Haemonetics Corp (HAE) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q4 2025 Haemonetics Corporation Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第四季 Haemonetics Corporation 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給投資者關係和財務副總裁 Olga Guyette。請繼續。

Good morning, and thank you all for joining us for Haemonetics' fourth quarter and fiscal year 2025 conference call and webcast. I'm joined today by Chris Simon, our CEO; and James D'Arecca, our CFO.

早安，感謝大家參加 Haemonetics 2025 財年第四季和年度電話會議和網路廣播。今天與我一起出席的還有我們的執行長克里斯·西蒙 (Chris Simon) 和財務長詹姆斯·達雷卡 (James D'Arecca)。

This morning, we posted our fourth quarter and fiscal year 2025 results to our Investor Relations website, along with additional supplemental tables that support some of the assumptions within our fiscal year 2026 guidance included in our earnings release. These supplemental tables help reconcile the projected fiscal year 2026 growth rate of electrophysiology, coronary and peripheral procedures in the US with the corresponding exercise opportunities for our Vascular Closure business. The exercise opportunities represent the anticipated growth of the US addressable market in Vascular Closure as incorporated in our Hospital and total company revenue guidance for fiscal year 2026.

今天上午，我們在投資者關係網站上發布了第四季度和 2025 財年的業績，以及支持收益報告中 2026 財年指引中的一些假設的附加補充表格。這些補充表格有助於協調美國 2026 財年的電生理學、冠狀動脈和周邊手術預計成長率與我們的血管閉合業務的相應運用機會。這些鍛鍊機會代表了我們醫院對美國血管閉合目標市場的預期成長以及 2026 財年公司總收入的預期。

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 fluctuations, acquisitions and impact of the whole blood divestiture. 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. A full list of excluded items, reconciliations to our GAAP results and comparisons with the prior year periods are provided in our fourth quarter fiscal year 2025 earnings release available on our website.

在我們開始之前，只需快速提醒一下，今天討論的所有收入增長率都是有機的，除非另有說明，並且不包括貨幣波動、收購和全血剝離的影響。我們也將參考其他非 GAAP 財務指標，以協助投資人了解 Haemonetics 的持續業務表現。請注意，這些措施不包括某些費用和收入項目。我們網站上發布的 2025 財年第四季財報中提供了排除項目的完整清單、與我們的 GAAP 結果的對帳以及與去年同期的比較。

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

我們今天的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向美國證券交易委員會提交的其他文件中提到的因素。我們不承擔更新這些前瞻性聲明的任何義務。

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

現在我想把發言權交給克里斯。

Thank you, Olga, and good morning, everyone. We appreciate you joining today. We delivered solid earnings growth in our fourth quarter and fiscal 2025 with robust margin expansion and strong cash flow as evidence of the health and vitality of our businesses. Our industry-leading NexSys, TEG and VASCADE technologies continue to propel our growth in attractive markets, and we are on track to deliver all of the goals of our 4-year long-range plan in fiscal 2026.

謝謝你，奧爾加，大家早安。感謝您今天的加入。我們在第四季和 2025 財年實現了穩健的獲利成長，利潤率強勁成長，現金流強勁，證明了我們業務的健康和活力。我們業界領先的 NexSys、TEG 和 VASCADE 技術繼續推動我們在有吸引力的市場中成長，我們預計在 2026 財年實現我們四年長期計劃的所有目標。

We reported total revenue of $1.4 billion, reflecting 4% growth on a reported basis and 1% organic. However, organic growth, excluding $148 million from CSL and the whole blood divestiture was 8%, a more accurate representation of our transformed portfolio. Hospitals become our largest business with both Blood Management Technologies and Interventional Technology franchises building momentum and delivering double-digit growth. Expanded reach and relevance are enabling us to capitalize on key trends and drive deeper penetration in critical areas of care. In Plasma, we continue to expand margins and capture share as customers adopt our next-generation technologies, further reinforcing our position as the industry leader. Having divested whole blood, our attention is on the remaining high-value blood center plasma Apheresis business. The operational agility of our global manufacturing and supply chain network enables us to successfully navigate ongoing macroeconomic headwinds.

我們報告的總收入為 14 億美元，反映出報告基礎上的 4% 成長和 1% 的有機成長。然而，不包括來自 CSL 的 1.48 億美元和全血資產剝離，有機成長率為 8%，更準確地反映了我們轉型後的投資組合。醫院成為我們最大的業務，血液管理技術和介入技術特許經營均蓬勃發展並實現兩位數的成長。擴大覆蓋率和相關性使我們能夠利用關鍵趨勢並推動關鍵護理領域的更深入滲透。在等離子領域，隨著客戶採用我們的下一代技術，我們繼續擴大利潤率並佔領市場份額，進一步鞏固了我們作為行業領導者的地位。剝離全血業務後，我們的注意力集中在剩餘的高價值血液中心血漿分離業務上。我們的全球製造和供應鏈網路的營運彈性使我們能夠成功應對持續的宏觀經濟逆風。

We strengthened our leadership team by promoting Roy Galvin to Chief Commercial Officer and hiring Frank Chan as Chief Operating Officer. These appointments underscore our commitment to excellence and building new organizational capabilities to support scalable long-term growth, especially in our Hospital businesses. Additionally, we leveraged our strong balance sheet and cash flow to execute $150 million share buyback, repurchasing approximately 2.4 million shares of Haemonetics common stock. This buyback reflects our commitment to value creation and our strong conviction in Haemonetics' long-term growth trajectory.

我們提升 Roy Galvin 為首席商務官，並聘請 Frank Chan 為首席營運官，從而加強了我們的領導團隊。這些任命強調了我們對卓越的承諾以及建立新的組織能力以支持可擴展的長期成長，特別是在我們的醫院業務方面。此外，我們利用強大的資產負債表和現金流執行了 1.5 億美元的股票回購，回購了約 240 萬股 Haemonetics 普通股。此次回購體現了我們對價值創造的承諾以及對 Haemonetics 長期成長軌蹟的堅定信念。

Turning now to our revenue results and fiscal 2026 guidance. Hospital revenue grew 12% in the quarter and 24% in fiscal 2025 on a reported basis, with organic growth of 9% and 12%, respectively. In Blood Management Technologies, our largest hospital franchise, revenue grew 6% in the quarter and 10% in fiscal '25, driven by strong utilization, share gains and price benefits across the portfolio. Hemostasis Management delivered an impressive quarter in fiscal '25 with US revenue growth of 20% and 23%, respectively. Performance was driven by the successful launch and rapid adoption of the HN cartridge, accelerating new account openings and fueling customers' transition from the lab-based TEG 5000 to our advanced point-of-care TEG 6s. EMEA followed closely with strong growth across all key markets, helping offset continued market challenges in China. This franchise also benefited from continued growth in Transfusion Management, strong capital sales and competitive market share gains in Cell Salvage in the US.

現在來談談我們的收入結果和 2026 財年指引。醫院營收在本季成長了 12%，2025 財年成長了 24%，有機成長率分別為 9% 和 12%。在我們最大的醫院特許經營權血液管理技術公司，由於強勁的利用率、份額增長和整個投資組合的價格優勢，該季度收入增長了 6%，25 財年收入增長了 10%。止血管理公司在 25 財年的一個季度表現令人印象深刻，美國營收分別成長了 20% 和 23%。業績的成長得益於 HN 墨水匣的成功推出和快速採用，加速了新帳戶的開設，並推動了客戶從基於實驗室的 TEG 5000 過渡到我們先進的即時診斷 TEG 6s。歐洲、中東和非洲地區緊隨其後，所有主要市場均實現強勁成長，有助於抵消中國市場持續面臨的挑戰。該特許經營權還受益於輸血管理業務的持續成長、強勁的資本銷售以及美國細胞回收業務競爭性市場份額的成長。

The Interventional Technologies franchise delivered 21% reported growth in the quarter and 46% in fiscal '25 with 12% and 16% organic growth, respectively. Growth in Vascular Closure was driven by our leadership in electrophysiology, where revenue from VASCADE MVP and VASCADE MVP XL grew 28% in the fourth quarter and 26% for the year. This performance was fueled by new account openings and increased utilization in the US, along with strong adoption of VASCADE MVP in Japan, which contributed approximately 900 and 700 basis points to quarterly and full year EP revenue growth, respectively. Strong EP performance was partially offset by a decline in our legacy VASCADE business, which is primarily used in coronary and peripheral procedures. VASCADE represented less than 15% of Vascular Closure revenue in fiscal '25 in a market we estimate is growing at approximately 2% annually. We must capitalize on those procedures in the coming year.

介入技術特許經營業務在本季度實現了 21% 的成長，在 25 財年實現了 46% 的成長，其中有機成長率分別為 12% 和 16%。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，VASCADE MVP 和 VASCADE MVP XL 的收入在第四季度增長了 28%，全年增長了 26%。這項業績得益於美國新帳戶的開設和使用率的提高，以及日本對 VASCADE MVP 的大力採用，分別為季度和全年 EP 收入增長貢獻了約 900 個基點和 700 個基點。強勁的 EP 表現被我們傳統的 VASCADE 業務的下滑部分抵消，該業務主要用於冠狀動脈和周邊手術。我們估計，在血管閉合市場年增率約 2% 的情況下，VASCADE 在 25 財年的營收佔不到 15%。我們必須在來年充分利用這些程序。

We are making progress across our Sensor-Guided Technologies portfolio. We recently reorganized our US sales force to allocate undivided attention to the structural heart market. The dedicated team is driving meaningful performance improvements, including steady growth in the new SavvyWire account openings in the US and nearly double the account penetration rate by year-end. While OptoWire growth remained stable, it was partially offset by OEM destocking. We also continue to face pressure from pulse field ablation in our Esophageal Protection business.

我們的感測器導引技術產品組合正在取得進展。我們最近重組了美國銷售團隊，將全部注意力集中在結構性心臟市場。這支敬業的團隊正在推動有意義的績效改進，包括美國新 SavvyWire 帳戶開立數量的穩定成長以及到年底帳戶滲透率幾乎翻倍。儘管 OptoWire 的成長保持穩定，但被 OEM 去庫存所部分抵消。我們的食道保護業務也持續面臨來自脈衝場消融的壓力。

Moving to Hospital guidance. We remain confident in the strong growth trajectory of our Hospital business with projected reported and organic revenue growth of 8% to 11% in fiscal 2026. This outlook assumes similar growth contributions from Interventional Technologies and Blood Management Technologies. Within Interventional Technologies, we expect continued double-digit revenue growth in Vascular Closure, driven by growth in procedures, share gains and improved utilization. As outlined in the supplemental tables posted this morning, we estimate 8.6% growth in addressable access sites in EP in the US. We anticipate additional share gain and improved utilization of our devices across all addressable procedures.

移至醫院指導。我們對醫院業務的強勁成長軌跡充滿信心，預計 2026 財年報告營收和有機收入成長率將達到 8% 至 11%。此展望假設介入技術和血液管理技術對成長的貢獻相似。在介入技術方面，我們預期血管閉合領域收入將繼續實現兩位數成長，這得益於手術數量的成長、市場份額的提升和利用率的提高。正如今天早上發布的補充表格中概述的那樣，我們估計美國 EP 中可尋址訪問站點的數量將增長 8.6%。我們預計我們的設備在所有可尋址程序中的份額將進一步增加，利用率也將提高。

Because most key accounts are already penetrated in the US and Japan, growth will be increasingly driven by utilization, with a more modest growth contribution from Japan when compared with fiscal '25. We also expect additional improvements with Sensor-Guided Technologies, helping offset ongoing impacts from pulsed field ablation on Esophageal Protection.

由於大多數重要客戶已在美國和日本市場佔有一席之地，因此成長將越來越多地受到利用率的推動，與 25 財年相比，日本的成長貢獻將更為溫和。我們也期望感測器導引技術能夠進一步改進，以幫助抵消脈衝場消融對食道保護的持續影響。

In Blood Management Technologies, we expect double-digit growth in hemostasis management, driven by the strong performance of TEG success, including additional TEG 5000 device conversions, new account openings and increased utilization. Transfusion Management is also expected to deliver double-digit growth, partially offset by a tough comparison in Cell Saver following the capacity -- the capital replenishment cycle last year.

在血液管理技術領域，我們預計止血管理將實現兩位數成長，這得益於 TEG 成功的強勁表現，包括額外的 TEG 5000 設備轉換、新帳戶的開設和利用率的提高。輸血管理業務預計也將實現兩位數的成長，但部分成長被細胞保存業務繼去年的資本補充週期之後的艱難比較所抵消。

Moving to Plasma and Blood Center. Due to the planned CSL transition, Plasma revenue declined 9% in the quarter and 6% in fiscal '25. Excluding CSL, Plasma revenue grew 11% in the fourth quarter and 5% for fiscal '25, driven primarily by continued strong US growth through technology adoption and share gains. In the US, Plasma collections, ex share gains, declined 4% in the fourth quarter and 7% sequentially, in line with typical seasonal patterns. In the full fiscal '25, US collections declined 1% as collectors rebalanced inventories and prioritized cost per liter initiatives. With the Persona and Express Plus upgrades substantially completed, we've equipped our customers with a significant competitive advantage, boosting donor engagement, enhancing center efficiency and lowering cost per liter.

轉移到血漿和血液中心。由於計劃中的 CSL 轉型，等離子收入在本季下降了 9%，在 25 財年下降了 6%。不計入 CSL，等離子業務收入在第四季度增長了 11%，在 25 財年增長了 5%，這主要得益於美國透過技術採用和市場份額增長持續強勁增長。在美國，血漿收集量（不包括每股收益）在第四季度下降了 4%，環比下降了 7%，符合典型的季節性模式。在整個 25 財年，由於收集者重新平衡庫存並優先考慮每公升成本計劃，美國的收集量下降了 1%。隨著 Persona 和 Express Plus 升級基本完成，我們為客戶帶來了顯著的競爭優勢，提高了捐贈者的參與度、提高了中心效率並降低了每公升成本。

Looking ahead to fiscal '26, with the CSL transition completed, we expect Plasma revenue to decline 7% to 10% on a reported basis. Organic growth, ex CSL, is expected to be 11% to 14%, disproportionately driven by share gains in the US and internationally and prior technology adoption. Our fiscal '26 revenue growth guidance assumes flat to low single-digit volume growth in the US, with a modest rebound in collections anticipated in the second half of the year as customer yield and productivity benefits annualize. We remain confident in the mid- to high single-digit annual growth in demand for immunoglobulin, driven by the long-term growth in plasma-derived therapies and supported by increasing global fractionation capacity, historically a reliable predictor of accelerating plasma collection growth.

展望26財年，隨著CSL轉型的完成，我們預期等離子收入將下降7%至10%。不包括 CSL 的有機成長率預計為 11% 至 14%，主要受美國和國際市場份額成長以及先前技術採用的推動。我們對 26 財年的營收成長預測假設美國的銷售成長持平至低個位數，隨著客戶收益和生產力效益的年化，預計下半年收款額將出現溫和反彈。我們仍然對免疫球蛋白需求的中高個位數年增長率充滿信心，這受到血漿衍生療法的長期增長的推動，並受到全球分餾能力不斷提高的支持，從歷史上看，這是加速血漿收集增長的可靠預測指標。

Blood Center revenue declined 22% in the quarter and 8% in fiscal '25 on a reported basis due to the whole blood divestiture. Organic revenue was flat in the quarter and down 2% for the year. Apheresis revenue grew 2%, both in the quarter and fiscal '25, driven by global Plasma share gains and strong US red cell collections. Additionally, following last quarter's award of the exclusive source plasma collection contract from the Japanese Red Cross, we expanded that agreement to also become exclusive provider for Fresh Frozen Plasma. FFP is typically used in transfusions requiring the highest medical standards, and this further demonstrates the competitive strength of our technology and our position as a trusted partner.

由於全血資產剝離，血液中心收入本季下降了 22%，25 財年下降了 8%。本季有機收入持平，全年下降 2%。受全球血漿市場份額增長和美國紅血球收集強勁的推動，血漿分離術收入在本季度和 25 財年均增長了 2%。此外，繼上個季度獲得日本紅十字會的獨家來源血漿採集合約後，我們擴大了該協議，成為新鮮冷凍血漿的獨家供應商。FFP通常用於需要最高醫療標準的輸血，這進一步證明了我們技術的競爭實力和我們作為值得信賴的合作夥伴的地位。

Whole blood contributed just under $2 million in the quarter and $48 million for the year, reflecting an organic decline of 16% in fiscal '25 before its divestiture in January. This divestiture represents an important milestone in our portfolio evolution, enabling us to reallocate resources towards higher growth opportunities. Due to the impacts of the whole blood divestiture and exits of the liquids business, we expect Blood Center revenue to decline 23% to 26% on a reported basis in fiscal '26. Organic revenue is projected to decline 4% to 6% as we further streamline the portfolio and align investments to support growth elsewhere.

全血在本季度貢獻了近 200 萬美元，全年貢獻了 4,800 萬美元，反映出在 1 月資產剝離之前 25 財年有機下降了 16%。此次資產剝離是我們投資組合演變過程中的一個重要里程碑，使我們能夠將資源重新分配到更高的成長機會。由於全血業務剝離和液體業務退出的影響，我們預計 26 財年血液中心收入將下降 23% 至 26%。隨著我們進一步精簡投資組合併調整投資以支持其他領域的成長，有機收入預計將下降 4% 至 6%。

James, over to you.

詹姆斯，交給你了。

Thank you, Chris, and good morning, everyone. As we approach the final year of our current long-range plan, I'm pleased to highlight the significant progress we've made in driving profitability across our portfolio. Our financial results reflect the continued evolution of our business, and we're seeing strong momentum in margin expansion fueled by strategic actions, improved operational efficiencies and a well-executed ongoing portfolio transformation.

謝謝你，克里斯，大家早安。隨著我們即將迎來當前長期計劃的最後一年，我很高興地強調我們在推動整個投資組合盈利能力方面取得的重大進展。我們的財務表現反映了我們業務的持續發展，我們看到利潤率成長的強勁勢頭，這得益於策略行動、營運效率的提高以及執行良好的持續投資組合轉型。

We concluded the fourth quarter with an adjusted gross margin of 60.2% representing an increase of 620 basis points compared to the prior year, driven by volume growth in hospital and improved and reshaped product mix across our portfolio as we continue to strategically emphasize higher-margin products and price benefits, including those tied to technology adoption.

第四季度，我們的調整後毛利率為 60.2%，較上年同期增加 620 個基點，這得益於醫院業務量的增長以及整個產品組合的改進和重塑，因為我們繼續從戰略上強調高利潤產品和價格優勢，包括與技術採用相關的優勢。

Our quarterly results also reflect a 150 basis point benefit from the divestiture of the whole blood business and a one-time $10.6 billion shortfall payment from CSL, representing approximately 100 basis points. The adjusted gross margin for fiscal '25 was 57.4%, an increase of 300 basis points compared to the prior year, largely driven by the same factors as in the fourth quarter. We expect these trends to continue into fiscal '26, further expanding our margins.

我們的季度業績也反映了全血業務剝離帶來的 150 個基點的收益，以及 CSL 一次性支付的 106 億美元差額，約佔 100 個基點。25 財年的調整後毛利率為 57.4%，較前一年增加 300 個基點，主要受與第四季相同因素的影響。我們預計這些趨勢將持續到26財年，進一步擴大我們的利潤率。

Adjusted operating expenses in the fourth quarter were $116.7 million, a decrease of $4 million or 3% compared with the prior year's fourth quarter, mainly due to lower freight costs and performance-based compensation. Adjusted operating expenses for fiscal '25 were $455.5 million, an increase of $20 million or 5% compared with the prior year.

第四季調整後營運費用為 1.167 億美元，較去年同期減少 400 萬美元，降幅 3%，主要原因是運費成本和基於績效的薪酬降低。25 財年的調整後營運費用為 4.555 億美元，比前一年增加 2,000 萬美元，增幅為 5%。

For the full fiscal year, the dollar increase in adjusted operating expenses was primarily due to the acquisitions of OpSens and Attune Medical as well as additional investments to support growth, partially offset by lower performance-based compensation. As a percentage of revenue, adjusted operating expenses were 35.3% in the fourth quarter and 33.5% in the full fiscal year, relatively flat when compared with the same periods of last year, reflecting our disciplined resource allocation while managing portfolio transitions and investing in innovation and other drivers of sustainable long-term growth.

就整個財年而言，調整後營業費用的美元成長主要歸因於對 OpSens 和 Attune Medical 的收購以及為支持成長而進行的額外投資，但績效薪酬的降低部分抵消了這一增長。以佔收入的百分比計算，第四季度調整後營業費用為 35.3%，全年調整後營業費用為 33.5%，與去年同期相比基本持平，這反映了我們在管理投資組合轉型和投資創新以及其他可持續長期增長驅動因素的同時，嚴謹的資源配置。

Fourth quarter adjusted operating income grew 27% to $82.3 million or an adjusted operating margin of 24.9%, up 610 basis points from last year. For the full fiscal year, adjusted operating income grew 18% to $326.3 million and adjusted operating margin was 24% up 290 basis points versus fiscal '24. Key drivers in the quarter and fiscal '25 included continued gross margin expansion, disciplined cost management and incremental OEP savings that helped offset additional growth investments.

第四季調整後營業收入成長 27% 至 8,230 萬美元，調整後營業利潤率為 24.9%，比去年同期成長 610 個基點。整個財年，調整後的營業收入成長 18% 至 3.263 億美元，調整後的營業利益率為 24%，較 24 財年上漲 290 個基點。本季和 25 財年的主要驅動因素包括持續的毛利率擴大、嚴格的成本管理和有助於抵消額外成長投資的增量 OEP 節省。

Following the successful divestiture of our whole blood business, we are sharpening our focus on the geographies and markets that offer the greatest opportunities for profitable growth and advancing our innovation agenda. Our new regional and market alignment initiative is expected to further strengthen our core business while generating approximately $30 million of net savings over the next two years, helping offset the financial impacts of CSL's transition, the divestiture of the whole blood business and additional rationalization efforts in the Apheresis business. We expect about 2/3 of these savings will be realized in fiscal '26.

在成功剝離全血業務之後，我們將更加關注那些能夠提供最大獲利成長機會的地區和市場，並推動我們的創新議程。我們新的區域和市場協調舉措預計將進一步加強我們的核心業務，同時在未來兩年內產生約 3000 萬美元的淨節約，有助於抵消 CSL 轉型、全血業務剝離和血液分離業務額外合理化努力帶來的財務影響。我們預計其中約三分之二的節省將在 26 財年實現。

The adjusted income tax rate was 22% for the fourth quarter and 23% for fiscal year '25 compared with 21% and 23% for the respective periods of the prior year. Fourth quarter adjusted net income was $61.6 million, up $16 million or 34% and adjusted earnings per diluted share was $1.24, up 39% compared with the fourth quarter of fiscal '24. Adjusted net income for fiscal year '25 was $231.5 million, up $28 million or 14% and adjusted earnings per diluted share was $4.57, up 15% compared to the prior year.

第四季和 25 財年的調整後所得稅率為 22%，而去年同期分別為 21% 和 23%。第四季調整後淨收入為 6,160 萬美元，比 24 財年第四季增加 1,600 萬美元或 34%，調整後每股攤薄收益為 1.24 美元，比 24 財年第四季增加 39%。25 財年調整後淨收入為 2.315 億美元，比上年增加 2,800 萬美元，增幅為 14%；調整後每股攤薄收益為 4.57 美元，比上年增加 15%。

Below-the-line items, including interest expense, foreign exchange adjustments, taxes and lower share count added about $0.13 to the fourth quarter adjusted EPS, but created a $0.20 headwind for the year, mainly due to higher interest expense.

線下項目，包括利息支出、外匯調整、稅金和較低的股票數量，為第四季度調整後每股收益增加了約 0.13 美元，但為全年帶來了 0.20 美元的阻力，主要原因是利息支出增加。

Moving to select balance sheet and cash flow highlights. In fiscal '25, we generated $182 million in cash from operating activities, the same as in the prior year as higher net income was offset by the timing of certain payments, which were heavily weighted towards the beginning of our fiscal '25 and continuous efforts to rebuild the safety stock of our critical inventories.

轉向選擇資產負債表和現金流量重點。在 25 財年，我們從經營活動中產生了 1.82 億美元的現金，與上一年相同，因為更高的淨收入被某些付款的時間所抵消，這些付款主要集中在 25 財年的開始和重建關鍵庫存安全庫存的持續努力上。

Free cash flow grew 24% to $145 million, exceeding expectations with a free cash flow conversion ratio of 63% of adjusted net income, up from 57% last year. This increase reflects strong operating performance, coupled with the additional proceeds from the sale of one of our manufacturing facilities at the start of fiscal '25 and lower CapEx. Strong, consistent cash flow generation remains a key strength at Haemonetics, and we continue to prioritize free cash flow as a strategic driver of growth and value creation.

自由現金流成長 24% 至 1.45 億美元，超出預期，自由現金流轉換率為調整後淨收入的 63%，高於去年的 57%。這一成長反映了強勁的經營業績，加上 25 財年開始出售我們的一家製造工廠所獲得的額外收益以及較低的資本支出。強勁、持續的現金流產生仍然是 Haemonetics 的主要優勢，我們繼續將自由現金流視為成長和價值創造的策略驅動力。

We finished our fiscal year with $307 million in cash, an increase of $128 million since the start of the fiscal year, driven by strong operating cash flow and debt transactions, partially offset by the acquisition of Attune Medical and $225 million in share buybacks.

我們以 3.07 億美元的現金結束了本財年，自本財年開始以來增加了 1.28 億美元，這得益於強勁的經營現金流和債務交易，但收購 Attune Medical 和 2.25 億美元的股票回購部分抵消了這一增長。

There were no changes to our debt structure during the quarter, and we had no outstanding borrowings on our revolving credit facility. Our net leverage ratio stood at approximately 2.52x EBITDA as defined in our credit agreement, providing significant financial flexibility to support continued growth through a balanced mix of growth investments, share repurchases and debt repayments.

本季我們的債務結構沒有變化，我們的循環信貸額度中沒有未償還的借款。我們的淨槓桿率約為信貸協議中定義的 EBITDA 的 2.52 倍，透過成長投資、股票回購和債務償還的均衡組合，提供了顯著的財務靈活性，以支持持續成長。

In alignment with our capital allocation priorities and following the successful completion of our $300 million share repurchase program, this morning, we announced that the Board of Directors has authorized a new program to repurchase up to $500 million of the company's common stock over the next three years. This new authorization reinforces our commitment to maximizing shareholder value and optimizing Haemonetics' capital structure.

為了符合我們的資本配置優先事項，並在成功完成 3 億美元股票回購計劃後，今天上午，我們宣布董事會已授權一項新計劃，在未來三年內回購高達 5 億美元的公司普通股。這項新授權加強了我們對最大化股東價值和優化 Haemonetics 資本結構的承諾。

Moving to fiscal '26 guidance. We're entering fiscal '26 with strong momentum and a clear line of sight to our long-range plan goals. While reported revenue is expected to decline 3% to 6%, driven by the full year impact of the whole blood divestiture, CSL's transition and exits of the liquids business, together representing $153 million headwind, we remain firmly on track to deliver against every long-range plan commitment we've made. We expect organic growth, ex-CSL, of 6% to 9%, supported by balanced contributions from our Plasma and Hospital businesses.

轉向 26 財年指導。我們正以強勁的勢頭邁入 26 財年，並且對我們的長期計劃目標有著清晰的認識。儘管報告收入預計將下降 3% 至 6%，但受全血業務剝離、CSL 轉型和退出液體業務的全年影響（總計 1.53 億美元的逆風）的推動，我們仍堅定地按計劃履行我們做出的每一項長期計劃承諾。我們預計，不包括 CSL 在內的有機成長率將達到 6% 至 9%，這得益於血漿和醫院業務的均衡貢獻。

Our ongoing transformation is driving meaningful margin expansion as our portfolio shifts toward higher-margin, growth-oriented products. We expect adjusted operating margin to improve by 200 to 300 basis points, reaching 26% to 27% in fiscal '26. This improvement is supported by continued gains in adjusted gross margin, keeping us on track to achieve our long-range plan targets in the high 50s to low 60s. As in the prior year, margin expansion is expected to build throughout the year.

隨著我們的產品組合轉向利潤率更高、以成長為導向的產品，我們正在進行的轉型正在推動利潤率的顯著成長。我們預計調整後的營業利潤率將提高 200 至 300 個基點，到 26 財年達到 26% 至 27%。調整後毛利率的持續成長支撐了這一改善，使我們有望實現 50% 至 60% 左右的長期計畫目標。與前一年一樣，預計利潤率將在全年持續擴大。

We anticipate adjusted earnings per diluted share in the range of $4.70 to $5, at the midpoint of our outlook. Recent share repurchase activity is expected to offset the impact of increased interest expense. The anticipated increase in interest expense is primarily driven by lower interest income, reflecting a lower interest rate environment and the assumed use of cash to retire the remaining $300 million of our 2026 convertible securities at maturity. As we approach these maturities, we will continue to evaluate the most efficient and value-enhancing options for settlement. We anticipate the adjusted tax rate to increase to approximately 24.5% in fiscal '26 compared to 23% in fiscal '25.

我們預計調整後每股攤薄收益將在 4.70 美元至 5 美元之間，這是我們預期的中間值。近期的股票回購活動預計將抵銷利息支出增加的影響。預計利息支出增加主要是由於利息收入減少，反映了較低的利率環境以及假設使用現金在到期時贖回剩餘的 3 億美元 2026 年可轉換證券。隨著這些債務到期日的臨近，我們將繼續評估最有效、最能提升價值的解決方案。我們預計，26財年的調整後稅率將從25財年的23%增加至約24.5%。

The tariff environment remains highly dynamic. However, with the majority of our revenue concentrated in the US and coming from high-volume growth products like Plasma, TEG and Vascular Closure primarily manufactured in the US or USMCA-compliant regions, we believe we are in a strong position to manage the near-term risk while taking proactive steps to reduce long-term impacts.

關稅環境依然高度動態。然而，由於我們的大部分收入集中在美國，並且來自主要在美國或符合 USMCA 的地區生產的血漿、TEG 和血管閉合等高容量增長產品，我們相信我們有能力管理短期風險，同時採取積極措施減少長期影響。

We estimate an annualized adjusted EPS impact of up to $0.20, assuming the most recently announced tariff rates and exemptions that have been put in place for USMCA-compliant products manufactured in Mexico or Canada. The midpoint of our fiscal '26 adjusted EPS guidance already reflects this impact, including the benefits from prior actions like inventory builds and supply chain diversifications. With our teams fully engaged, we are well positioned to further reduce tariff exposure beyond fiscal '26 through additional risk mitigation measures.

假設最近宣布的針對在墨西哥或加拿大生產的符合 USMCA 的產品實施的關稅稅率和豁免，我們估計年化調整後每股收益影響高達 0.20 美元。我們 26 財年調整後每股收益指引的中點已經反映了這種影響，包括庫存建設和供應鏈多樣化等先前行動帶來的好處。在我們的團隊全力投入下，我們有能力透過額外的風險緩解措施進一步降低26財年以後的關稅風險。

And lastly, with heightened focus on cash flow generation throughout the organization, we expect our free cash flow in fiscal '26 to be in the range of $160 million to $200 million. We expect our free cash flow to adjusted net income conversion ratio to be in excess of 70%, a testament to our improved operational efficiency and strong financial stewardship across the organization.

最後，隨著整個組織對現金流產生的關注度不斷提高，我們預計 26 財年的自由現金流將在 1.6 億至 2 億美元之間。我們預計自由現金流與調整後淨收入的轉換率將超過 70%，這證明了我們整個組織的營運效率的提高和強大的財務管理能力。

Thank you. And I'll now turn it back to Chris for some closing comments.

謝謝。現在我將話題轉回給克里斯，請他發表一些結束語。

Thanks, James. I'd like to offer a few reflections, if I might. In fiscal 2022, excluding CSL, we earned $1.83 in adjusted earnings per share. We issued a new 4-year LRP with ambitious targets, including low double-digit compounded annual growth in revenue and mid-20s adjusted EPS compound annual growth rate, excluding CSL. We targeted adjusted operating margin expansion into the high 20s in fiscal '26 and cumulative free cash flow generation of $600 million to $700 million. The dialogue at the time was mostly about CSL's impending transition, the growth of our hospital franchises and our projected margin expansion.

謝謝，詹姆斯。如果可以的話，我想提出一些想法。2022 財年，不包括 CSL，我們的調整後每股收益為 1.83 美元。我們發布了新的 4 年期 LRP，其中設定了雄心勃勃的目標，包括收入的低兩位數複合年增長率和 25% 左右的調整後每股收益複合年增長率（不包括 CSL）。我們的目標是在 26 財年將調整後的營業利潤率擴大到 20% 以上，並將累積自由現金流產生量達到 6 億至 7 億美元。當時的對話主要涉及 CSL 即將進行的轉型、我們醫院特許經營權的增長以及我們預計的利潤率擴張。

Despite the challenges of the past year, we remain confident in our strategy and our ability to deliver these goals. Nearly 85% of our revenue is now generated by high-growth, high-margin products driving accelerated growth and profitability. At the midpoint of our FY26 guidance range, we expect approximately $1.3 billion in revenue, representing a 10% compound annual growth rate and about $4.85 in adjusted earnings per diluted share, more than $3 greater than our FY22 results. That's a 28% compound annual growth rate in earnings from a significantly more profitable, diversified, and sustainable portfolio.

儘管過去一年面臨挑戰，我們仍然對我們的策略和實現這些目標的能力充滿信心。目前，我們近 85% 的收入來自高成長、高利潤的產品，推動了加速成長和獲利能力。在我們 26 財年指導範圍的中點，我們預計收入約為 13 億美元，代表 10% 的複合年增長率和調整後每股攤薄收益約為 4.85 美元，比我們 22 財年的業績高出 3 美元以上。這意味著，透過更獲利、更多樣化和更永續的投資組合，收益的複合年增長率達到了 28%。

We have a clear path forward with Interventional Technologies, having realigned our sales organization and invested in new clinical evidence to drive momentum. TEG's success continues to propel growth, driving device conversions and increased utilization as we migrate customers to our point-of-care viscoelastic testing system.

我們在介入技術方面有著清晰的發展方向，我們已經重新調整了銷售組織並投資新的臨床證據來推動發展。隨著我們將客戶遷移到我們的即時護理黏彈性測試系統，TEG 的成功將繼續推動成長、推動設備轉換和提高利用率。

Technology upgrades and competitive wins in Plasma are fueling revenue growth and strengthening our leadership in the US and internationally. Margin expansion is progressing as planned, and we are well positioned to sustain and build upon this momentum. We have a renewed emphasis on free cash flow generation, a strong capital position and the capacity to fund additional growth.

等離子領域的技術升級和競爭勝利正在推動收入成長並加強我們在美國和國際上的領導地位。利潤率的擴大正在按計劃進行，我們已做好準備，維持並鞏固這一勢頭。我們重新重視自由現金流的產生、強大的資本實力以及為額外成長提供資金的能力。

Our near-term priorities are organic growth, debt repayments and opportunistic buybacks. We are executing effectively, evolving strategically, and creating significant value for customers and shareholders. We are confident that we are positioning the company for continued profitable growth and long-term value creation.

我們的近期重點是有機成長、債務償還和機會性回購。我們有效執行，策略發展，為客戶和股東創造巨大價值。我們有信心使公司實現持續獲利成長和長期價值創造。

Thank you again. Operator, please open the line for questions.

再次感謝您。接線員，請打開熱線來回答問題。

(Operator Instructions) Our first question is coming from the line of Rohin Patel of JPMorgan.

（操作員指示）我們的第一個問題來自摩根大通的 Rohin Patel。

Congrats on a good quarter. I wanted to start with Plasma. You had a nice beat in the quarter and the guide for fiscal '26 came in at 11% to 14%, excluding CSL, which was ahead of expectations in some of your prior commentary just a few months ago. So maybe if you could just talk more about what you're seeing as far as the collections environment and what's assumed in guidance between pricing, share gains and volumes and how we should think about this contributing to Plasma and total company margins in fiscal '26? And then I had a follow-up.

恭喜本季取得良好業績。我想從 Plasma 開始。您在本季度取得了不錯的成績，26 財年的預期成長率為 11% 至 14%（不包括 CSL），這超出了您幾個月前的一些評論中的預期。因此，您是否可以更多地談論您所看到的收款環境，以及指導中對定價、份額收益和銷量之間的假設，以及我們應該如何看待這對 26 財年的等離子和公司總利潤率的貢獻？然後我進行了後續跟進。

Rohin, it's Chris. Thanks for the question. Yes, we remain very bullish on Plasma near and longer term. The underlying demand for IG remains really robust as evidenced by our customers' end market growth in their therapies. So we look at what's going on for certainly our fiscal '25 and into our projected plans for fiscal '26 as a temporary pullback, largely enabled by our technology, where we've given substantial improvements in throughputs and yield from their centers.

羅欣，我是克里斯。謝謝你的提問。是的，我們近期和長期仍然非常看好等離子體。從我們客戶在治療中的終端市場成長可以看出，對 IG 的潛在需求仍然非常強勁。因此，我們將 25 財年和 26 財年的預期情況視為暫時的回調，這主要得益於我們的技術，我們已大幅提高其中心的吞吐量和收益。

The 11% to 14% is almost entirely share gains and a premium associated with our upgraded technology adoption. We don't see meaningful growth in the first half of our fiscal '26 in terms of collection volume. We do believe, based on in-depth discussion and planning with our customers that, that will change in the second half of the year. But even still, it's going to be relatively modest as they digest the improvements we've given them and get back on track to really drive to meet further demand and talk more why we're bullish on the long-term demand. But we remain confident in what we're doing in Plasma and its contribution to the portfolio more broadly.

11% 至 14% 幾乎全部是份額成長以及與我們採用升級技術相關的溢價。就收款量而言，我們認為 26 財年上半年不會有顯著成長。我們確實相信，基於與客戶的深入討論和規劃，這種情況將在下半年發生變化。但即便如此，當他們消化我們給予他們的改進並回到正軌以真正滿足進一步需求並更多地談論為什麼我們看好長期需求時，他們的增長幅度仍將相對溫和。但我們對我們在 Plasma 所做的事情以及它對更廣泛投資組合的貢獻仍然充滿信心。

Great. And then I guess my follow-up is on EPS. You obviously guided to $4.7 to $5 in fiscal '26, which also includes your 26% to 27% operating margin, which is on track for your LRP. So can you just elaborate more on the drivers here from a gross margin and OpEx standpoint? You mentioned some expense management initiatives and also $0.20 assumed for tariff impact. So what does that include exactly? And do you see upside to this given some of the progress we're seeing on trade talks and potential exemptions?

偉大的。然後我想我的後續行動是關於 EPS。您顯然將 26 財年的預期目標定為 4.7 美元至 5 美元，其中還包括 26% 至 27% 的營業利潤率，這符合您的 LRP 目標。那麼，您能否從毛利率和營運支出的角度進一步闡述這些驅動因素？您提到了一些費用管理舉措，也假設關稅影響為 0.20 美元。那麼這到底包含什麼呢？鑑於我們在貿易談判和潛在豁免方面取得的一些進展，您是否認為這會帶來好處？

Rohin, thanks, James D'Arecca. So I'll start with the operating margin of 26% to 27%. We see continued improvement in gross margin mix that's going to be driving that into our fiscal '25. As we rationalize the portfolio, the gross margins have continued to improve. So you heard me on the call earlier talking about whole blood, for example, will have about 150 basis point impact on gross margin improvement, and some of that will fall to the bottom line. And we'll continue to see gross margins improving through fiscal '26, and that's going to drive most of our improvement as we head into fiscal '26.

羅欣，謝謝詹姆斯·達雷卡。因此，我將從 26% 到 27% 的營業利潤率開始。我們看到毛利率組合持續改善，這將推動我們 25 財年的成長。隨著我們合理化投資組合，毛利率持續增加。因此，您之前在電話會議上聽到我談到全血，例如，它將對毛利率的提高產生約 150 個基點的影響，其中一部分將落到底線。在整個 26 財年，我們將繼續看到毛利率的提高，而這將推動我們進入 26 財年的大部分改進。

I think some of the operating leverage that we had anticipated, that will be coming more towards the back part of the year as the hospital business starts to gather more momentum in that regard. With regard to tariffs, as our starting point, as you heard me say, the $0.20 is our annualized impact. And that's like I said our starting point. Since we have sufficient inventory levels, we do have the time and flexibility to address the impacts by diversifying our supply chain, in-sourcing production and seeking other mitigation activities, and we'll continue to do that.

我認為，隨著醫院業務在這方面開始獲得更多發展勢頭，我們預期的一些營運槓桿將在今年下半年更能顯現。關於關稅，作為我們的起點，正如你聽到我說的，0.20 美元是我們年化的影響。這就是我所說的我們的起點。由於我們有足夠的庫存水平，我們確實有時間和靈活性透過多樣化我們的供應鏈、內部採購生產和尋求其他緩解活動來應對影響，我們將繼續這樣做。

So essentially, we've built in that -- about half of that at the midpoint of our range. We feel comfortable with that. We have line of sight to that. And we also now have the ability to continue to work on mitigating tariffs as we move forward really into fiscal '27. The good news for us really on tariffs is that the majority of our revenue is primarily concentrated in North America, in the US and our key drivers, Plasma, TEG and Vascular Closure, those products are all either manufactured in the US or are in USMCA-compliant countries like Mexico or Canada. So on the revenue side, we're in very good shape. So I'll pause there. Hopefully, that gives you some additional color.

因此，從本質上講，我們已經將其納入其中——大約一半位於我們範圍的中間點。我們對此感到很舒服。我們對此有預見。隨著我們真正邁入 27 財年，我們現在也有能力繼續努力降低關稅。對我們來說，關稅方面的好消息是，我們的大部分收入主要集中在北美、美國，而我們的主要驅動力，血漿、TEG 和血管閉合，這些產品要么在美國製造，要么在符合 USMCA 的國家（如墨西哥或加拿大）製造。因此，就收入方面而言，我們的狀況非常好。我就此暫停一下。希望這能帶給你一些額外的色彩。

And the next question is coming from the line of Marie Thibault of BTIG.

下一個問題來自 BTIG 的 Marie Thibault。

I wanted to drill down a little bit more on the Vascular Closure portfolio. You reported some very nice growth from the newer products like MVP and XL and then discussed some efforts on the PCI side. Would love to kind of just understand that in a little bit more detail. What were you seeing in terms of share gains, new accounts, new account penetration with some of those newer products? And what specifically is being done at this point to try to improve the performance in sort of the legacy side of the business on the PCI side?

我想更深入了解血管閉合產品組合。您報告了 MVP 和 XL 等新產品的一些非常好的成長，然後討論了 PCI 的一些努力。希望能更詳細地了解這一點。您看到這些新產品的市場佔有率、新帳戶數量和新帳戶滲透率如何？目前具體採取了哪些措施來嘗試提升 PCI 方面業務遺留方面的效能？

Marie, it's Chris. So we published some supplemental tables. We just want to try to be clear about what we believe to be the opportunity set, the total addressable market, which is a function of the procedures we can participate in and the ongoing change in the number of access sites per procedure given the focus on Closure. So hopefully, that is helpful.

瑪麗，我是克里斯。因此我們發布了一些補充表格。我們只是想弄清楚我們認為的機會集，即整個可尋址市場，這取決於我們可以參與的程序以及在關注關閉的情況下每個程序的訪問站點數量的持續變化。希望這會有所幫助。

What it says is, in the US, for FY26, we're looking at something that's high single digit, 8.5% to 9% growth in opportunity. We expect to participate fully in that. We were impressed by the team's results in the fourth quarter with regard to focus for MVP and MVP XL. We're back in the high 20s in terms of that growth rate, which is excellent.

它表明，在美國，對於 26 財年，我們預計會出現高個位數成長，即 8.5% 至 9% 的成長機會。我們期望充分參與其中。球隊在第四節對 MVP 和 MVP XL 的專注程度給我們留下了深刻的印象。就成長率而言，我們又回到了 20 多歲，這非常好。

We do need to factor in what's happening in coronary and peripheral, which continues to be a drag on that growth rate. We are addressing it. And we think our heightened focus where we've really targeted our US field force to go either directly in and Vascular Closure in all opportunities or structural heart, where we've carved out a dedicated effort. And we think that's producing some interesting new growth green shoots that we're enthusiastic about going forward. So from our vantage point, yes, we're taking a step back. We want to be balanced because we don't control a number of the things that are disrupting the market.

我們確實需要考慮冠狀動脈和周邊血管疾病的發生情況，這些疾病繼續阻礙血管的生長速度。我們正在解決這個問題。我們認為，我們高度重視美國實地力量，將其直接投入到血管閉合的所有機會或結構性心臟領域，我們為此付出了專門的努力。我們認為，這將產生一些有趣的新增長綠芽，我們對此充滿熱情。因此從我們的角度來看，是的，我們正在退後一步。我們希望保持平衡，因為我們無法控制許多擾亂市場的因素。

But the attach rate on PFA, for example, we estimate that the leading players there are in probably 60% of what we target as the T600 accounts, those accounts that represent 90-plus percent of the opportunity. Of that 60%, we're in 85% of that with them. So as they convert the accounts, we come through the door behind them. And we have the best product and the best set of relationships there. So we're going to continue to see good growth. But it is balanced. It's balanced across the broader portfolio. And then we're addressing the acquired products as part of it. And like I said, we see some green shoots with our structural heart play, but there's more work to do. And we think FY26 will be a good opportunity for that leadership team to really address the market and get back to where we want them to be going forward.

但是，以 PFA 的附加率為例，我們估計領先的參與者可能佔據了我們目標 T600 帳戶的 60%，這些帳戶代表了 90% 以上的機會。在這 60% 中，我們與他們合作了 85%。因此，當他們轉換帳戶時，我們就從他們身後的門進來。我們在那裡擁有最好的產品和最好的關係。因此我們將繼續看到良好的成長。但它是平衡的。它在更廣泛的投資組合中保持平衡。然後我們將處理所收購的產品作為其中的一部分。正如我所說的，我們在結構性核心發揮方面看到了一些復甦的跡象，但還有很多工作要做。我們認為 2026 財年對於領導團隊來說是一個很好的機會，可以真正解決市場問題並回到我們期望的方向。

Perfect. Maybe I can ask a follow-up on that. I know that there was a management change, I think, during the quarter, the former Head of Hospital transitioned out of the role. And I think it's Mr. Galvin, I think that's added that role to his responsibilities. Wanted to understand any changes to strategy that came along with that. And as you've seen a nice ramp in hospital revenue over the past couple of years, is there a way to quantify or maybe qualitatively give us an idea of the margin expansion that this segment has seen? I know it's expected to continue to be a big contributor to margin expansion.

完美的。也許我可以就此提出後續問題。我知道本季管理層發生了變動，我認為，前醫院院長已不再擔任該職位。我認為是加爾文先生，我認為這為他的職責增加了這個角色。想要了解隨之而來的任何策略變化。鑑於您在過去幾年中看到醫院收入大幅增長，有沒有辦法量化或定性地讓我們了解該部門的利潤率擴張？我知道它有望繼續成為利潤率擴張的重要貢獻者。

Marie, it is a big contributor to margin expansion. In a nutshell, I thought the note you issued on us when you initiated coverage was a really thoughtful articulation of this. We're playing and winning in collections. It's an important source of baseline growth, EBITDA, free cash flow, et cetera. But the real opportunity is to use the benefits there to invest profitably in building out a Hospital portfolio, which today consists of Blood Management Technologies and Interventional Technologies. We see the gross margin of that business in excess of 70% and with corresponding Med-Surg operating income, which certainly puts it into the high 20s, which is what we're guiding towards now. So very powerful contributions.

瑪麗，這對利潤率的擴大有很大貢獻。簡而言之，我認為您在開始報道時向我們發出的說明確實深思熟慮地表達了這一點。我們正在進行收集遊戲並獲勝。它是基線成長、EBITDA、自由現金流等的重要來源。但真正的機會是利用那裡的優勢進行有利可圖的投資，建立醫院組合，目前該組合包括血液管理技術和介入技術。我們看到該業務的毛利率超過 70%，相應的醫療外科營業收入也肯定會達到 20% 以上，這也是我們現在的目標。貢獻非常巨大。

With regard to the leadership changes, super grateful to Stu Strong and his team. I think they took that business under Stu's tenure from less than $200 million to the $500 million to $600 million that it is today, and we're excited about that with double-digit growth. Going forward, we expect, and I realize the audacity of what I'm about to say, but it is our plan. We expect both Blood Management Technologies and Interventional Technologies to be $1 billion franchises each. And Roy brings a skill set and a capability to help those franchise presidents take their business to that level. And I think we're excited about the opportunity in front of us. We need to make sure we're organized appropriately. So both Roy and Frank Chan, as their Chief Operating Officer, bring a set of capabilities and a level of talent that is indicative of our growth aspiration, particularly in the hospital space.

關於領導階層的變動，非常感謝 Stu Strong 和他的團隊。我認為在斯圖的領導下，他們的業務從不到 2 億美元成長到瞭如今的 5 億到 6 億美元，我們對此感到非常興奮，因為實現了兩位數的成長。展望未來，我們期待著，我意識到我要說的話有些大膽，但這是我們的計畫。我們預計血液管理技術和介入技術各自的特許經營權價值將達到 10 億美元。羅伊擁有一系列技能和能力，可以幫助那些特許經營總裁將他們的業務提升到那個水平。我認為我們對眼前的機會感到非常興奮。我們需要確保我們組織得當。因此，Roy 和 Frank Chan 作為他們的首席營運官，都帶來了一系列能力和人才水平，這表明了我們的成長願望，特別是在醫院領域。

And the next question will be coming from the line of Mike Matson of Needham & Company.

下一個問題來自 Needham & Company 的 Mike Matson。

So just looking at kind of where you've guided for '26 from an organic perspective. And I know Plasma is a little higher than kind of longer-term growth. But if we assume Plasma is kind of longer term, 8% to 10%, Hospitals maybe around 10% and then kind of low single-digit declines in the Blood Business, does that sort of imply that you're going to -- longer term is going to be at the lower end of that mid- to high single-digit growth target? So in other words, more -- maybe more like 6%. Again, I'm talking post-fiscal '26 time frame.

因此，僅從有機角度來看您對 26 年的指導。我知道 Plasma 的長期成長速度略快一些。但是，如果我們假設血漿的長期成長率為 8% 到 10%，醫院的成長率可能在 10% 左右，而血液業務的成長率為個位數的低位下降，這是否意味著長期成長率將處於中高個位數成長目標的低端？換句話說，可能更多，更接近 6%。再說一遍，我說的是 26 財年之後的時間框架。

Mike, well, our plan is to issue a new LRP later this calendar year. In fact, we're targeting December, which we think kind of corresponds with a number of things we have underway internally. We've grown this business 10% organically over the 4-year period of this LRP. We would expect to be able to replicate that performance going forward, knowing that we're doing it off of a much larger and significantly more profitable base business.

麥克，我們的計劃是在今年稍後發布新的 LRP。事實上，我們的目標是 12 月，我們認為這與我們內部正在進行的許多事情相對應。在 LRP 的 4 年期間，我們的業務有機成長了 10%。我們希望能夠在未來複製這種業績，因為我們知道我們是在規模更大、利潤更高的基礎上實現這一目標的。

From our vantage point, we play in winning markets with leading products. Winning markets are defined as top quartile med tech categories. So the categories themselves are fully supportive of high single-digit or better growth rates with the appropriate profitability. That's what we're targeting. And we have some work to do to get our Interventional Technologies footprint and platform fully on track, that's what you see in our FY26 guidance.

從我們的角度來看，我們憑藉領先的產品贏得市場。獲勝市場被定義為排名前四分之一的醫療技術類別。因此，這些類別本身完全支持高個位數或更高的成長率，並具有適當的獲利能力。這就是我們的目標。我們還需要做一些工作才能讓我們的介入技術足跡和平台完全步入正軌，這就是您在我們的 FY26 指導中所看到的。

We want to be balanced, and we're controlling the things we can control and delivering the growth that we aspire to. But what we're building here and what we'll talk more about in December at our Investor Day is something that should be better than the numbers you're quoting and significantly more profitable, even in the business that we're guiding to today.

我們希望保持平衡，控制我們能夠控制的事情，實現我們所渴望的成長。但我們在這裡建立的東西以及我們將在 12 月投資者日詳細討論的東西應該比您引用的數字更好，而且利潤更高，即使在我們今天指導的業務中也是如此。

Look forward to hearing more at the Investor Day then. I guess just want to ask a question on M&A. I think you have an option to acquire Vivasure Medical. I know they've made some progress with their trial, and I think they got a CE Mark recently for PerQseal. So can you just give us an update there on where things stand, what the timing would be of a potential decision, and whether or not your appetite for this business has changed given kind of what you've seen with VASCADE?

期待在投資者日聽到更多消息。我只是想問一個關於併購的問題。我認為您可以選擇收購 Vivasure Medical。我知道他們的試驗取得了一些進展，而且我認為他們最近為 PerQseal 獲得了 CE 標誌。那麼，您能否向我們介紹目前的情況、可能做出決定的時間，以及根據您在 VASCADE 上看到的情況，您對這項業務的興趣是否發生了變化？

So the long-term appetite, the notion that Haemonetics as a serial acquirer doing programmatic M&A to augment robust organic growth, that hasn't changed. It's absolutely part of our long-term plan. We think most of that activity will be concentrated in the Hospital sectors, particularly IVT. As we step back, we have work to do with our two most recent acquisitions, both OpSens and Attune. And that is our focus, and that's why we believe organic growth is the single most powerful lever in our capital allocation today, and that's going to be our focus through the duration of FY26.

因此，長期興趣，即 Haemonetics 作為連續收購者透過程序化併購來增強強勁的有機成長的想法，並沒有改變。這絕對是我們長期計劃的一部分。我們認為大部分活動將集中在醫院領域，尤其是 IVT。回顧過去，我們需要處理最近的兩次收購，即 OpSens 和 Attune。這就是我們的重點，這就是為什麼我們相信有機成長是我們今天資本配置中最強大的槓桿，這也是我們在整個 26 財年中關注的重點。

The opportunity for Vivasure, the option we have there, is the one exception. And we've worked very closely with the company over the last several years. We were delighted to see the results from the patch trial, the readout at TCT, the physician response to that and their progress across all the main milestones that we've been working with them on. So that is on track. We're optimistic about it. It will come out, assuming success with their US filings later this fiscal year, that's powerful. And it would be in our sweet spot, which is the intersection between Closure and Structural Heart, which are the two segments we play in on IVT. So we're enthusiastic, appreciative that it will be a later fiscal '26 opportunity because it gives us the time needed to really get our feet under us in IVT more broadly and be ready for that product when it comes.

我們擁有的 Vivasure 機會是一個例外。過去幾年我們與該公司保持著密切的合作。我們很高興看到貼片試驗的結果、TCT 的讀數、醫生對此的反應以及他們在我們與他們合作的所有主要里程碑上取得的進展。一切進展順利。我們對此持樂觀態度。假設他們在本財年稍後成功向美國提交申請，那麼這一消息將會公佈，這將非常有力。這將是我們的最佳位置，即閉合和結構性心臟之間的交集，這是我們在 IVT 上發揮的兩個部分。因此，我們非常興奮，也很感激這將是 26 財年後期的一個機會，因為它給了我們所需的時間，讓我們在 IVT 領域真正站穩腳跟，並為該產品的到來做好準備。

And the next question will be coming from the line of Andrew Cooper of Raymond James.

下一個問題來自雷蒙德詹姆斯公司的安德魯庫柏。

Maybe first, just to start on Interventional again. It sounds like the smaller bore VASCADE products might have gotten a little bit worse, not necessarily better, in the quarter. So just maybe help us think about where you are in effectuating some of the changes that you started talking about last quarter, and how we think about sort of the pacing of that improving through the course of fiscal '26?

也許首先，只是重新開始介入。聽起來，本季較小口徑的 VASCADE 產品的表現可能會下降，但不一定會有所改善。因此，也許您可以幫助我們思考一下，您在實施上個季度開始談論的一些變化方面進展如何，以及我們如何看待在 26 財年期間這些變化的改善步伐？

Andrew, it's Chris. We like the opportunity in Vascular Closure writ large. It's a $1 billion-plus play. And as our tables show, we think it's 1/3 EP and 2/3 coronary and peripheral predominantly in the interventional cardiology suite. We're having a lot more success in electrophysiology, and we need to replicate that as we've kind of refocused and deliver as well on the much larger but smaller growing 2/3 that is in IC. From our vantage point, what we've done is just take a step back with the field force. We experimented with this with our incentive comp, and we've now put those changes in place structurally to have a team that is dedicated to Vascular Closure and covers it across the entire spectrum.

安德魯，我是克里斯。我們看好血管閉合領域的巨大機會。這是一場耗資超過10億美元的遊戲。正如我們的表格所示，我們認為介入性心臟病學套件中主要有 1/3 EP 和 2/3 冠狀動脈和周邊。我們在電生理學方面取得了更大的成功，我們需要複製這一點，因為我們已經重新關注並實現了 IC 中規模更大但增長較小的 2/3。從我們的角度來看，我們所做的只是與現場部隊一起後退一步。我們透過激勵補償對此進行了嘗試，現在我們已經在結構上實施了這些變化，以擁有一支致力於血管閉合併覆蓋整個範圍的團隊。

We think one of the primary benefactors of that focus will be base VASCADE. It's approximately 15%, 1-5 percent of the current revenues, but it is admittedly growing low single digits as a category, but the penetration is relatively modest. And we think we have the best technology, and time spent with that physician community educating them on the benefits of what VASCADE brings to them, we think will yield results. And we actually have a forecast, which I think is very balanced, right, but a modest return to growth for VASCADE in FY26.

我們認為這一焦點的主要受益者之一將是基礎 VASCADE。它大約佔當前收入的 15% 或 1-5%，但不可否認，作為一個類別，它的成長率是較低的個位數，但滲透率相對較低。我們認為，我們擁有最好的技術，並花時間向醫生群體宣傳 VASCADE 為他們帶來的好處，我們相信這將會產生效果。我們實際上有一個預測，我認為這個預測非常平衡，但 VASCADE 在 26 財年將適度恢復成長。

Okay. That's helpful. And then maybe just on the P&L in the quarter, I think you were a little above at least where we were and I think where the rest of The Street was on operating expenses, you were better on gross margins to offset that. But I just want to drill in a little bit on the OpEx. Was there anything kind of onetime-ish that jumps out there? And how do we think about that trajectory knowing in the context of what you just said, you're building out this sort of separate team in structural heart and kind of some of the other moving parts that you're looking to reinvest in for the core?

好的。這很有幫助。然後也許僅就本季的損益表而言，我認為你們至少比我們高一點，而且我認為，儘管華爾街其他人的營運費用很高，但你們的毛利率更高，可以抵銷這一點。但我只是想稍微深入探討一下營運支出。那裡有沒有什麼一次性的東西？並且，根據您剛才所說的內容，我們如何看待這一軌跡，您正在構建這種結構核心中的獨立團隊以及您希望為核心進行再投資的其他一些活動部分？

Yes. Andrew, it's James. No, there's nothing in particular onetime-related in OpEx. I think it's just more some timing of expenses in our fourth quarter. We'll probably see some of that continue into first quarter. I think our first quarter is a little bit heavier. It's just the pattern of our expense spending, even maybe with some R&D. So you should expect our first quarter '26 to be a notch down, take out the benefit from CSL, which is about 100 basis points and then take it down a little bit from there. But nothing remarkable in Q4.

是的。安德魯，我是詹姆斯。不，OpEx 中沒有與一次性特別相關的東西。我認為這只是我們第四季的一些支出時間安排。我們可能會看到這種情況持續到第一季。我認為我們的第一季有點沉重。這只是我們的支出模式，甚至可能包括一些研發支出。因此，您應該預期我們的 26 年第一季會有所下降，扣除 CSL 的收益（約 100 個基點）後，再從那裡稍微下降一點。但第四季沒有什麼特別之處。

Yes. If I can just add to it, Andrew, we're -- we think we'll begin as the year progresses to see operating leverage through the P&L. However, we're not backing off of our investments in R&D. We want to -- I guess I'd say different -- we're going to -- we want to drive reach and relevance. So the investments we've already made in sales and marketing, the investments we are continuing to make in R&D to strengthen the clinical evidence are absolutely part of what we're doing. We want to be cognizant of it. We have growth targets and margin expansion that we're going to deliver, but we're not going to do that at the expense of underclubbing it with regards to innovation or with our field presence.

是的。安德魯，如果我可以補充一點的話，我們認為，隨著時間的推移，我們將開始透過損益表來查看營運槓桿。然而，我們不會放棄對研發的投資。我們想要——我想說的是不同的——我們將會——我們想要推動影響力和相關性。因此，我們在銷售和行銷方面已經進行的投資，以及我們為加強臨床證據而繼續在研發方面進行的投資絕對是我們正在做的事情的一部分。我們希望認識到這一點。我們有要實現的成長目標和利潤擴張，但我們不會以犧牲創新或實地存在為代價來實現這一目標。

And the next question is coming from the line of Joanne Wuensch of Citi.

下一個問題來自花旗銀行的 Joanne Wuensch。

I have two. I'll just put them upfront. Can you talk a little bit about how you see the year sort of shaking out in terms of revenue and EPS progression? The language I heard on the call was that Plasma would likely be a little bit more back half weighted, which what I assume would be would sort of shift everything into the back half, but I want a clarification on that.

我有兩個。我就把它們放在前面。您能否稍微談談您認為今年的營收和每股盈餘成長情況如何？我在電話中聽到的說法是，Plasma 可能會更加重視後半部分，我猜想這會把所有東西轉移到後半部分，但我想澄清這一點。

And then your comments on Plasma was that the growth that is coming this year is mostly from share gains. Is there any way for you to like flesh that out for us a little bit more in terms of share gains? I'm giving examples here, because we added sales force, because of a competitor's issue. Or I'm trying to get my head around where those gains are coming from.

然後您對 Plasma 的評論是，今年的成長主要來自於份額的成長。就股份收益而言，您有什麼方法可以為我們更詳細地闡述這一點嗎？我在這裡舉例，因為競爭對手的問題，我們增加了銷售人員。或者我正在努力弄清楚這些收益是從哪裡來的。

Yes. Thank you, Joanne. Let me start with the guidance and kind of how we're thinking about the quarterly progression. We think on balance, our guidance is balanced. There's things that are beyond our control. We want to be mindful of that. Collection volumes is still a very large assumption in our overall forecast. And we're going to exercise conservatism about what we believe with regard to customer demand, and we'll build from there.

是的。謝謝你，喬安妮。首先讓我介紹一下指導方針以及我們對季度進展的看法。我們綜合考慮後認為，我們的指導是平衡的。有些事情是我們無法控制的。我們要牢記這一點。在我們的整體預測中，收集量仍然是一個非常大的假設。我們將對客戶需求持保守態度，並以此為基礎進行開發。

The -- even in our Hospital-based business, there is a second half load. Some of that is just reflective of the double-digit growth rate and how things progress quarter-to-quarter. Some of it's the ongoing work and the focus that we're applying to Interventional Technologies. So both our revenue and our margin expansion will progress over the course of the year, first half versus second half, pretty much as you described it. With regards to Plasma, we do have the annualizing of the benefits of the upgrades that have already happened. The entire US collection volume is now being done with Persona and increasingly with our Express Plus speed technology.

即使在我們以醫院為基礎的業務中，也存在後半部負荷。其中一些只是反映了兩位數的成長率以及季度間的進展。其中一些是我們正在進行的工作以及我們對介入技術的關注重點。因此，我們的收入和利潤率擴張都將在今年上半年和下半年取得進展，就像您所描述的那樣。對於 Plasma，我們確實對已經發生的升級所帶來的好處進行了年度化。目前，美國全部的垃圾收集工作都由 Persona 完成，並且越來越多地採用我們的 Express Plus 速度技術。

So that benefit is there. It will annualize as the year progresses. Where we see the share gains very notably is both with our two largest collectors, which is Grifols and BioLife Takeda. And we have entered into new extended agreements with both. And as part of that, we are converting competitor centers to our technology, it comes with the full benefit of Persona and Express Plus fully integrated, et cetera. And so that is both margin and volume accretive to us and part of what's driving the mix that James described earlier.

所以這個好處是存在的。隨著時間的推移，它將逐年實現年度化。我們看到，我們的兩個最大收集商 Grifols 和 BioLife Takeda 的份額增長非常顯著。並且我們已經與兩家公司達成了新的延長協議。作為其中的一部分，我們正在將競爭對手的中心轉換為我們的技術，它具有 Persona 和 Express Plus 完全整合的全部優勢等等。因此，這對我們來說既可以增加利潤，又可以增加銷量，這也是推動詹姆斯之前描述的組合的部分因素。

And the next question is coming from the line of Anthony Petrone of Mizuho Financial Group.

下一個問題來自瑞穗金融集團的安東尼‧佩特羅內 (Anthony Petrone)。

Maybe on VASCADE, if we dig into the 28% XL. Maybe if you could walk through a little bit where XL is penetrated across the 600 top EP sites? And then if you could give any update on timing on the reconfigured French size catheter on the XL side, when -- where that is in terms of regulatory and when that's going to be out there in the marketplace? And I'll have a follow-up.

如果我們深入研究 28% XL，也許在 VASCADE 上。也許您可以稍微介紹一下 XL 在 600 個頂級 EP 網站上的滲透情況？然後，您能否提供有關 XL 側重新配置的法式導管時間的任何更新信息，何時 - 就監管而言，以及何時會在市場上銷售？我會進行跟進。

Anthony, so we look at where the leading PFA players are. We look at where the overall EP procedures are. Some of that's captured in the table. The market is roughly 60% penetrated as we estimate it with PFA for those T600, and we are in 85% of those, Anthony. And so the focus increasingly is on driving utilization within the converted accounts, both for PF and for RF, et cetera.

安東尼，我們來看看 PFA 的頂尖球員在哪裡。我們看看整體 EP 計畫在哪裡。其中一些已記錄在表格中。根據我們利用 PFA 對 T600 進行估計，市場滲透率約為 60%，而我們佔了其中的 85%，安東尼。因此，重點越來越放在推動轉換帳戶的使用率，包括 PF 和 RF 等等。

So it's a utilization game for us going forward. It's different. The opportunity set is different. The TAM is fantastic, right? The market is only half penetrated from a utilization perspective. Fully half the procedures are done not using an advanced closure device. When they use advanced closure, 80% of the time they use us, we want to hang on to that but obviously drive the utilization and the further penetration. That's what's going to be the story for both MVP and MVP XL for the year to come.

因此，對我們來說，這是一場利用遊戲。這是不同的。機會集不同。TAM 很棒，對吧？從利用率的角度來看，市場滲透率僅為一半。整整一半的手術都沒有使用先進的閉合裝置。當他們使用先進的封閉系統時，80％的時間他們都會使用我們，我們希望堅持這一點，但顯然會推動利用率和進一步的滲透。這是 MVP 和 MVP XL 未來一年的故事。

And again, we remain bullish on it. We think it's a really good opportunity. We just want to be calibrated because we get asked a lot, well, what does this mean in terms of your opportunity? That's what's captured in the tables. We take the growth rate in procedures and we take whatever changes are factoring through by the change in treatment modality to understand how many access sites that's creating and what that means for us. And what you see here is in EP, that's roughly an 8.5% growth rate this year, which we intend to invest pretty significantly.

我們對此仍然持樂觀態度。我們認為這是一個非常好的機會。我們只是想進行校準，因為我們經常被問到，那麼，就你的機會而言，這意味著什麼？這就是表格中所記錄的內容。我們計算了手術的成長率，並考慮了治療方式變化所帶來的所有變化，以了解這創造了多少個訪問站點以及這對我們意味著什麼。而您在這裡看到的是，今年 EP 的成長率約為 8.5%，我們打算對此進行相當大的投資。

Great. And then the French size catheter regulatory timing, when that's going to be out there. And then on Plasma, when you look at the 11% and 14% underlying and just the complexion of that, CSL rolling off, new contracts coming in. Maybe just a little bit on how do we think about Plasma divisional margins just given that shift?

偉大的。然後是法國尺寸導管的監管時間，以及何時出台。然後對於等離子，當你看到 11% 和 14% 的潛在影響以及它的概況時，CSL 正在滾動，新的合約正在進來。也許只是稍微考慮一下，考慮到這種轉變，我們如何看待等離子部門的利潤率？

Sure. So on the French sizes, we have the XL product in the market. We took a close look at it. We said we did that on a PMA. We've gone back in the clinic. We are completing a fairly extensive trial that we think will not only expand the indication in all likelihood up to 16.5 or 17 French OD but it will also strengthen the label. We have an excellent label, but there's an opportunity to make it better given how the market has evolved with PFA.

當然。因此，就法國尺寸而言，我們在市場上有 XL 產品。我們仔細觀察了它。我們說我們在 PMA 上做到了這一點。我們已經回到診所了。我們正在完成一項相當廣泛的試驗，我們認為這不僅將很有可能擴大適應症至 16.5 或 17 法郎 OD，而且還將加強標籤。我們擁有出色的標籤，但考慮到 PFA 市場的發展，我們還有機會使其變得更好。

So we want to do the clinical work. It's hard to comment on the timing, just given so much of that's dependent upon regulatory review and approval, Anthony. But we're very bullish on the product. There are no changes to the product. We don't need to reengineer anything or do any additional development work. It's all clinical to produce the evidence that will strengthen that label and solidify our leadership in the space. And that's not just a US phenomenon. That's a global phenomena, Europe and Japan included with different time lines for each. But that's how we're playing across the expanded indication.

所以我們想做臨床工作。安東尼，很難評論時間安排，因為這很大程度上取決於監管部門的審查和批准。但我們對該產品非常看好。產品沒有變化。我們不需要重新設計任何東西或做任何額外的開發工作。這一切都是為了提供證據來強化這個標籤並鞏固我們在該領域的領導地位。這不僅是美國的現象。這是一個全球現象，包括歐洲和日本，但每個國家的時間線都不同。但這就是我們在擴大適應症方面所採取的做法。

With regard to Plasma, from our vantage point, we're just getting back to that leadership position, the growth that we see it will be international, increasingly so. There's a really strong demand outside the US. There's actually been an inversion of cost per liter to collect, where now we're seeing the European markets are favorable on a cost per liter basis to the US, and that's a big source of where we're seeing the share gains that we're experiencing and banking on again in FY26.

關於 Plasma，從我們的角度來看，我們剛剛重回領導地位，我們看到它的成長將是國際化的，而且越來越國際化。美國以外的需求確實強勁。實際上，每公升收集成本已經逆轉，現在我們看到歐洲市場每公升成本比美國市場更有利，這是我們在 2026 財年再次看到市場份額成長並期待成長的一個重要原因。

So what that means because essentially all of it is Nexus and most of that is Nexus with Persona is the margin profile of the plasma business is significantly better and more sustainable than it ever has been. We were targeting in the LRP that we would push into the low 50s. We are doing better than that, and you see that in our gross margin line. You see it in our fourth quarter, for example, and you see it in our guide for fiscal '26.

因此，這意味著，由於基本上所有等離子業務都是 Nexus，而且其中大部分是帶有 Persona 的 Nexus，因此等離子業務的利潤率狀況比以往任何時候都明顯更好、更可持續。我們的目標是將 LRP 推至 50 出頭。我們做得更好，您可以從我們的毛利率中看到這一點。例如，您可以在我們的第四季看到它，也可以在我們的 26 財年指南中看到它。

So we expect the Plasma business, source Plasma, to be kind of a mid-50s gross margin going forward. There's some moving parts there that have to happen depending on the mix, but we're really bullish. In fact, I just shout out to that team. At this point, three years into the LRP, they have met or exceeded every long-range plan target we've given them, including some pretty audacious ones. And so kudos to that team for delivering. We're in the place we want to be in the market, and we have potential. And if the market recovers faster and more robustly in terms of collection volume, we're in a great position to capitalize on that.

因此，我們預計等離子業務（來源等離子）未來的毛利率將達到 50% 左右。根據組合情況，有些活動部件必須發生，但我們確實很樂觀。事實上，我只是向那支球隊大聲呼喊。到目前為止，LRP 已經實施三年了，他們已經達到或超越了我們為他們設定的每一個長期計劃目標，其中包括一些相當大膽的目標。因此，我們向該團隊表示敬意。我們在市場上已經佔據了理想的位置，並且具有潛力。如果市場在收藏量方面復甦得更快、更強勁，我們就有很大的優勢可以利用這一點。

And our next question will be coming op from the line of Michael Petusky of Barrington Research.

我們的下一個問題來自 Barrington Research 的 Michael Petusky。

A quick one for James and then probably one for Chris. James, just sort of given some of the commentary around how the year may play out, I mean, would it be wise to model sort of a negative earnings comp in Q1 versus the comparable period a year ago?

詹姆斯 (James) 先來一個，然後克里斯 (Chris) 可能也來一個。詹姆斯，考慮到一些關於今年可能如何發展的評論，我的意思是，與去年同期相比，對第一季的負收益進行比較是否明智？

So I'll just try to think. I don't think it would be negative. It's probably more flattish to slightly positive. I don't think it would be negative.

所以我只是試著思考一下。我不認為這會是負面的。它可能更加平緩，甚至略微呈正值。我不認為這會是負面的。

Okay. All right. Great. That's super helpful. And then, Chris, forgive me if I missed, there's lots of reports this morning. But did you guys give a revenue figure for the Sensor-Guided wires and Esophageal Protection businesses? You've given that sort of in past calls, and I may have missed it on this one. Did you guys give a revenue figure for Q4?

好的。好的。偉大的。這非常有幫助。然後，克里斯，如果我錯過了，請原諒我，今天早上有很多報告。但你們有沒有給出感測器引導導絲和食道保護業務的收入數字？您在過去打過這樣的電話，但這次我可能沒有註意到。你們有沒有給出第四季的營收數字？

We don't, Mike. It's such a small category, not unimportant, but small and therefore, just really subject to quarter-over-quarter vagaries. What I will say about the guidewire business, really impressive rate of new account openings. In fact, opening twice as many new accounts in the fourth quarter as we did in the first quarter. And that's not an aberration. We expect that rate of growth to continue.

我們不知道，麥克。這是一個很小的類別，並非不重要，但很小，因此實際上會受到季度間變化的影響。我想說的是，導絲業務的新開戶率確實令人印象深刻。事實上，第四季開設的新帳戶數量是第一季的兩倍。這並不是什麼異常現象。我們預計這一成長率將持續下去。

Perhaps even more importantly, the retention rate of those new account openings is approaching 100%, which means that everybody that we opened in the quarter is open and using the product and obviously moving the needle on utilization. So I talked about green shoots. That's the evidence behind the green shoots. We really think with the dedicated effort, we've got SavvyWire on its way. It's really important therapy for our participation in structural heart.

或許更重要的是，這些新開戶的保留率接近 100%，這意味著我們在本季度開設的每個帳戶都在使用該產品，並且顯然提高了利用率。所以我談了綠芽。這就是復甦跡象的證據。我們確實相信，透過我們的不懈努力，SavvyWire 一定會順利上路。這對我們參與結構性心臟治療確實是一種重要的治療方法。

Unfortunately, we've had headwinds from the OEM business that have largely offset that. But we're addressing it. We're cautiously optimistic, trying to be balanced in what we forecast going forward. But there's a role for that product in the market, and we think we're the natural owners to help drive it.

不幸的是，我們遭遇了來自 OEM 業務的阻力，這在很大程度上抵消了這一優勢。但我們正在解決這個問題。我們持謹慎樂觀的態度，試圖對未來的預測保持平衡。但該產品在市場上有其地位，我們認為我們是推動其發展的天然主人。

I heard sort of the bullish commentary around expectations for Vascular Closure, Hemostasis Management, Transfusion. I mean what would be your expectation? I mean, modest growth, is modest growth possible there in '26?

我聽到了一些關於血管閉合、止血管理和輸血的樂觀評論。我的意思是您的期望是什麼？我的意思是，溫和成長，26 年可能會出現溫和成長嗎？

For which category in particular, Mike?

麥克，具體針對哪個類別？

Either guidewires or Esophageal Protection or combined?

導絲或食道保護或兩者結合？

Yes. We're basically calling that flat in an effort to be balanced about this. On a year-over-year basis, that may look very different from one product range to the other. There's no -- the reality is we think ensoETM is an outstanding product for use in RF ablations. What we need to see is whether our original assumptions that RF is able to retain a sizable portion, call it, 25% to 35% of the ablation market. If that's the case, then we have the opportunity to participate pretty robustly there, and we'll be right back on track with ensoETM.

是的。我們基本上稱之為平坦的，以努力保持平衡。與去年同期相比，不同產品系列之間的差異可能非常大。沒有——事實上我們認為 ensoETM 是一款用於射頻消融的優秀產品。我們需要看的是，我們最初的假設是，RF 是否能夠保留相當大的份額，即 25% 到 35% 的消融市場。如果是這樣的話，那麼我們就有機會在那裡進行相當積極的參與，並且我們將與 ensoETM 一起重回正軌。

In the interim, it's very demoralizing for a team to go out, do all the heavy lifting, get a new account, convert it, they're using it, you're having great experience and then the account flips over to PFA and you lose all the opportunity. So we've largely pulled back from that, conscious decision, and reprogram that team to drive closure, which is our mainstay and where we have to win as we watch and see how the RF market plays out. We remain cautiously optimistic about that, but it's going to be a longer-term play, and it's not going to materialize meaningfully in FY26 given the PFA adoption curve.

在此期間，對於一個團隊來說，這是非常令人沮喪的，他們出去做所有繁重的工作，獲得一個新帳戶，轉換它，他們正在使用它，你擁有豐富的經驗，然後帳戶轉向 PFA，你失去了所有的機會。因此，我們基本上放棄了這個有意識的決定，並重新規劃了團隊以推動收尾工作，這是我們的支柱，也是我們在觀察射頻市場如何發展時必須取勝的地方。我們對此保持謹慎樂觀的態度，但這將是一個長期的過程，考慮到 PFA 採用曲線，它不會在 26 財年實現有意義的實現。

And our next question will be coming from the line of Craig Bijou of Bank of America Securities.

我們的下一個問題來自美國銀行證券公司的 Craig Bijou。

Two for me. One, just a follow-up on the share gains that you expect in Plasma. And Chris, I guess the question is, I heard your comments on the contracts. So how, I guess, your line of sight into those share gains? And would you characterize those as known share gains because of the contracts? Or is there still some other work you need to do to win share during the year?

對我來說是兩個。首先，請跟進您預期的 Plasma 份額增長。克里斯，我想問題是，我聽到了你對合約的評論。那麼，我猜，您對這些份額成長的看法是怎樣的？您是否認為這些是由於合約而產生的已知股份收益？或者您還需要做其他工作來在這一年贏得市場份額嗎？

Yes. So it's known share gains given the contract. The only question will be relative timing. And we're cautiously optimistic about the timing. We don't control that. Our customers do, clearly. But they want to collect on the best technology. That's Nexus with Persona. So there's a strong incentive for them as they try to manage down their cost per liter, increase their donor attraction and retention. Nexus is the answer for that. So we're very confident that we get the share. The exact timing of it, first half, second half, is beyond our control, Craig. So we're going to be balanced in how we think about that.

是的。因此，根據合約可以知道股票收益。唯一的問題是相對時間。我們對時機持謹慎樂觀的態度。我們無法控制這一點。顯然，我們的客戶確實如此。但他們希望收集最好的技術。這就是有 Persona 的 Nexus。因此，他們有很強的動力去嘗試降低每公升成本，增加對捐贈者的吸引力和保留率。Nexus 就是這個問題的答案。因此，我們非常有信心獲得這一份額。克雷格，上半場和下半場的具體時間是我們無法控制的。因此，我們會以平衡的態度來考慮這個問題。

The other thing is I would just call out, the quality of the relationships with those leading collectors, the clinical work that we have underway on our next-generation technology is better than it ever has been. And I think is building excitement to get centers that aren't yet on that technology on it, so they have the opportunity to grow as we advance our innovation.

另一件事是我想說的，與那些主要收藏家的關係質量，以及我們在下一代技術上進行的臨床工作比以往任何時候都要好。我認為，讓那些尚未採用該技術的中心也採用該技術會令人興奮，這樣他們就有機會隨著我們創新的推進而成長。

Got it. That's helpful. And on just Hospital growth expectations for '26 and the components there. I know you gave a lot of detail in the script and you've provided some other comments. But I guess, just if it would be possible to kind of walk through some of the components, VASCADE, MVP and XL and then even maybe the international side, which obviously contributed to growth in Q4. But I think you said just given the tougher comp, it may be a little bit less of a contributor in '26 and then some of the Blood Management Technologies to the growth there, if you can?

知道了。這很有幫助。並且僅關注 26 年醫院的成長預期及其組成部分。我知道您在劇本中給出了很多細節並提供了一些其他評論。但我想，如果可以大致了解其中的一些組成部分，VASCADE、MVP 和 XL，甚至可能是國際方面，這顯然有助於第四季度的成長。但我認為您說過，考慮到更嚴峻的競爭形勢，它在 26 年的貢獻可能會小一些，然後一些血液管理技術會促進那裡的增長，如果可以的話？

Yes. Let me give it a shot. So we look at that Hospital guidance, again, balanced given dynamic market. We're currently expecting it's going to be roughly evenly split in terms of growth contribution between IVT and BMT. Within those, look, we're clearly a function of our key products, as I said in the prepared remarks. In IVT, it's about closure, right? We care about the acquired products. We're going to improve our performance against those. But it's about closure, and it's about closure here in the US, which is by far our largest opportunity. So that is the focus. That's the intent in terms of some of the restructuring we've done. We do care about the international growth. We called out the contribution, for example, in Japan. Japan is getting ready to undergo a change to PFA and we're going to be watching and hopefully participating in that as it progresses, but it's difficult to call from where we are. So we've exercised some caution there for sure on a year-over-year basis.

是的。讓我嘗試一下。因此，我們再次審視醫院的指導，考慮到動態市場，保持平衡。我們目前預計，IVT 和 BMT 對成長的貢獻將大致均等。正如我在準備好的演講中所說的那樣，在這些方面，我們顯然是我們主要產品的功能。在 IVT 中，它是關於關閉的，對嗎？我們關心所收購的產品。我們將提高我們的表現來應對這些問題。但它是關於結束的，它是關於在美國的結束，這是迄今為止我們最大的機會。這就是重點。這就是我們進行的一些重組的目的。我們確實關心國際成長。例如，我們在日本呼籲做出貢獻。日本正準備進行 PFA 改革，我們將密切關注並希望參與其中，但從我們現在的情況來看，很難做出判斷。因此，與去年同期相比，我們肯定會採取一些謹慎態度。

Within Blood Management Technologies, it's about TEG, right? We're going to see some good opportunities in Transfusion Management beyond this. They've contributed nicely and will continue to do so. We may have some headwinds in cell salvage that will negate some of that. But it really comes down to TEG and it comes down to TEG, both in the US and in Europe. And one of the things we're really excited by is introducing the global heparinase neutralization cartridge to Europe. It's with TUV for review and approval. We don't know the exact timing. So again, we're going to exercise caution.

在血液管理技術中，它是關於 TEG 的，對嗎？除此之外，我們也將在輸血管理領域看到一些好的機會。他們做出了傑出的貢獻並將繼續這樣做。我們在細胞挽救方面可能會遇到一些阻力，抵消其中的一些影響。但實際上，這都歸結於 TEG，而且無論在美國或歐洲，都歸結於 TEG。我們真正興奮的事情之一是將全球肝素酶中和盒引入歐洲。它正在接受 TUV 的審查和批准。我們不知道確切的時間。因此，我們再次強調，要謹慎行事。

But with that approval, we would expect Europe to join the US in terms of rapid conversion of the TEG 5000 accounts, driving greater utilization, a really market-leading site of care device that makes the viscoelastic testing much more convenient and much more front of mind for our practitioners, which is it's what's fueling our growth in the States, and it will fuel Europe as well. We need it because there's an offset in China where for all the reasons you're hearing from everybody else, it's just a disruptive market. So we're not anticipating much from China in fiscal '26. So we need to offset it with our performance here in the States and in Europe as well.

但透過這項批准，我們預計歐洲將在 TEG 5000 帳戶的快速轉換方面加入美國，從而提高利用率，打造一個真正市場領先的護理設備站點，使粘彈性測試更加方便，對我們的從業者來說更加重要，這是推動我們在美國發展的動力，也將推動歐洲的發展。我們需要它，因為中國有一個抵消因素，無論你從其他人那裡聽到什麼原因，它都是一個破壞性的市場。因此，我們對中國在26財年的表現沒有太多期待。因此，我們需要透過在美國和歐洲的表現來抵消這一點。

Thank you. That does conclude today's conference call. Thank you for participating. You may all disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。你們都可以斷開連線。