Enovis Corp (ENOV) 2024 Q3 法說會逐字稿

Good day, and welcome to the Enovis third-quarter 2024 earnings conference call.

美好的一天，歡迎參加 Enovis 2024 年第三季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Kyle Rose, Vice President of Investor Relations.

我現在想將會議交給投資者關係副總裁凱爾羅斯 (Kyle Rose)。

Please go ahead.

請繼續。

Good morning, everyone, and thank you for joining us today for our third-quarter 2024 results conference call.

大家早安，感謝您今天參加我們的 2024 年第三季業績電話會議。

I'm Kyle Rose, Vice President of Investor Relations.

我是凱爾·羅斯，投資者關係副總裁。

Joining on the call today are Matt Trerotola, Chair and Chief Executive Officer; and Ben Berry, Chief Financial Officer.

今天參加電話會議的還有董事長兼執行長 Matt Trerotola；和財務長本·貝裡。

Our earnings release was issued earlier this morning and is available in the Investors section of our website, enovis.com. We will also be using a slide presentation on today's call, which can be found on our website.

我們的收益報告於今天早上早些時候發布，可在我們網站 enovis.com 的投資者部分查看。我們還將在今天的電話會議中使用幻燈片演示，您可以在我們的網站上找到該演示。

Both the audio and the slide presentation of this call will be archived on the website later today.

本次電話會議的音訊和幻燈片簡報將於今天稍後在網站上存檔。

During the call, we're making some forward-looking statements about our beliefs and estimates regarding future events and results.

在電話會議期間，我們就我們對未來事件和結果的信念和估計做出一些前瞻性聲明。

These forward-looking statements are subject to risks and uncertainties, including those set forth in the safe harbor language in today's earnings release and in our filings with the SEC.

這些前瞻性陳述受到風險和不確定性的影響，包括今天的收益報告和我們向美國證券交易委員會提交的文件中以安全港語言闡述的風險和不確定性。

Actual results might differ materially from any forward-looking statements that we make today.

實際結果可能與我們今天所做的任何前瞻性陳述有重大差異。

The forward-looking statements speak only as of today, and we do not assume any obligation or intend to update them, except as required by law.

前瞻性陳述僅代表今天的情況，我們不承擔任何義務或打算更新它們，除非法律要求。

For further details regarding any non-GAAP financial measures referenced during the call today, the accompanying financial reconciliation information relating to those measures can be found in our earnings press release and in the appendix of today's slide presentation.

有關今天電話會議期間引用的任何非公認會計原則財務措施的更多詳細信息，可以在我們的收益新聞稿和今天幻燈片演示的附錄中找到與這些措施相關的財務調節信息。

With that, let me turn it over to Matt, who will begin on slide 3.

接下來，讓我將其交給 Matt，他將從幻燈片 3 開始。

Matt?

馬特？

Thanks, Kyle.

謝謝，凱爾。

Hello, everyone, and thanks for joining us this morning.

大家好，感謝您今天早上加入我們。

Let's start on slide 3.

讓我們從幻燈片 3 開始。

The first nine months of 2024 are in line with our expectations and reflect the commercial trajectory we expected to see.

2024 年前 9 個月符合我們的預期，並反映了我們預期看到的商業軌跡。

We've made tremendous progress on the integration of Lima and delivered on our plans for sustainable profitable growth.

我們在利馬整合方面取得了巨大進展，並實現了可持續獲利成長的計劃。

In the third quarter, we delivered reported growth of 21% year over year and 6% on a comparable basis with a little bit of FX tailwind.

第三季度，我們報告的同比增長為 21%，可比增長為 6%，並受到一點外匯的推動。

We expanded our adjusted EBITDA margins by 220 basis points, reflecting the mix impact of recon, the step change impact from Lima and overall productivity improvements.

我們將調整後的 EBITDA 利潤率擴大了 220 個基點，反映了偵察的綜合影響、利馬的階躍變化影響以及整體生產力的提高。

Overall, we are pleased with our accomplishments through the first nine months of the year and are confident that we have the new product pipeline and commercial teams in place to close the year strong and set us up for an exciting 2025.

總體而言，我們對今年前 9 個月的成就感到滿意，並相信我們擁有新的產品線和商業團隊，能夠以強勁的勢頭結束這一年，並為激動人心的 2025 年做好準備。

On to slide 4.

轉到投影片 4。

In recon, we delivered 57% reported global revenue growth.

在偵察方面，我們報告的全球收入成長了 57%。

Recon grew 9% on a comparable basis in the quarter or about 10% when adjusted for our estimated impacts for planned integration-related dis-synergies.

Recon 在本季度的可比基礎上增長了 9%，根據我們對計劃中的整合相關的不協同效應的估計影響進行調整後，增長了約 10%。

In the quarter, US recon grew 9%, including 11% growth in US extremities and 8% in hips and knees.

本季度，美國偵察增長了 9%，其中美國四肢增長了 11%，臀部和膝蓋增長了 8%。

Our US business rebounded in the quarter, in line with our expectations as our combined commercial organization shifted back to offense, benefiting from the very early stages of our new cross-selling opportunities and key new product launches.

我們的美國業務在本季出現反彈，符合我們的預期，因為我們的合併後的商業組織重新轉向進攻，受益於我們新的交叉銷售機會和關鍵新產品發布的早期階段。

In the international market, we grew 8% in a more normalized market environment, while we continue to execute our integration plans.

在國際市場，我們在更正常化的市場環境下成長了8%，同時我們繼續執行我們的整合計畫。

As we previously communicated, we've been intently focused over the first nine months on getting our commercial channels aligned and putting the teams and processes in place to execute on our proven strategy of driving sustainable long-term growth.

正如我們之前所傳達的，在前九個月裡，我們一直專注於調整我們的商業管道，並將團隊和流程落實到位，以執行我們經過驗證的推動可持續長期成長的策略。

Our integration plans are progressing nicely.

我們的整合計劃進展順利。

We believe we executed beyond the most material revenue-related integration milestones.

我們相信，我們的執行超越了最重要的與收入相關的整合里程碑。

And with the progress we've made, we expect to be comfortably within our initial guidance range of $20 million to $30 million of negative revenue impact.

隨著我們取得的進展，我們預計負面收入影響將輕鬆控制在 2,000 萬至 3,000 萬美元的初始指導範圍內。

From a pipeline perspective, we are approaching a very exciting period of new product introductions across our recon business as we lean into the cross-selling opportunities of our combined product portfolio and move into broader commercial launches of our revision cones and knees, augmented glenoid system and shoulders and fill key portfolio gaps in hips.

從管道的角度來看，隨著我們利用組合產品組合的交叉銷售機會，並進入更廣泛的修正錐體和膝關節、增強型關節盂系統的商業發布，我們的偵察業務正迎來一個非常令人興奮的新產品推出時期和肩膀並填補臀部的關鍵組合空白。

In the third quarter, we also anniversaried our 2023 acquisition of Novastep.

第三季度，我們也慶祝了 2023 年收購 Novastep 的周年紀念日。

I'm incredibly proud of our foot and ankle team.

我為我們的足部和腳踝團隊感到無比自豪。

Over the last four years, we've successfully integrated five lower extremity assets into a comprehensive business unit and global commercial channel that's on track to eclipse $100 million in revenues with consistent growth well above market and an innovation pipeline capable of driving double-digit growth for many years to come.

在過去的四年裡，我們成功地將五項下肢資產整合到一個綜合業務部門和全球商業管道中，收入有望突破 1 億美元，持續成長遠高於市場水平，創新管道能夠推動兩位數成長未來很多年。

Overall, we're excited about our commercial momentum, our product development pipeline.

總的來說，我們對我們的商業勢頭和產品開發管道感到興奮。

And while the third quarter was a strong step forward, we still have significant acceleration opportunities in the coming quarters.

儘管第三季向前邁出了一大步，但我們在未來幾季仍然有重大的加速機會。

Turning to slide 5 and P&R.

轉到投影片 5 和 P&R。

Our 3% comparable growth reflects a stable market environment and disciplined execution.

我們 3% 的可比較成長反映了穩定的市場環境和嚴格的執行力。

We continue to work on improving this portfolio and strengthening our market-leading positions.

我們將繼續致力於改進該產品組合併鞏固我們的市場領先地位。

We're doing this by launching new innovations in Bracing and Recovery Sciences and shifting our investments across both portfolios towards higher growth, high-margin, higher-value segments.

為此，我們在支撐和恢復科學領域推出新的創新，並將我們在這兩個投資組合中的投資轉向更高成長、高利潤、更高價值的領域。

We look to continue to leverage EGX tools to drive consistent productivity gains, sustainability and improved portfolio mix.

我們希望繼續利用 EGX 工具來推動持續的生產力提升、永續性和改進的投資組合。

Overall, I'm pleased with our performance through the first nine months of the year.

總的來說，我對今年前九個月的表現感到滿意。

I'm confident we're positioned for a strong finish to 2024 that sets us up well for 2025 with a renewed focus on growth fueled by a robust lineup of important new product introductions across the business.

我相信，我們已做好準備，在 2024 年取得一個強勁的業績，這將為我們在 2025 年做好準備，在整個業務範圍內推出一系列重要的新產品，從而重新關注增長。

Now I'll let Ben take you through the P&L details.

現在我將讓本帶您了解損益表的詳細資訊。

Ben?

本？

Thanks, Matt.

謝謝，馬特。

Hello, everyone.

大家好。

I'll begin on slide 6.

我將從幻燈片 6 開始。

We are pleased to report second quarter sales of $505 million, up 21% versus the prior year and up 6% on a comparable basis which includes approximately 50 basis points of positive currency impact.

我們很高興地報告第二季度銷售額為 5.05 億美元，比上年增長 21%，可比增長 6%，其中包括約 50 個基點的積極貨幣影響。

We are encouraged with the growth acceleration in our recon business across anatomies, especially in the US market as we've seen positive results from our channel integration efforts executed earlier in the year.

我們對跨解剖學偵察業務的加速成長感到鼓舞，特別是在美國市場，因為我們看到了今年稍早執行的通路整合工作的積極成果。

Overall, our recon business grew 9% with approximately 150 basis points of growth headwinds from integration as we anticipated.

總體而言，我們的偵察業務成長了 9%，正如我們預期的那樣，整合帶來了約 150 個基點的成長阻力。

Our underlying growth in P&R remained stable, growing at 3%.

我們的 P&R 基本成長保持穩定，成長率為 3%。

We continue to realize the benefit from the improving global mix of our business and our margins.

我們繼續從不斷改善的全球業務組合和利潤中獲益。

Third quarter adjusted gross margin was 58.9%, up 70 basis points year-over-year.

第三季調整後毛利率為58.9%，較去年成長70個基點。

This growth was driven by favorable segment mix that includes the addition of Lima.

這一增長是由有利的細分市場組合推動的，其中包括利馬的加入。

Lima cost synergies continue to read through positively in our operating expenses as well.

利馬成本綜效也持續對我們的營運支出產生正面影響。

As a result of these benefits, our third quarter adjusted EBITDA grew 38% delivering a margin of 17.9%, up 220 basis points versus the same quarter last year.

由於這些優勢，我們第三季調整後 EBITDA 成長了 38%，利潤率為 17.9%，比去年同期成長了 220 個基點。

Third quarter effective tax rate was 21% compared to 24% last year.

第三季有效稅率為 21%，去年同期為 24%。

Interest expense was $11 million for the quarter versus $6 million in 2023.

本季利息支出為 1,100 萬美元，而 2023 年為 600 萬美元。

Overall, we posted adjusted earnings per share of $0.73, an increase of 30% versus prior year.

總體而言，我們發布的調整後每股收益為 0.73 美元，比上年增長 30%。

Turning to slide 7.

轉到投影片 7。

We are narrowing our prior guidance to reflect the results through the first nine months of the year.

我們正在縮小先前的指導範圍，以反映今年前九個月的結果。

We expect revenues of approximately $2.1 billion.

我們預計收入約為 21 億美元。

This tightens our guidance range, we expect comparable revenue growth of 5% to 5.5%, which contemplates impacts from the recent hurricanes and IV shortages that we've seen in our results thus far in the fourth quarter.

這收緊了我們的指導範圍，我們預計可比收入增長為 5% 至 5.5%，其中考慮到了我們在第四季度迄今為止的業績中看到的最近颶風和靜脈注射短缺的影響。

As a reminder, the comparable growth rate includes approximately 100 basis points of integration headwinds that we outlined earlier in the year.

提醒一下，可比較成長率包括我們今年稍早概述的約 100 個基點的整合阻力。

We remain excited about the ongoing momentum we're seeing across the business and continue to expect acceleration in 2025 with the integration headwinds behind us.

我們對整個業務的持續發展勢頭仍然感到興奮，並繼續預計 2025 年將加速發展，克服整合的阻力。

We are narrowing our expected adjusted EBITDA range to $373 million to $378 million.

我們將預期調整後 EBITDA 範圍縮小至 3.73 億美元至 3.78 億美元。

This will result in 200 basis points or more of margin expansion versus prior year.

這將導致利潤率比上一年擴大 200 個基點或更多。

We expect interest expense and depreciation to come in at the lower end of the prior range which is approximately $60 million and $115 million, respectively.

我們預計利息支出和折舊將達到先前範圍的下限，分別約為 6,000 萬美元和 1.15 億美元。

Guidance for tax rate and share count remains unchanged from the prior guidance.

稅率和股份數量的指導與先前的指導保持不變。

Taking all of this into consideration, we are raising our adjusted earnings per share range to $2.75 to $2.80. This will result in strong double-digit earnings growth versus last year.

考慮到所有這些因素，我們將調整後每股收益範圍提高至 2.75 美元至 2.80 美元。與去年相比，這將導致強勁的兩位數獲利成長。

To summarize on slide 8, the third quarter marked a modest acceleration in our growth as our recon commercial channel stabilized and we began to see some early benefits from cross-selling.

總結投影片 8，第三季標誌著我們的成長適度加速，因為我們的偵察商業管道趨於穩定，我們開始看到交叉銷售的一些早期收益。

We continue to be pleased with our improving business mix, and are excited about the new product innovations ramping in Q4 and early 2025.

我們繼續對不斷改善的業務組合感到滿意，並對第四季度和 2025 年初新產品創新的激增感到興奮。

Overall, our 2024 performance continues to track within or slightly ahead of the guidance that we set at the beginning of the year, and we are looking forward to taking another solid step forward as we finalize our plans for 2025.

總體而言，我們 2024 年的業績繼續保持在或略高於我們年初設定的指引，我們期待在敲定 2025 年計劃時再向前邁出堅實的一步。

Now I'll hand it over to Kyle to start the Q&A.

現在我將把它交給凱爾來開始問答。

Kyle?

凱爾？

Thanks, Ben.

謝謝，本。

In an effort to accommodate everyone in the Q&A session and keep things to a reasonable time, we're going to ask the analysts keep the questions to one question and one follow-up.

為了讓問答環節中的每個人都滿意，並將事情保持在合理的時間內，我們將要求分析師將問題保留為一個問題和後續問題。

We'll welcome to rejoin the queue, and we'll fit you in if we have time.

我們歡迎您重新加入隊列，如果有時間，我們會安排您加入。

With that, operator, can you please open it up for questions.

那麼，接線員，您可以打開它來提問嗎？

(Operator Instructions) Vic Chopra, Wells Fargo.

（操作員說明）Vic Chopra，富國銀行。

Congrats on the quarter.

恭喜本季。

Two questions from me.

我有兩個問題。

So first was on dis-synergies.

首先是反協同效應。

It was nice to see the dis-synergy step down in Q3 compared to Q2, maybe just talk about what we should expect for Q4 and if you expect any of dis-synergies in 2025?

很高興看到第三季的不協同效應比第二季有所下降，也許只是談談我們對第四季度的預期，以及您是否預計 2025 年會出現任何不協同效應？

Yes.

是的。

Thanks for the question, Vic.

謝謝你的提問，維克。

I think what I've said in the past, what continues to be true is that we continue to see a stabilization of the peak of Q2 now being offset by some of the cross-selling that's coming into play.

我認為我過去說過的，現在仍然是事實是，我們繼續看到第二季度峰值的穩定，現在被一些正在發揮作用的交叉銷售所抵消。

So what we expect to be another step down in terms of impact in Q4, but still a little bit of impact and then clear it in 2025 to start off the year clean as we go into 2025.

因此，我們預計第四季度的影響將進一步下降，但仍會產生一點影響，然後在 2025 年消除影響，以便在進入 2025 年時以乾淨的方式開始新的一年。

Got it.

知道了。

And then my follow-up question is, as we look at our models for next year for 2025, maybe just talk about how you're thinking about recon growth next year and any other potential headwinds or tailwinds to call out in 2025?

然後我的後續問題是，當我們審視明年 2025 年的模型時，也許只是談談您如何看待明年的偵察增長以及 2025 年可能出現的任何其他潛在逆風或順風？

Yes.

是的。

From an overall standpoint, again, we've consistently talked about this year having that point or so of negative drag from the integration.

從整體角度來看，我們一直在談論今年整合帶來的負面影響。

As Ben just said, that clears as we step into next year.

正如本剛才所說，隨著我們進入明年，這一點就會變得清晰。

And then as we put together our guidance for next year, we'll consider the rest of the considerations around market growth rate assumptions, execution, new products, et cetera, to set our plans and the guidance range around those plans, but we remain consistent on the fact that this year, it's got some headwind on it that's going to clear as we step into next year.

然後，當我們整理明年的指導時，我們將考慮圍繞市場成長率假設、執行、新產品等的其餘考慮因素，以製定我們的計劃和圍繞這些計劃的指導範圍，但我們仍然與今年的事實一致的是，它遇到了一些阻力，隨著我們進入明年，這些阻力將會消失。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Matt or Ben, maybe on this fourth quarter guidance here.

馬特或本，也許是關於第四季度的指導。

Could you go a little bit granular on what are we assuming for the segments?

您能否詳細說明一下我們對這些細分市場的假設？

I think you had some extra days -- our math, it should be at least a couple of hundred basis points of tailwind.

我認為你還有一些額外的時間——我們的數學計算，應該至少有幾百個基點的順風。

Is that all being offset by IV fluid shortages and hurricane?

這一切是否都被靜脈輸液短缺和颶風所抵銷？

Have you already seen impact from fluid shortage?

您是否已經看到液體短缺的影響？

Or is more of a modeling assumption for Q4?

或者更多的是第四季的建模假設？

Yes, sure.

是的，當然。

So as we mentioned in the comments there, as we stepped into Q4, certainly a lot of things going well, but on the market front in the US, there definitely were some disruptions in the early part of September from both the storms impacting as well as some systems that slowed down a bit because of the IV shortage.

因此，正如我們在評論中提到的那樣，當我們進入第四季度時，肯定有很多事情進展順利，但在美國市場方面，9 月初肯定也受到了風暴的影響，造成了一些幹擾因為一些系統由於IV 短缺而速度有點慢。

So we've tried to reflect that in our quarter and be conservative about that impact not coming back as we work through the quarter.

因此，我們試圖在本季度反映這一點，並對這種影響在本季度工作時不會再次出現持保守態度。

And then certainly as we came through the end of October and into November, we're seeing a much more normal and healthy market environment, and we're optimistic about where things go from here through the end of the year.

當然，隨著 10 月底和 11 月的到來，我們看到了一個更正常和更健康的市場環境，我們對從現在到年底的情況感到樂觀。

We expect a good healthy run to the finish in the US markets here.

我們預計美國市場將健康發展。

And we've consistently said we want to be pretty conservative about the extra day, they come at a bit of a unique time in the year where -- we'll know at the time how much we get from those days, but there's a decent amount of uncertainty around how much comes from those.

我們一直表示，我們希望對額外的一天保持相當保守，它們出現在一年中的一個獨特時刻，那時我們就會知道我們從這些日子中得到了多少，但有一個其中有多少是有相當大的不確定性的。

And so again, we've tried to make sure that we step into Q4 with the guy that is conservative and sets us have to build great momentum into next year.

因此，我們再次努力確保我們與保守的人一起進入第四季度，並使我們必須為明年建立巨大的動力。

Understood.

明白了。

I guess, on the margins here, maybe Ben for you, are we running above plan, the operating margin execution was pretty impressive despite the tightening of revenues here.

我想，就這裡的利潤率而言，也許本對你來說，我們是否超出了計劃，儘管這裡的收入收緊，但營業利潤率的執行還是相當令人印象深刻的。

Of the $40 million, is that $40 million still relevant?

在這 4000 萬美元中，這 4000 萬美元仍然有意義嗎？

Is that range now, perhaps higher?

現在這個範圍是不是更高？

And how much of that was recognized here in fiscal '24?

其中有多少在 24 財年得到了認可？

As you think about fiscal '25, I'm thinking how much upside is there from synergies?

當您考慮 25 財年時，我在想綜效有多少好處？

Yes.

是的。

Thanks, Vijay.

謝謝，維傑。

I think what we're seeing is really good consistent execution against our integration plans, which have identified a lot of great opportunities for us and ability to really execute against those.

我認為我們所看到的是對我們的整合計劃的良好一致執行，這為我們確定了許多巨大的機會，並且有能力真正執行這些計劃。

So we're definitely seeing that play out in terms of helping our margin picture, especially in the quarter from some of the actions that we took there.

因此，我們肯定會看到這有助於改善我們的利潤狀況，特別是在本季我們採取的一些行動。

I think as we said earlier in the year, we expected $10 million to $15 million of benefit in this year's synergies, I'd say we're seeing at least that, maybe a little bit more in the year.

我認為，正如我們今年早些時候所說，我們預計今年的協同效應將帶來 1000 萬至 1500 萬美元的效益，我想說我們至少看到了這一點，也許今年會多一點。

How much of that plays out into next year, we'll see, and we'll give you updated information on that as we get into 2025.

其中有多少會在明年發揮作用，我們將拭​​目以待，並在進入 2025 年時為您提供最新資訊。

But as I think about the $40 million, very confident that we've identified all of that.

但當我想到這 4000 萬美元時，我非常有信心我們已經確定了這一切。

If anything, we're working to make that better as we go along here.

如果有什麼不同的話，那就是我們正在努力讓這一點變得更好。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Maybe to ask this a different way, kind of tie off some of the questions asked already.

也許以不同的方式問這個問題，有點聯繫已經提出的一些問題。

I guess, how are you thinking about the integration and your process and your success there so far versus the health of the end markets?

我想，相對於終端市場的健康狀況，您如何看待整合、您的流程以及迄今為止您在當地取得的成功？

And I ask because this is now the second quarter in a row where you've had a good quarter but lowered the forward quarter guide and fourth quarter is coming in below the consensus on fourth on top and bottom line for fourth quarter.

我之所以這麼問，是因為現在已經是連續第二季表現良好，但下調了前瞻性季度指引，而第四季的營收和利潤低於對第四季的共識。

So is there something kind of changing in the underlying growth?

那麼潛在的成長是否發生了某種變化？

Is there any sort of reset?

有什麼重置的辦法嗎？

And what gives you the confidence that you'll accelerate into next year when we've seen kind of the forward quarters move down a touch?

當我們看到未來幾季的業績有所下降時，是什麼讓您有信心在明年加速前進？

Yes.

是的。

Thanks for the question, Robbie.

謝謝你的提問，羅比。

Yes.

是的。

So for sure, the integration efforts are very much on track, going very well, and we've very importantly, gotten all the channel integration in the US behind us, which we set out to do quickly and put it behind us.

因此，可以肯定的是，整合工作已經步入正軌，進展順利，非常重要的是，我們已經完成了美國所有的通路整合，我們打算迅速完成並把它拋在身後。

And we've gotten about 90% of the channel integration outside the US done.

我們已經完成了美國以外約 90% 的通路整合。

And so that kind of larger risk of channel integration is something that we've worked most of the way through, and we've done it within the range of impact that we had signaled from the start.

因此，這種通路整合的更大風險是我們大部分時間都在努力解決的問題，而且我們是在我們從一開始就發出訊號的影響範圍內完成的。

But we also always talked about those impacts, the net impact of them being more in the earlier part of the year and less in the later part of the year.

但我們也總是談論這些影響，它們的淨影響在今年早些時候較多，而在今年下半年較少。

And so for sure, as we turn the corner into next year, there is an acceleration opportunity.

因此，可以肯定的是，當我們進入明年時，就會有一個加速的機會。

Now what's going on in the market, I would say, outside the US, the recon markets have normalized through Q3 into Q4.

現在市場上發生了什麼，我想說，在美國以外，偵察市場已經從第三季到第四季正常化。

They were very strong in the first two quarters of the year and then there's been more of a normalization that took place, and that's continuing here.

他們在今年前兩個季度非常強勁，然後出現了更多的正常化，並且這種情況仍在繼續。

And we expect that to be what turns into next year.

我們預計明年也會如此。

And so that's part of what has affected our trajectory through the year for sure.

因此，這肯定是影響我們這一年發展軌跡的部分原因。

I think the US markets this year have been fine, but they certainly haven't been great.

我認為今年的美國市場表現不錯，但絕對不是很好。

And so some of the sequential progress through this year from the market standpoint has been a little bit of an issue as well.

因此，從市場的角度來看，今年的一些連續進展也是一個問題。

Not anything that is changing our ability to execute and deliver within our guidance for the year and very strong profit performance up against that.

沒有任何事情會改變我們在今年的指導範圍內執行和交付的能力，與之相比，我們的利潤表現非常強勁。

But we just try to be as transparent as possible as we step through the year about what our plans are and how we're executing that.

但我們只是盡力在這一年中盡可能透明地了解我們的計劃是什麼以及我們如何執行這些計劃。

And we feel very good about how we're executing through the year.

我們對這一年的執行感到非常滿意。

Yes.

是的。

And I would add to that, Robbie, that we have seen some slowness in the start of the quarter, just given the hurricane impacts and the cancellations of elective due to IV shortages.

羅比，我想補充一點，考慮到颶風的影響以及由於靜脈注射短缺而取消了選修課，我們在本季度初就看到了一些緩慢的情況。

So we don't expect that to be recovered in the quarter in our latest guide.

因此，在我們的最新指南中，我們預計這一數字不會在本季恢復。

But if it does, and then I'd say there's some upside there.

但如果確實如此，那麼我會說那裡有一些好處。

But overall, I mean, there is some near-term market conditions that we are facing, which we had to contemplate.

但總的來說，我的意思是，我們面臨著一些我們必須考慮的近期市場狀況。

Great. maybe just a follow-up, given extremities growth is so important to the forward progress of the company.

偉大的。也許只是一個後續行動，因為四肢的成長對於公司的前進進步非常重要。

I was wondering if you could give us a little more detail on what you're seeing there, broken out by shoulder and ankle, especially within the ASA?

我想知道您能否向我們提供更多關於您所看到的情況的詳細信息，按肩部和腳踝劃分，尤其是在 ASA 內？

So really strong extremities growth, as you can see, the foot and ankle performance there is extremely strong.

所以四肢的生長確實很強大，正如你所看到的，腳和腳踝的表現非常強勁。

We've been driving very strong above-market growth for quite a number of quarters here, and we expect that to be able to continue.

在相當多的季度裡，我們一直在推動高於市場的強勁成長，我們預計這種情況將持續下去。

The shoulder growth has been improving towards market growth when you adjust for the -- some of the integration headwinds that are particularly hitting on the shoulder front, and we've got our ARG reverse product, just starting to ramp.

當你調整一些特別影響肩部前緣的整合逆風時，肩部成長一直朝著市場成長的方向改善，而我們的 ARG 反向產品剛開始成長。

We had a little bit of impact in Q3 from that, and it will really start to ramp in Q4 and into next year.

我們在第三季產生了一些影響，這種影響將在第四季和明年真正開始增加。

And so we're confident that with that ARG product in the marketplace, getting beyond the integration headwinds and some nice synergy from some other shoulder products cross-selling, we've got great opportunity to get shoulder quickly back above market growth rates and hold it there.

因此，我們有信心，隨著ARG 產品進入市場，克服整合阻力以及其他一些肩部產品交叉銷售的良好協同作用，我們有很好的機會讓肩部迅速恢復到市場增長率之上並保持領先地位。

And we can see very healthy shoulder growth in the ASC.

我們可以看到 ASC 的肩部生長非常健康。

We see a meaningful part of our shoulder starting to come into the ASC environment.

我們看到我們肩膀的一個有意義的部分開始進入 ASC 環境。

So we're definitely participating in that trend.

所以我們肯定會參與到這一趨勢中。

Xuyang Li, Jefferies.

李旭陽，傑弗里斯。

I guess maybe to follow up on and put an echo a little bit, it's $100-plus million NAV growing double digits.

我想也許可以跟進並稍微迴響一下，它的資產淨值已超過 1 億美元，以兩位數的速度增長。

I think last year, the business has been around double-digit EBITDA.

我認為去年該業務的 EBITDA 約為兩位數。

You recently bought some new products at conferences and made some updates to STAR.

您最近在會議上購買了一些新產品，並對 STAR 進行了一些更新。

So once this year a little bit about your foot and ankle portfolio, where do you think it stands versus the competition and then how is that expansion going in that business?

因此，今年有一次有關您的腳和腳踝產品組合的信息，您認為它與競爭對手相比處於什麼位置，然後該業務的擴張進展如何？

Any thoughts on time lines to get it to the mid-20s range?

對於將其達到 20 多歲範圍的時間線有什麼想法嗎？

I didn't hear the very end of that question, Xuyang.

我沒有聽到那個問題的結尾，旭陽。

Yes.

是的。

I guess just on the EBITDA expansion for foot and ankle

我想只是腳和腳踝的 EBITDA 擴張

--

--

Yes.

是的。

Okay.

好的。

Yes, great.

是的，太好了。

Thank you.

謝謝。

So look, we're definitely very pleased with what our teams have been able to do in the foot and ankle space.

所以看，我們對我們的團隊在腳和腳踝空間上所做的事情感到非常滿意。

We're doing very well there for a couple of reasons.

我們在那裡做得很好有幾個原因。

First is, between the things that we've acquired and the innovation that the team has done we've got a tremendous product line there.

首先，在我們獲得的東西和團隊所做的創新之間，我們擁有龐大的產品線。

It's got a number of very strong flagship products like our DynaNail, for example, and like the minimally invasive products that we got with Novastep for bunion.

它有許多非常強大的旗艦產品，例如我們的 DynaNail，以及我們透過 Novastep 獲得的用於治療拇囊炎的微創產品。

So a good number of flagship products that are real game changers to our customers there.

因此，許多旗艦產品對我們的客戶來說是真正的遊戲規則改變者。

And then also a nice high-quality broad range of products and things like plates and screws.

還有一系列優質的產品以及板材和螺絲等產品。

They are very important in terms of having the channel be able to serve the surgeons there completely.

它們對於讓管道能夠完全為那裡的外科醫生提供服務非常重要。

So first, tremendous product line and a product line that we have a constant pace of innovation, great team there driving a constant pace of innovation.

首先，龐大的產品線和我們不斷創新的產品線，優秀的團隊推動不斷的創新步伐。

Second, strong aligned channel.

二是渠道強。

We've done hard work in the first couple of years of that integration to create a strong aligned channel that we have assembled that the majority of the channel now is fully dedicated to our products for the offerings that we have, and that creates a degree of teamwork and alignment and focus that is enabling us to succeed significantly in the marketplace.

在整合的最初幾年裡，我們做了艱苦的工作，創建了一個強大的一致渠道，我們已經組裝了該渠道，現在大部分渠道完全致力於我們所擁有的產品，這創造了一個程度團隊合作、協調和專注使我們能夠在市場上取得巨大成功。

And third, we've got some great KOL partners there that are helping us with the design.

第三，我們有一些優秀的 KOL 合作夥伴正在幫助我們設計。

So just really pleased with the path that we're on there.

所以我對我們所走的路感到非常滿意。

And as we go forward, we have a really nice pipeline of innovations.

隨著我們的前進，我們擁有非常好的創新管道。

But we also see most of our innovations there as make buy opportunities.

但我們也將大部分創新視為製造購買機會。

And in some cases, there are acquisition opportunities to consider versus developing things ourselves.

在某些情況下，需要考慮收購機會而不是自己開發。

We don't need to buy anything else to succeed in foot and ankle, but I'm sure we will find nice bolt-on opportunities that accelerate the path of filling in some of the other opportunities that we've got there.

我們不需要購買任何其他東西來在足部和腳踝方面取得成功，但我相信我們會找到很好的補充機會，加速填補我們已經擁有的其他一些機會的道路。

And then finally, the margins of that business have been improving.

最後，該業務的利潤率一直在提高。

The gross margins are very strong at the upper end of our portfolio.

我們投資組合高端的毛利率非常高。

And the EBITDA margins have started to climb over the past couple of years, as we had talked about and still some nice room to go there in terms of scaling that business.

正如我們所討論的，過去幾年 EBITDA 利潤率開始攀升，並且在擴展業務方面仍有很大的空間。

All right.

好的。

Great.

偉大的。

Very helpful.

非常有幫助。

I guess just in terms of growth next year, I mean it will be fueled by cross-selling the channel integration but you also highlighted a robust lineup of new products in pretty much all the segments.

我想就明年的成長而言，我的意思是它將透過交叉銷售管道整合來推動，但您也強調了幾乎所有細分市場中強大的新產品陣容。

Which of the new products would you highlight as being more meaningful for next year and how's the [ARVIS vendor] launch going?

您認為哪些新產品對明年更有意義？

And what should we expect for ARVIS in 2025?

2025 年我們對 ARVIS 有何期待？

Yes.

是的。

Thanks.

謝謝。

So first, for shoulder, the ARG is extremely important, already have an impact that we can see kind of meaningful impact they'll have in Q4 and then big impact in the first half of next year.

首先，對於肩膀來說，ARG 非常重要，已經產生了影響，我們可以看到它們將在第四季度產生有意義的影響，然後在明年上半年產生巨大影響。

So the ARG is big in shoulder, we've gotten great feedback on it.

所以 ARG 的肩膀很大，我們得到了很好的回饋。

And so we're very excited about that rolling out there.

因此，我們對在那裡推出感到非常興奮。

Second, there are some really nice cross-selling opportunities in shoulder that we'll be pursuing, like the custom Promat product there that's attractive for specific cases.

其次，我們將尋求一些非常好的交叉銷售機會，例如針對特定情況有吸引力的客製化 Promat 產品。

And then ARVIS in shoulder is something that people are excited about, the surgeons that have gotten their hands on it, given us great feedback on it.

然後，肩部 ARVIS 是人們感到興奮的事情，已經接觸到它的外科醫生，給了我們很好的回饋。

And I think it's certainly something that is going to be a piece of next year as we continue to rev on that product and start to have it ramp some in shoulder and add alongside of our great planning is going to continue to sustain our strong innovation leadership there in the shoulder segment.

我認為這肯定會成為明年的一部分，因為我們將繼續改進該產品，並開始讓它在肩上增加一些，並加上我們偉大的計劃將繼續維持我們強大的創新領導力在那裡在肩部。

Second, knee revision is still contributing nicely and still has nice opportunity.

其次，膝蓋修復仍然做出了很好的貢獻，並且仍然有很好的機會。

And ARVIS and knee, we've got a next version of that coming out of the early part of next year that is going to enable us to get to broader market with that.

ARVIS 和膝蓋，我們將在明年初推出下一個版本，這將使我們能夠進入更廣泛的市場。

We've been expanding the amount of people using it through this year.

今年我們一直在擴大使用它的人數。

And so we think that our NAV platform there in knee is going to become an important piece of the puzzle as we go through next year as well.

因此，我們認為我們膝部的 NAV 平台也將成為我們明年面臨的難題的重要組成部分。

And then there are some nice cross-selling opportunities in knee as well on a global basis.

然後，在全球範圍內，膝關節領域也存在一些很好的交叉銷售機會。

And then finally, in hip, that's where we really have -- not had the full portfolio that we've needed to have in hip in the US.

最後，在時尚方面，這就是我們真正擁有的——沒有我們在美國時尚所需的完整產品組合。

And as we roll into next year, we will fill out some key parts of that portfolio, and that's going to create some nice running room in hip.

當我們進入明年時，我們將填寫該投資組合的一些關鍵部分，這將為時尚創造一些不錯的運行空間。

We're only about half our knee doctors use our hip right now, which is still a tremendous opportunity for us to get after that as we fill out the rest of that hip portfolio with a couple of great offerings.

目前，我們只有大約一半的膝蓋醫生使用我們的髖關節，這對我們來說仍然是一個巨大的機會，因為我們用一些很棒的產品來填補髖關節產品組合的其餘部分。

And so we're definitely excited about the lineup of products.

因此，我們對產品陣容絕對感到興奮。

And then on the P&R side, we've got some nice additional knee braces and additional spine braces coming through continuing.

然後在 P&R 方面，我們將繼續提供一些不錯的額外膝蓋支架和額外脊椎支架。

We've got some next generations in things like lasers and shock like therapy, electro therapy between this year and next year.

從今年到明年，我們將在雷射、電擊療法、電療法等方面取得一些下一代成果。

We've also done some nice clinical and regulatory work in some of our Recovery Sciences products that are going to give us an opportunity to expand indications and market space there.

我們也在一些恢復科學產品中做了一些很好的臨床和監管工作，這將使我們有機會擴大那裡的適應症和市場空間。

So very excited about the product lineup that is part of what's going to help us accelerate from this year into next year and through next year on top of clearing through the cross-selling synergies and maybe kind of a little bit more market environment.

我們對產品陣容感到非常興奮，這將幫助我們從今年到明年以及明年透過交叉銷售協同效應和可能更多的市場環境來加速發展。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Ben, maybe if I could start with two just model clarification questions, then I have a maybe bigger picture question that I wanted to ask as well.

本，也許如果我可以從兩個模型澄清問題開始，那麼我也想問一個可能更大的問題。

But just on model clarification, dis-synergies this quarter, I think, around $3 million, if I put them in absolute dollar numbers.

但僅就模型澄清而言，如果我將其轉化為絕對美元數字，我認為本季的協同效應約為 300 萬美元。

Is that about right?

是這樣嗎？

And I have you had about $18 million year-to-date.

我知道你今年迄今擁有約 1800 萬美元。

And did you say about 100 basis points in the fourth quarter, so that would be another like maybe $3 million to $4 million and put you in kind of the lower end of that 20% to 30%.

你是否說過第四季大約有 100 個基點，所以這可能是 300 萬到 400 萬美元，讓你處於 20% 到 30% 的下限。

Are my numbers close to accurate there on the dis-synergy side?

在不協同方面，我的數字接近準確嗎？

Yes, definitely thinking about it, right.

是的，肯定在想，對吧。

Okay.

好的。

And did you at all quantify the headwinds you're expecting in 4Q from the storms and the IV fluid, that's the other clarification question.

您是否量化了第四季度風暴和靜脈輸液的不利影響，這是另一個需要澄清的問題。

But then from a higher level, I guess, for Matt, not historically, I guess, just conceptually you guys have guided longer term to upper single to low double digit on recon, 3% to 4% in P&R, we're talking about all these new products for next year but markets maybe weren't quite as strong as you were hoping to hear.

但我想，從更高的層面來看，對於馬特來說，不是歷史上的，我想，只是從概念上講，你們已經在長期指導偵察上從高個位數到低兩位數，在P&R 中為3% 到4%，我們正在談論明年會有所有這些新產品，但市場可能並不像您希望聽到的那麼強勁。

As I put kind of all the pushes and the pulls together, should next year just kind of be conceptually within that kind of LRP kind of longer-term range you've talked about before?

當我將所有的推動和拉動放在一起時，明年是否應該在概念上處於您之前討論過的 LRP 那種長期範圍內？

Yes.

是的。

And we're not quantifying at this point, the absolute dollars of impact that we've seen.

目前我們還沒有量化我們所看到的影響的絕對金額。

I'd say that it has impacted and it's considered in our guidance and updated guidance that we've given here.

我想說它已經產生了影響，並且在我們的指南和我們在這裡給出的更新指南中考慮了這一點。

So overall, I'd say we don't expect it to return right now in the quarter.

總的來說，我想說我們預計它不會在本季恢復。

We don't expect any additional impact for future storms or future problems.

我們預計未來的風暴或未來的問題不會產生任何額外的影響。

What we've updated our guidance to include is primarily just the -- what we have seen tangibly in terms of cases that have been canceled or volume that's been impacted because of the start of the quarter.

我們更新的指導主要包括——我們在本季度初以來已被取消的案件或受到影響的案件數量方面所明顯看到的情況。

Yes.

是的。

And then, Jeff, to your questions about our growth, I think the way you described our LRP is very consistent with how we continue to think about things as the combination that gets us that high single-digit organic growth.

然後，傑夫，對於您關於我們成長的問題，我認為您描述我們的 LRP 的方式與我們繼續將事物視為實現高個位數有機增長的組合的方式非常一致。

And so we do expect to guide something consistent with what we've been saying over time, which -- and with all that we've talked about in terms of some of the headwinds this year, certainly expecting to accelerate forward from this year.

因此，我們確實希望指導一些與我們長期以來所說的一致的事情，以及我們在今年的一些不利因素方面所討論的所有內容，當然希望從今年開始加速前進。

But last year was a year that had some pretty healthy market tailwind on it.

但去年是市場順風順水的一年。

And so it's probably going to take a little bit of time for us to keep shaping the portfolio to where we can deliver the kind of growth that we had in the year like last year.

因此，我們可能需要一些時間來繼續調整投資組合，以實現像去年一樣的成長。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯，威廉·布萊爾。

Maybe first one to follow up on a short-term trend, we've got a couple of questions about it already.

也許是第一個跟進短期趨勢的人，我們已經有幾個問題了。

As you look into Q4, it sounds like you're baking in these kind of IV shortage and hurricane impacts, maybe that the delta a little bit of the recon growth expectations coming down slightly.

當您查看第四季度時，聽起來您正面臨此類 IV 短缺和颶風影響，也許三角洲的偵察增長預期略有下降。

I guess, just to push on it and make sure we're understanding it correctly.

我想，只是為了推動它並確保我們正確理解它。

Typically, we see an impact like this.

通常，我們會看到這樣的影響。

Typically, we see ortho cases get rescheduled pretty quickly, I think if you look back historically within the ortho space.

通常情況下，我們會看到正交案例很快就會被重新安排，我想如果你回顧一下正交空間的歷史。

So one, just kind of curious am I understanding this correctly that you're not assuming they're coming back in the quarter?

所以，有點好奇我是否正確理解了這一點，你沒有假設他們會在本季回來？

Is there any reason there wouldn't or is this simply just some conservatism as you wait to see when they come back?

有什麼理由不這樣做，或者這只是你等待他們回來時的一些保守主義？

Yes.

是的。

So first, it's important to mention that many of our businesses were impacted, not just our ortho businesses.

首先，值得一提的是，我們的許多業務都受到了影響，而不僅僅是我們的骨科業務。

And so when you have things like bracing clinics that are down because of the storm, that piece of the impact is something that would take a lot longer to come back as the patients aren't rescheduled for surgery at another time.

因此，當諸如支撐診所因風暴而關閉之類的事情時，這種影響需要更長的時間才能恢復，因為患者不會重新安排在其他時間進行手術。

They might differ for a while versus if you have a surgery that's canceled maybe gets fit into the schedule later or not.

如果您的手術被取消，可能會在一段時間內有所不同，而手術可能會在稍後或之後納入日程安排。

And so we've seen in situations like this that when surgeries are pushed back or when there's some kind of a disruption like this, some of it comes back quickly.

因此，我們在這種情況下看到，當手術被推遲或出現此類中斷時，其中一些會很快恢復。

Some of it takes more time to come back and maybe a little of it doesn't come back.

有些需要更多時間才能回來，有些可能不會回來。

And so we're remaining to see how that plays out.

因此，我們將拭​​目以待，看看結果如何。

It's also the end of the year, which is very full time.

又到了年底，時間非常充實。

At the end of the year and a year when I think people took some healthy vacations through the summer, et cetera, and they're looking to run like crazy through the end of the year.

在這一年年底，我認為人們在夏天度過了一些健康的假期，等等，他們希望在年底瘋狂奔跑。

So I think schedules were pretty backed in terms of what people are planning to do through the end of the year.

因此，我認為就人們計劃在年底做的事情而言，日程安排是相當有保障的。

And so we think some surgeons will be able to move those cases later in the year, some just may not have the room and they need to roll them over into the early part of next year.

因此，我們認為一些外科醫生將能夠在今年稍後轉移這些病例，有些外科醫生可能沒有足夠的空間，他們需要將它們推遲到明年初。

So we still feel very good about how we're going to finish the year there and an acceleration in the back half of the year that gives us some momentum into next year.

因此，我們仍然對如何結束這一年感到非常滿意，並且下半年的加速為我們明年帶來了一些動力。

Yes, there's some unique effects early in the quarter.

是的，本季初會產生一些獨特的影響。

We're trying to be transparent about those as we kind of discuss how the quarter is going to go, but still very confident on how we'll finish this year and the kind of momentum we'll build next year and beyond.

當我們討論本季的進展時，我們試圖對這些問題保持透明，但對今年的完成情況以及明年及以後將建立的勢頭仍然非常有信心。

Okay.

好的。

And then maybe bigger picture as the businesses are becoming integrated now, and it seems like things are rebounding a little bit.

然後也許會有更大的前景，因為現在業務正在整合，而且情況似乎正在一點點反彈。

You're moving past the trough of dis-synergies, where are you guys kind of seeing the most strength in terms of new surgeons signing on versus just going deeper into the current surgeon installed base?

你們正在跨越非協同效應的低谷，你們認為新外科醫生簽約與深入現有外科醫生安裝基地相比，最大的優勢在哪裡？

And how should that trend as we go through 2025?

到 2025 年，這趨勢該如何發展？

Yes.

是的。

So we see great opportunities both in adding new surgeons around the world as well as still nice specific opportunities to sell into the installed base like the hip opportunity that I talked about earlier and some of the cross-selling opportunities.

因此，我們看到了在世界各地增加新外科醫生的巨大機會，以及向安裝基礎進行銷售的良好特定機會，例如我之前談到的時尚機會和一些交叉銷售機會。

So we see our growth is going to come from both new surgeons and installed base penetration as well as market growth as well.

因此，我們認為我們的成長將來自新外科醫生和安裝基礎滲透以及市場成長。

And we can see a clear path for how our recon growth in the US can continue to accelerate as we step into next year as well as how we can grow above markets outside the US on a consistent basis.

我們可以看到一條清晰的道路，即我們在進入明年時如何繼續加速在美國的偵察增長，以及我們如何能夠持續超越美國以外的市場。

Caitlin Cronin, Canaccord Genuity.

凱特琳·克羅寧，Canaccord Genuity。

Just starting with foot and ankle, you guys are obviously doing well and growing above the market.

從腳部和腳踝開始，你們顯然表現得很好，並且成長得高於市場水平。

But what do you see in terms of end market dynamics and procedural demand in that segment?

但您對該細分市場的終端市場動態和程序需求有何看法？

Yes.

是的。

I think the question was about foot and ankle end market dynamics.

我認為問題是關於足部和腳踝端市場動態。

Look, we really like the fact that foot and ankle is a high single-digit growth end market and also an end market where there's still plenty of unsolved things in terms of better solutions indications, it's more fragmented, and there's plenty of unsolved problems or partially solved problems to work on solving.

看，我們真的很喜歡這樣一個事實：腳和腳踝是一個高個位數成長的終端市場，也是一個終端市場，在更好的解決方案適應症方面仍然有很多未解決的事情，它更加分散，並且有很多未解決的問題或部分解決的問題需要努力解決。

And so that creates a nice market growth dynamic as well as nice innovation cadence opportunity, and that's really what we like about the segment.

因此，這創造了良好的市場成長動力以及良好的創新節奏機會，而這正是我們對該細分市場的真正喜歡。

I think there -- it seems to me there's a practical reality that on a month-to-month or quarter-to-quarter basis, there's a little more variability in foot and ankle than maybe in some of the traditional large joints segments that is noticeable, but for us, we like the growth fundamentals of the business.

我認為，在我看來，存在一個實際的現實，即在每個月或每個季度的基礎上，足部和腳踝的變化可能比一些傳統的大關節部分的變化要大一些。但對我們來說，我們喜歡業務的成長基本面。

We like the innovation opportunity.

我們喜歡這個創新機會。

And we've got a diversified enough portfolio and a strong footprint to where we're able to drive strong growth right through some of those dynamics.

我們擁有足夠多元化的投資組合和強大的足跡，我們能夠透過其中一些動力推動強勁成長。

Okay.

好的。

And given you are launching your improved Hip portfolio of products this quarter and into 2025, how long do you expect the recovery to take in that segment?

鑑於您將在本季和 2025 年推出改進的 Hip 產品組合，您預計該細分市場的復甦需要多長時間？

Yes.

是的。

In Hip, again, our Hip outside the US does very well, just to be clear, because we got some great products that have come from the acquisitions out there.

需要明確的是，在 Hip 方面，我們在美國以外的 Hip 表現得非常好，因為我們從那裡的收購中獲得了一些很棒的產品。

Hip in the US as we got some key products that we'll be launching, again, right around the end of the year and into the first quarter.

在美國很受歡迎，因為我們將在今年年底和第一季再次推出一些關鍵產品。

And so we'd expect that by the time we get into the second quarter, we start to see a meaningful impact from those.

因此，我們預計，當進入第二季時，我們將開始看到這些措施產生的有意義的影響。

And the back half of the year, they're having a more substantial impact.

今年下半年，它們將產生更重大的影響。

So some of the knee acceleration and then the shoulder acceleration that's going to come with ARG will be what gives us some acceleration through Q1, Q2.

因此，ARG 附帶的一些膝蓋加速度和肩部加速度將為我們提供 Q1、Q2 的一些加速度。

And then I would say, the Hip will be an additive contributor as we get into the back half of the year with the constant ramp of the cross-selling coming across all of that.

然後我想說，隨著我們進入今年下半年，隨著所有這些交叉銷售的持續增長，臀部將成為一個附加的貢獻者。

Danielle Antalffy, UBS.

丹妮爾·安塔菲，瑞銀集團。

Congrats on a good quarter here.

恭喜您度過了一個美好的季度。

I guess my initial question was going to be about underlying market growth and all that.

我想我最初的問題是關於潛在的市場成長等等。

But I guess maybe a better way to ask the question is, since I feel like that question has been asked on a different time.

但我想也許更好的提問方式是，因為我覺得這個問題是在不同的時間提出的。

You're now getting through the integration of Lima that was one of the biggest acquisitions -- or the biggest acquisition you guys have ever done as a company.

你們現在正在完成利馬的整合，這是最大的收購之一——或者說你們作為一家公司做過的最大的收購。

It feels like 2020 is a year of accelerating growth, but I guess just at a higher level, as we look at where the company goes, where to from here, once we -- I appreciate this is more a long-term question.

感覺 2020 年是加速成長的一年，但我想只是在更高的層面上，當我們看看公司將走向何方，從這裡到哪裡，一旦我們——我意識到這更像是一個長期問題。

But when you think about capital deployment priorities and where you envision the company going from a product portfolio perspective?

但是，當您考慮資本部署優先事項以及您從產品組合的角度設想公司的發展方向時？

It's a pretty high-level question, but

這是一個相當高級的問題，但是

--

--

Thank you for the question.

謝謝你的提問。

And yes, it's an exciting arc that we've been on from a Medtech business that was a little over $1 billion back in 2018-2019 time period and had a very strong small recon growth business, but a P&R business that really was not strong at that point in time in terms of the performance.

是的，這是一個令人興奮的弧線，我們從醫療科技業務開始，該業務在2018-2019 年期間價值略高於10 億美元，並且擁有非常強勁的小型偵察增長業務，但P&R 業務確實並不強勁就性能而言。

And then here, about five years later, we've almost doubled the size of the business into a dedicated company Enovis, $2 billion plus in revenue.

大約五年後，我們將業務規模幾乎擴大了一倍，成立了專門的公司 Enovis，收入超過 20 億美元。

We're now more than 50%, comfortably more than 50% recon in that higher growth, higher gross margin recon side.

我們現在在更高成長、更高毛利率的偵察方面已經超過 50%，輕鬆超過 50%。

We're accelerating that recon business now through the backside of the integration back to well above market growth rates.

我們現在正在透過整合的背面加速偵察業務，使其回到遠高於市場的成長率。

And we built a very strong P&R business that consistently grows low single digits and it's a very strong cash generator.

我們建立了非常強大的 P&R 業務，該業務持續以低個位數成長，並且它是一個非常強大的現金產生器。

And we've step changed the margins of the whole company in that period with plenty more to go in terms of improving margins over time.

在此期間，我們已經逐步改變了整個公司的利潤率，隨著時間的推移，在提高利潤率方面還有很多工作要做。

So a lot of tremendous progress over time.

隨著時間的推移，取得了許多巨大的進步。

As we look to the future, from a core execution standpoint, the fundamentals really haven't changed.

當我們展望未來時，從核心執行的角度來看，基本面確實沒有改變。

We've now got a much bigger recon segment that we're focused on growing well above market through innovation and having that be a driver of our growth, but also something that systematically expands our gross margin because it has higher gross margins and if it grows faster than P&R, we get that expansion.

我們現在有了一個更大的偵察細分市場，我們專注於透過創新實現遠高於市場的成長，並使其成為我們成長的驅動力，但也有系統地擴大我們毛利率的東西，因為它具有更高的毛利率，如果它增長速度比 P&R 快，我們得到了擴張。

We're focused on also continuing to improve and shape our P&R business into a stronger and stronger low single-digit business and looking for ways that, that could turn over into something that's more of a mid-single-digit business through portfolio work on that side and having that business continue to be a very strong cash generator.

我們也致力於繼續改進和塑造我們的 P&R 業務，使其成為越來越強大的低個位數業務，並尋找方法，透過投資組合工作將其轉變為中個位數業務。業務仍然是一個非常強大的現金產生器。

We expect to continue to do thoughtful bolt-ons within the ortho space that are things that can accelerate our growth, access new markets, bring key technologies and talent into the business.

我們希望繼續在正交領域進行深思熟慮的補充，這些措施可以加速我們的成長、進入新市場、將關鍵技術和人才引入業務。

And over time, we'll certainly look at other segments that we could access other segments in the ortho space that are attractive in terms of growth and margin fundamentals or other adjacent segments that would be logical for us, given the capability set that we have but might be a little bit outside of ortho and medtech, but still somewhere that we're confident we can step in and add a lot of value.

隨著時間的推移，我們肯定會考慮其他細分市場，我們可以訪問正交空間中的其他細分市場，這些細分市場在成長和利潤基本面方面具有吸引力，或者考慮到我們擁有的能力集，這對我們來說是合乎邏輯的其他相鄰細分市場但可能有點超出了矯形和醫療技術的範圍，但我們仍然有信心可以介入並增加很多價值。

So the path from $1 billion to $2 billion has been an exciting one.

因此，從 10 億美元到 20 億美元的歷程是令人興奮的。

We see the path from $2 billion to $3 billion being another exciting one, that's going to generate a lot of value for our shareholders as we drive compounding value from organic growth, inorganic growth, margin expansion and climbing up the cash flow curve over time.

我們認為從20 億美元到30 億美元的路徑是另一個令人興奮的路徑，這將為我們的股東創造大量價值，因為我們透過有機成長、無機成長、利潤率擴張和隨著時間的推移不斷攀登現金流曲線來推動複合價值。

Mike Matson, Needham & Company.

麥克馬森，李約瑟公司。

I just wanted to ask one on the international side.

我只是想問國際方面的問題。

So the Lima integration there, is that sort of lagging where you are in the US a little bit?

那麼，利馬的一體化，是不是有點落後美國？

And do you see any risk of dis-synergies there carrying into next year?

您是否認為明年有綜效失調的風險？

No, it's not lagging the US.

不，它並不落後於美國。

The difference is there.

差別就在那裡。

So we did all the direct channels quickly and really got them behind us by the middle of the year, started them really planning for them, the latter part of last year, even before the close.

因此，我們很快就完成了所有的直接管道，並在年中真正讓他們落後於我們，開始他們真正為他們進行規劃，去年下半年，甚至在結束之前。

The difference out there is that there are some hybrid markets where we were direct in one business, indirect and the other.

不同之處在於，在一些混合市場中，我們直接從事一項業務，間接從事另一項業務。

And we've had to step through market by market in terms of what's the best solution there and what's the right timing to move from a hybrid market solution to either a fully direct or a fully indirect solution.

我們必須逐一市場地確定最佳解決方案是什麼，以及從混合市場解決方案轉向完全直接或完全間接解決方案的正確時機。

And we've been through most of those as well.

我們也經歷過其中的大部分。

As I said, we're through about 90% of the revenue outside the US, we've already been through the channel integrations, but there are a few hybrid markets that the right thing to do is to take a little bit more time to find the right time to get through the integration.

正如我所說，我們約 90% 的收入來自美國以外，我們已經完成了通路整合，但有一些混合市場，正確的做法是多花一點時間找到合適的時間來完成整合。

We don't see that carrying any meaningful amount of breakage risk into next year.

我們認為明年不會帶來任何有意義的破損風險。

We're just trying to be transparent about the fact that there are a few more markets that will still be worked through.

我們只是試圖對以下事實保持透明：還有更多市場仍有待開發。

Okay.

好的。

Got it.

知道了。

And then just on the knee side, I know several of your bigger competitors have seen a pretty big mix benefit from cement less knees.

然後就在膝蓋方面，我知道你們的幾個較大的競爭對手已經看到了無水泥膝蓋的相當大的混合效益。

So do you have any plans to enter that segment of the market?

那麼您有計劃進入該細分市場嗎？

Yes.

是的。

We have cement less knee offerings and have had -- I've also had very good healthy growth in our cement less knee offerings.

我們有無水泥膝蓋產品，而且我在無水泥膝蓋產品中也取得了非常好的健康成長。

(Operator Instructions) Vijay Kumar.

（操作員說明）Vijay Kumar。

Ben, maybe one on free cash flow here.

本，也許是關於自由現金流的人。

The year-to-date trends, is that just due to deal timing when you look at free cash performance?

當您查看自由現金表現時，今年迄今為止的趨勢是否僅僅是由於交易時機？

What is the bill underlying free cash performance if you ex out the noise?

如果排除噪音，自由現金表現的基礎是什麼？

And what's the right way to think about free cash conversion?

思考免費現金轉換的正確方法是什麼？

Should there still be 80% free cash run rate business?

還應該有 80% 的自由現金運行率業務嗎？

Yes.

是的。

Yes.

是的。

Thanks, Vijay.

謝謝，維傑。

Like I've said, I think we're focused heavily this year on making sure that we're doing the right investments to set ourselves up to integrate Lima well, set ourselves up to lean into the growth opportunities as we bring this transformative acquisition into the company.

正如我所說，我認為今年我們的重點是確保我們進行正確的投資，以便我們能夠很好地整合利馬，並在我們進行這次變革性收購時抓住成長機會進入公司。

And you've seen us progress, I'd say, throughout the course of this year to where we're getting better, we'll get even better in Q4 as we start to get a lot of these heavy investments behind us.

我想說，你已經看到我們在今年的進步，我們正在變得更好，隨著我們開始獲得大量巨額投資，我們將在第四季變得更好。

We still very much see a pathway to 70% to 80% plus free cash flow conversion over time.

隨著時間的推移，我們仍然非常看好自由現金流轉換率將達到 70% 至 80% 以上。

Again, next year, we'll still be spending on integration-related items and investing for some of the growth as well.

同樣，明年我們仍將在與整合相關的項目上進行支出，並為部分成長進行投資。

But I'd say, as we think about seeing that progress, you're going to see us take a step forward next year and then another step forward a year after that as we work towards that 70% to 80% more steady-state cash flow conversion.

但我想說，當我們考慮看到這一進展時，你會看到我們明年向前邁出一步，然後一年後又向前邁出一步，因為我們正在努力實現穩定狀態提高70% 至80 %現金流量轉換。

Understood.

明白了。

Sorry.

對不起。

So free cash will be positive in fiscal '25?

那麼 25 財年的自由現金將會是正數嗎？

Is that a fair statement?

這是一個公平的說法嗎？

Yes, that's a fair statement.

是的，這是一個公平的說法。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Kyle Rose for closing remarks.

我想將會議轉回由凱爾·羅斯（Kyle Rose）發表閉幕詞。

This is Matt here.

這是馬特。

I want to end the call by thanking our team members for their commitment to excellence day in and day out.

在結束這通通話時，我想感謝我們的團隊成員日復一日地追求卓越。

We have a lot of momentum and excitement across the organization and remain committed to delivering value for all of our internal and external stakeholders.

我們整個組織充滿動力和興奮，並繼續致力於為所有內部和外部利害關係人提供價值。

Thank you for listening today and for participating, and we look forward to sharing our fourth-quarter results with you in the new year.

感謝您今天的聆聽和參與，我們期待在新的一年與您分享我們的第四季度業績。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。