Hologic Inc (HOLX) 2024 Q4 法說會逐字稿

Good afternoon, and welcome to the Hologic's Fourth Quarter-Fiscal 2024 Earnings Conference Call. My name is Shelly, and I am your operator for today’s call. Today's conference is being recorded. All lines have been placed on mute.

下午好，歡迎參加 Hologic 2024 財年第四季財報電話會議。我叫雪莉，是今天通話的接線生。今天的會議正在錄製中。所有線路均已置於靜音狀態。

I would now like to introduce Ryan Simon, Vice President, Investor Relations to begin the call.

現在我想請投資者關係副總裁 Ryan Simon 開始電話會議。

Thank you, Shelly. Good afternoon and thank you for joining Hologic's fourth quarter fiscal 2024 earnings call. With me today are Steve MacMillan, the company's Chairman, President, and Chief Executive Officer; Essex Mitchell, our Chief Operating Officer; and Karleen Oberton, our Chief Financial Officer.

謝謝你，雪莉。下午好，感謝您參加 Hologic 的 2024 財年第四季財報電話會議。今天與我在一起的有公司董事長、總裁兼執行長 Steve MacMillan；米切爾 (Essex Mitchell)，我們的營運長；以及我們的財務長卡琳·奧伯頓 (Karleen Oberton)。

Our fourth 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, and a replay of this call will be available on our website for the next 30 days.

我們的第四季新聞稿現已發佈在我們網站的投資者部分。我們還將在發表準備好的評論後不久將其發佈到我們的網站上，並且在接下來的 30 天內，我們的網站上將提供本次電話會議的重播。

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有重大差異。這些因素包括我們的收益發布和美國證券交易委員會文件中包含的安全港聲明中所引用的因素。

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 divested businesses and revenue from acquired businesses owned by Hologic for less than one year.

此外，在本次電話會議中，我們還將討論某些非公認會計準則財務指標。您可以在我們的收益報告中找到 GAAP 的調整表。其中兩個非公認會計準則衡量標準是有機收入，我們將其定義為不包括剝離業務的收入和 Hologic 擁有不到一年的收購業務的收入。

And two, organic revenue excluding COVID-19, which further excludes COVID-19 assay revenue, other 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.

第二，不包括 COVID-19 的有機收入，進一步排除了 COVID-19 檢測收入、與 COVID-19 相關的其他收入以及診斷領域已停產產品的銷售。最後，除非另有說明，我們討論的任何百分比變化都將按年計算，收入成長率將以固定匯率計算。

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

現在，我想將電話轉給 Hologic 執行長 Steve McMillan。

Thank you, Ryan, and good afternoon, everyone. We are pleased to discuss our financial results for the fourth quarter of fiscal 2024. Total revenue was $987.9 million and non-GAAP earnings per share were $1.01. We closed the fiscal year with another solid with revenue above the high end of our previous guidance range and EPS at the midpoint.

謝謝瑞安，大家下午好。我們很高興討論 2024 財年第四季的財務表現。總收入為 9.879 億美元，非 GAAP 每股收益為 1.01 美元。我們以另一個穩健的業績結束了本財年，收入高於先前指導範圍的上限，每股收益處於中點。

Our fourth quarter results underscore the durable growth of our business and our ability to consistently deliver. For the full fiscal year 2024, we posted $4.03 billion in revenue and non-GAAP EPS of $4.08.

我們第四季的業績凸顯了我們業務的持久成長和我們持續交付的能力。2024 年整個財年，我們的營收為 40.3 億美元，非 GAAP 每股收益為 4.08 美元。

Before discussing our themes for today, we'd like to first reflect on the fiscal year we just completed. In 2024, we made great progress strengthening and growing our business. By leveraging our leading brands, we drove diverse revenue growth and delivered industry leading margins, all while generating exceptional cash flow. This enabled us to achieve broad based growth and expand our end markets. Thanks to our intense focus on workflow automation and identifying opportunities for better solutions.

在討論今天的主題之前，我們想先回顧一下我們剛完成的財政年度。2024年，我們在加強和發展業務方面取得了巨大進展。透過利用我們的領先品牌，我們推動了多元化的收入成長並實現了領先業界的利潤率，同時產生了卓越的現金流。這使我們能夠實現廣泛的成長並擴大我們的終端市場。感謝我們對工作流程自動化的高度關注以及尋找更好解決方案的機會。

At the same time, we executed our M&A strategy effectively, while delivering differentiated solutions for our customers and further solidifying our durable competitive advantage as champions of women's health. We also continue to make progress and are still in the early innings of the large international opportunity that lies ahead.

同時，我們有效執行併購策略，為客戶提供差異化的解決方案，進一步鞏固我們作為女性健康衛士的持久競爭優勢。我們仍在持續取得進展，並且仍處於未來巨大國際機會的早期階段。

Going a level deeper, we have four highlights to share that reflect our progress. One, for the full year, our Molecular Diagnostics business grew 9%, excluding COVID, continuing its strong growth. These results should put to rest any concerns regarding Panther utilization in a post-COVID environment.

更深入地說，我們有四個亮點可以分享，反映了我們的進展。第一，我們的分子診斷業務全年成長了 9%（不包括新冠疫情），並持續保持強勁成長。這些結果應該可以消除有關在新冠疫情后環境中使用黑豹的任何擔憂。

Two, in breast imaging, we maintained our market leading position while effectively navigating through the impact of the global semiconductor chip shortage.

二是乳房影像領域，我們在有效應對全球半導體晶片短缺影響的同時，維持了市場領先地位。

Three, from an operating margin perspective, we finished the year at 30%, maintaining profitability in the top tier of our peer group with opportunities for further improvement in 2025.

第三，從營業利潤率的角度來看，我們今年的獲利率為 30%，在同業中保持領先水平，並在 2025 年有進一步改善的機會。

Regarding our M&A strategy, four, we have been patient, disciplined and notably more active recently as opportunities we've been cultivating have become actionable. More specifically, we acquired Endomagnetics in July and signed a definitive agreement in October to acquire Gynesonics.

關於我們的併購策略，第四，我們一直保持耐心、自律，而且最近隨著我們一直在培育的機會變得可行，我們變得更加積極。更具體地說，我們在 7 月收購了 Endomagics，並於 10 月簽署了收購 Gynesonics 的最終協議。

Both are tuck in deals that are straight down the fairway as it relates to our M&A strategy and fit nicely into our global portfolio. We are the right partner to maximize these business opportunities, helping to benefit more women with the innovative products from these deals.

這兩筆交易都與我們的併購策略相關，並且非常適合我們的全球投資組合。我們是最大化這些商業機會的合適合作夥伴，透過這些交易的創新產品幫助更多女性受益。

From a broader capital allocation perspective, in 2024, we fully funded key organic initiatives and continued to reduce our share count. Additionally, as part of our release today, we announced our intention to launch a new $250 million accelerated share repurchase program.

從更廣泛的資本配置角度來看，2024 年，我們為關鍵的有機措施提供了全額資金，並繼續減少股份數量。此外，作為我們今天發布的內容的一部分，我們宣布打算啟動一項新的 2.5 億美元加速股票回購計畫。

Overall, we have the ability to consistently deliver value to our shareholders through solid top line growth, operating and net margin expansion and strong and strong cash generation and deployment.

整體而言，我們有能力透過穩健的營收成長、營運和淨利潤擴張以及強勁的現金生成和部署，持續為股東創造價值。

Now moving to our two themes for our call. One, reinforcing who we are and how we got here. And two, shedding more light on where we are today and where we're headed in 2025 and beyond. As we've said before, Hologic is a company you can count on.

現在轉向我們電話會議的兩個主題。第一，強化我們是誰以及我們如何走到這一步。第二，進一步闡明我們今天的處境以及 2025 年及以後的發展方向。正如我們之前所說，Hologic 是一家值得您信賴的公司。

Over the past 10 years, our non-GAAP EPS compound annual growth rate is over 10%, a meaningful achievement. Despite changing markets and unexpected macro conditions over the years, we have consistently delivered. Looking ahead, there will be ups and downs, challenges and headwinds but we expect to deliver as we have over the past decade.

過去10年，我們的非公認會計原則每股收益複合年增長率超過10%，這是一個有意義的成就。儘管多年來市場不斷變化，宏觀條件出乎意料，但我們始終如一地交付成果。展望未來，將會有起起落落、挑戰和逆風，但我們希望能夠像過去十年一樣實現目標。

Since joining Hologic in 2013, we have dramatically transformed our business through two important phases. First, we steadied the ship and firmly rooted our leadership brands across our three main franchises: diagnostics, breast health and surgical. Second, during the COVID pandemic, we added several growth drivers across each of our franchises, both organically and through acquisitions.

自 2013 年加入 Hologic 以來，我們經歷了兩個重要階段，實現了業務的巨大轉型。首先，我們穩住了局面，並在診斷、乳房健康和外科這三個主要特許經營領域牢牢紮根了我們的領導品牌。其次，在新冠疫情期間，我們透過有機方式和收購為每個特許經營店增加了幾個成長動力。

Today, we have industry leading platforms in each franchise and some of the strongest commercial channels in healthcare. The common theme across these two phases of transformation is our ability to create markets, establish market leading positions and drive growth by generating new opportunities.

如今，我們在每個特許經營中都擁有領先業界的平台，以及醫療保健領域中一些最強大的商業管道。這兩個轉型階段的共同主題是我們創造市場、建立市場領先地位並透過創造新機會來推動成長的能力。

Looking back, products such as the Panther, Horizon DXA, our ThinPrep liquid based Pap test, 3D mammography, NovaSure, and MyoSure all represented improvements on the standard of care and therefore new markets at the time of their introduction. These trailblazing product lines generated new opportunities, which we continue to capitalize on today.

回顧過去，Panther、Horizo​​n DXA、我們的 ThinPrep 液基巴氏測試、3D 乳房 X 光檢查、NovaSure 和 MyoSure 等產品都代表了護理標準的改進，因此在推出時代表了新的市場。這些開創性的產品線創造了新的機遇，我們今天繼續利用這些機會。

Building on our foundation, products such as the Panther Fusion, Breast Cancer Index, Genius Digital Cytology, AI in mammography, Fluent and Acessa leverage our established core businesses and enable more growth through market-creating innovation.

在我們的基礎上，Panther Fusion、乳癌指數、Genius 數位細胞學、乳房 X 光攝影人工智慧、Fluent 和 Acessa 等產品充分利用我們既定的核心業務，並透過市場創造創新實現更多成長。

That said, as an organization, we are never satisfied and consistently aim to create new essential innovations to make the best even better. Our culture and leadership have never been stronger as we continue to make a profound impact on women's health globally.

也就是說，作為一個組織，我們永遠不會滿足，並始終致力於創造新的重要創新，使最好的變得更好。我們的文化和領導力從未如此強大，我們繼續對全球女性健康產生深遠影響。

Looking ahead to fiscal 2025, we are excited about our durable revenue base, diverse mix of growth drivers including our latest in Endomagnetics, and the opportunity to further strengthen our new product pipeline through organic and inorganic opportunities. We anticipate 2025 to be another year we deliver on our commitments, positioning Hologic for even greater long-term success.

展望 2025 財年，我們對持久的收入基礎、多樣化的成長動力組合（包括我們最新的內磁技術）以及透過有機和無機機會進一步加強我們的新產品線的機會感到興奮。我們預計 2025 年將是我們兌現承諾的另一年，使 Hologic 能夠取得更大的長期成功。

Now, I will pass the call over to Essex.

現在，我將把電話轉給埃塞克斯。

Thank you, Steve. Good afternoon, everyone. In my remarks, I will highlight where we are as a business today including divisional level revenue performance and share insights into where we are headed. As Steve discussed, our success transforming Hologic has been underpinned by our ability to excel as market creators.

謝謝你，史蒂夫。大家下午好。在我的演講中，我將強調我們目前的業務狀況，包括部門層面的收入表現，並分享對我們前進方向的見解。正如 Steve 所討論的，我們作為市場創造者的卓越能力是我們成功轉型 Hologic 的基礎。

Over time, our products and solutions become integral to our customers' operations. Across our franchises, we provide solutions that enhance our customer success by incorporating industry leading workflow automation. As our products significantly improve our customers' operational efficiency, we are more than just a supplier, we become a partner.

隨著時間的推移，我們的產品和解決方案將成為客戶營運不可或缺的一部分。在我們的特許經營中，我們提供的解決方案透過結合業界領先的工作流程自動化來提高客戶的成功。由於我們的產品顯著提高了客戶的營運效率，我們不僅僅是供應商，我們成為合作夥伴。

Today, our portfolio includes several new products with considerable potential. These products span our franchises and geographies creating multiple layers of sustainable future growth. Coupled with our strong balance sheet, we have the firepower to add new growth drivers both organically and inorganically. We are confident that our robust portfolio along with future additions will enable us to grow sustainably and navigate the evolving market landscape with agility and resilience.

如今，我們的產品組合包括多種具有巨大潛力的新產品。這些產品跨越我們的特許經營權和地域，創造了多層可持續的未來成長。加上我們強大的資產負債表，我們有能力透過有機和無機方式增加新的成長動力。我們相信，我們強大的產品組合以及未來的新增產品將使我們能夠永續發展，並以敏捷性和彈性應對不斷變化的市場格局。

Now shifting gears to our divisional revenue results for the fourth quarter. In Diagnostics, fourth quarter global revenue of $443.3 million grew 6.2% and 9.2% organically excluding COVID. Molecular Diagnostics remains a pillar of strength for the division, growing 9.1% and 13.2% excluding COVID. Molecular performance continues to be powered by our BV/CV/TV assay and biotheranostics business, both of which have runway for future growth. The divisions respiratory, 4-Plex, COVID, Flu A, B, RSV assay also contributed growth for the quarter.

現在轉向我們第四季的部門收入結果。在診斷領域，第四季全球營收為 4.433 億美元，有機成長 6.2%，剔除新冠疫情後有機成長 9.2%。分子診斷仍是該部門的支柱力量，剔除新冠疫情後分別成長 9.1% 和 13.2%。我們的 BV/CV/TV 檢測和生物治療診斷業務繼續為分子性能提供動力，這兩項業務都有未來成長的空間。呼吸、4-Plex、新冠病毒、甲型流感、乙型流感、RSV 檢測等部門也為本季的成長做出了貢獻。

For the full year, Molecular posted excellent global growth of 9% ex-COVID. This performance was again driven by BV/CV/TV as we continue to grow this market, moving testing for vaginitis to our FDA approved assays on our highly automated, high throughput Panther system. In addition, we continue to see accretive growth from our biotheranostics business as we drive adoption and expand coverage for the breast cancer index test.

排除新冠疫情影響，Molecular 全年全球成長率高達 9%。隨著我們不斷發展這個市場，將陰道炎測試轉移到我們高度自動化、高通量的 Panther 系統上進行 FDA 批准的檢測，這一性能再次受到 BV/CV/TV 的推動。此外，隨著我們推動乳癌指數測試的採用和覆蓋範圍，我們的生物治療診斷業務繼續成長。

And finally, we are expanding the global footprint of our Panther Fusion system, allowing us to meet the need for high throughput molecular diagnostic respiratory testing, while also setting us up nicely as we build additional menu on the platform.

最後，我們正在擴大 Panther Fusion 系統的全球覆蓋範圍，使我們能夠滿足高通量分子診斷呼吸測試的需求，同時也為我們在平台上建立附加選單做好了準備。

Shifting to cytology and our perinatal business within diagnostics, we posted 0.7% growth in our fourth quarter. Since the FDA approval of our Genius Digital Diagnostic System or Digital Pap test, we've worked closely with our early adopting customers and they've given us great positive feedback on the system.

轉向細胞學和診斷領域的圍產期業務，我們在第四季度實現了 0.7% 的成長。自從 FDA 批准我們的 Genius 數位診斷系統或數位巴氏測試以來，我們一直與早期採用的客戶密切合作，他們對該系統給予了我們非常積極的反饋。

This platform represents a significant improvement to the current Pap test workflows. It combines AI and advanced digital imaging to provide customers more sensitive disease detection and a streamlined efficiency, a digital AI assisted Pap test.

該平台代表了對目前巴氏測試工作流程的重大改進。它結合了人工智慧和先進的數位成像，為客戶提供更靈敏的疾病檢測和簡化的效率，數位人工智慧輔助巴氏測試。

We are proud to announce that our first US Genius Digital Diagnostics customers went live in the fourth customers went live in the fourth quarter. This milestone is yet another example of Hologic understanding the needs of our customers and responding to changing market dynamics with essential innovation.

我們很自豪地宣布，我們的第一個美國 Genius Digital Diagnostics 客戶於第四季度上線，第四個客戶於第四季度上線。這個里程碑是 Hologic 了解客戶需求並透過必要的創新來應對不斷變化的市場動態的另一個例子。

Turning to Breast Health. Total fourth quarter revenue of $375.5 million, increased 6.2% or 5.3% organically when excluding SSI and Endomagnetics. Organic growth in the fourth quarter was primarily driven by increased breast imaging service revenue along with contributions from our gantry business and interventional products.

轉向乳房健康。第四季總營收為 3.755 億美元，有機成長 6.2%，如果不包括 SSI 和 Endomagics，有機成長 5.3%。第四季的有機成長主要得益於乳房影像服務收入的增加以及龍門業務和介入產品的貢獻。

In Surgical, fourth quarter revenue of $156.5 million increased 5.4% compared to the prior year. The period's growth was once again led by core MyoSure and the platform's complementary fluent fluid management system, helping to offset declines in our legacy domestic NovaSure business. In addition, our international surgical business continues to drive strong broad based performance, as we expand access to our technologies into new markets.

在外科領域，第四季營收為 1.565 億美元，比去年同期成長 5.4%。這段時期的成長再次由核心 MyoSure 和該平台的補充流暢流體管理系統引領，幫助抵消了我們傳統的國內 NovaSure 業務的下降。此外，隨著我們將技術擴展到新市場，我們的國際外科業務繼續推動強勁的廣泛業績。

And finally, in our Scalable business, fourth quarter revenue of $12.7 million decreased 54.9%. This result was expected based on the Horizon DXA stop ship we announced on our third quarter earnings call. As a reminder, this is a temporary headwind and we expect to resume shipping in the back half of our first quarter.

最後，在我們的可擴展業務中，第四季的收入為 1,270 萬美元，下降了 54.9%。這一結果是根據我們在第三季財報電話會議上宣布的 Horizo​​​​n DXA 停船而預計的。提醒一下，這是暫時的逆風，我們預計將在第一季後半段恢復出貨。

Moving next to where we are headed, I will first comment on our international business and close with comments on our M&A strategy. From an international perspective, our efforts to expand globally have been broadly successful. Our international business is nearly 50% larger compared to 2019 with an accretive annual revenue growth. That said, the full potential of our international business remains largely untapped.

接下來，我將首先評論我們的國際業務，最後評論我們的併購策略。從國際角度來看，我們的全球擴張努力取得了廣泛成功。與 2019 年相比，我們的國際業務成長了近 50%，年收入不斷成長。儘管如此，我們國際業務的全部潛力在很大程度上仍未開發。

While we have taken key steps and are more directed international markets than ever before, there is a vast international opportunity available to us that we are still in the early stages of realizing. Over a multi-year horizon, we see meaningful growth prospects for our international business as we continue to penetrate new regions and enhance our presence in existing ones.

雖然我們已經採取了關鍵步驟，並且比以往任何時候都更有針對性的國際市場，但我們仍處於實現的早期階段，我們擁有巨大的國際機會。從多年的角度來看，隨著我們繼續滲透新地區並增強在現有地區的影響力，我們看到了國際業務的有意義的成長前景。

By leveraging our innovative products and strong brand reputation, we are well positioned to capture emerging markets opportunities, which we expect to be accretive to total company growth rates for years to come.

透過利用我們的創新產品和強大的品牌聲譽，我們處於有利地位，可以抓住新興市場的機遇，我們預計這些機會將在未來幾年內促進公司整體成長率。

Shifting now to M&A, it should come as no surprise that a combination of organic and inorganic innovation will add fuel for our future growth. Our M&A strategy continues to focus on pursuing tuck-in deals that align with our three franchises. We aim to identify and acquire assets that leverage our existing strengths, drive top-line growth and add accretion to earnings over time.

現在轉向併購，有機和無機創新的結合將為我們未來的成長增添動力也就不足為奇了。我們的併購策略繼續專注於尋求與我們的三個特許經營權一致的交易。我們的目標是識別和收購能夠利用我們現有優勢、推動營收成長並隨著時間的推移增加收益的資產。

Going deeper, we prioritize assets that nicely fit into our current market segments or near adjacent markets. We target strategic and high growth areas across our franchises to enhance our current market position and to build global durable growth portfolio.

更深入地說，我們優先考慮非常適合我們當前細分市場或鄰近市場的資產。我們的目標是我們特許經營的策略和高成長領域，以增強我們當前的市場地位並建立全球持久成長的投資組合。

In summary, our M&A strategy is designed to identify and integrate valuable assets that drive incremental growth, reinforce our market leadership and deliver sustained value to our shareholders. By maintaining focus on our core markets, exploring adjacent opportunities and driving essential innovation, we believe we are well positioned to navigate 2025 and the years ahead.

總之，我們的併購策略旨在識別和整合有價值的資產，以推動增量成長、鞏固我們的市場領導地位並為股東提供持續的價值。透過保持對核心市場的關注、探索鄰近的機會並推動必要的創新，我們相信我們已準備好迎接 2025 年及未來幾年的挑戰。

With that, I'll hand the call over to Karleen.

這樣，我就把電話轉給卡琳。

Thank you, Essex, and good afternoon everyone. In my comments today, we will begin with an overview of our solid fourth quarter and full year financial results, providing more color on margin and capital deployment. In closing, we will finish with our fiscal 2025 guidance for Q1 and the full year.

謝謝埃塞克斯，大家下午好。在今天的評論中，我們將首先概述我們穩健的第四季度和全年財務業績，為利潤率和資本部署提供更多資訊。最後，我們將完成 2025 財年第一季和全年的指導。

We are pleased to close fiscal 2024 by continuing to meet or exceed our commitments on both the top and bottom line. In our fourth quarter, total revenue was $987.9 million growing 4.2% over the prior year period and 5% organically excluding COVID. In addition, our Q4 non-GAAP earnings per share were $1.01 growing 13.5%.

我們很高興在 2024 財年結束時繼續達到或超過我們在營收和利潤方面的承諾。第四季的總營收為 9.879 億美元，比上年同期成長 4.2%，排除新冠疫情後有機成長 5%。此外，我們第四季的非 GAAP 每股收益為 1.01 美元，成長 13.5%。

For the full fiscal 2024, total revenue was $4.030 billion declining 0.2%, while growing 5.3% organically excluding COVID. And non-GAAP earnings per share were $4.08 growing 3%. Given the revenue headwind of the skeletal stop ship in Q4, we view these results as solid. More notably, for the second quarter in a row, we returned to top line growth for our total business as we continue to bend the revenue curve in a positive direction.

2024 年全年總營收為 40.3 億美元，下降 0.2%，但排除新冠疫情影響，有機成長 5.3%。非 GAAP 每股收益為 4.08 美元，成長 3%。考慮到第四季度骨架停止船的收入逆風，我們認為這些結果是可靠的。更值得注意的是，隨著我們繼續將營收曲線向正面方向彎曲，我們的總業務連續第二季恢復了營收成長。

Before moving on to the income statement, we'd like to highlight the continued strength of our balance sheet as well as our commitment to our capital allocation strategy. In fiscal 2024, we pulled both levers of our capital allocation strategy by completing a revenue accretive tuck in M&A deal in Endomagnetics, while also repurchasing 11.2 million shares for $808 million which includes a $500 million ASR completed in the second quarter.

在討論損益表之前，我們想先強調一下我們資產負債表的持續實力以及我們對資本配置策略的承諾。2024 財年，我們透過完成 EndoMagnetics 的併購交易來增加收入，同時以 8.08 億美元回購 1,120 萬股股票，其中包括第二季完成的 5 億美元 ASR，從而拉動了資本配置策略的兩個槓桿。

Over the course of fiscal 2024, we reduced our diluted share count by over 10 million shares, demonstrating our commitment to leveraging our strong balance sheet and cash flow to manage our share count and deliver EPS growth.

在 2024 財年，我們將稀釋後的股票數量減少了超過 1000 萬股，這表明我們致力於利用強大的資產負債表和現金流來管理我們的股票數量並實現每股收益增長。

Starting off 2025, as Steve mentioned, we remain confident in our business. We continue to leverage our ability to repurchase shares with the announcement of our intention to enter into a new $250 million ASR. With our strong operating cash flow, we are in excellent position to continue funding our priority organic investments as well as our capital allocation strategy.

正如 Steve 所提到的，從 2025 年開始，我們對我們的業務仍然充滿信心。我們繼續利用我們回購股票的能力，並宣布打算簽署新的 2.5 億美元 ASR。憑藉我們強勁的營運現金流，我們處於有利地位，可以繼續為我們的優先有機投資以及資本配置策略提供資金。

We exited the year with over $2.4 million in cash and investments on the balance sheet and we'll continue to pursue growth opportunities in fiscal 2025. As mentioned earlier on this call, we are off to a great start by signing a definitive agreement in October to acquire Gynesonics. We anticipate closing this deal in the first half of calendar 2025.

今年結束時，我們的資產負債表上有超過 240 萬美元的現金和投資，我們將在 2025 財年繼續尋求成長機會。正如本次電話會議之前所提到的，我們在 10 月簽署了收購 Gynesonics 的最終協議，這是一個好的開始。我們預計將於 2025 年上半年完成這筆交易。

Now on to the non-GAAP P&L for the fourth quarter, starting at gross margin. In Q4, gross margin increased to 61.5%, and up 110 basis points year-over-year, driven by broad based domestic revenue growth. We are pleased with this performance, having achieved steady expansion throughout the year while overcoming several headwinds, including the amortization of higher cost inventory of semiconductor chips and the headwind from the skeletal stop ship.

現在我們來看看第四季的非公認會計原則損益表，從毛利率開始。第四季度，在國內收入廣泛增長的推動下，毛利率增至 61.5%，年增 110 個基點。我們對此業績感到滿意，全年實現了穩定擴張，同時克服了一些不利因素，包括半導體晶片庫存成本較高的攤銷以及骨架停船帶來的不利因素。

Moving down the P&L. Fourth quarter operating expenses of $311 million increased approximately 2.4%. This increase was primarily driven by the inclusion of Endomagnetics in our fourth quarter results as well as stronger local currencies in our international business. Excluding the impact of Endomagnetics and FX, our operating expenses were approximately flat compared to the prior year.

損益表向下移動。第四季營運費用為 3.11 億美元，成長約 2.4%。這一成長主要是由於我們在第四季度業績中納入了 Endomagics 以及我們國際業務中當地貨幣的走強。排除 Endomagics 和 FX 的影響，我們的營運費用與前一年相比大致持平。

Altogether, fourth quarter operating margins finished at 30% and net margin was 24%, both representing a modest increase over the prior year. Below operating income, other income net represented a loss in our fiscal fourth quarter of slightly less than $1 million, better than previously anticipated due to lower net interest expense. Finally, our tax rate in Q4 was 19.75% as expected.

總而言之，第四季營業利潤率為 30%，淨利潤率為 24%，均較上年略有成長。其他淨收入低於營業收入，第四財季的虧損略低於 100 萬美元，由於淨利息支出下降，好於先前的預期。最後，我們第四季的稅率達到了預期的 19.75%。

Now let's move on to our non-GAAP financial guidance for the first quarter in full fiscal year of 2025. In the first quarter of fiscal 2025, we are expecting total revenue in the range of $1.025 billion to $1.035 billion and EPS of $1 to $1.03. For the full year 2025, our guidance assumes revenue of $4.15 billion to $4.20 billion and EPS of $4.25 to $4.35.

現在讓我們繼續討論 2025 年整個財年第一季的非 GAAP 財務指引。2025財年第一季，我們預計總營收在10.25億美元至10.35億美元之間，每股收益為1美元至1.03美元。對於 2025 年全年，我們的指導假設收入為 41.5 億美元至 42 億美元，每股收益為 4.25 美元至 4.35 美元。

Help with constant currency modeling, we are assuming a foreign exchange tailwind of slightly less than $10 million for Q1 and $30 million for the full year. Our guidance assumes the recent trend of strengthening local currencies in our international markets continues in fiscal '25.

借助恆定貨幣模型，我們假設第一季的外匯順風略低於 1,000 萬美元，全年則為 3,000 萬美元。我們的指導假設國際市場上當地貨幣近期走強的趨勢將在 25 財年繼續下去。

Overall, for the full fiscal year, our guidance assumes organic ex-COVID growth of approximately 4% at the midpoint. We expect revenue growth to build throughout the year. In Q1, we will be impacted by several transitory headwinds, such as the stop ship in our skeletal business as well as strong prior year comparisons in Breast Health and Surgical. We are also planning conservatively around the respiratory season and the residual impact from recent hurricanes, including the saline IV fluid shortage that we anticipate will be a headwind to our more elective breast and surgical procedures.

總體而言，對於整個財年，我們的指導假設新冠疫情期間的有機有機成長率約為 4%。我們預計全年收入將持續成長。在第一季度，我們將受到一些暫時性不利因素的影響，例如我們的骨骼業務的停止以及乳房健康和外科業務與去年的強勁比較。我們也正在針對呼吸季節和最近颶風的殘餘影響進行保守的計劃，包括生理食鹽水靜脈輸液短缺，我們預計這將成為我們更多選擇性乳房和外科手術的不利因素。

Now moving on to assumptions underlying our revenue guidance at the division level. For core diagnostics, we expect mid-single-digit growth for the full year, driven by our BV/CV/TV assay and the ongoing adoption of our Biotheranostics BCI test. Further, as Essex mentioned, we successfully launched genius digital cytology in the U.S. during the fourth quarter. We are excited to continue this rollout and the growth opportunity it represents.

現在轉向我們部門層級收入指引的假設。對於核心診斷，我們預計全年將實現中個位數成長，這主要得益於我們的 BV/CV/TV 檢測以及 Biotheranostics BCI 測試的持續採用。此外，正如埃塞克斯所提到的，我們在第四季度在美國成功推出了天才數位細胞學。我們很高興能夠繼續這項推出及其所代表的成長機會。

Regarding COVID and respiratory assay assumptions, given the inherent variability of the respiratory season, we continue to plan conservatively for both, while maintaining capacity to aggressively meet any surges in demand. In addition, fiscal 2024 saw COVID revenue transitioning to our 4-Plex respiratory assay in our base molecular business. In 2025, we anticipate lapping the benefit of this conversion.

關於新冠病毒和呼吸道檢測假設，考慮到呼吸道季節固有的可變性，我們繼續對兩者進行保守的計劃，同時保持積極滿足任何需求激增的能力。此外，2024 財年，我們的基礎分子業務中的新冠肺炎 (COVID) 收入已轉向我們的 4-Plex 呼吸檢測。到 2025 年，我們預計將享受這種轉換帶來的好處。

In terms of COVID revenue, we expect COVID assay sales to about $10 million in the first quarter and approximately $25 million for the full year. COVID-related items are expected to be about $24 million in the first quarter and approximately $95 million for the full year. Closing out our diagnostics business, we expect blood screening revenue of about $5 million in Q1 and about $20 million for the full year.

就新冠病毒收入而言，我們預計第一季新冠病毒檢測銷售額約為 1,000 萬美元，全年約 2,500 萬美元。預計第一季與新冠病毒相關的項目約 2,400 萬美元，全年約 9,500 萬美元。結束我們的診斷業務後，我們預計第一季的血液篩檢收入約為 500 萬美元，全年約為 2000 萬美元。

Turning to Breast Health. Over the past two fiscal years, we experienced elevated growth rates as we gradually recovered from the global chip shortage. Moving past this dynamic in fiscal 2025, we expect the gantry business within Breast Health to return to more normal growth ahead of our anticipated next-generation gantry launch.

轉向乳房健康。在過去的兩個財年中，隨著我們逐漸從全球晶片短缺中恢復過來，我們經歷了較高的成長率。在 2025 財年克服這種動態後，我們預計 Breast Health 的龍門業務將在我們預期的下一代龍門推出之前恢復到更正常的成長。

In our Interventional Breast segment, we expect continued strong performance from our portfolio of disposable needles and markers, though partially offset by recent withdrawal BioZorb products from the market.

在我們的介入性乳房領域，我們預計我們的一次性針頭和標記產品組合將繼續保持強勁的業績，儘管部分被最近從市場上撤出的 BioZorb 產品所抵消。

Lastly, in surgical, we expect broad-based progress across our portfolio to offset anticipated domestic NovaSure declines. We also foresee strong international surgical growth in fiscal '25 and driven by deeper market access and market penetration opportunities.

最後，在外科領域，我們預計我們的投資組合將取得廣泛的進展，以抵消國內 NovaSure 的預期下滑。我們也預計，在更深層的市場准入和市場滲透機會的推動下，25 財年國際外科手術將出現強勁成長。

Moving next to margins. Our fiscal '25 guidance assumes both gross margin and operating margin expansion, highlighting our strong operational discipline and commitment to shareholder value. Thus, we expect Q1 gross margins around 60% and expect improvement of roughly 50 basis points over the course of the year. Additionally, we expect Q1 operating margins around 30%, with an expected increase of 50 basis points to 100 basis points throughout the year. We are in outstanding position given the current macro environment.

移動到邊距旁邊。我們的 25 財年指引假設毛利率和營業利潤率均有所增長，突顯了我們嚴格的營運紀律和對股東價值的承諾。因此，我們預計第一季毛利率約為 60%，並預計全年將改善約 50 個基點。此外，我們預計第一季營業利潤率約為 30%，全年預計將成長 50 個基點至 100 個基點。鑑於當前的宏觀環境，我們處於突出地位。

Working down the P&L. We expect Q1 to represent our highest quarter of operating expense in fiscal '25. This is due to normal seasonal expenses, including larger marketing campaigns as well as sales and trade meetings. For the balance of the year, we anticipate quarterly operating expense to represent a modest increase over fiscal '24 as we include the addition of Endomagnetics business into our fiscal '25 guidance.

制定損益表。我們預計第一季將是 25 財年營運支出最高的季度。這是由於正常的季節性費用，包括較大的行銷活動以及銷售和貿易會議。對於今年剩餘時間，我們預計季度營運費用將比 24 財年略有成長，因為我們將 Endomagics 業務納入了 25 財年指導。

Below operating income, we estimate fiscal '25 other income net to be an expense of approximately $10 million to $15 million in Q1 and an expense between $50 million and $60 million for the full year. Our guidance is based on an annual effective tax rate of approximately 19.5%, and diluted shares outstanding are expected to be approximately $235 million for the full year.

低於營業收入，我們估計 25 財年其他收入淨額在第一季的支出約為 1,000 萬至 1,500 萬美元，全年支出在 5,000 萬至 6,000 萬美元之間。我們的指引基於約 19.5% 的年度有效稅率，稀釋後的全年流通股預計約為 2.35 億美元。

To conclude, our solid fourth quarter completes another successful year for Hologic. As always, our focus remains on advancing women's health globally and delivering durable long-term results. Entering fiscal '25, we are excited about the opportunities ahead.

總而言之，我們堅實的第四季為豪洛捷又一個成功的一年畫上了圓滿的句號。一如既往，我們的重點仍然是促進全球女性健康並取得持久的長期成果。進入 25 財年，我們對未來的機會感到興奮。

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

至此，我們要求接線員開始提問。

(Operator Instructions)

（操作員說明）

Patrick Donnelly, Citi.

派崔克唐納利，花旗銀行。

Hey, guys, thanks for taking the questions. Karleen, maybe you start where you finished it. Just on the margins, Karleen, can you talk through how to think about the year? Obviously, a lot of folks are anchored to kind of the 31.5% for the year. And I know there was a lot of focus as COVID finally gets cleaned up, land on that number. Can you talk about the moving pieces on the margin front for the year and kind of where we should be thinking about the year and then the expansion potential off of this as well?

嘿，夥計們，感謝您提出問題。卡琳，也許你從完成的地方開始。就在邊緣，卡琳，你能談談如何看待這一年嗎？顯然，許多人將今年的成長率定為 31.5%。我知道，隨著新冠疫情最終得到緩解，人們關注的焦點集中在這個數字上。您能否談談今年利潤率方面的變化以及我們應該在哪些方面考慮這一年以及由此產生的擴張潛力？

Yes. So you talk about fiscal '25, Patrick, moving forward?

是的。派崔克，你談論的是 25 財年的未來嗎？

Yes. Correct.

是的。正確的。

Yes. So I think we talked about certainly some headwinds in the first half of the year that we think those are transitory in nature. And certainly, when we talk about the IV fluids shortage impacting surgical our most profitable business that gives you some of the first half challenges that we think are, again, transitory and we'll work through those over the course of the year.

是的。因此，我認為我們在今年上半年確實討論了一些不利因素，我們認為這些不利因素本質上是暫時的。當然，當我們談論靜脈輸液短缺影響外科手術時，我們最賺錢的業務給您帶來了一些上半年的挑戰，我們再次認為這些挑戰是暫時的，我們將在一年內解決這些挑戰。

I think as we also think about the year, we've talked about network optimization opportunities that have been underway, we'll start to see more of a benefit from those as we exit the fiscal year. So those are some of the key items that we look to over the course of the year.

我認為，當我們也在考慮這一年時，我們已經討論了正在進行的網路優化機會，當我們退出本財年時，我們將開始看到更多的好處。這些是我們今年關注的一些關鍵項目。

And again, if you look at the full year revenue guidance, 4% at the midpoint to the full year lower than that. Certainly, in Q1 as we start off, that gives you a sense of accelerated revenue growth in the back year that's going to help that margin expansion at the end of the year.

再說一次，如果你看一下全年收入指引，全年中點的 4% 會比這個指引低。當然，在我們開始的第一季度，這會給你一種後年收入加速成長的感覺，這將有助於年底的利潤率擴張。

Okay. That's helpful. And then, Steve, maybe just on the Breast Health business. Can you talk about the outlook for the year. It sounds like maybe a new launch moving here on the gantry side, how to think about -- there's always risk and maybe a little bit of a pause before that or a replacement cycle on the back of it. So maybe just frame up how to think about Breast Health with some new products coming and what the growth could look like there? Thank you guys.

好的。這很有幫助。然後，史蒂夫，也許只是關於乳房健康業務。您能談談今年的展望嗎？聽起來可能是一個新的發射在龍門架一側移動，如何思考——總是存在風險，並且在此之前可能會有一點暫停，或者在其後面有一個更換週期。因此，也許只是框架如何思考乳房健康與一些新產品的推出以及那裡的增長會是什麼樣子？謝謝你們。

Yes. Thanks, Patrick. I think the reality of the new gantry is that's going to be more impacted in kind of '26, '27, '28 from revenue. We are in that year prior to the launch that it might be a touch slower on pure gantries. The flip side is, as our service business as the interventional business and particularly things like Endomag coming through, it's the magic of continuing to deliver. So probably be a little bit lower than the last couple of years, as Karleen mentioned. But still very solid and we still feel really good about the existing gantries and the customers we still have to go, but probably just a little bit lower than last year before it reaccelerates.

是的。謝謝，派崔克。我認為新龍門架的現實情況是，它將在「26」、「27」、「28」收入中受到更大的影響。我們在推出之前的那一年，純龍門架的速度可能會慢一些。另一方面是，隨著我們的服務業務作為介入業務，尤其是像 Endomag 這樣的業務，持續交付的魔力就體現出來了。因此，正如卡琳所提到的，可能會比過去幾年低一些。但仍然非常穩固，我們仍然對現有的龍門架和我們仍然必須去的客戶感覺非常好，但在重新加速之前可能只比去年低一點。

Jack Meehan. Nephron Research

傑克·米漢.腎單位研究

Hello, Jack.

你好，傑克。

Thank you. Hello, Steve. (multiple speakers) --

謝謝。你好，史蒂夫。（多位發言者）——

I had a couple of diagnostic question. Backwards leaps over players here. First question, now that it is the end of the year, I was wondering, it sounds like Biotheranostics, BV/CV/TV, two of the key growth drivers here. Could you just give us a mark-to-market for the year, ballpark of what the sales were? And then, what your view is on kind of how much the level of growth you should expect in 2025?

我有幾個診斷問題。向後跳過這裡的玩家。第一個問題，現在已經是年底了，我想知道，這聽起來像是生物療法、BV/CV/TV，這是這裡的兩個關鍵成長動力。您能否給我們一個以市價計價的年度銷售額以及銷售額的大致情況？那麼，您對 2025 年的成長水準有何看法？

Yes. So I'd say a couple of points on BV/CV/TV, I think we've talked about that as approximately our second largest assay. So it's going to be several hundred million dollars in revenue. Biotheranostics is not at that level. It's probably closer to the $100 million plus level.

是的。所以我想就 BV/CV/TV 說幾點，我想我們已經將其作為我們的第二大檢測進行了討論。因此，這將是數億美元的收入。生物治療學還沒有達到那個水平。它可能更接近1億美元以上的水平。

I would think about those as BBC a very strong double-digit grower will continue to grow double-digits in '25, probably a little lesser rate given the increasing base. And Biotheranostics, a solid double-digit grower in '24 and we expect similar in '25.

我認為 BBC 是一個非常強大的兩位數增長者，將在 25 年繼續實現兩位數增長，考慮到基數不斷增加，增長率可能會稍低一些。Biotheranostics 在 24 年實現了兩位數成長，我們預計 25 年也將實現類似成長。

And then, Karleen, you also talked about the transition you saw this year to the respiratory panel. And just trying to read through the lines, it sounds like you're expecting. At least your initial assumption is that decline this year? Any chance you could give us a ballpark what that sales contribution was in 2024 and just assumptions there? Thanks.

然後，卡琳，您還談到了今年向呼吸小組的轉變。試著讀一下台詞，聽起來就像你在期待。至少你最初的假設是今年會下降？您能否給我們提供一下 2024 年銷售貢獻的大概情況以及假設？謝謝。

Yes. I mean it was definitely in the several tens of millions of dollars for the Plex assay. And so I think at this point, again, that was a transition from COVID revenue to this product. And so I think we're -- don't expect another transition year, if you will. So that's why it's a little bit of a headwind here as we think about the first half of ’25.

是的。我的意思是，Plex 檢測的費用絕對是數千萬美元。因此，我認為此時此刻，這是從新冠疫情收入轉向該產品的轉變。所以我認為我們——如果你願意的話，不要指望又一個過渡年。因此，這就是為什麼當我們考慮 25 年前半段時，這裡有點逆風。

Thanks Jack.

謝謝傑克。

Anthony Petrone, Mizuho Group.

安東尼‧佩特龍，瑞穗集團。

Thanks and congrats on the quarter here. Maybe one breast health and one on Gynesonics, the acquisition announced a couple of weeks ago. On Breast Health, just in terms of gantry rollout post RSNA and we think about next fiscal year, should we be thinking that sort of the 2014 to 2017 sort of installs from the 3D Tomosynthesis on initial product cycle, those would be up for renewal beginning next year? Or is there a bigger portion of that installed base that potentially is eligible for an upgrade? And then just on Gynesonics, the Sonata system, maybe just a little bit on how many systems already out there in the marketplace and just synergies with the existing GYN surgical portfolio. Thanks.

感謝並祝賀這個季度。幾週前宣布的收購可能涉及乳房健康和 Gynesonics。在乳房健康方面，就 RSNA 後龍門架的推出而言，我們考慮下一個財政年度，我們是否應該考慮在初始產品週期中從 3D 斷層合成中獲得 2014 年至 2017 年的安裝，這些安裝將開始更新明年？或者該安裝基礎中是否有更大一部分可能有資格升級？然後是 Gynesonics、Sonata 系統，也許只是市面上已有多少系統，以及與現有 GYN 手術組合的協同作用。謝謝。

Yes. On the Breast Health piece, I would think it's going to be a rolling. I wouldn't expect some big bolus of the 2014 to 2017 all coming due. I think we're going to be phasing it out. And frankly, again, looking for more durable growth than the quick bullish of uptake. And then on Gynesonics.

是的。在乳房健康方面，我認為這將是一場滾動。我預計 2014 年至 2017 年的一些大額補充不會全部到期。我認為我們將逐步淘汰它。坦白說，我們再次尋求比快速看漲的成長更持久的成長。然後是 Gynesonics。

Yes, I can answer the Gynesonics question. So first, we won't go to any details on installed base or anything like that. And so we actually close. But what I will say is that -- we believe this really complements our portfolio and really aligns with what our surgical team is doing every day. So the same customers doing the same type of procedures that are historic -- hysteroscopic or trans cervical, which really aligns where our strength is at. So excited about it. We'll have a little bit more information once we close.

是的，我可以回答婦科問題。首先，我們不會討論有關安裝基礎或類似內容的任何細節。所以我們實際上關閉了。但我要說的是——我們相信這確實補充了我們的產品組合，並且真正與我們的外科團隊每天所做的事情保持一致。因此，同樣的客戶進行相同類型的歷史性手術——子宮腔鏡手術或經子宮頸手術，這確實符合我們的優勢。對此感到非常興奮。關閉後我們將獲得更多資訊。

I appreciate that. Thank you.

我很欣賞這一點。謝謝。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Hey guys, thanks for taking my question. Steve, sorry -- if you're -- I missed the first part of the call. When I look at the guidance here, 3.4x to 4.7x ex-COVID, I guess, how do you make the bridge to the LRP of 57. Is skeletal still a headwind here in fiscal '25, anything else that we need to be aware of to draw the bridge from your current guide to the 5% to 7%?

嘿夥計們，謝謝你提出我的問題。史蒂夫，抱歉——如果你是的話——我錯過了電話的第一部分。當我看到這裡的指導時，3.4 倍到 4.7 倍，前新冠疫情，我想，你如何架起通往 57 的 LRP 的橋樑。25 財年，骨骼問題仍然是一個逆風嗎？

Yes. So what you missed, Vijay, is talking about what we call transitory headwinds that we're experiencing here. I'd say, Q1 and potentially into Q2. Both the skeletal again, that we -- in our prepared remarks said we'd start shipping that in the latter half of Q1, so it's definitely a headwind here.

是的。所以，維傑，你錯過的是我們在這裡經歷的所謂的短暫逆風。我想說，第一季可能會進入第二季。再次強調，我們在準備好的發言中表示，我們將在第一季後半段開始出貨，所以這絕對是個阻力。

And then we talked about being conservative on our respiratory products, again, given the seasonality of flu -- and then finally, the IV fluid shortages that as a result of the hurricanes, we do anticipate that this is going to be a headwind for our surgical and breast businesses that need those fluids.

然後我們再次討論了對呼吸產品的保守態度，考慮到流感的季節性——最後，由於颶風導致的靜脈輸液短缺，我們確實預計這將成為我們的逆風。

Here in Q1, and it could creep into Q2. So if you take all those transitory headwinds for the first half, you look at the midpoint of our guide for the full year much lower growth rate here in Q1 that gives you a sense that the back half is going to have accelerated growth on the revenue.

在第一季度，它可能會蔓延到第二季度。因此，如果你考慮上半年所有這些短暫的逆風，你會看到我們全年指南的中點，第一季的成長率要低得多，這讓你感覺到下半年的收入將加速成長。

Understood. Steve, maybe on this IV flow shortage, none of the other metric companies have called us. I'm curious. Are you seeing something now? Or is this more of a modeling assumption?

明白了。史蒂夫，也許由於 IV 流量短缺，其他公制公司都沒有打電話給我們。我很好奇。現在看到什麼了嗎？或者這更多的是一個建模假設？

I think a few have mentioned it. And I think the other piece is, candidly, I'd remind you, we were the first one that called out the chip shortage. We've been the first to call out a lot of things, Vijay, as you well know, because we're very close to the business and we are seeing little pockets. I think the other part is our surgical business is very highly elective.

我想有幾個人已經提到了。我認為另一件事是，坦白說，我想提醒您，我們是第一個指出晶片短缺的人。Vijay，正如你所知，我們是第一個提出很多事情的人，因為我們非常接近業務，而且我們看到了一些小問題。我認為另一部分是我們的外科業務具有很強的選擇性。

And so part of what is happening is clearly Baxter's prioritize -- hospitals are prioritizing the emergency and non-elective procedures. So we expect we probably do have a slight more short-term, clearly, transitory impacted, again, nothing lurking beyond that as soon as we come bouncing back. And frankly, it could be a headwind that could turn into a tailing but we always want to be conservative going into starting the year.

因此，正在發生的事情的一部分顯然是巴克斯特的優先事項——醫院正在優先考慮緊急和非選擇性手術。因此，我們預計，一旦我們反彈，我們可能確實會受到稍微更短期、明顯、暫時的影響，除此之外沒有任何潛在的影響。坦白說，這可能是一種逆風，也可能變成一種尾隨，但我們總是希望在新年伊始保持保守。

Yes. Vijay, I would say at least three to four other med tech companies have called it out specifically. So we're not alone in this.

是的。Vijay，我想說至少有三到四家其他醫療科技公司已經明確指出了這一點。所以我們並不孤單。

Ben Leonard, UBS.

本‧倫納德，瑞銀集團。

Thank you. This is [Lu] on for Dan. Just wanted to going back to the transitory headwinds, is it possible to kind of like quantify like what's the magnitude in shortages? And then what is in the kind of conservatism in the respiratory revenue? Just any more color that would be great.

謝謝。這是丹的[Lu]。只是想回到暫時的逆風，是否有可能量化短缺的嚴重程度？那麼呼吸收入中的保守主義又是什麼呢？只要有更多的顏色就太好了。

Yes. I mean, we haven't quantified it specifically. I think from -- we've talked about the skeletal stop ship is roughly $5 million a month, so that might give -- we talked about returning to shipment in the back half. So that gives you a sense of what that could be. Certainly, conservatism in the respiratory could be in a range of at least $10 million to $20 million and on the IV fluid, I think that's still evolving and we really don't have a sense of that quite yet.

是的。我的意思是，我們還沒有具體量化它。我認為——我們已經討論過骨架停運船每月大約需要 500 萬美元，所以這可能會給——我們討論過在後半段恢復發貨。這讓你了解那可能是什麼。當然，呼吸系統方面的保守主義可能至少在 1000 萬至 2000 萬美元的範圍內，而在靜脈輸液方面，我認為這仍在不斷發展，我們確實還沒有意識到這一點。

Okay. Got it. And then I wanted to touch a little bit on the share repo that you mentioned, the $250 million, is that going to happen entirely in one quarter? Or is that like a year or multiyear program?

好的。知道了。然後我想談談你提到的股票回購，2.5 億美元，這會在一個季度內完全發生嗎？或者這就像一年或多年計劃？

Yes. We expect we're going to kick that off in the next couple of weeks here, and it should finish within our fiscal second quarter. So we'll have a prorated benefit, if you will, within the fiscal 2025 full year.

是的。我們預計我們將在接下來的幾週內開始這項工作，並且應該在我們的第二財季內完成。因此，如果您願意的話，我們將在 2025 財年全年內按比例分配福利。

Casey Woodring, JPMorgan.

凱西‧伍德林，摩根大通。

All right, great. Thanks for taking my questions. I was curious if you could break out the 1Q guide by business segment, just to help us understand the growth acceleration expected over the course here between segments? And then also, curious what you're expecting in terms of international business growth versus domestic sales in '25 and what the outlook is across the different businesses internationally?

好吧，太好了。感謝您回答我的問題。我很好奇您是否可以按業務部門細分第一季指南，以幫助我們了解各部門之間預期的成長加速？另外，想知道您對 25 年國際業務成長與國內銷售的預期如何，以及國際上不同業務的前景如何？

Yes. I mean we haven't provided the specific detail, but if you think about -- we talked about those transitory headwinds. Least impact probably in diagnostics. So you think about diagnostics in the mid-single-digit growth for the first quarter, and you have the other businesses below that.

是的。我的意思是我們還沒有提供具體細節，但如果你想一想——我們談到了那些短暫的逆風。對診斷的影響可能最小。因此，您會想到第一季診斷業務的成長率為中個位數，而其他業務則低於該數字。

And then just internationally as well, how you're thinking about that?

那麼在國際上也是如此，您對此有何看法？

Yes. We expect international to grow at a faster rate than our domestic business.

是的。我們預期國際業務的成長速度將快於國內業務。

Got it. Okay. And then just maybe if I can fit in one quick last one. So you talked about leveraging some supply chain costs moving around to give you some tax benefit. Just wondering if there's anything baked in there from a supply chain perspective that 19.5% tax rate for '25 or if there's some upside to that number Thank you.

知道了。好的。然後也許我能快速適應最後一件事。因此，您談到利用一些供應鏈成本來為您帶來一些稅收優惠。只是想知道從供應鏈的角度來看，25 年的稅率是否為 19.5%，或者這個數字是否有一些上升空間，謝謝。

Yes. Casey, I would remind you that the 19.5% is lower than fiscal '24. We're taking it down 25 basis points. primarily related to limiting some of our foreign losses that weren't deductible. And of course, we're always looking at other supply chain opportunities or business opportunities to drive the rate. But I wouldn't say that we're ready to commit to anything lower than the 19.5% that's already lower than '24.

是的。凱西，我想提醒您，19.5% 低於 24 財年。我們將其下調 25 個基點。主要與限制我們的一些不可扣除的海外損失有關。當然，我們一直在尋找其他供應鏈機會或商業機會來提高生產力。但我不會說我們已經準備好承諾低於 19.5%，這已經低於 24 年的水平了。

Mike Matson, Needham & Company.

麥克馬森，李約瑟公司。

Yes, thanks. So I want to ask one on vertical business. So NovaSure sounds like it's declining in the US. So can you talk about why and whether or not that's something that could be stabilized and you return to growth? Or is it going to be a perpetual decline?

是的，謝謝。所以我想問一個關於垂直業務的問題。因此，NovaSure 聽起來在美國正在衰落。那麼您能否談談原因以及這種情況是否可以穩定下來並恢復成長？還是說會一直下滑？

Yes. What I would say is that for a number of years, the volumes of global endometrial operation across the market have been a slow decliner, we've continued to maintain our market share and do well in the space but we do see alternatives versus competitors become more prevalent such as IUDs and other things to control hormonal abnormal uterine bleeding.

是的。我想說的是，多年來，全球子宮內膜手術市場的數量一直在緩慢下降，我們繼續保持我們的市場份額並在該領域表現出色，但我們確實看到替代品相對於競爭對手變得越來越重要更普遍的是諸如子宮內避孕器和其他控制荷爾蒙異常子宮出血的東西。

So as of right now, we do expect that to continue on a slow decline. We feel great about our ability to continue to grow internationally, which is expanding and has a nice growth rate with NovaSure. So expecting all-in to still put up market-leading results, but we do see it declining in the US.

因此，截至目前，我們確實預計這一數字將繼續緩慢下降。我們對我們繼續在國際上發展的能力感到非常高興，我們的國際業務正在不斷擴大，並且與 NovaSure 一起實現了良好的成長率。因此，預計 All-In 仍將取得市場領先的業績，但我們確實看到美國的業績正在下降。

Okay. Got it. And then just another one on the Gynesonics. I understand it hasn't closed. So I don't know if you can or you're willing or able to answer this. But I guess it looks like it's for fibroids, similar to MyoSure. So I guess, why won't -- why isn't this something that will cannibalize MyoSure to some degree? Is it used for different patients or different types of fibroids or something like that? Is that why wall or?

好的。知道了。然後是關於 Gynesonics 的另一項。據我了解，它還沒有關閉。所以我不知道你是否可以或你是否願意或能夠回答這個問題。但我猜它看起來像是針對肌瘤的，類似 MyoSure。所以我想，為什麼不會這樣——為什麼這不會在某種程度上蠶食 MyoSure 呢？它是否用於不同的患者或不同類型的肌瘤或類似的東西？這就是牆的原因嗎？

Yes, it sounds like you're right on it. It is for different fibroids. So we have large fibroids on the outside and in the wall the uterus with Accesa, small polyps and I say only up to type 2 fibroids, with MyoSure. There are six different types of fibroids, Gynesonics so it not a system fills the gap in between both Sonata -- or both Accesa and MyoSure. So it is attacking a different type of fibroid using a different technology than MyoSure.

是的，聽起來你是對的。它適用於不同的肌瘤。所以我們在 Accesa 的子宮外部和子宮壁上有大的肌瘤，在 MyoSure 的情況下只有小息肉，我說最多只有 2 型肌瘤。有六種不同類型的肌瘤，Gynesonics，因此它不是一個系統可以填補 Sonata 或 Accesa 和 MyoSure 之間的空白。因此，它使用與 MyoSure 不同的技術來攻擊不同類型的肌瘤。

Navann Ty, BNP Paribas.

納萬·泰，法國巴黎銀行。

Hi, thank you for taking my question.I have one on M&A. If you could discuss recent M&A environment in Hologic three segments. And maybe more broadly, your capital allocation priorities in 2025. Thank you.

您好，謝謝您提出我的問題。您可以在 Hologic 的三個部分討論最近的併購環境。也許更廣泛地說，您 2025 年的資本配置優先事項。謝謝。

Yes. I would say that as Hologic M&A is within each division. So each division has their own business development teams that are out there identifying assets, cultivating relationships and hopefully, we're able to acquire assets before they jump into a process.

是的。我想說的是，豪洛捷的併購是在每個部門內部進行的。因此，每個部門都有自己的業務開發團隊，他們負責識別資產、培養關係，希望我們能夠在資產進入流程之前取得資產。

And hopefully, assets that we're kind of the rightful owner of. And so I'd say there's no priority between divisions at this time. It's really about what is the best deal for Hologic. And I think we gave some examples on how Endomagnetics and Gynesonics fit nicely into our current portfolio.

希望我們是這些資產的合法所有者。所以我想說，目前各部門之間沒有優先順序。這實際上是關於什麼對 Hologic 來說是最好的交易。我認為我們舉了一些例子來說明 Endomagnets 和 Gynesonics 如何很好地融入我們目前的產品組合。

And we bring a point of expertise. And I would say, as we look to 2025, I think it's probably more of the same of what we saw in '24, a balance of M&A and share repurchase is what we're looking to do.

我們帶來了專業知識。我想說，當我們展望 2025 年時，我認為這可能與我們在 24 年看到的情況更加相似，併購和股票回購的平衡是我們尋求做的事情。

Michael Ryskin, Bank of America.

麥可‧萊斯金，美國銀行。

Hello. This is [John] on for Michael. I wanted to ask about the Panthers. What I believe is one of your manufacturing partners recent tier results, and I was wondering if that has something to do with how the Panther placements are going? I know that utilization and then the assay menu expansion is the way to the growth, but -- and I'm sure the level of placements is far different from what it used to be pre pandemic, but so I wanted to ask how that's been trending?

你好。這是麥可的[約翰]。我想問一下黑豹隊的狀況。我相信你們的製造合作夥伴之一最近的排名結果，我想知道這是否與黑豹的安置進度有關？我知道利用和分析菜單擴展是成長的途徑，但是——我確信安置水平與大流行前的水平有很大不同，但所以我想問這是如何發生的趨勢？

Yes, absolutely. I think this is something we've talked about for the last couple of years. We have an installed base of over 3,300 Panthers worldwide, which is significantly higher than what we had prior to the pandemic, and we had obviously, an accelerated placement of Panthers during that time. And as we expected, those placements have slowed. But no impact on the growth of the business. As we said, molecular diagnostics, excluding COVID grew 9% in fiscal '24, many years after the end of the -- post the pandemic. So continued strength with that business.

是的，絕對是。我認為這是我們過去幾年一直在談論的事情。我們在全球擁有超過 3,300 台黑豹的安裝基地，這明顯高於疫情大流行之前的數量，而且我們顯然在那段時間加速了黑豹的部署。正如我們預期的那樣，這些投放速度已經放緩。但對業務的成長沒有影響。正如我們所說，分子診斷（不包括新冠肺炎）在 24 財年增長了 9%，即疫情結束多年後。因此該業務持續強勁。

Well, I mean, if you wanted to give me more color but I would have taken that.

好吧，我的意思是，如果你想給我更多的色彩，但我會接受的。

As you know, [Michael] and some people, I think, sometimes forget is we make all of the revenue on the assays, not on Panther. So I know that we've gotten some questions of investors that are thinking, gee, if we sell less Panthers is that showing a downturn. But as you know, it's a reagent rental model. So frankly, right now, the next few years are largely driving that assay adoption without having to even place a lot of Panthers, which is even better on the CapEx side. So it's a very good structure for us.

如你所知，[邁克爾]和一些人，我認為，有時會忘記我們所有的收入都來自化驗，而不是黑豹。所以我知道我們收到了一些投資者的問題，他們在想，天啊，如果我們減少黑豹隊的銷量，那就表明經濟低迷。但如您所知，這是一種試劑租賃模式。坦白說，現在，未來幾年將在很大程度上推動檢測的採用，甚至不需要放置大量黑豹，這在資本支出方面甚至更好。所以這對我們來說是一個非常好的結構。

And yes, and on that related note, any update to the statistics you provided in the past about 55 users having using two or more assays and one-third having four or more?

是的，在相關說明中，您過去提供的有關 55 個使用者使用兩種或更多檢測方法、三分之一使用四種或更多檢測方法的統計資料是否有更新？

We haven't provided an update to that. And just in general, I would say that those trends continue to improve -- move in the right direction.

我們還沒有提供更新。總的來說，我想說這些趨勢正在繼續改善——朝著正確的方向發展。

Mason Carrico, Stephens.

梅森·卡里科，史蒂芬斯。

Hey, thanks for taking the questions. This is [Harrison] on for Mason. It looks like -- so last quarter, I believe you talked about some facility integrations within the Breast Health business. Could you maybe talk a little bit about the cadence or time line of how those integrations will play out this year and then the margin impact as we progress through the year? Thanks.

嘿，感謝您提出問題。這是梅森的[哈里森]。看起來——上個季度，我相信您談到了乳房健康業務中的一些設施整合。您能否談談今年這些整合將如何實施的節奏或時間表，以及我們在這一年中取得的進展對利潤率的影響？謝謝。

Yes. We expect that migration to be completed over the course of which is it's great not only from a manufacturing but also R&D will be ceded there and some great synergies with the R&D teams. But we haven't provided specific improvements, but it is part of the improvement we will see over the course of the year.

是的。我們預計遷移將在此過程中完成，這不僅是因為製造業，而且研發部門也將被放棄，並與研發團隊產生一些巨大的協同效應。但我們還沒有提供具體的改進，但這是我們今年將會看到的改進的一部分。

Got it. Yes. Sounds great. And then so within Breast Health. Have we largely moved past the higher cost of chips at this point? Are we at a more normalized level heading into '25 or is there still a drag on margin earlier in the year relative to the back half? Thanks.

知道了。是的。聽起來很棒。在乳房健康領域也是如此。目前我們是否已經基本上擺脫了晶片成本上升的局面？進入 25 世紀，我們是否處於更正常化的水平，或者相對於下半年，今年早些時候的利潤率是否仍然受到拖累？謝謝。

Yes. We're probably on the tail end of that. There was wasn't just one ship. There was many, many different ships that have the issue. So there could be still a few working their way through the system. But I think as we go through '25, we will move past that.

是的。我們可能正處於這個階段的尾聲。那裡不只有一艘船。有很多很多不同的船隻都存在這個問題。所以可能還有一些人透過這個系統工作。但我認為，當我們度過 25 年時，我們將會超越這一點。

Tejas Savant, Morgan Stanley.

Tejas Savant，摩根士丹利。

This is [Jason] on for Tejas. So just modeling-related questions. So in skeletal health, do you expect the supply change by the end of F 1Q. So how much of any of the sort of $15 million per quarter loss, can we expect to be recouped in fiscal year 2025 on top of the base sales expectations? And then on BioZorb, could you quantify the financial impact from removing this product for fiscal year '25?

這是 [Jason] 為 Tejas 主持的節目。所以只是與建模相關的問題。那麼在骨骼健康方面，您預計第一季末供應量會改變嗎？那麼，除了基本銷售預期之外，我們還能在 2025 財年彌補每季 1,500 萬美元的損失嗎？然後，在 BioZorb 上，您能否量化取消該產品對 25 財年的財務影響？

Yes. The BioZorb impact is deminimis, it really as a revenue line item that was less than $10 million in '24. So pretty deminimis. And I think on the skeletal, I think what we're really focused on is getting this back on the market and satisfying our customer demand. I wouldn't project right now that there will be some level of pickup. Again, we need to get it back to shipping status here in the first quarter.

是的。BioZorb 的影響微乎其微，它實際上作為一個收入項目，在 24 年還不到 1000 萬美元。非常漂亮。我認為從根本上來說，我們真正關注的是讓其重新回到市場並滿足我們的客戶需求。我現在不認為會有一定程度的回升。同樣，我們需要在第一季將其恢復到發貨狀態。

Conor McNamara, RBC Capital Markets.

康納·麥克納馬拉，加拿大皇家銀行資本市場。

Hi, Ricardo Moreno for Conor. I have a question about as normal growth returns to the gantry business. How does that coincide with earlier the chip shortage that was experienced with the gantry business intersecting with equipment upgrades and replacement cycles?

嗨，里卡多·莫雷諾，康納。我有一個關於龍門業務恢復正常成長的問題。這與先前與設備升級和更換週期相交叉的龍門業務所經歷的晶片短缺有何吻合？

So what I would say is, as we're kind of through the chip issue and I think we covered that in the prepared comments that as we get into '25, we expect more normalized growth rates. With potentially a little bit of headwind, again, as we anticipate this next-gen gantry. But as Steve talked about, we don't expect a significant increase in that conversion cycle given that technology improvement, software improvements, AI has been available to customers in our installed base over the past several years.

所以我想說的是，因為我們已經解決了晶片問題，我認為我們在準備好的評論中涵蓋了這一點，即當我們進入 25 世紀時，我們預計增長率會更加正常化。正如我們對下一代龍門架的預期一樣，可能會再次面臨一些阻力。但正如史蒂夫所說，考慮到過去幾年技術改進、軟體改進和人工智慧已經向我們的客戶群提供，我們預計轉換週期不會顯著增加。

It's been very intentional that our R&D efforts were producing upgrades that were backwards compatible to the installed base so that we didn't create this pent-up demand. So I think we're really going to move into a more normalized replacement cycle or an ongoing replacement cycle here in the US which is a great business to have that steady state.

我們的研發工作是有意進行向後相容已安裝基礎的升級，這樣我們就不會產生這種被壓抑的需求。因此，我認為我們真的將進入一個更規範化的更換週期，或者在美國持續進行的更換週期，這是一個擁有這種穩定狀態的偉大企業。

Fantastic. And coming from FX comments earlier about the international business and focus there. How does that roll in, in terms of reaching the pre-pandemic operating margin goal of 31.5%. Usually, those -- traditionally, those margins have been a bit lower than 30%.

極好的。來自早些時候關於國際業務和焦點的外匯評論。就達到疫情前 31.5% 的營業利潤率目標而言，這是如何實現的？通常情況下，傳統上這些利潤率略低於 30%。

Yes. Well, I think as we've talked about our guide here from fiscal 2025, starting at 30% and expecting some improvement of 50 basis points to 100 basis points over the course of '25. I think you see a really nice balance of us continue to drive improvement in margins where we can.

是的。嗯，我想，正如我們在這裡討論的，從 2025 財年開始，我們的指導方針是從 30% 開始，預計在 25 年期間會有所改善 50 個基點到 100 個基點。我認為您會看到我們之間非常好的平衡，我們將繼續盡我們所能推動利潤率的提高。

While we know that international is getting bigger and that's usually dilutive to the margins, but as international continues to grow, they have their own opportunities to create leverage on their operating margin line. So it's an ongoing balance and we see -- we're really pleased about what we expect for 2025.

雖然我們知道國際業務正在變得越來越大，這通常會稀釋利潤，但隨著國際業務的持續成長，他們有機會在其營運利潤線上創造槓桿。因此，這是一種持續的平衡，我們對 2025 年的預期感到非常滿意。

Andrew Brockman, William Blair.

安德魯·布羅克曼，威廉·布萊爾。

Hi, everyone, Maggie Wil on for Andrew today. Maybe one on Biotheranostics, I know you spoke to earlier, you're expecting kind of that double-digit growth that you saw in fiscal '24 for fiscal 2025. But how should we be thinking about the contribution from that to growth moving forward? And just where do you feel like you are in terms of that opportunity?

大家好，瑪姬威爾今天為安德魯做主播。也許是關於生物治療學的，我知道您之前曾與您交談過，您預計 2025 財年將實現 24 財年的兩位數增長。但我們該如何思考這對未來成長的貢獻呢？您覺得自己在這個機會上處於什麼位置？

Yes. I think we think it's still early innings on that opportunity. I think there's it's pretty low market penetration at this point, but we haven't given guidance beyond '25, but to say that it's still early innings.

是的。我認為我們認為這個機會還處於早期階段。我認為目前它的市場滲透率相當低，但我們還沒有給出 25 年後的指導，但可以說現在還處於早期階段。

It certainly seems accretive to our company for many years to come, as are most of the acquisitions we've been doing over the last few years.

與過去幾年我們進行的大多數收購一樣，這無疑會在未來許多年為我們公司帶來增值。

Great. Thank you so much.

偉大的。太感謝了。

Thank you.

謝謝。

Andrew Cooper, Raymond James.

安德魯庫珀，雷蒙德詹姆斯。

Hey, everyone. Thanks for squeezing me in. Maybe just one more on the margin side to the degree you can help sort of frame the swing factors of adding that 50 bps to 100 bps over the course of the year, how much of that is just these transitory items getting lapsed by the time or resolved by the time you get to the fiscal fourth quarter versus the network optimization and other things you called out in one of your earlier answers.

嘿，大家。謝謝你把我擠進去。也許只是在邊際方面再多一個，在某種程度上，你可以幫助建立在一年中增加50 個基點到100 個基點的波動因素，其中有多少只是這些暫時性的項目在時間或時間上消失了。

Yes. We haven't quantified them specifically, but certainly, they are contributing to kind of lower margins here in the beginning, the first half of the year. But again, we view this as transitory and as they clear, we'll reap that margin benefit.

是的。我們還沒有具體量化它們，但可以肯定的是，它們在今年上半年導致了利潤率下降。但同樣，我們認為這是暫時的，正如他們所明確的那樣，我們將獲得利潤率收益。

Okay, I will -- I'll stop there. Thank you.

好吧，我會——我就到此為止。謝謝。

Great. Thanks, Andrew.

偉大的。謝謝，安德魯。

Thank you. And this now concludes Hologic's third quarter fiscal 2024 earnings conference call. Have a good evening.

謝謝。Hologic 的 2024 財年第三季財報電話會議至此結束。祝你晚上愉快。