Haemonetics Corp (HAE) 2025 Q1 法說會逐字稿

Thank you for standing by, and welcome to Haemonetics Corporation's first quarter fiscal year 2025 earnings conference call. (Operator Instructions)

感謝您的耐心等待，歡迎參加 Haemonetics Corporation 2025 財年第一季財報電話會議。（操作員說明）

I would now like to hand the call over to Olga Guyette, Vice President, Investor Relations and Treasury. Please go ahead.

我現在想將電話轉交給投資者關係和財務副總裁奧爾加·蓋耶特 (Olga Guyette)。請繼續。

Good morning, everyone. Thank you for joining us for Haemonetics' first quarter fiscal year 2025 conference call and webcast. I'm joined today by Chris Simon, our CEO; and James C. D’Arecca, our CFO. This morning, we posted our first quarter fiscal year 2025 results to our Investor Relations website, along with our fiscal '25 guidance.

大家早安。感謝您參加 Haemonetics 2025 財年第一季電話會議和網路廣播。今天我們的執行長克里斯·西蒙 (Chris Simon) 也加入了我的行列。以及我們的財務長 James C. DâArecca。今天早上，我們在投資者關係網站上發布了 2025 財年第一季業績以及 25 財年指引。

Before we begin, a quick reminder that all revenue growth rates discussed today are organic unless specified otherwise and exclude the impact of currency fluctuation and acquisitions.

在我們開始之前，先快速提醒一下，除非另有說明，否則今天討論的所有收入增長率都是有機的，並且排除了貨幣波動和收購的影響。

Our organic revenue growth guidance for fiscal year 2025 incorporates 15 weeks of revenue from offsets due to the acquisition closing date being in December 2023. We'll also refer to other non-GAAP financial measures to help investors understand Haemonetics' ongoing business performance.

由於收購截止日期為 2023 年 12 月，我們對 2025 財年的有機收入成長指引包括 15 週的抵銷收入。我們也將參考其他非公認會計準則財務指標，以協助投資人了解 Haemonetics 的持續業務績效。

Please note that these measures exclude certain charges and income items for a full list of excluded items. Reconciliations to our GAAP results and comparisons with the prior year periods. Please refer to our first quarter fiscal year 2025 earnings release available on our website.

請注意，這些措施不包括某些費用和收入項目，以取得排除項目的完整清單。與我們的 GAAP 結果的對帳以及與上一年期間的比較。請參閱我們網站上發布的 2025 財年第一季財報。

Our remarks today include forward-looking statements, and our actual results may differ materially from anticipated results. Factors that may cause our results to differ include those referenced in the Safe Harbor statement in today's earnings release and in our other SEC filings. We do not undertake any obligation to update these forward-looking statements.

我們今天的言論包括前瞻性陳述，我們的實際結果可能與預期結果有重大差異。可能導致我們的結果出現差異的因素包括今天的收益發布中的安全港聲明和我們其他 SEC 文件中提到的因素。我們不承擔更新這些前瞻性聲明的任何義務。

And now I'd like to turn it over to Chris.

現在我想把它交給克里斯。

Thanks, Olga. Good morning, and thank you all for joining. Today We reported first quarter revenue of $336 million, growth of 8% on a reported basis and 3% organically, and adjusted earnings per diluted share of $1.02 3% decrease from a strong first quarter in the prior year. The start of our fiscal year reflects the strength in the breadth of our product portfolio. Our capacity for continued innovation and growth and the resilience of our business to succeed in dynamic markets as we navigate ongoing geopolitical challenges.

謝謝，奧爾加。早安，感謝大家的加入。今天，我們報告第一季營收為 3.36 億美元，報告基礎上成長 8%，有機成長 3%，調整後每股攤薄收益為 1.02 美元，較去年強勁的第一季下降 3%。我們財年的開始反映了我們產品組合的廣泛實力。當我們應對持續的地緣政治挑戰時，我們持續創新和成長的能力以及我們在動態市場中取得成功的業務彈性。

We advanced the delivery of plasmapheresis technologies proven to safely lower cost to collect reinforcing our status as the leader in addressing the industry's most critical needs. Our blood center solutions are enabling self-sufficient global plasma supply and helping meet increased demand for platelet therapies. In hospital, we are integrating recent acquisitions, launching new products and extending our reach and relevance in attractive markets while delivering robust growth in the rest of the portfolio.

我們先進的血漿置換技術已被證明可以安全地降低採集成本，鞏固了我們在滿足行業最關鍵需求方面的領導地位。我們的血液中心解決方案可實現全球血漿供應自給自足，並幫助滿足對血小板治療日益增長的需求。在醫院方面，我們正在整合最近的收購，推出新產品，擴大我們在有吸引力的市場的影響力和相關性，同時在其他產品組合中實現強勁成長。

Our results underscore Haemonetics' ability to create significant value for our customers and our shareholders. We remain committed to accelerating revenue growth, expanding our margins and enhancing productivity, and we are confident in our strategy for sustained profitable growth.

我們的業績凸顯了 Haemonetics 為我們的客戶和股東創造巨大價值的能力。我們仍然致力於加速收入成長、擴大利潤率和提高生產力，並對持續獲利成長的策略充滿信心。

Turning now for our business unit results. Plasma revenue declined 3% in the first quarter after growing 35% last year. North America disposals revenue was down 5%, driven by CSL's planned transition. Excluding the transition and an unforeseen temporary customer plasma center outage, US collection volume growth was in the high single digits.

現在轉向我們業務部門的業績。Plasma 營收繼去年成長 35% 後，第一季下降 3%。受 CSL 計畫轉型推動，北美處置收入下降 5%。排除過渡和不可預見的客戶血漿中心暫時停運，美國採集量的成長處於較高的個位數。

North America software and Europe disposable revenue each grew double digits in the quarter. Strong end market demand for IG replacement therapies and the planned expansion of fractionation capacity across the industry support long-term growth in the plasma collection market near term customers have a heightened focus on lowering cost per liter.

本季北美軟體和歐洲可支配收入均達到兩位數成長。終端市場對 IG 替代療法的強勁需求以及整個行業分餾能力的計劃擴張支持血漿採集市場的長期增長，近期客戶更加註重降低每公升成本。

We have completed more than 30 million persona collections and have compelling real-world evidence of safe and consistent yield enhanced. Full-market release of our Express Plus technology is now underway, significantly improving collection time, door-to-door time and center throughput. We plan to upgrade the remainder of our Nexus customers to Express Plus and Persona before the end of this fiscal year.

我們已經完成了超過 3000 萬個角色收集，並擁有令人信服的現實證據，證明安全性和一致性產量得到了改善。我們的 Express Plus 技術的全面市場發布正在進行中，可顯著改善收集時間、送貨上門時間和中心吞吐量。我們計劃在本財年結束前將其餘 Nexus 客戶升級至 Express Plus 和 Persona。

Our advanced technology is an enabler of profitable growth for us and our customers. We expect to gain additional market share in the US and globally to continue to deliver revenue growth that outpaces the plasma collections market.

我們的先進技術是我們和客戶利潤成長的推動力。我們預計將在美國和全球範圍內獲得更多市場份額，從而繼續實現超過血漿採集市場的收入成長。

We reaffirm our Plasma revenue growth guidance for FY 2025 in the range of negative 3% to negative 6%, driven by the previously announced customer transition. Blood Center revenue decreased 2% in the quarter. For research, revenue grew 3%, driven by continued demand for plasma across several markets and red cell collection share gains in the US, partially offset by order timing among distributors. Whole blood revenue declined 14% as we continue to rationalize the franchise to optimize durable contribution as part of our company-wide margin expansion.

在先前宣布的客戶轉型的推動下，我們重申 2025 財年 Plasma 營收成長指引在負 3% 至負 6% 範圍內。本季血液中心收入下降 2%。在研究方面，由於多個市場對血漿的持續需求以及美國紅血球採集份額的增長，收入增長了 3%，但部分被分銷商的訂單時間所抵消。作為全公司利潤擴張的一部分，我們繼續合理化特許經營權以優化持久貢獻，全血收入下降了 14%。

The increasing focus on plasma self-sufficiency continues to drive international demand for source plasma. We are strengthening our global customer relationships to expand Nexus is reach our FY 2025 guidance for Blood Center revenue growth is unchanged in the range of negative 5% to negative 7% moving to our hospital business.

對等離子體自給自足的日益關注繼續推動國際對等離子體源的需求。我們正在加強我們的全球客戶關係，以擴大 Nexus，以達到我們對血液中心收入增長的 2025 財年指導不變，在負 5% 到負 7% 的範圍內轉移到我們的醫院業務。

First quarter revenue grew 31% on a reported basis, including our newly acquired sensor guided technologies and esophageal protection device and 13% organically. Our interventional franchise has been busy. The commercial team completed comprehensive training across our expanded product portfolio. We're fully adapted to evolving market trends and ensured sufficient commercial and clinical support throughout our US account network.

根據報告，第一季營收成長 31%，其中包括我們新收購的感測器引導技術和食道保護裝置，有機成長 13%。我們的介入專營權一直很忙。商業團隊完成了我們擴展的產品組合的全面培訓。我們完全適應不斷變化的市場趨勢，並確保在我們的美國客戶網路中提供足夠的商業和臨床支援。

We achieved 68% revenue growth on a reported basis and 19% organic growth with training and integration largely completed. The team is focused on hitting individual product targets and selling the entire interventional technologies portfolio across both electrophysiology and interventional cardiology. Growth in the quarter was driven by continued penetration of the top 600 US accounts with our vascular closure devices and increased emphasis on utilization across addressable procedures.

根據報告，我們實現了 68% 的收入成長和 19% 的有機成長，培訓和整合已基本完成。該團隊專注於實現單一產品目標並銷售電生理學和介入心臟病學的整個介入技術組合。本季的成長是由於我們的血管閉合裝置繼續滲透到美國前 600 名客戶中，並且更加重視跨可尋址手術的利用。

The limited market release of VASCADE MVP XL, which features a 58% larger collagen plug was a success with very positive results across procedures and highly encouraging responses from early adopters. This new device allows us to successfully participate in the rapidly growing market of pulsed field ablation and increase adoption in procedures like left atrial appendage closures, where we've seen minimal usage with VASCADE MVP.

VASCADE MVP XL 的有限市場發布取得了成功，其膠原蛋白塞增大了 58%，在整個手術過程中取得了非常積極的結果，並且早期採用者的反應非常令人鼓舞。這種新設備使我們能夠成功參與快速成長的脈衝場消融市場，並增加左心耳封堵術等手術的採用，在這些手術中，我們看到 VASCADE MVP 的使用量很少。

With full market release underway and an ongoing development program to expeditiously expand the label larger access points. We are further strengthening our leadership in enabling treatment of atrial fibrillation regardless of the ablation technology used. We are making significant progress internationally as well having established our presence in over 100 accounts in Japan with further plans to enter additional European markets this year.

隨著全面的市場發布和正在進行的開發計劃，以迅速擴大標籤更大的接入點。無論使用何種消融技術，我們都在進一步加強在心房顫動治療方面的領導地位。我們在國際上取得了重大進展，並在日本建立了 100 多個帳戶，並計劃今年進入更多歐洲市場。

We are strengthening our field force support to convey our unique clinical and economic benefits over the competition. And we expect to sustain 20%-plus growth in the vascular closure business and further expand our leadership position in this $2.7 billion market. Our newly acquired products delivered a total of $18 million in revenue, further accelerating growth of this franchise.

我們正在加強我們的現場人員支持，以傳達我們在競爭中獨特的臨床和經濟效益。我們預計血管閉合業務將保持 20% 以上的成長，並進一步擴大我們在這個 27 億美元市場的領導地位。我們新收購的產品總共帶來了 1,800 萬美元的收入，進一步加速了該系列產品的成長。

It's early days, but we feel good about the progress we have made and the business case for these acquisitions is intact. We are excited to launch SavvyWire in Europe in the coming months and extend the unique benefits of this Guidewire to more patients by broadening our market access. We are also highly encouraged by the progress and positive feedback for ensoETM with its considerable clinical benefits, including reduced esophageal injury during radiofrequency cardiac ablation.

現在還處於早期階段，但我們對所取得的進展感到滿意，而且這些收購的業務案例完好無損。我們很高興在未來幾個月內在歐洲推出 SavvyWire，並透過擴大我們的市場准入，將這種 Guidewire 的獨特優勢推廣給更多患者。我們也對 ensoETM 的進展和正面回饋感到非常鼓舞，它具有相當大的臨床效益，包括減少射頻心臟消融期間的食道損傷。

It presents a compelling market opportunity as a reliable, safe and significantly more cost effective alternative to emerging catheter-based technologies safely and effectively treat atrial fibrillation.

它提供了一個引人注目的市場機會，作為安全有效治療心房顫動的新興導管技術的可靠、安全且更具成本效益的替代方案。

Our blood management technologies franchise also had a strong first quarter with 10% revenue growth. Interstate management delivered double digit growth in North America, driven by strong capital sales and increased disposable utilization on the TEG 6s platform. Our new heparin neutralization cartridge is helping clinicians serve fully heparin ICE patients and enabling deeper penetration into accounts performing adults, cardiovascular surgeries and liver transplantation.

我們的血液管理技術特許經營權第一季也表現強勁，營收成長了 10%。在強勁的資本銷售和 TEG 6s 平台上可支配利用率增加的推動下，州際管理在北美實現了兩位數的成長。我們的新型肝素中和盒子正在幫助臨床醫生為完全肝素 ICE 患者提供服務，並能夠更深入地滲透到進行成人、心血管手術和肝臟移植的帳戶中。

Success in the US was partially offset by geo-political market challenges in China. Transfusion Management benefited from new account openings for SafeTrace Tx and BloodTrack in North America and EMEA. We invested in additional channel expansion and further enhanced the platform positioning us to win share.

美國的成功被中國的地緣政治市場挑戰部分抵銷。輸血管理受益於 SafeTrace Tx 和 BloodTrack 在北美和歐洲、中東和非洲地區開設的新帳戶。我們投資了額外的通路擴張，並進一步增強了我們贏得市場份額的平台。

Cell Salvage also had an impressive quarter across all markets with additional upside from last-time buy orders in our older-generation device. We are excited about the opportunities ahead of us and expect growth in our hospital business to accelerate in subsequent quarters, driven by new product launches, sales synergies from newly acquired products and improving efficiency of scale.

Cell Salvage 在所有市場上的季度表現也令人印象深刻，我們的老一代設備的上次購買訂單帶來了額外的增長。我們對眼前的機會感到興奮，並預計在新產品推出、新收購產品的銷售協同效應以及規模效率提高的推動下，我們的醫院業務將在接下來的幾個季度加速成長。

We reaffirm our previously issued guidance and expect hospital reported revenue growth 27% to 32% and organic revenue growth of 13% to 16% in FY 2025. We expect a strong year ahead as we continue to refine our portfolio to drive sustainable revenue growth at attractive margins. For the total company, we continue to expect reported revenue growth to be in the range of 5% to 8% and organic growth to be flat to 3% for FY 2025.

我們重申先前發布的指導意見，預計 2025 財年醫院報告營收將成長 27% 至 32%，有機收入將成長 13% 至 16%。我們預計未來的一年將會強勁，因為我們將繼續完善我們的產品組合，以有吸引力的利潤率推動可持續的收入成長。對於整個公司而言，我們繼續預期 2025 財年報告的營收成長將在 5% 至 8% 之間，有機成長將持平至 3%。

Now, I'll pass it over to James to discuss the rest of our financial performance and fiscal year 2025 guidance.

現在，我將把它交給 James，討論我們其餘的財務表現和 2025 財年指導。

Thank you, Chris, and good morning, everyone. As Chris mentioned, this quarter has been an exceptionally productive one across the organization. We successfully launched new products and continued to integrate acquisitions, all while maintaining a strong focus on our short and mid-term objectives. The effect of portfolio evolution is becoming more meaningful in driving higher margins and positioning us for sustained success.

謝謝你，克里斯，大家早安。正如克里斯所提到的，本季是整個組織卓有成效的季度。我們成功推出新產品並持續整合收購，同時保持對短期和中期目標的高度關注。投資組合的演變對於推動更高的利潤率和為我們持續成功奠定了越來越重要的作用。

We ended the first quarter with an adjusted gross margin of 55.3%, up 110 basis points from last year, driven by volume and mix with a disproportionate contribution from the growing momentum in our hospital business units.

第一季末，我們的調整後毛利率為 55.3%，比去年增長 110 個基點，主要得益於銷售和組合的推動，以及醫院業務部門成長勢頭的不成比例的貢獻。

Adjusted operating expenses in the first quarter were $114.9 million, an increase of $16 million or 17% compared with the first quarter of the prior year. As a percentage of revenue, adjusted operating expenses increased by 250 basis points to 34.2%. The increase in adjusted operating expenses in the quarter was primarily due to the recent acquisitions of OptaSens and Attune Medical, along with additional growth investments.

第一季調整後營運費用為1.149億美元，比去年第一季增加1,600萬美元，成長17%。調整後的營運費用佔收入的百分比增加了 250 個基點，達到 34.2%。本季度調整後營運費用的增加主要是由於最近收購了 OptaSens 和 Attune Medical，以及額外的成長投資。

First quarter adjusted operating income was $71 million, an increase of $0.8 million or 1%. And our adjusted operating margin was 21.1%, down 150 basis points compared with a very strong quarter last year. Nearly half of that decline was related to FX impacts with the remainder due to increased adjusted operating expenses.

第一季調整後營業收入為 7,100 萬美元，增加 80 萬美元，即 1%。我們調整後的營業利潤率為 21.1%，與去年非常強勁的季度相比下降了 150 個基點。其中近一半的下降與外匯影響有關，其餘則歸因於調整後的營運費用增加。

Sequentially, our adjusted operating margin expanded by 230 basis points compared with the fourth quarter of fiscal '24, primarily driven by improved adjusted gross margin, lower performance based compensation and higher plasma inventory, reducing the need for freight expediting. This was our first full quarter with both options and tools.

隨後，與2024 財年第四季相比，我們調整後的營業利潤率擴大了230 個基點，這主要是由於調整後毛利率的提高、基於績效的薪酬降低和血漿庫存增加，減少了貨運催收的需求。這是我們第一個擁有選項和工具的完整季度。

While there is more work to do to synergize these acquisitions fully, we already see benefits of these high margin products, helping us offset increased costs. We expect these benefits to increase as we expand our commercial strategies in the top US accounts in fiscal '25 and beyond. We reaffirm our adjusted operating margin guidance for fiscal '25 at 23% to 24%, anticipating steady improvements each subsequent quarter as we progress towards our long-range plans of achieving operating margins in the high 20s.

雖然要充分整合這些收購還有更多工作要做，但我們已經看到了這些高利潤產品的好處，幫助我們抵消了增加的成本。我們預計，隨著我們在 25 財年及以後擴大美國頂級客戶的商業策略，這些收益將會增加。我們重申 25 財年調整後的營業利潤率指引為 23% 至 24%，預計隨著我們朝著實現 20 多歲營業利潤率的長期計劃邁進，接下來的每個季度都會穩步改善。

The adjusted income tax rate was 20% for the first quarter compared with 21% one year ago. We expect our fiscal '25 adjusted income tax rate to be approximately 23%. First quarter adjusted net income was $52.4 million, down $1.3 million or 2%, and adjusted earnings per diluted share was $1.02 down 3% when compared with the strong first quarter of fiscal '24.

第一季調整後的所得稅率為20%，而一年前為21%。我們預計 25 財年調整後的所得稅稅率約為 23%。第一季調整後淨利為 5,240 萬美元，下降 130 萬美元或 2%，調整後每股攤薄收益為 1.02 美元，與 24 財年第一季的強勁表現相比，下降 3%。

Changes in the adjusted income tax rate, interest expense and foreign exchange had a $0.07 negative impact on the first quarter adjusted earnings per diluted share when compared with the prior year. We remain optimistic about our prospects and our ability to capitalize on emerging market trends, optimize our portfolio mix and realize savings through operational excellence.

與去年相比，調整後所得稅率、利息支出和外匯的變化對第一季調整後每股稀釋收益產生了 0.07 美元的負面影響。我們對我們的前景以及我們利用新興市場趨勢、優化我們的投資組合併透過卓越營運實現節約的能力保持樂觀。

We reaffirm our adjusted earnings per diluted share guidance of $4.45 to $4.75. At the midpoint of our guidance range, we now anticipate approximately $0.34 of impacts from interest expense, FX income tax and share count with interest expense being responsible for about half of that. Turning now to select cash flow and balance sheet highlights.

我們重申調整後每股攤薄收益指引為 4.45 美元至 4.75 美元。在我們指導範圍的中點，我們現在預計利息支出、外匯所得稅和股票數量的影響約為 0.34 美元，其中利息支出約佔一半。現在轉向選擇現金流量和資產負債表亮點。

In our first quarter, we had a cash outflow of $27 million, primarily related to lower debt income and higher working capital due to increased inventory and the timing of certain payments. Combined with additional CapEx spend, net of proceeds from the sale of one of our manufacturing facilities, we had a free cash outflow of $17 million. Our expectation for free cash flow remains unchanged at $130 million to $180 million in fiscal '25.

第一季度，我們的現金流出為 2,700 萬美元，主要與債務收入減少以及庫存增加和某些付款時間增加導致的營運資金增加有關。加上額外的資本支出（扣除出售我們一處製造設施的收益後），我們的自由現金流出為 1700 萬美元。我們對 25 財年自由現金流的預期維持在 1.3 億至 1.8 億美元不變。

Cash on hand at the end of the quarter was $344 million, up $166 million since the end of fiscal '24, primarily due to our recently completed debt financing net of the repurchase of a portion of our convertible notes due in 2026, new capped call transactions and transaction related fees and the pay down of borrowings on the revolving credit facility used to help fund the recent acquisitions of OptaSens and Attune.

本季末手頭現金為3.44 億美元，自24 財年末以來增加了1.66 億美元，主要是由於我們最近完成的債務融資扣除了2026 年到期的部分可轉換票據的回購、新的上限贖回權交易和交易相關費用以及循環信貸額度借款的償還，用於為最近收購 OptaSens 和 Attune 提供資金。

Our updated debt capital structure includes a recently refinanced credit facility consisting of $250 million unsecured term loan A and a $750 million unsecured revolving facility as well as $1 billion in convertible notes, which puts our net leverage ratio at approximately 2.8 times EBITDA at the end of our first quarter.

我們更新的債務資本結構包括最近再融資的信貸安排，其中包括2.5 億美元的無擔保定期貸款A 和7.5 億美元的無擔保循環貸款以及10 億美元的可轉換票據，這使我們的淨槓桿率約2017 年末EBITDA 的2.8 倍。

In addition to the credit facility refinancing discussed on our May earnings call, during the first quarter, we issued $700 million of convertible securities with a 2.5% coupon and a capped call ensuring the protection of the conversion price until the share price reaches $180 for a 100% premium over the issue price of $90 a share.

除了我們在5 月的財報電話會議上討論的信貸安排再融資之外，在第一季度，我們還發行了7 億美元的可轉換證券，票面利率為2.5%，並設有上限贖回權，以確保轉換價格受到保護，直至股價達到180 美元。

This transaction allowed us to mitigate risks associated with upcoming convertible note maturities and pre-fund a portion of our growth agenda at attractive interest rates while helping to ensure we remain in a strong financial position when pursuing additional growth opportunities.

這項交易使我們能夠減輕與即將到期的可轉換票據相關的風險，並以有吸引力的利率為我們的部分增長議程預先提供資金，同時有助於確保我們在尋求額外增長機會時保持強勁的財務狀況。

Before we transition to the Q&A, I would like to share some key takeaways as we reflect on the start of our fiscal year and our strategic direction moving forward. Our first quarter performance demonstrated our strength and impact. We continued to expand our industry presence and leadership across our business units while proving our resilience as we advanced our growth amidst changing market trends and geo-political challenges.

在我們進入問答環節之前，我想分享一些重要的收穫，因為我們反思了本財年的開始和我們未來的策略方向。我們第一季的業績證明了我們的實力和影響力。我們繼續擴大我們在各業務部門的行業影響力和領導地位，同時在不斷變化的市場趨勢和地緣政治挑戰中推動成長，證明了我們的韌性。

We are forwarding our innovation with new products both launched and in the pipeline. Our focus on innovation is paving the way for further expansion into high-growth markets and enhancing our financial performance both in the near term and in the long run. Our debt financing was an important step in strategically enhancing our access to capital and increasing flexibility in capital deployment. This will help us ensure we remain in a strong financial position when pursuing additional organic or inorganic growth opportunities.

我們正在透過已推出和正在醞釀的新產品來推進我們的創新。我們對創新的關注為進一步拓展高成長市場鋪平了道路，並提高了我們短期和長期的財務表現。我們的債務融資是策略性增強我們獲得資本的管道和提高資本部署靈活性的重要一步。這將有助於我們確保在尋求額外的有機或無機成長機會時保持強勁的財務狀況。

And finally, we remain committed to achieving the objectives outlined in our long-range plan through our long-term strategic focus, we are cultivating a powerful, sustainable growth engine, poised to deliver value to our shareholders well into the future. Thank you, and we can now proceed with Q&A.

最後，我們仍然致力於透過我們的長期策略重點來實現我們的長期計劃中概述的目標，我們正在培育一個強大的、可持續的成長引擎，準備在未來為我們的股東創造價值。謝謝，我們現在可以繼續進行問答。

(Operator Instructions) Anthony Petrone, Mizuho Americas.

（操作員說明）Anthony Petrone，Mizuho Americas。

Thank you and good morning everyone. Maybe to start with plasma and I have one on hospital. On the plasma end of the equation, maybe a little bit, Chris on where do you think we are in the cycle just coming out of COVID meaning inventory builds at the fractionators. Are we approaching some level of supply demand equilibrium?

謝謝大家，早安。也許可以從血漿開始，我在醫院有一個。在等離子端，克里斯，你認為我們處於剛走出新冠疫情的周期的哪個階段，這意味著分餾塔的庫存會增加。我們是否正在接近某種程度的供需平衡？

Are fractionators still building inventories? And a follow up on plasma would be, we’re seeing increasing reports of adverse events with [REECA] reported to the [maude] database. Not sure if there’s any update on just where CSL is tracking in terms of their wind down. Is it in line with your expectations? Is it slower? Is it faster? And then I’ll have one follow up on hospital.

分餾廠還在建立庫存嗎？關於血漿的後續行動是，我們看到越來越多的不良事件報告與 [REECA] 報告給 [maude] 資料庫。不確定中超聯賽在停賽方面是否有任何最新進展。符合你的預期嗎？是不是比較慢？更快嗎？然後我會對醫院進行一次跟進。

Good morning, Anthony. With regards to plasma supply demand, demand remains really robust, right. We look at short-term and long-term. There’s, by our estimations, an additional increase in fractionation capacity over the next decade in excess of 6% that’s already been announced where there’s confirmed commitments, it’ll grow from there, we presume. So we feel quite good about the long-term demand for IG-based replacement therapies and our customers’ commitment therein.

早安，安東尼。就血漿供應需求而言，需求仍然非常強勁，對吧。我們著眼於短期和長期。根據我們的估計，未來十年分餾產能將額外增加超過 6%，我們認為，如果已經宣布了已確認的承諾，那麼分餾產能將在此基礎上繼續成長。因此，我們對基於 IG 的替代療法的長期需求以及我們客戶的承諾感到非常滿意。

In the near-term, I think it really does vary significantly from one customer to the next. We called out a specific set of issues at one customers collection centers early in the quarter and I think some folks took advantage of that to trim back a bit on what has been collecting hand over fist to replenish their inventories. We do see a shift and a rebalancing towards inventory rebuild combined with lower cost per liter.

在短期內，我認為每位客戶之間的情況確實有很大差異。我們在本季初在一個客戶收集中心提出了一系列具體問題，我認為有些人利用這一點來削減一點收集量以補充庫存。我們確實看到了庫存重建的轉變和重新平衡以及每公升成本的降低。

The benefit for that, both in the quarter and over the remainder of the year is a heightened demand for everything and anything we can do to improve productivity, increased demand for both upgrades and conversions. And you see that kind of our performance over the course of the year. So we still feel quite good about where we are in the cycle. There is a rebalancing and that will play forward as you would expect.

這樣做的好處是，無論是在本季度還是在今年剩餘時間內，對我們可以採取的一切措施和一切提高生產力的需求都會增加，對升級和轉換的需求也會增加。你會看到我們在這一年的表現。因此，我們仍然對自己所處的周期感覺良好。有一個重新平衡，並且會如你所期望的那樣向前發展。

With regards to our competitive competitor’s device, I’m going to leave that aside for now. What I would say is that in terms of the agreement with CSL, nothing has changed. They’re purchasing according to the forecast. We know there’s an $85 million floor on that based on the agreement that’s in place and really don’t have anything further to say about it at this point in the year.

至於我們競爭對手的設備，我現在先把它放在一邊。我想說的是，就與中超的協議而言，沒有任何改變。他們根據預測進行採購。我們知道，根據已簽訂的協議，該金額的底線為 8500 萬美元，而且今年此時確實沒有更多可說的。

Very good. And then a follow-up on hospital will be on VASSCADE MVP. Maybe just a little bit on the attach rate to pulse field ablation, PFA volumes had another good quarter in the June period. And so maybe a little bit on the attach rate of MVP to PFA. And when you look at XL, what will be the benefit of introducing that into the market? Do you get an increased attach rate to PFA with that new solution? Thanks again.

非常好。然後醫院的後續內容將是 VASSCADE MVP。也許只是脈衝場消融的附加率稍微高一點，PFA 銷量在 6 月期間又出現了一個不錯的季度。所以也許有一點關於 MVP 與 PFA 的附加率。當您考慮 XL 時，將其引入市場會有什麼好處？透過該新解決方案，您的 PFA 附加率是否會提高？再次感謝。

Thanks Anthony. Pulse field ablation is for sure a disruptive force in the market. We spent a lot of time modeling this, as you could imagine, both for vascular closure, but also for esophageal protection. What’s happening is very much consistent with what we forecast would happen. The advent of MVP XL is a game changer for us, and there’s a lot of speculation in the market is the TAM being reduced, et cetera. We don’t see any of that.

謝謝安東尼。脈衝場消融無疑是市面上的一股顛覆性力量。正如您可以想像的那樣，我們花了很多時間對此進行建模，既為了血管閉合，又為了保護食道。正在發生的事情與我們預測的情況非常一致。MVP XL 的出現對我們來說是一個遊戲規則的改變者，市場上有很多猜測是 TAM 會減少等等。我們沒有看到這些。

Crystal clear, PFA is a net positive for Haemonetics interventional technologies portfolio. The new XL product has completed limited market release over 350 procedures across a wide range of different therapeutics products performed exceptionally well feedback has been truly outstanding. So we’ll get that into the market. Now, we’re going to proceed ahead of schedule with full market release because we think it’s the right technology across a range of different applications.

很明顯，PFA 對 Haemonetics 介入技術組合來說是一個淨正面因素。新的 XL 產品已完成有限市場發布，在各種不同的治療產品中完成了超過 350 個程序，表現非常好，反饋確實非常出色。所以我們會將其推向市場。現在，我們將提前全面向市場發布，因為我們認為這是適用於各種不同應用的正確技術。

And so one of the things quite powerful for us is not only on ablation of all forms, but also left atrial appendage closure, which is an area where the base MVP product hasn’t enjoyed a lot of success because it’s really just not the right technology. We have a 58% larger collagen plug associated with XL, and we think that’s really well positioned for the market going forward.

因此，對我們來說非常強大的事情之一不僅是消融所有形式，而且還包括左心耳閉合，這是基礎 MVP 產品尚未取得很大成功的領域，因為它確實只是沒有合適的技術。我們擁有與 XL 相關的大 58% 的膠原蛋白塞，我們認為這對於未來的市場來說確實處於有利位置。

Thank you. Mike Matson, Needham.

謝謝。麥克馬森，李約瑟。

Yeah, Thanks. Just start with plasma. So I think you mentioned that you expect to upgrade the rest of your customer express plus and Persona by the end of a fiscal year. So is it safe to assume that there’s still kind of a pricing tailwind there in that part of the business, obviously excluding CSL?

是的，謝謝。從等離子開始。因此，我認為您提到您希望在財政年度結束前升級其餘的 Customer Express Plus 和 Persona。那麼，是否可以肯定地認為，這部分業務（顯然不包括 CSL）仍然存在定價優勢？

Yeah, Mike. Well, we now anticipate that all of our North American customers on Nexus will have upgraded to both Express Plus and Persona on their existing centers. And yes, the product is priced to reflect the technological advantages that are gained from both pieces of that part of the equation.

是的，麥克。好吧，我們現在預計 Nexus 上的所有北美客戶都將在其現有中心升級到 Express Plus 和 Persona。是的，該產品的定價反映了從該等式的這兩個部分獲得的技術優勢。

Okay, got it. And then just a couple on the interventional business. So with VASCADE MVP XL, are you getting a price premium for that? And then just in terms of the sales force, the cross training that occurred, is that completed? And to what degree do you think that was disruptive in the quarter that you just reported?

好的，明白了。然後是關於介入業務的幾個。那麼，使用 VASCADE MVP XL，您是否會獲得溢價？然後，就銷售團隊而言，所進行的交叉訓練是否已完成？您認為這在您剛剛報告的季度中造成了多大程度的破壞？

Yeah so the XL product is a 58% larger plug, as I mentioned a moment ago. We do command a modest premium for that. We want to be cost effective, and it’s one of the things that we look at, same day discharge, time to ambulation, et cetera. It’s an incredibly cost effective therapy. There is price increase, but relative to the base ablation RF or especially now PFA, it’s a really economical form of closure.

是的，正如我剛才提到的，XL 產品的插頭大了 58%。我們確實為此收取了適度的溢價。我們希望實現成本效益，這是我們關注的因素之一，當天出院、下床活動的時間等等。這是一種成本效益極高的療法。價格有所上漲，但相對於基礎消融射頻或尤其是現在的 PFA，它是一種非常經濟的閉合形式。

In terms of the training, Mike, you’re exactly right. This was a big lift, right? We went from a sales force that was exceptionally good at closure across a variety of procedures, and we’ve now introduced both guidewire technology -- sensor-based guidewire technologies and Esophageal Protection. It is a classic portfolio sale. And I think, if anything, in reflection, I’d say we took our time, we are going slow to go faster further over time, and we want to get this right.

就培訓而言，麥克，你是完全正確的。這是一個很大的提升，對吧？我們的銷售團隊非常擅長各種手術的閉合，現在我們引入了導絲技術——基於感測器的導絲技術和食道保護。這是經典的投資組合銷售。我認為，如果有什麼不同的話，經過反思，我會說我們花了很多時間，隨著時間的推移，我們會慢慢地走得更快，我們希望把這件事做好。

If you think about the nature of [TAVR] procedures, for example, where SavvyWire plays a critical role, it’s a much more involved procedure. The role of the representatives, both our territory managers and our clinicals is much more critical, and we want to make sure they are fully equipped and confident to be able to provide the support. We think we’re there now. It did probably take a little more time in the quarter than we had originally anticipated. But again, going slow to go faster further is the right answer for us here.

例如，如果您考慮 [TAVR] 程式的性質，SavvyWire 在其中發揮關鍵作用，那麼它是一個更為複雜的程式。我們的區域經理和臨床代表的角色更為重要，我們希望確保他們裝備齊全並有信心能夠提供支援。我們認為我們現在就到了。本季花費的時間可能比我們最初預期的要多一些。但同樣，放慢腳步，走得更快才是我們這裡的正確答案。

Okay, got it. Thanks.

好的，明白了。謝謝。

Thank you. Andrew Cooper, Raymond James.

謝謝。安德魯庫珀，雷蒙德詹姆斯。

Hi, everybody. Thanks for the questions. Maybe first, just on plasma. Thinking back to the commentary last quarter and into the year, you talked about the non-CSL business, I think, growing 8% to 12%. Now you’re talking about converting more of those customers to Express Plus and Persona. So just would love an update on that metric and how you think about the remaining customers and the growth, as well as maybe a little more color on some of the share gains you seem increasingly confident about?

大家好。感謝您的提問。也許首先，只是在等離子上。回想一下上個季度和今年的評論，你談到了非中超業務，我認為成長了 8% 到 12%。現在您正在討論如何將更多客戶轉為 Express Plus 和 Persona。那麼，您是否希望了解該指標的最新情況，以及您如何看待剩餘客戶和成長，以及您似乎越來越有信心的一些份額增長的更多資訊？

Yeah. So look, we guided at the beginning of the year. We’re looking at a combination of underlying collection demand, our ability to command a price premium for the new superior technology and share gains. And I think all three of those forces are at work. There’s going to be puts and takes amongst them, Andrew on a quarter-to-quarter basis.

是的。所以看，我們在年初就進行了指導。我們正在考慮潛在的收藏需求、我們為新的卓越技術爭取溢價的能力以及份額收益的組合。我認為這三種力量都在發揮作用。安德魯，每個季度都會有看跌期權和賣出期權。

We left the guidance unchanged because we are confident, particularly those latter two factors, upgrades and share gains are back end loaded and we knew that and we expect that to build over the course of the year.

我們保持指引不變，因為我們有信心，特別是後兩個因素，升級和股票收益是後端加載的，我們知道這一點，我們預計這一點將在今年內建立。

So we feel confident leaving the guidance as is. There’s probably a bit of -- it’s our first quarter and as a general practice, I’d prefer we don’t change guidance after one quarter. We just built the forecast 90 days ago and we want to live into it a bit. If there’s an opportunity to change it as the year progresses, we will. But for where we sit right now, we feel quite good about both CSL and the non-CSL forecast.

因此，我們有信心保持指導不變。可能有一點——這是我們的第一季度，作為一般做法，我希望我們在一個季度後不要改變指導。我們剛剛在 90 天前做出了預測，我們希望能稍微實踐它。如果隨著時間的推移有機會改變它，我們會的。但就我們目前的情況而言，我們對中超和非中超的預測都感覺很好。

Okay, helpful. And then maybe just on hospital. You called out a couple of items that really are going to help with the acceleration from sort of the -- near the lower end of the guide to start the year. Can you maybe size for us new product contribution versus revenue synergies for some of the efficiencies of the sales force that you talked about to help us think about that, again, acceleration from the low teens, maybe closer towards the mid-teens in terms of the midpoint of guidance?

好的，有幫助。然後也許就在醫院。您提出了一些真正有助於加速從接近指南低端到年初的專案。您能否為我們衡量一下您談到的銷售人員效率的新產品貢獻與收入協同效應的大小，以幫助我們再次思考，從十幾歲以下的加速，也許更接近十幾歲左右的加速指導的中點？

Sure, Andrew. Vascular closure is the real engine within the portfolio, particularly in North America, and particularly in utilization, given that we are now well north of 80% of account penetration across the T600. So we’ll drive utilization. That’s critical, that is the biggest single driver. The additional product overlay we called out, there’s an additional $18 million of revenue in the quarter that’s included, and it will be meaningfully accretive to our gross margins as the year progresses.

當然，安德魯。血管閉合是該產品組合中真正的引擎，特別是在北美，尤其是在利用率方面，因為我們現在在 T600 的帳戶滲透率已遠超 80%。因此，我們將提高利用率。這很關鍵，這是最大的單一驅動因素。我們提到的額外產品覆蓋，本季的收入增加了 1800 萬美元，隨著時間的推移，這將顯著增加我們的毛利率。

In the quarter, it was actually dilutive to our operating income margins. I can let James comment more on that, but we -- again, just go slow to go faster further. We didn’t act more aggressively on the cost synergies because we’re in a process of listening and learning. They’re both quite good companies.

在本季度，它實際上稀釋了我們的營業利潤率。我可以讓詹姆斯對此發表更多評論，但我們再次強調，放慢腳步，才能走得更快。我們沒有在成本協同效應方面採取更積極的行動，因為我們正處於傾聽和學習的過程中。他們都是相當不錯的公司。

They were good at what they do. We wanted to make sure we understood at a more intimate level what they do, what’s their secret of success, and how do we make sure we incorporate and build upon that? So that’s what you see in the quarter. As the year progresses, both synergies -- both cost synergies and sales synergies will really come into effect, and that’s what’s reflected in our guidance.

他們很擅長自己所做的事情。我們希望確保我們更深入地了解他們的工作、他們的成功秘訣是什麼，以及我們如何確保我們將其納入其中並在此基礎上繼續發展？這就是您在本季度看到的情況。隨著時間的推移，成本協同效應和銷售協同效應都將真正發揮作用，這也是我們的指導中所反映的。

Okay. I will stop there and jump back in the queue. Thank you.

好的。我會停在那裡並跳回隊列。謝謝。

Thank you. Larry Solow, CJS Securities.

謝謝。拉里·索洛，CJS 證券。

Good morning, everybody. I guess, just a couple of follow ups on the plasma side. Chris or James, just give us the volume price, the breakdown in the quarter. I don’t know if that’s available, just approximately. And then on the Persona, how much -- approximately how many have already switched to or adopted Persona already of your customers?

大家早安。我想，等離子方面只有一些後續行動。克里斯或詹姆斯，請給我們銷售價格和季度細目。我不知道是否可用，只是大約。然後在 Persona 上，有多少——大約有多少客戶已經轉向或採用了 Persona？

Let me start with that and I’ll let James answer the breakdown. In terms of Persona, it’s not a big secret. We’ve had more than 50% of the procedures heading into the year. We’re well north of that and moving quickly against the remainder. So we’ll provide updates at a more substantive basis when jointly with our customers.

讓我從這個開始，然後讓詹姆斯回答問題。就《女神異聞錄》而言，這不是什麼大秘密。今年我們已經完成了超過 50% 的程序。我們已經遠遠超出了這一點，並且正在迅速對抗其餘的國家。因此，我們將與客戶共同提供更實質的更新。

Everybody’s comfortable doing that, Larry, but it’s proceeding rapidly and we feel quite good about it. We want to be cautious because we don’t control. We said this from the outset with Nexus. We will move absolutely as fast as our customers are prepared to move, but no faster. And in this case, they now want to move quite quickly. And that’s what you see in our results going forward.

拉里，每個人都願意這樣做，但進展很快，我們對此感覺很好。我們要保持謹慎，因為我們無法控制。我們從 Nexus 一開始就這麼說了。我們將絕對按照客戶準備的速度採取行動，但不會更快。在這種情況下，他們現在想要迅速採取行動。這就是您在我們未來的結果中所看到的。

And Larry, on the volume price split out, now refer to the non-CSL customers, that’s predominantly volume, as you heard Chris talking about. We expect technology switches and share gains to be more backend loaded.

拉里（Larry），在按數量價格劃分時，現在指的是非 CSL 客戶，這主要是數量，正如您聽到克里斯所說的那樣。我們預計技術轉換和份額收益將更多地由後端加載。

Got it. So not much on the price side, mostly volume. Got it. Okay. And then just could you just speak real briefly just on the VASCADE, the MVP XL system, the larger bore, sort of the market opportunity there and your rollout plans? Thanks.

知道了。因此，價格方面影響不大，主要是數量方面。知道了。好的。然後您能簡單地談談 VASCADE、MVP XL 系統、更大的缸徑、那裡的市場機會以及您的推出計劃嗎？謝謝。

Yeah. So just to reiterate, we went into limited market release. We want to make sure that we had proper use case, really understood the device’s performance. We’ve obviously done extensive animal testing and have very good level of comfort, but we wanted to do the limited market release, make sure that it’s performing as expected. But as I said, feedback has been absolutely outstanding, now north of 350 procedures across a number of very high performing centers. Feedback’s been extraordinary, as good as anything we’ve seen or heard.

是的。因此，重申一下，我們進入了有限的市場釋放。我們希望確保我們有正確的用例，並真正了解設備的效能。顯然，我們已經進行了廣泛的動物測試，並且具有非常好的舒適度，但我們希望進行有限的市場發布，以確保其性能符合預期。但正如我所說，回饋絕對出色，目前在多個績效非常出色的中心已完成 350 項手術。反饋非常出色，與我們所看到或聽到的任何東西一樣好。

So the device performs as advertised. It’ll get broad spectrum use as appropriate. And where we don’t yet have indications on our label for certain appendage size -- whole sizes, we are actively pursuing that with the regulatory authorities and we expect that to be forthcoming. But the device is intact, performing well. We’re now compiling real-world evidence and we’ll do that even more extensively when we go into full release now to be able to get a broader label expansion.

因此該設備的性能正如宣傳的那樣。它將在適當的時候得到廣泛的使用。如果我們的標籤上尚未註明某些配件尺寸（整體尺寸），我們正在積極向監管機構尋求協助，我們預計這很快就會實現。但設備完好無損，性能良好。我們現在正在收集現實世界的證據，當我們現在全面發佈時，我們將更廣泛地這樣做，以便能夠獲得更廣泛的標籤擴充。

Got it. Great. Thanks, guys. Appreciate it.

知道了。偉大的。謝謝，夥計們。欣賞它。

Thank you. (Operator Instructions) Joanne Wuensch, Citi.

謝謝。（操作員指示）Joanne Wuensch，花旗銀行。

Thank you very much. Can you hear me Okay?

非常感謝。你聽得到我說話嗎？

Yes

是的

Excellent. Good morning, everybody. I want to just spend a minute more on vascular closure, please. I'm under the impression that there's still a large percentage of procedures that are manual compression procedures. But could you sort of quantify what using a closure device at this stage, a what moves people towards manual compression?

出色的。大家早安。我想再花一分鐘討論血管閉合問題。我的印像是仍有很大一部分程式是手動壓縮程式。但是您能否量化現階段使用閉合裝置的原因是什麼，以及是什麼促使人們轉向手動壓縮？

And then I also want to go back to the PSA opportunity. I think that a little bit of clarification of why you think that Kadix out could be better for PSA would be really great. Thank you so much?

然後我還想回到 PSA 的機會。我認為稍微澄清一下為什麼你認為 Kadix 退出對 PSA 會更好，那就太好了。太感謝了？

Yeah. Thanks for the question, Joanne. Yes, our biggest competition in vascular closure worldwide is some combination of compression and suturing figure of a typically. And so we are looking, we've penetrated, as I said, more than 80% of the T600 that does 90% of the procedures in the US. Within those, our utilization rates are still in the low to mid 40s.

是的。謝謝你的提問，喬安妮。是的，我們在全球血管閉合方面最大的競爭是壓縮和縫合典型形狀的某種組合。所以我們正在尋找，正如我所說，我們已經滲透了超過 80% 的 T600，它在美國完成了 90% 的手術。其中，我們的利用率仍處於 40 多歲左右。

And that's our biggest single opportunity is converting folks off of manual compression or suturing to our more sophisticated, more clearly superior technology and have active processes underway, Tom, when we say we penetrated an account, we may have one set of conditions or one EP lab within that account using our closure device. We still have to work our way through the others. In some cases, there are challenges with your value added committees.

這是我們最大的單一機會，就是讓人們擺脫手動壓縮或縫合，轉向我們更複雜、更明顯更優越的技術，並正在進行積極的流程，湯姆，當我們說我們滲透了一個帳戶時，我們可能有一組條件或一個EP使用我們的關閉設備在該帳戶內進行實驗室。我們仍然需要透過其他人來努力。在某些情況下，您的增值委員會會遇到挑戰。

What's their cycle for meeting? Do we have the approval? Can your clinicians are aware that they're able to use the technology. And then what we do see with Velcade in all forms is that once a clinician has adopted, it's incredibly sticky is just a better procedure and you see that in all the use cases in terms of the outcomes in terms of patient satisfaction, we hear that the nursing staff hears that.

他們的見面週期是怎樣的？我們有批准嗎？您的臨床醫生是否知道他們能夠使用該技術？然後，我們對萬珂的各種形式所看到的是，一旦臨床醫生採用了，它就會具有難以置信的粘性，這是一個更好的程序，並且您會看到，在所有用例中，就病人滿意度的結果而言，我們聽說護理人員聽到了。

And then after the fact, when they start to accumulate some volume, they can see how beneficial it is to the economics of the hospital overall. So it really checks all boxes to and it's better clinically, it's better economically and we have an increasing body of evidence, real-world evidence to support that case. So we feel quite good about it.

事後，當他們開始累積一些數量時，他們可以看到這對醫院的整體經濟效益有多有利。因此，它確實滿足了所有要求，並且在臨床上更好，在經濟上也更好，而且我們有越來越多的證據，現實世界的證據來支持這個案例。所以我們對此感覺很好。

With regard to PSA, we've done extensive animal testing before we brought MDP to the market for regulatory approval. We got the PMA, as I mentioned before in our last call, and we wanted to proceed with a limited market release, just to make sure we have first-hand experience on the use case before we do what we're doing now, which is roll up broadly. That's the answer for your question?

關於 PSA，在將 MDP 推向市場以獲得監管部門批准之前，我們已經進行了廣泛的動物測試。正如我在上次電話會議中提到的，我們獲得了 PMA，我們希望繼續進行有限的市場發布，只是為了確保我們在做現在正在做的事情之前擁有用例的第一手經驗，這廣泛地捲起來。這就是你問題的答案？

And it's close enough. Thank you very much.

而且已經夠接近了。非常感謝。

Thank you. Michael Petusky, Barrington Research.

謝謝。邁克爾·佩塔斯基，巴靈頓研究中心。

Good morning. Hey, Chris, I think last quarter you had talked about some progress for vascular closure in Japan in terms of active accounts, and also talked about, hey, Europe’s been a little bit slower in terms of penetrating, and you talked about vagaries around reimbursement from country to country and some differences in treatment methodologies. So I’m just wondering, any learnings in any of those markets that would be interesting to share? Thanks.

早安.嘿，克里斯，我想上個季度您談到了日本在活躍帳戶方面的血管閉合方面的一些進展，並且還談到了，嘿，歐洲在滲透方面有點慢，您談到了各國的報銷情況各不相同，治療方法也存在一些差異。所以我只是想知道，在這些市場有什麼值得分享的經驗教訓嗎？謝謝。

Thanks for the question, Mike. So, VASCADE in Japan is an unmitigated success. We were able to secure not only the market release from the regulatory authorities, but very favorable reimbursement. And you see that, Japan has always been a safety-first medical device market, and VASCADE is an incredibly safe product. The data they have there in market has been really helpful.

謝謝你的提問，麥克。因此，VASCADE 在日本取得了徹底的成功。我們不僅能夠獲得監管機構的市場放行，而且能夠獲得非常優惠的報銷。而且你看，日本一直是安全第一的醫療器材市場，而 VASCADE 是一款非常安全的產品。他們在市場上擁有的數據非常有幫助。

So we’re in excess of 100 accounts now. We work through a third-party distributor that just continues to go from strength to strength. We’re really delivering in the Japanese market and I think there’s additional upside for us as the year progresses there. Europe is a more mixed story. The reimbursement’s been a challenge. There’s some vagaries with the reimbursement profile that same-day discharge doesn’t have the same reimbursement benefits that it would have in the US.

所以我們現在有超過 100 個帳戶。我們與第三方經銷商合作，經銷商不斷壯大。我們確實在日本市場上有所作為，我認為隨著時間的推移，我們在日本市場還有更多的優勢。歐洲的情況則更為複雜。報銷是一個挑戰。報銷情況存在一些變化，即當天出院無法享受與美國相同的報銷福利。

So we’re working our way through that, changing it where appropriate. And there’s a hybrid model of organic sales team, but some joint work with distributors. So very confident in the profile, very confident in the long-term success. We are converting from a market that does primarily suturing as opposed to compression, and therefore some of the discussion around the economic benefits and time to discharge, et cetera, is more nuanced. We have a lot of confidence that we’ll be successful. It’s just going to be a slower build, which is what we’re experiencing.

因此，我們正在努力解決這個問題，並在適當的情況下進行更改。還有一種有機銷售團隊的混合模式，但也有一些與經銷商的共同工作。所以對個人形象非常有信心，對長期成功非常有信心。我們正在從一個主要進行縫合而不是壓縮的市場轉變，因此圍繞經濟效益和排放時間等的一些討論更加細緻。我們對取得成功充滿信心。這只是一個較慢的建造過程，這正是我們正在經歷的。

Okay. terrific. And James, I may have missed this, or you may have not mentioned it. Did you talk about any impact from operational excellence in the quarter, by any chance?

好的。了不起。詹姆斯，我可能錯過了這一點，或者你可能沒有提到這一點。您是否談到了本季卓越營運帶來的任何影響？

In the quarter, I believe the amount -- well, the amount for the full year was $9 million in total, with $5 million drop through. And we didn’t break out anything separate from the quarter.

我認為本季的金額——嗯，全年的金額總計為 900 萬美元，其中 500 萬美元為下降金額。我們沒有將任何與季度分開的東西分開。

Our Thanks guys. Appreciate it.

我們的謝謝大家。欣賞它。

Thank you. I would now like to turn the conference back to Chris Simon for closing remarks. Sir?

謝謝。現在我想請克里斯·西蒙（Chris Simon）致閉幕詞。先生？

Yeah, again, thank you all for your time this morning. And I hope what you take away from our results is the resilience and the diversification of our portfolio, particularly across our three value drivers. By start with Nexus, there's clearly a rebalancing amongst our customers in terms of cost per liter, in addition to having ample inventory supply, it really favors our value proposition, and we're seeing that in terms of accelerated upgrades and we anticipate additional share gains as the year progresses.

是的，再次感謝大家今天早上抽出時間。我希望您從我們的績效中學到的是我們投資組合的彈性和多元化，特別是在我們的三個價值驅動因素方面。從Nexus 開始，我們的客戶在每公升成本方面顯然進行了重新平衡，除了擁有充足的庫存供應之外，它確實有利於我們的價值主張，我們看到在加速升級方面，我們預計會有更多份額隨著時間的推移而取得進展。

If continues to hum along. There are geopolitical challenges, particularly in China. And we saw some headwinds there that we are working our way through. They're unlikely to get resolved in the short term we will continue to work at it. And fortunately, we have really outsized strength in both North America and EMEA, much larger markets and have really highly energized team that's fully committed to delivering against that. And then interventional technologies, as I called out earlier.

如果繼續嗡嗡作響。存在地緣政治挑戰，特別是在中國。我們在那裡看到了一些阻力，但我們正在努力克服這些阻力。這些問題短期內不太可能解決，我們將繼續努力。幸運的是，我們在北美和歐洲、中東和非洲等更大的市場擁有強大的實力，並且擁有充滿活力的團隊，完全致力於解決這個問題。然後是介入技術，正如我之前所說的。

And your PSA is a disruptive and very positive influence in the market. But it is also a net positive for us, particularly now with the launch of MVP XL. And we've largely completed the integration and the training. That was all part of the original plan. And I think you'll see that team really find its footing and move forward with a much more sophisticated portfolio sale that is part of the long-term plan that we have delivered.

你們的 PSA 對市場具有顛覆性和非常正面的影響。但這對我們來說也是一個淨正面因素，尤其是現在 MVP XL 的推出。我們已經基本完成了整合和培訓。這都是原計劃的一部分。我認為您會看到團隊真正找到了立足點，並推進了更複雜的投資組合銷售，這是我們已交付的長期計劃的一部分。

So across our three big value drivers. We're coming into our own. I'm excited about what we were able to do even when each of those faced external challenges in the quarter with the rest of the portfolio. I think as those three come back online as expected, we just go from strength to strength. So thanks for the time this morning and appreciate the questions.

因此，我們的三大價值驅動因素。我們正在進入我們自己的狀態。我對我們能夠做的事情感到興奮，即使每個人都在本季度與投資組合的其餘部分面臨外部挑戰。我認為，隨著這三人如期回歸，我們會變得越來越強大。感謝您今天早上抽出時間並感謝大家提出的問題。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。