ICU Medical Inc (ICUI) 2025 Q2 法說會逐字稿

Please stand by. We're about to begin. Good afternoon everyone and welcome to today's ICU Medical second quarter 2025 earnings conference call. (Operator Instructions) Also, please note that today's event is being recorded. I would now like to turn the conference over to Mr. John Mills, Managing Partner at ICR. Please go ahead, sir.

請稍候。我們就要開始了。大家下午好，歡迎參加今天的 ICU Medical 2025 年第二季財報電話會議。（操作員指示）另外，請注意，今天的活動正在被記錄。現在，我想將會議交給 ICR 執行合夥人 John Mills 先生。先生，請繼續。

Thank you and thank you for joining us to discuss ICU Medical's financial results for the second quarter of 2025. On the call today representing ICU Medical is Vivek Jain, Chief Executive Officer and Chairman; and Brian Bonnell, Chief Financial Officer.

謝謝您，也謝謝您加入我們討論 ICU Medical 2025 年第二季的財務表現。今天出席電話會議的代表是 ICU Medical 執行長兼董事長 Vivek Jain 和財務長 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 is under the second quarter 2025 events.

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，然後查看 2025 年第二季的活動。

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. Such statements are not intended to be a representation of future results and are subject to a risk and uncertainties. Future results may differ materially from management's current expectations.

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，包括對公司未來表現的信念和期望。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。此類聲明並非旨在代表未來結果，並且存在風險和不確定性。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 risk and uncertainties that have a direct bearing on operating results and financial position.

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。

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 in ICU Medical's ongoing results of operations, particularly when comparing underlying results from period to period.

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。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全面的分析和更高的透明度，特別是在比較不同時期的基本績效時。

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

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添加回來的附錄。現在，我很高興將電話轉給 Vivek。

Thanks, John. Good afternoon, everyone. I'll walk through our Q2 revenue and earnings performance and provide some commentary on the businesses and then turn it over to Brian to recap the full Q2 results and the more positive gross margin implications of our IV solutions joint venture now that it's operational and our current view on the impact of tariffs at the moment as there was an increase levied on our core production environment of Costa Rica.

謝謝，約翰。大家下午好。我將介紹我們第二季度的收入和盈利表現，並對業務進行一些評論，然後交給 Brian 來回顧整個第二季度的業績和我們的 IV 解決方案合資企業現在運營後更積極的毛利率影響，以及我們目前對關稅影響的看法，因為對我們在哥斯達黎加的核心生產環境徵收的關稅有所增加。

After that, I'll come back with some color on where we are in creating a comprehensive infusion therapy company and optimizing our portfolio, and a bit of qualitative discussion on the evolving tariffs and just make a few comments about the medium-term activities of the company.

之後，我將回顧我們在創建綜合輸液治療公司和優化產品組合方面所取得的進展，並對不斷變化的關稅進行一些定性討論，並對公司的中期活動發表一些評論。

Revenue for Q2 was in line with our expectations at $544 million for total company growth of 2% on an organic basis, or minus 6% reported, which is driven by the impact of the JV being consummated. Consumables and IV systems had good year over year growth. Adjusted EBITDA was $100 million and EPS was $2.10.

第二季的營收符合我們的預期，為 5.44 億美元，公司整體有機成長率為 2%，即報告的負 6%，這是受合資企業完成的影響。消耗品和靜脈注射系統較去年同期成長良好。調整後的 EBITDA 為 1 億美元，EPS 為 2.10 美元。

Gross margins were ahead of our expectations due to the JV. And cash generation was neutral as some cash was tied up in the JV creation itself, tax payment and tariffs. As a reminder, between excess cash generated in Q1 and the net proceeds from the creation of the JV, we have repaid $250 million in principal year-to-date, and expect the only variances to our cash flow planning for the year to be tariff payments.

由於合資企業的存在，毛利率超出了我們的預期。現金產生情況是中性的，因為部分現金與合資企業創建本身、納稅和關稅有關。提醒一下，在第一季產生的超額現金和成立合資公司的淨收益之間，我們今年迄今已償還了 2.5 億美元的本金，預計今年現金流計劃的唯一差異是關稅支付。

The broader demand and utilization environment in Q2 continue to be attractive across almost every geography, with the growth 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 are getting done. Currency at the moment is not quite as good as it was earlier in the quarter, but it's obviously a benefit in the key selling geographies.

第二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，成長率為正，但未達到去年的水平。資本環境維持現狀，看起來客戶需要完成的投資正在完成。目前的貨幣狀況不如本季初那麼好，但對於主要銷售地區來說，這顯然是一個好處。

Getting into our businesses more specifically, our consumables business grew 4% organic and 3% reported. It was a record quarter in absolute sales levels with good sequential growth driven by new global customer implications, price improvements, rapid growth in some of our niche markets, and solid census. We had mentioned on the previous call that last year we had major sequential increases in Q2 over Q1 of 2024, so we didn't expect Q2 growth now to be at the same rates as Q1.

更具體地說，我們的消耗品業務有機成長了 4%，報告成長了 3%。本季的絕對銷售額創下了歷史新高，得益於全球新客戶的影響、價格的提高、部分利基市場的快速增長以及穩健的普查，銷售額實現了良好的環比增長。我們在上次電話會議上提到，去年第二季的銷售額較 2024 年第一季大幅成長，因此我們預期第二季的成長率不會與第一季相同。

For the near term of Q3, we again see sequential growth and are very comfortable with our comments of mid-single digit growth for the year.

對於第三季的短期而言，我們再次看到了連續成長，並對今年中等個位數成長的評論感到非常滿意。

On the last few calls we've made some high-level comments around new product filings and innovation in our consumables business. One example of this in Q2 was we received an additional 510(k) clearance for our Clave Neutron displacement connectors, which are the anchor product of the segment.

在最近的幾次電話會議中，我們就新產品的申請和消耗品業務的創新發表了一些高層評論。舉個例子，我們在第二季度獲得了針對 Clave Neutron 位移連接器的額外 510(k) 許可，該連接器是該細分市場的主打產品。

Inside this updated 510(k) is a published study which correlates the usage of clave connectors with lower patient infection rates. Specifically, the study shows that hospitals with standardized enclave needle-free connector technology report significantly lower patient infection rates versus hospitals not using lave technology.

在此更新的 510(k) 中，有一項已發表的研究，將 clave 連接器的使用與較低的患者感染率聯繫起來。具體而言，研究表明，採用標準化無針連接器技術的醫院與未採用無針連接器技術的醫院相比，患者感染率明顯較低。

We're excited about this new clearance, both in that it provides more evidence around our largest, most differentiated business that we'll mark it on for years to come. And it updates the regulatory approval to 2025 standards.

我們對這次新的批准感到非常興奮，因為它為我們最大、最具差異化的業務提供了更多的證據，我們將在未來幾年內繼續關注這項業務。並將監管批准更新至2025年的標準。

We have a number of other new consumable line extensions and adjacencies that we're rapidly pushing in the development process and or have already submitted 510(k)s to further strengthen and to further strengthen our market positions.

我們還有許多其他新的消費品生產線擴展和鄰接產品，我們正在快速推進開發過程，或者已經提交了 510(k)，以進一步加強和鞏固我們的市場地位。

These products at their core are around enhancing patient safety and workflow efficiencies in the infusion drug delivery process. A number of these programs are combining the parts and pieces of legacy ICU and what we acquired from Smiths.

這些產品的核心是提高輸液藥物輸送過程中的病人安全性和工作流程效率。許多此類項目都結合了傳統 ICU 的各個部分以及我們從 Smiths 獲得的功能。

Our IV systems business grew 2% organic and reported. This was entirely driven by LVP growth, which was double digits, even with some of the installs that came in a little ahead of schedule in Q1. LVP growth was from new installations and strong census for dedicated set utilization.

我們的 IV 系統業務有機成長了 2%。這完全是由 LVP 成長推動的，LVP 的成長達到了兩位數，即使第一季的一些安裝量略微提前。LVP 的成長來自於新安裝和專用設備利用率的強勁成長。

We continue to be engaged in many new RFP processes and are beginning customer discussions around the multi-year refresh of our Plum 360 install base with Plum Solo now that it's cleared. As we described in the last call, we had an excellent 2024 in selling our CAD ambulatory pumps and would have a tougher set of comps on this line, particularly in Q2, which muted the overall segment growth.

我們繼續參與許多新的 RFP 流程，並開始與客戶討論使用 Plum Solo 對我們的 Plum 360 安裝基礎進行多年更新的事宜，目前該事宜已獲得批准。正如我們在上次電話會議中所描述的，我們在 2024 年的 CAD 行動幫浦銷售中取得了優異的成績，並且在這條產品線上將面臨更嚴峻的競爭，特別是在第二季度，這抑制了整個細分市場的成長。

For the near term of Q3, we again see sequential growth here, frankly expect a record quarter in aggregate for the IV system segment and are comfortable with the previous comments on mid-single digit growth for the year.

對於第三季的短期而言，我們再次看到了連續成長，坦白說，預計 IV 系統部門的整體季度將創下紀錄，並且對先前關於今年中等個位數成長的評論感到滿意。

On the last call, we provided a lot of detail on the actions related to the FDA warning letter, efforts to remediate products in the field, and filings over this year to ensure all pump products have the most up to date 510(k)s in modern architecture. So I won't go into that detail again.

在上次電話會議中，我們詳細介紹了與 FDA 警告信相關的行動、現場產品補救措施以及今年的備案，以確保所有泵浦產品都具有現代架構中最新的 510(k)。所以我不會再談論這個細節。

What we are pleased to announce is that in early July we did submit 510(k)s for both the Medfusion 5000 syringe pump, the CADD ambulatory pumps, and all related life seal safety software. These submissions have crossed the first exception stage of the review process, and dialogue has started around the filings themselves.

我們很高興地宣布，7 月初我們確實為 Medfusion 5000 注射幫浦、CADD 行動幫浦以及所有相關的生命密封安全軟體提交了 510(k)。這些提交的文件已經通過了審查程序的第一個例外階段，並且圍繞文件本身的對話已經開始。

I would characterize the Medfusion 5000 as a groundbreaking new innovative product, but like what we did with Plum Duo and Plum Solo, we conserved the core of the product that made it a market leader based on accuracy and workflow. We would describe the CADD submission as more of a catch up filing, bringing a variety of product iterations up to date in a current filing.

我認為 Medfusion 5000 是一款突破性的創新產品，但就像我們對 Plum Duo 和 Plum Solo 所做的那樣，我們保留了產品的核心，使其成為基於準確性和工作流程的市場領導者。我們將 CADD 提交描述為一種追趕性提交，在目前提交中更新各種產品迭代。

But the most important aspect of this, and what really is a milestone when these products get cleared, is that all of our pumps will now connect on a single software solution across all pump modalities, bringing the ease of use and tighter control of all types of infusions to a hospital customer.

但其中最重要的方面，也是這些產品獲得批准後的真正里程碑，是我們的泵浦現在將透過涵蓋所有泵浦模式的單一軟體解決方案進行連接，為醫院客戶帶來易用性和對所有類型輸液的更嚴格控制。

This was the core tenet of the acquisition to have a single software solution across hospital LVPs, syringe, and ambulatory pumps. 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 enables standardization for our enterprise customers.

此次收購的核心宗旨是為醫院的 LVP、注射器和移動泵提供單一的軟體解決方案。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，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。

The last development item that will take longer to finish is what we call CADD Connect and is really the final frontier, connecting the homecare CADD environment back into the same common software framework. We believe we're seeing the benefits of this vision in the marketplace today.

最後一個需要更長時間才能完成的開發項目是我們所說的 CADD Connect，它實際上是最後一個前沿，將家庭護理 CADD 環境重新連接回同一個通用軟體框架。我們相信，我們在當今市場上看到了這個願景帶來的好處。

And in addition to continuing to focus on competitive opportunities, we are just in the very early stages of refreshing our own install base with the opportunities to create more value from the hardware and software offerings here.

除了繼續關注競爭機會之外，我們還處於更新自己的安裝基礎的早期階段，有機會從這裡的硬體和軟體產品中創造更多價值。

Just wrapping up the business segments, our Vital Care segment was down 4% and 34% reported as IV solutions revenues were deconsolidated from our income statement. The non-IV solutions product lines in this segment were basically down 4 million sequentially.

總結業務部門，我們的 Vital Care 部門下降了 4%，報告顯示 IV 解決方案收入從我們的損益表中分離出來，下降了 34%。該部門的非靜脈注射溶液產品線基本環比下降 400 萬。

For the year, we continue to believe these products to be flattish, either up or down marginally. I'll come back after Brian with some comments on the joint venture, how we're thinking about the overall portfolio within Vital Care and tariffs. And so with that, over to you, Brian.

就今年而言，我們仍然認為這些產品的銷售量將保持平穩，略有上升或下降。在 Brian 之後，我會回來對合資企業發表一些評論，以及我們如何看待 Vital Care 內的整體投資組合和關稅。那麼，就交給你了，布萊恩。

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, along with the Q2 balance sheet and cash flow, and then provide commentary on the rest of the year.

謝謝，維韋克，大家下午好。由於 Vivek 介紹了每項業務的第二季度收入，因此我將重點回顧第二季剩餘損益表的業績，以及第二季資產負債表和現金流，然後對今年剩餘時間的業績進行評論。

Given the closing of the JV transaction and ongoing developments in the tariff environment, as you can see from the GAAP to non-GAAP reconciliation in the press release, adjusted gross margin for the second quarter was 40%, which was in line with our expectations. Here we saw meaningful improvement with a 3 percentage point expansion on both a year over year, as well as a sequential basis.

鑑於合資交易的結束和關稅環境的持續發展，正如您從新聞稿中的 GAAP 到非 GAAP 的對帳中看到的那樣，第二季度的調整後毛利率為 40%，符合我們的預期。我們看到了顯著的改善，年比和季比均成長了 3 個百分點。

The biggest driver of this improvement was the deconsolidation of the IV Solutions business, which contributed approximately 2.5 percentage points of gross margin expansion for the quarter.

這項改善的最大驅動力是 IV Solutions 業務的拆分，該業務為本季的毛利率成長貢獻了約 2.5 個百分點。

Continued integration synergies and favorable foreign exchange also contributed to the improvement. For the second quarter, the P&L impact from tariffs was not significant, reducing gross margins by only 50 basis points. That is because while we incurred and paid a little over $10 million in new tariffs, the majority of this was capitalized in the inventory as of the end of the quarter and therefore only $3 million of expense was recognized in the P&L.

持續的整合綜效和有利的外匯因素也促進了績效的改善。對於第二季而言，關稅對損益的影響並不顯著，僅導致毛利率下降 50 個基點。這是因為，雖然我們發生並支付了略高於 1000 萬美元的新關稅，但截至本季度末，其中大部分已在庫存中資本化，因此損益表中僅確認了 300 萬美元的費用。

Adjusted SG&A expense was $116 million in Q2, and adjusted R&D was $21 million. Total adjusted operating expenses were $138 million and represented 25.3% of revenue.

第二季調整後的銷售、一般及行政費用為 1.16 億美元，調整後的研發費用為 2,100 萬美元。調整後總營運費用為 1.38 億美元，佔營收的 25.3%。

The total dollar amount of spend was the same as the past two quarters and a bit below our original full year guidance as we have been measured in making some of the strategic R&D and commercial investments that we mentioned earlier this year, as well as exercising general cost controls across the company given the uncertain and changing environment.

總支出金額與過去兩個季度相同，略低於我們最初的全年指導，因為我們在進行今年早些時候提到的一些戰略研發和商業投資時進行了衡量，並且考慮到不確定和變化的環境，在全公司範圍內實施一般成本控制。

Restructuring integration and strategic transaction expenses were $16 million in the second 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 $2.10 compared to $1.56 last year.

第二季重組整合和策略交易費用為 1,600 萬美元，主要與繼續努力整合我們的 IT 系統和鞏固我們的製造網絡以及與 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 2.10 美元，去年同期為 1.56 美元。

The current quarter results reflect net interest expense of $21 million. 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 $0.20 per share. For comparison purposes, the prior year tax rate reflected discrete benefits, which contributed approximately $0.15 per share. Diluted shares outstanding for the quarter were 24.7 million.

本季業績反映淨利息支出為 2,100 萬美元。第二季調整後的有效稅率為 16%，其中包括因各種稅務訴訟時效期到期而釋放的稅務意外事件帶來的單獨收益，該收益貢獻了每股約 0.20 美元。為了進行比較，上一年的稅率反映了離散福利，每股貢獻約 0.15 美元。本季稀釋流通股數為 2,470 萬股。

And finally, adjusted EBITDA for Q2 increased by 10% to $100 million compared to $91 million last year, and it's worth noting that the second quarter EBITDA results positively benefited from $3 million of income related to our remaining 40% equity investment in the IV solutions joint venture, which is now reported as a separate line item in our P&L.

最後，第二季調整後的 EBITDA 成長了 10%，達到 1 億美元，而去年同期為 9,100 萬美元，值得注意的是，第二季 EBITDA 業績受益於與我們對 IV 解決方案合資企業剩餘 40% 股權投資相關的 300 萬美元收入，該投資現在作為損益表中的單獨項目報告。

The earnings contribution from the joint venture was higher than planned and is not expected to continue at the same level.

合資企業的獲利貢獻高於計劃，預計不會繼續保持在同一水平。

Now moving on to the cash flow and the balance sheet for the quarter, free cash flow was a net outflow of $8 million, which largely reflects the offsetting impact associated with the positive timing benefits from working capital that we experienced during the first quarter and mentioned on our last earnings call, in particular for accounts receivable and accounts payable. It also reflects the timing impact of higher tax payments in Q2, which will not recur this year along with higher tariff payments, which will continue.

現在來看看本季的現金流量和資產負債表，自由現金流淨流出 800 萬美元，這在很大程度上反映了我們在第一季經歷的、並在上次收益電話會議上提到的營運資本帶來的正向時機效益所帶來的抵銷影響，特別是對於應收帳款和應付帳款。這也反映了第二季度稅收增加的時間影響，這種影響今年不會再次出現，而關稅增加的情況仍將持續。

During the quarter, we invested $13 million of cash spend for quality system and product related remediation activities, $16 million on restructuring and integration, and $20 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.

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，1600 萬美元用於重組和整合，2000 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裝創收輸液泵。

And just to wrap up on the balance sheet, we finished the quarter with $1.35 billion of debt and $300 million of cash. During the second quarter, upon closing the JV transaction on May 1, we used all of the $200 million of net proceeds to pay down the Term Loan A, bringing total principal payments year-to-date to approximately $250 million.

從資產負債表來看，本季末我們的債務為 13.5 億美元，現金為 3 億美元。在第二季度，在 5 月 1 日完成合資交易後，我們以全部 2 億美元的淨收益償還了定期貸款 A，使年初至今的本金總額達到約 2.5 億美元。

Moving forward to the 2025 outlook, recall that during our last earnings call, we quantified the expected full year financial impacts of the JV transaction, which are included as reference on slide number 4 of the presentation. And we are confirming that the previously provided impacts for revenue, adjusted EBITDA, and adjusted EPS have not changed.

展望 2025 年的展望，回想一下，在我們上次的收益電話會議上，我們量化了合資交易的預期全年財務影響，這些影響作為參考包含在演示文稿的第 4 張幻燈片中。我們確認先前提供的收入、調整後 EBITDA 和調整後 EPS 的影響並沒有改變。

We also provided updates on the expected impacts of the evolving situation around tariffs and foreign exchange. Specifically, we said that we anticipated 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 given the cap and roll accounting process.

我們還提供了有關關稅和外匯形勢變化的預期影響的最新資訊。具體來說，我們表示，我們預計 25 財年的關稅直接費用將在 2500 萬至 3000 萬美元之間，其中絕大部分將在下半年根據上限和滾動會計流程得到確認。

At that time, we also expected the weaker US dollar to offset almost half of the direct tariff expense and said that we would offset a portion of the remaining net exposure through various measures including lower incentive compensation expense and general cost controls, but expected $5 million to $10 million of unmitigated residual impact from tariffs that would cause us to be at the low end of our annual guidance range for adjusted EBITDA, adjusted EPS, and adjusted gross margin.

當時，我們也預計美元走弱將抵消近一半的直接關稅費用，並表示將透過降低激勵薪酬費用和一般成本控制等各種措施抵消部分剩餘淨風險敞口，但預計關稅將帶來 500 萬至 1000 萬美元的未緩解殘餘影響，這將導致我們的調整後 EBITDA、調整後 EPS 和調整後毛利率處於年度指導的低端。

Now that we've reached the midpoint of the fiscal year when we typically update our outlook in consideration of these items, we are updating our full year guidance for adjusted EBITDA and adjusted EPS. For full year adjusted EBITDA, we are narrowing our previous guidance range of $380 million to $405 million to a range of $380 million to $390 million for the full year. And for adjusted EPS, we are narrowing our previous guidance range of $6.55 to $7.25 per share to $6.85 to $7.15 per share.

現在我們已經到了財政年度的中期，我們通常會根據這些項目更新我們的展望，我們正在更新調整後的 EBITDA 和調整後的 EPS 的全年指引。對於全年調整後的 EBITDA，我們將先前的全年預測範圍從 3.8 億美元至 4.05 億美元縮小至 3.8 億美元至 3.9 億美元。對於調整後的每股收益，我們將先前的指導範圍從每股 6.55 美元至 7.25 美元縮小至每股 6.85 美元至 7.15 美元。

Our updated guidance for adjusted EBITDA includes the expected impact from last week's executive order, which established new reciprocal tariffs that became effective today and we estimate will cause our 2025 tariff expense to increase by an additional $5 million.

我們更新的調整後 EBITDA 指引包括上週行政命令的預期影響，該命令制定了今天生效的新的互惠關稅，我們估計這將導致我們的 2025 年關稅費用再增加 500 萬美元。

The majority of this $5 million is driven by the tariff rate for Costa Rica, increasing from 10% to 15%, as Costa Rica represented our largest tariff exposure country even prior to this latest increase.

這 500 萬美元的大部分是由哥斯達黎加的關稅稅率推動的，該稅率從 10% 提高到 15%，因為即使在最新一次提高關稅之前，哥斯達黎加也是我們最大的關稅受影響國家。

As a result, we now expect to be at the high end of the $25 million to $30 million range for FY25 tariff expense. The updated EPS guidance includes the same impacts as adjusted EBITDA, plus lower net interest expense and the previously mentioned $0.20 tax benefit recognized in the second quarter.

因此，我們現在預計 25 財年的關稅費用將處於 2,500 萬至 3,000 萬美元的高點。更新後的每股盈餘指引包括與調整後的 EBITDA 相同的影響，加上較低的淨利息支出和前面提到的第二季確認的 0.20 美元稅收優惠。

On the revenue line, as Vivek alluded to, there are no changes from our original expectations for the full year. For gross margin, despite the $30 million impact from tariffs, we continue to expect full year adjusted gross margin in the range of 39% to 40% consistent with our original pre-tariff guidance at the beginning of the year.

在收入方面，正如 Vivek 所提到的，與我們對全年的最初預期相比沒有變化。對於毛利率，儘管關稅影響了 3000 萬美元，但我們仍然預計全年調整後的毛利率將在 39% 至 40% 之間，與我們年初關稅前的原始指導一致。

The impact from tariffs is being largely offset by realization of the full gross margin expansion from the IV Solutions deconsolidation sooner than previously modeled. This implies a back half average gross margin rate of just above 40%, inclusive of the tariff headwind of between 2 percentage points to 3 percentage points.

關稅的影響在很大程度上被 IV Solutions 分拆帶來的全面毛利率擴張的實現所抵消，這一擴張比之前預測的更快。這意味著下半年平均毛利率略高於40%，其中包括2個百分點至3個百分點的關稅逆風。

As we said before, the gross margin expansion resulting from the JV de-consolidation doesn't actually generate higher EBITDA, but it does highlight and make more obvious the actual gross margin contribution of the rest of the ICU portfolio, and Vivek will provide some further thoughts on that topic.

正如我們之前所說，合資企業拆分帶來的毛利率擴張實際上並沒有產生更高的 EBITDA，但它確實突出並更加明顯了其餘 ICU 投資組合的實際毛利率貢獻，Vivek 將就該主題提供一些進一步的想法。

Adjusted operating expenses should be approximately 26% of revenue for the back half of the year. Net interest expense should be approximately $83 million for the full year. And for modeling purposes, you can assume a back half, adjusted tax rate of 25% and back half diluted shares outstanding of $24.9 million.

調整後的營運費用應佔下半年收入的約 26%。全年淨利息支出約 8,300 萬美元。為了方便建模，您可以假設後半部調整後的稅率為 25%，後半部稀釋流通股數為 2,490 萬美元。

Note that our updated guidance reflects tariff policies that are in place today and assumes foreign exchange rates as of August 3. It does not consider potential future impacts such as additional retaliatory tariffs or the broader effects from higher inflation. We are also assuming the income from our equity interest of the joint venture is minimal in the back half of the year, given the additional costs related to the scheduled annual maintenance shutdown of the JV's Austin plant.

請注意，我們更新後的指南反映了目前實施的關稅政策，並假設了 8 月 3 日的外匯匯率。它沒有考慮潛在的未來影響，例如額外的報復性關稅或通膨上升帶來的更廣泛影響。我們也假設，考慮到合資公司奧斯汀工廠計畫的年度維護停工相關的額外成本，我們在合資公司的股權收入在今年下半年將微乎其微。

To wrap up, we're happy with the performance of the business for the first half of this year, and although it is difficult to see, given all the moving pieces, we expect both Q3 and Q4 to continue to show underlying sequential improvement for revenue and adjusted EBITDA when you exclude the quarterly phasing from the JV transaction tariffs, and foreign exchange.

總而言之，我們對今年上半年的業務表現感到滿意，儘管考慮到所有變動因素，很難看出具體情況，但我們預計，如果排除合資交易關稅和外匯的季度分階段影響，第三季度和第四季度的收入和調整後 EBITDA 將繼續顯示出潛在的連續改善。

These improvements are driven by growth within the consumable business and LVP pumpline along with continued synergy capture and cost management. And just to help quantify the underlying performance improvements in the business that we expect this year if you were to exclude the $30 million impact of tariffs. The midpoint of our updated EBITDA guidance range would be $10 million above the top end of our original post-JV guidance. But we understand tariffs aren't something that can be ignored as they reduce our profitability and it's real cash out the door.

這些改進是由消費品業務和 LVP 泵系列的成長以及持續的協同效應和成本管理所推動的。只是為了幫助量化我們今年預計的業務基本業績改善（如果排除 3000 萬美元的關稅影響）。我們更新後的 EBITDA 指導範圍的中點將比我們最初的合資後指導的最高端高出 1000 萬美元。但我們明白，關稅是不容忽視的問題，因為它會降低我們的獲利能力，而且會造成真正的現金流失。

So while others can speculate on the permanence of the current tariffs or future trade deals for individual countries, our goal is to minimize and offset the impact anywhere we can, including implementation of price increases where possible, realization of cost savings, and carefully managing cash spend for integration and remediation activities. And that's what we're focused on as we begin to approach 2026.

因此，儘管其他人可以推測當前關稅或各國未來貿易協定的持久性，但我們的目標是盡可能減少和抵消其影響，包括盡可能地提高價格、實現成本節約以及謹慎管理用於整合和補救活動的現金支出。這正是我們在邁向 2026 年時所關注的重點。

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，以詳細說明我們目前關注的一些舉措。

Thanks, Brian. Let me try to go back to the strategy of what we've been building here and how that ultimately gets profitized given some of the new challenges in this environment and why shareholders should care. First and foremost, our goal since having to go from a needle-free component supplier to an integrated vendor was to build the most comprehensive and innovative infusion focused company.

謝謝，布萊恩。讓我試著回顧我們在這裡制定的策略，以及在當前環境下面臨的一些新挑戰下，該策略最終如何實現獲利，以及股東為什麼應該關心。首先，從無針組件供應商轉型為綜合供應商以來，我們的目標就是打造最全面、最具創新性的輸液公司。

We believe our track record in infusion consumables speaks for itself as we have great brands supported by great clinical data and manufacturing scale that is and will continue to be globally competitive regardless of tariffs, and we will have more innovation in the core and adjacencies of this segment to supplement growth.

我們相信，我們在輸液耗材領域的業績記錄不言而喻，因為我們擁有優秀的品牌，這些品牌由優秀的臨床數據和製造規模支持，無論關稅如何，我們都將在全球範圍內保持競爭力，並且我們將在該領域的核心和鄰近領域進行更多創新以補充增長。

In our IV systems business, we believe we're very close to delivering a complete platform solution with the most modern clinically relevant devices and enterprise cloud-based software for customers. This platform solution will anchor the segment for the next 10-plus years as the product life cycles are incredibly long, with a great opportunity for new customers, but also to offer more value to our existing install base.

在我們的靜脈注射系統業務中，我們相信我們已經非常接近為客戶提供一個完整的平台解決方案，其中包含最現代化的臨床相關設備和基於企業雲端的軟體。由於產品生命週期非常長，該平台解決方案將在未來 10 多年內鞏固該細分市場，為新客戶提供絕佳機會，同時也為我們現有的安裝基礎提供更多價值。

The IV systems business in the short term bears the highest tariff burden as we went all in on Costa Rica, but we believe as we work off the backlog signed to date that we will overcome these burdens due to the technology value offered and as contracts again come up for renewal. These product developments have been substantial R&D investments that we did not skimp on even with the difficulties we faced following the acquisition, but many investments are reaching fruition.

由於我們全力投入哥斯達黎加市場，IV 系統業務在短期內承受著最高的關稅負擔，但我們相信，隨著我們處理迄今為止簽署的積壓訂單，我們將憑藉所提供的技術價值和合約的再次續簽克服這些負擔。這些產品開發需要大量的研發投資，即使在收購後面臨困難的情況下，我們也沒有吝惜這些投資，而且許多投資都已取得成果。

We also believe that IV Solutions are relevant to the total offering for customers, but in that product category there were others who could innovate better than us, and we were able to make a unique relationship with Otsuka. While early, Otsuka's commitment to date has been great, and they have a roadmap in all the right areas PVC-free delivery technology, ready to use premixes and nutrition, reconstitution formats, et cetera, and the significant capital required and time horizon to invest in these markets, and we will bring all of this with our consumables and systems offerings together to customers over time.

我們也認為 IV 解決方案與為客戶提供的整體產品相關，但在該產品類別中，其他公司的創新能力比我們更強，因此我們能夠與大塚建立獨特的關係。雖然還處於早期階段，但大塚迄今為止的承諾已經非常出色，他們在所有正確的領域都有路線圖，包括無 PVC 輸送技術、即用型預混料和營養、重構格式等，以及投資這些市場所需的大量資本和時間範圍，隨著時間的推移，我們將把所有這些與我們的消耗品和系統產品一起帶給客戶。

So that all sounds logical and nice, but of course it needs to be profitized to the right levels. We clearly stated last year we believed that we were under earning and have made progress on the gross margin line due to the synergies being realized and accounting impacts of the JV.

這一切聽起來都很合乎邏輯，也很美好，但當然需要達到適當的利潤水準。我們去年明確表示，我們認為我們的獲利不足，但由於協同效應的實現和合資企業的會計影響，我們的毛利率取得了進展。

Our primary focus for the last 18 months after we stabilize the business has been to improve our gross margins after finally recovering some of the historical inflation and stabilizing the inconsistent volume we faced. The tariffs in 2025 now eat into some of the real cash from those improvements and burden the gross margin line even if it's showing major improvement.

在業務穩定後的過去 18 個月裡，我們的主要重點是最終恢復部分歷史通貨膨脹並穩定我們面臨的不穩定銷售，從而提高毛利率。2025 年的關稅現在會侵蝕這些改進帶來的部分實際現金，即使毛利率顯示出大幅改善，也會對毛利率造成負擔。

While mitigation was the topic on the last call and well-described and we continue to do everything possible to mitigate, our mindset is shifting to offsetting as much of the tariff burden on the assumption that these are now permanent, and that'll be our work over the balance of the year, and we'll have more comments on this later in the year.

雖然緩解是上次電話會議的主題，並且已經進行了很好的描述，而且我們將繼續盡一切可能來緩解，但我們的思維方式正在轉向抵消盡可能多的關稅負擔，假設這些負擔現在是永久性的，這將是我們在今年剩餘時間裡的工作，我們將在今年晚些時候對此發表更多評論。

It's a good place to be with our best businesses growing with sustained revenue growth, reaching record sizes and projects nearing completion to objectively assess what level of infrastructure we should be carrying. 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.

這是一個很好的機會，我們最好的企業正在不斷發展，收入持續增長，規模達到創紀錄，項目即將完工，我們可以客觀地評估我們應該承載什麼水平的基礎設施。我們將繼續推進生產網路整合、世界其他地區訂單到現金轉換、物流和房地產整合。

These were important items to drive our step up in profitability in 2025. And beyond and even if tariffs consume some of the benefit, nothing changes with all the work, and I feel we've described these items many times on previous calls. It all needs to happen in concert with increasing revenues.

這些都是推動我們在 2025 年提高獲利能力的重要因素。除此之外，即使關稅消耗了部分利益，所有的工作也不會發生任何改變，我覺得我們在之前的電話會議中已經多次描述過這些事項。這一切都需要與收入的增加同步進行。

In terms of where the balance sheet, income statement, portfolio optimization, and capital deployment intersect, we would offer a few comments. First, our number one priority last year and to date has been to stand up the IV Solutions JV. This helped the income statement and balance sheet and will continue to help the balance sheet as we may realize an earnout payment and we'll definitely receive a backend payment.

關於資產負債表、損益表、投資組合優化和資本配置的交叉點，我們想提出一些評論。首先，我們去年以及迄今為止的首要任務是建立 IV Solutions JV。這有助於損益表和資產負債表，並將繼續幫助資產負債表，因為我們可能會實現盈利支付，而且我們肯定會收到後端支付。

When looking at the remainder of the Vital Care portfolio versus the innovation in the consumables and systems segment, it's pretty obvious Vital Care is diluted to the overall company growth rate, and it's a safe assumption that it's also diluted to the overall corporate gross margin.

當比較 Vital Care 產品組合的其餘部分與消耗品和系統領域的創新時，很明顯 Vital Care 對整個公司的成長率產生了稀釋作用，並且可以安全地假設它也對整個公司的毛利率產生了稀釋作用。

But these are businesses that still generate good positive cash flow with very low capital investments, and we're not interested in making value destructive decisions in the name of margin or growth rate. But we can now spend a little time thinking how to optimize each piece of the portfolio if the opportunity was to arise.

但這些企業仍能以非常低的資本投入產生良好的正現金流，我們無意以利潤率或成長率的名義做出破壞價值的決策。但現在我們可以花一點時間思考，如果有機會，如何優化投資組合的每個部分。

Our previous comments still apply. Our ideal place is to be around 2 times levered, and given the innovation, we believe we have in-house to return any additional capitalist shareholders in the most efficient fashion. It's also why, in addition to offsets to tariffs, we have to focus on reductions to below the line capital outlays and restructuring, integration, and quality.

我們之前的評論仍然適用。我們的理想狀態是槓桿率達到 2 倍左右，並且考慮到創新，我們相信我們能夠以最有效的方式回報任何額外的資本家股東。這也是為什麼除了抵銷關稅之外，我們還必須專注於削減線下資本支出以及重組、整合和品質。

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, the tightest and most optimized manufacturing network, and each with a multi-year innovation portfolio, so we can ultimately transfer value from debt to equity.

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成長者，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，這樣我們最終就可以將價值從債務轉移到股權。

There's no confusion within the company in the pursuit of these goals, and we don't really have any frivolous activities here. We produce essential items that require significant clinical training, hold manufacturing barriers in general, and in general items, 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 of the last few years. Thank you to all our team members and customers as we improve each day.

在追求這些目標的過程中，公司內部沒有任何混亂，我們其實也沒有任何輕浮的活動。我們生產的必需品需要大量的臨床培訓，通常存在製造障礙，一般來說，除非必須，否則客戶不願意更換。市場需要 ICU Medical 作為一家創新、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。感謝我們所有的團隊成員和客戶，我們每天都在進步。

And with that, we'll open it up to Q&A.

接下來，我們將開始問答環節。

(Operator Instructions)

（操作員指示）

Jayson Bedford, Raymond James.

傑森貝德福德、雷蒙詹姆斯。

Okay. So a few questions and I hate to start on tariffs, but I'm going to. Appreciate the increase in the rate, tariff rate in Costa Rica, but what have you assumed for China? I'm a little surprised that level or exposure didn't come down.

好的。所以我有幾個問題，我不想開始談關稅，但我還是要談。我讚賞哥斯達黎加提高關稅稅率，但您對中國有何預期？我有點驚訝水平或曝光度沒有下降。

The current guidance assumes China at the current rates in effect today, and we did receive a little bit -- we did get a little bit of benefit because of the pause, which is part of the reason why. We're sort of just at the high end of our previous range as opposed to sort of being above it.

目前的指導假設中國按照今天有效的利率水準運作，我們確實因為暫停而獲得了一點好處，這也是部分原因。我們只是處於之前範圍的高端，而不是高於它。

Plus, as we've been working through it, we are seeing some additional tariff exposure on some raw materials and other areas, that maybe hadn't been fully quantified previously. So there's always a lot of puts and takes when it comes to these sorts of exercises.

此外，隨著我們不斷努力，我們發現一些原材料和其他領域存在一些額外的關稅風險，這些風險以前可能還沒有完全量化。因此，在進行這類練習時，總是會遇到許多困難。

Okay. And I guess the other, and I don't mean to be a bad guy with this question, but I think last quarter you kind of steered folks towards the low end of the range, but you thought the EBITDA range was appropriate. But you're kind of lowering the top end of the range now. Outside of tariffs, is there anything else that's impacting your view?

好的。我想還有另一個問題，我問這個問題並不是想挑釁，但我認為上個季度你引導人們走向範圍的低端，但你認為 EBITDA 範圍是合適的。但現在你正在降低範圍的上限。除了關稅之外，還有其他因素影響您的觀點嗎？

No, it essentially comes down to just tariffs and obviously if we didn't have to deal with that situation, we'd be in a much different position as it relates to our outlook for the year, but this is the reality that we find ourselves in.

不，這本質上只是關稅問題，顯然，如果我們不必處理這種情況，那麼我們對今年的前景的立場就會大不相同，但這就是我們所處的現實。

I don't think -- I don't -- given what we put people through, we don't want a number out there that is not realistic, right? And so I think we said we'd be at the low end, I think. We're narrowing what we have out there and Brian tried to be as precise if you know in a world which is not the one we live in, if these things didn't exist, what performance could have been.

我認為——我不認為——考慮到我們讓人們經歷的一切，我們不希望出現一個不切實際的數字，對嗎？所以我認為我們說過我們會處於低端。我們正在縮小我們所擁有的範圍，布萊恩試圖盡可能精確地了解，如果你知道在一個與我們所處的世界不同的世界中，如果這些東西不存在，那麼表現會是什麼樣的。

Sure. Okay, fair enough. Maybe just, on revenue, I thought you spoke encouragingly about the, expected sequential growth in 3Q. Can you just talk about the demand profile specifically for Duo and where you are with the implementation and just the infusion systems segment in general?

當然。好的，很公平。也許只是就收入而言，我認為您對第三季預期的連續成長表示鼓舞。您能否具體談談 Duo 的需求概況以及實施情況以及輸液系統領域的整體情況？

Sure, I mean, I think in both big pillars in consumables and pumps, we feel really good about the revenue side. So it's obviously if you go back five or six quarters, it's been consistent. This was a little bit lighter than the others, but it was obviously a very steep ramp last year.

當然，我的意思是，我認為在消耗品和泵這兩個大支柱方面，我們對收入方面感到非常滿意。因此，很明顯，如果你回顧五、六個季度，它一直是一致的。這比其他的要輕一點，但顯然去年的坡度非常陡峭。

So on consumables, this was a record we think we'll have sequential growth off of this one, as I said, and then specifically on systems, we have installed some Duos now. They're up and running at customer sites. The real, interoperable sites are just coming out of LMR.

因此，就消耗品而言，這是一個記錄，我們認為我們將從中實現連續增長，正如我所說的那樣，具體到系統方面，我們現在已經安裝了一些 Duos。它們已在客戶現場啟動並運行。真正的、可互通的站點剛從 LMR 誕生。

The interoperable runs are coming out of LMR. As soon as we're able to move on that, I think the pace of installations will increase and there's -- you send the script, there's a lot of dialogue. Out there, obviously a lot of views in the infusion pop market, we all live in glass houses. We have to be very mindful of ensuring, caution on these rollouts, but it feels pretty good.

可互通的運行來自 LMR。一旦我們能夠繼續推進這項工作，我認為安裝的速度就會加快，而且——你發送腳本，就會有很多對話。顯然，在註入式流行音樂市場中存在著許多觀點，我們都生活在玻璃屋裡。我們必須非常注意確保這些推出的謹慎，但感覺非常好。

And it's safe to say that just on LVPs. The landscape is more opportunistic today than it's been in quite some time.

可以肯定地說，這僅針對 LVP。如今的情況比過去相當長一段時間更充滿機會。

I think of the confluence of events that we've talked about for the last two years and building up and the window that people have to make decisions on the aging of the technology itself is all kind of at a at a good place for the next couple of quarters, and it's I'm glad our innovation is in hand to get that done and we're excited about the new stuff we filed, right.

我認為，過去兩年我們討論過的一系列事件的匯合，以及人們對技術本身老化做出決策的窗口，都在接下來的幾個季度中處於一個良好的位置，我很高興我們的創新已經到位，可以完成這項工作，我們對我們提交的新內容感到興奮，對吧。

All the all the headache of the transaction we did was to bring these different platforms together and I think it's months away from that coming together if we can work away through these approvals.

我們所做的交易中最令人頭痛的就是如何將這些不同的平台整合在一起，我認為如果我們能夠通過這些審批，那麼距離整合完成還有幾個月的時間。

Mike Matson, Needham & Company.

麥克馬森，Needham & Company。

Yeah, thanks for taking my questions. Yes, just have a few things I wanted to clarify, so on the tariff impact, the increment of $5 million that you're expecting, I would essentially put that kind of net impact that you guys do the $5 million to $10 million basically at $10 million for this year. So in other words, like the part that's actually flowing through the P&L, the head one would be about $10 million. Am I hearing that correctly?

是的，感謝您回答我的問題。是的，我只想澄清幾件事，關於關稅的影響，您預期的 500 萬美元的增量，我基本上會把這種淨影響算作今年 500 萬美元到 1000 萬美元之間的 1000 萬美元。換句話說，實際流經損益表的部分，頭部部分約 1,000 萬美元。我聽得對嗎？

Rough math, that's correct.

粗略計算一下，這是正確的。

Okay, all right, and then the commentary around sequential growth, so you expect sequential growth in consumables and adhesion systems, I think. So I know I don't remember what you said on Vital Care, but did, do you expect overall to see sequential growth for the total revenue in Q3 and Q4?

好的，好的，然後是關於連續增長的評論，所以我認為您預計消耗品和粘合系統會連續增長。所以我知道我不記得您對 Vital Care 說了什麼，但是，您是否預計第三季和第四季的總收入將總體上連續成長？

It does come down a little bit to rap in the Vital Care. I think, I think we'd rather talk about the individual segment levels, right? Well, what we measure, Mike is in consumables is the business bigger than ever. The consumable quarter was the largest quarter we ever had in the history of a company, consumables.

在 Vital Care 中說唱確實有點失敗。我認為，我認為我們寧願談論各個細分層面，對嗎？嗯，根據我們的衡量，麥克在消耗品方面的業務比以往任何時候都要大。消耗品季度是我們公司史上最大的一個季度，消耗品。

We said we think the systems business could be a record level in Q3, the largest in the history of the company. Those are the things for the profits and cash flow throughs. I think we're probably more focused on those. I don't have such a precise answer. I don't care for Q3 right now.

我們說，我們認為系統業務在第三季可能會達到創紀錄的水平，成為該公司歷史上最大的水平。這些都是利潤和現金流。我認為我們可能會更關注這些。我沒有這麼精確的答案。我現在不關心第三季。

Okay, and then just news around Baxter suspending sales of their Novum Pump. I know it's probably only temporary, maybe till the end of the year or something, but do you think that helps you guys at all over the next couple quarters?

好的，接下來是有關 Baxter 暫停銷售 Novum Pump 的新聞。我知道這可能只是暫時的，也許會持續到今年年底或什麼的，但你認為這對你們接下來的幾季有幫助嗎？

Again, I think we all live in a glass house, right? And so we're very kind of respectful of the things people have to go through to get these products approved and stabilized. Well, we believe customers make a technology choice. These products have a 10 year life cycle, and we have to believe everybody the same as with the other market participant, everybody's back on the market.

再說一次，我認為我們都住在玻璃屋裡，對嗎？因此，我們非常尊重人們為獲得這些產品的批准和穩定所必須經歷的一切。嗯，我們相信客戶會做出技術選擇。這些產品的生命週期為 10 年，我們必須相信每個人都和其他市場參與者一樣，都回到了市場上。

We have to believe our technology is, a value of 10 year run, and so it still has to, and everybody will get their technologies up and running, and so maybe a little bit it at least forces people to look at things a little closer, but I think if you take a long term view, you have to assume everybody's going to be in the market and we still feel good about where we are.

我們必須相信我們的技術具有 10 年的價值，所以它仍然必須如此，每個人都會讓他們的技術運行起來，所以也許它至少會迫使人們更仔細地看待事物，但我認為，如果你從長遠來看，你必須假設每個人都會進入市場，我們仍然對我們所處的位置感到滿意。

[Will Korner, KeyBanc Capital Markets].

[Will Korner，KeyBanc 資本市場]。

Hey everyone, just want to ask about tariffs. I know that the landscape there seems to be kind of constantly evolving, but last quarter you were saying that we shouldn't be thinking about the, tariff number given on an annualized basis for 2026. I was just wondering if you have any updated thoughts on that.

大家好，我想問關稅問題。我知道那裡的情況似乎不斷變化，但上個季度您說我們不應該考慮 2026 年按年率計算的關稅數字。我只是想知道您對此是否有任何最新的想法。

I think the same language would apply, which is please don't take what this year is and annualize it. We tried to somewhat in the script say what we thought there, which is at least on some of the pump items we're installing pumps that we contracted before the tariffs kicked in.

我認為同樣的語言也適用，那就是請不要把今年的情況年度化。我們試圖在腳本中表達我們的想法，至少是針對我們在關稅生效前簽訂合約安裝的一些泵浦項目。

As time goes by and those installations stop, you should make an assumption on items we're selling today where we have the ability to correct price. We have, but those implementations are still a ways out, so it will burden our P&L certainly for a bit, but that's why we said in last call, please don't annualize and then we continue to -- some of the mitigations take time and logistics efforts, etc. We continue to work on those, so I, I'm not sure we would.

隨著時間的推移和這些安裝的停止，您應該對我們今天銷售的商品做出假設，我們有能力調整價格。我們已經實施了，但這些實施仍有一段距離，因此這肯定會給我們的損益表帶來一些負擔，但這就是為什麼我們在上次電話會議上說，請不要年度化，然後我們繼續 - 一些緩解措施需要時間和物流工作等。我們會繼續努力，所以我不確定我們是否會這樣做。

I have a precise number for you today. I think we just stay with the same high level please don't annualize what's there.

今天我有一個精確的數字告訴你。我認為我們只是保持相同的高水平，請不要將現有水平年度化。

Okay, yeah, that's helpful, and then switching over to, Plum, I just would like to hear if there's been any customer feedback that is maybe surprising you, just by the amount that's getting brought up or potentially like what customers are finding to be incremental.

好的，是的，這很有幫助，然後轉到 Plum，我只是想聽聽是否有任何客戶反饋可能會讓您感到驚訝，只是提出的數量或潛在的客戶發現的增量。

I don't think there's anything that the question was, is there anything that's surprising us? I don't think that there's anything that's surprising us so much. We, our goal and all products is to make sure customers are delighted and I think the experience we're having is that is it a smooth installation? Is the user experience good? Is the training good? Is the onboarding good, etc.?

我認為沒有什麼問題是，有什麼讓我們感到驚訝嗎？我認為沒有什麼事情讓我們如此驚訝。我們、我們的目標和所有產品都是為了確保客戶滿意，我認為我們所擁有的體驗是安裝是否順利？使用者體驗好嗎？訓練效果好嗎？入職培訓是否順利等等？

I mean, I think we're trying to check all of those boxes and we believe the device itself has sort of the solved the technology gaps in terms of multiplexing and cybersecurity and visualization except the user interface that weren't present in the previous device, and we think the curb appeal of all that together gets people's attention. So I don't know if there's one item we point to.

我的意思是，我認為我們正在嘗試檢查所有這些盒子，我們相信設備本身已經解決了多路復用、網路安全和視覺化方面的技術差距，除了以前的設備中不存在的用戶界面，我們認為所有這些的吸引力引起了人們的注意。所以我不知道我們是否指出了一項。

Even if the device is great, we, like any vendor, have to ensure that the implementation and the experience for people coming on board them is strong and where these things fall down is. Getting anyone to change is really hard and if that effort to change falls down in the early days, it sometimes backfires and so we just need to make sure that that the whole install process is very seamless from our end.

即使設備很棒，我們和任何供應商一樣，必須確保實施效果和使用者使用體驗良好，並且知道這些設備在哪些方面有缺陷。讓任何人改變都非常困難，如果改變的努力在早期失敗，有時會適得其反，所以我們只需要確保整個安裝過程從我們的角度來看非常無縫。

(Operator Instructions)

（操作員指示）

Larry Solow, CJS.

拉里·索洛，CJS。

Hey, it's actually [Charlie Strauzer] on for Larry. Hey, guys. Hey, on the ongoing plan consolidation, how much of the heavy lifting have you already completed and when you look at how much of that benefit is already incorporated into your '25 outlook versus future benefits?

嘿，實際上是 [Charlie Strauzer] 代替 Larry 上場。嘿，大家好。嘿，關於正在進行的計劃整合，您已經完成了多少繁重的工作，當您查看有多少福利已經納入您的 25 年展望與未來福利中時？

The, I mean, the best pit that sort of evaporated, the one that is 100% done was the move of all infusion pumps from Minnesota into Costa Rica. And so that did have benefit associated with it until Costa Rica had incremental tariffs and so that that one great is fully completed.

我的意思是，最好的坑已經消失了，100% 完成的是將所有輸液泵從明尼蘇達州轉移到哥斯達黎加。因此，這確實有好處，直到哥斯達黎加實施增量關稅，這項偉大的計劃才得以完全實現。

The other two important ones, one North American, one European, are very close to completion, probably both done certainly within the next nine months, hopefully done within the next six months. So not a lot is built in, in this year from those two items. They are intended to be helpful next year. And there's really not any beyond that, so that's the last of it.

另外兩個重要的項目，一個是北美項目，一個是歐洲項目，都已接近完工，很可能在未來九個月內完成，希望在未來六個月內完成。因此，今年這兩款產品並沒有實現太多的內建功能。它們旨在明年發揮作用。除此之外，真的沒有什麼了，所以這就是最後的了。

Got it. Great, thank you. And then just, going back to the commentary on Plum, how do you view the opportunity for sales via upgrades from existing customers versus market share gains?

知道了。太好了，謝謝。然後，回到對 Plum 的評論，您如何看待透過現有客戶升級與市場佔有率成長所帶來的銷售機會？

I think they're both. They're both very valuable and normally you don't think about if you were being objective, refresh of your existing customer install base, the way the business model has operated historically, really getting these dedicated sets, it didn't create a lot of NPV if you were essentially getting the same set you had.

我認為兩者都是。它們都非常有價值，通常你不會考慮如果你是客觀的，刷新你現有的客戶安裝基礎，商業模式的歷史運作方式，真正獲得這些專用設備，如果你基本上得到與你擁有的相同的設備，它不會創造很多 NPV。

I think what's different about the opportunity with the Plum Solo, not only does maybe the capital have enough technology that deserves to be valued differently, but if you can enhance the software offering and capture more value there, that does have real NPV associated with it.

我認為 Plum Solo 的機會的不同之處在於，資本不僅可能擁有足夠的技術，值得以不同的方式進行估值，而且如果你可以增強軟體產品並獲得更多價值，那麼它確實具有真正的 NPV。

And so creation of kind of new value streams are existing install base is really important beyond just the revenue goodness of refreshing the hardware. So I think we're excited about that and then obviously the juiciest stuff is competitive and we remain focused on that. So both are good opportunities. We continue to have very minimal rollover in our entire book of business of pumps today.

因此，創造新的價值流和現有的安裝基礎確實非常重要，而不僅僅是更新硬體帶來的收入好處。所以我認為我們對此感到興奮，顯然最有趣的東西是競爭力，我們將繼續關注這一點。所以這兩個都是好機會。如今，我們整個泵浦業務的展期仍然非常少。

Michael Toomey, Jefferies.

邁克爾圖米，傑富瑞集團。

Great, hey guys, most of my questions have been answered just to double click on one of them. Do you think you're already seeing like the replacement cycle come through? Did that contribute in the second quarter or any signs of that starting to come through already, the replacement cycle of your existing fleet?

太好了，嘿夥計們，我的大部分問題都得到了回答，只需雙擊其中一個即可。您是否認為已經看到更換週期的到來？這是否對第二季產生了影響，或者是否有任何跡象表明這已經開始影響現有車隊的更換週期？

Nothing's come through so far of consequence on replacement cycle.

到目前為止，還沒有發生任何與更換週期有關的重大事件。

Okay. When do you think you'd start to see that come through? Is that this year or kind of into next year?

好的。您認為什麼時候可以開始看到這項成果？是今年還是明年？

I think the discussion is starting right now. I think realistically it's more of a next year event. The devices really hit kind of nine years at the end of this year that have been out there and they're built like tanks. So I think it's probably more of next year, a next year event. And so that should give you some color with our comments around how we felt about LVP anyway, right, heading into next quarter segment without the replacement cycle.

我認為討論現在就開始了。我認為實際上它更像是明年的活動。到今年年底，這些設備已經問世九年了，其製造工藝就像坦克一樣精良。所以我認為這可能更多是明年的事情，明年的活動。因此，這應該能讓您對我們的評論有一些了解，無論如何，我們對 LVP 的感受是這樣的，進入下一季度，沒有更換週期。

(Operator Instructions)

（操作員指示）

Gentlemen, it appears we have no further questions today. Mr. Jain, I'd like to turn things back to you, sir, for any closing comments.

先生們，看來我們今天沒有其他問題了。賈恩先生，先生，我想把話題轉回給您，請您做最後的評論。

Thanks folks for your interest in ICU Medical. A lot to do here still over the next number of days and months, and we look forward to updating everybody on our Q3 call. Thanks very much.

感謝大家對 ICU Medical 的關注。在接下來的幾天和幾個月裡，這裡還有很多工作要做，我們期待在第三季電話會議上向大家通報最新情況。非常感謝。

Thank you, gentlemen. Again, ladies and gentlemen, I will conclude the ICU Medical second quarter 2025 earnings call. Again, thanks so much for joining us, everyone, and we wish you all a great remainder of your day. Goodbye.

謝謝各位。女士們、先生們，我再次結束 ICU Medical 2025 年第二季財報電話會議。再次感謝大家的參與，我們祝福大家今天過得愉快。再見。