ICU Medical Inc (ICUI) 2025 Q1 法說會逐字稿

Good day, and welcome to the ICU Medical, Inc. first quarter 2025 earnings conference call. (Operator Instructions) Please note, today's event is being recorded. I'd like to now turn the conference over to John Mills. Please go ahead.

大家好，歡迎參加 ICU Medical, Inc. 2025 年第一季財報電話會議。（操作員指示）請注意，今天的活動正在被記錄。現在我想將會議交給約翰·米爾斯。請繼續。

Thank you. Good afternoon, everyone. Thank you for joining us to discuss ICU Medical's financial results for the first quarter of 2025. 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。感謝您加入我們討論 ICU Medical 2025 年第一季的財務表現。今天出席電話會議的代表 ICU Medical 是執行長兼董事長 Vivek Jain；以及財務長 Brian Bonnell。

We wanted to let everyone know that we have a presentation accompanying today's prepared remarks. To view the presentation, please go to our Investor page and click on Events Calendar, and it will be under the first quarter 2025 events. 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.

我們想讓大家知道，我們有一個與今天的準備好的發言相伴隨的簡報。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 2025 年第一季活動下。在我們開始準備好的發言之前，我想談談電話會議中所做的任何前瞻性陳述，包括對公司未來表現的信念和期望。

Please be aware they are based on the best available information to management and assumptions that are reasonable. Such statements are not intended to be a full representation of future results and are subject to risks and uncertainties. Future results may differ materially from management's current expectations.

請注意，它們是基於管理層可獲得的最佳資訊和合理的假設。此類聲明並非旨在全面反映未來結果，且受風險和不確定性的影響。未來結果可能與管理層目前的預期有重大差異。

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. Please note that during today's call, we will also discuss non-GAAP financial measures, including results on an adjusted basis.

我們請大家參閱該公司向美國證券交易委員會提交的文件，以獲取有關直接影響經營業績和財務狀況的風險和不確定性的更多詳細資訊。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，包括調整後的結果。

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.

我們相信，這些財務指標有助於更全面地分析和提高 ICU Medical 持續經營績效的透明度，特別是在比較不同時期的基本績效時。我們還在今天的發布中加入了這些非公認會計準則指標的對賬，並儘可能詳細地介紹了任何重新添加的附錄。

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

現在，我很高興將電話轉給 Vivek。

Thanks, John, and good afternoon, everyone. We know it's the end of a long and complicated earnings season, so we'll try to be as brief as possible. I'll walk through our Q1 revenue and earnings performance and provide some commentary on the businesses and then turn it over to Brian to recap the full Q1 results and implications of the joint venture and our view on the impact of tariffs, at least as of this moment.

謝謝，約翰，大家下午好。我們知道漫長而複雜的財報季即將結束，因此我們會盡量簡短地介紹。我將介紹我們第一季的營收和獲利表現，並對業務提供一些評論，然後交給 Brian 來總結第一季度的全部業績和合資企業的影響，以及我們對關稅影響的看法，至少到目前為止。

After that, I'll come back with some color on some items at the intersection of innovation and quality, more detail on tariffs and just make a few comments about the medium-term activities of the company. Revenue for Q1 was $599 million for total company growth of 10% on a constant currency basis or 8% reported and was aided far less than Q4 2024 from IV Solutions as the national shortage ended.

之後，我將回來詳細闡述創新與品質交叉領域的一些項目、關稅方面的更多細節，並對公司的中期活動發表一些評論。第一季的營收為 5.99 億美元，以固定匯率計算，公司總成長率為 10%，報告成長率為 8%，並且由於全國性短缺的結束，IV Solutions 提供的援助遠低於 2024 年第四季。

All three reporting segments had good year-over-year growth. Adjusted EBITDA was $99 million and adjusted EPS was $1.72. Gross margins were in line with our expectations and cash generation was healthy. Between excess cash generated in Q1 and the net proceeds from the creation of the JV last week, we have repaid almost $250 million in principal year-to-date, and Brian will provide more detail on this.

所有三個報告部門均實現了良好的同比增長。調整後EBITDA為9,900萬美元，調整後每股盈餘為1.72美元。毛利率符合我們的預期，現金生成能力穩健。在第一季產生的超額現金和上週成立合資公司的淨收益之間，我們今年迄今已償還了近 2.5 億美元的本金，Brian 將提供更多詳細資訊。

The broader demand and utilization environment in Q1 continued to be attractive across almost every geography with the rate positive but not at the levels we saw last year. The capital environment is status quo, and it does appear investments that customers need to get done do get done. Currency has obviously flipped since the last call with the dollar weakening. Getting into our businesses more specifically, our Consumables business grew -- in Q1 grew 10% constant currency and 9% reported. All product lines contributed to this growth.

第一季更廣泛的需求和利用環境在幾乎所有地區繼續具有吸引力，增長率為正，但未達到去年的水平。資本環境是現狀，看起來客戶需要完成的投資確實已經完成。自上次通話以來，貨幣明顯發生了變化，美元走弱。更具體地說，我們的消耗品業務實現了成長——第一季以固定匯率計算成長了 10%，報告成長率為 9%。所有產品線都為這一成長做出了貢獻。

This year-over-year growth was driven by new global customer implementations, price improvements, rapid growth in some of our niche markets and less so by census as it was solid but stable. Just as a reminder, when looking at last year, we had major sequential increases in Q2 over Q1 of 2024 so we don't expect the rate of growth for the next quarter to continue what we had here in Q1, but still feel very comfortable about the year.

這一同比增長是由新的全球客戶實施、價格改善、部分利基市場的快速增長所推動的，而非人口普查所致，因為它穩健而穩定。提醒一下，回顧去年，2024 年第二季度的成長率比第一季大幅增加，因此我們預計下一季的成長率不會延續第一季度的水平，但對今年的成長率仍然感到非常有信心。

Our IV Systems business grew 8% constant currency and 6% reported. This was driven by good dedicated set utilization in all geographies and some LVP hardware installs earlier in the year than anticipated. We continue to be engaged in many new RFP processes and are beginning customer discussions around the multiyear refresh of our Plum 360 pumps, with Plum Solo now that it's approved.

我們的 IV 系統業務以固定匯率計算成長了 8%，並以報告匯率計算成長了 6%。這是由於所有地區的專用設備利用率都很好，而且一些 LVP 硬體的安裝比預期要早。我們繼續參與許多新的 RFP 流程，並開始與客戶討論我們的 Plum 360 幫浦的多年更新，目前 Plum Solo 已獲得批准。

As we described in the last call, we had an excellent 2024 in selling our CADD ambulatory pumps, and we're seeing the benefit of increased disposables utilization, but have a tougher set of year-over-year hardware comps in this line. Just wrapping up the business segments, our Vital Care segment grew 11% constant currency and 10% reported with IV Solutions being the largest component of segment growth, with the remainder of the segment being up slightly.

正如我們在上次電話會議中所描述的，我們在 2024 年的 CADD 行動幫浦銷售中取得了優異的成績，並且我們看到了一次性用品利用率提高的好處，但該系列的硬體同比情況更為嚴峻。總結業務部門，我們的生命關懷部門按固定匯率計算增長了 11%，按報告匯率計算增長了 10%，其中 IV Solutions 是部門增長的最大組成部分，其餘部門略有增長。

There is no longer a market shortage for IV Solutions. We announced the formation and standup of our joint venture with Otsuka Pharmaceutical Factory, and thanks to the many colleagues at both companies that worked tirelessly on this for the last few months. While the manufacturing operations of this JV are straightforward, it has been worked from a systems perspective to ensure everything is seamless to customers, and we will monitor this closely as it's another set of long-term service agreements we had to put into place.

靜脈注射液市場不再短缺。我們宣布與大塚製藥廠成立合資企業，並感謝兩家公司眾多同事在過去幾個月為此不懈努力。雖然該合資企業的製造業務很簡單，但它從系統的角度出發，確保一切對客戶來說都是無縫的，我們將密切監控這一點，因為這是我們必須實施的另一套長期服務協議。

We continue to be impressed with their commitment, innovation and fundamental manufacturing experience in this arena and believe we have aligned with the right partner. We believe this will be a win-win for each of us and most importantly, customers in the United States.

他們在該領域的承諾、創新和基礎製造經驗給我們留下了深刻的印象，我們相信我們已經找到了合適的合作夥伴。我們相信，這對我們每個人，尤其是美國客戶來說，都是雙贏的。

From a value perspective, while creating this JV is a wash to our earnings, we still own 40% of an asset that's hard to replicate that now has better access to technology and eventually will have a more complete product offering which benefits other parts of our portfolio, and we have a potential earn-out payment in the medium term. That's my brief recap of Q1 at the high level.

從價值角度來看，雖然創建這家合資企業會對我們的收益產生影響，但我們仍然擁有 40% 的難以複製的資產，現在我們可以更好地獲取技術，最終將提供更完整的產品，這將使我們投資組合的其他部分受益，而且我們在中期內有可能獲得盈利支付。這是我對第一季高層情況的簡要回顧。

I'll now turn it over to Brian and then come back with some of the color on the other items I mentioned in the intro.

我現在將其交給 Brian，然後回來介紹我在介紹中提到的其他項目的一些顏色。

Thanks, Vivek, and good afternoon, everyone. Since Vivek covered the Q1 revenue for each of the businesses, I'll focus my remarks on recapping the Q1 performance for the remainder of the P&L, along with the Q1 balance sheet and cash flow, and then provide commentary on the full year given the formation of the JV and the fluid tariff situation. As you can see from the GAAP to non-GAAP reconciliation in the press release, adjusted gross margin for the quarter was 37%, which was in line with our expectations.

謝謝，維韋克，大家下午好。由於 Vivek 介紹了每項業務的第一季收入，因此我將重點回顧剩餘損益表的第一季業績，以及第一季資產負債表和現金流，然後考慮到合資企業的成立和流動關稅情況，對全年業績進行評論。正如您從新聞稿中的 GAAP 與非 GAAP 調節中看到的那樣，本季度調整後的毛利率為 37%，符合我們的預期。

Adjusted SG&A expense was $116 million in Q1 and adjusted R&D was $23 million. Total adjusted operating expenses were $138 million and represented 23.1% of revenue. The total dollar amount of spend was the same as Q4, and the 23.1% of revenue is a bit below our original full year guidance of 24% as we have been measured in making some of the strategic R&D and commercial investments that we mentioned on the last earnings call, as well as exercising general cost controls across the company given the uncertain and changing environment.

第一季調整後的銷售、一般及行政費用為 1.16 億美元，調整後的研發費用為 2,300 萬美元。調整後總營運費用為 1.38 億美元，佔營收的 23.1%。總支出金額與第四季度相同，23.1% 的收入略低於我們最初全年預期的 24%，因為我們在進行上次收益電話會議上提到的一些戰略研發和商業投資，以及在不確定和變化的環境下在全公司範圍內實施一般成本控制。

Restructuring, integration and strategic transaction expenses were $17 million in the first quarter and related primarily to continued efforts to integrate our IT systems and consolidate our manufacturing network, along with transaction expenses associated with the IV Solutions joint venture. Adjusted diluted earnings per share for the quarter was $1.72 compared to $0.96 last year. The current quarter results reflect net interest expense of $22 million and an adjusted effective tax rate of 25%. Diluted shares outstanding for the quarter were 24.7 million.

第一季重組、整合和策略交易費用為 1700 萬美元，主要與繼續整合我們的 IT 系統和鞏固我們的製造網路以及與 IV Solutions 合資企業相關的交易費用有關。本季調整後每股攤薄收益為 1.72 美元，去年同期為 0.96 美元。本季業績顯示淨利息支出為 2,200 萬美元，調整後有效稅率為 25%。本季攤薄流通股數為 2,470 萬股。

And finally, adjusted EBITDA for Q1 increased by 26% to $99 million compared to $79 million last year. Of the year-over-year EBITDA improvement of $20 million, we estimate that the onetime higher demand from the IV Solutions shortage contributed around $3 million in the quarter. Now moving on to cash flow and the balance sheet.

最後，第一季調整後的 EBITDA 為 9,900 萬美元，較去年同期的 7,900 萬美元成長 26%。在 EBITDA 年成長 2000 萬美元中，我們估計 IV Solutions 短缺帶來的一次性更高需求為本季度貢獻了約 300 萬美元。現在討論現金流和資產負債表。

For the quarter, free cash flow was $37 million, which reflects strong quality of earnings, some timing benefits from working capital, in particular, accounts receivable and accounts payable, and our typical lower CapEx spending in the first quarter of the year. It was another solid free cash flow quarter, and our liquidity position continues to improve.

本季度，自由現金流為 3,700 萬美元，這反映了強勁的獲利品質、營運資本（特別是應收帳款和應付帳款）帶來的一些時間效益，以及我們今年第一季通常較低的資本支出。這是另一個自由現金流穩健的季度，我們的流動性狀況持續改善。

During the quarter, we invested $13 million of cash spend for quality system and product-related remediation activities, $13 million on restructuring and integration and $15 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. And just to wrap up on the balance sheet, we finished the quarter with $1.55 billion of debt and $290 million of cash.

在本季度，我們投資了 1300 萬美元現金用於品質系統和產品相關的補救活動，1300 萬美元用於重組和整合，1500 萬美元用於設施的一般維護和產能擴張以及向美國以外的客戶安置創收輸液泵。從資產負債表來看，本季末我們的債務為 15.5 億美元，現金為 2.9 億美元。

During the first quarter, we paid down a total of $48 million of debt, which consisted of $13 million of scheduled principal payments plus a prepayment for an additional $35 million. Subsequent to quarter end, upon closing of the JV transaction on May 1, we used the $200 million of proceeds to pay down the Term Loan A. Moving forward to the 2025 outlook, during our year-end earnings call in February, we provided a full year 2025 guidance, reflecting two basis of presentation.

在第一季度，我們償還了總計 4,800 萬美元的債務，其中包括 1,300 萬美元的預定本金支付以及 3,500 萬美元的預付款。季度末之後，在 5 月 1 日完成合資交易後，我們使用 2 億美元的收益償還了定期貸款 A。展望 2025 年，在 2 月的年終收益電話會議上，我們提供了 2025 年全年指引，反映了兩個列報基礎。

The first was excluding the impact from the JV transaction and the second was including the transaction, assuming a Q2 closing. As a reminder, we said the JV transaction would reduce FY25 revenue by approximately $235 million and adjusted EBITDA by $15 million to $20 million and will be neutral to adjusted EPS.

第一個是排除合資交易的影響，第二個是包括該交易，假設第二季結束。提醒一下，我們說過合資交易將使 25 財年收入減少約 2.35 億美元，調整後 EBITDA 減少 1500 萬至 2000 萬美元，對調整後每股收益的影響為中性。

Now that we've closed the transaction as of May 1, we are confirming that there are no changes to our previously provided guidance as it relates to the impact from the JV transaction. Note that due to the timing of the closing, the second quarter results will include IV Solutions results for the one month in which we own the whole business. So the sequential trends across Q1, Q2 and Q3 will look a bit strange as the full impact of the IV Solutions de-consolidation appears in our consolidated reporting.

現在我們已經在 5 月 1 日完成了交易，我們確認與合資交易的影響相關的我們之前提供的指導沒有變化。請注意，由於結束的時間，第二季的業績將包括我們擁有整個業務的一個月的 IV Solutions 業績。因此，當 IV Solutions 分拆的全部影響出現在我們的合併報告中時，第一季、第二季和第三季的連續趨勢看起來會有點奇怪。

Since our year-end call, the business has performed consistent with our expectations. However, we are subject to the impacts from the recently implemented tariffs and the evolving global trade landscape, along with the related macroeconomic knock-on effects, including foreign currency fluctuations, inflation, et cetera.

自從我們召開年終電話會議以來，業務表現一直符合我們的預期。然而，我們受到最近實施的關稅和不斷變化的全球貿易格局的影響，以及相關的宏觀經濟連鎖反應，包括外匯波動、通貨膨脹等。

Based on the tariff policies in place today and also considering the mitigation strategies we expect to have implemented this year, we would anticipate the direct expense from tariffs in FY25 to be in the range of $25 million to $30 million, the vast majority of which would be recognized in the back half of the year as these costs are captured in cost of goods sold and subject to our cap and roll process.

根據目前實施的關稅政策，並考慮到我們預計今年將實施的緩解策略，我們預計 25 財年的關稅直接費用將在 2500 萬美元至 3000 萬美元之間，其中絕大部分將在下半年確認，因為這些成本已計入銷售成本並受我們的上限和滾動流程的約束。

However, we have also seen a weakening of the US dollar relative to most global currencies and based on rates in effect as of April 30, we would anticipate the favorable EBITDA impact from currency this year to offset almost half of the direct tariff expense. Beyond that, we believe we can further offset a portion of the remaining net exposure through various measures, including lower incentive compensation expense and general cost controls. But based on what we know today, there was probably $5 million to $10 million of unmitigated residual impact from tariffs.

然而，我們也看到美元相對於大多數全球貨幣的走弱，根據 4 月 30 日生效的匯率，我們預計今年貨幣對 EBITDA 的有利影響將抵消近一半的直接關稅費用。除此之外，我們相信我們可以透過各種措施進一步抵銷部分剩餘的淨風險敞口，包括降低激勵性薪酬費用和一般成本控制。但根據我們今天所了解的情況，關稅可能造成 500 萬至 1000 萬美元的未緩解的殘餘影響。

So while we believe our original FY25 guidance is still appropriate, we would likely be at the low end of the range for adjusted EBITDA, adjusted EPS and adjusted gross margin if additional offsets aren't identified and captured. A few other points to note. First, our quantification of the tariff expense reflects the direct impact of the tariffs currently in place and does not consider potential future impacts such as additional retaliatory tariffs, lower demand for our products outside the US or the effects from higher inflation.

因此，雖然我們認為我們最初的 FY25 指導仍然適用，但如果沒有確定和捕捉額外的抵消，我們的調整後 EBITDA、調整後 EPS 和調整後毛利率可能會處於範圍的低端。還有幾點要注意。首先，我們對關稅費用的量化反映了現行關稅的直接影響，並沒有考慮未來的潛在影響，例如額外的報復性關稅、美國以外對我們產品的需求下降或通膨上升的影響。

Second, it would not be appropriate to annualize the FY25 tariff expense for purposes of estimating the FY26 impact as we are working through several mitigation strategies to reduce our tariff exposure long term, and Vivek will further expand upon that. So we've done our best to quantify what we know today, but it's obviously an evolving situation, and we expect to provide further updates on our second quarter earnings call as we continue to monitor new developments.

其次，為了估計 FY26 的影響，將 FY25 關稅費用年度化是不合適的，因為我們正在製定幾種緩解策略來長期降低關稅風險，Vivek 將對此進行進一步闡述。因此，我們已盡力量化我們今天所知道的信息，但顯然情況正在不斷變化，我們預計將在第二季度收益電話會議上提供進一步的更新，同時我們將繼續關注新的發展。

And third, the tariffs will have an impact to free cash flow for the year, and we would expect the amount to be slightly more than the P&L expense given the cash outlay precedes the P&L recognition due to our cap and roll process. To wrap up, we're happy with the performance of the business for the first quarter, including continued top line momentum, progress on the initiatives that will drive gross margin expansion and the strong free cash flow generation. And we're excited to commence operations of the IV Solutions joint venture with Otsuka.

第三，關稅將對全年的自由現金流產生影響，由於我們的上限和滾動流程，現金支出先於損益確認，我們預計該金額將略高於損益費用。總而言之，我們對第一季的業務表現感到滿意，包括持續的營收成長動能、推動毛利率擴張的舉措的進展以及強勁的自由現金流產生。我們很高興與大塚製藥合資成立 IV Solutions 公司。

Now I'll hand the call back over to Vivek to expand upon some of the initiatives we're currently focused on.

現在我將把電話轉回給維韋克，以進一步闡述我們目前關注的一些舉措。

Okay. Thanks, Brian. It's great that we can add another quarter to the last five or six quarters of delivering more predictable revenues. While the footing feels better, sustained revenue growth is about consistent execution combined with meaningful innovation to refresh the portfolio.

好的。謝謝，布萊恩。很高興我們能夠在過去五、六個季度的基礎上再增加一個季度，實現更可預測的收入。雖然基礎感覺更好，但持續的收入成長需要持續的執行與有意義的創新相結合以更新產品組合。

Our heaviest investments over the last few years have gone into our pump businesses where we now have both Plum Duo and Plum Solo with LifeShield software cleared. These platforms have received five individual 510(k) clearances with a first pass review over the last 18 months. Plum Duo and Plum Solo together allow us to participate in both competitive situations and upgrade our own installed base with state-of-the-art technology.

過去幾年，我們最大的投資都投入了泵浦業務中，目前我們的 Plum Duo 和 Plum Solo 都已通過 LifeShield 軟體進行審核。在過去 18 個月中，這些平台已通過五個單獨的 510(k) 審批，並首次通過審查。Plum Duo 和 Plum Solo 的結合使我們能夠參與兩種競爭環境，並使用最先進的技術升級我們自己的安裝基礎。

We've said in these calls that we can expect to have the most modern fleet of infusion devices that can anchor the portfolio for years to come. The final pieces of that puzzle have always been new 510(k)s for our Medfusion and CADD pumps and integrating them into the common LifeShield software platform first for acute care and eventually home care.

我們在這些電話會議中表示，我們預計將擁有最現代化的輸液設備群，可以在未來幾年內鞏固我們的產品組合。這個難題的最後部分一直是為我們的 Medfusion 和 CADD 泵提供新的 510(k)，並將它們整合到通用的 LifeShield 軟體平台中，首先用於急性護理，最終用於家庭護理。

We want customers to have the right tool for the right job, all connected with a common user interface and software solution that minimizes training, speeds onboarding, supports interoperability and enable standardization for our enterprise customers. We've been diligently working to close out the Smiths Medical warning letter from 2021 that was received just prior to closing our acquisition. While we did have a successful site inspection last summer in Minneapolis with zero observations, we have not received official closure.

我們希望客戶擁有適合正確工作的工具，所有這些都與通用使用者介面和軟體解決方案相連接，從而最大限度地減少培訓、加快入職速度、支援互通性並為我們的企業客戶實現標準化。我們一直在努力解決史密斯醫療公司 (Smiths Medical) 在 2021 年收購完成前收到的警告信。雖然我們去年夏天在明尼阿波利斯成功進行了現場檢查，沒有發現任何異常，但我們尚未收到正式結論。

And last month, we received a warning letter from FDA to ICU Medical asking for new 510(k)s on the Medfusion and CADD product families. While this was not a specific observation in the original warning letter, we have been pursuing these clearances as fast as possible anyway.

上個月，我們收到了 FDA 發給 ICU Medical 的警告信，要求對 Medfusion 和 CADD 產品系列實施新的 510(k)。雖然這不是原始警告信中的具體觀察，但我們一直在盡快尋求這些許可。

It has always been our view that new clearances are essential for the best compliance, ensures modernized software and components and provides a competitive advantage. To use the same sentence from two years ago, while undesirable, the regulatory agency is trying to move the ball forward, and these regulations give us the right to participate and keep markets valuable.

我們始終認為，新的授權對於最佳合規性、確保現代化的軟體和元件以及提供競爭優勢至關重要。套用兩年前的那句話，雖然不可取，但監管機構正在努力推動這一進程，這些監管賦予了我們參與的權利，並保持市場的價值。

We believe we will have 510(k)s for both products filed within 90 days of today. Our goal was on a slightly earlier calendar, but the technical work took longer given the evolving standards and ensuring filings that are on par to our cleared Plum Solo and Plum Duo products. Given the recent activity, I'll talk at a high level on what we've been doing in the last two years to ensure safety, compliance and improved product quality for CADD and Medfusion.

我們相信我們將在今天起的 90 天內為這兩種產品提交 510(k) 文件。我們的目標是稍微提前一點，但考慮到標準不斷發展以及確保文件與我們已批准的 Plum Solo 和 Plum Duo 產品保持一致，技術工作花費了更長的時間。鑑於最近的活動，我將高層次地談論我們在過去兩年中為確保 CADD 和 Medfusion 的安全性、合規性和提高產品品質所做的工作。

First, we stopped selling and established end-of-support dates for the oldest versions of both product families. Second, we reviewed, assessed and processed thousands of complaints to ensure we knew which field actions and recalls needed to be performed to ensure safety. Third, we completed retrospective analysis of all software anomalies to correct defects proactively.

首先，我們停止銷售這兩個產品系列的最舊版本，並確定了支援終止日期。其次，我們審查、評估和處理了數千起投訴，以確保我們知道需要採取哪些現場行動和召回措施來確保安全。第三是完成所有軟體異常的回顧性分析，主動修正缺陷。

Fourth, we ensured absolutely no new features were added to the device anywhere along -- either device anywhere along the way. And as of today, we've remediated virtually every Medfusion pump in the field in accordance with the recent recall actions and are making good progress on the remediation of all the CADD products as well.

第四，我們確保在任何時候都不會為設備添加任何新功能—無論是哪一款設備。截至今天，我們已根據最近的召回行動對現場幾乎所有的 Medfusion 泵進行了修復，並且在所有 CADD 產品的修復方面也取得了良好進展。

So the scale and commitment of this investment is not lost on any one. These efforts have been the largest expenditures in the quality remediation costs of the last few years, which has consumed cash. While this discussion mixes quality and innovation, it's fundamentally a proof point of why having modern devices and high compliance is table stakes in our industry and why we put just as much energy into these upcoming filings as we did into our recent clearances of Plum Duo and Plum Solo. And at the same time, we filed a few important new approval applications in the other lines of business, which we hope to talk about later this year as they'll bring innovation, continue to create new markets and sustain our revenue growth.

因此，任何人都不會忽視這項投資的規模和承諾。這些工作是過去幾年品質修復成本中最大的支出，消耗了大量現金。雖然這次討論混淆了品質和創新，但它從根本上證明了為什麼擁有現代化的設備和高合規性是我們行業的首要條件，以及為什麼我們對這些即將提交的申請投入了與最近批准的 Plum Duo 和 Plum Solo 一樣多的精力。同時，我們在其他業務線上提交了一些重要的新批准申請，我們希望在今年稍後討論這些申請，因為它們將帶來創新，繼續創造新市場並維持我們的收入成長。

Okay. On the tariffs, Brian outlined the basic math. We have somewhere between $25 million to $30 million on exposure in '25. And as he said, please do not annualize that amount. FX offsets maybe half of that.

好的。關於關稅，布萊恩概述了基本的計算方法。我們在 25 年的曝光金額大約在 2500 萬到 3000 萬美元之間。正如他所說，請不要將該金額按年化。外匯可能抵消了其中的一半。

We obviously don't expect shareholders to bear all this costs, so we will assume some offsets will come from employee incentive plans as well as cost-saving activities, but we do run lean here. All of this does make it extremely tight relative to our original guidance. And with so many moving pieces, things could change. But what we have been most focused on, based on the assumption that some form of tariffs will be here to stay, is what our most substantial medium-term mitigations are. While many companies are talking about reevaluating their supply chain, that doesn't really apply to most of our impacts.

我們顯然不希望股東承擔所有這些成本，因此我們假設一些抵消將來自員工激勵計劃以及節省成本的活動，但我們確實在這裡精簡。所有這些確實使得它相對於我們最初的指導變得極其緊張。由於有這麼多變動因素，情況可能會改變。但是，基於某種形式的關稅將繼續存在的假設，我們最關注的是我們最實質的中期緩解措施是什麼。儘管許多公司正在談論重新評估其供應鏈，但這並不適用於我們的大多數影響。

We have three primary issues which can be categorized in order of importance as, first, all items from Costa Rica; second, some sourced items from China; and third, non-USMCA compliant items from Mexico.

我們有三個主要問題，可按重要性排序：第一，所有來自哥斯達黎加的物品；第二，一些來自中國的物品；第三，來自墨西哥的不符合 USMCA 規定的物品。

In Costa Rica, we've invested heavily into pump manufacturing, having recently consolidated that location, and we produce all of our LVP dedicated sets there, and it's not something we want to reevaluate. For 2025, most of the pumps we plan on implementing were contracted at a pre-tariff price. We would assume, for pumps signed today onward to be implemented in the future, that the impact of tariffs would have to be incorporated into price. As we've said before, we don't think a pump decision is made on the last $100 and we believe most vendors have similar challenges. Maybe there are a few items that we could shift between Costa Rica and Mexico over time.

在哥斯達黎加，我們對泵浦製造進行了巨額投資，最近鞏固了該地點，我們在那裡生產所有的 LVP 專用套件，我們不想重新評估這一點。到 2025 年，我們計劃實施的大多數泵浦都是以關稅前價格簽訂的合約。我們假設，對於今天簽署並在未來實施的泵，關稅的影響必須納入價格。正如我們之前所說，我們不認為最後的 100 美元是決定漲幅的因素，我們相信大多數供應商都面臨著類似的挑戰。也許隨著時間的推移，我們可以在哥斯達黎加和墨西哥之間轉移一些物品。

On the sourced items from China, that is where we could reevaluate our supply chain as most products are available from other locations and are low tech, but it does take some time to qualify those items. In some cases, the immediate mitigation has been to stop importing products that are now unprofitable, which may impact Vital Care revenues later in the year as inventory on hand depletes.

對於從中國採購的商品，我們可以重新評估我們的供應鏈，因為大多數產品都可以從其他地方獲得，而且技術含量較低，但這些商品的合格確實需要一些時間。在某些情況下，立即採取的緩解措施是停止進口目前無利可圖的產品，但隨著庫存的減少，這可能會影響 Vital Care 今年稍後的收入。

For non-USMCA compliant products, we're focusing on the changes to drive compliance, optimizing qualifying logistics and ensuring the products we have that serve chronic therapies are properly recognized as such. Nothing about tariffs changes the available timing on various initiatives and strategic decisions we have described on previous calls to improve our profitability, but it does sharpen the focus to ensure all activities continue to move forward.

對於不符合 USMCA 的產品，我們專注於推動合規性的變化、優化合格物流並確保我們用於慢性治療的產品得到正確認可。關稅不會改變我們在先前的電話會議中描述的各種舉措和戰略決策的可用時間，以提高我們的盈利能力，但它確實更加集中精力，確保所有活動繼續向前推進。

We continue to be on track with the consolidation of our production network, rest of world order-to-cash conversions, logistics and real estate consolidations. These were important items to drive our step-up in profitability in 2025 and beyond. And even if tariffs consumes some of the benefit, nothing changes with the program's timing. And I feel we've described this work many times on previous calls, it all needs to happen in concert with increasing revenues.

我們將繼續推進生產網路整合、世界其他地區訂單到現金的轉換、物流和房地產整合。這些都是推動我們在 2025 年及以後提高獲利能力的重要因素。即使關稅消耗了部分利益，該計劃的時間表也不會發生任何變化。我覺得我們在之前的電話會議上已經多次描述過這項工作，這一切都需要與增加收入同步進行。

To be direct on our goals for the next year or two, we want our Consumables and Systems businesses to be reliable growers with an industry acceptable profit margin with the tightest and most optimized manufacturing network, and 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. There's no confusion within the company in the pursuit of these goals, and we don't have a lot of frivolous activities here.

為了直接實現我們未來一兩年的目標，我們希望我們的消耗品和系統業務成為可靠的增長者，擁有行業可接受的利潤率、最緊密和最優化的製造網絡，並且每個業務都擁有多年的創新組合，我們希望其餘業務組合加起來達到可接受的利潤率水平，最終使我們能夠將價值從債務轉移到股權。在追求這些目標的過程中，公司內部沒有任何混亂，我們也沒有很多無聊的活動。

We produce essential items that require significant clinical training, hold manufacturing barriers and in general, items that customers do not want to switch unless they must. The market needs ICU Medical being an innovative, reliable supplier, and our company is stronger from all the events over 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.

我們生產的必需品需要大量的臨床培訓，具有製造壁壘，一般來說，客戶除非萬不得已，否則不願意更換這些產品。市場需要像 ICU Medical 這樣創新、可靠的供應商，而我們公司在過去幾年的所有事件中變得更加強大。感謝所有團隊成員和客戶，我們每天都在進步。接下來，我們將開始回答問題。

(Operator Instructions) Jason Bedford, Raymond James.

（操作員指示）Jason Bedford，Raymond James。

Good afternoon, and thanks for taking the questions. Maybe just to start on the top line. Nice acceleration in Consumables. You mentioned rapid growth in niche markets. Can you just kind of flesh out a little bit as to where the reacceleration or the drivers are coming from in Consumables?

下午好，感謝您回答問題。也許只是從頂線開始。消耗品加速效果良好。您提到了利基市場的快速成長。能否稍微詳細說明一下消耗品中的再加速或驅動力來自哪裡？

Yeah, I think -- Jayson, thanks for the questions. In the investor chart, it lays out the different pieces, the main buckets of the Consumables stack. And it's a little bit of the thing we've been talking about, I don't know, for two or three quarters now, oncology growth is back in a very attractive way. That's been an important driver. And that maybe it's about us, but I think it's also about what's happening in the underlying market.

是的，我認為——傑森，謝謝你的提問。在投資者圖表中，它列出了不同的部分，即消耗品堆疊的主要部分。這是我們一直在談論的事情，我不知道，現在已經過去了兩三個季度，腫瘤學的成長已經以一種非常有吸引力的方式恢復了。這是一個重要的驅動因素。這也許與我們有關，但我認為這也與基礎市場正在發生的事情有關。

And then I think some of the products that support the renal markets, some of the products that support some of the home infusion or chronic care markets have been accelerating nicely. And obviously, in the big Consumables business, this was the year where some of the GPO activity kicked in earlier in the year, the pricing changes that we were talking about last year.

然後我認為一些支持腎臟市場的產品、一些支持家庭輸液或慢性病護理市場的產品正在順利加速發展。顯然，在大型消耗品業務中，今年早些時候一些 GPO 活動已經開始，也就是我們去年談論的價格變化。

And can we assume, though, you grew 10% in Consumables? I assume price wasn't a huge factor in that growth.

但是，我們可以假設您的消耗品成長了 10% 嗎？我認為價格並不是這一成長的重要因素。

No. No. I think a lot of that, Jayson, I think, comes from -- if you go back to last year, we did have kind of a noticeable step-up on the Consumables business from Q1 to Q2. And so I think we're also seeing some of the benefit of a lower Q1 last year and just continued kind of strength that started in Q2 of last year.

不。不。傑森，我認為其中很大一部分來自於——如果你回顧去年，你會發現從第一季到第二季度，我們的消耗品業務確實取得了明顯的成長。因此，我認為我們也看到了去年第一季業績下滑的一些好處，以及去年第二季開始的強勁勢頭的延續。

Okay. Infusion Systems, are you seeing more contribution from Duo? Is that starting to kind of layer into the revenue stream now?

好的。Infusion Systems，您是否看到 Duo 有更多貢獻？這是否已經開始對收入流產生影響了？

I think there's been very, very few Duo installs to date, Jayson. So I think if you went back to the last call, we said we expected it more back half of the year. We were contracting, but we haven't installed that many.

傑森，我認為到目前為止，Duo 的安裝非常非常少。所以我認為，如果你回顧上次通話，我們說我們預計今年下半年會有更多成長。我們正在承包，但安裝的並不多。

A few places.

幾個地方。

Okay. So it's still second half of the year where you see that flush? I'll take that as a yes.

好的。那麼，您認為下半年仍會出現這種繁榮嗎？我會將此視為同意。

(multiple speakers) yes. I'm sorry, I didn't realize I'm supposed to say yes. Yes, Jayson, nothing is different. No one wants to make a decision on that until the last possible day they have to, right? So --

（多位發言者）是的。抱歉，我沒有意識到我應該說「是」。是的，傑森，沒什麼不同。沒有人願意等到最後一天才做出決定，對吧？所以--

Okay. and just lastly for me and I'll let someone else in the queue. On the tariffs, just to be clear, the $25 million to $30 million, that's a $25 million hit. That's not an annualized number. And then the second question on that is, is there any way you kind of -- you kind of walked through some of the geographies there. But is there a way to frame the geographic risk within that $25 million to $30 million?

好的。最後，我會讓其他人加入隊列。關於關稅，需要明確的是，2,500 萬美元到 3,000 萬美元，就是 2,500 萬美元的損失。這不是一個年化數字。那麼關於這個問題的第二個問題是，您是否以某種方式——您以某種方式走過那裡的一些地理位置。但有沒有辦法將地理風險控制在 2,500 萬至 3,000 萬美元的範圍內呢？

Again, I think we at least tried to put them in order of -- the first thing is, please, please do not take that number and annualize it, right? There are a bunch of things that are happening to improve our situation. We tried to lay them out in order of priority. With -- the new tariff that was placed on Costa Rica is the single biggest item. We have that changed for us in early April.

再說一次，我認為我們至少嘗試按順序排列它們——首先，請不要將該數字進行年度化，對嗎？有很多事情正在發生以改善我們的狀況。我們嘗試按照優先順序排列它們。對哥斯達黎加徵收的新關稅是其中最大的一項。我們在四月初就改變了這個狀況。

That is the item of most consequence and a very large proportion of the annual impact. And as we -- as all companies have been digging through every single thing they sell, a few items have popped up that are sourced from China, those we will address over time. That's the second biggest item. And then the third, as we were early in kind of describing what our USMCA compliance was, our compliance continues to be at the levels we thought or better, and that becomes the smallest issue of the three.

這是最重要的項目，佔年度影響力的很大一部分。當我們——所有公司都在仔細檢查他們銷售的每一件商品時，我們發現有幾件商品來自中國，我們會逐步解決這些問題。這是第二大項目。第三，正如我們早期所描述的，我們對 USMCA 的遵守情況，我們的遵守情況仍然處於我們認為的水平或更好，這是三個問題中最小的一個。

Okay, thank you.

好的，謝謝。

Brett Fishbin, Key Bank Capital Markets.

布雷特‧菲什賓 (Brett Fishbin)，Key Bank Capital Markets。

Hey guys, thank you very much for taking the questions. Just starting off maybe with a follow-up on the tariff point from just a second ago. So it sounds like the Mexico issue may actually be getting a little bit better. I think you might have framed like the non-USMCA potential unmitigated impact at like less than $20 million. So maybe just like update us on what you're seeing there, if there are certain products that have like become compliant. And then if there's like any other, I guess, like pathways for products not currently compliant under USMCA to then become compliant that could further reduce the impact in that bucket?

嘿夥計們，非常感謝你們回答這些問題。我們先來跟進一下剛才提到的關稅問題。因此，聽起來墨西哥問題實際上可能會有所改善。我認為您可能已經將非 USMCA 潛在的未緩解影響定為不到 2000 萬美元。因此，如果某些產品已經符合要求，也許您可以向我們更新您所看到的情況。那麼，我想，如果有其他途徑，例如讓目前不符合 USMCA 的產品變得符合要求，進一步減少這方面的影響？

Yes, Brett. I mean, I think when the tariffs -- the Mexico tariffs, in particular, were put into effect, there was no USMCA exemption. And so that resulted in a meaningful exposure to us. But with the USMCA exemption, obviously, that mitigates a significant percentage of the tariff exposure coming from Mexico. And I think as we are working through our mitigation actions, we've seen even a little bit of improvement in kind of that percentage.

是的，布雷特。我的意思是，我認為當關稅——特別是墨西哥關稅——生效時，並沒有 USMCA 豁免。這給我們帶來了很有意義的曝光。但有了 USMCA 豁免，顯然可以減輕來自墨西哥的大量關稅風險。我認為，隨著我們採取緩解措施，我們已經看到該百分比有所改善。

And in addition to that, there are some other things beyond just USMCA we can do to further mitigate it. And so yes, I think now Mexico, for us, clearly falls into the third tier of areas of exposure with Costa Rica and then China being one, too.

除此之外，除了 USMCA 之外，我們還可以採取一些其他措施來進一步緩解這個問題。所以是的，我認為現在墨西哥對我們來說顯然屬於第三級暴露區域，哥斯達黎加和中國也是其中之一。

I'm sorry for talking over you, Brian. The actions are similar to the ones that were described in the original slide, right, focusing on logistics and where the product is consumed in the world, et cetera. I don't think the strategies have changed that much, Brett. And that's -- again, all of that is the current -- there's obviously a rate differential, right, on all these numbers.

很抱歉打斷你說話，布萊恩。這些行動與原始幻燈片中描述的類似，重點關注物流以及產品在世界各地的消費地點等等。我不認為策略有太大的改變，布雷特。而且 — — 再說一次，所有這些都是當前的 — — 所有這些數字顯然都存在利率差異。

All right. Yes, for sure and definitely appreciate the dynamic backdrop and changing exposures here. And just also for my follow-up, I wanted to just clarify the comments around like guidance. You've updated the slide and most of the numbers are intact. So is the right way to think about it, like do you still think that there is opportunity to hold the low end of the ranges for items like gross margin, 39% to 40%; and adjusted EBITDA, $380 million to $405 million? And does the tariff plus currency plus mitigation just makes it like more challenging? Is that kind of like the message? Thank you very much.

好的。是的，當然，而且絕對欣賞這裡的動態背景和不斷變化的曝光。為了後續行動，我只是想澄清有關指導的評論。您已更新投影片，大多數數字都完好無損。那麼正確的思考方式是這樣的，您是否仍然認為有機會將毛利率保持在 39% 至 40% 的低端；調整後的 EBITDA 保持在 3.8 億美元至 4.05 億美元？那麼，關稅加上貨幣加上緩解措施是否會讓情況變得更具挑戰性？這有點像資訊嗎？非常感謝。

Yes. I think when you kind of net all that together, it is our goal to hold the -- at least the low end of the range. And I think we did talk about sort of what's assumed as we think about the rest of the year, and there are some things that it would be difficult to predict, including the impact of tariffs on inflation. So we haven't tried to quantify some of that exposure. But yes, I think you've characterized it correctly.

是的。我認為，當你把所有這些因素綜合起來時，我們的目標是保持——至少是範圍的低端。我認為我們確實討論了今年剩餘時間的假設，有些事情很難預測，包括關稅對通膨的影響。所以我們還沒有嘗試量化其中的一些風險。但是是的，我認為你的描述是正確的。

Thank you.

謝謝。

It's not really fair, Brett, to talk just about the tariff exposure for the year and not talk about FX or what else the company is doing to offset that, right? We get very transparent on what we -- what are the knowns and what are the little bit of gaps we have that we're still going to flush out.

布雷特，只談論今年的關稅風險，而不談論外匯或公司為抵消這一風險所採取的其他措施，這確實不公平，對嗎？我們非常清楚自己知道什麼，以及我們還有哪些需要彌補的差距。

Larry Solow, CJS Securities.

索洛（Larry Solow），CJS 證券公司。

Hi, good afternoon. I guess first question, Vivek, I know you've spoken about the Plum Duo, Plum Solo and the heavy investment you guys have done over the last several years on that. I'm just curious, early, maybe anecdotally just the reception from customers, just how people are viewing it. And do you -- as you look out the next few years, do you expect an upgrade on the installed base? Is that something that you expect to happen over time, I suppose? But will customers eventually switch in some cases? I'm just kind of seeing how you view that versus the opportunity to grab new business.

嗨，下午好。我想第一個問題，維韋克，我知道你們談到了 Plum Duo、Plum Solo 以及你們過去幾年在這些產品上所做的大量投資。我只是好奇，早期，也許只是軼事，想知道顧客的接受程度，想知道人們是如何看待它的。展望未來幾年，您是否預期安裝基礎會有所提升？我想，這是您期望隨著時間的推移而發生的事情嗎？但在某些情況下，客戶最終會轉變嗎？我只是想知道您如何看待這一點以及抓住新業務的機會。

It's a great question, Larry. And maybe I'll take them in reverse. The nature of this pump business has huge incumbency advantage as we've talked about, right? And that makes competitive situations very desirable, but it also accrues to the advantage of the incumbent. And we have hundreds of thousands of pumps in our own installed base, which entered service in 2016 as Hospira was coming back on to the market.

這是一個很好的問題，拉里。或許我會反過來做。正如我們所討論的，這種泵浦業務的性質具有巨大的在位優勢，對嗎？這使得競爭環境變得非常誘人，但也為現任者帶來了優勢。我們自己的安裝基數上有數十萬台泵，這些泵於 2016 年隨著 Hospira 重返市場而投入使用。

And the average shelf life of those devices is normally 8, 9, 10 years. And so most of our portfolio of those devices are reaching the right time where an upgrade discussion is sensible. And we have the opportunity with Plum Solo to have a very meaningful upgrade discussion with the features that, that customer appreciated in the device, have been enhanced, all the things that are today's conversations on cybersecurity workflow, EHR integration, et cetera, et cetera. So certainly, the upgrade cycle starts and it starts in earnest end of this year, next year and then continues for a while. So that's why Solo is so important to us.

這些設備的平均使用壽命通常為 8、9、10 年。因此，我們的大多數設備組合都已到了進行升級討論的適當時機。我們有機會與 Plum Solo 進行非常有意義的升級討論，討論內容包括客戶所欣賞的設備功能、已增強的功能、今天討論的有關網路安全工作流程、EHR 整合等所有內容。因此，升級週期肯定會開始，並且會在今年年底、明年正式開始，然後持續一段時間。這就是為什麼 Solo 對我們如此重要。

In addition to some competitive accounts prefer a mixed house. They want a higher complexity device in the most critical care environments and a less complicated device in the normal med-surg floors. And the combination of both products, we believe, positions us best for the competitive situations.

此外一些競爭性帳戶更喜歡混合型房屋。他們希望在最危急的護理環境中使用複雜程度較高的設備，而在普通的內外科病房使用複雜程度較低的設備。我們相信，兩種產品的結合將使我們在競爭中佔據最佳優勢。

I think people -- it's not a device that people are rushing to change unless they really have a deep sincere interest in changing their clinical practice. And so when we've had situation where people are deeply interested in learning, the reaction to the product is phenomenal. If it's just a discussion, keep everything the same, people sometimes aren't willing to invest the time to understand the power of the new device.

我認為人們不會急於改變這種設備，除非他們真的有深刻而真誠的興趣來改變他們的臨床實踐。因此，當人們對學習表現出濃厚興趣時，對產品的反應是驚人的。如果只是討論，保持一切不變，人們有時不願意花時間去了解新設備的功能。

And so we need to find the situations where there's a real willingness to move. And again, there's some portion of the market that certainly wants to do that, that will get over the incumbent advantage. That's what we've talked about on these calls for a while now.

因此，我們需要找到真正願意採取行動的情況。而且，市場上確實有一部分人想要這樣做，以克服現有的優勢。這就是我們一段時間以來在電話中討論的內容。

Got it. That's very helpful. And just in terms of the pretty rapid, strong growth in Consumables. I know it's continued for several quarters now. You spoke about some of the newer products. What about just on the price? I think you mentioned that as one of the higher on your list of growth drivers. I don't know if that was meant in order of priority or not, but --

知道了。這非常有幫助。就消耗品而言，成長相當迅速、強勁。我知道這種情況已經持續了好幾個季度了。您談到了一些較新的產品。僅就價格而言怎麼樣？我認為您提到這是成長動力清單中排名較高的一個。我不知道這是否意味著優先順序，但是--

It wasn't necessarily order of priority. I was just saying we've been working on that as we got healthy the last couple of years.

這不一定是優先順序。我只是說，過去幾年我們一直在努力做到這一點，因為我們的身體狀況越來越好。

Got you. But what -- just the price outlook, prices has been improving. I guess, I know you had some bunch of new contracts kind of reset in the last year, right, so some on the Vital Care and Infusion side, but I guess--

明白了。但就價格前景而言，價格一直在改善。我想，我知道你們去年重新簽訂了一些新合同，對吧，有些是在 Vital Care 和 Infusion 方面，但我想——

I think the words Brian used in the last call still apply, which was 100 bps of price for the year, right? I mean the statement we made last time, I wouldn't want to say something different than that.

我認為布萊恩在上次電話會議上所說的話仍然適用，即今年的價格為 100 個基點，對嗎？我的意思是，我們上次所作的聲明，我不想說與此不同的話。

Got you. All right. Perfect. Last question, just I think you mentioned census, hospital utilization volumes, it sounds like they're steady, still relatively strong. Anything noteworthy there?

明白了。好的。完美的。最後一個問題，我想您剛才提到了人口普查、醫院利用率，聽起來它們很穩定，仍然相對強勁。那裡有什麼值得注意的嗎？

I mean, increasing over the prior period felt okay, not as good as step-ups were last year. Nothing to complain about.

我的意思是，與前一時期相比有所增長，但感覺還不錯，不如去年的增長那麼好。沒什麼好抱怨的。

Okay. Fair enough thanks I appreciate it.

好的。非常感謝，我很感激。

Michael Toomey, Jeffrey.

邁克爾·圖米，杰弗裡。

Hey guys, Congrats on the quarter. Thank you so much for taking question. So a strong Q1 on the Infusion Systems. Do you think that was just market growth or any share gains there as well?

嘿夥計們，恭喜本季。非常感謝您回答問題。因此，輸液系統的第一季表現強勁。您認為這只是市場成長還是佔有率成長？

I think it was just -- Michael, it was the points I tried to call out from the script, it was a combination of both good utilization on dedicated sets and maybe a little bit on the LVP side that came in earlier in the year than we expected. Those were the two main drivers.

我認為這只是——邁克爾，這是我試圖從劇本中提出的要點，它是專用場景的良好利用和 LVP 方面的結合，這比我們預期的要早。這是兩個主要驅動因素。

And then I guess following on from the prior question. Just are you seeing from the tariffs any signs of CapEx slowing? I know you said it's kind of status quo in the capital environment, everything remains attractive. But any signs since the end of the last quarter, spending being delayed or any impact from tariffs?

然後我想接著上一個問題繼續回答。您是否從關稅中看到了資本支出放緩的跡象？我知道您說過，這就是資本環境的現狀，一切都仍然具有吸引力。但自上個季度末以來，有任何跡象表明支出被推遲或受到關稅的影響嗎？

I don't think we've -- again, I don't think we said the capital environment, perhaps the things that need to get done, get done and so some of these choices are thrusted upon the customer. I don't think we've seen a meaningful change and people are saying, I don't have funding right now. A lot of this customer base always says they don't have funding, a lot of this customer base always looks to delay, et cetera, but in certain cases, no choice. And there are ways we can help on funding and there are intermediaries that make these things available. So I don't think we've seen a big change in the capital environment for our size devices.

我不認為我們已經——再說一次，我不認為我們說過資本環境，也許那些需要完成的事情已經完成了，所以其中一些選擇被強加給了客戶。我認為我們還沒有看到有意義的變化，人們說，我現在沒有資金。很多這樣的客戶群總是說他們沒有資金，很多這樣的客戶群總是希望拖延等等，但在某些情況下，別無選擇。我們可以透過多種方式提供資金幫助，並且有中介機構可以提供這些幫助。因此，我認為我們規模設備的資本環境並沒有太大變化。

Yeah, okay. Thanks very much.

嗯，好的。非常感謝。

(Operator Instructions) Mich Matson, Needham.

（操作員指示） Mich Matson，Needham。

Hey guys, how's it going? This is Joseph on for Mike today. Maybe just to start off, Plum Solo, Plum Duo. I just want to know maybe if you guys can give a little bit more detail on how you guys are going about marketing this. What maybe contrast are you drawing from your competitors? And maybe what advantages with the systems are kind of sticking the most with the customers that you guys are talking to?

嘿夥計們，最近怎麼樣？今天由約瑟夫代替麥克表演。也許只是為了開始，Plum Solo，Plum Duo。我只是想知道你們是否可以更詳細地介紹一下你們如何行銷這個產品。您與競爭對手有何不同？那麼，對於你們所交談的客戶來說，這些系統的哪些優勢最能打動人心呢？

And then just maybe for the pumps that need that refresh, do you see customers opting for both? Or do you think it's going to be an either/or or more of a mix in terms of Plum Solo, Plum Duo? Just kind of want to get your thinking around there?

那麼也許對於需要更新的泵，您是否看到客戶選擇兩者？或者您認為就 Plum Solo 和 Plum Duo 而言，這將是非此即彼的混合體？只是想了解一下你的想法嗎？

Nice to meet you. I think you should be more than welcome to take a look at some of the features that are outlined on the devices on our website. I mean the core value prop of Plum going way back in history has been conserved into this device, and those core value props were around safety, fundamentally around safety and air-in-line management and a cassette-based delivery in a volumetric pump and a whole litany of things that go on beyond that.

很高興見到你。我認為您應該非常歡迎我們網站上列出的設備的一些功能。我的意思是，Plum 悠久歷史的核心價值主張已經保留到了這個設備中，而這些核心價值主張圍繞著安全，從根本上圍繞著安全和管路空氣管理以及容積泵中的盒式輸送，以及一系列超越這些的東西。

All of those things have been conserved both into Duo and Solo and addressed some of the innovation shortfalls over the years, which were multi -- the ability to multiplex the display, et cetera. And so there's a lot of sort of bringing the device to a standard of what one should expect for any electronic device, certainly a medical device in 2025, but keeping the things -- not having differentiation on the things that made the product great originally.

所有這些功能都保留在 Duo 和 Solo 中，並解決了多年來的一些創新缺陷，即多路復用顯示的能力等等。因此，我們需要對設備進行大量的改進，使其達到人們對任何電子設備的期望標準，當然，2025 年的醫療設備也是如此，但要保留產品原本優秀的地方，不要進行差異化。

And so take a look at that. But I would say most of the conversation is around those features. In terms of what people will use, I think there are multiple scenarios where some folks may not need a multiplex device whole house and some people may have a split house. And again, we were happy we have both approvals and we can offer either scenario to a customer.

那麼看一下吧。但我想說大部分討論都圍繞著這些功能。就人們的用途而言，我認為有多種情況，有些人可能不需要整個房子的多路復用設備，而有些人可能需要分離式房屋。我們很高興獲得了這兩項批准，並且可以為客戶提供任何一種方案。

Yes, that's helpful. And then maybe in terms of the, I guess, time line from submission to clearance, I was wondering if you guys could maybe tell us what you saw there for Solo and Duo. And maybe if we could extrapolate that to a time to clearance for the CADD and Medfusion once those are submitted.

是的，這很有幫助。然後也許就從提交到審批的時間軸而言，我想知道你們是否可以告訴我們你們在 Solo 和 Duo 中看到了什麼。也許我們可以將其推論為提交 CADD 和 Medfusion 後的審批時間。

I think it's sometimes dangerous in the regulatory environment to extrapolate things, right? We don't want to get burned in that. We thought we've made progress on things, and we are still not out of the woods necessarily. So I wouldn't want to make any assumptions. Those products took, I don't know, Brian, plus or minus a year from filing to approval.

我認為在監管環境中推斷事物有時是危險的，對嗎？我們不想因此而受損失。我們以為我們已經取得了進展，但我們仍未脫離困境。所以我不想做任何假設。我不知道，布萊恩，這些產品從提交申請到獲得批准大概花了一年或一年左右的時間。

However, that was a device we had a high degree of familiarity with, that we developed from the ground up. And while we think we've done the same with these filings, these weren't devices that were originally ours. So we feel very confident about them, but I wouldn't necessarily draw a conclusion from one device to the next.

然而，我們對該設備非常熟悉，並且是從頭開始開發的。雖然我們認為我們對這些文件做了同樣的事情，但這些設備原本並不是我們的。因此我們對它們非常有信心，但我不一定會從一個設備到另一個設備得出結論。

Okay fair enough thanks for taking our questions appreciate it.

好的，非常感謝您回答我們的問題。

There are no additional questions at this time. I'd like to now turn it back to our presenters for any closing remarks.

目前沒有其他問題。現在我想將發言時間交還給主持人，請他們做最後發言。

Thanks, everyone. We know we're late in the quarter. We know it's been a long earnings season. I appreciate the interest. Look -- and it's a challenging environment out there. Look forward to updating everybody on our Q2 results shortly in August. Thanks very much.

謝謝大家。我們知道本季已經太晚了。我們知道這是一個漫長的獲利季。我很感激您的關注。瞧——外面的環境充滿挑戰。期待八月向大家通報我們的第二季業績。非常感謝。

Thank you, ladies and gentlemen. This does conclude today's ICU Medical, Inc. first quarter 2025 earnings call. You may now disconnect.

謝謝各位，女士們、先生們。這確實結束了今天的 ICU Medical, Inc. 2025 年第一季財報電話會議。您現在可以斷開連線。