Integra LifeSciences Holdings Corporation (IART) 2026 Q1 法說會逐字稿

Good day. Welcome to Integra LifeSciences first quarter 2026 financial results. (Operator Instructions) . Also, note this call is being recorded.

大家好。歡迎參加 Integra LifeSciences 2026 年第一季財務業績電話會議。(接線員指示)。另外，請注意本次電話會議將被錄音。

I would now like to turn the call over to Chris Ward, Senior Director of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係資深總監 Chris Ward。請開始。

Good morning, and thank you for joining the Integra LifeSciences first quarter 2026 earnings conference call. Joining me on the call are Stuart Essig, Chairman, President, and Chief Executive Officer, and Lea Knight, Chief Financial Officer.

各位早安，感謝您參加 Integra LifeSciences 2026 年第一季財報電話會議。與我一同出席的有董事長、總裁暨執行長 Stuart Essig，以及財務長 Lea Knight。

This morning we issued two press releases. The first announcing the CEO transition and other organizational changes, and the second announcing our first quarter 2026 financial results. The releases and earnings presentation that we will reference during the call are available at integralife.com under Investors, Events and Presentations in a file named First Quarter 2026 Earnings Call Presentation.

今天早上我們發布了兩則新聞稿。第一則宣布執行長交接以及其他組織調整，第二則公布我們 2026 年第一季財務業績。我們在會議中將引用的新聞稿與財報簡報，可於 integralife.com 的 Investors（投資人）、Events and Presentations（活動與簡報）中取得，檔名為 First Quarter 2026 Earnings Call Presentation。

Before we begin, I want to remind you that many 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.

在開始之前，我想提醒各位，本次電話會議中的許多陳述可能被視為前瞻性陳述。可能導致實際結果與前瞻性陳述存在重大差異的因素，已在公司向 SEC 提交的《交易法》報告中討論。

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.

另外，在我們的事先準備講稿中，我們將提及報告口徑與有機（organic）營收成長。有機營收成長不包含外匯、併購與資產剝離的影響。除非另有說明，所有拆分項目與事業群（franchise）層級的營收成長率皆以有機表現為基礎。

Lastly, our comments today will include certain non-GAAP financial measures. Reconciliations of non-GAAP financial measures are included 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含若干非 GAAP 財務衡量指標。非 GAAP 財務衡量指標的調節表已包含於今日新聞稿中；該新聞稿亦作為 Integra 今日向 SEC 提交之 Form 8-K 當期報告的附件。

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

接下來，我把電話交給 Stuart。

Thank you, Chris. Before we turn to the quarter, I want to address the leadership change that we announced this morning. As you have seen from our announcement, I have stepped back into the role as President and CEO and will retain my current role as Chairman.

謝謝你，Chris。在我們進入本季表現之前，我想先談談我們今天早上宣布的領導階層變動。如各位從公告中所見，我已回到總裁暨執行長的職務，並將保留我目前的董事長職務。

I want to thank Mojdeh Poul for her leadership and for the meaningful progress made during her tenure. Under her leadership, the company advanced a number of important initiatives, including enterprise-wide portfolio and program prioritization, risk-based approach to quality remediation work, operations resiliency improvements, and the more recent transformation and business process optimization efforts. Those efforts matter, and they are progressing well, and we remain fully committed to them.

我要感謝 Mojdeh Poul 的領導，以及她任內所取得的重大進展。在她的領導下，公司推動了多項重要計畫，包括全企業的產品組合與專案優先順序排序、以風險為基礎的品質改善（remediation）工作方法、營運韌性提升，以及近期的轉型與業務流程最佳化工作。這些努力非常重要，且進展順利，我們也將持續全力投入。

As I step back into the CEO role, my focus will be on strengthening the culture of the organization while increasing our customer and commercial focus. We want to be more connected to our customers, more aligned with the field, more collaborative across functions, and clearer and faster in our execution. We're building on the important work already underway, while improving how we work together and how quickly we make things happen. We remain committed to the quality, compliance, capacity, and transformation work underway across the company. That work is progressing well and remains central to how we improve performance and build a stronger Integra.

當我回到執行長職務後，我的重點將放在強化組織文化，同時提升我們對客戶與商業面的聚焦。我們希望與客戶有更緊密的連結、與前線更一致、跨職能更協作，並在執行上更清晰、更快速。我們將在既有的重要工作基礎上，改善彼此協作方式，以及加快推動事情落地的速度。我們仍致力於公司各處正在進行的品質、法規遵循、產能與轉型工作。這些工作進展良好，並且仍是我們提升績效、打造更強大 Integra 的核心。

As we also announced this morning, Mike McBreen has been appointed Chief Commercial Officer. Some of you already know Mike well. He is exceptionally well-suited for this role with more than 30 years of commercial experience in the medical technology industry. This newly created role is an important part of how we move forward, and Mike will help drive the next phase of our commercial organization. This move reflects the importance we place on making sure the commercial organization has a strong voice at the leadership table, and that customer and market-facing priorities are fully represented in how we operate and make decisions.

此外，如我們今天早上所宣布，Mike McBreen 已被任命為首席商務長（Chief Commercial Officer）。在座有些人可能已經很熟悉 Mike。他在醫療科技產業擁有超過 30 年的商務經驗，非常適合這個職務。這個新設立的職位是我們向前推進的重要一環，Mike 將協助推動我們商務組織的下一階段發展。此舉反映我們高度重視：確保商務組織在領導團隊中有強而有力的發聲，並讓面向客戶與市場的優先事項在我們的營運與決策中得到充分代表。

This is not about changing direction in the commercial organization. It is about raising its profile, strengthening leadership support around it, and better positioning us to succeed. Our commercial teams have many strengths, and Mike's expanded role is intended to help us build on that momentum, sharpen execution, and support stronger coordination across the market-facing parts of the business. This appointment also reflects something broader that matters deeply to me as I return to the CEO role.

這並不是要改變商務組織的方向。而是要提升其能見度、強化對其的領導支持，並讓我們更有利於成功。我們的商務團隊具備許多優勢，而 Mike 擴大的職責旨在協助我們延續這股動能、強化執行力，並支持業務中各個面向市場的部門之間更好的協同。這項任命也反映出一個更廣泛、且在我回任執行長後對我而言非常重要的事情。

I want to make sure we are developing the next layer of leadership across the company, and giving strong leaders the opportunity to take on larger responsibilities. Mike's new role as CCO supports that objective and will allow me to devote more direct time and attention to the areas that still require the greatest focus.

我希望確保我們在全公司培育下一層領導人才，並讓優秀的領導者有機會承擔更大的責任。Mike 擔任 CCO 的新職務支持了這個目標，也將使我能把更多時間與注意力直接投入到仍最需要聚焦的領域。

This is the kind of leadership model that I want to reinforce across Integra. One that is customer-centered, commercially aware, collaborative, accountable, and focused on helping the organization succeed. We want our support functions and leadership teams working the way that enables the business, supports the field, and drives results. That is the cultural tone we intend to reinforce.

這就是我希望在 Integra 全面強化的領導模式。一種以客戶為中心、具備商業敏銳度、重視協作、強調問責，並專注於協助組織成功的模式。我們希望支援職能與領導團隊的運作方式，能夠賦能業務、支持前線並推動成果。這就是我們打算強化的文化基調。

I also want to be clear that I'm not stepping in as a transitional CEO. I am assuming this role with a long-term commitment and deep familiarity with the company and its operations. I have served Integra in various capacities as CEO, Executive Chairman, and Chairman for almost 30 years.

我也想明確表示，我並非以過渡性執行長的身分回任。我以長期承諾回到這個職務，並且對公司及其營運有深刻的熟悉度。近 30 年來，我以執行長、執行董事長與董事長等不同身分為 Integra 服務。

Over the past two years, I have been actively involved in key initiatives as Executive Chairman, including active oversight of key operational and quality matters. These included the implementation of the Compliance Master Plan, the Integra Skin capacity expansion, the initiation of the Braintree facility program, and direct communication with investors about the company's progress and path forward. I know this company deeply. I understand what it takes to run it, and I have a clear view of what I believe it will take to move Integra forward from here.

在過去兩年中，我以執行董事長身分積極參與多項關鍵計畫，包括對重要營運與品質事項的主動監督。這些工作包括《法規遵循總體計畫》（Compliance Master Plan）的落實、Integra Skin 產能擴增、Braintree 廠區計畫的啟動，以及就公司進展與未來路徑與投資人進行直接溝通。我對這家公司非常了解。我明白經營它需要什麼，也清楚知道我認為接下來推動 Integra 前進所需要的要素。

The message today is straightforward. The important work already underway is continuing. It's going well, and it remains central to building a stronger Integra. At the same time, we are sharpening our focus on culture, customers, and commercial execution at the top of the organization. I remain confident in both the progress we've made and the opportunity ahead. It is an honor and a privilege to lead this fine organization once again.

今天的訊息很直接。已在進行中的重要工作將持續推進。進展良好，並且仍是打造更強大 Integra 的核心。同時，我們也在組織最高層強化對文化、客戶與商業執行的聚焦。我對我們已取得的進展以及前方的機會仍充滿信心。能再次領導這個優秀的組織，我深感榮幸。

With those important announcements in mind, I'd like to now turn to our results on slide 4. We had a very strong first quarter, and the team demonstrated what it can achieve as we continue to improve product availability. For the first quarter, we delivered total revenue of $392 million and adjusted earnings per share of $0.54, both above the high end of our guidance ranges.

在記住這些重要公告的前提下，我想把焦點轉到第 4 張投影片的業績表現。我們第一季表現非常強勁，隨著我們持續改善產品供應可得性，團隊展現了其能達成的成果。第一季我們實現總營收 3.92 億美元，調整後每股盈餘為 0.54 美元，兩者皆高於我們指引區間的上緣。

Based on our first quarter performance and the strengthening of our foundation, we are maintaining our 2026 revenue guidance of $1.66 billion to $1.7 billion and updating our adjusted earnings per share guidance to a range of $2.40 to $2.50.

基於第一季的表現以及我們基礎的持續強化，我們維持 2026 年營收指引為 16.6 億至 17.0 億美元，並將調整後每股盈餘指引更新至 2.40 至 2.50 美元的區間。

Lea will now walk through our first quarter results and guidance in more detail.

接下來 Lea 將更詳細說明我們第一季的業績與指引。

Thank you, Stuart. Good morning, everyone. I'd like to first thank our team for their contributions to our first quarter results. We delivered strong revenue and adjusted earnings per share in the quarter, reflecting solid product demand, improving supply execution and remediation, and the continued positive impact of our transformation. These results were made possible by the foundational work we have implemented over the past year, setting us up for better visibility and execution against our commitments. We are seeing that work translate into more consistent, predictable performance, exactly what we set out to achieve.

謝謝你，Stuart。各位早安。我想先感謝我們團隊對第一季業績的貢獻。本季我們達成強勁的營收與調整後每股盈餘，反映出穩健的產品需求、供應執行與改善措施的提升，以及我們轉型持續帶來的正面影響。這些成果得以實現，來自我們在過去一年所推動的基礎性工作，讓我們對承諾事項的可視性與執行力更佳。我們看到這些工作正轉化為更一致、可預測的表現，這正是我們一開始所要達成的目標。

Turning to slide 5, I will cover our first quarter financial results. Our first quarter revenues were $392 million, representing an increase of 2.4% on a reported basis and an organic increase of 1.3%, reflecting continued strong demand for our portfolio, improved supply, increased visibility, and strong performance in Tissue Reconstruction. Adjusted EPS for the quarter was $0.54 compared to $0.41 in the prior year, primarily due to revenue growth, favorable product mix, and savings driven by our recent transformation activities.

接著看第 5 張投影片，我將說明第一季財務結果。第一季營收為 3.92 億美元，按報告基礎年增 2.4%，有機成長 1.3%，反映我們產品組合需求持續強勁、供應改善、可視性提升，以及組織重建（Tissue Reconstruction）表現強勁。本季調整後 EPS 為 0.54 美元，去年同期為 0.41 美元，主要受惠於營收成長、有利的產品組合，以及近期轉型活動帶來的節省。

We also saw a $0.02 net tariff benefit driven by the anticipated IEEPA refund, partially offset by non-IEEPA tariffs expensed in the period. Gross margin for the quarter was 64.1%, up 190 basis points from the prior year, reflecting favorable product mix, IEEPA tariffs, and reductions in remediation costs.

我們也看到每股 0.02 美元的關稅淨受益，主要來自預期的 IEEPA 退稅，但部分被本期認列的非 IEEPA 關稅所抵銷。本季毛利率為 64.1%，較去年同期提升 190 個基點，反映有利的產品組合、IEEPA 關稅影響，以及改善成本的下降。

Adjusted EBITDA margin was 19.4%, up 280 basis points versus Q1 2025, with the above named factors impacting gross margins with additional benefits from our recent transformation. Cash flows from operations totaled $9.8 million in the first quarter, and capital expenditures were $14.8 million.

調整後 EBITDA 利潤率為 19.4%，較 2025 年第一季提升 280 個基點；上述因素影響毛利率，並加上近期轉型帶來的額外效益。第一季營運活動現金流合計 980 萬美元，資本支出為 1,480 萬美元。

Before transitioning to our segment performance, you likely noticed in this morning's earnings press release that we are renaming our global business segments. Codman Specialty Surgical will now be called Specialty Surgery, and Tissue Technologies will now be called Tissue Reconstruction. Our product brand names will remain unchanged.

在轉到各事業部表現之前，您可能已注意到今天早上的財報新聞稿中，我們正在重新命名全球業務事業部。Codman Specialty Surgical 將更名為 Specialty Surgery，而 Tissue Technologies 將更名為 Tissue Reconstruction。我們的產品品牌名稱將維持不變。

Turning to slide 6, we'll take a deeper dive into our Specialty Surgery revenue highlights for the first quarter. Specialty Surgery's revenues was $283 million, up 0.9% on a reported basis, including a 140-basis point benefit from foreign exchange.

接著看第 6 張投影片，我們將更深入說明第一季 Specialty Surgery 的營收重點。Specialty Surgery 營收為 2.83 億美元，按報告基礎年增 0.9%，其中包含外匯帶來的 140 個基點助益。

On an organic basis, revenue was down 0.6% compared to the prior year. Global Neurosurgery delivered 1.9% organic growth supported by broad demand strength, including Certas Plus, CUSA, and Bactiseal. We expect supply reliability and fulfillment to continue to improve.

以有機基礎計算，營收較去年同期下降 0.6%。全球神經外科（Global Neurosurgery）有機成長 1.9%，受惠於廣泛且強勁的需求，包括 Certas Plus、CUSA 與 Bactiseal。我們預期供應可靠性與履約將持續改善。

Sales of capital equipment grew low single digits, benefiting from continued capital funnel strength, including double-digit growth in CUSA and CereLink. Instruments posted a high single-digit decline primarily due to order timing, which can vary quarter-to-quarter.

資本設備銷售呈現低個位數成長，受惠於資本設備管道持續強勁，包括 CUSA 與 CereLink 的雙位數成長。器械（Instruments）則出現高個位數下滑，主要因訂單時點所致，而訂單時點可能在各季之間有所波動。

We do expect growth for the full-year. In ENT, revenue declined low single digits, reflecting strong growth in MicroFrance ENT instruments, offset by continued pressure in sinus wounds and commercial disruption impacts in other products. Revenue in our international markets declined low single digits as continued demand was offset by supply timing in the first quarter.

我們仍預期全年將實現成長。在耳鼻喉科（ENT）方面，營收下滑低個位數，反映 MicroFrance ENT 器械強勁成長，但被鼻竇傷口產品持續承壓及其他產品的商業中斷影響所抵銷。我們的國際市場營收下滑低個位數，持續需求被第一季供應時點所抵銷。

Moving to our Tissue Reconstruction segment on slide 7. Tissue Reconstruction revenues were $109 million, representing 6.7% growth on a reported and 6.4% on an organic basis compared to the prior year. The strong growth was partially offset by the impact of MediHoney, where we recorded sales for MediHoney in the first quarter of 2025 prior to the recall. In the first quarter, sales within our wound reconstruction franchise increased 6.2%.

接著看第 7 張投影片的 Tissue Reconstruction 事業部。Tissue Reconstruction 營收為 1.09 億美元，按報告基礎年增 6.7%，有機成長 6.4%。強勁成長部分被 MediHoney 的影響所抵銷；在召回之前，我們於 2025 年第一季仍有認列 MediHoney 的銷售。第一季我們的傷口重建（wound reconstruction）產品線銷售成長 6.2%。

This robust performance was primarily fueled by double-digit growth in Integra Skin, mid-double-digit growth in DuraSorb, and the PriMatrix launch. These results include a favorable comparison on Integra Skin, but also underscore the momentum we are seeing in our wound reconstruction business. We remain highly optimistic about the continued growth in this segment. I'd like to now spend a few moments discussing the recent changes in Medicare reimbursement for skin substitutes.

這項強勁表現主要由 Integra Skin 的雙位數成長、DuraSorb 的中雙位數成長，以及 PriMatrix 的上市所帶動。這些結果包含 Integra Skin 的有利比較基期，但也凸顯我們在傷口重建業務所見到的動能。我們對此事業部的持續成長仍保持高度樂觀。接下來我想花幾分鐘談談近期 Medicare 對皮膚替代物（skin substitutes）給付的變更。

I want to provide clarity on what these changes mean and what they don't mean for our business. In the first quarter, CMS implemented several important changes to Medicare reimbursement rates and related billing rules for skin substitutes in the outpatient wound reconstruction market. Currently, approximately 90% of our wound reconstruction revenue is generated from the inpatient market. The inpatient market is not impacted by these changes.

我想釐清這些變更對我們業務意味著什麼，以及不意味著什麼。第一季，CMS 針對門診傷口重建市場中的皮膚替代物，實施了數項重要的 Medicare 給付費率與相關申報規則變更。目前，我們約 90% 的傷口重建營收來自住院市場。住院市場不受這些變更影響。

We remain excited by and confident about the inpatient market and the strength of our portfolio and market position. We do believe over time, the updated reimbursement framework will level the economic playing field and create upside opportunities for us. Our portfolio is priced in line with the new reimbursement rates, with multiple size options available and supported by strong clinical evidence.

我們對住院市場以及我們產品組合與市場地位的強度仍感到振奮並充滿信心。我們確實相信，隨著時間推移，更新後的給付架構將使經濟條件更趨公平，並為我們創造上行機會。我們的產品組合定價與新的給付費率一致，提供多種尺寸選項，並有強而有力的臨床證據支持。

We are already seeing increased demand from physicians for education and clarity on appropriate product selection, sizing, and clinical considerations. Our market access and commercial teams are actively engaging customers as they adapt to the new reimbursement landscape, and we are seeing early indicators of incremental volume opportunities.

我們已看到醫師對於教育與釐清適當的產品選擇、尺寸選用及臨床考量的需求增加。我們的市場准入與商務團隊正積極與客戶互動，協助其適應新的給付環境，我們也看到一些早期跡象顯示存在額外的增量出貨量機會。

Overall, we remain confident in our differentiated position in wound reconstruction, where we have the optimal portfolio to address a wide range of clinical needs and the economic value to compete effectively in both inpatient and outpatient markets.

整體而言，我們對於在傷口重建領域的差異化定位仍具信心；我們擁有最佳化的產品組合，可滿足廣泛的臨床需求，並具備經濟價值，能在住院與門診市場中有效競爭。

During the first quarter, private label sales increased 7.1%. This growth was primarily driven by a favorable comparison to the prior year. Finally, international sales and Tissue Reconstruction declined high single digits, reflecting double-digit growth in Integra Skin, which was offset by MediHoney.

第一季，自有品牌（private label）銷售成長 7.1%。此成長主要由相較去年同期的有利比較所帶動。最後，國際銷售與 Tissue Reconstruction 下降高個位數，反映 Integra Skin 的雙位數成長被 MediHoney 所抵銷。

If you turn to slide 8, I will provide a brief update on our balance sheet, capital structure, and cash flow. Operating cash flow for the first quarter, which is historically our lowest quarter of the year, was $9.8 million, a $21 million improvement over the first quarter of 2025.

若您翻到第 8 張投影片，我將簡要更新我們的資產負債表、資本結構與現金流。第一季營運現金流（歷來為全年最低的一季）為 980 萬美元，較 2025 年第一季改善 2,100 萬美元。

This positive trend aligns with our full-year expectation of an approximate $150 million increase in operating cash flow compared to 2025, driven by improvements in EBITDA, working capital, and significantly reduced expenditures related to EU MDR compliance and the start-up costs for the Braintree facility. Free cash flow for the quarter was negative $5 million, with a free cash flow conversion rate of minus 12.1%.

這一正向趨勢與我們對全年營運現金流較 2025 年約增加 1.5 億美元的預期一致，主要由 EBITDA 改善、營運資金改善，以及與 EU MDR 合規相關支出與 Braintree 廠房啟動成本大幅降低所驅動。本季自由現金流為負 500 萬美元，自由現金流轉換率為負 12.1%。

As of March 31, net debt was $1.6 billion, and our consolidated total leverage ratio was 4.1 times within our current maximum allowable leverage of 5 times. We expect to continue reducing our leverage over the course of the year, approaching the upper end of our target leverage range of 2.5 times to 3.5 times by the end of 2026.

截至 3 月 31 日，淨負債為 16 億美元，合併總槓桿比率為 4.1 倍，低於目前允許的最高槓桿 5 倍。我們預期將在今年持續降低槓桿，並在 2026 年底前接近目標槓桿區間 2.5 倍至 3.5 倍的上緣。

The company had total liquidity of approximately $488 million, including approximately $266 million in cash and short-term investments, with the remainder available under our revolving credit facility.

公司總流動性約為 4.88 億美元，其中約 2.66 億美元為現金與短期投資，其餘可透過我們的循環信用額度動用。

Turning to slide 9, I will provide our consolidated revenue and adjusted earnings per share guidance for the second quarter and full-year 2026. For the second quarter, we expect revenues to be in the range of $410 million to $425 million, representing reported growth of minus 1.3% to plus 2.3% and organic growth of a range of minus 1.5% to plus 2.1%.

接著看第 9 張投影片，我將提供我們對 2026 年第二季與 2026 全年的合併營收與調整後每股盈餘（EPS）指引。就第二季而言，我們預期營收將落在 4.10 億至 4.25 億美元之間，對應的報告口徑成長率為 -1.3% 至 +2.3%，有機成長率區間為 -1.5% 至 +2.1%。

Turning to the full-year 2026, we are maintaining our revenue and organic growth guidance of $1.66 billion to $1.7 billion and 0.8% to 3.3% respectively. We expect reported revenue growth in a range of 1.6% to 4.1%, which continues to reflect an approximate 80 basis point annual foreign exchange tailwind. The first half revenue at the midpoint of our guidance of approximately $809 million gives us confidence in our full-year expectations.

再看 2026 全年，我們維持營收與有機成長指引不變，分別為 16.6 億至 17.0 億美元，以及 0.8% 至 3.3%。我們預期報告口徑營收成長率介於 1.6% 至 4.1%，其中仍反映約 80 個基點的年度外匯順風。以我們指引中點計算，上半年營收約為 8.09 億美元，這讓我們對全年預期更具信心。

We anticipate a sequential increase in revenues as we progress through the year, with an approximate $26 million step-up in the second quarter, driven by normal seasonality, supply improvement, and instrument order timing. We expect modest sequential growth in the third quarter and a further increase in the fourth quarter. This cadence is consistent with our typical seasonal pattern and underscores the improving stability and predictability of our revenue trends.

我們預期隨著年度推進，營收將逐季增加；第二季約有 2,600 萬美元的環比增量，主要由正常季節性、供應改善以及器械訂單時點所帶動。我們預期第三季將有溫和的環比成長，第四季則會進一步增加。這樣的節奏符合我們典型的季節性型態，也凸顯我們營收趨勢的穩定性與可預測性正在改善。

Turning to adjusted earnings per share guidance for the second quarter and full year. For the second quarter, we expect adjusted earnings per share in the range of $0.44 to $0.52, representing approximately 6% growth at the midpoint. For the full-year, we are updating our adjusted earnings per share guidance by $0.10 to a range of $2.40 to $2.50 as a result of favorable tariff outcomes in the first quarter relative to our February guidance. Our operational expectations for the year remain unchanged from our original full-year guidance.

接著談第二季與全年的調整後每股盈餘指引。第二季我們預期調整後每股盈餘介於 0.44 至 0.52 美元之間，以中點計約成長 6%。就全年而言，由於第一季關稅結果優於我們 2 月的指引假設，我們將調整後每股盈餘指引上調 0.10 美元至 2.40 至 2.50 美元區間。我們對今年的營運預期仍與原先的全年指引一致，未有改變。

At the midpoint of our updated guidance range, we now expect growth margins and adjusted EBITDA margins to improve 60 basis points and 100 basis points respectively compared to 2025. For your reference, we have included the key assumptions underlying our second quarter and full-year guidance as well as the key modeling inputs on slide 10.

以更新後指引區間的中點來看，相較於 2025 年，我們現在預期毛利率與調整後 EBITDA 利潤率將分別改善 60 個基點與 100 個基點。供各位參考，我們已在第 10 張投影片列出支撐第二季與全年指引的關鍵假設，以及主要的模型輸入項。

With that, I will now turn the call back to Stuart.

接下來我把電話交回給 Stuart。

Thank you, Lea. Before moving to Q&A, I would like to highlight our key takeaways from the first quarter. We are pleased with the performance as we saw strong growth for Tissue Reconstruction and several of our key products within Specialty Surgery. We continue to execute our foundational and systemic transformation plan to drive consistent, durable performance over the long term.

謝謝你，Lea。在進入問答之前，我想先強調我們第一季的幾項重點結論。我們對表現感到滿意，因為我們看到 Tissue Reconstruction 以及 Specialty Surgery 旗下數個關鍵產品都有強勁成長。我們持續推動基礎性與系統性的轉型計畫，以在長期帶來一致且可持續的表現。

We are looking forward to starting production at our Braintree facility by the end of June and relaunching SurgiMend by the end of the year. We continue to advance the PMA strategy for both SurgiMend and DuraSorb for implant-based breast reconstruction. Together, these products will strengthen our position in the large and growing $800 million implant-based breast reconstruction market with a biologic as well as a resorbable synthetic solution, representing a meaningful future growth opportunity.

我們期待在 6 月底前於 Braintree 廠開始投產，並在年底前重新推出 SurgiMend。我們也持續推進 SurgiMend 與 DuraSorb 兩者在植入式乳房重建（implant-based breast reconstruction）上的 PMA 策略。這些產品將以生物性解決方案與可吸收合成解決方案雙軌並進，強化我們在規模龐大且持續成長、約 8 億美元的植入式乳房重建市場中的地位，並代表一項具實質意義的未來成長機會。

We remain confident in our ability to deliver on our 2026 financial commitments and are equally excited about the longer-term opportunities ahead for Integra. With a strong position in attractive specialized markets, a more capable and aligned organization, and a pipeline of clinical evidence and new products, I am excited about this opportunity to lead Integra again, and I believe the company is well-positioned to create significant value for all of our stakeholders.

我們仍對達成 2026 年的財務承諾充滿信心，同時也對 Integra 更長期的機會感到同樣振奮。憑藉在具吸引力的專業市場中的強勢地位、更有能力且更一致的組織，以及臨床證據與新產品的研發管線，我很期待再次領導 Integra，也相信公司已具備為所有利害關係人創造顯著價值的良好定位。

With that, operator, please open the line for questions.

那麼，接線員，請開放提問。

(Operator Instructions) Matt Taylor, Jefferies.

(接線員指示) Matt Taylor，Jefferies。

Good morning. Thank you for taking the question. Stuart, welcome back, and I'd love to hear a little bit more about, you know, why this is the right time for this transition, and any differences in your approach versus prior management in terms of how to execute on the significant priorities you have in this Compliance Plan and the recovery of the products that have been out of the market?

早安。謝謝讓我提問。Stuart，歡迎回來。我想多了解一些，為什麼現在是進行這次交接的合適時點？以及相較於先前管理團隊，你在執行這份合規計畫（Compliance Plan）的重大優先事項、以及讓先前退出市場的產品恢復供應方面，做法上會有哪些不同？

Thank you, Matt. I am excited to be back speaking with the analysts again. I think by my count, this is my 57th earnings call, hopefully, I can do as well as we did a few years ago.

謝謝你，Matt。我很高興能回來再次與分析師對話。如果我沒算錯，這是我第 57 次財報電話會議；希望我能像幾年前一樣表現得不錯。

Let me first talk about Mojdeh. Mojdeh's decision to step down was mutual between her and the board. We had differences in certain strategic topics, the transformation initiatives that we put in place remain the right ones, they're going to continue. All the initiatives taken under Mojdeh's tenure were approved by me as well as the full board, they continue unchanged.

我先談談 Mojdeh。Mojdeh 決定卸任，是她與董事會共同作出的決定。我們在某些策略議題上存在分歧；但我們所推動的轉型措施仍是正確的，也會持續推進。在 Mojdeh 任內採取的所有措施都經我本人以及全體董事會核准，並將維持不變。

I really do appreciate Mojdeh's contributions, I'm confident with the transition and how it will move smoothly. Going forward, my focus is on execution and going on the offense commercially as we're in a stronger position to meet customer needs.

我非常感謝 Mojdeh 的貢獻；我對這次交接充滿信心，也相信會順利進行。展望未來，我的重點將放在執行力上，並在商業端採取更積極的進攻策略，因為我們已處於更強的位置來滿足客戶需求。

I'm also excited about Mike McBreen's role, stepping into the Chief Commercial Officer's role, so we can present a consistent face to customers. You have a follow-up, Matt?

我也很期待 Mike McBreen 的新角色，他將接任首席商務長（Chief Commercial Officer），讓我們能以一致的面貌面對客戶。Matt，你有追問嗎？

Yeah, maybe just on a different topic. You provided some color on the call for Q2 and the phasing there. I just wanted to better understand key assumptions around the step-up in revenue through the year, and then what's weighing on earnings in Q2 and how that evolves through the second half as well?

有，可能換個主題。你在電話會議中對第二季以及其中的時序安排提供了一些補充說明。我想更清楚了解，關於全年營收逐步上升的關鍵假設是什麼？另外，第二季獲利承壓的因素有哪些？以及這些因素在下半年會如何演變？

Yeah. Certainly. Thanks for the question, Matt. To your point Q1, we had a very good quarter. We were pleased to see a lot of the foundational work that we've been doing to strengthen our quality management system, improve supply reliability is really translating into more consistent execution.

好的。當然可以。謝謝你的問題，Matt。如你所說，第一季我們表現非常好。我們很高興看到，為了強化品質管理系統、提升供應可靠性而投入的許多基礎工作，確實正在轉化為更一致的執行成果。

To your point around Q2, right, and how we move through the year, we do expect a sequential step-up as we move from Q1 into Q2. That'll be driven by some of the normal seasonality that we see, coupled with improving supply reliability as well as some instrument order timing.

關於你提到的第二季以及我們如何走完整年，我們確實預期從第一季到第二季會有環比的躍升。這將由我們看到的一些正常季節性所帶動，再加上供應可靠性改善，以及部分器械訂單時點的影響。

As we move from Q2, we expect Q3 to be fairly consistent with Q2, which is where we've been in prior years. The exception being, you know, a year ago where we did have some unique supply interruptions. We do expect Q3 to be in line with Q2, and then we'll see a further step-up in Q4, which again is consistent with some of our historical patterns.

從第二季往後，我們預期第三季將與第二季大致相當，這也符合我們過去幾年的情況。唯一的例外是去年，當時我們確實遇到一些特殊的供應中斷。我們預期第三季會與第二季一致，接著第四季會再進一步上升，這同樣符合我們部分歷史型態。

I think the other part of your question related to kind of profitability in Q2 relative to what we actualized in Q1, and a lot of that is driven by expectations that we have for how gross margins will move throughout the balance of the year.

我想你問題的另一部分，是關於第二季獲利能力相較於我們第一季實際表現的差異；其中很大一部分來自我們對今年剩餘期間毛利率走勢的預期。

Let me step through that. On a full-year basis, we are now expecting gross margins to be about 62.5%. In Q2, we'll see gross margins below that. We'll see a little bit of a step-up in Q3 on gross margins, and then Q4 will step up even more meaningfully to be above that full-year average.

我來逐步說明。以全年來看，我們目前預期毛利率約為 62.5%。在第二季，我們會看到毛利率低於這個水準。第三季毛利率會小幅上升，而第四季則會更明顯地上升，並高於全年平均水準。

The variability that we see in gross margins are largely driven by, evolving assumptions in terms of tariffs as well as manufacturing variances that will have an impact and create that variation quarter-to-quarter. Hopefully that addresses your profitability question, but if not, let me know.

我們看到的毛利率波動，主要是由於關稅相關假設的持續演變，以及製造端的差異所驅動；這些因素會產生影響，並造成季度之間的波動。希望這回答了你關於獲利能力的問題；如果沒有，請告訴我。

Yeah, I'm just going to summarize by saying, it's steady as she goes on the transformation. We're well on our way, and things are improving, and we're confident enough that we can start, what I think of as doubling down on our commercial folks being able to go out and speak with customers and be confident that they've got supply in many of our products.

是的，我簡單總結一下：轉型會穩健推進、按部就班。我們進展順利，情況正在改善；我們也有足夠信心，可以開始加大力道，讓我們的商務團隊能夠走出去與客戶溝通，並且有信心地告訴客戶，我們在許多產品上已具備供應能力。

Jayson Bedford, Raymond James & Associates.

Jayson Bedford，Raymond James & Associates。

Good morning and welcome back, Stu. Maybe just to tag on the last question, what is the status of the Compliance Master Plan, and is there a way to kind of level set us on what products are on ship hold and when you'd expect these products to come off?

早安，歡迎回來，Stu。也許延續上一題，合規總體計畫（Compliance Master Plan）的進度如何？是否能幫我們校準一下目前有哪些產品仍在出貨暫停（ship hold），以及你預期這些產品何時會解除？

Yeah. Let me start, Jayson, on that. As we've mentioned, right, we've been making very good progress through the Compliance Master Plan. We've completed our site assessments. We've been doing remediation work, which is well underway. We mentioned that, you know, that remediation work would continue into 2026. We're pleased with the results that we're seeing to date.

好的。Jayson，我先從這題開始。如我們先前提到的，我們在合規總體計畫上取得了非常好的進展。我們已完成各廠區的評估。我們也正在進行矯正改善（remediation）工作，而且進度已相當到位。我們提過，這些矯正改善工作會持續到2026年。我們對目前看到的成果感到滿意。

As I mentioned, we see improving supply availability, which has allowed us to more consistently meet demand, which is a driver of some of the execution that we saw in Q1, it'll be a driver of how we deliver against our full-year outlook.

如我所提到的，我們看到供應可得性正在改善，這讓我們能更穩定地滿足需求；這也是我們在第一季看到部分執行成果的驅動因素，並且也會是我們達成全年展望的驅動因素。

At this point, our full-year guide right now doesn't assume a meaningful contribution from returning products back to the market that aren't already on market. That does not become a big feature, if you will, or element in terms of driving our full-year performance.

就目前而言，我們現在的全年指引並未假設那些尚未回到市場、目前不在市場上的回歸產品會帶來顯著貢獻。也就是說，這並不會成為推動我們全年表現的一個重要特徵或要素。

Okay. That's helpful. Maybe just as a second question here. I appreciate the increased focus on the commercial side of the business. I guess the question is, does this involve expanding the size of the sales team?

了解。這很有幫助。那我再問第二個問題。我很欣賞你們對業務商務端的更高聚焦。我的問題是：這是否意味著要擴大銷售團隊的規模？

The answer is no. We, in the last several quarters, had the opportunity with the transformation to ensure that our sales teams were focused, had the right staffing, and were focused on the right customers. It does not imply an increase in sales headcount, and it doesn't imply a decrease in sales headcount.

答案是否。在過去幾個季度，我們藉由轉型的機會，確保銷售團隊的重點明確、人力配置適當，並且聚焦在正確的客戶上。這不代表銷售人力編制會增加，也不代表銷售人力編制會減少。

What it really is about coordination of how we present ourselves to our customers and having that centralized under one individual to make sure our divisions are presenting themselves consistently. One of the real advantages that Integra has with our neuro business or our Codman business is that it is so present in most hospitals that it gives us access to many hospitals that wound care companies can't always get into.

這真正要做的是：協調我們如何向客戶呈現自己，並由單一負責人集中管理，以確保各事業部對外呈現一致。Integra在神經（neuro）業務或Codman業務上的一個重要優勢是：我們在多數醫院的存在感非常強，這讓我們能進入許多醫院，而傷口照護公司不一定總是能進得去。

The opportunity to drive collaboratively our two divisions, use the relationships we have on the Codman side to continue to drive our hospital-based wound care business into the sites. Furthermore, we have GPO relationships with almost every major GPO, again, from our Codman business, and particularly with the changes going on with wound care reimbursement, having access to the hospital market and the GPO market is going to be critical.

我們的機會在於推動兩個事業部的協同合作，運用我們在Codman端的既有關係，持續把以醫院為基礎的傷口照護業務推進到各院所。此外，我們透過Codman業務，與幾乎所有主要GPO都建立了關係；特別是在傷口照護給付（reimbursement）正在變動的情況下，能夠進入醫院市場與GPO市場將會是關鍵。

Okay. Thank you.

了解。謝謝。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Good morning, and Stuart, welcome. Welcome back. You know, I want to ask about a few different things. You know, Stuart, there's no question I think you know, you know the company, you have the history to, you know, given your tenure with the company.

早安，Stuart，歡迎加入。歡迎回來。我想問幾個不同的面向。Stuart，毫無疑問，你了解這家公司，也有相關歷史背景，畢竟你在公司任職多年。

As you think about the composition of Integra today, you know, the segments you're in, the businesses you're in, you know, do you view every single one of them as the right ones? Is there portfolio optimization that you see that needs to be done? You know, whether that's expanding into certain markets, leaving certain markets. I'm just curious kind of, you know, as you sit here today, you know, kind of what your view of the portfolio of the company is?

當你思考今天的Integra組成——你們所在的事業分部、所經營的業務——你是否認為每一項都是正確的配置？你是否看到需要進行投資組合優化（portfolio optimization）？例如擴張到某些市場、或退出某些市場。我只是好奇，以你現在的角度，你對公司投資組合的看法是什麼？

All right. Thank you, Ryan. First of all, it's nice to be working with you again. I think you and I are dating ourselves. You may be one of the few analysts on this call who actually covered the company when I was CEO last.

好的。謝謝你，Ryan。首先，很高興再次與你合作。我想你我都暴露年紀了。你可能是這通電話裡少數幾位分析師之一，當我上一次擔任CEO時，你就已經在追蹤這家公司。

If you go back to when I retired as CEO in 2012, one of the things we did shortly thereafter is a major portfolio review. At the time, we concluded we couldn't be in the top one, two, or three spots in orthopedics, and we spun off our spine business to our shareholders, and we sold our extremity business.

如果回到我在2012年卸任CEO的時候，我們在不久之後做了一次重大的投資組合檢視。當時我們的結論是：在骨科領域我們無法做到市場前一、前二或前三名，因此我們把脊椎業務分拆給股東，並出售了四肢（extremity）業務。

Subsequent to that, we've done a number of divestitures, typically smaller ones, one of a commodity wound care line, and we exited all of our dental disposable business. I want to be clear, Integra's always looking at the portfolio and always trying to make sure that we've got the right products to be able to be competitive.

在那之後，我們也做了多次剝離（divestiture），通常是較小的項目，例如某條大宗型（commodity）傷口照護產品線；我們也退出了所有牙科一次性耗材業務。我想說清楚：Integra一直都在檢視投資組合，並且一直在確保我們擁有正確的產品，以維持競爭力。

To answer your question, at the moment, I like the markets we're in. For the most part, they're niche markets. We have opportunity to be in the top one, two, or three, particularly in Neuro, ENT, and in surgical wound care. I'm not expecting any portfolio movements in the near future.

回答你的問題，就目前而言，我喜歡我們所在的市場。大多數是利基市場。我們有機會做到市場前一、前二或前三名，特別是在神經外科（Neuro）、耳鼻喉（ENT）以及外科傷口照護領域。我不預期短期內會有任何投資組合上的變動。

Again, like always, we'll look at individual product lines, and if they're not profitable, we can discontinue them or harvest them. I like the mix. We're in very defensible markets, and we have an opportunity to grow, particularly as we get our product availability back to where it used to be.

同樣地，一如既往，我們會檢視個別產品線；如果不具獲利性，我們可以停止該產品線或進行收割（harvest）。我喜歡目前的組合。我們所在的是非常具防禦性的市場，而且我們有成長機會，尤其是在我們把產品供應可得性恢復到過去水準之後。

Understood. Appreciate that. Lea, you know, very pointed comments on outpatient wound care. I appreciate, you know, clarifying the exposure to the outpatient side of things relative to inpatient.

了解。謝謝你的說明。Lea，你對門診傷口照護提出了非常明確的評論。也謝謝你釐清相較於住院端，你們在門診端的曝險程度。

When you sit here today and, you know, given what we're seeing in the wound care market, particularly on the outpatient side, it sounds as though you're going to kind of let things settle and kind of come to you as it may on the outpatient side, where you see opportunity.

以你們現在的情況、以及我們在傷口照護市場看到的狀況——特別是門診端——聽起來你們會先讓情勢沉澱，並在門診端視情況發展、在看到機會時再切入。

I'm just curious, you know, as you think about, you know, what Bob has in his portfolio and the scale you need to bring to compete in outpatient wound, you know, appreciating that you're not going to hire sales forces to, you know, focus on that.

我想請教的是：當你思考Bob的產品組合，以及你們要在門診傷口照護競爭所需的規模——也理解你們不會增聘銷售團隊來專注於此——

I guess what is your view of kind of how you capitalize on the outpatient wound opportunity as the market kind of settles out? What do you need to do to, you know, become bigger in that market if that's truly what you guys want to pursue?

那麼，當市場逐步穩定下來時，你對於如何把握門診傷口照護機會的看法是什麼？如果這確實是你們想要追求的方向，你們需要做些什麼，才能在那個市場做得更大？

Yeah. Thanks for the question, Ryan. A couple things. To your point around our portfolio and maybe what makes us unique and, you know, from our perspective, creates the opportunity for us to drive upside on that part of our business. As you know, you know, across our portfolio, we have a couple things. We have, you know, product, price, size, and science that work to our advantage.

是的。謝謝你的提問，Ryan。有幾點。就你提到的我們的產品組合，以及也許是什麼讓我們與眾不同、並且從我們的角度來看，為我們在這部分業務帶來推動上行空間的機會。如你所知，在我們的產品組合中，有幾個面向。我們在產品、價格、尺寸與科學證據方面，都對我們有利。

From a product perspective, we have a broad portfolio that offers clinicians choices in terms of how they treat patients. From a price perspective, our product has already been priced at levels that are in line with the new reimbursement rates of $127 per square centimeter. We haven't had to change our pricing, nor have we seen any impact on our margins as it relates to this outpatient space.

從產品角度來看，我們擁有廣泛的產品組合，讓臨床醫師在治療病患時有多種選擇。從價格角度來看，我們的產品定價早已與每平方公分 127 美元的新給付（reimbursement）費率水準一致。我們不需要調整定價，而且就門診（outpatient）領域而言，我們也沒有看到對毛利率造成任何影響。

From a size perspective, we have multiple sizes, including small sizes, that allows us to minimize some of the wastage that others have been experiencing in this evolving landscape. From a science perspective, our portfolio is backed by strong clinical evidence that lends itself to building confidence in terms of delivering the desired outcomes.

從尺寸角度來看，我們有多種尺寸（包含小尺寸），這讓我們能把其他人在這個持續演變的環境中所面臨的一些耗損（wastage）降到最低。從科學證據角度來看，我們的產品組合有強而有力的臨床證據支持，有助於建立對達成預期療效的信心。

For us, what that means, in short, is right now we're evaluating what's happening in terms of changes in where these where treatment is occurring. To the extent it remains in the outpatient setting, the position of our portfolio allows us to play there, recognizing that there will be other competitors that can no longer play in that space, right?

對我們而言，簡而言之，這代表我們目前正在評估治療發生地點變化的情況。只要它仍然維持在門診場域，我們的產品組合定位就讓我們能在那裡參與，同時也認知到會有其他競爭對手將無法再在那個場域競爭，對吧？

We remain viable in ways that competition won't. To the extent we see procedures or volumes moving in the inpatient setting, where 90% of our business already is, we believe we're also well-positioned to take advantage of that, right? You saw in our results across wound reconstructions, we just look at the products that are treat in that space. We delivered low double-digit growth in Q1, right?

我們能以競爭對手做不到的方式維持可行性。如果我們看到手術或量能轉移到住院（inpatient）場域——而我們目前 90% 的業務本來就在住院端——我們也相信自己同樣具備良好條件可以把握這個機會，對吧？你在我們的傷口重建（wound reconstructions）結果中也看到了，我們只要看在該場域所治療的產品。我們在第一季（Q1）達成了低雙位數成長，對吧？

We're well-positioned to take advantage of demand as it flows into the inpatient setting should that happen. There's a little bit of a wait and see, Ryan, right? We're going to see kind of how the market evolves. But we do think we're well-positioned from a product portfolio perspective, along with kind of the strength that we already have in inpatient. Again, as that market evolves, if we need to pivot to continue to capture it, we'll make those necessary changes.

如果需求確實流向住院端，我們也具備良好條件來承接並受益。這裡還需要一點觀望，Ryan，對吧？我們會看看市場會如何演變。但我們確實認為，從產品組合角度，加上我們在住院端既有的優勢，我們的定位很好。同樣地，隨著市場演變，如果我們需要調整以持續掌握機會，我們會做出必要的改變。

Lawrence Biegelsen, Wells Fargo.

Lawrence Biegelsen，富國銀行（Wells Fargo）。

Hey, this is actually [Ross Osborn] on for Larry. Thanks for taking our questions. Going back to guidance, you guys had a nice revenue beat in the quarter. How should we view the reiteration of revenue guidance for the year? Is this conservatism or are there incremental headwinds we should be thinking about since you established guidance at the beginning of the year?

嗨，其實我是代替 Larry 的 [Ross Osborn]。謝謝你們回答我們的問題。回到財測（guidance），你們本季營收表現優於預期。我們應該如何看待你們重申全年營收指引？這是出於保守，還是自你們在年初提出指引以來，出現了我們需要考量的新增逆風？

No, to your point, we were pleased with how this year started. We saw solid demand across much of the portfolio, along with an improving supply reliability outlook, that drove what you saw in terms of our Q1 performance above the high end of our guide.

沒有，正如你所說，我們對今年的開局感到滿意。我們看到產品組合多數品項的需求穩健，加上供應可靠性展望改善，帶動你所看到的第一季表現高於指引區間上緣。

That said, we are still early in the year, and there's still more work to do. If you look through the first half, our guide is exactly where we expected it to be. At this point, we believe maintaining a balanced and disciplined approach in terms of our full-year guidance is both prudent and appropriate.

不過，今年才剛開始，仍有更多工作要做。如果你看上半年，我們的指引完全符合我們原先的預期。在此時點，我們認為在全年指引上維持平衡且有紀律的做法，是審慎且適當的。

Okay, that makes sense. How is adoption of CUSA alternatives for the surgical market and what types of procedures are you seeing traction in since your clearance last year?

好的，這樣就合理了。在外科市場方面，CUSA 替代方案的採用情況如何？以及自你們去年取得核准（clearance）以來，你們看到哪些類型的手術開始有進展（traction）？

I'm sorry, Ross, can you repeat the first half of that question? How is the adoption of what?

抱歉，Ross，你可以把問題前半段再說一次嗎？採用的是什麼？

CUSA, since the surgical clearance, I think in November of last year.

CUSA，自外科適應症核准之後，我記得是去年 11 月。

CUSA. Yeah. Okay, got it.

CUSA。是的。好的，了解了。

How's the adoption of CUSA and then second part of the question was?

CUSA 的採用情況如何？然後問題的第二部分是？

Yeah, just what types of procedures you're seeing initial traction with?

是的，就是你們看到哪些類型的手術在初期有較明顯的進展？

From a Q1 perspective, overall performance across our business was largely in line, certainly in our Tissue Reconstruction side of the business. We did see upside, specifically in the Neurosurgery side of the business, and that upside was driven in part by CUSA. Demand for us there continues to remain strong, and we're pleased with kind of how that product is performing along with how we expect it to contribute on a full-year basis.

以第一季來看，我們整體業務表現大致符合預期，尤其是在我們的組織重建（Tissue Reconstruction）業務端。我們確實看到上行表現，特別是在神經外科（Neurosurgery）業務端，而這部分上行有一部分是由 CUSA 所帶動。我們在那裡的需求仍然強勁，我們也對該產品目前的表現，以及我們預期它在全年層面的貢獻感到滿意。

One thing I'll add, over the last three or four months, I visited Integra's sales team in Japan and Korea and India. In those markets, CUSA is very in demand for gynecology, for liver surgery, and increasingly for cardio surgery. The opportunity to drive those into the US market where we have clearances now is a big opportunity for our US-based sales force. There's published papers internationally, there's key opinion leaders internationally, we have confidence the product's going to work well when those clinicians in the US have it available to them.

我再補充一點，過去三到四個月，我拜訪了 Integra 在日本、韓國與印度的銷售團隊。在那些市場，CUSA 在婦科、肝臟手術，以及日益增加的心臟手術方面需求很高。現在我們已在美國取得核准，把這些應用推進美國市場，對我們以美國為基地的銷售團隊而言是很大的機會。國際上已有發表的論文，也有國際上的關鍵意見領袖（KOL），我們有信心當美國臨床醫師能使用該產品時，它會有很好的效果。

Sounds great. Thanks for taking our questions.

聽起來很棒。謝謝你們回答我們的問題。

Robbie Marcus, JPM.

Robbie Marcus，摩根大通（JPM）。

Hi, Robbie.

嗨，Robbie。

Hi, this is [Alan] on for Robbie. I had one question just on, you know, the products that you're expecting to bring back to market as we look at the back half of the year and into 2027. You know, I think you've been off the market for, you know, a decent amount of time now.

嗨，我是代替 Robbie 的 [Alan]。我有一個問題，關於你們預期在今年下半年以及到 2027 年會重新上市（bring back to market）的產品。我想你們已經有一段不短的時間未在市場上銷售了。

What gives you confidence that you're going to be able to, you know, or I guess, like, what are your expectations for share recapture once you get these products back onto the market and your ability to, you know, both recapture share and get back on the offensive?

是什麼讓你們有信心能夠——或者我換個問法——當這些產品重新回到市場後，你們對市佔回收（share recapture）的預期是什麼？以及你們在回收市佔、重新轉為主動進攻方面的能力如何？

Yeah. A couple of things. One, from a full-year guide perspective, I do want to be clear on this. Our guide does not require or rely on bringing back to market products that currently are off in a meaningful way, right? We do have obviously assumed what we've already announced as a return to market assumption around SurgiMend. That will come back in Q4.

是的。有幾點。第一，就全年指引角度，我想把這點講清楚。我們的指引並不需要、也不依賴把目前停供（off）市場的產品以顯著方式重新上市，對吧？當然，我們已經把我們先前公告的 SurgiMend 重新上市假設納入考量。它會在第四季（Q4）回到市場。

Again, it's not necessarily a material contributor to our full-year guide. To your point, we are being very thoughtful, right, around how we approach that return to market. We're leveraging the learnings from PriMatrix and Durepair. If you recall, we brought them back in Q4 of 2025 after having been off the market for over two years. We're excited about the uptake that we're starting to see for both of those products.

再次強調，它不一定會對我們的全年指引構成重大貢獻。如你所說，我們在如何推進重新上市方面非常審慎、周全。我們會運用從 PriMatrix 與 Durepair 所得到的經驗。如果你還記得，在停供超過兩年後，我們在 2025 年第四季把它們重新帶回市場。我們對這兩項產品目前開始看到的採用提升感到振奮。

We continue to get good positive feedback from physicians, as we started to recapture some of our prior users. That relaunch in Q4 of 2025 and the continued demand that we're seeing for those products as we move into 2026, is absolutely informing how we're thinking about the SurgiMend relaunch. We understand this is going to be a multi-quarter journey in order to get back our share.

我們持續從醫師那裡獲得良好且正面的回饋，因為我們開始重新爭取回部分先前的使用者。2025 年第四季的那次重新上市，以及我們在邁入 2026 年時看到這些產品持續存在的需求，確實正在影響我們對 SurgiMend 重新上市的思考方式。我們理解，這將是一段跨越多個季度的旅程，才能把市占率拿回來。

We also know that the market dynamics for both PriMatrix and SurgiMend have changed meaningfully since they were both in the market last. This isn't just about getting our shelf space back. We believe there's additional upside opportunities that we can take advantage of. For PriMatrix, it's because of what's happening in the evolving outpatient wound setting.

我們也知道，PriMatrix 與 SurgiMend 這兩個產品的市場動態，自從它們上一次在市場上銷售以來，已經出現了顯著變化。這不只是把貨架空間拿回來而已。我們相信還有額外的上行機會可以加以把握。就 PriMatrix 而言，原因在於門診傷口治療場景的演進所帶來的變化。

For SurgiMend, it's the opportunity that exists in terms of implant-based breast reconstruction and the work we're doing to secure a PMA. We're excited about the outlook on both. Again, as it relates to 2026, does not require a meaningful contribution from the return of SurgiMend to the market.

就 SurgiMend 而言，機會在於植入物為基礎的乳房重建，以及我們為取得 PMA 所進行的工作。我們對兩者的前景都感到振奮。再次強調，就 2026 年而言，我們的規劃並不需要 SurgiMend 重返市場帶來顯著貢獻。

Got it. I just wanted to follow up a question previously on, you know, earnings and the earnings cadence, right? I think relative to expectations, you know, and your own guidance, you came in close to $0.10 above the top end of the range. It sounds like, you know, tariffs should potentially be a tailwind to the balance of the year as well.

了解。我只是想追問一下先前關於獲利以及獲利節奏的問題，對吧？我認為相較於市場預期以及你們自己的指引，你們的結果比區間上緣高出接近 0.10 美元。聽起來，關稅在今年剩餘期間也可能成為一項順風。

When we think about the delta between that proved outlook, the better performance you got in first quarter and the benefit from the tariff rebate, and the fact that you only raised the guide by $0.10, should we think of those manufacturing variances you talked about as being, you know, the primary driver of that shortfall? Or is there anything else that you would think that you should call out that we should be aware of?

當我們思考那個已證實的展望、第一季更好的表現、以及關稅退稅帶來的好處之間的差額，而且你們只把指引上調 0.10 美元時，我們是否應該把你們提到的那些製造差異視為造成這個落差的主要原因？或者還有其他你們認為需要特別指出、我們應該留意的事項嗎？

Yeah. Yeah, certainly. Let me step through that because you asked a number of questions in there. First, in terms of our EPS performance for Q1, we did perform above the high end of our guide. It was driven by couple factors. It was driven by stronger than expected revenue, along with the $0.10 benefit from tariffs that we talked about.

是的。是的，當然。我來逐一說明，因為你在裡面問了好幾個問題。首先，就我們第一季 EPS 的表現而言，我們確實高於指引區間的上緣。這是由幾個因素所驅動。包括營收強於預期，以及我們提到的關稅帶來的 0.10 美元效益。

In addition to that, also some margin improvement that is reflective of the transformation efforts that we have underway. All three contributed to that result. You know, it's worth noting because even ex tariffs, we perform close to the high end of our guide.

此外，還有一些毛利率改善，反映了我們正在推動的轉型工作。這三項共同促成了該結果。值得一提的是，即使排除關稅因素，我們的表現也接近指引上緣。

To your point on tariffs and expectation for the balance of the year, we did adjust our full-year EPS outlook by that same $0.10 to reflect the benefits that have been realized as it relates to tariffs. We also outlined our tariff assumptions as part of the earnings deck, so you can see what we're assuming for the balance of the year.

至於你提到關稅以及對今年剩餘期間的預期，我們確實將全年 EPS 展望同樣上調 0.10 美元，以反映與關稅相關、已經實現的效益。我們也在財報簡報中說明了我們對關稅的假設，因此你可以看到我們對今年剩餘期間的假設。

It is possible that we'll continue to see additional favorability as it relates to tariffs as we move throughout the year. We have not reflected possible benefits in our full-year updated, adjusted EPS at this point. It's still very early in the year. There's still a lot we expect to unfold when it comes to tariff policy. As that unfolds, we'll update appropriately.

隨著年度推進，我們確實有可能持續看到與關稅相關的額外利多。但截至目前，我們尚未把可能的額外效益反映在更新後的全年調整後 EPS 中。現在仍是年初。在關稅政策方面，我們預期仍有很多事情會陸續發展。隨著情勢演變，我們會適時更新。

Ravi Misra, Truist Securities.

Ravi Misra，Truist Securities。

Just two questions for me. First, just on PMA timing in breast recon, and just kind of commercialization prospects, assuming you get those, could you provide some more detail? I have a follow-up.

我這邊只有兩個問題。第一個是關於乳房重建的 PMA 時程，以及在假設你們取得核准的情況下，商業化前景大概會是如何？能否提供更多細節？我還有一個追問。

First of all, SurgiMend is expected to be ready for pre-approval inspection in the second half of 2026, following our Braintree restart. The actual PMA approval timing depends on the FDA review process, which obviously is not in our control. We do expect SurgiMend's PMA to be approved sometime in 2027.

首先，SurgiMend 預計在 2026 年下半年、在我們 Braintree 重新啟動之後，準備好接受核准前稽查（pre-approval inspection）。實際的 PMA 核准時點取決於 FDA 的審查流程，這顯然不在我們的控制範圍內。我們預期 SurgiMend 的 PMA 會在 2027 年的某個時間獲得核准。

We expect approval for DuraSorb shortly thereafter in the same year, so also 2027. Our view of implant-based breast reconstruction surgery as a long-term growth opportunity is very impactful. We expect meaningful contribution beginning in 2027 and beyond. Again, just to reiterate, there's no contribution from the PMAs in our 2026 guidance.

我們預期 DuraSorb 會在同一年、也就是 2027 年，於其後不久獲得核准。我們認為以植入物為基礎的乳房重建手術是一個長期成長機會，影響非常重大。我們預期自 2027 年起及其後將帶來顯著貢獻。再次重申，我們的 2026 年指引中並未納入這些 PMA 的任何貢獻。

Great. Thank you. Then just I guess another one on the Tissue Reconstruction business, and wound recon, kind of what you're seeing in the inpatient setting. That growth that you kind of disclosed, is that a function of really market and procedures going into inpatient or more so you capturing more share, disproportionately in the quarter? Thanks. Appreciate the question.

很好。謝謝。那我再問一個關於組織重建（Tissue Reconstruction）業務與傷口重建的問題：你們在住院端（inpatient）場景看到的情況如何？你們揭露的那個成長，是因為市場與手術量更多轉到住院端，還是更偏向你們在本季不成比例地拿到更多市占？謝謝。感謝這個問題。

Yep. Thanks. Overall, across our Tissue Reconstruction business, we grew kind of high single digits. If you look at just the products that are in wound reconstruction, that's where I cited earlier, we were up low double digits.

是的。謝謝。整體而言，在我們的組織重建業務中，我們成長約高個位數百分比。如果只看傷口重建相關的產品，也就是我先前提到的部分，我們成長為低雙位數百分比。

From a year-on-year perspective, we did benefit from a favorable comparison, based on supply availability for Integra Skin. That is a function of the performance that we're seeing. We do continue to see strong underlying demand in terms of, you know, procedures in that space that have continued through 2026.

從年對年角度來看，我們確實受惠於有利的比較基期，這與 Integra Skin 的供應可得性有關。這也是我們目前所看到表現的一部分原因。我們確實持續看到該領域手術量所帶來的強勁基本需求，並且在 2026 年一路延續。

I'll just add two points in terms of the way in which the selling process works. First of all, as it relates to Integra Skin, because of our issues with manufacturing over the last few years, it's been tough for our sales team to open new accounts. Their objective is to make sure that the existing accounts are well-stocked with our products, so they're available for surgery.

我再補充兩點，關於銷售流程的運作方式。首先，就 Integra Skin 而言，由於我們過去幾年在製造方面的問題，我們的銷售團隊一直很難開發新客戶。他們的目標是確保既有客戶有充足庫存，讓我們的產品在手術時可供使用。

As the sales force develops greater confidence in our ability to manufacture, and they should be getting that confidence based on production in the last few quarters, they'll be more comfortable bringing the product to new customers and ensuring that additional customers feel confident using the product. There is a timeframe over which we've got to get our sales force comfortable, and we've got to get customers comfortable for availability. That, that should and will increase over time.

隨著銷售團隊對我們製造能力建立更高信心——而他們應該會因為過去幾季的產量表現而建立這份信心——他們就會更放心把產品帶給新客戶，並確保更多客戶也能有信心使用該產品。我們需要一段時間，讓銷售團隊感到安心，也讓客戶對供應可得性感到安心。這一點應該、也將會隨時間提升。

Similarly, one of the exciting things about bringing PriMatrix back is, and this is really anecdotal, but I've heard from a number of our salespeople that bringing PriMatrix back into certain accounts has also driven growth in our other wound care products. The ability to go into a hospital with a quote, new product, and for some hospitals, it is new because it hasn't been there for a few years. It provides an entree for our sales team to talk about our other products. Again, our strategy over the years has been to have the broadest portfolio of surgical reconstruction products for wound care.

同樣地，把 PriMatrix 帶回來其中一個令人振奮之處是——這是一些軼事性的回饋——但我已經從多位業務同仁那裡聽到，把 PriMatrix 帶回某些客戶也帶動了我們其他傷口照護產品的成長。能夠帶著一個「新的」產品進入醫院；對某些醫院而言它確實是新的，因為它已經有好幾年不在那裡了。這為我們的銷售團隊提供了一個切入點，去介紹我們的其他產品。再次強調，我們多年來的策略一直是提供最完整的傷口照護外科重建產品組合。

That allows our reps to not be in particular selling one thing. Rather, it's collaborative with the surgeon, it's consultative, and we don't, we can offer them lots of different choices for the particular wound that they're treating. It gives our reps a lot of credibility with customers.

這讓我們的業務代表不必只專注於銷售某一項特定產品。相反地，我們會與外科醫師協作、以諮詢式方式進行，我們也能針對他們正在治療的特定傷口提供許多不同的選擇。這也讓我們的業務代表在客戶面前更具公信力。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗。

Good morning. Thank you for taking the question. Stu, great to have you back. I have a question. Sorry, tariff rebates, forgive me. I'm going to assume that went into gross margins, but there was still a fair amount of leverage on SG&A and R&D. Was there anything one-time in there, or is there anything that we can sort of take as a base case and leverage forward? Thank you.

早安。謝謝讓我提問。Stu，很高興你回來。我有個問題。抱歉，關稅退稅，請見諒。我先假設那已反映在毛利率裡，但SG&A和研發費用仍有相當程度的槓桿改善。那裡面有沒有任何一次性的因素？或者有沒有什麼我們可以視為基準情境、並在未來持續槓桿化的項目？謝謝。

Yes. Let me step through that. To your point, gross margins for the quarter were 64.1%. It was up 190 basis points versus year ago. Tariffs did benefit that performance. Even ex-tariff, our gross margins would have been up 140 basis points year-over-year. That performance was driven in large part by lower remediation costs as well as lower manufacturing variances versus what we saw a year ago. That's where, you know, as I gave the cadence earlier about gross margins and performance throughout the year, we will see variability as we move throughout the year from Q1 to Q2 through the back half of the year.

是的。我來逐項說明。如你所說，本季毛利率為64.1%。較去年同期上升190個基點。關稅確實對該表現有所助益。即使不含關稅因素，我們的毛利率年增也會有140個基點。這項表現主要是由較低的補救成本，以及相較去年更低的製造差異所驅動。因此，正如我先前提到今年毛利率與表現的節奏，我們會看到從Q1到Q2、再到下半年，隨著年度推進而出現波動。

That is a function of how manufacturing variances will play out, along with tariff impacts. Again, full-year basis, we expect gross margins to be 62.5%. Q2 will be below that. We'll see a slight step up in Q3, Q4 will be above the full-year average to get us back to 62.5%. That should address your profitability question. If not, let me know. I do want to be clear on one part; this goes back to the tariff question I got before. The adjustment we made in our full-year outlook again reflects just the tariff benefit we realized in Q1. There's been no change to the underlying operational performance of the business.

這取決於製造差異的走勢，以及關稅影響。再次強調，以全年來看，我們預期毛利率為62.5%。Q2會低於該水準。Q3會小幅回升，而Q4將高於全年平均，以使我們回到62.5%。這應該能回答你關於獲利能力的問題。如果還沒有，請告訴我。我想釐清其中一點；這也回到我先前收到的關稅問題。我們對全年展望所做的調整，再次說明，只反映我們在Q1已實現的關稅利益。公司的底層營運表現並沒有改變。

We're holding to that commitment that we made back in February as it relates to operational dynamics. We're excited about the performance that we saw in Q1. We think that gives us confidence in terms of our ability to perform against the full-year guide. Whether it be top-line or bottom-line operationally, we remain committed to the full-year guide that we communicated from earlier this year.

就營運動態而言，我們仍維持2月時所做的承諾。我們對Q1看到的表現感到振奮。我們認為這讓我們對達成全年指引的能力更有信心。無論是營收端或獲利端的營運面，我們都仍致力於達成今年稍早所溝通的全年指引。

Travis Steed, Bank of America.

Travis Steed，美國銀行。

Hi, Travis.

嗨，Travis。

Thanks for taking our question. Integra, I guess to build on Ryan's question previously, Integra has been an acquisitive company over the last 20 or so years, and acquisitions were part of your strategy last time as CEO. How are you thinking about continuing to add to the business, either in the markets that you're currently in or expanding into other markets? When would that make sense? When it does, what kind of opportunities would you be looking at?

謝謝讓我們提問。Integra，我想延續Ryan先前的問題：過去約20年來，Integra一直是透過併購成長的公司，而你上次擔任CEO時，併購也是策略的一部分。你如何看待持續為業務增添動能——不論是在目前所在的市場加碼，或是擴展到其他市場？什麼時候這樣做才合理？若要做，你會尋找哪類機會？

Okay, a couple points there. First, in the near term, our number one priority is debt reduction and returning our leverage ratio to the target 2.5 times to 3.5 times levels. We'll get there by reducing debt and also driving EBITDA. In the meantime, we're focused on our organic growth drivers, we're strengthening our R&D processes, we're increasing program management and execution discipline.

好，這裡有幾點。第一，短期內我們的首要任務是降低負債，並將槓桿比率回到目標的2.5倍到3.5倍水準。我們會透過減債以及提升EBITDA來達成。同時，我們聚焦於有機成長的驅動因素，強化研發流程，並提升專案管理與執行紀律。

I mentioned we brought aboard a highly experienced Chief Technology Officer in Q1 to help us accelerate innovation with greater focus, speed, and impact. We will continue to grow through a combination of impactful organic and inorganic levers. As we get our ratio back in order, we will start to look at acquisitions again, but they will always be close to home.

我提到過，我們在Q1延攬了一位經驗非常豐富的技術長（CTO），協助我們以更高的聚焦度、速度與影響力加速創新。我們將持續透過具影響力的有機與無機槓桿組合來成長。當我們把槓桿比率調整回到合理水準後，我們會再次開始評估併購，但會一向以「貼近本業」為原則。

We like the markets that we're in, Neuro, ENT, and then Tissue Reconstruction, and that's where you'll see any acquisitions that we do. I want to be clear, while acquisitions have been a great contributor over the years to Integra, our focus at this moment is on debt paydown and frankly, execution.

我們喜歡我們所在的市場——神經（Neuro）、耳鼻喉（ENT），以及組織重建（Tissue Reconstruction）——任何我們進行的併購都會在這些領域。我想說清楚，雖然多年來併購對Integra貢獻良多，但我們此刻的重點是償還負債，以及坦白說，執行力。

Got it. That makes sense. Then just one follow-up. Regarding order timing and instruments and supply timing and general weakness in international markets, how much of that is related to normal seasonality, and how much is related to more macro events like the Middle East conflict or inflation? If the impact from macro-related things was seen in the quarter, how much of that was seen, and how should we think about the rest of the year?

了解。這很合理。那再追問一題。關於訂單時點、器械與供應時點，以及國際市場整體疲弱，這其中有多少是正常的季節性因素？又有多少與中東衝突或通膨等更宏觀的事件有關？如果本季已看到宏觀因素的影響，影響程度有多大？我們又該如何看待今年剩餘期間？

Yes, there was a lot in that question, so let me sort through it. As it relates to kind of some of the macro events that are playing out, we didn't see any material impact to our business in the first quarter as it relates to developments in the Middle East conflict. Our direct revenue exposure in that region is modest. Based on what we know today, we do not expect to realize a material impact, but obviously we're going to continue to monitor and see how that unfolds.

是的，這個問題涵蓋很多，我來整理一下。就正在發生的一些宏觀事件而言，第一季我們並未看到中東衝突的發展對我們業務造成任何實質影響。我們在該地區的直接營收曝險不大。以我們目前所知，我們不預期會出現實質影響，但當然我們會持續監測並觀察後續發展。

As it relates specifically to instruments, because you asked about that, it's typical for us to see some variability quarter-to-quarter in that part of the business, and that's what I was referencing in my remarks regarding an expectation of a sequential step-up in Q2 due to instrument order timing. On a full-year basis, though, we do expect that business to get back to low single-digit growth.

至於你特別問到的器械業務，我們通常會在該業務看到季度之間的一些波動，而這也就是我在談話中提到：由於器械訂單時點的關係，我們預期Q2會出現環比回升。不過以全年來看，我們確實預期該業務會回到低個位數成長。

Thank you. This does conclude the question and answer session, and you may now disconnect. Everyone, have a great day.

謝謝。問答環節到此結束，您現在可以斷線。各位，祝您有美好的一天。