Integra Lifesciences Holdings Corp (IART) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Integra LifeSciences Fourth Quarter 2020 Financial Results. (Operator Instructions) Please be advised, today's conference is being recorded.

美好的一天，感謝您的支持。歡迎閱讀 Integra LifeSciences 2020 年第四季財務表現。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Chris Ward, Senior Director of Investor Relations. Please go ahead.

我現在想把會議交給今天的發言人克里斯沃德（Chris Ward），他是投資者關係高級總監。請繼續。

Good morning, and thank you for joining the Integra LifeSciences Fourth Quarter 2023 Earnings Conference Call. Joining me on the call this morning are Jan De Witte, President and Chief Executive Officer; Lea Knight, Chief Financial Officer; Mathieu Aussermeier, Senior Vice President of Corporate Finance, Investor Relations and Treasurer.

早安，感謝您參加 Integra LifeSciences 2023 年第四季財報電話會議。今天早上與我一起參加電話會議的還有總裁兼執行長 Jan De Witte；莉奈特，財務長； Mathieu Aussermeier，公司財務、投資者關係資深副總裁兼財務長。

This morning, we issued a press release announcing our fourth quarter 2023 financial results. The release and corresponding earnings presentation, which we will reference during the call, are available at integralife.com under Investors, Events and Presentations, in a file named Fourth Quarter 2023 Earnings Call Presentation.

今天上午，我們發布新聞稿，宣布 2023 年第四季財務業績。我們將在電話會議期間參考的新聞稿和相應的收益演示文稿可在Integratedife.com上的“投資者、活動和演示文稿”下的名為“2023年第四季度收益電話會議演示文稿”的文件中找到。

Before we begin, I want to remind you that many of the statements made during this call may be considered forward-looking. Factors that could cause actual results to differ materially are discussed in the company's Exchange Act reports filed with the SEC and in the release.

在我們開始之前，我想提醒您，本次電話會議中所做的許多陳述可能被視為前瞻性的。本公司向 SEC 提交的交易法報告和新聞稿中討論了可能導致實際結果出現重大差異的因素。

Also in our prepared remarks, we will reference reporting an organic revenue growth and organic revenue growth, excluding Boston. For 2023 results, organic revenue growth excludes the effects of foreign currency, acquisitions, divestitures and discontinued products.

此外，在我們準備好的演講中，我們將參考報告有機收入成長和有機收入成長（不包括波士頓）。對於 2023 年業績，有機收入成長不包括外匯、收購、資產剝離和停產產品的影響。

For 2024 guidance and reporting, organic revenue growth will no longer exclude discontinued products. Organic revenue growth, excluding Boston excludes the revenues from products manufactured in our Boston facility in both periods.

對於 2024 年指導和報告，有機收入成長將不再排除停產產品。有機收入成長（不包括波士頓）不包括我們波士頓工廠在這兩個時期生產的產品的收入。

Management believes that excluding revenue from all products manufactured at the Boston plant provides useful information when evaluating the company's organic growth because of the unusual nature of the manufacturing stoppage and voluntary global recall. Unless otherwise stated, all disaggregated and franchise-level growth rates are based on organic performance.

管理層認為，由於生產停頓和全球自願召回的不尋常性質，在評估公司的有機增長時，排除波士頓工廠生產的所有產品的收入可以提供有用的信息。除非另有說明，所有分類和特許經營等級的成長率均基於有機績效。

Lastly, our comments today will include certain non-GAAP financial measures. Reconciliations of the non-GAAP financial measures can be found in today's press release, which is an exhibit to Integra's current report on Form 8-K filed with the SEC.

最後，我們今天的評論將包括某些非公認會計準則財務指標。非 GAAP 財務指標的調整可以在今天的新聞稿中找到，該新聞稿是 Integra 目前向 SEC 提交的 8-K 表格報告的展示。

And with that, I will now turn the call over to Jan.

現在，我將把電話轉給簡。

Thank you, Chris, and good morning, everyone. Before we dive into our financial results, I first want to acknowledge the commitment of our teams working to strengthen our operational capabilities, while capitalizing on the growth of our markets and building out our strategic potential.

謝謝你，克里斯，大家早安。在我們深入了解我們的財務表現之前，我首先要感謝我們的團隊致力於加強我們的營運能力，同時利用我們市場的成長並發揮我們的策略潛力。

Total sales for the fourth quarter were $397 million, representing a year-over-year organic decline of 1.2%, or growth of 3.6% if we exclude the Boston products. Our fourth quarter adjusted earnings per share were $0.89. Both results were within our guidance at the low end of the range. For the full year, sales were $1.54 billion, flat on an organic basis and up 5.5%, excluding Boston, with full year adjusted EPS of $3.10 per share, and Lea will take us deeper into these financials in a few minutes.

第四季總銷售額為 3.97 億美元，年比有機下降 1.2%，若排除波士頓產品則成長 3.6%。我們在第四季度調整後每股收益為 0.89 美元。這兩個結果都在我們指導範圍的低端範圍內。全年銷售額為 15.4 億美元，有機基礎上持平，增長 5.5%（不包括波士頓），全年調整後每股收益為 3.10 美元，Lea 將在幾分鐘內帶我們更深入地了解這些財務數據。

So let's turn to Slide #4 to cover an update on Boston and our strategic highlights for the year. Although the Boston recall weighed on our financial results for the year, we're pleased with the significant and steady progress we have made towards bringing the Boston portfolio back on the market by mid- to late second quarter. We restarted the factory in November. And in January, we successfully completed an initial external review following the factory restart, the dress rehearsal we referred to in earlier calls.

因此，讓我們轉向第四張幻燈片，介紹波士頓的最新情況以及我們今年的戰略亮點。儘管波士頓召回事件影響了我們今年的財務業績，但我們對在第二季度中後期將波士頓投資組合重新推向市場方面取得的重大而穩定的進展感到高興。我們於 11 月重新啟動了工廠。一月份，我們在工廠重啟後成功完成了初步外部審查，即我們在先前的電話中提到的彩排。

We're now preparing for the external audit, which will take place in March. Successful audit will allow us to start building finished goods inventory to resume distribution mid- to late second quarter.

我們現在正在準備將於三月進行的外部審計。成功的審核將使我們能夠開始建立成品庫存，以便在第二季度中後期恢復分銷。

When we look at the broader performance of our business, excluding Boston, we are encouraged by our results and resilience of our markets and the strength of our broad portfolio.

當我們審視我們業務的更廣泛表現（不包括波士頓）時，我們對我們的業績、市場的彈性以及我們廣泛的投資組合的實力感到鼓舞。

Full year growth in Codman Specialty Surgical and Tissue Technologies was approximately 5% and 7%, respectively, in line with our growth expectations. We have made, and we continue to make considerable progress in our strategic initiatives. Our commitment to long-term growth has guided our actions, including the successful global relaunch of CereLink, with the 510(k) clearance in the U.S. earlier this month.

Codman Specialty Surgical 和 Tissue Technologies 的全年成長分別約為 5% 和 7%，符合我們的成長預期。我們已經並將繼續在我們的策略舉措方面取得重大進展。我們對長期成長的承諾指導著我們的行動，包括成功在全球重新推出 CereLink，並於本月初在美國獲得 510(k) 許可。

We have completed the successful integration of SIA into our Tissue Technology division and advanced our implant-based breast reconstruction PMA strategy for both SurgiMend, our collagen-based mesh; and DuraSorb, our resorbable synthetic mesh.

我們已經成功地將 SIA 整合到我們的組織技術部門，並推進了基於植入物的乳房重建 PMA 策略，包括 SurgiMend（基於膠原蛋白的網片）；和 DuraSorb，我們的可吸收合成網。

Outside the U.S., we expanded our international portfolio and footprint and strengthened our commercial execution focus, fueling double-digit growth in our international business in 2023.

在美國以外，我們擴大了國際投資組合和足跡，並加強了我們的商業執行重點，推動我們的國際業務在 2023 年實現兩位數成長。

In parallel, our in-China-for-China strategy is taking shape with the ongoing build-out of our late-stage assembly capabilities in China. We also signed a definitive agreement to acquire the Acclarent ENT business, which we expect to close by the second quarter. With this acquisition, we are adding an adjacent, highly complementary and growth accretive platform to our neurosurgery segment.

同時，隨著我們在中國的後期組裝能力的持續建設，我們的「在中國為中國」的戰略正在形成。我們還簽署了收購 Acclarent 耳鼻喉科業務的最終協議，預計將在第二季完成。透過此次收購，我們為我們的神經外科領域增加了一個相鄰的、高度互補和成長增值的平台。

In addition to the advances in our portfolio and markets, we returned value to shareholders with $270 million of share repurchases.

除了投資組合和市場的進步之外，我們還透過 2.7 億美元的股票回購為股東回報了價值。

We remain focused on our drive for operational excellence and resiliency and exited 2023 better positioned for the future. We have fortified our quality management system across our manufacturing network and continue to invest in our operations, infrastructure and process capabilities in order to create a more robust supply chain. This work will also remain in 2024 focus.

我們仍然專注於追求卓越營運和彈性，並在 2023 年結束時為未來做好了更好的準備。我們在整個製造網路中強化了品質管理體系，並繼續投資於我們的營運、基礎設施和流程能力，以創建更強大的供應鏈。這項工作也仍將是2024年的重點。

So with this intro, let me now turn the call over to Lea to provide additional detail on our financial results and guidance for 2024.

因此，透過這個介紹，現在讓我將電話轉給 Lea，提供有關我們 2024 年財務業績和指導的更多詳細資訊。

Thanks, Jan. We'll move on to our full year financial results, starting with Slide 5. Two primary themes characterize our financial results for 2023. First, we have seen a full recovery in our markets and growth in line with our mid-single-digit growth expectation. There is strong demand for our broad and diverse portfolio of products, with several parts of our business growing by double digits, and we continue to make investments that will deliver value to shareholders. The second theme was the impact of the Boston recall, which drove significant operational challenges in 2023.

謝謝，Jan。我們將從幻燈片 5 開始討論全年財務業績。我們 2023 年的財務業績有兩個主要主題。首先，我們看到市場全面復甦，增長與我們的中期業績一致。個位數增長預期。人們對我們廣泛而多樣化的產品組合有著強勁的需求，我們的多個業務部門以兩位數的速度成長，我們將繼續進行將為股東帶來價值的投資。第二個主題是波士頓召回事件的影響，這給 2023 年的營運帶來了重大挑戰。

Our full year revenues were $1.542 billion, down approximately 1% on a reported basis, with organic growth flat for the year and within our guidance range communicated in October. The Boston recall represented an approximate $67 million headwind to our reported revenues. Excluding Boston, organic growth across the remainder of our business was approximately 5.5%, demonstrating the continued robustness of our diverse portfolio and the markets that we serve.

我們的全年營收為 15.42 億美元，按報告計算下降約 1%，全年有機成長持平，且在 10 月公佈的指導範圍內。波士頓召回事件對我們報告的收入造成了約 6700 萬美元的不利影響。除了波士頓外，我們其餘業務的有機成長約為 5.5%，這證明我們多樣化的投資組合和我們服務的市場的持續穩健性。

We delivered double-digit growth across many product lines in our portfolio. In CSS, we saw double-digit growth in CUSA Clarity disposables, Certas Programmable Valves, DuraGen, Mayfield Capital, BactiSeal, CerebroFlo EVD catheters and ICP microsensors. Our specialty surgical instruments saw double-digit growth in our Jarit and MicroFrance ENT products. In Tissue Technologies, we delivered double-digit growth in DuraSorb, Gentrix and MediHoney.

我們的產品組合中的許多產品線都實現了兩位數的成長。在 CSS 領域，我們看到 CUSA Clarity 一次性用品、Certas 可編程閥、DuraGen、Mayfield Capital、BactiSeal、CerebroFlo EVD 導管和 ICP 微感測器實現了兩位數成長。我們的特殊手術器械 Jarit 和 MicroFrance 耳鼻喉科產品實現了兩位數成長。在組織技術領域，我們的 DuraSorb、Gentrix 和 MediHoney 實現了兩位數的成長。

Our adjusted EPS for the year was $3.10, down 7.7% versus 2022 and within the guidance range communicated in October. The Boston recall negatively impacted full year adjusted EPS by approximately $0.42, including the impact of spending reductions we implemented during the year.

我們今年調整後的每股收益為 3.10 美元，比 2022 年下降 7.7%，處於 10 月傳達的指導範圍內。波士頓召回對全年調整後每股收益產生約 0.42 美元的負面影響，其中包括我們年內實施的支出削減的影響。

Looking at the middle of the P&L, our gross margins were 66.1% for the year, down 110 basis points versus 2022. The Boston recall impacted gross margins by approximately 150 basis points due to roughly $20 million in product returns, unfavorable mix from the lost revenue and remediation costs.

從損益表中間來看，我們今年的毛利率為66.1%，比2022 年下降了110 個基點。波士頓召回影響了毛利率約150 個基點，原因是約2000 萬美元的產品退貨以及損失造成的不利組合收入和修復成本。

To realize our gross margin improvement potential, we are stepping up resources to assess opportunities within our significant manufacturing sites and in our supply chain. We expect to initiate additional projects in 2024 that will have a favorable impact on our margins beginning in 2025.

為了實現我們的毛利率改善潛力，我們正在增加資源來評估我們的重要製造基地和供應鏈中的機會。我們預計在 2024 年啟動更多項目，這將從 2025 年開始對我們的利潤產生有利影響。

Turning to adjusted EBITDA margins. Our full year adjusted EBITDA margins were 24%, down 240 basis points compared to 2022. Our adjusted EBITDA margin performance reflects the impact of the Boston recall, along with the investments in key strategic priorities preserved throughout the year and the year 1 dilution from the SIA acquisition. We continue to make investments in key operational and product development priorities throughout the year to ensure that we are positioned for longer-term success.

轉向調整後的 EBITDA 利潤率。我們全年調整後的EBITDA 利潤率為24%，與2022 年相比下降了240 個基點。我們調整後的EBITDA 利潤率表現反映了波士頓召回的影響，以及全年保留的關鍵戰略優先事項的投資以及第一年稀釋的影響。新航收購。我們全年繼續對關鍵營運和產品開發優先事項進行投資，以確保我們能夠取得長期成功。

Operating cash flow for the full year was $140 million with a free cash flow conversion of 29.5%. Our operating cash flow and free cash flow conversion rate declined versus 2022, as we invested in manufacturing infrastructure and inventory to improve supply reliability.

全年營運現金流為 1.4 億美元，自由現金流轉換率為 29.5%。由於我們投資於製造基礎設施和庫存以提高供應可靠性，我們的營運現金流和自由現金流轉換率較 2022 年有所下降。

If you turn to Slide 6, I will cover the fourth quarter financial results. Our fourth quarter revenues were $397 million, approximately flat on a reported basis, with organic growth down 1.2%. Excluding Boston, organic growth was roughly 3.6%. Our adjusted EPS for the quarter was $0.89, down 5.3% compared to 2022.

如果你翻到投影片 6，我將介紹第四季的財務表現。我們第四季的營收為 3.97 億美元，與報告的基礎上基本持平，有機成長下降 1.2%。不包括波士頓，有機成長約 3.6%。本季調整後每股收益為 0.89 美元，比 2022 年下降 5.3%。

Looking at the middle of the P&L, gross margins were 64.7% for the fourth quarter, down 160 basis points versus 2022. Gross margins were impacted by approximately 50 basis points from the Boston recall and 60 basis points from a supply constraint on Integra Skin.

從損益表中間來看，第四季的毛利率為 64.7%，比 2022 年下降了 160 個基點。毛利率受到波士頓召回約 50 個基點和 Integra Skin 供應限制約 60 個基點的影響。

During the second half of 2023, we saw strong demand for Integra Skin, which tightened our inventory. And at the same time, we experienced a capacity constraint on one of the several production lines we have for Integra Skin. While we have continued to produce and ship, we were not able to fully keep up with the strong demand that we saw at the end of Q4. Currently, we are resolving the supply constraint and rebuilding our inventory.

2023 年下半年，我們看到對 Integra Skin 的強勁需求，導致我們的庫存緊張。同時，我們的 Integra Skin 多條生產線之一遇到了產能限制。雖然我們繼續生產和運輸，但我們無法完全滿足第四季末的強勁需求。目前，我們正在解決供應限制並重建庫存。

Turning to adjusted EBITDA margins for the fourth quarter. Our adjusted EBITDA margins were 25.3%, down 230 basis points compared to 2022. Our decline in adjusted EBITDA margin primarily reflects the decrease in gross margins that I mentioned earlier. Operating cash flow for the fourth quarter was $59 million with a free cash flow conversion of 49.5%.

轉向第四季度調整後的 EBITDA 利潤率。我們調整後的 EBITDA 利潤率為 25.3%，比 2022 年下降了 230 個基點。我們調整後 EBITDA 利潤率的下降主要反映了我之前提到的毛利率的下降。第四季營運現金流為 5,900 萬美元，自由現金流轉換率為 49.5%。

If you turn to Slide 7, we'll take a deeper dive into our CSS revenue highlights for the fourth quarter. Reported fourth quarter revenues in CSS were $271.6 million, an increase of 2.7% on a reported basis and 2.3% on an organic basis from the prior year. Global sales in Neurosurgery grew 2% on an organic basis as a result of mid-single-digit growth in CSF management driven by service plus valves; mid-single-digit growth in dural access and repair driven by DuraGen; and low single-digit growth in neuro monitoring driven by BactiSeal catheters and ICP microsensors.

如果您轉向幻燈片 7，我們將更深入地了解第四季度的 CSS 收入亮點。 CSS 報告第四季營收為 2.716 億美元，報告基礎上成長 2.7%，有機成長 2.3%。由於服務加閥門推動腦脊髓液管理實現中個位數成長，神經外科領域的全球銷售額有機成長了 2%； DuraGen 推動硬腦膜通路和修復業務實現中個位數成長；由 BactiSeal 導管和 ICP 微感測器驅動的神經監測領域的低個位數成長。

Lower CUSA capital sales in the quarter drove a low single-digit decline in advanced energy. For the full year, our capital sales, excluding CereLink monitors, are up low single digits.

本季 CUSA 資本銷售下降導致先進能源出現低個位數跌幅。全年來看，我們的資本銷售額（不包括 CereLink 顯示器）成長了低個位數。

With regard to our CUSA Clarity performance in Q4, we are moving into the later stages of the capital refresh cycle, which impacted our year-on-year performance. That said, we have grown our CUSA installed base since the launch of CUSA Clarity, and the funnels for CUSA Clarity capital remains strong.

關於我們第四季 CUSA Clarity 的表現，我們正進入資本更新周期的後期階段，這影響了我們的年比表現。也就是說，自 CUSA Clarity 推出以來，我們的 CUSA 安裝基礎不斷擴大，且 CUSA Clarity 資本的管道仍然強勁。

In 2024, we expect to see fewer installs of CUSA Clarity compared to 2023, but still see an increase in our total installed base and growth in our CUSA disposables.

與 2023 年相比，我們預計 2024 年 CUSA Clarity 的安裝量會有所減少，但我們的總安裝量和 CUSA 一次性設備的安裝量仍然會增加。

Turning to Instruments. We saw approximately 3% growth, in line with our growth expectations for this business.

轉向儀器。我們看到約 3% 的成長，符合我們對該業務的成長預期。

Shifting to international. We saw another strong quarter from our international business and CSF with low double-digit growth. Strength in the quarter was driven by double-digit growth in China, Canada and Australia and high single-digit growth in Japan.

轉向國際化。我們的國際業務和 CSF 又迎來了一個強勁的季度，實現了兩位數的低成長。本季的強勁成長得益於中國、加拿大和澳洲的兩位數成長以及日本的高個位數成長。

Moving to our Tissue Technologies segment on Slide 8. Tissue Technologies was down 6% on a reported basis and 8% on an organic basis compared to the prior year. Excluding Boston, organic growth was up 6.9%. Fourth quarter sales in the wound reconstruction franchise decreased by 11%. Excluding the recall products, we experienced organic growth of 5% driven by double-digit growth in Gentrix and amniotics and mid-single-digit growth in Integra Skin and MediHoney.

轉到幻燈片 8 上的組織技術部門。與前一年相比，組織技術報告基礎上下降了 6%，有機基礎上下降了 8%。不包括波士頓，有機成長成長 6.9%。第四季傷口重建專營店的銷售額下降了 11%。不包括召回產品，在 Gentrix 和 amniotics 兩位數增長以及 Integra Skin 和 MediHoney 中個位數增長的推動下，我們實現了 5% 的有機增長。

We remain encouraged by the broad resilience of our portfolio, which continues to provide us with confidence in the long-term growth potential of our custom wound reconstruction business.

我們的投資組合的廣泛彈性仍然令我們感到鼓舞，這繼續讓我們對客製化傷口重建業務的長期成長潛力充滿信心。

In private label sales grew 2.2% versus last year. Excluding the impact of the Boston recall, private label sales were up 12.5%, reflecting strong demand from our partners in the quarter.

自有品牌銷售額比去年成長 2.2%。排除波士頓召回的影響，自有品牌銷售額成長了 12.5%，反映出本季合作夥伴的強勁需求。

Finally, international sales in Tissue Technologies were down low double digits due to the Boston recall.

最後，由於波士頓召回，衛生紙技術公司的國際銷售額下降了兩位數。

If you turn to Slide 9, I will briefly update our balance sheet, capital structure and cash flow. During the quarter, operating cash flow was $58.7 million, and free cash flow was $34.2 million, reflecting increased working capital primarily from investments in inventory and CapEx. Free cash flow conversion was 29.5% on a trailing 12-month basis.

如果你翻到投影片 9，我將簡單更新我們的資產負債表、資本結構和現金流。本季度，營運現金流為 5,870 萬美元，自由現金流為 3,420 萬美元，反映出主要來自庫存投資和資本支出的營運資本增加。過去 12 個月的自由現金流轉換率為 29.5%。

Our balance sheet remains strong with ample liquidity to support our short- and long-term plans. As of December 31, net debt was $1.2 billion, and our consolidated total leverage ratio was 3x. The company had total liquidity of $1.5 billion, including $309 million in cash and short-term investments, and the remainder available under our revolving credit facility. Our balance sheet flexibility enabled us to return value to shareholders in the form of $275 million in accelerated share repurchases in 2023.

我們的資產負債表依然強勁，流動性充足，可以支持我們的短期和長期計劃。截至 12 月 31 日，淨負債為 12 億美元，我們的綜合總槓桿率為 3 倍。該公司的流動資金總額為 15 億美元，其中包括 3.09 億美元的現金和短期投資，其餘部分可透過我們的循環信貸安排獲得。我們的資產負債表彈性使我們能夠在 2023 年加速股票回購，以 2.75 億美元的形式向股東回報價值。

If you turn to Slide 10, I will provide our consolidated revenue and adjusted earnings per share guidance for the first quarter and full year 2024. First quarter revenues are forecasted to be between $360 million to $365 million, representing reported growth in the range of approximately minus 5.5% to minus 4.1%, and organic growth in the range of approximately minus 5.1% to minus 3.7%.

如果您轉向幻燈片10，我將提供2024 年第一季和全年的綜合收入和調整後每股收益指引。第一季營收預計在3.6 億美元至3.65 億美元之間，報告的成長範圍約為-5.5%至-4.1%，有機成長約為-5.1%至-3.7%。

Our forecast performance reflects continued strong global demand for our products, more than offset by an unfavorable $15 million comp in the Q1 '23 Boston revenue and the supply constraint on Integra Skin. Excluding Boston, we are forecasting organic growth of approximately minus 0.4%.

我們的預測業績反映了全球對我們產品的持續強勁需求，但被 23 年第一季波士頓收入中不利的 1500 萬美元補償和 Integra Skin 的供應限制所抵消。不包括波士頓，我們預計有機成長約為-0.4%。

For the full year 2024, revenues are forecasted to be in the range of $1.603 billion to $1.618 billion and includes the return of the Boston portfolio in the second half. At this time, we included only revenues from the SurgiMend and PriMatrix relaunch in the second half of 2024, and we look forward to updating our guidance based on our progress in relaunching the Boston product.

2024 年全年營收預計在 16.03 億美元至 16.18 億美元之間，其中包括下半年波士頓投資組合的回報。目前，我們僅包含 2024 年下半年重新推出的 SurgiMend 和 PriMatrix 的收入，我們期待根據重新推出波士頓產品的進展來更新我們的指導。

Our guidance also reflects the return of CereLink globally, with U.S. revenues included for 10 months as well as current FX rates. As we move past the first quarter headwinds, we expect to see our organic growth improve during the year as we relaunch Boston and resolve the supply constraint on Integra Skin. We expect our reported and organic growth for the full year to be 4% to 5%. This guidance excludes the expected acquisition of Acclarent.

我們的指引也反映了 CereLink 在全球範圍內的回報，其中包括美國 10 個月的收入以及目前的匯率。隨著我們克服第一季的不利因素，隨著我們重新啟動 Boston 並解決 Integra Skin 的供應限制，我們預計今年的有機成長將會改善。我們預計全年的報告成長率和有機成長率為 4% 至 5%。本指引不包括預期收購 Acclarent。

Turning to adjusted earnings guidance. For the first quarter, we expect adjusted EPS to be $0.53 to $0.57, down from the prior year, driven by the supply constraints referenced previously. For the full year, we expect our adjusted EPS to be in the range of $3.15 to $3.25 per share, reflecting the positive organic growth of the business, first quarter impact from the supply constraints, modest gross margin improvement and OpEx normalization.

轉向調整後的獲利指引。受前面提到的供應限制的影響，我們預計第一季調整後每股收益為 0.53 美元至 0.57 美元，低於去年同期。就全年而言，我們預計調整後每股收益將在每股3.15 美元至3.25 美元之間，反映出業務的積極有機增長、供應限制對第一季的影響、毛利率的適度改善以及營運支出的正常化。

Slide 11 shows our key guidance considerations. During my first 6 months as Integra CFO, I have heard our investors and analysts request additional detail into our financial results and projections. The following summarizes our guidance assumptions and modeling inputs.

幻燈片 11 顯示了我們的關鍵指導考慮因素。在擔任 Integra 財務長的前 6 個月裡，我聽到我們的投資者和分析師要求提供有關我們財務表現和預測的更多詳細資訊。以下總結了我們的指導假設和建模輸入。

On the left side of the page, you'll see key metrics, including FX rates, share count and adjusted tax rates for your models. On the right side of the page, we highlight the main drivers of Q1 revenues, organic growth progression throughout the year, key gross margin and OpEx assumptions.

在頁面左側，您將看到關鍵指標，包括模型的匯率、股票數量和調整後的稅率。在頁面右側，我們重點介紹了第一季營收的主要驅動因素、全年有機成長進程、關鍵毛利率和營運支出假設。

With that, I will turn the call back over to Jan.

這樣，我會將電話轉回給簡。

Thank you, Lea.

謝謝你，莉亞。

Please turn to Slide 12 to conclude our prepared remarks. Looking back at 2023, we saw our unique technologies and commercial strength deliver resilient growth across several parts of our portfolio. However, this achievement was obscured by the Boston recall. Organic growth, excluding the impact from Boston, which landed at 5.5% for the year, continues to give us confidence in the growth potential of our markets and our portfolio.

請翻到投影片 12 來結束我們準備好的發言。回顧 2023 年，我們看到我們獨特的技術和商業實力為我們的投資組合的多個部分帶來了彈性成長。然而，這項成就因波士頓召回事件而被掩蓋。剔除波士頓的影響（今年成長率為 5.5%），有機成長持續讓我們對市場和投資組合的成長潛力充滿信心。

Although the recall has required a significant amount of our team's focus and attention, we are confident we will bring this part of our portfolio back to our customers and their patients in mid- to late second quarter. We remain committed to delivering reliable long-term business performance, consistently executing our commercial and operational plans and building our capabilities to achieve profitable growth.

儘管此次召回需要我們團隊的大量關注和關注，但我們有信心在第二季度中後期將這部分產品組合帶回給我們的客戶及其患者。我們仍然致力於提供可靠的長期業務績效，持續執行我們的商業和營運計劃，並增強我們實現獲利成長的能力。

We have strengthened our quality management system with critical investments in talent and process capabilities across our manufacturing network. We're also making investments across our manufacturing plants and supply chain to ensure reliable supply for our commercial teams, our customers and their patients.

我們透過對整個製造網絡的人才和流程能力進行關鍵投資，加強了我們的品質管理系統。我們也在製造工廠和供應鏈中進行投資，以確保為我們的商業團隊、客戶及其患者提供可靠的供應。

In parallel, we launched projects to realize our operational efficiency opportunities and achieve sustainable margin expansion. We also continued building out our new product development capabilities and remain focused on leveraging organic and inorganic projects to drive improved business performance.

同時，我們啟動了一些項目，以實現我們的營運效率機會並實現可持續的利潤擴張。我們也持續增強新產品開發能力，並持續專注於利用有機和無機專案來提高業務績效。

We're executing our implant-based breast reconstruction strategy, progressing the Aurora minimally invasive neurosurgery platform and preparing to launch the BactiSeal-Endexo combo catheter.

我們正在執行基於植入物的乳房重建策略，推進 Aurora 微創神經外科平台，並準備推出 BactiSeal-Endexo 組合導管。

We continue to expand our international portfolio and commercial capabilities. And the work to close the Acclarent acquisition by second quarter remains on track, and we look forward to welcoming the Acclarent team to Integra.

我們繼續擴大我們的國際投資組合和商業能力。第二季完成 Acclarent 收購的工作仍在按計劃進行，我們期待 Acclarent 團隊加入 Integra。

As we strengthen our operational resilience, advance our organic portfolio and successfully execute on our M&A [imports]. We're well positioned to deliver strong top and bottom line growth and realize our full potential as a profitable innovator of life-saving technologies worldwide.

隨著我們增強營運彈性，推進我們的有機投資組合併成功執行我們的併購[進口]。我們處於有利地位，能夠實現強勁的營收和利潤成長，並充分發揮我們作為全球救生技術獲利創新者的潛力。

Let me again take a moment to acknowledge the broader Integra organization for their dedication to our customers and patients and for delivering on the accomplishments that position Integra for a strong future.

讓我再次花點時間感謝更廣泛的 Integra 組織對我們的客戶和患者的奉獻以及為 Integra 打造美好未來所取得的成就。

Now before opening the call for questions, I'd like to take a moment to briefly touch on the leadership transition announcement we made earlier this morning. As you've seen by now, I have informed the Board of my intention to retire as President and CEO of Integra by the end of the year and move back to Europe.

現在，在開始提問之前，我想花點時間簡要談談我們今天早上早些時候宣布的領導層換屆公告。正如您現在所看到的，我已通知董事會，我打算在今年年底前辭去 Integra 總裁兼執行長的職務，並搬回歐洲。

While we believe this is an important decision that we wanted to communicate as early as we could, it does not change any of the focus that I and our executive leadership team will have over 2024. I'm firmly committed to ensuring a seamless transition and will stay on with the company until a successor is named.

雖然我們認為這是一個重要的決定，我們希望儘早進行溝通，但這不會改變我和我們的執行領導團隊在 2024 年的工作重點。我堅定地致力於確保無縫過渡，並將繼續留在公司直至任命繼任者。

In the meantime, we look forward to delivering on our objectives for 2024 with an immediate focus on further enhancing operational execution, particularly in our manufacturing and supply chain.

同時，我們期待實現 2024 年的目標，立即專注於進一步加強營運執行力，特別是在我們的製造和供應鏈方面。

We will continue to execute on our integrated growth strategy, while building capabilities and investing in our programs to achieve commercial acceleration through improved product development and digital innovation, strategic acquisitions and international market growth.

我們將繼續執行我們的綜合成長策略，同時建立能力並投資於我們的計劃，透過改進產品開發和數位創新、策略收購和國際市場成長來實現商業加速。

The Board has engaged executive search firm Heidrick & Struggles for support in identifying a highly qualified leader and expect a new CEO to be named by the end of this calendar year.

董事會已聘請獵人頭公司海德思哲 (Heidrick & Struggles) 為尋找高素質領導者提供支持，並預計在今年年底前任命新執行長。

As part of this announcement, in order to drive improved shareholder value and ensure an effective transition, Board Chairman, Stuart Essig, has been appointed Executive Chairman effective immediately. Stuart, with whom most of you are very familiar, is uniquely suited to take on this additional responsibility, having served as our Non-Executive Chairman for the past 12 years and as COO prior to that. We look forward to updating you on the CEO search later this year.

作為本公告的一部分，為了推動提高股東價值並確保有效過渡，董事會主席 Stuart Essig 已被任命為執行主席，立即生效。大家都非常熟悉 Stuart，他非常適合承擔這項額外職責，他在過去 12 年中擔任我們的非執行董事長，在此之前擔任營運長。我們期待在今年稍後向您通報執行長搜尋的最新情況。

So I'll close by saying that it's an honor and privilege to lead this fine organization, and I look forward to a seamless transition. I remain firmly committed to this company, our dedicated employees and the patients we serve.

因此，我最後要說的是，領導這個優秀的組織是我的榮幸，我期待無縫過渡。我仍然堅定地致力於這家公司、我們敬業的員工和我們服務的患者。

Thank you for joining us this morning. This concludes our prepared remarks, and operator can open the lines for questions.

感謝您今天早上加入我們。我們準備好的演講到此結束，操作員可以打開提問線。

(Operator Instructions) Our first question comes from Vik Chopra with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Vik Chopra。

Jan, I just want to congratulate you on your retirement, and I'm sure we will all miss working with you. So it sounds like it's a personal decision. I just wanted to see if you could shed some additional color into that. And then I had a follow-up question, please.

簡，我只想祝賀你退休，我相信我們都會懷念與你一起工作的時光。所以這聽起來像是個人決定。我只是想看看你是否可以為此增添一些額外的色彩。然後我有一個後續問題。

Yes. Thank you, Vik, for your question. Yes, it's a personal decision driven by family requirements. It's a decision that I discussed with the Board over the past several weeks and given -- I wanted to make a decision early to allow all of us to manage a very smooth transition over the year, okay, my main concern is to make sure that we execute our 2024 plan, keep on track with our short and our longer-term strategic objectives.

是的。謝謝你，維克，你的問題。是的，這是受家庭要求驅動的個人決定。這是我過去幾週與董事會討論的決定，並考慮到——我想儘早做出決定，讓我們所有人在這一年裡能夠實現非常平穩的過渡，好吧，我主要關心的是確保我們執行2024 年計劃，追蹤我們的短期和長期策略目標。

Great. And just as a follow-up. So I think the Q1 guidance was obviously well below expectations. Can you maybe highlight some of the puts and takes and what gets you to the top versus the bottom end of the guidance range and how confident you are in resolving the supply backlog issue starting in Q2?

偉大的。並且只是作為後續行動。所以我認為第一季的指導顯然遠低於預期。您能否強調一些看跌期權，以及是什麼讓您達到指導範圍的頂部和底部，以及您對解決第二季度開始的供應積壓問題有多大信心？

Thank you, Vik. Appreciate the question. So a couple of dynamics, right? As we look at kind of Q1 and the organic growth outside of Boston, that's where we're seeing the impact as a result of the Integra Skin supply constraint that I talked about in our Q4 results as well.

謝謝你，維克。感謝這個問題。所以有一些動態，對嗎？當我們觀察第一季和波士頓以外地區的有機成長時，我們看到了我在第四季度業績中也談到的 Integra Skin 供應限制所帶來的影響。

And so just kind of a bit of background on that, we did have an issue that impacted the throughput on one of our production lines for Integra Skin. That's resulting in the supply constraint that I mentioned. It first appeared kind of in that or -- yes, appeared in the December time frame and continued into early Q1.

簡單介紹一下這方面的背景知識，我們確實遇到了一個影響 Integra Skin 一條生產線吞吐量的問題。這導致了我提到的供應限制。它首先出現在 12 月的時間範圍內，並持續到第一季初。

We've since resolved that supply constraint and are starting to rebuild inventory. But as you can imagine, it's going to take us a while to catch up to kind of the demand. And so that's impacting the growth that we would have anticipated in our portfolio outside of Boston.

我們已經解決了供應限制並開始重建庫存。但正如你可以想像的那樣，我們需要一段時間才能滿足這種需求。因此，這影響了我們在波士頓以外的投資組合中預期的成長。

The other dynamic that I would call out is related to our CUSA Clarity. As I mentioned, what we saw in Q4 is we're in the later stages of our refresh cycle on CUSA Clarity. And so the rate of growth is slowing on that -- for that part of the business. So that's an element. But also in Q1 of 2023, we had a fairly big comp. We had some pretty large buy-ins for CUSA Clarity in Q1 a year ago that we're now comping, that is also impacting kind of the overall growth rate for the quarter.

我要指出的另一個動態與我們的 CUSA 清晰度有關。正如我所提到的，我們在第四季度看到的是，我們正處於 CUSA Clarity 更新週期的後期階段。因此，這部分業務的成長速度正在放緩。所以這是一個元素。但同樣在 2023 年第一季度，我們的競爭相當大。一年前的第一季度，我們對 CUSA Clarity 進行了相當大的買入，現在我們正在進行比較，這也影響了該季度的整體成長率。

And then I think -- so those are the elements that are impacting kind of base growth outside of Boston. Obviously, we also are lapping $15 million of a comp of having Boston revenue in a year ago, not in the first quarter of 2024. And so those are kind of the key elements.

然後我想──這些都是影響波士頓以外地區基礎成長的因素。顯然，我們也對一年前（而不是 2024 年第一季）波士頓收入的 1500 萬美元進行了比較。因此，這些是關鍵要素。

I think just to follow on, and I think you asked kind of as we progress throughout the year in terms of supply, getting back into full supply, because we now are in a position of resolving the supply constraints, rebuilding our inventories, we would anticipate, as we move into Q2, that we are, from a growth perspective, getting back into the mid-single-digit growth expectations for the business.

我想接下來，我想你會問，隨著我們全年在供應方面取得進展，恢復全面供應，因為我們現在能夠解決供應限制，重建我們的庫存，我們會預計，當我們進入第二季度時，從成長的角度來看，我們的業務將回到中個位數的成長預期。

And then certainly, as we bring Boston portfolio back online and get to the back half of the year, that's when we would -- might see kind of even stronger mid-single-digit growth for the balance of the year. So we do believe that you'll start to see that turnaround in Q2.

當然，當我們將波士頓投資組合重新上線並進入今年下半年時，我們可能會看到今年剩餘時間出現更強勁的中個位數成長。因此，我們確實相信您將在第二季開始看到這種轉變。

Our next question comes from Kristen Stewart with CL King.

我們的下一個問題來自克里斯汀·史都華 (Kristen Stewart) 和 CL King。

I was wondering if we could just discuss a little bit more in detail the gross margin and just thinking about the cadence of when you guys think you can get back to a more normalized gross margin and what you kind of see that as.

我想知道我們是否可以更詳細地討論毛利率，並考慮一下你們何時認為可以恢復到更正常化的毛利率以及你們對此的看法。

Yes, certainly. So -- and I'll talk about it through the lens of kind of -- I'll start first on kind of full year 2023. So on a full year basis, gross margins were down 110 basis points. And as I mentioned, a big driver of that is due to the Boston recall.

是的，當然了。因此，我將透過某個角度來討論這個問題，我將首先從 2023 年全年開始。因此，在全年基礎上，毛利率下降了 110 個基點。正如我所提到的，其中一個重要推動因素是波士頓召回事件。

As we move forward into 2024, we are anticipating a modest improvement in gross margins. So we'll start to see some of the benefit come back as we bring the Boston portfolio back online. We won't see the full benefit, and we won't see the full benefit for a couple of reasons.

進入 2024 年，我們預計毛利率將略有改善。因此，當我們將波士頓投資組合重新上線時，我們將開始看到一些收益的回歸。我們不會看到全部的好處，而且由於幾個原因，我們不會看到全部的好處。

One, the Boston portfolio will only be back in for 2024 for a portion of the year. So that higher gross margin portfolio, again, we won't see the full benefit. Two, from a remediation cost perspective, which is part of the reason why we were down in 2023, we're still incurring remediation costs until we're fully up and running. And so while that should be less in 2024, it's still going to be a factor. And I think the other dimension is from some of the supply constraints on Integra Skin, it is also creating a headwind for our gross margins.

第一，波士頓投資組合只會在 2024 年的部分時間內回歸。因此，更高毛利率的投資組合，我們不會看到全部好處。第二，從修復成本的角度來看，這是我們在 2023 年業績下滑的部分原因，在我們完全恢復正常運作之前，我們仍然會產生修復成本。因此，雖然到 2024 年這個數字應該會減少，但它仍然是一個因素。我認為另一個方面是 Integra Skin 的一些供應限制，這也為我們的毛利率帶來了阻力。

So net-net, we are starting to see some of the benefit come back from Boston. We won't realize the full benefit, and that's why we're calling a modest improvement.

因此，我們開始看到波士頓帶來了一些好處。我們不會實現全部好處，這就是我們稱之為適度改進的原因。

That said though, Kristen, that I think to your point, we are not waiting for the Boston portfolio to come back to drive overall gross margin improvement. We are actively adding additional resources to launch projects in 2024 aimed at extracting the value that we've talked about that exists in terms of improving our margins through better operational efficiency as well as yield and productivity improvements.

儘管如此，克里斯汀，我認為就你的觀點而言，我們不會等待波士頓投資組合回來推動整體毛利率的改善。我們正在積極增加額外資源，以在 2024 年啟動項目，旨在透過提高營運效率以及產量和生產力的提高來提取我們所討論的提高利潤率方面存在的價值。

And so that work is also very much underway. And so we'd expect to see the benefits from that work, along with the benefit from the full Boston portfolio coming back online as we move into 2025.

因此，這項工作也在順利進行中。因此，我們期望看到這項工作的好處，以及隨著我們進入 2025 年，完整的波士頓投資組合重新上線的好處。

And just a quick refresh on the Acclarent acquisition. I know that's not in your guidance now, but do you still feel comfortable that, that's going to be neutral to 2024?

快速回顧一下 Acclarent 的收購。我知道這不在您現在的指導範圍內，但您仍然對 2024 年保持中立感到滿意嗎？

Yes, yes. That was kind of what we shared at the time that we announced the acquisition. We are working diligently to close that. Still anticipate planning to close it by Q2. And at this point still project that it will be EPS neutral in 2024.

是的是的。這就是我們在宣布收購時分享的內容。我們正在努力解決這個問題。仍預計計劃在第二季關閉。目前仍預期 2024 年每股盈餘將保持中性。

Our next question comes from Ryan Zimmerman with BTIG.

我們的下一個問題來自 BTIG 的 Ryan Zimmerman。

Maybe just to start, you do expect to close Acclarent in -- at the end of 2Q. Is that right? And I just want to ask that because -- sorry, go ahead.

也許只是開始，您確實希望在第二季末關閉 Acclarent。是對的嗎？我只是想問這個問題，因為——抱歉，請繼續。

By Q2. Yes, by Q2, Ryan.

到第二季。是的，到第二季度，瑞安。

Okay, okay. So I mean, I recognize that we're not including Acclarent guidance for current estimates. But just to be clear and just to ground everyone, we should expect something in the range of maybe $50 million to $60 million in sales in the back half of the year in organic sales that is on Acclarent, just based on kind of their current run rate and profile. Or are you expecting anything different just because of that integration?

好吧好吧。所以我的意思是，我認識到我們沒有將 Acclarent 的指導納入當前的估計中。但為了讓大家明白，我們預計今年下半年 Acclarent 的自然銷售額可能會達到 5,000 萬至 6,000 萬美元，僅基於他們當前的運作率和概況。或者您期望因為這種整合而有什麼不同？

Yes. So we're not providing guidance right now on what Acclarent will do to our overall call at this point. I think what we have shared is revenue based on that business in J&J's hands as of 2022 was in the order of magnitude of $110 million in revenue. So obviously, depending on when we actually complete the acquisition, we'll have a partial year. And so...

是的。因此，我們目前不會就 Acclarent 將如何處理我們的整體電話會議提供指導。我認為我們分享的是截至 2022 年強生手中該業務的收入約為 1.1 億美元的數量級。顯然，根據我們實際完成收購的時間，我們將有部分年份。所以...

All right. Well, we'll put something in there for it. I assume you'll get it closed. Maybe just turning to Tissue for a moment. I mean, I recognize that you guys have faced tremendous challenges, and I think everyone in the Street recognizes that.

好的。好吧，我們會在裡面放一些東西。我想你會把它關閉的。也許只是暫時轉向紙巾。我的意思是，我認識到你們面臨著巨大的挑戰，我想華爾街的每個人都意識到這一點。

When Tissue comes back, though, implied in your guidance, net of Acclarent and so forth, is a sizable ramp in the back half of 2024 on Tissue products. And so I appreciate some color on why that happens and why it's not more gradual and why -- it's a pretty competitive environment. I mean, people are probably seizing on the opportunity. And so just help us understand kind of your thinking around the back half of '24 in terms of the recovery in Tissue.

不過，當 Tissue 回歸時，您的指導中暗示，扣除 Acclarent 等因素後，Tissue 產品將在 2024 年下半年大幅成長。因此，我很欣賞為什麼會發生這種情況、為什麼它沒有更加漸進以及為什麼——這是一個競爭相當激烈的環境。我的意思是，人們可能正在抓住這個機會。請協助我們了解您在 24 年下半年對組織復甦的想法。

So let me take that one. I mean, first, a big part of that ramp is linked with Boston getting back on -- our sales force is looking forward to that and are ready to take the projects when they are up and running. They feel good about winning our customers back.

那麼就讓我拿那個吧。我的意思是，首先，這一增長的很大一部分與波士頓的恢復有關——我們的銷售人員對此充滿期待，並準備在專案啟動和運行時接受這些專案。他們對重新贏得客戶感到很高興。

Two factors playing there. One, the relationship has been maintained over the past 9 months, plus given the breadth of our portfolio, our sales force is still with our customers, serving them with other products.

有兩個因素在起作用。第一，過去 9 個月一直保持著這種關係，再加上我們產品組合的廣泛性，我們的銷售人員仍然與我們的客戶在一起，為他們提供其他產品。

In terms of getting the product back, I mean, this is an area where customers now and then do trial other products, and so they have no issue switching back. We know that our products out of the Boston factory are differentiated, differentiated from a strength, the size, conformability, price perspective. Our sales force feels strongly they can win their customers back based on the strength of that portfolio.

就收回產品而言，我的意思是，這是客戶不時嘗試其他產品的領域，因此他們沒有問題切換回來。我們知道，我們從波士頓工廠出來的產品是有差異化的，從強度、尺寸、舒適度、價格角度來看都有差異化。我們的銷售人員強烈認為，他們可以憑藉該產品組合的優勢重新贏得客戶。

Okay. Let me just sneak one more in, and I'll hop back in queue real quick. Just because -- China has been a growth area. We know that China VBP, particularly in neurosurgery, has been an area of focus. Can you just talk about what's happening in China, the impact of pricing on your neuro business within China and when your China-for-China strategy can take hold?

好的。讓我再偷偷進去一趟，然後我很快就會回到隊列中。只因為——中國一直是個成長地區。我們知道，中國的 VBP，特別是神經外科領域，一直是備受關注的領域。您能否談談中國正在發生的事情、定價對您在中國的神經業務的影響以及您的「中國服務中國」策略何時能夠實施？

So on China, the big driver behind our China success is that, one, this is a big growing market where we are geographically and from a penetration in hospitals, we're still have plenty of opportunity to further penetrate. And so that's what we're doing from perspective of strengthening our sales capability. That's also the backdrop to our in-China-for-China strategy to be seen as a more local player doing high level or late-stage assembly there.

因此，在中國，我們在中國成功的一大推動力是，第一，這是一個不斷增長的巨大市場，我們在地理位置上，從醫院的滲透來看，我們仍然有很多機會進一步滲透。這就是我們從加強銷售能力的角度所做的事情。這也是我們「在中國為中國服務」策略的背景，即我們被視為在那裡進行高水平或後期組裝的更多本地參與者。

That factory by the end of this year should start to produce products for product qualifications. So somewhere near the end of 2025, we should be feeding part of the products for that market out of our local factory. And so this is a dynamic, the China opportunity that, as we look at new hospital builds, new geographies, it's a continuation over the next years of going after that opportunity.

該工廠將於今年底開始生產產品，以獲得產品資格。因此，到 2025 年底，我們應該從當地工廠供應該市場的部分產品。因此，這是一個充滿活力的中國機遇，當我們著眼於新的醫院建設、新的地區時，這是未來幾年追求這一機會的延續。

From a VBP perspective, we've seen limited impact. Our products are differentiated, a limit number of local players, plus it's not a massive market where we play. Therefore, not as much on the radar screen for the VBP pressure.

從 VBP 的角度來看，我們看到的影響有限。我們的產品是差異化的，本地參與者的數量有限，我們參與的市場並不大。因此，雷達螢幕上的 VBP 壓力沒有那麼大。

Our next question comes from Jayson Bedford with Raymond James.

我們的下一個問題來自傑森貝德福德和雷蒙德詹姆斯。

Just a couple for me. I think there's a lot of moving parts here, but it does look like you pulled back on your assumptions for the contribution from the Boston facility in '24 relative to last call. I think on the call today, you made a comment referring to only including SurgiMend and PriMatrix. Why the change, if I am correct here?

對我來說只是一對。我認為這裡有很多變動的部分，但相對於上次電話會議，您似乎確實撤回了對 24 年波士頓工廠貢獻的假設。我想在今天的電話會議上，您發表的評論僅涉及 SurgiMend 和 PriMatrix。如果我在這裡是正確的，為什麼要改變？

Yes. Thank you, Jayson. And yes, you are correct. So our guidance right now reflects SurgiMend and PriMatrix, which is pretty much the majority -- which is our commercial business out of Boston. What we've excluded from the guidance for now is the private label business. And so that describes why the tailwind that you may have been expecting is lower in our guidance.

是的。謝謝你，傑森。是的，你是對的。因此，我們現在的指導反映了 SurgiMend 和 PriMatrix，這幾乎是大多數——這是我們在波士頓以外的商業業務。我們目前從指南中排除的是自有品牌業務。這就是為什麼我們的指導中您可能期望的順風車會較低。

And so let me kind of step back and explain why. At this -- as you know, we've been partnering with our private label partners throughout to keep them apprised of our time lines, progress on the remediation and have given them access to kind of assess the progress we're making at our manufacturing site in Boston.

讓我退一步解釋一下原因。如您所知，我們一直在與我們的自有品牌合作夥伴合作，讓他們了解我們的時間表、補救進展，並讓他們能夠評估我們在製造方面取得的進展網站位於波士頓。

But at this point, we are not producing salable finished goods yet, and we don't have orders from our private label partners. And so we have not included it in guidance, but anticipate that as we get closer to our commercial relaunch, we have an opportunity to update this kind of audience and our guide as appropriate based on what transpires between now and then. And I would expect that timing to be in and around our Q1 earnings call.

但目前，我們還沒有生產可銷售的成品，也沒有來自自有品牌合作夥伴的訂單。因此，我們沒有將其納入指南中，但預計隨著我們接近商業重新啟動，我們有機會根據現在和那時發生的情況酌情更新此類受眾和我們的指南。我預計這個時機將在我們第一季財報電話會議期間或前後進行。

Okay. But to date, there hasn't been any private label relationships that have been severed. Is that fair?

好的。但迄今為止，還沒有任何自有品牌關係被切斷。這樣公平嗎？

I would say that's fair to say. We are continuing to discuss. We know that our private label customers are evaluating their different options that they have in terms of deciding on final option. I think that will happen the moment where we really get into commercial shipping, and both they and us have more certainty on what's coming out and when.

我想說這是公平的。我們正在繼續討論。我們知道，我們的自有品牌客戶正在評估他們的不同選擇，以決定最終選擇。我認為，當我們真正進入商業航運的那一刻，這就會發生，他們和我們都對即將發生的事情和時間有了更多的確定性。

Okay. Just one quickie, I apologize if I missed it. What's the expectation for the first quarter gross margin?

好的。就這麼簡單，如果我錯過了，我深感抱歉。第一季毛利率預期是多少？

We did not provide gross margin guidance for the quarter, just for the year and I think kind of a modest improvement, '24 over '23.

我們沒有提供本季的毛利率指引，只提供了全年的毛利率指引，我認為 24 年比 23 年略有改善。

Our next question comes from Robbie Marcus with JPMorgan.

我們的下一個問題來自摩根大通的羅比·馬庫斯。

Great. And Jan, I'll add as well, sorry to see you go. Wish you all the best.

偉大的。簡，我還要補充一句，很遺憾你離開了。祝你一切順利。

Maybe a couple of questions again on the guide just to help clarify because there are a lot of moving pieces here. Maybe if you start with first quarter and the full year, and you look at sell-side numbers and you look at your current expectations, what do you think are the biggest deltas between it?

也許在指南上再問幾個問題只是為了幫助澄清，因為這裡有很多移動的部分。也許如果你從第一季和全年開始，看看賣方的數據並看看你目前的預期，你認為它們之間最大的差異是什麼？

Because the EPS came in fairly materially lower as did first quarter, particularly. So what are you assuming for the supply constraint headwind in first quarter? And where do you really see the biggest delta versus sell-side numbers right now?

因為每股收益大幅下降，尤其是第一季。那麼，您對第一季的供應限制逆風有何假設？您現在真正看到的與賣方數據相比最大的增量在哪裡？

So let me break down -- that down into a couple of pieces. Again, from a first quarter perspective -- and actually, let me start from kind of how we ended 2023. So on a full year basis, the portfolio outside of Boston grew in that mid-single-digit range that we said is kind of the right place for this business, right?

讓我把它分成幾個部分。再次，從第一季的角度來看，實際上，讓我從我們如何結束 2023 年開始。因此，從全年來看，波士頓以外的投資組合增長了我們所說的中個位數範圍這項業務的合適地點，對嗎？

So as you move into 2024, I think that becomes the starting point of what this business has the potential to do. What we're seeing in Q1, as I mentioned earlier, was the impact of the supply constraints. There's also the impact of the kind of CUSA Clarity dynamic that I mentioned for Q1. That's lowering the growth rate that we're experiencing on the business outside of Boston. And so that kind of describes why we have a lower start to the year.

因此，當進入 2024 年時，我認為這將成為該業務潛力的起點。正如我之前提到的，我們在第一季看到的是供應限制的影響。還有我在第一季提到的 CUSA Clarity 動態的影響。這降低了我們在波士頓以外的業務的成長率。這就是為什麼我們今年開局較低的原因。

As we move into Q2 and we resolve the supply constraint, we get back into mid-single -- sorry, yes, mid-single-digit growth on the business and continue through the balance of the year, that's when we'll really see the business operating back at the levels that we were operating in, in 2023. So I would say the largest kind of deviation between what you were anticipating and what you're seeing on a revenue top line basis has to do with that.

當我們進入第二季度並解決供應限制時，我們將回到中個位數——抱歉，是的，業務實現中個位數增長，並在今年剩餘時間內繼續增長，那時我們將真正看到到 2023 年，業務運營將回到我們當時的營運水平。因此，我想說，您的預期與您在收入頂線基礎上看到的之間最大的偏差與此有關。

Clearly, there is a profitability implication because the nature of the gross margin on skin are definitely kind of higher gross margin products in our portfolio, so that is a contributor to why there is likely a gap from an EPS perspective.

顯然，這對獲利能力有影響，因為皮膚毛利率的性質肯定是我們投資組合中毛利率較高的產品，因此從每股盈餘的角度來看，這也是可能存在差距的一個原因。

And then the final thing I'd mention, as we are bringing Boston back up online, we are returning to more normal OpEx levels probably about a quarter sooner than we had originally anticipated. We see the Boston relaunch as an opportunity to take an aggressive kind of marketing, advertising approach to getting back into the market with our products. And so that is feeling kind of becoming -- operating at more normal levels prior to what we really anticipated.

然後我要提到的最後一件事是，隨著我們使波士頓恢復上線，我們恢復到更正常的營運支出水準可能比我們最初預期的早四分之一左右。我們將波士頓的重新推出視為一個機會，可以採取積極的行銷和廣告方式，讓我們的產品重返市場。因此，這感覺有點像——在我們真正預期的之前以更正常的水平運行。

Great. Maybe just as a follow-up on free cash flow. You guys did about a 40% conversion rate in 2023. There were a lot of exclusions that lowered the cash flow. How should we be thinking about cash flow in 2024 here and not just the full year, but also the progression through the year?

偉大的。也許只是作為自由現金流的後續行動。你們在 2023 年的轉換率約為 40%。有許多排除因素降低了現金流。我們應該如何考慮 2024 年的現金流，而不僅僅是全年的現金流，還要考慮全年的進展？

And if I could just squeeze one more. On the last question, you talked about the difference between the prior commitment of what products and you're leaving out private label. I believe before, it was a 100% run rate of sales within 12 months. Now excluding the private label, do you know what that percentage of sales is?

如果我能再擠一粒就好了。關於最後一個問題，您談到了先前承諾的產品與您遺漏自有品牌之間的差異。我相信以前是12個月內銷售100%的運行率。現在不包括自有品牌，你知道銷售額的百分比是多少嗎？

Let me deal with the cash flow question first. To your point, cash -- free cash flow for the quarter in 2023 was about $34 million. Our free cash flow conversion rate on a trailing 12-month basis was 29.5%.

讓我先解決現金流問題。就您而言，2023 年季度的現金自由現金流約為 3,400 萬美元。我們過去 12 個月的自由現金流轉換率為 29.5%。

As we move into 2024, we do -- we'll have to overcome some of the headwinds that I've talked about in Q1, which will actually drive our trailing 12-month conversion down slightly. So think of it being kind of in the low 20s.

當我們進入 2024 年時，我們必須克服我在第一季談到的一些不利因素，這實際上會導致我們過去 12 個月的轉換率略有下降。所以認為它在 20 多歲左右。

And then as we progress through the year, we resolve the supply constraint on Integra, we relaunch Boston, we start to comp, some of the lower growth period that we saw in 2023, specifically in Q4, that's when we would expect our trailing 12-month to get back up to about 58% by the end of the year. So it's a progression up, with Q1 being kind of the low point and then improving every quarter thereafter. So that's the cash flow.

然後，隨著這一年的進展，我們解決了Integra 的供應限制，我們重新啟動波士頓，我們開始比較我們在2023 年看到的一些較低的增長時期，特別是在第四季度，我們預計我們的尾隨12到年底恢復到 58% 左右。所以這是一個上升的過程，第一季是一個低點，然後每季都會有所改善。這就是現金流。

I think your other question was with respect to how to think about the Boston business through the lens of how long it's going to take us to get the Boston business back, right, now that we've removed private label. There is actually no -- yes, there is no change to that thinking because, again, previously, when we've talked about our relaunch and talked about regaining kind of our run rate trajectory, it was through the lens of the commercial business, right?

我認為你的另一個問題是如何從我們需要多長時間才能恢復波士頓業務的角度來考慮波士頓業務，現在我們已經取消了自有品牌。實際上沒有——是的，這種想法沒有改變，因為之前，當我們談論我們的重新啟動並談論恢復我們的運行率軌跡時，這是透過商業業務的視角，正確的？

And so that's kind of the frame that we've talked about. And we still anticipate, while we think there's a slightly longer ramp initially for -- in terms of the 2024 impact, as we get into 2025 and we have all products relaunched out of Boston, that's when we think in kind of that Q3 time frame is when we'll be back at the run rate we left it at in 2022.

這就是我們討論過的框架。我們仍然預計，雖然我們認為，就2024 年的影響而言，最初的成長會稍長一些，但隨著我們進入2025 年，所有產品都會在波士頓重新推出，那時我們會考慮第三季的時間框架是時候我們將恢復到 2022 年的運行速度。

Our next question comes from Ron Feiner with Oppenheimer.

我們的下一個問題來自羅恩·費納和奧本海默。

This is Steve Lichtman. Jan, I was wondering if you could provide some more color coming out of the external review in Boston, what some of the learnings there, why that gives you confidence on the resumption of sales starting in the second quarter.

這是史蒂夫·利奇曼。 Jan，我想知道您是否可以提供來自波士頓外部審查的更多信息，那裡有哪些經驗教訓，為什麼這讓您對第二季度開始恢復銷售充滿信心。

So on Boston, just as a reminder, we restarted that factory in November and then in January had an external review, which we call the dress rehearsal. I call it a successful dress rehearsal because what we got were the confirmations, but also the learnings that we hoped to get based on the work done and its guidance, the learnings have been guiding us since the end of January over February into the preparation for that external audit, which will take place in March.

因此，提醒一下，我們在波士頓於 11 月重新啟動了該工廠，然後在 1 月進行了外部審查，我們稱之為彩排。我稱之為一次成功的彩排，因為我們得到的是確認，但也是我們希望根據已完成的工作及其指導獲得的經驗教訓，自一月底到二月以來，這些經驗教訓一直指導我們為外部審計將於三月進行。

The audits pretty much cover every aspect of our quality management system, I mean, from beginning to end. We got, I would say, limited observations on things that we could have improved. The main learnings, in fact, were on how people were conducting the interactions with the different auditors.

我的意思是，審核幾乎涵蓋了我們品質管理系統的各個方面，從頭到尾。我想說，我們對可以改進的事情的觀察有限。事實上，主要的學習內容是人們如何與不同審計師互動。

And that's why we called it a dress rehearsal. Part of successful audit is not just having your quality management system processes documentation where it needs to be. It's also making sure that in the question and answering with the auditors, you make sure that all that work is readily visible.

這就是為什麼我們稱之為彩排。成功審核的一部分不僅僅是讓您的品質管理系統在需要的地方處理文件。它還確保在與審核員提問和回答時，確保所有工作都清晰可見。

So overall, like I said, since end of January, we're now, let's say, finishing on the lessons learned and preparing pretty much in a straight line to that external audit, which will start the first week of March.

總的來說，就像我說的，自一月底以來，我們現在正在總結經驗教訓，並為外部審計做好準備，外部審計將於三月第一周開始。

Got it. Great. And then what are you assuming with regard to incremental CereLink sales in '24 with the 510(k) and CE mark in hand now? And can you remind us of that opportunity through over the medium to long term now that it's back on the market?

知道了。偉大的。那麼，對於現在擁有 510(k) 和 CE 標誌的 CereLink 銷量在 24 年的增量，您有何假設？既然它重新回到市場上，您能提醒我們從中長期來看這個機會嗎？

Yes. Thank you for the question. So CereLink, as you saw, we did achieve a clearance in the U.S. in early February. And so we are relaunching that in the U.S. market. Because of timing of when we got the clearance, we're assuming about 10 months of U.S. sales in our guide.

是的。感謝你的提問。因此，如您所見，CereLink 確實在 2 月初在美國獲得了許可。因此，我們正在美國市場重新推出該服務。由於我們獲得許可的時間，我們在指南中假設美國銷售約為 10 個月。

And so just as a reminder, on an annual basis, what we've said is the monitors are about $12 million globally. And so a portion -- so -- and the U.S. market being the largest market. So hopefully, it's enough to dimensionalize kind of what the 2024 implication is.

提醒一下，我們所說的顯示器每年在全球的價值約為 1200 萬美元。所以一部分——所以——美國市場是最大的市場。因此，希望這足以對 2024 年的影響進行維度化。

In terms of that business going forward, I think, annually, we would expect monitor sales to be in and around that same level, with the real opportunity being on the disposables that we'd be able to sell through as a result of increasing our installed base for the monitors. And in past experience, we've seen that business grow at about kind of high single, low double digit, and we would expect similar performance here.

就未來的業務而言，我認為，每年，我們預計顯示器的銷售量將達到或接近同一水平，真正的機會在於我們能夠透過增加我們的產品來銷售一次性產品。顯示器的安裝底座。根據過去的經驗，我們看到業務以高個位數、低兩位數的速度成長，我們預期這裡會有類似的表現。

Maybe just one addition to that, looking over the next couple of years, because you've seen when we talk about strategies, CereLink is one of those multiyear global growth catalyst. I think we've learned during the recall that this is a great product. Customers that we had stayed with us because they like the microsensors and were willing to wait for CereLink to come back. Prospects that we had before the recall also waited because CereLink is pretty much the most innovative product in the market.

展望未來幾年，也許這只是一個補充，因為當我們談論策略時，您已經看到，CereLink 是多年全球成長催化劑之一。我認為我們在召回過程中了解到這是一款很棒的產品。我們留下來的客戶是因為他們喜歡微型感測器並且願意等待 CereLink 回來。我們在召回之前的前景也一直在等待，因為 CereLink 幾乎是市場上最具創新性的產品。

And so we see our sales force now picking up those leads and those prospects that they had before. We're at this point focused on U.S. and Europe. CereLink will be launched in probably 2-plus years in Asia, with China being another important market for CereLink at that point.

因此，我們看到我們的銷售人員現在正在尋找他們以前擁有的潛在客戶和潛在客戶。目前我們的重點是美國和歐洲。 CereLink 可能會在兩年多後在亞洲推出，屆時中國將成為 CereLink 的另一個重要市場。

The next question comes from Richard Newitter with Truist Securities.

下一個問題來自 Truist Securities 的 Richard Newitter。

Maybe just going back to Kristen's gross margin question. I think you had suggested that by first half '25, gross margin should be more normalized.

也許只是回到克里斯汀的毛利率問題。我認為您曾建議到 25 年上半年，毛利率應該會更加正常化。

First, did I hear that correctly? And then, I guess, just looking beyond second half '24, is there any reason that you wouldn't be back to historical levels, say, '22 margin levels? And then I have a follow-up.

首先，我沒聽錯嗎？然後，我想，只要看看 24 年下半年之後的情況，是否有任何理由不會回到歷史水平，例如 22 年的利潤水平？然後我有一個後續行動。

Yes, certainly. So -- and just to be clear, we are not providing guidance with respect to '25. So our data guidance is that we would expect a modest improvement in gross margin in '24 over '23.

是的，當然了。因此，需要明確的是，我們不會提供有關「25」的指導。因此，我們的數據指引是，我們預計 24 年毛利率將比 23 年略有改善。

For '25, again, as we bring the full product portfolio back online for Boston, we'd expect some of the headwinds that we saw in 2023 to reverse, right, especially from a mix perspective. So that's the improvement that I was referencing.

25 年，當我們將波士頓的完整產品組合重新上線時，我們預計 2023 年看到的一些不利因素將會扭轉，對吧，尤其是從混合角度來看。這就是我提到的改進。

On top of that, there are these additional projects that I mentioned that we're launching in 2024 to extract additional value out of our supply chain and operational efficiency that should also contribute to gross margin improvement in '25 over '24.

除此之外，我提到我們將在 2024 年啟動這些額外項目，以從我們的供應鏈和營運效率中獲取額外價值，這也將有助於 25 年毛利率比 24 年提高。

But at this point, we would not dimensionalize exactly how much that value would be. We have more work to do before we're in a position to determine that. And we got a follow-on...

但此時，我們不會準確地確定該值的大小。在我們能夠確定這一點之前，我們還有更多的工作要做。我們還有後續...

I'm sorry. Go ahead.

對不起。前進。

I thought there was a second part to your question.

我認為你的問題還有第二部分。

Yes, yes. Sorry. Yes. So just one on CUSA. Is that all just comps year-over-year? Or are there competitive pressures potentially to be considering as well? And does that mean that growth snaps back in the back half on easier comps? And then also just if you -- I'm not sure if I have heard. Did you indicate whether or not you -- or timing of FDA PMA inspection for SurgiMend?

是的是的。對不起。是的。所以只有 CUSA 上的一個。這只是逐年比較嗎？或者是否也可能需要考慮競爭壓力？這是否意味著下半年經濟成長會因為比較容易的競爭而回升？然後，如果你——我不確定我是否聽說過。您是否表明您是否——或對 SurgiMend 進行 FDA PMA 檢查的時間？

So I'll take the CUSA comp question, and then I'll let Jan respond on the SurgiMend. From a CUSA perspective, so in Q1, yes, what we are seeing are much more difficult comps based on what happened in Q1 2023, and that is the primary driver. There is -- because we are in the later stages of our refresh cycle, the growth rates do naturally slow as a result of that.

因此，我將回答 CUSA comp 問題，然後讓 Jan 在 SurgiMend 上做出回應。從 CUSA 的角度來看，是的，在第一季度，我們看到的是基於 2023 年第一季發生的情況更困難的比較，這是主要驅動因素。因為我們正處於更新周期的後期階段，因此成長率自然會放緩。

And so that's a contributing factor as well. Again, it doesn't impact the size of our installed base. That is still growing. It's just growing at a lower rate than what we've seen previously.

所以這也是促成因素。同樣，它不會影響我們安裝基礎的規模。那還在增長。它只是以低於我們之前看到的速度成長。

Okay. On the SurgiMend inspection, so the pre-approval inspection, we still expect that to happen in the second half of this year in light of getting PMA in 2025 for SurgiMend.

好的。關於 SurgiMend 檢查，以及預先批准檢查，鑑於 SurgiMend 將於 2025 年獲得 PMA，我們仍然預計在今年下半年進行。

Our next question comes from Craig Bijou with BofA Securities.

我們的下一個問題來自美國銀行證券公司的 Craig Bijou。

So I wanted to go back to the Boston impact and just kind of what you guys are assuming for the second half SurgiMend and PriMatrix. I mean, if I look at the numbers, including the Q1 impact and then the full year impact, it looks like it may be $25 million or so in the second half -- of about $25 million of revenue in the second half. So I wanted to see if that was right.

所以我想回到波士頓的影響以及你們對下半場 SurgiMend 和 PriMatrix 的假設。我的意思是，如果我看一下這些數字，包括第一季的影響和全年的影響，看起來下半年可能會達到 2500 萬美元左右，下半年的收入約為 2500 萬美元。所以我想看看這是否正確。

And then if I remember correctly, the Boston products were run rating a little bit over $80 million, I think, as of -- in '22. So wanted to know what piece or what percentage of that was private label. I think you've talked about that in the past.

然後，如果我沒記錯的話，我認為截至 22 年，波士頓產品的運行評級略高於 8000 萬美元。所以想知道哪一塊或其中有多少比例是自有品牌。我想你過去已經談過這個問題了。

Yes, yes. So -- and so let me back up and just frame out. So you're right. The business in Boston, we size it about kind of 5% of our total business, which is roughly the $80 million. Within that, the private label piece is about 20%, and commercial business is about 80%, right?

是的是的。所以——所以讓我回顧一下並概述一下。所以你是對的。波士頓的業務規模約占我們總業務的 5%，約 8,000 萬美元。其中，自有品牌約佔20%，商業業務約佔80%，對嗎？

When we first talked about the potential impact in 2024 as a result of Boston, we frame that out as a $50 million impact. So off of an $80 million starting point, you get to an expectation that for 2024, we'll be about $30 million.

當我們第一次談論波士頓 2024 年的潛在影響時，我們將其確定為 5000 萬美元的影響。因此，從 8000 萬美元的起點出發，您可以預計到 2024 年，我們的收入將約為 3000 萬美元。

But that -- and the guidance we're providing now takes out of that the private label piece, which is why our guidance in terms of the tailwind that Boston is providing in 2024 is 60 basis points versus what should have been closer to or could have been closer to 150 to 200 basis points.

但是，我們現在提供的指導意見剔除了自有品牌部分，這就是為什麼我們對波士頓在 2024 年提供的順風的指導意見是 60 個基點，而不是本應更接近或可能的水平已接近150至200個基點。

Got it. That's helpful. And then on Codman, so understand and appreciate the color that you're giving with CUSA and the comps and where you are in that replacement -- or the placement cycle.

知道了。這很有幫助。然後在 Codman 上，理解並欣賞你在 CUSA 和比較中所賦予的色彩，以及你在替換或放置週期中的位置。

How should we think about Codman growth in '24? Is it going to be at the lower end given some of the dynamics, the lower end of your LRP, that 3% to 5%, I believe?

我們該如何看待 Codman 在 24 年的成長？考慮到一些動態，LRP 的下限，我認為是 3% 到 5%，它會處於下限嗎？

Yes. So Codman actually had really strong growth. And again, if I could just step back and look at 2023. On a full year basis, our growth across that division was 4.8%, which is actually at the higher end of the range that we anticipate for that business.

是的。所以科德曼實際上有非常強勁的成長。再說一遍，如果我能退後一步，看看 2023 年。從全​​年來看，我們該部門的成長率為 4.8%，這實際上處於我們對該業務預期範圍的高端。

And as we continue into 2024, we'll continue to see that business operate in that strong mid-single-digit sort of area. And so, yes, definitely don't anticipate any kind of slowing down, if you will, for that part of our business.

隨著 2024 年的到來，我們將繼續看到該業務在強勁的中個位數區域中運作。因此，是的，如果你願意的話，絕對不要預期我們這部分業務會出現任何放緩。

Our next question comes from Dave Turkaly with Citizens JMP.

我們的下一個問題來自 Citizens JMP 的 Dave Turkaly。

I think, last quarter, we talked about expecting sort of a 10% to 15% replacement rate maybe for the products that were off. And I was just curious, based on the comments and maybe even on Skin, are you running a little bit below that? Or any update you can give us there?

我想，上個季度，我們談到了預計停產產品的更換率可能為 10% 到 15%。我只是很好奇，根據評論，甚至可能在皮膚上，你的跑步速度是否低於這個水平？或者您可以向我們提供任何更新嗎？

Yes. That replacement rate is still around that range definitely in the wounds. And yes, it's one of the factors that drove a strong Skin demand and why our inventories over that -- the past several quarters have further depleted, a bit more vulnerable to some yield effects on the line. Yes. Overall, that replacement was in that range.

是的。替代率仍然在這個範圍內，這肯定是有問題的。是的，這是推動皮膚需求強勁的因素之一，也是我們庫存的原因之一——過去幾季進一步耗盡，更容易受到產量影響。是的。總體而言，該替代品在該範圍內。

And then maybe for Lea, appreciate the headwinds in 1Q. But if you look at the Skin supply and then CUSA -- and I was wondering if you might rank them or quantify them maybe in terms of that revenue and/or the EPS impact do you think they're going to have in that first quarter, again, recognizing that EPS number was certainly the most impacted.

也許對於 Lea 來說，她會欣賞第一季的逆風。但如果你看看 Skin 的供應，然後看看 CUSA，我想知道你是否可以根據收入和/或 EPS 影響對它們進行排名或量化，你認為它們在第一季度會產生什麼影響？再次認識到每股收益無疑是受影響最大的。

Yes. So I think if I had dimensionalize for you the impact, the Skin impact is probably the larger determinant for why, on a Q1 basis, our growth outside of Boston is not what we would anticipate in terms of single-digit growth, with CUSA Clarity being kind of the next element. And again, part -- a big part of that being the comp year-on-year.

是的。因此，我認為，如果我對影響進行維度化，那麼皮膚影響可能是更大的決定因素，這解釋了為什麼在第一季的基礎上，我們在波士頓以外地區的成長並不是我們預期的個位數增長，CUSA Clarity是下一個元素的一種。再說一遍，其中很大一部分是同比。

Our last question comes from Joanne Wuensch with Citi.

我們的最後一個問題來自花旗銀行的 Joanne Wuensch。

And Jan, congratulations on retirement. I'm just sort of curious, as you go about the search what you're thinking the next CEO should bring to the table and what he or she may do differently.

簡，祝賀退休。我只是有點好奇，當你進行搜尋時，你認為下一任執行長應該帶來什麼，以及他或她可能會採取哪些不同的做法。

And then I'll toss my second question in now. There was commentary during the call about it sounds like you're refocused or an increased focus on international opportunities. Can you sort of frame that and how you think about funding it and the time frame to accelerating it?

然後我現在提出第二個問題。電話會議期間有評論稱，聽起來您正在重新關注或更關注國際機會。您能否對此進行某種框架以及您如何考慮為其提供資金以及加速它的時間框架？

So on the CEO succession, like we communicated, I mean, the Board has put a search committee in place. We're working with Heidrick & Struggles to do a thorough and deliberate search to find a CEO successor that. On the one hand, it comes with proven track record of driving profitable growth businesses and, at the same time, further building out a high-performing organization.

因此，關於執行長繼任者，正如我們所傳達的那樣，我的意思是，董事會已經成立了一個遴選委員會。我們正在與海德思哲合作，進行徹底、深思熟慮的搜索，以尋找合適的執行長繼任者。一方面，它在推動業務獲利成長方面擁有良好的記錄，同時進一步建立了高績效的組織。

From a strategy perspective, I mean, the strategy that we've been driving over the past couple of years, the strategy that we built with the executive leadership team and our Board going after commercial acceleration with new product development, digital, building out our position in the care pathways, both organic and inorganic and driving international, that strategy remains intact.

從策略角度來看，我的意思是，我們過去幾年一直在推動的策略，我們與執行領導團隊和董事會共同製定的策略，透過新產品開發、數位化、建立我們的該策略在有機和無機護理途徑以及推動國際化方面的地位保持不變。

And my focus this year with the leadership team is making sure not just to deliver the 2024 plan, but also further drive that momentum behind that strategy. And expectation is that we'll continue in that direction.

今年我與領導團隊的重點不僅是確保實現 2024 年計劃，還要進一步推動該策略背後的勢頭。我們期望我們將繼續朝這個方向發展。

In terms of international, we had a great international year. It is one of the strategic levers, and it will remain one of the strategic levers where we can further drive our penetration and commercial execution, not just in China, but in the breadth of international countries outside the U.S.

在國際方面，我們度過了美好的國際年。它是戰略槓桿之一，而且仍將是我們可以進一步推動我們的滲透和商業執行的戰略槓桿之一，不僅在中國，而且在美國以外的廣大國際國家。

Ladies and gentlemen, this does conclude today's presentation for today. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。