Merit Medical Systems Inc (MMSI) 2026 Q1 法說會逐字稿

Please stand by. Welcome to the Merit Medical Systems first quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded, and the recording will be available on the company's website for replay shortly.

請稍候。歡迎參加 Merit Medical Systems 2026 年第一季財報電話會議。（接線員指示）請注意，本次電話會議將被錄音，錄音將於稍後提供於公司網站供重播。

I would now like to turn the call over to Martha AronsonMerritt Medical Systems President and Chief Executive Officer.

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

Thank you, operator, and welcome, everyone. I am joined on the call today by Raul Parra, our Chief Financial Officer and Treasurer, and Brian Lloyd, our Chief Legal Officer and Corporate Secretary. Brian, would you please take us through the safe harbor statements?

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

謝謝你，Martha。本簡報包含前瞻性陳述，依據聯邦證券法可獲得安全港保護。雖然我們相信這些前瞻性陳述係基於合理假設，但仍受風險與不確定性影響。

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.

任何此等風險或不確定性的實現，以及影響本公司的重大事件或交易，都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存在重大差異。

In addition. Any forward-looking statements represent our views only as of today, April 30, 2026, and should not be relied upon as representing our views as of any other date. We specifically disclaim any obligation to update such statements except as required by applicable law.

此外，任何前瞻性陳述僅代表我們截至今日（2026 年 4 月 30 日）的觀點，不應被依賴為代表任何其他日期的觀點。除非適用法律要求，我們明確聲明不承擔更新此等陳述的任何義務。

Please refer to the sections 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.

有關此類陳述的重要資訊，請參閱今日新聞稿與簡報中題為「關於前瞻性陳述的警示性聲明」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 SEC 提交的文件，該等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普遍公認會計原則編製。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本業務趨勢與績效的有用資訊，並可用於此等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.

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的美國 GAAP 指標之調節表，已包含於今日新聞稿與依 Form 8-K 提供給 SEC 的簡報中。

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.

有關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 will cover during our prepared remarks. I will begin with a brief summary of the first quarter financial results. Then I will discuss several areas of operating and strategic progress that we have made in recent months, including an important strategic acquisition in the oncology space that we made subsequent to quarter end.

謝謝你，Brian。讓我先簡要說明我們在預先準備的發言中將涵蓋的議程。我會先簡要總結第一季的財務結果。接著我將討論我們近幾個月在營運與策略進展方面取得的幾個領域成果，其中包括我們在季末之後於腫瘤領域完成的一項重要策略性收購。

Then Raul will provide a more in-depth review of the quarterly financial results, as well as our financial guidance for 2026, which we updated in today's press release. We will then open the call for your questions. Beginning with a review of our first quarter results, we reported total revenue of $381.9 million, up 7% year-over-year on a GAAP basis and up 5% year-over-year on a constant currency basis.

接著 Raul 將更深入檢視本季財務結果，以及我們對 2026 年的財務指引（我們已在今日新聞稿中更新）。之後我們將開放提問。先回顧第一季結果，我們報告總營收為 3.819 億美元，按 GAAP 基礎年增 7%，按固定匯率基礎年增 5%。

Our constant currency revenue results exceeded the high end of the expectations that we outlined on the Q4 2025 earnings call.

我們的固定匯率營收結果超出我們在 2025 年第四季財報電話會議所提出預期區間的上緣。

First quarter constant currency growth was driven by 2.7% organic constant currency growth and contributions from our acquisitions of Biolife and the C2 CryoBalloon device, both of which exceeded the high end of our expectations. Our organic constant currency growth includes the impact of the strategic divestiture of our dual-cap product line in February of 2026, which we discussed in our Q4 2025 call.

第一季固定匯率成長主要由 2.7% 的有機固定匯率成長，以及我們收購 Biolife 與 C2 CryoBalloon 裝置的貢獻所帶動；兩者皆超出我們預期區間的上緣。我們的有機固定匯率成長包含 2026 年 2 月策略性處分雙帽（dual-cap）產品線的影響，我們已在 2025 年第四季電話會議中討論過。

Excluding divested revenue, our organic constant currency growth was 3.7% in the first quarter. With respect to the profitability performance in Q1, we delivered financial results that significantly exceeded expectations. Our non-GAAP operating margin increased 47 basis points year over year to 19.7%, representing the highest first quarter operating margin in the company's history.

若排除已處分的營收，第一季有機固定匯率成長為 3.7%。就第一季獲利表現而言，我們交出顯著超出預期的財務結果。非 GAAP 營業利益率年增 47 個基點至 19.7%，創下公司歷史上第一季最高的營業利益率。

The team delivered 9% growth in non-GAAP EPS, which exceeded the high end of expectations. And we generated $25 million of free cash flow, an increase of 26% year-over-year. We are pleased with the solid start to fiscal year 2026, and I want to thank our team members all around the world for their effort and commitment to our customers.

團隊達成非 GAAP 每股盈餘（EPS）9% 的成長，超出預期區間上緣。我們也產生 2,500 萬美元自由現金流，年增 26%。我們對 2026 會計年度的穩健開局感到滿意，並要感謝全球各地的團隊成員為客戶所付出的努力與承諾。

We updated our guidance in today's press release to include the expected financial impacts from our acquisition of Viewpoint Medical on April 1. Importantly, we remain confident in our team's ability to drive stable constant currency growth, improving profitability and solid free cash flow this year.

我們在今日新聞稿中更新指引，納入我們於 4 月 1 日收購 Viewpoint Medical 的預期財務影響。重要的是，我們仍對團隊今年推動穩定的固定匯率成長、提升獲利能力以及創造穩健自由現金流的能力充滿信心。

Our 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.

我們的組織已就 2026 年的優先事項達成一致，具體而言是在全球範圍內推動強力執行，並成功完成我們的「持續成長倡議」（Continued Growth Initiatives）計畫，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。

Turning now to a discussion on three key operating and strategic announcements we made since our last earnings call.

接下來我將討論自上次財報電話會議以來，我們發布的三項關鍵營運與策略性公告。

First, on March 16th, we announced the US Commercial introduction of the Resilience Through the Scope, or TTS, esophageal stent. The Resilience stent is indicated for treatment of esophageal fistulas and strictures caused by malignant tumors. Resilience is designed to demonstrate the greatest migration resistance amongst currently available TTS esophageal stents and facilitates physician control and accurate placement.

第一，3 月 16 日，我們宣布在美國商業化推出 Resilience Through the Scope（或稱 TTS）食道支架。Resilience 支架適用於治療由惡性腫瘤引起的食道瘻管與狹窄。Resilience 的設計旨在於目前可用的 TTS 食道支架中展現最高的抗移位能力，並有助於醫師控制與精準置放。

Resilience targets an attractive market opportunity in the United States, and we expect adoption and utilization of this differentiated product to contribute nicely to the growth in Merit's endoscopy platform in the coming years.

Resilience 鎖定美國具吸引力的市場機會，我們預期這項差異化產品的採用與使用量，將在未來幾年為 Merit 內視鏡平台的成長帶來良好貢獻。

Second, on April 1, building upon our oncology platform, we announced the acquisition of Viewpoint Medical for an aggregate transaction consideration of $140 million, of which $90 million was paid in cash at closing.

第二，4 月 1 日，基於我們的腫瘤平台，我們宣布收購 Viewpoint Medical，交易總對價為 1.4 億美元，其中 9,000 萬美元於交割時以現金支付。

Viewpoint Medical is based in Carlsbad, California, and manufactures the OneMark Detection Imaging System and OneMark Tissue Markers. This unique ultrasound-enhanced technology offers an innovative solution to localize more lesions at the time of biopsy, representing an estimated 1.3 million procedures annually in the United States alone.

Viewpoint Medical 總部位於加州卡爾斯巴德（Carlsbad），製造 OneMark Detection Imaging System 與 OneMark Tissue Markers。這項獨特的超音波增強技術提供創新解決方案，可在活檢時定位更多病灶；僅在美國每年估計約有 130 萬例相關手術。

This represents an expansion of the annual addressable procedure opportunity of approximately three times for our oncology business. Merit has built a market leadership position in wire-free, non-radioactive breast localization procedures.

這使我們腫瘤業務的年度可服務手術機會（addressable procedure opportunity）擴大約三倍。Merit 已在無導線、非放射性乳房定位手術方面建立市場領導地位。

Our leadership has been built upon our scout platform, which utilizes the precision and accuracy of radar. The OneMark system is US FDA cleared for percutaneous placement in soft tissue tumors. To mark biopsy sites or lesions, and it consists of a surgical detection system and ultrasound-enhanced tissue markers.

我們的領導地位建立在 SCOUT 平台之上，該平台運用雷達的精密度與準確性。OneMark 系統已獲美國 FDA 核准可用於軟組織腫瘤的經皮置放，用於標記活檢部位或病灶，並由手術偵測系統與超音波增強組織標記物所組成。

After placement, the tissue markers are designed to be visible across commonly used imaging modalities and engineered to minimize interference with future imaging studies. This acquisition expands our portfolio of therapeutic oncology products dedicated to the diagnosis and localization of breast and soft tissue tumors.

置放後，該組織標記物設計為可在常用影像模式下清晰可見，並經工程設計以將對未來影像檢查的干擾降至最低。此項收購擴充我們的治療性腫瘤產品組合，聚焦於乳房與軟組織腫瘤的診斷與定位。

The combination of SCOUT and OneMark provides physicians with localization options during the initial diagnostic biopsy, which may reduce the need for a separate procedure to mark the location of the tumor prior to surgery. We believe this acquisition presents multiple strategic and financial positives, and importantly, this acquisition is consistent with our Continued Growth Initiatives program.

SCOUT 與 OneMark 的結合，為醫師在初次診斷性活檢時提供定位選項，可能降低在手術前另行進行腫瘤位置標記程序的需求。我們相信此項收購具備多項策略與財務面的正向效益；更重要的是，此收購與我們的「持續成長倡議」計畫一致。

This acquisition represents another example of Merit's selectively investing to expand our product portfolio in key strategic markets that leverage our existing commercial footprint.

此項收購是 Merit 選擇性投資、以擴大我們在關鍵策略市場的產品組合並運用既有商業版圖的另一個例證。

Finally, I want to highlight our new presentation of revenue, which we formally introduced in a Form 8-K filed on April 13. As discussed on our Q4 call, Merritt's new executive leadership team and I have been working through a comprehensive analysis of the business, and it became clear during this process 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.

最後，我想強調我們新的營收呈現方式，我們已於 4 月 13 日提交的 Form 8-K 中正式導入。如同我們在第四季電話會議中所討論，我與 Merit 新的高階管理團隊一直在對業務進行全面分析；在此過程中我們清楚看到一個機會：精簡內部規劃與報告流程，以達成一致化我們如何思考、評估，並規劃各項底層業務的目標。

We also identified an opportunity to streamline how we talk about the business externally as well. We believe there's significant value in aligning how we talk about the business, both internally and externally, and we expect these changes to help the investment community not only better understand the composition of our business today, but also the underlying growth drivers of our business going forward.

我們也發現一個機會，可以精簡我們對外溝通業務的方式。我們相信，無論在內部或外部，讓我們談論業務的方式保持一致都具有顯著價值；並且我們預期這些變更將有助於投資社群不僅更好地理解我們當前業務的組成，也能更好地理解未來推動我們業務成長的底層驅動因素。

To that. End, as disclosed in the Form 8-K on April 13 and reported in our earnings press release today, we are now reporting our revenue in two product categories, foundational and therapeutic. Foundational products are used primarily for access and enabling functions in vascular and other procedures.

為此，如同我們在 4 月 13 日提交的 Form 8-K 中所揭露，並在今日的財報新聞稿中所報導，我們現在將營收以兩個產品類別呈報：基礎型（foundational）與治療型（therapeutic）。基礎型產品主要用於血管及其他手術中的進入（access）與使能（enabling）功能。

Merit's foundational products comprised about two-thirds of our total revenue in 2025, and sales increased at a 6% compound annual growth rate over the last three years. Therapeutic products are devices and systems that treat disease in a number of very large markets that together represent significant growth potential.

Merit 的基礎型產品在 2025 年約占我們總營收的三分之二，且過去三年銷售額以 6% 的年複合成長率成長。治療型產品則是用於治療疾病的器械與系統，涵蓋多個非常龐大的市場，合計代表顯著的成長潛力。

Merit's therapeutic products comprised about one-third of our total revenue in 2025, and sales increased at an 11% compound annual growth rate on an organic basis over the last three years.

Merit 的治療型產品在 2025 年約占我們總營收的三分之一，且過去三年在有機（organic）基礎上，銷售額以 11% 的年複合成長率成長。

Given that we call on a wide variety of clinicians and our products are a part of so many procedures, we have solidified our new operating model internally around eight platforms access, Vascular Intervention, Procedural Solutions, Cardiac Therapies, Renal Therapies, Oncology, Endoscopy, and OEM.

鑑於我們服務的臨床醫師類型非常多元，且我們的產品參與了眾多手術流程，我們已在內部以八大平台來鞏固新的營運模式：進入（access）、血管介入（Vascular Intervention）、手術解決方案（Procedural Solutions）、心臟治療（Cardiac Therapies）、腎臟治療（Renal Therapies）、腫瘤（Oncology）、內視鏡（Endoscopy）以及 OEM。

The access and procedural solutions platforms are comprised entirely of foundational products. The vascular intervention and OEM platforms are comprised of both foundational and therapeutic products.

進入與手術解決方案平台完全由基礎型產品構成。血管介入與 OEM 平台則同時包含基礎型與治療型產品。

And cardiac therapies, renal therapies, oncology, and endoscopy are comprised entirely of therapeutic products. In the Form 8-K, we shared four years of historical revenue in each of these platforms. So to reiterate, going forward, we plan to report revenue results by foundational and therapeutic products.

而心臟治療、腎臟治療、腫瘤與內視鏡平台則完全由治療型產品構成。在 Form 8-K 中，我們分享了這些平台各自四年的歷史營收。因此再次重申，未來我們計畫按基礎型與治療型產品來揭露營收結果。

In addition, we intend to continue to highlight additional color on the underlying drivers of growth within the underlying platforms. As I shared last quarter, each of our platforms is being co-led by a marketing lead and a research and development lead.

此外，我們也打算持續提供更多資訊，說明各平台內部的底層成長驅動因素。如同我在上季分享的，我們每個平台皆由一位行銷主管與一位研發主管共同領導。

And each team is comprised of cross-functional and cross-geographic members so that we have better alignment on product and commercial priorities, improved communication across functions and geographies, and a team who feels accountable for that platform globally.

而每個團隊由跨職能與跨地域的成員組成，以便我們在產品與商業優先事項上有更好的對齊、改善跨職能與跨地域的溝通，並建立一個對該平台全球表現負責的團隊。

I am very pleased with how our teams are taking ownership, increasing communication. And thinking about how best to serve our customers in each area. I truly believe that focusing our efforts in this way will enable us to drive even greater growth within each one of these platforms in the years to come.

我非常高興看到我們的團隊如何承擔責任、加強溝通，並思考在各領域中如何最好地服務客戶。我真心相信，以這種方式聚焦我們的努力，將使我們在未來幾年能在這些平台中的每一個推動更大的成長。

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

接下來，我將把電話會議交給 Raul，請他深入回顧我們的季度財務結果，以及我們更新後的 2026 年財務指引。Raul。

Thank you, Martha. I will start with a detailed review of our revenue results in the first quarter.

謝謝你，Martha。我將先從第一季營收結果的詳細回顧開始。

Note, unless otherwise stated, all growth rates are approximated and presented on both a year-over-year and constant currency basis. First quarter total revenue increased $18.6 million, or 5%, exceeding the high end of the expectations we outlined on our fourth quarter call.

請注意，除非另有說明，所有成長率均為約略值，並同時以年對年（year-over-year）及固定匯率（constant currency）基礎呈現。第一季總營收增加 1,860 萬美元（或 5%），高於我們在第四季電話會議中所提出預期區間的上緣。

Excluding sales of acquired products, our total revenue growth. On an organic constant currency basis was 2.7% at the high end of our expectations. Excluding divested revenue, our organic constant currency growth was 3.7% in the first quarter.

排除併購產品的銷售後，我們的總營收成長在有機固定匯率基礎上為 2.7%，位於我們預期的上緣。排除已處分（divested）的營收後，我們第一季的有機固定匯率成長為 3.7%。

By geography, our total revenue in Q1 was primarily driven by growth in the US where sales increased $14.5 million or 6.8%. And international sales increased $4.1 million, or 3%, both of which modestly exceeded the high end of our expectations in Q1.

按地區來看，我們第一季總營收主要由美國市場成長所帶動，銷售增加 1,450 萬美元（或 6.8%）。國際銷售增加 410 萬美元（或 3%）。兩者在第一季均略高於我們預期區間的上緣。

Turning to a review of our revenue results by product category. First quarter total revenue was driven by a $10.1 million, or 4%, increase in sales of foundational products and an $8.5 million, or 7%, increase in sales of therapy products. Excluding the contributions from acquired products of $6.6 million and $2.5 million, respectively, sales of foundational and therapeutic products increased 1.5% and 5.2%, respectively, on an organic constant currency basis.

接著回顧按產品類別的營收結果。第一季總營收的成長來自基礎型產品銷售增加 1,010 萬美元（或 4%），以及治療型產品銷售增加 850 萬美元（或 7%）。排除併購產品的貢獻（分別為 660 萬美元與 250 萬美元）後，基礎型與治療型產品的銷售在有機固定匯率基礎上分別成長 1.5% 與 5.2%。

Organic growth in the foundational product category was driven primarily by our vascular intervention and access platforms, which offset year-over-year declines in sales of OEM and procedural solution products. The later of which impacted by our divestiture of dual cap product line.

基礎型產品類別的有機成長主要由我們的血管介入與進入平台所帶動，抵銷了 OEM 與手術解決方案產品銷售的年對年下滑；其中後者受到我們處分 dual cap 產品線的影響。

Organic growth in the therapeutic product category was driven by strong growth in our cardiac therapies and endoscopy platforms and contributions from solid growth in our vascular intervention and oncology platforms, offsetting year-over-year sales declines in our OEM and renal therapies platforms.

治療型產品類別的有機成長則由心臟治療與內視鏡平台的強勁成長所帶動，並有血管介入與腫瘤平台穩健成長的貢獻，抵銷了 OEM 與腎臟治療平台銷售的年對年下滑。

We were pleased with our first quarter total revenue results that exceeded the high end of our expectations. Despite the notable headwinds to year-over-year revenue growth experienced in our OEM business in Q1. OEM sales declined 14% year-over-year in Q1, significantly lower than what was assumed in our guidance. Sales to OEM customers outside the US Continued to see demand trends impacted by the macro environment, particularly in the APAC region.

我們對第一季總營收結果感到滿意，因其高於我們預期區間的上緣，儘管第一季 OEM 業務對年對年營收成長帶來顯著逆風。第一季 OEM 銷售年對年下滑 14%，顯著低於我們在指引中所假設的水準。美國以外的 OEM 客戶銷售仍受到總體環境影響的需求趨勢所衝擊，尤其是在亞太（APAC）地區。

And these headwinds were largely consistent with our expectations. OEM sales to US Customers were impacted by inventory destocking dynamics related to product line transfers to Tijuana, Mexico, as expected. That said, customer orders came in lower than expected, which we would characterize as transient or timing-based, rather than a reflection of share loss.

而這些逆風大致符合我們的預期。對美國 OEM 客戶的銷售如預期受到與產品線轉移至墨西哥提華納（Tijuana）相關的庫存去化（destocking）動態影響。儘管如此，客戶訂單低於預期；我們將其描述為短暫或時點性的因素，而非市占流失的反映。

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

儘管成長率在季度間有所波動，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（mid to high-single-digits）。

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 first quarter of 2026, and all growth rates are approximated and presented on a year-over-year basis.

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 2026 年第一季的非 GAAP 結果，且所有成長率均為約略值並以年對年基礎呈現。

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.

我們已在新聞稿與網站上的簡報中，提供從 GAAP 申報結果到最直接可比的非 GAAP 項目的調節表（reconciliations）。

Gross profit increased 7% in the first quarter. Our gross margin was 53.2%, down 20 basis points year-over-year, but notably stronger than our internal expectations. Q1 gross margin included a $4.6 million impact from tariffs, compared to no impact in the prior-year period, representing a 120-basis-point impact to gross margin in the period.

第一季毛利成長 7%。毛利率為 53.2%，年對年下降 20 個基點，但明顯優於我們的內部預期。第一季毛利率包含關稅帶來的 460 萬美元影響，而去年同期沒有影響；這相當於本期毛利率受到 120 個基點的影響。

Operating expenses increased 5% in the first quarter. The increase in operating expense was driven primarily by a $5.4 million or 5% increase in SG&A expense and, to a lesser extent, a $1.1 million or 5% increase in R&D expense compared to the prior-year period.

第一季營業費用成長 5%。營業費用的增加主要由 SG&A 費用增加 540 萬美元（或 5%）所驅動，此外研發（R&D）費用較去年同期增加 110 萬美元（或 5%），影響程度相對較小。

Total operating income in the first quarter increased $6.9 million, or 10% from the prior-year period, to $75.3 million. Our operating margin was 19.7% compared to 19.3% in the prior-year period, an increase of 47 basis points year-over-year.

第一季營業利益較去年同期增加 690 萬美元（或 10%），至 7,530 萬美元。營業利益率為 19.7%，相較去年同期的 19.3%，年對年增加 47 個基點。

First quarter other expense net was $1.2 million, compared to $1.7 million for the comparable period last year. The change in other expense net was driven primarily by gain loss on foreign exchange and higher interest income.

第一季其他費用（淨額）為 120 萬美元，去年同期為 170 萬美元。其他費用（淨額）的變動主要由外匯損益以及較高的利息收入所驅動。

First quarter net income was $56.7 million, or $0.94 per share, compared to $52.9 million, or $0.86 per share in the prior-year period. First quarter net income and EPS exceeded the high end of our guidance range by $3.7 million and $0.07, respectively.

第一季淨利為 5,670 萬美元，或每股 0.94 美元；相較去年同期為 5,290 萬美元，或每股 0.86 美元。第一季淨利與每股盈餘（EPS）分別高於我們指引區間上緣 370 萬美元與 0.07 美元。

Turning to a review of our balance sheet and financial condition, as of March 31, 2026, we had cash and cash equivalents of $488.1 million. Total debt obligations of $747.5 million, and available borrowing capacity of approximately $697 million, compared to cash and cash equivalents of $446.4 million, total debt obligations of $747.5 million, and available borrowing capacity of approximately $697 million as of December 31, 2025.

接著回顧我們的資產負債表與財務狀況：截至 2026 年 3 月 31 日，我們持有現金及約當現金 4.881 億美元；總債務義務 7.475 億美元；可用借款額度約 6.97 億美元。相較之下，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 6.97 億美元。

Our net leverage ratio as of March 31 was 1.6 times on an adjusted basis. The increase in cash and cash equivalents in the first quarter was driven by a combination of strong free cash flow generation of $24.7 million and $25.5 million of proceeds from our divestiture and sale of the dual-cap product line, offset partially by $6.3 million in cash used for financing activities in the period.

截至3月31日，我們的淨槓桿比率在調整後基礎上為1.6倍。第一季現金及約當現金的增加，主要來自強勁的自由現金流產生額2,470萬美元，以及我們剝離並出售雙帽（dual-cap）產品線所取得的2,550萬美元款項；部分被本期用於融資活動的630萬美元現金支出所抵銷。

Subsequent to quarter end, we acquired Viewpoint Medical for an aggregate consideration of $140 million. Of that amount, $90 million was paid in cash at closing, and two deferred payments of $25 million each are scheduled to be paid no later than first and second anniversary of the closing date, respectively.

在季度結束後，我們以總對價1.40億美元收購了Viewpoint Medical。其中，9,000萬美元於交割時以現金支付，另有兩筆各2,500萬美元的遞延付款，分別預計不晚於交割日第一與第二周年支付。

In addition to the favorable strategic rationale for this acquisition that Martha outlined earlier, the financial rationale for this transaction is compelling.

除Martha先前所概述的此項收購之有利策略理由外，該交易的財務理由同樣具吸引力。

While we expect the transaction to be $0.05 dilutive to our 2026 non-GAAP EPS, for the 12 months ending December 31, 2027, the acquisition is projected to be accretive to our non-GAAP EPS.

雖然我們預期該交易將使我們2026年非GAAP每股盈餘（EPS）稀釋0.05美元，但在截至2027年12月31日的12個月期間內，預計該收購將對我們的非GAAP EPS具增益效果。

Longer-term, we project this acquisition to be accretive to Merit's multi-year growth and profitability profile. Specifically, we project sales of Viewpoint Medical's OneMark system to grow at least 20% per year, with 70% non-GAAP gross margins and non-GAAP operating margins above our company average.

從更長期來看，我們預期此項收購將提升Merit的多年成長與獲利能力輪廓。具體而言，我們預估Viewpoint Medical的OneMark系統銷售每年至少成長20%，非GAAP毛利率為70%，且非GAAP營業利益率高於公司平均水準。

Turning to a review of our fiscal year 2026 financial guidance, as reported in our earnings press release, we have updated our financial guidance for 2026 to reflect the projected contributions to our total revenue and impact on our non-GAAP EPS previously disclosed on February 24, 2026.

接著回顧我們2026會計年度的財務指引。如我們在財報新聞稿中所述，我們已更新2026年財務指引，以反映先前於2026年2月24日揭露之對總營收的預期貢獻及對非GAAP EPS的影響。

Specifically, from the acquisition effective date of April 1st, 2026, through December 31, 2026, the acquisition is projected to contribute revenue in the range of $2 million to $4 million, and to dilute Merit's initial 2026 guidance for non-GAAP earnings per share by approximately $0.05.

具體而言，自2026年4月1日（收購生效日）至2026年12月31日，預計該收購將貢獻約200萬至400萬美元的營收，並使Merit原先2026年非GAAP每股盈餘指引約稀釋0.05美元。

This non-GAAP EPS dilution includes approximately $2 million of lower interest income on cash balances used for the total purchase consideration and excludes approximately $5.3 million of non-cash, non-recurring transaction-related expenses.

此非GAAP EPS稀釋包含約200萬美元（因用於支付總收購對價之現金餘額而導致的利息收入下降），並排除約530萬美元的非現金、非經常性交易相關費用。

For the 12 months ending December 31, 2026, we now expect total GAAP net revenue growth in the range of 6.3% to 7.8% year-over-year and 5.6% to 7% year-over-year on a constant currency basis. Excluding an expected 80 basis point tailwind, the gap growth from exchanges in foreign currency exchange rates.

就截至2026年12月31日的12個月而言，我們目前預期GAAP淨營收年增率約為6.3%至7.8%，以固定匯率計算的年增率約為5.6%至7%。其中包含預期約80個基點的順風，來自外匯匯率變動所帶來的成長差異。

There are a few factors to consider when evaluating our projected constant currency revenue growth range for 2026, including.

在評估我們2026年以固定匯率計算之預期營收成長區間時，有幾項因素需要考量，包括：

First, our constant currency growth range assumes sales of foundational products. Increase in the mid-single-digits year-over-year, and sales of therapeutic products increase in the high-single-digits year-over-year.

第一，我們的固定匯率成長區間假設基礎產品（foundational products）銷售年增為中個位數百分比，而治療性產品（therapeutic products）銷售年增為高個位數百分比。

Second, our total net revenue guidance for fiscal year 2026 now assumes inorganic revenue contributions in the range of approximately $17 million to $20 million. Compared to $13 million to $15 million previously. This increase in inorganic revenue expectation is driven by the combination of $2 million to $4 million of Viewpoint Medical revenue and stronger-than-expected contributions from our Biolife and C2 acquisitions in the first quarter. Excluding inorganic revenue, our 2026 guidance continues to reflect total net revenue growth. On a constant currency organic basis in the range of approximately 4.5% to 6% year-over-year.

第二，我們2026會計年度的淨營收指引目前假設無機（inorganic）營收貢獻約為1,700萬至2,000萬美元，高於先前的1,300萬至1,500萬美元。此無機營收預期的上調，係由Viewpoint Medical約200萬至400萬美元的營收貢獻，以及第一季Biolife與C2收購案貢獻優於預期所共同推動。排除無機營收後，我們2026年指引仍反映以固定匯率之有機（organic）基礎計算，淨營收年增約為4.5%至6%。

Third, our total net revenue guidance for fiscal year 2026 continues to assume US Revenue from the sales of the Rhapsody CIE of approximately $7 million.

第三，我們2026會計年度的淨營收指引仍假設在美國市場，Rhapsody CIE銷售所帶來的營收約為700萬美元。

Fourth, our total net revenue guidance for fiscal year 2026 reflects the impact of our dual cap divestiture, product sales. And royalty revenue for dual cap totaled approximately $20 million in 2025 and net of approximately $1.6 million of sales in Q1 2026, but the vice chair represents an estimated year-over-year headwind of approximately 130 basis points to our total constant currency revenue growth in 2026.

第四，我們2026會計年度的淨營收指引反映了我們剝離雙帽（dual cap）業務的影響。雙帽產品銷售與權利金收入於2025年合計約2,000萬美元；扣除2026年第一季約160萬美元的銷售後，該項剝離預計將對我們2026年以固定匯率計算的總營收成長造成約130個基點的年比逆風。

With respect to profitability guidance for 2026. We continue to expect non-GAAP diluted earnings per share in the range of $4.01 to $4.15, up 5% to 8%.

就2026年的獲利能力指引而言，我們仍預期非GAAP稀釋後每股盈餘介於4.01至4.15美元之間，年增5%至8%。

Note, our non-GAAP EPS range reflects the $0.05 of dilution from the acquisition of Viewpoint Medical, funded by the better-than-expected non-GAAP EPS results we delivered in the first quarter. All of the modeling considerations regarding our profitability and cash flow expectations for 2026 intruded on our fourth quarter call. Remain unchanged.

請注意，我們的非GAAP EPS區間已反映收購Viewpoint Medical所帶來的0.05美元稀釋，並由我們第一季交出的優於預期之非GAAP EPS表現所支應。關於我們2026年獲利能力與現金流預期的所有建模考量（在第四季電話會議中已提及）均維持不變。

For avoidance of doubt, our 2026 non-GAAP EPS guidance continues to assume a 12-month tariff impact of approximately $15 million or $0.19 per share compared to a $9 million or $0.12 per share realized during the last eight months of 2025.

為避免疑義，我們2026年非GAAP EPS指引仍假設12個月關稅影響約為1,500萬美元，或每股0.19美元；相較之下，2025年最後八個月實際影響為900萬美元，或每股0.12美元。

As a reminder, the expected 12-month tariff impact assumed in our 2026 non-GAAP PPS range was based on tariff policies in place prior to the decision of the US Supreme Court in late February. This continues to be an evolving situation.

提醒一下，我們在2026年非GAAP EPS區間中所假設的12個月關稅影響，是基於2月下旬美國最高法院裁決之前既有的關稅政策。此情況仍在持續演變中。

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.

美國最高法院裁決的最終影響，以及其後可能出現的新關稅與／或額外關稅、報復性措施或關稅變更對我們業務的影響，將取決於關稅的時點、金額、範圍與性質等多項因素，其中多數目前仍未知。

We intend to review our 2026 financial guidance when we report our financial results for the three and six-month periods ending June 30, 2026. We will provide an update on the estimated 12-month tariff impact and potential gains related to refunded tariff payments in prior periods.

我們計畫在公布截至2026年6月30日之三個月及六個月期間的財務結果時，檢視我們2026年的財務指引。我們將更新對12個月關稅影響的估計，以及與先前期間已支付關稅款項退還相關的潛在收益。

Finally, we would like to provide additional transparency related to our growth and profitability expectations for the second quarter of 2026. Specifically, we expect our total revenue in the range of $400 million to $410 million represent a growth of 5% to 7% year-over-year on a GAAP basis. And up approximately 4% to 7% on a constant currency basis.

最後，我們希望就2026年第二季的成長與獲利能力預期提供更多透明度。具體而言，我們預期總營收介於4.00億至4.10億美元之間，按GAAP基礎計算年增5%至7%；以固定匯率計算約成長4%至7%。

Note, our second quarter constant currency sales growth expectations include inorganic revenue in the range of approximately $4 to $4.5 million. Excluding inorganic contributions, total revenue is expected to increase in the range of approximately 3% to 5% on an organic constant currency basis.

請注意，我們對第二季以固定匯率計算之銷售成長預期，包含約400萬至450萬美元的無機營收。排除無機貢獻後，預期總營收以固定匯率之有機基礎計算，約成長3%至5%。

With respect to our profitability expectations for the second quarter of 2026, we expect non-GAAP operating margins in the range of approximately 18.7% to 20.4% compared to 21.2% last year, and non-GAAP EPS in the range of $0.90 to $1 compared to $1.01 last year.

就2026年第二季的獲利能力預期而言，我們預期非GAAP營業利益率約為18.7%至20.4%，相較去年為21.2%；非GAAP EPS介於0.90至1.00美元之間，相較去年為1.01美元。

With that, I will now turn the call back to Martha for closing comments.

接下來，我將把電話交回給Martha作結語。

Thanks, Raul. As you can hear, we continue to be on a nice trajectory to successfully complete the third and final year of CGI. I want to commend the organization once again for staying focused on delivering these results. While also closing a strategic acquisition on April 1 and embarking on our long-range strategy work.

謝謝你，Raul。正如各位所聽到的，我們持續保持良好態勢，朝成功完成CGI第三年也是最後一年的目標前進。我想再次嘉許整個組織能專注於交付這些成果，同時也在4月1日完成一項策略性收購，並啟動我們的長期策略工作。

I want to add that when our extended leadership team spent several days kicking off our long-range strategy work during the quarter, we had very robust conversations about each platform, and there was tremendous energy around this work.

我也想補充，當我們的擴大領導團隊在本季花了數天啟動長期策略工作時，我們針對各個平台進行了非常深入的討論，而這項工作也帶來了極大的能量與動力。

We also recommitted ourselves to ensuring that our infrastructure is solid so that we can continue to scale our business globally. As I've said before, we will do that with both organic product development alongside disciplined tuck-in acquisitions focused on our strategic platforms.

我們也再次承諾要確保基礎設施穩固，以便能持續在全球擴大我們的業務規模。如我先前所說，我們將透過有機的產品開發，同時搭配聚焦於策略平台、且具紀律的補強型（tuck-in）收購來達成。

Finally, as I've continued my global travels and spend time with customers, investors, and employees, I continue to be inspired and excited about the future of Merit. Medical.

最後，隨著我持續進行全球出差並與客戶、投資人及員工相處，我仍不斷受到啟發，並對Merit Medical的未來感到振奮與期待。

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

接線員，我們現在想開放電話線供提問。

(Operator Instructions)

（接線員指示）

Michael Petusky, Barrington Research.

Michael Petusky，Barrington Research。

So I guess there wasn't much in the way other than, I guess, the re-firmed guide on Rhapsody. Martha, are there any updates you want to share there, whether it's anecdotal or more quantitative, just on early days progress? Thanks.

所以我想，除了我猜就是重新確認了 Rhapsody 的指引之外，似乎沒有太多其他內容。Martha，關於那邊你有沒有任何更新想分享，不管是軼事性的或更量化的，就早期進展而言？謝謝。

Yeah, thanks very much, Mike. Just to clarify, you're asking about Rhapsody.

是的，非常感謝你，Mike。先澄清一下，你是在問 Rhapsody 嗎？

Yes.

是。

No, we're real pleased with how Rhapsody is going. Again, just to remind folks, we did a bit of a reset, if you will, on how we're approaching our go-to-market strategy with Rhapsody. We really instituted that towards the end of last year. And I'd say at this point, we're very pleased with how we're doing.

沒有，我們對 Rhapsody 的進展非常滿意。再次提醒大家，我們對於 Rhapsody 的上市策略（go-to-market strategy）採取方式做了一些重整（reset）。我們在去年年底左右確實推行了那套做法。而我會說到目前為止，我們對表現非常滿意。

We've given, I think, our previous guidance or our. Guidance in 2026 of $7 million for Rhapsody for the fiscal year, and we're tracking right on that.

我們先前給出的指引，或我們在 2026 年的指引，是本會計年度 Rhapsody 為 700 萬美元，而我們目前的進度正好符合該目標。

Okay, great. And then I'm not sure who this is for, but I'm just curious about, are you guys, like, is there a formal process? Are you guys seeking refunds in terms of the tariffs that you had to pay last year and the first part of this year? And if so, how does that process work? Thanks.

好的，很棒。接著我不確定這題該問誰，但我只是好奇，你們是否有正式流程？你們是否正在就去年以及今年前段時間不得不支付的關稅申請退稅？如果有，流程是怎麼運作的？謝謝。

Yeah, maybe I'll just kind of give a guidance overview, if you don't mind, Mike, because there's a lot of moving parts to this. But just as a reminder, for our 2026 guidance, we have left it unchanged, essentially, from what we did in the first quarter, which is we've got $15 million that's baked into our guidance for 2026 versus the $9 million that we had in 2025.

好的，Mike，如果你不介意，我先就指引做個概覽，因為這裡面有很多變動因素。提醒一下，我們的 2026 年指引基本上維持不變，和第一季時一樣：我們在 2026 年指引中已納入 1,500 萬美元，相較於 2025 年的 900 萬美元。

That's unchanged since the US Supreme Court decision. I think there's still a potential for the administration to challenge that, I believe, through May. And so I think we'll reevaluate that as part of our second quarter kind of reevaluation.

這在美國最高法院的裁決之後仍未改變。我認為政府仍可能在 5 月前提出挑戰。因此我想我們會把這件事納入第二季的重新評估中再檢視。

And we'll discuss, that further. I think, after the second quarter, once we kind of get a little, I guess on firmer ground, right? It's a moving target. But there's also the Section [232] stuff that's hanging out there. Have you guys wanted to clear that out?

我們也會進一步討論。我想在第二季之後，等我們的情況更明朗一些時再說，對吧？這是一個不斷變動的目標。不過另外還有《232 條款》（Section [232]）相關事項懸而未決。你們想把那部分也釐清嗎？

I'm sorry.

不好意思。

Okay. Go ahead.

好的。你繼續。

I was just going to say, have you guys filed it? Like, is there paperwork to file to seek refunds at this point for you guys or no?

我只是想問，你們有沒有提出申請？也就是說，目前你們是否需要提交文件來申請退稅，還是不用？

Yes, so we have started the process of reimbursement. Like I said, though, I think the challenge is that the administration can still challenge, the reimbursement through May. And so I think, from our perspective, we've started the process of filing and have essentially filed for the majority of that. And I think we'll have an update, hopefully, on our second quarter call as to how that shakes out.

有的，所以我們已經開始進行退還（reimbursement）的流程。不過如我所說，挑戰在於政府仍可能在 5 月前對退還提出挑戰。因此就我們的角度，我們已開始提交申請，且基本上已就其中大部分完成申報。我想我們希望能在第二季電話會議上更新最終結果如何。

But, feeling optimistic, I would say, if things stay as they are today, I definitely think, the $15 million would come down.

不過我會說，我們感到樂觀；如果情況維持如今天這樣，我確實認為那 1,500 萬美元會下降。

Jason Bednar, Piper Sandler.

Jason Bednar，Piper Sandler。

Hey, good afternoon, everyone. Thanks for taking the questions and nice start to the year here. I wanted to start first on viewpoint, the recent deal.

各位下午好。謝謝回答問題，也恭喜今年開局不錯。我想先從 Viewpoint 最近那筆交易談起。

It's a pretty sizable revenue contribution step up from this year to next. And just if you could help us out with how you see this coming together, what's supporting that growth ramp going from $2 million to $4 million in revenue this year up to $14. To 16 million next year?

從今年到明年，營收貢獻的增幅相當可觀。可否請你們協助說明你們如何看待這件事的落地？是什麼支撐營收從今年 200 萬到 400 萬美元，提升到明年 1,400 萬到 1,600 萬美元的成長爬坡？

And then should we think about that 20% growth rate you referenced starting in 2028 and building on that 14 million to 16 million? And then I guess looped in here, just any considerations around synergies that could be realized with respect to that SCOUT platform?

另外，我們是否應該把你們提到的 20% 成長率視為從 2028 年開始，並以 1,400 萬到 1,600 萬美元為基礎往上成長？還有我想一併問一下，關於 SCOUT 平台，有沒有任何可實現的協同效益需要考量？

Yeah, thanks, Jason. I appreciate the question. A couple of comments on that, if you will. I mean, first of all, I mean, I'm just going to kind of take a step back, if you will, on oncology, right? It's about $100 million platform for us, and it's been growing very nicely, and yet it's been a one-product, pretty much a one-product platform.

謝謝你，Jason。我很感謝這個問題。我先談幾點。首先，我先退一步談腫瘤科（oncology），對吧？這對我們而言是一個約 1 億美元的平台，而且成長得很不錯，但它基本上一直是單一產品、幾乎是單一產品的平台。

So we have been looking for a while at ways to try to add to that platform because we have an outstanding field organization. And. We wanted to get some additional products in their hands. And if you think about the breast cancer market, right, and particularly you have to go to the biopsy phase, right, in terms of the whole phase, right? Somebody has a mammogram where something's seen. And so in the US alone, there's 1.6 million, sorry, 1.6 million breast biopsies that are done each year.

因此我們一直在尋找方法來擴充這個平台，因為我們有非常出色的前線組織。而且我們希望讓他們手上有更多產品。若你看乳癌市場，尤其是必須進入活檢階段（biopsy phase），對整個流程而言：有人做乳房攝影（mammogram）看到可疑之處。僅在美國，每年就會進行 160 萬例乳房活檢——抱歉，是 160 萬例。

And for Scout, the product that we've had for a period of time now, the applicable market's been about 300,000 of those procedures each year. So with the addition of one mark, you actually expand the market three to four times because now that other 1.3 million breast biopsies that are done tend to be done for lower risk patients.

而對於 SCOUT——也就是我們已經有一段時間的產品——其適用市場每年大約是其中 30 萬例手術。隨著加入 one mark，你實際上把市場擴大了 3 到 4 倍，因為其餘每年約 130 萬例乳房活檢通常是針對較低風險的病患。

The SCOUT tends to be used for higher risk patients. So we're really just seeing a. Terrific market expansion opportunity here. And it's really then just comes down to a physician choice about whether they'd rather use radar technology or ultrasound technology. So we're super excited about that. And I'll just say, I think the other really important thing about this is that both of these approaches happen at the time of biopsy, whereas many of the other -- if you don't do something at a time biopsy, a patient may have to go through an additional.

SCOUT 通常用於較高風險的病患。因此我們看到的是一個非常棒的市場擴張機會。接下來就取決於醫師的選擇：他們更想使用雷達技術（radar technology）還是超音波技術（ultrasound technology）。所以我們對此非常興奮。我再補充一點，我認為另一個非常重要的地方是，這兩種作法都發生在活檢當下；而許多其他作法——如果你沒有在活檢當下處理，病患在手術前可能還得再做一次額外的……

Localization procedure before their surgeries. So we're really excited about what it means for patients. And, I think, again, breast cancer grows about 4% a year, and actually the wire-free localization market where we play is growing at about 13% a year. So I think when you ask about our confidence in the future growth rates, we feel good about that.

定位（localization）程序。因此我們對這對病患的意義感到非常興奮。而且我想，再次強調，乳癌大約每年成長 4%，而我們所參與的無導線定位（wire-free localization）市場實際上約每年成長 13%。所以當你問到我們對未來成長率的信心時，我們對此感覺良好。

Yeah, I'll add, Jason. At the midpoint of our '27 guide, which was around $15 million, you can definitely tack on the 20% that we called out. And on the synergies, just to be clear, in the guide for 2027, on a full-year basis, it is accretive, both on the top-line and the bottom line, with nice strong gross margins at 70%. So we're really excited about it.

我補充一下，Jason。以我們 2027 年指引的中位數來看，大約是 1,500 萬美元，你確實可以在此基礎上再加上我們提到的 20%。至於協同效益，先說清楚：在 2027 年的指引中，以全年計算，無論在營收端或獲利端都是增益（accretive），而且毛利率強勁，達 70%。所以我們對此非常興奮。

Okay, thank you for all that. That was super helpful, very in-depth. You've got a good asset on your hands. I want to pivot to the OEM part of the business. I appreciate all the extra color in the prepared remarks, Raul. I heard you on the 1Q performance and the normalized growth profile for OEM, but I guess kind of the genesis of the question here is, can you say that the worst is behind you for OEM? Does that performance get sequentially better in 2Q?

好的，謝謝你們的說明。非常有幫助，也很深入。你們手上有個很好的資產。我想把話題轉到 OEM 業務。我很感謝你在事先準備的講稿中提供更多細節，Raul。我聽到你提到第一季的表現以及 OEM 的常態化成長輪廓，但我這個問題的出發點是：你們能否說 OEM 最糟的情況已經過去了？第二季的表現會不會較第一季逐季改善？

Does growth return in the second part of this year, second-half of this year? Year. And bigger picture on OEM, Martha, we've obviously seen you take some actions on portfolio management at Merit. How do you think of the value OEM provides to Merit versus maybe what you could potentially realize through strategic moves like some of the actions we've seen across other MedTech OEM players here the last several months?

今年下半年 OEM 會恢復成長嗎？另外從更宏觀的角度看 OEM，Martha，我們顯然看到你在 Merit 進行了一些投資組合管理的行動。你如何看待 OEM 對 Merit 所提供的價值，相較於你們可能透過策略性動作所能實現的價值——例如過去幾個月我們在其他醫療科技 OEM 業者身上看到的一些行動？

I'll take the last part of the question first, Jason, if you don't mind. I think just to kind of level-set people on what our OEM business is we essentially sell capacity, right? So I would say that we're different than other OEM companies out there. We're not a contract manufacturer. We are selling our own products. And so divesting of that just doesn't really work, right? We'd end up with a bunch of extra capacity.

Jason，如果你不介意，我先回答問題的後半段。我想先幫大家校準一下我們的 OEM 業務本質：我們基本上是在出售產能（capacity），對吧？所以我會說我們和其他 OEM 公司不同。我們不是代工製造商（contract manufacturer）。我們是在銷售自有產品。因此把那部分剝離（divesting）其實行不通，對吧？我們最後會留下大量多餘的產能。

Having said that, we love our OEM business. It's a great asset. OEM business remains healthy despite the quarter-to-quarter fluctuations. I know you guys find that frustrating, but I think as we see the visibility, specifically, we're getting excited about what we can do there. We continue to believe.

話雖如此，我們很喜歡我們的 OEM 業務。這是一項很棒的資產。儘管季度之間會有波動，OEM 業務仍然維持健康。我知道各位會覺得這很令人挫折，但我認為隨著我們的能見度提升，尤其是，我們對於能在那裡做到什麼開始感到興奮。我們仍然相信。

The appropriate kind of normalized growth profile is in the mid to high single-digits. And I think we're starting to see orders for Q2. That gives us a lot of confidence that I think we are going to be in that mid -- at the very least, I always kind of like to point to the low end. You guys know how I work, but we should be at the very least at that mid-single-digit growth profile that I just talked about. So excited about. To see how the quarter goes, but early start is looking really good.

合適的常態化成長輪廓大約在中到高個位數。我想我們也開始看到第二季的訂單了。這讓我們很有信心，我認為我們會落在那個中——至少，我一向喜歡指向低端。各位知道我的作風，但我們至少應該會在我剛才提到的中個位數成長輪廓。很令人振奮。看看這一季會怎麼走，但目前的開局看起來非常好。

Sorry, just to clarify, you're saying mid-singles is how you're seeing 2Q come together, mid-single-digit growth for OEM?

抱歉，確認一下，你的意思是你們看到第二季的情況是中個位數，也就是 OEM 的中個位數成長？

Sam Eiber, BTIG.

Sam Eiber，BTIG。

Hey, good afternoon. Thanks for taking the questions here. Maybe I can follow-up on some of the supply dynamics in the cardiac business that was called out in the prior quarter. Just curious to get an update on how that's shaking out here, and then I'll have a quick follow-up.

嗨，午安。謝謝讓我提問。也許我可以追問一下上一季提到的心臟業務供應動態。想請教目前這件事的進展如何，然後我還有一個簡短的追問。

Yeah, I mean, I think, we continue to, be on track. I think, maybe to kind of walk, through that issue, right? When we initially had our first quarter, or sorry, fourth quarter call, it was a supply chain issue that, unfortunately did turn into a recall. And I'm sure, a lot of you guys saw the notice go out. And so.

是的，我的意思是，我想我們仍然在軌道上。我想也許稍微回顧一下那個問題，對吧？當我們一開始在第一季——抱歉，是第四季的電話會議時，那是一個供應鏈問題，不幸地後來演變成召回。我相信很多人都看到公告發出去了。所以。

Again, from a financial perspective, it's immaterial to our 2026 financial results. We continue to be on track to have this product back on the market. And it's unfortunate that this came to this, but just to kind of highlight it, it's a Class 1 recall, but we haven't had any of those since 2017.

再次強調，從財務角度來看，這對我們 2026 年的財務結果影響不大。我們仍按計畫讓這項產品重新回到市場。很遺憾事情發展到這一步，但我想強調的是，這是第一級（Class 1）召回，不過我們自 2017 年以來就沒有發生過這種情況。

Just to clarify, this was in Reno, right?

確認一下，這是在雷諾（Reno），對吧？

Just for clarity, Sam.

澄清一下，Sam。

Okay, that's helpful. And maybe just a quick follow-up on, some of the geopolitical issues we're seeing out of the Middle East. Just wondering if you're able to help, I guess, quantify here or think through, any kind of impact on the revenue line and then to input costs, whether it's freight, oil.

好的，這很有幫助。再快速追問一下，關於我們在中東看到的一些地緣政治問題。想請問你們是否能協助量化或思考一下，對營收端以及投入成本（不論是運費、油價）可能造成的任何影響。

How should we be thinking about that over the course, over the rest of the year? Thanks for taking the questions.

我們應該如何看待今年接下來的影響？謝謝讓我提問。

Yeah, I mean, on the positive side, I mean, we have yet to receive any price increases from our vendors. We are seeing fuel surcharges. I think those are pretty typical. We usually see those at least once a year as gas prices fluctuate. So that's nothing that we're used to dealing with that.

是的，我的意思是，正面來看，我們目前還沒有收到供應商任何漲價通知。我們確實看到燃油附加費。我想那相當典型。我們通常至少每年會看到一次，因為油價會波動。所以這不是什麼新鮮事，我們也習慣處理。

I would say that right now, I think what we're seeing, everything is manageable. I guess if the issue continues, I think we'll have to reevaluate that. But as of now, we feel like we can overcome whatever is coming our way. The other thing, too, that I'll call out is on the sales side, right, we continue to get orders from the Middle East region.

我會說，就目前而言，我想我們看到的一切都還可控。我想如果這個問題持續下去，我們可能就得重新評估。但截至目前，我們覺得可以克服迎面而來的任何狀況。另外我也要提一下，在銷售端，我們仍持續收到來自中東地區的訂單。

We did leave about a million and a half dollars of revenue on the table from shippers that just weren't able to come and pick the product up and deliver it. So, we are seeing an impact.

我們確實因為承運商無法前來取貨並完成交付，而少認列了大約 150 萬美元的營收。所以，我們確實看到影響。

I would say that it's very manageable and, again, we continue to feel really optimistic about the guidance that we put out there for 2026.

我會說這是非常可控的，而且再次強調，我們對於 2026 年所提出的財測仍然非常樂觀。

David Rescott, R.W. Baird.

David Rescott，R.W. Baird。

Two from us, and I'll ask them both upfront. I heard some of the commentary around OEM as it relates to the quarter in Q2 and the guide for the year.

我們有兩個問題，我先一起問。我聽到一些關於 OEM 的評論，涉及第二季的表現以及全年指引。

I recall that there was some Asia impact in there. In general. So curious on if you could provide any color just around what the assumptions are for China and Asia Pac at this point and more broad strokes on how that is shaking out versus contributions in that region in the prior year.

我記得其中有一些亞洲的影響。整體而言。因此想請教你們目前對中國與亞太地區的假設是什麼，以及更宏觀地看，與前一年該地區的貢獻相比，目前的情況如何演變。

At least. And then thinking more on the operating margin side, I believe the results that you put up were a little bit better than we had expected on the operating margin front, lower OpEx growth, it seemed to be the case, better gross margin.

至少是這樣。然後再談營業利益率方面，我認為你們公布的結果在營業利益率上比我們預期稍好，營業費用（OpEx）成長較低似乎是原因之一，毛利率也更好。

So can maybe you help us think about how you're thinking about some of the controls on the OpEx side through the rest of the year? I believe you commented on gross margins already, but would be curious around any of the underlying. You have for better, better-than-expected operating margins in the year?

所以你們能否協助我們理解，接下來一年你們如何看待其餘期間在 OpEx 端的控管？我知道你們已經談過毛利率，但也想了解一下，你們對於全年營業利益率優於預期的背後，有哪些更底層的因素？

Thank you.

謝謝。

Yeah. So maybe I'll just hit on the APAC region, right? I mean, I think on the OEM side, that's where you started, specific to kind of the APAC region. That was essentially in line with our expectations. APAC as a whole was up 1% on a constant currency in Q1.

好的。那我先談亞太（APAC）地區，對吧？我的意思是，我想在 OEM 端，你一開始提到的就是亞太地區。那基本上符合我們的預期。第一季以固定匯率計，整體 APAC 成長 1%。

Which was a beat for us versus the high end of our guidance. China sales increased by about 2% year-over-year on a constant currency in Q1, essentially in line with our expectations. BBP impact was, I would say, modestly better than expected.

這對我們來說是優於我們財測區間的高端。第一季以固定匯率計，中國銷售年增約 2%，基本符合我們的預期。BBP 的影響，我會說是略優於預期。

And as far as China, I think we continue to expect, I would say, low single-digits for 2026 as we continue to deal with volume-based purchasing. Moving on to kind of the operating expense side of things. Yeah, look, I mean, I think when, obviously, we were expecting a lower gross margin.

至於中國，我想我們仍預期 2026 年大約是低個位數成長，因為我們仍在因應帶量採購。接著談營業費用方面。是的，你看，我的意思是，當時很明顯我們預期毛利率會較低。

So we controlled operating expenses and then with the conflict, as that came out, we really kind of talked to the executive team about being in control of those operating expenses. And so I think they did a really good job of doing that.

所以我們控管營業費用，然後隨著衝突事件發生，我們也確實與高階主管團隊討論要把營業費用控制好。我想他們在這方面做得非常好。

And so we obviously let that flow through to the bottom line with $0.11 beat and a much better operating margin than we had initially indicated on the fourth quarter call.

因此我們讓這些效益反映到最終獲利，EPS 優於預期 0.11 美元，營業利益率也比我們在第四季電話會議時最初所指引的好得多。

And one of the nice things is that we were able to offset the $0.05 dilution. A viewpoint and essentially increased our EPS guide to cover for that. So again, overall, I think the P&L was off to a really good start, strong start for Q1. We beat on the revenue side by over $4 million. Gross margin was better than anticipated. We controlled operating expenses.

而且其中一個好消息是，我們得以抵消 0.05 美元的稀釋（dilution），從某個角度來看，等於我們上調了 EPS 指引以涵蓋那部分影響。所以整體而言，我認為損益表在第一季有一個非常好的開局、強勁的開局。營收端我們優於預期超過 400 萬美元。毛利率也比預期更好。我們控管了營業費用。

And so that gives us a lot of confidence as we head into the rest of the year and really confident in the full-year operating margin guide and obviously focused on our CGI targets.

因此，這讓我們在邁向今年剩餘期間時更有信心，對全年營業利益率指引也非常有信心，當然也會聚焦在我們的 CGI 目標。

And David, I might just throw in one comment if I could. I mean, hats go off to Raul and Travis and our finance team. I think one of the things we've been working on is a number of our processes across the company and getting our finance partners involved in that earlier in the process.

David，如果可以的話我再補充一句。我是說，要向 Raul、Travis 以及我們的財務團隊致敬。我想我們一直在推動的一件事，是改善公司內多項流程，並讓我們的財務夥伴更早參與流程。

So I just think we're doing our best to ensure discipline, I'd say, throughout the organization when it comes to spend. So again, just a hats off to our finance team partners. Up with all of our, the engineering staff, our operations team, et cetera.

所以我認為我們正盡最大努力，確保在支出方面，整個組織都能維持紀律。我再一次向我們的財務團隊夥伴致敬，也包括我們所有的工程人員、營運團隊等等。

Aidan Leahy, Bank of America.

Aidan Leahy，美國銀行（Bank of America）。

All right. Thanks for taking the questions. Two for me on one, Mark. One, when you did the deal, how much were you factoring in it being complementary versus cannibalistic to Scout? I know you said it's a position preference. So is this a move that can open up broader accounts? Would some accounts have both systems?

好的，謝謝讓我提問。我有兩個問題，都是問 Mark。第一個，當你們做這筆交易時，你們在多大程度上把它視為與 Scout 互補、而不是互相侵蝕（cannibalistic）？我知道你說這是「位置偏好」。所以這是否是一個能打開更廣泛客戶的動作？有些客戶會同時擁有兩套系統嗎？

And do you think there are any impact on Scout sales during the inorganic period that could impact growth?

另外，你認為在併購整合期間，是否會對 Scout 的銷售造成任何影響，進而影響成長？

Yeah, thanks for the question. No, we really do think this is a market expansion play, right? I mean, obviously, there could be a handful of accounts. As you said, we could have a situation where some have both, and there could be some where someone does choose one over the other, but there really is an opportunity, frankly, it's a little bit of a -- we call it a better and a best offering, if you will.

是的，謝謝你的問題。不，我們確實認為這是一個市場擴張的策略，對吧？我的意思是，當然可能會有少數客戶——如你所說——我們可能會遇到有些客戶同時擁有兩套系統的情況，也可能有些情況是某些人會選擇其中一套而不是另一套，但坦白說，這裡確實存在機會；有點像——如果你願意的話——我們稱之為「更好」與「最佳」的產品組合。

So there's really an opportunity to target the accounts very specifically. Which our team has done a great job already in being ready to go do that, so that we really see it as a total expansion of that time at biopsy localization market.

因此，確實有機會非常精準地鎖定這些客戶。我們的團隊在準備就緒、隨時可以去執行這件事方面已經做得非常出色，所以我們真的把它視為對該活檢定位市場時機的全面擴張。

Got it, really helpful. And then I think we saw one mark was actually running a trial that was head-to-head with Scout.

了解，很有幫助。接著我想我們看到 One Mark 其實正在進行一項與 Scout 正面對決的試驗。

Obviously, now that both products are yours. Did the outcomes of that trial change the strategy with Scout depending on if it goes one way or the other and no other plans there?

顯然，現在兩個產品都屬於你們。那項試驗的結果是否會影響 Scout 的策略（取決於結果偏向哪一方），以及除此之外是否還有其他計畫？

No, again, I mean, I just literally got off the phone earlier today with one of the team members from One Mark. I mean, this group is super excited to be part of Merit. Merit's super excited to have them as part of our team. There was actually, there's a major Congress happening literally starting today.

不會。再說一次，我今天稍早才剛和 One Mark 團隊的一位成員通完電話。這個團隊非常興奮能成為 Merit 的一員，Merit 也非常興奮他們加入我們的團隊。其實有一個大型年會今天就正式開始。

Society for Breast Surgeons, and there was a training with fellows earlier today. And literally what the team was reporting back to me is how it really is a physician preference kind of a thing. And some people are just more sort of audible, and they like the radar and hearing it. And then frankly, others say being able to see it visually, they prefer that approach. So we're just excited to have this enhanced product offering across the portfolio. And, as we said, just a great add to the Merit Oncology platform.

乳房外科醫師學會（Society for Breast Surgeons），而今天稍早也有針對進修醫師（fellows）的訓練。團隊回報給我的情況是，這真的屬於醫師偏好問題。有些人比較偏好聽覺回饋，他們喜歡雷達、喜歡聽到訊號；坦白說，另一些人則表示能以視覺方式看到，他們更偏好那種方法。所以我們很高興能在整個產品組合中提供更完整的產品選擇。而且如我們所說，這也是對 Merit 腫瘤平台的一項很棒的補強。

James Sidoti, Sidoti & Company.

James Sidoti，Sidoti & Company。

Hi, good afternoon. Thanks for taking the questions. So, if I heard you correctly, with gross margin, we're able to maintain that, keep that basically flat, despite about $5 million of tariff expense. What drove that? Was that a mix issue, or can you give us some more color on that?

嗨，下午好。謝謝讓我提問。所以如果我理解正確，在毛利率方面，儘管約有 500 萬美元的關稅費用，你們仍能維持、基本持平。是什麼驅動了這點？是產品組合因素嗎？或能否再多提供一些說明？

Yeah, so I mean, it was essentially 100 basis point impact to or 120 basis point impact to our gross margin, the tariff source, so again, hats off to our sales force on focusing on selling the right product at the right price.

是的，所以關稅來源對我們毛利率的影響大約是 100 個基點到 120 個基點。再次向我們的銷售團隊致敬，他們專注於以正確的價格銷售正確的產品。

Obviously, we have some acquisitions, too, that are helping us. And that's part of that mix component. We continue to focus on the, throw the kitchen sink approach at the gross margin.

顯然，我們也有一些併購案在幫助我們，而那也是組合因素的一部分。我們持續專注於毛利率，採取「能做的都做」的方式。

And, I think, the conflict in the Middle East is exactly why we do that. There's surcharges that are coming that we were still over to, being able to overcome. Our operations group is doing everything they can to try and maintain, or improve costs.

而且我認為，中東的衝突正是我們這麼做的原因。接下來會有一些附加費（surcharges），我們仍需要設法克服。我們的營運團隊正盡其所能，努力維持或改善成本。

In a really challenging environment. So I would say it's a little bit of everything, Jim, but there is a mixed component that's helping us. Again, I think we've done a really good job over the last under FFG and CGI on really focusing on the right products. And then we did divest of the dual cap. That was a very low gross margin product, and that's helping also. So again, we're hyper-focused on the CGI goals.

在一個非常具挑戰的環境中。所以我會說，Jim，這是多種因素共同作用，但確實有產品組合的因素在幫助我們。再說一次，我認為在 FFG 和 CGI 之下，我們過去一段時間在聚焦正確產品方面做得非常好。另外我們也剝離了 dual cap，那是一個毛利率非常低的產品，這也有幫助。所以我們再次強調，我們高度聚焦於 CGI 的目標。

And as you guys know, gross margin is an important contributor to operating margin, which is why we focus on it so much.

而且如各位所知，毛利率是營業利益率的重要貢獻來源，這也是我們如此重視它的原因。

And then inventory was up about $20 million in the quarter, can you explain that?

另外，本季存貨增加了大約 2,000 萬美元，可以解釋一下嗎？

Yeah, I mean, again, there's acquisitions that have taken place, and we're building out those inventories. I think there's certain areas that we were a little low in. As you guys recall, over the last year in our endoscopy segment, we dealt with a little bit of supply chain issues, so getting that to a healthy point.

是的，我的意思是，首先我們確實完成了一些併購，正在建立那些業務的存貨。我認為有些領域我們的存貨水位稍微偏低。各位還記得，過去一年在我們的內視鏡部門，我們遇到一些供應鏈問題，所以現在把存貨補到更健康的水準。

Same with our oncology business. And I would say same within our cardiac and renal therapies. Those are all areas that had really strong sales that we essentially just getting the safety levels to an area that we feel comfortable with.

我們的腫瘤業務也是如此。我也會說，我們的心臟與腎臟治療（cardiac and renal therapies）也是一樣。這些領域銷售都非常強勁，因此我們基本上只是把安全庫存水位調整到我們覺得更安心的區間。

And you're also in an environment right now where you start to kind of look at the supply chain, just making sure that you're covered, just given the performance of the company that we expect. And so just making sure our safety stocks are at the right level.

而且在目前這個環境下，你也會開始重新檢視供應鏈，確保供應無虞，尤其考量到我們對公司表現的預期。因此就是確保我們的安全庫存維持在適當水準。

All right, and if I can, I'm going to sneak one more in. Can you just tell us what the distribution looks like for the OneMark system prior to the acquisition and how many people will be selling it now that it's a Merit product?

好的，如果可以的話我再偷問一題。你能否說明 OneMark 系統在併購前的通路分銷情況，以及現在成為 Merit 產品後，會有多少人負責銷售？

Well, we don't, Jim, we don't share exactly how big our sales organizations are. I mean, Viewpoint was certainly a smaller organization. So, again, it'll fold really nicely into our team, as I said, who's really excited to have their viewpoint colleagues join them. But it's not -- I'll say this, it's not a major expansion of our sort of, commercial footprint.

嗯，Jim，我們不會分享我們銷售組織的確切規模。Viewpoint 的確是一個較小的組織。所以再說一次，它會很順利地併入我們的團隊；如我所說，我們的團隊也很興奮能讓 Viewpoint 的同事加入。但這並不是——我會這麼說——並不是我們商業覆蓋範圍（commercial footprint）的重大擴張。

But I would say the energy behind it will certainly make up for that.

但我會說，背後的動能與熱情肯定能彌補這一點。

Okay, so the big jump to revenue in 2027, that's not because of increased distribution. You think that should increase product awareness?

好的，所以 2027 年營收的大幅跳升，不是因為通路分銷增加。你認為那應該會提升產品能見度？

Correct. It's increased product awareness, and it's being able to have options as you go into each and every account. And it's some really excellent account planning and targeting that our team is undertaking.

正確。是提升產品能見度，並且讓你在拜訪每一個客戶時都能提供不同選項。同時，我們團隊正在進行非常出色的客戶規劃與鎖定。

John Young, Canaccord.

John Young，Canaccord。

Hi, guys. Thanks for taking a question and congratulations on the quarter. Martha, I just wanted to ask, when you came into the seat, just there's an emphasis on OUS growth of your background. Any updates on the progress or changes that you've made there? I know in the script you spoke about some alignment changes.

嗨，各位。謝謝讓我提問，也恭喜本季表現。Martha，我想問一下，你上任後，基於你的背景，似乎更強調美國以外（OUS）的成長。這方面的進展或你做了哪些改變，有沒有更新？我知道你在講稿中提到一些對齊（alignment）的調整。

Has compensation senses changed at all for the reps?

業務代表的薪酬激勵（compensation）有任何改變嗎？

So, no, as we go into 2026, there have not been any significant comp changes for our reps.

所以，沒有。展望 2026 年，我們並沒有對業務代表做任何重大的薪酬調整。

I mean, I will say, you've heard Raul talk about our gross margin improvement. I would say over the last several years, this organization has done a really nice job making sure our team knows which products to keep focused on.

我的意思是，我會說，你也聽到 Raul 談到我們毛利率的改善。我會說，過去幾年，這個組織在確保團隊清楚知道應該持續聚焦哪些產品方面做得非常好。

And we really are pushing a bit more emphasis on some of our higher-margin products. So there's certainly that.

而我們確實更強調一些毛利率較高的產品，所以這點是肯定的。

And I would just say, in general, right, I mean, we do have about 40% of our revenue is outside the United States. And again, as you heard, our international teams continue to do a really nice job for us. So I'm quite pleased with that.

另外我也想說，整體而言，我們大約有 40% 的營收來自美國以外。再說一次，如你所聽到的，我們的國際團隊持續為我們做得非常出色，所以我對此相當滿意。

Thanks. And then just looking perhaps for any additional color on the endoscopy segment and any progress that you guys made in the quarter on the integration and training of that sales force. Thanks again for taking questions.

謝謝。接著想請你們再多談一些內視鏡部門的情況，以及本季在銷售團隊整合與訓練方面有哪些進展。也再次感謝讓我提問。

Yeah, so we're really excited about the endoscopy platform, right? I mean, so we brought in the C2 CryoBalloon acquisition, which is so far doing better than our high-end expectations. So we're really pleased about that. And then as you probably saw, we announced a new product and we mentioned it in the script, right? The resilience product, which is this through the scope esophageal stent.

是的，所以我們對內視鏡平台感到非常興奮。我的意思是，我們完成了 C2 CryoBalloon 的併購，到目前為止表現甚至優於我們最樂觀的預期，所以我們非常滿意。然後如你可能也看到的，我們宣布了一項新產品，並在講稿中提到，對吧？Resilience 產品，也就是這款可經由內視鏡置入的食道支架（through-the-scope esophageal stent）。

So this is a really nice market for us. It's sub-100 million size in terms of market, but again, that's in the world of Merit Medical, that's a really nice market sort of space for us.

這對我們來說是一個很不錯的市場。就市場規模而言不到 1 億美元，但再說一次，在 Merit Medical 的世界裡，這對我們而言是一個相當不錯的市場區塊。

So this is a great stent, and it's actually because physicians get to put it in through a scope, they feel like they have a lot more control and accurate placement. And most importantly, what the feedback we've gotten initially is that it's not moving once it's there, so migration has really been an issue. With the number of the stents that are out there in that market.

所以這是一款很棒的支架，而且因為醫師可以透過內視鏡把它放置進去，他們覺得能有更高的控制度與更精準的定位。最重要的是，我們初期收到的回饋是，一旦放置到位就不會移動；而移位（migration）一直是該市場上許多支架的一大問題。

So again, we're just, we're really excited about the opportunity for resilience and frankly, the endoscopy business in general. And in fact, next week I'll be at Digestive Diseases Week with the team, which is one of their big shows, more on the GERD side of things. But again, all across endoscopy, we're very pleased.

所以再說一次，我們對 Resilience 的機會、以及坦白說整體內視鏡業務都非常興奮。事實上，下週我會和團隊一起參加 Digestive Diseases Week，這是他們的大型展會之一，內容更偏向 GERD 相關。但再說一次，整個內視鏡領域我們都非常滿意。

Yeah, maybe I'll add a little color, if as hopefully you guys saw last year, I think our endoscopy team just got better every quarter as they integrated and learned how to sell kind of both bags, essentially.

是的，也許我再補充一點說明；如果你們去年有看到的話，我認為我們的內視鏡團隊在整合並學會如何同時銷售兩種袋子（基本上）之後，每一季都變得更好。

Q1 was mid-teen growth, so really strong performance by them, and they're excited about what they're doing, which makes us excited about the potential that they have.

第一季是十幾%的成長，所以他們的表現非常強勁；而且他們對自己正在做的事情感到興奮，這也讓我們對他們所具備的潛力感到振奮。

Jason Bedford, Raymond James.

Jason Bedford，Raymond James。

Hey, Martha. Zach, hold on for Jason Bedford here. Thanks for taking the question. So you guys have talked about being open to deals that are somewhat larger than historical tuck-ins, and of course we saw the Viewpoint deal.

嗨，Martha。Zach，先讓我接 Jason Bedford。謝謝讓我提問。你們一直提到對於規模可能略大於以往小型併購（tuck-ins）的交易持開放態度，當然我們也看到了 Viewpoint 這筆交易。

Then you look at the pipeline, can you remind us what those key areas are for the next deal? And then kind of in terms of sizing, would you say Viewpoint is a good proxy for deal characteristics and size in terms of just helping us level set expectations and acquisitions?

接著看你們的案源管線（pipeline），能否提醒我們下一筆交易的關鍵領域會是哪些？另外就規模而言，你會說 Viewpoint 是一個不錯的參考指標（proxy）嗎——就交易特性與規模而言，幫助我們校準對併購與收購的預期？

Thank you.

謝謝。

Yeah, thanks. Appreciate the question. Look, I mean, I think doing deals is not something where you get to say, I want to do something of exactly this size. At this time to add precisely to this particular platform. That would be great, right? That would be a lovely world in which to live.

好的，謝謝，感謝你的問題。你看，我的意思是，做交易不是那種你可以說：我想做一筆「剛好就是這個規模」、在「這個時間點」、精準補到「某個特定平台」的交易。那當然很棒，對吧？那會是一個很美好的世界。

But unfortunately, that's not reality. So we're not going to put sort of a number around size of deal, if you will. As I said, we're looking at a lot of things. This company has grown a lot through acquisition. We plan to continue to do that.

但不幸的是，現實不是這樣。所以我們不會去替交易規模畫一個數字框架。正如我說的，我們在看很多事情。這家公司透過併購成長了很多，我們也計畫繼續這麼做。

Again, I think it's really important to think of it in terms of tuck-ins or bolt-ons. Bonds, nothing transformational, and every deal has to have a lot of strategic fit. And as we're talking about when we look at these platforms, part of what's exciting about this platform structure that we're using is I am looking to each platform to have a lot of conviction around any proposed deal, right, because they're going to own it.

再說一次，我認為用「補強型（tuck-ins）或加掛型（bolt-ons）」的角度來看非常重要——不做任何具轉型性（transformational）的交易；而且每一筆交易都必須具備很強的策略契合度。當我們談到檢視這些平台時，這種平台架構讓人興奮的一部分在於：我希望每個平台對任何提出的交易都有高度的信念，因為他們將會負責並擁有它。

And that's the way we're building up these various business lines. So it's really critical. That they believe in it, and they have done the work and the analysis.

這就是我們建立各條業務線的方式。所以這點非常關鍵：他們要相信這筆交易，而且他們已經做了相關工作與分析。

We do a lot of that here, kind of at corporate as well, right? But that's the way we're really thinking about acquisitions going forward. So it's got to be strategic, and then it's got to, fit certain financial metrics that we've got in place as well. Certainly, being margin accretive would be one of them.

我們在總部（corporate）這邊也會做很多這類工作，對吧？但這就是我們未來思考併購的方式：必須具策略性，同時也必須符合我們既定的一些財務指標；其中之一當然就是要能增厚毛利/利潤率（margin accretive）。

No, that makes sense. Appreciate that color there. And then if I can ask the second one here, just curious on that Medtronic distribution deal you guys did during the quarter, is there any stocking tied to that? Like, yeah, is there stocking tied to that and then, sort of a material impact for you guys on growth that comes from this agreement?

了解，這很合理。謝謝你補充這些背景。那我可以再問第二個問題嗎：你們本季與 Medtronic 做的那個經銷/分銷協議，是否有任何備貨（stocking）相關安排？也就是說，是否有備貨；以及這份協議對你們成長是否會帶來實質性的影響？

There is a, obviously, they're going to gear up and we're not going to give details, I mean, this is, it's not in our practice to talk about our customers, what they're going to do and how they're going to launch.

確實會有——顯然他們會開始做準備，但我們不會提供細節；我的意思是，我們一向不會談論客戶會怎麼做、以及他們會如何推出（launch）。

I would just say that we're really excited for our OEM division. And I think they've done a good job of working with our OEM partners and customers on finding opportunity. And this happens to be one of them. It is built into our guidance for the year, which again, gives us a high level of confidence in that mid-single-digit growth that we expect out of OEM.

我只想說，我們對 OEM 事業部非常興奮。我認為他們在與 OEM 合作夥伴與客戶合作、尋找機會方面做得很好，而這剛好就是其中之一。這已經納入我們今年的財測指引（guidance）中；這也再次讓我們對 OEM 預期的中個位數成長（mid-single-digit growth）有很高的信心。

So I think we're excited for them. And I know there's been a lot of comments around OEM. I can tell you that, again, we have a high level of confidence in their performance for the rest of the year.

所以我想我們為他們感到興奮。我也知道外界對 OEM 有很多評論；我可以告訴你的是，我們對他們今年剩餘期間的表現同樣有很高的信心。

Yeah, I think this is i I mean, it's actually it's just a really good example, right, I mean, this is when when we say OEM is lumpy, this is kind of a good example of it, right, I mean and and as you saw, and Medtronic put out a press release on it, right, I mean, we have a relationship with them, they've been an OEM customer as they shared in their press release.

是的，我覺得這其實是一個很好的例子，對吧？我的意思是，當我們說 OEM 的表現會比較不均勻（lumpy）時，這就是一個很好的例子。你們也看到 Medtronic 對此發布了新聞稿；我們與他們有合作關係，他們在新聞稿中也提到他們一直是我們的 OEM 客戶。

But these things, they ebb and flow a little bit, right? So I think as Raul said, though, we are we're very excited, and this definitely is a factor in us, in our gaining confidence on our OEM platform for this fiscal year.

但這些事情會有一些起伏（ebb and flow），對吧？所以如 Raul 所說，我們非常興奮；而這也確實是我們在本財年對 OEM 平台更有信心的一個因素。

Mike Matson, Needham & Company. Your line is open.

Mike Matson，Needham & Company。您的線路已開通。

Yeah, thanks. So, I just want to ask one on capital allocation.

好的，謝謝。我想問一個關於資本配置（capital allocation）的问题。

I mean, I understand you're focused on M&A, and that's kind of been the priority, but the stock is pretty beaten up, pretty cheap here. So, would you consider doing a share repurchase at all?

我的意思是，我理解你們專注於併購（M&A），而且那一直是優先事項，但股價被打得很慘、現在看起來也很便宜。所以，你們會考慮做股票回購（share repurchase）嗎？

Look, I think, obviously, that's a board-level decision. I don't want to speak on their behalf.

你看，我認為這顯然是董事會層級的決策，我不想代表他們發言。

I think for now, with our net leverage ratio of 1.6, a lot of opportunity out there from an M&A perspective. We continue to, I think, conserve cash. We continue to generate strong free cash flow, as you guys saw, almost approximately $25 million for the first quarter, which was a really strong increase over prior Q1 of 2025. So for now, we're just. Focused on CGI.

我認為就目前而言，在我們淨槓桿比率（net leverage ratio）為 1.6、且從併購角度來看外部機會很多的情況下，我們會持續——我想——保留現金。我們也持續產生強勁的自由現金流（free cash flow）；正如你們看到的，第一季大約接近 2,500 萬美元，相較於 2025 年第一季有非常強勁的提升。所以目前我們就是專注在 CGI。

We're focused on our free cash flow goals and, we are focused on delivering, long-term sustainable growth.

我們專注於自由現金流目標，也專注於交付長期、可持續的成長。

Thank you. This concludes our question-and-answer session. I'd like to turn it back to Martha Aronson for closing remarks.

謝謝。問答環節到此結束。接下來我想把時間交回給 Martha Aronson 作結語。

Well, look, just want to say thanks, everybody. Appreciate you dialing in today. And as I said, pleased with our strong start to 2026. And as I said, feel good about tracking nicely to our CGI goals.

好的，你看，我只想跟大家說聲謝謝。感謝各位今天撥冗參與。正如我所說，我們對 2026 年的強勁開局感到滿意；也如我所說，我們對於朝 CGI 目標穩健推進感覺良好。

And most importantly, I do want to thank our team who's so committed to helping patients all around the world. So again, thanks, everybody, for joining us today.

而最重要的是，我確實要感謝我們的團隊，他們非常投入，致力於幫助全球各地的病患。所以再次感謝各位今天加入我們。

This concludes our conference call for today. Thank you for your participation.

今天的電話會議到此結束。感謝您的參與。