LeMaitre Vascular Inc (LMAT) 2025 Q1 法說會逐字稿

Welcome to the LeMaitre Vascular first quarter 2025 Financial Results conference call. As a reminder, today's call is being recorded. At this time, I would like to turn the call over to Mr. Dorian Leblanc, Chief Financial Officer of LeMaitre Vascular. Please go ahead, sir.

歡迎參加 LeMaitre Vascular 2025 年第一季財務業績電話會議。提醒一下，今天的通話正在錄音。現在，我想將電話轉給 LeMaitre Vascular 財務長 Dorian Leblanc 先生。先生，請繼續。

Thank you, operator. Good afternoon and thank you for joining us on our Q1 2025 conference call. With me on today's call is our CEO, George W. LeMaitre and our President, David B. Roberts. Before we begin, I'll read our Safe Harbor statement.

謝謝您，接線生。下午好，感謝您參加我們的 2025 年第一季電話會議。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 David B. Roberts。在我們開始之前，我先宣讀我們的安全港聲明。

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 these forward-looking statements by using words such as believe, expect, anticipate, pursue, forecast, and similar expressions. Our forward-looking statements are based on our estimates and assumptions as of today, May 1, 2025. And should not be relied upon as representing our estimates or views on any subsequent date.

今天我們將根據美國1995年私人證券訴訟改革法案的含義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。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。我們的前瞻性陳述是基於截至 2025 年 5 月 1 日的估計和假設。並且不應被視為代表我們對任何後續日期的估計或觀點。

Please refer to the cautionary statement regarding forward-looking information and the risk factors in our most recent 10K and subsequent SEC filings, including disclosure of the factors that could cause results to differ materially from those expressed or implied.

請參閱我們最近的 10K 和後續 SEC 文件中關於前瞻性資訊的警示聲明和風險因素，包括可能導致結果與明示或暗示的結果有重大差異的因素的揭露。

During this call, we will discuss non-GAAP financial measures such as organic sales growth. 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.laate.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，例如有機銷售成長。本次電話會議中討論的 GAAP 與非 GAAP 指標的對帳內容包含在相關新聞稿中，也可在我們網站 www.laate.com 的投資者關係部分查閱。

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

現在我將電話轉給喬治·W·勒梅特爾。

Thanks, Dorian. Q1 sales were stronger than our February 27 guidance. 13% organic and 12% reported growth was led by Grafts, up 17%, and carotid shunts up 14%.

謝謝，多里安。第一季的銷售額高於我們 2 月 27 日的預期。有機成長 13%，報告成長 12%，其中移植物成長 17%，頸動脈分流術成長 14%。

We posted sales records in all five of our categories Grafts, carotid shunts, catheters, valvulotome, and patches. By geography, EMEA was up 18%, the Americas 11%, and APAC 3%. I'll focus my remarks on three topics. First, the growth of our sales force. Second, our new international sales offices, and finally, our MDR CE marks.

我們公佈了所有五個類別的銷售記錄：移植物、頸動脈分流器、導管、瓣膜刀和補片。按地區劃分，歐洲、中東和非洲地區成長 18%，美洲地區成長 11%，亞太地區成長 3%。我的發言將集中談三個主題。首先，我們的銷售團隊不斷壯大。其次，我們的新國際銷售辦事處，最後，我們的 MDR CE 標誌。

We currently have 164 representatives on payroll, and we're now targeting 170 at year end. We also employ 34 sales managers versus 31 at our last earnings call. The sales force is our number one asset, so we continue to invest in reps, managers, and sales offices.

我們目前有 164 位在職代表，我們的目標是到年底達到 170 位。我們也僱用了 34 位銷售經理，而上次收益電話會議時只有 31 位。銷售團隊是我們最重要的資產，因此我們持續對銷售代表、經理和銷售辦事處進行投資。

Our new Alpine Regional sales manager started on April 1 and will oversee seven sales reps in Switzerland, Austria, and Czechia. Shipping from our new Zurich office will reduce customs complexity for Swiss hospitals, and our direct offices almost always improve sales performance.

我們新的阿爾卑斯地區銷售經理於 4 月 1 日上任，將負責管理瑞士、奧地利和捷克的七名銷售代表。從我們新的蘇黎世辦事處發貨將減少瑞士醫院的海關複雜性，而且我們的直屬辦事處幾乎總是能提高銷售業績。

Switzerland is the Ma's 6th largest European market.

瑞士是馬雲的第六大歐洲市場。

We expect to sign a transition agreement with our check distributor shortly and should log our first direct sale in August and we are currently recruiting two Czech reps.

我們預計很快就會與我們的支票分銷商簽署過渡協議，並將在八月份記錄我們的第一筆直銷，目前我們正在招募兩名捷克代表。

As for Portugal, we hired our Lisbon rep on January 1, signed our distributor transition agreement on March 19, and on May 1 became direct in Portugal.

至於葡萄牙，我們於 1 月 1 日聘請了里斯本代表，於 3 月 19 日簽署了分銷商過渡協議，並於 5 月 1 日在葡萄牙開始直銷。

Also in Europe we've just received our MDR CE mark for autographs, and the European launch will begin presently.

此外，在歐洲，我們剛剛獲得了 MDR CE 簽名標誌，歐洲市場即將開始推廣。

Artegraft, a biologic graft used primarily in AV access and peripheral bypass, was the Company's largest U.S. product in 2024 with $37 million in U.S. sales.

Artegraft 是一種主要用於 AV 通路和周邊搭橋的生物移植物，是該公司 2024 年在美國最大的產品，美國銷售額達 3,700 萬美元。

At previous earnings calls, we've estimated Artegraft's current market size to be about $8 million in Europe and $8 million rest of the world. We currently have Artegraft approvals in New Zealand, South Africa, Thailand, Israel, and Malaysia.

在先前的收益電話會議上，我們估計 Artegraft 目前在歐洲的市場規模約為 800 萬美元，在世界其他地區的市場規模約為 800 萬美元。目前，我們已獲得紐西蘭、南非、泰國、以色列和馬來西亞的 Artegraft 批准。

We sold $180,000 of Artegraft internationally in Q1. We also expect to receive approvals in Australia, Canada, Singapore, and Korea by H1 2026. So this is an exciting worldwide launch with plenty of long run upside. Our New Jersey autograph production facility is currently running a single shift and is capable of meeting this new demand.

我們在第一季在國際上銷售了價值 18 萬美元的 Artegraft。我們也預計到 2026 年上半年將獲得澳洲、加拿大、新加坡和韓國的批准。因此，這是一次令人興奮的全球發布，具有很大的長期優勢。我們位於新澤西州的簽名生產工廠目前只運作一個班次，能夠滿足這項新需求。

Separately, we continue to anticipate at least one restore flow allograft's approval in 2025 from Ireland or Germany. As a reminder, Artegraft require approval on a country by country basis. Approvals from either Ireland or Germany would then expedite our individual European country approvals.

另外，我們繼續預期 2025 年愛爾蘭或德國將批准至少一項恢復血流同種異體移植技術。提醒一下，Artegraft 需要根據各國的情況進行批准。愛爾蘭或德國的批准將會加速我們各個歐洲國家的批准。

Anticipating the Irish approval, we'll be opening a pan-European restore flow distribution facility in Dublin in H2.

預計會得到愛爾蘭的批准，我們將於下半年在都柏林開設一個泛歐恢復流量分配設施。

Restore flow is currently approved in the US, the UK, and Canada.

恢復流程目前已在美國、英國和加拿大獲得批准。

Since the 2016 acquisition RestoreFlow's sales CAGR has been 23%.

自 2016 年收購以來，RestoreFlow 的銷售複合年增長率為 23%。

In summary, Q1 sales momentum, our continued office and sales force buildout, and our regulatory progress allow us to increase our 2025 reported sales guidance to $245 million from $239 million previously, and our organic sales guidance has advanced to 13% from 10% previously. $303 million of cash also provides strategic optionality.

總而言之，第一季的銷售動能、我們持續的辦公室和銷售隊伍建設以及監管方面的進展使我們能夠將 2025 年的報告銷售預期從之前的 2.39 億美元提高到 2.45 億美元，我們的有機銷售預期從之前的 10% 提高到 13%。 3.03 億美元的現金也提供了戰略選擇。

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

說完這些，我就把電話轉給 Dorian。

Thanks George. The [main] portfolio of niche devices continues to deliver in Q1. As George referenced, we experienced record quarterly sales in Grafts, carotid shunts, catheters, valvulotome, and patches. Organic sales growth of 13% over Q1 '24 was driven by average selling price increases of 9% and unit increases of 4%.

謝謝喬治。利基設備的[主要]產品組合在第一季繼續表現出色。正如喬治所提到的，我們的移植物、頸動脈分流器、導管、瓣膜刀和補片的季度銷售額創下了紀錄。24 年第一季有機銷售額成長 13%，這得益於平均售價上漲 9% 和單位銷售額上漲 4%。

In Q1 2025, we posted a 69.2% gross margin.

2025 年第一季度，我們的毛利率為 69.2%。

The 60 basis points increase year-over-year was driven primarily by higher ASPs and lower inventory scrap offset by product mix. Average selling price increases improve the gross margin by approximately 270 basis points in Q1. Reduce scrap contributed an additional 85 basis points.

年比成長 60 個基點，主要由於平均售價上漲和庫存廢品率降低（但產品組合有所抵銷）。平均售價上漲使第一季的毛利率提高了約 270 個基點。減少廢品貢獻了額外的85個基點。

The shift in product mix, particularly towards Grafts, negatively impacted the gross margin by 220 basis points.

產品結構的轉變，特別是轉向Grafts，對毛利率產生了220個基點的負面影響。

Operating expenses in Q1 2025 or $28.8 million, an increase of 16% versus Q1 2024. The increase was driven largely by higher compensation expenses, including the addition of 21 more sales professionals and higher non-compensation sales related expenses.

2025 年第一季營運費用為 2,880 萬美元，較 2024 年第一季成長 16%。成長的主要原因是薪資費用增加，包括增加了 21 名銷售專業人員以及非薪資銷售相關費用增加。

Q1 2025 operating income increased 6% year-over-year to $12.6 million, an operating margin of 21%.

2025 年第一季營業收入年增 6% 至 1,260 萬美元，營業利益率為 21%。

Fully diluted EPS was $0.48, up 10%.

完全稀釋每股收益為 0.48 美元，成長 10%。

We ended Q1 2025 with $302.5 million in cash and securities, an increase of $2.8 million in the quarter.

截至 2025 年第一季度，我們的現金和證券餘額為 3.025 億美元，比本季增加了 280 萬美元。

Cash from operations generated $9 million in the quarter. We paid $4.5 million in dividends to shareholders and made the final deferred payment of $1.4 million related to our 2019 CardioCel acquisition.

本季經營活動產生的現金為 900 萬美元。我們向股東支付了 450 萬美元的股息，並支付了與 2019 年收購 CardioCel 相關的 140 萬美元的最終延期付款。

As we turn to guidance, there are two additional topics that we have incorporated into our full year forecasts. First, we have amicably wound down our porcine patch distribution agreement with Elutia effective April 30 in order to focus on sales of our own biologics. In 2024, our hospital sales of Elutia patches total approximately $5 million. This product exit will likely improve our organic growth rate and gross margin.

當我們轉向指導時，我們在全年預測中納入了另外兩個主題。首先，我們已友好地終止了與 Elutia 的豬貼劑分銷協議，該協議自 4 月 30 日起生效，以便專注於我們自己的生物製劑的銷售。2024 年，我們醫院的 Elutia 貼片銷售額總計約為 500 萬美元。該產品的退出可能會提高我們的有機成長率和毛利率。

Second, we'd like to address tariffs.

第二，我們想討論關稅問題。

In summary, we believe the company is comparatively well positioned as it relates to this issue. LeMaitre manufactures 100% of its products in the United States and therefore we have limited concerns related to US import tariffs. Approximately 25% of our cost of goods sold is for raw materials and components, of which approximately $2 million is paid to foreign suppliers, largely to Australia.

總而言之，我們認為該公司在處理這一問題上處於相對有利的地位。LeMaitre 100% 的產品均在美國生產，因此我們對美國進口關稅的擔憂有限。我們銷售成本的約 25% 來自原材料和零件，其中約 200 萬美元支付給國外供應商，主要是澳洲。

Simply stated, we are not big importers.

簡單地說，我們不是大型進口國。

As for the impact of potential retaliatory tariffs, approximately 40% of our sales are international. Since we generally compete in low rivalry markets, we anticipate low substitution risk, and we believe we can raise prices to offset most potential tariffs.

至於潛在報復性關稅的影響，我們約 40% 的銷售額來自國際市場。由於我們通常在競爭較低的市場中競爭，因此我們預計替代風險較低，我們相信我們可以提高價格以抵消大多數潛在關稅。

China accounted for less than 1% of our total annual revenue. The Chinese import tariffs currently in place will increase our Chinese cost of goods by almost $825,000 per year. We are implementing price increases on May 15 in China, which would offset half of these costs. We remain committed to a long-term view of our business prospects in China.

中國市場占我們年度總收入的不到1%。目前實施的中國進口關稅將使我們在中國的商品成本每年增加近 825,000 美元。我們將於5月15日在中國實施價格上漲，這將抵銷一半的成本。我們始終致力於以長遠的眼光看待我們在中國的業務前景。

We generally believe that cooler mines will eventually prevail and most tariffs will recede in the long run, particularly on life saving medical devices.

我們普遍認為，較冷的礦場最終將佔上風，從長遠來看，大多數關稅將會消退，特別是對於救生醫療設備。

Overall, we feel well positioned with our US only manufacturing footprint, our US focused supply chain, and our competitive positioning in foreign markets with our niche products and direct sales model. Therefore, we feel comfortable increasing our 2025 sales guidance despite trade tensions.

整體而言，我們認為自己在美國擁有良好的製造基地，以美國為中心的供應鏈，並且憑藉我們的利基產品和直銷模式在國外市場上佔據競爭優勢。因此，儘管貿易緊張，我們仍願意提高 2025 年的銷售預期。

LeMaitre continues to deliver broad-based revenue growth with our differentiated products, direct the hospital model, and growing commercial organization. We have raised our full year revenue guidance to $245 million reflecting a continued robust sales performance and a benefit from the weaker US dollar offset by the discontinuation of our Elutia distribution agreement and a weaker outlook for our small China business.

LeMaitre 繼續透過我們的差異化產品、直接醫院模式和不斷發展的商業組織實現廣泛的收入成長。我們已將全年營收預期上調至 2.45 億美元，這反映了持續強勁的銷售業績和美元疲軟帶來的好處，但 Elutia 分銷協議的終止和我們小型中國業務前景的疲軟抵消了這一影響。

We have further updated our annual guidance for a gross margin of 69.6%, operating income of $57.7 million in a midpoint guide on diluted earnings per share of $2.16.

我們進一步更新了年度指引，毛利率為 69.6%，營業收入為 5,770 萬美元，每股攤薄收益為 2.16 美元。

For more details, please see today's press release. With that, I'll turn it back over to the operator for questions.

如欲了解更多詳情，請參閱今天的新聞稿。說完這些，我將把問題交還給接線員。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Suraj Kalia, Oppenheimer & Co.

蘇拉吉·卡利亞，奧本海默公司

Hi guys, congrats on a strong quarter. This is, Seamus on for Suraj today.

大家好，恭喜本季業績強勁。今天由 Seamus 代替 Suraj 上場。

Just to start, you guys had a strong Q1, you guys beat by a little over $2 million, but you raised the guidance by $7 million, obviously there's some moving pieces here. You guys have Artegraft clearance now, the Elutia, agreement cessation, I guess what's giving you the confidence here, early, especially with kind of the current things swirling around in the air, in terms of tariffs and globally that's giving you the confidence to increase guidance so early in the year.

首先，你們第一季的業績表現強勁，超出預期 200 多萬美元，但你們的預期利潤卻上漲了 700 萬美元，顯然這裡有一些變動。你們現在已經獲得了 Artegraft 的批准，Elutia 也獲得了協議終止，我想是什麼讓你們如此有信心，尤其是在當前關稅和全球局勢動蕩的情況下，這讓你們有信心在今年年初就提高指導。

Thank thanks for the great question, Seamus. This is George. Yeah, of course you're pointing out, so what gives us this confidence there's a bunch of factors here, but maybe the first one that you pointed out was that we beat Q1 by a lot, so you got that going, that's already in the bag. The price hikes also are working better than anticipated. It was a big topic at the last call, but we came out and said we think the US price list was going to increase prices by 8% and in Q1 we got an 11% in the US so, we got a little bit better than we expected with those pricing floors.

非常感謝 Seamus 提出的這個好問題。這是喬治。是的，你當然指出了這一點，那麼是什麼給了我們這種信心呢？這裡有很多因素，但也許你指出的第一個因素是我們以很大的優勢擊敗了 Q1，所以你已經知道了這一點，這已經是板上釘釘的事了。價格上漲的效果也比預期的好。這是上次會議的一個大話題，但我們公開表示，我們認為美國價格表將漲價 8%，而第一季美國的價格上漲了 11%，因此，這些定價下限比我們預期的要好一些。

Interestingly enough, getting out of the Elutia business will help organic growth in the year because it was reducing over time. It never really worked that well inside of our bag of goods and so getting rid of that oddly increases organic growth.

有趣的是，退出 Elutia 業務將有助於今年的有機成長，因為隨著時間的推移，該業務一直在減少。它在我們的貨物袋中從來沒有發揮過很好的作用，因此，奇怪地，擺脫它反而會增加有機增長。

You can see also we're sort of quote guiding more sales reps than on the last call. We're guiding 165 for the end of this year on February 27. And now come May 1 we're guiding 170, so we're putting on more reps, and we think that'll lead to additional sales growth.

您還可以看到，與上次通話相比，我們正在指導更多的銷售代表。我們預計今年年底（2 月 27 日）的產量將達到 165 噸。現在到了 5 月 1 日，我們的預期銷售量為 170 人，因此我們將增加更多的銷售代表，我們認為這將帶來額外的銷售成長。

Obviously you pointed out also the Artegraft international, it's starting to work internationally and then on Tuesday we got the approval, the big one we've been waiting for, which is the CE mark for Artegraft. And then, just in general, Europe's going so well these days for a variety of reasons, both price and units. And all these offices we keep putting in seem to help out with growth. So I would say that's a lot, that's a big long laundry list for your question, but that's sort of why we feel comfortable going from 10 to 13 organic.

顯然，您也指出了 Artegraft 國際版，它開始在國際上發揮作用，然後在周二我們獲得了批准，這是我們一直在等待的重大批准，即 Artegraft 的 CE 標誌。整體而言，歐洲市場近來表現良好，這有多種原因，包括價格和單位。我們不斷設立的所有這些辦事處似乎都有助於成長。所以我想說這很多，對於你的問題來說這是一個很長的清單，但這也是為什麼我們願意將有機產品從 10 種增加到 13 種。

Got it. I appreciate all that helpful color and then I just kind of one more and we'll hop back into you.

知道了。我感謝所有這些有用的顏色，然後我再說一遍，我們就會回到你身邊。

Can you give us any update on M&A, what you're seeing, and then Georgia, I can't help but, at least clarify this, you noted that you guys have $303 million of cash and it provides strategic optionality, so I feel like there's something there that you're, maybe hinting at kind of behind the scenes if you can give us any, you know what you may mean by that. Thank you.

您能否向我們提供有關併購的任何最新情況，您所看到的，然後是喬治亞州，我忍不住至少澄清這一點，您提到您有 3.03 億美元的現金，它提供了戰略可選性，所以我覺得您在那裡暗示了一些東西，也許在幕後，如果您可以給我們任何東西，您知道您可能是什麼意思。謝謝。

Okay, really quickly, I'll say I'm not hinting at anything. I just feel like if you have $3 million in the bank, you can do stuff with it. So there's nothing underneath that, but I'll pass it over to Dave who usually handles the M&A question, Seamus.

好的，我很快就說我沒有暗示任何事。我只是覺得如果你銀行裡有 300 萬美元，你就可以用它做些什麼。這下面沒有什麼，但我會把它交給通常處理併購問題的戴夫·西莫斯 (Dave Seamus)。

Hey Seamus, great to hear from you. Yeah, the pipeline's in really good shape.

嘿，西莫斯，很高興收到你的來信。是的，管道狀況非常好。

Obviously we're still hunting in the center of the fairway for us, which is open vascular surgery. There are 22 or 23 targets over $5 million of [revenue], but we're also actively hunting in an adjacent space, cardiac surgery where there are crossover devices and some cardiac surgeons do vascular surgery. I say, of course, like I said in previous calls we're hunting for larger deals. Our last deal was almost 5 years ago, Artegraft , and we're obviously delighted with how that's gone, but we're hunting for larger deals and hence we've done, we did the bond offering in December. The sweet spot probably has revenues $150 million or something like that worth of revenue.

顯然，我們仍在尋找我們球道的中心，那就是開放式血管手術。有 22 或 23 個目標的[收入]超過 500 萬美元，但我們也在積極尋找鄰近領域，即心臟外科手術，那裡有交叉設備，一些心臟外科醫生也做血管外科手術。我說，當然，就像我在之前的電話中所說的那樣，我們正在尋找更大的交易。我們上一筆交易是在大約 5 年前，交易對像是 Artegraft，我們對交易的進展非常滿意，但我們正在尋找更大的交易，因此我們在 12 月發行了債券。最佳收入可能是 1.5 億美元或類似的收入。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Michael Petusky, Barrington Research

巴林頓研究公司（Barrington Research）的麥可‧佩圖斯基（Michael Petusky）

Hey, good evening.

嘿，晚上好。

George, I'm curious, any view on XenoSure in China and just all the sort of the strain in this relationship? Do you have any concerns that this hangs it up, or is there any intelligence that you might have on that, sort of relative to that issue?

喬治，我很好奇，您對 XenoSure 在中國以及這種關係中的緊張局勢有何看法？您是否擔心這會阻礙事情的進展，或者您是否有任何與該問題相關的資訊？

Right, it's a great question, Mich, thanks a lot.

好的，這是一個很好的問題，Mich，非常感謝。

I feel like the whole project just took a, I don't know, a 5 yard sack, if you will, not just XenoSure, but the whole China LeMaitre and as you can remember 2 years ago we were in here, saying how bad China was, and then in the last year it sort of really turned around for us. We had a fantastic Q1 if you remember. And so yeah, it's frustrating, but you know we've been there 10 years. We call it the long march, ha ha ha. We can, we plan to continue being there. It will hurt us a little bit, but I bet you in the long run some of this stuff simmers down. I think it'll be okay.

我覺得整個專案只需要一個，我不知道，一個 5 碼的麻袋，如果你願意的話，不僅僅是 XenoSure，而是整個 China LeMaitre，你可能還記得 2 年前我們在這裡，說中國有多糟糕，然後在去年它真的為我們扭轉了局面。如果你還記得的話，我們第一季的表現非常出色。是的，這確實令人沮喪，但你知道我們已經在那裡 10 年了。我們稱之為長徵，哈哈哈。我們可以，我們計劃繼續留在那裡。這會對我們造成一點傷害，但我敢打賭，從長遠來看，其中一些事情會逐漸平息。我想不會有事的。

And Mich, it's David. Yeah, obviously we were delighted to get that XenoSure cardiac approval back in December and so for us, despite all the tariff and trade tension and all that. Our team is actively seeking provincial listing approvals in the 31 provinces there. We expect to get most of those in Q4. Of course, the material sales wouldn't appear probably until next year sometime, but yeah, let's just see what happens between the countries. But in the meanwhile, we're preparing to move ahead with that product line.

Mich，我是 David。是的，顯然我們很高興在 12 月獲得了 XenoSure 心臟藥物的批准，儘管存在關稅和貿易緊張等問題。我們的團隊正在積極尋求該國31個省的省級上市批准。我們預計將在第四季度實現其中的大部分目標。當然，實際銷售可能要到明年某個時候才會出現，不過，讓我們看看各國之間會發生什麼事。但同時，我們正準備推進該產品線。

Alright, great, and Dorian, curious if you have this handy, do you have cash flow for Ops and CapEx this quarter by any chance?

好的，太好了，Dorian，我很好奇您是否有這個，您是否有這個季度的營運和資本支出現金流？

Sure, Mich, cash flow from ops was $9 million and within that depreciation and amortization was $2.552 million.

當然，Mich 的營運現金流為 900 萬美元，其中折舊和攤提為 255.2 萬美元。

Sharebase comp was $2.046 million.

Sharebase 的薪酬為 2,046,000 美元。

And capital expenditures for the quarter is $1.383 million.

本季資本支出為 138.3 萬美元。

And cash flow from ops was like roughly 9.0 ?

營運現金流大約是 9.0？

$9.0 million correct.

900萬美元正確。

Awesome, thank you so much. JJ always, was good was having that handy. I really appreciate you, doing the same. I'll get back in the queue at this point. Thanks, thank you guys. I appreciate it.

太棒了，非常感謝。JJ 總是那麼好，手邊有這個就太好了。我真的很感謝你，也這麼做。我現在會回到隊列中。謝謝，謝謝大家。我很感激。

Thanks a lot Mich.

非常感謝 Mich。

Rick Wise, Stifel Financial

瑞克懷斯（Rick Wise）, Stifel Financial

Thank you. Good afternoon, everybody. Hi, George. Just to start off on, your pricing commentary, I mean, clearly, as you said price was stronger, better than expected, and maybe I'm misremembering, please correct me obviously if I'm wrong. I feel like that, the last call we were thinking about more of a 6% blended price increase for the year. So given the first quarter performance and whatever the, guidance was before, how do you want us to think about, price or price and volume. As we break it down and think about the full '25 year.

謝謝。大家下午好。你好，喬治。首先，關於您的定價評論，我的意思是，顯然，正如您所說，價格比預期的要高，要好，也許我記錯了，如果我錯了，請糾正我。我覺得，上次我們考慮的是今年的混合價格上漲 6% 以上。因此，考慮到第一季的表現以及先前的指導，您希望我們如何考慮價格或價格和數量。當我們把它分解開來並思考整個 25 年。

Okay, and then I know I'm going to come to an unsatisfactory answer to this question, but I'm going to get there in a second just to go at. I think the difference between your 6% number and my 8% number that I just mentioned was I'm talking US only and we were trying to use that as a proxy, as a simple proxy. You might have blended worldwide as 6%. You might remember that from the last call, but regardless of what either of us, regardless of where we remember it, the raw fact is in Q1 it was a 9% price increase and a 4% unit increase.

好的，我知道我會對這個問題給出一個不令人滿意的答案，但我馬上就會談到這個。我認為您提到的 6% 的數字和我剛才提到的 8% 的數字之間的差異是，我指的是美國，我們試圖用它作為代理，作為一個簡單的代理。您可能已將全球混合比例定為 6%。您可能還記得上次通話中的情況，但無論我們中的任何一個人如何記得，無論我們在哪裡記得，事實是第一季價格上漲了 9%，單位增加了 4%。

We always have an eye towards having better unit growth, but it's a nice number anyway, so 9% and 4% was what we got in Q1. I sort of talk it through now to just go back to the US. Our list price increase was 8.1% blended in the US, and we think we got 11%. So we got a little bit more price discipline than we expected, I guess is what I would say. As for your back to your question about price and volume for the year, it's almost impossible for us to get what the organic growth is. It's so hard. We don't really try to break it between price and units. Perhaps you could assume, status quo as the year goes by. I don't have any reason to think it's not status quo, and that's 9% and 4% is the 13% for Q1, but I don't know about the next three quarters.

我們始終致力於實現更好的單位成長，但無論如何這都是一個不錯的數字，所以我們在第一季實現了 9% 和 4% 的成長。我現在想說的是回美國。我們的標價在美國上漲了 8.1%，我們認為漲幅達到了 11%。因此，我想說的是，我們的價格紀律比我們預期的要嚴格一些。至於您關於今年價格和銷售的問題，我們幾乎不可能知道有機成長是多少。這太難了。我們實際上並沒有嘗試將其分為價格和單位。也許你可以假設，隨著時間的推移，現狀將會維持不變。我沒有任何理由認為這不是現狀，那就是 9% 和 4% 是第一季的 13%，但我不知道接下來的三個季度的情況。

Gotcha. That's helpful. And I was hoping you'd expand on, the excellent news about the Artegraft CE mark approval. How do we think about, the contribution from Artegraft in Europe? What kind of incremental volumes should that offer? What's baked into your guidance? Just maybe some additional color there would be helpful. Sure.

明白了。這很有幫助。我希望您能詳細說明有關 Artegraft CE 標誌認證的好消息。我們如何看待 Artegraft 在歐洲的貢獻？這應該提供什麼樣的增量量？您的指導包含哪些內容？也許一些額外的顏色會有所幫助。當然。

That makes a lot of sense. It's why we gave you that international number, which is without Europe so far. So in the first sort of real quarter of selling internationally, we've got 180,000. We've pumped into our model a number which it's so preliminary but we wrote it in. It's €350,000 for the back three quarters of this year. But honestly, Rick, I think I'd love for you guys to give us a quarter or two to get our sea legs on this product, and then I think we'll be a lot better at guiding prospective on that. And then of course, as you remember, I'm going to not want to guide on individual devices at some point, but I realize we all need more information around this. What does it mean?

這很有道理。這就是我們為您提供這個國際號碼的原因，目前不包括歐洲。因此，在第一個實際的國際銷售季度中，我們的銷售量已達到 180,000 輛。我們已經將一個數字輸入到我們的模型中，雖然它還只是初步的，但我們還是把它寫了進去。今年後三個季度的營收為 35 萬歐元。但說實話，里克，我希望你們能給我們一到兩個季度的時間來熟悉這款產品，然後我想我們就能更好地引導這款產品的前景。當然，正如你所記得的，我不想在某些時候指導單一設備，但我意識到我們都需要更多有關此方面的資訊。這是什麼意思？

Another way to look at it is we keep saying there's an $8 million market in Europe and an $8 million market rest of world. Another way to look at it, which we keep trying to, juxtapose with that number, is there's a we sold $37 million of it in the US. If you take a really high level look at it, I don't know, maybe in 10 years you're selling half of that or 1/4 of that. I don't know. They have different practice patterns over there. It's a long run. I hope I'm answering part of your question. Do you want to poke away at any of that, Rick? Any other further comments on that, on my answer?

另一種看法是，我們一直說歐洲的市場規模為 800 萬美元，而世界其他地區的市場規模也為 800 萬美元。另一種看待這個問題的方式是，我們一直試圖將其與這個數字並列，那就是我們在美國銷售了 3700 萬美元。如果你從高層次來看，我不知道，也許 10 年後你賣出的只有其中的一半或四分之一。我不知道。他們那裡有不同的練習模式。這是一段漫長的歷程。我希望我能回答你的部分問題。瑞克，你想探究一下這些嗎？針對我的回答還有其他評論嗎？

No, that's a great perspective. I will sneak in another small question about gross margin if I could.

不，這是一個很好的觀點。如果可以的話，我會偷偷問另一個關於毛利率的小問題。

Thank you, Dorian, for the gross margin breakdown and help us think about the graft, drag. Obviously, price was a positive scrap, good, contributed.

謝謝你，Dorian，謝謝你提供的毛利率明細，並幫助我們思考貪污和拖累。顯然，價格上漲是一個正面的訊號，是好的，有貢獻的。

But is this mixed drag, is there anything that's going to change as the year unfolds and just maybe just give us some color about how gross margins we should think about it, as the year unfolds, as the quarters, unfold for the year as well ?

但這種混合拖累是否會影響到今年的情況，是否會有什麼變化，以及是否會給我們一些關於我們應該如何看待毛利率的信息，隨著今年、每個季度的展開，以及全年的展開？

Thank you.

謝謝。

And the Artegraft product in particular is the component of mix that is, you can think of as being below the corporate average margin. Obviously we've continued to see great growth in that product line. George mentioned that you know we've got a 23% compound annual growth rate since the acquisition there. But it is a little bit different product, the human tissue, and so the great growth there and we will hopefully see that as well in 2026 with the approvals that we see coming in Europe, the investments that we're making. So that that was the big contributor from a graph perspective on the mix.

尤其是 Artegraft 產品，它是混合成分，您可以認為其利潤率低於企業平均利潤率。顯然，我們繼續看到該產品線的大幅成長。喬治提到，自從收購以來，我們的複合年增長率達到了 23%。但人體組織是一種略有不同的產品，因此該領域有著巨大的成長空間，我們希望在 2026 年隨著歐洲的批准和我們正在進行的投資，也能看到這一點。因此，從圖表角度來看，這是混合中最大的貢獻者。

Gotcha.

明白了。

Thank you.

謝謝。

Michael Sarcone, Jefferies

薩科內（Michael Sarcone），傑富瑞集團

Good afternoon and thanks for taking our questions. Just to follow up on on Rick's questions, make sure I'm clear so just on the Q1 gross margin and and operating margin coming in below guidance, is it fair to read that as, Artegraft kind of performed better than expected and that's what drove the below guide margins?

下午好，感謝您回答我們的問題。只是為了跟進 Rick 的問題，確保我清楚，所以僅就第一季的毛利率和營業利潤率低於指導值而言，是否可以公平地理解為，Artegraft 的表現好於預期，這就是導致利潤率低於指導值的原因？

Yeah, I think just Grafts overall as a category, performing as high as they did is what drove that mixed component.

是的，我認為 Grafts 作為一個類別的整體表現如此出色，正是推動混合成分發展的因素。

And Mich, I would add it's David Roberts.

我想補充一下，Mich 是 David Roberts。

And within that, as Dorian mentioned, Artegraft has been, an important growth driver for us over many quarters, and it did outperform in Q1 by about a million dollars. And so that I'd say was the primary driver of the gross margin this from a product standpoint.

正如 Dorian 所提到的，Artegraft 在過去多個季度一直是我們重要的成長動力，並且在第一季的表現確實超出了約一百萬美元。因此，從產品角度來看，我認為這是毛利率的主要驅動因素。

Got it. That's helpful.

知道了。這很有幫助。

And then just, on gross and operating margin for the full year it looks like the guide came down modestly for gross margin, but you're taking up your operating margin guidance at the midpoint. Can you just kind of elaborate on the moving pieces there?

然後，就全年的毛利率和營業利潤率而言，看起來毛利率指南略有下降，但您在中間採用了營業利潤率指南。您能詳細說明一下那裡的移動部分嗎？

Yeah, I mean there's a lot to that, right? We have such a nice sales, growth, guidance, and yet the operating margin moves down from [25] to [24] for the full year. That's what you're getting at, right, Mike?

是的，我的意思是有很多事情，對吧？我們的銷售額、成長和預期都很好，但全年營業利潤率卻從 [25] 下降到 [24]。這就是你要表達的意思，對吧，麥克？

What, what's the component of that? So as you already alluded to, we missed, we're pulling down our gross margin guidance ever so slightly for the year because we got a 69.2% in Q1. We're a little nervous about what does that mean? And so I think we're now what are we at 69.6% is the guide, yeah, okay, so 69.6% for the yearly guide. So that's involved in it too.

那個是什麼成分？因此，正如您已經提到的，我們未能實現目標，因此我們將略微下調今年的毛利率預期，因為第一季我們的毛利率為 69.2%。我們有點緊張，這意味著什麼？所以我認為我們現在的指導值為 69.6%，是的，好的，年度指導值為 69.6%。所以這也與此有關。

I would go back and think about this 24% margin it's a crazy high Op margin and it gets affected, it's pretty rare to see a company with that Op margin. So anything you do upsets that op margin. Maybe one thing that you can see us doing here on this call is we've increased our quote guidance, I don't know what you call it, from 165 reps at year end to 170. So I think our our sort of bullishness that we're seeing with sales and with the success of this commercial build out, I think we're saying, hey, let's add 5 more to this, and I think maybe you're seeing some of that in the Op margin. And then finally, of course, a Swiss office doesn't come cheap. We continue to learn clearly the most expensive place to operate on the planet besides Tokyo. So you got a little bit of Swiss office in there too and some of these sales reps.

我會回過頭來思考這個 24% 的利潤率，這是一個非常高的營運利潤率，而且它會受到影響，很少看到一家公司擁有這樣的營運利潤率。因此，您所做的任何事情都會影響操作利潤。也許您可以在這次電話會議上看到我們所做的一件事是，我們提高了報價指導，我不知道您怎麼稱呼它，從年底的 165 個代表增加到 170 個。因此，我認為，從我們在銷售和商業建設方面看到的樂觀情緒來看，我們會說，嘿，讓我們再增加 5 個，我想也許您會在營運利潤中看到一些這樣的情況。最後，當然，在瑞士設立辦公室並不便宜。我們繼續清楚地了解到，除了東京之外，世界上營運成本最高的地方是哪裡。所以你們在那裡也有一些瑞士辦公室和一些銷售代表。

Got it. Thank you very much.

知道了。非常感謝。

Frank Takkinen, Lake Street Capital

弗蘭克‧塔基寧 (Frank Takkinen)，湖街資本

Alright, thanks for taking the questions. Congrats on all the progress. I wanted to also start with one on the salesforce. Can you just remind us, kind of ramp up time and then when we can see that convert to kind of operating leverage? I know that the guidance implies that operating income is starting to grow a little quicker through the back half of the year, but typically we've seen, that really outpace the top line. So when can we see some of those reps start to contribute and then drive that, impressive operating leverage profile you guys have shown?

好的，感謝您回答這些問題。祝賀你取得的所有進展。我還想從銷售人員開始。您能否提醒我們，增加時間以及何時我們可以看到其轉化為經營槓桿？我知道該指引暗示營業收入將在下半年開始稍微快速成長，但我們通常看到的是，營業收入的成長速度確實超過了營業收入。那麼，我們什麼時候才能看到其中一些代表開始做出貢獻，然後推動你們所展示的令人印象深刻的營運槓桿狀況？

Thanks for the question, Frank, and just to put some numbers on where you're talking about H2, it looks like we're implying in the guidance that the Op income growth gets back to 14% for H2, and I think it's a piece of what you're alluding to. As to how quick the reps get up and running, we've been answering this question for, I've been answering for 20 years. I don't have a great answer. I will say that we've done a lot of what I'll call regression analysis and salesforce analysis. And God knows we have a lot of data around here now having run the Salesforce for so long, and I used to say to people, oh, it takes a year for people to ramp up. I don't feel that way anymore.

謝謝你的提問，弗蘭克，我只是想在你談論下半年的地方舉一些數字，看起來我們在指導中暗示下半年的運營收入增長將回到 14%，我認為這是你所暗示的一部分。至於銷售代表們的啟動和運行速度有多快，我們一直在回答這個問題，我已經回答了 20 年了。我沒有很好的答案。我想說的是，我們做了很多所謂的迴歸分析和銷售人員分析。上帝知道，我們已經運行 Salesforce 很長時間了，現在我們這裡有很多數據，我曾經對人們說，哦，人們需要一年的時間來提高水平。我不再有那種感覺了。

I think it's quicker than that and I think that. It's extremely hard to distinguish between a rep that's been here two quarters. This is shocking, and one that's been here for 5 years. The performance to quota is indistinguishable for those two, cadres of employees. So that's an odd answer. It's a surprising answer, but those are the numbers that keep showing up and we've been looking at this for 2 and 3 years now. It's not going away. That's what we see. I think it's maybe unfortunately I know there are sales reps on this phone call, and I hate to do this, but maybe it's a little bit of the warm body hypothesis where you put a rep in Cleveland, they're going to sell whether they're 6 years into this or 2 months into this thing. They're going to sell stuff. I hope that helps. It's odd data, I will admit.

我認為它比那更快，而且我也這麼認為。很難區分在這裡待了兩個季度的銷售代表。這件事令人震驚，而且已經持續了五年。這兩類員工的績效完成情況是沒有差別的。所以這是一個奇怪的答案。這個答案令人驚訝，但這些數字不斷出現，我們已經研究這個問題兩三年了。它不會消失。這就是我們所看到的。我認為也許不幸的是，我知道這次電話會議中有銷售代表，我不想這樣做，但也許這有點像熱體假說，即你把一個銷售代表放在克利夫蘭，無論他們是從事這項工作 6 年還是從事這項工作 2 個月，他們都會銷售產品。他們要去賣東西。我希望這能有所幫助。我承認，這是一個奇怪的數據。

No, that's helpful.

不，這很有幫助。

Thank you. And then, maybe one for David, just on the M&A front, with kind of med tech evaluations and all publicly traded evaluations coming in for that matter. Does this change your thought process at all and maybe you can get a more, novel bigger market device rather than smaller niche products that you've you've traditionally gone after at a more attractive evaluation?

謝謝。然後，也許還有一篇關於大衛的文章，僅在併購方面，包括醫療技術評估和所有公開交易的評估。這是否會改變您的思考過程？也許您可以獲得一種更新穎、更大的市場設備，而不是您傳統上以更具吸引力的評估方式追求的小眾產品？

I mean, I would say it doesn't change our strategy so much, Frank. I mean, the types of targets that we're hunting, it all starts with the markets they're in and making sure those are markets we're in and there's synergy and all that. Of course when valuations come down, it makes targets more affordable, so and we're likely to have $300 million plus of cash in the bank. So from that standpoint, maybe we can get more with our money, but in terms of does it change the types of things we're looking at, I would say no, it doesn't really.

我的意思是，我想說這不會對我們的策略產生太大的改變，弗蘭克。我的意思是，我們所尋找的目標類型，都始於他們所在的市場，並確保這些市場也是我們所處的市場，並且具有協同效應等等。當然，當估值下降時，目標就變得更便宜了，所以我們很可能在銀行有 3 億美元以上的現金。因此從這個角度來看，也許我們可以用錢獲得更多的東西，但就它是否會改變我們所關注的事物類型而言，我想說，不會，實際上不會。

Okay, that's helpful. I'll hop back into queue.

好的，這很有幫助。我會重新回到隊列中。

Thank you.

謝謝。

Thanks Frank.

謝謝弗蘭克。

Jim Sidoti, Sidoti & Company

吉姆·西多蒂，西多蒂公司

Hi, good afternoon, thanks for taking the question. So I'm going to ask the operating margin question a different way. For the quarter that just ended, the margin was about 21%, you're guiding for 24% for the full year. So you know what changes in the back half of the year that gets that up?

大家好，下午好，感謝您回答這個問題。因此，我將以不同的方式詢問營業利潤率問題。剛結束的這個季度，利潤率約為 21%，您預計全年利潤率將達到 24%。那麼你知道下半年有哪些變化會導致這個數字上升嗎？

I mean, one of the one of the big topics here is easier comps, excuse me, that's not, I apologize. I'm off on a different answer here. What changes, I mean, the sales ramp helps you a lot, right? And the gross margin ramp, the implied gross margin ramp, I think the H2 implied gross margin is now 69.9% for the last two quarters. So I think you get a lot in that those second two quarters, the last two quarters of the year that yeah, Dorian can add to that.

我的意思是，這裡的一個大話題是更容易的比賽，對不起，不是這樣的，我很抱歉。我在這裡想給一個不同的答案。什麼變化，我的意思是，銷售成長對你有很大幫助，對嗎？毛利率上升，隱含毛利率上升，我認為過去兩季的 H2 隱含毛利率現在是 69.9%。所以我認為你會在第二季和第三季收穫很多，是的，多里安可以為此增添一些內容。

And the dropping out of the Elutia distribution agreement where we only were earning distribution margins, not the full manufacturing margins that we earn on our own biologics, that does have a nice pick up on the gross margin percentage for us in the back half of the year. So that's one of the lifts for us, Jim.

我們退出 Elutia 分銷協議後，只能獲得分銷利潤，而不是我們自己的生物製劑所獲得的全部製造利潤，這確實使我們下半年的毛利率有了很大的提高。所以這對我們來說是一個幫助，吉姆。

Okay, alright, that makes sense. The other question I had is, in the past when you said you're going to add 10 sales folks in the year, usually it's maybe 1 or 2 at the beginning of the year and, it builds up during the year. This year you seem to add a lot right in the first quarter. Is that due to the transition from distributors to direct, those folks that have already been selling your product ?

好的，好吧，這很有道理。我的另一個問題是，過去當您說今年要增加 10 名銷售人員時，通常是在年初增加 1 或 2 名，然後在一年內逐漸增加。今年你似乎在第一季就增加了很多。這是因為從經銷商到直銷的轉變，那些已經在銷售你的產品的人？

Jim, not really. We put in place a big quote surge last July, and it really is just that surge kind of coming to fruition and it's always longer than you think. I would have guessed it would have happened. You remember I was missing my sales rep guidance in Q4, and I think the bolus of reps came in Q1, not in Q4, and I kind of missed it by 3 months. So this is just that old surge finally coming to fruition.

吉姆，不是真的。去年 7 月，我們實施了一次大型的報價激增，現在，這種激增確實正在取得成果，而且持續時間總是比你想像的要長。我早就猜到這會發生。您記得我在第四季度錯過了銷售代表指導，我認為銷售代表的激增是在第一季而不是在第四季度出現的，我錯過了 3 個月。所以這只是舊有的熱潮最終有成果而已。

Alright, and then the last one for me, you have that share buyback program open, have you started buying shares back?

好的，然後我要問最後一個問題，你們的股票回購計畫已經啟動，你們已經開始回購股票了嗎？

I don't know how we're supposed to answer that. You, Dorian?

我不知道我們該如何回答這個問題。你，多里安？

We have not bought any shares back as of today.

截至今天我們還沒有回購任何股票。

Alright, thank you.

好的，謝謝。

Brett Fishbin, KeyBanc Capital Markets

KeyBanc 資本市場 Brett Fishbin

Hey guys, good evening, thanks for taking the questions.

大家好，晚上好，謝謝你們回答問題。

A couple like more clarification ones. So on the tariffs, very helpful in terms of like laying out some of the key considerations and I'm really just trying to clarify what has been incorporated into the guidance. I know you were talking about like $825,000 of extra COGS related to the small China component and then maybe something like more modest around the raw materials and components. I'm just curious like if that's like actually factored in specifically into some of the margin assumptions.

一對夫婦希望得到更清晰的解釋。因此，就關稅而言，列出一些關鍵考慮因素非常有幫助，我只是想澄清指導意見中納入了哪些內容。我知道您說的是與中國小型部件相關的 825,000 美元額外銷售成本，以及與原材料和部件相關的更適度的成本。我只是好奇這是否實際上被具體考慮進了一些利潤假設中。

So yes, it has been factored in that $825,000 was an annualized number for China that we gave you and if you noted, we're increasing prices in China here in two weeks to recoup about 50% of that where we have the ability to do that on the differentiated products.

是的，我們已經考慮到 825,000 美元是我們向您提供的針對中國的年化數字，如果您注意到的話，我們將在兩週內提高中國市場的價格，以收回其中的約 50%，我們有能力在差異化產品上做到這一點。

And that's the real significant impact for us on the back half of the year.

這對我們下半年來說確實產生了重大影響。

We do have the ability to reprice products if we see tariffs, retaliatory tariffs. The timing of that may not be perfect, but you know we've incorporated our our best estimates into the into the guidance for, how we do the rest of the year on this issue.

如果我們看到關稅或報復性關稅，我們確實有能力重新定價產品。這個時機可能並不完美，但你知道，我們已經將我們的最佳估計納入了指導中，以決定我們在今年剩餘時間內如何處理這個問題。

All right, helpful. And then second question is just on like the Elutia or sorry, the pronunciation on the distribution, announcement that you're stepping away, and I was just, curious like how you're looking at that as an organic growth tailwind. Is it more just like extra time like, you're not focusing on that product as much, yeah, just trying to kind of like figure out how exiting $5 million of revenue becomes a tailwind.

好的，很有幫助。然後第二個問題就像 Elutia 或抱歉，關於發行版的發音，宣布你要離開，我只是好奇你如何將其視為有機增長的順風。這是否更像是額外的時間，你不再那麼關注產品，是的，只是試圖弄清楚如何讓 500 萬美元的收入成為順風。

Thank you very much.

非常感謝。

Sure, I think this is simple, which is the product is declining year over year in our hands, and the sooner we get it out of our hands, the less it's going to negatively impact our organic growth rate.

當然，我認為這很簡單，也就是說，我們手中的產品數量逐年下降，我們越早將其從手中拿走，它對我們的有機成長率產生的負面影響就越小。

Yeah, Brett, when we talk about organic and we're not selling in the future because we terminated the relationship or agreed to with Elutia, for the organic math, we pulled the sales a year ago out of the denominator and that that helps us, but you're all. So bring up a good point and I think this was part of the issue with the product [andlama] is that you know it was the third patch inside of the LeMaitre bag. So the LeMaitre reps will be able to focus more on the other products and that could make a contribute to organic growth as well.

是的，布雷特，當我們談論有機產品時，我們將來不會銷售，因為我們終止了與 Elutia 的關係或同意了與 Elutia 的關係，對於有機計算，我們將一年前的銷售額從分母中剔除，這對我們有幫助，但你們都是。所以提出一個很好的觀點，我認為這是產品 [andlama] 問題的一部分，你知道這是 LeMaitre 包內的第三個補丁。因此，LeMaitre 代表將能夠更專注於其他產品，這也能促進有機成長。

All right, thank you very much.

好的，非常感謝。

Ross Osborn, Cantor Fitzgerald.

羅斯奧斯本、康托費茲傑拉。

Hey guys, congrats on the strong quarter. So I was halfway through the year at this point, so I'll try and squeeze in some questions on 2026, but we'll stay away from numbers at this point. So starting with Artegraft, congrats on to you, Mark, and so following that approval. What steps you guys need to take from an operational or, generating incremental clinical data standpoint this year in order to set yourselves up for a strong 2026 ramp?

嘿夥計們，祝賀本季業績強勁。所以此時我已經度過了今年的一半時間，所以我會嘗試提出一些有關 2026 年的問題，但目前我們不會談論數字。所以從 Artegraft 開始，恭喜你，馬克，並隨後獲得批准。為了在 2026 年實現強勁成長，你們今年需要從營運或產生增量臨床數據的角度採取哪些措施？

Thanks a lot, Ross. This is George and you're specifically referring to the Artegraft project.

非常感謝，羅斯。我是喬治，您具體指的是 Artegraft 專案。

Okay, great, nothing, we don't owe anything to anyone. We're ready to go, you know this is just a marketing launch. We'll probably do some kind of, just in terms of running, clinical looks at it at some point, but we don't have anything planned right now. We're just going at it. It's a nice launch. The device comes to us or came to us in 2020 with lots and lots of clinical data and lots of articles, so there's no real need to go do more of that. In fact, that's probably why the thing went so quickly in the regulatory pipeline and did not require a clinical trial.

好的，太好了，沒什麼，我們不欠任何人任何東西。我們已經準備好了，你知道這只是一個行銷發布。我們可能會在某個時候進行某種形式的臨床觀察，但目前我們還沒有任何計劃。我們只是在做這件事。這是一次很好的發布。該設備在 2020 年就已經交付給我們，並且附帶大量的臨床數據和文章，因此沒有必要再做更多這樣的工作。事實上，這可能是為什麼該產品在監管流程中進展如此迅速並且不需要臨床試驗的原因。

I would add. It's David, great to hear from you.

我想補充一下。我是大衛，很高興收到你的來信。

We actually are shipping, I mean, we're just making our initial shipment from the US to Europe next week because obviously we couldn't ship until we had the mark and now we've got it. So obviously step one is to place inventory over there. We've already begun training with our US sales reps who are expert and facile with Artegraft.

我們實際上正在發貨，我的意思是，我們下週才從美國向歐洲進行首批發貨，因為顯然我們在拿到標記之前無法發貨，現在我們已經拿到了。因此顯然第一步就是將庫存放在那裡。我們已經開始對熟悉並熟練使用 Artegraft 的美國銷售代表進行培訓。

They've started the training of our European team, but George is right, there's already an enormous amount of clinical data about this product, so there's no generation of clinical data need to launch this product line.

他們已經開始培訓我們的歐洲團隊，但喬治是對的，關於該產品已經有了大量的臨床數據，因此不需要產生臨床數據來推出產品線。

Okay, perfect. And then turning to restore flow, would you walk through any different market dynamics that may exist, between the US versus Germany and Ireland, whether that be price or certain training such as the return of the Ross procedure here as we see in Mount Sinai, and then, how many reps do you think you will need in those markets to support adoption ?

好的，完美。然後轉向恢復流程，您能否介紹一下美國與德國和愛爾蘭之間可能存在的任何不同市場動態，無論是價格還是某些培訓，例如我們在西奈山看到的羅斯手術的回歸，然後，您認為在這些市場需要多少代表來支持採用？

Okay, I'll go to the back of the question is a lot simpler, which is, I think we have the reps already in place. You don't need to hire additional reps. It's the beauty of this thing. It goes down our sales channel. So with that out of the way, I would say we have seen a big difference between the US and the UK, and it's sorry, I know you're talking about Ireland and Germany, but we're going to learn about that soon.

好的，我回到問題的後面，這個問題簡單得多，也就是說，我認為我們已經有代表了。您不需要雇用額外的代表。這就是這個東西的美妙之處。它進入了我們的銷售管道。因此，我想說我們已經看到了美國和英國之間的巨大差異，很抱歉，我知道你在談論愛爾蘭和德國，但我們很快就會了解這一點。

I feel like they're very different markets in the UK. It's very much a cardiac approach.

我覺得英國的市場非常不同。這在很大程度上是一種心臟治療方法。

Canada's also more cardiac for us, and the US has been more peripheral vascular. So yeah, they're going to be different. They're all going to be different markets and I think we're going to, as we get closer and closer to these launches, we'll be tailoring whether we're going to bring more peripheral over there or more kayak over there. Inside of this call, we also mentioned there's a nugget in there which is we're opening up a distribution site in In Ireland, in Dublin, in the back half of the year, and that that should help us once we get approvals in other countries have sort of a pan-European approach to that one product, not the other products which are generally shipped out of Frankfurt.

對我們來說，加拿大更注重心臟方面，而美國更注重週邊血管方面。是的，它們會有所不同。它們都將是不同的市場，我認為，隨著這些產品的發布越來越近，我們將根據情況調整是否在那裡推出更多外圍設備或更多皮划艇。在這次電話會議中，我們還提到了其中的一個要點，那就是我們將在今年下半年在愛爾蘭都柏林開設一個分銷點，一旦我們在其他國家獲得批准，這將幫助我們對該產品採取泛歐方式，而不是通常從法蘭克福運出的其他產品。

Ross, I'd piggyback on George's comments and by the way, I'd also say thank you to you and Matt and Cantor.

羅斯，我會附和喬治的評論，順便說一句，我也要向你、馬特和坎托表示感謝。

Deep dive piece on the store full Artegraft you guys did a really thoughtful job with that, at a high level, George is right, we've seen a lot of success in the UK and part of the reason for that is.

深入探討商店的全部 Artegraft 你們在這方面做得非常周到，從高層次來看，喬治是對的，我們在英國看到了很大的成功，部分原因是。

Unlike the US, there aren't companies who are providing Artegraft and providing them to hospitals. It's a fairly disorganized system in the UK, and we think that's true across Europe more generally. So regardless of the door through which we enter the European market, where it's it's Ireland, which opens, a lot of countries' doors for us inside the EU. Or Germany, which, opens fewer but still opens some, the markets that we see ourselves entering are equally fragmented from a supply standpoint. So we do see a lot of opportunity there. Frankly, I believe, as you and I discussed in Chicago a month and a half ago, the biggest challenge for LeMaitre will be providing enough grass and tissues into Europe to meet the demand.

與美國不同，這裡沒有公司提供 Artegraft 並將其提供給醫院。英國的體系相當混亂，我們認為整個歐洲的體係都是如此。因此，無論我們透過哪個大門進入歐洲市場，愛爾蘭都為我們打開了歐盟內部許多國家的大門。或者德國，開放的市場較少，但仍開放了一些，從供應的角度來看，我們所進入的市場也同樣分散。所以我們確實看到那裡有很多機會。坦白說，我相信，正如你我一個半月前在芝加哥討論的那樣，LeMaitre 面臨的最大挑戰是向歐洲提供足夠的草和紙巾以滿足需求。

Sounds great thank you for taking our questions and congrats again on the progress.

聽起來很棒，感謝您回答我們的問題，並再次恭喜取得的進展。

Thanks Ross.

謝謝羅斯。

Daniel Stauder, Citizen JMP

施陶德（Daniel Stauder），Citizen JMP

Yeah, great, thanks for the questions. This first one on the sales and marketing spend. It was up a little bit or quite a bit in the first quarter, and I'm assuming that was due to the large step up in the reps, but I was just curious if there were any expenses that were more one time in nature there such as signing bonuses or anything like that and you know how should we think about this sales and marketing expense going forward in in 2025?

是的，太好了，謝謝你的提問。第一個是關於銷售和行銷支出。第一季度，這一數字略有上升，或者說上升幅度相當大，我認為這是由於銷售代表人數大幅增加所致，但我只是好奇，是否有任何費用是一次性的，例如簽約獎金或類似費用，您知道我們應該如何看待 2025 年的銷售和營銷費用嗎？

Thank you.

謝謝。

Sure.

當然。

All right, Danny, thanks for the questions is George. So first of all, there is a discrete, a big guy discreet one which is there's about a million dollar sales meeting almost always that happens in Q1. So it's not a year-over-year difference for you, but in terms of looking forward into the year, there's about a million dollars of sales meetings that you kick off meetings that you don't need to have for the next three quarters. So there's one thing, and then you alluded to it, but I think it's maybe it's worth going through here, but at the end of Q1 of '24 we had 137 reps, and today as I sit here, we have 164 reps. It's an increase of 27. So this is a big change and I think you can feel that in the Q1 Op expenses, particularly around sales and marketing. So you're right to point that out, but those are the numbers that would support what you're pointing out.

好的，丹尼，感謝喬治提出的問題。首先，有一個離散的、大人物離散的會議，即幾乎總是在第一季舉行約百萬美元的銷售會議。因此，對您來說，這並不是同比的差異，但就展望今年而言，您將召開價值約一百萬美元的銷售會議，而這些會議是未來三個季度內您不需要召開的。所以有一件事，然後你提到了它，但我認為也許值得在這裡討論一下，但在 24 年第一季末，我們有 137 名代表，而今天我坐在這裡，我們有 164 名代表。增加了27個。這是一個很大的變化，我想你可以在第一季的營運費用中感受到這一點，特別是在銷售和行銷方面。所以你指出這一點是正確的，但這些數字可以支持你所指出的觀點。

Great, thank you for that. Then just one follow up, looking at free cash flow in terms of 2025, you talked about this a little bit, but how should we think about, CapEx and working capital, specifically inventory as we consider some of these regulatory approvals and geographical expansions?

太好了，謝謝你。然後還有一個後續問題，從 2025 年的角度來看自由現金流，您談到了這一點，但是當我們考慮一些監管批准和地理擴張時，我們應該如何考慮資本支出和營運資本，特別是庫存？

Thank you.

謝謝。

Thanks for the question. I think on CapEx, you can consider that to be this quarter to be a fairly standard quarter for us, maybe a little more around some of the offices that are coming online and continue to buildouts for the end of the year, but not a big sequential change.

謝謝你的提問。我認為就資本支出而言，你可以認為本季度對我們來說是一個相當標準的季度，可能圍繞著一些即將上線並在年底前繼續擴建的辦公室，支出會稍微多一些，但不會有很大的連續變化。

Overall, on free cash flow, continue to deliver cash for the bottom line.

總體而言，自由現金流繼續為底線提供現金。

And Daniel, I'd also point out here, we've had this really, I call it lavish policy around here called no back orders at any time, and we're that guy. We always want to have the devices and it's led us to have a pretty big inventory closet, roughly $65 million worth of inventory in our, mostly in Burlington here in Massachusetts, but also around the world in our 13 or 15 offices. We're now finally going after that in terms of we're going to try to be a little bit tighter at titrating back orders and the giant inventory balance so you may see some cash free up from that this year and it could add to some of this free cash flow.

丹尼爾，我還要指出的是，我們確實有這種政策，我稱之為奢侈的政策，即任何時候都不允許有延期交貨，我們就是這樣的人。我們一直希望擁有這些設備，因此我們擁有一個相當大的庫存櫃，庫存價值約為 6500 萬美元，主要位於馬薩諸塞州的伯靈頓，但也分佈在我們世界各地的 13 或 15 個辦事處。我們現在最終要實現這一目標，我們將嘗試更加嚴格地控制積壓訂單和巨額庫存餘額，因此您可能會看到今年釋放出一些現金，這可能會增加一些自由現金流。

Yeah and in Q1, remember that it's usually a light cash flow quarter for us because you have annual bonuses being paid in Q1.

是的，請記住，在第一季度，這通常對我們來說是一個現金流較少的季度，因為您會在第一季支付年度獎金。

And just maybe the last point on inventory is in Q1, we were building inventory, particularly in Artegraft and in RestoreFlow in anticipation of the this European launch, for Artegraft and because we do believe that long-term supply is one of our constraints on growing the RestoreFlow business. Other than those two product categories, we are seeing the inventory, with progress there and should be able to free up cash flow in the subsequent quarters.

關於庫存的最後一點可能是在第一季度，我們正在建立庫存，特別是 Artegraft 和 RestoreFlow 的庫存，以備在歐洲推出，對於 Artegraft 來說，因為我們確實認為長期供應是我們發展 RestoreFlow 業務的限制因素之一。除了這兩個產品類別之外，我們還看到庫存正在取得進展，並且應該能夠在接下來的幾個季度釋放現金流。

Great, thank you very much for the questions.

太好了，非常感謝您的提問。

Thanks Daniel.

謝謝丹尼爾。

Michael Petusky, Barrington Research

巴林頓研究公司（Barrington Research）的麥可‧佩圖斯基（Michael Petusky）

Hey, thanks so much. Just a couple of quick ones. I may have missed this, George, did you say how many of the, I think 23 MDR CE marks that you're looking to get, where you stand on that? Is it like 17 at this 0.18? I missed it if you said it. I apologize.

嘿，非常感謝。僅舉幾例。喬治，我可能忽略了這一點，您有沒有說過，您想獲得多少個 MDR CE 標記，我想是 23 個，您對此持什麼態度？這個 0.18 是不是相當於 17 呢？如果你這麼說的話我就錯過了。我很抱歉。

You're good. It is 17 out of 23.

你很厲害。這是 23 個中的 17 個。

17. Okay, great. And then just one for David as well. Have you, David, in any of the conversations, say over the last month or so with, assets that you're interested in, is it, have you seen anybody where they're essentially saying, hey, we're not doing anything until some of this tariff stuff is resolved, or we're more anxious to do something because of the screwed up nature of trading relationship. Like, have you heard any feedback either way? I'm just curious, thanks.

17.好的，太好了。然後也給大衛一個。大衛，在過去一個月左右的談話中，您是否見過有人對您感興趣的資產說，‘嘿，在關稅問題得到解決之前我們不會採取任何行動’，或者我們更急於採取行動，因為貿易關係的性質很糟糕。例如，你聽過任何回饋嗎？我只是好奇，謝謝。

Yeah, my short answer is no.

是的，我的簡短回答是「不」。

I think there's a general sentiment that things are still changing a lot and so I feel like sellers aren't at, one extreme or another saying we're frozen, we're not doing anything, or let's hurry up and dump this asset. I feel like everybody's fairly circumspect about it and they, so far discussions are generally proceeding, but you know we've all got an eye on it, no question.

我認為人們普遍認為事情仍在發生很大變化，所以我覺得賣家並沒有走到極端，說我們被凍結了，我們什麼也不做，或者讓我們趕緊拋售這種資產。我覺得每個人對此都相當謹慎，到目前為止，討論總體上仍在進行，但你知道我們都在關注它，毫無疑問。

Okay all right great thanks guys.

好的，非常感謝大家。

Thank you, ladies and gentlemen, this concludes today's conference call. I would like to thank you all for your participation. You may now disconnect and have a great day.

謝謝女士們、先生們，今天的電話會議到此結束。我要感謝大家的參與。現在您可以斷開連接並享受美好的一天。