Hologic Inc (HOLX) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the Hologic's first quarter fiscal 2025 earnings conference call. My name is Lisa and I'm 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 2025 財年第一季財報電話會議。我叫麗莎，是今天為您接聽電話的接線生。今天的會議正在錄製。所有線路均已靜音。

I would now like to introduce Mike Watts, Corporate Vice President, Investor Relations, to begin the call. Please go ahead, sir.

現在，我想請投資人關係公司副總裁 Mike Watts 來開始這次電話會議。先生，請繼續。

Thank you, Lisa. Good afternoon and thank you for joining Hologic's first quarter fiscal 2025 earnings call. With me today is 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，麗莎。下午好，感謝您參加 Hologic 2025 財年第一季財報電話會議。今天與我一起的是公司董事長、總裁兼執行長史蒂夫·麥克米倫 (Steve MacMillan)；米切爾 (Essex Mitchell)，我們的營運長；以及我們的財務長 Karleen Oberton。

Our first 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.

我們的第一季新聞稿現已在我們網站的投資者部分發布。我們也會在發表準備好的演講後不久將其發佈到我們的網站上。本次通話的重播將在接下來的 30 天內在我們的網站上提供。

Before we begin, we'd 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 that's included in our earnings release and SEC filings.

在開始之前，我們想通知您，我們今天所做的某些聲明將具有前瞻性。這些聲明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報告和美國證券交易委員會 (SEC) 文件中的安全港聲明中提及的因素。

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 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，我們將討論某些非 GAAP 財務指標。在我們的收益報告中可以找到與 GAAP 的對帳表。其中兩個非公認會計準則指標是有機收入，我們將其定義為不包括剝離業務的收入和 Hologic 持有不到一年的收購業務的收入。

Also, organic revenue excluding COVID-19, which further excludes COVID-19 assay revenue, other revenue related to COVID-19, and sales from discontinued products and diagnostics. Finally, any percentage changes we discussed will be on a year over year basis, and revenue growth rates will be in constant currency unless otherwise noted.

此外，不包括 COVID-19 的有機收入也排除了 COVID-19 檢測收入、與 COVID-19 相關的其他收入以及停產產品和診斷產品的銷售額。最後，我們討論的任何百分比變化都將以同比為基礎，並且收入增長率將以固定貨幣計算，除非另有說明。

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

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

Good afternoon, everyone. I'd like to begin today by welcoming Mike back to the Hologic team. We're all excited to have him back. And now, we are pleased to discuss our financial results for the first quarter of fiscal 2025.

大家下午好。今天首先，我歡迎 Mike 重返 Hologic 團隊。我們都很高興他回來。現在，我們很高興討論 2025 財年第一季的財務表現。

As we pre-announced last month, total revenue for the quarter was $1.022 billion, an increase of 1% on a constant currency basis. This was in line with our guidance as the stronger dollar subtracted about $9 million from reported revenue since we guided in early November.

正如我們上個月預先宣布的那樣，本季總收入為 10.22 億美元，以固定匯率計算增加了 1%。這與我們的預期一致，因為自 11 月初我們預測以來，美元走強導致報告收入減少了約 900 萬美元。

Non-GAAP earnings per share were $1.03 at the high end of our guidance range and an increase of 5%. This reflected strong improvement in non-GAAP operating margins of 90 basis points, as well as share buybacks and the benefits of our foreign exchange hedging program.

非公認會計準則每股收益為 1.03 美元，處於我們預期範圍的高位，成長 5%。這反映了非公認會計準則營業利潤率 90 個基點的強勁增長，以及股票回購和外匯對沖計劃帶來的好處。

In my remarks today, I'd like to revisit some of the themes from our presentation at the JPMorgan conference last month. In that discussion, we reflected back on Hologic's strong financial performance since 2014. Our main point, however, was not about the past. It was that we believe we can continue to grow revenue and earnings at similar rates in the future.

在今天的演講中，我想重溫一下上個月摩根大通會議上我們演講中的一些主題。在那次討論中，我們回顧了 Hologic 自 2014 年以來強勁的財務表現。然而，我們的重點並不是過去。我們相信未來我們的收入和收益能夠繼續以類似的速度成長。

Why do we believe that? Because of our market leading products and the strong organizational capabilities we have steadily built around them. To be more specific, from 2014 through 2024, Hologic grew revenue from about $2.5 billion to more than $4 billion. This represented a compound annual growth rate of 4.8%, including all our acquisitions and divestitures along the way.

我們為什麼相信這一點？由於我們擁有市場領先的產品和圍繞這些產品穩步建立的強大組織能力。更具體地說，從 2014 年到 2024 年，Hologic 的營收從約 25 億美元成長到 40 多億美元。這意味著複合年增長率為 4.8%，其中包括我們這一路的所有收購和資產剝離。

Over the same period, non-GAAP earnings per share increased from $1.46 to $4.08 representing a CAGR of 10.8%, more than double the rate of sales growth. At JPMorgan, our primary message was that we believe we can continue to grow earnings at a double-digit rate into the future.

同期，非 GAAP 每股收益從 1.46 美元增至 4.08 美元，複合年增長率為 10.8%，是銷售額增長率的兩倍多。在摩根大通，我們的主要訊息是我們相信未來我們的獲利能夠繼續以兩位數的速度成長。

While some years, like this one may be below this level, we are confident in our future and still believe this is an appropriate long-term goal.

儘管有些年份（例如今年）可能低於這個水平，但我們對未來充滿信心，並且仍然相信這是一個合適的長期目標。

The financial algorithm that will get us there includes a continuation of mid single-digit growth on the topline, modest expansion of our already best-in-class operating margin, and a healthy mix of acquisitions and share buybacks to increase both our revenue and EPS growth rates.

幫助我們實現這一目標的財務演算法包括繼續保持中等個位數的營收成長、適度擴大我們已經一流的營業利潤率，以及進行健康的收購和股票回購組合，以提高我們的收入和每股收益的成長率。

The foundation for this expected performance, of course, lies in our market leading brands, which generate a tremendous amount of reliable cash flow.

當然，這項預期業績的基礎在於我們的市場領導品牌，它們產生了大量可靠的現金流。

From Panther, Aptima, and ThinPrep in diagnostics to Genius in breast health, to MyoSure and NovaSure in surgical, we enjoy leading market shares that have proven durable over time. Much of our growth comes from building around these brands and using the cash they generate to drive future innovation.

從診斷領域的 Panther、Aptima 和 ThinPrep 到乳房保健領域的 Genius，再到外科手術領域的 MyoSure 和 NovaSure，我們佔據著領先的市場份額，並且這些份額隨著時間的推移已被證明是持久的。我們的大部分成長來自於圍繞這些品牌的建設，以及利用它們產生的現金來推動未來的創新。

For example, we now have more than 20 assays on our Panther and Panther Fusion platforms. We have built a reliable service business in breast health that is now larger than our capital sales, which can be more volatile. And we are adding products to our surgical division, both organically and inorganically to leverage our excellent sales channel.

例如，我們現在在 Panther 和 Panther Fusion 平台上進行了超過 20 次檢測。我們在乳房健康領域建立了可靠的服務業務，目前規模已超過我們的資本銷售額，而資本銷售額的波動性可能更大。我們正在透過有機和無機的方式向外科部門添加產品，以利用我們優秀的銷售管道。

Best in class products don't just happen. Instead, they are the result of several organizational capabilities that we have very deliberately built and nurtured over time. And these capabilities give us confidence in our ability to hit our financial targets in the future. For example, our 7,000 employees around the world are motivated by a passion for women's health.

一流的產品不是憑空而來的。相反，它們是我們隨著時間的推移精心建構和培育的多種組織能力的結果。這些能力使我們對未來實現財務目標充滿信心。例如，我們遍佈全球的 7,000 名員工都對女性健康有熱情。

They have demonstrated an ability to create and expand markets for the benefit of patients and customers and to redefine clinical standards of care. Examples include transitioning traditional Pap testing to liquid Pap. And now adding digital capabilities to catch more cancers and improve workflow.

他們已展現出為患者和顧客謀福利、創造和拓展市場以及重新定義臨床護理標準的能力。例子包括將傳統的巴氏抹片檢查轉變為液體巴氏抹片檢查。現在又增加了數位化功能，以發現更多癌症並改善工作流程。

And more recently we have partnered with our customers to literally create a market for high throughput vaginitis testing, which has fueled our second largest molecular diagnostics test on the Panther system. Many of these successes originated in the United States, but we have now built the capabilities to grow internationally on a consistent basis.

最近，我們與客戶合作，真正創造了一個高通量陰道炎檢測市場，這推動了我們在 Panther 系統上進行第二大分子診斷測試。許多成功都源自於美國，但我們現在已經具備了在國際上持續發展的能力。

We continue to go direct in more geographies and businesses, most recently in our surgical division, while strengthening our market access capabilities around the globe. Similarly, we have learned from past mistakes and improved our business development capabilities. We have strengthened our talent and processes for conducting due diligence on new targets, cultivating relationships with them and integrating acquired assets more effectively.

我們繼續在更多地區和業務領域開展直接業務，最近又在外科部門開展直接業務，同時加強我們在全球的市場准入能力。同樣，我們也從過去的錯誤中汲取了教訓，並提高了我們的業務發展能力。我們加強了對新目標進行盡職調查、與他們培養關係以及更有效地整合收購資產的人才和流程。

This internal maturation has been reflected in the solid performance of some of our more recent acquisitions. For example, Biotheranostics, Endomagnetics, and Gynesonics should all boost our revenue growth rate.

這種內部的成熟已經反映在我們最近的一些收購的穩健表現中。例如，生物治療學、內磁學和婦科醫學都應該能提高我們的收入成長率。

These organizational capabilities give us confidence in the future, especially our ability to be a consistent double-digit earnings compounder and deliver value to shareholders reliably over time.

這些組織能力使我們對未來充滿信心，特別是我們能夠持續保持兩位數的獲利複合成長，並隨著時間的推移為股東帶來可靠的價值。

Now, I will turn the call over to Essex.

現在，我將把電話轉給埃塞克斯。

Thank you, Steve, and good afternoon everyone. In my remarks today, I will first review our divisional revenue performance in the first quarter. Then I'll provide a little color on Gynesonics, a tuck-in acquisition we recently closed in our surgical business that we are excited about.

謝謝你，史蒂夫，大家下午好。在今天的發言中，我將首先回顧我們第一季各部門的營收表現。然後我將簡單介紹 Gynesonics，這是我們最近在外科手術業務中完成的一項收購，我們對此感到非常興奮。

As Steve said, we met our revenue guidance on a constant currency basis in the first quarter, growing 1%. At the highest level, we outperformed in diagnostics but lagged in breast health. Surgical and skeletal were roughly in line with our expectations.

正如史蒂夫所說，以固定匯率計算，我們第一季的營收達到了預期，成長了 1%。在最高水準上，我們在診斷方面表現出色，但在乳房健康方面卻落後。外科和骨骼大致符合我們的預期。

Our diagnostics business continues to be one of the best performing diversified assets in the space, in Q1 was another strong quarter. Revenue of $470.6 million grew 5.2% and 9.1% organically excluding COVID. Growth for the division continues to be led by molecular diagnostics, which grew 6.7% or 11% excluding COVID.

我們的診斷業務繼續成為該領域表現最好的多元化資產之一，第一季又是一個強勁的季度。營收為 4.706 億美元，成長 5.2%，若不計 COVID 因素，則有機成長 9.1%。該部門的成長仍然由分子診斷主導，成長了 6.7%，若不包括 COVID，則成長了 11%。

Within molecular, our Biotheranostics lab testing business continued to grow at a healthy double-digit rate and our BV CV/TV also had another outstanding quarter of strong double-digit growth. We believe we are only in the middle innings of realizing the total opportunity for this test.

在分子領域，我們的生物治療實驗室測試業務繼續以健康的兩位數速度成長，我們的 BV CV/TV 也再次實現了強勁的兩位數成長。我們相信，我們才剛開始認識到這次測試的整體機會。

For example, we have just begun using our physicians sales force to expand the vaginitis testing market in the US, leveraging the same playbook we have used to grow our legacy women's health test. Our core women's health assays that run on our automated Panther platform also had a strong performance in the quarter.

例如，我們剛開始利用我們的醫生銷售團隊來擴大美國的陰道炎檢測市場，利用我們用於擴大傳統女性健康測試的相同策略。我們在自動化 Panther 平台上運行的核心女性健康檢測在本季也表現強勁。

We often get investor questions about competition diagnostics. So I want to be clear that these assays have held leading market positions for some time, and our sales force continues to win new business and grow that share despite an always competitive environment.

我們經常收到投資者關於競爭診斷的問題。因此我想明確指出的是，這些檢測方法已經在市場上佔據領先地位一段時間了，儘管競爭環境始終存在，我們的銷售團隊仍在繼續贏得新業務並擴大市場份額。

Although, respiratory testing is a relatively small piece of our business, it is seasonal and can vary significantly based on flu prevalence. This quarter, the respiratory season started slowly but worsened in late December. As a result, non-COVID respiratory sales finished close to our expectations for the quarter.

雖然呼吸道檢測在我們的業務中只佔相對較小的一部分，但它具有季節性，並且會根據流感流行情況而產生很大差異。本季度，呼吸道疾病流行季節開始緩慢，但在 12 月下旬惡化。因此，本季非 COVID 呼吸道產品的銷售額接近我們的預期。

These respiratory tests as well as many of the other assays we have in development, run on our Panther Fusion sidecar. For our customers, having a Panther Fusion is the key to unlocking our full menu. We have been pleased to see our sales force grow the attachment rate of the Panther Fusion in recent quarters. Nearly 40% of our US customers now have a Fusion system.

這些呼吸測試以及我們正在開發的許多其他檢測都在我們的 Panther Fusion 邊車上運行。對於我們的顧客來說，Panther Fusion 是解鎖我們完整菜單的關鍵。我們很高興看到我們的銷售團隊在最近幾季提高了 Panther Fusion 的附著率。我們近 40% 的美國客戶現在擁有 Fusion 系統。

In our cytology and perinatal business within diagnostics, we saw higher than average growth of 4.7% for the quarter. As a reminder, sales in the prior year quarter were slightly depressed, resulting in an easier comp for the current period.

在我們的診斷領域的細胞學和圍產期業務中，本季的成長率高於平均水平，為 4.7%。提醒一下，去年同期的銷售略有下降，導致本期的銷售額比較容易比較。

Moving to breast health. Total first quarter revenue of $369.1 million was disappointing. Sales declined 2.1% or 5.8% organically when excluding SSI and Edomagnetics. The decline versus prior year was primarily driven by lower sales of capital equipment.

關注乳房健康。第一季總收入 3.691 億美元令人失望。若不包括 SSI 和 Edomagnetics，銷售額則下降 2.1% 或有機下降 5.8%。與前一年相比，下降主要是由於資本設備銷售額下降。

However, we continue to see strong growth in service revenue, which tends to be more steady than gantry sales, reflecting our long-term strategy to diversify revenue in this business, service accountant for more than 40% of sales in Q1.

然而，我們繼續看到服務收入的強勁成長，而且往往比龍門架銷售更穩定，這反映了我們在該業務中實現收入多元化的長期策略，服務收入在第一季度佔銷售額的 40% 以上。

As we've analyzed the breast health market recently, we have concluded that 2025 will be a softer year for gantry placements than we initially expected. This is for a few reasons. As we recovered from the chip shortage, we saw multiple quarters of sustained double-digit growth in mammography sales.

根據我們最近對乳房健康市場的分析，我們得出的結論是，2025 年的乳房機架安置情況將比我們最初的預期更為疲軟。這是出於幾個原因。隨著我們從晶片短缺中恢復過來，我們看到乳房X光檢查銷售額連續多個季度保持兩位數成長。

This clouded our picture of what a normal gantry market would look like entering 2025 and has made for tough comps. Now that we have upgraded most 2D units in the United States to our 3D standard of care, our challenge is to drive 3D-to-3D conversions.

這使我們對 2025 年正常龍門架市場的前景難以預測，並且使得比較變得艱難。現在我們已經將美國的大多數 2D 單位升級到 3D 護理標準，我們面臨的挑戰是推動 3D 到 3D 的轉換。

In this context, we are seeing customers lengthen their replacement cycles, especially those who are considering our new Envision platform which we expect to launch commercially next year. On the bright side, our competitive position remains strong. And we have received very positive feedback on Envision since we introduced it at RSNA which gives us long-term confidence.

在這種背景下，我們看到客戶延長了更換週期，尤其是那些正在考慮我們預計明年商業推出的新 Envision 平台的客戶。從好的方面來看，我們的競爭地位依然強勁。自從我們在 RSNA 上推出 Envision 以來，我們收到了非常正面的回饋，這給了我們長期的信心。

Customers are excited about the system's better image quality, patient experience and workflow. Outside of the United States, we are also seeing pressure on capital investments as many private and government hospital customers struggle with local budgetary constraints.

客戶對該系統更好的影像品質、患者體驗和工作流程感到非常興奮。在美國以外，我們也看到資本投資面臨的壓力，因為許多私人和政府醫院客戶都面臨當地預算限制的困擾。

Turning to our interventional breast business, we are pleased with the integration and performance of Endomagnetics, which we acquired in the fourth quarter of fiscal 2024 and is well positioned for a strong year. We are excited about Endomag's innovative on-market products, but also its R&D capabilities which will provide opportunities to further broaden our interventional breast portfolio.

談到我們的介入性乳房業務，我們對 Endomagnetics 的整合和表現感到滿意，我們在 2024 財年第四季度收購了該公司，並為今年的強勁表現做好了準備。我們對 Endomag 的創新上市產品感到非常興奮，而且它的研發能力也將為進一步拓寬我們的介入性乳房產品組合提供機會。

In surgical, first quarter revenue of $166.3 million increased 2.5%. Q1 was another strong quarter for our international surgical business with growth of nearly 20%. In the US, results were in line with our expectations considering the temporary headwind of the IV fluid shortage that we discussed on our Q4 earnings call.

在外科手術方面，第一季營收 1.663 億美元，成長 2.5%。第一季我們的國際外科業務又表現強勁，成長近 20%。在美國，考慮到我們在第四季度財報電話會議上討論的靜脈注射液短缺的暫時不利因素，業績符合我們的預期。

Most of our customers saw their IV fluid constraints resolved as we exited the quarter. So we do not expect this to have a significant impact going forward. Finally, in our skeletal business, first quarter revenue of $15.8 million decreased 37.4%. As shipping for some of our Horizon DXA units resumed later in the quarter than originally anticipated. We expect the manufacturing of these units to progressively ramp up to full capacity before returning to normal in the third quarter.

當我們退出本季時，大多數客戶的靜脈輸液障礙都得到了解決。因此我們預計這不會對未來產生重大影響。最後，在我們的骨骼業務中，第一季的收入為 1580 萬美元，下降了 37.4%。由於我們部分 Horizo​​n DXA 設備的出貨在本季度恢復的時間比最初預期的要晚。我們預計這些設備的生產將逐步提升至滿載，然後在第三季恢復正常。

Before I hand the call over to Karleen, I wanted to highlight the Gynesonics acquisition that we completed in January. We're excited to introduce their Sonata system into our surgical portfolio. Sonata is a minimally invasive radio frequency ablation tool used to treat uterine fibroids that are less accessible by MyoSure or Acessa.

在我將電話交給卡琳之前，我想強調我們在一月份完成的 Gynesonics 收購。我們很高興將他們的 Sonata 系統引入我們的外科手術產品組合。Sonata 是一種微創射頻消融工具，用於治療 MyoSure 或 Acessa 難以治療的子宮肌瘤。

So it's highly complimentary to our current portfolio and fits nicely into our sales bags of the largest commercial channel we have. Gynesonics had about $28 million of revenue in its most recent fiscal year, including a healthy mix of international sales. We expect sales to grow at a healthy double-digit rate in the hands of our large GYN sales force.

因此，它對我們目前的產品組合高度補充，並且非常適合我們最大的商業通路的銷售包。Gynesonics 最近一個財年的收入約為 2800 萬美元，其中包括大量的國際銷售。我們預計，在我們龐大的婦科銷售團隊的幫助下，銷售額將以健康的兩位數成長。

Gynesonics' gross margin is solid, although plan investments will make the acquisition slightly dilutive to non-GAAP EPS this year. As Steve mentioned, strengthening our business development capabilities has been a key focus for the organization in recent years. In each division and at the corporate level, we now have teams in place that bring a deep understanding of the respective in the market and significant experience and diligence and integration.

儘管計劃投資將使此次收購對今年的非 GAAP 每股收益略有攤薄，但 Gynesonics 的毛利率仍然穩健。正如史蒂夫所提到的，加強我們的業務發展能力一直是我們近年來關注的重點。現在，我們在各個部門和公司層面都擁有對各自市場有深刻理解、具有豐富經驗、勤奮和整合能力的團隊。

The success of recent deals like Biotheranostics, Endomagnetics, and our good start with Gynesonics give us confidence in our ability to identify and integrate future deals. As we've said many times, accessing high growth adjacent markets through successful M&A will be key to our growth strategy moving forward.

最近Biotheranostics、Endomagnetics等交易的成功以及與Gynesonics的良好開端使我們對自己識別和整合未來交易的能力充滿信心。正如我們多次所說的，透過成功的併購進入高成長鄰近市場將是我們未來成長策略的關鍵。

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

說完這些，我就把電話交給卡琳。

Thank you, Essex and good afternoon, everyone. In my comments today, I will stop by walking through the rest of our non-GAAP income statement, then touch on several key financial metrics and finish with our guidance for fiscal Q2 and the full year.

謝謝你，埃塞克斯，大家下午好。在今天的評論中，我將首先介紹我們非 GAAP 損益表的其餘部分，然後談到幾個關鍵的財務指標，最後給出我們對第二財季和全年的指導。

Let me begin by saying we are pleased to grow non-GAAP earnings per share by 5% this quarter when revenue only grew 1%. Although, we clearly want revenue to grow faster and we believe it will, this demonstrates the substantial operating leverage we can generate and gives us confidence that we can grow earnings at a double-digit rate over time.

首先我要說的是，我們很高興看到本季在營收僅成長 1% 的情況下，非 GAAP 每股盈餘成長了 5%。雖然我們明確希望收入成長更快，而且我們也相信它會實現，但這證明了我們可以產生巨大的經營槓桿，並讓我們有信心隨著時間的推移，我們的收益可以以兩位數的速度增長。

So how did we do that in the first quarter? To start, non-GAAP gross margin of 61.6% increased 80 basis points. This margin expansion was primarily the result of favorable product mix and operating efficiencies.

那我們在第一季是如何做到的呢？首先，非公認會計準則毛利率為 61.6%，增加了 80 個基點。利潤率的擴大主要得益於良好的產品結構和營運效率。

Moving down the P&L, first quarter operating expenses of $329 million increased approximately 0.5%. As a reminder, Q1 usually represents our highest level of operating expense for the year due to several large commercial initiative. Despite this, the year-over-year increase was driven by the addition of Endomagnetics. Excluding Endomag, operating expenses would have decreased 2.3%.

從損益表來看，第一季的營運費用為 3.29 億美元，成長了約 0.5%。提醒一下，由於幾項大型商業計劃，第一季通常代表我們全年最高的營運費用水準。儘管如此，同比增長是由於 Endomagnetics 的加入。若不包括 Endomag，營業費用將下降 2.3%。

First quarter operating margin finished at 29.4%, representing an increase of 90 basis points. This operating margin expansion came primarily from drop through of a higher gross margin and good expense control. As Steve said, leveraging the P&L to drive modest margin expansion from already best in class levels and strong EPS growth remained the key focus.

第一季營業利益率為29.4%，成長90個基點。營業利潤率的擴大主要得益於更高的毛利率和良好的費用控制。正如史蒂夫所說，利用損益表推動利潤率在已經處於最佳水平的基礎上適度擴大，以及強勁的每股收益成長仍然是關注的重點。

Below operating income, other income net was a loss in our fiscal first quarter by slightly more than $4 million. This result was better than expected due to the benefit of our foreign exchange hedging program. As a reminder, this hedging program seeks to minimize the negative or positive bottom-line impact of currency fluctuations.

在營業收入之下，我們第一財季的其他收入淨額虧損略高於 400 萬美元。這結果好於預期，得益於我們的外匯對沖計畫。需要提醒的是，該對沖計劃旨在盡量減少貨幣波動對底線的正面或負面影響。

Finally, our tax rate in Q1 was 19.5% as expected. Altogether, net margin for the quarter was 23.4%, approximately flat to the prior year and very strong relative to our diagnostics and medtech peers. Because we have tremendous confidence in our long-term future, we continue to bet on ourselves and use our balance sheet to enhance a shareholder value.

最後，我們第一季的稅率為19.5%，符合預期。總體而言，本季的淨利潤率為 23.4%，與去年基本持平，相對於我們的診斷和醫療技術同行而言非常強勁。由於我們對自己的長期未來充滿信心，我們將繼續押注自己並利用我們的資產負債表來提高股東價值。

In the first quarter, we repurchased 6.8 million shares for a total of $517 million. Including the completion of the $250 million ASR announced on our Q4 earnings call. As a result, we brought our weighted average diluted share count down to 232 million, a decrease of 8 million shares compared to the prior year. All this led to non-GAAP earnings per share of $1.03 which we were pleased to deliver at the high end of our guidance range.

第一季度，我們回購了 680 萬股，總額為 5.17 億美元。包括我們在第四季財報電話會議上宣布的 2.5 億美元 ASR 的完成。因此，我們將加權平均稀釋股數降至 2.32 億股，比上年減少 800 萬股。所有這些使得非公認會計準則每股收益達到 1.03 美元，我們很高興能夠達到預期範圍的高限。

With strong operating cash flow of $189 million in the first quarter and $2 billion in cash and investments on our balance sheet at the end of the quarter, we are well positioned to continue to execute our capital deployment strategy to drive both top and bottom-line growth.

第一季度，我們的營運現金流強勁，達到 1.89 億美元；季度末，我們的資產負債表上現金和投資達到 20 億美元，這讓我們有能力繼續執行資本配置策略，推動營收和利潤的成長。

Now let's move on to our updated non-GAAP financial guidance for the full fiscal year and for the second quarter. I'd like to start by acknowledging the dramatic shift in the geopolitical and macro environment since we first provided guidance in early November.

現在讓我們來看看我們更新的整個財年和第二季的非 GAAP 財務指引。首先，我想承認自我們 11 月初首次提供指導以來，地緣政治和宏觀環境發生了巨大變化。

As everyone knows, we are seeing an immediate impact from the new administration in the US, both in terms of policy changes and a strengthening US dollar. Entering the new calendar year, we also have greater visibility on our end market landscape for 2025. Combining these pieces together, we're using this opportunity to reset our financial expectations for the year.

眾所周知，我們正看到美國新政府帶來的直接影響，包括政策變革和美元走強。進入新的日曆年，我們對 2025 年的終端市場格局也有了更清楚的認識。綜合考慮這些因素，我們將利用這個機會重新設定今年的財務預期。

For the full year we are lowering our revenue guidance range by $100 million, [to $4.05 billion to $4.10 billion]. But we are maintaining our non-GAAP EPS guidance of $4.25 to $4.35. Our diagnostics and surgical businesses are performing well, and we are adding roughly $25 million of Gynesonics revenue to our reported results.

我們將全年營收預期範圍調降 1 億美元，[至 40.5 億美元至 41 億美元]。但我們維持非公認會計準則每股收益 4.25 美元至 4.35 美元的預期。我們的診斷和外科業務表現良好，我們報告的結果中增加了約 2500 萬美元的 Gynesonics 收入。

However, these positive developments are being offset by three factors. First, like everyone else, we have experienced a significant strengthening of the US dollar since early November. We now expect FX to represent a headwind of $30 million for the full year. This represents a swing of more than $60 million from our original expectations, which we are baking into our reduced guidance today.

然而，這些積極發展卻被三個因素所抵銷。首先，和所有人一樣，自11月初以來，我們經歷了美元的大幅走強。我們現在預計外匯將為全年帶來 3000 萬美元的逆風。這比我們最初的預期高出 6,000 多萬美元，我們已將其計入今天下調的指導價中。

Second, we are expecting lower sales of our breast health capital equipment for the year. As Essex detailed, we didn't have a clear picture of the gantry market, which led to two aggressive forecasts for 2025. Especially considering that, our next generation gantry is still a ways off.

其次，我們預期今年乳房保健資本設備的銷售將會下降。正如艾塞克斯所詳述的那樣，我們對龍門架市場並沒有清晰的了解，這導致對 2025 年做出了兩個激進的預測。尤其是考慮到，我們的下一代龍門架仍然還有一段距離。

Third, two potential policy changes in the new US administration are introducing uncertainty in our business. First, the freeze on foreign aid has affected our main partner for HIV testing in developing countries.The President's Emergency Plan for AIDS Relief, or PEPFAR. Although, PETFAR has been granted an exemption based on the lifesaving work they do, activities on the ground have still been disrupted. This disruption could affect our revenue by as much as $30 million for the balance of our fiscal year.

第三，美國新政府的兩項潛在政策變革為我們的業務帶來了不確定性。首先，對外援助凍結影響了我們在發展中國家進行愛滋病毒檢測的主要合作夥伴—總統愛滋病緊急救援計畫（PEPFAR）。儘管 PETFAR 因其從事的拯救生命的工作而獲得了豁免，但當地活動仍然受到了乾擾。這次中斷可能會影響我們本財政年度剩餘時間高達 3,000 萬美元的收入。

Second, contract manufacturers in Mexico make our skeletal and Gynesonics products. So we could be subject to tariffs that lower our gross margins as we import them into the United States. Although these are relatively small pieces of our businesses and the tariffs could have -- the tariffs have been delayed for now, we believe it is appropriate to risk adjust our forecast for the potential impact.

其次，墨西哥的合約製造商生產我們的骨骼和婦科產品。因此，當我們將這些產品進口到美國時，我們可能會受到關稅的影響，從而降低我們的毛利。雖然這些只是我們業務中相對較小的一部分，而且關稅可能已經——目前關稅已經被推遲，但我們認為，根據潛在影響調整我們的預測是適當的。

Despite these headwinds, we are maintaining our full year EPS guidance of $4.25 to $4.35. The strong financial discipline and capabilities we've established as an organization are enabling us to mitigate the bottom line impact of these issues.

儘管有這些不利因素，我們仍維持全年每股收益 4.25 美元至 4.35 美元的預期。我們作為一個組織建立的強有力的財務紀律和能力使我們能夠減輕這些問題對底線的影響。

For the second quarter, we are expecting total revenues in the range of $995 million to $1.005 billion, including a $10 million FX headwind and non-GAAP EPS in the range of $1 to $1.03.

對於第二季度，我們預計總營收將在 9.95 億美元至 10.05 億美元之間，包括 1,000 萬美元的外匯不利影響，非 GAAP 每股收益將在 1 美元至 1.03 美元之間。

Now, let me provide some additional details that underpin our guidance. In terms of quarterly pacing, we expect our revenue growth rate to improve in the third quarter and further in Q4. So we should exit the year above our long-term mid single-digit target on quarterly basis.

現在，讓我提供一些支持我們指導的額外細節。就季度節奏而言，我們預計我們的收入成長率將在第三季度提高，並在第四季度進一步提高。因此，我們今年的季度業績應該會高於我們長期的中個位數目標。

In terms of the divisions, we expect diagnostics to grow mid-single digits for the year, excluding the impact of declining COVID-19 sales. We continue to forecast that growth will be driven by strength in our molecular women's health assays in Biotheranostics lab testing.

就各部門而言，除去 COVID-19 銷售下滑的影響，我們預計今年診斷業務的銷售額將實現中等個位數成長。我們繼續預測，成長將受到生物治療實驗室測試中分子女性健康檢測實力的推動。

For COVID revenue, we expect assay sales to be about $9 million in the second quarter and approximately $35 million for the full year. COVID-related items are expected to be about $25 million in the second quarter and approximately $100 million for the year.

對於 COVID 收入，我們預計第二季檢測銷售額約為 900 萬美元，全年約為 3,500 萬美元。預計第二季與 COVID 相關項目的支出約為 2,500 萬美元，全年支出約為 1 億美元。

Finally, in diagnostics, we expect blood screening revenue of about $5 million in Q2 and about $20 million for the full year. As both COVID-related sales and blood screening revenue are backed out of our organic growth calculations.

最後，在診斷方面，我們預計第二季血液篩檢收入約為 500 萬美元，全年約為 2,000 萬美元。由於 COVID 相關銷售額和血液篩檢收入均不計入我們的有機成長計算。

Within breast health, as mentioned, we are lowering our expectations for the full year based on softer capital equipment sales. We now expect the business to decline in the low single-digits for the full year, including Endomagnetics. We do, however, expect revenue growth to build in the second half with good year over year growth in Q4 as we exit our fiscal year.

正如上文提到的那樣，在乳房健康領域，由於資本設備銷售疲軟，我們下調了全年預期。我們現在預計，包括 Endomagnetics 在內的全年業務將出現個位數低位下滑。然而，我們確實預計，在我們結束財政年度時，下半年收入將會成長，並且第四季度的收入將比去年同期成長良好。

Lastly, in surgical, we expect high single-digit growth for the year with the inclusion of Gynesonics in our results for the three quarters. In our core surgical business, we expect growth to be powered by international with contributions in the US from MyoSure and Fluent.

最後，在外科手術方面，隨著 Gynesonics 被納入我們三個季度的業績中，我們預計今年將實現高個位數成長。在我們的核心外科業務中，我們預計成長將由國際推動，其中包括美國的 MyoSure 和 Fluent 的貢獻。

Moving to the rest of the P&L, we expect gross margin in the low-60s for the full year. We anticipate gross margins to step up in the second half with higher sales, the elimination of redundant manufacturing facilities and then breast health, and direct sales and Endomagnetics.

至於損益表的其餘部分，我們預計全年毛利率將在 60% 出頭。我們預計，隨著銷售額的提高、冗餘生產設施的淘汰以及乳房健康、直銷和 Endomagnetics 業務的發展，下半年毛利率將會上升。

For operating margin, we're expecting to be in the low-30s for the full year, with steady margin expansion as we move through the year. Below operating income, we estimate other income net to be an expense of $10 million to $15 million in Q2 and an expense between $40 million and $45 million for the full fiscal year.

就營業利潤率而言，我們預計全年利潤率將在 30% 出頭，並且隨著全年的發展，利潤率將穩步擴大。在營業收入之下，我們估計第二季的其他淨收入為 1,000 萬至 1,500 萬美元，全年支出為 4,000 萬至 4,500 萬美元。

Our effective tax rate of approximately 19.5% for the full year remains unchanged from our prior guidance. To reflect the share repurchase activity we completed in Q1, diluted shares outstanding are expected to be approximately $230 million for the full year.

我們全年約 19.5% 的有效稅率與我們先前的預期保持不變。為了反映我們在第一季完成的股票回購活動，預計全年稀釋流通股數約為 2.3 億美元。

To conclude, our financial discipline and strength have us in a position to meet our EPS commitments even in a year where we're seeing pressures on the topline. We believe these pressures are largely transitory in nature, and we expect topline growth to be healthy as we exit the year.

總而言之，即使在營收面臨壓力的一年裡，我們的財務紀律和實力也使我們有能力履行每股收益承諾。我們認為這些壓力在很大程度上是暫時的，我們預計今年結束時營收成長將會健康。

We feel great about the long-term outlook for each of our divisions driven by our ability to retain and grow our market leading positions while continue to add new growth drivers through internal innovation and business development.

我們對每個部門的長期前景都充滿信心，這得益於我們保持和發展市場領先地位的能力，同時透過內部創新和業務發展繼續增加新的成長動力。

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

因此，我們請接線員打開電話並回答問題。

(Operator Instruction) Patrick Donnelly, Citi.

(操作員指令) 花旗銀行的 Patrick Donnelly。

Hey, guys. Thank you for taking the questions. Steve, maybe starting on the gantry side, not surprisingly, you've obviously lived through a lot of different CapEx cycles on the hospital side, maybe just take us through what you're seeing there.

嘿，大家好。感謝您回答這些問題。史蒂夫，也許從機架方面開始，毫不奇怪，你顯然經歷了醫院方面的許多不同的資本支出週期，也許只是帶我們了解一下你在那裡看到的情況。

How much of it is, again, maybe a little bit of a pause before the product launch. Just the right way to think about that piece, is that number came down a little bit? Just want to talk through that.

再次，在產品發布之前可能會有一點停頓。正確的思考方式是，這個數字是否下降了一點？只是想討論一下這件事。

Yeah. Patrick. Great one. Let me try to put it in the context. I think where we really frankly missed the boat a little bit was when we had three quarters in a row of 27%-plus breast health growth, growth in the late '23 and in the early '24 period.

是的。派崔克。太棒了。讓我嘗試將其放在上下文中。我認為我們確實錯過了一點機會，因為我們連續三個季度的乳房健康成長率都超過 27%，這發生在 23 年末和 24 年初。

That was really a bolus that made the market bigger during that time period than what the long-term trend is. It's a little bit like even surgical had a couple of great quarters coming out of COVID and breast health had the same thing coming out of chips.

這其實是一股強心劑，使得那段時期內的市場規模超過了長期趨勢。這有點像外科手術在新冠疫情爆發後經歷了幾個很好的季度，而乳房保健在晶片爆發後也經歷了同樣的情況。

So we had that year, '23, we grew at 17%-plus for the full year, grew another 6% on top of that last year. And I think instead of really going back and looking at the longer-term trend of the market, we were just building on top of that. So the long-term trend of the market is clearly below what it was in 2023.

所以，在 23 年，我們全年的成長率超過了 17%，去年又成長了 6%。我認為，我們並沒有真正回顧並審視市場的長期趨勢，而只是在此基礎上進行建構。因此，市場的長期趨勢明顯低於 2023 年的水準。

Now, I think what we're seeing this particular year is the total market, therefore, is probably going to be down a little bit just as we saw in some of the other businesses kind of post COVID, we'll see the same for chips combined with the fact that we've got a new gantry on deck.

現在，我認為我們在今年看到的是整個市場可能會有所下降，就像我們在 COVID 之後的一些其他業務中看到的那樣，晶片也會出現同樣的情況，再加上我們在甲板上安裝了新的龍門架。

So I think the positive as we look at it is probably going to be a down market this year for the overall market globally. But we've got something on the horizon that I think will both reaccelerate the market in '26 as well as re accelerate our business.

因此我認為，從正面的方面來看，今年全球整體市場可能會出現下滑。但我們已經看到了一些跡象，我認為這不僅會重新加速26年的市場，也會重新加速我們的業務。

So that hopefully frames it in some good context. I think it's more cyclical clearly and you know that we've got a long track record of being able to call out either cyclical or structural issues usually with pretty good accuracy. So I think this one is very clearly a little cyclical.

希望這能在一些好的背景下形成。我認為它顯然更具週期性，而且你知道，我們長期以來一直能夠相當準確地指出週期性或結構性問題。所以我認為這顯然帶有一點週期性。

Okay. That's helpful. And then maybe one on the diagnostic side, helpful to have some more color in the script there on just what you're seeing on the competitive side. We get some questions there clearly, you do as well. Any changes there, whether it's BV/CV/TV or other parts of the portfolio that the competitive landscape has changed at all.

好的。這很有幫助。然後也許在診斷方面，有助於在腳本中提供更多有關您在競爭方面所看到的內容的顏色。我們顯然有一些疑問，您也是。那裡有任何變化嗎？

And then just curious when you think about the growth outlook there, the key things in the pipeline, we should be focusing on that could supplement the growth as we move forward here. Thanks.

然後我很好奇，當您想到那裡的成長前景時，我們應該專注於正在醞釀的關鍵事項，以便在我們前進的過程中補充成長。謝謝。

Good job, Patrick, working several questions into your one follow up. So kudos to you. So high level, I can't tell you how excited we are about our diagnostics business. And what we said when we went in COVID by placing all the Panthers around the world. And even as we saw the ups and downs, as (inaudible) Delta, everything else was hitting, we just systematically got stronger in terms of our Panther placements and then rolling out the menu of particularly BV/CV, where we've rolled out a new assay and then we've created the market and we're still, as Essex mentioned, we're still in the mid-innings at most as it relates to the BV/CV opportunity.

幹得好，帕特里克，在你的一次後續採訪中提出了幾個問題。我向你表示敬意。水平如此之高，我無法告訴你我們對我們的診斷業務有多興奮。當我們在 COVID 疫情期間將所有黑豹派往世界各地時，我們表達了同樣的看法。即使我們看到了起起落落，例如（聽不清楚）達美航空，其他一切都在受到衝擊，我們只是系統地加強了我們的 Panther 佈局，然後推出了特別是 BV/CV 的菜單，我們推出了一項新的檢測方法，然後我們創造了市場，而且我們仍然像 Essex 提到的那樣，在 BV/CV 機會方面還處於中期。

And I think when you look at our molecular business, then you add in Biotheranostics. I don't think I've ever been more excited about where this diagnostics business is going, particularly in a world where there's a lot of noise as you well know in the diagnostic space right now.

我認為，當你審視我們的分子業務時，你就會加入生物治療學。我認為我從未像現在這樣對診斷業務的發展感到興奮，特別是在目前診斷領域存在許多噪音的情況下。

And the way we try to look at it is that core molecular lab channel, are we winning or losing? And we feel really good about our position as we build out from there. And then we still got the international opportunities on top of it all and still a lot of growth in Biotheranostics as well.

我們嘗試從核心分子實驗室管道來觀察這個問題，我們是成功了還是失敗了？隨著我們繼續向前發展，我們對自己的地位感到非常滿意。除此之外，我們仍然擁有國際機遇，在生物治療診斷領域仍有很大成長。

Yeah. I would just add on to that as far as -- but I'll call our special sauce in our molecular diagnostics that physician sales force where we really partner with our lab customers to promote guidelines. And I think as we said in our prepared remarks, we're just starting now with BV/CV. So that's what gives us confidence that there's still runway for growth for that newer assay.

是的。我只想補充一點——但我會把我們的分子診斷的特別之處稱為醫生銷售隊伍，我們真正與實驗室客戶合作來推廣指導方針。我認為，正如我們在準備好的演講中所說的那樣，我們現在才剛開始 BV/CV。所以，這讓我們有信心，這項新的檢測方法仍然具有成長空間。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Thanks and welcome back, Mike. Nice to hear your voice. Maybe a high level one, just for the long term -- medium-term financial outlook. I mean Steve and or Essex. When you think about that mid single-digit sort of profile, I think -- and we look at the last time that range was out there was 5% to 7%, and we're trending here, obviously, in the low single digits right now.

謝謝，歡迎回來，麥克。很高興聽到你的聲音。也許是高層次的，只是為了長期－中期的財務前景。我指的是史蒂夫或艾塞克斯。當您考慮中等個位數的情況時，我認為——我們查看上次該範圍時，它是 5% 到 7%，而我們現在的趨勢顯然是處於低個位數。

We're in a low point of a cyclical gantry cycle here. What sort of gets you back to 5% to 7%? How long do you think that will take? What amount of that will come organically versus inorganically? And then quickly, just on the second one, diagnostics. Late last year, you had H5N1 bird flu development CBC. It sounds like that actually could be an assay this year. Is that something we should expect? Thanks again.

我們正處於週期性龍門循環的低點。什麼方法可以讓你回到 5% 到 7% 呢？您認為這需要多長時間？其中有機增加的數量和無機增加的數量各是多少？然後很快進入第二個問題，診斷。去年年底，你們發現了 H5N1 禽流感發展 CBC。聽起來這其實可以成為今年的試驗。這是我們該期待的事嗎？再次感謝。

Great, Anthony. Yeah, I think the highest level -- I laugh a little bit in that as you recall, we put out the 5% to 7% for a three-year window, the '23, '24, '25 window. In our very first year, we probably delivered about 17% organic in that year and everybody was challenging us to raise that number.

太好了，安東尼。是的，我認為最高水準——我有點笑了，正如你記得的，我們在三年的窗口期內，即'23、'24、'25 年窗口期內，推出了 5% 到 7% 的利率。在我們的第一年，我們大概實現了 17% 的有機成長，每個人都在挑戰我們提高這個數字。

And effectively, what we're really saying is we're mid single digits, and this year, frankly, just for a few quarters, we think we're below it, not for the full year to be below that. But just as it was way above, we said we weren't that good. We're also not as bad in a cyclical period where we're recovering from the -- frankly, a lot of those big comps.

實際上，我們真正要說的是，我們的成長率處於個位數的中間水平，坦白說，今年，我們認為只有幾個季度的成長率低於這個水平，但全年的成長率不會低於這個水平。但正當我們說我們不夠好時，我們卻說我們不夠好。在周期性復甦期間，我們的情況還不算太糟——坦白說，很多大型公司的情況也是如此。

So what gives us excitement going forward really is each franchise, right? The surgical business keeps strengthening and the addition of Gynesonics, the international expansion there is looking great. Our diagnostics business, as we've said, is great. By the way, we'd love to view that H1N1 is going to be anything. I probably put this one in my world, kind of like the Zika virus.

那麼，真正讓我們對未來感到興奮的是每個系列，對嗎？外科手術業務不斷加強，隨著 Gynesonics 的加入，其國際擴張前景看好。正如我們所說，我們的診斷業務非常棒。順便說一句，我們很想知道 H1N1 會是什麼樣子。我可能把它放在我的世界中，有點像寨卡病毒。

We're always there for the government and for the CDC to be one of the quickest to develop any of these. And even as we did in COVID right at the beginning, we didn't know it would amount to anything. Obviously, that would have amounted to something very big.

我們始終支持政府和疾病預防控制中心，希望它們能成為最快開發這些技術的機構之一。就像我們在疫情伊始所做的那樣，我們並不知道它會造成什麼後果。顯然，這將會是一件大事。

I wouldn't assume a lot for H1N1, if that came, that would be upside to our business. And then the breast health business, as we continue to build out the disposable side of the business, the interventional side with things like Endomagnetics. And then as the new gantry kicks in next year, I think that gets us back very solidly into our longer-term consistent trajectory in that mid-single range of topline growth.

我不會對 H1N1 病毒造成太大的預期，但如果真的發生了，那將對我們的業務有利。然後是乳房保健業務，我們將繼續拓展業務的一次性方面，以及諸如內磁療法之類的介入方面。然後，隨著新龍門架明年投入使用，我認為這將使我們回到長期穩定的中單範圍營收成長軌跡。

Doug Schenkel, Wolfe Research.

道格‧申克爾（Doug Schenkel），沃爾夫研究公司。

Hey, good afternoon, everybody. And thank you for taking my questions. Two, that I'd like to touch on. One is it's just a little bit unclear to me how much of the change in your assumption that you've embedded into guidance for breast health as a function of market conditions versus a reassessment of the impact of market stalling in advance of the new gantry launch.

嘿，大家下午好。感謝您回答我的問題。我想談第二點。一是我只是不太清楚，您在製定乳房健康指導時所做出的假設變化有多少是市場條件的作用，還是在新的龍門架推出之前對市場停滯影響的重新評估。

If it's more stalling, that might lead to a big acceleration in revenue growth down the line. If it's the market, that's something else. So could you just provide a little more color there?

如果進一步停滯，可能會導致未來收入成長大幅加速。如果是市場的話，那就另當別論了。那麼您能提供更多一些顏色嗎？

And then the second topic is really M&A in your prepared remarks, you talked about the importance of M&A is part of the long-term strategy. Can you just provide any updated thoughts on one, the environment given the new administration and two, what parameters you're using and assessing potential targets, revenue growth margins, accretion, ROIC? Thank you.

然後第二個主題實際上是併購，在您準備好的發言中，您談到了併購的重要性，它是長期策略的一部分。您能否提供一些最新的想法，一是新政府的環境，二是您使用哪些參數來評估潛在目標、收入成長幅度、增值、投資報酬率？謝謝。

Great. I'll start with the breast comments here. So I do think we tried to outline that it is a blend of both market conditions and given our high market share, our new launch slowing the market down. But if you had to wait, I would say market conditions are the bigger impact.

偉大的。我先從這裡的乳房評論開始。因此，我確實認為，我們試圖概括出這是兩種市場條件的混合，並且考慮到我們的高市場份額，我們的新產品推出減緩了市場發展。但如果你必須等待，我想說市場狀況的影響會更大。

And so, that does give us confidence about our future moving forward and do expect this business to accelerate as we exit the year moving forward. The big thing I would say is that if you think about coming out of the chip shortage with a significant amount of pinned up demand, we got through a ton of that. I would say over the '23 and '24 time period.

因此，這確實讓我們對未來的發展充滿信心，並且預計隨著今年的到來，這項業務將會加速發展。我想說的是，如果你想要擺脫晶片短缺，而又有大量的積壓需求，那麼我們已經解決了其中的大部分問題。我想說是在 23 年和 24 年期間。

In addition to that, as we've seen other areas of acceleration, those were driven by large innovation, advances, primarily driven by us. So when you saw going from the 2D to the 3D market, that was a huge catalyst, not only in a technological advance, but also with regards to reimbursement and a number of factors that helped physicians and caregivers.

除此之外，正如我們所看到的其他加速領域，這些都是由大型創新和進步所推動的，主要是由我們推動的。因此，當您看到從 2D 市場轉向 3D 市場時，這是一個巨大的催化劑，不僅在技術進步方面，而且在報銷以及幫助醫生和護理人員的許多因素方面也是如此。

So as we look at a technological event coming up here, I would say from us early in '26, we do believe that it has an impact but largely I think the chip shortage rebound is playing a bigger impact on the slower year this year with the breast business. So I still would say it's both. But if I had to lien one way or another, I would tell you that it's a bigger impact on the market.

因此，當我們回顧即將發生的技術事件時，我想說，從 26 年初開始，我們確實相信它會產生影響，但總體而言，我認為晶片短缺的反彈對今年乳腺業務增長較慢的一年產生了更大的影響。因此我仍然認為兩者兼而有之。但如果我必須做出某種選擇，我會告訴你，這對市場的影響更大。

And I'll probably start with the M&A and then kick it to Karleen. And I would say our capital allocation strategy is M&A first and obviously anything we can do to help the bottom line if needed. We have the luxury of being able to do both.

我可能會先處理併購事宜，然後再交給卡琳。我想說的是，我們的資本配置策略首先是併購，如果需要，我們顯然可以做任何事情來幫助提高獲利水準。我們有幸同時做到這兩點。

I think if you look at our most recent acquisitions of Endomagnetics and Gynesonics, that's right in the wheelhouse of what we would like to continue to do. Nice size, on market products that we can grow at a topline at a creative rate to our core growth rate is exactly the place we'd like to be.

我想，如果你看看我們最近對 Endomagnetics 和 Gynesonics 的收購，你會發現這正是我們想要繼續做的事情。規模合適，市場上的產品能夠以創造性的速度成長，而我們的核心成長率正是我們想要達到的水平。

Yeah. And just to build off of that, when we look at financial metrics, it clearly starts with the revenue. We were looking at assets that are accreted to the growth rate. We're looking at things that hopefully have a gross margin that is at the corporate average or maybe accreted.

是的。基於此，當我們查看財務指標時，顯然首先要考慮的是收入。我們正在關注隨著成長率而增值的資產。我們正在尋找那些毛利率能夠達到企業平均或可能成長的產品。

And like we've seen with the Gynesonics, sometimes they're going to be dilutive on the bottom line, but I think we've got the flexibility to manage that. And then I think over the longer term we look for a double digit ROIC within a reasonable time frame in terms of return on that investment. And I think if you look at both Endomagnetics and Gynesonics, they played nicely within that framework.

就像我們在 Gynesonics 中看到的那樣，有時它們會稀釋利潤，但我認為我們可以靈活地管理這一點。然後我認為從長遠來看，我們會尋求在合理的時間範圍內實現兩位數的投資回報率。我認為，如果您同時觀察內磁學和婦科醫學，它們在該框架內發揮著良好的作用。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

Hi, guys. Thanks for taking my question, Steve. A couple of guidance related questions here. One in breast. I think breast health, the guidance here is the organic for the segment assuming down mid singles as I thought I heard you say the year on year declines includes the acquisitions. So I guess the organic implied is down med singles. Is that right? And I guess looking at Q1, why wouldn't trends improve from Q1?

嗨，大家好。感謝您回答我的問題，史蒂夫。這裡有幾個與指導相關的問題。一個在胸部。我認為乳房健康方面的指導是該部門的有機增長，假設中期單打下降，正如我聽到您說的，同比下降包括收購。所以我猜有機暗示是醫療單打下降。是嗎？我想看看第一季度，為什麼趨勢不會從第一季開始改善？

Yeah. So you are right that the organic would be closer to a mid digit decline year-over-year. And I think as we think about sequentially Q1 to Q2, you are looking at a similar performance, Q1 to Q2 in terms of absolute dollars. I think we're looking for improvement into Q3 and into Q4, and I think we specifically said Q4 would have a nice growth rate as we exited the year.

是的。因此，您說得對，有機收入年減幅度將更接近中等數字。我認為，當我們連續思考第一季與第二季時，您會看到第一季與第二季在絕對美元金額方面呈現類似的表現。我認為我們期待第三季和第四季的情況有所改善，而且我認為我們明確表示，在年底時，第四季將實現良好的成長率。

Understood. And Karleen, maybe a follow-up on a similar question on the surgical franchise. I think the high singles includes Gynesonics, excluding the acquisition I think it points to low singles growth. I guess Q1 was impacted by flu shortage, right? Shouldn't that go in numbers if GYN was up low singles, shouldn't that be mid- to high singles in the back half?

明白了。卡琳，也許是關於外科手術特許經營的類似問題的後續問題。我認為高單曲包括 Gynesonics，但不包括收購，我認為這表明單曲增長較低。我猜第一季是受到流感短缺的影響，對嗎？如果 GYN 是低單打，那不應該以數字來表示嗎？

So what I would say is as we did see the impact of the IV fluid shortage in Q1 result as we exit the quarter. As we think about Q2, think about Q2 as always a step back from Q1, given the reset of deductibles and then we'll have improving growth rates in the back half of the year and certainly as we add Gynesonics into that equation. But I think we've provided the guidance on with Gynesonics for what we expect for growth.

所以我想說的是，當我們結束本季時，我們確實看到了靜脈注射液短缺對第一季業績的影響。當我們考慮第二季度時，考慮到免賠額的重新設定，我們認為第二季度總是比第一季退後一步，然後我們將在下半年提高成長率，當然當我們將 Gynesonics 添加到這個等式中時。但我認為我們已經為 Gynesonics 提供了有關我們預期成長的指導。

Tycho Peterson, Jefferies.

傑富瑞 (Jefferies) 的 Tycho Peterson。

Hey, good afternoon. Steve, so just curious given your exposure across the portfolio to screening, breast diagnostic, skeletal, just thoughts on us [USTF], given the Braidwood case what should we be thinking about here? What have you kind of factored in as you think about the guidance for the year?

嘿，下午好。史蒂夫，我很好奇，鑑於你在篩檢、乳房診斷、骨骼等方面的經驗，只是對我們 [USTF] 的想法，鑑於 Braidwood 案例，我們應該在這裡考慮什麼？當您考慮今年的指導時，您考慮了哪些因素？

Yeah. We don't expect a big impact from that. At the end of the day, we feel really good about the products that we're providing are meaningful for both patients and frankly ones that insurers will want to continue to take care of. So I think of all the stuff we have going on we're not worried about that and feel very good about where we'll be.

是的。我們預計這不會產生很大影響。總而言之，我們對所提供的產品感到非常滿意，這些產品對患者來說都很有意義，而且坦白說，保險公司也願意繼續關注這些產品。因此，我認為，考慮到我們正在進行的所有事情，我們並不擔心這一點，並且對我們的處境感到非常滿意。

All right. And then follow up on Panther utilization. I guess, how should we be thinking about utilization growth in the next, call it, five years. Can you kind of double utilization while holding the install base flat and what should we be thinking about for the next leg of growth beyond STIs which have been putting up great growth. But how do we think about kind of further menu expansion?

好的。然後跟進 Panther 的利用情況。我想，我們應該如何考慮未來五年的使用率成長。你能否在保持安裝基數不變的情況下將利用率提高一倍，除了已經實現巨大增長的 STI 之外，我們還應該考慮下一輪增長。但是我們如何考慮進一步擴展菜單呢？

Yeah. I think that the part that we feel great about both for Panthers is whether it would double on the existing base that might be a little aggressive, but there's significant opportunity without needing to place them, which is a capital replacement.

是的。我認為，我們對 Panthers 感到滿意的部分是，它是否會在現有基礎上翻倍，這可能有點激進，但在不需要放置它們的情況下也有很大的機會，這是一種資本替代。

And similarly, frankly, our capacity to manufacture because of all the expansions we did during COVID, our need for CapEx and things like that are very low. So on the margin, the ability to expand as we bring more menu. And really that menu is going to largely be as we expand the Panther Fusion sidecar.

同樣，坦白說，由於我們在 COVID 期間進行的所有擴張，我們的製造能力、對資本支出等的需求都非常低。因此，從邊際上講，隨著我們推出更多菜單，我們的擴展能力也隨之擴大。實際上，隨著我們擴大 Panther Fusion 邊車的範圍，該菜單將變得越來越大。

And I think Fusion is not getting as much attention probably as it deserves because that's really opens up the dramatic opportunity for our PCR assays which are cheaper to produce or cheaper to bring the market faster and things like our GI and other things that will be coming down the road will be on that.

我認為 Fusion 可能沒有得到應有的關注，因為這確實為我們的 PCR 檢測開闢了巨大的機遇，使其生產成本更低，或更便宜，可以更快地將產品推向市場，而我們的 GI 等產品以及未來即​​將推出的其他產品都將依賴於此。

So the magic is we've got this incredible installed base that we really can't build on through both Fusion and the additional menu. So I think, we've got multiple, multiple years of opportunities ahead of us here.

神奇的是，我們已經擁有了這個令人難以置信的安裝基礎，而我們無法透過 Fusion 和附加選單來建立它。所以我認為，我們面前還有多年的機會。

Casey Woodring, JPMorgan.

摩根大通的凱西‧伍德林 (Casey Woodring)。

Great. Thank you for taking my questions. So on breast, can you break out performance in the quarter between US and international customers? You mentioned the international opportunity as a growth driver in the past.

偉大的。感謝您回答我的問題。那麼，就乳房而言，您能否對比一下美國和國際客戶本季的表現？您過去曾提到國際機會是成長動力。

But today, you kind of talked about some budget constraints from customers abroad. So wondering how much of an impact you're seeing from that dynamic and the visibility into that improving over the course of the year and I have one follow up.

但是今天，您談到了一些來自國外客戶的預算限制。所以想知道您從這種動態中看到了多大的影響，以及在一年的時間裡這種動態的可見性有多大改善，我有一個後續問題。

Yeah. Sure. So we look at the performance of the breast business, we had declined both in the US and international and both were in the mid single digits, probably a little higher decline internationally.

是的。當然。因此，我們看一下乳房業務的表現，我們在美國和國際上都出現了下滑，而且都是在個位數的中間水平，國際上的下滑幅度可能更高一些。

Yeah. I think it's the same issue of just much slower market right now.

是的。我認為，這與當前市場發展放緩的問題是一樣的。

Got it. Okay. That's helpful. And then at our conference, you mentioned that part of the reason you're launching the new gantry in 2026 instead of earlier is that you're consolidating manufacturing to one facility in breast. Just curious on timing there and the potential margin benefit once the consolidation is finished and the next gantry is launched and ramped. Thank you.

知道了。好的。這很有幫助。然後在我們的會議上，您提到，您之所以選擇在 2026 年而不是更早的時候推出新的龍門架，部分原因是您要將製造業務整合到位於乳房的一個工廠。只是好奇那裡的時間安排以及一旦合併完成並且下一個龍門架啟動和提升後的潛在利潤收益。謝謝。

Yeah. So I think we're on track with the facility with the consolidation. So expect that the facility will not be a hold up as we get into '26. I think in terms of margin while we will have benefit from consolidation of the facility and probably a little higher ASP on the new gantry, we do have actually higher costs if you think about one of the components of that new gantry is that the ability for the arm to move forward. So I wouldn't expect a dramatic change in the margin profile. I think they all kind of net out at the end of the day.

是的。所以我認為我們的整合工作進展順利。因此，預計當我們進入'26年時，該設施將不會成為阻礙。我認為，從利潤率來看，雖然我們將受益於設施的整合，而且新龍門架的平均售價可能會略高一些，但如果你考慮到新龍門架的一個組成部分，那就是手臂向前移動的能力，我們的成本實際上會更高。因此我預計利潤率不會發生劇烈變化。我認為到最後它們都會淨增。

Tejas Savant, Morgan Stanley.

摩根士丹利的 Tejas Savant。

Hey guys, good evening. Just a couple of clean ups on the gantry side of things, Steve. So I know you've talked about an upgrade pathway on existing gantry sales. Can you just provide some context and the degree to which that's unlocking some conversations for you or is it really not sort of making much of a dent pending the new gantry launch?

大家好，晚上好。只需對龍門架一側進行一些清理，史蒂夫。所以我知道您已經談論了現有龍門銷售的升級途徑。您能否提供一些背景信息，以及這在多大程度上為您開啟了一些對話，或者這是否真的不會對新龍門架的推出產生太大的影響？

And then given the leadership changes and compensation sort of adjustments that you've made on breast health performance, how should we think about the lessons to be learned here? I mean, obviously you talked about perhaps assuming a greater quantum of growth. But beyond that, operationally, are there any other lessons that you take away from the lowering of the growth forecast here on the gantry side of things?

那麼，考慮到您在乳房健康表現方面所做的領導層變動和薪酬調整，我們應該如何看待這裡需要吸取的教訓？我的意思是，顯然你談到了也許假設更大的成長量。但除此之外，從操作角度來看，從龍門架方面來看，您是否從下調成長預測中得到了其他教訓？

Yeah. I think the discussions for Envision, I think from our leading customers, there's a lot of excitement. So I think we feel great about -- we've been the innovators in this space. We've been the pioneers been on the leading edge, continue to feel very good about being in that continued position.

是的。我認為，對於 Envision 的討論，從我們的主要客戶來看，有很多令人興奮的事情。所以我認為我們感覺很棒——我們一直是該領域的創新者。我們一直是處於領先地位的先驅者，並且對能夠繼續保持這一地位感到非常高興。

I think we did -- we probably just got a little over eager about the market growth rates and didn't look back hard enough to realize what we actually had was a bullish in '23 and beginning of '24 as opposed to a long term trend. We were way above that long term trend, more gantries were placed in those quarters than our typical.

我想我們確實這麼做了——我們可能只是對市場成長率有點過於熱切，而沒有仔細回顧過去，沒有意識到我們在 23 年和 24 年初實際上處於看漲狀態，而不是長期趨勢。我們遠遠超出了長期趨勢，在這些地區安置的龍門架比我們通常的多。

And I think we had some questions, I remember Karleen actually challenging the team a little bit. I think we were just a little too optimistic in that division of thinking about it. You know what, I probably didn't go as deep as I should have in completely challenging the underlying assumption of the market growth rate.

我認為我們有一些疑問，我記得卡琳實際上對團隊提出了一點挑戰。我認為我們對此的看法有點過於樂觀了。你知道嗎，我可能沒有深入徹底挑戰市場成長率的基本假設。

So it's a quick lesson learned, a little bit of a misstep there and we're right back on track. And I will tell you feel really, really good about the new leadership that Essex has put into that business. A new division President, new head of sales and I think a deeper level of rigor analytics and fire than what we had probably coming out of the chip shortage.

所以，我們很快就學到了教訓，雖然有一點點失誤，但我們很快就回到了正軌。我要告訴你們，埃塞克斯為該業務注入的新領導力讓人感到非常非常高興。新的部門總裁、新的銷售主管，我認為，與晶片短缺時期相比，我們的分析和熱情可能更高。

That's helpful. And then maybe one for you, Karleen, just to clean up on the tariff side of things, appreciate the color on Mexico as it relates to Gynesonics and skeletal. But at a high level, given the shifting headlines from one day to the next, how much of cologix OUS revenue is made in the US and how much of US revenue is dependent on manufacturing overseas at the level at the portfolio level.

這很有幫助。然後也許還有一個給你，卡琳，只是為了清理關稅方面的事情，欣賞墨西哥與婦科和骨骼相關的色彩。但從高層次來看，考慮到每天的頭條新聞都在變化，cologix OUS 的收入中有多少是在美國創造的，又有多少美國收入在投資組合層面上依賴海外製造。

Obviously, you've talked about Canada and Mexico exposure as being pretty minimal. You don't sell much in China. So just any color at the portfolio level would be great.

顯然，您說過加拿大和墨西哥的風險敞口相當小。你們在中國賣得不多。因此，投資組合層面的任何顏色都可以。

Yeah. Sure. Our biggest exposure would be related to our manufacturing Costa Rica. We manufacture all of our surgical products except for Gynesonics in Costa Rica and substantially all of our disposable breast health products are in Costa Rica.

是的。當然。我們最大的投資機會與哥斯大黎加的製造業有關。除了婦科產品以外，我們的所有外科產品均在哥斯達黎加生產，而且我們幾乎所有的一次性乳房保健產品均在哥斯達黎加生產。

So if there was a tariff imposed there that would be the most significant challenge to us. I think the tariffs that have been talked about right now, Mexico is the one that would -- it was enacted would impact us but not terribly significantly. But we did want to call it out.

因此，如果那裡徵收關稅，這對我們來說將是最大的挑戰。我認為現在談論的關稅會對墨西哥產生影響——其實施將對我們產生影響，但影響不會非常大。但我們確實想將其說出來。

And overall, I think we're in a really good position in so many ways and that effectively all of our gantries and most of our molecular diagnostics are made in the United States. So we resisted a lot of those moves to go overseas through the years. And I think that's going to benefit us here well for the next few years at least.

總的來說，我認為我們在許多方面都處於非常有利的地位，而且實際上我們的所有機架和大多數分子診斷設備都是在美國製造的。因此這些年來我們抵制了許多走向海外的舉措。我認為至少在未來幾年這將為我們帶來好處。

Ryan Zimmerman. BTIG.

瑞安·齊默爾曼。BTIG。

Thanks for taking the questions. Two for me. One on breast and I know we've talked a lot about this evening. But as we think about 2026 when you do launch the new gantry, arguably that would carry a price increase with it and given where we're assuming kind of growth is today, are you suggesting or implied in that would be a declining unit? Just in terms of unit volume, which is offset by potential price increase. And just taken in the context of Essex comments that you're selling 3D to 3D now going forward.

感謝您回答這些問題。對我來說是兩個。一個是關於乳房，我知道我們今晚已經談了很多。但是，當我們想到 2026 年您將推出新的龍門架時，可以說這會帶來價格上漲，並考慮到我們假設今天的增長情況，您是否暗示或暗示這將是一個下降的單位？僅從單位數量來看，這可能會被潛在的價格上漲所抵消。並且僅從埃塞克斯的評論來看，您現在正在將 3D 出售給 3D。

Yeah. I think what you'll start to see in '26 is units will start to improve again as the new launch and we will have a combination of both units as well as additional price from a mix standpoint. So it's why we feel really good about where we're going to head.

是的。我認為您將在 26 年看到，隨著新產品的推出，單位數量將再次開始改善，並且從組合角度來看，我們將同時擁有兩種單位以及額外的價格。這就是為什麼我們對未來的方向感到十分樂觀。

We're not going to guide to '26 at this stage. But you know, it's very nice to be sitting where we're sitting and feeling like we've got line of sight that we know a couple of down quarters here and then we come roaring back.

目前我們不會指導‘26’。但你知道，坐在我們現在的位置上感覺很好，感覺我們已經看到了前景，我們知道這裡有幾個季度的下滑，然後我們就會轟轟烈烈地回來。

Okay. And then on Gynesonics, heard you guys call out -- I think I heard and correct me if I'm wrong, Karleen or Essex is $28 million in sales. You're guiding to $25 million incrementally for this year.

好的。然後在 Gynesonics 上，聽到你們喊道——我想我聽到了，如果我錯了請糾正我，Karleen 或 Essex 的銷售額是 2800 萬美元。您預計今年的增量資金將達到 2500 萬美元。

I just want to understand -- I think that was $28 million training 12 month basis. [$25 million] is that three quarters worth of sales or is there some disruption assumed there? I just want to be clear.

我只是想了解一下——我認為那是 12 個月 2800 萬美元的培訓費用。 [2500 萬美元] 這相當於四分之三的銷售額嗎？我只是想說清楚。

The he prepared remarks is $25 million for the balance of the year, which is the three quarters.

他準備的評論是今年餘額為 2500 萬美元，即三個季度。

Jack Meehan, Nephron Research.

傑克‧米漢（Jack Meehan），腎元研究室。

Thank you. Good afternoon. Karleen, I had a couple of guidance related questions for you. The first wouldp you talked about some of the policy uncertainty as it relates to the HIV testing. I just wanted to clarify, did you build in -- you talked about disruption up to $30 million of sales. Is that in the guidance? Or did you put in a risk-adjusted number in the guidance? Or just how did you handle that?

謝謝。午安.Karleen，我有幾個與指導相關的問題想問你。首先，您談到了與愛滋病毒檢測相關的一些政策不確定性。我只是想澄清一下，您是否談到了高達 3000 萬美元的銷售額受到干擾的問題。這是在指導中嗎？還是您在指導中輸入了風險調整後的數字？或者您是如何處理這個問題的？

It's substantially in the guidance. Even there has been a waiver there is clearly disruption in the ground. And so they could the supply chain significantly. So that's why we decided to include it.

它實質上是在指導之中。即使獲得了豁免，但當地的情況仍然明顯混亂。這樣他們就可以顯著改善供應鏈。這就是我們決定將其納入的原因。

Got it. And just to make sure I understand from a reporting perspective, this would show up in the molecular line for the virology testing? Or is it something else?

知道了。為了確保我從報告的角度理解，這會出現在病毒學測試的分子譜線中嗎？還是別的什麼？

Virology and molecular, yes, that's correct.

病毒學和分子學，是的，正確。

Got it. Okay. And then just was wondering if I heard the commentary around margin for the year, and it sounds like there's a little bit of a second half step-up. Just any color around where we should be landing 2Q for gross margins and op margins would be helpful. Thank you.

知道了。好的。然後我只是想知道我是否聽到了有關今年利潤率的評論，聽起來下半年利潤率會有所提高。只要能了解第二季毛利率和營業利益率的大致情況，就會很有幫助。謝謝。

Yeah. I would say op margins for Q2, you might have a little sequential improvement, but clearly, more improvement in the back half as we see improvement in revenue as well as we talked about Q1 and even Q2 to some extent are our largest operating expense quarters.

是的。我想說，第二季的營業利潤率可能會比上一季略有改善，但顯然，下半年會有更大的改善，因為我們看到收入也有所改善，正如我們談到的第一季甚至第二季在某種程度上是我們最大的營業支出季度。

Q1 is with some of our larger commercial meetings and then some of the variable comp structure is weighted to expense in the first two quarters versus the last two quarters.

Q1 與我們的一些大型商業會議有關，然後前兩個季度與後兩個季度相比，一些可變薪酬結構被加權到費用上。

Puneet Souda, Leerink Partners.

Puneet Souda，Leerink Partners。

Yeah. Hi, Steve. Thanks for taking the questions. If you don't mind, I want to go back to breast again. It appears to me, obviously, three issues here. There's the assessment of breast that you also had some changes in the incentive comp and sales reps, and then there's the market issue with the hospital CapEx. I mean, if I look at the sales side, can you elaborate a little bit on the incentive comp changes and the sales rep changes in the field?

是的。你好，史蒂夫。感謝您回答這些問題。如果你不介意的話我想再回到母乳哺育。在我看來，這裡顯然有三個問題。乳房的評估顯示，激勵補償和銷售代表也發生了一些變化，此外還存在醫院資本支出的市場問題。我的意思是，如果我看銷售方面，您能否詳細說明一下激勵補償變化和現場銷售代表的變化？

And then on the hospital side, if the CapEx pressures that are on today, if they were to get worse, how would it -- how can a hospital continue to purchase new equipment if they have to stress their dollars longer? Just thinking about the sort of the pressures that the hospitals are seeing? And then maybe potential pressures that could arise from those or other efforts focusing on the hospitals?

那麼從醫院方面來看，如果現在的資本支出壓力變得更大，那麼如果醫院必須更長時間地承受資金壓力，他們如何能夠繼續購買新設備？試想醫院面臨什麼樣的壓力？那麼，這些或其他針對醫院的努力是否可能帶來潛在的壓力？

Yeah. I think as we think about the hospital CapEx to come at that I think we still feel good, right? And again, I can always go back on the '08, '09 downturn where we saw the incredible pressures. Given where mammography sits which is a few hundred thousand dollars a unit and how critically important women's health and mammography screenings are for hospitals.

是的。我想，當我們考慮即將到來的醫院資本支出時，我們仍然感覺良好，對嗎？我總是可以回顧 2008 年和 2009 年的經濟衰退，當時我們看到了巨大的壓力。考慮到乳房X光檢查的費用為每台數十萬美元，以及女性健康和乳房X光檢查對醫院的重要性。

I think we feel really good that those markets are going to continue to be fine and be there. And then from -- it's back to overall standpoint, the market a little down. Our sales force evolution is one of these things. We go through it from time to time in each of our businesses, and we're shifting a little bit more to making sure we're really driving those gantry sales going forward.

我認為我們真的很高興這些市場將會繼續保持良好狀態。然後從整體角度來看，市場略有低迷。我們的銷售團隊的發展就是其中之一。我們在每項業務中都會不時經歷這個過程，並且我們會進行更多的調整以確保我們能真正推動這些龍門架銷售的發展。

I think we took our foot off -- our eye off the ball a little bit during chip shortage because candidly, we couldn't deliver. And so, now so getting back to that focus on delivering the gantries.

我認為我們在晶片短缺的時候放鬆了警惕，因為坦白說，我們無法實現目標。所以，現在我們重新把重點放在龍門架的交付上。

Operator, I think we have time for one more question.

接線員，我想我們還有時間再回答一個問題。

Andrew Cooper, Raymond James.

安德魯庫柏、雷蒙詹姆斯。

Hey, everybody. Thanks for the questions here. A lot to ask, but maybe just one on kind of the pace of Panther Fusion adoption. Is there any reason that 40% has a cap and can't get to [100%] down the road. How do you think about kind of the uptick there as exiting customers look to potentially layer in that additional menu? And what does it take from a new menu build-out perspective to maybe push some of those folks who haven't done it yet to start looking at Fusion?

嘿，大家好。感謝您提出的問題。有很多問題需要問，但也許只有一個問題與 Panther Fusion 的採用速度有關。為什麼 40% 有一個上限並且無法在將來達到 [100%]？您如何看待現有顧客希望在附加選單中添加更多菜色這一現象的出現？從新菜單建立角度來看，需要做些什麼才能促使那些還沒有這樣做的人開始關注 Fusion？

Yeah. I think we feel really good. Ultimately, it probably could get close to 100%. And it's just kind of a steady improvement as we just win customers one at a time. The molecular diagnostics business, I think some people don't always understand how much effort it takes to change over a customer from one assay to another.

是的。我覺得我們感覺非常好。最終，它可能接近 100%。隨著我們不斷贏得新客戶，這種進步正在穩步推進。對於分子診斷業務，我認為有些人並不總是了解將客戶從一種檢測方法轉換到另一種檢測方法需要付出多少努力。

And I think what we feel great about is as the lab techs are using Panthers, they just want to keep adding more. And then it's, okay, we'll add a Fusion, we'll qualify a new assay. And so, we keep bringing these things out. It's really kind of multiple years of growth ahead as opposed to any one-year massive step up. So I think that's what gives us the underlying confidence that it just grows over time. Thanks, Andrew.

我認為讓我們感到高興的是，實驗室技術人員正在使用 Panthers，他們只是想繼續添加更多。然後，好的，我們將添加 Fusion，我們將驗證新的分析。因此，我們不斷推出這些產品。這實際上意味著未來數年的成長，而不是一年的大規模成長。所以我認為這讓我們有信心它會隨著時間的推移而增長。謝謝，安德魯。

Perfect. And if I can sneak one more in just on the margins. Just want to make sure I understand the guide. If we go past quarter, it was near 30% in 1Q, climbing 50 to 100 basis points. The language was just a little different this quarter in terms of that low-30s for the year and getting better each quarter.

完美的。如果我可以在邊緣再偷偷地放一個的話。只是想確保我理解了該指南。如果我們回顧一下季度，第一季的成長率接近 30%，攀升了 50 到 100 個基點。本季的語言略有不同，全年均低於 30%，每季都在進步。

Is the exit rate fairly similar? How do we think kind of the landing spot as we move through the course of the year knowing that the slightly lower revenue is certainly a drag on top of maybe some dilution from the M&A?

退出率是否相當相似？我們知道，隨著時間推移，收入略有下降肯定會對併購帶來的稀釋造成拖累，那麼我們如何看待這一年的著陸點？

Yeah. We'll certainly exit the year at a higher operating margin than where we're at here in Q1 and Q2. But I would just caution that that's really -- you're jumping off point for '26. Again, we have some seasonality to our operating expenses as well as highest operating expenses in Q1 and actually typically lowest revenue in Q2. So we will see that improvement that would not be a jumping off point for '26.

是的。我們今年的營業利潤率肯定會比第一季和第二季更高。但我要提醒的是，這其實是 — — 你是從 26 年起步的。同樣，我們的營運費用具有一定的季節性，第一季的營運費用最高，而第二季的收入通常最低。因此，我們將看到這種改進，但這不會成為 26 年的起點。

Yeah. I think as a reminder, we always do see our operating margin improves over the course of the year, as Karleen said, because of the way our expenses flow. And then too often, I think people look at the fourth quarter rate as a launching off point. We think about it as each quarter year-over-year. So first quarter relative to last first quarter.

是的。我想提醒一下，正如卡琳所說，由於我們的費用流動方式，我們總是看到我們的營業利潤率在一年內不斷提高。我認為人們常常將第四季的利率視為一個起點。我們認為每個季度都是同比變化的。因此第一季相對於去年第一季而言。

If you look we just had 80 basis points of gross margin improvement in the current quarter, 90 points of op margin improvement in Q1. We just keep thinking about those rates as opposed to -- and then ultimately, averaging it over the course of the year, but feeling that we'll post better margins this year than last year, and they were already pretty good last year. So thank you.

如果你看一下，我們本季的毛利率提高了 80 個基點，第一季的營業利潤率提高了 90 個基點。我們只是一直在考慮這些利率，而不是——然後最終在一年內取平均值，但我們感覺今年的利潤率將比去年更好，而且去年的利潤率已經相當不錯了。所以謝謝你。

This concludes our question-and-answer session. We will now conclude today's conference call. Thank you for your participation. You may now disconnect and have a great day.

我們的問答環節到此結束。我們現在將結束今天的電話會議。感謝您的參與。現在您可以斷開連接並享受美好的一天。