Sotera Health Co (SHC) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Sotera Health Second Quarter 2025 Conference Call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 Sotera Health 2025 年第二季電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Vice President and Treasurer, Jason Peterson. Please go ahead.

現在我想將會議交給副總裁兼財務長 Jason Peterson。請繼續。

Good morning, and thank you. Welcome to Sotera Health's Second Quarter 2025 Earnings Call. You can find today's press release and accompanying supplemental slides on the Investors section of our website at soterahealth.com. This webcast is being recorded, and a replay will be available in the Investors section of the Sotera Health website.

早安，謝謝。歡迎參加 Sotera Health 2025 年第二季財報電話會議。您可以在我們網站 soterahealth.com 的「投資者」版塊找到今天的新聞稿及隨附的補充幻燈片。本次網路直播正在錄製中，重播將在 Sotera Health 網站的「投資者」版塊提供。

On the call with me today are Chairman and Chief Executive Officer, Michael Petras, and Chief Financial Officer, Jon Lyons. During the call, some of our comments may be considered forward-looking statements. The matters addressed in these statements are subject to risks, uncertainties that could cause actual results to differ materially from those projected or implied.

今天與我一起通話的有董事長兼首席執行官邁克爾·佩特拉斯 (Michael Petras) 和首席財務官喬恩·里昂斯 (Jon Lyons)。在通話過程中，我們的一些評論可能被視為前瞻性陳述。這些聲明中涉及的事項受到風險和不確定性的影響，可能導致實際結果與預測或暗示的結果有重大差異。

Please refer to Sotera Health's SEC filings and our forward-looking statements slide at the beginning of this presentation for a description of these risks and uncertainties. The company assumes no obligation to update any such forward-looking statements.

請參閱 Sotera Health 的 SEC 文件和本簡報開頭的前瞻性陳述投影片，以了解這些風險和不確定性的描述。本公司不承擔更新任何此類前瞻性陳述的義務。

Please note that during the discussion today, the company will present both GAAP and non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, tax rate applicable to net income, adjusted net income, adjusted EPS and net debt and net leverage ratio as well as constant currency comparisons.

請注意，在今天的討論中，公司將同時展示 GAAP 和非 GAAP 財務指標，包括調整後的 EBITDA、調整後的 EBITDA 利潤率、適用於淨收入的稅率、調整後的淨收入、調整後的 EPS 和淨債務和淨槓桿率以及恆定貨幣比較。

A reconciliation of GAAP to non-GAAP measures for all relevant periods may be found in the schedules attached to the company's press release and the supplemental slides to this presentation. The operator will be assisting with the Q&A portion of the call today.

所有相關期間的 GAAP 與非 GAAP 指標的對帳表可在公司新聞稿所附的附表中以及本簡報的補充幻燈片中找到。接線員將協助今天電話會議的問答部分。

Please limit yourself to one question and one follow-up, so that we can give everyone an opportunity to ask questions. If you have any questions after the call, please feel free to reach out to me in the Investor Relations team.

請限制自己只提出一個問題和一個後續問題，以便我們給每個人都有提問的機會。如果您在通話後有任何問題，請隨時聯絡投資者關係團隊。

I will now turn the call over to Sotera Health's Chairman and CEO, Michael Petras.

現在我將把電話轉給 Sotera Health 董事長兼執行長 Michael Petras。

Good morning, everyone, and thank you for joining our quarterly earnings call. We're excited to share that Sotera Health delivered a strong second quarter, building off our solid performance last quarter, marked by growing momentum across our core businesses. This progress resulted in top line growth of 6.4%, adjusted EBITDA growth of 9.8%, an improvement in adjusted EPS compared to the second quarter 2024.

大家早安，感謝大家參加我們的季度財報電話會議。我們很高興地告訴大家，Sotera Health 第二季表現強勁，這得益於我們上一季的穩健表現，核心業務的成長勢頭強勁。這項進展使營業收入成長 6.4%，調整後 EBITDA 成長 9.8%，調整後每股盈餘與 2024 年第二季相比有所改善。

We continue to invest in our businesses to support organic growth and made further progress on reducing leverage, reinforcing our commitment to disciplined financial management and long-term value creation. Moving on to performance in our businesses. Sterigenics increased customer demand drove strong volume and mix performance in the quarter, resulting in 10.5% year over year revenue growth compared to the second quarter 2024.

我們繼續投資我們的業務以支持有機成長，並在降低槓桿率方面取得進一步進展，加強了我們對嚴格的財務管理和長期價值創造的承諾。繼續討論我們業務的績效。Sterigenics 客戶需求的增加推動了本季強勁的銷售和產品組合表現，與 2024 年第二季相比，營收年增 10.5%。

Stronger volumes were driven by our core med device customers, along with continued momentum in bioprocessing, which was supported by our most recent facility expansion. Nordion delivered stronger than expected second quarter revenue versus the second quarter of 2024, driven by the timing of Cobalt-60 shipments.

銷售的強勁成長得益於我們的核心醫療設備客戶，以及生物加工業務的持續成長勢頭，這得益於我們最近的設施擴建。受鈷 60 出貨時間的推動，Nordion 第二季的營收與 2024 年第二季相比強於預期。

As a request for our customers certain deliveries originally scheduled for the third quarter were fulfilled in the second quarter. Nelson Labs delivered second quarter revenue in line with the expectations outlined during our first quarter earnings call. improvements in core lab testing helped offset the anticipated impact from expert advisory services. The increased core lab testing volume and mix, along with our disciplined optimization actions resulted in segment income margin expansion of more than 500 basis points. This marks the fourth consecutive quarter of year over year margin improvement at Nelson Labs.

根據客戶的要求，原定於第三季交付的部分貨物已於第二季完成。Nelson Labs 第二季的營收符合我們第一季財報電話會議上所概述的預期。核心實驗室測試的改進有助於抵消專家諮詢服務的預期影響。核心實驗室測試量和測試組合的增加，加上我們嚴謹的最佳化措施，使得分部收入利潤率擴大了 500 個基點以上。這標誌著 Nelson Labs 利潤率連續第四個季度同比增長。

Given the strong momentum through the first half of the year, we are raising our outlook for 2025 revenue adjusted EBITDA. For revenue, we are raising our growth outlook to 4.5% to 6% versus 2024. We are also raising our adjusted EBITDA growth outlook to 6% to 7.5%. These updates reflect improved performance expectations, and I assume no impact from foreign currency for the full year. Jon will go through our 2025 outlook update in more detail in a few minutes.

鑑於今年上半年的強勁勢頭，我們上調了對 2025 年收入調整後 EBITDA 的預期。對於收入，我們將 2024 年的成長預期上調至 4.5% 至 6%。我們也將調整後的 EBITDA 成長預期上調至 6% 至 7.5%。這些更新反映了業績預期的改善，我認為全年不會受到外匯的影響。幾分鐘後，喬恩將更詳細地介紹我們的 2025 年展望更新。

But first, I would like to highlight an example of how Sotera Health plays an essential role in safeguarding global health. Together, Sterigenics and Nelson Labs play a critical role in patient safety and supporting FDA approval of groundbreaking treatments. From validation testing such as biocompatibility and packaging to a teen sterilization, our teams contributed to a launch of this new infusion set for advanced Parkinson's therapy.

但首先，我想強調一個例子，說明 Sotera Health 在維護全球健康方面的重要作用。Sterigenics 和 Nelson Labs 共同在病人安全和支持 FDA 批准突破性治療方法方面發揮關鍵作用。從生物相容性和包裝等驗證測試到青少年消毒，我們的團隊為推出這種用於晚期帕金森氏症治療的新型輸液器做出了貢獻。

This innovative drug delivery device helps improve quality of life by managing tremors and rigid body movements. Our expertise helps customers commercialize new products and is a great example of how we play an essential role in Safeguarding Global Health.

這種創新的藥物輸送裝置透過控制震顫和僵硬的身體運動來幫助改善生活品質。我們的專業知識可協助客戶將新產品商業化，也是我們在維護全球健康方面發揮重要作用的絕佳例證。

Now Jon will walk us through the financials.

現在喬恩將向我們介紹財務狀況。

Thank you, Michael. I will begin by covering the second quarter 2025 highlights on a consolidated basis, and then provide some details on each of the business segments, along with updates on capital deployment and leverage. I will finish with additional details on our updated 2025 outlook.

謝謝你，麥可。我將首先介紹 2025 年第二季度的合併亮點，然後提供每個業務部門的一些詳細信息，以及資本部署和槓桿的最新情況。最後，我將詳細介紹我們更新後的 2025 年展望。

On a consolidated total company basis, second quarter revenues increased by 6.4% to $294 million, or 6% on a constant currency basis compared to Q2 2024. Foreign currency was a tailwind of approximately 40 basis points for the quarter. Adjusted EBITDA increased by 9.8% to $151 million or 9.5% growth on a constant currency basis.

以合併總公司計算，第二季營收與 2024 年第二季相比成長 6.4% 至 2.94 億美元，以固定匯率計算成長 6%。本季度，外幣匯率上漲了約 40 個基點。調整後的 EBITDA 成長 9.8%，達到 1.51 億美元，以固定匯率計算成長 9.5%。

Adjusted EBITDA margins were 51.2%, representing 156 basis points increase from Q2 2024, driven by a 514 basis points increase in Nelson Labs segment margin. Interest expense of $41 million for the second quarter of 2025 was consistent with the prior year period.

調整後的 EBITDA 利潤率為 51.2%，較 2024 年第二季增加 156 個基點，這得益於 Nelson Labs 部門利潤率增加 514 個基點。2025 年第二季的利息支出為 4,100 萬美元，與去年同期持平。

Net income on a GAAP basis for Q2 2025 was $8 million or $0.03 per diluted share inclusive of the pending and previously disclosed $34 million settlement of EO claims in Illinois. That compares to net income of $9 million or $0.03 per diluted share in Q2 of 2024. Adjusted EPS was $0.20 for the second quarter of 2025, an improvement of $0.01 from Q2 2024.

2025 年第二季以 GAAP 計算的淨收入為 800 萬美元或每股攤薄收益 0.03 美元，其中包括尚未了結的和先前披露的 3400 萬美元伊利諾伊州 EO 索賠和解金。相比之下，2024 年第二季的淨收入為 900 萬美元，即每股攤薄收益 0.03 美元。2025 年第二季調整後每股收益為 0.20 美元，較 2024 年第二季改善 0.01 美元。

Now let's take a closer look at the segment details. Sterigenics tiered strong second quarter 2025 revenue growth of 10.5% to $195 million or 10% on a constant currency basis as compared to Q2 2024. Revenue growth for the quarter was driven by a favorable volume and mix contribution of 6%, pricing of 4% and a benefit from foreign currency exchange of approximately 50 basis points. Segment income increased 11.3% to $108 million with segment income margins expanding 42 basis points versus Q2 2024. Segment income and margin growth were driven by strong top line growth, partially offset by inflation.

現在讓我們仔細看看片段細節。Sterigenics 預計 2025 年第二季營收將強勁成長 10.5%，達到 1.95 億美元，以固定匯率計算，與 2024 年第二季相比成長 10%。本季營收成長主要得益於 6% 的銷售和產品組合貢獻、4% 的定價以及約 50 個基點的外匯兌換收益。分部營收成長 11.3% 至 1.08 億美元，分部營收利潤率與 2024 年第二季相比擴大 42 個基點。部門收入和利潤率的成長是由強勁的營業額成長推動的，但被通貨膨脹部分抵消。

Nordion's Q2 2025 revenue increased by 2.9% to $42 million or 3.4% on a constant currency basis compared to the same period in the prior year. Nordion's revenue increase was driven by favorable volume mix of 1.1% as well as a 2.3% pricing benefit, partially offset by unfavourable foreign currency exchange of 50 basis points. Nordion's segment income was $23 million for the quarter, while segment income margin decreased 145 basis points to 55.3% compared to Q2 2024 driven by the timing of supplier mix.

Nordion 2025 年第二季的營收與去年同期相比成長 2.9%，達到 4,200 萬美元，以固定匯率計算成長 3.4%。Nordion 的營收成長得益於 1.1% 的有利銷售組合以及 2.3% 的定價優勢，但被 50 個基點的不利外匯匯率部分抵銷。Nordion 本季的分部營收為 2,300 萬美元，而受供應商組合時機的影響，分部收入利潤率與 2024 年第二季相比下降了 145 個基點，至 55.3%。

Nordion's year to date margins versus 2024 are up over 200 basis points. In Nelson Labs, revenue for the quarter was $57 million, a decline of 3.3% compared to Q2 2024 as favorable contributions from core lab testing, pricing gains of 2.8% and a foreign exchange benefit of 110 basis points were offset by the anticipated volume impact of expert advisory services.

Nordion 今年迄今的利潤率與 2024 年相比上漲了 200 多個基點。在 Nelson Labs，本季營收為 5,700 萬美元，與 2024 年第二季相比下降 3.3%，因為核心實驗室測試的有利貢獻、2.8% 的價格上漲和 110 個基點的外匯收益被專家諮詢服務的預期數量影響所抵消。

Segment income increased 13.9% to $20 million, while segment income margins expanded by 514 basis points. Increases in Q2 segment income and segment income margin were driven by favorable volume and mix improvements benefits from optimization and favorable pricing.

分部營收成長 13.9% 至 2,000 萬美元，分部營收利潤率擴大 514 個基點。第二季分部收入和分部收入利潤率的成長得益於有利的銷售以及優化和有利定價帶來的產品組合改善。

Turning to the balance sheet, cash generation and capital deployment. We delivered positive operating cash flow of approximately $57 million in the quarter and capital expenditures totaled approximately $31 million. Our liquidity position remains very strong. At the end of Q2, we had $918 million of available liquidity, which included $332 million of unrestricted cash and $586 million of available capacity on our revolving line of credit. Finally, we finished the quarter with a net leverage ratio of 3.5 times, an improvement from net leverage of 3.7 times at the end of 2024, and continued progress towards our long-term goal of 2 times to 3 times.

轉向資產負債表、現金產生和資本部署。本季度，我們的營運現金流約為 5,700 萬美元，資本支出總額約為 3,100 萬美元。我們的流動性狀況依然非常強勁。截至第二季末，我們擁有 9.18 億美元的可用流動資金，其中包括 3.32 億美元的非限制性現金和 5.86 億美元的循環信貸額度可用容量。最終，我們本季的淨槓桿率為3.5倍，較2024年底的3.7倍淨槓桿有所改善，並繼續朝著2倍至3倍的長期目標邁進。

As Michael mentioned previously, we are raising our 2025 constant currency revenue growth outlook versus 2024 to a range of 4.5% to 6% from our prior range of 4% to 6%. We also expect to drive healthy operating leverage and are increasing our constant currency adjusted EBITDA growth outlook to 6% to 7.5% from our prior range of 4.5% to 6.5%. Based on average second quarter 2025 FX rates, we now expect foreign currency impact to be neutral on full year revenue and adjusted EBITDA versus 2024 compared to our prior assumption of 1.25% and 1.5% headwind respectively. Total company price for 2025 is still expected to be near the midpoint of our long-term stated range of 3% to 4%.

正如邁克爾之前提到的，我們將 2025 年相對於 2024 年的固定貨幣收入增長預期從之前的 4% 至 6% 上調至 4.5% 至 6% 的範圍。我們也希望推動健康的經營槓桿，並將按固定匯率調整後的 EBITDA 成長預期從先前的 4.5% 至 6.5% 提高至 6% 至 7.5%。根據 2025 年第二季的平均外匯匯率，我們現在預期外匯對全年營收和調整後 EBITDA 的影響與 2024 年相比為中性，而我們先前分別假設 1.25% 和 1.5% 的逆風。預計 2025 年公司總股價仍將接近我們長期預期的 3% 至 4% 區間的中點。

For Sterigenics, we've raised our full year 2025 constant currency revenue growth outlook and now expect mid to high single digits growth. For Nordion, we continue to expect full year 2025 constant currency revenue growth in the mid-single digits. Nearly 60% of full year revenue is expected to occur in the second half of the year, with Q4 2025 revenue expected to be down mid-teens versus Q4 2024, and due to the timing of Cobalt-60 shipments. Also, revenue risk associated with Russian supplied Cobalt-60 has improved to less than [0.5%] of 1% total company 2025 revenue.

對於 Sterigenics，我們提高了 2025 年全年固定匯率營收成長預期，目前預計將實現中高個位數成長。對於 Nordion，我們繼續預期 2025 年全年固定匯率營收成長率將達到中等個位數。預計全年收入的近 60% 將發生在下半年，預計 2025 年第四季的收入將比 2024 年第四季下降 15% 左右，這是由於鈷 60 的出貨時間所致。此外，與俄羅斯供應的鈷-60相關的收入風險已改善至占公司 2025 年總收入 1% 的不到 [0.5%]。

For Nelson Labs, while core lab testing continues to improve, we now expect full year 2025 constant currency revenues to decline in the low single digits due to the impact from expert advisory services. We expect to return to growth in Q4 2025 and continue to expect strong margin improvement at Nelson Labs for 2025. Moving on to other guidance items. Based on the current forward rate, we continue to expect interest expense to be in the range of $155 million to $165 million. We are projecting an effective tax rate applicable to adjusted net income in the range of 31.5% to 33.5%.

對於 Nelson Labs 而言，雖然核心實驗室測試不斷改進，但由於專家諮詢服務的影響，我們現在預計 2025 年全年固定貨幣收入將下降個位數。我們預計 2025 年第四季將恢復成長，並繼續預計 2025 年 Nelson Labs 的利潤率將大幅提升。繼續討論其他指導事項。根據目前的遠期利率，我們繼續預期利息支出將在 1.55 億美元至 1.65 億美元之間。我們預計調整後淨收入的有效稅率在 31.5% 至 33.5% 之間。

The favorable tax rate change reflects the recent US tax law change that increased deductible interest expense up to 30% of EBITDA generated in the US. With the upward adjustments to our revenue and adjusted EBITDA ranges and the favorable change in the tax rate, we now expect adjusted EPS to be in the range of $0.75 to $0.82, an increase from the previous range of $0.70 to $0.76.

有利的稅率變化反映了美國近期稅法的變化，該變化將可扣除利息費用提高至美國產生的 EBITDA 的 30%。隨著我們的收入和調整後 EBITDA 範圍的上調以及稅率的有利變化，我們現在預計調整後的每股收益將在 0.75 美元至 0.82 美元之間，高於之前的 0.70 美元至 0.76 美元。

We continue to expect a fully diluted share count in the range of 286 million to 287 million shares on a weighted average basis. We now expect 2025 capital expenditures to be in the range of $170 million to $180 million, down from our prior outlook of $190 million to $210 million. Approximately one fourth of the reduction reflects cost savings, while the remainder is due to the timing of large projects. As outlined at Investor Day, we continue to anticipate CapEx of approximately $110 million in 2027, which supports our goal of delivering $500 million to $600 million of free cash flow over the period 2025 to 2027. We continue to expect year-end 2025 net leverage ratio to improve compared to 2024, as we work towards our long-term goal of 2 times to 3 times net leverage. Finally, as usual, our guidance does not assume any M&A activity.

我們繼續預計，以加權平均計算，完全稀釋後的股份數量將在 2.86 億股至 2.87 億股之間。我們現在預計 2025 年的資本支出將在 1.7 億美元至 1.8 億美元之間，低於先前預測的 1.9 億美元至 2.1 億美元。大約四分之一的減少反映了成本節省，其餘部分則歸因於大型專案的時間表。正如投資者日所概述的，我們繼續預計 2027 年的資本支出約為 1.1 億美元，這支持我們在 2025 年至 2027 年期間實現 5 億至 6 億美元自由現金流的目標。我們繼續預期 2025 年底的淨槓桿率將比 2024 年有所改善，因為我們正努力實現 2 倍至 3 倍的淨槓桿率的長期目標。最後，像往常一樣，我們的指導不假設任何併購活動。

I'll now turn the call back over to Michael.

我現在將電話轉回給邁克爾。

Thank you, Jon. We are proud of the strong quarter we delivered, which was highlighted by continued momentum and enable us to raise our full year outlook. This performance underscores the resilience of our business and the strength of our teams. We are energized by what lies ahead and remain focused on executing with discipline to drive continued value for our stakeholders.

謝謝你，喬恩。我們為本季的強勁表現感到自豪，這一表現突顯了持續的成長勢頭，並使我們能夠提高全年預期。這項業績凸顯了我們業務的韌性和團隊的實力。我們對未來充滿信心，並將繼續專注於嚴格執行，為我們的利害關係人創造持續的價值。

At this point, operator, let's open the call up for questions and answers.

接線員，現在讓我們開始問答環節。

(Operator Instructions) Patrick Donnelly, Citi.

（操作員指示）花旗銀行的 Patrick Donnelly。

Hey guys, thank you for taking the questions. Michael, maybe one just on the overall results, particularly Sterigenics. Just given the strength there kind of have to ask, did you guys see any sort of pull-forward dynamic? Nice to see the full year move up, obviously, but just curious what you were hearing from customers or folks looking to stock up ahead of some of the tariff noise? Anything there to call out?

大家好，感謝你們回答問題。邁克爾，也許只是關於整體結果，特別是 Sterigenics。考慮到那裡的實力，我不得不問，你們有沒有看到任何形式的前拉動態？顯然，很高興看到全年銷量上漲，但我只是好奇您從客戶或希望在關稅噪音之前囤貨的人那裡聽到了什麼？有什麼需要呼喊的嗎？

Hey, good morning, Patrick, I would just -- we're not seeing any material and tariff pull-ins or anything of that nature. I mean there's a little bit here and there, but there's nothing material. The team -- we saw this volume progressing, as we said earlier in the year, we said that we would see volumes progress throughout the year, and we're seeing the teams executing against that. So we're excited about where we sit today with Sterigenics, and the outlook is positive going forward as well.

嘿，早上好，派崔克，我只是——我們沒有看到任何材料和關稅的拉動或任何類似性質的東西。我的意思是，這裡或那裡有一點點，但沒有什麼實質的東西。團隊——我們看到了這個數量的增長，正如我們今年早些時候所說的那樣，我們說過我們會看到全年數量的增長，並且我們看到團隊正在朝著這個目標努力。因此，我們對 Sterigenics 目前所處的位置感到非常興奮，並且對未來的前景也充滿信心。

Okay. Yeah. Let me dive a little bit more into the recovery here. Can you just pull back? It sounds like both the med tech side and bioprocessing we're doing well for you in the quarter. Can you just maybe parse out the two, what you're seeing from where we are in this recovery. It does sound like you guys are maybe a little more confident on the volume side. But maybe talk about both med tech and Biopron volume versus price would be helpful just to talk through how you're seeing it and the expectations for the rest of the year?

好的。是的。讓我更深入地探討一下這裡的恢復情況。你能退後嗎？聽起來，本季我們在醫療技術和生物加工方面都做得很好。您能否分析一下這兩者，從我們目前的復甦情況來看，您看到了什麼？聽起來你們可能在音量方面更有信心一些。但也許談論醫療技術和 Biopron 的數量與價格會有所幫助，只是為了談談您如何看待它以及對今年剩餘時間的期望？

Thanks, Patrick. As we mentioned in our prepared remarks, the volume and mix were up 6% in the quarter over last year. The price was up 4% in Sterigenics. We're seeing that across the board with our customers, no segment necessarily outperforming the other. Bioprocessing, again, it's a small portion of our business, but we saw significant growth there as we expected. We also had capacity put in place with one of our buildouts, and we're seeing the fruits of that expansion in the ability to capture volume based on that performance.

謝謝，派崔克。正如我們在準備好的演講中提到的那樣，本季度的交易量和組合比去年同期增長了 6%。Sterigenics 的價格上漲了 4%。我們看到，從我們的客戶整體來看，沒有哪個細分市場的表現一定優於其他市場。生物加工只是我們業務的一小部分，但正如我們預期的那樣，我們看到了顯著的成長。我們還透過其中一項擴建工程實現了產能到位，並且我們看到了此次擴張的成果，即能夠根據該性能捕獲容量。

And then in addition to that, the med tech volumes were pretty steady. We're seeing across multiple categories. As we talked about previously with you folks, we're doing some segmentation of end markets that we're really focused on. And the team is seeing nice growth in those end markets that we focused on and are executing against. So overall, bioprocessing was up larger, but it's a smaller base, but med tech had nice volume in the quarter, and we anticipate that going forward to be positive as well.

除此之外，醫療技術的數量也相當穩定。我們看到了多個類別。正如我們之前與大家討論過的，我們正在對我們真正關注的終端市場進行一些細分。並且，團隊在我們關注並執行的終端市場中看到了良好的成長。因此，整體而言，生物加工的成長幅度較大，但基數較小，而醫療技術在本季的表現不錯，我們預期未來也會保持積極態勢。

Brett Fishbin, KeyBanc.

布雷特·菲什賓，KeyBanc。

Hey guys, good morning. Thank you very much for taking the questions. I just want to start off with maybe a similar one from 1Q. Just obviously, a highlight of the quarter was the step-up in Nelson Labs margins. I know you mentioned the benefit of positive mix with expert advisory declining more. But curious if you could just parse out some of the different drivers of the year over year improvement? Like how much was related to the mix of services versus other factors?

大家好，早安。非常感謝您回答這些問題。我只是想從第一季的一個類似情況開始。顯然，本季的一大亮點是 Nelson Labs 利潤率的提升。我知道您提到了積極組合的好處，專家諮詢的減少幅度更大。但我很好奇，您是否可以分析出逐年改善的一些不同驅動因素？例如，與服務組合以及其他因素的關係有多大？

Yeah, I would, Brett, this is Michael. I would say this is consistent what we have been messaging for the last several quarters. We said that we would see expansion of margins within the Nelson Lab business. We felt that business probably ends up being low to mid-30s.

是的，我願意，布雷特，我是麥可。我想說的是，這與我們過去幾季所傳達的訊息一致。我們說過，我們將看到 Nelson Lab 業務的利潤率擴大。我們覺得，業務最終可能會達到 30% 左右。

We're approaching those areas. We're actually right there. The key things that the team has done that we talked about previously with you folks is the labor productivity and matching that up. And the team has done a really nice job of matching that with supply and demand.

我們正在接近這些地區。我們實際上就在那裡。我們之前與大家討論過的團隊所做的關鍵事情是勞動生產力及其匹配。團隊在匹配供需方面做得非常出色。

So we're getting some optimization there on the productivity side and some of the volumes and then overall, a favorable mix, as you referenced, moving from expert advisory services in the core lab testing. And I'd say the other thing is that business continues to perform on price at 3% price in the quarter. So overall, this is four quarters a row of margin expansion, which is what we communicated as we expected, and the team is delivering against that.

因此，我們在生產力方面和一些數量方面進行了一些優化，然後總體而言，正如您所提到的，從核心實驗室測試中的專家諮詢服務轉向了有利的組合。我想說的另一件事是，本季業務價格繼續上漲 3%。因此，總體而言，這是連續四個季度的利潤率擴大，正如我們所預期的那樣，而且團隊正在實現這一目標。

Alright, perfect. And then I think here a little bit. During the quarter, there was an announced extension to the implementation time frame for the updated [ETO regs]. It looks like the EPA is still reevaluating the updated [Sapro]. So I was curious if you had any thoughts on this development whether this changes your planned investments in any way? And then just how you think about maybe competitive implications of that decision? Thank you.

好的，完美。然後我在這裡稍微思考了一下。本季度，已宣布延長更新後的實施時間框架[ETO 法規]。看起來環保署仍在重新評估更新後的[薩普羅]。所以我很好奇您對這一發展有什麼看法，這是否會以某種方式改變您的計劃投資？那麼，您如何看待這項決定可能帶來的競爭影響？謝謝。

Yeah, thanks, Brett. On the [neshef] rule, we're well positioned. We're continuing to execute on that. We're going to continue to invest in that moving forward.

是的，謝謝，布雷特。根據[neshef]規則，我們處於有利地位。我們將繼續執行這一目標。我們將繼續為此進行投資。

This will give us an opportunity to get a little bit of price out of some vendors that we think we're speeding a little bit on cost. But continuing to invest in that to finish this up. And for us, the extension just gives us an opportunity to facilitate optimal installation and validation of some of the emissions controls around the facilities. But we feel good about where we're sitting there, and we also feel good about the competitive environment long term.

這將使我們有機會從一些我們認為在成本上略微加快的供應商那裡獲得一點價格。但要繼續投資才能完成這件事。對我們來說，此次延期為我們提供了一個機會，可以促進設施周圍一些排放控制裝置的最佳安裝和驗證。但我們對目前的狀況感到滿意，並且對長期的競爭環境也感到滿意。

Luke Sergott, Barclays.

巴克萊銀行的盧克‧塞戈特 (Luke Sergott)。

Great thanks I guess on the -- just pile on the Nelson improvement for the margin. I know that you're hitting up against your targets here, low to mid-30s for the year. So just trying to think about how much more runway you guys have left in that business and ultimately, what you think you can get margins to go to, assuming that the volumes come back to your targeted utilization?

非常感謝，我想——只需增加納爾遜的改進即可。我知道你正在努力實現自己的目標，今年的目標是 30 多歲。所以，只是想想你們在這個業務上還剩下多少跑道，最終，假設產量恢復到你們的目標利用率，你們認為你們可以獲得多少利潤？

Yeah. Luke, I would say where we're at today is pretty consistent with what we projected, and that's what you should expect going forward here. We're in like low 30s, right, low to mid-30s. That's what you're going to be expecting. I don't think you're going to see us approaching the 40s we saw during COVID as we explained in the past, that was some favourability, we had from mix and some bowls of large volumes that came in.

是的。盧克，我想說我們今天所處的位置與我們的預測非常一致，這也是你未來應該期待的。我們大概在 30 多歲，對吧，30 多歲到 30 多歲。這正是你所期待的。我認為您不會看到我們接近 COVID 期間看到的 40 年代水平，正如我們過去所解釋的那樣，這是有利的，我們從混合物和一些大容量的碗中獲得了這種好處。

But I think what you're seeing this business should be able to deliver consistent with the margin rates we're at today. you should think about it that way going forward.

但我認為，您所看到的這項業務應該能夠實現與我們今天的利潤率一致的水平。您應該以這種方式來考慮它。

All right. And then follow-up here is, you had your per that does the same thing. They're a little bit more gamma-ray focused. They had strong growth in the quarter. It's not like Steri had a bad volume quarter either. I'm just wondering, they had a little bit of elevated growth. So are you seeing internally increased demand for gamma and X-ray and potential share gain there? Has there been a technology advancement where they can get that increased capacity for that sterilization technology?

好的。然後接下來的問題是，你有做同樣事情的人。它們更側重於伽馬射線。他們在本季度實現了強勁增長。這並不意味著 Steri 本季的銷量不佳。我只是好奇，它們是否有一點點的增長。那麼，您是否看到國內對伽馬射線和 X 射線的需求增加以及潛在的市場份額增長？是否有技術進步可以提高滅菌技術的能力？

Yeah. Luke, obviously, you have to talk to them about their performance, but we're very proud of what Sterigenics has done here, 10.5% growth in the quarter, 6% volume and mix. We're seeing it across modalities. We don't have a huge X-ray base. We've got a new X-ray that we announced that we're coming up in the Southeast by the end of the year.

是的。盧克，顯然，你必須和他們談談他們的業績，但我們對 Sterigenics 所取得的成績感到非常自豪，本季度增長了 10.5%，銷量和產品組合增長了 6%。我們在各種模式下都看到了這一點。我們沒有龐大的X射線基地。我們有一種新的 X 射線，我們宣布將於今年年底在東南部推出。

The gamma side is a little weaker, but still nice progress there, and ethylene oxide continues to do real well, and E-beam does for well. So overall, really proud of what the Sterigenics team is doing, and it's consistent with what we told everybody we were going to do is increase volumes as the year progressed. The team is executing against that. And we're even sitting here today in early August, we're optimistic, where we sit going forward.

伽馬射線方面稍弱，但仍然取得了不錯的進展，環氧乙烷繼續表現良好，電子束也表現良好。總的來說，我對 Sterigenics 團隊所做的事情感到非常自豪，這與我們告訴所有人我們要做的一致，那就是隨著時間的推移增加產量。團隊正在執行這項目標。即使今天是八月初，我們仍然對未來充滿樂觀。

Jason Bednar, Piper Sandler Companies

傑森·貝德納（Jason Bednar），派珀·桑德勒公司

Good morning, guys, I want to focus on Sterigenics. A couple of questions here. I'll just ask them all upfront. Are they -- the growth you're seeing is that mostly same-store or how much -- I think you referenced a little bit on capacity expansion. I don't know if there's any way you can parse that out, what you're seeing from each of those.

大家早安，我想重點談談 Sterigenics。這裡有幾個問題。我會提前詢問他們所有人。您看到的成長主要是同店成長還是多少？我想您提到了一些產能擴張的問題。我不知道您是否有辦法分析您從每個方面所看到的東西。

And then a bit of a follow-up to Patrick's question earlier. There's a ton of med tech players out there that are trying to adjust sourcing supply chains to work around tariffs. So not asking if there was a pull forward, but more so just broadly, are you seeing movement across your network as a lot of these companies are trying to, again, adjust their supply chain? Is that impacting Sterigenics at all? Thank you.

然後稍微跟進一下帕特里克之前提出的問題。許多醫療技術公司正在嘗試調整採購供應鏈以應對關稅問題。所以，不是問是否有提前的跡象，而是更廣泛地說，您是否看到整個網路都在發生變化，因為許多公司正在再次嘗試調整其供應鏈？這對 Sterigenics 有影響嗎？謝謝。

Yeah, Thanks, Jason, it's Michael. We had healthy performance in same-store sales. We did, as I referenced, pick up incremental volumes in one of our expansions in Europe that we expected but overall, same-store sales were healthy as well as this other expansion. Pull forward, med tech, there is a lot of moving parts right now with these customers and exactly how they're trying to optimize their supply chain.

是的，謝謝，傑森，我是麥可。我們的同店銷售額表現良好。正如我所提到的，我們在歐洲的一次擴張中確實獲得了預期的增量銷量，但總體而言，同店銷售額和其他擴張一樣健康。向前看，醫療技術，現在這些客戶有很多活動部件，以及他們正在如何嘗試優化他們的供應鏈。

We're having multiple discussions with them around the global where they're going to ultimately settle but we didn't see material numbers pick up because of that, as I referenced earlier. But overall, our goal is to work closely with our customers and help optimize opportunities for as I look forward, there's a couple of opportunities that are percolating, that could be interesting as they look to optimize their supply chains. But right now, we're just looking forward to service them as best as we can with the facilities we have in place.

我們正在全球範圍內與他們進行多次討論，討論他們最終將達成的和解方案，但正如我之前提到的，我們並沒有看到實質性的數字因此而上升。但總的來說，我們的目標是與客戶密切合作，幫助優化機會，正如我所期望的，有幾個機會正在醞釀，當他們尋求優化供應鏈時，這些機會可能會很有趣。但現在，我們只是希望利用現有的設施為他們提供盡可能最好的服務。

Michael, just one quick follow-up. Do you think you're in a good start. And I think you know the answer to this. But given those companies are trying to move supply chains, they're incentivized to move supply chains, do you feel like you're in the cap burn see just from a pricing position in terms of asking for even more price than you normally would?

邁克爾，我只想快速跟進。您認為您的開局良好嗎？我想你知道這個問題的答案。但考慮到這些公司正試圖轉移供應鏈，他們有動力轉移供應鏈，您是否覺得從定價角度來看，您正處於資本消耗階段，要求的價格甚至比平常更高？

I don't know, it's not about taking advantage of the situation. What I feel good about is our position in the marketplace and our capacity in the US we have a pretty significant presence there. So if people want to come to the US, we feel like we're pretty well positioned to do that. And also, the other thing to keep in mind, we've been talking about investments in incremental capacity there was one program that we've been continuing to scrutinize, and we decided to move forward with that program as well that will optimize opportunities here in the US that our customers have asked us for support around.

我不知道，這不是利用情勢。令我感到高興的是我們在市場上的地位以及我們在美國擁有相當重要的影響力。因此，如果人們想來美國，我們覺得我們已經做好了充分的準備。另外，要記住的另一件事是，我們一直在談論對增量產能的投資，我們一直在持續審查一個計劃，我們決定繼續推進該計劃，這將優化我們在美國獲得的機會，我們的客戶已經要求我們提供支援。

The business case has come together pretty well with the pricing that they've committed to us as well as the construction cost that we have to apply against and our Board has not made that decision earlier in the year to proceed with that. So we feel really good about that coming on board. Again, that won't be till late '27 or so. So that -- again, we're trying to be responsive to our customers broadly, Jason.

商業案例與他們向我們承諾的價格以及我們必須申請的建設成本已經很好地結合在一起，我們的董事會在今年早些時候還沒有做出繼續推進這一計劃的決定。因此，我們對此感到非常高興。再說一遍，那要等到 27 年底左右。所以——我們再次嘗試廣泛地回應我們的客戶，傑森。

Alright, great to hear, thanks Michael.

好的，很高興聽到這個消息，謝謝邁克爾。

Casey Woodring, JP Morgan.

凱西‧伍德林，摩根大通。

Hi, great, thanks for taking my questions. Just on Sterigenics, you did 6% volume and mix growth in 2Q. You mentioned you're not really seeing pull forward. So is it fair to assume that same sort of volume and mix growth in the back half? And maybe just walk through the quarterly cadence there. And then I have one follow-up.

嗨，太好了，感謝您回答我的問題。僅就 Sterigenics 而言，第二季銷售和產品組合就成長了 6%。您提到您並沒有真正看到向前的拉動。那麼，是否可以假設下半年會出現同樣的銷售和組合成長？也許只是回顧一下季度節奏。然後我還有一個後續問題。

Hey Casey, thanks for the question on that. We're really pleased with the performance in Sterigenics. I think if you look at how we've upped our guidance there, to mid to high single-digit growth, that would imply that kind of range in the second half.

嘿，凱西，謝謝你提出這個問題。我們對 Sterigenics 的表現非常滿意。我認為，如果你看看我們如何將我們的期望提高到中高個位數成長，那就意味著下半年也會有這樣的成長範圍。

We do have some uptick in maintenance related downtime that will mute the growth a little bit, which is why you could see it being a little less robust in the second half than we saw in Q2, but we're still really pleased with the trajectory of the business and the growth we're putting up.

與維護相關的停機時間確實有所增加，這會稍微抑製成長，這就是為什麼你會看到下半年的成長不如第二季那麼強勁，但我們仍然對業務的發展軌跡和我們正在實現的成長感到非常滿意。

Got it. That's helpful. And then on Nelson, it looks like you took down expectations for the year just on the RCA business. You mentioned a return to growth in 4Q in Nelson. Just curious how we should think about that business maybe in 2026, the moving pieces there, you'll have an easier RCA comp sounds like core volumes are improving. Maybe just walk us through kind of the normalized growth rate of that business and what that would look like in '26 with easy comps. Thank you.

知道了。這很有幫助。然後關於納爾遜，看起來您下調了對 RCA 業務今年的預期。您提到尼爾森第四季恢復成長。只是好奇我們應該如何看待這項業務，也許在 2026 年，那裡的活動部分，你會有一個更容易的 RCA 補償，聽起來核心音量正在改善。也許您可以向我們介紹一下該業務的正常成長率，以及在 26 年通過簡單的比較後會是什麼樣子。謝謝。

Yeah, Thanks, Casey. We're not going to get into '26 any debt at this point. We're only in the second quarter of 2025. I would just tell you; we don't see long-term significant expansion of the RCA business. Again, that's more strategic for us and how it works across the company. We saw the benefits last year some elevated FDA activity, which is not repeating this year. But overall, we're looking at bringing a full service to our customers that helps facilitate growth in both Sterigenics and Nelson.

是的，謝謝，凱西。目前我們不會背負任何債務。我們才剛進入 2025 年第二季。我只是想告訴你，我們看不到 RCA 業務的長期顯著擴張。再次強調，這對我們以及整個公司而言都更具策略意義。去年我們看到了 FDA 活動增加的好處，但今年不會再有這種情況。但總的來說，我們希望為客戶提供全方位的服務，以幫助促進 Sterigenics 和 Nelson 的成長。

So when we get later in the year, we're able to give you some guidance on '26, we'll give you more details around that. But right now, we're pretty proud of the work this team has done on getting the margins in line and recovering the lab business. We got a couple of regulations that are coming into place, which the team is maximizing the opportunities around. So happy about that. We've got to continue to focus on core lab volume going forward here. And that's what the second half is going to be around for that team.

因此，當我們在今年稍後的時候，我們可以為您提供有關 26 的一些指導，我們將為您提供更多相關細節。但現在，我們對這個團隊在實現利潤率和恢復實驗室業務方面所做的工作感到非常自豪。我們有一些即將實施的規定，團隊正在最大限度地利用這些規定所帶來的機會。對此我感到非常高興。我們必須繼續關注核心實驗室的未來發展。這就是該隊下半場將要面對的情況。

David Windley, Jefferies.

傑富瑞的戴維溫德利 (David Windley)。

Hi, good morning, thanks for taking my questions. The first one is a follow-up to the very end of your answer to Jason's question on the project that you're approving and moving forward. I think I heard you say the $110 million in '27 CapEx target is still valid. I wondered if you could talk about the path to that, particularly in light of that comment about the project.

嗨，早上好，感謝您回答我的問題。第一個是您對 Jason 提出的有關您正在批准和推進的項目的問題的回答的最後跟進。我想我聽到您說 27 年 1.1 億美元的資本支出目標仍然有效。我想知道您是否可以談談實現這一目標的途徑，特別是考慮到有關該項目的評論。

Yeah. David, I'll make some of the comments and Jon could jump in. We are looking at that $110 million, which is a commitment we made last year. The big things that are going to help ramp that down is cobalt development and the GFE spend, the facility enhancement spend on the Sterigenics side, those are moving on track to come down just like we said they would. Those are two big outliers that have had an impact here on our CapEx spend in the last couple of years.

是的。大衛，我會發表一些評論，喬恩可以加入。我們正在考慮那 1.1 億美元，這是我們去年做出的承諾。有助於降低這一數字的重大因素是鈷開發和 GFE 支出，以及 Sterigenics 方面的設施增強支出，這些支出正如我們所說的那樣正在按計劃下降。這兩個重大異常值對我們的過去幾年的資本支出產生了影響。

And then some growth investments in Sterigenics have come down. And then we have this one left that we've got forecasted out.

然後，對 Sterigenics 的一些成長投資已經減少。然後我們還剩下這個已經預測出來了。

Yeah. I think the nuance there, David, is that this one was always contemplated. And over the last couple of months or even quarters, we've kind of -- we've reflected on it just to make sure we're confident in the returns that it would deliver, and we feel really good about that, as Michael mentioned. So we're moving forward. But it was always contemplated in the numbers that we were talking about.

是的。大衛，我認為這裡的細微差別在於這一點一直被人們所考慮。在過去的幾個月甚至幾個季度裡，我們對此進行了反思，只是為了確保我們對它將帶來的回報充滿信心，正如邁克爾所提到的，我們對此感到非常滿意。所以我們正在前進。但我們談論的數字中總是考慮到了這一點。

Yeah, good clarification. David, it was always in those CapEx numbers that we had before. We're pushing it until we get comfortable on the economics of it.

是的，解釋得很好。大衛，它始終存在於我們之前的那些資本支出數字中。我們會繼續努力，直到我們對它的經濟效益感到滿意為止。

Right. Okay. I wondered also on Nelson, I think in your description of the margin benefits in addition to the mix shift, there was also a mention of optimization. I guess what I'm wondering there is you're taking the revenue guidance down a little bit on the EAS business.

正確的。好的。我也對納爾遜感到疑惑，我認為在您對利潤收益的描述中，除了組合轉變之外，還提到了最佳化。我想我感到疑惑的是，您是否會稍微降低 EAS 業務的收入預期。

I'm wondering if the second quarter was a level of kind of more of a step function of, hey, the revenue is what it is, let's rightsized the staffing levels even more so to current demand without any kind of growth anticipation and that helped to bump the margins up even more then we, on the outside, at least expected.

我想知道第二季度是否更像是一種階躍函數，嘿，收入就是這樣，讓我們在沒有任何增長預期的情況下，進一步調整人員配置水平，以適應當前需求，這有助於提高利潤率，甚至比我們至少在外部預期的還要高。

Am I reading too much into that?

我是不是想太多了？

Yeah, you read too much. There was no incremental actions. There was no incremental actions in the quarter. This is just to run off the things that we talked about a couple of quarters ago. There was nothing incremental there, David.

是的，你讀太多了。沒有任何漸進的行動。本季沒有採取任何增量行動。這只是為了解決我們幾個季度前討論過的事情。那裡沒有任何增量，大衛。

Got it. Okay. So relatedly, if I could just squeeze one more in. So you had previously said that your margin expansion for the year was going to be Nelson driven. Is that still the case? Or do you see some benefits in the other two segments.

知道了。好的。因此，如果我能再擠一點進去的話。所以您之前說過，今年的利潤率擴張將由納爾遜推動。現在還是這樣嗎？或者您是否看到了其他兩個領域的一些好處。

Jon, do you want to hit the margin one?

喬恩，你想打邊緣嗎？

Yeah. No, that's still our expectation, David. I mean we feel really good about the improvement and the work that the team at Nelson has done to get margins in a spot where we think is consistent with the long-term guide. As Michael mentioned, they've been at this for several quarters to get the labor and productivity right. And so we're pleased with that.

是的。不，這仍然是我們的期望，大衛。我的意思是，我們對納爾遜團隊的改進和工作感到非常滿意，他們認為納爾遜團隊已經將利潤率控制在了與長期指導一致的水平。正如邁克爾所提到的，他們已經努力了幾個季度，以確保勞動力和生產力正常化。我們對此感到高興。

We still are expecting Nordion and Sterigenics to have stable margins for the year on a year over year basis. But again, I feel really good about both those businesses' trajectory on super happy about the return to growth or the accelerated growth that we saw in Sterigenics, for sure.

我們仍預期 Nordion 和 Sterigenics 今年的利潤率將與去年同期保持穩定。但是，我對這兩家公司的發展軌跡感到非常滿意，對 Sterigenics 恢復成長或加速成長感到非常高興，這是肯定的。

Michael Polark, Wolf Research.

邁克爾·波拉克，沃爾夫研究中心。

Hey, good morning.

嘿，早安。

I want to put this all together. STERIS posted a real 10% growth rate as well. I see that in Sterigenics like something clearly is going well. As we reflect on the last two, three years, obviously, there was first bioprocess boom and then bust and destocking and then kind of med device customer inventory management. Michael, you're not saying this is tariffs.

我想把這一切整合在一起。STERIS 也公佈了實際 10% 的成長率。我看到 Sterigenics 的情況顯然進展順利。回顧過去兩三年，顯然，生物工藝產業先是繁榮，然後蕭條，然後是去庫存，然後是醫療設備客戶庫存管理。邁克爾，你不是說這是關稅。

And so is this just -- look, there was a two, three year period of post, let's call it, post-COVID destocking of COVID era inventory bloat. We've worked through it because end markets are still pulling through units like hospital utilization and procedures and people are taking drugs and all the stuff. And like it's back. Like I need a little more than like, I don't know, there's a category thing here, and I'm curious. If you could give me a little more.

所以這只是──你看，有兩三年的後疫情時期，我們稱之為後疫情時代庫存膨脹的去庫存時期。我們已經解決了這個問題，因為終端市場仍在拉動醫院利用率和程序等單位，人們正在服用藥物和所有東西。就像它又回來了一樣。就像我需要更多一點，我不知道，這裡有一個類別的東西，我很好奇。如果你能給我多一點的話。

Yeah. Michael, I think some of your comments are right on. We've been talking the last couple of quarters that we are not hearing about destocking in a significant way, right? We've been telling you that. And again, we're not hearing that at all. I think you're starting to see volumes starting to match up a little closer with the volumes that you're seeing in the end markets. We saw it across multiple categories here.

是的。邁克爾，我認為你的一些評論是正確的。我們在過去幾個季度一直在談論，我們沒有聽到有關大幅去庫存的消息，對嗎？我們一直在告訴你這一點。但我們根本沒有聽到這些。我認為您開始看到的交易量與您在終端市場看到的交易量開始更加接近。我們在這裡的多個類別中都看到了它。

We talked about bioprocessing a minute ago, but we're seeing it across multiple categories. And as we said earlier in the year, we expected that to continue throughout the year, and we think that will still be the case and our customers, we're in active dialogue with them and the volumes are coming through. So I imagine our competitors are seeing that same thing.

我們剛才討論了生物加工，但我們在多個類別中都看到了它。正如我們今年早些時候所說的那樣，我們預計這種情況將持續一整年，我們認為這種情況仍然會持續下去，我們正在與我們的客戶進行積極對話，並且交易量正在增加。所以我想我們的競爭對手也看到了同樣的事情。

Understood. And then when we do the Sterigenics 2H guidance, to me, the midpoint of mid- to high single digits is 6.5% for the full year. So if I use that, I get like 6.5% revenue growth for Sterigenics in the second half, and let's assume prices stable because it probably is. And so at 4%, that imposes volume growth of like two to three in the back half and you just described 6% volume and mix in the second quarter.

明白了。然後，當我們制定 Sterigenics 2H 指導時，對我來說，全年中高個位數的中點是 6.5%。因此，如果我使用這個數字，我會得到 Sterigenics 在下半年的收入成長 6.5%，我們假設價格穩定，因為它可能是穩定的。因此，4% 的成長率意味著下半年銷售量將成長 2 到 3 倍，而您剛才描述了第二季銷售量和結構將成長 6%。

So what are you -- Jon, you said downtime, but that feels kind of normal course of business tell me if that's wrong. What else are you bracing for in the back half that kind of explains this lower volume input? Is it simply conservatism?

那麼你是怎麼想的——喬恩，你說的是停機時間，但這感覺像是正常的業務過程，請告訴我這是否是錯的。在後半部您還準備做什麼來解釋這種較低的音量輸入？這僅僅是保守主義嗎？

Yeah, Mike, I think Candidly, I think we view the -- I understand where the 6.5%. I view the -- probably a little bit better than that from how we are thinking about it. And I think that we could -- the business could do better than that. But I would say we do have the downtime and it's a little bit more on non-routine, we have our facility enhancements that Michael mentioned we're proceeding with. We've got a couple of those that are pretty back-half loaded.

是的，麥克，坦白說，我認為我們認為——我明白 6.5% 在哪裡。我認為——從我們的想法來看，情況可能比這要好一點。我認為我們可以——我們的業務可以做得更好。但我想說我們確實有停機時間，而且這有點非常規，我們正在進行邁克爾提到的設施改進。我們有幾個後半部裝載得相當滿的。

If you look at our CapEx year to date versus our CapEx year to go, based on our guide, you'll see the pickup in CapEx, and that's really a good bit of activity. So we've got some caution there around that. We feel good about the team's execution, but we want to make sure that we deliver against our commitments here.

如果您根據我們的指南，將我們今年迄今為止的資本支出與未來一年的資本支出進行比較，您會看到資本支出有所回升，這確實是一項很好的活動。所以我們對此持謹慎態度。我們對團隊的執行力感到滿意，但我們希望確保我們能夠履行我們的承諾。

If I can sneak one more in and be greedy. The tax rate lowered this year, the midpoint of the new 2025 range, is that a good, adjusted tax rate for in 2026 and beyond? Thank you.

如果我能再偷偷溜進去一個並且貪婪的話。今年降低的稅率是 2025 年新稅率範圍的中點，這對於 2026 年及以後來說是一個好的調整後的稅率嗎？謝謝。

Yeah, I think there's going to be some moving pieces as we move forward. We're happy about the tax bill. I mean, it's a little bit nuance here that most of the tax bill changes are timing related for a lot of taxpayers. But because we have the valuation allowance against the interest deduction, the increased deduction for us allows us to improve the tax rate.

是的，我認為隨著我們不斷前進，會出現一些變化。我們對稅收法案感到滿意。我的意思是，這裡有一點微妙之處，大多數稅法變化對於許多納稅人來說都與時間有關。但由於我們有針對利息扣除的估價準備，增加的扣除額使我們能夠提高稅率。

So the midpoint is the right number for this year, some moving pieces going forward. But as we grow, we'd expect that tax rate to improve.

因此，中點是今年的正確數字，一些變動部分正在向前發展。但隨著我們的成長，我們預期稅率會提高。

This concludes our question and answer session. I would like to turn the conference back over to Michael Petras for any closing remarks.

我們的問答環節到此結束。我想將會議交還給邁克爾·佩特拉斯 (Michael Petras) 做閉幕發言。

Great. Thank you, Jason. So we thank everybody for taking the time to join us this morning. Hopefully, you can see the optimism we have on our outlook for the rest of the year. Overall, the team is doing a great job in executing and taking care of our customers.

偉大的。謝謝你，傑森。因此，我們感謝大家今天早上抽出時間來參加我們的活動。希望您能看到我們對今年剩餘時間前景的樂觀態度。整體而言，團隊在執行和照顧客戶方面做得非常出色。

And a couple of things I just want to connect the dots back to around proof points that we've talked about with you in the past here. We talked about Sterigenics volumes improving. We're seeing that come together. The team is executing on that. We talked about Nelson Labs margins improving.

我只想將一些事情與我們過去在這裡討論過的證據點聯繫起來。我們討論了 Sterigenics 銷量的提升。我們看到這一切正在發生。團隊正在執行這項任務。我們討論了 Nelson Labs 利潤率的提高。

We've seen that over the last several quarters. Nordion has been a very steady performer. We help try to get some visibility around the lumpiness around that. And then our focus on free cash flow. And we're optimistic about where we sit and hit the long-range commitments that we've made to the investment community. And we thank you for your ongoing support. We hope you have a good day and a good weekend. Thank you. Bye-bye.

過去幾個季度我們已經看到了這一點。Nordion 的表現一直非常穩定。我們盡力幫助人們了解周遭的不平整之處。然後我們關注自由現金流。我們對我們的現狀以及對投資界所做的長期承諾的履行感到樂觀。我們感謝您一直以來的支持。我們希望您度過愉快的一天和愉快的週末。謝謝。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。