LeMaitre Vascular Inc (LMAT) 2024 Q3 法說會逐字稿

Welcome to the LeMaitre Vascular Q3 2024 financial results conference call. As a reminder, today's call is being recorded.

歡迎參加 LeMaitre Vascular 2024 年第三季財務業績電話會議。提醒一下，今天的通話正在錄音。

At this time, I would like to turn the call over to Mr. JJ Pellegrino, Chief Financial Officer of LeMaitre Vascular. Please go ahead, sir.

現在，我想把電話轉給 LeMaitre Vascular 財務長 JJ Pellegrino 先生。請繼續，先生。

Thank you, operator. Good afternoon, and thank you for joining us on our Q3 2024 conference call. With me on today's call is our CEO, George LeMaitre; and our President, Dave Roberts.

謝謝你，接線生。下午好，感謝您參加我們的 2024 年第三季電話會議。與我一起參加今天電話會議的是我們的執行長 George LeMaitre；還有我們的總統戴夫羅伯茨。

Before we begin, I'll read our Safe Harbor statement. Today, we will make some forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, the accuracy of which is subject to risks and uncertainties. Wherever possible, we will try to identify those forward-looking statements by using words such as believe, expect, anticipate, pursue, forecast, and similar expressions.

在開始之前，我將閱讀我們的安全港聲明。今天，我們將做出一些1995年美國私人證券訴訟改革法案含義內的前瞻性陳述，其準確性受到風險和不確定性的影響。只要有可能，我們將嘗試使用相信、期望、預期、追求、預測和類似表達等詞語來識別這些前瞻性陳述。

Our forward-looking statements are based on our estimates and assumptions as of today, October 31, 2024, and should not be relied upon as representing our estimates or views on any subsequent date. Please refer to the cautionary statement regarding forward-looking information and the risk factors in our most recent 10-K and subsequent SEC filings, including disclosure of the factors that could cause results to differ materially from those expressed or implied.

我們的前瞻性聲明是基於我們截至今天（2024 年 10 月 31 日）的估計和假設，不應被視為代表我們對任何後續日期的估計或觀點。請參閱我們最近的 10-K 和隨後的 SEC 文件中有關前瞻性資訊和風險因素的警示聲明，包括揭露可能導致結果與明示或暗示的結果有重大差異的因素。

During this call, we will discuss non-GAAP financial measures, which include organic sales growth as well as operating income, operating expense, and EPS, excluding special charges. A reconciliation of GAAP to non-GAAP measures discussed in this call is contained in the associated press release and is available in the Investor Relations section of our website, www.lemaitre.com.

在本次電話會議中，我們將討論非公認會計準則財務指標，其中包括有機銷售成長以及營業收入、營業費用和每股收益（不包括特殊費用）。本次電話會議中討論的 GAAP 與非 GAAP 措施的調整表包含在相關新聞稿中，並且可以在我們網站 www.lemaitre.com 的投資者關係部分中找到。

I'll now turn the call over to George LeMaitre.

我現在將把電話轉給喬治·勒梅特。

Thanks, JJ. I believe this is our first-ever Halloween earnings call, so I'll start my remarks appropriately. If a shareholder rang our doorbell tonight, we would have a few treats for their bag, 16% sales growth and 49% EPS growth.

謝謝，傑傑。我相信這是我們第一次萬聖節財報電話會議，所以我將適當地開始我的演講。如果今晚有股東按響我們的門鈴，我們就會為他們帶來一些好禮，銷售額成長 16%，每股收益成長 49%。

With that out of the way, I'll focus on five topics: number one, our top line; number two, the growth of our RSM team; number three, our brick-and-mortar international sales offices; number four, our latest go-direct efforts; and finally, number five, our MDR CE mark progress.

撇開這些問題，我將重點放在五個主題：第一，我們的營收；第二，我們RSM團隊的成長；第三，我們的實體國際銷售辦事處；第四，我們最近的直接努力；最後，第五，我們的 MDR CE 標誌著進步。

16% sales growth in Q3 was led by grafts, patches, and carotid shunts, up 24%, 13%, and 18%, respectively. APAC was our strongest region again, up 24%, thanks to Thailand and Korea, our two newest direct markets. EMEA sales were up 22% in Q3, while the Americas were up 12%.

第三季 16% 的銷售額成長由移植物、補片和頸動脈分流帶動，分別成長 24%、13% 和 18%。由於我們兩個最新的直接市場泰國和韓國，亞太地區再次成為我們最強勁的地區，成長了 24%。第三季度，歐洲、中東和非洲地區的銷售額成長了 22%，而美洲地區的銷售額成長了 12%。

Our 16% sales growth in Q3 was comprised of 10% pricing and 6% unit growth. We ended Q3 with 146 sales reps. As of today, we're at 149, and we're still targeting 155 to 160 for year-end. Of course, as we increase rep headcount, we need to build out our sales management team. We now have 28 RSMs, ASMs, and country managers, up 17% year over year.

第三季 16% 的銷售成長包括 10% 的定價和 6% 的銷售成長。第三季結束時，我們有 146 位銷售代表。截至今天，我們的目標是 149，年底的目標仍然是 155 到 160。當然，隨著我們增加銷售代表人數，我們需要建立我們的銷售管理團隊。我們現在有 28 名 RSM、ASM 和國家經理，年增 17%。

As for our brick-and-mortar sales offices, we continue to hire staff in our new Paris office, which contributed to 21% French sales growth in Q3. And we're set to lease our first-ever Swiss office near the Zurich Airport.

至於我們的實體銷售辦事處，我們繼續在巴黎新辦事處僱用員工，這為第三季法國銷售額成長了 21%。我們將在蘇黎世機場附近租用我們的第一個瑞士辦事處。

In China, we recently signed a lease which will bring together our Shanghai sales office and our Shanghai warehouse into a new larger facility. While we continue to wait XenoSure cardiac patch approval, our efforts in China are starting to bear fruit. Sales were up 62% in Q3.

在中國，我們最近簽署了一份租約，將把我們的上海銷售辦事處和上海倉庫合併成一個更大的新設施。在我們繼續等待 XenoSure 心臟貼片獲得批准的同時，我們在中國的努力已開始取得成果。第三季銷售額成長 62%。

We've also begun to push forward with go-direct projects in Portugal and Czechia, where we expect hospital sales to begin in 2025. These will be LeMaitre's first European go-direct project since 2016. Both countries utilize the CE mark and are members of the EU, making the transition less complex.

我們也開始推進葡萄牙和捷克的直銷項目，預計醫院銷售將於 2025 年開始。這將是 LeMaitre 自 2016 年以來第一個歐洲直通計畫。這兩個國家都使用 CE 標誌，並且都是歐盟成員國，使過渡變得不那麼複雜。

Turning to regulatory, we've now received 15 of the 22 MDR CE marks we're currently seeking. The seven remaining MDRs should be received in 2025. One of these approvals is Artegraft, our largest US product.

談到監管，我們目前已獲得 22 個 MDR CE 標誌中的 15 個。其餘 7 個 MDR 應於 2025 年收到。其中一項批准是 Artegraft，我們在美國最大的產品。

We now received Artegraft approval in New Zealand, South Africa, Thailand, and Malaysia. And we expect to receive approvals in Singapore, Australia, Canada, and Korea in 2025. Bringing this device to international markets was a key consideration at the time of the 2020 Artegraft acquisition.

我們現已在新西蘭、南非、泰國和馬來西亞獲得 Artegraft 批准。我們預計將於 2025 年在新加坡、澳洲、加拿大和韓國獲得批准。將這款設備推向國際市場是 2020 年 Artegraft 收購時的關鍵考慮因素。

I'd also like to begin to thank JJ for his 19 years at LeMaitre. As discussed in our August 8-K, he'll be hanging up his CFO cleats in March 2025 after a fantastic career. JJ was elected to our Board of Directors in June 2024 for another three-year term.

我還要感謝 JJ 在 LeMaitre 工作了 19 年。正如我們在 8 月 8-K 中討論的那樣，在經歷了一段出色的職業生涯後，他將於 2025 年 3 月辭去首席財務官職務。JJ 於 2024 年 6 月當選為董事會成員，任期三年。

JJ is also helping to select and train the next CFO. We retained Russell Reynolds for the search, and interviews are ongoing. In conclusion, 2024 is shaping up to be another year of healthy sales and profit growth.

JJ 也幫助選擇和培訓下一任財務長。我們聘請了拉塞爾·雷諾茲（Russell Reynolds）進行搜尋，採訪正在進行中。總之，2024 年將是銷售和利潤健康成長的另一年。

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

這樣，我就把電話轉給 JJ。

Thanks, George. In Q3, pricing and operational execution continued to drive our story. Our differentiated product portfolio enabled a 10% price increase, which helped improve both sales and the gross margin, while we continue to restrain operating expenses.

謝謝，喬治。在第三季度，定價和營運執行繼續推動我們的發展。我們的差異化產品組合使價格上漲了10%，這有助於提高銷售額和毛利率，同時我們繼續限制營運費用。

In Q3, we posted a gross margin of 67.8%, up 280 basis points year over year. The increase was a result of higher ASPs, direct labor efficiencies, and improved RestoreFlow allografts yields. Higher ASPs were driven by our differentiated allograft, valvulotome, RestoreFlow, and shunt devices. We are guiding a Q4 gross margin of 68% as direct labor efficiencies continue.

第三季度，我們的毛利率為 67.8%，年增 280 個基點。這一增長是由於平均售價提高、直接勞動效率以及 RestoreFlow 同種異體移植產量提高所致。較高的 ASP 是由我們差異化的同種異體移植物、瓣膜切開器、RestoreFlow 和分流設備所推動的。隨著直接勞動效率的持續提高，我們預計第四季的毛利率將達到 68%。

For the full year, we expect a gross margin of 68.3%, up 260 basis points year over year. Operating expenses in Q3 2024 were $24 million, an increase of 11% versus Q3 2023. Year to date, our worldwide headcount is up only 4% to 637, reflecting our shift from significant post-COVID rehiring to a more conservative hiring posture.

我們預計全年毛利率為68.3%，年增260個基點。2024 年第三季的營運費用為 2,400 萬美元，比 2023 年第三季成長 11%。今年迄今為止，我們的全球員工人數僅增加了 4%，達到 637 人，反映出我們從疫情後的大規模重新招募轉向更保守的招募態度。

As a result, Q3 2024 operating income increased 43% year over year to $13.1 million, an operating margin of 24%. For the full year, we also expect an operating margin of 24%, up significantly from 19% in 2023. We ended Q3 2024 with $124 million in cash and securities, an increase of $10.8 million in the quarter.

因此，2024 年第三季營業收入年增 43% 至 1,310 萬美元，營業利潤率為 24%。我們也預期全年營業利潤率為 24%，較 2023 年的 19% 大幅上升。截至 2024 年第三季度，我們擁有 1.24 億美元的現金和證券，本季增加了 1,080 萬美元。

On the August 1 earnings call, we fielded pricing floor questions. Over time, our executive team has become more responsible for pricing decisions as reps have sometimes cut prices on their own. In 2020, we began installing pricing floors in key European sales managers' bonus plans. In 2021, we began printing USA price floors on our company-wide gold cards. And in 2024, we began printing price floors for Europe, Canada, and Japan on these gold cards.

在 8 月 1 日的財報電話會議上，我們回答了定價下限問題。隨著時間的推移，我們的執行團隊對定價決策變得更加負責，因為銷售代表有時會自行降價。2020 年，我們開始在歐洲主要銷售經理的獎金計畫中設定定價下限。2021 年，我們開始在全公司金卡上印製美國價格下限。2024 年，我們開始在這些金卡上印製歐洲、加拿大和日本的價格下限。

As a result, from 2021 to 2024, our average annual price increase has been 9%. For comparison, from 2015 to 2020, our average annual price increase was 3%. We will continue to use this tool as an effective way to realize annual price increases. In general, this pricing strategy is consistent with our small niche market business plan.

因此，從2021年到2024年，我們的年均價格漲幅為9%。相較之下，從2015年到2020年，我們的年均價格漲幅為3%。我們將繼續使用這個工具作為實現年度漲價的有效途徑。總的來說，這種定價策略與我們的小眾市場業務計劃是一致的。

With regard to guidance, we are raising our Q4 sales and bottom-line estimates, which are also reflected in our updated full-year outlook. For more details, please see today's press release, but a few Q4 highlights include: sales growth of 14% on a reported basis and 14% organically; gross margin of 68%; operating income of $13.3 million, up 30%; and EPS of $0.49 per share, up 30%.

在指導方面，我們正在提高第四季度的銷售額和利潤預期，這也反映在我們更新的全年展望中。欲了解更多詳情，請參閱今天的新聞稿，但第四季度的一些亮點包括：報告銷售額增長 14%，有機增長 14%；毛利率68%；營業收入1,330萬美元，成長30%；每股收益為 0.49 美元，成長 30%。

Separately, we would like to welcome Ross Osborn from Cantor Fitzgerald, who initiated coverage on us earlier in October.

另外，我們要歡迎 Cantor Fitzgerald 的 Ross Osborn，他在 10 月初開始對我們進行報導。

With that, I'll turn it back over to the operator for questions.

這樣，我會將其轉回給接線員詢問問題。

(Operator Instructions) Suraj Kalia, Oppenheimer.

（操作員說明）Suraj Kalia，奧本海默。

Hi, George. Can you hear me all right?

嗨，喬治。你聽得到我說話嗎？

Yes, Suraj. How are you doing?

是的，蘇拉吉。你好嗎？

I'm doing wonderful. I hope all is well. So George, splitting out the different geographies by growth rate, right, US was approximately 10%, EMEA was about 22%, APAC was 24%, and the composite growth rate was 16%, fine; and 10% of ASP, 6% of units.

我做得很好。我希望一切都好。所以喬治，按成長率劃分不同地區，對吧，美國大約是10%，歐洲、中東和非洲大約是22%，亞太地區是24%，綜合成長率是16%，很好；平均售價的 10%，單位的 6%。

Can you give us a little more granularity on OUS price increases versus unit increases? How does that split work out?

您能否更詳細地介紹一下 OUS 價格上漲與單位上漲的情況？這種分割是如何進行的？

I don't know if we're going to be able to do that for you live here, Suraj, and I apologize. We've looked at it globally, not by major geography buckets.

我不知道我們能否為住在這裡的你做到這一點，Suraj，我很抱歉。我們在全球範圍內進行研究，而不是按主要地理區域進行研究。

So I think unless I get a yes from JJ over here, who usually has more technical answers than me, I'm going to have to say we can pass on that question. It sounds like a reasonable question to ask. Maybe at the next meeting, we should be prepared for that.

所以我想，除非我從這裡得到 JJ 的肯定（他通常比我有更多技術答案），否則我不得不說我們可以傳遞這個問題。這聽起來是個合理的問題。也許在下次會議上，我們應該為此做好準備。

Fair enough. I appreciate that. George, in terms of EMEA and APAC, as you ramp up your direct distribution, how should we think about inventory -- obviously, there are going to be fewer and fewer distributors, right?

很公平。我很欣賞這一點。喬治，就歐洲、中東和非洲和亞太地區而言，隨著您加大直接分銷力度，我們應該如何考慮庫存——顯然，分銷商會越來越少，對嗎？

Is the logical way just to think about it that inventory, currently, is not a factor to be considered as we look forward to 2025?

想想看，目前的庫存不是我們展望 2025 年時需要考慮的因素，這符合邏輯嗎？

Yeah, certainly. I would say we have so much inventory because we focus on this no backorder promise to our hospital and distributor customers. But yes, in short, we've got plenty of inventory, and we're really only running effectively one shift worldwide right now. So if you really wanted to, you could triple the output at the factory. So inventory is not a problem for us.

是的，當然。我想說，我們有這麼多庫存，因為我們專注於對醫院和分銷商客戶的無缺貨承諾。但是，是的，簡而言之，我們有充足的庫存，而且我們目前在全球範圍內實際上只有效運行一班。因此，如果你真的願意，你可以將工廠的產量提高三倍。所以庫存對我們來說不是問題。

Okay, fair enough. And George, my final question -- I'll hop back in the queue and let others have a chance. Your op margin growth is -- has been pretty steady and attractive. Help us understand the puts and takes as we enter 2025, especially in terms of op margins.

好吧，很公平。喬治，我的最後一個問題——我會跳回到隊列中，讓其他人有機會。你們的營運利潤成長一直相當穩定且有吸引力。進入 2025 年，幫助我們了解看跌期權和看跌期權，尤其是營運利潤率。

What are the levers you -- obviously, the pricing floors are one, right? Because they will flow through in one form or the other. But just help us understand a little more additional color on how op margins you'll see expanding in '25. And what are the different levers? Gentlemen, thank you for taking my questions.

你有什麼槓桿——顯然，定價下限就是其中之一，對嗎？因為它們會以一種或另一種形式流過。但請幫助我們更了解 25 年營運利潤將如何擴大。有哪些不同的槓桿？先生們，謝謝你們回答我的問題。

Suraj, this is JJ. Thanks for the question. So we don't give guidance, obviously, on the upcoming year, and we haven't done that yet. I would say at a high level, you can think of last year and the year before as the rehiring years. And so you saw op expense grow pretty quickly.

蘇拉傑，這是 JJ。謝謝你的提問。因此，顯然我們不會對來年提供指導，而且我們還沒有這樣做。我想說，在較高的層面上，你可以將去年和前年視為重新聘用的年份。所以你看到營運費用成長得很快。

I think it was 20% last year and 16% or 17% the year before. And that slowed down this year nicely. And so we're looking at 11% in the recent Q3 and then maybe around 10%-ish for the full year. And so we've done a nice job bringing op expense growth in line. So you can sort of think about that as you move forward.

我認為去年是20%，前年是16%或17%。今年這種情況明顯放緩。因此，我們預計最近第三季將成長 11%，全年可能成長 10% 左右。因此，我們在控制營運支出成長方面做得很好。所以你可以在前進的過程中思考這一點。

The gross margin line, you've seen that be in the 65% range in the rearview mirror and more recently over the last three or four quarters coming up into the 68% range. And we're not telling anything about going forward. Hopefully, we can keep up the direct labor efficiencies that are driving that largely. And if you do that, then -- and you grow the top line nicely, then maybe you get a nice answer on the bottom line. We'll see where that goes.

毛利率線，您可以在後視鏡中看到，處於 65% 的範圍內，最近在過去三、四個季度中達到了 68% 的範圍。我們不會透露任何有關未來的事情。希望我們能夠維持在很大程度上推動這一趨勢的直接勞動效率。如果你這樣做了，那麼——你的收入成長得很好，那麼也許你會在底線上得到一個不錯的答案。我們會看看會發生什麼。

Thank you.

謝謝。

(Operator Instructions) Rick Wise, Stifel.

（操作員說明）Rick Wise，Stifel。

Good afternoon, George, and congrats, JJ, on an amazing run here. I guess, I'll start off thinking about some of the key drivers as you highlighted in no particular order. As we contemplate the '25 -- and I know you're not ready to give guidance -- but what kind of band should we be -- start to think about in terms of that unit and price growth driver and mix?

下午好，喬治，恭喜 JJ，在這裡取得了驚人的成績。我想，我將首先考慮一些關鍵驅動因素，正如您以不特定順序強調的那樣。當我們思考 25 世紀時——我知道你還沒有準備好提供指導——但我們應該成為什麼樣的樂團——開始考慮單位和價格成長驅動因素和組合？

I mean, is there -- JJ highlighted what happened and what you did in '20 and '21, in '22, et cetera. What's the next lever that's going to keep the price story going, for example?

我的意思是，JJ 強調了在 20 年、21 年、22 年等等發生的事情以及你所做的事情。例如，下一個維持價格走勢的槓桿是什麼？

I mean, I'll take a high-level shot at it, Rick. The strategy itself, I think, is conducive to nice price hikes, generally speaking. So the niche product element to our story, where else you're going to get a valvulotome part of the story, is a nice piece of the ASP driver.

我的意思是，我會進行高水準的嘗試，里克。我認為，總體而言，該策略本身有利於​​價格大幅上漲。因此，我們故事中的利基產品元素（您還能在哪裡獲得故事中的瓣膜刀部分）是 ASP 驅動程式的一個很好的部分。

The fact that we're sort of $200 to $2,000-ish devices and not $30,000 devices is a nice part of the story that doesn't sort of break the bank, if you will, of the hospital systems. And then the fact that there's no direct reimbursement really for our devices; we live under DRG codes for procedures. I think that helps that as well.

事實上，我們使用的是 200 至 2,000 美元左右的設備，而不是 30,000 美元的設備，這是故事的一個很好的部分，如果你願意的話，這不會破壞醫院系統的資金。事實上，我們的設備並沒有真正的直接報銷；我們的程序遵循 DRG 代碼。我認為這也有幫助。

And then as we said in the script, we've now sort of -- oddly, it took us this long. We were a little chagrined that it took us this long. But we were like, okay, we've got this tool now called the pricing floors. And so we think we can use that going forward to be more precise and more directed about the hikes that we get.

然後，正如我們在劇本中所說，我們現在有點奇怪，我們花了這麼長時間。我們有點懊惱花了這麼久。但我們想，好吧，我們現在有了這個工具，稱為定價下限。因此，我們認為我們可以利用這一點來更準確、更有針對性地了解我們所獲得的升息。

It used to be you'd ask for an 8% hike, and you actually got a 4% hike or whatever the number was, because reps are out there discounting. And maybe we can be a little more precise with that. I don't know, George, if you've got other comments around that.

過去你會要求加薪 8%，但實際上你得到了加薪 4% 或任何數字，因為銷售代表在那裡打折。也許我們可以更精確一點。喬治，我不知道你對此還有其他評論嗎？

No, that's pretty good. That's about what I would say, JJ.

不，那已經很不錯了。這就是我要說的，JJ。

Thank you, JJ. And George, maybe expand on your sales expansion goals. I might have thought you would have been able to add more this quarter. I mean, it's an ambitious goal to add that number maybe by year-end.

謝謝你，傑傑。喬治，也許可以擴大你的銷售擴張目標。我可能以為您本季能夠添加更多內容。我的意思是，也許在年底之前增加這個數字是一個雄心勃勃的目標。

I don't know if it is. I'd be curious to hear your perspective. But how confident are you that you can get there? And do we expect similar kind of expansion numbers or -- as we think about next year?

我不知道是不是。我很想聽聽你的觀點。但您對自己能夠實現這一目標有多大信心呢？我們是否預計會出現類似的擴張數字，或者——正如我們明年所考慮的那樣？

So I'll handle the back of the question first and say, yeah, you can. We're not guiding into next year, but we know we have a lot of people lined up currently to be hired. And if every last one of them got hired, we would be above that 160 number.

所以我會先處理問題的後面並說，是的，你可以。我們不會指導明年，但我們知道目前有很多人在排隊等待招募。如果他們中的每一位都被錄用，我們的人數就會超過 160 人。

So yeah, I would say you can expect further -- I mean, I think we see ourselves more and more as a sales channel. And that's what sales channels do, is they acquire stuff and put stuff through themselves, and they have to keep growing the sales channel. That's a little bit why you see us focusing all this chatter on the brick-and-mortar offices and Czechia and Portugal, sort of Korea and Thailand, if you will, last year. So yes.

所以，是的，我想說你可以期待更多——我的意思是，我認為我們越來越將自己視為一個銷售管道。這就是銷售管道的作用，他們透過自己獲取東西並投放東西，並且他們必須不斷發展銷售管道。這就是為什麼你會看到我們去年把所有這些討論都集中在實體辦公室、捷克和葡萄牙、韓國和泰國，如果你願意的話。所以是的。

And as to your question, can we get to 155? I agree, it's a little bit slower than we had thought, but 155 is a very reasonable goal. We called out for you today that we're at 149 right this second. And I have someone else whispering in my ear, hey, we're about to bring on five more people in the month of November.

至於你的問題，我們能達到155嗎？我同意，這比我們想像的要慢一點，但 155 是一個非常合理的目標。今天我們向您求助，此時此刻我們的位置是 149。有人在我耳邊低聲說，嘿，我們將在 11 月再招募 5 名員工。

So I feel comfortable we'll get there. I also keep telling my team, we're not going to get thrown in jail if we don't get to the 155 -- or what is it -- 155, quote, guidance for sales reps. We've been talking about it a lot, but we feel like it's a goal. We should make it.

所以我很放心我們會到達那裡。我還一直告訴我的團隊，如果我們沒有達到 155（或者是什麼）155，報價，銷售代表指南，我們就不會被關進監獄。我們已經談論了很多，但我們覺得這是一個目標。我們應該做到。

But if we don't make it, I think you guys will be happy if we make our sales numbers and our EPS numbers first. And then this will be a secondary thing. So I'm not that worried, but I think we will make it.

但如果我們沒有成功，我想如果我們先公佈銷售數據和每股盈餘數據，你們會很高興。那麼這將是次要的事情。所以我並不那麼擔心，但我想我們會成功的。

Got you. I'll stop there. It's great to see another terrific quarter. Thank you.

明白你了。我就到此為止。很高興看到又一個出色的季度。謝謝。

Thanks a lot, Rick.

非常感謝，瑞克。

Brett Fishbin, KeyBanc.

布雷特‧菲什賓 (Brett Fishbin)，KeyBanc。

Hey, guys. Thanks for taking the questions. Just wanted to ask one on the R&D line, which came in lower relative to the past several quarters. And I was curious if there was any type of transitory benefits that you may have seen there or if you're starting to see more of a permanent reduction around some of the higher spending around the ERP implementations and regulatory costs that you've been absorbing for the last few years.

嘿，夥計們。感謝您提出問題。只是想問研發方面的問題，與過去幾季相比，研發方面的情況有所下降。我很好奇您是否已經看到了任何類型的暫時性好處，或者您是否開始看到圍繞 ERP 實施和監管成本的一些較高支出出現永久性減少。

Yeah. It's a good catch and a great question. Yeah, I think on the R&D line, the regulatory piece had a lighter quarter. And I think you guys know -- we've talked about this before -- I think we've been spending $4 million-plus a year or so for the last two-ish years, three-ish years.

是的。這是一個很好的收穫，也是一個很好的問題。是的，我認為在研發方面，監管部分的季度表現較淡。我想你們知道——我們之前討論過這個——我想在過去兩年、三年左右的時間裡，我們每年花費 400 萬美元以上。

Maybe we're sort of $12 million or $13 million-ish into this spend for MDD, MDR. And it's sort of coming to some kind of conclusion-ish, if you will. And so maybe we're going to get some benefit to that going forward. We'll see. We certainly did in this quarter.

也許我們在 MDD、MDR 方面的支出約為 1200 萬或 1300 萬美元。如果你願意的話，這有點像是得出某種結論。因此，也許我們會從中受益。我們拭目以待。我們在本季確實做到了。

All right. Super helpful. And then just one follow-up. Maybe, I guess, the question was kind of asked earlier. But if we take it on a global basis, the 6% volume growth for the total portfolio was pretty impressive.

好的。超有幫助。然後只有一個後續行動。我想，也許這個問題是早些時候提出的。但如果我們從全球角度來看，整個投資組合 6% 的銷售成長是相當令人印象深刻的。

And I was just wondering if there was any products that you could call out from purely a unit volume growth perspective that supported that level of performance this quarter. Thanks very much.

我只是想知道是否有任何產品可以純粹從單位銷售成長的角度來支持本季的業績水準。非常感謝。

Sure. Thanks a lot for the question, Brett. And that answer, I think, is pretty simple. The RFA, the allograft product, was up 26% in units, and the XenoSure product line was up 10% in units. And that kind of gets you to that 6%.

當然。非常感謝你的提問，布雷特。我認為這個答案非常簡單。同種異體移植產品 RFA 的銷售量成長了 26%，XenoSure 產品線的銷售量成長了 10%。這樣就可以達到 6%。

Jason Wittes, ROTH.

傑森·維茨，羅斯。

Hi, thank you. You guys mentioned some brick-and-mortar building OUS. Does that also include buying out of distributors? Or is that purely de novo on your part in terms of the whole distribution, I guess, changes or investment?

你好，謝謝。你們提到了一些實體建築 OUS。這是否也包括從經銷商處購買？或者，我想，就整個分配而言，這純粹是從頭開始的變化或投資？

Hi, Jason. Yeah, I think the way we worded and ordered it might have been a little bit confusing, so to de-confuse everyone here. We are trying to do two distributor buyouts, one in Czechia and one in Portugal. That's new to you on this call. We sort of mentioned it the last call. But now it's real, and we have had discussions with those distributors. So you'll see us buy out Portugal and Czechia.

嗨，傑森。是的，我認為我們的措辭和命令方式可能有點令人困惑，所以為了消除這裡每個人的困惑。我們正在嘗試進行兩項經銷商收購，一項在捷克，一項在葡萄牙。在這次通話中，這對你來說是新鮮事。我們在上次通話中提到了這一點。但現在它已經成為現實，我們已經與那些經銷商進行了討論。所以你會看到我們收購了葡萄牙和捷克。

And then somewhat separately, in these other markets like China and France and Switzerland, we've been direct for a very long time. And we're doing some -- in France, we did open up an office about three months ago or four months ago. In Switzerland, we're about to rent an office by the Zurich Airport.

然後，在中國、法國和瑞士等其他市場，我們長期以來一直採用直接方式。我們正在做一些事情——在法國，我們大約三個月前或四個月前開設了一個辦公室。在瑞士，我們即將在蘇黎世機場租借一間辦公室。

And in China, we're bringing our warehouse and our office together in a newly enlarged facility in Shanghai. So two of the first, two distributor buyouts, and then three brick-and-mortar changes that you're hearing about on this call.

在中國，我們將倉庫和辦公室整合到上海新擴建的工廠。因此，您在本次電話會議中聽到的前兩項、兩項經銷商收購，以及三項實體變革。

Okay. That's helpful. And then I know we're always asking about pricing because it's impressive. And I understand your positioning as a niche and sort of the only provider in a lot of these unique products. But based on what JJ said, it sounds like you also feel that sort of the change in approach, limiting the sales force's ability to discount, is really what's behind this.

好的。這很有幫助。然後我知道我們總是詢問定價，因為它令人印象深刻。我了解你們的定位是一個利基市場，也是許多這些獨特產品的唯一供應商。但根據 JJ 所說，聽起來你也覺得這種方法的改變，限制了銷售人員打折的能力，才是背後真正的原因。

And from that, it sounds like you also think there's a fair amount of sustainability in the kind of momentum we've seen, not necessarily the absolute numbers, but in terms of at least seeing some sort of impressive pricing. Is that the right way to think about it?

由此看來，您似乎也認為我們所看到的這種勢頭具有相當大的可持續性，不一定是絕對數字，但至少可以看到某種令人印象深刻的定價。這是正確的思考方式嗎？

Yes, I think it is. I think in the last six months, we've come to a realization that those price floors that we started 3.5 years ago are real and they work. And I don't think we quite understood the full scope of that until we started studying it. Shame on us for not really figuring out what we were doing well 1.5 years ago. But yes, I think you're on to it.

是的，我認為是的。我認為在過去的六個月裡，我們已經認識到我們 3.5 年前開始的價格下限是真實的，而且是有效的。我認為在我們開始研究它之前我們並沒有完全理解它的全部範圍。我們感到羞愧，因為我們沒有真正弄清楚 1.5 年前我們在哪些方面做得很好。但是，是的，我認為你已經明白了。

Okay. That's good to hear. And then I guess related to that, if I can push you -- you may not want to answer this. But if I think about your price increases, are they across the board? Or you mentioned sort of your three lead products, which are definitely -- leadership products for you, for the market itself. Are those where most of the price increases happened, or is it really just something across the board?

好的。很高興聽到這個消息。然後我想與此相關的是，如果我可以推動你——你可能不想回答這個問題。但如果我考慮一下你們的漲價，是全面漲價嗎？或者您提到了您的三種主導產品，這對您和市場本身來說絕對是領先產品。大部分價格上漲發生在那些地方，還是真的只是全面上漲？

Jason, it's a good question. And no, it's not across the board. Roughly speaking, it's in about 50% of the categories. And it's places where we sort of have higher market share and where we have very distinct devices that are different from other products.

傑森，這是個好問題。不，這並不是一刀切的。粗略地說，它大約佔50%的類別。在這些地方，我們擁有更高的市場份額，並且我們擁有與其他產品不同的非常獨特的設備。

As you might expect, so valvulotomes, shunt, some of the latex-free catheters, and then also these bovine and ovine graphs are sort of the picture of the products that are priceable, if you will; and then stuff like PTFE and Dacron grafts where we're number three and number four in the market. The price is not set in Burlington, Massachusetts. It's set elsewhere.

正如您所預料的那樣，如果您願意的話，瓣膜切開器、分流器、一些不含乳膠的導管，以及這些牛和羊的圖表都是價格昂貴的產品的圖片；然後是 PTFE 和聚酯移植物，我們在市場上排名第三和第四。馬薩諸塞州伯靈頓的價格尚未確定。它被設置在其他地方。

Okay. Great. And JJ, yes, congratulations on a great run. I agree with some other comments there. I just joined again, and I'll miss you. But all that said, I've got to go trick or treating.

好的。偉大的。JJ，是的，恭喜你跑得很好。我同意其他一些評論。我剛剛再次加入，我會想念你的。但話雖如此，我還是得去玩「不給糖就搗蛋」的遊戲。

Enjoy. Thanks very much.

享受。非常感謝。

Danny Stauder, Citizens JMP.

丹尼·施陶德 (Danny Stauder)，公民 JMP。

Yeah, great. Thanks. So I just wanted to start on the top line. So 16% growth in your hardest comp of the year. You talked about some of the drivers for your product categories and regions.

是的，太棒了。謝謝。所以我只想從頂線開始。因此，今年最難的薪資成長了 16%。您談到了您的產品類別和地區的一些驅動因素。

But is there anything else you can point to or provide color on that's supporting this progress, the progress that you're seeing this -- throughout this whole year? Are there any unexpected tailwinds in the market in terms of demand? Or is this just really just a blocking and tackling story broadly? Thanks.

但是，還有什麼你可以指出或提供的顏色來支持這一進展，你在這一整年中看到的進展嗎？市場需求方面是否有任何意想不到的推動因素？或者這實際上只是一個廣泛的攔截和解決故事？謝謝。

Okay. So underneath that graft category -- Danny, thanks for the great question. Underneath that graft category, where we're quoting you in the press release and also on this earnings call, grafts grew 24%.

好的。所以在貪污類別下——丹尼，謝謝你提出了一個很好的問題。在我們在新聞稿和本次財報電話會議上引用您的話的貪污類別下，貪污增長了 24%。

One subcategory of grafts that was particularly standing out was the allograft piece of our business. It was up 47%. So that we call that variously RFA and allograft, and we build those products out in Chicago. So you've heard us talk about that like that. So I would say that's a big topic.

特別引人注目的移植子類別之一是我們業務的同種異體移植部分。上漲了 47%。因此，我們稱之為 RFA 和同種異體移植，我們在芝加哥生產這些產品。所以你已經聽過我們這樣談論這個問題了。所以我想說這是一個很大的話題。

And then also maybe sort of structurally over in Europe, I think we keep feeling -- and we've been talking about this for almost 24 months on these calls now, so this is not new. But we keep feeling the exit of companies that are standing down and deciding not to file their MDRs and just said, hey, this product category is not large enough or not exciting enough; we're not going to follow through.

然後，我想我們一直在感覺歐洲的結構性問題——而且我們已經在這些電話會議上討論這個問題近 24 個月了，所以這並不是什麼新鮮事。但我們一直感覺到有些公司正在退出，他們決定不提交 MDR，只是說，嘿，這個產品類別不夠大，或者不夠令人興奮；我們不會跟進。

So we keep feeling that over in Europe in certain categories, notably the shunts. And then I think there's also a couple of patch companies, some biologic patch companies that have retreated from the market and decided they didn't want to have to participate. So maybe allografts, RFA, big time this year and then continuation of this exit from the market in Europe from some of these companies.

因此，我們一直感覺到歐洲某些類別的情況已經結束，尤其是分流。然後我認為還有一些補丁公司，一些生物補丁公司已經退出市場並決定不想參與。因此，也許同種異體移植、射頻消融（RFA）是今年的大熱門，然後其中一些公司繼續退出歐洲市場。

Yeah, sorry to cut you off. I was going to say you could toss in Korea and Thailand geographically, doing really nicely and contributing to growth; smaller -- yes, I know -- but stories that have been growing pretty nicely.

是的，很抱歉打斷你。我想說的是，你可以在韓國和泰國進行折騰，做得非常好並為成長做出貢獻；規模較小——是的，我知道——但故事發展得相當不錯。

And even like -- we haven't talked about China that much over the last 1.5 years on these calls, and now the world is starting to come back in. So there's a little -- again, small base here, but some nice answers coming out of China in terms of gaining some momentum. So nice geographic answers as well.

甚至在過去 1.5 年裡，我們在這些電話會議上沒有過多談論中國，而現在世界開始回歸。因此，這裡的基礎很小，但在獲得一些動力方面，中國給了一些不錯的答案。地理答案也很好。

And Danny, this is Dave. I normally don't jump in on these topics. But you heard George talk about we've increased the number of sales managers in the company. We shuffled some of the upper management organization; and our sales managers, we now have 28.

丹尼，這是戴夫。我通常不會介入這些話題。但你聽到喬治談到我們增加了公司銷售經理的數量。我們對一些高階管理機構進行了改組；以及我們的銷售經理，我們現在有 28 位。

These are country managers, VPs, area sales managers, regional sales managers. They're up 17%. So I think the ratio of reps to managers is going down. The reps are probably being managed a little bit more tightly as well.

他們是國家經理、副總裁、區域銷售經理、區域銷售經理。他們上漲了 17%。所以我認為代表與經理的比例正在下降。代表們的管理可能也更加嚴格。

Great. Appreciate the answer. Just one follow-up for me, more on the sales rep side. So do you have any plans to add more sales reps in Europe just given some of the regulatory updates and progress there? I think when you updated your range last quarter, it was more North America-focused.

偉大的。感謝您的回答。對我來說只是一次跟進，更多的是銷售代表的跟進。鑑於歐洲的一些監管更新和進展，您是否有計劃在歐洲增加更多銷售代表？我認為當您在上個季度更新產品系列時，它更關注北美。

But how many of these are earmarked for the EU? And do you feel you need to put more bodies out in the field with all the progress you've had there? Thank you.

但其中有多少是指定給歐盟的？您是否認為您需要在該領域投入更多人員，以實現您在該領域取得的所有進展？謝謝。

Danny, that's a good insight. And yeah, it gives me a chance to say, yeah, I think we've morphed a little bit. I think maybe in May and June, we were thinking this is all about making this a big giant surge in the Americas. And I think our opinion has evolved, and I think we've added on -- I think right now, if I think about my hiring Board, I think there's about nine open European territories.

丹尼，這是一個很好的見解。是的，這讓我有機會說，是的，我認為我們已經發生了一些變化。我想也許在五月和六月，我們在想這一切都是為了讓美洲出現一次巨大的激增。我認為我們的觀點已經發生了變化，我想我們已經補充了——我想現在，如果我考慮我的招聘委員會，我認為大約有九個開放的歐洲領土。

And then, of course, you're hearing us talk about Czechia where we'll need two reps in Portland -- excuse me -- Portugal, where we're going to need one rep in Lisbon. So yes to that, and it's getting a little bit more European. It's not necessarily getting a little bit more APAC right now. We feel like we've got a lot of reps over there for the size of the business. But in the US and Europe, we could certainly use more reps.

當然，你會聽到我們談論捷克，我們在波特蘭需要兩名代表——對不起，在葡萄牙，我們在里斯本需要一名代表。所以是的，而且它變得越來越歐洲化了。現在亞太地區不一定會增加一點。我們覺得就業務規模而言，我們在那裡有很多代表。但在美國和歐洲，我們當然可以使用更多代表。

Great. Thanks a lot. Great quarter.

偉大的。多謝。很棒的季度。

Thank you.

謝謝。

Michael Petusky, Barrington Research.

邁克爾·佩塔斯基，巴靈頓研究中心。

Hey, good evening, guys. George, I'm wondering -- I had a note that you guys would make a final submission for XenoSure, the cardiac indication in China in November. Is that still teed up to go here in the next 30 days?

嘿，晚上好，夥計們。喬治，我想知道 - 我收到一張紙條，你們將在 11 月提交 XenoSure（中國的心臟適應症）的最終申請。是否還準備在接下來的 30 天內前往這裡？

Yeah, that's a good question. That is done, the final submission is in, and now we just await our regulatory folks say, yeah, it will be about six months. But you've heard that same story for six years on these phone calls. So if I were you, I wouldn't believe me on that.

是的，這是一個好問題。一切都完成了，最終的提交已經提交，現在我們只是等待監管人員說，是的，大約需要六個月的時間。但六年來你一直在這些電話中聽到同樣的故事。所以如果我是你，我就不會相信我的話。

Fair enough. So I'm curious in terms of -- as JJ transitions to the Board here in the next six months or so, what are you guys looking for in terms of potential new CFO? I mean, is it important that he has public company experience, med tech, experience with M&A? Like, what are some of the things you guys are looking for? Thanks.

很公平。所以我很好奇，隨著 JJ 在未來六個月左右的時間內過渡到董事會，你們在尋找潛在的新財務長方面是什麼？我的意思是，他擁有上市公司經驗、醫療技術、併購經驗很重要嗎？例如，你們正在尋找什麼東西？謝謝。

Okay. So are you asking me where the hole is in JJ's game here? I don't think you are.

好的。那你是問我JJ的比賽漏洞在哪裡嗎？我不認為你是。

I would not.

我不會。

I know that. I know. All kidding aside, we're blessed here a little bit at LeMaitre in that -- I think a lot of companies go at it with a CFO and a CEO. And we're blessed in that we have CEO, CFO, and Mega VP of Business Development, named Dave Roberts. So there's sort of triad here rather than two people at most companies.

我知道。我知道。不開玩笑了，我們在 LeMaitre 有點幸運——我認為很多公司都配備了財務長和執行長。我們很幸運，我們有執行長、財務長和業務開發高級副總裁，名叫戴夫·羅伯茨(Dave Roberts)。因此，大多數公司都是三人組，而不是兩個人。

So we don't have to chase down all the acquisition side of that -- of the portfolio. We can go at it a little bit more technically. We're still trying to figure out what split to make with the IR and things like that. We'll figure that out based on who shows up for these interviews and which ones we decide to pursue.

因此，我們不必追查投資組合的所有收購方面。我們可以從技術上更深入一些。我們仍在努力弄清楚如何與 IR 等進行分割。我們將根據誰參加這些採訪以及我們決定進行哪些採訪來確定這一點。

So it's a good question. I think we're lucky that -- most companies, when they lose their CFO, they're losing one of the top two people. And here we are, we're losing one of the top three people, and it's a little bit helpful as we go into this. It's nerve-racking, obviously, but we think we'll get through it.

所以這是一個好問題。我認為我們很幸運——大多數公司，當他們失去財務長時，他們就失去了兩個最重要的人之一。現在，我們失去了前三名的人之一，這對我們進入這個問題有一點幫助。顯然，這令人傷腦筋，但我們認為我們會度過難關。

Excellent. And then I guess, a quick one for JJ, the subject here of the last question. JJ, in terms of the gross margin, I keep writing, I think these gross margins are sustainable. But I'd much rather hear you say that than me write it. What are your thoughts?

出色的。然後我想，JJ 可以快速回答一下，這是最後一個問題的主題。JJ，就毛利率而言，我一直在寫，我認為這些毛利率是可持續的。但我更願意聽你這麼說，而不是我自己寫。你有什麼想法？

Well, Mike, I'll tell you they're sustainable through Q4 because that's what we guided, 68.0. So you got that out of me. Going forward, we'll see. Price is obviously a big driver for the gross margin going forward.

好吧，麥克，我會告訴你他們在第四季度是可持續的，因為這就是我們的指導，68.0。所以你從我這裡得到了這個。展望未來，我們拭目以待。價格顯然是未來毛利率的重要推手。

And so to the extent that we can continue to benefit from that, that will benefit the gross margin. On the other hand, RestoreFlow is growing like crazy, and that's got a lower gross margin than corporate. And so that drags you down a little bit.

因此，只要我們能夠繼續從中受益，這將有利於毛利率。另一方面，RestoreFlow 正在瘋狂成長，但其毛利率低於企業。所以這會讓你有點沮喪。

And then we've got the big piece around manufacturing efficiencies, and can we keep those up? And quality expense, can we keep that increase muted and have -- to get a little leverage on that over time as sales grow around it? So I mean, there's a lot of moving pieces, and we'll see where we go. But I think those are some of the bigger drivers for you.

然後我們已經得到了關於製造效率的重要部分，我們可以保持這些嗎？至於品質費用，我們能否保持這種成長勢頭不變，並隨著時間的推移，隨著圍繞它的銷售成長，獲得一點影響力？所以我的意思是，有很多變化，我們會看看我們會走向何方。但我認為這些對你來說是一些更大的驅動因素。

Okay. Great. And then let me ask the last one to the Mega VP, Dave. Dave, what are you seeing out there? I've seen some of what I would consider your -- the companies in the public markets -- you guys get compared to Merit who got more active in M&A and some others.

好的。偉大的。然後讓我向超級副總裁戴夫詢問最後一個問題。戴夫，你在外面看到什麼？我見過一些我認為是公開市場上的公司，你們將它們與在併購和其他一些方面更加活躍的 Merit 進行比較。

I mean, what are you seeing out there, and valuations, and just anything you can talk about in terms of the assets that you, at least, may think are somewhat in play? Thanks.

我的意思是，你在外面看到了什麼，估值，以及你可以談論的任何你至少可能認為在某種程度上發揮作用的資產？謝謝。

Thanks, Mike. We do see some activity. You mentioned Merit. Also, of course, Boston Scientific acquired Silk Road Medical for 6 times sales, not too long ago, and Axonics for 9 times sales. But I would say, no, those are higher figures, higher revenue multiples.

謝謝，麥克。我們確實看到了一些活動。你提到了優點。當然，不久前，波士頓科學公司 (Boston Scientific) 以 6 倍銷售額收購了 Silk Road Medical，以 9 倍銷售額收購了 Axonics。但我想說，不，這些是更高的數字，更高的收入倍數。

Small-cap med device is only trading about 2 times forward revenue. So that's down from the COVID days, whereas larger companies -- I think there's a benefit to scale. They're trading about 5 times. So we're out hunting as always.

小型股醫療器材的交易額僅為遠期收入的約 2 倍。因此，這比新冠疫情時期有所下降，而大公司——我認為擴大規模是有好處的。他們的交易次數大約是5次。所以我們一如既往地出去打獵。

And I would say, at the margin, we're generally looking a little bit bigger, as I've said on previous calls, than we've looked in the past because, obviously, we're more profitable. We have a larger balance sheet. Things are going well for us.

我想說的是，正如我在之前的電話會議上所說，從邊際角度來看，我們通常看起來比過去看起來更大一些，因為顯然我們的利潤更高。我們有更大的資產負債表。我們一切進展順利。

So yeah, so there are targets out there. We're at various stages of discussions, et cetera, with some of them. And in the meantime, we feel good about our ability to reach for larger acquisitions.

是的，所以有目標。我們正與其中一些人進行不同階段的討論等。同時，我們對自己進行更大規模收購的能力感到滿意。

Okay. Could I ask a part B to my last question? I guess, it's maybe to JJ, but maybe to everybody. If you found that deal, that larger deal, like, I mean, like would be one of the bigger or probably the biggest deal you've ever done, I mean, how levered are you guys willing to get given where interest rates are and all the rest of it? How deep would you go on a transaction, if you all felt like it was the right one? Thanks.

好的。我可以問 B 部分我的最後一個問題嗎？我想，也許是對 JJ 來說，但也許是對所有人來說。如果你發現那筆交易，那筆更大的交易，就像，我的意思是，這將是你做過的更大的或可能是最大的交易之一，我的意思是，在利率和情況下，你們願意接受多大的槓桿？如果你們都覺得一筆交易是對的，你們會進行多深的交易？謝謝。

I think we might need to keep our counsel on that one. It sounds like any answer we could give might scare people off either way, whatever we say. So I don't know. That may be a hypothetical there that we probably shouldn't step into, unless one of you guys feel you want to go at this thing generically, I guess. I don't know.

我認為我們可能需要就此保留我們的建議。聽起來無論我們說什麼，我們給出的任何答案都可能會嚇跑人們。所以我不知道。我想，這可能是個假設，我們可能不應該介入，除非你們中的一個人覺得你們想要一般性地處理這件事。我不知道。

I mean, the easiest part of that is, banks will lend you up to 3.5 times combined EBITDA, right? Now beyond that, then you start to get into George's area here. What are you willing to be comfortable with? So maybe we just say that's certainly a comfort zone up to that. And then after that, it depends on the circumstances.

我的意思是，最簡單的部分是，銀行會借你高達 EBITDA 總和 3.5 倍的貸款，對嗎？除此之外，你開始進入喬治的區域。你願意接受什麼？所以也許我們只是說這肯定是一個舒適圈。然後，這取決於具體情況。

Right. So if our EBITDA is [$60 million], 3.5 times of that, you're looking at $200 million or whatever. And then we have excess cash on the balance sheet as well. So Mike, I think even without getting into more complicated discussions, we're looking upwards of $300 million just purely financeable without worrying about the EBITDA, the target, et cetera.

正確的。因此，如果我們的 EBITDA 為 [6000 萬美元]，是其 3.5 倍，那麼您所看到的就是 2 億美元或其他。然後我們的資產負債表上也有多餘的現金。所以麥克，我認為即使沒有進行更複雜的討論，我們也認為 3 億美元以上的資金完全是可以融資的，而不用擔心 EBITDA、目標等等。

Are there deals out there like that, Dave?

戴夫，那裡有這樣的交易嗎？

Yeah. I mean, look, there are deals as small as $5 million and deals which are hundreds of millions of dollars. And for me, always, just because I have a very long-term viewpoint on this company, I focus on the strategic fit first.

是的。我的意思是，你看，有小至 500 萬美元的交易，也有高達數億美元的交易。對我來說，因為我對這家公司有非常長遠的看法，所以我總是先專注於策略契合度。

And then if there are targets which are equally meritorious strategically, then, of course, we'd rather do the larger deal. But that's just not how it works. I mean, but to answer your question, yes, there are larger deals out there.

然後，如果有同樣具有戰略價值的目標，那麼，我們當然寧願做更大的交易。但事實並非如此。我的意思是，但要回答你的問題，是的，還有更大的交易。

Very good. Thanks, guys. Another such a great quarter. Thanks.

非常好。謝謝，夥計們。又一個如此出色的季度。謝謝。

Thanks a lot, Mike.

非常感謝，麥克。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，湖街資本市場。

Frank, thanks for your questions. Congrats on the quarter. When you're explaining kind of price floor rollout, I think you're going by geography. Are there any geographies that you haven't rolled out that price floor strategy? Or at this point, is it pretty much rolled out company-wide worldwide?

弗蘭克，謝謝你的提問。恭喜本季。當您解釋價格下限的推出方式時，我認為您是按地理位置來解釋的。是否還有哪些地區尚未推出價格下限策略？或者說目前它已經在全球的公司範圍內推廣了嗎？

I think we've gotten to the bigger ones. Let's enumerate here. We have Australia, we have Japan, we have Canada, we have UK and Europe, and we have the USA. There might be a couple more to do elsewhere, but I think that's the larger chunk of our company.

我認為我們已經達到了更大的目標。這裡我們就來列舉一下。我們有澳洲、日本、加拿大、英國和歐洲，還有美國。其他地方可能還有更多工作要做，但我認為這是我們公司的更大部分。

When we think about what do we do next year, we're always sort of testing which product line should we apply it to and which geographies. So if there is a place to go, we will go there with these floors.

當我們考慮明年要做什麼時，我們總是在測試應該將其應用到哪些產品線以及哪些地區。所以如果有地方可以去，我們就會帶著這些樓層去那裡。

Fair. Okay. That makes sense. And then maybe just to clarify -- and I may have missed it in the prepared remarks -- but allograft, I think, in previous calls, you said Ireland and Germany, 2025, 2026, respectively. Does that still remain the case and expectation?

公平的。好的。這是有道理的。然後也許只是為了澄清——我可能在準備好的演講中漏掉了這一點——但我認為，在之前的電話會議中，你分別提到了愛爾蘭和德國，2025 年和 2026 年。情況和期望仍然如此嗎？

Actually, no. There's a little bit of a hiccup on both sides of that. And the very small hiccup in Germany, which is the more important one, which is -- the regulator was supposed to be in our building in Chicago, October 15 or so, and called a week earlier and said, hey, I'm going to be sick a week from now.

事實上，沒有。雙方都有點小問題。德國的一個非常小的問題，這是更重要的一個，那就是——監管機構應該在 10 月 15 日左右出現在我們位於芝加哥的大樓裡，並在一周前打電話說，嘿，我要去一周後生病。

And so they still haven't rescheduled their audit of the factory out there. And so that one is held up only by a man's sickness schedule. And so that -- I don't know what that means for the year. Maybe we leave that one alone as still a 2025 or a 2026.

所以他們仍然沒有重新安排對工廠的審核。因此，只有一個人的生病日程才耽擱了這一時間。所以——我不知道這對今年意味著什麼。也許我們仍將其視為 2025 年或 2026 年。

With Ireland, something different has cropped up, which is the state of Ireland or the country of Ireland has jumped in and said, hey, we're excited you want to do allografts. And we had previously intended just to do it as a paperwork exercise through Ireland.

對於愛爾蘭，出現了一些不同的情況，愛爾蘭州或愛爾蘭國家跳出來說，嘿，我們很高興你想做同種異體移植。我們之前打算只是透過愛爾蘭進行文書工作。

And now they're asking us to set up a facility there and to stock the product in Dublin, and to give the state of Ireland and the healthcare system of Ireland right of first refusal on the devices, all of which got hairy and complicated pretty fast. So I would say we're taking a step back a little bit with Ireland, and we're thinking about what our next move should be.

現在他們要求我們在那裡建立一個設施，並在都柏林儲存產品，並給予愛爾蘭州和愛爾蘭醫療保健系統對設備的優先購買權，所有這些都變得非常複雜。所以我想說，我們在愛爾蘭問題上稍微後退了一步，我們正在考慮下一步應該是什麼。

And we haven't really sorted it out ourselves yet. That's all breaking news as of -- I don't know -- 15 or 30 days ago. So we're still trying to figure out what to do. So little delay over there. We're still really excited about pursuing RFA approvals in Europe, but a little bit of a disappointment on those two devices, on those two paths.

我們自己還沒有真正解決這個問題。這些都是 15 天或 30 天前的突發新聞——我不知道。所以我們仍在努力弄清楚該怎麼做。那邊延遲很少。我們仍然對在歐洲尋求 RFA 批准感到非常興奮，但對這兩種設備、這兩條路徑有點失望。

Got it. Okay. I'll stop there. Thanks.

知道了。好的。我就到此為止。謝謝。

Thanks a lot, Frank.

非常感謝，弗蘭克。

Jim Sidoti, Sidoti & Company.

吉姆‧西多蒂 (Jim Sidoti)，西多蒂公司。

Hi, good afternoon. Thanks for taking the questions. So of the seven MDR approvals that you're waiting for, are there one or two that you think will be more impactful? Or do you think they are all about the same?

嗨，下午好。感謝您提出問題。那麼，在您正在等待的七項 MDR 批准中，您認為是否有一兩項會更具影響力？或者你認為它們都差不多嗎？

No. In fact, I would say the only one that's really a game changer -- and I'll explain why in a second -- is this allograft device. Because it's a brand-new one, we've never had an approval in Europe. With the other ones, Jim, the other six, we have current EU MDD CE marks, which are durable through 2027.

不。事實上，我想說唯一真正能改變遊戲規則的就是這種同種異體移植裝置，我稍後會解釋原因。因為它是全新的，所以我們從未在歐洲獲得批准。與其他人一起，Jim，其他六個人，我們擁有當前的 EU MDD CE 標誌，該標誌的有效期到 2027 年。

So we don't have to worry about whether we're being stopped or not to sell those devices. The MDR is the way you're supposed to go. And once you get an MDR, it's then changeable. And you're not sort of in a straitjacket product-wise. But only one really counts; it's allograft.

因此，我們不必擔心我們是否會被阻止或不出售這些設備。MDR 是您應該走的路。一旦獲得 MDR，它就可以改變。從產品角度來說，你並沒有被束縛。但只有一個才是真正重要的：這是同種異體移植。

Okay. And when do you expect that one?

好的。您預計什麼時候會出現這種情況？

2025, and I think we're starting to say H1 2025.

2025 年，我想我們開始說 2025 年上半年。

Okay. All right. And Dave, you've been pretty disciplined in the past couple of years. I mean, is there any reason why you need to do a deal with 16% top-line growth? Can you continue to be disciplined going forward?

好的。好的。戴夫，過去幾年你一直非常自律。我的意思是，有什麼理由需要達成 16% 營收成長的交易嗎？今後還能繼續遵守紀律嗎？

Yeah. I mean, Jim, it's a good question. We haven't done a deal since June of 2020. And I would say we just -- we're waiting for the right deal at the right price. We have bid on a few different deals. And for various reasons, it hasn't come together. And rather than chase deals up in price or whatever, as you mentioned, we have been disciplined.

是的。我的意思是，吉姆，這是個好問題。自 2020 年 6 月以來，我們尚未達成任何交易。我想說，我們只是——我們正在等待以合適的價格達成合適的交易。我們已經競標了一些不同的交易。但由於種種原因，一直沒有走在一起。正如您所提到的，我們並沒有在價格或其他方面追逐交易，而是遵守紀律。

So in a funny way, I do think there -- even though I personally would like to do a deal, I feel like I'm slowing this down, waiting for the right deal. In the meantime, it allows the rest of the company to keep getting the house in order really, really nicely.

因此，以一種有趣的方式，我確實認為，儘管我個人希望達成協議，但我覺得我正在放慢速度，等待合適的交易。同時，它讓公司的其他部門能夠非常非常好地把事情搞得井井有條。

And I think -- so our ability to focus on pricing in these pricing floors is a great example of that, our ability to consolidate factories like CardioCel and focus on gross margin and higher manufacturing engineers. A lot of good things are happening while we hunt for the next acquisition. So I think we will be disciplined, and we won't pull the trigger until we find something that we believe is really right.

我認為，我們專注於這些定價底線定價的能力就是一個很好的例子，我們有能力整合像 CardioCel 這樣的工廠，並專注於毛利率和更高的製造工程師。當我們尋找下一次收購時，很多好事正在發生。所以我認為我們會遵守紀律，在找到我們認為真正正確的事情之前我們不會扣動扳機。

Right. And just, JJ, I just want to say whoever does replace you, they're going to have some big shoes to fill. You've been one of the, I think --

正確的。JJ，我只想說，無論誰取代你，他們都會有一些重要的職位需要填補。我想你就是其中之一--

There you go. Thanks. Appreciate it.

就這樣吧。謝謝。欣賞它。

And there's probably five or six people on the call who will be happy to take that job if you guys want to take us.

如果你們想接受我們的話，電話中可能有五、六個人很樂意接受這份工作。

Thanks, Jim.

謝謝，吉姆。

Not me, though.

但不是我。

I'm going to miss talking to you on these calls.

我會懷念在這些電話中與你交談的時光。

All right. Thank you, guys.

好的。謝謝你們，夥計們。

Thanks a lot, Jim.

非常感謝，吉姆。

Ross Osborn, Cantor Fitzgerald.

羅斯·奧斯本，康托·菲茨杰拉德。

Hi, guys. Congrats on the strong quarter, and thanks for taking our questions. So starting off, I would be curious to hear how you are progressing and targeting cardiac surgeons. And as a follow-up to that, does it make sense to add cardiac-focused reps?

嗨，大家好。恭喜本季的強勁表現，並感謝您提出我們的問題。因此，首先，我很想知道你們的進展以及針對心臟外科醫生的情況。作為後續行動，增加以心臟為中心的次數是否有意義？

Okay. So that's a great question. I think we're up to -- about 14% of our sales are now cardiac sales as opposed to vascular and still some interventional radiology and stuff like that. So 14%, we do not have any dedicated cardiac reps right now. I think the back part of your question is, are you considering cardiac reps, dedicated cardiac reps?

好的。這是一個很好的問題。我認為我們現在大約 14% 的銷售額是心臟銷售額，而不是血管銷售額，還有一些介入放射學和類似的銷售額。14%，我們現在沒有專門的心臟代表。我認為你問題的後面部分是，你是否正在考慮心臟代表，專門的心臟代表？

It's certainly something we think about. We haven't gone forward with it yet. I still feel like -- I always say to Dave and JJ, the world is a big place. And filling out a peripheral vascular sales force for the world, it's not 145 reps. It's a lot more than that.

這當然是我們考慮的事情。我們還沒有繼續推進。我仍然覺得——我總是對戴夫和 JJ 說，世界很大。而為世界各地的周邊血管銷售隊伍填補的，也不是 145 次。遠不止於此。

And so we have that imperative, and we've already got nine products for the vascular surgeons. And we only have two or three products, if you will, for the cardiac surgeon. So I think it's a more efficient call point, but it's certainly something we have to think about.

所以我們有這個必要，我們已經為血管外科醫生提供了九種產品。如果你願意的話，我們只有兩到三種適合心臟外科醫師的產品。所以我認為這是一個更有效的呼叫點，但這肯定是我們必須考慮的事情。

Particularly since -- I would say the targets that we see, the acquisition targets we see, something like 60% of them seem to be cardiac and 40% of them seem to be peripheral vascular. And so at some point here, the company is going to need two distinct sales channels. That's almost inevitable, in my opinion, but we shall see.

特別是因為——我想說的是，我們看到的目標，我們看到的收購目標，其中 60% 似乎是心臟的，其中 40% 似乎是外周血管的。因此，在某個時候，公司將需要兩個不同的銷售管道。在我看來，這幾乎是不可避免的，但我們拭目以待。

Okay. Great. And sticking with your sales force, with headcount growing, would you walk through some of the low-hanging fruit and where you can leverage cross-selling?

好的。偉大的。並堅持你的銷售隊伍，隨著員工人數的增加，你會完成一些容易實現的目標以及在哪裡可以利用交叉銷售嗎？

Sure. I would say the lowest-hanging fruit is in the United States, where still because of that 2020 acquisition, we have really large sales per sales rep. I think in the US, it's something like $1.7 million or something like $1 million per sales rep.

當然。我想說，最容易實現的目標是在美國，由於 2020 年的收購，我們的每位銷售代表的銷售額確實很高。我認為在美國，每位銷售代表的收入約為 170 萬美元或 100 萬美元。

And as a result, I would say the easiest thing to do is to, as for instance -- this isn't true. But if in Iowa, we only have one rep and they got $4 million worth of sales -- let's say that were true -- the low-hanging fruit is to split Iowa up and have two reps there, and have two of them with $2 million in sales.

因此，我想說最簡單的事情就是，例如——這不是真的。但是，如果在愛荷華州，我們只有一名代表，而他們的銷售額為400 萬美元——假設這是真的——最容易實現的目標就是將愛荷華州分割開來，在那裡設立兩名代表，並讓其中兩名代表的銷售額為2 美元萬銷售額。

And I think that's where we keep going. We keep going after the really full sales reps who've got too much sales. They can't handle $3 million worth of sales.

我認為這就是我們繼續前進的方向。我們一直在追尋銷售量過多的真正滿員的銷售代表。他們無法處理價值 300 萬美元的銷售額。

Got it. Thanks for taking our questions.

知道了。感謝您回答我們的問題。

Thank you very much and welcome.

非常感謝並歡迎。

Thank you. Ladies and gentlemen, that concludes today's conference. I would like to thank you for your participation, and you may now disconnect. Have a great day.

謝謝。女士們、先生們，今天的會議到此結束。我要感謝您的參與，您現在可以斷開連接。祝你有美好的一天。