Haemonetics Corp (HAE) 2026 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the second quarter 2026 Haemonetics Corporation earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加海蒙尼克斯公司2026年第二季財報電話會議。目前，所有參與者均處於唯讀模式。演講結束後，將進行問答環節。（操作說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Olga Guyette, Vice President, Investor Relations & Treasurer.

請注意，今天的會議正在錄影。現在，我謹將會議交給今天的第一位發言人，投資者關係副總裁兼財務主管奧爾加·蓋耶特。

Please go ahead.

請繼續。

Good morning and thank you all for joining us for Haemonetics second quarter fiscal year 2026 conference call and webcast. I'm joined today by Chris Simon, our CEO, and James D’Arecca, our CFO.

早安，感謝各位參加 Haemonetics 2026 財年第二季電話會議及網路直播。今天和我一起的有我們的執行長克里斯·西蒙，以及我們的財務長詹姆斯·達雷卡。

This morning, we released our second quarter and year-to-date fiscal 2026 results and updated full year fiscal '26 guidance. The materials, including our earnings release, Form 10-Q, and supplemental earnings presentatio, are available on our investor relations website and through this morning's press release.

今天上午，我們發布了 2026 財年第二季和年初至今的業績，並更新了 2026 財年全年業績預期。相關資料，包括我們的盈利報告、10-Q 表格和補充盈利演示文稿，均可在我們的投資者關係網站上以及透過今天早上的新聞稿獲取。

Before we begin, I'd like to remind everyone that we will use both organic and reported revenue growth rates. In case of organic growth rates, those exclude the impact of effects, the divestiture of the whole blood product line, and the exit of certain liquid solution products.

在開始之前，我想提醒大家，我們將同時使用有機收入成長率和報告收入成長率。就有機成長率而言，這些不包括效應的影響、剝離全血產品線以及退出某些液體溶液產品。

Organic Growth ex-CSL also excludes the impact of the previously disclosed transition of CSL's US disposable business. 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.

不包括 CSL 的有機成長也不包括先前揭露的 CSL 美國一次性業務轉型的影響。我們也會參考其他非GAAP財務指標，以幫助投資人了解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。

A full list of excluded items, reconciliations to our GAAP results, and comparisons with the prior year periods are provided in our earnings release. Our remarks today include forward-looking statements, and our actual results may differ materially from anticipated results.

我們的獲利報告中提供了所有排除項目的完整清單、與 GAAP 結果的調整表以及與去年同期的比較。我們今天的發言包含前瞻性陳述，我們的實際結果可能與預期結果有重大差異。

Factors that may cause our results to differ include those referenced in the safe harbor statement in today's earnings release and in our SEC filings. We do not undertake any obligation to update this forward-looking statement.

可能導致我們業績與預期不同的因素包括今天發布的盈利報告中的安全港聲明以及我們向美國證券交易委員會提交的文件中提到的因素。我們不承擔更新此前瞻性聲明的任何義務。

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

現在我想把麥克風交給克里斯。

Thanks, Olga. Good morning, everyone, and thank you all for joining us. Second quarter revenue was $327 million and $649 million year-to-date, each reflecting a 5% reported revenue decline driven by $48 million and $101 million in last year's portfolio transitions respectively. Excluding these transitions, organic growth ex-CSL was 9% in the quarter and 11% year-to-date. Adjusted EPS increased 13% in the quarter and 11% year-to-date to $1.27 and $2.36, respectively.

謝謝你，奧爾加。各位早安，感謝大家的參與。第二季營收為 3.27 億美元，年初至今為 6.49 億美元，均反映報告營收下降 5%，分別是由於去年投資組合轉換造成的 4,800 萬美元和 1.01 億美元損失。剔除這些轉型因素，本季有機成長率（不包括 CSL）為 9%，年初至今為 11%。經調整後的每股盈餘在本季成長了 13%，年初至今成長了 11%，分別達到 1.27 美元和 2.36 美元。

Our results reflect disciplined execution, delivering strong core product growth, record margin expansion, and solid earnings that convert to cash while advancing our portfolio and company transformation to sustain this momentum well beyond our long-range plan.

我們的業績反映了嚴謹的執行力，實現了強勁的核心產品成長、創紀錄的利潤率擴張以及可轉化為現金的穩健收益，同時推進了我們的產品組合和公司轉型，以保持這一勢頭，遠遠超出我們的長期計劃。

The focus on NexSys, TEG, and VASCADE continues to advance our leadership and fuel growth. We are gaining plasma share through best in class collection solutions. We are reinforcing TEG leadership in viscoelastic testing, and we are executing targeted vascular closure initiatives to strengthen performance and return interventional technologies to growth.

我們對 NexSys、TEG 和 VASCADE 的持續關注，鞏固了我們的領先地位，並推動了成長。我們憑藉著一流的採集方案，不斷擴大血漿市場份額。我們正在鞏固 TEG 在黏彈性測試領域的領先地位，並執行有針對性的血管閉合計劃，以增強性能並使介入技術重回成長軌道。

Turning now to our individual business performance. Hospital revenue was $146 million in the second quarter and $285 million year-to-date, up 5% on a reported basis and 4% organic in both periods.

現在來看我們各自的業務表現。第二季醫院營收為 1.46 億美元，年初至今為 2.85 億美元，以報告數據計算成長 5%，兩個時期的有機成長均為 4%。

Strong blood management technologies performance offset softness in interventional technologies, underscoring the resilience and diversified -- of our diversified portfolio and multiple drivers of performance.

血液管理技術的強勁表現抵消了介入技術的疲軟，凸顯了我們多元化投資組合和多種業績驅動因素的韌性和多元化優勢。

Blood management technologies delivered strong growth, up 12% in the quarter and 13% year-to-date, driven by sustained strength in hemostasis management. Growth was fueled by higher TEG disposable utilization and the ongoing rapid adoption of the global heparinase neutralization cartridge.

血液管理技術實現了強勁成長，本季成長 12%，年初至今成長 13%，這主要得益於止血管理領域的持續強勁成長。成長的動力來自 TEG 拋棄式耗材的更高利用率以及全球肝素酶中和試劑盒的持續快速普及。

In October we reinforced our global leadership in viscoelastic testing by launching the HN cartridge in EMEA and Japan. The broader portfolio also contributed to growth with transfusion management achieving double-digit growth supported by heightened demand for transfusion safety and efficiency.

10 月，我們透過在歐洲、中東和非洲地區以及日本推出 HN 測試盒，鞏固了我們在黏彈性測試領域的全球領先地位。更廣泛的產品組合也促進了成長，其中輸血管理業務實現了兩位數的成長，這得益於對輸血安全性和效率日益增長的需求。

Interventional technologies declined 5% in the quarter and 6% year-to-date, reflecting softness in the esophageal cooling against accelerating PFA adoption. While modest in size, at approximately $3 million in revenue in the second quarter, esophageal cooling remains a disproportionate driver of near-term underperformance.

本季介入技術下降了 5%，今年迄今下降了 6%，反映出食道冷卻技術的發展疲軟，而 PFA 的採用卻在加速。雖然規模不大，第二季度收入約為 300 萬美元，但食道冷卻仍然是近期業績不佳的一個不成比例的驅動因素。

Vascular closure grew 2% in the quarter and 3% year-to-date, led by MVP and MVP XL and electrophysiology, growing 4% and 5%, respectively. These gains were partially offset by continued softness and legacy VASCADE concentrated in lower growth coronary and peripheral procedures.

血管閉合手術在本季度增長了 2%，今年迄今增長了 3%，其中 MVP 和 MVP XL 以及電生理手術分別增長了 4% 和 5%。這些收益部分被持續疲軟的市場環境以及VASCADE專注於成長較低的冠狀動脈和周邊血管手術的傳統模式所抵消。

We remain confident in the strong clinical and economic differentiation of our vascular closure portfolio, and we are taking decisive actions to strengthen execution to accelerate growth. We are also making solid progress with SavvyWire in the US, delivering consistent double-digit growth as we build its foundation and broaden our relevance in structural heart.

我們對血管閉合產品組合在臨床和經濟方面的強大差異化優勢仍然充滿信心，我們正在採取果斷措施加強執行力，以加速成長。我們在美國也取得了穩步進展，SavvyWire 實現了持續兩位數的成長，我們為其奠定了基礎，並擴大了我們在結構性心臟病領域的影響力。

We are updating our hospital revenue growth guidance to 4% to 7%, both reported and organic, reflecting sustained double-digit growth in blood management technologies and little to no contribution from interventional technologies.

我們將醫院收入成長預期更新為 4% 至 7%（包括報告收入和有機收入），這反映了血液管理技術持續兩位數成長，而介入技術幾乎沒有貢獻。

This outlook reflects our focus on taking the steps necessary to drive long-term value creation with interventional technologies expected to play a larger role in accelerated growth and margin expansion beyond FY26.

這項展望反映了我們專注於採取必要措施來推動長期價值創造，預計介入技術將在 2026 財年以後的加速成長和利潤率擴張中發揮更大的作用。

Moving to plasma, revenue was $125 million in the quarter and $255 million year-to-date, down 10% and 7% on a reported basis respectively, reflecting the CSL transition. Excluding CSL, organic revenue grew 19% in the quarter and 23% year-to-date. Second quarter results were driven by share gains, robust growth in US collections and ongoing benefits from innovation.

轉而關注血漿業務，該季度收入為 1.25 億美元，年初至今收入為 2.55 億美元，按報告數據分別下降 10% 和 7%，反映了 CSL 的轉型。剔除 CSL 的影響，本季有機收入成長 19%，年初至今成長 23%。第二季業績主要得益於市場佔有率的成長、美國業務收款的強勁成長以及持續的創新效益。

Our plasma business is stronger than ever, delivering revenue growth and margin expansion enabled by best-in-class solutions that help improve customer performance to drive our share gains. Based on customer forecast and strong sentiment from PPTA, we have renewed confidence in the sustained, robust growth of the plasma therapeutics market, particularly immunoglobulins.

我們的血漿業務比以往任何時候都更加強勁，透過一流的解決方案幫助客戶提升業績，從而實現收入成長和利潤擴張，進而推動市場佔有率提升。根據客戶預測和 PPTA 的強烈情緒，我們對血漿治療市場（尤其是免疫球蛋白市場）的持續強勁成長重拾信心。

Our second quarter results reinforce that view with US collections growing in the high single-digits and European collections continuing to grow double-digits.

我們第二季的業績印證了這個觀點，美國地區的營收實現了接近兩位數的成長，而歐洲地區的營收則持續保持兩位數的成長。

Given stronger than anticipated first half performance, we are raising our full year reported plasma revenue guidance to a decline of 4% to 7%, or 14% to 17% organic growth ex-CSL. Second quarter collections growth was very encouraging. However, our guidance remains grounded in the factors we can control, primarily share gains.

鑑於上半年業績強於預期，我們將全年報告血漿收入預期上調至下降 4% 至 7%，或剔除 CSL 後實現 14% 至 17% 的有機成長。第二季收款成長非常令人鼓舞。然而，我們的指導意見仍然基於我們能夠控制的因素，主要是股價上漲。

Blood Center reported revenue decline of 18% in the quarter and 21% year-to-date, reflecting the impact of the whole blood divestiture. Organic revenue grew 4% in the quarter and 5% year-to-date, driven by resilience in our core apheresis business.

血液中心報告稱，該季度收入下降了 18%，年初至今下降了 21%，反映了全血業務剝離的影響。本季有機收入成長 4%，年初至今成長 5%，這主要得益於我們核心血液分離業務的韌性。

We are raising our full year blood center guidance to reflect this performance, now expecting reported revenue to decline 17% to 19% as we fully anniversary the whole blood divestiture and our granted growth to be approximately flat.

為了反映這一業績，我們提高了全年血液中心業績預期，目前預計報告收入將下降 17% 至 19%，因為我們已完成全血剝離，而我們獲批的增長將大致持平。

Overall, revenue remains strong, underpinned by growth and expanding profitability across our businesses. Despite $153 million in last year's portfolio transitions, two of our three growth franchises continue to deliver outsized organic growth while we strengthen our commercial execution for renewed, sustained success in [IBT].

整體而言，在各業務成長和獲利能力不斷提高的支撐下，收入依然強勁。儘管去年投資組合調整金額高達1.53億美元，但我們三大成長型業務中的兩個仍持續實現超額內生增長，同時我們也在加強商業執行，以期在以下領域取得新的、持續的成功：[IBT]

Reflecting better than expected first half performance across more than 80% of our portfolio, we are raising full year revenue guidance from a reported decline of 3% to 6% to a decline of 1% to 4%, and organic growth ex-CSL from an increase of 6% to 9% to an increase of 7% to 10%. Over to you, James.

由於我們投資組合中超過 80% 的產品在上半年表現好於預期，我們將全年收入預期從此前預計的下降 3% 至 6% 上調至下降 1% 至 4%，並將剔除 CSL 後的有機增長率從預計的 6% 至 9% 上調至預計的 7% 至 10%。接下來就交給你了，詹姆斯。

Thank you, Chris, and good morning, everyone. We delivered another strong quarter of profitable growth. Our results highlight the benefits of our strategic portfolio transformation, ongoing productivity initiatives, and disciplined approach to cost management, contributing to continued improvement in margins and earnings growth.

謝謝你，克里斯，大家早安。我們又實現了強勁的獲利成長。我們的績效突顯了我們策略性投資組合轉型、持續的生產力提升措施以及嚴格的成本管理方法所帶來的益處，這些都有助於利潤率和獲利成長的持續提高。

Adjusted gross margin reached 60.5% in the second quarter and 60.6% year-to-date, up 380 and 460 basis points, respectively. The expansion was driven by the continued adoption of our Persona technology, price initiatives across the portfolio, and favorable product mix, all of which are expected to continue to support margins in the second half.

第二季調整後毛利率達 60.5%，年初至今達 60.6%，分別成長 380 和 460 個基點。此次擴張得益於 Persona 技術的持續應用、全線產品的價格策略以及有利的產品組合，所有這些因素預計都將繼續在下半年支撐利潤率。

Software license fees in the 1st quarter contributed roughly 100 basis points of gross margin benefit year-to-date. Adjusted operating expenses in the second quarter were $111 million, a decrease of $1.5 million or 1%. The decline reflects lower freight costs coupled with disciplined expense management and continued focus on efficiency across G&A while prioritizing targeted investments to support innovation and long-term growth.

今年第一季的軟體授權費貢獻了約 100 個基點的毛利率收益。第二季調整後的營運費用為 1.11 億美元，減少了 150 萬美元，降幅為 1%。這一下降反映了貨運成本的降低，以及嚴格的費用管理，並持續關註一般及行政管理方面的效率提升，同時優先進行有針對性的投資以支持創新和長期增長。

Adjusted operating expenses year-to-date were $229 million, slightly up from $227 million last year, predominantly due to the timing of certain R&D investments. The strength of our core portfolio and our ability to drive margin expansion is evident in our results. Year-to-date, we've absorbed $101 million of revenue impact from last year's portfolio transitions, all while growing our adjusted operating income.

經調整後的年初至今營運支出為 2.29 億美元，略高於去年的 2.27 億美元，主要原因是某些研發投資的時間安排。我們的業績證明了我們核心產品組合的實力以及我們推動利潤率擴張的能力。今年迄今為止，我們已經消化了去年投資組合調整帶來的 1.01 億美元的收入影響，同時實現了調整後營業收入的成長。

This performance reflects the strength and higher profitability of our base business and disciplined cost management, holding G&A flat and delivering additional productivity savings that help offset continued strategic investments in growth initiatives that strengthen our long-term trajectory.

這一業績反映了我們基礎業務的實力和更高的盈利能力，以及嚴格的成本管理，使一般及行政費用保持穩定，並實現了額外的生產力節約，這有助於抵消對增長計劃的持續戰略投資，從而加強我們的長期發展軌跡。

Adjusted operating income increased 5% in the second quarter to $87 million with adjusted operating margin expanding 250 basis points year over year to a new record of 26.7%.

第二季調整後營業收入成長 5% 至 8,700 萬美元，調整後營業利潤率年增 250 個基點，創下 26.7% 的新紀錄。

Turning to the segment level performance in the second quarter, in hospital, adjusted operating margins expanded by 370 basis points, predominantly on continued strong momentum in blood management technologies and higher operating leverage.

從第二季各業務部門的業績來看，醫院業務的調整後營業利潤率成長了 370 個基點，主要得益於血液管理技術的持續強勁成長動能和更高的營運槓桿。

In plasma, adjusted operating margin expanded by 190 basis points, driven by prior technology upgrades, share gains, and the full transition of our legacy US PCS 2 business, partially offset by additional investments into innovation.

在血漿業務方面，經調整後的營業利潤率增長了 190 個基點，這主要得益於之前的技術升級、市場份額的增長以及我們傳統美國 PCS 2 業務的全面轉型，但部分被對創新的額外投資所抵消。

Blood center adjusted operating margin expanded 320 basis points, driven by the whole blood divestiture, a stronger core apheresis mix, and continued productivity gains from the ongoing portfolio rationalization. Adjusted operating income for the total company year-to-date was up 7% to $165 million with adjusted operating margin of 25.4%, an improvement of 270 basis points versus the prior year.

血液中心調整後的營業利潤率成長了 320 個基點，這主要得益於全血業務剝離、更強勁的核心血漿分離術組合以及持續的投資組合合理化帶來的生產力提升。該公司今年迄今的調整後營業收入成長7%至1.65億美元，調整後營業利潤率為25.4%，比上年提高了270個基點。

We expect continued margin expansion in the second half and reaffirm our total company full year adjusted operating margin guidance of 26% to 27%. The adjusted tax rate was 24.7% for the quarter compared with 25.1% in the prior year. Year-to-date, the adjusted tax rate was 24.8% and we expect it to remain consistent for the remainder of the fiscal year.

我們預計下半年利潤率將持續擴大，並重申公司全年調整後營業利潤率預期為 26% 至 27%。本季調整後的稅率為 24.7%，而上年同期為 25.1%。今年迄今為止，調整後的稅率為 24.8%，我們預計在本財年剩餘時間內將保持不變。

Adjusted net income rose 5% to $60 million in the second quarter and 4% year-to-date to $114 million. Adjusted EPS increased 13% to $1.27 in the quarter and 11% year-to-date to $2.36. The combined impact of share repurchases, tax, interest, and FX provided a $0.06 benefit to quarterly adjusted EPS and a $0.05 benefit year-to-date.

第二季調整後淨收入成長 5% 至 6,000 萬美元，今年迄今成長 4% 至 1.14 億美元。本季調整後每股收益成長 13% 至 1.27 美元，年初至今成長 11% 至 2.36 美元。股票回購、稅收、利息和匯率的綜合影響使季度調整後每股收益增加 0.06 美元，年初至今增加 0.05 美元。

We are raising our full year adjusted EPS guidance to $4.80 to $5 a share. At the midpoint of our revised fiscal year guidance, we assume approximately $35 million in interest and other expenses generally comprised of net interest expense and foreign exchange hedge contracts and approximately $47.6 million in diluted shares outstanding at year end.

我們將全年調整後每股盈餘預期上調至 4.80 美元至 5 美元。在我們修訂後的財政年度指導中期，我們假設利息和其他費用約為 3500 萬美元，主要包括淨利息支出和外匯對沖合約，並且年末稀釋後流通股約為 4760 萬美元。

Turning to cash flow and the balance sheet, we continue to enhance working capital management to optimize value creation, generating $111 million in operating cash flow in the second quarter, up 128% year over year.

從現金流量和資產負債表來看，我們持續加強營運資本管理，以優化價值創造，第二季產生了 1.11 億美元的營運現金流，較去年同期成長 128%。

Year-to-date, operating cash flow was $129 million, a sixfold increase when compared with the same period last year, primarily due to improved inventory management, including the buildout of NexSys devices which impacted our cash flow in the prior year. Free cash flow was $89 million in the quarter and $91 million year-to-date with the free cash flow to adjusted net income conversion ratio of 147% and 80% in the quarter and year-to-date, respectively.

今年迄今為止，營運現金流為 1.29 億美元，比去年同期增長了六倍，這主要是由於庫存管理的改善，包括 NexSys 設備的建設，這在上一年影響了我們的現金流。本季自由現金流為 8,900 萬美元，年初至今為 9,100 萬美元，本季自由現金流與調整後淨收入的轉換率為 147%，年初至今為 80%。

Our ability to generate cash remains strong, supported by disciplined execution and renewed focus on cash efficiency. We are raising our full year free cash flow guidance to $170 million to $210 million and reaffirming our expectation for the free cash flow to adjusted net income ratio to be in excess of 70% for the full fiscal year, underscoring our commitment to performance, cash discipline, and capital stewardship.

在嚴格的執行和對現金效率的重新關注的支持下，我們創造現金的能力仍然強勁。我們將全年自由現金流預期上調至 1.7 億美元至 2.1 億美元，並重申我們對全年自由現金流與調整後淨收入比率超過 70% 的預期，這凸顯了我們對業績、現金紀律和資本管理的承諾。

Turning to the balance sheet, we ended the quarter with $296 million in cash, down $10 million from the beginning of this fiscal year, primarily reflecting $75 million in share repurchases and additional strategic investments partially offset by higher net income translating into an even stronger cash flow.

從資產負債表來看，本季末我們持有現金 2.96 億美元，比本財年初減少了 1,000 萬美元，主要反映了 7,500 萬美元的股票回購和額外的策略投資，但部分被更高的淨收入所抵消，從而帶來了更強勁的現金流。

Our capital structure remains unchanged with total debt of $1.2 billion, no borrowings under our revolving credit facility, and a net leverage ratio of 2.5 as defined by our credit agreement. This positions us well to meet near-term debt obligations, fund operations, and pursue value creating opportunities, including additional share repurchases when appropriate.

我們的資本結構保持不變，總債務為 12 億美元，循環信貸額度下沒有借款，淨槓桿率為 2.5（根據我們的信貸協議定義）。這使我們能夠更好地履行近期債務義務、為營運提供資金，並尋求創造價值的機會，包括在適當的時候進行額外的股票回購。

Before we begin Q&A, I'd like to close with a few thoughts. We continue to execute our plan with strength and discipline, delivering profitable growth, expanding margins across all segments, and translating our adjusted earnings to cash.

在開始問答環節之前，我想先分享幾點想法。我們繼續以強勁的實力和嚴謹的紀律執行我們的計劃，實現盈利增長，擴大所有業務領域的利潤率，並將調整後的收益轉化為現金。

Despite $153 million in last year's portfolio transitions impacting this fiscal year, most of which are now behind us, we remain on track to achieve our updated guidance for the year and meet all our long-range planned targets.

儘管去年 1.53 億美元的投資組合調整對本財年造成了影響（其中大部分現在已經過去），但我們仍有望實現我們更新後的年度業績指引，並達成我們所有的長期計劃目標。

Our growth and profitability are anchored in the success of our three core products, NexSys, TEG, and vascular closure, supported by company-wide initiatives that continue to drive productivity and operational excellence. Margin expansion remains a hallmark of Haemonetics. And with plasma and blood management outperforming and progress underway in interventional technologies, we are building a strong foundation for continued margin expansion beyond fiscal '26.

我們的成長和獲利能力源自於我們三大核心產品——NexSys、TEG 和血管閉合器的成功，以及公司範圍內各項舉措的持續推進，這些舉措不斷提高生產力和卓越運營。利潤擴張仍然是海蒙尼學派的象徵。血漿和血液管理業務表現出色，介入技術也不斷進步，我們正在為 2026 財年以後的利潤率持續成長奠定堅實的基礎。

Across the company, our results reflected discipline execution, and a high performance culture. And when combined with strong cash generation and a solid balance sheet, this positions us to further enhance long-term value creation.

公司整體業績體現了嚴謹的執行力和高績效文化。再加上強勁的現金流量和穩健的資產負債表，這使我們能夠進一步提升長期價值創造。

For fiscal 26, our priorities remain focused on meeting debt obligations, returning excess cash to shareholders via buybacks when appropriate, and advancing targeted investments in our growth products.

2026 財年，我們的工作重點仍然是履行債務義務，在適當的時候透過股票回購將多餘的現金返還給股東，並推進對我們成長產品的定向投資。

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

謝謝。接線員，請開通提問線。

Thank you. (Operator Instructions) Rohan Patel, JPMorgan.

謝謝。（操作說明）羅漢·帕特爾，摩根大通。

Hey, thanks so much for taking the question. I just wanted to start off with some of the revenue drivers. You had a nice quarter in plasma and are raising the guidance, and you mentioned high single-digit collections growth in the US. So just want to ask, what are -- what you're assuming in the second half for collections versus share gains versus pricing. And are you seeing any meaningful kind of recovery in collections intra quarter and how should we reconcile that with the strong ex-CSL growth maybe with your longer-term sustainable outlook in plasma?

嘿，非常感謝你回答這個問題。我想先談談一些收入驅動因素。你們的血漿業務季度表現不錯，提高了業績預期，並提到美國地區的血漿採集量實現了接近兩位數的增長。所以我想問一下，您對下半年的收款、市佔率成長和定價有何假設？您認為本季收款情況是否有任何實質的復甦？我們應該如何將其與強勁的（不包括 CSL）成長以及您對血漿業務的長期永續發展前景相協調？

Hi Rohan, it's Chris. Thank you for the question. Yeah, we had a really stellar quarter with plasma, stellar first half, and I think you see that in the organic results. The second quarter was propelled by three things in order of priority share gains as we continue to pick up additional centers on our devices, the benefits of innovation, pricing -- premium pricing first, what is a superior product, and now collections volume growth. We had always predicted volume growth in the back half of the year. It started early in the second quarter, and that's a powerful trifecta.

嗨，羅漢，我是克里斯。謝謝你的提問。是的，我們上個季度等離子體業務表現非常出色，上半年也表現非常出色，我認為從有機產品的業績中就能看出這一點。第二季業績成長主要得益於三件事，按優先順序排列：市場份額的提升（因為我們的設備不斷獲得更多中心用戶）、創新帶來的益處、定價（首先是高端定價，什麼是卓越的產品）以及收款量的增長。我們一直預測下半年銷售會成長。它在第二季度初就開始了，這是一個強有力的三連勝。

To be specific about the volume growth, we experienced high single-digit in the US, double-digit growth in Europe, and we see that as a return from the normal cyclicality that has defined this industry for a very long period of time. So we remain really bullish on the end market demand for IG-derived therapies, and you see that in our customers' earnings discussions as well. So plasma goes from strength to strength. We're very optimistic about its continued success.

具體來說，就銷售成長而言，我們在美國實現了接近兩位數的成長，在歐洲實現了兩位數的成長，我們認為這是對長期以來定義該產業的正常週期性的回歸。因此，我們仍然非常看好 IG 衍生療法的終端市場需求，這一點在我們的客戶的獲利討論中也得到了體現。因此，等離子體技術越來越強。我們對其持續成功充滿信心。

Great. And then also just turning to hospital. Maybe if you can provide an update on some of the commercial work to get IVT back on track. I appreciated the additional color and disclosure you provided in that business. And also it seems from your disclosures that the hospital business actually drove a lot of the incremental margin benefits in the quarter, so maybe if you could just talk about some of the levers you're pulling to drive operating margin and how you're balancing that with any of this additional commercial spend to get those products back on track. Thanks.

偉大的。然後就直接去了醫院。或許您可以提供一些商業項目的最新進展，以便讓 IVT 重回正軌。我非常感謝您提供的關於該業務的更多細節和資訊披露。此外，從你們揭露的資訊來看，醫院業務似乎在本季度推動了大部分的利潤增長，所以能否請你們談談你們正在採取哪些措施來提高營業利潤率，以及你們是如何平衡這些措施與額外的商業支出，以使這些產品重回正軌的？謝謝。

Again, thank you. Yeah, hospital was the single largest contributor to what continues to be really robust margin expansion. We're trying to provide more detail to be as transparent as possible as we calculate the segment P&Ls, the hospital operating income expanded 370 basis points in the quarter, and to your point, that's mix, that's volume and increasingly now, that's operating leverage, which we're really keen to see.

再次感謝。是的，醫院業務是利潤率持續強勁成長的最大單一貢獻者。我們正在努力提供更多細節，盡可能透明地計算各業務部門的損益。本季醫院的營業收入成長了 370 個基點，正如您所說，這體現了業務組合、業務量，而且現在越來越體現了營運槓桿，這是我們非常希望看到的。

Obviously, there's two parts to the hospital. Blood management technologies continues to excel, which is allowing us to put the appropriate focus and resources on driving IVT. And so IVT is defined by vascular closure. You saw the numbers in the quarter. Happy to go through as much detail as you want on that, but we remain confident in both the clinical and the economic differentiation of our vascular closure portfolio, and we're taking the right actions. We're being decisive to regain growth momentum in the latter part of this year and into FY27. Great thank you.

很明顯，醫院分為兩個部分。血液管理技術不斷進步，使我們能夠將適當的重點和資源投入到推動靜脈溶栓治療中。因此，靜脈溶栓的定義是血管閉合。你已經看到了季度數據。我們很樂意詳細討論這個問題，但我們仍然對我們的血管閉合產品組合的臨床和經濟差異化充滿信心，並且我們正在採取正確的行動。我們正在採取果斷措施，以期在今年下半年和 2027 財年恢復成長動能。非常感謝。

Thank you. Marie Thibault, BTIG.

謝謝。瑪麗·蒂博，BTIG。

Good morning. Thanks for taking the questions and congrats on a nice quarter. Wanted to follow-up there on Rohan's question about the IVT commercial efforts. You've mentioned some of the progress underway. Can you give us a little more detail on what exactly is happening, some of the, green shoots that you're starting to see? Just any more detail on that turnaround.

早安.感謝您回答問題，並祝賀您本季業績出色。我想就 Rohan 關於 IVT 商業化努力的問題做個後續說明。您提到了一些正在進行的工作進展。您能否更詳細地介紹一下目前的情況，以及您開始看到的一些積極的跡象？關於這個轉機，還有什麼細節嗎？

Yeah, thanks, Marie. Good to hear from you. So I'd summarize it this way, I am highly confident in our team. They're taking the right actions in the right way and they're fully resourced. And so the things we are highlighting, that commercial leadership group, from first level sales supervisors on up to the business President, many of them are new. They come with the exact right background experience and relationships to excel, particularly in electrophysiology, but also interventional cardiology.

謝謝你，瑪麗。很高興收到你的來信。所以我可以這樣總結：我對我們的團隊非常有信心。他們採取了正確的行動，並且資源充足。因此，我們重點關注的是商業領導團隊，從第一線銷售主管到企業總裁，其中許多人都是新人。他們具備在電生理學領域，以及介入性心臟病學領域取得卓越成就所需的適當背景經驗和人脈關係。

You know that at the beginning of the year we bifurcated our field force. It's an 80/20 split with 80%, of course, going to vascular closure. That gives us over 200 personnel in the field driving the product. We feel that's quite appropriate for the opportunity set. We've put a number of tools in place to drive Salesforce excellence, and I won't drag you through the details, but we're closing vacancies. We've upgraded our training. We're have a new set of tools to track and monitor. The quotas have been aligned. The excentive comp is is state of the art, so we feel quite good about Salesforce excellence.

你知道，年初的時候我們對現場團隊進行了拆分。比例為 80/20，其中 80% 當然用於血管閉合。這意味著我們有超過 200 名人員在現場推動產品推廣。我們認為這非常符合當前的機會。我們已經部署了許多工具來推動 Salesforce 的卓越發展，我就不贅述細節了，但我們正在關閉空缺職位。我們升級了培訓課程。我們擁有一套新的工具來進行追蹤和監控。配額已調整完畢。高階主管薪酬方案是最先進的，因此我們對 Salesforce 的卓越效能感到非常滿意。

The other part of this is we've meaningfully strengthened our corporate accounts group that will help us with [IDNs] and increasingly with the [ASCs] as those become an important driver for the market where we think our value proposition is even more distinct.

另一方面，我們已切實加強了企業客戶團隊，這將有助於我們與[IDN]合作，並日益與[ASC]合作，因為這些正在成為市場的重要驅動力，我們認為我們的價值主張在市場中更加突出。

We have successfully completed the MVP XL trial and we're able to make a timely submission to FDA prior to the shutdown. So that should bode well as we get here later in this fiscal year and next in terms of stronger clinical evidence and an opportunity to leverage that trial outside the US, particularly in Japan.

我們已經成功完成了 MVP XL 試驗，並且能夠在停工前及時向 FDA 提交申請。因此，隨著本財年晚些時候和下一財年臨床證據的增強，以及在美國以外（尤其是在日本）利用該試驗的機會，這應該會是一個好兆頭。

And then, we've gotten very targeted in our competitive response, and I know there's concern about, is this going to meaningfully diminish your gross margins? It will not. We think we can actually maintain excellent margin and execute well to hold, to regain and to expand share across the board.

然後，我們在應對競爭方面採取了非常有針對性的措施，我知道有人擔心，這是否會顯著降低你們的毛利率？不會。我們認為我們能夠維持優異的利潤率，並有效執行各項策略，從而全面保住、奪回並擴大市場份額。

Thanks. Very helpful, Chris, and thanks for all that detail. Sounds like things are improving for sure. And then I wanted to follow-up here and talk about blood management technologies, again, very, very strong performance.

謝謝。克里斯，這很有幫助，謝謝你提供的所有細節。聽起來情況確實在好轉。然後我想繼續談談血液管理技術，這項技術的表現非常非常出色。

Help us think about the sustainability of that over the next few quarters. How should we think about the cadence of launches that you've recently put out, the length of kind of the rollouts and some of the benefits that you tend to see again sort of growing above historicals. Thanks again.

請幫助我們思考未來幾季這種做法的可持續性。我們應該如何看待您最近推出的產品的節奏、推廣週期以及您再次看到的、超越歷史水平的一些優勢？再次感謝。

Yes, thanks for the question. I think Blood Management technologies continues to be an undersung hero in the portfolio, grew 12% in the quarter and 13% year-to-date. That's -- I don't know how many quarters now in a row of double-digit growth.

是的，謝謝你的提問。我認為血液管理技術仍然是投資組合中被低估的英雄，本季成長了 12%，今年迄今成長了 13%。我不知道這已經是連續多少個季度實現兩位數成長了。

We feel from the launch of the global heparinase neutralization cartridge that that franchise has hit a new inflection point, and we think that double-digit growth is absolutely sustainable for about as far as we can see. It's driven by a combination of capital equipment, disposable utilization and of course, the adoption of that heparinase neutralization cartridge.

我們認為，隨著全球肝素酶中和試劑盒的推出，該系列產品已經達到了一個新的轉折點，我們認為，在可預見的未來，兩位數的成長是完全可持續的。這是由資本設備、一次性用品的使用以及肝素酶中和試劑盒的採用等因素共同推動的。

I called out in the prepared remarks that we were pleased to launch the cartridge both in Europe and Japan here in October, and we think that helps us again go from strength to strength for a business that's -- it's a market that the team helped create, and we have the leadership shares, 70%-plus and we intend to build and expand upon that.

我在事先準備好的演講稿中提到，我們很高興在十月份於歐洲和日本推出這款墨盒，我們認為這有助於我們繼續發展壯大——這是一個團隊幫助創建的市場，我們擁有超過 70% 的領先市場份額，我們打算在此基礎上繼續發展壯大。

Fortunately for us in the quarter, Blood Management Technologies has also benefited from transfusion management growing double-digit, which is -- it's a smaller line of business, but one that is really attractive on many dimensions and continues to contribute positively. So we're excited about the prospects for blood management technologies going forward. Very good thank you so much.

幸運的是，本季血液管理技術也受益於輸血管理業務的兩位數成長，雖然這是一個規模較小的業務線，但它在許多方面都很有吸引力，並且持續做出積極貢獻。因此，我們對血液管理技術的未來前景感到興奮。非常感謝。

Mike Matson, Needham & Company.

Mike Matson，Needham & Company。

Hi everyone, it's Joseph on for Mike. Could you just touch on blood center growth a little bit? Just I guess why was it so strong? I think 4% organic. Can you just talk about some of the growth drivers there the -- what you benefited from in the quarter.

大家好，我是 Joseph，代 Mike 發言。能否稍微談談血​​液中心的發展？我只是想知道它為什麼這麼強？我認為有機成分佔4%。您能否談談推動成長的一些因素——也就是您在本季從中受益的方面？

Yes, happy to talk about it, Joseph. Yeah, Blood Center, again, that's real unsung success story here, I guess, and it's meaningfully benefiting from focus. As you know, at the end of last calendar year, we divested the whole blood franchise and some of the supporting products, liquids, et cetera. That were really a drag on our margin and a distraction from a focus area. So with those behind us, we've really been able to focus on what is increasingly plasma apheresis done in blood centers often with our NexSys device, and you see that growth, 15.15% of the corporate revenue, but it's a solid source of EBITDA and return on invested capital and free cash flow as you see from our numbers in the quarter.

是的，我很樂意談論這件事，約瑟夫。是的，血液中心再次證明了這是一個鮮為人知的成功案例，而且它也確實從各方關注中受益匪淺。如您所知，在去年年底，我們剝離了全血特許經營權以及一些配套產品、液體等。這些確實嚴重拖累了我們的利潤，也分散了我們對重點領域的注意力。因此，有了這些支持，我們才能真正專注於血液中心越來越多地進行的血漿分離術，通常使用我們的 NexSys 設備。您可以看到，這項業務成長了 15.15%，占公司收入的 15.15%，而且正如您從我們本季的數據中看到的那樣，它是 EBITDA、投資資本回報率和自由現金流的可靠來源。

The operating income in that business on a standalone segment basis we estimate expanded its operating margin by 320 basis points. Again, benefiting from the divestiture and an ongoing effort to rationalize that portfolio. We talk about the regional market alignment program, that's the focus there. So that gave us a lot of confidence to raise the guidance and now on an organic basis, we expect that business to hold serve and finish flat for the year.

我們估計，該業務單獨計入的營業收入使其營業利潤率提高了 320 個基點。再次受益於資產剝離和持續的投資組合合理化努力。我們討論的是區域市場協調計劃，那是重點。因此，這給了我們很大的信心來提高業績預期，現在，從有機成長的角度來看，我們預計該業務將保持穩定，並在今年年底前實現持平。

Okay, great. Yeah, it's very clear you guys are benefiting from the rationalization. And then I guess two more unrelated but they're quick. I'll just ask them together. How much did the share repurchase add to the EPS in the quarter or sorry -- the EPS raise for fiscal '26? And then, I guess just on VASCADE and Vivasure? Are you still committed to the large 4 market, and are you still planning on proceeding with that acquisition of Vivasure?

好的，太好了。是的，很明顯你們從這種合理化中獲益了。然後我猜還有兩件不相關的事，不過很快就解決了。我直接問他們兩個吧。股票回購在本季或更確切地說是2026財年為每股盈餘增加了多少？然後，我猜就只有 VASCADE 和 Vivasure 這兩種藥了吧？你們是否仍致力於四大製藥公司市場，以及是否仍計劃繼續收購 Vivasure？

Yeah. It's James here. I thought I'd jump in on the first question on the share buyback in the quarter. It was a few cents, and it's included in the $0.06 below the line item that I gave earlier.

是的。我是詹姆斯。我想就本季股票回購的第一個問題發表一下看法。那隻是幾美分，包含在我之前提到的那項下方的 0.06 美元裡。

Yes, and just jumping over to to Vivasure large foreclosure. We are very committed to consummating that acquisition. That's -- I would describe that as near final successful submission to the FDA. If anyone has an opportunity to attend the most recent TCT, you would have heard about some really impressive results coming out of the patch trial, just in terms of, reduction in vascular complications, medium time to hemostasis, near instantaneous, really exciting.

是的，直接跳到 Vivasure 的大型止贖房交易頁面。我們致力於完成此次收購。我認為這幾乎可以算是向FDA提交的最終成功申請。如果有人有機會參加最近的 TCT，就會聽說貼片試驗取得了一些非常令人印象深刻的結果，例如減少血管併發症、中等止血時間、近乎瞬時止血，這些結果真的令人興奮。

We think that it'll be an FY27 event just given the timing of FDA release, but that's a $300 million high growth market for large bore arterial access in TAVR and [VVAR]. The product's meaningfully differentiated. It's fully absorbable, sutureless, implant-free, really, as we look at it from the submission to the FDA, it was a best in class safety and ease of use.

鑑於FDA的發佈時間，我們認為這將是2027財年的事件，但對於TAVR中的大口徑動脈通路而言，這是一個價值3億美元的高成長市場。[VVAR]。該產品具有顯著差異化優勢。它完全可吸收，無需縫合，無需植入物。從提交給 FDA 的資料來看，它的安全性和易用性都是一流的。

And for us, it's highly synergistic. It is a closure product which is our primary focus in IVT and it's -- goes against structural heart which will have call point synergy with our SavvyWire business. So yes, we're excited, a bit more work to be done, but we'll have more to say about that, I think, later this year.

對我們來說，這具有高度協同效應。它是一種閉合產品，也是我們 IVT 的主要關注點，它與結構性心臟相反，這將與我們的 SavvyWire 業務產生協同效應。是的，我們很興奮，還有一些工作要做，但我想，今年晚些時候我們會就此發表更多看法。

Thank you. David Rescott, Baird.

謝謝。David Rescott，貝爾德。

Oh great, thanks, for taking the questions and congrats on the progress here. Two questions from us and I'll ask them both up front. First, on the plasma side, it seems like a pretty substantial step change in the US collection, volumes that are going on. I know you've talked in the past and have remained committed to the fact that there's ebbs and flows in the market, and had expected it to get better in the second half of the year. It's clearly coming sooner than expected.

太好了，謝謝你回答這些問題，也恭喜你在這裡的進展。我們有兩個問題，我會直接問他們。首先，就等離子電視而言，美國電視收藏量似乎發生了相當大的變化，而且數量還在增加。我知道你過去曾多次談到市場有起有落，並且一直堅持認為市場會在下半年好轉。顯然，它比預期來得更快。

So I'm curious on what you're seeing on the ground level as to why, again, a multi-quarter kind of low single flat, growth number has now stepped up to this high single-digit level in the US. And just interested to hear on your confidence that, maybe this isn't just a one time thing, should we expect the cyclicality on a quarterly basis maybe to even step back down and step back up as this multi-year return to high single budget plays through. That's the first question.

所以我很好奇，您從基層觀察到了什麼，為什麼美國經濟此前幾季的低成長率現在又上升到了接近兩位數的水平。我很想知道您是否有信心，這或許並非一次性事件，我們是否應該預期季度週期性波動會隨著多年回歸高單預算模式的進程而有所回落和回升。這是第一個問題。

And then second on the VASCADE business. I know there were some comments around some of the competitive nature in that market last quarter, you're focusing on getting the salesforce reiniti initiatives realigned here. So just curious to hear if you could parse out maybe the benefits you've seen from the work that you've done versus the overall market acceptance versus some of the things on the competitive side that again give you the confidence that you can continue to progress here through the year. Thank you.

其次是關於 VASCADE 業務。我知道上個季度該市場競爭激烈，你們目前正專注於調整 Salesforce 的重啟計劃。所以，我很好奇，您能否分析一下，您從自己所做的工作中獲得的收益，與整體市場接受度，以及競爭方面的一些因素，這些因素又如何讓您有信心在今年繼續取得進步。謝謝。

Yeah, thank you, David. So first, on US plasma collections again, high single-digit volume growth on top of the pricing benefit from the technology advancements and ongoing share gain. We're very bullish that the cyclicality of this market.

是啊，謝謝你，大衛。首先，再來看看美國血漿採集，除了技術進步帶來的價格優勢和持續的市場份額成長外，還實現了接近兩位數的銷售成長。我們非常看好這個市場的周期性。

When we talk to our customers, when we walk the floor at PPT and see the association's forecast, we think what we observed in the quarter is absolutely sustainable through the second half of the year and beyond and we're benefiting because our customers are taking share in the end market enabled by NexSys and the outperformance there.

當我們與客戶交談，當我們在 PPT 展會現場走訪並查看協會的預測時，我們認為我們在本季度觀察到的情況在下半年及以後是完全可持續的，而且我們也從中受益，因為我們的客戶在 NexSys 的支持下，在終端市場中獲得了份額，並且表現出色。

The guidance that we put forth, right, because we grew 23% through the first half, the guidance we put forth is more modest, and we don't control collection volume. While we have every confidence that they continue and grow from here, our guidance reflects what we can control, which is share gains and the annualization of those prior technology rollouts which are happening this quarter, third quarter.

我們提出的業績指引是這樣的：由於上半年我們成長了 23%，所以我們提出的業績指引更加保守，而且我們無法控制收款量。雖然我們完全有信心它們將繼續發展壯大，但我們的指導意見反映了我們能夠控制的因素，即市場份額的增長以及本季度（第三季度）之前推出的技術的年化收益。

So from our vantage point, we'll guide to what we control. We have continued share gains at hand, and we feel great about that. And so that's what you see in our forecast.

因此，從我們的角度來看，我們將引導我們掌控的事物。我們持續取得市場佔有率成長，對此我們感到非常滿意。所以，這就是你們在我們的預測中看到的內容。

With regards to VASCADE and the competition, it is a competitive market. We clearly woke up both of the direct competitors we faced there. But when we look at the trial data coming off of EXCEL, when we look at the actual head to head in accounts, we are very confident that we can regain share. We have greenshoot examples of that as we speak, and we think that we go from strength to strength there.

就 VASCADE 及其競爭對手而言，這是一個競爭激烈的市場。我們顯然喚醒了我們在那裡遇到的兩個直接競爭對手。但是，當我們查看 Excel 中的試驗數據，當我們查看實際的帳戶比較數據時，我們非常有信心能夠重新奪回市場份額。我們現在已經有了這方面的初步成果，我們認為我們在這方面會越來越強。

You'll know and you'll see our progress in the upcoming results. It'll be first and foremost with VASCADE in electrophysiology. SavvyWire is an important contributor, much smaller, but SavvyWire will be -- is the second priority for that team, and we expect continued double-digit growth, ex-OEM. And then, when I spoke a minute ago about PerQseal Elite coming in from Vivasure, that'll be a third priority when we get into FY27.

您將在即將公佈的結果中了解並看到我們的進展。首先，它將與電生理學領域的 VASCADE 系統結合。SavvyWire 是一個重要的貢獻者，規模小得多，但 SavvyWire 將會是——是該團隊的第二優先事項，我們預計除 OEM 外，將繼續保持兩位數的成長。然後，我剛才提到Vivasure即將引進PerQseal Elite，這將是我們進入2027財年時的第三個優先事項。

So the guidance there is more modest. We felt like the right path was just to be prudent. And so we've narrowed and lowered that range. We don't expect a meaningful contribution this year, but the green shoots we are observing tell us that again, right team, right actions being done in the right way to reestablish growth in that category going forward.

因此，那裡的指導方針更為溫和。我們覺得謹慎行事才是正確的做法。因此，我們縮小並降低了範圍。我們預計今年不會有實質的貢獻，但我們觀察到的積極跡象表明，只要有合適的團隊，採取正確的行動，以正確的方式，就能再次在該領域恢復成長。

Travis Steed, BFA Securities. Your line is now open.

Travis Steed，BFA Securities。您的線路已開通。

Thanks. This is [Ebja] on for Travis. Wanted to ask on VASCADE, understand the competitive discounting environment and lapping the Japan launch. Do you think the Salesforce changes really get you back to market -- above market growth? And when should we expect the Japan label expansion? How significant would that be? Thank you.

謝謝。這是[Ebja]為Travis效力。想就 VASCADE 提問，了解一下競爭激烈的折扣環境以及日本市場搶佔先機的情況。你認為 Salesforce 的變革真的能讓你重返市場領先地位，甚至實現高於市場平均的成長嗎？我們何時才能看到日本品牌擴張計畫？那將有多重要？謝謝。

Yeah, we absolutely have confidence that the changes we've made will return us to above market growth rates and beyond. And so it's a really good product clinically, economically differentiated in the right hands. There's a lot of upside potential, particularly with MVP and MVP XL in electrophysiology.

是的，我們絕對有信心，我們所做的改變將使我們恢復到高於市場平均的成長率，甚至更高。因此，在合適的人手中，它是一款臨床上非常優秀、經濟上也極具優勢的產品。MVP 和 MVP XL 在電生理學領域具有很大的發展潛力。

With regards to Japan, yeah, historically, Japan, this fiscal year was an important growth contributor for us. The launch of PFA changes the dynamics, but PFA looks meaningfully different in Japan, as you would hear from some of the folks behind that, right? It's a much more modest uptake in part because I think the Japanese market prioritizes safety first. So we see a slower adoption curve.

至於日本，是的，從歷史角度來看，日本，本財年是我們重要的成長貢獻者。PFA 的推出改變了格局，但 PFA 在日本看起來截然不同，正如你從一些幕後人員那裡聽到的那樣，對吧？日本市場的接受度要低得多，部分原因是我認為日本市場把安全放在第一位。因此，我們看到的是一條較為緩慢的普及曲線。

And then the mix within that adoption is much more evenly split between the lead players, which is important for us because they've accepted MVP XL into the market and we have reimbursement on the base label. And that's important because we're now indicated for so many more of those procedures. In fact, all but one modality at this point. That gives us confidence that the second part of this year and beyond Japan becomes an important contributor.

而且，在這些採用者中，主要參與者之間的比例更加均衡，這對我們來說很重要，因為他們已經接受了 MVP XL 進入市場，而我們則獲得了基礎標籤的報銷。這一點很重要，因為我們現在可以進行更多此類手術了。事實上，目前除了一種模式之外，其他所有模式都已實現。這讓我們有信心，今年下半年及以後，日本將成為重要的貢獻者。

They've also agreed to accept the US data as part of our submission for regulatory approval and release for the larger access site indications. So there's more to be done. I don't want to call the timing on that because we don't control it, but as we get both the approval for the expanded label and that reimbursement, which has been very favorable for MVP and MVP XL and their base indications, we have a lot of confidence, particularly in the distributor we're using there, there'll be some movement quarter to quarter, order of timing, et cetera. But Japan will be a source of growth for us going forward.

他們也同意接受美國的數據，作為我們向監管機構提交的、用於更大範圍適應症的審批和發布申請的一部分。所以還有更多工作要做。我不想預測具體時間，因為我們無法控制，但是隨著我們獲得擴大適應症的批准和報銷（這對 MVP 和 MVP XL 及其基本適應症來說非常有利），我們非常有信心，特別是對我們目前合作的經銷商而言，每個季度都會有一些變動，時間安排等等。但日本將是我們未來成長的來源。

Thank you. Joanne Wench, Citi.

謝謝。Joanne Wench，花旗銀行。

Hey, good morning. This is Anthony on for Joanne. Thanks for taking the questions. Could you maybe, characterize a bit more? I know it's early, but just how the launch of the HN cartridge is going in EMEA in Japan and if it's tracking similarly to how the US launch was in the first few months?

嘿，早安。這裡是安東尼替喬安妮發言。謝謝您回答問題。能否再詳細描述一下？我知道現在問這個問題還為時過早，但HN卡帶在歐洲、中東和非洲地區以及日本的上市情況如何？是否與美國上市初期幾個月的情況類似？

Yeah, so it'll look different in those markets because the markets -- their viso elastic testing is really different. We -- the product gives us broad-based application and if what we see in the US holds true, we're just seeing a far higher number, the dollar revenue per device is meaningfully increased with the heparinase neutralization cartridge here in the states.

是的，所以這些市場的情況會有所不同，因為這些市場的視覺彈性測試真的不同。該產品具有廣泛的應用前景，如果我們在美國看到的情況屬實，那麼我們看到的銷量要高得多，在美國，使用肝素酶中和試劑盒後，每台設備的美元收入顯著增加。

We expect that part of the launch will be very similar, but it is a different starting point. We don't have nearly as many TEG 5000s, the predicate product in the market in either of those places, so less opportunity for that conversion.

我們預期發表會的某些部分會非常相似，但起點不同。我們在這兩個地方都沒有那麼多TEG 5000（市場上的同類產品），所以轉換的機會也更少。

They are smaller markets, but again, we have the ability to lead and our teams are excited. They are -- those markets reflect the -- more of a hybrid approach. Some of them are direct, for instance, the UK, Germany, and parts of Japan. Others are through distributors, so there'll be a lag time as those distributors come up to speed on the new product, new cartridge, and get established in the market. But long-term, it's an important source of sustainable double-digit growth for that business and that franchise.

雖然這些市場規模較小，但我們仍有能力引領市場，我們的團隊也充滿熱情。這些市場反映出一種更偏向混合模式的做法。有些國家是直接的，例如英國、德國和日本的部分地區。其他產品是透過經銷商銷售的，因此會有一段時間的滯後，因為這些經銷商需要時間來了解新產品、新墨盒，並在市場上站穩腳跟。但從長遠來看，它是該企業和該特許經營權實現可持續兩位數成長的重要來源。

Thank you. Andrew Cooper, Raymond James.

謝謝。Andrew Cooper，Raymond James。

Hey everybody, thanks for the time. Maybe starting, I think Chris you said a couple times VASCADE was economically differentiated. Can you just give a little bit more color on sort of what you mean by that versus the competition and then talk a little bit about how pricing in your approach to the market there has evolved competitively? Have you made changes to price?

大家好，感謝大家抽空。或許可以先從克里斯說的開始，你之前說過幾次VASCADE在經濟上有差異化優勢。您能否更詳細地解釋一下您所說的與競爭對手相比的具體含義，然後談談您在市場競爭中定價策略的演變？你們調整過價格嗎？

And do you feel like from here we're in the right spot, where it's going to be a little bit steadier? I know you said margins would hold in there, but just would love any thoughts on the top-line and the price component.

你覺得我們現在所處的位置合適嗎？情況會變得更加穩定嗎？我知道你說過利潤率會保持穩定，但我很想聽聽你對營收和價格的看法。

Sure, thank you, Andrew. Yeah, the product -- when you look at the metrics in terms of time to ambulation, time to discharge, it is at or above anything else in the marketplace. The real benefit -- and I think you're seeing this with a heightened focus even in a post-PFA environment, is the improvement in workflow productivity as a center adopts MVP and MVP XL, their ability to really move quickly with these patients, get them closed, get them ambulated, and in almost all cases, send them home the same night, really powerful.

當然，謝謝你，安德魯。是的，這款產品——從恢復行走時間、出院時間等指標來看，它在市場上至少與任何其他產品持平或更勝一籌。真正的好處——我認為即使在 PFA 之後，你也會更加關注這一點——是隨著中心採用 MVP 和 MVP XL，工作流程效率的提高，他們能夠真正快速地處理這些患者，讓他們縫合傷口，讓他們下地行走，並且在幾乎所有情況下，都能讓他們當晚回家，這非常強大。

The other factor, and you hear this in the verbatims from the clinicians repeatedly is it's a pain-free solution. [Suturing] works, and suturing has, a reasonable profile, but it hurts a lot, and often comes with the use of narcotics which have their own complications. We eliminate all of that. And so the speed in the workflow, the absence of pain medication, and just a much better patient verbatim helps a lot.

另一個因素，也是臨床醫師一再提到的，就是它是無痛的解決方案。 [縫合]雖然有效，而且縫合的安全性也尚可，但它非常疼痛，而且通常需要使用麻醉劑，而麻醉劑本身也會帶來一些併發症。我們消除了所有這些。因此，工作流程的加速、無需止痛藥以及病人病情好轉都大有裨益。

As I said earlier, as this market increasingly moves to the ASCs that difference will be all the more powerful. And so we're enthusiastic about it. And with regards to pricing, as we've dug into this, we looked very carefully now with the account level detail that we have at -- where we're gaining, where we're losing. It's almost never about the actual price of the product. We may have needed to be more flexible with regards to initiation trials or other work done jointly with fax to get those remaining accounts converted. But in the head to heads that we're observing, very modest degree of flexibility on price tends to be driving the desired outcome.

正如我之前所說，隨著市場越來越多地轉向門診手術中心，這種差異將變得更加顯著。因此我們對此充滿熱情。至於定價方面，我們已經深入研究過，現在我們非常仔細地查看了我們掌握的帳戶級別詳細資訊——我們在哪些方面獲得了收益，在哪些方面失去了收益。幾乎從來都與產品的實際價格無關。我們或許需要在啟動試驗或其他與傳真機共同完成的工作方面更加靈活，以便完成剩餘帳戶的轉換。但在我們觀察到的直接對決中，價格方面非常有限的彈性往往能帶來理想的結果。

And you see that. Again, just go back to where the hospital operating income margin was the primary driver of our overall margin growth at 370 basis points of OI. So from our vantage point, and to be clear, both BMT with TEG and IVT with VASCADE were equal contributors to that gross margin expansion.

你看到了。再說一遍，醫院營業收入利潤率是我們整體利潤率成長的主要驅動力，達到了 370 個基點。因此，從我們的角度來看，明確地說，BMT 與 TEG 和 IVT 與 VASCADE 對毛利率擴張的貢獻是相同的。

So what you'll see going forward is, as we layer on the volume, is increasing operating leverage. So we don't have any worries. The investments have already been made in OpEx, and the price concessions are modest at best. And so from our vantage point, our margin expansion and the growth that we're anticipating, top and bottom line are absolutely achievable.

因此，未來我們將看到的是，隨著業務量的增加，營運槓桿也會不斷提高。所以我們沒有任何擔憂。營運支出方面已經投入了資金，而價格讓步充其量只是微不足道的。因此，從我們的角度來看，我們預期的利潤率擴張和成長，以及營收和利潤的成長，都是完全可以實現的。

That's great. And then I wanted to ask one more on blood management as well just given the traction there. Not to jump too far ahead of ourselves, but you know it's clear that that the the HN cartridge has done a lot for driving that growth. When you look into the future from an innovation perspective, are there other menu items to add that could be similar in magnitude? And if so, can you give any color on what they might be, or maybe when we could think about more of that menu expansion to continue driving penetration with TEG?

那太棒了。鑑於大家對血液管理的關注，我還想再問一個相關問題。雖然我們不應該操之過急，但很明顯，HN墨盒對推動這種成長起到了很大的作用。從創新角度展望未來，是否還有其他規模相當的菜色可以添加？如果是這樣，您能否透露一下這些擴展可能是什麼，或者我們什麼時候可以考慮進一步擴展菜單，以繼續推動TEG的市場滲透？

Yeah, Andrew, we absolutely see additional opportunity for the growth of viscoelastic testing. We target, for example, in the US a [T-700]. Nearly half of them have not adopted viscoelastic testing. We have share of the market, obviously we intend to retain and grow that, but our biggest opportunity is taking viscoelastic testing to the other sector of the market that doesn't have it.

是的，安德魯，我們絕對看到了黏彈性測試領域還有很大的發展空間。例如，我們在美國的目標客戶是…[T-700]近一半的單位尚未採用黏彈性測試方法。我們擁有一定的市場份額，顯然我們打算保持並擴大這一份額，但我們最大的機會是將黏彈性測試推廣到其他尚未採用該技術的市場領域。

Hep neutralization helps do that because it gives you a broader spectrum of testing. But we also have additional indications that we are pursuing and additional applications of the product that we'll talk about more probably in the spring when we do our next investor day. We'll pull back the veil a bit and talk more about the really exciting portfolio pipeline that we've got going behind TEG.

肝炎中和試驗有助於實現這一點，因為它能提供更廣泛的檢測範圍。但我們還有其他跡象表明我們正在研究該產品的其他應用，我們可能會在春季的下一次投資者日上對此進行更詳細的討論。我們將揭開一些面紗，並更多地談談我們在TEG背後正在推進的真正令人興奮的投資組合項目。

Okay, I'll leave it there thank you.

好的，我就說到這兒，謝謝。

Thank you. Michael Petusky, Barrington Research. Your line is now open.

謝謝。Michael Petusky，巴林頓研究公司。您的線路已開通。

Hey, good morning. So Chris, I will admit I missed that part. There's a ton of companies reporting this morning and I missed part of your prepared remarks. So I'm just curious, that vascular closure, if you're looking at over the last 12, 13, 14 weeks since we last talked on a conference call and you put in all these initiatives to try to sort of turn the business and I'm sure you're looking at this if not day by day, certainly week by week. I mean, are you -- I certainly heard the green shoots commentary, but are you seeing. progress week by week, even through the end of the quarter into where we are now? Like, are you seeing enough evidence to say, yeah, we've bottomed, we've turned this, it's not an overnight back to where we were?

嘿，早安。克里斯，我承認我錯過了那部分。今天早上有很多公司發布財報，我錯過了你事先準備好的部分演講稿。所以我很好奇，關於血管閉合，如果你回顧一下自從我們上次電話會議以來的 12、13、14 週，你採取了所有這些舉措來試圖扭轉業務局面，我相信你肯定在關注這個問題，即使不是每天關注，也肯定是每週關注。我的意思是，我當然聽到了關於球隊開始復甦的評論，但你看到球隊每週都在進步嗎？甚至從上個季度末到現在，你都看到了進步嗎？例如，你有沒有看到足夠的證據表明，是的，我們已經觸底反彈，我們已經扭轉了局面，不會一夜之間回到以前的狀態？

But we've turned this or at least now we're trading punches as opposed to just taking punches. Like where -- what are you seeing and where are you sort of in -- if you're calling it a sort of a comeback story hopefully, where are you in that thing?

但我們已經扭轉了局面，或者至少現在我們是互相攻擊而不是互相挨打了。例如，你看到了什麼？你又處於什麼位置？如果你稱它為某種意義上的回歸故事，那麼你在這個故事中處於什麼位置？

Yeah, thanks, Mike. I appreciate the question and yeah, and I appreciate the interest on this. We are absolutely anticipating a comeback story, right? And I think this one's going to be exciting and interesting to watch as it develops. We are confident that the actions that we have taken year-to-date have stabilized this performance, and so we don't expect any further deterioration in performance.

謝謝你，麥克。感謝提問，也感謝大家對此的關注。我們當然期待著一個強勢回歸的故事，對吧？我認為這個故事的發展將會非常精彩有趣，值得我們拭目以待。我們相信，今年以來我們採取的措施已經穩定了這一業績，因此我們預計業績不會進一步惡化。

We see green shoots with new account openings. We see green shoots with greater utilization, we see green shoots with competitive win backs or just healthy head to head that we've come out on top on. So we do expect meaningful growth going forward; however we're going to be prudent in our guidance. And at this point, the guidance for IVT with large -- and it's important, we didn't talk about this probably enough, but that franchise is unfortunately dragged down by oesophageal cooling. And I'm happy to come back and give some more specifics there because I'm not including the cooling as part of my commentary. I'm talking specifically about closure.

我們看到新帳戶開立數量成長的跡象。我們看到了更多利用率帶來的復甦跡象，我們看到了競爭性反擊帶來的復甦跡象，或者只是在健康的正面交鋒中我們取得了勝利。因此，我們預計未來將實現顯著成長；但是，我們在製定業績指引時會保持謹慎。目前，對於 IVT 的指導意見（大劑量）——這一點很重要，我們可能沒有充分討論過——但不幸的是，食道冷卻拖累了這一領域。我很樂意回來提供更多細節，因為我的評論中沒有包含冷卻部分。我指的是結案這件事。

In closure, we've put very little in for the second half, but that's us being prudent because it's a tough market, and I'd rather be on the conservative side of that. We've heard that loud and clear from the market to call it when you see it, but not before. Our results from here will speak for themselves.

最後，我們對下半年的投資很少，但這是為了謹慎起見，因為市場競爭激烈，我寧願採取保守的做法。我們已經從市場清楚地聽到了這樣的聲音：要抓住機會，但不能提前行動。接下來的結果將說明一切。

Alright, great. And just a quick one for James. James, as you obviously you guys have been aggressive here recently with share repurchases, you just sort of think, I guess, longer-term, not looking for specific guidance for next year or longer-term, but just generally speaking, would you expect the share count to sort of remain sub 50 million over the next over the next few years? Like, are you guys going to like continue to be pretty active in share repurchase as you think about capital allocation beyond fiscal '26?

好的，太好了。給詹姆斯簡單提一個問題。James，顯然你們最近在股票回購方面非常積極，我想，從長遠來看，我不是在尋找明年或更長期的具體指引，而是總體而言，你認為未來幾年股票數量會保持在 5000 萬股以下嗎？例如，在考慮 2026 財年以後的資本配置時，你們是否會繼續積極進行股票回購？

Yeah, thanks, Mike. So there's roughly, 47 million-ish shares outstanding now. So, I think a lot would have to happen to get above that 50 million mark. So, the thought process here is that certainly, we would aim to keep dilution in check, for sure. And then I mean, let's face it, one of the benefits of having a strong balance sheet is that we do have some optionality on capital deployment. So yeah, that includes buying back shares, also debt paid down and so forth. But, yeah, for the foreseeable future, lower than 50, pretty good bet.

謝謝你，麥克。所以目前流通股大約有4700萬股左右。所以，我認為要突破 5000 萬大關，還有很多事情需要發生。所以，我們的想法是，當然，我們肯定會努力控制稀釋程度。而且，說實話，擁有強勁的資產負債表的好處之一是，我們在資本部署方面有一定的選擇。是的，這包括回購股票、償還債務等等。但是，是的，在可預見的未來，低於 50，很有可能。

Yeah, Mike, it's Chris. If I could just pile on there, from a capital allocation perspective, exactly as James just highlighted. We're going to focus on paying down our debt, being opportunistic with the share buybacks. We'll make targeted organic investments as we have to advance new technology into the market. But again, we feel we've fully resourced from an OpEx perspective. You see that in our leverage.

是的，麥克，我是克里斯。如果我能從資本配置的角度補充一點，就像 James 剛剛強調的那樣。我們將專注於償還債務，並抓住機會進行股票回購。我們將根據新技術推向市場的需求，進行針對性的有機投資。但再次強調，從營運支出角度來看，我們覺得資源已經充足。你可以從我們的槓桿作用中看出這一點。

And obviously, you see that in our robust cash flow and a really healthy free cash flow to net income conversion ratio, but we're focused on what we have. We're focused on making the most of the portfolio. As I've said repeatedly, we'll do Vivasure when the final set of milestones are hit and we're ready to go there. Beyond that, M&A is off the table until we have IVT exactly where we need it to go.

顯然，這一點可以從我們強勁的現金流和非常健康的自由現金流與淨收入轉換率中看出，但我們專注於我們所擁有的。我們專注於最大程度地利用投資組合。正如我多次說過的那樣，我們會在最後一系列里程碑達成且我們準備就緒後啟動 Vivasure 專案。除此之外，在我們把 IVT 調整到我們需要的狀態之前，併購交易暫不考慮。

All right, very good, thank you.

好的，非常感謝。

Thank you. I am showing no further questions at this time. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。我目前沒有其他問題要問。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。