Integra Lifesciences Holdings Corp (IART) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Integra LifeSciences' fourth-quarter 2024 financial results. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎閱讀 Integra LifeSciences 2024 年第四季財務表現。（操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的發言人、投資者關係高級總監克里斯沃德 (Chris Ward)。請繼續。

Good morning and thank you for joining the Integra LifeSciences' fourth-quarter 2024 earnings conference call. Joining me on the call this morning are Mojdeh Poul, President and Chief Executive Officer; and Lea Knight, Chief Financial Officer. This morning, we issued a press release announcing our fourth-quarter and full-year 2024 financial results.

早安，感謝您參加 Integra LifeSciences 2024 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 Mojdeh Poul；以及財務長 Lea Knight。今天上午，我們發布了一份新聞稿，宣布了我們的第四季度和 2024 年全年財務業績。

The release and corresponding earnings presentation, which we will reference during the call, are available at integralife.com under Investors, Events and Presentations in the file named Fourth Quarter 2024 Earnings Call Presentation. 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.

我們將在電話會議中參考的新聞稿和相應的收益介紹可在 integralife.com 的「投資者、活動和介紹」下的名為「2024 年第四季財報電話會議介紹」的文件中查閱。在我們開始之前，我想提醒大家，本次電話會議中的許多聲明可能被視為前瞻性的。該公司向美國證券交易委員會提交的《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 reported and organic revenue growth. Organic revenue growth excludes the effects of foreign currency, acquisitions, and divestitures. Unless otherwise stated, all disaggregated and franchise-level revenue growth rates are based on organic performance.

此外，在我們準備好的評論中，我們將參考報告和有機收入成長。有機收入成長不包括外幣、收購和資產剝離的影響。除非另有說明，所有分類和特許經營等級的收入成長率均基於有機表現。

Lastly, our comments today will include certain non-GAAP financial measures. Reconciliations of 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 today 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。非公認會計準則 (non-GAAP) 財務指標的對帳表可在今天的新聞稿中找到，該新聞稿是 Integra 今天向美國證券交易委員會 (SEC) 提交的 8-K 表格當前報告的附件。

With that, I will now turn the call over to Mojdeh.

說完這些，我現在將電話轉給 Mojdeh。

Thank you, Chris. Good morning, everyone, and thank you for joining us today. Before we begin, I want to take a moment to recognize and thank our employees around the world. Over the past several months, our teams have navigated challenges with dedication and resilience, staying focused on delivering for our customers and patients. Their hard work, as reflected in our fourth-quarter results, is what makes Integra the company it is today, and I am truly grateful for their commitment.

謝謝你，克里斯。大家早安，感謝大家今天加入我們。在我們開始之前，我想花點時間表彰和感謝我們在世界各地的員工。在過去的幾個月裡，我們的團隊憑藉奉獻和韌性克服了挑戰，始終專注於為我們的客戶和患者提供服務。正如我們第四季的業績所反映的那樣，他們的辛勤工作使 Integra 成為了今天的公司，我由衷地感謝他們的奉獻。

I'm delighted to be here for my first earnings call as President and CEO of Integra LifeSciences. Before we dive into our results, I want to take a few minutes to introduce myself, share what excites me about Integra and offer some initial thoughts on our opportunities and challenges.

我很高興能作為 Integra LifeSciences 總裁兼執行長來到這裡參加我的第一次財報電話會議。在我們深入討論結果之前，我想花幾分鐘時間介紹一下自己，分享一下我對 Integra 感到興奮的地方，並對我們的機會和挑戰提出一​​些初步想法。

I joined Integra last month after nearly 30 years in med tech industry, most recently leading 3M's Global Health Care business. Over the years, I have gained deep experience in business strategy and transformation, innovation, operations, and commercial excellence. More importantly, I've had the privilege of leading teams through complex challenges, and that is exactly what I'm doing here at Integra.

我在醫療科技產業工作了近 30 年，最近領導 3M 的全球醫療保健業務，上個月加入 Integra。多年來，我在商業策略和轉型、創新、營運和商業卓越方面積累了豐富的經驗。更重要的是，我有幸帶領團隊克服複雜的挑戰，而這正是我在 Integra 所做的事情。

Let me tell you why I'm excited about joining Integra. I'm drawn to our company's mission, highly committed workforce, differentiated product portfolio, and leadership position in highly specialized markets. I see tremendous opportunities to drive growth and innovation, but I also recognize the near-term challenges ahead. Our recent performance has not met expectations. We have critical areas that need to be improved and I'm fully committed to making those improvements.

讓我告訴你為什麼我對加入 Integra 感到興奮。我被我們公司的使命、高度敬業的員工、差異化的產品組合以及在高度專業化的市場中的領導地位所吸引。我看到了推動成長和創新的巨大機遇，但我也意識到未來面臨的短期挑戰。我們最近的表現沒有達到預期。我們有一些關鍵領域需要改進，我全力致力於實現這些改進。

Since joining, I've spent time listening and learning. I have had conversations with our customers, employees and investors and have visited a number of our manufacturing sites. These discussions have provided me with valuable insights into our strength and where we need to improve. And here's what I know. Integra has a strong foundation upon which to build a bright future.

自從加入以來，我一直花時間傾聽和學習。我與我們的客戶、員工和投資者進行了交談，並參觀了我們的許多生產基地。這些討論讓我對我們的優勢以及我們需要改進的地方有了寶貴的見解。以下是我所知道的。Integra 擁有堅實的基礎，可以在此基礎上創造美好的未來。

Our differentiated portfolio is highly relied upon by surgeons, and it is profitable. We operate in attractive markets and the demand for our products remain strong. I have no doubt that with the right focus on execution, we can unlock significant value. That said, we have operational challenges to address. Quality, manufacturing and supply chain improvements remain our top priority.

我們的差異化產品組合受到外科醫生的高度信賴，並且有利可圖。我們的市場極具吸引力，對我們產品的需求依然強勁。我堅信，只要正確重視執行，我們就能釋放巨大的價值。話雖如此，我們仍需要應對營運挑戰。品質、製造和供應鏈改進仍然是我們的首要任務。

We must stabilize our operations and strengthen our quality systems to ensure we reliably meet growing customer demand. Once we do that, we will be in a better position to serve our customers, regain momentum and accelerate growth in key markets. We are already making meaningful progress.

我們必須穩定我們的營運並加強我們的品質體系，以確保我們可靠地滿足不斷增長的客戶需求。一旦我們做到這一點，我們將能夠更好地服務我們的客戶，重新獲得發展動能並加速主要市場的成長。我們已經取得了有意義的進展。

For the last six months, we have been executing on an enterprise-wide Compliance Master Plan to ensure systemic and sustainable improvements to Integra's manufacturing processes and global quality management system. We have prioritized and initiated 10 work streams of the Compliance Master Plan, building a framework that is consistent with industry standard quality system regulations.

在過去的六個月裡，我們一直在執行一項全企業範圍的合規總體規劃，以確保 Integra 的製造流程和全球品質管理系統得到系統性和永續性的改善。我們已優先啟動合規總體規劃的10個工作流程，建構符合業界標準品質系統法規的架構。

To develop the framework and governing model, we are partnering with third-party consulting firms that bring extensive expertise in quality management system improvement. We have committed significant resources to support not only remediation efforts for the FDA Form 483 and warning letter observations, but also implementation of Compliance Master Plan. These resources will allow us to sustain the improvements long term across the company.

為了開發框架和管理模型，我們與在品質管理系統改進方面擁有豐富專業知識的第三方顧問公司合作。我們投入了大量資源，不僅支持針對 FDA 483 表格和警告信觀察結果的補救工作，還支持合規總體規劃的實施。這些資源將使我們能夠在整個公司範圍內長期維持改善。

I have already spent a great deal of time with our quality and operations teams and have been encouraged by both the comprehensiveness of their plans and their commitment to execute them. Their efforts have begun to bear fruit. For example, as expected, in the fourth quarter, we successfully cleared many of the third quarter ship holds.

我已經花了大量時間與我們的品質和營運團隊在一起，他們的計劃的全面性和執行計劃的承諾令我感到鼓舞。他們的努力已開始取得成果。例如，正如預期的那樣，在第四季度，我們成功清理了許多第三季度的船艙。

Beyond compliance, we are investing in our future. We are making facility equipment upgrades to enhance quality, resilience, and capacity so we can better deliver for our customers. In the fourth quarter, we were able to ramp up production of Integra Skin in our collagen manufacturing center. Additionally, we hit key milestones toward bringing our Braintree facility online in the first half of 2026 which will allow us to restart production of SurgiMend and PriMatrix.

除了合規之外，我們還在投資我們的未來。我們正在對設施設備進行升級，以提高品質、彈性和容量，以便更好地為客戶提供服務。在第四季度，我們能夠在膠原蛋白製造中心提高 Integra Skin 的產量。此外，我們在 2026 年上半年實現 Braintree 工廠上線的關鍵里程碑，這將使我們能夠重新開始生產 SurgiMend 和 PriMatrix。

We are confident in our ability to regain share and drive growth with these differentiated products. We are also advancing our dual PMA clinical strategy for SurgiMend and DuraSorb to capitalize on the opportunity in the attractive implant-based breast reconstruction market.

我們有信心憑藉這些差異化產品重新奪回市場份額並推動成長。我們也正在推進 SurgiMend 和 DuraSorb 的雙重 PMA 臨床策略，以利用極具吸引力的基於植入物的乳房重建市場中的機會。

Additionally, we continue to make progress in driving our global expansion strategy, including the continued market uptake of CereLink. We expanded our international commercial footprint in Brazil, India, Korea, and China, leveraging key products and strengthening our global presence. Additionally, we continue to build our in-China-for-China manufacturing capability to better serve this important market.

此外，我們在推動全球擴張策略方面持續取得進展，包括持續擴大 CereLink 的市場佔有率。我們擴大了在巴西、印度、韓國和中國的國際商業足跡，利用關鍵產品並加強了我們的全球影響力。此外，我們將繼續建立在中國為中國製造的能力，以便更好地服務這個重要的市場。

We have also strengthened our leadership with recent appointments. We appointed a new Chief Quality and Regulatory Officer and new Chief Quality Officer and strengthened many leadership roles at our manufacturing sites to enhance our operational focus and execution capabilities. Also, as previously announced, our Board has established a new standing quality committee to reinforce oversight and accountability.

我們也透過最近的任命加強了我們的領導能力。我們任命了新的首席品質和監管官以及新的首席品質官，並加強了製造基地的許多領導角色，以增強我們的營運重點和執行能力。此外，正如先前宣布的那樣，我們的董事會已經成立了一個新的常設品質委員會，以加強監督和問責。

Looking ahead, our priorities are clear. We will continue executing our Compliance Master Plan and work to resolve our outstanding FDA warning letters. We will remain laser-focused on reliable delivery of products to our customers, and we'll continue building trust with our investors through transparency and consistent execution. Ultimately, our goal is to deliver strong, sustainable growth, earnings, and cash flow performance.

展望未來，我們的優先事項很明確。我們將繼續執行我們的合規總體規劃並努力解決未解決的 FDA 警告信。我們將繼續專注於向客戶可靠地交付產品，並將繼續透過透明度和一致的執行與投資者建立信任。最終，我們的目標是實現強勁、可持續的成長、獲利和現金流表現。

By strengthening our operations, improving our quality systems and driving meaningful innovation, we will fully capitalize on our market leading portfolio, and drive long-term value for our customers, employees and shareholders. Turning to our financial results. Total revenue for the fourth quarter was $443 million, representing year-over-year reported growth of 11.5% and landing within our guidance range.

透過加強營運、改善品質系統和推動有意義的創新，我們將充分利用我們市場領先的產品組合，為我們的客戶、員工和股東創造長期價值。談到我們的財務結果。第四季總營收為 4.43 億美元，年增 11.5%，處於我們的指導範圍內。

Revenue increased by approximately $62 million over the third quarter, driven in part by supply chain recovery, clearance of ship holds, and the ramp-up of Integra skin production. Our fourth quarter performance reflects continued strong growth across many parts of our portfolio and the successful integration of Acclarent.

第三季營收增加了約 6,200 萬美元，部分原因是供應鏈恢復、船艙清理以及 Integra 外皮產量增加。我們第四季度的業績反映了我們投資組合中許多部分的持續強勁成長以及 Acclarent 的成功整合。

Fourth-quarter adjusted EPS was $0.97 and which was above our guidance range. Since joining Integra last month, I have gained a better understanding of our quality and operational challenges through my own diligence and discussions with our team and our customers. We still have substantial work ahead of us as we execute our Compliance Master Plan, strengthen our quality systems and improve our operations.

第四季調整後的每股盈餘為 0.97 美元，高於我們的預期範圍。自從上個月加入 Integra 以來，透過我自己的努力以及與我們的團隊和客戶的討論，我對我們的品質和營運挑戰有了更好的了解。在執行合規總體規劃、加強品質系統和改善營運方面，我們仍有大量工作要做。

While I continue to assess the business, we have elected to use a wider-than-typical revenue guidance range for 2025. First quarter revenues are forecasted to be between $375 million and $385 million, representing reported growth in the range of approximately 1.6% to 4.4%, with organic growth expected in the range of approximately negative 6.2% to negative 3.5%.

在我繼續評估業務的同時，我們選擇使用比典型範圍更廣的 2025 年收入指導範圍。預計第一季營收在 3.75 億美元至 3.85 億美元之間，報告成長率約為 1.6% 至 4.4%，有機成長率預計約為 -6.2% 至 -3.5%。

For 2025 full year, revenues are projected to be between $1.65 billion and $1.72 billion. We expect adjusted EPS for the first quarter to be in the range of $0.40 to $0.45. For the full year, we anticipate adjusted EPS to be between $2.41 and $2.51.

預計 2025 年全年收入將在 16.5 億美元至 17.2 億美元之間。我們預計第一季調整後的每股盈餘將在 0.40 美元至 0.45 美元之間。我們預計全年調整後的每股盈餘將在 2.41 美元至 2.51 美元之間。

With that, I'll turn the call over to Lea, who will provide more details on our financial results and guidance.

說完這些，我將把電話轉給 Lea，她將提供有關我們的財務結果和指導的更多詳細資訊。

Thanks, Mojdeh. We'll begin with our full-year financial results, starting with slide 5. Our 2024 revenues were $1.61 billion, representing 4.5% growth on a reported basis and a decline of 1.3% on an organic basis. 2024 organic revenue growth was impacted by approximately $90 million in supply challenges and quality-related product holds, which more than offset the mid-single-digit growth we saw on the product portfolio with stable supply. Our net organic decline was offset by an approximate $95 million revenue contribution from the Acclarent acquisition to drive the 4.5% reported revenue growth.

謝謝，Mojdeh。我們將從第五張投影片開始介紹全年財務表現。我們的 2024 年營收為 16.1 億美元，按報告基礎計算成長 4.5%，以有機基礎計算下降 1.3%。 2024 年有機收入成長受到約 9,000 萬美元的供應挑戰和品質相關產品扣留的影響，這遠遠抵消了我們在供應穩定的產品組合中看到的中等個位數成長。我們的淨有機下降被 Acclarent 收購帶來的約 9,500 萬美元收入貢獻所抵消，從而推動了 4.5% 的報告收入成長。

We saw above-market growth across many parts of our portfolio this year and areas unaffected by supply challenges. This continues to give us confidence in the durable strength of our differentiated portfolio. In our CSF business, we delivered performance at or above mid-single digits in CUSA disposables, Certas Plus programmable valves, DuraGen, and Mayfield Capital.

今年，我們的許多投資組合以及未受供應挑戰影響的領域的成長均高於市場水準。這讓我們對差異化產品組合的持久實力充滿信心。在我們的 CSF 業務中，我們在 CUSA 一次性產品、Certas Plus 可編程閥門、DuraGen 和 Mayfield Capital 方面實現了中等個位數或以上的業績。

CerebroFlo EVD catheters posted double-digit growth results, while CereLink monitors also contributed significant growth. In Tissue Technologies, our wound reconstruction franchise, we have a number of products in our portfolio that delivered double-digit growth, including our UBM portfolio, DuraSorb, and AmnioExcel.

CerebroFlo EVD導管取得了兩位數的成長，而CereLink監視器也貢獻了顯著的成長。在我們的傷口重建特許經營權 Tissue Technologies 中，我們的產品組合中有許多產品實現了兩位數的成長，包括我們的 UBM 產品組合、DuraSorb 和 AmnioExcel。

Our adjusted EPS for the year was $2.56, down 17.4% versus 2023. The reduction in EPS was mainly due to supply challenges during the year, along with additional investments in the Compliance Master Plan, partially offset by spending reductions implemented during the year.

我們今年的調整後每股收益為 2.56 美元，較 2023 年下降 17.4%。每股收益的減少主要是由於本年度的供應挑戰以及合規總體規劃的額外投資，但本年度實施的支出削減部分抵消了這一影響。

Looking at the middle of the P&L, our gross margins were 64.5% for the year down 160 basis points versus 2023 due to supply challenges and the second-half investments in the Compliance Master Plan. Turning to adjusted EBITDA. Our full-year adjusted EBITDA margin was 20% down 400 basis points compared to 2023. Our adjusted EBITDA margin performance reflects the impact of the supply challenges and implementation of the Compliance Master Plan and spending reductions while we maintained investments in key strategic priorities throughout the year.

從損益表中來看，由於供應挑戰和下半年對合規總體規劃的投資，我們今年的毛利率為 64.5%，較 2023 年下降了 160 個基點。轉向調整後的 EBITDA。我們的全年調整後 EBITDA 利潤率為 20%，與 2023 年相比下降了 400 個基點。我們調整後的 EBITDA 利潤率表現反映了供應挑戰、合規總體規劃實施和支出削減的影響，同時我們全年仍保持對關鍵策略重點的投資。

Operating cash flow for the full year was $129.4 million with a free cash flow conversion of 12.7%. Our operating cash flow and free cash flow conversion rate declined versus 2023 as we invested in manufacturing infrastructure to improve supply reliability.

全年營運現金流為 1.294 億美元，自由現金流轉換率為 12.7%。由於我們投資製造基礎設施以提高供應可靠性，我們的營運現金流量和自由現金流量轉換率與 2023 年相比有所下降。

On slide 6, I will cover our fourth-quarter financial results. Our fourth-quarter revenues were $443 million, representing an increase of 11.5% on a reported basis and organic growth of 3.5%. We saw a $62 million sequential step-up in revenue driven by clearance of the third-quarter shipping holds, the return of Integra Skin to historical revenue levels, and typical seasonality.

在第 6 張投影片上，我將介紹我們第四季的財務表現。我們的第四季營收為 4.43 億美元，年增 11.5%，有機成長 3.5%。我們的收入連續成長 6,200 萬美元，這得益於第三季貨物清關、Integra Skin 收入恢復到歷史水平以及典型的季節性因素。

Our adjusted EPS for the quarter was $0.97, up 9% compared to 2023 and above our guidance range. Our adjusted EPS includes a $0.10 benefit from a 325 basis point reduction in the 2024 adjusted tax rate. Looking at the middle of the P&L, gross margins were 65.2% for the fourth quarter, up 50 basis points versus 2023, primarily due to favorable revenue mix. For the fourth quarter, our adjusted EBITDA margin was 23.7%, down 160 basis points compared to 2023.

本季調整後的每股收益為 0.97 美元，較 2023 年增長 9%，高於我們的指導範圍。我們的調整後每股盈餘包括 2024 年調整後稅率降低 325 個基點帶來的 0.10 美元收益。從損益表中部來看，第四季的毛利率為 65.2%，比 2023 年上升了 50 個基點，這主要歸功於有利的收入組合。第四季度，我們的調整後 EBITDA 利潤率為 23.7%，與 2023 年相比下降了 160 個基點。

The year-on-year margin decline reflects favorable gross margins, offset by a modest temporary impact from the order to cash cutover from the Acclarent integration and the timing of certain operating expenses. Operating cash flow for the fourth quarter was $50.7 million with a free cash flow conversion of 28.8%.

利潤率同比下降反映了良好的毛利率，但被 Acclarent 整合帶來的訂單到現金轉換以及某些營運費用的時間安排所帶來的輕微暫時影響所抵消。第四季經營現金流為 5,070 萬美元，自由現金流轉換率為 28.8%。

Turning 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 $314.7 million, an increase of 15.8% on a reported basis and 4.1% on an organic basis from the prior year.

翻到幻燈片 7。我們將深入探討第四季的 CSS 營收亮點。CSS 第四季報告營收為 3.147 億美元，較上年同期報告成長 15.8%，有機成長 4.1%。

Outsized reported growth was driven by the Acclarent acquisition with integration performance largely in line with our expectations. Global sales in Neurosurgery grew 5.1% on an organic basis as we were able to clear a majority of the shipping holds experienced in the third quarter and delivered growth in line with the market.

超額的報告成長是由 Acclarent 收購所推動的，整合績效基本上符合我們的預期。由於我們能夠清理第三季的大部分貨運艙位並實現與市場同步成長，神經外科全球銷售額有機成長 5.1%。

At the segment level, CSF management grew low double-digits, primarily driven by strong performance of our BactiSeal and Certas Plus product lines, reflecting the continued strength of our differentiated solutions for the treatment of hydrocephalus. In neuro monitoring, revenues increased by high-single digits, fueled by strong sales of our CereLink ICP monitors and our BactiSeal and CerebroFlo EVD catheters. We continue to reinforce our leadership position in ICP monitoring and drainage catheters.

在細分市場層面，CSF 管理實現了低兩位數成長，主要得益於 BactiSeal 和 Certas Plus 產品線的強勁表現，反映了我們用於治療腦積水的差異化解決方案的持續強勁表現。在神經監測領域，由於我們的 CereLink ICP 監測器以及 BactiSeal 和 CerebroFlo EVD 導管的強勁銷售，收入實現了高個位數成長。我們繼續鞏固在 ICP 監測和引流導管領域的領導地位。

In advanced energy, we experienced low single-digit growth, primarily driven by CUSA disposables. Lastly, in our dural access and repair franchise, we saw a low single-digit decline, largely due to the third quarter recall of our patties and strips. The decline was partially offset by robust performance from DuraGen, DuraSeal, and Mayfield, which continued to generate strong demand. Our capital sales grew mid-single digits, reflecting the strong funnels for our capital business.

在先進能源領域，我們經歷了低個位數成長，主要受 CUSA 一次性能源的推動。最後，在我們的硬腦膜通路和修復特許經營中，我們看到了低個位數的下降，這主要是由於第三季度召回了我們的肉餅和肉條。DuraGen、DuraSeal 和 Mayfield 的強勁表​​現部分抵消了這一下降，這些公司繼續產生強勁的需求。我們的資本銷售額成長了中等個位數，反映了我們資本業務的強勁成長動能。

In Instruments, growth was approximately flat for the quarter as robust sales in hospitals were offset by decreases in alternative site sales due to order timing. Shifting to international. Sales were down low single-digits as we cleared our shipping holds in international markets later than in the U.S.

在儀器方面，本季的成長基本上持平，因為醫院的強勁銷售被訂單時間導致的其他站點銷售的下降所抵消。轉向國際化。由於我們在國際市場上清理貨物的時間比在美國晚，因此銷售額下降了個位數。

Moving to our Tissue Technologies segment on slide 8. Tissue Technologies grew 2% on both a reported and organic basis compared to the prior year. Fourth-quarter sales in the Wound Reconstruction franchise increased by 8.2% driven by double-digit growth in DuraSorb, our UBM portfolio, and AmnioExcel. We remain excited by the robust growth we're seeing in DuraSorb, which remains ahead of our deal model and the double-digit growth we have seen from our UBM portfolio.

前往投影片 8 上的組織技術部分。與去年相比，Tissue Technologies 的報告和有機成長率均達到了 2%。傷口重建特許經營業務第四季度的銷售額增長了 8.2%，這得益於 DuraSorb、我們的 UBM 產品組合和 AmnioExcel 的兩位數增長。我們對 DuraSorb 的強勁成長感到興奮，它仍然領先於我們的交易模式和我們從 UBM 投資組合中看到的兩位數成長。

We also delivered mid-single-digit growth in Integra Skin. We remain encouraged by the broad strength and resilience of our Wound Reconstruction portfolio, which underscores the long-term growth potential of this business. In private label, sales were down 16% versus last year due to component supply delays. Finally, international sales in Tissue Technologies were down low double digits due to longer inventory recovery timelines on Integra Skin.

我們的 Integra Skin 也實現了中等個位數成長。我們仍然對傷口重建產品組合的廣泛實力和彈性感到鼓舞，這凸顯了該業務的長期成長潛力。由於零件供應延遲，自有品牌的銷售額較去年同期下降了 16%。最後，由於 Integra Skin 的庫存恢復時間較長，Tissue Technologies 的國際銷售額下降了兩位數。

If you turn to slide 9, I will provide a brief update on our balance sheet, capital structure, and cash flow. During the quarter, operating cash flow was $50.7 million and free cash flow was $21.1 million, reflecting increased investment in CapEx. Free cash flow conversion was 28.8% for the quarter. As of December 31, net debt was $1.5 billion, and our consolidated total leverage ratio was 4 times. Our current max leverage ratio under our debt covenant is 5 times through the third quarter of 2025. The company had total liquidity of $1.2 billion, including $273 million in cash and short-term investments and the remainder available under our revolving credit facility.

如果您翻到第 9 張投影片，我將簡要介紹我們的資產負債表、資本結構和現金流。本季度，營運現金流為 5,070 萬美元，自由現金流為 2,110 萬美元，反映出資本支出增加。本季自由現金流轉換率為28.8%。截至 12 月 31 日，淨債務為 15 億美元，我們的合併總槓桿率為 4 倍。截至 2025 年第三季度，我們債務契約下的最大槓桿率為 5 倍。該公司的總流動資金為 12 億美元，其中包括 2.73 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。

On slide 10, I will provide our consolidated revenue and adjusted earnings per share guidance for the first quarter and full-year 2025. First-quarter revenues are forecasted to be between $375 million to $385 million, representing reported growth in the range of 1.6% to 4.4% and includes an approximate 60 basis point headwind versus the prior year from FX.

在第 10 張投影片上，我將提供 2025 年第一季和全年的綜合收入和調整後每股盈餘指引。預計第一季營收將在 3.75 億美元至 3.85 億美元之間，報告成長率在 1.6% 至 4.4% 之間，其中包括與上年相比來自外匯的約 60 個基點的逆風。

We expect organic growth in the range of minus 6.2% to minus 3.5%. Our forecast reflects continued strong global demand for our products, primarily offset by approximately $10 million of quality-related shipping holds carried over from 2024 and an incremental $8 million to $10 million in quality-related ship holds already identified in the first quarter as part of our Compliance Master Plan.

我們預計有機成長率將在-6.2%至-3.5%之間。我們的預測反映了全球對我們產品的持續強勁需求，主要被從 2024 年結轉的價值約 1000 萬美元的質量相關船舶滯留以及第一季度已確定的作為我們合規總體計劃的一部分的 800 萬至 1000 萬美元的增量質量相關船舶滯留所抵消。

Our first-quarter guidance also reflects a slower production ramp for Integra Skin. While we returned Integra Skin into historical run rates in Q4 and experienced some catch-up, our scheduled maintenance and equipment upgrades, combined with the lower than historical safety stock will likely result in some supply constraints that may prevent us from fully meeting demand in Q1. We have planned improvements that are progressing well, and we are optimistic about returning Integra Skin to normal production levels in 2025.

我們第一季的預期也反映了 Integra Skin 產量成長放緩。雖然我們在第四季度將 Integra Skin 的運行率恢復到了歷史水平，並且經歷了一些追趕，但我們的定期維護和設備升級，加上低於歷史水平的安全庫存，可能會導致一些供應限制，從而可能阻止我們在第一季度完全滿足需求。我們已計劃進行改進，目前進展順利，我們對 Integra Skin 在 2025 年恢復正常生產水準充滿信心。

For the full-year 2025, revenues are forecasted to be in the range of $1.65 billion to $1.72 billion, reflecting continued demand for our differentiated portfolio and a full year of Acclarent revenue, offset by potential for supply disruption from the execution of the Compliance Master Plan. We expect full-year reported revenue growth of 2.4% to 6.5%, including an approximate 50 basis point FX headwind and an organic growth of approximately 1% to 5%.

預計 2025 年全年收入將在 16.5 億美元至 17.2 億美元之間，這反映了對我們差異化產品組合的持續需求以及 Acclarent 全年收入，但合規總體規劃執行可能造成的供應中斷將抵消這一影響。我們預計全年報告營收成長 2.4% 至 6.5%，其中包括約 50 個基點的外匯逆風和約 1% 至 5% 的有機成長。

We expect to see a sequential increase in revenue performance as the year unfolds, primarily driven by demand growth, clearance of our current quality-related holds and normal seasonality. Additionally, we expect to see a sequential increase from improvement in Integra Skin production and resolution of the private label component supply issues in the second half.

我們預計，隨著時間的推移，收入表現將持續成長，這主要受到需求成長、目前與品質相關的庫存清倉以及正常季節性的影響。此外，我們預計下半年 Integra Skin 產量將隨著改善和自有品牌組件供應問題的解決而持續成長。

Turning to adjusted earnings guidance. For the first quarter, we expect adjusted EPS to be $0.40 to $0.45, driven by supply challenges and incremental investments in the Compliance Master Plan. For the full year, we expect our adjusted EPS to be in the range of $2.41 to $2.51 per share, reflecting the revenue growth of the business, an approximate 70 basis point decrease in gross margin from investments in the compliance master plan and an approximate 300 basis point increase in our adjusted tax rate versus 2024.

轉向調整後的獲利指引。對於第一季度，我們預計調整後的每股收益為 0.40 美元至 0.45 美元，這主要受到供應挑戰和合規總體規劃增量投資的影響。我們預計全年調整後的每股收益將在 2.41 美元至 2.51 美元之間，這反映了業務收入的增長、合規總體規劃投資導致的毛利率下降約 70 個基點，以及調整後的稅率與 2024 年相比增加約 300 個基點。

Our adjusted EPS guidance also reflects our plans for careful cost management to maintain key investments while managing profitability. For your reference, we have included the key assumptions underlying our first quarter and full year guidance as well as key modeling inputs on slide 11.

我們調整後的每股盈餘指引也反映了我們謹慎的成本管理計劃，以在管理獲利能力的同時維持關鍵投資。為了供您參考，我們在第 11 張投影片中列出了第一季和全年指引的關鍵假設以及關鍵模型輸入。

With that, I will turn the call back to Mojdeh.

說完這些，我會把電話轉回 Mojdeh。

Thank you, Lea. Please turn to slide 12. As we conclude our prepared remarks, I want to take a moment to reflect on where we stand and where we're headed. Integra is built on a strong foundation. Our market-leading portfolio, talented team, and commitment to delivering innovative solutions for our customers and their patients.

謝謝你，Lea。請翻到第 12 張投影片。在我們結束準備好的發言時，我想花一點時間來思考我們的立場和前進的方向。Integra 建立在堅實的基礎上。我們擁有市場領先的產品組合、優秀的團隊以及為客戶及其患者提供創新解決方案的承諾。

While we acknowledge the operational challenges we are facing, we are actively addressing them with urgency, discipline, and focused execution. We are making meaningful progress in stabilizing operations, strengthening quality systems and insuring supply chain reliability. At the same time, we remain committed to investing in innovation, manufacturing infrastructure and global expansion to better serve our customers and drive sustainable long-term growth.

雖然我們承認我們面臨營運挑戰，但我們正在以緊迫感、紀律性和專注的執行力積極應對這些挑戰。我們在穩定營運、強化品質系統和確保供應鏈可靠性方面取得了有意義的進展。同時，我們將繼續致力於投資創新、製造基礎設施和全球擴張，以更好地服務客戶並推動可持續的長期成長。

Looking ahead, our priorities are clear: executing on our Compliance Master Plan, driving operational excellence, and delivering sustainable financial performance. We will continue to operate with transparency, accountability and a relentless focus on execution. I am confident we will navigate these challenges and seize the opportunities ahead. By staying disciplined, we will unlock Integra's full potential and create lasting value for our customers, employees, and shareholders.

展望未來，我們的優先事項很明確：執行合規總體規劃、推動卓越營運並實現可持續的財務表現。我們將繼續以透明、負責和堅持不懈地註重執行的方式開展工作。我相信我們能夠克服這些挑戰並抓住未來的機會。透過保持紀律，我們將釋放 Integra 的全部潛力，並為我們的客戶、員工和股東創造持久的價值。

Thank you for your time today. I look forward to keeping you updated on our progress in the months ahead. Operator, please open the lines for questions.

感謝您今天抽出時間。我期待在未來幾個月向您通報我們的進展。接線員，請打開熱線來回答問題。

(Operator Instructions) Matt Taylor, Jefferies.

（操作員指示）馬特·泰勒（Matt Taylor），傑富瑞（Jefferies）。

Thank you taking up my question. So I wanted to just ask about the issues that you talked about with Integra Skin and in some of the ship holds in '25. I know that you've now baked in some conservatism in your guidance for those problems. And I wanted to know how you approach thinking about the risk of further things happening throughout the year. And in other words, how derisked is your guidance now that you put these assumptions in it?

感謝您回答我的問題。所以我只想問一下您談到的有關 Integra Skin 以及 25 年一些船艙的問題。我知道您現在已經在針對這些問題的指導中融入了一些保守主義。我想知道您如何看待全年發生更多事件的風險。換句話說，既然您在指導中加入這些假設，您的指導風險有多低？

Yeah. So Matt, thank you for the question. And you hit on a couple of things. So maybe I'll talk about the guidance approach first, and then we'll talk about Integra Skin. So from a guidance perspective, as you heard in the remarks, we are taking a wider approach to the guide.

是的。馬特，謝謝你的提問。您提到了幾件事。所以也許我會先談論指導方法，然後再談 Integra Skin。因此，從指導的角度來看，正如您在評論中聽到的，我們正在採取更廣泛的指導方法。

As you look at the top end or the high end of the guide, you're assuming mid-single-digit growth compared to 2024, which is consistent with kind of the color or frame that we've provided before. It also includes a full year of Acclarent contribution, and it does assume an impact from additional shipping holds.

當您查看指南的頂端或高端時，您會假設與 2024 年相比實現中等個位數成長，這與我們之前提供的顏色或框架類型一致。它還包括 Acclarent 全年的貢獻，並且確實假設了額外船舶滯留的影響。

At the top end, the assumption is a $60 million impact beyond what we know today. At the midpoint of the range, we've assumed shipping holds of about $90 million beyond what we know today. And at the low end of our guide, we've assumed shipping holds of about $120 million beyond what we know today.

最高估計的影響將超出我們今天所知的 6000 萬美元。在該範圍的中間點，我們假設船運貨艙比我們今天所知的貨艙高出約 9,000 萬美元。在我們的指南的低端，我們假設運輸艙的艙位比我們今天所知的艙位高出約 1.2 億美元。

So that's how we're baking in the potential for shipping holds, recognizing that it's tough for us at this point to pinpoint exactly when they'll happen, but wanted to reflect kind of that thinking in the guide. For Integra Skin, we have -- Mojdeh?

這就是我們如何應對運輸暫停的可能性，我們認識到目前我們很難準確指出何時會發生這種情況，但我們希望在指南中反映出這種想法。對於 Integra Skin，我們有—Mojdeh？

Yeah, so on Integra Skin, while we returned to historical run rates in Q4, our planned maintenance shutdown, along with the fact that we have lower than historical levels of safety stock will likely prevent us from being able to meet demand in Q1. We expect the production constraints to diminish as we go throughout the year, starting with Q2 as some of the capacity and resiliency projects that we have going on for Integra Skin come online.

是的，對於 Integra Skin，雖然我們在第四季度恢復了歷史運行率，但我們計劃的維護停工以及我們低於歷史安全庫存水平的事實可能會阻止我們滿足第一季的需求。我們預計，隨著我們為 Integra Skin 開展的一些產能和彈性項目上線，生產限制會隨著全年的推移而減少，從第二季開始。

We started those projects in middle of last year. And we may see some variability quarter to quarter. But overall, by year end, we should be able to be at run rates that not only allow us to meet demand, but also to replenish our safety stock.

我們從去年年中開始啟動這些計畫。我們可能會看到季度間存在一些變化。但整體而言，到年底，我們的運作率不僅能滿足需求，還能補充安全庫存。

Okay, great. I'll let some others jump in. Thanks for the color.

好的，太好了。我會讓其他人加入進來。謝謝你的顏色。

Vik Chopra, Wells Fargo.

喬普拉（Vik Chopra），富國銀行。

Thanks for taking the question. Two for me. Mojdeh, maybe just talk about some of your key strategic initiatives as you think about taking the helm in 2025? And can we expect an update to the LRP? And then I had a follow up, please.

感謝您回答這個問題。對我來說是兩個。Mojdeh，您能否談談您在 2025 年執掌公司時考慮的一些關鍵策略舉措？我們能期待 LRP 的更新嗎？然後我再跟進。

Okay. Hi, Vik, thank you for the question. So the priorities for us in 2025, number one is operational excellence. And I put in that both the execution on the Compliance Master Plan as well as some of the supply resiliency and capacity -- manufacturing capacity programs that we have going on. So that is first and foremost of the highest priority for us.

好的。你好，Vik，謝謝你的提問。因此，2025 年我們的首要任務是卓越營運。我把這既包括合規總體規劃的執行，也包括我們正在進行的一些供應彈性和產能——製造能力計劃。因此，這對我們來說是首要任務。

Secondly, I would say, continuing to grow in our core, continuing to grow in our core and maintaining our leadership position in the market in the US, as well as growing internationally. We have a lot of great opportunities internationally that the team is building upon, and that's going to be quite important for us to continue to win in our core. And then I would say, lastly, one of the most important things that we're going to be working on and putting focus on is to build our muscles in bringing differentiated new products into the market on time and in full. So those are some of the key priorities that I'm driving.

其次，我想說，我們的核心業務將繼續成長，我們的核心業務將繼續成長，我們在美國市場的領導地位將繼續保持，同時，我們也將繼續在國際上成長。我們在國際上有很多很好的機會，團隊正在利用這些機會進行建設，這對我們繼續在核心領域取得勝利非常重要。最後我想說，我們要努力並重點關注的最重要的事情之一就是增強實力，按時、全面地將差異化的新產品推向市場。這些就是我正在推動的一些關鍵優先事項。

As far as the long range plan is concerned, as you can imagine, over the last couple of months, I have been engaging with internal and external stakeholders, really learning about the business, markets, opportunities, challenges. And I would think that, that assessment is going to continue throughout the end of the year.

就長期計畫而言，你可以想像，在過去的幾個月裡，我一直在與內部和外部利害關係人接觸，真正了解業務、市場、機會和挑戰。我認為，這種評估將持續到今年年底。

So I will need much of the year in order to work with our leadership team as we bring forward a new LRP. And we need to take the time. It's really important for us to take the time to ensure that the LRP that we bring forward is going to be informed by internal, external realities, and at the same time, reflect the market opportunities. So I would need much of 2025 in order to do that. So it's too early to provide a specific date at this point.

因此，我需要花一年的大部分時間與我們的領導團隊合作，共同推動新的 LRP。我們需要花時間。對我們來說，花時間確保我們提出的 LRP 能夠考慮到內部和外部現實情況，同時反映市場機遇，這一點非常重要。所以我需要 2025 年的大部分時間來實現這一目標。因此現在提供具體日期還為時過早。

Understood. Thank you for that comprehensive answer. And my follow-up question was regarding the potential tariffs on Mexico and Canada. Apologies if this has been asked, I was bouncing around on some calls. But can you just tell us how much of your manufacturing is coming from either Mexico or Canada? And how much flexibility do you have to move production elsewhere and to take price to offset any tariff impact?

明白了。感謝您的全面回答。我的後續問題是關於對墨西哥和加拿大可能徵收的關稅。如果有人問到這個問題，我很抱歉，因為我當時正在接聽一些電話。但是您能否告訴我們，你們的製造產品有多少來自墨西哥或加拿大？您有多大的靈活性來將生產轉移到其他地方並採取價格來抵消關稅的影響？

Yes. So obviously, as we all know, the final outcomes of the tariffs are still uncertain. We do not have any manufacturing facilities in China, Mexico, or Canada. Obviously, we're putting a manufacturing facility in China, but it would be to serve China. So it's in-China-for-China. But we don't have any manufacturing facilities in those countries today.

是的。顯然，眾所周知，關稅的最終結果仍不確定。我們在中國、墨西哥或加拿大沒有任何製造工廠。顯然，我們在中國設立了製造工廠，但這是為了服務中國。所以它是在中國為中國而生的。但我們目前在這些國家還沒有任何製造設施。

However, we do source products and components from those countries. And we continue to monitor the advance -- the developments, and we're also actively assessing how the impact will be on our business under different scenarios. And we're also formulating plans to be able to offset any negative impact should those tariffs materialize. But we will provide updates once the administration has made a final decision on tariffs.

但是，我們確實從這些國家採購產品和零件。我們將繼續監測事態發展，同時也在積極評估在不同情況下對我們業務的影響。我們也正在製定計劃，以抵消這些關稅一旦實施所帶來的任何負面影響。但一旦政府就關稅做出最終決定，我們將提供最新消息。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Thank you for taking the question. Two for me. First, I wanted to ask what's sort of the thinking of why you're baking in future ship holds in 2025 beyond what you know today? I mean, what's the rationale for expecting more quality issues at this point? And are there any you're expecting? It's unusual to see future ship holds at this point given the timelines we've had with remediation. So let me start there, and I have one follow up.

感謝您回答這個問題。對我來說是兩個。首先，我想問一下，為什麼要在 2025 年建造超出您目前所知的未來船舶？我的意思是，現在預計會出現更多品質問題的理由是什麼？有什麼期待嗎？考慮到我們補救措施的時間表，目前看到未來的船舶被扣留的情況並不常見。那麼讓我從這裡開始，然後我有一個後續問題。

Certainly. Thank you, Robbie. So if you remember, when we launched the Compliance Master Plan in the middle of last year, what we shared was it was a systemic holistic approach at strengthening our quality management system. And as part of that, we were going to do an assessment across the entirety of our manufacturing network, both internal as well as external. And that work would take through the end of 2025 to complete the assessment.

當然。謝謝你，羅比。所以如果你還記得的話，當我們在去年年中推出合規總體規劃時，我們所分享的是一種系統的整體方法來加強我們的品質管理系統。作為其中的一部分，我們將對整個製造網路（包括內部和外部）進行評估。這項工作將持續到 2025 年底才能完成評估。

And that while we were in this assessment phase, we did have the potential for supply disruption to occur. Not that we were aware of any specifically but just understanding the work that was to be done, what we had already observed in terms of internal audits as well as observations we've gotten from external regulatory agencies, all kind of inform the thinking of our approach and the potential for supply disruption.

當我們處於評估階段時，確實有可能發生供應中斷。並不是說我們特別清楚，只是了解要做的工作，我們在內部審計方面已經觀察到的情況以及我們從外部監管機構獲得的觀察結果，所有這些都為我們的方法思考和供應中斷的可能性提供了資訊。

So that was the primary driver. And we're a quarter in, what we've talked about for -- or sorry, we're two months into 2025. What we've talked about in our guide for Q1 reflects what we know about today. But again, because there's more work to be done, there's the risk of potential disruption going forward.

所以這是主要驅動因素。正如我們之前所討論的，我們已經進入了四分之一——或者抱歉，我們已經進入了 2025 年兩個月。我們在第一季指南中討論的內容反映了我們今天所了解的情況。但同樣，由於還有更多工作要做，未來有潛在中斷的風險。

Got it. Okay. Follow up, I wanted to ask on cash flow. It's been sub 20% free cash flow conversion in the past two years. I didn't see or hear a specific number conversion rate for 2025. So how do we think about both the conversion and the absolute dollars of free cash flow assumed in 2025?

知道了。好的。跟進，我想問現金流。過去兩年，自由現金流轉換率一直低於 20%。我沒有看到或聽到2025年的具體數字轉換率。那麼，我們如何看待 2025 年假設的轉換和自由現金流的絕對金額呢？

Certainly. Yeah. So we expect operating cash flow and free cash flow to sequentially improve in 2025, principally on lower acquisition or integration costs. CapEx will remain consistent. So '25 CapEx will remain fairly consistent with 2024 as we continue to build-out of Braintree, continue some of the investments in capacity that Mojdeh referenced in her remarks earlier.

當然。是的。因此，我們預期 2025 年營運現金流量和自由現金流量將持續改善，主要原因是收購或整合成本降低。資本支出將保持一致。因此，隨著我們繼續擴大 Braintree，繼續進行 Mojdeh 先前在演講中提到的一些產能投資，2025 年的資本支出將與 2024 年保持相當一致。

As you convert that to kind of what you can expect to happen on a free cash flow conversion perspective from a trailing 12-months, we would expect a step-up kind of once we lap Q3 of 2024. So expect kind of in Q4 of 2025 is when we'll see a step-up in free cash flow conversion above that 20% that you referenced.

當您將其轉換為過去 12 個月自由現金流轉換角度預期發生的情況時，我們預計一旦我們進入 2024 年第三季度，就會出現一種提升。因此，預計在 2025 年第四季度，我們將看到自由現金流轉換率上升至您提到的 20% 以上。

And then as it relates to overall leverage, you didn't ask about this, but I'll point that out as well. We were into 2024 at [40]. We expect leverage to be flat to slightly down by the end of 2025 but seeing much more notable improvement in leverage as we go into 2026.

然後，由於它與整體槓桿有關，您沒有問到這一點，但我也會指出這一點。我們進入 2024 年時[40]。我們預計到 2025 年底槓桿率將持平或略有下降，但到 2026 年槓桿率將出現更顯著的改善。

Appreciate it. Thank you very much.

非常感謝。非常感謝。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Thanks for taking our question. I want to talk about Acclarent for a minute here and just understand kind of where you're at in the process. And what I mean by that is kind of how you're thinking about the contribution of Acclarent to the business in 2025 now that -- I guess you'll be lapping it kind of after the first quarter? And Lea, correct me if I'm wrong on that. But how you're thinking about that growth profile going forward and what you can do to enhance that?

感謝您回答我們的問題。我想在這裡花一點時間談論 Acclarent，並了解你們目前所處的過程。我的意思是，您現在如何看待 Acclarent 對 2025 年業務的貢獻——我想您會在第一季之後對此進行評估？還有 Lea，如果我說錯了，請糾正我。但是您如何看待未來的成長前景以及您可以採取哪些措施來增強這一前景？

Yeah. So thank you, Ryan. You are correct. So after the first quarter, we will be fully organic on the Acclarent business. As you heard in our remarks, we were very pleased with kind of the success of the integration to date. We expect growth for Acclarent in 2025 to align to our business expectations for that business as well as the deal model, which is high single-digit growth. And we continue to see strong growth opportunities in E&T for the Acclarent business.

是的。所以謝謝你，瑞安。你是對的。因此，第一季之後，我們的 Acclarent 業務將完全實現有機成長。正如您在我們的發言中聽到的，我們對迄今為止整合的成功感到非常高興。我們預計 Acclarent 在 2025 年的成長將符合我們對該業務的業務預期以及交易模式，即高個位數成長。我們繼續看到 Acclarent 業務在 E&T 領域擁有強勁的成長機會。

In principle, we are excited to see the synergies that we've been able to drive with our MicroFrance ENT instruments business, and we would expect that to continue in 2025 as well.

原則上，我們很高興看到我們能夠透過 MicroFrance ENT 儀器業務產生的協同效應，並且我們預計這種效應在 2025 年也將繼續下去。

Okay. And then, Lea, for you, P&L-related questions. The 70 basis points of step down in margins, is that inclusive of, I guess, the step -- the increased shipping holds that you're alluding to? And the second part of the question is just how do you think about managing the middle of the P&L in the context of some of these dynamics continuing, meaning could we see you pull back expenses meaningfully? Do you have to, again, provide incremental, I guess, retention for the sales force?

好的。然後，Lea，對你來說，還有與損益相關的問題。利潤率下降 70 個基點，我想這是否包括您所暗示的增加運輸艙位的費用？問題的第二部分是，在這些動態持續存在的背景下，您如何看待管理損益表的中間部分，這意味著我們是否可以看到您大幅削減開支？我想，您是否必須再次為銷售人員提供增量保留？

Just want to understand kind of how you're thinking about managing the P&L in the context of kind of what you've contemplated for '25?

只是想了解一下，在您對 25 年的規劃中，您是如何考慮管理損益的？

Yeah. So to your first point on margins, yes, within the 70 basis point decline that we're calling versus 2024, it does consider the additional shipping holds as well as our remediation efforts as we continue to execute against the Compliance Master Plan. So we'll see additional levels of scrap. We'll see additional underutilization at some sites. But again, it's contemplated within the frame of that 70 basis points.

是的。因此，關於利潤率的第一點，是的，在我們所說的與 2024 年相比下降 70 個基點的範圍內，它確實考慮了額外的運輸滯留以及我們在繼續執行合規總體規劃時的補救措施。因此我們將會看到更多等級的廢品。我們會看到一些站點的使用率進一步不足。但同樣，這是在 70 個基點的框架內考慮的。

From an OpEx perspective, to your point, we are taking a very careful approach to managing our operating expenses this year, especially given the potential for additional shipping holds. We're striking a balance between our discretionary spending as well as those essential investments we know we will need to make to align both of delivery of our current earnings as well as our long-term goals.

從營運支出的角度來看，正如您所說，我們今年正在採取非常謹慎的方式來管理我們的營運費用，特別是考慮到可能出現額外的貨運延誤。我們正在可自由支配的開支和我們知道需要進行的必要投資之間取得平衡，以協調我們當前收益的實現和我們的長期目標。

So right now, as we've designed kind of the P&L and how we're managing to that, we're pacing towards the lower end of our range to be able to manage that risk.

因此現在，當我們設計損益表並了解如何管理它時，我們正朝著範圍的低端邁進，以便能夠管理這種風險。

Lower end of your EPS range or -- I'm sorry, or lower end of your EBITDA margin?

您的 EPS 範圍的下限或 - 對不起，或您的 EBITDA 利潤率的下限？

Correct

正確的

Okay. Yeah. Thank you.

好的。是的。謝謝。

Yeah. Lower end of our guidance range.

是的。我們的指導範圍的下限。

Thank you, Lea.

謝謝你，Lea。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

Thank you for taking the questions. First one, just following up to, I think it was Robbie's question earlier. So you have a placeholder in there for additional ship hold disruption, I think, to the tune of $120 million in the year. It was really the 1Q outlook that seems to be bearing the brunt of the guided below consensus, at least, or below us.

感謝您回答這些問題。第一個問題，我想這是 Robbie 之前提出的問題。因此，我認為，您在那裡預留了額外的船艙中斷費用，今年的損失將達到 1.2 億美元。第一季的前景似乎確實承受了低於普遍預期或低於我們的預期的衝擊。

So I'm just trying to get a sense, you're saying that with a big ramp after the 1Q and there's a placeholder for additional disruption that could materialize in the back half? Or you've captured all of that or most of that in the 1Q/first half?

所以我只是想弄清楚，您是說在第一季之後會出現一個大的斜坡，並且在後半部分可能會出現額外的中斷？或者您在第一季/上半年已經掌握了所有或大部分數據？

Yeah. So let me step through that. So within Q1, we have two headwinds related to ship holds. First is the carryover from 2024, order of magnitude, about $10 million. Second, our new ship holds identified as we've continued to work under the Compliance Master Plan, which is about $8 million to $10 million.

是的。那麼就讓我逐步講解一下。因此，在第一季度，我們面臨與船舶艙位相關的兩個不利因素。首先是從 2024 年開始的結轉，數量級約 1,000 萬美元。其次，我們根據合規總體規劃繼續進行工作，確定了新船艙的價值，約 800 萬至 1,000 萬美元。

So in total, in Q1, it reflects about, call it, $18 million to $20 million of ship holds. We expect those ship holds to be resolved or remediated by the second half. So you'll see some progressive improvement in Q2 but principally remediated by the second half. So on an annual impact, the impact of what we know today, which is impacting Q1, we expect it to be about $27 million.

因此，總體而言，第一季的船舶貨艙價值約為 1,800 萬至 2,000 萬美元。我們預計這些船舶擱置問題將在下半年解決或補救。因此，您會看到第二季度出現一些漸進式改善，但主要在下半年得到補救。因此，就年度影響而言，我們今天所知的影響（對第一季的影響）我們預計約為 2700 萬美元。

The way the guide is structured is at the high end, in addition to that $27 million, it allows for an incremental $60 million in ship holds. And at the low end of the guide, it allows for an incremental $120 million of ship holds.

該指南的結構處於高端，除了 2700 萬美元之外，還允許增加 6000 萬美元的船艙空間。在該指南的低端，它允許增量 1.2 億美元的船艙容量。

Okay. That's helpful color. Thank you for that. And then, look, I know you guys are dealing with a lot with kind of what you have in hand with all the regulatory and private label items. But just curious, is there any view on how we should be prepared for you to think about deals on the near- to intermediate-term horizon?

好的。這是很有幫助的顏色。謝謝你。然後，你看，我知道你們正在處理很多與監管和自有品牌項目有關的事情。但只是好奇，對於我們應該如何準備讓您考慮近期至中期的交易，您有什麼看法嗎？

Or is this really just heads down fixing the items that you can right now with the organic core business, digesting Acclarent, getting that to work and deals are out in front? Or are you going to try to be opportunistic as they present themselves?

或者這實際上只是專注於修復目前有機核心業務中可以修復的問題，消化 Acclarent，使其運作起來，並達成交易？或者當他們出現時，你會嘗試抓住機會嗎？

So thank you for the question, Richard. So M&A has been and will continue to be a growth strategy -- part of our growth strategy moving forward, and we have a really robust process in evaluating M&A opportunities and assessing their strategic fit and value creation thesis. Having said all of that, our focus really this year is to execute our Compliance Master Plan and continue with our manufacturing capacity and resiliency programs and also bring down our leverage. So those are the key focus that we have this year.

謝謝你的提問，理查德。因此，併購一直是並將繼續是一種成長策略——是我們未來成長策略的一部分，我們在評估併購機會以及評估其策略契合度和價值創造論點方面擁有非常強大的流程。話雖如此，我們今年的重點實際上是執行我們的合規總體規劃，繼續我們的製造能力和彈性計劃，並降低我們的槓桿率。這些就是我們今年關注的重點。

Thank you.

謝謝。

Steve Lichtman, Oppenheimer & Company.

史蒂夫·利希特曼，奧本海默公司。

I guess, Mojdeh and Lea, in private label, what is your visibility level on getting component supply up to where it needs to be in the second half of the year and your confidence in not losing customer demand in the interim?

我想問一下，Mojdeh 和 Lea，在自有品牌方面，你們對於下半年零件供應達到所需水平的預見性如何，以及你們對於在此期間不會失去客戶需求的信心如何？

Yeah. So maybe a little bit of background because we did see volatility in terms of our private label results in Q4. But we -- historically, our revenue from private label has been a bit variable. So that volatility or variability is not entirely new. In general, across the year, we would expect the private label business to grow at mid-single-digit rates.

是的。所以可能需要一點背景知識，因為我們確實看到第四季自有品牌業績出現波動。但從歷史上看，我們從自有品牌獲得的收入有點不穩定。因此，波動性或多變性並不是全新的。整體而言，我們預計全年自有品牌業務將以中等個位數的速度成長。

That said, we did have an issue in Q4 with respect to a component delay from a supplier that many companies faced as well, so including us. At this point, we anticipate that that component delay will be resolved by the second half of 2025, and we'll be able to resume the business at that point. For full-year 2025, that probably means the business is flat to low single-digits. But beyond that, we would expect it to resume into the mid-single-digit growth trajectory.

話雖如此，我們在第四季度確實遇到了供應商零件延遲的問題，許多公司也面臨同樣的問題，包括我們。目前，我們預計該組件延遲問題將在 2025 年下半年解決，屆時我們將能夠恢復業務。對於 2025 年全年而言，這可能意味著業務將持平至個位數低點。但除此之外，我們預計它將恢復到中等個位數的成長軌跡。

Got it. Thanks, Lea. And then I guess a similar question on Integra Skin supply since taking a bit longer than expected. Can you talk to what you're hearing from customers in your commercial organization gives you confidence that the demand will be there once you're fully up and running on Integra Skin?

知道了。謝謝，Lea。然後我猜 Integra Skin 的供應也存在類似的問題，因為所需的時間比預期的要長一些。您能否談談您從商業組織的客戶那裡聽到的消息是否讓您有信心，一旦您全面啟動並運行 Integra Skin，就會有需求？

Yes. So Steve, I can tell you that since I have joined, I hear repeatedly from the surgeons and the customers that I have met that the product is -- there is very few products exactly like it out there in the market. So the demand for Integra Skin is extremely, extremely high, and there is a need for it in the market. We hear that every day, and we are confident that when we get back and we have sufficient supply that we can get the -- get back into those indications. They're unique products that serves the entire complex wound procedures. And it's very much in demand.

是的。所以史蒂夫，我可以告訴你，自從我加入以來，我反覆從我遇到的外科醫生和顧客那裡聽說，該產品——市場上很少有完全相同的產品。因此，對 Integra Skin 的需求非常高，市場對它有需求。我們每天都聽到這個消息，我們相信，當我們回來並且擁有足夠的供應時，我們就可以得到 - 重新回到那些跡象。它們是獨特的產品，可用於整個複雜的傷口治療過程。而且它的需求量非常大。

Got it. Appreciate the color. Thank you.

知道了。欣賞色彩。謝謝。

Craig Bijou, Bank of America Securities.

克雷格‧比約 (Craig Bijou)，美國銀行證券公司。

Thanks for taking the questions. A couple of follow ups here. One, on Integra Skin. I guess I just wanted to understand a little bit more why production isn't back to normal. I think that was the goal of Q4, and it sounds like you might have gotten there. But then I think you guys mentioned scheduled maintenance and updates.

感謝您回答這些問題。這裡有幾個後續問題。一、關於 Integra Skin。我想我只是想進一步了解為什麼生產還沒有恢復正常。我認為這是第四季的目標，聽起來你可能已經實現了。但我想你們提到了定期維護和更新。

So presumably, you would have had visibility into those when you talked to us last. So I just want to understand if there's something else that happened within the production line that may have caused a little bit of the delay that you're talking about?

因此，想必您在上次與我們交談時就已經了解這些情況了。所以我只是想知道生產線上是否還發生了其他事情，可能導致了您所說的一點延遲？

Yeah. So as we explained, it's really the planned maintenance. We have maintenance shutdowns twice a year as it's required to do equipment calibration, any preventative maintenance you have to do on the line. So that's a scheduled thing. I think the thing that complicated the factor a little bit for us is the fact that we're not to our full safety stock levels.

是的。正如我們所解釋的，這實際上是計劃中的維護。我們每年進行兩次維護停機，因為需要進行設備校準以及生產線上的任何預防性維護。所以這是預定的事情。我認為，對我們來說，讓事情變得有點複雜的是，我們的庫存還沒有達到完全的安全水準。

I think that has been the one that has caused us to -- prevents us from being able to meet demand most likely in Q1. However, we have a comprehensive set of projects that we're working on, on Integra Skin manufacturing to address the capacity and resiliency. And these projects span anywhere from yield improvements to equipment upgrades to optimizing the utilization of the three facilities that we have that manufacture Integra Skin.

我認為這就是導致我們無法在第一季滿足需求的原因。然而，我們正在進行一系列全面的項目，針對 Integra Skin 製造，以解決產能和彈性問題。這些項目涵蓋了從產量提高到設備升級，再到優化我們生產 Integra Skin 的三個設施的利用率等各個方面。

So some of our investments in these initiatives started really back in middle of last year, and we should be able to see the impact of those coming online as we go throughout the year starting in Q2.

因此，我們對這些計劃的一些投資實際上早在去年年中就開始了，從第二季開始，我們應該能夠看到這些計劃在全年產生的影響。

And so Craig, I'm sorry, just to add on to that, as you project through the end of 2025, the difference between 2025 and 2024. 2024, we were managing to get back to historical revenue run rates. In 2025, we'll get beyond that to not only on a full-year basis, be able to meet demand, but also be able to reestablish our safety stock. And so until we get to that safety stock point, that's where we will see quarter-to-quarter variability. But on a full-year basis, we do expect that to hold normal demand.

所以克雷格，很抱歉，我只是想補充一點，正如你預測的那樣，到 2025 年底，2025 年和 2024 年之間的差異是。 2024 年，我們設法恢復到歷史收入運行率。到 2025 年，我們將超越這一目標，不僅能夠滿足全年需求，而且還能夠重建我們的安全庫存。因此，在我們達到安全庫存點之前，我們將看到季度間的變化。但從全年來看，我們確實預期需求將保持正常。

Got it. Okay. That's helpful. And then I recognize that Acclarent has done very well since you guys brought it aboard. But I did want -- I believe the guidance was for $97 million in '24 and it came in at $95 million. So just wanted to understand what that delta is that $2 million difference. I recognize it's small. And then is there any reason to think -- it sounds like you still believe you can get to the high-single-digit growth rate in '25. But any other comments on maybe the cadence of that growth or anything else on your confidence of getting to the Acclarent growth?

知道了。好的。這很有幫助。然後我意識到自從你們將 Acclarent 引入以來，它表現得非常出色。但我確實想要——我相信 24 年的指導價是 9700 萬美元，而實際結果是 9500 萬美元。所以只是想了解這 200 萬美元的差額是多少。我承認它很小。那麼有什麼理由認為——聽起來您仍然相信自己可以在 25 年實現高個位數成長率。但是，對於這種成長的節奏，或者您對實現 Acclarent 成長的信心，您還有其他評論嗎？

Yeah. So just to backtrack, when we initially acquired Acclarent, we -- our initial guide for that business was $80 million. And then if you recall, as we actualized Q2 and Q3, we were trending above that. In Q4, we did adjust guidance up on the business to be at -- I think it was closer to about $95-ish million, and we were just a few million off of that. That's largely attributable in Q4, we actually migrated Acclarent's ERP environment from their existing one to our Oracle.

是的。回顧一下，當我們最初收購 Acclarent 時，我們對該業務的初始指導價是 8,000 萬美元。如果你還記得的話，當我們實現第二季和第三季時，我們的趨勢就高於這個水準。在第四季度，我們確實上調了業務預期——我認為它接近 9500 萬美元左右，而我們只比這個數字少了幾百萬美元。這主要歸因於第四季度，我們實際上將 Acclarent 的 ERP 環境從其現有環境遷移到了我們的 Oracle。

And so we did have a little bit of, I'll call it, operational disruption as a result of that, that had a relatively minor impact on the business. So we don't expect that to repeat. As I mentioned earlier, I think in response to Ryan's question, we do anticipate for 2025, Acclarent will grow at high-single digits, which is consistent with our expectations and our deal model.

因此，我們確實遇到了一些營運中斷，但對業務的影響相對較小。所以我們不希望這種情況再次發生。正如我之前提到的，我想在回答 Ryan 的問題時，我們確實預計到 2025 年，Acclarent 將實現高個位數成長，這與我們的預期和交易模式一致。

Okay. Thanks for taking the questions.

好的。感謝您回答這些問題。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Thank you so much for taking questions. I'll just take the two upfront. I'm curious on the recovery pathway for private label and how you think about that returning to sort of positive growth over time? And then second of all, given where your first quarter is and your full-year guide, it would imply a pretty steep ramp over the remaining three quarters. If you could just sort of level set us on how we should think about that ramp, that would be great.

非常感謝您回答問題。我只要預先拿兩張就好了。我很好奇自有品牌的復甦之路，以及您如何看待它隨著時間的推移恢復到某種正增長？其次，根據第一季的情況和全年指引，這意味著剩餘三個季度的成長將相當急劇。如果您能告訴我們應該如何看待這個坡道，那就太好了。

Yeah. So let me start with the cadence question or the Q1, revenue cadence question. Given some of the supply disruptions that happened in 2024 and the concentration in certain quarters, when you look at our organic growth, year on year, there's noise in it, right? So it's more instructive, I think, to think about our revenue cadence in terms of absolute revenue that we'll deliver quarter to quarter.

是的。因此，讓我從節奏問題或 Q1 收入節奏問題開始。考慮到 2024 年發生的一些供應中斷以及某些季度的集中，當您查看我們逐年的有機增長時，您會發現其中存在噪音，對嗎？因此，我認為，從我們每個季度實現的絕對收入的角度來考慮我們的收入節奏更有指導意義。

Q1, as I mentioned, does reflect kind of the headwinds of the shipping hold. It reflects the decline on Integra Skin due to production variability as well as the private label component supply delay. As we get out of Q1 and move into Q2 from an absolute revenue perspective, we do expect a step up, driven in part by some remediation against the existing shipment holds, also driven by higher Integra Skin production.

正如我所提到的，Q1確實反映了航運停滯的不利因素。這反映了由於生產變化以及自有品牌組件供應延遲而導致的 Integra Skin 銷售下降。從絕對收入角度來看，隨著我們走出第一季度進入第二季度，我們確實預計收入會有所增長，部分原因是對現有貨物扣留採取了一些補救措施，同時也受到 Integra Skin 產量提高的推動。

Q2 -- Q3 will then be kind of at slightly above Q2 levels. And then in Q4, we would expect kind of our typical seasonal step-up. And that's kind of the glide path, if you will, that allows you to get to the guide considerations that I shared earlier.

Q2——Q3 的水平將略高於 Q2 的水平。然後在第四季度，我們預計會出現典型的季節性成長。如果您願意的話，這就是一種滑行路徑，它可以讓您了解我之前分享的指導注意事項。

From a -- going back to your original question around private label, as I mentioned, because the dynamic that we saw in Q4 was specifically related to a component supply delay, and we do have line of sight to when that supply delay will be resolved, we don't anticipate any kind of long-term or permanent negative impacts to the business as a result.

回到您最初關於自有品牌的問題，正如我所提到的，因為我們在第四季度看到的動態與零件供應延遲具體相關，而且我們確實知道何時可以解決供應延遲問題，因此我們預計不會對業務產生任何長期或永久性的負面影響。

Jayson Bedford, Raymond James & Associates.

傑森貝德福德 (Jayson Bedford)、雷蒙詹姆斯 (Raymond James) 及合夥人。

Just a couple of quick ones here. On private label, the component delay, did you quantify the impact in the fourth quarter?

這裡僅簡單介紹幾個。對於自有品牌、零件延遲等問題，您是否量化了第四季度的影響？

We did not.

我們沒有。

Would you care to? Or is (multiple speakers) not material?

你願意嗎？或（多位發言者）並不重要？

Yeah, no, the order of magnitude, it's about $5 million.

是的，不，數量級大約是 500 萬美元。

Okay. And Lea, just to wrap up on the ship hold impact on revenue. So the high end assumes roughly $87 million in ship hold impacts, meaning that the $27 million, I think you identified plus an incremental $60 million, and we can apply similar math for the mid and low end of the guide. Is that fair?

好的。還有 Lea，我想總結一下船舶滯留對收入的影響。因此，高端假設船舶貨艙影響約為 8700 萬美元，這意味著 2700 萬美元（我認為您已確定）加上增量 6000 萬美元，我們可以對指南的中端和低端應用類似的數學計算。這樣公平嗎？

That's fair.

這很公平。

And just last one, if I can. Timeline on Braintree, is it still first-half '26?

如果可以的話，我只想問最後一個問題。布倫特里的時間線，現在還是 26 年上半年嗎？

Yes. So we're pleased with the progress that we're making in Braintree. The construction is completed, and we are in the process of installing and qualifying equipment. And we're on track for resuming production in first half of 2026, and we have a rigorous project management process that we put in place to ensure that we stay on timelines.

是的。我們對布倫特里的進展感到非常滿意。施工已完成，我們正在安裝和檢驗設備。我們計劃於 2026 年上半年恢復生產，並且我們制定了嚴格的專案管理流程，以確保按時完成任務。

Great. Thank you.

偉大的。謝謝。

Thank you. This concludes the question-and-answer session and today's conference call. Thank you for participating, and you may now disconnect.

謝謝。問答環節和今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。