Haemonetics Corp (HAE) 2025 Q3 法說會逐字稿

Good day and welcome to the Haemonetics third quarter, fiscal year 2025 conference call and webcast. (Operator instructions)

大家好，歡迎參加 Haemonetics 2025 財年第三季電話會議和網路廣播。（操作員指令）

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

我想將電話轉給投資者關係和財務部副總裁 Olga Guyette。請繼續。

Good morning, everyone. Thank you for joining us for Haemonetics third-quarter, fiscal year 2025 conference call and webcast.

大家早安。感謝您參加 Haemonetics 2025 財年第三季電話會議和網路廣播。

I'm joined today by Chris Simon, our CEO and James D Arecca, our CFO. This morning, we posted our third quarter and year-to-date fiscal year 2025 results to our investor relations website along with our updated fiscal year 2025 guidance.

今天與我一起出席的還有我們的執行長 Chris Simon 和財務長 James D Arecca。今天上午，我們在投資者關係網站上發布了 2025 財年第三季和年初至今的業績以及更新後的 2025 財年指引。

As usual, a quick reminder that all revenue growth rates discussed today are organic unless specified otherwise and exclude the impact of currency fluctuation, acquisitions and investitures. We'll also refer to other non-GAAP financial measures to help investors understand human addicts ongoing business performance.

像往常一樣，快速提醒一下，今天討論的所有收入成長率都是有機的，除非另有說明，並且不包括貨幣波動、收購和投資的影響。我們也將參考其他非 GAAP 財務指標，幫助投資人了解人類成癮者的持續業務表現。

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 third-quarter, fiscal year 2025 earnings release available on our website.

請注意，這些指標不包括某些費用和收入項目，以獲取完整的排除項目清單、與我們的 GAAP 結果的對帳以及與去年同期的比較。請參閱我們網站上的 2025 財年第三季財報。

Our remarks today include forward-looking statements, and our actual results may differ materially from the 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 usual sec filing, we do not undertake any obligation to update these forward-looking statements.

我們今天的評論包括前瞻性陳述，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不同的因素包括今天的收益報告中的安全港聲明和我們通常的證券交易委員會文件中提及的因素，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.

現在我想把時間交給克里斯。

Thanks Olga, good morning and thank you all for joining. Today we reported third quarter revenue of $349 million growth of 4% on a reported basis and flat organically. Third quarter adjusted earnings per share were up 14% at a $19.

謝謝奧爾加，早安，謝謝大家的加入。今天我們報告第三季營收為 3.49 億美元，報告期內成長 4%，有機成長持平。第三季調整後每股盈餘成長 14%，至 19 美元。

Our third quarter results reflect the positive effects of our long-range plan with another quarter of meaningful earnings growth and margin expansion. In hospital we continue to strengthen our ability to compete in attractive high growth markets with differentiated enabling technology. In plasma we are gaining share both in the US and globally by providing customers with best-in-class solutions for safely lowering cost per liter.

我們的第三季業績反映了我們長期計劃的正面效果，又一個季度實現了有意義的獲利成長和利潤率擴大。在醫院方面，我們繼續利用差異化的支援技術來增強我們在有吸引力的高成長市場的競爭力。在血漿領域，我們透過向客戶提供一流的解決方案以安全降低每公升成本，在美國和全球的市場份額正在擴大。

The divestiture of our whole blood business helps align our resources to higher margin, higher growth opportunities. We are achieving significant milestones in the evolution of our business driving improved profitability and growth momentum as we navigate external market challenges including the temporary pullback in plasma collections, difficult market conditions in China and rapidly evolving trends in electrophysiology.

剝離我們的全血業務有助於將我們的資源用於利潤更高、成長更快的機會。我們在應對血漿收集的暫時回落、中國市場環境的艱難以及電生理學快速發展的趨勢等外部市場挑戰的同時，也在業務發展中取得了重大的里程碑，推動了盈利能力和增長勢頭的提高。

We are increasingly confident in the foundation we are building for outsized transformational growth with all parts of our company contributing to sustainable and profitable long-term success.

我們對正在建立的超大規模轉型成長基礎越來越有信心，公司的各個部門都將為可持續的、有利可圖的長期成功做出貢獻。

Turning to our business unit results, starting with what is now our largest business hospital revenue grew 24% on a reported basis in the third quarter and 28% year-to-date with organic growth of 12% and 14% respectively. In blood management technologies our largest hospital franchise revenue grew 10% in the quarter and 11% Year-to-date. Driven by sustained market growth, share gains and price benefits across the portfolio.

談到我們的業務部門業績，首先是目前我們最大的業務醫院收入，按報告基礎計算，第三季度增長了 24%，今年迄今增長了 28%，有機增長率分別為 12% 和 14%。在血液管理技術領域，我們最大的醫院特許經營收入本季成長了 10%，年初至今成長了 11%。受持續的市場成長、份額成長和整個投資組合價格效益的推動。

Hemostasis management had another impressive quarter with 26% revenue growth in the US. After growing 35% last quarter. Growth was driven by improvement in device utilization and a growing install base of our tag six devices in the US with new and existing customers following the launch of our global hemostasis heparinase neutralization assay cartridge. EMEA followed closely with strong growth across all key countries helping offset continued market challenges in China.

止血管理業務在美國又度過了一個令人印象深刻的季度，營收成長了 26%。上個季度成長了35%。成長的動力來自於設備利用率的提高，以及在我們推出全球止血肝素酶中和分析盒之後，美國新舊客戶對標籤六設備的安裝基礎不斷增長。歐洲、中東和非洲地區緊隨其後，所有主要國家均實現強勁成長，有助於抵消中國市場持續面臨的挑戰。

Transfusion management achieved double digit growth both in the quarter and year-to-date driven by new account openings in North America and EMEA a well as ongoing customer upgrades to the latest version of Safe trace TX. Self-salvage growth was driven by competitive wins in capital sales as we migrate customers to a higher margin product offering with enhanced features and utility to clinicians.

由於北美和歐洲、中東和非洲地區新帳戶的開設以及客戶持續升級至最新版本的 Safe trace TX，輸血管理在本季度和年初至今均實現了兩位數的增長。隨著我們將客戶轉向為臨床醫生提供功能增強、實用性更強的更高利潤的產品，自我救助的成長是由資本銷售的競爭勝利所推動的。

Interventional technologies grew 47% in the third quarter and 58% year-to-date on a reported basis with 16% organic growth in the third quarter and 18% growth year-to-date. Growth in vascular closure was driven by our leadership in electrophysiology where revenue from VASCADE MVP and VASCADE MVP XL grew in the mid 20's both in the quarter and year-to-date.

介入技術在第三季成長了 47%，年初至今成長了 58%，其中第三季有機成長率為 16%，年初至今成長了 18%。血管閉合業務的成長得益於我們在電生理學領域的領導地位，其中 VASCADE MVP 和 VASCADE MVP XL 的收入在本季度和年初至今均實現了 20% 左右的增長。

We made additional progress in acquiring new accounts and enhancing utilization within existing accounts including accounts utilizing pulse field ablation technology. VASCADE MVP XL is a game changer, allowing us to capitalize on emerging catheter-based ablation technologies and expand our share in LAAC procedures with the EP market opportunity remaining only halfway penetrated. We are confident we will continue to gain share.

我們在獲取新帳戶和提高現有帳戶（包括使用脈衝場消融技術的帳戶）的利用率方面取得了進一步進展。VASCADE MVP XL 改變了遊戲規則，使我們能夠利用新興的導管消融技術，並在 EP 市場機會僅滲透一半的情況下擴大我們在 LAAC 手術中的份額。我們有信心繼續擴大市場佔有率。

Continued competition in coronary and peripheral procedures, lowered our growth in small bore arterial closure and weighed on our overall VC growth rate. This is a mature market with low single digit growth that contribute to less than 15% of our VC revenue. And we are now taking steps to improve our performance and drive more favorable results.

冠狀動脈和周邊手術領域的持續競爭，降低了我們在小口徑動脈閉合方面的成長，並對我們的整體 VC 成長率造成了壓力。這是一個成熟的市場，成長率較低，對我們的創投收入的貢獻不到15%。我們目前正在採取措施提高我們的業績並取得更有利的結果。

Revenue from sensor guided technologies and esophageal cooling contributed 12% to hospital reported revenue in the quarter and 15% year-to-date. While we're making progress in these markets we acknowledge that we are falling short of our own ambitious targets owing in part to external market disruptions we remain confident in the potential of these products and we are committed to realizing their commercial and financial benefits.

感測器引導技術和食道冷卻的收入佔醫院本季報告收入的 12%，年初至今貢獻了 15%。雖然我們在這些市場取得了進展，但我們承認，由於外部市場幹擾，我們未能實現自己雄心勃勃的目標，但我們仍然對這些產品的潛力充滿信心，並致力於實現其商業和財務效益。

We see significant market opportunities and expect robust growth in this business driven by our leadership in EP with MVP and MVP Excel and continued momentum with TEG 6s success. However, we need to further strengthen our commercial and clinical capability to establish our leadership across the newly acquired products accordingly. We are updating our hospital revenue guidance to a new range of 24% to 26% on a reported basis and 12% to 14% on an organic basis.

我們看到了巨大的市場機遇，並預計這項業務將實現強勁增長，這得益於我們在 MVP 和 MVP Excel 方面在 EP 領域的領導地位以及 TEG 6s 成功的持續發展勢頭。然而，我們需要進一步加強我們的商業和臨床能力，以確立我們在新收購產品中的領導地位。我們正在更新醫院收入預期，按報告基礎計算，成長 24% 至 26%，以有機基礎計算，成長 12% 至 14%。

Moving to plasma and blood center due to the planned CSL transition plasma revenue declined 9% in the quarter and 5% year-to-date with North America disposables revenue down 11% in the quarter and 6% year-to-date. Excluding CSL US disposables revenue grew in the quarter driven by premium pricing from technology upgrades, share gains and collections growth.

由於計劃中的 CSL 轉型導致轉向血漿和血液中心，血漿收入在本季度下降了 9%，年初至今下降了 5%，而北美一次性用品收入在本季度下降了 11%，年初至今下降了 6%。除CSL外，美國一次性產品收入在本季實現成長，這得益於技術升級帶來的溢價、份額成長和收款成長。

After a slight decline in Q2 US Collections volumes excluding CSL and share gains grew low single digits for the third quarter and 4%. Sequentially in line with historical seasonality as our customers focus on reducing cost per liter and benefit from increased center efficiency and 9% to 12% higher plasma yield. As they transition to our latest technology. Revenue growth in Europe was in the double digits driven by both share gains and robust collections environment. It is important to note that the CSL transition is for US, disposables and equipment. We continue to supply all of CSL's DMS software in the US and all of their equipment and disposables in Europe.

在第二季美國收款量（不包括CSL）略有下降之後，第三季的市佔率增加了個位數和4％。與歷史季節性保持一致，因為我們的客戶專注於降低每公升成本，並受益於中心效率的提高和血漿產量的提高 9% 至 12%。當他們轉向我們的最新技術時。受市場佔有率成長和強勁的收款環境的推動，歐洲地區的收入實現了兩位數成長。值得注意的是，CSL 過渡針對的是美國的一次性用品和設備。我們將繼續在美國供應 CSL 的所有 DMS 軟體，並在歐洲供應其所有設備和一次性用品。

We are excited to announce that we have signed new long-term agreements with BioLife and with Grifols reinforcing our continued close partnership and highlighting our ability to bring innovation to plasma collections.

我們很高興地宣布，我們已經與 BioLife 和 Grifols 簽署了新的長期協議，加強了我們持續的密切合作夥伴關係，並強調了我們為血漿收集帶來創新的能力。

Both agreements are centered around gaining market share through adoption of our winning technology both in the US and globally and collaborating on innovation over the coming years. we made meaningful progress, transitioning both customers to persona and express plus in the third quarter.

這兩項協議的核心都是透過在美國和全球範圍內採用我們成功的技術來獲得市場份額，並在未來幾年內開展創新合作。我們取得了重大進展，在第三季將兩位客戶都轉向了 persona 和 express plus。

Our technologies offer unmatched opportunities for cost reduction throughout the plasma collection center while maintaining the highest standards of donor safety with over $90 million collections on Nexus PCS, $40 million persona and now over a million Express Plus, we are establishing real world evidence that sets us apart from our competition.

我們的技術為整個血漿採集中心提供了無與倫比的降低成本的機會，同時保持了最高的捐贈者安全標準，透過 Nexus PCS 上的超過 9000 萬美元的採集、4000 萬美元的個人採集以及現在超過 100 萬美元的 Express Plus，我們正在建立讓我們在競爭中脫穎而出的真實世界證據。

Our innovation is transforming the EBITA profile of our collections business, making it significantly more profitable and well positioned to contribute to ongoing company wide margin expansion. We remain confident in the long-term sustainable revenue and earnings growth.

我們的創新正在改變我們的收款業務的 EBITA 狀況，使其盈利能力顯著提高，並有利於持續擴大公司利潤率。我們對長期可持續的收入和獲利成長仍然充滿信心。

Contribution from our plasma business and market demand for plasma derived therapy is strong and we see high single digit compound annual growth in fractionation capacity through 2032 as customer yield benefits annually and for productivity takes effect, we expect collection volumes to fully recover we are well positioned to outperform the growth of the plasma collections market by gaining share and expanding margins through innovation that helps customers safely reduce cost and improve donor satisfaction. We are updating our organic plasma revenue guidance to a 5% to 7% decline inclusive of approximately $100 million from CSL UD Disposables.

我們的血漿業務貢獻和血漿衍生治療的市場需求強勁，我們預計到 2032 年，分餾能力將實現高個位數複合年增長率，因為客戶收益每年都在增加，生產率也開始見效，我們預計收集量將完全恢復，通過創新獲得份額並擴大利潤率，幫助客戶安全地降低成本並提高捐贈者的滿意度，我們有能力超越血漿收集市場的增長。我們將有機血漿收入預期更新為下降 5% 至 7%，其中包括來自 CSL UD Disposables 的約 1 億美元。

Blood center revenue declined 3% in the third quarter and 2% year-to-date primarily due to the whole blood portfolio rationalization.

血液中心收入第三季下降 3%，年初至今下降 2%，主要原因是全血組合合理化。

A feracious revenue grew 5% in the quarter and 3% year-to-date driven by global plasma share gains and strong us red cell collections partially offset by fewer capital sales. International demand for source plasma is expanding following an in-depth head-to-head competitive evaluation. In our third quarter, we were selected as the exclusive supplier of plasma collection solutions to our largest customer outside the US. The Japanese Red Cross.

由於全球血漿市場份額的成長和美國紅血球收集量的強勁增長，本季收入強勁增長 5%，年初至今增長 3%，但資本銷售減少部分抵消了這一增長。經過深入的競爭評估，國際上對源血漿的需求正在擴大。在第三季度，我們被選為美國以外最大客戶的血漿收集解決方案獨家供應商。日本紅十字會。

This competitive win underscores the competitive strength of our Nexus PCS technology offering. Combined with the divestiture of the whole blood business, this positions us to meaningfully improve long term revenue and margin growth for this business.

此次競賽中的勝利凸顯了我們的 Nexus PCS 技術產品的競爭實力。結合全血業務的剝離，這使我們能夠顯著提高該業務的長期收入和利潤成長。

Accounting for the impact of the whole blood divestiture in our fourth quarter. We are updating our reported revenue guidance to a decline of 7% to 9% while reducing organic decline to 2% to 4%. Before I hand over the call to James, I'd like to offer a few additional remarks while we revised our revenue guidance to 3% to 5% growth on a reported basis and flat to 3% organic.

考慮我們第四季全血資產剝離的影響。我們將報告的收入預期更新為下降 7% 至 9%，同時將有機下降幅度降至 2% 至 4%。在我將電話交給詹姆斯之前，我想補充幾點意見，我們將收入預期修改為報告基礎上增長 3% 至 5%，有機增長 3% 至持平。

We remain confident in the steps we are taking to ensure sustainable long-term growth at attractive margins. Our record third quarter margins demonstrate that our strategy is working and we expect further margin expansion over the remainder of our long range plan.

我們對所採取的措施充滿信心，以確保以可觀的利潤率實現可持續的長期成長。我們創紀錄的第三季利潤率表明我們的策略正在發揮作用，我們預計在我們的長期計劃的剩餘時間內利潤率將進一步提高。

This year has presented significant external challenges but we take pride in how we've responded. We don't control external market disruptions. However, we've consistently found ways to adapt and drive progress as plasma collection slowed, we accelerated technology adopted and gained market share.

今年面臨重大的外部挑戰，但我們為自己的應對感到自豪。我們無法控制外部市場混亂。然而，隨著血漿收集速度放緩，我們加快了技術採用並獲得市場份額，我們一直在尋找適應和推動進步的方法。

We launched new assays and bolstered our performance with teg success to mitigate shortfalls in China in vascular closure, we introduced VASCADE MVP XL to help enable emerging ablation trends, enhancing both our product relevance and commercial capabilities.

我們推出了新的檢測方法，並透過 teg 成功提升了我們的性能，以緩解中國在血管閉合方面的不足，我們推出了 VASCADE MVP XL 來幫助實現新興的消融趨勢，增強了我們的產品相關性和商業能力。

Throughout, we've remained focused on innovation, ensuring strong results and long-term success. We are confident in our ability to drive profitable growth and value creation and we're excited about the opportunities ahead as we execute our vision in FY'26 and beyond. Now, over to you James.

自始至終，我們始終專注於創新，確保強勁的業績和長期的成功。我們對推動獲利成長和價值創造的能力充滿信心，我們對在26財年及以後執行我們的願景時面臨的機會感到興奮。現在，輪到你了，詹姆斯。

Thank you, Chris and good morning, everyone.

謝謝你，克里斯，大家早安。

Chris has already discussed our business units and company revenue. So now I'll discuss the rest of our financial results and updates to fiscal 2025 guidance. In the third quarter our adjusted gross margin was 57.7% an increase of 240 basis points compared to the prior year driven by favorable volume growth in hospital improving portfolio mix and pricing across all business units. Partially offset by a 30-basis point impact from foreign exchange year-to-date our adjusted gross margin was 56.6% reflecting a 210-basis point improvement year over year with the same growth drivers as in the quarter but a slightly higher impact from FX at approximately 70-basis points.

克里斯已經討論過我們的業務部門和公司收入。現在我將討論我們其餘的財務表現和 2025 財年指引的更新。第三季度，我們的調整後毛利率為 57.7%，較上年同期增加 240 個基點，這得益於醫院銷售的良好成長，以及所有業務部門的產品組合和定價的改善。部分抵銷了年初至今外匯帶來的 30 個基點的影響，我們的調整後毛利率為 56.6%，比去年同期提高了 210 個基點，成長動力與本季度相同，但外匯的影響略高，約為 70 個基點。

Our portfolio transformation is delivering the expected impact on our margins. We anticipate continued improvement for the remainder of this fiscal year and beyond supported by momentum in the hospital business, improving profitability of our plasma business and the divestiture of the previously margin, dilutive whole blood franchise.

我們的投資組合轉型正在對我們的利潤產生預期的影響。我們預計，在醫院業務發展勢頭、血漿業務盈利能力提高以及先前利潤率稀釋性全血特許經營權剝離的推動下，本財年剩餘時間及以後的業績將繼續改善。

Adjusted operating expenses in the third quarter were $111.5 million an increase of $1.2 million or 1% compared with the third quarter of the prior year. As a percentage of revenue adjusted operating expenses were at 32% down 150- basis points when compared with the same period last year as additional growth investments were more than offset by increasing operating leverage and lower performance-based compensation. Adjusted operating expenses year-to-date were $338.7 million an increase of $23.9 million or 8% compared with the prior year and 32.9% of revenue.

第三季調整後的營業費用為 1.115 億美元，較去年同期增加 120 萬美元，增幅為 1%。調整後的營業費用佔收入的百分比為 32%，與去年同期相比下降了 150 個基點，因為額外的成長投資被增加的營運槓桿和較低的績效薪酬所抵消。年初至今的調整後營業費用為 3.387 億美元，比前一年增加 2,390 萬美元（即 8%），佔營收的 32.9%。

The dollar increase in adjusted operating expenses was primarily due to the acquisitions of offense and attuned medical as well as additional investments to support growth.

調整後營業費用的美元增加主要歸因於進攻和醫療方面的收購以及為支持增長而進行的額外投資。

As a percentage of revenue adjusted operating expenses remained relatively flat compared to the same period last year. Adjusted operating income for the third quarter was $89.4 million. A $16.1 million increase or 25.7% of revenue a new company record. This reflects 150-basis point sequential expansion from the prior quarter and a 390-basis point increase year over year including a 40-basis point impact from FX. Year-to-date adjusted operating income was $244 million. Up $32 million or 23.7% of revenue, an increase of 100-80 basis points compared to the same period last year.

調整後的營業費用佔收入的百分比與去年同期相比保持相對穩定。第三季調整後營業收入為 8,940 萬美元。收入增加了 1,610 萬美元，佔 25.7%，創下了公司的新紀錄。這反映了較上一季較上季成長 150 個基點、較上年同期成長 390 個基點（其中包括外匯影響的 40 個基點）。年初至今調整後的營業收入為 2.44 億美元。增加 3,200 萬美元，佔營收的 23.7%，與去年同期相比增加了 100-80 個基點。

Key drivers included a higher margin portfolio, increased leverage as we scale and accelerate growth and lower performance-based compensation.

關鍵驅動因素包括更高的利潤率投資組合、隨著我們擴大規模和加速成長而增加的槓桿率以及更低的績效為基礎的薪酬。

We are confident in our ability to deliver continued margin expansion, and we are updating our fiscal '25 adjusted operating margin guidance to the high end of our previous range at approximately 24% with stronger margins anticipated. In the fourth quarter this sets the foundation for ongoing margin growth into fiscal '26 as we work toward achieving our target of high 20's adjusted operating margins outlined at our 2022 investor day.

我們有信心繼續提高利潤率，並且我們正在將 25 財年的調整後營業利潤率預期更新至先前範圍的高端，即約 24%，預計利潤率將更高。在第四季度，這為 26 財年的持續利潤率成長奠定了基礎，我們正努力實現 2022 年投資者日提出的調整後營業利潤率達到 20% 以上的目標。

The adjusted income tax rates were 25% in the third quarter and 24% year-to-date compared with 25% and 23% in the corresponding period last year. We anticipate our full year adjusted income tax rate to be approximately 23%.

第三季調整後的所得稅率為 25%，年初至今為 24%，去年同期分別為 25% 和 23%。我們預計全年調整後的所得稅率約為23%。

Third quarter, fiscal '25 adjusted net income was $60.3 million up $7 million or 13%. And adjusted earnings per diluted share was a dollar 19, up 14% when compared with the same period of fiscal '24 year-to-date adjusted net income was $169.9 million. Up $12.3 million or 8% and adjusted earnings per diluted share was $3.32 up 8%. When compared with the same period in 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 unfavorable impact in the third quarter and a $0.33 unfavorable impact year-to-date when compared with the prior year.

25 財年第三季調整後淨收入為 6,030 萬美元，成長 700 萬美元，成長 13%。調整後每股攤薄收益為 1.19 美元，較 24 財年同期成長 14%，今年迄今調整後的淨收入為 1.699 億美元。增加 1,230 萬美元，或 8%，調整後每股攤薄收益為 3.32 美元，成長 8%。與 24 財年同期相比。調整後的所得稅率、扣除股份數量變動的利息收入的利息支出以及外匯等因素綜合起來，與去年同期相比，在第三季度產生了 0.13 美元的不利影響，年初至今產生了 0.33 美元的不利影響。

Despite some changes to our revenue guidance, we anticipate strong earnings performance to continue as we tighten our adjusted EPS guidance range to $4.50 to $4.70. Before discussing the balance sheet, I'd like to provide additional context on the recent sale of our whole blood franchise.

儘管我們的營收預期有一些變化，但我們預計強勁的獲利表現將持續，因為我們將調整後的每股盈餘預期範圍縮窄至 4.50 美元至 4.70 美元。在討論資產負債表之前，我想先介紹一下我們最近出售全血特許經營權的更多背景資訊。

This strategic divestiture helps us better align our portfolio with our focus on winning markets, leading positions and strong financial performance and we expect it to positively impact revenue growth and margin expansion while enabling our teams to fully focus on high growth opportunities in line with our long-term vision.

此次策略性資產剝離有助於我們更好地調整投資組合，專注於贏得市場、保持領先地位和實現強勁財務業績。

We believe GDS is a natural owner of this business and we look forward to collaborating with them throughout the transition and beyond.

我們相信 GDS 是這項業務的天然所有者，我們期待在整個過渡期間及之後與他們合作。

Our guidance includes approximately $49 million in revenue from whole blood reflecting a 32% decline compared to the prior year on a reported basis with no impact on adjusted EPS as we expect to fully offset the impact of this divestiture with additional plant savings in fiscal '25 and fiscal '26. Moving to balance sheet and cash flow in the first nine months of fiscal '25 we recorded cash provided by operating activities of $65.2 million down from $117.7 million in the same period last year and free cash flow of $49.7 million compared with $62.3 million in the same period of fiscal '24.

我們的預期包括全血業務約 4,900 萬美元的收入，與前一年相比下降 32%，但對調整後的每股收益沒有影響，因為我們預計透過 25 財年和 26 財年的額外工廠節省將完全抵消此次資產剝離的影響。轉向資產負債表和現金流，在25財年的前九個月，我們記錄的經營活動提供的現金為6520萬美元，低於去年同期的1.177億美元，自由現金流為4970萬美元，而24財年同期為6230萬美元。

This decline was driven by an increase in working capital largely due to higher inventory levels, digital transformation costs and the timing of certain payments that occurred in our fiscal first quarter.

這一下降主要是由於營運資本增加所致，這主要是由於庫存水準提高、數位轉型成本以及第一財季某些付款的時間安排所致。

Despite lower cash flow year-to-date, we expect to finish fiscal '25 with strong free cash flow and we have updated our guidance to a new range of $120 million to $140 million. Cash on hand at the end of the quarter was $320.8 million up $142 million since the beginning of this fiscal year, primarily due to our recently completed debt transactions and partially offset by our acquisition of attuned medical and share buybacks.

儘管今年迄今的現金流較低，但我們預計25財年結束時自由現金流將強勁，並且我們已將我們的預期更新為1.2億至1.4億美元的新範圍。本季末的現金餘額為 3.208 億美元，比本財年初增加了 1.42 億美元，這主要歸功於我們最近完成的債務交易，並被我們對協調醫療的收購和股票回購部分抵消。

There were no changes to our debt structure in the quarter and no outstanding borrowings on the revolving credit facility resulting in a net leverage ratio of approximately 2.42 times EBITDA as defined by our credit agreement.

本季我們的債務結構沒有變化，循環信貸安排中也沒有未償還借款，導致淨槓桿率約為我們的信貸協議定義的 EBITDA 的 2.42 倍。

In closing, I'd like to reiterate that we are in a stronger portfolio position than ever with every business contributing to margin expansion and accelerating revenue growth in years to come. In fact, all three of our business units are expected to exit fiscal '25 and improve margins with further opportunities for growth ahead.

最後，我想重申，我們的投資組合地位比以往任何時候都要強大，每項業務都將為未來幾年的利潤擴大和加速收入成長做出貢獻。事實上，我們三個業務部門預計在25財年結束時利潤率均有所提高，未來將有更多成長機會。

The underlying markets are strong, and we expect growth in us plasma collections to fully recover to historical average growth rate in the high single digits in vascular closure. We expect PFA to have a net positive impact on our business as growth in the treatment of atrial fibrillation procedures. More than offset any changes in the number of access points.

基礎市場強勁，我們預期美國血漿收集量的成長將完全恢復到血管閉合領域歷史平均的高個位數成長率。我們預計 PFA 將對我們的業務產生淨正面影響，因為心房顫動治療的成長。抵消接入點數量上的任何變化。

We are winning with our technology including leading in head to head competition in plasma accelerating our success in vascular closure with MVP and MVP Excel and changing the standard of care in viscoelastic testing with our point of care system TEG 6s. And finally, with an existing capacity of nearly $1 billion and a strong balance sheet, we will remain opportunistic in capital allocation focusing on value creation, including organic growth, synergistic Tuckins and share repurchases.

我們憑藉技術贏得了勝利，包括在血漿領域的正面競爭中保持領先，利用 MVP 和 MVP Excel 加速我們在血管閉合方面的成功，以及利用我們的護理點系統 TEG 6s 改變黏彈性測試的護理標準。最後，憑藉近 10 億美元的現有產能和強勁的資產負債表，我們將繼續在資本配置方面抓住機會，專注於價值創造，包括有機成長、協同 Tuckins 和股票回購。

M&A is key to our long-term success, and we are committed to capitalizing on the benefits of newly acquired products and future strategic Tuck ins in our pipeline.

併購是我們長期成功的關鍵，我們致力於利用新收購的產品和未來的策略性產品組合帶來的優勢。

We are excited about the future and remain focused on delivering long term value for our shareholders.

我們對未來充滿期待，並將繼續致力於為股東創造長期價值。

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

謝謝大家，我們現在準備開始問答環節。

Thank you. If you'd like to ask a question (Operator instructions)

謝謝。如果你想問問題（操作員指令）

And our first question comes from Anthony Petrone with Mizuho Financial Group. Your line is open.

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

Thanks, and I hope everyone's doing well. And Chris, you have the Philly pushing for you there on the Super Bowl on Sunday. So, I hope your team wins. Maybe I'll start with plasma and then shift over to VASCADE Excel on plasma. Maybe. Could we walk through a little bit on decoupling?

謝謝，祝大家一切順利。克里斯，週日的超級盃比賽將由費城隊全力支持。所以，我希望你的球隊獲勝。也許我會從等離子開始，然後轉到等離子上的 VASCADE Excel。或許。我們能否稍微討論一下脫鉤問題？

You know where CSL contribution was in the quarter? I think the math is suggesting that they've rolled off faster than initially forecasted earlier in the year. And then again, those underlying trends, I think you mentioned Chris that underlying plasma grew 4% but you have talked about share gains.

您知道本季 CSL 的貢獻在哪裡嗎？我認為數學計算表明，它們的下滑速度比今年早些時候預測的要快。再說一次，那些潛在的趨勢，我想你提到克里斯，潛在的血漿增長了 4%，但你談到了份額增長。

So maybe just looking at that number a little bit more closely like how much is share gain, how much is price and where was actually underlying volume just to clean that up a little bit. And I'll have a follow up on VASCADE.

因此，也許只需更仔細地看一下該數字，例如股票收益是多少，價格是多少以及實際的潛在交易量是多少，就可以稍微整理一下。我將跟進 VASCADE。

Yeah, Anthony, thanks and go Bird. CSL's performing exactly online with what we guided to last May. We thought that the, originally was you know, approximately $100 million. That that's still where we believe it is. It's a 7,030 split, meaning 70% of that was realized in the first half of our fiscal year with the remaining 30%. So that transition is largely on track and things are progressing as plans and they're complying with the contract. So, no changes, no issues there.

是的，安東尼，謝謝你，加油伯德。CSL 的表現與我們去年 5 月的預期完全一致。我們認為，最初的金額大約是 1 億美元。我們依然相信它就在那裡。這是 7,030 的分割，這意味著其中 70% 是在我們財政年度上半年實現的，剩下的 30%。因此，過渡基本上順利，一切正在按照計劃進行，並且正在遵守合約。因此，沒有變化，也沒有問題。

In terms of the rest of the field what we saw in the second quarter in the third quarter was growth sequentially consistent with our historical seasonal averages in terms of volume. What we add on top of that is share gains specifically at BioLife and at cripples and then the ongoing technology upgrade which we communicated last quarter, we expect to have substantially complete everyone on persona by the end of this fiscal year. That that's a key milestone for a long time.

就該領域的其他產品而言，我們在第二季和第三季看到的銷售成長與我們的歷史季節性平均值保持一致。除此之外，我們還要補充一點，特別是在 BioLife 和 Cripples 方面的份額增長，以及我們上個季度溝通的持續技術升級，我們預計到本財年末，Persona 上的所有內容將基本完成。這是長期以來的一個重要的里程碑。

Now, we've been talking, when will the rest of the field adopt. So, in the next 60 days, the rest of the field will have adopted. And you see that coming through plasma's role and in margin expansion is quite significant because of the innovation premium there.

現在，我們一直在討論，其餘領域何時會採用。因此，在接下來的 60 天內，其餘領域也將採用。您會發現，由於創新溢價，等離子在利潤率擴張方面發揮的作用非常重要。

Okay? And then just, just lastly, I guess the last piece on, base volumes obviously, and you know, we've been talking about quite a bit that there was a safety stock replenishment phase.

好的？最後，我想最後一段顯然是關於基礎產量，你知道，我們已經討論過很多次安全庫存補充階段。

It seems like that specifically is the slow, the reason for the slowdown in volumes. Is there anything else that you can point to structurally and then just quickly on VASCADE, you know, last quarter, the outlook for second half was high 20's. I think you're coming into the mid 20's here within VASCADE. So maybe just a little bit about the Excel pushes how many accounts have adopted it at this point.

這似乎正是導致交易量放緩的原因。您還能從結構上指出什麼嗎？ 然後簡單介紹一下 VASCADE，您知道，上個季度，對下半年的預期是 20 多美元。我認為您在 VASCADE 中的水平已經達到了 20 多歲了。因此，我們可能只需要稍微了解一下 Excel 推播，就可以知道目前有多少帳戶採用了它。

And you know, is there any you know, can maybe walk us through the bridge from high 20's to mid 20's that shift Q over Q? Thanks.

您知道嗎，有沒有人可以帶我們走過從 20 多歲到 20 多歲中間的橋樑，讓 Q 轉移到 Q 上？謝謝。

Yeah, thanks, Anthony. I look on plasma collection volumes. I think there's a lot of hand wringing out there in the market. It's misplaced, right? What we observe our leading collectors doing in the moment is capitalizing on the innovation premium and the technology upgrades. So, we give them an immediate boost in most cases in excess of 10%. Now, when we roll this out to the smaller collectors or earlier in the cycle, they took that 10 and added another 10 in their day-to-day productivity and we're off to the races and that's what fueled the pace of the recovery.

是的，謝謝，安東尼。我查看了血漿收集量。我認為市場上存在著許多令人焦慮的情況。放錯地方了，對吧？我們觀察到，目前主要收藏家正在利用創新溢價和技術升級。因此，在大多數情況下，我們會立即給予他們超過 10% 的增幅。現在，當我們將其推廣到較小的收集者或在週期早期階段，他們會把這 10 個收集者的數量在日常生產力中再增加 10 個，然後我們就開始競爭，這就是推動復甦步伐的動力。

Now, the focus is cost per liter as they get closer to their target inventory levels. So, we're a key enabler of that. However, as they begin to lap those productivity improvements, we expect this to return to historic seasonal averages and I step back from it all.

現在，隨著他們越來越接近目標庫存水平，重點是每公升成本。因此，我們是實現這一目標的關鍵推動者。然而，隨著他們開始提高生產力，我們預計這一數字將回到歷史季節性平均水平，而我對此並不認同。

There's always been a lot of noise in the system. I said that JP Morgan and people got kind of anxious about it. The reality is the number, moves up and down in any given period based on the vagaries and the challenges individual collectors face. We look at a number of factors including the discrepancy between the growth in demand, compound annual growth rate for IG based therapy with the long-term growth in collections. And there's at least a 200- -basis point differential between the two with collections lagging.

系統中總是存在著許多噪音。我說摩根大通和人們對此有點焦慮。實際情況是，根據收藏家個人所面臨的變化和挑戰，這個數字在任何特定時期都會上下波動。我們考慮了許多因素，包括需求成長、免疫球蛋白治療的複合年增長率與長期收藏量成長之間的差異。兩者之間的差距至少有 200 個基點，而且收款速度落後。

So, we know they need to continue to run hard against that. When we look at the planned expansion between now and 2032, we know that there's going to be a mid to high single digit growth in fractionation expansion which accompanies the advancements in IG particularly in primary and secondary immune deficiency.

所以，我們知道他們需要繼續努力應對。當我們展望現在到 2032 年之間的計劃擴張時，我們知道，隨著免疫球蛋白G（特別是在原發性和繼發性免疫缺陷方面）的進步，分餾擴張將出現中高個位數的增長。

It accompanies the ongoing uptick in subcutaneous which requires 20% to 25% more plasma on dose equivalent basis. So, we look at that high single digit growth in the capital expenditures against that and feel very confident within the existing network that with our technology, we can help restore collections growth and deliver against it.

它伴隨著皮下注射的持續上升，在劑量當量基礎上需要增加 20% 到 25% 的血漿。因此，我們看到資本支出呈現個位數的高成長，並對現有網路充滿信心，相信憑藉我們的技術，我們可以幫助恢復收款成長並實現這一目標。

So, temporary pullback, we believe it's temporary. There's nothing structural. Our team to their credit is capitalizing on the role to get new technology rolled out to gain share. Such that as collection volumes recover, we'll be that much better positioned. So, we're very bullish on where plasma is going intermediate to longer term. There' no worries there on VASCADE Excel products, a game changer. We're excited about what we're doing there. We're enthusiastic and we set bold and aggressive goals for our team to deliver.

因此，我們認為暫時的回調只是暫時的。沒有任何結構性的東西。我們的團隊充分利用這個角色，推出新技術，贏得市場份額，這值得稱讚。隨著收集量的恢復，我們將處於更有利的地位。因此，我們非常看好等離子體的中長期發展。使用 VASCADE Excel 產品無需擔心，它將改變遊戲規則。我們對在那裡所做的事情感到非常興奮。我們充滿熱情，並為我們的團隊設定了大膽而積極的目標。

We see VASCADE MVP and VASCADE Excel tracking very powerfully to [afib] ablation, including with the newer modalities on PFA. We've had a bit of a lag on VASCADE which is predominantly used in PCI. And I think we've just got, there is competition, there's always been competition and, we have a young and relatively inexperienced sales team that's working up the learning curve of multi-tasking across, we will deliver against it. And anything we're not getting done in the current period will be that much more of an opportunity for us in FY'26 and beyond. So, the product is excellent and the market's right. And so, we need to just execute against it, which I'm confident we will going forward.

我們看到 VASCADE MVP 和 VASCADE Excel 對 [afib] 消融的追蹤非常強大，包括採用 PFA 上的較新模式。我們在主要用於 PCI 的 VASCADE 上遇到了一點滯後。我認為，我們有競爭，競爭一直存在，我們擁有一支年輕且相對缺乏經驗的銷售團隊，他們正在努力學習多任務處理技能，我們將努力實現這一目標。我們目前未完成的任何事情都將為我們在 2026 財年及以後創造更多機會。所以，該產品非常好，而且市場前景也很好。所以，我們只需採取行動，我相信我們將會繼續前進。

Thank you.

謝謝。

Thank you. Our next question comes from Rohan Patel with JP Morgan. Your line is open.

謝謝。下一個問題來自摩根大通的 Rohan Patel。您的線路已開通。

Hi, thanks so much for taking the question. I guess the first one I had was just following up on Anthony's question on VASCADE, I think you mentioned a roughly 12% revenue contribution from new products which by my math and maybe just this might require a clarification gets to still doesn't really get us to the mid 20's vascular closure growth in the quarter. So maybe you could just clarify that to start and then also just if you could provide any commentary on the PFA attach rate, I guess what, what are you hearing from doctors now that you have MVP Excel in the market? And what's the relative growth contribution from PFA and Enclosure?

你好，非常感謝您回答這個問題。我想我第一個問題只是在跟進安東尼關於 VASCADE 的問題，我記得你提到新產品大約貢獻了 12% 的收入，根據我的計算，也許這可能需要澄清，但這仍然沒有真正使我們在本季度達到 20% 左右的血管閉合器增長率。因此，也許您可以先澄清這一點，然後如果您可以對 PFA 附加率提供任何評論，我想，現在市場上有了 MVP Excel，您從醫生那裡聽到了什麼？PFA 和 Enclosure 的相對成長貢獻是多少？

Well, and thanks for the questions. The mid 20's that we talked about in the prepared remark and that I just touched upon is a breakout of MVP and MVP Excel, which really constitutes the portfolio's role in ablation therapy. The additional number and your back of the envelope math is not far off is adding in VASCADE which is really it is kind of pulled that back. The new products that you spoke about yeah, there's a challenge with the new products and we're working our way through. Getting those on track. They are falling short of our own ambitious expectations. There's nothing wrong with the product. There's nothing wrong with the market. It is challenging PFA is a disruptive influence for ensoETM specifically, but there's a way to work through that and we're actioning that now.

好吧，謝謝你的提問。我們在準備好的評論中談到的以及我剛剛提到的 20 年代中期是 MVP 和 MVP Excel 的突破，這真正構成了投資組合在消融治療中的作用。附加數字和信封背面的數學計算相差不大，就是在 VASCADE 中添加了數字，這實際上是將其拉回。是的，您提到的新產品確實存在挑戰，我們正在努力解決。讓這些都步入正軌。他們未能達到我們自己的雄心勃勃的期望。產品沒有任何問題。市場沒有問題。具有挑戰性的是，PFA 對 ensoETM 具有破壞性影響，但有辦法解決這個問題，我們現在正在採取行動。

And this is all just jumping direction here. The 12% that you're referencing, that's the contribution from M&A product to the reported growth rate. So just wanted to make that clear. So, it's a very different number than the VASCADE closure growth investigating MVP and MVP Excel.

這只是跳躍方向而已。您所提到的 12% 是併購產品對報告的成長率的貢獻。我只是想把這一點說清楚。因此，這個數字與調查 MVP 和 MVP Excel 的 VASCADE 閉包成長數字有很大不同。

Got it. That's helpful. Thank you. And then I guess my follow up was just on margins and free cash flow. You had pretty healthy operating margin expansion in the quarter. But obviously had a bit of a shortfall in free cash flow and brought that guy down for the year, I guess. Can you just talk a bit more about the discrepancy there? How much of that is temporary? And I guess you mentioned an increase in working capital, but what, what gives you confidence that you can eventually improve free cash flow beyond the quarter and into fiscal '26?

知道了。這很有幫助。謝謝。然後我想我的後續關注點只是利潤率和自由現金流。本季你們的營業利潤率成長相當健康。但顯然，自由現金流出現了一些短缺，我想這導致他今年的業績下滑了。您能否再詳細談談那裡的差異？其中有多少是暫時的？我想您提到了營運資本的增加，但是，什麼讓您有信心最終可以在本季度之後以及在 26 財年改善自由現金流？

Yeah, thanks.

是的，謝謝。

Thanks Rohan. Yeah, we had a very strong operating margin performance in the quarter. We were very pleased with that and set us up nicely, you know, for our future goals and in 26. In terms of cash flow, you know what gives me confidence there really on that working capital number is that this fiscal year, there were a lot of mostly in inventories. And we used the year to replenish our nexus inventory. So in our accounting, whenever we purchase a new nexus system, it goes into inventory first.

謝謝 Rohan。是的，本季我們的營業利潤率表現非常強勁。我們對此感到非常高興，這為我們未來的目標以及 26 年的目標做好了準備。就現金流而言，您知道真正讓我對營運資本數字充滿信心的原因是本財年的大部分營運資本都是庫存。我們利用這一年的時間來補充我們的庫存。因此在我們的會計中，每當我們購買新的 Nexus 系統時，它都會先進入庫存。

And that's the biggest chunk of the increase in inventory. The other thing that I don't expect to replicate or duplicate next year is when we started the year, our plasma inventories were very low and we were at a point where we know we were, we were essentially, hand to mouth. We have depleted our finished goods inventories as we were supplying the market. And we used this year to replenish those inventories which you know is a use of cash.

這是庫存增加的最大部分。另一件我預計明年不會重複的事情是，當我們年初時，我們的血漿庫存非常低，而且我們知道我們基本上處於勉強糊口的境地。由於我們正在向市場供應成品庫存，因此我們的成品庫存已經耗盡。我們利用今年的時間來補充這些庫存，你知道這是使用現金。

So, I think those are the two biggest drivers, beyond that. You know, there's always going to be issues with timing on you know, collections and payments. So those will go up and down. But the inventory piece of it is the one that shouldn't recur and we'll, we'll look to see improvements and free cash flow as we as we move forward.

所以，我認為這是除此之外的兩個最大的驅動因素。您知道，收款和付款的時間問題總是存在的。所以它們會上下波動。但庫存部分不應該再次出現，我們將在未來看到改進和自由現金流。

Thank you.

謝謝。

Thank you. Our next question comes from Marie Thibault with BTIG. Your line is open.

謝謝。我們的下一個問題來自 BTIG 的 Marie Thibault。您的線路已開通。

Hi, good morning. Thanks for taking the questions. Wanted to start here maybe on the Blood Management Technologies segment. You mentioned increased utilization, increased installed base and a bit of a tail wind from this new Essay cartridge with strong performance in the US and a but weakness in China. I wonder if we could get a little bit more detail around some of that. How sustainable do you think this tail windows for the US and the with the new Essay cartridge? What is your expected timeline on the China weakness? Any other details around that business would be helpful?

嗨，早安。感謝您回答這些問題。也許想從血液管理技術部分開始。您提到了利用率提高、安裝基數增加以及這種新的 Essay 墨盒帶來的一些順風，這種墨盒在美國表現強勁，但在中國表現疲軟。我想知道我們是否可以更詳細地了解其中的一些內容。您認為這款尾窗對於美國和新款 Essay 墨盒的可持續性如何？您預計中國經濟疲軟的時間表是怎樣的？有關該業務的任何其他詳細資訊是否有幫助？

Yeah, thanks Marie. We're very bullish on blood management technologies. We have, we made a leadership change there last year. That team is dialed in, and they are really delivering. They've taken the heparinase neutralization of the global assay and just run with it here in the States, which is what you see in terms of 35% last quarter mid 20s, this quarter. So, I think there's room to run with that team and with that product and you're seeing that delivery, which is really helping the European team has found their stride as well. And is picking up, we will bring that assay to Europe, there's plans underway that we're executing against that.

是的，謝謝瑪麗。我們非常看好血液管理技術。我們已經，去年進行了領導層變動。該團隊已全力投入工作，並且確實取得了成果。他們採用了全球的肝素酶中和檢測方法，並在美國進行推廣，上個季度的肝素酶中和率為 35%，本季則為 20% 左右。所以，我認為該團隊和該產品還有發展空間，而且您也看到了交付情況，這確實有助於歐洲團隊找到自己的步伐。並且正在加速進展，我們將把這種檢測方法帶到歐洲，我們正在製定計劃並付諸實施。

So we expect, continued robust growth across the base of those two. We're also getting good growth from our other products transfusion management and in the quarter at least sell salvage. So, it's a nice overall package that that team is delivering against China's unique, right? China is less than 5% of our global revenue. That revenue is split 50-50 between blood center and hospital, blood center business is intact and doing well within the hospital. It's split roughly 50-50 again between transfusion, hemostasis management and cell salvage.

因此，我們預計，這兩個基礎將繼續保持強勁成長。我們的其他產品輸血管理也取得了良好的成長，並且本季至少銷售了殘渣產品。所以，這支隊伍在對抗中國隊時表現出色，對嗎？中國市場占我們全球收入的不到5%。收入由血液中心和醫院各佔一半，血液中心業務完好無損，且在醫院內部運作良好。輸血、止血管理和細胞挽救的比例又大致為 50-50。

Salvage is fine we issue very specifically is hemostasis management and it's evolved over the course of the last year from the various localization efforts. You know, kind of, specific controls and confusion in the market to significant cutbacks in reimbursement.

搶救工作做得很好，我們特別強調的是止血管理，它是在過去一年中透過各種定位努力發展出來的。您知道，特定的控制和市場混亂導致報銷金額大幅削減。

And we don't expect that to get better. We think that that's a really challenged market and we're grateful that our exposure is quite minimal there. So, from our vantage point, we'll deliver in the markets where the products valued and re reimbursed appropriately. And you know, as we lap the China comparable, I think you'll see that performance in our FY'26 really come to the fore.

我們也不指望情況會好轉。我們認為那是一個真正充滿挑戰的市場，我們很慶幸我們在那裡的曝光率相當低。因此，從我們的角度來看，我們將在產品估價合理且能得到適當補償的市場上交付產品。而且您知道，當我們與中國進行比較時，我認為您會看到我們 26 財年的表現真正脫穎而出。

Okay. Got it. And then I wanted to ask a follow up here on the BioLife and Grifols contracts. Any more quantitative details that you can offer around that in terms of, how long those are for? what amount of market share that that opens you up to any details on, you know what this might add to kind of core plasma growth year over year. Any other details? I think it's an encouraging sign.

好的。知道了。然後我想在這裡詢問有關 BioLife 和 Grifols 合約的後續情況。您能提供更多量化細節嗎，例如持續時間多長？市場佔有率是多少？還有其他詳細資訊嗎？我認為這是一個令人鼓舞的跡象。

Yeah, we agree, Marie, it's a very encouraging sign and I'd say more broadly again about the team and about the product, anyone who has done a detailed assessment of our Nexus platform has chosen Nexus period full stop. So, we're optimistic about that. The wins at Ripples and BioLife are long duration contracts. I think 5 to 7 plus years, they tend to be tiered pricing that works, in our benefit in two ways, more volume is better for everybody involved.

是的，我們同意，瑪麗，這是一個非常令人鼓舞的跡象，我想再次更廣泛地說，關於團隊和產品，任何對我們的 Nexus 平台進行過詳細評估的人都會選擇 Nexus。因此，我們對此感到樂觀。Ripples 和 BioLife 贏得的是長期合約。我認為在 5 到 7 年以上的時間裡，它們傾向於採用分級定價，這對我們有雙重好處，交易量越大，對所有參與的人來說就越好。

And we reflect that in the pricing and then higher utilization, better turn rates, better return on investment capital. And we're really pleased with the nature of the partnerships that have evolved in and around these extended agreements. And so, we would be surprised and disappointed if we weren't the majority share players in each of those accounts going forward. And so, I'll leave it at that for now. But the relationships across the board have never been stronger, the products delivering fully and we expect to capitalize on.

我們在定價中反映了這一點，然後是更高的利用率、更好的周轉率、更好的投資資本回報率。我們對這些延長的協議中所建立的合作關係的性質感到非常滿意。因此，如果我們不再是每個帳戶中的大部分股東，我們會感到驚訝和失望。因此，我現在就到此為止了。但全面的關係從未如此牢固，產品交付充分，我們期望從中獲益。

Okay, I appreciate the details. Thanks so much.

好的，我很欣賞這些細節。非常感謝。

Thank you. Our next question comes from David Turkaly with citizens JMP. Your line is open.

謝謝。我們的下一個問題來自公民 JMP 的 David Turkaly。您的線路已開通。

Hey, good morning. I apologize. I've been jumping around a couple of calls but Chris, I wanted to just make sure I heard something correctly. So you said, you know, looking at over the next seven years, mid to high single digit growth and collections for plasma is sort of what to anticipate. And I guess, you don't want to give forward guidance, but that should sort of be a floor for what your growth there looks like as we look ahead. Correct. I mean, like there's not a reason what once you're past CSL.

嘿，早安。我很抱歉。我已經打了好幾個電話了，但是克里斯，我只是想確保我聽到的是正確的。所以您說，展望未來七年，等離子電視的銷售將以中高個位數成長，這是可以預期的。我想，你不想給出前瞻性的指引，但這應該是我們展望未來成長的底線。正確的。我的意思是，一旦你通過了 CSL，就沒有什麼理由再發生什麼事了。

Yeah, they, it's let me just be clear that the mid to high single digit compound annual growth rate through 2032 is in committed fractionation capacity. So, this is what our customers have announced publicly, is their intention in terms of expanding their, their capacity. We like the number of, I can quote you several 1,000 clinical trials for IG. I can talk about the fact that the existing network is operating still at 80% which gives meaningful room to expand without new center openings.

是的，他們，讓我明確一點，到 2032 年，中高個位數的複合年增長率是承諾的分餾能力。這就是我們的客戶公開宣布的他們擴大產能的意圖。我們喜歡這個數字，我可以給你引用幾千個 IG ​​臨床試驗的例子。我可以說的是，現有網路的運作率仍達到 80%，這為無需開設新中心提供了有意義的擴展空間。

Although some of our customers are stepping up the new center openings again. Now, they're all interesting stats, powerful stats, I can talk about the growth in primary and secondary, I mean, but at the end of the day, they don't commit to multi-billion-dollar capital expansions unless they believe there's end market demand. So that's when we go back test this over decades, the fractionation capacity tends to be a very good proxy for what you describe as the floor.

儘管我們的一些客戶正在再次加緊開設新中心。現在，它們都是有趣的統計數據，強有力的統計數據，我可以談論小學和中學的成長，我的意思是，但歸根結底，除非他們相信有終端市場需求，否則他們不會承諾進行數十億美元的資本擴張。所以當我們回顧過去幾十年的測試時，分餾能力往往可以很好地代表你所描述的底線。

And then we build on that based on what we can achieve. Whether it's you know, more plasma needed is productivity through those centers which through those plants, which we know is the case and has been communicated by our customers. On top of you need the added demand for subcutaneous. You know, us being able to collect, ahead of the vaccination demand, our ability to gain share. And then of course, the price premium which we're very pleased we've been able to command for our superior technology.

然後我們根據所能取得的成就繼續前進。您是否知道，需要更多的血漿來透過這些中心或這些工廠提高生產力，我們都知道情況確實如此，我們的客戶也已經傳達了這一訊息。除此之外，您還需要增加皮下注射的需求。你知道，我們能夠在疫苗接種需求之前收集獲得市場份額的能力。當然，我們很高興能夠憑藉我們卓越的技術獲得更高的價格。

And then just one other quick clarification, the change in the guide for hospital, I think you said it was not related to tech and vascular closure. Is that correct?

然後還有一點需要澄清，關於醫院指南的變化，我認為您說過這與技術和血管閉合無關。那正確嗎？

Yeah, tech and vascular closure are doing tag is doing exactly what we needed to do. And then some covering its own challenges in China which will lap here shortly, and it gets more favorable. Vascular closure is just it's a multi-faceted, right? We're very pleased with MVP and MVP XL, which is our primary ablation play.

是的，技術和血管閉合標籤正在做我們需要做的事情。然後還有一些關於其在中國面臨的挑戰的內容，這些內容很快就會講到這裡，而且會變得更加有利。血管閉合只是多方面的，對嗎？我們對 MVP 和 MVP XL 非常滿意，這是我們的主要消融手段。

So despite the PFA disruption, we're doing what we need to delivering where we can growing, commensurately where we need to get better is on that SCA which is primarily in interventional cardiology. And I think it's, product as competition is a very good product, but it needs attention and that's why we're doing the expansion and the development work clinically and commercially to make sure VASCADE delivers fully on its potential as well. It's 15% of the vascular closure opportunity, but it is a large market, and it is still very much untapped market. So, we know we can do better there.

因此，儘管存在 PFA 中斷，我們仍在盡我們所能實現成長，相應地，我們需要改進的地方是 SCA，這主要是介入性心臟病學領域。我認為，作為競爭對手的產品是一款非常好的產品，但需要注意，這就是為什麼我們在臨床和商業上進行擴展和開發工作，以確保 VASCADE 也能充分發揮其潛力。這是血管閉合機會的15％，但這是一個很大的市場，並且仍然是一個尚未開發的市場。所以，我們知道我們可以做得更好。

Thank you.

謝謝。

Thank you. Our next question comes from Andrew Cooper with Raymond James. Your line is open.

謝謝。我們的下一個問題來自 Raymond James 的 Andrew Cooper。您的線路已開通。

Everybody. Thanks for the time. I'm going to maybe stick with that VASCADE discussion here for a second. So just want to make sure the math, right? Math is right and maybe get a little bit more context so that you can offer it on et growth essentially being in the mid 20's.

大家好。感謝您的時間。我可能要在這裡堅持討論 VASCADE 一段時間。所以只是想確認一下數學，對嗎？數學是正確的，也許可以得到更多的背景信息，以便您可以提供關於 et 增長基本上在 20 年代中期的信息。

It implies that that, regular VASCADE, if we'll call it that or the IC component there was down pretty substantially. I don't think we've necessarily, known that to be the case. So maybe just a little bit more color on what's driving declines there. Are you, losing competitive share? Is there something that's changed in that competitive environment over the last couple quarters or what's going on in that admittedly smaller sub segment of the market?

這意味著，常規的 VASCADE（如果我們這樣稱呼它）或 IC 組件大幅下降。我認為我們不一定知道情況確實如此。因此，我們也許可以更詳細地了解導致那裡經濟下滑的原因。您是否正在失去競爭份額？在過去幾季中，競爭環境是否發生了變化，或者在公認較小的細分市場中發生了什麼情況？

Yes. And you've got it right. You know, the 85% is doing well, will continue to propel us on that 15% I think we've got a couple few things going on. One is there is a step up in competition. When a product as VASCADE is now in all its forms approaches $200 million in the hospital, you start getting attention from competitors and we clearly woken them up. And that's a good thing when you capitalize on it because that, that's more share of voice and you know, we just need up our game in terms of competitive wins.

是的。你說得對。您知道，85％ 的表現良好，將繼續推動我們實現那 15％ 的目標，我認為我們已經有幾件事要做了。一是競爭進一步加劇。當 VASCADE 等產品在醫院的銷售額達到 2 億美元時，您就會開始引起競爭對手的注意，我們顯然喚醒了他們。當你利用這一點時，這是一件好事，因為這意味著更多的聲音，你知道，我們只需要在競爭中獲勝方面提高我們的水平。

I think the other factor is an internal factor it's as we build out, we will solve this. But from where we sit, we are slightly under resourced in interventional cardiology, particularly in structural heart. And we're committed to delivering, for example, on Savvy wire as one of the acquired products, we've really ramped up its extensive training. There's real time in procedures working with the interventionist as they go through.

我認為另一個因素是內部因素，隨著我們的建設，我們會解決這個問題。但從目前的情況來看，我們在介入性心臟病學，特別是結構性心臟病的資源略顯不足。我們致力於提供例如 Savvy wire 作為收購產品之一的產品，我們確實加強了對其的廣泛培訓。在與介入人員合作的過程中需要花費真實的時間。

And the unintended consequence of that has been a temporary loss of focus on bask same, target set for the same sales force, but a different procedure base. And so we've got to correct for that. We are and I think the investments we have planned that are part of our ongoing commercial build will give us the mind share and the resources to correct that problem in short order.

而這種做法的意外後果就是暫時不再專注在同樣的銷售團隊，而是採用不同的程序基礎來設定目標。所以我們必須糾正這一點。我們正在進行商業建設，我認為我們計劃進行的投資將為我們提供思想共享和資源，以便在短時間內解決這個問題。

Okay. That's helpful. Maybe next, knowing full well, the tariff situation is, let's say dynamic. What's the latest thinking in terms of, potential contingency plans? If something major goes into effect in Mexico or, how a tariff, whether it's, let's just say 25% or that range might translate to, an impact on profitability given the manufacturing presence you have south of the border.

好的。這很有幫助。也許接下來，我們充分了解後，關稅情況將是動態的。就潛在應急計劃而言，最新的想法是什麼？如果墨西哥實施重大政策，或徵收 25% 左右的關稅，會對墨西哥南部的製造業基地的獲利能力產生怎樣的影響？

Yeah. And I think we're grateful that we are running on a fiscal year basis and don't have to guide for, the year to come at this point. Given how dynamic the situation is we're obviously paying close attention and it's done a bunch of modeling. I'd say three things up front that what way in our favor? Because we've seen something at some news out there, which is just erroneous about our relative exposure. The first thing is we have no exposure to China zero.

是的。我認為，我們很慶幸我們是在財政年度基礎上運作的，而目前不需要為來年做出指引。考慮到情況的動態，我們顯然會密切關注，並進行大量建模。我想先說三件事，什麼對我們有利？因為我們在一些新聞中看到一些關於我們相對曝光度的報導是錯誤的。首先，我們對中國的敞口為零。

I talked about the revenue base there that's separate. It's very modest. We don't manufacture in China. We do not supply from China and we have zero exposure to the tariffs that have gone into effect there on top of what was already there before. As we think about Mexico and Canada, we have exposure and I'll talk about that. But it's important to remember, we made a $30 million capital investment in our Pittsburgh Pennsylvania facility and that is the home and a state of the art operation for plasma bowls and for tag cartridges, our two fastest running skes.

我談論的是那裡獨立的收入基礎。它非常謙虛。我們不在中國生產。我們不從中國供貨，我們對中國在之前已經實施的關稅沒有任何影響。當我們考慮墨西哥和加拿大時，我們有接觸機會，我會談論這一點。但要記住的是，我們在賓州匹茲堡的工廠投入了 3000 萬美元的資本，這裡是等離子碗和標籤盒（我們運行速度最快的兩種設備）的所在地和最先進的營運場所。

So we very good about that fully automated operation. It's an absolute hub for us. I think the third thing I'd say positively that seems to be getting missed is the divestiture of whole blood is very helpful. That was a product that was predominantly produced in Mexico, assembled in Mexico and you know, transferring that to a more rightful owner, better position to deal with the opportunity set there eliminates that threat.

所以我們非常熟悉這種全自動操作。對我們來說，這絕對是一個中心。我認為我要積極說的第三件事似乎被忽視了，那就是全血的剝離非常有幫助。該產品主要在墨西哥生產，在墨西哥組裝，將其轉移給更合法的所有者，以便更有能力應對那裡的機會，從而消除了這種威脅。

What we have left is the blood center business in TJ, in Tijuana. And that's an exposure for us because we don't have a ton of price elasticity on that business. Self-salvage is also there, but we're, we're talking about an aggregate, slightly more than $200 million in revenue. We care about it. We want to manage it, but it's an exposure. I think the other thing to think about is interventional technologies, which is a mix of Mexico and of Canada.

我們剩下的就是位於TJ和蒂華納的血液中心業務。這對我們來說是一個風險，因為我們在該業務上沒有太多的價格彈性。自我打撈也存在，但我們談論的是總額，略高於 2 億美元的收入。我們關心它。我們想要控制它，但這是一種暴露。我認為需要考慮的另一件事是介入技術，它是墨西哥和加拿大的混合體。

In that case, we have plans to expand our manufacturing footprint. That's part of the ongoing integration and we'll get out of that, that exposure because the expansions aren't in either of those two geographies in the interim. That's where we do have the most price elasticity. If we need to go there, the products are priced competitively today so we can achieve the ambitious share gains and upt update. But if need be, we do have price latitude on those products and interventional.

在這種情況下，我們計劃擴大我們的生產足跡。這是正在進行的整合的一部分，我們將擺脫這種風險，因為擴張暫時不在上述兩個地區。那裡確實是我們的價格彈性最大的地方。如果我們需要去那裡，那麼今天的產品定價就具有競爭力，因此我們可以實現雄心勃勃的份額成長和更新。但如果需要的話，我們確實可以對這些產品和乾預措施進行定價。

Perfect. And then maybe just lastly, I know you talked a little bit about some of the moving parts there, but just to clean it up a little bit. Can you sort of layout, this move from 23% to 24% in the guide to 24%? Or as we think about heading into the fiscal '26 and the high 20's bogey that you've laid out in the past, just how much removal of blood center represents of at least this year and how we should think about kind of the apples-to-apples movement from I'm sorry, not blood center but whole blood. The apples-to-apples movement on margins from the sale of whole blood.

完美的。最後，我知道您剛剛談到了那裡的一些活動部件，但只是為了稍微清理一下。您能否對佈局進行排序，將指南中的比例從 23% 提高到 24%？或者當我們考慮進入 26 財年和您過去列出的 20 多億美元的高位時，至少在今年，血液中心的撤離意味著什麼，以及我們應該如何看待同類運動，對不起，不是血液中心而是全血。關於全血銷售利潤的同類運動。

Yeah. And I'm going to let James walk you through the math but let me say this at the outset. Because I remember the conversations pretty vividly a after we did our long-range plan and provided the guidance, high 20's, for end of fiscal '26. One comment I think we received from you and others was wow right People don't do that. They don't grow 1,000 basis points on their operating income in a four-year period. You know, is that realistic? Can that be done?

是的。我請詹姆斯帶你們計算一下，但我首先要說的是。因為我清楚地記得，在我們制定了長期計劃並為 2026 財年末提供了 20 多億美元的指導之後的談話。我認為我們從您和其他人那裡收到的一條評論是“哇，對，人們不會這樣做”。他們的營業收入在四年內不會成長 1,000 個基點。你知道，這現實嗎？可以這樣做嗎？

And I think, in a quarter where we're not living up to our own high aspirations with regards to hospital revenue. Yet you still see 25.7. And I think the reason for that first and foremost as James said, at the beginning of the year, when we guide it is gross margin and within gross margin, it is both mix and volume.

我認為，本季度我們在醫院收入方面未能實現自己的高期望。但您仍然看到 25.7。我認為，首先也是最重要的原因就像詹姆斯在年初所說的那樣，我們指導的是毛利率，而在毛利率中，既包括產品組合，也包括數量。

There's productivity and there's price with the innovative new products, but it's a gross margin story that then passes through our P&L in the quarter, we had some, some favorable X and that's just a function of pay for performance. And the fact that we're not where we need to be across the portfolio and therefore, instead of comp reflects that, but we think this is very sustainable and this is our long range plan at work. This is the impact you can expect from this portfolio and company transformation. But I'll let James give you the math.

創新新產品具有生產力和價格，但這是一個毛利率問題，隨後會影響我們本季的損益表，我們有一些有利的 X，而這只是績效工資的一個函數。事實上，我們的整個投資組合還沒有達到我們需要的水平，因此，而不是按照公司業績來反映這一點，但我們認為這是非常可持續的，這是我們的長期計劃。這是您可以從該投資組合和公司轉型中期待的影響。但我會讓詹姆斯給你算一下。

Yeah, sure thanks Chris. So, Andrew overall. You know, if you look at our year-to-date operating margin, through Q3 is at 23.7%. So, we expect Q4 to add some more benefit to that. You know, Q4 should be at least what Q3 is and maybe a bit better overall and the drivers are the same. It's the same things that I continue to talk about as we convert plasma centers, you know, we have a higher margin there for sure.

是的，非常感謝克里斯。所以，整體來說，安德魯。你知道，如果你看看我們今年迄今的營業利潤率，第三季的利潤率為 23.7%。因此，我們預計第四季將帶來更多好處。你知道，Q4 至少應該與 Q3 相同，甚至整體上會更好一些，而且車手也是一樣的。當我們轉換血漿中心時，我會繼續談論同樣的事情，你知道，我們在那裡肯定有更高的利潤。

And the next issue as more and more of our revenue becomes a hospital revenue that a tailwind for us as well. So those are the key drivers as we get into Q4 and then even beyond, as we get into fiscal '26 on your question, whole blood, that's certainly helpful as well. And, you know, we look at that as, 30 to 40 basis points on operating margin terms of improvement overall.

下一個問題是，我們的收入越來越多來自醫院收入，這對我們來說也是一個順風。因此，這些是我們進入第四季度乃至更遠時期的關鍵驅動因素，當我們進入 26 財年時，對於您的問題，全血，這當然也很有幫助。而且，您知道，我們認為，總體而言，營業利潤率將提高 30 到 40 個基點。

Great. I'll leave it there. Thanks guys.

偉大的。我就把它留在那裡。謝謝大家。

Thank you. Our next question comes from Joann Munch with city. Your line is open.

謝謝。我們的下一個問題來自城市問題的 Joann Munch。您的線路已開通。

Hey, good morning. This is Anthony on for Joann. Thanks for taking our questions.

嘿，早安。這是安東尼 (Anthony) 取代喬安 (Joann)。感謝您回答我們的問題。

Are you able to share a little bit more in detail? What steps you're taking with the [S] and the two businesses just to get those back to your targets? Is it, just resource and sales force reallocation? Is there going to be more hiring? Just any more detail would be helpful.

能否更詳細分享一下？您將對[S]和這兩項業務採取什麼措施來使它們重新達到目標？這只是資源和銷售團隊的重新分配嗎？是否會招募更多員工？更多詳細資訊將會很有幫助。

Thanks for the question. I'm happy to add some more color there. I want to be clear. PFA as powerful and as disruptive as it is the primary challenge we're facing with ensoETM, accounts that we're using and so to augment our [F] when the RF is switched over to, to PFA, the business goes away and that, that's just the reality of the market. However, we step back from all of this. Even the leading PFA suppliers are talking about, converting up to 60% of the market in our model, we had them at 65%.

謝謝你的提問。我很高興在那裡添加更多色彩。我想說清楚。PFA 功能強大且具有顛覆性，它是我們在使用 ensoETM 時面臨的主要挑戰，我們正在使用的帳戶可以增強我們的 [F]，當 RF 切換到 PFA 時，業務就會消失，這就是市場的現實。然而，我們對這一切都退縮了。甚至領先的 PFA 供應商都在談論轉換高達 60% 的市場，而在我們的模型中，他們的轉換率為 65%。

So, what we are looking for is that remaining third of the market where RF is the modality of choice or in combination with the PFA where in certain use cases. And so, when we acquired the product a year ago, it was doing roughly 9% use 9% of the procedures. If we can grow that 9% to 15%15, we are more than successful and success.

因此，我們正在尋找剩餘的三分之一市場，其中 RF 是首選方式或在某些用例中與 PFA 結合使用。因此，當我們一年前購買該產品時，它大約使用了 9% 的程序。如果我們能夠將這個 9% 成長到 15%，那麼我們就不僅僅是成功了。

A lot of metrics, we think it's the most appropriate therapy. We think it's the right thing for patients and their physicians. But, quantitatively, it's a double digit ROIC in year three. So what we need to do now is, identify the RF, as it exists in the account, even when an account goes PFA it rarely is 100%. And so how do we make sure that enso is being added to our f in the remaining percentage, whatever that is in some cases that's caused us to go beyond the T 600 that's fine.

根據許多指標，我們認為這是最適合的治療方法。我們認為這對患者及其醫生來說是正確的做法。但從數量來看，第三年的投入資本報酬率達到了兩位數。所以我們現在需要做的是識別 RF，因為它存在於帳戶中，即使帳戶採用 PFA，它也很少能達到 100%。那麼我們如何確保 enso 被添加到我們剩餘百分比的 f 中，無論在某些情況下它是什麼，這導致我們超越 T 600，這是可以的。

We have the capacity to do so our ability to train our folks to find that opportunity to have the upstream discussion about which modality are you using. And if it's RF at enso, because our RF and enso together is every bit as fast, it is for sure as safe and it costs about a third as much to, to the center to the hospital. So there's a very strong use case to be made. We need to make sure that our commercial and clinical teams are fully trained and have ample resources to be able to have those discussions crash through the noise. Get to the VAC committees, get the product approved and these are all normal and addressable challenges.

我們有能力這樣做，我們有能力培訓我們的員工，找到機會進行上游討論，了解您正在使用哪種模式。如果是在 enso 進行 RF，由於我們的 RF 和 enso 結合在一起速度一樣快，所以肯定是一樣安全的，而且到中心到醫院的費用大約只有三分之一。因此，這是一個非常強大的用例。我們需要確保我們的商業和臨床團隊經過充分的培訓並擁有充足的資源，以便能夠讓這些討論順利進行。進入 VAC 委員會，獲得產品批准，這些都是正常且可解決的挑戰。

It helps that we're making the additions we are to, feed on the street and the upgrade and our, our training as such. But you know, we were probably overly ambitious in terms of how fast we could make all that happen. We don't back off of the original expectations. We don't back off of the fact that these are attractive products and have an important role to play in the market. We need to up our game on execution and that's both resources and mind share.

這對我們所做的補充、街道供應、升級和培訓等都有幫助。但你知道，對於我們能多快實現這一切，我們可能過於雄心勃勃了。我們不會放棄最初的期望。我們不會否認這些都是很有吸引力的產品，並且在市場上扮演重要角色。我們需要提高執行力，這既需要資源，也需要心智共享。

Alright, that's helpful.

好吧，這很有幫助。

And then on the Japanese Red Cross, when was there any impacts from that this quarter? And could you maybe characterize what that could contribute moving forward?

那麼對於日本紅十字會來說，本季什麼時候會產生影響？您能否描述一下這對未來的發展有何貢獻？

No, that, we called it out in the quarter because it was a major milestone achievement for us. It will take several years to implement. We have a large volume of business with the Japanese Red Cross today. This will be you know, a reconfiguration and a long term commitment there. We think this is really an FY'27 and beyond commercial impact, but it speaks to, [ebase] Red Cross is a very long duration, high largest non US based customer.

不，我們在本季提出了這一點，因為這對我們來說是一個重要的里程碑式的成就。實施需要幾年時間。我們今天和日本紅十字會有大量業務往來。你知道，這將是一次重新配置和長期承諾。我們認為這確實會對 27 財年及以後的商業產生影響，但這也說明，[ebase] 紅十字會是一個持續時間很長、規模最大的非美國客戶。

They're incredibly rigorous in their assessment of technology. And we're proud that in a head comparison with, the market, they came back and said this is a superior plasma collection system. This is the system. We want 100% of our collections being done on over essentially the next decade. And so, we called it out because it is a big win for that team and it is an important proof point that you know what we're putting in the market is a winning platform, and will be successful against our bold aspirations for majority share.

他們對科技的評估極為嚴格。我們感到自豪的是，在與市場進行比較後，他們評論說這是一個更優越的血漿收集系統。這就是系統。我們希望在未來十年內完成所有收藏品的收藏。我們之所以這麼說，是因為這對團隊來說是一個巨大的勝利，也是一個重要的證明，證明我們進入市場的是一個成功的平台，並且將成功實現我們對多數份額的大膽渴望。

Thank you.

謝謝。

Thank you. Our next question comes from Michael Matson with Needham & Company. Your line is open.

謝謝。我們的下一個問題來自 Needham & Company 的 Michael Matson。您的線路已開通。

Yeah, thanks for taking my questions. Just want to ask one on plasma. So, you had This multi-year period where you had some innovations with nexus and persona and you've gotten some pricing benefits from those things. It sounds like at least with regard to those two that's largely almost done. And you know, I know you still have Express plus, but you know just going forward as we look into fiscal '26 and beyond, are there new innovation, product launches plan that can support additional price increases in that business beyond just kind of the pure volume growth and Collections?

是的，感謝您回答我的問題。只想問一個關於等離子的問題。因此，在這多年的時間裡，您在 nexus 和 persona 方面進行了一些創新，並從中獲得了一些定價優勢。聽起來至少就這兩個而言，基本上已經完成了。而且你知道，我知道你們仍然有 Express plus，但你知道，當我們展望 26 財年及以後時，是否有新的創新、產品發布計劃可以支持該業務的額外價格上漲，而不僅僅是單純的銷量增長和收款？

Yeah, Mike, thanks for the question. And you are right with the upgrades this quarter, we will largely have achieved, the rollout of this platform and successfully achieved premium pricing against that superior innovation. We're far from done. And one of the things we're excited about is the partnership we have across our leading collector customers where we go next. We're not done with yield enhancements. We've studied the science.

是的，麥克，謝謝你的提問。您說得對，透過本季的升級，我們基本上已經實現了該平台的推出，並成功地實現了針對這項卓越創新的溢價。我們還遠遠未完成。令我們興奮的事情之一是我們與主要收藏家客戶建立的合作關係，這是我們下一步的發展方向。我們的產量提高工作尚未完成。我們已經研究科學了。

We have the benefit of getting data across 80% of the US collection market. We know over decades of experience now what the upper limits and yield are, we will go there. And that'll probably be the next thing you hear the company talking about explicitly as appropriate. We're not done with speed. Our equipment can go faster, and you know, at the end of the day, we'll bump up against the natural limits of the human anatomy in terms of how fast we can return red cells and platelets to our donors.

我們的優勢在於可以獲得美國 80% 收藏市場的數據。憑藉數十年的經驗，我們現在知道上限和產量是多少，我們將會去實現這個目標。這可能是您接下來聽到公司明確談論的適當的事情。我們的速度還沒達到極限。我們的設備運行速度越來越快，你知道，到最後，我們將觸及人體解剖學的自然極限，即將紅血球和血小板歸還給捐贈者的速度。

But if customers want more procedure speed, we're there. I think the third thing I'd highlight which touches upon door-to-door speed and really the ultimate differentiating advantage, which is employee and donor satisfaction. We have 80 share of the US market on our donor management systems.

但如果客戶想要更快的程式速度，我們就會提供。我想強調的第三件事涉及挨家挨戶的速度以及真正的最終差異化優勢，即員工和捐贈者的滿意度。我們的捐贈者管理系統佔據美國市場 80% 的份額。

And that gives us visibility and an opportunity to really influence procedure SOPs and whether it's helping the centers operate more productively or make more targeted outreach to the individual donors or just driving, phlebotomist and donor satisfaction. That that is the most elastic and opportunistic piece of our offering.

這為我們提供了可見性和真正影響程序 SOP 的機會，無論是幫助中心更有效率地運作，還是更有針對性地接觸個別捐贈者，還是僅僅提高採血師和捐贈者的滿意度。這是我們提供的最有彈性和最具機會的部分。

And we're not just the best at doing that Mike, we're the only ones doing that on a proprietary basis. So from our vantage point, that's, that's the unmatched potential. And we've really turned our attention that, software SAS, digital AI, it's just a really exciting frontier for us and you know, stay tuned. We'll have more to say as we bring those products to market over the coming quarters and years.

麥克，我們不只是最擅長做這件事，我們還是僅有的以專有方式做這件事的人。因此從我們的角度來看，這就是無與倫比的潛力。我們真正關注的是軟體 SAS、數位 AI，這對我們來說是一個非常令人興奮的前沿，請繼續關注。隨著我們在未來幾季和幾年內將這些產品推向市場，我們將有更多的消息要說。

Okay, great, thanks.

好的，太好了，謝謝。

And I just want to ask one on, there were a lot of questions already about that state, but I didn't really hear you comment on the international launch of that. So, can you just give us an update there in terms of how that's going?

我只想問一個問題，關於那個州已經有很多問題了，但我並沒有真正聽到你對該州的國際發布發表評論。那麼，您可否向我們介紹一下最新進展？

Yeah, the international piece is a very positive contributor to our growth, particularly in Japan. The product is extraordinarily safe. We were successful in securing not just approval but very favorable reimbursement on that safety and efficacy profile. So Japan continues to still be a really nice contributor to our growth. Europe has gone slower. It's a different starting point.

是的，國際業務對我們的成長起到了非常積極的貢獻，特別是在日本。該產品極為安全。我們不僅成功獲得了批准，還在安全性和有效性方面獲得了非常優惠的報銷。因此，日本仍然為我們的成長做出巨大貢獻。歐洲的發展速度已經放緩。這是一個不同的起點。

They're much more using [SU] as a base and there's some vagaries around reimbursement that makes our powerful same day discharge more nuanced. We've addressed that we've, we've begun to build out of our physical presence in those markets. We expect Europe to be very successful going forward, particularly as it adopts new modalities. But it's a work in progress for us. It's delivering against our plans, but it's a more modest contributor.

他們更多地使用 [SU] 作為基礎，並且在報銷方面存在一些變化，這使得我們強大的當日放電更加微妙。我們已經解決了這個問題，我們已經開始在這些市場建立我們的實體業務。我們預計歐洲未來將取得巨大成功，特別是在它採用新模式之後。但對我們來說這是一個正在進行的工作。它確實按照我們的計劃實現了，但它的貢獻比較小。

Okay. Got it. Thanks.

好的。知道了。謝謝。

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

謝謝。我們的下一個問題來自美國銀行證券的 Craig Bijou。您的線路已開通。

Good morning. Thanks guys, for taking the questions. Wanted to ask a couple of follow ups so on plasma. And I appreciate some of the moving parts, but it sounds like volumes, were better normal sequentially and better year over year than they were in last quarter. So I guess maybe just help us reconcile the lower guidance for, for the year and what you're seeing there. And then, and maybe when do we expect, a rebound in kind of in growth there, assuming, you know CSL it rolls off.

早安.謝謝大家回答這些問題。想問幾個有關等離子的後續問題。我理解其中的一些變動，但聽起來銷量比上一季更勝一籌，比去年同期也更勝一籌。因此，我想這也許可以幫助我們協調今年的較低指導和您所看到的情況。然後，也許我們什麼時候可以預期那裡的成長會反彈，假設 CSL 能夠推出的話。

Yeah. Appreciate the questions Craig from our vantage point. We held the guide on plasma last quarter. In part because we expect it a more robust recovery towards, above historical seasonal averages. It was in line with seasonal averages but not better than that. And we also had anticipations, we're right on track for center upgrades to the new technology and the price premium there where things are progressing. But it's just, it's a step wise progression is on the center conversions, competitive share gains, they're contributing.

是的。感謝 Craig 從我們的角度提出的問題。我們上個季度舉辦了有關等離子的指導。部分原因是我們預計其將出現更強勁的復甦，高於歷史季節性平均水平。這與季節平均水平一致，但沒有比這更好。我們也有預期，我們正按計劃進行中心升級，以適應新技術和價格溢價，事情正在不斷進步。但這只是一個逐步的進展，是關於中心轉換、競爭份額成長，他們正在做出貢獻。

But, based on the conversations we were having at the time and the roll out plans, we thought there would be more opportunity realized in the second half of this fiscal year. What we know now based on and there's, there's meaningful work that has to happen.

但是，根據我們當時的討論和推出計劃，我們認為本財年下半年將會有更多的機會實現。根據我們目前所了解的情況，有一些有意義的工作必須進行。

The centers have to make not one but two changes to their standard operating procedures. One for persona and one for Express plus that's happening. The returns are there, the opportunity is real. It'll be more of an FY'26 event for us than, than we had originally anticipated in the second half of the current fiscal FY'25. So, it's very real. It's there it'll just be more measured and take place more heavily in FY'26 for us.

這些中心必須對其標準作業程序做出兩項而非一項的改變。一個用於角色，一個用於 Express，此外還正在發生這種情況。回報是存在的，機會是真實存在的。對我們來說，這將比我們最初預期的 2025 財年下半年更為重要。所以，這是非常真實的。對我們來說，它將在那裡，只是在 2026 財年會更加慎重，並且更加重視。

Got it. That's helpful. And I did want to follow up on VASCADE and maybe a little bit on just specifically on VASCADE and not MVP versus Excel. So is, this is some of the pressure that you saw on the original VASCADE, did that start in this quarter? Were you seeing it in Q2? And then how should we think about the franchise growth for Vascade going forward and you're just, with the mid 20's for MVP and Excel. And then just, yeah, what, what, what do we, or what should we expect from the interventional cardiology side and, and when that can return to growth?

知道了。這很有幫助。我確實想跟進 VASCADE，也許只是具體跟進 VASCADE，而不是 MVP 與 Excel。那麼，這是您在原始 VASCADE 上看到的一些壓力，是從本季開始的嗎？您在第二季度看到了它嗎？那麼我們該如何看待 Vascade 未來的特許經營成長呢？那麼，是的，我們對介入性心臟病學方面應該期待什麼，什麼時候才能恢復成長？

Yeah, so it's been building for a while and I think, some of that is the competitive landscape and you know, some of that, the fact that it's, it's the last 15% and therefore, didn't get as much attention in a rapidly growing you know kind of expanding footprint. So the product works exceptionally well. It's well positioned in that in that sector. And while the growth rate, PCI procedure growth rate is, low single digits, the TAM is one of the largest TAMs that we have for vascular closure. So we're keen to get after it and return the focus there and as we are.

是的，它已經建造了一段時間，我認為，其中一些是競爭格局，你知道，其中一些是，事實上，它是最後的 15%，因此，在快速增長的擴張足跡中沒有得到太多的關注。因此該產品效果非常好。它在該領域具有良好的地位。儘管 PCI 手術的成長率僅為個位數，但 TAM 卻是血管閉合領域最大的 TAM 之一。因此，我們渴望實現這一目標，並重新將焦點放在那裡。

And so, I think, I like where we are going, going forward, I think we will be able to deliver against it. It is tied to our overall presence in interventional cardiology. And today the presence has increased, it's just a relative mind share is going more heavily into structural heart as we open new accounts, we're pleased with the rate of new account openings. It's a lengthy process.

所以，我認為，我喜歡我們現在的方向，展望未來，我認為我們一定能夠實現這一目標。這與我們在介入性心臟病學領域的整​​體存在密切相關。如今，存在感已經增強，這只是一個相對的心理份額，當我們開設新帳戶時，它正在更加深入地融入結構核心，我們對新帳戶開設率感到滿意。這是一個漫長的過程。

It takes real time and real effort on behalf of the commercial team, both commercially and clinically and so it's been a little bit of a drain that regard as we come up to speed and are able to balance all priorities. We'll be in a much better place.

對於商業團隊來說，這需要投入真正的時間和精力，無論是在商業上還是臨床上，因此，當我們加快速度並平衡所有優先事項時，這對我們來說是有點消耗。我們將會處於一個更好的境況。

We do still have [vivas] on the horizon and [vivas the Peral product] and [Percocet elite] will be an outstanding answer for TAVR closure. So, it will improve by its presence, it will improve our focus on closure more broadly in interventional cardiology. That's all part of the original strategy. So we're keen to get VASCADE, to join the party and get back in and delivering fully. We think what we'll do eventually with Pyll and what we're doing with Savvy Wire should be highly synergistic. It's a common call point and, and we just need to make sure we have adequate resources there to deliver in terms of your question.

我們確實仍有 [vivas] 待開發，並且 [vivas Peral 產品] 和 [Percocet elite] 將成為 TAVR 封鎖的傑出解決方案。因此，它的存在會有所改善，它將更廣泛地提高我們在介入性心臟病學中對閉合的關注。這都是原始戰略的一部分。因此，我們非常希望 VASCADE 能夠加入我們，重新發揮其全部實力。我們認為，我們最終與 Pyll 合作的成果和我們與 Savvy Wire 合作的成果應該會具有高度的協同作用。這是一個常見的呼叫點，我們只需要確保我們有足夠的資源來解答您的問題。

Like when did this start? How do we think about it? I guess what I'd offer is if you go back and look over the course of our fiscal '25 you see the growth rate for MVP and the MVP XL has tracked real over the prior two quarters in the mid 20's. So that's, you can separate out the VASCADE piece from that. It's been a drag relative to that performance. And candidly, I think the mid 20's is a good number, but we can do better. And part of that's the resourcing level and the attention we're given the full family of products.

這是什麼時候開始的？我們該如何看待這個問題？我想說的是，如果你回顧我們 25 財年的歷程，你會看到 MVP 和 MVP XL 的成長率在前兩季一直維持在 20% 左右。這樣，您就可以從中分離出 VASCADE 部分。相對於那次演出來說，這確實是個拖累。坦白說，我認為 20 多歲是一個不錯的數字，但我們可以做得更好。其中一部分是我們對全系列產品的資源水準和關注。

Got it. Thanks for taking the questions.

知道了。感謝您回答這些問題。

Thank you. Our next question comes from Michael Petusky with Barrington Research. Your line is open.

謝謝。我們的下一個問題來自 Barrington Research 的 Michael Petusky。您的線路已開通。

Hey, good morning. Number of my questions are not surprisingly have already been asked, but Chris, I was wondering if you could just talk about and it's almost sort of circles back to like the Super Bowl. You know, these coaches certainly have sort of priorities of things they want to do within their game plan for Sunday. And I'm just curious as you look over, not just the next five quarters to the end of fiscal '26 but over the over the next few years, what, what are the things that are within your control? You can't control Trump's tariffs or, or some of these other, other things in terms of evolution of procedures, et cetera, but the things that are within your control, like what are the top two, three, four things that, hey, this is within our control. These are priorities that if we execute, we will create long term shareholder value.

嘿，早安。毫不奇怪，我的許多問題已經被問過了，但是克里斯，我想知道你是否可以談談這個問題，這幾乎回到了超級碗的話題。你知道，這些教練在周日的比賽計劃中肯定會有他們想要優先的事情。我很好奇，不只是展望未來五個季度到 26 財年末，而且展望未來幾年，哪些事情是你能掌控的？你無法控制川普的關稅，或其他一些程序演變等方面的事情，但你可以控制的事情，例如最重要的兩件、三件、四件事情是什麼，嘿，這些都在我們的控制範圍內。這些都是優先事項，如果我們執行的話，我們將創造長期股東價值。

Thanks.

謝謝。

Yeah, thanks Mike. I look, I'm not sure I can do the Super Bowl analogy justice, I you think about, Haemonetics and the investment thesis behind that, lots transpired over the last three years, we are winning in plasma, we are committed to plasma, we will come out the other side very soon with the majority share worldwide and a demonstrated ability to not only drive adoption and advance you know productivity but get appropriately compensated for that innovation.

是的，謝謝邁克。我不確定我能否公正地進行超級盃類比，我想，Haemonetics 及其背後的投資論點，過去三年發生了很多事情，我們在血漿領域取得了勝利，我們致力於血漿，我們將很快走出困境，在全球範圍內佔據多數份額，並表現出不僅能推動採用和提高生產力的能力，還能為這一創新獲得適當的補償。

So, we are very bullish on plasma and the collections business more broadly as an engine of EBITDA for our corporation growing in the high single digits, throwing off meaningful profit and cash flow. We're using that the proceeds of that business, the stability and the durability of that business to drive diversification and expansion into what is now our largest business in med search, it's interventional technologies, it's bud management technologies, it's whatever comes next when we're satisfied, we're delivering against this opportunity.

因此，我們非常看好等離子和更廣泛的收集業務，因為它們是我們公司 EBITDA 以高個位數成長的引擎，並帶來有意義的利潤和現金流。我們正在利用該業務的收益、業務的穩定性和持久性來推動多元化和擴張，進入目前我們在醫療搜尋領域最大的業務，即介入技術、芽管理技術，無論我們滿意時接下來會發生什麼，我們都會抓住這個機會。

And that has the potential to grow double digits and will look like a traditional med search business with gross margins in excess of 70% and you know, rapidly expanding operating income margin, high 20's and better. And so, that's the play.

而且它有潛力實現兩位數的成長，看起來像一個傳統的醫療搜尋業務，毛利率超過 70%，而且你知道，營業收入利潤率迅速擴大，達到 20% 多甚至更高。這就是劇情。

And I think as some of you guys have summarized in prior notes, you don't see, [mid10's] or better organic growth and an expansion in profitability when we guided to the LRP in June of 2022 we had just finished the year where we earned $2.58 cents per share. Today's guidance that we are reinform has us at $4.60 cents a share.

我認為，正如你們中的一些人在之前的筆記中所總結的那樣，當我們在 2022 年 6 月指導 LRP 時，您看不到 [10 年代中期] 或更好的有機增長和盈利能力的擴大，我們剛剛結束的一年每股收益為 2.58 美分。今天我們重新調整的指導價格為每股 4.60 美分。

More than $2 improvement of an 80% build on that with one year remaining in the LRP. That is the power of the portfolio evolution and the company transformation that's behind it. We've got this durable engine and that's going to keep humming, given our leadership position there and then we're going to intelligently expand organically and inorganically to create an at scale med surge business that that has the ability to propel the company's growth beyond, high single digits with the associated profitability. And I think a lot of that, the dust will settle and a lot of the noise will fade. And I think sitting here certainly this time next year, it'll be very obvious the transformative power, the impact of this LRP at work.

在 LRP 剩餘一年的時間裡，收益提高了 2 美元以上，達到 80%。這就是投資組合演變和背後的公司轉型的力量。我們擁有這個持久耐用的引擎，鑑於我們在當地的領導地位，它將持續運轉，然後我們將智能地進行有機和無機擴張，以創建一個大規模的醫療激增業務，該業務有能力推動公司的增長超越高個位數，並實現相關的盈利能力。我認為，這一切將會塵埃落定，許多噪音也會消失。我認為明年此時坐在這裡，LRP 的變革力量和影響將會非常明顯。

Thank you.

謝謝。

Thank you. Our next question comes from Larry Solow with CJS Securities. Your line is open.

謝謝。下一個問題來自 CJS Securities 的 Larry Solow。您的線路已開通。

Good morning or good afternoon. I'm just kidding. Long call here a lot of moving parts and most of my questions like Mike have been answered, I guess maybe with all the moving parts, I could just give a quick summary of where I'm reading things. So Plasma Chris, it sounds like basically essentially in line with expectations, collections we know have been a little slower this year.

早安或下午好。我只是在開玩笑。長呼這裡有很多活動部件，而且像麥克一樣，我的大多數問題都已得到解答，我想也許有了所有的活動部件，我可以快速總結一下我正在閱讀的內容。因此，Plasma Chris，聽起來基本上符合預期，我們知道今年的收集速度有點慢。

No reason to believe they're not going to pick up just based on the capacity build outlook. And it sounds like your transition to express and, and persona are all on target, but maybe you get a little more of that benefit next year, but otherwise nothing's really changed there. Is that fair to say on the plasma side? Plus the couple of market share gains you called out?

僅從產能建設前景來看，沒有理由相信他們不會復甦。聽起來你在表達和角色方面的轉變都達到了目標，但也許明年你會得到更多的好處，但除此之外，什麼都沒有改變。從等離子方面來說這樣說公平嗎？另外還加上您提到的市場佔有率的成長？

Yeah, I think you've got it. Exactly right. Larry and I, again, kudos to that team, they've used this short-term law in the growth rate of plasma collections to expedite the conversions fully on track about to be completed and uptick the expansion of share with, the largest customers, both us and globally. So, stay tuned for more on that. But I think that that this bodes very well for the recovery that comes in terms of the ongoing uptick in demand and.

是的，我想你已經明白了。完全正確。拉里和我再次向團隊表示敬意，他們利用血漿收集率的短期增長率來加速即將完成的轉化，並擴大與我們以及全球最大客戶的份額。因此，請繼續關注更多相關內容。但我認為，這對需求持續上升帶來的復甦來說是一個好兆頭。

The bio life and Grifols that you called out. So those are, those are extensions and they're actually incremental more centers. Is that correct?

您呼喚的生物生命和 Grifols。所以，那些是擴展，它們實際上是增量的更多中心。那正確嗎？

Technically, they are new agreements long duration and they're all based on full scale adoption, these agreements that were written for Nexus with persona and Express plus there's some commitments around ongoing development that we'll do together going forward and they are global in scope as robust internationally as they are in the US.

從技術上講，它們是新的長期協議，它們都是基於全面採用，這些協議是為 Nexus、Persona 和 Express 編寫的，另外還有一些關於持續開發的承諾，我們將在未來共同努力，它們具有全球範圍，在國際上和美國一樣強大。

Okay. And color just I know the last couple of quarters you've been talking obviously with MVP XL talking about entries of PSA but also the left arterial appendages, any color on the left arterial pages side and also just on the ablation side access points. Has there been any material change or any color on that?

好的。至於顏色，我知道最近幾季您一直在談論 MVP XL，顯然討論了 PSA 的條目，還有左動脈附屬物，左動脈頁面側的任何顏色，以及消融側接入點的顏色。那裡有任何實質變化或顏色變化嗎？

No, I look, I we have the label for left atrial appendage and that's really helped us because it's given our folks, the ability to go in and have the direct conversation. So, as the leading companies continue to drive adoption of that therapy, we're right there with them and we'll see the appropriate uptake because the product works exceptionally well in those use cases.

不，我看，我們有左心耳的標籤，這確實對我們有幫助，因為它讓我們的人們能夠進入並進行直接對話。因此，隨著領先的公司繼續推動該療法的採用，我們與他們並肩而立，我們將看到適當的採用，因為該產品在這些用例中效果非常好。

So, I think we've got the ability to, from where we sit. When I think about the TAM, we are less than or right at, 50% utilization that still means half of the closure procedures. Innovation, for example, are being done with manual compression or suturing.

因此，我認為，從我們現在所處的位置來看，我們有能力做到這一點。當我考慮 TAM 時，我們的利用率低於或剛好達到 50%，這仍然意味著一半的關閉程式。例如，透過手動壓縮或縫合進行創新。

You know, this technology that we have 80 share of the half that's converted, we need to go get the other half. And it'sentirely a utilization game at this point. It's about footprint, it's about our clinical presence and helping that the half of the market that's not, at the party to get there because it's just a better treatment, a better outcome for their, their patients.

你知道，我們已佔有該技術轉換一半的 80% 份額，我們需要去獲取另一半。從這一點來看，這完全是一場利用遊戲。這是關於足跡，這是關於我們的臨床存在，以及幫助那些沒有參與其中的一半市場參與者實現這一目標，因為這對他們的患者來說只是更好的治療，更好的結果。

And typically, the competition that we've attracted, typically, that helps the category, it helps drive the medical adoption message. And we would expect that over time here as you know, the excitement around PFA normalizes. So, stay tuned, but we think there's meaningful room to run in both left atrial appendage and in a fid with the product portfolio we have today.

通常，我們所吸引的競爭通常會對該類別有所幫助，它有助於推動醫療採用資訊。而我們預計，隨著時間的推移，圍繞 PFA 的興奮感會逐漸正常化。因此，請繼續關注，但我們認為，無論是左心耳還是我們今天的產品組合，都有很大的發展空間。

Right? And just in terms of a bit of a show in the per sale, you mentioned, just.

正確的？就您提到的每次銷售中的展示而言，只是這樣。

What sort of the next milestone that we can look for in that program.

我們可以在該計劃中尋找什麼樣的下一個里程碑。

FDA submission, right? You if you go back to TCT the patch trial, read out truly excellent results and we've worked with them over the last two months to kind of scrub and clean up the data and get it prepared for submission. They've done all the right things in terms of pre submission, dialogue with FDA and preparation. So fully expect that submission to go and probably this month and, and then that'll start a clock for FDA review and us to take the next steps in partnership with the short.

FDA 提交，對嗎？如果您回顧 TCT 補丁試驗，您會發現確實非常出色的結果，並且我們在過去兩個月中一直與他們合作，清理和清理資料並準備提交。他們在提交前、與 FDA 對話和準備方面做了所有正確的事情。因此，完全可以預期該提交可能會在本月完成，然後 FDA 會開始審查，然後我們將與 Short 合作採取下一步措施。

Got it. If I could just squeeze one more James on the margins, it sounds like well on the way to your LRP a little bit better this quarter, maybe just some benefit of a little bit lower on the variable comp. But everything sounds like it's moving in the right direction for you. Is that all fair to say?

知道了。如果我可以在利潤率上再擠一點詹姆斯的話，聽起來你本季的 LRP 會好一點，也許只是可變薪資稍微低一點的好處。但一切聽起來都朝著對你有利的方向發展。這樣說公平嗎？

Yeah, that's fair. Please with the margin performance and you know, like I said earlier, we should expect this level or a bit better next quarter with those continuing drivers. The story is playing out pretty much like we thought it was.

是的，這很公平。請注意利潤率表現，正如我之前所說，在這些持續推動因素的推動下，我們應該預期下個季度的利潤率會達到這個水平或更好一些。故事的進展和我們想像的差不多。

Great. Thanks guys, I appreciate it.

偉大的。謝謝大家，我很感激。

Thank you.

謝謝。

I'm showing no further questions at this time. This does include our question and answer session and you may now disconnect. Thank you for your participation. Everyone. Have a great day.

我目前沒有其他問題。這確實包括我們的問答環節，您現在可以斷開連接。感謝您的參與。每個人。祝你有美好的一天。