LeMaitre Vascular, Inc. (LMAT) 2026 Q1 法說會逐字稿

Welcome to the LeMaitre Vascular's Q1 2026 financial results conference call. As a reminder to everyone, 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 2026 年第一季財務業績電話會議。提醒各位，今天的電話會議將被錄音。此刻，我想將電話交給 LeMaitre Vascular 財務長 Dorian LeBlanc 先生。先生，請開始。

Thank you. Good afternoon, and thank you for joining us on our Q1 2026 conference call. With me on today's call is our CEO, George LeMaitre; and our President, Dave Roberts. Before we begin, I'll read our safe harbor statement. Today, we'll be making 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.

謝謝。各位下午好，感謝各位參加我們 2026 年第一季電話會議。今天與我一同出席的有我們的執行長 George LeMaitre，以及總裁 Dave Roberts。在開始之前，我將宣讀我們的安全港聲明。今天我們將在 1995 年《美國私人證券訴訟改革法》所定義的範圍內作出若干前瞻性陳述，其準確性可能受到風險與不確定性影響。

Wherever possible, we will try to identify those forward-looking statements by using words such as believe, expect, anticipate, pursue, forecast and similar expressions. Our forward-looking statements are based on our estimates and assumptions as of today, May 5, 2026, and should not be relied upon as representing our estimates or views on any subsequent date.

在可能的情況下，我們將嘗試使用例如 believe（相信）、expect（預期）、anticipate（預料）、pursue（推進）、forecast（預測）及類似用語來辨識這些前瞻性陳述。我們的前瞻性陳述係基於截至今日（2026 年 5 月 5 日）的估計與假設，不應被依賴為代表我們在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 10-K and subsequent SEC filings, including disclosures of factors that could cause results to differ materially from those expressed or implied. During this call, we will discuss non-GAAP financial measures, such as organic sales growth.

請參閱我們最新的 10-K 以及其後向 SEC 提交的文件中的「前瞻性資訊之警示性聲明」與「風險因素」，其中包括可能導致實際結果與所表述或暗示者出現重大差異的因素揭露。在本次電話會議中，我們將討論非 GAAP 財務衡量指標，例如有機銷售成長。

Reconciliations of GAAP to non-GAAP measures discussed in this call are contained in the associated press release and if applicable, in supplemental materials, both of which are available in the Investor Relations section of our website, www.lemaitre.com.

本次電話會議所討論之 GAAP 與非 GAAP 指標的調節表，載於相關新聞稿中；如適用，亦載於補充資料中。兩者皆可於我們網站 www.lemaitre.com 的投資人關係（Investor Relations）專區取得。

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

現在我把電話交給 George LeMaitre。

Thanks, Dorian. Q1 featured 11% sales growth, a 72.7% gross margin and 42% EPS growth. Grafts were up 20%, valvulotomes 15% and carotid shunts 11% as each category posted record sales. Our three geographies also posted record sales. EMEA was up 20%, APAC 18%; and the Americas, 7%.

謝謝你，Dorian。第一季呈現 11% 的銷售成長、72.7% 的毛利率，以及 42% 的每股盈餘（EPS）成長。移植物（grafts）成長 20%，瓣膜切開器（valvulotomes）成長 15%，頸動脈分流管（carotid shunts）成長 11%，各品類皆創下銷售新高。我們三大地理區域也都創下銷售新高。EMEA 成長 20%，APAC 成長 18%；美洲地區成長 7%。

Artegraft has become our largest product, and we're investing in its growth in three ways: number one, filing more international approvals; number two, making longer sizes available for leg bypasses; and number three, proving Quick Stick claims for AV access. Worldwide Artegraft sales grew 36% in Q1.

Artegraft 已成為我們最大的產品，我們正以三種方式投資其成長：第一，申請更多國際核准；第二，提供更長尺寸以用於下肢繞道手術；第三，證實 Quick Stick 於 AV 通路（AV access）的主張。第一季全球 Artegraft 銷售成長 36%。

International Artegraft sales in Q1 were $2.1 million, and we expect 2026 sales to be $10 million versus $4 million in 2025. Health Canada has approved Artegraft and the launch is now planned for H2 2026 as we finalize Canadian-specific packaging validations. Additional Artegraft approvals are expected in 2027 for Korea, Brazil, Vietnam and India.

第一季國際 Artegraft 銷售為 210 萬美元，我們預期 2026 年銷售將達 1,000 萬美元，而 2025 年為 400 萬美元。加拿大衛生部（Health Canada）已核准 Artegraft，目前我們正完成加拿大專用包裝驗證，上市時程規劃於 2026 年下半年（H2）。預期 2027 年將在韓國、巴西、越南與印度取得更多 Artegraft 核准。

We're also working to make longer artegrafts available. Because European surgeons use Artegraft for leg bypasses, our longest Artegraft, which is 50 centimeters, is now in high demand, and we know we could sell longer sizes. Unfortunately, our current packaging tube is just 53 centimeters long. So the first step is to gain approval for a longer tube, and we plan to make these filings in the US and Europe in H2 2026.

我們也在推動提供更長的 Artegraft。由於歐洲外科醫師會將 Artegraft 用於下肢繞道手術，我們最長的 50 公分 Artegraft 目前需求很高，我們也知道更長尺寸具備銷售潛力。不幸的是，我們現行的包裝管僅有 53 公分長。因此第一步是取得更長包裝管的核准，我們計畫於 2026 年下半年在美國與歐洲提出申請。

First sales of these longer artegrafts could start in H2 2027. Separately, we've made a pre-submission filing to the FDA as we seek Quick Stick AV access claims on Artegraft's US labeling. This pre-submission will help us collaborate with the FDA to develop the pathway for a PMA filing or to design a clinical trial.

這些更長的 Artegraft 最早可能於 2027 年下半年開始銷售。另外，我們已向 FDA 提交預先提交（pre-submission）文件，尋求在 Artegraft 的美國標示上加入 Quick Stick AV 通路主張。此預先提交將協助我們與 FDA 合作，制定 PMA 申請途徑或設計臨床試驗。

While Artegraft's current US labeling restricts cannulation to 10 days after implantation, peer-reviewed literature indicates that artegraft can be cannulated one to three days after implantation. RFA grew 25% in Q1, led by strong US results. We currently distribute tissues in three countries: the US, Canada and the UK. German implants should begin in Q2, and we now expect to receive Irish approval in H2.

雖然 Artegraft 目前的美國標示將穿刺（cannulation）限制為植入後 10 天，但同儕審查文獻顯示，Artegraft 可在植入後 1 至 3 天進行穿刺。第一季 RFA 成長 25%，主要由美國強勁表現帶動。我們目前在三個國家經銷組織（tissues）：美國、加拿大與英國。德國的植入應於第二季開始，我們目前也預期將於下半年取得愛爾蘭核准。

Our Irish warehouse opened in April, and we'll begin shipping our core medical devices starting in June as we await an audit from the Irish Tissue Authority. This audit should enable tissue distribution from our Dublin warehouse to Irish hospitals in H2. Long term, this warehouse will be used for pan-European distribution. We filed for Australian approval in April, and we plan to file in Austria, Holland, Belgium, Spain and Switzerland in 2026.

我們的愛爾蘭倉庫已於 4 月啟用，並將自 6 月起開始出貨核心醫療器材，同時等待愛爾蘭組織管理機構（Irish Tissue Authority）的稽核。該稽核預期將使我們能在下半年由都柏林倉庫向愛爾蘭醫院配送組織產品。長期而言，該倉庫將用於泛歐洲配送。我們已於 4 月提交澳洲核准申請，並計畫於 2026 年在奧地利、荷蘭、比利時、西班牙與瑞士提出申請。

As for our RFA facility transfer, tissue processing is ramping up in Burlington, and we should complete the project by year-end. We ended Q1 with 158 sales reps, up 3% year-over-year, and we plan to end 2026 with 170 to 180. We currently have 16 open requisitions for new reps, mostly in the US. We ended Q1 with 35 RSMs and country managers, up 13% year-over-year. We expect to go direct in Poland in Q4, and this project will include an office, warehouse, a GM, customer service team and several reps. Poland will be our 32nd direct country.

至於我們的 RFA 設施移轉，伯靈頓（Burlington）的組織處理產能正在爬坡，且我們應可在年底前完成該專案。第一季結束時，我們共有 158 位業務代表，年增 3%，並計畫於 2026 年底達到 170 至 180 位。目前我們有 16 個新增業務代表的職缺申請（requisitions），多數在美國。第一季結束時，我們共有 35 位區域銷售經理（RSM）與國家經理，年增 13%。我們預期於第四季在波蘭改採直營（go direct），該專案將包含辦公室、倉庫、總經理（GM）、客服團隊以及數位業務代表。波蘭將成為我們第 32 個直營國家。

Higher ASPs, geographic expansion and disciplined spending produced 11% sales growth and 42% EPS growth in Q1. Full year 2026 also shows op leverage. Increased guidance implies 12% sales growth and 26% EPS growth. Our new 2030 goals are posted on the walls of all LeMaitre conference rooms.

較高的平均售價（ASP）、地理擴張與嚴謹的支出控管，帶動第一季 11% 的銷售成長與 42% 的 EPS 成長。2026 全年也呈現營運槓桿（op leverage）。上調後的財測指引意味著 12% 的銷售成長與 26% 的 EPS 成長。我們新的 2030 年目標已張貼在所有 LeMaitre 會議室的牆上。

We call them the 2030 planks, and our playbook remains simple: produce quality devices, build our sales force, go direct in new countries, acquire niche products and focus on profitability, cash flow and dividends.

我們稱之為「2030 planks」，而我們的作戰手冊仍然很簡單：生產品質優良的器材、擴建業務團隊、在新國家採直營、收購利基產品，並聚焦於獲利能力、現金流與股利。

I'll now turn the call over to Dorian.

現在我把電話交回給 Dorian。

Thanks, George. Organic sales growth of 10% over Q1 2025 was driven by average selling price increases of 8% and unit growth of 2%. Unit growth was impacted by a lower-than-average quarter in our distribution business, which can be lumpy. Excluding distribution, direct sales grew 12.8% organically, comprised of 8.4% price and 4.4% units. Total organic revenue growth excludes a $2 million foreign exchange benefit in Q1 2026 and $1.5 million of Aziyo distribution sales in Q1 2025. These 2 items largely offset one another. We discontinued Aziyo distribution in May 2025.

謝謝你，George。相較 2025 年第一季，有機銷售成長 10%，主要由平均售價上調 8% 與出貨量成長 2% 所帶動。出貨量成長受到我們經銷業務在本季表現低於平均的影響；該業務可能呈現波動（lumpy）。若排除經銷業務，直營銷售有機成長 12.8%，其中 8.4% 來自價格、4.4% 來自數量。總有機營收成長排除了 2026 年第一季 200 萬美元的外匯收益，以及 2025 年第一季 150 萬美元的 Aziyo 經銷銷售。這兩項因素大致互相抵銷。我們已於 2025 年 5 月停止 Aziyo 的經銷業務。

In Q1 2026, we posted a gross margin of 72.7%. The 350 basis point year-over-year improvement was driven primarily by higher ASPs and manufacturing efficiencies. Our Q2 gross margin guidance of 72.1% reflects the impact of our new Billerica warehouse and the manufacturing transfer of our RFA processing to Burlington. Operating expenses in Q1 2026 were $30.6 million, an increase of 6% versus Q1 2025.

2026 年第一季，我們的毛利率為 72.7%。年對年提升 350 個基點，主要由較高的 ASP 與製造效率提升所驅動。我們對第二季毛利率的指引為 72.1%，反映新啟用的 Billerica 倉庫以及將 RFA 處理製程移轉至 Burlington 的影響。2026 年第一季營業費用為 3,060 萬美元，較 2025 年第一季增加 6%。

Despite the continued expansion of the sales force, overall company headcount decreased 3% from 662 at March 1, 2025, to 641 at March 31, 2026. Q1 2026 operating income increased 41% year-over-year to $17.8 million, with an operating margin of 27% compared to 21% in Q1 2025. Fully diluted earnings per share were $0.68, up 42%, benefiting from strong operating income and an improved effective tax rate.

儘管銷售團隊持續擴編，公司整體員工人數仍從2025年3月1日的662人下降3%至2026年3月31日的641人。2026年第一季營業利益年增41%至1,780萬美元，營業利益率為27%，相較於2025年第一季的21%。完全稀釋後每股盈餘為0.68美元，成長42%，受惠於強勁的營業利益以及改善的有效稅率。

We believe our effective tax rate will remain lower than our historical rates. Given the strong growth in high-margin international Artegraft sales and our overall geographic sales mix, a larger share of our income qualifies for the foreign-derived intangible income or FDII deduction, which structurally lowers our tax rate.

我們認為，我們的有效稅率將維持低於歷史水準。鑑於高毛利的國際Artegraft銷售強勁成長以及我們整體的地理銷售組合，較大比例的所得符合外國衍生無形所得（FDII）扣除額資格，這在結構上降低了我們的稅率。

Excluding the discrete items in this quarter, we expect an 80 basis point improvement from historical effective tax rate due to the higher FDII deductions, another benefit of our US manufacturing footprint. Cash from operations generated $15 million in Q1 2026 as compared to $9 million in Q1 2025. We paid $5.7 million in dividends to our shareholders during the quarter.

排除本季的一次性項目後，我們預期由於FDII扣除額提高，相較歷史有效稅率可改善80個基點，這也是我們美國製造布局帶來的另一項好處。2026年第一季營運活動產生的現金為1,500萬美元，相較於2025年第一季的900萬美元。本季我們向股東支付了570萬美元股利。

We ended Q1 2026 with $367 million in cash and securities, an increase of $8 million in the quarter. The LeMaitre playbook continues to drive broad-based revenue growth, supported by our differentiated products, direct-to-hospital model and strong commercial organization. We are affirming our full year revenue guidance of $280 million, representing 12% organic growth.

我們在2026年第一季末持有3.67億美元的現金及有價證券，較本季增加800萬美元。LeMaitre的作戰手冊持續推動廣泛的營收成長，並由我們具差異化的產品、直達醫院的商業模式以及強大的商業組織所支撐。我們維持全年營收指引為2.8億美元，代表12%的有機成長。

We are increasing our annual guidance for gross margin to 72.3% and operating to $79.8 million, representing 24% growth over adjusted 2025 operating income. We are also increasing annual guidance for diluted earnings per share to $3 or 26% growth from adjusted 2025. Historically, Q2 has been one of our strongest quarters, and we're expecting revenue of $71.5 million and an operating margin of 30%.

我們將年度毛利率指引上調至72.3%，並將營業利益指引上調至7,980萬美元，較調整後2025年營業利益成長24%。我們也將年度稀釋後每股盈餘指引上調至3美元，較調整後2025年成長26%。歷來第二季一直是我們最強勁的季度之一，我們預期營收為7,150萬美元，營業利益率為30%。

Our current guidance assumes a constant euro-US dollar exchange rate of $1.17 and no dilutive impact from our convertible debt. For additional details, please see today's press release. Finally, we'd like to welcome Keith Hinton from Freedom Capital Markets to the call. Keith initiated coverage on LeMaitre on March 31.

我們目前的指引假設歐元兌美元匯率固定為1.17美元，且我們的可轉換公司債不會造成稀釋影響。更多細節請參閱今日的新聞稿。最後，我們也歡迎來自Freedom Capital Markets的Keith Hinton加入本次電話會議。Keith於3月31日開始對LeMaitre進行研究覆蓋。

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

接下來，我把電話交給接線員進行提問。

(Operator Instructions)

（接線員指示）

Keith Hinton, Freedom Capital Markets.

Keith Hinton，Freedom Capital Markets。

Great. Thanks for taking the question. I have kind of a high-level question here on the pricing side of things. So EMEA has been growing faster than the US for a few years. It's my assumption that the prices there start lower and there's less ability to take price over time.

很好。謝謝讓我提問。我這裡有一個偏高層次、關於定價面的問題。所以EMEA這幾年成長速度一直快於美國。我的假設是，那邊的起始價格較低，而且隨時間推進可調漲價格的空間較小。

So considering that kind of balance against the ongoing mix shift towards grafts, where it seems like you do have good pricing leverage in the US. Just how should we think about the high sustainability of high single-digit blended pricing increases in the out years?

因此，考量這樣的平衡，再加上產品組合持續往移植物（grafts）移轉，而在美國看起來你們在定價上有不錯的槓桿。那麼，對於未來幾年維持「高個位數」的綜合（blended）價格上漲，其可持續性我們應該如何看待？

This is George LeMaitre. Again, welcome to your firm for covering the company. And also welcome to the call in terms of asking about price increases and the sustainability. It's a question you can imagine we get frequently. We feel very comfortable with what's going on here. We have another year where I think we're validating all the way into Q1 that we're able to get these price increases. We got 8% in Q1.

我是George LeMaitre。再次歡迎貴公司開始覆蓋我們公司。也歡迎你在電話會議上提到價格調漲與其可持續性。這是你可以想像我們經常被問到的問題。我們對目前的情況感到非常有信心。我們又迎來一年，我想我們一路到第一季都在驗證我們確實能夠取得這些價格調漲。我們在第一季拿到了8%。

Did you want me to distinguish between European pricing flexibility and US pricing flexibility? Was that part of your question?

你希望我區分一下歐洲的定價彈性與美國的定價彈性嗎？那是你問題的一部分嗎？

Yes, that would be terrific. Thank you.

是的，那會非常好。謝謝。

Right. I would say it's not exactly answering it, but on that topic, I would say the floors, the pricing floors that we put in are largely in and installed in the United States and about 55% of our products, we have pricing floors and then we change them from year-to-year, of course. And in Europe, I still think we have a little room to go. I think only about 40% of our products have pricing floors. So you can do more -- you can add pricing floors to more of the different products over there.

好的。我會說這不算是完全回答，但就這個主題而言，我會說我們設定的價格底線（pricing floors）主要是在美國建立並落地的；大約55%的產品我們設有價格底線，當然我們也會逐年調整。而在歐洲，我仍認為我們還有一些空間。我想只有大約40%的產品設有價格底線。因此你可以做得更多——你可以在那邊把價格底線擴展到更多不同的產品上。

Also in Europe, I think it takes longer for prices to really get installed since particularly in Southern Europe, a lot of the stuff is sold on three-year tenders. And so you can only change your price once every three years. So you change it and then it takes three years for it to fully get implemented. I hope that makes sense to you. So maybe a little more room over in Europe, given the fact that we're not as price floored over there and that it takes longer once you do a price -- to get to a price hike, it takes longer to get to.

另外在歐洲，我認為價格真正落地需要更長時間，因為特別是在南歐，很多產品是透過三年期標案（tenders）銷售。因此你只能每三年調整一次價格。你調整之後，還需要三年時間才能完全實施到位。希望你能理解。所以歐洲那邊可能還有更多空間，因為我們在那邊的價格底線設得沒那麼多，而且一旦你做了調價——要真正反映到漲價效果，所需時間也更長。

Great. And then just one specific, and again, apologies if I missed this, but can you talk a little bit about the performance for patches in the quarter? I know there was a bit of a tough comp there. You were lapping some supply issues for a competitor, and I think that was the last quarter of Elutia. So just talk a little bit about that and how we should think about patches growth going forward?

很好。接著一個更具體的問題，再次抱歉如果我漏聽了：你能談談本季貼片（patches）的表現嗎？我知道那裡的比較基期有點艱難。你們在對比的是某競爭對手的一些供應問題，我想那也是Elutia的最後一季。所以請稍微談談這部分，以及我們未來應該如何看待貼片的成長？

Right. And I can pull out, it was not such a great quarter for patches. XenoSure was up 5%. That's the core patch. And I can get you in a second, if you stand by, I can get you the full patch category. If anyone in the room has that, we can do that. XenoSure is the main piece of all this. And I'm getting closer here, Keith. I should know this off the top of my head. Let's see. Let's see that. That's going to help me. One second, I can do it. Organic growth for the whole category was 2.3% for the quarter. Again, 5% for Zeno and 2.3% for the whole category patches. Does that help?

好的。我可以先說，貼片這季表現不算特別好。XenoSure成長5%。那是核心貼片產品。我可以稍等一下就把整個貼片品類的數字給你，如果你稍等。如果會議室裡有人有那個數字，我們也可以直接提供。XenoSure是這一切的主要部分。我快找到了，Keith。我應該要能直接記得這個數字。我們看看。我們看看那個。那會幫到我。等一下，我可以做到。整個品類本季的有機成長是2.3%。再次說明，Zeno是5%，整體貼片品類是2.3%。這樣有幫助嗎？

So we have his audio problem.

所以我們這邊有他的音訊問題。

Okay. Can hear you very well at the moment?

好的。你現在能很清楚地聽到你嗎？

Great. We lost you for a little while, yes.

很好。是的，我們剛剛有一段時間聽不到你。

Michael Petusky, Barrington Research.

Michael Petusky，Barrington Research。

So George, I guess I'm curious with the stuff of the last, I guess, 2 months in the Middle East. Are you guys seeing any impact from that either just in terms of customers that you may have in that part of the world or just in general in terms of the cost of transporting things and so on and so forth? Just wondering any impact from sort of the international problems.

George，我想我很好奇，關於過去大概兩個月中東那邊的情況。你們是否看到任何影響——不論是就你們在那個地區可能有的客戶而言，或是更一般地就運輸成本等等方面？只是想了解一下，這些國際問題是否帶來任何影響。

Sure. So we have a very concrete topic about that, but it's not large. We weren't able to ship $175,000 worth of export towards the Middle East, at the end of the quarter. So we ended the quarter Q1 without having shipped that. But in general, Mike, I would say, no, we're not really being bothered by this.

當然。所以我們在這方面確實有一個很具體的議題，但規模不大。在季度末，我們有價值17.5萬美元的出口貨品未能運往中東。所以我們在第一季結束時，還沒有把那批貨出掉。但整體而言，Mike，我會說沒有，我們其實沒有真的被這件事困擾。

This is a big topic for everyone in the world. But for our little world LeMaitre Vascular so far, we've been okay. Probably as time goes by, the supply chain will put extra cost on us for transportation and things like that. But I would say, for now, we're crossing fingers and toes, and I think things are okay for us vis-a-vis what's going on in Iran.

這對全世界每個人來說都是個大議題。但就我們LeMaitre Vascular這個小圈子目前而言，我們一直都還好。可能隨著時間推移，供應鏈會在運輸等方面讓我們承擔額外成本。但我會說，就目前而言，我們手指腳趾都交叉祈禱著，我覺得就伊朗那邊的情勢來看，我們這邊還算OK。

Great. And I don't know if David is there, but if he is, I'd love an update on M&A, any commentary he has there.

很好。我不確定David在不在，但如果他在的話，我很想聽聽併購（M&A）的最新進展，以及他對此的任何評論。

Hi, Mike, yes, it's Dave. Nice to hear your voice. Yes. So we're out hunting. We're active. We've put out two or three term sheets so far this year. The hunting ground remains the same of open vascular, where there are a couple of dozen targets and cardiac surgery, which, of course, is about 12% of the revenue.

嗨，Mike，是Dave。很高興聽到你的聲音。是的。所以我們正在外面找標的。我們很積極。今年到目前為止我們已經提出了兩到三份條款書（term sheet）。我們的狩獵場仍然一樣：開放式血管（open vascular），那裡大概有二十幾個目標；以及心臟外科（cardiac surgery），當然那部分約占營收的12%。

And the revenue sweet spot stays in that sort of $15 million to $150 million, give or take. We do look small, we do look bigger. And certainly, we have cash and dry powder to execute. So we're just trying to find a good target that's the right fit at the right price.

而營收的甜蜜點仍然落在大約1,500萬到1.5億美元之間，上下浮動。我們也會看小的，也會看更大的。而且我們確實有現金與可動用資金（dry powder）來執行。所以我們就是在努力找一個在合適價格下、契合度也正確的好標的。

Obviously, you guys were pretty active for a long time in the last 5 years or so, it has been less so. Have you guys -- other than maybe looking bigger, I mean, have you guys changed the approach at all in terms of hurdle, internal hurdle rates or anything like that? Or is it just, hey, we're waiting for a pitch, and we just aren't seeing our pitch.

很明顯你們在過去五年左右有很長一段時間都相當活躍，但近幾年就沒那麼多了。你們——除了可能開始看更大的標的之外——在門檻、內部報酬率門檻（internal hurdle rates）之類的方面，有改變策略嗎？還是只是說，嘿，我們在等一個提案，但就是沒看到符合我們期待的提案。

I would say we haven't really changed it. I mean, obviously, the last sizable acquisition we did was Artegraft, which was almost six years ago. We did a very small one acquisition, which some people might have missed in December. It was just a few hundred thousand of revenue over in Europe. But high level, no, I mean, I would say, since Artegraft, we did that, and it was COVID and then we're integrating.

我會說我們其實沒有真的改變。我的意思是，顯然我們上一筆較大型的收購是Artegraft，那已經差不多六年前了。我們在12月做了一筆非常小的收購，有些人可能沒注意到。那在歐洲，營收只有幾十萬美元。但從高層次來看，沒有，我是說，自從Artegraft之後，我們做了那筆，接著遇到COVID，然後我們在做整合。

But we've been hunting. I think one factor is that there just aren't that many targets left in open vascular. So that's piece A. Then piece B is, I think it's taken us a little while to sharpen our focus in cardiac surgery, and I feel like we're there now, which is why I think you hear me saying we're fairly active with respect to making these nonbinding offers. So we're out there. And yes, I mean, on the one hand, I'm fully cognizant of the amount of cash we have, but I've done enough bad acquisitions to know that you're really better off waiting for your pitch. And so we're waiting for our pitch.

但我們一直在找。我想其中一個因素是，開放式血管領域剩下的標的其實不多了。這是A部分。接著B部分是，我覺得我們在心臟外科的聚焦上花了一點時間把方向磨得更清楚，而我覺得我們現在到位了；這也是為什麼你會聽到我說，我們在提出這些不具約束力的報價（nonbinding offers）方面相當積極。所以我們在外面。而且是的，一方面我完全清楚我們手上有多少現金，但我做過夠多不好的收購，知道其實等待真正適合你的球路會更好。所以我們在等我們的球路。

Mike, maybe a small add to that from George would be, I think in the last six years since we did the last big acquisition in June of 2000, I do think -- and I think I mentioned this on one of these calls, I think we've gotten more self-confident about our ability to grow this company organically.

Mike，George這邊也許補充一點：我想在我們上一次大型收購之後的這六年——也就是自從2000年6月做了上一筆大收購以來——我確實覺得——而且我想我在其中一次電話會議提過——我們對於靠內生成長把公司做大的能力更有自信了。

So the last three or five years, the stock price has moved a lot based on organic growth. And I think when you prove that to yourself that you can run a business organically that well, you start feeling less pressure to do acquisitions. So I think maybe that sort of implicitly made the bar go up a little bit as well.

所以在過去三到五年，股價的變動很大程度是由內生成長所驅動。而當你向自己證明你可以把一個事業用內生成長經營得那麼好時，你就會覺得做收購的壓力變小了。所以我想這也可能在某種程度上讓門檻隱含地提高了一點。

Okay. Makes sense. Thanks, guys.

好的。有道理。謝謝各位。

Thanks a lot, Mike.

非常感謝你，Mike。

Michael Sarcone, Jefferies.

Michael Sarcone，Jefferies。

Good afternoon, and thanks for taking the question. Just wanted to start, George, you opened up the call talking about some opportunities and then growth drivers for Artegraft. I wanted to hone in on the Quick Stick claims. Maybe I was hoping you could help us frame the volume opportunity. I believe Gore Acuseal is kind of the primary competitor there. Help us frame the opportunity for what you could gain in share or volume growth if you did get the Quick Stick claim.

下午好，謝謝讓我提問。我想先從George你開場提到的一些機會與Artegraft的成長驅動因素談起。我想聚焦在Quick Stick的宣稱（claims）。希望你能幫我們界定一下量的機會。我相信Gore Acuseal算是那邊的主要競品。如果你們拿到Quick Stick宣稱，能在市占或出貨量成長上取得多少增量，能否幫我們框定一下這個機會？

Mike, it's Dave Roberts. I'm going to jump in on this and George can add color. Yes, you are right in identifying the Gore Acuseal. Whenever you buy a Gore Tex raincoat, you support Acuseal. So there's that. And then there are FIXIN, there are other Quick Stick grafts on the market. Of course, Quick Stick really is focused on dialysis access and not peripheral bypass.

Mike，我是Dave Roberts。我先插話回答，George可以再補充。是的，你把Gore Acuseal點出來是對的。每當你買一件Gore Tex雨衣，你就在支持Acuseal。所以是這樣。另外還有FIXIN，市面上也有其他Quick Stick移植物（grafts）。當然，Quick Stick其實主要聚焦在透析通路（dialysis access），而不是周邊繞道手術（peripheral bypass）。

Artegraft, it's funny. Over in Europe, as George mentioned, it's being used primarily for peripheral bypass. So a Quick Stick indication once the Europeans take up using grafts as part of their algorithm for dialysis access, the Quick Stick feature will really just help us in the US. And last year, our Artegraft sales in the US were around $40 million. We don't really speak in TAMs too much around here.

Artegraft很有趣。在歐洲，如George提到的，它主要用在周邊繞道手術。所以一旦歐洲人開始在透析通路的治療流程（algorithm）中採用移植物，Quick Stick適應症（indication）與功能其實主要會在美國幫到我們。而去年我們Artegraft在美國的銷售大約是4,000萬美元。我們這邊不太常談TAM（總可服務市場）。

Do we think that Quick Stick will expand our sales of Artegraft? We do. And because we see these competitors, we know there's a market. And so -- but we feel also like this regulatory path is long for us. It could be two years, but it could be five or six years.

我們認為Quick Stick會擴大Artegraft的銷售嗎？我們認為會。而且因為我們看到這些競品，我們知道市場是存在的。不過我們也覺得，對我們而言這條法規/監管路徑很長。可能是兩年，但也可能是五到六年。

And so we know the market is big enough that it completely justifies us investing the dollars to pursue that indication. But in terms of exactly how much bigger we expect the market to be, I don't think we're prepared to say that. We do think it will be materially bigger than our US Artegraft sales today. But beyond that, I'm not so sure we're ready to say exactly how much bigger.

所以我們知道市場夠大，完全足以支持我們投入資金去追求這個適應症。但至於我們預期市場到底會大多少，我想我們還沒準備好講得那麼精確。我們確實認為它會顯著大於我們目前在美國的Artegraft銷售。但除此之外，我不太確定我們是否已準備好說到底會大多少。

I guess just another one on Artegraft, just about the 53 centimeters, the longer length. How much -- I guess I'm trying to figure out what does that do for pricing for you? Obviously, as George mentioned, one of the central focuses here is sustainability of pricing. So what kind of ASP bump do you get as you elongate the length of some of these grafts?

我想再問一個關於Artegraft的問題，關於53公分的較長長度。我想弄清楚，這對你們的定價有多大影響？顯然如George提到的，這裡的核心重點之一是價格的可持續性。當你們把部分移植物的長度拉長時，ASP（平均銷售單價）大概能提升多少？

I think there's a good market out there, and we've proven it with our Omniflow II product, which we've had out there for five or eight years now. That's the Ovine-based device out there, Mike. And so when we get to the longer Artegraft, and we'll get there at some point, we've already proven the 50-centimeter has significantly premium pricing versus the rest of the entire Artegraft portfolio of catalog numbers, if you will, the other lengths.

我認為市場需求相當不錯，而我們也已透過 Omniflow II 產品證明了這一點；這個產品我們已經在市場上推出大約五到八年了。那就是以羊來源為基礎的裝置，Mike。因此，當我們推出更長的 Artegraft 時——我們終究會做到那一步——我們已經證明 50 公分的產品相較於整個 Artegraft 產品組合中其他型錄品項（也就是其他長度），具備顯著的溢價定價能力。

So I would say when you get up to 53, 55, 58, you are going to be able to get into premium pricing there. So as good as possible. And some other good news is that when we went into Europe, our manager over there put pricing above the American pricing, which is kind of rare, and it seems to be working. So it should be nice gross margin devices when we get there.

所以我會說，當你做到 53、55、58 公分時，你就能在那裡取得溢價定價。所以會盡可能好。另外還有一些好消息是，當我們進入歐洲時，我們那邊的主管把定價訂在高於美國的價格，這其實相當少見，但看起來運作得不錯。所以等我們做到那一步時，這些應該會是毛利率很漂亮的裝置。

Great. Thank you.

很好。謝謝。

Thank you.

謝謝。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

This is Will on for Brett. Quick question on gross margin. You expanded around 350 basis points, and you called out higher pricing as well as some manufacturing efficiencies. Could you just speak a bit to the split between those two items? And then can you just double-click on some of the manufacturing efficiencies? And how much more room do you see to take out cost?

我是 Will，代 Brett 發問。關於毛利率有個簡短問題。你們擴張了大約 350 個基點，並提到較高的定價以及一些製造效率提升。能否談談這兩項因素各自的貢獻占比？另外也請再深入說明一下製造效率提升的部分。你們認為還有多少空間可以進一步降低成本？

Yes. This is Dorian. Thanks for the question. The 350 bps year-over-year, it's largely the pricing is also driven by some positive mix. We talked about the distribution business being down a little bit. That's a lower-margin business overall. We also talked about the success of Artegraft, and that's a very high-margin business.

好的。我是 Dorian。謝謝你的問題。年對年 350 個基點的提升，主要來自定價，同時也受到一些正向產品組合的帶動。我們提到經銷業務略有下滑。那整體而言是毛利較低的業務。我們也談到 Artegraft 的成功，而那是一個毛利非常高的業務。

So that price and that positive mix helped to that 350 bps. And the manufacturing efficiencies, we've talked about this on several calls now. And it's hard to identify really one single individual thing that we've done in the operations. But other than really maybe the theme of consolidating here in Massachusetts, which we do think long term gives us better operational efficiencies.

因此，定價與正向組合共同推動了這 350 個基點。至於製造效率，我們在過去幾次電話會議中已談過。而且很難指出營運端到底是哪一個單一措施帶來的。不過，除了把業務整合到麻薩諸塞州這個主軸之外——我們確實認為長期來看能帶來更好的營運效率。

But we have seen really good -- Trent Kamke who runs our operations, Ryan Connelly, our engineering team, Andrew Hodkinson, who runs quality regulatory, I think have done a nice job of just building a culture of continuous improvement here. So we've seen that come through in a lot of just discrete, what you call lean or Kaizen projects.

但我們確實看到很好的成果——負責營運的 Trent Kamke、Ryan Connelly、我們的工程團隊，以及負責品質與法規的 Andrew Hodkinson，我認為他們在建立持續改善文化方面做得很好。所以我們看到這些成果反映在許多零散的、你所謂的精實或 Kaizen 專案上。

Maybe the best way to articulate it is at the end of 2023; we had 211 direct labor employees in the company. And at the end of 2025, we had 175. So we continue to increase the number of devices that we're manufacturing, and we can continue to do it with fewer and fewer direct labor heads.

也許最好的表達方式是：在 2023 年底，我們公司有 211 位直接勞工員工。而在 2025 年底，我們有 175 位。所以我們持續提高製造的裝置數量，同時仍能用越來越少的直接勞工人數來完成。

And that's really a result of these automation projects, these lean kaizen type projects. And then we've also elsewhere in the cost structure, try to drive cost out over the last year. We did do some initiatives around freight and logistics in the back half of last year that really helped margins. We have been building out that footprint of warehouses across Europe, in particular, where we used to ship all the products from our German facility in Sulzbach to cover the European customers.

而這確實是這些自動化專案、這些精實 Kaizen 類型專案的成果。此外，在成本結構的其他部分，我們也在過去一年嘗試推動降本。去年下半年我們在運輸與物流方面做了一些措施，對毛利率幫助很大。我們也一直在擴建歐洲的倉儲據點，特別是過去我們都是從位於 Sulzbach 的德國廠出貨，以覆蓋歐洲客戶。

We now have operations with warehouses in Switzerland, in Italy, in Spain, in France and the UK. And just being closer to the customer has a lot of commercial benefits, but it also has a lot of cost benefits around freight. So I think we're just trying to continuously improve and drive cost out. And I think there continues to be opportunity for us there. But it really has been a great story, gross margin with the pricing and the abilities to just keep trying to continuously improve the operations.

現在我們在瑞士、義大利、西班牙、法國以及英國都有倉庫營運。更貼近客戶不僅有很多商業上的好處，也在運費方面帶來很多成本效益。所以我認為我們就是在持續改善並推動降本。而我也認為我們在這方面仍有機會。但這確實是一個很好的故事：毛利率在定價與持續改善營運能力的帶動下提升。

Then maybe just sticking with the theme of margins. The guidance implies material ramp up in operating margin to hit 29% for the year. How should we think about the next few quarters and eventually getting to a 4Q exit rate?

那也許延續毛利率的主題。你們的指引顯示，為了達成全年 29% 的營業利益率，營業利益率將會有明顯爬升。我們應該如何看待接下來幾季，以及最終到第 4 季的退出率（exit rate）？

I think material here is that we have a 30% op margin coming at us in Q2, which is historically one of our better sales quarters. So that one is a little bit more obvious. But 29%, I don't know what do we have keyed in here for the back half. We have 29% for the H2. So that implies H2 at 29%, but we don't -- we're not splitting the quarters exactly right now. I hope that's cleaning up. But I mean 30% is very close to 29%. So it's a nice exit rate in any event. And what are we at this quarter? We're at 27% right now. So a little bit better.

我想關鍵在於，我們在第 2 季將達到 30% 的營業利益率，而歷史上第 2 季通常是我們銷售表現較好的季度之一。所以這一點比較明顯。但 29%——我不知道我們這裡對下半年是怎麼設定的。我們下半年是 29%。所以這代表下半年是 29%，但我們目前沒有把每一季拆得非常精確。希望這樣說清楚。不過 30% 跟 29% 非常接近。所以無論如何，退出率都不錯。那我們這一季是多少？我們現在是 27%。所以會再好一點。

This is Dorian. Maybe just to jump in a little there. Again, I think we did just talk through some of the investments that we plan to make in the back half of the year, some of the investments around Artegraft, talked about the Billerica warehouse and the Burlington manufacturing transition for RFA.

我是 Dorian。我補充一下。同樣地，我想我們剛才已經談到一些我們計畫在下半年進行的投資，包括一些與 Artegraft 相關的投資，也談到 Billerica 倉庫以及 RFA 的 Burlington 製造轉移。

But also, we do expect to ramp the sales force in the back half of the year and make other commercial investments. So 2025 was a year where the front half of the year was -- had a little more expense, and we had a little less expense in the back half. 2026 will probably be a more normal year where you see the second half of the year have a little bit more OpEx than the first half.

此外，我們也預期在下半年擴編銷售團隊並進行其他商業投資。所以 2025 年是前半年費用稍高、後半年費用稍低的一年。2026 年可能會更接近正常情況，也就是你會看到下半年營業費用（OpEx）比上半年略高一些。

Thank you very much. Thanks, William.

非常感謝。謝謝你，William。

Rick Wise, Stifel.

Rick Wise，Stifel。

Hi, this is Annie on for Rick. So my first one is just on the first quarter OUS Artegraft performance. I think I heard you call out $2.1 million in sales this quarter, which would sort of imply this annual run rate that's a bit below your $10 million target for the full year.

嗨，我是 Annie，代 Rick 發問。我第一個問題是關於第一季 OUS（美國以外）Artegraft 的表現。我想我聽到你提到本季銷售額是 210 萬美元，這似乎意味著年化 run rate 會略低於你們全年 1,000 萬美元的目標。

So I guess I'm just curious how you're thinking about the sales cadence through the rest of the year, if you're expecting sales dollars to continue stepping up each quarter or if there are any sort of seasonal dynamics that we should be conscious of and how you're expecting to sort of get to that $10 million target?

所以我想了解你們如何看待今年剩餘時間的銷售節奏：你們是否預期每一季的銷售金額會持續逐季上升？或者是否有任何我們需要留意的季節性因素？以及你們預期要如何達成 1,000 萬美元的目標？

Sure, sure. And if you go on a day adjusted look at this, Annie, 2.1 in those -- in the first quarter winds up being an 8.6%, not an 8.4%. So we did do the math on that. But you have plenty coming at you. Q1 is always your lightest quarter at this company, always. Canada has approval.

當然，當然。Annie，如果用工作天數調整後來看，第一季的 210 萬美元換算下來是 8.6%，不是 8.4%。所以我們確實有做過這個計算。但你們接下來會看到很多進展。在我們公司，第一季一向都是最淡的季度，一直都是。加拿大已經取得核准。

We should be shipping devices in Q4 or I think we're saying H2 here at some point in the back half. And you also have the Southern European region kind of ramping up right now. So we felt good about that. We put that number out there at the last quarter, so we're validating again this quarter. Makes sense to us. The ramp makes a lot of sense to us to get to $10 million.

我們應該會在第四季出貨設備，或者我想我們在這裡某個時點說的是下半年（H2），也就是後半段的某個時間。另外，南歐地區目前也正在逐步放量爬坡。所以我們對此感覺不錯。我們在上一季就把那個數字對外提出了，所以這一季我們再次加以驗證。對我們來說很合理。這個爬坡要達到1,000萬美元，對我們來說非常合理。

Great. And then maybe just one on RestoreFlow Allografts. I heard you highlight that you're beginning distribution in Germany in the second quarter, I believe, and you're expecting RFA to be approved in Ireland in the second half. Maybe you could just share your latest thoughts about the European RFA market opportunity and sort of the potential speed of adoption and revenue ramp there.

很好。接著也許再問一題關於 RestoreFlow 同種移植物（Allografts）。我聽到你提到你們在第二季開始在德國進行經銷／鋪貨，我想是這樣；而且你們預期 RFA 會在下半年於愛爾蘭獲准。也許你可以分享一下你對歐洲 RFA 市場機會的最新看法，以及那邊採用速度與營收爬坡的潛在節奏。

Right. That's a good question. I would say it's been a little -- the Artegraft thing happened so suddenly. It sort of took front and center stage as a company last year and in this year. And I think RFA is kind of not as much focus from a regulatory perspective. But I think now the focus is on that, and these things will start coming soon. So I would say it's been a little bit slow to start with and that we should see it speed up as we get more regulatory focus on that product line.

對。這是個好問題。我會說進展有點——Artegraft 那件事發生得太突然了。它在去年以及今年，某種程度上成為公司最核心的焦點。而我認為從法規角度來看，RFA 相對沒有那麼被聚焦。但我想現在焦點正在轉回來，相關進展很快就會開始出現。所以我會說一開始確實有點慢，但隨著我們把更多法規資源聚焦在那條產品線上，速度應該會加快。

Also in Germany, we got the approval, if you remember, in October, and we have not done one implant yet, and we're still sort of building our supply of German approved items and they're slightly different technical reasons. They're slightly different than the American approved items. And so it's taken a little bit longer for us to build up stock there.

另外在德國，我們在10月就拿到核准了，如果你還記得的話，但我們到現在還沒有做過任何一例植入，我們仍在建立德國核准品項的供應量，因為一些技術原因。它們和美國核准的品項略有不同。因此我們在那邊建立庫存花了比較久的時間。

Then maybe the Irish approval and audit by the Tissue Authority there is a little bit slower in coming than we expected. It took us a little bit longer to set up our Irish office, and you're not allowed to ask them to inspect your facility until the facility is truly open. So a couple of those items there.

再來，愛爾蘭那邊由組織主管機關（Tissue Authority）進行的核准與稽核，比我們預期來得慢一些。我們設立愛爾蘭辦公室也花了比較久的時間，而且在設施真正開放之前，你不能要求他們來檢查你的設施。所以那邊有幾個因素。

But to go back to this, we just filed in Australia, and then there's 5 European filings, which will take place in H2 of 2026, Austria, Holland, Belgium, Spain and Switzerland. So it's starting to happen here. But we would admit it's been a little bit light over there until now.

不過回到這點，我們剛在澳洲完成申請，接著還有5個歐洲申請，將在2026年下半年（H2）進行：奧地利、荷蘭、比利時、西班牙與瑞士。所以現在開始動起來了。但我們也承認，到目前為止那邊的進展確實有點偏淡。

Got it. Thanks so much for the color there.

了解。非常感謝你提供這些補充說明。

Thanks, Annie.

謝謝你，Annie。

Danny Stauder, Citizens JMP.

下一位是 Citizens JMP 的 Danny Stauder。

Yeah, great. Thanks for the questions. Just my first one on Artegraft, specifically on the point on making the longer sizes for light bypass. Could you talk about this decision? I mean it sounds like it's higher dollar in terms of the sell point and maybe it's more common in Europe.

好的，很好。謝謝讓我提問。我第一題是關於 Artegraft，特別是你們提到要製作更長尺寸、用於下肢繞道（leg bypass）。你能談談這個決策嗎？聽起來在售價點上是更高單價，而且可能在歐洲更常見。

But are there any more recent trends from vascular surgeons that you're seeing that's leading to higher demand for these longer sizes? I guess in summation, the question is why now? And why are you pursuing this at this point?

不過你們是否看到血管外科醫師近期有任何趨勢，導致對這些更長尺寸的需求提高？我想總結一下，問題是為什麼是現在？以及為什麼你們在這個時間點推進這件事？

Right. I think it's always been very clear to our European colleagues that a 50-centimeter wasn't going to make them happy and that it just barely qualified for what we'll call fem-pop bypasses, which is just below the knee. They've always told us, yes, well, we can sell a 50, but George, we want 60s and 58 and 53s just like you provide us with that Omniflow graft. Again, I'm talking again about what I said.

對。我認為對我們的歐洲同業來說一直都很清楚：50公分不會讓他們滿意，而且它僅僅勉強符合我們所稱的股膕（fem-pop）繞道，也就是膝下的那種。他們一直告訴我們：是的，我們可以賣50公分，但 George，我們想要60、58、53這些尺寸，就像你們提供給我們的 Omniflow 血管移植物那樣。我再重申一次我剛剛說的。

We sell Ovine Omniflow over there, and they're longer, and that's the market. They don't really do AV access in general in Europe. And so in the US, where we sell mostly AV access artegraft, 50 centimeters has always been sufficient for the whole entire history of this device. So we figured, oh, let's get going in Europe, but then we always knew. So this has been a project that's been on our drawing board for a while, but it's starting to get real now that we've got that CE mark.

我們在那邊賣的是羊源（Ovine）的 Omniflow，尺寸更長，而那就是那邊的市場。歐洲整體而言其實不太做 AV 通路（血液透析通路）。因此在美國，我們主要銷售用於 AV 通路的 Artegraft，50公分在這個產品整個歷史期間一直都足夠。所以我們想，好，那就開始在歐洲推進，但其實我們一直都知道這點。因此這個專案在我們的規劃藍圖上已經放了一段時間，但現在因為我們拿到 CE 認證，事情開始變得更具體了。

I would add, Dan. This is Dave Roberts. The backdrop, if a patient has peripheral vascular disease, especially distally down the calf towards the foot, the smaller diameter, the artery, the more likely it is that an endovascular intervention, whether it's an angioplasty or stent or atherectomy or whatever you have, isn't going to be durable over the long haul.

我補充一下，Dan。我是 Dave Roberts。背景是：如果病人有周邊血管疾病，尤其是小腿遠端往足部方向，血管直徑越小，血管內介入治療——不論是血管成形術、支架、旋磨（atherectomy）或其他方式——長期耐久性就越不理想。

So that's why we always see with our valvulotome a long bypass is what surgeons want to do with our allografts here in the US and in Canada and the U.K., we've always seen the most demand for the longest allograft. So clinically, there's a very good reason for it. But as George said, for us, our US Artegraft business has been mostly dialysis access. It's only since we got into Europe where they're really adopting it for peripheral that it's highlighted the need for a longer artegraft.

所以這也是為什麼我們一直看到，搭配我們的瓣膜切開器（valvulotome），外科醫師在美國、加拿大與英國使用我們的同種移植物時，會希望做長段繞道；而我們也一直看到對最長同種移植物的需求最高。因此在臨床上有非常充分的理由。但如 George 所說，對我們而言，美國的 Artegraft 業務主要一直是透析通路。直到我們進入歐洲、他們真正把它用在周邊血管（peripheral）適應症上，才更凸顯需要更長尺寸的 Artegraft。

Just following up on that line of questioning. Just in terms of the market opportunity, how much would approvals here expand your total addressable market for this business? Are there certain procedures that this unlocks? It sounds like it might be more so in Europe, but any more detail on patient population sizing or growth here would be great in terms of what this could offer you?

沿著這條脈絡再追問一下。就市場機會而言，這裡的核准會讓你們這項業務的整體可服務市場（TAM）擴大多少？是否會解鎖某些特定手術？聽起來可能更多是在歐洲，但如果能提供更多關於病人族群規模或成長的細節，會很有幫助，讓我們理解這可能為你們帶來什麼。

Right. Slightly complex answer, but the answer is we've given you a TAM, and I think we upped it the last time we met at $30 million for biologic grafts in Europe or international rather, OUS, let's call it. And that always included the bovine graft, and we sold something like $6 million last year of bovine, and we plan to sell $10 million worth of this bovine graft Artegraft.

對。答案稍微複雜，但我們已經給過你們一個 TAM，我想上次見面時我們把它上調到3,000萬美元，指的是歐洲或更廣義的國際市場，也就是美國以外（OUS）的生物性血管移植物。而那個 TAM 一直都包含牛源移植物；我們去年牛源產品大概賣了600萬美元，而我們計畫銷售1,000萬美元的這款牛源移植物 Artegraft。

So that's 16 of the 30 TAM, but in knowing that we are already selling, it's a little complex, in knowing that we're already selling bovine for the distal bypasses for these longer bypasses, we already felt that was part of the TAM. So in the very short run, does this affect our TAM of 30 million? No. Though we should think about it for a while and come back to you guys on it. But in the short run, no, let's stay with 30 million as the TAM.

所以在3,000萬的 TAM 裡面，這就占了1,600萬；但因為我們已經在賣牛源產品、用於遠端繞道、也就是這些更長段的繞道，所以情況有點複雜——我們原本就認為那已經是 TAM 的一部分。因此在非常短期內，這會影響我們3,000萬的 TAM 嗎？不會。不過我們應該再想一想，之後再回來跟各位更新。但短期來看，不會；我們先維持 TAM 為3,000萬美元。

Great. Appreciate it. Sorry for making it more complex than it used to be. Thanks a lot.

很好。感謝。抱歉把問題弄得比以前更複雜了。非常感謝。

Nathan Treybeck, Wells Fargo.

Nathan Treybeck，富國銀行。

Hi, good afternoon. Thanks for taking the question. Just thinking about capital allocation, I guess, as we think about your opportunity set, either organically or through M&A, are there any product categories you would call out in open vascular, open cardiac where you're seeing outsized momentum or maybe strategic underinvestment?

嗨，下午好。謝謝讓我提問。我想從資本配置的角度來看，當我們思考你們的機會集合，不論是有機成長或透過併購（M&A），在開放式血管、開放式心臟這兩塊，有沒有任何產品類別是你們會特別點名的——你們看到動能特別強，或可能存在策略性投資不足的地方？

I mean for us -- Nathan, this is Dave. It's a great question. I think the first level consideration is open vascular versus open cardiac. And for us, open vascular is still the center of the fairway. But like I've said, there are limited targets set in open vascular. When you get to cardiac, we're generally steering away from capital equipment, never say never. But the more important attribute for us is the niche market.

我的意思是，對我們來說——Nathan，我是Dave。這是個很好的問題。我認為第一層的考量是開放式血管相對於開放式心臟。對我們而言，開放式血管仍然是主航道的核心。但就像我說過的，開放式血管的標的集合是有限的。談到心臟領域，我們一般會避開資本設備，當然永遠不要說永遠。但對我們更重要的特質是利基市場。

And George emphasized that when he rattled off, I think, five of the key tenets of the LeMaitre playbook. We're looking for these niche markets where we can acquire into a leadership position. We really like physician preference items that are differentiated that the surgeons are going to gravitate towards over time.

George在快速列舉我想是LeMaitre作戰手冊的五個關鍵原則時，也強調了這點。我們在找的是這些利基市場，我們可以透過收購取得領導地位。我們非常喜歡具差異化、由醫師偏好驅動的品項，外科醫師會隨時間推移越來越傾向使用。

So the cardiac surgery market devices is, I'd say, at least 4x the size of the open vascular surgery market. So there are a lot of targets there. I'm not going to get specific for obviously competitive strategic reasons about the targets we're interested in, but there are plenty of these interesting niches that we could acquire into. And then hopefully, they would exhibit the same financial characteristics over time that our organic products are these days.

所以心臟外科器械市場，我會說至少是開放式血管外科市場的4倍大。因此那裡有很多標的。基於顯而易見的競爭與策略原因，我不會具體談我們感興趣的標的，但確實有很多這類有趣的利基可以讓我們收購切入。然後希望隨著時間推移，它們能展現出與我們目前有機產品相同的財務特性。

How are you thinking about the RestoreFlow German launch in Germany? How are you thinking about the ramp and the contribution to growth this year?

你們如何看待RestoreFlow在德國的上市？你們如何看待爬坡速度，以及今年對成長的貢獻？

I mean -- this is George again. It's all baked in the guidance, but I think we're being quite cautious with what we're baking into guidance because we don't know. We've had one European launch over there, and it went fantastic. It was the UK. But we haven't seen it yet. We have less supply. We didn't have supply issues the last time.

我的意思是——我又是George。這些都已經納入指引裡了，但我認為我們在納入指引時相當保守，因為我們不知道。我們在那邊做過一次歐洲上市，結果非常好。那是在英國。但我們還沒在德國看到。我們的供應量比較少。上一次我們沒有供應問題。

The American and the British -- what the Americans and the British accepted for acceptable tissue was the same. So we didn't have a distinction. Now we have a distinction. Every single tissue that we send to Germany has to be sort of German qualified, if you will. So we've had a slower time. So I don't -- we don't know. We've got very cautious numbers baked in the guidance. We shall see maybe there's a little upside for everyone in this launch.

美國人和英國人——美國與英國對可接受的組織（tissue）標準是相同的。所以我們沒有差異。但現在我們有差異了。我們送到德國的每一份組織都必須算是符合德國資格要求（German qualified），如果你願意這麼說。所以我們進展比較慢。因此我不——我們不知道。我們在指引中納入了非常保守的數字。我們拭目以待，也許這次上市會有一點上行空間給大家。

I could squeeze one more in. As we think about your guidance philosophy, I mean, we see 10% organic growth, and there was this distribution dynamic in Q1. Your guidance implies an acceleration through the rest of the year. I guess, how derisked is this guidance at this point?

我再塞一個問題。當我們思考你們的指引哲學時，我是說，我們看到10%的有機成長，而第一季有這個經銷/分銷的動態。你們的指引暗示今年剩餘時間會加速。那我想問，到了這個時間點，這份指引的去風險程度有多高？

I mean -- if you look at tough comps, easy comps, I think the summer quarter is an easy quarter to beat up on. So you have that going for you. And in general, maybe even Q4 is something that we can do better than what we had here. But you look at our guidance history, I think, Dave, what do we hit like 77% of the quarters for sales guidance. We haven't written on the investor preso out there.

我的意思是——如果你看艱難的比較基期、容易的比較基期，我認為夏季那一季是比較容易超越的一季。所以你有這個有利因素。而且整體來看，甚至第四季也可能是我們能做得比去年更好的一季。但你看看我們的指引歷史，我想，Dave，我們大概命中銷售指引的季度比例是77%吧。我們沒有把它寫在投資人簡報上。

I think it's something like that, Nathan. So this is like our 78th call. So we're getting better and better at doing guidance, I think. But yes, there's always risk. We don't -- I don't think you would accuse us of sandbagging if we're on making it 75% of the time. So we try to give you the best -- the right number and then and we chase it, too. We'll chase those numbers. They mean a lot to us.

我想大概是那樣，Nathan。所以這大概是我們第78次電話會議。我覺得我們在做指引這件事上越來越上手了。但對，總是有風險。我不——如果我們只有75%的時間做到，你應該不會指控我們在刻意保守（sandbagging）。所以我們會盡力給你最好的——正確的數字，然後我們也會去追。我們會追那些數字。它們對我們很重要。

Jim Sidoti, Sidoti & Company.

Jim Sidoti，Sidoti & Company。

Hi, good afternoon. Thanks for taking the questions. Can you tell me what the operating cash and the capital expenditures were in the quarter?

嗨，下午好。謝謝讓我提問。你能告訴我本季的營運現金流和資本支出是多少嗎？

Sure. This is Dorian, Jim. Cash from operations was $15.1 million, and the CapEx was $2.8 million.

當然。Jim，我是Dorian。營運活動現金流是1,510萬美元，資本支出（CapEx）是280萬美元。

You talked about the consolidation of the Chicago plant. Is that something you expect to be done by the end of this year?

你們談到芝加哥工廠的整併。你們預期這件事會在今年底前完成嗎？

Yes.

是的。

I feel like I'd be missing something because I didn't ask an autograph question on the call. It seems like that's the topic of the day. You brought up Korea, Brazil, Vietnam, India. When do you expect those approvals?

我覺得如果我在這通電話裡沒有問一個關於Autograph的問題，好像就漏了什麼。看起來那是今天的熱門話題。你們提到韓國、巴西、越南、印度。你們預期那些核准會在什麼時候？

2027.

2027年。

Those are all 2027. So early, late, will they be contributing?

那些全部都是2027年。所以不論是年初或年末，它們會有貢獻嗎？

I mean, I wrote in the -- we wrote in the script H2, but I bet you get one of them in H1 and 3 of them in H2, something like that.

我的意思是，我在——我們在講稿裡寫的是下半年（H2），但我打賭你會在上半年（H1）拿到其中一個，然後下半年拿到三個，大概像那樣。

Okay. So they'll be moderate contributors to 2027.

好的。所以它們會對2027年有中等程度的貢獻。

We haven't even thought that through. We're thrilled to get them, and that would make us have 56 approvals instead of 52, but they're okay countries for us.

我們甚至還沒把這件事想透。我們很高興能拿到它們，那會讓我們的核准數從52變成56，但對我們來說它們算是還不錯的國家。

Okay. All right. Thank you.

好的。好。謝謝。

Frank Takkinen, Lake Street Capital Markets.

Frank Takkinen，Lake Street Capital Markets。

Great. Thank you for taking the questions. I was hoping to follow up on the distributor. Is there a chance that swings back in Q2 and the back half of the year? And then is this potentially a geography where you may elect to go direct?

很好。謝謝讓我提問。我想追問一下經銷商的部分。第二季以及今年下半年有沒有可能回擺？另外，這是否可能是一個你們會選擇改為直銷的地理區域？

Okay. So you're talking about -- when we talked about export in Q1 being a little bit light, yes, there's a very good chance that it will swing back. Maybe if we look at maybe one fact that didn't come out yet, which is if you look at April, you guys -- we usually don't do this, but just to give people some comfort there.

好的。所以你指的是——我們談到第一季出口稍微偏弱時，是的，很有可能會回擺。也許我們可以看一個還沒提到的事實：如果你看四月，你們——我們通常不會這樣做，但只是想讓大家安心一些。

In April, sales growth was 13%. It was 7% price and 6% units. And that's a big hint that, yes, it was a temporary passing phenomenon. And one little step further here, Frank, the export business, interestingly enough, because we run around touting ourselves as a direct-to-hospital company.

四月的銷售成長是13%。其中7%來自價格、6%來自出貨量。這是一個很大的暗示：是的，那是一個短暫的、過渡性的現象。再往前一步，Frank，有趣的是出口業務，因為我們到處宣傳自己是一家直接對醫院（direct-to-hospital）的公司。

And lo and behold, if you really look at the facts, the export business of this company has a CAGR of 20% for the last -- since 2019, so skipping over the pandemic, starting in 2019, the seven-year CAGR, if you will, is 20%. And so that business continues to just do fantastic. And all it says to me is that the world is a very big place.

而且你看，若你真的去看事實，這家公司出口業務自2019年以來的年複合成長率（CAGR）為20%，所以若略過疫情、從2019年開始算，所謂七年CAGR就是20%。因此那項業務仍然表現得非常出色。而這對我而言只說明一件事：世界非常大。

We ignore it and the business keeps coming in, and then we use that to pick off places to go direct. You can see Poland, Mexico and Greece. If you're in our building and you look at the walls at all these 2030 plank sets, it says Poland, Mexico and Greece. So you're probably going to see that happen over the next two or three years, certainly Poland this year and then Mexico and Greece coming after that.

我們先不去管它，業務仍持續進來，然後我們利用這些來逐一鎖定要直接進入的市場。你可以看到波蘭、墨西哥和希臘。如果你在我們大樓裡、看著牆上所有這些2030年規劃看板，上面寫的就是波蘭、墨西哥和希臘。所以你很可能會在接下來兩到三年看到這些發生：今年肯定是波蘭，接著是墨西哥和希臘。

But not worried. Very excited about the export business always. And we have four export managers right now or three and one being filled right now. And on our plank set, we plan to get to eight export managers by 2030. So a place where we heavily invest because of the growth of the business as well as it produces great opportunities for us to go direct.

但我們不擔心。我們一直都對出口業務非常興奮。而我們目前有四位出口經理，或是三位，另有一個職缺正在補上。並且在我們的規劃看板上，我們計畫到2030年把出口經理增加到八位。因此這是我們會大力投資的領域，因為業務成長，同時也為我們直接進入市場帶來很好的機會。

Perfect. Thanks for the April bonus. And then on the Artegraft R&D projects you mentioned, my assumption to this answer is no, but is this at all kind of marking a transition to maybe looking more internally at the portfolio for other R&D opportunities in light of maybe the M&A -- lack of appropriate M&A currently? Or is this just kind of one-off because Artegraft has had so much momentum?

很好。謝謝四月的加碼。另外，關於你提到的Artegraft研發（R&D）專案，我猜答案應該是否，但這是否在某種程度上代表一個轉變：在目前缺乏合適併購（M&A）的情況下，開始更多從內部檢視產品組合、尋找其他研發機會？還是這只是一次性的，因為Artegraft動能很強？

That's a good question. It's a good way to look at it. I mean one of the nice things about being a company that doesn't do too much R&D is that the R&D projects scream at you and you can't ignore them for too long. So maybe we could put that in that category. This is very, very obvious stuff.

這是個好問題。這樣看很有道理。我的意思是，作為一家不做太多研發的公司，其中一個好處是：研發專案會「很明顯地」出現在你面前，你不可能忽視太久。所以也許我們可以把它歸在那一類。這些都是非常、非常明顯的事情。

And also, you're allowed, if you don't do too much R&D, you're allowed to do some really low-risk, low beta projects. Making a longer tube is a very low-risk projects where we have high confidence that we'll get that approved by Europe and the US. So I hope that gives you some color on the choice of R&D projects.

而且，如果你不做太多研發，你也可以做一些風險很低、beta很低的專案。把管子做得更長就是一個風險很低的專案，我們很有信心能在歐洲和美國取得核准。希望這能讓你更了解我們選擇研發專案的考量。

Probably -- I think we've said this before, and again, it's on these plank sets. We do plan to do a little bit more R&D around here. I think in the old days, we were targeting 10%. Now we're maybe targeting 8% just because we're at 6% and saying 10% seems false. But we should do more R&D around here. There's a lot of projects. The larger you get, the more important -- the more helpful a little bit of R&D is to each one of your 160 sales reps. And I think we're becoming conscious of that.

大概——我想我們以前說過，而且同樣也寫在這些規劃看板上。我們確實計畫在這裡多做一點研發。我想在過去，我們的目標是10%。現在可能目標是8%，因為我們目前是6%，再說10%看起來不太真實。但我們應該在這裡做更多研發。有很多專案。你規模越大，一點點研發對你160位業務代表中的每一位就越重要——也越有幫助。我想我們也開始意識到這點。

Perfect. Very helpful. Thank you for taking the questions.

很好。非常有幫助。謝謝你回答問題。

Thanks a lot, Frank.

非常感謝，Frank。

Keith Hinton, Freedom Capital Markets.

Keith Hinton，Freedom Capital Markets。

Great, thanks for taking the follow-up. I just have a high-level question on business development. If you do decide to execute on a sizable deal in the cardiac space, just beyond the purchase price, kind of how should we think about the potential need for incremental investment to just bolster your commercial presence in cardiac? Is there kind of a level of near-term margin dilution that you're willing to live with in order to bring in another growth driver for the out years?

很好，謝謝讓我追問。我只有一個關於業務發展的高層次問題。如果你們確實決定在心臟領域執行一筆規模不小的交易，除了收購價格之外，我們應該如何看待為了強化你們在心臟領域的商業布局而可能需要的額外投資？為了在未來年度引入另一個成長動能，你們願意承受多大程度的短期毛利率/利潤率稀釋？

Keith, it's Dave. It's a good question. And the answer is it depends. And what it primarily depends on is if the cardiac surgery product is a product that's also used in vascular surgery because there are five or seven crossover products like surgical sealants and figating clips and atraumatic occlusion devices like that and a relatively easy short learning curve, the answer might be no. We may not need a dilutive cardiac sales force.

Keith，我是Dave。這是個好問題。答案是：要看情況。主要取決於該心臟外科產品是否也會用於血管外科，因為有五到七種交叉產品，例如外科封合劑、結紮夾，以及那種無創傷的阻斷裝置等，學習曲線相對短、上手也比較容易；在那種情況下，答案可能是否。我們可能不需要一支會造成稀釋的心臟銷售團隊。

But if the product is a product that's used exclusively in cardiac surgery, then I would say it's much more likely. And the way we look at that is, okay, so maybe there is the need to establish some size of a cardiac sales force depends, of course, on the size of the acquisition and its geographic reach.

但如果該產品只用於心臟外科，那我會說可能性就高得多。我們的看法是：好吧，那麼可能就需要建立一定規模的心臟銷售團隊——當然也取決於收購規模及其地理覆蓋範圍。

But if that's the first step into cardiac surgery, then future cardiac acquisitions would leverage that channel to derive sales. So we're always taking a very long-term view around here. We've done vascular acquisitions for almost 30 years. And I think we would do -- we would have a long runway of cardiac acquisitions. So we pay attention to it, but it doesn't really deter us because we have a long-term viewpoint.

但如果那是我們踏入心臟外科的第一步，那麼未來的心臟相關收購就能利用這個通路來帶動銷售。所以我們在這裡一向採取非常長期的觀點。我們做血管相關收購已將近30年。而我認為我們也會——我們在心臟領域的收購會有很長的跑道。所以我們會留意這點，但它不會真正阻礙我們，因為我們有長期視角。

Great. That's helpful. Thank you.

很好。這很有幫助。謝謝。

Thanks a lot, Keith.

非常感謝，Keith。

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

謝謝。各位女士先生，今天的會議到此結束。感謝各位的參與，現在可以掛線。祝各位有美好的一天。