Globus Medical Inc (GMED) 2023 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Globus Medical Third Quarter 2023 Earnings Call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Globus Medical 2023 年第三季財報電話會議。 （操作員說明）

I will now turn the call over to Brian Kearns, Senior Vice President of Business Development and Investor Relations. Mr. Kearns, please go ahead.

我現在將把電話轉給業務開發和投資者關係高級副總裁布萊恩·卡恩斯 (Brian Kearns)。卡恩斯先生，請繼續。

Thank you, Leeway, and thank you, everyone, for being with us today. Joining today's call for Globus Medical will be Dan Scavilla, President and CEO; and Keith Pfeil, Chief Financial Officer. This review is being made available via webcast accessible through Investor Relations section of the Globus Medical website at www.globusmedical.com.

謝謝你，Leeway，也謝謝大家今天和我們在一起。總裁兼執行長 Dan Scavilla 將參加今天的 Globus Medical 電話會議；和財務長 Keith Pfeil。該評論透過網路廣播發布，可透過 Globus Medical 網站 www.globusmedical.com 的投資者關係部分存取。

Before we begin, let me remind that some of the statements made during this review are or may be considered forward-looking statements. Our Form 10-K for the 2022 fiscal year and our subsequent filings with the Securities and Exchange Commission identify certain factors that could cause our actual results to differ materially from those projected in any forward-looking statements made today.

在我們開始之前，讓我提醒一下，本次審查期間做出的一些陳述是或可能被視為前瞻性陳述。我們的 2022 財年 10-K 表格以及隨後向美國證券交易委員會提交的文件確定了某些可能導致我們的實際結果與今天做出的任何前瞻性聲明中預測的結果存在重大差異的因素。

Our SEC filings, including the 10-K, are available on our website. We do not undertake to update any forward-looking statements as a result of new information or future events or developments. Our discussion today will also include certain financial measures that are not calculated in accordance with Generally Accepted Accounting Principles or GAAP.

我們的 SEC 備案文件（包括 10-K）可在我們的網站上取得。我們不承諾因新資訊或未來事件或發展而更新任何前瞻性陳述。我們今天的討論還將包括某些未按照公認會計原則或公認會計原則計算的財務指標。

We believe these non-GAAP financial measures provide additional information pertinent to our business performance. These non-GAAP financial measures should not be considered replacements for and should be read together with the most directly comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are available on the schedules accompanying the press release and on the Investor Relations section of the Globus Medical website.

我們相信這些非公認會計原則財務指標提供了與我們的業務績效相關的更多資訊。這些非 GAAP 財務指標不應被視為替代品，而應與最直接可比較的 GAAP 財務指標一起閱讀。新聞稿隨附的時間表以及 Globus Medical 網站的投資者關係部分提供了與最直接可比較的 GAAP 衡量標準的對帳。

With that, I'll turn the call over to Dan Scavilla, our President and CEO.

接下來，我會將電話轉給我們的總裁兼執行長 Dan Scavilla。

Thanks, Brian, and good afternoon, everyone. This quarter's earnings release will have a different format than our usual approach. On September 1, after clearing the FTC second request time frame, we executed the Globus NuVasive merger. With the timing of this event, we have a full third quarter revenue and financials for Globus, combined with the month of September only for NuVasive revenue and financials.

謝謝布萊恩，大家下午好。本季度的收益發布將採用與我們通常的方式不同的格式。 9 月 1 日，在滿足 FTC 第二個請求期限後，我們執行了 Globus NuVasive 合併。透過這次活動的時間，我們獲得了 Globus 完整的第三季收入和財務數據，以及僅 NuVasive 9 月的收入和財務數據。

For this quarter and possibly the next, we'll share total financial results and comment on stand-alone Globus and stand-alone NuVasive to show how these businesses are performing. However, as we move into 2024 as one company with one focus, we're not planning on providing stand-alone company information.

在本季度以及可能的下一個季度，我們將分享整體財務表現並對獨立的 Globus 和獨立的 NuVasive 進行評論，以展示這些業務的表現。然而，隨著我們作為一家專注於同一目標的公司進入 2024 年，我們不打算提供獨立的公司資訊。

For Q3, we delivered record sales of $384 million, a day adjusted growth of 53% or $130 million versus Q3 2022, reflecting 3 months of Globus and 1 month of NuVasive sales. Non-GAAP EPS was $0.57, up 15%, and cash flow remains strong with $29 million or 38% increase from prior year.

第三季度，我們實現了創紀錄的3.84 億美元銷售額，與2022 年第三季度相比，按日調整後增長了53%，即1.3 億美元，反映了Globus 3 個月和NuVasive 1 個月的銷售額。非 GAAP 每股盈餘為 0.57 美元，成長 15%，現金流依然強勁，比上年成長 2,900 萬美元，成長 38%。

Adjusted EBITDA for the quarter was 29%. Globus stand-alone sales for Q3 were $281 million, increasing $27 million or 12% on a day adjusted growth versus prior year, delivering an adjusted EBITDA of 32%. Sales were driven by the continued above-market growth of 8% in the U.S. versus prior year and increasing momentum internationally with 25% growth including significant gains in Japan.

本季調整後 EBITDA 為 29%。 Globus 第三季的獨立銷售額為 2.81 億美元，與去年同期相比增加了 2,700 萬美元，即按日調整後成長 12%，調整後 EBITDA 為 32%。與去年相比，美國市場持續成長 8%，國際市場成長勢頭強勁，成長 25%，其中日本市場成長顯著，這推動了銷售額的成長。

Enabling Technologies sales remain strong with 10% growth and over 59,000 procedures performed to date. Trauma achieved its 15th consecutive quarterly record, adding 53% annual growth or 12% sequentially. The foundation remains strong, and I'm proud of the GMED team delivering solid growth and profitability as we enter into our combined future with NUVA. NuVasive stand-alone sales for the month of September were $102 million, down 2% primarily driven by one less selling day in the U.S. combined with a onetime 2022 credit not repeated in 2023 for U.S. Spine.

支援技術的銷售依然強勁，成長了 10%，迄今已執行了 59,000 多例手術。 Trauma 連續第 15 季創下紀錄，年增率為 53%，季增率為 12%。基礎依然牢固，我對 GMED 團隊在我們與 NUVA 共同邁向未來時實現穩健成長和獲利能力感到自豪。 NuVasive 9 月的獨立銷售額為 1.02 億美元，下降了 2%，主要是由於美國銷售日減少，加上 U.S. Spine 的 2022 年一次性信貸在 2023 年沒有重複。

NuVasive clinical services and Pulse sales were lower versus prior year, partially offset by continued strength in international and NuVasive Specialty Orthopedics or NSO. Pulse sales have been impacted by customer uncertainty with the merger, while international remains focused on continued market penetration and NSO on market reentry of key technology.

NuVasive 臨床服務和脈衝銷售額較前一年下降，部分被國際和 NuVasive 專業骨科 (NSO) 的持續強勁勢頭所抵消。豆類銷售受到合併後客戶不確定性的影響，而 International 仍專注於持續的市場滲透，而 NSO 則專注於關鍵技術的市場重新進入。

I'm seeing the incredible talent we have with our new teammates from NuVasive, and I'm excited to join forces as we focus on gaining momentum throughout our businesses. In Q3, we launched HEDRON A, our interior 3D printed interbody fusion device and STRETTO, cerclage wiring system for trauma. Year-to-date, we've launched 9 products and plan to launch several more new products by the end of the year.

我看到了來自 NuVasive 的新隊友所擁有的令人難以置信的才華，我很高興能夠加入我們的團隊，因為我們專注於在整個業務中獲得動力。第三季度，我們推出了 HEDRON A，我們的內部 3D 列印椎間融合裝置和 STRETTO，用於創傷的環紮佈線系統。今年迄今為止，我們已經推出了 9 款產品，並計劃在年底前推出更多新產品。

Our product pipeline is full and further enhanced by what is being developed in San Diego, setting the stage for a record year of product introductions in 2024. Over the next few months, we'll be adding to our best-in-class expandable portfolio, new INR offerings, including E-hub Navigation system to provide seamless navigation when combined with our E3D system, and expansion of the precise trauma nailing system.

我們的產品線已經完整，並且透過聖地牙哥正在開發的產品進一步增強，為 2024 年創紀錄的產品推出奠定了基礎。在接下來的幾個月裡，我們將增加我們一流的可擴展產品組合，新的INR 產品，包括與我們的E3D 系統結合使用時提供無縫導航的E-hub 導航系統，以及精確創傷釘系統的擴展。

Moving into integration status and starting with the deal rationale. Both companies recognized that a combination of Globus and NuVasive would create a leading world class organization. The global scale and expanded customer reach with minimal sales force overlap, combined with a comprehensive and innovative portfolio in spine, enabling tech and orthopedics positions us well for long-term sustained growth.

進入整合狀態並從交易理由開始。兩家公司都認識到 Globus 和 NuVasive 的合併將創建一個領先的世界級組織。全球規模和擴大的客戶覆蓋範圍以及最小的銷售人員重疊，再加上脊椎領域全面和創新的產品組合，支持技術和骨科，使我們能夠實現長期持續增長。

Combining our product development strength, focused on rapid development of innovative solutions to address unmet clinical needs of our surgeons and their patients while continuing to focus on surgeon education and research will help us shape solutions through the continuum of care as we bring procedural solutions into the marketplace.

結合我們的產品開發實力，專注於快速開發創新解決方案，以滿足外科醫生及其患者未滿足的臨床需求，同時繼續專注於外科醫生教育和研究，這將有助於我們透過持續護理來製定解決方案，因為我們將程序解決方案引入市場。

Investing in our complementary operational footprint will allow rapid expansion of in-house capabilities to support commercial growth and drive cost savings. Our financial discipline provides the ability to redirect investments into key growth areas while improving combined profitability and cash flow.

投資我們互補的營運足跡將有助於快速擴展內部能力，以支持商業成長並推動成本節約。我們的財務紀律能夠將投資重新導向到關鍵成長領域，同時提高綜合獲利能力和現金流。

With the unblinded data available to us after September 1, we were able to move from integration planning into execution focused on our combination of sales forces. The actual surgeon overlap is better than we projected, both domestically and internationally, falling below the 5% we shared previously, which helps in defining territories and reducing overlap. We're completing and communicating our U.S. commercial structure currently. Newly formed teams are beginning to develop 2024 action plans, cross-training and account building as they complete the busy Q4 season and prepare for launching into the new year.

憑藉 9 月 1 日之後我們可以獲得的非盲數據，我們能夠從整合規劃轉向專注於銷售團隊組合的執行。無論是國內還是國際，實際的外科醫生重疊率都比我們預期的要好，低於我們之前分享的 5%，這有助於確定區域並減少重疊。目前我們正在完成並傳達我們的美國商業結構。新組建的團隊正在開始製定 2024 年行動計劃、交叉培訓和客戶建設，以完成繁忙的第四季度並為新的一年做好準備。

International is also progressing well with regional and market leadership defined. We're completing international territories in November with cross-training planned in December. Overall, I'm pleased with our work here and look forward to completing this shortly as we get -- as we set the stage for the new year.

國際業務也進展順利，並確定了區域和市場領導地位。我們將在 11 月完成國際區域訓練，並計劃在 12 月進行交叉訓練。總的來說，我對我們在這裡的工作感到滿意，並期待盡快完成這項工作——因為我們為新的一年奠定了基礎。

We're also receiving significant inbound interest from competitive sales professionals who are seeing the opportunity to carry a bag second to none. The combined company will be a destination of choice for sales personnel who cherish an incredible product portfolio, financial security and longevity. To date, we've seen some smaller sales dis-synergies, but these still fall well within our projected estimates provided in the S4.

我們還收到了來自有競爭力的銷售專業人士的濃厚興趣，他們看到了攜帶無與倫比的包袋的機會。合併後的公司將成為那些珍惜令人難以置信的產品組合、財務安全和長壽的銷售人員的首選目的地。到目前為止，我們已經看到了一些較小的銷售協同效應，但這些仍然完全符合我們在 S4 中提供的預期估計值。

One of the immediate benefits of the combination is our ability to cross-sell our existing portfolios. We made significant investments in key product sets earlier this year and are poised to begin cross-selling as early as next quarter, expanding it over time as we get more sets completed. Surgeons will soon start gaining access to our broader expandable offerings, 3D printed interbody portfolio, cervical disc, robotic prone lateral system, EGPS E3D, neuromonitoring solutions, improved retractors, Magic and the precise family of limb-lengthening trauma products.

合併的直接好處之一是我們能夠交叉銷售現有的投資組合。今年早些時候，我們對關鍵產品系列進行了大量投資，並準備好最早在下個季度開始交叉銷售，並隨著我們完成更多產品系列而不斷擴大。外科醫生很快就會開始使用我們更廣泛的可擴展產品、3D 列印椎間盤產品組合、頸椎間盤、機器人俯臥側向系統、EGPS E3D、神經監測解決方案、改進的牽開器、Magic 和精確的肢體延長創傷產品系列。

We also made significant investments in long lead time components and manufacturing resources to scale up our enabling tech capacity, and we're increasing production output now in preparation for increased demand. For implants and instrumentation, we're not rationalizing the product offerings as part of our synergy targets.

我們還對長交貨期組件和製造資源進行了大量投資，以擴大我們的支援技術能力，並且我們現在正在增加產量，為增加的需求做好準備。對於植入物和儀器，我們並沒有將產品供應合理化作為我們協同目標的一部分。

We believe our surgeons should have their choice of products and will, over time, shape our future portfolio offering. Our financial discipline gives us the ability to continue to keep these products available without negative impacts while continuing to innovate future offerings. In our product development innovation engines, we will carry forward our rich histories of rapid development and launch to remain an industry thought leader.

我們相信，我們的外科醫生應該有自己的產品選擇，並且隨著時間的推移，將塑造我們未來的產品組合。我們的財務紀律使我們能夠繼續保持這些產品的可用性而不產生負面影響，同時繼續創新未來的產品。在我們的產品開發創新引擎中，我們將繼承我們快速開發和推出的豐富歷史，以保持行業思想領導者的地位。

Working with our surgeon partners to address unmet clinical needs from pioneering the XLIF procedure that is now gold standard of lateral surgery, market-leading expandable cage technology, the best spinal robot and the most advanced interoperative CT imaging. We are working to create surgical proceduralization of all key spine procedures, combining with Enabling Technology to create the standard of care across all of spine.

與我們的外科醫生合作夥伴合作，透過開創XLIF 手術（現已成為側方手術的黃金標準）、市場領先的可擴展籠技術、最好的脊椎機器人和最先進的術中CT 成像來解決未滿足的臨床需求。我們正在努力創建所有關鍵脊椎手術的手術程序，並與支持技術相結合，以創建整個脊椎的護理標準。

Our intellectual property portfolio has been #1 in the spinal industry for the last decade, and we are committed to further expanding this lead, especially in the enabling tech arenas as we continue to be at the forefront of imaging, navigation or robotics. We remain committed to continuing all-in progress projects on both sides and expect to have a core PD hub on the West Coast.

過去十年，我們的智慧財產權組合在脊椎行業中一直排名第一，我們致力於進一步擴大這一領先地位，特別是在支援技術領域，因為我們繼續處於成像、導航或機器人技術的前沿。我們仍然致力於繼續雙方全面推進的項目，並期望在西海岸建立一個核心的 PD 中心。

We brought together significant resources to enhance our surgeon engagement program from adding scientific affairs, increasing research and clinical investments, adding strong talent to our professional affairs team, coordinating education programs and enhancing our presence in teaching institutions.

我們匯集了大量資源來加強我們的外科醫生參與計劃，包括增加科學事務、增加研究和臨床投資、為我們的專業事務團隊增添強大的人才、協調教育計劃以及增強我們在教學機構中的影響力。

In addition, we've added NuVasive marketing and communication teams. We're well poised to increase our impact with surgeons and further strengthen how we interact with them in all aspects of our business. The complementary fit of our operations remains a strength of the merger. Our strong financial position will allow us to expand investments in West Carrollton production facility to support our inventory needs.

此外，我們還增加了 NuVasive 行銷和傳播團隊。我們已做好準備，擴大我們對外科醫生的影響，並進一步加強我們在業務的各個方面與他們互動的方式。我們業務的互補性仍然是合併的一個優勢。我們強大的財務狀況將使我們能夠擴大對西卡羅爾頓生產設施的投資，以滿足我們的庫存需求。

The Memphis distribution center is expected to support global distribution for the combined organization. We will continue to invest in high-tech manufacturing equipment for our implants, instrumentation enabling tech production capabilities. We're currently working to consolidate volumes and orders with third-party venders to accelerate delivery times and drive cost savings.

孟菲斯配送中心預計將為合併後的組織的全球配送提供支援。我們將繼續投資用於植入物的高科技製造設備和儀器，以提高技術生產能力。我們目前正在努力與第三方供應商整合數量和訂單，以加快交貨時間並節省成本。

Synergy targets have been refined and communicated to functional leads who are planning out actions for the next several years, focused on out-of-pocket spending and prioritizing investments to match our future growth plans. Organizational designs are in progress with planned to roll out in the beginning of 2024.

協同目標已得到完善，並傳達給正在規劃未來幾年行動的職能領導，重點關注自付費用並優先考慮投資，以匹配我們未來的成長計劃。組織設計正在進行中，計劃於 2024 年初推出。

As we've said before, this is not a slash-and-burn exercise. The acquisition payback is not driven by deep spending cuts, and we're not racing to impress the market with a quarterly flash. We remain focused on long-term sustained growth and not making cuts that impact our strengths.

正如我們之前所說，這不是刀耕火種的做法。收購回報並不是由大幅削減開支所驅動的，我們也不會競相透過季度業績來給市場留下深刻印象。我們仍然專注於長期持續成長，而不是進行影響我們優勢的削減。

I want to conclude by sharing a recent event that reminded me of who we are. As part of the integration, we sent a group of former NUVA teammates to visit our enabling tech facility in (inaudible). They expressed excitement regarding the number of employees focused on the marketed products, the short-term development launches and the long-term game changers, along with the building square footage we have invested in, supporting enabling tech.

最後，我想分享一個最近發生的事件，它讓我想起了我們是誰。作為整合的一部分，我們派了一群前 NUVA 隊友參觀我們位於（聽不清楚）的支援技術設施。他們對專注於行銷產品的員工數量、短期開發發布和長期遊戲規則改變者以及我們為支持支援技術而投資的建築面積表示興奮。

This increased their realization that an ecosystem designed and built from the ground up to seamlessly communicate with each other with options to expand functionality over time is positioned to outperform patch work to market alternatives. We will continue to accelerate and increase our investment in this space and place these offerings through our expanded commercial team as part of addressing unmet clinical needs and shaping procedural solutions.

這讓他們更加認識到，一個從頭開始設計和構建的生態系統，可以相互無縫通信，並且可以隨著時間的推移擴展功能，其性能優於市場替代品的補丁工作。我們將繼續加速和增加對該領域的投資，並透過我們擴大的商業團隊提供這些產品，作為解決未滿足的臨床需求和製定程序解決方案的一部分。

I believe the potential for Globus has never been greater. It's up to us to harness our resources and shape the future of our market. We have at our fingertips, everything we need to realize this.

我相信 Globus 的潛力從未如此之大。我們有責任利用我們的資源並塑造我們市場的未來。我們觸手可及，擁有實現這一目標所需的一切。

I will now turn the call over to Keith.

我現在將把電話轉給基斯。

Thanks, Dan, and good afternoon, everyone. As Dan alluded to in his earlier comments, our discussion today will have a different feel as compared to our earlier calls. The resulting impact of the September 1 merger completion with NuVasive is such that my discussion on our results will seek to identify the underlying legacy Globus Medical results as well as the contributions from the inclusion of NuVasive financial information.

謝謝丹，大家下午好。正如丹在之前的評論中提到的那樣，與我們之前的電話會議相比，我們今天的討論將會有不同的感覺。 9 月 1 日與 NuVasive 完成合併所產生的影響如此之大，我對結果的討論將尋求確定潛在的遺留 Globus Medical 業績以及納入 NuVasive 財務信息的貢獻。

I ask everyone to remember that our Q3 2023 results include 3 months of legacy Globus financial information and 1 month of NuVasive, reflective of the September 1 merger closing date. My comments today will seek to provide insights into our quarterly business performance, insights into our capital allocation priorities, early insights into integration and synergy tracking as well as views on overall guidance for the remainder of the year.

我請大家記住，我們 2023 年第三季的業績包括 3 個月的舊 Globus 財務資訊和 1 個月的 NuVasive，反映了 9 月 1 日的合併截止日期。我今天的評論將尋求提供對我們季度業務業績的見解、對我們資本配置優先事項的見解、對整合和協同跟踪的早期見解以及對今年剩餘時間總體指導的看法。

As I move through my discussion this afternoon, I will first comment on our as-reported results, providing insights into the legacy Globus business as well as high-level comments on the contributions from NuVasive on an as-reported basis. All information presented is done so based on Globus accounting policies and is consistently applied in the as-reported results for both legacy Globus and legacy NuVasive.

在今天下午的討論中，我將首先對我們報告的結果發表評論，提供對遺留 Globus 業務的見解，並對 NuVasive 在報告的基礎上做出的貢獻發表高級評論。提供的所有資訊均基於 Globus 會計政策，並一致應用於舊版 Globus 和舊版 NuVasive 的報告結果中。

We are extremely pleased with our third quarter results, both with and without the impact of NuVasive. Our sales results clearly demonstrate that we are still driving market share growth. Third quarter revenue was $383.6 million, growing 51% on an as-reported basis and 50.3% on a constant currency basis as compared to the third quarter of 2022. Day adjusted sales growth was 52.9% with 1 less selling day in Q3 '23 versus Q3 '22. Net income in the third quarter of 2023 was $997,000 reflective of merger and acquisition related costs due to the September 1 merger completion with NuVasive.

我們對第三季的業績非常滿意，無論是否受到 NuVasive 的影響。我們的銷售業績清楚地表明我們仍在推動市場份額的成長。第三季營收為3.836 億美元，與2022 年第三季相比，按報告計算成長51%，以固定匯率計算成長50.3%。按日調整後的銷售成長為52.9%，23 年第三季的銷售天數比2022 年第三季減少1 個22 年第 3 季。 2023 年第三季的淨利潤為 997,000 美元，反映了由於 9 月 1 日與 NuVasive 完成合併而產生的併購相關成本。

Non-GAAP net income was $65.5 million compared to $50.3 million in the prior year quarter, resulting in $0.57 of fully diluted non-GAAP earnings per share. Our fully diluted non-GAAP EPS grew 14.7% versus the prior year quarter despite our diluted share count growing by 13.7% versus Q2 of '23 to 115.2 million fully diluted shares.

非 GAAP 淨利潤為 6,550 萬美元，而去年同期為 5,030 萬美元，完全攤薄的非 GAAP 每股收益為 0.57 美元。儘管我們的稀釋股數較 2023 年第二季的 1.152 億股成長了 13.7%，但我們的完全稀釋非 GAAP 每股盈餘仍比去年同期成長了 14.7%。

Adjusted EBITDA was 29.4%, and we generated $29 million of free cash flow during the quarter. Legacy Globus business adjusted EBITDA was 31.6% while legacy Globus free cash flow was $26 million. Delving into revenue further. Our third quarter net sales of $383.6 million reflect legacy Globus sales totaling $281.2 million growing 10.7% as reported compared to the prior year. Legacy Globus musculoskeletal revenue was $254.7 million, growing 10.7% as reported.

調整後 EBITDA 為 29.4%，本季我們產生了 2,900 萬美元的自由現金流。舊版 Globus 業務調整後 EBITDA 為 31.6%，而舊版 Globus 自由現金流量為 2,600 萬美元。進一步深入研究收入。我們第三季的淨銷售額為 3.836 億美元，反映了傳統 Globus 銷售額總計 2.812 億美元，與前一年相比成長了 10.7%。據報導，Legacy Globus 肌肉骨骼收入為 2.547 億美元，成長 10.7%。

Legacy Globus Enabling Technologies revenue was $26.5 million, growing 10.2% as reported. NuVasive contributed $102.4 million of revenue during the quarter, inclusive of $92.8 million of musculoskeletal revenue, $8.5 million of neuromonitoring revenue and $1.1 million of Enabling Technologies revenue.

據報道，傳統 Globus 支援技術收入為 2,650 萬美元，成長 10.2%。 NuVasive 在本季度貢獻了 1.024 億美元的收入，其中包括 9,280 萬美元的肌肉骨骼收入、850 萬美元的神經監測收入和 110 萬美元的支援技術收入。

U.S. revenue during the third quarter of 2023 was $309.3 million, growing 42.5% as reported. Legacy Globus U.S. revenue during the third quarter of 2023 was $234.7 million, growing 8.1% versus the prior year quarter. Our legacy Globus business continues to drive share growth across its U.S. spine and trauma portfolios, while our Enabling Technologies business is benefiting from the continued uptake of our systems, namely EGPS and E3D.

據報道，2023 年第三季美國營收為 3.093 億美元，成長 42.5%。 Legacy Globus 美國 2023 年第三季營收為 2.347 億美元，比去年同期成長 8.1%。我們的傳統 Globus 業務繼續推動其美國脊椎和創傷產品組合的份額成長，而我們的支援技術業務則受益於我們系統（即 EGPS 和 E3D）的持續採用。

Q3 international revenue was $74.3 million, growing 100.2% as reported and 96% on a constant currency basis. International revenue for the legacy Globus business was $46.6 million, growing 25.5% as reported compared to the prior year quarter. The continued strong growth from our international business was driven by further penetration of our focus countries, including Australia, Italy, Belgium, Poland, Austria and Ireland.

第三季國際營收為 7,430 萬美元，按報告成長 100.2%，以固定匯率計算成長 96%。傳統 Globus 業務的國際收入為 4,660 萬美元，與去年同期相比成長 25.5%。我們國際業務的持續強勁成長得益於我們對重點國家（包括澳洲、義大利、比利時、波蘭、奧地利和愛爾蘭）的進一步滲透。

Shifting to NuVasive. Stand-alone September 2023 results totaled $102.4 million, which was $2.5 million or 2.4% lower as compared to the prior year month. This is driven by one less selling day in the month of September as well as a $2.7 million non-repeating sales credit in the prior year, which did not repeat in the current year.

轉向 NuVasive。 2023 年 9 月的獨立業績總計 1.024 億美元，比去年同期減少 250 萬美元，成長 2.4%。這是由於 9 月減少了一個銷售日，以及上一年 270 萬美元的非重複銷售信貸（今年沒有重複）。

Gross profit in the third quarter was 64.7% compared to 74.2% in the prior year quarter and is inclusive of the mix impacts from NuVasive as well as $19 million of inventory step-up amortization related to the merger. Given the impact of step-up amortization on GAAP results, we are introducing an adjusted gross profit metric to better provide comparability with actual operating results.

第三季的毛利為 64.7%，而去年同期為 74.2%，其中包括 NuVasive 的綜合影響以及與合併相關的 1,900 萬美元庫存逐步攤銷。考慮到逐步攤銷對 GAAP 結果的影響，我們正在引入調整後的毛利指標，以更好地提供與實際營運結果的可比性。

Adjusted gross profit was 69.7% compared to 74.2% in the prior year quarter. Looking ahead, we expect step-up amortization to impact GAAP gross profit for at least the next full fiscal quarters, thus we plan to report on this metric move -- more during this time.

調整後毛利為 69.7%，去年同期為 74.2%。展望未來，我們預計逐步攤銷至少會影響下一個完整財季的公認會計準則毛利潤，因此我們計劃報告這一指標的變化——在此期間報告更多。

Legacy Globus GAAP and adjusted gross profit was 73.9%, essentially in line to the 74.2% in the prior year quarter, with the slight decline being driven by primarily higher inventory obsolescence reserves and write-off expenses. NuVasive adjusted gross profit was $59.4 million or 58% in the quarter.

傳統 Globus GAAP 和調整後毛利為 73.9%，與去年同期的 74.2% 基本持平，略有下降主要是由於庫存報廢準備金和沖銷費用增加。 NuVasive 本季調整後毛利為 5,940 萬美元，即 58%。

On a pro forma basis, NuVasive gross profit of 58% in September 2023 compared to 62% in the prior year month reflected primarily of higher depreciation expenses and operational spending. Q3 research and development expenses were $29.3 million or 7.6% of sales compared to $18.7 million or 7.4% of sales in the prior year quarter.

根據預計，NuVasive 2023 年 9 月的毛利為 58%，而去年同期為 62%，這主要反映了折舊費用和營運支出的增加。第三季的研發費用為 2,930 萬美元，佔銷售額的 7.6%，去年同期為 1,870 萬美元，佔銷售額的 7.4%。

Legacy Globus R&D expenses totaled $20.4 million or 7.3% of sales compared to the prior year quarter of 7.4%. The growth in legacy Globus R&D spending is reflective of additional headcount, primarily within our Spine and Enabling Technologies businesses, which is in line with our expectations.

舊版 Globus 研發費用總計 2,040 萬美元，佔銷售額的 7.3%，去年同期為 7.4%。傳統 Globus 研發支出的成長反映了員工人數的增加，主要是在我們的脊椎和支援技術業務中，這符合我們的預期。

Our consolidated R&D expense of $29.3 million includes $8.9 million of R&D expense from NuVasive, which equates to 8.7% of sales based on the $102.4 million of revenue contributed from NuVasive during our fiscal third quarter.

我們的綜合研發費用為 2,930 萬美元，其中包括來自 NuVasive 的 890 萬美元研發費用，根據第三財季 NuVasive 貢獻的 1.024 億美元收入計算，這相當於銷售額的 8.7%。

The September 2023 NuVasive R&D expense of $8.9 million or 8.7% of sales compared to September 2022 R&D expense of $7.5 million or 7.1% of sales. The increase in pro forma NuVasive R&D expense in 2023 is primarily the result of adopting Globus accounting policies specifically that internal labor and third-party consulting expenses are treated as period costs and not capitalized on the balance sheet and ultimately amortized.

2023 年 9 月 NuVasive 的研發費用為 890 萬美元，佔銷售額的 8.7%，而 2022 年 9 月的研發費用為 750 萬美元，佔銷售額的 7.1%。 2023 年預計 NuVasive 研發費用的增加主要是由於採用了 Globus 會計政策，特別是內部勞動力和第三方諮詢費用被視為期間成本，而不是在資產負債表上資本化並最終攤銷。

SG&A expenses for the third quarter were $156.2 million or 40.7% of sales compared to $106.6 million or 41.9% of sales in the third quarter of the prior year. Legacy Globus SG&A expenses were $118.7 million or 42.2%. The increased spending is primarily reflective of additional sales compensation costs from higher volume, higher benefit costs and some additional bad debt expenses.

第三季的 SG&A 費用為 1.562 億美元，佔銷售額的 40.7%，而去年第三季的 SG&A 費用為 1.066 億美元，佔銷售額的 41.9%。舊版 Globus SG&A 費用為 1.187 億美元，即 42.2%。支出增加主要反映了銷售增加帶來的額外銷售補償成本、更高的福利成本以及一些額外的壞帳費用。

NuVasive contributed $37.5 million of SG&A expenses in the quarter or 36.6% of sales. Turning our attention to cash and liquidity. As part of the merger closing on September 1, Globus paid off the outstanding NuVasive line of credit balance and subsequently terminated the former NuVasive line of credit.

NuVasive 在本季貢獻了 3,750 萬美元的 SG&A 費用，佔銷售額的 36.6%。將我們的注意力轉向現金和流動性。作為 9 月 1 日完成的合併的一部分，Globus 還清了未償還的 NuVasive 信貸額度，並隨後終止了先前 NuVasive 的信貸額度。

The total amount paid was $420.8 million. In addition to the line of credit, Globus also assumed the 0.375% senior convertible notes due in 2025, which have a principal balance of $450 million. Our current intent for these notes is to remain part of our capital structure until they are due to be settled in March 2025.

支付的總金額為 4.208 億美元。除了信貸額度外，Globus 還承擔了 2025 年到期的 0.375% 高級可轉換票據，其本金餘額為 4.5 億美元。我們目前對這些票據的意圖是保留在我們資本結構的一部分，直到它們將於 2025 年 3 月結算為止。

During the month of September 2023, we entered into a new 5-year unsecured $400 million syndicated line of credit agreement. At our request, this line of credit has the ability to flex up to $600 million if needed. As of September 30, 2023, we have not borrowed under this credit facility and fully expect this credit facility to provide sufficient additional liquidity, if needed.

2023 年 9 月，我們簽訂了一項新的 5 年期 4 億美元無擔保銀團信貸協議。根據我們的要求，如果需要，該信貸額度可以靈活調整至 6 億美元。截至 2023 年 9 月 30 日，我們尚未根據該信貸安排借款，並完全預期該信貸安排在需要時提供足夠的額外流動性。

Cash, cash equivalents and marketable securities were $744.9 million at September 30. Our net cash defined as total cash, cash equivalents and marketable securities less debt was $335.2 million at September 30. Shifting to cash flow. Our net cash provided by operating activities was $50.4 million and free cash flow was $28.9 million for the third quarter of 2023. Net cash provided by operating activities for the 9 months ended was $138.8 million, and free cash flow was $83.4 million.

截至9 月30 日，現金、現金等價物及有價證券為7.449 億美元。截至9 月30 日，我們的淨現金定義為現金、現金等價物及有價證券總額減去債務，為3.352 億美元。轉向現金流。 2023 年第三季度，我們的經營活動提供的淨現金為5,040 萬美元，自由現金流為2,890 萬美元。截至9 個月的經營活動提供的淨現金為1.388 億美元，自由現金流為8,340 萬美元。

Our capital allocation priorities remain unchanged. Our primary use of capital will be to fund internal investment and drive complementary M&A. Our share repurchase program will remain an integral part of our capital allocation priorities. However, we will continue to focus our primary use of capital on driving investments for long-term growth.

我們的資本配置重點維持不變。我們的資本主要用途是為內部投資提供資金並推動互補性併購。我們的股票回購計畫仍將是我們資本配置優先事項的一個組成部分。然而，我們將繼續將資本的主要用途集中在推動投資以實現長期成長。

During the quarter, our Board of Directors authorized an additional $350 million to be used to fund share repurchases, bringing the total amount authorized to $500.8 million. The company will utilize its cash reserves to fund share repurchases.

本季度，我們的董事會額外授權 3.5 億美元用於股票回購，使授權總額達到 5.008 億美元。該公司將利用其現金儲備為股票回購提供資金。

Turning our attention to integration. Dan provided a detailed update in his earlier comments, However, I'd like to add a few comments in addition to his prepared remarks. We are actively working to integrate the business and are laser-focused on the key activities that will help drive commercial success and generate internal efficiencies. Our integration activities are deliberate and aggressive. We want to go fast to maximize our ability to generate value. However, we are taking the time to understand different processes and approaches as we bring the 2 organizations together.

將我們的注意力轉向整合。丹在他之前的評論中提供了詳細的更新，但是，除了他準備好的評論之外，我還想添加一些評論。我們正在積極努力整合業務，並專注於有助於推動商業成功和提高內部效率的關鍵活動。我們的整合活動是經過深思熟慮且積極進取的。我們希望快速行動，最大限度地發揮我們創造價值的能力。然而，當我們將這兩個組織結合在一起時，我們正在花時間了解不同的流程和方法。

Our Globus culture is one where we will seek to move and drive actions, which lead to swift decision making. When we announced the deal earlier in 2023, earlier in 2023, we commented on generating $170 million in cost synergy savings over 3 years. Internal synergy targets have been defined, and the team is actively taking steps to achieve the savings previously stated.

我們的 Globus 文化是一種尋求推動和推動行動的文化，從而導致快速決策。當我們在 2023 年初宣布這項交易時，我們表示將在 3 年內實現 1.7 億美元的成本協同節省。內部協同目標已經確定，團隊正在積極採取措施以實現前面所述的節省。

Given the delay in our merger closing with the FTC second request process, we now expect our synergy targets to push out to 2024. As such, we still expect to generate the $170 million in synergies as previously communicated, However, this will begin with the 2024 fiscal year and will be realized over 3 years with 40% in year 1, 70% in year 2; and 100% by year 3.

鑑於我們的合併完成與FTC 第二次請求流程的延遲，我們現在預計我們的協同效應目標將推遲到2024 年。因此，我們仍然預計將產生先前溝通過的1.7 億美元的協同效應，但是，這將從2024財年，分3年實現，第一年40%，第二年70%；第 3 年達 100%。

The realization of synergies will come predominantly from the legacy NuVasive business and will be across most facets of the business with the exception of the commercial portion of the business. The primary areas of focus are on: a, operations; b, spending, specifically more stringent spending controls as well as c, the elimination of redundant costs.

協同效應的實現將主要來自 NuVasive 的傳統業務，並將涵蓋除商業部分之外的業務的大多數方面。主要關注領域有： a、營運； b、支出，特別是更嚴格的支出控制以及c、消除冗餘成本。

Our operational synergies will focus on manufacturing insourcing, renegotiating supplier and raw material contracts and enhanced controls around capital expenditures. Spending controls will seek to eliminate or greatly reduce third-party spending, while further centralizing decision-making around cash and cash expenditures.

我們的營運協同效應將集中在製造內包、重新談判供應商和原材料合約以及加強對資本支出的控制。支出控制將尋求消除或大幅減少第三方支出，同時進一步將決策集中在現金和現金支出。

Cost reductions will occur in a manner that allows us to deliver best-in-class service to our internal organization while setting the business up for success through greater cash and profitability. As Dan stated earlier, we do not need a slash-and-burn exercise to drive success. We seek to institute a more disciplined approach to spending and investment moving ahead to drive greater value creation. Shifting attention to guidance.

成本降低的方式將使我們能夠為內部組織提供一流的服務，同時透過增加現金和盈利能力使業務取得成功。正如丹之前所說，我們不需要刀耕火種的練習來推動成功。我們尋求制定更嚴格的支出和投資方法，以推動更大的價值創造。注意力轉向引導。

The company is updating its financial guidance for 2023. We expect our full year 2023 revenue guidance to be $1.55 billion, representing 51.5% growth over the prior year. Our non-GAAP EPS guidance remains unchanged at $2.30 per share. However, it is important to note that our full year share count will increase as a result of the merger and the 0.75 exchange ratio of Globus shares for each former NuVasive share.

該公司正在更新 2023 年財務指引。我們預計 2023 年全年營收指引為 15.5 億美元，較上年成長 51.5%。我們的非 GAAP 每股盈餘指引維持在每股 2.30 美元不變。然而，值得注意的是，由於合併以及 Globus 股票對每股前 NuVasive 股票 0.75 的兌換比例，我們全年的股票數量將會增加。

On a pro forma basis, assuming Globus and NuVasive were together on January 1, 2023, our $1.55 billion revised guidance for revenue implies full year pro forma revenue of $2.377 billion or 6.9% growth over the prior year 2022 combined revenues of Globus and NuVasive, which was $2.225 billion.

在預計的基礎上，假設Globus 和NuVasive 於2023 年1 月1 日合併，我們15.5 億美元的修訂後收入指引意味著全年預計收入為23.77 億美元，比前一年2022 年Globus 和NuVasive的合併收入成長6.9%，這是22.25億美元。

I also point out that our revised revenue guidance of $2.377 billion is in line with the Globus Management combined stand-alone revenue estimate of $2.361 billion, as reflected in our S-4 document. 2023 has been a year of dramatic change for Globus as well as the larger spine industry. Our merger with NuVasive brings together 2 industry powerhouses. To our patients, we will remain focused on improving your outcomes by bringing a best-in-class product portfolio to market. The combined resources will drive future innovation to solve unmet clinical needs.

我還指出，我們修訂後的 23.77 億美元收入指引與 Globus Management 合併的獨立收入估計 23.61 億美元一致，如我們的 S-4 文件中所反映的那樣。 2023 年對於 Globus 以及更大的脊椎產業來說是發生巨大變化的一年。我們與 NuVasive 的合併匯集了兩家產業巨頭。對於我們的患者，我們將繼續致力於透過將一流的產品組合推向市場來改善您的治療結果。合併後的資源將推動未來的創新，以解決未滿足的臨床需求。

To our surgeons, we will continue to expand our product offerings and drive procedural improvements with our implants and Enabling Technologies. We will leverage the talent of both organizations and remain committed to global surgeon education and research.

對於我們的外科醫生來說，我們將繼續擴大我們的產品範圍，並透過我們的植入物和支援技術推動手術改進。我們將利用兩個組織的人才，並繼續致力於全球外科醫生教育和研究。

To our employees, we will drive passion and a shared commitment to patient-focused innovation. Specific to our commercial team, we will bring our groups together in a manner that drives success for the organization and for you. Remember that you have access to the best products in the market and you will be someplace where the innovation engine keeps running, giving you new and exciting things to discuss with your customers.

對於我們的員工，我們將激發對以患者為中心的創新的熱情和共同承諾。具體到我們的商業團隊，我們將以推動組織和您成功的方式將我們的團隊聚集在一起。請記住，您可以獲得市場上最好的產品，並且您將處於創新引擎持續運轉的地方，為您提供新的、令人興奮的事情來與客戶討論。

To our shareholders, we will remain focused on driving innovation and investing for the long term, taking our Globus approach to advance patient care while maintaining operational excellence and a focused, disciplined approach to cost containment, driving expanded profitability.

對於我們的股東，我們將繼續專注於推動創新和長期投資，採用 Globus 方法來推進患者護理，同時保持卓越營運和專注、嚴格的成本控制方法，從而推動盈利能力的擴大。

We couldn't be more excited with where we are. There's still a lot of work to do. However, we have a team capable of executing the integration and truly separating ourselves from the competition. As always, thank you to the Globus team, including our newest team members from NuVasive as we continue our pursuit for excellence. The best is yet to come.

我們對自己所處的位置感到非常興奮。還有很多工作要做。然而，我們擁有一支能夠執行整合並真正從競爭中脫穎而出的團隊。一如既往，感謝 Globus 團隊，包括我們來自 NuVasive 的最新團隊成員，我們將繼續追求卓越。最好的還在後頭。

We will now open the call for questions.

我們現在開始提問。

(Operator Instructions) Your first question comes from the line of Matt Miksic of Barclays.

（操作員說明）您的第一個問題來自巴克萊銀行的馬特·米克西奇（Matt Miksic）。

Can you hear me okay?

你聽得到我說話嗎？

Yes.

是的。

Great. Well, congrats on a solid start here to the new company. Maybe first, I think we'd love to hear about what kinds of things were sort of positive surprises to you as you sort of like wrapped up this quarter and head into the end of the year in terms of momentum or dis-synergies or lack thereof? And then maybe what are some of the areas where you feel you need to maybe work a little harder and I -- focused areas maybe. And then I have one follow-up.

偉大的。好吧，恭喜新公司有了一個好的開始。也許首先，我想我們很想聽聽當您結束本季並進入年底時，哪些事情對您來說是積極的驚喜，無論是動力、協同效應還是缺乏。其中？然後也許你覺得你需要在哪些領域更努力，而我──也許是重點領域。然後我有一個後續行動。

Thanks, Matt. It's Dan. I'll start with that. Truthfully, a lot of positive things. And you're right, like anything when you come in to the size things are working, some things are not. So it's not all sunshine. It's a lot of hard work. But with the positive things, it really is going to get back down to the people and the fit. I know that everyone goes to extremes to talk about different cultures, but I'm going to go back and say the more I work with everybody the more I see how much we have in common versus apart.

謝謝，馬特。是丹.我將從那開始。說實話，有很多正面的事情。你是對的，就像任何事情一樣，當你考慮到事情有效時，有些事情就不起作用了。所以這並不全是陽光。這是很多艱苦的工作。但從積極的方面來看，這確實會回到人員和健康方面。我知道每個人都會走極端來談論不同的文化，但我要回過頭來說，我與每個人合作得越多，我就越能看到我們有多少共同點和不同點。

I really think that's big. The rates and the depth at which I see the teams working together, whether it be U.S. commercial or international commercial, or even all the support teams, it really is amazing. I think that they're positive more than anything. Areas of harder focus. Look, we're creating a great deal of disruption and in that creates some uncertainty and there are some folks that are looking to get answers faster.

我真的認為這很大。我看到團隊合作的速度和深度，無論是美國商業團隊還是國際商業團隊，甚至是所有支援團隊，這確實令人驚訝。我認為他們的積極性比什麼都重要。更難關注的領域。聽著，我們正在造成很大的破壞，這會帶來一些不確定性，而有些人希望更快地獲得答案。

So what I'd like to do is move at a faster pace. I know we're moving quickly. But the sooner we can move and create a steady state and get back into the stronger growth that we're poised to do all the better. So for me, it's about keep moving forward, make the tough decisions and get into the steady state at a faster pace.

所以我想做的是以更快的速度前進。我知道我們進展很快。但我們越早採取行動並建立穩定​​狀態並恢復更強勁的成長，我們就能做得更好。所以對我來說，重要的是繼續前進，做出艱難的決定，並以更快的速度進入穩定狀態。

That's great. So follow-up on the cost side. The things that maybe you reminded, I know there's a number of cost avoidance opportunities for you as a combined organization, there is distribution, there's obviously, as you talked about some leverage opportunity of existing facilities to do ramp up insourcing and things like that.

那太棒了。所以在成本方面進行跟進。也許你提醒的事情，我知道作為一個聯合組織，你有很多避免成本的機會，有分銷，很明顯，正如你談到的現有設施的一些槓桿機會來增加內包之類的事情。

Just remind us maybe specifically what's included and what's excluded in that $170 million target? I have lots of follow-ups, but I'll just stop there and pass it back to you guys and the rest of the group.

請具體提醒我們 1.7 億美元的目標包含哪些內容以及不包含哪些內容？我有很多後續行動，但我就停在這裡並將其傳遞給你們和小組的其他成員。

Sure, Matt. Great question. This is Keith talking. As we think about the $170 million, really it's going to touch on a couple of things. It's going to touch on manufacturing and product insourcing. I might say that we have the ability to positively impact gross margin on a combined basis going forward. That's really going to be achieved by bringing products from the outside in, getting more efficient with our spending.

當然，馬特。很好的問題。這是基斯在講話。當我們考慮 1.7 億美元時，它確實涉及到幾件事。它將涉及製造和產品內包。我可能會說，我們有能力在未來的綜合基礎上對毛利率產生積極影響。這實際上是透過將產品從外部引進、提高我們的支出效率來實現的。

From a distribution perspective, we believe that there's efficiencies to be gained. NuVasive has a facility in Memphis. We think that we could further leverage that facility to drive distribution for both companies moving forward. So that's included in the $170 million. And then on top of that, is redundant costs that you primarily find in SG&A and focused approach is to taking a more discerning look at cash spending.

從分銷的角度來看，我們相信可以提高效率。 NuVasive 在孟菲斯設有工廠。我們認為我們可以進一步利用該設施來推動兩家公司的分銷向前發展。所以這包含在 1.7 億美元中。最重要的是，你主要在SG&A 中發現冗餘成本，而重點方法是對現金支出進行更敏銳的審視。

That's what's contemplated in $170 million. As we've closed this merger and are looking forward, we feel confident about achieving that $170 million. And at this point, it ties back to Dan's earlier comment that we're finalizing org design. We're really going to be rolling things out as we get into 2024.

這就是 1.7 億美元的預期目標。由於我們已經完成了這次合併並展望未來，我們對實現 1.7 億美元的目標充滿信心。在這一點上，它與丹之前的評論有關，即我們正在最終確定組織設計。進入 2024 年，我們確實會推出一些東西。

Your next question comes from the line of Shagun Singh of RBC.

你的下一個問題來自 RBC 的 Shagun Singh。

Many congratulations on the combined entity. I'm sorry for any background noise here. I was just wondering if you can help us with the framework for 2024, how should we think about top line growth? What are you assuming initially for maybe this synergy? Is mid-single-digit growth the right target? I think, on a combined basis, you guys called out 6.9% for '23. And then for EBITDA, should we be in the high 20s, any comments on EPS accretion. I think last time, you had indicated plus 20% at year 1. Any puts and takes on 2024 even directionally would be really helpful.

熱烈祝賀合併後的實體。對於這裡的任何背景噪音，我深表歉意。我只是想知道您是否可以幫助我們制定 2024 年的框架，我們應該如何考慮營收成長？您最初對這種協同作用有何假設？中個位數成長是正確的目標嗎？我認為，綜合起來，你們對 23 年的支持率為 6.9%。然後對於 EBITDA，我們是否應該在 20 多歲左右，對 EPS 增長有任何評論。我想上次，您曾表示在第一年增加 20%。2024 年的任何看跌期權甚至定向看跌期權都會非常有幫助。

Thanks, Shagun. We're very limited on the information we're going to provide for 2024 at this time. I would reference folks back to the S-4 document. We still feel positive that this could be EPS accretive in year 1. So we feel good about that. But as time passes and we get closer to providing initial insights into '24 in early January, we'll have more color then.

謝謝，沙貢。目前我們要提供的 2024 年資訊非常有限。我會請大家參考 S-4 文件。我們仍然樂觀地認為這可能會在第一年增加每股收益。所以我們對此感覺良好。但隨著時間的推移，我們越來越接近在一月初提供對 '24 的初步見解，屆時我們將會有更多的色彩。

I'll just add to that, too, that with Keith and the team and the projections they put out in the S-4, we're not anticipating making any material moves off of that at this point. We certainly have 1 month under our belt in a whole quarter to go, but feel positive that we're in the right direction and have shared that earlier with our recent -- with our submissions.

我還要補充一點，基斯和團隊以及他們在 S-4 中提出的預測，我們目前預計不會對此做出任何實質的改變。當然，在整個季度中，我們還有 1 個月的時間，但我們對我們的方向是正確的感到樂觀，並且在我們最近提交的內容中已經分享了這一點。

Got it. And then I was just wondering if you can elaborate a little bit more on sales force integration plan, how you're thinking about territories. Obviously, that has been kind of a sticking point for a lot of previous mergers, but we do think this is different. So maybe you can elaborate on sales force integration and how you think about that.

知道了。然後我想知道您是否可以詳細說明銷售人員整合計劃，以及您如何考慮區域。顯然，這一直是之前許多合併的癥結所在，但我們確實認為這次是不同的。因此，也許您可以詳細說明銷售人員整合以及您對此的看法。

You've got it, and I'll take that for you. So we'll go down into 2 areas, obviously, being U.S. and international with that. And remember what we've called out and have been calling out is we felt that there is a small amount of overlap.

你已經拿到了，我替你拿走。顯然，我們將分為兩個領域，即美國領域和國際領域。請記住，我們已經呼籲並一直呼籲的是，我們認為存在少量重疊。

And what we're singling is with the actual data, that's proven correct and better than we anticipated. And remember, we're not a 20-share company and a 20-share company coming together and bumping in. Both of us were in that range of, say, 7% to 9% of market share in the U.S.

我們選擇的是實際數據，事實證明這是正確的，而且比我們預期的要好。請記住，我們並不是一家 20 股公司和一家 20 股公司的合併。我們兩家公司的市佔率都在美國的 7% 到 9% 之間。

So it did naturally leave a lot of room for us to move around and grow without redundancy. What I would tell you is throughout the world, we really did well with the existing management team with very small changes, and our intent is and to date has been to keep all reps. Like I said, we don't see any reason why we would have to shift or change from that.

因此，它自然地為我們留下了很大的空間，讓我們可以自由流動和成長，而無需冗餘。我要告訴你的是，在世界各地，我們對現有管理團隊的處理確實做得很好，變化很小，而且我們的目的是，迄今為止，一直是保留所有代表。就像我說的，我們看不出有任何理由必須改變這一點。

Even with our distributor partners, the message is clear. We want to go forward with you and work with you on that. And to date, we've been lucky with that. Unlike other acquisitions of the past, where we have less redundancy and the chance therefore, to grow and focus faster.

即使對於我們的經銷商合作夥伴來說，訊息也是明確的。我們希望與您一起前進並在這方面與您合作。到目前為止，我們很幸運。與過去的其他收購不同，我們的冗餘較少，因此有機會更快地發展和專注。

Your next question comes from the line of Vik Chopra of Wells Fargo.

你的下一個問題來自富國銀行的 Vik Chopra。

Congrats on the deal close. So two for me. I guess on the first one, maybe on the guidance, you provided the top line guidance, which you increased as a result of NuVasive, but you kept EPS the same at $2.30. Maybe just talk about why the EPS guide is not being raised for deal close? And then I just have one follow-up, please.

祝賀交易完成。所以對我來說是兩個。我想在第一個方面，也許在指導上，您提供了頂線指導，由於 NuVasive，您增加了頂線指導，但您將 EPS 保持在 2.30 美元不變。也許只是談談為什麼在交易完成時沒有提高每股盈餘指南？然後我只有一個後續行動，請。

Yes, sure. Thanks, Vik. This is Keith. Really, the primary driver of that is you have to remember the share count is increasing. So we had, give or take, 102 million shares coming into -- or coming out of the second quarter. That grew to about 115 million here in Q3, and that will grow to about 140 million in Q4. So your share count is really growing there, and that's really the driver of keeping up to 2.30.

是的，當然。謝謝，維克。這是基斯。實際上，其主要驅動因素是您必須記住份額數量正在增加。因此，無論給予或接受，第二季我們有 1.02 億股進入或退出。第三季這一數字成長至約 1.15 億，第四季將成長至約 1.4 億。所以你的股票數量確實在成長，這確實是保持在 2.30 的驅動力。

Okay. Great. And then I was just wondering on the hiring trends, maybe talk about what the hiring trends were like in Q3 heading into Q4? And how you see your recruiting and retention efforts shaking out given the deal close?

好的。偉大的。然後我只是想知道招募趨勢，也許談談第三季到第四季的招募趨勢是什麼樣的？鑑於交易完成，您如何看待您的招募和保留工作？

Thanks, Vik. No, no problem. So admittedly, we obviously went a bit slower in the third quarter, even though we are getting a lot of activity with competitive reps, but just making sure that we fleshed out where our territories would be and what we're doing. We're on the tail end of that now, which is good news for us as we move forward.

謝謝，維克。不，沒問題。因此，誠然，我們在第三季度的進展顯然有點慢，儘管我們與有競爭力的代表進行了很多活動，但只是確保我們充實了我們的領土和我們正在做的事情。我們現在正處於這個階段的尾聲，這對我們前進來說是個好消息。

And so we're going back as we enter into the fourth quarter, ramping up competitive recruiting, been very active with it. And like I said, now that we really know and define the seats, we're able to see where some of those opportunities are. And I think, like I said, it was an okay third quarter intentionally a bit slower, we'll accelerate in the fourth quarter now that we've got the road map in place.

因此，當我們進入第四季度時，我們將回過頭來，加大競爭性招募力度，並非常積極地進行。就像我說的，既然我們真正了解並定義了席位，我們就能夠看到其中一些機會在哪裡。我認為，就像我說的，第三季度故意放慢一點是可以的，既然我們已經制定了路線圖，我們將在第四季度加速。

And your next question comes from the line of Steve Lichtman from Obenheimer.

您的下一個問題來自奧本海默的史蒂夫·利希特曼 (Steve Lichtman)。

I appreciate the color on the surgeon overlap. Can you give us a sense of what the overlap is by account, which I assume would be higher than that?

我很欣賞外科醫生重疊的顏色。您能否讓我們了解一下按帳戶劃分的重疊情況，我認為重疊程度會更高？

Steve, probably not right off the top of my head. What I would tell you is it's not materially different where you would get into because keep in mind, if you've got a surgeon, which is what you're right, we were talking about and it's there. This is okay. We'll keep the reps in both of those places. We're capable of doing that if we can support the sales.

史蒂夫，我可能還沒想到。我要告訴你的是，你進入的地方並沒有本質上的不同，因為請記住，如果你有一位外科醫生，這就是你對的，我們正在談論它並且它就在那裡。這沒關係。我們將在這兩個地方保留代表。如果我們能夠支援銷售，我們就有能力做到這一點。

So we're not parsing this out by account, we still keep a surgeon focus where that is. So I would certainly agree with you that, that would get up higher, but it's not going to get into the teens of an overlap or anything material that way when it really looks at it. Again, but we're more focused on the surgeon side of this than it is by a hospital or location.

所以我們不會透過帳戶來解析這個問題，我們仍然讓外科醫生關注這一點。所以我當然同意你的觀點，那會上升得更高，但當它真正看到它時，它不會進入重疊或任何實質性的東西。再說一遍，但我們更關注的是外科醫生方面，而不是醫院或地點。

Okay. Got it. And Keith, again, thanks for the color on the layout of the cost synergies. What is going to be a cash outlay to achieve those synergies? And will that be about the same percentages in terms of the timing of those costs?

好的。知道了。基斯再次感謝您對成本協同效應佈局的闡述。要實現這些綜效需要多少現金支出？就這些成本的時間安排而言，比例是否大致相同？

That's a great question. Our assumption is that the cost to achieve the synergy will be $0.50 on the dollar. And I would lay that out over the trajectory of the 3 years equally as I stated in my prepared statements.

這是一個很好的問題。我們的假設是實現協同效應的成本為 0.50 美元。正如我在準備好的聲明中所述，我將在這三年的軌跡中同樣地闡述這一點。

Your next question comes from the line of Matthew O'Brien of Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Matthew O'Brien。

For starters on the enabling tech side of things, how are those early conversations going with placing a robot with NUVA account. Like I appreciate the uncertainty that led to some weakness in sales on the Pulse side of things as well, but any color on that would be helpful.

對於啟用技術的初學者來說，這些早期對話如何在 NUVA 帳戶上放置機器人。就像我很欣賞導致 Pulse 方面銷售疲軟的不確定性一樣，但任何顏色都會有所幫助。

Sure, I'll take that. So let's start with the Globus enabling tech. Like I said, we've actually been working with our former NuVasive counterparts to train them on the systems, get them familiar with what we offer, understand where these things are going and create that familiarity as we start getting out to the surgeons.

當然，我會接受的。讓我們從 Globus 支援技術開始。就像我說的，我們實際上一直在與前NuVasive 同行合作，對他們進行系統培訓，讓他們熟悉我們提供的服務，了解這些事情的進展情況，並在我們開始接觸外科醫生時建立這種熟悉感。

We've not been pushing hard on surgeons. We have done several, but the real goal is to make sure that we have 1 team that can support this and do it in a way that's nondisruptive. And so that's been representing a and it will accelerate into the fourth quarter as we get ready for next year that way. The Pulse system itself, I think there is a natural hesitancy of customers who thought we were going to pull it and get rid of it.

我們並沒有對外科醫生施加很大的壓力。我們已經做了幾個，但真正的目標是確保我們有一個團隊可以支持這一點並以不間斷的方式完成它。因此，這一直代表著，隨著我們為明年做好準備，它將加速進入第四季。對於 Pulse 系統本身，我認為客戶會自然而然地猶豫，他們認為我們要撤掉它並擺脫它。

We've been communicating that our intent is to support it not only as is and in the field, but actually enhance it and finish up some of the in-progress ways to expand its capabilities. And we'll make sure that we take that forward in a way that they can perform the functions they want with their systems.

我們一直在傳達，我們的目的不僅是在現場支援它，而且實際上是增強它並完成一些正在進行的方法來擴展其功能。我們將確保他們能夠透過他們的系統執行他們想要的功能。

That's helpful. And just as a quick follow-up. Any color on upcoming pieces of the enabling tech ecosystem. How big of a deal is it to combine the legacy offering with neuromonitoring, the NUVA's neuromonitoring down the road? Any idea in terms of Excelsius software updates for areas of target? And then any update to the extended reality headset?

這很有幫助。就像快速跟進。支援技術生態系統即將推出的任何部分的任何顏色。將傳統產品與神經監測（NUVA 的神經監測）結合有多大意義？對於目標區域的 Excelsius 軟體更新有什麼想法嗎？那麼擴充現實耳機有什麼更新嗎？

Sure. So well, you kind of hit a lot of those things. So one of the first things coming out is going to be our NAPHUB and the instrumentation for that so that we've got the robotic navigation through GPS and now we'll come out and do the freehand navigation with our hub that we plan to put out.

當然。好吧，你遇到了很多這樣的事情。因此，首先推出的產品之一將是我們的 NAPHUB 及其儀器，這樣我們就可以透過 GPS 進行機器人導航，現在我們將用我們計劃放置的集線器進行徒手導航出去。

A key part of that can be, as you said, the augmented reality headset. The anticipation is an approval, obviously, in 2024. I'm hesitant to give you a date, but I would tell you in midyear, possibly into third quarter is what I'm looking at, depending on what we get or push back from FDA.

正如您所說，其中的關鍵部分可能是擴增實境耳機。顯然，預期是在 2024 年獲得批准。我不太願意給你一個日期，但我會告訴你，我正在考慮的是年中，可能是第三季度，這取決於我們得到什麼或推遲什麼美國食品和藥物管理局。

So we're waiting for that through the thing. As far as one of your questions, which have if understood it correctly, we are evaluating the benefits of Pulse and neuromonitoring and seeing where it would make sense, if at all to build that capabilities into our existing enabling tech and then, in fact, blend them together. So that progress is occurring right now. We'll decide probably within next month or 2 what we think the future of that will be.

所以我們正在等待這件事的發生。至於你的一個問題，如果理解正確的話，我們正在評估Pulse 和神經監測的好處，看看它在哪裡有意義，如果有的話，將這種能力構建到我們現有的支持技術中，然後，事實上，將它們混合在一起。因此，這種進展現在正在發生。我們可能會在下個月或兩個月內決定我們對未來的看法。

Your next question comes from the line of David Saxon of Needham.

你的下一個問題來自李約瑟的大衛撒克遜。

Maybe I'll have a follow-up question on the integration of the sales force. I guess, how long does that take? I think you said you're doing territories in November, cross-selling in December. So what are the next steps after that? And then which, I guess, major milestones or steps in that process do you think carries the most risk?

也許我會有一個關於銷售團隊整合的後續問題。我想，這需要多長時間？我想你說過你會在 11 月進行區域銷售，在 12 月進行交叉銷售。那麼接下來的步驟是什麼呢？然後，我想，您認為過程中的哪些主要里程碑或步驟風險最大？

It's a great question. So we're doing it in 2 phases. The U.S., we're just finishing up territory. So we've gone from the senior leadership into the field leadership to the territory level, and we're just communicating that out and getting them together.

這是一個很好的問題。所以我們分兩個階段進行。美國，我們剛完成領土建設。因此，我們已經從高階領導層轉變為現場領導層，再到地區層面，我們只是將這一點傳達出來並將他們聚集在一起。

We're doing cross training in the fourth quarter for products and the availability for them as they form teams to obviously support each other, so that they would be active in doing that beginning in January. We're looking to do something similar internationally.

我們將在第四季度對產品及其可用性進行交叉培訓，因為他們組成的團隊顯然是相互支持的，因此他們將從一月份開始積極進行這項工作。我們希望在國際上也做類似的事情。

We're probably say about a month behind with that, where we have the leadership defined, we're finishing up territories probably in November, start to cross training as well in December. And I think that will probably take us into January with a little more solidity internationally in the February time frame. Rate-limiting steps, I think, are just going to be the availability of the people to get together and train without disrupting surgeon support. We're going to make sure that, that's first and foremost.

我們可能會說，大約一個月後，我們已經確定了領導層，我們可能會在 11 月完成區域劃分，並在 12 月開始交叉訓練。我認為這可能會讓我們在 2 月的時間框架內，在國際上更加穩固地進入 1 月。我認為，限制速度的措施只是讓人們能夠聚集在一起進行培訓，而不會中斷外科醫生的支持。我們將確保這是首要的。

I would think one of the key milestones for us is the combination of our systems that will support the field and the replenishment and the ordering. We're working on that at a rapid pace as well. And I would think that there are the 2 items that are probably first and foremost on us to make sure we get right.

我認為我們的關鍵里程碑之一是我們支援現場、補貨和訂購的系統的結合。我們也在快速進行這方面的工作。我認為，為了確保我們做得正確，我們可能會先做兩件事。

Okay. Super helpful. And then just on the knee robot, I feel like I ask about it every once in a while. So just what's the update there, especially around timing? Is that an early '24 launch? And then also, how are you from about the implant portfolio and the strategy with that on the back of the new robot launch?

好的。超有幫助。然後就在膝蓋機器人上，我感覺我每隔一段時間就會問一下。那麼有哪些更新，特別是在時間上？這是 24 年早期發布的嗎？另外，您對新機器人發布後的置入產品組合和策略有何看法？

You're welcome. I'll answer that one as well. The new robot is really progressed far. I think we're in the process of fine-tuning what we want to do for filings. I would tell you the first half of 2024 is the target. Again, remember, we're at the FDA's disposal with that.

不客氣。我也來回答一下這個問題。新機器人確實進步很多。我認為我們正在微調我們想要做的備案工作。我告訴你，目標是2024年上半年。再次請記住，我們將聽從 FDA 的安排。

But I would be surprised, honestly, if we didn't exit the first half of the year with that. With that, comes obviously the cementless knee, which I think will be the major player there and that is well progressing on a good pace with it. I think 2024 will start talking obviously more about the joints in total.

但老實說，如果我們今年上半年沒有這樣做的話，我會感到驚訝。隨之而來的是明顯的非骨水泥膝蓋，我認為這將是那裡的主要參與者，並且正在以良好的速度進展順利。我認為 2024 年將開始明顯更多地談論總體關節。

While I don't know if given our current size with the merger, it will be a material lift. It will be nice to actually get out the door with us, start talking about it and then see it contribute in the years after that.

雖然我不知道考慮到我們目前的合併規模，這是否會帶來實質的提升。很高興能夠真正與我們一起走出門，開始談論它，然後看到它在接下來的幾年中做出貢獻。

Your next question comes from the line of Mat Blackman of Stifel.

您的下一個問題來自 Stifel 的 Mat Blackman。

I appreciate -- it's really early, but just curious if you're seeing any, call it, green shoots as we think about cross-selling and potential revenue synergies, for instance, any uptick in surgeon engagement or training from the NuVasive side? Just anything worth calling out? And I've got 1 quick follow-up.

我很欣賞——現在還很早，但只是好奇，當我們考慮交叉銷售和潛在的收入協同效應時，您是否看到了任何（稱之為“萌芽”），例如，NuVasive 方面的外科醫生參與度或培訓是否有增加？有什麼值得呼籲的嗎？我有 1 個快速跟進。

I would say that that's probably a great question. And the answer is yes. So what you're seeing is there's some great products that come together, whether it be the pedicle screw system with a different retractor or expandables with the lateral, different items like that.

我想說這可能是一個很好的問題。答案是肯定的。因此，您所看到的是一些出色的產品組合在一起，無論是具有不同牽開器的椎弓根螺釘系統，還是帶有側面不同物品的可擴展系統。

So as we've talked about, when we begin coming out with 1 combined portfolio, the surgeons are excited about that. They see the ability to do that. Obviously, we need surgeons to help us cross-train our reps and to help spread those around.

正如我們所討論的，當我們開始推出 1 個組合產品組合時，外科醫生對此感到興奮。他們看到了這樣做的能力。顯然，我們需要外科醫生來幫助我們對代表進行交叉培訓並幫助分散這些人員。

So you're right, we're looking to increase surgeon engagement through different paths like that. We're also being mindful as to what products are in development for the NUVA team and the GMED team and looking to make sure that they come out as a complementary approach and not conflicting, and again, working with surgeons and those development teams to do that as well.

所以你是對的，我們希望透過這樣的不同途徑來提高外科醫生的參與度。我們也關注 NUVA 團隊和 GMED 團隊正在開發哪些產品，並希望確保它們作為補充方法而不是衝突，並且再次與外科醫生和那些開發團隊合作。

Okay. I appreciate that. And then a specific question, do you need 510(k) approvals to get the NuVasive implants on the robot? Or any help on how to think about potential time lines for when that might be available?

好的。我很感激。然後是一個具體問題，您是否需要 510(k) 批准才能在機器人上植入 NuVasive？或對如何考慮何時可用的潛在時間表有任何幫助嗎？

All right. Well, listen, I would tell you that we're in the process of designing instrumentation. The implants are there. We're putting the software in place. I think we have to evaluate what that would warrant, what we're obviously going to do what's required. Some may and some may not depending on the extent of where we're going with that.

好的。好吧，聽著，我會告訴你，我們正在設計儀器。植入物就在那裡。我們正在將軟體安裝到位。我認為我們必須評估這需要什麼，我們顯然要做什麼。有些可能，有些可能不會，這取決於我們的進展程度。

So we're in the evaluation of it. Your real question to what I'm going to answer is we're actively modifying software and making sure that there's instrumentation that allow our systems to use the NuVasive products, and that is first and foremost with the Enabling Tech, doing it in a compliant way that makes sense is what we'll do as the next step.

所以我們正在對其進行評估。對於我要回答的問題，您真正的問題是，我們正在積極修改軟體，並確保有儀器允許我們的系統使用 NuVasive 產品，這首先是支援技術，以合規的方式進行有意義的方式就是我們下一步要做的事情。

And your next question comes from the line of Jason Wittes of ROTH.

您的下一個問題來自羅斯的 Jason Wittes。

I'm just curious on sales force to synergies, things like that. I know there's been quite a few questions on this for obvious reasons. But when do you guys think you have a handle on sort of where things fall? Is that after you've kind of just made your final decisions on management territories? Or is it 6 months out after that? Or is it kind of something lingers for 2 years?

我只是對銷售人員的協同效應感興趣，諸如此類。我知道出於顯而易見的原因，對此有很多疑問。但是你們什麼時候認為自己能夠掌控事情的走向呢？是在您剛剛對管理領域做出最終決定之後嗎？還是6個月後就可以了？或者說這種感覺會持續兩年？

Yes. Jason, it's a good question. Look, like anything, you've got to tease out natural moves and attrition with maybe something that is a bit more because of the disruption created. Things will always be ongoing, but I wouldn't say that because of the coming together of the merger that we would be experiencing this 2 years from now.

是的。傑森，這是個好問題。看起來，就像任何事情一樣，你必須梳理出自然的移動和消耗，也許由於所造成的破壞而需要更多的東西。事情總會持續下去，但我不會說，因為合併的發生，我們將在兩年後經歷這種情況。

We've already defined the U.S. sales force in particular, and that's where most of you guys have your focus on all the way down and just finishing up rep levels. And so I think as we untease that and make sure that people understand where they sit and how beneficial this is to them. I would think that as we get through the third quarter and the fourth quarter through this call and into it, that we should see things settle down more.

我們已經特別定義了美國的銷售隊伍，這就是你們中的大多數人將注意力集中在一直向下並剛剛完成代表級別的地方。因此，我認為我們應該消除這一點，並確保人們了解他們的立場以及這對他們有多麼有益。我認為，當我們透過這次電話會議進入第三季和第四季時，我們應該會看到事情變得更加穩定。

And then as we get into a stabilizing of this in the first quarter, that's where I'm going now. I think folks will decide and move as always. But I don't think there's a big holding the breadth and all of a sudden, this will happen. I don't anticipate that at this point.

然後，當我們在第一季進入穩定狀態時，這就是我現在要做的。我認為人們會一如既往地做出決定並採取行動。但我不認為有一個大的力量能夠突然做到這一點。我目前預計不會有這種情況。

Okay. That's very helpful. And maybe just a very quick follow-up. I don't know if this has been asked in the past, but I assume for the knee products, it's going to be completely focused on robotics. There's not going to be manual tools to put them in as well. I just want to clarify that for the new launch.

好的。這非常有幫助。也許只是一個非常快速的後續行動。我不知道過去是否有人問過這個問題，但我認為對於膝蓋產品，它將完全專注於機器人技術。也不會有手動工具來放置它們。我只是想為新的發布澄清這一點。

Yes, there's definitely the ability to do it, freehand, do it robotically, do it through navigated procedures. We're going to give all of the options needed, so the surgeon's choice to do that, not just a pure robotic move for our implants.

是的，絕對有能力徒手、機器人、透過導航程式來完成。我們將提供所需的所有選項，以便外科醫生選擇這樣做，而不僅僅是純粹的機器人移動我們的植入物。

(Operator Instructions) Your next question comes from the line of Richard Newitter of Truist Securities.

（操作員指示）您的下一個問題來自 Truist Securities 的 Richard Newitter。

This is Sam on for Rich. Can you hear me okay?

這是山姆為里奇辯護的人。你聽得到我說話嗎？

Yes.

是的。

Yes.

是的。

Just I know we're not talking about 2024, but I just wanted to see if we could put a finer point on the EPS side of things. Pretty wide range of consensus right now, looks like about a $0.40 range in 2024 for EPS. I mean is the midpoint of, call it, like $2.60 to $3 directionally a good place to start? And could you just walk us through the puts and takes to bridge sort of the consensus to a net range maybe?

我只是知道我們不是在談論 2024 年，但我只是想看看我們是否可以在 EPS 方面提出更詳細的觀點。目前的共識範圍相當廣泛，2024 年每股收益的範圍約為 0.40 美元。我的意思是，2.60 美元到 3 美元的中點是一個好的起點嗎？您能否向我們介紹看跌期權和看跌期權，以將共識與淨區間聯繫起來？

Yes, Sam, I'm not going to give a point of guidance here as it relates to 2024. What I will tell you is we're excited about where the business is going. There's lots of products coming. Dan talked about the number of product launches that we had this year. Next year, there's a lot of capital coming out, cross-selling is going to take effect.

是的，Sam，我不會在這裡提供與 2024 年相關的指導點。我要告訴你的是，我們對業務的發展方向感到興奮。有很多產品即將到來。丹談到了我們今年推出的產品數量。明年將會有大量資金流出，交叉銷售將會發揮作用。

Obviously, that's going to be offset by some sales synergies, but that, to me, points positive and really ties back to the earlier comment that I made that for now, I would focus on our S-4 estimate for revenue. As it relates to cost synergies and achieving synergies, a couple of things that are going to happen.

顯然，這將被一些銷售協同效應所抵消，但對我來說，這表明了積極的一面，並且確實與我之前發表的評論聯繫在一起，目前我將重點關注我們的 S-4 收入估計。由於它涉及成本協同效應和實現協同效應，因此將會發生一些事情。

Obviously, you're going to be looking to eliminate redundant costs. But one of the things that I talked about was manufacturing and manufacturing efficiencies and supply chain efficiencies. You have to remember that some of those costs will get captured on the balance sheet and roll through the P&L in future periods.

顯然，您將尋求消除多餘的成本。但我談到的一件事是製造和製造效率以及供應鏈效率。您必須記住，其中一些成本將記錄在資產負債表上，並在未來期間捲動到損益表中。

The thing you pay attention to is the cash and the cash flow generation of the business as we move forward. That's about all I would say right now as it relates to 2024. If I think about consensus and consensus estimates, I know there is a wide range out there. I also recall that not all of the models were updated for '24. So that's how I'd leave it.

隨著我們的發展，您關注的是現金和業務現金流的產生。這就是我現在要說的所有內容，因為它與 2024 年有關。如果我考慮共識和共識估計，我知道存在很大的範圍。我還記得並非所有模型都針對 24 年進行了更新。所以我就這樣離開了。

Got it. And then I guess on the synergy side, I think one of the areas a little bit less focused on is potential for trauma overlap and potential cross-selling there. Could you just sort of tell us how you think about those portfolios getting integrated and where that growth rate can go going forward?

知道了。然後我想在協同作用方面，我認為不太受關注的領域之一是潛在的創傷重疊和潛在的交叉銷售。您能否告訴我們您如何看待這些投資組合的整合以及未來的成長率？

Thanks, Sam. I'll take that. So there's a couple of things. Really, the NSO specialty orthopedics part, is a fantastic add to our bag. That nail will allow us to do many things for long bones, its ability with ankle fusion will be amazing with hindfoot. And so that in itself, we see bringing in and bringing to our existing Trauma team that will further accelerate growth and create pathways into accounts.

謝謝，山姆。我會接受的。所以有幾件事。確實，NSO 專業骨科部分是我們包包裡的絕佳補充。那顆釘子可以讓我們對長骨做很多事情，它與腳踝融合的能力對於後足來說將是驚人的。因此，就其本身而言，我們看到引進和引進我們現有的創傷團隊將進一步加速成長並創造進入客戶的途徑。

The majority, if not all, of the NuVasive activity is really done through third parties. And so we're evaluating those distributorships and understanding where they are and making the determination if we want to do anything with our Globus Trauma business that way or not. But really, the goal here and what was a great add was those nails from NuVasive coming into our bag and actually pulling us forward several years in our innovation and ability to address the market.

大多數（如果不是全部）NuVasive 活動實際上是透過第三方完成的。因此，我們正在評估這些分銷權並了解它們的位置，並決定是否要以這種方式對我們的球狀創傷業務進行任何操作。但實際上，這裡的目標和一個偉大的補充是，NuVasive 的那些釘子進入了我們的包，實際上推動我們在創新和應對市場的能力方面向前邁進了幾年。

And your next question comes from the line of Drew Ranieri of Morgan Stanley.

你的下一個問題來自摩根士丹利的德魯·拉涅利。

Sorry about the background noise here. But could you speak to maybe some of the enabling technology trends that you saw in the quarter? And just as we do think about the merger looking ahead, you've had a history of really kind of placing systems via capital versus lease. So you have a significant cross-selling opportunity ahead of you with the NuVasive account. So expect a dramatic change in the mix of capital versus leasing looking ahead? And then I have a follow-up.

抱歉這裡的背景噪音。但您能否談談您在本季看到的一些支援技術趨勢？正如我們確實考慮未來的合併一樣，您已經有過透過資本與租賃來放置系統的歷史。因此，透過 NuVasive 帳戶，您將獲得重大的交叉銷售機會。那麼，預計未來資本與租賃的組合會發生巨大變化嗎？然後我有一個後續行動。

This is Keith. I'll take the question. So as I think about Enabling Tech, the market is still -- the market still has a lot of appetite for Enabling Tech. I will say that I think capital dollars are perhaps a little bit tighter. So there are more options available to customers in terms of how they acquire the capital.

這是基斯。我來回答這個問題。因此，當我想到支援技術時，市場仍然對支援技術有很大的興趣。我想說的是，我認為資本可能有點緊張。因此，客戶在獲取資本方面有更多選擇。

You commented on leasing. I want to remind everyone that, yes, the majority of our capital purchases are outright sales, net 30 terms. But we have the ability to offer other ways to acquire the capital including rental programs, leases, you name it.

您對租賃發表了評論。我想提醒大家的是，我們的大部分資本購買都是直接銷售，淨 30 項。但我們有能力提供其他方式來獲取資本，包括租賃計劃、租賃等等。

So as the market shifts, we have the ability to respond to the market. We're taking into consideration the point of, obviously, all these NuVasive territories opening up to ourselves to sell the capital. Dan commented earlier that from a manufacturing perspective, we've been building that capital to have it ready because we want to be able to strike as we really roll out the cross-selling plan. But to answer your question, we will be able to address the market to sell the capital in any way that the customer needs to acquire it.

因此，隨著市場的變化，我們有能力應對市場。顯然，我們正在考慮所有這些 NuVasive 領土向我們​​開放以出售首都的問題。丹早些時候評論說，從製造業的角度來看，我們一直在建立資本以做好準備，因為我們希望能夠在真正推出交叉銷售計劃時採取行動。但為了回答您的問題，我們將能夠以客戶需要的任何方式向市場出售資本。

And Keith, maybe also for you, with breaking out kind of 3 segments now for revenue. Can you just give us a little better sense of maybe how you expect growth to play out in the fourth quarter now that you are breaking out this revenue a little bit of a different way?

Keith，也許也適合你，現在收入分成了 3 個部分。既然您以不同的方式列出了這項收入，您能否讓我們更了解您對第四季成長的預期？

The revenue is broken out. So historically, we reported on musculoskeletal and Enabling Technologies. That obviously remains. We added the neuromonitoring services. As I think about Q4, you would expect to see the same seasonality in capital, as you always do Q2 and Q4 are the 2 highest quarters. We don't expect that to change. And obviously, you would expect to see the seasonal bump that you would experience in spine as we get towards the end of the year in the harvest season.

收入被打破。從歷史上看，我們報導了肌肉骨骼和支持技術。這顯然仍然存在。我們添加了神經監測服務。當我想到第四季時，您會期望看到資本的相同季節性，就像您一直所做的那樣，第二季和第四季是兩個最高的季度。我們預計這種情況不會改變。顯然，當我們接近年底的收穫季節時，您會期望看到脊椎會經歷季節性的顛簸。

Yes. Drew, one thing I would add to from my earlier comment, we are breaking that out more for visibility right now. We may decide that it fits better and consolidate that over time. But right now, we're just kind of following through what our NUVA guys did as we got into the year for our first time announcing some of this.

是的。德魯，我想從我之前的評論中補充一件事，我們現在正在進一步打破這一點，以提高可見性。我們可能會認為它更適合併隨著時間的推移而鞏固。但現在，我們只是在跟進 NUVA 人員在今年首次宣布其中一些內容時所做的事情。

Got it. Maybe one last question. But as you are looking at the businesses today that you're now combined, do you see any incremental opportunities to divest anything noncore or slower growth just to refine the portfolio and really get to more accretive growth out of the merger?

知道了。也許還有最後一個問題。但是，當您審視今天合併的業務時，您是否看到任何增量機會剝離任何非核心或成長放緩的東西，只是為了完善投資組合，並真正從合併中獲得更多的增值成長？

Yes. I would say no, not at this time. We're evaluating everything. We've not seen anything that would be a good candidate at this point. We'll always do what's best, but right now, there's nothing that comes to mind.

是的。我會說不，不是現在。我們正在評估一切。目前我們還沒有看到任何合適的候選人。我們總是會做最好的事情，但現在，什麼都沒有想到。

And your next question comes from the line of Ryan Zimmerman of BTIG.

您的下一個問題來自 BTIG 的 Ryan Zimmerman。

Just on the quarter itself, if I look at kind of newest revenue, we look at kind of next quarter, I think, the Street was estimated around $445 million or so for consensus for NUVA, we're kind of hone in on maybe $415 million. And just wondering if you can kind of comment on that delta. Is that in line with kind of where you're tracking from a synergy standpoint, kind of how to think about that difference there? And then I'll ask another question afterwards.

就本季本身而言，如果我看看最新的收入，我們會看看下個季度的收入，我認為，華爾街對 NUVA 的共識估計約為 4.45 億美元左右，我們的目標是 415 美元左右百萬。只是想知道你是否可以對這個三角洲發表評論。這是否符合您從協同的角度追蹤的情況，以及如何思考其中的差異？然後我會問另一個問題。

Thanks, Ryan. This is Keith. Your question, you said the Street was modeling $415 million for NuVasive.

謝謝，瑞安。這是基斯。你的問題是，你說過華爾街正在為 NuVasive 建模 4.15 億美元。

No, I think -- well, if you take the 102 and you assume that, coupled with, I think, next quarter, which was maybe about $300-or-so million, you kind of come out to $415 million. And I think the Street is around $445 million, for the -- if my numbers are correct.

不，我認為 - 好吧，如果你選擇 102，並且假設下個季度的收入可能約為 300 億美元左右，那麼你的收入可能會達到 4.15 億美元。如果我的數字正確的話，我認為華爾街的估值約為 4.45 億美元。

Yes. I think that it's a great question. As I think about the numbers we put out, the implied guidance represents $2.377 billion. Coming into the year, Globus projected guidance of $1.1 billion in NuVasive. They were a range of 6% to 8%.

是的。我認為這是一個很好的問題。當我思考我們公佈的數字時，隱含的指導價值為 23.77 億美元。進入今年，Globus 預計 NuVasive 的指導金額為 11 億美元。其範圍為 6% 至 8%。

If I take the low end of the range in our number, that's $2.374 billion. We're projecting $2.377 billion on a combined basis. We think that, that relative to what we've previously stated in our S-4, we feel that the business is lined up to as to where it should be.

如果我取我們數字範圍的低端，那就是 23.74 億美元。我們預計總計 23.77 億美元。我們認為，相對於我們先前在 S-4 中所述的內容，我們認為業務已就其應有的位置做好了準備。

Yes. And Ryan, 1 thing I'd add in there because I'm not sure if I'm reading this between the lines, so forgive me. But we're not saying we're bleeding out because of dis-synergies. We've not seen anything that would have materially moved us off of any of our estimates related to that.

是的。 Ryan，我要添加一件事，因為我不確定我是否在字裡行間讀到這篇文章，所以請原諒我。但我們並不是說我們因為協同效應而流失。我們還沒有看到任何事情會實質地偏離我們與此相關的任何估計。

Yes. I appreciate, Dan and recognizing right now, consensus is kind of messy but with the integration and the merger. Just want to ask about it. And then the second question I want to ask is just around your margins, particularly your gross margins, Keith. I recognize there's the step-up in inventory that you're accounting for.

是的。我很欣賞丹，現在也意識到，隨著整合和合併，共識有點混亂。只是想問一下。我想問的第二個問題是關於你的利潤率，特別是你的毛利率，基斯。我知道你們正在考慮的庫存增加。

Just maybe help us because I'm not entirely clear where your gross margins can go on a combined basis and how to think about those not just for the fourth quarter, but really into 2024?

只是也許可以幫助我們，因為我不完全清楚你們的毛利率在綜合基礎上可以達到什麼水平，以及如何考慮這些不僅是第四季度的問題，而是真正到 2024 年的問題？

Longer term. Yes. No, that's a great question. It's always our intent to be extremely clear be in mid-70s gross profit business. That is the goal of Globus it has been and it will be going forward. As we work through bringing the businesses together, I commented on earlier about some of the manufacturing efficiencies that we see, some of the warehousing efficiencies that we see. Those to me will all contribute to us showing an increasing consolidated gross profit from where we are versus the initial combination of the business.

從長遠來看。是的。不，這是一個很好的問題。我們的意圖始終是要非常明確地維持 70 年代中期的毛利業務。這就是 Globus 一直以來的目標，並將繼續前進。當我們將業務整合在一起時，我之前評論了我們看到的一些製造效率和我們看到的一些倉儲效率。對我來說，這些都將有助於我們顯示出與最初的業務合併相比，我們現在的綜合毛利不斷增加。

It's our belief that we can still drive mid-70s GP going forward. Obviously, there's going to be some step change as we get there as we bring the companies together. But the goal of mid-70s hasn't changed.

我們相信，我們仍然可以推動 70 年代中期的大獎賽向前發展。顯然，當我們將這些公司整合在一起時，將會發生一些重大變化。但70年代中期的目標並沒有改變。

Yes. And Ryan, I'll build on that, too. So we talk a lot about insourcing and investing in manufacturing, in addition to what Keith said, because that will be a key driver. We can drive our product cost down. That will allow us to not only improve gross margin, but instead to turn around and invest deeper into the sales force.

是的。 Ryan，我也會以此為基礎。因此，除了基斯所說的之外，我們還談論了很多關於製造業的內包和投資，因為這將是一個關鍵的驅動因素。我們可以降低產品成本。這不僅能讓我們提高毛利率，也能扭轉局面，對銷售團隊進行更深入的投資。

So is a major focus of us to do in-house manufacturing, line up with our contracts and come out with the best pricing with our vendors. And that in itself will help lift us back to our targets that Keith mentioned.

因此，我們的主要重點是進行內部製造，遵守我們的合同，並與我們的供應商一起制定最優惠的價格。這本身將有助於我們回到基斯提到的目標。

And your next question comes from the line of Matt Taylor of Jefferies.

你的下一個問題來自傑富瑞 (Jefferies) 的馬特泰勒 (Matt Taylor)。

I wanted to ask a similar question in a slightly different way. I guess I'll start with some of your competitors have made noise about taking reps from the combined entity, big for them, kind of small for you. And everything I heard on this call from you today in terms of lower surgeon overlap and being within your target and seeing competitive activity coming your way, sounds positive for the integration.

我想以稍微不同的方式問類似的問題。我想我會從你們的一些競爭對手開始大聲疾呼要從合併後的實體中奪走代表，對他們來說大，對你來說有點小。今天我在這次電話會議上從您那裡聽到的一切，包括減少外科醫生重疊、在您的目標範圍內以及看到競爭活動即將到來，這些聽起來對整合都是積極的。

So my question is really, is that right? Are you on track? And is there any thought or potential for you to actually outperform the synergy or the synergy estimates that you put out there? Or is it right to think about being straight down the fairway or the base case is most likely?

所以我的問題是，真的嗎？你步入正軌了嗎？您是否有任何想法或潛力能夠真正超越您提出的協同效應或綜效估計？或者考慮直接沿著球道行駛或基本情況最有可能是正確的嗎？

Yes. Matt, we're early on that. So I'm going to let you know in about 3 years. Now what I think what we'll do right now is, we've not seen surprises. And I think we're standing behind our numbers is what we're saying.

是的。馬特，我們很早就開始了。所以我大約三年後會告訴你。現在我認為我們現在要做的是，我們沒有看到驚喜。我認為我們正在支持我們的數字，這就是我們所說的。

And again, there's 1 month of actual and everything you've said is legitimate. What we've got to do is focus on getting the commercial team stabilized, make sure we train, get our products delivered, accelerate how we have common systems, bring in-house manufacturing for more flexibility, and they go back and flex all of that strength to become who we need to be.

再說一次，有 1 個月的時間，你所說的一切都是合法的。我們要做的就是專注於穩定商業團隊，確保我們進行培訓，交付我們的產品，加快我們擁有通用系統的速度，引入內部製造以獲得更大的靈活性，然後他們回去並靈活使用所有成為我們需要成為的人的力量。

But at this point, we're going to shy away from saying we can outperform or fall short. We're going to stick to the synergies that we've thrown out. We've got a pathway to go get there. As you get more data and experience under our belt, maybe that's a different conversation.

但在這一點上，我們將迴避說我們可以表現出色或表現不佳。我們將堅持我們已經放棄的協同效應。我們有一條路可以到達那裡。當您在我們的幫助下獲得更多數據和經驗時，也許這是一個不同的主題。

And the only comment that I would add there is, obviously, change creates disruption in the market. But as I think about Globus, Globus needs to be Globus and focus on our plan. We obviously need to be aware of the competitive landscape, but we have to stick to our plan and work our plan. And if we do that, we believe we'll be successful.

我要補充的唯一評論是，顯然，變化會造成市場混亂。但當我想到 Globus 時，Globus 需要成為 Globus，並專注於我們的計劃。我們顯然需要了解競爭格局，但我們必須堅持我們的計劃並按照我們的計劃行事。如果我們這樣做，我們相信我們會成功。

And with no further questions, that concludes the Globus Medical earnings call. Thank you for participating, and you may now disconnect. Have a great day.

沒有更多問題，Globus Medical 財報電話會議就到此結束。感謝您的參與，您現在可以斷開連接。祝你有美好的一天。