Masimo Corp (MASI) 2025 Q3 法說會逐字稿

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

女士們、先生們，下午好，歡迎參加 Masimo 2025 年第三季財報電話會議。該公司的新聞稿可在www.masimo.com上查閱。（操作說明）

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

我很高興向大家介紹馬西莫公司負責業務發展和投資者關係的副總裁 Eli Kammerman。

Thank you. Hello, everyone. Joining me today are CEO, Katie Szyman; and CFO, Micah Young.

謝謝。大家好。今天和我一起出席的有執行長 Katie Szyman 和財務長 Micah Young。

Before we begin, I would 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.

在開始之前，我想告知各位，本次電話會議將包含前瞻性陳述。由於存在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已在我們定期向美國證券交易委員會提交的文件中進行了詳細描述。

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一些不符合公認會計原則（GAAP）的財務指標。我們通常將這些稱為非GAAP或調整後的財務指標。除了 GAAP 結果之外，這些非 GAAP 財務指標旨在提供額外信息，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。

Furthermore, these non-GAAP financial measures reflect the continuing operations of Masimo's Healthcare business and includes Sound United business, which has reported in discontinued operations 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.

此外，這些非GAAP財務指標反映了Masimo醫療保健業務的持續經營情況，其中包括Sound United業務，該業務在當前和歷史報告期內均已在終止經營業務中報告。因此，除非另有說明，我們今天將主要介紹非公認會計準則下的財務指標。

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 財務指標的核對情況已包含在我們網站上的盈利報告、盈利演示和補充財務資訊中。投資者應考慮我們今天發布的所有聲明，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.

現在我將把電話轉給凱蒂·西曼。

Thank you, Eli, and good afternoon, everyone. As I completed my first nine months at Masimo this week, we are pleased to share that once again, we delivered strong results.

謝謝你，伊萊，大家下午好。本週我完成了在 Masimo 的第一個九個月，我們很高興地宣布，我們再次取得了強勁的業績。

Our revenues grew 8% in the quarter, driven by strong underlying demand for our innovative technologies. We also drove 450 basis points of operating margin expansion, and we increased adjusted earnings per share by 38% year over year, to strengthen our margins and earnings is a direct result of higher revenue and the cost efficiencies and productivity improvements we implemented over the past year.

本季我們的營收成長了 8%，這主要得益於市場對我們創新技術的強勁需求。我們也實現了 450 個基點的營業利潤率成長，調整後每股盈餘年增 38%，利潤率和收益的提高直接得益於收入的成長以及我們在過去一年中實施的成本效率和生產力提升。

Now let me highlight some exciting wins and strong execution from our team this quarter. First, we closed the sale of Sound United to Harman in September, marking a key milestone in our transition back to focusing on our core healthcare market. Second, we announced the expansion of our strategic partnership with Philips in early September. marking a key milestone in our collaboration.

現在讓我重點介紹一下我們團隊本季取得的一些令人興奮的勝利和出色的執行力。首先，我們在 9 月完成了 Sound United 出售給 Harman 的交易，這標誌著我們重新專注於核心醫療保健市場的一個重要里程碑。其次，我們在9月初宣布擴大與飛利浦的策略夥伴關係，這標誌著我們合作的一個重要里程碑。

Within Philips installed base, we remain significantly under-penetrated relative to our overall share position in the market. And closing this gap represents a compelling growth opportunity for Masimo. We expect the expansion of our share position over the next five years within the Philips installed base will have the potential to be even greater than what we have seen over the previous five years.

在飛利浦的已安裝用戶群中，相對於我們在市場中的整體份額而言，我們的滲透率仍然嚴重不足。彌合這一差距對 Masimo 而言是一個極具吸引力的成長機會。我們預計，未來五年我們在飛利浦已安裝設備中所佔份額的擴張潛力，甚至可能超過過去五年我們所看到的。

As two market leaders with a shared history of success, our partnership continues to strengthen. This new agreement advances our joint commission's commitment to innovation and delivering enhanced value to customers and the broader industry. Our current focus is on accelerating the integration of our monitoring technologies beyond set pulse oximetry into a variety of Philips multi-parameter patient monitors. Under this partnership, Philips will expedite the adoption of our AI algorithms across additional devices and market segments. Together, we will develop and co-promote next-gen monitoring technologies, including the integration of Radius PPG with maximum equipped Philips monitors and the launch of our next-gen wearables.

作為兩家擁有共同成功歷史的市場領導者，我們的合作關係不斷加強。這項新協議推進了我們聯合委員會對創新以及為客戶和整個行業帶來更大價值的承諾。我們目前的重點是加快將我們的監測技術（不僅限於脈搏血氧飽和度監測）整合到各種飛利浦多參數病人監視器中。根據這項合作協議，飛利浦將加快在更多設備和市場領域採用我們的人工智慧演算法。我們將共同開發和共同推廣下一代監測技術，包括將 Radius PPG 與配備最齊全的飛利浦監視器集成，以及推出我們的下一代可穿戴設備。

Third, I want to call out an important study that significantly bolsters our competitive position. During the pandemic, a key concern in this industry emerged that some pulse oximeters can dangerously overestimate blood oxygen levels among patients with darker skin, particularly during low perfusion episodes. We recently announced that an analysis of clinical data from our INSPIRE feasibility study found that set pulse oximetry performed accurately among critically ill adult patients of all skin tones conducted in a real-world hospital environment, including those with low-perfusion requiring vasopressors, and these patients reported no unnoticed episodes of hypoxemia.

第三，我想重點介紹一項重要的研究，該研究大大增強了我們的競爭地位。在疫情期間，該行業出現了一個關鍵問題，即一些脈搏血氧儀可能會危險地高估膚色較深患者的血氧水平，尤其是在低灌注期間。我們最近宣布，對我們 INSPIRE 可行性研究的臨床數據分析發現，在真實的醫院環境中，對所有膚色的危重成年患者（包括需要使用血管加壓藥的低灌注患者）進行脈搏血氧飽和度監測均準確無誤，並且這些患者沒有報告任何未被注意到的低氧血症發作。

I want to call out that our competitor studies have been performed mostly on healthy patients where it's easier to obtain positive results. We are highly encouraged by the zero undetected hypoxemia event rate seen in this study alongside spot on accuracy of less than 1% medium bias among critically ill adult patients with both dark and light skin under the most challenging real-world circumstances imaginable.

我想指出，我們的競爭對手的研究大多是在健康患者身上進行的，這樣更容易獲得正面的結果。本研究在最具挑戰性的真實世界環境下，對患有嚴重疾病的成年患者（無論膚色深淺）進行了檢測，未發現低氧血症事件發生率為零，且中等偏差小於 1%，準確率極高，這令我們倍感鼓舞。

We are looking forward to publication of the fully completed INSPIRE study next year alongside other similar prospective real world skin tone accuracy studies for neonates and separately for pediatric patients. We believe this new data clearly demonstrates our superior performance for all patients regardless of skin tone.

我們期待明年發表已完全完成的 INSPIRE 研究，以及其他類似的針對新生兒和兒科患者的前瞻性真實世界膚色準確性研究。我們相信，這些新數據清楚地表明，無論膚色如何，我們都能為所有患者提供卓越的治療效果。

Sales teams are armed with this new data to continue to drive growth into new accounts. Overall, we're confident in our technology's performance where accuracy matters most, at the bedside, during motion and low profusion in the setting of critical illness and procedural care.

銷售團隊掌握了這些新數據，可以繼續推動新客戶的成長。總的來說，我們對我們的技術在最需要準確性的地方——床邊、運動中以及危重疾病和手術護理中低灌注情況下的表現充滿信心。

Now let me re-tap our strategic and financial goals and the progress we are making. We continue to invest in our core healthcare business to position for strong, sustainable, long-term growth. Specifically, we are focused on driving three waves of growth ahead.

現在讓我再次回顧我們的策略和財務目標以及我們正在取得的進展。我們將繼續投資核心醫療保健業務，以實現強勁、可持續的長期成長。具體來說，我們正致力於推動未來三波成長。

First, elevating commercial excellence. Second, accelerating intelligent monitoring. And third, innovating wearables. In terms of commercial excellence, we are continuing to leverage our leadership position and pulse oximetry to broaden our impact on patients across other advanced monitoring categories. We are consistently winning broader contracts as evidenced by the growth we are seeing in advanced monitoring.

首先，提升商業卓越性。第二，加快智慧監控。第三，穿戴式裝置的創新。在商業卓越方面，我們將繼續利用我們的領先地位和脈搏血氧飽和度技術，擴大我們對其他先進監測類別患者的影響。正如我們在先進監測領域的成長所證明的那樣，我們不斷贏得更廣泛的合約。

Recently, we had a big win for capnography with one of our key accounts in the southeast region that will drive significant capnography growth within the territory. Collaborations like these exemplify our ability to leverage our portfolio to drive growth and deepen relationships with customers that will create more diversified revenue streams over time.

最近，我們在東南地區的一個重要客戶那裡取得了一項重大勝利，這將推動該地區的二氧化碳監測業務大幅成長。此類合作體現了我們利用自身產品組合推動成長、加深與客戶關係的能力，這將隨著時間的推移創造更多元化的收入來源。

In our second wave, accelerating intelligent monitoring, we are very focused on using AI and machine learning to upgrade our sensors and create next-gen monitors. A key part of this is taking the incredibly advanced algorithms the team had developed for use outside the hospital and redeploying these into sensors for use inside hospitals. One specific example we're working on is to leverage our De Novo grant for opioid halo that was cleared in April 2023 for detection of opioid-induced respiratory depression to create a hospital solution that can be integrated into our next generation of smart sensors and AI enabled patient monitors that are going to launch next year.

在第二階段，即加速智慧監控階段，我們將專注於利用人工智慧和機器學習來升級我們的感測器，並創建下一代監控器。其中的關鍵部分是將團隊為醫院外使用而開發的極其先進的演算法重新部署到醫院內部使用的感測器中。我們正在研究的一個具體例子是，利用我們於 2023 年 4 月獲批的用於檢測阿片類藥物引起的呼吸抑制的 De Novo 撥款，創建一個醫院解決方案，該解決方案可以整合到我們即將於明年推出的下一代智慧感測器和人工智慧患者監視器中。

In 2026, EMS is going to require hospitals to report opioid related adverse events as a new electronic quality measure required reporting. Our new technology detecting OIRD with our smart sensors will help hospitals keep these patients safe and meet the reporting requirement. This is one of a number of exciting AI enabled sensor opportunities that we have and that we are planning to launch in the future.

2026 年，EMS 將要求醫院報告與鴉片類藥物相關的不良事件，這是一項新的電子品質指標要求的報告要求。我們利用智慧感測器檢測 OIRD 的新技術將幫助醫院保障這些患者的安全並滿足報告要求。這是我們目前擁有並計劃在未來推出的眾多令人興奮的人工智慧感測器應用機會之一。

As I covered last quarter, our third wave of growth will come from innovating wearables. We recently announced the finding of a new study from Dartmouth-Hitchcock Medical Center, demonstrating that surveillance monitoring with maximum set pulse oximetry and patient safety net is operationally cost effective and save hospitals money. For context, previously published Dartmouth clinical outcome studies have shown a 43% reduction in transfers to higher levels of care and a 65% reduction in patient rescues, in addition to zero preventable deaths due to opioid-induced respiratory depression over a 10-year implementation period.

正如我上個季度所提到的，我們的第三波成長將來自穿戴式裝置的創新。我們最近公佈了達特茅斯-希契科克醫療中心的一項新研究結果，該研究表明，採用最大設定脈搏血氧飽和度和患者安全網進行監測，在運營上具有成本效益，可以為醫院節省資金。作為背景，先前發表的達特茅斯臨床結果研究表明，在 10 年的實施期內，轉診至更高護理級別的病例減少了 43%，患者搶救減少了 65%，此外，因阿片類藥物引起的呼吸抑制導致的可預防死亡人數為零。

In the latest study, Dartmouth-Hitchcock calculated that each 10% reduction in rescues and transfers achieved through earlier detection led to projected savings of about $350,000 to $400,000 a year. respectively for 200 general four beds equipped with Masimo monitoring, which broke down to over 5,500 per rescue event prevented and about 10,700 per higher level of care prevented. We are confident these findings will apply to the other health systems adopting a curve-to-curve strategy of continuously monitoring all patients inside the hospital.

在最新的研究中，達特茅斯-希契科克醫療中心計算得出，透過早期發現，每減少 10% 的救援和轉運，預計每年可節省約 35 萬至 40 萬美元。對於配備 Masimo 監測系統的 200 張普通四人病床而言，這意味著每次預防救援事件可節省超過 5500 美元，每次預防更高等級的護理可節省約 10700 美元。我們相信這些發現將適用於其他採用曲線對曲線策略，持續監測醫院內所有病患的醫療系統。

In terms of additional growth opportunities, our diverse portfolio of wearable technology and telehealth solutions continues to be successfully piloted globally to address numerous unmet patient needs. We look forward to sharing more details of our intelligent monitoring of wearable innovations at our upcoming Investor Day on December 3.

就進一步的成長機會而言，我們多樣化的可穿戴技術和遠距醫療解決方案組合正在全球範圍內持續成功試點，以滿足眾多未被滿足的患者需求。我們期待在12月3日即將舉行的投資者日上分享更多關於我們對穿戴式創新進行智慧監測的細節。

Before I close, I want to thank our global team for their hard work and commitment this quarter.

最後，我要感謝我們全球團隊在本季付出的辛勤努力和奉獻精神。

With our highly innovative technologies, we have a unique opportunity to improve outcomes for millions more patients around the world. Our focused execution once again demonstrates the benefits of our recurring revenue contracts and the durable growth profile of our business. We are looking forward to a strong finish for the year, as we realize growth from continued demand and new customer installations throughout this year.

憑藉我們高度創新的技術，我們擁有一個獨特的機會，可以改善全球數百萬患者的治療效果。我們專注的執行再次證明了我們經常性收入合約的優勢以及我們業務的可持續成長前景。我們期待今年能取得強勁的收官，因為我們將在今年持續成長的需求和新客戶安裝帶來的收益中實現成長。

As a result of our strong performance, we are pleased to raise our adjusted EPS guidance, which Micah will expand on later in the call. Above all, we are confident in our ability to deliver on our goals for 2025 and beyond and execute on our mission to empower clinicians to transform patient care.

由於我們業績表現強勁，我們很高興上調調整後的每股收益預期，Micah 將在稍後的電話會議中對此進行詳細說明。最重要的是，我們有信心實現 2025 年及以後的目標，並履行我們的使命，賦予臨床醫生，從而改變病人照護。

With that, I'll turn it over to Micah.

接下來，我將把麥克風交給米卡。

Thank you, Katie, and good afternoon, everyone. For the third quarter, we once again delivered strong results with revenue growth of 8%, EPS rising 38% and operating cash flow of $57 million. Healthcare revenue was $371 million, representing 8% growth.

謝謝你，凱蒂，大家下午好。第三季度，我們再次取得了強勁的業績，營收成長了 8%，每股盈餘成長了 38%，經營現金流為 5,700 萬美元。醫療保健收入為 3.71 億美元，成長 8%。

We continue to see strong underlying demand trends as evidenced by Trace data, sales pull-through and other metrics we track. Growth rates this quarter are impacted by unusual year-over-year comparison.

從追蹤數據、銷售拉動以及我們追蹤的其他指標來看，我們持續看到強勁的潛在需求趨勢。本季成長率受到與去年同期相比異常高的影響。

Consumables grew 1% this quarter compared to a growth rate of 20% in the third quarter of 2024. Capital equipment and other revenues grew 67% this quarter compared to a decline of 33% last year.

本季消費品成長了 1%，而 2024 年第三季的成長率為 20%。本季資本設備及其他收入成長了 67%，而去年同期則下降了 33%。

When looked at on a two-year or on a multiyear basis, compound annual growth rates in consumables continue to be double digits and growth rates in capital are low to mid-single digits. The incremental value of new contracts secured in the third quarter reached $124 million, marking a robust year-over-year increase of 48%.

從兩年或多年的時間尺度來看，消費品的複合年增長率持續保持兩位數，而資本的成長率則處於個位數的低到中等水平。第三季新簽合約的增量價值達到 1.24 億美元，年增 48%。

As we've talked about this before, it's highly dependent on the timing of large contracts that come up for bid throughout each year. This achievement represents the strongest third quarter contracting performance in our company's history, fueled by the outstanding results delivered by our US commercial team.

正如我們之前討論過的，這很大程度上取決於每年大宗合約招標的時間安排。這項成就代表了我們公司史上第三季最強勁的合約業績，這主要得益於我們美國商業團隊的出色成果。

Notably, as of the end of the third quarter, the amount of unrecognized contract revenue expected to be realized within the next 12 months was $507 million, representing a year-over-year increase of 17%. As a reminder, contract-related shipments account for approximately a third of our overall revenue.

值得注意的是，截至第三季末，預計在未來 12 個月內實現的未確認合約收入金額為 5.07 億美元，年增 17%。再次提醒，與合約相關的出貨量約占我們總收入的三分之一。

This quarter, we shipped 66,000 technology boards and monitors, reflecting a strong increase of 8% compared to the 61,000 drivers shipped in the same period last year. This growth underscores the sustained and accelerating demand for our products, which continues to exceed our initial forecast for the year.

本季度，我們出貨了 66,000 塊技術板和顯示器，與去年同期出貨的 61,000 塊驅動程式相比，成長了 8%。這項成長凸顯了市場對我們產品持續且不斷加速的需求，這項需求持續超過我們年初的預測。

Moving down the P&L. Our gross margin of 62.2% experienced a decline of 70 basis points compared to the prior year due to tariff impacts outweighing operational improvements. While operational enhancements contributed to a gain of 70 basis points, tariff-related costs caused a margin erosion of 140 basis points. Tariffs increased our cost of sales $5 million this quarter, aligning with our expectations.

向下移動損益表。由於關稅影響超過了營運改善帶來的效益，我們的毛利率為 62.2%，比前一年下降了 70 個基點。雖然營運改善帶來了 70 個基點的收益，但與關稅相關的成本導致利潤率下降了 140 個基點。關稅使我們本季的銷售成本增加了 500 萬美元，符合我們的預期。

Our operating margin of 27.1% increased by 450 basis points year over year, driven by operational improvements of 590 basis points, partially offset by a tariff impact of 140 basis points. The cost optimization measures implemented late last year have contributed to solid margin expansion this year despite tariff pressures.

我們的營業利益率為 27.1%，年成長 450 個基點，這主要得益於營運改善 590 個基點，但部分被關稅影響 140 個基點所抵銷。儘管面臨關稅壓力，但去年底實施的成本優化措施仍促成了今年利潤率的穩健成長。

Excluding the effects of tariffs, operating margin for this quarter would be 28.5% (sic - see press release, "28.4%"). We are proud of the substantial margin expansion our team has achieved in recent years and are confident in our ability to continue improving margins going forward. Our margin expansion alongside solid revenue growth was a key factor contributing to adjusted earnings per share of $1.32, representing a 38% increase from the prior year.

不計關稅的影響，本季的營業利潤率為 28.5%（原文如此 - 請參閱新聞稿，「28.4%」）。我們為團隊近年來取得的利潤率大幅提升感到自豪，並有信心在未來繼續提高利潤率。利潤率的擴張以及穩健的收入成長是促成調整後每股收益達到 1.32 美元的關鍵因素，比前一年增長了 38%。

We generated strong operating cash flow of $57 million and secured net proceeds of $328 million from the strategic divestiture of Sound United in late September. These proceeds were proactively deployed to repay $56 million of outstanding debt and to optimize capital structure through repurchasing $163 million of common stock by the end of the third quarter.

我們實現了強勁的營運現金流，達到 5,700 萬美元，並在 9 月下旬透過策略性剝離 Sound United 獲得了 3.28 億美元的淨收益。這些收益被積極用於償還 5,600 萬美元的未償債務，並透過在第三季末回購 1.63 億美元的普通股來優化資本結構。

The remaining proceeds were further invested in repurchasing an additional $187 million of common stock in the fourth quarter. Collectively, we have returned $350 million of capital to shareholders through the repurchase of 2.4 million shares over the third and fourth quarters, underscoring our disciplined approach to capital deployment and our unwavering focus on enhancing long-term shareholder value.

剩餘收益在第四季度進一步投資回購了價值 1.87 億美元的普通股。在第三和第四季度，我們透過回購 240 萬股股票，累計向股東返還了 3.5 億美元的資本，這凸顯了我們在資本部署方面的嚴謹態度以及我們對提升股東長期價值的堅定不移的關注。

Now, moving to our updated fiscal 2025 financial guidance. We are tightening our full year revenue guidance to be in the range of $1.510 billion to $1.530 billion compared to a prior guidance range of $1.505 billion to $1.535 billion.

接下來，我們來看看更新後的 2025 財年財務預期。我們將全年營收預期收緊至 15.1 億美元至 15.3 億美元，而先前的預期範圍為 15.05 億美元至 15.35 億美元。

Changes in our revenue guidance are driven by three factors. First, we are tightening revenue range by $5 million on the top and bottom end. Second, we are accounting for foreign exchange benefits of $4 million realized to date. And third, we are accounting for the impact of a switchover to a distributor model in some international markets that creates a $6 million headwind to our full year revenue guidance that has no impact on profitability.

我們的營收預期調整主要受三個因素驅動。首先，我們將營收範圍收緊500萬美元，上限和下限各收緊500萬美元。其次，我們正在核算迄今為止實現的 400 萬美元外匯收益。第三，我們正在考慮一些國際市場轉向經銷商模式的影響，這將為我們的全年收入預期帶來 600 萬美元的不利影響，但這不會影響獲利能力。

Please keep in mind that we have an extra selling week in the fourth quarter of this year. This contributes approximately 1 point to full year 2025 growth. As a reminder, this benefit has been primarily offset through this fiscal year by a variety of factors, including revenue loss from discontinuing product lines at the end of 2024, our shift to a distributor model in some international markets, among other factors. In 2026, we will return to a typical 52-week fiscal year and provide more details when we initiate formal 2026 guidance.

請注意，今年第四季我們額外增加了一週的銷售時間。這將為 2025 年全年成長貢獻約 1 個百分點。需要提醒的是，本財年這項收益主要被各種因素抵消，其中包括 2024 年底停產產品線造成的收入損失，以及我們在一些國際市場轉向經銷商模式等因素。2026 年，我們將恢復典型的 52 週財政年度，並在正式發布 2026 年業績指引時提供更多細節。

Moving down the P&L. We are raising our operating margin guidance to be in the range of 27.3% to 27.7%, representing an increase of 25 basis points at the midpoint versus our prior guidance range of 27% to 27.5%. And we are raising our earnings per share guidance to be in the range of $5.40 to $5.55 compared to our prior guidance range of $5.20 to $5.45. This represents an increase of $0.15 at the midpoint, primarily driven by improvements in operating margin contributing $0.05, the benefit from share repurchases adding $0.08 and a reduction in interest expense accounting for $0.02.

向下移動損益表。我們將營業利潤率預期上調至 27.3% 至 27.7%，較先前的 27% 至 27.5% 的預期區間中位數提高了 25 個基點。我們將每股收益預期從先前的 5.20 美元至 5.45 美元上調至 5.40 美元至 5.55 美元。中位數增加 0.15 美元，主要得益於營業利潤率的提升（貢獻 0.05 美元）、股票回購帶來的收益（貢獻 0.08 美元）以及利息支出減少（貢獻 0.02 美元）。

In conclusion, our third quarter results highlight the strong underlying demand for our products despite challenging year-over-year comparisons. We delivered solid contracting performance, successfully securing new business for our technologies alongside higher-than-expected demand for our technology boards and monitors. Our business' exceptional earnings power remained evident with continued significant improvements in operating leverage.

總之，儘管年比數據具有挑戰性，但我們第三季的業績凸顯了市場對我們產品的強勁潛在需求。我們取得了穩健的合約業績，成功地為我們的技術贏得了新業務，同時，我們的技術板和顯示器也獲得了高於預期的需求。我們業務卓越的獲利能力依然顯而易見，經營槓桿率持續顯著提高。

Looking forward, we are confident in our ability to close out the year strong, driven by accelerated growth in consumable revenue and solid execution of contracts.

展望未來，我們有信心在消耗品收入加速成長和合約有效執行的推動下，以強勁的勢頭結束今年。

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

接下來，我們將開始接受提問。操作員？

(Operator Instructions) Rick Wise, Stifel.

（操作說明）Rick Wise，Stifel。

Great to see the strong performance this quarter. Maybe just -- it's hard to not start off with the outperformance and the resulting guidance. How do we think about the rest of the year and the potential for -- I mean, what can I say, for further outperformance in the short run? What would the drivers be some of the new contracts or new product launches? And maybe -- I know it's early to ask about '26. It's hard to resist. How do we envision this setting us up for '26?

很高興看到本季業績表現強勁。或許只是──很難不先提及優異的績效和由此帶來的績效指引。我們如何看待今年剩餘的時間以及——我的意思是，我還能說什麼呢——短期內進一步跑贏大盤的可能性？哪些因素會推動新合約的簽訂或新產品的發布？或許——我知道現在問 2026 年的事還為時過早。很難抗拒。我們如何設想這將如何幫助我們為 2026 年做好準備？

Yeah. Thank you, Rick. First, I'll start off with -- we typically don't give guidance on '26 or the next year on the third quarter call.

是的。謝謝你，里克。首先，我要說明一點——我們通常不會在第三季電話會議上給出 2026 年或下一年的業績指引。

What I can kind of hit on, and we'll talk about that more later in the year, what I can hit on is where we see the strength in our business. Number one is in the contracting that's picked up in Q3. We expect a strong finish in Q4 to close out the year. We expect that's going to drive a good acceleration in our consumable growth.

我可以先談談我們今年稍後會詳細討論的一點，那就是我們公司的優勢所在。第一點是第三季合約簽訂量增加。我們預計第四季將取得強勁收官，為全年畫下圓滿句點。我們預計這將推動消費品業務的快速成長。

We talked about unusual comps being in the first or in the second and third quarter this year, and those comps normalize throughout the year. So we expect a very strong finish in the fourth quarter with increased shipments in consumables. And that will set us up well as we move into next year.

我們討論過今年第一季以及第二季和第三季可能出現的異常比較數據，但這些比較數據會在一年中逐漸恢復正常。因此，我們預計第四季將取得非常強勁的業績，消耗品出貨量將會增加。這將為我們邁入明年奠定良好的基礎。

And as you think about the profitability side, part of it is due to the share buybacks, right --

而從獲利能力方面來看，部分原因要歸功於股票回購，對吧？--

Yeah. So if you look at the change in EPS guidance, as I laid out, we're up in the guide at the midpoint by $0.15. $0.08 is coming from share buybacks, but we have about $0.05 coming from the operational improvements that we've been making. We continue to see strong expansion of margins this year. A lot of that was throughout the past year, we've done a lot of optimization of costs, becoming more efficient with our cost structure, and that's paying dividends this year.

是的。所以，如果你看一下每股盈餘預期的變化，正如我之前所說，我們把預期中位數上調了 0.15 美元。其中 0.08 美元來自股票回購，而大約 0.05 美元來自我們一直在進行的營運改善。今年利潤率持續保持強勁成長勢頭。過去一年裡，我們做了很多成本優化工作，提高了成本結構的效率，而這些努力在今年都得到了回報。

Great. And just as a follow-up, Katie, obviously, thank you for clearly laying out the 3 priority areas. But just to take one of them, you've been very focused on elevating commercial excellence or enhancing commercial excellence at Masimo. Last quarter, or you've recently made multiple hires, realigned the sales force structure to be more regionally focused rather than specialized by product.

偉大的。最後，凱蒂，非常感謝你清楚地列出了這三個優先領域。但僅舉其中一個例子，您一直非常專注於提升 Masimo 的商業卓越性或增強商業卓越性。上個季度，或者您最近進行了多次招聘，重新調整了銷售團隊結構，使其更加註重區域性，而不是按產品進行專業化。

Just maybe at a high level, I know we'll hear more in early December, but where are we in that process? Or are you pleased with where you are? How much more to go? What's the impact going to be? When are we going to see it? Aside from that, I have no questions.

或許只是從宏觀層面來說，我知道我們會在 12 月初聽到更多消息，但目前我們進展到什麼階段了？還是你對現狀感到滿意？還有多遠？會產生什麼影響？我們什麼時候能看到它？除此之外，我沒有其他問題了。

Thanks a lot, Rick. So yeah, like how you said that, that essentially we focus on enhancing and elevating and it's really focused on our specialty categories to give them more resources to match our success in pulse oximetry. So you see more of a partnership, of our pulse oximetry top sales force being able to help pull through the reps in the specialty categories.

非常感謝，里克。是的，就像你剛才說的，我們主要專注於提升和增強，並且真正專注於我們的專業領域，為他們提供更多資源，以匹配我們在脈搏血氧飽和度方面的成功。因此，你會看到一種更緊密的合作關係，我們的脈搏血氧儀頂級銷售團隊能夠幫助推動專業類別的銷售代表取得進展。

And we've made strategic investments in capnography, hemodynamics, and brain monitoring to give those platforms similar commercial horsepower to what we have in pulse oximetry. And so the question about the timing, we're starting to see small wins, but it's something with kind of the length of our sales cycle here at Masimo. You'll see it really begin to pick up more and more momentum into next year.

我們已對二氧化碳監測、血液動力學和腦部監測進行了策略性投資，以使這些平台擁有與我們在脈搏血氧飽和度監測方面類似的商業實力。所以關於時機的問題，我們開始看到一些小小的成功，但這與我們 Masimo 的銷售週期長度有關。你會看到它在明年開始真正加速發展。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Congrats on a good quarter here. Katie, I want to start with you and I hope you can expand on the comments you made of the share gains in Philips. I think you said being greater over the next five years versus what you've seen in the last five years.

恭喜你們本季業績出色。凱蒂，我想先問你一些問題，希望你能詳細闡述你之前對飛利浦股價上漲的評論。我想你說過，未來五年將會比過去五年更輝煌。

Help us with maybe where you're currently at with Philips share and/or what kind of share gain you've seen in the last five years just so we have some kind of baseline. And don't get me wrong, I really like the confidence, but can you give us a bit more on what gives you that confidence to make that statement? I'm assuming this is coming from some of those advanced parameters, maybe building off the question you were just -- or the answer you just gave to Rick, but any additional color you can provide here would be appreciated.

請您提供您目前在飛利浦的市場份額情況，以及/或您在過去五年中看到的市場份額增長情況，以便我們有一個基準。別誤會，我真的很欣賞你的自信，但你能否再詳細說說是什麼讓你有這樣的自信發表這樣的言論？我猜想這是來自某些高級參數，可能是基於你剛才提出的問題，或者你剛才給 Rick 的回答，但如果你能提供更多細節，我將不勝感激。

Yeah. Thanks, Jason, for the question. So with -- we have a duty of confidentiality with Philips, and so we can't disclose our specific position in their installed base. But what we do know is that when the first agreement was signed back in 2016, Masimo had relatively almost zero, very, very low market share in the Philips installed base. And so we've kind of gotten to a runway, but we still see ourselves as disproportionately low on a relative market share position versus what we are kind of for the whole market, right?

是的。謝謝傑森的提問。因此，我們對飛利浦負有保密義務，所以我們不能透露我們在其已安裝用戶群中的具體位置。但我們確實知道，在 2016 年簽署第一份協議時，Masimo 在飛利浦的裝機量中市佔率幾乎為零，非常非常低。所以我們已經取得了一些進展，但我們仍然認為，與我們在整個市場中所佔的份額相比，我們的市場份額仍然過低，對吧？

So if you think about us as globally in the 50%-ish, 50%-plus market share globally, we're still under-indexed in the Philips installed base, and that's what we see as this opportunity to run in the installed base.

所以，即使我們在全球市佔率達到 50% 左右，甚至超過 50%，我們在飛利浦的裝機量中仍然處於低位，而這正是我們認為在裝機量中發展的機會所在。

Okay. And I'll ask one follow-up and then a separate question. When you answered that question, I think you emphasized globally. Is that the opportunity more so than advanced parameters with Philips?

好的。我會問一個後續問題，然後再問一個單獨的問題。我認為你在回答那個問題時，強調的是全球視野。與飛利浦的先進參數相比，這是否是一個更大的機會？

And then Micah, a question for you here. And sorry, this might be a little long, but I apologize in advance. So the incremental contract figure was really strong. It seems like you're on pace for a normal year or maybe a better-than-normal year for that metric. But you've been focusing this all on the unrecognized contract revenue figure that's going to be recognized over the next 12 months.

米卡，我有個問題想問你。抱歉，這篇可能有點長，我先在此致歉。因此，新增合約數量非常可觀。看來你今年的表現有望達到正常水平，甚至可能比往年更好。但你們一直把注意力集中在未來 12 個月內將要確認的未確認合約收入上。

That was up 17%. I'm sure you're going to say mid-teens plus is a bit hotter than where we should be -- what we should be thinking about for next year. So -- but as we try to aggregate and dissect these data points that we all now have, how would you counsel us to interpret the trend line in that unrecognized contract revenue? Does that give you confidence in delivering on your revenue growth objectives as we look out over the next couple of years?

增長了17%。我確信你會說十幾度以上有點太熱了——這是我們明年應該考慮的溫度。那麼—當我們嘗試匯總和分析我們現在擁有的這些數據點時，您會建議我們如何解讀未確認合約收入的趨勢線？展望未來幾年，這是否讓您對實現營收成長目標充滿信心？

Yeah. Let me start there with the contract revenue. If you -- as a reminder, I mean, a third of our revenues are contracted and come through in shipments of those contracts. So that's important to understand. So we're getting good growth, and that's really coming through in our (inaudible) incremental that's feeding into the growth that we're seeing in our -- what's going to be recognized within the next year.

是的。讓我先從合約收入說起。提醒一下，我們三分之一的收入來自合約款項，這些款項是透過履行合約出貨所獲得的。所以理解這一點很重要。所以我們正在取得良好的成長，這確實體現在我們的（聽不清楚）增量中，這促進了我們在——明年將要實現的——成長。

And as you know, I mean, it's all due to timing, size, duration of contracts, so that can ebb and flow. But we are seeing very good strength. And I think that's going to be a good driver for us. It's not to indicate that our overall revenues grow at that level, but it's good strength coming from the contract wins we're getting this year.

如你所知，我的意思是，這一切都取決於時機、規模、合約期限，所以情況會有起伏。但我們看到了非常好的實力。我認為這對我們來說將是一個很好的驅動力。這並不意味著我們的整體收入會以這樣的速度成長，但這確實是今年我們贏得的合約帶來的強勁成長。

And just a follow-up question on the --

還有一個後續問題…--

Yeah. Jason, on the relative installed base, I would say it's hard to be specific. I would say it's about equal between those two categories.

是的。Jason，就相對安裝量而言，我覺得很難給出具體數字。我認為這兩類人實力大致相當。

Michael Polark, Wolfe.

麥可·波拉克，沃爾夫。

I have a question about the third quarter performance, 1% consumables growth. You called out a tough comparison. Capital was quite a bit better from a growth perspective. Can you just remind us on the third quarter last year, what was unusual about that compare and kind of maybe reassure us that the consumables line specifically will return to a more normal rate of Masimo growth in the quarter and year ahead.

我有一個關於第三季業績的問題，消耗品成長了1%。你提出了一個很難比較的問題。從成長的角度來看，Capital的情況要好得多。您能否提醒我們去年第三季的情況，與去年同期相比有哪些不尋常之處，並讓我們放心，Masimo 的耗材業務將在未來一個季度和一年內恢復到更正常的增長速度？

Yes. Thanks, Mike. So one place to start would be inpatient admission growth last year was running at about 4%. One thing we talked about through the first three quarters of last year is we kept seeing a stepped up consumer revenue, and that was being driven by higher ordering patterns from customers. So it's created a tougher comp, 20% growth last year in the third quarter.

是的。謝謝你，麥克。因此，我們可以從去年住院人數成長率約 4% 的數據著手。去年前三個季度我們一直在討論的一件事是，我們看到消費者收入持續成長，這是由客戶更高的訂單量推動的。因此，今年的年比基數更高，去年第三季成長了 20%。

And -- but if you look at it and what I pointed out to in my prepared remarks is that if you look at it on a two-year basis or a multiyear basis, you see double-digit growth in consumable revenue.

但是——正如我在準備好的演講稿中指出的那樣——如果你以兩年或多年的時間來看，你會發現消費品收入實現了兩位數的增長。

So -- and then very similar, we have another kind of comp going the other direction with last year, our capital and other revenues was down about 33% due to (inaudible) timing. And on a two-year stack basis, that growth rate is more in line with low- to mid-single digits. So we're seeing things come through as we expected this year. Again, just facing the unusual comp that we've talked about coming into this year, by the time we get to the end of the year, we'll see that normalize out.

所以——然後非常相似的是，去年我們還有另一種比較情況，與去年相反，由於（聽不清楚）時間因素，我們的資本和其他收入下降了約 33%。如果以兩年為週期計算，則成長率更符合個位數低到中段的水平。所以，我們看到今年的一切都如我們所預期的那樣發展了。再次強調，正如我們今年年初討論的那樣，我們面臨著不同尋常的競爭形勢，但到年底，這種情況就會恢復正常。

I was going to say that we expect to see increased shipments associated kind of in the back half -- in the Q4 timeframe. So we also see it kind of accelerating as we get into Q4.

我原本想說，我們預計在下半年——也就是第四季——將會看到出貨量增加。因此，我們看到，隨著進入第四季度，這種情況也在加速發展。

For the follow-up, Micah, I just want to ask on the $6 million distributor call out. I just want to understand exactly what that is. So you're shifting from a distributor model to direct and that's creating the $6 million headwind, can you confirm that? And then can you also confirm that, that $6 million that's new news for your guidance that you're absorbing that in today's update. It wasn't in there before.

米卡，接下來我想問關於600萬美元分銷商的召集令。我只是想確切地了解那是什麼。所以你們正在從分銷模式轉向直銷模式，而這造成了 600 萬美元的阻力，你能確認一下嗎？那麼，您能否也確認一下，這 600 萬美元是新的消息，您是否已將其納入今天的更新中？之前裡面沒有。

That's correct, Mike. So if you look at it, our guidance does include that $6 million revenue headwind for the full year with a large portion of that coming in the fourth quarter. We are moving to a distributor model in one of our -- some of our international markets that's causing that headwind. We think this is the best decision as we look forward because it will give us more durable growth, and it's neutral to our earnings and margins. So we think this is going to drive more sustainable growth within the region.

沒錯，麥克。因此，從這個角度來看，我們的業績預期確實包含了全年 600 萬美元的收入逆風，其中很大一部分將出現在第四季。我們正在一些國際市場轉向經銷商模式，這造成了一定的阻力。我們認為這是展望未來最好的決定，因為它將為我們帶來更持久的成長，並且對我們的收益和利潤率沒有影響。因此，我們認為這將推動該地區實現更永續的成長。

But it's kind of -- it's going from direct to distributor, not distributor to direct (multiple speakers)-- on the question.

但問題在於——是從直接銷售到經銷商，而不是直接從經銷商銷售（多位發言人）——

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

Congrats on the progress. Just on the last line of questioning on consumables, was there anything kind of one-time-ish in there? Specifically, I guess I'm just looking at the sequential move from 2Q to 3Q.

恭喜你取得進展。關於消耗品的最後一個問題，其中有沒有一次性用品之類的東西？具體來說，我猜我只是在關注從第二季到第三季的連續變化。

Yes, Jayson. So sequentially, just to remind you that we had a sizable consumer revenue in the second quarter this year, and that was driven by that large international contract. We expect to see higher shipments in the fourth quarter under that contract as well, and that's going to contribute to our increase in consumable revenue in the fourth quarter. So that's given us the confidence to -- in our accelerated growth rate that we expect in Q2.

是的，傑森。所以，回顧一下，今年第二季我們的消費者收入相當可觀，這主要得益於那份大型國際合約。我們預計，根據該合同，第四季度的出貨量也將增加，這將有助於我們第四季度耗材收入的成長。因此，這讓我們有信心——我們預計第二季將實現加速成長。

Okay. That's clear and helpful. Katie, I think you called out growth in advanced monitoring. Would love to -- if you could give us a little bit of either the growth rate there or some context as to the growth in 3Q versus the first half of the year.

好的。這很清晰也很有幫助。凱蒂，我認為你指出了高階監測領域的成長。非常樂意——如果您能提供一些關於增長率的信息，或者一些關於第三季度與上半年增長情況的背景信息就更好了。

Yes. So thanks for the question. We really don't disclose kind of the details until the end of the year in terms of breaking out the different product line growth rates. But suffice it to say that we are seeing an acceleration in the growth rate in the advanced monitoring categories. It's really consistent with the strategy.

是的。謝謝你的提問。我們通常要到年底才會公佈不同產品線成長率的具體細節。但可以肯定的是，我們看到高階監測類別的成長速度正在加快。這與戰略完全一致。

So it's -- we have a goal kind of in that double-digit range for those categories. And so we are seeing us deliver an acceleration of that as we implement the cross-selling strategy.

所以——我們的目標是在這些類別中達到兩位數的成長。因此，隨著我們實施交叉銷售策略，我們看到這一趨勢正在加速發展。

Mike Matson, Needham.

麥克馬特森，尼德姆。

So just one on the wearables strategy. So is this really based on products, hardware that you already have like the W1, and I think you have like sort of wireless pulse oximeter, or is it going to require new hardware? And what's with the timing of that, if so?

所以，關於穿戴式裝置策略，就先說一點吧。所以，這真的是基於你們已經擁有的產品和硬件，比如 W1，還有你們的無線脈搏血氧儀之類的，還是需要新的硬件？如果真是這樣，那時間點又是怎麼回事呢？

Yes, that's a great question. So we already have launched a product called the Radius VSM. And that product is actually being piloted at five major institutions here in the US and then a couple of institutions outside the United States. And honestly, Masimo has been working on perfecting that technology from a pilot basis for the last two to three years.

是的，這是一個很好的問題。我們已經推出了一款名為 Radius VSM 的產品。目前，該產品正在美國五家主要機構以及美國以外的幾家機構進行試點。說實話，Masimo 在過去兩三年裡一直在試點階段致力於完善這項技術。

And so what we're seeing is that over time, we expect to actually go more for a full market launch with that. So we -- that product already exists and is in good shape.

因此，我們看到的是，隨著時間的推移，我們預計最終會全面推行該產品的市場推廣。所以，我們——該產品已經存在，而且狀況良好。

Related to the W1, the W1 is used more for what I would call telehealth in the hospital to home category. And for that, we do have some pilots that we're working on outside the United States where you have more centralized healthcare where it's easier to do that through virtual hospitals, et cetera. So that product is available, but we haven't actually decided yet how we will launch that inside hospitals. Does that make sense?

與 W1 相關，W1 更多地用於我所說的醫院到家庭的遠距醫療類別。為此，我們正在美國以外的地方開展一些試點項目，這些地方的醫療保健更加集中，透過虛擬醫院等方式更容易實現這一點。所以這款產品已經上市，但我們還沒有真正決定如何在醫院內部推出它。這樣說得通嗎？

And then the last product we have is a product called Radius PPG, which is a very simple wrist-worn unit that can tap in and WiFi connect that has a pulse oximetry on the patient's hand. That product is also in pilot phase and would be part of what we're going to get a full connection with the Philips monitors. And so we'll be able to launch that. Right now, we've also piloted that in several cases with Philips. But as that actually gets finalized with Philips with the collaboration, we would be able to launch that.

最後一款產品是 Radius PPG，它是一款非常簡單的腕戴式設備，可以插入設備並透過 WiFi 連接，測量患者手部的脈搏血氧飽和度。該產品目前也處於試點階段，並將是我們與飛利浦顯示器實現全面連接的一部分。因此，我們將能夠啟動該專案。目前，我們也在與飛利浦的幾個案例中進行了試點。但一旦與飛利浦的合作最終敲定，我們就能推出產品了。

Probably -- that's harder to say with the Philips timing, but probably in the next one to two years.

也許吧——考慮到飛利浦的發佈時間，這很難說，但可能在未來一到兩年內。

Okay. Great. That's helpful. And then the -- just on the AI algorithm. So what -- can you give us any more detail on the timing there? And is this something where you've already -- like the opioid monitoring, I think you've already got an FDA clearance or something, but are any of these going to require navigating the FDA? Will it be 510(k)s? And what do you have left to do there, I guess, to commercialize these things?

好的。偉大的。那很有幫助。然後——就只是人工智慧演算法。所以—您能給我們更多關於時間安排的細節嗎？例如阿片類藥物監測，我想你們已經獲得了FDA的批准，但這些項目是否需要經過FDA的核准？會是 510(k) 嗎？我想，接下來你還能做些什麼，就是把這些東西商業化嗎？

Yes. So thanks. So the first thing for opioid-induced respiratory depression, or OIRD is easier to say, 10x fast. But -- so for OIRD, we actually, as I mentioned, have it a clearance for the algorithm. What we are doing is actually submitting it to get it on to our monitor and onto our new Smart set technology.

是的。謝謝。所以，對於鴉片類藥物引起的呼吸抑制（OIRD），第一件事比較容易說出口，那就是快速說 10 倍。但是——所以對於 OIRD，正如我所提到的，我們實際上已經獲得了該演算法的許可。我們現在所做的，實際上是將它提交到我們的顯示器和我們新的智慧電視技術上。

So we would imagine that launching towards the end of next year. And so all of this will be covered at our Investor Day, the first week of December.

因此，我們預計在明年年底推出。所有這些內容都將在我們的投資者日活動上進行講解，該活動將於 12 月的第一周舉行。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

I guess the first one I wanted to ask about was just to clarify on the Q4 guidance. It looks like about 10% growth at the midpoint. So with the extra weekdays adjusted, would that be roughly 6% to 7% growth? And I guess what are the puts and takes impacting the growth rate in Q4?

我想問的第一個問題是，能否澄清一下第四季的業績指引。中間值看起來大約增加了10%。如果將額外的工作日計算在內，成長率約為 6% 到 7% 嗎？那麼，我想了解一下，哪些因素會影響第四季的成長率？

Yes. So for the fourth quarter growth, we're expecting a stronger or acceleration in growth rate from consumables. Capital, we're expecting that to be lower in the fourth quarter. So that strength should come from the growth that we're expecting in our consumables business. And we talked about how we'll see acceleration part of that coming from that large OUS contract shipping more in Q4.

是的。因此，對於第四季度的成長，我們預期消費品產業的成長率將更加強勁或加快。我們預計第四季度資本支出將有所下降。因此，這種優勢應該來自於我們預期在消耗品業務方面的成長。我們也討論瞭如何透過那份大型的海外合約在第四季增加出貨量來加速這一進程。

We expect to see the performance coming off the contract than we did in the third quarter and to finish out the year strong in that area. So I'd say outsized growth in consumables, partially offset by the softness more in capital in terms of comparison year over year.

我們預計合約到期後的表現將比第三季更好，並有望在這一領域取得強勁的收官成績。所以我認為，消費品的大幅成長部分被資本的疲軟所抵消，這是由於同比數據有差異。

And then can I ask a follow-up on the Philips agreement actually? So I just remember from 2017, '18 timeframe when you struck the first one, I think the commentary was that through the course of that first agreement, you had thought your share would kind of get up to your natural share.

那麼，我可以再問一下關於飛利浦協議的後續情況嗎？所以我記得在 2017 年、2018 年左右，你簽訂了第一份協議，我認為當時的評論是，在簽訂第一份協議的過程中，你認為你的份額會逐漸達到你的自然份額。

But then today, saying it's still well below that and you have an opportunity to gain even more share over the next five years. So I just wanted to kind of do a postmortem of sort of what happened over the last five years and talk -- maybe have you talk about why the next five could be better.

但如今，它仍然遠低於這個水平，而且在未來五年內，你還有機會獲得更大的市場份額。所以我想對過去五年發生的事情進行一次回顧，並談談——也許可以請你談談為什麼接下來的五年會更好。

Yes. So thanks for the question. I mean -- so I wasn't here, I guess, during that time. But what you have is the fact that when you start at a very low position and how contracts move once every five years, it takes a little bit longer to gain your share position inside an installed base than you think. So I would say that what happened is we probably gained a lot of the share that was anticipated, but we still have a gap that we're excited about trying to close.

是的。謝謝你的提問。我的意思是——所以，我想，那段時間我都不在。但事實是，當你的起點很低，而且合約每五年才變動一次時，要想在現有客戶群中獲得市場份額，所需的時間比你想像的要長一些。所以我覺得，我們可能已經獲得了預期的大部分市場份額，但我們仍然存在差距，我們很期待能夠縮小這個差距。

Vik Chopra, Wolfe.

維克喬普拉，沃爾夫。

Maybe just on Sound United, after using the sale proceeds to repurchase stock and pay down some debt, maybe just talk about what your broader capital allocation framework is going forward.

或許可以就 Sound United 而言，在利用出售所得款項回購股票並償還部分債務之後，談談你們未來更廣泛的資本配置框架是什麼。

Yes. Thanks, Vik. We'll outline a lot more at Investor Day, but at current levels, we would definitely lean into share repurchases going forward. We also -- another important area for us is tuck-in technologies to continue to augment our portfolio in the hospital across whether some of those areas and ways of growth that we talked about earlier. So as we look into wearables or some additional sensors or monitoring capabilities in the hospital, that's another area of capital allocation.

是的。謝謝你，維克。我們將在投資者日上詳細說明，但就目前的股價水平而言，我們未來肯定會傾向於回購股票。我們也專注於另一個重要的領域——嵌入式技術，以繼續增強我們在醫院的產品組合，涵蓋我們之前討論過的一些領域和成長方式。因此，當我們考慮在醫院使用穿戴式裝置或其他感測器或監測功能時，這又是另一個需要投入資金的領域。

So those are kind of the two main areas of focus for us, especially with where we're sitting at levels.

所以，這算是我們關注的兩個主要領域，尤其是在我們目前的水平下。

Great. And then just a quick follow-up. I appreciate all the color you provided on Philips. But I'm just curious at a high level how this expanded partnership with Philips will influence your product road map and perhaps your revenue mix over the next few years.

偉大的。然後還有一個簡短的後續問題。我非常感謝您為飛利浦提供的所有精彩內容。但我很好奇，從宏觀層面來看，與飛利浦擴大合作關係將如何影響你們的產品路線圖，以及未來幾年你們的收入結構。

So thanks, Vik, for the question. I think that we -- since the majority of our -- a large portion of our advanced sensors, even the rainbow sensors are sold through the Philips monitors. It's going to, I think, help us to continue with the same product mix. The question is really for advanced monitoring categories, including kind of brain and capnography, et cetera, can we get a stronger presence? And so some of that is still underway.

謝謝Vik的提問。我認為，由於我們大部分的先進感測器，甚至包括彩虹感測器，都是透過飛利浦顯示器銷售的。我認為，這將有助於我們繼續保持相同的產品組合。真正的問題是，對於包括腦電圖和二氧化碳圖等在內的高階監測類別，我們能否獲得更強大的影響力？所以其中一些工作仍在進行中。

It takes a while to get our sockets out there. So it's one thing if they can add it, but then it's another for us to be able to get our sockets out there.

把插座運過去需要一段時間。所以，如果他們能加入這個功能，那是一回事；但對我們來說，能夠把我們的插座推廣出去又是另一回事了。

So I would say it's not going to dramatically change our product mix in the short term, but it will be something that just continues to help us drive our growth and presence, but the mix itself will probably stay about the same.

所以我認為，短期內它不會對我們的產品組合產生巨大影響，但它將繼續幫助我們推動成長和擴大市場份額，但產品組合本身可能會保持不變。

At this time, I will now turn the call back over to Katie Szyman for closing remarks.

現在，我將把電話交還給凱蒂·西曼，請她作總結發言。

So first of all, I just want to thank everyone for joining today and really thank you for your interest in Masimo. I'd like to welcome you all to listen to our upcoming Investor Day on December 3, where we look forward to reviewing our strategic focus areas, detailing our product pipeline and outlining our longer-term financial outlook. Thank you all for joining, and have a great day.

首先，我要感謝大家今天到場，也衷心感謝大家對 Masimo 的關注。歡迎各位收聽我們即將於 12 月 3 日舉行的投資者日活動，屆時我們將回顧我們的策略重點領域，詳細介紹我們的產品線，並概述我們的長期財務展望。感謝各位的參與，祝福大家有美好的一天。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。