LeMaitre Vascular Inc (LMAT) 2024 Q4 法說會逐字稿

Welcome to the LeMaitre Vascular Inc Q4 2024 financial results conference call. (Operator Instructions)

歡迎參加 LeMaitre Vascular Inc 2024 年第四季財務業績電話會議。（操作員指令）

I would like to turn the call over to Mr. Joseph P. Pellegrino, Chief Financial Officer of the LeMaitre Vascular. Please go ahead, sir.

我想將電話轉給 LeMaitre Vascular 財務長 Joseph P. Pellegrino 先生。先生，請繼續。

Good afternoon and thank you for joining us on our Q4 2024 conference call. With me on today's call is our CEO George W. LeMaitre and our President Dave B. Roberts. Before we begin, I'll read our Safe Harbor statement. Today we will make some forward-looking statements with the meaning of the US Securities Litigation Reform Act of 1,995, the accuracy of which is subject to risk and uncertainties.

下午好，感謝您參加我們的 2024 年第四季電話會議。和我一起參加今天電話會議的還有我們的執行長 George W. LeMaitre 和總裁 Dave B. Roberts。在我們開始之前，我將宣讀我們的安全港聲明。今天，我們將根據美國 1995 年證券訴訟改革法做出一些前瞻性陳述，其準確性受到風險和不確定性的影響。

Wherever possible, we will TRY to identify those forward-looking statements by using words such as believe, expect, anticipate, pursue, forecast, and similar expressions.

只要有可能，我們就會嘗試使用諸如相信、期望、預期、追求、預測等詞語和類似的表達來識別這些前瞻性陳述。

Our forward-looking statements are based on our estimates and assumptions as of today, February 27, 2025 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 10K in 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截至 2025 年 2 月 27 日的估計和假設，不應被視為代表我們在任何後續日期的估計或觀點。請參閱我們隨後向美國證券交易委員會提交的最新 10K 文件中關於前瞻性資訊的警示聲明和風險因素，包括揭露可能導致結果與明示或暗示的結果存在重大差異的因素。

During this call, we will discuss non-gap financial measures such as organic sales growth. A reconciliation of GAAP to non-gap measures discussed in this call is contained in the associated press release and is available in the investor relations section of our website www.lama.com. I'll now turn the call over to George.

在本次電話會議中，我們將討論有機銷售成長等非差距財務指標。本次電話會議中討論的 GAAP 與非差距指標的對帳包含在相關新聞稿中，也可在我們的網站 www.lama.com 的投資者關係部分查閱。現在我將電話轉給喬治。

Thanks JJ. Q4 featured growth in sales of 14%, income of 26%, and EPS of 30%. Sales growth was led by graphs, shunts, and catheters, up 23, 14, and 12% respectively.

謝謝 JJ。第四季銷售額成長 14%，營收成長 26%，每股收益成長 30%。銷售額成長主要由圖形、分流器和導管推動，分別成長了 23%、14% 和 12%。

By geography, AIPAC was up 21% in Q4, AEA 18%, and the Americas 12%.

從地理來看，第四季美國以色列公共事務委員會 (AIPAC) 上漲 21%，美國企業家協會 (AEA) 上漲 18%，美洲地區上漲 12%。

I'll focus my remarks on 3 topics, the growth of our sales team, our new international sales offices, and our MDRCE mark in regulatory progress.

我的演講將重點討論三個主題，即我們的銷售團隊的發展、我們新的國際銷售辦事處以及我們在監管進展方面的 MDRCE 標誌。

We ended Q4 with 152 reps, up 12% year over year, and we're targeting 165 at 123, 125.

在第四季結束時，我們的代表人數為 152 名，比去年同期增加了 12%，我們的目標是 123,125 名代表達到 165 名。

As rep headcount has increased, we've been building out our sales management team. We now have 31 managers, up 29%.

隨著銷售代表人數的增加，我們一直在擴大銷售管理團隊。我們現在有 31 位經理，增加了 29%。

We believe the sales force is our number one asset, and we will continue to invest in sales managers and offices.

我們相信銷售團隊是我們最重要的資產，我們將繼續投資於銷售經理和辦公室。

Just last week, we began shipping products from our new Shanghai office to Chinese customers. The timing of the Shanghai move is appropriate, as sales were up 48% in Q4, and we received our Chinese XenoSure cardiac patch approval in December.

就在上週，我們開始從新的上海辦公室向中國客戶運送產品。我們在上海的舉措時機恰當，因為第四季度的銷售額增長了 48%，而且我們的 XenoSure 心臟貼片已於 12 月獲得中國批准。

We look forward to launching one of our most important products in the #2 medical device market.

我們期待在第二大醫療器材市場推出我們最重要的產品之一。

We should begin selling Xenosure in H2.

我們應該在下半年開始銷售 Xenosure。

As for Europe, in December we leased a Swiss office, and we plan to begin shipping products to Swiss hospitals in June.

至於歐洲，我們在12月租了一間瑞士辦公室，並計畫在6月開始向瑞士醫院運送產品。

Shipping from this office should reduce customs complexity and help increase sales.

從該辦公室發貨可以減少海關的複雜性並有助於增加銷售。

Switzerland is Lima's 6th largest European subsidiary, and this will be our 6th European office.

瑞士是利馬在歐洲的第六大子公司，這將是我們的第六個歐洲辦事處。

We also continue to push forward with Go Direct projects in Portugal and Czechia, where we believe direct to hospital sales will begin in H2.

我們也繼續推進葡萄牙和捷克的 Go Direct 項目，我們相信直接面向醫院的銷售將於下半年開始。

Both countries utilize the CE mark and are members of the EU.

這兩個國家都使用 CE 標誌，而且都是歐盟成員國。

Poland might be a next logical step.

波蘭可能是下一個合乎邏輯的步驟。

Turning to regulatory, we've now received 16 of our 23 MDR CE marks. The 7 remaining MDRs should be received in 2025.

在監管方面，我們現在已經獲得 23 個 MDR CE 標誌中的 16 個。剩餘 7 份 MDR 將於 2025 年收到。

One of these approvals is Autographed, our largest US product, which we believe will receive its inaugural CA mark in H1.

其中一項批准是我們在美國最大的產品 Autographed，我們相信它將在上半年獲得第一個 CA 標誌。

We've already received autographed approvals in New Zealand, South Africa, Thailand, and Malaysia, and we expect to receive approvals in Australia, Canada, Singapore, and Korea by H1 2026.

我們已獲得紐西蘭、南非、泰國和馬來西亞的簽署批准，預計到 2026 年上半年將獲得澳洲、加拿大、新加坡和韓國的批准。

Also, the Irish and German restore flow allograft approvals are in process, and we anticipate at least one approval in 2025.

此外，愛爾蘭和德國的恢復流同種異體移植審批正在進行中，我們預計 2025 年至少會獲得一項批准。

These approvals will expedite approvals in other European countries.

這些批准將加快其他歐洲國家的批准。

I'd like to thank JJ Pellegrino for his exceptional service to LeMaitre Vascular. This is a bittersweet moment for all of us Lamas. We're happy to watch JJ begin to enjoy retirement, but we'll miss him.

我要感謝 JJ Pellegrino 為 LeMaitre Vascular 提供的出色服務。對我們所有喇嘛來說，這都是苦樂參半的時刻。我們很高興看到 JJ 開始享受退休生活，但我們會想念他。

For the last 19 years we've been able to enjoy his smarts, H1sty, humour, and warmth.

在過去的 19 年裡，我們有幸感受到他的智慧、風度、幽默和熱情。

JJ has been one of the key architects of Lea's success and will continue on as a board director for the foreseeable future.

JJ 是 Lea 成功的關鍵人物之一，並將在可預見的未來繼續擔任董事會董事。

As the saying goes, when one door closes, another door opens. Dorian LeBlanc will step in as our new CFO starting March 10th.

俗話說，當一扇門關閉時，另一扇門就會打開。多里安·勒布朗 (Dorian LeBlanc) 將於 3 月 10 日起擔任我們的新任財務長。

Dorian has previously served as CFO at Lumira DX and VP of finance at Ali, and we're excited to welcome him.

Dorian 曾擔任 Lumira DX 的財務長和 Ali 的財務副總裁，我們很高興歡迎他的加入。

With that, I'll turn the call over to JJ for the 73rd and final time.

這樣，我將第 73 次也是最後一次將電話轉給 JJ。

Thanks George. In Q4, our differentiated product portfolio, direct to hospital model, and larger sales team produced 8% price and 6%unit growth. By product, autographed, volume, and restore flow led to price improvements. We're often asked about pricing, so here's some additional detail.

謝謝喬治。在第四季度，我們差異化的產品組合、直銷醫院的模式以及更大的銷售團隊實現了 8% 的價格增長和 6% 的單位增長。按產品、簽名、數量和恢復流量導致價格改善。我們經常被問及定價，因此這裡有一些額外的細節。

US list prices increased 6% going into 2022, 2023, and 2024.

2022 年、2023 年和 2024 年，美國標價將上漲 6%。

These list prices resulted in actual worldwide price increases of 8%, 12%, and 9%. For reference, the recent January 2025 US list price increase was 8%.

這些標價導致全球實際價格上漲 8%、12% 和 9%。作為參考，最近2025年1月美國標價上漲了8%。

The actual 2025 worldwide price increase remains to be seen as many factors influence the translation of list prices into actual prices.

由於許多因素都會影響標價轉換為實際價格，因此 2025 年全球實際價格漲幅仍有待觀察。

In Q4, our gross margin increased to 120 basis points year over year to 69.3%. The increase was a result of higher ASPs, direct labour efficiencies, improved restore flow allograft yields, and restrained quality expenses.

第四季度，我們的毛利率年增120個基點，達到69.3%。成長的原因是平均售價上漲、直接勞動力效率提高、恢復流同種異體移植產量提高以及品質費用受到控制。

We are guiding a Q1 growth margin of 69.7% as we benefit from our January 2025 price increases as well as continued manufacturing efficiency.

由於受益於 2025 年 1 月的價格上漲以及持續的製造效率，我們預計第一季的成長率為 69.7%。

Operating expenses in Q4 2024 were $25.7 million a 12% year over year increase. The increase was largely driven by investments in our sales team. However, hiring outside of the sales force was muted, and our worldwide headcount was up only 6% in the quarter versus the prior year.

2024 年第四季的營運費用為 2,570 萬美元，較去年同期成長 12%。成長主要得益於我們對銷售團隊的投資。然而，銷售團隊以外的招募活動卻很少，本季我們全球員工總數與去年同期相比僅增加了 6%。

As a result, Q4 2024 operating income increased 26% year over year to $12.9 million an operating margin of 23%.

因此，2024 年第四季營業收入年增 26% 至 1,290 萬美元，營業利潤率為 23%。

We ended Q4 2024 with $300 million in cash and securities, an increase of $176 million in the quarter.

截至 2024 年第四季度，我們擁有 3 億美元現金和證券，比本季增加了 1.76 億美元。

The increase was driven by net proceeds of the convertible offering of approximately $168 million as well as $10 million in cash from operations.

成長的動力來自可轉換發行約 1.68 億美元的淨收益以及 1,000 萬美元的營運活動現金。

The impact to our P&L in Q4 was minimal.

這對我們第四季的損益表的影響很小。

Interest income from the invested proceeds was $430,000 while interest expense was $205,000 which improved EPS by $0.01 per share.

投資收益的利息收入為 430,000 美元，而利息支出為 205,000 美元，每股收益提高 0.01 美元。

In 1 2025, we expect total interest income of $3.1 million and total interest expense of $1.3 million which improves EPS by $0.02 per share.

到 2025 年，我們預計總利息收入為 310 萬美元，總利息支出為 130 萬美元，每股盈餘將增加 0.02 美元。

As you recall, we installed the Microsoft D365 ERP system in the US in Q1 of last year.

您還記得，我們​​去年第一季在美國安裝了 Microsoft D365 ERP 系統。

Two weeks ago, we installed D365 at our UK subsidiary.

兩週前，我們在英國子公司安裝了 D365。

2026, we plan to do installations in Germany and Sweden.

2026年，我們計劃在德國和瑞典進行安裝。

And another important IT that we will begin to convert our Burlington manufacturing operations to paperless manufacturing and expect several product lines to be paperless by year end.

另一個重要的 IT 是，我們將開始將伯靈頓製造業務轉變為無紙化製造，並預計到年底幾條產品線將實現無紙化。

Separately, on February 18th, the board of directors approved a cash dividend of $0.20 per share per quarter, an increase of 25%.

另外，2月18日，董事會批准每季每股發放0.20美元的現金股息，增幅為25%。

Our increasing dividend underscores our focus on the bottom line.

我們不斷增加的股利凸顯了我們對利潤的關注。

Turning to guidance, please see today's press release, although the full year 2025 highlights include organic sales growth of 10%.

談到指引，請參閱今天的新聞稿，儘管 2025 年全年亮點包括 10% 的有機銷售增長。

Growth margin of 69.7%. Operating income of $59.8 million up 15%, reflecting a 25% operating margin, and EPS of $2.24 per share, up 16%.

成長率為69.7%。營業收入 5,980 萬美元，成長 15%，反映出 25% 的營業利潤率，每股收益 2.24 美元，成長 16%。

Separately, we would like to welcome Nathan Trebek and Lawrence Biegelsen from Wells Fargo Securities, who initiated coverage on us a few weeks ago.

另外，我們歡迎富國證券的 Nathan Trebek 和 Lawrence Biegelsen，他們幾週前開始向我們報告。

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

說完這些，我將把電話轉回給接線生以回答問題。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

our first question comes from Nathan Trebek of Wells Fargo. Your line is open.

我們的第一個問題來自富國銀行的 Nathan Trebek。您的線路已開通。

Hey guys, thanks for taking my question and congrats on a great quarter. I guess if we could just start with the guidance, can you talk about, what's implied from a pricing and a volume perspective? You talked about the 8% list price increase in January. I guess based on history, how much of the list price increase flows through to, pricing increase in the year.

嘿夥計們，感謝你們回答我的問題，並祝賀你們度過了一個美好的季度。我想如果我們可以從指導開始，您能談談從定價和數量角度來看這意味著什麼嗎？您談到了一月份 8% 的標價上漲。我猜測，根據歷史數據，標價上漲的多少部分會轉化為當年的價格上漲。

Thanks. Yeah, Nathan, so we gave you some historical info there.

謝謝。是的，內森，我們在那裡向你提供了一些歷史資訊。

You can sort of get for yourselves. what happens, but as we said in the US, we're looking for sort of 8% as of GN1 this year.

你們可以自己去獲取。但正如我們在美國所說的那樣，我們預計今年的 GN1 成長率將達到 8% 左右。

Worldwide it's lower outside the US, so blended, you can think of it as a lower number. And then the question is what you are going to get if you ask for 6 or 7% blended globally, 8% in the US, what are you going to get and historically over. Last 2 or 3 years it's been a bit higher than what we've asked for, but I think that assumption is probably, a little aggressive. You might wind up thinking you're just going to get what you asked for and so maybe you're at sort of, I don't know, 6% pricing and 4% units. Who knows, we'll see. We'll see what that story winds up being, but it's going to play out over time and historically you've now got the answer that you can use to TRY and impute for RQ1.

除美國以外，全球範圍內這一數字較低，因此綜合起來，你可以認為它是一個較低的數字。那麼問題是，如果你要求全球混合率為 6% 或 7%，美國為 8%，那麼從歷史上看，你會得到什麼呢？過去兩三年，這個數字比我們要求的要高一點，但我認為這個假設可能有點激進。您最終可能會認為您只會得到您想要的東西，所以也許您處於某種程度，我不知道，6% 的定價和 4% 的單位。誰知道呢，我們拭目以待。我們將會看到故事的最終結果，但它將隨著時間的推移而展開，從歷史上看，你現在已經得到了可以用來嘗試和歸因於 RQ1 的答案。

Is there any data you could share with us that could say like how many of your US and European accounts have already been replaced to date?

您能與我們分享一些數據嗎，比如說到目前為止，您已經替換了多少個美國和歐洲帳戶？

Hey, Nathan, this is George. I apologize. It's tough to hear your, something about the phone here. Could you TRY that one more time? Maybe closer to the phone or something?

嘿，內森，這是喬治。我很抱歉。很難聽清楚您說的有關這裡的電話的事情。你能再試一次嗎？也許離電話更近一點或別的什麼？

Yeah, sorry about.

是的，很抱歉。

In terms of is there, can you give us detail in terms of how many of your European and US accounts have already been repriced and how many are left to be repriced?

就此而言，您能否詳細說明您歐洲和美國帳戶中有多少已經重新定價，還有多少尚未重新定價？

Sure, yeah, this is George again. Yeah, all the repricing starts on, except for Japan, which is April 1, everything starts January 1st. They've all been repriced.

當然，是的，我又是喬治。是的，所有重新定價都從 1 月 1 日開始，除了日本（4 月 1 日）以外。它們都已重新定價。

Okay, thank you.

好的，謝謝。

Thank you, (Operator Instructions)

謝謝你，（操作員指令）

Our next question comes Rick Wise from Stifel, your line is open.

我們的下一個問題來自 Stifel 的 Rick Wise，您的電話線暢通無阻。

Hi, this is Rick. Thanks for taking our questions. So first I was hoping you could just talk a bit more about your Salesforce expansion plans. I think you said you're expecting about 165 reps by year end 2025, about 13 ads for the year. Could your kind of like break that out between international and the US and is this more territory splitting? Are you opening in new areas, and then we'll more follow up. Thanks.

你好，我是 Rick。感謝您回答我們的問題。所以首先我希望您能多談談您的 Salesforce 擴充計畫。我記得您說過，預計到 2025 年底將有大約 165 名銷售代表，每年大約有 13 則廣告。您能否將其分為國際和美國兩個部分，這是否會引起更多的領土分裂？您是否會在新領域開業，然後我們將進行更多跟進。謝謝。

Okay. Hi, Annie, thanks a lot for that great question. Yeah, so you're right, we're thinking about 165 for the end of the year. Also, more sales management folks as well here. You're thinking geographically where should it play out most, and I would say sort of 2/3. To that feels like it's a USA thing. The territories are still too large, and then that leads to the next answer to your question, which is yes, in the US it's largely about just splitting things in half and having two reps in, let's say Nebraska instead of one rep in Nebraska.

好的。你好，安妮，非常感謝你提出這個好問題。是的，你說得對，我們考慮到今年年底的目標是 165 個。此外，這裡還有更多的銷售管理人員。您正在從地理位置上思考它應該在何處發揮最大作用，而我會說是 2/3 左右。感覺這是一件美國的事情。領土仍然太大，然後這就引出了你的問題的下一個答案，是的，在美國，主要是將事情一分為二，並有兩個代表，比如說內布拉斯加州，而不是一個代表。

There is though some, international growth with new markets like we've talked a lot about Portugal and Czechia. There are 3 more reps that are going in in the during the year because of these expansion things and Switzerland, we put the office in there of course when you put the office in there, you'd grow the sales force as well, so you've got 1 or 2 more going in there and so on and so forth. So, but I'd say 2/3 about USA, North America, I should say, North America.

不過，隨著新市場的出現，國際上也出現了一些成長，例如我們討論過的葡萄牙和捷克。由於這些擴張計劃和瑞士的辦事處，今年將有 3 名銷售代表加入，當然，當你在那裡設立辦事處時，你也會擴大銷售隊伍，因此你會有 1 或 2 名銷售代表加入那裡，依此類推。所以，但我會說 2/3 是關於美國，北美，我應該說，北美。

Okay great thank you and then just on the autographed opportunity.

好的，非常感謝，接下來就是簽名的機會。

I heard you highlight autograph that's key among your remaining MDR marks and that your kind of expecting this approval still in the first half. So once approved, kind of what are you expecting in terms of physician reaction and the speed of adoption? And how will this European market opportunity for autographs contribute to 2025.

我聽說您強調了簽名是您剩餘的 MDR 標記中的關鍵，並且您仍然希望在上半年獲得批准。那麼一旦獲得批准，您對醫生的反應和採用速度有何期待？歐洲的親筆簽名市場機會將為 2025 年帶來什麼貢獻？

Growth, right? So real high level, we TRY not, I mean guidance is so hard for the whole year. that, so we don't even have the approval yet and maybe we'll have it in H1. So, with guidance we really don't break out the guidance by product line. You're right to be quoting that $8 million number. That's what we've come up with on these phone calls is what the market opportunity is, and I would say we'll see. We have great faith and hope in this product line. We bought it as a $15 million device back in 2020, and it's already something like last year, something like a $35 or $36 million device, Dave, something like that, yeah, $36. So, we've doubled it over 5 years here, 4 years of full results, I think, 4.5 years of full results. So, we have high hopes, but I wouldn't even hazard a guess. We'll see what happens. It's, it should be nice, but we'll see what happens.

有成長吧？所以真正的高水平，我們嘗試不，我的意思是全年的指導都非常困難。所以我們還沒有獲得批准，也許我們會在上半年獲得批准。因此，我們實際上不會按產品線細分來指導。您引用的 800 萬美元這個數字是正確的。這就是我們在這些電話中得出的結論，這就是市場機會，我想說我們會看到。我們對此產品系列充滿信心和希望。我們在 2020 年購買了它，當時它的價格是 1500 萬美元，而現在它的價格已經和去年差不多了，大概是 3500 萬美元或 3600 萬美元，戴夫，大概是這個價位，是的，36 美元。所以，我們在 5 年內將其翻了一番，我想是 4 年的全部成果，4.5 年的全部成果。因此，我們抱持著很高的期望，但我不敢妄加猜測。我們將拭目以待。這應該很好，但我們會看看會發生什麼。

All right, thank you.

好的，謝謝。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

And our next question comes from Danny Stoer of Citizens JMP. Your line is open.

我們的下一個問題來自 Citizens JMP 的 Danny Stoer。您的線路已開通。

Yeah, great, thanks for the question. Just first-time guidance, we appreciate all the colour, but could you give us a sense of what is contemplated here for both the high and low ends of the range, maybe in terms of expected ASP brands or product launches in new regions? What do you feel could be the most likely candidate for upside or downside of these numbers? Thanks.

是的，太好了，謝謝你的提問。這只是首次提供指導，我們很欣賞所有的顏色，但您能否讓我們了解一下這裡對該系列的高端和低端產品的考慮，也許是就預期的 ASP 品牌或新地區的產品發布而言？您認為這些數字最有可能上漲或下跌的是什麼？謝謝。

I'm stretching scratching around for how to answer this question here.

我正在絞盡腦汁思考如何回答這個問題。

Maybe start with an ASP part of it.

也許從它的 ASP 部分開始。

We, like I said, we gave you some data, but ASPs vary a lot by geography, and they vary by product, and they vary by manager in those geographies who have different stories that they're chasing. They vary by customers who may be large GPOs that can push back or not.

正如我所說，我們為您提供了一些數據，但 ASP 因地區而異，因產品而異，並且因這些地區的經理而異，他們追逐的故事也不同。它們因客戶而異，客戶可能是大型 GPO，可以推遲，也可以不推遲。

So, the ASP thing, I think when you see our band of high and low sales of guidance, that's kind of your answer. Within that there is this concept which is ASPs could come out wherever they come out in terms of other stories.

因此，對於 ASP 問題，我認為當您看到我們的高低銷售指導範圍時，這就是您的答案。其中有一個概念，即 ASP 可以出現在其他故事中出現的任何地方。

Yeah.

是的。

I was going to go out Danny with additional data here that might help you sort of, I think we've taken the approach on this call because the pricing has become a topic that you guys all want to know about. Giving you guys the data and then you figure out what to do. We're making a guess. We're making a guidance of 10% organic guidance for the year, but maybe we'll look back over the last three years, Danny, and watch what we guide and then what happens. So, in 22 we guided 8%, we delivered 9% in 23. We guided 9%. Again, these are full year guidance at the beginning of the year. We guided 9%, we got 17. The next year in 24 we guided 9 and we got 13. And here we are with our highest guidance in a very long time. I don't think we've ever guided double digits, so it might give you an indication where we're going, but again, guiding for a whole year at a medical advice company we're learning is a difficult thing. So, I guess you could say we haven't underperformed our guidance in the last 3 years, 4 years that we've been giving you full year guidance organically. So that's a nice fact you could take with you. But you know we've overperformed it by 8 in 1 year and 4 in 1 year and 1 in the other year.

我原本要向丹尼提供一些可能對你們有幫助的附加數據，我想我們在這次通話中採取了這種方法，因為定價已經成為你們都想知道的一個話題。提供你們數據，然後你們再決定該做什麼。我們正在猜測。我們今年的有機成長預期是 10%，但也許我們會回顧過去三年，丹尼，看看我們的預期是什麼，然後會發生什麼。因此，在 22 年我們預期了 8%，在 23 年我們實現了 9%。我們預期該數字將達到 9%。再次重申，這些是年初的全年指引。我們指導了9%，得到了17。第二年，我們指導了 24 名球員，最終獲得了 13 名。現在，我們正處於很長一段時間以來的最高指導之下。我認為我們從來沒有指導過兩位數，所以它可能會給你一個跡象表明我們要去哪裡，但同樣，在一家醫療諮詢公司指導一整年我們正在學習是一件困難的事情。因此，我想您可以說，在過去 3 年、4 年的時間裡，我們的業績並沒有低於我們的預期，我們一直在自然地為您提供全年業績指引。這是一件您可以帶走的美好事實。但你知道，我們在一年內超額完成了 8 個目標，在另一年超額完成了 4 個目標，在另一年超額完成了 1 個目標。

Maybe another place to go for. And lows is the rep hiring and the cadence of that and the productivity of the reps as they come on board and so you can think of that as a story that might get you higher or lower than you think in that range and I think you hear us being pretty bullish about rep hiring and continuing apace with the growth of the sales team and not just reps standing but area and country managers as well and. So we're investing nicely in all of those groups and hopefully that that pushes us and then maybe a third area to go after is the sort of the 5 key product lines autograph, Xenosure, Restore flow, and a couple others if you want to choose, and those all have individual stories that have been pretty robust this year and more recently in the more recent quarters, and so those have been good stories too.

或許還有另外一個可以去的地方。低點是銷售代表的招聘，招聘的節奏以及銷售代表加入時的生產力，因此，您可以將其視為一個可能讓您在該範圍內高於或低於您想像的故事，我認為您可以聽到我們對銷售代表的招聘非常樂觀，並且隨著銷售團隊的快速增長，不僅是銷售代表，還有區域和國家經理。因此，我們在所有這些領域都進行了良好的投資，希望這能推動我們，然後也許第三個要追求的領域是 5 個關鍵產品線，即 autograph、Xenosure、Restore flow 和其他幾個產品線，如果你想選擇的話，它們都有各自的故事，今年以及最近幾個季度都非常強勁，所以這些也都是好故事。

Yeah, I hope you got.

是的，我希望你明白了。

That really question obliquely here.

這個問題確實在這裡間接提出來。

Yeah, no, I really appreciate the in-depth answer and that's a lot of colour and I appreciate it and my next one will be a little bit more straightforward, I guess, just on the operating margin progression for 2025. 1st quarter guide is 23% full year 25 is 25%. Any more colour on how we should think about the phasing throughout the year? Is it a consistent build or just any lips and takes there?

是的，不，我真的很感謝您深入的回答，這很有色彩，我很感激，我的下一個問題會更直接一點，我想，只是關於 2025 年的營業利潤率進展。第一季的指導價是 23%，全年 25% 是 25%。關於我們應該如何思考全年的分階段實施，還有什麼可以進一步闡述的嗎？它是一致的構造還是只是任何嘴唇並帶到那裡？

Thank you for the question.

感謝您的提問。

Yeah, the high level is. Sales going up, call it 10% and OX may be a little slower than that and with a gross margin improvement and so I think it's sort of maybe in my mind, I don't know we'll see how this plays out and obviously we're not guiding on these pieces, but Q1's typically a little. A lower number because of the sales meetings that we have and they're expensive and they're a million dollars plus and so you get whacked with that in a good way in 1 and then you sort of don't in the following three quarters. So maybe you think about it sort of a little more binary like that.

是的，水平很高。銷售額正在成長，假設為 10%，而 OX 的成長速度可能會慢一些，而且毛利率會提高，所以我認為這可能只是我心中的想法，我不知道我們會看看情況如何，顯然我們不會對這些部分進行指導，但第一季通常會有一點。這個數字較低是因為我們召開的銷售會議花費昂貴，花費超過一百萬美元，所以你會在第一季受到良好的打擊，但在接下來的三個季度就不會了。因此，您可能以更二進制的方式思考這個問題。

Great thanks so much for the questions.

非常感謝您的提問。

Thanks.

謝謝。

Thank you, (Operator Instructions)

謝謝你，（操作員指令）

Our next question comes from Ross Osborne of Cantor Fitzgerald. Your line is open.

下一個問題來自 Cantor Fitzgerald 的 Ross Osborne。您的線路已開通。

Hey guys, this is Matthew Park on for Ross today. Thanks for taking the questions. I guess starting with gross margin, you called out improved restore flow yields in the quarter. I guess I'm thinking about 2025, can you kind of walk us through the puts and takes to get to that 69.7% level and any potential areas where you can get leverage?

大家好，今天我是馬修·帕克 (Matthew Park)，為羅斯主持節目。感謝您回答這些問題。我想從毛利率開始，您就指出本季恢復流收益有所提高。我考慮的是 2025 年，您能否向我們介紹達到 69.7% 水準所需的條件和可能利用的領域？

Yeah, I mean, so there's lots and lots that goes through this one number, as and maybe some of the good guys are sort of that direct labour efficiency piece. The ops team has been doing a really nice job keeping headcounts sort of flat but producing more units and so their times to build have improved and their utilization has improved and all the nitty gritty stuff that we sort of manage and monitor. Every day has been doing nicely. I think that continues. I don't know why it wouldn't. It's probably part of our answer in the guidance piece.

是的，我的意思是，有很多事情與這個數字有關，也許有些好人就是那種直接勞動效率的人。營運團隊一直做得非常出色，在保持員工人數基本穩定但生產出更多產品的情況下，他們的建造時間得到了改善，利用率也得到了提高，並且我們管理和監控的所有細節工作也都得到了改善。每天都過得很愉快。我認為這種情況還會持續下去。我不知道為什麼它不行。這或許是我們在指導文章中給出的部分答案。

The AFP topic we've talked about a lot now and that obviously helps the margin, and that's a steady answer over the year. Quality costs are when we don't talk about all that much, but they're important and they make up a decent amount of ours. Cost, but we've been doing a nice job keeping those growth rates of quality expenses muted over time. So that's a that's a good guy. We've done a couple transitions of manufacturing of product lines from somewhere else to here. One was Omni flow product line and then Cardio more recently. And so, as we work through those and those get more efficient, that'll help us out. And then restore flow, as has been doing really well, both sales overall, but also units are up really nicely, and that helps manufacturing costs for restore flow and then there's some that just sort of meat and potatoes cost cutting that's really important to us as well that we we've been having some success.

我們現在已經多次討論了 AFP 主題，這顯然有助於提高利潤，而且這是全年穩定的答案。我們很少談論品質成本，但它很重要，而且佔了我們成本的相當一部分。成本，但我們在維持品質費用成長率長期穩定方面做得很好。所以，這是一個好人。我們已經將一些產品線的製造從其他地方轉移到了這裡。一個是 Omni flow 產品線，最近還有 Cardio。因此，當我們努力解決這些問題並變得更有效率時，這將對我們有所幫助。然後恢復流程，一直表現得很好，總體銷售額和單位數都在大幅增長，這有助於恢復流程的製造成本，然後還有一些核心成本的削減，這對我們來說也非常重要，我們已經取得了一些成功。

So I would say those are the good guys on the other side of the ledger, you can think of all the things you think about raises and maybe building new clean rooms, you get some more depreciation coming at you, sort of a little maybe a little incremental hiring around management as opposed to direct labour folks. Some of those pieces, so materials cost, maybe there's an inflation topic that we went through that's sort of slowing down now, so that's okay. So, I would say maybe those are most of the good guys and a few bad guys.

所以我想說，在帳簿的另一邊，他們是好人，你可以想想所有關於加薪的事情，也許還可以建造新的潔淨室，你會得到更多的折舊，有點像在管理層周圍增加一點招聘，而不是直接僱用勞動力。其中一些因素，例如材料成本，也許存在我們討論過的通貨膨脹問題，現在這種問題正在減緩，所以沒關係。因此，我想說也許大多數是好人，少數是壞人。

Got it. That was super helpful. And then I guess just one more for me on China, with Zo share receiving approval in December, can you, just walk us through what the initial commercial roll out will look like and, any incremental reps you'll need to hire to, I guess, support the launch. Thanks.

知道了。這非常有幫助。然後我想我還想問一個關於中國的問題，Zo 的股票將在 12 月獲得批准，您能否向我們介紹最初的商業推出情況，以及您需要雇用哪些增量銷售代表來支持此次發布。謝謝。

Okay, great. So, I'll go to the rep part of the question first, obviously it's just China. We have 4 reps in China, I think we're in the middle of hiring 1/5 rep, so this is still quite a small sales force for a 1.5-billion-person country. You can understand that. So, it's just getting started over there for us. It's always been a sore spot. I think it's finally turned the corner. It's a good thing now as far as the commercial rollout, so you get the approval in December, there is a lot of football to be played between then and when you get to make your first sale. You must get your reimbursement, which is happening this month going on right now, and then you must get provincial listings and all the provinces. I think there's either 36 or 39 provinces, I forget, I should know that. And then you must get your hospital listings. So, there's a lot of bureaucracy. It's completely normal bureaucracy. There's nothing worse for this product than any other product. Again, this is to focus on the positive rather than that 6-month window where we must wait. This is a big, we've been waiting for this for a long time. We're real excited about it. We're not guiding in 20, we're not making a call out about what it should be in 2025. Probably have better ideas as to what to understand about this product for 2026 as the year goes on, but July is probably is when you're going to start selling that in China.

好的，太好了。因此，我先來談談問題的代表性部分，顯然這只是中國。我們在中國有 4 位銷售代表，我認為我們正在招募 1/5 的銷售代表，所以對於一個 15 億人口的國家來說，這仍然是一支相當小的銷售隊伍。你可以理解這一點。所以，對我們來說，這才剛開始。這始終是一個痛處。我認為事情終於有了轉機。就商業推廣而言，現在這是一件好事，因此您會在 12 月獲得批准，從那時起到您進行第一次銷售之間還有很多事情要做。您必須獲得報銷，這正在進行中，本月正在進行，然後您必須獲得省級清單和所有省份。我認為有 36 或 39 個省，我忘了，我應該知道。然後你必須取得你的醫院清單。因此，存在著許多官僚主義。這完全是正常的官僚主義。該產品並不比其他產品更糟。再次強調，這是為了專注於正面的一面，而不是必須等待的 6 個月的時間。這是一個大事，我們已經等很久了。我們對此感到非常興奮。我們不會對 20 年做出指引，也不會預測 2025 年應該達到什麼水準。隨著時間的推移，可能對 2026 年這款產品的了解會有更好的想法，但 7 月可能是您開始在中國銷售該產品的時候。

Got it. That makes sense. Thanks for taking the questions.

知道了。這很有道理。感謝您回答這些問題。

Thanks a lot.

多謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

our next question comes from Suraj Kalia of Oppenheimer and Company. Your line is open.

下一個問題來自奧本海默公司的蘇拉傑·卡利亞 (Suraj Kalia)。您的線路已開通。

Hi George, JJ, Dave, this is Seamus on for Sarraj.

嗨，喬治、JJ、戴夫，我是 Seamus，代替 Sarraj 上場。

Thanks for taking our questions, and I just, want to say to start kind of, what are, any implications from tariffs? I know you guys manufacture most of the stuff within the US, but I guess any potential, anything you can walk us through on that whether you guys are looking at mitigation strategies or it's just not going to be relevant or what not. Seamus, it's.

感謝您回答我們的問題，我只是想先問一下，關稅會帶來什麼影響？我知道你們大部分的產品都是在美國生產的，但我想你們能否向我們介紹一下任何潛在的、任何有關的事情，無論你們是否正在研究緩解策略，或者這只是不相關的，或者諸如此類。西莫斯，是的。

Dave Roberts. Thanks for the question.

戴夫·羅伯茨。謝謝你的提問。

Yeah, I mean, I think tariffs are a little bit of a moving target. I think presently there's only the 10% tariff on China, but I heard Trump say maybe by March 4th that tariffs in Mexico and Canada would kick in. Who knows? You're right in pointing out that.

是的，我的意思是，我認為關稅是一個不斷變化的目標。我認為目前對中國的關稅只有 10%，但我聽川普說，也許到 3 月 4 日，墨西哥和加拿大的關稅就會開始徵收。誰知道呢？你說得對。

We, most of our products, almost all the products that we purchased, the raw materials come from inside the United States, and we obviously manufacture here. So, for us maybe some of our supplier’s source components outside the United States, but really from that standpoint, the tariffs are going to be light for us in terms.

我們的大部分產品，幾乎所有我們採購的產品，原料都來自美國境內，我們顯然在這裡製造。因此，對我們來說，也許我們的一些供應商的零件來自美國境外，但從這個角度來看，關稅對我們來說是比較低的。

China, if China retaliates and medical devices are included in that, China accounts for less than 1% of our worldwide sales. So, I would say at a very high level we're fortunate that we're a very US based company in terms of how we source our products and in that respect we're quite protected.

中國，如果中國進行報復並且將醫療器材包括在內，中國在我們全球銷售額中所佔比例不到 1%。因此，我想說，從更高層次來說，我們很幸運，就我們的產品採購方式而言，我們是一家總部位於美國的公司，在這方面我們受到相當的保護。

Got that thank you. One kind of quick one in here just on the guidance I guess you noted, I think 6 or 7 more.

明白了，謝謝。這裡提供一個快速指南，我猜您已經注意到了，我想還有 6 或 7 個。

MDRC marks are expected through the year, if those kind of come through quicker, those potential like I guess kind of if you can what's contemplated within the guide and is the potential upside of those kind of come through.

預計 MDRC 分數將在今年內公佈，如果這些分數能更快公佈，那麼我想，如果您能了解指南中考慮到的因素，您就會知道這些分數的潛力有多大。

Right, yeah, so with these, with the first round of these MDR marks, the 23 that we're talking about with the exception of autograph, all of them are just re-approvals of the old CE marks we had. So unfortunately, there's no real upside. Except we'll stay on the market, and many of our competitors will leave the market because they didn't apply for MDR, but no, not really, minus the autograph question which we were asked about at the beginning of this call, where you know something, good's going to happen. We are just we're not putting numbers on it.

是的，在第一輪的 MDR 標誌中，我們談論的這 23 個標誌（簽名標誌除外）都是對我們原有舊 CE 標誌的重新批准。因此不幸的是，沒有真正的好處。除了我們會繼續留在市場上，而我們的許多競爭對手將離開市場，因為他們沒有申請 MDR，但事實並非如此，減去我們在這次電話會議開始時被問到的簽名問題，你知道一些事情，好事將會發生。我們只是沒有給出具體數字。

Got it, completely understand. And then just one last one from our side, M&A, I know you guys have been looking at, some cardiac and vascular companies, I guess just to, well, I know you guys haven't announced anything yet, but just trying to think, are you looking for something that potentially is approval in the US, worldwide approval, or you'd have to take it, country by country similar to autographed, if you can give us a little more colour there.

明白了，完全理解。然後我們這邊最後一個問題，併購，我知道你們一直在關註一些心臟和血管公司，我想只是，嗯，我知道你們還沒有宣布任何消息，但我只是想想想，你們是在尋找可能在美國獲得批准的東西，還是全球範圍內獲得批准的東西，或者你必須在一個國家一個國家地進行，類似於簽名，如果你能給我們多一點細節的話。

Thank you again.

再次感謝您。

Thanks Seamus.

謝謝 Seamus。

I'd say we're a little bit agnostic with respect to where the approvals are simply because our sales channel is so broad right now. We're directing 30 or so countries around the world and so you know whether it affects whether the sales are focused on the US, it doesn't matter too much. Of course, you know we do like it occasionally when if the sales are focused in one country, then eventually we get approvals in other markets and that can be upside, but you know that's an investment as well. But I would say not a particular focus with hunting for acquisitions which have revenue concentration in the US versus Europe versus AIPAC.

我想說的是，我們對批准地點有點不確定，只是因為我們現在的銷售管道非常廣泛。我們的業務範圍涵蓋全球約 30 個國家，因此您知道這是否會影響銷售是否集中在美國，這並不太重要。當然，你知道，我們偶爾確實喜歡這樣，如果銷售集中在一個國家，那麼最終我們會在其他市場獲得批准，這可能是有利的，但你知道這也是一項投資。但我想說，在尋找收購對象時，不要特別關注收入集中在美國、歐洲或美國以色列公共事務委員會 (AIPAC)。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Our next question comes from Brett Fishman of Keyan Capital Markets. Your line is open.

下一個問題來自 Keyan Capital Markets 的 Brett Fishman。您的線路已開通。

Hi, this is Will on for Brett.

大家好，我是布雷特 (Brett) 的威爾 (Will)。

Thank you for taking the question. Last quarter you spoke about the hiccup you had with the Ireland facility being held up. Could you provide any detail on the strategy for that going forward and any updates on that?

感謝您回答這個問題。上個季度您談到了愛爾蘭工廠遇到的阻礙。您能否提供有關未來策略的詳細資訊以及最新進展？

Thank you.

謝謝。

Sure, and maybe are you talking about the German inspection of our facility or are you talking about the, you specifically on Ireland right now?

當然，也許您是在談論德國對我們設施的檢查，或者您現在具體談論的是愛爾蘭的檢查？

Yes, specifically in Ireland.

是的，特別是在愛爾蘭。

Okay, so. There are two stories here. They're both parallel. I don't really know exactly what Irish story you're talking about, but I'll give you what our Irish approval strategy is now and what our German approval strategy is. So, the hiccup I thought you were talking about was the German audit that didn't show up in the middle of October last year because he was sick for two weeks. And so, we had to wait until that German auditor came to our factory in Chicago in February.

好的，那麼。這裡有兩個故事。它們是平行的。我不太清楚你所說的愛爾蘭故事的具體內容，但我會告訴你我們現在的愛爾蘭批准策略是什麼，以及我們的德國批准策略是什麼。所以，我認為您談論的問題是德國審計，由於他病了兩個星期，去年 10 月中旬沒有出現。因此，我們不得不等到那位德國審計員二月​​來到我們位於芝加哥的工廠。

The audit has come and gone and went very well. We feel good. We feel like we're on track. We sort of think we don't know this. You can't ever know with an approval. We sort of think this is a 2025 approval. As it relates to Ireland, maybe the hiccup you're talking about is at first, they were just saying, oh, you can just, have a virtual office and we'll give an approval. And then the state of Ireland came back and said, Gee, we want you to have an actual brick and mortar office before we grant you approval. And again, just to catch everyone else up on this is all about RFA, the allograft product line. We have only a UK approval in Europe right now. And we're trying to get Irish and German approvals and so with that, on that score on that score we feel like we're getting more and more committed to having an Irish brick and mortar office with the with all the cryo tanks, etc. In order to pursue Irish approval and German approval.

審計已結束，並且進展順利。我們感覺很好。我們感覺我們已經步入正軌。我們似乎認為我們不知道這一點。您永遠不會知道是否獲得批准。我們認為這是 2025 年的批准。就愛爾蘭而言，也許您談到的問題是，一開始，他們只是說，哦，你可以有一個虛擬辦公室，我們會批准。然後愛爾蘭政府回覆說，我們希望你有一個真正的實體辦公室，然後我們才會批准你這麼做。再一次，為了讓其他人了解這一切都是關於 RFA，即同種異體移植產品線。目前我們在歐洲僅獲得了英國的批准。我們正在努力獲得愛爾蘭和德國的批准，因此，在這一點上，我們覺得我們越來越致力於擁有一個愛爾蘭實體辦公室，配備所有低溫罐等。為了獲得愛爾蘭的批准和德國的批准。

Both of those approvals, I don't know, maybe got a 50-50 chance of getting. Each one of them this year. So, in all we wrapped it all together in the guidance today and we said we're probably going to get one approval this year, either Ireland or Germany for RFA. And then of course the upside here is the approvals in either of those countries could then lead or will likely then lead to places like Holland, Spain, France, accepting the Irish approval or accepting the German approval and giving us an approval in their country.

我不知道這兩項批准的可能性，或許都是 50%。今年他們每個人都是這樣的。因此，總而言之，我們在今天的指導下總結了所有內容，並表示我們今年可能會獲得一項批准，即愛爾蘭或德國的 RFA 批准。當然，好處是這兩個國家的批准可能會導致或很可能導致荷蘭、西班牙、法國等地接受愛爾蘭的批准，或接受德國的批准並在他們的國家給予我們批准。

Do you think I thank you I appreciate. Okay.

你認為我感謝你嗎？我很感激。好的。

Yeah thank you I appreciate the call on that.

是的，謝謝，我很感激你的來電。

Thank you thanks for the question.

謝謝你的提問。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Our next question comes from Frank Takkinen of Lake Street Capital Markets. Your line is open.

下一個問題來自 Lake Street Capital Markets 的 Frank Takkinen。您的線路已開通。

Alright, thanks for taking the questions. Congrats on all progress. I was hoping to hop back to the Salesforce a little bit. Could you refresh us on the headcount by geography and then maybe talk a little bit more about US kind of longer-term hiring plans? Do you feel this cadence of hiring is one that continues for a number of years, or do you eventually feel like there's going to be a spot where you plateau and you really focus down on to utilization?

好的，感謝您回答這些問題。祝賀所有進展。我希望能稍微回到 Salesforce。您能否按地區重新介紹員工人數，然後再談談美國的長期招聘計劃？您是否覺得這種招募節奏會持續很多年，或者您是否覺得最終會達到一個穩定點，然後您真正關注的是利用率？

Right, and maybe that maybe to get to the end of that question. It all depends on if we get into cardiac or not. If we stay with Vaskar, it's a different story. If we get into cardiac with another, with a big acquisition, obviously we're going to be doing a lot more cardiac hiring because we're sort of starting from scratch here, but as it relates to where the, where they are right now, the bigger hiring in the quarter in Q4 took place in the US. We're up to 74 reps. We only added one European rep. We're up to 51 there, and we added one in Asia pack to get to 27 there. That all should add up to 152 right now. And then we're talking about the cadence for the year. We added 16 reps in 24 and We're looking to add 13 reps in 25, I would say in general I think you know the cadence continues for what I'll call the foreseeable future. Around the world, the territories are still on average $1.4 million with the US being a lot larger than some of the Asia pack and the European countries. So, to get back to the question I was asked at the beginning by Annie.

好的，也許這可以解答這個問題。這完全取決於我們是否患有心臟病。如果我們和 Vaskar 在一起，那就是另一回事了。如果我們透過另一家公司進入心臟專科領域，並進行了一項大型收購，顯然我們會招募更多的心臟專科醫生，因為我們是從零開始，但就目前的情況而言，第四季度的更大規模招聘是在美國進行的。我們已經做完了 74 次。我們僅增加了一名歐洲代表。我們在那裡的數量已經達到 51 個，我們在亞洲包中增加了一個，使那裡的數量達到 27 個。現在所有這些加起來應該等於 152。然後我們討論今年的節奏。我們在 24 小時內增加了 16 次，我們希望在 25 小時內增加 13 次，總的來說，我想你知道這種節奏會在可預見的未來持續下去。放眼全球，各地區的平均投資額仍為 140 萬美元，其中美國比一些亞洲國家和歐洲國家高出許多。那麼，回到安妮一開始問我的問題。

I think that the hiring is more of a US thing, and I think it's more about splitting these territories and we keep chasing this number which is maybe a regular rep should be carrying 1.2 or $1.0 million of revenues. It's just too much for them to carry $2 million and a lot of Americans right now are carrying $2 million. It's too big of a burden for them, and they can't go chase new business if that's the case.

我認為招募更多的是美國的事情，我認為這更多的是關於劃分這些地區，我們一直追逐這個數字，也許一個普通的代表應該帶來 120 萬美元或 100 萬美元的收入。對他們來說，攜帶 200 萬美元實在太多了，而目前很多美國人都攜帶 200 萬美元。這對他們來說負擔太大了，如果這樣的話，他們就無法去拓展新業務。

Okay, that's helpful. And then maybe just for my second one, I was hoping you could talk a little bit about carrot hunts. Obvious I was really strong throughout all of 2024. If I remember correctly, I think there was a competitor that exited the market but maybe kind of refresh us on the strength behind shunts in the year. And then is that something you think can continue in 2025?

好的，這很有幫助。然後也許只是我的第二個問題，我希望你可以談談胡蘿蔔狩獵。顯然，我在整個 2024 年都非常堅強。如果我沒記錯的話，我認為有一個競爭對手退出了市場，但也許可以讓我們重新認識今年分流器的實力。您認為這種情況在 2025 年還能持續嗎？

Right, yeah, the shunts were great this year. They were up 14%. We call them out on the press releases as the second-best category. It's not our largest category. I think we have 5 categories right now and it's one of the smaller categories, but it had a fantastic year, sort of wire to wire, and a lot of it is you. It was not one, but a couple of competitors left the market, particularly in Europe because of the CE market. It's sort of a smaller market, obviously if it's one of our smaller products, it's probably a smaller market, and we are starting to get up into sort of the high market share percentages. So it was nice to see the competitors leave and you know we've worked hard to take advantage of that and keep on making the product, and some of the pricing manoeuvres that we've been doing have been helpful as well.

是的，是的，今年的分流很棒。其股價上漲了 14%。我們在新聞稿中將它們列為第二佳類別。這不是我們最大的類別。我認為我們現在有 5 個類別，它是較小的類別之一，但它度過了美好的一年，可以說是線對線，其中很多都是關於你的。不是只有一家，而是有幾家競爭對手退出了市場，尤其是歐洲的 CE 市場。這是一個較小的市場，顯然如果它是我們較小的產品之一，它的市場可能就較小，而我們正開始獲得較高的市佔率百分比。因此，看到競爭對手離開是件好事，你知道，我們一直在努力利用這一點，繼續生產產品，我們所做的一些定價策略也很有幫助。

Perfect, thanks for any questions.

非常好，感謝您的提問。

Thanks a lot, Frank.

非常感謝，弗蘭克。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

our next question comes from Michael Petusky of Barrington Research. Your line is open.

下一個問題來自 Barrington Research 的 Michael Petusky。您的線路已開通。

Hey, good evening.

嘿，晚上好。

So, David, on the balance sheet that's sort of been bolstered by the cap raises in late in 24, I mean, has that changed at all the assets that you have sort of, been looking at or maybe new assets that you're looking at as a result of the increased firepower. I'm just curious if that's changed your focus at all and just in terms of sizing I guess.

那麼，大衛，在資產負債表上，這在某種程度上受到了 24 年末資本上調的支撐，我的意思是，這是否改變了您所關注的所有資產，或者由於火力增強而關注的新資產。我只是好奇這是否改變了你的焦點，我猜只是在尺寸方面。

Yeah, Mike, nice to hear your voice. It's funny. I feel like assets changed the balance sheet in so far as last year we had put out a term sheet I'll just say more than $500 million. And obviously, that didn't come to pass, but it really highlighted the importance for us of adding capital to the balance sheet.

是的，麥克，很高興聽到你的聲音。這很有趣。我覺得資產改變了資產負債表，因為去年我們已經提出了一項條款清單，我只能說超過 5 億美元。顯然，這並沒有實現，但它確實凸顯了向我們的資產負債表增加資本的重要性。

In addition, there have been a couple sales of businesses which took place where I think Lama wasn't considered as a part of the process because before the convertible bond issuance that you're referring to in December, we just didn't have as much cash as a lot of other larger companies. So, but I will say. What the extra $172.5 million of cash does. It does enable larger acquisitions.

此外，我認為，在幾項業務出售中，Lama 並未被考慮在內，因為在 12 月發行您提到的可轉換債券之前，我們的現金不如許多其他大公司那麼多。所以，但是我會說。額外的 1.725 億美元現金起什麼作用？它確實可以實現更大規模的收購。

I'll say that, and I think I've said this before in these calls, I'd rather do a strategically sound, good, small acquisition than a large acquisition where my resolve isn't quite so high and the company's resolve. So, we're very much waiting for our pitch. We love having the optionality of more cash on the balance sheet, but we are waiting for our pitch.

我想說的是，而且我想我之前在這些電話會議中也說過，我寧願進行一項戰略上合理、良好的小型收購，而不是一項我的決心和公司決心都不那麼高的大型收購。所以，我們非常期待我們的推介。我們喜歡在資產負債表上擁有更多現金的選擇權，但我們正在等待我們的宣傳。

Okay, great. And I love the, what you shared in terms of list price and then sort of how things played out. I am curious though because it felt like sort of during that time you gave us; you had started to introduce those pricing floors. I'm just wondering if sort of the bump that you've got is, less likely to repeat at least in terms of the amount relative to the list price because the pricing floors have, you've gone down that track for a few years now and I would think there would be less opportunity there. I was just wondering if you could comment on that.

好的，太好了。我很喜歡您所分享的標價以及事情進展。我很好奇，因為感覺就像你給我們的那段時間一樣；您已經開始引入這些定價下限。我只是想知道，您所得到的那種上漲是否不太可能重複，至少在相對於標價的金額方面，因為定價底線已經沿著這條軌道走了幾年，我認為那裡的機會會更少。我只是想知道您是否可以對此發表評論。

It's a good angle on it. I think the million-dollar question here around here is, how long does Lea's excellent pricing action work? So, you could say that the pricing forces will, wear out at some point, except if, we did just put across a what do we say JJ 8% list price in the US, sort of higher than the sixes that you heard about in 22, 23, and 24, so. Yeah, you do have the pricing discipline looking backwards, but with the whole company, coalescing on these pricing floors and then the management puts out an 8% price increase in the US. You would think that that would give you something going forward. It's going to be seen. We're going to see, it's like I said, it's really hard to do guidance at a medical device company for a whole year on organic growth, but it feels like we've been pretty good about keeping our promises with the guidance around here sales wise for the last 4 years.

這是一個很好的角度。我認為這裡價值百萬美元的問題是，Lea 的出色定價策略能持續多久？因此，您可以說定價力量將在某個時候消失，除非我們確實在美國提出了一個 JJ 8% 的標價，略高於您在 22、23 和 24 年聽到的 6%，所以。是的，你確實有回顧過去的定價紀律，但整個公司都凝聚在這些價格底線之上，然後管理層在美國將價格提高了 8%。您可能會認為這會為您帶來一些進步。我們將會看到這一點。我們將會看到，就像我說的，對一家醫療器材公司全年的有機成長做出指導真的很難，但感覺我們在過去四年的銷售指導方面一直很好地遵守著我們的承諾。

Mike, I'd say something a little more maybe I don't know if the word systemic is the right word, but high level certainly about it, which is if you're in niche markets and you're owning you. Markets and you've got differentiated devices that sell at a premium. There's always going to be stories around pricing that's probably a little bit more favourable than we see at our peers. And so, for now it might be a floor story. For a while it was an autograph story. You remember we bought those devices, and we brought those prices up. I think that was a healthy increase in the 1st year and then healthy increases after that it slowed down and so that was like a 2.5-year story. And then before that, you. Around you remember we did a valvula to sort of next gen device some years before that, and that was a 2-year good story. And so, we give you the 5 previous years in the corporate presentation. They're not all the same. They're jumping around over time it's what, like 6 to 8% or whatever it is, and it's going to bounce around depending on the stories, but it all lives under, I think, a nice strategy for pricing which is small niche markets with differentiated devices.

麥克，我想再多說一點，也許我不知道系統性這個詞是否正確，但高層次肯定是這樣的，如果你處於利基市場，你就擁有了你自己。市場上有差異化的設備可以高價出售。總是會有關於定價的傳聞，可能比我們在同行看到的定價更優惠。因此，現在這可能是個地板故事。有一段時間，這是一個簽名故事。你記得我們買了那些設備，並且提高了它們的價格。我認為第一年是健康的成長，然後也是健康的成長，之後成長速度放緩，所以這就像一個兩年半的故事。在此之前，是你。您還記得嗎，幾年前我們做過一種瓣膜手術，用於下一代設備，這是一個為期兩年的好故事。因此，我們為您提供了前 5 年的公司介紹。它們並不全都一樣。他們的定價在一段時間內會上下波動，例如 6% 到 8% 左右，或者其他什麼，根據故事情節的不同，定價也會上下波動，但我認為，這一切都遵循一個不錯的定價策略，即針對小眾市場和差異化設備。

All right, well, I'm glad JJ weighed in there. Congratulations on your 73rd and final conference call. I think I've been around for just a little over half of them. Congratulations.

好吧，我很高興 JJ 能參與其中。恭喜您第 73 次也是最後一次電話會議圓滿結束。我想我已經參與了其中一半多一點的時間。恭喜。

Mike, can I give you 3 numbers before you get off the call? Absolutely.

麥克，在你掛電話之前我可以給你 3 個號碼嗎？絕對地。

2.478 depreciation amortization million 1.739 stock base comp and 2.044 CapEx.

2478 百萬折舊攤提 1739 百萬股票基礎補償和 2044 百萬資本支出。

Thank you.

謝謝。

There you.

你在那。

Mike, thanks a lot. Is that it, Mike from you? Yeah, that's all that's all I have. Thanks. Thanks for your question.

麥克，非常感謝。是這樣的嗎，麥克？是啊，這就是我所擁有的一切。謝謝。感謝您的提問。

Thank you. (Operator Instructions)

謝謝。（操作員指令）

Our next question comes from Jim Sidoti of Jim Sidoti and Company. Your line is open.

下一個問題來自 Jim Sidoti and Company 的 Jim Sidoti。您的線路已開通。

Hey, JJ, I don't think I want to admit how many of the calls I've been on, but you will be missed.

嘿，JJ，我不想承認我接了多少電話，但我們會想念你的。

I know I was trying to get George not to put the number down, but he did it anyway.

我知道我試著讓喬治不要寫下這個號碼，但他還是這麼做了。

Dave, I'm sure you've had banquets coming from the past 3 or 4 years trying to sell you a convert deal, what made you decide to do it in December?

戴夫，我敢肯定，在過去的三四年裡，你一定參加過很多宴會，試圖向你推銷轉換交易，是什麼讓你決定在 12 月這樣做的？

Well, hi Jim. I would say, there are, when I look at our pipeline, as I looked at our pipeline going in the back half of last year, thinking about the deal, the larger deal that we, took a run at, but also other deals in the pipeline, just felt like there were more larger acquisition targets in or around the pipeline and then on top of that, Lea obviously has a lot of business momentum and the cost of capital is always lower when you don't need the money and we didn't like, we didn't have our backs against the wall, so we could be deliberate about it. And then also I guess the third piece was that convert market was receptive to a high-quality issuer like Lama. So, you know between the pipeline and the underlying core Lamade business and the market, it just seemed to make sense, we did consider.

嗨，吉姆。我想說的是，當我回顧我們的管道時，當我回顧去年下半年的管道時，考慮到這筆交易，我們進行的較大的交易，以及渠道中的其他交易，感覺渠道中或周圍有更多更大的收購目標，最重要的是，Lea 顯然擁有很大的業務發展勢頭，當你不需要錢時，資本成本總是較低，我們不喜歡，我們並沒有走很多路。然後我想第三點就是轉換市場對像 Lama 這樣的高品質發行人持接受態度。所以，您知道，在管道和底層核心 Lamade 業務與市場之間，這似乎是有意義的，我們確實考慮過。

But you know we got the convertible notes we issued have a 2.5% coupon and that's much lower than we could get as we considered other forms of financing less diluted than equity, etc. So it seemed to make a lot of sense to us and we're delighted we did it.

但您知道，我們發行的可轉換票據的票面利率為 2.5%，這比我們可以獲得的利率低得多，因為我們考慮到其他形式的融資比股權等的稀釋程度更低。因此，這對我們來說似乎很有意義，我們很高興我們做到了。

And the numbers that George put out in terms of or maybe JJ put them out in terms of interest income, interest expense going forward with those GAAP numbers or were those cash numbers and were the GAAP numbers be different from the cash numbers because the convert.

喬治 (George) 或 JJ 列出的是利息收入、利息支出以及 GAAP 數字或現金數字，而 GAAP 數字與現金數字不同，因為需要轉換。

Yeah, so that's what's in our forecast for Q1 gym. Total interest income of 3.1% or so and total interest expense of 1.3%. That includes amortization of the deal fees themselves. So those are GAAP numbers, those are GAAP numbers and the reason I was hesitating is because I think as you know we have to do two EPS calcs blah blah blah to satisfy the requirements of GAAP and figure out which one to use, but yes, those are those are those are GAAP numbers essentially.

是的，這就是我們對第一季健身房的預測。總利息收入3.1%左右，總利息支出1.3%。其中包括交易費用本身的攤提。所以那些是 GAAP 數字，那些是 GAAP 數字，我猶豫的原因是因為我認為如你所知我們必須做兩個 EPS 計算等等才能滿足 GAAP 的要求並確定使用哪一個，但是是的，那些本質上是 GAAP 數字。

Alright, and then, last one, what was the operating cash flow for the corner?

好的，然後，最後一個問題，該角落的營業現金流是多少？

The operating cash flow was $14.6 million. Largely in that we have 112. Got it.

經營活動現金流為1460萬美元。主要是我們有 112 個。知道了。

Alright, thank you and once again, JJ, you will be missed.

好的，謝謝你，JJ，我們再一次會想念你的。

Thanks very much Jim. I appreciate it. It's been fun working with you. Yes.

非常感謝吉姆。我很感激。和你一起工作很有趣。是的。

Thank you, (Operator Instructions)

謝謝你，（操作員指令）

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

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