ICU Medical, Inc. (ICUI) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and welcome to today's ICU Medical, Inc. first quarter 2026 earnings conference call. (Operator Instructions) Also, please note that today's event is being recorded.

各位下午好，歡迎參加 ICU Medical, Inc. 2026 年第一季財報電話會議。（接線員指示）另外，請注意今天的活動將被錄音。

I would now like to turn the conference over to Deirdre Thomson with ICR. Please go ahead.

現在我想把會議交給 ICR 的 Deirdre Thomson。請開始。

Good afternoon, everyone. Thank you for joining us to discuss ICU Medical's financial results for the first quarter of 2026. On the call today representing ICU Medical is Vivek Jain, Chief Executive Officer and Chairman; and Brian Bonnell, Chief Financial Officer.

各位下午好。感謝各位加入我們，一同討論 ICU Medical 2026 年第一季的財務結果。今天代表 ICU Medical 出席電話會議的有：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 Investor page and click on Events Calendar, and it will be under the First Quarter 2026 Events. Before we start our prepared remarks, I want to touch upon any forward-looking statements made during the call, including beliefs and expectations about the company's future results.

我們想讓大家知道，今天的預先準備發言有搭配簡報。若要查看簡報，請前往我們的投資人頁面並點選「Events Calendar」，在「First Quarter 2026 Events」下即可找到。在開始我們的準備發言之前，我想先提醒本次電話會議中所提及的任何前瞻性陳述，包括對公司未來業績的信念與預期。

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 risks and uncertainties.

請注意，這些陳述係基於管理層所能取得的最佳資訊，以及其認為合理的假設。此類陳述不旨在代表未來結果，且可能受到風險與不確定性影響。

Future results may differ materially from management's current expectations. We refer all of you to the company's SEC filings for more detailed information on the risks and uncertainties that have a direct bearing on operating results and financial position. Please note that during today's call, we will also discuss non-GAAP financial measures, including results on an adjusted basis.

未來結果可能與管理層目前的預期有重大差異。我們請各位參閱公司向 SEC 提交的文件，以取得與營運結果及財務狀況直接相關之風險與不確定性的更詳細資訊。另請注意，在今天的電話會議中，我們也將討論非 GAAP 財務衡量指標，包括以調整後基礎呈現的結果。

We believe these financial measures can facilitate a more complete analysis and greater transparency into ICU Medical's ongoing results of operations, particularly when comparing underlying results from period to period. We've also included a reconciliation of these non-GAAP measures in today's press release and provide as much detail as possible on any addendums that are added back.

我們相信，這些財務衡量指標有助於更完整的分析，並提升 ICU Medical 持續營運成果的透明度，特別是在跨期間比較基本面結果時。我們也在今天的新聞稿中提供了這些非 GAAP 指標的調節表，並就任何加回項目盡可能提供詳細說明。

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

那麼，接下來很高興把電話會議交給 Vivek。

Thanks, Deirdre. Good afternoon, everyone, and we know it's a busy earnings day, so we'll try to be as brief as possible. I'll walk through our Q1 revenue and earnings performance and provide some commentary on the businesses and then turn it over to Brian, who will recap the full Q1 results and explain our current view of how we can manage this year's new macro events. After that, I'll come back with a few comments on where we are on our near-term goals, our mission of creating a comprehensive infusion therapy company and our capital allocation strategy.

謝謝你，Deirdre。各位下午好。我們知道今天是繁忙的財報日，所以我們會盡量簡短。我將先說明第一季營收與獲利表現，並對各項業務做一些評論，接著交給 Brian，他會回顧第一季完整結果，並說明我們目前對於如何因應今年新的總體環境事件的看法。之後我會再回來補充幾點，包含我們在短期目標上的進展、打造全面輸注治療公司的使命，以及我們的資本配置策略。

Revenue for Q1 was $526 million for total company growth of 1% on an organic basis or minus 12% reported. And as a reminder, the reported results are impacted by the mid-2025 creation of the Otsuka ICU Medical joint venture and resulting deconsolidation of IV Solutions from our income statement.

第一季營收為 5.26 億美元；以有機基礎計算，公司整體成長 1%，若以報表口徑則為下滑 12%。提醒各位，報表結果受到 2025 年中成立 Otsuka ICU Medical 合資企業的影響，並因此將 IV Solutions 自我們的損益表中去合併。

Gross margins increased sequentially and were above 41%, driven by overall mix in our infusion businesses. Adjusted EBITDA was $99 million and adjusted EPS was $1.97. Free cash flow was strong, and there was no real change in net leverage. The broader demand and utilization environment in Q1 was previewed on the last call.

毛利率較前一季提升，並高於 41%，主要由我們輸注相關業務的整體產品組合所帶動。調整後 EBITDA 為 9,900 萬美元，調整後 EPS 為 1.97 美元。自由現金流表現強勁，淨槓桿並無實質變化。第一季更廣泛的需求與使用量環境，我們在上次電話會議中已先行說明。

The sharp flu spike in late 2025 did soften January, but volumes returned to expected levels from February onwards and feels fine through today. The capital environment is status quo, and it does appear investments that customers need to get done are getting done. Currency continues to move around a bit with the Mexican peso at elevated levels this year.

2025 年底流感急遽升溫確實使 1 月表現偏弱，但自 2 月起量能回到預期水準，至今看起來也維持良好。資本環境維持現狀，且看起來客戶需要完成的投資仍在推進。匯率仍有些波動，今年墨西哥披索維持在相對偏高水準。

Getting to our businesses more specifically. Our consumables business grew 5% in Q1 reported and 2% organic. As previewed on the February call, like prior years, Q1 revenues were down sequentially and in line with our expectations as we knew the changing environment from December to January.

更具體來看各項業務。我們的耗材業務第一季報表成長 5%，有機成長 2%。如同我們在 2 月電話會議中所預告，和往年一樣，第一季營收較前一季下滑，且符合我們的預期，因為我們已掌握 12 月到 1 月之間環境的變化。

For Q2, we would expect growth rates to return to our historical levels. Our IV Systems business grew 8% reported and 6% organic, and it was again a record quarter in pumps. Dedicated sets generally follow the same trend as consumables and capital sales were strong through the quarter.

展望第二季，我們預期成長率將回到歷史水準。我們的 IV Systems 業務第一季報表成長 8%，有機成長 6%，且輸注幫浦再度創下單季新高。專用管路組（dedicated sets）通常與耗材呈現相同趨勢，而資本設備銷售在整個季度都很強勁。

For Q2 and the near term, we would expect organic growth to continue at this rate or above while absorbing the previously mentioned OEM wind down. Just wrapping up the businesses, Vital Care decreased 14% on an organic basis and decreased 59% reported due to the deconsolidation of IV Solutions.

就第二季與短期而言，在吸收先前提到的 OEM 逐步收尾影響的同時，我們預期有機成長可維持在此水準或更高。最後談到 Vital Care：以有機基礎計算下滑 14%，以報表口徑則下滑 59%，主要因 IV Solutions 去合併所致。

We've mostly wrapped up the work described on the last call of discontinuing certain SKUs as we had more contractual or operational flexibility with the largest impact of this felt now in Q1. I'll come back with an example of this shortly.

我們大致已完成上次電話會議所描述的工作，也就是停產部分 SKU，因為在合約或營運面對我們而言彈性更大；其最大影響在第一季最為明顯。我稍後會再舉一個例子。

We believe we should see sequential stability to improvement organically here and continue to believe the right revenue assumption for the near term is flat to slightly down in the face of our decisions to improve profitability.

我們認為此處的有機表現應可看到逐季趨穩到改善；同時我們仍認為，面對我們為提升獲利能力所做的決策，短期最合適的營收假設是持平到小幅下滑。

I wanted to close the business unit commentary with some updates on the different product development initiatives within the company. As we've mentioned more recently, we've been increasing the volume of new 510(k) submissions for our consumables offerings where the innovation is more incremental and intended to create new adjacent niches.

我想在業務單位評論的最後，更新公司內不同產品開發計畫的進展。如我們近期所提到的，我們正在提高耗材產品的新 510(k) 送件量；這些創新多屬漸進式，目的在於開拓新的相鄰利基市場。

Last year, we received a new 510(k) for our core MicroClave and Neutron needle-free connectors, which updated our label with recent favorable published evidence in infection control. In Q1, we received two additional 510(k) clearances, which were some of the images that have been highlighted in our investor deck.

去年，我們的核心 MicroClave 與 Neutron 無針接頭取得新的 510(k)，並根據近期在感染控制方面的正面已發表證據更新了標示。第一季我們又取得另外兩項 510(k) 核准，相關圖片也已在我們的投資人簡報中重點呈現。

First, we received approval for an adjacent product in our oncology line that bonds our market-leading Clave needle-free connectors to access ports and empty non-PVC, non-DEHP IV bags. The second is a 510(k) for a revised disinfection cap, which complements our existing SwabCap portfolio and provides customers with another product to assist in infection control and accessing needle-free connectors.

第一項是我們腫瘤產品線中的相鄰產品核准，將我們市場領先的 Clave 無針接頭與存取埠（access ports）以及空的非 PVC、非 DEHP 點滴袋進行結合。第二項是修訂版消毒蓋的 510(k)，可補強我們既有的 SwabCap 產品組合，並為客戶提供另一項產品，以協助感染控制及無針接頭的存取。

Both thematically aligned with our effort to add safety to each step in the infusion delivery workflow and are examples of the singles and doubles we need to consistently hit for continued long-term growth in consumables. On Infusion Systems, in Q1, we received FDA approval on the latest version of our LifeShield safety software.

這兩項都與我們在輸注傳遞工作流程每一步提升安全性的努力一致，也是我們在耗材領域要持續打出「一壘安打、二壘安打」以支撐長期成長的例子。在輸注系統方面，第一季我們取得 FDA 對最新版 LifeShield 安全軟體的核准。

This version includes new enhancements for improved analytics and reporting plus features to improve the experience for our large enterprise customers and to add safety in each step in the infusion delivery workflow. However, it's going to take a little bit more time to get the clearances on the new hardware platforms as the FDA is appropriately elevating testing requirements for new infusion pump submissions.

此版本包含新的強化功能，以改善分析與報表能力，並加入可提升大型企業客戶使用體驗的功能，同時在輸注傳遞工作流程的每一步增加安全性。不過，新硬體平台要取得核准仍需要更多時間，因為 FDA 正適當地提高對新輸注幫浦送件的測試要求。

Specifically, regarding the new Medfusion and CADD hardware submissions, the FDA is seeking additional testing data, which in plain English for us means a larger sample size across a larger number of set configurations. We believe the increased testing is a result of the FDA continuing to raise the bar to ensure improved safety in the Infusion pump landscape.

具體而言，針對新的 Medfusion 與 CADD 硬體送件，FDA 正要求額外的測試資料；用白話來說，這代表需要在更多管路組配置下，以更大的樣本數進行測試。我們認為測試要求提高，是因為 FDA 持續拉高標準，以確保輸注幫浦市場的安全性進一步提升。

Nothing about the additional testing relates to the core product technology around its mechanism, usability, human factors, et cetera. The testing the FDA is asking us to do is standard. It's just a larger volume that takes some time to complete. Our current strategy is to prioritize finishing the testing first on Medfusion and then on to CADD.

這些額外測試與產品核心技術（例如其機構原理、可用性、人因工程等）無關。FDA 要求我們進行的測試是標準測試，只是量更大，因此需要一些時間完成。我們目前的策略是優先完成 Medfusion 的測試，接著再推進到 CADD。

As context over the last 2.5 years in the pump business, we have successfully received 6 510(k) clearances with a first pass clearance each time, so we have the expertise to deliver on this. All in all, a lot of right things are happening in the product development process.

作為背景，在過去 2.5 年的幫浦業務中，我們已成功取得 6 項 510(k) 核准，且每次都是一次送審即獲核准（first pass clearance），因此我們具備交付成果的專業能力。整體而言，產品開發流程中正發生許多正向進展。

I'll come back after Brian with how these items align with our progress against our near-term goals and to help us -- that help us create a comprehensive infusion therapy company.

我會在 Brian 之後再回來，說明這些事項如何與我們在近期目標上的進展相一致，並協助我們——也就是協助我們打造一家全面性的輸注治療公司。

So with that, over to you, Brian.

那麼，接下來交給你，Brian。

Thanks, Vivek, and good afternoon, everyone. Since Vivek covered the Q1 revenue for each of the businesses, I'll focus my remarks on recapping the Q1 performance for the remainder of the P&L, along with the Q1 balance sheet and cash flow and then provide commentary on a few puts and takes for the remainder of the year relative to the full year guidance we provided on our last call.

謝謝你，Vivek，各位下午好。由於 Vivek 已經說明了各業務的第一季營收，我將把重點放在回顧損益表其餘部分的第一季表現，以及第一季資產負債表與現金流，並就今年剩餘期間相對於我們在上次電話會議所提供的全年指引，提出幾項增減因素的評論。

As you can see from the GAAP to non-GAAP reconciliation in the press release, adjusted gross margin for the first quarter was 41%, which was slightly ahead of our expectations due primarily to favorable product mix with our two higher-margin core business units of consumables and Infusion Systems growing faster than Vital Care.

如同你們在新聞稿中的 GAAP 與非 GAAP 調節表所見，第一季調整後毛利率為 41%，略高於我們的預期，主要是因為產品組合有利：我們兩個毛利率較高的核心事業單位——耗材與輸注系統——成長速度快於 Vital Care。

And the Q1 gross margin rate continued to benefit from the deconsolidation of the IV Solutions business, along with the ongoing capture of integration synergies. In the first quarter, we recognized $10 million of tariff expense, which represents approximately 2% of adjusted revenue.

第一季毛利率也持續受惠於 IV Solutions 業務的去合併，以及整合綜效的持續落實。第一季我們認列了 1,000 萬美元的關稅費用，約占調整後營收的 2%。

The impact from higher oil and diesel prices was not meaningful on the Q1 gross margin rate as we only experienced those increases in the last month of the quarter. Adjusted SG&A expense was $112 million in Q1 and adjusted R&D was $21 million, representing approximately 21% and 4% of adjusted revenue, respectively, which is consistent with our previously provided full year guidance for each of these areas of spend.

由於我們僅在本季最後一個月才經歷油價與柴油價格上漲，因此其對第一季毛利率的影響並不顯著。第一季調整後 SG&A 費用為 1.12 億美元，調整後研發費用為 2,100 萬美元，分別約占調整後營收的 21% 與 4%，與我們先前提供的各項全年指引一致。

Restructuring, integration and strategic transaction expenses were $17 million in the first quarter and related primarily to our IT systems integration and manufacturing plant consolidation projects. This represents a sequential decline relative to the fourth quarter, and we anticipate continued reductions in both the level of activity and the amount of spend in the second half of this year as we move towards completion of several of these longer-term projects.

第一季重整、整合與策略交易費用為 1,700 萬美元，主要與我們的 IT 系統整合及製造工廠整併專案相關。相較第四季，這是連續性的下降；隨著我們朝數個較長期專案的完成邁進，我們預期今年下半年無論活動水準或支出金額都將持續降低。

Adjusted EBITDA for Q1 was $99 million, which is the same as last year. However, similar to the past several quarters, the year-over-year comparability is impacted by two discrete items. The first is the deconsolidation of the IV Solutions business, which contributed $6 million of earnings in Q1 2025 when it was included in our consolidated results. And the second item is the increase in tariff expense of approximately $8 million year-over-year. The impact of these two items was essentially offset by higher earnings from the core business of $14 million.

第一季調整後 EBITDA 為 9,900 萬美元，與去年相同。然而，與過去幾季類似，年對年可比性受到兩個一次性項目的影響。第一項是 IV Solutions 業務的去合併；在其仍納入我們合併報表的 2025 年第一季，該業務貢獻了 600 萬美元的獲利。第二項是關稅費用年對年增加約 800 萬美元。這兩項影響基本上被核心業務獲利增加 1,400 萬美元所抵銷。

And finally, adjusted diluted earnings per share for the quarter was $1.97 compared to $1.72 last year, an increase of 15%. The current quarter results reflect net interest expense of $16 million and an adjusted effective tax rate of 24%. Diluted shares outstanding for the quarter were $25.2 million.

最後，本季調整後稀釋每股盈餘為 1.97 美元，去年為 1.72 美元，成長 15%。本季結果反映淨利息費用 1,600 萬美元，以及 24% 的調整後有效稅率。本季稀釋後流通股數為 2,520 萬股。

Now moving on to cash flow and the balance sheet. For the quarter, free cash flow was $28 million, and it was another solid free cash flow quarter, which reflects strong quality of earnings and our typical lower CapEx spending in the first quarter of the year.

接著談現金流與資產負債表。本季自由現金流為 2,800 萬美元，這又是一個穩健的自由現金流季度，反映獲利品質強勁，以及我們通常在年度第一季資本支出較低的特性。

During the quarter, we invested $9 million of cash spend for quality system and product-related remediation activities, $17 million on restructuring and integration and $11 million on CapEx for general maintenance and capacity expansion at our facilities as well as placement of revenue-generating infusion pumps with customers outside the US. And just to wrap up on the balance sheet, we finished the quarter with $1.3 billion of debt and $288 million of cash.

本季我們投入現金支出 900 萬美元用於品質系統與產品相關的補救活動，1,700 萬美元用於重整與整合，以及 1,100 萬美元用於資本支出，包含設施的一般維護與產能擴充，以及在美國以外地區向客戶投放可帶來營收的輸注幫浦。最後補充資產負債表：本季末我們的債務為 13 億美元，現金為 2.88 億美元。

Overall, the first quarter results were very much in line with our expectations. And based on our outlook for the remainder of the year, we believe our previously provided full year guidance is still applicable. But there are a few risks and opportunities that have emerged since our last call that could impact our full year results.

整體而言，第一季結果非常符合我們的預期。基於我們對今年剩餘期間的展望，我們認為先前提供的全年指引仍然適用。不過，自上次電話會議以來，出現了一些風險與機會，可能影響我們的全年結果。

Based on current projections, we believe the financial impacts for these risks and opportunities largely offset. But because they relate mostly to macroeconomic factors and trade policies that are still evolving, the eventual impact will depend on their ultimate degree and duration.

依據目前預測，我們認為這些風險與機會的財務影響大致互相抵銷。但由於它們多與仍在演變的總體經濟因素與貿易政策相關，最終影響將取決於其最終的幅度與持續時間。

In terms of risks, the most relevant is the price of oil and the resulting impacts on diesel costs that get passed along by our freight carriers. We estimate that a $10 increase in the price of a barrel of oil results in a total of $3 million of annualized incremental expense on our P&L, of which $2 million is related to our core operations and $1 million of which relates to our 40% ownership in the joint venture.

就風險而言，最相關的是油價，以及由此導致我們貨運承運商轉嫁的柴油成本影響。我們估計，原油每桶價格每上升 10 美元，將使我們損益表的年化增量費用合計增加 300 萬美元，其中 200 萬美元與核心營運相關，另有 100 萬美元與我們在合資企業 40% 的持股相關。

Applying this math to the latest market forecast for oil and diesel results in approximately $10 million of additional logistics expense in 2026. On the opportunity side, we do expect tariffs to be slightly lower than our initial estimates for the second and third quarters of this year as the current Section 122 tariff rate of 10% is less than the average rate we paid under IEEPA.

將這個計算套用到最新的油價與柴油市場預測，結果顯示 2026 年物流費用將額外增加約 1,000 萬美元。在機會面，我們確實預期今年第二與第三季的關稅將略低於我們最初的估計，因為目前《第 122 條》關稅稅率為 10%，低於我們在 IEEPA 下支付的平均稅率。

And it was the IEEPA tariffs that served as the basis for our original full year guidance range of $40 million to $50 million of tariff expense. However, given the current Section 122 tariffs are temporary by nature, and it is not yet known what new framework may ultimately replace them, we are not assuming this benefit will continue beyond the expiration of the 122 tariffs.

而我們原先全年指引中 4,000 萬至 5,000 萬美元的關稅費用區間，正是以 IEEPA 關稅作為基礎。然而，鑑於目前《第 122 條》關稅本質上屬於暫時性措施，且最終可能以何種新框架取代仍未可知，我們並未假設這項利益會在 122 關稅到期後持續。

The benefit from the lower Section 122 tariffs, when combined with a little earnings upside from accelerated operational efficiencies that we now expect to realize this year should together largely offset the impact of higher diesel costs. And just to be clear, the upside from lower tariff expense that I just mentioned is before consideration of any potential IEEPA refunds that could be received this year.

較低的《第 122 條》關稅所帶來的利益，若再加上我們目前預期今年可因加速營運效率提升而實現的一些獲利上行，兩者合計應可在很大程度上抵銷柴油成本上升的影響。並且要說清楚，我剛提到的關稅費用降低所帶來的上行，尚未納入今年可能收到任何 IEEPA 退款的考量。

We are not considering potential IEEPA refunds in any of our guidance commentary. To wrap up, we're pleased with the business performance for the first quarter, including the highest ever revenue quarter for Infusion Systems and the continued gross margin expansion as the benefits from some of the long-term integration projects are realized.

我們在任何指引評論中都未考慮潛在的 IEEPA 退款。最後總結，我們對第一季的業務表現感到滿意，包括輸注系統創下史上最高單季營收，以及隨著部分長期整合專案的效益逐步實現，毛利率持續擴張。

The goals we've set out for 2026 have not changed, deliver at or above our long-term revenue targets for our core businesses, expand our margins by capturing some of the remaining 2 percentage points of opportunity and improve free cash flow generation.

我們為 2026 年設定的目標沒有改變：核心業務營收達到或高於我們的長期營收目標；透過掌握剩餘約 2 個百分點的機會來擴大利潤率；並提升自由現金流的創造能力。

Although recent events have created some macroeconomic headwinds, we believe the momentum we have in the business should allow us to still deliver on our original goals for this year.

儘管近期事件帶來一些總體經濟逆風，我們相信業務動能將使我們仍能達成今年原先的目標。

And with that, I'll hand the call back over to Vivek to discuss some of the initiatives to get us there.

那麼，我把電話會議交回給 Vivek，請他說明一些讓我們達成目標的推動措施。

Okay. Thanks, Brian. And we hope it's clear that at this moment, we believe we can handle the new volatility alongside tariffs and rates, and we continue to believe on building off the last two years of more predictable revenues with attractive growth in our core -- all of this is obviously part of our near-term goals or part of our near-term goals in addition to showing that we're improving our earnings power.

好的，謝謝你，Brian。我們希望現在已經很清楚：此刻我們相信自己能在關稅與利率之下，應對新的波動；同時，我們仍然相信要在過去兩年較可預測的營收基礎上持續建構，並在核心業務上實現具吸引力的成長——這些顯然都是我們近期目標的一部分，此外也包括展現我們正在提升獲利能力。

To provide an update to some of our near-term goals from the previous call, we had stated that most of our IV systems growth this year will be back half weighted. We've been working hard to increase our ability to install customers early in the year and now believe growth in IV systems will be more balanced throughout the year, which helps manage the near-term volatility.

就上次電話會議所提到的部分近期目標提供更新：我們曾表示今年 IV 系統的成長大多會偏向下半年。我們一直努力提升在年初就能為客戶完成安裝的能力，現在我們認為 IV 系統的成長將更平均地分布在全年，有助於管理近期波動。

Another key near-term objective of ours was to lower cash consumed in integration and remediation activities. And as Brian also mentioned, that will materially decrease later in the year, but will again be down sequentially in Q2.

我們另一項近期的關鍵目標，是降低整合與補救活動所消耗的現金。正如 Brian 也提到的，這項支出在今年稍晚將會明顯下降，但在第二季仍將較前一季下降。

Previous calls have discussed all the various projects, so we won't go through them again, but investors can assume that peak spending is behind us. Strategically, our goal has been to build the most comprehensive and innovative infusion therapy focused company.

先前的電話會議已討論過各項專案，因此我們不再逐一重述，但投資人可以假設支出高峰已經過去。從策略面來看，我們的目標是打造最全面、最具創新的、以輸注治療為核心的公司。

Throughout the last few years, we've not skimped on R&D and innovation nor capital investments into the manufacturing assets of our consumables and systems businesses, and we found a win-win with Otsuka in the JV that will modernize the IV Solutions business. As a result, we believe in IV systems. We have a complete platform solution that will anchor this segment for the next 10-plus years as the product life cycles are incredibly long.

過去幾年，我們在研發與創新以及對耗材與系統業務製造資產的資本投資上從未縮手；同時，我們也與大塚在合資企業（JV）中找到雙贏方案，將使 IV Solutions 業務現代化。因此，我們看好靜脈輸注（IV）系統。我們擁有完整的平台式解決方案，隨著產品生命週期極長，這將在未來 10 年以上成為該事業部的支柱。

In infusion consumables, we have scale underpinned by leading brands with great clinical data that will be supported with more innovation in the core and in the adjacencies of this business. Financially, we believe these investments alongside good commercial execution will allow us to continue the attractive revenue trends in our core businesses longer term.

在輸注耗材方面，我們具備規模優勢，並由具備優異臨床數據的領先品牌所支撐；未來也將在核心領域及周邊延伸領域以更多創新加以支持。從財務面來看，我們相信這些投資加上良好的商業執行，將使我們的核心業務在長期持續維持具吸引力的營收趨勢。

And when combined with the annualization of operations and logistics cost savings previously described into 2027 and more time to mitigate tariffs via pricing and operational decisions, we can get the company's earnings power closer to where we think it should be.

此外，結合先前所述、將延續至 2027 年的營運與物流成本節省效益逐年反映，以及透過定價與營運決策來緩解關稅影響的更多時間，我們可以讓公司的獲利能力更接近我們認為應有的水準。

The ideal portfolio also matters in creating the most comprehensive infusion therapy company and in optimizing margin and EPS. We have been pursuing both operational and strategic choices in Vital Care. And as I mentioned in the introductory remarks, we've tried to exit certain SKUs or lines that have not made sense.

理想的產品組合也同樣重要，這有助於打造最全面的輸注治療公司，並優化毛利率與 EPS。我們在 Vital Care 同時推動營運面與策略面的選擇。正如我在開場致詞中提到的，我們一直嘗試退出某些不具合理性的 SKU 或產品線。

One smaller example of note, in our 10-Q, we will disclose that we're exiting certain Japanese surgical commodities, a product line that was more than $20 million in revenues a few years ago, but down over 50% cumulatively, including currency and has nothing to do with our core infusion business.

舉一個較小但值得注意的例子：在我們的 10-Q 中，我們將揭露正退出某些日本外科用一般耗材（surgical commodities）。這條產品線在幾年前的營收超過 2,000 萬美元，但累計已下滑超過 50%（包含匯率因素），且與我們的核心輸注業務無關。

Given the removal of the broad 2021 warning letter earlier in the year, we've been spending more time exploring different outcomes for the pieces of the Vital Care portfolio with several different work streams. While nothing is certain, our team has shown the ability to be creative in finding the most logical strategic outcomes.

鑑於今年稍早已撤銷 2021 年那封範圍廣泛的警告信（warning letter），我們投入更多時間，透過數個不同的工作流程，探索 Vital Care 產品組合各部分可能的不同結果。雖然一切尚未確定，但我們的團隊已展現出創意，能找出最合乎邏輯的策略性結果。

Even independent of the portfolio discussion, our goal has always been to be 2 times or less leverage, which felt appropriate for a mid-single-digit growing manufacturing company. We're now within the half turn of that -- and we can get there the old-fashioned way via organic cash flow generation over this year or via any of the moves just discussed.

即便不考慮產品組合的討論，我們的目標一直是槓桿倍數不高於 2 倍，這對一家中等個位數成長的製造型公司而言是合適的。我們現在距離該目標只差半個倍數（half turn）——而我們可以用傳統方式在今年透過有機現金流生成達成，或透過剛才討論的任何舉措達成。

Since our time here, we've tried to protect the share base with the only meaningful equity dilution resulting from the shares used in the Hospira and Smiths transactions. We know returning capital can be attractive on a thin share base and our external M&A needs are minimal as we have enough organic innovation in-house.

自我們任內以來，我們一直努力保護股本基礎；唯一有意義的股權稀釋，來自於用於 Hospira 與 Smiths 交易的股份。我們知道，在股本較精簡的情況下，回饋資本可能很有吸引力；而我們對外部併購（M&A）的需求也不大，因為我們內部已有足夠的有機創新。

So it's pretty obvious what we should be doing. In summary, it's a good place to be with our best businesses growing. Both will again reach record revenues in 2026, and we can see a vast number of 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 multiyear innovation portfolio.

因此，我們該做什麼其實相當明顯。總結來說，我們處於一個不錯的位置，因為我們最好的業務正在成長。兩項業務在 2026 年都將再次創下營收新高，而且我們看到大量專案正接近完成。我們預期耗材與系統業務將成為可靠的成長引擎，具備業界可接受的利潤率、最緊密且最優化的製造網路，並且各自擁有跨多年的創新產品組合。

And ultimately, we want to transfer value from debt to equity. There's no confusion about that within the company in the pursuit of these goals. we don't really have any frivolous activities here. We produce essential items that require significant clinical training, hold manufacturing barriers and in general, items that customers do not want to switch unless they must.

最終，我們希望把價值從負債轉移到股權。公司內部對此目標毫無疑義。我們這裡並沒有任何不必要的活動。我們生產的是必需品，這些產品需要大量臨床訓練、具備製造門檻，而且一般而言，客戶除非不得已，並不願意更換。

The market needs ICU Medical being an innovative, reliable supplier and our company is stronger from all the events of the last few years. Thanks to all of our team members and customers as we improve each day.

市場需要 ICU Medical 成為一個具創新力、可靠的供應商；而經歷過去幾年的所有事件後，我們的公司也變得更強大。感謝所有團隊成員與客戶，讓我們每天都能持續改善。

And with that, we'll open it up to questions.

接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

Jason Bedford, Raymond James.

Jason Bedford，Raymond James。

Good afternoon maybe just a few questions. First, on Infusion Systems, the growth kind of stood out off a tough comp. Wondering if you can -- and I apologize if I missed it, but LVP growth, did you comment on LVP growth in the quarter? And if not, can you do so now?

下午好，我可能只有幾個問題。首先，關於輸注系統（Infusion Systems），在一個艱難的比較基期下，成長表現有點突出。我想請問你們是否可以——如果我漏聽了先說抱歉——LVP 在本季的成長，你們有評論過嗎？如果沒有，能否現在說明一下？

Jayson, I think we prefer towards the end of the year to kind of reflect on each business line rather than do it each quarter. But I would say, given the results that were pretty transparent towards the end of last year, the strongest growth driver was LVP by far and away in the segment.

Jayson，我想我們比較傾向在年底再回頭檢視各條業務線，而不是每一季都逐一說明。不過我會說，考量到去年底我們已相當透明地揭露結果，該事業部最強的成長驅動因素毫無疑問就是 LVP。

Okay. Okay. Fair enough. In terms of the timing on the new hardware, -- how long -- I guess, is there a way to kind of frame the push out, if you will? I realize you don't have full control of this, but what is the extension here?

好。好，可以理解。關於新硬體的時程——大概會延後多久——我想問，有沒有方式可以框定一下所謂的延後幅度？我知道你們不完全能掌控，但這次延長大概是多久？

It wasn't that long ago, Jayson, where we used to say in these scripts, we would only talk about new products when we had the approvals in hand, right? And when things got harder, we had to -- in the warning letter, we had to give more color on the resolution.

Jayson，不久之前我們在這些講稿裡還常說，只有在拿到核准之後才會談新產品，對吧？而當情況變得更困難時——在警告信（warning letter）期間——我們不得不對解決進度提供更多說明。

We certainly would like to get back to that. I think we would say the part we control a couple of months to get the testing done, a little bit of time to get the analysis together. And then it's about how long the dialogue takes. So certainly, our goal is as fast as possible. We didn't really plan for anything meaningful from a financial perspective for a while anyway.

我們當然希望回到那種做法。我想我們會說，在我們可控的部分，需要幾個月完成測試，再花一點時間整理分析。接下來就取決於溝通對話需要多久。因此，我們的目標當然是越快越好。反正從財務角度來看，我們本來也沒有規劃在短期內有任何重大的貢獻。

I mean it took us 18 months even with Duo and Solo to really get going. So we -- things go slow in infusion, as we've said over and over again, and we take our time on the releases, et cetera. So a little bit of time, still trying to move as fast as we can.

我的意思是，即使是 Duo 和 Solo，我們也花了 18 個月才真正開始推進。所以——正如我們一再強調的——輸注領域的進展就是很慢，我們在產品釋出等方面也會花時間。因此還需要一些時間，但我們仍會盡可能加快。

Is the expectation that you get Medfusion cleared first?

預期會先讓 Medfusion 取得核准嗎？

I think we would say right now, that's where we're going to do our testing first, which tells you where we think the priority is. Again, both parties would have to agree on everything there, but that's certainly our prioritization.

我想我們現在會說，我們會先在那個方向進行測試，這也反映了我們認為優先順序在哪裡。再次強調，雙方都必須對所有事項達成一致，但這確實是我們的優先安排。

Okay. Fair enough. On Vital Care, I think it was down about $10 million year-over-year apples-to-apples. How much of this is related to the exit of the Japanese product line here?

好，可以理解。關於 Vital Care，我認為在可比基礎下年對年大約下降了 1,000 萬美元。這其中有多少與退出日本產品線有關？

Some of the -- we haven't -- we've announced the exit. We've made a very small transaction to do that, but it's still on the income statement today. A little bit of the $10 million is related to that product line continuing to shrink.

其中一部分——我們已宣布退出，也做了一筆非常小的交易來推動退出，但目前它仍反映在損益表上。那 1,000 萬美元中有一小部分與該產品線持續萎縮有關。

It's literally nickels and dimes in the other areas. It's $1 million here, $2 million. There's not one spot you can point to across any of the four or five businesses there.

其他領域真的都是零零碎碎的影響：這裡 100 萬美元、那裡 200 萬美元。在那四、五個業務中，沒有任何單一點可以讓你明確指向說就是它造成的。

Okay. Okay. And then maybe I'll ask one last one, a quick one, and then I'll get back in queue. Brian, $28 million in free cash flow, remind me what is the expectation for the full year?

好。好。最後我再問一個簡短的問題，然後我就回到排隊。Brian，自由現金流是 2,800 萬美元，提醒我一下，全年預期是多少？

Our full year guidance for that was to do improve upon last year and be close to $150 million.

我們對全年自由現金流的指引是要優於去年，並接近 1.5 億美元。

Okay, great. Thank you.

好的，很棒。謝謝。

Thanks, Jason.

謝謝你，Jason。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

Hey, guys. Good afternoon. Thanks for taking the questions. I'm going to ask just a follow-up on the systems business. And I think you mentioned previously that you were gearing up for more of a back half weighted dynamic this year.

嗨，各位。下午好。謝謝讓我提問。我想就系統業務再追問一下。我記得你們先前提到，今年的動能會比較偏向下半年加權。

And today, you changed the message a little bit. So I was curious what changed and what's allowing you to see more balanced performance through the year rather than kind of the inflection into 2H?

但今天你們的說法稍微調整了一些。所以我想了解是什麼改變了？以及是什麼讓你們認為全年表現會更均衡，而不是像之前那樣在下半年出現拐點？

I think it -- as you roll out new products, it's important to be cautious of what can get installed when. And over the last six months to a year, we've been trying to make sure we have the available installation resources on hand and that those the scheduling of the installs meets the customers' needs and aligns with their own schedules.

我想——當你推出新產品時，對於何時能安裝哪些設備，保持謹慎是很重要的。過去六個月至一年，我們一直在確保手上有足夠的安裝資源，並且安裝排程既能滿足客戶需求，也能配合他們自己的時程。

And I think we just got better at synchronizing that and had a little bit of caution in there for ourselves because it's always a little choppy when you put new products into the market.

我想我們只是更擅長把這些同步起來；同時我們也對自己保留了一點保守，因為新產品導入市場時，節奏總是會有些起伏。

All right. Great. And just one more from me. I think this would be more on the consumables business. Just wanted to parse out some of the commentary on hospital volume trends.

好，了解。再一題。我想這題比較偏向耗材業務。我想更細緻地拆解一下你們對醫院量能趨勢的評論。

It seems kind of obvious that January was softer and you saw a pickup into February and March and indicated that things are fine.

看起來一月比較疲弱，二月和三月有回升，你們也表示整體狀況沒問題。

Maybe if you could just comment on how material you think the January weakness is to the quarter, thinking about like the normal 5%, 6% consumables growth as a baseline. How much of the delta do you think was driven by January?

如果可以的話，請你們談談你們認為一月的疲弱對本季影響有多大。以耗材正常 5%、6% 的成長作為基準來看，你們覺得差異中有多少是由一月所驅動的？

Thanks, Brett. I think I don't know that we actually have that exact level of precision, Brett. I think if you just looked at kind of the previous years and said, okay, the business has been down sequentially Q1 over Q4 of the last couple of years, average it out, this was more the difference is probably that number.

謝謝，Brett。我想我們未必能做到你說的那種精準度，Brett。我想如果你回頭看前幾年，說好，過去幾年第一季相較第四季通常是季減，把它平均一下，這次的差異大概就是那個數字。

I don't think we have a more high-tech answer than that. And we tried to make sure everybody is aware of that when we were talking in February.

我想我們沒有比這更「高科技」的答案。我們在二月溝通時也試著確保大家都知道這一點。

All right. Fair enough. Appreciate it. Thank you.

好，合理。感謝你們。謝謝。

Mike Matson, Needham.

Mike Matson，Needham。

Hi, guys. It's Joseph on for Mike today. Maybe just a broader question on the quarter. I was curious if the Smiths warning letter resolving that, did that have any effect on -- in the quarter just in terms of -- was this an overhang with any hospital administrators and now that's passed, it's not affecting the company anymore. I imagine it's maybe not that short term, but just curious how you guys are thinking about that.

嗨，各位。我今天代 Mike 提問，我是 Joseph。想問一個比較宏觀的季度問題。我想了解 Smiths 警告信（warning letter）解決之後，對本季是否有任何影響——例如，這之前是否讓一些醫院管理者有所顧慮，而現在這件事過去了，就不再影響公司？我猜可能不是那麼短期，但想聽聽你們怎麼看。

Hi, Nice to meet you, Joe. Thank you for the question. I would say the original warning letter that was received by the business we bought between signing and closing is resolved. That's the 2021 warning letter.

嗨，Joe，很高興認識你。謝謝你的問題。我會說，我們在簽約到交割之間所收購的那個業務收到的原始警告信已經解決了，也就是 2021 年的那封警告信。

We still have a subset of products that are covered under a warning letter that came in 2025. I think I would say, I don't believe that's necessarily an overhang or correlated to commercial activities of the company. And if you kind of dig what's going on there, it's been a very hot topic for many, many manufacturers certainly over the last 18 months.

我們仍有一部分產品涵蓋在 2025 年收到的另一封警告信之下。我想我會說，我不認為那必然是一個壓力來源，或與公司的商業活動有相關性。若你深入看那裡發生的事，這在過去 18 個月對許多、許多製造商而言一直都是非常熱門的議題。

So I think our answer would be not correlated to commercial activities. And of course, the agency is doing what they should do and try to ensure safety and quality, and we need to be the most compliant company we can be.

所以我想我們的回答是：與商業活動不相關。當然，主管機關在做他們該做的事，確保安全與品質，而我們也需要成為我們所能做到最合規的公司。

Okay. Yes, makes sense. And then just one more. Just on Plum Duo and Plum Solo. In terms of active conversations with health systems or valuations on contracts, I'm just wondering if you could maybe quantify or give some more color on the customer pipeline here in 2026 or over the next 12 months?

好的。是的，合理。再一題，關於 Plum Duo 和 Plum Solo。就與醫療體系的積極洽談或合約評估而言，我想請你們量化一下，或提供更多關於 2026 年或未來 12 個月客戶管線的細節？

And then maybe just to nail down on one of your prior comments for Infusion Systems rather than as maybe you talked about in the past of being a second half acceleration. Just trying to understand this a little bit more. Is the framing now more of a steady acceleration or more of stable to lower growing over the year, if that makes sense? Thank you.

另外也想釐清你們先前對輸注系統（Infusion Systems）的評論：你們過去可能談到下半年加速。想更理解一下：現在的表述是更偏向穩定加速，還是全年維持穩定到較低的成長（如果這樣說得通的話）？謝謝。

I'll let Brian do the second half of that. On the first half, I think we went into a lot of detail on the last call or the call prior, I can't remember about the two different ways we create value in the infusion pump business. We create value either by winning competitive share or by rolling our own and reprofitizing our own installed base.

第二部分我讓 Brian 來回答。第一部分，我想我們在上一通電話或再前一通（我有點記不清）已經談得很細，關於我們在輸注幫浦業務中創造價值的兩種方式：我們要嘛透過贏得競品市占來創造價值，要嘛透過推出自家產品、並對我們自有的既有裝機基礎進行換機與提升獲利（reprofitizing）。

And on the last call, we said we felt pretty good about what we were holding for signed competitive situations. Most of this year's business is still that. We haven't really focused on the rollover situations very much.

在上一通電話中，我們說過，對於已簽約的競爭型案子（competitive situations），我們覺得掌握得不錯。今年大部分的業務仍然是這一類。我們其實還沒有太把重心放在自家換機（rollover）情境上。

And the pipeline for the competitors is still active and robust as all vendors are saying, and we're out there competing. After we feel like that has reached its point and the aging of devices, and we'll shift our energy to our own installed base. But I don't think anything is different than our previous comments on the competitive opportunity for pumps.

而競品端的管線仍然活躍且強勁——所有供應商都這麼說——我們也在外面積極競爭。等我們覺得那邊到了某個階段、加上設備老化的因素，我們就會把精力轉向我們自己的既有裝機基礎。但我不認為這和我們先前對幫浦競爭機會的評論有任何不同。

Yes. And I think the question on just kind of the calendarization of the installs and what does that mean? I think it's -- I think we're saying that the full year for Infusion Systems looks the same as it did when we gave our original guidance. We just think that it's going to be a little less back-end weighted because we have been able to accelerate a few of those installations. So the growth rate, I think, would be a little bit more steady across the Qs two through three or two through four as opposed to just being in the back half.

是的。我想你問到的是安裝在年度中的分布（calendarization）以及這代表什麼。我想——我們的意思是，輸注系統全年的表現看起來和我們最初給出的指引一致。我們只是認為它不會那麼偏向年底加權，因為我們已經能把其中幾個安裝案加速。因此，我認為成長率會在第二季到第三季或第二季到第四季之間更為平穩，而不是主要集中在下半年。

Okay, perfect. Thanks so much.

好的，完美。非常感謝。

Jason Bednar, Piper Sandler.

Jason Bednar，Piper Sandler。

Good afternoon, guys. Thanks for taking the question. On the guidance commentary, Brian, I appreciate all the moving parts you highlighted from the prior update to today. Just so we have those dialed in, I heard the assumption of the higher $10 million in logistics costs that you're baking in.

各位下午好。謝謝讓我提問。關於指引（guidance）的評論，Brian，我很感謝你把從上次更新到今天的各種變動因素都點出來。為了讓我們把這些假設釐清，我聽到你們把較高的 1,000 萬美元物流成本假設納入了。

I maybe confirm that you're assuming oil is where it is for the rest of the year, if that's the assumption. But then -- sorry, if I missed it, what were the numbers on the lower tariff assumptions? And then how much are you pulling forward on efficiencies to net against that $10 million?

我想確認一下，你們是否假設油價在今年剩餘時間維持在目前水準（如果這是你們的假設）。另外——抱歉如果我漏聽了——較低的關稅假設對應的數字是多少？以及為了抵銷那 1,000 萬美元，你們提前實現了多少效率改善？

Yes, I think just on the forecast for oil prices, I do think if you look at kind of the '26 forecast, it does have some reduction in oil prices kind of as we continue throughout the year. So I wouldn't say it's necessarily exactly at today's spot price.

是的，關於油價的預測，我確實認為如果你看 2026 年的預測，它在今年持續往後推進時，油價會有一些下調。所以我不會說它完全等同於今天的即期價格（spot price）。

But nonetheless, if you look at the offsets, I would say of the $10 million that we need to offset, roughly two-third of that is probably to come from lower tariffs, the remaining one-third from accelerating some of our operational efficiencies.

不過，如果你看抵銷項，我會說在需要抵銷的 1,000 萬美元中，大約三分之二可能來自較低的關稅，剩下三分之一來自加速推進我們的一些營運效率改善。

Okay. All right. Helpful. One on price points here. I know part of the conversation with the new pump cycle is that we are going to have higher -- are going to be selling at higher price points with better margins.

好的。了解。很有幫助。再問一題關於定價。我知道新一輪幫浦週期的討論之一是，我們會以更高的價格點銷售，並帶來更好的毛利率。

Given where we are in the cycle, you booked a lot of orders, you're out there developing the funnel further. Are you seeing those price points stick? Are you having pushback on those higher price points? Anything there would be helpful.

以目前週期所處的位置來看，你們已經拿到很多訂單，也在持續把漏斗（funnel）做大。你們看到這些價格點能站得住嗎？客戶對較高的價格點有沒有反彈？任何相關資訊都會很有幫助。

Sure. Jason, it's Vivek. I would say we believe that technology offering is in line with its value. And so I would also say when we took over and got into the pump business seven or eight years ago, in the dark days when we had acquired Hospira had come off of just a decade of share losses.

當然。Jason，我是Vivek。我會說我們相信這項技術方案的定價與其價值相符。因此我也會說，當我們在七、八年前接手並進入幫浦業務時，在那段艱難的日子裡，我們收購了Hospira，而它在此前十年剛經歷了市占率下滑。

There were moments we discounted heavily and it didn't change anything. And so I think our experience in the pump business is to ensure that the technology in the device is commensurate with its value. We believe that to be the case. These devices have more and more technology in them, and it's important that, that value is recognized.

有些時候我們大幅折扣，但並沒有改變任何事情。因此我認為我們在幫浦業務上的經驗是，要確保裝置中的技術與其價值相稱。我們相信目前就是如此。這些裝置內含的技術愈來愈多，而重要的是要讓市場認可那個價值。

So we're certainly trying to hold firm on that. And the answer to your question will ultimately flow through the P&L or not. And you can see the strength we've had in the systems business.

所以我們當然會努力在這點上堅持。至於你問題的答案，最終會不會反映在損益表（P&L）上，時間會證明。而你也可以看到我們在系統業務上的強勁表現。

Okay. Perfect. One more quick one just from a modeling standpoint. I think and I'm not always quick on math on the uptake, but I think you were implying that this Japanese product line, maybe roughly $10 million or maybe sub-$10 million today in annual revenue.

好的。完美。再一個很快的問題，從建模角度來看。我想——我在即時心算上不一定很快——但我覺得你是在暗示這條日本產品線，目前年營收大概約1,000萬美元，或是低於1,000萬美元。

So are you counseling us to be taking out $2 million to $2.5 million per quarter out of Vital Care or -- and starting that in beginning in 2Q? Or help me out.

所以你是在建議我們從Vital Care每季扣掉200萬到250萬美元——並且從第二季初開始嗎？還是——請幫我釐清一下。

Yeah. I think you're overthinking that so that wasn't the intent. I would just say we had examples of dumb things we were doing in there, and we were trying to clean them up. And it's not that there was some catastrophic issue with some of the product lines.

是的。我覺得你想得太多了，這不是我的本意。我只是想說，我們裡面有一些做得很蠢的事情，我們正試著把它們清理掉。並不是某些產品線出了什麼災難性的問題。

There are some unique circumstances that we've been trying to take action on those when we have the contractual flexibility. That's still in our P&L. It's drifted down $10 million. That's been part of the things going on over the years in Vital Care, there's a couple of items like that. So I don't know, Brian, please add to that, if I to provide any deep guidance on that.

有一些特殊情況，我們在合約允許的彈性下，正試著採取行動。這仍然反映在我們的損益表（P&L）中。它已經下滑了1,000萬美元。這些年在Vital Care發生的事情中，這是其中一部分；還有幾個類似的項目。所以我不知道——Brian，如果我需要就此提供更深入的指引，請你補充一下。

It's just -- it's hard to explain what's been going on. I felt like since it's going to be in the Q, we should give an example of it.

只是——很難解釋到底發生了什麼。我覺得既然它會出現在本季，我們應該舉個例子。

Okay. We can follow up offline. I got a couple of other follow-ups related to that, but I won't bog things down here.

好的。我們可以會後再跟進。我還有幾個與此相關的追問，但我就不在這裡拖慢進度了。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

It's Peter Lukas for Larry. In your prepared remarks, you mentioned gross margin of 41% ahead of estimates due to favorable mix. Do you see this as sustainable? And can you kind of give us an idea of cadence through the year and the overall OpEx on this and the overall OpEx, I should say?

我是代Larry提問的Peter Lukas。在你們事先準備的發言中，你提到毛利率41%，因有利的產品組合而高於預估。你們認為這是可持續的嗎？另外能否大致說明一下全年節奏，以及整體營業費用（OpEx）——我應該說整體OpEx？

Peter, nice to meet you. Good question. I think Brian said in his script that we believe we still had 2 points of opportunity to hit our target gross margins even from where we are today. We haven't been very specific other than saying we thought we would be exiting around that rate at the end of next year. We don't really provide quarterly gross margin guidance.

Peter，很高興認識你。好問題。我想Brian在他的講稿裡提到，我們相信即使以目前水準來看，距離達成目標毛利率仍有大約2個百分點的改善空間。除了說我們認為明年年底退出時會在那個水準附近之外，我們沒有講得很具體。我們通常不提供季度毛利率指引。

So I think we're happy with where we are. We think we continue to have areas to improve it. I don't think we necessarily give out gross margin by quarter guidance. But if you look at the chart in our investor deck, you've seen the last seven or eight quarters, we've continued to improve pretty consistent there.

所以我想我們對目前的狀況感到滿意，也認為仍有持續改善的空間。我不認為我們會提供按季度拆分的毛利率指引。但如果你看我們投資人簡報中的圖表，你會看到過去七、八個季度，我們一直相當一致地持續改善。

So it's obviously a very hot topic for it. And with all the capital we've been pouring into manufacturing and logistics consolidation is to improve that line, very important. disappeared from the screen.

所以這顯然是非常熱門的議題。而我們投入大量資本在製造與物流整併上，就是為了改善那一條線，非常重要。從螢幕上消失了。

Michael Toomey, Jefferies.

Michael Toomey，Jefferies。

Hey, guys, thanks for the question. I just want to check on the messaging to be clear. Are you reiterating the EBITDA and EPS guide or stepping away because of visibility on the cost? I just want to be clear on that.

嗨，各位，謝謝讓我提問。我只是想確認一下訊息，確保清楚：你們是在重申EBITDA與EPS指引，還是因為成本可見度的關係而暫不提供？我只是想把這點弄清楚。

No, I think we're still -- we still have a high degree of confidence in our original guidance there. And we just wanted to make sure folks understood kind of the puts and takes that we could potentially have given some of these emerging items. That's all.

沒有，我想我們仍然——我們對原先的指引仍然非常有信心。我們只是想確保大家理解，在一些新出現的事項下，我們可能會面臨的利弊取捨。就這樣而已。

Sorry, Mike. We took a lot of work. let's be clear.

抱歉，Mike。我們做了很多工作。讓我們說清楚。

1Q guide as the previous guide, sorry, you're just highlighting a lot of moving parts.

第一季指引與先前的指引一致，抱歉——你只是強調有很多變動因素。

No change. No change.

沒有變。沒有變。

Sorry. We're just trying to explain the real things that we're dealing with. No change.

抱歉。我們只是想解釋我們正在面對的真實情況。沒有變。

No, that's helpful. And then on the replacement cycle we've talked about. I appreciate you said that's more of a 2027 opportunity. Just wondering if you've seen any earlier evidence coming through in the orders or pipeline of that replacement cycle?

不，這很有幫助。然後關於我們談過的汰換週期，我很感謝你提到那更像是2027年的機會。只是想問，你們是否在訂單或管線中看到任何更早的跡象，顯示那個汰換週期正在提前發酵？

Yeah, Great question. Yes, you need to line those things up. They don't happen overnight. So we're starting those conversations today, right?

是的，很好的問題。是的，你需要把這些事情先對齊。它們不會一夜之間發生。所以我們今天就開始進行那些對話，對吧？

But the real energy, I think, again, will be towards the end of this year. But the same inertia or incumbent benefit that accrues in the infusion industry also accrues to us where we have a full-line customer, a lot of experience with the device.

但我認為真正的動能，還是會在今年年底左右出現。不過，輸注產業中那種慣性或既有供應商優勢，同樣也會累積到我們身上，因為我們擁有全產品線客戶，並且對該裝置有大量使用經驗。

And so we think we're well positioned there. The devices operate well for a long time, and so you don't like to force those changes on people until really the life cycle is used up with the device. The timing sort of lines up more with next year and the competitive opportunities are what we should spend our time on if they're here.

因此我們認為我們在那方面具備良好定位。這些裝置可以良好運作很長一段時間，所以在裝置生命週期真正用盡之前，你不會想強迫客戶做變更。時點上更像是與明年對齊，而競爭機會如果出現，才是我們應該投入時間的重點。

And we think the results will show our success in that over the balance of the year. So opportunity there, starting cautiously, important part of next year's story.

而我們認為，接下來一年剩餘期間的結果會展現我們在這方面的成功。所以那裡有機會；我們會謹慎起步，這也是明年故事的重要一環。

Okay. Yes, that's great. Just one more as well. Becton this morning talked about 50 bps share gain in the quarter. Do you have any commentary on the share trends for ICU?

好的。是的，很棒。另外再問一個。Becton今天早上提到本季市占率提升50個基點。你們對ICU的市占趨勢有任何評論嗎？

Not really. I mean everybody -- it's not necessarily everybody compares these things apples-to-apples. We've always tried to stay away from that, as you know, like the results in the P&L should speak for themselves because I'm not sure everybody counts exactly the same tongue in cheek, everybody has been taking share and the market is kind of what it is.

沒有特別。我的意思是，每個人——不一定每個人都用同樣口徑來比較。我們一向盡量避免那樣做，你也知道，因為損益表（P&L）的結果應該能自我說明；我不確定每個人的計算方式是否完全一致。半開玩笑地說，每個人都在搶市占，而市場就是它本來的樣子。

So I think we would prefer not to comment other than say we're materially off the lows in this business where we were a few years ago.

所以我想我們寧可不評論，除了說相較於幾年前我們在這個業務的低點，我們已經明顯回升。

Yeah, very helpful. Thank you.

是的，非常有幫助。謝謝。

Thanks, Mike. Hope you're doing well.

謝謝你，Mike。希望你一切都好。

Thank you. And at this time, this concludes our question-and-answer session. I will now turn the meeting back to Vivek for closing remarks.

謝謝。那麼在此，我們的問答環節到此結束。我現在把會議交回給Vivek做結語。

Thanks, everyone. I know it's been a very hectic earnings calendar the last day or two. So we will end quickly here and say thank you very much. Look forward to discussing our results with you on our Q2 call, and have a good start to the summer, everyone. Thanks.

謝謝各位。我知道過去一兩天的財報行程非常忙碌。所以我們就簡短結束並向各位致謝。期待在第二季電話會議上與各位討論我們的業績，也祝各位夏季有個好的開始。謝謝。

This concludes today's meeting. We appreciate your time and participation. You may now disconnect. Thank you.

今天的會議到此結束。感謝各位的時間與參與。您現在可以斷線。謝謝。