Orthofix Medical Inc. (OFIX) 2026 Q1 法說會逐字稿

Thank you for standing by. At this time, I would like to welcome everyone to the Orthofix first quarter 2026 earnings call. (Operator Instructions)

感謝各位耐心等候。此刻，我謹代表公司歡迎各位參加 Orthofix 2026 年第一季財報電話會議。(接線員指示)

Thank you. I would now like to turn the call over to Julie Dewey.

謝謝。現在我想把電話會議交給 Julie Dewey。

Thank you, and good morning, everyone. Welcome to Orthofix' first quarter 2026 earnings call. I'm Julie Dewey, Orthofix' Chief IR and Communications Officer. Joining me today are President and Chief Executive Officer, Massimo Calafiore; and Chief Financial Officer, Julie Andrews.

謝謝，各位早安。歡迎參加 Orthofix 2026 年第一季財報電話會議。我是 Julie Dewey，Orthofix 投資人關係與企業傳播長。今天與我一同出席的有總裁暨執行長 Massimo Calafiore，以及財務長 Julie Andrews。

Earlier today, Orthofix released its financial results for the first quarter ended March 31, 2026. A copy of the press release and supplemental presentation are available on our Investor Relations website, and a replay of this call will be posted shortly after we conclude.

今天稍早，Orthofix 已公布截至 2026 年 3 月 31 日止第一季的財務結果。新聞稿與補充簡報可於我們的投資人關係網站取得；本次電話會議的重播也將在會議結束後不久上線。

Before we begin, please note that our remarks include forward-looking statements. These statements involve risks and uncertainties, and actual results may differ materially. 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.

在開始之前，請注意我們的發言包含前瞻性陳述。這些陳述涉及風險與不確定性，實際結果可能出現重大差異。除歷史事實之外的所有陳述皆屬前瞻性陳述。我們不承擔修訂或更新此類前瞻性陳述的任何義務。

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. We will also reference various non-GAAP financial measures during today's call. Reconciliations to US GAAP and additional details are in our press release and supplemental materials. Unless otherwise stated, net sales growth rates are on a pro forma constant currency basis and exclude the discounted M6 artificial disc product lines and all results of operations will be on a non-GAAP as adjusted basis.

可能導致實際結果與預期有重大差異的因素，已在我們最近向美國證券交易委員會（SEC）提交的文件中討論，並可能納入我們未來向 SEC 提交的文件中。今天的電話會議中，我們也會提及多項非 GAAP 財務衡量指標。與美國 GAAP 的調節表及其他細節載於我們的新聞稿與補充資料中。除非另有說明，淨銷售成長率係以備考（pro forma）固定匯率基礎計算，並排除折價的 M6 人工椎間盤產品線；且所有營運結果將以經調整之非 GAAP 基礎呈現。

Here's today's agenda. Massimo will start with business performance and operational highlights. Julie Andrews will follow with her financial results and guidance, then we'll open up the call for Q&A.

以下是今天的議程。Massimo 將先說明業務表現與營運重點。接著 Julie Andrews 將說明財務結果與財測指引，然後我們將開放問答。

With that, I'll turn the call over to Massimo, who will discuss how our early year execution and recent operational actions are beginning to support improved performance as we move through the year. Massimo?

接下來，我把電話交給 Massimo，他將說明我們年初的執行進展與近期營運措施，如何在今年推進過程中開始支持表現改善。Massimo？

Thank you, Julie. And good morning, everyone. I appreciate you joining us today.

謝謝你，Julie。各位早安。感謝各位今天撥冗參與。

We delivered a good start to 2026. First quarter results reflect steady execution, improving stability and sharper strategic focus. As the quarter progressed, we began seeing the expected progress from our spine commercial channel actions, along with stronger operating discipline, supporting our confidence that performance will continue to build through the year.

我們在 2026 年取得良好開局。第一季結果反映出穩健的執行、日益提升的穩定性，以及更清晰的策略聚焦。隨著季度推進，我們開始看到脊椎業務商業通路調整所帶來的預期進展，同時營運紀律更為強化，進一步支持我們對今年表現將持續走強的信心。

While these results reflect meaningful progress, they also crystallize where we could further raise the bar. That's why in April, we took deliberate steps to simplify our spine leadership structure, a proactive move as we continue to scale, enabling technologies like 7D and advance the launch of VIRATA later this year.

雖然這些結果顯示出具意義的進步，但也更清楚地凸顯我們仍可進一步提高標準的地方。因此在 4 月，我們採取審慎措施簡化脊椎業務的領導架構；這是一項前瞻性的行動，因為我們持續擴大規模、推進如 7D 等賦能技術，並加速今年稍晚 VIRATA 的上市。

By bringing decision-making closer to the field and increasing accountability through direct oversight, we're improving speed, consistency and commercial focus where it matters the most. Stepping back, Q1 reflects where we are as a company today, moving into the next phase of our journey, executing with greater consistency and strengthening our position to benefit from our innovation pipeline as the year unfolds.

透過讓決策更貼近前線，並以直接督導提升問責性，我們在最關鍵之處提升速度、一致性與商業聚焦。回過頭看，第一季反映了我們公司目前所處的位置：正邁入旅程的下一階段，以更高的一致性執行，並在今年逐步展開之際，強化我們從創新產品管線中受益的能力與定位。

What we delivered this quarter supports our confidence in continued improvement. Our priorities are straightforward: execute consistently, convert opportunity into results, and demonstrate progress quarter-by-quarter.

本季的交付成果支持我們對持續改善的信心。我們的優先事項很明確：穩定一致地執行、將機會轉化為成果，並逐季展現進展。

Let me turn to business performance highlights, starting with Spine. In Spine, Global Spine Fixation net sales grew 6% on a constant currency basis, with US net sales growth of 4%. Results were supported by enhanced commercial focus, deeper procedural penetration and the ongoing benefits of our distributor transitions. Importantly, those transitions are now largely behind us.

接下來我將說明業務表現重點，先從脊椎（Spine）開始。在脊椎業務方面，全球脊椎固定（Global Spine Fixation）淨銷售以固定匯率基礎成長 6%，其中美國淨銷售成長 4%。成果受惠於更強的商業聚焦、更深的手術滲透率，以及我們經銷商轉換所帶來的持續效益。重要的是，這些轉換目前大致已告一段落。

As alignment has improved, we are seeing positive momentum from more consistent field execution. In Q1, our top 30 distributor partners delivered net sales growth of 27% year-over-year and 24% on trailing 12-month basis, reflecting the success of our strategy to prioritize larger, more dedicated distributors and deeper relationship with our top partners. A key driver of that momentum is 7D, which remains a core differentiator in our surgical ecosystem, enhancing precision, workflow and surgeon engagement.

隨著對齊程度改善，我們看到更一致的前線執行帶來正向動能。第一季，我們前 30 大經銷夥伴的淨銷售年增 27%，以過去 12 個月（TTM）計算則成長 24%，反映我們優先聚焦規模更大、投入度更高的經銷商，並與主要夥伴建立更深合作關係的策略已見成效。推動該動能的關鍵因素之一是 7D；它仍是我們手術生態系的核心差異化優勢，可提升精準度、工作流程與外科醫師參與度。

Following our leadership realignment, we are intensifying our commercial focus on adoption of our 7D FLASH navigation system to deliver a more integrated spine offering. While Spine is benefiting from better alignment, we are applying the same discipline to Biologics. Performance improved sequentially during the quarter as we implemented targeted actions to strengthen execution, expand account penetration and increase utilization across the portfolio. We are refining our go-forward strategy, building clinical evidence and supporting advocacy. Collectively, these actions are designed to drive improvement through the year and position Biologics to exit 2026 with stronger momentum and a more durable growth profile.

在完成領導架構重新對齊後，我們正加大商業聚焦，推動 7D FLASH 導航系統的採用，以提供更整合的脊椎產品組合。在脊椎業務受惠於更佳對齊的同時，我們也將同樣的紀律運用到生物材料（Biologics）業務。本季隨著我們推動具針對性的措施以強化執行、擴大客戶滲透並提升全產品組合的使用率，表現呈現逐季改善。我們正在精煉未來策略、建立臨床證據並支持倡議推廣。整體而言，這些行動旨在推動今年的改善，並使 Biologics 在 2026 年結束時具備更強動能與更可持續的成長輪廓。

Beyond Spine and Biologics, our other growth platforms remained resilient. Our Therapeutic Solutions business, formerly Bone Growth Therapies, delivered 5% year-over-year net sales growth and continue to outperform the broader market. Demand remained stable, utilization is improving and prescribing activity is increasing across both spine fusion and fracture care. With this consistent performance and healthy margins, this business continues to be an important contributor to margin and cash generation. Global Limb Reconstruction posted 3% constant currency growth, reflecting steady demand across our core fixation and reconstruction systems.

除脊椎與生物材料之外，我們其他成長平台仍展現韌性。我們的治療解決方案（Therapeutic Solutions）業務（前稱骨生長治療 Bone Growth Therapies）淨銷售年增 5%，並持續優於整體市場表現。需求維持穩定、使用率正在改善，且在脊椎融合與骨折照護兩大領域的處方活動皆在增加。憑藉穩健表現與健康的毛利率，該業務仍是利潤率與現金創造的重要貢獻來源。全球肢體重建（Global Limb Reconstruction）以固定匯率基礎成長 3%，反映我們核心固定與重建系統的需求穩健。

Over the past year, we sharpened our focus by prioritizing high-value categories, enhancing our mix with platform like TrueLok Elevate and Fitbone and deemphasizing lower return product. We believe this action positions limb reconstruction for acceleration as we move through 2026.

過去一年，我們透過優先聚焦高價值類別來強化重點，並以 TrueLok Elevate 與 Fitbone 等平台改善產品組合，同時淡化報酬較低的產品。我們相信，這些行動將使肢體重建業務在 2026 年推進過程中具備加速成長的條件。

A common thread across the business is the increasing impact of our innovation pipeline. We will have a full year contribution from TrueLok Elevate and Fitbone, and we remain on track for the full market launch of VIRATA in the second half of the year. Together with the continued inspection of our 7D FLASH ecosystem, this platform are designed to deliver differentiated clinical value and support durable multiyear growth.

貫穿整個業務的一個共同主軸，是我們創新產品管線影響力日益提升。TrueLok Elevate 與 Fitbone 將貢獻完整年度的業績，我們也仍按計畫在今年下半年完成 VIRATA 的全面市場上市。結合我們持續推進 7D FLASH 生態系的導入與檢視，該平台旨在提供差異化的臨床價值，並支持可持續的多年成長。

In closing, Q1 was a solid start of the year. We are carrying that momentum forward with disciplined execution and targeted investment. The quality and the commitment of our US spine distributors is greater than ever and meaningfully contributing to our success. Our innovation pipeline is strong.

最後，第一季是今年穩健的開局。我們將以嚴謹的執行與聚焦的投資延續這股動能。我們美國脊椎分銷商的品質與承諾比以往更強，並對我們的成功做出實質貢獻。我們的創新產品管線十分強勁。

Our operating model is more focused, and we believe we have the right team and the financial foundation in place. There is more work to do, and we are increasingly confident in our ability to execute, doing fewer things better, sharpening accountability, generating cash and delivering on what we said we would do.

我們的營運模式更為聚焦，我們相信已具備合適的團隊與財務基礎。仍有更多工作要做，而我們對自身執行能力愈發有信心：把事情做得更少但更好、強化問責、創造現金流，並兌現我們所承諾的事項。

With that, I'll turn the call over to Julie Andrews to review our financial results and guidance.

接下來，我把電話會議交給 Julie Andrews，請她回顧我們的財務結果與財測指引。

Thank you, Massimo, and good morning. All growth rates I'll reference today are pro forma constant currency, excluding the impact from discontinued M6 product lines. We delivered a disciplined start to 2026 reflecting an execution that is consistent with our plan. For the first quarter, total global net sales of $196.4 million increased 3% year-over-year. Results reflect steady execution following the Spine Commercial channel actions, and we expect further improvement as productivity continues to increase.

謝謝你，Massimo，大家早安。我今天提到的所有成長率皆為備考的固定匯率口徑，並排除已停產的 M6 產品線影響。我們在 2026 年展現了嚴謹的開局，反映出與計畫一致的執行。第一季全球淨銷售額為 1.964 億美元，年增 3%。結果反映在脊椎商業通路措施後的穩健執行；隨著生產力持續提升，我們預期將進一步改善。

Spine Fixation was in line with market growth, while Therapeutic Solutions delivered above-market growth largely offsetting the remaining impact of commercial channel transitions and softness in Biologics. While timing of certain international stocking orders benefited Q1 in results by approximately $2 million, the majority of performance reflected underlying execution across our core franchises. As a reminder, Q1 had one less selling day than last year, which reduced first quarter growth rates by roughly 1.6%.

脊椎固定產品的表現與市場成長一致；治療解決方案則實現高於市場的成長，基本上抵消了商業通路轉換的剩餘影響以及生物製劑的疲弱。雖然部分國際備貨訂單的時點使第一季結果約受益 200 萬美元，但大部分表現仍反映我們核心產品線的基本執行力。提醒一下，第一季比去年少了一個銷售日，使第一季成長率約降低 1.6%。

In addition, the CMS TEAM pilot program that began in January and includes bone growth stimulation had a onetime impact of less than 0.5% on our fourth quarter growth rate, slightly less than the 1% impact we had originally anticipated. Taking these factors into account, our Q1 growth rate was within the range implied by our full year guidance of 5% to 6%.

此外，CMS TEAM 試點計畫於 1 月開始並涵蓋骨生長刺激，對我們第四季成長率造成一次性影響，幅度低於 0.5%，略低於我們原先預期的 1% 影響。綜合考量這些因素後，我們第一季的成長率落在全年 5% 至 6% 指引所隱含的區間內。

From a segment perspective, global spinal implants, biologics and enabling technologies delivered $105.8 million in net sales for Q1. Our performance was supported by continued growth from our top 30 distributors in the US, partially offset by the timing of stocking orders from our Middle East distributors due to the impact of the war. Therapeutic Solutions, BGT, net sales were $57.8 million, up 5% as we continued to outperform the market. Fracture sales grew 6% in the quarter. We expect growth to remain above market rates of 2% to 3%, driven by disciplined execution, new surgeon additions and competitive conversions, especially in the fracture channel.

以事業部門來看，第一季全球脊椎植入物、生物製劑與賦能技術的淨銷售額為 1.058 億美元。我們的表現受惠於美國前 30 大分銷商的持續成長，但部分被中東分銷商因戰爭影響而調整備貨訂單時點所抵消。治療解決方案（含 BGT）的淨銷售額為 5,780 萬美元，年增 5%，我們持續跑贏市場。骨折產品銷售在本季成長 6%。我們預期成長將持續高於市場 2% 至 3% 的水準，動能來自嚴謹執行、新增外科醫師以及競品轉換，尤其是在骨折通路。

Global Limb Reconstruction net sales were $32.8 million in the first quarter, up 3%. US performance was flat, largely due to the timing of OSCAR Capital sales. We have recently restructured our capital sales team, which we believe positions us for future growth. Early indicators are encouraging with a strengthening capital pipeline.

全球肢體重建第一季淨銷售額為 3,280 萬美元，年增 3%。美國表現持平，主要因 OSCAR 資本設備銷售的時點所致。我們近期已重整資本設備銷售團隊，我們相信這將使我們具備未來成長的定位。初步指標令人鼓舞，資本設備管線正在強化。

Additionally, we are seeing continued acceleration in the worldwide adoption of TrueLok Elevate and Fitbone. As we sharpen our focus on our core limb reconstruction pillars and benefit from ongoing portfolio and commercial enhancements, we expect to return to double-digit growth in the US in the second half of 2026.

此外，我們也看到 TrueLok Elevate 與 Fitbone 在全球的採用持續加速。隨著我們更聚焦於肢體重建的核心支柱，並受惠於持續的產品組合與商業面強化，我們預期在 2026 年下半年於美國市場重回雙位數成長。

Moving down the P&L. Pro forma non-GAAP adjusted gross margin was 70.7%, a 40 basis point improvement over prior year, reflecting the impact of freight and logistics productivity improvements, partially offset by unfavorable geography mix. First quarter pro forma non-GAAP adjusted EBITDA was $9.7 million, in line with our expectations, reflecting impacts from geography mix and commercial transitions. We ended the quarter with $120.9 million in total cash, including restricted cash, providing ample liquidity to support our operating needs and strategic priorities. The cash increase was a result of financing activities during the quarter, including our draw on the second tranche of our debt facility.

接著看損益表。備考非 GAAP 調整後毛利率為 70.7%，較去年提升 40 個基點，反映運輸與物流生產力改善的影響，但部分被不利的地區組合所抵消。第一季備考非 GAAP 調整後 EBITDA 為 970 萬美元，符合我們預期，反映地區組合與商業轉換的影響。本季末我們的總現金（含受限制現金）為 1.209 億美元，提供充足流動性以支持營運需求與策略優先事項。現金增加主要來自本季的融資活動，包括我們動用債務融資額度的第二筆分期。

As we move through the year, our focus remains on disciplined execution, strengthening our commercial foundation and supporting upcoming product launches that we expect to contribute to growth and margin improvement over time.

隨著我們推進今年的工作，我們的重點仍是嚴謹執行、強化商業基礎，並支持即將到來的產品上市；我們預期這些將隨時間推動成長與毛利率改善。

Now let me turn to our full year 2026 guidance. Against the backdrop of our fourth quarter performance and current visibility, we are reaffirming our full year 2026 guidance. As Massimo noted, we expect performance to improve as we move through the year, driven by a steadier commercial cadence and increasing contributions from recent and planned product launches balanced against macro and operational considerations. Net sales are expected to range between $850 million and $860 million, representing approximately 5.5% pro forma constant currency growth at the midpoint.

接下來說明我們 2026 年全年指引。在第四季表現與目前能見度的背景下，我們重申 2026 年全年指引。如 Massimo 所提，我們預期隨著年度推進，表現將改善，動能來自更穩定的商業節奏，以及近期與規劃中產品上市帶來的貢獻，同時也會平衡總體環境與營運層面的考量。淨銷售額預期介於 8.50 億至 8.60 億美元之間，以中位數計約為 5.5% 的備考固定匯率成長。

Net sales growth is anticipated to be approximately 5% in the first half of the year and about 6% in the second half of the year. These projections are based on current foreign currency exchange rates and do not account for any further changes to exchange rates for the remainder of the year.

淨銷售額成長預期上半年約 5%，下半年約 6%。上述預估係基於目前外匯匯率，且未納入今年剩餘期間匯率進一步變動的影響。

Non-GAAP adjusted EBITDA is expected to be between $95 million and $98 million, reflecting approximately 70 basis points of margin expansion at the midpoint. Free cash flow is expected to be positive for the full year, excluding potential legal settlements.

非 GAAP 調整後 EBITDA 預期介於 9,500 萬至 9,800 萬美元之間，以中位數計反映約 70 個基點的利潤率擴張。全年自由現金流預期為正值，但不包含潛在法律和解的影響。

In closing, while progress is evident, we are still early in the year and remain focused on converting improved activity levels into consistent above-market profitable growth. We remain grounded in operational rigor, disciplined capital deployment and prioritizing high-value opportunities across our Spine, Therapeutic Solutions and Limb Reconstruction portfolios with the objective of creating sustainable long-term shareholder value.

最後，儘管進展明顯，但目前仍在年初階段；我們仍專注於將改善的活動水準轉化為持續、且高於市場的獲利成長。我們將持續以嚴謹的營運紀律、審慎的資本配置，並在脊椎、治療解決方案與肢體重建產品組合中優先投入高價值機會為依歸，目標是創造可持續的長期股東價值。

Now let me turn it back to Massimo for closing remarks. Massimo?

現在讓我把時間交回給 Massimo 作結語。Massimo？

Thank you, Julie. I am pleased with the progress we made in the first quarter and our anticipated trajectory for the remainder of the year. As we move through 2026, our focus is clear: deliver quarter-by-quarter progress, expand margins, generate cash and translate our innovation and execution into durable shareholder value.

謝謝你，Julie。我對我們第一季取得的進展，以及我們對今年剩餘期間的預期走勢感到滿意。隨著我們邁入 2026 年，我們的重點很明確：逐季交付進展、擴大利潤率、創造現金，並將我們的創新與執行力轉化為可持續的股東價值。

Before we open the line for questions, I want to thank our global teams and commercial partners for their performance in Q1 and their continued focus and execution as we continue to build Orthofix into their unrivaled partner in medtech, delivering exceptional experience and life-changing solution.

在我們開放提問之前，我想感謝我們全球團隊與商業合作夥伴在第一季的表現，以及在我們持續將 Orthofix 打造成其在醫療科技領域無可匹敵的合作夥伴過程中，所展現的持續專注與執行力，為客戶帶來卓越體驗與改變人生的解決方案。

With that, let's go ahead and open the call for your questions.

那麼，我們現在就開放各位提問。

(Operator Instructions) Tom Stephan, Stifel.

（接線員指示）Stifel 的 Tom Stephan。

Nice start to the year. First question on US Spine. Massimo, you talked about the distributor transitions now largely behind you. US Spine up 4%, probably a bit stronger adjusting for selling days. So Massimo, maybe talk about how we should think about growth in this business as we move through 2026 and beyond as well would be helpful. And then I have a follow-up.

今年開局不錯。第一個問題關於美國脊椎（US Spine）。Massimo，你提到經銷商轉換現在大致已經告一段落。US Spine 成長 4%，若調整銷售天數，可能會更強一些。所以 Massimo，能否談談我們在 2026 年及之後，應該如何看待這項業務的成長，會很有幫助。之後我還有一個追問。

As we described 2026, you're going to see an acceleration of the business towards the year. I think that you have a couple of drivers. All of this, you're going to see a phase out of the annualization of the distributor termination that we made in order to optimize our distributor infrastructure, so a natural acceleration there. But also, as you know, we have a very focused and strong innovation pipeline that is coming. We are on time for the full market launch of the VIRATA open system and on time on the alpha launch of the VIRATA MIS.

如同我們對 2026 年的描述，你會看到業務在年內逐步加速。我認為有幾個驅動因素。首先，你會看到我們為了優化經銷商架構而進行的經銷商終止所帶來的年化影響逐步消退，因此會有自然的加速。此外，如你所知，我們有非常聚焦且強勁的創新產品管線即將推出。我們按計畫進行 VIRATA 開放系統的全面市場上市，也按計畫進行 VIRATA MIS 的 alpha 上市。

So we're going to see a very good strong contribution of these two foundational systems for us in the second half of the year. So the combination between innovation, annualization of the distributor transition and key capital investment that we're making, I'm very confident they're going to drive a very strong 2026.

因此，在今年下半年，這兩個對我們而言具基礎性的重要系統將帶來非常強勁的貢獻。創新、經銷商轉換的年化效應，以及我們正在進行的關鍵資本投資三者結合，我非常有信心將推動 2026 年表現非常強勁。

And as you know, we shortened, let's say, the distance between myself and the business. I think that the optimization on the leadership side has let me be very close to the field, very be present and keep nurturing the talent that we have. So I'm very excited about where we are with Spine. And we made bold decisions to create a strong foundation and now it's on us to execute.

而且如你所知，我們縮短了——可以說——我與業務之間的距離。我認為在領導層面的優化，讓我能非常貼近前線、更常在現場，並持續培育我們擁有的人才。所以我對脊椎業務目前的狀態感到非常振奮。我們做出了大膽的決策來建立堅實基礎，現在就看我們如何執行。

Got it. That's great. Super helpful, Massimo. And then my follow-up just on sort of guidance and cadence for rest of the year. Julie, this may be for you. By reaffirming 1H constant currency growth of 5%, you did 3% in 1Q. I guess, do we think about 2Q as around 7% constant currency? I just want to make sure I'm contextualizing the 5% correctly for 1H. A, is that correct?

了解。很好。非常有幫助，Massimo。接著我的追問是關於全年其餘時間的指引與節奏。Julie，這題可能要請你回答。你們重申上半年固定匯率成長 5%，而第一季是 3%。那我們是否可以把第二季視為大約 7% 的固定匯率成長？我只是想確認我對上半年 5% 的理解是否正確。A，這樣理解對嗎？

And then B, for 2H, any comments on selling day dynamics, maybe other fundamental considerations sort of from a headwind perspective in the back half that we should be mindful of for top line?

然後 B，對於下半年，能否談談銷售天數的動態，或其他基本面因素——例如下半年在營收端可能需要留意的逆風？

Yes, so Tom, we are reaffirming our guidance. Our comments were we do expect growth in the first half of the year to be around the 5% and then accelerating to 6% in the second half of the year. And if you look at Q1, when you adjust it for the selling day, one less selling day, and the TEAM's impact, we were right at kind of that 5% growth rate in Q1. In Q2, we would expect our growth rate, I think, to be in the 6-ish percent, 6% range would get you there for Q2.

是的，Tom，我們重申我們的指引。我們的說法是，我們預期上半年成長大約在 5% 左右，然後下半年加速至 6%。如果你看第一季，調整銷售天數（少一天）以及 TEAM 的影響後，我們第一季大致就在約 5% 的成長率。第二季，我們預期成長率大概會在 6% 左右；約 6% 的區間就能讓第二季達到上半年的目標。

Caitlin Roberts, Canaccord Genuity.

Canaccord Genuity 的 Caitlin Roberts。

Maybe just a little bit more color on the geopolitical impact in the Q1. And then just any expectations that might be built into the guidance there?

能否再多提供一些第一季地緣政治影響的細節？以及在指引中是否有納入任何相關預期？

Caitlin, so built into our guidance, we expect very minimal impact for the full year related to the activities in the Middle East. Q1, there was a little bit of what we see as timing just in our Spine business primarily with orders, but kind of more than made up for with other stocking orders. So very limited impact that we have from that and not necessarily in our guidance for the year.

Caitlin，就我們的指引而言，我們預期全年與中東活動相關的影響非常有限。第一季，我們看到主要是在脊椎業務的訂單上有一些我們認為屬於時點性的影響，但也被其他補庫存訂單所彌補、甚至超過。因此，我們受到的影響非常有限，也不一定有把它納入今年的指引中。

Understood. And then maybe just talk a little bit about putting the Biologics business under the Limb recon leadership and where you would expect Biologics growth to end 2026?

了解。接著，能否談談把生物製劑（Biologics）業務納入肢體重建（Limb recon）領導架構之下，以及你們預期生物製劑成長在 2026 年底會落在什麼水準？

For Biologics, I think that we are expecting to go back to market growth. It's clear that we have still work to do. But since the realignment, the performance has improved sequentially during the quarter. So the targeted actions that we are putting in place are working. We have strengthened the execution.

就生物製劑而言，我認為我們預期會回到市場成長水準。很明顯我們仍有工作要做。但自從重新調整後，本季的表現呈現逐步改善。因此，我們正在推動的目標性措施正在奏效。我們強化了執行力。

We expand account penetration. And also, we increased the utilization of the portfolio, as you hinted before, not just in spine, but also in the orthopedic side. So I'm very confident about the quality of our Biologics portfolio. I think that the optimization that we are putting forward in terms of sales channel and leadership is working. But let me highlight a specific comment that you made.

我們提升帳戶滲透率。同時，我們也提高了產品組合的使用率，正如你先前暗示的，不僅在脊椎領域，也在骨科端。因此，我對我們生物製劑產品組合的品質非常有信心。我認為我們在銷售通路與領導層方面所推動的優化正在發揮作用。不過我想特別強調你剛才的一點。

It's not a realignment under orthopedics. It's more a realignment under a leader that is Patrick Fisher, who has a lot of experience in the space. So of course, as I said before, you're going to see a natural expansion in the orthopedic side, but the idea of the realignment was mostly driven by the talent and the experience that we have in the company around this specific space.

這並不是把它重新調整到骨科之下。更像是重新調整到一位領導者之下——Patrick Fisher——他在這個領域有非常豐富的經驗。所以當然，如我先前所說，你會看到骨科端的自然擴張，但這次調整的想法主要是基於我們公司在這個特定領域所擁有的人才與經驗所驅動。

Mathew Blackman, TD Cowen.

Mathew Blackman，TD Cowen。

Two little housekeeping questions for Julie, and then one question for Massimo. Julie, you didn't call it out, so I'm assuming it wasn't a headwind, but any impact from weather in the quarter? And also there was a big hospital strike on the West Coast. Just any other headwinds to call out besides the ones you did mention already?

給 Julie 兩個簡短的例行問題，然後再給 Massimo 一個問題。Julie，你沒有特別提到，所以我推測這不是逆風，但本季天氣是否有任何影響？另外，西岸有一場大型醫院罷工。除了你已經提到的之外，還有沒有其他需要點出的逆風？

And then can you give us just a sense of the size of the Biologics business, even the roughest sense, whether it's as a percent of the total business or a percent of Spine, just for some context there, and then a follow-up for Massimo.

另外，你能否讓我們大致了解一下 Biologics（生物製劑）業務的規模，即使是最粗略的概念也可以，例如占總業務的百分比或占脊椎（Spine）業務的百分比，提供一些背景，然後我還有一個給 Massimo 的追問。

Okay. Matt, no, we didn't see any sustained impact from the weather, and we didn't have an impact from the hospital strike on the West Coast. So those did not impact our business. From a Biologics perspective, we don't break that out separately. So I can't give you a context in terms of the size. I think I'd point you to a couple of places, you can look at pre-merger results, and then also a portion of our Biologics revenue, you can see in our Q with our MTF service fee for that portion.

好的。Matt，沒有，我們沒有看到天氣帶來任何持續性的影響，我們也沒有受到西岸醫院罷工的影響。所以這些都沒有影響我們的業務。就 Biologics 而言，我們不會把它單獨拆分揭露。因此我無法就規模提供背景。我想我會建議你看幾個地方：你可以查看併購前的業績，另外我們 Biologics 收入的一部分，你也可以在我們的 Q（季報）中，透過我們 MTF 服務費的那一部分看到。

I'll remember that. And then Massimo, as you sort of look at the top 30 distributors, obviously, tremendous performance there. Is there anything that you can take from that playbook and pour it over to the rest of the distributor book, such that you can sort of bring along that rest of the business? I mean, obviously not sort of approaching 30% growth. But anything that you could do to sort of bring up the tail of the business now that you're seeing, obviously, really solid execution on a large part of the business there. Just curious how you can execute across the entire distributor network now.

我會記住的。然後 Massimo，當你看前 30 大經銷商時，顯然那邊表現非常出色。你是否能把那套作法（playbook）中的任何要素複製到其餘的經銷商名單上，讓你能帶動其餘業務一起成長？我的意思是，當然不至於接近 30% 的成長。但在你看到業務中很大一部分執行得非常扎實之後，有沒有什麼方法可以把尾端業務拉上來？只是好奇你現在要如何在整個經銷商網路中全面落實執行。

The plan that we put in place was divided in different phases. Phase number one is the one that we just accomplished. Now phase number two is really started to pick among the networks that we have, the next tier of distributors that we want to help to grow. And as you hinted, we're going to apply the same discipline and rigor that we apply for our top 30 distributors to the second tier to make sure that over time, they can grow and create the operational excellence we are expecting by our partner. But 2026 is going to be mostly for us working on the next 30, more than -- keep fueling the growth with our top 30 and laser-focused on the second tier.

我們制定的計畫分成不同階段。第一階段就是我們剛完成的部分。現在第二階段其實已經開始，重點是在我們現有的網路中挑選下一個層級、我們希望協助其成長的經銷商。如你所暗示的，我們會把用在前 30 大經銷商的同樣紀律與嚴謹度，套用到第二層級，確保隨著時間推進，他們能成長並建立我們對合作夥伴所期待的營運卓越。但 2026 年對我們而言，主要會是投入在下一個 30 家上，而不只是——持續為前 30 大注入成長動能，同時以雷射般的專注聚焦第二層級。

(Operator Instruction) Mike Petusky, Barrington Research.

（接線員指示）Mike Petusky，Barrington Research。

I'm juggling on a couple of conference calls, I may have missed this. Did you guys give any detail around 7D placements, any percentages or just any detail around that this morning?

我同時在接幾通電話會議，可能漏聽了這段。你們今天早上有沒有提供任何關於 7D 裝機（placements）的細節，例如百分比或任何相關資訊？

Mike, we're doing that more on a biannual or annual basis updating this. So our last update on those were in our Q4 call. And as a reminder, for 2025, our Voyager earnout placements increased 30%. And our purchase commitments on those placements exceeded their purchase -- the accounts exceeded their purchase commitments by more than 50%.

Mike，我們通常以半年或年度的頻率更新這部分。所以我們上一次更新是在 Q4 電話會議。提醒一下，2025 年我們的 Voyager 或有對價（earnout）裝機數增加了 30%。而且在這些裝機上的採購承諾方面，客戶實際採購量超過其採購承諾逾 50%。

Okay. And then I guess I just want to ask around US Ortho or Limb Reconstruction. It feels like the momentum has slowed there last couple of quarters. Can you guys speak to that and maybe speak to actions that you may be taking to try to reaccelerate growth there?

好的。接著我想問一下美國骨科（US Ortho）或肢體重建（Limb Reconstruction）。感覺過去幾季那邊的動能放緩了。你們能否談談原因，以及你們可能採取哪些行動來讓那邊的成長重新加速？

Mike, the momentum hasn't slowed. We've had some transient issues or things that we're dealing with. So we did sunset about 30 product lines last year. We really saw that start to impact in Q4. And then we talked -- and continue some into Q1 as well.

Mike，動能並沒有放緩。我們遇到的是一些短暫性的問題或正在處理的事項。例如我們去年淘汰（sunset）了大約 30 條產品線。我們確實看到這在 Q4 開始產生影響。而且我們也提到——在 Q1 也仍有部分延續。

And then really the timing of OSCAR sales, which is a capital sale, in Q1 impacted the overall growth rate. But very good results and adoption that we're seeing on Elevate and Fitbone. So again, we expect that business to return in the US to double-digit growth in the back half of 2026.

另外，OSCAR 銷售的時點（屬於資本設備銷售）在 Q1 影響了整體成長率。但我們在 Elevate 和 Fitbone 上看到非常好的成果與採用情況。因此，我們預期該業務在美國將於 2026 年下半年回到兩位數成長。

There are no further questions at this time. I will now turn the call back over to Julie Dewey for closing remarks.

目前沒有進一步的問題。我現在把電話交回給 Julie Dewey 作結語。

Thank you for your questions and for joining us today. We appreciate your time and interest in Orthofix. If you need any additional information, please reach out. We look forward to updating you next quarter. This concludes today's call.

感謝各位的提問以及今天的參與。我們感謝各位撥冗並對 Orthofix 的關注。如需任何補充資訊，請與我們聯繫。我們期待在下個季度向各位更新。今天的電話會議到此結束。

Ladies and gentlemen, thank you all for joining. You may now disconnect.

各位女士、先生，感謝各位參與。您現在可以掛線。