Integra Lifesciences Holdings Corp (IART) 2025 Q3 法說會逐字稿

Good day and welcome to the Integra Lifesciences third quarter 2025 financial results. (Operator Instructions) As a reminder, this call may be recorded. I would like to turn the call over to Chris Ward, Senior Director of Investor Relations. Please go ahead.

大家好，歡迎收聽 Integra Lifesciences 2025 年第三季財務業績報告。（操作員說明）提醒您，本次通話可能會被錄音。我謹將電話轉交給投資者關係高級總監克里斯·沃德。請繼續。

Good morning, and thank you for joining me Integra Lifesciences third quarter 2025 earnings conference call. With me on the call this morning are Mojdeh Poul, President and Chief Executive Officer; and Lea Knight, Chief Financial Officer.

早安，感謝各位參加 Integra Lifesciences 2025 年第三季財報電話會議。今天早上和我一起參加電話會議的有總裁兼執行長 Mojdeh Poul 和財務長 Lea Knight。

Earlier this morning, we issued a press release announcing our third quarter of 2025 financial results. The results and corresponding earnings presentation, which we will reference during the call, are available at integralife.com under investors, events and presentations, and a file named third quarter 2025.

今天早些時候，我們發布了一份新聞稿，公佈了我們 2025 年第三季的財務表現。我們將在電話會議中提及的業績報告和相應的收益演示文稿，可在 integralife.com 網站的「投資者」、「活動和簡報」欄位下找到，文件名為「2025 年第三季」。

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 that were filed with the SEC and in the release.

在開始之前，我想提醒各位，本次電話會議中作出的許多陳述可能被認為是前瞻性的。可能導致實際結果與預期結果有重大差異的因素已在公司向美國證券交易委員會提交的交易所交易報告和新聞稿中進行了討論。

Also in our prepared remarks, we'll reference reported and organic revenue growth. Organic revenue growth excludes the effects of one currency, acquisitions, and divestures. Unless otherwise stated, all the aggregated and franchise level revenue growth rates are based on organic performance.

此外，在我們的發言稿中，我們也會提及已公佈的收入成長和有機收入成長。有機收入成長不包括單一貨幣、收購和資產剝離的影響。除非另有說明，所有匯總和特許經營層面的收入成長率均基於內生成長績效。

Lastly, in our conference today, we will include certain non-GAAP financial measures. Reconciliation of non-GAAP financial measures can be found in today's press release, which has been exhibit to Integra's current report AK filed today with the SEC. And with that, I will now turn the call over to motion.

最後，在今天的會議上，我們將納入一些非GAAP財務指標。有關非GAAP財務指標的調整情況，請參閱今天的新聞稿，該新聞稿已作為附件提交給美國證券交易委員會的Integra公司當前報告。接下來，我將把動議交給動議人。

Good morning, everyone, and thank you for joining us for our third quarter 2025 earnings call. During today's call, I will begin with an overview of our third quarter results. I will then discuss our progress on our three key priorities, which will position us for sustainable long-term success. Lastly, I will provide updated 2025 guidance, after which Lea will review our financials in more detail.

各位早安，感謝各位參加我們2025年第三季財報電話會議。在今天的電話會議上，我將首先概述我們第三季的業績。接下來，我將討論我們在三個關鍵優先事項上的進展，這將使我們獲得可持續的長期成功。最後，我將提供最新的 2025 年業績指引，之後 Lea 將更詳細地審查我們的財務狀況。

Since our second quarter earnings call, we have made meaningful progress on our compliance master plan, moved ahead with our plans to improve operational and execution excellence, and reintroduce prime metrics and [drepair] ahead of schedule.

自從我們第二季財報電話會議以來，我們在合規總體規劃方面取得了實質進展，推進了提高營運和執行卓越性的計劃，並提前重新引入了主要指標和[修復]。

We saw continued healthy demand across our portfolio offset by two supply interruptions in our CSS business, which led to growth below expectations for the quarter. Discipline spend control allowed us to deliver strong operating income and improve operating cash flow performance, despite the topline results.

我們看到，我們產品組合中各業務的需求持續健康成長，但CSS業務的兩次供應中斷抵消了這一成長，導致本季成長低於預期。儘管營收業績不佳，但嚴格的支出控制使我們能夠實現強勁的營業收入並改善經營現金流表現。

In the third quarter, we delivered revenue of $402 million, representing organic growth of approximately 5% year over year, but below our guidance range. Adjusted EPS for the quarter was $0.54, exceeding the top end of our guidance range. This reflects our ability to offset top-line pressure through improved operational efficiency and discipline cost management.

第三季度，我們實現了 4.02 億美元的收入，年增約 5%，但低於我們的預期範圍。本季度調整後每股收益為 0.54 美元，超過了我們預期範圍的上限。這體現了我們透過提高營運效率和嚴格控製成本來抵銷營收壓力的能力。

Our third quarter of a new shortfall underscores the work still ahead to achieve greater execution consistency, which remains a critical transformation imperative for us. We have been taking a systemic and foundational approach to strengthening our supply chain to allow us to reliably meet demand and drive predictable growth. We have made progress, realizing that building a robust supply chain is going to take time.

第三季再次出現虧損，凸顯了我們在實現更高執行一致性方面仍需付出更多努力，而這仍然是我們轉型過程中的關鍵要務。我們一直採取系統性和基礎性的方法來加強我們的供應鏈，以便能夠可靠地滿足需求並推動可預測的成長。我們已經取得了進展，認識到建立強大的供應鏈需要時間。

Looking forward, we remain focused on our three key priorities, executing our compliance master plan to strengthen our quality systems, driving operational and execution excellence, and delivering on our financial commitments. Starting with our first priority, which is executing our compliance master plan, we have made good progress, and remain fully committed to transforming and improving our quality management system.

展望未來，我們將繼續專注於三大重點優先事項：執行合規總體規劃以加強品質系統；推動卓越營運和執行；以及履行財務承諾。首先，我們將把合規總體規劃作為首要任務，目前已取得良好進展，並將繼續全力以赴地改革和改進我們的品質管理系統。

During the third quarter, we continued to execute our remediation plans under the oversight of our transformation and program management office, ensuring discipline prioritization, effective resource allocation, and consistent progress tracking.

第三季度，我們在轉型和專案管理辦公室的監督下繼續執行補救計劃，確保紀律優先、有效資源分配和持續進度追蹤。

We have maintained active constructive engagement with the FDA, and have delivered steady progress on our warning letter commitments, and routine inspections. As previously stated, while our remediation work will extend beyond 2025, we are establishing a firm foundation for supply chain excellence and resilience. Our second priority is driving operational and execution excellence.

我們一直與美國食品藥物管理局保持積極建設性的溝通，並在履行警告信承諾和接受例行檢查方面取得了穩步進展。如前所述，雖然我們的補救工作將持續到 2025 年以後，但我們正在為供應鏈的卓越性和韌性奠定堅實的基礎。我們的第二要務是提升營運和執行效率。

Since her appointment in April, Valerie Young, our Corporate Vice President of Global Supply Chain, has been implementing a comprehensive plan to establish a robust end to end supply chain for Integra, capable of delivering consistently reliable performance. Val is strengthening her leadership team by bringing on new highly experienced talent, and is driving a culture of accountability, discipline, and continuous improvement.

自 4 月上任以來，我們的全球供應鏈企業副總裁 Valerie Young 一直在實施一項全面的計劃，為 Integra 建立一個強大的端到端供應鏈，能夠持續提供可靠的性能。Val 透過引進經驗豐富的新人才來加強她的領導團隊，並致力於創造責任、紀律和持續改進的文化。

While it will take time for our supply chain capabilities to fully mature, we are already seeing measurable progress and expect continued improvement over the coming quarters. I would like to highlight three examples of such progress. Integra Skin production improvements, Braintree facility progress, and our strategic approach to dual sourcing.

雖然我們的供應鏈能力還需要時間才能完全成熟，但我們已經看到了可衡量的進展，並預計在接下來的幾季中會繼續改善。我想重點介紹這方面進展的三個例子。Integra Skin 生產改進、Braintree 工廠進度以及我們雙源採購的策略方法。

In the case of Integra Skin, we have proven that focused planning and discipline execution deliver results. Since January, Integra Skin manufacturing yields have improved by more than 50%, and inventory levels have increased by two and a half times. These improvements in integral skin demonstrate the effectiveness of our approach, and the progress we're making towards greater operational reliability across the enterprise.

以 Integra Skin 為例，我們已經證明，有針對性的計劃和嚴格的執行能夠帶來成果。自 1 月以來，Integra Skin 的生產良率提高了 50% 以上，庫存水準增加了兩倍半。整體式蒙皮的這些改進證明了我們方法的有效性，以及我們為提高整個企業的營運可靠性所取得的進展。

In the case of the Braintree facility, we continue to make good progress and are on track to resume production in June of 2026, in line with our previous issue timeline. This facility will produce SurgiMend, PriMatrix, and Durepair, with initial production focused on SurgiMend to build inventory ahead of its planned relaunch in the fourth quarter of 2026.

就布倫特里工廠而言，我們繼續取得良好進展，並有望按原計劃於 2026 年 6 月恢復生產，與我們之前的計劃時間表一致。該工廠將生產 SurgiMend、PriMatrix 和 Durepair，初期生產重點是 SurgiMend，以便在 2026 年第四季計劃重新推出之前建立庫存。

Finally, in the case of strategic dual sourcing, in order to enhance our manufacturing flexibility and resilience, we have entered into a new third-party supply agreement for PriMatrix, and Durepair. As a result of this agreement, I'm pleased to share that we recently relaunched both products in the fourth quarter of this year, almost a year ahead of previously expected timelines.

最後，在策略性雙重採購方面，為了增強我們的生產彈性和韌性，我們與 PriMatrix 和 Durepair 簽訂了新的第三方供應協議。由於這項協議的達成，我很高興地宣布，我們已於今年第四季度重新推出了這兩款產品，比之前預期的時間表提前了近一年。

Most importantly, the stools sourcing strategy gives us the opportunity to return these critical products to the physicians and patients who rely on them. Before moving to our third priority, I would like to highlight the appointment of Dr. Raymond Turner as our corporate Vice President, and Chief Medical Officer, reporting directly to me.

最重要的是，糞便採購策略使我們有機會將這些關鍵產品歸還給依賴它們的醫生和患者。在進入第三個優先事項之前，我想重點介紹一下雷蒙德·特納博士被任命為公司副總裁兼首席醫療官的消息，他將直接向我匯報工作。

Ray is a Board-certified neurosurgeon, fellowship trained in endovascular neurosurgery. He's also an accomplished executive with extensive experience in the Medtech industry, having held Chief Medical Officer positions for Siemens Endovascular Robotics, and Johnson & Johnson Cerenovus businesses.

Ray 是一位委員會認證的神經外科醫生，並接受過血管內神經外科專科培訓。他也是一位經驗豐富的管理者，在醫療技術行業擁有豐富的經驗，曾擔任西門子血管內機器人公司和強生 Cerenovus 公司的首席醫療官。

We welcomed Ray to our team last month. He's leading our worldwide medical and clinical affairs organizations, including clinical research, clinical trial operations, evidence generation, and medical safety and communications.

上個月我們迎來了Ray加入我們的團隊。他領導我們全球的醫療和臨床事務組織，包括臨床研究、臨床試驗營運、證據生成以及醫療安全和溝通。

His extensive medical and clinical experience and expertise are already proving to be significant assets as we strengthen our focus on building robust clinical evidence and delivering innovative solutions to transform patient care. Now turning to our third priority, which is delivering on our financial commitments.

他豐富的醫療和臨床經驗及專業知識已證明是重要的資產，因為我們將更加重視建立可靠的臨床證據，並提供創新的解決方案來改變病患照護。現在轉向我們的第三個優先事項，即履行我們的財務承諾。

Earlier on this call, we reviewed our third quarter financial results. Now we'd like to take this opportunity to talk about the steps we're taking to position our company for long-term growth. We recently completed a portfolio prioritization process that will guide our capital and resource allocation decisions.

在本次電話會議的前半部分，我們回顧了第三季的財務表現。現在我們想藉此機會談談我們為公司長期發展所採取的措施。我們最近完成了一項投資組合優先排序流程，該流程將指導我們的資本和資源分配決策。

Our longer-term goal is to shift our product mix towards higher growth, more profitable categories to drive accelerated growth and performance. This discipline approach is reflected in how we are investing in high growth segments of our portfolio. As an example, we're progressing the PMAs for SurgiMend, and Durepair in implant-based breast reconstruction, positioning us to become a key player in this high growth $800 million dollar market.

我們的長期目標是將產品組合轉向成長更快、利潤更高的類別，以推動加速成長和提升績效。這種嚴謹的投資策略體現在我們對投資組合中高成長領域的投資方式。例如，我們正在推動 SurgiMend 和 Durepair 在植入式乳房重建領域的上市前批准 (PMA)，這使我們有機會成為這個高速成長的 8 億美元市場中的關鍵參與者。

As the proposed CMS reimbursement changes continue, favoring evidence-based cost effective products, we also see additional investment opportunities in clinical evidence to expand our reach in outpatient wound care settings, driving sustainable, profitable growth.

隨著 CMS 提出的報銷政策變更繼續推進，有利於以證據為基礎的成本效益產品，我們也看到了在臨床證據方面更多的投資機會，以擴大我們在門診傷口護理領域的覆蓋範圍，從而推動可持續的盈利增長。

Finally, to drive long-term profitability, and create room for investment and growth, last quarter, we announced the initial phase of our margin expansion initiative, which is progressing well. We expect the program to yield $25 million to $30 million of cost reduction in 2026, through initiatives focused on cost improvement, third-party spend reduction, and operating model efficiencies.

最後，為了推動長期獲利能力，並為投資和成長創造空間，上個季度我們宣布了利潤率擴張計劃的第一階段，目前進展順利。我們預計該計劃將在 2026 年實現 2,500 萬至 3,000 萬美元的成本削減，重點是透過降低成本、減少第三方支出和提高營運模式效率等措施來實現的。

Not only will these initiatives support our longer-term margin expansion goals, they will also leave us well positioned to offset any potential headwinds that may arise from a cost perspective, for example, tariffs. Moving to 2025 guidance, we are revising our full year 2025 revenue and adjust the EPS guidance to a range of $1.62 billion to $1.64 billion, and $2.19 to $2.24 respectively.

這些舉措不僅將支持我們長期的利潤率擴張目標，還將使我們處於有利地位，以抵消成本方面可能出現的任何潛在不利因素，例如關稅。展望 2025 年業績，我們將 2025 年全年營收預期調整為 16.2 億美元至 16.4 億美元，每股盈餘預期調整為 2.19 美元至 2.24 美元。

Our new guidance reflects our lower than expected revenue in the third quarter, coupled with updated assumptions for the fourth quarter. We remain confident in our plans and ability to deliver the foundational transformation required to improve our performance and delivery of consistently reliable results.

我們新的業績指引反映了第三季營收低於預期，以及對第四季的最新假設。我們對我們的計劃和能力仍然充滿信心，相信我們能夠實現必要的根本性變革，從而提高我們的業績，並持續交付可靠的成果。

Looking ahead, we will continue to balance near term execution with investments that strengthen our foundation for sustainable growth. Now I would like to turn it over to Lea, who will provide more specifics on our third quarter results, and share additional details on our revised guidance. Leah.

展望未來，我們將繼續在近期執行和加強可持續成長基礎的投資之間取得平衡。現在我想把發言權交給Lea，她將提供更多關於我們第三季度業績的具體信息，並分享我們修訂後的業績指引的更多細節。莉亞。

Thank you, Mojdeh. Let's take a more detailed look at our third quarter financial highlights starting on slide 5. Total revenues for the quarter were $402 million, representing 5.6% reported growth and 5% organic growth compared to the same period last year. Reported revenues included a foreign exchange tailwind of approximately 60 basis points.

謝謝你，莫傑德。讓我們從第 5 張投影片開始，更詳細地看一下我們第三季的財務亮點。本季總營收為 4.02 億美元，與去年同期相比，報告成長率為 5.6%，有機成長率為 5%。報告的收入包含了約 60 個基點的外匯匯率利多。

Revenue performance was below our expectations, due to two supply interruptions in our CSS business, coupled with insufficient safety stock levels for the impacted products. Adjusted earnings per share for the quarter were $0.54, representing 32% growth compared to the third quarter of 2024.

由於 CSS 業務兩次供應中斷，加上受影響產品的安全庫存水準不足，導致收入表現低於預期。本季調整後每股收益為 0.54 美元，與 2024 年第三季相比成長 32%。

Margin for the quarter was 62.9%, down 10 basis points versus the prior year, reflecting increased remediation costs, investments in the compliance master plan, and tariffs, mostly offset by favorable product mix from stronger sales, and higher margin products in neurosurgery and wound reconstruction.

本季利潤率為 62.9%，比上年同期下降 10 個基點，反映出補救成本增加、合規總體規劃投資增加以及關稅增加，但這些不利因素大多被強勁銷售帶來的有利產品組合以及神經外科和傷口重建等高利潤率產品所抵消。

Adjusted EBITDA margin was 19.5%, an increase of 330 basis points versus the prior year, driven by revenue growth due to improved inventory availability, and discipline cost management. Operating cash flow for the quarter was $41 million, a significant improvement over the first half of this year.

經調整的 EBITDA 利潤率為 19.5%，比上年增長 330 個基點，這主要得益於庫存可用性提高帶來的收入增長以及嚴格的成本管理。本季經營現金流為 4,100 萬美元，較今年上半年有了顯著改善。

Turning to slide 6, let's review the revenue highlights from our common specialty surgical segment. CSS reported third quarter revenues of $292.6 million, reflecting growth of 8.1% on a reported basis, and 7.1% on an organic basis. We are pleased that the man remains strong in the global surgery market.

接下來請看第 6 張投影片，讓我們回顧一下我們常見在專科手術領域的收入亮點。CSS公佈第三季營收為2.926億美元，按報告數據計算成長8.1%，以有機成長計算成長7.1%。我們很高興看到這位男士在全球外科手術市場中依然保持強勁勢頭。

Our revenues in neurosurgery increased 13.3%. This outsized growth was driven by strong performance of Service Plus, DuraGen, CereLink, and Mayfield Capital, in addition to a favorable prior year come. Our ENT business was roughly flat for the quarter. We continue to be impacted by reimbursement pressure in the sinuplasty balloon segment and the timing of capital equipment purchases.

我們在神經外科領域的收入成長了 13.3%。這筆超額成長主要得益於 Service Plus、DuraGen、CereLink 和 Mayfield Capital 的強勁表​​現，以及去年的良好業績。本季我們的耳鼻喉科業務基本持平。我們持續受到鼻竇成形球囊領域的報銷壓力和資本設備採購時間的影響。

These dynamics continue to weigh on overall ENT growth, despite growth in our newer products. The AERA Station 2, balloon dilation, and TruDi navigated disposables both delivered solid growth. We remain focused on continuing new product development, driving commercial execution, and engaging with payers to address reimbursement challenges.

儘管我們的新產品有所增長，但這些因素仍然對耳鼻喉科的整體增長構成壓力。AERA Station 2、球囊擴張和 TruDi 導航一次性用品均實現了穩健成長。我們將繼續專注於新產品開發、推動商業執行，並與支付方合作解決報銷難題。

Of note in Q3, we initiated enrollment in the Alaric AERA pediatric registry, a prospective multi-center observational registry, evaluating the real world use of the AERA Station 2 balloon dilation system in children. The data generated from the study will provide valuable real-world insights, and support broader efforts to improve reimbursement pathways and clinical adoption.

值得注意的是，在第三季度，我們啟動了 Alaric AERA 兒科註冊登記，這是一個前瞻性多中心觀察註冊登記，旨在評估 AERA Station 2 球囊擴張系統在兒童中的實際應用。該研究產生的數據將提供有價值的真實世界見解，並支持更廣泛的努力，以改善報銷途徑和臨床應用。

We continue to invest in our ENT offering and are taking a disciplined approach to managing and growing the business. In our instruments portfolio, revenue declined 7.6%, driven by a tough comparison in the alternate site channel following strong performance in the prior year.

我們將繼續增加對耳鼻喉科業務的投入，並採取嚴謹的方法來管理和發展這項業務。在我們的儀器產品組合中，收入下降了 7.6%，這是由於去年表現強勁，而今年其他通路的業績則較去年同期大幅下滑所致。

Turning to the results in our international business, revenue grew 14.6%, driven by strong demand across key markets, and the renewed availability of certain products that were not available the prior year. This rebound reflects the strength of our global commercial execution ability, and the resilience of the underlying demand for our products.

再來看國際業務的業績，營收成長了 14.6%，這得益於主要市場的強勁需求，以及上一年無法提供的某些產品的重新上市。這項反彈反映了我們強大的全球商業執行能力，以及市場對我們產品潛在需求的韌性。

Our international growth was led by China, with an approximate 24% year-over-year increase fueled by stronger supply, further geographic expansion, and deeper market penetration. Other strategic markets also delivered low double-digit growth. While part of the growth reflects lapping last year's ship hold, we are encouraged by the sustained demand signals.

我們的國際成長主要由中國市場引領，年增約 24%，這得益於更強勁的供應、進一步的地域擴張和更深入的市場滲透。其他策略市場也實現了兩位數的低成長。雖然部分成長反映了去年船艙庫存的回收，但我們對持續的需求訊號感到鼓舞。

We remain focused on expanding access, improving supply of reliability, and driving adoption of our differentiated technologies globally. Moving to our tissue technology segment on slide 7. Tissue technologies revenues were $109.5 million, down approximately 0.5% on a recorded basis, and 0.3% on an organic basis compared to the prior year.

我們將繼續致力於擴大市場覆蓋範圍、提高供應可靠性，並在全球範圍內推動我們差異化技術的應用。接下來，我們來看看第 7 張投影片上的組織技術部分。組織技術收入為 1.095 億美元，按記錄基準計算下降約 0.5%，以自然成長基準計算下降 0.3%，與前一年相比。

Within moon reconstruction, we saw strong underlying growth across the portfolio, including approximately 50% growth from DuraSorba, and approximately 25% growth from Integra Skin. [Roton] Integra Skin was supported by both continued demand trends, and improved production output and availability, while DuraSorb's performance was again driven by sustained market demand.

在月球重建領域，我們看到整個投資組合實現了強勁的潛在成長，其中 DuraSorba 成長了約 50%，Integra Skin 成長了約 25%。[Roton] Integra Skin 的表現得益於持續的需求趨勢以及產量和供應量的提高，而 DuraSorb 的表現再次得益於持續的市場需求。

Positive growth in wound reconstruction was offset by the negative impact of MediHoney. In our private label business, sales declined 12.6%, primarily due to the softer commercial demand experienced by our private label partners. International sales and tissue technologies grew low double-digits, reflecting double-digit growth in Integra Skin, and our UBM portfolio, partially offset by the impact of MediHoney.

傷口重建的正面進展被 MediHoney 的負面影響所抵消。在我們的自有品牌業務中，銷售額下降了 12.6%，主要是由於我們的自有品牌合作夥伴的商業需求疲軟所致。國際銷售額和組織技術實現了兩位數的低成長，這反映了 Integra Skin 和我們的 UBM 產品組合的兩位數成長，但部分被 MediHoney 的影響所抵消。

Turning to slide 8. I'll now review our balance sheet, capital structure, and cash flow. During the third quarter, operating cash flow was $40.9 million and free cash flow was $25.8 million, reflecting our continued capital investments in key infrastructure. As of September 30, net debt was $1.57 billion, and our consolidated total leverage ratio was 4.3 times, which remains within our current maximum allowable leverage ratio of five times.

翻到第8張幻燈片。接下來我將檢視我們的資產負債表、資本結構和現金流量。第三季度，經營現金流為 4,090 萬美元，自由現金流為 2,580 萬美元，反映了我們對關鍵基礎設施的持續資本投資。截至9月30日，淨負債為15.7億美元，合併總槓桿率為4.3倍，仍處於我們目前允許的最高槓桿率5倍以內。

The end of the quarter with total liquidity of $550 million, including $268 million in cash, and short-term investments, with the remainder available under a revolving credit facility. During the third quarter, we satisfied the convertible bond maturity using our revolver. During 2026, we plan to increase and extend the proportion of fixed rate debt in our capital structure.

本季末，公司總流動資金為 5.5 億美元，其中包括 2.68 億美元的現金和短期投資，其餘資金可透過循環信貸額度獲得。第三季度，我們利用循環信貸額度償還了到期可轉換的債券。2026年，我們計劃增加並擴大固定利率債務在我們資本結構中的比例。

If you turn to slide 9, I will provide a consolidated revenue and adjusted earnings per share guidance for the fourth quarter and full year 2025. For the fourth quarter, we expect revenues in the range of $420 million to $440 million, representing a reported decline between approximately 5% and 0.6%, and an organic decline between approximately 6% and 1.4%.

如果您翻到第 9 張投影片，我將提供 2025 年第四季和全年的合併收入和調整後每股盈餘預期。我們預計第四季營收將在 4.2 億美元至 4.4 億美元之間，報告營收下降約 5% 至 0.6%，有機營收下降約 6% 至 1.4%。

Our fourth quarter outlook reflects normal seasonality, and updated market assumptions for ENT and private label, as well as remediation and supply improvement timelines. With the full year 2025, we expect revenues of $1.62 billion to $1.64 billion, representing reported growth of approximately 0.6% to 1.8% and an organic decline of approximately 1.6% to 0.4%.

我們的第四季展望反映了正常的季節性因素，以及耳鼻喉科和自有品牌的最新市場假設，以及補救措施和供應改善時間表。預計 2025 年全年營收將達到 16.2 億美元至 16.4 億美元，其中報告成長率約為 0.6% 至 1.8%，有機下降幅度約為 1.6% 至 0.4%。

We estimate an approximate 260 basis points decline in gross margin for the year, including approximately 200 basis points due to investments and remediation and the compliance master plan. Our gross margin outlook also reflects an approximate 60 basis point headwind from tariffs. The tariff assumptions aligned with the most recent formal tariff rates and reciprocal tariffs on record from the relevant jurisdictions.

我們預計本年度毛利率將下降約 260 個基點，其中約 200 個基點是由於投資、補救措施和合規總體規劃造成的。我們的毛利率預期也反映了關稅帶來的約 60 個基點的不利影響。關稅假設與相關司法管轄區記錄在案的最新正式關稅稅率和互惠關稅一致。

For the fourth quarter, we expect adjusted EPS of $0.79 to $0.84, and for the full year between $2.19 to $2.24 per share. Adjusted EPS guidance assumes continued discipline, cost management, and investments in operational stability and longer-term growth. Finally, on slide 12, we summarized our key guidance considerations, including assumptions for tariffs, FX rates, tax rates, and share counts.

我們預計第四季度調整後每股收益為 0.79 美元至 0.84 美元，全年調整後每股收益為 2.19 美元至 2.24 美元。調整後的每股盈餘預期假設公司將繼續保持紀律性，控製成本，並投資於營運穩定性和長期成長。最後，在第 12 張投影片中，我們總結了我們的關鍵指導考慮因素，包括關稅、匯率、稅率和股份數量的假設。

I will now turn the call over to Mojdeh to conclude our prepared remarks.

現在我將把電話交給莫傑德，讓他總結我們事先準備好的發言。

Thank you, Lea. To close, I want to emphasize our focus on strengthening our foundation, through improved compliance and quality, operational excellence, and continued strong commercial execution. The actions we are taking will drive measurable progress towards improved reliability, consistency, and performance.

謝謝你，莉婭。最後，我想強調我們致力於透過提高合規性和品質、卓越營運和持續強勁的商業執行力來加強我們的基礎。我們採取的行動將推動在提高可靠性、一致性和性能方面取得可衡量的進展。

We have successfully relaunched PriMatrix, and Durepair, ahead of schedule through our dual sourcing strategy, and are on track to begin production of SurgiMend in Braintree by June 2026, with the launch expected in the fourth quarter. Our cost saving initiatives are underway with $25 million to $30 million in savings expected in 2026.

我們透過雙重採購策略，提前成功地重新推出了 PriMatrix 和 Durepair，並預計在 2026 年 6 月之前在 Braintree 開始生產 SurgiMend，預計將在第四季度上市。我們的成本節約計畫正在進行中，預計到 2026 年將節省 2,500 萬至 3,000 萬美元。

As we look ahead, we are highly confident about the future of Integra. Our entire organization is fully committed and working every day to deliver on our purpose to restore lives. With our differentiated portfolio, holistic transformation strategy, and robust plans, we are well positioned to deliver long-term sustainable growth, improved margins, and ultimately strong returns for the shareholders.

展望未來，我們對Integra的未來充滿信心。我們整個組織都全力以赴，每天努力實現我們恢復生命的宗旨。憑藉我們差異化的產品組合、全面的轉型策略和強有力的計劃，我們有能力實現長期可持續成長、提高利潤率，並最終為股東帶來強勁的回報。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions)

（操作說明）

Vik Chopra, Wells Fargo Securities LLC.

Vik Chopra，富國證券有限責任公司。

Hey, good morning, and thank you for taking the question. I have two. The first one, your Q4 guidance is below street expectations. We just love to get some more color around some of the puts and takes for the fourth quarter, especially around the supply headwinds and then I had to follow off please.

嗨，早上好，謝謝你回答這個問題。我有兩個。首先，你們第四季業績指引低於市場預期。我們非常樂意了解更多關於第四季的一些買賣觀點，特別是關於供應逆風的觀點，然後我不得不繼續說下去。

Certainly. Thanks, Vik, for the question. So to your point, Q4 guide currently reflects a pull down from a midpoint of about $26 million versus our previous guide. It's made up of three factors. We did update our assumptions for ENT and Private label, based on kind of the market impacts that we saw in Q3.

當然。謝謝Vik的提問。所以正如您所說，第四季業績指引目前較先前的指引有所下調，中位數約為 2,600 萬美元。它由三個因素所構成。我們根據第三季看到的市場影響，更新了耳鼻喉科和自有品牌的假設。

So we've reflected that in Q4. We've also reflected updated CMP remediation timing, including the delay of some products of return to the market, and then finally it reflects updated assumptions regarding our production rates and supply improvement following the Q3 supply interruption. So while we've resolved that interruption, we are expecting performance in Q4 to be lower than what we previously assumed in our Q4 guide.

因此，我們在第四季度中體現了這一點。我們也反映了更新的 CMP 補救時間，包括一些產品重返市場的延遲，最後反映了在第三季供應中斷後，我們對生產力和供應改善的最新假設。雖然我們已經解決了這個中斷問題，但我們預計第四季度的業績將低於我們先前在第四季業績指引中所做的假設。

Great. Thanks for the caller and then my follow-up question. I'm just curious if it's an opportunity to grow your top-line in 2026, and how we should think about growth margin stabilization and profitability. Thank you.

偉大的。感謝來電者，接下來我要問一個問題。我只是好奇這是否是您在 2026 年實現營收成長的機會，以及我們應該如何看待成長利潤率穩定和獲利能力。謝謝。

ViK. Hi, this is Mojdeh. Thank you for your question. Before I let Lea review some of our thoughts about 2026, I wanted to provide some context around the work that we've been engaged in doing this year, which is really foundationally systemically strengthening our quality, reliability, and overall execution across our business.

ViK。大家好，我是Mojdeh。謝謝你的提問。在讓 Lea 回顧我們對 2026 年的一些想法之前，我想先介紹一下我們今年一直在進行的工作的背景，這項工作實際上是從根本上系統地加強我們整個業務的質量、可靠性和整體執行力。

And we're in a -- in the midst of a significant transformation of our quality and operations that are across the entire14 site manufacturing footprint, and it will take time to embed. There's going to be some variability going quarter from quarter to quarter as we execute our remediations.

我們正處於——正處於品質和營運方面重大變革的階段，這變革遍及我們全部 14 個生產基地，需要時間才能落實。在我們執行補救措施的過程中，每季之間都會存在一些波動。

But we are going to be committed to the three priorities that we've been bringing forward at every earnings call. We're going to carry on those priorities into next year because we believe those are the foundations for us to be able to deliver consistency in performance. And driving growth in 2026 and beyond.

但我們將致力於我們在每次財報電話會議上提出的三個優先事項。我們將繼續把這些優先事項延續到明年，因為我們相信這些是我們能夠保持業績穩定的基礎。並推動2026年及以後的成長。

And with that, I'll let Lea comment.

那麼，接下來就讓莉婭發言。

Yeah. So to that end, as we look ahead, there will be both headwinds and tailwinds that we'll need to factor into the 2026 guide, and we look forward to doing that and sharing those details as part of our fourth quarter call in February.

是的。因此，展望未來，我們需要將各種不利因素和有利因素都納入 2026 年的業績指引中，我們期待在 2 月的第四季度電話會議上分享這些細節。

That said, we do currently anticipate modest revenue growth in 2026, and we're going to approach next year with the discipline that Mojdeh referenced. We're going to be balancing investment as well as cost management, while at the same time staying focused on operational execution as well as earnings performance.

儘管如此，我們目前預計 2026 年的營收將實現溫和成長，我們將以 Mojdeh 所提到的嚴謹態度來應對明年。我們將平衡投資和成本管理，同時繼續專注於營運執行和獲利表現。

Joanne Wuensch, City.

Joanne Wuensch，市。

Hey, good morning. This is actually Anthony on for Joanne. Thanks for taking our questions. On the private label headwinds, I know it was a headwind last quarter as well. Is it the same private label partner that's experiencing these issues? And then if you could just maybe talk about your visibility into the private label business right now.

嘿，早安。實際上這是安東尼代替喬安妮主持節目。謝謝您回答我們的問題。關於自有品牌面臨的逆風，我知道上個季度也面臨同樣的逆風。是同一家自有品牌合作夥伴出現了這些問題嗎？然後，您能否談談您目前對自有品牌業務的看法？

Thank you for the question. Yes, we expect growth to continue being impacted in Q4 for private label. It's primarily the same, the same private label partner, and the same challenge that they have in the market in terms of their share position, and as their share position is challenged, they reduced the order rates that they have to us. So it's the same exact one.

謝謝你的提問。是的，我們預計自有品牌業務在第四季度的成長將繼續受到影響。情況基本上相同，仍然是同一個自有品牌合作夥伴，他們在市場份額方面也面臨著同樣的挑戰。由於市場份額受到挑戰，他們降低了對我們的訂單量。所以，它們完全一樣。

And in terms of our visibility going forward again as part of our 2026 guide, we'll update our thinking with respect to that. Right now we would anticipate private label growth in the kind of low single to mid-single-digit trajectory.

至於我們未來的發展前景，作為 2026 年發展規劃的一部分，我們將更新我們在這方面的想法。目前我們預期自有品牌的成長速度將維持在個位數到個位數的低水準。

Okay. Thank you. And then can you talk about this quarter, what was going on with MediHoney? I know it was pressured.

好的。謝謝。那麼，您能談談本季的情況嗎？ MediHoney那邊發生了什麼事？我知道這是迫於壓力。

Yes, MediHoney, we are currently undergoing a remediation for that product, under the compliance master plan, and we realize it's been a key part of the tissue technology business, and the strength that we have in other parts of the tissue technologies as Lea mentioned in the prepared remarks, we have strong growth in Integra Skin, DuraSorb.

是的，MediHoney，我們目前正在根據合規總體規劃對該產品進行整改，我們意識到它一直是組織技術業務的關鍵部分，正如Lea在準備好的發言稿中提到的，我們在組織技術的其他領域擁有強大的實力，例如Integra Skin和DuraSorb，它們都實現了強勁增長。

We have strong growth in Integra Skin. So we are able to balance some of the shortfalls because of the MediHoney being off the market, but we are diligently working on the remediation efforts. Thank you.

Integra Skin業務成長強勁。由於 MediHoney 退出市場，我們得以彌補一些缺口，但我們正在努力進行補救工作。謝謝。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Oh. Good morning. Thanks for taking our questions. Just to just to real quick just to go back, I mean, you had said in 2Q that there was no additional material shipold expected, and so I just want to understand like the timeline of when this kind of popped up, either with MediHoney, but you also called out, I think some shipholds in CSS too. So if you could specify what those products were in CSS and whether that was factored into the prior guidance before?

哦，早安。謝謝您回答我們的問題。我只是想快速回顧一下，你在第二季度說過預計不會有額外的材料庫存，所以我只是想了解一下這件事是什麼時候出現的，無論是 MediHoney，還是你提到的 CSS 的一些庫存。所以，您能否具體說明CSS中的這些產品是什麼，以及先前的指導意見是否已經考慮到了這一點？

Yeah, certainly, Ryan. So a couple of things, as you remember coming out of Q2, we had strong performance, and we saw that performance continue through July, which is when we provided our Q3 guidance, and performance at that level was performing consistent with that expectation.

當然可以，瑞恩。有幾點需要說明，正如您在第二季度結束時所記得的那樣，我們取得了強勁的業績，並且這種強勁的業績一直延續到7月份，也就是我們發布第三季度業績指引的時候，而當時的業績水平與預期相符。

The two supply interruptions that I referenced that impacted the CSS business occurred in August, in a time frame which we still had an ability to be able to close that gap, and so we did see a rebound in September, but we just weren't able to close all of the gap by the end of the quarter.

我提到的兩次影響 CSS 業務的供應中斷都發生在 8 月份，當時我們還有能力彌補這一缺口，因此我們在 9 月份確實看到了反彈，但我們未能在本季度末完全彌補缺口。

Important to note, and I mentioned it previously, but important to note that we have since, addressed the interruption, and resumed production in the impacted areas. So while it does affect kind of our go forward ramp, those issues have been resolved.

需要特別指出的是，我之前也提到過，我們已經解決了中斷問題，並恢復了受影響地區的生產。雖然這確實影響了我們未來的發展計劃，但這些問題已經解決。

In terms of MediHoney, because you did mention that specifically, that wasn't a factor with respect to our performance versus guide in Q3. MediHoney was recalled earlier in the year, so we had already removed that from our guide as of the July conversation.

至於 MediHoney，因為你確實特別提到了這一點，但它並不是我們第三季業績與指導價值差距的影響因素。MediHoney 在今年稍早被召回，因此截至 7 月的討論，我們已將其從指南中刪除。

Okay. That's helpful, yeah. Thank you. And then the second question, kind of a two-part question. But Mojdeh, you talked about kind of product review, portfolio review, and so I'm curious what that means for existing products.

好的。那很有幫助，是的。謝謝。然後是第二個問題，其實是包含兩個部分的問題。但是 Mojdeh，你剛才提到了產品審查、產品組合審查之類的東西，所以我很好奇這對現有產品意味著什麼。

I mean you talked about moving into higher growth areas, but when you look at the portfolio in total, I mean do you see opportunities to prune, to divest, and I ask that in the context of like Acclarent, and the performance you've seen with Acclarent, maybe not meeting the expectations that you previously had in your deal model.

我的意思是，您談到要進入更高成長的領域，但從整體上看，您是否看到精簡或剝離的機會？我這樣問，是考慮到像 Acclarent 這樣公司，以及您在 Acclarent 的業績，它可能沒有達到您之前在交易模型中預期的水平。

And what are your updated assumptions, if I may, for Acclarent now based on the updated guidance? Thanks for taking all the questions.

如果可以的話，請問根據最新的指導意見，您對Acclarent目前的預期有哪些更新？感謝您回答所有問題。

Thank you, Ryan. I hope I can remember all the questions. Somebody may have to prompt me. But on the portfolio prioritization, the key purpose behind it is to manage our portfolio for optimal performance, and the outcome of that portfolio prioritization process is going to guide our capital and resource allocation decisions, and it has started to do that actually.

謝謝你，瑞恩。我希望我能記住所有的問題。可能需要有人提醒我。但就投資組合優先順序而言，背後的關鍵目的是為了管理我們的投資組合以實現最佳績效，而投資組合優先排序過程的結果將指導我們的資本和資源分配決策，而且實際上已經開始發揮這種作用了。

Where we're going to be spending most of our resources towards the most important portfolios and programs for the company. Now, the ultimate goal is to shift our portfolio to our higher growth segments, where we are in attractive markets. We have -- we are leaders, we have the right to win, and it also this discipline approach would allow us to make sure that we will have continuous and consistent growth, long-term into the future.

我們將把大部分資源投入到公司最重要的專案和計畫中。現在，我們的最終目標是將投資組合轉移到成長更快的領域，因為我們在這些領域擁有極具吸引力的市場。我們是領導者，我們有權獲勝，而這種自律的方法也能確保我們在未來長期內持續穩定發展。

As we have done this work, there's no predetermined areas for us that I would say we would want to divest at this point, but there are opportunities that we're seeing in terms of the SKU rationalization. And in terms of streamlining the portfolio, simplifying some parts of our portfolio, but that's the work to be done, and we continue to drive that portfolio prioritization to guide our capital allocation decisions.

在我們進行這項工作的過程中，目前還沒有預先確定我們要剝離的領域，但我們在 SKU 合理化方面看到了一些機會。至於精簡投資組合，簡化我們投資組合的某些部分，但這是需要完成的工作，我們將繼續推進投資組合的優先排序，以指導我們的資本配置決策。

Now, when you're talking about Acclarent, we have one part of the business which is balloon sinuplasty has been challenged because of the pair challenges and that has been consistent over the last couple of quarters, and it's the issue that our teams are working very closely with the health economics team that we have, helping the customers as well as conversations with the payers to try to address that.

現在，說到Acclarent，我們業務的一部分——球囊鼻竇成形術——由於雙重挑戰而面臨挑戰，這種情況在過去幾個季度一直持續存在。我們的團隊正在與我們的健康經濟團隊密切合作，幫助客戶，並與支付方進行溝通，以努力解決這個問題。

But we knew that. Actually at the time of the acquisition, it was known that that's the slower part growth part of the portfolio. The other parts of the portfolio are progressing very well. We had very healthy growth, low single, low double-digit growth for both AERA, as well as TruDi products, and we have quite a good pipeline of clinical evidence, as well as new products that are going to augment and drive the growth of this portfolio forward.

但我們早就知道這一點。事實上，在收購之時，人們就已經知道這是投資組合中成長速度較慢的部分。投資組合的其他部分進展非常順利。AERA 和 TruDi 產品均實現了非常健康的成長，實現了低個位數或低兩位數的成長，我們擁有相當不錯的臨床證據儲備，以及將增強和推動該產品組合成長的新產品。

So we still believe it's an attractive market. The balloons signing plastic part of it is challenged, but the other parts of the business are growing very strongly. I think I got all of the questions. All right. Oh, in terms of expectations, you said --

所以我們仍然認為這是一個很有吸引力的市場。氣球塑膠製品部分面臨挑戰，但業務的其他部分發展勢頭強勁。我想我把所有問題都回答完了。好的。哦，關於期望方面，您說--

-- what are your new market or something for you?

——你的新市場或你有什麼想法？

Yes, the assumptions for the Q4, we continue to project flat. And for the next year, we will come to you when we have the guidance that we bring forward in 2026.

是的，對於第四季的假設，我們仍然預期會持平。接下來一年，我們將根據 2026 年提出的指導方針與您聯繫。

Thank you for answering all those questions.

謝謝你回答了所有這些問題。

You're welcome.

不客氣。

Richard Newitter, Truist Securities.

Richard Newitter，Truist Securities。

Hi. This is Ravi here for Rich. Thanks for taking the questions. I guess, kind of want to prod on gross margin a little bit, pretty strong in third quarter, at least, given that the revenue shortfall.

你好。我是Ravi，這裡是Rich的信箱。謝謝您回答問題。我想稍微關註一下毛利率，考慮到營收缺口，第三季的毛利率相當強勁。

So can you help us kind of think about, is this a function of some of the changes that you've been making in terms of the mediation efforts or restructuring or should we be thinking about it more so that, with some of the way you're running production so tightly, you might have some issues around safety stock, if demand picks up, but, longer-term, as production gets to normal, maybe this gross margin benefit ebbs a little bit.

所以，您能否幫我們思考一下，這是否與您在調解工作或重組方面所做的一些改變有關，或者我們是否應該更多地考慮，由於您目前的生產管理方式非常嚴格，如果需求回升，您可能會在安全庫存方面遇到一些問題，但從長遠來看，隨著生產恢復正常，這種毛利率優勢可能會略有下降。

So any color on that would be appreciated. I have a follow-up. Thank you.

所以，任何意見或建議都將不勝感激。我還有一個後續問題。謝謝。

Certainly and thank you for the question. So from gross margin perspective, on a full year basis, we're continuing to pace, in terms of gross margin performance, similar to what we communicate in the last call. So we said we'd be roughly around down 250 basis points year on year. We're pacing and in kind of that similar path. For Q3, we did see slightly better performance than we had anticipated and does have a lot to do with our ability to manage more efficiently.

當然可以，謝謝你的提問。因此，從毛利率的角度來看，就全年而言，我們在毛利率表現方面繼續保持著與我們在上一次電話會議上所傳達的類似的步伐。所以我們說，年比大約會下降 250 個基點。我們正在穩步前進，走著類似的道路。第三季度，我們的業績確實比預期略好，這很大程度上歸功於我們更有效率的管理能力。

Some of the cost headwinds that we have been experiencing related to the remediation work that's underway. So where we're able to manage more, efficiently from an ENO or a scrap perspective, we're seeing the benefit of that it reflected in Q3.

我們目前面臨的一些成本阻力與正在進行的修復工作有關。因此，如果我們能夠從 ENO 或廢料的角度進行更有效率的管理，那麼我們在第三季就能看到這種優勢。

And as we continue to move through kind of these remediation phases, we would expect a lot of those one-time headwind costs to come out of gross margins as we move forward. And then, from a year on year perspective, we were with about 10 basis points down, we did see the impact again of the remediation, and compliance master plan costs, coupled with tariffs as a headwind, that was largely offset by what I mentioned earlier, which is kind of improvement in ENO and scrap, and then also better product mix with tissue tech brands performing stronger from a mixed perspective and helping to drive improvement in overall gross margins.

隨著我們繼續推進這些補救階段，我們預計許多一次性不利成本將從毛利中扣除。然後，從同比來看，我們下降了大約 10 個基點，我們再次看到了補救措施和合規總體規劃成本的影響，再加上關稅帶來的不利影響，但這在很大程度上被我之前提到的 ENO 和廢料的改善所抵消，此外，紙巾技術品牌的產品組合也更加完善，從各個角度來看都表現得更加強勁，這有助於推動整體毛利率的提高。

Great. And I guess my follow-up kind of goes down that tissue tech pathway, talking about my matrix, and your repair coming back, ahead of schedule. Can you maybe help put some figures around that like what kind of revenue do you expect that you didn't, ahead of schedule and then kind of where do you see the growth ramp for those products or kind of how do you look at the growth for those products? Thank you.

偉大的。我想我接下來的討論會沿著組織技術的方向進行，談談我的基質，以及你的修復情況提前恢復的情況。您能否提供一些具體數據，例如您預計提前實現多少收入，以及您認為這些產品的成長速度如何，或者您如何看待這些產品的成長？謝謝。

So PriMatrix, and Durepair, prior to pulling them from the market in 2023, we're performing around the kind of $25 million to $30 million. And so, the work we're doing now as we bring those products back to market, is to get back our share. And given that we've been out of the market for a number of years, we know that there's, it's going to take time to do that.

所以，在2023年將PriMatrix和Durepair撤出市場之前，我們的業績大約在2500萬美元到3000萬美元之間。因此，我們現在將這些產品重新推向市場，是為了重新奪回我們的市場份額。鑑於我們已經退出市場多年，我們知道這需要時間。

But we're excited about the reception that we're getting from our customers, based on this kind of advanced relaunch of those products, and we'll continue to leverage that as we move forward in terms of determining kind of the full path forward.

但我們很高興看到客戶對這些產品的這種先進重新發布給予了積極回饋，我們將繼續利用這一點，以確定未來的發展方向。

Yes. I just wanted to call this out because this is part of the intentional strategy that we have to strengthen the resiliency of our manufacturing and supply chain. So, this dual sourcing strategy that the team pulled through during this year is quite exciting for us because we've been hearing from physicians and patients and customers that they're missing these products in the market, and we're happy to be bringing them ahead of time to the customers, and to the patients who need them.

是的。我之所以要特別指出這一點，是因為這是我們為增強製造業和供應鏈的韌性而製定的策略的一部分。因此，團隊今年成功實施的這種雙重採購策略讓我們感到非常興奮，因為我們一直聽到醫生、患者和客戶反映，市場上缺乏這些產品，我們很高興能夠提前將這些產品帶給需要它們的客戶和患者。

But we're quite excited about the opportunity to launch it almost a year earlier.

但我們很高興有機會提前近一年推出這款產品。

Robert Marcus, JPMorgan.

Robert Marcus，摩根大通。

Hi, this is Lily on for Robbie. Thanks so much for taking the question. Maybe just to dig into the fourth quarter guidance a little bit more. EPS guidance still points to a pretty sizeable step up in the fourth quarter. So can you just help us bridge that.

大家好，我是莉莉，替羅比為您報道。非常感謝您回答這個問題。或許可以更深入探討第四季業績指引。每股收益預期仍顯示第四季將出現相當大的成長。所以，您能幫我們搭建這個橋樑嗎？

I appreciate that supply should continue to get better, but what's giving you the confidence, and visibility in that sort of improvement and margins exiting the year, especially off of now a lower revenue base for the fourth quarter, and just generally what gives you the confidence that this is the appropriate base for revenues and EPS that you can be and raises off.

我知道供應情況應該會繼續好轉，但是是什麼讓您對年底的這種改善和利潤率有信心和預見性呢？尤其是在第四季營收基數較低的情況下，您又是如何確信這是您能夠以此為基礎實現營收和每股盈餘的合適基數呢？

Certainly, thanks for the question, Lily. So to the first part of your question regarding the EPS step up in Q4. So right now at the midpoint, we are expecting about a $0.26 step up, but it's largely explained by the $33 million step up in revenue that we're also forecasting as reflected in the guide.

當然，謝謝你的提問，莉莉。那麼，關於您問題的第一部分，即第四季度每股收益成長的情況。所以目前，在中間點，我們預計會上漲約 0.26 美元，但這主要是因為我們在指南中預測的收入增加了 3,300 萬美元。

So that will drive sort of that performance, from a revenue perspective as we look at the step up, and how we get from the low to the high. At the low end, going from Q3 to Q4, that step up requires the normal seasonality that we see on the business. It's about $18 million higher than what we delivered in Q3, and it's consistent with what we've seen kind of historically in Q4 versus Q3.

因此，從收入的角度來看，這將推動業績成長，因為我們要觀察成長的步伐，以及我們如何從低谷走向高峰。從第三季度到第四季度，低端的成長需要我們在這個行業中看到的正常季節性因素。這比我們第三季的業績高出約 1,800 萬美元，這與我們歷史上第四季與第三季相比的業績情況基本一致。

From at the midpoint, it requires seasonality, plus some lift from the supply, the Q3 supply interruption that we talked about, and again, as a reminder, we have addressed those issues, we've resumed production. So we do anticipate additional or higher revenue performance from those products in Q4 versus Q3.

從中間點來看，這需要季節性因素，加上供應方面的一些提振，以及我們先前提到的第三季供應中斷問題。再次提醒大家，我們已經解決了這些問題，我們已經恢復了生產。因此，我們預計這些產品在第四季的營收表現將比第三季有所提升。

And then at the high end, it reflects kind of everything I talked about at the mid end, plus allows for additional improvements in terms of performance against demand for products that we just reintroduced like PriMatrix, and Durepair, along with other products that we have in the portfolio based on, improved supply.

而在高端市場，它反映了我在中端市場討論的所有內容，並且由於供應的改善，我們重新推出的產品（如 PriMatrix 和 Durepair）以及我們產品組合中的其他產品，在性能方面也得到了進一步的改進，以滿足市場需求。

So I think I got most of your questions. Let me know if I didn't hit one.

我想我解答了你們的大部分問題。如果我漏掉了一個，請告訴我。

Yeah. That covers all of them. Thank you. And just as a follow-up, it was nice to see a return to positive free cash flow in the quarter. So can you talk a bit about how sustainable you think that is? What level should we be thinking about for the full year, and it's just the right level of conversion to be working off.

是的。這就涵蓋了所有這些。謝謝。另外，令人欣慰的是，本季自由現金流恢復為正。那麼，您能否談談您認為這種方式的可持續性如何？我們應該把全年的目標設定在什麼水準？這個轉換率水準正是我們應該努力的方向。

Yeah, so we were excited as well. To your point, operating cash flow for the quarter was $41.9 million, free cash flow was 25.7%, and free cash flow conversion was 61.9%. And we do continue to expect to see strong free cash flow conversion numbers, as we move through the end of this year as well as throughout 2026.

是啊，所以我們也很興奮。正如您所說，該季度的經營現金流為 4,190 萬美元，自由現金流為 25.7%，自由現金流轉換率為 61.9%。我們預計，在今年年底以及整個 2026 年，自由現金流轉換率將持續保持強勁成長。

In general, we also, with that performance expect to see our leverage position stay, fairly flat through the end of this year, but then we'll see more meaningful improvement on a leverage, overall leverage outlook as we move throughout each quarter in 2026. Our focus right now remains on decreasing leverage as well as that, and the strongest contributor to that are our expectations on performance for EBITDA contribution, as we move forward.

總的來說，根據目前的業績，我們預計我們的槓桿水平將在今年年底前保持相對平穩，但隨著 2026 年每個季度的推進，我們將看到槓桿水平和整體槓桿前景出現更有意義的改善。我們目前的重點仍然是降低槓桿率，而實現這一目標的最主要因素是我們對未來 EBITDA 貢獻的預期。

Great. Thanks so much.

偉大的。非常感謝。

Matthew Taylor, Jefferies.

馬修泰勒，傑富瑞集團。

Hi. Good morning. This is [Madoff] for Matt Taylor. I wanted to follow up quickly on another question related to my matrix and to repair, and as you look to get back into the market and try and regain share. I know you mentioned that there is a lot of interest in having your product out in the market, but when it comes to executing, can you talk about how much or the magnitude of price concessions that you're willing to take in order to regain that share? Thanks.

你好。早安.這是馬特·泰勒的[麥道夫]。我想快速跟進另一個與我的矩陣和修復相關的問題，因為你們正在尋求重返市場並努力重新奪回市場份額。我知道您提到很多人對您的產品感興趣，希望它能上市銷售。但是，在實際操作中，您能否談談為了重新奪回市場份額，您願意在價格上做出多大的讓步？謝謝。

So for competitive reasons, we wouldn't discuss the pricing strategy. I think right now, again, as we mentioned for PriMatrix, and Durepair, as we re-enter, right, we're being thoughtful in approach, we're working with our customers, we haven't assumed, any significant material impact in 2025, as a result of the relaunch, but we're using that as an opportunity to position ourselves for stronger performance in 2026.

因此，出於競爭原因，我們不會討論定價策略。我認為現在，正如我們之前提到的 PriMatrix 和 Durepair 一樣，當我們重新進入市場時，我們正在採取深思熟慮的方法，與客戶合作，我們並沒有假設重新推出會在 2025 年產生任何重大的實質性影響，但我們正在利用這個機會為 2026 年取得更強勁的業績做好準備。

So, we look forward to sharing expectations with respect to that as part of our 2026 guide conversation in February.

因此，我們期待在二月份的 2026 年指南討論中分享這方面的預期。

That's helpful. Thank you very much.

那很有幫助。非常感謝。

Thank you. There are no further questions at this time. This does include the program; you may now disconnect. Everyone, have a great day.

謝謝。目前沒有其他問題了。這包括該程式；您現在可以斷開連接。祝大家今天過得愉快。