Globus Medical Inc (GMED) 2024 Q4 法說會逐字稿

Welcome to the Globus Medical's fourth-quarter and full year 2024 earnings call. (Operator Instructions) I will now turn the call over to Brian Kearns, Senior Vice President of Business Development and Investor relations. Mr. Kearns, please go ahead.

歡迎參加 Globus Medical 2024 年第四季和全年收益電話會議。（操作員指示）現在我將把電話轉給業務發展和投資者關係高級副總裁 Brian Kearns。科恩斯先生，請繼續。

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

謝謝 DD，也謝謝大家今天與我們同在。參加今天 Globus Medical 電話會議的有總裁兼執行長 Dan Scavilla；以及首席營運長兼財務長 Keith Pfeil。本評論將透過網路廣播發布，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 you that some of the statements made during this review are or may be considered forward-looking statements. Our Form 10-K for the 2024 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. 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.

在我們開始之前，請允許我提醒您，本次審查期間所做的一些陳述是或可能被視為前瞻性陳述。我們 2024 財年的 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因素，這些因素可能導致我們的實際結果與今天做出的任何前瞻性陳述中預測的結果存在重大差異。我們的 SEC 文件（包括 10-K 文件）可在我們的網站上查閱。我們不承諾根據新資訊或未來事件或發展更新任何前瞻性陳述。

Our discussion today will also include certain financial measures that are not calculated in accordance with generally accepted accounting principles or GAAP. 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 in the schedules accompanying the press release and on the Investor Relations section of the Globus Medical website.

我們今天的討論還將包括某些未按照公認會計原則或 GAAP 計算的財務指標。我們相信這些非公認會計準則財務指標提供了與我們的業務表現相關的更多資訊。這些非 GAAP 財務指標不應被視為替代指標，而應與最直接可比較的 GAAP 財務指標一起解讀。新聞稿隨附的附表中以及 Globus Medical 網站的投資者關係部分提供了與最直接可比較的 GAAP 指標的對帳表。

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

現在，我將把電話轉給我們的總裁兼執行長 Dan Scavilla。

Thanks, Brian, and good afternoon, everyone. Globus finished 2024 with a great fourth quarter, making this the fifth consecutive combined earnings release with sales growth, strong financial performance and best-in-class innovative product launches.

謝謝，布萊恩，大家下午好。Globus 以出色的第四季度結束了 2024 年，這是該公司連續第五年發布綜合收益報告，實現了銷售成長、財務表現強勁，並推出了一流的創新產品。

Revenue for the full year was a record $2.519 billion, delivering $951 million of revenue growth or 61% versus the prior year. We achieved record sales while maintaining industry-leading profitability. Non-GAAP EPS was a record $3.04, increasing 31%, even with the 20% increase in diluted shares versus prior year. And free cash flow was an all-time high of $405 million, increasing $240 million or 145% versus prior year. This strong cash flow will enable us to return to a debt-free status as we exit Q1 2025, paying off the remainder of the $1 billion debt inherited from the NuVasive merger.

全年營收達到創紀錄的 25.19 億美元，較上年成長 9.51 億美元，成長 61%。我們在保持行業領先盈利能力的同時實現了創紀錄的銷售額。非公認會計準則每股收益達到創紀錄的 3.04 美元，成長 31%，儘管稀釋後股份較上年同期增加了 20%。自由現金流達到歷史最高水準 4.05 億美元，較上年增加 2.4 億美元，增幅達 145%。強勁的現金流將使我們在 2025 年第一季結束時恢復無債務狀態，償還 NuVasive 合併後繼承的 10 億美元債務的剩餘部分。

We had a banner year in enabling tech with our highest level of robot, imaging system and hub placements, setting the stage in 2025 and beyond for increased implant pull-through. These results reflect continued market penetration, synergy acceleration and sustained profitable growth through financial discipline. I'd like to congratulate the entire Globus team for their speed, dedication and success. I look forward to building on this base and accelerating growth in 2025.

我們在技術方面取得了輝煌的一年，擁有最高水準的機器人、成像系統和集線器配置，為 2025 年及以後植入物拉出率的提高奠定了基礎。這些結果反映了透過財務紀律持續的市場滲透、協同效應加速和持續的獲利成長。我要祝賀整個 Globus 團隊的速度、奉獻精神和成功。我期待在此基礎上再接再厲，在 2025 年加速成長。

In addition to our great financial performance, Globus launched 18 new products in 2024 throughout our business. These results are a testament to our incredible team, working tirelessly to drive integration and create scalable solutions so that we can reach steady state quickly and shape the markets in which we compete, while delivering meaningful innovation to our surgeons.

除了出色的財務表現外，Globus 還在 2024 年在整個業務範圍內推出了 18 款新產品。這些結果證明了我們出色的團隊不懈地推動整合並創造可擴展的解決方案，以便我們能夠快速達到穩定狀態並塑造我們競爭的市場，同時為我們的外科醫生提供有意義的創新。

In Q4, we delivered our highest sales yet with $657 million, increasing 7% versus prior year. Non-GAAP EPS was $0.84, increasing $0.24 or 40% versus prior year. And free cash flow for the quarter was $193 million, up $111 million or 136% versus Q4 last year.

第四季度，我們的銷售額達到了迄今的最高水平，達到 6.57 億美元，比去年同期成長了 7%。非公認會計準則每股收益為 0.84 美元，較前一年增加 0.24 美元，增幅為 40%。本季自由現金流為 1.93 億美元，較去年第四季增加 1.11 億美元，增幅為 136%。

In Q4, we achieved our highest quarterly enabling tech sales and unit placements to date. We also launched five new products this quarter, flexing our innovation muscle and shaping spine surgeries with our best-in-class technologies.

在第四季度，我們實現了迄今為止最高的季度技術銷售和單位投放量。本季我們也推出了五款新產品，展現了我們的創新實力，並以一流的技術塑造脊椎手術。

Focusing on the quarterly performance of our business. US Spine grew 4% in Q4 with significant gains across our product portfolio in expandables, MIS screws, cervical offerings and 3D printed spacers. The growth is driven by several factors, including a high retention rate at all levels of our field sales team, the strength of our combined product offering, increased product cross-selling and implant pull-through from robotic procedures.

關注我們業務的季度業績。美國脊椎公司第四季度成長了 4%，我們的可擴展產品、MIS 螺絲、頸椎產品和 3D 列印間隔物等產品組合均取得了顯著成長。成長是由多種因素推動的，包括我們各級現場銷售團隊的高留任率、我們組合產品供應的實力、產品交叉銷售的增加以及機器人手術的植入物拉動。

2024 is one of our strongest competitive rep recruiting years over the past 5 years, and the recruiting pipeline is robust as we enter 2025. We continue to attract the most successful and tenured competitive professionals who see the power and future we can offer as a destination of choice for innovation and growth.

2024 年是我們過去 5 年中競爭最激烈的銷售代表招募年份之一，而進入 2025 年，招募管道將十分強勁。我們繼續吸引最成功和最資深的競爭性專業人士，他們將我們所能提供的力量和未來視為創新和成長的首選目的地。

As mentioned earlier, we launched 5 new products in Q4, and I want to share these innovative launches with you. The QUARTEX MIS system introduces disposable towers that attach to any existing screw from our highly successful QUARTEX system, offering a percutaneous solution designed to minimize disruption in the posterior cervical and upper thoracic spine.

如同前面提到的，我們在第四季推出了 5 款新產品，我想與大家分享這些創新產品。QUARTEX MIS 系統引入了一次性塔，可連接到我們非常成功的 QUARTEX 系統中的任何現有螺釘，提供旨在最大程度減少後頸椎和上胸椎幹擾的經皮解決方案。

QUARTEX MIS is integrated with our advanced Excelsius technology and designed for accurate screw placement using a minimally invasive robotic technique. The ALLEGIANCE Retractor System is a ringless interior exposure system designed for quick setup, precise tissue retraction and maximum rigidity. Radiolucent handheld blades facilitate initial manual tissue retraction and quickly attached to rigidable mounted arms, ensuring a more stable exposure.

QUARTEX MIS 與我們先進的 Excelsius 技術相結合，旨在使用微創機器人技術精確放置螺絲。ALLEGIANCE 牽開器系統是一種無環內部暴露系統，旨在快速設定、精確組織牽開和最大剛性。透射線手持刀片有助於初始手動組織牽拉，並可快速連接到剛性安裝臂上，確保更穩定的暴露。

Each independent blade handle features a built-in toe mechanism, enabling fine-tuned micro adjustments without affecting previously well-positioned blades, a challenge common with traditional ring-based designs. This innovative design enhances surgical efficiency and visualization, providing a more reliable solution for ALIF exposure.

每個獨立的刀片手柄都具有內建的趾部機構，可以進行微調，而不會影響先前定位良好的刀片，這是傳統環狀設計中常見的挑戰。這種創新設計提高了手術效率和視覺化效果，為 ALIF 暴露提供了更可靠的解決方案。

The Modulus ALIF anchoring blades paired with the Modulus ALIF spacer portfolio is designed to enable procedural efficiency with the ability to deliver anchoring blades fixation by reducing the number of surgical steps and instruments needed in the surgery. Modulus ALIF anchoring blades feature low-profile instrumentation for maximum visualization of the anatomy and streamlined delivery of fixation without the need for secondary step. The addition of Modulus ALIF anchoring blade fixation further strengthens our market-leading ALIF portfolio. In addition, we launched the ExcelsiusFlex robotic navigation platform and the ACTIFY™ Unicondylar Knee System in Q4. I'll expand further on Recon launches in future quarters.

Modulus ALIF 錨定刀片與 Modulus ALIF 間隔器組合配對，旨在透過減少手術步驟和所需的器械數量來實現錨定刀片的固定，從而提高手術效率。Modulus ALIF 錨固刀片採用低調儀器，可最大程度地可視化解剖結構並簡化固定過程，無需進行二次步驟。Modulus ALIF 錨固刀片固定裝置的加入進一步增強了我們市場領先的 ALIF 產品組合。此外，我們在第四季推出了 ExcelsiusFlex 機器人導航平台和 ACTIFY™ 單髁膝關節系統。我將在未來幾季進一步介紹 Recon 的發布情況。

2024 was a record year of launches for us, and this innovation is key to building long-term growth. We are investing significantly in product development and comprehensive PD training to harmonize our processes, expecting this to further expand our significant lead over the competition in IP generation and new product creation.

2024 年是我們產品發布創紀錄的一年，這項創新對於實現長期成長至關重要。我們正在大力投資產品開發和全面的 PD 培訓以協調我們的流程，希望這將進一步擴大我們在 IP 生成和新產品創造方面的領先優勢。

In addition to driving growth from the 18 products we launched in 2024, I look forward to sharing future impactful launches we have planned in 2025. Enabling Technology sales for the quarter were $47 million, an increase of 44% versus prior year. As mentioned, Q4 was the highest number of unit placements since launch, growing 47% over prior Q4.

除了推動我們在 2024 年推出的 18 款產品的成長之外，我還期待分享我們計劃在 2025 年推出的未來有影響力的產品。本季使能技術銷售額為 4,700 萬美元，較上年增長 44%。如上所述，第四季度是自推出以來單位安置數量最多的季度，比上一季增加了 47%。

Robotic procedures continue to accelerate, growing 17% versus prior year and exceeding 94,000 robotic procedures performed since launch. The ExcelsiusHub launch from Q3 is going well as we enter the freehand navigation market, opening the largest market segment of navigation for Globus innovation and growth. The combination of the E3D imaging system with the EHUB navigation platform gives Globus the most comprehensive and sophisticated navigation offering available.

機器人手術繼續加速發展，比前一年增長了 17%，自推出以來已執行了超過 94,000 例機器人手術。隨著我們進入自由導航市場，ExcelsiusHub 從第三季開始推出，進展順利，為 Globus 的創新和成長開闢了最大的導航市場領域。E3D 成像系統與 EHUB 導航平台的結合為 Globus 提供了最全面、最先進的導航產品。

We also plan to advance navigation in the near future with our XR augmented reality headset designed to work with the ExcelsiusHub. We expect to gain FDA clearance of the headset in Q1. The DuraPro and Verzera power tool systems launched in Q1 '24 continue to differentiate our power tool offering and pair seamlessly with our enabling technology portfolio. The unique ability of DuraPro oscillating drill to add extra safety around soft tissue structures, including neurovascular anatomy while allowing for easy removal of bone, help surgeons work safely and effectively.

我們還計劃在不久的將來利用專為與 ExcelsiusHub 配合使用而設計的 XR 擴增實境耳機來推進導航技術。我們預計該耳機將在第一季獲得 FDA 批准。24 年第一季推出的 DuraPro 和 Verzera 電動工具系統繼續使我們的電動工具產品與眾不同，並與我們的支援技術組合無縫配對。DuraPro 振盪鑽的獨特功能在於為軟組織結構（包括神經血管解剖結構）增加額外的安全性，同時可以輕鬆去除骨骼，幫助外科醫生安全有效地工作。

Market interest remains high for our state-of-the-art Excelsius 3D imaging system with most surgeons immediately recognizing and appreciating the stark differentiation over existing systems and seeing the value of combining E3D with the ExcelsiusGPS or Hub. We're delivering on our promise to create and launch our enabling tech ecosystem, an ecosystem that is designed and built from the ground up to communicate together seamlessly. Investment in this area remains strong, and we enhance our ecosystem offerings and bring more about functionality in our imaging, navigation and robotic current and future portfolio.

市場對我們最先進的 Excelsius 3D 成像系統的興趣仍然很高，大多數外科醫生立即認識到並欣賞與現有系統的鮮明差異，並看到了將 E3D 與 ExcelsiusGPS 或 Hub 相結合的價值。我們正在履行我們的承諾，創建並推出我們的支援性技術生態系統，這個生態系統是從頭開始設計和建構的，旨在實現無縫溝通。該領域的投資仍然強勁，我們增強了我們的生態系統產品，並為我們當前和未來的成像、導航和機器人產品組合帶來了更多功能。

Our international spine implant business delivered record Q1 sales - of Q4 sales and 13% on a constant currency basis compared to prior year with high double-digit growth in most markets and strong dollar contribution driven by Japan, United Kingdom, Italy and Ireland. We have yet to fully harness the power of the combined Globus NuVasive product offering internationally and feel this will be a significant tailwind as we move forward in 2025 and beyond.

我們的國際脊椎植入物業務在第一季實現了創紀錄的銷售額，與去年同期相比，以固定匯率計算，第一季銷售額成長了 13%，大多數市場都實現了兩位數的高成長，日本、英國、義大利和愛爾蘭推動了美元的強勁成長。我們尚未充分利用 Globus NuVasive 產品在國際上的綜合實力，我們認為這將成為我們在 2025 年及以後前進的重要推動力。

The combined trauma and NSO business delivered 8% growth in Q4, driven by the powerful performance and market penetration of our base trauma business, combined with the ongoing uptake of the NuVasive specialty orthopedic growth now, partially offset by a temporary supply chain disruption that will be rectified in the first quarter. The growth potential for this business has never been stronger with our growing product offerings, increased market interest and tenured sales and product development teams.

綜合創傷和 NSO 業務在第四季度實現了 8% 的成長，這得益於我們基礎創傷業務的強勁表現和市場滲透，加上 NuVasive 專業骨科業務的持續增長，但第一季將糾正的暫時供應鏈中斷部分抵消了這一增長。隨著我們不斷增長的產品供應、不斷增長的市場興趣以及長期的銷售和產品開發團隊，該業務的成長潛力從未如此強勁。

Integration is progressing well. We exceeded our 2024 synergy targets, and we're able to accelerate value creation and shareholder return as a result. For year 2 synergies, we're continuing to implement common systems in our international markets, expand our in-house production for NuVasive implants, consolidate external vendors and utilize our existing product offerings to drive cross-selling. There's been a great deal of progress from our teams, and we're fortunate to have such strong leaders throughout the world driving integration, realizing synergies and building a platform for future growth.

整合工作進展順利。我們超額完成了 2024 年的綜效目標，並因此能夠加速價值創造和股東回報。對於第二年的協同效應，我們將繼續在國際市場上實施通用系統，擴大 NuVasive 植入物的內部生產，整合外部供應商，並利用我們現有的產品來推動交叉銷售。我們的團隊取得了巨大的進步，我們很榮幸在世界各地擁有如此強大的領導者來推動整合、實現協同效應並為未來成長建立平台。

A few weeks ago, we announced a definitive agreement to purchase all shares of Nevro Corporation in an all-cash transaction for approximately $250 million. The acquisition of Nevro further expands our reach into the musculoskeletal market, adding an additional $2 billion market space for us to compete in and grow. We believe their high-frequency technology offers clinically superior solutions that can alter the standard of care for patients.

幾週前，我們宣布了一項最終協議，以約 2.5 億美元的全現金交易收購 Nevro Corporation 的所有股份。收購 Nevro 進一步擴大了我們在肌肉骨骼市場的影響力，為我們增加了 20 億美元的市場競爭和發展空間。我們相信他們的高頻技術提供了臨床上更優越的解決方案，可以改變患者的照護標準。

Nevro technology has potential beyond its current application to benefit our cranial enabling technology, next-generation spinal implants, data mining and other areas of our business. Their patent portfolio will strengthen our already best-in-class musculoskeletal innovation suite, while Globus' scale and customer base can accelerate market penetration for the differentiated high-frequency technology.

Nevro 技術除了目前的應用之外，還具有很大的潛力，可以為我們的顱腦技術、下一代脊椎植入物、資料探勘和我們業務的其他領域帶來益處。他們的專利組合將加強我們已經一流的肌肉骨骼創新套件，而 Globus 的規模和客戶群可以加速差異化高頻技術的市場滲透。

We see this move as an expansion of our continuum of care and complementary to our current spinal portfolio offering. The strong and dedicated neuromodulation sales force will be able to leverage our existing spine team to drive uptake and penetration, while our spine team can offer more solutions to their surgeons.

我們認為此舉擴大了我們的連續護理範圍，並補充了我們目前的脊椎產品組合。強大而專注的神經調節銷售團隊將能夠利用我們現有的脊椎團隊來推動吸收和滲透，而我們的脊椎團隊可以為他們的外科醫生提供更多的解決方案。

Globus' financial strength will accelerate investments in neuromodulation to expand existing product reach and future product development. Combining Nevro into Globus' existing infrastructure will improve the profitability and cash flow of the Nevro business, generating more cash for future investments and growth.

Globus 的財務實力將加速對神經調節的投資，以擴大現有產品範圍和未來產品開發。將 Nevro 融入 Globus 現有的基礎設施將提高 Nevro 業務的盈利能力和現金流，為未來的投資和成長產生更多現金。

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 markets. We have at our fingertips, everything we need to realize this. I want to thank the Globus team worldwide for your dedication and support, delivering an incredible year and furthering the pathway to becoming the preeminent musculoskeletal technology company in the world.

我相信 Globus 的潛力從未如此巨大。我們必須利用我們的資源並塑造我們市場的未來。實現這一目標所需的一切我們唾手可得。我要感謝全球 Globus 團隊的奉獻和支持，讓 Globus 度過了令人難以置信的一年，並進一步成為世界卓越的肌肉骨骼技術公司。

I will now turn the call over to Keith.

現在我將把電話轉給 Keith。

Thanks, Dan, and good afternoon, everyone. We capped off 2024 with a strong fourth quarter, helping us successfully complete our first combined fiscal year following the September 2023 merger with NuVasive. Operationally, we continue to execute on key integration objectives, while financially, we achieved meaningful sales growth and expanded profitability along with record free cash flow, helping to build our overall cash position as we closed out the year.

謝謝，丹，大家下午好。我們以強勁的第四季度結束了 2024 年，幫助我們成功完成了自 2023 年 9 月與 NuVasive 合併以來的第一個合併財年。在營運方面，我們繼續執行關鍵的整合目標，而在財務方面，我們實現了有意義的銷售成長和盈利能力的提高以及創紀錄的自由現金流，幫助我們在年底建立整體現金狀況。

Full year 2024 revenue was $2.519 billion, growing 60.6% on an as-reported basis and 61.1% on a constant currency basis. Pro forma sales growth on an as-reported basis was 5.2% and 5.5% on a constant currency basis. Net income was $103 million, resulting in $0.75 of fully diluted earnings per share and includes $281.4 million of pretax merger and acquisition-related costs, as well as restructuring expenses.

2024 年全年營收為 25.19 億美元，按報告基礎成長 60.6%，以固定匯率計算成長 61.1%。以報告計算的預測銷售額成長率為 5.2%，以固定匯率計算的預測銷售額成長率為 5.5%。淨收入為 1.03 億美元，每股完全攤薄收益為 0.75 美元，其中包括 2.814 億美元的稅前併購相關成本以及重組費用。

Non-GAAP net income was $419.6 million, which delivered $3.04 of fully diluted non-GAAP earnings per share, representing 31.2% non-GAAP EPS growth over the prior year despite a 20.3% increase in the fully diluted share count driven by the stock-for-stock merger.

非公認會計準則淨收入為 4.196 億美元，實現每股完全稀釋非公認會計準則收益 3.04 美元，儘管受換股合併推動，完全稀釋股數增加 20.3%，但非公認會計準則每股收益仍比上年增長 31.2%。

Full year adjusted EBITDA was 29.2%, and we generated a record $405.2 million of free cash flow. Included in the full year results is an approximate $0.10 headwind to non-GAAP EPS and a 0.72% unfavorable impact to adjusted EBITDA driven by foreign currency loss.

全年調整後的 EBITDA 為 29.2%，我們創造了創紀錄的 4.052 億美元自由現金流。全年業績包括非公認會計準則每股收益約 0.10 美元的不利影響以及外匯損失導致的調整後 EBITDA 0.72% 的不利影響。

Moving into the fourth quarter, our Q4 '24 revenue was $657.3 million, growing 6.6% on an as-reported basis and 6.9% on a constant currency basis over the prior year quarter. Day adjusted sales growth was 5.2% with 1 more selling day in the fourth quarter of 2024 as compared to the prior year quarter.

進入第四季度，我們的 24 年第四季營收為 6.573 億美元，按報告基礎計算成長 6.6%，以固定匯率計算成長 6.9%。與去年同期相比，2024 年第四季的每日調整銷售額成長了 5.2%，銷售日增加了 1 天。

Fourth quarter net income was $26.5 million, growing 76.3% over the prior year quarter, resulting in $0.19 of fully diluted GAAP earnings per share. Q4 '24 non-GAAP net income was $117.4 million, which resulted in $0.84 of fully diluted non-GAAP earnings per share, growing 40.1% over the prior year quarter.

第四季淨收入為 2,650 萬美元，比去年同期成長 76.3%，每股完全稀釋 GAAP 收益為 0.19 美元。24 年第四季非公認會計準則淨收入為 1.174 億美元，導致每股完全稀釋非公認會計準則收益為 0.84 美元，較去年同期成長 40.1%。

Q4 adjusted EBITDA was 30%, and we generated a record $193.2 million of free cash flow. Included in our Q4 results is an approximate $0.06 headwind to non-GAAP EPS and an unfavorable 1.5% impact to adjusted EBITDA driven by FX loss.

第四季調整後的 EBITDA 為 30%，我們創造了創紀錄的 1.932 億美元自由現金流。我們的第四季度業績包括非公認會計準則每股收益約 0.06 美元的不利影響以及外匯損失對調整後 EBITDA 造成的 1.5% 的不利影響。

Musculoskeletal sales for the fourth quarter of 2024 were $610.3 million, growing 4.5% as reported compared to the prior year quarter. Our US and international Spine businesses were the primary drivers of growth, which was partially offset by lower neuromonitoring revenue driven by lower net revenue per case. Q4 2024 Enabling Technologies revenue was $47 million, growing 43.5% as compared to the prior year quarter, driven by an overall record of capital units sold during the quarter.

2024 年第四季肌肉骨骼銷售額為 6.103 億美元，與去年同期相比成長 4.5%。我們的美國和國際脊椎業務是成長的主要驅動力，但由於每例淨收入下降導致神經監測收入下降，部分抵消了這一增長。2024 年第四季，使能技術營收為 4,700 萬美元，較去年同期成長 43.5%，這得益於本季資本單位銷售總量創歷史新高。

Moving into geographic sales. Q4 '24 US revenue was $521.9 million, growing 6.3% as reported versus the prior year quarter. The growth drivers are driven by Enabling Tech, US Spine and Trauma, partially offset by lower neuromonitoring revenue.

轉向地域銷售。24 年第四季美國營收為 5.219 億美元，較去年同期成長 6.3%。成長動力來自 Enabling Tech、US Spine and Trauma，但神經監測收入的下降部分抵消了這一增長。

International revenue for the fourth quarter was $135.4 million, growing 7.7% as reported and 8.9% on a constant currency basis, with the primary driver being the spinal implant business. As Dan noted earlier, the primary countries driving growth include Japan, United Kingdom, Italy and Ireland.

第四季國際營收為 1.354 億美元，報告成長 7.7%，以固定匯率計算成長 8.9%，主要推動力是脊椎植入物業務。正如丹之前指出的，推動成長的主要國家包括日本、英國、義大利和愛爾蘭。

GAAP gross profit in the fourth quarter of 2024 was 57.2% versus 55.4% in the prior year quarter, driven by operational improvements, as well as lower inventory step-up amortization. The fourth quarter of 2024 was the last quarter in which we incurred step-up amortization related to the NuVasive merger.

2024 年第四季 GAAP 毛利為 57.2%，去年同期為 55.4%，這得益於營運改善以及庫存遞增攤銷減少。2024 年第四季是我們因 NuVasive 合併而產生逐步攤銷的最後一個季度。

Adjusted gross profit, which excludes the impact of step-up amortization, was 67.1% compared to 65.5% in the prior year quarter. The improvement was driven by lower freight expenses, as well as other operational spending improvements, partially offset by higher inventory write-offs.

調整後毛利（不包括逐步攤銷的影響）為 67.1%，去年同期為 65.5%。這一改善是由於運費降低以及其他營運支出改善所致，但庫存註銷增加部分抵消了這種改善。

Full year 2024 GAAP gross profit was 55.6% compared to 64.1% in the prior year. The decline in gross profit was driven predominantly by the inclusion of inventory step-up amortization and higher product costs as a result of the inclusion of a full year of NuVasive in the consolidated results versus 4 months in the prior year.

2024 年全年 GAAP 毛利為 55.6%，而上年度為 64.1%。毛利下降的主要原因是，合併績效中納入了全年的 NuVasive，而去年同期僅為 4 個月，導致計入了庫存遞增攤銷和產品成本上升。

Full year 2024 adjusted gross profit was 67.4% compared to 69.6%, driven again by the full year inclusion of NuVasive in the consolidated results compared to only 4 months in the prior year. As a reminder, legacy NuVasive product costs are a higher cost than Globus, driven primarily by the higher mix of outsourced production.

2024 年全年調整後毛利為 67.4%，而去年同期為 69.6%，這再次得益於全年將 NuVasive 納入合併業績，而去年同期僅為 4 個月。提醒一下，傳統的 NuVasive 產品成本高於 Globus，這主要是由於外包生產的比例較高。

Looking ahead to 2025, we expect our full year adjusted gross margin to be in the range of 67.5% to 68.5% representing step improvement compared to 2024 as our in-sourcing efforts begin to take shape. It remains our long-term goal to be a mid-70s adjusted gross profit business, driven by manufacturing in-sourcing and operational excellence.

展望 2025 年，我們預計全年調整後毛利率將在 67.5% 至 68.5% 之間，隨著我們的內部採購工作開始成形，與 2024 年相比將有顯著提高。我們的長期目標仍然是透過製造內部採購和卓越運營，使公司調整後毛利達到 75% 左右。

Research and development expenses in Q4 were $33.4 million or 5.1% of sales compared to $52.3 million or 8.5% of sales in the prior year quarter. The decreased spending is reflective of headcount savings and lower operational spending within R&D, driven by the realization of cost synergies.

第四季研發費用為 3,340 萬美元，佔銷售額的 5.1%，去年同期為 5,230 萬美元，佔銷售額的 8.5%。支出減少是由於成本協同效應的實現而導致的員工數量節省和研發營運支出降低。

Full year 2024 research and development expenses were $163.8 million or 6.5% of sales compared to $124 million or 7.9% of sales in the prior year. Our 2024 R&D includes $12.6 million of spending related to an in-process research and development acquisition from our first quarter. Excluding that acquisition, 2024 R&D expense was $151.1 million or 6% of sales compared to $124 million or 7.9% of sales in the prior year.

2024 年全年研發費用為 1.638 億美元，佔銷售額的 6.5%，而前一年為 1.24 億美元，佔銷售額的 7.9%。我們 2024 年的研發包括第一季正在進行的研發收購相關的 1,260 萬美元支出。不包括該收購，2024 年研發費用為 1.511 億美元，佔銷售額的 6%，而前一年為 1.24 億美元，佔銷售額的 7.9%。

The increased dollar spending is due to the inclusion of NuVasive for the full year, which primarily resulted in increased personnel-related expenses. The decrease as a percentage of sales is driven by cost synergies realized as a result of achieving integration objectives. Looking ahead to 2025, we expect R&D expense to be in the range of 6% to 7% of net sales.

美元支出的增加是由於全年納入了 NuVasive，這主要導致了與人員相關的費用的增加。銷售額百分比的下降是由於實現整合目標而產生的成本綜效。展望2025年，我們預期研發費用將佔淨銷售額的6%至7%。

SG&A expenses in the fourth quarter were $253.5 million or 38.6% of sales compared to $244.7 million or 39.7% of sales in the prior year quarter. The decreased spending as a percentage of sales is driven by the realization of cost synergies, lower third-party legal costs, partially offset by higher year-end sales compensation costs.

第四季銷售、一般及行政費用為 2.535 億美元，佔銷售額的 38.6%，去年同期為 2.447 億美元，佔銷售額的 39.7%。支出佔銷售額的百分比下降是由於成本綜效的實現、第三方法律成本的降低，但被年終銷售補償成本的增加部分抵銷。

Full year 2024 SG&A expenses were $981 million or 38.9% of sales compared to $643.4 million or 41% of sales in the prior year. The increased spending is driven by commission impacts from higher sales as well as the full year inclusion of NuVasive in consolidated figures, which primarily resulted in increased personnel-related expenses, third-party professional service fees and rent expense. These increases were partially offset by cost synergies realized, which is reflected in the lower spending as a percentage of sales. Looking ahead to 2025, we expect our base GMED business SG&A expense to be in the range of 37.5% to 38.5%.

2024 年全年銷售、一般及行政費用為 9.81 億美元，佔銷售額的 38.9%，而前一年為 6.434 億美元，佔銷售額的 41%。支出增加是由於銷售額增加帶來的佣金影響以及全年將 NuVasive 納入合併數據，這主要導致與人員相關的費用、第三方專業服務費和租金費用增加。這些成長被實現的成本綜效部分抵消，這反映在支出佔銷售額的百分比較低。展望 2025 年，我們預計基礎 GMED 業務銷售、一般及行政費用將介於 37.5% 至 38.5% 之間。

The GAAP tax rate for the fourth quarter was negative 7.4% compared to 39.8% in the prior year quarter. The decreased rate is driven by non-repeating acquisition charges in the prior year quarter, as well as higher stock option windfall benefit and favorable tax credits in the current year quarter. Our Q4 '24 non-GAAP tax rate was 26.1% compared to 22% in the fourth quarter of the prior year. The increase in our non-GAAP tax rate was driven predominantly by higher state taxes. On a full year basis, our GAAP tax rate was 14.7%, while our non-GAAP tax rate was 25.9%. Looking ahead to 2025, we expect our non-GAAP tax rate to be approximately 25%.

第四季的 GAAP 稅率為-7.4%，去年同期為 39.8%。稅率下降的原因是去年同期的非重複性收購費用，以及今年同期更高的股票選擇權意外收益和優惠的稅收抵免。我們的 24 年第四季非公認會計準則稅率為 26.1%，而去年同期第四季為 22%。我們的非公認會計準則稅率的增加主要是由於州稅增加。全年來看，我們的 GAAP 稅率為 14.7%，而非 GAAP 稅率為 25.9%。展望 2025 年，我們預期非 GAAP 稅率約為 25%。

Q4 '24 operating and free cash flow were both records at $210.3 million and $193.2 million, respectively. Full year 2024 operating and free cash flow was also a record at $520.6 million and $405.2 million. The increased operating and free cash flow is driven by the volume impacts from higher sales, as well as more disciplined cash spending related to integration and synergy capture, as well as modest working capital improvements.

24 年第四季的營業現金流和自由現金流均創歷史新高，分別達到 2.103 億美元和 1.932 億美元。2024 年全年營運現金流和自由現金流也創下紀錄，分別為 5.206 億美元和 4.052 億美元。營運現金流和自由現金流的增加得益於銷售成長帶來的數量影響，以及與整合和協同效應相關的更有紀律的現金支出，以及適度的營運資本改善。

Shifting over to cash and liquidity. Our cash, cash equivalents and marketable securities were $956.2 million at December 31, 2024, increasing $363 million as compared to the prior year end. The improved cash position is driven primarily by higher free cash flows, as previously mentioned, and net proceeds from stock option exercises, partially offset by share repurchases related to our open share repurchase authorization.

轉向現金和流動性。截至 2024 年 12 月 31 日，我們的現金、現金等價物及有價證券為 9.562 億美元，比前一年末增加 3.63 億美元。現金狀況的改善主要得益於前面提到的更高的自由現金流以及股票選擇權行使的淨收益，但部分被與我們的公開股票回購授權相關的股票回購所抵消。

We had no short-term borrowings against our $400 million unsecured line of credit at December 31, 2024. Looking ahead, we plan to pay off our senior convertible notes in cash totaling $450 million, which is due in March of 2025. Separate of the near-term debt paydown, our capital allocation priorities in 2025 and beyond will focus on funding internal investments for product development, inventory and capital expenditures while facilitating complementary M&A, which aligns with our go-forward strategies.

截至 2024 年 12 月 31 日，我們並未以 4 億美元無擔保信用額度作為抵押的短期借款。展望未來，我們計劃以現金償還總額為 4.5 億美元的優先可轉換票據，到期日為 2025 年 3 月。除了短期債務償還外，我們在 2025 年及以後的資本配置重點將集中在為產品開發、庫存和資本支出的內部投資提供資金，同時促進互補性併購，這符合我們的未來策略。

Organic and inorganic investments will remain the primary intent for capital deployment, though we will continue to utilize share repurchases within our capital structure. We expect capital expenditures to be in the range of 5% to 6% of sales in 2025. And lastly, we have $190.3 million open and authorized on our share repurchase program at December 31, 2024. Consistent with history, we expect any share repurchases to be funded using cash on our balance sheet.

儘管我們將繼續在資本結構中利用股票回購，但有機和無機投資仍將是資本部署的主要目的。我們預計 2025 年資本支出將佔銷售額的 5% 至 6%。最後，截至 2024 年 12 月 31 日，我們的股票回購計畫已開放並授權 1.903 億美元。與歷史一致，我們預計任何股票回購都將使用資產負債表上的現金來資助。

As we close out 2024 and enter 2025, synergies related to the NuVasive merger remain consistent with my comments in our third quarter earnings call. We expect to achieve $170 million over three years and have realized approximately 55% in the first full year post-merger close. We expect to realize 40% in year 2 and the remainder in year 3.

隨著我們結束 2024 年並進入 2025 年，與 NuVasive 合併相關的協同效應與我在第三季財報電話會議上的評論保持一致。我們預計三年內實現 1.7 億美元的收益，並在合併後的第一個完整年度實現了約 55% 的收益。我們預計第二年實現 40%，第三年實現剩餘部分。

Subsequent to year-end, the company announced on February 6, 2025, that it entered into an agreement to acquire Nevro Corp. for $5.85 per share or approximately $250 million. This deal is still subject to shareholder and regulatory approval and other customary closing conditions. We expect this deal to close late in the second quarter of 2025, and we plan to fund this acquisition purchase price with cash on our balance sheet.

年底後，該公司於 2025 年 2 月 6 日宣布，已達成協議，以每股 5.85 美元或約 2.5 億美元收購 Nevro Corp.。該交易仍需獲得股東和監管機構的批准以及其他慣例成交條件。我們預計該交易將於 2025 年第二季末完成，我們計劃使用資產負債表上的現金支付此次收購的價格。

Shifting to guidance. On a stand-alone basis, Globus Medical reaffirms its full year 2025 revenue guidance of $2.66 billion to $2.69 billion and fully diluted non-GAAP earnings per share range between $3.40 to $3.50. Following the consummation of the Nevro Corp. acquisition, which we expect to close late in the second quarter of 2025, Globus Medical anticipates 2025 net sales of $2.8 billion to $2.9 billion and fully diluted non-GAAP earnings per share ranging between $3.10 to $3.40. We expect Nevro to be accretive to earnings in the second year of operation.

轉向指導。從獨立角度來看，Globus Medical 重申其 2025 年全年收入預期為 26.6 億美元至 26.9 億美元，完全稀釋非 GAAP 每股收益在 3.40 美元至 3.50 美元之間。在完成對 Nevro Corp. 的收購後（我們預計將於 2025 年第二季末完成），Globus Medical 預計 2025 年淨銷售額為 28 億美元至 29 億美元，完全稀釋非 GAAP 每股收益在 3.10 美元至 3.40 美元之間。我們預計 Nevro 營運的第二年獲利將會增加。

Looking back on 2024, we were successful in leaning in and driving towards a fast and meaningful integration. We achieved sales growth in spine, as well as across the portfolio. We brought systems together, eliminated cost redundancies and launched significant new products. All of this translated into sales and profitability growth, as well as strong cash flow generation. In 2025, we will seek to continue these trends while focusing more on operational integration of manufacturing and distribution while accelerating our pursuit of top line growth.

回顧2024年，我們成功地傾向並推動了快速而有意義的整合。我們的脊椎產品以及整個產品組合的銷售都實現了成長。我們將系統整合在一起，消除了成本冗餘，並推出了重要的新產品。所有這些都轉化為銷售額和盈利能力的增長，以及強勁的現金流。2025年，我們將尋求延續這些趨勢，同時更加重視製造和分銷的營運整合，並加速追求營收成長。

Thank you to our employees for their commitment and dedication. We will continue to win by listening to our customers and seeking to drive further innovation in a competitive marketplace. Our employees are well suited to meet the challenges of the market and to help Globus succeed by introducing products that improve musculoskeletal care while differentiating us from the competition. We remain excited for the future as we continue our relentless pursuit of excellence.

感謝我們員工的承諾和奉獻。我們將繼續傾聽客戶的意見，並在競爭激烈的市場中尋求進一步的創新，從而取得勝利。我們的員工非常適合應對市場挑戰，並透過推出改善肌肉骨骼護理的產品來幫助 Globus 取得成功，同時使我們在競爭中脫穎而出。我們將繼續不懈追求卓越，對未來充滿期待。

Operator, we will now open the call for questions.

接線員，我們現在開始提問。

(Operator Instructions)

（操作員指示）

Vik Chopra, Wells Fargo.

喬普拉（Vik Chopra），富國銀行。

Oh, hey. Good afternoon and thanks for taking the questions. Two for me. I'll throw the first one out there. On the deal that you recently announced for Nevro, just talk about why this was the right time to enter the SCS market and why Nevro was the right target? And I have a follow-up.

哦，嘿。下午好，感謝您回答問題。對我來說是兩個。我會把第一個丟出去。關於您最近宣布的收購 Nevro 的交易，請談談為什麼現在是進入 SCS 市場的最佳時機，以及為什麼 Nevro 是最佳目標？我還有一個後續問題。

Vic, it's Dan. I'll do that. So a couple of things. Keep in mind that with our rapid integration that we did in 2024 with NuVasive, we actually have set up enough depth in where we're going with integration that we could actually take advantage of this opportunity. And so the fact that it was out there as an asset that we looked at not only for neuromodulation, but as I said, with applications that we believe will go into our development portfolio in a meaningful way.

維克，我是丹。我會這麼做的。有幾件事。請記住，透過我們在 2024 年與 NuVasive 進行的快速整合，我們實際上已經在整合方面建立了足夠的深度，因此我們可以真正利用這個機會。因此，事實上它是一種資產，我們不僅將其視為神經調節資產，而且正如我所說，我們相信它的應用將以有意義的方式融入我們的開發組合中。

It really looks like it's a more well-rounded asset for us to build on. And while we're interested in entering into that and capitalizing high frequency in that area, we're thinking that there's reaches beyond that.

它看起來確實是一個我們可以賴以發展的更全面的資產。雖然我們有興趣進入該領域並利用該領域的高頻率，但我們認為其潛力還不止於此。

Yes, thank you. And just my follow-up question is, one of your large competitors announced the sale of their US spinal implants business and they also plan to sell their international businesses. Do you expect to benefit from this at all in 2025 or beyond? Thanks.

是的，謝謝。我的後續問題是，你們的一家大型競爭對手宣佈出售其美國脊椎植入物業務，並且他們還計劃出售其國際業務。您是否預計在 2025 年或以後會從中受益？謝謝。

No, it's a great question. And look, there's a lot of activity in the market. I'd like to believe that the moves we made created market disruption, and there's still waves going through that. At the end of the day, you know when we say this, we play the long game. We focus on the patient on the table, driving unmet clinical needs.

不，這是一個很好的問題。看看吧，市面上有很多活動。我願意相信，我們採取的舉措引發了市場混亂，而這股混亂的浪潮仍在持續。歸根究底，你知道，當我們這麼說的時候，我們是在打一場長線遊戲。我們專注於治療桌上的病人，推動尚未滿足的臨床需求。

And so while all of these things will move around, we're going to stay focused on where we're going, putting innovation out, capitalizing on what we have, using our enabling tech to make meaningful moves. And if there's opportunities out there, we can benefit from, great. But nonetheless, nothing has occurred that would take us off our plan and our execution approach.

因此，儘管所有這些事情都會發生變化，但我們仍將專注於我們的發展方向，推陳出新，充分利用我們所擁有的資源，利用我們的支援技術來採取有意義的舉措。如果有機會，我們可以從中受益，那就太好了。但儘管如此，並沒有發生任何會讓我們偏離計劃和執行方法的事情。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Hey, thanks so much for taking the question. To follow-up to Vik's question on Nevro. And congrats, by the way, on the free cash flow generation last year and in the fourth quarter, which if my numbers are right, may have just funded the Nevro deal.

嘿，非常感謝您回答這個問題。繼續回答 Vik 關於 Nevro 的問題。順便說一句，祝賀去年和第四季度產生的自由現金流，如果我的數字正確的話，這可能剛剛為 Nevro 交易提供了資金。

But on that transaction, if you could maybe put the investment - level of investment into context of other programs that you have in place and have had in place, like, I don't know, imaging system, orthopedic robot, trauma. Just to kind of - is this - is this a bigger swing for you? Is it a similar swing, not to compare your - which are your favorites or which you most likely to think are going to be successful. But just in terms of what your investment level, that would be super helpful. And then I have one follow-up.

但對於那筆交易，如果你能將投資水準放到你已經實施和已經實施的其他專案的背景下，例如，我不知道，影像系統、骨科機器人、創傷。只是想 - 這是 - 這是對你來說更大的轉變嗎？這是一個類似的波動嗎？不要比較你的－哪些是你最喜歡的，或哪些是你最有可能認為會成功的。但就您的投資水平而言，這將非常有幫助。然後我還有一個後續問題。

Yes, Matt, thanks for that too. And yes, we'll never really see which trials are favored when we talk about the investments and what have you. But -- to answer your question simply, no, I don't think that this would take a meaningful shift of investment that you would see on our P&L. As you know and as Keith said, we're shooting now at that 6% to 7% range of investment.

是的，馬特，我也謝謝你。是的，當我們談論投資和其他事情時，我們永遠不會真正知道哪些試驗是有利的。但是——簡單地回答你的問題，不，我不認為這會需要你在我們的損益表中看到的重大投資轉變。正如您和 Keith 所說，我們現在的投資目標是 6% 到 7%。

And I think even with this in, you would still see that factored into where we're going. So it really is not anything that we think will take us off track. There are certainly other areas we want to focus on, which is quicker penetration possibly spending on several up as we need to get into that type of business. But again, none of that, that I think you would see us meaningfully move off of where we're going as far as who we are and how we spend.

我認為，即使考慮到這一點，你仍然會看到它影響我們的發展方向。因此，我們認為這確實不會讓我們偏離軌道。當然，我們也想專注於其他領域，那就是更快的滲透，可能需要在多個領域投入資金，因為我們需要進入這類業務。但同樣，我認為你不會看到我們真正偏離我們的目標，就我們是誰以及我們如何花錢而言。

And if I could add a couple of comments. I would say that from a CapEx perspective, looking ahead, I don't think that this materially changes our approach to our capital expenditures for the base Globus business when you bring Nevro in on top of that. And when I step back and look at the business and the purchase price, if I compare the purchase price to tangible book value, we're really -- you're paying basically tangible book, so from an investment perspective, that seemed to make sense for really what we were getting tying back to what Dan noted on the long-term growth potential we see with this business under our umbrella.

我可以補充幾點評論。我想說，從資本支出的角度來看，展望未來，當你將 Nevro 引入其中時，我認為這不會從根本上改變我們對基礎 Globus 業務的資本支出方式。當我退一步審視業務和購買價格時，如果我將購買價格與有形賬面價值進行比較，我們實際上 - 你支付的基本上是有形賬面價值，因此從投資角度來看，這似乎確實有意義，因為我們得到的回報與丹所說的我們旗下這項業務的長期增長潛力有關。

That's helpful. And then the follow-up was just on the last couple of quarters have been very strong in terms of robot placements. And I just wanted to get a sense, I think I asked the same question maybe last kind of the quarter before, so I'm sorry. But just how deep into the like the ranks of your new base of colleagues, Globus colleagues that you are. How deep are we into doing robot deals here? Are we 20%, 30% into the ranks or successfully executing? Or are we halfway there? Just to get a sense of what kind of lift we could see going forward? Thanks so much.

這很有幫助。後續情況是，過去幾季機器人的部署情況非常強勁。我只是想了解一下，我想我可能在上個季度問過同樣的問題，所以很抱歉。但是，您與新同事、Globus 同事的聯繫到底有多深呢？我們在這裡做機器人交易有多深入？我們是否已進入 20%、30% 的行列，或是否已成功執行？或者說我們已經走到一半了？只是想了解未來我們能看到什麼樣的提升？非常感謝。

Yes, thanks, Matt. I'll tell you in an interesting way, I would say it's actually better than that. We really just have had reline and Modulus ready to go, the instrumentation out there and getting it approved. And so you're really at the cusp of penetrating. We've sold some, but I would tell you that I wouldn't assign a character of 20% or more to that.

是的，謝謝，馬特。我會以一種有趣的方式告訴你，我會說它實際上比那更好。我們實際上剛剛準備好了襯砌和模量，儀器也已到位並獲得批准。所以你確實正處於滲透的尖端。我們已經賣出了一些，但我要告訴你，我不會為它分配 20% 或更多的角色。

I really think that we're just starting and as we've always said, 2025 was the year to go in and penetrate those. I think we're on target for that. So I think that the lift and the strength that we are going to see this year in those placements will be deeper in NuVasive than we have in the past, okay.

我真的認為我們才剛剛開始，正如我們一直所說的那樣，2025 年是進入並滲透這些領域的一年。我認為我們已經達到目標了。所以我認為，今年我們在 NuVasive 中看到的提升和實力將比過去更深，好的。

And Matt, just 1 thing to add to that. Just stepping back from that, I don't see that changing the mix or cadence of our capital sales, typically Q2 and 4 still the heaviest quarters. I still see that being the case as we get into '25.

馬特，我只想補充一點。退一步說，我認為這不會改變我們的資本銷售組合或節奏，通常第二季和第四季仍然是最繁忙的季度。當我們進入 25 年時，我仍然認為這種情況仍然存在。

Sure. So step down in Q1 sequentially and then working your way back to Q4?

當然。那麼，請依序從 Q1 開始，然後再回到 Q4 嗎？

Correct.

正確的。

Thank you so much.

太感謝了。

Thank you.

謝謝。

David Saxon, Needham and Company.

大衛‧薩克森 (David Saxon)，尼德漢姆公司。

Great. Hi. Good afternoon, guys. Thanks for taking my questions. And congrats on the quarter. Maybe, Keith, a couple on the P&L. So can you just talk about the gross margin cadence we should be thinking about throughout the year as you work to in-source some of the NuVasive manufacturing?

偉大的。你好。大家下午好。感謝您回答我的問題。恭喜本季取得佳績。基思，也許，損益表上有一對夫婦。那麼，您能否談談在您致力於將部分 NuVasive 製造業務轉為內部生產時我們應該考慮的全年毛利率節奏？

And then the R&D guidance, it looks like it implies a step-up in dollars. So would love to hear what's driving that, where the incremental dollars going? And then I'll have a follow-up.

然後是研發指導，看起來它意味著資金的增加。所以我很想聽聽是什麼推動了這一進程，增量資金流向了哪裡？然後我會跟進。

Yes, sure. So my comments are going to be fairly limited. I mean from a gross margin cadence perspective, we said that 2025 would be -- show some modest improvement in gross margin because remember, the in-sourcing is focused on getting the machines online and program this year. You're going to build inventory, which will roll through the P&L in 2026. So I expect to see the most gross margin expansion next year.

是的，當然。所以我的評論相當有限。我的意思是，從毛利率節奏的角度來看，我們說 2025 年的毛利率將會略有改善，因為請記住，內部採購的重點是讓機器在今年上線並進行程式設計。您將要建立庫存，這些庫存將在 2026 年計入損益表。因此我預計明年毛利率將出現最大成長。

As I think as we move throughout the year, you'll see some modest improvement quarter-to-quarter, but you have to remember, again, in my earlier comment, what quarters are heavier with capital. When you think about investment for R&D stepping forward into 2025, we're just continuing to invest across our business.

我認為，隨著我們全年的發展，你會看到季度間出現一些適度的改善，但你必須再次記住，在我之前的評論中，哪些季度的資本投入更大。當您想到 2025 年的研發投資時，我們將繼續在整個業務中進行投資。

As we, like from a base perspective, our dollar investment will increase a little bit. But when you think about kind of our plans, if you go back several years, our investment initially in I&R kind of happened. And as that came online, we shifted those dollars to other areas in our portfolio. That concept keeps going.

從基礎角度來看，我們的美元投資將會略有增加。但是當你考慮我們的計劃時，如果你回顧幾年前，我們最初在 I&R 方面的投資就已經發生了。隨著這項計劃的實施，我們將這些資金轉移到了投資組合的其他領域。這概念一直延續至今。

But as Dan said earlier, we're always investing for the long term. So if we see opportunities to drive growth, we're going to bring that investment to market. And right now, as we move forward into 2025, we want to keep that new product cadence going. So we're going to continue to drive investment across the portfolio.

但正如丹之前所說，我們始終在進行長期投資。因此，如果我們看到推動成長的機會，我們就會將這項投資推向市場。現在，隨著我們邁入 2025 年，我們希望保持這種新產品的節奏。因此，我們將繼續推動整個投資組合的投資。

Okay. Great. Thanks for that. And then maybe just a follow-up on the Nevro deal. I think in the script, you talked about the potential to see benefit for a next-gen spinal implant. That sounds interesting. Maybe can you just elaborate on that and kind of what does that actually look like? Thanks so much.

好的。偉大的。謝謝。然後也許只是對 Nevro 交易的後續跟進。我認為在劇本中，您談到了下一代脊椎植入物可能帶來的益處。聽起來很有趣。也許您能詳細說明一下這一點以及它實際上是什麼樣子的？非常感謝。

Yes. Thanks. I'll make the answer short and say no. It really is about what we're developing in our product portfolio. And I think you know us, we don't tend to talk about future products and where we're going until we're right at launch. So I'm just simply putting out there the note to thinks beyond neuromod into where this can be applicable in many things, including data. And so still working through those. I would say stay tuned, but nothing that's on the forefront coming out this year, just a little bit more long-term strategy where this makes sense.

是的。謝謝。我的回答很簡短，那就是「不」。這實際上與我們正在開發的產品組合有關。我想你們了解我們，我們通常不會在產品發布前談論未來的產品和我們的發展方向。因此，我只是簡單地提出一個觀點，即超越神經調製，它可以應用於許多事物，包括數據。因此仍在努力解決這些問題。我想說的是，請繼續關注，但今年不會有任何重大新聞，只是一些更有意義的長期策略。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Jason Wittes, ROTH.

傑森·維特斯（Jason Wittes），羅斯（ROTH）。

Hi. Thanks for taking the questions. Just on the Nevro deal, in terms of how you get this business accretive in the first year or after the first year. I assume most of that is just simply scale and improving distribution? Or how should we think about that?

你好。感謝您回答這些問題。就 Nevro 交易而言，關於如何在第一年或第一年後使這項業務增值。我認為其中大部分只是簡單的規模和改善分佈？或者我們應該如何思考這個問題？

And related to that, it would be helpful to understand on the SG&A line, how much of that is sales and how much of that is G&A?

與此相關，了解銷售、一般及行政費用 (SG&A) 總額中有多少是銷售額、有多少是一般及行政費用 (G&A) 會很有幫助。

I'm going to keep my comments somewhat limited because the deal hasn't closed yet. When I think about Nevro and moving the business forward, we want to get that business scaled to drive profitability. Obviously, that will come at some point with sales growth, but also taking a hard look at cost.

由於交易尚未完成，我將只發表有限的評論。當我考慮 Nevro 並推動業務發展時，我們希望擴大業務規模以提高獲利能力。顯然，這將隨著銷售額的成長而實現，但同時也需要認真考慮成本。

I think when you look at the approach we've taken with maintaining sales growth and managing costs with the NuVasive merger. I think it's a fair way to look at Nevro once it closes, but I want to keep my comments fairly limited.

我認為，當您看到我們透過與 NuVasive 合併來保持銷售成長和管理成本的方法時。我認為這是看待 Nevro 關閉後的公平方式，但我希望我的評論保持相當有限。

Okay. I appreciate that. Maybe if I could just push you on one more Nevro-related question. I assume there's some dis-synergies just based on kind of the - comparing sort of what consensus is for Nevro versus what you're looking for, assuming a late second quarter closure. I don't know if you can comment on what the expectation is in terms of potential top line dis-synergies from the deal.

好的。我很感激。也許我可以再問您一個與 Nevro 相關的問題。我認為存在一些不協同效應，只是基於某種程度上的比較——比較對 Nevro 的共識與你所期待的，假設第二季末結束。我不知道您是否可以評論一下這筆交易對潛在營收不綜效應的預期是什麼。

Jason, one of the things I'd probably put out there since we haven't really gone in and closed the deal, and we still have to shareholder approvals and et cetera. Let's kind of pause on that. We'll share it when it's right. I just think the timing is off right now for us to get into that level.

傑森，我可能會提出的一件事是，因為我們還沒有真正完成交易，我們仍然需要獲得股東的批准等等。讓我們暫停一下。當合適時，我們會分享。我只是認為現在我們還沒有達到那個水平。

Okay. Why don't I switch gears and just ask one more question unrelated to Nevro, if you don't mind. And that is if I think about your enabling tech business, how - what is the take rate for imaging? And are you seeing just straight up imaging sales? I mean I'd love to get an understanding of sort of how that's developing now that you kind of have a full suite of products and sort of who's buying what? Are they buying a full suite, buying partial suite? And or are they simply buying the imaging piece would be really helpful to understand.

好的。如果您不介意的話，我為什麼不換個話題再問一個與 Nevro 無關的問題呢？如果我考慮一下您的支援技術業務，那麼成像的接受率是多少？您看到的只是直接成像銷售嗎？我的意思是，我很想了解現在你們有全套產品，而且誰在買什麼，情況是怎麼樣的？他們是購買全套還是部分套裝？或者他們只是購買成像部件，這確實有助於理解。

Yeah. The answer is kind of a little bit mixed. We're definitely seeing acceleration in sales of imaging. There's no doubt about that. And they are both stand-alone and often in a package. So it really just depends on what the customer wants. I would say, in total, it's accelerating, it's increasing. And it really just depends on the mix of when they want it. It's probably almost a mixed bag. It's not unusual to have both go through. So good position, but again, really just depends on what the customer wants.

是的。答案有點混亂。我們確實看到成像產品的銷售正在加速成長。毫無疑問。它們既是獨立的，又經常包含在一個包中。所以這實際上取決於客戶想要什麼。我想說，總的來說，它正在加速，正在增加。這實際上取決於他們何時想要它。它可能幾乎是一個混合體。兩種情況都發生並不罕見。這是一個很好的定位，但實際上這還是取決於客戶的需求。

Okay, great. I'll jump back to you. Thank you very much.

好的，太好了。我會跳回給你。非常感謝。

Thank you.

謝謝。

Shagun Singh, RBC.

沙根·辛格，RBC。

I guess two for me. The first is just on Nevro. The company has had some challenges in the SCS market in recent quarters. What your assessment of what caused those? Is it the market? Is it the technology? Is it the commercial focus? And why do you think you can be successful with this asset?

我想對我來說是兩個。第一個是關於 Nevro 的。近幾個季度，該公司在 SCS 市場遇到了一些挑戰。您如何評價造成這些情況的原因？是市場嗎？是技術嗎？這是商業焦點嗎？您為什麼認為您可以利用這項資產獲得成功？

And then the second question just focuses on M&A. I think this acquisition does give you -- expands your call point to the interventionalist. Should we expect you to do more M&A to fill the back to cater to that call point?

第二個問題只關注併購。我認為這次收購確實為你帶來了——擴大了你對介入專家的呼叫點。我們是否應該期望您進行更多的併購來填補空缺以滿足該呼叫點？

Shagun, I would say when you think about Nevro and what we think we can do with it, I mean, the market -- the market is there. I would say that never probably hasn't grown as fast as the market over the last couple of years. I think that bringing it under our umbrella and allowing it to really get into our larger spine business, creates opportunities for us. I think our scale and the strength of our balance sheet also helps to maybe sell some of these products in I would say that those are two key drivers from my perspective.

沙岡，我想說，當你想到 Nevro 以及我們認為可以用它做什麼時，我的意思是，市場——市場就在那裡。我想說的是，它可能從來沒有像過去幾年的市場那樣成長得那麼快。我認為，將其納入我們的保護範圍並允許其真正進入我們更大的脊椎業務，為我們創造了機會。我認為我們的規模和資產負債表的實力也有助於銷售其中一些產品，從我的角度來看，這是兩個關鍵驅動因素。

Yes, I'm going to agree with that. I think there's a couple of things. Obviously, they needed to be selective in where they worked and what they could do and how they did invest. I think there's a little bit of market hesitation on size and viability that may have had some impact with them. I think we're coming in and making it clear that we're into this high-frequency technology.

是的，我同意。我認為有幾件事。顯然，他們需要選擇工作地點、工作內容和投資方式。我認為市場對規模和可行性有些猶豫，這可能會對他們產生一些影響。我認為我們已經明確表示我們進入了這種高頻技術。

We believe it is the way and we're going to use our scale and our balance sheet, as Keith said, to go push that with them. So I think that's really what we're looking to do over coming.

我們相信這是可行的方法，正如基斯所說，我們將利用我們的規模和資產負債表與他們一起推動這一目標。所以我認為這確實是我們想要做的事情。

To answer your second part of the question, it's certainly possible as we look to fill this out. But again, let's get this first, get it in place first, evaluate what it is we have that we're building internally versus what we may want to do inorganically and then we'll decide to do that. I don't know if anything would occur of size or meaningful scale right now. And I would tell you we have nothing on the radar for that.

回答問題的第二部分，當我們試圖填補這一空白時，這當然是可能的。但是，我們再說一次，先把它放到位，評估一下我們內部正在建造什麼以及我們可能想要無機地做什麼，然後我們再決定怎麼做。我不知道現在是否會發生任何規模大或有意義的事情。但我可以告訴你，我們對此還沒有任何準備。

And Shagun, the only thing I would add to Dan's comments is, as I think about the Globus business, there -- we see plenty of organic sales opportunity and growth for us internally to drive innovation. Absolutely, M&A will become a bigger part of our portfolio as time passes, but there are -- we see plenty of organic growth opportunities still.

沙岡，我對丹的評論唯一想補充的是，當我想到 Globus 業務時，我們看到了大量有機銷售機會和內部成長，可以推動創新。當然，隨著時間的推移，併購將成為我們投資組合中更重要的一部分，但我們仍然看到大量的有機成長機會。

Caitlin Cronin, Canaccord Genuity.

凱特琳‧克羅寧 (Caitlin Cronin)，Canaccord Genuity。

Hi. Congrats on great quarter. Just to touch on Nevro. Yes. Just to touch on Nevro, how important is their SI joint portfolio to your decision to acquire the company? And with that, the access to the interventionalist paying call point for your current SI portfolio?

你好。恭喜本季取得如此出色的成績。只是想談談 Nevro。是的。簡單談談 Nevro，他們的 SI 聯合投資組合對於你們收購該公司的決策有多重要？這樣一來，您就可以存取您目前 SI 投資組合的干預主義付費呼叫點嗎？

It's a great question. I would say that while it is interesting, it was not a driving force or even something we valued out any level of significance with this. I think it's a bag enhancement. We already have some great offerings with SI joint. And I think the question is can this further it out.

這是一個很好的問題。我想說的是，雖然這很有趣，但它並不是驅動力，甚至不是我們重視的任何重要因素。我認為這是一個包增強功能。我們已經為 SI 關節提供了一些出色的產品。我認為問題是這能否進一步推動這一進程。

And again, we'll have to get through the approval before we get deep enough to truly evaluate this and see. But again, not a driving force of where we said it would go or the reason to drive the deal.

再次強調，我們必須先獲得批准，然後才能深入真正的評估和觀察。但再次強調，這並不是我們所說的推動力，也不是推動交易的原因。

Got it. And then just touch on Excelsius Flex, which launched in the Q4. How is the launch going? And what's the commercial strategy in 2025 and beyond?

知道了。然後讓我們來談談第四季推出的 Excelsius Flex。發射進度如何？2025年及以後的商業策略是什麼？

Dan mentioned that keeping the comments fairly brief at this point. As we go into 2025, obviously, we will begin to work to market that and sell it. But we had said in earlier calls, that we don't see that being a meaningful part of revenue in 2025. This is still something that's a crawl walk run. It's out.

丹提到此時的評論要保持簡短。隨著我們進入 2025 年，顯然我們將開始致力於行銷和銷售它。但我們在先前的電話會議上說過，我們認為這不會成為 2025 年收入的重要組成部分。這仍然是一種爬行、行走和奔跑的過程。出來了。

We're working to sell it. But as time passes, we will start to see cumulative effects. That to me is more of a 2026 event.

我們正在努力銷售它。但隨著時間的推移，我們將開始看到累積效應。對我來說，這更像是 2026 年的事件。

And what I would add to that, too, is very similar to what we did with Spine is we'll offer a variety of options for people to go out to get this, right? And so it really just depends on what perhaps we're willing to do with the customer and go. And so I feel pretty good. Again, the strength of our balance sheet can help us do a lot of those things.

我想補充的是，這與我們對 Spine 所做的非常相似，我們將為人們提供多種選擇來獲得它，對嗎？所以這實際上取決於我們願意為客戶做什麼。所以我感覺很好。再次，我們強勁的資產負債表可以幫助我們做很多事情。

But we continue as well to flesh out and strengthen all of the implants that go around that. And so it's a holistic approach of the robotic procedure with these new implants, and we still have to scale up and finish up some of those implants to make sure we get more uptake in the market.

但我們也會繼續充實和加強與之相關的所有植入物。因此，這是利用這些新植入物進行機器人手術的整體方法，我們仍然需要擴大規模並完成其中一些植入物，以確保我們在市場上獲得更多的認可。

Craig Bijou, Bank of America Securities.

克雷格‧比約 (Craig Bijou)，美國銀行證券公司。

Good afternoon, guys. Thanks for taking the questions. So I want to start with Nevro, but maybe from a bigger picture perspective. Obviously, as was noted in a couple of the other questions, you're going to have access to interventional pain docs, international spine specialists. And we just saw a [Stryker] sell their implant business and retain the Interventional Spine business. So I guess, Dan, I wanted to get your thoughts on the the convergence or how those two channels play out over time in the spine surgeon and the interventionalists? And if there is some conversions that happens over the next 5, 10 years?

大家下午好。感謝您回答這些問題。所以我想從 Nevro 開始，但也許從更大的角度來看。顯然，正如其他幾個問題中所指出的，您將可以接觸介入性疼痛醫生和國際脊椎專家。我們剛剛看到 [Stryker] 出售其植入物業務並保留介入脊椎業務。所以我想，丹，我想聽聽你對脊椎外科醫生和介入科醫生之間的融合或這兩個管道如何隨著時間的推移發揮作用的看法？如果未來 5 年、10 年內發生一些轉變呢？

Just want to get your thoughts there.

只是想了解你的想法。

Thanks, Craig. I think what you're asking, there's always potential for that. And as more procedures come, there's always the interventionalists that may have the ability to do that. We're not signaling a clear step into that or that we're shifting away from anything that's our core spine with this. Remember, we were really pleased with what that high-frequency technology can do.

謝謝，克雷格。我認為你所問的問題總是有可能發生。隨著越來越多的手術的出現，總會有介入專家有能力做到這一點。我們並沒有發出明確的信號表明我們將採取這項舉措，或放棄我們的核心支柱。請記住，我們對高頻技術的效果感到非常滿意。

And like I said, longer-term applications of it throughout. And so that was really our main focus right now. It doesn't mean we're not. It doesn't mean maybe never. It's just right now, let's get past this, get the shareholder approval make sure we see what we have, capitalize on the reason for our purchase here.

正如我所說的，它的長期應用貫穿始終。所以這確實是我們現在關注的重點。這並不意味著我們不是。這並不意味著可能永遠不會。現在，讓我們克服這個困難，獲得股東的批准，確保我們看到我們所擁有的，並利用我們在此購買的理由。

And then from there, so can we expand in the future.

然後從那裡開始，我們將來就可以擴展。

Got it. That's helpful. And then maybe just bigger picture on the spine market. Your thoughts as you enter '25, are you still as bullish on the prospects for the market -- the spine market ended the year pretty strong. So maybe just your thoughts on where you see it going next year and beyond.

知道了。這很有幫助。然後也許只是脊椎市場的更大圖景。當您進入 25 年時，您是否仍然對市場前景持樂觀態度——脊椎市場在年底表現相當強勁。所以也許只是您對明年及以後的發展方向的看法。

Yes. And as you know, it's always a guess, right? I think it was a strong year. Do I think it will continue to accelerate or get up into some high single digits? My answer is no.

是的。而且如你所知，這始終只是猜測，對吧？我認為這是強勁的一年。我是否認為它會繼續加速或達到較高的個位數？我的答案是「不」。

I think it has historically been around that 3%. And I think over some period of time, it will trend somewhere around that over the long term. But again, keep our eye on it. I think the point is, regardless of what its growth is goal is to outpace it through the innovation and through the investment in set expansions and those type of things. But as we look at it, I'm still going to go back to the low single-digit look that we know historically and that's kind of our main assumption as we look at it in this year and the upcoming few.

我認為歷史上這個比例一直在 3% 左右。我認為在一段時間內，它會長期保持這樣的趨勢。但請再次關注。我認為關鍵在於，無論其成長目標是什麼，都要透過創新、對擴展和諸如此類的投資來超越它。但當我們審視它時，我仍然會回到我們歷史上所知的低個位數預測，這也是我們今年和未來幾年的主要假設。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

Hey guys, I'm [Li Young] on for Matt. I guess first question I was wondering with the AAOS on comment. Should we expect to see more of your knee and hip implants and the ortho robot portfolio at the conference. And if you can talk a little bit related to that, ASCs are kind of a hot topic at the conference. If you can comment a little bit about what's the ASP for spine and the value prop for robotics in -- as for ASP for spine.

大家好，我是馬特的 [李楊]。我想第一個問題是我對 AAOS 的評論感到疑惑。我們是否應該期待在會議上看到更多您的膝關節和髖關節植入物以及矯正機器人產品組合？如果您能稍微談談相關內容，ASC 是會議上的熱門話題。如果你可以稍微評論一下脊椎的 ASP 以及機器人技術的價值主張 - 至於脊椎的 ASP。

So, with the WAOS, yeah, we will have a bigger presence now that we have a bigger bag and we've moved our technology through to approval. So you will see some of that, or more of that than we have been able to do in the past as we get there.

是的，有了 WAOS，我們的影響力將會更大，因為我們有了更大的包裝，而且我們的技術也獲得批准。因此，當我們到達那裡時，您將會看到一些這樣的情況，或者比我們過去所能看到的更多這樣的情況。

Your ASC question a little bit more on the spine side. I know it's a hot topic, right? Will they expand and continue to grow? The answer is yes. Will it ever be 100% unlikely. I think we just have to understand where it's going to get to and in doing so, offer value to patients and not disrupt hospitals or create bankruptcy for hospitals and look at where that is. So as we balance out where patient care is, we're going to be ready to support these and go.

您的 ASC 問題更多地涉及脊椎方面。我知道這是一個熱門話題，對吧？它們會擴張並繼續增長嗎？答案是肯定的。這是否會 100% 不可能發生？我認為我們只需要了解它將達到什麼程度，並在這樣做的過程中為患者提供價值，而不會擾亂醫院或導致醫院破產，並看看它在哪裡。因此，當我們平衡患者護理時，我們將做好準備並繼續提供支援。

And with that work with surgeons to see what makes the best sense to go through that. Tough to call the number because it's all over the board with what people think. But again, at the end of the day, we're not thinking it goes away, nor do we think it becomes the only thing out there, and we just sort of positioning ourselves to, kind of, if you will be in the middle to understand where that growth is perhaps similar to or even less than where joints are landing.

並與外科醫生合作，尋找最佳的治療方法。很難說出具體數字，因為人們對此的想法各不相同。但說到底，我們並不認為它會消失，也不認為它會成為唯一存在的東西，我們只是將自己定位在中間，以便了解這種增長可能與關節著陸的位置相似甚至更低。

Okay. Great. Very helpful. I guess a quick follow-up on the navigation headset product. I was curious if you can talk about some of the key benefits of that product and also the economic model for it.

好的。偉大的。非常有幫助。我想快速跟進導航耳機產品。我很好奇您是否可以談談該產品的一些主要優點以及它的經濟模式。

Sure. As far as economic model, it's going to work with the hub. That's really the main thing, and it will eventually have robotic application as well. So we go through that. The main thing beyond its lightweight ability, more data, the ability to flow through is just going to be the line of sight directly on to your patient as opposed to looking off on a screen.

當然。就經濟模式而言，它將與中心協同工作。這才是真正最重要的事情，它最終也將應用於機器人領域。所以我們就經歷了這一切。除了輕量級能力、更多數據、流通能力之外，最主要的是將視線直接投射到患者身上，而不是盯著螢幕。

One of the things I really like is the fact that with those cameras, as well. It doesn't -- it creates less interruption with people who are around the operating table. And it's also a great teaching tool because if you have someone you're teaching, you can actually see through their eyes what they're seeing directly is going to help them out that way. So it's lightweight. It's got a great line of sight.

我真正喜歡的事情之一就是這些相機。不會——它對手術台周圍的人們造成的干擾更少。它也是一個很好的教學工具，因為如果你正在教導某個人，你實際上可以透過他們的眼睛看到他們所直接看到的東西，這將以這種方式幫助他們。所以它很輕。它的視線非常好。

It has the ability to help you have better visualization when it comes to not blocking cameras.

當不阻擋攝影機時，它能夠幫助您獲得更好的視覺化效果。

And then as a teaching tool itself, it's really something that I think can become useful as we get deeper into teaching institutions with it. Economic model is really tough to explain. And of course, we're looking to sell them. And if there's other reasons to do not and come up with a different package, we'll consider it. But I think right now, along with the hub, that's going to be the main thing that we'll put out for people to purchase.

然後，作為一種教學工具，我認為隨著我們深入教學機構，它確實會變得有用。經濟模型確實很難解釋。當然，我們也希望出售它們。如果有其他理由不這樣做並提出不同的方案，我們會考慮。但我認為現在，連同中心一起，這將是我們向人們推出的主要購買產品。

We have the ability to really sell ramp lease, we can do it really in any way that the customer is looking to do, but it will be a complementary purchase with existing capital.

我們有能力真正銷售坡道租賃，我們可以按照客戶希望的任何方式進行銷售，但這將是對現有資本的補充購買。

Okay, thank you very much.

好的，非常感謝。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

This is Ben on for Rich. I see that the 2025 EPS range, including the acquisition is $310 million to $340 million. So I'm wondering if you can talk about some considerations that may drive that either to the top or the bottom of that range?

這是 Ben，代替 Rich。我看到包括收購在內的 2025 年每股收益範圍是 3.1 億美元至 3.4 億美元。所以我想知道您是否可以談談一些可能導致該範圍達到最高或最低的考慮因素？

That's a great question. Again, I'm going to keep my comments limited. I go back to the fact that we noted, we expect it to close the back half or the back half of the second quarter, late in the second quarter. So you should assume that the sales are going to go along that cadence. From the standpoint of the guidance range, it really comes back to, number one, driving sales retention or driving modest sales growth as well as our ability to really get better control of the cost structure.

這是一個很好的問題。再次強調，我將限制我的評論。我回到我們提到的事實，我們預計它將在第二季後半段或第二季後半段，即第二季末結束。因此，您應該假設銷售將會按照這個節奏進行。從指導範圍的角度來看，它實際上回歸到了第一點，推動銷售保留或推動適度的銷售成長，以及我們真正更好地控製成本結構的能力。

I'll leave my comments there. as you think about our overall combined implied guidance.

我會在那裡留下我的評論。當您考慮我們的整體綜合隱含指導。

Thank you. And just one more. So I know there's been some discussion throughout medtech of potential tariff exposure for companies that manufacture internationally or a business there. And I'm wondering whether you have any exposure on what your thoughts is on the matter.

謝謝。還有一個。因此，我知道整個醫療技術領域一直在討論在國際上生產或在國際上開展業務的公司可能面臨的關稅風險。我想知道您是否能透露您對此事的看法。

Our exposure is very limited. Roughly 95% of our products are US-based or sourced in the US So any tariff exposure is extremely immaterial to our cost structure for 2025, and that's assuming 10% or 25%.

我們的曝光度非常有限。我們大約 95% 的產品都在美國生產或採購，因此任何關稅風險對我們 2025 年的成本結構都極為不重要，假設為 10% 或 25%。

I'd even add the other 5% is more of long-term instrumentation as opposed to implants or disposables as well. So it even further limits down the risk that we see.

我甚至還要補充一點，另外 5% 更多的是長期儀器，而不是植入物或一次性用品。因此它進一步降低了我們看到的風險。

Thank you.

謝謝。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Thanks for taking the questions. Sorry about the background sorry to keep beating this Nevro horse. But just on the profitability side of things, you talked about getting back to mid-30s EBITDA margins for the overall business. Is that still possible with all the investments that you have to put into Nevro and the updated products? Or maybe said another way, if you can get there, is it just going to be pushed out a little bit versus kind of what we were expecting before you made this investment?

感謝您回答這些問題。抱歉，背景很抱歉繼續毆打這匹 Nevro 馬。但僅從獲利能力來看，您談到要讓整個業務的 EBITDA 利潤率回到 35% 左右。鑑於您對 Nevro 和更新產品投入了大量資金，這是否仍有可能實現？或者換句話說，如果你能實現這一目標，那麼與你在進行這項投資之前我們所預期的相比，它是否會稍微推遲一點？

I would say that's a great question, Matt. My prepared comments, I focused on getting back to mid-70s gross profit that's still our goal, even with bringing Never into the fold. I think their gross margin profile lines up pretty well with ours, and we think we can drive operational improvements to enhance margins. So really, the big thing I look at is SG&A spend.

我想說這是一個很好的問題，馬特。我準備好的評論是，我專注於恢復到 70 年代中期的毛利，這仍然是我們的目標，即使將 Never 納入其中。我認為他們的毛利率狀況與我們的相當一致，我們認為我們可以推動營運改善以提高利潤率。所以，我真正關注的是銷售、一般及行政費用 (SG&A) 支出。

And that's something we'll continue to examine as time passes. I wouldn't say it would move off of our mid-30s goal. But as we grow as a company, our focus really shifts a little bit more towards just overall EPS growth. I think that we can maintain a high EBITDA profile and so get to that Globus historical mid-30s. But in the near term, focus is on, again, in-sourcing the NuVasive merger, driving that gross profit expansion next year, the majority of it next year, achieving the additional synergies and then bringing Nevro into the fold and really falling back on some of the comments I just made as it relates to their spend structure.

隨著時間的推移，我們會繼續研究這個問題。我不會說它會偏離我們 30 多歲的目標。但隨著公司的發展，我們的重點確實更多地轉向整體每股收益成長。我認為我們可以保持較高的 EBITDA 水平，從而達到 Globus 歷史性的 30 年代中期水平。但在短期內，重點是再次將 NuVasive 合併納入內部，推動明年的毛利擴張，其中大部分是明年的毛利擴張，實現額外的協同效應，然後將 Nevro 納入其中，並真正回到我剛才就其支出結構所做的一些評論。

Understood. And then a question for Dan. I know there's still concerns out there that you could see more dislocation from the basic sales force or just being combined sales force about a year after the close of that deal. Is that something -- I know you said you had some of the best new rep hires. But have you seen retention move at all?

明白了。然後問丹一個問題。我知道人們仍然擔心，在交易結束大約一年後，基本銷售團隊或合併後的銷售團隊可能會出現更多混亂。這是什麼情況——我知道您說過您僱用了一些最優秀的新銷售代表。但你有沒有看過留存率的變化呢？

Or is that better than you expected? Maybe just a little bit of commentary about your confidence in retaining a lot of these reps as we move past that one-year mark.

或者說這比你預期的還要好嗎？也許我只是想稍微評論一下，看看您是否有信心在一年後還能保留大量代表。

Yes, it's a great question. And if you remember, too, we talked a while back, it's not that everyone were on some special guarantees that all expire over time. That was something that was an odd rumor that was put out there. These folks are out there doing their thing, and retention has been great. It doesn't mean we haven't lost people, but it's actually less than I would have anticipated.

是的，這是一個很好的問題。如果您還記得的話，我們之前曾討論過，並不是每個人都享有一些特殊的保證，這些保證都會隨著時間的推移而失效。這是一個奇怪的謠言。這些人都在做自己的事情，而且保留率很高。這並不意味著我們沒有失去人員，但實際上比我預期的要少。

The retention is really high. Thanks to the great leadership and the structure that was set up out there. I've been out traveling the country extensively and boy, sure feels good to me with where they are. I think putting 18 new products in the hands of reps can be great. I think helping a lot of them with the compensation increases that we did when we brought [Nova] into us is a good thing.

留存率確實很高。感謝偉大的領導和建立的結構。我曾廣泛地​​遊歷過這個國家，他們的存在確實讓我感覺很好。我認為將 18 種新產品交到銷售代表手中是一件很棒的事。我認為，當我們引入 [Nova] 時，透過提高薪酬幫助了很多人，這是一件好事。

And when they look and come here and see that those products and the future products are even more powerful.

當他們來到這裡時，發現這些產品和未來的產品更強大。

I think folks really understand that this is the destination of choice. So I feel good about it. I think that's also why we're getting a lot of competition coming in to look at us and see if they can sign up with us. So so far, it's been great. It doesn't mean we don't keep our eyes on it.

我認為人們確實明白這是他們選擇的目的地。所以我對此感覺很好。我認為這也是為什麼我們面臨如此多的競爭對手，他們來關注我們，看看是否能與我們簽約。到目前為止，一切都很棒。這並不意味著我們不關注它。

We have to work and earn those people and keep them with us. We respect who they are and what they do. But I think so far, we're doing our best to keep them there, and they seem great to be responding to us.

我們必須努力工作，贏得這些人的支持，並讓他們留在我們身邊。我們尊重他們以及他們所做的事情。但我認為到目前為止，我們正在盡最大努力讓他們留在那裡，而且他們似乎也對我們做出了很好的回應。

(Operator Instructions)

（操作員指示）

Steve Licthman, Oppenheimer.

奧本海默的史蒂夫·利克斯曼。

This is [Amir] on for Steve. And I just have two questions. My first question is -- are you guys seeing any changes in the capital purchasing appetite for customers as in are you guys seeing any increased shift towards rental or volume deals as you enter 2025?

這是 [Amir] 為史蒂夫表演的。我只有兩個問題。我的第一個問題是——你們是否看到客戶的資本購買意願有任何變化，例如進入 2025 年，你們是否看到向租賃或批量交易的轉變有所增加？

That's a great question. This is Keith. As I think about the appetite, I think the capital market remains strong. Earlier, we got a question, right? I made a statement that I still see the cyclical nature of capital -- it's a long selling cycle, 8 to 12 months to really secure a robot, a piece of capital with Qs 2 and 4 still being the high watermark quarters.

這是一個很好的問題。這是基斯。當我思考需求時，我認為資本市場依然強勁。之前我們有一個問題，對吧？我發表聲明說，我仍然看到資本的周期性——這是一個漫長的銷售週期，需要 8 到 12 個月才能真正獲得一個機器人，這是一筆資本，其中 Qs 2 和 4 仍然是高水位季度。

In terms of how a customer acquires the capital, -- still the vast majority of our purchases are outright buys on terms where they pay 30 to 60 days. As I think about other ways to offer capital, we can rent, we can lease, we can do volume-based arrangements. I mean we have the ability to match the market, but still the vast majority of our sales are outright purchases.

就客戶如何取得資金而言，我們的絕大多數採購仍然是直接購買，付款期限為 30 至 60 天。當我考慮提供資金的其他方式時，我們可以租賃，可以租借，可以進行基於數量的安排。我的意思是我們有能力滿足市場需求，但我們的絕大多數銷售仍然是直接購買。

Thanks, Keith. And just one last one on my side. It's -- can you give us a sense of the components of the sales guidance for this year by major segments?

謝謝，基斯。我這邊只剩下最後一個了。您能否向我們介紹今年各主要部門的銷售預期組成？

Yes. We historically haven't done that. There's a lot of moving parts and pieces, and we really look at our business in the aggregate. We're comfortable with where our overarching implied guidance is. And if you look back at my prepared remarks, I think you can get a good view of the guide for the year based business Globus and even with considering the pending Nevro acquisition.

是的。從歷史上看，我們還沒有這樣做過。有很多活動部件和環節，我們確實從整體上看待我們的業務。我們對我們的整體隱含指導感到滿意。如果您回顧我準備好的發言稿，我想您就可以很好地了解 Globus 的年度業務指南，甚至可以了解即將進行的 Nevro 收購。

Makes sense. Thank you all.

有道理。謝謝大家。

Thank you.

謝謝。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Hey guys, thanks for taking our questions. I appreciate you fitting me in here. Just a couple of questions for me. I think about the spine business this year through '24, Dan, I think on a pro forma basis, we're kind of hovering low single digits, mid-single digits on a pro forma basis, arguably in line with the spine market. Now the Street is modeling a higher growth rate in '25, as I'm sure you're aware and -- and there's a number of drivers in that portfolio.

嘿夥計們，感謝你們回答我們的問題。感謝您讓我來這裡。我只想問幾個問題。丹，我考慮了今年到 24 年的脊椎業務，我認為在準備基礎上，我們的成長率徘徊在低個位數，中個位數，可以說與脊椎市場一致。現在，華爾街正在預測 25 年的成長率會更高，我相信你已經知道了——而且該投資組合中有許多驅動因素。

I guess what I'm trying to understand and get to is where do you feel like you're under-indexed within particular areas of spine, be it cervical with the simplified this be it can you accelerate maybe some of the legacy surgical support business and biologics from NuVasive or the fact that you didn't have neuromonitoring and legacy Globus, now you do with NuVasive. I'm just wondering if you can kind of dig into that US spine business a little bit and kind of directionally talk about some of the subcomponents within it.

我想嘗試去理解和弄清楚的是，您覺得在脊柱的特定區域內哪些指標不足，無論是透過簡化的頸椎，還是您是否可以加速 NuVasive 的一些傳統手術支持業務和生物製劑，或者事實上您以前沒有神經監測和傳統的 Globus，現在有了 NuVasive。我只是想知道您是否可以稍微深入了解美國脊椎業務，並有針對性地談論其中的一些子組件。

True thing, Ryan. Long question is fun to you answered a lot of the stuff they're in, but I'll just tell you we under-index in biologics. And I think one of the easiest things we could do is get there and move that up further as 1 of the lifts. So that would be probably 1 of the ones -- the other areas you called out not so much, neuromonitoring coming over more into the Globus projects.

確實如此，瑞安。長問題很有趣，你回答了他們所涉及的很多內容，但我只想告訴你，我們在生物製劑方面的索引不足。我認為我們可以做的最簡單的事情之一就是到達那裡並將其作為其中一部電梯進一步提升。所以這可能是其中之一——您提到的其他領域並不多，神經監測更多地融入了 Globus 項目。

And by that, I mean the NCS neuro monitoring coming over. I think that that's a great cross-selling that we call out and say there's opportunity to do it that way. I think the focus on putting together all of the incredible assets we have in pediatric deformity and making that more powerful I think we have this stuff at our fingertips, and we just have to do a better job coordinating launching that, making that stronger out there. I think those three things are great focuses that I really think are there. Truly capitalizing on cross-selling is one of the biggest things for this coming year.

我的意思是 NCS 神經監測正在進行。我認為這是一種很好的交叉銷售，我們呼籲並說有機會透過這種方式來實現它。我認為重點是整合我們在兒科畸形治療方面擁有的所有寶貴資產，並使其更加強大，我認為我們已經掌握了這些東西，我們只需要更好地協調啟動這些工作，使其更加強大。我認為這三件事是我確實關注的重點。真正利用交叉銷售是來年最重要的事情之一。

And honestly, getting the emerging tech, as we've always said, into those newer accounts, all of those things, I think, create strong lift for us as we kind of walk into this year.

老實說，正如我們一直所說的那樣，將新興技術引入這些較新的帳戶，我認為，所有這些都為我們在今年的業績帶來了強勁的推動力。

And the only thing I'd add to Dan's comments really goes back to the enabling tech is as we continue to put more capital out there, we have a robot, we have navigation now. We have imaging -- so there's more of a suite of products and launching those programs successfully should help facilitate future implant sales.

我對丹的評論唯一要補充的是，實際上回到了支援技術，隨著我們繼續投入更多的資金，我們現在有了機器人，有了導航。我們擁有成像技術——因此有更多的產品套件，成功推出這些項目應該有助於促進未來的植入物銷售。

Right. Okay. That's fair. And then, Keith, last one for me. You talked about your 2 synergies, the commonalities, the consolidated external vendors in-house manufacturing, and that's going to be about 40%.

正確的。好的。這很公平。然後，基思，這是我的最後一個問題。您談到了您們的協同效應、共同點、合併的外部供應商內部製造，這將達到約 40%。

What's that last 15% that you're targeting in year 3 just in broad strokes, where do you still have that opportunity as we move -- think about maybe even ['26].

大致來說，你第三年的目標最後 15% 是什麼？隨著我們繼續前進，你在哪裡還有機會——想想甚至['26]。

Yes, the year 3, it's a great question. Year 3 is really going to focus on gross margin expansion -- gross margin rate expansion because, again, you're bringing the machinery in-house this year, you're bringing the products in-house. As you build that, you should start to see a working capital benefit in '25 that will create its way back to the P&L in '26.

是的，第三年，這是一個很好的問題。第三年我們將真正關注毛利率的擴大——毛利率的擴大，因為今年你將把機器帶回公司內部，將產品帶回公司內部。當你建立這個時，你應該開始看到'25年的營運資本收益，它將在'26年回到損益表中。

Okay. All right, thank you guys.

好的。好的，謝謝大家。

Thank you.

謝謝。

Matthew Blackman, Stifel.

馬修布萊克曼，Stifel。

Good afternoon, everybody. I appreciate you taking my question. I'll just leave it to one. Keith, was there anything onetime on the P&L in the fourth quarter? I asked because just do some dumb math and annualize that 4Q EPS of $0.84, which I think you said included $0.06 of FX. We basically get to the bottom end of your stand-alone 2025 EPS range. I appreciate there might be incremental FX headwinds. But is there something else going on? Am I missing something?

大家下午好。感謝您回答我的問題。我就把它留給一個人吧。基思，第四季的損益表上有什麼變化嗎？我之所以問這個問題，是因為只需做一些簡單的數學計算，將第四季度每股收益 0.84 美元年化，我想您說過其中包括 0.06 美元的外匯。我們基本上已經達到了您獨立 2025 年 EPS 範圍的底端。我知道外匯逆風可能會逐漸增加。但還有其他事情發生嗎？我遺漏了什麼嗎？

I commented in my prepared remarks that we had some higher write-offs in inventory. That was a little bit of a drag on gross margin. That's worth a couple of tenths of a point. And down in SG&A, we probably have some higher bad debt expense. But again, in the aggregate, you're talking 1 point, 1.5 points of impact.

我在準備好的發言中提到，我們的庫存注銷量較高。這對毛利率造成了一點拖累。這值十分之幾分。在銷售、一般和行政費用方面，我們的壞帳支出可能會更高。但總的來說，你說的是 1 分、1.5 分的影響。

Okay. But again, $0.85 roughly times 4, gets you to a bottom end $340. And I appreciate it's not linear, but it wouldn't have doesn't seem to assume much incremental synergy capture or revenue growth? Just help me understand what I'm missing about the bridge from where we (inaudible).

好的。但同樣，0.85 美元大約乘以 4，最終結果是 340 美元。我知道這不是線性的，但它似乎不會帶來太多的增量協同效應或收入成長？只是幫我理解我所缺少的關於這座橋的東西（聽不清楚）。

We're comfortable where we're sitting here with year stwoynergies. When I think about -- because you asked about the quarter, -- if you expand out further for the year, there's other headwinds that we saw. There was Stewart bankruptcy earlier in the year that drove a drag on SG&A expense earlier in the year. But overarching, it's still -- I mean it's early. We're confident with where we're positioned going into next year.

我們對目前在這裡所取得的兩年能源成果感到非常滿意。當我想到——因為你問到這個季度的情況——如果你在今年進一步擴張，我們會看到其他阻力。今年早些時候，史都華破產，對當年的銷售、一般及行政費用造成了拖累。但總體而言，現在還為時過早。我們對明年的定位充滿信心。

I feel good about top line and bottom line. And really, we want to continue to drive execution. The $170 million of synergies over three years, we feel good about them. achieved year 1. We feel confident near to.

我對頂線和底線感覺很好。事實上，我們希望繼續推動執行。三年內產生的 1.7 億美元的綜效，我們對此感到非常滿意。已完成第一年。我們感到信心十足。

And like I said, per the earlier question, in year 3, that's where we're going to see the gross profit expansion.

正如我之前提到的，第三年我們將看到毛利的成長。

Okay, I'll leave it at that. Thank you for taking my question.

好的，我就不說了。感謝您回答我的問題。

Thank you.

謝謝。

With no further questions, that concludes the Globus Medical earnings call. Thank you for participating, and you may now disconnect.

如果沒有其他問題，Globus Medical 收益電話會議就此結束。感謝您的參與，您現在可以斷開連接了。