Masimo Corp (MASI) 2025 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to Masimo's first-quarter 2025 earnings conference call. The company's press release is available at www.massimo.com. (Operator Instructions)

女士們、先生們，下午好，歡迎參加 Masimo 2025 年第一季財報電話會議。該公司的新聞稿可在 www.massimo.com 上查閱。（操作員指示）

I'm pleased to introduce Eli Kammerman, Masimo's Vice President of Business Development and Investor Relations. Please go ahead.

我很高興介紹 Masimo 業務發展和投資者關係副總裁 Eli Kammerman。請繼續。

Hello, everyone. Joining me today are CEO, Katie Szyman; and CFO, Micah Young. Before we begin, I'd like to inform you that this call will contain forward-looking statements. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are described in detail in our periodic filings with the SEC.

大家好。今天與我一起出席的還有執行長凱蒂·西曼 (Katie Szyman) 和財務長邁卡·楊 (Micah Young)。在我們開始之前，我想通知您，本次電話會議將包含前瞻性陳述。由於某些風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。這些風險和不確定性在我們向美國證券交易委員會提交的定期文件中有詳細描述。

Also, this call will include a discussion of certain financial measures that are not calculated in accordance with Generally Accepted Accounting Principles or GAAP. We generally refer to these as non-GAAP or adjusted financial measures. In addition to GAAP results, these non-GAAP financial measures are intended to provide additional information to enable investors to assess the company's operating results in the same way management assesses such results.

此外，本次電話會議也將討論某些未依照公認會計原則或 GAAP 計算的財務指標。我們通常將這些稱為非公認會計準則或調整後的財務指標。除了 GAAP 結果之外，這些非 GAAP 財務指標旨在提供更多信息，使投資者能夠以與管理層評估結果相同的方式評估公司的經營業績。

It is important to note that the Sound United business is now being classified as held for sale and reported in discontinued operations. As a result, our non-GAAP financial measures have been updated to reflect the continuing operations of Masimo's healthcare business for both current and historical reporting periods. Therefore, the financial measures we will be covering today will be primarily on a non-GAAP basis, unless noted otherwise.

值得注意的是，Sound United 業務現在被歸類為持有待售業務，並報告為終止經營業務。因此，我們的非 GAAP 財務指標已更新，以反映 Masimo 醫療保健業務在當前和歷史報告期間的持續經營。因此，除非另有說明，我們今天介紹的財務指標將主要基於非 GAAP 基礎。

Reconciliation of these measures to the most directly comparable GAAP financial measures are included within the earnings release, earnings presentation, and supplementary financial information on our website. Investors should consider all of our statements today, together with our reports filed with the SEC, including our most recent form 10-K and 10-Q, in order to make informed investment decisions.

這些指標與最直接可比較的 GAAP 財務指標的對帳包含在我們網站上的收益報告、收益展示和補充財務資訊中。投資者應該考慮我們今天的所有聲明以及我們向美國證券交易委員會提交的報告，包括我們最新的 10-K 表格和 10-Q 表格，以便做出明智的投資決策。

I'll now pass the call to Katie Szyman.

我現在將電話轉給凱蒂·希曼。

Thank you, Eli. And good afternoon, everyone. Since joining Masimo as CEO nearly three months ago, I've been focused on immersing myself in our business. I've visited customers at ten hospitals in five cities that was more than two-thirds of our employees across the US and Europe; toured numerous manufacturing and R&D sites; evaluated our innovation pipeline; and attended national meetings with our sales teams.

謝謝你，伊萊。大家下午好。自從三個月前加入 Masimo 擔任執行長以來，我一直專注於我們的業務。我拜訪了五個城市十家醫院的客戶，這些醫院占我們在美國和歐洲員工總數的三分之二以上；參觀了眾多製造和研發基地；評估了我們的創新管道；並與我們的銷售團隊一起參加了全國會議。

I have three key takeaways from these trips. One, our technology advantage is real. Not only are our existing products market leaders for a reason, but there's also excitement and a strong commitment to innovation throughout the organization that will be essential to our future growth. Second, we have a stellar team that is enthusiastic about the path forward at Masimo. Our people believe in our mission and are focused on delivering for our patients. Our team sees the momentum we have, and they want to build on it.

我從這些旅行中得到了三個重要的啟示。第一，我們的技術優勢是實實在在的。我們現有的產品不僅是市場領導者，整​​個組織都對創新充滿熱情並致力於創新，這對我們未來的發展至關重要。其次，我們擁有一支出色的團隊，他們對 Masimo 的未來充滿熱情。我們的員工相信我們的使命並致力於為我們的患者提供服務。我們的團隊看到了我們的發展勢頭，他們希望在此基礎上再接再厲。

Third, we have an opportunity to do better. This shouldn't come as a surprise to anybody. Improvement is always possible, but there are areas of our business where I believe by pulling the right levers, we can be more effective. Specifically, we can bring a new level of commercial excellence to the organization and how we go to market. Further, as we refocus our innovation, we can also put the right processes and plans in place to ensure we consistently have successful product launches that deliver meaningful results.

第三，我們有機會做得更好。這對任何人來說都不應該感到驚訝。改進總是有可能的，但我相信，在我們的業務的某些領域，透過採取正確的手段，我們可以更加有效。具體來說，我們可以為組織和我們的行銷方式帶來新的商業卓越水平。此外，隨著我們重新專注於創新，我們還可以製定正確的流程和計劃，以確保我們始終如一地成功推出能夠帶來有意義成果的產品。

Now let me turn to the quarterly results. The headline is that this is another strong quarter, and our performance clearly demonstrates the earnings power of our core healthcare business. We delivered double-digit revenue growth and EPS growth of more than 50%. For the first quarter, our healthcare revenue was $371 million and grew 10% on a constant currency basis. This was paired with meaningful operating margin expansion of 750 basis points.

現在讓我來談談季度業績。標題是這又是一個強勁的季度，我們的業績清楚地證明了我們核心醫療保健業務的獲利能力。我們實現了兩位數的收入成長和超過 50% 的每股收益成長。第一季度，我們的醫療保健收入為 3.71 億美元，以固定匯率計算成長 10%。同時，營業利益率也大幅擴大了 750 個基點。

Michael will go through the results more fully, but I did want to make sure to highlight that I am excited to be joining Masimo at a moment where we can build and improve from a position of meaningful strength as clearly demonstrated by this quarter's results. Next, I want to highlight some significant milestones from the quarter beyond the financials. First is the announcement we made today that we have reached an agreement to divest our Consumer Audio business, also known as Sound United. This represents important progress as we continue to refocus on our professional healthcare business.

邁克爾將更全面地介紹結果，但我確實想強調的是，我很高興加入 Masimo，正如本季度的結果清楚表明的那樣，我們可以從有意義的優勢地位上進行建設和改進。接下來，我想強調本季除財務之外的一些重要里程碑。首先，我們今天宣布，我們已達成協議，剝離我們的消費音訊業務（也稱為 Sound United）。這代表著我們持續重新關注專業醫療保健業務的重要進展。

With this sales process concluded, we are well positioned to dedicate our time and resources to meeting patient needs while investing in innovation. Our Consumer Audio business and its talented team will be well positioned for growth and success under Harmon's leadership. Michael will speak in a bit more detail to the thoroughness of the process that we went through in reaching this agreement and why we believe this was the right transaction for our shareholders and our Sound United team.

隨著這個銷售流程的結束，我們可以更好地投入時間和資源來滿足患者的需求，同時投資創新。在 Harmon 的領導下，我們的消費音訊業務及其優秀團隊將獲得良好的發展和成功。麥可將更詳細地介紹我們達成協議所經歷的整個過程，以及我們為什麼認為這對我們的股東和 Sound United 團隊來說是正確的交易。

Second, I'm pleased to announce that [Lisa Hellmann] has joined our team as our new Chief Human Resources Officer. One of the many benefits of building off such a strong base is the exceptional talent we are able to attract to join the Masimo team to help us on our next chapter of growth. Lisa is an outstanding addition to our team and is focused on building our culture, fostering strong engagement, and developing our amazing talent.

其次，我很高興地宣布，[Lisa Hellmann] 已加入我們的團隊，擔任新的首席人力資源長。基於如此強大的基礎的眾多好處之一就是我們能夠吸引傑出的人才加入 Masimo 團隊，幫助我們開啟下一個成長篇章。Lisa 是我們團隊的傑出成員，致力於建立我們的文化、促進強有力的參與並培養我們傑出的人才。

Third, I also want to touch briefly on an incident that has impacted our website and several of our systems beginning last week. The investigation is ongoing, but as of right now, we do not expect that this will have an impact on our guidance. We voluntarily filed a Form 8-K with the SEC around this situation, and you can refer to that for further details. Given the nature of these things, we appreciate your understanding that we will not be commenting more on this event during our earnings call today.

第三，我還想簡單談談上週開始影響我們網站和多個系統的事件。調查仍在進行中，但截至目前，我們預計這不會對我們的指導產生影響。針對此情況，我們主動向美國證券交易委員會提交了8-K表格，您可以參考該表格以了解更多詳情。鑑於這些事情的性質，我們感謝您的理解，我們不會在今天的收益電話會議上對此事件發表更多評論。

Finally, I would like to take a moment to comment on our strategic and financial goals and what we are doing to achieve them. We are seeking to invest in our core healthcare business in order to accelerate revenue growth over time beyond our long-standing revenue growth target of 7% to 10%.

最後，我想花點時間評論我們的策略和財務目標以及我們為實現這些目標所做的努力。我們正在尋求投資我們的核心醫療保健業務，以便隨著時間的推移加速收入成長，超越我們長期以來 7% 至 10% 的收入成長目標。

Currently, we see a number of ways we're going to accomplish this. First, we plan to upgrade our existing sensors and create next-generation monitors enabled with our AI-based advanced algorithms. We will utilize the advanced algorithms that our team has already developed over the years to enable every patient to be continuously monitored in the acute and post-acute care environment.

目前，我們已經看到了多種實現這一目標的方法。首先，我們計劃升級現有的感測器，並利用基於人工智慧的先進演算法來創建下一代監視器。我們將利用我們的團隊多年來已經開發的先進演算法，使每位患者都能在急性和急性後護理環境中持續監測。

Second, we will continue to leverage our leadership position in pulse oximetry to strengthen our patient impact across our advanced monitoring categories including capnography, hemodynamics, and brain monitoring. Lastly, we will focus on growth and commercial excellence in our global market by shifting the structure of our sales forces from being centralized by product categories to regionally focused groups responsible for selling our broad portfolio. We look forward to sharing more about these efforts at our Investor Day, which we anticipate scheduling in the fourth quarter of 2025. So please stay tuned.

其次，我們將繼續利用我們在脈搏血氧儀領域的領導地位，加強我們在二氧化碳監測、血流動力學和腦監測等先進監測類別中對患者的影響力。最後，我們將把銷售團隊的結構從以產品類別為中心轉變為以區域為重點、負責銷售廣泛產品組合的團隊，從而專注於全球市場的成長和商業卓越。我們期待在預計 2025 年第四季舉行的投資者日上分享更多有關這些努力的資訊。因此請繼續關注。

Before I wrap up, I'd like to spend a moment on tariffs. Our first priority is to ensure supply of products to our customers globally. We've been dedicating time and resources to assessing and planning for potential tariffs under various scenarios given the very fluid situation. Our operations and finance teams have quantified the potential impact and are working diligently through the situation, including scenario planning and developing mitigation plans.

在結束之前，我想花點時間談談關稅。我們的首要任務是確保向全球客戶供應產品。鑑於情勢瞬息萬變，我們一直在投入時間和資源來評估和規劃各種情況下的潛在關稅。我們的營運和財務團隊已經量化了潛在影響，並正在努力應對這種情況，包括情境規劃和製定緩解計畫。

We will adjust our supply chain strategy and implement specific mitigation plans once we believe there is sufficient clarity to commit to a mitigation path. Michael will cover this in more detail. I do want to call out, however, how impressed I am by the Masimo team and their ability to move efficiently and promptly as new events arise. While tariffs may represent a curveball, the Masimo team has proven itself adept at handling and executing through any variety of situations over these last few years.

一旦我們認為有足夠的清晰度來致力於緩解路徑，我們將調整我們的供應鏈策略並實施具體的緩解計劃。邁克爾將對此進行更詳細的介紹。然而，我確實想說的是，Masimo 團隊以及他們在新事件出現時高效、迅速採取行動的能力給我留下了深刻的印象。雖然關稅可能是一個難題，但 Masimo 團隊在過去幾年中已經證明自己能夠熟練地處理和執行各種情況。

Additionally, as this quarter only further demonstrates, the high recurring revenue and durable growth profile of our business positions us particularly well to navigate whatever broader macro uncertainties may come our way. I'd really like to thank our entire team for delivering another excellent quarter. Our products and technologies continue to impact millions of patients around the world. I feel honored to be a part of this team.

此外，正如本季進一步表明的那樣，我們業務的高經常性收入和持久的成長態勢使我們能夠很好地應對可能遇到的任何更廣泛的宏觀不確定性。我真的要感謝我們整個團隊又一個出色的季度。我們的產品和技術持續影響全球數百萬患者。我很榮幸能成為這個團隊的一員。

With that, I'll pass it back to Micah.

說完這些，我就把它交還給 Micah。

Thank you, Katie. And good afternoon, everyone. For the first quarter, as Katie mentioned, healthcare revenue was $371 million, up 10% on a constant currency basis. Our consumable and service revenue grew 8% and our capital equipment and other revenue grew 32%. The timing of shipments related to a large tender contract renewal resulted in higher-than-expected capital sales as well as lower-than-expected consumable sales this quarter. We expect the timing of these shipments to normalize throughout the year and align with our full-year expectations for both consumable and capital sales.

謝謝你，凱蒂。大家下午好。正如凱蒂所提到的，第一季醫療保健收入為 3.71 億美元，以固定匯率計算成長 10%。我們的消耗品和服務收入成長了 8%，資本設備和其他收入成長了 32%。與大型招標合約續約相關的出貨時間導致本季資本銷售額高於預期，而消耗品銷售額低於預期。我們預計這些貨物的出貨時間將在全年內恢復正常，並與我們對全年消耗品和資本銷售的預期保持一致。

We also shipped more than 72,000 technology boards and monitors during the quarter, which is above our expected range due to strength in our core business and also in part to the timing of shipments related to the large tender contract I just mentioned. Moving down the P&L, our gross margin of 63.1% improved 80 basis points year over year, driven by operational efficiencies and product cost reductions.

本季我們也出貨了超過 72,000 塊技術板和顯示器，這超出了我們的預期範圍，這得益於我們核心業務的強勁表現，也部分歸功於我剛才提到的大型招標合約相關的出貨時間。從損益表中可以看出，我們的毛利率為 63.1%，比去年同期提高了 80 個基點，這得益於營運效率的提高和產品成本的降低。

Our operating margin of 28.8% improved 750 basis points year over year as a result of the actions we took last year to optimize our cost structure and refocus on our core business. Our non-GAAP earnings per share was $1.36 representing 56% growth versus the prior year. On a GAAP basis, our net income from continuing operations was $47 million or $0.86 per share. Our net loss from discontinued operations was $218 million or $4.04 per share. This included an impairment charge of $295 million to intangibles for the audio business. On a consolidated basis, our net loss was $171 million, or $3.17 per share.

由於我們去年採取措施優化成本結構並重新關注核心業務，我們的營業利潤率為 28.8%，較去年同期提高 750 個基點。我們的非公認會計準則每股收益為 1.36 美元，比上年增長 56%。依照 GAAP 標準，我們的持續經營淨利為 4,700 萬美元，即每股 0.86 美元。我們因停止經營而產生的淨虧損為 2.18 億美元，即每股 4.04 美元。其中包括音訊業務 2.95 億美元的無形資產減損費用。按照合併口徑，我們的淨虧損為 1.71 億美元，即每股 3.17 美元。

Now moving to our updated fiscal 2025 financial guidance, our revenue estimate remains unchanged at a range of $1.5 billion to $1.530 billion, reflecting 8% to 11% constant currency growth versus the prior year. Moving down the P&L, for comparison purposes to our previously issued guidance, we excluded the impact of new tariffs, and I'm going to begin with our updated guidance excluding new tariffs, followed by our updated guidance that now includes the new tariffs before any mitigation.

現在轉向我們更新的 2025 財年財務指引，我們的收入預估保持不變，在 15 億美元至 15.3 億美元之間，與上一年相比，按固定匯率計算增長 8% 至 11%。為了與我們之前發布的指南進行比較，我們將損益表向下移動，排除了新關稅的影響，我將首先介紹不包括新關稅的更新指南，然後介紹現在包括任何緩解措施之前的新關稅的更新指南。

Excluding new tariffs, our updated guidance implies operating margins of 28% to 28.5%, reflecting an increase of 50 basis points at the midpoint versus our prior guidance. Further, our guidance implies earnings per share of $5.30 to $5.60 reflecting an increase of $0.20 at the midpoint versus prior guidance. Now including new tariffs but before any mitigation, we are updating our guidance for operating margin to be in the range of 25.5% to 26.4% and earnings per share to be in the range of $4.80 to $5.15.

不包括新關稅，我們更新後的指引意味著營業利潤率將在 28% 至 28.5% 之間，與我們先前的指引相比，中間值增加了 50 個基點。此外，我們的預期意味著每股收益為 5.30 美元至 5.60 美元，與先前預期相比的中點增加 0.20 美元。現在包括新的關稅，但在採取任何緩解措施之前，我們正在更新我們的營業利潤率指導，使其在 25.5% 至 26.4% 的範圍內，每股收益在 4.80 美元至 5.15 美元的範圍內。

Tariffs represent a 210- to 250-basis-point impact to operating margin and a $0.45 to $0.50 impact to EPS. This projected $33 million to $37 million increase to cost of sales for fiscal 2025 assumes that the low end, 25% for non-USMCA eligible products, a baseline rate of 10% for products made in Malaysia, and 170% for raw materials and cables sourced from China.

關稅對營業利潤率造成 210 至 250 個基點的影響，對每股收益造成 0.45 至 0.50 美元的影響。預計 2025 財年的銷售成本將增加 3,300 萬至 3,700 萬美元，假設非 USMCA 合格產品的最低稅率為 25%，馬來西亞製造的產品的基準稅率為 10%，而來自中國的原材料和電纜的稅率為 170%。

The high end of the range assumes that reciprocal tariffs related to our manufacturing in Malaysia are implemented after the current 90-day pause period expires. Given that tariff costs are capitalized into inventory and then recognized as products are sold, we expect the impact of tariffs to increase each quarter over the remainder of the year, starting with a $2 million impact in the second quarter.

該範圍的高端假設與我們在馬來西亞的製造相關的互惠關稅在當前 90 天的暫停期到期後實施。鑑於關稅成本被資本化到庫存中，然後在產品銷售時確認，我們預計關稅的影響將在今年剩餘時間內每季增加，從第二季的 200 萬美元影響開始。

Breaking down the tariff impact further, products manufactured in Mexico and not currently eligible for USMCA exemption represent approximately 10% of our total cost of goods sold. Products manufactured in Malaysia that are subject to US tariffs represent roughly one-third of our total cost of sales. Finally, we want to call out that about 5% of our cost of sales represents raw materials and cables sourced from China.

進一步細分關稅影響，在墨西哥製造且目前不符合 USMCA 豁免資格的產品約占我們總銷售成本的 10%。在馬來西亞生產的受美國關稅影響的產品約占我們總銷售成本的三分之一。最後，我們要指出的是，我們銷售成本的約 5% 來自中國採購的原材料和電纜。

Even though these components represent a small portion of our cost of sales, China tariffs represent up to 50% of our total tariff impact due to the high rate being imposed. Therefore, any progress in trade negotiations with China could have a significant impact in reducing our tariff exposure. We understand the current impact will not be acceptable longer term and will take mitigation steps depending on how the situation evolves.

儘管這些零件只占我們銷售成本的一小部分，但由於徵收的高稅率，中國關稅占我們總關稅影響的 50%。因此，與中國的貿易談判的任何進展都可能對降低我們的關稅風險產生重大影響。我們理解當前的影響從長遠來看是不可接受的，並將根據情況的發展採取緩解措施。

Importantly, these estimates of tariff impact do not include any mitigation measures that we might implement, nor do they reflect any potential inflationary impact on labor costs or component costs, any offsets from tariff negotiations or product exemptions or any benefits of a weaker dollar. Therefore, one should not annualize a tariff impact or use it to estimate our 2026 earnings.

重要的是，這些關稅影響的估計不包括我們可能實施的任何緩解措施，也沒有反映對勞動力成本或零件成本的任何潛在通膨影響、關稅談判或產品豁免的任何抵消或美元貶值的任何好處。因此，我們不應該將關稅影響年化或用它來估算我們 2026 年的收益。

Moving on to our cell of Sound United, while we at Masimo were certainly a motivated seller so that we could refocus our strategy to areas where we could best deliver meaningful value to our shareholders, shareholders should take comfort that today's transaction reflects full fair market value.

繼續討論 Sound United 部門，雖然我們 Masimo 無疑是一個積極的賣家，以便我們可以將策略重新集中到能夠為股東帶來最大意義價值的領域，但股東應該感到欣慰的是，今天的交易反映了完全公平的市場價值。

We conducted a thorough, comprehensive process led by Centerview and Morgan Stanley that involved a large group of potential buyers and significant negotiations. Through this process, we arrived at the most optimal transaction available for shareholders, and we are pleased to have this chapter behind us. The transaction is expected to close by the end of the year, subject to obtaining necessary regulatory clearances.

我們在 Centerview 和摩根士丹利的領導下進行了徹底、全面的流程，其中涉及大量潛在買家和重要談判。透過這個過程，我們為股東達成了最優化的交易，我們很高興這一篇章已經結束。該交易預計將於今年底完成，但需獲得必要的監管批准。

Regarding the use of proceeds, we anticipate prioritizing share repurchases. And as a reminder, our 2025 financial guidance does not reflect any benefit from the use of proceeds from the sale of Sound United. In closing, our first-quarter results clearly demonstrate the underlying growth potential and earnings leverage we expect to achieve throughout this year.

關於收益的用途，我們預計將優先考慮股票回購。需要提醒的是，我們 2025 年的財務指引並未反映出使用 Sound United 出售所得收益所帶來的任何收益。最後，我們的第一季業績清楚地表明了我們預計今年全年將實現的潛在成長潛力和獲利槓桿。

While we wanted to provide clarity on tariffs, it's important to reiterate that our business is outperforming the expectations we had coming into the year. And despite the new tariffs, we are still projecting significant operating expansion -- operating margin expansion and EPS growth for fiscal 2025. I also want to take a moment to call out that Katie has been embraced by the Masimo team, and we are enthusiastic about her leadership. And in short, Masimo is off to a strong start to the year, and I've never been more excited to be a part of this team.

雖然我們希望明確關稅，但必須重申的是，我們的業務表現超出了我們今年的預期。儘管有新的關稅，我們仍預計 2025 財年將大幅營運擴張—營業利潤率擴張和每股盈餘成長。我還想花點時間告訴大家，凱蒂已經受到了 Masimo 團隊的歡迎，我們對她的領導能力充滿熱情。簡而言之，Masimo 今年開局強勁，我從未像現在這樣興奮能夠成為這個團隊的一員。

With that, we'll open the call to questions. Operator?

接下來，我們將開始提問。操作員？

(Operator Instructions) Rick Wise, Stifel.

（操作員指示） Rick Wise，Stifel。

Good afternoon. Hi, Katie. Hi, Micah. And I'm not surprised that the entire organization has embraced Katie. It sounds like it's off to a great start. Exciting quarter, a lot to unpack. Just to start, let's start with the first quarter. Based on your commentary about the large tender in the quarter, Micah, can you give us a sense of how big was it? What impact did it have on revenues and margins and boards? How do we normalize and therefore think about the cadence and implications of the second quarter as we start to extrapolate forward?

午安.你好，凱蒂。你好，米迦。我對整個組織都接納凱蒂並不感到驚訝。聽起來這是一個好的開始。令人興奮的一個季度，有很多事情需要解決。首先，讓我們從第一季開始。根據您對本季大型招標的評論，Micah，您能否告訴我們它的規模有多大？它對收入、利潤和董事會有何影響？當我們開始向前推論時，我們如何規範化並思考第二季度的節奏和影響？

Yes, thanks, Rick. Yes, if you kind of normalize for the quarter a little bit, I mean, looking at it without, when you exclude the large tender contract, the rest of our business is performing very well. We're seeing consumer and service growth of double digits. Also seeing capital and other revenues growing high single digits. And that's when you kind of back out the timing of that large tender. And keep in mind, we still expect to recognize fully the revenue from that tender that we expected as we were coming into the year. But that's just going to occur over the next several quarters.

是的，謝謝，里克。是的，如果你將本季的情況稍微正常化，我的意思是，當你排除大型招標合約時，我們其餘的業務表現都非常好。我們看到消費者和服務都實現了兩位數的成長。資本和其他收入也呈現高個位數成長。那時你就可以取消那次大型招標的時機了。請記住，我們仍然希望完全確認我們在進入今年時預期的招標收入。但這將在接下來的幾個季度內發生。

So that is more of a timing issue, but if you kind of strip that back out and look at it, the remainder of the business is performing very well. Also our shipments, we're seeing very good demand early in the year. It's still very early to get ahead of ourselves with increasing the guidance range or our expectations, I guess, for drivers for this year. But if you look at it without the tender and kind of normalize for that tender, we're still above -- at or above the high end of our range on driver expectations for the quarter.

所以這更多的是一個時間問題，但如果你把它剝離出來並看一下，其餘業務表現非常好。此外，我們看到今年年初我們的出貨量需求非常好。我想，現在就提高對今年車手的指導範圍或期望還為時過早。但是，如果你不考慮招標情況，並將招標標準化，我們仍然高於或超過了本季駕駛員預期範圍的高端。

Okay. And so just -- it's not fair just to ask for a little more. I mean, can sales move up, move higher sequentially? Like flat to up despite this excellent, really superb first quarter and the tender? Is there fuel in the tank for that or we're going to step lower?

好的。所以——僅僅要求多一點是不公平的。我的意思是，銷售額能否持續上升？儘管第一季表現非常出色，而且招標情況確實非常出色，但情況是持平還是上漲？油箱裡還有燃料嗎？還是我們要放慢速度？

Yes, I mean, the way to think about it is if you recall from last quarter, we mentioned that there's an extra 53rd week in the fourth quarter. That represents about 1% of our revenues this year. If you back that out and then kind of look at historical seasonality, it's usually about 24.5%, give or take each quarter of the first three quarters of the year. And then it steps up to closer to 26.5% in Q4. We expect normal seasonality of the business this year. That's kind of how we've set the guidance and the range. That should give you an idea of kind of how to think about Q2. But typically, Q2 is either flat to flat to slightly down sequentially.

是的，我的意思是，如果你還記得上個季度的話，我們可以這樣想，我們提到第四季有額外的第 53 週。這約占我們今年收入的1%。如果你回過頭來看，然後看看歷史季節性，它通常約為 24.5%，每年前三個季度的每個季度都是如此。然後，到第四季度，這一比例上升至接近 26.5%。我們預計今年的業務季節性正常。這就是我們設定指導和範圍的方式。這應該能讓你了解如何思考 Q2。但通常情況下，第二季度要么持平，要么環比略有下降。

And if I could just sneak in one more on tariffs, I know it's way too early to talk about 2026 and particularly from a tariff point of view, but we're all going to have to play with our model from a tariff perspective. We've done this over the last couple of weeks with other companies. Do we try to find a fourth-quarter number and say times four next year based on what we know, or how should we approach it? Thank you.

如果我可以再偷偷談一下關稅問題，我知道現在談論 2026 年還為時過早，尤其是從關稅的角度來看，但我們都必須從關稅的角度來運用我們的模型。過去幾週我們已經與其他公司合作完成了這項工作。我們是否應該根據已知的情況嘗試找到第四季度的數字，然後乘以明年的四倍，或者我們應該如何處理它？謝謝。

Yes, it's definitely too early to annualize at this point. I mean, we have mitigation plans that we're going to start to enact. Some of those plans are no-regret actions that we've already identified and we're going to start to execute. The tricky part is, of course, the timing because this does flow through inventories throughout the year, and we're in a short period of time to impact 2025.

是的，現在進行年度化還為時過早。我的意思是，我們有緩解計劃並即將開始實施。其中一些計劃是我們已經確定並將開始執行的無悔行動。當然，棘手的部分是時機，因為這確實會貫穿全年的庫存，我們離影響 2025 年只有很短的時間。

We're hopeful that these actions will start to put us in a good position as we exit 2025. There's a lot that could change. This is a very fluid environment. Trade negotiations, we're expecting to see some of those things come into play here over the next 90 days from about a month ago. So we'll see a lot more play out, but it's too early to annualize the impact in the next year given the mitigation plans and the environment we're seeing.

我們希望這些行動能讓我們在 2025 年底處於有利地位。有很多事情可能會改變。這是一個非常不穩定的環境。貿易談判，我們預計從大約一個月前開始，未來 90 天內就會看到其中一些事情發揮作用。因此，我們將看到更多影響，但考慮到緩解計畫和我們所看到的環境，現在將明年的影響年度化還為時過早。

Yes, and you also see, Rick, just the disproportionate weighting of China in our tariff impact, and so we just think those rates have a high likelihood that they may change.

是的，里克，你也看到了，中國在我們的關稅影響中所佔的權重不成比例，所以我們認為這些稅率很有可能會改變。

That's correct. And if you recall in China, the baseline rate back in 2020 that we already have some of that in our run rate, that was about 25%. I think on -- it was sometime in March that they implemented an additional 20%. So before they added that extra [125%] on top, the rate was sitting around 45%. So there could be potential that goes down closer towards that rate. We don't know.

沒錯。如果你還記得的話，在中國，2020 年的基準利率已經在我們的運行率中佔了一部分，約 25%。我認為——他們是在三月的某個時候實施了額外的 20%。因此，在他們增加額外的 [125%] 之前，利率一直在 45% 左右。因此，利率有可能下降至更接近該水準。我們不知道。

Thanks again.

再次感謝。

Vik Chopra, Wells Fargo.

喬普拉（Vik Chopra），富國銀行。

Hey, good afternoon, and thanks so much for taking the questions. Two for me. So Micah, I appreciate all you said about the tariffs, but I'm just curious whether you expect the impact of tariffs to have an impact on your long-term operating margin goals. Are those still on the table? And then I had a quick follow up, please.

嘿，下午好，非常感謝您回答這些問題。對我來說是兩個。所以 Micah，我很感謝你對關稅的看法，但我只是好奇你是否預期關稅的影響會對你的長期營業利潤率目標產生影響。這些還在桌上嗎？然後我再快速跟進。

Yes, Vik, I feel very good about the underlying business, so let's start there. We're performing very well this year. You saw 750 basis points of margin expansion in Q1. For the full year, we're estimating that guidance range. It implies over 430 basis points of margin expansion at the low end of the range, so we're tracking very well.

是的，維克，我對基礎業務感覺很好，所以我們就從那裡開始。我們今年的表現非常好。第一季利潤率擴大了 750 個基點。對於全年，我們正在估計該指導範圍。這意味著利潤率在低端將擴大 430 個基點以上，因此我們的追蹤效果非常好。

We're guiding core underlying margins at 28% to 28.5%. We've continuously uplifted that over the past few quarters. And I'd say we're hitting on all cylinders there. Again, it's early on the tariff side, but we are -- we're standing by with these plans and enacting some of those plans to mitigate the tariff impact, and I think that we'll know a lot more as we move through the year.

我們預計核心基本利潤率在 28% 至 28.5% 之間。過去幾季我們不斷提升這一水準。我想說我們正全力以赴。再說一次，關稅方面還處於早期階段，但我們正在準備這些計劃並實施其中一些計劃來減輕關稅的影響，我認為隨著今年的推進，我們將了解更多資訊。

Okay, thank you. And my follow-up question is congrats on the announcement to sell Sound United. I'm just curious if the price you received was in line with your expectations, if the plan is still to repay debt or share buybacks from the table as well. Thank you.

好的，謝謝。我的後續問題是祝賀您宣佈出售 Sound United。我只是好奇，您收到的價格是否符合您的預期，計劃是否仍然是償還債務或回購股票。謝謝。

Thank you, Vik. So let me start with the evaluation. Given the current macroeconomic environment and kind of where we see the landscape today, this is a very competitive process. It started out with a large amount of potential buyers, and we believe that we got to a valuation that was the right fair market value. And in terms of how we use those proceeds, we're definitely prioritizing share purchases. That will be a focus for us as we look to close out the transaction later this year.

謝謝你，維克。那麼就讓我從評估開始吧。考慮到當前的宏觀經濟環境以及我們今天所看到的情況，這是一個競爭非常激烈的過程。一開始就有大量潛在買家，我們相信我們得到的估值是正確的公平市場價值。至於如何使用這些收益，我們肯定優先考慮股票購買。這將是我們關注的重點，因為我們計劃在今年稍後完成交易。

Operator, next question please.

接線員，請問下一個問題。

Jason Bednar, Piper Sandler.

傑森貝德納、派珀桑德勒。

Hey, good afternoon, guys. Congrats on a really strong quarter here to start the year. Apologies for any background noise. I'm traveling here today. But wanted to see if you could first start just talking to us about what you're hearing from OEM partners with respect to hospital CapEx spending, hospital spending, and patient monitoring connected care.

嘿，大家下午好。恭喜您在新的一年裡取得了非常強勁的業績。對於任何背景噪音，我們深表歉意。我今天來這裡旅遊。但我想看看您是否可以先與我們談談您從 OEM 合作夥伴那裡聽到的有關醫院資本支出、醫院支出和患者監測相關護理的信息。

Judging by your results, your Board numbers, I'm sure I know the answer, but I'd just love to hear any additional color there. And then I appreciate you don't want to get into the details of your investigation but just if you can help us a bit at all with how you have the confidence here in saying you don't expect it to impact your guidance, and then I'll have one more follow up.

根據您的結果和董事會數字，我確信我知道答案，但我還是想聽到更多詳細資訊。然後，我很感激您不想談論調查的細節，但是如果您能幫助我們一點，說明您如何有信心在這裡說您不希望它影響您的指導，然後我會再跟進一次。

Yes, thanks Jason. So let me start out with the OEMs and the drivers. So we're very encouraged by the results we saw in Q1. Very solid underlying demand, even when you strip out that timing that we talked about in the tender contract. Again, we don't want to get ahead of ourselves, but I think the way to think about this is we are a high-return revenue business. We only have about 10% to 15% of our revenues, give or take on how that kind of fluctuates, are tied to capital equipment and other revenues. So I think that's one way to look at this. We're not very highly dependent on capital.

是的，謝謝傑森。那麼讓我先從 OEM 和驅動程式開始。因此，我們對第一季的業績感到非常鼓舞。即使剔除我們在招標合約中談到的時間，潛在需求仍然非常穩固。再說一次，我們不想超越自己，但我認為我們應該這樣看待這個問題：我們是一家高回報收入的企業。我們的收入中只有大約 10% 到 15% 與資本設備和其他收入有關，這取決於這種波動程度。所以我認為這是看待這個問題的一種方式。我們對資本的依賴程度並不高。

Two, the cost of our capital is a lower cost in terms of capital budgets for hospitals relative to some of the higher-cost monitors and machines that are out there. So I think that's one way to really look at this. And like I said, there's no -- we're not seeing any signals of softness at this point in the year, and we're encouraged by where things are heading. We just don't want to get ahead of ourselves in terms of our guidance. We want to be thoughtful and prudent about that.

二，相對於一些成本較高的監視器和機器，我們的資本成本在醫院的資本預算中較低。所以我認為這是真正看待這個問題的一種方式。正如我所說的，我們在今年這個時候沒有看到任何疲軟的跡象，我們對事態的發展感到鼓舞。我們只是不想在指導上超越自己。我們希望對此深思熟慮並謹慎行事。

On the second topic, currently, we view the situation. We're doing everything we can in terms of working through our protocols. We've got strong protocols there. Based on what we know today, we have no evidence that there's any sensitive employee data, patient data that's impacted. And of course, we'll provide updates as required there. The other thing is, as we work through those protocols, we're encouraged by the progress we're making so far on bringing systems back up and running. And again, just want to reiterate that as we see it today, we do not believe this is impacting our guidance for the year.

關於第二個主題，目前，我們看待的情況是這樣的。我們正在盡一切努力執行我們的協議。我們在那裡有嚴格的協議。根據我們目前所知，沒有證據表明有任何敏感的員工數據和患者數據受到影響。當然，我們會根據需要提供更新。另一件事是，當我們執行這些協議時，我們對迄今為止在恢復系統運作方面所取得的進展感到鼓舞。我再一次重申，就我們今天所見，我們不認為這會影響我們今年的業績指引。

Okay. I know it's a sensitive topic and I appreciate the extra color there, Micah. Maybe I'll throw in my own tariff question. Just if there's anything you can give us around near-term, long-term mitigation options that might be in front of you that you're contemplating. It sounds like there's some things that are here that are fairly real time that you're going to be implementing soon. And maybe specifically, just given the sensitivity on China, can you speak to maybe the ease or difficulty you have in changing your sourcing or moving to dual sourcing with respect to some of your partners there on product?

好的。我知道這是一個敏感的話題，我很欣賞 Micah 的額外評論。也許我會提出我自己的關稅問題。如果您能告訴我們您正在考慮的近期和長期緩解措施，我們能提供什麼資訊嗎？聽起來這裡有一些相當即時的事情，您很快就會實施。也許具體來說，考慮到對中國的敏感性，您能否談談在產品方面，對於您的一些合作夥伴來說，改變採購或轉向雙重採購的難易程度？

Yes, let me start out with -- like I said, we have some actions that we can take more in the near term. Some of those actions are altering some of our product sourcing, manufacturing, supply chain. We're also evaluating pricing opportunities, and that's both in the near term and the longer term. We're also encouraged by the integration we have, the vertical integration we have in manufacturing. We have a semiconductor plant in the US, and there may be some things we can do there to expand that capability and evaluate that more on a kind of a product-by-product basis.

是的，首先讓我說一下——就像我說的，我們可以在短期內採取一些行動。其中一些行動正在改變我們的一些產品採購、製造和供應鏈。我們也在評估定價機會，包括短期和長期的定價機會。我們也對我們的整合、製造業的垂直整合感到鼓舞。我們在美國有一家半導體工廠，我們可以在那裡做一些事情來擴大產能，並在逐個產品的基礎上進行評估。

The other thing I would say is, in terms of China, that's something that we are working through and evaluating the mitigation plans. That involves, of course, the raw materials there. There are opportunities to move that. That one may be a little bit -- it's not going to be immediate or near term, but we do believe we have some opportunities to shift that over time. So I think we're going to know a lot more as we move through these plans this year and hopefully have more and more updates and put ourselves in a better spot in terms of how we exit the year and head into 2026.

我想說的另一件事是，就中國而言，我們正在研究並評估緩解計畫。當然，這涉及那裡的原材料。有機會實現這一點。這可能有點——它不會立即或在短期內發生，但我們確實相信，隨著時間的推移，我們有機會改變這種狀況。因此，我認為，隨著我們今年執行這些計劃，我們將會了解更多，並希望獲得越來越多的更新，讓我們在如何結束今年並邁入 2026 年方面處於更好的位置。

Thanks so much.

非常感謝。

You're welcome.

不客氣。

Mike Matson, Needham.

麥克馬森，尼德姆。

Yes, thanks. I guess first, just with the proceeds from the sale of the Consumer Audio business, I think you said your preference is to do a share repurchase. So just curious why you're opting for that versus repaying some of the debt to maybe allow you more balance sheet flexibility if you want to do M&A or something like that in the future.

是的，謝謝。我想首先，僅利用出售消費音頻業務所得的收益，我想您說過您傾向於回購股票。所以我只是好奇為什麼你選擇這樣做而不是償還部分債務，以便讓你在未來想要進行併購或類似的事情時擁有更多的資產負債表靈活性。

Yes, I mean, Mike, we're evaluating all options there right now. That's an area that we're prioritizing, but it also depends on as we evaluate the economics, right? It depends on interest rates, where the share price is as well, among other factors. But we do expect to prioritize share buybacks and return that to shareholders as well.

是的，我的意思是，麥克，我們現在正在評估那裡的所有選擇。這是我們優先考慮的領域，但它也取決於我們對經濟狀況的評估，對嗎？這取決於利率、股價等因素。但我們確實希望優先回購股票並將其返還給股東。

Okay, thanks. I just want to ask one on the hemodynamic monitoring opportunity given Katie's background. Maybe you could just tell us a little bit more about how big that market is and where your share is and where you think it can go and how you're going to differentiate yourselves in hemodynamic monitoring.

好的，謝謝。考慮到凱蒂的背景，我只想問一個關於血流動力學監測機會的問題。也許你可以告訴我們更多關於這個市場有多大、你們的份額是多少、你認為它可以發展到什麼程度以及你們如何在血流動力學監測領域脫穎而出。

Thanks for the question. First of all, relative to the hemodynamic market, as you recall, the Masimo position really comes from the acquisition of LiDCO that was done several years ago. Super small presence in that market. So what we're really doing is just kind of putting the ability to do hemodynamic monitoring onto our mainline monitors. And what we've decided to do at this point is to launch the system fully in 2026 and beyond with our next-gen monitoring systems.

謝謝你的提問。首先，相對於血液動力學市場，正如您所記得的那樣，Masimo 的地位實際上來自於幾年前對 LiDCO 的收購。在那個市場上的佔有率極小。所以我們實際上所做的只是將血流動力學監測的能力放到我們的主線監測器上。我們目前決定在 2026 年及以後全面啟動該系統，並推出我們的下一代監控系統。

I can't really comment, obviously, about the size of the market, but I'd say it's fair to assume that we have almost very, very small presence today and that we're optimistic that when we can get it onto the right platform over time that there would be the opportunity to have a more significant presence in hemodynamics.

顯然，我無法真正評論市場的規模，但我想說，可以公平地假設，我們今天的存在幾乎非常非常小，並且我們樂觀地認為，當我們能夠隨著時間的推移將其放到正確的平台上時，就有機會在血液動力學領域佔有更重要的地位。

But unlike the competition, ours is really about kind of ease of use and your mid to low acute patients and not necessarily your high acuity patients in that market. So it's a little bit of a different strategy. And what we really offer is the strength in pulse ox and balance of the hemoglobin-based delivered oxygen measurements that we talked about in the past about DO2, and being able to combine the pulse ox together with hemodynamics, as I said, more towards your mid to low acuity type patients. And so that's our overall plan over time, but that's going to be really more fully launched as we get into next year.

但與競爭對手不同的是，我們的產品真正注重的是易用性，針對中低度急性患者，而不一定是該市場上的高急性患者。所以這是一個略有不同的策略。我們真正提供的是脈搏血氧儀的強度和基於血紅蛋白的輸送氧氣測量的平衡，我們在過去關於 DO2 討論過，並且能夠將脈搏血氧儀與血流動力學結合起來，正如我所說的，更適合中低敏銳度類型的患者。這就是我們的整體計劃，但到明年我們才會更全面地推出。

Okay, got it. Thank you.

好的，明白了。謝謝。

Matt Taylor, Jefferies. Please go ahead.

馬特泰勒，傑富瑞。請繼續。

Hi, thanks for taking the question, and congrats on a good quarter despite the tariff issues here. But I got a couple clarification questions. So I guess the first one, just to start, was the underlying margin expansion. I mean, you did see a nice -- another step up here. All the actions that you talked about going back a year ago have kind of come to fruition to get close to or ahead of your goal. And I just wanted to know, on an underlying basis, is there still more low-hanging fruit to get in terms of operating margin expansion? So that's the first one.

您好，感謝您回答這個問題，儘管存在關稅問題，但本季的業績仍然不錯，對此我們表示祝賀。但我有幾個澄清問題。因此，我想首先要考慮的是基礎利潤率的擴大。我的意思是，你確實看到了一個很好的——這裡又邁出了一步。您一年前談到的所有行動都已取得成果，接近或超越了您的目標。我只是想知道，從根本上來說，在擴大營業利潤率方面是否還有更多唾手可得的成果？這是第一個。

Yes, thanks, Matt. Yes, I'd say -- I mean, if you look at our business model -- I mean, we do have a high-leverage business model, but we are also trying to make sure that we're making the right investments throughout this year to continue to drive growth on the top line. Some of those investments will start to play in through the second quarter, through the fourth quarter. So we're trying to strike that right balance this year.

是的，謝謝，馬特。是的，我想說——我的意思是，如果你看看我們的商業模式——我的意思是，我們確實有一個高槓桿的商業模式，但我們也試圖確保我們在今年全年做出正確的投資，以繼續推動營收成長。其中一些投資將在第二季和第四季開始發揮作用。因此，我們今年正在努力實現適當的平衡。

I mean, if you look at the full year, again, we're over 430 basis points of margin expansion, and at the same time, making some good investments within ourselves, marketing teams, as well as certain R&D projects that we want to kind of refocus back onto. So we're striking the right balance here, and I think it's going to set us up well as we move forward.

我的意思是，如果你看一下全年情況，你會發現我們的利潤率增長了 430 個基點，同時，我們自己、營銷團隊以及我們希望重新關注的某些研發項目也進行了一些良好的投資。因此，我們在這裡取得了正確的平衡，我認為這將為我們未來的發展奠定良好的基礎。

Is it on the tariffs -- you had a little bit of a different approach to some of the other companies when you gave this updated guidance before any mitigation. And you talked about some short-term mitigation, so I guess is there any material difference in what you could actually do this year, all else equal, with some of the mitigation strategies that you can put in place before the end of the year to have a different outcome than this unmitigated range?

是關於關稅的嗎——在採取任何緩解措施之前，您給出的最新指導與其他一些公司的做法略有不同。您談到了一些短期緩解措施，那麼我想，在其他條件相同的情況下，您今年實際可以採取的措施與在年底之前實施的一些緩解策略相比是否存在實質性差異，從而獲得與未緩解範圍不同的結果？

Yes, so Matt, we do have some actions we're working through. Again, we don't want to get ahead of ourselves because we've got to make sure that we can execute through those plans on some of the near-term actions we're taking. But again, because this is hitting us kind of in the middle of the year, it makes it very difficult to come out and get too confident in those actions impacting this year.

是的，馬特，我們確實正在採取一些行動。再說一次，我們不想操之過急，因為我們必須確保我們能夠執行我們正在採取的一些近期行動的計劃。但同樣，由於這是在年中對我們造成的影響，因此我們很難對這些影響今年的行動抱持信心。

Like I said, the more we can start to execute some of these mitigation plans -- and we also need to see some things settle because what you don't want to do is take one path and that path gets closed off and you have to go down another path. So we're also being conscious of that, but we believe some of these plans can set us up very well as we exit the year. And we're doing everything we can to impact this year as well. It just -- as you know, it turns through. It goes onto the balance sheet, turns through inventories, and that's why we're trying to impact it as quickly as possible to make sure we're set up well for next year.

就像我說的，我們越是開始執行這些緩解計畫——我們也需要看到一些事情得到解決，因為你不想做的就是走一條路，然後那條路被封閉了，你就必須走另一條路。所以我們也意識到了這一點，但我們相信其中一些計劃可以為我們在年底做好很好的準備。我們也正在盡一切努力對今年產生影響。它只是——正如你所知，它轉變了。它進入資產負債表，週轉庫存，這就是為什麼我們要盡快對其產生影響，以確保為明年做好充分準備。

Yes, I think you see kind of the tightening of the ranges of the core business, if you think about it that way, and then just separating out tariffs if you compare to how other companies are doing it. So people are saying, well, we would have upped guidance. We would have done this. And we're just being very transparent about saying that we're kind of showing you the increase or the kind of tightening the guidance on the core, and then saying, but there's this offset. So it's sort of a different approach, I agree, but it's also sort of saying the same thing.

是的，我認為你會看到核心業務範圍的收緊，如果你這樣想的話，然後如果你與其他公司的做法進行比較，就可以分離出關稅。所以人們說，好吧，我們會提高指導。我們本來會這麼做的。我們只是非常透明地告訴你們，我們正在向你們展示核心指導的增加或收緊，然後說，但存在這種抵消。所以，我同意，這是一種不同的方法，但它也表達了同樣的意思。

Can I speak in one last one, just on Micah's last point there? You said through the cadence of the year for the tariff impact, $2 million next quarter. Is the impact on Q3 and Q4 about equal or is it kind of ratchet up through the year. Could you help us on that at all?

我可以最後再說一次 Micah 的最後一點嗎？您說過，根據今年的節奏，關稅的影響將達到下個季度的 200 萬美元。對第三季和第四季的影響是否大致相同，還是會隨著時間的推移而逐漸增加。您能幫我們做些什麼嗎？

Yes, I'd say if you look at kind of the high end of the tariff impact range, when you're looking from the [33%] to [37%], you'll see more of a step up -- a pronounced step up in Q4. But it does -- within that range, it steps up each quarter. But it's more pronounced on the high end of the impact range just because we're assuming that the reciprocal tariffs start to come into play for Malaysia at 24% after the 90-day pause period. So that will not start rolling into cost of sales until the fourth quarter.

是的，我想說，如果你看一下關稅影響範圍的高端，當你從[33%]到[37%]看時，你會看到更多的上升——第四季度的明顯上升。但確實如此——在這個範圍內，它每季都會增加。但在影響範圍的高端，這種影響更為明顯，因為我們假設馬來西亞在 90 天的暫停期後將開始實施 24% 的互惠關稅。因此，直到第四季度，這才會開始計入銷售成本。

Got it. Thank you very much.

知道了。非常感謝。

You're welcome.

不客氣。

Michael Polark, Wolfe.

麥可·波拉克，沃爾夫。

Good afternoon. I have a follow up for Micah on the tender call-out in the quarter. I just want to understand this. So I heard timing of it drove higher-than-expected capital. Makes sense, but it sounded like it also drove lower-than-expected consumables. And I guess I don't -- I need the dots connected there. Why were the consumables lower than expected on the timing of a tender?

午安.我將跟進 Micah 本季的招標情況。我只是想了解這一點。所以我聽說它的時機推動了高於預期的資本。有道理，但聽起來這也導致消耗品價格低於預期。我想我不會——我需要把這些點連接起來。為什麼招標時消耗品的價格低於預期？

Yes, it's more of the lumpiness of tenders. So our consumable orders were lighter in the first quarter. And again, like I said, if you kind of normalize for that, we saw very strong growth across the board for our consumable sales. And we fully believe that that is going to be a timing issue that's going to start to correct itself in Q2 through Q4. And that's why it doesn't impact anything to our guidance for the full year. And again, these are large tenders that can be lumpy, but it's the renewed tenders that we continue to renew each year.

是的，這更多的是投標的塊狀。因此，第一季我們的消耗品訂單較少。再說一次，就像我說的，如果你將其正常化，我們會看到我們的消費品銷售全面呈現強勁成長。我們完全相信這將是一個時間問題，並將在第二季至第四季開始修正。這就是為什麼它不會對我們全年的指導產生任何影響。再說一次，這些都是大型招標，可能會很棘手，但我們每年都會繼續更新招標。

Understood. My follow up, perhaps for Katie, the allusion to changing the sales force model. If I understood the comment correct, today you're specialized by product. There might be benefit in going to more of a generalist kind of region -- regionally focused model, sell everything instead of just some things. And I want to ensure I understand that correct at a high level.

明白了。我的後續行動，也許對凱蒂來說，暗示了改變銷售團隊模式。如果我理解正確的話，今天您是專門從事產品的。進入更全面的地區可能會有好處——以區域為中心的模式，銷售所有東西，而不是只銷售某些東西。我想確保我從高層次正確地理解了這一點。

And then I think the related question, is this something -- I guess there's a worry -- there's always a worry around sales force changes that it could be disruptive. So what would be the initial benefits here upside or -- and how do you manage risks as you do this? And was this something the company was considering for a while? Or Katie, is this kind of reflective of your worldview and something you've seen out the gates and have conviction in moving forward on?

然後我認為相關的問題是，這是否是某種東西——我想存在一種擔憂——人們總是擔心銷售團隊的變化可能會造成破壞。那麼，這樣做的最初好處是什麼呢？您如何管理風險？這是公司考慮過一段時間的事情嗎？或者凱蒂，這是否反映了你的世界觀以及你已經看到的事情，並且有信心繼續前進？

Yes, thanks. That's a great question. So I'd say that if you kind of deal with sales forces, you can either have that generalist model, right, or you can have the dedicated teams. What we looked at as we evaluated the decision is basically you have very small, dedicated teams to some of these specialty areas. So for example, the capnography team was a dedicated team of, call it, I don't know, 10 -- 8 to 10 people. And instead, you're actually -- instead by going with the generalist model, you're able to have all of our sales representatives actually carrying the capnography sag, right?

是的，謝謝。這是一個很好的問題。所以我想說，如果你與銷售隊伍打交道，你要麼採用通才模式，要麼採用專門的團隊。在評估這個決定時，我們考慮的因素基本上是，你擁有非常小的、專門負責某些專業領域的團隊。舉例來說，二氧化碳監測團隊是一個專門的團隊，由 10 到 8 到 10 人組成。相反，您實際上 - 通過採用通用模型，您可以讓我們所有的銷售代表都真正承擔二氧化碳圖下垂的責任，對嗎？

And so it's basically, as you start a new product category, you always want to have dedicated teams because they can actually provide the focus necessary to get that product going. But for our advanced monitoring categories of capnography, hemodynamics, and brain, we feel like there's enough knowledge at this point that we're going to benefit from having all of the force of our sales reps and clinicals actually able to speak to that instead of having these small, dedicated teams.

因此，基本上，當你開始一個新的產品類別時，你總是希望擁有一個專門的團隊，因為他們實際上可以提供使該產品運作所需的關注。但對於我們的高階監測類別，如二氧化碳圖、血流動力學和腦部，我們覺得目前我們已經掌握了足夠的知識，如果我們所有的銷售代表和臨床醫生都能夠真正談論這些內容，而不是依靠這些小型的專門團隊，我們將從中受益。

We just think there will be more leverage from that. So to quantify how it's going to transition -- and obviously, any change, there's always risk, right? But we haven't specifically quantified it, but we really are optimistic that by retraining and getting our broad sales teams totally engaged in the full bag, it's going to be a benefit. Does that make sense?

我們只是認為這樣會帶來更大的影響力。因此，要量化它將如何轉變——顯然，任何改變總是有風險的，對吧？但我們還沒有具體量化它，但我們確實樂觀地認為，透過重新培訓和讓我們的廣大銷售團隊全心投入整個工作中，這將是有益的。這樣有道理嗎？

Yes, that's helpful. If I can sneak one last one in on sound, is there a tax benefit expected in selling at this price relative to the purchase of the asset? Thank you.

是的，這很有幫助。如果我可以偷偷地獲得最後一點聲音，那麼以這個價格出售相對於購買資產是否會有稅收優惠？謝謝。

Yes, thanks, Mike. At this price point, there is not -- there is no [election benefit] here that we're estimating at this time.

是的，謝謝，麥克。在這個價格點上，我們目前估計沒有[選舉利益]。

Operator, that's our last question.

接線員，這是我們的最後一個問題。

And there are no further questions at this time. With that, I will turn the call back over to Katie Szyman for closing remarks.

目前沒有其他問題。說完這些，我將把電話轉回給凱蒂·希曼 (Katie Szyman) 做最後發言。

Great. Well, thanks, everyone for your interest in Masimo and for participating in the call. I just want to let you know, I look forward to seeing everybody as I head out on the road and start to meet more with investors throughout this quarter. So thanks again, everyone, and we'll talk to you next quarter.

偉大的。好吧，感謝大家對 Masimo 的關注並參加電話會議。我只是想讓你們知道，我期待在本季上路時見到大家，並開始與更多投資者會面。再次感謝大家，我們下個季度再聊。

Ladies and gentlemen, this concludes today's conference call. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。