Globus Medical Inc (GMED) 2025 Q2 法說會逐字稿

Welcome to Globus Medical second quarter 2025 earnings call. (Operator Instructions)

歡迎參加 Globus Medical 2025 年第二季財報電話會議。（操作員指示）

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

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, Hailey, and thank you everyone for joining in with us today. Joining today's call from Globus Medical will be David Paul, Globus's Founder and Executive Chairman; Keith Pfeil, President and Chief Executive Officer; and Kyle Klein, Chief Financial Officer.

謝謝你，海莉，也謝謝大家今天的參與。參加今天 Globus Medical 電話會議的有 Globus 創辦人兼執行主席 David Paul、總裁兼執行長 Keith Pfeil 和財務長 Kyle Klein。

This review is being made available via webcast, accessible through the Investor Relations section of the Globus Medical website at www.globusmedical.com.

該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.

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。

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 on the schedules accompanying the press release and on the Investor Relations section of the Globus Medical website.

我們相信這些非公認會計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 turn the call over to David Paul, our Founder and executive Chairman.

說完這些，我將把電話轉給我們的創辦人兼執行主席大衛保羅 (David Paul)。

Thank you, Brian, and good evening everyone. I want to begin by congratulating Keith Pfiel on his promotion to the role as CEO of Globus Medical, effective July 18, 2025. Keith will lead Globus on setting and executing our strategy to become the preeminent musculoskeletal technology company in the world.

謝謝你，布萊恩，大家晚上好。首先，我要祝賀 Keith Pfiel 晉升為 Globus Medical 首席執行官，該職位將於 2025 年 7 月 18 日起生效。基斯將帶領 Globus 制定和執行我們的策略，成為世界卓越的肌肉骨骼技術公司。

Before joining Globus Medical, Keith built nearly two decades of experience in corporate finance, operations, and strategic leadership. He began his career in public accounting with Arthur Andersen, later transitioning to KPMG, where he was primarily focused on financial audits and compliance. Keith later moved into the consumer products industry where he advanced through a series of finance and operational leadership roles, including serving in a divisional CFO role for several years and ultimately serving as Executive Vice President and CFO. His tenure included extensive experience leading financial planning.

在加入 Globus Medical 之前，Keith 在企業財務、營運和策略領導方面積累了近二十年的經驗。他的公共會計職業生涯始於安達信，後來轉到畢馬威，主要負責財務審計和合規工作。基思後來進入消費品行業，擔任了一系列財務和營運領導職務，包括擔任部門首席財務官數年，最終擔任執行副總裁兼首席財務官。他在任期內累積了豐富的領導財務規劃經驗。

M&A due diligence, Investor Relations, manufacturing and sourcing initiatives, as well as large scale restructuring initiatives that improved liquidity and operational efficiencies. Beginning in 2019, when Keith started at Globus as our CFO, it was obvious to me and our board that he was destined to one day be in this CEO role. We quickly began exposing him to all aspects of our business over the last six years.

併購盡職調查、投資者關係、製造和採購計劃以及提高流動性和營運效率的大規模重組計劃。從 2019 年開始，當 Keith 開始擔任 Globus 的財務長時，我和董事會就很清楚，他注定有一天會擔任執行長一職。在過去的六年裡，我們很快就開始向他介紹我們業務的各個方面。

In addition to finance, Keith was given responsibility within the company in IT, operations, pricing, regulatory, quality, and commercial. Finally, Keith led the financial due diligence and the entire integration planning effort for NuVasive and Navro and has made amazing progress in a short period of time with both. Keith has become an integral part of the Globus executive team, providing steady, positive, and committed leadership that will now extend to the entire organization to drive our strategic goals.

除了財務之外，Keith 還負責公司內部的 IT、營運、定價、監管、品質和商業等事務。最後，Keith 領導了 NuVasive 和 Navro 的財務盡職調查和整個整合規劃工作，並在短時間內取得了驚人的進展。基斯已成為 Globus 執行團隊不可或缺的一部分，提供穩定、積極和堅定的領導力，現在將擴展到整個組織以推動我們的策略目標。

I also want to take this opportunity to thank Dan Scavilla for his many contributions to Globus over the last 10 years. He has been a great partner to Globus and me and has served with distinction for the last 10 years, beginning with his role as CFO and his last three years as CEO. We wish Dan well in his new position at Dentsply.

我還想藉此機會感謝 Dan Scavilla 在過去 10 年裡為 Globus 做出的諸多貢獻。他一直是 Globus 和我出色的合作夥伴，過去 10 年來表現出色，最初擔任首席財務官，最後三年擔任執行長。我們祝福丹在 Dentsply 的新職位上一切順利。

I will now turn the call over to Keith and Kyle for their comments on our quarter, and we'll have a few words to say in closing at the end.

現在，我會把電話轉給 Keith 和 Kyle，請他們就我們本季的業績發表評論，最後我們還會講幾句話。

Thank you, David. Good afternoon to everyone, and thank you for joining us on today's call. This is my first earnings call as CEO following our July 21st announcement regarding a leadership transition. I'd like to take a moment to thank David Paul and the Board for their confidence in me. And I also want to take a moment to thank Dan Scavilla for his contributions to Globus, as well as his guidance and mentorship to me over the past several years. I sit here today, excited for the opportunity and ready to begin a new chapter of the Globus story.

謝謝你，大衛。大家下午好，感謝大家參加今天的電話會議。這是自 7 月 21 日宣布領導層變動以來，我作為執行長召開的第一次財報電話會議。我想花點時間感謝大衛保羅和董事會對我的信任。我也想藉此機會感謝 Dan Scavilla 對 Globus 的貢獻，以及過去幾年對我的指導和輔導。我今天坐在這裡，對這個機會感到興奮，並準備好開始 Globus 故事的新篇章。

Before I jump into a discussion on the Q2 company performance, I'd like to take a few minutes to step back and talk about who Globus is and where our strategy lies. Our strategy remains grounded in the same principles that have driven our success for many years. Our mission remains unchanged.

在我開始討論第二季公司業績之前，我想花幾分鐘時間回顧一下 Globus 是誰以及我們的策略是什麼。我們的策略始終秉持著多年來推動我們成功的相同原則。我們的使命保持不變。

Globus Medical is a global musculoskeletal technology company dedicated to improving clinical outcomes and solving unmet clinical needs to improve the lives of our patients. We innovate with passion, provide world class dedication and clinical support, and advance care through our comprehensive product portfolio.

Globus Medical 是一家全球性的肌肉骨骼技術公司，致力於改善臨床結果並解決未滿足的臨床需求，以改善患者的生活。我們滿懷熱情地創新，提供世界一流的奉獻精神和臨床支持，並透過我們全面的產品組合提供先進的護理。

We will continue to support and advance care and focus on the patient with the goal of improving musculoskeletal care, doing so in a manner that exhibits financial discipline. Our leadership team is aligned towards this pursuit.

我們將繼續支持和推進護理，關注患者，以改善肌肉骨骼護理為目標，以體現財務紀律的方式進行。我們的領導團隊也堅定地追求這個目標。

Globus has seen tremendous growth and change, starting with eclipsing $1 billion in annual revenue in 2022, followed by the transformative merger with NuVasive in 2023, and then most recently the closing of the Nevro acquisition. All of this coming from a company that was founded just 22 years ago in 2003. The growth and evolution of the company remains second to none and highlights the strategic focus of living its mission.

Globus 經歷了巨大的成長和變化，首先是 2022 年年收入突破 10 億美元，接著是 2023 年與 NuVasive 的變革性合併，最近又完成了對 Nevro 的收購。而這一切都源自於一家成立於 2003 年、僅 22 年的公司。公司的成長和發展始終是首屈一指的，並凸顯了實現其使命的策略重點。

The change of the past several years has helped further position us within the musculoskeletal market, and we're at a point where we want to finalize and fully integrate the merged and acquired entities. Our team is intently focused on accelerating our product development engine to launch new and exciting products.

過去幾年的變化幫助我們在肌肉骨骼市場中進一步定位，現在我們正處於想要完成並全面整合合併和收購實體的階段。我們的團隊專注於加速我們的產品開發引擎以推出新的令人興奮的產品。

These exciting products will add to our best in class bag, which will further propel our ability to retain and grow our sales force through competitive rep conversions. We will continue to do this in a manner in which Globus maintains financial prudence with strong earnings, cash and cash flow, and overall balance sheet strength, all of which is consistent with our history.

這些令人興奮的產品將加入我們一流的產品系列，這將進一步推動我們透過競爭性代表轉換來保留和擴大銷售團隊的能力。我們將繼續這樣做，使 Globus 保持財務審慎，盈利強勁、現金和現金流以及整體資產負債表實力雄厚，所有這些都與我們的歷史相一致。

In short, I want everyone joining us today to know that Globus has many opportunities in the pipeline to fuel future organic growth, and we remain confident in our position within the market. Knowing that our business has undergone dramatic change in the past few years, we have invested heavily in our leadership team to ensure focus and strategy development occurs at the right level within the organization such that M&A activities don't distract from the existing businesses.

簡而言之，我希望今天加入我們的每個人都知道，Globus 有很多機會來推動未來的有機成長，我們對我們在市場中的地位充滿信心。我們知道我們的業務在過去幾年中發生了巨大的變化，因此我們對領導團隊進行了大量的投資，以確保在組織內部的正確層面上進行重點關注和戰略制定，從而使併購活動不會分散現有業務的注意力。

Those leaders are specifically focused on our core categories of spine, ortho trauma, and interventional pain, and are responsible to execute commercial strategy while maintaining responsibility for product development timelines.

這些領導者特別關注我們的核心類別：脊椎、矯形創傷和介入性疼痛，並負責執行商業策略，同時負責產品開發時間表。

Now let's move into our update on the second quarter. I will start by touching briefly on top-level financial performance, then provide more qualitative updates on our business and Q2 performance. I'll then turn things over to Kyle, where he will go into greater details on our Q2 financial results.

現在讓我們進入第二季的更新。我將首先簡要介紹頂層財務業績，然後提供有關我們的業務和第二季度業績的更多定性更新。然後我將把話題交給凱爾，他將更詳細地介紹我們第二季的財務表現。

At a top level, Globus delivered Q2 sales of $745 million in non-GAAP EPS of $0.86 per share, growing 18.4% and 14.1% respectively over the prior year quarter. Free cash flow was $31.3 million growing 18% despite the impact of the Nevro acquisition, as well as higher CapEx spending.

整體而言，Globus 第二季銷售額達 7.45 億美元，非 GAAP 每股收益為 0.86 美元，分別較去年同期成長 18.4% 和 14.1%。儘管受到 Nevro 收購以及資本支出增加的影響，自由現金流仍增加 18%，達到 3,130 萬美元。

Our base business delivered $651 million in revenue during Q2, growing 3.3% as reported and 4.9% day adjusted versus the prior year quarter with one less selling day in the US and two fewer days in Japan. Never contributed $95 million in revenue during the quarter.

我們的基礎業務在第二季度實現了 6.51 億美元的收入，與去年同期相比，報告增長 3.3%，調整後日數增長 4.9%，其中美國的銷售日數減少一天，日本的銷售日數減少兩天。永不在本季度貢獻了 9500 萬美元的收入。

Operational challenges noted in our first quarter comments have largely subsided as the supply of product has dramatically improved across our business. Delivery of US spine sets and inventory return to a normal cadence, while a supply of international spine and growing rods increased gradually throughout the quarter.

由於我們整個業務的產品供應大幅改善，我們在第一季評論中提到的營運挑戰已基本消退。美國脊椎套裝和庫存的交付恢復正常節奏，而整個季度國際脊椎和生長桿的供應逐漸增加。

Overall, we exited Q2 in a strong position with product and sets. We will continue to ramp up our supply as we enter the back half of our year to accommodate for anticipated growth, including the normal Q4 seasonal bump.

總體而言，我們在第二季度憑藉產品和設備保持了強勁地位。進入下半年，我們將繼續增加供應，以適應預期的成長，包括正常的第四季季節性成長。

Our US spying business led the way commercially, growing 5.7% as reported, or 7.4% on a day adjusted basis. The key procedures or categories leading growth included an expandable TIF with our stable implants, posterior cervical with re-line C, A lift procedures withhedron and modulus implants, as well as continued increasing contribution from MIS pedicle screws, namely reline mass and Creo biologics, as well as our DuraPro oscillating drills.

我們的美國間諜業務在商業上處於領先地位，據報導增長了 5.7%，按日調整後增長了 7.4%。引領成長的關鍵手術或類別包括採用我們穩定植入物的可擴展 TIF、採用重新排列 C 的後頸椎手術、採用多面體和模量植入物的 A 提升手術，以及 MIS 椎弓根螺釘（即重新排列質量和 Creo 生物製劑）以及我們的 DuraPro 振蕩鑽的持續增長的貢獻。

Growth in US spine has been consistent and sustaining, driven by increasing focus on key areas of the business. Every week in Q2 had shown growth versus the same week in the prior year. We are now at 19 consecutive weeks of US spine implant growth, which includes a strong July and a great start to August.

由於對業務關鍵領域的日益關注，美國脊椎業務一直保持穩定和持續的成長。與去年同期相比，第二季的每一周都呈現成長。目前，美國脊椎植入物已連續 19 週呈現成長勢頭，其中 7 月表現強勁，8 月開局良好。

Growth in our core business is being driven by several factors, including increasing set and inventory availability, driving targeted product conversions, competitive rep hiring, as well as a key focus with increasing our surgeon engagement. All of these factors are key to growth as we continue on the basics of launching new products, growing our sales force, and driving robotic pull through.

我們核心業務的成長受到多種因素的推動，包括增加設備及庫存的可用性、推動有針對性的產品轉換、有競爭力的銷售代表招聘，以及專注於提高外科醫生的參與度。隨著我們繼續推出新產品、擴大銷售團隊並推動機器人的發展，所有這些因素都是成長的關鍵。

To highlight the importance of new products, I'd like to take a minute to talk about our DuraPro drill system. As a refresher, this product was launched in 2024 and features an oscillating technology designed to be soft tissue sparing, allowing surgeons to treat anatomy adjacent to delicate tissue.

為了強調新產品的重要性，我想花點時間談談我們的 DuraPro 鑽孔系統。需要提醒的是，該產品於 2024 年推出，採用旨在保護軟組織的振盪技術，使外科醫生能夠治療毗鄰脆弱組織的解剖結構。

We are seeing accelerated levels of growth in this product since launch, fueled by surgeon to surgeon testimonials. Moving forward, we see this product as a game changer and have ramped up supply with increasing levels of sets being delivered to our field to fund this growth.

自推出以來，我們看到該產品的成長速度加快，這得益於外科醫生的評價。展望未來，我們認為這款產品將改變遊戲規則，並已加大供應力度，向我們的領域交付越來越多的套件，以資助這一增長。

Enabling technologies experienced to bounce back in Q2, growing 58% sequentially to finish at $35.2 million. Despite the sequential improvement, Q2 sales were lower by 4% compared to the prior year quarter, driven by lower sales of EGPS robotic systems, partially offset by growing sales of E3D imaging systems. While we close many robotic deals from Q1 in the second quarter, we are still experiencing an elongation in the selling cycles. We see these deals as alive and active and seek to drive a strong second half.

使能技術在第二季出現反彈，季增 58%，達到 3,520 萬美元。儘管環比有所改善，但第二季度的銷售額與去年同期相比下降了 4%，原因是 EGPS 機器人系統銷售額下降，但 E3D 成像系統銷售額的成長部分抵消了這一影響。雖然我們在第二季完成了第一季的許多機器人交易，但我們仍然經歷著銷售週期的延長。我們認為這些交易是活躍的，並尋求推動下半年的強勁發展。

Importantly, feedback from our surging customers who use our robotic systems remains incredibly positive with respect to its features and capabilities as they exist today. We will aggressively seek to close down open opportunities as we move ahead.

重要的是，使用我們機器人系統的客戶不斷增加，對於其現有的特性和能力，他們的回饋仍然非常積極。在前進的過程中，我們將積極尋求機會來關閉開放的大門。

Over the long term, we expect robots and robotic procedures to grow within spine and believe that robotic surgery will be the standard of care for patients suffering from spine disorders. To date, we've seen almost 110,000 procedures and expect this to continue to grow as adoption becomes more widespread.

從長遠來看，我們預計機器人和機器人手術將在脊椎領域發展，並相信機器人手術將成為脊椎疾病患者的護理標準。到目前為止，我們已經完成了近 110,000 個程序，隨著採用範圍的擴大，預計這一數字還將繼續增長。

Our international spy business grew roughly 4% as reported, but was essentially flat on a constant currency basis. I commented earlier on the improvements in the supply chain as we move through the quarter. I'd like to take a few moments to provide some additional insight.

據報道，我們的國際間諜業務成長了約 4%，但以固定匯率計算基本持平。我之前曾評論過本季供應鏈的改善。我想花幾分鐘來提供一些額外的見解。

Breaking our international business into regions and key countries, we see growth across our EMEA region led by the UK, Spain, Germany, Ireland, and Italy. The interest in Globus products across EMEA remains high, driven by our key differentiators, namely our product portfolio, technologies and service levels. The combination of these factors drives interest from our customers while also attracting competitive reps.

將我們的國際業務劃分為各個地區和主要國家，我們發現歐洲、中東和非洲地區 (EMEA) 的成長主要集中在英國、西班牙、德國、愛爾蘭和義大利。整個歐洲、中東和非洲地區對 Globus 產品的興趣依然很高，這得益於我們的主要差異化因素，即我們的產品組合、技術和服務水準。這些因素的結合激發了我們客戶的興趣，同時也吸引了有競爭力的銷售代表。

Our second quarter saw the quarter-over-quarter growth improve versus Q1. We expect this trend to continue looking ahead as the supply of product continues to drive incremental growth. Within the APAC region, we're continuing to focus on our largest markets, which are Japan and Australia. Recent trends are showing success in these selling markets.

我們第二季的環比成長較第一季有所改善。我們預計，隨著產品供應繼續推動增量成長，這一趨勢將持續下去。在亞太地區，我們將繼續關注我們最大的市場，即日本和澳洲。最近的趨勢顯示這些銷售市場取得了成功。

However, we continue to see opportunity to generate additional share growth in these core markets moving ahead. The LatAm region, our smallest international region, has been most impacted by sales shortfalls in Brazil, which are a combination of a slowing market as well as isolated supply issues. We will continue to focus on this key market moving forward and see the flow of product improving in Q3 and Q4.

然而，我們仍然看到這些核心市場在未來有機會進一步實現份額成長。拉美地區是我們最小的國際區域，受巴西銷售短缺的影響最大，這是市場放緩以及個別供應問題共同造成的。我們將繼續關注這一關鍵市場的發展，並期待第三季和第四季產品流通的改善。

The overall strategy of our international business is to focus on key markets and go deeper in those markets to drive higher share positions. As we continue with our international integration, we view this strategy as key to overall long-term international success. While this may result in some near-term impacts on growth rates, we view this as the right approach long term to ensure the health of our international business.

我們國際業務的整體策略是專注於重點市場，並深入這些市場以提升市場佔有率。隨著我們繼續推動國際一體化，我們認為這項策略是長期國際成功的關鍵。雖然這可能會對成長率產生一些短期影響，但我們認為，從長遠來看，這是確保我們國際業務健康的正確方法。

Our core trauma business grew 35% in Q2 compared to the prior year quarter, while our NSO growing rod business declined during the quarter. However, this was largely due to the lack of supply to our international markets. The increased supply of growing rods that hit the market in Q2 was focused on replenishing the US market first, followed by international locations.

與去年同期相比，我們的核心創傷業務在第二季度成長了 35%，而我們的 NSO 生長棒業務在本季有所下滑。然而，這主要是由於我們的國際市場供應不足所致。第二季上市的生長竿供應量增加首先集中在補充美國市場，其次是國際市場。

Reaching a steady state of supply with manufacturing of our precise line has allowed us to serve a larger scale of patients, including pediatric patients during the summer months, which bolsters our position in the US while ramping revenue internationally, which will favorably impact us moving ahead.

透過製造精密生產線實現穩定的供應狀態使我們能夠為更大範圍的患者提供服務，包括夏季的兒科患者，這鞏固了我們在美國的地位，同時增加了國際收入，這將對我們的未來發展產生有利影響。

The core trauma portfolio continues to grow rapidly, driven by product investment and a keen focus on driving density in our business. Our approach to growth using a density model is focused on areas and institutions we see driving the greatest long term benefit.

在產品投資和對業務密度提升的強烈關注的推動下，核心創傷產品組合持續快速成長。我們使用密度模型來實現成長的方法主要集中在我們認為能夠帶來最大長期利益的領域和機構。

Key products such as our Audubon line of nails and anthem plates provides for differentiated product offerings versus competition, which our surging customers recognize. These products, along with our precise line of products, is allowing us to break down doors and open new accounts across the US. Our core trauma bag can compete with the competition. Adding precise only fosters a strengthening position for us in the marketplace that coupled with our desire to continue to innovate, positions this business well for the future.

我們的奧杜邦系列釘子和國歌板等主要產品提供了與競爭對手不同的產品，這一點得到了我們不斷增長的客戶認可。這些產品，加上我們精準的產品線，使我們能夠在美國各地打開市場並開設新帳戶。我們的核心創傷包可以與競爭對手競爭。增加精確度只會增強我們在市場上的地位，再加上我們繼續創新的願望，這將使我們的業務在未來處於良好的地位。

As we grow, we will add to our direct sales force in a manner that supports our density model. Innovation will drive opportunities, allowing us to target the right accounts in a manner that will drive sustainable, top line, profitable growth, which will create a flywheel of attracting the top selling talent in the industry.

隨著我們的成長，我們將以支持我們的密度模型的方式擴大我們的直銷團隊。創新將帶來機遇，使我們能夠以能夠推動永續、頂線、獲利成長的方式瞄準正確的客戶，這將形成吸引產業頂尖銷售人才的飛輪。

Our neuro monitoring business performed in line with expectations in Q2, showing a sequential improvement and a narrowing quarter-over-quarter decline. Our expectations for this business for the remainder of the year are consistent with our initial expectations coming into the fiscal 2025.

我們的神經監測業務在第二季的表現符合預期，季比改善且季減幅有所縮小。我們對今年剩餘時間該業務的預期與我們對 2025 財年的初步預期一致。

Case insights are taken from this business, which can be used in better assessing our hardware as well as the competitions. The neuro monitoring service delivers trusted clinical support beyond just the implant sales, which increases our brand positioning, leading to a portfolio synergy with the product and service overlap.

從這項業務中可以獲得案例見解，可以用來更好地評估我們的硬體以及競爭對手。神經監測服務除了提供植入物銷售之外，還提供值得信賴的臨床支持，這提高了我們的品牌定位，從而產生了產品和服務重疊的投資組合協同效應。

I'd like to spend a few moments discussing Nevro and provide some additional insights behind the strategy to add this to our portfolio. Thinking back to some of my opening comments about Globus, its mission and approach, we've been focused on providing the best solutions to address the continuum of care for patients suffering from musculoskeletal disorders.

我想花點時間討論一下 Nevro，並提供一些關於將其添加到我們的投資組合中的策略的額外見解。回想我對 Globus 及其使命和方法的一些開場白，我們一直致力於提供最佳解決方案來解決肌肉骨骼疾病患者的持續護理問題。

Acquiring Nevro allowed us to expand our continuum of care and address the submission from our product portfolio. Spinal cord stimulation has been proven to be an effective therapy for patients who had a previous spine surgery that did not resolve their back or leg pain, as well as for patients who suffer from back pain that is not addressable by spine surgery.

收購 Nevro 使我們能夠擴大我們的護理範圍並解決我們產品組合中的問題。事實證明，脊髓刺激對於接受脊椎手術但無法解決背部或腿部疼痛的患者以及脊椎手術無法解決背部疼痛的患者是一種有效的治療方法。

Since announcing the transaction, feedback from spine surgeons as well as pain physicians has been universally positive. Pain doctors are encouraged with Globus acquiring the Nevro brand, knowing that high frequency spinal cord stimulation will continue to be available for their patients. Neuro modulation and the Nevro high frequency approach is an effective therapy for other disorders such as painful diabetic neuropathy. In addition to pain, we see value in the intellectual property of this business to explore other applications of electrical stimulation.

自從宣布交易以來，脊椎外科醫生和疼痛科醫生的回饋普遍積極。疼痛科醫生對 Globus 收購 Nevro 品牌感到鼓舞，因為他們知道患者將繼續可以接受高頻脊髓刺激治療。神經調節和 Nevro 高頻方法是治療糖尿病疼痛性神經病變等其他疾病的有效方法。除了疼痛之外，我們還看到了該業務的智慧財產權的價值，可以探索電刺激的其他應用。

We are excited to explore these areas, including treating gait disorders and Parkinson's disease patients, as well as other unmet clinical needs. Our long term goals are to drive top line growth with these products as we enter a new addressable market. To do this, we've already recast their product development approach as we seek to drive organic innovation. Integration activities are underway with our first major actions to address cost occurring at the end of Q2. We seek to drive a swift integration such that we put never on a sustainable path of growth and profit.

我們很高興探索這些領域，包括治療步態障礙和帕金森氏症患者，以及其他未滿足的臨床需求。我們的長期目標是在進入新的目標市場時利用這些產品來推動營收成長。為了實現這一目標，我們重塑了他們的產品開發方法，力求推動有機創新。整合活動正在進行中，我們將在第二季末採取首批重大措施來解決成本問題。我們尋求推動快速整合，從而走上可持續的成長和獲利之路。

Since the beginning of 2024, we have launched a total of 21 new products, 14 products within spine, 3 trauma products, and 4 joint products, with the most recent product being the ONVOY Acetabular shell launched during our second quarter. The ONVOY Acetabular system is a contemporary acetabular system for cementless reconstruction and total hip arthroplasty procedures. This product is launching to further improve our competitive position in primary hip. Filling gaps in our portfolio over the next 12 months will allow us to more aggressively scale our hip and knee business in the next 12 to 18 months.

自 2024 年初以來，我們共推出了 21 款新產品，包括 14 款脊椎產品、3 款創傷產品和 4 款關節產品，最新推出的產品是第二季度推出的 ONVOY 髖臼殼。ONVOY 髖臼系統是一種用於非骨水泥重建和全髖關節置換手術的現代化髖臼系統。該產品的推出將進一步提高我們在原發性髖關節領域的競爭地位。在未來 12 個月內填補我們產品組合中的空白將使我們能夠在未來 12 到 18 個月內更積極地擴大我們的髖關節和膝關節業務規模。

I'm pleased to announce we recently received FDA clearance for Excelsius XR, our head augmented reality navigation headset. Used with Excelsius Hub and Excelsius GPS, as well as Excelsius XR allows for real-time surgical visualization by projecting 2D data and 3D models to allow the user to look at the patient and virtual navigation data at the same time.

我很高興地宣布，我們的頭部增強現實導航耳機 Excelsius XR 最近獲得了 FDA 批准。與 Excelsius Hub 和 Excelsius GPS 一起使用，以及 Excelsius XR 可以透過投影 2D 資料和 3D 模型實現即時手術視覺化，讓使用者同時查看患者和虛擬導航資料。

Excelsius XR also provides instrument tracking capabilities for navigated placement of screws and inner body fusion devices and contains hand tracking cameras that allow the user to manipulate the head mounted display. We look forward to bringing this exciting innovative technology to surgeons in the coming months.

Excelsius XR 還提供儀器追蹤功能，用於導航放置螺絲和體內融合裝置，並包含手部追蹤攝影機，讓使用者可以操縱頭戴式顯示器。我們期待在未來幾個月內為外科醫生帶來這項令人興奮的創新技術。

Looking back on Q2, I'm encouraged by the progress made across the business. Our US spying business is showing tremendous strength, positioning us for a strong second half. We remain positive about our enabling tech business with the size of our pipeline and the energy of our sales force to close open opportunities to foster a strong second half. The supply chain challenges noted in Q1 have been largely resolved while we remain active with manufacturing initiatives. We are positioned to deliver inventory and sets across the business to facilitate planned sales growth.

回顧第二季度，我對整個業務的進展感到鼓舞。我們的美國間諜業務表現出巨大的實力，為我們下半年的強勁表現奠定了基礎。我們對我們的支援技術業務保持樂觀，憑藉我們通路的規模和銷售團隊的活力，我們將抓住機遇，促進下半年業績的強勁增長。我們仍在積極開展製造計劃，同時第一季提到的供應鏈挑戰已基本解決。我們的定位是為整個企業提供庫存和套件，以促進計劃中的銷售成長。

The base Globus business delivered adjusted EBITDA margins of 32.3%, growing 210 basis points over the prior year quarter. Significant progress was made with rolling out cost controls within Nevro as the business finished at a near break even adjusted EBITDA without seeing the full impact of all cost actions planned. Aligning the cost structure position will position us well looking ahead while we continue with this integration.

Globus 基礎業務的調整後 EBITDA 利潤率為 32.3%，比去年同期成長 210 個基點。在 Nevro 內部推行成本控制取得了重大進展，公司在未看到所有計劃的成本行動的全部影響的情況下，調整後的 EBITDA 接近收支平衡。在我們繼續進行整合的同時，調整成本結構位置將使我們處於良好的未來地位。

We remain debt free, but we continue to invest in the business and are generating strong free cash flow. We are driving synergy capture, including identifying and realizing non-operational synergies from our recent M&A activity. All of these are aligned with the long-term Globus philosophy.

我們仍然沒有債務，但我們繼續投資於業務並產生強勁的自由現金流。我們正在推動協同效應，包括從我們最近的併購活動中識別和實現非營運協同效應。所有這些都與 Globus 的長期理念相一致。

My strategic priorities are focused on continuity to build on the existing strategy which will be achieved via a framework of accelerating innovation and operational excellence driving organic growth. We will cultivate a culture of leading and invest in our people to develop the future leaders of tomorrow.

我的策略重點是延續現有策略，透過加速創新和卓越營運推動有機成長的框架來實現。我們將培養領導文化，投資我們的員工，培養未來的領導者。

Looking into the vision of this framework, we'll develop new tools within the R&D pipeline, drive manufacturing initiatives to return to a mid-70s adjusted gross profit profile, achieve market share gains, accelerate our first mover strategy while creating career pathways for our employees. I'm thankful to all of our Globus team members for their hard work and dedication to get us to this position and remain encouraged with our trajectory, as I feel we are well positioned to drive sustainable growth.

展望這一框架的願景，我們將在研發管道中開發新工具，推動製造計劃恢復到 70 年代中期的調整後毛利率水平，實現市場份額增長，加速我們的先發戰略，同時為我們的員工創造職業道路。我感謝所有 Globus 團隊成員的辛勤工作和奉獻精神，使我們達到這一地位，並對我們的發展軌跡感到鼓舞，因為我覺得我們已準備好推動永續成長。

Before turning the call over, I'd like to take a few moments to introduce our new CFO, Kyle Klein. Kyle joined Globus in 2017 as an Assistant Controller after a successful 10-year career with Deloitte. Since joining Globus, Kyle has held several roles of increasing responsibility each time learning more about the underpinnings of our business.

在轉接電話之前，我想花點時間介紹一下我們的新任財務長凱爾·克萊因 (Kyle Klein)。在德勤成功工作 10 年後，Kyle 於 2017 年加入 Globus 擔任助理財務主管。自從加入 Globus 以來，Kyle 擔任過多個職位，每次擔任的職責都越來越大，對我們業務的基礎有了更多的了解。

When I joined Globus in 2019, Kyle was integral to helping me develop a team and, more importantly, a mindset on how to approach things. He is a trusted confidant of mine, and I couldn't be more thrilled to have him become the next CFO of Globus. Kyle will do great things in this role, and I wish him continued success.

當我於 2019 年加入 Globus 時，Kyle 為我組建團隊提供了不可或缺的幫助，更重要的是，幫助我形成了處理事情的思維。他是我最信任的知己，我非常高興他能成為 Globus 的下一任財務長。凱爾將在這個角色上做出巨大貢獻，我祝他繼續取得成功。

Congratulations, Kyle. I will now turn the call over to you.

恭喜你，凱爾。我現在將電話轉給你。

Thanks, Keith, and good afternoon, everyone. I'd like to start today by thanking David Paul, the Board of Directors, and Keith for this opportunity. I am thrilled to be taking on this role and partnering with Keith and the talented Globus leadership team. In my 8 plus years with Globus, we've seen remarkable growth and change in our business, and it's been a career highlight for me to be part of what we're building here alongside the best and brightest professionals in the industry.

謝謝，基思，大家下午好。今天，我首先要感謝董事會的戴維·保羅 (David Paul) 和基思 (Keith) 給予我這次機會。我很高興擔任這個職位並與 Keith 和才華橫溢的 Globus 領導團隊合作。在我 Globus 工作的 8 年多時間裡，見證了我們業務的顯著增長和變化，能夠與業內最優秀、最聰明的專業人士一起參與我們在這裡建設的事業，是我職業生涯的亮點。

As Keith mentioned in his prior comments, on April 3, 2025, we closed our acquisition of Nevro Inc after Nevro shareholder and regulatory approval. The purchase price of $252.5 million was paid using existing cash reserves. The resulting impact of the April 3 acquisition of Nevro is such that my discussion on our results will seek to identify the underlying legacy Globus Medical results as well as the contributions from the inclusion of Nevro Financial Information.

正如 Keith 在先前的評論中提到的那樣，2025 年 4 月 3 日，在獲得 Nevro 股東和監管機構的批准後，我們完成了對 Nevro Inc 的收購。2.525億美元的購買價格是使用現有現金儲備支付的。4 月 3 日收購 Nevro 的影響是，我在討論我們的業績時將力求確定 Globus Medical 遺留的業績以及納入 Nevro 財務信息所帶來的貢獻。

Our Q2 2025 results include three months of Legacy Globus financial information and three months of Nevro, reflective of the April 3 acquisition closing date. My comments today will provide insights into our quarterly business performance, including the impacts of Nevro, our capital allocation priorities, as well as views on overall guidance for the remainder of the year.

我們的 2025 年第二季度業績包括三個月的 Legacy Globus 財務資訊和三個月的 Nevro 財務信息，反映了 4 月 3 日的收購結束日期。我今天的評論將提供對我們季度業務表現的見解，包括 Nevro 的影響、我們的資本配置重點，以及對今年剩餘時間總體指導的看法。

As I move through my discussion this afternoon, I will first comment on our as reported results, providing insights into the legacy Globus business, as well as high-level comments on the contributions from Nevro on an as-reported basis. All information is presented based on Globus accounting policies and is consistently applied in the as reported results from Legacy Globus and Legacy Nevro. We are extremely pleased with our second quarter results, both with and without the impact of Nevro.

在今天下午的討論中，我將首先對我們的報告結果進行評論，提供對傳統 Globus 業務的見解，並對 Nevro 的貢獻進行高層評論。所有資訊均根據 Globus 會計政策呈現，並一致應用於 Legacy Globus 和 Legacy Nevro 的報告結果。無論是否受到 Nevro 的影響，我們對第二季的業績都非常滿意。

The headlines for the quarter include one, above market sales growth in our US spying business, two, record non-GAAP earnings per share of $0.86, and three, a bounce back in enabling techno technology sales. Adding to Keith's comments, our sales results clearly demonstrate that we are driving market share growth and are executing our strategies around product, salesforce, and integration.

本季的頭條新聞包括：第一，我們美國間諜業務的銷售額成長高於市場；第二，每股非公認會計準則收益創歷史新高，達到 0.86 美元；第三，支持性技術銷售額出現反彈。除了 Keith 的評論之外，我們的銷售業績清楚地表明，我們正在推動市場份額的成長，並正在圍繞產品、銷售人員和整合執行我們的策略。

Moving into the quarter, our second quarter revenue was $745.3 million growing 18.4% on an as reported basis and 17.6% on a constant currency basis as compared to the second quarter of 2024. GAAP net income in the second quarter of 2025 was $202.8 million and GAAP fully diluted earnings per share was $1.49 reflective of the impact of both a bargain purchase gain of $110.6 million and partially offset by $28.8 million of merger and acquisition related costs resulting from the April 3 acquisition of Nevro.

進入本季度，我們的第二季度營收為 7.453 億美元，與 2024 年第二季度相比，按報告基礎增長 18.4%，按固定匯率計算增長 17.6%。2025 年第二季的 GAAP 淨收入為 2.028 億美元，GAAP 每股完全稀釋收益為 1.49 美元，反映了 1.106 億美元的廉價購買收益的影響，並部分抵消了 4 月 3 日收購 Nevro 產生的 2880 萬美元的併購相關成本。

The bargain purchase gain, which for accounting purposes is recognized in the period as a benefit to the P&L is primarily driven by the value of certain deferred tax assets, specifically, federal net operating loss carry forwards with indefinite lives that were acquired in the Nevro acquisition. As the legacy Nevro business did not historically generate profit, these tax benefits were not able to be utilized under its structure.

廉價收購收益，出於會計目的，在本期間被確認為損益表的一項收益，主要由某些遞延稅項資產的價值驅動，具體而言，是在 Nevro 收購中獲得的無限期聯邦淨經營虧損結轉。由於傳統的 Nevro 業務歷史上並未產生利潤，因此這些稅收優惠無法在其結構下被利用。

However, upon acquisition, the combined Globus profit profile allows us to recognize and utilize $141.5 million of these deferred tax assets, which will generate cash tax savings over a prolonged period. In our acquisition of Nevro, Globus acquired net tangible assets from Nevro of $168 million which consists primarily of inventory and accounts receivable, and another $141.5 million of the deferred tax assets described a moment ago.

然而，收購後，合併後的 Globus 利潤狀況使我們能夠確認並利用其中 1.415 億美元的遞延稅項資產，這將在較長時期內產生現金稅款節省。在我們收購 Nevro 的過程中，Globus 從 Nevro 收購了價值 1.68 億美元的淨有形資產，主要包括庫存和應收帳款，以及剛才描述的 1.415 億美元的遞延稅款資產。

Coupling this value with the intellectual property portfolio and the deal rationale that Keith discussed in his opening remarks highlights why we feel the Nevro acquisition was a strategic opportunity for us. Returning to results for the quarter, non-GAAP consolidated net income was $116.8 million compared to $102.7 million in the prior year quarter, growing 13.7%. Our fully diluted non-GAAP earnings per share was $0.86, growing 14.1% over the prior year quarter.

將這一價值與智慧財產權組合以及 Keith 在開場白中討論的交易理由結合起來，突顯了我們為什麼認為收購 Nevro 對我們來說是一個戰略機會。回顧本季業績，非 GAAP 合併淨收入為 1.168 億美元，去年同期為 1.027 億美元，成長 13.7%。我們的完全稀釋非公認會計準則每股收益為 0.86 美元，比去年同期成長 14.1%。

Consolidated adjusted EBITDA was 28%, and we generated $77.9 million of operating cash flow and $31.3 million of free cash flow during the quarter. Our Legacy Globus adjusted EBITDA was 32.3%, while Legacy Globus operating cash flow was $104.2 million and free cash flow was $60.3 million.

合併調整後 EBITDA 為 28%，本季我們產生了 7,790 萬美元的營運現金流量和 3,130 萬美元的自由現金流。我們的 Legacy Globus 調整後 EBITDA 為 32.3%，而 Legacy Globus 營運現金流為 1.042 億美元，自由現金流為 6,030 萬美元。

Our second quarter net sales of $745.3 million reflect Legacy Globus sales totalling $650.8 million growing 3.3% as reported and 4.9% on a day adjusted basis, with one less selling day in the US and two fewer days in Japan compared to the prior year. The growth in our Legacy Globus sales was primarily driven by US buying. Which achieved 5.7% as reported and 7.4% day adjusted growth. Nevro contributed $94.6 million of revenue during the quarter, inclusive of $82.1 million of domestic revenue and $12.5 million of international revenue.

我們第二季的淨銷售額為 7.453 億美元，其中 Legacy Globus 的銷售額總計 6.508 億美元，報告增長 3.3%，按日調整後增長 4.9%，與上年相比，美國的銷售日減少了一天，日本的銷售日減少了兩天。我們的 Legacy Globus 銷售成長主要得益於美國的購買。報告顯示其成長率為 5.7%，日調整後成長率為 7.4%。Nevro 本季貢獻了 9,460 萬美元的收入，其中包括 8,210 萬美元的國內收入和 1,250 萬美元的國際收入。

Musculoskeletal revenue was $710.2 million growing 19.8% over Q2 2024. Legacy Globus musculoskeletal revenue was $615.6 million growing 3.8% as reported. Enabling technology's revenue was $35.2 million declining 4.4% as reported, but growing sequentially 58.5% over Q1 2025. We saw a bounce back in enabling tech during Q2.

肌肉骨骼收入為 7.102 億美元，比 2024 年第二季成長 19.8%。據報導，Legacy Globus 肌肉骨骼業務收入為 6.156 億美元，成長 3.8%。使能技術的收入為 3,520 萬美元，據報道下降了 4.4%，但比 2025 年第一季環比增長了 58.5%。我們在第二季度看到了支援技術的反彈。

However, we continue to be impacted by extended timelines to close deals in the quarter. Despite the headwinds created by these extended timelines, we've remained confident in our enabling tech business driven by our robust pipeline and the sequential improvement from Q1 to Q2.

然而，我們繼續受到本季交易完成時間延長的影響。儘管這些延長的時間表帶來了阻力，但我們仍然對我們的支援技術業務充滿信心，這得益於我們強大的產品線和從第一季到第二季的連續改善。

US revenue during the quarter, the second quarter of 2025 was $600.8 million growing 20.3% as reported. Legacy Globus US revenue during the second quarter of 2025 was $518.7 million growing 3.8% versus the prior year quarter.

據報道，2025 年第二季美國營收為 6.008 億美元，成長 20.3%。2025 年第二季度，Legacy Globus 美國營收為 5.187 億美元，比去年同期成長 3.8%。

Our Legacy Globus US growth was primarily driven by our US spine business and trauma, partially offset by declines in enabling technologies and neuro monitoring. Our US spine business continues to build momentum, getting us back to high single digit growth and achieving its highest growth on a pro forma basis since prior to the NuVasive merger in September of 2023.

我們的 Legacy Globus US 業務成長主要受到美國脊椎業務和創傷業務的推動，但被支持技術和神經監測業務的下滑部分抵消。我們的美國脊椎業務持續保持強勁勢頭，恢復高個位數成長，並實現了自 2023 年 9 月與 NuVasive 合併以來的最高成長率。

Our US fine business continued this momentum in July and early August, and our confidence remains high in our ability to capture above market growth in this business. Q2 2025 international revenue was $144.6 million growing 11% as reported, and 7.5% on a constant currency basis. International revenue for the Legacy Globus business was $132.1 million growing 1.4% as reported and declining 1.8% on a constant currency basis compared to the prior year quarter.

我們的美國精品業務在 7 月和 8 月初延續了這一勢頭，我們對於實現該業務高於市場的成長的能力仍然充滿信心。2025 年第二季國際營收為 1.446 億美元，據報導成長 11%，以固定匯率計算成長 7.5%。Legacy Globus 業務的國際營收為 1.321 億美元，據報導成長 1.4%，以固定匯率計算與去年同期相比下降 1.8%。

Legacy Globus saw growth in many of our direct markets, primarily in EMEA, partially offset by lower international distributor sales as we felt lingering impacts of the Q1 supply chain interruptions and integration driven by consolidation of distributors and transitioning certain geographic markets from distributor to direct.

Legacy Globus 在許多直接市場（主要是歐洲、中東和非洲地區）都實現了增長，但國際分銷商銷售額的下降部分抵消了這一增長，因為我們感受到第一季供應鏈中斷和整合的持續影響，而這些影響是由分銷商的整合以及某些地理市場從分銷商向直接銷售的轉變所驅動的。

However, as Keith mentioned, the supply chain impact dissipated as we moved through the quarter, with each successive month in Q2 growing sequentially. Overall, we saw sequential improvement in Legacy Globus International revenue growing 15.6% over Q1 2025.

然而，正如 Keith 所提到的，隨著季度的推進，供應鏈的影響逐漸消散，第二季的每個月都持續成長。總體而言，我們看到 Legacy Globus International 的營收季增，比 2025 年第一季成長了 15.6%。

GAAP gross profit in the quarter was 63.3% compared to 55.2% in the prior year quarter, with the resulting improvement driven primarily by lower inventory step up amortization. Adjusted gross profit was 67.4% compared to 67.2% in the prior year quarter, primarily driven by synergy capture and partially offset by sales mix.

本季 GAAP 毛利為 63.3%，去年同期為 55.2%，此成長主要得益於庫存逐步攤銷的降低。調整後毛利為 67.4%，去年同期為 67.2%，主要受綜效推動，部分受銷售組合抵銷。

Legacy Globus non-GAAP gross profit was 67.6% versus 67.2%, primarily driven by favorable sales mix and partially offset by increased appreciation from CapEx investment in sets and instrumentation. Nevro non-GAAP gross profit was 66.4%. We continue to receive, set up, and validate machinery and equipment in our manufacturing facilities in Pennsylvania and Ohio as we remain focused on manufacturing initiatives which are beginning to pay dividends in cash spending on inventory and will drive a return to mid-70s adjusted gross profit.

原有 Globus 非 GAAP 毛利潤為 67.6%，而去年同期為 67.2%，主要得益於有利的銷售組合，但部分被設備和儀器的資本支出投資增值所抵消。Nevro 非 GAAP 毛利為 66.4%。我們將繼續在賓州和俄亥俄州的製造工廠接收、設置和驗證機械設備，同時我們仍然專注於製造計劃，這些計劃開始在庫存現金支出方面帶來回報，並將推動調整後毛利回升至 70 年代中期。

Research and development expenses in Q2 2025 were $40 million or 5.4% of sales compared to $37.7 million or 6% of sales in the prior year quarter. Legacy Globus R&D expenses totaled $33.1 million or 5.1% of sales. The resulting decline in Legacy Globus R&D both in dollars and as a percentage of sales is attributable to synergy capture, resulting in lower headcount.

2025 年第二季研發費用為 4,000 萬美元，佔銷售額的 5.4%，而去年同期為 3,770 萬美元，佔銷售額的 6%。原有 Globus 研發費用總計 3,310 萬美元，佔銷售額的 5.1%。原有 Globus 研發費用和銷售額百分比的下降可歸因於綜效，進而導致員工人數減少。

Nevro R&D was $6.9 million or 7.3% of Nevro sales. SG&A expenses in the second quarter of 2025 were $303.6 million or 40.7% of sales compared to $239.5 million or 38% of sales in the prior year quarter. Legacy Globus SG&A expenses were $242.9 million or 37.3% of sales. The increase in spend is attributable to increased sales compensation costs from higher volume, increased third party spend and higher employee benefit costs partially offset by lower bad debt expenses. Nevro contributed $60.7 million of SG&A expenses in the quarter, or 64.2% of Nevro's sales.

Nevro 研發費用為 690 萬美元，佔 Nevro 銷售額的 7.3%。2025 年第二季的銷售、一般及行政費用為 3.036 億美元，佔銷售額的 40.7%，而去年同期為 2.395 億美元，佔銷售額的 38%。原有 Globus 銷售、一般及行政費用為 2.429 億美元，佔銷售額的 37.3%。支出增加的原因是銷售增加導致的銷售補償成本增加、第三方支出增加以及員工福利成本增加，但壞帳費用減少部分抵消了這種影響。Nevro 本季貢獻了 6,070 萬美元的銷售、一般及行政費用，佔 Nevro 銷售額的 64.2%。

Q2 2025 net interest income was $0.7 million compared to $2.3 million of net interest expense in the prior year quarter. The $3 million favorable change is being driven by a decline in interest expense from the paydown of the remaining $450 million of outstanding convertible debt in Q1 2025 that was assumed from the NuVasive merger.

2025 年第二季淨利息收入為 70 萬美元，而去年同期淨利息支出為 230 萬美元。300 萬美元的有利變化是由於 2025 年第一季償還 NuVasive 合併所產生的剩餘 4.5 億美元未償還可轉換債務導致利息支出下降。

The GAAP tax rate for Q2 2025 was minus 7.8% compared to 33.2% in the prior year quarter. The current quarter includes a $34.8 million one-time tax benefit, which is primarily driven by the discrete nature of the release of a valuation allowance against previously reserved R&D credits acquired in the NuVasive merger.

2025 年第二季的 GAAP 稅率為-7.8%，去年同期為 33.2%。本季包括 3,480 萬美元的一次性稅收優惠，這主要是由於對 NuVasive 合併中獲得的先前保留的研發信貸釋放估值準備金的離散性質所致。

The restructuring of our business post-integration and the cost actions taken to increase profitability of the combined business have provided for this tax benefit that results in cash tax savings in future periods. Our non-GAAP tax rate for the quarter was 25%, adjusting for the one-time nature of the valuation allowance benefit mentioned a moment ago. We expect our full year non-GAAP tax rate to be approximately 25%.

我們整合後的業務重組以及為提高合併業務盈利能力而採取的成本行動提供了這一稅收優惠，從而導致未來期間的現金稅收節省。我們本季的非公認會計準則稅率為 25%，根據剛才提到的一次性估值準備金收益進行了調整。我們預計全年非公認會計準則稅率約為 25%。

Cash, cash equivalents, and marketable securities were $229.4 million at June 30, 2025 compared to $956.2 million at December 31, 2024. The decline in cash is driven by three main factors. One, as mentioned last quarter in March, we fully repaid in cash the remaining $450 million outstanding convertible debt assumed from the NuVasive merger.

2025 年 6 月 30 日的現金、現金等價物及有價證券為 2.294 億美元，而 2024 年 12 月 31 日為 9.562 億美元。現金的下降主要由三個因素造成。第一，正如 3 月上個季度所提到的，我們以現金全額償還了 NuVasive 合併所承擔的剩餘 4.5 億美元未償還可轉換債務。

Two, in April, we acquired Nevro for a purchase price of $252.5 million. And three, during the past two quarters we've spent $215.4 million to repurchase approximately 2.9 million shares. As mentioned during our Q1 2025 earnings call, our existing $500 million share repurchase program was completed during Q1 2025.

二是四月份，我們以2.525億美元的價格收購了Nevro。第三，在過去兩個季度中，我們花了 2.154 億美元回購了約 290 萬股股票。正如我們在 2025 年第一季財報電話會議上所提到的那樣，我們現有的 5 億美元股票回購計畫已於 2025 年第一季完成。

In Q2 2025, we announced that our share repurchase program was expanded by an additional $500 million. During the quarter, we repurchased $25 million or 0.4 million shares, and have $475 million of authorization remaining under this program as of June 30, 2025.

2025 年第二季度，我們宣布將股票回購計畫擴大 5 億美元。在本季度，我們回購了價值 2,500 萬美元或 40 萬股股票，截至 2025 年 6 月 30 日，該計劃下的剩餘授權金額為 4.75 億美元。

Q2 net cash provided by operating activities was $77.9 million and free cash flow was $31.3 million. On a trailing 12-month basis, we've generated $669.2 million of operating cash flow and $527.4 million of free cash flow. This strong cash flow generation is driven by continued sales growth, execution of synergy actions, and working capital improvements, specifically in accounts receivable.

第二季經營活動提供的淨現金為 7,790 萬美元，自由現金流為 3,130 萬美元。在過去 12 個月中，我們產生了 6.692 億美元的營運現金流和 5.274 億美元的自由現金流。強勁的現金流產生是由持續的銷售成長、協同行動的實施以及營運資本的改善（特別是應收帳款）所推動的。

Since closing the NuVasive merger in September of 2023, we have paid off $871 million of inherited debt, invested over $525 million in share repurchases, and acquired Nevro for a purchase price of $253 million utilizing our existing cash, all the while building back up our cash reserves to $229 million.

自 2023 年 9 月完成 NuVasive 合併以來，我們已償還了 8.71 億美元的繼承債務，投資超過 5.25 億美元用於股票回購，並利用現有現金以 2.53 億美元的收購價收購了 Nevro，同時將我們的現金儲備重新增加到 2.29 億美元。

Our capital allocation priorities remain unchanged as we will continue to prioritize internal investment and product development, sets and CapEx, evaluate complementary M&A, and opportunistically repurchase shares while focusing the use of our capital on driving investment for long-term profitable growth.

我們的資本配置重點保持不變，我們將繼續優先考慮內部投資和產品開發、設備及資本支出、評估互補性併購，並適時回購股票，同時專注於利用我們的資本推動投資，實現長期盈利增長。

Upon closure of the Nevro acquisition, we established that our primary goal is to drive top line growth while right sizing the profitability of the business. To accomplish this, we immediately recast their R&D approach to product development, began work on integration planning, and started evaluating synergy opportunities. As we've commented on previously, our plan for integration is aggressive as we seek to achieve steady state as soon as possible.

在完成對 Nevro 的收購後，我們確定了我們的主要目標是推動營收成長，同時合理調整業務獲利能力。為了實現這一目標，我們立即重塑了他們的產品開發研發方法，開始整合規劃工作，並開始評估協同機會。正如我們之前所說，我們的整合計劃是積極的，因為我們尋求盡快實現穩定狀態。

We've remained bullish on our previous comments in relation to Nevro being accretive to earnings in the second year of operation and are beginning to see the impacts of our synergy actions on results. During the quarter, we began seeing impacts from tariffs on both the Legacy Globus and Legacy Nevro businesses. As expected and previously communicated, these tariff impacts were not material to our results, although we continue to monitor the impacts of changes.

我們仍然對先前關於 Nevro 將在營運第二年增加收益的評論持樂觀態度，並開始看到我們的協同行動對結果的影響。在本季度，我們開始看到關稅對 Legacy Globus 和 Legacy Nevro 業務的影響。正如預期和先前傳達的那樣，這些關稅影響對我們的結果並不重要，儘管我們繼續監測變化的影響。

Turning our attention to financial guidance. We are reaffirming our guide of 2025 net sales to be in the range of $2.8 billion to $2.9 billion and fully diluted non-gap earnings per share between $3 and $3.30. The Globus team continues to execute key initiatives of developing and launching products, competitive recruiting, integrating systems and processes, and driving cost actions that set the stage for continued long-term profitable growth and value creation.

將我們的注意力轉向財務指導。我們重申2025年淨銷售額預期在28億美元至29億美元之間，完全攤薄每股收益在3美元至3.30美元之間。 Globus團隊將繼續執行關鍵舉措，包括開發和發布產品、競爭性招聘、整合系統和流程以及推動成本控制措施，為持續的長期盈利增長和價值創造奠定基礎。

The above market growth in our US spying business and our relentless pursuit of operational efficiencies drove our record non-GAAP earnings per share this quarter, and the momentum of that business, along with enabling technology sales sets us up for sustained growth in the back half of the year. The entire Globus team, including the new Nevro colleagues, continue to execute our vision and strategy. I am proud to stand by their side and drive for their success in 2025 and beyond as we build towards being the leading musculoskeletal technology company in the industry.

我們在美國間諜業務的上述市場增長以及我們對運營效率的不懈追求推動了我們本季度創紀錄的非公認會計準則每股收益，而該業務的發展勢頭以及有利的技術銷售為我們在今年下半年的持續增長奠定了基礎。整個 Globus 團隊，包括新的 Nevro 同事，將繼續執行我們的願景和策略。我很自豪能夠與他們站在一起，推動他們在 2025 年及以後取得成功，我們將努力成為業界領先的肌肉骨骼技術公司。

Before we finish our prepared remarks, David would like to make a few closing comments.

在我們結束準備好的發言之前，大衛想做幾點總結性的評論。

Thank you, Kyle, and congratulations on your new role. I am looking forward to working with Keith in his new role as he leads Globus forward. I have never been more excited about our future prospects as we are reimagining the operating room and musculoskeletal surgery to drive better patient outcomes. Our excelsius ecosystem will play a large role in this transformation with our suite of imaging, navigation, and robotic systems leading the way.

謝謝你，凱爾，恭喜你擔任新職務。我期待與 Keith 在新崗位上合作，帶領 Globus 繼續前進。我對我們的未來前景從未如此興奮，因為我們正在重新構想手術室和肌肉骨骼手術，以推動更好的患者治療結果。我們的 Excelsius 生態系統將在這一轉變中發揮重要作用，我們的成像、導航和機器人系統套件將引領這一轉變。

Our unwavering commitment to improving surgical outcomes and solving unmet clinical needs continue to be the motivation for all of us to work toward. We remain committed to bringing exciting technologies to market with our R&D engine to achieve our goal of improving the lives of patients with musculoskeletal disorders.

我們堅定不移地致力於改善手術結果和解決未滿足的臨床需求，這將繼續成為我們所有人努力的動力。我們始終致力於利用我們的研發引擎將令人興奮的技術推向市場，以實現改善肌肉骨骼疾病患者生活的目標。

Thank you for joining our call today. We will now open the call for questions.

感謝您今天參加我們的電話會議。我們現在開始提問。

Thank you. At this time we will conduct a question and answer session. (Operator Instructions)

謝謝。此時我們將進行問答環節。（操作員指示）

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Hey, thanks so much for taking the questions, and, congrats on the quarter, and congrats to Keith and Kyle on the new role, and I just want to say Dave, it's nice to hear your voice on the call. So, the first question or first part of the question, maybe just on the progress we've made so far would never, I think last time we talked you were just about to begin or beginning some of the the sort of cost and efficiency programs and weren't really sure how that was potentially going to affect the organization, particularly on the sales side and wanted to get a sense of how that's going, what your read is at this point, and then I had one follow up if I could.

嘿，非常感謝您回答這些問題，祝賀本季度取得的成績，祝賀 Keith 和 Kyle 擔任新職務，我只想說 Dave，很高興在電話中聽到您的聲音。因此，第一個問題或問題的第一部分，也許只是關於我們迄今為止所取得的進展，我想上次我們談話時，您正要開始或開始一些成本和效率計劃，並且不確定這可能會如何影響組織，特別是在銷售方面，並且想了解進展如何，您目前的閱讀情況，然後如果可以的話我會進行一次跟進。

Sure, thanks, Matt. This is Keith. I think that what we've got accomplished in the second quarter, we're cautiously optimistic. I think that as we've approached this, leadership has really surrounded the sales force, number one. They're really energized to be part of the Globus family now. They see the future. They understand kind of where we're going.

當然，謝謝，馬特。這是基斯。我認為，對於我們在第二季所取得的成就，我們持謹慎樂觀的態度。我認為，當我們著手解決這個問題時，領導階層確實已經將銷售團隊放在第一位。他們現在非常高興能夠成為 Globus 大家庭的一員。他們看到了未來。他們大概知道我們要去哪裡。

So I think that that's been a positive for us going along with working on cost containment activities. As we start the quarter, we really overlaid the Globus approach to controlling third party spending, and I think that that started to show a benefit early on in the quarter, but the large cost actions that happened didn't really happen towards until the back end of the quarter.

所以我認為這對我們進行成本控制活動來說是件好事。在本季度開始時，我們確實採用了 Globus 方法來控制第三方支出，我認為這在本季度初就開始顯示出好處，但大規模的成本行動直到本季末才真正發生。

So as I sit here today, I feel positive about where we're going and again leadership is very focused on working with the salesforce because the long term goal like I spoke about earlier is we want to recast product development, but we want to grow this business long term and I think that commitment is going to go a long way with the salesforce.

所以今天當我坐在這裡時，我對我們的發展方向感到很樂觀，而且領導層非常注重與銷售人員的合作，因為正如我之前提到的，我們的長期目標是重塑產品開發，但我們希望長期發展這項業務，我認為這種承諾將對銷售人員產生深遠的影響。

Right. And then just to follow up on robots, of course, and enabling technology, you've had time to get through the tail end of Q2. I mean there was a lot of questions I think still after Q1 as to, what exactly happened? Was it a shift towards financing? Was it something to do with the uncertainty in that moment? What have you learned or what can you tell us about the pipeline and how deals are closing and what factors, if any, are shifting or changing the way that business is running in terms of the placement side. Thanks.

正確的。當然，只是為了跟進機器人和支援技術，您已經有時間度過第二季的尾聲。我的意思是，我認為在第一季之後仍然存在很多疑問，到底發生了什麼事？這是向融資的轉變嗎？這與當時的不確定性有關嗎？您了解到了什麼，或者您能告訴我們關於管道、交易如何完成以及哪些因素（如果有的話）正在轉變或改變業務在安置方面的運作方式。謝謝。

Sure. So enabling tech had a bounce back here in Q2. Obviously Q1 was soft. What I saw in the quarter was us being able to close deals from Q1. I still see that elongation pipeline. As I think about how robots are sold, we're still selling outright the majority of our robots, but again, we have the ability to offer multiple ways of selling the robot, and we're taking advantage of that.

當然。因此，支援技術在第二季度出現了反彈。顯然 Q1 表現不佳。我在本季看到我們能夠從第一季開始完成交易。我仍然看到那條延伸管道。當我思考機器人是如何銷售的時候，我們仍然直接銷售大部分機器人，但是，我們有能力提供多種銷售機器人的方式，而我們正在利用這一點。

As I look at our pipeline, I don't see us losing deals to competition. That's been a question from folks over the last couple of months, and I don't see that happening by and large. As I look at Globus and EGPS, I view our number one competitor as Medtronic, and we go head to head with them, but we still think the superiority of our technology puts us ahead of the class.

當我審視我們的管道時，我並不認為我們會因為競爭而失去交易。這是過去幾個月來人們一直在問的問題，但我認為總體而言這種情況不會發生。當我審視 Globus 和 EGPS 時，我認為我們的頭號競爭對手是美敦力，我們與他們針鋒相對，但我們仍然認為，我們技術的優勢使我們處於領先地位。

Okay. Well, thanks so much and congrats again.

好的。好吧，非常感謝，再次恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

[Vikramjeet Chopra], Wells Fargo.

[維克拉姆吉特·喬普拉]，富國銀行。

Oh hey, good afternoon and thanks so much for taking the questions. Congratulations to both Keith and Kyle and K Kyle and Keith, sorry, two questions for me, maybe first one on a high level. Maybe just talk about how you plan to evolve your investor communication strategy, especially around Globus medical guidance methodology, and then I had a quick follow up please.

哦，嘿，下午好，非常感謝您回答這些問題。恭喜 Keith、Kyle 和 K Kyle 和 Keith，抱歉，我有兩個問題，第一個問題可能是高層次的。也許只是談談您計劃如何發展您的投資者溝通策略，特別是圍繞 Globus 醫療指導方法，然後請我快速跟進一下。

So in terms of Investor Relations strategy, I think that in the near term you'll see us out on the road a bit more. We've been fairly active with Investor Relations thus far here in 2025, coming off what I would call a fairly heavy second half in 2024. We'll continue to evolve as time passes, and in the future we're going to have an Investor Day. We haven't announced the actual date yet, but there will be more investor outreach occurring as time passes.

因此，就投資者關係策略而言，我認為在短期內你會看到我們更多地走出去。2025 年到目前為止，我們在投資者關係方面一直相當活躍，而 2024 年下半年則經歷了相當繁忙的工作。隨著時間的推移，我們會不斷發展，將來我們也會舉辦投資者日。我們尚未宣布實際日期，但隨著時間的推移，將會有更多的投資者參與。

Yeah, and the only thing I'd add to that, Vik, is, as we've been doing, more of the investor relations activity over the back half of the year, I've started to come along on some of those. So I expect to be out there as well, more front front and center and working with you guys out in the field.

是的，維克，我唯一想補充的是，正如我們在今年下半年所做的那樣，更多的投資者關係活動，我已經開始參與其中的一些活動。因此，我希望也能去那裡，更加站在最前線和最中心的位置，與你們一起在實地工作。

Great. And congratulations on your approval for the augmented reality headset. Maybe just talk about the latest on the timelines for launch and how this will integrate into the broader [Celsius] ecosystem. Thank you.

偉大的。恭喜您批准使用擴增實境耳機。也許只是談論最新的發佈時間表以及它將如何融入更廣泛的 [Celsius] 生態系統。謝謝。

Sure. So we're in the process of beginning quoting XR, finished goods supply is ready, and really now it's about rolling out the launch plan. As I think about XR, the team spent a ton of time doing extended viability testing with surgeons, and everyone that's been part of it has come away very excited. As we think about XR, the value proposition is line of sight for the surgeon, surgeon control, allowing them to keep their eyes on the patient, and the surgeon will be able to have hand tracking with that will keep sterility, so they're not going to have to touch a screen or do anything like that.

當然。因此，我們正處於開始引用 XR 的過程中，成品供應已準備就緒，現在實際上是要推出發布計劃。當我想到 XR 時，團隊花了大量時間與外科醫生一起進行擴展可行性測試，參與其中的每個人都感到非常興奮。當我們考慮 XR 時，其價值主張是外科醫生的視線、外科醫生的控制，使他們能夠將目光集中在患者身上，並且外科醫生將能夠進行手部跟踪以保持無菌，因此他們不必觸摸屏幕或做任何類似的事情。

As we think about XR, really what we're looking to do is pair that with our Excelsius hub and E3D or pairing it with EGPS. But for now we're focused on hub with XR and E3D. We think that would be the best navigation package out there in the market. We're excited to move it forward.

當我們考慮 XR 時，我們真正想要做的是將其與我們的 Excelsius 集線器和 E3D 配對，或將其與 EGPS 配對。但目前我們專注於 XR 和 E3D 的中心。我們認為這將是市場上最好的導航套件。我們很高興能夠推動這項進程。

Shagun Singh, RBC.

沙根·辛格，RBC。

Oh, great thank you so much. I wanted to touch on the CEO transition and the leadership transition so maybe this question is for Dave since you're on the call. We've seen to within a matter of a few years, both around acquisitions and I was just wondering if there was any commentary you can share for investors who may be wondering about this and the company internal leadership, I'm very aware of the established internal leadership succession plans that you have, so really no surprise there. But just maybe you can also comment on how your involvement may have or is evolving here with the company. Then I have a quick.

哦，太好了，非常感謝。我想談談執行長的過渡和領導層的過渡，所以也許這個問題是問戴夫的，因為你正在通話中。我們在短短幾年內就看到了收購的進展，我只是想知道您是否可以與那些可能對此感到疑惑的投資者分享一些評論，對於公司內部領導層，我非常清楚您已製定的內部領導層繼任計劃，所以這並不奇怪。但也許您也可以評論一下您在公司中的參與情況如何或正在如何發展。那我就趕緊了。

Thank you Shagun for your question. Our leadership bench has always been broad and deep. And we're always developing leaders. The 40 leaders we have within the company at this senior level have on average 20 years' experience in medtech.

感謝 Shagun 提出的問題。我們的領導團隊一直都很強大且深厚。我們一直在培養領導者。我們公司內部的 40 位高階領導平均擁有 20 年的醫療技術經驗。

The Board has always been very deliberate about succession planning. Dan found an opportunity he wanted to take, and Keith was ready to step into his role. So we found, this was the right timing for this. We're 100% confident in Keith and in Kyle. So we feel that this is an inflection point in Globus' growth rate.

董事會對於繼任計畫一直非常謹慎。丹找到了他想要抓住的機會，而基斯也準備接替他的角色。所以我們發現，這是正確的時機。我們對 Keith 和 Kyle 有 100% 的信心。因此我們認為這是 Globus 成長率的轉捩點。

As far as changes, we've always cherished continuity in leadership, and we've had that over the years, and we've had four CEOs over the last 22 years and two are still in the within the company. So I feel like our continuity in leadership is second to none in our industry.

就變革而言，我們始終珍惜領導層的連續性，多年來我們一直保持著這種連續性，過去 22 年裡我們更換了四位首席執行官，其中兩位仍在公司任職。所以我覺得我們的領導階層的連續性在我們的產業中是首屈一指的。

And as far as my involvement, Shagun, I keep the same involvement that I've had. I work heavily in R&D and product development and strategy. I've been working with the CEO and the CFO and the Presidents and the Heads of Product Development, and that's where I see my biggest benefit for Globus is to focus on R&D.

就我的參與而言，沙岡，我的參與度與以往一樣。我主要從事研發、產品開發和策略工作。我一直與執行長、財務長、總裁和產品開發主管合作，我認為對 Globus 來說，我最大的好處就是專注於研發。

Great, that's really helpful. Thank you for the color. Just, I guess as my second question, I wanted to touch on Nevro. Can you maybe, elaborate a little bit more on your strategy to get Nevvro back to growth, obviously you've talked about the sales force, them being part of Globus medical having a new sense of energy there, but what are you hearing from the field? What are -- what were the key issues at Nevro when it was a stand-alone company that that you can address with your leadership? Thank you for taking the questions.

太好了，這真的很有幫助。謝謝你的顏色。我想作為我的第二個問題，我想談談內夫羅。您能否更詳細地闡述一下讓 Nevvro 恢復成長的策略，顯然您已經談到了銷售團隊，他們是 Globus Medical 的一部分，在那裡有一種新的活力，但是您從該領域聽到了什麼？當 Nevro 還是獨立公司時，您可以領導公司解決哪些關鍵問題？感謝您回答這些問題。

Thanks again. I think there's there's a couple of parts to that. I think first and foremost, one of the things that we want to bring to Nevro is stability and approach. I commented on really taking and recasting our product development approach, and that's really looking at what what's in the pipeline from the standpoint of true new product development versus sustaining projects.

再次感謝。我認為這裡面有幾個部分。我認為，首先，我們想為 Nevro 帶來的是穩定性和方法。我評論說要真正採取並重塑我們的產品開發方法，這實際上是從真正的新產品開發與維持專案的角度來審視正在進行的產品開發。

We've really worked to hone that and get them on a path to move forward. Number two is just the strategic approach from commercial perspective, we want to be consistent in our application and as we as we talked to people, it seemed like there was maybe some moving around of what the strategy was at Nevro historically prior to acquisition.

我們確實努力磨練這一點並讓他們走上前進的道路。第二點是從商業角度採取的策略方針，我們希望在應用中保持一致，當我們與人們交談時，似乎在收購之前，Nevro 的歷史策略可能會有一些變化。

So really we want to get them on a stable course forward. The third thing I would say is really bringing them into the Globus umbrella really allowed the customer and the hospital and surgeon community to know that this business is going to be around long term. I think, given some of the financial challenges that Nevro had previously, there was a question as to whether or not that they would be around.

所以我們確實希望他們能夠穩步前進。我想說的第三件事是，將他們納入 Globus 旗下確實讓客戶、醫院和外科醫生社區知道這項業務將會長期存在。我認為，考慮到 Nevro 之前面臨的一些財務挑戰，人們懷疑他們是否會繼續存在。

I think bringing that all together here positions us well to take this business and grow, and it really ties back to what I had said earlier regarding an earlier question that the sales team is really galvanized and pumped up about that because they see a path forward with with Globus.

我認為將所有這些結合起來使我們能夠很好地開展和發展這項業務，並且它實際上與我之前關於先前的問題所說的內容相關，即銷售團隊對此非常興奮和鼓舞，因為他們看到了 Globus 的發展道路。

One thing I'll add to that is Nevro has the only differentiated technology within neuromodulation. Also, the only technology that has level one clinical data showing superiority using high frequency for pain. So I think it's very exciting to have a clearly differentiated product and now having the certainty of Globus behind them, the sales force is pumped up, as Keith said, to continue growing.

我要補充一點，Nevro 擁有神經調節領域中唯一的差異化技術。此外，它是唯一具有一級臨床數據顯示使用高頻治療疼痛具有優越性的技術。因此，我認為擁有一個明顯差異化的產品是非常令人興奮的，現在有了 Globus 的支持，銷售隊伍就會充滿活力，正如 Keith 所說的那樣，繼續增長。

Thank you so much.

太感謝了。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

Hi, thank you for taking the question. I wanted to follow up on some Nevro stuff. So one comment you made in the prepared remarks was that, the business finished EBITDA down break even without the all the cost measures, and I guess you're still targeting accretion in the second full year, but, those two things seem like you could get to accretion more quickly. Help me understand better, I guess the pathway from where you finish to that accretion goal.

您好，感謝您回答這個問題。我想跟進一些 Nevro 的事情。因此，您在準備好的評論中提出的一個評論是，即使沒有採取所有成本措施，該業務的 EBITDA 也實現了收支平衡，我想您仍然以在第二個完整年度實現增長為目標，但是，這兩件事似乎可以讓您更快地實現增長。請幫助我更好地理解，我猜想從你完成的地方到那個累積目標的路徑。

Yeah, thanks, Matt, for the question. This is Kyle. So where I'd start is pointing it back to what we talked about last quarter is as we go in and take some of these cost actions and change some of the business, we're not targeting, changing, and impacting sales, but there is some risk as we go through and make some changes inside the business that we could have a bleed over into sales.

是的，謝謝馬特提出這個問題。這是凱爾。因此，我要先回顧一下我們上個季度討論的內容，即當我們採取一些成本行動並改變一些業務時，我們並沒有瞄準、改變和影響銷售，但是當我們進行業務內部的一些改變時，存在一些風險，這些風險可能會影響到銷售。

Profitability, we do feel good about, but there's a lot we don't know about the business. Three months in, we've been able to at the end of the quarter come out with some synergy actions, related to a headcount and OpEx, et cetera. But we want to be able to have a little bit more time in that business before we truly see what that's going to look like by the time we get to the end of the year.

我們確實對盈利能力感到滿意，但對於業務，我們還有很多不了解的地方。三個月後，我們在本季末推出了一些與員工人數和營運支出等相關的協同行動。但我們希望能夠在該業務上多花一點時間，直到今年年底才能真正看到其發展。

The only thing I would add to that is just looking where we're at right now, given some of the other comments, we're cautiously optimistic, but there's still six more months of this year to go before we get to 2026.

我唯一想補充的是，看看我們現在的狀況，考慮到其他一些評論，我們持謹慎樂觀的態度，但今年還有六個月的時間才能到達 2026 年。

Great. So I have to follow up on enabling tech and you know nice bounce back sequentially before you had made some comments that you might still be able to get back to double digit growth this year, and I wondered if that was still in play or could you help us think about how strong the back half could be.

偉大的。因此，我必須跟進支援技術，在您發表評論說今年您仍可能恢復兩位數增長之前，您知道連續出現良好的反彈，我想知道這是否仍在發揮作用，或者您能否幫助我們思考下半年的強勁程度。

So I guess the way I would answer that is, if you look at the back half of last year, our enabling tech business grew, give or take 25%, which was about, I want to say it was about $25 million. If I was going to finish double digit this year, I have to grow $27 million, so it's possible. And we feel like we have the pipeline to move the business forward.

所以我想我會這樣回答：如果你看一下去年下半年，我們的支援科技業務成長了大約 25%，大概是 2,500 萬美元。如果我今年要實現兩位數的成長，我必須增加 2700 萬美元，所以這是可能的。我們覺得我們已經擁有推動業務發展的管道。

Yeah, and I think it really goes back to how we feel about a, the momentum into Q2, as well as what's in the pipeline, the amount of quotes that are out there that says right, we do feel good. It's in the realm of possibility that we can get to double digits in sales.

是的，我認為這實際上取決於我們對第二季度的發展勢頭的感受，以及正在進行的計劃，大量的引言都表明我們確實感覺良好。我們的銷售額達到兩位數是完全有可能的。

Great, thanks guys and congrats.

太好了，謝謝大家，恭喜。

Thank you.

謝謝。

Thank you.

謝謝。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

Hi, thanks for taking the questions and congrats to both of you on the new roles. I wanted to maybe just start, could you just run through the components and what's changed in the guidance to get to your updated outlook with just the moving parts from 1Q to 2Q, especially since it's a really nice snapback in the US of course, fine business sounds like international is maybe we should be dialing in a little bit lower there and and specifically what's, what should we dial in for Nevro for 2Q to 4Q.

嗨，感謝你們回答問題，並祝賀你們二位獲得新的職位。我想先從頭說起，您能否簡單介紹一下各個組成部分以及指引中發生了哪些變化，以便根據第一季度到第二季度的變化得出最新的展望，尤其是考慮到美國經濟的回升確實很好，當然，國際業務聽起來不錯，也許我們應該把預期調低一點，具體來說，我們應該為 Nevro 在第二季度到第四季度設定什麼目標。

Thanks for the question, Rich. So just to kind of step back and think about guidance, right, we set out initial guidance back in Q4. VOPA is a standalone and then with Nevro. In Q1, when we finished our results and announced that we were acquiring Nevro, we restated what our guidance would be, right? And we said it would be $2.8 million to $2.9 billion in revenue and $3 to $3.30 from an EPS standpoint.

謝謝你的提問，Rich。因此，讓我們回顧一下並思考指導，對的，我們在第四季度製定了初步指導。VOPA 是一家獨立公司，然後與 Nevro 合作。在第一季度，當我們完成業績報告並宣布收購 Nevro 時，我們重申了我們的指導方針，對嗎？我們表示，從每股收益的角度來看，其收入將在 280 萬美元至 29 億美元之間，每股收益將在 3 美元至 3.30 美元之間。

Then we had Q1, which was obviously, lighter and a little bit disappointing both in top and bottom line, and now we have a solid Q2B from a sales perspective as well as on the EPS front. We feel comfortable in the range of our guidance and where we sit today. We don't think anything that we've seen tells us we should necessarily increase it or decrease it based on where we're at six months into the year.

然後我們迎來了第一季度，顯然，無論是在營收還是利潤方面，第一季的業績都比較低迷，也有點令人失望，而現在，從銷售角度和每股收益角度來看，我們迎來了穩健的第二季度。我們對我們的指導範圍和目前的狀況感到滿意。我們認為，我們所看到的任何情況都不會告訴我們，根據今年前六個月的情況，我們必須增加或減少它。

I guess, can you just run through the components that, what went up, went down? I know currency got a little bit better. How much does that kind of help and where the offsets are? Should we be dialing down international and led to some of your comments sounds like capital you still confident in growth at a minimum possibly double digits. So just could you just help us think through the pushes and the pulls since your initial outlook because you are reiterated. Thanks.

我想，您能否簡單介紹一下各個組成部分，哪些上升了，哪些下降了？我知道貨幣狀況有所改善。這種幫助有多大？補償在哪裡？我們是否應該減少國際投資，並導致您的一些評論聽起來像資本，您仍然對至少可能兩位數的成長充滿信心。因此，您能否幫助我們思考一下自您最初提出的觀點以來的推動和拉動因素，因為您已經重申了這一點。謝謝。

Yeah. Rich, yeah, we don't get into those parts and pieces of the guidance, but I agree with you. We feel we do feel confident on US spying that you've heard. We do feel confident with enabling tech. You've heard about some of the headwinds, but ultimately we feel good about a range of our guidance.

是的。里奇，是的，我們沒有深入討論指導的這些部分，但我同意你的看法。正如您所聽到的，我們確實對美國的間諜活動充滿信心。我們確實對支援技術充滿信心。您已經聽說過一些不利因素，但最終我們對一系列指導感到滿意。

Thank you.

謝謝。

Thanks.

謝謝。

David Saxon, Needham & Company.

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

Oh great, good afternoon. Thanks for taking my questions and, Keith and Kyle, congrats on the new roles. In the script, you, yeah, of course. You were talking about the manufacturing process, progress to drive to mid 70s gross gross margin over time, I guess how should we think about the next milestones and the cadence to get there? I mean, is this like a 12 to 18 month journey, or would it be any shorter or longer?

哦，太好了，下午好。感謝你們回答我的問題，Keith 和 Kyle，恭喜你們獲得新的職位。在劇本中，你，是的，當然。您談到了製造過程，隨著時間的推移，毛利率將達到 70% 左右，我想我們應該如何考慮下一個里程碑以及實現這一目標的節奏？我的意思是，這是一個 12 到 18 個月的旅程嗎，還是會更短或更長？

Yeah, so when we, as we, this is Keith, I'll take that. So as we talked about initially with the Nuvera deal, $170 million in synergies, we really talked about, year two that focuses on your manufacturing insourcing is going to generate expanded gross profit in year three. So as you think about that, Kyle had some comments that talked about looking at lower costs and inventory.

是的，所以當我們，作為我們，這是基思，我會接受的。因此，正如我們最初談到的 Nuvera 交易，1.7 億美元的協同效應，我們實際上談到的是，第二年專注於製造業內部採購，這將在第三年產生更大的毛利。所以當你想到這一點時，凱爾發表了一些評論，談到了降低成本和庫存。

So if you think about cash flow statement, you're seeing lower investment and inventory, and really that's driven by some of the manufacturing initiatives. So the way to think about that is that inventory is on our balance sheet and that inventory will push through the P&L next year to drive that benefit. So those benefits of expanded gross profitability really are 2026. And as you think about that, that is going to be a cadence as the year moves forward.

因此，如果您考慮現金流量表，您會看到投資和庫存減少，而這實際上是由一些製造舉措推動的。因此，我們可以這樣想：庫存在我們的資產負債表上，而該庫存將在明年透過損益表來推動這項收益。因此，擴大毛利所帶來的好處確實會在 2026 年顯現。正如您所想，隨著時間的流逝，這將成為一種節奏。

Yeah, the only thing I would add to that is remembering now that we have Nevro, right, and they're approximately the same in terms of our gross profit percentage. They were 66% give or take this quarter. We're obviously going to be focusing on the initiatives of manufacturing from our base implant business here, right? And then we'll focus on Nevro after that. So that that kind of gives you a little bit of a delay in that time period and how that will all play out.

是的，我唯一要補充的是，現在我們有 Nevro，對吧，就我們的毛利率而言，它們大致相同。本季他們的支持率約為 66%。我們顯然將專注於這裡的基礎植入業務的製造計劃，對嗎？然後我們將重點關注 Nevro。因此，這會為你帶來一些時間上的延遲，以及這一切將如何進行。

Okay, that's helpful and then I wanted to ask a follow up on the invasive deal and historically you talked about cross selling with enabling tech. I guess where are we in that, does the macro backdrop kind of delay that opportunity or are you still, are you seeing deals kind of come through from the kind of accounts that are loyal to Nevro. Thanks so much.

好的，這很有幫助，然後我想問一下有關侵入性交易的後續問題，從歷史上看，您談到了利用支援技術進行交叉銷售。我想問一下，我們現在處於什麼位置？宏觀背景是否會延遲這個機會？或者您仍然看到來自忠於 Nevro 的帳戶的交易？非常感謝。

That's a great question. I would say yes. We are selling robots to legacy and evasive accounts, as we cominate a quarter or two ago, reline is available to be used on the robot. That was a big gating item. That availability has helped propel additional quoting of the Legacy Invasive customer, there's still more to do there, but from my perspective and from our perspective, we're active in cross-selling the robots to both Legacy Globus and Legacy Invasive customers. Stepping back from that, we're also cross-selling the implants across the entire portfolio.

這是一個很好的問題。我會說是的。我們正在向遺留和逃避帳戶銷售機器人，正如我們在一兩個季度前所估計的那樣，reline 可以在機器人上使用。那是一件大事。這種可用性有助於推動 Legacy Invasive 客戶的額外報價，還有很多工作要做，但從我的角度來看以及從我們的角度來看，我們正在積極地向 Legacy Globus 和 Legacy Invasive 客戶交叉銷售機器人。除此之外，我們還在整個產品組合中交叉銷售植體。

Great. Thanks so much.

偉大的。非常感謝。

Thank you.

謝謝。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Afternoon, thanks for taking that question, and congrats to to Keith and Kyle on the new roles. Kyle, I don't need to be confrontational here with our first interaction on a call, but I did want to follow up on Rich's question just because you guys have mentioned specific numbers on Nevro for '25. And specifically when you bought it it was a $400 million business and you were kind of leading everybody to about a $300 million business this year pro forma only owning the asset for three quarters, so kind of Q25.

下午好，感謝您回答這個問題，並祝賀 Keith 和 Kyle 擔任新職位。凱爾，在我們第一次通話互動時，我不需要在這裡進行對抗，但我確實想跟進里奇的問題，因為你們提到了 25 年內夫羅的具體數字。具體來說，當您購買它時，它是一家價值 4 億美元的企業，而您今年帶領大家購買了這家價值約 3 億美元的企業，但您只擁有該資產三個季度，所以有點像 Q25。

So given the $95 million that you just did in in Q2, that would equate to $130 million for the back half of this year, $65 million per quarter. Is that what we should be using or is it a higher number than the 65 per quarter?

因此，考慮到您在第二季剛完成的 9,500 萬美元，這相當於今年下半年的 1.3 億美元，每季 6,500 萬美元。這是我們應該使用的數字嗎？或者這個數字是否比每季 65 個更高？

Yeah, thanks for the question, Matt, and back to you. We're not going to break out specific guidance. We wanted to give that as a directional understanding last quarter based on what what you knew about Nevro and what we knew about Nevro at the time. Ultimately, right, I think regardless of where we fall kind of in the range for Nevro sales, we feel comfortable about our overall range of the $2.8 million to $2.9 billion.

是的，謝謝你的提問，馬特，回到你這個問題。我們不會公佈具體的指導。上個季度，我們希望根據您對 Nevro 的了解以及我們當時對 Nevro 的了解，對此給出一個方向性的理解。最終，正確的，我認為無論我們的 Nevro 銷售額處於何種範圍，我們對 280 萬美元到 29 億美元的總體範圍感到滿意。

Matt, the only thing I would add to that is, it goes back to what we said a little bit earlier. The big headcount actions just happened here in the second quarter. There's still a lot more of the year to happen. And as we get through the year, there's still additional actions that will be taken that could impact potentially sales. So sitting here six months in, we feel that our overall guide is appropriate for where we're at.

馬特，我唯一想補充的是，這又回到了我們之前所說的內容。大規模裁員行動剛發生於第二季。今年還有很多事情要做。隨著今年的到來，我們仍將採取其他措施，這些措施可能會影響銷售。因此，六個月過去了，我們覺得我們的整體指南適合我們目前的情況。

And like I said earlier to an earlier question, we're cautiously optimistic with where the Nevro business is, but we think it's really still too early to make any broad scale changes to what our views are from a guide perspective as we look further out.

正如我之前回答問題時所說的那樣，我們對 Nevro 業務的現狀持謹慎樂觀的態度，但我們認為，從更長遠的角度來看，從指導角度對我們的觀點進行任何大規模改變還為時過早。

Okay, fair enough. And then on the EBITDA side, it was really good to hear that that the adjusted EBITDA for Nevro was was break even though sales came in below what they did, this time last year. So I think this, you kind of touched on this earlier, but is this kind of the low water mark for EBITDA for Nevro, or could it be a little bit lower back half of this year and what are some other potential areas of of cost synergies because the SG&A number and R&D numbers are well below what they were spending. How much more room do you have to go there before you're kind of cutting some of the muscle on the top line? Thanks.

好吧，夠公平。然後在 EBITDA 方面，很高興聽到 Nevro 的調整後 EBITDA 實現了收支平衡，儘管銷售額低於去年同期。所以我認為，您之前提到過這一點，但這是否是 Nevro EBITDA 的低水位線，或者可能是今年下半年的低水位線，還有哪些其他潛在的成本協同效應領域，因為銷售、一般及行政費用和研發費用遠低於他們的支出。在削減營收規模之前，還有多少發展空間？謝謝。

Yeah, so the first part of that, I would say the EBITDA really depends on what happens with the sales. So it's hard to say that that's a low watermark line because we don't know what's going to happen in sales in Q3 and Q4.

是的，所以第一部分我想說 EBITDA 實際上取決於銷售情況。因此很難說這是一個低水位線，因為我們不知道第三季和第四季的銷售情況會發生什麼。

Separately on the improvement in terms of metrics over prior year Nevro stand-alone, yeah, I would agree we've made improvements, but still, if you look at that SG&A line over 60% of their sales are spent through SG&A, that's really the place we need to focus our attention as we move through the back half of this year.

另外，關於 Nevro 獨立指標與去年同期相比的改進，是的，我同意我們已經取得了進步，但是，如果你看一下銷售、一般和行政費用 (SG&A) 項目，就會發現超過 60% 的銷售額是通過銷售、一般和行政費用 (SG&A) 支出的，這確實是我們在今年下半年需要集中註意力的地方。

Got it. Thank you.

知道了。謝謝。

Caitlin Cronin, Canaccord Genuity.

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

Hi, thanks so much for taking the questions. So it sounds like you're through the supply challenges related to the Nevro insourcing, but are you through just the Nevro insourcing efforts generally? Are there any more product lines to to vertically integrate and kind of what's left from an integration standpoint more generally for Nevro ?

你好，非常感謝您回答這些問題。聽起來您已經解決了與 Nevro 內部採購相關的供應難題，但是您是否已經解決了 Nevro 內部採購的整體難題？是否還有其他產品線需要垂直整合？從整合的角度來看，Nevro 還剩下什麼？？

So this is Keith. I'll take the call. Thank you for the question. So stepping back, I mean the manufacturing initiatives are really multifaceted. So as you're working on an invasive product, there's also additional Globus product that you're you're looking to further, I would say manufacture internally.

這就是基斯。我接電話。謝謝你的提問。所以退一步來說，我的意思是製造業措施確實是多方面的。因此，當您致力於開發侵入性產品時，您也希望進一步開發其他 Globus 產品，我想說是內部生產。

As you think about the year, the cadence of output from our manufacturing facilities will continue to increase as time passes because as we commented on, Kyle said something earlier, the machines are coming online and they're programmed. Well, as everyone is learning that -- learning how to operate those machines, you would naturally expect output to become higher and higher as they become more efficient with running the machines.

想想今年，隨著時間的推移，我們製造工廠的產出節奏將持續增加，因為正如我們評論的那樣，凱爾之前說過，機器正在上線並且已經編程。好吧，當每個人都在學習如何操作這些機器時，你自然會期望產量會越來越高，因為機器的運作效率會越來越高。

So that cadence will continue. As you think about the integration overall, really the big things that are left is the international businesses and bringing them in onto one system. We've talked about some supply challenges which to me are largely behind us from the from the flow of product, but now it's bringing together the sales forces internationally and bringing together where we're operating.

所以這種節奏將會持續下去。當你考慮整體整合時，真正剩下的大事就是國際業務並將它們納入一個系統。我們已經討論了一些供應方面的挑戰，對我來說，這些挑戰在產品流通方面已經基本解決，但現在需要整合國際銷售人員以及我們的營運地點。

If you recall what I said in my prepared remarks, the international business, our goal is to go deeper in the countries that we're operating in. We're not looking to go broader and have a bunch of countries. We see the ability to take share in our major countries, and that's a key focus. It might have some short term impacts, but long term that's our approach.

如果你還記得我在準備好的發言中說過的話，對於國際業務，我們的目標是在我們開展業務的國家中走得更遠。我們並不希望範圍擴大到多個國家。我們看到了在主要國家中佔據份額的能力，這是一個重點。它可能會產生一些短期影響，但從長遠來看，這是我們的方法。

That's great. And then you discussed earlier your ability to do flexible financing with enabling technology just with the elongated selling timelines, thoughts on any other initiatives to really speed up the timelines aside from that financing flexibility.

那太棒了。然後，您之前討論了利用支援技術進行靈活融資的能力，但銷售時間卻延長了，除了融資靈活性之外，還有其他什麼舉措可以真正加快時間表嗎？

I mean, the financing flexibility, I mean, obviously we can offer terms, we can offer subsidized financing from an interest rate perspective. We can use third party bank financing. I mean, every kind of reasonable option that's out there we absolutely look at and give our customers a variety of options to pick from. Really at this point, like I said earlier, the pipeline is strong. It's got, we got to continue to close the deals. I don't think there's any shortage of offerings out there that we're that we're not doing.

我的意思是，融資靈活性，我的意思是，顯然我們可以提供條款，我們可以從利率的角度提供補貼融資。我們可以使用第三方銀行融資。我的意思是，我們會考慮所有合理的選擇，並為我們的客戶提供多種選擇。確實，就這一點而言，就像我之前說的，管道很強大。我們必須繼續完成交易。我認為，我們並不缺乏我們提供的產品和服務。

Thank you.

謝謝。

Jason Wittes, Roth.

傑森·維特斯，羅斯。

Hi, thanks for taking the questions and congratulations on the promotions, Keith and Kyle. So just a real quick one, sure, and just a quick first you mentioned the NOLs from Nevro. Was that part of the initial calculation you gave on sort of the profitability and and synergy and dilution, when you first announced the deal?

嗨，感謝你們回答問題，並祝賀 Keith 和 Kyle 晉升。所以只是一個非常快速的問題，當然，首先你提到了 Nevro 的 NOL。當您首次宣布這筆交易時，這是您對盈利能力、協同效應和稀釋度進行的初步計算的一部分嗎？

Yeah, that answer to that question is no, this is Kyle. The NOLs were not part of that calculation.

是的，這個問題的答案是否定的，這是凱爾。淨營業收入 (NOL) 不屬於該計算的一部分。

So this would definitely be, this would probably be upside towards just seeing I guess EPS accretiveness then if I think about and and and related to that, how long do you, what kind of timeline should we be looking at for those NOLs to flow through the P&L?

所以這肯定是，這可能只是看到 EPS 增值，那麼如果我考慮和與此相關，你應該多久，我們應該關注什麼樣的時間表才能讓這些 NOL 流入損益表？

Yeah, so it will not give us a creativeness to the P&L. Think about these as cash tax savings, right? They've essentially taken that credit in the past. They weren't able to utilize it. We are now able to utilize it to reduce the amount of cash tax that goes out the door. That $141.5 million, I'm going to give you a broad range because it's a very detailed calculation, but think in the range of 40 to 50 years. It'll be over an extended period of time.

是的，所以它不會為我們的損益表帶來創造力。把這些視為現金稅節省，對嗎？他們過去基本上已經獲得了這項榮譽。他們無法利用它。我們現在可以利用它來減少流出的現金稅。1.415 億美元，我會給你一個大概的範圍，因為這是一個非常詳細的計算，但請考慮在 40 到 50 年的範圍內。這將持續很長一段時間。

Okay, that's helpful. And then maybe just one strategic question. On the salesforce, I think you had mentioned, that you're pretty much done with the integration between Globus and Nevro, excuse me, Globus and NuVasive, but there's still some dissynergies I think that are still kind of flowing through. How are those looking for this year and how should we be thinking about those going forward?

好的，這很有幫助。然後也許只有一個戰略問題。關於銷售團隊，我想您提到過，您基本上已經完成了 Globus 和 Nevro 之間的整合，對不起，是 Globus 和 NuVasive，但我認為仍然存在一些不協同效應。人們對今年有什麼期待？我們又該如何展望未來？

This is Keith. As I think about kind of the US spying sales business, I mean at this point I'm thinking about how do we grow our territories and drive organic placement. So really, I don't necessarily look at a dissynergy. I look at how many competitive recruits am I bringing into the business and what is what I would call the relative scale of those of those competitive reps that we're bringing in.

這是基斯。當我考慮美國間諜銷售業務時，我的意思是此時我正在考慮如何擴大我們的領土並推動有機佈局。所以實際上，我並不一定要考慮不協同效應。我會關注我為公司帶來了多少有競爭力的新員工，以及我們引進的這些有競爭力的銷售代表的相對規模。

As I look at what we've done so far this year, we're really happy with our second quarter, and what I see is from a scale perspective, the reps we're going after could bring more dollars with them when I think about the average number of dollars per head. So as we look at that and then look to the back half of the year, we remain very positive. If you go back to my prepared remarks, I commented on, 19 weeks of growth, we're seeing that growth across the business, not just like one territory. We're seeing good, solid, sustainable growth.

回顧我們今年迄今所取得的成就，我們對第二季的業績感到非常滿意，從規模角度來看，考慮到平均每人的收入，我們所追求的銷售代表可以帶來更多的收入。因此，當我們回顧這一點並展望下半年時，我們仍然非常樂觀。如果你回顧我準備好的發言，我評論說，19 週的成長，我們看到的是整個業務的成長，而不僅僅是一個地區的成長。我們看到了良好、穩健、可持續的成長。

Great, thanks for the detail. I'll jump back queue.

太好了，謝謝你的詳細說明。我將重新回到隊列。

Thank you.

謝謝。

With no further questions, that concludes the Globus Medical earnings call. Thank you for your participation. 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。您現在可以斷開連線。