Mirion Technologies Inc (MIR) 2024 Q2 法說會逐字稿

Greetings and welcome to the Mirion Technologies second quarter 2024 earnings conference call.

歡迎參加 Mirion Technologies 2024 年第二季財報電話會議。

(Operator Instructions) And as a reminder, this conference is being recorded.

（操作員說明）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Jerry Estes, Manager of Investor Relations.

現在我很高興向您介紹主持人，投資者關係經理 Jerry Estes。

Thank you, sir.

謝謝您，先生。

You may begin.

你可以開始了。

Good morning, everyone, and thank you for joining Mirion second quarter 2024 earnings call.

大家早安，感謝您參加 Mirion 2024 年第二季財報電話會議。

A reminder, that comments made during this call will include forward looking statements and actual results may differ materially from those projected in the forward-looking statements.

請注意，本次電話會議期間發表的評論將包括前瞻性陳述，實際結果可能與前瞻性陳述中的預測有重大差異。

The factors that could cause actual results to differ are discussed in our annual reports on Form 10-K, quarterly reports on Form 10-Q and in Mirion's other SEC filings under the caption of risk factors.

我們的 10-K 表年度報告、10-Q 表季度報告以及 Mirion 向 SEC 提交的其他文件中的風險因素標題下討論了可能導致實際結果出現差異的因素。

Quarterly references within today's discussion are related to the second quarter ended June 30, 2024.

今天討論中的季度參考內容與截至 2024 年 6 月 30 日的第二季相關。

A comments made during this call will also include certain financial measures that were not prepared in accordance with generally accepted accounting principle.

這次電話會議期間提出的意見還將包括某些未依照公認會計原則制定的財務措施。

Reconciliation of those non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix of the presentation accompanying today's call.

這些非公認會計原則財務指標與最直接可比較的公認會計原則財務指標的調節可以在今天電話會議隨附的簡報的附錄中找到。

All earnings materials can be found on our IR website at ir.mirion.com.

所有收益資料均可在我們的投資者關係網站 ir.mirion.com 上找到。

Joining me on the call today are Tom Logan, Chief Executive Officer; and Brian Schopfer, Chief Financial Officer.

今天和我一起參加電話會議的是執行長湯姆·洛根 (Tom Logan)；和財務長布萊恩‧肖普弗 (Brian Schopfer)。

Now I will turn it over to our CEO, Tom Logan.

現在我將把它交給我們的執行長湯姆洛根。

Tom?

湯姆？

Jerry, thank you and good morning, everyone.

傑瑞，謝謝你，大家早安。

Getting straight to our quarterly performance, I'm pleased with the solid results we reported yesterday evening.

直接談到我們的季度業績，我對我們昨天晚上報告的可靠結果感到滿意。

I'd like to extend a big thank you to the Mirion team for their efforts and results.

我要對 Mirion 團隊的努力和成果表示衷心的感謝。

A few items of note to kick things off.

一些值得注意的事項可以作為開始。

First, I'm very excited to announce that we've signed a strategic partnership agreement with EDF, the largest operator of nuclear power plants in the world, making Mirion an exclusive content supplier for all of their nuclear new-build projects spanning the next two decades.

首先，我非常高興地宣布，我們已經與世界上最大的核電廠營運商 EDF 簽署了戰略合作夥伴協議，使 Mirion 成為其未來所有核電廠新建項目的獨家內容供​​應商。

This is expected to be the largest commercial deal that we have ever signed by many multiples and is a testament to our technological leadership position in the nuclear space and our long-standing relationship with EDF.

預計這將是我們簽署的最大商業協議，金額是其數倍，證明了我們在核子領域的技術領先地位以及我們與 EDF 的長期合作關係。

Moreover, this fortifies our competitive positioning in the newbuild arena over the coming decades, where we expect to see significant global development.

此外，這增強了我們在未來幾十年新建船舶領域的競爭地位，我們預計將在全球範圍內取得重大發展。

Next, second quarter order growth was relatively flat compared to the same period last year.

其次，第二季訂單成長與去年同期相比相對持平。

We continue to see strong engagement from customers across the business led by nuclear power, where orders were up by more than 15% in the second quarter.

我們繼續看到以核電為首的整個業務領域客戶的積極參與，第二季訂單成長了 15% 以上。

I'm confident in the overall health of our end markets and believe that the macro trends supporting our business will be long in tooth.

我對我們終端市場的整體健康狀況充滿信心，並相信支持我們業務的宏觀趨勢將長期有效。

Third, both sides of the business delivered steady organic revenue growth in Q2.

第三，第二季雙方業務有機收入穩定成長。

Technologies led the way with 4% growth, reflecting strong nuclear power demand and medical delivered 3% organic growth, driven by accelerating activity in nuclear medicine.

科技領域以 4% 的成長領先，反映出強勁的核電需求，而在核子醫學活動加速推動下，醫療領域實現了 3% 的有機成長。

Across the enterprise, we continue to invest in our ground game, most notably through the creation of the Chief Revenue Officer, launching our e-commerce platform in Q4 and bolstering our inside sales capabilities.

在整個企業範圍內，我們繼續投資於我們的地面遊戲，最顯著的是透過設立首席營收官，在第四季度推出我們的電子商務平台並增強我們的內部銷售能力。

Fourth, adjusted free cash flow was nearly $9 million in the quarter, delivering on our commitment to being cash flow positive for the first half of the year.

第四，本季調整後自由現金流接近 900 萬美元，兌現了我們上半年實現正現金流的承諾。

Finally, we have updated our 2024 financial guidance.

最後，我們更新了 2024 年財務指引。

We've raised our adjusted EBITDA target to $195 million to $205 million and reiterated our ranges for organic revenue growth of 4% to 6%, adjusted EPS of $0.37 to $0.42 and adjusted free cash flow of $65 million to $85 million.

我們將調整後的EBITDA 目標提高至1.95 億美元至2.05 億美元，並重申我們的有機收入成長範圍為4% 至6%，調整後每股收益為0.37 美元至0.42 美元，調整後自由現金流為6500 萬美元至8500 萬美元。

Moving on from our second quarter financial results, I'd like to spend some time reflecting upon the dynamics in each of our end markets.

繼續我們第二季的財務業績，我想花一些時間思考我們每個終端市場的動態。

Let's turn to slide 4.

讓我們轉到投影片 4。

Before I dive in here, I want to note that we will not be providing segment by segment order numbers going forward.

在深入討論之前，我想指出的是，我們今後將不會逐段提供訂單號碼。

The competitive environment in many of our businesses is intense and we don't wish to unnecessarily help our competitors.

我們許多業務的競爭環境都很激烈，我們不希望為競爭對手提供不必要的幫助。

That being said, order growth was generally flat compared to the first half of last year.

話雖如此，與去年上半年相比，訂單成長整體持平。

While we didn't print a massive growth number, we did see solid order volume and continue to see strong engagement across the business.

雖然我們沒有公佈大幅成長的數字，但我們確實看到了穩定的訂單量，整個業務的參與度持續強勁。

Backlog grew 11% from the same period last year, but we expect to book approximately $30 million in orders from two nuclear projects that slipped from Q2 to Q3.

積壓訂單較去年同期成長 11%，但我們預計從第二季下滑至第三季的兩個核子項目將獲得約 3,000 萬美元的訂單。

In the medical segment, first half order growth was approximately 3%, led by strong performance from dosimetry and nuclear medicine.

在醫療領域，上半年訂單成長約 3%，得益於劑量測定和核子醫學的強勁表現。

Radiation therapy QA saw negative order growth in the first half, driven by softer international orders largely stemming from the depreciation of the Japanese yen and the market disruptions due to anti-corruption efforts in the China market.

放射治療QA上半年訂單負成長，主要是因為日圓貶值導致的國際訂單疲軟以及中國市場反貪腐行動造成的市場混亂。

On the domestic side of RTQA, we continue to see better order performance and are encouraged heading into the back half of the year.

在 RTQA 的國內方面，我們繼續看到更好的訂單表現，並受到鼓舞進入今年下半年。

In occupational dosimetry, we saw strong order growth in the first half, buoyed by the launch of our third generation of Instadose technology, the Instadose VUE.

在職業劑量測定方面，受第三代 Instadose 技術 Instadose VUE 推出的推動，我們上半年的訂單成長強勁。

Within nuclear medicine, first half organic order growth was approximately 18%, and we continue to see strong engagement as market momentum improves.

在核醫領域，上半年有機訂單成長約為 18%，隨著市場勢頭改善，我們繼續看到強勁的參與度。

I've noted strong attendance and incredible energy at the nuclear medicine trade shows that I've attended over the summer and the overall momentum around the theranostic movement continues to be quite positive.

我注意到我在整個夏天參加的核醫學貿易展上的出席率很高，並且充滿了令人難以置信的能量，並且圍繞治療診斷運動的整體勢頭仍然非常積極。

Anticipated changes by CMS for the reimbursement of radio diagnostic drugs in the US market can only add to the favorable market dynamics.

CMS 對美國市場放射診斷藥物報銷的預期變化只會增加有利的市場動機。

I'm encouraged by the evolution of our nuclear medicine strategy and believe that we are increasingly well positioned to capitalize on the macro trends in this market.

我對我們核醫學策略的發展感到鼓舞，並相信我們越來越有能力利用這個市場的宏觀趨勢。

In the technology segment, we saw an approximately 3% order step-back from the first half of last year.

在科技領域，我們看到訂單較去年上半年下降了約 3%。

Nuclear power saw a positive first half order growth in the low single digits, supported by steady demand from the installed base.

在裝機需求穩定的支撐下，核電上半年訂單出現低個位數的正成長。

We continue to be excited by the dynamics at play within nuclear and are expecting good order flow in the second half of '24 and into early '25.

我們繼續對核能領域的動態感到興奮，並預計 24 年下半年和 25 年初會有良好的訂單流。

On a personal note earlier this week, I attended our largest annual customer event, which is geared toward the nuclear industry.

就我個人而言，本週早些時候，我參加了我們最大的年度客戶活動，該活動面向核工業。

In my two decades of keynoting this event, I've never seen higher energy or enthusiasm.

在我為這次活動做主題演講的二十年裡，我從未見過如此高的能量或熱情。

Moving on to defense.

繼續防守。

Orders were flat compared to last year despite a strong 28% growth comparison from the first half of 2023.

儘管與 2023 年上半年相比增長了 28%，但訂單與去年持平。

As mentioned on our last call, we booked approximately $15 million of European defense orders at the outset of the second quarter and maintain a positive outlook for this market in 2024.

正如我們在上次電話會議中提到的，我們在第二季度初預訂了約 1500 萬美元的歐洲國防訂單，並對該市場 2024 年保持積極的前景。

Finally, labs and research had negative order growth compared to last year.

最後，與去年相比，實驗室和研究的訂單出現了負成長。

Similar to defense, our labs business faced a tough 31% order growth comp and governmental budgetary dynamics had a negative impact on order timing in Q1.

與國防類似，我們的實驗室業務面臨 31% 的訂單成長，政府預算動態對第一季的訂單時間產生了負面影響。

We saw a small ramp in the second quarter and expect momentum to build as the year progresses.

我們在第二季度看到了小幅增長，並預計隨著時間的推移，勢頭將會增強。

Overall, I'm encouraged by both market and customer dynamics across the enterprise, the nuclear power and nuclear medicine super trends continue to provide a strong foundation for future growth.

總體而言，我對整個企業的市場和客戶動態感到鼓舞，核電和核醫學超級趨勢繼續為未來成長提供堅實的基礎。

And there's a lot of positive momentum materializing across the enterprise.

整個企業呈現出許多正面的勢頭。

Looking ahead to Q3 and Q4, we are facing tough order growth comps from last year due to large project orders but we expect to see accelerating flow business as the installed nuclear base gains momentum.

展望第三季和第四季度，由於專案訂單量大，我們面臨去年的訂單成長困難，但隨著已裝核基地的成長勢頭，我們預期流量業務將加速。

Before I pass things on to Brian, there are a few items that I'd like to highlight looking ahead to the second half of the year and beyond.

在我將事情轉達給布萊恩之前，我想強調一些展望下半年及以後的事情。

First, I'd like to touch on our margin performance in the second quarter.

首先，我想談談我們第二季的利潤率表現。

We saw better than expected adjusted EBITDA margins, especially within our technologies segment.

我們看到調整後的 EBITDA 利潤率優於預期，尤其是在我們的技術領域。

Margin expansion was driven by strong execution and positive results stemming from our procurement initiatives and operating leverage.

我們的採購計劃和營運槓桿所帶來的強勁執行力和積極成果推動了利潤率的成長。

We continue to emphasize our business system to improve overall cost performance and capital velocity.

我們繼續強調我們的業務系統以提高整體性價比和資金周轉率。

Regarding procurement, we're six months into a sweeping strategic effort to consolidate our supplier base, which we believe will yield 150 basis points to 300 basis points of EBITDA margin improvement over the next three years.

在採購方面，我們已經進行了六個月的全面策略努力來鞏固我們的供應商基礎，我們相信這將在未來三年內將 EBITDA 利潤率提高 150 個基點到 300 個基點。

In addition, we've doubled down on daily management in our factories and the cadence of Kaizen events.

此外，我們也加倍加強工廠的日常管理和改善活動的節奏。

I'm pleased with the progress we are making and continue to be bullish on our ability to deliver on our 30% long-term margin target.

我對我們所取得的進展感到滿意，並繼續看好我們實現 30% 長期利潤率目標的能力。

Secondly, cash flows remain a key area of focus for me and the team.

其次，現金流仍然是我和團隊關注的關鍵領域。

I'm pleased that we were cash flow positive for the first half of the year, but we have a great deal of work yet to be done to improve conversion going forward.

我很高興我們上半年的現金流為正，但我們還有大量工作要做，以提高未來的轉換率。

Capital spending will moderate now that the big Instadose launch investment is behind us.

由於 Instadose 的大規模啟動投資已經過去，資本支出將會放緩。

Inventory turns remain a big opportunity for us as we'll continue to grind out improvement in the quarters ahead.

庫存週轉對我們來說仍然是一個巨大的機會，因為我們將在未來幾季繼續努力改善。

I'm confident in our strategic approach here and believe that we are well positioned to improve our cash conversion the back half of the year and into 2025.

我對我們的策略方針充滿信心，並相信我們有能力在今年下半年和 2025 年改善現金轉換。

Thirdly, I'm pleased to announce some organizational changes that we've recently implemented.

第三，我很高興地宣布我們最近實施的一些組織變革。

These updates include the following.

這些更新包括以下內容。

First, we've named Louis Rivera as the Executive Vice President of our Medical Group reporting to me, while I retain leadership of the segment.

首先，我們任命路易斯·裡維拉 (Louis Rivera) 為醫療集團執行副總裁，向我匯報，而我則保留該部門的領導權。

Luis previously led our radiation therapy QA business, and I believe he will have a strong positive impact in his new role.

Luis 之前曾領導過我們的放射治療 QA 業務，我相信他將在他的新角色中產生強大的積極影響。

Additionally, we have named Mark Siviter as Mirion's inaugural Chief Revenue Officer, where he will oversee Mirion's global sales organization.

此外，我們也任命 Mark Sviter 為 Mirion 的首任首席營收官，他將負責 Mirion 的全球銷售組織。

Prior to this role, Mark led our medical sales team and played an integral role in the success we've seen on that side of the business.

在此職位之前，馬克領導我們的醫療銷售團隊，並為我們在該業務方面的成功發揮了不可或缺的作用。

I'm confident that Mark will be instrumental in helping us achieve our long-term revenue growth aspirations.

我相信馬克將有助於幫助我們實現長期收入成長願望。

Finally, we decided to exit our medical lasers and alignment business.

最後，我們決定退出醫用雷射和對準業務。

This business unit was a non-core element of our portfolio.

該業務部門是我們投資組合的非核心要素。

It did not fit clearly into our long term strategy.

它並不明顯符合我們的長期策略。

As part of the shutdown, we are moving all related operations from Middleton, Wisconsin to our Norfolk Virginia factory to drive increased efficiency from our operating footprint.

作為關閉的一部分，我們將把所有相關業務從威斯康辛州米德爾頓轉移到維吉尼亞州諾福克工廠，以提高營運效率。

With that, I'll now hand the call over to our Chief Financial Officer, Brian Schopfer.

現在，我將把電話轉交給我們的財務長 Brian Schopfer。

Brian?

布萊恩？

Thanks, Tom, and good morning, everyone.

謝謝，湯姆，大家早安。

To begin our financial commentary this morning, please turn to slide 5 for an overview of our second quarter results for the total company.

今天早上開始我們的財務評論，請翻到投影片 5，以了解整個公司第二季業績的概述。

Revenue grew by 5% in the quarter, while adjusted EBITDA was up 10.2%.

該季度營收成長 5%，調整後 EBITDA 成長 10.2%。

Quarterly revenue was $207.1 million and organic growth was 3.6%.

季度營收為 2.071 億美元，有機成長率為 3.6%。

Adjusted EBITDA was $48.8 million, with adjusted EBITDA margins expanding 110 basis points to 23.6%.

調整後 EBITDA 為 4,880 萬美元，調整後 EBITDA 利潤率擴大 110 個基點，達到 23.6%。

Q2 margin performance came in better than originally expected at both the gross margin and adjusted EBITDA levels.

第二季的毛利率和調整後 EBITDA 水準的利潤率表現均優於最初預期。

I'll get into more details on margins in a few moments, but we saw gross margin and adjusted EBITDA margin expansion in both segments in the quarter and for the first half.

我稍後將詳細介紹利潤率，但我們在本季和上半年都看到了這兩個部門的毛利率和調整後 EBITDA 利潤率的擴張。

Moving on to our segments, starting with medical on slide 6.

繼續我們的部分，從幻燈片 6 上的醫療開始。

Medical revenue growth was 7.7% with organic growth of 2.6%.

醫療收入成長 7.7%，有機成長 2.6%。

Medical top-line performance in the second quarter was led by nuclear medicine, where the EC squared business added over 5 points to the top line, we made solid progress catching up on shipments following the ERP related slowdown in Q1.

第二季的醫療營收表現以核醫為主導，其中EC 平方業務為營收增加了5 個百分點以上，繼第一季ERP 相關放緩之後，我們在追趕出貨量方面取得了紮實的進展。

In the RTQA business, performance was led by strength in Europe, offset by market disruptions due to China anti-corruption dynamics.

在 RTQA 業務中，歐洲的強勁表現帶動了業績的成長，但被中國反腐敗動態造成的市場混亂所抵消。

Medical adjusted EBITDA margin was 34.3% in the quarter, a 150 basis point expansion from last year.

本季醫療調整後 EBITDA 利潤率為 34.3%，較去年增長 150 個基點。

Medical EBITDA margins were supported by a strong quarter from EC squared and solid execution across the portfolio.

醫療 EBITDA 利潤率得益於 EC 平方的強勁季度和整個投資組合的穩健執行。

As Tom noted earlier, we also announced the closure of our RTQA facility in Wisconsin during the second quarter, the change will positively impact medical adjusted EBITDA margins by approximately 70 basis points on an annualized basis.

正如 Tom 早些時候指出的，我們還宣佈在第二季度關閉威斯康辛州的 RTQA 設施，這項變更將對醫療調整後 EBITDA 利潤率產生積極影響，按年化計算約 70 個基點。

This move simplifies our operating footprint and is a great example of the self-help cost-out initiatives we have at our disposal to reach our longer term 30% margin target.

此舉簡化了我們的營運足跡，也是我們為實現 30% 的長期利潤率目標而採取的自助成本削減計劃的一個很好的例子。

Moving on to the technology segment on slide 7.

轉到幻燈片 7 上的技術部分。

Revenue grew by 3.7% in the quarter with organic growth of 4.1%.

該季度營收成長 3.7%，有機成長 4.1%。

Top line growth was led by a strong quarter from nuclear power.

核電季度的強勁成長帶動了營收成長。

While FX had a negligible impact, I'm encouraged by the positive momentum we're seeing in our European technologies business, especially in nuclear, and expect to see continued strength in the coming quarters.

雖然外匯的影響可以忽略不計，但我對我們在歐洲技術業務（尤其是核能業務）中看到的積極勢頭感到鼓舞，並預計在未來幾季將繼續強勁。

Technologies' adjusted EBITDA was $38.9 million, with margins expanding 190 basis points from the same period last year.

Technologies 調整後的 EBITDA 為 3,890 萬美元，利潤率較去年同期成長 190 個基點。

Adjusted EBITDA margin expansion was supported by good execution in the segment.

調整後的 EBITDA 利潤率擴張得益於該部門良好的執行力。

We realized early results from our procurement improvement initiatives and benefited from operating leverage in our sensing business, along with solid operational performance across the rest of the portfolio.

我們的採購改進計劃取得了早期成果，並受益於感測業務的營運槓桿以及產品組合其他業務的穩健營運績效。

While our French business was a headwind to margins on a year over year basis in Q2, performance was better than we had originally expected, and we are pleased with the progress being made there.

雖然我們的法國業務第二季的利潤率同比下降，但業績好於我們最初的預期，我們對在那裡的進展感到高興。

Turning now to slide 8 for a look at leverage and cash flow.

現在轉向幻燈片 8，了解槓桿和現金流。

Our net leverage ratio took down to 3.0 times at the end of the quarter.

本季末我們的淨槓桿率降至 3.0 倍。

We also completed a debt refinancing initiative, which is expected to save us around 75 basis points in total, a 50 basis points of improvement versus the SOFR spread and an annualized estimate of approximately $5 million in net interest savings.

我們還完成了一項債務再融資計劃，預計總共將為我們節省約 75 個基點，與 SOFR 利差相比改善 50 個基點，年化估計可節省約 500 萬美元的淨利息。

CapEx was higher year over year in Q2 and the first half as a whole, driven by Instadose large investments.

在 Instadose 大型投資的推動下，第二季和整個上半年的資本支出都比較高。

We expect CapEx to return to more normal levels in the second half of the year.

我們預計資本支出將在今年下半年恢復到更正常的水平。

Cash performance was generally in line with expectations, but net working capital was a use of cash in the first half of the year.

現金表現大致符合預期，但上半年淨營運資本為現金使用。

We made solid progress on accounts receivable and inventory, but more work remains to be done.

我們在應收帳款和庫存方面取得了紮實進展，但仍有更多工作要做。

Progress was offset by the timing of cash payments within our nuclear project business.

進度被我們核子專案業務中現金支付的時間所抵銷。

Improving net working capital efficiency remains a top priority, and inventory turnover continues to be our most significant opportunity to improve networking capital dynamics.

提高營運淨資本效率仍是首要任務，庫存週轉率仍是我們改善網路資本動態的最重要機會。

Finally, let's flip over to slide 9 to take a deeper look at our updated guidance for 2024.

最後，讓我們翻到投影片 9，深入了解我們更新的 2024 年指南。

As Tom highlighted earlier, we've reiterated our revenue growth targets for the year and continue to expect 5% to 7% top line growth with organic revenue growth of 4% to 6%.

正如 Tom 早些時候強調的那樣，我們重申了今年的收入成長目標，並繼續預計營收成長 5% 至 7%，有機收入將成長 4% 至 6%。

However, there are some slight changes to how we expect to achieve the organic growth number.

然而，我們預期實現有機成長的方式會有一些細微的變化。

Namely, we are now expecting low single digit plus growth from medical and mid-single digit plus growth from technologies.

也就是說，我們現在預期醫療領域將出現低個位數成長，而科技領域將出現中個位數成長。

The updated estimate in technologies organic growth is supported by strong year-to-date performance from the segment and continued positive momentum across our end markets.

技術有機成長的最新估計得到了該領域今年迄今為止的強勁業績以及我們終端市場持續積極勢頭的支持。

on the medical side and in conjunction with the shutdown of the Middleton facility, the updated medical growth estimate is inclusive of our decision to exit the lasers and alignments business, which is expected to impact medical organic growth by approximately 80 basis points for 2024 and nearly 200 basis points on an annualized basis.

在醫療方面，隨著米德爾頓工廠的關閉，更新後的醫療成長預測包括我們退出雷射和對準業務的決定，預計這將影響 2024 年醫療有機增長約 80 個基點，近 10 個基點。年化計算200個基點。

Just to reiterate, this is a margin accretive action for the medical group.

重申一下，這是醫療集團的利潤增值行動。

The updated medical estimate is also reflective of slowing order activity driven by the depreciating Japanese yen as well as the anti-corruption lockdown in China.

最新的醫療預測也反映出日圓貶值以及中國反腐敗封鎖導致訂單活動放緩。

Positive domestic momentum is expected to offset some of the impact.

積極的國內勢頭預計將抵消部分影響。

We are expecting operating conditions to improve in the international markets in 2025 based on increasing strength in the yen and deferred demand in China.

我們預計，由於日圓走強和中國需求延後，2025 年國際市場的經營狀況將有所改善。

As a reminder, our medical business has performed very well over the last few years, with two year stack growth in 2023, a better than 20% organic growth.

提醒一下，我們的醫療業務在過去幾年中表現非常出色，到 2023 年將實現兩年堆疊成長，有機成長超過 20%。

So a bit of a normalization was expected.

因此，預期會出現一定程度的正常化。

We have slightly raised our adjusted EBITDA guide and are now expecting $195 million to $205 million of adjusted EBITDA with margins between 23% and 24%.

我們略微提高了調整後 EBITDA 指南，目前預計調整後 EBITDA 為 1.95 億美元至 2.05 億美元，利潤率在 23% 至 24% 之間。

Our adjusted EPS range remains unchanged at $0.37 to $0.42. We've also held our adjusted free cash flow range at $65 million to $85 million.

我們調整後的每股盈餘範圍維持在 0.37 美元至 0.42 美元不變。我們也將調整後的自由現金流範圍維持在 6,500 萬美元至 8,500 萬美元之間。

However, we do expect free cash flow to come in towards the lower end of that range.

然而，我們確實預期自由現金流將接近該範圍的下限。

I'd also like to note that we completed the redemption of all outstanding public and private warrants during the second quarter.

我還想指出，我們在第二季完成了所有未償還的公共和私人認股權證的贖回。

This action greatly simplifies our capital structure is a good step forward for us as we continue look to mature as a public company.

這項行動大大簡化了我們的資本結構，對我們來說是向前邁出的一大步，因為我們不斷尋求成為一家成熟的上市公司。

I point you to slide 20 in the appendix for an updated look at our share count considerations following the redemptions.

我建議您查看附錄中的幻燈片 20，以了解我們在贖回後的股份數量考慮因素的最新情況。

One final item of note before we open things up for Q&A.

在我們開始問答之前，最後要注意的一點是。

I am excited to announce that we'll be hosting our first ever Investor Day later this year and are targeting early December for the event.

我很高興地宣布，我們將在今年稍後舉辦首屆投資者日，並計劃在 12 月初舉辦這項活動。

More details to come on up on the event as we get closer, but this will be a great opportunity for us to share our updated strategy and longer-term financial targets with the investment community.

隨著活動的臨近，我們將公佈更多細節，但這將是我們與投資界分享我們最新策略和長期財務目標的絕佳機會。

Looking at where we stand halfway through the year, I feel good about our financial results thus far and believe that we are well positioned to deliver a strong finish to the year.

看看我們今年過半的情況，我對迄今為止的財務業績感到滿意，並相信我們有能力為今年帶來強勁的業績。

I look forward to updating you with our third quarter results this fall.

我期待著向您通報今年秋天第三季的最新業績。

With that, I'll now pass it over to Jerry to open things up for Q&A.

現在，我將把它交給傑瑞，讓他開始問答。

Thanks, Brian.

謝謝，布萊恩。

That wraps up our formal comments this morning.

我們今天早上的正式評論到此結束。

I'll hand the call back over to the operator to kick off the Q&A session

我會將電話轉交給接線生開始問答環節

(Operator Instructions) Joe Ritchie, Goldman Sachs.

（操作員指令）Joe Ritchie，高盛。

Please

請

Hey, guys.

嘿，夥計們。

Good morning.

早安.

Hey, Joe. Good morning.

嘿，喬。早安.

Hey, Tom or Brian, look, I recognize that you guys are going to be coming up against some tough comps in the second half of the year as it relates to orders.

嘿，湯姆或布萊恩，聽著，我認識到你們將在今年下半年遇到一些與訂單有關的艱難競爭。

At the same time, it seemed like you had like, what, roughly $30 million in orders nuclear push out to 3Q.

同時，似乎你有大約 3000 萬美元的訂單，將核訂單推到第三季。

I guess as you kind of think about the health of the order pipeline into the second half of the year, maybe just provide a little bit of color on like what you expect to happen to backlog as we progress through the rest of the year, do you think you can hold backlog at current levels?

我想，當您考慮下半年訂單管道的健康狀況時，也許只需提供一點顏色，就像我們在今年剩餘時間裡預計會發生的積壓情況一樣，做您認為您可以將積壓保持在當前水平嗎？

Is it going to decline?

會下降嗎？

And what does the overall health of the pipeline look like?

管道的整體健康狀況如何？

Yeah.

是的。

So maybe a couple of thoughts there, Joe. First off, yeah, I mean, just a reminder, we were comping under 1 million of large orders between Q3, Q4.

喬，也許有一些想法。首先，是的，我的意思是，只是提醒一下，我們在第三季和第四季之間的大訂單數量低於 100 萬份。

A lot of that's in Q three actually.

實際上，其中很多內容都在第三個問題中。

But we feel very, very good about where we sit today.

但我們對今天的位置感覺非常非常好。

The businesses continue to be out there in the markets.

這些企業繼續存在於市場上。

The pipelines are very strong across both businesses candidly.

坦白說，兩家公司的通路都非常強大。

Tom and I like Tom said, just spent some time with the North American customer base at our event in Texas this week.

湯姆和我就像湯姆說的那樣，剛剛在本週德克薩斯州的活動中與北美客戶群度過了一些時間。

And the dynamic there is very good.

那裡的動態非常好。

The medical team has continued to be very optimistic about what they're seeing in the pipeline.

醫療團隊對他們所看到的情況仍然非常樂觀。

I think to answer your question directly, look, order rates probably won't be positive on a year over year basis in the back half of the year.

我想直接回答你的問題，看，今年下半年的訂單率可能不會比去年同期成長。

But I like highlight backlog continuing to, I would say, in the third quarter backlog will be up versus the third quarter last year for sure.

但我喜歡強調積壓繼續，我想說，第三季的積壓肯定會比去年第三季增加。

And I think the fourth quarter, I think there is visibility to us being flat to where we started the year.

我認為第四季度，我們可以看到我們與年初的水平持平。

Now, look, that can move around a little bit just based on kind of order dynamics and timing.

現在，看，這可以根據訂單動態和時間安排進行一些調整。

But I think we feel very good about where we're sitting on.

但我認為我們對自己所處的位置感覺非常好。

And this isn't something that Tom and I are particularly worried about.

這並不是湯姆和我特別擔心的事。

I mean, when you book these larger project orders, they burn down over time and there'll be other project -- there'll be other orders that come in either at the back end of this year or candidly in the front half of next year.

我的意思是，當你預訂這些較大的項目訂單時，它們會隨著時間的推移而消耗殆盡，並且還會有其他項目 - 將會有其他訂單在今年年底或明年上半年收到年。

But the pipeline is very good.

但管道非常好。

And I think our visibility into that pipeline continues to be very good.

我認為我們對該管道的了解仍然非常好。

Yeah, Joe, this is Tom.

是的，喬，這是湯姆。

Just to tag onto what Brian said the -- we look ahead multiple years, not only the back half of this year but into '25 and beyond.

只是為了強調布萊恩所說的話——我們展望未來幾年，不僅是今年下半年，而且是 25 年及以後。

Again, if you look at just the queue that we see coming in terms of larger projects which typically but not exclusively tend to be nuclear projects, again, we feel good about it.

同樣，如果你只看一下我們看到的大型項目的隊列，這些項目通常但不完全是核項目，我們對此感覺很好。

To be clear, I think we've always been clear on this.

需要明確的是，我認為我們對此一直很明確。

It's not ratable.

這是不可評價的。

It is a little bit lumpy.

它有點凹凸不平。

But as it flows through revenue, obviously it's smooth because typically for a large nuclear project, that revenue is booked over a number of years.

但當它通過收入流動時，顯然它是平穩的，因為通常對於大型核子專案來說，該收入是在多年內記入的。

But in addition to that, I think it's also important to note that in terms of the flow business that we're seeing, so the business above and beyond these large orders, which typically is driven from our installed base, again, very clearly the case in nuclear, but not exclusively.

但除此之外，我認為還需要注意的是，就我們所看到的流量業務而言，這些大訂單之上和之外的業務通常是由我們的安裝基礎驅動的，同樣，非常明顯核案例，但不限於核案例。

This is also broadly true in radiation therapy QA et cetera.

這在放射治療品質保證等領域也廣泛存在。

Very clearly based on the health of the installed base, we're seeing a pickup in that flow business.

很明顯，根據安裝基礎的健康狀況，我們看到流量業務有所回升。

And to be clear, this doesn't necessarily get reflected in backlog because it trades within a quarter.

需要明確的是，這並不一定會反映在積壓訂單中，因為它會在一個季度內進行交易。

So again, to be clear, we're very confident by where we sit right now.

再次強調，我們對目前的處境非常有信心。

We're not at all concerned about either order flow or market strength here.

我們根本不關心這裡的訂單流或市場實力。

It's very positive.

這是非常積極的。

Yeah, I would one -- just maybe to throw a little bit of context on that flow business.

是的，我想要一個——也許只是為了給流量業務提供一些背景資訊。

I think as we look at the year that are projecting out, we think that flow business is kind of a mid-single digit order growth number for us.

我認為，當我們審視預計的這一年時，我們認為流量業務對我們來說是中等個位數的訂單成長數字。

And that tends -- we tend to look at that orders kind of below $5 million because it kind of smooths out under that.

這往往是——我們傾向於考慮低於 500 萬美元的訂單，因為在這個水平之下它會變得平滑。

So maybe just some context, Joe, on what we're seeing and expecting.

喬，也許只是一些關於我們所看到和期待的背景。

Got it guys.

明白了，夥計們。

That's really helpful color.

這真是有用的顏色。

I appreciate that.

我很欣賞這一點。

I thought that the fact that you signed a long term partnership, exclusive partnership with EDF was notable.

我認為你們與 EDF 簽署長期合作夥伴關係、獨家合作夥伴關係這一事實值得注意。

At the same time, like I know that you guys have had strong market share in the nuclear segment already.

同時，據我所知，你們已經在核子領域擁有強大的市場份額。

I'm just curious like how does this potentially expand on an already existing relationship.

我只是好奇這會如何擴展現有的關係。

And how do you see this kind of playing out over the next couple of years with EDF?

您如何看待 EDF 未來幾年的這種發展？

Yeah.

是的。

I mean, to your point, Joe, we've had outstanding relationship with EDF for many decades for which we're tremendously grateful.

我的意思是，就你的觀點而言，喬，幾十年來我們與 EDF 一直保持著良好的關係，我們對此深表感謝。

They've been an absolutely terrific trading partner for us historically.

從歷史上看，他們一直是我們絕對優秀的貿易夥伴。

And we've noted, I think, repeatedly some of the strong content we've had, most recently with the Hinkley Point C project in the UK was with EDF.

我認為，我們已經多次注意到我們擁有的一些重要內容，最近英國的欣克利角 C 計畫是與 EDF 合作的。

And certainly, we would -- if we had not signed this large commercial deal, we would certainly have expected a future flow strong business from EDF.

當然，如果我們沒有簽署這項大型商業協議，我們肯定會期望未來來自 EDF 的強勁業務。

But what this does is that it streamlines commercial terms and all of the attendant negotiation in and around that, it strengthens our position competitively and effectively it gives us not only greater confidence and investments that we're making into the space.

但這的作用是簡化了商業條款以及與之相關的所有隨之而來的談判，它增強了我們的競爭地位，有效地增強了我們在該領域的信心和投資。

But it also clearly has an impact on our cost structure in terms of supporting this commercial activity overall.

但就支持整個商業活動而言，它顯然也對我們的成本結構產生了影響。

So we're very happy about it and again, very honored to have this place of pride with EDF.

因此，我們對此感到非常高興，並且非常榮幸能夠與 EDF 一起擁有這個值得驕傲的地方。

That's great.

那太棒了。

And if I could just maybe squeeze one more.

如果我能再擠一個就好了。

You guys referenced the anti-corruption dynamics in China and the RTQA market.

你們提到了中國的反貪腐動態和 RTQA 市場。

I guess there's been talk about this now for probably the better part of the last like 12 to 15 months.

我想，在過去 12 到 15 個月的大部分時間裡，人們一直在討論這個問題。

I guess how do you see this kind of like impacting your business going forward?

我想您如何看待這種情況對您未來業務的影響？

At what point do you think you kind of get to a bottom in that piece of the business going forward?

您認為何時可以了解該業務的進展？

Yeah, I think just as we think about the numbers, what I would tell you is that the impact in the first half of the year on the revenue side was pretty negligible on the medical side mainly with a little bit of kind of timing movement between the first half and the second half on the technology side.

是的，我認為正如我們思考這些數字一樣，我要告訴你的是，今年上半年對收入方面的影響在醫療方面幾乎可以忽略不計，主要是在時間上有一些變化上半場和下半場在技術方面。

But that has nothing to do with the anti-corruption.

但這與反腐敗無關。

That's just project stuff.

那隻是項目的東西。

And I think on the on the order side, our RGQA business was definitely down in orders in the first half and we expect it to be down in the second half as well.

我認為在訂單方面，我們的 RGQA 業務上半年的訂單肯定有所下降，我們預計下半年也會下降。

Our expectation, I think this is common Joe, that you that you guys have heard from other companies that have released this week.

我們的期望，我認為這是常見的喬，你們從本週發布的其他公司聽說過。

I think we expect '24 to probably be the low point.

我認為我們預計 24 年可能是最低點。

We expect the dynamics to get better maybe late in the fourth quarter, but into '25 is what we're forecasting at this point.

我們預計動態可能在第四季末有所改善，但我們目前預測到 25 年。

I'd add to that, too, Joe, that, I don't think we've ever kind of called a turn in the Chinese market.

喬，我還要補充一點，我認為我們還沒有說過中國市場發生了轉變。

It's just -- it takes longer for deals to materialize because people are being much more careful and we certainly understand that.

只是——交易需要更長的時間才能實現，因為人們變得更加謹慎，我們當然理解這一點。

And if you listen to some of the leaders in this space, in particular, Siemens Healthineers, I think you get a pretty comprehensive picture of the dynamics in that market.

如果你聽聽這個領域的一些領導者，特別是西門子醫療公司的意見，我想你會對這個市場的動態有相當全面的了解。

But what's important is that I think there are two factors that are likely to improve the dynamics in the Chinese market, whether it happens in Q3 or Q4 into 2025, it will happen.

但重要的是，我認為有兩個因素可能會改善中國市場的動態，無論是在第三季還是第四季度，到2025年，它都會發生。

One is that people will get beyond kind of the some this speed bump on the anti-corruption, and pent-up demand will begin to flow through again in a more ratable fashion.

一是人們將超越反腐敗的某些減速帶，被壓抑的需求將開始以更有效的方式再次流動。

And then secondly, Chinese stimulus programs will begin to kick in, which also will be favorable broadly in the industrial markets but certainly in healthcare markets as well.

其次，中國的刺激計畫將開始生效，這也將廣泛有利於工業市場，當然也有利於醫療保健市場。

We believe both of those factors ultimately will be beneficial to demand in China.

我們相信這兩個因素最終都將有利於中國的需求。

So this market continues to be important to us, I think, Brian encapsulated well, the fact that our exposure here is not great, but we expect it to be a continued source of growth in the future as soon as we get past this the short-term disruption.

因此，我認為這個市場對我們仍然很重要，布萊恩概括得很好，事實上我們在這裡的曝光度並不大，但我們預計一旦我們度過了這個短暫的時期，它將成為未來持續增長的源泉- 長期幹擾。

Perfect.

完美的。

Thank you very much, guys.

非常感謝你們，夥伴們。

Thanks Joe.

謝謝喬。

Chris Moore, CJS Securities.

克里斯摩爾，CJS 證券。

Hey, good morning, guys.

嘿，早上好，夥計們。

Thanks for taking the couple of questions.

感謝您提出這幾個問題。

Maybe just start with, Tom, referenced the anticipated CMS changes on reimbursement.

湯姆，也許一開始就提到了預期的 CMS 報銷變化。

Maybe just can you talk a little bit further about the impact or potential impact?

也許您能進一步談談影響或潛在影響嗎？

And any thoughts on timing you might have?

您對時間安排有什麼想法嗎？

Yeah.

是的。

So the general view within the industry, just for those who are uninitiated, CMS basically is the American Center for Medicare Studies.

所以業界普遍認為，對於不了解的人來說，CMS基本上就是美國醫療保險研究中心。

They really establish reimbursement protocols in the American healthcare market that drive not only a government reimbursement, but also much of a private insurance reimbursement overall.

他們確實在美國醫療保健市場建立了報銷協議，不僅推動了政府報銷，而且還推動了私人保險報銷。

So it's incredibly important.

所以這非常重要。

As we've talked about historically, there's incredible development taking place right now in nuclear medicine.

正如我們歷史上所討論的那樣，核醫學目前正在取得令人難以置信的發展。

We've talked -- we generally refer to it as the theranostics movement on our radiopharmaceutical therapy, but it involves a couple of elements.

我們已經討論過——我們通常稱之為放射性藥物治療的治療診斷運動，但它涉及幾個要素。

One is using improved molecular imaging techniques using a PET scanning technology, coupled with evolving nuclear medical tracers or radio isotopes that are used to for this type of molecular imaging.

一種是使用改進的分子成像技術，採用 PET 掃描技術，再加上用於此類分子成像的不斷發展的核醫學示踪劑或放射性同位素。

And secondly, it involves therapeutic doses, which again utilized common ligands, but carry different radio isotopes that in general carry more energy and have a therapeutic impact overall.

其次，它涉及治療劑量，同樣使用常見的配體，但攜帶不同的放射性同位素，這些同位素通常攜帶更多的能量並具有整體治療作用。

In the evolution of the space, there's been an increase in costs commercially of these radio diagnostic drugs and CMS simply hasn't kept up.

在該領域的發展過程中，這些放射診斷藥物的商業成本不斷增加，而 CMS 根本沒有跟上。

Reimbursement rates have been very low in the range of hundreds of dollars when the market value of these drugs and what the health care providers are actually paying, it's thousands of dollars.

當這些藥物的市場價值和醫療保健提供者實際支付的費用高達數千美元時，報銷率非常低，只有數百美元。

And so what CMS has signaled is a strong intent to correct this discrepancy in the beginning of 2025.

因此 CMS 所發出的訊號是在 2025 年初糾正這一差異的強烈意願。

And if that happens, I think the logical kind of axiomatic pathway here is that health care providers will be less reluctant to prescribe protocols that may be money losing today, but in the future will be a margin accretive for them overall.

如果發生這種情況，我認為這裡的邏輯路徑是公理化的，醫療保健提供者將不太願意制定今天可能會賠錢的方案，但在未來將增加他們的整體利潤。

So that's the gist of it.

這就是它的要點。

Got it.

知道了。

Very helpful.

非常有幫助。

Obviously good job cleaning up the public and private warrants.

顯然，清理公共和私人認股權證的工作做得很好。

Is there anything else from a capital structure standpoint that those seem like the more obvious, anything else that can be done to improve the cap structure there?

從資本結構的角度來看，還有其他看起來更明顯的事嗎？

Yeah.

是的。

I mean, look, I think we're -- I think, first off, I think, we've made a lot of progress over the last kind of 2.5 years on the balance sheet, right?

我的意思是，看，我認為我們——我認為，首先，我認為，在過去 2.5 年裡，我們在資產負債表上取得了很大進展，對吧？

Whether it's charterhouse, getting out of the capital stack last summer, obviously, the warrants we did our debt repricing, et cetera.

無論是查特豪斯，去年夏天退出資本堆棧，顯然，還是我們進行債務重新定價的認股權證，等等。

I think, we continue to look at the -- we'll continue to look at whether we can do more on the other pricing side on the debt.

我認為，我們將繼續關注——我們將繼續關注是否可以在債務的另一個定價方面採取更多措施。

You will -- your question really also then comes down to capital allocation.

你會——你的問題其實也歸結為資本配置。

And Tom and I are continuously looking at M&A versus delevering and how do we make those trade-offs?

湯姆和我一直在研究併購與去槓桿化，以及我們如何進行這些權衡？

And I think we continue to evaluate those kind of as the quarters go by and we generate more cash.

我認為，隨著季度的推移，我們會繼續評估這些，我們會產生更多的現金。

But I think we've made a lot of improvements.

但我認為我們已經做出了很多改進。

I don't think there's anything huge and structural left to do from the way we went public.

我認為從我們的上市方式來看，沒有什麼重大的、結構性的事情要做。

So I think it's really about focusing now on executing our plan, growing margins, free cash flow for sure, and continuing the grow.

因此，我認為現在真正的重點是執行我們的計劃，提高利潤率，自由現金流，並繼續成長。

I think the growth in the end markets is promising and therefore that's where we're focused.

我認為終端市場的成長是有希望的，因此這就是我們關注的重點。

I think most of the capital structure stuff is behind us, and if there's something opportunistic that comes along, we'll always look at things.

我認為大部分資本結構問題已經過去，如果出現機會主義的情況，我們將始終關注這些問題。

But I think a lot of the heavy lifting now has been done.

但我認為現在很多繁重的工作已經完成。

I think it's important to note as well, Chris, that we've guided earlier in the year that organically we'll continue to delever this year to below 2.5 times, assuming we don't enter into a large M&A deal.

克里斯，我認為還需要注意的是，我們在今年早些時候就曾指導，假設我們不進行大型併購交易，今年我們將繼續有機地去槓桿化至 2.5 倍以下。

And I want to be clear that, that continues to be our default mode.

我想澄清的是，這仍然是我們的預設模式。

In our view is that we've got a tremendous position right now for the growth that's evolving organically in both nuclear and in the healthcare space.

我們認為，我們目前在核能和醫療保健領域的有機成長方面擁有巨大的地位。

Assets that have a high degree of interest to us right now are continue to be kind of, again, these small ball deals that we've done in the recent past that really don't have a significant impact overall on net leverage.

我們現在高度感興趣的資產仍然是我們最近進行的這些小球交易，這些交易實際上並沒有對淨槓桿率產生重大影響。

And so that continues to be our default notice.

因此，這仍然是我們的預設通知。

We know that there's a good opportunity for us to bring down leverage a little bit more and be -- continue to be extremely focused on the operational quality of the business overall and the attendant margins and free cash flow generation.

我們知道，我們有一個很好的機會進一步降低槓桿率，並繼續高度關注整體業務的營運品質以及隨之而來的利潤率和自由現金流的產生。

Got it.

知道了。

Very helpful.

非常有幫助。

I'll leave it there.

我會把它留在那裡。

Appreciate it, guys.

非常感謝，夥計們。

Andy Kaplowitz, Citi.

安迪‧卡普洛維茨，花旗銀行。

Good morning, everyone.

大家早安。

Hey Andy.

嘿安迪。

Tom or Brian, you mentioned some early benefits from your procurement initiative, specifically in technologies.

湯姆或布萊恩，您提到了採購計劃的一些早期好處，特別是在技術方面。

And you talked about 150 basis points to 200 basis points in margin over the next three years.

您談到未來三年的利潤率將達到 150 到 200 個基點。

Your technologies EBITDA margin was close to 30% this quarter.

本季你們的技術 EBITDA 利潤率接近 30%。

So could you talk about how the program can play out for technology in particular?

那麼您能否談談該計劃如何特別針對技術發揮作用？

How does it evolve over the second half in '25?

25 年下半年狀況如何演變？

Sure.

當然。

Just so we're clear, the 150 basis points to 300 basis points is actually at the total company level, not just in Technology.

我們要明確的是，150 個基點到 300 個基點實際上是在整個公司層面，而不僅僅是在科技領域。

Yes, of course, of course.

是的，當然，當然。

I understand

我明白

.

。

But look, I mean, I think we've done a ton of work in the first half of the year behind our business system on getting this done.

但是，我的意思是，我認為今年上半年我們在業務系統背後做了大量工作來完成這項工作。

And I think what's interesting is a lot of the early benefits has kind been some of the stop spending stuff, some of the kind of organic rethinking how we engage with our supplier base, et cetera.

我認為有趣的是，很多早期的好處都是一些停止支出的東西，一些有機的重新思考我們如何與我們的供應商基礎合作，等等。

This next phase is really about how do we how do we reduce our supplier base?

下一階段實際上是關於我們如何減少我們的供應商基礎？

I mean, we have a category and Tom and I we're talking to the team about.

我的意思是，我們有一個類別，湯姆和我正在與團隊討論這個類別。

We have a category.

我們有一個類別。

We have over 1,000 suppliers.

我們有超過 1,000 家供應商。

That doesn't need to be the case.

情況不必如此。

That can be less than 100.

這可能少於 100。

As you can imagine, the benefits of going from a lot of little POs to a few bigger relationships that we both have skin in the game on, but also the complexity kind of underneath the hood is tremendous.

正如你可以想像的那樣，從大量的小 PO 轉變為我們都參與其中的更大關係的好處，但背後的複雜性是巨大的。

So I think you'll continue to see margin expansion because of procurement, some in the back half of the year.

因此，我認為由於採購，您將繼續看到利潤率的成長，其中一些是在今年下半年。

But I think it's more a '25, '26 phenomenon more than anything else, with a tail into '27 just because some of this takes time and we don't turn our inventory that fast, right?

但我認為這更像是 25 年、26 年的現象，比其他任何事情都重要，尾部進入 27 年只是因為其中一些需要時間，而且我們的庫存週轉速度沒有那麼快，對嗎？

So we're working on two things here at the same time, I think we're super encouraged what we're finding.

所以我們同時在做兩件事，我認為我們對我們的發現感到非常鼓舞。

I think we're very encouraged about the engagement from our underlying businesses and teams.

我認為我們對基礎業務和團隊的參與感到非常鼓舞。

And I think this is a meaningful impact for us.

我認為這對我們來說是一個有意義的影響。

So I think we're very bullish about this.

所以我認為我們對此非常樂觀。

I think it's a concrete example on top of the operating leverage we expect to get on how we get from where we are today, to that 30% margins.

我認為這是一個具體的例子，除了我們期望的營運槓桿之外，我們還希望能夠從今天的水平達到 30% 的利潤率。

And I think you're starting to see it in the P&L.

我想你已經開始在損益表中看到這一點了。

And I think you'll continue to see it through the back half of the year and into '25.

我想你會在今年下半年和 25 年繼續看到它。

Some additional color here, too, Andy, is that firstly, we've evolved the organization around this.

安迪，這裡還有一些額外的色彩，首先，我們圍繞著這個發展了組織。

So this is not a project.

所以這不是一個項目。

This is just an evolution in the way we do business.

這只是我們開展業務方式的演變。

And to be clear, it covers not only direct but also indirect procurement.

需要明確的是，它不僅涵蓋直接採購，還涵蓋間接採購。

So the impact is not purely at the gross margin level, but really at the EBITDA margin level overall.

因此，影響並非純粹在毛利率水準上，而是在整體 EBITDA 利潤率水準上。

And secondly, there's been a subtext here in that -- we've been very clear about our 30% EBITDA margin target within our planning horizon.

其次，這裡有一個潛台詞——我們非常清楚在我們的規劃範圍內 30% 的 EBITDA 利潤率目標。

And I think we've been clear that in our view, we can get there largely through operating leverage, largely by being disciplined about both SG&A and factory overhead and just taking the natural fall through of our relatively high gross margins on the business to drive that margin expansion.

我認為我們已經明確表示，我們認為，我們可以在很大程度上透過營運槓桿來實現這一目標，主要是透過對銷售、管理費用和工廠管理費用進行嚴格控制，並透過我們相對較高的業務毛利率的自然下降來推動利潤率的擴張。

We have noted that we're very focused also on operational quality and self-help in that realm.

我們注意到，我們也非常關注該領域的營運品質和自助。

And so here today, we're just being a little bit more tangible about one area in that pool which is procurement.

因此，今天在這裡，我們只是對採購領域中的一個領域進行了更具體的闡述。

And we're very, very pleased with what we're seeing.

我們對所看到的非常非常滿意。

Again, half a year into this initiative, we expect it's going to pay meaningful dividends.

再次強調，這項措施實施半年後，我們預期它將帶來可觀的回報。

Helpful, guys.

有幫助，夥計們。

And then, Tom, Nuclear Medicine, I think, is your fastest growing medical business.

然後，湯姆，我認為核子醫學是你們成長最快的醫療業務。

And obviously, you seem quite excited about it, but how big could it end up being over time?

顯然，你似乎對此非常興奮，但隨著時間的推移，它最終會變得有多大？

And can it help you offset if RTQA tends to be slower for longer?

如果 RTQA 在較長時間內趨於緩慢，它可以幫助您抵消嗎？

Ultimately, do you still believe that medical is a mid-single-digit growth business, but maybe the mix ends up changing a bit?

最終，您是否仍然相信醫療是一個中等個位數成長的業務，但也許這種組合最終會發生一些變化？

Yeah, I mean, firstly, just to note that from an RTQA standpoint, if you look at the long-term growth trends there been double digit.

是的，我的意思是，首先，請注意，從 RTQA 的角度來看，如果你看看長期成長趨勢，就會出現兩位數的成長。

It's been a tremendous business.

這是一筆龐大的生意。

It's a field that continues to grow and there's not been a secular change in that dynamic.

這是一個持續成長的領域，而且這種動態並沒有長期的變化。

Again, I would attribute all of the growth to two factors.

我再次將所有成長歸因於兩個因素。

One is that we're comping -- we're lapping big comp numbers from last year.

一是我們正在競爭——我們正在超越去年的巨大競爭數字。

But secondly, it's China and Japan, as I think we've detailed with some precision in the call today.

但其次，是中國和日本，我認為我們在今天的電話會議中已經詳細說明了這一點。

I candidly I -- the evolution in nuclear medicine is quite unpredictable.

坦白說，核子醫學的發展是相當不可預測的。

I think everybody expects with confidence that this is a market that is going to change cancer care overall, not just cancer care, but also cardiac care and potentially Alzheimer's, which would be far greater than any of the either the latter two.

我認為每個人都充滿信心地期望這是一個將改變整個癌症護理的市場，不僅僅是癌症護理，還有心臟護理和潛在的阿茲海默症，這將遠遠超過後兩者中的任何一個。

But nobody expects it will somehow render RTQA obsolete today in the US as an example, a newly diagnosed cancer patient has about a 65% chance of being prescribed external beam therapy as part of their overall treatment protocol.

但沒有人認為它會以某種方式使 RTQA 在今天的美國變得過時，例如，新診斷的癌症患者約有 65% 的機會接受外照射治療作為其整體治療方案的一部分。

There's a high likelihood that that continues.

這種情況很可能會持續下去。

And what we're likely to see is just a shifting nexus between radiopharmaceutical therapy and external beam therapy and conventional chemo based oncology and surgical oncology dot, dot, dot.

我們可能會看到的只是放射藥物治療和外照射治療與基於腫瘤學和外科腫瘤學的傳統化療之間的不斷變化的關係。

So the dynamic will change.

所以動態將會改變。

It will change differently for different categories of cancer.

對於不同類別的癌症，它會發生不同的變化。

But the bottom line is that today, the globally the world is dramatically underserved from an external beam to beam therapy standpoint.

但最重要的是，今天，從外部光束到光束治療的角度來看，全球範圍內的服務嚴重不足。

The world today, only have about half of the linear accelerators and the treatment clinics that it needs.

當今世界僅擁有大約一半的直線加速器及其所需的治療診所。

And so we continue to be quite bullish on that business and don't see a nuclear medicine cannibalizing it.

因此，我們繼續非常看好該業務，並且不認為核醫學會蠶食它。

We see it really as being additive.

我們確實將其視為累加性的。

Yeah.

是的。

I think just one other comment, maybe is that business we've, medical overall, we've said is a high single-digit grower for us, not mid-single.

我想還有一個評論，也許是我們的業務，整體醫療，我們說過對我們來說是高個位數成長，而不是中個位數。

This year it's obviously mid-single coming off of two very big years, the last couple of years.

今年顯然是過去幾年中兩個非常重要的年份的中期單曲。

And maybe one other thing we're seeing.

也許我們還看到了另一件事。

The team has been talking to us a lot about is actually the nuclear medicine business and the RTQA business working together, right, in the field and nuclear medicine kind of being additive like Tom said to the RTQA treatment regime.

團隊一直在與我們討論實際上核醫業務和 RTQA 業務在現場的合作，核子醫學有點像是 Tom 所說的 RTQA 治療制度的補充。

So I think there's a bit of -- I think we continue to just like this space a lot.

所以我認為我們仍然非常喜歡這個領域。

Brian, I like when you correct me to the positive.

布萊恩，我喜歡你糾正我正面的一面。

That's good.

那挺好的。

So let me ask you about cash flow.

那我想問一下關於現金流的問題。

I know you're focused on cash flow this year.

我知道你今年關注的是現金流。

You didn't change your guidance, but you did a positive cash flow in the first half of the year.

你沒有改變你的指導，但你在上半年實現了正現金流。

You do have a steep ramp in the second half.

下半場確實有一個陡峭的斜坡。

I think usually seasonally you generate cash in the second half, but maybe talk about the visibility to get into that range.

我認為通常季節性地你會在下半年產生現金，但也許會談論進入該範圍的可見性。

Yeah.

是的。

Look, I mean, first off, we're ahead of where we were last year, and where we ended up last year is in the range we still have this year.

聽著，我的意思是，首先，我們領先去年的水平，去年的結果也在今年的範圍內。

I think this year looks a lot like last year, and I actually went back and looked at '22 as well, and '22 looked a lot like '23.

我認為今年看起來很像去年，實際上我也回顧了'22，'22看起來很像'23。

So I think for many different reasons, we just -- we tend to generate a lot of cash in the fourth quarter, that this year won't be any different and I think we -- if we felt like we weren't going to get there, we would have changed the numbers.

因此，我認為出於許多不同的原因，我們只是 - 我們傾向於在第四季度產生大量現金，今年不會有任何不同，我認為我們 - 如果我們覺得我們不會到了那裡，我們就會改變數字。

We didn't.

我們沒有。

We do think we'll be kind of towards the lower end of the range, not the higher end of the range from where we sit today, but there's still a lot of time left to make an impact there.

我們確實認為我們將朝著該範圍的低端，而不是我們今天所處的範圍的高端，但仍然有很多時間可以在那裡產生影響。

Thank you.

謝謝。

Thanks.

謝謝。

Yuan Zhi, B. Riley.

袁志，B.萊利。

All right.

好的。

Thank you for taking our questions and congrats on a good quarter.

感謝您回答我們的問題，並祝賀您度過了一個美好的季度。

First on the high level.

首先是高水平。

I'm just curious, if there is a brief recession coming, do you think your customers will be cautious on spending such as delaying or canceling the orders in the backlog?

我只是好奇，如果出現短暫的經濟衰退，您認為您的客戶會在支出上持謹慎態度，例如推遲或取消積壓的訂單嗎？

Yeah, I'll start, Yuan.

是的，我要開始了，袁。

This is Tom.

這是湯姆。

In general, if you look at our 20-plus year history, what you would find is that we tend to be a very acyclical business.

總的來說，如果你看看我們20多年的歷史，你會發現我們往往是一個非常非週期性的企業。

And candidly our -- some of our strongest growth has come during recessionary periods overall.

坦白說，我們的一些最強勁的成長是在整體經濟衰退時期出現的。

And so our view generally is that we're not exposed to the economic cycles that the demand drivers and our dominant markets again tend to be somewhat free of those economic cycles.

因此，我們普遍認為，我們並未受到經濟週期的影響，而需求驅動因素和我們的主導市場又往往在某種程度上不受這些經濟週期的影響。

So, no, we're not expecting an enhanced risk of a dip in demand based on just kind of macroeconomic growth numbers.

因此，我們並不認為僅基於宏觀經濟成長數據就會出現需求下降的風險增加。

Got it.

知道了。

Got it.

知道了。

Tom following on that prior CMS question, can you maybe talk about or comment on your plan to prepare for this upcoming change from CMS?

Tom 繼續回答先前的 CMS 問題，您能否談談或評論一下您為 CMS 即將發生的變化做準備的計劃？

Yeah, for us, there's some candidly, very little to prepare.

是的，對我們來說，坦白說，需要準備的東西很少。

I mean, the -- just to for the broader audience to note our positioning in this area, that today we own the leading data management software platform in the US, a platform in the market is known as EC squared.

我的意思是，只是為了讓更廣泛的受眾注意到我們在這一領域的定位，今天我們擁有美國領先的數據管理軟體平台，該平台在市場上被稱為 EC squared。

That literally connects all of the players from cradle to grave in this space, the isotope producers, the drug makers, the researchers, the radiopharmacies, the CDMOs, and ultimately the clinicians in terms of how product moves through that value chain and ultimately is administered to the patient.

這實際上將這個領域從搖籃到墳墓的所有參與者、同位素生產商、製藥商、研究人員、放射性製藥公司、CDMO 以及最終的臨床醫生聯繫起來，以了解產品如何在價值鏈中移動並最終管理給病人。

AAs volume overall, I should note that also from a hardware standpoint, we are the market leader in does calibration instruments, thyroid uptake systems, various types of respiratory studies equipment and are broadly involved in compounding transport equipment, syringe shields and a bunch of other peripherals.

總體而言，我應該指出，從硬體的角度來看，我們是校準儀器、甲狀腺攝取系統、各種類型的呼吸研究設備的市場領導者，並廣泛涉及複合運輸設備、注射器防護罩和許多其他設備外圍設備。

The general story is that, again, in the American market, obviously our biggest market in nuclear medicine, with any favorable change in dynamics, but particularly in this case, where it's procedurally linked, clearly that just reduces friction for the prescription of radio diagnostic procedures.

總的故事是，在美國市場，顯然是我們最大的核醫學市場，動態方面有任何有利的變化，但特別是在這種情況下，它在程序上是相互聯繫的，顯然這只是減少了放射診斷處方的摩擦程序。

And to the extent that that's an added driver to volume, it means that people are likely to buy more dose calibrators, to license more of our software, and to drag along some of the other kind of balance of equipment, balance of clinic equipment we sell.

在某種程度上，這是銷量的額外驅動因素，這意味著人們可能會購買更多的劑量校準器，獲得我們更多軟體的許可，並拖累其他一些設備的平衡，我們的臨床設備的平衡賣。

So there's not a specific action for us to take.

所以我們沒有需要採取的具體行動。

We're certainly prepared for continuing upside evolution and demand.

我們當然已經為持續的上行發展和需求做好了準備。

Got it.

知道了。

Thanks for the helpful color.

感謝您提供有用的顏色。

We have no further questions at this time.

目前我們沒有進一步的問題。

Mr. Logan, I would like to turn the floor back over to you for closing comments.

洛根先生，我想將發言權交還給您，請您發表結束語。

Okay.

好的。

Well, ladies and gentlemen, as always, we appreciate your attention.

女士們先生們，一如既往，我們感謝您的關注。

Just to reiterate our point of view and our message here as it was good quarter for the company.

只是重申我們的觀點和訊息，因為這是公司的好季度。

We executed well.

我們執行得很好。

Very pleased with the margin expansion story and the continued strategic evolution of our business, specifically as it relates to the EDF deal, but also the continued evolution, the operational quality of the business.

對利潤率擴張的故事和我們業務的持續策略發展感到非常滿意，特別是因為它與 EDF 交易有關，而且還包括業務的持續發展和營運品質。

Our focus for the balance of the year continues as it has been to be on driving organic growth in markets that continue to be favorable and customer engagement continues to be strong and to continue to grind on our cost structure and our capital velocity to hit our goals in terms of margin, free cash flow and ultimately leverage between now and the end of the year.

我們今年剩餘時間的重點將繼續是推動市場的有機成長，這些市場繼續有利，客戶參與度持續強勁，並繼續改善我們的成本結構和資本週轉率以實現我們的目標從現在到年底的利潤率、自由現金流和最終槓桿率。

We very much look forward to reporting back to you in Q3 and appreciate your time and attention today.

我們非常期待在第三季向您匯報，並感謝您今天的時間和關注。

So I wish all of you a good day.

所以我祝大家有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。