Globus Medical Inc (GMED) 2025 Q3 法說會逐字稿

Welcome to Globus Medical Third Quarter 2025 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

歡迎參加 Globus Medical 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

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

現在我將把電話交給業務發展和投資者關係高級副總裁布萊恩·科恩斯。科恩斯先生，請繼續。

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

謝謝史蒂芬妮，也謝謝今天到場的各位。今天參加 Globus Medical 電話會議的有：總裁兼執行長 Keith Pfeil；以及財務長 Kyle Kline。本評測將透過網路直播進行，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 in our subsequent filings with the Securities and Exchange Commission identify certain factors that could cause our actual results to differ materially from those projected in any forward-looking statements made today. Our SEC filings, including the 10-K, are available on our website. We do not undertake to update any forward-looking statements as a result of new information or future events or developments.

在開始之前，請允許我提醒各位，本次回顧中提出的一些觀點是或可能被視為前瞻性觀點。我們在隨後向美國證券交易委員會提交的 2024 財年 10-K 表格中列出了某些因素，這些因素可能導致我們的實際業績與今天所作的任何前瞻性聲明中預測的業績存在重大差異。我們向美國證券交易委員會提交的文件，包括 10-K 表格，都可以在我們的網站上查閱。我們不承諾因新資訊、未來事件或發展而更新任何前瞻性聲明。

Our discussion today will also include certain financial measures that are not calculated in accordance with generally accepted accounting principles or GAAP. We believe these non-GAAP financial measures provide additional information pertinent to our business performance. These non-GAAP financial measures should not be considered replacements for and should be read together with the most directly comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are available in the schedules accompanying the press release and on the Investor Relations section of the Globus Medical website.

我們今天的討論也將包括一些不符合公認會計原則（GAAP）計算的財務指標。我們認為這些非GAAP財務指標提供了與我們業務表現相關的額外資訊。這些非公認會計準則財務指標不應被視為替代公認會計準則財務指標，而應與最直接可比較的公認會計準則財務指標一起閱讀。與最直接可比較的 GAAP 指標的調節表可在新聞稿隨附的附表中以及 Globus Medical 網站的投資者關係部分中找到。

With that, I will now turn the call over to Keith Pfeil, our President and CEO.

接下來，我將把電話交給我們的總裁兼執行長基斯‧普費爾。

Thank you, Brian, and good afternoon, everyone. We are extremely pleased with our overall Q3 performance, delivering sales of $769 million and non-GAAP diluted earnings per share of $1.18, growing 22.9% and 42.6%, respectively, over the prior year quarter. In addition, free cash flow was a record for the third quarter, delivering $213.9 million.

謝謝你，布萊恩，大家下午好。我們對第三季的整體業績非常滿意，銷售額達到 7.69 億美元，非 GAAP 稀釋後每股收益為 1.18 美元，分別比去年同期增長 22.9% 和 42.6%。此外，第三季自由現金流創歷史新高，達 2.139 億美元。

Digging in a bit further, our base business delivered revenue of $669.8 million, growing 7% as reported and 7.1% day adjusted versus the prior year quarter with the same number of selling days in the U.S. and one fewer selling day in Japan. The recently acquired Nevro business delivered $99.3 million of revenue during the quarter.

進一步分析，我們的基礎業務實現了 6.698 億美元的收入，按報告數據計算增長了 7%，按天數調整後增長了 7.1%，與上年同期相比，美國銷售天數相同，而日本銷售天數減少了一天。最近收購的 Nevro 業務在本季實現了 9,930 萬美元的收入。

Overall, the Globus business saw a meaningful expansion in profitability, driven by improvements to adjusted gross margins, operating leverage and the continued realization of synergies from cost actions taken, resulting in the base Globus business delivering adjusted EBITDA margins of 35.3%, growing 435 basis points over the prior year quarter. The Nevro business also delivered a positive adjusted EBITDA margin, finishing at 16.2%. We remained active with share repurchases, spending $40 million during the quarter, bringing our year-to-date repurchases to $256 million, which Kyle will expand on later with his remarks.

總體而言，Globus 業務的獲利能力顯著提升，這得益於調整後毛利率、經營槓桿的改善以及成本控制措施帶來的協同效應的持續實現，使得 Globus 基礎業務的調整後 EBITDA 利潤率達到 35.3%，比上年同期增長 435 個基點。Nevro 業務也實現了正的調整後 EBITDA 利潤率，達到 16.2%。我們繼續積極進行股票回購，本季支出 4000 萬美元，使我們今年迄今的回購額達到 2.56 億美元，Kyle 稍後將在他的演講中對此進行詳細說明。

Our overall results reflect continued market penetration and earnings expansion that is sustainable and enduring. In short, the business delivered on nearly all of its objectives during the quarter, driving results and establishing confidence as evidenced in our ability to revise upward our full year financial guidance, which Kyle again will discuss later in his prepared remarks.

我們的整體業績反映了持續的市場滲透和獲利成長，而這種成長是可持續的、持久的。簡而言之，本季度公司幾乎實現了所有目標，取得了業績，並建立了信心，這體現在我們能夠上調全年財務預期上，Kyle 稍後將在他的準備好的發言中再次討論這一點。

Before I turn it over to him, let me first go a little deeper into the business. Consistent with our U.S. -- consistent with last quarter, our U.S. Spine business led the way, growing 9.6% as reported. We continue to see growth in U.S. Spine during every week in Q3, which has carried forward into Q4 as we now sit at 32 weeks of consecutive growth.

在把它交給他之前，讓我先更深入地了解一下業務。與上個季度一樣，我們的美國脊椎業務表現突出，報告顯示成長了 9.6%。第三季度，美國脊椎業務每週都持續成長，這一成長勢頭延續到了第四季度，目前我們已經連續成長了 32 週。

Competitive recruiting remains a bright spot for U.S. Spine as we continue our relentless focus on hiring top talent. Whether we look at competitive rep visits, new reps onboarded or business converted, all signs point to strength within this core objective. The expansive product portfolio, team approach and financial strength creates stickiness within our business.

競爭激烈的招募仍然是美國脊椎公司的一大亮點，我們將繼續不懈地專注於招募頂尖人才。無論從競爭對手的拜訪量、新入職的銷售代表數量或業務轉換率來看，所有跡像都表明，我們在這一核心目標方面表現出色。豐富的產品組合、團隊協作和雄厚的財力，使我們的業務更具黏性。

We remain laser-focused on attracting and retaining the best long-term sales talent who will help us drive sustainable growth. 2025 is setting up to be a record competitive recruiting year. Overall, our team has doubled down its collective cross-functional efforts to ensure we are beating internal goals set for U.S. spine revenue, product development projects, sets and inventory deliveries, recruiting as well as enabling tech placements.

我們始終專注於吸引和留住最優秀的長期銷售人才，以幫助我們實現永續成長。 2025年可望成為競爭最激烈的招募年。整體而言，我們的團隊加倍努力，共同跨職能協作，以確保我們能夠超越為美國脊椎收入、產品開發項目、設備及庫存交付、招募以及技術安置設定的內部目標。

Q3 Enabling Technologies revenue was $28 million, declining 27% to the prior year quarter, driven primarily by lower sales of EGPS systems. While our view of the pipeline and its strength remains positive, we have not closed sales at the same pace and cadence as we have in years past. While a significant portion of this relates to fewer full revenue cash deals, we have increased our flexibility of capital deal structures as our overarching goal remains focused on achieving increased spinal implant growth.

第三季賦能技術收入為 2,800 萬美元，較上年同期下降 27%，主要原因是 EGPS 系統銷售額下降。雖然我們對銷售管道及其實力依然持樂觀態度，但我們的銷售完成速度和節奏卻不如往年。雖然其中很大一部分與全額現金交易減少有關，但我們提高了資本交易結構的靈活性，因為我們的總體目標仍然是實現脊椎植入物成長的增加。

Our installed base continues to drive strong recurring revenue growth with implant pull-through service contracts and disposable revenue with robotic procedures now surpassing 115,000 cases. The Globus Robot remains the pinnacle of robotic technology in spine based on customer feedback.

我們龐大的客戶群持續推動強勁的經常性收入成長，植入物拉動服務合約和一次性收入，以及機器人手術的累積病例數已超過 115,000 例。根據客戶回饋，Globus 機器人仍然是脊椎手術機器人技術的巔峰之作。

We launched ExcelsiusXR during the quarter, which is a wearable extended reality navigation headset designed to seamlessly blend visualization and control for the surgeon, increasing their focus on patient -- on the patient through enhanced ergonomics and uninterrupted workflows. Earlier in Q4, we received FDA 510(k) clearance for additional ExcelsiusGPS instruments for use with additional interbody fusion devices, including Modulus XLIF, Modulus TLIF-O, Cohere XLIF, Cohere TLIF-O, HEDRON L and HEDRON P.

本季度我們推出了 ExcelsiusXR，這是一款可穿戴式擴展現實導航頭戴設備，旨在將可視化和控制無縫融合，從而增強外科醫生對患者的關注——透過增強人體工學和不間斷的工作流程。在第四季度初，我們獲得了 FDA 510(k) 許可，允許將 ExcelsiusGPS 的其他儀器與更多的椎間融合裝置一起使用，包括 Modulus XLIF、Modulus TLIF-O、Cohere XLIF、Cohere TLIF-O、HEDRON L 和 HEDRON P。

The new ExcelsiusGPS instruments consist of verification adapters and various surgical instruments, including interbody inserters and trials for use with ExcelsiusGPS or ExcelsiusHub. Thinking back to the NuVasive merger and revenue synergies, we can now offer to use pedicle screws and interbody solutions to those customers who are using NuVasive products.

新的 ExcelsiusGPS 儀器包括驗證適配器和各種手術器械，包括椎間植入器和用於 ExcelsiusGPS 或 ExcelsiusHub 的試驗器械。回想起 NuVasive 的合併和收入協同效應，我們現在可以為正在使用 NuVasive 產品的客戶提供椎弓根螺釘和椎間融合解決方案。

The Excelsius platform, which delivers a single vendor spine ecosystem across capital, implants and software provides for consistent workflow, data continuity and training across the OR. When stepping back and looking at the broadening competitive INR landscape, Globus continues to be a stand-alone when it comes to pairing imaging, navigation and robotics together.

Excelsius 平台提供涵蓋資本、植入物和軟體的單一供應商脊椎生態系統，從而實現手術室中一致的工作流程、資料連續性和培訓。從更廣闊的競爭性 INR 格局來看，Globus 在將成像、導航和機器人技術結合起來方面仍然獨樹一幟。

If a surgeon desires robotic navigation and imaging, they can pair an EGPS with an E3D, bringing together best-in-class robotic functionality and state-of-the-art intra-op imaging capabilities working seamlessly together. If the surgeon desires freehand navigation, they can combine the ExcelsiusHub and the XR augmented reality headset with the E3D imaging system.

如果外科醫生需要機器人導航和成像，他們可以將 EGPS 與 E3D 結合使用，從而將一流的機器人功能和最先進的術中成像功能無縫地結合起來。如果外科醫生需要自由手導航，他們可以將 ExcelsiusHub 和 XR 擴增實境頭戴式裝置與 E3D 影像系統結合使用。

The features and benefits of these products working seamlessly together is second to none. Looking ahead, we will continue to expand on our ways to sell capital as well as driving greater attention to operationalizing how capital is acquired versus the traditional CapEx model of procurement by hospitals.

這些產品無縫協作所帶來的功能和優勢是無與倫比的。展望未來，我們將持續拓展出售資本的方式，並更重視資本取得方式的運作化，以區別於醫院傳統的資本支出採購模式。

Q4 is typically our strongest quarter for capital, and we continue to act with urgency in converting pipeline deals. Over time, the mix of revenue may change. However, the overarching goal remains focused on driving capital placement and launching successful durable capital programs that enable implant sales growth. Our International Spine business grew 5.6% as reported and 6% on a day-adjusted basis, driven by one fewer selling day in Japan, which I had mentioned earlier.

第四季通常是我們資金最充裕的季度，我們將繼續加快推進在建工程的進程。隨著時間的推移，收入結構可能會改變。然而，總體目標仍然是推動資本投入，並啟動成功的、持久的資本計劃，從而促進植入物銷售成長。我們的國際脊椎業務按報告增加了 5.6%，按日調整後增加了 6%，這主要是由於日本的銷售日減少了一天，我之前已經提到過這一點。

The EMEA geography continues to be led by our largest markets, including the U.K., Italy, Germany and Spain as we go deeper. However, smaller countries within these geographies are beginning to contribute meaningfully as we continue to emphasize the broadness of our portfolio, innovation and service quality. The Asia Pacific region saw an uptick in revenue growth led by Australia and Japan.

隨著我們不斷深入，歐洲、中東和非洲地區的業務仍然以我們最大的市場為主導，包括英國、義大利、德國和西班牙。然而，隨著我們不斷強調產品組合的廣度、創新和服務質量，這些地區內較小的國家也開始做出有意義的貢獻。亞太地區營收成長回升，其中澳洲和日本引領成長。

Australia delivered its strongest Q3 performance with a growing share of fixation sales, while Japan realized growth within cervical, expandables and bio. Our LatAm region saw growth primarily within Brazil and Colombia, while we refocus our commercial efforts in targeting higher volume categories where we maintain a low share position, which ties back to our larger strategy of driving further penetration in the countries in which we operate.

澳洲第三季業績表現最為強勁，固定裝置銷售額佔比不斷增長；而日本在子宮頸、可擴張和生物材料方面均實現了成長。我們在拉丁美洲地區的成長主要來自巴西和哥倫比亞，同時我們將商業努力的重點放在市場份額較低的高銷售類別上，這與我們進一步拓展在營運所在國的市場滲透率的更大策略相一致。

Our cadence of inventory and set deliveries has continued to improve across our international locations and will continue to do so as we move through Q4. Longer term, we still see our international markets as having the ability to grow revenue in the 10% to 15% range. The Trauma business delivered a strong third quarter, growing 17.2% with the highest quarterly revenue figure since its inception.

我們在國際各地的庫存和產品交付節奏持續改善，隨著我們進入第四季度，這種情況還將繼續改善。從長遠來看，我們仍然認為我們的國際市場有能力實現 10% 至 15% 的收入成長。創傷業務第三季表現強勁，成長 17.2%，創下自成立以來的最高季度營收紀錄。

Challenges experienced with precise manufacturing are now behind us, which will drive continued growth looking ahead, both in the U.S. as well as our international markets. Our continued investment in the manufacturing of the full line of NSO products will further accelerate growth moving ahead as we bring these online over the next several quarters.

精密製造方面遇到的挑戰現在已經過去，這將推動我們在美國和國際市場上的持續成長。我們將繼續投資生產全系列 NSO 產品，隨著這些產品在未來幾季陸續上線，這將進一步加速未來的成長。

Reviewing our legacy trauma portfolio, we added to our ANTHEM plating line with the Q3 launch of our comprehensive elbow plating system. With this launch, we have now reached the milestone of 80% plus of matching our competitors' portfolios. The significance of this is that we are now able to bid on primary or preferred vendor contracts when surgeons request our products in their health system.

回顧我們原有的創傷產品組合，我們在第三季度推出了全面的肘部鋼板系統，進一步豐富了我們的ANTHEM鋼板產品線。透過此次發布，我們現在已經達到了與競爭對手產品組合匹配度超過 80% 的里程碑。這意義重大，因為現在當外科醫生在其醫療系統中需要我們的產品時，我們能夠參與主要供應商或首選供應商合約的競標。

Shifting to joints. We've been working closely with several large institutions to secure our first EFlex deal. We have shown and demoed the robot to numerous surgeons and many have commented on the ease and use -- ease of use and its ability to accurately perform TKA procedures in both imageless and image-guided workflows.

轉移到關節處。我們一直在與幾個大型機構密切合作，以達成我們的第一筆 EFlex 交易。我們已經向許多外科醫生展示和演示了該機器人，許多外科醫生都對其易用性給予了評價——易用性以及在無影像和影像引導工作流程中準確執行 TKA 手術的能力。

Surgeons have come away impressed with the ease of auto registration between EFlex and E3D. We've made great strides with product development and are seeking to complete the modernization of the primary procedure portfolio by early 2026 and then use 2026 to complete our revision portfolio while adding procedural applications to EFlex, namely hip.

外科醫生們對 EFlex 和 E3D 之間自動註冊的便利性印象深刻。我們在產品開發方面取得了長足進步，並力求在 2026 年初完成主要手術組合的現代化，然後利用 2026 年完成我們的翻修手術組合，同時將手術應用添加到 EFlex 中，即髖關節手術。

As noted earlier, Nevro revenue totaled $99.3 million, growing 4.9% sequentially, representing the strongest quarter of 2025 for this business on a pro forma basis. We are seeing the uncertainty subside from the pre-acquisition Nevro financial condition as well as post-acquisition changes that have been implemented since we closed the deal on April 3 earlier this year.

如前所述，Nevro 的營收總計 9,930 萬美元，季增 4.9%，按備考基準計算，這是該公司 2025 年業績最好的季度。我們看到，收購前 Nevro 的財務狀況以及自今年 4 月 3 日完成交易以來實施的收購後變化所帶來的不確定性正在消退。

While integration activities still continue, we've seen positive progress since making significant organizational and procedural changes as this business has rolled into the larger Globus organization. We believe the positive results seen thus far sets us up well as we look ahead. Operationally, the team is focused on fully digging into the supply chain and production activities while we work to centralize shipping, driving additional scale and efficiencies.

雖然整合活動仍在繼續，但自從業務併入更大的 Globus 組織以來，我們進行了重大的組織和程序變革，並取得了積極的進展。我們相信，目前所取得的正面成果將為我們未來的發展奠定良好的基礎。在營運方面，團隊專注於深入研究供應鏈和生產活動，同時努力集中運輸，以擴大規模並提高效率。

Commercially, we see an ability to drive growth within Nevro as we focus on surgeon conversions and competitive rep recruiting to expand our footprint. Shifting our attention to strategy. We remain focused on partnering with surgeons and helping to solve unmet clinical needs with a focus from our product development engine to improve outcomes. Our sales force will penetrate markets through surgeon conversions and continued sales force expansions.

從商業角度來看，我們有能力推動 Nevro 的成長，因為我們將專注於外科醫生轉換和有競爭力的銷售代表招募，以擴大我們的業務範圍。將注意力轉移到戰略上。我們將繼續專注於與外科醫生合作，並透過我們的產品開發引擎，幫助解決尚未滿足的臨床需求，從而改善治療效果。我們的銷售團隊將透過與外科醫生建立合作關係以及不斷擴大銷售團隊來滲透市場。

We remain laser-focused on driving operational excellence while maintaining prudent financial discipline. Our investment thesis shows a business with an ability to grow in the mid- to high single digits with revenue stickiness. Our capital structure and lack of debt maintains maximum flexibility to organically invest in R&D and disciplined CapEx to self-fund growth.

我們將繼續專注於提升營運效率，同時保持審慎的財務紀律。我們的投資邏輯表明，該企業有能力實現中高個位數的成長，且收入具有穩定性。我們的資本結構和無債務狀況保持了最大的靈活性，可以自主投資研發和進行有紀律的資本支出，從而實現自我融資成長。

We've demonstrated belief in our business while providing a return to shareholders through our share repurchase program, and we've deployed capital for complementary M&A without creating balance sheet stress. The earnings profile and free cash flow profile suggest strong conversion and high-quality cash generation. Simply stated, we are a compelling business focused on innovation, operational excellence and execution. Thank you to our people for another successful quarter. We look forward to closing 2025 strong and moving into 2026. I will now turn the call over to Kyle.

我們透過股票回購計畫為股東帶來回報，同時展現了對自身業務的信心；我們也投入資金進行互補性併購，而不會造成資產負債表壓力。獲利狀況和自由現金流狀況顯示公司轉換率高，現金流品質高。簡而言之，我們是一家以創新、卓越營運和高效執行為核心的優秀企業。感謝全體員工又一個季度圓滿成功。我們期待以強勁的勢頭結束 2025 年，並​​邁入 2026 年。現在我將把通話交給凱爾。

Thanks, Keith, and good afternoon, everyone. The third quarter of 2025 for Globus was exceptional. We posted record results this quarter in revenue, earnings and cash flow generation. The stellar results were driven by revenue growth in our domestic Spine business, growing 10% over the third quarter of 2024 and accelerating from the 7% day adjusted growth we saw in the second quarter of this year.

謝謝你，基思，大家下午好。2025年第三季對Globus來說非常出色。本季我們在營收、獲利和現金流方面均創下歷史新高。優異的業績得益於國內脊椎業務的收入成長，該業務在 2024 年第三季成長了 10%，比今年第二季 7% 的日調整成長率有所加快。

As we move into the final quarter of the year, Globus is in a great position to close out a record-setting 2025 and capitalize on the acceleration we've seen in the middle two quarters of the year. Today's prepared commentary will focus on providing insights into our quarterly business performance, including the impacts of Nevro, reiterate our capital allocation priorities and update our guidance for the remainder of the year.

隨著我們進入今年的最後一個季度，Globus 處於非常有利的位置，預計將在 2025 年創下紀錄，並充分利用我們在今年中間兩個季度看到的加速成長勢頭。今天準備好的評論將重點介紹我們的季度業務表現，包括 Nevro 的影響，重申我們的資本配置重點，並更新我們對今年剩餘時間的指引。

Consistent with last quarter, 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. Moving into the quarter, our third quarter revenue was $769 million, growing 22.9% on an as-reported basis and 22.3% on a constant currency basis as compared to the third quarter of 2024.

與上個季度一致，我將首先評論我們按報告的業績，提供有關傳統 Globus 業務的見解，以及按報告為基礎對 Nevro 的貢獻進行高層次的評論。進入第三季度，我們的第三季度營收為 7.69 億美元，按報告基準計算成長 22.9%，以固定匯率計算成長 22.3%，與 2024 年第三季相比。

GAAP net income in the third quarter of 2025 was $119 million and GAAP fully diluted earnings per share was $0.88. Non-GAAP net income was $159.4 million compared to $114 million in the prior year quarter, growing 39.8%. Our fully diluted non-GAAP earnings per share were $1.18, growing 42.6% over the prior year quarter. Consolidated adjusted EBITDA was 32.8%, and we generated $249.7 million of operating cash flow and $213.9 million of free cash flow during the quarter.

2025年第三季GAAP淨利為1.19億美元，GAAP完全稀釋後每股盈餘為0.88美元。非GAAP淨利為1.594億美元，而去年同期為1.14億美元，成長39.8%。我們完全稀釋後的非GAAP每股收益為1.18美元，比去年同期成長42.6%。經過調整後的綜合 EBITDA 為 32.8%，本季我們產生了 2.497 億美元的營運現金流和 2.139 億美元的自由現金流。

The growth in both earnings and cash flow generation was primarily driven by: one, the overarching sales growth in the quarter across the majority of our businesses, led by U.S. Spine, international Spine, Trauma and neuromonitoring; two, execution of our operational goals to drive synergies across the businesses; and three, the impact of the recently acquired Nevro business, which achieved sequential sales growth and will now be accretive to non-GAAP earnings per share in fiscal year 2025.

獲利和現金流量的成長主要得益於：一、本季大部分業務的整體銷售成長，其中以美國脊椎、國際脊椎、創傷和神經監測業務為主導；二、我們執行了營運目標，以推動各業務之間的協同效應；三、最近收購的 Nevro 業務的影響，該業務實現了環比銷售成長，並將於 2025 年收入非AAP GAAP。

Our legacy Globus adjusted EBITDA margin was 35.3%, while legacy Globus operating cash flow was $238.3 million and free cash flow was $205.4 million. Stand-alone Nevro adjusted EBITDA margin was 16.2% for the quarter, growing from negative 1.4% in the second quarter of this year and generating operating cash flow of $11.4 million and $8.5 million of free cash flow.

我們原Globus業務的調整後EBITDA利潤率為35.3%，原Globus業務的經營現金流量為2.383億美元，自由現金流為2.054億美元。獨立營運本季 Nevro 調整後的 EBITDA 利潤率為 16.2%，較今年第二季的 -1.4% 有所增長，並產生了 1,140 萬美元的經營現金流和 850 萬美元的自由現金流。

By comparison, in the second quarter of this year, stand-alone Nevro represented an operating and free cash burn of $26.3 million and $29 million, respectively. Our third quarter net sales of $769 million reflect legacy Globus sales totaling $669.8 million, growing 7% as reported and 7.1% on a day adjusted basis, with the same number of selling days in the U.S. and international and one fewer day in Japan compared to the prior year.

相較之下，今年第二季度，獨立營運的 Nevro 的營運現金流出和自由現金流出分別為 2,630 萬美元和 2,900 萬美元。第三季淨銷售額為 7.69 億美元，其中包括 Globus 原有業務的 6.698 億美元銷售額，按報告數據計算增長 7%，按天數調整後增長 7.1%。與去年同期相比，美國和國際市場的銷售天數相同，而日本市場的銷售天數則減少了一天。

The growth in our legacy Globus sales was primarily driven by U.S. Spine, which achieved 9.6% as reported growth; International Spine, which achieved 5.6% as reported and 2.9% constant currency growth; Trauma, which achieved 17.2% as reported growth; and neuromonitoring, which achieved 15.8% as-reported growth, partially offset by lower enabling technology sales of $10.3 million.

我們傳統 Globus 銷售額的成長主要由以下業務推動：美國脊椎業務，報告成長率為 9.6%；國際脊椎業務，報告成長率為 5.6%，以固定匯率計算為 2.9%；創傷業務，報告成長率為 17.2%；以及神經監測業務，報告成長率為 15.8%，但部分成長率被使銷售額下降 10 萬美元所抵消。

Nevro contributed $99.3 million of revenue during the quarter, growing sequentially over the second quarter of this year by 4.9%, inclusive of $83.3 million of domestic revenue and $15.9 million of international revenue. Musculoskeletal revenue was $741 million, growing 26.2% over Q3 of 2024. Legacy Globus musculoskeletal revenue was $641.8 million, growing 9.3% as reported. Enabling Technologies revenue was $28 million, declining 26.8% as reported.

Nevro 在本季貢獻了 9,930 萬美元的收入，比今年第二季成長了 4.9%，其中包括 8,330 萬美元的國內收入和 1,590 萬美元的國際收入。肌肉骨骼收入為 7.41 億美元，比 2024 年第三季成長 26.2%。據報告，Globus 旗下 Legacy 肌肉骨骼業務的收入為 6.418 億美元，成長了 9.3%。據報道，賦能技術收入為 2,800 萬美元，下降了 26.8%。

We continue to remain optimistic on the overall Enabling Tech business as our pipeline remains strong, and we believe we have the best capital portfolio in the industry. U.S. revenue during the third quarter of 2025 was $617.6 million, growing 24.6% as reported. Legacy Globus U.S. revenue during the third quarter of 2025 was $534.3 million, growing 7.8% versus the prior year quarter.

我們對整個賦能技術業務仍然保持樂觀，因為我們的業務儲備仍然強勁，我們相信我們擁有業內最好的資本組合。據報道，2025 年第三季美國營收為 6.176 億美元，成長 24.6%。2025 年第三季度，Legacy Globus 美國的營收為 5.343 億美元，比上年同期成長 7.8%。

Our legacy Globus U.S. growth was primarily driven by our U.S. Spine, Trauma and Neuromonitoring businesses, partially offset by declines in Enabling Technologies. Our U.S. Spine business took another step forward this quarter, growing 9.6% as reported after posting 5.7% as reported and 7.4% day adjusted growth in the second quarter of this year. We continue to see the strong momentum in October and early November as we seek to stabilize as a high single-digit above-market grower.

我們原有的 Globus 美國業務成長主要得益於美國脊椎、創傷和神經監測業務的成長，但部分被賦能技術業務的下滑所抵消。我們的美國脊椎業務本季又向前邁進了一步，按報告數據增長了 9.6%，而今年第二季度按報告數據增長了 5.7%，按日調整後增長了 7.4%。我們看到10月和11月初的強勁勢頭仍在繼續，我們力求穩定在高於市場平均的高個位數成長水準。

Trauma saw an acceleration in domestic growth with both our core trauma and NSO portfolios achieving 27.6% growth. Our Neuromonitoring business grew 15.8% as we [anniversaried] the reimbursement headwinds that occurred in mid-2024. Q3 2025 international revenue was $151.4 million, growing 16.5% as reported and 13.5% on a constant currency basis.

創傷業務在國內市場實現了加速成長，我們的核心創傷業務和 NSO 業務組合均實現了 27.6% 的成長。在我們經歷了 2024 年年中出現的報銷逆風之後，我們的神經監測業務成長了 15.8%。2025 年第三季國際營收為 1.514 億美元，以報告匯率計算成長 16.5%，以固定匯率計算成長 13.5%。

International revenue for the legacy Globus business was $135.5 million, growing 4.3% as reported and 1.6% on a constant currency basis compared to the prior year quarter, and we saw growth across EMEA, Latin America and Asia Pacific markets. As mentioned previously, our supply chain strategy ensures that the U.S. is prioritized for inventory, which had an impact on the international supply in the quarter. Despite strong U.S. demand, we saw incremental improvement in international supply as we move through the quarter, and we continue to experience momentum in the legacy Globus International Spine business as we have seen sequential growth each quarter throughout 2025.

Globus 原有業務的國際收入為 1.355 億美元，按報告數據計算增長 4.3%，按固定匯率計算增長 1.6%，與上年同期相比，我們在歐洲、中東和非洲地區、拉丁美洲和亞太市場均實現了增長。如前所述，我們的供應鏈策略確保美國享有優先庫存，這對本季的國際供應產生了影響。儘管美國需求強勁，但隨著本季度的推進，我們看到國際供應逐步改善，而且我們繼續感受到傳統 Globus International Spine 業務的成長勢頭，因為我們在 2025 年的每個季度都實現了連續增長。

GAAP gross profit in the quarter was 64.2% compared to 53% in the prior year quarter, with the resulting improvement driven primarily by lower inventory step-up amortization. Consolidated and legacy Globus adjusted gross profit was 68.1% compared to 66.5% in the prior year quarter, primarily driven by favorable sales mix and the impacts of synergy execution.

本季 GAAP 毛利率為 64.2%，而去年同期為 53%，這項改善主要得益於存貨攤銷額的降低。經合併和傳統 Globus 調整後的毛利為 68.1%，而去年同期為 66.5%，主要得益於有利的銷售組合和綜效的實施。

Nevro adjusted gross profit was 67.6%. Manufacturing initiatives remain a key focus for us as we close the back half of the year. We continue to see the benefits of our efforts in adjusted gross profit percentage with four straight quarters of sequential improvement and a 70 basis point boost between Q2 and Q3. This endeavor continues to pay dividends in cash spending on inventory and will ultimately drive a return to mid-70s adjusted gross profit.

Nevro 調整後的毛利率為 67.6%。在今年下半年即將結束之際，製造業措施仍是我們的重點領域。我們持續看到努力的成效，調整後的毛利率連續四個季度環比增長，第二季度到第三季度增長了 70 個基點。這項措施持續為庫存現金支出帶來回報，並最終將推動調整後毛利恢復到 70% 左右。

For 2025, we expect total adjusted gross profit to be in the range of 67% to 68% of consolidated revenue. Research and development expenses in Q3 2025 were $38.1 million or 4.9% of sales compared to $35.4 million or 5% of sales in the prior year quarter. Legacy Globus R&D expenses totaled $33.9 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 and leverage from higher sales volume.

我們預計 2025 年調整後毛利總額將佔合併收入的 67% 至 68%。2025 年第三季研發費用為 3,810 萬美元，佔銷售額的 4.9%，而去年同期為 3,540 萬美元，佔銷售額的 5%。Globus 原有研發費用總計 3,390 萬美元，佔銷售額的 5.1%。Globus 原有研發投入的下降，無論是以美元還是佔銷售額的百分比來看，都是由於協同效應的實現，從而減少了員工人數，並利用更高的銷售額實現了槓桿效應。

Nevro R&D was $4.2 million or 4.2% of Nevro sales. For 2025, we now expect total research and development expenses to be in the range of 5% to 5.5% of consolidated revenue. SG&A expenses in the third quarter of 2025 were $313.6 million or 40.8% of sales compared to $240.1 million or 38.4% of sales in the prior year quarter. Legacy Globus SG&A expenses were $264.5 million or 39.5% of sales. Current period SG&A expenses included onetime net charges for estimated litigation of $28.3 million.

Nevro 研發費用為 420 萬美元，佔 Nevro 銷售額的 4.2%。我們現在預計，到 2025 年，研發總支出將佔合併收入的 5% 至 5.5%。2025 年第三季銷售、一般及行政費用為 3.136 億美元，佔銷售額的 40.8%，而上年同期為 2.401 億美元，佔銷售額的 38.4%。Globus 原有的銷售、一般及行政費用為 2.645 億美元，佔銷售額的 39.5%。本期銷售、一般及行政費用包括一次性訴訟淨額估計為 2,830 萬美元。

Excluding these onetime charges, which we adjust out of our results for non-GAAP reporting, our consolidated SG&A expenses were $285.3 million or 37.1% of sales, and our legacy Globus SG&A expenses were $236.2 million or 35.3% of sales. The decrease in spend after removing the onetime estimated litigation charges is attributable to decreased employee-related costs from synergy actions, lower employee benefit costs and lower bad debt expenses, partially offset by increased sales compensation costs from higher volume.

除這些一次性費用（我們在非GAAP報告的業績中已對其進行調整）外，我們的合併銷售、一般及行政費用為2.853億美元，佔銷售額的37.1%；而我們原有的Globus銷售、一般及行政費用為2.362億美元，佔銷售額的35.3%。扣除一次性預期訴訟費用後，支出減少的原因在於綜效帶來的員工相關成本降低、員工福利成本降低以及壞帳支出減少，但部分被銷售增加帶來的銷售補償成本增加所抵銷。

Nevro contributed $49.1 million of SG&A expenses in the quarter or 49.5% of Nevro sales. Q3 2025 net interest income was $1.5 million compared to $0.8 million of net interest expense in the prior year quarter. The $2.2 million favorable change is driven by a decline in interest expense from the paydown of the remaining $450 million outstanding convertible debt in Q1 2025 that was assumed from the NuVasive merger.

本季度，Nevro 貢獻了 4,910 萬美元的銷售、一般及行政費用，佔 Nevro 銷售額的 49.5%。2025 年第三季淨利息收入為 150 萬美元，而去年同期淨利息支出為 80 萬美元。220 萬美元的有利變化是由於 2025 年第一季償還了從 NuVasive 合併中繼承的剩餘 4.5 億美元未償可轉換債務，從而減少了利息支出。

The GAAP tax rate for Q3 2025 was 17.4% compared to 9.1% in the prior year quarter. The prior year rate was impacted by a reserve reversal, which favorably impacted the rate by approximately 11%. The current year rate includes favorable impacts from legal entity restructurings of both NuVasive and Nevro. Our non-GAAP tax rate for the quarter was 20.8%, lower than our projected rate of approximately 25%, resulting from a discrete benefit in the quarter related to certain NuVasive restructuring activities.

2025 年第三季的 GAAP 稅率為 17.4%，而去年同期為 9.1%。上一年的利率受到準備金回撥的影響，這給利率帶來了約 11% 的有利影響。本年度利率包含了 NuVasive 和 Nevro 兩家公司法律實體重組帶來的有利影響。本季我們的非GAAP稅率為20.8%，低於我們預期的約25%的稅率，這是由於本季與NuVasive的某些重組活動相關的一次性收益所致。

The favorability in tax resulted in $0.07 of nonrecurring non-GAAP fully diluted earnings per share favorability in the quarter. We expect our full year non-GAAP tax rate to be approximately 24% to 25%. Cash, cash equivalents and marketable securities were $407.2 million at September 30, 2025, compared to $956.2 million at December 31, 2024. The decline in cash is driven primarily by three main factors: one, as mentioned previously, in March, we fully repaid in cash the remaining $450 million outstanding convertible debt assumed from the NuVasive merger.

稅收優惠導致本季非經常性非GAAP完全稀釋每股收益增加0.07美元。我們預計全年非GAAP稅率約為24%至25%。截至 2025 年 9 月 30 日，現金、現金等價物及有價證券為 4.072 億美元，截至 2024 年 12 月 31 日為 9.562 億美元。現金減少主要受三個主要因素影響：第一，如前所述，3 月份，我們用現金全額償還了從 NuVasive 合併中承擔的剩餘 4.5 億美元未償可轉換債務。

Two, in April, we acquired Nevro for a purchase price of $252.5 million; and three, during the past three quarters, we spent $255.5 million to repurchase approximately 3.5 million shares. In Q2 2025, we announced that our share repurchase program was expanded by an additional $500 million. During the third quarter, we repurchased $40 million or 0.7 million shares and have $435 million of authorization remaining under this program at September 30, 2025.

第二，4 月份，我們以 2.525 億美元的收購價收購了 Nevro；第三，在過去的三個季度裡，我們花了 2.555 億美元回購了約 350 萬股股票。2025 年第二季度，我們宣布將股票回購計畫擴大 5 億美元。第三季度，我們回購了價值 4,000 萬美元（70 萬股）的股票，截至 2025 年 9 月 30 日，該計劃下剩餘授權額度為 4.35 億美元。

Since 2020, share repurchases have been an important part of the Globus capital allocation strategy as we strive to balance internal and external investment for future growth with creating value for our shareholders. From 2020 through the third quarter of 2025, we've spent $815 million to repurchase 14.5 million shares at an average price of $56. And on average, we've spent $136 million per year to repurchase 2.4 million shares. Upon closure of the NuVasive merger, we sought to drive an increased use of our share repurchase program.

自 2020 年以來，股票回購一直是 Globus 資本配置策略的重要組成部分，我們努力在為股東創造價值的同時，平衡內部和外部投資以實現未來成長。從 2020 年到 2025 年第三季度，我們花了 8.15 億美元以平均每股 56 美元的價格回購了 1,450 萬股股票。平均而言，我們每年花費 1.36 億美元回購 240 萬股股票。NuVasive 合併完成後，我們力求推動更多使用我們的股票回購計畫。

And since Q3 2023, we repurchased $566 million or 9.5 million shares, representing approximately one-fourth of the deal dilution. Share repurchases remain an integral part of our capital allocation strategy as we seek to first prioritize internal investment in innovative product development efforts, build sets for our sales personnel across the globe and increase our manufacturing footprint through CapEx.

自 2023 年第三季以來，我們回購了價值 5.66 億美元或 950 萬股的股票，約佔交易稀釋金額的四分之一。股票回購仍然是我們資本配置策略的重要組成部分，因為我們首先尋求優先投資於創新產品開發工作，為我們在全球的銷售人員建立裝備，並透過資本支出擴大我們的生產規模。

Secondarily, we seek to opportunistically repurchase shares as we demonstrate our confidence in the business and our commitment to creating long-term value for our shareholders. Finally, we will continue to evaluate complementary M&A while focusing the use of our capital on driving investment for long-term profitable growth. Q3 net cash provided by operating activities was $249.7 million, and free cash flow was $213.9 million.

其次，我們會擇機回購股票，以此顯示我們對公司業務的信心以及我們致力於為股東創造長期價值的承諾。最後，我們將繼續評估互補性併購，同時將資金集中用於推動投資，以實現長期獲利成長。第三季經營活動產生的淨現金流為 2.497 億美元，自由現金流為 2.139 億美元。

This quarter's free cash flow generation represents over 50% of all free cash generation in the record-setting fiscal year 2024. On a trailing 12-month basis, we've generated $715.2 million of operating cash flow and $579.6 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.

本季產生的自由現金流佔創紀錄的 2024 財年所有自由現金流的 50% 以上。過去 12 個月，我們產生了 7.152 億美元的營運現金流和 5.796 億美元的自由現金流。強勁的現金流產生得益於持續的銷售成長、綜效措施的實施以及營運資本的改善，特別是應收帳款的改善。

Turning our attention to integration. Our goal with Nevro is to aggressively target steady state as soon as possible, and the team has performed tremendously in making decisive and meaningful impact to the cost structure within the legacy Nevro business. Given the synergy actions taken in operating expenses and the sequential sales growth seen in the business in Q3, we are updating our initial comments in relation to Nevro as we now expect the business to be accretive to earnings in fiscal year 2025 versus our previous expectation of being accretive to earnings in the second year of operations.

接下來，我們將注意力轉向一體化。我們對 Nevro 的目標是盡快實現穩定狀態，團隊在對原 Nevro 業務的成本結構產生決定性和有意義的影響方面表現出色。鑑於在營運費用方面採取的協同效應措施以及第三季度業務的環比銷售增長，我們正在更新我們最初對 Nevro 的評論，因為我們現在預計該業務將在 2025 財年增加收益，而不是我們之前預計的在運營的第二年增加收益。

Pivoting to financial guidance, we are adjusting our 2025 net sales guide to be in the range of $2.86 billion to $2.9 billion compared to our previous range of $2.8 billion to $2.9 billion. The revised revenue guidance implies growth over 2024, ranging from 13.5% to 15.1%. We are also adjusting our 2025 fully diluted non-GAAP earnings per share guide to between $3.75 and $3.85, an increase to our previous range of $3 to $3.30.

轉向財務指導，我們將 2025 年淨銷售額預期從先前的 28 億美元至 29 億美元調整為 28.6 億美元至 29 億美元。修訂後的收入預期意味著到 2024 年將實現成長，增幅在 13.5% 至 15.1% 之間。我們同時將 2025 年完全稀釋後的非 GAAP 每股盈餘預期調整為 3.75 美元至 3.85 美元，高於先前 3 美元至 3.30 美元的預期。

The revised fully diluted non-GAAP earnings per share guidance implies growth over 2024, ranging from 23.2% to 26.5%. We feel confident that our guidance represents our best estimate of anticipated results for 2025. We also want to reiterate that the Q3 2025 results included $0.07 of tax favorability that we do not expect to recur in the remainder of 2025. The Globus team has done an exceptional job of executing our vision and strategy this quarter, and our results reflect our collective effort.

經修訂的完全稀釋後的非GAAP每股收益預期表明，到2024年，公司業績將增長23.2%至26.5%。我們相信，我們的指導意見代表了我們對 2025 年預期表現的最佳估計。我們也要重申，2025 年第三季的業績包含了 0.07 美元的稅收優惠，我們預計 2025 年剩餘時間不會再出現這種情況。本季度，Globus 團隊在執行我們的願景和策略方面做得非常出色，我們的業績也反映了我們共同的努力。

We posted record-breaking results in top line revenue, non-GAAP fully diluted earnings per share and free cash flow. We look ahead well positioned to further drive long-term profitable growth and value for our shareholders in the remainder of 2025 and into the future as we strive to build the leading musculoskeletal technology company in the industry.

我們在營收、非GAAP完全稀釋每股盈餘和自由現金流方面均取得了破紀錄的業績。展望未來，我們已做好充分準備，在 2025 年剩餘時間及未來繼續推動長期獲利成長，為股東創造價值，努力打造業內領先的肌肉骨骼技術公司。

We will now open the call for questions.

現在開始接受提問。

Thank you. At this time, we will conduct the question-and-answer session.

謝謝。屆時我們將進行問答環節。

(Operator Instructions)

（操作說明）

Richard Newitter, Truist Securities

理查德·紐伊特，Truist Securities

Hi, thanks for taking the questions. So I just was hoping to get a little bit more color on the strength and the acceleration in U.S. Core Spine in particular. Anything specific going on there? It tends to be a seasonally weaker quarter. Would love to just get a feel for what's driving that? How sustainable it is? Is that pull-through from robotics kind of showing up in NuVasive accounts? Any color there? And then I have a follow-up.

您好，感謝您回答這些問題。所以，我只是想更詳細地了解美國核心脊椎的力量和加速。那邊有什麼特別的事情發生嗎？這通常是季節性淡季。我很想了解背後的驅動因素是什麼？它的可持續性如何？機器人技術的這種拉動效應是否在 NuVasive 的帳戶中有所體現？那裡有顏色嗎？然後我還有一個後續問題。

Sure. Thanks, Rich. This is Keith. Like I said earlier in my prepared remarks, we're running at about 32 weeks of consecutive sales growth. And the one thing that I see is that our strength is broad, meaning that in -- in basically all of our categories that we track, we're seeing growth in spine. So it's not just kind of expandables. It's not just pedicle screws. We see it broadly across the entire portfolio.

當然。謝謝你，里奇。這是基斯。正如我之前在準備好的演講稿中所說，我們已經連續32週實現了銷售成長。我看到的一點是，我們的優勢是廣泛的，這意味著在我們追蹤的幾乎所有類別中，我們都看到了脊椎領域的成長。所以它不僅僅是可擴展的。不僅僅是椎弓根螺釘。我們在整個投資組合中都普遍看到了這種情況。

Within that, we're also seeing good uptake on our DuraPro drills. But still, when I think about where the growth is coming from, it's coming from the core implant business. I think it points to a healthy market, but I think that as you look at our business and the steps we've taken, where it's coming from or the how? Yes, you have the robotic pull-through.

其中，我們的 DuraPro 電鑽也獲得了不錯的市場反應。但是，當我思考成長的動力來自哪裡時，我認為還是來自核心植入物業務。我認為這顯示市場健康，但當你審視我們的業務和我們採取的措施時，你會思考這些措施的來源或方式是什麼？是的，你們有機器人拉出式裝置。

We launched a bunch of new products last year, but also competitive reps. When I think about the last several quarters, we've been really leaning into that aggressively, and we've been starting to see the results of that come through. Since assuming the role a couple of months ago, that's something that I personally want to make sure that we're focused on both myself as well as the rest of the leadership team because I really think that we have an opportunity to continue to drive growth and differentiate ourselves in spine.

去年我們推出了一系列新產品，但也湧現了許多競爭對手。回顧過去幾個季度，我們一直在積極推進這方面的工作，並且已經開始看到成效。自從幾個月前擔任這個職位以來，我個人就一直希望確保我們能夠專注於自身以及其他領導團隊的工作，因為我真的認為我們有機會繼續推動成長，並在脊椎領域脫穎而出。

Got it. And then maybe just on the enabling tech, I was jumping around calls, but I think you mentioned that was a little weak, but obviously, you more than made up for that elsewhere in the business. But I'm just curious, you mentioned operating leases. What does that mean as we think about our models into the future period? Should we be dialing down near-term revenue, but obviously, the longer-term cash flow is there, we just kind of smooth it out and increase it into the out years? Or is it too early for that? And then what is the strategy change there that you referenced on the call?

知道了。然後，可能只是在技術支援方面，我當時一直在四處打電話，但我想你也提到這方面有點薄弱，但顯然，你在其他業務方面彌補了這一點。但我很好奇，你剛剛提到了經營租賃。當我們思考未來時期的模型時，這又意味著什麼？我們是否應該降低近期收入預期，但顯然長期現金流是有的，我們只需將其平滑化，並在未來幾年逐步增加即可？或者現在討論這個問題還為時過早？那麼，您在電話會議中提到的策略變化具體是什麼呢？

Thank you.

謝謝。

Yes. So it's a great question. So as I think about Globus historically, most times we're selling robots, they're straight cash sales. What we've seen more recently is our pipeline is strong, it's still strong. We're not seeing that we're losing material deals to competition. But what I see is an increase in the ask of how a hospital may acquire the capital.

是的。這是一個很好的問題。所以，回顧 Globus 的歷史，我們銷售機器人時，大多數時候都是直接現金交易。我們最近看到的是，我們的產品線很強勁，現在依然很強勁。我們並沒有看到因為競爭而失去實質的交易。但我看到的是，人們對醫院如何獲得資金的要求越來越高。

There are some hospitals where we've seen a propensity to not spend capital, and they've come back and asked for other ways to acquire that capital. In those situations where your model changes to maybe more pay-per-click models or fair market value leases, in those situations, you're not going to get that full revenue recognition upfront, and it will go over a period of three years, five years, whatever term you enter into. So as you think about modeling, I don't want to get ahead of myself and call out kind of how you should guide. But note that over time, we see the model changing a little bit more aggressively away from outright purchases upfront.

我們發現有些醫院傾向於不花錢，後來又來詢問是否有其他方法可以獲得資金。如果你的商業模式轉變為按點擊付費模式或以公允市場價值租賃，那麼你將無法立即獲得全部收入，收入將在三年、五年或你簽訂的任何期限內分期確認。所以，當你考慮做模特兒的時候，我不想操之過急，直接指出你該如何指導。但請注意，隨著時間的推移，我們看到這種模式正在發生更積極的轉變，逐漸減少預先全額購買。

Thank you.

謝謝。

Vik Chopra, Wells Fargo.

維克喬普拉，富國銀行。

Hey, good afternoon.

嘿，下午好。

Congrats on a nice quarter. Two for me. Maybe just starting off on the Nevro business. I think you said 16.2% EBITDA margin this quarter. I'm just curious if you can talk about your expectations for margin progression over the next 12 to 18 months, perhaps and how you're driving future profitability? And then I had a quick follow-up.

恭喜你本季業績出色。我兩個。或許只是剛開始涉足Nevro業務。我記得你說過本季 EBITDA 利潤率為 16.2%。我很好奇您能否談談您對未來 12 至 18 個月利潤率成長的預期，以及您如何推動未來的獲利能力？然後我又快速地跟進了一次。

Yes. So Vik, this is Keith. You are correct. The 16.2% was the EBITDA margin for Nevro in Q3. As you think about kind of the -- what we've done so far, we want to drive basically getting this business integrated into the Globus umbrella. So Kyle commented on moving aggressively. As you think about some of the near-term impacts that have occurred already, [really] was around redundant spending, trying to find ways to reduce spending.

是的。維克，這位是基斯。你說得對。Nevro 第三季的 EBITDA 利潤率為 16.2%。回顧我們目前所做的工作，我們希望推動這項業務融入 Globus 集團旗下。所以凱爾評論說要採取積極主動的行動。當你思考一些已經發生的近期影響時，你會發現，[實際上]主要是關於重複支出，以及試圖找到減少支出的方法。

We've done that, but we haven't touched sales and manufacturing operations because we want to make sure the continuity of that business continues forward. As you look to move into next year, it's really getting a better hold on driving new product development, but more importantly, making sure that the sales force is set to grow. We want to make sure that they move from the standpoint of maybe more of their traditional model they had prior to the merger, but getting more aggressive with things like surgeon rep conversions -- I'm sorry, rep conversions and really driving more and more outreach to the surgeon partners.

我們已經採取了這些措施，但我們沒有觸及銷售和生產運營，因為我們希望確保業務的連續性繼續下去。展望明年，關鍵在於更好地推動新產品開發，但更重要的是，確保銷售團隊能夠成長。我們希望確保他們能夠從合併前的傳統模式出發，更加積極主動地開展外科醫生代表轉化工作——抱歉，是代表轉化工作，並真正加大力度與外科醫生合作夥伴進行溝通。

As we brought them in under the Globus umbrella, we really want to seek ways to drive growth, to drive top line growth, which should hopefully expand margin as we move further out. But secondly, we're going to continue to work to find ways to make the business more efficient. As you look up and down the P&L, Nevro had about a 67%, 68% gross margin. Our goal is to continue to try to find ways to advance that to make it more profitable. And then Kyle commented that our SG&A OpEx was still running at about 49% of sales. That's something that we still want to continue to look at as time passes.

自從我們把他們納入 Globus 旗下後，我們真的想尋找推動成長、推動營收成長的方法，希望隨著我們進一步發展，利潤率能夠提高。其次，我們將繼續努力尋找提高業務效率的方法。從損益表來看，Nevro 的毛利率約為 67%、68%。我們的目標是繼續努力尋找推動該專案發展、使其更具盈利能力的方法。然後，Kyle評論說，我們的銷售、一般及行政營運支出仍佔銷售額的49%左右。隨著時間的推移，這是我們仍然希望繼續關注的問題。

Great. Appreciate the color. And then on the follow-up question that I had was with Q4 typically being strong for capital, just curious how you're thinking about Q4 growth in your enabling tech business, especially as you talked about evolving your capital sales strategy around flexible deal structures. Thank you.

偉大的。欣賞這種顏色。然後，我的後續問題是，第四季度通常是資本強勁的時期，我很好奇您如何看待貴公司賦能技術業務在第四季度的增長，尤其是在您談到圍繞靈活的交易結構來發展資本銷售策略的情況下。謝謝。

Yes. Great question. I don't want to get into kind of calling out the parts and pieces of our Q4 numbers. We're confident in the overall guide that Kyle presented. There's puts and takes everywhere. But as we look into the fourth quarter specifically, like I said earlier to Rich's earlier question, I feel really good about the pipeline. The year so far, we haven't sold quite as many as we have in years past. But as I look about the -- as I look at the revenue that we've generated and the deals that we've placed, there's still strong ability for us to close more deals. But again, the overarching goal is to drive the long-term ability to get the implant growth, the service revenue and disposable revenue.

是的。問得好。我不想詳細分析我們第四季業績的各個組成部分。我們對凱爾提出的整體指導充滿信心。到處都有付出和收穫。但當我們具體展望第四季時，就像我之前回答 Rich 的問題時所說的那樣，我對產品線感到非常樂觀。今年到目前為止，我們的銷售量還沒有往年那麼多。但是，當我審視我們所創造的收入和我們達成的交易時，我認為我們仍然有能力達成更多交易。但歸根究底，首要目標是推動植入物成長、服務收入和耗材收入的長期發展。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Hey, thanks so much for taking the questions. Congrats on a really impressive quarter. So I had one on Nevro and then a follow-up on robots. So on Nevro and the sort of -- Interventional Spine business is sort of the platform that you've established there and are starting to sort of build and reinforce. Can you talk a little bit about the other types of things that -- because Nevro reps and other reps in neuromod and pain have more than one thing in their bag. I'm just wondering what types of things and when we might start hearing about products getting dropped into that bag. And as I mentioned, one follow-up on the robot side.

嘿，非常感謝你回答這些問題。恭喜你們取得了非常出色的季度業績。所以我寫了一篇關於Nevro的文章，然後又寫了一篇關於機器人的後續文章。所以，Nevro 和介入性脊椎業務就是你已經建立並開始發展和加強的平台。您能否稍微談談其他類型的事情——因為 Nevro 代表和其他神經調節和疼痛領域的代表掌握的不止一種方法。我只是想知道哪些類型的物品，以及我們什麼時候會開始聽到有產品被放入那個袋子裡的消息。正如我之前提到的，關於機器人方面還有一個後續問題。

So thanks, Matt, this is Keith. So as you think about Nevro, first and foremost, Nevro is a spinal cord stimulation business. That's the majority of the market, as we -- the majority of the business. As you think about adding to the portfolio as time advances, I think peripheral nerve would be an area that we continue to -- or start to look at, but also step back and look at other areas of the business, like when we looked at acquiring Nevro, it just wasn't for the business that it was today.

謝謝你，馬特，我是基斯。所以，當你想到 Nevro 時，首先要記住的是，Nevro 是一家脊髓刺激公司。這佔據了市場的大部分份額，就像我們佔據了業務的大部分份額一樣。隨著時間的推移，當您考慮增加投資組合時，我認為周圍神經系統將是我們繼續關注或開始關注的領域，但同時也要退後一步，看看業務的其他領域，就像我們當初考慮收購 Nevro 時，它並不適合我們今天的業務。

There was great interest in the patent portfolio and the freedom to operate. So as we think about other areas, looking at diabetic neuropathy, ways to potentially treat Parkinson's tremors, those are the areas that you would think we're going to work to develop as time passes. But that's not going to happen overnight. That's going to take some development, but that's -- those are some of the areas that we're focused on.

人們對專利組合和經營自由非常感興趣。所以，當我們思考其他領域時，例如糖尿病神經病變、治療帕金森氏症震顫的潛在方法，這些都是我們隨著時間的推移將努力發展的領域。但這不會一蹴可幾。這需要一些時間來發展，但這些正是我們關注的領域之一。

Got it. And then on the robot side and enabling technology, I appreciate the comments around like the shifting preference for more flexible payment models. Can you talk about -- and that's consistent with obviously what most of the other robot manufacturers and competitors have done over time is just increasing mix of leases and things like that.

知道了。在機器人和相關技術方面，我很欣賞大家對諸如更靈活的支付模式等趨勢的討論。你能談談——這顯然與大多數其他機器人製造商和競爭對手隨著時間的推移所做的一致，那就是不斷增加租賃等組合。

Can you -- have you seen a step-up in leases in Q3? Can you quantify that? And any color that you have on sort of maybe does that follow some of the same -- more than 50% of leases over time, which is kind of where some of your other competitors, both in musculoskeletal and elsewhere have gotten to? Any color there would be great. Thanks.

您能否觀察到第三季租賃業務有所成長？你能量化一下嗎？而你所擁有的任何顏色，或許都遵循著某種相同的規律——隨著時間的推移，超過 50% 的租賃合約都遵循著同樣的規律，這大概就是你的一些競爭對手，無論是在肌肉骨骼領域還是其他領域，所達到的水平？任何顏色都行。謝謝。

Yes, I would say that -- I'll keep my comments brief here. I would say that we're definitely not approaching over 50%. But I will say that when I look at 2025, the mix of rentals and leases is significantly higher than it was in previous years. As we look to move the business forward, we look to get more flexible in how those deals happen.

是的，我會這麼說──我在這裡就簡單說幾句。我認為我們絕對還沒有接近 50%。但我認為，展望 2025 年，租賃和出租的比例將比往年高得多。為了推動業務發展，我們希望在交易方式上更有彈性。

But I would say that as you think about some of the customer asks and offerings that we've presented throughout the quarter, I think the -- having additional ways for them to acquire the capital may have slowed some deals down here and there. But by and large, the key takeaway, though, is that our pipeline still remains very strong.

但我想說，考慮到我們本季提出的一些客戶要求和產品，我認為——為他們提供更多獲取資金的途徑可能在某些方面減緩了一些交易的進程。但總的來說，最關鍵的一點是，我們的人才儲備仍然非常強勁。

Yes. And Matt, the only thing -- this is Kyle. The only thing I would add is the fact that while the deals that we have closed are primarily cash deals, we continue to really make all those offers out there in terms of leasing, rentals per click, et cetera. So the options that we put out there to the customer base are all across the board.

是的。還有馬特，唯一的問題是──這是凱爾。我唯一要補充的是，雖然我們達成的交易主要都是現金交易，但我們仍會繼續提供各種租賃、按點擊付費等方案。因此，我們向客戶群提供的選擇涵蓋了所有方面。

Thanks so much.

非常感謝。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

Hi, thanks for taking the question. So I wanted to dig in a little bit more on the progress you made with the Nevro margins. It was really impressive sequentially. Could you talk about where you've been able to get the cost outs and drive synergies so far and what's yet to come just qualitatively?

您好，感謝您回答這個問題。所以我想更深入地了解您在 Nevro 邊距方面的進展。整個過程真的非常精彩。您能否談談到目前為止您在哪些方面降低了成本並實現了協同效應，以及未來在定性方面還有哪些進展？

Yes. Yes, Matt, this is Kyle. So I think one of the first places we started was really in R&D. And we took a look at the Nevro approach to R&D and our approach to R&D. And a lot of it was really just kind of focusing the team on specific projects, how do we run a project, et cetera, pretty much bring it under our specific approach to R&D.

是的。是的，馬特，這是凱爾。所以我覺得我們最初起步的地方之一就是研發領域。我們研究了 Nevro 的研發方法和我們自己的研發方法。很多工作其實就是讓團隊專注於特定項目，我們如何進行專案等等，基本上就是將其納入我們特定的研發方法中。

So from that, there was ancillary and redundant costs that we were able to take out of the R&D line. And then separately, SG&A is the other large one. And that one is really as you think about back-office staffing, right? Where do we need headcount in terms of finance, HR, legal, et cetera. There's opportunity there as well as thinking about some of those ancillary spends in terms of software, consultants, et cetera.

因此，我們可以從研發流程中剔除一些輔助性和冗餘性的成本。此外，銷售、管理及行政費用也是一大筆開銷。而這其實就是你在考慮後台人員配備時需要考慮的問題，對吧？我們在財務、人力資源、法務等方面需要哪些人手？此外，還需要考慮軟體、顧問等方面的輔助支出，這其中也蘊藏著機會。

Those are some of the big focus areas right out of the gate. As we look to try to move through the rest of 2025 and into 2026, as Keith mentioned, we want to start focusing on the cost of goods sold, how do we bring that gross profit up from the mid-60s up into the 70s as well as taking further looks at SG&A to say, where do we have further redundancies. I would say we've kind of started here in the back half of 2025, but we still have opportunity there when you think about that 50% SG&A margin.

這些是我們一開始就要重點關注的幾個領域。正如基斯所提到的，展望 2025 年剩餘時間和 2026 年，我們希望開始關注銷售成本，思考如何將毛利從 60 多美元提高到 70 多美元，同時進一步審視銷售、一般及行政費用，看看我們還能在哪裡進一步裁員。我認為我們已經在 2025 年下半年開始著手解決這個問題，但考慮到 50% 的銷售、一般及行政費用利潤率，我們仍然有機會。

Thank you. Can I ask one follow-up on gross margin? I mean you've talked about getting back into the 70s for a while here and making good progress. Is it still right to think you're going to have kind of gradual progress with maybe a bigger step up towards the end of '26 when you start to see some of the manufacturing improvements come in?

謝謝。我可以再問一個關於毛利率的問題嗎？我的意思是，你已經談論回歸70年代風格一段時間了，而且取得了不錯的進展。現在是否仍然認為，隨著製造流程的改進，到 2026 年底可能會出現更大的飛躍，並且會逐步取得進展？

Yes. Ultimately, we won't guide to a 2026 number, Matt, but I think that's the right way to think about it in terms of the smaller sequential improvement. In my prepared remarks, I commented that for four sequential quarters, you've seen kind of that uptick in margin. I think the same thing continues as we move through 2025 and into 2026, ultimately with that goal of getting back to mid-70s gross profit.

是的。馬特，最終我們無法給出 2026 年的具體數字，但我認為從較小的連續改進的角度來看，這是正確的思考方式。我在事先準備好的演講稿中提到，連續四個季度，利潤率都出現了這種上升趨勢。我認為，隨著我們進入 2025 年和 2026 年，情況也會如此，最終目標是恢復到 70% 左右的毛利。

Excellent. Thanks so much

出色的。非常感謝

Shagun Singh, RBC.

Shagun Singh，RBC。

Great. Thank you so much for taking the question.Congratulations on all the business momentum here. I'm hoping you can give us some directional color on '26. Maybe just walk us through the puts and takes. As I look at core Spine, really solid quarter this year, a very solid performance this quarter. And how does that translate into the upcoming quarters into '26?

偉大的。非常感謝您回答這個問題。祝賀貴公司業務發展勢頭強勁。我希望你能給我們一些關於「26」的指導見解。或許您可以跟我們講解一下投球和接球的流程。從核心脊椎業務來看，今年的這個季度表現非常穩健，業績非常出色。那麼，這對接下來的幾個季度，也就是 2026 年，又意味著什麼呢？

Nevro looks like it's improving. How do you think about growth for that business? Trauma, recon, is there opportunities into next year? And then EBITDA margin, you guys are already close to that mid-30s EBITDA margin that you guys have guided to longer term. So how does that translate into next year? So any puts and takes would be helpful. Thank you.

內弗羅的情況看起來有所好轉。您如何看待這家企業的成長？創傷、偵察，明年還有機會嗎？至於 EBITDA 利潤率，你們已經接近你們長期預期達到的 30% 左右的 EBITDA 利潤率目標了。那麼，這對明年意味著什麼呢？所以任何建議和看法都會很有幫助。謝謝。

Thank you, Shagun. This is Keith. I'm not going to give you too much color going into 2026. I think the comments and feedback I would provide to you is right now, the spine market looks strong in the U.S. Our business is performing well, and we feel very positive about our Spine business.

謝謝你，莎貢。這是基斯。我不會對2026年的情況做太多預測。我認為我能給您的意見和回饋是，目前美國的脊椎市場看起來很強大。我們的業務表現良好，我們對脊椎業務的前景非常樂觀。

Our International business, we've talked earlier in the year having some challenges, which we feel that the worst of that is behind us. So we think -- I had said in my prepared remarks that I could see that business growing back to the 10% to 15% as we move forward. And when I say move forward, that's looking into the -- outside of '25 and into '26 and beyond. Our trauma business, we commented earlier in the year that we had some challenges with our precise manufacturing.

今年早些時候，我們曾談到國際業務面臨一些挑戰，但我們認為最糟糕的時期已經過去。所以我們認為——我在事先準備好的演講稿中說過，隨著我們不斷前進，我可以看到這項業務的成長速度將恢復到 10% 到 15%。我說向前邁進，指的是展望2025年以後，展望2026年及更遠的未來。今年早些時候，我們曾提到，我們的創傷業務在精密製造方面遇到了一些挑戰。

I commented today that I see a lot of that behind us, and we're really getting back to fully supplying the U.S. as well as international. That, coupled with our legacy trauma portfolio, really getting to that point of having 80-plus percent of our competition's portfolio, that positions us well to grow. Our model still is going to be a density model. We focused on Level 1 and Level 2 centers.

我今天評論說，我認為很多困難已經過去，我們正在真正恢復對美國和國際市場的全面供應。這一點，再加上我們原有的創傷保險業務組合，使我們擁有了競爭對手 80% 以上的業務組合，這使我們能夠更好地發展壯大。我們的模型仍然會是一個密度模型。我們重點關注了1級和2級中心。

I had some previous comments on joints. So as I think about the structure of the business, we feel positive going into next year. And that's even more why we want to focus on closing down all the integration activities because we think that we have a lot of organic growth opportunities to drive this business forward. As it relates to Nevro, I don't want to get too far ahead of myself because the reality is that we're only a couple of quarters into owning the business. We still have a lot of work to do, but early signs are positive.

我之前對關節有一些評論。所以，當我思考公司的組織架構時，我們對明年充滿信心。正因如此，我們更想集中精力完成所有整合工作，因為我們認為我們有很多內生成長機會來推動這項業務向前發展。至於 Nevro，我不想操之過急，因為現實情況是，我們接手這家公司才幾季而已。我們還有很多工作要做，但目前的跡像是積極的。

Great. Anything on the EBITDA margin, the mid-30s looks like you're already tracking there and there's more improvement ahead.

偉大的。EBITDA利潤率達到30%左右，看起來你已經朝著這個目標邁進，未來還有更大的提升空間。

I would say that I'm encouraged where we landed because if you remember when we announced the [NuVa deal] and the reasons back in February 2023, we talked about scaling the business, driving commercial outreach, having -- and I think that we've done that. Innovation in spine and ortho between both of the legacy portfolios as well as both in spine and ortho with their growing rods, I think we've done that.

我想說，我對我們最終的成果感到鼓舞，因為如果你還記得我們在 2023 年 2 月宣布 [NuVa 交易] 以及原因時，我們談到了擴大業務規模、推動商業拓展等等——我認為我們已經做到了。我認為，我們在脊椎和骨科領域，無論是在傳統產品組合方面，還是在脊椎和骨科領域，尤其是在其不斷增長的鋼棒方面，都實現了創新。

There's still been an enduring commitment to product development, and we want to be known as innovators. We've expanded our operational capabilities. We're continuing to in-source. Kyle touched on the four sequential quarters of adjusted [gross] profit growth and really getting back to the value creation. Synergies, we talked about $170 million. We have no reason to move off of that.

我們始終堅持對產品研發的投入，我們希望以創新者的身分而聞名。我們擴大了營運能力。我們將繼續推進內部生產。Kyle 談到了連續四個季度的調整後毛利成長，並真正回歸到價值創造方面。我們談到了協同效應，金額高達 1.7 億美元。我們沒有理由改變主意。

And mid-30s EBITDA, we said over three years, we've gotten the Base business, the base Globus business ex Nevro to 35% here in the third quarter. Some of the parts and pieces are different. But from a profitability standpoint, we feel that where we're at as a business points us to a solid future because there's still more work to do. But our goal long term is to be in that mid-30s range. I'm not going to guide to that, though, for 2026.

我們曾表示，三年內，我們已經將 EBITDA 提升至 30% 左右，第三季度，除 Nevro 外的 Globus 基本業務的 EBITDA 已達到 35%。有些零件和零件不一樣。但從獲利能力的角度來看，我們認為公司目前的狀況預示著我們擁有一個穩固的未來，因為還有更多的工作要做。但我們的長期目標是達到35歲以上的水準。不過，我不會對 2026 年的情況做出預測。

Thank you so much

太感謝了

Caitlin Roberts, Canaccord Genuity.

Caitlin Roberts，Canaccord Genuity。

Hi, thanks so much for taking the questions. Congrats on a great quarter. So touching again on enabling technologies, I mean, what have hospitals really given as the reason for slower decision-making? And then as you launch more nimble solutions, you noted the navigation capability with the new XR headset. Could customers be receptive to these lower cost options to purchase instead of higher cost full robotic solution?

您好，非常感謝您回答這些問題。恭喜你本季表現出色。再次談到賦能技術，我的意思是，醫院對於決策速度放緩的真正解釋是什麼？然後，隨著你們推出更靈活的解決方案，你們注意到了新款 XR 頭戴式耳機的導航功能。客戶是否會接受這些成本較低的替代方案，而不是成本較高的全機器人解決方案？

This is Keith. So the first part of your question was focused on -- can you repeat the first part again?

這是基斯。所以你問題的第一部分是──你能再重複一次第一部分嗎？

It was really just what have hospitals given as the reason --

這其實就是醫院給的理由。--

Yes. A couple of things I would say is, one, we're at a place now where our robot solution has been out for several years. There's more competition that's hit the market. One of the things that we see is that hospitals are requiring surgeons to go through the review of all the offerings that are out there. I commented earlier that we still view our technology as best-in-class.

是的。我想說兩點，第一，我們的機器人解決方案現在已經推出好幾年了。市場上的競爭更加激烈了。我們看到的一點是，醫院要求外科醫生對市面上所有可用的產品和服務進行審查。我之前說過，我們仍然認為我們的技術是同類最佳的。

But I think that has kind of elongated some of the deals, number one. Number two, as we think about how the year has progressed with some -- with things like the Big Beautiful Bill and how Medicare, Medicaid funding may change, that also, to me earlier in the year caused maybe a slowdown in how hospital spend. But as I think about what I've seen from hospitals, what I've seen publicly disclosed and just what I've heard anecdotally, hospitals are spending money on things like growing out ASCs or building new facilities that might not always be focused on surgical robotics.

但我認為這在某種程度上延長了一些交易的期限，這是第一點。第二，當我們思考今年的一些進展時——例如《大而美法案》以及醫療保險和醫療補助資金的變化，在我看來，這些因素在今年早些時候也可能導致醫院支出放緩。但當我思考我從醫院看到的情況、我公開披露的情況以及我聽到的一些軼事時，我發現醫院正在把錢花在諸如擴大門診手術中心或建造新設施之類的事情上，而這些設施可能並不總是專注於手術機器人。

So if a hospital is devoting their money to other things, we want to be able to make sure that we're able to address the goal of getting our capital out there, getting it placed. So that's where we see things like operational leases taking a bigger portion of our business as we move ahead.

因此，如果一家醫院將資金用於其他方面，我們希望確保能夠實現將資金投入到位、使其發揮作用的目標。因此，隨著我們不斷發展，經營性租賃等業務將在我們的業務中佔據越來越大的份額。

Your second question related to XR. XR is just -- it's a goggles or a headset that XR needs to be coupled with our ExcelsiusHub. I said in my previous remarks, if a surgeon is looking for freehand navigation, a great offering is our ExcelsiusHub with XR as well as our E3D.

你的第二個問題與XR有關。XR 就是－它是一款護目鏡或頭戴式設備，XR 需要與我們的 ExcelsiusHub 搭配使用。我在之前的演講中說過，如果外科醫生需要自由手持導航，那麼我們的 ExcelsiusHub with XR 和 E3D 都是不錯的選擇。

Great. And then just a quick one. As you move into further improvements for Nevro, I mean, how much of a risk do you think these changes could bring to the top line moving forward?

偉大的。然後就快速地來一個。隨著 Nevro 的進一步改進，您認為這些變化可能會對未來的營收帶來多大的風險？

Like I said earlier to the previous question that was asked, I don't want to get too far ahead of myself with projecting out Nevro into 2026 and beyond. We're still in early innings of the acquisition and working on integration. We're obviously mindful of the changes that we make to the business and how it may impact the business.

就像我之前在回答上一個問題時所說的那樣，我不想過早預測 Nevro 在 2026 年及以後的發展。我們仍處於收購的早期階段，目前正在進行整合工作。我們當然會關注我們對業務所做的改變以及這些改變可能會對業務產生的影響。

But as we move forward into next year, we've taken a lot of the uncertainty out of the business, just simply alone on the financial condition of the consolidated Globus, and we want to get the business more focused on adding competitive reps. Those signs point to positives. But as we think about the changes that have occurred and the changes that still may occur, we want to be cautious with our comments.

但展望明年，僅從合併後的 Globus 的財務狀況來看，我們已經消除了業務中的許多不確定性，我們希望讓業務更加專注於增加有競爭力的代理商。這些跡像都指向正面的方向。但是，當我們思考已經發生的變化和可能發生的變化時，我們希望謹慎發表評論。

Got it. Thank you.

知道了。謝謝。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Hi, good afternoon. This is Samantha on for Matt. If we also wanted to touch on the profitability this quarter was really impressive, both, I guess, in the Base business and Nevro. I guess can you speak to the, I guess, the sustainability of that? And Nevro specifically had a nice step-up this quarter. And I guess, what's the outlook or runway look like for that improvement going forward?

您好，下午好。這裡是薩曼莎替馬特報道。如果還要談談本季的獲利能力，那真是令人印象深刻，我想，無論是 Base 業務還是 Nevro 業務都是如此。我想您能談談這方面的可持續性嗎？而Nevro在本季尤其取得了不錯的進步。那麼，未來這種改善的前景或發展空間如何呢？

Yes. Thanks for the question, Samantha. This is Kyle. When you think about the profitability this quarter, right, it's really driven by a handful of things. One is U.S. Spine growth. So us growing 10% this quarter. That is a -- our most profitable business. So as that business grows and becomes a bigger part of the entire company, right, that ultimately will drive a higher level of profitability that we saw that helped lead to that 32% EBITDA and ultimately the $1.18 of EPS.

是的。謝謝你的提問，薩曼莎。這是凱爾。當你思考本季的獲利情況時，你會發現它實際上是由幾個因素驅動的。一是美國脊椎生長。所以本季我們成長了10%。那是我們最賺錢的事業。因此，隨著該業務的成長，並成為整個公司更大的組成部分，最終將推動更高的獲利能力，正如我們所看到的，這有助於實現 32% 的 EBITDA 和最終 1.18 美元的 EPS。

The other was the synergy execution, both in Base business as well as Nevro as we brought them online. Ultimately, right, we're trying to set up the business in a way where we operate efficiently under our Globus practice and are able to drive and continue with the sales growth on top of that. So I think this is a good jumping off point for us as we move throughout the rest of the year.

另一項是協同效應的實現，包括 Base 業務和 Nevro 業務的上線。最終，沒錯，我們正在努力建立一種業務模式，使我們能夠在 Globus 實踐下高效運營，並在此基礎上推動和繼續實現銷售成長。所以我認為這對我們來說是一個很好的起點，可以作為我們今年剩餘時間工作的出發點。

And just one thing I would add to that, going back to your question on Nevro, the EBITDA margin is impressive, but I think the thing that I focus on, and it goes back to some of Kyle's earlier prepared remarks is the free cash. When you think about where we were in Q2, we commented that the free cash burn was $29 million in Q2. To get to Q3 and having free cash flow of $8.5 million, that quarter-over-quarter change to me is more telling than necessarily an EBITDA margin because we're driving the business to generate cash because at the end of the day, you take dollars to the bank, not rate.

我還要補充一點，回到你關於 Nevro 的問題，EBITDA 利潤率令人印象深刻，但我認為我關注的重點，也是 Kyle 之前準備的一些發言內容，是自由現金流。回顧我們第二季的情況，我們曾表示第二季的自由現金流消耗為 2,900 萬美元。到第三季度，自由現金流達到 850 萬美元，在我看來，這種環比變化比 EBITDA 利潤率更有說服力，因為我們正在推動業務產生現金，因為歸根結底，你把錢存進銀行，而不是利率。

That's great. Thank you

那太棒了。謝謝

David Saxon, Needham & Company.

David Saxon，Needham & Company。

Great, good afternoon guys, thanks for taking my questions. Congrats on the quarter. Maybe I'll start with trauma, at least the legacy trauma. So I think in one of the responses to a question earlier, you talked about that portfolio being around 80% of kind of the competitions, I guess, portfolio breadth. So do you think that's critical mass? Or do you need to be at parity and get to the full 100%? And kind of if so, like when should we expect you to get to 100%?

太好了，各位下午好，謝謝你們回答我的問題。恭喜你本季取得佳績。或許我會從創傷入手，至少從歷史遺留創傷開始。所以我覺得在之前對某個問題的回答中，你提到過該投資組合在競爭中佔據了大約 80% 的份額，我想，這是投資組合廣度的問題。所以你認為這算達到臨界規模了嗎？或者，你需要達到完全一致，也就是100%？如果真是這樣的話，我們大概什麼時候才能看到你達到 100% 的水平呢？

I would say that we're at critical mass at this point. I think that at this point, when you think about our sales force and the products that we have, we can go effectively pretty much anywhere. So we feel good about that in the legacy portfolio and our ability to drive the business forward.

我認為我們現在已經達到了臨界點。我認為，就目前而言，考慮到我們的銷售團隊和我們擁有的產品，我們幾乎可以有效地去任何地方。因此，我們對現有業務組合以及推動業務發展的能力感到滿意。

As we grow, we want to be focused on where we're growing because as you think about trauma and the set deployments, that's different than spine. So when you think about where your invested capital sits, you want to get yourself into the density model, like I had mentioned earlier, focused on Level 1 and Level 2 trauma centers that's going to turn your assets.

隨著我們的發展，我們希望專注於我們正在發展的方向，因為當你想到創傷和部署時，你會發現這與脊椎是不同的。所以，當你考慮你的投資資本落在哪裡時，你會想要進入密度模型，就像我之前提到的那樣，專注於 1 級和 2 級創傷中心，這將使你的資產獲得回報。

Okay. Yes, that's helpful. And then just on Simplify. So I think one of your competitors got a 2-level approval over the last couple of months. So just thoughts on that approval, what is a competitive 2-level approval to do Simplify? And then generally for the Simplify growth that you're seeing, I mean, is that disc share? Or is that expanding the market and maybe getting into ACDF. Thanks so much.

好的。是的，這很有幫助。然後就直接用Simplify了。所以我認為你們的某個競爭對手在過去幾個月裡獲得了二級審批。那麼，關於審批流程，您有什麼想法？簡化流程的競爭性兩級審批流程是什麼樣的？那麼，就你看到的 Simplify 的成長而言，我的意思是，這是市場佔有率嗎？或者，這是在擴大市場，或許會涉足ACDF領域？非常感謝。

Well, I would say that as I think about Simplify and kind of share gains, I'd say that the share gains are -- there's definitely some share gain in there. But as I think about 2-level, we -- I believe we do have 2-level approval. Yes, we do have 2-level approval, but I don't really have any further comments on that at this point.

嗯，我想說的是，當我考慮Simplify和市佔率成長時，我認為市佔率成長是——肯定有一些市佔率成長。但當我想到兩級審批時，我認為我們確實有兩級審批。是的，我們確實有兩級審批流程，但目前我對此沒有其他評論。

Okay. Great. Thank you

好的。偉大的。謝謝

Tom Stephan, Stifel.

湯姆·史蒂芬，斯蒂費爾。

Great. Hey guys, thanks for taking the questions.

偉大的。各位好，感謝你們回答問題。

Apologies if any of this has been asked, just jumping between calls tonight. But just on Nevro, already returned to on the top line positive year-over-year growth in 3Q on a pro forma basis. So I guess as we're updating our models, I mean, is it fair to think about positive year-over-year growth is durable moving forward?

如果這些問題之前有人問過，請見諒，我今晚一直在接電話。但就 Nevro 而言，其第三季營收已恢復年增（按備考基準計算）。所以我想說的是，在我們更新模型的時候，是否可以認為逐年成長的動能持續下去？

I would say that it's early to comment on that, Kyle commented on sequential growth, sequential positive growth between the second and 3rd quarters, I think it would be early to comment on full year over year growth on a pro forma basis.

我認為現在評論這個問題還為時過早，Kyle 談到了環比增長，第二季度和第三季度之間實現了環比正增長，我認為現在評論按備考基準計算的全年同比增長還為時過早。

Got it. Thanks.

知道了。謝謝。

At this time, we're showing no further questions. (Operator Instructions) With no further questions, that concludes the Globus Medical earnings call. Thank you for participating. You may now disconnect.

目前，我們不再顯示其他問題。（操作員指示）沒有其他問題，Globus Medical 的財報電話會議到此結束。感謝您的參與。您現在可以斷開連線了。