，大概分成兩個部分。或許只是想跟進骨科用品方面的問題。

Can you maybe comment a little bit about your latest thoughts on share loss and your ability to recapture share once these supply chain issues are resolved hopefully by year-end or early next year? And then on BioBrace, I think you said 70-plus procedures. That's a pretty big jump. I think last quarter, you called out 52. What triggered such a big jump type of procedures and where that can go?

您能否就市場份額損失的最新情況以及一旦供應鏈問題得到解決（希望在年底或明年初解決）後貴公司重新奪回市場份額的能力發表一些看法？關於 BioBrace，我想您說過需要 70 多次手術。這是一個相當大的飛躍。我認為上個季度你預測的是 52。是什麼引發了這種大規模的變革，而這種變革又將走向何方？

Young, two things. So I would -- again, it's two-parts. It's a little bit hard to hear you at the beginning. Again, playing on the number of procedures. The beauty of BioBrace is it has a clinical indication where tissue weakness exists, it's approved to be used, and it has the clinical benefit of strength and healing, which allows for surgeons to continue to expand and use it in extended indications where they haven't been normally able to use it with other products on the market.

年輕，有兩點。所以我會——再說一遍，這分成兩個部分。一開始有點聽不清楚你的聲音。再次利用手術數量來增加手術次數。BioBrace 的優點在於，它適用於組織薄弱的情況，已獲準使用，並且具有增強強度和促進癒合的臨床益處，這使得外科醫生能夠繼續擴大其應用範圍，並將其用於其他市售產品通常無法使用的更廣泛適應症。

And that's just the expansion from the 50s to the 60s to 70s is just a natural evolution of time where surgeons continue to see clinical application for it. With respect to the orthopedic sales force taking market share and getting back on offense, I would just continue to say our customers, although they're not using a number of our products because they're not available for them to use, doesn't mean our sales professionals aren't in those cases, supporting other products that are available for them.

從 50 年代到 60 年代再到 70 年代，這種擴展只是時間的自然演變，外科醫生也一直在臨床上看到它的應用。關於骨科銷售團隊如何奪回市場份額並重回進攻態勢，我只想繼續說，雖然我們的客戶因為某些產品無法使用而沒有使用這些產品，但這並不意味著我們的銷售人員在這種情況下沒有支援其他可供他們使用的產品。

And our sales professionals are doing a great job continuing to sell what they can sell and support clinical cases. But I would also tell you, our expectation is not the moment we get off of back order that we again to immediately start taking more market share. We believe it will be a transactional period of time where it will take a quarter or two for those customers to again open their eyes to our sales force and the opportunity for them to use CONMED products.

我們的銷售人員表現出色，繼續銷售他們能夠銷售的產品，並為臨床案例提供支援。但我還要告訴你們，我們並不期望在完成積壓訂單後立即再次開始搶佔更多市場份額。我們相信這將是一個過渡期，需要一到兩個季度的時間，這些客戶才會再次關注我們的銷售團隊以及他們使用康美產品的機會。

Travis Steed, BofA Securities.

Travis Steed，美國銀行證券。

This is Gracia on for Travis. My first question, I just wanted to ask a little bit on the capital environment and what you're seeing this quarter in those trends and then how you expect them to sort of progress over the next 12 months here?

這是格拉西亞替崔維斯解說。我的第一個問題是，我想稍微了解一下資本環境，以及您在本季觀察到的趨勢，還有您預計未來 12 個月這些趨勢將如何發展？

Pat, here. We're not -- again, we're seeing a healthy capital market. We're not seeing a capital slowdown. We're seeing hospitals continue to invest in capital equipment that improves patient outcomes and improves volume throughput through the operating room, which is the space we operate in, which is surgical procedures. And I think what we're seeing going into next year also as interest rates come down, a continued flow of that.

帕特，我是帕特。我們並沒有——再說一遍，我們看到的是一個健康的資本市場。我們並未看到資本成長放緩。我們看到醫院不斷投資於能夠改善患者治療效果並提高手術室（即我們進行外科手術的場所）手術量吞吐量的資本設備。我認為，隨著利率下降，明年我們也會看到這種趨勢持續下去。

Great. Thank you. And then maybe just one follow-up on margins. I know you guided more flat for margins in '25 and $20 million of annual savings from the operational improvements. How do you think this supports margin expansion, and maybe the next year as well, and puts and takes to consider in SG&A and R&D, just thinking looking forward?

偉大的。謝謝。另外，關於利潤率，或許還可以再問一個問題。我知道您預計 2025 年利潤率將保持平穩，並透過營運改善實現每年 2000 萬美元的節約。您認為這將如何支持利潤率擴張，以及明年可能的情況？在銷售、管理及行政費用及研發方面，需要考慮哪些優缺點？我只是展望未來。

Yeah. Thanks, Gracia. Did I get that name right?

是的。謝謝你，格拉西亞。我沒記錯名字吧？

Yes, that's correct.

是的，沒錯。

Okay. So we're going to talk about '26 in '26. But you're right, we have been making improvements, as Pat said. We have communicated that we expect to save tens of millions of dollars overall. Of course, there's things that work against that, right? The new tariffs, of course, are going to be worked against that. But we will give 2026 guidance when we do our Q4 call.

好的。所以我們要談談26年的事。但你說得對，正如帕特所說，我們一直在改進。我們已宣布，預計總共可節省數千萬美元。當然，也有一些因素會阻礙這一點，對吧？當然，新的關稅措施將不利於實現這一點。但我們將在第四季財報電話會議上給予 2026 年的業績指引。

Mike Matson, Needham and Company.

Mike Matson，Needham and Company。

This is Joseph on for Mike. Maybe just on orthopedics. I saw that it looks like improved growth in the US and internationally. So I just want to see if you can maybe just give more color on that improvement in the quarter. What are you seeing there? And what were the major drivers in the quarter?

這裡是約瑟夫，替麥克報道。或許只涉及骨科。我看到美國和國際市場的成長似乎都有所改善。所以我想看看您能否更詳細地介紹本季的進步。你在那裡看到了什麼？該季度的主要驅動因素是什麼？

Joseph, good question. Again, I'd call out two things. BioBrace continues to do well. BioBrace is a great growth platform, not just in our Sports Medicine portfolio, but also in our Foot and Ankle portfolio, and it's doing great things for us. That also combined with improving reduction in back order and improving service levels on the operations side are allowing us to take some incremental steps forward in growth.

約瑟夫，問得好。我再次強調兩點。BioBrace 的銷售情況持續良好。BioBrace 是一個很棒的成長平台，不僅在我們運動醫學產品組合中如此，而且在我們足踝產品組合中也是如此，它為我們帶來了巨大的好處。此外，再加上減少積壓訂單和提高營運方面的服務水平，使我們能夠在成長方面取得一些漸進式的進展。

But I would again just call out, we're not declaring victory there on the operations front and continue to expect progress in quarter four.

但我還是要再次強調，我們並沒有宣佈在營運方面取得勝利，並繼續期待在第四季取得進展。

Okay. And then I guess just a quick follow-up. Really appreciate all the color you gave on the backlog and the improvement there. But I'm just wondering if there's a way that you can kind of plot this out time line-wise, maybe what inning of the improvement are we in? Yes, that would be helpful.

好的。然後我想再補充一點。非常感謝你對待待辦事項清單的詳細闡述和改進。但我只是想知道，有沒有辦法可以按時間順序把這件事梳理出來，例如我們現在處於改進的哪個階段？是的，那會很有幫助。

Well, I'm going to -- hopefully, this isn't the World Series game that went to the 18th innings last couple. You know what, we're in the second half of the game. I'm not sure if we're in the sixth, seventh or eighth, but we're certainly in the fifth, sixth, seventh. So we're in the second half. I don't want to declare victory.

好吧，我希望──這不會像前兩屆世界大賽那樣打到第18局。你知道嗎，現在已經是比賽的下半場了。我不確定我們現在是在第六、第七還是第八階段，但我們肯定是在第五、第六或第七階段。現在我們進入下半場了。我不想宣布勝利。

There's more innings to play here. I feel good about our progress. I feel good about our commitment. I feel great about our learnings. It's now just time. And we know supply chain can take quarters as vendors turn on and make progress. And it doesn't happen overnight, but I feel good about our progress there.

比賽還有很長一段時間要打。我對我們的進展感到滿意。我對我們的承諾感到很滿意。我對我們的學習成果感到非常滿意。現在只是時機到了。我們知道，供應鏈可能需要幾個季度才能恢復正常運轉，因為供應商需要時間才能開始運作並取得進展。這並非一朝一夕就能完成，但我對我們在這方面的進展感到滿意。

I would now like to turn the conference back to Pat Beyer for closing remarks, sir.

現在我謹將會議交還給派特·拜爾先生，請他作閉幕致詞。

Thank you. just I want to thank everybody for joining us for our quarter three earnings call. We look forward to a great fourth quarter and look forward to updating you on 2026 in January. Thank you.

謝謝大家。我只想感謝各位參加我們第三季財報電話會議。我們期待第四季取得佳績，並期待1月向您報告2026年的進展。謝謝。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。