Integer Holdings Corp (ITGR) 2023 Q3 法說會逐字稿

Hello, and welcome to the Integer Holdings Corporation Third Quarter 2023 Earnings Call.

您好，歡迎參加 Integer Holdings Corporation 2023 年第三季財報電話會議。

(Operator Instructions)

（操作員說明）

I will now turn the conference over to Mr. Andrew Senn, Senior Vice President, Strategy, Business Development and Investor Relations. Please go ahead.

我現在將會議交給策略、業務開發和投資者關係高級副總裁安德魯·森恩 (Andrew Senn) 先生主持。請繼續。

Good morning, everyone. Thank you for joining us, and welcome to Integer's Third Quarter 2023 Earnings Conference Call. With me today are Joe Dziedzic, President and Chief Executive Officer; and Diron Smith, Executive Vice President and Chief Financial Officer.

大家，早安。感謝您加入我們，歡迎參加 Integer 2023 年第三季財報電話會議。今天與我在一起的有總裁兼執行長 Joe Dziedzic；執行副總裁兼財務長 Diron Smith。

As a reminder, the results and the data we discuss today reflect the consolidated results of Integer for the periods indicated. During our call, we will discuss some non-GAAP financial measures. For a reconciliation of these non-GAAP financial measures, please refer to the appendix of today's presentation, today's earnings press release and the trending schedules, which are available on our website at integer.net. Please note that today's presentation includes forward-looking statements. Please refer to the company's SEC filings for a discussion of the risk factors that could cause our actual results to differ materially.

提醒一下，我們今天討論的結果和數據反映了 Integer 在所示期間的綜合結果。在電話會議中，我們將討論一些非公認會計準則財務指標。有關這些非 GAAP 財務指標的調整表，請參閱今天簡報的附錄、今天的收益新聞稿和趨勢表，這些內容可在我們的網站 integer.net 上找到。請注意，今天的演示包含前瞻性陳述。請參閱該公司向 SEC 提交的文件，以了解可能導致我們的實際結果出現重大差異的風險因素的討論。

On today's call, Joe will provide his opening comments and will share some exciting news regarding our strategic acquisition. Diron will then review our financial results for the third quarter of 2023 and provide an update on our full year 2023 guidance. Joe will come back to provide his closing remarks, and then we will open the call for your questions.

在今天的電話會議上，喬將發表開場白，並分享一些有關我們策略性收購的令人興奮的消息。隨後，Diron 將審查我們 2023 年第三季的財務業績，並提供 2023 年全年指導的最新資訊。喬將回來發表結束語，然後我們將開始電話詢問您的問題。

With that, I will turn the call over to Joe.

這樣，我就把電話轉給喬。

Thank you, Andrew, and thank you to everyone for joining the call today.

謝謝你，安德魯，也謝謝大家今天加入電話會議。

First, I would like to congratulate Diron Smith on being appointed our Chief Financial Officer. Diron joined Integer in 2021 as our global FP&A leader. He brings strong manufacturing and operational finance experience to the CFO role with a leadership style that is collaborative and candid. Diron is focused on enabling the business to deliver excellence for our customers, which will lead to great results for investors. I look forward to partnering with Diron as we execute our strategy to earn a premium valuation.

首先，我要祝賀 Diron Smith 被任命為我們的財務長。 Diron 於 2021 年加入 Integer，擔任我們的全球 FP&A 領導者。他為財務長角色帶來了豐富的製造和營運財務經驗，並具有協作和坦誠的領導風格。 Diron 致力於使企業能夠為客戶提供卓越的服務，這將為投資者帶來豐厚的回報。我期待與 Diron 合作，執行我們的策略以獲得溢價估值。

Before I provide an update on Integer, I'd like to take a moment to remember our long-time sell-side analyst from KeyBanc, Matt Mishan, who passed away unexpectedly on September 8. Matt was greatly respected within our industry. It was always energetic, thoughtful and brought a sense of humor to what we all do every day. He will be missed and our hearts go out to his family, friends and colleagues.

在提供 Integer 的最新消息之前，我想花點時間緬懷 KeyBanc 的長期賣方分析師 Matt Mishan，他於 9 月 8 日意外去世。Matt 在我們的行業內備受尊敬。它總是充滿活力、深思熟慮，並為我們每天所做的事情帶來幽默感。我們會想念他，我們的心與他的家人、朋友和同事同在。

Transitioning to our earnings call. We delivered another quarter of strong year-over-year results. Sales grew 18% organically from robust customer demand across our targeted growth markets. Our adjusted operating income grew 39% while expanding margins by approximately 240 basis points compared to last year. We were able to deliver more products to our customers than our prior guidance assumed. We expanded margins from volume leverage as well as efficiencies gained from an improving supply chain.

過渡到我們的財報電話會議。我們又一個季度取得了強勁的年比業績。由於我們目標成長市場的強勁客戶需求，銷售額有機成長了 18%。與去年相比，我們調整後的營業收入成長了 39%，同時利潤率擴大了約 240 個基點。我們能夠向客戶提供比之前預期更多的產品。我們透過銷售槓桿擴大了利潤，並透過改善供應鏈提高了效率。

Based on continued strong customer demand, we are raising our full year outlook again. At the midpoint of our guidance, we expect full year sales to grow 15% and adjusted operating income to grow 25% year-over-year. The strategy that we began implementing in 2018 is producing above-market sales growth with a pipeline to sustain growth at 200 basis points above the market. We are expanding margins in 2023 and remain confident we can achieve our strategic financial objective of growing operating income at 2x the rate of sales growth.

基於持續強勁的客戶需求，我們再次上調全年展望。在我們指導的中點，我們預計全年銷售額將年增 15%，調整後的營業收入將年增 25%。我們在 2018 年開始實施的策略是實現高於市場的銷售成長，並有通路維持高於市場 200 個基點的成長。我們將在 2023 年擴大利潤率，並且仍有信心實現我們的策略財務目標，即營業收入成長速度是銷售成長率的 2 倍。

We expect to achieve this through the execution of our manufacturing excellence strategies and further stabilization of the supply chain and direct labor environments. It is an exciting time at Integer because demand remains incredibly strong. We have a robust pipeline of new products concentrated in faster-growing end markets, and we are making the investments needed to deliver sustained growth, including tuck-in acquisitions.

我們希望透過執行卓越製造策略以及進一步穩定供應鏈和直接勞動力環境來實現這一目標。對於 Integer 來說，這是一個激動人心的時刻，因為需求仍然非常強勁。我們擁有強大的新產品系列，集中在成長較快的終端市場，並且我們正在進行實現持續成長所需的投資，包括收購。

Earlier this month, we completed the acquisition of certain assets of InNeuroCo, a company specializing in neurovascular catheters. And InNeuroCo brings deep design expertise and manufacturing capabilities in high-growth neurovascular catheters that are primarily used in the treatment of ischemic strokes and intracranial aneurysms. They developed and currently manufacture a portfolio of aspiration catheters and a portfolio of neurovascular radial access catheters for the industry-leading OEMs.

本月早些時候，我們完成了對 InNeuroCo（一家專門從事神經血管導管的公司）某些資產的收購。 InNeuroCo 在高生長神經血管導管方面擁有深厚的設計專業知識和製造能力，這些導管主要用於治療缺血性中風和顱內動脈瘤。他們目前為業界領先的 OEM 開發並製造了一系列抽吸導管和一系列神經血管橈側通路導管。

We acquired InNeuroCo for $42 million plus potential earn-outs for achieving specific revenue targets through 2027. The effective purchase price is approximately $5 million lower after considering the net present value of cash tax benefits resulting from the acquisition structure. We expect sales synergy of approximately $20 million by 2027 from InNeuroCo's design and development team, supporting our existing pipeline of neurovascular catheter opportunities. The transaction is immediately accretive to EPS.

我們以 4,200 萬美元的價格收購了 InNeuroCo，外加實現 2027 年特定收入目標的潛在盈利。考慮到收購結構帶來的現金稅收優惠的淨現值後，有效購買價格降低了約 500 萬美元。我們預計到 2027 年，InNeuroCo 的設計和開發團隊將產生約 2000 萬美元的銷售協同效應，支持我們現有的神經血管導管機會。該交易將立即增加每股收益。

Details of the high-growth markets that Integer targets are highlighted in the blue box on this chart, structural heart, electrophysiology and neurovascular. We have the breadth and depth of capabilities needed to serve our customers in these faster-growth markets. And as the demand for neurovascular catheter outsourcing accelerates, Integer is now even better positioned to capitalize on this high-growth market.

Integer 所針對的高成長市場的詳細資訊在該圖表中的藍色方框中突出顯示：結構心臟、電生理學和神經血管。我們擁有在這些快速成長的市場中為客戶提供服務所需的廣度和深度的能力。隨著神經血管導管外包需求的加速，Integer 現在能夠更好地利用這個高成長的市場。

Neurovascular catheters are technically complex and include neurovascular guide catheters, aspiration catheters and radial access catheters. The acquisition of InNeuroCo is completely aligned with our strategy to add or strengthen differentiated capabilities that enable us to provide innovative solutions to our customers in high-growth markets. I'll now turn the call over to Diron.

神經血管導管技術複雜，包括神經血管導引導管、抽吸導管和橈側通路導管。收購 InNeuroCo 完全符合我們的策略，即增加或加強差異化能力，使我們能夠為高成長市場的客戶提供創新解決方案。我現在將把電話轉給 Diron。

Thank you, Joe. Good morning, everyone, and thank you again for joining today's discussion. I'll provide more details on our third quarter 2023 financial results and provide an update on our full year 2023 outlook. It is important to note, third quarter results are not impacted by our acquisition of the InNeuroCo, while the full year outlook includes this acquisition. We continued our first half momentum through the third quarter, delivering another quarter of strong performance.

謝謝你，喬。大家早安，再次感謝大家參加今天的討論。我將提供有關 2023 年第三季財務業績的更多詳細信息，並提供 2023 年全年展望的最新資訊。值得注意的是，第三季業績並未受到我們收購 InNeuroCo 的影響，而全年展望則包括此次收購。我們在第三季延續了上半年的勢頭，又一個季度表現強勁。

With sales of $405 million, Integer delivered 18% year-over-year sales growth on both a reported and an organic basis, which excludes the impact of currency fluctuations. Our sales performance reflects the continued strong customer demand across our targeted growth markets and the ongoing improvements in the supply chain environment.

Integer 的銷售額為 4.05 億美元，報告銷售額和有機銷售額年增 18%（排除貨幣波動的影響）。我們的銷售業績反映了我們目標成長市場中持續強勁的客戶需求以及供應鏈環境的持續改善。

We delivered $81 million of adjusted EBITDA, up $18 million compared to the prior year or an increase of 28%, and adjusted operating income increased 39% or $18 million versus last year. As we continue to make progress on our year-over-year margin expansion, adjusted operating income as a percent of sales increased by 240 basis points versus the prior year to 15.9%, driven by volume leverage and efficiencies gained from the continued improvement in the supply chain.

我們實現了 8,100 萬美元的調整後 EBITDA，比上年增加 1,800 萬美元，成長 28%，調整後營業收入比去年增長 39%，即 1,800 萬美元。隨著我們在同比利潤率擴張方面繼續取得進展，調整後的營業收入佔銷售額的百分比比上年增加了240 個基點，達到15.9%，這得益於銷量槓桿率和持續改善所帶來的效率。供應鏈。

With adjusted net income of $43 million, we delivered $1.27 of adjusted diluted earnings per share, up $0.32 or 34% from the third quarter of 2022. I will touch on the year-over-year growth in adjusted net income in a few moments. Diving deeper into our sales by product line, we delivered strong year-over-year growth in our C&V and CRM&N product lines in the third quarter of 2023. Cardio & Vascular delivered 23% sales growth in the third quarter compared to a year ago. This double-digit growth was driven by continued strong demand across all markets, growth in key products such as guidewires, new product ramps in electrophysiology and structural heart and supply chain improvements.

調整後淨利潤為 4300 萬美元，調整後稀釋每股收益為 1.27 美元，比 2022 年第三季度增長 0.32 美元，即 34%。我稍後將談到調整後淨利潤的同比增長情況。深入研究按產品線劃分的銷售情況，我們的C&V 和CRM&N 產品線在2023 年第三季度實現了強勁的同比增長。心血管與血管產品第三季度的銷售額與去年同期相比增長了23% 。這種兩位數的成長是由所有市場持續強勁的需求、導絲等關鍵產品的成長、電生理學和結構心臟和供應鏈改進的新產品的成長所推動的。

Cardiac rhythm management and neuromodulation's third quarter sales increased 22% over the third quarter of 2022 with double-digit growth in both cardiac rhythm management and in neuromodulation. This was driven by strong demand, including double-digit growth from emerging customers with PMA products and supply chain improvements. Advanced Surgical, Orthopedics and Portable Medical saw a 13% decline in the third quarter versus a year ago, driven by execution of the planned multiyear portable medical exit announced in 2022 and low double-digit decline of Advanced Surgical and Orthopedics.

心律管理和神經調節第三季銷售額較 2022 年第三季成長 22%，心律管理和神經調節業務均達到兩位數成長。這是由強勁需求推動的，包括 PMA 產品新興客戶的兩位數成長和供應鏈的改進。由於 2022 年宣布的多年便攜式醫療退出計劃的執行以及高級外科和骨科的低兩位數下降，高級外科、骨科和便攜式醫療第三季度同比下降 13%。

And lastly, Electrochem, our non-medical segment, declined 25% from a year ago, returning to a normalized run rate after previously higher sales from the supply chain recovery. Further product line details are included in the appendix of the presentation on our website at integer.net.

最後，我們的非醫療部門 Electrochem 較去年同期下降了 25%，在供應鏈復甦導致銷售增加後恢復到正常運作率。更多產品線詳細資訊包含在我們網站 integer.net 上簡報的附錄中。

Third quarter 2023 adjusted net income increased a total of $11 million compared to the third quarter 2022. Strong sales and related operational improvements delivered $16 million of the increase minimally offset by foreign exchange rate fluctuations as well as higher interest and taxes. Year-over-year interest expense increased only $1 million as the higher market-based interest rates were mostly offset by the benefit from the lower fixed interest rate convertible notes issued in January of this year.

與2022 年第三季相比，2023 年第三季調整後淨利潤總計增加了1,100 萬美元。強勁的銷售和相關營運改善帶來了1,600 萬美元的成長，但被外匯波動以及更高的利息和稅收所抵消。年比利息支出僅增加 100 萬美元，因為較高的市場利率大部分被今年 1 月發行的較低固定利率可轉換票據帶來的收益所抵消。

Additionally, as we described in the second quarter earnings call, the primary driver of our higher adjusted effective tax rate in third quarter 2023 compared to the prior year is the expiration of the 10-year Malaysian tax holiday. In the third quarter 2023, we generated $62 million in cash flow from operations, up $35 million from a year ago and $6 million higher than the prior quarter. This strong performance was driven by higher sales volumes, improving margins and our continued management of working capital.

此外，正如我們在第二季財報電話會議中所述，與前一年相比，我們 2023 年第三季調整後有效稅率較高的主要驅動因素是馬來西亞 10 年免稅期的到期。 2023 年第三季度，我們的營運現金流量為 6,200 萬美元，比去年同期增加 3,500 萬美元，比上一季增加 600 萬美元。這種強勁的業績得益於銷售的增加、利潤率的提高以及我們對營運資本的持續管理。

In the third quarter, we generated $37 million in free cash flow, inclusive of $25 million of capital expenditures. Third quarter year-to-date, we have generated $125 million in cash flow from operations and invested $83 million in CapEx, resulting in $42 million of free cash flow.

第三季度，我們產生了 3,700 萬美元的自由現金流，其中包括 2,500 萬美元的資本支出。今年第三季迄今，我們已從營運中產生了 1.25 億美元的現金流，並在資本支出上投資了 8,300 萬美元，從而產生了 4,200 萬美元的自由現金流。

Net total debt in the third quarter reduced by $38 million sequentially, and our net total debt leverage at the end of the third quarter was 3.1x our trailing 4 quarter adjusted EBITDA, well within our strategic target range.

第三季的淨總債務環比減少了 3,800 萬美元，第三季末的淨總債務槓桿率為過去 4 季調整後 EBITDA 的 3.1 倍，完全在我們的策略目標範圍內。

Now let's spend some time discussing our updated outlook for the full year 2023. As Joe mentioned in his opening remarks, with our continued strong performance, we are raising our full year 2023 outlook. Our updated outlook is inclusive of our recent acquisition of InNeuroCo.

現在，讓我們花一些時間討論我們對 2023 年全年的最新展望。正如 Joe 在開場白中提到的那樣，隨著我們持續強勁的表現，我們正在上調 2023 年全年的展望。我們更新的展望包括我們最近收購的 InNeuroCo。

Starting with sales, we are increasing our outlook by $45 million to 15% year-over-year growth at midpoint with a sales range of $1.575 billion to $1.595 billion, an increase of 14% to 16% versus last year, up from our previous guidance of 11% to 13%. Our outlook for 2023 adjusted EBITDA is 18% to 21% growth year-over-year with a range of $302 million to $310 million, up from our previous guidance of 15% to 18% growth. We are increasing our adjusted operating income outlook by $11 million at midpoint and expect 2023 to be between $235 million and $243 million, reflecting a strong year-over-year growth of 22% to 27%.

從銷售額開始，我們將預期年增 4,500 萬美元至 15%，銷售額範圍為 15.75 億美元至 15.95 億美元，與去年相比增長 14% 至 16%，高於我們之前的預期指導值為11 % 至13%。我們對 2023 年調整後 EBITDA 的預期為年增 18% 至 21%，範圍為 3.02 億美元至 3.1 億美元，高於我們先前成長 15% 至 18% 的指引。我們將調整後營業收入預期中位數上調 1,100 萬美元，預計 2023 年將在 2.35 億美元至 2.43 億美元之間，年比強勁增長 22% 至 27%。

At the midpoint of 25%, our adjusted operating income is growing at 1.6x the rate of sales growth. Adjusted net income is now expected to be between $151 million and $157 million reflecting a year-over-year growth of 16% to 22%, up from our previous guidance of 10% to 15%. This delivers an expected adjusted EPS outlook between $4.47 and $4.67, a growth of 15% to 20% year-over-year. Our latest view of the adjusted effective tax rate is projected to be between 17.5% and 18.5%. We continue to see strong performance quarter after quarter, which has given us confidence to raise our outlook for sales and adjusted operating income as a percent of sales again.

以 25% 的中點計算，我們調整後的營業收入的成長速度是銷售成長率的 1.6 倍。調整後淨利潤目前預計在 1.51 億美元至 1.57 億美元之間，年增 16% 至 22%，高於我們先前 10% 至 15% 的指引。這使得調整後每股收益預期在 4.47 美元至 4.67 美元之間，年增 15% 至 20%。我們對調整後有效稅率的最新看法預計在 17.5% 至 18.5% 之間。我們繼續看到一個又一個季度的強勁業績，這讓我們有信心再次提高銷售前景和調整後的營業收入佔銷售額的百分比。

Since our initial guidance this year, we have raised our sales outlook at midpoint by $100 million, including $5 million for the InNeuroCo acquisition in the fourth quarter. Additionally, we have increased our adjusted operating income as a percent of sales by 50 basis points since our initial guidance in February and now expect a 113 basis point improvement year-over-year for the full year. We expect cash flow from operations between $185 million to $205 million. This includes an expected full year impact of approximately $30 million to $35 million from accounts receivable factoring to support capacity investments in our average manufacturing facilities, which we shared during our February earnings call.

自今年最初的指導以來，我們已將銷售預期中位數上調了 1 億美元，其中包括第四季度收購 InNeuroCo 的 500 萬美元。此外，自 2 月的初步指導以來，我們已將調整後的營業收入佔銷售額的百分比提高了 50 個基點，現在預計全年將同比提高 113 個基點。我們預計營運現金流在 1.85 億美元至 2.05 億美元之間。這包括應收帳款保理業務對全年預計約 3,000 萬至 3,500 萬美元的影響，以支持我們平均製造設施的產能投資，我們在 2 月的財報電話會議上分享了這一點。

While 2023 sales are $100 million higher than our initial guidance, we are maintaining our outlook on capital expenditures of $100 million to $120 million. Additionally, we expect to generate free cash flow between $75 million and $95 million. Inclusive of our $42 million acquisition of InNeuroCo, we expect our 2023 year-end net total debt to be between $925 million and $945 million, which is approximately flat to up $20 million from the end of third quarter 2023. We expect fourth quarter free cash flow to mostly offset the purchase of InNeuroCo, resulting in an expected net total debt leverage ratio at year-end, well within our target range of 2.5 to 3.5x our trailing 4 quarter adjusted EBITDA.

雖然 2023 年銷售額比我們最初的指導高出 1 億美元，但我們仍維持 1 億至 1.2 億美元資本支出的預期。此外，我們預計將產生 7,500 萬至 9,500 萬美元的自由現金流。包括我們斥資4,200 萬美元收購InNeuroCo 在內，我們預計2023 年年底的淨債務總額將在9.25 億美元至9.45 億美元之間，與2023 年第三季末相比大致持平或增加2,000 萬美元。我們預計第四季度的自由現金資金流大部分抵消了對 InNeuroCo 的購買，從而導致年底的預期淨總債務槓桿率完全在我們過去 4 季調整後 EBITDA 2.5 至 3.5 倍的目標範圍內。

With that, I'll turn the call back to Joe. Thank you.

這樣，我會將電話轉回喬。謝謝。

Thanks, Diron. Integer is having a strong year with third quarter year-to-date sales up 18% and adjusted operating income up 29%, including raising guidance the last 2 quarters. We continue to execute our strategy to deliver sustained above-market growth with expanding margins. We have a strong pipeline of new products and continue to invest in differentiated capabilities both organically and inorganically to sustain above-market growth.

謝謝，迪隆。 Integer 今年表現強勁，第三季迄今的銷售額成長了 18%，調整後的營業收入成長了 29%，其中包括提高了最後兩個季度的指導。我們繼續執行我們的策略，以不斷擴大的利潤率實現持續高於市場的成長。我們擁有強大的新產品系列，並繼續對有機和無機的差異化能力進行投資，以維持高於市場的成長。

We closed another accretive tuck-in acquisition in a high-growth market. We remain focused on delivering for our customers and the patients they serve to generate a premium valuation for our shareholders. Thank you for joining our call this morning. I'll now turn the call back to our moderator for the Q&A portion of our call.

我們在高成長市場完成了另一項增值收購。我們仍然專注於為我們的客戶和他們服務的患者提供服務，為我們的股東創造溢價估值。感謝您今天早上加入我們的電話會議。現在，我將把電話轉回給我們的主持人，以進行電話問答部分。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Craig Bijou with Bank of America.

你的第一個問題來自美國銀行的 Craig Bijou。

Diron, congrats on making the role permanent, look forward to working with you and congrats on a great quarter. So let me start with the very strong growth that you guys have seen in the quarter and over the last really several quarters. And I know you talked a little bit about the drivers of that. But I wanted to see if you can maybe expand upon some of your comments. What would you attribute the growth to? Is it the end markets that are growing faster? Are you -- do you think you're being utilized more by existing customers end or is it new customer adds?

Diron，恭喜您永久擔任該職位，期待與您合作，並祝賀您度過了一個美好的季度。因此，讓我從你們在本季和過去幾季中看到的非常強勁的成長開始。我知道你談到了這一點的驅動因素。但我想看看您是否可以擴展您的一些評論。您將成長歸因於什麼？是終端市場成長更快嗎？您認為現有客戶對您的利用更多還是新客戶增加了？

Craig, I'll start with -- thank you, and we do have incredibly strong growth, 15% growth at midpoint, up from 12% that we had guided to on our last call. And I will point to a number of things. There is not 1 or 2 things driving it. and I'll address the -- I do think -- we do think the industry is probably growing faster than the mid-single digit, which are the markets we serve have a long-term growth rate of mid-single digits. We think the industry is growing faster than that as we get more of our customers' reported results will shape our view of what we think the industry is doing for the markets we're serving. But I'd point to emerging customers for us, which we characterize emerging customers as our earlier stage neuromodulation customers.

克雷格，我首先要感謝您，我們確實實現了令人難以置信的強勁增長，中期增長 15%，高於我們上次電話會議指導的 12%。我將指出一些事情。驅動它的因素不是一兩個。我將解決這個問題——我確實認為——我們確實認為該行業的成長速度可能超過中個位數，我們服務的市場的長期成長率為中個位數。我們認為該行業的成長速度比這更快，因為我​​們獲得更多客戶報告的結果將塑造我們對該行業正在為我們所服務的市場所做的事情的看法。但我想為我們指出新興客戶，我們將新興客戶描述為我們的早期神經調節客戶。

And we've highlighted in depth the number of customers we have in early-stage development programs, and we've mapped them out through the clinical regulatory and product introduction phases, we highlighted that last year 2022, we had about $50 million of sales with 9 of those customers that are in product introduction and in a launch phase. And that by next year 2024, we would expect that to be $80 million to $100 million, so doubling. And we're seeing the growth that we would expect in '23 in that -- in between '22 and '24 growth rate that we set up double, we're seeing that growth. That's a couple -- 2% to 3% of our year-over-year growth this year.

我們深入強調了我們在早期開發計劃中擁有的客戶數量，並透過臨床監管和產品推出階段對它們進行了規劃，我們強調去年 2022 年我們的銷售額約為 5000 萬美元其中9 個客戶正處於產品推出和發布階段。到明年 2024 年，我們預計這一數字將達到 8,000 萬至 1 億美元，翻倍。我們看到了我們在 23 年預期的成長——在 22 年和 24 年之間，我們設定了兩倍的成長率，我們看到了這種成長。這是我們今年同比增長的 2% 到 3%。

All the new products that we've been working on from the pipeline of development work that we've been doing, we've highlighted a number of times how our pipeline of development programs has gone up 230-plus percent over the last 5 years and that we've shifted that mix to be 80% of those programs in those faster-growing end markets that we're targeting.

我們一直在進行的開發工作流程中開發的所有新產品，我們多次強調了我們的開發計劃流程在過去 5 年中如何增加了 230% 以上我們已經將這種組合轉變為我們瞄準的那些增長較快的終端市場中80% 的項目。

Structural heart, electrophysiology, neurovascular, neuromodulation, we're seeing those new products be introduced and launched into the marketplace, that's driving at least a couple of hundred basis points of that year-over-year growth. The acquisitions we've done, Oscor and Aran, they are accretive to the Integer level of growth rate. So that's order of magnitude, call it, 100 basis points roughly.

結構心臟、電生理學、神經血管、神經調節，我們看到這些新產品被引入並推向市場，這推動了同比增長至少幾百個基點。我們完成的收購，Oscor 和 Aran，它們增加了整數水準的成長率。所以這是一個數量級，大約是 100 個基點。

We're making a big investment in our Irish facility that's focused on guidewires because demand in guidewires, which is almost all minimally invasive procedures require at least one, sometimes multiple guidewires. The industry demand is being reflected in the demand on our Guidewire business particularly the facility in Ireland that we're adding 80,000 square foot expansion to take it to 200,000-plus square feet. We're seeing strong guidewire demand.

我們正在對愛爾蘭工廠進行大量投資，該工廠專注於導絲，因為導絲的需求幾乎所有微創手術都需要至少一根，有時是多根導絲。行業需求反映在我們的 Guidewire 業務的需求上，特別是愛爾蘭的工廠，我們正在擴建 80,000 平方英尺，使其面積達到 200,000 多平方英尺。我們看到導絲需求強勁。

We did have a little bit of volume we talked about at the end of last year, beginning of this year, that shifted out of '22 and into 2023. That was about $15 million to $20 million. So you add up all these things and you get to 15% for the year, which we think is incredibly strong growth. We think we're growing faster than the market, and we think we're growing meaningfully faster than our targeted 200 basis points in 2023.

去年年底、今年年初，我們確實有一些交易量從 22 年轉移到了 2023 年。大約是 1500 萬美元到 2000 萬美元。因此，將所有這些因素加起來，今年的成長率將達到 15%，我們認為這是令人難以置信的強勁成長。我們認為我們的成長速度快於市場，而且我們的成長速度明顯快於 2023 年 200 個基點的目標。

When we think about long-term growth rate, we still think the markets we're serving are growing in that mid-single digit over the long term. We'll have a better view at the end of this year when we see all of our customers reporting by the markets that they report in, we'll have a view of what we think the market is. But I'll close with its widespread strength across a number of different elements of our strategy that we're executing. We believe we're outperforming both the industry and our targeted 200 basis points above the market.

當我們考慮長期成長率時，我們仍然認為我們所服務的市場長期以中個位數成長。今年年底，當我們看到所有客戶按他們報告的市場進行報告時，我們將有一個更好的視角，我們將了解我們認為的市場是什麼。但我將以其在我們正在執行的策略的許多不同要素中的廣泛優勢作為結束語。我們相信我們的表現優於行業，我們的目標是高出市場 200 個基點。

And your question about new or existing customers, it's existing customers and then the early-stage customers. I won't say they're new, they might be new to introducing something to the market, but we've been working with them for a number of years in the -- particularly the emerging customer Neuromod space. So the strength is widespread, and we think it's demonstrated outperformance versus both the industry and versus our targeted 200 basis points faster than the markets.

你的問題是關於新客戶還是現有客戶，首先是現有客戶，然後是早期客戶。我不會說他們是新的，他們可能是向市場推出新產品的新手，但我們已經與他們在新興客戶 Neuromod 領域合作多年。因此，這種力量是廣泛的，我們認為它的表現優於產業，也優於我們比市場快 200 個基點的目標。

My second question, there's a thought that a lot of the OEMs built up inventory to higher than traditional levels over the last couple of years, mainly to protect against some supply chain disruptions and that inventory will eventually be worked down. So I guess my question to you is I just -- I guess I wanted to get your reaction to that thought process and that may just be an investor perspective, but wanted to get your reaction. And then is that a potential risk as you look out several quarters or into next year to your growth?

我的第二個問題，有人認為，在過去幾年中，許多原始設備製造商建立的庫存高於傳統水平，主要是為了防止供應鏈中斷，庫存最終會減少。所以我想我對你的問題是——我想我想知道你對這個思考過程的反應，這可能只是投資者的觀點，但想知道你的反應。那麼，當您展望幾個季度或明年的成長時，這是否是一個潛在風險？

So we don't see it as a risk because we believe we have built in exactly that already into our fourth quarter guidance. When we study the orders we received from customers at a pretty granular level by plant, by product, by customer, SKU level, and then we work with our customers to interpret and understand what that signal means. The good news is we're still sitting on about $1.0 billion of orders in hand that ship over the next mostly 12 to 15 months. So that gives us pretty good visibility.

因此，我們不認為這是一種風險，因為我們相信我們已經將這一點納入了第四季度的指導中。當我們按工廠、產品、客戶、SKU 等級詳細研究從客戶收到的訂單時，然後我們與客戶合作來解釋和理解該訊號的含義。好消息是，我們仍然持有約 10 億美元的訂單，這些訂單將在接下來的 12 到 15 個月內發貨。所以這給了我們很好的可見性。

And one thing we're seeing here with our fourth quarter, and we've incorporated this already into our guidance, we're seeing what we would characterize as a normal pre-pandemic level of year-end inventory planning by customers. Every year, we see in certain products, certain parts of our customers' businesses what we interpret as they're managing inventory because they've got goals and targets and metrics to hit and we're seeing what we would characterize as a normal level of that activity, which to us, is a good sign because it signals that inventory levels might be at a healthy level for our customers, and they're doing what they used to do before the pandemic.

我們在第四季度看到的一件事，我們已經將其納入我們的指導中，我們看到了客戶年終庫存計劃的正常流行前水準。每年，我們都會在某些產品、客戶業務的某些部分中看到我們所解釋的他們正在管理庫存，因為他們有要達到的目標和指標，並且我們看到了我們所描述的正常水平這項活動對我們來說是一個好兆頭，因為它表明庫存水平對我們的客戶來說可能處於健康水平，而且他們正在做大流行之前所做的事情。

And so we feel like we've already built that into our fourth quarter guidance, and that's been factored in. And so we don't see a risk of a meaningful maybe correction that there might be a concern about with inventory levels potentially being higher than customers would like.

因此，我們認為我們已經將其納入第四季度的指導中，並且已將其考慮在內。因此，我們認為不會出現有意義的修正風險，而人們可能會擔心庫存水平可能會更高比客戶想要的。

Your next question comes from the line of Matthew O'Brien with Piper Sandler.

你的下一個問題來自馬修·奧布萊恩和派珀·桑德勒的對話。

This is Phil on for Matt. Congrats on the outstanding quarter and Diron, congrats. I know we're looking forward to working with you. For starters, I can just on the pricing environment for you guys. I don't know if you disclosed how much price contributed to the growth in the quarter. If you don't want to provide a specific number, and I apologize for putting you on the spot, can you just talk about your ability to take price, how durable you see this moving forward as we look at 2024 and beyond.

這是菲爾替馬特發言。恭喜出色的季度和迪隆，恭喜。我知道我們期待與您合作。首先，我可以為你們介紹定價環境。我不知道您是否透露了價格對本季成長的貢獻有多大。如果您不想提供具體數字，並且我很抱歉讓您陷入困境，您能否談談您接受價格的能力，以及在我們展望 2024 年及以後的情況下，您認為這種情況的持續性如何。

No worries on putting us on the spot. It's our job to tell you our strategy and how we're executing it. From a pricing standpoint, what we've communicated this year is we have positive price. I would characterize it as, it's an increase year-over-year, which is very different than what we've historically had. Typically, we've been a 1% to 2% price down business. In 2022, we were right at 1% down in this year, we're actually positive. But the reason we haven't quantified it or emphasized it is we raised prices very specifically to cover the cost increases or some of the cost increases we've experienced in both labor and material. That's how we explain it to investors -- I'm sorry, to customers. That's how we quantified it.

不用擔心讓我們陷入困境。我們的工作是告訴您我們的策略以及我們如何執行它。從定價的角度來看，我們今年傳達的訊息是我們有正面的價格。我將其描述為，這是逐年增長，這與我們歷史上的情況非常不同。通常，我們的業務是降價 1% 到 2%。 2022 年，我們今年的預測是下降了 1%，實際上我們是樂觀的。但我們沒有量化或強調這一點的原因是，我們非常具體地提高了價格，以彌補成本增加或我們在勞動力和材料方面經歷的部分成本增加。這就是我們向投資者解釋的方式——對不起，向客戶解釋的。這就是我們量化它的方式。

And ultimately, that was our objective is to get enough price to cover some or all of that material and wage inflation, and that's what we've done. It hasn't been to expand margins in the spirit of strategic partnership and ensuring we maintain a strong new product development pipeline with customers. That's how we approach pricing. We expect going forward, we're a price neutral-ish business. We believe going forward, based on the agreements we have in place that we can manage that on a look-forward basis, which is a meaningful change from where we've been historically. So that's how we think about price looking forward.

最終，我們的目標是獲得足夠的價格來彌補部分或全部物質和工資通膨，而這就是我們所做的。這並不是為了本著策略合作夥伴關係的精神擴大利潤並確保我們與客戶保持強大的新產品開發管道。這就是我們定價的方式。我們預計，未來我們將成為價格中立的企業。我們相信，未來，根據我們已達成的協議，我們可以前瞻性地管理這個問題，這與我們歷史上的情況相比是一個有意義的變化。這就是我們對未來價格的看法。

And I guess just one last quick one for me. Given the investor interest in this category, how do you think of GLP-1s impacting some of your end markets and business in both the near term and longer term, if at all?

我想這對我來說只是最後一件事。鑑於投資者對此類別的興趣，您如何看待 GLP-1 在短期和長期內對您的一些終端市場和業務的影響（如果有的話）？

Great question. Well, I'll start with since the SELECT trial was announced in early August, the medtech space looks like it's down 15% to 20%. So I think there's certainly been an investor impact and perception. When we study the markets that we believe and that our customers say we'll be more heavily impacted by GLPs, it points to bariatric surgery and diabetes which are negligible.

很好的問題。好吧，我首先要說的是，自從 8 月初宣布 SELECT 試驗以來，醫療技術領域似乎下降了 15% 到 20%。所以我認為投資人的影響和看法肯定是存在的。當我們研究我們認為的市場並且我們的客戶表示我們將受到 GLP 的更嚴重影響時，它表明減肥手術和糖尿病可以忽略不計。

In fact, we don't really show anything to support diabetes and/or bariatric surgery. And when we look at the markets we're focusing on to drive growth, structural heart and neurovascular, neuromodulation, electrophysiology, they would appear to have -- at least based on what our customers saying, what the analysis thus far has been done, they would appear to be minimally impacted by GLPs.

事實上，我們並沒有真正展示任何支持糖尿病和/或減肥手術的東西。當我們審視我們重點關注的推動成長、結構心臟和神經血管、神經調節、電生理學的市場時，它們似乎已經——至少根據我們客戶的說法以及迄今為止所做的分析，他們似乎受GLP 的影響最小。

Our demand remains strong in our targeted growth markets. We're not hearing or seeing customers say that they are either changing orders or demand on us or expect to because of GLPs. You're hearing that on their earnings call that I can tell you on our order book and the demand we're seeing, we're not seeing that impact. And again, it's -- we're focused on procedures that treat structural heart defects, arrhythmias, cerebral aneurysms, pain management and neuromodulation. We're just not seeing an impact.

我們的目標成長市場的需求仍然強勁。我們沒有聽到或看到客戶說他們因為 GLP 而改變訂單或對我們的要求，或預計會改變。您在他們的財報電話會議上聽說，我可以在我們的訂單簿和我們看到的需求中告訴您，我們沒有看到這種影響。再說一次，我們專注於治療結構性心臟缺陷、心律不整、腦動脈瘤、疼痛管理和神經調節的手術。我們只是沒有看到影響。

Maybe it's too early, but our customers are not telling us they're expecting and we're not seeing any impact in the order book or the development pipeline that we're working on. But it's certainly having an impact on the valuations of medtech. That's clear.

也許現在還為時過早，但我們的客戶並沒有告訴我們他們的期望，而且我們沒有看到訂單或我們正在開發的開發管道受到任何影響。但這肯定會對醫療科技的估值產生影響。很清楚。

Your next question comes from the line of Nathan Treybeck with Wells Fargo.

您的下一個問題來自富國銀行的內森·特雷貝克 (Nathan Treybeck)。

Congrats on a great quarter and Diron, congrats, I look forward to working with you. So just starting -- we calculate your guidance implies Q4 growth of 7% to 8% reported. This includes InNeuroCo. One, is this about right? And then in light of the strong growth in Q1 through Q3, is there conservatism built into the Q4 guide?

恭喜這個季度的出色表現，恭喜 Diron，我期待與您合作。因此，剛開始 - 我們計算出您的指引意味著報告的第四季成長率為 7% 至 8%。這包括 InNeuroCo。一、這對嗎？鑑於第一季到第三季的強勁成長，第四季指南中是否存在保守主義？

So you're right that it does imply about 8% at midpoint growth on a year-over-year basis. The InNeuroCo's $5 million of that. So it's 100 basis points year-over-year. I would highlight, if you look at the quarter splits for 2022, the fourth quarter of '22 was about 11% higher than the average of the first 3 quarters. So just thinking about comps on a year-over-year basis, the fourth quarter last year was the highest. Year-to-date, we've got 18% growth. For the third quarter year-to-date, we're going to be -- we're estimating 15% at midpoint for the year. We think that's an incredibly strong year.

所以你是對的，這確實意味著同比中點成長率約為 8%。 InNeuroCo 的經費為 500 萬美元。所以年比成長了 100 個基點。我想強調的是，如果你看一下 2022 年的季度劃分，你會發現 22 年第四季比前三個季度的平均值高出約 11%。因此，僅考慮同比情況，去年第四季是最高的。今年迄今為止，我們的成長率為 18%。對於今年迄今的第三季度，我們預計今年中點將達到 15%。我們認為這是非常強勁的一年。

I wish everything in like for linear and we could just have the exact same steady growth rate every quarter year-over-year, but life doesn't work that way. And so -- and you're right in terms of the midpoint interpretation. We feel like we've got a pretty good handle on the fourth quarter given that we're sitting here at the end of October. We've got a much more stable supply chain environment, still some pockets of disruption that we're working on. So we feel pretty good about our 400-ish midpoint of guidance sales for the fourth quarter. The demand remains very strong from customers.

我希望一切都是線性的，我們每季都能有完全相同的穩定成長率，但生活並不是這樣的。所以——你對中點的解釋是正確的。鑑於我們正處於十月底，我們覺得第四季的情況相當好。我們擁有更穩定的供應鏈環境，但我們仍在努力解決一些幹擾問題。因此，我們對第四季度 400 多輛的指導銷售中點感到非常滿意。客戶的需求仍然非常強勁。

Again, I highlighted that we're seeing customers make their what we think are historically normal year-end inventory adjustments, and we've got that baked into our fourth quarter. We still think it's a strong year-over-year fourth quarter at high single digits. It's just not as strong as the first 3 quarters, but 15% for the year on the top line and 25% on the operating profit, we feel is a pretty strong year of outperformance.

我再次強調，我們看到客戶做出了我們認為歷史上正常的年終庫存調整，我們已將其納入第四季。我們仍然認為第四季的年比表現強勁，處於高個位數。只是不如前三個季度那麼強勁，但全年營收成長 15%，營業利潤成長 25%，我們認為這是表現出色的相當強勁的一年。

Okay. And just in terms of -- so you noted that the supply chain has continued to improve. I guess how would you characterize the supply chain and maybe the inflation environment relative to the first half? And maybe your expectations for when it normalizes that could happen in 2024.

好的。就您而言，您指出供應鏈一直在持續改善。我想您會如何描述相對於上半年的供應鏈以及通膨環境？也許您對 2024 年這種情況何時正常化的期望。

Yes. Great question on supply chain. So third quarter average supply chain impact versus 2Q was probably marginally better only because the second quarter was a meaningful improvement. So we entered the second quarter in a tougher environment and exited in a better environment and the third quarter average was about -- was better than second quarter, but there are still pockets of supply chain. We think this is probably the new normal and we're getting better and better every day at how we manage that and the mitigation actions that we started 1.5 years ago or some of those are starting to move into the execution phase and bring some of those benefits. So we are -- we do think we're getting better at managing supply chain.

是的。關於供應鏈的好問題。因此，第三季的平均供應鏈影響與第二季相比可能略有改善，只是因為第二季是一個有意義的改善。因此，我們在一個更艱難的環境中進入第二季度，並在一個更好的環境中退出，第三季度的平均水平大約比第二季度要好，但供應鏈仍然存在一些問題。我們認為這可能是新常態，我們在管理方式以及我們 1.5 年前開始的緩解行動方面每天都在變得越來越好，或者其中一些已經開始進入執行階段並帶來其中一些好處。所以我們確實認為我們在管理供應鏈方面做得越來越好。

We think going forward, we'll continue to improve on that. But we're operating as though this is the supply chain environment going forward.

我們認為，展望未來，我們將繼續改進這一點。但我們的運作方式就好像這就是未來的供應鏈環境。

From a supply chain standpoint, our focus is on making sure that as our direct labor turnover has improved that we continue to train our associates and become more proficient in what we do. And we think there's significant opportunity to gain greater efficiencies as we move into 2024 with the current supply chain levels as well as improving execution in our manufacturing facilities and better trained associates that can drive the efficiencies that we expect to grow our margins.

從供應鏈的角度來看，我們的重點是確保隨著我們的直接勞動力流動率的提高，我們能夠繼續培訓我們的員工並變得更加精通我們的工作。我們認為，隨著我們進入2024 年，在目前的供應鏈水平下，我們將有很大的機會獲得更高的效率，並改善我們的製造設施的執行力和訓練有素的員工，這些可以提高我們期望增加利潤的效率。

(Operator Instructions)

（操作員說明）

Your next question comes from the line of Joanne Wuensch of Citi.

您的下一個問題來自花旗銀行的 Joanne Wuensch。

This is [Philippe Lamar] on for Joanne. Just quickly as it relates to the use of cash, congrats on the acquisition of InNeuroCo, but I'm just curious, moving forward, how are you thinking about cash allocation as you think about M&A or debt pay down? And then looking forward, are there any segments that you think are particularly attractive as tuck-in M&A opportunities?

這是喬安妮的[菲利普·拉馬爾]。就與現金的使用有關，恭喜 InNeuroCo 的收購，但我只是好奇，展望未來，當您考慮併購或償還債務時，您如何考慮現金分配？然後展望未來，您認為有哪些細分市場特別有吸引力，可以作為併購機會？

We're -- I'll start with, we remain very committed to our 2.5 to 3.5x debt leverage. We ended the third quarter at 3.1x with the expected cash flow generation in the fourth quarter and InNeuroCo acquisition, which occurred in the fourth quarter, so that $42 million outflows in the fourth quarter. If you look at the midpoint of our EBITDA guidance and the midpoint of the debt levels guidance that we gave, you'll see at year-end, we still expect to be at midpoint at 3.1x leverage. And so we feel like we have the capacity to spend $200 million to $250 million a year on tuck-in acquisitions.

首先，我們仍然非常致力於 2.5 至 3.5 倍的債務槓桿。我們以 3.1 倍結束第三季度，預計第四季度產生現金流，加上第四季度發生的 InNeuroCo 收購，因此第四季度流出 4,200 萬美元。如果您查看我們給出的 EBITDA 指導的中點和債務水平指導的中點，您會發現到年底，我們仍然預計槓桿率將處於 3.1 倍的中點。因此，我們認為我們有能力每年花費 2 億至 2.5 億美元進行收購。

We have a robust pipeline of tuck-in acquisitions that we are nurturing at any point in time, we're very excited about the InNeuroCo. We think they bring very differentiated design and development capability in the neurovascular market, which is a market that is we believe is transitioning to significantly more outsourcing than has been the historical norm in that space. So we think that's a pocket of accelerated outsourcing.

我們擁有強大的收購管道，我們隨時都在培育這些收購管道，我們對 InNeuroCo 感到非常興奮。我們認為他們在神經血管市場帶來了非常差異化的設計和開發能力，我們相信這個市場正在轉變為比該領域歷史常態顯著更多的外包。所以我們認為這是加速外包的一部分。

And we think adding the InNeuroCo team and their tremendous engineering group that has tremendous experience at designing and developing finished devices and then manufacturing them, we think that contributes to our pipeline development programs very symbiotically and that we're expecting to double the size of that business in the next 3 to 4 years based upon that pipeline that we think they can help us accelerate and execute.

我們認為，InNeuroCo 團隊及其龐大的工程團隊在設計和開發成品設備以及製造它們方面擁有豐富的經驗，我們認為這將非常有助於我們的管道開發計劃，並且我們預計將其規模擴大一倍我們認為他們可以幫助我們加速和執行未來3 到4 年的業務。

So we continue to look at tuck-in acquisitions at 3.1 now and 3.1 at year-end. That gives us additional capacity and maybe a simple way to think about it is if we grow EBITDA at a targeted growth rate of profit growing twice as fast as sales, that creates order of magnitude $140 million, $150 million worth of debt capacity for acquisitions, generating $100 million of free cash flow and another $100 million, that's where you get the $200 million to $250 million of capacity every year and still maintaining the 2.5 to 3.5x debt leverage. So we're excited about InNeuroCo and excited about the opportunities in front of us for additional tuck-ins.

因此，我們繼續關注目前 3.1 和年底 3.1 的收購。這給了我們額外的能力，也許一個簡單的思考方式是，如果我們以利潤成長速度兩倍於銷售額的目標成長率來成長EBITDA，這將創造1.4 億美元的數量級，價值1.5 億美元的收購債務能力，產生 1 億美元的自由現金流和另外 1 億美元，這就是每年獲得 2 億至 2.5 億美元產能的地方，同時仍保持 2.5 至 3.5 倍的債務槓桿。因此，我們對 InNeuroCo 感到興奮，並對我們面前的額外折騰機會感到興奮。

That's helpful. Just on PSA continues to be a hot topic, so I'd just be curious if you can give us an update on where you are in developing those platforms and when you might expect meaningful revenue contribution?

這很有幫助。 PSA 仍然是一個熱門話題，所以我很好奇您能否向我們介紹一下您在開發這些平台方面的最新進展以及您何時可以期望產生有意義的收入貢獻？

Absolutely. We think we're incredibly well positioned in electrophysiology. We're highly vertically integrated today. We have significant experience in scaling complex CP products. We do everything from components to subassemblies to finish device manufacturing today. We think we're -- what we do today is incredibly applicable to PFA and the new therapy that's coming out.

絕對地。我們認為我們在電生理學方面處於令人難以置信的有利地位。今天我們高度垂直整合。我們在擴展複雜的 CP 產品方面擁有豐富的經驗。如今，從組件到組件，再到完成設備製造，我們的業務涵蓋所有領域。我們認為我們今天所做的事情非常適合 PFA 和即將推出的新療法。

We're excited about the new therapy. We're working on a number of programs in the space. We're excited for the therapy to come to market. We think it will have a tremendous impact on patients, both safety and potentially efficacy as well. We're well positioned to believe that it has a strong potential that will be a tailwind for us. Like anything in life, it all comes down to who gets to market first and who gets the most market share and what share of wallet we have with that particular customer, but we think we're incredibly well positioned for it to be a tailwind for us.

我們對新療法感到興奮。我們正在該領域開展許多項目。我們很高興該療法即將上市。我們認為這將對患者產生巨大影響，無論是安全性還是潛在功效。我們完全相信它具有強大的潛力，將成為我們的順風車。就像生活中的任何事情一樣，這一切都取決於誰首先進入市場，誰獲得最大的市場份額，以及我們與該特定客戶的錢包份額，但我們認為我們處於非常有利的位置，可以成為推動我們。

(Operator Instructions)

（操作員說明）

There are no further questions at this time. I will turn the call back to Andrew Senn.

目前沒有其他問題。我會將電話轉回安德魯·森。

Okay. Thanks, Sarah. Thank you, everyone, for joining the call today. As always, you can access the replay of this call on our website as well as the presentation that we just covered. Thank you for your interest in Integer, and that concludes our call today.

好的。謝謝，莎拉。謝謝大家今天加入電話會議。像往常一樣，您可以在我們的網站上觀看本次電話會議的重播以及我們剛剛介紹的簡報。感謝您對 Integer 的興趣，我們今天的通話到此結束。

Thank you for joining. This concludes today's conference call. You may now disconnect your lines.

感謝您的加入。今天的電話會議到此結束。現在您可以斷開線路。