Haemonetics Corp (HAE) 2025 Q2 法說會逐字稿

Good day. And thank you for standing by. Welcome to the second-quarter, 2025 Haemonetics Corporation earnings conference call. (Operator Instructions)

再會。感謝您的支持。歡迎參加 Haemonetics 公司 2025 年第二季財報電話會議。（操作員說明）

I would now like to hand the conference over to your first speaker, Olga Guyette. Please go ahead.

現在我想將會議交給第一位發言人 Olga Guyette。請繼續。

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

大家早安。感謝您參加 Haemonetics 2025 財年第二季電話會議和網路廣播。今天我們的執行長 Chris Simon 和財務長 James D Arecca 也加入了我的行列。今天早上，我們在投資者關係網站上發布了 2025 財年第二季業績以及 2025 財年指引。

Before we begin, just a quick reminder that all revenue growth rates discussed today are organic unless specified otherwise and exclude the impact of currency fluctuation and acquisition. Our organic revenue growth guidance for fiscal year 2025 incorporates 15 weeks of revenue from OpSens due to the acquisition closing date being in December 2023.

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。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納入了 OpSens 15 週的營收。

We'll also refer to other non-GAAP financial measures to help investors understand Haemonetics ongoing business performance. 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 second-quarter, fiscal year 2025 earnings release available on our website.

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。請注意，這些措施不包括某些費用和收入項目，以獲取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 財年第二季財報。

Our remarks today include forward-looking statements, and our actual results may differ materially from anticipated results. Factors that may cause the results to differ include those reference and safe harbor statement in today's earnings release and in our usual SEC filings, we do not undertake any obligation to update the forward-looking statements. And now I'd like to turn it over to Chris.

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。可能導致結果不同的因素包括今天的收益報告中的參考和安全港聲明以及我們通常向 SEC 提交的文件中的內容，我們不承擔任何更新前瞻性聲明的義務。現在我想把它交給克里斯。

Thanks Olga, Good morning and thank you all for joining today. We reported second quarter revenue of $346 million growth of 9% on a reported basis and 4% organically primarily driven by our hospital business. Year-to-date revenue growth was 8% reported and 3% organic second-quarter adjusted earnings per share were a $12 and an increase of 13% from the prior year.

謝謝奧爾加，早安，謝謝大家今天加入。我們報告第二季營收為 3.46 億美元，按報告計算成長 9%，有機成長 4%，主要由我們的醫院業務推動。據報道，今年迄今的營收成長了 8%，第二季有機成長 3%，調整後每股收益為 12 美元，比上年增長 13%。

Our growth and record financial performance speak to our agility and our progress, executing our long range plan, we continue to set the standard in plasma collection accelerating center conversions and gaining share with our newest technologies. While we rapidly expand our presence and successfully address emerging industry trends and attractive hospital markets, we have the tools and the resources necessary to achieve increasingly profitable growth in both the short and long term and to deliver significant value for our customers and stakeholders.

我們的成長和創紀錄的財務表現證明了我們的敏捷性和進步，執行我們的長期計劃，我們繼續制定血漿採集標準，加速中心轉換並利用我們的最新技術獲得市場份額。在我們迅速擴大業務並成功應對新興行業趨勢和有吸引力的醫院市場的同時，我們擁有必要的工具和資源，可以在短期和長期內實現日益盈利的增長，並為我們的客戶和利益相關者創造巨大的價值。

We have momentum and we anticipate an even better performance going forward. We reaffirm our total revenue growth expectation for the fiscal year in the range of 5% to 8% and are raising our organic growth guidance to 1% to 4% up from flat to 3% previously. Turning now to our business unit results.

我們有動力，預計未來會有更好的表現。我們重申本財年總營收成長預期在 5% 至 8% 之間，並將有機成長指引從先前持平至 3% 上調至 1% 至 4%。現在轉向我們業務部門的業績。

Plasma revenue declined 3% in the second-quarter and year-to-date after growing 11% and 22% respectively in the same periods last year, North America disposables revenue declined 3% in the quarter and 4% Year-to-date p primarily due to CSL's planned transition. Excluding CSL revenue grew as declines in volume were more than offset by premium pricing from technology upgrades.

等離子營收在去年同期分別成長 11% 和 22% 後，第二季和年初至今下降 3%，北美一次性用品營收本季下降 3%，年初至今下降 4%。不包括 CSL 的收入有所增長，因為銷量的下降被技術升級帶來的溢價所抵消。

Software revenue was flat in the second-quarter and grew 10% year-to-date driven by additional NexLynk DMS upgrades where as the only plasma collection platform provider offering an independent DMS, we have 80% share of the US market. Europe continued to show strong collections momentum as well.

第二季的軟體收入持平，但在 NexLynk DMS 額外升級的推動下，今年迄今成長了 10%，作為唯一提供獨立 DMS 的血漿採集平台提供商，我們擁有 80% 的美國市場份額。歐洲也持續表現出強勁的收藏勢頭。

We believe recent pressure on volumes is transitory as customers are readying to support additional fractionation capacity and fuel continued growth. Our enhanced Nexus platform equips them with the tools to safely optimize center operations through increased yield and more efficient throughput.

我們認為，近期銷售壓力是暫時的，因為客戶已準備好支援額外的分餾產能並推動持續成長。我們增強的 Nexus 平台為他們配備了工具，透過提高產量和提高吞吐量來安全地優化中心營運。

We are also using this opportunity to accelerate technology upgrades across the remaining US, Nexus centers and expect to complete these upgrades this fiscal year with more than 35 million persona collections to date and a strong body of real world evidence supporting the superiority of the enhanced nexus platform. We are gaining market share and converting competitors centers. We expect that share gains will continue through the remainder of this year and into next year.

我們也利用這個機會加速美國其餘 Nexus 中心的技術升級，並預計在本財年完成這些升級，迄今為止擁有超過 3500 萬個角色集合，並有大量現實世界證據支持增強型 Nexus 的優越性平台。我們正在贏得市場份額並轉變競爭對手的中心。我們預計今年剩餘時間和明年的股價上漲將持續。

Based on customer forecast, we foresee a return to more rapid collections in the near to intermediate term and market demand for IG therapies remains strong and our large customers have plans to expand fractionation capacity over the next several years to meet this demand. We reaffirm our full year fiscal '25 plasma guidance of a 3% to 6% decline inclusive of an approximately $100 million contribution from CSL.

根據客戶預測，我們預計在中短期內將恢復更快速的收集，並且 IG 療法的市場需求仍然強勁，我們的大客戶計劃在未來幾年擴大分餾產能以滿足這一需求。我們重申 25 財年 Plasma 全年指導方針，即下降 3% 至 6%，其中包括 CSL 約 1 億美元的貢獻。

Blood center revenue declined 1% in the second-quarter and year-to-date [apar's] revenue was flat in the second-quarter and grew 1% in the first half of the year. Primarily driven by continued plasma share gains globally and strength in US red cell collections partially offset by fewer capital sales in the second-quarter versus the prior year. Self sufficiency is driving international demand for source plasma, and we are strengthening our global customer relationships to expand Nexus worldwide.

血液中心營收第二季下降 1%，而年初至今 [apar's] 營收第二季持平，上半年成長 1%。主要是由於全球血漿份額的持續增長和美國紅血球採集的強勁，部分被第二季度與上年相比減少的資本銷售所抵消。自給自足正在推動國際對血漿源的需求，我們正在加強我們的全球客戶關係，以在全球擴展 Nexus。

Whole blood declined 3% in the second quarter and 10% in the first half of the year. As we rationalize this franchise to expand margins. Based on strong performance we are updating our fiscal '25 blood center guidance range to a decline of 4% to 6% up from a decline of 5% to 7% previously. Moving to hospital revenue grew 31% on a reported basis in both the second-quarter and year-to-date with organic growth of 16% and 15% respectively.

全血第二季下降了3%，上半年下降了10%。當我們合理化該特許經營權以擴大利潤時。基於強勁的業績，我們將 25 財年血液中心指導範圍從先前的下降 5% 至 7% 調整為下降 4% 至 6%。據報告，第二季和今年迄今，轉移到醫院的收入成長了 31%，有機成長分別為 16% 和 15%。

Blood management technologies increased momentum growing 14% in the second-quarter and 12% year-to-date driven by the US and EMEA. In the quarter tech grew an impressive 35% in the US driven by strong capital sales and a 20% improvement in device utilization. Much of this success is attributed to our new global hemostasis heparinase neutralization assay cartridge that aids clinicians in managing fully heparinized adult patients, particularly in CV surgery and liver transplant.

在美國和歐洲、中東和非洲地區的推動下，血液管理技術第二季度成長了 14%，今年迄今成長了 12%。本季度，在強勁的資本銷售和設備利用率提高 20% 的推動下，美國科技業成長了 35%，令人印象深刻。這項成功很大程度上歸功於我們新的全球止血肝素酶中和檢測盒，它可以幫助臨床醫生管理完全肝素化的成年患者，特別是在心血管手術和肝臟移植中。

We have initiated regulatory efforts to expand patient access to this product globally. Success in the US was partially offset by continued market challenges in China. Transfusion management grew double digits in the quarter and year-to-date benefiting from new account openings in for SafeTrace Tx and BloodTrack in North America and EMEA. Cell salvage revenue declined as growth in disposables was more than offset by both capital order timing and a purposeful shift away from lower margin accounts. Interventional technologies grew 61% in the second quarter and 64% year-to-date on a reported basis with 20% organic growth in both periods.

我們已啟動監管工作，以擴大全球患者使用該產品的機會。在美國的成功被中國持續的市場挑戰所部分抵銷。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，輸血管理在本季度和年初至今實現了兩位數成長。電池回收收入下降，因為可支配設備的成長被資本訂單時間和有目的地從低利潤帳戶轉移的情況所抵消。據報道，介入技術第二季度成長了 61%，年初至今成長了 64%，兩個時期的有機成長均為 20%。

Growth in vascular closure was largely driven by the successful launch of VASCADE MVP XL halfway through our second-quarter with a 58% larger collagen plug and workflow similar to our other VASCADE devices. MVP XL is a game changer enabling us to participate in the rapidly growing pulse field ablation market and increase adoption and procedures such as left atrial appendage closures.

血管閉合的成長主要是由於我們在第二季中期成功推出了 VASCADE MVP XL，其膠原蛋白塞大了 58%，工作流程與我們其他 VASCADE 設備類似。MVP XL 是一個遊戲規則的改變者，使我們能夠參與快速增長的脈衝場消融市場，並增加左心耳封堵術等手術的採用和手術。

In less than three months since full market release, this device hasn't been introduced in nearly half of our existing accounts, strengthening our leadership and enabling the treatment of atrial fibrillation across ablation technologies while expanding our presence in left atrial appendage closures where we had minimal use prior to this launch.

在全面上市後不到三個月的時間裡，該設備尚未在我們現有的近一半客戶中推出，這加強了我們的領導地位，並能夠透過消融技術治療心房顫動，同時擴大我們在左心耳封堵術領域的業務。

With work underway to expand the label for the current design of VASCADE MVP XL up to 14 French inner diameter and 17 French outer diameter. We plan to further accelerate the adoption in the US and internationally. We are seeing strong momentum in this business and expect growth for this product line to be in the [high 20s] in the second half of this fiscal. Driven by our success with MVP XL, improving utilization rates and an overall uptick in procedure volumes.

目前正在將 VASCADE MVP XL 目前設計的標籤擴展至 14 French 內徑和 17 French 外徑。我們計劃進一步加速在美國和國際上的採用。我們看到該業務勢頭強勁，預計本財年下半年該產品線的成長將達到[20%左右]。在 MVP XL 的成功推動下，利用率提高，手術量整體上升。

Our newly acquired products delivered a total of $16 million in revenue in our second-quarter and $34 million in revenue year-to-date. We are making significant progress with the ensoETM Esophageal cooling device having opened 32 new centers in the second-quarter. This device is now available across more than 200 accounts in line with our original expectations.

我們新收購的產品在第二季度總共帶來了 1,600 萬美元的收入，今年迄今的收入為 3,400 萬美元。我們在 ensoETM 食道冷卻裝置方面取得了重大進展，並已在第二季開設了 32 個新中心。該設備現已在 200 多個帳戶中使用，符合我們最初的預期。

We are also making progress with advancing our sensor guided technology. SavvyWire is distinctly differentiated with a high accuracy pressure sensor for [insitu] hemodynamic measurements, providing crucial information to the physician in real time and improving overall workflow for the [TAVR] procedure.

我們也正在推進感測器引導技術方面取得進展。SavvyWire 憑藉用於[原位]血流動力學測量的高精度壓力感測器而脫穎而出，為醫生即時提供重要資訊並改善 [TAVR] 手術的整體工作流程。

We remain confident in realizing the commercial and financial benefits of these acquisitions over time. As we further expand our market share in electrophysiology and build a solid foundation in interventional cardiology and structural heart.

我們仍然有信心隨著時間的推移實現這些收購的商業和財務利益。隨著我們進一步擴大電生理學市場份額，並在介入性心臟病學和結構心臟領域打下堅實的基礎。

We have meaningful market opportunities and expect growth to accelerate driven by the launches of MVP XL, the TEG 6s Heparin neutralization cartridge, ensoETM and our sensor guided technologies. In light of the growing momentum in our hospital business, we are raising our organic revenue growth guidance to a range of 14% to 17% up from the previous 13% to 16% while adjusting expectations for the newly acquired products resulting in a 100 basis points reduction at the midpoint of our reported revenue guidance of 26% to 31%.

我們擁有有意義的市場機會，並預計在 MVP XL、TEG 6s 肝素中和盒、ensoETM 和我們的感測器引導技術的推出的推動下，成長將加速。鑑於醫院業務的成長勢頭，我們將有機收入成長指引從先前的 13% 至 16% 提高至 14% 至 17%，同時調整對新收購產品的預期，將其調整為 100 基點我們報告的收入指導中點減少了26% 至31%。

Before I hand over the call to James to discuss the rest of our financials and updates to our fiscal '25 guidance. I want to reaffirm our commitment to our LRP and delivering value to our shareholders through sustainable profitable growth.

在我將電話轉交給 James 之前，我們將討論我們其餘的財務狀況以及 25 財年指導的更新。我想重申我們對 LRP 的承諾，並透過可持續的獲利成長為股東創造價值。

Our product portfolio is increasingly well positioned to deliver on significant unmet needs and our commercial investments are strengthening our competitiveness. We are confident we will thrive in this dynamic environment and achieve our short and long term goals. We are navigating complex market challenges and adapting to emerging trends and opportunities. We're resilient, we find ways to deliver, and we have a lot to be excited about. James over to you.

我們的產品組合越來越有能力滿足重大的未滿足需求，我們的商業投資正在增強我們的競爭力。我們有信心在這個充滿活力的環境中蓬勃發展並實現我們的短期和長期目標。我們正在應對複雜的市場挑戰並適應新興趨勢和機會。我們充滿活力，我們找到了交付的方法，我們有很多值得興奮的事情。詹姆斯交給你了。

Thank you Chris and good morning, everyone. Chris has already discussed our revenue. So, I'll continue with the rest of our financial results and updates to our fiscal '25 guidance. Our portfolio evolution is having an increased impact on our business driving sustainable margin. Improvements in the second quarter adjusted gross margin reached 56.7% up 270 basis points from second quarter, fiscal '24 with approximately 70% of this improvement driven by volume and mix followed by additional contributions from price across all business units and manufacturing efficiencies.

謝謝克里斯，大家早安。克里斯已經討論過我們的收入。因此，我將繼續介紹我們的其餘財務表現以及 25 財年指導的更新。我們的投資組合演變對我們推動永續利潤率的業務產生了越來越大的影響。第二季調整後毛利率的改善達到56.7%，比24 財年第二季提高了270 個基點，其中約70% 的改善是由銷量和組合推動的，其次是所有業務部門的價格和製造效率的額外貢獻。

These improvements were partially offset by approximately 130 basis points of headwind from foreign exchange. Year-to-date trends reflect a similar story having delivered an additional 140 basis points margin expansion. Sequentially, we finished the first six months of the fiscal year with an adjusted gross margin of 56% up 190 basis points when compared with the prior year.

這些改善被約 130 個基點的外匯逆風所部分抵消。今年迄今的趨勢反映了類似的情況，利潤率又增加了 140 個基點。隨後，我們在本財年的前六個月結束時，調整後的毛利率為 56%，比前一年增加了 190 個基點。

Looking ahead, we expect further margin expansion in fiscal '25 primarily driven by an increase in momentum throughout our hospital business, technology upgrades and overall higher margin business in plasma and incremental savings from our operational excellence program. Adjusted operating expenses in the second-quarter were $112.3 million an increase of $8.7 million or 8% compared with the second-quarter of the prior year.

展望未來，我們預計 25 財年的利潤率將進一步擴大，這主要是由於我們的醫院業務增長勢頭、技術升級和血漿業務整體利潤率較高以及我們卓越運營計劃帶來的增量節省所推動。第二季調整後營運費用為 1.123 億美元，比去年第二季增加 870 萬美元，成長 8%。

As a percentage of revenue adjusted operating expenses were at 32.5% flat when compared with the same period last year, adjusted operating expenses year-to-date were $227.2 million an increase of $25 million or 12% compared with the prior year at 33.3% of revenue. The dollar increase in adjusted operating expenses in the quarter and year-to-date was primarily driven by the acquisitions of OpSens and Attune Medical along with additional investments to support our growth momentum.

調整後營運費用佔收入的比例與去年同期持平，為 32.5%，年初至今調整後營運費用為 2.272 億美元，比上年增加 2,500 萬美元，即 12%，佔 33.3%。本季和年初至今調整後營運費用的美元成長主要是由於收購 OpSens 和 Attune Medical 以及支持我們成長勢頭的額外投資所推動的。

Adjusted operating income reached $83.5 million in the second-quarter up $15 million to 24.2% of revenue reflecting a 310 basis points sequential expansion from the prior quarter and a 270 basis points increase year over year, inclusive of an approximately 100 basis points headwind from foreign exchange. Adjusted operating income in the first six months was $154.5 million up $16 million at 22.7% of revenue.

第二季調整後營業收入達 8,350 萬美元，成長 1,500 萬美元，佔營收的 24.2%，季增 310 個基點，年增 270 個基點，其中包括來自海外的約 100 個基點的逆風交換。前六個月調整後營業收入為 1.545 億美元，增加 1,600 萬美元，佔營收的 22.7%。

As we continue to move through fiscal '25 the expansion and adjusted operating margin is becoming more pronounced, reflecting impacts from our shifting portfolio mix, improved operating efficiencies and disciplined capital allocation. We reaffirm our fiscal year '25 adjusted operating margin guidance in the range of 23% to 24%.

隨著我們繼續進入 25 財年，擴張和調整後的營業利潤率變得更加明顯，反映了我們不斷變化的投資組合、提高的營運效率和嚴格的資本配置的影響。我們重申 25 財年調整後營業利潤率指引在 23% 至 24% 範圍內。

This guidance reflects our expectation of additional margin improvement in the second half of this fiscal year. More than offsetting the anticipated increase in adjusted operating expenses due to the expansion of our clinical teams and investments into innovation. This will help set the groundwork needed for continued margin increases into fiscal '26 as we work towards achieving expected adjusted operating margins in the [high 20s].

該指引反映了我們對本財年下半年利潤率進一步改善的預期。足以抵消由於我們臨床團隊的擴大和創新投資而導致的調整後營運費用的預期成長。這將有助於為 26 財年持續提高利潤率奠定基礎，因為我們致力於在 2019 年實現預期的調整後營業利潤率。[高20多歲]。

The adjusted income tax rate was 25% in the second-quarter and 23% year-to-date compared with 23% and 22% in the same periods of the prior year respectively. We anticipate our third quarter tax rate to be similar to second-quarter and a full year tax rate at around 23.5%. Second-quarter adjusted net income was $57.3 million up $7 million or 13% and adjusted earnings per diluted share was a $12. Also, up 13% when compared with the second quarter of fiscal '24.

第二季和年初至今調整後的所得稅稅率分別為25%和23%，而去年同期分別為23%和22%。我們預計第三季的稅率與第二季相似，全年稅率約為 23.5%。第二季調整後淨利為 5,730 萬美元，成長 700 萬美元，即 13%，調整後稀釋每股收益為 12 美元。此外，與 2024 財年第二季相比成長了 13%。

First half adjusted income was $109.6 million up $5.3 million or 5% and adjusted earnings per diluted share was $2.13 also up 5%. When compared with the first half of fiscal '24. The combination of the adjusted income tax rate interest expense, net of interest, income changes in the share count and FX had a $0.13 unfavourable impact in the second quarter and a $0.20 unfavourable impact year-to-date when compared with the prior year.

上半年調整後營收為 1.096 億美元，成長 530 萬美元，即 5%，調整後稀釋每股收益為 2.13 美元，也成長 5%。與 24 財年上半年相比。與前一年相比，調整後的所得稅率利息支出（扣除利息）、股票數量和外匯收入變化對第二季度產生了 0.13 美元的不利影響，今年迄今產生了 0.20 美元的不利影響。

We're enthusiastic about our performance in the first six months of fiscal '25 despite modest changes in the revenue mix included with our updated guidance and reaffirm our fiscal '25 adjusted earnings per diluted share guidance to be in the range of $4.45 to $4.75.

儘管我們更新的指導中包含了收入組合的適度變化，但我們對25 財年前六個月的業績充滿熱情，並重申我們的25 財年調整後每股攤薄收益指導在4.45 美元至4.75 美元之間。

Before we move on to discuss our balance sheet and cash flow. I have an additional update related to capital allocation. In our second-quarter we entered into an accelerated share repurchase agreement to buy back $75 million of common stock under our previously announced $300 million share repurchase authorization.

在我們繼續討論我們的資產負債表和現金流量之前。我有一個與資本配置相關的額外更新。在第二季度，我們簽署了一項加速股票回購協議，根據先前宣布的 3 億美元股票回購授權，回購 7,500 萬美元的普通股。

This share buyback helped offset some dilution from existing share based compensation programs and returned some capital to shareholders at an opportune time. Given our growth expectations, we have $150 million remaining under the existing share repurchase authorization and we will continue to be opportunistic with additional buybacks.

此次股票回購有助於抵銷現有股票薪酬計畫的部分稀釋，並在適當的時候向股東返還部分資本。考慮到我們的成長預期，我們現有的股票回購授權還剩 1.5 億美元，我們將繼續伺機進行額外回購。

Moving on to balance sheet and cash flow, in the first six months of fiscal '25 we recorded cash provided by operating activities of $21.4 million down from the $118 million in the same period last year and free cash flow of $20.4 million compared with $84.8 million in fiscal '24. While our cash flow has improved significantly since the first-quarter. Working capital has also continued to increase, offsetting an increase in net income.

轉向資產負債表和現金流，在25 財年的前六個月，我們記錄的經營活動提供的現金為2,140 萬美元，低於去年同期的1.18 億美元，自由現金流為2,040 萬美元，低於去年同期的8,480 萬美元在 24 財年。雖然我們的現金流自第一季以來有了顯著改善。營運資本也持續增加，抵銷了淨利潤的增加。

The increase in working capital can be attributed to higher inventory levels driven by several factors including an overall improvement in the disposable inventory position in plasma compared to the previous year when we were operating under critically low inventory levels. The continued transition of our customers to the latest technology which includes new bowls and bottles, additional Nexus devices and inventory from recent acquisitions.

營運資金的增加可歸因於庫存水準較高，這是由多種因素驅動的，包括與上一年我們在庫存水準極低的情況下運作時相比，血漿可處置庫存狀況的整體改善。我們的客戶不斷向最新技術過渡，其中包括新的碗和瓶子、額外的 Nexus 設備以及最近收購的庫存。

And finally, the timing of certain payments and receivables including settlement of specific legal expenses and performance based bonus payments for fiscal '24 both of which were paid out in our first-quarter of fiscal '25. We expect our working capital to improve in the second half of the year and reaffirm our expectation for fiscal '25 free cash flow to be in the range of $130million to $180 million.

最後，某些付款和應收帳款的時間安排，包括特定法律費用的結算和 24 財年基於績效的獎金支付，兩者均在 25 財年第一季支付。我們預計下半年我們的營運資本將有所改善，並重申我們對 25 財年自由現金流在 1.3 億至 1.8 億美元範圍內的預期。

Cash on hand at the end of the quarter was $299.3 million up $120.5 billion since the end of fiscal '24 primarily due to our recently completed debt transactions and partially offset by our acquisition of Attune Medical and share buybacks.

本季末手頭現金為 2.993 億美元，自 24 財年末以來增加了 1,205 億美元，這主要是由於我們最近完成的債務交易，部分被我們收購 Attune Medical 和股票回購所抵消。

There were no further changes made to our debt capital structure following a series of refinancings we completed earlier this fiscal year. Our debt tower consisted of $1 billion in convertible bonds, a $248 million term loan A and no outstanding borrowings on the revolving credit facility resulting in a net leverage ratio of approximately 2.7 times EBITDA as defined by our credit facility.

在本財政年度早些時候完成了一系列再融資之後，我們的債務資本結構並沒有進一步的變化。我們的債務塔包括 10 億美元的可轉換債券、2.48 億美元的定期貸款 A，且循環信貸額度沒有未償還借款，導致淨槓桿率約為我們信貸額度定義的 EBITDA 的 2.7 倍。

Before opening the call for Q&A, I'd like to provide some key takeaways from our remarks.

在開始問答之前，我想從我們的言論中提供一些關鍵要點。

First, our long range plan financial targets remain intact and we expect growth in the second half of this year to set a solid foundation for our final instalment of the LRP as leverage and mix benefits become increasingly more evident in our results. In plasma we are upgrading our remaining customers to the latest technology and continue to win share allowing us to deliver meaningful growth in this business [XCSL.]

首先，我們的長期計畫財務目標保持不變，我們預計今年下半年的成長將為我們最終的 LRP 奠定堅實的基礎，因為槓桿和混合效益在我們的​​業績中變得越來越明顯。在 Plasma 領域，我們正在將剩餘客戶升級到最新技術，並繼續贏得市場份額，使我們能夠在該業務中實現有意義的成長[XCSL。

Despite short term impacts to collection volumes as collections return to historical growth levels, we are well positioned to sustain our above market growth through ongoing innovation and expanded market share. Our hospital business is well positioned to sustain its outsized growth trajectory amid dynamic market trends, we are dedicated to accelerating the adoption of all our products and expanding our reach and relevance as we unlock new growth opportunities and achieve operating leverage through scale.

儘管隨著藏品恢復到歷史成長水平，藏品量會受到短期影響，但我們有能力透過持續創新和擴大市場份額來維持高於市場的成長。我們的醫院業務處於有利地位，可以在動態的市場趨勢中維持其超額成長軌跡，我們致力於加速所有產品的採用，擴大我們的影響力和相關性，同時釋放新的成長機會並透過規模實現運營槓桿。

And finally, we will actively pursue opportunities to enhance shareholder returns with nearly $1 billion in available capacity today projected to grow up to $1.6 billion by the end of fiscal '26 we are well positioned to deploy additional capital for organic investments, M&A, opportunistic share buybacks and debt repayment, maximizing outcomes for both the company and its shareholders.

最後，我們將積回購和債務償還，使公司及其股東的成果最大化。

Thank you. We are now ready to open the call for Q&A.

謝謝。我們現在準備開始問答環節。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Anthony Petrone, Mizuho Financial Group. Your line is now open.

我們的第一個問題來自瑞穗金融集團的 Anthony Petrone。您的線路現已開通。

Thanks and good morning. Congratulations on a good print here. Maybe Chris I'll start off with VASCADE and then I'll have a follow up on plasma. Maybe to just kick off on VASCADE Chris you mentioned in the second half of the year in your prepared remarks, [high 20s] growth rate, trajectory.

謝謝，早安。在此恭喜您獲得良好的印刷效果。也許克里斯，我會從 VASCADE 開始，然後我會跟進 Plasma。也許只是在 VASCADE 上開始，克里斯您在下半年在準備好的演講中提到了[20 多歲]增長率、軌跡。

Can you maybe walk through how many of the target 600 electrophysiology sites in the United States have adopted Excel at this point. What's the rollout plan in the second half for, deep, more deeply penetrating those sites? And is there anything you can share on the pricing dynamics of Excel versus the predecessor MVP device? And again, I'll have that follow up on plasma.

您能否大致了解一下，美國 600 個目標電生理學網站中目前有多少個採用了 Excel。下半年深入、更深入滲透這些網站的推出計畫是什麼？關於 Excel 與前身 MVP 裝置的定價動態，您有什麼可以分享的嗎？再說一遍，我將對等離子進行跟進。

Thank you, Anthony. The introduction of MVP XL has put us back on our front foot in vascular closure, clearly PFA fantastic technology disruptive influence in the market. And you see that unfortunately, in our first quarter results where it was a setback for us, we did the limited market release, we truncated that because the results were so overwhelmingly positive, and we had a lot of confidence with the product's performance. So mid-August exactly halfway through the quarter for us, we began the launch.

謝謝你，安東尼。MVP XL 的推出使我們在血管閉合領域重新處於領先地位，顯然 PFA 技術在市場上具有顛覆性的影響力。你會看到，不幸的是，在我們第一季的業績中，這對我們來說是一個挫折，我們進行了有限的市場發布，我們縮短了這一時間，因為結果是如此壓倒性的積極，而且我們對產品的性能充滿信心。因此，八月中旬，正好是我們這個季度的一半，我們開始了發布。

We are now at this point in time, fully through 200 of our top 600 accounts. Again, feedback has been very similar to what we experienced in the limited market release in terms of ease of use and the functionality for closure, both for AFIB and PFA included and for left atrial appendage closure, which is a market, we didn't really have penetration and previously.

目前，我們已完全存取了前 600 個帳戶中的 200 個。同樣，就易用性和封堵功能而言，反饋與我們在有限市場發布中所經歷的非常相似，包括 AFIB 和 PFA 以及左心耳封堵（這是一個市場，我們沒有）確實和以前有滲透一樣。

So, we're moving ahead nicely. In fact, if we just look at it from the results through today, if that 13-week period, which is about how long we've been on the market had been in the quarter. We would have already been talking about mid 20s growth. We think it will be [high 20s] in the second half of the year because of the continued penetration.

所以，我們進展順利。事實上，如果我們只從今天的結果來看，如果這 13 週的時間段，也就是我們本季進入市場的時間。我們已經在談論 20 年代中期的成長了。我們認為，由於滲透率持續上升，今年下半年該數字將達到 [20 多歲]。

In terms of pricing, we tend to price all of our innovation based on the value proposition. There's a clear and definitive value proposition for MVP XL in the market. It's a 58% larger collagen plug, and our pricing reflects that as we scale the business, the gross margin from that will be accretive to our overall closure business. It's not there today, given where it is in the launch, but certainly over the second half of this year, we'll realize that benefit as well. Thanks.

在定價方面，我們傾向於根據價值主張為所有創新定價。市場上 MVP XL 有明確明確的價值主張。這是一個大 58% 的膠原蛋白塞，我們的定價反映出，隨著我們擴大業務，毛利率將增加我們的整體封閉業務。考慮到它在發佈時的位置，今天還沒有，但肯定在今年下半年，我們也會意識到這一好處。謝謝。

Very helpful and then the follow up on plasma Chris maybe just to parse through if we exclude CSL and maybe just the pricing and volume dynamics of that base business excluded excluding CSL and really where I'm getting at, you know, there was weather and IV shortages. So how is volume versus price in the base plasma business? [X CSL] trending? Thanks again. Congrats.

非常有幫助，然後等離子克里斯的後續行動可能只是為了解析我們是否排除了CSL，也許只是排除了CSL 之外的基礎業務的定價和銷量動態，而我真正想說的是，你知道，有天氣和四、短缺。那麼基礎血漿業務的銷售與價格狀況如何呢？[X CSL] 流行趨勢？再次感謝。恭喜。

Yeah, thank you, Anthony. Our non CSL business, we saw a mild pullback in total volumes, not unexpected. You know, the growth rate over the prior two years, clearly not sustainable. The market for collections is excellent and there's a lot of foot traffic into the centers and our largest customers are using this as an opportunity to manage inventory and to manage cost per lead.

是的，謝謝你，安東尼。我們的非 CSL 業務總量略有回落，這並不令人意外。要知道，前兩年的成長速度，顯然不可持續。產品系列市場非常好，中心的人流量很大，我們最大的客戶正在利用這個機會來管理庫存和管理每個銷售線索的成本。

And that's where our value proposition for the integrated platform on Nexus with persona and Express Plus and the software support is really front and center and it's enabled us now to have commitments such that we know we will complete the upgrade to our latest technology across all US customers on the Nexus device by the end of this fiscal year, if not sooner. As we upgrade, customers are seeing the benefit faster through puts better, you know, plasma yields and that's driving share gains as well.

這就是我們對帶有角色和 Express Plus 的 Nexus 整合平台以及軟體支援的價值主張真正的前沿和中心，它使我們現在能夠做出承諾，讓我們知道我們將在全美範圍內完成對最新技術的升級到本財年年底（甚至更早），客戶將能夠使用Nexus 設備。隨著我們的升級，客戶可以透過更好的等離子產量更快地看到好處，這也推動了份額的成長。

So, excluding the CSL business, we actually grew that business but not on collections. We grew it on the pricing and the revenue which again just reflects the superiority of the platform and the demand for the product. So, we remain very bullish. The share gains are happening as we speak. They'll continue into our FY26 all of which is meaningfully marginal, creative for that plasma business. So, we feel quite good about our positioning and what we can get done here over the next 4 to 6 quarters.

因此，排除 CSL 業務，我們實際上成長了該業務，但不是在系列業務上。我們在定價和收入上實現了成長，這再次反映了平台的優越性和對產品的需求。因此，我們仍然非常看好。就在我們說話的時候，股價正在上漲。他們將繼續進入我們的 2026 財年，所有這些對於血漿業務來說都是有意義的邊際和創意。因此，我們對自己的定位以及未來 4 到 6 個季度可以完成的工作感到非常滿意。

Thank You.

謝謝。

Thank you. Our next question comes from the line of [Marie Tabot, BT IG]. Your line is now open.

謝謝。我們的下一個問題來自[瑪麗·塔博特，BT IG]。您的線路現已開通。

Good morning. Thanks for taking the questions and congrats on a good fiscal second-quarter. I wanted to start here to talk a little bit more about the adjusted operating margin. A really nice jump in that metric, certainly more than we had expected. Yet you held the guide for the year. Can you help us think about some of the cost cutting you're doing? I know you're making some investments in clinical teams.

早安.感謝您提出問題，並祝賀第二財季取得了良好的業績。我想從這裡開始更多地討論調整後的營業利潤率。該指標的飛躍非常好，肯定超出了我們的預期。然而你卻持有這一年的指南。您能幫助我們考慮一下您正在採取的一些成本削減措施嗎？我知道您正在對臨床團隊進行一些投資。

Should we think about the increases? You talked about rest of the year being more incremental? Certainly. If we did a larger job we'd be getting, past the top end of your guidance. So, help us think a little bit about cadence and what's actually happening behind the scenes.

我們應該考慮增加嗎？您談到今年剩餘時間會更增量嗎？當然。如果我們做得更大，我們就會超出您指導的上限。因此，請幫助我們思考節奏以及幕後實際發生的事情。

Marie I'll start and then I'll invite James to finish it out. We are pleased with the operate with gross margin and operating margin improvement in the quarter fully 40% of our business in the second-quarter is hospital-based business. We tend to run that overall business at roughly a 70% gross market margin as our plans entail that's really driving the expansion. So pretty much all of the improvement and we really saw close to a 400 basis points improvement.

瑪麗，我先開始，然後邀請詹姆斯來完成。我們對本季的毛利率和營業利潤率改善感到滿意，第二季我們的業務中有 40% 是醫院業務。我們傾向於以大約 70% 的毛市場利潤率經營整個業務，因為我們的計劃需要這真正推動擴張。所以幾乎所有的改進，我們確實看到了接近 400 個基點的改進。

There was about 130 basis points of FX headwind that James called out, which got us back, just below 300 basis points overall. That's what our plans called for and we're delighted to be able to deliver it, taking advantage of some opportunities that have presented themselves in the market within plasma as I just mentioned on the prior question, the migration to Nexus with persona and Express Plus and the share gains is meaningfully moving the gross margin of that business as well.

詹姆斯指出了大約 130 個基點的外匯逆風，這讓我們回到了總體略低於 300 個基點的水平。這就是我們的計劃所要求的，我們很高興能夠利用 Plasma 市場上出現的一些機會來實現它，正如我剛才在上一個問題中提到的那樣，通過 persona 和 Express Plus 遷移到 Nexus份額收益也顯著提高了該業務的毛利率。

We do have investments planned and we try to be explicit and fulsome when we gave our guidance at the beginning of the year, still the midpoint of our guidance range has us growing in the [mid 10s] earnings year-over-year in a year where we're transitioning one of our largest customers. So we felt the original guide for the year was appropriately ambitious and we're pleased to be delivering against it, but I'll let James fill in the detail.

我們確實有投資計劃，並且在年初給出指導時我們試圖做到明確和充實，但指導範圍的中點仍然使我們的盈利在一年內同比增長[10%左右]我們正在將我們最大的客戶之一轉移到這裡。因此，我們認為今年的原始指南雄心勃勃，我們很高興能夠兌現這一目標，但我會讓詹姆斯填寫細節。

Yeah, thanks. Thanks Chris and thanks Marie for the question. So, for the remainder of the year, as Chris mentioned, we see the mix really being the story with continued, two full quarters of MVP XL, continued momentum across tag, continued progress in esophageal cooling and sensor guided technologies and more profitable plasma business. Those are all very positive mix signals for us which will continue throughout the year.

是的，謝謝。感謝克里斯並感謝瑪麗提出的問題。因此，在今年剩餘的時間裡，正如克里斯所提到的，我們看到的混合真正是故事，持續兩個完整季度的MVP XL，整個標籤的持續勢頭，食道冷卻和感測器引導技術的持續進步以及利潤更高的血漿業務。這些對我們來說都是非常積極的混合訊號，並將持續全年。

Phasing wise, you know, third quarter will likely be flattish operating margin wise to second-quarter and the reason for that is some of the investments that Chris just spoke about as we continue to build out. Our [IBT] commercial team and our clinical team to set the foundation for future growth. And then by the time we get to the fourth-quarter, then we see a bit more of a bump up to finish the year strong and right within our guidance range for Operating margin.

從分階段來看，您知道，第三季的營業利潤率可能會與第二季持平，原因是克里斯剛才談到的一些投資，因為我們繼續擴大規模。我們的[IBT]商業團隊和臨床團隊為未來的成長奠定了基礎。然後，當我們進入第四季度時，我們會看到更多的成長，以強勁的勢頭結束今年，並且正好在我們的營業利潤率指導範圍內。

Okay. That's really helpful and good to hear. Maybe my follow up quickly here on some of the acquired products in hospital, I heard $16 million in revenue from that segment this quarter, I think it was $18 million last quarter. And I noticed a little bit of a nudge down on the guidance. Can you tell us what's happening a bit with the Attune and OpSens products? And the roll out there? Thank you.

好的。這確實很有幫助，而且很高興聽到。也許我對醫院收購的一些產品進行了快速跟進，我聽說本季該細分市場的收入為 1600 萬美元，我認為上季度為 1800 萬美元。我注意到指導意見略有下降。您能告訴我們 Attune 和 OpSens 產品的最新情況嗎？在那裡推出？謝謝。

Thanks Marie. So, we remain bullish on both of those acquisitions. It is slower out of the gate than we obviously would otherwise want very different stories in electrophysiology versus in structural heart. So for ensoETM for Attune, the challenge is PFA and we fully aware of PFA our modelling actually has PFA taking slightly more share of the market than either, some of the leading players are now forecasting, approaching 60% we had it closer to 65% in our model and that still delivers nicely for the business.

謝謝瑪麗。因此，我們仍然看好這兩項收購。它的出現速度比我們顯然想要的電生理學和結構心臟中截然不同的故事要慢。因此，對於Attune 的ensoETM 來說，挑戰在於PFA，我們充分意識到PFA，我們的模型實際上使PFA 佔據的市場份額比這兩者都稍多一些，一些領先的參與者現在預測，接近60% ，我們接近65%在我們的模型中，這仍然很好地為業務帶來了好處。

The challenge in the first half has been rightfully the PFA companies are targeting our most attractive ensoETM customers as those procedures get done on PFA versus RF. There's no role for enso at this time. So, we've moved backwards on those. We have opened 32 new accounts and we tend to be now kind of navigating the landscape, finding the RFA users at volume and I think that's going to continue to be an exercise for us.

上半年的挑戰是 PFA 公司瞄準了我們最具吸引力的 ensoETM 客戶，因為這些程序是在 PFA 上完成的，而不是在 RF 上完成的。目前 enso 沒有任何作用。所以，我們在這些方面已經倒退了。我們已經開設了 32 個新帳戶，我們現在傾向於在整個環境中進行導航，找到大量的 RFA 用戶，我認為這將繼續成為我們的練習。

If I put it in context and why we remain bullish we have roughly 9% of the closure market on ensoETM today. If we are able over the next three years to drive that closer to the [mid 10s], call it 15%. We will achieve [mid 10s] return on invested capital over that three-year period. So, this is by far the most accretive acquisition we've done and we think our aspirations are appropriate. They're not overly ambitious, it will take time and that's what our field force is navigating, candidly having XL in the bag, puts them front and center in the conversation, both with PFA and RF users.

如果我結合上下文以及為什麼我們仍然看漲的話，我們今天在 ensoETM 上佔據了大約 9% 的封閉市場。如果我們能夠在未來三年內將這一比例推向 [10 年代中期]，則稱其為 15%。我們將在這三年內實現 [10 左右] 的投資資本回報。因此，這是迄今為止我們所做的最具增值性的收購，我們認為我們的願望是合適的。他們並不過分雄心勃勃，這需要時間，這就是我們的現場人員正在努力解決的問題，坦白說，XL 已納入囊中，使他們成為與 PFA 和 RF 用戶對話的前沿和中心。

So, you know, we like the direction of travel and what we're able to build there if I switch over to OpSens and the sensor guidewire business. That's a classic example of going slow to go faster and further over time. Structural heart is meaningfully different than closure. So we have presence and we're building on that presence but the learning curve and our ability to execute against that curve, I think there's a bunch of things coming out of TCT.

所以，你知道，我們喜歡行進方向，以及如果我轉向 OpSens 和感測器導絲業務，我們能夠在那裡建造什麼。這是一個典型的例子，隨著時間的推移，從慢到快、走得更遠。結構心臟與閉合有顯著差異。所以我們有存在感，我們正在建立這種存在感，但是學習曲線和我們針對該曲線的執行能力，我認為 TCT 會產生很多東西。

For instance, last week, that will be net positives for us and for the use of guided technology, we need to capitalize on that and we remain optimistic that over time we will be able to. But that's part of the buildout James just talked about investments in the second half of the year as we strengthen our clinical sales team. That's all part of the equation and what we had envisioned for the sensor guidewire business. So more to come, we remain optimistic. It's just, being thoughtful and purposeful about the launch.

例如，上週，這對我們和引導技術的使用來說將是淨積極的，我們需要利用這一點，並且我們對隨著時間的推移我們將能夠做到這一點保持樂觀。但這是詹姆斯剛剛談到的下半年投資的一部分，因為我們加強了我們的臨床銷售團隊。這就是等式的一部分，也是我們對感測器導絲業務的設想。因此，未來還有更多，我們保持樂觀。這只是對發布的深思熟慮和有目的的。

Very thorough. Thank you so much.

非常徹底。太感謝了。

Thank you. Our next question comes from the line of Larry Solow, CJS Securities. Your line is now open.

謝謝。我們的下一個問題來自 CJS 證券的拉里·索洛 (Larry Solow)。您的線路現已開通。

Great. Thanks, and good morning everybody. I guess the first question which is just on the TEG market there, Chris, I know you mentioned really strong growth in the US 35% and then obviously continued challenges in China. Perhaps you could just kind of give us a little more color on, directionally where you see both those the US and the international markets going on TEG

偉大的。謝謝，大家早安。我想第一個問題是關於那裡的 TEG 市場，克里斯，我知道你提到了美國 35% 的強勁增長，以及中國顯然持續的挑戰。也許您可以給我們更多的信息，告訴我們美國和國際市場在 TEG 上的發展方向

Yeah, Good morning, Larry. The TEG's real like real positive development for us. We joke internally, it's the oldest launch product in MedTech. Having the Heparin neutralization cartridge has really expanded the value proposition for the TEG 6s. It's accelerating the remaining conversions of TEG 5000 to 6s because it now puts the products at absolute parity. But in a site of care application so really powerful driving that you see that in our results, both in the US mid [30 s and in Europe in the 20s now]. So that's something we're excited about. We think we can build upon that and carry that forward.

是的，早上好，拉里。TEG 對我們來說是真正的積極發展。我們內部開玩笑說，這是醫療科技領域最古老的上市產品。擁有肝素中和盒子確實擴展了 TEG 6 的價值主張。它正在加速 TEG 5000 到 6 的剩餘轉換，因為它現在使產品處於絕對平價。但在護理應用程式的網站中，駕駛功能非常強大，您可以在我們的結果中看到這一點，無論是在美國中期 [30 年代現在在20世紀20年代的歐洲]。這就是我們感到興奮的事情。我們認為我們可以在此基礎上繼續發展。

China is a different story, right? China's challenge. You've heard about it from many of our peer companies. I'm not going to go into further detail there, but to put it in context, China is roughly 5% of our corporate revenue split pretty much evenly between blood center and hospital, within blood center, it's split pretty evenly between TEG, which is mostly it's all TEG 5000 and our cell salvage business and the challenges we're facing right now are really pricing related to the TEG 5000. We'll work our way through it, but there's no easy answers there and we don't expect that to meaningfully change over the second half of the year.

中國是一個不同的故事，對嗎？中國的挑戰。您已經從我們的許多同行公司聽說過這一點。我不打算進一步詳細介紹，但結合上下文來看，中國大約有 5% 的公司收入在血液中心和醫院之間平均分配，在血液中心內，它在 TEG 之間平均分配，主要是TEG 5000 和我們的細胞回收業務，我們現在面臨的挑戰實際上與TEG 5000 相關的定價。我們將努力解決這個問題，但沒有簡單的答案，我們預計這種情況不會在今年下半年發生有意義的改變。

Got it and now switching gears just back to just on [Basca] you mentioned, it sounds like somewhat a lot of the acceleration and growth perhaps in the back half of the year driven by the performance of MVP XL. How about just [Basca] best MVP? Are those still considerable, obviously still should be a lot of room for growth. There are those still hanging in doing how you thought they would have a little bit of a slowness in Q2 or Q1. Excuse me?

明白了，現在切換回您提到的 [Basca]，這聽起來像是在今年下半年由 MVP XL 的表現推動的加速和增長。只是 [Basca] 最佳 MVP 怎麼樣？這些還算可觀嗎，顯然應該還有很大的成長空間。有些人仍然堅持按照你認為的方式行事，他們在第二季或第一季會有點緩慢。打擾一下？

Yeah, Larry, it's performing as planned. I do think PFA has been so disruptive. It sucked all the oxygen out of the room. And we did see pushback on MVP in that regard in electrophysiology, what we've targeted with the launch of XL is to go and regain the share we lost in the first quarter. And I can tell you sitting here at this point in the third quarter, we've largely regained everything we lost and some, and that's coming where commission is being very thoughtful.

是的，拉里，一切都按計劃進行。我確實認為 PFA 具有如此大的破壞性。它吸走了房間裡所有的氧氣。我們確實看到了 MVP 在電生理學方面的阻力，我們推出 XL 的目標是奪回我們在第一季失去的份額。我可以告訴你們，在第三季的這個時候，我們基本上已經恢復了我們失去的一切，還有一些，而這正是佣金非常周到的地方。

They're using XL, where appropriate and then they're using MVP accordingly and like any other kind of sales effort, there's some spring in the step and that's helping across the entire closure product line. So, yeah, I think we're seeing a lift across all three and we anticipate building that momentum as we move into the second half.

他們在適當的情況下使用 XL，然後相應地使用 MVP，就像任何其他類型的銷售工作一樣，這一步中存在一些彈性，這有助於整個瓶蓋產品線。所以，是的，我認為我們在這三個方面都看到了提升，我們預計在進入下半年時會建立這種勢頭。

Got it great. And then just last question, if I could squeeze in James just, you gave some good guidance on the cadence of operating margin. It looks like this quarter, the expansion was kind of half by gross and half by operating leverage as we look out, the back half of the year grows margin had a nice little substantial up take. Do you think that also is sort of flattish in Q3? How do you feel about gross margin in the back end of the year? Thanks.

太棒了。最後一個問題，如果我能請詹姆斯談談，您對營業利潤率的節奏給出了一些很好的指導。看起來本季的擴張一半是總額，一半是營業槓桿，正如我們所看到的，今年下半年的利潤率增長有一個不錯的小幅大幅增長。您是否認為第三季也有些平淡？您對年底的毛利率有何看法？謝謝。

Yeah, so the gross margin. Yeah, will follow. I would say a similar pattern to the operating margin, you'll see it, come up a bit in Q3 and then a little bit more in Q4 as we move forward in the rest of the year.

是的，所以毛利率。是的，會跟隨。我想說的是，營業利潤率的模式類似，你會看到，隨著我們在今年剩下的時間裡前進，第三季度會出現一些情況，然後第四季會出現更多情況。

Alright, great. Thanks very much. I appreciate the call.

好吧，太棒了。非常感謝。我很感謝您的來電。

Thank you. Our next question comes from the line of Craig Bijou, Bank of America Securities. Your line is now open.

謝謝。我們的下一個問題來自美國銀行證券公司的 Craig Bijou。您的線路現已開通。

Good morning, guys. Thanks for taking the question and congrats on a strong quarter. I wanted to start with some of your comments on the VASCADE label expansion and with the XL launch or now full launch, just kind of wanted to get your sense for push back, for maybe not having that label expansion or when you think about what that label expansion, how it can drive XL? Like, do you think it's needed? Or is it something that you guys just want to have going forward and maybe gives you access to some other procedures?

早安，夥計們。感謝您提出問題，並祝賀本季表現強勁。我想先談談您對 VASCADE 標籤擴展以及 XL 發布或現在全面發布的一些評論，只是想了解一下您對推遲的感覺，因為也許沒有該標籤擴展，或者當您想到什麼時標籤擴展，它如何驅動XL？比如說，你覺得有必要嗎？或者你們只是想繼續前進，也許可以讓你們訪問一些其他程式？

Welcome, Craig and thanks for the question from our advantage point MVP is getting, XL is getting a lot of consideration appropriately and that's, one thing I can highlight a bit more is that the breakdown is 60%-plus PFA the remaining, 35%or 40% is left atrial appendage closure. And that's completely new for us because we really didn't have a product that was applicable for that previously. That's exactly what we saw in the limited market release where we have a lot of physician testimonial, they'll use it where they see appropriate.

歡迎，克雷格，感謝我們的優勢點 MVP 提出的問題，XL 得到了適當的考慮，也就是說，我可以再強調一點的是，細分是 60% - 加上 PFA 剩餘的 35%或40 % 為左心耳封堵。這對我們來說是全新的，因為我們之前確實沒有適用於此的產品。這正是我們在有限的市場發布中看到的，我們有很多醫生的推薦，他們會在他們認為合適的地方使用它。

We obviously can't detail it or position it in that way out of the gate. And so we're being very mindful about that and building the usage, we are making the label expansion a corporate priority because it's the right thing to do and it will further reinforce and the label will reflect the appropriate use of the product over time in the near term. I think we've got a good market opportunity ahead of us and we expect to see continued uptake and judgment on behalf of the commissions. Obviously, we don't promote it off label. So, we'd be really thoughtful about that.

我們顯然無法以這種方式詳細說明或定位它。因此，我們非常注意這一點並建立使用，我們將標籤擴展作為公司的優先事項，因為這是正確的做法，並且它將進一步加強，並且標籤將隨著時間的推移反映產品的適當使用近期。我認為我們前面有一個很好的市場機會，我們希望看到委員會的持續吸收和判斷。顯然，我們不會在標籤外推廣它。所以，我們會認真考慮這一點。

I got it that, that's helpful. And if maybe just taking a step back and big picture on the longer-term opportunity for VASCADE, obviously, you guys are expecting, [high 20s] growth in the second half, return to that, you guys had [high 20s] growth in '24. So, when we think about the growth profile of that business, I guess, more longer term '26, '27 over the next couple of years, can you maintain that [high 20s] growth profile? And what are some of the assumptions penetrations that we should be thinking about in terms of the opportunity for [basket].

我明白了，這很有幫助。如果也許只是退後一步，從長遠角度看待 VASCADE 的長期機會，顯然，你們預計下半年會有 [高 20 多歲] 的增長，回到這一點，你們在'24。因此，當我們考慮該業務的成長狀況時，我想，在未來幾年的更長期的「26」、「27」中，您能否保持[20年代的高]成長狀況？就機會而言，我們應該考慮哪些假設滲透[籃子]。

It's something we're grappling with. We know what the [tams] are, and they remain really robust and significantly under penetrated. So, we do think continued accelerated growth is achievable. There is the math here at the end of the day, if you continue to grow at 30% per annum, you become the market, and we don't want to be unrealistic about that. What we look at is two offsetting effects that are really powerful that we drive is the net positive, Craig.

這是我們正在努力解決的問題。我們知道[tams]是什麼，它們仍然非常強大並且明顯未被滲透。因此，我們確實認為持續加速成長是可以實現的。歸根結底，如果你繼續以每年 30% 的速度成長，你就會成為市場，我們不想對此不切實際。我們看到的是兩個真正強大的抵消效應，我們推動的是淨積極的，克雷格。

There's less appendix, less holes to be closed, right? That is a function of how the market adopts to PFA we're going to have some dual modality coming into the market that will certainly reduce the number of holes. We model it going from just over three, approximately 3.2 down to the [high twos 2,728 per] procedure that is completely offset by our initial growth experience when we were a year or two years ago where we were printing 30% growth. We were looking at a market that was growing in the low double digits.

闌尾更少了，需要堵住的洞也更少了，對吧？這是市場如何採用 PFA 的函數，我們將有一些雙重模式進入市場，這肯定會減少孔的數量。我們對它進行建模，從略多於 3、大約 3.2 下降到[每高 2,728] 程序，這完全被我們一兩年前打印 30% 增長時的初始增長經驗所抵消。我們正在尋找一個以低兩位數成長的市場。

Now we're the [mid 10s] or better, right? I think there's current forecast has procedure volume in aggregate growing at 16% that more than offsets the lack of closures per procedure. Now having XL, having MVP, having VASCADE working down market, our development plans call for smaller closure ability and pushing more into Venus. They'll help us with the interventional front [PC]. We think there's a lot of opportunity part of it, as I describe, broadening the shoulders of this application.

現在我們已經是[10歲左右]或更好，對吧？我認為目前的預測是手術量總計增加 16%，這足以抵消每次手術關閉次數不足的影響。現在有了 XL，有了 MVP，有了 VASCADE，我們的開發計劃要求更小的封閉能力，並將更多的東西推向 Venus。他們將在介入方面幫助我們[個人電腦]。正如我所描述的，我們認為其中有很多機會，拓寬了該應用程式的範圍。

Part of it is the expansion internationally as we follow PFA and the other ablation modalities and other geographies. Japan for an example is a really hot market for us right now. So, we think there's good room to run. We'll hold off on guiding exactly what's going to happen next year until the spring. But at this point, we feel really good. We're back on our front foot and able to participate fully in a very interesting ablation market.

其中一部分是我們遵循 PFA 和其他消融方式以及其他地區的國際擴張。以日本為例，目前對我們來說是一個非常熱門的市場。因此，我們認為還有很大的運作空間。我們將推遲到明年春天才準確指導明年將發生的事情。但此時此刻，我們的感覺真的很好。我們重新站穩了腳跟，能夠充分參與一個非常有趣的消融市場。

Great Chris. Thanks for all the color.

偉大的克里斯。感謝所有的顏色。

Thank you. Our next question comes from the line of Joanne Wuensch, Citi. Your line is now Open.

謝謝。我們的下一個問題來自花旗銀行的 Joanne Wuensch。您的線路現已開通。

Good morning. This is Anthony on for Joanne. Thanks for taking our questions. I want to switch gears to blood center. That margins been a bit volatile over the last few quarters. It's stepped up pretty nicely this quarter. Should we think about is this quarter a good way to think about stable margin for the business going forward? Should we expect it to expand more as you continue to rationalize that whole blood business? Just any thoughts on profitability and blood center going forward? Thanks.

早安.這是安東尼替喬安妮上場。感謝您回答我們的問題。我想切換到血液中心。過去幾季的利潤率有些波動。這個季度它的進步非常好。我們是否應該考慮本季是否是考慮未來業務穩定利潤率的好方法？隨著您繼續合理化全血業務，我們是否應該期望它會進一步擴大？對獲利能力和血液中心的未來有什麼想法嗎？謝謝。

Yeah, thanks, Anthony. I look, we that business doesn't have the growth potential of our plasma or our source plasma or our hospital businesses. So, we are in a mode of margin expansion, play for the profit contribution, which has improved nicely. As you say, I would separate it out really into three component parts. There's the whole blood filters business we've announced more than a year ago. Now, the rationalization of that business, it's a nonstrategic asset for us going forward and we are looking to optimize it exactly as you described within the remaining business.

是的，謝謝，安東尼。我認為，我們的血漿或源頭血漿或醫院業務沒有成長潛力。所以，我們處於利潤擴張的模式，發揮利潤貢獻，這已經很好地改善了。正如你所說，我會把它分成三個組成部分。我們一年多前就宣布了全血過濾器業務。現在，該業務的合理化對於我們未來的發展來說是一項非戰略資產，我們希望按照您在剩餘業務中所描述的進行優化。

Apheresis splits in two parts. There is a plasma collections apheresis business which we are actively migrating to the Nexus platform. Many of our blood center customers are partnering with our source plasma customers to drive self-sufficiency. You see that in our operations throughout the Middle East, for example, but it's also happening in Canada and elsewhere in Europe. That's a powerful driver of the plasma apheresis blood center. But it's looking more and more and growing more and more like the source plasma business.

單採術分為兩部分。我們正積極將血漿採集單採業務遷移到 Nexus 平台。我們的許多血液中心客戶正在與我們的血漿源客戶合作，以實現自給自足。例如，您可以在我們整個中東的業務中看到這一點，但在加拿大和歐洲其他地方也發生這種情況。這是血漿單採血液中心的強大驅動力。但它看起來越來越像源血漿業務。

You know, on the other part of the business, the other [a for instance], it's platelets and it's red cells, folks use our technology very specifically and we've had the courage to lean into that and price those technologies accordingly. And so, this is all part of the broader rationalization. It's not an active contributor to the top line, but it is meaningfully contributing through price and mix to our, our bottom line, which is all part of the LRP that we outlined previously.

你知道，在業務的另一部分，例如血小板和紅血球，人們非常具體地使用我們的技術，我們有勇氣深入研究並相應地對這些技術進行定價。因此，這都是更廣泛的合理化的一部分。它不是營收的積極貢獻者，但它透過價格和組合對我們的利潤做出了有意義的貢獻，這是我們之前概述的 LRP 的一部分。

Helpful and then the hemostasis Management business. I don't know if you touched on this, just any color you can give on how much of that growth this quarter was from volume I heard utilization was up 20% versus how much of it was pricing of that new asset that you're rolling out.

有助於止血管理業務。我不知道你是否提到過這一點，你可以用任何顏色來說明本季度的增長有多少來自數量，我聽說利用率提高了 20%，而其中有多少是你正在使用的新資產的定價推出。

Yeah. So, the Heparin neutralization cartridge has been a real catalyst for that business and we're driving it in the US, we will bring it to our global markets in due course. So that is really the single driver behind the 35% growth rate in the quarter. It is a mix of both capital as we swap out TEG 5000 for the TEG 6s device moving from a lab based application to something that is site of care, much more user friendly.

是的。因此，肝素中和盒子一直是該業務的真正催化劑，我們正在美國推動它，我們將在適當的時候將其推向全球市場。因此，這確實是本季 35% 成長率背後的單一驅動因素。這是兩種資本的結合，因為我們將 TEG 5000 替換為 TEG 6s 設備，從基於實驗室的應用程式轉變為護理現場的應用程序，更加用戶友好。

And it's also utilization because adding that cartridge makes the full suite of opportunities available. So, we feel both of those things are combining. And it is at a higher margin just given the, again the value prop of the cartridge we had the confidence to price accordingly. And I think we're seeing the market response.

而且它也是利用率，因為添加該墨盒可以提供全套機會。所以，我們覺得這兩件事正在結合。考慮到墨盒的價值支撐，我們有信心相應地定價，因此它的利潤率更高。我認為我們正在看到市場的反應。

Thank you. Our next question comes from the line of Andrew Cooper, Raymond James. Your line is now over.

謝謝。我們的下一個問題來自安德魯庫柏、雷蒙詹姆斯。你的線路現在結束了。

Hey, everybody. Thanks for the questions. Maybe just first, I do want to touch on you mentioned some more clinical investments. Can you give a bit of sense of kind of exactly what those look like? And should we think about that as being somewhat reactionary to what you've learned as you look at, selling options as an example and it being a little bit more complex of a sales and maybe appreciated initially and just would love kind of thoughts around how that progresses. And when we can start to see maybe a little bit of acceleration there.

嘿，大家。感謝您的提問。也許首先，我確實想談談您提到的一些更多的臨床投資。能稍微介紹一下它們到底是什麼樣子嗎？我們是否應該認為這對您所學到的知識有些反動，以出售期權為例，它是一種更複雜的銷售，最初可能會受到讚賞，並且會喜歡圍繞如何進行思考取得進展。當我們可以開始看到那裡可能有一點加速時。

Hey, Andrew, thanks for the question. I would describe it as reactive when bought [sen] did that acquisition we ringfenced their commercial efforts and their R&D efforts and we've spent real time over the prior six months learning and helping choose what we're going to accelerate to bring to market sooner as we expand the profile and the value prop of those sensor guidewire. So that's all part of our plan was factored into our deal models, for example, in our guidance for this year accordingly.

嘿，安德魯，謝謝你的提問。我將其描述為反應性，當收購[sen]時，我們圍堵了他們的商業努力和研發工作，並且我們在過去六個月中實時學習並幫助選擇我們將加速推向市場的產品一旦我們擴展這些感測器導絲的輪廓和價值支柱。因此，我們計劃的所有部分都已納入我們的交易模型中，例如，相應地，在我們今年的指導中。

But we do think there's real opportunity to broaden the use case for the sensor guidewires. By example, you know, ensoETM is a little more straightforward and there's less to do there. I talked earlier on the call about what we're doing for the VASCADE family of products and how we're broadening the shoulder of those applications and making sure we are all things closure with distinctive offerings in each application. I would shift over on the plasma business as well as we've talked previously. We have the leading share, we intend to build upon that leading share.

但我們確實認為確實有機會擴大感測器導絲的使用範圍。例如，您知道，ensoETM 更簡單一些，而且要做的事情也更少。我早些時候在電話會議上談到了我們正在為 VASCADE 系列產品所做的事情，以及我們如何拓寬這些應用程式的範圍，並確保我們在每個應用程式中提供獨特的產品。我將轉向等離子業務以及我們之前討論過的業務。我們擁有領先的份額，我們打算在這一領先份額的基礎上再接再厲。

We are building upon that leading share and we're having lots of dialogue with our all of our customers about whether it's the hardware or the disposable or the software, particularly DMS where we're really the only game in town. How do we advance that to be more valuable to them to be more integrated with their operations and that does require real investments and probably in the not too distant future we'll sit down and have either an Investor day or an R&D day where we showcase some of these innovations because we think we have the opportunity to create the next [S] curve in that space as well.

我們正在建立領先的份額，我們正在與所有客戶就硬體、一次性產品或軟體進行大量對話，特別是在 DMS 方面，我們確實是唯一的遊戲。我們如何推進這一點，才能對他們更有價值，與他們的運營更加一體化，這確實需要真正的投資，可能在不久的將來，我們將坐下來舉辦投資者日或研發日，我們將在其中展示其中一些創新是因為我們認為我們也有機會在該領域創建下一個 [S] 曲線。

Okay, great. That's helpful. Maybe just one more quick one, can you give us an update on where you are in that international launch for VASCADE and maybe interventional overall obviously still the early days, but maybe any sense for what that contributed in 1Q and 2Q and how we think about the curve there as you continue to build up the operational presence.

好的，太好了。這很有幫助。也許只是再快一點，您能給我們介紹一下您在VASCADE 的國際發布中所處的最新情況嗎？如何思考有任何意義當你繼續建立業務存在時，曲線就會出現在那裡。

Yeah, it's a, it is one of along with the label expansion and strengthening our US interventional technologies field for both sales and clinicals international expansion is an important lever for us. We feel like we're meaningfully ahead of schedule. There is a different market set that we enter into depending on where we are geographically. I'd highlight Japan as an absolute hotspot for us, we were able to secure really favourable reimbursement at the time of market release and you see that playing forward in the market.

是的，這是一個，這是隨著標籤擴張和加強我們的美國介入技術領域的銷售和臨床國際擴張對我們來說是一個重要的槓桿。我們感覺我們明顯提前了。根據我們所處的地理位置，我們進入不同的市場。我想強調日本對我們來說是一個絕對的熱點，我們能夠在市場發佈時獲得非常優惠的報銷，並且您會看到這一點在市場上發揮作用。

So that's a meaningful contributor. We're well ahead of schedule there, Europe has been more built as we go, there's a different base modality, they use much more suturing than compression. We have clear value. But there's some challenges with regards to the benefit of same day discharge and how that's reimbursed and we continue to work through that country by country in Europe.

所以這是一個有意義的貢獻者。我們比計劃提前了很多，隨著我們的發展，歐洲已經越來越發達，有不同的基礎模式，他們使用的縫合比壓縮更多。我們有明確的價值。但在當天出院的好處以及如何報銷方面存在一些挑戰，我們將繼續在歐洲各國開展工作。

We're confident that we'll meet our plans longer term, but it's slower going. It doesn't have quite the same rapid uptake that we saw previously in the US or currently in Japan. But it's one of the three drivers, the international expansion, Andrew and we're going to continue to lean and it is also part of the investment in our commercial and clinical efforts that James talked about earlier.

我們有信心能夠實現長期計劃，但進展速度較慢。它沒有像我們之前在美國或目前在日本看到的那樣快速普及。但這是國際擴張的三個驅動因素之一，安德魯和我們將繼續傾斜，這也是詹姆斯之前談到的我們商業和臨床工作投資的一部分。

Perfect. And I'm going to sneak one more in if I can just shifting the plasma, you talked about the share gains sort of ongoing. Can you give a sense? It sounds like you have some visibility. So, can you give a sense for the magnitude, whether it's number of centers or kind of where those are coming from? And how we think about what that business can look like [F CS L] with this sort of share gain over the next call? It handful of quarters.

完美的。如果我能轉移等離子的話，我會再偷偷溜進去一個，你談到了股票收益的持續成長。能給個感覺嗎？看來你還是有一定的知名度的。那麼，您能否說明一下其規模，無論是中心的數量還是中心的來源？我們如何考慮在下一次電話會議中獲得這種份額收益時該業務會是什麼樣子？它只有幾個季度。

Yeah, we'll move as fast as humanly possible based on our customers' willingness to accelerate. And so, I think they've all been very clear they want Express Plus because it speeds up the device in tandem with our software, the DMS software, it makes the door-to-door time unrivalled. Then they add in the plasma yield enhancement in a way that's not even in any way in imposing on the donors time, that's kind of the sequence.

是的，我們將根據客戶的加速意願，盡可能快速地行動。因此，我認為他們都非常清楚他們想要 Express Plus，因為它與我們的軟體 DMS 軟體一起加快了設備的速度，它使送貨上門的時間無與倫比。然後他們以一種甚至不以任何方式強加於捐贈者時間的方式添加血漿產量增強，這就是順序。

And then as we do that, we're picking up additional share. We talked at some time ago with the large customer transition out. We don't need to go one for one given the decidedly different price points and margin profile, all the businesses. In fact, it's closer to 2 to 3 type of thing like a two-third ratio. We're not there yet today and that's what's included in our guidance. We do expect that we'll gain momentum moving into FY26 all of which is factored into our overall plan.

當我們這樣做時，我們就會獲得額外的份額。前段時間我們談到了大客戶的轉型。鑑於所有業務的價格點和利潤狀況明顯不同，我們不需要一一對應。事實上，它更接近 2 比 3 的比例，例如三分之二的比例。今天我們還沒有做到這一點，這就是我們的指南中所包含的內容。我們確實預計我們將在進入 2026 財年時獲得動力，所有這些都已納入我們的總體計劃中。

Perfect. I appreciate the time.

完美的。我很感激時間。

Thanks.

謝謝。

Thank you. Our next question comes from the line of Mike Matson, Needham. Your line is now open.

謝謝。我們的下一個問題來自李約瑟的麥克馬特森。您的線路現已開通。

Yeah, thanks for taking my questions. So just one more on MVP XL. So, on the labelling to get the larger [franch], do you need clinical data there? And then just the timing. Can you give us any sense of the timing on when you expect to have that labelling from the FDA?

是的，謝謝你回答我的問題。那麼關於 MVP XL 就再多說一點吧。那麼，在標籤上以獲得更大的[範圍]，您是否需要那裡的臨床數據？然後就是時機。您能否告訴我們您預計何時獲得 FDA 的該標籤？

Yeah, Mike, thanks for the question. So, there's no change to the workflow. The workflow for XL is the same as it is for MVP as it is for base VASCADE. There's really no change to the engineering design. What we are doing beginning actually with our limited market release where we saw substantial PFA use is working with active clinicians in some of the largest leading centers and helping put the clinical evidence together of how XL works in that setting.

是的，麥克，謝謝你的提問。因此，工作流程沒有改變。XL 的工作流程與 MVP 以及基礎 VASCADE 的工作流程相同。工程設計確實沒有改變。實際上，我們從有限的市場發布開始，我們看到 PFA 的大量使用，我們正在與一些最大的領先中心的活躍臨床醫生合作，幫助整理 XL 在該環境中如何發揮作用的臨床證據。

We're in dialogue with FDA about the appropriate timing and structure and kind of what that submission needs to look like that's still work in progress and we clearly don't control that, but I think not going too far out on the branch. I think FDA has been highly supportive of the need to expand the label and give clinicians and patients access to what is truly the best available closure technology. So more to say as we go forward, but we are making it a top priority like.

我們正在與 FDA 就適當的時間和結構以及提交的內容進行對話，這些內容仍在進行中，我們顯然無法控制這一點，但我認為不要在分支上走得太遠。我認為 FDA 一直高度支持擴大標籤的需要，並讓臨床醫生和患者獲得真正最好的閉合技術。隨著我們的前進，還有更多的話要說，但我們正在把它當作首要任務。

Okay, got it. And then, there was a pretty large headwind from currency to margins and in EPS in the first half of the fiscal year. And I know no one can really predict currency movements but, with rates where they currently stand, at least, what is your expectation for the second half? Is that going to be continue to be a headwind? Does it neutralized? Has become a tailwind?

好的，明白了。然後，本財年上半年，從貨幣到利潤率和每股盈餘都存在相當大的阻力。我知道沒有人能夠真正預測貨幣走勢，但至少就目前的匯率而言，您對下半年的期望是什麼？這會繼續成為逆風嗎？它中和了嗎？已成為順風車？

Yeah, I think at current prevailing rates, it should continue to be somewhat of a headwind. But I think I've seeing rates moving around all over, given the elections and some of the volatility in the global markets. So, I don't want to make too much for a call there

是的，我認為按照目前的普遍利率，它應該繼續是一種逆風。但我認為，考慮到選舉和全球市場的一些波動，我看到利率在各地波動。所以，我不想在那裡打太多電話

Okay, thanks. And then finally, I thought I heard you guys say that CSL was going to contribute $100 million this year. Did I hear that right?

好的，謝謝。最後，我想我聽到你們說中超今年將貢獻 1 億美元。我沒聽錯吧？

Yes, Mike, you did. And that was included in our affirmed guidance. What we're seeing from CSL the $80million approximately $85 million that we talked about back at the beginning of the fiscal was their minimum purchase commitment through the first half of the year. They needed more. And like all of our customers, we're going to do what we can do to respond. Roughly 70% of that, approximately $100 million has already been realized in the first half, their transition will continue. In fact, our model has it accelerating over the second half of the year, we still expect them to fully transition not later than December 2025 as per the existing agreements. But yeah, it's going to be marginally higher total volume than it was from the original expectation.

是的，麥克，你做到了。這已包含在我們確認的指導中。我們從 CSL 看到的 8000 萬美元，我們在本財年初談到的大約 8500 萬美元是他們今年上半年的最低採購承諾。他們需要更多。和我們所有的客戶一樣，我們將盡我們所能回應。其中約 70%（約 1 億美元）已在上半年實現，他們的過渡將繼續進行。事實上，我們的模型在下半年會加速，我們仍然預計他們將根據現有協議在 2025 年 12 月之前完全過渡。但是，是的，總銷量將略高於最初的預期。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Thank you. And our next question comes from the line of Kristen Stewart, CL King.

謝謝。我們的下一個問題來自克里斯汀·史都華 (Kristen Stewart)，CL King。

Your line is now open.

您的線路現已開通。

Hi, thanks for taking the question and congrats on a good quarter. I was wondering if you could just provide some over level thinking on M&A and the environment that's out there and the need to do acquisitions going forward and what kind of areas you'd be looking at.

您好，感謝您提出問題，並祝賀您度過了一個美好的季度。我想知道您是否可以就併購和現有環境、未來進行收購的必要性以及您會關注哪些領域提供一些超水平的思考。

Welcome Kristen and thank you for the question, growth, both organic and inorganic remains our top priority to drive the margins to drive our profitability and to make this all significantly more sustainable going forward right now, here and now and certainly in our second half of this fiscal year, our 1st, 2nd and 3rd priority is delivering on those recent acquisitions for some of our prepared remarks. We really want to deliver fully against what we're doing with ensoETM.

歡迎克里斯汀並感謝您提出的問題，有機和無機增長仍然是我們的首要任務，以提高利潤率，提高我們的盈利能力，並使這一切在現在、此時此地、當然在我們的下半年變得更永續。我們確實希望充分兌現我們在 ensoETM 上所做的事情。

We want to deliver fully against the guidewire business and the R&D expenditures that we've had, whether it's XL or [HEP] neutralization, they are immediate priorities that said we will continue to look to be opportunistic with regards to M&A think [Tuck Ins]. In fact, we've been very public about our relationship and the option play that we've put for [v] for example, they had an outstanding readout on their Pat's trial at TCT that's moving forward and we're helping shape that submission to FDA.

我們希望全面實現導絲業務和研發支出，無論是 XL 還是 [HEP] 中和，它們都是當務之急，這表明我們將繼續在併購方面尋求機會主義思維[塞入]。事實上，我們一直非常公開地談論我們的關係以及我們為[v] 提出的選項，例如，他們對TCT 的帕特審判進行了出色的宣讀，該審判正在向前推進，我們正在幫助制定該意見書向 FDA 提交。

So, that's something we will talk about in fiscal '26 for example, but, and then you saw what we did the buyback in the quarter. We'll be opportunistic about returning value to shareholders where we can and that would include debt pay down as appropriate. But M&A is part of the equation for now. It's [Tuck Ins], you know, maybe a year from now or longer. We'll talk about the next leg on the stool. But our top priority is validating our performance in interventional technologies and really driving home this thesis that we can be the enabling tech in a very rapid and attractive category.

例如，這是我們將在 26 財年討論的事情，但是，然後您看到了我們在本季度進行的回購。我們將盡可能地向股東返還價值，其中包括酌情償還債務。但目前併購是其中的一部分。你知道，也許一年後或更長時間，就是[Tuck Ins]。我們將討論凳子上的下一條腿。但我們的首要任務是驗證我們在介入技術方面的表現，並真正推動這一論點，即我們可以成為一個非常快速且有吸引力的類別中的支援技術。

Thanks for taking the question.

感謝您提出問題。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。