Haemonetics Corp (HAE) 2027 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Haemonetics Corporation first-quarter 2027 earnings conference call. (Operator Instructions)

大家好，感謝您稍候。歡迎參加 Haemonetics Corporation 2027 年第一季財報電話會議。(接線員指示)

Please be advised today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Olga Guyette, Vice President, Investor Relations, and Treasurer. Please go ahead.

請注意，今天的會議將被錄音。現在我想將會議交給今天的發言人——投資人關係副總裁兼財務主管 Olga Guyette。請開始。

Morning, and thank you for joining us for Haemonetics’ first quarter fiscal year 2027 conference call and webcast. I’m joined today by Chris Simon, our CEO, and James D’Arecca, our CFO. This morning, we reported first quarter fiscal 2027 results and raised our fiscal 2027 guidance. Our earnings release, supplemental presentation, and related materials are available in the investor relations section of our website.

早安，感謝各位參加 Haemonetics 2027 財政年度第一季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。今天早上，我們公布了 2027 財年第一季業績，並上調了 2027 財年財測指引。我們的財報新聞稿、補充簡報及相關資料可於本公司網站的投資人關係專區取得。

First-quarter results are reported under the new reportable segment structure announced on June 5, 2026. Additional information, including historical recast financials and the presentation describing the changes, is also available on our investor relations website. 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 and the exit of Liquid Solutions. Our fiscal year 2027 guidance is also adjusted for the impact of the fifty-third week.

第一季業績係依據 2026 年 6 月 5 日宣布的新可報告營運分部架構呈報。更多資訊（包含歷史重編財務資料以及說明變更的簡報）亦可於我們的投資人關係網站取得。在開始之前，我想提醒各位，我們將同時使用已報告與有機營收成長率，並排除匯率影響以及退出 Liquid Solutions 的影響。我們 2027 財年的指引亦已就第 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 持續營運的業務表現。請注意，這些指標排除了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，均載於我們的財報新聞稿中。

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

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存在重大差異。可能導致結果差異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。我們不承擔更新這些前瞻性陳述的任何義務。

With that, I’d like to turn the call over to Chris.

接下來，我想把電話交給 Chris。

Good morning, everyone. Thank you for joining. We started FY 2027 strong with broad-based execution driving another quarter of profitable growth.

各位早安。感謝各位參與。我們在 2027 財年開局強勁，廣泛且扎實的執行力帶動本季再度實現獲利性成長。

First-quarter revenue was $339 million, increasing 6% reported and organic, while adjusted earnings per diluted share increased 4% to $1.14. Investments we have made to enhance our portfolio, improve our operating model, and strengthen commercial execution are fueling consistent growth and strong cash generation. All three of our core platforms contributed to our performance this quarter, demonstrating the breadth of our business and reinforcing the confidence in our ability to deliver sustainable long-term growth.

第一季營收為 3.39 億美元，已報告與有機成長皆為 6%；調整後稀釋每股盈餘成長 4% 至 1.14 美元。為強化產品組合、改善營運模式並提升商業執行力而進行的投資，正推動我們持續成長與強勁的現金創造能力。我們三大核心平台本季皆對業績有所貢獻，展現業務的廣度，並強化我們對於實現可持續長期成長能力的信心。

Before discussing our business results, I’d like to welcome Dr. Martin Madaus to our board of directors. Martin has built a distinguished career leading global healthcare businesses through transformation, strengthening execution, and creating long-term value.

在討論業務成果之前，我想歡迎 Martin Madaus 博士加入我們的董事會。Martin 在帶領全球醫療保健企業轉型、強化執行並創造長期價值方面，建立了卓越的職涯成就。

His strategic perspective and operating experience will be invaluable as we continue executing our strategy, and we’re delighted to welcome him to the board. Now, let’s discuss our business results. MedSurg’s revenue increased 6% year-over-year reported and organic to $148 million, with growth across both franchises.

他的策略視角與營運經驗，將在我們持續推動策略執行的過程中帶來極大助益，我們很高興歡迎他加入董事會。現在，讓我們來談談業務成果。MedSurg 營收年增 6%（已報告與有機皆為 6%）至 1.48 億美元，兩大產品線皆呈現成長。

Blood management technologies grew 8% organically, with double-digit growth in hemostasis and transfusion management, partially offset by slowing cell salvage capital upgrades. Hemostasis management is the definition of durable growth, with mid-teens disposable growth in the quarter driven by higher utilization across the installed base and continued share gains.

血液管理技術有機成長 8%，止血與輸血管理皆達雙位數成長，但部分被細胞回收資本設備升級放緩所抵銷。止血管理可說是「耐久成長」的典範，本季一次性耗材成長達十幾個百分點，主要受惠於既有裝機基礎的使用率提升以及持續的市占提升。

The ongoing success of the HN cartridge underscores our ability to innovate, expand the clinical applications of viscoelastic testing, and further strengthen our leadership position, creating a longer runway for sustainable growth. Transfusion management also continued to build momentum with another quarter of strong software implementations.

HN 卡匣的持續成功，凸顯我們具備創新能力、能擴大黏彈性檢測的臨床應用，並進一步鞏固領導地位，為可持續成長打造更長的跑道。輸血管理也持續累積動能，本季再度實現強勁的軟體導入表現。

Faster customer activations are expanding our recurring revenue base and enhancing the durability of revenue growth for this franchise. Interventional technologies returned to growth, growing organically 3%. Vascular closure grew above market, increasing in the low double digits year over year, and low single digits sequentially. Performance reflected contributions from all geographies led by renewed momentum in the US with VASCADE MVP and VASCADE MVP XL and electrophysiology more than offsetting softness in peripheral and coronary procedures and esophageal cooling.

更快速的客戶啟用正在擴大我們的經常性收入基礎，並提升該產品線營收成長的耐久性。介入性技術重回成長軌道，有機成長 3%。血管封合的成長高於市場水準，年增達低雙位數，且季增為低個位數。此表現反映各地區皆有貢獻，其中以美國市場在 VASCADE MVP 與 VASCADE MVP XL 的帶動下動能再起最為突出；電生理的成長亦足以抵銷周邊與冠狀動脈手術，以及食道降溫方面的疲弱。

Three factors are driving our vascular closure outperformance. First, the re-acceleration of access site growth following the stabilization of PFA in AFib procedures. Second, stronger commercial execution resulting from the investments we’ve made in sales and marketing. Third, the momentum created by the VASCADE MVP XL expanded indication up to 17 French in outer diameter.

有三項因素正推動我們在血管封合領域的超越市場表現。第一，在房顫手術中 PFA 趨於穩定後，穿刺通路部位的成長再度加速。第二，因我們在銷售與行銷上的投資而帶來更強的商業執行力。第三，VASCADE MVP XL 的適應症擴大至外徑最高 17 French 所帶來的動能。

Higher utilization, account wins, and the expanded XL use case are driving broader adoption and positioning the franchise for resurgent growth. We continue to strengthen the clinical evidence in large bore venous closure with the largest real-world study of VASCADE MVP XL to date. The study, conducted at Emory University in more than 1,600 patients, demonstrated rapid hemostasis, greater than 92% same-day discharge, and an excellent safety profile in large bore sheath procedures like PFA and LAAC.

更高的使用率、客戶贏單，以及 XL 擴展使用情境，正推動更廣泛的採用，並使該產品線具備再度強勁成長的定位。我們持續強化在大口徑靜脈封合方面的臨床證據，目前已完成迄今規模最大的 VASCADE MVP XL 真實世界研究。該研究於 Emory University 進行，涵蓋超過 1,600 名患者，結果顯示可快速止血、同日出院比例超過 92%，且在 PFA 與 LAAC 等大口徑鞘管手術中展現優異的安全性。

Together, the expanded indication and growing body of real-world clinical data further strengthen our competitive position and provide the foundation for broader physician adoption. MedSurg is reemerging as a driver of Haemonetics’ long-term growth, with two growth-oriented franchises supported by strong innovation, expanding adoption, and improving market fundamentals. Solid first quarter performance reinforces our confidence in delivering mid-single-digit MedSurg growth in fiscal 2027.

綜合適應症擴大與日益累積的真實世界臨床數據，進一步強化我們的競爭地位，並為更廣泛的醫師採用奠定基礎。MedSurg 正重新成為 Haemonetics 長期成長的驅動引擎，兩個以成長為導向的產品線在強勁創新、採用擴大與市場基本面改善的支持下持續推進。第一季穩健表現強化我們對於 2027 財年 MedSurg 實現中個位數成長的信心。

Turning to apheresis, revenue grew 5% on a reported basis and 6% organic to $191 million. Plasma revenue grew 8% organic, reflecting double-digit growth in disposables globally, partially offset by a difficult prior year software comparison. Growth was supported by share gains, strong plasma collection trends, and the rollout of Persona PLUS. Collections among our US customers increased in the high single to low double digits, including favorable ordering patterns, reinforcing continued IG demand and strong market fundamentals.

接著談分離術（apheresis），營收以已報告口徑成長 5%，有機成長 6% 至 1.91 億美元。血漿營收有機成長 8%，反映全球一次性耗材達雙位數成長，但部分被前一年軟體比較基期較高所抵銷。成長受惠於市占提升、強勁的血漿採集趨勢，以及 Persona PLUS 的推出。我們美國客戶的採集量增加幅度介於高個位數至低雙位數之間，包含有利的下單模式，進一步印證持續的 IG 需求與強勁的市場基本面。

Persona PLUS is delivering meaningful economic benefits to our customers and reinforcing the unique value proposition of our integrated plasma collection platform. Through a simple firmware upgrade, Persona PLUS helps our customers increase plasma yield, improve center productivity, and lower cost per liter. The rollout is progressing ahead of schedule, and early adopters are achieving yield improvements in excess of 5% compared with our earlier Persona offerings.

Persona PLUS 正為客戶帶來具實質意義的經濟效益，並強化我們整合式血漿採集平台的獨特價值主張。透過簡單的韌體升級，Persona PLUS 可協助客戶提高血漿產出、提升中心生產力，並降低每公升成本。推廣進度超前於原定時程，且早期採用者相較於我們先前的 Persona 方案，已實現超過 5% 的產出提升。

Other apheresis revenue declined 3% organic, reflecting portfolio optimization and order timing. Following a strong first quarter, we are raising our fiscal 2027 apheresis revenue guidance to low to mid single-digit growth. The increase reflects first quarter outperformance, while our expectations for the rest of the year remain balanced and largely unchanged, supported by share gains, Persona PLUS adoption, and modest market growth assumptions.

其他血液成分分離（apheresis）收入以有機口徑下降3%，反映產品組合優化及訂單時點影響。在第一季表現強勁之後，我們將2027財年血液成分分離收入指引上調至低至中個位數成長。此上調反映第一季優於預期的表現；同時，我們對今年剩餘期間的預期仍維持均衡且大致不變，並由市占提升、Persona PLUS採用擴大，以及溫和的市場成長假設所支撐。

Our first-quarter performance reflects the strength of the overall business. Consistent execution across plasma, blood management technologies, and interventional technologies demonstrate that our growth is becoming increasingly durable. Accordingly, we are raising our full-year reported revenue growth guidance to 5% to 8% and organic growth guidance to 4% to 7%. We remain confident in our outlook while maintaining a disciplined approach to guidance for the rest of the year.

我們第一季的表現反映整體業務的實力。在血漿、血液管理技術與介入式技術三大領域的持續穩健執行，顯示我們的成長正變得愈發具韌性。因此，我們將全年（reported）營收成長指引上調至5%至8%，並將有機成長指引上調至4%至7%。在對前景保持信心的同時，我們也對今年剩餘期間的指引維持審慎且自律的作法。

James, over to you.

James，交給你。

Thank you, Chris, and good morning, everyone. Chris highlighted the continued strengthening of our business and our financial results reflect that same story. Broader base growth, improving revenue quality, favorable portfolio mix, and an earnings algorithm that continues to strengthen through disciplined execution.

謝謝你，Chris，各位早安。Chris強調我們的業務持續走強，而我們的財務結果也反映了同樣的故事。更廣泛的基礎成長、收入品質改善、有利的產品組合結構，以及透過自律執行而持續強化的獲利演算法。

As our portfolio continues to shift toward higher margin recurring revenue and differentiated technologies, we’re beginning to realize the operating leverage from the investments we’ve made over the past several years. First quarter gross margin was 60.4%, down 40 basis points from the prior year. The comparison was impacted by upfront software license revenue recognized in the first quarter of fiscal 2026, which benefited prior year gross margin by approximately 200 basis points. Excluding the software benefit, adjusted gross margin expanded, driven by favorable product mix, continued Persona PLUS adoption, pricing actions, and strong commercial execution.

隨著我們的產品組合持續轉向更高毛利的經常性收入與差異化技術，我們開始實現過去數年投資所帶來的營運槓桿。第一季毛利率為60.4%，較去年同期下降40個基點。此比較受到2026財年第一季認列的前期軟體授權收入影響，該項收入使去年同期毛利率約增加200個基點。若排除該軟體因素，調整後毛利率呈現擴張，主要由有利的產品組合、Persona PLUS持續導入、定價措施以及強勁的商業執行所帶動。

Operating expenses increased 7% to $126 million, primarily reflecting higher personnel costs, including self-insured benefit plans, the Vivasure Medical acquisition, and higher freight expense. Adjusted operating margin was 23.4%, down 70 basis points year over year, but expanded meaningfully after normalizing for the prior year software benefit.

營業費用增加7%至1.26億美元，主要反映人員成本上升（包含自保型福利計畫）、Vivasure Medical收購，以及更高的運輸費用。調整後營業利益率為23.4%，年減70個基點；但若將去年同期的軟體因素正常化後，營業利益率其實有顯著擴張。

Sequentially, margin declined 100 basis points, primarily due to lower MedSurg revenue following a strong fourth quarter and external cost pressures, partially offset by Persona PLUS and disciplined execution. We remain confident in delivering 50 to 100 basis points of our adjusted operating margin expansion in fiscal 2027.

按季比較，利潤率下降100個基點，主要因第四季表現強勁後，MedSurg營收回落，以及外部成本壓力；部分由Persona PLUS與自律執行所抵銷。我們仍有信心在2027財年實現調整後營業利益率擴張50至100個基點。

Our outlook incorporates sustained external cost pressure, which we expect to more than offset through revenue growth, favorable mix, Persona PLUS adoption, productivity, and tariff recovery. The adjusted tax rate was 25.7%, compared with 24.9% in the prior year period, primarily reflecting lower tax benefits associated with equity compensation.

我們的展望納入外部成本壓力持續存在；我們預期將透過營收成長、有利的產品組合、Persona PLUS導入、生產力提升與關稅回收來加以抵銷，且抵銷幅度將超過成本壓力。調整後有效稅率為25.7%，高於去年同期的24.9%，主要反映與股權薪酬相關的稅務利益減少。

Adjusted earnings per diluted share increased 4% year over year to $1.14, reflecting strong underlying operating performance. Earnings growth was achieved despite higher interest expense, unfavorable foreign exchange, and a higher tax rate, with those headwinds largely offset by the benefit of a lower diluted share count resulting from last year’s share repurchases.

調整後稀釋每股盈餘年增4%至1.14美元，反映強勁的基本營運表現。儘管利息費用上升、匯率不利以及稅率提高帶來逆風，獲利仍實現成長；這些逆風大多由去年股票回購使稀釋股數下降所帶來的效益所抵銷。

Looking ahead, we expect adjusted earnings per diluted share to grow broadly in line with our increased reported revenue growth guidance for fiscal 2027. Now turning to the balance sheet and cash flow. Strong earnings once again translated into strong cash generation, reinforcing both the quality of our earnings and the durability of our operating model. Over the last 12 months, our cash earnings exceeded our P&L earnings, with free cash flow conversion reaching 106% of adjusted net income.

展望未來，我們預期2027財年調整後稀釋每股盈餘的成長，將大致與我們上調後的（reported）營收成長指引一致。接著談資產負債表與現金流。強勁的獲利再次轉化為強勁的現金創造，進一步印證我們獲利品質與營運模式的韌性。過去12個月，我們的現金獲利高於損益表獲利，自由現金流轉換率達到調整後淨利的106%。

We believe this level of cash conversion reflects the strength of the business and provides the financial flexibility to invest behind our strategic priorities, while continuing to strengthen the balance sheet. That strength was also evident in the first quarter. Operating cash flow was $52 million, approximately 3 times the prior year period, while free cash flow increased nearly 15-fold year over year.

我們認為此一現金轉換水準反映業務實力，並提供財務彈性，使我們能在持續強化資產負債表的同時，投資於策略優先事項。這項實力在第一季也同樣明顯。營運現金流為5,200萬美元，約為去年同期的3倍；自由現金流則年增近15倍。

Free cash flow conversion reached 75% of adjusted net income, an exceptional result for what is typically our seasonally weakest net cash inflow quarter, driven by disciplined working capital execution and fewer device placements, partially offset by higher capital expenditures. Our capital allocation actions reflect that financial strength. During the quarter, we repaid $50 million of our revolving credit facility balance and ended the quarter with $223 million in cash and a net leverage ratio as defined in our credit agreement of approximately 2.69 times EBITDA.

自由現金流轉換率達到調整後淨利的75%，對於通常是我們季節性淨現金流入最弱的一季而言，這是非常出色的結果；主要由自律的營運資金執行與較少的設備投放所帶動，部分被較高的資本支出所抵銷。我們的資本配置行動也反映這樣的財務實力。本季我們償還循環信用額度（revolving credit facility）5,000萬美元餘額，並在季末持有2.23億美元現金；依據信貸協議定義的淨槓桿比率約為EBITDA的2.69倍。

Subsequent to quarter end, we repaid an additional $50 million, reducing the outstanding revolver balance to $200 million as of today’s call. We continued to prioritize disciplined de-leveraging while maintaining ample capacity to invest in innovation, long-term growth, and opportunistic share buybacks. We are reaffirming our fiscal 2027 free cash flow conversion guidance of approximately 80% of adjusted net income.

在季末之後，我們又額外償還5,000萬美元，使得截至今日電話會議時，循環信貸未償餘額降至2億美元。我們持續優先推動自律的去槓桿，同時保留充足能力投資於創新、長期成長，以及機會性股票回購。我們重申2027財年自由現金流轉換率指引：約為調整後淨利的80%。

While the first-quarter cash generation exceeded our expectations, maintaining our full-year outlook reflects a disciplined approach in an evolving operating environment and preserves flexibility to proactively manage inventory and working capital throughout the year.

雖然第一季現金創造優於我們預期，但我們維持全年展望，反映在不斷演變的營運環境下採取自律作法，並保留彈性，以便全年主動管理庫存與營運資金。

Before we open the line for questions, I’d like to leave you with three key takeaways from today’s call. First, we continue to strengthen our portfolio. Persona PLUS is extending our differentiation in plasma. Utilization and software share gains are enhancing the quality and durability of blood management technologies.

在開放提問之前，我想以今天電話會議的三項重點結語作結。第一，我們持續強化產品組合。Persona PLUS正在延伸我們在血漿領域的差異化優勢。使用率提升與軟體市占增加，正在提升血液管理技術的品質與韌性。

Interventional technologies is now positioned to become a more meaningful contributor to long-term growth and profitability. Second, we remain confident in our fiscal 2027 outlook. While we have increased both revenue and earnings guidance to reflect first quarter outperformance, our assumptions for the next three quarters remain balanced and largely unchanged, relying on continued execution and business momentum to further strengthen performance through the year.

介入式技術目前已具備條件，將成為長期成長與獲利更重要的貢獻來源。第二，我們對2027財年展望仍具信心。雖然我們已上調營收與獲利指引以反映第一季優於預期的表現，但對接下來三季的假設仍維持均衡且大致不變，並仰賴持續執行與業務動能，在今年內進一步強化表現。

Finally, strong earnings and free cash flow provide flexibility to invest in growth, strengthen the balance sheet, and pursue disciplined capital allocation, including opportunistic share repurchases. Thank you for joining us this morning.

最後，強勁的獲利與自由現金流提供彈性，使我們能投資成長、強化資產負債表，並推動自律的資本配置，包括機會性股票回購。感謝各位今天早上加入我們。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions) Anthony Petrone, Mizuho Financial Group.

（接線員指示）Mizuho Financial Group 的 Anthony Petrone。

Thank you. Congrats on a strong print here. I hope everyone’s doing well. Maybe, Chris, Jim, one on IVT, then I’ll have one on plasma. Nice to see IVT coming back to growth here, organic growth 2.5%. Gave some details there in your prepared remarks, Chris. Maybe a little bit more color on the dynamics of share shift.

謝謝。恭喜這次交出一份強勁的成績。希望大家都一切順利。Chris、Jim，我先問一題關於IVT，接著我會再問一題關於血漿。很高興看到IVT回到成長軌道，有機成長2.5%。Chris，你在事先準備的發言中提供了一些細節。想請你再多補充一些關於市占轉移動態的說明。

A few quarters ago, there was some dynamics from a private competitor, plus a larger public competitor that has a consolidated approach. To what extent have you recaptured previously lost accounts, and what is the underlying attach rate to pulse field ablation for VASCADE as we enter August here? Then I’ll have a follow-up on plasma.

幾季前，市場上有一些來自某家私人競爭對手的動態，加上另一家較大型的上市競爭對手採取整合式策略。你們在多大程度上已重新拿回先前流失的客戶？以及在我們進入8月之際，VASCADE對脈衝場消融（pulse field ablation）的基礎搭載率（attach rate）如何？接著我會再追問一題關於血漿。

Morning, Anthony. That IVT returned to growth in Q1, growing 3% organically. That was most definitely led by low double-digit growth in vascular closure, which is what we’ve expected. Overall, it reflects a better market backdrop. We now see PFA at somewhere between an 80%-85% penetration. That’s effectively stabilizing the access site growth rate for us. We now think that growth rate is probably in the 6%-7% range. We, of course, grew in excess of that.

早安，Anthony。IVT 在第一季恢復成長，有機成長 3%。這毫無疑問主要由血管閉合產品的低雙位數成長所帶動，這也符合我們的預期。整體而言，這反映出更好的市場環境。我們現在看到 PFA 的滲透率大約在 80%–85% 之間。這基本上讓我們的穿刺部位（access site）成長率趨於穩定。我們現在認為該成長率大概在 6%–7% 的區間。當然，我們的成長幅度超過了這個水準。

To your question, it’s around driving greater utilization and additional share capture. When I call that out, there’s really three things going on. A rising tide raises the whole category. That’s the access site growth resuming and eventually regressing to whatever the AFib growth rate is, probably in the low to mid-teens. The second thing is our commercial execution.

針對你的問題，重點在於推動更高的使用率以及額外的市占取得。我之所以這麼說，主要有三件事同時在發生。水漲船高會帶動整個品類。也就是穿刺部位的成長恢復，並最終回歸到房顫（AFib）的成長率水準，可能在低到中十幾%的區間。第二件事是我們的商業執行力。

The investments we’ve made in sales and marketing, that team is really beginning to hit their stride. Then the third thing is the MVP XL label expansion coupled with the growing body of real-world evidence has enabled us to both contract for and pull through that utilization. That’s helping gain share. It’s helping us drive utilization. We’re benefiting by both levers.

我們在銷售與行銷上的投資，這支團隊確實開始進入狀態。第三件事是 MVP XL 的標籤適應症擴增，加上日益累積的真實世界證據，使我們能夠同時完成合約談判並帶動實際使用量的拉動。這有助於提升市占。也有助於我們推動使用率。我們同時受惠於這兩個槓桿。

Then on plasma Persona PLUS driving gains, you have two dynamics going on, ongoing share gains. The underlying market, based on PPTA data, looks okay. To what extent was the first quarter number here, which was well ahead of expectations, driven specifically by Persona PLUS upgrades? To what extent was there incremental share gain? Then just lastly, with CSL, is that completely out of there now, and is this like the first quarter of a clean number? Congratulations on the print.

接著談到血漿 Persona PLUS 帶動的增長，這裡有兩個動態：持續的市占提升。根據 PPTA 的數據，基礎市場看起來還可以。那麼第一季的數字明顯超出預期，其中有多少是特別由 Persona PLUS 升級所驅動？又有多少是額外的市占提升？最後，關於 CSL，那部分現在是否已經完全排除，這是否算是第一個「乾淨」的季度數字？恭喜這次的成績。

Thanks again, Anthony. I’ll start with the last piece of this. Yes, this is us finally outrunning any overhang. Both the divestiture and the customer loss, that $153 million is out. What you see from us is clean and recurring going forward. In terms of the first quarter, I think it reinforced the strength of plasma that we’ve been experiencing.

再次謝謝你，Anthony。我先從最後一部分開始。是的，我們終於擺脫了所有的拖累因素。無論是資產剝離還是客戶流失，那 1.53 億美元都已經排除。你現在看到的我們，未來將是乾淨且可重複的經常性表現。就第一季而言，我認為它再次印證了我們一直感受到的血漿業務強勁態勢。

Revenue was up 8%, despite what you know to be a really difficult software comparison from last year. North American disposables within that were up in the mid 20% range, and our European sales were double-digit as well. Really pleased with what we’re seeing. It’s a combination, as we’ve talked before, for sure, share gains, both prior share gains in the US and new share gains globally, coupled with really robust collection volume, and yes, Persona PLUS, the early stage of that rollout.

營收成長 8%，儘管你知道去年有一個非常艱難的軟體比較基期。其中北美的一次性耗材成長在 20% 中段，而我們在歐洲的銷售也達到雙位數成長。我們對目前看到的情況非常滿意。這是多重因素的組合：如同我們之前談過的，確實有市占提升——包括美國先前的市占提升以及全球新增的市占提升——再加上非常強勁的採集量，另外也包括 Persona PLUS 仍在早期階段的導入推廣。

When I think about Persona PLUS, I guess what I would just highlight is that we’re really pleased, and perhaps more importantly, customers are really pleased with what that’s bringing to the market. Adoption has accelerated, so it’s importantly contributing, but that’ll become more meaningful as we go forward. We’ve just tried to be really conservative about what we’re forecasting simply because if we don’t have a signed contract and a committed timeline, we’re going to hold off on putting that in. That’s just discipline in our go-forward guidance.

談到 Persona PLUS，我想強調的是，我們非常滿意，更重要的是，客戶也非常滿意它為市場帶來的價值。採用速度已經加快，因此它確實有重要貢獻，但隨著時間推進，它的影響會更為顯著。我們在預測上一直力求保守，原因很簡單：如果沒有簽署合約與明確承諾的時程，我們就會先不把它納入。這就是我們在未來指引上的紀律。

Allen Gong, JPMorgan.

Allen Gong，摩根大通（JPMorgan）。

Hi, team. Thanks for the question. I suppose I just had one on the margin performance in the quarter. I think we saw gross margins, excluding the comp, expanding nicely over last year. When we think about the out for the rest of the year, how should we think about the progression of gross margins?

嗨，各位團隊。謝謝讓我提問。我想問一個關於本季毛利率表現的問題。我認為我們看到在排除比較基期影響後，毛利率相較去年有不錯的擴張。展望今年剩餘時間，我們應該如何看待毛利率的走勢與進展？

Yeah, sure. Thanks, Allen. I’ll address that. Q1 operating margin came in right where we expected it to. As you mentioned, we were lapping about a 200-basis-point gross margin headwind from the $14 million software benefit that we had in the prior year. We were able to offset that essentially all of it, through favorable mix and strong execution on the manufacturing side.

好的，當然可以。謝謝你，Allen。我來回應這個問題。第一季營業利益率落在我們預期的水準。如你所提到的，我們去年同期有 1,400 萬美元的軟體收益，造成約 200 個基點的毛利率逆風比較基期。我們透過有利的產品組合，以及製造端的強勁執行，基本上把這個影響幾乎完全抵消。

Sequentially, margin was down from Q4. That’s really a MedSurg story. Q4 was an unusually strong quarter for BMT. What you’re seeing in Q1 is more of a leverage issue on lower revenue rather than anything really structural in the cost base. As we move forward and we look at the rest of the year, the earnings algorithm that I mentioned in my opening remarks is pretty straightforward. SG&A should stay relatively stable in dollar terms.

就季比而言，毛利率較第四季下滑。這主要是 MedSurg 的因素。第四季對 BMT 來說是異常強勁的一季。你在第一季看到的，更像是營收較低導致的槓桿問題，而不是成本結構有任何實質性的變化。往後看、展望今年其餘時間，我在開場提到的獲利演算法其實相當直接。SG&A 以金額來看應會維持相對穩定。

As revenue builds, we should see better leverage flow through the P&L. You layer in the continued pricing from Persona PLUS, like Chris mentioned, and other benefits and mix, and that should support sequential margin expansion as we move throughout the year. One thing I would like to flag on tariffs.

隨著營收增加，我們應該會看到更好的營運槓桿反映在損益表上。再加上如 Chris 所提到的 Persona PLUS 持續帶來的定價效益，以及其他效益與產品組合，這些都應支持我們在全年推進過程中，毛利率逐季擴張。另外有一點我想特別提醒關於關稅。

We will record about $7 million tariff refund in Q2, I wouldn’t read too much into that on a net basis. We expect that to be largely offset from headwinds from higher oil prices and transportation costs and some material inflation later on in the year. When you put it all together, as we stand today, we feel good about reaffirming our full-year margin guidance, and we look forward to delivering on that.

我們會在第二季認列約 700 萬美元的關稅退稅，但我不會在淨額層面對此做過度解讀。我們預期這筆金額大致會被今年稍晚更高的油價與運輸成本，以及部分原物料通膨所帶來的逆風抵消。綜合來看，以目前的情況，我們對於重申全年毛利率指引感到有信心，也期待能夠達成。

Thanks. Just a follow-up on IVT. Vascular closure sounds like had a really strong quarter, double-digit growth. Really good to see that returning to growth.

謝謝。我再追問一個關於 IVT 的問題。血管閉合看起來本季非常強勁，達到雙位數成長。很高興看到它恢復成長。

On the flip side, that implies Sensor-Guided Technologies had a bit of a more challenging quarter. Can you walk through what drove that and how we should think about, I guess, for both vascular closure and Sensor-Guided Technologies, how should we think about the growth outlook for the balance of the year in light of that and the reiterated mid-single-digit growth more broadly? Thank you.

相對地，這也意味著感測器導引技術（Sensor-Guided Technologies）本季可能比較具挑戰。你能說明是什麼因素造成的嗎？以及我想就血管閉合與感測器導引技術兩者，考量到這些情況與你們重申整體中個位數成長的說法，我們應該如何看待今年剩餘時間的成長展望？謝謝。

Yep. I’ll work backwards against that, Allen. We reiterated our mid-single growth for MedSurg. Growth in the quarter was at the high end of that range, obviously at 6%. We like the momentum. We like where we’re going from here, it’s one quarter, it’s our first quarter, we want to be appropriately prudent about that in terms of how we think about it.

好的。Allen，我倒過來回答這個問題。我們重申 MedSurg 的中個位數成長目標。本季成長落在該區間的高端，顯然是 6%。我們喜歡這個動能。我們也看好接下來的走向；但這畢竟只是一季、也是我們的第一季，因此在解讀與展望上，我們希望保持適度審慎。

We fully expect both BMT and IVT to contribute nicely to upside potential there. Within IVT, it is really a vascular closure story. That’s the absolute top priority. Within Guidewires, we like that business. We’re leaning into that business. We’ll have more to say about that as the year progresses.

我們完全預期 BMT 與 IVT 都將為該部分的上行潛力帶來良好貢獻。在 IVT 之中，這確實是一個血管閉合的故事。那是絕對的首要優先事項。在導絲（Guidewires）方面，我們看好這項業務。我們正加大投入這項業務。隨著今年進展，我們會有更多內容可以分享。

We did see a 5% effect on the overall IVT, we did see a bit of a back sliding on the OEM business. I think it’s pretty clear what’s going on there. We’ll work to address that as best we can. I think the real opportunity is to drive that Guidewire business into structural heart as an additional contributor. First, second, and third, we’ll succeed on vascular closure.

我們確實看到整體 IVT 受到 5% 的影響，也確實看到 OEM 業務有些回落。我想那裡發生了什麼其實相當清楚。我們會盡力加以因應。我認為真正的機會在於推動導絲業務切入結構性心臟領域，作為額外的貢獻來源。第一、第二、第三，我們會在血管閉合上取得成功。

Marie Thibault, U.S. Bank Corp BTIG.

Marie Thibault，美國銀行（U.S. Bank Corp）BTIG。

Hi. Good morning. Thanks for taking the questions, great quarter. Wanted to ask one quick one here on plasma, then I’ll have a follow-up in IVT. In plasma, you gave us some details of some of the drivers. Great to hear. I wanted to understand a little bit more how you’re thinking about the timing of the Persona PLUS rollout. I know you’re in the midst of negotiations. Is this a potential tailwind for, say, the next 12 months, the next 18 months? What’s the timing of some of those conversations?

嗨。早安。謝謝讓我提問，本季表現很棒。我想先就血漿（plasma）問一個簡短問題，接著我會在 IVT 有一個追問。在血漿方面，你們提供了一些驅動因素的細節。很高興聽到。我想更了解你們如何看待 Persona PLUS 推出的時程。我知道你們正在協商中。這是否可能在接下來 12 個月、或 18 個月成為順風？這些對話的時程大概是怎麼安排的？

On the apheresis guidance increase, I think you described underlying plasma market growth as modest. I think the prior assumption was 0% to 2% volume growth. Can you just give us an update on the assumed underlying volume there in that guidance?

關於單採（apheresis）指引上調，我想你提到血漿市場的基礎成長屬於溫和。我記得先前的假設是 0% 到 2% 的量（volume）成長。你能否更新一下，在該指引中所假設的基礎量成長是多少？

Great. Thanks, Marie. In terms of Persona PLUS, I’ll put it in context. The Persona offering, PLUS is the second installment of that off the base gain, it’s roughly an additional 5% yield. We’re seeing more than that in the market right now, the customers that are part of the early adoption, which is great. There’s reasons for that, this is an ongoing innovation cycle. There will be additional variants on Persona as we go forward.

很好。謝謝你，Marie。就 Persona PLUS 而言，我先放在脈絡中說明。Persona 產品中，PLUS 是在基礎增益之上的第二個版本，大約再增加 5% 的產出率（yield）。我們目前在市場上看到的甚至高於此，尤其是參與早期採用的客戶，這很棒。這背後有原因，因為這是一個持續的創新循環。未來我們也會在 Persona 上推出更多變體。

We’ll have more to say about that when they’re ready for market. We think this is kind of a classic, ongoing stage of roll-outs. We like where we are. We’ve tried to be prudent in what we’ve put into the forecast, only what’s been contracted, and we have a clear line of sight to the performance.

等到它們準備好上市時，我們會再分享更多。我們認為這是一個相當典型、持續進行的分階段推廣。我們對目前的進展感到滿意。我們在預測中力求審慎，只納入已簽約的部分，而且我們對其表現有清楚的能見度。

The powerful thing to keep in mind about Persona PLUS is this is a relatively straightforward software upgrade firmware in our offering. We could change the centers rapidly. We’ll go just as fast as our customers are prepared to go. We are changing 30 or 40 centers a week without any kind of reluctance there. We think that’s great.

關於 Persona PLUS，需要記住的一個強項是：在我們的方案中，這是一個相對直接的軟體升級／韌體更新。我們可以很快地切換各中心。客戶準備多快，我們就能推進多快。我們每週可在 30 或 40 個中心完成變更，完全沒有任何遲疑。我們認為這非常好。

In terms of how that factors in, the outlook for FY 2027 is really tied to factors that we can directly control, that does imply upside to your question. There’s any kind of accelerated adoption on Persona PLUS, new contracts or faster rollout within the existing additional share gains, which can come in the form of us converting competitive centers or our customers taking share from their competitors, both of which have a direct benefit to us.

至於這如何反映在展望中，FY 2027 的展望確實與我們能直接掌控的因素高度相關，這也意味著如你所問，存在上行空間。若 Persona PLUS 的採用加速、出現新合約，或在既有合約下更快推廣、帶來額外市佔提升——不論是我們轉換競品中心，或我們的客戶從其競爭對手手中取得市佔——兩者都會直接讓我們受益。

Thirdly, on collection volume, we began the year with this 0 to two percent growth. We don’t control it. We don’t want to be dependent upon something we don’t control. What you see in the raise guidance is essentially our first quarter outperformance added to essentially what we put forth for the rest of the year. We have not changed the collection volume guidance at this point. We’re still saying zero to two. It’s obviously a lot more robust than that. We don’t have any reason to believe that’s not going to continue, but we don’t want to be beholden to it.

第三，關於採集量（collection volume），我們在年初的假設是 0% 到 2% 的成長。這不是我們能控制的。我們不希望依賴我們無法控制的因素。你在上調指引中看到的，基本上是把第一季的超預期表現，加到我們對今年剩餘期間原先提出的假設之上。截至目前，我們沒有調整採集量的指引。我們仍然維持 0% 到 2%。顯然實際表現遠比這更強勁。我們沒有理由認為這不會持續，但我們不想被它綁住。

Yeah. Very good. Great detail. Thank you. A quick one on IVT then. You talked about VASCADE MVP XL being a driver there. What are you seeing on the ground from the IDNs, ASCs on that? Secondly, has there been any impact to the business from some of the reported slowdown that we’ve seen in the left atrial appendage closure market? Thanks for taking the questions.

是的。非常好。細節很棒。謝謝。接著我想快速問一個 IVT 的問題。你提到 VASCADE MVP XL 是那裡的驅動因素。你們在第一線從 IDN（整合式醫療體系）、ASC（門診手術中心）看到的情況如何？第二，近期我們看到左心耳封堵市場（left atrial appendage closure）據報有放緩，這是否對你們的業務造成任何影響？謝謝讓我提問。

Yeah. Thank you, Marie. Yeah. Let me correct one thing from my prior answer or just further expand on it. Within IVT, we feel quite good about the Sensor-Guided Technologies. That market’s performing, with the exception of the OEM piece, that’s performing right where we need it to be. The challenge, as you guys know, is ensoETM, we can talk about that, but that’s the main drag outside.

是的。謝謝你，Marie。是的。讓我更正一下我先前回答中的一點，或再補充說明。在 IVT 之中，我們對感測器導引技術（Sensor-Guided Technologies）相當有信心。除了 OEM 那一塊之外，該市場的表現正符合我們的需求。如各位所知，挑戰在於 ensoETM；我們可以談這個，但那是外部主要的拖累因素。

In fact, it’s the entire drag outside of closure. In terms of what we’re seeing on the contracting front, I think the label expansion that we received from FDA earlier this fiscal year has really opened the door for us. That in combination with the growing body of evidence we called out earlier this week, the 1,600-patient trial that was conducted at Emory using XL on large bore closure procedures, both left atrial appendage and PFA.

事實上，除了閉合（closure）之外，它就是全部的拖累來源。就簽約（contracting）面而言，我認為我們在本財年稍早從 FDA 取得的適應症標示擴增（label expansion），確實為我們打開了大門。再加上我們本週稍早提到、日益累積的證據基礎——在 Emory 進行的 1,600 名病人試驗，使用 XL 於大口徑閉合（large bore closure）手術，包括左心耳封堵以及 PFA。

That’s really resonating, and it’s helped us both in terms of contracting with IDNs, remember, we didn’t really have a presence before, as well as this ongoing shift that we think will gain momentum to the ASCs. If you think about what MVP XL means in that operation area, it’s a workflow enhancement that with the same-day discharge and the rapid ambulation and the absolute minimal complications and the ability, if need be, to return to an access area that’s unblemished from the initial procedure a month later.

這些內容非常引起共鳴，也在兩方面幫助了我們：一是與 IDN 的簽約——請記得我們以前其實沒有什麼存在感；二是我們認為將持續加速、並在 ASC 端獲得動能的轉移趨勢。如果你思考 MVP XL 在該手術場景中的意義，它能改善工作流程：支援當日出院、快速下床活動、將併發症降到最低；而且在需要時，還能在一個月後回到同一個穿刺通路區域進行操作，而該區域不會因初次手術而受損。

All those things play very well to the efficiencies and the speed with which ASCs expect to operate. We’re seeing the benefit from that. In terms of left atrial appendage, it’s a really small market for us. We only have one to 1.5 access sites per LAAC procedure, we haven’t felt any headwind from the changes there. Probably concomitant therapy, where it’s being done jointly with PFA is a bigger factor, that’s captured in that 6%-7% market growth that we’re experiencing now.

所有這些因素都非常契合 ASC 預期的營運效率與速度。我們正看到由此帶來的效益。就左心耳封堵（LAAC）而言，對我們來說那是一個非常小的市場。每個 LAAC 手術我們只有 1 到 1.5 個進入部位，我們沒有感受到那邊變化帶來的任何逆風。可能是合併治療（concomitant therapy），也就是與 PFA 一起進行的情況，是更大的因素；這已反映在我們目前看到的 6%–7% 市場成長之中。

David Rescott, Baird.

David Rescott，Baird。

Great. Thanks for taking the questions, congrats on the results here. I wanted to unpack a little bit more on this plasma result, an impressive plasma result you put up. I think some of the restated plasma numbers are different than the prior plasma numbers that you had reported on.

很好。謝謝讓我們提問，也恭喜這次的成果。我想再更深入拆解一下這個血漿（plasma）表現，你們交出的血漿成績很亮眼。我注意到一些重述後的血漿數字，和你們先前公布的血漿數字有所不同。

Curious on what the difference is there and if we back out this software benefit you had last year, I think it’s going to be putting the underlying plasma growth in that high teens number, which I think is better than what you did in 2026 on an ex CSL, ex software benefit basis for all of 2026. Curious on what the moving pieces are there.

想請教差異在哪裡；如果把你們去年那個軟體帶來的效益扣除，我認為底層的血漿成長應該會落在十幾%的高段，這看起來比你們在 2026 年（排除 CSL、排除軟體效益的口徑下）全年的表現還要好。想了解其中有哪些變動因素。

It sounds like North American disposables were above 20%, so maybe there isn’t necessarily a one-ish time benefit from Persona PLUS rollout, but trying to get a sense for, again, what this Persona contribution on a quarterly and go-forward basis is versus that underlying collection or disposable growth would be.

聽起來北美的一次性耗材（disposables）成長超過 20%，所以也許 Persona PLUS 推出並不一定是一次性的利多，但我想更清楚了解：Persona 在單季以及未來持續（go-forward）的貢獻，和底層的採漿量或耗材成長相比，各自大概會是什麼樣子。

Thanks, David. Let me go back a step. If you go back to our June 5th reclassification, essentially what we’ve done is take what was plasma, mainly source plasma, and combined it with that portion of the previous blood center segment that is being done on a NexSys device. Whether it’s being done for a source plasma customer or for one of the blood centers that are increasingly affiliated with fractionation and partnering up with one of our global customers.

謝謝你，David。我先退一步說明。回到我們 6 月 5 日的重分類，本質上我們做的是：把原本的血漿（主要是來源血漿，source plasma），與先前血液中心（blood center）部門中、在 NexSys 設備上進行的那一部分合併在一起。不論是為來源血漿客戶進行，或是為那些日益與分餾（fractionation）業務結盟、並與我們某個全球客戶合作的血液中心進行。

That effectively is 80% of the combined two prior segments, leaving the non-plasma apheresis being that remaining 20%. The guide initially for that portion, the 20% portion, was low single digits. The guide for the 80% plasma piece was mid-single digits. We’re raising that and we combine those in a way to excuse me, the plasma piece was mid-single digits positive.

這樣合併後，等於涵蓋了先前兩個部門合計的 80%，剩下的 20% 則是非血漿的成分採集（non-plasma apheresis）。當初對那 20% 的指引是低個位數成長。對那 80% 的血漿部分指引是中個位數。我們正在上調該指引；而我們把兩者合併時——抱歉更正一下——血漿部分原本是中個位數的正成長。

The blood center piece was mid-single digit negative. We combine them, we end up with a low single-digit positive. Today, we raised that guidance to mid-single digits to reflect the collective strength. We did outperform our initial expectations on the non-plasma piece. It’s down 3%, that’s favorable and a good trend line for us.

血液中心那一塊原本是中個位數的負成長。把兩者合併後，整體就會呈現低個位數的正成長。今天我們把這個整體指引上調到中個位數，以反映整體的強勁表現。非血漿那一塊我們也優於原先預期。它下滑 3%，這對我們來說是偏正面、而且趨勢線不錯。

A lot of that’s order timing and just some things that jump around a bit in the market, given it’s a smaller piece. The big focus, that 80% that is the overall plasma apheresis, 80% of that is the North American disposables, and that’s the piece where we really saw this outperformance. We were up mid-20% in the U.S. and then EMEA followed by being up double digits as well.

其中很大一部分是訂單時點，以及市場上一些會有波動的因素，畢竟那是一個較小的板塊。真正的重點是那 80% 的整體血漿成分採集；而其中 80% 又是北美的一次性耗材，這正是我們看到超預期表現的部分。我們在美國成長了 20% 多，接著 EMEA 也同樣達到雙位數成長。

Across the board, and again, we’ve used the term trifecta, we’re seeing share gains, we’re seeing strong demand for source plasma, and we’re benefiting by price associated with Persona PLUS. That’s what combined to get us that overall 8% that we feel really good about.

整體而言，而且我們再次用「三重奏（trifecta）」這個詞：我們看到市占提升、看到來源血漿需求強勁，並且受惠於 Persona PLUS 帶來的價格因素。這些因素合在一起，讓我們達到整體 8% 的表現，我們對此感到非常滿意。

Okay. That’s helpful. Maybe higher level, longer term, I guess sticking with plasma. I think we’ve seen in the past couple of quarters, a lot of the collectors still pointing to this mid to high single-digit worldwide growth on the plasma collection front. Some of them are pointing toward expansion of plasma collections in markets or geographies that are outside the US.

了解。這很有幫助。也許從更高層次、較長期的角度，繼續談血漿。我想我們在過去幾季看到，許多採集商仍然指向全球血漿採集端中到高個位數的成長。其中一些也提到，血漿採集的擴張正發生在美國以外的市場或地區。

Wanted to get your thoughts both on, I guess, that longer term, US-specific plasma collection view or trajectory, as well as if or as there is this shift toward more collections coming from international markets, what at all would be the opportunity in the company’s mind to be a part of that broadening collection market? Thank you.

想請教你們對於較長期、以美國為主的血漿採集觀點或軌跡的看法；以及如果（或隨著）更多採集量轉向國際市場，你們公司認為參與這個擴大的採集市場，會有哪些機會？謝謝。

Thank you, David. The outlook for plasma is and remains very attractive. It’s underpinned by exactly what you just highlighted. The durable global demand for IG, which is driven by growing utilization across multiple indications, including primary and secondary immunodeficiencies, where the patients don’t have viable alternative therapy.

謝謝你，David。血漿的前景一直都、也仍然非常具吸引力。其支撐因素正如你剛才所提到的。全球對免疫球蛋白（IG）的持續性需求，來自於多項適應症的使用量增加，包括原發性與繼發性免疫缺陷等領域，這些患者沒有可行的替代療法。

On the autoimmune side, the larger opportunities in CIDP and ITP, where IG remains first-line therapy. While other therapies will have a role to play, they’re not displacing IG. They’re not taking over new patient starts in those large categories. We feel really good, as do our customers, about the durability that you highlight. We, in enabling their collections, are focused on extending the leadership that we’ve built through innovation, through customer globalization and standardization, and continued share gains.

在自體免疫方面，較大的機會在 CIDP 與 ITP，IG 仍是第一線治療。雖然其他療法會扮演一定角色，但它們並沒有取代 IG。它們也沒有在這些大型類別中接手新病患的起始治療。我們以及我們的客戶，對你所提到的這種持久性都很有信心。在協助他們提升採集能力方面，我們聚焦於透過創新、客戶的全球化與標準化，以及持續的市占提升，來延伸我們已建立的領導地位。

This is the first time, at this point, I think ever, but certainly over the last decade, where the OUS collections in Europe in particular now represent 820% of the total collection volume. That’s a new dynamic. Historically, it was a 90-10 split. The cost of collections come down. Our customers are globalizing. That’s enabled us to globalize. Essentially all of our contracts now are global in scope. I think we’ve really benefited by this growth in Europe and the Middle East as well. As that continues, I think we’re exceptionally well-positioned to play in that space. I think our best days are yet to come.

這是第一次——至少我認為是史上第一次，但肯定是過去十年來第一次——美國以外（OUS）的採集量，特別是歐洲，現在已占總採集量的 820%。這是一個新的動態。過去歷史上是 90/10 的分布。採集成本已經下降。我們的客戶正在全球化。這也讓我們得以全球化。基本上我們現在所有合約在範圍上都是全球性的。我認為我們確實受惠於歐洲以及中東的成長。隨著這種趨勢延續，我認為我們在這個領域的布局非常到位。我認為我們最好的日子還在後頭。

Andrew Cooper, Raymond James.

Andrew Cooper，Raymond James。

Hey, everybody. Thanks for the question. Maybe just to tag on to that, like we’ve talked about, we used to talk about a higher level of growth that felt durable in terms of collections. You just had high single or low double digit in the US, but you’re sticking with the 0% to 2%. What do you have to see to get comfortable to thinking about guiding in the way that you used to, which would be with that kind of more durable, more predictable, mid-single plus collection growth as the baseline, as opposed to something more conservative?

大家好。謝謝讓我提問。我想接續剛才的話題：如同我們討論過的，我們以前談到採集量的成長時，會提到一個看起來更具持久性的較高成長水準。你們曾提到美國是高個位數或低雙位數，但你們現在仍維持 0% 到 2% 的看法。你們需要看到什麼，才會更有信心回到過去那種指引方式——也就是以更持久、更可預測的中個位數以上採集成長作為基準，而不是採用較保守的假設？

Yeah. Thanks, Andrew. We’re very bullish on the durability and the sustainability. We want our guidance to be appropriately de-risked. As we’ve said in the prepared remarks and elsewhere, we see solid demand. We see strong execution, but we’re focused on the execution piece of it. Yes, there’s a lot of upside if collection volumes continue to be robust in our forecast.

是的。謝謝你，Andrew。我們對其耐久性與可持續性非常看多。我們希望我們的指引能夠適度去風險化。正如我們在事先準備的講稿及其他場合所說，我們看到穩健的需求。我們看到強勁的執行力，但我們也專注在執行這一塊。是的，如果回收量在我們的預測中持續強勁，確實會有很大的上行空間。

We’re going to take a more prudent tack, which is to focus on that which we can control, share gains, Persona PLUS rollout, some additional standardization and growth in the global markets. We feel really good that that’s our baseline. We’re in a great position to be able to support whatever upside comes from collection volumes. We want to get out of the business of trying to predict things that we don’t control.

我們會採取更審慎的做法，專注於我們能控制的事情：份額提升、Persona PLUS 推出、一些額外的標準化，以及全球市場的成長。我們對這作為我們的基準情境感覺非常好。我們也處於很好的位置，能夠支撐任何來自回收量的上行。我們希望不要再做那些我們無法控制之事的預測。

If you are so inclined, use your own number on collection volumes. The number that we’ve put into the guidance is 0% to 2%.

如果你有興趣，可以用你自己對回收量的數字。我們放進指引裡的數字是 0% 到 2%。

Okay. No, helpful. Just a couple updates maybe on some of the regulatory side and new launches. Where are we in terms of the XL label in Japan, especially given you have some of that great data in hand? Just an update on PerQseal and some of the process there would be great as well.

好的。不，這很有幫助。我想再請你更新幾點，可能是監管面與新產品推出方面。日本的 XL 標籤目前進度如何，尤其是你們手上已經有一些很棒的數據？另外也請更新一下 PerQseal 以及相關流程的進展。

I appreciate that there. We’re excited. We think about this year in many ways as the year of launch. If I go back a step, Heparin Neutralization, which is now global opportunity for us within BMT.

我很感謝你提到這點。我們很興奮。我們在很多方面把今年視為「推出之年」。如果我先退一步看，肝素中和（Heparin Neutralization）現在在 BMT 之內對我們而言是全球性的機會。

XL, to your point, driving the US meaningfully. We have done the paperwork and kind of had the ongoing dialogue very favorably with Japan. We have anticipated that for later this fiscal year. We don’t have a direct line of sight to the timing, so we’ve been pretty conservative in terms of what we put into our forecast. We do anticipate this year. We’re also looking at PerQseal Elite, to your point.

XL，如你所說，對美國的帶動相當顯著。我們已完成文件作業，並且與日本方面持續對話，進展非常正面。我們原先預期會在本財年稍晚時點。我們對確切時程沒有直接的能見度，因此在納入預測時相當保守。我們確實預期會在今年。另外，如你所提，我們也在看 PerQseal Elite。

We’re in dialogue with FDA. We’ve included all the cost associated with that US launch. We haven’t included any of the benefit. The anticipation is that we would get that this fiscal year. That’ll be upside to our plans going forward.

我們正在與 FDA 對話。我們已把與美國上市相關的所有成本都納入。但我們尚未把任何效益納入。我們預期會在本財年取得。那將會成為我們後續計畫的上行空間。

Michael Petusky, Barrington Research.

Michael Petusky，Barrington Research。

Hey, good morning. I was wondering, the operating margin expansion in MedSurg, is there any way to break that out between BMT and IT, just in terms of what was majority driving that expansion?

嗨，早安。我想請教，MedSurg 的營業利益率擴張，是否能在 BMT 與 IT 之間拆分一下？就主要是什麼在驅動這個擴張而言。

Yeah, Mike, it’s predominantly BMT, as I mentioned earlier. Q4 was an unusually strong quarter for BMT. As the revenue came down for that sequentially, we lost some leverage there. That drives the lion’s share of the sequential margin decline in that business.

是的，Mike，主要是 BMT，如我先前提到的。第四季對 BMT 來說是異常強勁的一季。當營收在序列上回落時，我們在那裡失去了一些槓桿效益。這占了該業務序列毛利率下滑的絕大部分原因。

Okay. Just I guess in terms of IT and Chris, the response you guys have made over the last three, four quarters in terms of sort of fighting back in vascular closure. One of the levers you talked about two, three quarters ago is you were giving your guys a little bit more flexibility on price. I’m just wondering how much that has helped in driving a recovery and if there’s been any change in sort of that direction that you guys gave a few quarters ago in terms of flexibility on pricing. Thanks.

好的。那我想就 IT 以及 Chris，你們在過去三、四個季度對血管封合（vascular closure）反擊的作為來看。你們在兩、三個季度前提到的一個槓桿是，給你們的團隊在價格上更大的彈性。我想了解這對推動復甦幫助有多大，以及相較於你們幾個季度前所說的定價彈性方向，是否有任何改變。謝謝。

Yeah. Thanks, Mike. All three factors that we called out earlier are having a role. We’ve got a market that is increasingly stabilizing, which means the access site opportunity is accelerating probably twice what it was last year from 3.5% or so to 6% or 7% or better as it further matures. That’s there, and that’s clearly helping us. The investments in sales and marketing. These guys are going in.

是的。謝謝你，Mike。我們先前提到的三個因素都在發揮作用。市場正日益趨於穩定，這意味著穿刺點（access site）的機會正在加速，可能是去年的兩倍，從約 3.5% 提升到 6% 或 7% 甚至更高，隨著市場進一步成熟。這一點很明顯在幫助我們。還有在銷售與行銷上的投資。這些人正在全力投入。

We remember first quarter of last year, we took a big hit, and we lost a large number of important accounts. Our team’s more than holding their own in terms of winning those back and gaining new share across the board. I do think giving them some latitude has helped, although this is a team that was purpose-built to do this.

我們記得去年第一季我們受到很大衝擊，失去了一大批重要客戶。我們的團隊不僅守住陣地，還在贏回那些客戶，並在各方面取得新的市占。我確實認為給他們一些彈性是有幫助的，雖然這支團隊本來就是為了做這件事而打造的。

There’s a lot of intelligence being applied to make sure that when we are pulling the price lever, we’re pulling it intelligently for where the opportunity makes sense for us. It helps behind the scenes that our global manufacturing and supply teams have figured out increasingly how to make the product more cost-effectively. That’s definitely weighing in our favor. I don’t want to discount the value of the clinical work that we’ve done, the label expansion for sure, but just also a body of evidence that is unique to VASCADE in all its forms in terms of the role it can play in closure.

我們運用大量的洞察，確保在拉動價格槓桿時，是在對我們而言機會合理的地方，以更聰明的方式去拉動。在幕後也有幫助的是，我們的全球製造與供應團隊愈來愈能找出更具成本效益的方式來生產該產品。這確實對我們有利。我不想低估我們所做臨床工作的價值，當然也包括標籤擴展，但同時也有一套在所有形式的 VASCADE 上都獨特的證據體系，證明它在封合方面能扮演的角色。

I think that differentiation is helping us clearly against both of our existing competitors. Again, we’ll have more to say about that as the year progresses, but this is a stepwise progression. We expect the momentum to build from here.

我認為這種差異化很明顯地在幫助我們對抗兩個既有競爭對手。同樣地，隨著今年進展，我們會有更多可以分享，但這是一個循序漸進的過程。我們預期動能將從這裡開始持續累積。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗（Citi）。

Hey, good morning. This is Anthony on for Joanne. Thanks for taking our questions. I just want to switch gears to hemostasis management. That’s been quite durable for the past several quarters. I’m curious, I guess, where we sort of are in the rollout of that Heparin neutralized cartridge as well as the ongoing upgrade to TEG 6s. Then if you could maybe provide any pipeline plans for future assays on that capital.

嗨，早安。我是 Anthony，代 Joanne 發問。謝謝你們回答我們的問題。我想把話題轉到止血管理（hemostasis management）。過去幾個季度這塊表現相當穩健。我想了解一下，肝素中和匣（Heparin neutralized cartridge）的推廣進度，以及 TEG 6s 持續升級的情況目前到哪裡了。另外，如果可以的話，也請分享在該設備平台上未來檢測項目（assays）的產品管線規劃。

Yep. Thanks for the question, Anthony. Yeah. For BMT, that probably doesn’t get the mind share it deserves in terms of its contribution. If you go back over the last five years, TEG itself has grown on average compound annual growth rate of 15%, one five. We have every expectation that favorable runway is going to continue and build momentum throughout this fiscal year. A bunch of that now is increasingly around utilization. The split on revenue for the product is 85-15 disposables versus capital. That may even increase over the course of this year because of the success globally of the Heparin Neutralization cartridge. The upgrade cycle from TEG 5000, we’re in the final stages of that at this point. The team’s really leaned in and accelerated that. That’s great. I think I called this out on last quarter’s call.

好的。謝謝你的問題，Anthony。是的。就 BMT 而言，這塊的貢獻可能沒有得到它應有的關注度。如果回顧過去五年，TEG 本身的平均年複合成長率為 15%，一五。我們完全預期這個有利的成長跑道會在本財年持續，並在全年累積動能。其中很大一部分現在愈來愈來自使用率提升。該產品的營收結構為 85-15：耗材對資本設備。由於肝素中和匣在全球的成功，這個比例甚至可能在今年進一步提高。從 TEG 5000 的升級週期，目前我們已進入最後階段。團隊確實全力投入並加速推進。這很棒。我想我在上季的電話會議中也提到過這點。

The revenue return per device with the TEG 6s are two times what they were previously or with the TEG 5000s. That’s a utilization story. That said, we’re looking at a $400 million TAM, plus or minus globally. That’s roughly 60% penetrative. We have 80% share of the market, and we feel great about that. The opportunity from where we sit is to drive additional utilization, and that means we’ve got to do some additional work on subsequent indications, some of the global footprint, and et cetera. There’s meaningful upside. We have to do the work to get there. This is a team that’s managed to exceed expectations at every turn. I have no doubt they’ll do so from where we sit.

使用 TEG 6s 的每台設備營收回報是先前或使用 TEG 5000s 的兩倍。這是一個使用率的故事。話雖如此，我們看到全球 TAM 約為 4 億美元，上下浮動一些。這大約是 60% 的滲透率。我們擁有 80% 的市場份額，對此感到非常振奮。就我們所處的位置而言，機會在於推動更高的使用率，而這意味著我們必須在後續適應症、部分全球佈局等等方面再做一些額外工作。上行空間相當可觀。我們必須把工作做到位才能達成。這個團隊一路以來在每個關鍵時刻都能超越預期。我毫不懷疑，從我們目前的位置出發，他們也會做到。

Okay, that’s helpful. Free cash flow expanded really nicely year-over-year. It seems like a lot of that’s driven by working capital improvement. Would maybe just love to hear more of the work you’re doing there. I know PerQseal was just tucked in, but any updated views on M&A and other adjacent markets that you could be interested in? Thank you.

好的，這很有幫助。自由現金流年增擴張得非常漂亮。看起來其中很大一部分是由營運資金改善所帶動。很希望多聽一些你們在這方面所做的工作。我知道 PerQseal 才剛納入，但你們對併購（M&A）以及其他可能感興趣的相鄰市場，有沒有更新的看法？謝謝。

Yeah, I’ll start on free cash flow. Glad you asked. It’s a great story. Our operating cash flow was $52 million in Q1. That’s three times last year, and our conversion for the quarter was 75%, which is strong given Q1 is typically our weakest cash quarter seasonally.

好的，我先談自由現金流。很高興你問到。這是一個很棒的故事。我們第一季的營運現金流是 5,200 萬美元。這是去年的三倍，而本季的現金轉換率是 75%；考量到第一季在季節性上通常是我們現金表現最弱的一季，這個數字很強。

When you look at the trailing 12 months, which is really the right way to do this, the quarterly fluctuations can come and go. That’s 106% on a trailing 12-month basis. You’re right, if you’re just looking at Q1 and you look at our cash flow statement, you’ll see that there’s a fairly large source of cash year over year. It’s mostly related to accrued liabilities and payables, and we had some favorable timing there.

如果你看過去 12 個月（這其實才是正確的看法），季度波動會來來去去。以過去 12 個月計算是 106%。你說得對，如果只看第一季並查看我們的現金流量表，你會看到年對年有一個相當大的現金來源。這主要與應計負債與應付帳款有關，我們在時間點上有一些有利因素。

Now, we’re reaffirming our 80% free cash flow conversion for the year. I believe that that should give us plenty of room to keep funding growth and paying down debt and so forth as we move throughout the year.

另外，我們重申全年自由現金流轉換率 80% 的目標。我相信這將給我們足夠的空間，在全年推進的同時持續為成長提供資金、償還債務等等。

Anthony, it’s Chris. Just regarding capital allocation and how we think about that. To James’ point, we’ve really leaned in. The three metrics we run to haven’t changed: revenue growth, margin expansion, and free cash flow. That won’t change. The outperformance we’re having on cash flow is definitely strengthening the balance sheet and creating some optionality for us. Within that, our capital allocation goals haven’t changed. We’re looking to create the greatest long-term shareholder value we can. At this point, the focus is organic. I mentioned the launches, Hep Neutralization, MVP XL, Persona PLUS.

Anthony，我是 Chris。就資本配置以及我們如何思考這件事而言。呼應 James 的觀點，我們確實更積極投入。我們追蹤的三個指標沒有改變：營收成長、毛利率擴張，以及自由現金流。這不會改變。我們在現金流上的超預期表現，確實正在強化資產負債表，並為我們創造一些選擇性。在此之下，我們的資本配置目標沒有改變。我們希望盡可能創造最大的長期股東價值。目前的重點是有機成長。我提到過幾項上市推出：Hep Neutralization、MVP XL、Persona PLUS。

There will be several more, with any luck here in the second part of the year. Stay tuned for that. That’s a focus. We have done the share buybacks, $100 million last year. We still have an authorization for the remaining $325 million.

如果運氣好的話，下半年還會有好幾項。敬請期待。這是我們的重點。我們也做了庫藏股回購，去年回購了 1 億美元。我們仍有剩餘 3.25 億美元的回購授權額度。

As James called out, we paid down some debt in the quarter and again, subsequent to the quarter, $100 million in total. I think you’re going to see us more in terms of organic growth as the absolute top priority, and then cleaning up the balance sheet and addressing where we can opportunistically, a chance to return value to shareholders vis-a-vis the buybacks. In the absence of that, we’ll take care of some of the debt structure. I’m not saying never, but M&A is off the table for now. Our focus is solid execution against the existing demand we have in our core products today.

如 James 所指出的，我們在本季償還了一些債務，而且在季後又償還了一筆，合計 1 億美元。我認為你會看到我們把有機成長作為絕對優先事項，接著是整理資產負債表，並在有機會時透過回購向股東回饋價值。若沒有那樣的機會，我們就會處理部分債務結構。我不是說永遠不做，但目前併購（M&A）暫時不在考量範圍內。我們的重點是把現有核心產品的既有需求執行到位。

Travis Steed, BofA.

Travis Steed，美國銀行（BofA）。

Hey, congrats on a good quarter. I wanted to ask on the new board member, Martin, that you added, and how you’re thinking about just bigger picture, creating strategic value for shareholders and value for shareholders. Is Martin coming on the board part of that value shareholder creation that you’re thinking about over the next 12 months or so?

嗨，恭喜本季表現不錯。我想問一下你們新增的董事會成員 Martin，以及你們如何從更宏觀的角度思考為股東創造策略價值與股東價值。Martin 加入董事會，是否是你們在未來 12 個月左右所思考的股東價值創造的一部分？

Look, Mark, we think anytime we add a board member, we’re looking at the total skill set, how that fits with the existing capabilities and competency of the board. Martin brings a lot in that regard. It’s not just this year, it’s what I hope will be over the next decade of his contributions. He’s a really talented guy. He’s got a track record of creating shareholder value pretty much everywhere he has been.

你看，Mark，我們認為每次新增董事會成員時，都會看整體技能組合，以及它如何與董事會既有的能力與專長相互契合。Martin 在這方面帶來很多價值。這不只是今年，而是我希望他在未來十年所能帶來的貢獻。他是一位非常有才華的人。他幾乎在所到之處都有創造股東價值的實績。

Some of that’s just real thoughtfulness around strategy, corporate strategy, understanding markets and how they move and how to compete within them. A lot of it’s about execution and stabilizing and consistent delivery, which of course is a criticality. When we set out in the market, we were looking for real experience-based, prior CEO, prior CFO type of skill sets to really muscle build what is a very high-performing board. I think Martin’s going to be a great fit in that regard.

其中一部分來自於他對策略、公司策略的深思熟慮，對市場的理解，以及市場如何變動、如何在其中競爭。很大一部分也關乎執行力、穩定性與持續交付，這當然至關重要。當我們在市場上尋覓時，我們希望找到真正具備經驗、曾任 CEO、曾任 CFO 這類技能組合的人選，以進一步強化這個本就高效能的董事會。我認為 Martin 在這方面會非常契合。

Mike Matson, Needham & Company.

Mike Matson，Needham & Company。

Hi, how’s everybody doing? This is Joseph on for Mike. I’m just wondering if you guys have any commentary or color on hospital capital equipment budgets. I think going into the quarter, there’s maybe some worry or some hesitancy and maybe haven’t been seeing that from med tech peers. Curious what you guys are seeing there, I guess specifically with TEG placements, but maybe even broader if you have any more color on that.

嗨，大家最近如何？我是 Joseph，代替 Mike。我想請教你們對醫院資本設備預算是否有任何評論或補充說明。我想在進入本季之前，市場可能有些擔憂或猶豫，但從一些醫療科技同業那邊似乎沒有看到那樣的情況。我很好奇你們看到的狀況如何；我想特別是 TEG 的裝機（placements），但如果你們有更廣泛的觀察也想聽聽。

Yeah, Joseph, thanks for the question. We have not seen any pressures there. I know there’s a lot of concern about it. It doesn’t affect the IVT business. There’s no underlying capital requirements there. There’s some monitors and whatnot for the guidewire piece, but that’s part of the broader sale, so it’s not a factor. With regards to TEG, as I said, it’s an 85-15 split between disposables and capital.

好的，Joseph，謝謝你的問題。我們沒有看到任何壓力。我知道外界對此有很多擔憂。這不會影響 IVT 業務。那裡沒有任何底層的資本需求。導絲（guidewire）那一塊會有一些監視器之類的設備，但那是整體銷售的一部分，所以不是影響因素。至於 TEG，如我所說，一次性耗材與資本設備的占比是 85/15。

There’ll probably be more capital placed outside the US this year, but that’s just part of our share capture and utilization. We do see folks adding the additional analyzer or two or three. The good news about, and this is true across all of our products, there’s a very strong use case for TEG and viscoelastic testing that for any tight-fisted hospital procurement team who’s willing to look at the value add, there’s tremendous value add.

今年可能會有更多資本配置在美國以外，但那只是我們市占率擷取與資本運用的一部分。我們確實看到客戶會再增加一台、兩台或三台分析儀。好消息是——而且這點適用於我們所有產品——TEG 與黏彈性檢測有非常強的使用情境；對於任何精打細算、願意評估其附加價值的醫院採購團隊而言，這項附加價值非常可觀。

When a system adopts TEG, they get better clinical outcomes, which is the first priority, but they also tend to lower their consumption of blood products because they use the right product in the right way and not otherwise.

當一個醫療體系採用 TEG 時，他們會獲得更好的臨床結果，這是第一優先；同時，他們也往往會降低血液製品的使用量，因為他們能在正確的情境以正確方式使用正確的產品，而不會在不需要時使用。

The aggregate, blood is a top three expenditure for every hospital in the world. By helping conserve and do practice better blood management techniques, wind up lowering the aggregate cost. That’s a big part of it. I think the other big part of it is we’re still below $50,000 on an analyzer. It just doesn’t hit anybody’s thresholds. We’ve seen no headwinds there.

整體而言，血液是全球每一家醫院支出前三大的項目之一。透過協助節約用血並採用更好的血液管理作法，最終能降低整體成本。這是其中很大的一部分。我認為另一個很大的部分是，我們的分析儀價格仍低於 50,000 美元。這根本不會觸及任何人的採購門檻。我們在這方面沒有看到任何逆風。

Okay. Super clear. Thanks. Maybe just two follow-ups on some previous questions. Just I guess maybe on cash flow, the strength in the quarter and just given that it’s usually the seasonally weakest, I’m just wondering if it maybe changes the pace or the size of share buybacks under the current authorization.

好的。非常清楚。謝謝。也許針對先前一些問題再追問兩點。我想就現金流而言，本季表現強勁，而且考量到通常這一季是季節性最弱的，我想了解這是否會改變在目前授權下回購股票的節奏或規模。

Just on Persona PLUS, I’m not sure if you said it, but I was wondering if you could maybe just chart out where you guys are in the adoption curve with the current plasma customer base. That’s it from us. Really appreciate it, and congrats on a strong quarter.

另外關於 Persona PLUS，我不確定你是否提到，但我想請你們大致說明一下，在現有血漿客戶基礎中，你們目前在採用曲線上處於什麼位置。我們這邊就這些。非常感謝，也恭喜本季表現強勁。

Yeah, thanks for the question. Let me address the cash flow piece. Just as a reminder, we already purchased 3 million shares over the prior 18 months or so. Having executed well on that, it felt like the right moment to turn some attention to the balance sheet, especially with money market yields normalizing and our borrowing costs staying elevated.

好的，謝謝你的提問。我先回應現金流的部分。提醒一下，我們在過去大約 18 個月已經回購了 300 萬股。在那方面執行得很到位之後，我們覺得此刻把部分注意力轉向資產負債表是合適的，尤其是在貨幣市場殖利率回歸常態、而我們的借款成本仍維持在較高水準的情況下。

What you see in the quarter was that, as I mentioned, we paid down $50 million on the revolver during Q1. Right after Q1, we paid down another $50 million on the revolver. We’ve prioritized debt paydown right now. We still have $200 million left on the revolver, and we’ll balance that with share buybacks.

你在本季看到的是，如我提到的，我們在第一季期間償還了循環信貸（revolver）5,000 萬美元。在第一季結束後不久，我們又償還了循環信貸 5,000 萬美元。我們目前優先進行降槓桿、償還債務。循環信貸尚餘 2 億美元，我們會在償債與股票回購之間取得平衡。

As I mentioned earlier, the good news is that because we have such strong cash flow, we have plenty of room really to do as we choose, whether it’s funding growth, paying down debt, or returning capital to shareholders. We intend to do all of that in a balanced way. Just in terms of your question regarding Persona PLUS, as I said, we’re excited. We’re ahead of schedule and expect that to continue. The response has been outstanding.

如我先前提到的，好消息是，由於我們現金流非常強勁，我們其實有很大的彈性可以依照我們的選擇來運用資金，不論是投入成長、償還債務，或是把資本回饋給股東。我們打算以均衡的方式同時做到這些。至於你關於 Persona PLUS 的問題，如我所說，我們很興奮。我們進度超前，並預期會持續如此。市場反應非常出色。

Customers are getting higher than expected, +5% off of the base Persona yields they already attained, and we’ll continue to lean into that. As I said, we can move fast. It’s a firmware upgrade. We laid the foundation for this when we did the original Persona upgrades. Conceptually and without much to do, we could convert the entire US market this year.

客戶在他們原本已達成的 Persona 基礎產出之上，獲得了高於預期的提升，約 +5%，我們會持續加大投入。如我所說，我們可以很快推進。這是一個韌體升級。我們在進行最初的 Persona 升級時就為此奠定了基礎。從概念上來說，而且幾乎不需要做太多事，我們今年就可以把整個美國市場都轉換過來。

That’s not within our guidance. What’s in our guidance is where we have existing contracts and a committed timeline to roll out. I think this one has the potential to snowball and build momentum as it goes. It’s a really good innovation for the market, so stay tuned.

但這不在我們的財測指引之內。我們指引中涵蓋的是：在我們已有合約且有明確承諾的導入時程的範圍內進行推廣。我認為這項產品有機會在推進過程中滾雪球、累積動能。這對市場而言是一項非常好的創新，敬請期待。

I’m not showing any further questions at this time, and as such, this does conclude today’s presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

我目前沒有看到其他問題，因此今天的簡報到此結束。感謝各位的參與。您現在可以斷線，祝您有美好的一天。