Integer Holdings Corp (ITGR) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Integer Holdings Corporation second-quarter 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions)

感謝您的支持。我叫蒂娜，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Integer Holdings Corporation 2025 年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員指示）

Thank you. I would now like to turn the conference over to Sanjiv Arora, Senior Vice President, Strategy, Business Development, and Investor Relations. You may begin.

謝謝。現在，我想將會議交給策略、業務發展和投資者關係高級副總裁 Sanjiv Arora。你可以開始了。

Good morning, everyone. Thank you for joining us and welcome to Integer's second-quarter 2025 earnings conference call. With me today are Joseph Dziedzic, President and Chief Executive Officer, Payment Khales, President and CEO elect, and Chief Operating Officer, Diron Smith, executive Vice President and Chief Financial Officer, and Kristen Stewart, Director of Investor Relations.

大家早安。感謝您的加入，歡迎參加 Integer 2025 年第二季財報電話會議。今天與我一起的有總裁兼執行長 Joseph Dziedzic、Payment Khales 候任總裁兼執行長兼營運長、執行副總裁兼財務長 Diron Smith 和投資者關係總監 Kristen Stewart。

As a reminder, the results and data we discussed today reflect the consolidated results of integer for the periods indicated.

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。

During the call, it 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.

在電話會議中，將討論一些非缺口財務指標，以便對非缺口財務指標進行協調，請參閱今天的簡報的附錄、今天的收益新聞稿和趨勢時間表，這些都可以在我們的網站integer.net上找到。

Please note that today's presentation includes forward-looking statements.

請注意，今天的簡報包含前瞻性陳述。

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 second quarter of 2025 and provide an update on our full-year 2025 outlook. Joe will come back to provide his closing remarks, and then we will open up the call for your questions.

在今天的電話會議上，喬將發表他的開場白。然後，Diron 將審查我們 2025 年第二季的調整後財務業績，並提供我們 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。

With that, I'll turn the call over to Joe.

說完這些，我就把電話轉給喬。

Thank you, Sanjiv, and thank you to everyone for joining the call today. In the second quarter, we delivered another quarter of strong year over year results. Sales increased 11% on both a reported and organic basis. Our adjusted operating income grew 15% as we continue to expand margins, and our adjusted earnings per share grew 19% year over year to $1.55.

謝謝你，Sanjiv，也謝謝大家今天參加電話會議。在第二季度，我們再次取得了強勁的年比業績。報告銷售額和有機銷售額均成長了 11%。隨著利潤率的不斷擴大，我們的調整後營業收入成長了 15%，調整後每股盈餘較去年同期成長 19%，達到 1.55 美元。

For the first half of 2025, we delivered a strong above market performance with sales increasing 9% and adjusted operating profit increasing 14%, or 1.5 times the rate of sales growth. With the first half now behind us, we are raising the midpoint of our adjusted operating income and EPS outlook. We are maintaining our sales outlook midpoint, given our high visibility to customer demand while tightening the sales range. At the midpoint of our full-year outlook, we expect to grow sales 8.5%, adjusted operating income 14%, and adjusted EPS 20%.

2025 年上半年，我們取得了高於市場的強勁業績，銷售額成長 9%，調整後營業利潤成長 14%，是銷售額成長率的 1.5 倍。隨著上半年的結束，我們正在提高調整後的營業收入和每股盈餘預期的中點。鑑於我們對客戶需求的高度了解，同時收緊銷售範圍，我們將銷售前景維持在中點。在我們的全年展望中，我們預計銷售額將成長 8.5%，調整後營業收入將成長 14%，調整後每股盈餘將成長 20%。

It is an exciting time at Integer because we have a strong pipeline of new products concentrated in faster growing in markets. Our margins are expanding as a result of our manufacturing and business excellence initiatives, and we continue to acquire and integrate tin acquisitions that add, or compound differentiated capabilities. I am grateful for our associates around the world that are delivering for our customers and making a difference for patients.

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，主要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錫收購，以增加或增強差異化能力。我感謝我們在世界各地的同事，他們為我們的客戶提供服務，為患者帶來改變。

I'll now turn the call over to Diron.

我現在將電話轉給 Diron。

Thank you, Joe. Good morning, everyone, and thank you again for joining today's call. I'll provide more details on our second-quarter 2025 financial results and provide an update on our 2025 outlook.

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 年第二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。

In the second quarter of 2025, we delivered strong financial results. Sales total $476 million reflecting 11% year-to-year growth on both a reported and organic basis. Organic sales growth removes the impact of our precision and VSI acquisitions, the strategic exit of the portable medical market, and foreign currency fluctuations.

2025 年第二季度，我們取得了強勁的財務表現。銷售額總計 4.76 億美元，報告銷售額和有機銷售額年增 11%。有機銷售成長消除了我們的精密和 VSI 收購、便攜式醫療市場的策略性退出以及外匯波動的影響。

We delivered $99 million of adjusted EBITDA, up $9 million compared to the prior year, or an increase of 10%. Adjusted operating income grew 15% versus last year as we continue to make progress on our year-over-year margin expansion. Adjusted operating income as a percentage of sales expanded 50 basis points year over year to 17.1%, comprised of approximately 10 basis points from gross margin and 40 basis points from operating expense leverage. Adjusted net income for the second quarter of 2025 was $55 million up 23% year over year, while adjusted earnings per share totaled $1.55, up 19% from the same period last year.

我們實現了 9,900 萬美元的調整後 EBITDA，比上年增加 900 萬美元，增幅為 10%。由於我們的利潤率較去年同期持續擴大，調整後的營業收入較去年同期成長了 15%。調整後的營業收入佔銷售額的百分比年增 50 個基點，達到 17.1%，其中毛利率約為 10 個基點，營業費用槓桿約為 40 個基點。2025 年第二季調整後淨收入為 5,500 萬美元，較去年同期成長 23%，調整後每股盈餘總計 1.55 美元，較去年同期成長 19%。

Turning to our sales performance by product line, cardio and vascular sales increased 24% in the second quarter of 2025, driven by new product ramps and electrophysiology and incremental sales related to the precision and VSI acquisitions, as well as strong customer demand in neurovascular.

從產品線來看，心血管產品的銷售額在 2025 年第二季度增長了 24%，這得益於新產品的推出、電生理學以及與精準和 VSI 收購相關的增量銷售，以及神經血管領域的強勁客戶需求。

On a trailing four-quarter basis, CMV sales increased 17% year over year, with strong growth across all targeted CMV markets driven by new product grants and acquisitions. For the full year 2025, we continue to expect CMV sales to grow in the mid-teens compared to the full year 2024.

在過去四個季度中，CMV 銷售額年增 17%，在新產品授權和收購的推動下，所有目標 CMV 市場均實現強勁成長。對於 2025 年全年，我們仍然預計 CMV 銷量將比 2024 年全年增長 15% 左右。

Cardiac rhythm management neuromodulation sales increased 2% in the second quarter of 2025, driven by strong growth from emerging PMA customers and neuromodulation and normalized CRM growth, partially offset by the planned decline of a neuromodulation program.

2025 年第二季度，心臟節律管理神經調節銷售額增長了 2%，這得益於新興 PMA 客戶和神經調節的強勁增長以及 CRM 的正常化增長，但神經調節計劃的計劃下降部分抵消了這一增長。

Back in 2020, we announced the planned decline of this program, and we expect 2025 is the last year of decline. On a trailing four quarter basis, CRM&N sales increased 5% year over year, primarily driven by strong growth from emerging PMA customers and neuromodulation.

早在 2020 年，我們就宣布了該計劃的下降計劃，我們預計 2025 年將是下降的最後一年。在過去四個季度中，CRM&N 銷售額年增 5%，主要得益於新興 PMA 客戶和神經調節的強勁成長。

For the full year 2025, we now expect CRM&N to grow in the mid-single digits as compared to the prior year. Our expectation of mid-single digits growth is higher than our prior range of low to mid-single digits based on the strong order visibility we have to the balance of the year. Product line detail for other markets is included in the appendix of the presentation, which can be found on our website at integer.net.

對於 2025 年全年，我們預計 CRM&N 將比上一年實現中等個位數成長。基於我們對今年剩餘時間的強勁訂單可見性，我們對中等個位數成長的預期高於我們先前預測的低到中等個位數的成長範圍。針對其他市場的產品線詳細資訊包含在簡報的附錄中，您可以在我們的網站 integer.net 上找到。

In the second quarter of 2025, we delivered $55 million of adjusted net income, up $10 million versus a year ago. This increase was driven mainly by operational improvements, which include higher sales volume, manufacturing efficiencies, operating expense management, and acquisition performance. We also benefited from lower interest expense as a result of our convertible debt offering in March 2025, as well as a lower adjusted effective tax rate.

2025 年第二季度，我們的調整後淨收入為 5,500 萬美元，比去年同期增加了 1,000 萬美元。這一成長主要得益於營運改進，包括更高的銷售量、製造效率、營運費用管理和收購績效。由於我們在 2025 年 3 月發行了可轉換債券，我們也受益於較低的利息支出以及較低的調整後有效稅率。

Our adjusted effective tax rate was 19% for the second quarter of 2025, down from 20.7% in the prior year, and we now expect our full year 2025 rate to be within the range of 18.5% to 19.5%, lower than our prior outlook of 19 to 21%.

我們 2025 年第二季的調整後有效稅率為 19%，低於去年同期的 20.7%，我們現在預計 2025 年全年稅率將在 18.5% 至 19.5% 之間，低於我們先前預測的 19% 至 21%。

In the second quarter, we experienced an FX headwind of $3 million or $0.09 of adjusted EPS. This is primarily due to the weakening US dollar and its impact on US dollar denominated receivables in our foreign entities.

在第二季度，我們遭遇了 300 萬美元或調整後每股收益 0.09 美元的外匯逆風。這主要是由於美元疲軟及其對我們外國實體的美元應收帳款的影響。

In our outlook, we have assumed no further weakening or strengthening of the dollar in relation to other foreign currencies, and we continue to enhance our hedging program to mitigate the P&L impact of foreign currency fluctuations. Additionally, the year to year increase in adjusted weighted average shares outstanding drove approximately $0.04 reduction to our adjusted EPS.

在我們的展望中，我們假設美元相對於其他外幣不會進一步走弱或走強，並且我們將繼續加強對沖計劃，以減輕外匯波動對損益的影響。此外，調整後的加權平均流通股數逐年增加，導致我們的調整後每股盈餘減少約 0.04 美元。

In aggregate, second quarter of 2025 adjusted net income is up 23% year over year, and adjusted earnings per share is up 19%, both growing much faster than our 11% sales growth, a very strong performance in the second quarter. In the second quarter of 2025, we generated $44 million of cash flow from operations. Our CapEx spend in the second quarter was $19 million which is in line with our full-year outlook. As a result, free cash flow was $25 million in the second quarter, an increase of $9 million from the prior year or a 55% improvement.

整體而言，2025 年第二季調整後淨收入年增 23%，調整後每股收益成長 19%，兩者的成長速度都遠高於我們 11% 的銷售額成長，這是第二季非常強勁的表現。2025 年第二季度，我們產生了 4,400 萬美元的營運現金流。我們第二季的資本支出為 1900 萬美元，與我們的全年預期一致。因此，第二季的自由現金流為 2,500 萬美元，比上年增加 900 萬美元，增幅為 55%。

At the end of the second quarter, net total debt was $1.204 billion, which is a $25 million decrease compared to the first-quarter 2025 ending balance. Our net total debt leverage at the end of the second quarter was 3.2 times trailing four quarter adjusted EBITDA within our strategic target range of 2.5 to 3.5 times.

第二季末，淨總債務為 12.04 億美元，與 2025 年第一季期末餘額相比減少 2,500 萬美元。我們第二季末的淨總負債槓桿率為過去四個季度調整後的 EBITDA 的 3.2 倍，在我們 2.5 至 3.5 倍的策略目標範圍內。

As Joe mentioned earlier, we are raising the midpoint of our adjusted operating income and EPS outlook while maintaining the midpoint of our sales outlook and tightening the sales range on both the high and low end. We expect sales to be in the range of $1.850 billion to $1.876 billion, an increase of approximately 8% to 9% versus last year. Given our strong first-half sales and visibility to customer demand in the second half, we believe $1.863 billion is the appropriate midpoint of our outlook.

正如喬之前提到的，我們正在提高調整後的營業收入和每股收益預期的中點，同時維持銷售預期的中點，並收緊高端和低端的銷售範圍。我們預計銷售額將在 18.50 億美元至 18.76 億美元之間，比去年增長約 8% 至 9%。鑑於我們上半年強勁的銷售業績以及下半年客戶需求的可預見性，我們認為 18.63 億美元是我們預期的適當中間點。

On an organic basis, we continue to expect sales growth to be within the range of 6% to 8%, which is approximately 200 basis points above our underlying market growth rate estimate of 4% to 6%. For adjusted IO, we now expect a range of between $402 million to $418 million reflecting growth of 11% to 16%.

從有機成長來看，我們繼續預期銷售額成長率將在 6% 至 8% 之間，比我們對 4% 至 6% 的基礎市場成長率的預測高出約 200 個基點。對於調整後的 IO，我們現在預計範圍在 4.02 億美元至 4.18 億美元之間，成長率為 11% 至 16%。

We now expect adjusted operating income between $319 million and $331 million representing growth of 12% to 16%. This is an increase of $4 million on the low end and $2 million at the midpoint from our prior outlook.

我們現在預計調整後的營業收入將在 3.19 億美元至 3.31 億美元之間，成長率為 12% 至 16%。與我們之前的預測相比，最低增加了 400 萬美元，中間增加了 200 萬美元。

For adjusted net income, our outlook range is between $222 million and $231 million an increase of 21% to 26% versus 2024. This is also an increase of $2 million at the midpoint, reflecting the higher operational performance, lower adjusted effective tax rate, and the first half foreign currency headwinds below operating income. Lastly, we expect a just an EPS of between $6.25 and $6.51, which is a growth of 18 to 23% on a year-to-year basis. This is a $0.05 increase at the midpoint. Our outlook assumes an adjusted weighted average diluted shares outstanding of 35.5 million shares for the full year 2025.

對於調整後的淨收入，我們的預期範圍在 2.22 億美元至 2.31 億美元之間，比 2024 年增長 21% 至 26%。以中點計算，這也增加了 200 萬美元，反映了更高的營運績效、更低的調整後有效稅率以及上半年低於營運收入的外匯逆風。最後，我們預計每股收益將在 6.25 美元至 6.51 美元之間，年增 18% 至 23%。中間值增加了 0.05 美元。我們的展望假設 2025 年全年調整後的加權平均稀釋流通股數為 3,550 萬股。

In regards to the tariff landscape, we continue to expect a negligible impact in 2025, well within our range of $1 million to $5 million. Our expected reported sales growth of 8% to 9% 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.

就關稅狀況而言，我們仍然預期 2025 年的影響可以忽略不計，遠在 100 萬美元至 500 萬美元的範圍內。我們預計 2025 年銷售額將成長 8% 至 9%，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）相比約 2,900 萬美元的下降有關。

We expect second half of 2025 reported sales growth to be approximately 8% at the midpoint with similar sales growth rates in the third and fourth quarter. We expect adjusted operating income as a percentage of sales to increase throughout the remainder of 2025, driven by continued improvement in manufacturing efficiency and sales growth outpacing our growth and operating expenses.

我們預計 2025 年下半年的銷售額成長率約為 8%，第三季和第四季的銷售額成長率相似。我們預計，在製造效率持續提高和銷售成長超過我們的成長和營運費用的推動下，調整後的營業收入佔銷售額的百分比將在 2025 年剩餘時間內增加。

At the midpoint of the outlook, adjusted operating income as a percentage of sales is now expected to expand 86 basis points in 2025 compared to the full year 2024. This is a 10-basis-point improvement since our prior outlook. We continue to expect cash flow from operations to be between $235 million to $255 million, which represents a 20% year-over-year increase at the midpoint of the outlook.

在展望的中點，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 86 個基點。這比我們先前的預測提高了 10 個基點。我們繼續預期經營現金流將在 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%。

Our outlook for capital expenditures is unchanged at $110 million to $120 million as we continue to invest in capabilities and capacity. As a result, we expect to generate free cash flow between $120 million and $140 million, which represents a 30% year-over-year increase at the midpoint. We expect our 2025 year-end net total debt to be between $1.115 billion and $1.135 billion and we expect to end the year with a leverage ratio within our target range of 2.5 and 3.5 times trailing four quarter adjusted EBITDA.

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 億至 1.2 億美元。因此，我們預計將產生 1.2 億美元至 1.4 億美元的自由現金流，以中間值計算，年增 30%。我們預計 2025 年底的淨總債務將在 11.15 億美元至 11.35 億美元之間，並且我們預計年底的槓桿率將在我們目標範圍內，即過去四個季度調整後的 EBITDA 的 2.5 倍至 3.5 倍。

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

這樣，我就把電話轉回喬了。謝謝。

Thanks, Diron. We delivered strong growth in the first and second quarter with sales up 9% and EPS up 17% in the first half of 2025. We are successfully executing our growth strategy to meet our financial objectives of growing organically above the market while expanding margins and maintaining our targeted debt leverage. We are confident this sustained level of performance will produce a premium valuation for our shareholders.

謝謝，Diron。我們在第一季和第二季實現了強勁成長，2025 年上半年銷售額成長 9%，每股收益成長 17%。我們正在成功執行我們的成長策略，以實現我們的財務目標，在擴大利潤率和維持目標債務槓桿的同時實現高於市場的有機成長。我們相信，這種持續的業績水準將為我們的股東帶來溢價估值。

We will now turn the call over to our moderator for the Q&A portion of the call.

我們現在將把電話轉給主持人，進行電話的問答部分。

(Operator Instructions) Brett Fishbin, KeyBanc Capital Markets.

（操作員指示）Brett Fishbin，KeyBanc 資本市場。

Hey guys, good morning. Thanks very much for taking the questions. Just wanted to start off on the full year organic growth guidance update. Just based on the Q upside here, would have maybe expected a revision, a positive revision to the full year just given where you are year to date. So, I was just hoping you could maybe walk through the bridge of the organic performance in 1H versus what you're expecting in 2H.

大家好，早安。非常感謝您回答這些問題。只是想開始了解全年有機成長指導更新。僅基於這裡的 Q 上行趨勢，考慮到今年迄今為止的狀況，我們或許會預期會有修正，對全年做出積極的修正。所以，我只是希望您能夠比較一下上半年的自然表現與下半年的期望。

Yeah, hi, yeah, good morning, Brett. This is Payman. Hope you're doing well. I hope the audio is okay. We have some technical difficulties. Can you hear me well?

是的，嗨，是的，早安，布雷特。這是 Payman。希望你一切都好。我希望音訊沒問題。我們遇到了一些技術困難。你聽得清楚我說話嗎？

Yeah, you're coming through clear. No technical difficulties through the call on my end.

是的，你講得很清楚。我這邊的通話沒有任何技術問題。

All right, great, excellent. Thank you very much. And so let me let me address that your question was related to the second age organic performance. So let me just talk high level about the performance that we talked about.

好的，很好，非常好。非常感謝。因此，請允許我回答一下，您的問題與第二年齡有機表現有關。因此，讓我從高層次談談我們所討論的表現。

So for the year, we're still pointing to the midpoint of a range of guidance -- the second half of the year, we grew at 9%. The second half of the year, we're projecting at 8%. So that kind of puts us at about 8.5% or [18.63] at midpoint.

因此，對於今年而言，我們仍然指向指導範圍的中點——下半年，我們的成長率為 9%。我們預計下半年的成長率為 8%。因此，中間點約為 8.5% 或 [18.63]。

Some of the colors that I would add for the year is that we had a strong 2Q. That's from a revenue perspective. There's some -- a few things that drove that. We had some strong new product launches, some timeliness of that. Typically, Brett, within the quarters, we have some movements in terms of customer demand.

我想為今年增添的一些亮點是，我們第二季表現強勁。這是從收入角度來看的。有一些因素導致了這一現象。我們推出了一些強勁的新產品，具有一定的及時性。布雷特，通常情況下，在各個季度內，我們在客戶需求方面會有一些變動。

Our customers sometimes shift the demand within the quarter. That's usually a small amount. We have something similar in the second quarter in the sense that some of the demand from 3Q came into 2Q.

我們的客戶有時會在季度內改變需求。這通常是一個很小的數字。我們在第二季也遇到了類似的情況，因為第三季的部分需求已經轉移到了第二季。

And then lastly, we have talked about the expansion of our [neuros] facility and executing the demand on that. That demand came on full online in the middle of last year and we've been executing our customer demand and we executed a little bit more demand in Q2 that we had anticipated. So all in all, that drove some strength into 2Q.

最後，我們討論了神經科設施的擴建以及對此的需求的執行。這項需求在去年年中全面出現，我們一直在滿足客戶需求，並且在第二季我們滿足的需求比我們預期的要多一些。總而言之，這為第二季度帶來了一些動力。

If you really think about it, we had projected 2Q growth in the high single digits. We ended up at around 11%. That's about 200 bps. You do the math; that's about $10 million. So every single one of these things that I talked about, added a few million to kind of make up those 200 bps. So overall, I would look at the second half of the year of 8%. It kind of keeps our guidance the same at 8%. 8.5% at midpoint and [18.63].

如果你認真想想，我們曾預測第二季的成長率將達到個位數。我們最終達到了 11% 左右。這大約是 200 個基點。你算一下，大約是 1000 萬美元。因此，我談到的每件事都增加了幾百萬，以達到這 200 個基點。所以總體而言，我認為下半年的成長率將達到 8%。這讓我們的預期保持不變，仍為 8%。中間值為 8.5%，[18.63]

Just maybe one more thing that I would talk about in the second half of the year. We're going to be bumping against a tough comp in 4Q. 4Q of last year, we had a very strong growth of 11%. So we're bumping up against some tough comps as well. So all in all, we think that the year at [18.63] at midpoint is strong.

這也許只是我下半年會談的另一件事。我們將在第四季面臨嚴峻的挑戰。去年第四季度，我們實現了 11% 的強勁成長。因此我們也遇到了一些困難的對手。所以總的來說，我們認為今年的中點價為 [18.63] 是強勁的。

All right, thank you for the color. And then just one follow-up question in CRM and neuro. Another 0.52% growth, but it sounded like the full year outlook is actually improving a little bit from low to mid-single digits to mid-single digits. I was curious if you could maybe give a little more color there if it's coming from some of the new product rams in neuromodulation or if you're seeing a little bit of a better like a market dynamic and CRM or anything else there. Thank you very much.

好的，謝謝你的顏色。然後是關於 CRM 和神經的一個後續問題。又成長了 0.52%，但聽起來全年前景實際上正在從低個位數到中個位數略有改善。我很好奇，您是否可以提供更多的細節，如果它來自神經調節中的一些新產品，或者您是否看到了更好的市場動態和 CRM 或其他任何東西。非常感謝。

Sure. Hi, Brett, it's Joe. So CRM and as you highlighted, the first half sales were 2%, and our guidance for the year is mid-single digit, which means second half needs to be in the high single digits. And there are two primary drivers, as you highlighted. Neuromodulation gets better in the second half of the year based on some customer demand. Plus, we highlighted that there was a planned IPG customer decline that occurred in the first half, that relents and is much less of an impact in the second half. That actually gets us about halfway from that 2% first half to the 8%-ish or [8 or 9] high single digits second half to get you to the midpoint of the of the guidance there, the mid-single digits.

當然。嗨，布雷特，我是喬。正如你所強調的，CRM 部門上半年的銷售額成長了 2%，我們對今年的預期是中等個位數，這意味著下半年的銷售額需要達到高個位數。正如您所強調的，主要有兩個驅動因素。根據一些客戶的需求，神經調節在下半年會變得更好。此外，我們強調，上半年 IPG 客戶數量出現了計畫內的下降，但下半年這種下降趨勢有所緩和，影響也小得多。這實際上使我們從上半年的 2% 到下半年的 8% 左右或 [8 或 9] 個高個位數，從而達到指導的中點，即中等個位數。

And then the other thing is the cardiac rhythm management actually picks up a little bit in the second half. And I wouldn't highlight anything, in particular. It's just the timing of demand within our customers and how they're running their operations, and I'll highlight just maybe broadly that we think the best way to look at the trajectory of the business and our sales trend is to look at a rolling four quarter basis, as payment highlighted in any given quarter, there's variation driven by how customers are managing their plants.

另一件事是，心臟節律管理在下半場實際上有所改善。我不會特別強調任何事。這只是我們客戶的需求時機以及他們如何運營他們的業務，我可能只是廣泛地強調一下，我們認為查看業務軌跡和銷售趨勢的最佳方式是查看滾動的四個季度的基礎，因為在任何一個季度中突出顯示的付款都會受到客戶如何管理他們的工廠的影響。

Just to remind everybody, the majority of what we do is sole source. The majority of what we do, we ship to one of our customers manufacturing plants. It gets incorporated into one of their devices and then four to nine months later, it shows up in a procedure.

只是提醒大家，我們所做的大部分工作都是單一來源。我們的大部分產品都會運送到客戶的製造工廠。它被整合到他們的一個設備中，然後四到九個月後，它出現在一個程式中。

And so, a rolling four-quarter view, whether it's trailing or looking forward at the full year, it removes some of that noise and that variability in any given quarter and that's maybe what you were getting at about first half versus second half. Full year, we're right in line with what we guided to at the beginning of the year. 8.5% sales growth, $1.863 billion.

因此，無論是回顧還是展望全年，滾動的四個季度視圖都會消除任何特定季度的一些噪音和變化，這也許就是你在上半年與下半年之間所得到的。全年銷售額與年初的預期完全一致，成長 8.5%，達到 18.63 億美元。

The organic growth is the same for the full year. That slightly higher second quarter sales than what we were expecting and then what I think investors were expecting does not change our view of the full year.

全年有機成長率相同。第二季的銷售額略高於我們的預期，我認為也高於投資人的預期，但這並不會改變我們對全年的看法。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Good morning and thank you for taking the questions. If I mathematically do this correctly, it sounds like the second half of the year should be so strong in cardiovascular, and you raise the second half of the year for CRM.

早上好，感謝您回答問題。如果我的數學計算正確的話，聽起來下半年心血管方面應該會非常強勁，而你提高了下半年 CRM 的水平。

But maybe narrowed the full-year revenue guide. Does that mean your other markets is declining maybe a little bit faster than expected? I'm just trying to essentially get to the same question of how you deliver such a really strong second quarter and then sort of talk down the top end of your range. Thank you.

但可能縮小了全年收入指引。這是否意味著你們的其他市場下滑速度可能比預期的快一點？我只是想從本質上回答同樣的問題，即您如何實現如此強勁的第二季度業績，然後再談談您的預期範圍的上限。謝謝。

Yeah, good morning, Joan. This is Payman. Thanks for the question. So let me answer the mathematical question, if you will, and then I'll try to add some color.

是的，早上好，瓊。這是 Payman。謝謝你的提問。因此，如果您願意的話，請讓我回答這個數學問題，然後我會嘗試添加一些顏色。

So at midpoint, our CRM&N guidance is 5%. C&V is mid-teens, which we're looking at 15%, and other markets is down $32.5 million. So that's because of the visibility that we have to the customer demand with the backlog that we have which is which is still in the range of about $700 million. That gives us good visibility. So this is what guides us and why it makes us believe that the midpoint of [18.63] is the appropriate place to be.

因此，在中間點，我們的 CRM&N 指導是 5%。C&V 處於十幾歲的水平，我們預計下降了 15%，其他市場則下降了 3,250 萬美元。這是因為我們對客戶需求有清晰的了解，我們的積壓訂單仍然在 7 億美元左右。這給我們提供了良好的可視性。這就是指導我們的原因，也是為什麼它讓我們相信 [18.63] 的中點是合適的位置。

Thank you. And as my second question, is there any inventory management that is happening from your customers in the back half of the year and as you go into 2026 if you think about managing tariffs? Thanks.

謝謝。我的第二個問題是，今年下半年您的客戶是否進行過庫存管理，並且進入 2026 年您是否考慮過管理關稅？謝謝。

Yeah, so inventory going back a couple of years, Joanne, the second half of 2023 is when OEMs started sending some letters to their suppliers, effectively saying that look, they're going to be adjusting their inventory after some period of supply challenges. And over the last couple of years, I would say that the inventory management is kind of more normalized and now I think it's important to understand one dynamic.

是的，所以庫存可以追溯到幾年前，喬安妮，2023 年下半年，原始設備製造商開始向他們的供應商發送一些信函，實際上是說，在供應面臨一段時間的挑戰後，他們將調整庫存。在過去的幾年裡，我想說庫存管理已經更加標準化了，現在我認為了解一種動態很重要。

So even when you know customers have been managing inventory, it's not that they're overstocking everything. So obviously, they're overstocking some things and some other things that are needed for their production. Might be understock.

因此，即使您知道客戶一直在管理庫存，也不代表他們庫存過剩。因此很明顯，他們積壓了生產所需的一些東西和其他一些東西。可能庫存不足。

So that's kind of what drives a little bit of a variability, and I mentioned earlier we had a little bit of a demand kind of coming from 3Q to 2Q. These are some of these are some of the things that kind of drive that. But really stepping back and kind of looking at things, the backlog that we that we have, the visibility that we have. And the guidance that we provided takes all of that into account. So we think that [18.63], 8.5% at the midpoint is appropriate.

這就是導致一點點變化的原因，我之前提到過，從第三季度到第二季度，我們的需求有點變化。這些就是推動這現象的一些因素。但實際上退一步來看，我們擁有的積壓工作、我們所擁有的可見度。我們提供的指導已將所有這些都考慮在內。因此我們認為[18.63]，中間值8.5%是適當的。

I think the second part of your question was related to tariffs. For tariffs, it's a dynamic landscape. Obviously, the tariff situation changes, including recently. We have maintained and continue to maintain that the impact on our business will be minimal.

我認為你問題的第二部分與關稅有關。對於關稅而言，這是一個動態的局面。顯然，關稅情況發生了變化，包括最近。我們一直堅持並將繼續堅持認為，這對我們業務的影響將是最小的。

We are still iterating that range of $1 million to $5 million. We've mentioned that we are working to make that as close to zero or one as possible, and that continues to be our plan, but our range of $1 million to $5 million potential tariff impact has not changed.

我們仍在重複 100 萬美元到 500 萬美元的範圍。我們已經提到，我們正在努力使這一數字盡可能接近零或一，這仍然是我們的計劃，但我們 100 萬美元到 500 萬美元的潛在關稅影響範圍沒有改變。

Thank you very much.

非常感謝。

Nathan Treybeck, Wells Fargo.

內森‧特雷貝克 (Nathan Treybeck)，富國銀行。

Hi, thanks for taking the question. Just wanted to go back to C&V. It sounds like there was some pull forward of demand in Q2. Can you just talk about if this was rapid building of inventories either for electrophysiology and neurovascular, and then there's going to be steady drawdown of that inventory in the second half. I'm just trying to understand kind of the parts for the deceleration in the second half and also, can you confirm the mid-team the guidance for C&V is not organic and yeah, thanks.

你好，謝謝你回答這個問題。只是想回到 C&V。聽起來第二季的需求有所提前。您能否談談這是否是電生理學和神經血管庫存的快速建立，然後在下半年庫存是否會穩定減少。我只是想了解下半場減速的部分，另外，你能否確認中隊對 C&V 的指導不是有機的，是的，謝謝。

Yeah, thank you, Nathan. Thanks for the question. Let me add some color. Let me start with C&V had a very strong performance in 2Q.

是的，謝謝你，內森。謝謝你的提問。讓我添加一些顏色。首先，C&V 在第二季的表現非常強勁。

At 24% reported 18% organic, and 17% on trailing full quarter, which is really the way we think we should be looking at our performance within the business. So there are a number of things we talked about that the performance of the C&V was driven by a few factors. We had some new product launches. We have strength in some neurovascular customer demand.

24% 的受訪者表示，自然成長佔比為 18%，上一季成長佔 17%，我們認為這確實是我們看待業務表現的方式。我們討論過很多事情，C&V 的表現是由幾個因素所驅動的。我們推出了一些新產品。我們在某些​​神經血管客戶需求上具有實力。

Specific to a question about the variability between the quarters, these are a combination of a few small things that kind of drove a little bit of a growth. So again, that there is a demand, some demand profile, changes between quarters and months. That's natural. That's normal part of our business. In this case, it kind of came into 2Q from 3Q. Nothing unusual there. There is a little bit of a lumpiness usually associated with new product launches.

具體到各季度之間的差異問題，這些是一些小因素的組合，它們推動了一點增長。因此，再次強調，存在需求，一些需求概況，在季度和月份之間發生變化。這很自然。這是我們業務的正常部分。在這種情況下，它有點像是從第三季進入第二季。沒什麼不尋常的。新產品發布通常都會伴隨一些不順暢的情況。

If you think about a new product launch, there's a launch phase, a ramp phase, there's a civilization phase. So there's some lumpiness associated with that. So if you look at all of that, that's why we had a little bit stronger in 2Q. Our view of the year has not changed. We have said that is our view for C&V for the year and we continue to maintain that. I think part of your question was, whether this is organic. This is total reported at 15%.

如果你考慮新產品的發布，你會發現它有一個發布階段、一個爬坡階段和一個文明階段。因此，這其中存在一些不平衡之處。所以如果你看一下所有這些，這就是我們在第二季度表現更強勁的原因。我們對今年的看法沒有改變。我們已經說過這​​是我們對今年 C&V 的看法，並且我們會繼續堅持這一觀點。我認為你的問題的一部分是，這是否是有機的。據報道，這一比例總計為 15%。

Okay, thank you for that. That's very helpful. Payman, just at a high level, as you're stepping into the CEO role, are there any strategic priorities you're beginning to kind of formulate and are there areas of improvement that you have your eyes set on? Thanks.

好的，謝謝你。這非常有幫助。佩曼，從高層來看，當您擔任執行長一職時，您是否開始製定任何策略重點？您是否著眼於改進的領域？謝謝。

Yeah, that's a great question. Thank you. So, look, as I've mentioned before, I've been with Integer. This is my eighth year. I've been part of the leadership team, that has been developing and executing on our strategy.

是的，這是一個很好的問題。謝謝。所以，正如我之前提到的，我一直在 Integer 工作。今年已經是第八年了。我一直是領導團隊的一員，負責制定和執行我們的策略。

The same way that we have done in the past eight to nine years, I very much intend to continue refining and building on our strategy and ultimately executing on that strategy so that we can outperform the market in growth an expand margin faster than that. So the elements of the strategy that we've talked about, building capabilities, the growth markets that we have, the margin expansion activities that we have within, through our manufacturing excellence are very much intend to continue doing that.

正如我們過去八、九年所做的那樣，我非常打算繼續完善和發展我們的策略，並最終執行該策略，以便我們在成長方面能夠超越市場，並以更快的速度擴大利潤率。因此，我們所討論的策略要素，包括能力建構、我們擁有的成長市場、我們內部的利潤擴張活動，以及透過我們卓越的製造能力，都非常打算繼續這樣做。

Those are important pillars of the type of business that we have and they're critical for our success and obviously you know we've talked about the fact that and acquisitions you know to continue building capabilities and making sure that we stay within a reasonable range of leverage 2.5 to 3.5 continues to be a very important element of our strategy.

這些是我們業務類型的重要支柱，對我們的成功至關重要，顯然，您知道我們已經討論過這一事實，並且您知道，收購將繼續建立能力並確保我們保持在合理的槓桿率範圍內（2.5 到 3.5），這仍然是我們策略的一個非常重要的元素。

Craig Bijou, Bank of America.

克雷格‧比茹，美國銀行。

Good morning, guys. Thanks for taking the questions. I want to start with a follow up on just -- on the Q2 performance and apologies for asking again. But just trying to understand if you guys would be willing to quantify just how much of that like 11% versus the high single digits was from a pull forward of the orders or just maybe better-than-expected performance.

大家早安。感謝您回答這些問題。我想先跟進第二季的表現，很抱歉再次詢問。但只是想了解你們是否願意量化其中的 11% 與高個位數相比有多少是由於訂單提前或可能只是好於預期的表現。

So just trying to understand -- I appreciate the comments that for the full year you guys still expect the same. But just wanted to understand what was the surprise or what piece of that surprise did -- where the outperformance was part of the pull forward?

所以只是想理解——我很感謝你們對全年仍然抱有同樣的期望的評論。但只是想了解什麼是驚喜，或是驚喜的哪一部分扮演了什麼角色──優異的表現是推動力的一部分嗎？

Yeah, thank you for the question, Craig. Let me answer that. So let me first maybe ground us on the numbers. I think as you pointed out the growth that we had in the quarter of 11% was a little bit higher than the high single digits that we had talked about. So that's about 200 bps. And if you take that, do the math on the 200 bps on the quarter, that's about give or take $10 million of revenue.

是的，謝謝你的提問，克雷格。讓我來回答這個問題。首先讓我來看一下數字。我認為，正如您所指出的，我們本季實現的 11% 的成長率略高於我們之前談到的高個位數成長率。大約是 200 bps。如果你按照這個數字來計算，那麼就以季度 200 個基點來算，那大約就是 1000 萬美元的收入。

It's not a substantial revenue, so normally, there are puts and takes within every quarter. There's some demand that goes into the next quarter, some comes in, but in this quarter that little variability. And every single one of those things that I talked about is just a few million bucks. But in combination, it kind of drove that $10 million.

這不是一個可觀的收入，所以通常每個季度都會有收益和進帳。下個季度會有一些需求，也會有一些需求，但本季的變化很小。而我所談論的每一件事都只值幾百萬美元。但綜合起來，它就推動了那 1000 萬美元的籌集。

So there was a little bit of the demand change and shift from a few of our customers on a few programs, every single one of them small, in combination it was a few million. There was some acceleration of new product launches and as I mentioned earlier, we were able to execute a little bit faster in customer demand from our Neuros facility for guide wire. So again, every single one of those events that I talked about is a few million bucks, but in combination it drove about 200 bps of revenue growth.

因此，我們的一些客戶對一些專案的需求發生了一些變化和轉變，每個專案的需求都很小，但加起來就有幾百萬。新產品的推出有所加快，正如我之前提到的，我們能夠透過 Neuros 導絲設施更快地滿足客戶的需求。所以，我再次強調，我談到的每一個事件都價值幾百萬美元，但加起來卻推動了約 200 個基點的營收成長。

Got it. Thank you, Payman. That's helpful. So then you guys had a pretty strong quarter, a very strong quarter in C&V. You called out the electrophysiology product ramps. So can you just help us understand how that rolling four quarter growth in in EP. Has trended over the last several quarters, so has that accelerated, and I assume it's outpacing overall C&V, but just wanted to get your perspective on how sustainable the EP growth specifically is over the next several quarters.

知道了。謝謝你，Payman。這很有幫助。那麼你們這個季度表現相當強勁，C&V 表現非常強勁。您提到了電生理學產品坡道。那麼，您能否幫助我們了解 EP 連續四個季度的成長？在過去的幾個季度中一直呈趨勢，因此已經加速，我認為它正在超過整體 C&V，但我只是想了解您對未來幾季 EP 成長的可持續性的看法。

Yeah, thanks for the question. So, EP is one of the four growth markets that we have, the other three being structural, hard, neurovascular, and neuromodulation. And we're excited about every one of them. We have worked in the past many years to continue investing and building capabilities and pipelines so that we can. Continue to outperform the market which we believe we've been doing. So back to your question specific about EP. Let me just highlight that we have been present in EP for many years.

是的，謝謝你的提問。因此，EP 是我們四個成長市場之一，另外三個是結構性、硬性、神經血管和神經調節。我們對其中的每一個都感到興奮。在過去的許多年裡，我們一直致力於持續投資和建立能力和管道，以便我們可以做到這一點。我們相信我們將繼續超越市場。所以回到你關於 EP 的具體問題。我只想強調一下，我們已經在 EP 工作很多年了。

We have built a lot of capabilities over the years. And our participation in EP, I mean there's a lot of obviously a lot of excitement in the market right now with EP with PSA that's kind of driving a lot of a lot of growth, which is also great for patients. We're very excited about the technology that's been driving it's been giving us some tailwinds.

多年來我們已經建立了許多能力。我們參與了 EP，我的意思是，目前市場上對 EP 與 PSA 的合作顯然非常興奮，這推動了大量的成長，這對患者來說也是一件好事。我們對推動這項技術並為我們帶來一些順風的技術感到非常興奮。

I would highlight that our participation in EP is really cost the procedure. It's not just only in the ablation technology itself. We participate in access and guide wires and transeptal sheets in diagnostics, and of course the ablation itself. So, we have good content across the procedure and that includes that includes PFA pulse steel ablation. So, we have good momentum in that space, and we've got a strong pipeline.

我想強調的是，我們參與 EP 確實花了不少精力。這不僅存在於消融技術本身。我們參與診斷中的通路和導絲以及橫隔片，當然還有消融本身。因此，我們在整個過程中都有很好的內容，其中包括 PFA 脈衝鋼消融。因此，我們在該領域發展勢頭良好，並且擁有強大的管道。

You mentioned whether we are outperforming the market. Yes, we believe we are. If you look at our trailing full quarter within CMV, that is one of the drivers of the growth that we have, and we believe that we are outperforming the market and we continue to be very excited about the momentum that we have.

您提到我們的表現是否優於市場。是的，我們相信是的。如果您看一下 CMV 過去一個季度的表現，您會發現這是我們成長的動力之一，我們相信我們的表現優於市場，並且我們繼續對我們的發展勢頭感到非常興奮。

Thanks.

謝謝。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

Maybe just thinking both on the starting with the top line but also down the P&L if you have comments there, the 3Q versus 4Q kind of cadence and how you're thinking about it, I guess it sounds like the pull forward or some of the over the roughly 200 basis points came mostly from 3Q or at least I'm guessing that's where you have the most visibility and I'm not sure how much visibility you have out beyond three to five months.

也許只是從頂線開始思考，但也從損益表開始思考，如果您對此有任何評論，那麼第 3 季度與第 4 季度的節奏以及您對此的看法，我想這聽起來像是提前拉動或超過 200 個基點的部分主要來自第 3 季度，或者至少我猜這是您最有可見性的地方，我不確定您在三到五個月之後有多少。

So given the comps, you have a much tougher comp in 4Q, and it sounds like you had some pull forward specifically from the 3Q. Are there specific kind of nuances we should be thinking about? Can you talk to the consensus if you need to? But it sounds like we should be thinking about a maybe a lower-than-normal 3Q performance or growth rate and then, comp adjusted the 4Q is similar to where you thought you'd land.

因此，考慮到這些競爭情況，您在第四季度面臨的競爭會更加激烈，而且聽起來您從第三季開始就取得了一些進步。我們是否應該考慮某些特定的細微差別？如果需要的話，可以跟大家談共識嗎？但聽起來我們應該考慮第三季的業績或成長率可能低於正常水平，然後，調整後的第四季業績與您預想的水平相似。

Yeah, good morning, Richard, and thanks for the question. So let me add a little bit of a color in the first half, second half, and then, come back to your three specific questions. So let me maybe start with your bigger picture question about guidance.

是的，早上好，理查德，謝謝你的提問。因此，讓我在前半部分和後半部分添加一點色彩，然後再回到您的三個特定問題。因此，讓我先從您關於指導的更大問題開始。

Our guidance at mid-point has not changed. We kind of narrowed the range a little bit given where we are in the in the year. But our midpoint, we believe, is appropriate at [18.63], which is 8.5%. So, if you break it down in the first half, second half, the first half growth was 9%. We're projecting the second half to be 8%, and we also said that that's going to be equal, roughly equal growth in each of 3Q and 4Qs. So, you can so that kind of point about 8% to the 4Q and 3Q.

我們的中期指導沒有改變。考慮到我們今年所處的狀況，我們稍微縮小了範圍。但我們認為，中間點是 18.63，即 8.5% 比較​​適合。因此，如果按上半年和下半年來劃分，上半年的成長率為 9%。我們預計下半年的成長率將達到 8%，我們也表示，第三季和第四季的成長率將大致相同。因此，您可以將這種觀點定為第 4 季和第 3 季的 8% 左右。

Look, other than the little variation that I talked about, that's just kind of a normal part of our business. We have generally good visibility to demand. We continue to maintain a backlog that relatively steady. It's still in the $700 million range, and that gives us really good visibility for the rest of the year, which is why again I keep coming back to the 8.5% [18.63], which we believe is the appropriate place.

你看，除了我談到的細微變化之外，這只是我們業務的正常部分。整體而言，我們對需求有較好的了解。我們繼續保持相對穩定的積壓。它仍然在 7 億美元的範圍內，這讓我們對今年剩餘時間的前景有了很好的了解，這就是為什麼我再次回到 8.5% [18.63]，我們認為這是合適的位置。

If I could add just on the case to the to the bottom line that you were asking about this is diving, by the way. On our AOI specifically, we've delivered up about 14% in the first half at midpoint for the full year that would suggest 14% as well. So we see the second half growth on the AOI being very similar to the first-half growth, and when you look at that on a quarter-by-quarter basis, we shared in the earnings presentation that we expect our AOI as a percent of sales to grow.

順便說一句，如果我可以補充您所問的底線，那就是潛水。具體來說，就我們的 AOI 而言，上半年的中點成長率約為 14%，這意味著全年的中點成長率也將達到 14%。因此，我們看到下半年 AOI 的成長與上半年的成長非常相似，並且當您逐季查看時，我們在收益報告中分享了我們預計 AOI 佔銷售額的百分比將會成長。

Each quarter, so to get a little bit better in the third quarter and get a little bit better in fourth quarter to deliver on the full year, which again at midpoint if you were to pick that and use that as a reference, that would be at 17.4% of sales. So we see the kind of the AOI cadence as being a gradual improvement quarter to quarter both on a margin basis as well as on a nominal dollar of AOI basis.

每個季度，所以在第三季度會好一點，在第四季度會好一點，以實現全年目標，如果你選擇中點並將其用作參考，那麼這將是銷售額的 17.4%。因此，我們認為 AOI 節奏是逐季逐步改善的，無論是在利潤率方面還是在 AOI 名義金額方面。

Okay, that's helpful. Just to make it even simpler, we all have 3Q and 4Q estimates. There's a consensus out there. All else equal if we were to take $10 million out of the back half and put it into 2Q, would you have us, take 5 and 5 from each of the 3Q and the 4Q for, or do you take most of it from the 3Q and leave 4Q? How would you have us do that?

好的，這很有幫助。為了使其更簡單，我們都有第三季和第四季的估計。人們已經達成共識。在其他條件相同的情況下，如果我們從後半部分拿出 1000 萬美元並將其投入到第二季度，您是否會讓我們分別從第三季度和第四季度中拿出 5 和 5 萬美元，還是從第三季度中拿出大部分，留下第四季度？您希望我們怎麼做呢？

When you look at the sales guidance and again if you if you kind of reference what we had on the presentation specifically, we've shared that we expect the year over year growth in 3Q and 4Q to be very similar and at the midpoint again that would suggest a second-half growth of around 8%. So the third-quarter and fourth-quarter sales cadence would be very similar at the 8% for both 3Q and 4Q year to year at the midpoint.

當您查看銷售指引時，如果您再次參考我們在簡報中的具體內容，我們曾​​表示，我們預計第三季和第四季的同比成長將非常相似，並且再次處於中點，這意味著下半年的成長率約為 8%。因此，第三季和第四季的銷售節奏將非常相似，中點成長率均為 8%。

Okay, so roughly 5 and 5 in each quarter. Thank you.

好的，所以每個季度大約是 5 和 5。謝謝。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Good morning. Thanks for taking the questions. I don't really want to beat this dead horse too much on the top end of the guide, but I -- I'm going to cause the stocks down a little bit this morning, and I think it's primarily related to that.

早安.感謝您回答這些問題。我其實不想在指南的頂端過度打擊這匹老馬，但是我——今天早上我將導致股票價格略有下跌，我認為這主要與此有關。

You did take the top end of the guide down by 100 basis points on a reported basis. I'm not sure if I heard from Diron if it's currency related that's coming down, but. Given that that's coming down with things, kind of decelerating a little bit on the two-year basis, during the back half of the year, it just makes, I think everybody wonder if there's something going on from a -- just from a product perspective, especially in C&V, which has been well above the corporate average for a while.

根據報告，您確實將指導價的最高點下調了 100 個基點。我不確定我是否從 Diron 那裡聽說了這是否與貨幣有關，但是。考慮到這種情況正在逐漸減少，在兩年的基礎上，在今年下半年，這種增長速度有所放緩，我想每個人都想知道從產品角度來看是否發生了什麼事情，特別是在 C&V 方面，它已經遠遠高於企業平均水平一段時間了。

Is that something specifically that you're calling out here or we should interpret? Or no, there's not much to really be that concerned about? But again, the top end of the guidance did come down by about 100 basis points on a reported basis.

這是您在這裡特別呼籲的嗎？或者我們應該解釋一下嗎？或者說，其實沒有什麼值得擔心的事？但據報道，指導值的上限確實下降了約 100 個基點。

Yeah, good morning, Matt. Let me maybe answer a couple of the questions that you asked. So, this is not currency related and the guidance and the ranges that we talked about are reported on a reported basis.

是的，早上好，馬特。讓我來回答你提出的幾個問題。因此，這與貨幣無關，我們所討論的指導和範圍都是根據報告報告的。

So now let me let me also just talk about your comments in general. So we narrowed the range just given where we are. We, our midpoint, continues to be the same.

現在讓我也來整體談談你們的評論。因此，我們根據現狀縮小了範圍。我們，我們的中點，依然保持不變。

So a few things to think about, as you mentioned, the deceleration, I think you talked about in the second half. So that's kind of going from 9% in the first half to 8% in the second half. Let me point out just four.

所以有幾件事需要考慮，正如你提到的，減速，我想你在下半年談到了。因此，這一比例從上半年的 9% 下降到了下半年的 8%。我僅指出四點。

Last year our growth in 4Q, if you take the sales of our fourth quarter last year. It was 7% higher than the average of the first three quarters. It was a very strong quarter at 11% growth. So we're bumping against that a little bit in the second half. So that's there's an element of the comp that is there that I think we want to recognize and that we have taken into account when we have given our guidance.

如果你看我們去年第四季的銷售額，就會發現去年第四季我們的銷售額有所成長。比前三季平均高出7%。這是一個非常強勁的季度，成長率達到 11%。因此我們在下半場遇到了一些困難。所以，我認為我們想要認識到其中的一個因素，並且在我們給出指導時已經考慮到了這一點。

There are other elements. Another element to think about is that the New Ross facility that I had mentioned earlier, we started increasing our demand from that facility in the middle of last year just because that's when the capacity came online. So now we're fighting against the anniversary of that.

還有其他因素。另一個需要考慮的因素是我之前提到的新羅斯工廠，我們從去年年中開始增加對該工廠的需求，因為那時工廠的產能已經上線。所以現在我們正在為紀念這一天而奮鬥。

As we go into 3Q, so there's an element of comps that are a little bit different, but coming back to the year, our guidance, point of guidance has not changed. We just narrowed the range just given the good visibility that we have for the year.

當我們進入第三季時，一些可比較因素會有些不同，但回到今年，我們的指導、指導點並沒有改變。鑑於今年的良好前景，我們只是縮小了範圍。

Got it. And then, just product related question, you mentioned PFA and being associated with that category on multiple levels. There was a pretty favorable reimbursement update within the hypertension space with the renal denervation recently. Is that a category where you have exposure and could potentially be another driver as we headed to '26 and '27. Thank you.

知道了。然後，僅關於產品的問題，您提到了 PFA 以及與該類別在多個層面上的關聯。最近，腎臟去神經支配治療在高血壓領域的報銷更新相當有利。這是您有機會接觸的類別嗎？在我們邁向 26 年和 27 年之際，這個類別有可能成為另一個推動力。謝謝。

Yeah, great question. RDN, look, it's a great technology. A lot of people have been working on it for a number of years, we think, we believe it's got the potential to be a very good viable technology that would help patients, and we believe the technology is closer to commercialization.

是的，很好的問題。RDN，看，這是一項偉大的技術。我們認為，很多人多年來一直在研究它，我們相信它有潛力成為一種非常好的可行技術，可以幫助患者，我們相信這項技術更接近商業化。

You talked about some of the reimbursement NCDs and whatnot. Yeah, so it's as a whole, it's a very small market today obviously because it's an emerging market. So and the capabilities that we have. In E are very transportable to RDN and we have exposure to it. That exposure is small today just because the market is very small, but we believe that as the market grows in the coming years, as you talked about, that can give us some tailwind as well.

您談到了一些報銷 NCD 等等。是的，總的來說，今天這是一個非常小的市場，顯然因為它是一個新興市場。這就是我們擁有的能力。在 E 中非常適合傳輸到 RDN，並且我們已經接觸過它。目前，這種曝光度很小，只是因為市場規模很小，但我們相信，隨著未來幾年市場的成長，正如您所說，這也可以為我們帶來一些順風。

Andrew Cooper, Raymond James.

安德魯庫柏、雷蒙詹姆斯。

Hey, everybody, good morning. Thanks for the time. Maybe just first a little bit different of a tariff question just want to kind of hear the latest, understand the minimal direct impact, but has there been any change in your conversations with your customers given they likely are facing a little bit more of that headwind on trying to pass it through as you're talking about, extending contracts or extending partnerships, has there been any change from their tone that you you would kind of link to tariffs?

嘿，大家早安。謝謝你的時間。也許首先，關稅問題有點不同，只是想聽聽最新情況，了解最小的直接影響，但是您與客戶的對話是否有任何變化，因為他們可能在試圖將其轉嫁給您正在談論的延長合同或延長合作夥伴關係時面臨更多的阻力，他們的語氣是否有任何變化，您會將其與關稅聯繫起來？

Yeah, good morning, Andrew. Thanks for the question. So I think first, let me just talk about the fact that as we've I've been mentioned before, the exposure that we have to tariffs is minimal as you as you pointed out.

是的，早上好，安德魯。謝謝你的提問。所以我認為首先，讓我先談談一個事實，正如我們之前提到的，正如您所指出的，我們受到的關稅影響很小。

Now you talked about whether our customers are talking to us about that. Now look, we are as our customers. We are trying to minimize the impact of tariffs while staying fully compliant, of course, with all the rules. I think a lot of the engagement that we have with our customers is around that. We've talked about some of the logistical changes, as an example, if a product is built in Mexico. Where in the past, it entered the US only to leave the US to go to some international location where we can direct shoot those and whatnot. So there has been a lot of that type of discussion in terms of logistics.

現在您談到我們的客戶是否正在與我們談論此事。現在看看，我們就像我們的客戶一樣。我們正在努力將關稅的影響降至最低，同時當然也要完全遵守所有規則。我認為我們與客戶的許多互動都圍繞著這一點。我們討論了一些物流變化，例如，如果產品在墨西哥生產。過去，它進入美國祇是為了離開美國，到達一些我們可以直接拍攝的國際地點等等。因此，在物流方面已經有許多此類討論。

I would also remind us that about 70% of the business that we have is on the contract. So we have a very defined, if you will, terms as it relates to that, but we continue to work very collaboratively with our customers to make sure that we can minimize their impact to the extent possible.

我還要提醒大家，我們約 70% 的業務都是透過合約進行的。因此，如果您願意的話，我們對此有一個非常明確的術語，但我們將繼續與客戶密切合作，以確保盡可能減少他們的影響。

Okay, that's helpful. And then maybe just one more on PFA a little bit different of an of an angle here, I know kind of why you can't and won't give too much specific on too specific of a customer, but can you help frame if we look across that PFA landscape that we think is likely to get or be getting a little bit more competitive, how much variability is there in the amount of content you have on one player's catheter versus another or or kind of in another you know another wording. How many dollars might you see on your most penetrated catheter relative to maybe another player where you have less content and less part of that bill of materials?

好的，這很有幫助。然後也許我再從稍微不同的角度談談 PFA，我知道為什麼你不能也不會對某個特定的客戶提供太多具體信息，但是如果我們縱觀 PFA 領域，我們認為該領域可能會變得更具競爭力，那麼你能否幫助我們構建一個框架，即一個球員的導管與另一個球員的導管上的內容量之間有多少差異，或者用另一種說法。相對於其他較少內容和較少材料清單的建議者而言，您在滲透性最強的導管上花費多少錢？

All right, Andrew, thank you for starting your question with -- I know that you can't divulge that, because I can't. You don't have to give us names.

好的，安德魯，謝謝你提出這個問題——我知道你不能透露這個，因為我不能。你不必告訴我們名字。

Our customers would not be thrilled with me if I started just, mentioning what we do for them. But, well, let me do this. Let me talk about. In a broader sense and broader terms, look, because of our presence and capabilities that we've had for many years in the EP space and because of the investments that we've made and the focus that we've had to build even more capabilities in the past in the past seven or eight years, we have a lot of presence, in EP with the leading players in the market, so we have exposure to PFA in a broad sense, but again, I keep bringing us back to it is just what is really driving the growth, obviously and the excitement is the technology itself because it's safer, it's better for the patient, but there are a lot of other products that been manufactured that are really driven by that momentum.

如果我只是開始提及我們為他們做了什麼，我們的客戶就不會對我感到興奮。但是，好吧，讓我來做這件事。我來說說吧。從更廣泛的角度來看，由於我們多年來在 EP 領域的存在和能力，以及我們在過去七八年中所做的投資和對構建更多能力的關注，我們在 EP 領域與市場領先企業有著廣泛的合作，因此我們在廣義上接觸了 PFA，但同樣，我一直讓我們回到真正推動增長的因素，顯然，令人興奮的是技術本身，因為它更安全，更對產品的安全製造。

So those are some of the products that we have had, you can guidewire. Access that I've talked about that is just part of the breadth of the portfolio that we have. So that that that growth is really across the procedure but specific to PFA, look, we have good exposure to this technology with the leading players, whether it's complex components or subassemblies or in some cases finished devices.

這些就是我們已有的一些產品，您可以參考一下。我所談到的訪問權限只是我們所擁有的投資組合的一部分。因此，這種成長實際上是跨整個過程的，但具體到 PFA，我們與領先的參與者一起很好地了解了這項技術，無論是複雜的組件還是子組件，或者在某些情況下是成品設備。

Suraj Kalia, Oppenheimer & Company.

蘇拉傑‧卡利亞 (Suraj Kalia)，奧本海默公司。

Good morning, Payman, Diron, I hope you're well. Payman, one question for you, one for year end. Let me come at this revenue pull through from a different angle, like 70% of your contracts are long term, right? So, what percent of your contracts are coming up for renewal?

早安，Payman，Diron，希望你們一切都好。Payman，我想問你一個問題，一個關於年末的問題。讓我從不同角度來談談這個收入成長點，例如 70% 的合約都是長期的，對嗎？那麼，你們的合約中有多少百分比需要續約？

And how flexible and let me rephrase, is the flexibility in these contracts for any customer deliverables changing as your customers try to manage top line margins in the environment? I know a long question. Hopefully, it makes sense.

那麼靈活性如何？讓我重新表述一下，當您的客戶試圖管理環境中的頂線利潤時，這些合約對於任何客戶交付物的靈活性是否發生了變化？我知道一個很長的問題。希望這是有意義的。

Yeah, no problem, and I think it's a good question, Suraj. Thanks for asking it. So let me kind of break it into two because one element of it is the contracts themselves and the nature of them. So these contracts are multi-year and they don't all start and end at the same time, obviously, right? So there's always an overlap and you know we have some.

是的，沒問題，我認為這是個好問題，蘇拉吉。謝謝你的詢問。因此，讓我將其分為兩部分，因為其中一個要素是合約本身及其性質。所以這些合約都是多年的，而且顯然它們不會同時開始和結束，對吧？所以總是存在重疊，你知道我們有一些重疊。

Contracts that we signed last year that are good for three to five years and some contracts that are, coming to expiration, but on average it's been kind of that rolling 70% that's on the contract. These contracts obviously define terms, commercial terms and whatnot, to kind of help both protect both companies but also kind of define. The rules of engagement, if you will, so that's that a lot of things are covered in that.

我們去年簽署的合約有的期限為三到五年，有的即將到期，但平均而言，合約期限的滾動率為 70%。這些合約顯然定義了條款、商業條款等等，既有助於保護兩家公司，也有助於定義。如果你願意的話，這就是交戰規則，其中涵蓋了很多東西。

We obviously want to make sure that we protect ourselves right in the in terms of the terms of the contract as it relates to some commercial terms, price and whatnot, but there are elements, I think what you're alluding to is the operational elements of it. Yeah, of course, there are some elements that defines, what forecasts and inventory, what not to do and those obviously vary.

我們顯然希望確保我們在合約條款方面保護自己的權利，因為它涉及一些商業條款、價格等等，但有一些因素，我認為你指的是它的操作要素。是的，當然，有一些因素決定了預測和庫存是什麼，不該做什麼，這些顯然是不同的。

But generally speaking, I think what's implied in your question is also maybe a little bit of a variability in the forecast. These contracts, nor most contracts that exist anywhere in any industry, really don't define a very specific multi-year forecast and take or pay. Our customers obviously do not have certainty in the demand of the products. Nor would they want to put themselves in a position that they have to very clearly define. What those products would be, not what we do just to make sure that we're running our operations efficiently.

但總的來說，我認為你的問題所暗示的可能是預測中的一些變化。這些合同，以及任何行業中存在的大多數合同，實際上都沒有定義非常具體的多年預測和收益或支付。我們的客戶顯然​​對產品的需求並不確定。他們也不想將自己置於必須非常明確界定的境地。這些產品是什麼，而不是我們做什麼，只是為了確保我們有效率地運作。

We have requirements from our customers and our customers usually give it to us anyway just to make sure that we are prepared. A visibility, I would say within 12 months. They give us 12 months forecast in advance as you kind of think about 6 to 12. Can have a little bit more variability to it. That's just by nature and as you get closer, it's a little bit tighter.

我們有來自客戶的要求，客戶通常也會向我們提供要求，以確保我們做好準備。我認為 12 個月內就能看到效果。他們提前 12 個月給我們預測，就像你想像的 6 到 12 個月一樣。可以具有更多的可變性。這是自然規律，當你靠近時，它就會變得更緊一些。

That one to three month forecast, I would say is the tightest because that's where that's where manufacturing plans are in place and where production plans are in place. So there's little variability there and by little, I mean that usually there's not a drastic change. I mean there's that few million dollars dollar. Take that I talked about, but generally speaking, we have good visibility to our demand and the 700 million backlogs that we keep talking about. You think about it as order books, as an order book, that those are the orders that we have on our books that that specifically say what customer, what SKU, what month of shipment, and that gives us that good visibility if you quarter.

我認為一到三個月的預測是最嚴格的，因為製造計劃和生產計劃都是在這個時間段製定的。因此，那裡的變化很小，我說的也很小，是指通常不會發生劇烈的變化。我的意思是有幾百萬美元。就我剛才談到的而言，但總的來說，我們對我們的需求和我們一直在談論的 7 億積壓訂單有很好的了解。您可以將其視為訂單簿，即我們訂單簿上的訂單，其中具體說明了哪個客戶、哪個 SKU、哪個月份發貨，這為我們提供了季度的良好可視性。

Fair enough. And to that to the $700 million backlog, right? I'm not sure, maybe I missed it. How should we think about the backlog over the over what duration is this numerator being considered? And also, there are these contractual prices volume-based calculations of $700 million, or have you also factored in FX is all over the map nowadays.

很公平。還有 7 億美元的積壓訂單，對嗎？我不確定，也許我錯過了。我們該如何考慮積壓問題？這個分子的考慮持續時間是多久？此外，這些基於合約價格量計算的金額為 7 億美元，或者您是否也考慮到瞭如今遍布各地的外匯市場。

So given your depth and breadth of customers, maybe if you could just tie that together and help us understand the trending backlog and how sacrosanct is the 5 $700 million. Gentlemen, thank you for taking my questions.

因此，考慮到您客戶的深度和廣度，也許您可以將它們聯繫起來，幫助我們了解積壓趨勢以及 57 億美元的重要性。先生們，感謝您回答我的問題。

Yeah, thank you, Suraj. Yeah, so the $700 million is similar to kind of how moon was sharing. You need to think about that $700 million as firm orders from our customers, where there's specific skews, specific quantities, specific deliverable delivery, requests and promises, and so that's really the order book that that we that we have at this at this time. At the end of the year, it was about $730 million we're in that same neighbourhood today, but there is variability in terms of, what time period that is for.

是的，謝謝你，蘇拉傑。是的，7 億美元與 Moon 分享的金額類似。您需要將這 7 億美元視為來自我們客戶的確定訂單，其中有特定的偏差、特定的數量、特定的可交付成果、請求和承諾，所以這實際上就是我們目前擁有的訂單簿。到年底，這一數字約為 7.3 億美元，我們今天也處於同樣的水平，但就時間段而言，存在差異。

So, the vast majority of that $700 million is going to be related to the next two quarters. There are some orders in there that may be three or four quarters out. We even have some orders that, will trickle into, 5 quarters out, et cetera, just based on the needs. So as we've shared before, when it comes to things like new product launches, we ask for more firm orders a little bit longer out so that we can best plan the manufacturing ramp to make sure we're aligned with our customer demand, whereas for other, kind of normal flow products we might only have a couple quarters worth of orders on hand.

因此，這 7 億美元中的絕大部分將與接下來的兩個季度有關。其中有些訂單可能要等到三到四個季度之後。我們甚至有一些訂單，會根據需要，在 5 個季度後陸續下達。因此，正如我們之前所分享的，當涉及到新產品發布之類的事情時，我們會要求更長時間的確定訂單，以便我們能夠最好地規劃製造速度，確保我們與客戶的需求保持一致，而對於其他類型的正常流動產品，我們可能只剩下幾個季度的訂單。

So that's how you can think about, I guess call it the age of the orders or kind of how far out to look from a horizon standpoint. As far as the orders, again, with 70% of the business under contract, the vast majority of that is under some sort of pricing agreement. So, when there are pricing tiers, we reflect those orders at the appropriate pricing tier.

所以這就是你可以思考的方式，我想稱之為訂單的年齡，或者從地平線的角度看多遠。就訂單而言，70% 的業務都是根據合約簽訂的，其中絕大多數都是根據某種定價協議簽訂的。因此，當有定價等級時，我們會在適當的定價等級上反映這些訂單。

But I will assure you that it does incorporate FX, but it's also important to note that that almost all of our sales are US dollar-based sales. We have very, very few sales that are denominated in a currency other than US dollars. So there is not much FX fluctuation that we see in our sales performance nor on the order book specifically.

但我向你保證，它確實包含外匯，但同樣重要的是要注意，我們幾乎所有的銷售都是基於美元的銷售。我們以美元以外的貨幣計價的銷售額非常少。因此，無論是在銷售業績還是訂單方面，我們都沒有看到太多的外匯波動。

Appreciate it.

非常感謝。

Yeah, thank you.

是的，謝謝。

I will now turn the call back over to Sanjiv for closing remarks.

現在我將把電話轉回 Sanjiv 做結束語。

Thank you, everyone, for joining today's call. You can access the replay of this call as well as the presentation on our investor website at integer.net. Thank you for your interest in integer. This concludes today's call.

感謝大家參加今天的電話會議。您可以在我們投資者網站integer.net上觀看本次電話會議的重播以及簡報。感謝您對Integer的關注。今天的電話會議到此結束。

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

再次感謝您今天加入我們。今天的電話會議到此結束。您現在可以斷開連線。