Haemonetics Corp (HAE) 2026 Q1 法說會逐字稿

Good day. Thank you for standing by. Welcome to the Haemonetics Corporation first-quarter 2026 earnings call.

再會。感謝您的支持。歡迎參加 Haemonetics Corporation 2026 年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Olga Guyette, Vice President, Investor Relations and Treasury. Olga, you have the floor.

現在，我想將會議交給今天的第一位發言者，投資者關係和財務副總裁 Olga Guyette。奧爾加，請你發言。

Good morning. Thank you for joining us for Haemonetics first-quarter fiscal year 2026 conference call and webcast.

早安.感謝您參加 Haemonetics 2026 財年第一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.

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 first-quarter fiscal year 2026 results and full-year fiscal '26 guidance to our Investor Relations website. The same information was made available via the press release issued this morning.

今天上午，我們在投資者關係網站上發布了 2026 財年第一季業績和 2026 財年全年指引。今天早上發布的新聞稿中也提供了同樣的資訊。

As we provide our business and financial update this morning, I would like to remind everyone that we will use both reported and organic revenue growth numbers that exclude the impact of effects, the divestiture of the Whole Blood business, and the exit of Liquid Solution products. Organic revenue growth, ex CSL, also excludes the impact of the previously discussed transition of CSL's US Disposables business.

當我們今天早上提供業務和財務更新時，我想提醒大家，我們將使用報告和有機收入增長數字，排除效應、全血業務的剝離以及液體溶液產品的退出的影響。不包括 CSL 的有機收入成長也排除了先前討論過的 CSL 美國一次性用品業務轉型的影響。

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 first-quarter of fiscal year 2026 earnings release available on our website.

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 2026 財年第一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. Our actual results may differ materially from the anticipated results. Factors that might cause our results to differ include those referenced in the Safe Harbor Statement in today's earnings release and in other SSC 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其他 SSC 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。

Now, I'd like to turn over to Chris.

現在，我想把麥克風交給克里斯。

Thanks, Olga. Good morning, everyone. Thank you for joining.

謝謝，奧爾加。大家早安。感謝您的加入。

We started our first-quarter fiscal 2026, the fourth and final year of our long-range plan, by delivering solid results and advancing toward our ambitious growth targets for revenue, earnings, margin, and free cash flow.

我們開始了 2026 財年第一季度，這是我們長期計劃的第四年也是最後一年，取得了穩健的業績，並朝著收入、收益、利潤率和自由現金流的雄心勃勃的增長目標邁進。

We reported revenue of $321 million, down 4% due to the anticipated $52 million impact from portfolio transitions; but up 13% organically, ex-CSL. Strong growth in our base business, margin expansion, and the most recent share buybacks drove 8% adjusted EPS growth to $1.10.

我們報告的收入為 3.21 億美元，由於預計投資組合轉型將產生 5,200 萬美元的影響，因此下降了 4%；但不包括 CSL，有機增長了 13%。我們基礎業務的強勁成長、利潤率的擴大以及最近的股票回購推動調整後每股收益成長 8%，達到 1.10 美元。

Our business is straightforward, with nearly 85% of total revenue driven by three core products: NexSys, TEG, and VASCADE -- all of which are concentrated here in the US. This evolving portfolio provides the right balance of focus and resilience, enabling revenue growth and continued margin expansion despite macro and market challenges.

我們的業務很簡單，近 85% 的總收入來自三大核心產品：NexSys、TEG 和 VASCADE——所有這些產品都集中在美國。這一不斷發展的產品組合在專注度和彈性之間實現了適當的平衡，儘管面臨宏觀和市場挑戰，但仍能實現收入成長和利潤率持續擴大。

In Plasma, we're reinforcing our global leadership through NexSys technology upgrades and share gains. In Hospital, strong adoption of TEG 6s continues to fuel growth in Blood Management Technologies, while we take decisive actions to strengthen execution in Interventional Technologies through key leadership editions, organizational realignment, and targeted commercial initiatives.

在等離子領域，我們透過 NexSys 技術升級和市場份額成長來鞏固我們的全球領導地位。在醫院，TEG 6s 的大力採用繼續推動血液管理技術的成長，同時我們採取果斷行動，透過關鍵領導力版本、組織調整和有針對性的商業舉措來加強介入技術的執行。

Moving to our businesses, our Hospital business -- the largest in our portfolio with two core growth drivers -- delivered $140 million in revenue in the first quarter, up 4% reported and organic. Strength in Blood Management Technologies more than offset temporary softness in Interventional Technologies, reflecting the resilience of our diversified portfolio and multiple drivers of performance.

談到我們的業務，我們的醫院業務——我們投資組合中最大的業務，擁有兩個核心增長動力——在第一季度實現了 1.4 億美元的收入，報告增長 4%，且為有機增長。血液管理技術的強勁表現足以抵銷介入技術的暫時疲軟，反映出我們多元化產品組合的彈性和多種績效驅動因素。

Blood Management Technologies grew 14%, led by another standout quarter in Hemostasis Management, which delivered 22% growth, overall; and 27% growth in the US. Performance was fueled by strong TEG disposable utilization, continued rapid adoption of the Global Hemostasis-HN cartridge, accelerated new account openings, and customer conversions from the lab-based TEG 5000 to our advanced point-of-care TRG 6s system. The BMT franchise also benefited from continued growth in Transfusion Management, partially offset by distributor order timing and (inaudible).

血液管理技術成長了 14%，其中止血管理板塊表現突出，整體成長了 22%，美國市場成長了 27%。業績成長得益於 TEG 一次性用品的強勁利用率、Global Hemostasis-HN 墨盒的持續快速採用、新帳戶開設的加速以及客戶從基於實驗室的 TEG 5000 轉換為我們先進的即時護理 TRG 6s 系統。BMT 特許經營權也受益於輸血管理業務的持續成長，但部分抵消了經銷商訂單時間和（聽不清楚）。

Interventional Technologies declined 7% in the quarter, primarily due to tough comparisons from prior-year OEM destocking in Sensor-Guided Technology and PFA-related pressures in Esophageal [cooling], which were anticipated in our fiscal '26 guidance.

介入技術在本季度下降了 7%，主要原因是與去年同期 OEM 在感測器引導技術方面的去庫存以及食道[冷卻]中與 PFA 相關的壓力相比，這在我們 26 財年的指引中有所預期。

Vascular Closure grew 3%, led by 6% growth in MVP and MVP XL. This was partially offset by continued softness in our legacy VASCADE, concentrated in lower-growth coronary and peripheral procedures, representing about 15% of Vascular Closure revenue.

血管閉合成長 3%，其中 MVP 和 MVP XL 成長 6%。這被我們傳統 VASCADE 的持續疲軟部分抵消，集中在增長較低的冠狀動脈和周邊手術，約佔血管閉合收入的 15%。

Despite increased competition, we remain confident in the clinical and economic advantages of our Vascular Closure portfolio. We view recent softness as executional, not structural. We have taken decisive steps to strengthen our performance. With new franchise leadership, including several key hires, a more clinically focused salesforce, and targeted commercial initiatives underway, we expect to regain momentum in the second half of FY26 so that Vascular Closure can contribute to revenue growth and margin expansion.

儘管競爭日益激烈，我們仍然對血管閉合產品組合的臨床和經濟優勢充滿信心。我們認為近期的疲軟是執行性的，而非結構性的。我們已採取果斷措施加強我們的業績。隨著新的特許經營領導層的到來（包括幾位關鍵員工的聘用）、更加註重臨床的銷售隊伍以及正在進行的有針對性的商業計劃，我們預計在 26 財年下半年將恢復勢頭，從而使血管閉合能夠促進收入增長和利潤率擴大。

We are reaffirming our full-year Hospital guidance of 8% to 11% reported and organic growth, reflecting strong momentum in Blood Management Technologies, which enables us to drive meaningful revenue growth and margin expansion as we work to strengthen our Interventional Technologies franchise.

我們重申全年醫院指導價為 8% 至 11% 的報告和有機增長，這反映了血液管理技術的強勁勢頭，這使我們能夠在努力加強介入技術特許經營的同時推動有意義的收入增長和利潤率擴張。

Moving to Plasma, where NexSys -- our third and largest growth driver -- delivered $130 million in revenue in the quarter, down 4% on a reported basis; and up 29%, organic ex-CSL, driven by favorable impact from our prior Persona and Express Plus upgrades in the US and a one-time revenue benefit from the renegotiation of a long-term software agreement which accounted for roughly half of the organic growth in the quarter. This agreement reinforces our 80% market share in Plasma DMS software and underscores the strength of NexLynk, which, when integrated with our broader Nex platform, delivers unmatched value to customers.

轉向 Plasma，我們的第三大也是最大的成長動力 NexSys 在本季度實現了 1.3 億美元的收入，報告顯示下降了 4%；扣除 CSL 後有機收入增長了 29%，這得益於我們之前在美國進行的 Persona 和 Express Plus 升級帶來的有利影響，以及重新談判長期軟體協議的一次性收入收益，這帶來了約一半的有機協議。該協議鞏固了我們在 Plasma DMS 軟體領域 80% 的市場份額，並凸顯了 NexLynk 的實力，當它與我們更廣泛的 Nex 平台整合時，可為客戶帶來無與倫比的價值。

Consistent with our expectations, growth in the US Plasma collections volume was in the low single digits. We are reaffirming our full-year fiscal 2026 Plasma guidance, including a reported revenue decline of 7% to 10% but organic growth, ex-CSL, of 11% to 14%. Growth is expected to be supported by price benefits from prior technology upgrades, continued share gains, and the possibility of a modest recovery in US Plasma collections in the back half of this fiscal year as customer yield and productivity gains annualize.

與我們的預期一致，美國血漿採集量的成長率處於個位數低點。我們重申 2026 財年全年血漿指導，包括報告的收入下降 7% 至 10%，但不包括 CSL 的有機增長為 11% 至 14%。預計成長將受到先前技術升級帶來的價格優勢、持續的市場份額增長以及隨著客戶產量和生產率逐年提高，本財年下半年美國血漿收集量可能出現溫和復甦的支持。

Blood Center revenue declined 22% on a reported base to $52 million, reflecting the divestiture of the Whole Blood business. Organic revenue grew 4%, driven by continued strength and favorable order timing in the core Apheresis portfolio. We are reaffirming our full-year guidance of 23% to 26% decline on a reported basis, as we fully anniversary the Whole Blood divestiture; and a 4% to 6% organic decline, as we continue to streamline the Apheresis portfolio and reallocate resources to higher growth areas.

血液中心收入下降 22% 至 5,200 萬美元，反映了全血業務的剝離。有機收入成長了 4%，這得益於核心血液分離產品組合的持續強勁和有利的訂單時機。我們重申全年預期，即報告基礎上下降 23% 至 26%，因為我們已全面完成全血業務剝離；有機下降 4% 至 6%，因為我們將繼續精簡血液分離產品組合並將資源重新分配到更高增長領域。

Our revenue outlook for the corporation is firmly on track, driven by strong performance in our growing and increasingly profitable base businesses. Even as we navigate $153 million in planned portfolio transitions, our three core products position us to deliver robust organic growth, ex CSL; expand margins; and strengthen our leadership in the markets we serve. We are reaffirming full-year revenue guidance of 3% to 6% reported revenue decline but 6% to 9% organic growth, ex-CSL.

受我們不斷成長且利潤日益增加的基礎業務的強勁表現推動，我們對公司的收入前景保持著堅定的預期。即使我們在計劃的投資組合轉型中投入了 1.53 億美元，我們的三大核心產品仍使我們能夠實現強勁的有機增長（不包括 CSL）；擴大利潤率；並加強我們在所服務市場中的領導地位。我們重申全年營收預期，即報告營收下降 3% 至 6%，但有機成長 6% 至 9%（不包括 CSL）。

Over to you, James.

交給你了，詹姆斯。

Thank you, Chris. Good morning, everyone.

謝謝你，克里斯。大家早安。

As you heard from Chris this morning, we're off to a strong start to fiscal '26, delivering solid financial results and meaningful margin expansion in the first quarter. Our financial performance reflects disciplined execution across the organization and benefits from our strategic portfolio transformation, including the divestiture of the low-margin Whole Blood business, our leading innovation in Plasma, and sustained growth momentum in tech.

正如您今天早上從克里斯那裡聽到的，我們 26 財年開局強勁，在第一季取得了穩健的財務業績和有意義的利潤率增長。我們的財務表現反映了整個組織的嚴格執行，並受益於我們的策略組合轉型，包括剝離低利潤的全血業務、我們在血漿領域的領先創新以及技術的持續成長勢頭。

Productivity initiatives across the enterprise are helping us better align our resources. Those efforts are beginning to show up in our results.

整個企業的生產力措施正在幫助我們更好地協調資源。這些努力開始在我們的成果中顯現出來。

In the first quarter of fiscal 26, the adjusted gross margin reached 60.8%, up 550 basis points year over year, driven by the benefits of our Persona Technology and price initiatives across the portfolio. Favorable product mix and a one-time 210 basis points benefit from license fees associated with the renegotiated Plasma Software Agreement Chris referenced earlier.

在 26 財年第一季度，調整後的毛利率達到 60.8%，年增 550 個基點，這得益於我們的 Persona 技術和整個產品組合的價格措施帶來的好處。有利的產品組合和 Chris 之前提到的重新談判的 Plasma 軟體協議相關的許可費帶來的一次性 210 個基點收益。

Adjusted operating expenses in the first quarter were $118 million, an increase of $3 million or 2% compared with the first quarter of the prior year. The modest increase in adjusted operating expenses reflects targeted R&D investments to support innovation and long-term growth, while effectively managing G&A and other overhead costs.

第一季調整後的營運費用為 1.18 億美元，較去年同期增加 300 萬美元，增幅為 2%。調整後營業費用的適度成長反映了有針對性的研發投資，以支持創新和長期成長，同時有效管理一般及行政費用和其他間接費用。

Despite a $52 million revenue headwind in the first quarter, adjusted operating income increased 9% to $78 million or 24.1% of revenue, up 300 basis points year over year. We expect these gains to build throughout the year, supported by continued share gains in Plasma, strong momentum in tech, improving contributions from Interventional Technologies in the second half of this fiscal, and additional savings as we scale our operations to support our transformed portfolio.

儘管第一季營收面臨 5,200 萬美元的逆風，但調整後的營業收入仍成長 9%，達到 7,800 萬美元，佔營收的 24.1%，較去年同期成長 300 個基點。我們預計這些收益將在全年持續成長，這得益於血漿市場份額的持續成長、技術的強勁發展勢頭、本財年下半年介入技術貢獻的提高，以及我們擴大營運以支持轉型投資組合所帶來的額外節省。

We are reaffirming our fiscal '26 adjusted operating margin guidance of 26% to 27%, with stronger margins anticipated in the second half as product mix, stronger commercial execution, and continued cost discipline increased operating leverage.

我們重申 26 財年調整後的營業利潤率指引為 26% 至 27%，預計下半年利潤率將更高，因為產品組合、更強的商業執行力以及持續的成本控制提高了營業槓桿。

The adjusted income tax rate was 24.9% in the quarter, up from 19.9% last year, reflecting lower benefits from performance share [vestings]. For the full-year fiscal 26, we expect the adjusted tax rate to be approximately 24.5%.

本季調整後的所得稅率為 24.9%，高於去年的 19.9%，反映出績效分成收益減少[歸屬權]。對於26財年全年，我們預計調整後的稅率約為24.5%。

Adjusted net income was $53 million, up 2% year over year. Adjusted diluted EPS was $1.10, up 8% from Q1 of fiscal '25. The higher tax rate was a headwind in the quarter, largely offset by the recent $150 million share buyback.

調整後淨收入為 5,300 萬美元，較去年同期成長 2%。調整後稀釋每股收益為 1.10 美元，較 25 財年第一季成長 8%。稅率上調是本季的一個不利因素，但近期 1.5 億美元的股票回購在很大程度上抵消了這一不利因素。

We are reaffirming our full-year adjusted EPS guidance of $4.70 to $5, which reflects the benefit of disciplined capital deployment. This includes the offset of a higher expected income tax rate and interest expense with a lower diluted share count as a result of the most recent share buyback, as well as the assumed use of cash-on-hand to retire the remaining $300 million of 2026 convertible securities at maturity.

我們重申全年調整後每股收益預期為 4.70 美元至 5 美元，這反映了嚴謹的資本配置的好處。這包括由於最近的股票回購而導致的較高的預期所得稅率和利息支出與較低的稀釋股數相抵消，以及假設使用庫存現金在到期時贖回剩餘的 3 億美元 2026 年可轉換證券。

Turning to cash flow and the balance sheet, we generated [$17 million] in operating cash flow in the first quarter, driven by improved working capital management, particularly in inventory.

談到現金流和資產負債表，我們在第一季產生了 [1,700 萬美元] 的營運現金流，這得益於營運資本管理的改善，尤其是庫存方面的改善。

Capital expenditures were $3.8 million. We placed $11.5 million worth of devices at customer sites, reflected as an increase in CapEx and a reduction in inventory; but with no impact on cash outflow for the period.

資本支出為 380 萬美元。我們在客戶現場放置了價值 1,150 萬美元的設備，這反映出資本支出的增加和庫存的減少；但對該期間的現金流出沒有影響。

Free cash flow was $2.5 million, a significant improvement from the $17 million cash outflow in the same quarter last year, predominantly as a result of favorable working capital.

自由現金流為 250 萬美元，較去年同期的 1,700 萬美元現金流出有顯著改善，這主要得益於有利的營運資金。

As a reminder, first-quarter free cash flow tends to be lower due to typical seasonality and the pay-out of prior-year accruals, including performance-based compensation.

提醒一下，由於典型的季節性因素以及上一年應計費用（包括基於績效的薪酬）的支付，第一季的自由現金流往往會較低。

We expect stronger cash generation over the remainder of fiscal '26 and are reaffirming our full-year free cash flow guidance of $160 million to $200 million, with a free cash flow conversion rate above 70% of adjusted net income, reflecting our renewed emphasis on cash discipline and capital stewardship.

我們預計 26 財年剩餘時間內的現金產生能力將增強，並重申全年自由現金流預測為 1.6 億至 2 億美元，自由現金流轉換率將超過調整後淨收入的 70%，這反映了我們對現金紀律和資本管理的重新重視。

Let me also add a few comments on the balance sheet, which remains a key enabler of our operational resilience and strategic optionality. We ended the quarter with $293 million in cash, down $14 million from fiscal year end, reflecting additional strategic investments.

我還要對資產負債表補充一些評論，資產負債表仍然是我們營運彈性和策略選擇性的關鍵推動因素。本季末，我們的現金為 2.93 億美元，比財年末減少 1,400 萬美元，反映了額外的策略投資。

Net leverage, as defined in our Credit Agreement, was 2.53 times EBITDA at quarter end, with no material changes to our debt structure.

根據我們的信貸協議定義，淨槓桿率在季度末為 EBITDA 的 2.53 倍，我們的債務結構沒有發生重大變化。

We maintain strong liquidity and financial flexibility, supported by up to $1 billion in additional available capacity by the end of this fiscal year, including full access to our $750 million revolving credit facility. This positions us well to meet our obligations; fund operations; and pursue other value-creating opportunities, including share buybacks, when the opportunity arises.

我們保持強大的流動性和財務靈活性，並在本財年末獲得高達 10 億美元的額外可用容量支持，包括完全使用我們的 7.5 億美元循環信貸額度。這使我們能夠很好地履行我們的義務、資助營運並在機會出現時尋求其他創造價值的機會，包括股票回購。

In closing, I'd like to reinforce some of the key messages from our call. Fiscal '26 is off to a strong start. We remain on track to meet our full-year guidance and long-range planned targets, including low-double-digit compounded annual growth rate in revenue; and [mid-20%s] adjusted EPS CAGR, excluding CSL; adjusted operating margin expansion in the [high 20%s] in fiscal '26; and cumulative free cash flow of $600 billion to $700 million.

最後，我想強調我們通話中的一些關鍵訊息。26 財年開局強勁。我們仍有望實現全年預期和長期計畫目標，包括營收實現低兩位數複合年增長率；不包括 CSL 的調整後每股收益複合年增長率達到 [20% 左右]；26 財年調整後營業利潤率擴大到 [20% 以上]；累計自由現金流達到 6000 億至 7 億美元。

Revenue growth and margin expansion are largely driven by three key products: Plasma, Hemostasis Management, and Vascular Closure, with two outperforming, highlighting the resilience of our diversified portfolio. We are confident in our ability to meet financial objectives.

營收成長和利潤率擴大主要受三大關鍵產品推動：血漿、止血管理和血管閉合，其中兩種產品表現優異，凸顯了我們多元化產品組合的彈性。我們有信心實現財務目標。

Our Plasma business continues to outperform and is expected to be larger and more profitable than originally assumed in our long-range plan by the end of this fiscal. [IG] demand remains strong. We continue to grow our share, both in the US and Europe; and establish our portfolio as the leading solution for driving efficiency and reducing costs per liter for our customers.

我們的等離子業務持續表現出色，預計到本財年末，其規模和獲利能力將超出我們最初長期規劃中的預期。 [IG]需求依然強勁。我們在美國和歐洲的市佔率持續成長；並將我們的產品組合打造為提高效率和降低客戶每公升成本的領先解決方案。

Strong momentum in tech is giving us confidence in our ability to deliver on all financial commitments, while we work to position our Interventional Technologies franchise for long-term sustained success, supported by new franchise leadership, a bifurcated commercial structure, and a renewed commercial strategy.

科技的強勁發展勢頭使我們對履行所有財務承諾的能力充滿信心，同時，我們致力於在新的特許經營領導層、分叉的商業結構和新的商業戰略的支持下，使我們的介入技術特許經營獲得長期持續的成功。

With renewed focus on free cash flow, strong balance sheet flexibility, and ongoing market expansion, we have the tools to invest in organic growth, meet debt maturities, and build a foundation for sustained long-term value creation for our customers and shareholders.

透過重新關注自由現金流、強大的資產負債表靈活性和持續的市場擴張，我們擁有投資有機成長、滿足債務到期日以及為客戶和股東持續創造長期價值奠定基礎的工具。

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

謝謝。接線員，請打開熱線來回答問題。

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

謝謝。此時，我們將進行問答環節。

(Operator Instructions)

（操作員指示）

Rohin Patel, J.P. M.

Rohin Patel，J.P. M.

Hey. It's Rohin. Thanks for taking the question.

嘿。是羅欣。感謝您回答這個問題。

I want to start with Plasma. You had a really strong performance in the quarter. Is there any detail that you can provide on the drivers of this? You'd initially communicated limited collections recovery until the second half. So is it fair to assume this is primarily share gains?

我想從 Plasma 開始。您在本季的表現確實非常出色。您能否提供有關此問題的驅動因素的詳細資訊？您最初表示，直到下半年，收款才能有限度地恢復。那麼，可以合理地認為這主要是股票收益嗎？

You also called out a one-time revenue benefit from software, I believe. What was the contribution from that in the quarter? How should we think about the new growth trend settling out over the course of the year, given the guidance staying put?

我相信，您也提到了軟體帶來的一次性收入收益。本季的貢獻是什麼？在指導方針保持不變的情況下，我們應該如何看待今年新的成長趨勢的穩定？

Rohin, it's Chris. Thanks for the question.

羅欣，我是克里斯。謝謝你的提問。

We're really enthusiastic about what the Plasma team is delivering. Driven by our innovation, both for pricing and share gains, our Plasma franchise is stronger than it has ever been. It is larger. It is faster-growing. It's increasingly more profitable and more diversified.

我們對 Plasma 團隊所交付的產品充滿熱情。在我們定價和份額成長創新的推動下，我們的等離子特許經營權比以往任何時候都更加強大。它更大。它的成長速度更快。它的盈利能力越來越強，業務也越來越多樣化。

What you see in our first-quarter results is the benefits of that. We had some ongoing price benefit from innovative technology that was rolled out last year -- all of which is contracted for; and the beginnings of this more rapid share conversion, which will gain momentum over the course of this year -- again, already contracted for. So we feel good, short and long term.

您在我們的第一季業績中看到的就是這樣做的好處。我們從去年推出的創新技術中獲得了持續的價格收益——所有這些都已簽訂了合約；而且這種更快的股票轉換的開始將在今年內獲得動力——同樣，已經簽訂了合約。因此，無論短期或長期，我們都感覺良好。

As you point out, the Software Agreement was an important contributor. Roughly half of the growth, that 29% growth quarter over quarter, was driven by the Software Agreement. But the remainder, 14% or 15%, is at or slightly above the high end of our guidance range.

正如您所指出的，軟體協定是一個重要因素。大約一半的成長，即環比增長 29%，是由軟體協議推動的。但其餘的 14% 或 15% 則處於或略高於我們指導範圍的高端。

We anticipated the Software Agreement this year. We were uncertain in terms of the exact timing. The real benefit of that Software Agreement -- obviously, it's contributing to the quarter and it's very profitable. But what that does for us is essentially solidify our position with roughly [80] share of the US [VMS] market. And so that's really powerful for us.

我們預計今年將簽署軟體協議。我們不確定具體時間。該軟體協議的真正好處——顯然，它對本季度的業績做出了貢獻，而且利潤豐厚。但這對我們來說基本上鞏固了我們在美國 [VMS] 市場約 [80] 的份額。這對我們來說真的非常有用。

We've talked about this before but the software is our secret sauce -- the standalone software. It makes the bidirectional connectivity possible. It helps roughly 1,000 centers that we support in the US, gives us deep insight, and a level of connectivity that we are the only 510(k)-approved DMS software available for commercial sale in the US. We just advanced that leadership. So we're quite proud of it.

我們之前已經討論過這個問題，但軟體是我們的秘密武器——獨立軟體。它使雙向連接成為可能。它為我們在美國支持的大約 1,000 個中心提供了幫助，為我們提供了深入的洞察力和一定程度的連接性，使我們成為美國唯一獲得 510(k) 批准並可進行商業銷售的 DMS 軟體。我們剛剛提升了領導力。所以我們對此感到非常自豪。

I also wanted to ask on the Hospital business; specifically, Interventional Technologies. You talked to roughly 3% Vascular Closure growth in the quarter. I may have missed this but what was the MVP, MVP XL growth rate? Is there anything that you can speak to, just with regards to the recovery in the legacy VASCADE product or anything else you're seeing on the demand front worth calling out and how you see that playing out over the course of the year?

我還想問醫院業務；特別是介入技術。您談到本季血管閉合手術的成長率約為 3%。我可能錯過了這一點，但 MVP、MVP XL 成長率是多少？您能否談談有關傳統 VASCADE 產品的復甦，或者您在需求方面看到的任何其他值得關注的情況，以及您如何看待這一情況在今年的發展？

Thanks, Rohin.

謝謝，羅欣。

Vascular Closure -- VASCADE, specifically -- one of our three core growth drivers. It's the one that is performing less well. We certainly struggled with that in the quarter. To your question, specifically for MVP and MVP XL, we saw roughly 6% growth.

血管閉合——具體來說，是 VASCADE——我們的三大核心成長動力之一。這是表現較差的一個。本季我們確實遇到了困難。對於您的問題，具體到 MVP 和 MVP XL，我們看到了大約 6% 的成長。

There's a number of factors there. Some of it is our international business in Japan, in particular -- which was, like, 700 basis points of our growth last year -- has come back down. That's anticipated -- was part of our guidance. It's the changeover to PFA and some work we're doing to regain our positioning there.

這其中有很多因素。其中一部分原因是我們在日本的國際業務——去年該業務增長了 700 個基點——但現在已經回落。這是預料之中的──也是我們指導的一部分。這是向 PFA 的轉變，我們正在做一些工作來重新獲得我們在那裡的地位。

But more broadly, you're right, it is some executional challenges. It's things, really, across all three products; but particularly base VASCADE, roughly 15% of the total closure opportunity for us. But in those PCI procedures, we have more to do to regain our competitiveness.

但從更廣泛的角度來看，你是對的，這確實存在一些執行上的挑戰。事實上，這涉及所有三種產品；但特別是基礎 VASCADE，大約占我們總關閉機會的 15%。但在這些 PCI 手術中，我們還有很多工作要做才能恢復競爭力。

Anthony Petrone, Mizuho - Americas.

安東尼·佩特羅內 (Anthony Petrone)，瑞穗 - 美洲。

Congrats on (inaudible) quarter here, particularly in Plasma and at the margin. Maybe one on Plasma, one on Hospital.

恭喜本季 (聽不清楚) 取得佳績，特別是在 Plasma 和邊際方面。也許一個在 Plasma 上，一個在 Hospital 上。

On Plasma, you spoke quite a bit, past few quarters, about the share gain tailwinds here. Maybe just given that the installation cycles take a little bit of time, there's multiple contracts that have reset, what do you think the timing is to have those share gains fully deployed at the center level? Can you quantify actually what that can mean, just in terms of a growth tailwind to the business?

關於 Plasma，在過去幾個季度中，您多次談到這裡的份額增長順風。也許只是考慮到安裝週期需要一點時間，有多個合約已經重置，您認為什麼時候是將這些份額收益完全部署到中心層級？您能否量化這對業務成長的順風究竟意味著什麼？

And then, I'll have a follow-up on Hospital.

然後，我會跟進醫院的狀況。

Thanks, Anthony.

謝謝，安東尼。

The price increases propelled us through most of last year and through most of this quarter as well. The share gains come in on top of that. They are fully on track -- actually, ahead of schedule -- which is great.

價格上漲推動我們度過了去年大部分時間，也推動了本季的大部分時間。股票收益也隨之增加。他們已經完全步入正軌——事實上，已經提前完成了——這很好。

We're finding tremendous demand for those customers who want to get more of their network on the best available technology. So that will continue to gain momentum. In fact, that's going to be the primary driver of what we estimate will be that 11% to 14% organic growth for the year. We definitely want to push into that. Some of that will carry over into FY27. It's an ongoing cycle, as you pointed out.

我們發現，對於那些希望利用最佳可用技術來獲得更多網路資源的客戶來說，需求量龐大。因此，這一勢頭將繼續增強。事實上，我們預計這將是今年實現 11% 至 14% 有機成長的主要驅動力。我們絕對想推動這項進程。其中一部分將延續至 27 財年。正如您所指出的，這是一個持續的循環。

But we also -- when I step back, right, our competitive differentiation: as I said, we significantly strengthened the business. We've now -- last year was a major milestone. We transitioned all of our US customers to NexSys with Persona and Express Plus. This year, we'll be about expanding on the agreements we've reached with two of the large collectors to get more of their network converted over. That's an exciting opportunity, as well as what we're doing in Japan with the (inaudible).

但是，當我退一步來看，我們的競爭差異化：正如我所說，我們顯著地加強了業務。我們現在——去年是一個重要的里程碑。我們將所有美國客戶都轉移到了使用 Persona 和 Express Plus 的 NexSys。今年，我們將擴大與兩家大型收藏家達成的協議，以轉換更多他們的網路。這是一個令人興奮的機會，就像我們在日本所做的那樣（聽不清楚）。

I pointed out that the health of the business -- and one of the things I think that gets lost -- we're working very closely with these customers to keep an ongoing innovation pipeline. We'll have more to say about that as the year progresses.

我指出，為了確保業務的健康，我認為其中一個被忽視的因素是，我們正與這些客戶密切合作，以保持持續的創新管道。隨著時間的推移，我們將會對此有更多討論。

But the interesting thing for us, while we value all of our customers, today, no one customer represents more than 9% or 10% of our total volume for the corporation. In fact, the top three Plasma customers now are less than 25%. So it's a significantly more diverse business. One that we think has real potential and real growth.

但對我們來說有趣的是，雖然我們重視所有客戶，但今天沒有一個客戶的業務量占公司總量的 9% 或 10% 以上。事實上，目前前三大 Plasma 客戶的比例還不到 25%。因此，這是一個更加多元化的業務。我們認為它具有真正的潛力和真正的成長。

We're going to continue to do what we need to do, from an R&D perspective, to build on that. We're aggressively defending our (inaudible) and Persona patents to make sure we expand that exclusivity.

從研發的角度來看，我們將繼續做我們需要做的事情，以此為基礎。我們正在積極捍衛我們的（聽不清楚）和 Persona 專利，以確保擴大這種排他性。

No. Very helpful. And then, switching gears over to Hospital and digging in a little bit more to electrophysiology, post-field ablation volumes by the companies that have reported it, it's still in a high-growth part of their product cycle.

不。非常有幫助。然後，將焦點轉向醫院，進一步深入研究電生理學，已報告的公司的場後消融量，它仍然處於產品週期的高成長階段。

MVP had a good attach rate there; obviously, decelerates Q-over-Q. Just wondering, from a competitive dynamic, how significant was that on the US side? Were there centers that were lost? And if so, what is the path to getting [basket MVP] back into those centers and attached to PFA volumes?

MVP 在那裡有良好的附著率；顯然，Q-over-Q 的速度減慢了。只是想知道，從競爭動態來看，這對美國方面有多重要？是否有中心遺失了？如果是這樣，那麼如何才能讓 [籃球 MVP] 回到這些中鋒並獲得 PFA 資格？

Thanks, Anthony. There's a lot there. Let me try to break it up in three ways, if I could.

謝謝，安東尼。那裡有很多東西。如果可以的話，讓我嘗試以三種方式來分解它。

The first is the market. We remain bullish on the market for Vascular Closure. We see it worldwide is $2.5 billion, $2.7 billion TAM. That's roughly $1 billion, plus or minus, in EP. The remainder in coronary and peripheral for EP, we've done a breakdown of that -- those tables are on our Investor site. We think that market is growing in the high single digits, 8.5% this year. That's a good play for us with MVP and with XL, which make up 85% of volume there.

第一是市場。我們仍然看好血管閉合市場。我們看到全球的TAM為25億美元，TAM為27億美元。這相當於 EP 大約 10 億美元，上下浮動。對於 EP 的其餘部分，我們已經進行了細分 - 這些表格位於我們的投資者網站上。我們認為今年市場將以高個位數成長，即 8.5%。對我們來說，利用 MVP 和 XL 是一個很好的舉措，它們佔據了那裡 85% 的銷售量。

We called it out. I mentioned this in the prepared remarks: we're experiencing temporary softness. It's not structural. As I said, it's not the market, for the reasons I just outlined. We don't believe it's the product item.

我們大聲喊出來了。我在準備好的發言中提到了這一點：我們正在經歷暫時的疲軟。它不是結構性的。正如我所說，這不是市場問題，原因我剛才已經概述過。我們不相信這是產品項目。

VASCADE has a clear and differentiated value proposition. The clinical performance, the workflow efficiencies are -- they lead the category. We offer a pain-free, narcotic-free, leak-free alternative that reduces ambulation, on average, from six hours down to two hours; and ensures that essentially everybody goes home the same day.

VASCADE 具有明確且差異化的價值主張。臨床表現、工作流程效率—它們處於領先地位。我們提供一種無痛、無麻醉劑、無洩漏的替代方案，將平均行走時間從六小時減少到兩小時；並確保基本上每個人都能在同一天回家。

That's a really powerful overall proposition. We've got the clinical and the support to back it up. We need to execute against that. We need to continue to do our work to expand the label and strengthen the product development. All of that is underway. So it's executional. We need to own that.

這是一個非常有力的整體主張。我們有臨床和支持來支持它。我們需要採取相應措施。我們需要繼續努力擴大標籤並加強產品開發。所有這一切正在進行中。所以它是可執行的。我們需要擁有它。

We do a couple of things that lie behind that -- this is worth grounding on: we always knew the game was going to shift from new account openings, when we got above [500] of the [T600].

我們做了一些事情來支持這一點——這是值得關注的：我們一直都知道，當我們的帳戶數量超過 [500] 時，遊戲就會從新帳戶開設開始轉變。[T600]。

Remaining accounts are smaller. They're more difficult. They're largely affiliated with [IDNs], et cetera. So the game is predominantly about driving utilization. It's a different mindset. It's a different capability set.

剩餘帳戶較小。它們更加困難。它們很大程度上與 [IDN] 等有關聯。因此，遊戲主要是為了提高利用率。這是一種不同的心態。這是一組不同的能力。

Along the way, we work the competition. We definitely, as you highlight, are facing into some of that. One of our competitors was the prior industry standard. The other is a low-cost alternative that's competing solely on price. So we've got to respond to that.

一路上，我們不斷參與競爭。正如您所強調的，我們確實面臨其中的一些問題。我們的競爭對手之一是先前的行業標準。另一種是低成本的替代品，僅靠價格競爭。所以我們必須對此作出回應。

Like I said, we've taken the actions. There's some international play with Japan, as well. But there's a series of actions -- I'm happy to walk through those, if it's relevant. We view it as temporary. We view it as executional. We intend to solve it. We intend to solve it this year.

正如我所說，我們已經採取了行動。還有一些與日本有關的國際比賽。但還有一系列的行動——如果相關的話，我很樂意介紹這些行動。我們認為這只是暫時的。我們認為這是可執行的。我們打算解決這個問題。我們打算今年解決這個問題。

David Rescott, Baird.

大衛雷斯科特，貝爾德。

Great. I wanted to follow up on the Interventional Tech and [BMT] bucket in VASCADE. I think, originally, you had talked about this similar split of contribution for Hospital and Interventional Tech versus Blood Management. It looks like just to start the year off, you've got obviously outperformance in the Blood Management business, a little bit of underperformance in Interventional Tech as it relates to the 8% to 11% Hospital guide.

偉大的。我想跟進 VASCADE 中的介入技術和 [BMT] 儲存桶。我認為，最初您曾談論過醫院和介入技術與血液管理之間的類似貢獻分配。看起來，從今年年初開始，您的血液管理業務表現明顯優異，而介入技術業務表現略遜一籌，這與 8% 至 11% 的醫院指南有關。

So when I think about the different moving pieces, specifically in Interventional Technologies versus the outperformance in BMT, what's given you the confidence that ultimately, you should have a bit of reversion in the Interventional Tech bucket as it relates to the full-year guide? Is it still fair to assume that there should be a relative level of even growth contribution from both of those broader buckets?

因此，當我考慮不同的變動因素時，特別是介入技術與 BMT 的優異表現，是什麼讓您有信心最終在全年指南中介入技術板塊有所回歸？是否可以仍然公平地假設，這兩個更廣泛的領域對成長的貢獻應該處於相對均衡的水平？

David, thanks for the question. Welcome to the call.

大衛，謝謝你的提問。歡迎來電。

Hospital grew 12%, organic, last year. We're expecting, based on the current guidance, for us to grow double digits again this year. It's now our largest segment, approaching 50% of corporate revenues. It's a major driver, not only of growth in revenue and earnings growth but margin expansion, particularly from higher-gross margins.

去年，醫院有機增加了 12%。根據目前的指導，我們預計今年我們的業績將再次實現兩位數成長。現在它是我們最大的業務部門，占公司收入的近 50%。它不僅是營收和獲利成長的主要驅動力，也是利潤率擴大的主要驅動力，尤其是更高的毛利率。

Ultimately, as we improve performance, improved operating leverage -- when we looked at this at the outset of the year, we assumed roughly comparable contributions from DMT and from [IBT]. Clearly, the success we're having with TEG in IBT is driving us at this point. We think that will certainly be the story through the second quarter, given the nature of what we're working through with IBT.

最終，隨著我們業績的提高，營運槓桿的提高——當我們在年初看到這一點時，我們假設 DMT 和[IBT]。顯然，我們在 IBT 中運用 TEG 所取得的成功正在推動我們前進。考慮到我們與 IBT 合作的性質，我們認為這肯定會是第二季的故事。

But we do expect IBT to recover. And so is it going to be 50-50? No, that's unlikely. Are we going to deliver? Yes. We'll get there because of the strength that we have with the TEG business.

但我們確實預期 IBT 將會復甦。那麼比例會是 50-50 嗎？不，這不太可能。我們要送貨嗎？是的。憑藉我們在 TEG 業務方面的實力，我們一定能夠實現這一目標。

Hopefully, we'll get to talk a bit about that this morning. But what that team is delivering is more than covering, as we put the energy and the investments and the focus on getting Vascular Closure back where it's capable of going.

希望我們今天早上能談論這個問題。但團隊所做的不僅僅是覆蓋，因為我們投入了精力和投資，並專注於讓血管閉合恢復到它所能達到的狀態。

Okay. Then, on gross margins, you touched on it a little bit. In the response there, gross margins were pretty healthy, pretty significantly above our, I think, Street expectations as well. I know you called out some product mix, better price across the portfolio.

好的。然後，關於毛利率，您稍微談了一下。從回應來看，毛利率相當健康，我認為也大大高於華爾街的預期。我知道您提到了一些產品組合，以及整個產品組合的更優惠價格。

I'm wondering if you could unpack that a little bit. I know in the IBT, the Hospital segment, you've got a bit of a benefit there from a contribution perspective; same thing on Plasma, which, again, was ahead of our expectations. I know within Plasma, you have a little bit better of an argument to make for pricing in the non-DSL accounts.

我想知道您是否可以稍微解釋一下這一點。我知道在 IBT，即醫院領域，從貢獻角度來看，你們獲得了一些好處；在 Plasma 方面也是如此，它再次超出了我們的預期。我知道在 Plasma 中，您對非 DSL 帳戶的定價有更好的理由。

So can you help us think about maybe what all went right in the quarter to deliver the gross margin guide that result that you had? And then, as you think about that in the back half of the year, where some of those moving pieces are shaking out, as it relates to the full-year guide?

那麼，您能否幫助我們思考本季哪些方面做得正確，從而實現了毛利率預期目標？然後，當您考慮下半年的情況時，其中一些變動會如何發生，這與全年指南有何關係？

Yeah. Thank you, David. Let me start. And then, I'll ask James to weigh in and fill in the details.

是的。謝謝你，大衛。讓我開始吧。然後，我會請詹姆斯參與並填寫詳細資料。

We're off to a good start. With two of our three primary growth drivers really delivering, we feel quite good. We're more than confident to reaffirm our 26% to 27% operating income margin, which, from where we sit, reflects roughly a 300 basis points improvement.

我們已經有了一個好的開始。我們的三個主要成長動力中有兩個確實發揮了作用，我們感覺相當不錯。我們非常有信心重申我們的 26% 至 27% 的營業利潤率，從目前的情況來看，這反映了約 300 個基點的提高。

That's a similar trend to what we had last year. We started the year at 21%, which looked a lot like the year before and then, built accordingly. That's a story that will play out again for us this year, based on our forecast.

這與我們去年的趨勢類似。我們今年年初的成長率為 21%，與前一年的情況非常相似，然後我們進行了相應的成長。根據我們的預測，這樣的故事今年仍將重演。

Volume, major driver of gross margin expansion. You saw that [60-plus]. That was the target for the [LRP]. We expect to hold that throughout the year, at this point. Delighted to get it this early.

銷量是毛利率擴張的主要驅動力。你看到了[60歲以上]。這是[左心室射血分數]。目前，我們預計全年都會保持這種狀態。很高興這麼早就收到它。

Shifting portfolio mix is the single largest contributor to gross margin expansion. It includes not only some outstanding performance in the Hospital segment but also reducing contribution from both CSL and from the Whole Blood divestiture, which were gross margin-dilutive to us. And so having them pass through is -- you're seeing the benefit quarter over quarter.

轉變投資組合是毛利率擴大的最大貢獻因素。這不僅包括醫院部門的一些出色表現，還包括 CSL 和全血業務剝離的貢獻減少，這對我們來說是毛利率稀釋。因此，透過這些措施，您可以看到每個季度都受益。

I think the outperformance we're having in Plasma is outstanding. Because of the way it's coming, it's relatively neutral, in terms of the impact on our gross margins at the corporate level; but, as you can imagine, highly-accretive to our operating margin expansion, especially with all the US business now, with NexSys, with Persona.

我認為我們在 Plasma 方面的表現非常出色。由於它的進展方式，就對我們公司層面的毛利率的影響而言，它相對中性；但正如你所想像的，它對我們的營業利潤率擴張有很大的增值作用，特別是現在所有的美國業務，包括 NexSys 和 Persona。

We do have productivity initiatives underway. We can talk more about them. The largest amongst them is the regional and market alignment program that we've called out. Team is working hard to hold G&A flat in dollar terms, while we continue to invest in the areas we need to: sales and marketing, R&D, et cetera.

我們確實正在實施生產力措施。我們可以進一步談論它們。其中最大的就是我們提出的區域和市場協調計畫。團隊正在努力保持 G&A 以美元計算的平穩，同時我們繼續在需要的領域進行投資：銷售和行銷、研發等。

So as the year progresses, we'll get all those things and then, you'll see increasing operating leverage, which is the dynamic you would expect in a high-performing Med-Surg business. So we can walk through any and all of that. But that's the story.

因此，隨著時間的推移，我們將獲得所有這些，然後，您將看到不斷增加的營運槓桿，這是您在高績效的醫療外科業務中所期望的動態。因此我們可以解決所有這些問題。但故事就是這樣。

Yeah. I'll just add to Chris' explanation there.

是的。我只是想補充一下克里斯的解釋。

Just on the IBT-BMT dynamic, we have similar gross margins among those two businesses. So if BMT is doing a little better than IBT, that really has no effect. If anything, it might be slightly positive to our gross margin.

僅從 IBT-BMT 動態來看，這兩項業務的毛利率相似。因此，如果 BMT 比 IBT 表現稍好一點，那實際上並沒有什麼影響。如果有的話，這可能會對我們的毛利率產生輕微的正面影響。

Mike Matson, Needham & Company.

麥克‧馬森 (Mike Matson)，Needham & Company。

Yeah. Thanks. Just a couple more on Interventional Technologies.

是的。謝謝。關於介入技術還有更多內容。

I want to clarify, are you seeing increased competition in the [mid-bore] category, MVP, MVP XL? Or is it really just concentrated in the 15% -- that smaller bore product?

我想澄清一下，您是否看到 [中口徑] 類別、MVP、MVP XL 的競爭加劇了？或者它實際上只是集中在 15% —— 較小口徑的產品中？

Mike, we're seeing it across the board. We see it certainly in electrophysiology; more pronouncement in interventional cardiology. Our value prop in electrophysiology is just stronger. It's the things I highlighted earlier, where we did have meaningful clinical differentiation and benefit there that carries.

麥克，我們全面看到了這一點。我們在電生理學中確實看到了這一點；在介入性心臟病學中更為明顯。我們在電生理學方面的價值主張更加強大。這就是我之前強調的內容，我們確實具有有意義的臨床區分和帶來的好處。

I think what we're doing in response is that we own the issue. We believe it's entirely addressable in the current period.

我認為我們所做的回應就是承認這個問題。我們相信在當前時期這個問題是完全可以解決的。

We've hired new sales and marketing leaders from academy companies -- companies with real, deep expertise in electrophysiology and interventional cardiology -- so we can strengthen our play there.

我們從學術公司（在電生理學和介入心臟病學方面擁有真正深厚專業知識的公司）聘請了新的銷售和行銷領導者，以便我們能夠加強在這些領域的業務。

As we called out last quarter, we've reorganized into two dedicated teams. One for Vascular Closure -- and, really, Vascular Closure is everything here for IBT. We also have the Structural Heart team to enable deeper clinical engagement and better resource alignment. We're definitely investing in our tool kit, more sales enablement, getting deeper at an account level so we can compete proactively rather than responsibly.

正如我們上個季度所呼籲的那樣，我們已經重組為兩個專門的團隊。一個是血管閉合——事實上，血管閉合是 IBT 的全部。我們還有結構性心臟團隊，以實現更深入的臨床參與和更好的資源協調。我們肯定會投資於我們的工具包、更多的銷售支援、在帳戶層面上更深入，這樣我們就可以主動競爭而不是負責任地競爭。

With overall performance management, quotas, comp plans, training for reps, and for supervisors alike, we are building a strategic accounts management team, which is one of the bigger gaps that we have identified. And collectively, we're putting together account-specific competitive responses. The answer is different in PCI than it is for AFib, for example. But we need to action both.

透過整體績效管理、配額、補償計劃、銷售代表和主管培訓，我們正在建立一支策略客戶管理團隊，這是我們發現的較大差距之一。我們正在共同製定針對特定帳戶的競爭性應對措施。例如，PCI 的答案與 AFib 的答案不同。但我們需要同時採取行動。

And so we'll have more to say as the year progresses. But that's the playbook. And we're on it.

因此，隨著時間的推移，我們會有更多的話要說。但這就是劇本。我們正在努力。

Okay. Got it. And then, just wanted to ask about your appetite for further M&A. I know it's mostly been in Hospital, Interventional Technologies. But given the challenges there, are you going to try to fix that business before you go out and do any more M&A there?

好的。知道了。然後，我只是想問一下您對進一步併購的興趣。我知道它主要在醫院、介入技術領域。但考慮到那裡面臨的挑戰，您是否會在進行進一步的併購之前嘗試解決該業務問題？

Sure answer, Mike, is yes. I'll let James weigh in on if he wants.

麥克，答案是肯定的。如果詹姆斯願意的話，我會讓他參與其中。

But we did $225 million in share buybacks last year and our Board authorized a new $500 million program for the next three years. We bought back shares because we believe deeply in our plan. And we think our stock is significantly historically undervalued. So I think from our vantage point, as we deliver on FY26 guidance and annualize the impact of that $153 million we called out earlier, both our customer and our shareholder value creation is going to become a lot more clear. That's good. It gives us the ability to invest and to drive the performance improvements that we're making.

但去年我們回購了 2.25 億美元的股票，董事會也批准了未來三年 5 億美元的新計畫。我們回購了股票，因為我們對我們的計劃深信不疑。我們認為我們的股票在歷史上被嚴重低估了。因此我認為，從我們的角度來看，隨著我們實現 26 財年的指導並將我們先前提出的 1.53 億美元的影響年化，我們的客戶和股東價值創造將變得更加清晰。那挺好的。它使我們有能力投資並推動我們正在進行的性能改進。

In the near to intermediate term, M&A is off the table. The only thing we're going to consider, I'm happy to give the background on it is to action our option with BetaShares, so we can get the Percy CL Elite product, which we think is a potential game changer and closure for procedures like TAVR and EVAR.

從近期到中期來看，併購是不可能的。我們唯一要考慮的事情，我很樂意提供背景信息，那就是透過 BetaShares 採取行動，這樣我們就可以獲得 Percy CL Elite 產品，我們認為該產品可能會改變遊戲規則並終結 TAVR 和 EVAR 等程式。

But other than that, we're hedged down. We've got our ear spin back. And we're driving execution.

但除此之外，我們已採取了避險措施。我們的耳鳴又恢復了。我們正在推動執行。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

This is Anthony, on for Joanne. Just going back to Plasma, and please correct me if I'm wrong, but did your outlook for US collections change this year in the back half. I think the language last quarter was you were expecting a modest rebound in volumes.

我是安東尼，代替喬安妮。回到 Plasma，如果我錯了，請糾正我，但是您對今年下半年美國收藏的展望是否發生了變化。我認為上個季度的措辭是您預計交易量將溫和反彈。

And then, the language this quarter was a possibility of recoveries. Just want to see if anything changed in your near-term outlook.

然後，本季的語言是復甦的可能性。只是想看看你的近期前景是否有任何變化。

Yeah, Anthony, thanks for the question. You heard that exactly right. Let me comment on the existing guidance, but also the long-term outlook because I think there's a lot of speculation out there around both. So the plan this year, price gains tied to the innovation that's already been rolled out, the share gains that are well underway. That's what propels us. That's what we control. And that's how we'll make plan.

是的，安東尼，謝謝你的提問。你聽得完全正確。讓我對現有的指導意見以及長期前景進行評論，因為我認為圍繞這兩者都存在著許多猜測。因此，今年的計畫是，價格上漲與已經推出的創新掛鉤，份額上漲也在順利進行中。這就是我們的動力。這就是我們所控制的。這就是我們制定計劃的方式。

We do see the pullback in collections somewhat enabled by our productivity gains for the customers is being short term and temporary in nature. There's a cycle we've lived through this multiple times over multiple decades.

我們確實看到，由於我們為客戶提高了生產效率，收款量有所下降，但這種下降本質上是短期和暫時的。幾十年來，我們已經多次經歷過這樣的循環。

So I think our long-term models understand this quite well. We expect there could be low single-digit growth above historical seasonality in the back half of the year, as some of this NexSys technology-enabled gains annualize, but that remains to be seen.

所以我認為我們的長期模型非常了解這一點。我們預計，由於 NexSys 技術帶來的部分收益將實現年化，今年下半年可能會高於歷史季節性的低個位數成長，但這仍有待觀察。

And we don't control that, and I know there's very different views out there in the market. When we step back from this, Plasma Collections have always been cyclical. As I said, we've probably exacerbated the cycle because of the productivity bump we've given the industry. But there's a lot of speculation about long-term retrenchment, et cetera.

我們無法控制這一點，而且我知道市場上有非常不同的觀點。當我們退一步思考時，血漿收集一直是週期性的。正如我所說，我們可能由於提高了行業的生產力而加劇了這一周期。但關於長期裁員等問題存在著許多猜測。

From our vantage point, we support a $30 billion biopharmaceutical market we don't see the demand for immunoglobulins going away anytime soon. And in fact, we look at our leading customers, right? If they're all public (inaudible) and they're reporting double-digit or high single-digit growth, and they're reaffirming that guidance in their IG franchises.

從我們的角度來看，我們支持 300 億美元的生物製藥市場，我們認為對免疫球蛋白的需求不會很快消失。事實上，我們關注的是主要客戶，對嗎？如果它們都是上市公司（聽不清楚），並且報告兩位數或高個位數增長，並且它們在 IG 特許經營中重申了這一指導。

So we look at that. We look at the long-term potential. We know -- we think at this point where their inventories are, and that bodes very well. It's an outstanding environment for collections right now. So I think the forces are lining up in ways that we would hope and anticipate there's recombinant therapy out there. That's a good thing for patients, but IG remains irreplaceable for the vast majority, certainly primary and secondary immune deficiency.

所以我們來看看。我們著眼於長期潛力。我們知道——我們認為目前他們的庫存情況如何，這是一個好兆頭。目前的收藏環境非常好。所以我認為各種力量正在以我們所希望和預期的方式聚集，最終將出現重組療法。這對患者來說是件好事，但對於絕大多數患者，尤其是原發性和繼發性免疫缺陷患者，IG 仍然是不可取代的。

And then I think even on the autoimmune side, just what we're seeing new patient starts versus concomitant therapy tells the story. So we like Plasma, near, intermediate and longer term.

然後我認為即使在自體免疫方面，我們所看到的新患者開始治療與伴隨治療的情況說明了一切。因此，我們看好 Plasma，無論是短期、中期或長期。

Okay. And then in Hemostasis Management as you continue to roll out the new happens cartridge, how long do you think this benefit from that last -- or in other words, like how far into this rollout in the US?

好的。然後在止血管理中，隨著您繼續推出新的發生墨盒，您認為這種好處會持續多久 - 或者換句話說，在美國推出這種墨盒需要多長時間？

Yes, early innings, for sure. And what's pretty clear to us now in hindsight is the introduction of our (inaudible) neutralization cartridge last year has proven to be a watershed moment in the space. If you go back we helped drive the creation of viscoelastic testing as a marketplace.

是的，肯定是早期的局面。現在回想起來，我們很清楚，去年我們推出的（聽不清楚）中和盒已被證明是該領域的分水嶺。如果你回顧過去，我們幫助推動了黏彈性測試市場的創建。

We are the market leader something around 70% share and the broadest body of clinical evidence and a track record of usability supported by a really outstanding team that's just firing on all cylinders. The category itself, the underlying treatment area is probably mid-single-digit growth on an ongoing basis.

我們是市場領導者，佔有約 70% 的市場份額，擁有最廣泛的臨床證據和良好的可用性記錄，並由一支全力以赴的優秀團隊提供支援。該類別本身，即基礎治療領域，可能正在持續實現中等個位數的成長。

But to your question about the sustainability, we're in half of what we believe are the T700 accounts, the largest procedure-based hospitals. We're less than half when I think about Europe and Japan, where we don't yet have the Heparanase-neutralization cartridge.

但對於您關於永續性的問題，我們認為我們已經佔據了 T700 帳戶的一半，即最大的基於程序的醫院。當我想到歐洲和日本時，我們還不到一半，因為我們還沒有肝素酶中和盒子。

More on that as the year progresses. We think about the TEG 5000 conversions that are underway, driven by the adding of this additional assay. We've converted roughly half of our current G5000 users to take success. So there'll be capital.

隨著時間的推移，我們將對此進行更多探討。我們考慮正在進行的 TEG 5000 轉換，這是由添加此額外分析所推動的。我們已經讓大約一半的現有 G5000 用戶獲得了成功。所以會有資本。

They'll be the initial buy-ins and then, of course, there's the utilization. So we like what we see here, and I think we have renewed enthusiasm about the long-term value that this franchise can bring is one of our top three value drivers and currently our fastest-growing and largest Hospital products.

它們將是最初的買入，然後當然還有利用。所以我們喜歡這裡所看到的，我認為我們對這個特許經營權可以帶來的長期價值重新燃起了熱情，它是我們三大價值驅動因素之一，也是我們目前增長最快、規模最大的醫院產品。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Chris, I just want to just follow up on the question on TEG. You mentioned the 70% share. The (inaudible) clearly driving a lot faster. Are you -- and it's as you go through your existing share base, are you actually taking share to -- is this a share driver? do you take share back?

克里斯，我只是想跟進一下有關 TEG 的問題。您提到了 70% 的份額。（聽不清楚）顯然駕駛速度快了很多。您是否——當您瀏覽現有的股票基礎時，您是否真的在利用股票——這是一個股票驅動因素嗎？你們收回股份嗎？

Do you see that actually changing with this Mark, is there anything else on the -- does your competitor have a similar thing or maybe in their pipeline? Or any color on that?

您是否看到這個標誌實際上發生了變化，還有其他什麼嗎 - 您的競爭對手是否有類似的東西或可能在他們的頻道中？或是上面有什麼顏色嗎？

Yes. Let me step back from the story. It's less about competitive share capture. We certainly are dialed in on that. But we view this as roughly an $800 million addressable market, and as I said, growing in the mid-single digits.

是的。讓我暫時退出這個故事。這與競爭性市場佔有率爭奪無關。我們當然已經關注到這一點。但我們認為這是一個大約 8 億美元的潛在市場，而且正如我所說，成長率在中等個位數。

We're indicated and see the biggest growth in cardiac and in trauma and transplant where heparins neutralization has proven to be the game changer. So for us, the biggest opportunity is actually the adoption of viscoelastic testing, right, moving folks off of current standard of care to understand what TEG does for them clinically and from a health economic perspective, we have strong data to suggest how much it informs better interventions and in some cases, the lack of interventions.

我們看到，在心臟、創傷和移植領域，肝素中和已被證明是改變遊戲規則的關鍵，而成長最為顯著。因此，對我們來說，最大的機會實際上是採用黏彈性測試，對吧，讓人們擺脫當前的標準護理，了解 TEG 在臨床上為他們做什麼，從健康經濟角度來看，我們有強有力的數據表明它在多大程度上有助於更好的干預，在某些情況下，還可以表明它對缺乏幹預有多大幫助。

And so we see that in terms of clinical outcomes, but the other part of this is almost without exception when a hospital or a hospital group adopts TEG, we watch their blood usage contract because they're just -- they're not making unnecessary interventions. And when they intervene and being with exactly the right combination of blood products. So that's really powerful. That's our biggest opportunity is driving that utilization.

因此，我們從臨床結果的角度看到了這一點，但另一方面，幾乎毫無例外，當一家醫院或一個醫院集團採用 TEG 時，我們都會關注他們的血液使用合同，因為他們只是 - 他們沒有進行不必要的干預。當他們進行幹預時，就會出現完全正確的血液製品組合。這真的很強大。這是我們最大的機會，就是推動這種利用。

We think the US is probably close to 50% of that today, 50% utilization is probably closer to 30% outside the US. So more to come.

我們認為，目前美國可能接近這一水準的 50%，而美國以外的利用率可能接近 30%。未來還會有更多。

Okay. And switching gears just to Plasma. Just on the global on the macro. So it sounds like you're still building in outside of your market share gains, generally flat market collections. Maybe I'm just reading around, but on the ripples on their last call that they look to double-digit volume gains. Now, obviously, there's -- and they also spoke to a lot of productivity efficiencies, which is clearly being driven, it sounds like by Persona, particularly actually called out.

好的。並切換到等離子。只是從全球宏觀角度來看。因此聽起來您仍在努力擴大市場份額，但總體而言市場銷量持平。也許我只是在讀一些內容，但從他們上次通話的漣漪來看，他們希望能達到兩位數的交易量成長。現在，顯然，他們也談到了許多生產力效率，這顯然是由 Persona 推動的，特別是實際上被呼籲出來的。

But I'm just curious, when they talk about double-digit volume gains, that's not collections specifically, but is that difference -- and they're just one collector obviously, but they're, I think, second largest, right? So is that difference mostly just productivity? Or are they just one customer or one view of the market? Any color on that?

但我只是好奇，當他們談論兩位數的銷量增長時，這並不是專門指收藏品，而是區別——他們顯然只是一個收藏家，但我認為他們是第二大收藏家，對嗎？那麼這種差異主要只是生產力嗎？或者他們只是一個客戶或一個市場觀點？有顏色嗎？

Yes. Again, we read the same releases. We have lots of conversations. I won't comment on the inside baseball, if you will. But from our vantage point, when we look at their -- all of our customers' readouts, we know there's base volume demand.

是的。我們再次閱讀了相同的新聞稿。我們進行了很多對話。如果你願意的話，我不會對內部棒球發表評論。但從我們的角度來看，當我們查看所有客戶的讀數時，我們知道存在基本容量需求。

There's clearly, price, et cetera. There's always a lag because of what they collect. What they're talking about with those double-digit growth is Plasma that was collected last year or previously. And so we have to be mindful of that. The performance in the quarter is flat.

顯然還有價格等等。由於收集的內容總是存在滯後。他們所說的兩位數增長是去年或之前收集的血漿。所以我們必須注意這一點。本季業績表現平平。

On a historical seasonal basis, we didn't see any meaningful uptick in collection volumes. Our outperformance is NexSys and NexSys adoption, et cetera. So we think based on our reading of this, that in the back half of the year, we have the opportunity to get above historical seasonal averages, but we don't control that.

從歷史季節性來看，我們沒有看到收集量有任何有意義的上升。我們的優異表現是 NexSys 和 NexSys 的採用等等。因此，根據我們的解讀，我們認為，在今年下半年，我們有機會超過歷史季節性平均水平，但我們無法控制這一點。

And we want to be conservative about that because it's been difficult to forecast with precision in a given period, in a given quarter. Long term, we're enthusiastic. We don't imagine this goes much beyond this year without a sizable uptick. We'll have more to say about that later as things become more clear.

我們希望對此持保守態度，因為在特定時期、特定季度內進行準確預測非常困難。從長遠來看，我們充滿熱情。我們認為，如果沒有大幅上漲，今年以後的情況不會有太大變化。隨著事情變得更加明朗，我們稍後會對此進行更多討論。

But right now, given our guide, given the performance we just delivered, we're confident for the year that controlling what we can control, we're going to have a really good year in Plasma.

但現在，根據我們的指導，根據我們剛剛提供的表現，我們對今年充滿信心，只要控制我們能夠控制的事情，我們將在 Plasma 領域度過非常好的一年。

I appreciate that color. And if I can just squeeze one more for James. Just obviously, operating margin, you're building in an acceleration as the year progresses. Any more color just on cadence should it be a linear step up through the next two, three quarters? Or should we really be focused more in the back half? Anything in particular there?

我很欣賞那個顏色。如果我能再為詹姆斯擠出一點時間的話。顯然，隨著時間的推移，營業利潤率正在加速成長。還有沒有更多關於節奏的顏色，它應該是在接下來的兩個、三個季度中線性上升嗎？或者我們真的應該更專注於後半部？有什麼特別的事嗎？

Yes, it's really more towards the back half. I would say the Q2 to Q3 jump in operating margin is probably most significant and then a little bit more from there. Q1 to Q2, we should see a nice bump up as well to get to our guidance point.

是的，它確實更偏向後半部。我想說，第二季到第三季的營業利潤率成長可能是最顯著的，之後還會略有增加。從 Q1 到 Q2，我們應該會看到一個好的成長，以達到我們的指導點。

So overall, on I would say it's probably 45% front half of the year and 55% back half of the year in terms of cadence down there to the bottom line.

因此，總體而言，就底線節奏而言，我認為上半年可能為 45%，下半年為 55%。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

I wanted to ask here about another product in Interventional Technologies. I haven't heard mentioned yet. The open -- can you tell us a little bit about any progress your sales force is making with that? I know there was some handholding and dock learning involved with that product.

我想在這裡詢問有關介入技術領域的另一種產品。我還沒聽過。開放—您能否向我們稍微介紹一下您的銷售團隊在這方面的進展？我知道該產品涉及一些指導和碼頭學習。

Yes. Thanks, Marie. I appreciate the question. Yes, we're working hard. I mentioned that we've bifurcated our efforts.

是的。謝謝，瑪麗。我很感謝你提出這個問題。是的，我們正在努力。我提到過，我們已經分擔了我們的努力。

We have a dedicated field team both sales reps and clinicals with a separate chain of command that are really leaning in to expand our presence in Structural Heart. And we continue to see green shoots, particularly on the Savvy wire it gets masked by the OEM situation that we called out on our prepared remarks.

我們擁有一支專門的現場團隊，包括銷售代表和臨床人員，並擁有獨立的指揮系統，他們真正致力於擴大我們在結構心臟領域的影響力。我們繼續看到復甦的跡象，特別是在 Savvy 線上，它被我們在準備好的評論中提到的 OEM 情況所掩蓋。

But the underlying demand for the product is quite good, and we need to lean in and continue to cultivate and develop and build the market. What that product offers is meaningfully differentiated in terms of a three-in-one option, where we do hemodynamic monitoring on a real-time basis with essentially no drift.

但該產品的潛在需求相當好，我們需要傾力繼續培育、開發和建立市場。本產品提供的三合一選項具有顯著的差異化，我們可以即時進行血流動力學監測，基本上不會出現漂移。

So it's a step change improvement in Guidewire Technology. We are learning how to commercialize it. We are long term, optimistic on the presence in that space and what we can deliver it will take time.

因此，這是導絲技術的重大進步。我們正在學習如何將其商業化。我們對該領域的長期發展持樂觀態度，但我們能夠實現的目標仍需要時間。

And so I don't want to confuse anybody on it. Our success in Interventional Technologies is predicated upon winning in Vascular Closure.

所以我不想讓任何人對此感到困惑。我們在介入技術領域的成功取決於血管閉合領域的勝利。

It is by far the largest. It's the biggest opportunity. And they called out in my prepared remarks, it's one of three things that drive us along with TEG and NexSys.

它是迄今為止最大的。這是最大的機會。他們在我的準備好的演講中指出，這是推動我們與 TEG 和 NexSys 共同前進的三大因素之一。

Okay. That's helpful, Chris. And then, maybe I could get a little more detail. You told us about the growth in basket MBP and XL, I think that was on a global basis. And you mentioned some weakness in International.

好的。這很有幫助，克里斯。然後，也許我可以了解更多細節。您向我們介紹了籃子 MBP 和 XL 的成長情況，我認為這是全球範圍內的。您也提到了國際上的一些弱點。

Could you break out for us what the growth was like here in the US? I know we're a few quarters into the launch there of -- and any details on the magnitude of the decline this quarter in legacy asking?

您能否向我們詳細闡述美國的成長？我知道我們已經推出了幾個季度了——有沒有關於本季遺留問題下降幅度的詳細資訊？

Yes. Thanks, Marie. Disproportionately by far, the growth was here in the US. And as you point out, on the XL product, the attach rate for XL on PFA is outstanding, right? It's one of the things that continues to be a core strength of opportunity.

是的。謝謝，瑪麗。到目前為止，美國的成長最為顯著。正如您所指出的，在 XL 產品上，PFA 上 XL 的附加率非常出色，對嗎？這是繼續成為機會核心優勢的因素之一。

Interestingly, I've made mention of the fact that as the gain shifted from new account openings, which our team was excellent at is excellent at to driving utilization it got masked a bit this time last year when we introduced MVP XL to the market because the uptake has been so strong that for a period of time.

有趣的是，我提到過這樣一個事實，隨著收益從新開戶（我們的團隊非常擅長提高利用率）轉移到推動利用率，去年這個時候當我們向市場推出 MVP XL 時，這一變化被掩蓋了，因為一段時間內採用率非常高。

And it's -- again, it's a similar skill set you're launching a new product as opposed to launching a new category for us, but we're launching XL vis-à-vis PFA and that propels the team, and that's a good base of strength that we can build on to correct what we need to correct elsewhere.

而且 — — 再說一次，這與我們推出新產品而不是推出新類別所需的技能類似，但我們推出的是 XL vis-à -vis PFA，這推動了團隊的發展，這是一個良好的基礎，我們可以在此基礎上糾正我們需要在其他地方糾正的問題。

Andrew Cooper, Raymond James.

安德魯庫柏、雷蒙詹姆斯。

Maybe one more on the EP business. If we think about the 6% growth, relative to what you did last year, last quarter. Fiscal 1Q was the last one where you didn't have full market release of (inaudible) probably the easiest comp of the year.

也許還有關於 EP 業務的更多內容。如果我們考慮一下相對於去年、上個季度的 6% 的成長。財政第一季是最後一個沒有完全向市場發布的季度（聽不清楚），可能是今年最簡單的季度。

Maybe just help us think about some of those moving parts on the execution side that you called out? And then I think, Chris, you mentioned there's a series of actions that you could walk through, if relevant. I think it might be relevant and would love to hear the details on some of the things beyond what you've already discussed.

也許只是幫助我們思考一下您所提到的執行方面的一些活動部件？然後我想，克里斯，你提到如果相關的話你可以採取一系列行動。我認為它可能相關，並且很想聽聽您已經討論過的內容之外的一些細節。

Sure, Andrew. Thanks. Yes. Look, it's three products to find the corporation within Interventional is Fast Gate. Within VASCADE, it's the US EP market, right? Let's just be very specific about it. We need to win there. We look at the underlying market, there's puts and takes. There's lots published about this, much of it wrong.

當然，安德魯。謝謝。是的。看，在介入領域找到公司有三種產品，即 Fast Gate。在 VASCADE 內部，它是美國 EP 市場，對嗎？讓我們非常具體地討論一下這個問題。我們需要在那裡獲勝。我們觀察基礎市場，有看跌期權和看漲期權。關於此問題已有很多出版物，但其中許多都是錯誤的。

But the underlying growth in EP as we measure it for access sites, is high single digits, roughly 8.5%, 8.6% to be precise this year. That's what we're running to. So that there's obviously comps involved, as you point out, but that's below market.

但以我們衡量接取站點的 EP 的潛在成長率來看，今年的成長率是高個位數，大約為 8.5%，確切地說是 8.6%。這就是我們所追求的。正如您所指出的，這顯然涉及可比價格，但低於市場價格。

And that tells you that we need to up our game competitively as we've woken competition and now need to respond quite decisively to it. I walked through a set of things, and none of these are silver bullets.

這說明我們需要提高競爭力，因為我們已經喚醒了競爭，現在需要對其做出果斷的反應。我經歷了一系列的事情，但沒有一個是靈丹妙藥。

There's important levers that we pull. And I'm sure when we sit back in this year from now and celebrate the success we're going to have probably one or two of these is going to matter a lot more than the others, but it's difficult to predict from where we are. We've hired new sales and marketing leaders.

我們要發揮重要的作用。而且我確信，當我們從今年開始回顧並慶祝我們所取得的成功時，其中的一兩個可能會比其他的更重要，但從我們現在的狀況來看，很難預測。我們聘請了新的銷售和行銷領導。

When you see the pedigree of these individuals, they come from companies and they personally have experience and expertise in electrophysiology and interventional cardiology. In some cases, closure, in some cases, the underlying procedures of AFib and TAVR, but they bring real expertise to our team the bifurcation, which happened through sales comp in the fourth quarter, but really organizationally in this first quarter, is going to be powerful in the early stages, it's disruptive, and we're working our way through that.

當你看到這些人的血統時，你會發現他們來自公司，個人在電生理學和介入性心臟病學方面擁有經驗和專業知識。在某些情況下，關閉，在某些情況下，AFib 和 TAVR 的基本程序，但它們為我們的團隊帶來了真正的專業知識，這種分歧發生在第四季度的銷售補償中，但實際上在第一季度的組織上，在早期階段將是強大的，它具有破壞性，我們正在努力解決這個問題。

So I wouldn't extrapolate a lot from the first quarter in terms of what that will ultimately mean for us.

因此，我不會根據第一季的情況推斷這最終對我們意味著什麼。

It does allow us to up our game clinically in terms of our clinical support, in terms of our ongoing trial work and how we communicate that message to our customers. We've done some basics, and I said this on a prior call, getting a product from $25 million or $50 million to $200 million is one thing. Taking it from $200 million plus is a different game, and it requires sales enablement tools that help you focus at an account level where necessary. It involves building a strategic account capability. We didn't have that historically.

它確實使我們在臨床支援、正在進行的試驗工作以及我們如何向客戶傳達訊息方面提高了我們的臨床水平。我們已經做了一些基礎工作，我在之前的電話中說過，將產品價格從 2500 萬美元或 5000 萬美元提高到 2 億美元是一回事。從 2 億美元以上開始是一場不同的遊戲，它需要銷售支援工具來幫助您在必要時專注於帳戶層級。它涉及建立戰略帳戶能力。從歷史上看，我們沒有這種情況。

We're leaning into that. That will meaningfully strengthen our relationships with the IDNs, which are a big part, not only of that last or 80 accounts to be opened, but driving utilization across all of them. So it's an increasingly managed market and we need to approach it as such.

我們正傾向於此。這將顯著加強我們與 IDN 的關係，IDN 是其中的重要組成部分，不僅對於最後開設的 80 個帳戶至關重要，而且可以推動所有帳戶的利用。因此，這是一個日益受到管理的市場，我們需要這樣來對待它。

I think as we lean into that, there's obviously developments on the horizon. We think some of the interesting changes that are underway with regards to -- from CMS going into ASCs. We think that could be a real tailwind for us because of the value proposition that VASCADE represents. But we need to face into it, and we need to manage it at a corporate strategic accounts level. We are putting in place the capabilities to do that.

我認為，當我們傾向於這一點時，顯然就會出現一些進展。我們認為，從 CMS 到 ASC，正在發生一些有趣的變化。我們認為，由於 VASCADE 所代表的價值主張，這對我們來說可能是一個真正的順風。但我們需要面對它，我們需要在企業策略客戶層面對其進行管理。我們正在建立實現這一目標的能力。

It won't happen overnight. I want to be crystal clear about that. We do believe it's all executional. We do believe we can do this year, but it's going to be a build from where we sit.

這不會在一夜之間發生。我想清楚地說明這一點。我們確實相信這一切都是可執行的。我們確實相信我們今年可以做到，但這將取決於我們所處的位置。

Okay. That's super helpful. Maybe just one on margins as well. I know you talked a little bit, James, about some of the trends throughout the year. I just want to make sure with this software piece that you did see in -- how much of that drops to the bottom line?

好的。這非常有幫助。也許邊緣上也只有一個。詹姆斯，我知道你談到了全年的一些趨勢。我只是想確認一下，透過您看到的這個軟體，有多少會影響到最終結果？

And how much of that was maybe in the annual plan and just movement from quarter-to-quarter versus potentially a little bit bigger change or something we need to think about from a jumping off point from 1Q into 2Q and the rest of the year?

其中有多少是年度計劃中的，有多少只是季度之間的變化，或者有多少是潛在的更大變化，或者我們需要從第一季到第二季度以及今年剩餘時間的起點來考慮的事情？

Yes. Sure, Andrew. So that it was 210 basis points on gross margin, and it all drops. There's no real other expenses associated with it. So it was contemplated in our plan for the year.

是的。當然，安德魯。因此毛利率為 210 個基點，且全部下降。這並不涉及其他實際費用。所以我們在今年的計劃中已經考慮到了這一點。

It was just -- I think as Chris referenced earlier, it was really just a matter of timing, and it just happened to be in the first quarter and Chris pointed out all the benefits in terms of how it solidifies our position. But the other thing, it's also an annuity, right, and it will continue to drive our software revenue in the years to come.

這只是——我認為正如克里斯之前提到的，這實際上只是一個時間問題，而且它恰好發生在第一季度，克里斯指出了它在鞏固我們地位方面的所有好處。但另一方面，它也是一筆年金，對吧，它將在未來幾年繼續推動我們的軟體收入。

So in the full -- it was always contemplated. It was in our full-year guidance. It helped the quarter by about 210 basis points that will fall off, obviously, next quarter.

因此，總體而言——它始終是被深思熟慮的。這是我們的全年指導目標。它對本季的貢獻約為 210 個基點，但顯然，下個季度的貢獻將會下降。

So our gross margin won't benefit from that. But we will continue to have even more benefits from the mix and price that Chris alluded to earlier when he was discussing gross margin. So we expect our gross margins to pretty much hold right around this level for the remainder of the year.

因此我們的毛利率不會因此而受益。但我們將繼續從克里斯之前討論毛利率時提到的組合和價格中獲得更多利益。因此，我們預計今年剩餘時間內我們的毛利率將基本保持在這個水平。

Okay. Helpful. And then I'm going to sneak one more in just on Plasma quickly. Can you give a little bit more flavor. I think the comment was share gains were on track or a little ahead.

好的。很有幫助。然後我很快就會再偷偷地在 Plasma 上再做一次。能加多一點味道嗎？我認為該評論表明股價上漲已步入正軌或略有上漲。

When you think about what was already assumed in the guide, what inning are we in, whether it's as of end of 1Q or at present in terms of those incremental centers that you were hoping to have your footprint in that you weren't in prior.

當您思考指南中已經假設的內容時，我們會知道我們處於什麼情況，無論是截至第一季末還是就目前您希望在其中留下足蹟的增量中心而言。

Andrew, the ongoing competitive center conversion will be a FY26 and probably first-half FY27 story. Of course, we'll move just as fast and are prepared to move as fast as our customers are ready to go. They're certainly taking advantage of this short-term pullback in total collection volume to get the conversions done that's great.

安德魯，正在進行的競爭中心轉換將是 26 財年和 27 財年上半年的故事。當然，我們會以同樣快的速度行動，並準備好隨著客戶的準備而迅速行動。他們確實利用了總收藏量的短期回落來完成轉換，這很好。

And if they want to speed up, we'll be there with them. We've laid out based on what we've discussed and what we're experiencing, and that's heavily influenced in that 11% to 14% guide for the year.

如果他們想加快速度，我們就會支持他們。我們根據討論的內容和經驗制定了計劃，這對今年 11% 至 14% 的指導方針產生了很大影響。

So in terms of innings, we're midway through. We haven't hit the seventh inning stretch at this point. We have more ahead of us than behind us for sure. But it's on track and it's moving.

因此，就局數而言，我們已經進行了一半了。到目前為止，我們還沒有進入第七局的比賽。我們未來要做的事情肯定比過去還要多。但它已步入正軌並正在前進。

And if I could -- and I'm going to take a half a step back and talk about guidance at the corporate level because our strategy is working. And we view in aggregate, the first quarter results is very solid. But we're going to remain conservative.

如果可以的話——我將退一步談談公司層面的指導，因為我們的策略正在發揮作用。整體來看，第一季的業績非常穩健。但我們仍將保持保守態度。

And as a matter of practice, we don't -- we want to refrain from changing guidance after only one quarter. It's just not, right? And so -- and if you look at the guidance, right, it delivers fully against what most thought were highly ambitious, maybe even beyond that long-range plan goals.

按照慣例，我們不會——我們不想在一個季度之後就改變指導方針。事實並非如此，對吧？所以——如果你看一下指導意見，你會發現它完全符合大多數人認為的雄心勃勃的目標，甚至可能超出了長期計劃的目標。

I won't reiterate them all here, but within the year that has a growing Plasma 11 to 14 and has a growing Hospital A to 11 with we have mid-20%s growth on EPS.

我不會在這裡重申所有這些，但在一年內，血漿從 11 增加到 14，醫院 A 成長到 11，我們的 EPS 成長率達到 20% 左右。

And the way my math behind that, if you will, is backing out CSL, backing out whole blood somewhere between $0.70 and $0.90 of EPS last year that won't repeat this year. So we deliver at the midpoint of our guidance, we're already talking about something that is mid-2%0s growth. And we have the same mid-20%s growth projection for cash flow, which is what we delivered last year as well.

如果你願意的話，我背後的計算方法是退出 CSL，退出去年 EPS 介於 0.70 美元至 0.90 美元之間的全部金額，而今年不會重複。因此，我們實現了預期的中點，我們已經在談論 2% 左右的成長。我們對現金流的成長預測也是 20% 左右，這也是我們去年實現的目標。

So we're going to guide for what we can control. There's obviously a whole lot going on out there geopolitically, macroeconomically, cyclically that we don't control. So we're focused on what we can control and delivering against that, and that's what's reflected in our guidance.

因此，我們將針對我們能夠控制的事情進行指導。顯然，地緣政治、宏觀經濟和週期性事件中發生了許多我們無法控制的事件。因此，我們專注於我們能夠控制的事情並實現這一目標，這也反映在我們的指導中。

David Turklay, Citizens.

大衛·特克萊（David Turklay），公民。

Well, I really need to dial in earlier. I think you guys said -- Jim, I think you said you did $150 million in buyback in the quarter. I just wanted to confirm that and if you have the price that, that was at.

好吧，我確實需要早點撥號。我想你們說過——吉姆，我想你說過你在本季回購了 1.5 億美元。我只是想確認一下，看看價格是多少。

No, no, we didn't buy it back this quarter. That was last quarter.

不，不，我們這個季度沒有回購。那是上個季度的事了。

So did you do none this quarter?

那麼本季你什麼都沒做嗎？

Yes, we did not buy back. We repurchased any shares. We had a new authorization as well that Chris spoke about, but we haven't acted against it.

是的，我們沒有買回來。我們回購了所有股票。我們也獲得了克里斯提到的新授權，但我們尚未採取行動。

Okay. And the $52 million impact that you called -- I think that was a quarterly headwind from all the -- was it from the transition? Is that something that is usually broken into buckets or no?

好的。您所說的 5200 萬美元的影響——我認為這是各方面因素造成的季度逆風——是轉型造成的嗎？這東西通常被分成幾桶嗎？

Dave, we'll break that out for folk .It's pretty straightforward. Yes, it's what we're referring to, so I quoted $153 million for the year. That -- there are two factors. One is the transition from CSL. So there was no US PCS2 Disposable revenue in the quarter. So that's out. That was $35 million, $37 million,

戴夫，我們會把這篇分享給大家.這很簡單。是的，這就是我們所指的，所以我報價為 1.53 億美元。那——有兩個因素。一是從中超聯賽轉型。因此本季沒有美國 PCS2 一次性收入。所以這已經結束了。那是3500萬美元，3700萬美元，

I think, was this time last year. The remainder is whole blood, which we divested, right? And so the combination of those two are the $52 million that we see. It will be comparable numbers for the next quarter and then drop off pretty significantly in the third and fourth quarter, which is I think it's going to be pretty interesting to speak because it's -- our expectation is that's when the fog begins to clear and the underlying health and performance of this business starts to stand alone without the need to say, ex this or post that or anything else.

我想，是去年這個時候。剩下的就是全血，我們把它剝離了，對嗎？所以我們看到，這兩者的總金額是 5200 萬美元。下一季的數字將與上一季的數字相當，但在第三季和第四季度，數字會大幅下降，我認為這會很有趣，因為我們預計，到那時，迷霧將開始消散，該業務的基本健康狀況和業績將開始顯現，無需再說什麼，例如這個或那個或其他什麼。

It's just straight up high single-digit revenue growth, mid-20%s earnings growth on our way.

我們的收入將直線上升個位數成長，獲利將成長 20% 左右。

It's 35% in '17 is the breakout between CSL and Pueblo this quarter.

2017 年 CSL 和 Pueblo 之間的差距為 35%。

Thanks a lot for that. And last one is when could we expect the next LRP, Chris?

非常感謝。最後一個問題是，克里斯，我們什麼時候可以期待下一個 LRP？

When ready. We want to deliver this one because -- and you and I talked about this after our last one, I got -- the first slide is going to be and accounting on our say-do ratio, right? We put high single-digit revenue growth by our accounting when we deliver this year, it will be 10%, right? We talked about mid-20%s adjusted EPS growth is going to be 28%, right? We

準備好後。我們想要實現這一點，因為——你和我在上一次之後談到了這一點，我得到——第一張幻燈片將是關於我們的說做比率的會計，對嗎？根據我們的會計，我們預計今年的收入成長率將達到高個位數，即 10%，對嗎？我們談到 20% 中期調整後的每股盈餘成長率將達到 28%，對嗎？我們

talked about 26%, 27% adjusted margin of just 800 basis points to 900 basis points improvement versus where we were back then.

談到 26%、27% 的調整利潤率，與當時的水平相比僅提高了 800 個基點至 900 個基點。

I'm not going to -- we have guidance out there, that's our guidance, right? We'll lean into that and deliver.

我不會──我們有指導，那就是我們的指導，對嗎？我們將努力實現這一目標。

And then last is the cash flow, $600 million to $700 million. And I'll add one, which we didn't say back then, but as James has communicated as part of our overall guidance, a cash net income conversion ratio that should be defined as top quartile for us, certainly north of 70%.

最後是現金流，6億到7億美元。我還要補充一點，我們當時沒有提到，但正如詹姆斯在我們的整體指導中所傳達的那樣，現金淨收入轉換率應該定義為我們的最高四分位數，肯定在 70% 以上。

And when we start -- when that slide is printed and in fact, then we'll talk about where we go from there okay? Think spring or summer.

當我們開始 - 當那張幻燈片打印出來時，事實上，我們會討論從那裡開始我們要去哪裡，好嗎？想想春天或夏天。

Michael Petusky, Barrington Research.

巴林頓研究公司的麥可‧佩圖斯基（Michael Petusky）

I really need to dial in faster. So Chris, I didn't catch us if you talked about this, but the geographic performance of TEG, can you just speak to how (inaudible) region, China and anywhere else you might want to talk about.

我確實需要撥號更快一些。所以克里斯，我沒有聽清您是否談論過這個，但是 TEG 的地理表現，您能否談談（聽不清楚）地區、中國以及您可能想談論的任何其他地方。

Yes. TEG is really concentrated. The outperformance in particular, is concentrated for us in the US. We were high 20%s growth for TEG in the US. We were low to mid-20%s in aggregate, but it's -- for now, it's a 70%-30% play where 70% of that is coming through in the US.

是的。TEG 確實很濃縮。對我們來說，優異的表現尤其集中在美國。我們在美國 TEG 的成長率高達 20%。總體而言，我們的佔比在 20% 左右，但目前，這一比例是 70%-30%，其中 70% 來自美國。

It's actually interesting if you step back from our portfolio, right, 75%, probably closer to 80% now of our revenue comes from TEG, VASCADE and NexSys here in the US, right? People talk about how complicated we may become we're not complicated with three products in the U. market. That defines us.

如果你回顧我們的投資組合，你會發現這其實很有趣，75%、可能接近 80% 的收入來自美國的 TEG、VASCADE 和 NexSys，對嗎？人們談論我們可能會變得多麼複雜，但美國市場上的三種產品並不複雜。這就定義了我們。

We do want to grow meaningfully outside the US. We think the value proposition for Viscoelastic testing in Europe and in Japan is largely untapped. We like the changes we've made there with our team. We are awaiting regulatory release for the Heparanase-neutralization cartridge in EMEA.

我們確實希望在美國以外實現有意義的發展。我們認為歐洲和日本的黏彈性測試的價值主張在很大程度上尚未開發。我們喜歡我們團隊在那裡做出的改變。我們正在等待歐洲、中東和非洲地區對肝素酶中和盒子的監管發布。

We expect that release to have the same catalytic effect that it has had in the last six quarters for the US. So stay tuned with more to say there. But for now, Mike, it's US.

我們預計，此次發布將對美國產生與過去六個季度相同的催化作用。因此請繼續關注，我們將有更多內容發布。但就目前而言，麥克，它是美國的。

You can just push a little bit. Anything on China. I think you had talked about market challenges in China, which doesn't seem super surprising in the current environment, but I'm just curious if there's any comment there.

你只要稍微推一下就可以了。任何有關中國的事。我認為您談到了中國市場面臨的挑戰，這在當前環境下似乎並不令人意外，但我只是好奇是否有任何評論。

Yes. We've taken our lumps in China over the prior one or two years. That's largely normalized. Now China is less than 4% of our corporate revenue across the entire portfolio.

是的。在過去一兩年裡，我們在中國遭受了打擊。這在很大程度上已經正常化了。目前，中國市場占我們整個投資組合公司營收的不到4%。

TEG in particular, it's the older product, (inaudible) success is not released there, but the has local competition. We took a beating on some of the local efforts that the government had put in place. That's all stabilized.

特別是 TEG，它是較老的產品，（聽不清楚）並沒有在那裡取得成功，但在當地有競爭。我們遭受了政府採取的一些地方性努力的打擊。一切都穩定了。

We actually grew TEG in the quarter pretty nicely, but off of a really modest base. But there's more we can do there, for sure, we'll have it. We seem to be navigating the tariff structure in a way that our products we can supply out of Asia, et cetera. So we've largely not sidestepped that.

事實上，我們本季的 TEG 成長相當不錯，但基礎卻非常薄弱。但我們還可以做更多，我們肯定會做到。我們似乎正在以一種方式操縱關稅結構，以便我們的產品能夠從亞洲等地供應出去。所以我們基本上沒有迴避這一點。

And we're there to support the market, but it's a really modest contributor, less than 5% overall.

我們會支持市場，但貢獻率確實很小，整體不到 5%。

Okay. Great. And just the last one, going back, to the US market. you've gone out of your way to say, hey, look, some of these changes are going to take time, but we've made changes.

好的。偉大的。最後一個，回到美國市場。你特意說，嘿，看，其中一些變化需要時間，但我們已經做出了改變。

We're making changes brought in sales marketing leadership and are essentially calling us within your control, you guys got to execute.

我們正在進行銷售行銷領導層的變革，本質上是將我們置於你們的控制之下，你們必須執行。

It's not structural. But I'm just curious, as you look at the first quarter performance and then measure that up against what you consider market growth, 8.6% access sites growth. I'm asking you looking at a crystal ball here.

它不是結構性的。但我只是好奇，當你看第一季的表現，然後將其與你認為的市場成長進行比較時，造訪網站成長率為 8.6%。我請你看著這裡的水晶球。

But what I'm wondering is, over the next quarter -- is it likely that the, let's say, mid-single digits sticks or possibly even takes a minor step back before you guys get the momentum that you hope to get towards the high single digits.

但我想知道的是，在下個季度——在你們獲得希望達到高個位數的勢頭之前，中等個位數的增長是否有可能保持下去，或者甚至可能略有回落。

I'm just curious on the cadence of how you see changes you've made and how they flow through, say, over the next four, six, eight quarters?

我只是好奇您如何看待所做的改變以及它們將如何在接下來的四、六、八個季度中持續下去？

Yes. I think it's going to be a gradual build, and I don't want to sugarcoat that, right? It's -- we can't accept below market growth, right? That's just not okay, particularly in a category that's roughly 50% penetrate it from a utilization perspective. And that's just here in the US, it looks even more opportunistic in Europe and in Japan.

是的。我認為這將是一個逐步建設的過程，我不想粉飾它，對嗎？我們不能接受低於市場的成長，對嗎？這顯然是不可接受的，特別是對於從利用率角度來看滲透率約為 50% 的類別。這只是在美國，在歐洲和日本看起來機會更多。

So but I want to make sure that the leadership that's in place with all the aligned incentives makes the right investments. We're not, there's no shortcuts here. We're not doing this we'll deliver FY26. We'll deliver the four-year LRP. This is about the next LRP.

所以，我想確保領導階層在所有一致的激勵措施下做出正確的投資。我們不是，這裡沒有捷徑。我們不會這樣做，我們會在 2026 財年實現這一目標。我們將實施為期四年的 LRP。這是關於下一個 LRP。

This is about the long-term growth. We believe we're building something that has real scale potential in Interventional Technologies and Blood Management Technologies alike and we're going to make the investments and give the team the necessary time. sooner is better, of course.

這是關於長期成長的事情。我們相信，我們正在建立一種在介入技術和血液管理技術領域具有真正規模潛力的東西，我們將進行投資並給予團隊必要的時間。當然，越快越好。

But we need to gain back what we've lost we need to build upon that and widen and deepen the moat that we believe is capable for vacate. So more to come.

但我們需要奪回我們失去的東西，我們需要在此基礎上再接再厲，拓寬和加深我們認為能夠彌補的護城河。未來還會有更多。

Success begets success, sometimes you win by not losing. That team's got a playbook. And cautiously optimistic, but it will be a build. It won't happen overnight, and I think you'll see that in our quarterly results in FY26. SP-5 Okay.

成功會帶來成功，有時不失敗就能獲得勝利。那支球隊有一套戰術。儘管謹慎樂觀，但這將是一個建設。這不會在一夜之間發生，我想您會在我們 26 財年的季度業績中看到這一點。SP-5 好的。

Chris, can I just sneak one more quick one and I just thought of just in terms of the sales and marketing leadership you've brought in, how many -- are we talking just a couple, two, three folks? Or is it a number?

克里斯，我可以再偷偷問一下嗎？我剛才想到，就您引進的銷售和行銷領導而言，有多少人——我們說的只是幾個、兩個、三個人嗎？或者它是一個數字？

And do you care to call out any of the degree company some of these folks may have come from?

您是否願意透露一下這些人可能來自哪個學位公司？

No. I'm not going to go into details of it. But I will tell you this, right? Now, I'm going back to my prior life as a consultant through more than a few turnarounds and launches, et cetera. We're talking change management at a very fundamental level.

不。我不會詳細談論它。但我會告訴你這個，對嗎？現在，我又回到了以前作為顧問的生活，經歷了多次轉變和推出等等。我們正在從非常基礎的層面討論變革管理。

Yes. We've changed at the top but we're also changing throughout the ranks. Individual reps and clinicals that have the right experience in pedigree, first-level sales supervisors, every sales force I've ever been around succeeds or fails on the caliber and the commitment of that first-level supervisor. We're making the investments there and then, up through the rest of the chain. We're building out the key account capabilities I referenced.

是的。我們的高層發生了變化，但整個隊伍也在改變。擁有豐富經驗的個人銷售代表和臨床醫生、一級銷售主管，我接觸過的每個銷售團隊的成功或失敗都取決於一級主管的能力和承諾。我們正在那裡進行投資，並一直延伸到整個鏈條。我們正在建立我提到的關鍵客戶功能。

Obviously, there's marketing work behind the scenes. Up and downstream. So there's a lot, as we prepare this business to go to a fundamentally different level, right? Like, we're investing heavily because we think the demand in IVT and BMT across the Med-Surg opportunities is much more addressable, much more controllable by us.

顯然，幕後還有行銷工作。上下游。因此，當我們準備讓這項業務進入一個根本不同的水平時，還有很多事情要做，對嗎？例如，我們投入大量資金是因為我們認為醫學外科領域對 IVT 和 BMT 的需求更容易被我們解決和控制。

We love Plasma. But Plasma has inherent cyclicality and some systemic risk associated with it. We've called that out. What we like about what we're building in Hospital is we have more of an ability to control and particularly, as we scale and we scale these investments, you're going to start to see the operating leverage come through.

我們喜歡 Plasma。但血漿具有固有的周期性和一些相關的系統性風險。我們已經指出了這一點。我們喜歡我們在醫院中建造的東西，因為我們擁有更強的控制能力，特別是隨著我們擴大規模和投資規模，您將開始看到營運槓桿的發揮。

That's what takes this to another level. That's the investments we're making.

這就是將其提升到另一個層次的原因。這就是我們正在進行的投資。

This ends the question-and-answer session. Thank you for your participation in today's conference.

問答環節到此結束。感謝大家參加今天的會議。

This does conclude the program. You may now disconnect.

該計劃確實就此結束。您現在可以斷開連線。