Globus Medical Inc (GMED) 2025 Q1 法說會逐字稿

Welcome to the Globus Medical's first quarter 2025 earnings call. (Operator Instructions)

歡迎參加 Globus Medical 2025 年第一季財報電話會議。（操作員指示）

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

現在我將電話轉給業務發展和投資者關係高級副總裁 Brian Kearns。

Thank you, Brianna, 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 Officer and Chief Financial Officer.

謝謝你，布里安娜，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 和首席營運長兼財務長 Keith Pfeil。

This review is being made available via webcast, accessible through the investor relations section of the Globus Medical website at globusmedical.com. Before we begin, let me remind you that some of the statements made during this review are or may be considered forward-looking statements.

本評論將透過網路直播形式發布，您可透過Globus Medical網站（globusmedical.com）的投資者關係板塊存取。在開始之前，請允許我提醒您，本評論中的部分陳述屬於或可能被視為前瞻性陳述。

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.

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。

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 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。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。

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 財務指標一起閱讀，與最直接可比較的 GAAP 指標的對帳可在新聞稿附帶的附表中以及 Globus Medical 網站的投資者關係部分找到。

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. Globe has had a flat quarter in Q1, finishing slightly down in sales with negative 0.8% growth versus prior year on a constant currency basis.

謝謝，布萊恩，大家下午好。環球航空第一季表現平平，銷售額略有下降，以固定匯率計算，與去年相比成長了 0.8%。

Drivers were softer, enabling tech sales against difficult comp. Temporary integration-related supply chain disruption and timing of international distributor orders partially offset by continued strengthening momentum of the US spying business.

驅動因素較為疲軟，使得科技產品銷售在競爭激烈的市場中保持強勁。與整合相關的暫時性供應鏈中斷和國際分銷商訂單的時間表部分被美國間諜業務持續增強的勢頭所抵消。

Revenue for the quarter was $598 million, non-BPS was $0.68, increasing 9% versus prior year against higher diluted shares and a $0.06 onetime 2024 EPS gain not repeated in 2025.

本季營收為 5.98 億美元，非 BPS 為 0.68 美元，較上年增長 9%，稀釋後每股收益增加，2024 年一次性每股收益為 0.06 美元，2025 年不會重複。

Free cash flow was $141 million increasing $117 million or 493% versus prior year. We returned to debt-free status in Q1, paying off the remainder of the nearly $900 million debt inherited from the invasive merger and generating enough cash to pay for the Q2 never acquisition while investing in the ongoing business without interruption. In addition, We launched 2 new products in Cuba that will aid in driving market penetration.

自由現金流為 1.41 億美元，較上年增加 1.17 億美元，或 493%。我們在第一季度恢復了無債務狀態，償還了侵入性合併所繼承的近 9 億美元債務的剩餘部分，並產生了足夠的現金來支付第二季度的收購，同時不間斷地投資於正在進行的業務。此外，我們在古巴推出了兩款新產品，這將有助於推動市場滲透。

Since the NuVasive deal closed in September of 2023, we've cumulatively added over $1 billion in incremental sales, generated $650 million in free cash flow, and executed over $500 million of share repurchases, reducing deal dilution more than 20%.

自 2023 年 9 月 NuVasive 交易完成以來，我們累計增加了超過 10 億美元的增量銷售額，產生了 6.5 億美元的自由現金流，並執行了超過 5 億美元的股票回購，將交易稀釋減少了 20% 以上。

While Q1 sales are flat, we're already seeing stronger results in Q2 throughout the business as we remediate supply chain disruptions, fill open distributor orders, and close robot deals. We will continue to focus on the long game, investing in sustained, profitable growth, and using our financial strength and discipline to accelerate the top line results while continuing to deliver strong EPS and free cash flow.

雖然第一季的銷售額持平，但隨著我們修復供應鏈中斷、完成分銷商訂單並完成機器人交易，我們已經看到整個業務在第二季度取得了更強勁的業績。我們將繼續著眼於長遠發展，投資於持續的獲利成長，並利用我們的財務實力和紀律來加速營收業績，同時繼續提供強勁的每股盈餘和自由現金流。

Moving into the performance of our business areas, US spying grew 2% in Q1, with gains across our product portfolio in expendables, MIS screws, lateral and ACDF platforms. The core find 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.

談到我們業務領域的表現，美國間諜活動在第一季成長了 2%，我們的消耗品、MIS 螺絲、橫向和 ACDF 平台等產品組合均有所成長。核心發現的成長受到多種因素的推動，包括我們現場銷售團隊各個層級的高留任率、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帶來的植入物拉動。

US Q1 results were impacted by temporary integration-related supply chain disruption, and a planned reduction in third party biologic sales resulting from expected changes in the reimbursement landscape for wound care products, including some of our tissue products.

美國第一季的業績受到與整合相關的供應鏈暫時中斷以及因傷口護理產品（包括我們的一些組織產品）報銷格局預期變化而導致的第三方生物製劑銷售計劃減少的影響。

The reduction in third party biologics was included in our annual guidance, and the supply chain continues to strengthen in Q2. Exiting April, we delivered above market growth in our US spy business and feel positive about the quarters ahead. Competitive rep recruiting was strong in Q1, and the overall recruiting pipeline remains active as we enter our Q2, positioning us for another meaningful recruiting year.

我們的年度指導中包含了第三方生物製劑的減少，並且供應鏈在第二季度繼續加強。四月結束後，我們的美國間諜業務實現了高於市場的成長，我們對未來幾季充滿信心。第一季度，競爭性銷售代表招募勢頭強勁，進入第二季度後，整體招募管道依然活躍，這為我們迎接又一個有意義的招募年奠定了基礎。

As mentioned earlier, we launched two new products in Q1. The Cohere ALIF spacer with integrated screw fixation builds on the clinical success of our Cohere line, now offering surgeons a porous peak solution for anterior lumbar inner body fusion procedures. Our cohere proprietary porous architecture supports bone ingrowth and reduces fibrous encapsulation while maintaining the radiolucency needed for precise interoperative placement and postoperative fusion visualization.

如前所述，我們在第一季推出了兩款新產品。具有整合式螺絲固定的 Cohere ALIF 間隔器以我們 Cohere 系列的臨床成功為基礎，現在為外科醫生提供了用於前腰椎內體融合手術的多孔峰值解決方案。我們專有的多孔結構可支持骨骼生長並減少纖維包裹，同時保持精確的術中放置和術後融合可視化所需的射線透明度。

The cohere ALIF spacer meets surging demands for improved [oste] integration without sacrificing imaging clarity or mechanical performance. This expansion further establishes our leadership in advanced material science.

黏性 ALIF 間隔物滿足了對改進骨整合的不斷增長的需求，同時又不犧牲成像清晰度或機械性能。此次擴張進一步確立了我們在先進材料科學領域的領導地位。

The reline EGPS fixation system delivers solutions for open, minimally invasive, and hybrid procedures with pre-assembled and modular implants paired with versatile instruments to address both degenerative conditions and complex deformities effortlessly and efficiently.

Reline EGPS 固定係統為開放式、微創式和混合式手術提供解決方案，採用預組裝和模組化植入物搭配多功能器械，輕鬆高效地解決退化性疾病和複雜畸形。

The integration of the reline fixation system with the Excelsius enabling technology suite creates a powerful synergy of trusted reliability and innovation, delivering a comprehensive solution for surgeons while advancing our mission to help improve patient lives.

內襯固定係統與 Excelsius 支援技術套件的整合創造了可靠性和創新性的強大協同效應，為外科醫生提供了全面的解決方案，同時推進了我們幫助改善患者生活的使命。

The following reline systems are now compatible with Excelsius technologies. Reline open, modular, mass reduction, small stature, mass midline, and reline cervical. The R&D pipeline remains rich, and I look forward to another year of meaningful launches improving outcomes as we strive to develop solutions to address unmet clinical needs.

以下襯砌系統現在與 Excelsius 技術相容。重新排列開放、模組化、腫塊減少、小身材、腫塊中線和重新排列頸部。研發管道依然豐富，我期待著在我們努力開發解決方案以滿足未滿足的臨床需求的同時，又一年有意義的發布會能夠改善成果。

Moving to enabling technology, sales for the quarter were $22 million a decrease of 31% against the record prior year comp. Capital sales tend to fluctuate among quarters, with Q1 historically being slower, but we didn't close the deals we planned on in Q1 in the face of market uncertainty.

在支援技術方面，本季銷售額為 2,200 萬美元，較去年同期下降 31%。資本銷售往往在各個季度之間波動，歷史上第一季的銷售速度較慢，但面對市場不確定性，我們並沒有在第一季完成計劃中的交易。

To our knowledge, we did not lose any pipeline deals to competition and expect to close active deals in the upcoming quarters. The deal pipeline is robust, and Q2 is off to a good start with several robot and imaging system deals closed in April and May. Robotic procedures performed since launch surpassed 100,000 procedures globally in Q1 and continued to accelerate, growing 6% versus prior year, continuing to create increased implant pull through.

據我們所知，我們並未因競爭而失去任何管道交易，並預計在未來幾季完成活躍交易。交易管道強勁，第二季開局良好，4 月和 5 月完成了幾筆機器人和成像系統交易。自推出以來，機器人手術在第一季在全球範圍內執行了超過 100,000 例手術，並且繼續加速增長，比上年增長了 6%，繼續提高了植入物的拉力。

Our international spine implant business grew 1% in Q1 on a constant currency basis, impacted by the timing of distributor orders and temporary supply chain disruptions. We are accelerating growth in Q2 as we reduce the back orders in several key markets.

受分銷商訂單時間和供應鏈暫時中斷的影響，我們的國際脊椎植入物業務在第一季以固定匯率計算成長了 1%。由於我們減少了幾個主要市場的積壓訂單，我們第二季的成長正在加速。

The combined trauma and NSO business declined 8% in Q1, driven by immigration-related supply chain disruption related to facility validations. This was partially offset by continued strength in the core trauma, which did deliver 34% growth for the quarter. The supply chain disruptions have been remedied, and product is being released for sale to the markets. We're seeing the overall trauma in NSO growth return to high levels in Q2.

由於與設施驗證相關的移民相關供應鏈中斷，第一季綜合創傷和 NSO 業務下降了 8%。但核心創傷的持續強勁增長部分抵消了這一增長，核心創傷在本季度實現了 34% 的增長。供應鏈中斷問題已解決，產品正在向市場銷售。我們看到 NSO 成長的整體創傷在第二季度恢復到高水準。

In April, we completed the purchase of all shares of the Nevro Corporation for an all-cash transaction of $250 million. The acquisition of never further expands our reach into the musculoskeletal market, adding an additional $3 billion dollar market space for us to compete in and grow.

4 月份，我們以 2.5 億美元的全現金交易完成了對 Nevro Corporation 全部股份的收購。這項收購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 30 億美元的市場空間，讓我們能夠參與競爭並實現成長。

We believe that paresthesia-free pain relief enabled by high frequency technology offers a clinically superior solution that is altering the standard of care for patients suffering from chronic pain. Never technology has potential beyond its current application to benefit our cranial enabling technology, next generation spinal implants, adaptive AI, painful diabetic neuropathy, and other areas of our business.

我們相信，高頻技術實現的無感覺異常疼痛緩解提供了一種臨床上更優越的解決方案，它正在改變慢性疼痛患者的照護標準。Never 技術具有超越其當前應用的潛力，可使我們的顱腦支援技術、下一代脊椎植入物、自適應人工智慧、糖尿病疼痛性神經病變以及我們業務的其他領域受益。

The Nero patent portfolio strengthens our already best in class musculoskeletal innovation suite, while Globus's scale and customer base will accelerate market penetration of the differentiated high frequency technology.

Nero 專利組合增強了我們已經一流的肌肉骨骼創新套件，而 Globus 的規模和客戶群將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. Globus's financial strength will accelerate investments in neuromodulation to expand the existing product reach and future product development.

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 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。

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.

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 GLOIS team worldwide for your dedication and support, building the pathway to becoming the preeminent musculoskeletal technology company in the world. I will now turn the call over to Keith.

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。我們已經擁有實現這一目標所需的一切。我要感謝全球 GLOIS 團隊的奉獻和支持，為成為世界卓越的肌肉骨骼技術公司鋪平了道路。現在我將把電話轉給 Keith。

Thanks, Dan, and good afternoon, everyone. Reflecting on Q1, our quarter delivered a mixed set of results. While revenue was down slightly to the prior year quarter, we saw a meaningful expansion in profitability and cash flow. We continued to make disciplined progress across our strategic and operational pillars which will fuel our long-term growth.

謝謝，丹，大家下午好。回顧第一季度，我們本季的業績好壞參半。雖然營收較去年同期略有下降，但獲利能力和現金流卻顯著成長。我們繼續在策略和營運支柱方面取得穩步進展，這將推動我們的長期成長。

This afternoon, my comments will focus on Q1 performance, operational updates and impacts, discuss the never acquisition, highlight tariffs and potential impacts, and comment on insights as to our performance for the remainder of 2025.

今天下午，我的評論將集中在第一季的業績、營運更新和影響上，討論永不收購，強調關稅和潛在影響，並對我們 2025 年剩餘時間的業績發表見解。

We view many of the Q1 impacts as short term and are encouraged by the good start we've seen across our business in Q2. Now, let's start our discussion to the first quarter.

我們認為第一季的許多影響都是短期的，我們對第二季業務的良好開局感到鼓舞。現在，我們開始討論第一季。

First quarter revenue was $598.1 million declining 1.4% as reported and down 8% on a constant currency basis over the prior year quarter. As Dan mentioned earlier, the main driver was softer, enabling technology sales, as well as temporary integration-related supply chain disruption and the timing of international distributor orders which are partially offset by growth in US spying.

第一季營收為 5.981 億美元，據報告下降 1.4%，以固定匯率計算比去年同期下降 8%。正如丹之前提到的，主要的驅動因素是較軟的因素，推動了技術銷售，以及與整合相關的暫時供應鏈中斷和國際分銷商訂單的時間安排，但這些因素被美國間諜活動的增長部分抵消。

Our Q1 GAAP net income was $75.5 million translating into fully diluted GAAP earnings of $0.54 per share, growing $0.59 versus the prior year quarter due mainly to lower merger related costs. Q1 non-GAAP net income was $94.8 million resulting in $0.68 of fully diluted earnings per share, or an 8.5% as reported improvement versus the prior year quarter.

我們第一季的 GAAP 淨收入為 7,550 萬美元，相當於每股完全稀釋的 GAAP 收益 0.54 美元，比去年同期增長 0.59 美元，主要原因是合併相關成本降低。第一季非公認會計準則淨收入為 9,480 萬美元，每股完全攤薄收益為 0.68 美元，與去年同期相比增長 8.5%。

In the prior year quarter, I highlighted a one-time $0.06 favourable non-cash adjustment related to the useful lives of assets acquired from the invasive merger, excluding this one-time favourable adjustment in the prior year quarter, operationally, our Q125 non-GAAP EPS improved $0.11, or 19.5% versus Q124. The earnings improvement is driven by synergy capture, partially offset by lower revenue.

在去年同期，我強調了與侵入式合併所獲資產使用壽命相關的一次性 0.06 美元有利非現金調整，不包括去年同期的這筆一次性有利調整，在運營方面，我們的 Q125 非 GAAP EPS 比 Q124 提高了 0.11 美元，即 19.5%。獲利的成長是由協同效應推動的，但被收入的下降部分抵消。

Q1 free cash flow was a record $141.2 million. Musculoskeletal sales in the first quarter of 2025 were $575.9 million essentially flat to the prior year quarter. Though US spine grew 2.2%, it was offset by declines in other areas of musculoskeletal, including neuro monitoring, wound care, and the timing of international distributor orders. In addition, temporary supply chain issues related to manufacturing integration impacted core spine and trauma.

第一季自由現金流達到創紀錄的 1.412 億美元。2025 年第一季的肌肉骨骼銷售額為 5.759 億美元，與去年同期基本持平。儘管美國脊椎增長了 2.2%，但被肌肉骨骼其他領域的下滑所抵消，包括神經監測、傷口護理和國際分銷商訂單的時間表。此外，與製造整合相關的臨時供應鏈問題影響了核心脊椎和創傷。

The neuro monitoring impact was driven by a change in reimbursement approach by a large insurance provider. Though case volumes are growing, the decline in reimbursements is negatively impacting revenue. Our biologics business was impacted by expected changes in the reimbursement landscape for wound care products, specifically the placental tissue used in diabetic foot ulcers.

神經監測的影響是由一家大型保險公司的報銷方式的改變所驅動的。儘管案件數量正在增長，但報銷金額的下降對收入產生了負面影響。我們的生物製劑業務受到傷口護理產品報銷格局預期變化的影響，特別是用於治療糖尿病足潰瘍的胎盤組織。

In response to this shift in market dynamics, we are proactively realigning our biologic strategy. We are positioning our tissue manufacturing capabilities to support direct business opportunities that provide more stable reimbursement and greater long-term business opportunities.

為了因應市場動態的這種變化，我們正在積極調整我們的生物策略。我們正在定位我們的紙巾製造能力，以支持提供更穩定的報銷和更大的長期商業機會的直接商業機會。

Moving into the supply chain impacts, we experienced temporary issues driven by the timing of in-house manufacturing scale up. This disruption mainly impacted legacy and the base of products and was driven by finalizing validation activities associated with production. These issues resolved themselves late in our first quarter, and production has since come online for the impact of products.

在供應鏈影響方面，我們遇到了內部製造規模擴大的時間所導致的暫時性問題。此次中斷主要影響了遺留產品和產品基礎，並且是由與生產相關的最終驗證活動所驅動的。這些問題在第一季末得到了解決，生產已恢復正常，產品也開始受到影響。

Our on international distributor revenue was impacted by the timing of stocking orders as well as integration impacts driven by supply chain disruption mentioned above or earlier, as well as some limited distributor consolidation.

我們的國際經銷商收入受到庫存訂單時間以及上述或先前提及的供應鏈中斷所導致的整合影響以及一些有限的經銷商整合的影響。

As we move through 2025, this disruption will subside as integration supply chain challenges ease and restocking orders are placed to replenish orders filled at the end of 2024. Overall, we estimate the impact of these business issues to total approximately $20 million to our musculoskeletal revenue in the quarter.

隨著我們進入 2025 年，隨著整合供應鏈挑戰的緩解以及補貨訂單的下達以補充 2024 年底完成的訂單，這種中斷將會消退。總體而言，我們估計這些業務問題將對本季度的肌肉骨骼收入造成總計約 2000 萬美元的影響。

Q1 enabling technologies revenue was $22.2 million declining 30.6% as compared to the prior year quarter. We do note a tough Q1 comp as we did not see the usual sequential drop off between Q423 and Q124, where revenue only declined 2.3% sequentially.

第一季使能技術收入為 2,220 萬美元，與去年同期相比下降 30.6%。我們確實注意到第一季的業績表現不佳，因為我們沒有看到 2023 年第四季和 2024 年第一季之間通常出現的連續下降，其中收入僅環比下降 2.3%。

Despite the tough comp, Q1 enabling tech revenue was clearly soft, mainly in robotics, driven by extended timelines to close deals. This further underscores the lumpy patterns we see we see in revenue from time to time. We do not see softness as a sign of demand destruction. We remain bullish on this business and are encouraged by our good start to the 2nd quarter.

儘管競爭激烈，但第一季支援技術收入明顯疲軟，主要是在機器人領域，原因是交易完成時間延長。這進一步強調了我們時常看到的收入波動模式。我們並不認為疲軟是需求破壞的跡象。我們仍然對這項業務持樂觀態度，並對第二季的良好開局感到鼓舞。

First quarter US revenue was $483.9 million essentially flat to the prior year quarter, driven by my earlier comments as cross musculoskeletal enabling technologies. Q1 International revenue was $114.3 million lowered by 7.7% as reported, and lower by 4.6% on a constant currency basis. The driver of lower international revenue ties back to my earlier comments, mainly distributor orders, supply chain disruptions, and lower robotic sales.

第一季美國營收為 4.839 億美元，與去年同期基本持平，這得益於我先前對跨肌肉骨骼賦能技術的評論。第一季國際營收為 1.143 億美元，按報告下降 7.7%，以固定匯率計算下降 4.6%。國際收入下降的原因與我先前的評論有關，主要是經銷商訂單、供應鏈中斷和機器人銷售下降。

GAAP gross profit in the quarter was 63.6% compared to 55.3% in the prior quarter, with the resulting improvement driven primarily by lower inventory step-up amortization and synergy capture, partially offset by sales mix.

本季 GAAP 毛利為 63.6%，而上一季為 55.3%，成長主要得益於庫存遞增攤銷和綜效的降低，但被銷售組合部分抵銷。

Adjusted gross profit was 67.3% compared to 69% in the prior year quarter. The prior quarter gross profit includes the one-time favourable non-cash adjustment that I mentioned in my earlier comments. This non-operational adjustment was worth $9.5 million and 1.5%.

調整後毛利為 67.3%，去年同期為 69%。上一季的毛利包括我之前評論中提到的一次性有利的非現金調整。此項非經營性調整價值 950 萬美元，成長率為 1.5%。

Thus normalized Q1 2024 gross profit was 67.5%. Adjusting for this quarter over quarter, 20 basis point decline was driven by the mixed impact of lower enabling technology sales and lower nerve monitoring reimbursements, primarily offset by synergy actions.

因此，2024 年第一季的正常化毛利為 67.5%。本季環比調整後，20 個基點的下降是由於支援技術銷售額下降和神經監測報銷減少的混合影響，主要被協同行動所抵消。

Research and development expenses in Q1 2025 were $33.1 million or 5.5% of sales compared to $57.3 million or 9.4% of sales in the prior year quarter. Included in the prior year quarter was a $12.6 million charge related to the acquisition of in-process research and development, which did not occur in the current quarter. Adjusting for that, Q1 2024 R&D would have been $44.7 million or 7.4% of sales.

2025 年第一季研發費用為 3,310 萬美元，佔銷售額的 5.5%，去年同期為 5,730 萬美元，佔銷售額的 9.4%。去年同期包括了與收購在研發相關的 1,260 萬美元費用，但本季並未發生該費用。經過調整後，2024 年第一季的研發費用將達到 4,470 萬美元，佔銷售額的 7.4%。

The resulting decline both in dollars and as a percentage of sales is attributable to synergy capture, resulting in lower headcount and third party spending SG&A expenses in the first quarter of 2025 were $242.8 million or 40.6% of sales compared to $248.7 million or 41% of sales in the prior year quarter.

由此產生的金額和銷售額百分比的下降歸因於協同效應，導致員工人數和第三方支出減少，2025 年第一季的銷售、一般和行政費用為 2.428 億美元，佔銷售額的 40.6%，而去年同期為 2.487 億美元，佔銷售額的 41%。

The decline in spend is attributable to synergy capture, mainly from lower back office spending, partially offset by higher sales and marketing costs driven by the mixed impact of lower international revenue, which carries a higher fixed component to compensation costs.

支出的下降歸因於協同效應，主要來自後台支出的減少，但因國際收入減少的混合影響而導致的銷售和營銷成本增加（這在薪酬成本中佔了較高的固定部分），部分抵消了這一影響。

Q1 net interest income was $1.7 million compared to $1.9 million of interest expense in the prior year quarter. The $3.6 million dollar favourable change is being driven by lower interest expense on convertible debt. The GAAP tax rate for Q1 2025 was 27.2% compared to 16.8% in the prior year quarter.

第一季淨利息收入為 170 萬美元，而去年同期的利息支出為 190 萬美元。360萬美元的有利變化是由於可轉換債務的利息支出降低所致。2025 年第一季的 GAAP 稅率為 27.2%，去年同期為 16.8%。

The Q1 2024 rate was abnormally low, driven by the discrete nature of the IP R&D acquisition in the prior year quarter, higher GAAP pre-tax profits in the current year quarter, and lower valuation allowances on foreign derived income. Our non-GAAP tax rate for the quarter was 24.1% in line with the prior year non-GAAP rate of 24.5%. cash equivalents and marketable securities were $461.3 million on March 31, 2025, compared to $956.2 million on December 31, 2024.

2024 年第一季的稅率異常低，原因是去年同期 IP 研發收購的離散性、今年季度 GAAP 稅前利潤較高以及外國衍生收入的估值準備金較低。本季我們的非公認會計準則稅率為 24.1%，與去年同期的非公認會計準則稅率為 24.5% 一致。 2025 年 3 月 31 日的現金等價物和有價證券為 4.613 億美元，而 2024 年 12 月 31 日為 9.562 億美元。

The decline in cash is driven by two main factors. One, in March, we fully repaid in cash the remaining $450 million outstanding convertible debt assumed from the evasive merger. With the repayment of this debt instrument, Globus has now returned to being debt free. In addition, during the quarter, we spent $190.3 million to repurchase approximately 2.4 million shares. With this action, we've completed our current share repurchase program.

現金的減少主要有兩個因素。第一，3月份，我們以現金全額償還了規避性合併所承擔的剩餘4.5億美元未償還可轉換債務。隨著這筆債務的償還，Globus 現已恢復無債務狀態。此外，本季我們花費 1.903 億美元回購了約 240 萬股。透過這項行動，我們完成了目前的股票回購計畫。

Since closing the merger in September 2023, we have paid off the remainder of the $871 million of debt inherited from the merger and invested $500.8 million to repurchase 8.4 million shares at an average price of $59.62 per share.

自 2023 年 9 月完成合併以來，我們已償還了合併後繼承的 8.71 億美元債務的剩餘部分，並投資 5.008 億美元以每股 59.62 美元的平均價格回購了 840 萬股。

These actions over the past 16 months call attention to our focus on operational cash flow discipline to maintain a strong balance sheet while exhibiting conviction in the merger as our share repurchase activities resulted in us buying back over 20% of the dilution created in the stock for stock merger with Nuvasive.

過去 16 個月的這些行動提醒我們，我們注重經營現金流紀律，以保持強勁的資產負債表，同時表現出對合併的信心，因為我們的股票回購活動使我們回購了與 Nuvasive 股票合併產生的股票稀釋的 20% 以上。

Q1 net cash provided by operating activities was $177.3 million and free cash flow was $141.2 million both of which are records for our first quarter. The increase is attributable to higher cash profits from the business driven by synergy capture and working capital improvements within accounts receivable, partially offset by higher capital spending, predominantly machinery and set investments to in-source production and drive sales growth.

第一季經營活動提供的淨現金為 1.773 億美元，自由現金流為 1.412 億美元，這兩項皆創下我們第一季的最高紀錄。成長的原因是業務現金利潤增加，這得益於協同效應和應收帳款營運資本的改善，但部分抵消了資本支出增加，主要是機械和固定投資以進行內部生產並推動銷售成長。

Operationally, we remain focused on insourcing key products across our manufacturing facilities. Machinery ordered in 2024 has been landing in our facilities. It's coming online throughout the year while we continue to assess and reduce third party spending.

在營運方面，我們仍然專注於透過我們的製造工廠內部採購關鍵產品。2024 年訂購的機械已運抵我們的工廠。它將在全年上線，同時我們將繼續評估並減少第三方支出。

Despite the softness in our top line, our Q1 results showed a meaningful expansion in profitability, with Q1 adjusted even finishing at 29.7% versus 25.4% in the prior year quarter as a result of synergy actions achieved. The expansion of profitability of profitability. Occurred despite the neuro monitoring reimbursement challenges mentioned earlier, which is negatively impacting consolidated adjusted EBITDA by a full 2% points in the first quarter. Thus, excluding neuro monitoring, adjusted EBITDA would have been 31.7% in Q1 2025.

儘管我們的營業收入疲軟，但我們的第一季業績顯示獲利能力顯著提升，由於採取了協同行動，第一季調整後的獲利能力甚至達到 29.7%，而去年同期為 25.4%。獲利能力的擴大。儘管存在前面提到的神經監測報銷挑戰，但還是發生了這種情況，這對第一季合併調整後 EBITDA 產生了整整 2% 的負面影響。因此，不包括神經監測，2025 年第一季的調整後 EBITDA 將達到 31.7%。

Looking ahead, we remain confident in our approach to grow profitably while addressing specific areas of investment and business improvement. We remain on track to delivering synergy savings, which will be reflected in the P&L as we move ahead.

展望未來，我們仍然對自己的方法充滿信心，在解決特定的投資和業務改進領域的同時實現盈利增長。我們仍在按計劃實現協同效應節約，這將在我們未來的損益表中反映出來。

Subsequent to the quarter on April 3, 2025, we close our acquisition of Nevro Incorporated after Nevro shareholder and regulatory approval. We pay $250 million using existing cash reserves to fund the acquisition. We are actively rolling out action plans to get this business right sized to drive profitable sales growth while reducing excess spending to quickly adopt a globus mindset as we seek to improve cash generated from this business.

2025 年 4 月 3 日季度結束後，我們在獲得 Nevro 股東和監管機構的批准後完成了對 Nevro Incorporated 的收購。我們利用現有現金儲備支付 2.5 億美元來資助此次收購。我們正在積極推出行動計劃，使該業務達到適當規模，從而推動盈利性銷售成長，同時減少過度支出，以迅速採用全球思維模式，力求提高該業務產生的現金流。

We've been actively reviewing and assessing tariff impacts for the Legacy Globus business, as well as the newly acquired Nero business. Overall, we do not see tariffs as materially impacting our business through supply chain disruptions or from a cost increase perspective. Much of the globus business is vertically integrated and predominantly US-based, thus minimizing tariff exposure.

我們一直在積極審查和評估關稅對原有 Globus 業務以及新收購的 Nero 業務的影響。總體而言，我們認為關稅不會透過供應鏈中斷或成本增加對我們的業務產生重大影響。Globus 的大部分業務都是垂直整合的，並且主要在美國，從而最大限度地減少了關稅風險。

Where we do see tariff impacts, we have launched a series of cost action offsets, including but not limited to targeted price increases, vendor resourcing, and vendor cost renegotiations. We have actively and aggressively engaged on this initiative to ensure minimal impact to our business.

對於確實受到關稅影響的情況，我們推出了一系列成本抵銷措施，包括但不限於有針對性的價格上漲、供應商資源配置和供應商成本重新談判。我們積極主動參與這項舉措，以確保對我們的業務的影響最小。

Now I'd like to turn our attention to the financial guidance.

現在我想把注意力轉向財務指引。

Upon announcing the N acquisition on February 6, we communicated 2025 net sales guidance in the range of $2.8 billion to $2.9 billion and fully diluted non-GAAP earnings per share between $3.10 to $3.40.

在 2 月 6 日宣布收購 N 時，我們公佈了 2025 年淨銷售額預期，範圍為 28 億美元至 29 億美元，每股完全稀釋非 GAAP 收益範圍為 3.10 美元至 3.40 美元。

At the present time we are reaffirming the guidance for net sales in the range of $2.8 billion to $2.9 billion but we're decreasing our guidance for fully diluted non-GAAP earnings per share to a range between $3 to $3.30.

目前，我們重申淨銷售額預期在 28 億美元至 29 億美元之間，但我們將完全稀釋非 GAAP 每股收益預期下調至 3 美元至 3.30 美元之間。

This $0.10 decrease on the top and low ends in EPS guidance is to account for the additional carrying costs of expenses related to closing the Nero deal earlier than planned. To summarize, although Q1 top line results were softer than anticipated, we delivered meaningful gains in profitability, deleveraging, and free cash flow, key priorities in our value creation strategy.

EPS 指導值的上限和下限均減少了 0.10 美元，以計入與比計劃​​提前完成 Nero 交易相關的額外持有成本費用。總而言之，儘管第一季的營收表現低於預期，但我們在獲利能力、去槓桿和自由現金流方面取得了顯著成長，這些都是我們價值創造策略的關鍵重點。

Q2 is off to a good start, highlighted by US lying and enabling technologies. We are well positioned to build on this momentum and remain focused on executing a seamless integration of the never acquisition to drive future growth. In closing, I'd like to thank the entire globalist team, including our newly integrated Nevro colleagues, for their focus and execution.

第二季開局良好，美國的定位和支援技術特別突出。我們已做好準備，充分利用這一勢頭，並繼續專注於執行對收購的無縫整合，以推動未來成長。最後，我要感謝整個全球主義團隊，包括我們新加入的 Nevro 同事，感謝他們的專注和執行力。

As we continue to strengthen our core portfolio and unlock new market opportunities, our priorities remain clear disciplined, profitable growth, operational excellence, and sustained shareholder value as we build the leading musculoskeletal company of the future. We will now open the call for questions.

隨著我們繼續加強核心產品組合併發掘新的市場機遇，我們的首要任務仍然是明確的紀律性、獲利性成長、卓越營運和持續的股東價值，以打造未來領先的肌肉骨骼公司。我們現在開始提問。

(Operator Instructions)

（操作員指示）

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Hey, good evening. So, not, goes without saying I think this isn't the quarter anyone was expecting, maybe if you could talk a little bit about your confidence here, coming into April I think you mentioned operating on, that above your metrics, but. How much of what happened in Q1 maybe spilled into Q2, what amount of what happened in Q1, do you think could recover somewhat in Q2 in rapid fashion? What's going to take a little more heavy lifting and then I have one follow up if I could?

嘿，晚上好。所以，不用說，我認為這不是任何人所期待的季度，也許你可以在這裡談談你的信心，進入四月，我想你提到了運營，這高於你的指標，但是。第一季發生的情況有多少可能會蔓延到第二季？您認為第一季發生的情況有多少可能會在第二季快速恢復？如果可以的話，需要做更多的繁重工作然後進行後續跟進嗎？

Yeah, so Matt, I'll go first. At the end of the day there's a couple of things as we transition facilities into new ones and validate them, or as we continue to scale up our in-house manufacturing, right, there are some things that took longer than planned that created some back orders.

是的，馬特，我先來。歸根結底，當我們將設施轉變為新設施並進行驗證時，或者在我們繼續擴大內部製造規模時，有些事情花費的時間比計劃的要長，從而產生了一些積壓訂單。

I think that coupled with timing of distributor orders, again, heavy in Q4, lighting Q1. Probably coming back and then ultimately the real thing here is the elongated selling process that we experienced in Q1 with all of the market uncertainty that really is the impact there. What I think is, without getting deep into the Q2, we've seen positive effects in our US spying business that really is solid. We are remedying and supplying the products from the back orders. I see that as a temporary issue that will recover in 2nd quarter.

我認為，再加上經銷商訂單的時間安排，第四季度的訂單量將再次增加，從而點亮第一季。可能會回來，然後最終真正的問題是我們在第一季經歷的漫長的銷售過程以及真正的市場不確定性。我認為，無需深入了解第二季的情況，我們就能看到美國間諜業務確實產生了正面的影響。我們正在補救並供應積壓訂單的產品。我認為這是一個暫時的問題，將在第二季度恢復。

And that will have an impact throughout international and trauma as well as US and we are seeing deals occur at a decent pace within the robots, so it's going well in all of those aspects. So, if you ask me, I have confidence that this feels like a blip, and we're moving back to who we need to be. And look, we own a bad quarter. We're going to go fix it and drive it forward and come out with the right results here.

這將對整個國際和創傷以及美國產生影響，我們看到機器人領域的交易以相當快的速度發生，所以在所有這些方面都進展順利。所以，如果你問我，我相信這只是一個小插曲，我們正在回到我們應該成為的樣子。看看吧，我們經歷了一個糟糕的季度。我們將努力修復這個問題並推動其向前發展，最終獲得正確的結果。

Okay, that's helpful color and then maybe, on the synergy side for Nevro, maybe talk a little bit about, now that the deal is closed, any additional color or confidence you can express about the pace and the areas of opportunity for. For driving efficiencies or aligning the organization in a way that that that gets to you at or above your delusion expectations for this year thanks.

好的，這是一個很有幫助的顏色，然後也許，就 Nevro 的協同效應方面而言，現在交易已經完成，您可以稍微談談，對於速度和機會領域，您可以表達什麼額外的顏色或信心嗎？感謝您提高效率或協調組織，使您今年達到或超越了您的期望。

Hey Matt, this is Keith. Thanks for the question. That's a great question as you think about bringing never online, the place we're really going to focus on coming out of the gate is really operational expenses.

嘿，馬特，我是基斯。謝謝你的提問。這是一個很好的問題，當你考慮將永不上線時，我們真正要關注的地方實際上是營運費用。

If you walk down the P&L Nevro's gross margins in the high 60s, we think that over time we can work to expand that, but I would say in the near term, near and medium term, the key focus is going to be figuring out their op operational expenses and working to reduce those. Because we look at the P&L, the SG&A expenses candidly are too high for that business to operate profitably long term. So those are the things that we're going to focus on right out of the gate.

如果您查看損益表，發現 Nevro 的毛利率高達 60% 以上，我們認為隨著時間的推移，我們可以努力提高這一水平，但我想說，在短期和中期內，重點是弄清楚他們的營運費用並努力降低這些費用。因為我們看了損益表，坦白說，銷售、一般和行政費用太高，以至於該企業無法長期獲利。所以這些就是我們一開始要關注的事情。

All right. Appreciate the color. Thank you.

好的。欣賞色彩。謝謝。

Vikramjeet Chopra, Wells Fargo.

維克拉姆吉特‧喬普拉 (Vikramjeet Chopra)，富國銀行。

Hey, good afternoon and thanks for taking the questions two for me, I appreciate your comments on the elongated selling cycle for robots, but I'm just curious if you've seen any impact from recently launched, spying robots from your larger competitors, and whether, people are asking for more alternative forms of, financing or an increase in your rental program. I had a quick follow-up, please, Keith.

嘿，下午好，感謝您回答我的第二個問題，我很欣賞您對機器人銷售週期延長的評論，但我只是好奇，您是否看到最近推出的大型競爭對手的間諜機器人的影響，以及人們是否要求更多替代形式的融資或增加租賃計劃。基思，請快速跟進。

Thanks for the question. In terms of the elongated selling cycle, I haven't seen situations where other competitors are slowing down the process. In terms of looking at the mix of how we're selling robots, rentals, leases, I would say still our mix this quarter is still heavily focused on outright sales, but options of what we're quoting, I would say are increasing, whether it be third party financing or rentals, but I would say that that may have slowed some things down.

謝謝你的提問。就延長的銷售週期而言，我還沒有看到其他競爭對手放慢這一進程的情況。就我們銷售機器人、租賃和租約的組合而言，我想說，本季度我們的組合仍然主要集中在直接銷售上，但我們報價的選擇正在增加，無論是第三方融資還是租賃，但我想說，這可能已經減慢了一些速度。

It really contributes to some of the elongated selling cycles, but I don't see competitor robots thus far as driving a delay in us closing deals.

它確實導致了一些銷售週期的延長，但到目前為止，我還沒有看到競爭對手的機器人導致我們完成交易的延遲。

Okay, thank you. That's super helpful. And my follow up question is, I know you don't like the EBITDA margins, but just maybe directionally help us think about EBITDA margins in 2025 as you, fold in the Nevro deal.

好的，謝謝。這非常有幫助。我的後續問題是，我知道您不喜歡 EBITDA 利潤率，但在您加入 Nevro 交易後，也許可以從方向上幫助我們思考 2025 年的 EBITDA 利潤率。

Yeah, we don't guide the EBITDA margins, but as I think about kind of where we're going, I would say that, our goal is to achieve the 30s, but adding on never on the timing of bringing it on earlier will have a slight impact. So, I would say that we should be in the high 20s this year.

是的，我們不指導 EBITDA 利潤率，但當我思考我們的發展方向時，我想說，我們的目標是實現 30% 的目標，但如果提前實現這一目標，將會產生輕微的影響。所以，我想說，今年我們的收入應該會達到 20 多美元。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Hey, this is [Philip] from Matt. Thanks for taking our questions. Understood that there are a lot of moving parts between some of these headwinds, enabling techurs supply chain, but wanted to hear, you may be more specifically how your rep count has been holding up? Maybe just confirm that you aren't seeing any uptick in in legacy NuVasive sales rep leaving at this point and thanks for the color on the pipeline looking good, but just any further color on that.

嘿，我是 Matt 的 [Philip]。感謝您回答我們的問題。了解到這些不利因素之間存在許多變動因素，從而推動了技術供應鏈的發展，但我想听聽，您是否更具體地了解您的代表數量是如何保持下去的？也許只是確認一下，您目前沒有看到任何 NuVasive 銷售代表離職的上升趨勢，感謝您對管道顏色的理解，管道顏色看起來不錯，但只是進一步的顏色。

Yeah, Philip, I'll answer that. We're not seeing any unusual or high-volume departures occur from any of our sales reps regardless of where they used to work.

是的，菲利普，我會回答這個問題。無論我們的銷售代表以前在哪裡工作，我們都沒有發現任何異常或大量離職的情況。

We're actually seeing them dig in and do well. The US is really strength outside of the back orders and they're doing well. The momentum is increasing there, and so not only are the teams staying together. But they have sequentially report to five months significantly moved the average daily sales up and so they're digging in, doing well, they're staying together as a team.

我們確實看到他們堅持不懈，並且做得很好。除了積壓訂單之外，美國確實實力雄厚，而且做得很好。那裡的勢頭正在增強，因此不僅球隊保持團結。但他們連續五個月報告稱，日均銷售額大幅上升，因此他們正在努力奮鬥，做得很好，他們作為一個團隊團結一致。

We've not seen any interruption that would cause concern and certainly there are no departures that would have impacted our results in the first quarter.

我們沒有看到任何會引起擔憂的中斷，當然也沒有任何員工離職會影響我們第一季的業績。

That's helpful. And then shifting gears on the positive one to focus on the cash flow that you consistently deliver, thinking past the Nar deal, what are your expectations for, cash use? Might we see more M&A or maybe some more shared purchases, that sort of thing.

這很有幫助。然後把焦點轉向積極的方面，專注於您持續提供的現金流，思考一下 Nar 交易，您對現金使用的期望是什麼？我們可能會看到更多的併​​購或更多的共享購買之類的事情。

That's a great question. So, as I think about cap structure moving forward, obviously we want to continue to generate strong cash flow. We still view ourselves as a growth company. So, the first priority is going to be internal investment. We've done several deals here over the last couple of years. M&A is still part of our cap structure.

這是一個很好的問題。因此，當我考慮未來的上限結構時，我們顯然希望繼續產生強勁的現金流。我們仍然將自己視為一家成長型公司。因此，首要任務是內部投資。過去幾年我們在這裡做了幾筆交易。併購仍然是我們資本結構的一部分。

As I think about that moving forward, I would say that anything we do in the near term would be more of a tuck in nature. And then thirdly, share repurchases. They have been part of our cap structure. We see them continuing as part of our cap structure, but it's not the primary driver.

當我思考這個問題時，我想說，我們近期所做的任何事情都將更具包容性。第三，股票回購。它們已經成為我們資本結構的一部分。我們認為它們將繼續作為我們上限結構的一部分，但它不是主要驅動力。

And I would just add if we were to experience any overreactions in the market, we would take advantage of that and probably go back and buy stock opportunistically applied towards future acquisitions. We know the strength of this business long term, and so we're going to stay focused on delivering that take the month.

我想補充一點，如果我們在市場上遇到任何過度反應，我們就會利用這一點，並可能回去買股票，以備將來的收購。我們知道這項業務的長期實力，因此我們將繼續專注於實現這一目標。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

Alright, thanks for taking the questions. I think I know the answer, and I think it's yes, but can you just confirm that all of Nevro is in the guidance, deletion and revenue, and if it is, what's your organic growth guidance?

好的，感謝您回答這些問題。我想我知道答案，我認為是的，但您能否確認 Nevro 的所有內容都在指導、刪除和收入之內，如果是，您的自然成長指導是多少？

So Rich, this is Keith. I will tell you that yes, it is included in our business. We haven't broken out the parts and pieces of it though as we move forward when we report, we are going to show based business Globus versus prior year versus acquisitions.

那麼，Rich，這是 Keith。我會告訴你，是的，它包含在我們的業務中。不過，我們還沒有將其各個部分分開，因為我們在報告時會顯示基於 Globus 的業務與前一年以及收購情況的對比。

Okay, so I'm just, okay, got it. So can you maybe just tell us then because we had all been thinking of you stand alone and we built for those that covered up that that that covered never we had never forecast or you could use the consensus, but are the components of your organic guy dramatically different on a standalone?

好的，我明白了。那麼，您能否告訴我們，因為我們一直在考慮您的獨立性，我們為那些掩蓋了我們從未預測過的東西而構建了它，或者您可以使用共識，但是您的有機人的組成部分在獨立性上是否存在顯著不同？

No, the components of our organic guide are not materially different on a standalone basis.

不，我們的有機指南的各個組成部分在獨立基礎上並沒有實質的差異。

Okay, and then maybe just for my follow up on the capital outlook, it sounds like, you've seen something get better in April, maybe even into early May. I just trying to get an understanding of what the elongating selling cycle looks like and if that that's occurring, what gives you the confidence that that narrows again in in short order I guess you know it sounds like you expect somewhat of a snapback or through some sort of uncertainty period on some level.

好的，也許只是為了跟進資本前景，聽起來，你已經看到四月份情況有所好轉，甚至可能到五月初。我只是想了解延長的銷售週期是什麼樣的，如果發生這種情況，是什麼讓您有信心在短時間內再次縮小銷售週期，我想您知道這聽起來像是您在某種程度上預期會出現某種反彈或某種不確定時期。

What could you give us a sense of two kind of reconcile that dynamic with your comments that things are getting better?

您能否讓我們感受到兩種調和這種動態的方式，以及您所說的話正在變得更好？

Yeah, Rich, and I want to make sure we clarify we're happy with the progress in Q2 and we're seeing deals close. I don't know if an elongation will snap back. You have market uncertainty whether it be with tariffs or other things along the line with capital market disruption and different things that are going around.

是的，Rich，我想確保我們澄清我們對第二季度的進展感到滿意，並且我們看到交易正在完成。我不知道伸長後是否會彈回去。市場存在不確定性，無論是關稅問題還是其他與資本市場混亂和各種正在發生的事情有關的問題。

So at the end of the day, our job is to make sure we've got a potential portfolio and we actively work with them and we close that and if that winds up shifting a month or two over the long term, that's fine, we'll neutralize and go.

所以歸根結底，我們的工作是確保我們有一個潛在的投資組合，我們積極與他們合作，並完成它，如果從長遠來看，這種情況會在一兩個月內發生變化，那很好，我們會中和並繼續前進。

The market is really not penetrated and the potential is great and as I rattled off more and more of our former new products are now available on a robot, so we're positioned to really go back to the initial reason of that acquisition, which is double our TAM and replace our robots with our customers and provide them those products. All of that remains on course, and that's okay if it takes a month or two. We're playing this game for the next 5 to 10 years with each one of them, not for the quarter.

這個市場實際上尚未被滲透，而且潛力巨大，正如我不斷提到的，我們以前的新產品越來越多地可以在機器人上使用，因此我們準備好真正回到收購的初衷，即使我們的總市場規模翻一番，並用我們的機器人取代我們的客戶，並為他們提供這些產品。所有這些都在按計劃進行，即使需要一兩個月的時間也沒關係。我們與他們每個人玩這個遊戲是為了未來 5 到 10 年，而不是為了當前一個季度。

Mathew Blackman, Stifel.

馬修布萊克曼，Stifel。

Good afternoon, everybody. Thanks for taking my question. I have a couple, and my first one is, I think along similar lines as riches and maybe come out in a different way but wanted to just push a little bit on that reaffirmed top line guide and the assumptions backing it. This was a pretty substantial miss in the first quarter.

大家下午好。感謝您回答我的問題。我有幾個，我的第一個是，我認為與財富類似，但可能以不同的方式出現，但我只想稍微推動一下重申的頂級指南和支持它的假設。這是第一季相當大的失誤。

And so with the reaffirmed guide again, so much of what Rich was asking, does that mean you expect to claw back this lost 12 business throughout the year? Or again, I just want to make sure, did you change something and how you were layering in contribution or even dissynergies from N or NuVasiveand then one follow up?

因此，再次重申指南，Rich 所問的許多問題，是否意味著您希望在全年收回這 12 項業務的損失？或者，我只是想確認一下，您是否改變了某些東西，以及您如何分層貢獻甚至與 N 或 NuVasive 的不協同作用，然後再進行跟進？

So I would say that there's not a material change in the guide, Dan made a comment that, and talked about the biologic impact that that was contemplated in our guide going into the air, and I would also call out that the neuro monitoring impact was also contemplated in our guide coming into the air. I talked about a $20 million impact on musculoskeletal, and it's fair to say that roughly $7 million to $10 million of that is the two things that I mentioned earlier related to. Related to the wound care as well as the neuro monitoring.

因此我想說指南中沒有實質的變化，丹發表了評論，並談到了我們在空中指南中考慮到的生物學影響，我還要指出的是，我們在空中指南中也考慮到了神經監測的影響。我談到了對肌肉骨骼 2000 萬美元的影響，公平地說，其中大約 700 萬到 1000 萬美元與我之前提到的兩件事有關。與傷口護理以及神經監測有關。

When you look at 11 and the thing that we remain positive and optimistic about is clawing back the enabling tech sales and seeing an uptick in our spying business as we move forward. We commented on the impacts of supply chain issues. We see those as behind us and as we move forward, we see people ordering again. We don't view that as a [lossale]. We see us getting that back as we move forward.

當你回顧 11 時，我們仍然保持積極和樂觀的態度，那就是收回支援技術銷售，並看到我們的間諜業務隨著我們的前進而上升。我們對供應鏈問題的影響進行了評論。我們認為這些已經過去了，隨著我們繼續前進，我們看到人們再次訂購。我們不認為這是[損失]。隨著我們不斷前進，我們看到了這種回歸。

Okay, I appreciate that. And obviously there are a lot of moving parts, and I don't know that you do this traditionally, but could you maybe give us a little bit of help, at least on the second quarter in terms of the cadence here with the down step or the step down here in the first quarter, but then layering and never just, any sort of sense of where we should be landing on the top or the bottom line relative to where consensus may be today or just some sort of help might be would be appreciated.

好的，我很感激。顯然，有很多活動部件，我不知道您傳統上是否這樣做，但您能否給我們一點幫助，至少在第二季度的節奏方面，與第一季度的下降步伐相比，但隨後是分層的，而不僅僅是，任何關於我們應該在頂部或底部落在哪裡的感覺，相對於今天的共識，或者只是某種幫助，都將不勝感激。

No, I appreciate the question. So we don't get down to that kind of granularity or even on the quarters, if there's an after-hour call and you have a few questions, we'll be glad to entertain that, but we're not in a position to break out the quarters or get into granularity within the sub-businesses.

不，我很感謝你提出這個問題。因此，我們不會深入到這種粒度，甚至不會深入到季度，如果有下班後的電話並且您有幾個問題，我們會很樂意回答，但我們無法分解季度或深入到子業務的粒度。

All right, fair enough, thank you.

好的，夠了，謝謝。

Shagun Singh, RBC.

沙根·辛格，RBC。

Thank you so much for taking the question. I guess I just wanted to take a step back and just hoping you can address one of the questions I've been receiving from investors that, is never the right acquisition just given that the NuVasiveacquisition integration is still ongoing.

非常感謝您回答這個問題。我想我只是想退一步，只是希望你能回答我從投資者那裡收到的一個問題，鑑於 NuVasive 收購整合仍在進行中，這永遠不是正確的收購。

And, it will open you up to, potential execution misses and you know we've seen a little bit of a of a choppy quarter in 11 so can you maybe talk to us about, Nevro, why it makes sense, and then you, where exactly are you in that integration. And how confident are you that, all this is behind us, and we want you know hit a snag down the road in '25?

而且，它會讓你面臨潛在的執行失誤，你知道我們已經看到了 11 個季度的波動，所以你能和我們談談，Nevro，為什麼這是有意義的，然後你在這種整合中到底處於什麼位置。您有多大信心，這一切都已成為過去，我們想讓您知道，25 年是否會遇到障礙？

Thanks, I'll try and address some of that. You could help me if I missed a few of the points you put out, but let's start with your investors and let's keep it fact-based never wasn't part of anything that we did in the first quarter. And so that question is more of a head scratcher there.

謝謝，我會嘗試解決其中的一些問題。如果我錯過了您提出的一些觀點，您可以幫助我，但讓我們從您的投資者開始，讓我們保持以事實為基礎，這從來都不是我們在第一季所做任何事情的一部分。所以這個問題比較令人費解。

Well, timing is never great with some of the acquisitions. It was an opportunistic buy that I did go through in my prepared script. So, for $250 million, we enter into the [Noomod] business. And we're able to get a clinically superior solution out there that we feel we can scale up to expand our continuum of care and really help treat patients.

嗯，有些收購的時機總是不太好。這是我在準備好的腳本中確實進行的一次機會性購買。因此，我們花費 2.5 億美元進入了 [Noomod] 業務。我們能夠獲得臨床上更優越的解決方案，我們認為我們可以擴大其規模以擴展我們的連續護理並真正幫助治療患者。

In addition, the patent portfolio strength is where we want to get to with future things we're working on, and their technologies applicable through multiple areas of our business that I laid out. So, this is a buy that has great long-term potential. We focus on the long term.

此外，專利組合實力是我們希望在未來開展的專案中實現的，並且其技術可以應用於我列出的我們業務的多個領域。因此，這是一項具有巨大長期潛力的收購。我們著眼於長遠。

And while we have people working on it there, they are separate from anyone else doing robotics and anyone else doing US spying. They're not interfering with it, and there's nothing related to supply chain manufacturing from Nevro that would come into our robots or our spine, so they're very different that way.

雖然我們有人員在那裡從事這項工作，但他們與其他從事機器人研究的人以及從事美國間諜活動的人是分開的。他們不會干涉，而且 Nevro 的供應鏈製造也與我們的機器人或脊椎沒有任何關係，所以在這方面它們非常不同。

If you want, you can pick some of the other parts of the question, but I think that's the major message out to the investors. Yeah.

如果你願意，你可以選擇問題的其他部分，但我認為這是向投資者傳達的主要訊息。是的。

I think again, this is Keith, just to add on, you had a follow up in there that talked about, how do you know that these are behind you for what you experienced in the first quarter. But when I think about Q1, the two big things that jump out to me are the soft enabling tech sales and really some of the insourcing supply. Chain disruptions that we saw, a com coming out of the quarter, production is coming online and we're back to shipping. We've been sourced a good bit of product primarily on the side.

我再想想，這是基思，只是想補充一下，你在那裡進行了跟進，談到了，你怎麼知道這些已經過去了，因為你在第一季經歷了這些。但當我考慮第一季時，映入眼簾的是兩件大事：軟性支援技術銷售和一些內部採購供應。我們看到供應鏈中斷，本季出現問題，生產已恢復，我們已恢復運輸。我們主要從側面採購了大量產品。

I view that as really as a onetime change bringing it in. I feel confident as we move forward that we have the worst of those issues behind us. Machinerys coming online. We have product flowing both from Our manufacturing facilities, as well as our third-party facilities, and we're getting product in the hands of our sales reps. Enabling tech.

我認為這確實是一次性的改變。我相信，隨著我們不斷前進，我們已經度過了最艱難的時期。機械上線。我們的產品既來自我們的製造工廠，也來自第三方工廠，然後我們將產品交到我們的銷售代表手中。支援技術。

I really fall back on the earlier comments. We see the lumpiss, we had lumpiness like this, I think three years ago coming into Q1 that in that time we said that the pipeline wasn't developing. The situation here is a little bit different. We have a robust pipeline. We're just seeing a bit of an elongated selling cycle.

我真的很感謝之前的評論。我們看到了不平衡，我們有這樣的不平衡，我想三年前進入第一季時，我們當時說管道沒有發展。這裡的情況有點不同。我們擁有強大的管道。我們只是看到銷售週期有點延長。

Got it. And just I guess a quick follow up and, sorry, I was, I got disconnected earlier, but any update on the FDA warning letter and then should we expect you to continue to focus on M&A like you had mentioned?

知道了。我想快速跟進一下，抱歉，我剛才斷線了，但是 FDA 警告信有任何更新嗎？然後我們是否應該期待您繼續關注您提到的併購？

Thank you for taking the question.

感謝您回答這個問題。

We don't really have anything, as far as the FDA warning letter. We made a lot of progress with that. We're really waiting for them to come back and inspect the facility and move this. We're actually excited for them to come back and inspect this facility and remove this. We're more than ready. We're more than ready 30 days after that. So, it's not a concern of ours. It's not an impact of ours. We just want to go get this cleaned up and put it behind us.

就 FDA 警告信而言，我們確實沒有收到任何消息。我們在這方面取得了很大進展。我們真的在等待他們回來檢查設施並將其搬走。我們實際上很高興他們能回來檢查這個設施並將其移除。我們已經做好充分準備。30天後我們就做好了充分的準備。所以，這不是我們關心的問題。這不是我們造成的影響。我們只是想把這件事處理好，然後把它拋在腦後。

And as it relates to your question on M&A, I would say that, given, we're finalizing invasive and working to bring that in along with Nero, I would say that we probably slow down a little bit in the near term on M&A and focus on finalizing integration activities before stepping forward.

至於您關於併購的問題，我想說，鑑於我們正在完成侵入式並努力將其與 Nero 一起引入，我想說我們可能會在短期內放慢併購的速度，並專注於完成整合活動，然後再向前邁進。

Caitlin Cronin, Canaccord Genuity.

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

Hi, thanks for taking the question. So, just with the US performance of 2%, I mean, what did you see in terms of the market growth and just anything from an overall procedural health and market perspective to point out.

你好，謝謝你回答這個問題。因此，僅從美國 2% 的表現來看，我的意思是，從市場成長方面以及從整體程序健康和市場角度來看，您看到了什麼？

Yeah, Caitlin, I don't really have a lot of good data for the market growth to answer for you, so don't be a guess on my side.

是的，凱特琳，我確實沒有很多關於市場成長的良好數據來回答你，所以不要站在我的角度去猜測。

Having talked to surgeons, one of the things that they had told us is they saw some slowdown occurring. They also felt like some of the approvals were taking longer from insurance companies as they were going through it, but that was more conversational. I don't really have a lot of data to say. I think it's X. I think there were some things going on that may have impacted it.

在與外科醫生交談後，他們告訴我們的一件事是，他們發現了一些放緩的現象。他們也覺得，保險公司審批某些事項所花的時間更長，但這只是一種對話。我確實沒有太多數據可說。我認為是 X。我認為發生的一些事情可能對其產生了影響。

I think ours is more about just creating the cadence and feeding the product and clearing up back orders and launching new products and going. So, to me, I think it's just something we push through and get back on track to who we need to be.

我認為我們的工作更多的只是創造節奏、提供產品、清理積壓訂單、推出新產品等等。所以，對我來說，我認為這只是我們要努力克服並回到我們需要成為的軌道上。

Got it. And then just on the enabling tech I mean reline now approved was has modules been approved for Excelsius and how much of an uptake are you already starting to see with kind of the cross-selling with NuVasive surgeons?

知道了。然後，就支援技術而言，我的意思是，現在已批准的 Reline 模組是否已獲準用於 Excelsius，以及您已經開始看到與 NuVasive 外科醫生進行交叉銷售的程度如何？

Yeah, it's a great question. So, Modulus is not yet approved, but it's in the works. We'll get it there. You're right with three line we're seeing it, and we are placing robots into NuVasive accounts, so we're seeing that continue. So as thought with our plan, we're doing that, of course we'd like it faster.

是的，這是一個很好的問題。因此，Modulus 尚未獲得批准，但正在籌備中。我們會把它送到那裡。您說得對，我們看到了三行，我們正在將機器人放入 NuVasive 帳戶中，因此我們看到這種情況仍在繼續。所以正如我們計劃的那樣，我們正在這樣做，當然我們希望它更快。

In going through, but all of the instrumentation is done on reline, as you said, all the products are there modulus next, and then we'll look to really make sure that we have everyone trained. We've been working on that, and we'll continue down the path which is already to me decent impact into new accounts.

在進行過程中，但所有的儀器都是在重新排列上完成的，正如你所說，所有產品接下來都是模量，然後我們會確保每個人都接受過培訓。我們一直在為此努力，並將繼續沿著這條道路前進，這對我來說已經對新帳戶產生了相當大的影響。

Great. Thanks so much.

偉大的。非常感謝。

David Saxon, Needham & Company.

大衛·薩克森（David Saxon），Needham & Company。

Great, good afternoon. Thanks for taking my questions. So, I had a couple here, this afternoon, one on Nevro, and then one on Excel State Slack. So on Nevro, just can you talk about kind of the pace of the integration you're trying to kind of meet there and key milestones we should be aware of?

太好了，下午好。感謝您回答我的問題。所以，今天下午我在這裡遇到了幾個，一個是關於 Nevro 的，另一個是關於 Excel State Slack 的。那麼關於 Nevro，您能否談談您試圖實現的整合步伐以及我們應該注意的關鍵里程碑？

And when in a previous answer you talked about their ST&A being too high so. I guess the real question is like how quickly can you get that down to where you want it to be and where do you want it to be?

當您在先前的回答中談到他們的 ST&A 太高時。我想真正的問題是你能多快將它降到你想要的水平以及你想要它在哪裡？

This is Keith I'll take that. So, in terms of Nevro, I mean OpEx, like I said, is going to be an area of focus. We are in the early stages of integration focused and working on that. I'm not going to give a point number as to kind of what I say the future state is. The key takeaway is when you look at OpEx, it's not sustainable for that level of sales.

我是 Keith，我接受。因此，就 Nevro 而言，我的意思是，OpEx，就像我說的，將成為一個重點領域。我們正處於整合的早期階段，並致力於此。我不會給一個點數來說明我所說的未來狀態。關鍵在於，當你查看營運支出時，你會發現這種銷售水準是不可持續的。

So it's really unpacking where is the spending at, and you know we've identified, there's areas of third party spending we've got to control. There’re areas of internal spending we have to control. We're going to aggressively go after that as we move through 2025. The key is to make sure that the business is driving profitable sales.

所以這實際上就是解開支出在哪裡的問題，而且你知道我們已經確定了我們必須控制第三方支出的領域。我們必須控制一些內部支出領域。到 2025 年，我們將積極實現這一目標。關鍵是要確保業務能夠推動獲利銷售。

Okay, great. And then on E-Flex I guess just you know level of interest in the system, number of placements, how's that order book building date and what are you seeing in terms of tellcast implants pull through?

好的，太好了。然後關於 E-Flex，我想您只知道對系統的興趣程度、安置數量、訂單簿的建立日期以及您在 Tellcast 植入方面看到了什麼？

Yeah, so we're still building out the book of capital placement, and it's actually going well. It's getting heavier, meaning it's getting fuller with where we're going.

是的，我們仍在製定資本配置計劃，而且進展順利。它變得越來越重，意味著我們要去的地方越來越滿。

We have not placed any yet out into the market, and what I would tell you is no pull through as of yet. But if you ask me, my thought would be we're probably going to enter the market within the second quarter based on what we're looking at now and push through and then to your point, we'll start seeing that ramp up as we get into the future quarters from there.

我們還沒有將任何東西投放到市場上，我想告訴你的是，到目前為止還沒有任何突破。但如果你問我，我的想法是，根據我們現在的情況，我們可能會在第二季度進入市場並繼續推進，然後按照你的觀點，隨著我們進入未來幾個季度，我們將開始看到這一趨勢的上升。

Great, thank you.

太好了，謝謝。

Steven Lichtman, Oppenheimer.

史蒂文·利希特曼，奧本海默。

Hi, guys. This is Air on for Steve. Thanks for taking the question. I just had a question regarding, tariffs. Can you guys talk about what impact, that denounced tariffs may have on your margins?

嗨，大家好。這是史蒂夫的廣播。感謝您回答這個問題。我只是想問一下有關關稅的問題。你們能談談被譴責的關稅會對你們的利潤產生什麼影響嗎？

Yeah, great question. We don't see any real material impact here on margins. Like I said, we are predominantly vertically integrated.

是的，很好的問題。我們沒有看到利潤率受到任何實際實質影響。正如我所說，我們主要採用垂直整合的方式。

When I think about the countries where we do source from, the impacts to us are minimal because there's lots of other actions we've taken, whether it's vendor cost renegotiation or offsets such as targeted price increases. I do not, to be clear, I do not see that having an impact on our earnings or margins this year or going into next year.

當我想到我們購買的國家時，對我們的影響很小，因為我們已經採取了許多其他行動，無論是供應商成本重新談判還是有針對性的價格上漲等抵消措施。明確地說，我認為這不會對我們今年或明年的收益或利潤產生影響。

Yeah, and I would say when Keith says vertically integrated, about 95% of our production is US-based, and our sourcing of materials to produce is actually US-based. We've been on that. That actually plays to our favor in this case. And so, with what we've calculated, we don't see any need to pivot or change our strategy as we work through these tariff challenges.

是的，我想說，當 Keith 說到垂直整合時，我們的大約 95% 的生產都在美國，而我們的生產材料採購實際上也在美國。我們一直在做這件事。在這種情況下，這實際上對我們有利。因此，根據我們的計算，我們認為在應對這些關稅挑戰時沒有必要調整或改變我們的策略。

Great. Thank you.

偉大的。謝謝。

Craig Bell of BFA Securities.

BFA 證券的 Craig Bell。

Good afternoon, guys. Thanks for taking the questions. Dan, wanted to ask on US spy growth, the 2%, you guys have been talking about, how the US core spine has kind of held in there and that was the strength, but, was there an impact from any of these supply disruptions on that number? And if so, what was the growth X, the one time?

大家下午好。感謝您回答這些問題。丹，我想問一下你們一直在談論的美國間諜增長 2%，美國的核心支柱是如何保持在那裡的，這就是實力，但是，這些供應中斷對這個數字有影響嗎？如果是的話，成長 X 是多少？

Yeah, it's a good question, Craig, and the answer is yes. We're not going to split it out. Some of that is kind of estimates. Did you get the surgery? Did you not, would it go? So, I'm not really feeling comfortable enough to put something out there, but the answer is yes with that. There was an impact that occurred within the back orders that we know are behind us and we're improving on a daily basis here with that type of move.

是的，這是個好問題，克雷格，答案是肯定的。我們不會把它分開。其中一些只是估計。你接受手術了嗎？難道你沒有，它會去嗎？所以，我其實不太願意把一些東西放在那裡，但答案是肯定的。我們知道積壓訂單已經處理完畢，這給我們帶來了一定影響，透過這種舉措，我們每天都在取得進展。

Also, listen, robotics sales and prolonged sales, they also tend to have an impact in your pull through and different things that will play into those numbers as well. So, both of those are a factor that would impact US spying.

另外，聽著，機器人銷售和長期銷售也往往會對你的拉力產生影響，不同的因素也會對這些數字產生影響。所以，這兩個因素都會影響美國的間諜活動。

Yeah, and, I'm going to try another quantification question if I'm not sure if you're going to give me an answer or not, but so on the enabling tech, maybe, I guess, would you be willing to quantify what the impact was in Q1 and then maybe just what those deals, if what those deals were that closed in early Q2?

是的，如果我不確定您是否會給我答案，我將嘗試另一個量化問題，但就支援技術而言，我想，您是否願意量化第一季度的影響，然後也許只是那些交易，如果那些交易是在第二季度初完成的？

Well, and I apologize I'm not sure I'm fully following, right, because they said it was down 31%. It was a $22 million sale. So, are you asking what carried forward to deals, is that what you're saying?

好吧，我很抱歉，我不確定我是否完全理解，因為他們說它下降了 31%。此次銷售額達 2,200 萬美元。那麼，您問的是哪些內容可以延續到交易中，您是這麼問的嗎？

Yeah. I guess if you would quantify what the impact was from the delayed sales that may have been pushed into the Q2?

是的。我想您可以量化一下延遲銷售可能會推遲到第二季造成的影響嗎？

And again, I'm not being funny with this, but why don't we talk that in August when we get into Q2 just because it's in play now and you're in the beginning of May. And so, while we're seeing some lifts occurring, you're right, the things that we're talking about some of those rollovers, but some of them are new. I'd have to sort through it, but one out of the three months it's tough for me to make a call right now and just tell you that the sales are really related to both carryovers and new ones that we had in our portfolio.

再說一次，我並不是在開玩笑，但是為什麼我們不在 8 月進入第二季度時談論這個問題呢，因為現在正在進行中，而現在是 5 月初。因此，雖然我們看到了一些提升，但您是對的，我們正在談論的是其中一些翻滾，但其中一些是新的。我必須對其進行分類，但三個月中有一天，我很難現在就打電話告訴你，銷售實際上與我們投資組合中的結轉和新銷售有關。

Got it. Thanks.

知道了。謝謝。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

All right, thank.

好的，謝謝。

You for taking the question, guys. Apologies. This is really just a clarification. I am a little confused on the top line guide still because previously it was with the close of Nevro at the end of Q2.

感謝你們回答了這個問題，夥計們。抱歉。這實際上只是一個澄清。我對頂線指南仍然有點困惑，因為之前它是在第二季末 Nevro 收盤時得出的。

Now we got the same number, but you closed it kind of a quarter early. So, it implies something changed, and I was just wondering, if you could at a high-level talk about whether it's a different never expectation or a different. Base expectation or facts like what, what's different about those two scenarios?

現在我們得到了相同的數字，但你提前一個季度關閉了它。所以，這意味著有些事情發生了變化，我只是想知道，你是否可以從高層次上談論這是否是一個不同的從未期望或不同的東西。基本期望或事實是什麼，這兩種情況有什麼不同？

Hey Matt, that's a great question. This is Keith. I really would fall back on what I said earlier is that we're focused on driving profitable growth as it relates to Nevro.

嘿，馬特，這個問題問得真好。這是基斯。我確實會回到我之前說過的話，那就是我們專注於推動與 Nevro 相關的獲利成長。

So even though the deal closed earlier, we're being conservative on the revenue view as we move the business forward because we want to get the spending right.

因此，儘管交易提前完成，但在推動業務發展的過程中，我們對收入的看法仍持保守態度，因為我們希望支出合理。

Okay, and then maybe just one follow up, in terms of your, enabling tech, the delays that you saw in in one of the closing, is there some factor in terms of the type of customer or the type of deal or the environment that you would attribute that to? I just wanted to get more texture as to why you thought that that was happening?

好的，然後也許只有一個後續問題，就您的支援技術而言，您在其中一次成交中看到的延遲，是否存在與客戶類型或交易類型或環境相關的因素，您認為這是否是原因所在？我只是想進一步了解您認為為什麼會發生這種情況？

I'll take that. No, it wasn't a particular thing or a particular customer or anything like that. I think it was really just a lot of interest, and most of it was red lines back and forth to seeming to take longer than normal as I think hospitals or other caregivers worked through some of the more macro challenges, but again, it was really kind of across the board, not specific to one group or one customer.

我會接受的。不，這不是某個特定事物或某個特定客戶或諸如此類的事情。我認為這真的只是很多興趣，而且大多數都是來回的紅線，似乎花費的時間比正常情況要長，因為我認為醫院或其他護理人員正在努力解決一些更宏觀的挑戰，但同樣，這確實是全面的，而不是針對某個群體或某個客戶。

Okay. Great. Thank you so much.

好的。偉大的。太感謝了。

Thank you. With no further questions, that concludes the Globus Medical's earning call. Thank you for participating. You may now disconnect.

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