Integer Holdings Corp (ITGR) 2025 Q1 法說會逐字稿

Good morning and welcome to the Inger Holdings Corporation first quarter 2025 earnings conference call.

早安，歡迎參加 Inger Holdings Corporation 2025 年第一季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the call over to Sanjiv Arora, senior Vice President, strategy, Business Development and Investor Relations. Thank you. Please go ahead.

現在，我想將電話轉給負責策略、業務發展和投資者關係的高級副總裁 Sanjiv Arora。謝謝。請繼續。

Good morning, everyone. Thank you for joining us and welcome to Integer's first quarter 2025 earnings conference call. With me today are Joe Dziedzic, President and Chief Executive Officer, Payman Khales, President and CEO elect, and Chief Operating Officer, Diron Smith, executive Vice President and Chief Financial Officer, and Kristen Stewart, director of industrial relations.

大家早安。感謝您的加入，歡迎參加 Integer 2025 年第一季財報電話會議。今天與我一起的有總裁兼首席執行官喬·齊德季克 (Joe Dziedzic)、候任總裁兼首席執行官兼首席營運官佩曼·卡勒斯 (Payman Khales)、執行副總裁兼首席財務官迪倫·史密斯 (Diron Smith) 和勞資關係總監克里斯汀·斯圖爾特 (Kristen Stewart)。

As a reminder, the results and data we discussed today reflect the consolidated results of integer for the periods indicated. During our call, we will discuss some non-gap financial measures for reconciliation of non-gap 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.

提醒一下，我們今天討論的結果和數據反映了所示期間的整數綜合結果。在電話會議中，我們將討論一些非缺口財務指標，以便協調非缺口財務指標，請參閱今天的簡報的附錄、今天的收益新聞稿以及我們網站integer.net上提供的趨勢時間表。

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.

請注意，今天的簡報包含前瞻性陳述。請參閱該公司向美國證券交易委員會提交的文件，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。

On today's call, Joe will provide his opening comments. Diron will then review our adjusted financial results for the first quarter of 2025 and provide an update for the full year 2025 outlook. Joe will come back and provide his closing remarks, and then we'll open up the call for your questions. With that, let me turn the call over to Joe.

在今天的電話會議上，喬將發表他的開場白。隨後，Diron 將審查我們 2025 年第一季的調整後財務業績，並提供 2025 年全年展望的最新資訊。喬將回來發表他的結束語，然後我們將開始回答大家的提問。說完這些，讓我把電話轉給喬。

Thank you, Sanjiv, and thank you to everyone for joining the call today. Before we discuss our first quarter results, I want to comment on the planned CEO succession we announced today. I am incredibly proud of what we have built at Integer during my eight years as CEO.

謝謝你，Sanjiv，也謝謝大家今天參加電話會議。在我們討論第一季業績之前，我想對我們今天宣布的執行長繼任計畫發表評論。我為擔任執行長八年來在 Integer 所取得的成就感到無比自豪。

We have a clear vision, a compelling growth strategy, and a strong values-based culture. The business is delivering for customers, patients, associates, and shareholders. We have a ready now CEO in Payman Tales. He has been an integral part of developing and executing integer strategy and the creation of our high-performance culture.

我們擁有清晰的願景、引人注目的成長策略和強大的價值觀文化。該業務為客戶、患者、同事和股東提供服務。Payman Tales 的 CEO 現在已經準備好了。他是製定和執行整體策略以及創造高績效文化不可或缺的一部分。

Payman led our cardiovascular business for seven years and delivered outstanding results, including doubling the CMB sales while improving profitability. We have expanded Payman's responsibilities over time as part of our leadership development plans, including overseeing the CMB and CRM and businesses as COO.

Payman 領導我們的心血管業務七年，取得了出色的業績，包括使 CMB 銷售額翻了一番，同時提高了盈利能力。作為我們領導力發展計畫的一部分，我們逐漸擴大了 Payman 的職責，包括擔任營運長來監督 CMB 和 CRM 及業務。

Now is the right time for the business to transition the CEO role to Payman from a position of strength. I am confident Payman will build on Integer's track record of success, and I look forward to retiring later this year when I will begin exploring the world with my wife and spending more time with family and friends.

現在正是企業將執行長角色從強勢地位轉移到 Payman 的最佳時機。我相信 Payman 將在 Integer 的成功基礎上再接再厲，我期待今年晚些時候退休，屆時我將與妻子一起探索世界，並花更多時間與家人和朋友相處。

This transition will be effective on October 24, 2025, and I will then stay on as an advisor through March 31, 2026. I'll hand the call over to Payman for a few words.

此次過渡將於 2025 年 10 月 24 日生效，之後我將繼續擔任顧問直至 2026 年 3 月 31 日。我會把電話交給佩曼說幾句話。

Thank you, Joe. I'm thrilled to be named President and CEO at this exciting time for Integer. I would like to thank you and the board for having faith in me to lead this amazing company into our next chapter.

謝謝你，喬。在Integer如此激動人心的時刻，我很榮幸被任命為總裁兼執行長。我要感謝您和董事會對我的信任，相信我能帶領這家優秀的公司邁入新的篇章。

We have a lot of momentum in the business as we continue to build differentiated capabilities and collaborate closely with our customers to deliver innovative medical device technologies to patients around the globe. I look forward to partnering with you over the coming months to prepare for the transition while we continue to focus on executing our strategy. Now tell the call back.

隨著我們不斷打造差異化能力並與客戶密切合作，為全球患者提供創新的醫療器材技術，我們的業務發展勢頭強勁。我期待在未來幾個月與您合作，為過渡做好準備，同時我們繼續專注於執行我們的策略。現在告訴回電。

Thank you, Payman. Let's look at our first quarter results. In the first quarter, we delivered strong performance with sales increasing 7% year over year on a reported basis and increasing 6% on an organic basis. Our adjusted operating income grew 14% as we improved our gross margin rate and leveraged our operating expenses.

謝謝你，Payman。讓我們看看我們的第一季業績。第一季度，我們取得了強勁的業績，銷售額年增 7%，有機成長 6%。由於我們提高了毛利率並利用了營運費用，我們的調整後營運收入成長了 14%。

We are reiterating our 2025 sales outlook of 8% to 10% reported growth and 6% to 8% organic growth. We are confident in our ability to deliver strong sales growth given our high visibility to customer demand, including ramping programs and high growth markets. We're also reiterating our adjusted operating income outlook of 11% to 16% growth year over year. This includes a $1 million to $5 million dollar estimated tariff impact.

我們重申 2025 年銷售預期：報告成長率 8% 至 10%，有機成長率 6% 至 8%。鑑於我們對客戶需求（包括擴張計劃和高成長市場）的高度了解，我們有信心實現強勁的銷售成長。我們也重申調整後的營業收入預期，即年增 11% 至 16%。其中包括預計 100 萬至 500 萬美元的關稅影響。

We are raising our adjusted earnings per share outlook by $0.31 to include the benefit of our March convertible note offering. This represents strong adjusted EPS growth of 16% to 23%. The strong execution of our strategy by all integer associates is enabling us to sustain above market growth and expand our margins.

我們將調整後的每股盈餘預期上調 0.31 美元，以計入 3 月份發行可轉換票據的收益。這意味著調整後的每股盈餘將強勁成長 16% 至 23%。所有整數員工強有力地執行我們的策略使我們能夠維持高於市場的成長並擴大我們的利潤率。

We also continue to execute our inorganic growth strategy while continuing to manage our debt leverage within our target range of 2.5 times to 3.5 times EBITDA. During the first quarter, we completed two tin acquisitions, precision coding and VSI Paroline, which increased integer service offering to include differentiated and proprietary coding capabilities.

我們也將繼續執行無機成長策略，同時繼續將債務槓桿率管理在 EBITDA 的 2.5 倍至 3.5 倍的目標範圍內。在第一季度，我們完成了兩項錫收購，即精密編碼和 VSI Paroline，這增加了整數服務產品，包括差異化和專有編碼功能。

It's an exciting time at Integer because we have a strong pipeline of new products concentrated in faster growing markets. Our margins are expanding as a result of our manufacturing and business excellence initiatives, and we continue to acquire and integrate tuck in acquisitions that add or compound differentiating capabilities.

對 Integer 來說這是一個令人興奮的時刻，因為我們擁有強大的新產品線，集中在快速成長的市場。由於我們的製造和業務卓越計劃，我們的利潤率正在擴大，我們將繼續收購和整合能夠增加或增強差異化能力的收購。

I am grateful for our associates around the world who are delivering for customers and making a difference for patients. I'll now turn the call over to sirens.

我感謝我們在世界各地的同事，他們為客戶提供服務並為患者帶來改變。我現在將電話轉給警報器。

Thank you, Joe. Good morning, everyone, and thank you again for joining today's call. I'll provide more details on our first quarter of 2025 financial results and provide an update on our 2025 outlook. In the first quarter of 2025, we delivered strong financial results. Sales totalled $437 million reflecting 7% year over year growth on a reported basis and 6% on an organic basis.

謝謝你，喬。大家早安，再次感謝大家參加今天的電話會議。我將提供有關我們 2025 年第一季度財務業績的更多詳細信息，並提供我們 2025 年展望的最新信息。2025 年第一季度，我們取得了強勁的財務表現。銷售額總計 4.37 億美元，報告顯示年增 7%，有機成長 6%。

Organic sales growth removes the impact of our precision and VSI acquisitions in the first quarter of 2025. The strategic exit of the portable medical market announced in 2022 and foreign currency fluctuations. We delivered $92 million of adjusted EBITDA, up $12 million compared to the prior year, or an increase of 14%.

有機銷售成長消除了 2025 年第一季精密和 VSI 收購的影響。2022年宣布的便攜式醫療市場策略退出及外匯波動。我們實現了 9,200 萬美元的調整後 EBITDA，比上年增加 1,200 萬美元，增幅為 14%。

Adjusted operating income also grew 14% versus last year or two times sales growth, as we continue to make progress on our year over year margin expansion. Adjusted to operating income, a percent of sales expanded approximately 100 basis points year by year to 16.2%, nearly 70 basis points from gross margin and 30 basis points from operating expense leverage.

調整後的營業收入也比去年同期成長了 14%，是銷售額成長的兩倍，因為我們在利潤率同比擴大方面繼續取得進展。調整營業收入後，銷售額佔比年擴大約100個基點至16.2%，毛利率提高近70個基點，營業費用槓桿增加30個基點。

Adjusted net income for the first quarter of 2025 was $46 million up 19% year to year, while adjusted earnings per share totalled $1.31 up 15% from the same period last year. Cardio and vascular sales increased 17% in the first quarter of 2025, driven by new product ramps and electrophysiology and incremental sales related to the precision and VSI acquisitions, partially offset by the impact of fewer shipping days in first quarter of 2025 versus first quarter of 2024.

2025 年第一季調整後淨收入為 4,600 萬美元，年增 19%，調整後每股收益為 1.31 美元，較去年同期成長 15%。2025 年第一季度，心血管銷售額成長 17%，這得益於新產品的推出和電生理學以及與精準和 VSI 收購相關的增量銷售額，但 2025 年第一季度與 2024 年第一季度相比發貨天數減少的影響被部分抵消。

On a trailing four quarter basis, CNV sales increased 14% year over year, with strong growth across targeted CNV markets driven by electrophysiology and ruffle heart, as well as a contribution from acquisitions. For the full year 2025, we expect CNV sales to grow in the mid-teens compared to the full year 2024.

在過去四個季度中，CNV 銷售額年增 14%，其中，受電生理學和心臟起搏器推動，目標 CNV 市場實現強勁增長，併購也貢獻了銷售額。對於 2025 年全年而言，我們預計 CNV 銷售額將比 2024 年全年增長 15% 左右。

Cardiac rhythm management and neuromodulation sales increased 2% in the first quarter of 2025, driven by strong growth from emerging PMA customers in neuromodulation and normalized growth in CRM. This was partially offset by the impact of fewer shipping days on a year-to-year basis.

2025 年第一季度，心臟節律管理和神經調節銷售額成長了 2%，這得益於神經調節領域新興 PMA 客戶的強勁成長以及 CRM 的正常化成長。這在一定程度上被同比減少的運輸天數的影響所抵消。

On a trailing four quarter basis, CRM and in sales increased 6% year over year, driven by strong growth from emerging PMA customers in neuromodulation and low single digit growth in cardiac rhythm management. For the full year 2025, we continue to expect CRMNN to grow low to mid-single digits as compared to the prior year.

在過去四個季度中，CRM 銷售額年增 6%，這得益於神經調節領域新興 PMA 客戶的強勁成長以及心律管理領域的低個位數成長。對於 2025 年全年而言，我們仍然預計 CRMNN 的成長率將與前一年相比保持在低至中個位數。

Product line detail for other markets is included in the appendix of the presentation, which can be found on our website at integer.net. In the first quarter of 2025, we delivered $46 million of adjusted net income, up $7 million versus a year ago, which was driven by operational improvements, as FX, interest and tax had a negligible impact on a year-by-year basis.

其他市場的產品線詳情包含在簡報的附錄中，可在我們的網站integer.net上找到。 2025年第一季度，我們實現了4,600萬美元的調整後淨利潤，較去年同期成長700萬美元，這得益於營運的改善，因為外匯、利息和稅收對同比的影響微乎其微。

Operational drivers include higher sales volume, manufacturing efficiencies, operating expense management, expanding margins, and acquisition performance. Our adjusted effective tax rate was 17.4% for the first quarter of 2025, down from 18.1% in the prior year.

營運驅動因素包括更高的銷售量、製造效率、營運費用管理、擴大利潤率和收購績效。2025 年第一季度，我們的調整後有效稅率為 17.4%，低於去年同期的 18.1%。

We continue to expect our adjusted effective tax rate to be within a range of 19% to 21% for the full year 2025. Our first quarter adjusted earnings per share is impacted by both higher adjusted net income and higher adjusted weighted average shares outstanding. The year-to-year increase in adjusted weighted average shares outstanding drove approximately $0.04 reduction to our adjusted EPS.

我們繼續預計 2025 年全年調整後有效稅率將在 19% 至 21% 之間。我們第一季調整後的每股盈餘受到調整後淨收入增加和調整後加權平均流通股增加的影響。調整後加權平均流通股數的年增率導致我們的調整後每股收益減少約 0.04 美元。

This is primarily due to strong performance of the integer stock price and the resulting dilutive effect of our 2028 convertible notes. In the first quarter of 2025 we generated $31 million of cash flow from operations, up 35% from a year ago. This performance was driven by improved operational execution, primarily from higher sales and improved margins.

這主要是由於整數股價的強勁表現以及由此產生的 2028 年可轉換票據的稀釋效應。2025 年第一季度，我們產生的營運現金流為 3,100 萬美元，比去年同期成長 35%。這項業績得益於營運執行力的提升，主要得益於銷售額的增加和利潤率的提高。

Our CapEx spend in the first quarter of 2025 was $25 million which is in line with our full year guidance. As a result, street cash flow was $6 million in the first quarter, an improvement of $12 million from the prior year. At the end of the first quarter, net total debt was $1230 million which is a $275 million dollar increase compared to the fourth quarter of 2024 ending balance.

我們在 2025 年第一季的資本支出為 2500 萬美元，與我們的全年指導一致。因此，第一季街道現金流為 600 萬美元，比上年增加 1,200 萬美元。第一季末，淨總債務為 12.3 億美元，與 2024 年第四季期末餘額相比增加了 2.75 億美元。

Reflecting the acquisitions of precision and VSI as well as costs associated with our convertible note offering. Our net total debt leverage at the end of the first quarter was 3.3 times trailing four quarter adjusted EBITDA within our strategic target range of 2.5 times to 3.5 times.

反映了對 Precision 和 VSI 的收購以及與我們的可轉換票據發行相關的成本。我們第一季末的淨總負債槓桿率為過去四個季度調整後的 EBITDA 的 3.3 倍，在我們 2.5 倍至 3.5 倍的策略目標範圍內。

In March of 2025, we completed a strategic refinancing of our capital structure which significantly increased the portion of our debt fixed at a sub 2% rate. We expect this structure to reduce our interest expense by approximately $13 million in 2025. This is reflected in the $0.31 increase to our full year 2025 adjusted EPS outlook. Additionally, this structure creates revolver capacity allowing us to support our tuck in acquisition strategy.

2025 年 3 月，我們完成了資本結構的策略再融資，這顯著增加了以低於 2% 的利率固定的債務比例。我們預計，到 2025 年，這項結構將減少我們的利息支出約 1,300 萬美元。這反映在我們對 2025 年全年調整後每股收益預期增加 0.31 美元。此外，這種結構創造了循環信貸能力，使我們能夠支持我們的收購策略。

To refinance our debt, we issued $1 billion of convertible notes due in 2030 with a fixed coupon rate of 1 in 78% at a conversion premium of 27.5%.

為了再融資我們的債務，我們發行了 10 億美元的可轉換票據，到期日為 2030 年，固定票面利率為 1/78%，轉換溢價為 27.5%。

We use the proceeds to exchange nearly 77% of our in the money and outstanding 28% convertible notes due 2028, fully repay outstanding borrowings and accrued interest under our revolving credit facility, partially pay down our term loan A and to purchase cap calls related to the notes to minimize the potential dilutive effect on shareholders by raising the effective conversion premium from 27.5% to 60%.

我們利用所得款項來交換近 77% 的價內債券和 2028 年到期的 28% 未償還可轉換債券，全額償還循環信貸額度下的未償還借款和應計利息，部分償還定期貸款 A，併購買與債券相關的上限要求，透過將有效轉換溢價從 27.5% 提高到 60%，減少對股東的潛在影響。

Turning to our 2025 full year outlook, we are reiterating our 2025 sales, adjusted EBITDA, and adjusted operating income outlook while raising our adjusted net income and adjusted earnings per share outlook. We continue to expect sales in the range of $1846 million to $1880 million and an increase of 8% to 10% versus last year.

談到我們的 2025 年全年展望，我們重申 2025 年銷售額、調整後 EBITDA 和調整後營業收入展望，同時提高調整後淨收入和調整後每股收益展望。我們繼續預計銷售額將在 18.46 億美元至 18.8 億美元之間，比去年增長 8% 至 10%。

On an organic basis, we expect sales growth of 6% to 8%, which is approximately 200 basis points above our underlying market growth estimate of 4% to 6%. We reiterate our adjusted EBITDA outlook range between $401 million to $422 million reflecting growth of 11% to 17%. We also continue to expect adjusted operating income between $315 million and $331 million a growth of 11% to 16%. This is inclusive of our estimated tariff impact of $1 million to $5 million for 2025.

從有機成長來看，我們預期銷售額將成長 6% 至 8%，比我們對 4% 至 6% 的基礎市場成長預測高出約 200 個基點。我們重申調整後的 EBITDA 預期範圍在 4.01 億美元至 4.22 億美元之間，反映出 11% 至 17% 的成長。我們也繼續預期調整後的營業收入將在 3.15 億美元至 3.31 億美元之間，成長 11% 至 16%。這包括我們估計的 2025 年 100 萬至 500 萬美元的關稅影響。

We are raising our adjusted net income outlook by $10 million reflecting the impact of interest expense savings, net of tax. We now expect adjusted net income to be between $218 million and $231 million an increase of 19% to 26% versus 2024.

我們將調整後的淨收入預期上調 1000 萬美元，以反映稅後利息支出節省的影響。我們現在預計調整後的淨收入將在 2.18 億美元至 2.31 億美元之間，較 2024 年增長 19% 至 26%。

This results in an adjusted EPF outlook between $6.15 and $6.51 which is a growth of 16% to 23% on a year-to-year basis, a raise of $0.31 compared to our February 2025 outlook. Our Outlook assumes adjusted weighted average dilutive shares outstanding of 35.5 million shares for both the second quarter and full year 2025.

這導致調整後的 EPF 前景在 6.15 美元至 6.51 美元之間，年增 16% 至 23%，與我們 2025 年 2 月的前景相比增加了 0.31 美元。我們的展望假設 2025 年第二季和全年的調整後加權平均稀釋流通股數為 3,550 萬股。

Our expected reported sales growth of 8% to 10% for 2025 includes inorganic growth of approximately $59 million from the Precision and VSI acquisitions, all set by an approximate $29 million decline from the previously announced portable medical exit, which is expected to be completed by the end of 2025.

我們預計 2025 年銷售額將成長 8% 至 10%，其中包括 Precision 和 VSI 收購帶來的約 5,900 萬美元的無機成長，所有這些都與先前宣布的便攜式醫療退出（預計將於 2025 年底完成）的約 2,900 萬美元的下降有關。

For the second quarter of 2025, we expect reported sales growth in the high single digits compared to the second quarter of 2024. We expect minimal inorganic sales contribution as the second quarter, year after year impact from acquisitions is mostly offset by the year over year decline in portable medical, similar to the year over year impact in the first quarter.

對於 2025 年第二季度，我們預計銷售額將與 2024 年第二季度相比實現高個位數成長。我們預計第二季無機銷售額的貢獻將很小，因為收購帶來的影響大部分被便攜式醫療的同比下降所抵消，類似於第一季的同比影響。

We continue to expect adjusted operating income as 1% of sales to expand throughout the remainder of 2025, driven by continued improvement in manufacturing efficiency and sales growth in our growth and operating costs. At the midpoint of Outlook, adjusted operating income as a percent of sales is expected to expand 76 basis points in 2025 compared to the full year 2024.

我們繼續預計，在製造效率的持續提高以及銷售額和營運成本的成長的推動下，調整後的營業收入將在 2025 年剩餘時間內成長 1%，達到銷售額的 1%。在展望中期，預計 2025 年調整後營業收入佔銷售額的百分比將比 2024 年全年擴大 76 個基點。

We have raised our outlook for cash flow from operations by $10 million to now be between $235 million to $255 million which represents a 20% year to year increase at the midpoint of the outlook. Our outlook for capital expenditures is unchanged at $110 million to $120 million as we continue to invest in capabilities and capacity.

我們將經營現金流量預期上調了 1,000 萬美元，目前為 2.35 億美元至 2.55 億美元之間，這意味著在預期中位數上年增 20%。由於我們將繼續對能力和產能進行投資，我們對資本支出的預期保持不變，為 1.1 億美元至 1.2 億美元。

As a result, we now expect to generate free cash flow between $120 million and $140 million a $10 million dollar increase compared to our February 2025 outlook. We expect our 2025 year in that total debt to be between $1115 million and $1135 million.

因此，我們現在預計將產生 1.2 億美元至 1.4 億美元的自由現金流，與 2025 年 2 月的預測相比增加 1,000 萬美元。我們預計 2025 年的總債務將在 11.15 億美元至 11.35 億美元之間。

Reflecting the impact of our debt refinancing, we expect to end the year with a leverage ratio within our target range of 2.5 times and 3.5 times trailing Fourth quarter adjusted EBITDA. With that, I'll turn the call back to Joe. Thank you.

考慮到債務再融資的影響，我們預計今年年底的槓桿率將在目標範圍內，即第四季度調整後的 EBITDA 為 2.5 倍至 3.5 倍。這樣，我就把電話轉回喬了。謝謝。

Thanks. Our first quarter results demonstrate a strong start to the year. We have increased our full year earnings per share outlook after a very successful convertible bond offering and are projecting adjusted EPS growth of 16% to 23%.

謝謝。我們第一季的業績顯示今年開局強勁。在可轉換債券發行非常成功之後，我們提高了全年每股收益預期，並預計調整後的每股收益成長率將達到 16% 至 23%。

We are executing our strategy and delivering on our three financial objectives of growing organically above the market while expanding margins and maintaining debt leverage between 2.5 times to 3.5 times. We are well positioned for the promotion of an experienced integer leader to the CEO role through a well-managed process over the next year.

我們正在執行我們的策略並實現我們的三個財務目標，即實現高於市場的有機成長，同時擴大利潤率並將債務槓桿維持在 2.5 倍至 3.5 倍之間。我們已做好準備，在明年透過一個管理良好的流程，將一位經驗豐富的整數領導者提拔為執行長。

I have never been more confident in integer, in our strategy, in our associates, and our ability to earn a valuation premium for shareholders. We will now turn the call over to our moderator for the Q&A portion of the call.

我從未像現在這樣對我們的整體、我們的策略、我們的員工以及我們為股東賺取估值溢價的能力充滿信心。我們現在將把電話轉給主持人，進行電話的問答部分。

(Operator Instructions)

（操作員指示）

Our first question will come from Brett Fishman from KeyBanc. Please go ahead, your line is open.

我們的第一個問題來自 KeyBanc 的 Brett Fishman。請繼續，您的線路已開通。

Hey guys, thanks very much for taking the questions and Joe, congratulations on the planned retirement. Just wanted to maybe start off with,

嘿，大家好，非常感謝你們回答問題，喬，恭喜你計劃退休。我只是想先說說

kind of the news of the month around tariffs and we're pretty encouraged by the release that you put out and was just interested how you got to the $1 million to $5 million dollar estimate you know for impact on adjusted operating income and it may be more specifically like how you were able to limit like what you're expecting to see to that range based on some of your international footprint. Thank you.

關於關稅的新聞本月不斷，我們對您發布的消息感到非常鼓舞，我只是想知道您是如何得出 100 萬至 500 萬美元的估計值，這對調整後的營業收入有何影響，更具體地說，您是如何根據您的一些國際業務，將您預期的影響限制在該範圍內的。謝謝。

Good morning, Brett. So, thanks for the question on tariffs. Love to clear that one off the off the decks here. So, $1 million to $5 million remains our estimated impact for 2025. We're working to make that zero. It is included in our forecast, so there's no adjustments required. Our guidance incorporates this now. We think about tariffs kind of in two different flows.

早安，布雷特。感謝您提出有關關稅的問題。喜歡把這個從這裡的甲板上清除掉。因此，我們預計 2025 年的影響仍為 100 萬至 500 萬美元。我們正在努力使這一數字變為零。它包含在我們的預測中，因此不需要進行調整。我們的指導現在已將此納入其中。我們從兩個不同的角度來考慮關稅。

Think about, we think about what we sell to customers and then what we buy from suppliers and what we sell to customers. Our customers manage the logistics of moving those products from our manufacturing facilities to their manufacturing facilities or to their distribution centers. So that's their responsibility. They pay the logistics.

想想看，我們想想我們向客戶銷售什麼，然後我們從供應商那裡購買什麼，然後向客戶銷售什麼。我們的客戶負責管理將這些產品從我們的製造工廠運送到他們的製造工廠或配送中心的物流。所以這是他們的責任。他們支付物流費用。

They Manage that process for what we buy, we manage the logistics and we're responsible for the products from taking them from our supplier's location to wherever we are consuming those materials and so that that that that mechanism of the buyer is typically the one responsible for managing and paying for the cost of moving product. Is what insulates us really well on what we sell and then on what we buy.

他們管理我們購買產品的流程，我們管理物流，並負責將產品從供應商運送到我們消費這些材料的任何地方，因此買方的機制通常負責管理和支付產品運輸成本。是什麼讓我們在銷售和購買產品時都能得到很好的保護？

We still source primarily from the United States, from United States-based suppliers, so that certainly insulates us from import tariffs. Of course there are tariffs if there's tariffs on countries against product moving from the US into those countries because we have a global manufacturing. Print there could be exposure there, and that's really what's driving our $1 million to $5 million dollar range.

我們的採購主要仍來自美國，來自美國的供應商，因此這肯定能保護我們免受進口關稅的影響。當然，如果某些國家對從美國出口到這些國家的產品徵收關稅，那麼就會有關稅，因為我們擁有全球製造業。在那裡印刷可能會有曝光，這就是我們花費 100 萬到 500 萬美元的真正原因。

We source very little from China, so the very high tariff on imports to and from China impact us in a negligible manner. And so that's how we're confident in our $1 million to $5 million dollar estimate. Again, we're working to make that as close to zero as possible.

我們從中國採購的商品很少，因此中國進口商品的高關稅對我們的影響微乎其微。這就是我們對 100 萬至 500 萬美元估值充滿信心的原因。再次強調，我們正在努力使這一數字盡可能接近零。

All right, thank you. And then just for my follow up, maybe like the one area to nitpick a little bit on the quarter was just the deceleration in CRM and segment.

好的，謝謝。然後，就我的後續情況而言，也許本季需要挑剔的一個領域就是 CRM 和細分市場的減速。

So just curious if you could walk through what you saw in that segment this quarter if you know there were any headwinds and then maybe just more broadly I think you might have commented like loaded. Single digit growth expectation for this year, which is like a bit a bit of a slowdown from the past couple of years as well.

所以我只是好奇，如果您知道本季在該領域看到了什麼，是否存在任何不利因素，那麼也許更廣泛地說，我認為您可能會評論說很有分量。今年的成長速度預計為個位數，與過去幾年相比有所放緩。

And maybe, yeah, just trying to think through like if that's the right run rate to think about longer term or if there are specific factors this year that are, maybe like negatively impacting it versus the past couple. Thanks again.

是的，也許只是想仔細想想，這是否是長期正確的運行率，或者今年是否存在一些特定因素，可能會對它產生負面影響，與過去幾年相比。再次感謝。

Certainly, so I'll start with, we delivered the high end of our sales guidance for the quarter, so we feel like we're doing our job in managing all the moving parts and every quarter there's always moving parts. And in this case with CRM and 2% growth, I'd start with we did have fewer selling days in the quarter, so that's a bit of a headwind when you look at all the sales across the board,

當然，首先我要說的是，我們本季的銷售預期達到了最高水平，因此我們覺得我們在管理所有活動部件方面做得很好，而且每個季度總會有活動部件。在這種情況下，考慮到 CRM 和 2% 的成長率，我首先要說的是，我們本季的銷售天數確實減少了，所以當你看整體銷售額時，這有點不利，

but we had that factored into our guidance and our expectation. The emerging PMA customers continue to grow very nicely. We gave guidance that we expect the three years to five years outlook for that group of customers to grow in the 15% to 20% range, which is 2x the market, those customers, those products continue to grow nicely.

但我們已將其納入我們的指導和預期中。新興的 PMA 客戶持續保持良好的成長動能。我們給出的指導是，我們預計該客戶群在未來三到五年內的成長率將在 15% 到 20% 之間，是市場的兩倍，這些客戶、這些產品將繼續保持良好的成長。

CRM and has normalized back to a low single digit growth rate, especially when you adjust for the for the headwind on days. So CRMN came in where we expected. You did see some strength in CMV where we continue to do well with our new product launches and helping customers get products to market quickly. That is where we continued to see strength and we had got us to the high end of our range.

CRM 已恢復正常，成長率處於低個位數，尤其是當您針對幾天的逆風進行調整時。因此 CRMN 的表現符合我們的預期。您確實看到了 CMV 的一些優勢，我們在新產品發布和幫助客戶快速將產品推向市場方面繼續表現出色。這是我們繼續看到的力量，並且我們已經達到了我們範圍的高端。

So, no surprise from us for CRM and in aggregate we ended at the high end of our sales guidance range. And on your question about low to mid-single digits on a go forward basis, I'd probably lean a little more towards the mid-single digit on a go forward basis as the neuromodulation products become a higher percentage of that total that will improve the mix and the growth rate for that segment as you look out over multiple years.

因此，對於 CRM 而言，我們並不感到意外，整體而言，我們的銷售業績達到了預期範圍的高端。至於您關於未來低到中等個位數成長的問題，我可能更傾向於中等個位數成長，因為神經調節產品在總量中所佔的比例更高，從多年來看，這將改善該細分市場的組合和成長率。

Alright, thank you.

好的，謝謝。

Thanks, Brett.

謝謝，布雷特。

Our next question comes from Craig Bijou from Bank of America. Please go ahead. Your line is open.

下一個問題來自美國銀行的 Craig Bijou。請繼續。您的線路已開通。

Hey guys, good morning. Thanks for taking the questions. I want to start with CMV and obviously nice growth there as you have been delivering for several quarters. You called out electrophysiology, and I know that's been an area of strength for you guys for a number of quarters,

大家好，早安。感謝您回答這些問題。我想從 CMV 開始，顯然那裡的成長勢頭良好，因為你們已經連續幾個季度實現了交付。你提到了電生理學，我知道這幾季以來一直是你們的強項。

but I guess in the past you've talked about how that growth, your own EP growth has compared to the market, and I think in the past it's been ahead of what the market's growing. So basically, I just wanted to. Get your updated thoughts on.

但我想您過去曾談論過這種成長，您自己的 EP 成長與市場相比如何，我認為過去它一直領先於市場的成長。所以基本上，我只是想這麼做。獲取您最新的想法。

How that growth is relative to the market, if that EP growth is maybe accelerating within CMV or if it's some of the other smaller but important areas that you've called out like structural hard or even RDN now.

這種成長相對於市場而言如何，EP 成長是否可能在 CMV 內部加速，或者它是否是您所提到的其他一些較小但重要的領域，例如結構性硬質甚至 RDN。

Sure, so we continue to see strong growth overall in the cardiovascular segment, we've talked about the four targeted growth markets. three of them are in cardiovascular, and we do continue to build that pipeline and launch new products and electrophysiology does continue to outgrow the markets very nicely there, we've reiterated that we participate. Paid in the many steps in that procedure.

當然，我們繼續看到心血管領域整體強勁成長，我們已經討論了四個目標成長市場。其中三個是心血管領域，我們確實在繼續建立這條管道，推出新產品，而電生理學確實繼續在那裡很好地超越市場，我們重申我們參與其中。在該程序的許多步驟中付出了代價。

It's not just the ablation step and that that that volume growth in the industry is contributing to our growth. The pulse field ablation is also an opportunity for us as we get higher; we're getting higher content on average on the ablation catheter in that step. And so, we remain excited about electrophysiology.

這不僅是消融步驟，產業產量的成長也促進了我們的成長。隨著我們技術水平的提高，脈衝場消融對我們來說也是一個機會；在這一步中，我們在消融導管上平均獲得了更高的含量。因此，我們仍然對電生理學感到興奮。

It continues to be a strong contributor to our growth. We are growing above the market, but as you highlighted, there's other growth factors as well in the business that we remain excited about, and it starts with that development pipeline that gives us confidence in our sustained in our ability to sustainably outgrow the markets organically.

它繼續為我們的成長做出強大的貢獻。我們的成長速度高於市場，但正如您所強調的，業務中還有其他成長因素也讓我們感到興奮，而這首先就是開發管道，它讓我們對持續有機超越市場的能力充滿信心。

Great, thanks. Thanks, Joe, and maybe a follow up on tariffs and understand that it's not a not a big dollar amount for 25 and you guys are working to get it even lower.

太好了，謝謝。謝謝，喬，也許應該跟進關稅問題，並了解 25 美元的金額並不是很大，你們正在努力將其進一步降低。

How to think about that impact in 2026 and is there anything, and I appreciate the comments on what is driving the tariff impact for you guys. Is there anything within contracting or anything that may potentially make 26 a little bit higher from a tariff impact other than just maybe it's running through the balance sheet?

如何看待 2026 年的影響以及有什麼影響，我很感謝你們關於是什麼推動了關稅影響的評論。除了可能透過資產負債表運作之外，在簽訂合約的過程中是否存在什麼因素或可能因關稅影響而使 26 稍微高一點的因素？

If we so it's a good question, and if I could predict the future and all the variables that go into that, I'd give you a really specific answer, but I'll just take the current view of tariffs and what's out there now. We would expect 2026 to be really the run rate of what we're seeing this year, somewhere in that 1 to 5 range.

如果我們這樣想，那麼這是一個很好的問題，如果我可以預測未來以及其中涉及的所有變量，我會給你一個非常具體的答案，但我只會考慮當前關稅和目前的情況。我們預計 2026 年的運行率將與今年的運行率持平，介於 1 到 5 的範圍內。

We would not change the estimate for 2026, meaning If we end up somewhere in that range this year, I wouldn't expect a meaningful increase in tariff cost in 2026 compared to 25. It would be in that 1 to 5 range. We, we're pretty confident in the products we sell and how those flow from our plant to our customers and then on what we buy, I'll reiterate, the majority of what we buy comes from US based suppliers.

我們不會改變 2026 年的估計，這意味著如果我們今年最終處於該範圍內，我預計 2026 年的關稅成本不會比 25 年有顯著增加。它將處於 1 到 5 的範圍內。我們對我們銷售的產品以及這些產品如何從我們的工廠流向我們的客戶非常有信心，然後對於我們購買的產品，我重申一下，我們購買的大部分產品都來自美國供應商。

And so, we're insulated from import tariffs into the US, and we feel good about where we're sourcing from. Again, we're not really impacted by sourcing from China because we source very little from China. So, we feel good about the one to five estimate this year, and I would say if we end up with two or three this year or one, it would still be in that cumulative one to five when you get into 2026.

因此，我們不受美國進口關稅的影響，並且我們對我們的採購來源感到滿意。再說一次，我們並沒有真正受到來自中國採購的影響，因為我們從中國採購的量很少。因此，我們對今年 1 比 5 的估計感到滿意，我想說，如果我們今年最終達到 2 或 3 個或 1 個，那麼到 2026 年時，它仍然會在累計 1 比 5 之內。

Got it. Very helpful. Thanks, guys.

知道了。非常有幫助。謝謝大家。

Thanks, Craig.

謝謝，克雷格。

Our next question comes from Richard Newitter from Truist Securities. Please go ahead. Your line is open.

我們的下一個問題來自 Truist Securities 的 Richard Newitter。請繼續。您的線路已開通。

Hi, thanks for taking the questions and. And Joe, congratulations. Best wishes to you. So I.I wanted to just ask. Are the conversations or the strategic outlook in the way that you fit into some of your key, OEM customer. Are they. Are they engaging you differently or more aggressively than maybe prior to liberation.

你好，謝謝你回答我的問題。喬，恭喜你。祝你一切順利。所以我，我只是想問一下。這些對話或策略觀點是否適合您的一些關鍵 OEM 客戶？是嗎？他們與你的接觸方式是否與解放前不同或更積極？

Day, if you will I'm just Trying to get a sense for kind of how this Taking a step Back Potentially. Accelerates the trend to. Diversification or vertical integration of supply chains and things like that Anything that you could provide there and in the context of that if you could also just give us an update on what the backlog trend looks Like.

戴，如果你願意的話，我只是想了解這種退一步的可能性。加速這一趨勢。供應鏈的多樣化或垂直整合等，您可以提供任何信息，在此背景下，您是否也可以向我們介紹一下積壓趨勢的最新情況。

Sure, so I guess I'd start with you, you've read what I think most of the OEMs in the industry have said, which is something like, until we have greater clarity on the direction of tariffs, the permanency or lack of permanency.

當然，所以我想從你開始，你已經讀過我認為業內大多數原始設備製造商所說的內容，就像，直到我們對關稅的方向、永久性或非永久性有更清晰的認識。

Or clarity on the amount of tariffs, it's really hard to do a thoughtful economic analysis of what your manufacturing footprint should be. You could go down the path of making meaningful changes in your manufacturing footprint and your, I'll call them country pairs, where you make stuff, where you sell stuff,

或者明確關稅金額，對你的製造足跡應該是什麼進行深思熟慮的經濟分析真的很難。你可以選擇對你的製造足跡進行有意義的改變，我稱之為國家對，你在哪裡生產產品，在哪裡銷售產品，

and then tariffs change the amount of tariffs or the tariffs in the direction that the tariff is imposed on changes, and you may have made a strategic decision and an investment that turns out to be a really bad decision.

然後關稅會改變關稅的數額，或者關稅徵收的方向會發生變化，你可能做出了一個戰略決策和一項投資，但結果卻是一個非常糟糕的決策。

So it does feel like from what you're reading publicly what we're hearing is that everyone's being thoughtful about let's see how this plays out and let's get to what we might consider to be a more stable environment beyond whatever negotiations are going to occur and trade agreements are going to take place, so My answer is we're not seeing any rush or race to make any substantive meaningful changes.

因此，從您公開閱讀的內容來看，我們聽到的是，每個人都在認真考慮，讓我們看看事情會如何發展，讓我們進入一個我們認為更穩定的環境，超越即將進行的任何談判和達成的貿易協定，所以我的回答是，我們沒有看到任何急於或競相做出實質性有意義的改變。

Of course, everyone is looking at based upon the current footprint and where things are manufactured, where they are sold, where they are distributed. People are reflecting on within that existing structure, what can we do? And I'll just reinforce the industry has a very global manufacturing footprint.

當然，每個人都在關注當前的足跡以及產品的製造地、銷售地和分銷地。人們在反思，在現有的結構下，我們能做什麼？我只想強調一下，該行業的製造足跡遍布全球。

Yes, there's plenty of manufacturing occurring in the US, there's manufacturing hubs in Ireland, particularly Galway, but across Ireland there's significant manufacturing in medvi. Costa Rica is a large manufacturing location. Mexico.

是的，美國有很多製造業，愛爾蘭也有製造業中心，特別是戈爾韋，但在整個愛爾蘭，Medvi 也有大量製造業。哥斯達黎加是一個大型製造業基地。墨西哥。

Southeast Asia and so all of those products that are made all over the world are distributed all over the world. So they really, it really is a globally integrated supply chain with product and materials flowing across the globe and so these tariffs are disruptive to that flow and that process.

東南亞等所有在世界各地生產的產品都銷往世界各地。因此，這實際上是一個全球一體化的供應鏈，產品和材料在全球範圍內流動，而這些關稅會擾亂這種流動和過程。

But you also got to consider the wage rates. There is a meaningful wage rate differential between some of the locations I just mentioned outside the US and the US, and that is very much a variable that we're hearing everyone talk about, think about, and consider.

但你還必須考慮工資率。我剛才提到的美國境外的一些地區與美國之間存在著明顯的工資率差異，這是我們聽到每個人都在談論、思考和考慮的變數。

So, I guess my answer is we're not seeing a race to any significant structural changes, but of course everyone's looking to optimize within the existing footprint today. Okay, very helpful.

所以，我想我的答案是，我們沒有看到任何重大結構性變化的競賽，但當然每個人都希望在現有的足跡內進行優化。好的，非常有幫助。

Okay, you asked about our backlog, trend of the order book, so we published a number. I think it was 728 in our 10K for year end. We're actually closer to 800 million now, as we continue to introduce and bring new products to the market, we ask customers to play. Orders for those new products to give us certainty for some period of manufacturing as we ramp up a manufacturing line, hire associates, train them.

好的，您詢問了我們的積壓訂單和訂單趨勢，所以我們公佈了一個數字。我認為我們年底的 10K 人數是 728 人。實際上，我們現在已經接近 8 億，隨著我們繼續推出並將新產品推向市場，我們要求客戶參與其中。當我們擴大生產線、僱用員工並進行培訓時，這些新產品的訂單為我們提供一定時期的生產確定性。

We want a certain amount of kind of fixed guarantee. We know we're going to build a certain amount while we while we're investing in that ramp. That's caused our order book to actually go up closer to 800 million. We still think based upon the factors we've talked about for the last three years or four years that that number is going to come down as we get closer to year end.

我們希望獲得一定金額的固定擔保。我們知道，在投資該坡道的同時，我們將會建造一定數量的設施。這使得我們的訂單量實際上接近 8 億。根據過去三、四年討論的因素，我們仍然認為，隨著年底的臨近，這個數字將會下降。

We absolutely expected to based upon the orders for our facility in Ireland that we opened. We were asking customers to place orders 18 months out so we could better manage the allocation of that capacity. We're not asking customers to place orders that far out anymore, so we know that's going to come down. We've talked about portable medical and how we finished shipping those last time byproducts in 2025,

我們絕對希望根據我們在愛爾蘭開設的工廠的訂單來實現這一點。我們要求客戶提前 18 個月下訂單，以便我們更好地管理產能分配。我們不再要求客戶在那麼遠的地方下訂單，所以我們知道這個數字會下降。我們討論了便攜式醫療設備，以及如何在 2025 年完成最後一批副產品的交付，

so, we know those orders go away. So strong order book today gives us excellent visibility to the rest of this year. But just remember we do expect that number to come down for the factors I just mentioned.

所以，我們知道這些命令已經取消了。今天強勁的訂單讓我們對今年剩餘時間有了很好的了解。但請記住，我們確實預期這個數字會因為我剛才提到的因素而下降。

Thank you.

謝謝。

Our next question comes from Nathan Treybeck from Wells Fargo. Please go ahead. Your line is open.

下一個問題來自富國銀行的 Nathan Treybeck。請繼續。您的線路已開通。

Hi. Well, thank you for taking the questions. I just wanted to clarify on the tariffs, does this contemplate a scenario where the ninety-day pause ends and many of the proposed tariffs go into effect?

你好。好的，感謝您回答這些問題。我只是想澄清一下關稅問題，這是否考慮到九十天的暫停期結束並且許多擬議的關稅生效的情況？

Yes, it does.

是的。

Okay, that's helpful. And then for my second question, just around the PMA launches that you had in Q4, they impacted gross margin in that quarter. As you ramp the manufacturing lines, do you expect this to be a material driver of gross margin expansion this year, and will this offset the tariff impact?

好的，這很有幫助。然後，對於我的第二個問題，就在第四季度推出的 PMA 期間，它們影響了該季度的毛利率。隨著生產線的擴大，您是否預期這將成為今年毛利率擴張的重要驅動力？這是否會抵消關稅的影響？

So, the offset of the tariff impact is really us just managing the business every year there's, moving parts. There's positive things and negative things that happen throughout the year, and the guidance range we provided on operating profit of $315 million to $331 million for some of those moving parts.

因此，抵消關稅影響其實就是我們每年管理業務的活動部分。全年有正面的事情發生，也有負面的事情發生，對於其中一些活動零件，我們給出的營業利潤指引範圍為 3.15 億美元至 3.31 億美元。

And so, in this case, I wouldn't call out anything specific as to an offset of. Tariffs other than it's a rounding error in the sense of 325 hit midpoint on operating profit, but maybe to add a little color to the gross margin. So, you know the first quarter gross margin was 28.7%. That's up 60 basis points on the full year. Gross margin rate for 2024, it's up 120 basis points from our fourth quarter margin rate.

因此，在這種情況下，我不會指出任何有關偏移的具體資訊。關稅以外的其他費用都是四捨五入誤差，325 是營業利潤的中點，但可能會為毛利率增添一點色彩。所以，您知道第一季的毛利率是 28.7%。這比全年上漲了 60 個基點。2024 年的毛利率比我們第四季的毛利率高出 120 個基點。

I know we talked about gross margins quite a bit in the fourth quarter and like we said last quarter, the gross margin can be impacted by the timing of new product launches by hiring associates, training them while you're not shipping product yet, or you ramp a line and until you get that manufacturing line up to a certain volume,

我知道我們在第四季度討論過很多次毛利率問題，就像我們上個季度說的，毛利率可能會受到新產品發佈時機的影響，比如招聘員工，在產品尚未發貨時對他們進行培訓，或者增加生產線，直到生產線達到一定產量，

you've got inefficiencies just baked into the throughput of that line until you until you get up to manufacturing yields. And so, what we saw in the first quarter was an improvement in some of those operating lines and those new products. But what I would caution everyone is that for the full year I would not take the first quarter gross margin and just add to it from there. You've heard me say many times life isn't linear business isn't either.

在您達到製造產量之前，效率低下一直是生產線吞吐量的根源。因此，我們在第一季看到部分營運線和新產品有所改善。但我要提醒大家的是，對於全年而言，我不會採用第一季的毛利率，然後在此基礎上再增加。您可能已經聽我說過很多次了，生活並不是線性的，生意也不是線性的。

We would expect some variability in gross margins. Forward for all the reasons we've talked about over the years, but what I would reiterate is our guidance for the full year is intact. We still expect for the full year to deliver margin expansion at midpoint at 76 basis points on operating margin.

我們預計毛利率會有一些波動。由於我們多年來討論過的所有原因，我們將繼續前進，但我要重申的是，我們對全年的指導是完整的。我們仍預期全年利潤率中位數將擴大至營業利潤率 76 個基點。

That operating margin increase will come from some gross margin expansion. We're off to a great start in the first quarter on doing that, as well as leveraging our operating cost. We've said that for the full year we expect SGNA to grow more in line with sales, so not as much operating leverage there. That's a result of the acquisitions bringing SGNA in.

營業利益率的成長將來自於毛利率的擴大。我們在第一季就取得了良好的開端，並且充分利用了我們的營運成本。我們已經說過，我們預計全年 SGNA 的成長將與銷售額的成長更加一致，因此營運槓桿不會那麼大。這是 SGNA 被收購的結果。

And then on the RDNE we would expect to continue to grow the amount of revenues we generate from customers for that development work. So, we would expect our RD&E expense line to grow slower than sales. So, we would expect to get some operating leverage there.

然後在 RDNE 上，我們期望繼續增加從客戶那裡為該開發工作獲得的收入。因此，我們預期研發費用的成長速度將低於銷售額的成長速度。因此，我們希望在那裡獲得一些經營槓桿。

If I could just sneak one more in just on customer inventory levels, I mean, you've gotten this question a lot, but now I'm thinking about it the other way where, given the 90 day pause in tariffs, are you seeing customers build inventories kind of as a precaution and could this be a tailwind for you?

如果我可以再偷偷問一下客戶庫存水平，我的意思是，您已經多次被問到這個問題了，但現在我從另一個角度來思考，考慮到 90 天的關稅暫停期，您是否看到客戶建立庫存作為預防措施，這對您來說會是一個順風嗎？

We are not, and we would look at that as purely timing and if that were to happen, that would be disruptive to our manufacturing processes because what you're suggesting is if customers were to want to order a lot more in the during this 90 day pause, they would then order less because at the end of the day, we're almost entirely sole sourced on what we do.

我們不是，我們認為這純粹是時間問題，如果發生這種情況，那將會擾亂我們的製造流程，因為您所說是，如果客戶想在這 90 天的暫停期間訂購更多產品，那麼他們就會減少訂購量，因為歸根結底，我們的產品幾乎完全依賴單一來源。

Going to get whatever the in market demand is and something like you described would simply be timing of when we would be manufacturing and shipping products, which would be inefficient, and we would be having conversations with customers about those inefficiencies.

無論市場需求是什麼，您所描述的只是我們製造和運輸產品的時間安排，這將是低效的，我們將與客戶討論這些低效率的問題。

And if there was something meaningful material like that, we would be communicating that to you so you would know the impact that it would have on our sales and the timing of our sales. Great, thank you. Thanks for the question.

如果有這樣有意義的內容，我們會將其傳達給您，以便您了解它對我們的銷售和銷售時間的影響。太好了，謝謝。謝謝你的提問。

Our next question comes from Andrew Cooper from Raymond James. Please go ahead. Your line is open.

我們的下一個問題來自雷蒙德詹姆斯公司的安德魯庫柏。請繼續。您的線路已開通。

Hey everybody, thanks for the question. Joe, congrats, Eamon, congrats. Sorry to only get that one earnings call with you, Joe, but maybe just to jump in.

大家好，感謝您的提問。喬，恭喜，埃蒙，恭喜。喬，很抱歉只能和你進行一次財報電話會議，但也許只是為了插話一下。

On the guidance a little bit, understand it's early, just one quarter in the books, but you did a little bit better than what you had expected in one queue. What do you guys look forward to kind of let you say, hey, it's time to think about adjusting those ranges given if you think about the 3% days headwind, that's not quite what you saw relative to, similar to the full year that you would pointed us to for the first quarter.

關於指導，我明白現在還為時過早，只記錄了一個季度，但你的表現比你在一個隊列中預期的要好一些。你們期待什麼？讓你們說，嘿，是時候考慮調整這些範圍了，因為如果考慮到 3% 的逆風天數，這與你們在第一季指出的全年情況不太一樣。

So I'll start with we think 8% to 10% reported sales growth, 6% to 8% organic is a strong guide on the top line, and we believe that continues to demonstrate our third consecutive year of outgrowing the markets on an organic basis. On profitability, we baked in similar to what we often do at the beginning of the year, something in the range of 1.6 times profit growing, 1.6 times as fast as sales,

因此，首先我認為報告的銷售額增長 8% 到 10%，有機增長 6% 到 8% 對營收來說是一個強有力的指導，我們相信這繼續證明我們連續第三年在有機基礎上超越市場。在獲利能力方面，我們與年初時的做法類似，獲利成長率約 1.6 倍，銷售額成長率約 1.6 倍，

and what we like to see is we like to see each quarter that we make progress on making our way towards that strategic target of operating profit growing twice as fast as sales. Last year we did that. Operating profit grew 20%, sales grew 10%. So as we click each quarter and we Progress on that we would look to incorporate that into our guidance going forward because once you make progress on that usually sets a new run rate for you.

我們希望看到每個季度我們都朝著策略目標前進，即營業利潤的成長速度是銷售額的兩倍。去年我們就是這樣做的。營業利潤成長20%，銷售額成長10%。因此，當我們點擊每個季度並取得進展時，我們會將其納入我們未來的指導中，因為一旦你取得進展，通常會為你設定一個新的運行率。

And so, first quarter we typically look at that and say it's very early, one quarter of the year done. This year has some particular volatility with the tariff conversation, although it's not as impactful to us from a from a cost standpoint.

因此，我們通常會認為第一季還為時過早，一年的一個季度已經過去。今年關稅談判出現了一些特別的波動，儘管從成本角度來看對我們的影響並不大。

It has taken some effort to understand and Manage that and we're working with customers in every way we can to minimize their cost of tariffs based on how we ship or how we manufacture and product gets delivered to them. And so, we are working to ensure that we're doing everything we can to minimize our customers' cost of tariffs.

我們花了一些精力去理解和管理這個問題，我們正在盡一切努力與客戶合作，根據我們的運輸方式、製造方式和產品交付方式，盡量降低他們的關稅成本。因此，我們正在努力確保盡一切努力將客戶的關稅成本降至最低。

And so, I would say, well, as the year clicks forward and we stack up quarters of continuing to do more, we look to then incorporate that into our guidance.

因此，我想說，隨著時間的推移，我們將在接下來的幾季中繼續做更多的事情，我們希望將其納入我們的指導中。

Great, that's helpful and certainly appreciate it's a noisy time to put it lightly maybe just a two parter next and then I'll stop there in terms of M&A, can you give us a little bit more flavor on sort of the early days with precision coding and VSI in terms of maybe most importantly the conversations with customers around leveraging kind of those additional capabilities you can integrate into what you do for them and then secondly.

太好了，這很有幫助，當然也非常感謝，現在是繁忙的時期，我們只能輕鬆地說兩部分，然後我就在併購方面停下來，您能否給我們稍微介紹一下早期使用精確編碼和 VSI 的情況，也許最重要的是與客戶進行對話，利用這些額外的功能，您可以將其融入到您為他們做的事情中，其次。

Just how do you think about the appetite from here knowing you know where the leverage is but knowing there's at least one kind of larger asset being talked about in the market a little bit and maybe your willingness to step up for a bigger asset or do something creative from a structure perspective for something a little bit more transformational in size.

您知道槓桿在哪裡，但知道市場上至少有一種更大的資產正在被談論，也許您願意加大力度獲得更大的資產，或者從結構角度做一些有創意的事情，以獲得規模上更具變革性的東西，那麼您如何看待現在的需求呢？

Hey, good morning, Andrew. This is Payman. Let me take the first question that you asked the acquisitions that you mentioned where cardiovascular, as we've made over half a dozen acquisitions in recent years within cardiovascular. So, as Joe's mentioned before in the past, we have a very specific roadmap of capabilities.

嘿，早上好，安德魯。這是佩曼。讓我回答您提到的第一個問題，即心血管領域的收購，因為近年來我們在心血管領域進行了六次以上的收購。因此，正如喬以前提到的那樣，我們有一個非常具體的能力路線圖。

We have clear visibility as to what those critical capabilities are in the core markets that we want to serve, and we know exactly which ones. We want to we want to grow organically and inorganically, so the acquisitions that you see are a direct result of that. So the two most recent acquisitions that you referenced are all related to codings.

我們清楚地了解我們想要服務的核心市場中的關鍵能力是什麼，並且我們確切地知道是哪些。我們希望透過有機和無機的方式成長，因此您看到的收購就是這種成長的直接結果。因此，您提到的最近的兩次收購都與編碼有關。

I'm glad that the opportunity came. Coatings have been on our on our roadmap of product capabilities for quite some time. And I'm glad that the that the that these two companies were available because they add significantly to the core capabilities that we have that allows us to then further vertically integrate. And be on our customers' product road maps.

我很高興這個機會來了。塗料在我們的產品能力路線圖上已經存在了相當長一段時間。我很高興這兩家公司能夠加入，因為它們大大增強了我們的核心能力，使我們能夠進一步垂直整合。並納入我們客戶的產品路線圖。

So look, we're off to a great start. We in terms of integrating them, we have already begun conversations with our customers about those capabilities and how we can then serve them in the future. As the product development. The life cycle is quite long, so we get on early as we have done, six years, seven years, eight years ago.

所以看，我們已經有了一個好的開始。在整合這些功能方面，我們已經開始與客戶討論這些功能以及我們將來如何為他們提供服務。隨著產品的開發。生命週期很長，所以我們很早就開始了，六年、七年、八年前我們就是這樣的。

You see the results now and we're doing the very same thing with every acquisition that we do and that includes the coding. I would highlight that we're off to a great start integrating these acquisitions. We are, we're quite seasoned, these are number six, seven, eight acquisitions that we've done in the past six or seven years. We have a good. Playbook, if you will, for integration and that's going well.

您現在就看到了結果，我們對每次收購都做同樣的事情，包括編碼。我想強調的是，我們在整合這些收購方面已經有了一個很好的開始。我們經驗非常豐富，這是我們在過去六、七年完成的第六、七、八次收購。我們有一個好的。如果你願意的話，可以使用 Playbook 來進行集成，而且進展順利。

And I'll take the question on the appetite, so I'll start with we remain very committed to our 2.5 times to 3.5 times leverage. We think that's important to most to investors and that that's a comfortable range for most investors to be able to own the integer stock. We, we've highlighted that that we estimate we have $350 million to $400 million of annual capacity to do acquisitions. We don't feel that we have to do acquisitions.

我將回答有關胃口的問題，因此我首先要說的是，我們仍然致力於 2.5 倍到 3.5 倍的槓桿率。我們認為這對大多數投資者來說很重要，對於大多數投資者來說，這是一個能夠持有整數股票的舒適範圍。我們已經強調，我們估計我們每年有 3.5 億至 4 億美元的收購能力。我們並不認為我們必須進行收購。

To be successful with our strategy. Our strategy starts with growing organically above the markets, and that would put us in the 6% to 8% organic growth range. And then we want to supplement that organic growth with tuck-in acquisitions, and tuck-in tends to not be transformative in nature.

我們的戰略取得成功。我們的策略始於高於市場的有機成長，這將使我們的有機成長率達到 6% 至 8%。然後，我們希望透過內部收購來補充這種有機成長，而內部收購往往本質上不具變革性。

We obviously as one of or the largest med device manufacturer in the industry. Get an opportunity to look at a lot of the opportunities out there in the space and we don't feel we have to do any acquisition as Payman noted, we've got our technology roadmap that we continuously execute on and monitor the marketplace.

我們顯然是業內最大的醫療設備製造商之一。獲得機會去觀察這個領域的許多機會，我們不覺得我們必須進行任何收購，正如 Payman 指出的那樣，我們有自己的技術路線圖，我們會不斷執行並監控市場。

We remain committed to our to our strategy and within that strategy, our focus is on leverage or maintaining that leverage. And if you look at our Guidance for the year. If you just look at the EBITDA guidance we've provided, look at the debt levels that we've guided to, we're at the low end of our range by year end

我們仍然致力於我們的策略，並且在該策略的框架內，我們的重點是槓桿作用或維持槓桿作用。如果你看一下我們今年的指導。如果你看看我們提供的 EBITDA 指導，看看我們指導的債務水平，你會發現到年底，我們的債務水平處於區間的低端。

And so, by year end you can look at us having that $350 million to 400 million of capacity by year end. And so we'll be deploying that in the most return on investments focused way that we can consistent with the acquisitions we've done.

因此，到年底，您可以看到我們的產能達到 3.5 億至 4 億美元。因此，我們將以最注重投資回報的方式進行部署，以與我們所做的收購保持一致。

Fantastic, appreciate it.

太棒了，非常感謝。

Thank you.

謝謝。

Our next question comes from Matthew O'Brien from Piper Sandler. Please go ahead. Your line is open.

我們的下一個問題來自 Piper Sandler 的 Matthew O'Brien。請繼續。您的線路已開通。

Samantha, on for Matt, thank you for taking our questions. I guess first we want to touch on the tariffs, fully appreciate that you are primarily sourcing from the US. Could you talk a little bit about, the potential that your suppliers see any impact from tariffs and raise prices? How long would it take for you all to then raise your prices to customers and, are you seeing any of this happen yet?

薩曼莎，代替馬特，感謝您回答我們的問題。我想首先我們想談談關稅問題，我完全理解你們主要從美國採購。您能否稍微談談您的供應商受到關稅影響並提高價格的可能性？你們要花多久時間才能提高對客戶的價格，你們是否已經看到這些情況發生了？

That's a great question, and we have been digging deep into our supply base to see we have not seen or heard from a, from any in any significant way from our suppliers that they are incurring tariffs. To your point, that doesn't mean that as you go deeper and deeper into the supply chain that that's not a.

這是一個很好的問題，我們一直在深入調查我們的供應基地，發現我們沒有看到或聽到任何來自我們的供應商的重大消息稱他們正在徵收關稅。就你的觀點而言，這並不意味著隨著你越來越深入供應鏈，情況就不會如此。

And then it won't potentially make its way there, but if it's not surfacing and bubbling up right now, it's probably very deep in the supply chain, and that would point to it being relatively small in the context of what we buy.

然後它就有可能不會到達那裡，但如果它現在沒有浮出水面和冒泡，它可能在供應鏈中處於非常深的位置，這表明它在我們購買的商品中相對較小。

Again, the majority of what we buy comes from US-based suppliers, and we're just not hearing or seeing suppliers racing to us talking about. Tariff costs that they're incurring. Obviously we will be working to manage that and at the end of the day it is our belief that any of these kinds of costs ultimately need to be passed all the way through to the end consumer

再說一次，我們購買的大部分產品都來自美國供應商，我們只是沒有聽到或看到供應商爭相向我們談論。他們產生的關稅成本。顯然，我們將努力管理這一點，最終我們相信，任何這類成本最終都需要轉嫁給最終消費者

so that the ultimate supply chains ultimately gets this cost all the way to the end and so that's what we would absolutely work to do.

這樣最終的供應鏈最終就能將這筆成本延續到最後，這就是我們絕對會努力去做的事情。

Great, thank you. And I know you mentioned a growing order book. I think you referenced $800 million now. I'm wondering if you're seeing any customers trying to pull forward orders ahead of the tariffs.

太好了，謝謝。我知道您提到了訂單不斷增加。我認為您現在提到的是 8 億美元。我想知道您是否看到任何客戶試圖在關稅生效前提前下訂單。

We are not seeing that, and I I'd reiterate that if we did, we would view that as pure timing and we would be talking to our customers about the inefficiency impact that would have on our operations. Because we are primarily sole sourced in everything we do, and that means that whatever the ultimate in market demand is what we're going to get.

我們沒有看到這種情況，我想重申，如果我們看到了，我們會將其視為純粹的時間問題，我們會與客戶討論這會對我們的營運造成的低效率影響。因為我們所做的一切都主要依靠單一來源，這意味著我們將獲得最終的市場需求。

And if customers were to pull things forward in order to avoid a tariff, that would create inefficiencies for us and we would have to adjust our manufacturing potentially to Output more in the short term and less than in the medium term and that inefficiency would be a conversation that we would have that would have to be balanced against the impact of tariffs. So we're not seeing any significant or meaningful change in orders or timing of orders that would indicate that behaviour.

如果客戶為了避免關稅而提前生產，那麼我們的效率就會降低，我們就必須調整生產方式，短期內增加產量，中期減少產量，而效率低下的問題需要我們進行討論，並需要與關稅的影響進行權衡。因此，我們沒有看到訂單或訂單時間發生任何重大或有意義的變化來表明這種行為。

Great, thank you. And if I could sneak in just one last one, I know you previously mentioned real the innervation at the target market, which is a hot topic right now. I'm just wondering if you can get any update on any demand you're seeing and how you expect that market to contribute to your growth rate.

太好了，謝謝。如果我可以偷偷地再說最後一個問題，我知道您之前提到了目標市場的真正動能，這是現在的熱門話題。我只是想知道您是否可以了解您所看到的任何需求的最新消息，以及您預計該市場將如何為您的成長率做出貢獻。

I wish I could give you tremendous detail on that. It's a market that we feel our existing capabilities match up very well with the needs for that therapy. We're excited for the potential impact on patients to bring that therapy to the market. We highlighted it because it's now getting closer and closer to being commercially available on a wider scale,

我希望我能向您詳細介紹這一點。我們認為我們現有的能力與該治療市場的需求非常匹配。我們很高興看到該療法推向市場可能對患者的影響。我們之所以強調這一點，是因為它現在越來越接近在更大範圍內實現商業化，

and we do think that has the potential to have a meaningful difference for patients and we look forward to supporting our customers in any way possible to supporting bringing that therapy to the marketplace. Great thank you so much. Thank you for the questions.

我們確實認為這有可能為患者帶來有意義的改變，我們期待以任何可能的方式支持我們的客戶，並支持將該療法推向市場。太好了，非常感謝。謝謝您的提問。

Our next question comes from JOANNE WINCH from City. Please go ahead. Your line is open.

下一個問題來自市政府的 JOANNE WINCH。請繼續。您的線路已開通。

Good morning and thank you so much for taking the questions and congratulations to Joan Peyman. Amazing. Two quick questions, fewer shipping days, did you quantify the impact of that on the quarter?

早安，非常感謝您回答問題，並祝賀瓊·佩曼。驚人的。兩個簡單的問題，運輸天數減少，您是否量化了這對本季的影響？

It was about 300 basis points of impact on the first quarter and because last year was a leap year, I think there's one full day impact on a year-to-year basis and the 300 basis points partially unwinds in our third quarter.

第一季的影響約為 300 個基點，由於去年是閏年，我認為年比來看，影響只有一天，而這 300 個基點在第三季會部分平倉。

Our second and fourth quarter, we expect to be comparable number of days year over year with a slight offset in the third quarter.

我們預計第二季和第四季的天數與去年同期持平，但第三季會略有下降。

Thank you for that. And a lot of focus has been on, how does the company as an OEM manufacturer, fit in the tariff regime, but I have a slightly different question which is, should we, when we could we move into a recessionary environment.

謝謝你。人們關注的焦點是，身為 OEM 製造商，公司如何適應關稅制度，但我有一個稍微不同的問題，那就是我們是否應該、何時才能進入衰退環境。

How does OEM manufacturing work in that kind of situation? I didn't cover the company previously back in ['09], but I'm sort of curious to think about that environment and OEM manufacturing and what you can do during that period. Thank you.

在這種情況下，OEM 製造如何運作？我之前在 ['09] 年沒有報導過這家公司，但我很好奇當時的環境和 OEM 製造以及你在那個時期可以做些什麼。謝謝。

Sure, so I'll start with the, we have the benefit of being in an industry that's very recession resilient in treating patients and the vast majority of our business are we support therapies that we view as not elective therapies and so we feel like we're pretty well insulated from that.

當然，我首先要說的是，我們處於一個在治療患者方面非常具有抗衰退能力的行業，我們的絕大部分業務是支持那些我們認為不是選擇性療法的療法，因此我們覺得我們相當不受這種影響。

The analysis we Do probably you and others as well when there is a recession, whether it's US or global, you tend to see slower growth in med devices but still growth. I mean our analysis indicates maybe 100 basis points to 200 basis points of industry-wide slower growth and so we are in the industry.

我們所做的分析也可能適用於您和其他人，當出現經濟衰退時，無論是美國還是全球，您都會看到醫療設備的成長速度放緩，但仍在成長。我的意思是，我們的分析表明，整個行業的成長可能會放緩 100 個基點到 200 個基點，所以我們處於這個行業。

We're not immune to the trends in the industry we've been very focused on accelerating our growth by concentrating our new product development on those four targeted faster growing markets where our customers are bringing new therapies that expands the available market treating new and undertreated patients and so that accelerated growth is what we're working to participate in.

我們並不能免受行業趨勢的影響，我們一直非常注重透過將新產品開發集中在四個目標成長較快的市場上來加速我們的成長，我們的客戶在這些市場上帶來了新的治療方法，擴大了治療新患者和未得到充分治療的患者的有效市場，因此，我們正在努力參與加速成長。

So we believe there would be an impact on. Industry and that we would feel the ripple effect of that. So I'd say we would likely move with the industry in aggregate, but we feel we're pretty well insulated because most of the therapies that we're supporting customers on are not elective in nature and so we feel we feel we're pretty well protected by the potential recession relative to most other industries.

因此我們相信這會產生影響。產業，我們會感受到其連鎖反應。因此我想說，我們可能會與整個行業一起發展，但我們覺得自己受到了很好的保護，因為我們為客戶提供的大多數療法本質上都不是選擇性的，因此，與大多數其他行業相比，我們感覺自己在潛在經濟衰退中受到了很好的保護。

Do you think. That people will send out or not send out, that's not the right word, send to you more OEM products manufacturing in that environment? Or maybe pull more in-house. I don't know. I'm trying to figure this out. Thank you.

你覺得呢？人們會發出或不發出，這不是正確的詞，在那種環境下向你發送更多的OEM產品製造？或者也許在內部進行更多投資。我不知道。我正在嘗試弄清楚這一點。謝謝。

Sure, we see our customers continuously looking to do more outsourcing. Our customers are great at therapy development, commercialization. They can be great at manufacturing, but when they look at the returns on their investments, getting a new therapy to market first and getting that first mover advantage

當然，我們看到我們的客戶不斷尋求更多的外包。我們的客戶擅長治療開發和商業化。他們可能擅長製造，但當他們考慮投資回報時，首先將新療法推向市場並獲得先發優勢

and the pricing that comes with an innovative therapy that treats patients who are currently undertreated or untreated, that's the single biggest return for our customers and. Their growth, so they want to allocate all of their capital towards new therapy development.

以及用於治療目前未得到充分治療或治療的患者創新療法的定價，這對我們的客戶來說是最大的回報。他們的成長，所以他們希望將所有資金分配給新療法的開發。

They obviously have a very large commercial infrastructure that makes that brings that therapy to market and our expertise is in is in the manufacturing and the process designed to be able to manufacture at high quality competitive cost and bringing that to helping customers get to market quickly and we think our vertically integrated offering.

他們顯然擁有非常龐大的商業基礎設施，可以將這種療法推向市場，而我們的專業知識在於製造和流程設計，能夠以高品質、有競爭力的成本進行生產，並幫助客戶快速進入市場，我們認為這是我們的垂直整​​合產品。

That we continue to add capabilities to a very global manufacturing footprint that reflects the industry manufacturing footprint gives them that option to partner with someone like Integer who is in most cases our customer's largest supplier. We have anywhere from 30 years to 80 years of experience with all of our customers.

我們持續增強全球製造能力，反映產業製造足跡，讓他們有機會與 Integer 這樣的公司合作，在大多數情況下，Integer 是我們客戶最大的供應商。我們與所有客戶都有 30 至 80 年的合作經驗。

So, we think we're uniquely positioned to be able to help customers with their desired outsourcing, and we continue to see that outsourcing trend play to our strengths.

因此，我們認為我們擁有獨特的優勢，能夠幫助客戶實現所需的外包，並且我們繼續看到外包趨勢發揮我們的優勢。

Thank you so much Have a great day.

非常感謝，祝您有美好的一天。

Thanks, Joanne.

謝謝，喬安妮。

Our last question today will come from Suraj Kalia from Oppenheimer. Please go ahead. Your line is open.

我們今天的最後一個問題來自奧本海默公司的蘇拉傑·卡利亞 (Suraj Kalia)。請繼續。您的線路已開通。

Good morning, gentlemen. Joe, congrats and Payman, same to you too. Joe, one question for you and if I could sneak in two questions for Daring. For your cardio and vascular group, Joe, should we still think about EP as roughly 1/5 of that segment? Just trying to determine sensitivity of the segment growth to PFA growth and anticipated market share shifts as the competitive wars heat up.

先生們，早安。喬，恭喜你，佩曼，你也一樣。喬，我問你一個問題，另外我可以偷偷問達林兩個問題。喬，對於您的心血管組，我們是否仍應將 EP 視為該部分的大約 1/5？只是試圖確定細分市場成長對 PFA 成長的敏感度以及隨著競爭加劇而預期的市佔率變化。

And Diron, quickly, if I could, in the interest of time for you, Aar took a significant step up in the quarter sequentially any key drivers, especially credit terms, and also, a lot has been discussed about tariffs, fairly so. How do you all look out in terms of FXs, buffers, or lack thereof? Gentlemen, thank you for taking my questions.

Diron，如果可以的話，為了節省您的時間，請您快速介紹一下，Aar 在本季度取得了顯著的進步，包括任何關鍵驅動因素，特別是信貸條款，而且關於關稅也討論了很多，相當合理。你們對於 FX、緩衝區或缺乏 FX、緩衝區有何看法？先生們，感謝您回答我的問題。

So I thank, thanks for the questions. I, I'll start. I think the cardiovascular segment group 17% in the quarter 11% or 12% organic. Somebody helped me with that. More than 11% on an organic basis. So, we think we delivered very strong growth in cardiovascular.

所以我感謝你們提出的問題。我、我先開始了。我認為心血管細分市場在本季佔 17%，有機佔 11% 或 12%。有人幫了我。有機成長超過 11%。因此，我們認為我們在心血管領域實現了非常強勁的成長。

That is what got us to the high end. So we think that not only electrophysiology but the other submarkets that we're very focused on accelerating our presence in and winning new development programs. We think cardiovascular is delivery. That's our fastest growing segment.

這就是我們達到高端水準的原因。因此，我們認為，不僅是電生理學，其他子市場也是我們非常注重加速我們的存在並贏得新的開發計劃。我們認為心血管就是分娩。這是我們成長最快的部分。

Three of our four target growth markets are there, so we feel like we're delivering and we're managing the total to deliver what we think is very strong growth for the year at 8% to 10% reported 6% to 8% on an organic basis, and I'll let Diron tackle the other two questions you asked, Suraj.

我們的四個目標成長市場中有三個在那裡，所以我們覺得我們正在實現目標，我們正在管理整體成長，以實現我們認為今年非常強勁的成長，即 8% 到 10% 的有機成長率，6% 到 8%，我將讓 Diron 來解決你提出的另外兩個問題，Suraj。

Yeah. On accounts receivable, I would say nothing really surprising there. There's a couple drivers on the AR balance move versus year end, and that is primarily acquisitions is a piece of it again, so we had the VSI and the precision coding acquisitions that drove a bit of the increase. And then the other piece is really timing of how the sales fall within a quarter.

是的。關於應收帳款，我認為沒有什麼令人驚訝的。與年底相比，應收帳款餘額的變化有幾個驅動因素，其中主要包括收購，因此我們進行了 VSI 和精密編碼收購，這在一定程度上推動了成長。另一個因素是季度內銷售額下降的時間。

So if you look at prior quarter, you're going to have a lot more sales in the first couple of months of the quarter less at the end because the holidays. And when you look at the first quarter, you'll have a bit fewer in the 1st month and more of the sales in the in the latter half of the quarter.

因此，如果您查看上一季的數據，您會發現本季前幾個月的銷售額會大幅增加，而季度末的銷售額則會減少，因為有假期。當您查看第一季時，您會發現第一個月的銷售額會少一些，而該季度後半段的銷售額會更多。

So that drives a little bit of a movement on the accounts receivable, but underlying foundationally, nothing really changed with AR and overall, we feel that we have a very strong, credit profile with our with our customers and collections are still remaining strong.

因此，這會導致應收帳款發生一些變動，但從根本上講，應收帳款並沒有什麼變化，總體而言，我們認為我們與客戶的信用狀況非常強勁，而且收款仍然保持強勁。

Related to the FX buffer, I would say first of all, we don't really think about FX as being a buffer per se to the tariffs, they're, fairly unrelated in the, direct sense, as we look at FX.

關於外匯緩衝，首先我想說，我們其實不認為外匯本身就是關稅的緩衝，從直接意義上講，當我們看外匯時，它們是相當不相關的。

As you can imagine with us being a global company, we do transact in multiple currencies with the two biggest ones being the EUR and the peso in Mexico. We implement a hedging process, some natural hedges, some using forward contracts, and we manage that through more of a roller rolling dollar cost averaging method,

您可以想像，作為一家全球性公司，我們確實使用多種貨幣進行交易，其中最大的兩種貨幣是歐元和墨西哥比索。我們實施對沖流程，有些是自然對沖，有些是使用遠期合約，我們透過滾動美元成本平均法來管理，

so it helps mute the impact of any volatile movements in foreign exchange in any particular any particular period. So in the year we do see a bit of benefit coming from the EUR and we see a bit of, sorry, a bit of pressure coming from the EUR, and we see a bit of benefit coming from the peso, but nothing that is, large and material to our overall Results.

因此它有助於減輕任何特定時期外匯波動的影響。因此，今年我們確實看到了來自歐元的一些好處，也看到了來自歐元的一些壓力，也看到了來自比索的一些好處，但對我們的整體業績來說，沒有什麼是巨大且實質的。

Appreciate it. Thank you.

非常感謝。謝謝。

Yeah, thank you.

是的，謝謝。

We have no further questions. I'd like to turn the call back over to Sanjiv Aroa for any closing remarks.

我們沒有其他問題了。我想將電話轉回 Sanjiv Aroa，請他做最後發言。

So thank you everyone. For joining today's call. You can access a replay of this call as well as the presentation on our website. Thank you for your interest in integer, and that concludes today's call. We look forward to talking to you next quarter.

謝謝大家。感謝大家參加今天的電話會議。您可以在我們的網站上觀看本次通話的重播以及簡報。感謝您對整數的關注，今天的電話會議到此結束。我們期待下個季度與您交談。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。