ICU Medical Inc (ICUI) 2024 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the ICU Medical Incorporated second quarter 2024 earnings conference call. (Operator Instructions) I would now like to turn the conference over to John Mills, ICR Managing Partner. Please go ahead.

女士們、先生們，下午好，歡迎參加 ICU 醫療公司 2024 年第二季財報電話會議。（操作員指示）我現在想將會議轉交給 ICR 執行合夥人約翰·米爾斯 (John Mills)。請繼續。

Thank you. Good afternoon, everyone. Thank you for joining us to discuss ICU Medical's financial results for the second quarter of 2024. On the call today representing ICU Medical is Vivek Jain, Chief Executive Officer and Chairman; and Brian Bonnell, Chief Financial Officer.

謝謝。大家下午好。感謝您與我們一起討論 ICU Medical 2024 年第二季的財務表現。今天代表 ICU Medical 出席電話會議的是執行長兼董事長 Vivek Jain；和財務長布萊恩·邦內爾。

We wanted to let everyone know that we have a presentation accompanying today's prepared remarks as well. To view the presentation, please go to our Investor page and click on Events Calendar, and it will be under the second quarter 2024 events.

我們想讓大家知道，我們在今天準備好的演講中也有一個示範。要查看演示文稿，請前往我們的投資者頁面並​​點擊“活動日曆”，它將位於 2024 年第二季活動下方。

Before we start our prepared remarks, I want to touch upon any forward-looking statements made during the call, including beliefs and expectations about the company's future results. Please be aware they are based on the best available information to management and assumptions that are reasonable.

在我們開始準備好的發言之前，我想談談電話會議期間所做的任何前瞻性陳述，包括對公司未來業績的信念和期望。請注意，它們基於管理層可獲得的最佳資訊和合理的假設。

Such statements are not intended to be a representation of future results and are subject to risks and uncertainties. Future results may differ materially from management's current expectations. We refer all of you to the company's SEC filings for more detailed information on the risks and uncertainties that have a direct bearing on operating results and financial position.

此類陳述並不代表未來結果，並且存在風險和不確定性。未來的結果可能與管理層目前的預期有重大差異。我們建議大家查閱該公司向 SEC 提交的文件，以獲取有關對經營業績和財務狀況有直接影響的風險和不確定性的更多詳細資訊。

Please note that during today's call, we will also discuss non-GAAP financial measures including results on an adjusted basis. We believe these financial measures can facilitate a more complete analysis and greater transparency into ICU Medical's ongoing results of operations, particularly when comparing underlying results from period to period. We also included a reconciliation of these non-GAAP measures in today's release and provided as much detail as possible on any addendums that are added back.

請注意，在今天的電話會議中，我們還將討論非公認會計準則財務指標，包括調整後的績效。我們相信這些財務指標可以促進對 ICU Medical 持續經營績效進行更完整的分析並提高透明度，特別是在比較不同時期的基本結果時。我們還在今天的發布中包含了這些非公認會計原則措施的調節，並就添加回來的任何附錄提供了盡可能多的細節。

And with that, it is my pleasure to turn the call over to Vivek.

至此，我很高興將電話轉給 Vivek。

Thanks, John, and good afternoon, everyone. I'll walk through our summary Q2 revenue and earnings performance, provide some highlights for each segment and then turn it over to Brian to recap the full Q2 results and outline our current thinking on the balance of the year. After that, I'll come back with updates on the various integration and consolidation efforts that will benefit our medium-term profit outlook and discuss the overall improving health of the company.

謝謝約翰，大家下午好。我將概述我們第二季度的收入和盈利表現摘要，提供每個部分的一些亮點，然後將其交給布萊恩回顧完整的第二季度業績，並概述我們目前對今年剩餘時間的想法。之後，我將回來介紹各種整合和整合工作的最新情況，這將有利於我們的中期利潤前景，並討論公司整體健康狀況的改善。

Revenue for Q2 was $581 million for total company growth of 10% on a constant currency basis or 9% on a reported basis. Adjusted EBITDA was $91 million and EPS was $1.56. Gross margins were a little higher than expected, again, due to earlier capture of supply chain efficiencies and sales mix. We had a good quarter of cash generation with $63 million in free cash flow, of which $7 million was inventory drawdown and our cash balance finished just over $300 million.

第二季營收為 5.81 億美元，公司總營收以固定匯率計算成長 10%，按報告計算成長 9%。調整後 EBITDA 為 9,100 萬美元，每股收益為 1.56 美元。由於較早掌握了供應鏈效率和銷售組合，毛利率再次略高於預期。我們季度現金生成情況良好，自由現金流為 6,300 萬美元，其中 700 萬美元為庫存減少，現金餘額剛超過 3 億美元。

The broader demand and utilization environment in Q2 was healthy across all geographies and has felt that way this year to date. But of course, we've all noticed the increasing volatility in the environment. The capital environment with status quo and investments that customers need to make are getting made.

第二季更廣泛的需求和利用環境在所有地區都是健康的，今年迄今也是如此。但當然，我們都注意到環境的波動性不斷增加。現狀的資本環境和客戶所需的投資正在形成。

The macro headwind of a strong US dollar has not broken everywhere yet, and specifically is still strong in the areas where we have our largest international commercial footprint. And again, this impacts our IV Systems segment the most.

強勢美元的宏觀逆風尚未在所有地區被打破，特別是在我們擁有最大國際商業足跡的地區仍然強勁。同樣，這對我們的 IV 系統部門影響最大。

Getting into our businesses more specifically. Consumables grew 11% constant currency and 10% reported. All four lines in this unit grew well with vascular access and tracheostomy in the teens and the legacy ICU product lines of IV therapy and oncology in the mid-to-high single digits, to mention a few highlights across the unit. And these types of examples thematically have helped our results to date, but I'll give a few more specific forward-looking ones.

更具體地進入我們的業務。以固定匯率計算，消耗品成長 11%，報告成長 10%。該部門的所有四個產品線均增長良好，青少年的血管通路和氣管造口術以及靜脈注射治療和腫瘤學的傳統 ICU 產品線均達到中高個位數，僅舉幾個該部門的亮點。這些類型的範例在主題上對我們迄今為止的結果有所幫助，但我將給出一些更具體的前瞻性範例。

The first example is around our core focus of improving outcomes, patient safety, and improving workflows. In our IV therapy line, there was an important study published in the Journal of Vascular Access a few days ago, which is a great example of the clinical and economic value of our Clave family of connectors as the study noted the improved safety with these projects -- products as measured by infection reduction.

第一個例子是圍繞著我們改善結果、病人安全和改進工作流程的核心重點。在我們的IV 治療系列中，幾天前在《血管通路雜誌》上發表了一項重要研究，這是我們Clave 系列連接器的臨床和經濟價值的一個很好的例子，因為該研究指出這些項目提高了安全性－透過感染減少來衡量的產品。

A second example is our continued efforts in new adjacent market creation like we did in oncology closed systems a number of years ago. We've also been doing that in the renal market since our acquisition of Pursuit Vascular and recently signed a multiyear committed agreement with a leading US operator of dialysis clinics and believe this will help us grow our evidence base to attract other operators.

第二個例子是我們不斷努力創造新的鄰近市場，就像我們幾年前在腫瘤學封閉系統中所做的那樣。自從收購 Pursuit Vascular 以來，我們也一直在腎臟市場這樣做，最近與一家美國領先的透析診所運營商簽署了一份多年承諾協議，相信這將有助於我們擴大證據基礎以吸引其他運營商。

Lastly, we've been focused on getting our geographies right. For the most part, we have historically been a very small player in China. Shortly after ` the acquired Smiths Medical business in China, we've been working to register additional core infusion products to expand our saleable portfolio in the country and expect several approvals over the next years. We have nothing to lose here as our business is currently limited in China, our manufacturing costs are competitive, and we're now big enough to try to compete.

最後，我們一直致力於確保我們的地理位置正確。在很大程度上，我們歷史上在中國一直是個非常小的參與者。在收購史密斯醫療中國業務後不久，我們一直在努力註冊更多的核心輸液產品，以擴大我們在中國的銷售產品組合，並預計在未來幾年內獲得多項批准。我們在這裡沒有什麼可失去的，因為我們的業務目前在中國有限，我們的製造成本具有競爭力，而且我們現在已經足夠大，可以嘗試競爭。

And lastly, over the medium term, each of these lines has its innovation road map as we mentioned previously. For the balance of 2024, nothing else is new here. We would expect results in line with our original targets and with legacy ICU consumable lines being at record levels.

最後，從中期來看，正如我們之前提到的，每條產品線都有其創新路線圖。對於 2024 年剩下的時間，這裡沒有什麼新鮮事了。我們預計結果將符合我們最初的目標，並且傳統 ICU 耗材線將達到創紀錄的水平。

Our IV systems business unit grew 11% constant currency and 7% on a reported basis. Again, we had a wide range of performance across the product lines here. As we mentioned on the last call, we finally saw stabilization in our ambulatory line then there were some tailwinds emerging with the macro trends of home care remaining solid. Those have started to generally come true, and we had a very strong quarter of ambulatory hardware sales, and those pumps will soon start using dedicated sets.

我們的 IV 系統業務部門以固定匯率計算成長了 11%，按報告計算成長了 7%。同樣，我們在各個產品線上都有廣泛的表現。正如我們在上次電話會議中提到的，我們最終看到了門診線的穩定，然後出現了一些順風，家庭護理的宏觀趨勢仍然穩固。這些已經開始普遍實現，我們的行動硬體銷售季度非常強勁，這些泵浦很快將開始使用專用套件。

We had a lighter quarter of LVP hardware installs just based on the calendar, and we expect both lines to perform well in Q3. Some key highlights here include, first, we now have multiple signed contracts for our Plum Duo system with a variety of customers and in general, customer decisions are more active than they have been over the last couple of years. We're pleased with what we're seeing so far.

僅根據日曆，我們季度的 LVP 硬體安裝量就較少，我們預計這兩條產品線在第三季都會表現良好。這裡的一些關鍵亮點包括，首先，我們現在與各種客戶簽署了多份 Plum Duo 系統合同，總的來說，客戶的決策比過去幾年更加積極。我們對目前所看到的情況感到滿意。

Second, since the last call, we have filed 510(k) submissions for our Plum Solo precision infusion pump and several enhancements to our LifeShield safety software and our already cleared Plum Duo device. After these products are cleared, the combination of the dual channel, Plum Duo and the single channel Plum Solo, will provide customer flexibility across all clinical care areas.

其次，自上次通話以來，我們已針對 Plum Solo 精密輸液幫浦提交了 510(k) 申請，並對 LifeShield 安全軟體和已核准的 Plum Duo 設備進行了多次增強。這些產品獲得批准後，雙通道 Plum Duo 和單通道 Plum Solo 的組合將為所有臨床護理領域的客戶提供靈活性。

Third, as we wait for responses, much of our energy shifts towards the refreshed syringe platform of our Medfusion product with the goal of filing that 510(k) submission over the next several quarters and also having a connect to our LifeShield safety software.

第三，當我們等待回應時，我們的大部分精力都轉移到了 Medfusion 產品的更新註射器平台上，目標是在接下來的幾個季度提交 510(k) 申請，並連接到我們的 LifeShield 安全軟體。

Our ambition is to have the most modern fleet of infusion devices that can anchor the portfolio for many years to come. Simplistically, we want customers to have the right tools for the right job, all connected with a common user interface and software solution that minimizes training, improves onboarding, and drives standardization.

我們的目標是擁有最現代化的輸液設備系列，可以在未來許多年穩定我們的產品組合。簡而言之，我們希望客戶能夠擁有適合正確工作的正確工具，所有這些工具都與通用使用者介面和軟體解決方案連接，從而最大限度地減少培訓、改善入職並推動標準化。

For the balance of 2024, nothing else is new here either, we would expect results in line with our original targets. Just wrapping up the business segments. Our Vital Care segment grew 8% constant currency and 7% reported. The majority of the growth was driven by IV Solutions, which did have an easier comp as it was a low -- at a low level last year and by critical care. The rest of the segment was generally flat.

對於 2024 年的剩餘時間，這裡也沒有什麼新鮮事，我們預期結果與我們最初的目標一致。剛剛結束了業務部門。我們的重要護理部門以固定匯率計算增加了 8%，報告增加了 7%。大部分的成長是由 IV Solutions 推動的，該公司的薪酬確實比較容易，因為去年水平較低，並且受到重症監護的影響。該細分市場的其餘部分總體持平。

From an operational perspective towards our customers, like the comments on the last call, the company is running the best it has in the last few years. There are, of course, many areas to still improve in some of the normal bumps and bruises in manufacturing, but customer back orders remain low and hopefully, our comments from the last time -- hopefully, our comments from the last few calls on our efforts shifting to innovation and displaying our integrated value to customers has been noted.

從我們客戶的營運角度來看，就像上次電話中的評論一樣，該公司的營運狀況是過去幾年中最好的。當然，在製造過程中的一些正常的碰撞和擦傷方面，還有許多領域需要改進，但客戶的訂單仍然很低，希望我們上次的評論——希望我們最近幾次電話中的評論我們已經注意到轉向創新和向客戶展示我們的綜合價值的努力。

That's a brief recap of Q2 at a high level. I'll turn it over to Brian and then come back with some comments on our medium-term outlook and a few other thoughts.

這是對第二季度的高層簡要回顧。我會將其交給布萊恩，然後回來對我們的中期前景發表一些評論以及其他一些想法。

Thanks, Vivek, and good afternoon, everyone. Since Vivek covered the Q2 revenue for each of the businesses, I'll focus my remarks on recapping the Q2 performance for the remainder of the P&L as well as the Q2 balance sheet and cash flow, and then provide our updated outlook for the full year.

謝謝維韋克，大家下午好。由於 Vivek 涵蓋了每項業務的第二季度收入，因此我將重點回顧第二季度損益表其餘部分的業績以及第二季度的資產負債表和現金流，然後提供我們對全年的最新展望。

As you can see from the GAAP to non-GAAP reconciliation in the press release, adjusted gross margin for the second quarter was 36.6%, which was slightly better than our expectations. Similar to the first quarter, we experienced favorable product mix with a higher proportion of disposables revenue relative to hardware during the quarter compared to our plan as well as supply chain synergies captured earlier in the year than expected.

從新聞稿中的 GAAP 與非 GAAP 調整表可以看出，第二季調整後毛利率為 36.6%，略優於我們的預期。與第一季類似，我們經歷了有利的產品組合，與我們的計劃相比，本季可支配收入相對於硬體的比例更高，而且今年早些時候獲得的供應鏈協同效應也超出了預期。

Adjusted SG&A expense was $117 million in Q2, and adjusted R&D was $23 million. Total adjusted operating expenses were up 6% year over year and reflect a combination of increased selling expenses from higher revenues, R&D investments, and higher incentive compensation. Adjusted operating expenses were 24.2% of revenue for the quarter.

第二季調整後的 SG&A 費用為 1.17 億美元，調整後的研發費用為 2,300 萬美元。調整後營運費用總額年增 6%，反映出收入增加、研發投資和激勵薪酬增加所導致的銷售費用增加。調整後的營運費用佔本季營收的 24.2%。

Restructuring, integration, and strategic transaction expenses were $17 million in the quarter -- in the second quarter and related primarily to IT system integration and manufacturing network consolidation. Adjusted diluted earnings per share for the quarter was $1.56 compared to $1.88 last year. The current quarter results reflect net interest expense of $24 million.

第二季的重組、整合和策略交易費用為 1700 萬美元，主要與 IT 系統整合和製造網路整合相關。本季調整後攤薄每股收益為 1.56 美元，去年同期為 1.88 美元。當前季度業績反映淨利息支出為 2,400 萬美元。

The second quarter adjusted effective tax rate was 16% and includes a discrete benefit from the release of tax contingencies as a result of the expiration of various tax statute of limitation periods, which contributed approximately $0.15 per share. For comparison purposes, the prior year tax rate reflected discrete benefits, which contributed approximately $0.25 per share. Diluted shares outstanding for the quarter were $24.4 million.

第二季調整後的有效稅率為 16%，其中包括由於各種稅收法規時效期限到期而釋放的稅務意外事件帶來的離散收益，每股貢獻約 0.15 美元。出於比較目的，上一年的稅率反映了離散收益，約為每股 0.25 美元。本季稀釋後流通股數為 2,440 萬美元。

And finally, adjusted EBITDA for Q2 decreased to $91 million compared to $98 million last year. The lower profitability on higher revenues this year reflects the prior year manufacturing absorption benefits from inventory builds, combined with the current period impacts from inventory reductions.

最後，第二季調整後 EBITDA 下降至 9,100 萬美元，去年為 9,800 萬美元。今年收入增加帶來的獲利能力下降反映了上一年製造業吸收庫存增加的效益，以及庫存減少對本期的影響。

Now moving on to cash flow and the balance sheet. For the quarter, free cash flow was $63 million, which represents the best free cash flow quarter since the acquisition as well as the fourth consecutive quarter of positive free cash flow generation.

現在轉向現金流和資產負債表。該季度自由現金流為 6,300 萬美元，這是自收購以來自由現金流最好的季度，也是連續第四個季度產生正的自由現金流。

Reductions in inventory contributed $7 million of cash, and we also benefited from lower cash outlays for capital expenditures and quality remediation due to the timing of these projects, along with some onetime cash flow benefits from the integration.

庫存的減少貢獻了 700 萬美元的現金，而且由於這些項目的時機安排，我們還受益於資本支出和品質補救的現金支出減少，以及整合帶來的一些一次性現金流收益。

During the quarter, we invested $10 million of cash spend for quality system and product-related remediation activities, $17 million on restructuring and integration and $19 million on CapEx for general maintenance and capacity expansion at our facilities as well as placement of revenue-generating infusion pumps with customers outside the US.

本季度，我們投資了1000 萬美元的現金支出用於品質系統和產品相關的補救活動，1700 萬美元的現金支出用於重組和整合，1900 萬美元的資本支出用於我們設施的一般維護和產能擴張以及創收輸注的安排與美國以外的客戶合作的幫浦。

And just to wrap up on the balance sheet, we finished the quarter with $1.6 billion of debt and $303 million of cash. As we think about the balance sheet and cash flows over the remainder of the year, there are a few items worth mentioning.

就資產負債表而言，本季末我們的債務為 16 億美元，現金為 3.03 億美元。當我們考慮今年剩餘時間的資產負債表和現金流時，有一些項目值得一提。

First, we believe the current cash balance is adequate to support the day-to-day liquidity needs of the business, and we would anticipate any further increases to the cash balance to be used for either early pay down of term loan principal or reducing usage of the accounts receivable factoring program.

首先，我們認為當前的現金餘額足以支持業務的日常流動性需求，並且我們預計現金餘額的任何進一步增加將用於提前償還定期貸款本金或減少使用應收帳款保理計劃。

Second, over the course of the past 12 months, we've been able to reduce inventory levels by approximately $100 million, and we believe current levels are appropriate to support the near-term needs of the business, including onboarding of new customers, providing adequate safety stock to ensure supply chain resilience, and to facilitate our planned manufacturing network consolidations.

其次，在過去 12 個月中，我們已經將庫存水準減少了約 1 億美元，我們相信目前的水準足以支持業務的近期需求，包括新客戶的入職、提供充足的安全庫存，以確保供應鏈的彈性，並促進我們計劃的製造網絡整合。

While we may have opportunities for additional inventory efficiencies over time, we don't expect any meaningful further reductions in the near term.

雖然隨著時間的推移，我們可能有機會提高庫存效率，但我們預計短期內不會出現任何有意義的進一步減少。

And third, year-to-date free cash flow is $93 million, which is already ahead of our original full year guidance. For the second half of the year, we do not expect the same level of cash flow generation due to the reasons already mentioned which are the lack of one-time benefits from inventory reductions and other integration-related items we experienced in the first half as well as the potential reduction in the utilization of our accounts receivable factoring program given our improving liquidity position.

第三，今年迄今的自由現金流為 9,300 萬美元，這已經超出了我們最初的全年指導。對於今年下半年，我們預計現金流量不會達到相同水平，因為已經提到的原因是，我們在上半年經歷的庫存減少和其他整合相關項目缺乏一次性效益，鑑於我們的流動性狀況有所改善，我們的應收帳款保理計畫的使用率可能會減少。

In addition, capital expenditures, which we expect to be in the range of $85 million to $100 million for the full year will be more weighted towards the second half.

此外，我們預計全年資本支出將在 8,500 萬美元至 1 億美元之間，下半年的資本支出將更加重要。

Consistent with our usual cadence, we are updating our full year guidance for adjusted EBITDA and adjusted EPS. For full year adjusted EBITDA, we are narrowing and raising the midpoint of our previous guidance range of $330 million to $370 million to a range of $345 million to $365 million, reflecting solid first half performance and higher confidence in the expected back half earnings improvement.

按照我們通常的節奏，我們正在更新調整後 EBITDA 和調整後每股收益的全年指引。對於全年調整後 EBITDA，我們將先前 3.3 億至 3.7 億美元指引範圍的中點縮小並提高至 3.45 億至 3.65 億美元，反映出上半年業績穩健，以及對預期下半年盈利改善的信心增強。

For full year adjusted EPS, we are narrowing and raising the midpoint of our previous guidance range of $4.40 to $5.10 per share to $4.95 to $5.35 per share, which includes the same impacts as adjusted EBITDA plus the previously mentioned $0.15 tax benefit recognized in the second quarter.

For full year adjusted EPS, we are narrowing and raising the midpoint of our previous guidance range of $4.40 to $5.10 per share to $4.95 to $5.35 per share, which includes the same impacts as adjusted EBITDA plus the previously mentioned $0.15 tax benefit recognized in the second四分之一.

On the revenue line, there are no changes from our original expectations for full year consolidated adjusted revenue growth of low to mid-single digits, comprised of mid-single-digit growth for both consumables and Infusion Systems and roughly flat for Vital Care.

在收入方面，我們對全年綜合調整後收入成長中低個位數的最初預期沒有變化，其中消耗品和輸液系統的成長為中個位數，生命照護業務大致持平。

For gross margin, we expect full year adjusted gross margin of approximately 36%, which is 1 percentage point higher than our original guidance. We expect gross margin in the back half to reflect the benefits of improving manufacturing volumes and a stable supply chain environment, offset by the impacts of our scheduled annual maintenance shutdown of the Austin plant as well as sales product mix more heavily weighted towards hardware.

毛利率方面，我們預計全年調整後毛利率約為 36%，比我們最初的指導高出 1 個百分點。我們預計下半年的毛利率將反映生產量提高和供應鏈環境穩定的好處，但被我們計劃的奧斯汀工廠年度停工維護以及更偏向於硬體的銷售產品組合的影響所抵消。

Adjusted operating expenses should be approximately 24.5% of revenue for the back half of the year, consistent with what we saw in the first half. There is no change to our full year expectations for interest expense of $105 million. And for modeling purposes, you can assume a back half adjusted tax rate of 23% and back half diluted shares outstanding of $24.6 million.

下半年調整後的營運費用應約為收入的 24.5%，與我們上半年的情況一致。我們對全年 1.05 億美元利息支出的預期沒有改變。出於建模目的，您可以假設後半調整後的稅率為 23%，後半稀釋後的流通股為 2,460 萬美元。

Our forecast for the remainder of the year generally assumes a macroeconomic environment that is consistent with what we experienced over the course of Q2. We're obviously aware of the volatility the markets have experienced over the past several days and it's too early to know where things will ultimately settle.

我們對今年剩餘時間的預測總體上假設宏觀經濟環境與我們在第二季度經歷的情況一致。我們顯然意識到過去幾天市場經歷的波動，現在判斷事情最終會如何解決還為時過早。

The latest market views on currency and interest rates would be positive, whereas other factors such as hospital census and capital budgets could be less favorable in a slowing economy. To the extent we see any meaningful impacts from these developments over the course of the third quarter, we'll provide updates on our next call.

市場對貨幣和利率的最新看法將是正面的，而在經濟放緩的情況下，醫院普查和資本預算等其他因素可能不太有利。如果我們在第三季看到這些發展產生任何有意義的影響，我們將在下次電話會議中提供最新資訊。

To wrap up, we're happy with our performance for the first half of the year, including improvement in our gross margin rate, continued progress in free cash flow generation, and a more stable balance sheet. And our updated full year guidance reflects continued improvement for both revenue and earnings in the second half. We remain focused on the foundational work that will drive earnings improvement in 2025 and beyond.

總而言之，我們對上半年的業績感到滿意，包括毛利率的改善、自由現金流產生的持續進展以及更穩定的資產負債表。我們更新的全年指引反映了下半年收入和獲利的持續改善。我們仍專注於推動 2025 年及以後獲利改善的基礎工作。

I'll now hand the call back over to Vivek, who will provide updates on the specific initiatives underlying that earnings improvement.

我現在將把電話轉回維韋克，他將提供有關盈利改善的具體舉措的最新資訊。

Thanks, Brian. On the last few calls, we've talked about revenue stabilization, and the ability to grow our differentiated product lines. While it's nice to have that revenue growth now and earnings and cash flow a bit higher than our expectations, it's not lost on us that we're still under earning as a company relative to the industry and is evidenced by the fact that we had higher earnings on less revenues historically.

謝謝，布萊恩。在過去的幾次電話會議中，我們討論了收入穩定以及發展差異化產品線的能力。雖然現在收入成長、獲利和現金流略高於我們的預期是件好事，但我們並沒有忘記，作為一家公司，相對於行業而言，我們的盈利仍然低於預期，並且我們的盈利更高的事實證明了這一點。

As a result, we're extremely focused on the actions to improve profit in the medium term, which are about, obviously, revenue growth, mix and pricing, operational efficiency and eventually waiting for the macro items on currency and interest rates to improve.

因此，我們非常關注中期提高利潤的行動，這顯然涉及收入成長、組合和定價、營運效率，並最終等待貨幣和利率等宏觀項目的改善。

Our innovation efforts have become more visible in the market as that is mandatory for sustained revenue growth. The other area we continue to be focused on is pricing as we've not fully recouped the substantial inflation that we experienced. We do see more logical behavior here, both from the market and customers in general.

我們的創新努力在市場上變得更加明顯，因為這是持續收入成長的必要條件。我們繼續關注的另一個領域是定價，因為我們尚未完全彌補所經歷的大幅通膨。我們確實在這裡看到了更多合乎邏輯的行為，無論是來自市場還是廣大客戶。

From an operational efficiency standpoint, we have been pursuing several work streams, which will each add to our margin improvement over time. First, the cutover of our US and Canada order-to-cash systems is in flight as we speak.

從營運效率的角度來看，我們一直在追求多個工作流程，隨著時間的推移，每個工作流程都會增加我們的利潤率提高。首先，我們美國和加拿大的訂單到現金系統的切換正在進行中。

We have done these typically early in the quarter to be able to handle any of the bumps that come. This integration allows for the optimization of our physical logistics networks and corporate infrastructure. After we ensure that the US and Canada flows are stable, we'll begin these activities internationally next year.

我們通常在本季初就完成了這些工作，以便能夠應對即將到來的任何障礙。這種整合可以優化我們的實體物流網路和公司基礎設施。在確保美國和加拿大的流量穩定後，我們將在明年在國際上開始這些活動。

Second, as previously discussed, we have been doing the basic blocking and tackling of factory network consolidations. It is as simple as to have fewer production sites, have them fuller, and in the right geographies. These are not easy choices. It impacts real people have been team members for many years, but it must be done to drive value for us and our competitive positioning to the customer.

第二，如同前面所討論的，我們一直在做工廠網路整合的基本阻斷和解決。很簡單，就是減少生產基地，讓生產基地更充實，位於適當的地理位置。這些都不是容易的選擇。它影響了多年來作為團隊成員的真實人員，但必須這樣做才能為我們帶來價值以及我們對客戶的競爭地位。

Lastly, we continue to make progress on our various real estate commitments with a number of consolidations and repricings kicking in over the next 18 months. While these may seem like mundane topics, all three items I just mentioned are economically meaningful and contribute to getting where we need to be and helped to offset the normal bumps that happen in business, but it takes a little bit of time to execute.

最後，我們將繼續在我們的各種房地產承諾上取得進展，並在未來 18 個月內進行一系列整合和重新定價。雖然這些看似平凡的話題，但我剛才提到的所有三個項目都具有經濟意義，有助於實現我們需要的目標，並有助於抵消業務中發生的正常障礙，但執行起來需要一點時間。

Given what we've been through in the last few quarters, we're not willing to commit to exact dates in absolute margin levels, but our team's experience and integration allows us to go as fast as possible. We have been talking about the macro items of rates, currencies, et cetera, for frankly, too long, and just as recent as the last call, we said we were operating with a higher for longer mindset.

鑑於我們在過去幾個季度所經歷的情況，我們不願意承諾絕對利潤水平的確切日期，但我們團隊的經驗和整合使我們能夠盡可能快地進行。坦白說，我們一直在談論利率、貨幣等宏觀項目，太久了，就在上次電話會議上，我們表示我們正在以更高、更長期的心態進行操作。

These will play out whoever they do, but from a value perspective, we felt it more sensible to bear more interest expense as long as manageable versus not maximizing the asset values were the revenues, earnings and quality of our assets and businesses are improving, but take a little bit of time and investment.

無論他們做什麼，這些都會對他們產生影響，但從價值的角度來看，我們認為，只要我們的資產和業務的收入、收益和品質都在改善，只要可控，而不是最大化資產價值，承擔更多的利息費用就更明智，但需要一點時間和投資。

To be direct on our goals for the next year or two, we won our consumables and systems businesses to be reliable growers with an industry acceptable profit margin with the tightest and most optimized manufacturing network in each with a multiyear innovation portfolio and we want the rest of the portfolio to add up to levels where we deliver an acceptable profit margin that ultimately allows us to transfer value from debt to equity, which Brian noted, we are finally better prepared to move on. There is no confusion within the company in the pursuit of these goals, and we don't have any frivolous activities here.

為了直接實現我們未來一兩年的目標，我們贏得了我們的消耗品和系統業務，使其成為可靠的種植者，具有行業可接受的利潤率，每個業務都有最緊密和最優化的製造網絡，並擁有多年的創新組合，我們希望剩下的投資組合加起來達到我們提供可接受的利潤率的水平，最終使我們能夠將價值從債務轉移到股權，布萊恩指出，我們終於為繼續前進做好了更好的準備。在追求這些目標的過程中，公司內部沒有任何混亂，我們這裡也沒有任何無聊的活動。

We produce essential items that require significant clinical training, called manufacturing barriers and in general, are items that customers do not want to switch unless they must. The market needs ICU Medical to be an innovative, reliable supplier. And our company is stronger from all the events of the last few years. Thanks to all the team members and customers as we improve each day. And with that, we'll open it up to questions.

我們生產需要大量臨床培訓的必需品，稱為製造障礙，一般來說，除非必須，否則客戶不想更換。市場需要 ICU Medical 成為創新、可靠的供應商。經過過去幾年的所有事件，我們公司變得更加強大。感謝所有團隊成員和客戶，我們每天都在進步。至此，我們將開放提問。

(Operator Instructions) Larry Solow, CJS Securities.

（操作員指令）Larry Solow，CJS 證券。

I guess the first question, obviously, really nice revenue growth off of a little bit of a lower base last year. I guess Q2 was your weakest point last year. But just curious, just your pulse on the environment, it sounds like things are running really well. Our hospitals maybe stocking up a little bit when times are a little bit better? I'm just trying to figure that out.

我想第一個問題，顯然，去年的基數稍低一些，收入成長確實不錯。我想第二季是你們去年最弱的時候。但只是好奇，只要你對環境的脈搏，聽起來一切都運作得很好。當情況好一點時，我們的醫院可能會儲備一點嗎？我只是想弄清楚這一點。

And you did kind of mention hospital spending and capital budgets and there's always a concern that could change. But can you just give us kind of a feel on where that is today?

您確實提到了醫院支出和資本預算，而且總有一個擔憂可能會改變。但您能為我們介紹一下今天的情況嗎？

Yeah. I think on the last call -- Larry, thank you. I think on the last call, we said -- we gave the update, and we were -- I think, speaking in May, we said Q1 was pretty good. Things were a little bit maybe just a touch lighter in March, but it kind of came back to normal.

是的。我想在最後一次通話中——拉里，謝謝你。我想在最後一次電話會議上，我們說——我們提供了更新，我們——我想，在五月的講話中，我們說第一季非常好。三月的情況可能稍微輕鬆一些，但現在已經恢復正常了。

And I think we've continued to feel it as reasonably normal. I think one of the other analysts asked -- called last time, volumes have been good. They continue to be -- what we're watching is obviously what's going on in the broader economic environment. And making sure there's no surprises there. I don't think we would say anybody stocking up and anything, no items are short in the market, et cetera. The world feels pretty normal right now, and that's in all geographies.

我認為我們仍然認為這是相當正常的。我想其他一位分析師上次也問過，成交量一直都很好。它們仍然是——我們正在觀察的顯然是更廣泛的經濟環境中正在發生的事情。並確保不會發生意外。我不認為我們會說有人囤貨什麼的，市場上沒有任何物品短缺，等等。現在世界感覺很正常，在所有地區都是如此。

Could you speak to pricing to maybe your positioning, maybe not so much this year, but going to next year? I know there's a couple of big GPO contracts. So I think we're resolved particularly in solutions. What do you -- how do you feel your positioning is today as you head into -- a little bit earlier, but just looking out over the next few quarters for '25 and beyond?

您能否談談您的定位的定價，也許今年不會那麼多，但明年會怎麼樣？我知道有幾份大型 GPO 合約。所以我認為我們特別在解決方案方面下了決心。當你提前一點進入時，你覺得你今天的定位如何，但只是展望 25 年及以後的未來幾季？

Clearly, inflation was a huge hit to earnings here over the last 2.5 years. Certainly, where we had the flexibility to try to -- first, we had to improve the business and be stable for our customers. We were able to do that across the entire portfolio.

顯然，過去 2.5 年通貨膨脹對這裡的收入造成了巨大打擊。當然，如果我們可以靈活地嘗試——首先，我們必須改善業務並為我們的客戶保持穩定。我們能夠在整個產品組合中做到這一點。

Once that was done, the areas that we had the contractual flexibility to try to make sure we make a fair return. We sought to make a fair return. There are a number of contracts coming up in the US, the GPOs are sort of the entry ticket, so to speak, you still have to make the business with the individual customers and that will be next year's activity.

一旦完成，我們就擁有合約靈活性，以確保我們獲得公平的回報。我們力求公平的回報。美國即將簽訂許多合同，GPO 相當於入場券，可以這麼說，您仍然必須與個人客戶開展業務，這將是明年的活動。

I do think the comments in the script were intended to say, we approached us seeing some -- a little bit of optimism that customers know that some of these categories that are valuable and have been this priced, they at least need to be a bit more fairly priced. So I think we feel okay about it.

我確實認為腳本中的評論是想說，我們與我們接觸時看到了一些——一點點樂觀情緒，客戶知道其中一些類別很有價值並且定價如此，他們至少需要一點價格更公道。所以我認為我們對此感覺良好。

Great. And just lastly, just a couple on Smith, just a couple of things that have been kind of some negatives feel like they turn to positive. First, I guess, just vascular access, I know that had been down or even flat more recently, but it looks like that return to growth this quarter.

偉大的。最後，關於史密斯的一些事情，一些消極的事情感覺變成了積極的事情。首先，我想，只是血管通路，我知道最近一直在下降甚至持平，但看起來本季會恢復成長。

And then the second part of that question, just update on quality issues, particularly on the syringe side. It sounds like things continue to progress. I know you called out whole new refreshed product line coming out to. So I guess things are looking more positive on that end too.

然後該問題的第二部分，只是更新品質問題，特別是在註射器方面。聽起來事情還在繼續進展。我知道您呼籲推出全新的更新產品線。所以我想這方面的情況也看起來比較正面。

Hey, Larry, I think we're going to ask you to get back in the queue after this one.

嘿，拉里，我想我們會請你在這場比賽之後回到隊列中。

Yeah, I'm done.

是的，我已經完成了。

I think on the first point, Q2 was particularly weak in solutions last year. That was the real departure. So you are correct on solutions, it was lower. It was relatively consistent sequentially on the consumables business, including vascular access. And vascular access, as we said last year, the base so much business has eroded just a little bit of focus and work would help get us back that caused some of that back. That's what's gone on.

我認為第一點，去年第二季的解決方案尤其薄弱。那才是真正的離開。所以你的解決方案是正確的，它較低。耗材業務（包括血管通路）的環比情況相對一致。血管通路，正如我們去年所說，基礎如此多的業務已經侵蝕了一點焦點，而工作將幫助我們恢復導致部分恢復的狀態。事情就是這樣。

And then, yes, the Smiths portfolio in aggregate, this was the best quarter of sales since sort of the back order catch-up on the most portfolio, but there's still a long way to go. So I appreciate the comment, but there's still areas for improvement.

然後，是的，史密斯的投資組合總體而言，這是自大多數投資組合的延期交貨訂單追趕以來銷售最好的一個季度，但仍有很長的路要走。所以我很欣賞你的評論，但仍有需要改進的地方。

Kristen Stewart, CL King.

克里斯汀·斯圖爾特，CL King。

I was wondering if you could just focus in a little bit on gross margins. They came in a little bit better than expectations, or at least my expectations for the quarter. I was wondering if that was the case for you guys as well? And how should we think about that as we look out into the third and fourth quarter of the year. Do you still feel confident that you can kind of exit at a higher rate than when you came in, in 2Q? Or how should we just think about the puts and takes there? Thanks.

我想知道您是否可以稍微關註一下毛利率。他們的表現比預期要好一些，或者至少比我對本季的預期要好一些。我想知道你們也是這樣嗎？當我們展望今年第三季和第四季時，我們應該如何思考這一點。您仍然有信心在第二季度以比您進入時更高的速度退出嗎？或者我們應該如何考慮那裡的看跌期權和索取期權？謝謝。

Yeah, Kristen, we would agree Q2 gross margins were a little bit better than we had planned. Part of that was from just product mix and that we had more disposables and less hardware revenues and there's different margin profiles between those two categories.

是的，克里斯汀，我們同意第二季的毛利率比我們計劃的要好一些。部分原因在於產品組合，我們的一次性產品更多，硬體收入更少，而且這兩個類別之間的利潤狀況不同。

And we also had the benefits of some supply chain synergies show up a little bit earlier than we had planned this year. So as we kind of think about the back half, we won't have kind of the benefits from the product mix. In fact, we expect it to kind of go the other way. So that will pressure gross margins in the second half relative to the first, but we should benefit in the second half from improving volumes.

我們也獲得了一些供應鏈綜效的好處，比我們今年的計畫要早一些顯現出來。因此，當我們考慮後半部分時，我們不會從產品組合中獲得某種好處。事實上，我們預期事情會朝相反的方向發展。因此，相對於上半年，這將給下半年的毛利率帶來壓力，但下半年我們應該會從銷售的改善中受益。

And so I think as we think about kind of how we exit the year, I think our view on where we exit is kind of similar to our view on full year, meaning full year gross margins are going to be about 1 point better than we expected. And we said we would exit the year at 35% or slightly better. And I think we would say, okay, now it's probably 36% or slightly better.

因此，我認為，當我們考慮如何退出這一年時，我認為我們對退出位置的看法與我們對全年的看法類似，這意味著全年毛利率將比我們高出約 1 個百分點預期的。我們曾說過，今年的成長率將達到 35% 或稍好。我想我們會說，好吧，現在可能是 36% 或稍微好一點。

So exiting the year at 36% is what I'm hearing you correctly?

那麼我沒聽錯的話，今年結束時的成長率為 36% 嗎？

Yeah.

是的。

And I guess in terms of just the operating expense, why can't you get a little bit more leverage? I think you had mentioned you guided to 24.5%, last year, you were 23.8%. Is there anything unusual we should be thinking about just from a year-over-year comparison basis there?

我想就營運費用而言，為什麼不能獲得更多一點的槓桿作用呢？我想你曾經提到你的目標是 24.5%，去年是 23.8%。僅從同比比較的角度來看，我們是否應該考慮什麼不尋常的事情？

Yeah. I mean last year, given we didn't hit our financial goals, the incentive plans did not fund at the target level. And so this year, we're sort of at or a little better when it comes to the incentive plans and potential payout. So I would say that's probably one of the bigger differences on a year-over-year basis.

是的。我的意思是去年，鑑於我們沒有實現財務目標，激勵計畫沒有達到目標水準。因此，今年，我們在激勵計劃和潛在支出方面處於或稍好。所以我想說，這可能是同比最大的差異之一。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc 資本市場。

Just wanted to start off with a really quick follow-up on the previous gross margin question. You called out a lot of drivers in both directions. But didn't necessarily catch commentary on the inventory under absorption topic. So just curious like how much of a headwind that's still representing in terms of the second quarter from just absorbing the inventory that was underproduced a few quarters ago? And then how much that might also improve into the second half?

只是想先快速跟進之前的毛利率問題。你在兩個方向都叫了很多司機。但不一定能捕捉到有關吸收主題下的庫存的評論。所以只是好奇，從吸收幾個季度前生產不足的庫存來看，第二季仍然存在多大的阻力？那麼下半年情況可能會改善多少呢？

Yeah, I'd say, Brett, kind of the drag from the inventory under absorption has been kind of diminishing over the course of this year. And as we head into Q3 with only -- with a more modest $7 million reduction in inventory levels in the second quarter, I wouldn't consider that drag really to be that material going forward.

是的，我想說，布雷特，吸收庫存的拖累在今年有所減弱。當我們進入第三季時，第二季庫存水準僅減少了 700 萬美元，我不認為這種拖累真的是未來的重大因素。

And then just moving to the consumables, you definitely called out last quarter that you were expecting some level of improvement sequentially, but I don't think anyone was expecting to see close to like 8% sequential growth versus 1Q. You called out a couple of areas. I think I picked up like VA and traches were positive. Maybe if you could just unpack like that sequential change a little bit more and then sustainability into the back half.

然後談到消耗品，上個季度您確實表示預計會出現一定程度的環比改善，但我認為沒有人期望看到與第一季相比接近 8% 的環比增長。您指出了幾個區域。我想我和 VA 一樣，氣管炎呈陽性。也許如果你能像這樣連續改變一點，然後將永續性放到後半部。

Sure, thanks. All four lines in the consumables business grew sequentially. Different drivers for each one, the biggest one is obviously the core infusion therapy business that was -- and all of them grew kind of equally globally as in the US. So census is a huge part of that, census has been good and was good.

當然，謝謝。消耗品業務的所有四條線均實現連續成長。每一項都有不同的驅動因素，其中最大的驅動因素顯然是核心輸液治療業務——而且所有這些業務在全球範圍內的成長速度與在美國的成長速度相當。因此，人口普查是其中的重要組成部分，人口普查一直很好，而且一直很好。

On infusion therapy, it was about getting a little bit of price as the previous question was, and it was also getting some implementations and installs done that we knew were out there. And we think we have a decent slate of those for the balance of the year.

在輸液治療方面，就像上一個問題一樣，它是為了獲得一點價格，而且它也完成了一些我們所知道的實施和安裝。我們認為今年剩下的時間裡我們已經有了一份不錯的名單。

So I think we continue -- on the biggest piece of it, which is almost half the segment. I think we still feel very comfortable. It feels like to us on the oncology lines that things have come back in terms of screening, diagnosis, et cetera. So even if we've done well, converting some business, it does feel like there's some market uplift there. I haven't had a moment to look at all the other screening companies what they're saying, but there's more activity.

所以我認為我們繼續下去——最大的一部分，幾乎佔了該部分的一半。我想我們還是覺得很舒服。對於我們腫瘤學領域的人來說，在篩檢、診斷等方面的情況已經恢復了。因此，即使我們做得很好，轉換了一些業務，但確實感覺市場有所提升。我還沒有時間去了解其他所有的放映公司都在說什麼，但還有更多的活動。

And on the vascular access line, I'm not sure it's necessarily worth spiking the ball over. It had got so low, just eliminating the negatives and doing something positive, made a big difference. And we have a good product that makes sense. I've been calling on customers with two years of consistency. As we said in the last call, it took two years from Hospira to change the consumables business around.

在血管通路上，我不確定是否值得將球打過。它已經變得如此之低，只是消除負面因素並做一些積極的事情，就會產生很大的變化。我們有一個有意義的好產品。兩年來我一直連續拜訪客戶。正如我們在上次電話會議中所說，Hospira 花了兩年時間才改變了耗材業務。

And traches is just focused, traches still has some bumpiness a little bit, but it's a valuable category, and we need to keep improving it. And it's a nice chronic care market that also has some demographic good things in it. So a lot is better to be in the right neighborhood, and I think we're in the right neighborhood in all those categories, and we've had some good execution and focus with timing.

而且氣管只是專注，氣管還是有一點凹凸感，但它是一個有價值的類別，我們需要不斷改進它。這是一個很好的慢性病護理市場，其中也有一些人口方面的好處。因此，處於正確的社區會更好，我認為我們在所有這些類別中都處於正確的社區，並且我們有一些良好的執行力和對時機的關注。

Mike Matson, Needham & Company.

麥克馬森，李約瑟公司。

I guess just on the new syringe pump. So how important do you think that is to winning pump share in terms of coming into the hospital with the complete range of products on your new software platform. Or do you think you can kind of sell features to some degree and just promising them that it's on its way is enough to kind of satisfy them.

我想只是在新的注射泵上。那麼，您認為這對於在新軟體平台上提供全系列產品進入醫院方面贏得泵浦市場份額有多重要？或者您是否認為您可以在某種程度上出售功能，並且只需向他們承諾該功能正在開發中就足以滿足他們的需求。

I think a key driver for us, I mean, there was three or four core reasons we took on the difficulties we did with the most recent acquisition, one of them was to have an opportunity in the syringe market. Again, we have been in this market for a long time and a large chunk of the US market 40%-ish percent or more bought LVP pump separate from who provided their syringe. So it's certainly not an end all and be all issue, but it is better for customers if they can have a simpler setup depending on their use cases. And so we want the flexibility to offer both situations.

我認為對我們來說，一個關鍵的驅動因素是，我們在最近的收購中遇到了困難，有三到四個核心原因，其中之一是在註射器市場有機會。再說一次，我們已經進入這個市場很長一段時間了，美國市場的很大一部分（40% 左右或更多）購買的 LVP 幫浦與提供注射器的供應商是分開的。因此，這當然不是問題的全部，但如果客戶可以根據自己的用例進行更簡單的設置，那麼對客戶來說會更好。因此，我們希望能夠靈活地提供這兩種情況。

I'm not sure necessarily that these things are not that far away when you say selling futures. We still are the leading stand-alone syringe pump company in the United States today. And so it's more about the innovation and connected to the other pieces and a little bit of modernization of advice the same as we've done in the other areas.

當你說出售期貨時，我不確定這些事情是否離你不遠。時至今日，我們仍然是美國領先的獨立注射幫浦公司。因此，更多的是關於創新，並與其他部分相聯繫，以及一點建議的現代化，就像我們在其他領域所做的那樣。

I think it can play either way. It's certainly a convenience item, but not everybody makes the choice. Nobody likely, in our opinion, chooses a full LVP system solely on the notion of what the syringes is. It's a combined decision.

我認為這兩種方式都可以玩。這當然是一個方便的物品，但不是每個人都會做出選擇。我們認為，沒有人會只根據注射器的概念來選擇完整的 LVP 系統。這是一個綜合決定。

I was just wondering maybe some sort of inflection point once you get that piece in place, but okay. And then, I guess, just also on the pump market, what are you hearing and seeing out there with Becton kind of back in the market now with their ALARIS pump are you able to pick off and share there?

我只是想知道一旦你把那部分放在適當的位置，也許會出現某種拐點，但好吧。然後，我想，同樣在泵市場上，您聽到和看到了什麼，Becton 現在帶著 ALARIS 泵回到市場，您能在那裡挑選並分享嗎？

I mean I think everybody -- all public companies have been talking on it. It is -- and all have said the same thing, which is a very active time. The power of incumbency is very high here. So there's consolidated incumbent advantage is high. However, it's our job and it's all party's jobs to create the competitive case for change across the most relevant set of products. And so we do think people are out there evaluating all vendors, and it's our job to have the most innovation and put ourselves in the best light.

我的意思是，我認為每個人——所有上市公司都在談論這個問題。所有人都說了同樣的話，這是一個非常活躍的時期。這裡的現任權力非常高。因此，現有的綜合優勢很高。然而，為最相關的產品組合創造競爭性的變革案例是我們的工作，也是所有各方的工作。因此，我們確實認為人們正在評估所有供應商，而我們的工作就是擁有最多的創新並讓自己處於最佳狀態。

And, obviously, all the energy you see with multiple companies trying to get in here isn't because everybody thinks the market is going to be static. People do think there's going to be choice. And the words we said on two years of call strips, which is relative to our size, even small changes make a huge difference in our earnings potential.

顯然，你看到多家公司試圖進入這裡的所有能量並不是因為每個人都認為市場將是靜態的。人們確實認為會有選擇。我們在兩年的電話條上所說的話，與我們的規模有關，即使是很小的變化也會對我們的獲利潛力產生巨大的影響。

And so we think we have what was once the market share leading technology in the most modern format with more coming and a business that's actually much smaller today where incremental wins can make a huge difference.

因此，我們認為，我們擁有曾經佔據市場份額的最現代格式的領先技術，而且未來還會有更多技術，而如今的業務實際上要小得多，增量勝利可以產生巨大的影響。

So I think we feel like the investment we weighed to get Duo on the market to get Solo filed, but we are going to do the fusion, our worthwhile investments where we recoup the amount of dollars we put into those investments with market share gains over time.

因此，我認為我們認為我們權衡的投資是為了讓 Duo 進入市場並獲得 Solo 備案，但我們將進行融合，這是我們有價值的投資，我們可以透過市場份額收益來收回投入這些投資的美元金額時間。

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

I imagine that I'm at the back of the bus, so I'll ask a few questions here. That's fine. Just to be clear here, revenue was strong in 2Q better than most expected. Just to be clear, there was nothing kind of one-time-ish in the 2Q revenue number, correct?

我想像我在公車的後面，所以我會在這裡問幾個問題。沒關係。需要明確的是，第二季的營收強勁，優於多數人的預期。需要明確的是，第二季的收入數據中沒有任何一次性的內容，對嗎？

Yeah, Jason, that's correct. Nothing material.

是的，傑森，這是正確的。沒什麼實質的。

I mean I think the only thing we thought, Jason, that there was a couple of market issues in that ambulatory segment that we flagged on the last call, and that's why the points on the inventory we're saying, some of those things came true. Maybe it was just a tad of that, that would be the only thing.

我的意思是，傑森，我認為我們唯一想到的就是我們在上次電話會議中標記的流動部分存在一些市場問題，這就是為什麼我們所說的庫存要點，其中一些問題出現了真的。也許只是一點點，那就是唯一的事了。

Curious, your comment on the multiyear dialysis partnership I wasn't aware of that. Did you see an impact in 2Q? And kind of when will you start to see an impact?

很好奇，你對多年透析夥伴關係的評論我不知道。您看到第二季的影響了嗎？什麼時候會開始看到影響？

It's been an impact. It's been -- the ClearGuard family of products has been helping to drive consumables for more than a year, it was masked by all the other negative stuff going on in this segment, but it is a key driver. And that's a relationship we had for a number of years, but it's just sort of been cemented now for a number of more years, which is great.

這是一個影響。ClearGuard 系列產品一年多來一直在幫助推動消耗品的發展，它被該領域發生的所有其他負面因素所掩蓋，但它是一個關鍵的推動因素。我們已經建立了多年的這種關係，但現在這種關係已經鞏固了很多年，這很棒。

And there's a lot of -- the example we're trying to make there, and I'm sorry, taking too many words, was that it's -- like oncology, an unconverted whole cloth market, where we only have a fraction of the global operators that we support, and there's more to get.

我們試圖在那裡舉很多例子，很抱歉，用了太多的話，就像腫瘤學，一個未經改造的整布市場，我們只擁有其中的一小部分。更多。

Two financial questions. The cash usage comment, I'm less familiar with the AR factoring program. Can we just assume that paydown of debt is probably the most shareholder-friendly use of cash?

兩個財務問題。現金使用評論，我對 AR 保理程序不太熟悉。我們是否可以假設償還債務可能是對股東最友善的現金使用方式？

Yeah, I think that's right. Essentially, the AR factoring program is just sort of another financing program that we put in during the second quarter of '23 to help with our liquidity as opposed to taking on additional borrowings.

是的，我認為這是對的。從本質上講，AR 保理計劃只是我們在 23 年第二季推出的另一項融資計劃，旨在幫助我們增加流動性，而不是承擔額外的借款。

The cash you owe other people so to assume for the debt is more when you weren't charging our liquidity.

當你不向我們收取流動資金時，你欠其他人的現金會更多。

So we sort of view that as being not that dissimilar from debt. And that's another use of cash at some point in the future for us.

所以我們認為這與債務沒有什麼不同。這對我們來說是未來某個時候現金的另一個用途。

But the message is excess cash generation from here is your mark for debt paydown?

但傳達的訊息是，從這裡產生的過量現金是您償還債務的跡象嗎？

Yeah.

是的。

Correct.

正確的。

Last one, I guess. Just if I take the midpoint of the EBITDA guide for the year, it kind of implies a small step-up in second half versus 2Q you went over a lot of stuff, but maybe you can just remind us what's kind of tempering second half versus the 2Q print?

最後一張，我猜。如果我取今年EBITDA 指南的中點，這有點意味著下半年相對於第二季度的小幅提升，你討論了很多東西，但也許你可以提醒我們下半年相對於第二季度的緩和情況是怎樣的？

Well, I think, Jason, if you kind of think about just first half versus second half, the midpoint of the updated guidance does imply a $15 million improvement in the second half relative to the first half. So there's obviously some level of improvement there. Yeah, if you use Q2 as your starting point, it's more modest than that. But we do feel like there was substantial improvement in the second quarter, and we would like to kind of see that continue before getting aggressive on the forecast.

嗯，我認為，Jason，如果您只考慮上半年與下半年的情況，更新後的指導意見的中點確實意味著下半年相對於上半年有 1500 萬美元的改進。所以顯然那裡有一定程度的改進。是的，如果你使用第二季度作為起點，它會比這更溫和。但我們確實認為第二季度出現了實質改善，我們希望在做出積極的預測之前看到這種情況繼續下去。

It's not lost on you whatever everyone thought what we went through, Jason. And there's a lot of volatility in the markets out there, currencies, FX, right. We don't know where everything is going to land.

不管大家怎麼想我們經歷了什麼，你並沒有忘記，傑森。市場、貨幣、外匯等市場都存在著很大的波動。我們不知道所有東西都會降落在哪裡。

We have no further questions at this time. I will now turn the program back over to Vivek Jain, Chairman and CEO, for closing remarks.

目前我們沒有進一步的問題。現在，我將把會議轉回給董事長兼執行長 Vivek Jain 致閉幕詞。

Thanks everyone for your interest in ICU Medical. We look forward to speaking to you. We hope for continued strong momentum here, and we look forward to speaking to everyone on our Q3 call. Have a great rest of summer. Thanks very much.

感謝大家對 ICU 醫療的關注。我們期待與您交談。我們希望這裡能繼續保持強勁的勢頭，並期待在第三季的電話會議上與大家交談。度過一個愉快的夏天。非常感謝。

This does conclude today's program. Thank you for your participation. You may disconnect at any time.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。