Haemonetics Corp (HAE) 2026 Q4 法說會逐字稿

Hello, and welcome to the Q4 2026 Haemonetics Corporation's earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Haemonetics Corporation 2026 年第四季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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

現在我想把會議交給投資人關係與財務部副總裁 Olga Guyette。請開始。

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

各位早安，感謝各位參加 Haemonetics 2026 會計年度第四季的電話會議與網路直播。今天與我一同出席的有我們的執行長 Chris Simon，以及財務長 James D'Arecca。

This morning, we released our fourth quarter and full fiscal 2026 results and issued fiscal year 2027 guidance. The materials, including our earnings release and supplemental earnings presentation, are available on our Investor Relations website and also in this morning's press release.

今天早上，我們發布了第四季與 2026 會計年度全年業績，並提供 2027 會計年度指引。相關資料（包含財報新聞稿與補充財報簡報）可於我們的投資人關係網站取得，也已包含在今天早上的新聞稿中。

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

在開始之前，我想提醒各位，我們將同時使用申報口徑與有機營收成長率；有機成長率排除匯率影響、全血產品線的剝離，以及部分液體溶液產品的退出影響。

Organic growth ex-CSL also excludes the impact of the previously disclosed transition of CSL's US disposable business. Our fiscal year 2027 organic revenue guidance is also adjusted for the impact of the 53rd week.

不含 CSL 的有機成長亦排除先前已揭露之 CSL 美國一次性耗材業務轉換的影響。我們對 2027 會計年度的有機營收指引也已就第 53 週的影響進行調整。

We'll 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 earnings release.

我們也會引用其他非 GAAP 財務衡量指標，以協助投資人了解 Haemonetics 持續性業務表現。請注意，這些指標排除特定費用與收益項目。被排除項目的完整清單、與 GAAP 結果的調節表，以及與前一年同期的比較，均已載於我們的財報新聞稿中。

Our remarks today include forward-looking statements, and 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 SEC filings. We do not undertake any obligation to update this forward-looking statement.

我們今天的發言包含前瞻性陳述，實際結果可能與預期結果有重大差異。可能導致結果不同的因素包括今日財報新聞稿中的安全港聲明以及其他 SEC 申報文件所提及者。我們不承擔更新本前瞻性陳述的任何義務。

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

接下來，我想把時間交給 Chris。

Thanks, Olga, and good morning, everyone. We delivered fourth quarter revenue of $346 million, up 5% reported and 9% organic ex-CSL, with adjusted EPS of $1.29, up 4% year over year.

謝謝你，Olga，各位早安。我們第四季營收為 3.46 億美元，申報口徑成長 5%，不含 CSL 的有機成長 9%；調整後每股盈餘（EPS）為 1.29 美元，年增 4%。

For the full fiscal year, revenue was $1.3 billion, and adjusted EPS was $4.96 per share, with improved adjusted earnings, higher adjusted margins, and stronger free cash flow than in the prior year, despite $153 million of non-recurring revenue from portfolio transitions.

就全年而言，營收為 13 億美元，調整後每股盈餘為 4.96 美元；儘管投資組合轉換帶來 1.53 億美元的一次性營收，我們仍較前一年實現更高的調整後獲利、更高的調整後利潤率，以及更強勁的自由現金流。

Our performance reflects the strength of our core platforms, with Plasma and TEG driving momentum, margin expansion, and reinforcing our leadership in attractive end markets. This foundation enabled targeted investments to position interventional technologies to contribute to growth in fiscal 2027 and beyond.

我們的表現反映核心平台的實力，其中 Plasma 與 TEG 推動了動能、利潤率擴張，並鞏固我們在具吸引力終端市場的領導地位。這一基礎使我們得以進行有針對性的投資，讓介入式技術在 2027 會計年度及之後對成長做出貢獻。

At the same time, we advanced our innovation agenda with US FDA clearance of Persona PLUS, the expanded indication for VASCADE MVP XL, a submission to expand the VASCADE label in Japan, and the acquisition of Vivasure.

同時，我們也推進創新議程，包括 Persona PLUS 獲得美國 FDA 核准、VASCADE MVP XL 擴大適應症、在日本提交擴大 VASCADE 標示的申請，以及收購 Vivasure。

Moving on to our business unit results. Hospital revenue was $160 million in the fourth quarter and $588 million for the full year, growing 8% in the quarter and 4% for the year, or 7% and 4% on an organic basis, respectively. Results were supported by strong performance in Blood Management Technologies, partially offset by interventional technologies, consistent with trends we've discussed throughout the year.

接著說明各事業單位的業績。醫院（Hospital）業務第四季營收為 1.60 億美元，全年為 5.88 億美元；第四季成長 8%、全年成長 4%；若以有機口徑計算，分別為 7% 與 4%。業績主要受惠於血液管理技術（Blood Management Technologies）的強勁表現，但部分被介入式技術（Interventional Technologies）所抵銷，與我們全年討論的趨勢一致。

Blood Management Technologies delivered a record quarter, with broad-based performance driving revenue growth of 21% in the quarter and 14% for the year. Hemostasis Management grew in the high-teens, fueled by sustained strength in TEG 6s, higher disposable utilization, continued capital placements, and strong European momentum following the HN cartridge launch.

血液管理技術創下單季新高，廣泛的業績表現帶動第四季營收成長 21%，全年成長 14%。止血管理（Hemostasis Management）成長達高十位數百分比，動能來自 TEG 6s 持續強勁、一次性耗材使用量提升、資本設備持續布建，以及 HN 卡匣上市後歐洲市場的強勁動能。

Transfusion Management delivered outsized growth in the quarter, contributing nearly half of the franchise growth as we continue to gain share through the adoption of our integrated solutions that enhance hospital safety and efficiency.

輸血管理（Transfusion Management）在本季實現超預期成長，貢獻了該事業群近一半的成長；我們持續透過導入整合式解決方案來提升醫院安全與效率，並因此擴大市占。

In Interventional Technologies, revenue declined 10% in the quarter and 9% for the full year. Vascular Closure was down 8% in the quarter, reflecting 6% decline in MVP and MVP XL in electrophysiology and continued softness in lower-growth coronary and peripheral procedures.

在介入式技術方面，第四季營收下滑 10%，全年下滑 9%。血管閉合（Vascular Closure）第四季下滑 8%，反映 MVP 與 MVP XL 在電生理（EP）領域下滑 6%，以及在成長較低的冠狀動脈與周邊血管手術中持續疲弱。

Performance in EP was affected by share loss in the first quarter of fiscal 2026 and evolving procedure dynamics. Sequentially, EP grew 8%, and Sensor-Guided Technologies returned to growth, partially offsetting the continued impact of PFA on esophageal cooling.

EP 的表現受到 2026 會計年度第一季市占流失以及手術動態演變的影響。就序列而言，EP 成長 8%，而感測器導引技術（Sensor-Guided Technologies）重回成長，部分抵銷 PFA 對食道冷卻業務的持續影響。

Over the past year, we strengthened our commercial organization, equipped our teams with better tools, and advanced our product portfolio. Q4 was our strongest quarter of fiscal '26, and we have renewed confidence in the trajectory of IVT.

過去一年，我們強化了商業組織、為團隊配備更好的工具，並推進產品組合。第四季是我們 2026 會計年度表現最強的一季，我們對 IVT 的發展軌跡重新建立信心。

Importantly, the headwinds that drove approximately 80% of the decline in fiscal '26, first, OEM-related softness in Sensor-Guided Technologies, and second, PFA impacts on esophageal cooling have now been lapped or reduced to a non-material base. With the expanded MVP XL label and the anticipated release of PerQseal Elite, we are strengthening our competitive position and re-energizing the business as we enter fiscal '27.

重要的是，造成 2026 會計年度約 80% 下滑的逆風——第一，感測器導引技術中與 OEM 相關的疲弱；第二，PFA 對食道冷卻的影響——如今已完成年對年基期消化，或已降低至不具重大性的基礎水準。隨著 MVP XL 標示擴大，以及預期推出 PerQseal Elite，我們在進入 2027 會計年度之際正強化競爭地位並重新為業務注入動能。

Turning to Plasma and Blood Center. Plasma momentum continued with another quarter of growth driven by category leadership, differentiated innovation, and strong market fundamentals. The franchise delivered $130 million in revenue in Q4, up 3% reported and 13% organic ex-CSL as we annualized the last of the discontinued CSL-US disposable supply agreement. Full year revenue was $524 million, down 2% reported, but up 20% organic ex-CL, above our revised guidance range of 17% to 19%.

接著談 Plasma 與 Blood Center。Plasma 的動能延續，本季再度成長，成長動能來自類別領導地位、差異化創新，以及強勁的市場基本面。該事業群第四季營收為 1.30 億美元，申報口徑成長 3%，不含 CSL 的有機成長 13%，因我們已將最後一部分已終止的 CSL-美國一次性耗材供應協議影響完成年化。全年營收為 5.24 億美元，申報口徑下滑 2%，但不含 CSL 的有機成長 20%，高於我們修訂後 17% 至 19% 的指引區間。

Market fundamentals remain highly attractive, supported by resilient immunoglobulin demand and continued global expansion in plasma collections. Our share of US plasma collections grew in the high single-digits in both the quarter and full year, with double-digit growth in Europe as customers increasingly rely on our platform to drive efficiencies.

市場基本面仍極具吸引力，受惠於免疫球蛋白需求的韌性，以及血漿採集在全球持續擴張。我們在美國血漿採集的市占於本季與全年皆以高個位數成長；歐洲則達雙位數成長，因客戶日益依賴我們的平台以提升效率。

Persona PLUS is the next step in our innovation cycle, further strengthening our competitive position by enhancing percent yield by mid-single-digits on average, supported by a large randomized clinical trial of over 30,000 donations and underpinned by our proprietary patent-protected technology. It has been met with strong customer enthusiasm, with multiple adoptions underway.

Persona PLUS 是我們創新循環的下一步，透過將平均百分比得率提升約中個位數百分比，進一步強化競爭地位；其效益由超過 30,000 次捐獻的大型隨機臨床試驗支持，並以我們專有且受專利保護的技術為基礎。客戶反應熱烈，已有多項導入正在進行中。

Blood Center also contributed positively to the fourth quarter, generating $56 million in revenue, up 1% reported and up 6% organic. For the full year, revenue was $221 million, down 15%, reflecting the whole blood divestiture, but up 5% on an organic basis. Performance was driven by continued strength in global plasma demand and stable and growing US red cell collections, despite our ongoing portfolio rationalization efforts.

Blood Center 也對第四季做出正面貢獻，營收為 5,600 萬美元，申報口徑成長 1%，有機成長 6%。全年營收為 2.21 億美元，下滑 15%，反映全血業務剝離，但以有機口徑計算成長 5%。業績動能來自全球血漿需求持續強勁，以及美國紅血球採集量穩定並成長，儘管我們仍在進行產品組合精簡的相關工作。

For the full year, total company revenue declined 2% reported due to portfolio transitions, but grew 10% organically ex-CSL, at the upper end of our guidance. We expect growth to continue in fiscal '27 with projected revenue growth of 4% to 7% reported and 3% to 6% organic adjusted for the extra week in FX.

就全年而言，由於產品組合轉換，按申報口徑公司總營收下滑2%；但若排除CSL，按有機口徑成長10%，位於我們指引區間的上緣。我們預期成長將在2027財年持續，預估營收按申報口徑成長4%至7%，並在就外匯中的額外一週進行調整後，按有機口徑成長3%至6%。

In Hospital, we expect mid-single-digit growth, with both franchises contributing. We anticipate continued expansion of the TEG 6s installed base and increased HN cartridge utilization in Blood Management Technologies.

在醫院（Hospital）業務方面，我們預期將有中個位數成長，且兩大產品線（franchises）皆將貢獻成長。我們預期血液管理技術（Blood Management Technologies）中，TEG 6s裝機基礎將持續擴大，且HN匣（cartridge）使用量將提升。

In IVT, we are ending the year with a stronger commercial organization, improving market dynamics, and a more competitive portfolio, supported by the MVP XL label expansion.

在IVT方面，我們以更強的商業組織、更改善的市場動態，以及更具競爭力的產品組合來結束本年度，並由MVP XL標籤擴展提供支撐。

With most headwinds now behind us, we are focused on translating these improvements into consistent growth. Our guidance excludes any contribution from PerQseal Elite, which is currently undergoing FDA review.

隨著大部分逆風因素已在我們身後，我們專注於將這些改善轉化為持續且穩定的成長。我們的指引不包含PerQseal Elite的任何貢獻；該產品目前正接受FDA審查。

In Plasma, consistent with our FY26 approach, our mid-single-digit growth outlook is grounded in controllable drivers, share gains, the rollout of Persona PLUS, and modest collection volume growth while retaining upside if collection trends remain strong and/or adoption accelerates. We remain confident in the durability of growth and our ability to further extend our leadership in this attractive market.

在血漿（Plasma）業務方面，延續我們2026財年的作法，我們對中個位數成長的展望建立在可控的驅動因素、市占提升、Persona PLUS的推廣，以及在保有上行空間的前提下（若採漿趨勢維持強勁及／或導入速度加快），溫和的採集量成長。我們仍對成長的持久性，以及在此具吸引力的市場中進一步擴大領導地位的能力充滿信心。

In Blood Center, strong plasma-driven demand and customer relationships will continue to support performance. However, ongoing portfolio rationalization remains a near-term headwind, and we expect revenue to decline in the mid-single-digits. We're encouraged by our progress, and we remain focused on consistent execution to deliver growth and sustainable value for our customers and our shareholders.

在血液中心（Blood Center）方面，強勁的血漿驅動需求與客戶關係將持續支撐表現。然而，持續的產品組合精簡仍是短期逆風，我們預期營收將出現中個位數下滑。我們對目前的進展感到鼓舞，並將持續專注於穩健執行，為客戶與股東帶來成長與可持續的價值。

James, over to you.

James，交給你。

Thank you, Chris, and good morning, everyone. We closed the year with strong execution and meaningful progress in strengthening the quality of our earnings, expanding margins, improving cash flow, and further aligning our portfolio with higher growth, higher margin markets that will continue to support our growth aspirations in the long run.

謝謝你，Chris，各位早安。我們以強勁的執行力為本年度畫下句點，並在提升獲利品質、擴大利潤率、改善現金流，以及進一步使產品組合更貼近高成長、高毛利市場方面取得顯著進展；這些市場將在長期持續支撐我們的成長願景。

Adjusted gross margin in the fourth quarter was 59.7%, down 50 basis points year over year, primarily reflecting the absence of the prior year CSL shortfall payment and the impact from tariffs enacted earlier in the year, partially offset by a structurally higher margin portfolio.

第四季調整後毛利率為59.7%，年減50個基點，主要反映去年CSL短缺補償款不再，以及年初實施的關稅影響；部分被結構性毛利率較高的產品組合所抵銷。

For the full year, adjusted gross margin expanded 280 basis points to 60.3%, driven by portfolio transformation, strong volume growth in Plasma and Blood Management Technologies, and continued strong demand for our market-leading innovation.

就全年而言，調整後毛利率擴大280個基點至60.3%，主要受產品組合轉型、血漿與血液管理技術的強勁出貨量成長，以及市場領先創新產品需求持續強勁所帶動。

Adjusted operating expenses in the fourth quarter were $122 million, up 5% year over year, largely driven by the addition of Vivasure and the impact from tariffs, coupled with higher-than-expected costs from the self-insured portion of our benefits plan, higher performance-based compensation, and a deliberate step-up in targeted investments to strengthen our commercial capabilities. Together with the adjusted gross margin dynamics in the quarter, this resulted in an adjusted operating income of $85 million and adjusted operating margin of 24.4%, down 50 basis points year over year.

第四季調整後營業費用為1.22億美元，年增5%，主要由於納入Vivasure以及關稅影響，並伴隨福利計畫中自保（self-insured）部分成本高於預期、績效型薪酬增加，以及為強化商業能力而有意提高的精準投資。結合本季調整後毛利率的變動，調整後營業利益為8,500萬美元，調整後營業利益率為24.4%，年減50個基點。

Adjusted operating expenses for the full year were $465 million, up 2%, driven by continued investment in R&D and selling and marketing, the acquisition of Vivasure, and higher performance-based compensation. Adjusted operating margin for the year expanded 140 basis points to 25.4%, reflecting structural improvement from portfolio transformation even as we continue to invest for future growth and absorb macro cost headwinds.

全年調整後營業費用為4.65億美元，年增2%，主要由於持續投入研發與銷售及行銷、收購Vivasure，以及績效型薪酬增加。全年調整後營業利益率擴大140個基點至25.4%，反映產品組合轉型帶來的結構性改善，即便我們仍持續投資未來成長並吸收總體成本逆風。

The adjusted tax rate was 24.8% in the fourth quarter and fiscal year 2026, compared to 22.2% and 23.2% in the prior year, respectively. Adjusted EPS increased 4% to $1.29 in the fourth quarter, inclusive of a modest benefit from share count, which was more than offset by higher interest, tax, and FX.

第四季與2026財年調整後有效稅率為24.8%，相較之下，前一年度分別為22.2%與23.2%。第四季調整後每股盈餘（EPS）成長4%至1.29美元，包含因股數帶來的些微利多，但該利多被較高的利息、稅負與外匯影響所抵銷且有餘。

For the full year, adjusted EPS was $4.96, up 9%, demonstrating the strength of the underlying business and disciplined capital allocation that helped offset the impact of portfolio transitions, which are now fully behind us, partially offset by higher interest and tax.

全年調整後EPS為4.96美元，年增9%，展現基礎業務的韌性與嚴謹的資本配置，有助於抵銷產品組合轉換的影響（目前已完全結束）；但部分被較高的利息與稅負所抵銷。

Now turning to the balance sheet and cash flow. Cash generation continues to be a defining strength of the business and a key source of strategic flexibility. With our major device investments and productivity initiatives largely behind us, the business has returned to a strong and sustainable cash flow profile.

接著談資產負債表與現金流。現金創造能力仍是本業務的關鍵優勢，也是策略彈性的主要來源。隨著我們主要的設備投資與生產力提升計畫大致告一段落，業務已回到強勁且可持續的現金流輪廓。

In the fourth quarter, we generated $45 million of free cash flow, bringing the full-year free cash flow to $210 million with a free cash flow to adjusted net income conversion ratio of 89%. While free cash flow in the quarter was down versus last year, mainly due to the timing of income taxes paid and accounts receivable, full year free cash flow increased by $65 million, largely driven by better working capital management and less CapEx.

第四季我們創造4,500萬美元自由現金流，使全年自由現金流達2.10億美元，自由現金流對調整後淨利的轉換率為89%。雖然本季自由現金流較去年下降，主要因所得稅支付與應收帳款時點所致，但全年自由現金流增加6,500萬美元，主要由更佳的營運資金管理與較低的資本支出（CapEx）所帶動。

We ended the year with $245 million in cash after deploying $175 million to repurchase over 3 million shares, investing $61 million in the Vivasure acquisition and continuing to fund organic growth, reflecting a balanced capital allocation approach that supports both organic growth and shareholder returns.

年末我們持有2.45億美元現金；期間動用1.75億美元回購逾300萬股，投入6,100萬美元於收購Vivasure，並持續資助有機成長，反映我們兼顧有機成長與股東報酬的均衡資本配置策略。

We enhanced capital structure flexibility and positioned the business for continued deleveraging that can be supported by strong cash flow. While total debt remained unchanged at $1.2 billion, we refinanced $300 million of convertible notes with the revolving credit facility, ending the year with $700 billion of convertible notes due in 2029, $239 million of term loan aid debt, and a revolver balance of $300 million, with a net leverage ratio as defined in our credit agreement at 2.73 times EBITDA.

我們提升了資本結構的彈性，並使公司處於可在強勁現金流支持下持續去槓桿的有利位置。雖然總負債維持在12億美元不變，我們以循環信用額度為3億美元可轉換公司債進行再融資；年末持有於2029年到期的可轉換公司債7億美元、定期貸款與其他債務2.39億美元，以及循環信用額度動用餘額3億美元；依我們信貸協議定義之淨槓桿比率為EBITDA的2.73倍。

On that note, let's move on to discuss the rest of our fiscal year '27 guidance. Consistent with the strong foundation and momentum Chris outlined, we expect fiscal 2027 revenue growth of 4% to 7% reported and 3% to 6% organic. We expect continued margin expansion, with adjusted operating margin improving 50 to 100 basis points year over year, driven by continued strong momentum across our growth franchises, innovation, and operating leverage as we begin to scale IVT.

接下來，我們來討論2027財年其餘的財測指引。延續Chris所概述的強勁基礎與動能，我們預期2027財年營收按申報口徑成長4%至7%，按有機口徑成長3%至6%。我們預期利潤率將持續擴張，調整後營業利益率年增50至100個基點，動能來自各成長產品線的持續強勁表現、創新，以及隨著我們開始擴大IVT規模所帶來的營運槓桿。

Also included in that expectation is a full year of dilution from the Vivasure acquisition with no associated revenue in our fiscal year '27 guidance, additional impact from tariffs, ERP-related costs, and continued investment in targeted, high-return growth initiatives.

上述預期亦包含：Vivasure收購案在2027財年帶來的全年稀釋影響（但我們的2027財年指引未納入任何相關營收）、關稅的額外影響、ERP相關成本，以及對具針對性且高報酬的成長計畫持續投資。

At the earnings level, we expect adjusted EPS to grow broadly in line with revenue, as improvements in operating leverage and mix benefits are assumed to be largely offset by higher interest and tax, which is expected to be higher by about 100 basis points than in fiscal 2026.

在獲利層面，我們預期調整後EPS的成長大致與營收同步，因營運槓桿改善與產品組合帶來的效益，預計將大致被較高的利息與稅負所抵銷；其中稅率預期將較2026財年提高約100個基點。

Importantly, the business is expected to continue to demonstrate strong earnings quality, supported by a highly recurring revenue model and disciplined capital deployment. We expect free cash flow conversion of approximately 80%, reflecting a disciplined approach to working capital that preserves flexibility to manage inflationary and tariff pressures and investing growth while enabling organic investment, deleveraging, and opportunistic share buybacks. With that, I'll turn it back to Chris for closing remarks.

重要的是，公司預期將持續展現高品質獲利，受惠於高度經常性（recurring）的營收模式與嚴謹的資本運用。我們預期自由現金流轉換率約為80%，反映我們對營運資金的紀律性管理，以保留彈性來因應通膨與關稅壓力並投資成長，同時支持有機投資、去槓桿，以及機會性股票回購。接下來我把時間交回Chris做結語。

Thanks, James. I want to share a few closing thoughts about our journey over the last four years. Fiscal '26 marked the culmination of our long-range plan for transformational growth, whereby we fundamentally repositioned Haemonetics into a more focused, higher quality, and more resilient company with significantly stronger growth, margins, and cash flow.

謝謝，James。我想分享一些關於我們過去四年旅程的結語想法。2026 財年標誌著我們長期轉型成長計畫的收官，我們藉此從根本上將 Haemonetics 重新定位為一家更聚焦、品質更高、韌性更強的公司，並具備顯著更強的成長、利潤率與現金流。

We evolved and rebalanced our portfolio in Plasma. We drove broad adoption of NexSys and Persona while advancing the next wave of innovation with Express Plus to reduce procedure times, Persona PLUS to further improve yield, and Device 360 to digitize and streamline center operations.

我們在血漿業務上演進並重新平衡了產品組合。我們推動 NexSys 與 Persona 的廣泛採用，同時以 Express Plus 降低處置時間、以 Persona PLUS 進一步提升採集量（yield）、以及以 Device 360 數位化並精簡中心營運，來推進下一波創新。

We rationalized our blood center portfolio, including the divestiture of Whole Blood, to drive margin expansion. We broadened the clinical utility of TEG 6s with the HN cartridge, extending into high-acuity settings, such as cardiovascular surgery and liver transplantation and advanced international expansion with CE Mark certification.

我們精簡了血液中心產品組合，包括剝離全血（Whole Blood）業務，以推動利潤率擴張。我們透過 HN 卡匣擴大 TEG 6s 的臨床適用性，延伸至心血管手術與肝臟移植等高重症場域，並藉由取得 CE Mark 認證推進國際擴張。

We strengthened the VASCADE platform with MVP XL for larger sheath procedures, enhanced our clinical evidence, scaled commercially, and expanded into large foreclosure with PerQseal Elite.

我們以適用於較大鞘管手術的 MVP XL 強化 VASCADE 平台，提升臨床證據、擴大商業化規模，並透過 PerQseal Elite 擴展至大型封堵市場。

We also revamped the operating model of the company, advancing operational excellence, scaling and automating our manufacturing and supply chain capabilities, progressing our ERP digital transformation and building the commercial and clinical infrastructure required to sustain growth, including a robust NexSys capital cycle to support ongoing global share gains. The results, low-teens, compounded average organic revenue growth ex-CSL, high-teens adjusted EPS CAGR, low 60s adjusted gross margins, 660 basis points of adjusted operating margin expansion, and $636 million of cumulative free cash flow, results achieved while investing for growth, navigating dynamic markets and macro environments, and overcoming $153 million of non-recurring revenue from portfolio transitions.

我們也重塑了公司的營運模式，推進營運卓越，擴大並自動化製造與供應鏈能力，推動 ERP 數位轉型，並建置支撐成長所需的商業與臨床基礎設施，包括強健的 NexSys 資本循環，以支持持續的全球市占提升。成果包括：剔除 CSL 後的有機營收複合年均成長率達低十位數、調整後 EPS 複合年均成長率達高十位數、調整後毛利率約 60% 出頭、調整後營業利益率擴張 660 個基點，以及累計自由現金流 6.36 億美元；這些成果是在我們持續投資成長、因應動態市場與總體環境，並克服因產品組合轉換造成的 1.53 億美元一次性營收影響下達成的。

With the transitions behind us, we expect growth to re-accelerate and become more consistent, supported by a structurally more attractive mix of recurring revenue from high-growth, high-margin platforms.

隨著轉換已告一段落，我們預期成長將重新加速並更趨一致，並由結構上更具吸引力的經常性收入組合所支撐，這些收入來自高成長、高毛利的平台。

Our priorities for fiscal 2027 are clear: continue to win in Plasma, extend our leadership in TEG, and reinvigorate growth in Vascular Closure while driving greater operating efficiency. Quality earnings growth will further strengthen our balance sheet and create opportunities for value creation through disciplined capital allocation, including organic growth, delevering, and opportunistic returns of capital to shareholders via buybacks when appropriate.

我們 2027 財年的優先事項很明確：持續在血漿領域取勝、延伸我們在 TEG 的領導地位、並在提升營運效率的同時，重新點燃血管封堵（Vascular Closure）的成長。高品質的獲利成長將進一步強化資產負債表，並透過紀律性的資本配置創造價值，包括有機成長、去槓桿，以及在適當時機透過庫藏股回購等方式，機動性地回饋股東。

Thank you, operator. Please open the line for questions.

謝謝，接線員。請開放提問。

(Operator Instructions) Andrew Cooper, Raymond James.

(接線員指示) Andrew Cooper，Raymond James。

Hi, everybody. Thanks for the questions. Maybe first on Plasma, I don't think you shared, and apologies if I missed it, but US collection volume trends you saw in the quarter at kind of the market level. And then as you think about the end market views for '27, given discussions with fractionators, would love just kind of the latest and greatest thinking that's included in the guide.

嗨，各位。謝謝讓我提問。也許先從血漿談起，我不認為你們有分享——如果我漏聽也先致歉——但想了解本季你們在市場層級所看到的美國採集量（collection volume）趨勢。另外，當你們思考 2027 年的終端市場展望、並考量與分餾商（fractionators）的討論時，也想聽聽你們在指引中納入的最新看法。

And then secondly, if you could give a little bit more on the Persona PLUS rollout in terms of how the base has adopted it, how much has adopted it thus far. And then are you able to take some price with that? Or is this more of a tool to extend contracts, ensure stickiness, et cetera? So I just would love kind of how that rollout is shaping up.

第二點，想請你們多談一些 Persona PLUS 的導入進度：既有客戶群的採用情況如何、目前大概採用了多少。另外，你們是否能藉此提高一些價格？或這更多是一個用來延長合約、確保黏著度等的工具？所以很想了解這次導入目前的進展狀況。

Good morning, Andrew. Thanks for the question. Look, FY26 was a record year for Plasma. We overcame that hangover that's been out there for a bit now and had what we describe internally as the trifecta of growth, where we had price from the remaining Persona rollout.

早安，Andrew。謝謝你的問題。你看，2026 財年對血漿而言是創紀錄的一年。我們克服了先前一段時間存在的低迷影響，並達成我們內部所稱的「成長三重奏」：其中包含來自剩餘 Persona 導入的價格貢獻。

We had meaningful uptick in share gains, which is something we're obviously quite proud of, and a return to double-digit growth on collection volume in the latter part of the year, so real strength there. In the fourth quarter, in addition to the normal seasonality, we lapped our price gains on Persona, so that was not a meaningful contributor in the quarter. We do have some ongoing share gains from earlier transformation, earlier transitions, modest tick down in collection volume. But again, quite consistent with what we see as kind of the long-term trends for growth.

我們的市占提升也明顯加速，這點我們當然非常自豪；而且在年度後段，採集量回到雙位數成長，因此展現出真正的強勁動能。在第四季，除了正常的季節性因素外，我們也與 Persona 的價格提升形成了高基期，因此該因素在本季並非主要貢獻。我們確實仍有一些來自先前轉型、先前轉換所帶來的持續市占提升，但採集量略有下滑。不過，這仍與我們所觀察到的長期成長趨勢相當一致。

FY27 guide, we took a page out of our playbook for FY26, and we're really only talking about the things that we directly control, the annualization of share gains and the committed upgrade to Persona PLUS. We didn't really include any collection volume, I think 0% to 2% again this year. We don't control that. Obviously, as I said in the prepared remarks, if collection volumes remain hot and/or the pace of adoption of Persona accelerates, then we have meaningful upside from what we otherwise view as very prudent guidance with mid-single-digit growth for the year.

至於 2027 財年的指引，我們沿用了 2026 財年的做法，基本上只談我們能直接掌控的事項：市占提升的年化效應，以及已承諾的 Persona PLUS 升級。我們其實沒有把採集量納入太多假設，我想今年仍是 0% 到 2%。那不是我們能控制的。當然，如同我在事先準備的發言中所說，如果採集量持續火熱，且／或 Persona 的採用速度加快，那麼相較於我們認為相當審慎、全年中個位數成長的指引，將會有顯著上行空間。

In terms of PLUS, it's the next stage of our advancements. Nobody can match it. It's another -- Persona on average gave 10% benefit. This is another 5% on average above that, tremendous acceptance into the market. We've already begun the upgrade cycle. And while we don't talk about price explicitly, the value of dropping that additional 5% yield to our customers, it creates a lot of room for mutual benefit, right? So you should absolutely expect price to be part of the equation as we roll forward this year.

就 PLUS 而言，這是我們進一步提升的下一階段。沒有人能與之匹敵。Persona 平均帶來約 10% 的效益。而這是在其基礎上再平均增加約 5%，市場接受度非常高。我們已經開始升級循環。雖然我們不會明確談價格，但為客戶帶來額外 5% 的採集量價值，確實為雙方創造了很大的互利空間，對吧？因此，隨著我們今年推進導入，你絕對可以預期價格會是方程式的一部分。

But as it is our convention, we won't put it into the guide until it's fully contracted and we have a committed timeline for implementation. So more to come there. We think it gives us some breathing room as the year progresses, some potential upside, but really excited about it, puts just another step forward for the platform to advance and really be unrivaled in the market.

但依照我們一貫的作法，在完全簽約、且我們有明確承諾的導入時程之前，我們不會把它納入指引。所以後續還會有更多更新。我們認為這讓我們在年度推進過程中多了一些緩衝與潛在上行空間；我們對此非常興奮，這也讓平台再向前邁進一步，並真正成為市場上無可匹敵的方案。

And if I can just ask one more, maybe on margins, I think you sort of forecasted the 50 to 100 basis points as a reasonable starting point, but you're coming off a little bit lower of an exit rate here. So when we look at 4Q, for you, James, maybe you called out increased investments, some of which I assume will persist versus things that are maybe a little bit more one-time in terms of benefit costs. I think you called out performance comp and tariffs. So just if you could break that down for us a little bit more and lay out how those things flow into the '27 guide as well.

如果我可以再問一個，可能是關於利潤率。我想你們提到以 50 到 100 個基點作為合理的起點，但你們目前的退出水準（exit rate）看起來略低。所以當我們看第四季時，James，或許你提到投資增加，其中一些我猜會持續，而另一些可能較偏一次性，例如福利成本的影響。我想你也提到績效獎酬與關稅。所以如果你能再幫我們拆解得更清楚一些，並說明這些因素如何反映在 2027 年指引中。

Yeah, sure. Thanks, Andrew. On Q4 operating margins, the results certainly were lower than we initially expected. And it really comes down to the three items, which I think you mentioned. First, tariffs were higher than anticipated. We saw roughly 60% of the annual impact in Q4 as our Plasma inventories were depleted. Second, as you mentioned, we had the higher claims expense for our self-insured medical plans. And third, we stepped up sales and marketing investment ahead of our FY27 launches, including MVP XL and PerQseal Elite.

好的，當然。謝謝，Andrew。關於第四季的營業利益率，結果確實低於我們最初的預期。主要就是你提到的三個項目。第一，關稅高於預期。隨著我們的血漿庫存被消化，我們在第四季看到了約占全年影響 60% 的衝擊。第二，如你所說，我們自保型醫療計畫的理賠費用較高。第三，我們在 2027 財年產品上市前加大了銷售與行銷投資，包括 MVP XL 與 PerQseal Elite。

When I look to FY27, we expect the operating margin expansion to be driven primarily by gross margin improvement, but also by greater operating leverage. So on gross margin, we expect the benefits from our plasma innovation cycle, which Chris just talked about, including Persona PLUS, along with volume-driven leverage. And we also expect a favorable mix shift as Hospital, which runs close to 70% gross margins, contributes more of the growth.

當我展望 FY27 時，我們預期營業利益率的擴張主要將由毛利率改善所帶動，同時也會受惠於更高的營運槓桿。就毛利率而言，我們預期將受益於我們的血漿創新週期（Chris 剛剛提到的），包括 Persona PLUS，以及由出貨量帶動的槓桿效益。我們也預期產品組合將出現有利的轉移，因為醫院（Hospital）業務的毛利率接近 70%，且其對成長的貢獻將更高。

Offsetting some of that, we did incorporate higher tariff costs into our standard costs. And we're assuming a 15% tariff level versus the current 10% that we're paying, so that differential is already built in.

用以抵消其中一部分影響的是，我們已將較高的關稅成本納入我們的標準成本。我們假設關稅水準為 15%，相較於目前我們支付的 10%，因此這個差異已經反映在內。

Overall, on operating expenses, I'd say we're investing, so expenses are going to be up, including with Vivasure, but we're expecting operating leverages as revenue growth and gross margin expansion outpace expense growth. We're staying disciplined, and we're looking to protect our profitability while funding the launches.

整體而言，在營業費用方面，我會說我們正在投資，因此費用會上升，包括 Vivasure 相關支出；但我們預期隨著營收成長與毛利率擴張的速度快於費用成長，將帶來營運槓桿。我們會保持紀律，並在為產品上市提供資金的同時，致力於保護我們的獲利能力。

So overall, we do think some of those items will recur, like the tariffs were building in higher costs for medical, and we do have those bigger investments in there for S&M. But that's all built in to the guide, and we look forward to improved operating margins next year.

因此整體來看，我們確實認為其中一些項目會重複出現，例如關稅使醫療相關成本提高，而我們也在銷售與行銷（S&M）方面納入了較大的投資。但這些都已納入指引之中，我們也期待明年營業利益率能有所改善。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

Great. Thank you for taking the questions. Maybe I'll pick up where Andrew left off and ask about Hospital. I thought it was really encouraging to hear you're feeling re-energized about the interventional tech trajectory. So just want to get a little bit more detail on the dynamics you're seeing, stabilization, signs of improvement. Certainly, you've got the expanded label for MVP XL. So would love more details on that and a cadence for how you think fiscal '27 could unfold for this part of the business.

很好。謝謝你們回答問題。也許我接續 Andrew 的問題來問醫院（Hospital）業務。聽到你們對介入技術（interventional tech）的發展軌跡重新充滿動能，我覺得非常令人鼓舞。所以想再多了解一些你們看到的動態：是否已趨於穩定、是否有改善跡象。當然，你們也已擴大 MVP XL 的適應症標示（expanded label）。因此很希望聽到更多相關細節，以及你們認為 2027 財年這部分業務可能如何展開的節奏。

Yes. Thanks, Marie. I think quite clearly, whether it's 6 or 9 or 12 months from now, we will look back at this point and say that was the inflection point. Fourth quarter of fiscal '26 is when Haemonetics IVT turned the corner. And we understand we were down 9% for the year. When you step back from that number, and there's no apologies here, but the reality is fully 80% of that 9% decline was attributable to two factors, the re-leveling of the guidewire OEM business, with J&J's acquisition of Abiomed, they took the inventory down, rebalanced their sourcing a bit, and that was a big chunk of the hit.

是的。謝謝，Marie。我想很清楚的是，不論是 6 個月、9 個月或 12 個月後，我們回頭看都會說：那就是拐點。2026 財年第四季是 Haemonetics IVT 扭轉局勢的時點。我們理解我們全年下滑了 9%。當你退一步看這個數字，我們不找藉口，但現實是：這 9% 下滑中有足足 80% 可歸因於兩個因素：其一是導絲（guidewire）OEM 業務的重新調整；隨著 J&J 收購 Abiomed，他們降低了庫存、並稍微重新平衡了採購來源，這占了衝擊中的很大一部分。

The other hit of course was ensoETM, which is on the wrong side of the PFA adoption curve. The good news is we've lapped the first ,and the second is now at a level where, at roughly $2 million per quarter, it can't hurt us

另一個衝擊當然是 ensoETM，它位於 PFA 採用曲線的不利一側。好消息是，我們已經跨過第一個（影響），而第二個目前的水準大約每季 200 萬美元，已經不太可能再傷害我們。

So what you will see from us going forward is threefold. You will see a return to growth at or above market rates for Vascular Closure led by electrophysiology. You'll see SavvyWire, the direct retail business that we control, growing disproportionately, and with any luck, we'll launch the PerQseal Elite product later this year, and we think that's a novel offering for large foreclosure, which gives us a lot of encouragement.

因此，接下來你們會從我們這裡看到三件事。你們會看到血管封合（Vascular Closure）在電生理（electrophysiology）帶動下，回到與市場相當或高於市場的成長。你們會看到 SavvyWire——由我們掌控的直營零售業務——以更快的速度成長；而且如果順利的話，我們會在今年稍晚推出 PerQseal Elite 產品，我們認為這是針對大口徑封合（large closure）的創新方案，讓我們非常受到鼓舞。

In short, the enthusiasm you're hearing from us is a better team, better tools, a better product, and a more accommodating market overall. So we understand our win-loss ratio. We understand what this team is capable of. We've equipped them. You heard from James the investments we've made throughout the year, but especially in the fourth quarter, to position them for stellar performance in FY27, and that's exactly what we expect.

簡而言之，你們聽到我們的熱情，來自於更好的團隊、更好的工具、更好的產品，以及整體更友善的市場環境。因此我們了解我們的勝負比（win-loss ratio）。我們了解這個團隊能做到什麼。我們也已為他們配備到位。你們也聽到 James 提到我們全年所做的投資，尤其是在第四季，為 FY27 的卓越表現做好定位，而這正是我們所預期的。

All right. That's great detail. A quick one maybe for James here. Free cash flow conversion, I think you cited 89% this fiscal year, which is tremendous. You're pointing to 80% conversion next fiscal year. Obviously, nothing to sneeze out. It's still very impressive. But what's behind that trajectory, the 80% versus the nearly 90% this year? Thanks for taking the questions.

好的。這些細節很棒。我這裡可能有個簡短問題想問 James。自由現金流轉換率（free cash flow conversion），我記得你提到本財年是 89%，非常亮眼。你們指引下一財年為 80% 的轉換率。當然，這也不容小覷。仍然非常令人印象深刻。但這個走勢背後的原因是什麼？為什麼是 80%，而不是像今年接近 90%？謝謝你們回答問題。

Yeah. For the most part, Marie, that's just a bit of conservatism being built in. We know that we have to increase our inventory levels. So it's working capital related really driving most of that, but also a healthy dose of conservatism in there.

是的。Marie，就大部分而言，那只是我們在其中納入了一點保守假設。我們知道我們必須提高庫存水位。所以主要是營運資金相關因素在驅動，但同時也包含相當程度的保守性假設。

Anthony Petrone, Mizuho.

Anthony Petrone，Mizuho。

Thanks, and good morning, everyone. Maybe one on Plasma, one on IVT. On Plasma, maybe just a recap on the landscape there, some chatter that there's some discounting going on by some of the fractionators in that space.

謝謝，大家早安。我可能問一個關於血漿（Plasma）的問題，再問一個關於 IVT 的問題。先談血漿：能否簡要回顧一下那邊的市場環境？有些消息指出該領域的一些分餾商（fractionators）正在進行折扣。

And then in addition to that, there's a shift as it relates to CIDP prescriptions. In other words, the FcRn competition question. So maybe what's the latest in terms of what you're hearing just on just finished good IG inventory as well as FcRn competition in CIDP? And I'll have a quick follow-up on VASCADE MVP.

此外，CIDP 處方也出現一些轉變。換句話說，就是 FcRn 競爭的問題。所以想請教最新情況：你們聽到的關於成品 IG 庫存（finished good IG inventory），以及 FcRn 在 CIDP 的競爭態勢如何？我之後也會快速追問一個關於 VASCADE MVP 的問題。

Anthony, it's Chris. Thanks for the question. We remain really bullish on Plasma. It defines durable growth in our portfolio and is a major source, not only of earnings, but free cash flow and return on invested capital. So we look at this, there are certainly others that are more expert, beginning with our customers, but our understanding is quite positive with regards to the long-term demand of IG-derived pharmaceutical therapies.

Anthony，我是 Chris。謝謝你的問題。我們對血漿業務仍然非常看多。它在我們的產品組合中代表著具韌性的成長，也是獲利、自由現金流以及投資資本報酬率（return on invested capital）的主要來源。因此我們看待這件事時，當然有其他人更專業，首先就是我們的客戶；但就我們的理解而言，對於 IG 衍生藥物治療（IG-derived pharmaceutical therapies）的長期需求，我們的看法相當正面。

What gets lost in the chatter, I think, is that fully half the market -- more than half the market and a disproportionate source of growth of a category is primary and secondary immune deficiencies, which tragically are being driven, incidence and prevalence, by cancer therapy. And so there is no alternative to IG in that space, and we see that growth unabated.

我認為在這些討論中容易被忽略的是：市場有足足一半——甚至超過一半——而且是該類別成長的主要且不成比例的來源，來自原發性與繼發性免疫缺陷；而令人遺憾的是，其發生率與盛行率正受到癌症治療所驅動。因此在那個領域沒有 IG 的替代方案，我們看到那部分的成長仍未減弱。

On the other side, autoimmune, what we look to primarily is new patient starts. And what we see is IG remains the standard of care. Now, I think folks misinterpret that when they see growth in VYVGART, that that must come at the expense of IG. And the reality is just that's just a misinterpretation of the facts. The reality is both can grow because the primary use for VYVGART in those autoimmune categories is as secondary therapy for when their patient is non-responsive to IG or that they want to overlay anti-FcRn in addition to Ig to get an optimal result.

另一方面，在自體免疫方面，我們主要觀察的是新病患開始治療（new patient starts）。我們看到 IG 仍然是標準治療（standard of care）。我想有些人會誤解：當他們看到 VYVGART 成長，就認為那一定是以 IG 為代價。但事實上那只是對事實的誤讀。現實是兩者都可以成長，因為在那些自體免疫類別中，VYVGART 的主要用途是作為第二線治療：用於病患對 IG 無反應時，或是希望在 Ig 之外再加上抗 FcRn 以取得最佳療效。

There's very few examples of naive IG patients being started on the alternative therapy, and there's none that I'm aware of where someone is being switched off of IG who was otherwise well tolerated and well treated. And some of that's economic. Some of that's just the base underlying efficacy of IG therapy. So there will always be noise in the system. There will always be a degree of cyclicality. Inventory levels are more art than science as we understand it, but we remain very bullish on the near, the intermediate, and the long-term demand for IG therapy and the need to collect accordingly.

幾乎沒有天真（naive）的 IG 病患一開始就採用替代療法的案例，而且就我所知，也沒有任何案例是把原本對 IG 耐受良好、治療效果也良好的病患改換停用 IG。其中一部分原因是經濟因素。另一部分原因則是 IG 治療本身的基礎療效。因此，系統中永遠會有雜訊。也永遠會存在一定程度的週期性。就我們的理解，庫存水位更像是藝術而非科學，但我們對 IG 治療在短期、中期與長期的需求，以及相應的採集需求，仍然非常看多。

Very good. And then just quick on MVP, VASCADE, all of the PFA companies reported here. It looks like the market for cardiac ablation slowed a little bit in 1Q. Just from the vantage point of Haemonetics, where does it see just the underlying market for EP volumes? Thanks.

非常好。接著快速問一下 MVP、VASCADE，以及這裡提到的所有 PFA 公司。看起來 1Q 心臟消融市場放緩了一點。從 Haemonetics 的角度來看，對於 EP 手術量的底層市場趨勢怎麼看？謝謝。

Yeah. Thanks, Anthony. I think one of the positive silver lining, if you will, of the pace of PFA adoption and the changing modalities associated with it is that it is very quickly settling in, which is helpful for us because we have a dual effect. Higher procedure volumes is obviously a good thing, but the reduction in access sites works against demand for our product. Because this is now leveling, you will increasingly see demand for closure track with the underlying demand for procedures, which is meaningfully ahead.

是的。謝謝你，Anthony。我認為，若要說 PFA 導入速度以及其所伴隨的治療模式變化帶來的一個正面「一線曙光」，那就是它正在非常快速地趨於穩定；這對我們有幫助，因為我們受到雙重影響。手術量增加當然是好事，但穿刺入路（access）部位減少會不利於我們產品的需求。由於現在正在趨於平穩，你會越來越看到封合（closure）需求會跟隨手術需求的底層走勢，而後者明顯更為強勁。

When we go back and estimate FY26, the underlying growth in access sites was probably mid-single digits, perhaps as low as 3.5% or 4%. What we expect for this year is certainly higher than that, probably in the mid to high single digits, which bodes well for us, given our aspiration to grow at or above the market fairly quickly here.

回頭估算 FY26 時，入路部位的底層成長大概是中個位數，甚至可能低到 3.5% 或 4%。我們對今年的預期肯定高於此，可能在中到高個位數，這對我們很有利，因為我們的目標是在這裡相對快速地達到與市場同等或高於市場的成長。

So from our vantage point, we're ubiquitous, particularly with the label expansion and the added clinical evidence, which is really outstanding. We are indifferent between which therapy is used. We have the best access closure for small and mid-bore, soon to be large-bore as well. And so from our vantage point, we think we can grow at or above market. If the market modulates down a tad, that probably just gives us a chance to catch our breath and get back on our front foot.

所以從我們的角度來看，我們是無所不在的，特別是在適應症標籤擴增以及新增的臨床證據加持下，這些都非常出色。我們不在乎使用哪一種療法。我們在小口徑與中口徑的入路封合上是最佳方案，很快也會涵蓋大口徑。因此從我們的角度，我們認為我們可以達到與市場同等或高於市場的成長。如果市場稍微下調一點，反而可能讓我們有機會喘口氣，然後重新回到主動進攻的姿態。

Allen Gong, JPMorgan.

JPMorgan 的 Allen Gong。

Hi. Thanks for the question. I guess like one that I have is on PerQseal. I know you're not including any contribution in your current guidance, but just remind us on the pathway to market there and potential upsides to the guide from that.

嗨。謝謝讓我提問。我想問的是關於 PerQseal。我知道你們目前的財測指引沒有納入任何貢獻，但能否提醒我們它的上市路徑，以及它可能為指引帶來的上行空間？

Yeah. Hi, Allen. As is our convention, we've included all of the launch expense, which actually began last quarter, to prepare the team, the product, and the market for a truly outstanding launch whenever that comes this year. The product has been submitted to FDA. It's under review. We'll have the normal ongoing process. I don't want to comment about the timeline. It's just unpredictable in that regard, particularly in this current environment, but we really like the data submission. It's based on a set of trials that have been well vetted by the academic community.

好的。嗨，Allen。依照我們一貫的做法，我們已經把所有上市（launch）費用都納入了；其實這些費用在上季就已開始，用於讓團隊、產品與市場做好準備，以便在今年任何時點到來時，都能進行一次真正出色的上市。產品已提交 FDA。目前正在審查中。我們會走正常的持續流程。我不想評論時間表。在這方面確實不可預測，尤其在目前的環境下；但我們非常喜歡這次的資料提交。它是基於一系列已被學術界充分審視的試驗。

And so we feel quite confident in the product's profile and its eventual approval. We didn't include any of the revenue because we don't control it. And so whenever it comes, we will be ready to go. And we think this will really be a meaningful, novel offering for large bore closure, up to 26 [French] outer diameter.

因此，我們對產品的特性輪廓以及最終獲批相當有信心。我們沒有把任何營收納入，因為那不在我們控制之內。所以不論何時獲批，我們都會準備就緒。我們認為這將會是針對大口徑封合的一項重要且新穎的產品，可支援最高至 26 [French] 外徑。

And so we think it'll strengthen our play, not only in Vascular Closure more broadly, but in structural heart as well. So it's a nice complement. It's a true tuck-in. We don't need to add additional resources beyond what we already have in place. We just need to make sure those resources have the tools and are properly trained and equipped to be able to create launch intensity, which we expect later this year.

因此，我們認為它不僅會強化我們在血管封合（Vascular Closure）更廣泛領域的布局，也會強化我們在結構性心臟（structural heart）領域的布局。所以它是一個很好的互補。這是一個真正的「tuck-in」（小型補強式）產品。我們不需要在既有配置之外再增加額外資源。我們只需要確保這些資源具備工具，並且接受適當訓練與配備，以便能夠打造我們預期在今年稍晚出現的上市強度。

Got it. And then just as a quick follow-up to an earlier question just on plasma supply, I just wanted to confirm, when we think about some call-outs of maybe abnormal stocking and potential destocking dynamics in the quarter, that's not something that you're seeing, that's not something that you're necessarily concerned about for the rest of the fiscal year? I just want to make sure that's the right way to think about it. Thank you.

了解。再快速追問一下先前關於血漿供給的問題：我想確認一下，當我們談到本季可能存在一些異常備貨以及潛在去庫存（destocking）的動態時，這不是你們正在看到的情況，也不是你們對本財年剩餘期間特別擔心的事情，對嗎？我只是想確認這樣理解是否正確。謝謝。

Yeah. Allen, I just go back to our guidance at mid-single digit. We have included 0% to 2% collection volume growth for the year. So if what you are describing is right, we're indemnified from it, right? We didn't anticipate collection volume growth. Anything that is above that 0 to 2 is going to be upside for us as the year progresses.

是的。Allen，我回到我們中個位數成長的指引。我們已把全年採集量（collection volume）成長 0% 到 2% 納入考量。所以如果你描述的情況是對的，我們也已經被「保護」住了，對吧？我們並沒有預期採集量會成長。任何高於 0 到 2 的部分，隨著年度推進都會成為我們的上行空間。

What we'll lean into is an expedited rollout of Persona PLUS, where we have meaningful innovation-based pricing that will really help the market. There have been -- in prior yield rollouts, there have been trade-offs made where folks collect less because -- collect less total collections because they're getting more per collection from us. That's part of our value proposition. It drives margin expansion, and it helps with the overall profitability and the durability of what we're doing.

我們會著力推動 Persona PLUS 的加速推廣，在那裡我們有具實質意義、以創新為基礎的定價，將真正幫助市場。在過去的產出率（yield）推廣中，曾出現一些取捨：有些客戶因為從我們這裡每次採集能獲得更多，因此總採集次數會變少。那是我們價值主張的一部分。它能推動毛利率擴張，並有助於提升我們所做事情的整體獲利能力與持久性。

But the actual inventory levels, I think the numbers get confusing because you've got individual customers at very different stages in the lifecycle. So for us, with north of 50 share of the total collection market between the US and Europe, we have more ability to kind of balance that out, perhaps, than some.

但就實際庫存水位而言，我認為數字會變得混亂，因為不同客戶正處於生命週期中非常不同的階段。因此，對我們來說，在美國與歐洲合計的總採集市場中，我們市占超過 50%，相較於某些同業，我們或許更有能力在一定程度上把這些差異平衡掉。

Larry Solow, CJS Securities.

CJS Securities 的 Larry Solow。

Yes. Hi, good morning. It's Pete Lucas for Larry. Just following up on PerQseal. Should we expect incremental sales and marketing investment in fiscal year '27 ahead of when approved? And how should we kind of think about that?

是的。嗨，早安。我是代 Larry 提問的 Pete Lucas。接續 PerQseal 的問題。在獲批之前，我們是否應該預期你們在 2027 財年會增加銷售與行銷方面的投資？我們應該如何看待這件事？

Yeah. I'll let James walk through the details of it, Pete, but our guidance of mid-single-digit growth for hospital and 100 basis points of margin expansion fully anticipates the resourcing of that launch for success. And good news is we were able to do a bunch of that work in the fourth quarter, but some of it will continue into the year, but it's fully reflected on our guidance. What's not reflected, per my answer to the prior question, is any revenue attainment. We'll -- if and when, we'll adjust accordingly.

是的。Pete，我會讓 James 帶大家看細節，但我們對醫院業務「中個位數成長」以及「毛利率擴張 100 個基點」的指引，已完全把為確保這次上市成功所需的資源投入納入考量。好消息是，我們在第四季已完成了相當一部分工作，但仍有一些會延續到今年，不過都已完整反映在我們的指引中。如同我對前一題的回答，尚未反映的是任何營收達成。我們會——若且當發生時——再相應調整。

Yeah. When you look at the numbers, it was -- Vivasure was roughly 5% or so dilutive in Q4. You take that and multiply it by 4, that would give you about $0.20 dilution for Vivasure for the full year.

是的。從數字來看，Vivasure 在第四季大約造成了 5% 左右的稀釋。把這個乘以 4，全年 Vivasure 的稀釋大約會是 0.20 美元。

David Rescott, Baird.

David Rescott，Baird。

Great. Thanks for taking the questions. Two quick clarification questions and then had a follow-up. And it sounds like you kind of just answered part of the first one as it relates to the contribution from these launch investments for Vivasure. But maybe can you think about or help us think about when we look at the margins in the quarter?

很好。謝謝讓我提問。兩個快速釐清的問題，然後還有一個追問。聽起來你們剛剛其實已經回答了第一個問題的一部分，關於 Vivasure 這些上市投資的貢獻。但也許能否請你們談談，當我們看本季的利潤率時，該怎麼理解？

I think margins in Plasma was down 650 basis points year over year. What maybe that baseline operating margin overall was in your mind, maybe taking out that $0.05 kind of gets you to what that adjusted ex-Vivasure number is.

我認為 Plasma 的利潤率年對年下降了 650 個基點。你心目中整體的基準營業利潤率大概是多少？也許把那 0.05 美元剔除後，就能得到調整後（不含 Vivasure）的數字。

And then as it relates to the guide for 2027, you called out EPS growth comparable to that of revenue. Just curious if that's specific to the reported revenue growth or the organic revenue growth guidance for the year, and then I had a follow-up.

另外，關於 2027 年的指引，你提到 EPS 成長與營收成長相當。我想確認這是指「報告口徑」的營收成長，還是指今年的「有機」營收成長指引？然後我還有一個追問。

Yeah. On the second one, the EPS is commensurate with the reported revenue growth because that includes all 53 weeks.

是的。第二個問題，EPS 會與報告口徑的營收成長相匹配，因為那包含了完整的 53 週。

On the operating margin question on Plasma, there's a couple of things that drove the decline versus the Q4 in the previous year. One, I would say, as I mentioned, was we had some tariff expense that came in in the quarter that was higher than what we anticipated. That pushed it down.

至於 Plasma 的營業利潤率問題，相較去年第四季下滑主要有幾個因素。第一，如我提到的，本季有一些關稅費用進來，高於我們原先預期。這把利潤率往下拉。

The other thing that pushed it down was as we got into the fourth quarter, we hit some of the higher tiers in our volume-based pricing, and that also pushed it down a bit as well. But the baseline Plasma operating margin, if you took the average of the year, excluding the $16 million that was in the first quarter for software, that should get you something close to a baseline amount there for Plasma.

另一個壓低利潤率的因素是，進入第四季後，我們在按量計價（volume-based pricing）中達到了一些較高的級距，這也讓利潤率再往下了一點。不過，Plasma 的基準營業利潤率，如果你用全年平均來看，並排除第一季軟體的 1,600 萬美元影響，應該就能得到一個接近的基準水準。

Hey, David. It's Chris. If I could just jump in on that, if I may. Because I think one thing that may get lost in the shuffle is, we fully expect FY27 to be a robust year of product launches. It'll include the heparinase neutralization cartridge, which is now in Europe, but we'll take more broadly the MVP label expansion, which gives us tremendous cachet at IDNs and ASCs and just a broader opportunity to promote the product directly in the market.

嗨，David。我是 Chris。如果可以的話，我想補充一下。因為我覺得有一點可能在討論中被忽略：我們完全預期 FY27 會是產品上市非常強勁的一年。其中會包含 heparinase 中和匣（neutralization cartridge），目前已在歐洲上市；我們也會更廣泛推動 MVP 標籤擴增，這讓我們在 IDN 與 ASC 客戶端具備很強的品牌與產品能見度，也帶來更廣泛、可直接在市場推廣產品的機會。

We talked about Persona PLUS and what we think that will mean. We expect everyone to adopt that over the course of time here, and then PerQseal Elite when it comes. And so we factored in what we believe are the costs associated with making sure this goes. That's part of the guide. If we surprise ourselves positively, then the revenue forecast and the associated margins with that will look prudent in hindsight.

我們也談到 Persona PLUS，以及我們認為它將帶來的意義。我們預期大家會在一段時間內逐步採用，接著還有 PerQseal Elite 上市。因此，我們已把確保這些上市順利推進所需的成本納入考量。這就是指引的一部分。如果我們帶來正向驚喜，那麼事後回頭看，我們的營收預測以及相應的利潤率假設就會顯得更為保守審慎。

Okay. And then maybe on the assumptions for the Plasma guide in the year, appreciate the color you provided on that already. But when we look back to the NexSys Persona Express PLUS launch a couple of years ago, you had the improved yield benefits coming out of that and in the period exiting that, the underlying plasma market growth declined or was slower than expected. And I know we don't definitively know what the reason was, but perhaps you could assume that better yield was a factor there.

好的。那再談談今年 Plasma 指引的假設，謝謝你們剛剛提供的說明。但回顧幾年前 NexSys Persona Express PLUS 上市時，你們因為良率提升而受益，而在那段期間之後，整體血漿市場成長下滑或低於預期。我知道我們無法確定原因，但也許可以假設良率提升是其中一個因素。

As you think about launching the new Persona PLUS system with a better yield enhancement coming with it, how, I guess, do you potentially expect that to impact the overall plasma collections if, again, perhaps the reason why you had slower growth in the prior couple-year period may have been related to the initial new product launch? And feel free to tell me if you think that's wrong as well. Thank you.

當你們推出新的 Persona PLUS 系統、並帶來更好的良率提升時，你們預期這可能會如何影響整體血漿採集量？如果先前那兩年成長較慢的原因，可能與當時新產品上市初期有關的話。如果你們認為這個推論不對，也請直接告訴我。謝謝。

I don't think we have clairvoyance on this, right? We continue to believe Plasma will play an outsized role in terms of durable growth, free cash flow, and return on invested capital. The guidance of mid-single-digit growth for FY27 includes the annualization of share gains, which have already been implemented, right?

我不認為我們能對此未卜先知，對吧？我們仍然相信 Plasma 將在「持續性成長、自由現金流以及投入資本報酬率」方面扮演更為關鍵的角色。FY27「中個位數成長」的指引，已包含市占提升的年化效果，而這些市占提升其實已經落地了，對吧？

So share gains, we grew 20% in fiscal '26. As you know, fully half of that growth are share gains, and so that is still annualizing as we speak, and we'll continue certainly through the first part of the year.

所以市占提升方面，我們在 2026 財年成長了 20%。如你所知，其中有一半的成長來自市占提升，而這部分目前仍在持續年化中，我們現在就正在經歷，並且肯定會延續到今年前半段。

Innovation based pricing, important lever for us. We've annualized all the Persona gains previously built in. What we will have is potential upside associated with the Persona PLUS and accelerated adoption there, given what that means to the market.

以創新為基礎的定價（innovation-based pricing）是我們的重要槓桿。我們已把先前 Persona 的所有增益都做了年化納入。接下來可能的上行空間，會來自 Persona PLUS 以及其加速採用，因為它對市場的意義。

In terms of volume, again, 0% to 2% because we don't control it. The dynamic you described is very much what took place for the second wave of Persona rollout, where some of the largest collectors took the 10% yield and met their annual objectives and were able to meaningfully lower cost per liter as a result. The first wave of Persona rollout was the opposite effect, which is folks that were intended to grow 10% for the year grew 20% to meet their individual demand at the time.

至於量的部分，再次強調是 0% 到 2%，因為那不是我們能控制的。你描述的動態，確實很像 Persona 第二波導入時發生的情況：一些最大的採集商拿到 10% 的良率提升後，就能達成年度目標，並因此顯著降低每公升成本。而 Persona 第一波導入則是相反的效果：原本預計全年成長 10% 的客戶，為了滿足當時的個別需求，最後成長了 20%。

So it'll vary by individual customer. It's really difficult to call. We feel like we're well insulated at that mid-single-digit overall guide, given that 0% to 2% is what's attributable to volume at this point.

所以會因個別客戶而異。這真的很難預測。我們認為在整體「中個位數」的指引下，我們的緩衝相當充足，因為目前可歸因於量的部分只有 0% 到 2%。

Mike Matson, Needham.

Mike Matson，Needham。

Hi, everybody. This is Joseph on from Mike. Maybe just one on Plasma and then a quick follow-up on Vivasure. So 4Q looks like Plasma growth ex-CSL, maybe slow compared to the last three quarters, but I'm just wondering, was there any weather disruptions early in the quarter that affect the Plasma there? And how should we be thinking about Q1? I believe it's usually the seasonally weakest. So should we expect sequential decline from here?

嗨，各位好。我是 Joseph，代 Mike 發言。先問一個關於 Plasma 的問題，然後再快速追問一個 Vivasure。第四季看起來 Plasma（不含 CSL）的成長，可能比前三季慢一些；我想確認一下，本季初是否有任何天氣因素造成的干擾，影響了 Plasma？另外，我們該如何看待第一季？我相信第一季通常是季節性最弱的。所以我們是否應該預期從這裡開始會出現季對季下滑？

And then just with fiscal '27 being, I guess, the first clean year without the impact from CSL, can you maybe tell us if there's any residual impacts on the business that maybe investors aren't considering? Or is it completely headwind free from here?

接著，既然我想財年’27將會是第一個不再受到 CSL 影響的乾淨年度，您能否跟我們談談，是否還有任何業務上的殘餘影響，可能是投資人尚未納入考量的？還是說從現在開始就完全沒有逆風了？

Yeah, I could, Joe, thanks for the questions. Let me answer them in reverse order. I used the phrase in a public setting recently that the fog is clearing, and it's going to reveal the forest for the trees. I think the $153 million of overhang or hangover, depending on who you're talking to, does clear entirely. And it'll be nice to be able to talk with you guys without the asterisks and the but-fors and what sounds like a list of apologies, just durable growth, cash flow, and return on capital, which that business is known for. So yes, we are very much looking forward to a clean print in FY27 and beyond.

好的，Joe，我可以的，謝謝你的提問。我先倒過來回答。我最近在公開場合用過一句話：霧正在散去，會讓我們看清森林而不再只見樹木。我認為那 1.53 億美元的懸而未決因素或後遺症（看你跟誰聊）會完全消除。能夠在沒有那些星號、沒有那些「如果不是因為……」以及聽起來像一串道歉清單的情況下，和各位交流會很棒；只談可持續的成長、現金流與資本報酬率——這正是那項業務一向以來的強項。所以是的，我們非常期待在 FY27 以及之後看到一份乾淨的成績單。

In terms of the fourth quarter, first quarter dynamic, you are right in the seasonality. Actually, our fiscal fourth quarter, which is the first calendar year that we just concluded, typically is the weakest collection period of the year. There's lots of things that get attributed this year, to your point. Yeah, we had some heavy storms that prevented donors from getting into the centers back at the very beginning of the quarter. That seemed to normalize and correct out.

至於第四季、第一季之間的動態，你對季節性判斷是正確的。其實，我們的財政第四季，也就是我們剛結束的曆年第一季，通常是一年當中回收款項最弱的期間。如你所說，今年有很多因素被歸因於此。是的，我們在季度一開始遇到一些強烈風暴，讓捐贈者無法前往中心。那之後看起來已經正常化並且修正回來了。

There are a lot of speculation about tax refunds and given the changes in the tax laws that refunds were larger, but then some were delayed. And so I don't really know how to handicap the ups and downs on that. We had a good quarter. Plasma did what we needed it to do to round out the year.

外界對退稅有很多揣測，並且由於稅法變更，退稅金額更大，但也有部分延遲。所以我也不太知道該如何衡量其中的起伏。我們這一季表現不錯。血漿業務完成了我們需要它完成的事，讓全年表現收尾到位。

In terms of first quarter softness, it's not what we're experiencing. But again, we don't control it, so we're going to remain prudent and conservative around that. But typically, first quarter begins to build, and it gains real momentum in second and third quarter, and we would expect this year to look similar.

至於第一季的疲軟，這不是我們目前所經歷的情況。但同樣地，我們無法控制，因此我們會在這方面保持審慎與保守。不過通常第一季會開始回升，第二、第三季會取得真正的動能，我們預期今年看起來也會相似。

Great. That's very helpful. And then, yeah, just a quick one. Are you guys seeing any early commercial signals? Obviously, not launched, but any early signals with your customers for interest in the Vivasure platform, PerQseal, and maybe how large could that opportunity be in fiscal '27? I know it's more of a second half later in the year launch, but any help, any color there would be helpful.

很好。這非常有幫助。然後，嗯，再快速問一個。你們是否看到任何早期的商業訊號？顯然還沒正式上市，但你們是否從客戶那邊看到對 Vivasure 平台、PerQseal 的早期興趣訊號？以及在財年’27 這個機會可能有多大？我知道比較像是下半年、年內較晚的上市，但如果能提供一些協助、一些補充說明會很有幫助。

Sure. The early signals are overwhelmingly positive. I think the readouts at the various -- in DCT and HRS and elsewhere have been uniformly positively met that there's a novel new therapy coming for large foreclosure where there's just tremendous unmet need in the market today, given the existing therapies.

當然。早期訊號非常正面。我認為在各個——在 DCT、HRS 以及其他地方的讀出結果——都一致獲得正面回應：針對大型血管閉合（large foreclosure）將有一種新穎的新療法問世；在現有療法的限制下，市場目前存在非常龐大的未被滿足需求。

The product is approved for sale in Europe. We've intentionally not leaned in because as part of our integration planning, we have work to do in terms of manufacturing scale-up, reduction in cost of goods sold, make the product accretive, not just on a top-line basis, but also to our margin expansion. So we are working diligently on that.

該產品已獲准在歐洲銷售。我們刻意沒有大幅推進，因為作為我們整合規劃的一部分，我們在製造擴產、降低銷貨成本、讓產品具備增益效果方面還有工作要做；不只是營收端的增益，也要能帶動我們的毛利率擴張。因此我們正努力推進這些工作。

What we see in Europe, though, because we've done a very controlled process where we're working with the major academic centers around Europe, is really meaningful interest and excitement about what the product means for the marketplace. When we step back on a global basis, we estimate the TAM for that opportunity at roughly $300 million. And we know where we sit vis-a-vis the competition. We know what we need to do to be successful on the launch.

不過，我們在歐洲看到的是——因為我們採取了非常受控的流程，與歐洲各地主要的學術中心合作——市場對這項產品所代表的意義展現出非常顯著的興趣與期待。從全球角度來看，我們估計這個機會的 TAM（總可服務市場）約為 3 億美元。而且我們清楚自己相對於競爭對手的位置。我們也知道要在上市時取得成功需要做什麼。

Let's wait for the release from FDA and the ultimate label that we receive. And then we'll be more than happy to drill down on exactly what this means. And when I use the term launch velocity, we'll put numbers behind it. They'll be easily quantified.

讓我們先等待 FDA 的核准結果以及我們最終拿到的標示（label）。之後我們非常樂意再深入說明這究竟代表什麼。當我使用「上市速度」這個詞時，我們會用數字來佐證。這些都會很容易量化。

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

謝謝。感謝各位參與今天的會議。我們的議程到此結束。您現在可以斷線。