Merit Medical Systems Inc (MMSI) 2025 Q4 法說會逐字稿

Welcome to the Merit Medical Systems fourth quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded and that the recording will be available on the company's website for replay shortly.

歡迎參加 Merit Medical Systems 2025 年第四季財報電話會議。(接線員指示) 請注意，本次電話會議將被錄音，錄音內容稍後將於公司網站提供回放。

I would now like to turn the call over to Martha Aronson, Merit Medical Systems' President and Chief Executive Officer.

現在我想將電話交給 Merit Medical Systems 總裁兼執行長 Martha Aronson。

Thank you, operator, and welcome, everyone. I'm joined on the call today by Raul Parra, our Chief Financial Officer and Treasurer; and Brian Lloyd, our Chief Legal Officer and Corporate Secretary.

謝謝，接線員，也歡迎各位。今天與我一同參與電話會議的有：我們的財務長兼財務主管 Raul Parra，以及我們的法務長兼公司秘書 Brian Lloyd。

Brian, would you please take us through the Safe Harbor statements, please?

Brian，請你帶我們說明安全港聲明，好嗎？

Thank you, Martha. This presentation contains forward-looking statements that receive safe harbor protection under federal securities laws. Although we believe these forward-looking statements are based upon reasonable assumptions, they are subject to risks and uncertainties. The realization of any of these risks or uncertainties as well as extraordinary events or transactions impacting our company could cause actual results to differ materially from the expectations and projections expressed or implied by our forward-looking statements. In addition, any forward-looking statements represent our views only as of today, February 24, 2026, and should not be relied upon as representing our views as of any other date.

謝謝你，Martha。本簡報包含前瞻性陳述，依據聯邦證券法可適用安全港保護。儘管我們相信這些前瞻性陳述係基於合理假設，但仍可能受到風險與不確定性影響。上述任何風險或不確定性的實現，以及影響本公司的特殊事件或交易，均可能導致實際結果與我們前瞻性陳述中明示或暗示的預期與推估出現重大差異。此外，任何前瞻性陳述僅代表我們截至今日（2026 年 2 月 24 日）的觀點，不應被依賴為代表我們於任何其他日期的觀點。

We specifically disclaim any obligation to update such statements, except as required by applicable law.

除非適用法律另有要求，我們明確聲明不負有更新此類陳述之任何義務。

Please refer to the section entitled Cautionary Statement regarding Forward-Looking Statements in today's press release and presentation for important information regarding such statements. For a discussion of factors that could cause actual results to differ from these forward-looking statements, please also refer to our most recent filings with the SEC, which are available on our website.

關於此類陳述的重要資訊，請參閱今日新聞稿與簡報中題為「關於前瞻性陳述之警示聲明」的章節。關於可能導致實際結果與這些前瞻性陳述不同的因素之討論，也請參閱我們最近向美國證券交易委員會（SEC）提交的文件；相關文件可於我們網站取得。

Our financial statements are prepared in accordance with accounting principles, which are generally accepted in the United States. However, we believe certain non-GAAP financial measures provide investors with useful information regarding the underlying business trends and performance of our ongoing operations and can be useful for period-over-period comparisons of such operations.

我們的財務報表係依照美國一般公認會計原則編製。然而，我們相信某些非 GAAP 財務衡量指標可為投資人提供有關持續營運之基礎業務趨勢與績效的有用資訊，並可用於此類營運的期間對期間比較。

This presentation also contains certain non-GAAP financial measures. A reconciliation of non-GAAP financial measures to the most directly comparable US GAAP measures is included in today's press release and presentation furnished to the SEC under Form 8-K. Please refer to the sections of our press release and presentation entitled non-GAAP Financial Measures for important information regarding non-GAAP financial measures discussed on this call. Readers should consider non-GAAP financial measures in addition to, not as a substitute for financial reporting measures prepared in accordance with GAAP.

本簡報亦包含若干非 GAAP 財務衡量指標。非 GAAP 財務衡量指標與最直接可比較之美國 GAAP 衡量指標的調節表，已包含於今日新聞稿以及依 Form 8-K 提供給 SEC 的簡報中。關於本次電話會議所討論之非 GAAP 財務衡量指標的重要資訊，請參閱我們新聞稿與簡報中題為「非 GAAP 財務衡量指標」的章節。讀者應將非 GAAP 財務衡量指標視為 GAAP 編製之財務報導衡量指標的補充，而非替代。

Please note that these calculations may not be comparable with similarly titled measures of other companies. Both today's press release and our presentation are available on the Investors page of our website.

請注意，這些計算可能無法與其他公司名稱相近的衡量指標相互比較。今日新聞稿與我們的簡報皆可於我們網站的投資人頁面取得。

I will now turn the call back to Martha.

現在我把電話交回給 Martha。

Thank you, Brian. Let me start with a brief agenda of what we plan to cover during our prepared remarks. I will begin with a brief summary of the fourth quarter and full year 2025 financial results. Then Raul will provide a more in-depth review of the quarterly and full year financial results as well as financial guidance for 2026, which we introduced in today's press release. I'll then provide some closing comments before opening the call for your questions.

謝謝你，Brian。我先簡要說明一下我們在預先準備的發言中計畫涵蓋的議程。我將先簡要總結 2025 年第四季及全年財務結果。接著 Raul 將更深入檢視季度與全年財務結果，以及我們在今日新聞稿中提出的 2026 年財務指引。之後我會做一些結語，然後開放各位提問。

Beginning with a review of our fourth quarter results. We reported total revenue of $393.9 million, up 11% year-over-year on a GAAP basis and up 10% year-over-year on a constant currency basis. The constant currency revenue growth delivered in the fourth quarter exceeded the high end of the range of the growth expectations that we outlined on the Q3 2025 earnings call.

先從回顧我們第四季的結果開始。我們公布總營收為 3.939 億美元，按 GAAP 基礎年增 11%，按固定匯率基礎年增 10%。第四季所達成的固定匯率營收成長，超過我們在 2025 年第三季財報電話會議中所提出成長預期區間的上緣。

Our constant currency growth in Q4 was driven by 6.6% organic constant currency growth in Q4, which modestly exceeded the high end of the range assumed in our guidance and contributions from our acquisitions, which also exceeded the high end of our expectations.

我們第四季的固定匯率成長，主要由第四季 6.6% 的有機固定匯率成長所帶動，該表現略高於我們指引所假設區間的上緣；同時，來自併購的貢獻也超過我們預期的上緣。

With respect to the profitability performance in the fourth quarter, we delivered financial results that significantly exceeded expectations. Our non-GAAP operating margin increased 138 basis points year-over-year to 21%. The team delivered 12% growth in non-GAAP EPS, which exceeded the high end of expectations, and we generated $74 million of free cash flow, an increase of 13% year-over-year and a quarterly record for the company.

就第四季獲利表現而言，我們交出顯著超出預期的財務結果。我們的非 GAAP 營業利益率年增 138 個基點至 21%。團隊達成非 GAAP 每股盈餘（EPS）12% 的成長，超過預期上緣；我們也產生 7,400 萬美元自由現金流，年增 13%，並創下公司單季新高。

The fourth quarter results reflect continued strong momentum in the business this year. I want to thank our 7,500 employees around the world for their commitment to achieving our annual goals in the midst of a meaningful leadership change during the second half of the year.

第四季結果反映今年業務持續強勁的動能。我要感謝全球 7,500 名員工，在下半年經歷重要的領導階層變動之際，仍致力於達成我們的年度目標。

For the full year 2025, the team delivered total constant currency revenue growth of 11%, a non-GAAP operating margin of 20.3%, representing a 131 basis point increase year-over-year and more than $215 million of free cash flow. These are impressive financial results on their own to be sure. But more importantly, each of these exceeded the high end of the original guidance range for 2025 provided on the fourth quarter 2024 call last February, despite the continued challenges related to the dynamic and uncertain global macro environment.

2025 全年，團隊達成固定匯率口徑總營收成長 11%，非 GAAP 營業利益率 20.3%，年增 131 個基點，並產生超過 2.15 億美元的自由現金流。就其本身而言，這些都是令人印象深刻的財務成果。但更重要的是，儘管全球總體環境持續動態且不確定、挑戰不斷，上述各項指標皆超過我們去年 2 月在 2024 年第四季電話會議中所提供之 2025 年原始指引區間上緣。

Specifically, the high end of the original 2025 guidance called for constant currency revenue growth of 10%, non-GAAP operating margin of 19.7% and free cash flow of $150 million. This outstanding performance is a direct result of the team's strong execution and commitment to achieving the company's multi year financial targets.

具體而言，原始 2025 年指引的上緣為：固定匯率營收成長 10%、非 GAAP 營業利益率 19.7%，以及自由現金流 1.5 億美元。這項卓越表現直接反映團隊強而有力的執行力，以及對達成公司多年期財務目標的承諾。

We introduced financial guidance for 2026 in today's press release, which calls for solid constant currency growth, year-over-year non-GAAP operating margin expansion and strong free cash flow generation. The organization is aligned around our priorities for 2026, specifically, to drive strong execution around the globe and to successfully complete our continued growth initiatives program, which includes our previously disclosed financial targets for the three-year period ending December 31, 2026.

我們在今日新聞稿中提出 2026 年財務指引，預期將帶來穩健的固定匯率成長、非 GAAP 營業利益率年對年擴張，以及強勁的自由現金流創造。組織已就 2026 年的優先事項達成一致，具體而言，是在全球推動強力執行，並成功完成我們持續成長計畫（continued growth initiatives program），其中包含我們先前揭露、截至 2026 年 12 月 31 日止三年期間的財務目標。

With that, I'll turn the call over to Raul for an in-depth review of our quarterly financial results and our financial guidance for 2026. Raul?

接下來，我把電話交給 Raul，請他深入檢視我們的季度財務結果以及 2026 年財務指引。Raul？

Thank you, Martha. I will start with a detailed review of our revenue results in the fourth quarter, beginning with the sales performance in each of our primary reportable product categories. Note, unless otherwise stated, all growth rates are approximated and presented on both year-over-year and constant currency basis.

謝謝你，Martha。我將先詳細回顧第四季的營收結果，並從我們各主要可報導產品類別的銷售表現開始。請注意，除非另有說明，所有成長率皆為約略值，並同時以年對年及固定匯率基礎呈現。

Fourth quarter total revenue growth of 10% was driven primarily by 9% growth in our Cardiovascular segment and, to a lesser extent, by 15% growth in our Endoscopy segment. Cardiovascular segment sales exceeded the high end of the expectations we outlined on our third quarter call, and Endoscopy sales came in at the midpoint of our expectations.

第四季總營收成長 10%，主要由心血管（Cardiovascular）部門 9% 的成長所帶動，並在較小程度上受內視鏡（Endoscopy）部門 15% 成長的推動。心血管部門銷售超過我們在第三季電話會議中所提出預期的上緣，而內視鏡部門銷售則落在我們預期的中點。

Q4 total revenue results included approximately $10.8 million of inorganic revenue from our acquisitions of lead management products from Cook Medical, Biolife Delaware LLC and C2 CryoBalloon device from PENTAX of America. Excluding sales of acquired products, our total revenue growth on an organic constant currency basis was 6.6%, slightly better than the high end of our expectations in the fourth quarter.

第四季總營收結果包含約 1,080 萬美元的非有機營收，來自我們收購 Cook Medical、Biolife Delaware LLC 的導管管理產品，以及自 PENTAX of America 收購的 C2 CryoBalloon 裝置。若排除收購產品的銷售，我們以有機、固定匯率基礎計算的總營收成長為 6.6%，略優於我們對第四季預期區間的高端。

Turning to a review of our fourth quarter revenue results by product category. Cardiac Intervention product sales increased 21%, representing the largest driver of Cardiovascular segment growth in the period. CI sales increased 12%, excluding the contributions from the sale of acquired products. This performance was well above the high-end organic growth expectations we assumed for Q4. Organic growth in our CI business was driven primarily by strong sales in our EP, CRM, angiography and access products, which together represented more than 60% of our total CI organic growth year-over-year.

接著按產品類別回顧我們第四季的營收表現。心臟介入（Cardiac Intervention）產品銷售成長 21%，為本期心血管事業部成長的最大驅動因素。若排除收購產品銷售的貢獻，CI 銷售成長 12%。此表現明顯高於我們對第四季所假設的有機成長預期上緣。CI 業務的有機成長主要由電生理（EP）、心律管理（CRM）、血管攝影（angiography）及通路（access）產品的強勁銷售所帶動；上述品類合計占 CI 年對年有機成長的 60% 以上。

Demand for our Prelude SNAP and our Ventrax Delivery System were the largest contributors to EP/CRM organic growth in Q4. High teens growth in sales of wires fueled our angiography product sales results and demand for our Prelude radial sheath and our Prelude wave hydrophilic sheath introducer with SNAP Fix technology were the largest drivers of our access products, organic growth in Q4.

第四季 EP/CRM 有機成長的最大貢獻來自 Prelude SNAP 與 Ventrax 輸送系統的需求。導絲（wires）銷售的高十位數成長帶動了我們血管攝影產品的銷售表現；而 Prelude 橈動脈鞘管（radial sheath）以及搭載 SNAP Fix 技術的 Prelude Wave 親水性鞘管導入器（hydrophilic sheath introducer）的需求，則是第四季通路產品有機成長的最大驅動因素。

Peripheral intervention products sales increased 13% and represented the largest driver of organic cardiovascular segment growth in the period. PI sales exceeded the high end of our growth expectations in Q4. Growth in our PI business was driven primarily by strong sales in our radar localization and delivery systems categories, which together increased more than 25% year-over-year, representing 45% of our total PI growth year-over-year.

周邊介入（Peripheral intervention）產品銷售成長 13%，並為本期心血管事業部有機成長的最大驅動因素。第四季 PI 銷售超出我們成長預期區間的高端。PI 業務成長主要由雷達定位與輸送系統（radar localization and delivery systems）類別的強勁銷售所帶動；上述類別合計年對年成長超過 25%，占 PI 年對年總成長的 45%。

Importantly, fourth quarter PI growth was driven primarily by broad-based strength across multiple categories, including embolotherapy, drainage, angiography and access products, which together represent more than half of our total PI business and posted 10% growth in Q4.

重要的是，第四季 PI 成長主要由多個品類的全面性強勁表現所帶動，包括栓塞治療（embolotherapy）、引流（drainage）、血管攝影與通路產品；上述品類合計占我們 PI 業務的一半以上，且第四季成長 10%。

Rounding out the Q4 performance across the rest of our Cardio segment, sales of our Custom Procedural Solutions products increased 4%, above the high end of our expectations, driven primarily by high teens growth in kit sales, offset partially by high single-digit declines in sales of critical care products. CPS growth in Q4 was impacted in part due to the planned divestiture of our DualCap line, which I'll discuss in further detail shortly.

在心血管（Cardio）事業部其餘業務的第四季表現方面，我們的客製化手術解決方案（Custom Procedural Solutions, CPS）產品銷售成長 4%，高於我們預期區間的高端；主要由套組（kit）銷售的高十位數成長所帶動，但部分被重症照護（critical care）產品銷售的高個位數下滑所抵銷。第四季 CPS 成長亦部分受到我們規劃出售 DualCap 產品線的影響，我稍後將進一步說明。

Finally, sales of our OEM products decreased 15%, significantly lower than the low single-digit growth assumed in our guidance. The largest contributor to the softer-than-expected OEM performance in Q4 was sales to OEM customers outside the US, which continued to see demand trends impacted by macro environment. Sales to OEM customers in the US decreased in the high single digits year-over-year compared to low single-digit growth we had expected.

最後，我們的 OEM 產品銷售下滑 15%，顯著低於我們指引中所假設的低個位數成長。第四季 OEM 表現不如預期的最大因素，是美國以外 OEM 客戶的銷售；其需求趨勢持續受到總體環境影響。美國 OEM 客戶銷售年對年下滑高個位數，與我們原先預期的低個位數成長形成對比。

We attribute the softer-than-expected US OEM performance substantially to customer inventory destocking. While we were disappointed with where OEM sales landed in Q4, our OEM business increased 2% year-over-year on a constant currency basis in 2025. This performance is slightly better than what our original guidance assumed coming into 2025.

我們將美國 OEM 表現不如預期主要歸因於客戶去化庫存（inventory destocking）。雖然我們對第四季 OEM 銷售落點感到失望，但以固定匯率基礎計算，我們的 OEM 業務在 2025 年年對年仍成長 2%。此表現略優於我們在進入 2025 年時原先指引所假設的水準。

Our OEM business remains healthy despite the quarter-to-quarter fluctuations in growth rates, and we continue to believe the appropriate normalized growth profile for our OEM business is in the mid- to high single digits annually.

儘管各季成長率有所波動，我們的 OEM 業務仍維持健康，我們仍相信 OEM 業務適當的常態化成長輪廓為每年中到高個位數。

Turning to a brief summary of our sales performance on a geographic basis. Our fourth quarter sales in the US increased 12% year-over-year and 8% on an organic constant currency basis. International sales increased 6% year-over-year and 4% on an organic constant currency basis. Q4 US and international sales results were both at the high end of our organic growth expectations.

接著簡要按地區別總結我們的銷售表現。第四季美國銷售年對年成長 12%，以有機、固定匯率基礎計算成長 8%。國際銷售年對年成長 6%，以有機、固定匯率基礎計算成長 4%。第四季美國與國際銷售結果皆落在我們有機成長預期的高端。

Turning to a review of our P&L performance. For the avoidance of doubt, unless otherwise noted, my commentary will focus on the company's non-GAAP results during the fourth quarter of 2025. And all growth rates are approximated and presented on a year-over-year basis. We have included reconciliations from our GAAP reported results to the most directly comparable non-GAAP item in our press release and presentation available on our website.

接著回顧我們的損益表（P&L）表現。為避免疑義，除非另有說明，我的評論將聚焦於公司 2025 年第四季的非 GAAP 結果。且所有成長率皆為約略值，並以年對年基礎呈現。我們已在官網提供的新聞稿與簡報中，納入由 GAAP 報導結果調節至最直接可比非 GAAP 項目的對照表。

Gross profit increased approximately 13% in the fourth quarter. Our gross margin was 54.5%, up 103 basis points year-over-year and represents the highest quarterly gross margin in the company's history. The year-over-year improvement in gross margin was primarily driven by mix by product and by geography as well as improvements in pricing compared to the prior year period. As expected, tariffs were a material headwind to the year-over-year improvement in gross margin in Q4, representing a 112 basis point incremental impact year-over-year.

第四季毛利約成長 13%。毛利率為 54.5%，年對年提升 103 個基點，並創下公司史上最高的單季毛利率。毛利率年對年改善主要由產品與地區組合（mix）以及相較去年同期的定價改善所帶動。如預期，關稅對第四季毛利率年對年改善造成顯著逆風，年對年帶來 112 個基點的額外不利影響。

Operating expense increased by 10%. The increase in operating expenses was driven primarily by a 10% increase in SG&A expense and an 8% increase in R&D expense compared to the prior year period. Total operating income in the fourth quarter increased $13 million or 19% from prior year period to $82.7 million. Our operating margin was 21% compared to 19.6% in the prior year period, an increase of 138 basis points year-over-year.

營業費用增加 10%。營業費用增加主要來自 SG&A 費用年對年增加 10%，以及研發（R&D）費用年對年增加 8%。第四季營業利益較去年同期增加 1,300 萬美元或 19%，至 8,270 萬美元。營業利益率為 21%，相較去年同期的 19.6% 提升 138 個基點。

Fourth quarter other expense net was $1.3 million compared to $1.1 million for the comparable period last year. The change in other expense net was driven primarily by lower interest income associated with lower average cash balances, offset partially by lower interest expense compared to the prior year period.

第四季其他費用淨額為 130 萬美元，去年同期為 110 萬美元。其他費用淨額的變動主要由平均現金餘額較低所致的利息收入下降所驅動，但部分被相較去年同期較低的利息費用所抵銷。

Fourth quarter net income was $62.5 million or $1.04 per share compared to $56.3 million or $0.93 per share in the prior year period. Fourth quarter net income and EPS exceeded the high end of our guidance range by $1.8 million and $0.03, respectively. We generated $74 million of free cash flow in the fourth quarter of 2025, up 13% year-over-year.

第四季淨利為 6,250 萬美元或每股 1.04 美元，去年同期為 5,630 萬美元或每股 0.93 美元。第四季淨利與每股盈餘（EPS）分別較我們指引區間高端超出 180 萬美元與 0.03 美元。我們在 2025 年第四季產生 7,400 萬美元自由現金流，年對年成長 13%。

For the full year of 2025 period, we delivered constant currency revenue growth of 11%, driven primarily by 7% organic growth and contributions from acquisitions of $62 million. We delivered non-GAAP operating profit growth of 19% year-over-year and non-GAAP net income and EPS growth of 13% and 11%, respectively, year-over-year. We generated nearly $216 million of free cash flow in 2025, up 16% year-over-year and well ahead of our guidance, which called for free cash flow generation of more than $150 million for the year.

就 2025 全年而言，我們以固定匯率基礎達成營收成長 11%，主要由 7% 的有機成長以及收購貢獻 6,200 萬美元所帶動。我們的非 GAAP 營業利益年對年成長 19%，非 GAAP 淨利與 EPS 分別年對年成長 13% 與 11%。我們在 2025 年產生近 2.16 億美元自由現金流，年對年成長 16%，且明顯優於我們的指引；該指引預期全年自由現金流將超過 1.5 億美元。

This strong free cash flow performance was driven primarily by the year-over-year increase in non-GAAP net income, along with improving use of cash for working capital. Notably, we delivered this free cash flow performance while continuing to invest in capital expenditures, both maintenance CapEx and growth-related CapEx, specifically $30 million invested in our new distribution center in Utah.

此一強勁的自由現金流表現主要由非 GAAP 淨利年對年增加所帶動，並伴隨營運資金用現改善。值得注意的是，我們在持續投入資本支出（CapEx）的同時仍達成此自由現金流表現，包括維持性資本支出與成長相關資本支出，尤其是投資 3,000 萬美元於猶他州的新配送中心。

Turning to a review of our balance sheet and financial condition. As of December 31, 2025, we had cash and cash equivalents of $446.4 million, total debt obligations of $747.5 million and available borrowing capacity of approximately $697 million, compared to cash and cash equivalents of $376.7 million, total debt obligations of $747.5 million and available borrowing capacity of approximately $697 million as of December 31, 2024. Our net leverage ratio as of December 31 was 1.6 times on an adjusted basis.

接下來回顧我們的資產負債表與財務狀況。截至2025年12月31日，我們的現金及約當現金為4.464億美元，總債務義務為7.475億美元，可用借款額度約為6.97億美元；相較之下，截至2024年12月31日，我們的現金及約當現金為3.767億美元，總債務義務為7.475億美元，可用借款額度約為6.97億美元。截至12月31日，我們的淨槓桿比率在調整後基礎上為1.6倍。

Turning to a review of our fiscal year 2026 financial guidance, which we introduced in today's press release. Our 2026 guidance assumes the following: total GAAP net revenue growth in the range of 6% to 8% year-over-year and 5% to 7% year-over-year on a constant currency basis, excluding an expected 80 basis point tailwind to GAAP growth from changes in foreign currency exchange rates.

接下來回顧我們在今日新聞稿中首次發布的2026會計年度財務指引。我們的2026年指引假設如下：GAAP淨營收總額年增率介於6%至8%；以固定匯率計算則年增率介於5%至7%，並排除因外匯匯率變動而對GAAP成長帶來預期80個基點的正面助益。

Among other factors to consider when evaluating our projected constant currency revenue growth range for 2026 are the following items: First, our total constant currency range of 5% to 7% assumes 6% to 7% growth in the US and 5% to 6% growth outside the US. Second, our total net revenue guidance for fiscal year 2026 assumes inorganic revenue contributions from the BioLife and C2 acquisitions in the range of $13 million to $15 million in 2026.

在評估我們2026年預估的固定匯率營收成長區間時，尚需考量以下事項：第一，我們固定匯率總成長區間5%至7%假設美國成長6%至7%，美國以外地區成長5%至6%。第二，我們2026會計年度淨營收總額指引假設BioLife與C2收購案在2026年帶來的非有機營收貢獻介於1,300萬至1,500萬美元。

Excluding this inorganic revenue, our 2026 guidance reflects total net revenue growth on a constant currency organic basis in the range of approximately 4.5% to 6% year-over-year. Third, our total net revenue guidance for fiscal year 2026 assumes a US revenue from the sales of Rhapsody CIE of approximately $7 million compared to $3 million in fiscal year 2025.

排除該等非有機營收後，我們的2026年指引反映以固定匯率之有機基礎計算的淨營收總額年增率約介於4.5%至6%。第三，我們2026會計年度淨營收總額指引假設Rhapsody CIE在美國的銷售營收約為700萬美元，而2025會計年度為300萬美元。

Fourth, our total net revenue guidance for fiscal year 2026 reflects the decision to divest our DualCap product line. We sold the DualCap product line for $28 million effective February 17. The DualCap product line was part of our critical care offering, reported in our Custom Procedural Solutions revenue category.

第四，我們2026會計年度淨營收總額指引反映了我們決定處分DualCap產品線。我們以2,800萬美元出售DualCap產品線，並於2月17日生效。DualCap產品線屬於我們的重症照護產品組合，並列於我們的「客製化手術解決方案」營收類別中。

Product sales and royalty revenue for DualCap totaled approximately $20 million in 2025 and represent an estimated year-over-year headwind of approximately 140 basis points to our total constant currency revenue growth in 2026. These products are noncore to our business, and we believe the divestiture will create additional manufacturing capacity and free up sales and marketing resource to invest in higher-margin, higher-growth products.

DualCap於2025年的產品銷售與權利金收入合計約2,000萬美元，並預估將對我們2026年固定匯率營收總成長造成約140個基點的年對年逆風。這些產品並非我們業務核心，我們相信此次處分將創造額外製造產能，並釋放銷售與行銷資源，以投資於更高毛利、成長更快的產品。

With respect to profitability guidance for 2026, we expect non-GAAP diluted earnings per share in the range of $4.01 to $4.15, up 5% to 8% year-over-year. Our 2026 non-GAAP diluted EPS growth is expected to be driven primarily by solid constant currency growth and non-GAAP operating margin expansion in the range of 36 to 76 basis points year-over-year, offset partially by the projected incremental impact of tariffs, trade policies and related actions implemented by the US and other countries of approximately $0.07 and the estimated incremental dilution from our convertible debt facility of approximately $0.01.

就2026年的獲利能力指引而言，我們預期非GAAP稀釋後每股盈餘介於4.01至4.15美元，年增5%至8%。我們預期2026年非GAAP稀釋後EPS成長主要由穩健的固定匯率成長，以及非GAAP營業利益率年對年擴張36至76個基點所帶動；但部分將被以下因素抵銷：美國及其他國家實施的關稅、貿易政策及相關措施所帶來的預估新增影響約0.07美元，以及可轉換公司債融資安排所造成的預估新增稀釋約0.01美元。

For avoidance of doubt, our 2026 non-GAAP EPS guidance assumes a 12-month tariff impact of approximately $15 million or $0.19 per share compared to $9 million or $0.12 per share realized during the last 8 months of 2025. The expected 12-month tariff impact assumed in our 2026 non-GAAP EPS range is based on tariff policies in place prior to the recent decision of the US Supreme Court on February 20 and does not include any impact from new and/or additional tariffs or retaliatory actions or changes to tariff policy, which could change the anticipated impact to our non-GAAP EPS in 2026.

為避免疑義，我們的2026年非GAAP EPS指引假設12個月的關稅影響約1,500萬美元或每股0.19美元；相較之下，2025年最後8個月實現的關稅影響為900萬美元或每股0.12美元。我們在2026年非GAAP EPS區間中所假設的12個月關稅影響，係基於2月20日美國最高法院近期裁決之前既有的關稅政策，且未包含任何新增及／或額外關稅或報復性措施或關稅政策變更之影響；上述因素可能改變2026年對我們非GAAP EPS的預期影響。

The ultimate impact of the US Supreme Court decision and subsequent new and/or additional tariffs or retaliatory actions or changes to tariffs on our business will depend on the timing, amount, scope and nature of such tariffs, among other factors, most of which are currently unknown.

美國最高法院裁決及其後續新增及／或額外關稅或報復性措施或關稅變更對我們業務的最終影響，將取決於該等關稅的時點、金額、範圍與性質等多項因素，其中多數目前仍不明朗。

For modeling purposes, our fiscal year 2026 financial guidance assumes non-GAAP operating margins in the range of approximately 20.6% to 21% compared to 20.3% in 2025. Non-GAAP interest and other expense net of approximately $8 million compared to $7.7 million in 2025. Non-GAAP tax rate of approximately 23% and diluted shares outstanding of approximately 62.2 million.

就建模目的而言，我們2026會計年度財務指引假設非GAAP營業利益率約介於20.6%至21%，相較2025年為20.3%。非GAAP利息及其他費用淨額約800萬美元，相較2025年為770萬美元。非GAAP稅率約23%，稀釋後流通在外股數約6,220萬股。

Note, our weighted average share count assumes a incremental dilution of approximately 500,000 shares related to our convertible debt facility. This represents an approximate impact of $0.04 to our non-GAAP EPS in 2026 compared to a $0.03 impact in 2025.

請注意，我們的加權平均股數假設包含與可轉換公司債融資安排相關的約50萬股新增稀釋。這代表2026年對我們非GAAP EPS的影響約為0.04美元，而2025年的影響為0.03美元。

Finally, we expect to generate free cash flow of at least $200 million in 2026, inclusive of the expectation that we will invest approximately $90 million in capital expenditures this year. We would also like to provide additional transparency related to our growth and profitability expectations for the first quarter of 2026.

最後，我們預期2026年將產生至少2億美元的自由現金流，其中包含我們預期今年將投入約9,000萬美元的資本支出。我們也希望就2026年第一季的成長與獲利預期提供更多透明度。

Specifically, we expect our total revenue in the range of $375 million to $380 million for the first quarter, representing growth of 6% to 7% year-over-year on a GAAP basis and approximately 3% to 5% on a constant currency basis. The midpoint of our fiscal quarter constant currency sales growth expectations assumes US sales increased 6% and International sales increased 2% year-over-year.

具體而言，我們預期第一季總營收介於3.75億至3.80億美元，GAAP基礎年增6%至7%，以固定匯率計算約年增3%至5%。我們對該會計季度固定匯率銷售成長預期的中位數假設美國銷售年增6%，國際銷售年增2%。

Note, our first quarter constant currency sales growth expectations include inorganic revenue in the range of approximately $6 million to $7 million.

請注意，我們第一季固定匯率銷售成長預期包含約600萬至700萬美元的非有機營收。

Excluding inorganic contributions, our first quarter total revenue is expected to increase in the range of approximately 2% to 3% on an organic constant currency basis. With respect to our profitability expectations for the first quarter of 2026, we expect non-GAAP operating margins in the range of approximately 16.7% to 18.5% compared to 19.3% last year and non-GAAP EPS in the range of $0.77 to $0.87 compared to $0.86 last year.

排除非有機貢獻後，我們預期第一季總營收以固定匯率之有機基礎計算將增加約2%至3%。就2026年第一季的獲利預期而言，我們預期非GAAP營業利益率約介於16.7%至18.5%，相較去年為19.3%；非GAAP EPS介於0.77至0.87美元，相較去年為0.86美元。

I'll now turn the call back to Martha for closing remarks. Martha?

接下來我把電話交回給Martha做結語。Martha？

Thanks, Raul. On our third quarter earnings call, I provided a summary of the areas of focus since taking over as CEO on October 3, 2025, as well as where I intended to spend my time over the balance of my first 100 days.

謝謝你，Raul。在我們第三季財報電話會議上，我概述了自2025年10月3日接任執行長以來的重點關注領域，以及我計畫在上任前100天剩餘期間投入時間的方向。

So I thought it would be helpful to provide an update on my progress since that call. As discussed, my listening tour has been a top priority for me during my first four months on the job, and I expect it to continue for several more. I have now visited the majority of our global sites and have enjoyed meeting the teams at these various locations, touring manufacturing facilities, spending time with our global R&D team, reviewing the business of local management and holding town halls at each location.

因此，我認為提供自那次電話會議以來我進展的更新會有所幫助。如先前所述，在我上任的前四個月中，「傾聽之旅」一直是我的首要任務，我預期還會持續數個月。我目前已造訪我們全球多數據點，並很高興能與各地團隊見面、參觀製造設施、與全球研發團隊共事、檢視當地管理團隊的業務，並在每個據點舉辦員工大會。

I particularly enjoyed meeting with Merit employees around the world and have been inspired by their enthusiasm and commitment to Merit's mission to understand, to innovate and to deliver. And a few weeks ago, I had the opportunity to meet many of the rest of the members of our global commercial team as Merit's first-ever global sales meeting was held here in Salt Lake City.

我特別享受與全球各地的 Merit 員工會面，並深受他們對 Merit 使命——理解、創新與交付——所展現的熱忱與承諾所啟發。而在幾週前，我也有機會在鹽湖城舉行的 Merit 首次全球銷售大會上，與我們全球商務團隊其餘許多成員見面。

Many of our colleagues were able to tour our fantastic facility and meet the operators who work so hard to produce our high-quality products. Throughout the week, as I engage with this team, my belief in the Merit way that guides our entire organization was enhanced even further.

我們的許多同仁得以參觀我們出色的廠房，並與那些努力不懈、致力於生產高品質產品的作業人員見面。在整個星期中，當我與這個團隊互動時，我對引領我們整個組織的「Merit 之道」的信念更加堅定。

I've spent considerable time learning about our products and understanding our processes and I remain quite optimistic about our future based on all that I've learned in recent months. My listening tour has provided me with valuable feedback from across the Merit organization. I've also had the opportunity to solicit feedback from constituents outside our organization. I've attended several key medical meetings as well as one of our physician advisory Board meetings.

我花了相當多時間學習我們的產品並理解我們的流程；基於近幾個月所學到的一切，我對我們的未來仍然相當樂觀。我的傾聽之旅為我帶來了來自 Merit 組織各處的寶貴回饋。我也有機會向組織外部的利害關係人徵詢意見。我參加了數場重要的醫學會議，以及我們的一場醫師諮詢委員會會議。

I've also had the opportunity to engage with the investment community, and I've spent more time with our Board of Directors. All of these activities are centered around gathering as much feedback as possible and learning as much as I can. A tall task to be sure, but one that I remain extremely excited about.

我也有機會與投資社群互動，並花更多時間與我們的董事會相處。所有這些活動都以盡可能蒐集回饋、並盡可能多學習為核心。這無疑是一項艱鉅的任務，但我對此仍感到非常興奮。

While the majority of my time as CEO has been filled with listening and learning, I have made several changes, which I believe will enhance the company's foundation for success going forward. Upon arrival in October, I established a new executive leadership team as well as a global operating committee. As discussed on our last earnings call, Merit is transitioning from a founder-led to a founder-inspired organization. I'm impressed with how our leaders across the globe are working more closely together across geographies and across functions.

雖然我擔任執行長的大部分時間都在傾聽與學習，但我也做出了一些改變，我相信這些改變將強化公司未來成功的基礎。在 10 月到任後，我成立了新的高階領導團隊以及全球營運委員會。如同我們上次財報電話會議所討論，Merit 正從「創辦人領導」轉型為「創辦人啟發」的組織。我對全球各地的領導者能跨地域、跨職能更緊密合作印象深刻。

Next, we've solidified our platform structure by pairing up leaders from R&D with marketing and then surrounding them with the critical functions to develop a cohesive global business strategy and product pipeline road map. I just completed our first round of reviews of these platforms, and I'm excited about the progress of these teams.

接著，我們透過將研發（R&D）領導者與行銷領導者配對，並在其周圍配置關鍵職能，來鞏固我們的平台架構，以制定一致的全球業務策略與產品管線路線圖。我剛完成對這些平台的第一輪檢視，對這些團隊的進展感到振奮。

As the new executive leadership team and I have been analyzing the business, it became clear that we had an opportunity to streamline our internal planning and reporting processes with the goal of aligning how we think about, evaluate and plan each of our underlying businesses. Pursuant to this internal transition, we intend to streamline how we talk about the business externally as well.

當新的高階領導團隊與我分析業務時，我們清楚看到有機會精簡內部規劃與報告流程，目標是讓我們在思考、評估與規劃各個底層業務時能夠一致對齊。依據這項內部轉型，我們也打算精簡對外溝通業務的方式。

We believe this will allow us to not only align how we talk about the business, both internally and externally, but will also help the investment community and our shareholders better understand the underlying growth drivers of our business today and going forward.

我們相信，這不僅能讓我們在內部與外部對業務的表述方式一致對齊，也將幫助投資社群與股東更好地理解我們當前及未來的底層成長驅動因素。

As I have dug into the business, I've developed even more appreciation for what Fred and the team have built since they developed Merit's first syringe to inject dye for angiography in 1987. Merit has grown to a $1.5 billion revenue company as of 2025 and this revenue is globally diversified with roughly 40% of our revenue coming from customers outside the United States. Today, we report our revenue in two segments: cardiovascular and endoscopy. And within each segment, we sell a large number of products that address multiple markets, procedure categories, sites of care and physician customers all around the world.

隨著我深入了解業務，我對 Fred 與團隊自 1987 年開發 Merit 第一支用於血管攝影注射顯影劑的注射器以來所打造的一切，愈發敬佩。截至 2025 年，Merit 已成長為一家營收 15 億美元的公司，且營收在全球分布多元，約 40% 的營收來自美國以外的客戶。目前，我們以兩個部門報告營收：心血管與內視鏡。在每個部門中，我們銷售大量產品，涵蓋多個市場、手術類別、照護場域與全球各地的醫師客戶。

As I learned about the business and have engaged with various stakeholders on my listening tour, the same question keeps popping up. What drives growth in this business? The simple answer is that Merit is really fortunate in that we have a very broad portfolio of products that contribute to our strong track record of growth, as seen by a 10% revenue CAGR over the last three years. This 10% CAGR has been driven by our portfolio of products that fall into two primary groups. The first group is what we call foundational products, which are the products that are used primarily for access or enabling in vascular and other procedures.

在我了解業務並於傾聽之旅中與各方利害關係人互動時，同一個問題不斷出現。這項業務的成長動能是什麼？簡單的答案是：Merit 非常幸運，因為我們擁有非常廣泛的產品組合，為我們強勁的成長紀錄做出貢獻；過去三年營收年複合成長率（CAGR）達 10% 即為明證。這 10% 的 CAGR 主要由兩大類產品組合所驅動。第一類是我們所稱的基礎型產品，主要用於血管及其他手術中的進入（access）或作為使能（enabling）的產品。

Merit's foundational products comprise about two-third of our total revenue, and had a 6% compound annual growth rate over the last three years. The second group is what we call our therapeutic products which are devices and systems that treat disease in a number of very large markets that together represent significant growth potential. Merit's therapeutic products comprise about one-third of our total revenue and had a 19% compound annual growth rate over the last three years. On an organic basis, they had an 11% CAGR over that time period.

Merit 的基礎型產品約占我們總營收的三分之二，過去三年的年複合成長率為 6%。第二類是我們所稱的治療型產品，這些裝置與系統可在多個非常龐大的市場中治療疾病，而這些市場合計代表顯著的成長潛力。Merit 的治療型產品約占我們總營收的三分之一，過去三年的年複合成長率為 19%。以有機基礎計算，該期間的 CAGR 為 11%。

We will be talking more about each of these product groups going forward. But in the interim, it's important to appreciate two key themes. First, that we have several platforms where we combine both foundational products and therapeutic products, making Merit a full-line supplier to several of our customer groups. And second, the track record of growth Merit has delivered has been fueled by the powerful combination of strong internally developed product innovation and strategic M&A to enhance our competitive position in key markets.

未來我們將更深入說明這兩個產品群組。但在此期間，重要的是理解兩個關鍵主題。第一，我們有數個平台同時結合基礎型產品與治療型產品，使 Merit 成為多個客戶群的全產品線供應商。第二，Merit 所交出的成長紀錄，來自強大的組合：穩健的內部產品創新，以及用以強化我們在關鍵市場競爭地位的策略性併購（M&A）。

With respect to internally developed product innovation, I think it's important to understand that Merit has a track record of consistent development and introduction of new products that represent important contributors to our growth each year. As an example, approximately 10% of the 2025 revenue growth in our two largest product categories, cardiac intervention and peripheral intervention came from new products introduced in 2025.

就內部開發的產品創新而言，我認為重要的是理解：Merit 長期以來持續開發並推出新產品，而這些新產品每年都是我們成長的重要貢獻來源。例如，在我們兩大產品類別——心臟介入與周邊介入——中，2025 年營收成長約有 10% 來自於 2025 年推出的新產品。

As I referenced earlier, as we move into 2026, we remain laser-focused on achieving our continued growth initiative commitments, specifically for the three-year period ending December 31, 2026, we are targeting an organic constant currency revenue CAGR of 5% to 7%, a non-GAAP operating margin in the range of 20% to 22% and cumulative free cash flow generation of more than $400 million. As our 2026 financial guidance indicates, we believe we are tracking nicely towards the CGI financial targets.

如我先前提到，邁入 2026 年之際，我們仍高度聚焦於達成持續成長倡議（CGI）的承諾；具體而言，針對截至 2026 年 12 月 31 日的三年期間，我們目標為：有機、固定匯率口徑的營收 CAGR 5% 至 7%；非 GAAP 營業利益率 20% 至 22%；以及累計自由現金流產生超過 4 億美元。如我們的 2026 年財務指引所示，我們相信我們正穩健朝 CGI 的財務目標邁進。

During 2026, we will spend time developing our strategy for the period of 2027 through 2030. We will build this out based on the framework of key platforms where we offer our foundational and therapeutic products. We will prioritize our research and development efforts through the lens of our customers. We will actively engage in potential M&A transactions in a very disciplined manner while structuring our product portfolio to not only align with our financial goals, but also support our commitment to providing patients with life-saving solutions that positively contribute to the health care communities we serve all around the world.

在 2026 年期間，我們將投入時間制定 2027 至 2030 年的策略。我們將以關鍵平台的架構為基礎來建構該策略，在這些平台上我們提供基礎型與治療型產品。我們將從客戶的視角來優先排序研發投入。我們也將以高度紀律的方式積極評估潛在的併購（M&A）交易，同時調整我們的產品組合，使其不僅與我們的財務目標一致，也支持我們致力於為病患提供拯救生命的解決方案，並對我們在全球所服務的醫療照護社群做出正向貢獻的承諾。

We are looking critically at all parts of the business and where it makes strategic sense, we will take steps to optimize our offering like we did with the divestiture of the DualCap product line earlier this month. We will also work to ensure that our infrastructure remains solid while continuing to identify opportunities to enhance our operational efficiency and productivity. We believe the successful execution of our strategy will enable us to profitably scale the business around the world and drive compelling shareholder returns while we help patients in the years to come.

我們正以嚴謹的角度檢視業務的各個部分；在具策略意義之處，我們將採取措施優化我們的產品供給，就像本月稍早我們剝離 DualCap 產品線一樣。我們也將努力確保基礎設施維持穩健，同時持續找出提升營運效率與生產力的機會。我們相信，成功執行策略將使我們能在全球範圍內以獲利方式擴大業務規模，並在未來幾年在協助病患的同時，為股東帶來具吸引力的報酬。

I want to conclude my prepared remarks by again thanking our teammates all around the world. I'm honored to be part of Merit Medical, and I'm excited to work on continuing to help so many patients around the world with our products and therapies.

我想以再次感謝我們遍布全球的團隊夥伴，作為我事先準備發言的結語。我很榮幸能成為 Merit Medical 的一員，也很期待持續透過我們的產品與治療方案，幫助世界各地的眾多病患。

Operator, we would now like to open up the line for questions.

接線員，我們現在想開放電話線供提問。

(Operator Instructions) Jason Bednar, Piper Sandler.

(接線員指示) Jason Bednar，Piper Sandler。

Congrats on another good quarter here. Just to start, I'm probably going to sound like a broken record, but the gross margin progress has just been really impressive here. It's somewhat unheard of to have the improvement you've seen. I think it's expanded like 400 basis points here in a two-year period. You've done it in spite of tariffs.

恭喜又交出一個不錯的季度成績。先從這裡開始，我可能聽起來像老生常談，但毛利率的進展真的非常令人印象深刻。能有你們所看到的這種改善幅度，算是相當罕見。我想在兩年期間大概擴張了約 400 個基點。而且你們是在關稅壓力下仍然做到的。

I know you'll tell us not to extrapolate. So maybe I'll just ask the question where additional gross margin drivers exist for the company at this point? Are there core opportunities? Or does it need to come through actions like more M&A or more in like the therapeutic M&A or divestitures like what we're seeing with DualCap?

我知道你們會告訴我們不要外推。所以我想直接問：就目前而言，公司還有哪些額外的毛利率驅動因素？是否有核心的機會？或者需要透過更多行動來實現，例如更多併購，或更偏治療領域的併購，或像我們看到 DualCap 那樣的資產剝離？

Yeah. Look, I mean, I think it continues to be more of the same, right? And Jason, I'm just going to repeat what you said. I'm going to sound like a broken record, too, right? Look, I think first of all, just going to congratulate our sales force and our operations group for what they've done, I think, which is in a really tough environment and to overcome the tariffs in the way they did, I think, applause to them.

是的。你看，我的意思是，我認為接下來仍然會是同樣的做法，對吧？Jason，我就重複你剛才說的。我也要聽起來像老生常談了，對吧？首先，我要恭喜我們的銷售團隊與營運團隊所做的一切；我認為在非常艱難的環境下，還能以他們那樣的方式克服關稅影響，真的值得給他們掌聲。

It's just impressive to be able to do what we've done here in the last few years. And again, just thank you. I know they're listening, so I just want to thank them. But it's really just more of the same, right?

能在過去幾年做到我們所做到的，真的令人印象深刻。再次謝謝你。我知道他們正在收聽，所以我想向他們致謝。但對我們而言，真的就是持續做同樣的事情，對吧？

So continue to be focused on mix, whether that's new R&D projects or acquisitions, pushing the geography kind of areas too. I think you saw the divestiture of DualCap. That was a low-margin product. Just making sure that we continue our SKU rationalization process and just really throw the kitchen sink at the gross margin. I know you guys are getting sick of hearing that, but that's really what it takes to drive the gross margin in this environment.

因此會持續聚焦在產品組合（mix），不論是新的研發專案或併購，也包括推進地理區域的布局。我想你們也看到 DualCap 的剝離。那是一個低毛利產品。確保我們持續推進 SKU 精簡（rationalization）流程，並且在毛利率上全力以赴、用盡所有方法。我知道你們可能已經聽膩了，但在這種環境下，要推動毛利率就是得這麼做。

It's focused on pricing, focused on cost discipline, moving things to lower-cost areas, mix, our R&D department just focusing on launching the right products at the right price and our manufacturing department being able to manufacture those at the lowest cost possible while keeping our quality where it needs to be. So it's just more of the same for us.

重點在於定價、成本紀律、把生產移到低成本地區、產品組合；我們的研發部門專注於以合適的價格推出正確的產品，而製造部門則要在維持必要品質的同時，以盡可能低的成本把這些產品製造出來。所以對我們來說，仍然就是同樣的做法。

Okay. All right. That's helpful. And I'll follow up with one on Rhapsody here. We're a few months into the commercial launch in the outpatient setting. The real genesis of the question is going to be, is the business where you thought it would be? So what's going well? What could go better? And then why is $7 million the right starting point for revenue expectations this year? And really, is that guide a reflection of what you're seeing today? Is it a conservative swipe at the outlook? Just trying to think about how to think about that guide in the context of what you're seeing real time here with Rhapsody?

好的。好。這很有幫助。我再追問一題關於 Rhapsody。我們在門診場景的商業化上市已經幾個月了。這個問題的核心是：業務表現是否如你們原先預期？哪些進展順利？哪些還可以更好？另外，為什麼今年營收預期以 700 萬美元作為合適的起點？而且，這個指引真的是反映你們今天看到的狀況嗎？還是說這是對前景較保守的估計？我只是想理解，應該如何在你們即時看到的 Rhapsody 情況下，解讀這個指引？

Yeah, Jason, thanks for the question. Let me make a couple of comments, if I could, about Rhapsody. I mean, first, I do think it is fair to say, right, our original 2025 Rhapsody revenue expectations missed the mark, that that's fair to say. So as we really thought about our guidance for 2026, I mean, I think as you said, we're only about four months into our newer strategy for the non-hospital locations, but we really tried to take a similar approach as we thought about our guidance for Rhapsody in a similar way to how we provide guidance for the whole company, right? So we have a high level of confidence in hitting the $7 million revenue number.

是的，Jason，謝謝你的問題。如果可以的話，我先對 Rhapsody 做幾點說明。首先，我確實認為可以公平地說，我們原先對 2025 年 Rhapsody 的營收預期沒有達標，這樣說是合理的。因此在我們思考 2026 年指引時，如你所說，我們針對非醫院場域的新策略才推行大約四個月，但我們在制定 Rhapsody 指引時，確實嘗試採用與提供整體公司指引相似的方式來思考。所以我們對達成 700 萬美元營收數字有很高的信心。

I think, as you said, what are we seeing out there? We still feel very strongly that this is a fantastic options for the clinicians who really think about I want to treat patients with the best clinical data and Rhapsody has that, and it's a very high-performing product. So we're thrilled with that.

你提到我們在市場上看到什麼？我們仍然非常堅信，對於臨床人員而言，這是一個非常出色的選擇；他們希望以最佳的臨床數據來治療病患，而 Rhapsody 具備這些數據，且是一個性能非常優異的產品。所以我們對此感到非常振奮。

And we believe this market does definitely support a third player. And I think our team is really energized, and they're doing -- they're working really hard each and every day out there. At the same time, we know we've entered a competitive space, and we know competitors don't stand still when they see an outstanding product come to market.

而且我們相信這個市場確實能支撐第三個參與者。我認為我們的團隊士氣很高，他們每天都在外面非常努力地工作。同時，我們也知道我們進入的是一個競爭激烈的領域，也知道當競爭對手看到一個出色的產品上市時，他們不會停在原地不動。

So I'd say that's how we're looking at things right now for Rhapsody.

所以我會說，這就是我們目前看待 Rhapsody 的方式。

Mike Matson, Needham.

Mike Matson，Needham。

This is Joseph on for Mike. Maybe just wanted to dive a little deeper into guidance. I guess maybe just on free cash flow. I understand you had the divestiture, but it looks like 2026 guiding down versus 2025. Is this more conservatism? Does this have to do with more of the divestiture or increased CapEx spend? Just wondering your thinking around the guidance there.

我是代 Mike 提問的 Joseph。我想更深入了解一下指引。我想先問自由現金流。我理解你們有資產剝離，但看起來 2026 年的指引相較 2025 年是下調的。這是更保守的作法嗎？這與更多的剝離影響有關，還是資本支出（CapEx）增加？想請教你們對這個指引的思考。

Yes. No, thank you. Thank you for the question. I'm going to take the time to take a small victory lap, right? I mean when we launched CGI, as you know, our target was a minimum of $400 million in free cash flow.

是的。不，謝謝。謝謝你的問題。我想花點時間小小地慶祝一下，對吧？我的意思是，當我們推出 CGI 時，如你所知，我們的目標是自由現金流至少 4 億美元。

We're obviously ahead of that. So super proud of the team for continued focus on that. I will say a couple of things. Super happy with the performance in Q4. $216 million of free cash flow for the year is just a really impressive number, I think. So I think we'll continue to focus on free cash flow. $200 million, it's a minimum of $200 million.

我們顯然已經超前於該目標。所以我為團隊持續專注於此感到非常自豪。我會再補充幾點。我對第四季的表現非常滿意；全年 2.16 億美元的自由現金流，我認為是非常令人印象深刻的數字。所以我想我們會持續聚焦自由現金流。2 億美元，這是至少 2 億美元。

We do have the building that's going up across the street, and we've got a couple of things that we want to do. But generally speaking, I think there is a lot of timing-based items that happen with free cash flow. It is a little -- a bit of a conservative nature to it just because there are certain timing things that we can't control that are, quite frankly, just hard to predict. But I can say that we always take a minimum approach. So our expectation is that we'll hit at least $200 million in free cash flow, which will set us up really nice for our CGI goals.

我們確實有一棟正在街對面興建的建築，另外也有幾件我們想做的事情。但整體而言，我認為自由現金流有很多是時間點（timing）所造成的項目。它帶有一點——比較保守的性質，因為有些時間點因素我們無法控制，而且坦白說也很難預測。但我可以說，我們一向採取「至少」的方式。因此我們的預期是，自由現金流至少會達到 2 億美元，這將讓我們在 CGI 目標上有非常好的基礎。

Okay. Of course, yes, that makes sense. And 2025, very strong year. Maybe just one on the M&A target list. I guess just what are the areas there that Merit is strategically looking at? Is this looking more at innovative technology or therapeutic products that have that higher growth potential? Is it more tuck-ins to leverage your current growth drivers, maybe Rhapsody? Yes, maybe just broadly, what areas are you looking at? Is it EP, dialysis, endoscopy? Any help there would be great. Congrats on the quarter.

好的。當然，是的，這很合理。而且 2025 年會是非常強勁的一年。也許我想問一個關於併購（M&A）目標清單的問題。我想了解 Merit 在策略上主要在看哪些領域？這是更偏向具創新技術或具更高成長潛力的治療性產品嗎？還是更偏向小型併購（tuck-ins），用來強化你們目前的成長驅動因素，例如 Rhapsody？是的，可能更廣泛地說，你們在看哪些領域？是 EP、透析、內視鏡嗎？如果能提供一些方向會很有幫助。恭喜本季表現。

Yeah. Thanks, Joseph. So I think as you've heard us start to talk about, right, we're really organizing the company and the organization around these platforms, right? And so we have a number of platforms where we've really put a cross-functional team and cross-geographic team together that's really, frankly, thinking about all aspects of the business, including, right, what would be helpful from an acquisition standpoint.

是的。謝謝你，Joseph。所以我想，正如你們聽到我們開始談到的，我們確實是圍繞這些平台來重新組織公司與組織架構。因此我們有多個平台，我們在其上組建了跨職能、跨地域的團隊，坦白說，這些團隊在思考業務的各個面向，包括從併購角度來看，什麼會有幫助。

So we're really looking to those teams to come with sort of, I'll call it, their wish list, if you will. And so we want to try to be very strategic about how we think about some of those opportunities and where they'll make the most sense.

所以我們確實在期待這些團隊提出某種——我姑且稱之為——他們的願望清單。因此我們希望在思考這些機會以及它們最合理的落點時，能夠非常有策略性。

So we definitely have strategic criteria we think about as well as financial criteria when we're thinking about M&A. It will include both foundational products and therapeutic products because in some cases, the gap, if you will, or an area where we feel like we could fill a rep's bag out even more fully could be either on the therapeutic side or the foundational side.

因此在思考併購時，我們除了財務標準之外，也確實有策略性標準。它會同時涵蓋基礎性產品與治療性產品，因為在某些情況下，所謂的缺口，或我們覺得可以讓業務代表的產品組合（rep's bag）更完整的地方，可能是在治療端，也可能是在基礎端。

So that's really the way we're thinking about that as we continue to think about the growth drivers of the business going forward. But we very much intend to continue both internal development as well as inorganic M&A to drive growth.

所以，當我們持續思考未來推動業務成長的驅動因素時，這就是我們的思考方式。但我們非常明確地打算同時透過內部開發以及外部的併購（inorganic M&A）來推動成長。

Larry Biegelsen, Wells Fargo.

Wells Fargo 的 Larry Biegelsen。

Could we just spend a minute on OEM? Was Q4 all inventory destocking in both the US and OUS? And why would that happen in both geographies at the same time? And I just want to make sure the mid- to high single digit kind of underlying growth that you said on the call, is that what's baked into 2026?

我們能不能花一分鐘談談 OEM？第四季在美國與美國以外（OUS）是否全部都是庫存去化（destocking）？為什麼會在兩個地理區域同時發生？另外我想確認一下，你們在電話會議上提到的中到高個位數的潛在成長，這是否已經納入 2026 年的假設？

Yes, Larry, great question, right? So just to maybe clarity, the US component of OEM is really what we are talking about from a customer inventory destocking. I think when you look outside of the US, it's really kind of the macro environment, and it's really kind of centered around China and some of the impacts we're seeing there just related to the macro environment. So hopefully, that clarifies that.

是的，Larry，問得很好。所以先澄清一下：我們談到的 OEM 的美國部分，主要是指客戶端的庫存去化。我認為在美國以外的部分，更多是宏觀環境因素，且主要集中在中國，以及我們在那裡看到的一些與宏觀環境相關的影響。希望這樣能釐清。

I think, again, I've been pretty consistent, I think, in our messaging, OEM tends to be choppy. I think when we look at that business, we think it's a great business. It's a great addition to Merit. It really delivers a lot of volume growth through -- since we're essentially selling capacity.

我想我在訊息傳達上一直相當一致：OEM 的表現往往會比較波動（choppy）。我們看這項業務，認為它是一門很好的業務。它對 Merit 來說是很好的補充。它確實能帶來大量的量成長——因為我們本質上是在銷售產能。

Our OEM business remains healthy despite the quarter-to-quarter fluctuations in growth rates. But we continue to believe the appropriate normalized growth profile of our OEM business is in the mid- to high single digits. And I've been pretty consistent in that messaging. So it's pretty interesting --

我們的 OEM 業務仍然健康，儘管各季之間的成長率會有波動。但我們仍然相信，OEM 業務適當的常態化成長輪廓是在中到高個位數。而我在這點上的說法一直很一致。所以這其實很有意思--

So it was 2%? Sorry, it was 2% --

所以是 2%？抱歉，是 2% --

Yes, that one year -- what they do the year before, Larry. I think they did pretty good.

是的，那一年——要看他們前一年做了什麼，Larry。我想他們前一年表現相當不錯。

Got it. And for my follow-up, Raul, let me -- let's focus on the Q1 guidance. Why only 2% to 3% organic, how much is the impact greater from the divestiture in Q1 and the lower operating margin? The math I'm getting at the midpoint, it's about 170 basis points down year-over-year. Could you bridge us on how much is tariffs?

了解。那我追問一下，Raul，我們——聚焦在第一季指引。為什麼有機成長只有 2% 到 3%？在第一季，出售（divestiture）的影響有多大？以及營業利益率較低的影響有多大？我算下來以中位數看，年對年大約下降 170 個基點。你能否幫我們拆解一下，其中有多少是關稅（tariffs）造成的？

And why -- I understand tariffs didn't occur a year ago, but you just grew operating margin 140 basis points by my math in Q4 where it didn't have a tariff impact. So it would be helpful to understand kind of the Q1 guidance for organic growth and operating margin a little bit more.

以及為什麼——我理解去年沒有關稅，但你們在第四季（沒有關稅影響）時，按我的計算營業利益率仍成長了 140 個基點。所以如果能更清楚理解第一季指引中，有機成長與營業利益率的假設，會很有幫助。

Yes, no problem. I'll just start, right? I mean I think -- I appreciate the focus on Q1, and I'll give you some color around that, Larry. But I will highlight that I think we've put a pretty strong year together from a guidance perspective. I think it's right in line with our CGI goals.

好的，沒問題。我先開始說。我理解你對第一季的關注，也很感謝，Larry；我會提供一些相關的補充說明。但我也要強調，我認為從指引角度來看，我們制定了一個相當強勁的一年。我認為這與我們的 CGI 目標非常一致。

And so I just want to highlight that, right, because I don't want to lose the focus on the quarterly discussion, but I think we've put a great year together and well on our way to -- for our CGI goals.

所以我想先強調這一點，因為我不希望在季度討論上失焦，但我認為我們把全年規劃做得很好，也正朝著——朝我們的 CGI 目標穩步前進。

When it comes to Q1, I think you do have to think about DualCap. Obviously, excluding that, you'd be up to 3% to 4%. There is some primary drivers of slower organic growth in Q1 that I'll highlight. And we talked about the first one, OEM, we do expect 2026 growth to be in the mid- to high single digits, consistent with our normalized annual growth profile for OEM. But Q1 revenue will be down year-over-year due to some continued OUS softness and a little bit of that inventory destocking that we've talked about.

談到第一季，你確實需要把 DualCap 納入考量。很明顯地，若排除它，你們會看到 3% 到 4% 的成長。第一季有機成長較慢有幾個主要驅動因素，我在這裡說明。我們談過第一個：OEM。我們確實預期 2026 年的成長會落在中到高個位數，與我們對 OEM 常態化年度成長輪廓的看法一致。但第一季營收會年對年下滑，原因是美國以外（OUS）仍偏弱，以及我們提到的一些庫存去化。

And also, I want to talk about China, softer in Q1, given really the weighting of full year expected VBP impact. And then we're also dealing with a few little supply chain-related challenges, that we expect to resolve as we move through 2026. As you know, I've been pretty frank about the supply chain issues that although they're a lot less than they have been post COVID, we are still dealing with them. There's vendor consolidations and things like that, that are happening. And so as they come, we deal with them.

另外我也想談中國：第一季會較疲弱，主要是因為我們預期的全年 VBP 影響在時間分布上的權重所致。此外，我們也正面臨一些供應鏈相關的小挑戰，我們預期在 2026 年推進的過程中會逐步解決。如你所知，我一直很坦率地談供應鏈問題：雖然相較於 COVID 後已經少很多，但我們仍在處理。也有供應商整併之類的事情正在發生。所以當它們出現時，我們就去處理。

But our manufacturing group, our operations group does a really good job of getting this out of them as quickly as they can. So those would be the three primary drivers for that softer Q1 that you guys would expect. But I would urge everybody to kind of focus on the full year numbers that we put together because I think it's a really solid plan.

但我們的製造團隊、營運團隊在盡快排除這些問題方面做得非常好。所以，以上三點會是你們預期第一季較疲弱的三個主要驅動因素。不過我也會建議大家把焦點放在我們制定的全年數字上，因為我認為那是一個非常扎實的計畫。

Jayson Bedford, Raymond James & Associates.

Jayson Bedford，Raymond James & Associates。

Congrats on the progress here. So I guess maybe just to piggyback on the last line of questioning. Can you comment on growth in China in '25 and then your assumption in '26?

恭喜你們在這裡取得進展。那我想可能就延續上一個問題的最後一點。你能評論一下 25 年在中國的成長情況，以及你們對 26 年的假設嗎？

We're not going to call out the China growth in 2026, Larry -- sorry, I'm still stuck on Larry here, Jason. But I think China was down year-over-year. I would say that we continue to see volume-based purchasing kind of impact the business. Generally, the metric that I use, and I think you guys have heard you say this a lot before, volume continued to be up year-over-year, which is, I think, a good sign for us. We'll continue to deal with volume-based purchasing in 2026.

我們不會特別點出 2026 年中國的成長，Larry——抱歉，我還卡在 Larry 這個名字上，Jason。但我認為中國是年對年下滑的。我會說，我們持續看到以量為基礎的採購對業務造成某種影響。一般來說，我使用的指標——而且我想你們以前也常聽我這麼說——出貨量年對年仍在成長，我認為這對我們來說是個好跡象。我們在 2026 年仍將持續面對以量為基礎的採購。

The goal is obviously to hopefully gets better every year. And so we'll see if that kind of shakes out according to plan. But I would say 2025 China I think, was down basically in line with our expectations.

目標顯然是希望每一年都能變得更好。所以我們會看看是否能如計畫般發展。但我會說，2025 年中國我認為基本上是下滑，且大致符合我們的預期。

Okay. And then as my second question or follow-up, you mentioned freeing up capacity from the DualCap sale. Just wondering you kind of framed the revenue impact. What does the sale do to margins in '26? And then is there an associated EPS impact?

好的。那我的第二個問題或追問是，你提到透過出售 DualCap 釋放產能。我想知道你們如何界定營收影響。這筆出售對 26 年的毛利率有什麼影響？另外是否有相關的 EPS 影響？

There is a minimal EPS impact. I won't call it out. It's not worth mentioning. It's not material enough to worry about. I mean, really we'll talk about gross margin and operating margin, it is a 140 basis point headwind to growth that everybody should consider as they look at the revenue guidance.

EPS 的影響非常小。我不會特別點出來。不值得一提。重要性不足，不需要擔心。我的意思是，若談毛利率與營業利益率，這對成長是 140 個基點的逆風，大家在看營收指引時都應該把這點納入考量。

And it's specifically with the US, that's about 240 basis point headwind to growth for the US. So it's very US-centric. But again, it's still driving operating expansion in '26 despite -- we are still driving operating margin expansion despite the divestiture and despite tariffs. Again, that we've got a $15 million impact baked into our guidance.

而且特別是在美國，對美國的成長約是 240 個基點的逆風。所以它非常以美國為中心。但再次強調，即便——我們仍在推動 26 年的營運擴張，也就是說，儘管有資產剝離、儘管有關稅，我們仍在推動營業利益率擴張。同樣地，我們在指引中已納入 1,500 萬美元的影響。

David Rescott, Baird.

David Rescott，Baird。

I appreciate the comments on the near-term Rhapsody right, I think you're four months or so, I guess, two or three, or four months or so into this post reimbursement landscape rollout. And I heard some of the commentary just around how you're thinking about the contribution for this year. But maybe could you help us understand more of the longer-term vision here. Obviously, reimbursement is -- plays a role. But when you think about just a longer-term story on what Rhapsody can be, is there any reason to think that longer term, this isn't a product that captures 20%-30%-plus percent of the market?

我很感謝你們對 Rhapsody 近期情況的評論；我想你們在這個報銷後的新環境推行上線後，大概已經過了四個月左右——我想是兩、三或四個月左右。我也聽到一些你們對今年貢獻度的思考。但也許你能幫我們更理解長期的願景。顯然，報銷——會扮演一定角色。但當你從更長期的角度思考 Rhapsody 可能成為什麼樣的產品時，有沒有任何理由認為，長期來看它不會拿下 20%–30% 甚至更高的市場份額？

Yeah. Thanks, David. Appreciate the question. And look, again, I think it's fair to say, right, we're in early innings here, if you will, as you said, with kind of the new strategy. So we're pleased with where we are so far.

是的。謝謝你，David。感謝這個問題。而且你看，再次強調，我認為可以說我們還在早期階段，正如你所說，採用這個新策略才剛開始。所以我們對目前的進展感到滿意。

I think as we've talked about, this is really the initial PMA product for this company. We do think about Rhapsody, I would say, is more of a platform than just a one-off product. So we do -- and I think you've heard me say, we will spend time during this year, during 2026 doing a strategic planning work. And we're really going to think -- spend a lot of time thinking about where are some of our bigger future opportunities, where do we want to continue to drive growth as we go forward. So we'll continue to think about that.

我想如同我們談過的，這其實是公司第一個 PMA 產品。我們看待 Rhapsody，我會說它更像是一個平台，而不只是一次性的單一產品。所以我們確實——而且我想你們也聽我說過——我們會在今年、在 2026 年花時間做策略規劃工作。我們會真正去思考——花很多時間思考——我們未來有哪些更大的機會、我們希望在往前走的過程中持續推動哪些成長。所以我們會持續思考這些。

We're not ready to share any more specifics on that at this point. But that is definitely how we're thinking about that opportunity as we move forward.

目前我們還沒準備好分享更多具體細節。但這確實是我們在往前推進時看待這個機會的方式。

Maybe I'll give you a little more color on just kind of maybe the assumptions, right? So just a little color, David, help you out. Obviously, we don't want to get ahead of ourselves past 2026. But -- and we do not provide specific assumptions, including unit price and site of care, et cetera. But I'll remind you that market data providers, including Clarivate, which we have referenced on prior earnings calls, reported 100,000 stents and implanted in approximately 77,000 procedures in 2023 or roughly 1.2 stents per procedure. An estimated 60,000 to 70,000 of the total 77,000 procedures occur in the non-hospital setting each year.

也許我可以就一些假設再補充一點背景，對吧？所以再補充一點，David，幫你理解。顯然，我們不想在 2026 年之後就操之過急。但——我們也不提供具體假設，包括單價、照護場域（site of care）等等。不過我提醒你，市場數據提供者（包括我們在先前財報電話會議中引用過的 Clarivate）在 2023 年報告指出，約有 100,000 支支架植入，分布在約 77,000 例手術中，或約每例手術 1.2 支支架。估計每年在非醫院場域發生的手術約占 77,000 例中的 60,000 到 70,000 例。

Clarivate, now this is Clarivate's number, reported an average selling price for covered stents in the non-hospital setting of approximately $2,400. We will not comment on our pricing in either sites of care specifically, but we want you guys, investors are free to model potential scenarios for each of these inputs and depending on a range of potential ASPs. It is fair, I think, to assume the $7 million estimate implies market penetration in the low to mid-single digits in the first full year of commercialization under the new strategy that we have for the US Rhapsody. So hopefully, that gives you a little bit of color.

Clarivate——這是 Clarivate 的數字——報告指出，在非醫院場域，覆膜支架（covered stents）的平均售價約為 2,400 美元。我們不會就任何特定照護場域的定價發表評論，但我們希望你們——投資人可以自由針對這些輸入值、以及不同 ASP（平均售價）區間，建立可能的情境模型。我認為可以合理假設，7 百萬美元的估計意味著：在我們針對美國 Rhapsody 的新策略下，商業化的第一個完整年度，其市場滲透率約在低到中個位數百分比。希望這能提供你一些背景。

Again, I think we've referenced Clarivate several times. So that's how we're kind of thinking about it.

再次強調，我想我們已多次引用 Clarivate。所以我們大致是這樣在思考的。

Okay. That's helpful. And then maybe just on the margin contribution from the product. Obviously, it's a smaller number relative to the broader portfolio. But any just insight or can you level set us on maybe how you're thinking about the product from a contribution perspective on the margin front, not only in the -- or implied in the guide, but also just as you think about this product in the portfolio longer term?

好的。這很有幫助。那再問一下這個產品對毛利的貢獻。顯然，相對於更廣泛的產品組合，它的規模較小。但你能否提供一些洞見，或幫我們校準一下：你們如何從貢獻度的角度來看這個產品對毛利的影響——不僅是在指引中隱含的部分，也包括你們長期把它放在產品組合中時的看法？

Well, look, I think -- thank you, probably not going to answer it the way you want, but I'll just say this. I think -- I just want to point out, right, our total constant currency growth expectations for 2026 are 5% to 7%, right? I think it's compelling. And nearly all of this growth is expected to be driven by our globally diversified business, right?

嗯，你看，我想——謝謝你，我可能不會用你想要的方式回答，但我只想說這點。我想——我只想指出，我們對 2026 年的固定匯率（constant currency）整體成長預期是 5% 到 7%，對吧？我認為這很有吸引力。而且幾乎所有這些成長，預期都將由我們全球多元化的業務所驅動，對吧？

So we've got a broad product portfolio, not to take away anything from Rhapsody, but specifically, sales of US Rhapsody are expected to contribute somewhere around 25 basis points to this constant currency growth range. So we are excited about the product. We're excited about what it can do. I think Martha covered it nicely. I can't add anything there. But I just want to focus everybody on the entire portfolio.

所以我們有廣泛的產品組合，並不是要淡化 Rhapsody 的重要性，但具體來說，美國 Rhapsody 的銷售預期對這個固定匯率成長區間的貢獻大約在 25 個基點左右。所以我們對這個產品感到興奮。我們也對它能做到的事情感到期待。我想 Martha 已經講得很到位。我沒有什麼可以再補充的。但我只想讓大家把焦點放在整個產品組合上。

Michael Petusky, Barrington Research.

Michael Petusky，Barrington Research。

Well, I'm just curious, the incremental growth or the growth in PI from '24 to '25 in terms of just the 3 months, roughly about $20 million. How much of that was related to that SCOUT system?

嗯，我只是好奇，從’24到’25年，PI 的增量成長或成長幅度，就這 3 個月來看，大約是 2,000 萬美元。其中有多少是與 SCOUT 系統相關的？

Well, I mean, I think I won't kind of comment on it specifically, but it was a primary growth driver. I think when you think about the radar localization and the delivery system itself or the delivery systems category, together, they increased more than 25% year-over-year. So I mean, they represented -- between radar localization and our delivery systems, Mike, they represented almost 45% of our total PI growth year-over-year.

嗯，我的意思是，我想我不會特別針對它做評論，但它是主要的成長驅動因素。我想當你考慮雷達定位以及交付系統本身，或交付系統這個品類時，合計年增超過 25%。所以我的意思是——在雷達定位與我們的交付系統之間，Mike，它們合計幾乎占我們年增總 PI 成長的 45%。

Okay. So it was roughly half then of the $20 million was attributable to SCOUT. Is it correct?

好的。所以大約一半，也就是那 2,000 萬美元中大概有一半可歸因於 SCOUT。這樣說正確嗎？

Well, it's two different product categories, right, just to be clear. But yes.

嗯，這是兩個不同的產品類別，對吧，先澄清一下。不過，是的。

And Mike, this is Martha here. Just if I could just add. I mean I think we shared on the last call, SCOUT hit a really significant milestone too in terms of number of procedures. It's been used in. So again, we're very pleased with how that business is doing, and it's one of those that just makes an enormous difference in patients' lives.

Mike，我是 Martha。如果我可以補充一下。我的意思是，我想我們在上次電話會議分享過，SCOUT 在手術次數方面也達到了一個非常重要的里程碑。它已被用於（許多手術）。所以再次強調，我們對這項業務的表現非常滿意，而它也是那種能對病患生活帶來巨大改變的產品之一。

What explains that level of growth? I mean, were there just big contract wins? Like what's happened there?

是什麼解釋了這樣的成長幅度？我的意思是，是不是有一些大型合約得標？那邊到底發生了什麼？

Well, I don't -- I mean, I think -- I don't know that it's been that huge of a number, right? I mean it's a nice -- it's certainly a very nice growth number, but I think we've got a really, really top-notch sales organization out there. They've got excellent relationships with the key physicians who do this work. And I think like other things people see the clinical value in the product and what it can do. So I think you combine all those things.

嗯，我不——我的意思是，我想——我不知道是否是非常巨大的數量，對吧？我的意思是，這是一個不錯——當然是非常不錯的成長數字，但我想我們有一個非常、非常一流的銷售組織在外面。他們與執行這項工作的關鍵醫師有非常好的關係。而且我想就像其他事情一樣，人們看到了產品的臨床價值以及它能做到的事。所以我想把這些因素結合起來。

We had a little bit of a slowdown in supply. I think -- I can't remember the exact timing, but we picked that back up, so that can lead to a little lumpiness too. But again, just overall, the team all pulling together from the operations side to the clinical side to the sales side.

我們的供應曾經有一點放緩。我想——我記不太清確切時間點，但我們後來把供應拉回來了，所以這也可能導致一些波動。但再次強調，整體而言，團隊從營運端到臨床端再到銷售端都齊心協力。

Okay. Great. And just one more. I don't think I missed this, but maybe I did. Did you guys give by region performance? Usually, you guys give like EMEA and APAC and make some commentary, obviously, around China. I don't feel like I've heard that tonight or did I miss it?

好的。很好。再問最後一個。我不覺得我漏聽了，但也許我有。你們有按地區提供表現嗎？通常你們會提到像 EMEA 和 APAC，並且對中國做一些評論。我覺得今晚好像沒聽到，還是我漏掉了？

Yes. I mean, I think we can say, right, so at least for the fourth quarter, US sales increased about 12% year-over-year. They were up roughly 8% on an organic constant currency basis. When you look at the international side of the business, it increased about 6% year-over-year, up 4% on an organic constant currency basis.

有的。我的意思是，我想我們可以說，至少就第四季而言，美國銷售年增約 12%。以有機、固定匯率基礎來看，大約成長 8%。再看國際業務，年增約 6%，以有機、固定匯率基礎來看成長 4%。

I would highlight that both were at the high end of our organic growth expectations. APAC, roughly up 3% constant currency, EMEA up 12% constant currency, Rest of world, 4.5% constant currency.

我會強調，兩者都處於我們有機成長預期的高端。APAC 以固定匯率計約成長 3%，EMEA 以固定匯率計成長 12%，世界其他地區以固定匯率計成長 4.5%。

Okay. And you said earlier -- sorry, this is the last one for Raul. You said earlier that China was down in line with your expectations. Can you remind me what your expectations were? I don't recall at the beginning of the year, what you guys said as your expectations for China.

好的。你先前說——抱歉，這是給 Raul 的最後一個問題。你先前說中國的下滑符合你們的預期。你能提醒我你們的預期是什麼嗎？我不記得年初你們對中國的預期是怎麼說的。

I think it came in right around where we thought it would be right about 2% perhaps so. Down, yes.

我想結果大概就在我們原先預期的附近，可能大約是 2% 左右。是下滑，對。

Down 2%. Congrats on the free cash.

下滑 2%。恭喜自由現金流。

John Young, Canaccord.

John Young，Canaccord。

Congrats on the quarter. I want to ask on Rhapsody. I know you're giving somewhat limited information, but try to get a little bit more here. Martha, I know you said you just held a national sales meeting. I would love to hear what you're hearing from the sales force so far in selling the products with the new strategy. Are you focusing the sales force on opening new accounts versus going deep in accounts? And can you remind me, too, is there any stocking revenue as they go and open these accounts?

恭喜這一季的表現。我想問一下 Rhapsody。我知道你們提供的資訊有些有限，但我想再多了解一點。Martha，我知道你說你們剛舉辦了一場全國銷售會議。我很想聽聽你目前從銷售團隊那邊，對於用新策略銷售產品的回饋。你們是把銷售團隊的重點放在開拓新客戶，還是更深入既有客戶？另外也請你提醒我，當他們去開拓這些客戶時，是否會有任何鋪貨（備貨）收入？

Yeah. So first of all, I would tell you, we have an extremely energized group. I guess I would call it small yet mighty. I think if you compare to perhaps some of the competitors in this area. So as I said, really inspiring for me, frankly, to spend some time with this group and see how motivated they are.

是的。所以首先我會告訴你，我們是一個非常有活力的團隊。我想我會形容為「小而強」。我想如果你拿來跟這個領域的一些競爭對手相比。所以如我所說，坦白講，能花時間和這個團隊在一起、看到他們有多有動力，對我來說非常振奮。

Heard a lot of really moving patient stories about when a physician would use Rhapsody and the difference that they would see pretty immediately with it. So I think, again, that was super exciting. The team has very detailed plans around their targeting and where they're going. We're pursuing -- I mean, as we talked about, if you look at the market, right, it's primarily predominantly probably 85%, 90% non-hospital setting versus the hospital.

也聽到很多非常感人的病患故事，談到當醫師使用 Rhapsody 時，他們幾乎立刻就能看到帶來的差異。所以我想，再次強調，那真的非常令人興奮。團隊對於目標客群與拜訪方向都有非常細緻的計畫。我們正在推進——我的意思是，如我們討論過的，如果你看市場，對吧，它主要、絕大多數大概是 85%、90% 在非醫院場域，而不是在醫院。

At the same time, as you know, since we had the NTAP, there's slightly higher pricing on the hospital side, and we had a lot of that work in process last year. So that certainly continues, albeit oftentimes, as you probably know, with challenges to get through VAC committees and that kind of thing. So that can take a long time. And you can get just pushed quarter-to-quarter and getting your slot on a VAC committee meeting. So simultaneously then, of course, they're pursuing the nonhospital sites of service as well.

同時，如你所知，自從我們取得 NTAP 之後，醫院端的定價略高，而我們去年有很多相關工作正在進行中。所以那當然仍在持續，不過你可能也知道，往往會遇到要通過 VAC 委員會之類的挑戰。所以那可能需要很長時間。而且你可能會被從一季推到下一季，只是為了在 VAC 委員會會議上排到你的議程時段。因此同時，當然，他們也在追求非醫院的服務場域。

So I think the answer is they're looking -- they're going everywhere. As I said, as much as our small and mighty team can. So I think that's how we spent some time better understanding that and came to our guidance for this year in the US. So that's how we're thinking about it. Again, I just have to remind everybody, I know Raul just did, but have to remind everybody that Rhapsody is a great product, a critical product for us and one of many, many, many in a $1.5 billion portfolio.

所以我想答案是，他們在看——他們到處都在跑。如我所說，在我們這支小而強的團隊能力所及的範圍內。所以我想我們花了一些時間更好地理解這點，並據此形成我們今年在美國的指引。所以我們是這樣思考的。再次，我必須提醒大家，我知道 Raul 剛剛也提醒過，但我還是得提醒大家：Rhapsody 是一個很棒的產品、對我們很關鍵的產品，但它只是我們 15 億美元產品組合中眾多、眾多、眾多產品之一。

I appreciate that, Martha, and also just to follow-up on that, it sounds like you've been doing a lot of work on R&D with that platform approach that you're talking about. Just any color on the pipeline for 2026 for investors and longer-term given where you are today over Veracity so far, do you expect Merritt to pursue additional PMAs?

我很感謝你，Martha；另外再追問一下，聽起來你們針對你剛才提到的那種平台化方法，在研發（R&D）上做了很多工作。就目前你們在 Veracity 的進展而言，能否就 2026 年以及更長期的產品管線給投資人一些補充說明？你是否預期 Merritt 會尋求更多的 PMA？

Yeah. So as I said, we're going to do a lot of work this year around our strategic plan and our long-term product and platform road maps, if you will. So yes, I think the answer is I don't see any reason for us not to continue to pursue PMA-type products. Again, one, as we think about it, we want to figure out how do we best leverage the technical talent that we have in this organization, which is extraordinary. So we want to think about that.

是的。如我所說，我們今年會在策略規劃以及長期產品與平台路線圖（road maps）方面做大量工作。所以是的，我想答案是：我看不出我們有任何理由不繼續推進 PMA 類型的產品。再者，第一，當我們思考這件事時，我們想弄清楚如何最好地運用我們組織內現有的技術人才，這些人才非常出色。所以我們會從這個角度來思考。

And then as I said, we also want to layer that on top of each one of our various platforms and think about the customer groups that we're serving and figure out, again, how can we best help them? How can we make their procedures more efficient? How can we help bring costs down of a procedure? How do we fill a bag where there's a gap in a sales rep's bag? Those are all the questions we're really going to be asking ourselves as we do this work and think about the longer-term strategy.

然後如我所說，我們也希望把這些疊加到我們各個不同的平台之上，並思考我們所服務的客戶群，再次釐清：我們如何能最好地幫助他們？我們如何讓他們的手術流程更有效率？我們如何協助降低單一手術的成本？我們如何在業務代表的產品包（bag）中有缺口的地方補齊？這些都是我們在做這些工作、思考長期策略時，會不斷問自己的問題。

Travis Steed, Bank of America Securities.

Travis Steed，美國銀行證券（Bank of America Securities）。

This is Aidan on for Travis. Just my first one, a point of clarification. So does the organic growth guide not back out the divestiture? Or is that included in there?

我是代 Travis 發言的 Aidan。我第一個問題是釐清一下。所以你們的有機成長（organic growth）指引沒有把出售（divestiture）的影響扣除嗎？還是說那已經包含在裡面？

No. I mean we gave you our guidance, and we didn't make an adjustment. I think other companies might do that. We just -- we gave you the number. We gave you the impact. I think, obviously, you should consider it as you look at our revenue growth numbers. Just to maybe repeat it, right, 140 basis points to constant currency growth and then 240 basis points for the US.

沒有。我的意思是，我們給了你們我們的指引，而且我們沒有做調整。我想其他公司可能會那樣做。我們只是——我們給了你們這個數字。我們也給了你們影響幅度。我想很明顯地，你們在看我們的營收成長數字時，應該把它納入考量。再重申一次：對固定匯率（constant currency）成長的影響是 140 個基點，而對美國則是 240 個基點。

Got it. Yes. And then in January, you talked about your exposure to TAVR, EP, renal. And maybe that's less appreciated in terms of the exposure you have to these higher growth procedures. Kind of as you think ahead at a high level, are there any other procedures you think you have the opportunity to deepen your penetration to or expand into that you weren't in before?

了解。是的。另外，你們在一月談到你們在 TAVR、EP、腎臟（renal）方面的曝險／布局。而市場可能較少注意到你們在這些高成長手術上的曝險程度。從更高層次往前看，除了這些之外，還有沒有其他你們認為有機會加深滲透率或擴展到（以前未涉足的）手術領域？

Yeah. I mean, I think you've already -- you've hit on some of the current bigger ones, right? And I mean, I think this is really -- as we think about strategy going forward, right, it's really you're asking, I think, the question, would we enter into, I'll call it, a whole new platform, potentially calling on a whole new customer group. The answer is, would we consider it? Yes.

有的。我的意思是，我想你已經——你點到了目前幾個比較大的領域，對吧？而且我想這其實——當我們思考未來策略時，你問的其實是：我們是否會進入我稱之為一個全新的平台，可能需要面向一個全新的客戶群。答案是：我們會不會考慮？會。

But I'd say right now, the primary focus is really focusing in on the platforms that we currently have. And again, as you all know, the cost of a distribution organization is not inexpensive. And so we have a lot of really talented reps out there around the world. And as I said, what we want to make sure we're doing is helping make sure that you have a full bag wherever possible and some of the latest and best technology wherever possible. So that's really our areas of focus for now rather than, I'd say, adding on a whole new platform.

但我會說，就目前而言，主要重點還是聚焦在我們現有的平台上。而且如各位所知，維持一個通路／銷售組織的成本並不便宜。因此我們在全球有很多非常有才華的業務代表。如我所說，我們想確保的是：在可能的情況下，協助你們的產品包（bag）盡量齊全，並在可能的情況下提供一些最新、最好的技術。所以目前我們的重點領域是這些，而不是我所說的再新增一個全新的平台。

Jim Sidoti, Sidoti and Company.

Jim Sidoti，Sidoti and Company。

Another question on R&D because I noticed it's up about $1 million year-over-year, $2 million sequentially. I would expect R&D to be at least flat because of the end of the work on Rhapsody's PMA. Where are those dollars going right now?

再問一個關於研發（R&D）的问题，因為我注意到年對年大約增加 100 萬美元，較前一季增加 200 萬美元。我原本預期因為 Rhapsody 的 PMA 工作結束，研發至少應該持平。這些資金目前主要花到哪裡去了？

Yeah, I mean, I think the better way to look at it is obviously as a percentage of revenue. I mean, that will continue to be about 6%. Jim, especially as you guys think about 2026, right? So just focus you there.

是的，我的意思是，我想更好的看法是把它視為營收的百分比。我的意思是，這個比例會持續大約在 6%。Jim，尤其是當你們在思考 2026 年時，對吧？所以我想先把你們的焦點放在這裡。

As far as 2025 or Q4, we did have some higher clinical spend, but we also had some onetime events. Higher regulatory submission spend and some product development expense that we'll call out. But I think as you look at 2026, you should think about it as a percentage of revenue, and it should be about 6% in that ballpark.

至於 2025 年或第四季，我們確實有一些較高的臨床支出，但也有一些一次性事件。較高的法規申報（regulatory submission）支出，以及一些我們會特別說明的產品開發費用。但我想當你看 2026 年時，你應該把它當作營收的百分比來看，大概會在 6% 左右的區間。

All right. And then I also noticed the MDR expenses, I mean, really have ticked down. Is that project completed at this point?

好。另外我也注意到 MDR 費用，確實已經下降了不少。這個專案到目前為止算是完成了嗎？

Yeah. We're getting closer and closer every year, right? I mean I think as you guys know, that's been pretty frustrating, right? I mean to reregister products that we've been selling in there for a lot of years. My guess is as soon as we're done with it, they'll change the rules and make it easier.

是的。我們每一年都越來越接近完成，對吧？我的意思是，我想你們也知道，這一直都相當令人沮喪，對吧？我的意思是，對那些我們已經在那裡賣了很多年的產品，還要重新註冊。我猜一旦我們做完，他們就會改規則，讓它變得更容易。

That's usually how it works. But I think those are winding down our regulatory group and our R&D and operations group have done a great job of staying ahead of it and getting -- making sure our products stay registered outside the US. So applaud them for keeping their head down and getting that done.

通常就是這樣運作的。但我想這些工作正在逐步收尾；我們的法規團隊、研發團隊以及營運團隊做得非常好，持續超前部署，並確保我們的產品在美國以外地區維持註冊。所以要稱讚他們埋頭把這件事完成。

Robbie Marcus, JPMorgan.

Robbie Marcus，摩根大通（JPMorgan）。

Maybe I could -- Raul, if you don't mind, circle back to Larry's question on first quarter. And I guess I'll follow up with the question of -- you kind of highlighted what's driving some of the first quarter softness. What's driving the second through fourth quarter acceleration? And how should we think about the cadence of improvement and drivers of improvement throughout the year?

Raul，如果你不介意的話，我想回到 Larry 關於第一季的問題。我想接著問的是——你剛才提到造成第一季偏弱的一些因素。那麼推動第二季到第四季加速的因素是什麼？我們應該如何看待全年改善的節奏，以及各階段改善的驅動因素？

I think, Robbie, I think that's a great question, right? I mean I think as far as the detail quarter-by-quarter, I don't think that I'll get into that. Obviously, gave you guys modeling considerations for Q1, so you guys can have that. I will point you maybe just at a higher level, just the seasonality in our business. Q1 and Q3 are typically from a revenue standpoint, lower growth and revenue quarters with the second and the fourth being our strongest quarters.

Robbie，我覺得這是一個很好的問題，對吧？我的意思是，就逐季的細節而言，我想我不會深入到那個程度。我們已經給了各位第一季的建模考量，所以你們可以用那些資訊。我可能只在更高層次提醒各位：我們業務的季節性。從營收角度來看，第一季和第三季通常是成長較低、營收較弱的季度，而第二季和第四季則是我們最強的季度。

Again, I think we have a great plan for the year. And as we progress throughout the year, we'll give you additional color as we head into the next quarter. But for now, we're just talking about Q1.

再次強調，我認為我們今年有一個很好的計畫。隨著我們在全年推進，我們會在邁入下一季時提供更多補充說明。但就目前而言，我們只是在談第一季（Q1）。

And maybe, again, just a follow-up on Larry's question. The margin considerations in first quarter, it feels like it's implying down? And what's the components of that?

另外，或許再追問一下 Larry 的問題。第一季的毛利率考量，聽起來像是在暗示會下滑？那其組成因素是什麼？

Well, you got to remember, right, the tariffs didn't start until April. So there is a component to that, that you should consider. I think it's about 80 basis points or $3 million of gross margin impact as we apply the tariffs, right? So I think when you look at that, there's obviously -- that makes up the the majority of it, kind of 80 basis points. I think if you look at it also, you're really seeing the impact of a larger expense base as we progress throughout the year on a smaller revenue quarter because, as I mentioned, the seasonality in our business.

嗯，你得記得，對吧，關稅是到四月才開始。所以其中有一部分你應該要納入考量。我認為在我們套用關稅時，對毛利的影響大約是 80 個基點或 300 萬美元，對吧？所以我想當你看這一點時，顯然——這構成了其中的大部分，大概 80 個基點。另外我想，如果你也看一下，你其實會看到：隨著我們在全年推進，在營收較小的一季上，較大的費用基礎所帶來的影響，因為如我提到的，我們業務具有季節性。

And also, just to highlight, right, I mean, I think there's some good things going on. I mean we had our first-ever global sales meeting. One of a number of items that are kind of -- that increased the expense in Q1 that's taking that operating margin down. But again, just focus everybody on the year-over-year results that we're shooting for.

另外也想強調一下，對吧，我是說，我認為也有一些正面的進展。我們舉辦了史上第一次的全球銷售會議。這是多個事項之一——在第一季（Q1）增加了費用，因而拉低了營業利益率。但再次提醒大家，把焦點放在我們力求達成的年對年結果上。

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Just one on my end, and I don't mean to beat a dead horse here on capital allocation, but at 1.6x leverage, it feels like you guys have the capacity to do something maybe bigger than you've done in your past. So I guess what's the appetite for that? Obviously, I know the prior commentary on strategic and financial guardrail, but would love to get any more color you could provide.

我這邊最後一個問題，我無意在資本配置這件事上反覆追問，但在 1.6 倍槓桿的情況下，感覺你們有能力做一些可能比過去更大的動作。所以我想問，你們對此的意願如何？顯然我知道先前對策略與財務護欄的評論，但也希望你能提供更多補充說明。

Yes. Sam, thanks for the question. And here's the way I guess, we're thinking about it, right? I mean I think the answer is there is an appetite for some things that could be slightly larger from some of the things that this company has done in the past. Again, it's got to make good sense. We are going to be disciplined about it. But we do want to continue to be a growth company.

是的。Sam，謝謝你的問題。我們的思考方式大概是這樣，對吧？我的意思是，我想答案是：對於某些可能比公司過去做過的略大一些的事情，我們是有意願的。再次強調，這必須非常合理。我們會保持紀律。但我們確實希望持續成為一家成長型公司。

We believe we've still got lots of opportunity to be out helping patients. And so if we're going to continue to have the kind of growth that we'd like to have, I think you can also do some math, right, that says if we're going to be acquisitive, it might make sense to do some things that are slightly larger. So I do not mean a transformative deal by any means. But I think tuck-in or slightly larger than tuck-in, depending on how you define these things would be reasonable for you to think about.

我們相信，我們仍有很多機會走出去幫助病患。因此，如果我們要持續達到我們希望的那種成長，我想你也可以做一些推算，對吧，也就是說：如果我們要透過併購來成長，做一些略大一點的案子可能是有意義的。所以我絕不是指任何具轉型性的交易。但我認為，補強型併購（tuck-in），或是略大於補強型併購——取決於你如何定義這些——都是你可以合理納入考量的方向。

Thank you. At this time, I would now like to turn the conference back over to Martha Aronson for closing remarks.

謝謝。此時，我想把電話會議交回給 Martha Aronson 作結語。

Thanks very much. Again, I just want to thank all of our hard-working employees all around the world and thank our shareholders and our investors for your interest in Merit Medical. So have a great day.

非常感謝。再次，我想感謝我們在全球各地辛勤工作的所有員工，也感謝我們的股東與投資人對 Merit Medical 的關注。祝大家有美好的一天。

This concludes our conference call for today. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。