Orthofix Medical Inc (OFIX) 2024 Q3 法說會逐字稿

Good morning, and welcome to the Orthofix third-quarter 2024 earnings call. I am Fran, and I'll be the operator assisting you today. (Operator Instructions)

早安，歡迎參加 Orthofix 2024 年第三季財報電話會議。我是弗蘭，今天我將擔任協助您的接線生。（操作員指令）

Thank you. I would like to turn the call over to Julie Dewey. Please go ahead.

謝謝。我想將電話轉給朱莉杜威 (Julie Dewey)。請繼續。

Thank you, operator. And good morning, everyone. Welcome to the Orthofix third-quarter 2024 earnings call. We appreciate you joining us. I'm Julie Dewey, Orthofix's Chief IR and Communications Officer. Joining me today on the call are President and Chief Executive Officer, Massimo Calafiore; and Chief Financial Officer, Julie Andrews.

謝謝您，接線生。大家早安。歡迎參加 Orthofix 2024 年第三季財報電話會議。感謝您的加入我們。我是 Julie Dewey，Orthofix 的首席投資者關係和通訊官。今天與我一起參加電話會議的還有總裁兼執行長 Massimo Calafiore；和財務長朱莉·安德魯斯（Julie Andrews）。

Before we get started, please note that our release and the supplemental presentation accompanying this call are available on the Events and Presentations page of the Investors section of our corporate website at orthofix.com. We will be referring to this investor presentation during this earnings call, so I encourage you to download it for easy reference. Also, this call is being broadcast live over the Internet to all interested parties, and an archived copy of this webcast will be available in the Investors section of our corporate website shortly after the conclusion of this call.

在我們開始之前，請注意，我們的新聞稿和本次電話會議的補充簡報可在我們公司網站 orthofix.com 的投資者部分的活動和簡報頁面上找到。我們將在本次財報電話會議中參考這份投資者介紹文件，因此我鼓勵您下載它以便於參考。此外，本次電話會議將透過網路向所有相關方進行現場直播，本次網路直播的存檔副本將在電話會議結束後不久在我們公司網站的「投資者」部分提供。

During this call, we will be making forward-looking statements that involve risks and uncertainties. All statements other than those of historical facts are forward-looking statements. We do not undertake any obligation to revise or update such forward-looking statements. Factors that could cause actual results to differ materially are discussed in our most recent filings with the SEC and may be included in our future filings with the SEC.

在本次電話會議中，我們將做出涉及風險和不確定性的前瞻性陳述。除歷史事實之外的所有陳述均為前瞻性陳述。我們不承擔修改或更新此類前瞻性陳述的任何義務。我們最近向美國證券交易委員會提交的文件中討論了可能導致實際結果大不相同的因素，並且可能會包含在我們未來向美國證券交易委員會提交的文件中。

In addition, on today's call, we will refer to various non-GAAP financial measures. Please refer to today's news release announcing our third-quarter 2024 results for information regarding our non-GAAP results, including our reconciliation of these non-GAAP financial measures to our US GAAP results. Additionally, all revenue percentage changes discussed will be on a constant currency year-over-year basis, and all results of operations that we will refer to will be on a non-GAAP as-adjusted basis.

此外，在今天的電話會議上，我們將參考各種非公認會計準則財務指標。有關我們的非 GAAP 結果的信息，包括我們將這些非 GAAP 財務指標與美國 GAAP 結果進行調節，請參閱今天宣布我們 2024 年第三季度業績的新聞稿。此外，所有討論的收入百分比變化均以同比固定匯率計算，所有我們所參考的經營業績均按非 GAAP 調整後計算。

With that, I will now turn the call over to Massimo.

說完這些，我現在將電話轉給馬西莫。

Thank you, Julie. Good morning, everyone, and thank you for joining us for our third-quarter earnings call. I'll spend some time providing business updates and outlining our long-term strategic initiative, before I turn it over to our CFO, Julie Andrews, to cover the specifics of our Q3 results, guidance, and our new three-year financial goals.

謝謝你，朱莉。大家早安，感謝大家參加我們的第三季財報電話會議。我將花一些時間提供業務更新並概述我們的長期戰略計劃，然後將其交給我們的首席財務官朱莉安德魯斯 (Julie Andrews)，介紹我們第三季度業績、指引和新的三年財務目標的具體信息。

The third quarter represents an important inflection point in this new chapter for Orthofix, including record performances in our US orthopedics business and in the number of 7D earnout agreements. We also matched our record for the highest number of 7D unit placements in any quarter to date, and keep seeing strong demand for our spine fixation products.

第三季代表著 Orthofix 新篇章的重要轉折點，包括我們美國骨科業務的創紀錄業績和 7D 獲利協議數量的創紀錄表現。我們也創下了迄今為止任何季度中 7D 單元安置數量最多的記錄，並且我們的脊椎固定產品繼續保持強勁需求。

As shown on slide 5, we continue to deliver above-market growth, led by strength in our USA. markets. The entire company is focusing on innovation and responsible growth. We had another quarter of strong adjusted EBITDA margin expansion with positive free cash flow of $5.9 million, reaching this significant milestone earlier than we expected.

如投影片 5 所示，我們持續實現高於市場的成長，這得益於我們在美國市場的強勁成長。市場。整個公司都專注於創新和負責任的成長。我們又一個季度的調整後 EBITDA 利潤率強勁擴張，自由現金流達到 590 萬美元，比我們預期的更早達到這一重要里程碑。

All of these keeps us on a clear course to achieve our 2024 financial targets. Our operating and financial discipline allows our team to execute on our key growth initiatives and reinvest in our innovation priorities. I can confidently say that the business fundamentals are excellent, and we have positive momentum to continue leveraging our strategic advantages in 2025 and beyond. Our third-quarter net sales results of $196.6 million represents year-over-year growth of 7% on a constant currency basis.

所有這些都使我們朝著實現 2024 年財務目標的方向前進。我們的營運和財務紀律使我們的團隊能夠執行我們的關鍵成長計劃並重新投資於我們的創新重點。我可以自信地說，業務基礎非常好，我們有積極的勢頭在 2025 年及以後繼續發揮我們的戰略優勢。我們第三季的淨銷售額為 1.966 億美元，以固定匯率計算年增 7%。

Growth was led primarily by strength in our US spine fixation and bone growth therapy, or BGT businesses, as well as continued market penetration in US orthopedics. US spine fixation had an outstanding quarter and grew 18%, more than triple the market rate with healthy double-digit growth across all three of our franchises: cervical fusion, interbody, and thoracolumbar fixation.

成長主要得益於我們在美國脊椎固定和骨骼生長治療（BGT）業務的強勁成長，以及在美國骨科市場的持續滲透。美國脊椎固定本季表現出色，成長了 18%，是市場成長率的三倍多，我們的三個特許經營業務均實現了健康的兩位數成長：頸椎融合、椎間和胸腰椎固定。

Revenue growth was driven by continued strong market demand of the recently launched Reef and WaveForm interbody products, along with the onboarding of new experienced distribution partner. More specifically, our ALIF, lateral, and MIS portfolios all grew excess of 35% and significantly outperformed the market due to increased focus on procedural selling.

營收成長主要得益於新推出的 Reef 和 WaveForm 椎體間產品持續強勁的市場需求，以及新的經驗豐富的經銷合作夥伴的加入。更具體地說，由於更重視程序性銷售，我們的 ALIF、橫向和 MIS 投資組合均成長超過 35%，且表現明顯優於市場。

New product introductions are a driving force and continue to open doors to new surgeons. The combination of our access instrumentation, 7D, our biologic portfolio, and the new interbody designs that features Orthofix's proprietary advanced surface technologies is supporting our differentiation in the marketplace. We are committed to our surgeon and patients that look to our technology to increase speed, improve accuracy, and advance outcomes.

新產品的推出是一種驅動力，並不斷為新的外科醫生打開大門。我們的通路儀器、7D、生物製劑產品組合以及採用 Orthofix 專有先進表面技術的新型椎間設計相結合，支持了我們在市場上的差異化。我們致力於為外科醫生和患者提供希望我們技術能夠提高速度、提高準確性和改善治療效果的服務。

BGT grew 9% overall and 13% in fracture, further highlighting the benefit of cross-selling in our integrated spine and orthopedics channels. We already hold the number-one market share position in BGT spine market and continue to take share with more than 50% of the growth coming from new customer acquisitions.

BGT 整體成長了 9%，骨折增加了 13%，進一步凸顯了我們綜合脊椎和骨科通路交叉銷售的好處。我們已在 BGT 脊椎市場佔據第一的市場份額，並繼續保持領先地位，其中 50% 以上的成長來自於新客戶的獲取。

In addition, investment in the fracture market sales channel drove a 13% growth in BGT structure, with the AccelStim bone growth therapy device continuing to outperform the market. As a reminder, the fracture market represents an opportunity for more than $200 million. We're still in the very early innings of building our position in the market, with a clear goal to become the number-one player.

此外，對骨折市場銷售管道的投入推動了BGT結構成長13%，其中AccelStim骨骼生長治療設備繼續跑贏大盤。提醒一下，裂縫市場代表著超過 2 億美元的機會。我們仍處於建立市場地位的早期階段，我們的明確目標是成為第一大企業。

US orthopedics benefited from strong execution and grew 15%. Growth was led by the combination of our TrueLok and FITBONE products as well as growth in the OSCAR product family, which facilitates the removal of bone cement during joint revision. As a result, I'm happy to report that our US orthopedics business delivered a record revenue quarter.

美國骨科受益於強有力的執行，成長了15%。成長主要得益於我們的 TrueLok 和 FITBONE 產品的組合以及 OSCAR 產品系列的成長，這有助於在關節修復過程中移除骨水泥。因此，我很高興地報告，我們的美國骨科業務本季實現了創紀錄的收入。

In enabling technologies, we entered into a record number of 7D FLASH navigation system earnout agreements and matched the record for the highest number of 7D unit placements in any quarter to date. We are leveraging our differentiable platform to create long-standing relationships with our surgeon partners.

在支援技術方面，我們達成了創紀錄數量的 7D FLASH 導航系統獲利協議，並創下了迄今為止任何季度中 7D 單元安裝數量最高的記錄。我們正在利用我們的差異化平台與我們的外科醫生合作夥伴建立長期的關係。

In addition to reiterating our full-year 2024 financial guidance, we are also introducing our new 2027 financial targets, which reflect our confidence in sustainable growth trends; the strength of our differentiated and expanded product portfolio, which continues to win share; and our commercial strategy and focused execution. Julie Andrews will discuss this in detail later in the call.

除了重申2024年全年財務指引外，我們也推出了新的2027年財務目標，這反映了我們對永續成長趨勢的信心；我們差異化和擴展的產品組合實力雄厚，繼續贏得市場份額；以及我們的商業策略和重點執行。朱莉安德魯斯將在稍後的電話會議中詳細討論這個問題。

I believe we are very well positioned to accelerate our positive momentum and delivering on our commitment to drive disciplined profitable growth and innovation, while increasing long-term shareholder value. In summary, I'm pleased with our third-quarter performance and remain optimistic about the opportunities ahead. It's clear that Orthofix's focus on executing a clear strategy for profitable growth is delivering compelling results.

我相信，我們完全有能力加速我們的積極勢頭，履行我們的承諾，推動有紀律的盈利增長和創新，同時提高長期股東價值。總而言之，我對我們第三季的表現感到滿意，並對未來的機會保持樂觀。顯然，Orthofix 專注於執行明確的獲利成長策略，並且取得了令人信服的成果。

Through our focus on bringing to market a comprehensive portfolio of transformative solutions and delivering unmatched customer service, which collectively are helping us drive more profitable sales, we have significantly improved our operating and financial position and paved the way for sustainable growth.

透過專注於向市場推出全面的變革性解決方案組合併提供無與倫比的客戶服務，這些共同幫助我們推動更有利可圖的銷售，我們顯著改善了我們的營運和財務狀況並為可持續增長鋪平了道路。

As we look to 2025 and beyond, we plan to build on our progress by: one, further sharpening our commercial focus and discipline for margin expansion; two, continue to innovate our enabling technologies platform to support our renewed focus on spine deformity; and three, ensuring we are well positioned to create value for our shareholders over the long term.

展望 2025 年及以後，我們計劃透過以下方式取得進展：一、進一步加強我們的商業重點和利潤擴大紀律；二、繼續創新我們的支援技術平台，以支持我們重新關注脊椎畸形；第三，確保我們能夠長期為股東創造價值。

As outlined on slide 8 in the presentation, we have continued to successfully execute this transformative agenda and are now at an inflection point in our journey that is focused on strategic innovation and operational and financial discipline. With our world-class executive leadership team in place and reinvigorated by our new vision and mission, it's time to introduce our long-term strategy and financial goals, which build on our strong foundation and set us on a clear course for profitable growth.

正如簡報第 8 頁所概述的那樣，我們繼續成功執行這項變革議程，目前正處於專注於策略創新以及營運和財務紀律的旅程的轉折點。隨著我們世界一流的執行領導團隊的到位，以及我們新的願景和使命的重新註入，現在是時候推出我們的長期戰略和財務目標了，這將建立在我們堅實的基礎之上，並為我們指明盈利增長的明確方向。

I would like to provide more detail on the multiple levers and vital few initiatives in our long-range plan that we believe will fuel profitable growth and propel our business forward. These include an innovation focus and continued development of differentiated products to meet diverse surgeon preferences; commercial strategy enhancement to drive deeper market penetration through comprehensive portfolio offerings; technology leadership that harness advanced systems for improved surgical outcome efficiencies; emphasis on high-quality revenue streams and operational excellence for growth, sustainability; and disciplined cash flow management, a strategic financial planning to sustain positive free cash flow.

我想更詳細地介紹我們長期計劃中的多個槓桿和一些重要舉措，我們相信這些槓桿和舉措將推動盈利增長並推動我們的業務向前發展。這些包括創新重點和持續開發差異化產品以滿足不同外科醫生的偏好；透過全面的產品組合增強商業策略以推動更深層的市場滲透；利用先進系統來提高手術結果效率的技術領導；注重高品質的收入來源和卓越運營，實現成長和永續發展；以及嚴格的現金流量管理，即一項維持正自由現金流的策略性財務規劃。

At a high level, our strategy will capitalize on our clear competitive advantages in addressable markets of approximately $15 billion that are outlined on slides 11 and 12, and includes three key components: one, going deeper into existing accounts; two, taking advantage of multiple commercial access points across our product portfolio; and three, leveraging our 7D FLASH navigation system to drive surgeon engagement and build brand loyalty.

從高層次上看，我們的策略將利用我們在第 11 和 12 頁概述的約 150 億美元潛在市場的明顯競爭優勢，並包括三個關鍵部分：一、深入了解現有帳戶；二、利用我們產品組合中的多個商業接入點；第三，利用我們的 7D FLASH 導航系統來推動外科醫生的參與並建立品牌忠誠度。

We are poised to unlock the company's full potential in each of these respective markets, with a highly capable team that is ready to execute and deliver on our commitment to disciplined, profitable growth by providing life-changing solution and maximizing value creation. First, referring to spinal implants on slide 13, we believe we are well positioned to serve over 90% of the spine surgeons' needs with a comprehensive product portfolio, which includes spinal hardware, biologics, and enabling technology.

我們準備在各個相應的市場中充分發揮公司的潛力，擁有一支高素質的團隊，隨時準備通過提供改變生活的解決方案和最大化價值創造來履行我們對有紀律的盈利增長的承諾。首先，參考第 13 張投影片中的脊椎植入物，我們相信，透過全面的產品組合（包括脊椎硬體、生物製劑和支援技術），我們能夠滿足 90% 以上的脊椎外科醫生的需求。

We also believe that our comprehensive portfolio and steady cadence of innovation will enable us to attract top sales talent, increase exclusive distributor relationships, and drive stickier relationships with surgeons and hospital accounts, which we expect to result in incremental product pull-through as well as ASP lift from mix benefits.

我們也相信，我們全面的產品組合和穩定的創新節奏將使我們能夠吸引頂尖的銷售人才，增加獨家經銷商關係，並與外科醫生和醫院帳戶建立更緊密的關係，我們預計這將帶來增量產品拉動以及組合效益帶來的 ASP 提升。

Moving to slide 14, our BGT business is focused on maximizing our number-one market position with the most comprehensive portfolio and most indication of bone growth stimulation devices in the market. We will continue to focus on cross-selling with orthopedics and spine, add new market channels with established sales representatives, and drive penetration in the fracture market with AccelStim.

轉到第 14 張投影片，我們的 BGT 業務專注於透過市場上最全面的產品組合和最多的骨骼生長刺激設備來最大化我們第一的市場地位。我們將繼續專注於與骨科和脊椎的交叉銷售，透過現有的銷售代表增加新的市場管道，並透過 AccelStim 推動骨折市場的滲透。

Our biologics portfolio, featured on slide 15, is growing from a position of strength. We are a market leader with the number-two share position in biologics, with solutions to enhance the fusion process and promote bone repair and growth in each of the major bone-grafting categories. Supported by a strong foundation of long-term clinical research, we will continue to leverage opportunities for growth by capturing share with our current biologic offerings in spine and orthopedics.

我們的生物製劑產品組合（如第 15 頁所示）正在不斷增強。我們是生物製劑領域的市場領導者，市佔率排名第二，並且在每個主要的骨移植類別中都能提供增強融合過程和促進骨骼修復和生長的解決方案。在長期臨床研究的堅實基礎的支持下，我們將繼續利用目前在脊椎和骨科領域的生物製劑產品來獲取市場份額，從而抓住成長機會。

Now turning to orthopedics in slide 16, we are redefining the category of limb reconstruction with our unique portfolio of solutions that address the most challenging orthopedic conditions in patients of all ages. We are just beginning to expand into the US orthopedics market, which presents incredible growth opportunities given our unique and innovative product lines. Our focus is on areas where we can win, particularly in deformity correction, limb restoration, and limb lengthening.

現在轉到幻燈片 16 中的骨科，我們正在透過我們獨特的解決方案組合重新定義肢體重建的類別，這些解決方案可解決各個年齡層患者最具挑戰性的骨科疾病。我們剛開始進軍美國骨科市場，憑藉我們獨特和創新的產品線，該市場有望帶來難以置信的成長機會。我們的重點是能夠取得成功的領域，特別是畸形矯正、肢體修復和肢體延長方面。

We have received recent 510(k) clearances for a number of products that are now in limited market launch and are expected to capture additional market share, including the FITBONE bone transport lengthening nail, the only bone transport nail available in United States. Finally, as shown on slide 17, we believe that our 7D FLASH navigation system represents a unique opportunity to drive surgeon and hospital account interest and growth across our broader Orthofix portfolio.

我們最近獲得了多種產品的 510(k) 許可，這些產品目前正在有限地投放市場，預計將佔領更多的市場份額，其中包括 FITBONE 骨運輸延長釘，這是美國唯一可用的骨運輸釘。最後，如投影片 17 所示，我們相信我們的 7D FLASH 導航系統代表著一個獨特的機會，可以推動外科醫生和醫院帳戶對我們更廣泛的 Orthofix 產品組合的興趣和成長。

The reorganization of our 7D commercial structure under the leadership of our spine team is already paying dividends, as evidenced by the record number of 7D earnout agreements, a unit placement in 3Q. As the world's first radiation-free machine vision image-guided surgical system, 7D continues to revolutionize spinal navigation, making it faster and more efficient.

在我們的骨幹團隊的領導下，我們對 7D 商業結構的重組已經產生了回報，創紀錄的 7D 盈利協議數量和第三季度的單位配置就是明證。作為世界上第一個無輻射機器視覺影像導引手術系統，7D 繼續徹底改變脊椎導航，使其更快、更有效率。

With the capability for registration mere seconds versus 30 minutes or more for competitive system and requiring no interoperative radiation, 7D technology is proving compelling to surgeons. While we offer both MIS and open-surgery solutions, keep in mind that open surgery still represent approximately 80% of the total current spine interventions, positioning 7D as a key driver of incremental navigated procedure penetration.

7D 技術只需幾秒鐘就能完成配準，而競爭系統則需要 30 分鐘或更長時間，並且不需要術中放射，因此對外科醫生來說具有很強的吸引力。雖然我們同時提供 MIS 和開放手術解決方案，但請記住，開放性手術仍然佔當前脊椎介入總量的約 80%，因此 7D 成為逐步推進導航手術滲透的關鍵驅動因素。

With the evolution of our 7D strategy, we are more confident than ever in its increasingly significant role in our portfolio. This shift will allow our enabling technologies team to drive software innovation and enhance product integration alongside the R&D pipeline as we launch impactful products across all our franchises. We are highly motivated by the opportunity to differentiate ourselves through the combination of our hardware portfolio with our enabling technology platform system. Surgeons and their patients remain our primary focus, and we will continue to provide a differentiated, unique approach to navigation in the OR.

隨著我們的 7D 策略的發展，我們對其在我們的投資組合中日益重要的角色比以往任何時候都更有信心。這項轉變將使我們的支援技術團隊能夠推動軟體創新，並在我們在所有特許經營中推出有影響力的產品的同時，加強產品整合和研發管道。我們對透過將我們的硬體產品組合與我們的支援性技術平台系統相結合來實現差異化的機會充滿熱情。外科醫生及其患者仍然是我們關注的重點，我們將繼續提供差異化、獨特的手術室導航方法。

Underpinning our business strategies are significant cross-portfolio commercial opportunities that are highlighted on slide 18. The breadth and depth of Orthofix spine and orthopedics offerings provide multiple paths to grow the business at sustained above-market rates. For example, we are already taking advantage of opportunities to cross-sell our BGT products into spine accounts as well as introducing spinal hardware, biologic, and navigation to our spine BGT surgeons.

我們的業務策略的基礎是第 18 頁所重點介紹的重要跨投資組合商業機會。Orthofix 脊椎和骨科產品的廣度和深度提供了多種途徑，使業務能夠持續以高於市場的速度成長。例如，我們已經利用機會將我們的 BGT 產品交叉銷售給脊椎客戶，並向我們的脊椎 BGT 外科醫生介紹脊椎硬體、生物製劑和導航。

We also have additional opportunities with our biologics and fracture stimulation products through our orthopedics channel. Overall, Orthofix is in a great position to capitalize on our recent product launch successes and deliver meaningful innovation to improve outcomes and efficiencies for our surgeon customers and their patients.

我們也透過骨科管道為我們的生物製劑和骨折刺激產品提供了更多機會。總體而言，Orthofix 處於有利地位，可以利用我們最近的產品發布成功並提供有意義的創新，以改善我們的外科醫生客戶及其患者的治療結果和效率。

We remain the market leader in bone growth therapies, have a comprehensive market-leading biologics portfolio, and differentiated products in several specialized orthopedic markets, such as complex trauma reconstruction and limb deformity correction. Additionally, our broadened spine portfolio is world class and is fully supported by the highly differentiated and compelling enabling technologies. Looking forward, I believe we are uniquely positioned to accelerate our profitable growth engine, which is reflected in our goals for consistent above-market growth, improved profitability, and positive free cash flow.

我們仍然是骨骼生長療法市場的領導者，擁有全面的市場領先生物製劑產品組合，以及在複雜創傷重建和肢體畸形矯正等多個專業骨科市場的差異化產品。此外，我們擴展的脊椎產品組合是世界一流的，並得到高度差異化和引人注目的支援技術的全面支持。展望未來，我相信我們擁有獨特的優勢來加速我們的獲利成長引擎，這體現在我們持續高於市場的成長、提高獲利能力和正的自由現金流的目標上。

As shown on slide 21, we intend to invest in differentiated technologies in areas where we can lead and win with innovation. We will take a systematic approach to driving innovation with rigorous allocation of resources to higher return opportunities. Over the course of our plan, we anticipate investing approximately 8% to 9% of sales each year in R&D, which we expect to fuel a regular cadence of meaningful, high-impact new product launches and support sustained share capture in our US spine, US orthopedic businesses.

如投影片 21 所示，我們打算在能夠透過創新引領和獲勝的領域投資差異化技術。我們將採取系統性的方法推動創新，嚴格分配資源以尋找回報更高的機會。在我們的計畫實施過程中，我們預計每年將約 8% 到 9% 的銷售額投資於研發，我們希望這將推動有意義、高影響力的新產品定期推出，並支持我們在美國脊椎和美國骨科業務中持續佔據份額。

Turning to slide 23, we believe we can continue to capitalize on a number of access points that we already have with surgeons to grow the business. For example, we see plenty of opportunity to introduce additional products from our portfolio, such as BGT, biologics, and 7D, to accounts that already use our spine or orthopedics products.

轉到第 23 張投影片，我們相信我們可以繼續利用我們已經與外科醫​​生建立的多個存取點來發展業務。例如，我們看到大量機會向已經使用我們的脊椎或骨科產品的客戶推出我們產品組合中的其他產品，例如 BGT、生物製劑和 7D。

This not only provides us with new entry points and cross-selling opportunities but also enable us to develop stickier surgeon relationships, solidify our presence in the account, and widen our competitive moat. In summary, we have successfully executed and improved our financial and organizational metrics over the last three quarters, and we expect the positive momentum to continue.

這不僅為我們提供了新的切入點和交叉銷售機會，還使我們能夠發展更緊密的外科醫生關係，鞏固我們在客戶中的地位，並拓寬我們的競爭護城河。總而言之，我們在過去三個季度成功執行並改善了我們的財務和組織指標，我們預計這種積極的勢頭將繼續下去。

Our new leadership team and the entire company is well positioned to implement our strategic plan and achieve sustainable, profitable growth across the portfolio. We are on a strong positive trajectory, and I continue to be optimistic as I look forward. Our new financial targets reflect our confidence in sustainable growth trends, in our commercial strategy, and execution. I believe we are set up well for above-market net sales growth, significant EBITDA margin expansion, and improving levels of free cash flow generation in 2025 and beyond.

我們的新領導團隊和整個公司都已做好準備，實施我們的策略計劃，並實現整個產品組合的可持續獲利成長。我們正處於強勁積極的軌道上，我繼續保持樂觀的態度。我們的新財務目標反映了我們對永續成長趨勢、商業策略和執行力的信心。我相信，我們已經做好了充分準備，能夠在 2025 年及以後實現高於市場的淨銷售額成長、大幅提高 EBITDA 利潤率，並提高自由現金流產生水準。

With that, I'll now turn the call over to Julie to review our third-quarter financial results and outline our new financial targets.

說完這些，我現在將電話轉給朱莉，讓她回顧我們的第三季財務表現並概述我們的新財務目標。

Thank you, Massimo. And good morning, everyone. Orthofix had a strong third quarter, delivering total company net sales of $196.6 million or 7% constant currency top-line growth. Adjusted EBITDA was $19.2 million, with adjusted EBITDA margin expansion of approximately $6 million or approximately 250 basis points. I'll now review financial results for the quarter for each of our business units and then discuss our full-year 2024 guidance and new 2027 targets.

謝謝你，馬西莫。大家早安。Orthofix 第三季表現強勁，公司總淨銷售額達 1.966 億美元，以固定匯率計算成長 7%。調整後的 EBITDA 為 1,920 萬美元，調整後的 EBITDA 利潤率擴大約 600 萬美元或約 250 個基點。我現在將回顧我們每個業務部門本季的財務業績，然後討論我們 2024 年全年指引和新的 2027 年目標。

Bone growth therapies revenue grew 9% to $57.9 million in Q3 and 13% in the BGT fracture market, driven by investments in the fracture market sales channel. This growth was driven by above-market performance in both the spine and fracture channels. We do expect our BGT growth to remain above-market growth rates but should moderate somewhat as we move forward in the fourth quarter and beyond.

由於對骨折市場銷售管道的投資，骨骼生長療法收入在第三季度增長 9%，達到 5790 萬美元，在 BGT 骨折市場增長 13%。這一增長是由脊椎和骨折渠道的超越市場的表現所推動的。我們確實預計我們的 BGT 成長將保持高於市場成長率，但隨著第四季及以後的發展，成長速度應該會有所放緩。

Keep in mind that we hold the number-one market position with more than 50% market share in our BGT spine business. This unrivaled leadership position, coupled with the impact as we anniversary gains from surgeons acquired in Q3 and Q4 of last year, impacts our ability to maintain the pace of growth that we have been enjoying over the past several quarters.

請記住，我們在 BGT 脊椎業務中佔據第一的市場地位，市佔率超過 50%。這一無與倫比的領導地位，加上我們去年第三季和第四季收購的外科醫生所帶來的收益，影響了我們保持過去幾季成長速度的能力。

We will continue to focus on adding new surgeons and competitive surgeon conversions in BGT spine. At the same time, we will also continue our commercial focus in the BGT fracture market, where we are significantly less penetrated and see a substantial opportunity to drive new business with orthopedic surgeons.

我們將繼續致力於增加 BGT 脊椎領域的新外科醫生和有競爭力的外科醫生轉換。同時，我們也將繼續把商業重點放在 BGT 骨折市場，我們在該市場的滲透率明顯較低，並且看到了與骨科醫生開展新業務的巨大機會。

Global spinal implants, biologics, and enabling technologies' third-quarter revenue was $108.2 million, with year-over-year growth of 7%. US spine fixation revenue grew 18% over 3 times the market growth rate, driven by deeper penetration of existing accounts and expansion of our customer base. As Massimo said earlier, we entered into a record number of 7D FLASH navigation system earnout agreements and matched the record for the highest number of 7D unit placements in any quarter to date.

全球脊椎植入物、生物製劑和支援技術第三季營收為 1.082 億美元，較去年同期成長 7%。由於現有帳戶的深入滲透和客戶群的擴大，美國脊椎固定收入成長了 18%，是市場成長率的 3 倍以上。正如馬西莫之前所說，我們簽訂了創紀錄數量的 7D FLASH 導航系統獲利協議，並創下了迄今為止任何季度中 7D 單元安裝數量最高的記錄。

Our US biologics business grew below the overall market in the third quarter as we accelerated our distributor transformation, which had a disproportionate impact on our biologics business. We expect this performance to get back to an above-market pace as we continue to focus on new distributor partnerships, cross-selling initiatives, and the launch of new products, such as OsteoStrand Plus C and OsteoCove, which were featured at the recent NASS meeting.

由於我們加快了經銷商轉型，我們的美國生物製劑業務在第三季的成長低於整體市場，這對我們的生物製劑業務產生了不成比例的影響。我們預計這項業績將恢復至高於市場的速度，因為我們將繼續專注於新的經銷商合作夥伴關係、交叉銷售計劃以及新產品的推出，例如最近 NASS 會議上展示的 OsteoStrand Plus C 和 OsteoCove。

The global orthopedics business grew 3% in the quarter, led by 15% growth in the US as a result of strong performance across our portfolio as well as distributor expansion and sales channel investments. The international business declined 2% versus prior year. As we've previously said, due to the nature of this business, particularly around the timing and volume of stocking distributor and tender orders, we expect to see variability from quarter to quarter in the growth rates. Adjusting for non-recurring tender orders, international sales were in line with market growth.

本季全球骨科業務成長 3%，其中美國業務成長 15%，這得益於我們整個產品組合的強勁表現以及分銷商擴張和銷售管道投資。國際業務較前一年下降了2%。正如我們之前所說，由於此項業務的性質，特別是在庫存分銷商和招標訂單的時間和數量方面，我們預計各個季度的成長率會有所不同。調整非經常性投標訂單後，國際銷售與市場成長一致。

Non-GAAP adjusted EBITDA of $19.2 million was driven by the capture of merger-related synergies and driving leverage on sales growth and represented a 45% drop through on incremental revenue dollars. We remain encouraged by these results as we are seeing the impact of margin-related synergies and our ability to drive leverage on sales growth materialize.

非 GAAP 調整後 EBITDA 為 1,920 萬美元，主要得益於合併相關的綜效和銷售成長的推動，增量收入下降了 45%。這些結果讓我們感到鼓舞，因為我們看到了與利潤相關的協同效應的影響以及我們推動銷售成長的能力。

From a cash standpoint, our total cash balance, including restricted cash at the end of Q3, increased to approximately $32.6 million. As shown on slide 27, our free cash flow generation was $5.9 million in the quarter, a significant improvement over the first half of this year. This was a result of higher EBITDA as well as improvements in working capital usage.

從現金角度來看，我們的總現金餘額（包括第三季末的受限現金）增加至約 3,260 萬美元。如投影片 27 所示，本季我們的自由現金流產生量為 590 萬美元，較今年上半年有顯著改善。這是由於 EBITDA 提高以及營運資本使用率改善所致。

We also announced today that we successfully completed a new $275 million financing to replace our existing credit facility, which will further optimize the company's capital structure to support long-term profitable growth. Summarized on slide 28, the completion of this refinancing initiative is an important step in Orthofix's trajectory and provides us with more favorable terms and a lower cost of capital, under which we can continue to invest in the growth and evolution of the company.

我們今天也宣布，我們成功完成了一筆2.75億美元的新融資，以取代我們現有的信貸安排，這將進一步優化公司的資本結構，以支持長期獲利成長。第 28 頁總結道，這項再融資計畫的完成是 Orthofix 發展歷程中的重要一步，為我們提供了更優惠的條款和更低的資本成本，在此基礎上我們可以繼續投資於公司的成長和發展。

Overall, we are pleased with our third-quarter results and our performance to date, which has been characterized by steady improvements throughout the year, including significant progress in adjusted EBITDA and becoming free cash flow positive, both of which underpin our confidence in our ability to drive long-term profitable growth.

總體而言，我們對第三季度的業績和迄今為止的表現感到滿意，全年業績穩步改善，包括調整後 EBITDA 取得重大進展且自由現金流變為正值，這兩項都增強了我們對推動長期盈利增長的能力的信心。

Moving on to 2024 full-year guidance on slide 29, we are maintaining our guidance for full-year net sales of $795 million to $800 million, representing implied growth of 6.6% to 7.2% year over year on a constant currency basis. Please note, our expectations are based on current foreign exchange rates and do not account for rate changes that may occur through 2024 or contemplate any potential impact to elective procedures as a result of IV fluid shortages or other hurricane-related effects.

繼續查看第 29 頁的 2024 年全年指引，我們維持全年淨銷售額 7.95 億美元至 8 億美元的指引，按固定匯率計算，這意味著同比增長 6.6% 至 7.2%。請注意，我們的預期是基於目前的外匯匯率，並未考慮 2024 年之前可能發生的匯率變化，也沒有考慮靜脈輸液短缺或其他颶風相關影響對選擇性手術造成的任何潛在影響。

We are also maintaining our full-year 2024 non-GAAP adjusted EBITDA of $64 million to $69 million and expect to be free cash flow positive for the remainder of 2024. For the remainder of the year, we expect gross margin, operating expenses, depreciation expense, stock-based compensation expense, interest and other expense, and adjusted EBITDA margin improvement to remain in line with the directional remarks we provided on our second-quarter call in August.

我們還將 2024 年全年非 GAAP 調整後 EBITDA 維持在 6,400 萬美元至 6,900 萬美元的水平，並預計 2024 年剩餘時間的自由現金流將為正值。對於今年剩餘時間，我們預計毛利率、營業費用、折舊費用、股票薪酬費用、利息和其他費用以及調整後的 EBITDA 利潤率改善將與我們在 8 月份第二季度電話會議上提供的方向性評論保持一致。

Now I would like to discuss our new three-year financial targets for 2025 through 2027. These are outlined on slide 30. We are still early in our journey, focusing on the vital few initiatives Massimo outlined earlier and that we believe will enhance operational excellence and drive business performance. We also have a strong infrastructure in place with plenty of available runway to drive higher margins and profitability across the company.

現在，我想討論一下我們 2025 年至 2027 年的新三年財務目標。這些內容已在投影片 30 中概述。我們的旅程才剛開始，我們專注於馬西莫先前概述的幾個重要舉措，我們相信這些舉措將提高卓越營運水平並推動業務績效。我們也擁有強大的基礎設施，有足夠的可用空間來提高整個公司的利潤率和獲利能力。

Importantly, we believe these targets build on the positive momentum we've generated and put us on an accelerated path to profitability with a stronger financial profile to maximize value creation. First, we expect to deliver 6% to 7% net sales CAGR from 2025 through 2027. This assumes sustained market demand with weighted average market growth of 4% to 5% that includes a negative pricing impact of 1% to 2% and no material change in the reimbursement or regulatory environment.

重要的是，我們相信這些目標建立在我們已經產生的積極勢頭之上，並使我們以更強勁的財務狀況加速盈利，從而最大限度地創造價值。首先，我們預期 2025 年至 2027 年淨銷售額複合年增長率為 6% 至 7%。假設市場需求持續，加權平均市場成長率為 4% 至 5%，其中包括 1% 至 2% 的負面定價影響，且報銷或監管環境沒有重大變化。

We expect mid-teens non-GAAP adjusted EBITDA as a percent of net sales for the full-year 2027. This assumes approximately 300 basis points of gross margin expansion over the period, capture of about $10 million in remaining merger synergies, fixed-cost leverage, and moderating expense growth.

我們預計，2027 年全年非 GAAP 調整後 EBITDA 佔淨銷售額的百分比將達到 15% 左右。假設期內毛利率擴大約 300 個基點，剩餘合併綜效可實現約 1,000 萬美元，固定成本槓桿率可提高，且費用成長將減緩。

We anticipate positive free cash flow generation from 2025 through 2027. This assumes continued adjusted EBITDA improvement, reduction in inventory days on hand, and improved instrument utilization. With a compelling combination of profitable above-market growth and a stronger financial profile, we believe our focused commercial strategy and broad differentiated technologies, combined with a robust innovation pipeline and our pacesetting enabling technologies, position us well to achieve these targets and deliver increased value to our shareholders.

我們預計 2025 年至 2027 年將產生正自由現金流。這假設調整後的 EBITDA 持續改善、庫存天數減少以及儀器利用率提高。憑藉高於市場的獲利成長和更強勁的財務狀況的有力組合，我們相信，我們專注的商業策略和廣泛的差異化技術，加上強大的創新管道和領先的支援技術，使我們能夠實現這些目標，並為我們的股東帶來更大的價值。

Now before we open up the call for questions, let me turn it back to Massimo for concluding comments. Massimo?

現在，在我們開始提問之前，請容許我先請馬西莫做最後總結。馬西莫？

Thanks, Julie. In closing, I want to express my appreciation to our entire Orthofix team and our committed commercial partners for their efforts in Q3. Their contribution has been instrumental in driving our performance. We have made great progress year to date.

謝謝，朱莉。最後，我要對我們整個 Orthofix 團隊以及我們忠誠的商業合作夥伴在第三季的努力表示感謝。他們的貢獻對於推動我們的績效發揮了重要作用。今年迄今我們已經取得了巨大進展。

We more than tripled the market growth rate in spinal fixation, healthy double-digit growth across all three of our spine franchises, orthopedics back on track, strong demand for our enabling technology, commercial transformation that is very well underway and already paying dividends, strengthening our profitability profile and reinforcing our commitment to expanding gross margin, growing adjusted EBITDA, sustaining positive free cash flow, and increasing our liquidity at a better cost.

我們的脊椎固定市場成長率提高了兩倍多，我們的三個脊椎特許經營權都實現了健康的兩位數增長，骨科業務重回正軌，對我們的支持技術的需求強勁，商業轉型進展順利並已產生紅利，增強了我們的盈利能力，加強了我們的盈利狀況，並加強了我們對擴大毛利率、增加後 EBITDA、維持正現金流量和流動性的成本。

I'm confident the building blocks for sustainable, profitable growth and life-changing innovation are in place. We are moving forward as one team and are not letting up on the operational efficiencies and strategic execution it will take to deliver sustainable, profitable growth across our portfolio and drive long-term value for surgeons, patients, and shareholders. I'm confident we have the people, the technology, and the strategies to unlock the company's full potential in each of our respective markets and realize our vision to be their rival partner in med-tech, delivering exceptional experiences and life-changing solutions.

我堅信，可持續獲利成長和改變生活的創新的基礎已經到位。我們作為一個團隊不斷前進，不會放鬆營運效率和策略執行，以實現整個產品組合的可持續獲利成長，並為外科醫生、患者和股東創造長期價值。我相信，我們擁有人才、技術和策略，能夠在各自的市場中充分發揮公司的潛力，實現我們的願景，成為他們在醫療技術領域的競爭對手，提供卓越的體驗和改變生活的解決方案。

Operator, let's now open the line for questions.

接線員，現在讓我們開始回答問題。

(Operator Instructions) Mathew Blackman, Stifel.

（操作員指示） Mathew Blackman，Stifel。

Hi. Good morning, everybody. Can you hear me okay?

你好。大家早安。你聽得到我說話嗎？

Yes.

是的。

We can, Mat.

我們可以，馬特。

Great. Thank you for taking the questions. I've got three for you, Julie. Maybe just to start, if we think about the key metrics in the LRP, what's going to keep you up most at night between now and 2027? Or maybe said another way, what's the -- where is the biggest lift to get to those targets? And then I got a couple of follow ups.

偉大的。感謝您回答這些問題。我有三件東西給你，茱莉。也許只是開始，如果我們考慮 LRP 中的關鍵指標，那麼從現在到 2027 年，什麼會讓您最難熬？或者換句話說，實現這些目標的最大推動力在哪裡？然後我得到了一些後續資訊。

Well, Mat, we are confident in our ability to hit these targets. Of course, we've always got to work within the market we're working within. So market growth and what the market is doing will be a key thing that we'll keep our eye on. But we are confident in our ability to deliver our mid-teens adjusted EBITDA and positive free cash flow.

嗯，馬特，我們有信心實現這些目標。當然，我們必須始終在我們所在的市場內開展工作。因此，市場成長和市場動向將是我們關注的關鍵因素。但我們對自己實現中等程度的調整後 EBITDA 和正的自由現金流的能力充滿信心。

Okay, good. That's a good segue on that mid-teens EBITDA by 2027. Should we think about that as a milepost or a final goalpost? I think stand-alone Orthofix got the roughly 20% EBITDA back in the day. Is that still structurally feasible over time? Is that still a structurally feasible target over time?

好的，很好。這與 2027 年中段 EBITDA 的增速相吻合。我們應該將其視為里程碑還是最終目標？我認為獨立的 Orthofix 當年的 EBITDA 大約是 20%。隨著時間的推移，這在結構上仍然可行嗎？從長遠來看，這仍然是一個結構上可行的目標嗎？

Yes. I would view this as a milestone, not a goalpost. Of course, we're not going beyond 2027 in our guidance, and the construct of Orthofix is different than what it was historically when it was at 20%. But we don't believe that the mid-teens number is a stopping point.

是的。我會將此視為一個里程碑，而不是一個目標。當然，我們的指導範圍不會超過 2027 年，而且 Orthofix 的構造與歷史上 20% 時的構造不同。但我們不認為這個十幾歲的數字是個停止點。

Great. And then my final question. How are you thinking about the magnitude of out-year cash generation? Are you targeting any sort of cash-conversion metric? Are you comping yourself against any of your peers that we should use as a proxy? Just any sense of how you're thinking about the magnitude of cash generation over the next several years.

偉大的。這是我的最後一個問題。您如何看待未來幾年的現金創造規模？您是否以任何類型的現金轉換指標為目標？您是否在與我們應該用作代理的任何同行進行比較？您只是考慮一下未來幾年的現金創造規模。

Yes. I think that -- I mean, we're looking at it internally in terms of cash conversion. We didn't go out with that as a metric and a target because we do want to maintain optionality to make strategic investments if we need to or feel like it's going to move the needle for us, things like potentially in-sourcing manufacturing and those types of things that may come with a little bit higher cash burn. But that is something we are focused on. And at the right time, we'll provide that as we dial in a little bit more.

是的。我認為——我的意思是，我們正在從現金轉換的角度進行內部研究。我們沒有把它當作衡量標準和目標，因為我們確實想保持選擇性，以便在需要時進行策略性投資，或者覺得這會對我們產生影響，例如潛在的內部採購製造和那些可能伴隨更高現金消耗的事情。但這是我們關注重點。在適當的時候，只要我們撥通更多電話，我們就會提供該服務。

All right. Thank you so much.

好的。太感謝了。

Sure. Thank you, Mat. Operator, we're ready for the next question.

當然。謝謝你，馬特。接線員，我們準備好回答下一個問題了。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼（Ryan Zimmerman），BTIG。

Hi, everyone. Good morning. This is Izzy on for Ryan. Thank you for taking the questions. I was just hoping to stay on the long-range plan, if we can. So just to start out, I was wondering if you guys can talk a little bit about what's going to allow you to sustain above-market growth rates in each of the segments as we go through the long-range plan?

大家好。早安.這是 Izzy 為 Ryan 表演的。感謝您回答這些問題。如果可以的話，我只是希望堅持長期計劃。所以首先，我想知道你們能否談談在我們制定長期計劃時，如何才能讓你們在每個領域都保持高於市場的增長率？

Sure. Thank you, Izzy, for the question. So I think if you think about where we stand, I'm going to start with spine from a market share perspective in the US. we are a 3% market share player. With the strength of our portfolio and our enabling technologies, we believe that we have an opportunity to outgrow -- outpace market growth at an accelerated rate. So that's one key.

當然。謝謝你，Izzy，提出這個問題。因此，我認為，如果你考慮我們的立場，我將從美國市場份額的角度開始討論脊椎問題。我們的市佔率為 3%。憑藉我們強大的產品組合和支援技術，我們相信我們有機會以更快的速度超越市場成長。這是關鍵。

Then as we move to the orthopedics business, we are in a similar position in the US where the split of the business between international and US. It's -- approximately 70% of our business is outside the US. And again, we see an opportunity to focus on limb reconstruction, really creating a segment, and take outsized share and create a market within that, within the US orthopedics business. So I would point to those as two of our key drivers in terms of outgrowth in the market in our long-range plan.

然後，當我們轉向骨科業務時，我們在美國處於類似的地位，即業務分為國際業務和美國業務。我們的業務約有 70% 在美國以外。我們再次看到了專注於肢體重建的機會，真正創造了一個細分市場，並在美國骨科業務中佔據超大份額並創造一個市場。因此，我認為在我們的長期計劃中，這兩個是推動市場成長的關鍵因素。

Yes. And Izzy, if you see, we are creating a lot of strength on our P&L, and this will allow us to keep investing in innovation. I think that the platform that we have is becoming pretty wide, and having 7D as an anchor can make us one of the leading company on enabling tech. So I think that we have all the building blocks to keep growing above-market rates.

是的。伊茲，如果你看到的話，我們的損益表正在創造巨大的優勢，這將使我們能夠繼續投資創新。我認為我們擁有的平台正在變得相當廣泛，並且以 7D 作為支撐可以使我們成為技術領先的公司之一。因此我認為我們擁有維持高於市場利率的成長的所有基礎。

Very helpful. Thank you both. And then, Julie, I heard your commentary around the assumptions that are going into the adjusted EBITDA margin expansion. But I was just wondering what the actual drivers will be? Or if you could provide any more color on that, especially when we consider where the Street is currently modeling top-line growth through 2027? What margin levers can you guys pull on to help get to that mid-teens?

非常有幫助。謝謝你們兩位。然後，朱莉，我聽到了你關於調整後 EBITDA 利潤率擴大的假設的評論。但我只是想知道實際的驅動因素是什麼？或者您能否對此提供更多細節，尤其是當我們考慮到華爾街目前對 2027 年營收成長的預測時？你們可以利用哪些利潤槓桿來幫助達到這個十五六歲的年紀？

Yes, so one of the key drivers is gross margin expansion. So we have opportunity there. As the companies came together, there was some friction that we're working through and some opportunities that we have in terms of sourcing our product and distribution that will improve our gross margins over time.

是的，因此關鍵驅動因素之一是毛利率的擴大。因此我們有機會。隨著兩家公司的合併，我們正在努力解決一些摩擦，並且在產品採購和分銷方面也獲得了一些機會，這些機會將隨著時間的推移提高我們的毛利率。

We have additional merger-related synergies to capture. And then finally, in terms that we have scale on, our G&A costs that will not grow at the same pace of revenue, and then leverage overall from our higher revenue number that will be able to drop through a higher -- a good amount of that incremental revenue to EBITDA.

我們還有更多與合併相關的綜效需要實現。最後，就我們的規模而言，我們的 G&A 成本不會以相同的收入速度增長，然後從我們更高的收入數字中整體槓桿率，將能夠下降更高 - 相當一部分增量收入對 EBITDA 的影響。

All right. Thanks for taking the questions.

好的。感謝您回答這些問題。

Jason Wittes, ROTH.

傑森維特斯（Jason Wittes），羅斯（ROTH）。

Hi. Thanks for taking the questions. I appreciate the long-term guidance here. In terms of 7D, could you kind of give us a sense of who the main customers are for that and how they're using it right now and how you expect they will be using it in the future?

你好。感謝您回答這些問題。我感謝您長期以來的指導。就 7D 而言，您能否向我們介紹它的主要客戶是誰、他們目前如何使用它以及您預計他們將來會如何使用它？

Yes, so our main customer -- so 7D can be used as both in brain and in spine. But I think that our major customers are focusing on utilization into spine. 7D has been created at the beginning to be used on open surgery. And remember, open surgery represents, right now, still 80% of the core market. But we are doing a lot of progress also on developing our MIS solution, which is getting -- is giving us the opportunity to create a footprint on the ASC.

是的，所以我們的主要客戶——7D 既可以用於大腦，也可以用於脊椎。但我認為我們的主要客戶正專注於脊椎的利用。7D最初是為開放性手術而創建的。請記住，開放手術目前仍佔核心市場的 80%。但我們在開發 MIS 解決方案方面也取得了很大進展，這為我們在 ASC 上留下足跡提供了機會。

So from the -- let's say, from the market penetration perspective, you see the demand. The demand keeps increasing because the way our 7D can be utilized, it keeps increasing. In the future, and we're going to -- as I said, we're going to be focused on keep developing our synergistic approach between implant and 7D to be used in deformity. And deformity is going to be one of the key drivers for our expansion into spine. And we can do proprietary things that we're going to talk about in the future that's going to create the uniqueness around the opportunity of 7D.

因此，從市場滲透的角度來看，您會看到需求。需求不斷增加，因為我們的 7D 的利用方式也不斷增加。在未來，正如我所說，我們將專注於繼續開發植入物和 7D 之間的協同方法，以用於治療畸形。畸形將成為我們擴展至脊椎領域的關鍵驅動因素之一。我們可以做一些專有的事情，我們將來會討論這些事情，這些事情會為 7D 的機會​​創造獨特性。

But overall, we are very pleased about the demand that we're seeing today, mostly driven by the fact that there is an actual utilization of the device in the OR. So we will save time. The ability to have a registration done in less a minute is very important, especially in a moment where time in the OR -- OR utilization is pivotal for many surgeons. So again, very pleased about where we are with the platform, and this is just the beginning for us.

但總體而言，我們對今天看到的需求感到非常高興，這主要是因為該設備在手術室中得到了實際利用。這樣我們就可以節省時間。在不到一分鐘的時間內完成註冊的能力非常重要，特別是在手術室時間緊迫的情況下——手術室利用率對許多外科醫生來說至關重要。所以，我對我們目前在平台上的進展感到非常高興，這對我們來說才只是一個開始。

Great, thank you. And a question for Julie. If I heard correctly, you mentioned guidance is exclusive of hurricane and IV shortage impact. Did I hear that correctly or -- and related to that, do we expect any impact from those items?

太好了，謝謝。還有一個問題想問朱莉。如果我沒聽錯的話，您提到的指引不包括颶風和 IV 短缺的影響。我聽得對嗎？

Yes. Yes, you did hear that correctly. And at this point, we're not seeing any impact from those items.

是的。是的，你沒有聽錯。目前，我們還沒有看到這些產品的任何影響。

Okay. Thanks for the clarification. And then maybe another clarification. I guess I have no doubt you guys can grow above-market growth, especially in spinal implants. Did you specify kind of where you think your growth might land? I mean, clearly above-market. I think that's almost a given, given your portfolio and your position, et cetera. But did you specify kind of where you think it might land relative to that sort of 3% to 4% market growth, which is kind of the normalized growth?

好的。感謝您的澄清。然後也許還需要進一步澄清。我毫不懷疑你們能夠實現高於市場的成長，特別是在脊椎植入領域。您是否明確指出了您認為您的成長可能到達什麼程度？我的意思是，明顯高於市場價格。我認為這幾乎是理所當然的，考慮到您的投資組合和您的職位等等。但是，您是否具體說明，相對於 3% 到 4% 的市場成長（這是正常化成長），您認為它可能會達到什麼水平？

Yes. Jason, we said 6% to 7% CAGR over a three-year time period.

是的。傑森，我們說三年內的複合年增長率為 6% 至 7%。

Okay. Thank you again for that clarification. Okay, thank you. Again, appreciate the guidance, the outlook through 2027. I'll jump back in queue.

好的。再次感謝您的澄清。好的，謝謝。再次感謝您的指導以及對 2027 年的展望。我將重新回到隊列。

Thanks, Jason. Operator, we're ready for the next question.

謝謝，傑森。接線員，我們準備好回答下一個問題了。

There are no further questions at this time. I would like to turn the call back over to Julie Dewey for closing comments. Please go ahead.

目前沒有其他問題。我想將電話轉回給朱莉·杜威 (Julie Dewey)，請她發表最後評論。請繼續。

Thanks, everybody, for joining us today. We appreciate your time and interest. If you have more questions, please reach out, and we look forward to talking to you next quarter. This concludes our call.

感謝大家今天的參與。我們感謝您的時間和關注。如果您還有更多問題，請聯絡我們，我們期待下個季度與您交談。我們的通話到此結束。

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

女士們、先生們，感謝大家的參加，今天的電話會議到此結束。您現在可以斷開連線。