Hologic Inc (HOLX) 2023 Q2 法說會逐字稿

Good afternoon, and welcome to the Hologic Second Quarter Fiscal 2023 Earnings Conference Call. My name is Rachel, and I'm your operator for today's call. Today's conference is being recorded. (Operator Instructions) I would now like to introduce Ryan Simon, Vice President, Investor Relations, to begin the call.

下午好，歡迎來到 Hologic 2023 財年第二季度收益電話會議。我叫雷切爾，我是今天電話的接線員。今天的會議正在錄製中。 （操作員說明）我現在想介紹投資者關係副總裁 Ryan Simon 開始通話。

Thank you, Rachel. Good afternoon, and thank you for joining Hologic's Second Quarter Fiscal 2023 Earnings Call. With me today are Steve MacMillan, the company's Chairman, President and Chief Executive Officer; and Karleen Oberton, our Chief Financial Officer. Our second quarter press release is available now on the Investors section of our website. We will also post our prepared remarks to our website shortly after we deliver them as well as an updated corporate presentation. And a replay of this call will be available for the next 30 days.

謝謝你，雷切爾。下午好，感謝您加入 Hologic 的 2023 財年第二季度財報電話會議。今天和我在一起的有公司董事長、總裁兼首席執行官史蒂夫·麥克米倫 (Steve MacMillan)；和我們的首席財務官 Karleen Oberton。我們第二季度的新聞稿現在可以在我們網站的投資者部分獲得。我們還將在我們發布準備好的評論以及更新的公司介紹後不久將其發佈到我們的網站上。在接下來的 30 天內可以重播此通話。

Before we begin, we would like to inform you that certain statements we make today will be forward-looking. These statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied. Such factors include those referenced in the safe harbor statement included in our earnings release and SEC filings.

在我們開始之前，我們想通知您，我們今天發表的某些聲明將具有前瞻性。這些陳述涉及已知和未知的風險和不確定性，可能導致實際結果與明示或暗示的結果存在重大差異。這些因素包括我們的收益發布和美國證券交易委員會備案文件中的安全港聲明中提到的那些因素。

Also, during this call, we will discuss certain non-GAAP financial measures. A reconciliation to GAAP can be found in our earnings release. Two of these non-GAAP measures are: one, organic revenue, which we define as revenue excluding the divested Blood Screening business and revenue from acquired businesses owned by Hologic for less than 1 year; and two, organic revenue, excluding COVID-19, which excludes COVID-19 assay revenue, revenue related to COVID-19 and sales from discontinued products in Diagnostics; finally, any percentage changes we discuss will be on a year-over-year basis, and revenue growth rates will be in constant currency unless otherwise noted.

此外，在本次電話會議中，我們將討論某些非 GAAP 財務指標。可以在我們的收益發布中找到與 GAAP 的對賬。其中兩項非 GAAP 指標是：一是有機收入，我們將其定義為不包括剝離的血液篩查業務和 Hologic 擁有的收購業務不到 1 年的收入；第二，有機收入，不包括 COVID-19，不包括 COVID-19 檢測收入、與 COVID-19 相關的收入和診斷中停產產品的銷售；最後，我們討論的任何百分比變化都將按年計算，除非另有說明，否則收入增長率將採用固定匯率。

Now I'd like to turn the call over to Steve MacMillan, Hologic's CEO.

現在我想把電話轉給 Hologic 的首席執行官史蒂夫麥克米倫。

Thank you, Ryan, and good afternoon, everyone. Thank you for joining us today to discuss our financial results for the second quarter of fiscal 2023. Our exceptional results confirmed that Hologic is now a much bigger, stronger company with more diverse and durable growth than pre-pandemic. On top of this transformation, with our strong cash flow and exceptional balance sheet, we are operating from a position of strength and are poised to carry our positive momentum forward. We've also said throughout the pandemic that we've dramatically strengthened the company. We recognize that this transformation was harder to see and fully appreciate against a backdrop of COVID spikes and supply chain anomalies.

謝謝你，瑞安，大家下午好。感謝您今天加入我們，討論我們 2023 財年第二季度的財務業績。我們出色的業績證實，Hologic 現在是一家更大、更強大的公司，與大流行前相比，增長更加多樣化和持久。除了這一轉型之外，憑藉我們強勁的現金流和出色的資產負債表，我們的運營處於有利地位，並準備繼續保持積極的勢頭。我們還表示，在整個大流行期間，我們極大地加強了公司的實力。我們認識到，在 COVID 峰值和供應鏈異常的背景下，這種轉變更難被看到和充分理解。

As these clouds continue to clear the result of our robust transformation really shines. For the quarter, total revenue was $1.03 billion and non-GAAP earnings per share was $1.06, both results were above the high end of our guidance. Before providing the highlights for the quarter, which admittedly did have 2 more selling days, and we were going against softer comps from last year due to the Omicron surge, make no mistake about it, we are very proud of these results.

隨著這些烏雲繼續散去，我們穩健轉型的成果真正閃耀。本季度總收入為 10.3 億美元，非 GAAP 每股收益為 1.06 美元，這兩項結果均高於我們指導的上限。在提供本季度的亮點之前，誠然，該季度確實有 2 個銷售日，而且由於 Omicron 的激增，我們與去年相比表現疲軟，請不要誤會，我們為這些結果感到非常自豪。

First and most notable, our organic revenue, excluding COVID, grew 21.9% and with 2 out of 3 divisions growing north of 25%. By division, excluding COVID, Diagnostics grew 14.9%, again, powered by Molecular Diagnostics, which grew nearly 24%. Surgical also continued to deliver growing 25.2%. And Breast Health returned to growth, posting a very strong performance of 25.7% growth.

首先也是最值得注意的是，我們的有機收入（不包括 COVID）增長了 21.9%，並且 3 個部門中有 2 個增長了 25% 以上。按部門劃分，不包括 COVID，診斷增長了 14.9%，再次受到分子診斷的推動，後者增長了近 24%。外科手術也繼續增長 25.2%。乳房健康恢復增長，表現非常強勁，增長了 25.7%。

Our outstanding results are a testament to the commitment of our many colleagues around the world, to our purpose, passion and promise to elevate women's health. Without the discipline and incredible execution of our teams who have shown up every day throughout the pandemic, this strong performance would not be possible.

我們出色的成績證明了我們在世界各地的許多同事對我們提升女性健康的宗旨、熱情和承諾的承諾。如果沒有我們在整個大流行期間每天都出現的團隊的紀律和令人難以置信的執行力，就不可能有這種強勁的表現。

Turning to our themes for today. First, we'll provide insight into the growth drivers in each division to showcase and to reinforce the diversity and durability of our transformed business. Second, we'll review our strong performance against our 2023 guidance and longer-term growth targets, helping to frame the outlook for the remainder of the fiscal year and longer term. And to close, we'll reflect on where we stand with COVID today, our progress through the pandemic and our excitement as we look ahead. With that brief introduction, let's now focus on our second quarter performance and specifically, the growth drivers powering our strong results.

轉向我們今天的主題。首先，我們將深入了解每個部門的增長動力，以展示和加強我們轉型後業務的多樣性和持久性。其次，我們將根據我們的 2023 年指導方針和長期增長目標審查我們的強勁表現，幫助制定本財年剩餘時間和長期的前景。最後，我們將反思我們今天在 COVID 方面的立場、我們在大流行病中取得的進展以及我們展望未來時的興奮之情。通過這個簡短的介紹，現在讓我們關注我們第二季度的業績，特別是推動我們取得強勁業績的增長動力。

At the highest level, we continue to demonstrate and appreciate that many of you have come to realize our business is dramatically different compared to where we were pre-pandemic. We are more balanced, more diverse and more durable. Through the pandemic, we strategically added growth drivers across the company that are contributing to our top line growth today and will do so for years ahead. These innovative products and services are also accretive to our overall strength within the markets we participate in, deepening our strong relationships with the customers we serve.

在最高級別，我們繼續證明並感謝你們中的許多人已經意識到我們的業務與大流行前相比有很大不同。我們更平衡、更多樣化、更持久。通過大流行，我們戰略性地在整個公司增加了增長動力，這些增長動力正在為我們今天的收入增長做出貢獻，並將在未來幾年繼續這樣做。這些創新產品和服務也增加了我們在所參與市場中的整體實力，加深了我們與所服務客戶的牢固關係。

While the macro environment continues to present a multitude of challenges, you can count on us to deliver. In Diagnostics, Molecular Diagnostics continues to lead the way. Our expanded global installed base of Panthers, over 3,250 strong represents the catalyst for the division's sustained growth. The superior workflow of the Panther combined with our broad menu of nearly 20 FDA-approved assays across the Panther and Panther Fusion systems, creates tremendous value for our customers and differentiates us from our competition.

儘管宏觀環境繼續面臨諸多挑戰，但您可以指望我們能夠交付。在診斷領域，Molecular Diagnostics 繼續處於領先地位。我們擴大的 Panthers 全球安裝基礎超過 3,250 台，是該部門持續增長的催化劑。 Panther 卓越的工作流程與我們在 Panther 和 Panther Fusion 系統中近 20 種 FDA 批准的檢測的廣泛菜單相結合，為我們的客戶創造了巨大的價值，並使我們在競爭中脫穎而出。

As we exit the pandemic, we are placing more menu with more throughput on more Panthers and adding more Panther Fusion systems, positioning labs to unlock our full breadth of menu over time. Hologic and our Panther systems are well positioned to continue our strong performance.

當我們退出大流行病時，我們將在更多 Panther 上放置更多具有更高吞吐量的菜單，並添加更多 Panther Fusion 系統，定位實驗室以隨著時間的推移解鎖我們的全部菜單。 Hologic 和我們的 Panther 系統處於有利地位，可以繼續我們的強勁表現。

Consistent with prior quarters, the pillars of Molecular Diagnostics growth were diverse in the period. Growth was driven by our BV/CV/TV vaginitis panel and aided by our core STI menu, including chlamydia, gonorrhea, HPV and Trich. We also once again had strong contributions from Biotheranostics and our respiratory menu on the Panther Fusion, where we expect the latter of the 2 to be more seasonal in nature.

與前幾個季度一致，該期間分子診斷增長的支柱是多種多樣的。增長是由我們的 BV/CV/TV 陰道炎小組推動的，並得到我們核心 STI 菜單的幫助，包括衣原體、淋病、HPV 和滴蟲。我們也再次從 Biotheranostics 和我們在 Panther Fusion 上的呼吸菜單中獲得了巨大的貢獻，我們預計兩者中的後者在本質上更具季節性。

In Breast Health, after 4 quarters of decline, primarily due to semiconductor chip supply headwinds, the division emphatically returned to growth, posting 25.7% growth for the quarter. Comp considerations aside, the strong growth in Breast Health resulted from a combination of 4 positive factors.

在乳腺健康領域，在經歷了主要由於半導體芯片供應逆風導致的 4 個季度下滑之後，該部門著重恢復增長，本季度實現 25.7% 的增長。撇開 Comp 因素不談，乳房健康的強勁增長得益於 4 個積極因素的結合。

First, semiconductor chip availability continues to improve, allowing for the delivery of more gantries in the quarter than planned. This included moving a number of gantries originally allocated for the back half of the year into the second quarter. As a result, for the balance of the year, we anticipate Q3 and Q4 gantry delivery levels to each register modestly below Q2, though still well ahead of last year as our visibility and chip availability continues to strengthen.

首先，半導體芯片的可用性繼續提高，允許在本季度交付比計劃更多的龍門架。這包括將一些最初分配給今年下半年的龍門架移至第二季度。因此，在今年剩餘時間裡，我們預計第三季度和第四季度的龍門架交付水平將略低於第二季度，但由於我們的知名度和芯片可用性繼續增強，仍遠高於去年。

Second, exceptional demand for our clinically differentiated mammography instruments remains high. And despite the duration of the chip headwind, our backlog remains strong, and we are seeing no increase in order cancellations.

其次，對我們的臨床差異化乳腺 X 線攝影儀器的特殊需求仍然很高。儘管芯片逆風持續了一段時間，但我們的積壓訂單仍然很旺盛，而且我們沒有看到取消訂單的情況有所增加。

Third, in Q2, we again delivered strong service revenue, service being the largest source of revenue for the division as we consistently demonstrate our value proposition and strengthen our relationships with customers.

第三，在第二季度，我們再次實現強勁的服務收入，服務是該部門最大的收入來源，因為我們始終如一地展示我們的價值主張並加強與客戶的關係。

And fourth, the interventional side of the Breast Health business returned to form, growing 13.9% for the quarter, driven by our disposable portfolio such as Brevera's biopsy needles and SOMATEX 2-Mark markers. This strong interventional result also serves as an indication of our success navigating some of the non-chip related supply chain headwinds we faced in prior quarters. To close out Breast Health, we'd like to take this opportunity to thank our chip supply partners who have aligned with our purpose and have prioritized women's health. As a result, we had the ability and confidence to deliver more gantries than projected this quarter, and our customers are better positioned to screen more women sooner rather than later. We are thankful for these strengthened partnerships, which have also undeniably influenced our innovation and design efforts, making Hologic even stronger for the future.

第四，在我們的一次性產品組合（如 Brevera 的活檢針和 SOMATEX 2-Mark 標記物）的推動下，乳房健康業務的介入業務恢復正常，本季度增長 13.9%。這一強勁的干預結果也表明我們成功克服了前幾個季度面臨的一些與芯片相關的供應鏈逆風。為了結束乳房健康，我們想藉此機會感謝我們的芯片供應合作夥伴，他們與我們的宗旨保持一致，並將女性健康放在首位。因此，我們有能力也有信心交付比本季度預期更多的龍門架，我們的客戶可以更好地儘早篩查更多女性。我們感謝這些加強的合作夥伴關係，這也無可否認地影響了我們的創新和設計工作，使 Hologic 在未來更加強大。

While much attention has been given to Diagnostics and Breast Health, our Surgical business has also remarkably transformed during the last few years and is emerging as a meaningful driver of growth for us globally, a completely different business than 3 to 4 years ago. It's much bigger, stronger and faster growing. In Q2, Surgical grew more than 25% and was driven by strong contributions from our hysteroscopic portfolio of MyoSure, the Fluent fluid management system and NovaSure. On the latter, we are encouraged by yet another strong quarter for our latest NovaSure iteration, the NovaSure V5. In addition, our laparoscopic portfolio continues to build momentum and is growing into a larger driver for the division.

雖然診斷和乳房健康受到了很多關注，但我們的外科業務在過去幾年也發生了顯著變化，並正在成為我們全球增長的重要推動力，這是一個與 3 至 4 年前完全不同的業務。它更大、更強、增長更快。在第二季度，外科手術增長超過 25%，這得益於我們的 MyoSure 宮腔鏡產品組合、Fluent 液體管理系統和 NovaSure 的強勁貢獻。在後者方面，我們對最新的 NovaSure 迭代 NovaSure V5 又一個強勁的季度感到鼓舞。此外，我們的腹腔鏡產品組合繼續建立勢頭，並正在成長為該部門的更大推動力。

Now we'll move on from the division growth drivers to reflect on our performance against our guidance for the year. At the beginning of the fiscal year, we said that each division would deliver low double-digit organic growth for 2023, excluding COVID. As the Q2 close marks the halfway point of the fiscal year, we are pleased to share our progress towards achieving our 2023 goal.

現在，我們將從部門增長驅動因素出發，根據我們今年的指導來反思我們的表現。在本財年開始時，我們表示每個部門都將在 2023 年實現低兩位數的有機增長，不包括 COVID。由於第二季度結束標誌著本財年的中點，我們很高興分享我們在實現 2023 年目標方面取得的進展。

Through the first half of our fiscal year, the total company has delivered organic growth of nearly 14%, excluding COVID. And by division, Diagnostics, Surgical and Breast Health have grown 15.4%, 19.6% and 9.1%, respectively. This puts us in great shape to achieve or exceed our initial low double-digit 2023 targets. Looking ahead, for Diagnostics and Surgical, we will have much tougher comps going forward. By the close of Q3 last year, both divisions were posting solid numbers, resulting in the healthier, stronger comps we'll now be facing. And for Breast Health going forward, due to the phasing of the chip headwind, the opposite is true. Our Breast Health comps in the back half of fiscal '23 will be softer than in Q2.

在本財年上半年，除 COVID 外，公司整體實現了近 14% 的有機增長。按部門劃分，診斷、外科和乳腺健康分別增長了 15.4%、19.6% 和 9.1%。這使我們能夠很好地實現或超過我們最初的低兩位數 2023 目標。展望未來，對於診斷和外科，我們將有更艱難的競爭。到去年第三季度末，兩個部門都發布了可靠的數據，從而使我們現在將面臨更健康、更強大的組合。對於未來的乳房健康，由於芯片逆風的分階段，情況恰恰相反。我們在 23 財年下半年的乳房健康補償將比第二季度更疲軟。

Now focusing on our longer-term growth projections. With recent very strong results, we understand that some may question whether our 5% to 7% excluding COVID, organic revenue growth rate through 2025 is still appropriate. In short, we believe that it is because we see fiscal '23 as a unique year. Taking a step back, we view our long-term revenue goal as more impressive today due to our expectation for double-digit growth in 2023 on top of our already strong performance since we announced the target.

現在關注我們的長期增長預測。鑑於最近非常強勁的業績，我們了解到有些人可能會質疑我們在 2025 年之前 5% 至 7% 的不包括 COVID 的有機收入增長率是否仍然合適。簡而言之，我們認為這是因為我們將 23 財年視為獨特的一年。退後一步，我們認為我們的長期收入目標今天更令人印象深刻，因為我們預計 2023 年將在我們宣布目標以來已經強勁的業績基礎上實現兩位數的增長。

Shifting gears to our final topic today, COVID. In Q2, we generated $71 million in COVID assay revenue, exceeding our prior guidance of $50 million. We are excited for the opportunity to turn the corner and further concentrate our energy and resources to continue to drive our dynamic business forward. Since the start of the pandemic in early 2020, we maximized the opportunities presented. We rose to the occasion, delivering high-quality, highly accurate molecular tests to meet the world's testing needs. For this, we are extremely proud. And should COVID waves return, leaning on the massive expansion of our manufacturing capacity and operational flexibility, we are even more capable of weathering future storms.

換檔到我們今天的最後一個話題，COVID。在第二季度，我們產生了 7100 萬美元的 COVID 檢測收入，超過了我們之前 5000 萬美元的指導。我們很高興有機會渡過難關，進一步集中我們的精力和資源，繼續推動我們充滿活力的業務向前發展。自 2020 年初大流行開始以來，我們最大限度地利用了所提供的機會。我們應運而生，提供高質量、高度準確的分子測試，以滿足世界的測試需求。為此，我們感到無比自豪。如果 COVID 浪潮捲土重來，依靠我們製造能力的大規模擴張和運營靈活性，我們更有能力抵禦未來的風暴。

We are also extremely proud of the larger and stronger business Hologic is today. We've accelerated years of Panther placements across the globe. And as a byproduct, we expanded our largely domestic business into a much more formidable global enterprise. Today, Hologic is a more recognized and respected worldwide brand, which has immensely more influence to advance women's health around the world. With the benefits from our response to the pandemic, we diligently and thoughtfully invested in our business, adding growth-driving products through organic R&D innovation and completing strategic acquisitions. And equally important, through it all, even during the strongest quarters of COVID revenue, we maintained expense discipline. We managed our business with precision and never got ahead of ourselves with headcount. And when the world needed it most, we made opportunistic and carefully timed to-marketing investments with our Super Bowl ad and WTA sponsorship, each encouraging women to prioritize their health and to return to well-woman exams that were put off during the pandemic. Maintaining our operational discipline and opportunistic investment approach affords us the ability to continue to support R&D, marketing and sales initiatives today, all while keeping expenses relatively flat versus a year ago, after adjusting for the Super Bowl and WTA initiatives.

我們也為 Hologic 今天規模更大、實力更強的企業感到無比自豪。我們在全球範圍內加速了 Panther 的多年部署。作為副產品，我們將主要在國內的業務擴展為更強大的全球企業。如今，Hologic 是一個更受認可和尊重的全球品牌，在促進全球女性健康方面具有巨大的影響力。憑藉我們應對大流行的好處，我們勤奮而周到地投資於我們的業務，通過有機研發創新和完成戰略收購來增加增長驅動的產品。同樣重要的是，通過這一切，即使在 COVID 收入最強勁的季度，我們也保持了支出紀律。我們精確地管理我們的業務，並且從未在員工人數方面領先於自己。在世界最需要的時候，我們通過超級碗廣告和 WTA 贊助進行了機會主義和精心安排的營銷投資，每一項都鼓勵女性優先考慮自己的健康，並重新參加在大流行期間推遲的女性健康檢查。保持我們的運營紀律和機會主義投資方法使我們能夠在今天繼續支持研發、營銷和銷售計劃，同時在針對超級碗和 WTA 計劃進行調整後，費用與一年前相比保持相對平穩。

All in, our Q2 results demonstrate that we are realizing the benefits of our transformed, bigger, stronger business that is fueled by our purpose-driven culture. We've built our culture from the ground up over many years, and it has powered our success through the challenges of the pandemic, where we maximized our opportunity. As a result, Hologic has transformed into the strong force we are today and at the same time, transformed our future. We have strengthened our durable growth path, and our future is bright.

總而言之，我們的第二季度業績表明，我們正在實現轉型、更大、更強的業務所帶來的好處，而這些業務是由我們以目標為導向的文化所推動的。多年來，我們從頭開始建立了我們的文化，它為我們克服大流行病的挑戰提供了成功的動力，在這種情況下我們最大限度地利用了機會。因此，Hologic 已經轉變為我們今天的強大力量，同時也改變了我們的未來。我們堅定了持久的增長道路，我們的未來是光明的。

With that, let me turn the call over to Karleen.

有了這個，讓我把電話轉給 Karleen。

Thank you, Steve, and good afternoon, everyone. In my statements today, I'm going to recap our divisional revenue results, provide a walk-through of our income statement, touch on a few other key financial metrics and finish with our guidance for the full year and third quarter of fiscal 2023. As Steve said, our second quarter financial results were very strong and well ahead of our expectations for both revenue and profitability. Total revenue came in at $1.03 billion beating the midpoint of our guidance by over $70 million. And our non-GAAP earnings per share were $1.06, 25% higher than the midpoint of our guide.

謝謝史蒂夫，大家下午好。在我今天的聲明中，我將回顧我們的部門收入結果，提供我們損益表的演練，觸及其他一些關鍵財務指標，並以我們對 2023 財年全年和第三季度的指導作為結束。正如史蒂夫所說，我們第二季度的財務業績非常強勁，遠遠超出了我們對收入和盈利能力的預期。總收入為 10.3 億美元，比我們指引的中點高出 7000 萬美元。我們的非 GAAP 每股收益為 1.06 美元，比我們指南的中點高 25%。

We also continue to repurchase our shares. In Q2, we repurchased approximately 600,000 shares for $50 million. And year-to-date, we have repurchased 2.2 million shares for $150 million. Before moving to our divisional results, we want to emphasize again that our balance sheet is a bedrock of strength in an uncertain macro landscape. With nearly $2.6 billion of cash and a leverage ratio well below our target range, we have tremendous amount of firepower should opportunities for capital deployment arise. However, while we are very active, our philosophy remains to be patient, which we will discuss in more substance shortly.

我們還繼續回購我們的股票。在第二季度，我們以 5000 萬美元的價格回購了大約 600,000 股股票。今年迄今為止，我們已經以 1.5 億美元的價格回購了 220 萬股股票。在談到我們的部門業績之前，我們想再次強調，我們的資產負債表是不確定的宏觀環境中的實力基石。憑藉近 26 億美元的現金和遠低於我們目標範圍的槓桿率，如果出現資本配置機會，我們擁有巨大的火力。然而，儘管我們非常活躍，但我們的理念仍然是耐心，我們將在稍後詳細討論這一點。

Before we do that, let me recap our divisional revenue results. In Diagnostics, global revenue of $464.7 million declined 52.2%. However, it is important to recognize that COVID testing revenue in the prior year period was inflated because of Omicron. Specifically, we generated $584 million of COVID assay revenue in Q2 2022, more than 8x higher than our COVID assay revenue for Q2 2023. Therefore, a more accurate depiction of the long-term health of the Diagnostics business is to exclude COVID assay and related ancillary revenues.

在我們這樣做之前，讓我回顧一下我們的部門收入結果。在診斷領域，全球收入為 4.647 億美元，下降了 52.2%。然而，重要的是要認識到上一年的 COVID 測試收入因 Omicron 而被誇大。具體來說，我們在 2022 年第二季度產生了 5.84 億美元的 COVID 檢測收入，比我們 2023 年第二季度的 COVID 檢測收入高出 8 倍多。因此，更準確地描述診斷業務的長期健康狀況是排除 COVID 檢測和相關輔助收入。

By making this adjustment, we see that organic diagnostics revenue increased 14.9% in the quarter. The Diagnostics division continues to be led by molecular, which grew nearly 24% in the period, excluding COVID. As Steve highlighted, Power in Q2 performance within Molecular Diagnostics was our increasingly diverse portfolio of assets as the newer assays contributed alongside our legacy women's health portfolio. Rounding out Diagnostics, our Cytology & Perinatal business has declined 0.7% compared to the prior year.

通過進行此調整，我們看到本季度有機診斷收入增長了 14.9%。診斷部門繼續由分子領導，該部門在此期間增長了近 24%，不包括 COVID。正如史蒂夫強調的那樣，分子診斷在第二季度的表現是我們日益多樣化的資產組合，因為新的檢測方法與我們傳統的女性健康產品組合一起做出了貢獻。除了診斷業務，我們的細胞學和圍產期業務與去年相比下降了 0.7%。

Moving to Breast Health. Our fiscal second quarter results were terrific. Total revenue of $385.4 million increased 25.7%, and while this performance was aided by soft comps due to supply chain headwinds in the prior year, the outcome still exceeded our estimates. Moving next to Surgical. Second quarter revenue of $144.8 million increased approximately 25% compared to the prior year. And finally, in our Skeletal business, revenue of $31.6 million increased slightly more than 53%. It is important to point out that growth rates in our Skeletal business can change based on the timing of just a few orders, therefore, we would caution when modeling not to extrapolate this level of growth going forward.

轉向乳房健康。我們第二財季的業績非常出色。總收入 3.854 億美元，增長 25.7%，雖然這一業績得益於去年供應鏈逆風導致的軟補償，但結果仍然超出了我們的預期。移動到外科旁邊。第二季度收入為 1.448 億美元，比上年增長約 25%。最後，在我們的骨骼業務中，收入為 3160 萬美元，增長略高於 53%。重要的是要指出，我們骨骼業務的增長率可能會根據幾個訂單的時間而變化，因此，我們在建模時會警告不要推斷這種增長水平。

Now let's move on to the rest of the non-GAAP P&L for the second quarter. Gross margin of 62.1% was driven by strong performance in our base business and higher-than-expected COVID-19 testing revenues. Total operating expenses of $317 million in the second quarter decreased to 6.3%. The decrease was driven by less marketing spend as our Super Bowl ad in the initial portion of the expense from our partnership with the WTA were incurred in the prior year period. When normalizing for these marketing initiatives, total operating expenses would have been relatively flat compared to the prior year, partially offsetting lower marketing spend in the quarter was higher R&D and sales expense as we continue to invest in internal programs to drive top line growth.

現在讓我們繼續討論第二季度的其餘非 GAAP 損益表。 62.1% 的毛利率是由我們基礎業務的強勁表現和高於預期的 COVID-19 測試收入推動的。第二季度的總運營費用為 3.17 億美元，下降至 6.3%。減少的原因是營銷支出減少，因為我們與 WTA 合作產生的初始部分費用中的超級碗廣告是在去年同期發生的。當這些營銷活動正常化時，總運營費用與上一年相比相對持平，部分抵消了本季度較低的營銷支出，因為我們繼續投資於內部計劃以推動收入增長，因此研發和銷售費用增加。

Below operating income, other expense represented a gain in our fiscal second quarter. Net, we benefited from higher interest rates in the period as interest income from our nearly $2.6 billion cash balance more than offset elevated interest expense on our floating rate debt instruments. Finally, our tax rate in Q2 was 19%, as expected.

低於營業收入，其他費用代表了我們第二財季的收益。淨值，我們受益於該期間較高的利率，因為我們近 26 億美元現金餘額的利息收入足以抵消我們浮動利率債務工具的高利息支出。最後，我們在第二季度的稅率為 19%，符合預期。

Putting these pieces together, operating margin for Q2 came in at 31.3% and net margin was 25.9%. Non-GAAP net income finished at $265.7 million and non-GAAP EPS was $1.06. Moving on from the P&L. Cash flow from operations was $206.3 million in the second quarter. We had nearly $2.6 billion of cash on our balance sheet and our leverage ratio remained at 0.2x. As it relates to our broader capital allocation strategy, our philosophy remains unchanged. We continue to be very active and selective in screening potential targets, while also exercising discipline and patience. We are operating from a position of strength as we explore opportunities.

將這些因素放在一起，第二季度的營業利潤率為 31.3%，淨利潤率為 25.9%。非 GAAP 淨收入為 2.657 億美元，非 GAAP 每股收益為 1.06 美元。從損益表繼續。第二季度的運營現金流為 2.063 億美元。我們的資產負債表上有近 26 億美元的現金，我們的槓桿率保持在 0.2 倍。由於它與我們更廣泛的資本配置策略相關，我們的理念保持不變。我們在篩選潛在目標方面繼續非常積極和有選擇性，同時也保持紀律和耐心。我們在探索機遇的過程中處於有利地位。

Now let's move on to our updated non-GAAP financial guidance for the third quarter and full year fiscal 2023. In the third quarter of fiscal 2023, we expect strong financial results with total revenue in the range of $930 million to $980 million, representing another quarter of double-digit growth when you exclude COVID. For the full year fiscal 2023, we are again increasing our guidance and expect total revenue in the range of $3.925 billion to $4.025 billion.

現在讓我們繼續討論我們更新的 2023 財年第三季度和全年的非 GAAP 財務指南。在 2023 財年第三季度，我們預計財務業績強勁，總收入在 9.3 億美元至 9.8 億美元之間，代表另一個當您排除 COVID 時，四分之一的兩位數增長。對於 2023 財年全年，我們再次提高了我們的指導，並預計總收入在 39.25 億美元至 40.25 億美元之間。

To help with constant currency modeling, we are assuming minimal foreign exchange headwinds in the third quarter at less than $5 million. And for the full year, we are expecting approximately $40 million in foreign exchange headwinds. These headwinds have improved compared to our previous guidance as the relative strength of the U.S. dollar has abated over the past several months.

為了幫助進行固定貨幣建模，我們假設第三季度的外匯逆風最小，低於 500 萬美元。對於全年，我們預計外匯逆風約為 4000 萬美元。與我們之前的指導相比，這些不利因素有所改善，因為美元的相對強勢在過去幾個月有所減弱。

Turning to our divisions. Each business maintains its own unique growth drivers for the remainder of our fiscal 2023 and beyond. In Diagnostics, we expect continued strong performance out of Molecular, aided by steady support from cytology. Within Molecular, we are excited to go after additional greenfield opportunities with newer assays such as BV/CV/TV and Amgen, while also reinforcing our leadership position in core women's health screening.

轉向我們的部門。在我們 2023 財年的剩餘時間及以後，每項業務都保持著自己獨特的增長動力。在診斷學方面，我們預計 Molecular 將在細胞學的穩定支持下繼續保持強勁表現。在 Molecular 內部，我們很高興能夠通過 BV/CV/TV 和 Amgen 等更新的檢測方法尋求更多的綠地機會，同時也鞏固了我們在核心女性健康篩查方面的領導地位。

Closing out non-COVID diagnostics, we expect blood revenue of slightly more than $30 million for the year. In terms of COVID revenue, we expect COVID assay sales to be approximately $25 million in the third quarter of 2023 and $245 million for the full year. COVID-related items, inclusive of a small amount of discontinued product revenue are expected to be slightly less than $30 million in the third quarter and approximately $120 million for the full year.

關閉非 COVID 診斷，我們預計今年的血液收入略高於 3000 萬美元。就 COVID 收入而言，我們預計 2023 年第三季度 COVID 分析銷售額約為 2500 萬美元，全年為 2.45 億美元。與 COVID 相關的項目，包括少量停產產品的收入，預計第三季度略低於 3000 萬美元，全年約為 1.2 億美元。

Moving to Breast Health. As mentioned, we capitalized on improved chip availability and moved a number of gantries allocated for the back half of the year into Q2. As a result, we are assuming total Breast Health revenue above Q1 2023 levels for each quarter in the back half of this fiscal year, but below Q2. These results are still expected to deliver healthy double-digit revenue growth compared to the prior year in Q3 and Q4.

轉向乳房健康。如前所述，我們利用提高的芯片可用性，將分配給今年下半年的一些龍門架移到了第二季度。因此，我們假設本財年下半年每個季度的乳房健康總收入高於 2023 年第一季度的水平，但低於第二季度。與去年第三季度和第四季度相比，這些結果仍有望帶來健康的兩位數收入增長。

Finally, in Surgical, we expect strong low double-digit growth in fiscal Q3 and for the full year. Starting with our legacy portfolio, we are pleased by the performance of NovaSure and MyoSure. In NovaSure, customers continue to see the benefits of our innovative V5 line extension. And with MyoSure, we continue to grow the myomectomy total addressable market. However, the beauty of our Surgical business today is that the franchise is more than just NovaSure and MyoSure, and our guidance contemplates Fluent, Bolder and Acessa adding accretive growth to the division's top line.

最後，在外科領域，我們預計第三財季和全年將實現強勁的低兩位數增長。從我們的傳統產品組合開始，我們對 NovaSure 和 MyoSure 的表現感到滿意。在 NovaSure，客戶繼續看到我們創新的 V5 產品線擴展的好處。通過 MyoSure，我們繼續擴大子宮肌瘤切除術的總目標市場。然而，我們今天外科業務的美妙之處在於特許經營權不僅僅是 NovaSure 和 MyoSure，我們的指導考慮了 Fluent、Bolder 和 Acessa 為該部門的收入增加增長。

Moving down the P&L. For the full year, we continue to expect our non-GAAP gross margin percentage to be in the low 60s, and our non-GAAP operating margin percentage to be approximately 30%. Within this operating margin profile, we have again incorporated elevated inflationary pressures into our guidance of approximately 200 to 250 basis points, which we expect to persist throughout fiscal 2023 and likely into fiscal 2024.

向下移動損益表。對於全年，我們繼續預計我們的非 GAAP 毛利率將處於 60% 左右，我們的非 GAAP 營業利潤率將約為 30%。在此營業利潤率概況中，我們再次將升高的通脹壓力納入我們大約 200 至 250 個基點的指導中，我們預計這種情況將持續到整個 2023 財年，並可能持續到 2024 財年。

In terms of operating expenses, we expect spending to move lower sequentially in Q3 and remain relatively flat in Q4. As Steve shared, we are proud of how we have managed expenses over the last several years. Our level of operating expense is expected to decline not because of reduction in head count but rather due to our efficient management of larger marketing initiatives coinciding with periods of elevated COVID testing revenue. Below operating income, we expect other income net to be an expense of slightly more than $20 million for the full year. Our guidance is based on an annual effective tax rate of approximately 19% and diluted shares outstanding are expected to be approximately $250 million for the full year. All this nets out to expected non-GAAP EPS of $0.83 to $0.93 in the third quarter and $3.75 to $3.95 for the year.

就運營支出而言，我們預計支出在第三季度將環比下降，而在第四季度將保持相對平穩。正如史蒂夫分享的那樣，我們為過去幾年管理開支的方式感到自豪。我們的運營費用水平預計會下降，這不是因為人數減少，而是因為我們有效管理了更大的營銷計劃，同時 COVID 測試收入增加。低於營業收入，我們預計全年其他收入淨額將略高於 2000 萬美元。我們的指引基於大約 19% 的年度有效稅率，預計全年稀釋後的流通股約為 2.5 億美元。所有這些淨額預計第三季度非 GAAP 每股收益為 0.83 美元至 0.93 美元，全年為 3.75 美元至 3.95 美元。

To conclude, our strong second quarter results exceeded our guidance, and we are once again raising our full year estimates despite larger macro uncertainties. Our growth in the quarter was broad-based with each business growing double digits organically, excluding COVID. Our results reinforce the fact that Hologic is a much stronger company than just a few years ago. We are larger and more durable than prior to the pandemic and our balance sheet is as strong as it's ever been. As we move to the back half of our fiscal 2023, we are excited to continue to advance women's health, while also delivering strong financial results and creating value for all of our stakeholders.

總而言之，我們強勁的第二季度業績超出了我們的指引，儘管宏觀不確定性較大，但我們再次提高了全年預期。我們在本季度的增長基礎廣泛，每項業務都實現了兩位數的有機增長，不包括 COVID。我們的結果強化了一個事實，即 Hologic 是一家比幾年前更強大的公司。我們比大流行之前更大、更耐用，我們的資產負債表一如既往地強勁。隨著我們進入 2023 財年的下半年，我們很高興能夠繼續促進女性健康，同時實現強勁的財務業績並為我們所有的利益相關者創造價值。

With that, we ask the operator to open the call for questions.

有了這個，我們要求接線員打開問題電話。

(Operator Instructions)

（操作員說明）

Our first question comes from Patrick Donnelly with Citi.

我們的第一個問題來自花旗的 Patrick Donnelly。

Karleen, maybe just one on the margin profile. You guys have done 31%, I think, both this quarter and last quarter. That guidance still for 30% op margins, obviously implies a bit of a step down here in the second half. Can you just talk about, I guess, the moving pieces in the second half? And then just thinking forward about what the right exit rate would be because, obviously, again, the second half will be a little lower. As we work our way towards '24, just thinking about the margin profile. I know during COVID, you guys always talked about kind of that landing rate margin number. So if we could just revisit that and the second half and then also does that move forward, right ballpark to think about the op margin would be helpful?

Karleen，也許只是保證金簡介中的一個。我認為，你們本季度和上一季度都完成了 31%。該指導仍然是 30% 的營業利潤率，顯然意味著下半年這裡會有所下降。你能談談，我想，下半場的動人棋子嗎？然後想想正確的退出率是多少，因為很明顯，下半年會再次降低一點。在我們朝著 24 世紀邁進的過程中，只需考慮利潤率概況。我知道在 COVID 期間，你們總是談論那種著陸率保證金數字。因此，如果我們可以重新審視這一點和下半場，然後也向前推進，正確的考慮運營利潤率會有所幫助嗎？

Yes, sure. So I think when you look at the second half compared to the first 2 quarters, certainly, the lower COVID revenue are putting pressure on that operating margin compared to the first half. And I think prior to the pandemic, Patrick, what is also putting pressure on those operating margins are the higher inflationary costs that we've quantified it, 200 to 250 basis points for the full year. So I think moving forward, to think about low 30s is probably the right way to think about it as we move forward, like you said.

是的，當然。所以我認為，當你將下半年與前兩個季度相比時，與上半年相比，較低的 COVID 收入肯定會給營業利潤率帶來壓力。我認為，在大流行之前，帕特里克，對這些營業利潤率施加壓力的是我們量化的更高的通貨膨脹成本，全年為 200 至 250 個基點。所以我認為向前邁進，考慮低 30 歲可能是我們前進時思考它的正確方法，就像你說的那樣。

Okay. Understood. M&A commentary, Steve, that's something that's come up a lot more this quarter with investors. I know Karleen, I think you said a tremendous amount of firepower there during the call. Can you just talk about the pipeline, the appetite here? I know you guys want to be patient, but what the right sizing is, whether it's a leverage ratio? Is -- are you looking only in core areas, Steve? I believe you said in the past, you don't want to add another leg to the stool, but would love to just talk through the M&A side, given it's become a bit more of a focus here since last quarter?

好的。明白了。併購評論，史蒂夫，這是本季度投資者經常提到的事情。我認識 Karleen，我想你在通話中說了巨大的火力。你能談談管道，這裡的胃口嗎？我知道你們想要耐心等待，但正確的規模是多少，是否是槓桿比率？史蒂夫，你是否只關注核心領域？我相信你過去曾說過，你不想在凳子上增加另一條腿，但是否願意通過併購方面進行討論，因為自上個季度以來它已成為這裡的焦點？

Yes. I think overall, Patrick, our strategy remains the same, just being patient, diligent and active. And I think our focus continues to be leveraging the capabilities and strengths that we have and leveraging the existing sales channels. So bulking up the businesses that we have makes sense. We are considering widening the aperture to consider larger deals, but frankly, those would be things with more mature earnings profiles and still be accretive to growth. So each of the divisions has some pretty nice pipelines. We've also -- because the core business is doing so well, again, I think it gives us that ability to be patient because we don't have to do anything. And so it's this magical combination of we can afford to be patient. We've got a lot going on, but we'll continue to see where it goes.

是的。我認為總體而言，帕特里克，我們的策略保持不變，只是耐心、勤奮和積極。而且我認為我們的重點仍然是利用我們擁有的能力和優勢以及利用現有的銷售渠道。因此，擴大我們現有的業務是有道理的。我們正在考慮擴大範圍以考慮更大的交易，但坦率地說，這些交易將具有更成熟的盈利狀況，並且仍能促進增長。所以每個部門都有一些非常好的管道。我們也——因為核心業務做得很好，我認為它給了我們耐心的能力，因為我們不需要做任何事情。因此，這是我們可以耐心等待的神奇組合。我們有很多事情要做，但我們會繼續看看它的發展方向。

We'll take our next question from the line of Tim Daley with Wells Fargo.

我們將從 Tim Daley 與 Wells Fargo 的對話中回答下一個問題。

So just curious about the growth performance driven by the selling days. I think you guys called out 2 extra selling days in the quarter. What was the contribution of that towards growth? And then how should we think about that for the year? And then as well, any potential offsets or not once we start thinking about modeling 2024?

所以只是對銷售日推動的增長表現感到好奇。我認為你們在本季度要求額外銷售 2 天。這對增長有何貢獻？那麼我們應該如何考慮這一年呢？然後，一旦我們開始考慮 2024 年建模，是否有任何潛在的抵消？

Yes, the contribution really wasn't that significant, probably less than 200 basis points in the quarter. I think when we compare it to Q1, we had that full calendar week, which drives the service revenue which really didn't have any minimal impact in this quarter. And as we look at the balance of the year, I think it's a pretty negligible effect of extra days.

是的，貢獻確實沒有那麼大，本季度可能不到 200 個基點。我認為當我們將它與第一季度進行比較時，我們有一個完整的日曆週，這推動了服務收入，這在本季度確實沒有產生任何微小的影響。當我們查看今年的餘額時，我認為額外天數的影響可以忽略不計。

Our next question comes from the line of Casey Woodring with JPMorgan.

我們的下一個問題來自摩根大通的 Casey Woodring。

So you talked about Breast Health pull forward on ship allocations, which sort of drove the non-COVID beat here. Is there further upside to chip allocations this year? Could we see another surprise pump in the back half? I would be interested to hear what you're hearing from the suppliers on that front?

所以你談到了乳房健康推動船舶分配，這在某種程度上推動了非 COVID 擊敗這裡。今年的籌碼配置還有進一步上漲的空間嗎？我們能在後半部分看到另一個驚喜嗎？我很想听聽您在這方面從供應商那裡聽到了什麼？

Yes, Casey, I think it was kind of more of a onetime bump here as it now gets very steady. I think we feel really good about our visibility frankly, not just through '23 but into '24, and we continue to manage this for the long haul. We had to run a little extra over time for some of our service people with the extra installs, and I think we'll be at a really good rate here going forward.

是的，凱西，我認為這更像是一次顛簸，因為它現在變得非常穩定。坦率地說，我認為我們對自己的知名度感覺非常好，不僅是通過 23 年，而且進入 24 年，我們將繼續長期管理這一點。隨著時間的推移，我們不得不為我們的一些服務人員額外安裝一些額外的設備，我認為我們未來的速度會非常好。

Great. And then just longer term, have you changed your expectations at all within Molecular Diagnostics as it relates to the 5% to 7% total diagnostic growth guide? Just looking at non-COVID side has been strong for a number of quarters. So just trying to think through your expectations on that business. Have they changed at all since you gave that initial guidance now back in July of 2021?

偉大的。然後從長遠來看，您是否完全改變了對分子診斷的期望，因為它與 5% 到 7% 的總診斷增長指南有關？看看非 COVID 方面，幾個季度以來一直很強勁。因此，請嘗試仔細考慮您對該業務的期望。自從您在 2021 年 7 月給出初步指導以來，它們是否發生了根本變化？

Longer term, not necessarily. We always just want to be careful not to get ahead of ourselves. I think clearly, in the short term, and what we aspire to be is certainly better. And clearly, what we're putting up right now is great. Now it's going to be much tougher clearly when we start bumping up against 24% comparable levels, then growing that in that 5% to 7% on top of those numbers. Cumulative is going to be a lot better off than frankly, when we gave the guidance. So in fact, in some ways, it actually is much higher, but we don't want to get too far ahead of ourselves on that number.

長期來看，不一定。我們總是只是想小心不要超越自己。我清楚地認為，在短期內，我們渴望成為的人肯定會更好。很明顯，我們現在所做的一切都很棒。現在，當我們開始達到 24% 的可比水平，然後在這些數字之上將其增加到 5% 到 7% 時，顯然會變得更加艱難。當我們給出指導時，累積會比坦率地好得多。所以事實上，在某些方面，它實際上要高得多，但我們不想在這個數字上太過領先。

Yes, Casey, I would just add that we've always said that we'd expect Molecular to be at that high end of that 5% to 7%, if not slightly over, but overall, Dx would be within the 5% to 7%.

是的，Casey，我只想補充一點，我們一直說我們希望 Molecular 處於 5% 到 7% 的高端，如果不是略高的話，但總體而言，Dx 將在 5% 到 7% 之間7%。

(Operator Instructions)

（操作員說明）

The next question comes from the line of Anthony Petrone with Mizuho Group.

下一個問題來自瑞穗集團的 Anthony Petrone。

And congrats on another strong quarter here. The first one will be on surgical, the 25% organic. Just trying to get an understanding of how much of that is underlying procedures within women's health just coming back versus, let's say, synergies with Bolder Surgical? And then I'll have one quick follow-up on Molecular.

並祝賀這裡又一個強勁的季度。第一個將進行外科手術，25% 是有機的。只是想了解其中有多少是女性健康中的基礎程序剛剛恢復，比方說，與 Bolder Surgical 的協同作用？然後我將對 Molecular 進行快速跟進。

Sure, Anthony. I think it's probably more the market coming back. And combined with Surgical, was weaker in this quarter a year ago because of the Omicron surge. And I think the -- I go back to a year ago where people were kind of picking at gee, Surgical might not be as strong or whatever else, and it was back to. That was a market dynamic, and I think now there's probably some catch-up going on procedure-wise as you're hearing really across the Medtech space. And having said that, I think we feel really good about how we're performing among that, both with our existing businesses and frankly, having the broader portfolio that you referenced.

當然，安東尼。我認為這可能更多是市場回歸。由於 Omicron 的激增，加上 Surgical，在一年前的這個季度表現較弱。而且我認為 - 我回到一年前人們有點在挑選 gee，Surgical 可能沒有那麼強大或其他任何東西，它又回到了。那是一種市場動態，我認為現在可能會在程序方面進行一些追趕，因為您正在整個 Medtech 領域聽到真正的聲音。話雖如此，我認為我們對我們在現有業務中的表現感到非常滿意，坦率地說，擁有您提到的更廣泛的投資組合。

Yes, I would just add, we're getting some really nice traction internationally with our Surgical business, a smaller base, but like I said, some really nice traction that's helping that growth rate for sure.

是的，我只想補充一點，我們的外科業務在國際上獲得了一些非常好的牽引力，一個較小的基數，但就像我說的那樣，一些非常好的牽引力肯定有助於增長。

And then on Molecular, just excluding COVID, another strong quarter. And just wondering if you could provide an update on where utilization on the Panther systems that were placed during the pandemic, those new systems where you had some demand pull, just where utilization on those systems is today? And where do you think it can go over the next 12 to 18 months?

然後是 Molecular，不包括 COVID，這是另一個強勁的季度。只是想知道您是否可以提供有關大流行期間 Panther 系統的利用率的最新信息，那些您有一些需求拉動的新系統，這些系統今天的利用率在哪裡？您認為在接下來的 12 到 18 個月內它會走向何方？

Yes, Anthony, we haven't really -- we haven't disclosed that utilization number, but what we have said is that of the new Panthers placed since April 2020, over 85% customers globally are driving at least 1 other assay beyond COVID. And I think 55% have at least 2 other assays that are driving that utilization. So feel good about the stickiness of those Panthers, the new Panthers that have been placed.

是的，安東尼，我們還沒有——我們還沒有透露那個利用率數字，但我們所說的是自 2020 年 4 月以來放置的新黑豹，全球超過 85% 的客戶正在推動至少 1 個 COVID 之外的其他檢測.我認為 55% 的人至少有 2 種其他檢測方法在推動這種利用。所以對那些黑豹的粘性感覺很好，已經放置的新黑豹。

Next question comes from the line of Liza Garcia with UBS.

下一個問題來自瑞銀集團的 Liza Garcia。

Congrats on another strong quarter. I guess on a maybe Biotheranostics. So you guys -- maybe if you could dive in there and thinking about that one. So I know you said strong contribution there, but I know you recently opened up the lab and you've been working on initiatives to help stuff, improving the customer ordering flow. But how do we think about the run rate of the business there and where that can go and kind of thinking about that in the diagnostics platform?

祝賀又一個強勁的季度。我想也許是生物治療學。所以你們 - 也許如果你能潛入那裡並思考那個。所以我知道你在那裡說了很大的貢獻，但我知道你最近開設了實驗室並且你一直在努力幫助東西，改善客戶訂購流程。但是我們如何考慮那裡的業務運行率以及它可以去哪里以及在診斷平台中考慮它？

Yes. I think we are as excited, if not more excited about the growth potential, probably more excited even, I would say, Liza today than when we acquired the business. The team that we have there is great. As you mentioned, we've now brought the lab over from nearby, we've consolidated into our San Diego facility. And I think we're realizing that the penetration of this opportunity relative to the full market is still in the very low single digits. So there's potentially a lot of runway.

是的。我認為我們對增長潛力感到興奮，如果不是更興奮的話，我想說，今天的 Liza 甚至可能比我們收購該業務時更興奮。我們的團隊很棒。正如你提到的，我們現在已經從附近把實驗室搬過來，我們已經合併到我們的聖地亞哥工廠。而且我認為我們意識到這個機會相對於整個市場的滲透率仍然處於非常低的個位數。所以可能有很多跑道。

We've been putting in more automation, frankly, just to make the ordering systems easier and other stuff. And I think we're really excited. It's clearly growing very accretive to the growth rate of the division, and we think will be for -- that's one of those for years to come.

坦率地說，我們一直在增加自動化程度，只是為了讓訂購系統和其他東西更容易。我認為我們真的很興奮。它顯然對部門的增長率非常有利，我們認為這將是 - 這是未來幾年的增長之一。

Great. That's helpful. And then just circling back to kind of guidance surge. I know that there was some weakness last quarter, but even kind of when you do the 2-year stack, I'm still getting to some low double digits kind of growth there. And I think you've called out just kind of the performance of NovaSure and V5, kind if you could just dig in a little bit on kind of -- it seems like it's been surprising you to the upside there. And obviously, I know that you got Fluent and Acessa as well. Just kind of where that portfolio can go and how you think about that and the growth levels there?

偉大的。這很有幫助。然後只是盤旋回到某種指導浪潮。我知道上個季度存在一些弱點，但即使是當你做 2 年的堆棧時，我仍然會在那裡獲得一些低兩位數的增長。而且我認為你已經提到了 NovaSure 和 V5 的性能，如果你能稍微深入一點的話——看起來它讓你感到驚訝。顯然，我知道您也有 Fluent 和 Acessa。只是那種投資組合可以去哪里以及你如何看待它以及那裡的增長水平？

Liza, I think this is one we've been incredibly excited. Under the leadership of Essex Mitchell, who's been running that business now for the last few years, he's dramatically strengthened both the U.S. business as well as we've made a couple of those great acquisitions of Acessa and Bolder. And so we are seeing some really nice growth. I still think this quarter may have been a little bit of procedural catch-up in the overall market.

麗莎，我認為這是我們非常興奮的一次。在 Essex Mitchell 的領導下，他在過去幾年一直在經營該業務，他極大地加強了美國業務，我們還對 Acessa 和 Bolder 進行了幾次重大收購。因此，我們看到了一些非常好的增長。我仍然認為本季度在整個市場上可能有點程序性的赶超。

So we never -- as you know, we never want to get too far ahead of ourselves, but we love the team that we have there now. And as Karleen said, and you can see in the press release, the growth rate internationally now for Surgical is really, really doing well. We're north of 30%. And I think in this quarter, close to 40-ish percent and that's starting to become meaningful. So I think our -- as we sit here today and think about another growth driver for this company, Surgical is definitely in there.

所以我們永遠不會——如你所知，我們永遠不想超越自己太遠，但我們熱愛我們現在擁有的團隊。正如 Karleen 所說，你可以在新聞稿中看到，Surgical 現在在國際上的增長率確實非常好。我們在 30% 以上。我認為在本季度，接近 40% 的比例開始變得有意義。所以我認為我們 - 當我們今天坐在這裡思考這家公司的另一個增長動力時，Surgical 肯定在那裡。

Next question comes from the line of Andrew Cooper with Raymond James.

下一個問題來自 Andrew Cooper 和 Raymond James 的對話。

Maybe just one more on breast and thinking about the commentary for the back half of the year. How much of that pull forward do we think about working the backlog down and that's why maybe a little bit lower quarter-over-quarter into 3Q versus still being a little bit limited by chip supply? Just where are you in terms of kind of the allocations versus what you'd ideally like to have? And just help us think about sort of the cadence as we work through the back half of the year in terms of why a little bit lower versus being able to maintain maybe the great level that you saw in this quarter?

也許只是關於乳房的更多內容，並考慮下半年的評論。我們考慮將積壓工作減少多少，這就是為什麼第三季度的季度環比可能略低於芯片供應而仍然受到芯片供應的限制？就分配的種類與您理想中想要的分配而言，您處於什麼位置？只是幫助我們考慮一下我們在今年下半年工作的節奏，為什麼比能夠保持你在本季度看到的高水平低一點？

Yes. What hasn't changed is our outlook for production for the full year. So we really have a lot of confidence in the total number of gantries we can produce based on the chip availability. And with that increased confidence what we allow to accelerate into Q2 from the back half. So the total production outlook hasn't changed. And I think as we've always -- as Steve mentioned, this will -- to accelerate even here in the quarter is an uptake on our service, our field service engineers to do those installs. So like we've said all along, we don't think we'll have any outsized quarters as we move through this recovery. And certainly, cancellations are at a minimal level and that backlog is still really strong.

是的。沒有改變的是我們對全年生產的展望。所以我們真的對我們可以根據芯片可用性生產的龍門架總數很有信心。隨著信心的增強，我們允許從後半段加速進入第二季度。所以總的生產前景沒有改變。而且我認為，正如我們一直以來 - 正如史蒂夫提到的那樣，這將 - 即使在本季度在這裡加速也是對我們服務的接受，我們的現場服務工程師會進行這些安裝。所以就像我們一直說的那樣，我們認為在我們經歷這次復甦的過程中，我們不會有任何過大的季度。當然，取消的數量很少，而且積壓的訂單仍然非常多。

Okay. Super helpful. And then maybe just one more. You mentioned the respiratory seasonality in the prepared remarks. So can you maybe just help us think about the sizing of kind of where that business is on a non-COVID basis today? And how you think about what that seasonality really looks like through the course of the year as it continues to kind of stick with us post-COVID?

好的。超級有幫助。然後也許只有一個。你在準備好的評論中提到了呼吸季節性。那麼，您能否幫助我們考慮一下今天該業務在非 COVID 基礎上的規模？你如何看待這種季節性在整個一年中的真實情況，因為它在 COVID 後繼續與我們保持聯繫？

Yes. I mean really strong performance. If we think about growth year-over-year, that non-COVID respiratory more than doubled versus prior year in the quarter. But what we are planning conservatively is a significant step down in Q3 and Q4, given the seasonal nature of the respiratory infections. But this continues as the flu seasons. In the flu season, we're seeing really nice uptake in growth in that business.

是的。我的意思是非常強大的性能。如果我們考慮同比增長，非 COVID 呼吸系統在本季度比去年同期增長了一倍多。但考慮到呼吸道感染的季節性，我們保守地計劃在第三季度和第四季度大幅減少。但隨著流感季節的到來，這種情況仍在繼續。在流感季節，我們看到該業務的增長非常好。

Our next question comes from Puneet Souda with SVB Securities.

我們的下一個問題來自 SVB 證券公司的 Puneet Souda。

Steve, congrats on another solid quarter here. So first one, at a high level, given the macro uncertainty, which businesses -- I mean, if things -- obviously, recessionary talk is here and ongoing and expectations are sort of lower for the second half across overall in the economy. So where do you think the businesses can hold up better versus others? Where the team is continuing to watch sort of more closely for the demand term versus where you think the demand will continue to outpace the macro uncertainties?

史蒂夫，祝賀這裡又一個穩定的季度。因此，首先，在高水平上，考慮到宏觀不確定性，哪些企業——我的意思是，如果事情——顯然，經濟衰退的討論就在這裡並且正在進行，對下半年整體經濟的預期有所降低。那麼，您認為這些企業在哪些方面可以比其他企業做得更好？團隊在哪些方面繼續更密切地關注需求術語，以及您認為需求將繼續超過宏觀不確定性的哪些方面？

Yes. Truthfully, I think we feel good about all 3 of the businesses as we go into the back half of the year. I mean, obviously, it's -- the biggest thing is it's one reason we wouldn't get ahead of ourselves and start to raise guidance and raise long-term expectations when we're going into that exact uncertainty that you're referencing. But the fundamentals of each of the businesses, I think we feel really good about.

是的。說實話，我認為我們在進入下半年時對所有 3 項業務都感覺良好。我的意思是，很明顯，這是 - 最重要的是，當我們進入你所指的確切不確定性時，這是我們不會超越自己並開始提高指導和提高長期預期的原因之一。但是每個業務的基本面，我認為我們感覺非常好。

Got it. And then a question on HPV stand-alone versus co-testing that's come up again in our investor conversations. So just wondering any updated thoughts on the potential for it to go stand-alone versus co-testing? And do you think the USPSTF guidelines could get revised potentially with updated information from the ACC? And do you see any risk for co-testing, testing from sort of primary testing with the new emerging competitors in the space?

知道了。然後在我們的投資者談話中再次出現了關於 HPV 獨立與聯合測試的問題。所以只是想知道關於它進行獨立測試和聯合測試的可能性的任何最新想法？您是否認為 USPSTF 指南可能會根據 ACC 的更新信息進行修訂？您是否看到與該領域的新興競爭對手進行聯合測試、從某種初步測試中進行測試的風險？

Yes. Let's start at the highest level. There is no doubt in our minds that more frequent co-testing is still the absolute best health care for women. There are anecdotal increases that we're starting to see upticks in cervical cancer screening since the intervals have gotten longer. And frankly, there's enough data out there that says co-testing is significantly better than HPV primary alone.

是的。讓我們從最高級別開始。毫無疑問，在我們看來，更頻繁的共同檢測仍然是對女性絕對最好的保健。有傳聞稱，由於間隔時間變長，我們開始看到宮頸癌篩查率有所上升。坦率地說，有足夠的數據表明聯合檢測明顯優於單獨的 HPV 檢測。

So while there are those advocating for that, and USPSTF could do that, it doesn't make it the best science. And I think where we feel really, really good. And as you know, in our tagline is The Science of Sure, we feel it's our responsibility to bring the best care to women around the world, and we're going to continue to drive for co-testing as the right way to go.

因此，儘管有人提倡這樣做，而且 USPSTF 可以做到這一點，但這並不能使它成為最好的科學。我認為我們感覺非常非常好。如您所知，我們的標語是“當然的科學”，我們認為為世界各地的女性提供最好的護理是我們的責任，我們將繼續推動共同測試作為正確的方式。

So -- and frankly, I think most of the -- certainly, most of the U.S. doctors are well aware of that. And even if the USPSTF does something to change those guidelines. We think that will be slow to change because of the remarkable success of the PAP test in largely almost eliminating cervical cancer screening over the last generation or two, particularly in the U.S. So it's something we feel very strongly about, and we believe time and the science will be on our side. Having said that, there's going to be pressure. There's deep pocket pharmaceutical companies that want to try to drive to HPV primary. But we feel really good about the science on our side and that our business will be more durable.

所以 - 坦率地說，我認為大多數 - 當然，大多數美國醫生都很清楚這一點。即使 USPSTF 做了一些事情來改變這些指導方針。我們認為，由於 PAP 測試在過去一兩代人中取得了顯著的成功，在很大程度上幾乎消除了宮頸癌篩查，我們認為這種情況將緩慢改變，特別是在美國。所以這是我們非常強烈的感受，我們相信時間和科學將站在我們這一邊。話雖如此，還是會有壓力的。有財力雄厚的製藥公司想要嘗試推動 HPV 初級治療。但我們對我們這邊的科學感到非常滿意，我們的業務將更加持久。

Our next question comes from Jack Meehan with Nephron Research.

我們的下一個問題來自 Nephron Research 的 Jack Meehan。

Wanted to get your latest expectations on COVID-19. So I heard the guidance commentary. We've heard from some of the big labs about volume falling off and we have the [PHE] expiry coming soon. Can you just talk about like the stickiness of this product line and what your latest stab is on when an endemic number or guidepost might be for 2024 here?

想了解您對 COVID-19 的最新期望。所以我聽到了指導解說。我們從一些大型實驗室那裡聽說了體積下降的消息，我們的 [PHE] 即將到期。你能談談這個產品線的粘性，以及當地方性數字或指南可能是 2024 年時你的最新嘗試是什麼嗎？

Yes, Jack, I think the fundamental reality on COVID is none of us have been able to predict more than a quarter out going. I think, if anything, our expectations for next year might be a little bit less. I think we're certainly starting to see it start to ramp off a bit. And yet, what we feel really good about is those that are still going to do it will be using us. I think there will still be usage at the hospital levels for admissions, for staff, those kind of pieces.

是的，傑克，我認為 COVID 的基本現實是我們中沒有人能夠預測超過四分之一的時間。我認為，如果有的話，我們對明年的期望可能會降低一點。我認為我們肯定會開始看到它開始有所下降。然而，我們真正感到高興的是那些仍將這樣做的人將使用我們。我認為在醫院層面仍然會使用入院、工作人員等類似的東西。

So I think we're still going to have some ongoing business, but -- and we're still having it this quarter. But I think clearly, you see it coming down to just a few percentage points of the total business at this point. And it's hard to fully predict, certainly by the time a guidance next year will be more up to date. But it certainly looks like it's falling off pretty sharply at this point, which deep down for our company and getting on with it and letting people look at the true transformation of the business, we kind of like. But a little bit of that profit flowing through isn't bad either.

所以我認為我們仍然會有一些正在進行的業務，但是 - 我們本季度仍然有它。但我清楚地認為，你看到它在這一點上只佔總業務的幾個百分點。而且很難完全預測，當然到明年的指南將會更新。但在這一點上，它看起來肯定會急劇下降，這對我們公司來說是深入人心的，並繼續下去，讓人們看到業務的真正轉型，我們有點喜歡。但流出的一點利潤也不錯。

Yes, makes sense. Just as a follow-up, I wanted to talk about something that might be a little bit more -- not that COVID isn't durable, but might be more durable in the eyes of investors, the vaginitis panel. Can you just give any color on the size of that business now? Is it annualizing over $100 million at this point? And just talk about like the penetration in your customer base, how is that going?

是的，有道理。作為後續行動，我想談談可能更重要的事情——不是說 COVID 不耐用，而是在投資者眼中可能更耐用，即陰道炎小組。你現在可以給那個企業的規模任何顏色嗎？目前它的年化收入是否超過 1 億美元？只是談談在您的客戶群中的滲透率，情況如何？

Yes. We're really pleased with the performance in that uptake and our full year outlook would be that, that would be over a $100 million business. Clearly, one of our top women's health assays and think there's still room to grow there. So really excited about that uptake and what we can do there with our customers.

是的。我們對這種吸收的表現感到非常滿意，我們的全年展望是，這將超過 1 億美元的業務。顯然，我們的頂級女性健康檢測之一，並認為那裡仍有發展空間。對這種吸收以及我們可以在那裡與客戶一起做的事情感到非常興奮。

It's been a really nice surprise for us how big that's getting [held] quickly, Jack.

傑克，這對我們來說真的是一個非常好的驚喜，它有多大 [舉行] 很快。

Our next question comes from Tejas Savant with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Tejas Savant。

One quick cleanup question on guidance. Actually, Steve, if I may. You got the approval in Europe and Canada on the V5 for NovaSure. How are you thinking about the revenue implications off that over the medium term here? NovaSure, I mean, it's been a flattish business, doesn't get too much attention from investors, but I think it's still the second largest piece of that segment for you?

一個關於指導的快速清理問題。實際上，史蒂夫，如果可以的話。您在歐洲和加拿大獲得了 NovaSure V5 的批准。您如何看待中期的收入影響？ NovaSure，我的意思是，它一直是一個平淡的業務，沒有得到投資者的太多關注，但我認為它仍然是您的第二大細分市場？

Yes. That business has been a great business. When I arrived here 10 years ago. The -- that was the big part of this division. That was most of it, and Myosure was this little thing. And it's been fun to see MyoSure come up. But I think our team has done a great job of really trying to maintain NovaSure in the midst of all kinds of both market issues from the ACA Act and everything else and just continue to bring innovation, and it's still a great procedure. So I think the overall procedural numbers, that marketplace probably continues to be a low single-digit decliner. But I think we do -- we're doing well within that from a share and an innovation standpoint.

是的。這項業務一直是一項偉大的業務。 10年前我來到這裡的時候。 - 這是這個部門的重要組成部分。這就是其中的大部分，而 Myosure 就是這個小東西。看到 MyoSure 出現很有趣。但我認為我們的團隊在 ACA 法案和其他一切市場問題中真正努力保持 NovaSure 做得很好，並繼續帶來創新，這仍然是一個很好的程序。因此，我認為總體程序數字，該市場可能繼續保持低單位數下降。但我認為我們做到了——從分享和創新的角度來看，我們在這方面做得很好。

Got it. That's helpful. And then one on imaging. Karleen, I know you talked about sort of the cadence you're normalizing versus F2 2Q levels for the gantries. But did you benefit at all from this very significant correction in demand that some of these semis manufacturers are seeing? I know you've talked about your chips being very distinct from what into consumer products in the past. But just curious as to whether that drove a little bit of the uplift here? And to your point, Steve, around the macro being something you're watching, is this just sort of a little bit of conservatism and wider error bars around sort of the normalization trajectory here that's making you take a relatively conservative stance of the gantry replacements versus the field service engineers and that aspect of it?

知道了。這很有幫助。然後是關於成像的。 Karleen，我知道你談到了你正在標準化的節奏與龍門架的 F2 2Q 級別。但是，您是否從其中一些半成品製造商看到的這種非常顯著的需求調整中受益？我知道您曾談到您的芯片與過去用於消費產品的芯片截然不同。但只是好奇這是否推動了這裡的一點點提升？就你的觀點而言，史蒂夫，圍繞著你正在觀察的宏觀事物，這只是一種保守主義和更廣泛的誤差線圍繞著某種標準化軌跡，這讓你對龍門架更換採取相對保守的立場與現場服務工程師和它的那個方面？

Yes. So just on the chip issue itself, I don't -- increasing availability was not the direct result of demand dropping other sectors. It is more of our partnerships with our suppliers and having them understand what we're using the chips for and how important they are and really working closely with them versus other sectors' demand declining. And sorry, you had a second part of that question.

是的。因此，就芯片問題本身而言，我不認為——可用性的提高並不是其他行業需求下降的直接結果。更多的是我們與供應商的合作關係，讓他們了解我們使用芯片的目的以及它們的重要性，並真正與他們密切合作，而不是其他行業的需求下降。抱歉，你有這個問題的第二部分。

Yes. And the other part was just -- we're being conservative. I think we're managing for the long haul here, too. We're very much thinking about 2024 and what things look like there. And I think this is already a really, really good year, and let's not get ahead of ourselves.

是的。另一部分只是——我們很保守。我認為我們也在這裡進行長期管理。我們非常關注 2024 年以及那裡的情況。我認為這已經是非常非常好的一年了，我們不要太過分了。

Our next question comes from the line of Andrew Brackmann with William Blair.

我們的下一個問題來自 Andrew Brackmann 和 William Blair 的對話。

I've actually got 2 questions on Molecular Diagnostics and sexual health specifically. So I'll just ask them both the front. First, CDC had the report out a few weeks ago showing the rise in FTI cases. So maybe can you just sort of remind us on some of the initiatives that you have here with customers and public health services broadly for your testing solutions? And then just secondly, on this platform, can you just sort of talk about what you're seeing internationally with this franchise? Anything in terms of where wins might be coming from, be that versus competitor tests or even sort of LDTs transitioning here?

我實際上有 2 個關於分子診斷和性健康的問題。所以我只問他們兩個前面。首先，CDC 幾週前發布的報告顯示 FTI 病例增加。那麼，也許您能否提醒我們您在這裡與客戶和公共衛生服務廣泛針對您的測試解決方案採取的一些舉措？其次，在這個平台上，你能談談你在國際上看到的這個特許經營權嗎？關於勝利可能來自何處的任何事情，是與競爭對手的測試還是什至是在這裡過渡的 LDT？

Yes. I think the first part, Andrew, really is -- I think it's the given gem of our company that doesn't always get as much attention, but is that dedicated physician sales force that we have within our Diagnostics business that's really unique. It's an extra investment from our end, but it is having our reps that call on the physicians and really help educate them, both about the guidelines and including the changing guidelines where we've gone to effectively the need to opt out. So you're getting more screening earlier. And we're -- it allows us to partner with a lot of the major labs and even hospital systems where they value that education that we do. And it helps us both shape but also build markets.

是的。我認為第一部分，安德魯，真的是——我認為這是我們公司的寶石，並不總是得到那麼多的關注，但我們在診斷業務中擁有的敬業的醫生銷售隊伍確實是獨一無二的。這是我們的一項額外投資，但它讓我們的代表拜訪醫生並真正幫助教育他們，包括指南和我們已經有效選擇退出的需要的不斷變化的指南。所以你會更早地接受更多的篩查。我們 - 它使我們能夠與許多主要實驗室甚至醫院系統合作，他們重視我們所做的教育。它幫助我們塑造和建立市場。

When you look at really what Hologic has done, and I think we've been pretty good about it across our businesses, we've helped create a lot of markets through physician education. I mean, if you go back to the original Pap test and ThinPrep and what we did there, what NovaSure and MyoSure have done, and we're doing it a lot in diagnostics, certainly through the STIs.

當你真正看看 Hologic 所做的事情時，我認為我們在我們的業務中一直做得很好，我們通過醫師教育幫助創造了很多市場。我的意思是，如果你回到最初的巴氏試驗和 ThinPrep 以及我們在那裡所做的事情，NovaSure 和 MyoSure 所做的事情，我們在診斷方面做了很多，當然是通過 STI。

And to the second part of your question on international, I think, again, by placing so many Panthers internationally, it's allowed us to have more of those discussions and start to get some of that menu in around the world as well and then hopefully able to help educate and shift guidelines in those countries over the years ahead as well.

關於你關於國際的問題的第二部分，我再次認為，通過在國際上放置這麼多黑豹，它讓我們能夠進行更多這樣的討論，並開始在世界各地獲得一些菜單，然後希望能夠在未來的幾年裡幫助教育和改變這些國家的指導方針。

Yes. The only thing I would add internationally for Molecular Diagnostics is our viral business, specifically in Africa continues to have really nice double-digit growth as we make investments there to help that region.

是的。我要在國際上為分子診斷添加的唯一一件事是我們的病毒式業務，特別是在非洲，由於我們在那裡進行投資以幫助該地區，因此繼續保持非常好的兩位數增長。

Our next question comes from Derik De Bruin with Bank of America.

我們的下一個問題來自美國銀行的 Derik De Bruin。

This is John on for Derik. I wanted to ask, so recently, a federal judge struck down a key provision of the Affordable Care Act and that kind of jeopardized the free coverage of wide-ranging preventive services, including mammograms and cervical cancer screening. How do you see this playing out? And I guess, are you worried at all about reimbursement? Or is that -- or do you have any fear of having to pay -- or the patients having to pay out of pocket and that will deter them from screening?

這是約翰替德里克。我想問，最近，一位聯邦法官否決了《平價醫療法案》的一項關鍵條款，這在某種程度上危及了範圍廣泛的預防服務的免費覆蓋，包括乳房 X 光檢查和宮頸癌篩查。你如何看待這件事？而且我想，您是否擔心報銷？或者是——或者你是否擔心必須支付費用——或者患者必須自掏腰包，這會阻止他們進行篩查？

No. I mean, there's been so many various court cases between state, federal, all kinds of, frankly, goofiness going on in the political and court systems right now. We tend to think here, things will prevail and be fine over time. So we're not going to react any 1 thing that could easily get overturned again.

不，我的意思是，州、聯邦之間有很多不同的法庭案件，坦率地說，現在政治和法庭系統中發生了各種愚蠢的事情。我們傾向於在這裡思考，隨著時間的推移，事情會佔上風並且會好起來。所以我們不會對任何一件很容易再次被推翻的事情做出反應。

Our next question comes from the line of Vijay Kumar with Evercore.

我們的下一個問題來自 Evercore 的 Vijay Kumar。

Steve, congrats on a really strong quarter here.

史蒂夫，祝賀這裡有一個非常強勁的季度。

Thanks. Sorry, I missed you on the visit out here.

謝謝。抱歉，我來這裡的時候想念你。

No. No, all good. You guys made it up with the print. I guess on some of the numbers we're seeing here, Steve. I'm this is almost...

不，不，一切都很好。你們用印刷品彌補了它。我猜我們在這裡看到的一些數字，史蒂夫。我這差不多...

Made it up (inaudible) personality come on.

編造（聽不清）個性來吧。

You made it up with some pretty impressive numbers. This is almost also kind of numbers, 20%. Now I understand from an ortho perspective, there's backlog. So I was just curious, when you look at numbers like 25% GYN, and 15% overall Diagnostics to you. What do you think is driving this? Is this a catch-up of backlog? Or is this perhaps a pull forward of demand? And related to that, Steve, first half, I think the organic now was almost teens, mid-teens. I think the prior guidance here for all segments, double digits. Is the implication now for the back half 6% to 7% in line with the longer-term [mid shifts]? So just talk about what drove first half and what the implication is for the second half?

你編造了一些非常令人印象深刻的數字。這幾乎也是一個數字，20%。現在我從正交的角度理解，有積壓。所以我很好奇，當你看到像 25% 的 GYN 和 15% 的總體診斷這樣的數字時。你認為這是什麼原因造成的？這是積壓的追趕嗎？或者這可能是需求的拉動？與此相關的是，史蒂夫，上半場，我認為有機現在幾乎是十幾歲，十幾歲。我認為所有細分市場的先前指導都是兩位數。現在對後半部分的影響是 6% 到 7% 與長期 [mid shifts] 一致嗎？那麼就談談上半場的驅動力以及對下半場的影響是什麼？

Yes. I think the implication for the second half is still much better than the numbers you just mentioned the -- we're still saying double digit here in the third quarter and likely fourth. So I think -- I don't think it was pull forward, Vijay, to be very clear. I do think the GYN Surg market probably like some of the ortho markets and some of the other markets. Some of the docs may have been doing more, what I would call catch up.

是的。我認為對下半場的影響仍然比你剛才提到的數字要好得多——我們在第三季度仍然在這裡說兩位數，很可能是第四。所以我認為 - 我不認為這是向前推進，Vijay，非常清楚。我確實認為 GYN Surg 市場可能像一些矯形器市場和其他一些市場。一些文檔可能做得更多，我稱之為趕上。

So I don't think it's as much pull forward, but they're catching up from the last few years of not maybe doing as many procedures as they could have. So I think, will that same quarter a year from now, maybe not be quite as active yes, but I don't think it was any kind of pull forward per se. I think it's more catch-up. And I think we just feel great about our surgical business, we have added more growth drivers. I think, again, it's been kind of missed in the COVID spikes. I think it's the business that's been most overlooked because of the way the COVID spikes were happening. And just really proud of what that team is doing and we've added Fluent. We've got MyoSure and NovaSure doing well, and then we've got Bolder and Acessa. And we've got that business getting stronger internationally.

所以我認為這並沒有那麼大的推動力，但他們正在趕上過去幾年可能沒有做盡可能多的程序。所以我認為，從現在起一年後的同一個季度，也許不會那麼活躍，是的，但我認為這本身並不是任何一種推動。我認為這更像是追趕。而且我認為我們對我們的外科業務感覺很好，我們增加了更多的增長動力。我再次認為，它在 COVID 峰值中被遺漏了。我認為由於 COVID 峰值的發生方式，這是最容易被忽視的業務。真的為那個團隊正在做的事情感到自豪，我們已經添加了 Fluent。我們有 MyoSure 和 NovaSure 做得很好，然後我們有 Bolder 和 Acessa。我們的業務在國際上變得更加強大。

That's helpful, Steve. And Karleen, one for you here. I know you called out the data, any days impact here in back half are days now a headwind here in the back half? And -- sorry, on capital allocation, is this -- Steve, I'm sorry, I missed your comments. Are you saying like the pipeline is looking healthier? Maybe just put some context around the M&A commentary here on perhaps, we're getting closer to something here in the near term versus how we should interpret your commentary around the pipeline looking good across all segments?

這很有幫助，史蒂夫。 Karleen，這裡給你一個。我知道你調出了數據，任何幾天對後半場的影響現在都是後半場的逆風？而且 - 抱歉，關於資本配置，這是 - 史蒂夫，對不起，我錯過了你的評論。你是說管道看起來更健康了嗎？也許只是在這裡圍繞併購評論提供一些背景信息，也許我們在短期內越來越接近這裡的某些東西，而不是我們應該如何解釋你對管道的評論在所有領域看起來都不錯？

Yes. Let me start with the days, Vijay. So we have, I think, 1 less day in the fourth quarter. So really negligible impact in the back half of the year when we talk about selling days. And again, here in the second quarter, a little bit of benefit, but not to the extent that we had in the first quarter given the full calendar week and how that impacts our service line.

是的。讓我從日子開始吧，Vijay。因此，我認為我們在第四季度少了 1 天。所以當我們談論銷售天數時，下半年的影響真的可以忽略不計。再一次，在第二季度這裡，有一點好處，但考慮到整個日曆週以及這對我們的服務線的影響，還沒有達到第一季度的程度。

And let me try to answer your M&A. I think what I would say is a couple of things. As we said in the prepared remarks, our philosophy and approach haven't changed. Division-led, very active, probably some rebuilding over the past year in Diagnostics of the pipeline, given the level of acquisitions we did in 2021. But we're approaching it from a position of strength.

讓我試著回答你的併購。我想我要說的是兩件事。正如我們在準備好的評論中所說，我們的理念和方法沒有改變。考慮到我們在 2021 年進行的收購水平，以部門為主導，非常活躍，過去一年可能在管道診斷方面進行了一些重建。但我們正在從強勢地位接近它。

Our aperture is a little wider, given our firepower and that we can look at some things that may be a little bigger than we've done in the past. But certainly, those things we're looking for mature on product -- on-market products and accretive to earnings. So not looking for a fourth leg of a stool, but just to leverage our strengths and capabilities that we have across our current businesses.

考慮到我們的火力，我們的光圈有點大，我們可以看到一些可能比我們過去所做的更大的東西。但可以肯定的是，我們正在尋找成熟的產品——上市產品並增加收益。因此，不是在尋找凳子的第四條腿，而只是為了利用我們在當前業務中擁有的優勢和能力。

Our next question comes from Navann Ty with BNP Paribas Exane.

我們的下一個問題來自 BNP Paribas Exane 的 Navann Ty。

I just have a few on women's health. So was the vaginitis assay still the key driver of Q2 performance? And can you discuss the competitive environment in women's health, so competitors far behind, given Hologics competitive advantage and women's health focus? And does Hologic still benefit from the opt-out guideline for its legacy test? And I have a follow-up on M&A after.

我只有一些關於女性健康的內容。那麼陰道炎檢測仍然是第二季度業績的關鍵驅動因素嗎？考慮到 Hologics 的競爭優勢和對女性健康的關注，您能否討論一下女性健康領域的競爭環境，讓競爭對手遠遠落後？ Hologic 是否仍然受益於其遺留測試的選擇退出指南？之後我對併購進行了跟進。

Yes. So our vaginitis panel, as we said, we really like the performance that we're seeing. The outlook would be that, that's greater than $100 million for 2023 and really puts that as one of our top assays. Women's health, we're still market leaders in protecting that market leadership. And as Steve said, one of the -- kind of the secret sauce that's underappreciated in how we do that is our physician sales force that's out there educating physicians on guidelines, promoting testing, and certainly where we saw a change in guidelines about 2 years ago where it's more universal screening. We're helping grow our business as well as our customers' business with acquisition sales force.

是的。因此，正如我們所說，我們的陰道炎小組非常喜歡我們所看到的表現。前景是，到 2023 年，這將超過 1 億美元，並且確實將其作為我們的首要分析之一。女性健康，我們仍然是保護市場領導地位的市場領導者。正如史蒂夫所說，其中一個 - 我們如何做到這一點的秘訣之一是我們的醫生銷售人員在那裡教育醫生指導方針，促進測試，當然我們看到了大約 2 年的指導方針變化之前它是更普遍的篩選。我們通過收購銷售人員幫助發展我們的業務以及我們客戶的業務。

And then on M&A, so would M&A be part of the international expansion? Or is it mostly -- or is international expansion mostly expanding the installed base and menu?

然後在併購方面，併購是否會成為國際擴張的一部分？或者主要是——還是國際擴張主要是擴大安裝基礎和菜單？

From an M&A perspective, certainly, some of the recent deals we did -- we acquired companies that were based overseas, but Mobidiag, the biggest one would have potential revenue both in the U.S. and OUS over time. And then we do have our go direct strategy, primarily in our Breast Health and we've done a little in Surgical, where we have, in the past, leveraged dealers. And what we find is when we go direct, those businesses perform better as part of Hologic than on a stand-alone basis. But certainly, as a global organization, we look at acquisitions around the globe, not just in the U.S.

從併購的角度來看，當然，我們最近所做的一些交易——我們收購了總部位於海外的公司，但隨著時間的推移，最大的 Mobidiag 將在美國和 OUS 都有潛在的收入。然後我們確實有我們的直接戰略，主要是在我們的乳房健康方面，我們在外科手術方面做了一些，過去我們有槓桿經銷商。我們發現，當我們直接進行時，這些業務作為 Hologic 的一部分比獨立運行時表現更好。但可以肯定的是，作為一家全球性組織，我們著眼於全球範圍內的收購，而不僅僅是在美國。

Thank you. This now concludes Hologic's Second Quarter Fiscal 2023 Earnings Conference Call. Have a good evening.

謝謝。 Hologic 的 2023 財年第二季度收益電話會議到此結束。晚上好。