ICU Medical Inc (ICUI) 2025 Q3 法說會逐字稿

Good afternoon, everyone. Welcome to ICU Medical's third-quarter 2025 earnings conference call.

大家下午好。歡迎參加 ICU Medical 2025 年第三季財報電話會議。

(Operator Instructions) Please note that today's event is being recorded.

（操作說明）請注意，今天的活動正在錄製中。

I would now like to turn the conference over to Deirdre Thompson of ICR. Please go ahead.

現在我謹將會議交給 ICR 的 Deirdre Thompson 主持。請繼續。

Good afternoon, everyone. Thank you for joining us to discuss ICU Medical's financial results for the third quarter of 2025.

大家下午好。感謝您參加本次會議，共同探討 ICU Medical 2025 年第三季的財務表現。

On the call today, representing ICU Medical, is Vivek Jain, Chief Executive Officer and Chairman; and Brian Bonnell, Chief Financial Officer.

今天參加電話會議的 ICU Medical 代表有：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 Investors page and click on Event Calendar. It will be under the Third-Quarter 2025 event.

我們想告知大家，除了今天的演講稿之外，我們還準備了一份簡報。如需查看簡報，請前往我們的投資者頁面並​​點擊「活動日曆」。這將是2025年第三季的活動之一。

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 that they are based on the best available information to management and assumptions that are reasonable.

在我們開始正式發言之前，我想先談談電話會議期間所做的任何前瞻性陳述，包括對公司未來業績的看法和預期。請注意，這些決定是基於管理層所能獲得的最佳資訊和合理的假設。

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

此類聲明並非對未來結果的保證，且存在風險和不確定性。未來的業績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.

我們建議各位參閱本公司向美國證券交易委員會提交的文件，以了解更多有關直接影響經營績效和財務狀況的風險和不確定性的詳細資訊。

Please note that during today's call, we will also discuss non-GAAP financial measures, including results on an adjusted basis. We believe these financial measures can facilitate a more complete analysis and greater transparency into ICU Medical's ongoing results of operations, particularly when comparing underlying results from period to period.

請注意，在今天的電話會議中，我們還將討論非GAAP財務指標，包括調整後的績效。我們相信，這些財務指標可以更全面地分析 ICU Medical 的持續經營業績，並提高其透明度，尤其是在比較不同時期的基本業績時。

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.

我們還在今天的公告中加入了這些非GAAP指標的調節表，並盡可能詳細地說明了任何新增的附加項。

With that, it's my pleasure to turn the call over to Vivek.

那麼，我很高興將電話交給維韋克。

Thanks, Deirdre. Good afternoon, everyone.

謝謝你，迪爾德麗。大家下午好。

I'll walk through our Q3 revenue and earnings performance and provide some commentary on the businesses; and then, turn it over to Brian to recap the full Q3 results and balance sheet and provide an update to our latest outlook. After that, I'll come back with a few comments on how we evaluate our performance year to date; where we are in our mission of creating a comprehensive Infusion Therapy company; our goals around the balance sheet and optimizing our portfolio; and, lastly, a couple of thoughts on the medium-term priorities of the company.

我將介紹我們第三季的營收和獲利情況，並對各項業務進行一些評論；然後，交給 Brian 來總結完整的第三季業績和資產負債表，並更新我們最新的展望。之後，我將就我們如何評估今年迄今為止的業績、我們在打造一家綜合輸液治療公司這一使命中所處的階段、我們在資產負債表和優化投資組合方面的目標，以及最後，對公司的中期優先事項發表一些看法。

The short story for Q3 is revenue was $533 million per total company growth of 5% on an organic basis or minus 8% reported year over year. Gross margins increased. Operating expenses declined, leading to more EBITDA and EPS.

第三季的簡要情況是，公司總營收為 5.33 億美元，有機成長 5%，年減 8%。毛利率上升。營運費用下降，導致 EBITDA 和 EPS 增加。

As a reminder: The reported results are impacted by the mid-year creation of the Otsuka ICU Medical JV and resulting deconsolidation of IV solutions from our income statement.

提醒：由於年中成立了 Otsuka ICU Medical 合資公司，導致 IV 溶液業務從我們的損益表中剝離，因此報告的業績受到影響。

Consumables and IV Systems had good year-over-year growth. Both revenues and gross margins were slightly positively impacted from a settlement of a portion of the Italian payback liability, which was an expense we absorbed towards the end of 2022. Brian will provide more detail.

耗材和靜脈輸液系統實現了良好的同比增長。由於義大利償還債務的一部分達成和解，收入和毛利率都略有上升，這是我們在 2022 年底承擔的一項支出。布萊恩會提供更多細節。

Adjusted EBITDA was $106 million. EPS was $2.03. Free cash flow generation improved. As of today, we've repaid $273 million in principal year to date.

調整後 EBITDA 為 1.06 億美元。每股盈餘為 2.03 美元。自由現金流生成能力有所改善。截至今日，我們今年已償還本金 2.73 億美元。

The broader demand and utilization environment in Q3 continued to be attractive across almost every geography, with the growth rates positive but not at the levels we saw last year. The capital environment is status quo. It does appear investments that customers need to get done are getting done.

第三季整體需求和利用環境在幾乎所有地區都保持著吸引力，成長率為正，但沒有達到去年同期的水平。資本環境維持現狀。客戶需要進行的投資似乎都完成了。

Getting into our businesses, more specifically, our Consumables business in Q3 grew 8% reported and 7% organic. It was a record quarter in absolute sales levels, with growth driven by new global customer implementations, rapid growth in some of our niche markets, and solid census. We have the best sequential increase in absolute dollars since Q2 of 2024. For the balance of the year, we're very comfortable with our comments on mid-single-digit growth for the year but don't expect Q4 to have the same growth rates as this quarter.

具體到我們的業務，第三季我們的消耗品業務報告成長率為 8%，有機成長率為 7%。本季銷售額創歷史新高，成長主要得益於全球新客戶的實施、部分細分市場的快速成長以及穩健的銷售數據。我們實現了自 2024 年第二季以來最大的連續成長（以美元計）。對於今年剩餘時間，我們對全年中等個位數成長的預測非常有信心，但預計第四季度的成長率不會與本季相同。

On the last few calls, we've made some high-level comments around new product filings and innovation in our Consumables business, with a number of line extensions or adjacencies that are rapidly pushing in the development process and/or have already submitted 510(k)s to further strengthen our market positions. These products, at their core, are around enhancing patient safety and workflow efficiencies in the infusion drug delivery process.

在最近幾次電話會議中，我們針對耗材業務的新產品申請和創新發表了一些高層次的評論，其中許多產品線延伸或相關產品正在快速推進開發進程，並且/或已經提交了 510(k) 申請，以進一步鞏固我們的市場地位。這些產品的核心在於提高輸液給藥過程中的病人安全性和工作流程效率。

A number of these programs combine the parts and pieces of legacy ICU and what we acquired from Smiths. We believe these developments, alongside our existing commercial opportunity, can keep this segment growing at historical rates into the medium term.

這些項目大多結合了原有的 ICU 系統和我們從 Smiths 公司收購的系統。我們相信，這些發展，加上我們現有的商業機會，可以使該領域在中期內保持歷史成長速度。

Our IV Systems business grew 9% reported and 8% organic. Unlike Q2, this was driven by all three main product families, as we lapped the difficult comparison in the CADD Ambulatory product line. LVP Pumps and dedicated sets were again the largest contributors, with double-digit growth driven by new installations and strong census for dedicated set utilization.

我們的靜脈輸液系統業務報告成長率為 9%，有機成長率為 8%。與第二季不同，這一成長是由所有三個主要產品系列共同推動的，因為我們克服了 CADD 門診產品線中難以比較的局面。LVP泵浦和專用機組再次成為最大的貢獻者，兩位數的成長是由新安裝量和專用機組的強勁利用率所推動的。

We continue to be engaged in many new RFP processes and are beginning customer discussions around the multiyear refresh of our Plum 360 installed base with Plum Solo now that it's been cleared.

我們繼續參與許多新的 RFP 流程，並且現在已經獲得批准，開始與客戶討論用 Plum Solo 對我們已安裝的 Plum 360 系統進行多年更新。

As we've discussed, since the new Plum Duo, Solo products have been approved, the installation schedule is not predictable enough to be perfectly smooth just yet. Hence, we knew Q3 would be a record quarter, as some installs from Q2 pushed into Q3 and even, a few Q4 installs came forward.

正如我們之前討論過的，由於新的 Plum Duo 和 Solo 產品已經獲得批准，安裝進度還不夠可預測，無法完全順利。因此，我們知道第三季度將會是一個創紀錄的季度，因為第二季度的一些安裝工作延續到了第三季度，甚至還有一些第四季度的安裝工作提前完成了。

For the balance of the year, we're very comfortable with the previous comments on mid-single-digit growth per year. We don't expect Q4 to have the same growth rates as this quarter, given the comments we just made on installs and the very large sequential step-up in Q4 over Q3 in 2024.

對於今年剩餘時間，我們對先前關於每年實現個位數中段成長的預測非常滿意。鑑於我們剛才對安裝量的評論以及 2024 年第四季度相對於第三季度的大幅環比增長，我們預計第四季度的增長率不會與本季度相同。

Since the last call, we've been in dialogue with FDA about the submitted 510(k)s for both the Medfusion 5000 Syringe Pump and the CADD Ambulatory Pumps and related LifeShield Safety Software. These submissions are working their way through the process. We would call the process fair and, like prior experiences, with no real change in responsiveness from the agency, even with all the challenges they're dealing with.

自上次通話以來，我們一直在與 FDA 就 Medfusion 5000 注射泵和 CADD 便攜式泵以及相關的 LifeShield 安全軟體提交的 510(k) 申請進行對話。這些申請正在走審核流程。我們認為這個過程是公平的，而且與以往的經驗一樣，即使面臨各種挑戰，該機構的反應速度也沒有真正改變。

As a reminder: We've characterized the Medfusion 5000 as a groundbreaking new innovative product but like what we did with Plum Duo and Plum Solo, we conserved the guts of the product that made Medfusion a market leader, based on accuracy and workflow.

再次提醒：我們已將 Medfusion 5000 定位為突破性的創新產品，但就像我們對 Plum Duo 和 Plum Solo 所做的那樣，我們保留了使 Medfusion 成為市場領導者的核心功能，即準確性和工作流程。

We would describe the CADD submission as more like a catch-up 510(k) , bringing a variety of product iterations up to date in a [curly] file.

我們會將 CADD 提交描述為更像是追趕性的 510(k) 申請，將各種產品迭代更新到一個 [curly] 文件中。

When these products get cleared, all of our pump modalities will connect with a single software solution, bringing ease of use and tighter control of all types of infusions to a hospital customer.

當這些產品獲得批准後，我們所有的泵浦型號都將連接到單一的軟體解決方案，為醫院客戶帶來便捷的使用體驗和對所有類型輸液的更嚴格控制。

This was the core tenant 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.

這是此次收購的核心宗旨，即為醫院大容量輸液泵、注射器和便攜式輸液泵提供單一的軟體解決方案。我們希望客戶能夠擁有適合自己工作的合適工具，所有工具都透過通用使用者介面和軟體解決方案連接起來，從而最大限度地減少培訓，加快使用者上手速度，支援互通性，並為我們的企業客戶實現標準化。

We believe we're seeing the benefits of this vision in the marketplace today, with three distinct value drivers which can be summarized as:

我們相信，如今我們已經在市場上看到了這個願景帶來的益處，它體現在三個顯著的價值驅動因素上，可以概括為：

First, the opportunity to win competitive market share with a full suite of the newest and best-in-class products. Second, the opportunity to refresh our installed base of not only the LVP Pumps but also the install base of the Syringe and Ambulatory Pumps, as that is a very significant install base. And, lastly, to create new revenue streams via Software and Home Care connectivity, which are still in the very early days.

首先，有機會憑藉全套最新、一流的產品贏得競爭激烈的市場份額。其次，我們有機會更新我們已安裝的LVP泵以及注射泵和便攜式泵的安裝基礎，因為這是一個非常重要的安裝基礎。最後，透過軟體和家庭護理連結創造新的收入來源，但這仍處於非常早期的階段。

We believe these drivers, again, which are frankly the main reasons for the acquisition, position us for sustained growth in the medium term.

我們相信，這些驅動因素（坦白說，這也是此次收購的主要原因）將使我們在中期內持續成長。

Just wrapping up the business segments, our Vital Care segment was down 52% reported and down 4% organically, as IV Solutions revenues were deconsolidated from our income statement. Critical care and Respiratory were slightly up year over year.

最後總結一下業務板塊，我們的生命關懷板塊報告下降了 52%，有機下降了 4%，因為靜脈輸液解決方案的收入已從我們的損益表中剔除。重症監護和呼吸科的病例數較去年同期略有增加。

That's a quick summary for me on the businesses. I'll come back shortly with a few more comments. And so with that, over to you, Brian.

以上就是我對這些企業的簡要總結。我稍後會再補充幾點。那麼，接下來就交給你了，布萊恩。

Thanks, Vivek. Good afternoon, everyone.

謝謝你，維韋克。大家下午好。

Since Vivek covered the Q3 revenue for each of the businesses, I'll focus my remarks on recapping the Q3 performance for the remainder of the P&L, along with the Q3 balance sheet and cash flow; and then, provide commentary on the implications for our latest outlook.

由於 Vivek 已經介紹了各業務部門的第三季度收入，我將重點回顧損益表其餘部分的第三季度業績，以及第三季度資產負債表和現金流量；然後，就這些對我們最新展望的影響進行評論。

As you can see from the GAAP to non-GAAP reconciliation in the press release, adjusted gross margin for the third quarter was 41%, which was slightly better than our expectations. Here, we saw meaningful improvement on both a year-over-year and sequential basis.

從新聞稿中的 GAAP 與非 GAAP 調整表可以看出，第三季的調整後毛利率為 41%，略優於我們的預期。在這裡，我們看到了同比和環比的顯著改善。

There were three discrete items that impacted our gross margin rate for the quarter that are worth calling out.

本季有三個獨立因素影響了我們的毛利率，值得特別指出。

The first was the one-time benefit associated with settling the Italy medical device payback liability related to the years 2015 through 2018, whereby we paid $2.5 million to resolve those historical periods at less-than-assessed values and, therefore, reversed the excess accruals, which resulted in a one-time increase to both revenue and gross profit of approximately 4 million, improving the gross margin rate by just under a 0.5 percentage point.

第一個收益是與解決 2015 年至 2018 年期間的義大利醫療器材賠償責任相關的一次性收益，我們支付了 250 萬美元以低於評估價值的價格解決了這些歷史時期的問題，因此衝回了超額應計款項，從而一次性增加了收入和毛利潤約 400 萬美元，毛利率提高了近 0.5 個百分點。

The second item was that, consistent with our previous guidance, we saw the full benefit from deconsolidation of the IV Solutions business, which improved our gross margin rate in the third quarter by almost 5 percentage points; whereas, in comparison, the second quarter of this year, we experienced approximately half of the same benefit, given the timing of the joint venture transaction.

第二點是，與我們先前的預期一致，我們從 IV Solutions 業務的剝離中獲得了全部收益，這使我們第三季度的毛利率提高了近 5 個百分點；相比之下，由於合資企業交易的時間安排，今年第二季度我們只獲得了大約一半的收益。

The third item was the impact of tariffs. Here, we incurred and paid $11 million of tariffs during the quarter and recognized expense of $9 million in the P&L, after capitalizing an incremental $2 million into inventory.

第三項是關稅的影響。本季我們產生了並支付了 1,100 萬美元的關稅，並在損益表中確認了 900 萬美元的費用，同時將新增的 200 萬美元資本化到庫存中。

The $9 million of expense in Q3, which reduced our gross margin rate by approximately 2 percentage points, was a meaningful step up, relative to Q2 expense of $3 million, but a bit less than our prior guidance had assumed.

第三季 900 萬美元的支出使我們的毛利率下降了約 2 個百分點，與第二季 300 萬美元的支出相比，這是一個顯著的成長，但略低於我們先前的預期。

Also contributing to the year-over-year improvement were continued benefits from integration synergies and favorable foreign exchange.

此外，持續的整合綜效和有利的匯率也促成了業績的年比改善。

With the third-quarter results, we continue to progress towards our previously stated gross margin goals. In prior years, when our gross margin rate was in the mid-30%s, we established a target of 40% gross margins to be achieved from a combination of manufacturing and supply chain synergies, price increases, and improved manufacturing absorption from volume growth.

根據第三季業績，我們繼續朝著先前設定的毛利率目標邁進。前幾年，當我們的毛利率在 30% 左右時，我們設定了 40% 的毛利率目標，希望透過製造和供應鏈協同效應、價格上漲以及銷售成長帶來的製造吸收能力提高來實現這一目標。

Then, last year, we increased the target to 45% to reflect the expected benefit from the deconsolidation of the IV Solutions business.

然後，去年，我們將目標提高到 45%，以反映 IV Solutions 業務分割後預期帶來的效益。

This target of 45% was prior to the imposition of tariffs beginning in early 2025. Therefore, if you exclude the 2 percentage point impact of tariffs from our Q3 results for comparison purposes, our gross margin would have been 43%, which is within 2 percentage points of our goal.

這45%的目標是在2025年初開始徵收關稅之前設定的。因此，為了方便比較，如果從我們第三季的業績中排除關稅的 2 個百分點的影響，我們的毛利率將達到 43%，與我們的目標相差不到 2 個百分點。

We continue to believe sufficient operational improvement opportunities exist to allow us to close this remaining 2 percentage point gap, over time.

我們仍然相信，有足夠的營運改善機會，使我們能夠隨著時間的推移縮小這剩餘的 2 個百分點的差距。

Adjusted SG&A expense was $109 million in Q3. Adjusted R&D was $21 million. Total adjusted operating expenses were $130 million and represented 24.3% of revenue. The total dollar amount of spend was less than the past two quarters as a result of lower incentive compensation expense and the timing benefit from the deferral of discretionary spending, as we've implemented cost controls across the company due to the uncertain and changing environment.

第三季調整後的銷售、一般及行政費用為 1.09 億美元。調整後的研發費用為2,100萬美元。調整後的總營運支出為 1.3 億美元，佔收入的 24.3%。由於激勵性薪資支出減少，以及因推遲可自由支配支出而帶來的時間優勢，總支出金額低於過去兩季。這是因為在不確定和不斷變化的環境下，我們已在全公司範圍內實施了成本控制。

Restructuring, integration, and strategic transaction expenses were $13 million in the third quarter and related primarily to continued efforts to integrate our IT systems and consolidate our manufacturing network.

第三季重組、整合和策略交易支出為 1,300 萬美元，主要與持續整合我們的 IT 系統和鞏固我們的製造網路有關。

Adjusted diluted earnings per share for the quarter increased by 28% to $2.03 compared to $1.59 last year. The current quarter results reflect net interest expense of $20 million, an adjusted effective tax rate of 27%, and diluted shares outstanding of $24.8 million.

本季經調整後的稀釋每股收益成長了 28%，達到 2.03 美元，而去年同期為 1.59 美元。本季業績反映淨利息支出為 2,000 萬美元，調整後實際稅率為 27%，稀釋後流通股數為 2,480 萬股。

Finally, adjusted EBITDA for Q3 increased by 12% to $106 million compared to $95 million last year.

最後，第三季調整後 EBITDA 成長 12%，達到 1.06 億美元，去年同期為 9,500 萬美元。

Now, moving on to cash flow in the balance sheet, for the quarter, free cash flow was $28 million and includes the impact of a $10 million outflow related to reducing our utilization of our accounts receivable purchase program to zero. It was another solid free cash flow quarter, when taking into consideration the impact from lower usage of the receivable program, along with the cash flow impact from higher tariffs.

現在，我們來看資產負債表中的現金流。本季度，自由現金流為 2,800 萬美元，其中包括因將應收帳款購買計畫的使用率降至零而產生的 1,000 萬美元現金流出的影響。考慮到應收帳款計畫使用率降低以及關稅上漲對現金流的影響，本季自由現金流依然穩健。

During the quarter, we invested $12 million of cash spend for quality system and product-related remediation activities, $13 million on restructuring and integration, and $29 million on CapEx for general maintenance and capacity expansion at our facilities, as well as placement of revenue-generating infusion pumps with customers outside the US.

本季度，我們投入了 1,200 萬美元現金用於品質系統和產品相關的補救活動，1,300 萬美元用於重組和整合，以及 2,900 萬美元資本支出用於我們設施的一般維護和產能擴張，以及向美國以外的客戶投放創收輸液泵。

Just to wrap up the balance sheet, we finished the quarter with $1.3 billion of debt and $300 million of cash.

最後總結資產負債表，本季末我們負債 13 億美元，現金 3 億美元。

During the quarter, we paid down $25 million of principal on our Term Loan B, bringing total debt principal payments during 2025 to $273 million.

本季度，我們償還了 B 類定期貸款的 2,500 萬美元本金，使 2025 年的總債務本金償還額達到 2.73 億美元。

Subsequent to quarter end, on October 31, we completed the refinancing of the pro rata portion of our credit facility that reset the five-year term of the revolver and Term Loan A, which were scheduled to become current in January, 2026. As part of the refinancing, we increased the size of the Term Loan A by $190 million and used these additional proceeds to pay down our higher rate Term Loan B by $190 million.

季度末之後，10 月 31 日，我們完成了按比例分攤的信貸額度再融資，重新調整了循環貸款和 A 類定期貸款的五年期限，這兩筆貸款原定於 2026 年 1 月到期。作為再融資的一部分，我們將 A 類定期貸款的規模增加了 1.9 億美元，並將這些額外的收益用於償還利率較高的 B 類定期貸款的 1.9 億美元。

We expect the refinancing to save approximately $2 million annually in interest expense as a result of this reallocation of principal, along with other more favorable pricing terms.

我們預計，由於本金的重新分配以及其他更有利的定價條款，此次再融資將節省每年約 200 萬美元的利息支出。

Moving forward to the outlook for the remainder of the year, given the strong performance in Q3, we are increasing our previously provided full-year EBITDA guidance range of $380 million to $390 million to a range of $395 million to 405 million.

展望今年剩餘時間，鑑於第三季的強勁表現，我們將先前提供的全年 EBITDA 指引範圍從 3.8 億美元至 3.9 億美元上調至 3.95 億美元至 4.05 億美元。

For the full-year adjusted EPS, we are updating our previous guidance range of $6.85 to $7.15 per share to $7.35 to $7.65 per share.

對於全年調整後每股收益，我們將先前每股 6.85 至 7.15 美元的預期範圍更新為每股 7.35 至 7.65 美元的預期範圍。

This guidance assumes fourth-quarter revenues and underlying profitability are generally consistent with the third quarter, plus the impact of three specific items.

這個預期假設第四季度營收和基本獲利能力與第三季基本一致，再加上三個特定項目的影響。

The first is the absence of the discrete $4 million benefit from the Italy payback settlement that we experienced in Q3.

首先，我們未能像第三季那樣，從義大利賠償協議中獲得 400 萬美元的獨立收益。

The second is higher tariff expense in the fourth quarter, as we will incur a full-quarter impact of the Costa Rica tariff rate that increased from 10% to 15%, effective August 7. We expect fourth-quarter tariff expense to be in the range of $12 million to 14 million, which would bring the full-year tariff expense to around $25 million.

第二點是第四季關稅支出增加，因為哥斯達黎加關稅稅率從 10% 提高到 15%（自 8 月 7 日起生效）將對整個季度產生影響。我們預計第四季度關稅支出將在 1200 萬美元至 1400 萬美元之間，這將使全年關稅支出達到約 2500 萬美元。

The third item is sequentially higher operating expenses, as the third-quarter benefit from the lower incentive compensation and deferral of discretionary spend is not expected to be experienced to the same degree in Q4.

第三項是營運費用較上季增加，因為第三季因激勵性薪資降低和可自由支配支出遞延而帶來的收益預計在第四季不會以同樣的程度實現。

As a result, for the fourth quarter, we're assuming operating expenses to be approximately 25.5% of revenue which, despite being higher than Q3, is lower than our previously provided guidance of 26% for the back half of this year.

因此，我們預計第四季度的營運費用約為收入的 25.5%，雖然高於第三季度，但低於我們先前對今年下半年的 26% 的預期。

After considering these items, Q4 gross margin should be in the range of 40% to 41%, consistent with our previous guidance; and assumes the current tariff environment and foreign exchange rates remain in place through the end of this year.

考慮到這些因素，第四季毛利率應在 40% 至 41% 之間，與我們先前的預期一致；並假設目前的關稅環境和匯率將持續到今年年底。

Net interest expense should be approximately $19 million in Q4. For modeling purposes, you can assume fourth-quarter adjusted tax rate of 25% and fourth-quarter dilute shares outstanding of $25 million.

第四季淨利息支出預計約為1900萬美元。為了建模目的，您可以假設第四季度調整後的稅率為 25%，第四季度稀釋後的流通股數為 2500 萬美元。

To wrap up, we're happy with the solid performance of the business during the third quarter, as our Consumables and Infusion Systems businesses are as large as they've ever been.

總而言之，我們對第三季業務的穩健表現感到滿意，因為我們的耗材和輸液系統業務規模達到了歷史最高水準。

We continue to progress towards our gross margin goals. We saw sequential EBITDA improvements, despite the increasing headwinds from the tariffs and the deconsolidation of IV solutions.

我們正朝著毛利率目標穩步前進。儘管關稅上漲和靜脈輸液解決方案的剝離帶來了越來越大的不利因素，但我們的 EBITDA 仍實現了連續成長。

Now, I'll hand the call back over to Vivek to close out with a few additional thoughts.

現在，我將把電話交還給維韋克，讓他補充幾點看法。

Thanks, Brian.

謝謝你，布萊恩。

I'll make a few remarks on how we're evaluating our performance, both financially and strategically; our goals around the balance sheet and optimizing our portfolio; and, lastly, a couple of thoughts on the medium-term priorities of the company.

我將就我們如何評估公司在財務和策略方面的表現、我們在資產負債表和優化投資組合方面的目標、以及最後，並對公司的中期優先事項發表一些看法。

In terms of assessing our financial performance on the income statement, I'll use some of the numbers Brian just ran through. If we assume the full 2025 tariff impact is approximately $25 million and added that back to the midpoint of our current view of $400 million of EBITDA, we would be pleased with the result of $425 million as compared to the $370 million in EBITDA last year. That doesn't even correct for the $15 million or $20 million of EBITDA that was deconsolidated with the JV creation.

為了評估我們在損益表上的財務業績，我將使用布萊恩剛才提到的一些數字。如果我們假設 2025 年關稅的全部影響約為 2500 萬美元，並將其加回到我們目前對 4 億美元 EBITDA 預期的中間值，那麼與去年的 3.7 億美元 EBITDA 相比，4.25 億美元的結果將令我們感到滿意。這甚至還沒有修正因合資企業成立而從合併報表中剔除的 1,500 萬美元或 2,000 萬美元 EBITDA。

Since early 2024, we've been talking about under-earning. These pro forma results show that we're closing the gap. But we fully understand we don't live in a pro forma universe and tariffs are actual costs so, as previously discussed, we continue to do everything possible to mitigate.

自 2024 年初以來，我們一直在討論收入不足的問題。這些模擬結果顯示，我們正在縮小差距。但我們完全明白，我們生活在一個並非按計劃進行的世界裡，關稅是實際成本，因此，正如之前討論過的，我們將繼續盡一切可能減輕關稅的影響。

Strategically, our goal has been to build the most comprehensive and innovative infusion-focused company.

從策略上講，我們的目標是打造最全面、最具創新性的輸液治療公司。

This shows, first, in our recent historical revenue. The data on slide 3 lays out our revenue growth for the last six quarters. Throughout the difficulties of the last few years, we did not skimp on R&D and innovation nor capital investments into the manufacturing assets of our Consumables and Systems segment. We found a win-win with Otsuka in the JV.

首先，這一點可以從我們近期的歷史收入看出。第 3 張投影片的數據列出了我們過去六個季度的營收成長。儘管過去幾年困難重重，但我們並沒有在研發和創新方面吝嗇投入，也沒有減少對耗材和系統部門製造資產的資本投資。我們與大塚株式會社成立了合資企業，實現了雙贏。

As a result, we believe in IV Systems. We have a complete and clinically differentiated platform solution that will anchor the segment for the next 10-plus years, as the product life cycles are incredibly long.

因此，我們相信靜脈輸液系統。我們擁有完整且具有臨床差異化的平台解決方案，這將在未來 10 年甚至更長時間內鞏固該細分市場的地位，因為產品生命週期非常長。

In Infusion Consumables, we have the scale underpinned by leading brands, with great clinical data that will be supported with more innovation in the core and the adjacencies of this segment to support growth.

在輸液耗材領域，我們擁有領先品牌支撐的規模，以及強大的臨床數據，我們將在該領域的核心和相關領域進行更多創新，以支持成長。

We believe these investments, alongside good commercial execution, can continue the revenue trends seen on the chart I just referenced.

我們相信，這些投資加上良好的商業執行，可以延續我剛才提到的圖表中所顯示的營收成長趨勢。

The balance sheet and overall portfolio also play a role in maximizing revenue growth in EPS. We assume, over time, we'll have less leverage and be in a lower rate environment so we would expect EPS would increase faster than EBITDA.

資產負債表和整體投資組合在最大化每股收益收入成長方面也發揮作用。我們假設，隨著時間的推移，我們的槓桿率會降低，利率環境也會降低，因此我們預期每股盈餘 (EPS) 的成長速度將快於息稅折舊攤提前利潤 (EBITDA)。

At the end of 2025, we would expect to be 2.5 times levered net debt-to-EBITDA. Our previous comments still apply. Our ideal place is to be around 2 times levered, given the innovation we believe we have in-house to return any additional capital to shareholders in the most efficient fashion.

預計到 2025 年底，槓桿淨負債與 EBITDA 的比率將達到 2.5 倍。我們之前的評論仍然適用。我們理想的槓桿率應該在 2 倍左右，因為我們相信公司內部的創新能力能夠以最有效的方式將任何額外的資本回饋給股東。

The most obvious and fully under-our-control way of getting there is, organically, by improving free cash flow. It's why, in addition to offsets to tariffs, we're focused on reductions to below-the-line cash outlays and restructuring integration and quality, as they've been material.

實現這一目標最明顯且完全在我們掌控之中的方式，就是透過自然而然地改善自由現金流。正因如此，除了抵消關稅外，我們還專注於減少線下現金支出，並重組整合和提高質量，因為這些都至關重要。

The [lessen-than-our-control] means is via any available portfolio optimizing, like we did with IV Solutions. If that is available to us, it'd be a positive for the overall company revenue growth rate and, likely, gross margins. But with the balance sheet in the safe position it is now and an improving interest rate for environment, we're on better footing to evaluate and optimize each piece of the portfolio, if the opportunity was to arise.

我們無法控制的手段是透過任何可用的投資組合優化，就像我們對 IV Solutions 所做的那樣。如果能夠實現這一點，將有利於公司整體收入成長率，並可能提高毛利率。但由於目前的資產負債表狀況良好，且利率環境也在改善，如果機會出現，我們將更有能力評估和優化投資組合中的每一部分。

In terms of our medium-term execution priorities, they can be summarized at a high level as the following:

就其中期執行重點而言，可以概括如下：

First, to continue to commercially execute to sustain and supplement the revenue growth shown on slide 3. Second, to work with our partners at FDA to gain approval for the new Infusion Systems, hardware and software; and bring resolution of the Warning Letters. Third, to complete the integration activities in the areas of consolidations in our production, logistics, and real estate network that are important contributors to the 2 points of gross margin Brian just referenced. And, lastly, make progress on the leverage ratio, either way, to allow for capital return.

首先，繼續進行商業執行，以維持和補充投影片 3 所示的收入成長。其次，與 FDA 的合作夥伴共同努力，爭取獲得新的輸液系統、硬體和軟體的批准；並解決警告信的問題。第三，完成我們在生產、物流和房地產網路整合領域的整合活動，這些都是布萊恩剛才提到的毛利率提高 2 個百分點的重要因素。最後，無論如何都要在槓桿率方面取得進展，以便獲得資本回報。

All in all, it's a good place to be, with our best businesses growing, reaching record sizes and projects nearing completion. We expect 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; and, ultimately, to transfer value from debt to equity for the company.

總而言之，這裡是個好地方，我們最好的企業正在發展壯大，規模創下歷史新高，專案也即將完成。我們期望耗材和系統業務能夠成為可靠的成長點，擁有行業可接受的利潤率；擁有最緊密、最優化的製造網絡，並且每個業務都擁有多年的創新組合；最終，將公司的價值從債務轉移到股權。

There's no confusion within the company in the pursuit of these goals. We don't really have any frivolous activities here.

公司內部在追求這些目標方面沒有任何分歧。我們這裡沒有什麼無聊的活動。

We produce essential items that require significant clinical training; hold manufacturing barriers; and, in general, are items that customers do not want to switch unless they must. The market needs ICU Medical to be an innovative, reliable supplier. Our company is stronger from all the events of the last few years.

我們生產的必需品需要大量的臨床訓練；生產難度很高；而且，一般來說，除非迫不得已，否則客戶都不想更換這些產品。市場需要ICU Medical成為一家創新、可靠的供應商。經歷了過去幾年的種種事件，我們公司變得更強大。

Thanks to all the team members and customers, as we improve each day.

感謝所有團隊成員和客戶，我們每天都在進步。

With that, we'll open it up to questions.

接下來，我們將開放提問環節。

(Operator Instructions)

（操作說明）

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

Good afternoon. Congratulations on the progress here.

午安.恭喜你們的進展。

I wanted to start with Consumables. Last quarter, you talked about the expanded label for Clave. If you can just maybe talk to the sources of the strengths here. I have a tough time believing that it's all the expanded label nor is this business really a lumpy business. So if you can go into a bit more detail on the source of the strength here.

我想先從消耗品開始。上個季度，您談到了Clave的擴充標籤。如果你能和這些優勢的來源者談談就好了。我很難相信這一切都是品牌擴張的結果，而這個產業其實也不是一個規模龐大的產業。所以，如果您能更詳細地說明一下這種力量的來源就太好了。

Sure. Thank you for the question, Jason. Thanks for the kind words.

當然。謝謝你的提問，傑森。謝謝你的鼓勵。

I think there's probably two, three, four drivers of this. I think the marketing points we made in the last call are certainly helpful. I think the drivers could be -- and it's not necessarily in the order of priority but where we have one, more often than not, we'd win the Consumables. And so I think that's been in the background.

我認為這可能有兩個、三個、四個驅動因素。我認為我們在上一次電話會議中提出的行銷要點肯定是有幫助的。我認為司機可能會——這不一定是按優先順序排列的，但如果我們有一個司機，通常情況下，我們會贏得消耗品。所以我覺得一直都在我的考慮範圍內。

I think some of the market share gains late in the year last year and early this year around customer wins that had, really, IV Solutions and Consumables have come to fruition or are getting installed, that's probably the second reason.

我認為去年年底和今年年初，我們透過贏得客戶，獲得了一些市場份額，而這些客戶實際上已經購買了靜脈輸液解決方案和耗材，或者正在安裝這些解決方案，這可能是第二個原因。

The third is the niche markets. Embedded in there is still Oncology, dialysis, some of the specialty markets that we've done a nice job of developing. I think those are going well.

第三種是細分市場。其中仍包含腫瘤學、透析等一些我們發展得很好的專業市場。我認為這些進展順利。

I don't know, Brian, if you've got anything else. I think those are the top 3 reasons.

布萊恩，我不知道你還有沒有其他東西。我認為這是最重要的三個原因。

And then, maybe fourth, just to talk more, is a little bit of the international markets, particularly Western Europe, so pretty good.

然後，或許第四點，再多談談國際市場，特別是西歐市場，情況相當不錯。

Nothing else to add.

沒有其他要補充的了。

Okay. Just on the growth, I appreciate the comment that it won't see the same. Consumables won't see the same sequential lift as it did 2Q to 3Q. But can we assume the expectation is Consumables grow sequentially?

好的。就成長而言，我很贊同「不會出現同樣情況」這一觀點。消耗品銷售額不會像第二季到第三季那樣較上季成長。但我們能否假設消耗品會依序成長？

I think, Jason, I don't know that we'd want to be so precise and everything. We hit a really good plateau here. You can look at the track record. That slide lays out exactly what's happening.

傑森，我覺得我們沒必要那麼精確。我們在這裡達到了一個非常好的平台期。你可以看看過往業績。那張幻燈片清楚地展示了正在發生的事情。

Consumables, we're standing by our mid-single digits comments for the year. We feel very good about it for the balance year. We feel very good about it next year.

對於消耗品，我們堅持先前對全年個位數中段成長的預測。我們對本年度剩餘時間的業績感到非常樂觀。我們對明年充滿信心。

I don't want to be in a place where we say something we're not 100% able to commit to so I don't want to be so precise.

我不想讓自己陷入那種說一些我們無法百分之百保證的話的境地，所以我不想說得太精確。

Okay. That's fair. Maybe just one more for me and I'll let some others jump in.

好的。這很合理。也許我再吃一個，然後讓其他人也來吃。

On Infusion Systems, can you comment on Duo and the traction you're seeing in the market? If there's any metrics you can provide in terms of percent of installs, orders, anything like that, that would be great.

關於輸液系統，您能否談談 Duo 以及您在市場上看到的進展？如果您能提供一些關於安裝率、訂單量百分比之類的指標，那就太好了。

And then, just, are you taking orders for Solo now?

那麼，你們現在接受Solo的訂單嗎？

We are taking orders for Solo now. And so we are signing contracts, which is great.

我們現在開始接受Solo的訂單。所以我們正在簽訂合同，這很好。

I think the installs are still in the relative early days. I'm not sure we'd say a lot more than that, other than there's a lot of dialogue going on in the pump market in the US.

我認為這項技術目前還處於相對早期的階段。除了美國泵浦市場正在進行許多對話之外，我不確定我們還能透露更多資訊。

Okay. Thanks.

好的。謝謝。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

Hey, guys. Thank you very much for taking the questions. I'm just going to stick to one and then, I'll jump back in the queue.

嘿，夥計們。非常感謝您回答這些問題。我打算先選一個，然後就重新排隊。

Wanted to just ask about 2026. I think you gave some maybe directional commentary on, like, tariffs. I'm just curious how you're thinking about maybe the full-year picture for 2026 in regards to tariff exposure, given you've had some additional updates the last few months and maybe a little more time to work on potential mitigation.

想問一下2026年的情況。我認為你對關稅等方面發表了一些有方向性的評論。我只是好奇，鑑於您在過去幾個月裡獲得了一些新的信息，並且可能有更多的時間來研究潛在的緩解措施，您是如何看待 2026 年全年關稅風險的。

I know in the past you've said not to necessarily annualize the 2H impact but just sounds like a high 4Q exit rate. Thank you very much.

我知道你過去曾說過不一定要將下半年的影響年化，但這聽起來像是第四季的退出率很高。非常感謝。

Sure. Obviously, an important topic, Brett. We don't want to make it all about that. Thank you for the question.

當然。顯然，這是個重要的主題，布雷特。我們不想讓事情都圍繞著這件事。謝謝你的提問。

I think we would stand by exactly the same things we've said when we've been out on the road in the fall, which was it is the actual number that we said here. This year, please don't annualize it.

我認為我們會堅持我們在秋季巡迴演講時所說的一切，那就是我們在這裡所說的實際數字。今年請不要將其作為年度項目。

We're working on all the things that one does in terms of supply chain manufacturing, et cetera, to do our best to offset as much as possible. A lot of that work is in flight.

我們正在努力做好供應鏈製造等方面的所有工作，盡我們所能地抵消盡可能多的影響。很多工作都在飛行中完成。

I would prefer to leave it at that, right now, not make this whole conversation about tariffs.

我希望現在就到此為止，不要把整個談話都變成關於關稅的討論。

Mike Matson, Needham.

麥克馬特森，尼德姆。

Yeah. Thanks.

是的。謝謝。

You talked about the 45% gross margin target. I understand the tariffs have affected that. But let's just say you get to that 45% on a tariff-adjusted basis, what happens then? Is there still room to go higher? Will you be able to get leveraged earnings growth? Or are you going to be more reliant on financial leverage?

你提到了45%的毛利率目標。我知道關稅對此產生了影響。但假設按關稅調整後的比例達到 45%，會發生什麼事？還有上漲空間嗎？您能否獲得槓桿式獲利成長？或者，你打算更依賴財務槓桿？

As you said, with the leverage ratio coming down, you'll return; maybe do buybacks and things like that to drive more earnings growth.

正如你所說，隨著槓桿率下降，你會回歸；或許會進行股票回購之類的操作來推動獲利成長。

Mike, we appreciate the question. We're chuckling here. You're talking to people who are [36] not that long ago so it was very -- we're happy with what we've done. We still need to close the gap to get there. I appreciate you asking beyond that.

麥克，感謝你的提問。我們都笑了。你正在和[36]不久前才出生的人交談，所以——我們對我們所做的一切感到滿意。我們仍需縮小差距才能達成目標。感謝您提出更多問題。

It's two things. It's about the value of the technology and the hardware; and what's our ability to sustain and improve that, over time; what's our ability to change the mix, add more software products to the market to grow consumables, the overall mix of the company.

這是兩件事。這關乎技術和硬體的價值；以及我們能否隨著時間的推移維持和改進這些價值；我們能否改變產品組合，為市場增加更多軟體產品以增加消耗品，從而改變公司的整體產品組合。

Consumables. Obviously, before we did all things over the last few years, you can look up the 10-K and see the margins of Consumables are very attractive. But they have to have the right mix to make a difference on the whole. We continue to work that to get there.

消耗品。顯然，在我們過去幾年所做的一切之前，你可以查閱 10-K 報告，就會發現耗材的利潤率非常誘人。但它們必須有合適的組合才能在整體上產生影響。我們將繼續努力實現這一目標。

We do have some businesses that are obviously below the corporate margin average, right? In the right circumstance, we would probably figure out if we can do something with those.

我們確實有一些業務的利潤率明顯低於公司平均水平，對吧？在適當的條件下，我們或許會弄清楚能否利用這些東西做些什麼。

And so I think there's a couple shots on gold. There's the value of the technology. There's a mix of the overall portfolio. There's pieces of the portfolio. And then, the financial leverage, we talked about, too. Those are all arrows in the quiver about how we have to drive earnings.

所以我覺得還有幾次機會可以拿下金牌。這就是技術的價值所在。這是整體投資組合的混合組合。這是作品集的一部分。然後，我們也談到了財務槓桿。這些都是我們提高獲利能力的多種策略之一。

I've listened to the industry calls over the last week. Everybody's talking about returning capital and doing all the things you're supposed to do with what the industry's gone through. And so we're no different.

過去一周，我一直在收聽行業電話會議。大家都在談論如何返還資本，以及如何應對產業所經歷的一切。所以我們也不例外。

Yes. Thanks. Not to take anything away from the tremendous gross margin improvement we've already seen, which is great.

是的。謝謝。當然，我們絕對不會忽視已經取得的巨大毛利率提升，這非常棒。

And then, my other question would just be around pricing. What are you seeing? I know you talked in the past about some of these contract renewals and things like that. Are you getting improved pricing anywhere?

然後，我的另一個問題是關於價格的。你看到了什麼？我知道你之前談到過一些合約續約之類的事情。你有沒有在其他地方獲得更優惠的價格？

I think you're asking the question that's been at the heart of the part of this industry's challenge, right, that the industry sold under fixed-price contracts for a number of these categories for a long period of time and absorbing inflation was hard.

我認為你提出的問題正是這個產業面臨的挑戰的核心所在，對吧？那就是，長期以來，該行業在許多類別中都採用固定價格合約進行銷售，因此很難消化通貨膨脹的影響。

All of us, I think, have been very focused on making sure we're getting fair value for our products. We try at every opportunity. It doesn't mean it's an easy conversation. The system is under pressure in a few spots.

我認為，我們所有人都非常注重確保我們的產品獲得公平的價值。我們抓住每一個機會。但這並不意味著這是一場輕鬆的對話。系統某些區域承受壓力。

But where the market structure is right and where the clinical value is right and where our competitiveness is right, yeah, we think we have eked out.

但是，在市場結構合適、臨床價值合適、我們的競爭力也合適的情況下，是的，我們認為我們已經成功了。

Brian can go through the macro numbers each year. It's a bit of a high-level number we give, saying what's the annual impact price, right? Do you want to make a few comments on that?

布萊恩可以逐年分析宏觀數據。我們給的只是一個比較籠統的數字，意思是說年度影響價格是多少，對吧？你對此有什麼看法嗎？

Yeah. I think, earlier in the year, we said we were expecting to get around 1% overall price increase. I think we're very much on track to see that in the P&L this year.

是的。我想，今年早些時候，我們曾表示預計整體價格上漲幅度約為 1%。我認為我們很有可能在今年的損益表中看到這一點。

Okay. That's great. Thank you.

好的。那太棒了。謝謝。

(Operator Instructions)

（操作說明）

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Great. Thanks very much. Hey, just a couple of follow-ups on the Systems, in particular.

偉大的。非常感謝。嘿，關於系統方面，還有幾個後續問題。

Could you maybe just characterize your discussions on the replacement side, the opportunity there? I think you've mentioned that, I think, a large part of your base is actually eligible or that has come up on the timeline where it's up for a refresh. So could you just maybe discuss that opportunity over the next few years? Anything a little bit more?

您能否簡單介紹一下您在人員更替方面的討論，以及這方面的機會？我想你已經提到過，我認為，你們基地的大部分成員實際上符合條件，或者說，他們的基地已經到了需要更新換代的時候了。那麼，您能否在未來幾年探討這個機會呢？還有什麼需要補充的嗎？

I know you mentioned a refresh cycle for Ambulatory and Syringe. I imagine, assuming those are all -- you get those newer 51(k)K approvals, could that be something that also begins next year?

我知道您提到過便攜式註射器和注射器的更新周期。我想，假設這些就是全部——你獲得了新的 51(k)K 批准，這會不會也是明年開始的事情呢？

Yeah. Sure. Yeah.

是的。當然。是的。

Larry, I think we tried to articulate, in the Pump business, there are, I think, three ways to create value, right? Ultimately, for us, for the last couple of years, because Post-Hospira, the Plum 360 was a relatively new entry into the US pump market, new device into the pump market.

拉里，我認為我們已經嘗試闡明，在泵行業，創造價值的方式有三種，對吧？最終，對我們來說，在過去幾年裡，由於 Post-Hospira，Plum 360 是進入美國泵浦市場的相對較新的產品，是泵浦市場的新設備。

We didn't have a lot of opportunity for refresh or replacement of our own installed base. We really had to focus on competitive share gains. We are still -- absolutely, the number 1 way to create value is to focus on competitive share gains.

我們沒有太多機會更新或更換我們自己的已安裝設備。我們必須真正專注於提升市場佔有率。我們仍然——絕對地——創造價值的第一條途徑是專注於提高市場份額。

But if we can offer more tech in the current device of the Duo and (inaudible) existing install base and that existing install base buys multiple of these products from us across each of our pillars, that's an opportunity to create value and add more value to that existing customer base. That process is in the very early days.

但是，如果我們能在 Duo 的現有設備和（聽不清楚）現有安裝基礎中提供更多技術，並且現有安裝基礎從我們各個支柱產品線購買多件此類產品，那麼這就是一個創造價值並為現有客戶群增加更多價值的機會。這個過程還處於非常早期的階段。

Most of those devices entered the US market when Hospira brought the 360 back on the market in 2016, 2017. So that will start in earnest, I think, the middle of next year, end of next year, from a contract perspective. If we see any benefit from it, it would not be really till the end of next year. It's just starting.

這些設備中的大多數是在 Hospira 於 2016 年、2017 年將 360 重新推向市場時進入美國市場的。所以，從合約的角度來看，我認為真正開始的時候應該是明年年中或明年年底。如果我們能從中看到任何好處，那也要等到明年年底了。一切才剛開始。

Just a question on free cash flow.

關於自由現金流的問題。

Sorry. I'm sorry. Let me answer -- the CADD and Medfusion points are the same on Smiths. Those are very large on small basis, too. We've been so focused on the LVP discussion. There's some opportunities there, too, that we're focused on. That's why Medfusion 5000 is really important.

對不起。對不起。讓我來回答—在史密斯醫院，CADD 和 Medfusion 的評分標準是一樣的。即使以小規模計算，它們也很大。我們一直都非常關注LVP的討論。那裡也有一些機會，我們正在重點關注。這就是 Medfusion 5000 非常重要的原因。

Right. And then, on the pre-cash flow in the quarter, pretty solid. Especially if we back out the AR impact and then, the remediation and restructuring, you would actually have done $60 million. I know the remediation and restructuring are probably not stopping anytime soon but maybe -- you can't just say you're going to do $250 million next year and multiply it by four.

正確的。而且，本季現金流前數據相當穩健。特別是如果我們扣除應收帳款的影響，再加上補救和重組，實際上已經完成了 6000 萬美元。我知道補救和重組可能不會很快停止，但——你不能只是說你明年要投入 2.5 億美元，然後把它乘以四。

But does this demonstrate the ability for your business to generate significant free cash flow? As remediation and restructuring expenses start to hopefully wane over the next couple of quarters, should we see a nice jump in free cash flow? Thanks.

但這是否顯示您的企業有能力產生可觀的自由現金流？隨著未來幾季補救和重組費用有望開始減少，我們是否會看到自由現金流大幅成長？謝謝。

Yeah. Larry, good question.

是的。拉里，問得好。

It's hard to take any individual quarter for free cash flow and annualize it, just because you do tend to have a lot of things that show up in one quarter and not in another. But we do absolutely believe that free cash flow is really an opportunity for us to drive value, especially as some of the improvements in gross margin begin to get to our goals on that.

很難將任何一個季度的自由現金流進行年化計算，因為許多因素往往會在一個季度出現，而在另一個季度則不會出現。但我們堅信，自由現金流確實是我們創造價值的機會，尤其是在毛利率的改善開始接近我們的目標時。

I think you've identified the next value driver for us. You're right. It's not going to be seen in the very short term, in terms of some of the spend coming down, but that's the opportunity that we have in front of us.

我認為你已經找到了我們下一個價值驅動因素。你說得對。短期內，支出可能不會下降，但這正是我們面前的機會。

It's about time. We've been pumping capital in, right? Get the consolidation done, logistics done, et cetera.

早就該這樣了。我們一直在投入資金，對吧？完成貨物整合、物流安排等等。

Those remediation restructuring expenses have averaged close to $100 million a year, right? I think, since you acquired Smiths. Is that number directionally going to start dropping materially, as we look out the next few years?

這些補救性重組費用平均每年接近 1 億美元，對吧？我想，自從你收購了史密斯公司之後。展望未來幾年，這個數字是否會開始大幅下降？

Yeah. I hate to be a little bit of a downer on this one, Larry. Yes, that number is going to go down. But the tariffs do consume some cash on the front end, too. So we're trying to balance those things.

是的。拉里，我不想在這件事上潑冷水。是的，這個數字將會下降。但關稅也會在前期消耗一些資金。所以我們正在努力平衡這些因素。

Yeah, yeah, yeah. We're building that in on your net income. You're already taking that on your operating, Yeah, about that.

是啊，是啊，是啊。我們已將這部分費用計入您的淨收入中。你已經在營運中承擔了這一點，是的，關於這一點。

But, yeah, that's fair. Okay. Great. I appreciate all the color. Thanks, guys.

不過，嗯，這很合理。好的。偉大的。我喜歡這些色彩。謝謝各位。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Hey. Good afternoon. Thanks for taking the questions. Congrats on a really good quarter here, guys.

嘿。午安.謝謝您回答問題。恭喜各位，這個季度業績非常出色！

Sorry. I've bounce around a couple calls so apologies if these have been asked.

對不起。我接了好幾通電話，所以如果這些問題之前有人問過，請見諒。

I would assume if there was an update to be shared on the FDA and the Warning letters, we'd have heard it today. You'd have proactively addressed that.

我想，如果FDA和警告信有什麼最新消息要公佈，我們今天應該已經聽到了。你本來可以主動解決這個問題。

But just checking in on that topic, is there anything new to share on those Warning letters? Any updated dialogue or scheduled interactions with the agency?

關於警告信這個主題，有什麼新的進展可以分享嗎？與該機構之間是否有任何新的對話或已安排的互動？

We tried to – thanks for the question, Jason. It's good we didn't talk about it in the Q&A.

我們嘗試過…謝謝你的提問，Jason。幸好我們沒有在問答環節討論這個問題。

I think there is some attempts by us to bring them to resolution. I think they really center around getting the new product approvals done. We're very focused on that.

我認為我們已經做出了一些努力來解決這些問題。我認為他們的主要精力都放在完成新產品審批上。我們非常關注這一點。

I tried to give an update in the script on -- the dialogue's been normal, even though with all the stuff the government's gone on, they're being responsive. It feels like the other things we went through on the Duo, Solo, so there's been good dialogue.

我試著在劇本中更新一下情況——對話一直很正常，儘管政府做了很多事情，但他們都在積極回應。感覺就像我們在《雙人組》和《單人》中經歷的其他事情一樣，所以一直有很好的交流。

We're focused on getting the products approved, first and foremost. No change in our view of -- no change in the feel of that, with what's going on there.

我們首要的任務是確保產品獲得批准。我們對那裡發生的事情的看法沒有改變——感覺上沒有任何改變。

Okay. Perfect. Yeah. Status quo.

好的。完美的。是的。現狀。

Maybe, just for a follow-up question, I got a similar thing here but I'll ask it. Something that's come up in past calls. Vivek, you've been a little more open to the idea of some more portfolio management within that Vital Care segment. Obviously, nothing to announce here today but maybe give us your feelings or a status update on where discussions are, as far as evaluating strategically what fits; what doesn't fit; are there interested parties out there; are there discussions happening, just anything there that can help with thinking about what that segment looks like, going forward.

也許，我還有一個後續問題，我這裡也有類似的問題，但我還是會問的。這是過去幾次通話中都提到過的問題。維韋克，你對在生命關懷領域進行更多投資組合管理的想法持更加開放的態度。顯然，今天沒有什麼要宣布的，但或許可以分享一下您的想法或討論的最新進展，例如從戰略角度評估哪些合適、哪些不合適；是否有感興趣的各方；是否正在進行討論等等，任何有助於我們思考該領域未來發展方向的信息都可以。

It's dangerous to commit when people say we're adamantly going down this path and then, that doesn't happen. I think we've been trying to be transparent.

當人們說我們要堅定地走這條路，但結果卻並非如此時，貿然做出承諾是很危險的。我認為我們一直努力做到透明。

If you look at the company, we were a $300 million parts supplier seven years ago. And so we've had the ability to get things done with large multinationals across the globe.

如果你看看我們公司，你會發現七年前我們是一家年營業額達 3 億美元的零件供應商。因此，我們有能力與全球各地的大型跨國公司合作完成專案。

That is one of the team's competencies over the years. And so we continue to explore all available avenues.

這是該團隊多年來的優勢之一。因此，我們將繼續探索所有可行的途徑。

If there was something to get done, it would have got done already, right? And so I think we were trying to be a little bit introspective about it, saying we don't want to do things that are value-destructive.

如果真有什麼事要做，早就做完了，對吧？所以我覺得我們當時是想進行一些反思，說我們不想做任何有損價值的事情。

The balance sheet is -- and Brian did an amazing job, got the financing done, et cetera. We got a little time to be patient. We continue to explore what's available.

資產負債表是－布萊恩做得非常出色，完成了融資等等。我們有一點時間耐心等待。我們將繼續探索各種可能性。

I'm not sure I'd want to give more color than that or certainty because it's not 100% in our control, right?

我不確定是否應該給出更多細節或更確切的答案，因為這並非我們100%能夠掌控，對吧？

I think we're pretty transparent in the script. The slide speaks for itself. It shows a varying difference in growth rates across the businesses. We're very transparent.

我認為我們在劇本中已經相當透明了。幻燈片本身就能說明一切。它顯示不同企業的成長率有差異。我們非常透明。

Like in the case of IV Solutions, we didn't feel we had all the tech that you need to be competitive in hand. We went out and found a partner. The same logic could apply to some of the smaller businesses, too.

就像 IV Solutions 的情況一樣，我們覺得我們還沒有掌握所有必要的技術，無法保持競爭力。我們出去找了個伴侶。同樣的道理也適用於一些規模較小的企業。

All right. Perfect. Thanks so much, guys.

好的。完美的。非常感謝各位。

Thank you for the questions.

謝謝大家的提問。

This does conclude the Q&A session.

問答環節到此結束。

I'd like to turn the program back over to Vivek Jain for any closing remarks.

我謹將發言權交還給維韋克·賈恩，請他作總結發言。

Thanks, everyone, for the interest.

感謝大家的關注。

We've got more Q&A on the call, more people covering us.

我們增加了電話會議的問答環節，也增加了報道我們的人員。

It's great. We appreciate everybody's time and attention.

這很棒。感謝大家的時間和關注。

We wish everyone a good end to the year. We look forward to talking to you in early 2026.

祝大家年末一切順利。我們期待在 2026 年初與您洽談。

Thanks very much.

非常感謝。

Thank you for your participation. This does conclude today's program.

感謝您的參與。今天的節目到此結束。

You may disconnect at any time.

您可以隨時斷開連線。