Solventum Corp (SOLV) 2025 Q1 法說會逐字稿

Good afternoon. My name is [Amy]. I will be your conference call operator for today.

午安.我的名字是[艾米]。我將擔任您今天的電話會議接線生。

I would like to welcome everyone to the Solventum first-quarter 2025 earnings call.

歡迎大家參加 Solventum 2025 年第一季財報電話會議。

As a reminder, this call is being recorded. (Operator Instructions) Thank you.

提醒一下，本次通話正在錄音。（操作員指示）謝謝。

I would now like to turn the program over to your host for today's conference, Amy Wakeham, Senior Vice President of Investor Relations and Finance Communications. Please proceed.

現在，我想將節目交給今天會議的主持人、投資者關係和財務傳播高級副總裁艾米·韋克漢姆 (Amy Wakeham)。請繼續。

Thank you. Good afternoon. Welcome to Solventum's first-quarter fiscal year 2025 earnings call.

謝謝。午安.歡迎參加 Solventum 2025 財年第一季財報電話會議。

Joining me on today's call are Chief Executive Officer, Bryan Hanson; and Chief Financial Officer, Wayde McMillan.

參加今天電話會議的還有執行長 Bryan Hanson；和財務長 Wayde McMillan。

A replay of today's earnings call will be available later today on the Investor Relations section of our corporate website. The earnings press release and presentation are both available there, now.

今天晚些時候，我們將在公司網站的投資者關係部分重播今天的收益電話會議。收益新聞稿和簡報現在都可以在那裡查閱。

During today's call, our discussion and any comments we make will be made on a non-GAAP basis, unless we have specifically called them out as GAAP. The non-GAAP information we discuss is not intended to be considered in isolation or as a substitute for the reported GAAP financial information.

在今天的電話會議中，我們的討論和任何評論都將以非 GAAP 為基礎進行，除非我們明確指出它們是 GAAP。我們討論的非 GAAP 資訊不應被單獨考慮或替代報告的 GAAP 財務資訊。

You are encouraged to review the supporting (inaudible) in today's earnings press release to reconcile the non-GAAP measures with the GAAP reported numbers.

我們鼓勵您查看今天的收益新聞稿中的支持性（聽不清楚），以將非 GAAP 指標與 GAAP 報告的數字進行協調。

Additionally, our discussion on today's call will include forward-looking statements including, but not limited to, expectations about our future financial and operating performance. We make these statements based on reasonable assumptions.

此外，我們今天電話會議的討論將包括前瞻性陳述，包括但不限於對我們未來財務和營運績效的預期。我們根據合理的假設做出這些陳述。

However, our actual results could differ. Please review our SEC filings for a complete discussion of the risk factors that could cause our actual results to differ, materially, from any forward-looking statements made today.

然而，我們的實際結果可能會有所不同。請查看我們向美國證券交易委員會 (SEC) 提交的文件，以全面了解可能導致我們的實際結果與今天做出的任何前瞻性陳述有重大差異的風險因素。

Following our prepared remarks, we'll hold a Q&A session. (Event Instructions)

在我們準備好的發言之後，我們將舉行問答環節。（活動須知）

With that, I'd like to now hand the call over to Bryan.

說完這些，我現在想把電話交給布萊恩。

All right. Thank you, Amy. To all of our shareholders and everyone interested in our company story, just thanks for joining us today for our first-quarter results.

好的。謝謝你，艾米。對於我們所有的股東和所有對我們公司故事感興趣的人，感謝你們今天參加我們的第一季業績發布會。

I'm just going to get straight to the point. We are off to a strong start for 2025. As a result of this positive momentum, favorable FX, and decisive steps we've taken to mitigate the impact of known tariffs, we are raising our organic revenue guidance and confirming EPS for the year.

我只是要開門見山地講道理。2025 年，我們迎來了強勁開局。由於這一積極勢頭、有利的外匯以及我們為減輕已知關稅的影響而採取的果斷措施，我們提高了有機收入預期並確認了今年的每股收益。

All right. Before we jump into the strong start for the year, let me just quickly address tariffs, specifically. And Wayde will provide more details, in a minute.

好的。在我們迎來新的一年的強勁開局之前，請允許我簡要地談一下關稅問題。韋德將在一分鐘內提供更多細節。

But to be clear: tariffs will be a headwind for us this year. Without them, we would be raising our EPS guidance, commensurate with the underlying momentum we're seeing in the business.

但需要明確的是：關稅今年對我們來說將是一個阻力。如果沒有他們，我們就會提高每股盈餘預期，與我們在業務中看到的潛在動能相稱。

Now, that said, we've begun executing short-term mitigation measures, based on what we know today; and are actively developing, analyzing and, of course, implementing additional strategies. As a result, and as I just mentioned, we expect to be able to manage the current year headwind within our existing full-year EPS guidance.

話雖如此，我們已經根據目前掌握的情況開始執行短期緩解措施；並正在積極開發、分析和實施其他策略。因此，正如我剛才提到的，我們預計能夠在現有的全年每股收益指引範圍內應對今年的不利因素。

Obviously, given just the fluid nature of the situation, we will continue to closely monitor the evolving policy changes and assess what they mean for our organization.

顯然，鑑於情況的變化，我們將繼續密切關注不斷變化的政策變化，並評估它們對我們組織的意義。

Relative to our continued momentum, progress here is further evidenced by our first-quarter results, marking another positive quarter of volume growth. This makes it, now, four consecutive quarters of positive growth in sequential improvement, as we delivered 4.3% organic sales growth and adjusted earnings per share of $1.34; again, continuing to perform ahead of expectations.

相對於我們持續的發展勢頭，第一季的業績進一步證明了這一方面的進步，標誌著銷量又一個季度的積極成長。這使得我們目前已連續四個季度實現正增長，有機銷售額增長 4.3%，調整後每股收益為 1.34 美元；再次，繼續表現超出預期。

I think this is particularly impressive, though, given the company's historical performance. As I shared at our recent Investor Day, this business experienced six years of a declining volume trend and seven quarters -- after nearly two years of negative volume growth -- before our spin.

不過，考慮到該公司的歷史業績，我認為這尤其令人印象深刻。正如我在最近的投資者日上所分享的那樣，在我們分拆之前，該業務經歷了六年的銷量下滑趨勢和七個季度的銷量下降趨勢——此前近兩年銷量出現負增長。

Now, stopping that decline and reversing the trend are direct results of the foundational enhancements we made across three primary areas: the first being our mission and culture; the second, our talent and capabilities; and third, our efforts to stabilize the business across commercial productivity, our innovation process, and our strategic focus and alignment.

現在，阻止這種下滑並扭轉趨勢是我們在三個主要領域做出的基礎性改進的直接成果：首先是我們的使命和文化；第二，我們的人才和能力；第三，我們努力穩定商業生產力、創新流程以及戰略重點和協調方面的業務。

As I've referenced before, I am very impressed with the team's ability to execute all of these changes as quickly as they have, particularly given the distractions of the separation process. And I want to extend my gratitude to our dedicated team members around the globe; not just for another strong quarter but, really, for their hard work, overall, which is advancing our mission and driving us forward.

正如我之前提到的，團隊能夠如此迅速地執行所有這些變革，這給我留下了深刻的印象，特別是考慮到分離過程的干擾。我還要向全球敬業的團隊成員表示感謝；不僅是因為他們又一個強勁的季度，而是因為他們整體上的辛勤工作，這正在推進我們的使命並推動我們前進。

This team continues to impress me, as they make significant progress in executing the separation; and advancing across all three phases of our transformation plan; and, very importantly, delivering results that have already changed the trajectory of this business.

這個團隊繼續給我留下深刻的印象，因為他們在執行分離方面取得了重大進展；並推進我們轉型計劃的所有三個階段；而且非常重要的是，它所取得的成果已經改變了該業務的發展軌跡。

Now, more broadly speaking, from a macroeconomic perspective, this quarter, well, it has certainly been one of the more eventful starts to a new year. And as such, we are actively navigating a shifting geopolitical landscape and rapidly evolving trade policies.

現在，從宏觀經濟角度更廣泛地講，本季無疑是新年伊始較為多事的一個季度。因此，我們正在積極應對不斷變化的地緣政治格局和快速演變的貿易政策。

Now, while we are managing this turbulent environment aggressively, we are also ensuring that our primary focus remains very clear.

現在，我們在積極應對這一動盪環境的同時，也確保我們的主要重點仍然非常明確。

Number 1 -- and obviously -- delivering for our customers, worldwide, so patients continue to receive the care they need.

首要的——顯然——為我們的全球客戶提供服務，以便患者能夠繼續得到他們需要的護理。

Number 2 -- and very importantly -- staying committed to investing in the key areas that will support continued and sustainable improvement in our growth.

第二點——也是非常重要的一點——繼續致力於投資於支持我們持續、永續成長的關鍵領域。

As a result, just as I outlined at our Investor Day, we are fully committed to our growth and margin drivers to reposition this company for profitable growth and drive meaningful value for shareholders.

因此，正如我在投資者日所概述的那樣，我們完全致力於我們的成長和利潤驅動力，以重新定位這家公司，實現獲利成長並為股東創造有意義的價值。

Okay. Now, moving to our business segments, where progress and positive momentum continue.

好的。現在，轉向我們的業務部門，我們的進展和積極勢頭仍在繼續。

The MedSurg business had a very strong quarter, benefiting from positive underlying business performance and favorable order timing.

MedSurg 業務本季表現非常強勁，受益於積極的基礎業務表現和有利的訂單時機。

Now, regarding our underlying business performance, we continue to focus on driving the adoption of our recently launched V.A.C Peel and Place Dressing. As many of you may remember, this is a product within our Negative Pressure Wound Therapy business, which is one of our key growth drivers.

現在，就我們的基礎業務表現而言，我們繼續專注於推動我們最近推出的 V.A.C Peel and Place Dressing 的採用。你們很多人可能還記得，這是我們負壓傷口治療業務中的一款產品，也是我們的主要成長動力之一。

As I've mentioned previously, this product provides value in three areas. It simplifies the procedure; it reduces procedure time; and, importantly, reduces the number of dressing changes per week, all of which are meaningful advances for both patients and providers.

正如我之前提到的，該產品在三個方面具有價值。簡化了程序；減少了手術時間；而且重要的是，減少了每週更換敷料的次數，這些對患者和提供者來說都是有意義的進步。

The team has done a really good job of ramping capacity to meet the very strong demand. And our newly dedicated commercial team continues to drive momentum in this space.

該團隊在提高產能以滿足強勁需求方面做得非常出色。我們新成立的商業團隊將繼續推動這一領域的發展。

And, also, in MedSurg, the growth driver area of IV site management: we are very pleased with the traction that we're seeing in this space. And our newly dedicated commercial team has successfully converted key accounts during the quarter.

此外，在 MedSurg，IV 站點管理的成長動力領域：我們對這一領域的發展勢頭感到非常高興。我們新成立的商業團隊在本季成功轉換了主要客戶。

Given our momentum here and to further support the needs of this business, we have invested hundreds of millions of dollars for capacity expansion in the US, specifically in South Dakota, with strong support of the then governor, Kristi Noem.

鑑於我們在這裡的發展勢頭，為了進一步支持這項業務的需求，我們已投資數億美元用於美國產能擴張，特別是在南達科他州，並得到了當時的州長克里斯蒂·諾姆的大力支持。

Moving to our Dental Solutions business, we saw benefits in three areas. At first, in our Core Restoratives growth driver, as well as our strategic (inaudible) area of aesthetics, and across other recent product launches.

轉向我們的牙科解決方案業務，我們看到了三個方面的好處。首先，在我們的核心修復成長動力中，以及我們的策略（聽不清楚）美學領域，以及其他最近推出的產品中。

In Core Restoratives, our differentiated and strong brand recognition continues to resonate with our customers and it provides a solid foundation for growth. Our recent product launch of Filtek Easy Match and our refocused dedicated sales team continued to support solid growth in this area.

在核心修復領域，我們差異化和強大的品牌認知度繼續引起客戶的共鳴，並為成長奠定了堅實的基礎。我們最近推出的 Filtek Easy Match 產品和我們重新調整的專業銷售團隊繼續支持該領域的穩健成長。

Anaesthetics customer response to the Q4 launch of our first-to-market and 3D printed Clarity Precision Grip Attachments remains very positive. This product enhances our ability to offer a unique combination of dental and ortho solutions, really enabling the team to expand their conversations with both dentists and orthodontists.

麻醉科客戶對我們第四季推出的首款 3D 列印 Clarity Precision Grip Attachments 的反應仍然非常積極。該產品增強了我們提供獨特的牙科和正畸解決方案組合的能力，真正使團隊能夠擴大與牙醫和正畸醫生的對話。

And then finally, our Clinpro Clear Fluoride Treatment launch continues to gain traction with customers and had strong demand in the quarter.

最後，我們推出的 Clinpro Clear Fluoride Treatment 持續受到客戶的青睞，並在本季需求強勁。

It's the combination of these areas that helped to drive offsets for decelerating areas like Impression Materials to help stabilize the segment, even as overall market volumes remain challenged.

正是這些領域的結合，幫助抵消了印模材料等減速領域的成長，從而幫助穩定了該領域，儘管整體市場容量仍面臨挑戰。

Okay. In our HIS business, we are focused on our growth driver of revenue cycle management. As you remember, a key component of this is autonomous coating. And as we've mentioned, our AI-driven autonomous coating technology really focuses on streamlining the coating process to help save our customers time and money.

好的。在我們的 HIS 業務中，我們專注於收入週期管理這一成長動力。您記得，其中一個關鍵組成部分是自主塗層。正如我們所提到的，我們的人工智慧驅動的自主塗層技術真正專注於簡化塗層工藝，以幫助我們的客戶節省時間和金錢。

Medical coating is incredibly complex. And our computer-assisted and emerging autonomous technology can account for the constant tide of regulatory changes; quality demands; and local-, state-, and organization-specific guidance.

醫療塗層極為複雜。我們的電腦輔助和新興自主技術可以解釋不斷變化的監管趨勢；品質要求；以及針對地方、州和組織的具體指導。

This HIS team is highly focused on leading the way in autonomous coating and doing so, of course, with leading AI-driven solutions, that's for sure; but, importantly -- and, probably, most important -- leveraging our decades of trusted high-quality and compliant coating.

這個 HIS 團隊高度專注於引領自主塗層的發展，當然，他們肯定採用領先的人工智慧驅動的解決方案；但重要的是——也可能是最重要的——利用我們數十年來值得信賴的高品質和合規塗層。

And last but not least, turning to our Purification & Filtration business. We saw another quarter of robust demand for our bioprocessing solutions, which gives us confidence in the strength of the end markets and the value of the segment's differentiated technology and reoccurring revenue model.

最後但同樣重要的是，談談我們的淨化和過濾業務。我們看到生物加工解決方案的另一個季度需求強勁，這使我們對終端市場的實力以及該部門差異化技術和經常性收入模式的價值充滿信心。

Our investment in additional capacity in our Industrial business supported accelerated growth in the quarter as well.

我們對工業業務額外產能的投資也支持了本季的加速成長。

As we shared in our last quarter, the P&F business is very well positioned for growth, under its new owner, where it has a really strong strategic fit. We expect, as we mentioned before, to complete the transaction by the end of 2025. And our team is working very diligently for a smooth close; and, ultimately, a smooth transition.

正如我們在上個季度所分享的，在新東家的領導下，P&F 業務處於非常有利的成長位置，並且具有非常強大的策略契合度。正如我們之前提到的，我們預計將在 2025 年底完成交易。我們的團隊正在非常努力地確保順利結束；並最終實現平穩過渡。

At our recent Investor Day, I spoke extensively about our progress across the three phases of our transformation plan.

在我們最近的投資者日上，我詳細講述了我們轉型計劃三個階段所取得的進展。

And if you didn't see it, I would encourage you to watch the replay or read the transcript for more details. Both of those are available on our Investor Relations website.

如果您沒有看到，我鼓勵您觀看重播或閱讀文字記錄以了解更多詳細資訊。上述資訊均可在我們的投資者關係網站上查閱。

But just as a quick summary, regarding phase 1, our mission and values have been deployed, globally; and through our communications and transformation efforts, we are seeing deep understanding; and, most importantly, connection from our team members to both.

但簡單總結一下，關於第一階段，我們的使命和價值觀已經在全球範圍內部署；透過我們的溝通和轉型努力，我們正在獲得深刻的理解；最重要的是，我們的團隊成員與兩者之間的聯繫。

We've hired great talent across a significant number of critical to transformation roles. And our separation efforts continue to be on track.

我們在許多對轉型至關重要的職位上聘用了優秀人才。我們的分離工作仍在繼續進行中。

As a matter of fact, we have a very large team mobilized, right now, across the globe and have just started this week with our largest ERP cut-over to date. I know that team is working around the clock to execute this very important phase of our separation. And I want to thank each and every one of them for burning the midnight oil and moving us forward.

事實上，我們現在已經在全球範圍內動員了一支非常龐大的團隊，並且本週剛開始了迄今為止規模最大的 ERP 切換。我知道團隊正在日以繼夜地工作以完成我們分開的這個非常重要的階段。我要感謝他們每一個人，感謝他們不辭辛勞，推動我們不斷前進。

Moving to phase 2: as a global team, I can tell you that we are very aligned in executing the long-range plan we just unveiled at our Investor Day. And we are hyper-focused on driving our five growth driver areas, which will help expand our scale within our most attractive markets; and, ultimately, as a result of that, increase the weighted average market growth of our business.

進入第二階段：作為一個全球團隊，我可以告訴你們，我們在執行剛剛在投資者日公佈的長期計劃方面非常一致。我們高度重視推動五大成長動力領域，這將有助於我們在最具吸引力的市場擴大規模；並最終因此提高我們業務的加權平均市場成長率。

And finally, on phase 3, once we closed the divestiture of the P&F business, we anticipate being able to execute tuck-in M&A, which as we said before, will focus on enhancing our recently presented organic long-range plan.

最後，在第三階段，一旦我們完成 P&F 業務的剝離，我們預計能夠執行補充併購，正如我們之前所說，這將專注於加強我們最近提出的有機長期計劃。

So in summary, it's pretty clear that we are making steady progress on our transformation. And we're extremely confident that the changes we've already made, combined with our newly-defined strategic plan, will accelerate sustainable and profitable volume growth; and, ultimately deliver significant shareholder value.

總而言之，很明顯我們的轉型正在穩步推進。我們非常有信心，我們已經做出的改變，加上我們新制定的戰略計劃，將加速可持續的、盈利的銷售增長；並最終為股東帶來巨大的價值。

With that, I'll turn it over to Wayde to walk us through more detail on our first-quarter results and 2025 guidance, as well as provide additional color on the separation and on everybody's favorite topic: tariffs.

接下來，我將把時間交給 Wayde，讓他向我們詳細介紹我們的第一季業績和 2025 年指引，並就分離和大家最喜歡的話題——關稅——提供更多說明。

Okay. Wayde, we'll pass it over to you.

好的。韋德，我們會把它交給你。

Thanks. Thank you to everyone at Solventum for the continued progress and for delivering a strong start to fiscal year 2025.

謝謝。感謝 Solventum 的每一個人不斷取得進步並為 2025 財年帶來強勁開局。

As you heard from Bryan, we're making meaningful progress on the three-phase transformation plan, as we complete our first full year as a public company.

正如您從布萊恩那裡聽到的，隨著我們作為上市公司的第一個完整年度的到來，我們在三階段轉型計劃上取得了有意義的進展。

I'll focus my comments, initially, on a quick separation update; before moving into our Q1 financial performance. Then, we'll wrap up with our 2025 guidance update, which includes the impact of tariffs.

我首先會重點評論一下分離的快速更新；在介紹我們的第一季財務業績之前。然後，我們將總結 2025 年指導更新，其中包括關稅的影響。

Overall, the separation remains on track. And we are executing against key milestones, while delivering on our financial goals. To date, we have exited just over 30% of the more than 200 transition service agreements. And we plan to exit all transition agreements over the next two years.

總體而言，分離仍在進行中。我們正在實現關鍵里程碑，同時實現我們的財務目標。迄今為止，我們已經退出了 200 多個過渡服務協議中的 30％ 以上。我們計劃在未來兩年內退出所有過渡協議。

In operations and supply chain, we continue to make progress consolidating across manufacturing and distribution centers. We expect to significantly advance progress on our ERP milestones with four deployments planned this year, including our first major deployment in Q2.

在營運和供應鏈方面，我們繼續在製造和配送中心的整合方面取得進展。我們預計今年將有四次部署，包括第二季的首次重大部署，從而顯著推進 ERP 里程碑的進展。

We want to thank our global team of dedicated people around the world for their efforts in this large-scale separation.

我們要感謝我們遍布世界各地的敬業團隊為這次大規模分離所做的努力。

Now, turning to our Q1 results.

現在，談談我們的第一季業績。

Starting with sales. First-quarter 2025 sales of $2.1 billion increased 4.3% on an organic basis compared to prior year and increased 2.6% on a reported basis. During the quarter, foreign exchange was a 160 basis points headwind. Overall, we had a stronger-than-expected volume performance, driven by improved commercial execution, as we drive focus and alignment across the organization on our growth drivers to accelerate sustainable sales growth.

從銷售開始。2025 年第一季銷售額為 21 億美元，與去年同期相比有機成長 4.3%，報告成長 2.6%。本季度，外匯匯率下跌了 160 個基點。整體而言，由於我們推動整個組織專注並協調成長動力以加速永續銷售成長，我們的銷售表現強於預期，這得益於商業執行力的提升。

We also benefited from order timing, related to customers buying ahead of upcoming ERP and distribution center moves and SKU exits. We expect this favorable timing benefit will be offset by year end, mostly in Q2 and Q3.

我們還受益於訂單時機，這與客戶在即將到來的 ERP 和配送中心遷移以及 SKU 退出之前購買有關。我們預計這種有利的時機優勢將在年底前被抵消，主要在第二季和第三季。

The impact of SKU exits in the quarter was 30 basis points. All in, we estimate our normalized Q1 organic sales growth is closer to 2.5%.

本季 SKU 退出的影響為 30 個基點。總體而言，我們估計第一季的標準化有機銷售額成長率接近 2.5%。

Pricing remains consistent within our expected range. And we are encouraged by the continued shift to delivering positive volume growth across the businesses.

定價仍然在我們的預期範圍內。我們對各項業務持續轉向積極的銷售成長感到鼓舞。

Moving to the segments.

轉到各個部分。

Our largest segment, MedSurg delivered $1.2 billion of sales, an increase of 6% on an organic basis. Growth was broad-based and led by the Infection Prevention and Surgical Solutions business, which grew 8.2% and was the primary beneficiary of the previously mentioned timing benefits, which drove the significantly higher-than-expected performance.

我們最大的部門 MedSurg 實現了 12 億美元的銷售額，有機成長了 6%。成長基礎廣泛，由感染預防和外科解決方案業務引領，該業務增長了 8.2%，並且是前面提到的時機優勢的主要受益者，推動了業績遠高於預期。

Advanced Wound Care growth of 2.8% was driven by Negative Pressure Wound Therapy consumables and continued market adoption of single-use Negative Pressure Wound Therapy.

先進傷口護理成長 2.8%，這得益於負壓傷口治療耗材以及拋棄式負壓傷口治療的持續市場採用。

Our Dental Solutions segment delivered $328 million of revenue, an increase of 40 basis points on an organic basis. As you heard from Brian earlier, we are seeing the positive benefit of new product launches, even as the end market continues to be challenged. And we remain encouraged by the overall resilience of our dental portfolio.

我們的牙科解決方案部門實現了 3.28 億美元的收入，有機成長了 40 個基點。正如您之前從 Brian 那裡聽到的，儘管終端市場繼續面臨挑戰，我們也看到了新產品推出的正面效益。我們仍然對我們的牙科產品組合的整體彈性感到鼓舞。

Our Health Information Systems segment contributed $329 million of revenue, an increase of 3.9% on an organic basis, which benefited from strong customer retention of our revenue cycle management software solutions.

我們的健康資訊系統部門貢獻了 3.29 億美元的收入，有機成長 3.9%，這得益於我們的收入週期管理軟體解決方案的強大客戶保留率。

The competitive environment has resulted in continued declines in clinician productivity solutions. However, this product category grew in the current quarter, primarily due to an easy prior year comparison.

競爭環境導致臨床醫師生產力解決方案持續下降。然而，該產品類別在本季有所成長，這主要是因為與去年同期相比比較容易。

Finally, the Purification & Filtration segment delivered $242 million of sales, an increase of 2.2% on an organic basis, led by our bioprocessing filtration and industrial filtration categories.

最後，淨化與過濾部門實現了 2.42 億美元的銷售額，有機成長 2.2%，其中生物加工過濾和工業過濾類別占主導地位。

Similar to the prior quarter, performance in these areas was partially offset by declines in membranes. As a reminder, [ordering] timing benefits in Q1 last year resulted in a tough comparison.

與上一季類似，這些領域的業績表現被膜銷量的下滑部分抵銷。提醒一下，去年第一季的[訂購]計時福利導致了艱難的比較。

Looking down the P&L, gross margins were 55.6% of sales in the quarter, slightly ahead of our expectations and down 260 basis points compared to the prior year.

從損益表來看，本季毛利率為銷售額的 55.6%，略高於我們的預期，但與前一年相比下降了 260 個基點。

Our current quarter results include approximately 100 basis points of increased cost paid to 3M as part of the supply agreement, when comparing year over year.

與去年同期相比，我們本季的業績包括根據供應協議向 3M 支付的增加成本約 100 個基點。

Gross margins also decreased sequentially, as expected, based on normal manufacturing seasonality.

根據正常的製造季節性，毛利率也如預期般較上月下降。

Operating expenses increased versus the prior year and were roughly flat on a sequential basis, as planned. The increased year-over-year spend reflects public company stand-up costs and growth investments to support our business transformation.

營運費用與上年相比有所增加，但與上一季基本持平，符合計畫。支出較去年同期增加反映了上市公司的啟動成本和成長投資，以支持我們的業務轉型。

Savings from the recent restructuring are on track and will continue to ramp through the year.

近期重組帶來的節省正在順利進行並將在今年繼續增加。

Altogether, operating expenses were in line with our expectations. In total, we delivered adjusted operating income of $407 million, which translates to an operating margin of 19.7%, ahead of expectations.

整體而言，營運費用符合我們的預期。整體而言，我們實現調整後營業收入 4.07 億美元，營業利益率達 19.7%，高於預期。

Moving down the P&L to non-operating items. Our net interest expense remained consistent with Q4.

將損益表下移至非經營項目。我們的淨利息支出與第四季保持一致。

Lastly, our effective tax rate of 19.9% is just below the low end of our full-year outlook and reflects a slightly favorable jurisdictional mix.

最後，我們的有效稅率為 19.9%，略低於全年預期的低端，並反映出略微有利的司法管轄組合。

Overall, we delivered earnings per share of $1.34, ahead of our expectations, driven by sales outperformance and favorable margins.

總體而言，受銷售額優異和利潤率良好的推動，我們的每股盈餘達到 1.34 美元，超出了我們的預期。

We also ended the quarter with $534 million in cash and equivalents, with no outstanding borrowings on our revolving credit facility. To date, we have made cumulative repayments of $400 million on our $1.5 billion pre-payable term loans, which includes another $100 million paid off in March.

本季末，我們擁有 5.34 億美元的現金和等價物，循環信貸額度中沒有未償還的借款。迄今為止，我們已累積償還了 15 億美元可提前償還的定期貸款 4 億美元，其中包括 3 月償還的 1 億美元。

For Q1, our free cash flow declined $80 million, which was consistent with our expectations and reflects both Q1 planned payments and one-time separation costs, as well as the timing of interest payments and shift into the execution phase across several separation projects.

第一季度，我們的自由現金流下降了 8000 萬美元，這與我們的預期一致，反映了第一季度的計劃付款和一次性分離成本，以及利息支付的時間和進入多個分離項目的執行階段。

Now, turning to our 2025 guidance update, which reflects our strong Q1 performance and momentum to start the year.

現在，讓我們來看看 2025 年的指導更新，它反映了我們第一季的強勁表現和年初的勢頭。

As a reminder: our guidance is for the whole company, including the Purification & Filtration business, which is held for sale until the transaction closes, which is expected before the end of the year.

提醒一下：我們的指導是針對整個公司的，包括淨化和過濾業務，該業務將持有待售直至交易完成，預計在年底之前完成。

Starting with full-year organic sales growth, we are increasing our outlook to a range of 1.5% to 2.5%, an increase of 50 basis points above our prior guidance. We continue to estimate a 50 basis points impact of SKU exits, which we anticipate will ramp throughout the year.

從全年有機銷售額成長開始，我們將預期提高至 1.5% 至 2.5% 的範圍，比我們先前預期的高出 50 個基點。我們繼續估計 SKU 退出的影響將達到 50 個基點，並且預計這一影響將在全年不斷增加。

Excluding this planned impact, our annual growth outlook is 2% to 3%, reflecting the momentum we are seeing in volume-driven performance across our business segments, as we execute against the phased approach to reposition for growth.

排除這項計畫影響，我們的年度成長預期為 2% 至 3%，這反映了我們在各個業務部門中看到的以數量為導向的業績勢頭，因為我們正在分階段實施重新定位成長的方法。

Regarding foreign exchange. Given the recent weakening of the US dollar, we now estimate currency will have a neutral impact on sales growth for the year. This compares to our prior outlook of a roughly 150 basis points headwind and will have a positive benefit on our reported sales and earnings per share.

關於外匯。鑑於近期美元走弱，我們現在估計貨幣對今年的銷售成長將產生中性影響。相較之下，我們先前預期的約 150 個基點的逆風將對我們報告的銷售額和每股盈餘產生正面的影響。

For earnings per share, we are maintaining our initial $5.45 to $5.65 earnings per share guidance, including estimated tariff headwinds that will impact us during the second half of 2025.

對於每股收益，我們維持最初的每股收益 5.45 美元至 5.65 美元的預期，其中包括預計在 2025 年下半年影響我們的關稅阻力。

The current trade policy environment and tariffs are an evolving dynamic and challenging to quantify. We currently estimate tariff headwinds of approximately $80 million to $100 million in 2025, which translates to an earnings per share impact of $0.35 to $0.45. This will pressure our gross margin and operating margin in the second half of the year. And we now anticipate operating margins for the year will be at the low end of our planned range of 20% to 21%.

當前的貿易政策環境和關稅是一個不斷變化的動態，難以量化。我們目前估計，2025 年關稅逆風約為 8,000 萬至 1 億美元，相當於每股收益 0.35 美元至 0.45 美元。這將對我們下半年的毛利率和營業利潤率造成壓力。我們現在預計今年的營業利潤率將處於我們計劃的 20% 至 21% 範圍的低端。

We expect our strong Q1 performance and business momentum, favorable foreign exchange, and mitigation actions to offset the impact of tariffs, within our earnings per share guidance range.

我們預計，我們強勁的第一季業績和業務動能、有利的外匯和緩解措施將抵消關稅的影響，並在我們的每股盈餘指導範圍內。

Our tariff estimate includes all known tariffs, at this time, with the following assumptions: US exports to China at 125% and represents about half of the total impact with expected exemptions; US to and from the EU remains at 10%, which represents about one-third of the total impact.

我們的關稅估算包括目前所有已知的關稅，並基於以下假設：美國對中國的出口額為 125%，預計豁免將佔總影響的一半左右；美國往返歐盟的貿易額仍為 10%，約佔總影響的三分之一。

The remaining balance of tariff impacts reflects smaller amounts for Mexico and Canada, given the USMCA exemptions and minimal imports from China to the US, consistent with our prior view.

考慮到 USMCA 豁免和中國對美國的進口量極小，剩餘的關稅影響對墨西哥和加拿大的影響較小，這與我們先前的觀點一致。

It's important to highlight that due to the short duration of our inventory turns, approximately one quarter, the impact of tariffs implemented in Q2 will be fully realized in our financial results starting in Q3 and continuing through Q4.

值得強調的是，由於我們的庫存週轉時間較短，大約為一個季度，第二季度實施的關稅的影響將從第三季度開始並持續到第四季度在我們的財務業績中充分體現。

Our team has moved quickly to adapt to the changing situation. While this will be an ongoing process of assessment and mitigation, we've already taken steps and are executing several action plans to mitigate the headwinds.

我們的團隊已迅速採取行動以適應不斷變化的情況。雖然這將是一個持續的評估和緩解過程，但我們已經採取措施並正在執行多項行動計劃來緩解不利因素。

We have filed for and received nearly all outstanding USMCA certifications and working across regions to secure additional exemptions. We're continuing to optimize our inventory, leveraging sourcing options across our supply chain and thoughtfully evaluating selective pricing strategies. We are also maintaining our free cash flow guidance of $450 million to $550 million.

我們已經申請並獲得了幾乎所有未完成的 USMCA 認證，並且正在跨地區開展工作以獲得額外的豁免。我們正在繼續優化庫存，利用整個供應鏈中的採購選擇，並仔細評估選擇性定價策略。我們也維持 4.5 億美元至 5.5 億美元的自由現金流指引。

Before closing out, I also want to reiterate our commitment to continued investment, focused on the long-term value creation opportunity ahead, while also looking for opportunities to expand margins and generate strong cash flows.

在結束之前，我也想重申我們持續投資的承諾，專注於未來的長期價值創造機會，同時也尋找擴大利潤率和產生強勁現金流的機會。

In conclusion, we're building momentum, having delivered a strong financial performance in Q1, as we execute on our separation plans.

總而言之，隨著我們執行分離計劃，我們正在積聚動力，在第一季取得了強勁的財務業績。

With that, we'll now hand it back to the operator for the Q&A portion of the call.

這樣，我們現在將把電話交還給接線員，進行通話的問答部分。

(Operator Instructions)

（操作員指示）

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Beautiful. I'll leave the tariffs to everybody else because I can't survive talking about that topic, anymore. So I'm going to go on the top line, actually.

美麗的。我將把關稅問題留給其他人，因為我再也無法忍受談論這個話題了。所以實際上我要去頂線。

How confident are you around that 2.5% underlying? I say this because, obviously, the remaining core growth is, like, 4.6%. Obviously, when combined, 4.3% -- really strong quarter.

您對 2.5% 的基準利率有多大信心？我這樣說是因為，顯然剩餘的核心成長率是4.6%。顯然，綜合起來看，4.3% 是一個真正強勁的季度。

Is this like a SKU-level analysis or something like that? Because how confident are you that that's actually stocking from the customers and not just some of the commercial plans that you, guys, have been putting through and, therefore, is a little bit more durable than maybe you're suggesting?

這就像 SKU 層級的分析或類似的東西嗎？因為你有多大信心，這實際上是來自客戶的庫存，而不僅僅是你們一直在實施的一些商業計劃，因此，它比你建議的更持久一些？

Patrick, it's Wayde. We're confident. It's a number that's tough to predict beforehand because it's difficult to know how much customers are going to be buying in and the timing of it and to the extent of it.

派崔克，我是韋德。我們有信心。這個數字很難事先預測，因為很難知道顧客會買多少、買的時間和購買的程度。

But after the fact, we've got good analytics. We work with our distributor partners, as well as our end customers; and understand their order patterns.

但事後，我們得到了很好的分析結果。我們與經銷商合作夥伴以及最終客戶合作；並了解他們的訂購模式。

It's something that we're confident in. It is still an estimate.

這是我們充滿信心的事。這仍然是一個估計值。

We specifically called it out closer to 2.5% because there is some variability to it. But the 2.5% is a good number for us. And that's what we think is the number that we grew in the quarter, exclusive of those customer order buying ahead.

我們特意將其定為接近 2.5%，因為它存在一些變化。但 2.5% 對我們來說是一個不錯的數字。我們認為這就是本季的成長數字，不包括那些提前購買的客戶訂單。

And what that means for us is a really strong quarter. It's more than double the growth rate that we had in 2024.

對我們來說，這意味著一個真正強勁的季度。這一增長率是 2024 年增長率的兩倍多。

Very happy to see the continued acceleration of the business. And it's really across all four of our segments. So we had a really strong quarter, here, to start the year.

非常高興看到業務持續加速發展。它確實涵蓋了我們的四個部分。因此，從今年開始，我們有一個非常強勁的季度。

Yeah. It's definitely faster than we thought.

是的。這絕對比我們想像的還要快。

And then, just as a quick follow-up: Is it a fair assumption on our end to assume that the general price mix trends that you've seen in the previous quarter was consistent here?

然後，作為一個快速的後續問題：我們是否可以合理地假設您在上一季看到的整體價格組合趨勢在這裡是一致的？

You hinted that in the opening remarks. But is it fair to assume that the entire delta, basically, is all volume?

您在開場白中暗示了這一點。但是，假設整個三角洲基本上都是體積，這公平嗎？

Yeah. We've been anticipating this for some time, as we've got the business focused on volume growth, which we think is the sustainable strategy.

是的。我們對此已經期待了一段時間，因為我們的業務重點是銷售成長，我們認為這是可持續的策略。

And so, for pricing, again ,this quarter, we saw it in that normalized range for us, which is between, plus or minus, 1%. And it's not really the driver that we're focused on. It's all about volume growth for us, from here.

因此，就定價而言，本季我們再次看到它處於正常範圍內，即正負 1% 之間。而這其實並不是我們關注的驅動因素。從現在開始，我們的一切都與銷售成長有關。

Rick Wise, Stifel.

瑞克懷斯（Rick Wise），Stifel。

Maybe, just to start with thinking about the year ahead. To say it simplest: tariffs are a bigger headwind, you were very clear.

也許，只是開始思考未來的一年。簡單地說：關稅是一個更大的阻力，您說得很清楚。

But offsetting that is the business momentum -- is the lower FX. Can you help us, at all, think through the quarterly cadence, as we adjust our models?

但抵銷這一影響的是業務動能——即外匯匯率下降。當我們調整模型時，您能否幫助我們思考季度節奏？

Just starting with the second quarter, last year, it was flat sequentially. But you have new products, you've got commercial momentum, et cetera. Help us a little bit, directionally, if you could.

從去年第二季開始，其環比持平。但是你有新產品，你有商業動力，等等。如果可以的話，請給我們一點指導性的幫助。

I just want to make sure that we clarify, Rick. Are you talking about growth by quarter? What are you talking about?

我只是想確保我們澄清一下，里克。您說的是按季度增長嗎？你在說什麼？

Growth or dollars in -- can you report higher numbers in the second quarter, given all the positives, relative to the negative impact of tariffs. Top line, Bryan. I'm sorry if I'm not [clear].

成長或美元收入－考慮到所有正面因素，相對於關稅的負面影響，您能否報告第二季更高的數字。頂頂，布萊恩。我很抱歉，如果我不是[清除]。

Probably, for clarification: tariffs really don't have a significant impact for us on the top line. It's definitely more of a bottom-line challenge for us.

可能需要澄清的是：關稅實際上不會對我們的收入產生重大影響。對我們來說，這絕對是一個底線挑戰。

The ordering ahead of the timing that we saw in the quarter was more associated with our ERP cutovers and plant distribution changes and some buy-ahead on the SKU rationalization. That will come back in Q2, Q3, maybe even Q4; most of the impact will be in Q3.

我們在本季度看到的提前訂購更多是與我們的 ERP 切換和工廠分佈變化以及 SKU 合理化的一些提前購買有關。這將在第二季、第三季甚至第四季恢復；大部分影響將集中在第三季。

That's the way we're looking at it today because by the time we get to Q3, we'll be past the distribution center changes and we should be free and clear see those changes.

這就是我們今天看待它的方式，因為到第三季時，我們將度過配送中心的變化，我們應該可以自由而清楚地看到這些變化。

Jason Bednar, Piper Sandler.

傑森貝德納、派珀桑德勒。

Nice start to the year, here, guys.

夥計們，今年的開始真不錯。

I want to come back, a little bit, on Patrick's question and talking about that 2.5%, underlying. My question is more around how does that compare to what you were internally expecting. It sounds like it's nicely above most of our models. But where are you at? Where are you out-executing?

我想稍微回顧一下帕特里克的問題，並談談 2.5% 的潛在影響。我的問題更多的是關於這與您內心的期望相比如何。聽起來它遠遠超出了我們的大多數模型。但你在哪裡？你在哪些方面表現優異？

And then, we're five weeks removed here from quarter end: on that order timing that you referenced for 1Q, did you have any additional buy -ahead in April? Or did you already start seeing some of that draw-down in April and early May?

然後，距離季度末還有五週的時間：根據您提到的第一季的訂單時間，您在四月是否有任何額外的提前購買？或者您已在四月和五月初開始看到這種下降趨勢？

Why don't I start, maybe, with how we're looking at the 2.5% and how it compared to our performance or assumption of performance? And then, Wayde, you could talk more about the drawdown.

為什麼我不先從我們如何看待 2.5% 以及它與我們的表現或表現假設相比如何開始呢？然後，韋德，你可以多談談撤軍的情況。

It was above our expectations, too. We're very happy with the 2.5%. As a matter of fact, if you think about it on an annual basis -- I'm not saying we're going to do 2.5% -- the last time this company did 2.5% was, I think, 2018.

這也超出了我們的預期。我們對 2.5% 感到非常滿意。事實上，如果你按年度來考慮——我並不是說我們會達到 2.5%——這家公司上一次達到 2.5% 的成長率，我想是 2018 年。

It was a long time ago. So we were very happy with the performance in the quarter. It was definitely ahead of our expectation, even on an underlying basis. And, really, the key driver for it is the thing that we talked about at our investor meeting, which is we are seeing the benefits of our enhancements to the commercial organization and the focus that we now have.

那是很久以前的事了。因此我們對本季的表現非常滿意。這絕對超出了我們的預期，甚至從根本上來說也是如此。事實上，其關鍵驅動力是我們在投資者會議上討論的內容，即我們看到了對商業組織的增強以及我們現在的重點帶來的好處。

Because remember: we've enhanced the commercial organization by dedicating the sales organizations through those growth driver areas. And we're just seeing traction, as a result of it. Now, we have to keep that going.

因為請記住：我們透過這些成長動力領域專門設立銷售組織，從而增強了商業組織。因此，我們看到了發展的動力。現在，我們必須繼續這樣做。

And, quite frankly, we shouldn't be happy with 2.5% because we're still not at market. But it's a really nice improvement, off of last year.

而且坦白說，我們不應該滿足於 2.5%，因為我們還沒有達到市場水準。但與去年相比，這確實是一個很大的進步。

Yeah. And then, just picking up on what we're seeing, so far, in Q2.

是的。然後，我們再來看看到目前為止我們在第二季度看到的情況。

Just before I get into Q2, specifically -- as Bryan mentioned, just a minute ago -- the expectation is because of our ERP cutover and distribution center moves in Q2, we'll see the majority of that order timing come back in Q3.

就在我進入第二季之前，具體來說——正如 Bryan 剛才提到的——預計由於我們在第二季的 ERP 切換和配送中心遷移，我們將看到大部分訂單時間在第三季恢復。

It is tough to predict. We could see more of it in Q2 or a little bit more in Q4. But our expectation is most of it comes on the back of our ERP and distribution center moves, which the big moves are coming here in Q2.

這很難預測。我們可能會在第二季度看到更多這樣的情況，或者在第四季度看到更多一點這樣的情況。但我們的預期是，大部分的變化將在我們的 ERP 和配送中心遷移過程中發生，而這些重大遷移將在第二季發生。

As far as quarter to date for us, it's in line with those expectations. But we've got a ways to go yet. And we are actually -- just as Bryan said in his prepared remarks -- the team is hunkered down, right now, as we go through the ERP implementation this week. And we're right in the throes of it.

就我們本季迄今的表現而言，一切符合預期。但我們還有很長的路要走。事實上，正如布萊恩在準備好的演講中所說的那樣，本週，我們的團隊正全神貫注地進行 ERP 實施工作。我們正處於這種痛苦之中。

So from that standpoint, the expectation would be: we could see some of the headwind come back here in Q2. But we think the majority will be coming in Q3.

因此從這個角度來看，我們的預期是：我們可能會在第二季度看到一些逆風再次出現。但我們認為大部分將在第三季實現。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

I wanted to go into a little bit more detail, here, on the top-line drivers, especially in MedSurg; and certainly appreciate the order timing dynamic.

在這裡，我想更詳細地介紹一下主要驅動因素，特別是在 MedSurg 領域；並且非常欣賞訂單時間動態。

But as you look at it on an underlying basis, it sounds like both Infection Prevention and Advanced Wound Care are tracking ahead of where your original expectations are. So could you, maybe, just unpack for us -- in a little bit more specific -- some of the drivers there? How much of that is new product launches or some of the commercial changes that you've made in the downstream organization.?

但從根本上看，感染預防和高級傷口護理似乎都超出了您最初的預期。那麼，您能否更具體地為我們解釋一下其中的一些驅動因素？其中有多少是新產品的推出或您在下游組織中所做的一些商業變革？

And I have a follow-up on the P&L.

我對損益表進行了跟進。

Yeah. They're kind of connected. But you hit both of them.

是的。它們之間有某種聯繫。但你擊中了他們兩個。

The way we look at it is there were three vectors of advancing the growth of our business. The first one and the one that is really benefiting us today is the commercial execution improvements. But as you have those improvements, you can also benefit from existing brands that we have in the marketplace; and then, new product launches as well, the ones that we just recently launched.

我們認為有三個途徑可以促進我們業務的成長。第一個也是今天真正使我們受益的是商業執行的改進。但是，隨著這些改進的進行，您也可以從我們在市場上現有的品牌中受益；然後，我們也會推出新產品，也就是我們最近剛推出的產品。

And so, it's a combination of the team -- is just focus; is delivering. The urgency around and the focus on delivering what you commit to is there, which makes a big difference.

所以，這是團隊的結合——只是專注；正在交付。緊迫感和對兌現承諾的關注度就在那裡，這有很大的不同。

We've had a lot of changes in leadership, as we've talked about. So we've got a lot of different folks in place that are driving this harder than before.

正如我們所討論的，我們的領導層已經發生了很多變化。因此，我們已安排了許多不同的人員比以前更努力地推動這項進程。

And if you look at some of the names that we're talking about that create an opportunity now for that new engine to drive it, which should be things like (inaudible), that is a product that's been out for a while but it's a brand that is highly recognized, is differentiated, and is significantly underpenetrated, as you probably remember from our presentation during the Investor Day.

如果你看我們正在談論的一些名字，它們現在為新引擎創造了機會，應該是（聽不清楚）之類的東西，這是一種已經推出一段時間的產品，但它是一個知名度很高的品牌，具有差異性，而且滲透率很低，你可能還記得我們在投資者日的演示中提到過。

V.A.C Peel and Place is another one. It's a great product. And it doesn't sound that great when you hear it. But it's a game changer, when it comes to Negative Pressure Wound Therapy. And the team is highly focused on it.

V.A.C Peel and Place 是另一個例子。這是一個很棒的產品。當你聽到它時，它聽起來並不是那麼好。但對於負壓傷口治療來說，它卻是一種顛覆性的技術。團隊對此高度重視。

eBowie-Dick is in our Sterilization Assurance business. This is basically taking an 80-year old process that was antiquated and is digitizing it. It's changing the game. So it's a really cool technology, as well.

eBowie-Dick 從事我們的滅菌保證業務。這基本上是將一個已有 80 年歷史的過時流程數位化。它正在改變遊戲規則。所以這也是一項非常酷的技術。

And then you've got Clinpro Clear, Clarity Precision Grip Attachments that you would have in the dental business. That's a different measure. But

然後你就得到了牙科行業所需的 Clinpro Clear、Clarity Precision Grip Attachments。這是一個不同的衡量標準。但

again, this whole theme of the engine now being able to leverage new products is there. And it's the same thing in HIS. It's another motivator for the new team that's focused on this to drive autonomous coding, which is part of the revenue cycle management growth driver.

再次強調，引擎現在能夠利用新產品的整個主題就在這裡。他的也是同樣的情況。對於專注於推動自主編碼的新團隊來說，這是另一個動力，也是收入週期管理成長動力的一部分。

So across the board, whether it's in MedSurg, whether it's in Dental, whether it's in HIS, it's the commercial focus that we have; it's the desire now to achieve the goals that are set; and it's the focus on these new product launches that are really driving.

因此，無論是在 MedSurg、牙科或 HIS，這都是我們的商業重點；現在就渴望實現既定的目標；而真正推動力是這些新產品的發布。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Congrats on a good quarter.

恭喜本季取得良好業績。

I wanted to ask a little more on the tariffs, in a way that you could help us think about the mitigation efforts, how you're offsetting $0.40 of earnings here. How much of that is FX? How much is operational and all that?

我想就關稅問題多問一些，以便您能幫助我們思考緩解措施，以及如何抵消這裡的 0.40 美元收益。其中有多少是 FX？營運成本是多少？

Yeah. Those are the key areas for us. Just to, maybe, reiterate what we've got out there -- and keep in mind, the inventory turns fast for us. So we just want to make sure we emphasize that because we have to be one of the fastest inventory turn companies, out there.

是的。這些都是我們關注的重點領域。也許只是為了重申我們所擁有的東西——請記住，我們的庫存週轉速度很快。因此，我們只是想確保強調這一點，因為我們必須成為庫存週轉速度最快的公司之一。

I think (inaudible) 3M inventory was managed very tightly. And we continue to have a 90-day inventory turn, here, on a 3-month turn. So as a result of that, we see the impact immediately start in Q3. And we'll have it in Q4.

我認為（聽不清楚）3M 庫存管理非常嚴格。我們的庫存週轉率為 90 天，而 3 個月的周轉率為 90 天。因此，我們看到影響在第三季立即開始。我們將在第四季度推出它。

In other words, we have two quarters of impact here. And so, that $80 million to $100 million that we're estimating will be spread across Q3 and Q4 for us this year.

換句話說，我們在這裡有兩個季度的影響。因此，我們估計這 8,000 萬至 1 億美元將分佈在今年第三季和第四季。

We provided the major components as well. US to China is half of it. And so, we're closely monitoring those.

我們也提供了主要組件。美國對中國的貢獻是其中的一半。因此，我們正在密切監視這些情況。

So I think, even before we get into the mitigations, exemptions play an important role here. Obviously, we're working closely with our teams and working with their regional partners.

所以我認為，即使在我們採取緩解措施之前，豁免也發揮著重要作用。顯然，我們正在與我們的團隊以及他們的地區合作夥伴密切合作。

Exemptions in China are important to us. And that's where we've landed at this estimate.

中國的豁免對我們很重要。這就是我們得出的估計。

So as far as the mitigation goes, you've called it out: strong business performance in Q1. And we're expecting that through the remainder of the year.

因此，就緩解措施而言，您已經指出：第一季業務表現強勁。我們預計今年剩餘時間的情況也將如此。

Favorable foreign exchange. As you mentioned, we're not putting specific dollar amounts on any of these, but they are all major drivers in the offset.

有利的外匯。正如您所提到的，我們沒有為這些因素設定特定的金額，但它們都是抵銷的主要驅動因素。

And then, within those additional mitigating strategies, we're continuing to optimize our inventory. The sourcing teams are busy. It is incredible: how much time and effort actually has been put into these initiatives that weren't expected. And so, the teams are heavily focused on sourcing options all across our supply chain.

然後，在這些額外的緩解策略中，我們將繼續優化我們的庫存。採購團隊很忙。令人難以置信的是：這些意想不到的舉措實際上投入了多少時間和精力。因此，團隊重點關注整個供應鏈中的採購選項。

And then, obviously, we're looking at thoughtful pricing strategies, where we think that makes sense for the long-term business, where they makes sense for our customers, as well as those in our value chain.

然後，顯然，我們正在研究深思熟慮的定價策略，我們認為這對長期業務有意義，對我們的客戶以及價值鏈中的人來說也有意義。

So overall, we're very happy to be holding our key metrics here, despite the tariff headwinds.

因此，總體而言，儘管面臨關稅阻力，我們仍然很高興能夠維持我們的關鍵指標。

(Operator Instructions)

（操作員指示）

Vik Chopra, Wells Fargo.

喬普拉（Vik Chopra），富國銀行。

It's [Blake], on for Vik. Just two, related to tariffs, please.

布萊克 (Blake) 取代維克 (Vik)。請回答兩個與關稅有關的問題。

First, clarification: the 10% you're assuming for Europe. It sounds like you're not assuming that rate goes up after the 90-day pause. I just want to confirm that.

首先，澄清一下：您假設歐洲的比例是 10%。聽起來你似乎沒有假設利率在 90 天的暫停期後會上升。我只是想確認一下。

And two: Can you just give some color around how we think about annualized tariff impact? If we should start by just annualizing what you've given for this year? Or could it be higher or lower given mitigation, et cetera?

第二：您能否簡單介紹一下我們如何看待年度關稅影響？我們是否應該先將您今年的捐贈金額按年計算？或者考慮到緩解等因素，這個數字可能會更高或更低？

Sure, [Blake]. I can take that one.

當然，[布萊克]。我可以接受那個。

You heard the prepared remarks correctly. We're assuming that the 10% to and from the EU stays in place. And so, we're not assuming those exemptions go away and there's any change to that. So our assumption is just it's 10% for the rest of the year. And that's what we're including in our guidance.

您正確地聽到了準備好的發言。我們假設往返歐盟的 10% 稅率保持不變。因此，我們並不認為這些豁免會消失，也不會有任何改變。因此，我們的假設是，今年剩餘時間的成長率僅 10%。這就是我們在指導中包含的內容。

On the annualized, it's really difficult to annualize, right now. And so, the short answer is no. I would not annualize our $80 million to $100 million that we're expecting here in Q3 and Q4. It's too early to try to annualize the number or think about what the impact to 2026 might be. It's just too early to call.

就年化而言，現在確實很難進行年化。所以，簡短的回答是「不」。我不會將我們預計的第三季和第四季的 8,000 萬至 1 億美元的營收按年化計算。現在嘗試將該數字年度化或思考其對 2026 年可能產生的影響還為時過早。現在下結論還為時過早。

Obviously, the tariffs are subject to change on an annual basis or over a longer span. And our mitigation strategies are underway. Some of those are shorter term, but some are longer term, as well.

顯然，關稅可能會每年或長期發生變化。我們的緩解策略正在進行中。其中一些是短期的，但也有一些是長期的。

I mentioned the manufacturing supply chain team have been working on mitigations. Some of those have time sensitivity with them. And we've been, to date, and we'll continue to strengthen our regional supply chain strategy.

我提到製造供應鏈團隊一直在努力尋找緩解措施。其中一些對時間很敏感。到目前為止，我們一直在加強我們的區域供應鏈策略，並且將繼續加強。

So these are strategies that were before tariffs. Certainly, we've given them a higher sense of urgency. But they'll be ongoing, over time.

這些都是關稅之前的策略。當然，我們給了他們更高的迫切感。但隨著時間的推移，它們將會持續下去。

We're also continuing to work with our industry trade associations to secure more exemptions in the various regions. And then, I mentioned the selective pricing strategy.

我們也將繼續與行業貿易協會合作，以確保各個地區獲得更多豁免。然後，我提到了選擇性定價策略。

So it's really not something that I would recommend trying to annualize, at this point, just given the difference between the impacts we're expecting here in 2025 and mitigations related to those and what the impacts might be over the longer term, as well as what our mitigation strategies might be over the longer term.

因此，目前我並不建議將其年度化，只是考慮到我們預計 2025 年的影響與相關緩解措施之間的差異，以及長期影響可能是什麼，以及我們的長期緩解策略可能是什麼。

Our goal, obviously, is to manage the business and hit our metrics. And so, we're very happy to be holding our key metrics here.

顯然，我們的目標是管理業務並達到我們的指標。因此，我們很高興能夠在這裡保持我們的關鍵指標。

Steven Valiquette, Mizuho.

瑞穗的史蒂文‧瓦利奎特 (Steven Valiquette)。

Maybe, just a question on Dental for a moment here. Last quarter, when you, guys, had 4% organic growth, you talked about you were taking share, relative to the market growth.

也許，這裡只是想問一下有關牙科的問題。上個季度，當你們實現 4% 的有機成長時，你們談到了相對於市場成長，你們正在佔據市場份額。

This quarter, a little bit slower, at the 0.4%. But a lot of surveys suggest that the market also slowed down a lot in the quarter, as well.

本季度，成長速度略慢，為 0.4%。但大量調查顯示，本季市場也大幅放緩。

So I'm curious how you think you performed, just relative to the market in Dental in the first quarter.

所以我很好奇，您認為您的表現如何，相對於第一季的牙科市場。

Yeah. I think: pretty well. Generally speaking, if you think about that business, we are in categories that, even in challenging times for the dental market, are pretty resilient.

是的。我認為：相當不錯。總體而言，如果您考慮這項業務，您會發現即使在牙科市場充滿挑戰的時期，我們所處的類別也具有相當強的彈性。

If you chip a tooth, you get a cavity, you're usually going to take care of it because there's pain involved. Certainly, an aesthetic issue with it, as well.

如果牙齒碎裂，出現蛀牙，您通常需要治療，因為這會帶來疼痛。當然，這也是一個美學問題。

So we're in, I would say, generally speaking, more resilient areas. That's a benefit to us.

所以我想說，總體而言，我們處於更具彈性的地區。這對我們來說是一個好處。

And we have launched new innovation. Dental, the Into Group is probably at ahead of the reboot of innovation. And they're launching products now that are absolutely giving them tailwind for the year. And we fully expect that to continue throughout the year.

我們又推出了新的創新。在牙科領域，Into Group 可能處於創新重啟的前沿。他們現在推出的產品絕對會為他們今年帶來順風。我們完全相信這種趨勢將持續全年。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Curious, Wayde, if you can help us characterize how much of the tariff impact is tied up with the P&F business versus what (inaudible).

好奇，Wayde，你能不能幫我們描述一下關稅的影響與 P&F 業務有多少關係，以及哪些與 P&F 業務相關？（聽不清楚）。

Yeah. We're not breaking that out, Travis. And that's really because we're guiding for the whole company, at this point.

是的。我們不會打破這個局面，崔維斯。這是因為我們目前正在為整個公司提供指導。

And the timing related to P&F is somewhat variable, as we look to plan to close before the end of the year.

由於我們計劃在年底前完成，因此與 P&F 相關的時間安排有些多變。

But I think just, maybe, part of your question -- maybe, as you're modeling this, I think it's important to think about operating margins, as well.

但我認為，也許這只是您問題的一部分——也許，當您對此進行建模時，我認為考慮營業利潤率也很重要。

As I said in our prepared remarks, we're now planning for operating margins to be at the low end of 20% to 21%. But there's a key dynamic in here in timing throughout the quarters of the year.

正如我在準備好的演講中所說，我們現在計劃將營業利潤率控制在 20% 至 21% 的低端。但全年各季度的時間安排中存在著一個關鍵的動態。

We're expecting Q2 to be another strong quarter like we saw in Q1. In fact, we're planning for it to be above that full-year number, above 20%.

我們預計第二季將再次表現強勁，就像第一季一樣。事實上，我們計劃將其提高到全年數字的 20% 以上。

And then with the pressure that we're seeing from the tariffs, we're expecting that pressure to be in the second half. And if you're just doing it, mathematically, for us to end up at the lower end of our guidance range, that would mean the second half of the year would have to be below 20%.

然後，考慮到關稅帶來的壓力，我們預計這種壓力將出現在下半年。如果你只是從數學上來計算，那麼我們最終會達到指導範圍的下限，這意味著下半年的成長率必須低於 20%。

So I just want to make sure everybody has that, as you're thinking about the phasing. But we'll bring P&F into it when we close. And we'll provide a pro forma financial information so that it's easy to see the business without P&F.

因此，我只是想確保每個人都有這一點，因為你們正在考慮分階段實施。但我們在結束時會將 P&F 納入其中。我們將提供備考財務信息，以便您無需 P&F 即可輕鬆了解業務情況。

But, at this point, we're guiding with P&F still in the business as a holdco.

但目前，我們指導 P&F 仍作為控股公司開展業務。

Thank you. At this time, there are no further questions.

謝謝。目前，沒有其他問題。

I would like to turn it back over to Amy for closing remarks.

我想把發言權交還給艾米，請她做最後的總結發言。

Great. Thank you, [Amy]. And thank you, everyone, for listening and for your questions.

偉大的。謝謝你，[艾米]。謝謝大家的聆聽與提問。

We appreciate your interest in Solventum. If you do have any follow-up or need anything else, please don't hesitate to reach out to us directly.

感謝您對 Solventum 的關注。如果您有任何後續事宜或需要其他任何東西，請隨時直接與我們聯繫。

This concludes our first-quarter fiscal year 2025 conference call.

我們的 2025 財年第一季電話會議到此結束。

Operator, Amy, you can now close the call.

接線員艾米，您現在可以結束通話了。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。