Solventum Corp (SOLV) 2025 Q2 法說會逐字稿

Good afternoon. My name is Kate, and I will be your conference call operator today. I would like to welcome everyone to Solventum's second-quarter 2025 earnings call. As a reminder, this conference is being recorded. (Operator Instructions)

午安.我叫凱特，今天我將擔任您的電話會議接線生。歡迎大家參加 Solventum 2025 年第二季財報電話會議。提醒一下，本次會議正在錄製中。（操作員指示）

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, and welcome to Solventum's Second Quarter Fiscal Year 2025 Earnings Call. Joining me on today's call are Chief Executive Officer, Bryan Hanson; and Chief Financial Officer, 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 release and presentation are both available on the site now.

謝謝。下午好，歡迎參加 Solventum 2025 財年第二季財報電話會議。參加今天電話會議的還有執行長 Bryan Hanson 和財務長 Wayde McMillan。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。收益報告和簡報現在都可以在網站上查閱。

During today's call, our discussion and any comments we make will be made on a non-GAAP basis unless they've been specifically called out as GAAP. The non-GAAP information discussed is not intended to be considered in isolation or as a substitute for the reported GAAP financial information. You are encouraged to review the supporting schedules in today's earnings press release to reconcile the non-GAAP measures with the GAAP reported numbers.

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，除非它們被明確稱為 GAAP。所討論的非 GAAP 資訊不應被單獨考慮或替代報告的 GAAP 財務資訊。我們鼓勵您查看今天的收益新聞稿中的支援時間表，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. 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.

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。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. For the Q&A portion of today's call, as a reminder, please limit yourself to one question and one related follow-up. If you have additional questions, you are more than welcome to rejoin the queue.

在我們準備好的發言之後，我們將舉行問答環節。對於今天電話會議的問答部分，提醒一下，請將自己限制在一個問題和一個相關的後續問題上。如果您還有其他問題，歡迎您重新加入隊列。

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

現在，我想將電話交給布萊恩。

All right. Great. Thanks, Amy. And to all of our shareholders and everyone else interested in our story, I just want to say thanks for joining us today for our second quarter results. And I'll just start by saying that we are continuing where we left off in Q1, delivering another solid quarter.

好的。偉大的。謝謝，艾米。對於我們所有的股東以及所有對我們的故事感興趣的人，我只想感謝你們今天參加我們的第二季業績發表會。首先我想說的是，我們將繼續第一季的良好表現，再創佳績。

And as a result of this positive momentum and strong execution, we are raising our sales growth and EPS guidance for the year. Now, this continued strong momentum gives us even more confidence in delivering the growth and margin targets that we outlined at Investor Day back in March. Certainly, there is still work to be done. There's no question about that, but I am very happy with the progress the teams are making across all of our businesses.

由於這種積極的勢頭和強有力的執行，我們提高了今年的銷售成長和每股收益預期。現在，這種持續強勁的勢頭使我們更有信心實現我們三月在投資者日上提出的成長和利潤目標。當然，還有很多工作要做。毫無疑問，我對我們所有業務團隊所取得的進展感到非常高興。

And we are quickly and importantly, decisively building on the strong foundation established by 3M. Our differentiated brands in attractive and diverse markets now combined with the cultural and structural enhancements we've already made are delivering results and accelerating our growth and importantly, again, putting us on a clear path to achieve our long-range plan commitments.

我們正在迅速、重要且果斷地鞏固 3M 所建立的堅實基礎。我們在具有吸引力和多樣化市場的差異化品牌，加上我們已經進行的文化和結構改進，正在產生效果並加速我們的成長，更重要的是，再次使我們走上實現長期計劃承諾的明確道路。

And in addition to this, our work to revamp our innovation process is on track, and our forecasted new product pipeline is steadily increasing in value as a result. And then once we close the P&F transaction, as we stated before, we will focus on disciplined tuck-in M&A to further enhance our progress.

除此之外，我們改進創新流程的工作正在順利進行，我們預測的新產品線的價值正在穩定成長。一旦我們完成 P&F 交易，正如我們之前所說，我們將專注於有紀律的補充併購，以進一步促進我們的進步。

Overall, it's clear to me that our value creation framework and our mission to improve lives have aligned our organization to focus on and deliver results and begin to establish Solventum as a mission-driven performance leader in our industry. And I want to thank our dedicated global teams for advancing our mission and driving our success. This type of transformation just doesn't happen without your dedication and your desire to win. So again, thank you for making it happen.

總的來說，我很清楚，我們的價值創造框架和改善生活的使命使我們的組織能夠集中精力並取得成果，並開始將 Solventum 確立為我們行業中以使命為導向的績效領導者。我要感謝我們敬業的全球團隊推進我們的使命並推動我們的成功。如果沒有你的奉獻精神和求勝慾望，這種轉變就不會發生。再次感謝您讓這一切成為現實。

Okay. A few quick updates before moving to our business segments. Let's start with separation. Wayde is going to give more color on separation in a minute, but I'll just quickly highlight that things are proceeding well, and they are on track. And I can say that a big part of our success here is thanks to the very experienced team that we have assembled.

好的。在進入我們的業務部門之前，先來快速更新一下。讓我們從分離開始。韋德馬上就會對分離問題做出更詳細的說明，但我只想快速強調一下，事情進展順利，一切正在按計劃進行。我可以說，我們在這裡取得成功很大程度上要歸功於我們組建的經驗豐富的團隊。

They have been there and done this before, and they are leveraging past insights to mitigate risk in our process. Our multiyear ERP implementation reached an important milestone as we executed the system cutover in Europe this quarter. And as most of you probably know, the implementations, these types of implementations are not without challenges.

他們以前就曾經這樣做過，並且正在利用過去的見解來降低我們流程中的風險。我們多年的 ERP 實施達到了一個重要的里程碑，因為我們本季在歐洲執行了系統切換。大多數人可能都知道，這些類型的實施並非沒有挑戰。

And well, we experienced some of those challenges in the quarter. But the solvers in IT, our global supply chain and our businesses came together and worked as a team to leverage our comprehensive risk mitigation plans, and as a result, they delivered the quarter, but most importantly, they delivered for our customers and patients.

嗯，我們在本季遇到了一些挑戰。但是，IT 部門、我們的全球供應鏈和業務部門的解決方案人員齊心協力，作為一個團隊利用我們全面的風險緩解計劃，最終，他們完成了本季度的任務，但最重要的是，他們為我們的客戶和患者完成了任務。

And I can tell you that this success is a strong example of one of Solventum's five core values, call it advancing together. And it increases our confidence, certainly, my confidence that even when things don't go exactly as planned, we have the right team, with the right experience and the commitment to overcome and deliver. This is also a great example of this team's ability to effectively manage our go-forward ERP implementations as well.

我可以告訴你們，這項成功是 Solventum 五大核心價值之一「共同進步」的有力例證。這無疑增強了我們的信心，我相信，即使事情沒有完全按照計劃進行，我們也有合適的團隊、合適的經驗和克服困難、實現目標的承諾。這也是該團隊有效管理我們未來 ERP 實施能力的一個很好的例子。

Okay. Switching to tariffs. Again, Wayde is going to provide more detail here. But just as a quick summary, last quarter, we discussed some of the mitigations we've already put into place and have been executing against to offset the tariff impact. And based on what we know today about current trade policy and our mitigation efforts, we're reducing the estimated tariff impact for 2025.

好的。轉換到關稅。再次，Wayde 將在這裡提供更多細節。但簡單總結一下，上個季度，我們討論了一些已經實施並正在執行的緩解措施，以抵消關稅的影響。根據我們目前對當前貿易政策和緩解措施的了解，我們正在降低 2025 年預計的關稅影響。

Obviously, given the fluidity of the environment, we will continue to actively monitor the situation and implement new strategies as needed.

顯然，鑑於環境的流動性，我們將繼續積極監控局勢並根據需要實施新的策略。

Okay. Now I'm going to move to our business segments, where we continue to demonstrate positive momentum. And I can tell you, a big part of this progress stems from the strategic clarity that we've created through our market and growth driver selection process. That was a very important process to create clarity of focus. And as a reminder, we have five growth drivers that will account for 80%-plus of our growth over the long-range plan.

好的。現在我將談談我們的業務部門，我們在這些部門繼續表現出積極的勢頭。我可以告訴你們，這項進步很大程度上源自於我們透過市場和成長動力選擇流程所創造的策略清晰度。這是一個非常重要的過程，可以明確重點。需要提醒的是，我們有五個成長動力，從長遠來看，它們將占我們成長的 80% 以上。

And as we stated, the five growth drivers are negative pressure wound therapy, IV site management, sterilization assurance, core restoratives and revenue cycle management.

正如我們所說，五大成長動力是負壓傷口治療、靜脈注射部位管理、滅菌保證、核心修復材料和收入週期管理。

Now starting with our MedSurg business, we had another solid quarter of progress fueled by our existing and differentiated brands, our recent new product launches and our commercial restructuring to specialize the sales channel in our growth driver areas. For some additional color on the two subsegments of MedSurg, our [IP NSS] business showed solid underlying business performance in the quarter and also benefited from some follow-on advanced order timing.

現在從我們的 MedSurg 業務開始，我們又取得了一個穩步增長的季度，這得益於我們現有的和差異化的品牌、我們最近推出的新產品以及我們的商業重組，以專門化我們增長動力領域的銷售渠道。關於 MedSurg 兩個子部門的更多細節，我們的 [IP NSS] 業務在本季度表現出穩健的基礎業務表現，並且還受益於一些後續的提前訂單時間。

Now this order timing benefit was offset by short-term pressure in our Advanced Wound Care business, due to a voluntary recall that had no patient safety concerns. Now as we look forward into the back half of 2025, we expect Advanced Wound Care to accelerate in our IP NSS sales to moderate.

現在，由於自願召回且不存在患者安全問題，這項訂單時間優勢被我們高級傷口護理業務的短期壓力所抵消。現在，展望 2025 年下半年，我們預計 Advanced Wound Care 的 IP NSS 銷售將加速成長至中等水平。

Relative to Advanced Wound Care, we expanded our V.A.C. Peel and Place launch into Europe and established a dedicated acute care sales team to ensure focus on this game-changing technology. Importantly, we've also recently won several large negative pressure wound therapy customers, reaffirming our confidence in our technology differentiation and boosting momentum as we come into the back half of the year.

相對於高級傷口護理，我們將 V.A.C. Peel and Place 推廣範圍擴大到歐洲，並建立了專門的急性護理銷售團隊，以確保專注於這項改變遊戲規則的技術。重要的是，我們最近也贏得了幾家大型負壓傷口治療客戶，這再次堅定了我們對技術差異化的信心，並在進入下半年時增強了發展勢頭。

When it comes to IV site management, we continue to see strong demand for our Tegaderm antimicrobial solutions with new product launches in major markets across Europe and Asia, again, supported by specialized sales teams across our regions. And within our sterilization assurance business, we have seen early success with our three new product launches. And even though these are in early stages of the launch, we are already gaining renewals from our larger customers and our specialized sales team is generating the momentum to drive to full adoption.

在靜脈注射點管理方面，我們繼續看到對 Tegaderm 抗菌解決方案的強勁需求，新產品已在歐洲和亞洲的主要市場推出，同樣得到了我們各地區專業銷售團隊的支持。在我們的滅菌保證業務中，我們推出的三款新產品已取得早期成功。儘管這些還處於發布的早期階段，但我們已經從大客戶那裡獲得了續約，我們的專業銷售團隊正在創造動力，推動全面採用。

In our Dental Solutions business, we continue to gain momentum in core restoratives with results driven by a focused portfolio, accelerating new product innovation and specialization of the sales channel. New product launches were a key contributor in the quarter, driven by strong demand for Clinpro Clear and Filtek Easy match.

在我們的牙科解決方案業務中，我們繼續在核心修復材料方面獲得發展勢頭，並透過集中的產品組合、加速新產品創新和銷售管道的專業化來推動成果。受 Clinpro Clear 和 Filtek Easy match 強勁需求的推動，新產品的推出是本季的主要貢獻因素。

And our customer response to our first-to-market 3D-printed clarity Precision Grip attachments has remained positive, enhancing our ability to deliver a seamless combination of dental and orthodontic solutions. This innovation underscores momentum within the Dental team's internal bet area of custom Smile solutions.

客戶對我們首次上市的 3D 列印清晰度 Precision Grip 配件的反應一直很積極，增強了我們提供無縫牙科和矯正解決方案的能力。這項創新凸顯了牙科團隊在客製化微笑解決方案內部投注領域的勢頭。

And collectively, these categories help offset pressure in areas like impressioning materials and core orthodontics helping us to stabilize the segment even in a challenging market environment. And the team expects new product demand to accelerate into the back half of the year and ultimately drive sales growth improvements as well.

總的來說，這些類別有助於抵消印模材料和核心矯正等領域的壓力，幫助我們即使在充滿挑戰的市場環境中也能穩定市場。該團隊預計新產品需求將在下半年加速成長，並最終推動銷售成長。

Okay. In our Health Information Systems business, we are clearly focused on revenue cycle management and a key component of this is autonomous coding. And here, we recently announced a new partnership with Ensemble, who is a leading end-to-end provider of revenue cycle management services.

好的。在我們的健康資訊系統業務中，我們明確專注於收入週期管理，而其中一個關鍵組成部分是自主編碼。在這裡，我們最近宣布與 Ensemble 建立新的合作夥伴關係，Ensemble 是一家領先的端到端收入週期管理服務提供者。

This is yet another step in solidifying HIS as the largest autonomous coating vendor and underscores its leadership in AI-driven solutions that transform customer operations. The ongoing success of 360 Encompass showcases HIS ability to streamline workflows and deliver meaningful customer benefits.

這是鞏固 HIS 作為最大自主塗料供應商地位的又一步，並強調了其在改變客戶營運的人工智慧驅動解決方案方面的領導地位。360 Encompass 的持續成功展示了 HIS 簡化工作流程和為客戶帶來有意義的利益的能力。

And in our international markets, we are seeing 360 Encompass installations in Australia and expansion efforts in the Middle East, demonstrating HIS's commitment to equipping health care providers with the tools they need to operate smarter around the globe.

在我們的國際市場上，我們看到 360 Encompass 在澳洲的安裝和在中東的擴張努力，這表明 HIS 致力於為醫療保健提供者提供他們在全球範圍內更聰明運作所需的工具。

Last month, I was on site with over 300 of our HIS customers at our annual Customer Experience Summit, and I'd tell you it was a fantastic opportunity to engage with customers, hear direct feedback about our solutions. And importantly, for me, to learn more about our customers' views on the future of this space. Overall, I would say it was an exciting week, very well spent with very good feedback.

上個月，我在我們的年度客戶體驗高峰會上與 300 多名 HIS 客戶見面，我想說，這是一個與客戶接觸、直接聽取有關我們解決方案的反饋的絕佳機會。對我來說，重要的是，更多地了解我們的客戶對這個領域未來的看法。總的來說，我想說這是一個令人興奮的一周，過得很充實，反饋也很好。

And last but not least, turning to our Purification & Filtration business, we saw continued strong demand for our bioprocessing solutions, again, reaffirming the importance of our advanced technologies in this space. And our investment in expanded capacity for our industrial business also contributed driving accelerated growth throughout the quarter.

最後但同樣重要的一點是，談到我們的淨化和過濾業務，我們看到對我們的生物加工解決方案的持續強勁需求，這再次證明了我們的先進技術在這一領域的重要性。我們對工業業務產能擴張的投資也推動了整個季度的加速成長。

Overall, the P&F business is well positioned for sustained growth our transaction process with Thermo is moving along nicely. And relative to the P&F transaction, in June, we filed an amendment to our agreement for Solventum to retain the drinking water business. This has helped simplify the transaction and importantly, increases the opportunity to accelerate the close.

總體而言，P&F 業務已做好持續成長的準備，我們與 Thermo 的交易流程進展順利。關於 P&F 交易，我們在 6 月對協議進行了修訂，以便 Solventum 保留飲用水業務。這有助於簡化交易，更重要的是，增加了加速完成交易的機會。

Keeping drinking water also provides Solventum with the opportunity to unlock additional value tied to this business. I would just say, overall, Thermo has been a great partner, and we appreciate their collaboration, not just in streamlining the process, but also very importantly, their commitment to ensuring the success of our P&F business.

保存飲用水也為 Solventum 提供了釋放與該業務相關的額外價值的機會。我只想說，總的來說，Thermo 一直是一個很好的合作夥伴，我們感謝他們的合作，不僅在於簡化了流程，而且非常重要的是，他們致力於確保我們的 P&F 業務的成功。

Now before I close, I'd like to highlight a couple of external recognition honors we received during the quarter. Now first, Solventum earned its place on the Fortune 500 in our first year as a stand-alone company. We are also excited to be named as a best company to work for by US News and World Report. And I would tell you, this recognition, in particular, reflects the hard work of our teams and the early success in driving our values and strategy, to put people first and become a best and preferred place to work.

現在，在我結束之前，我想強調我們在本季獲得的幾項外部認可榮譽。首先，Solventum 作為獨立公司成立的第一年就躋身財富 500 強。我們也很高興被《美國新聞與世界報道》評為最適合工作的公司。我想告訴你們，這種認可尤其反映了我們團隊的辛勤工作以及在推動我們的價值觀和策略方面取得的早期成功，即以人為本，成為最佳和首選的工作場所。

And in closing, I'd just say that thanks to our company-wide teamwork and progress against our transformation plan, Solventum continues to chart a solid path forward. We have an incredible opportunity to create meaningful value, and we are making consistent and repeatable progress in that value creation story. The foundation we inherited combined with the aggressive actions we've already taken, positions us well for continued growth and margin acceleration and ultimately, sustainable value creation.

最後，我只想說，由於我們全公司的團隊合作以及轉型計劃的進展，Solventum 繼續朝著堅實的方向前進。我們擁有創造有意義價值的絕佳機會，我們正在這價值創造過程中取得持續、可重複的進展。我們繼承的基礎與我們已經採取的積極行動相結合，使我們能夠繼續成長、加速利潤率，並最終實現可持續的價值創造。

And with that, I'll turn it over to Wayde for a closer look at our financial results and other key updates. Okay, Wayde, pass it over to you.

接下來，我將把時間交給韋德，讓他仔細看看我們的財務表現和其他重要更新。好的，韋德，把它交給你。

Thanks, Bryan. We're pleased to be able to report another solid quarter as we navigate the separation from 3M and prepare for the divestiture of Purification & Filtration all while gaining momentum in the business amidst an uncertain macro environment backdrop.

謝謝，布萊恩。我們很高興能夠報告又一個穩健的季度，我們正在努力實現與 3M 的分離，並為剝離淨化和過濾業務做好準備，同時在不確定的宏觀環境背景下業務獲得發展勢頭。

Consistent with prior quarters, I'll provide you with a separation update and then transition to our Q2 financial performance. I'll conclude my prepared remarks with an update on our 2025 guidance as well as a financial update for the pending sale of purification and filtration less the drinking water business, we are retaining.

與前幾季一致，我將向您提供離職更新，然後轉至我們的第二季財務表現。在我的演講結束時，我將介紹我們 2025 年的指導方針的最新情況，以及即將出售的淨化和過濾業務（不包括我們保留的飲用水業務）的財務最新情況。

We continue to execute against separation milestones while making foundational changes to deliver on our long-range plan. In Q2, we made further progress on our supply chain separation initiatives. We moved our European distribution centers from 3M to multiple third-party distribution centers, and exited a distribution center in South America, along with executing our largest ERP cutover to date. We made further progress exiting 35% of transition service agreements to date, including support services for commercial operations and logistics, human resources, marketing, technology and quality and regulatory.

我們將繼續執行分離里程碑，同時進行基礎性變革以實現我們的長期計劃。第二季度，我們的供應鏈分離措施取得了進一步進展。我們將歐洲配送中心從 3M 遷移到多個第三方配送中心，並退出了南美洲的配送中心，同時執行了迄今為止最大規模的 ERP 切換。我們取得了進一步進展，迄今已完成 35% 的過渡服務協議，包括商業營運和物流、人力資源、行銷、技術和品質以及監管方面的支援服務。

Finally, we're making good progress coordinating our product packaging and rebranding strategies and have materially completed our corporate rebranding, which includes our facilities, media and trade shows.

最後，我們在協調產品包裝和品牌重塑策略方面取得了良好進展，並已基本完成企業品牌重塑，其中包括我們的設施、媒體和貿易展。

Now turning to our Q2 results. Starting with sales. Second quarter 2025 sales of $2.2 billion increased 2.8% on an organic basis, compared to prior year and increased 3.9% on a reported basis. During the quarter, foreign exchange was a 110 basis point benefit to reported growth. Overall, we had stronger-than-expected sales growth that benefited from positive contributions across all segments.

現在來看看我們的第二季業績。從銷售開始。2025 年第二季銷售額為 22 億美元，與去年同期相比，有機成長 2.8%，報告成長 3.9%。本季度，外匯對報告的成長產生了 110 個基點的收益。整體而言，由於所有部門的正面貢獻，我們的銷售成長強於預期。

Importantly, volume continues to be the main driver of our continued execution as we align our organization towards delivering sustainable sales growth and new product innovation. We managed ERP and distribution center challenges in Europe as we began executing our ERP and distribution center cutovers. We still expect the favorable timing benefits from Q1 and to a lesser extent, in Q2 will be offset by year-end, mostly in Q3. Pricing remains within our expected plus or minus 1% range and the impact of SKU exits in the quarter was 60 basis points.

重要的是，當我們調整組織以實現可持續的銷售成長和新產品創新時，銷售仍然是我們持續執行的主要驅動力。當我們開始執行 ERP 和配送中心切換時，我們管理了歐洲的 ERP 和配送中心挑戰。我們仍然預計，第一季以及第二季（程度較輕）的有利時機效益將在年底（主要是在第三季）被抵銷。定價仍在我們預期的正負 1% 範圍內，本季 SKU 退出的影響為 60 個基點。

Moving to the segments. Our largest segment, MedSurg delivered $1.2 billion in sales, an increase of 3.9% on an organic basis. Growth was again led this quarter by the infection prevention and Surgical Solutions business, which grew 5.9% and benefited from follow-on advanced order timing, which contributed to the higher-than-expected performance. Advanced Wound Care growth of 0.8% was driven by negative pressure wound therapy with growth muted by the previously mentioned product recall.

轉到各個部分。我們最大的部門 MedSurg 實現了 12 億美元的銷售額，有機成長 3.9%。本季度，感染預防和外科解決方案業務再次引領成長，成長 5.9%，並受益於後續提前訂單的時間安排，促成了高於預期的業績。先進傷口護理業務成長 0.8%，這得益於負壓傷口治療，而先前提到的產品召回則抑制了其成長。

Looking ahead to the second half, we expect the trade-off as Infection Prevention and Surgical Solutions absorbs the pullback associated with the order timing benefits in Q1 and Q2, while Advanced Wound Care delivers improved growth driven by acceleration in negative pressure wound therapy led by single-use Prevena and the continued rollout of Peel and Place.

展望下半年，我們預計感染預防和外科解決方案將吸收第一季和第二季訂單時間優勢帶來的回調，而高階傷口護理將實現更好的成長，這得益於一次性 Prevena 引領的負壓傷口治療加速以及 Peel and Place 的持續推出。

Our Digital Solutions segment delivered $338 million of sales, an increase of 70 basis points on an organic basis. We continue to demonstrate resilient performance despite a challenging market, aided by innovation across our restorative and prevention products as well as our Clarity aligners.

我們的數位解決方案部門實現了 3.38 億美元的銷售額，有機成長了 70 個基點。儘管市場充滿挑戰，我們仍然繼續展現出堅韌的業績，這得益於我們在修復和預防產品以及 Clarity 矯正器方面的創新。

Our Health Information Systems segment contributed $339 million in sales, an increase of 3.2% on an organic basis, which benefited from strong customer retention of our revenue cycle management software solutions, more than offsetting expected declines in clinician productivity solutions. We remain focused on system implementations to support our hospital customers as they navigate a challenging and dynamic environment for health care spending.

我們的健康資訊系統部門貢獻了 3.39 億美元的銷售額，有機成長 3.2%，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，超過了臨床醫生生產力解決方案的預期下滑。我們將繼續專注於系統實施，以支援我們的醫院客戶應對充滿挑戰和動態的醫療保健支出環境。

Finally, the Purification & Filtration segment delivered $252 million of sales, an increase of 3.1% on an organic basis. Similar to prior quarters, growth was led by our bioprocessing filtration and industrial filtration categories, partially offset by declines in membrane OEM.

最後，淨化與過濾部門實現了 2.52 億美元的銷售額，有機成長 3.1%。與前幾季類似，成長主要由我們的生物加工過濾和工業過濾類別所帶動，但被膜 OEM 的下滑部分抵消。

Looking down the P&L, gross margins were 56% of sales in the quarter, an improvement of 20 basis points over prior year. As a reminder, gross margins include a headwind associated with the 3M supply agreement, which was more than offset by improved sales mix and programmatic savings.

從損益表來看，本季毛利率為銷售額的 56%，比去年同期提高了 20 個基點。提醒一下，毛利率包括與 3M 供應協議相關的不利因素，但銷售組合的改善和計劃節省足以抵消這一不利因素。

Notably, Q2 results also included $4 million related to the accounting treatment of the P&F business, which is treated as a held-for-sale asset and provided a $0.02 EPS benefit in the quarter related to a reduction of depreciation expense. Excluding the held-for-sale benefit, underlying gross margins improved 20 basis points sequentially compared to Q1, consistent with our expectations for seasonal improvement.

值得注意的是，第二季業績還包括與 P&F 業務會計處理相關的 400 萬美元，該業務被視為持有待售資產，並在本季度提供了 0.02 美元的每股收益，與折舊費用的減少有關。不計持有待售收益，基礎毛利率與第一季相比較上季提高 20 個基點，符合我們對季節性改善的預期。

Operating expenses of $736 million increased modestly compared to the prior year, which reflects inflationary headwinds, public company stand-up costs and growth investments, mostly offset by savings from our restructuring program, which remains on track to deliver $120 million of annualized savings. In total, we delivered adjusted operating income of $474 million, which translates to an operating margin of 21.9%, ahead of expectations.

7.36 億美元的營運費用與去年相比略有增加，這反映了通膨逆風、上市公司的啟動成本和成長投資，但大部分被我們重組計劃的節省所抵消，該計劃仍有望實現 1.2 億美元的年度節省。整體而言，我們實現調整後營業收入 4.74 億美元，營業利益率達 21.9%，高於預期。

Moving down the P&L to nonoperating items. Our net interest expense and other nonoperating spend improved modestly versus Q1. Lastly, our effective tax rate of 18.3% was better than our expectations driven by favorable geographic mix.

將損益表下移至非經營項目。我們的淨利息支出和其他非營業支出與第一季相比略有改善。最後，受有利的地理結構影響，我們的有效稅率為 18.3%，優於我們的預期。

Overall, we delivered earnings per share of $1.69, ahead of our expectations, driven mainly by sales outperformance and favorable margins. We also ended the quarter with $492 million in cash and equivalents with no outstanding borrowings on our revolving credit facility. To date, we have made cumulative repayments of $500 million on our $1.5 billion prepayable term loans, which includes another $100 million paid off in June. For Q2, we generated free cash flow of $59 million, which was consistent with our expectations of improvement over Q1 and reflects normal seasonality and the timing of interest payments.

整體而言，我們的每股盈餘為 1.69 美元，超出我們的預期，主要得益於銷售業績優異和利潤率較高。本季末，我們還擁有 4.92 億美元的現金和等價物，且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 5 億美元，其中包括 6 月償還的 1 億美元。第二季度，我們產生了 5,900 萬美元的自由現金流，這與我們對第一季改善的預期一致，反映了正常的季節性和利息支付時間。

Now turning to our 2025 guidance update, which reflects our Q2 performance and momentum to start the year. As a reminder, our guidance is for the whole company including the Purification & Filtration business, which is treated as held for sale until the transaction closes.

現在轉向我們的 2025 年指導更新，它反映了我們第二季度的業績和年初的勢頭。提醒一下，我們的指導針對的是整個公司，包括淨化和過濾業務，該業務在交易完成前被視為持有待售。

Starting with full year organic sales growth, we have increased our outlook to a range of 2% to 3%, a 50 basis point increase above our prior guidance. We continue to estimate a 50 basis point impact of SKU exits, which we anticipate will ramp throughout the year. Excluding this planned impact, our annual growth outlook is 2.5% to 3.5%, reflecting the continued volume-driven performance across our business segments as we execute against the phased approach to reposition for growth.

從全年有機銷售額成長開始，我們已將預期提高至 2% 至 3%，比我們先前的預期高出 50 個基點。我們繼續估計 SKU 退出將產生 50 個基點的影響，並預計這一影響將在全年不斷增加。排除此計畫影響，我們的年度成長預期為 2.5% 至 3.5%，這反映了我們按照分階段方法重新定位成長，各業務部門繼續保持以數量為主導的業績。

Regarding foreign exchange, we now estimate currency will have a favorable impact of approximately 50 basis points on sales growth for the full year. This compares to our prior expected impact of neutral and will have a positive benefit on our reported sales and earnings per share. And based on better-than-expected effective tax rate through the first half of 2025, we are now comfortable at the low end of our initial guidance range of 20% to 21%.

關於外匯，我們現在估計貨幣將對全年銷售成長產生約 50 個基點的有利影響。這與我們先前預期的中性影響相比，將對我們報告的銷售額和每股盈餘產生正面的影響。基於 2025 年上半年優於預期的有效稅率，我們現在對 20% 至 21% 的初始指導範圍的低端感到滿意。

Before commenting on earnings per share, I want to bring you up to date on our latest thinking on tariff headwinds, which we now estimate to be $60 million to $80 million, down from our initial range of $80 million to $100 million and impact in Q3, slightly less than Q4. The reduction represents improved estimates for US and China tariff rates, partially offset by higher rates for Europe and other smaller regions. The favorable update will ease pressure on gross margin and operating margin in the second half of the year, and we continue to anticipate achieving full year operating margins, now closer to the midpoint of our initial planned range of 20% to 21%.

在評論每股收益之前，我想先向您介紹一下我們對關稅逆風的最新看法，我們目前估計關稅逆風的規模為 6,000 萬至 8,000 萬美元，低於我們最初的 8,000 萬至 1 億美元的範圍，對第三季度的影響略低於第四季度。此次下調顯示美國和中國關稅稅率的估計值有所提高，但被歐洲和其他較小地區關稅稅率的提高部分抵消。這項有利的更新將緩解下半年毛利率和營業利潤率的壓力，我們繼續預計實現全年營業利潤率，目前更接近我們最初計劃的 20% 至 21% 範圍的中點。

Altogether, for earnings per share, we have increased our guidance to a range of $5.80 to $5.95 from the previous guidance of $5.45 to $5.65, which reflects the strong performance in the quarter combined with further improvements into the second half of the year.

總體而言，對於每股收益，我們已將預期從先前的 5.45 美元至 5.65 美元上調至 5.80 美元至 5.95 美元，這反映了本季度的強勁表現以及下半年的進一步改善。

We are maintaining our free cash flow guidance in the range of $450 million to $550 million. As a reminder, free cash flows are impacted in 2025 from separation-related costs, and we expect our free cash flows to improve in the future as those costs stepped down in 2026 and again in 2027 as we complete the separation from 3M.

我們將自由現金流預期維持在 4.5 億美元至 5.5 億美元之間。提醒一下，2025 年的自由現金流將受到與分離相關的成本的影響，我們預計，隨著我們完成與 3M 的分離，這些成本將在 2026 年和 2027 年下降，我們的自由現金流將在未來得到改善。

Before closing out, I also want to provide you with an update on our Purification & Filtration divestiture. Following the amended terms Bryan touched upon earlier, we are updating our estimated pro forma annual adjusted EPS deal accretion to a range of $0.25 to $0.30, an increase of $0.10 compared to the estimated EPS accretion shared at our Investor Day. We are also revising the gross margin accretion to approximately 100 basis points, compared to our earlier estimate of 200 basis points.

在結束之前，我還想向您提供有關我們的淨化和過濾業務剝離的最新情況。根據 Bryan 先前提到的修訂條款，我們將預計的年度調整後每股收益交易增值更新為 0.25 美元至 0.30 美元的範圍，與我們在投資者日分享的預計每股收益增值相比增加了 0.10 美元。我們也將毛利率增幅從先前的 200 個基點修正為約 100 個基點。

And revising our operating margin accretion to 50 basis points, compared to the earlier estimate of 100 basis points. This deal represents a major milestone for our portfolio transformation strategy and accelerates our time line to pay down debt to deleverage our balance sheet, which we expect to achieve through further pay down of our term loan and bond buybacks, while positioning us to pursue programmatic tuck-in M&A.

並將我們的營業利潤率增幅從先前的估計 100 個基點修改為 50 個基點。這筆交易是我們投資組合轉型策略的一個重要里程碑，加快了我們償還債務、降低資產負債表槓桿率的時間表，我們預計透過進一步償還定期貸款和回購債券來實現這一目標，同時使我們能夠進行有計劃的補充性併購。

On an annualized basis, the transaction improves our gross margins, operating margins and earnings per share. Based on expected close by year-end, we continue to anticipate the impact on earnings per share will be neutral in 2025.

以年率計算，交易提高了我們的毛利率、營業利潤率和每股盈餘。根據年底的預期，我們仍然預期 2025 年對每股盈餘的影響將是中性的。

Finally, I want to reiterate our commitment to continued investment, consistent with our attractive growth driver opportunities and realization of the long-term value creation ahead, we will balance these investments by identifying opportunities to expand margins and generate strong cash flows.

最後，我想重申我們持續投資的承諾，與我們具有吸引力的成長動力機會和實現未來的長期價值創造相一致，我們將透過尋找擴大利潤率和產生強勁現金流的機會來平衡這些投資。

In conclusion, we had a solid quarter and are making great progress towards achieving our long-range plan goals of accelerating sales growth to 4% to 5% and growing earnings per share at a 10% CAGR. We are also executing well on our plan to separate as an independent company. We can feel the momentum building and are excited about the continued value creation story at Solventum.

總而言之，我們本季業績表現穩健，並且在實現我們的長期計畫目標方面取得了巨大進展，即將銷售額成長率提高至 4% 至 5%，每股收益成長率提高至 10%。我們也正在順利執行分離為獨立公司的計畫。我們感受到了勢頭的增強，並對 Solventum 持續的價值創造故事感到興奮。

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

這樣，我現在將把電話交還給接線員，進行電話的問答部分。

(Operator Instructions) Jason Bednar, Piper Sandler.

（操作員指示）Jason Bednar、Piper Sandler。

Real nice quarter here. Why don't we start with the organic growth guide. You're doing really well with MedSurg, especially considering the pull forward of business you had last quarter. Maybe talk about the trajectory that you're seeing in that part of the business. What's driving some of that upside?

這裡真是個好地方。我們為什麼不從有機成長指南開始呢？你們的 MedSurg 業務做得非常好，特別是考慮到你們上個季度的業務提前了。也許可以談談您在該業務部分所看到的軌跡。是什麼推動了這種上漲趨勢？

Is it the commercial organization, just the focus? Anything you can add there? And -- and then maybe talk a little bit about the back half, knowing that your comps here are still really favorable for that part of the business?

是商業組織，只是焦點嗎？您還能添加什麼嗎？然後 — — 然後也許可以稍微談談後半部分，知道這裡的比較對這部分業務仍然非常有利嗎？

Yeah. Good to hear from you, Jason. Why don't I start with what's driving the MedSurg business, and then you can speak to any movement between quarters. So what I would say is that right now, MedSurg, as we've talked about before, has three of our growth drivers. So if you've got three growth drivers in your business, you better start to see some traction because that means we're spending a lot of time and effort in those areas.

是的。很高興收到你的來信，傑森。我先來談談推動 MedSurg 業務發展的因素，然後您可以談談各個季度之間的變化。所以我想說的是，正如我們之前談到的，MedSurg 目前有三個成長動力。因此，如果您的業務有三個成長動力，那麼您最好開始看到一些牽引力，因為這意味著我們在這些領域投入了大量的時間和精力。

Inside of those growth drivers, regardless of which one we're looking at, there are really three levers that we're seeing. The first one, as you referenced, is the commercial restructuring that we've done to specialize the team, that is paying significant dividends. Really it's (inaudible) whole cultural change that we have in place. It's a specialized team, and it's an incentive plan that is getting people focused on growth. So that's a big piece of the movement right now.

在這些成長動力中，無論我們關注哪一個，我們實際上都看到三個槓桿。正如您所提到的，第一個是我們為專業化團隊而進行的商業重組，這帶來了豐厚的回報。事實上，這是我們正在進行的（聽不清楚）整體文化變革。這是一個專業化的團隊，這是一個激勵計劃，讓人們專注於成長。所以這是目前運動的一個重要部分。

The second one is pretty big, too. It really is taking advantage with this new engine with these brands that we have that are differentiated in the space. And I probably don't talk about this enough, but these are brands that have been around for a long time, that have real clinical differentiation that are as valuable as a new product launch in the right hands with the right focus.

第二個也相當大。這確實利用了這款新引擎以及我們在該領域具有差異化的品牌的優勢。我可能對此談論得還不夠，但這些品牌已經存在很長時間了，具有真正的臨床差異化，在正確的人手中以正確的重點關注，其價值與新產品的推出一樣高。

So that's a significant benefit to us that probably I underappreciated when we started the game here. And then third is just the new product launches that we've had, that we've talked about, either in sterilization (inaudible) pressure wound therapy or other parts of IP NSS.

所以這對我們來說是一個重大的好處，當我們在這裡開始遊戲時我可能沒有充分認識到這一點。第三是我們已經討論過的新產品發布，無論是在滅菌（聽不清楚）壓力傷口治療還是 IP NSS 的其他部分。

So those are the variables that are working. And here's the thing, we're just getting started. So the momentum is there. The confidence is growing, and I would expect to see us continue to grow ahead of where we are today. So I don't know, Wayde, do you want to talk to anything about?

這些就是正在起作用的變數。事實是，我們才剛開始。所以勢頭是存在的。我們的信心正在不斷增強，我期望看到我們繼續在現有基礎上不斷成長。所以我不知道，韋德，你想談什麼嗎？

Yeah, sure. Jason, on the second part of your question there around growth rate in the second half and I think for context, it would help just to frame it for the total year. So keep in mind, we reported 3.5% growth in the first half. And as we shared, about 1% of that is due to order timing that we got in advance in the first half of the year, and we expect to see that pullback in the second half, mostly in Q3. And if you look at our guide now at 2% to 3% for the year, the second half implies a midpoint of 1.5%.

是的，當然。傑森，關於你問題的第二部分，關於下半年的成長率，我認為從背景來看，將其與全年的成長率聯繫起來會有所幫助。請記住，我們報告上半年成長了 3.5%。正如我們所分享的，其中約 1% 是由於我們在上半年提前獲得的訂單時間所致，我們預計下半年會出現回調，主要是在第三季度。如果你看一下我們現在對今年 2% 至 3% 的指導，那麼下半年的中點將是 1.5%。

And so as we give that 1% to the first half, we take it from the second half. And if you normalize, what we said in the first half was we were normalized 2.5%. And if you shift that 1% back to the second half, it would be at 2.5% at the midpoint. In other words, we think we're growing consistently in this 2.5% range in the first half when you normalize for order timing. And in the second half at the midpoint of our guide, if we continue to grow at the rate we are, we'll be in that 2.5%.

因此，當我們將這 1% 分配給前半部時，我們會從後半部中取出它。如果進行正常化，我們在上半年所說的是，我們已將正常化率定為 2.5%。如果將這 1% 移回下半年，中點將是 2.5%。換句話說，我們認為，如果按照訂單時間進行標準化，上半年我們的成長率將保持在 2.5% 左右。在我們指南中點的下半年，如果我們繼續以目前的速度成長，我們將達到 2.5%。

As Bryan said, we feel like we've got really good momentum in the business here. Certainly, there's puts and takes, but we've got, I think, a real building success story here with the commercial output that Bryan just outlined.

正如布萊恩所說，我們感覺這裡的業務發展勢頭非常好。當然，這其中有得有失，但我認為，正如布萊恩剛才所概述的商業產出，我們已經取得了真正的成功。

Very helpful. And Wayde, I'll stay with you. Just a question on maybe the EPS bridge, if you could. From last quarter to this quarter, you raised by $0.32 at the midpoint. You beat at almost [by a quarter] we're picking up a dime updated tariff assumptions, but you got FX with the tailwind.

非常有幫助。韋德，我會陪著你。如果可以的話，我只想問一下關於 EPS 橋的問題。從上個季度到本季，你們中期增加了 0.32 美元。您幾乎以四分之一的優勢擊敗了我們，我們獲得了更新的關稅假設，但您卻順風獲得了外匯。

It doesn't seem like there's much being attributed to back half organic growth numbers, maybe inching up a little bit. Tax is a good guy. So I'm just wondering if -- what may be cutting the other way that we're not accounting for? Or is this just conservatism on only raising by the amount that you did here today?

看起來這似乎並沒有太多地歸功於下半年的有機成長數字，可能只是略有上升。稅務是個好人。所以我只是想知道──有沒有哪些我們沒有考慮到的其他因素？或者這只是保守主義，只提高今天在這裡提高的金額？

Yeah. I know how you asked the question there. It is quite a strong risk and we are only halfway through the year. So what we'll say here is we're tightening the range as we progress through the year. And given the year-to-date performance, it raises our confidence.

是的。我知道你是怎麼問這個問題的。這是一個相當大的風險，而今年才剛剛過去一半。因此，我們要說的是，隨著時間的推移，我們正在縮小範圍。鑑於今年迄今的表現，這增強了我們的信心。

And as you said, we're in that $0.33 increase at the midpoint. And this accounts for the Q2 B+ upside in the second half. And as you know, and you just listed several of them, we're certainly managing a lot of variables. Number one, the separation activities, but also tariffs, taxes, foreign exchange. And given we're only halfway through the year and that these variables can turn, we are comfortable with the raise that we put in place this quarter.

正如您所說，我們的中間值增加了 0.33 美元。這也解釋了下半年 Q2 出現 B+ 上漲的原因。如您所知，您剛才列出了其中的幾個，我們當然正在管理很多變數。第一，分離活動，還有關稅、稅金、外匯。考慮到今年才剛過去一半，而且這些變數可能會發生變化，我們對本季實施的加薪感到滿意。

We're very happy to be tracking ahead of our commitments for the year, including offsetting pretty substantial tariffs here.

我們很高興能夠提前履行今年的承諾，包括抵消相當大的關稅。

And so we think it's a strong raise. We'll continue to monitor all these multiple variables, continue to progress on our separation activities, and we'll see how we look in the second half of the year.

因此我們認為這是一次強勁的加薪。我們將繼續監測所有這些多重變量，繼續推進我們的分離活動，並觀察下半年的情況。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

I guess, Wayde, there was a lot of moving parts in the quarter. Order timing, patient recall, ERP, SKU rationalization. I don't know if there's a way to walk through those again and bridge the 2.8% you reported and just get to more of an underlying growth rate in the quarter that's apples-to-apples, and then the way I would think about the underlying growth in Q3 a little bit better versus first half, second half?

韋德，我想本季有很多變動。訂單時間、病患召回、ERP、SKU 合理化。我不知道是否有辦法再次進行這些，並彌補您報告的 2.8% 的差距，從而獲得本季度更具可比性的潛在增長率，然後我認為第三季度的潛在增長率會比上半年、下半年好一點？

Yeah. Good to hear from you, Travis, and I appreciate you thinking that I can answer that question, you go right there. But I'd tell you that what I would say is we did have a lot of puts and takes particularly on the revenue line in the quarter. And we wanted to call those out in the prepared remarks because people would have questions on why certain businesses were up, certain businesses were down. But I think on an underlying basis, if I take all those puts and takes into account, the 2.8% that we posted is a good view of what the realistic growth was in the quarter.

是的。很高興收到你的來信，特拉維斯，我很感激你認為我可以回答這個問題，你就去那裡吧。但我想告訴你的是，我們確實有很多損失，特別是在本季的收入方面。我們希望在準備好的演講中提到這些問題，因為人們會質疑為什麼某些企業績效上升，而某些企業績效下降。但我認為，從根本上講，如果把所有這些因素都考慮進去，我們公佈的 2.8% 可以很好地反映出本季的實際成長。

So you can take that 2.8%, say that's the bank number, that's what we did. The puts and takes for sure, but they offset, for the most part, and that's a good view of what we did in that quarter.

所以你可以拿那 2.8%，說這是銀行號碼，這就是我們所做的。肯定存在投入和產出，但大多數情況下它們互相抵消，這是對我們在該季度所做工作的良好看法。

Bryan, I think you covered that really well. Just to highlight a couple of other data points that we put in the release and in our prepared remarks. As Bryan said, 2.8 is pretty representative of what we think the business is growing with several puts and takes. Order timing was less in Q2 and certainly less than we saw in Q1, but had a benefit, as we said, primarily Infection Prevention & Surgical Solutions, again, just given the setup of that business. And we called out the SKU impact of 60 basis points headwind.

布萊恩，我認為你對這一點講得非常好。只是為了強調我們在新聞稿和準備好的評論中提出的其他幾個數據點。正如布萊恩所說，2.8 非常能代表我們認為的業務在幾次投入和產出中正在成長的情況。第二季的訂單時間較少，肯定比第一季少，但也有好處，正如我們所說，主要是感染預防和外科解決方案，同樣，考慮到該業務的設置。我們指出 SKU 的影響為 60 個基點的逆風。

That was both double the impact that we saw in Q1.

這是我們在第一季看到的影響的兩倍。

So those are a couple of pieces there. I certainly appreciate a lot of moving pieces, obviously, in a separation like this, we've got more to deal with. But having said that, we're still very happy with the momentum we saw the momentum we're building here in Q2 and the strength of Q2 to give us the confidence to guide here, what's in a good position for the second half of the year?

這就是那裡的幾件作品。我當然很欣賞很多感動，顯然，在這樣的分離中，我們要處理的事情更多。但話雖如此，我們仍然對我們在第二季度看到的勢頭感到非常高興，第二季度的實力給了我們信心來指導，今年下半年的良好情況是什麼？

Great. And yes, sorry, Bryan. (inaudible) but the other thing I'd like to ask is more like you're at the mid-2% underlying growth rate right now. And as you look forward, and I know you're not going to give next year's guidance, but is there any reason why we shouldn't think about this growth rate getting better? Or does it decel for certain reasons or accelerate for certain reasons?

偉大的。是的，對不起，布萊恩。 （聽不清楚）但我想問的另一件事是，您現在的潛在成長率更像是在 2% 的中間水平。展望未來，我知道您不會給出明年的預測，但是我們有什麼理由不認為這個成長率會變得更好呢？還是因為某些原因而減速或因為某些原因而加速？

Just trying to think through the puts and takes in the model going forward?

只是想思考一下該模型未來的投入與產出？

Yeah. So we're going to have a -- as you probably remember, a bigger SKU impact next year. We had talked about 50 basis points this year, waiting before I say it, did we already say what it is (inaudible) It's going to be about 100 basis points next year. So just you got to take that into account, first and foremost. But outside of that, if you just get rid of SKU for a second, when you look at underlying business strength, but we would fully expect to continue to enhance our growth, that's the plan.

是的。因此，正如您可能記得的那樣，明年 SKU 的影響將會更大。我們今年已經談論過 50 個基點，在我這麼說之前，我們是否已經說過它是多少（聽不清楚）明年將會達到 100 個基點左右。因此，你首先必須考慮到這一點。但除此之外，如果你暫時擺脫 SKU，當你看看潛在的業務實力時，但我們完全希望繼續提高我們的成長，這就是計劃。

And it's going to be through those three vectors. The commercial restructuring that we've done and the focus that we have will continue to pay dividend. The new product launches that will continue to come in 2026 as well. And of course, the brands that we already have in the market that we're basically relaunching.

它將透過這三個向量來實現。我們進行的商業重組以及我們的重點將繼續帶來回報。2026年也將持續推出新產品。當然，我們基本上重新推出了市場上已有的品牌。

And I can't wait, at some point, we need to get folks out to the businesses, so they can talk about some of these brands that have been out there for a long time, but are significantly underpenetrated. They're very profitable, they're clinically relevant, and we are going to relaunch those products.

我迫不及待地想，在某個時候，我們需要讓人們走進企業，這樣他們就可以談論一些已經存在很長時間但滲透率很低的品牌。它們利潤豐厚，具有臨床應用價值，我們將重新推出這些產品。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

I'll keep it to one. I guess at least from our perspective, the organic growth is going better than expected and doing well on that side. And if all things go well, towards the end of this year, you're going to have a balance sheet that looks pretty radically different. So I guess, compared to when you first took over the business, how are you feeling about that capital allocation? You mentioned bolt-on M&A.

我會將其保留為一個。我想至少從我們的角度來看，有機成長比預期的要好，而且在這方面做得很好。如果一切順利的話，到今年年底，你就會得到一份截然不同的資產負債表。那麼我想，與您第一次接手公司時相比，您對資本配置有何感受？您提到了附加併購。

But like how much you feel you need to do that to buy into the midterm growth range versus the levers that you've already got were early with Peel and Place. How do you think about interplay between buying new businesses to augment the growth versus what you have on hand today versus (inaudible) if that makes sense?

但是，您覺得需要做多少才能進入中期增長範圍，而不是像 Peel and Place 那樣已經擁有槓桿。您如何看待購買新業務以促進成長與您目前擁有的業務之間的相互作用以及（聽不清楚）如果這有意義的話？

Thanks, Patrick. And thanks for the one question. I thought it was going to be a really long one, so I appreciate the one question and it's relatively short. I would say that the M&A to me is an enhancement to not a requirement to get to the mid-single-digit growth rate. We had said 4% to 5%, which gets you into mid-single digits in our LRP.

謝謝，派崔克。感謝您提出這個問題。我以為這個問題會很長，所以我很欣賞這個問題，而且它相對較短。我想說，對我來說，併購是一種增強，而不是實現中等個位數成長率的必要條件。我們說過 4% 到 5%，這會讓你的 LRP 達到中個位數。

That is an organic go get that we're feeling much better about. And if anybody was doubting whether we could get there or not, I think our performance so far is (inaudible) that out. But I don't look at M&A as a way to get there. I see M&A as a way to potentially accelerate getting there or potentially over (inaudible).

這是一個有機的進展，我們對此感覺好多了。如果有人懷疑我們是否能夠實現這一目標，我認為我們迄今為止的表現是（聽不清楚）的。但我並不認為併購是實現這目標的途徑。我認為併購是加速實現這一目標或可能結束這一目標的一種方式（聽不清楚）。

Rick Wise, Stifel.

瑞克懷斯 (Rick Wise)，Stifel。

Maybe talk about, if you would, a couple of the underpinning processes underway. You highlighted, Bryan, the progress -- the positive progress on the ERP front, in the EU. Maybe talk us through the next big milestone there, time lines there. And just maybe remind us if you would the impact of this process going on and being maybe when it's totally completed. And the impact do you think it's going to have on the business, how are we going to see it?

如果可以的話，也許您可以談論正在進行的幾個基礎流程。布萊恩，您強調了歐盟在 ERP 方面取得的積極進展。也許可以和我們談談下一個重要的里程碑和時間表。也許您可以提醒我們這個過程的進行以及它完全完成時可能產生的影響。您認為這會對業務產生什麼影響？我們又將如何看待它？

I mean does it -- is it going to -- is it more in working capital that we're going to see it something about cash flow? Just help us think through about the positive longer-term implications of this process?

我的意思是，它是否會更多地體現在營運資本中，我們會看到它與現金流有關嗎？只是幫助我們思考這個過程的長期正面影響嗎？

Yeah. Thanks, Rick. And so maybe I'll start with that, and then I'll pass it over to Wayde to talk about some implications -- implications beyond the obvious. If something goes wrong, it hasn't (inaudible) have an immediate impact on revenue, but our goal is to make sure that, that doesn't happen. So you can talk about other potential implications.

是的。謝謝，里克。因此，也許我會從這個開始，然後我會把它交給韋德來談論一些含義——超越顯而易見的含義。如果出現問題，它不會（聽不清楚）對收入產生直接影響，但我們的目標是確保這種情況不會發生。所以你可以談談其他潛在的影響。

And I would just say that, first and foremost, we just need to complete this larger implementation that we're in, that's what we're highly focused on. Things are -- have had some challenges, but we've really overcome them. So not feeling great about where the team is, but that's first and foremost. We've got some smaller implementations through the rest of the year, but they're immaterial relative to this one. And then we don't have our next large cutover until 2026, where we have two that we're expecting in 2026.

我只想說，首先，我們只需要完成我們所處的更大的實施工作，這也是我們高度關注的。事情確實遇到了一些挑戰，但我們確實克服了它們。因此，我對球隊的現狀感覺不太好，但這是最重要的。我們在今年剩餘的時間裡還會進行一些規模較小的實施，但與這次相比，它們並不重要。然後，我們要等到 2026 年才會進行下一次大規模切換，我們預計 2026 年將進行兩次大規模切換。

And we'd be pretty much fully through this as we come into the end of 2027. And then Wayde, anything you want to?

到 2027 年底，我們將基本上徹底度過這一階段。那麼韋德，你想做些什麼嗎？

Yeah, sure. So on the cost, I think, is your question, Rick, where we're incurring costs to separate both in OpEx that we carve out for non-GAAP separation costs as well as capital expenditures. And as we said, a couple of times, we will expect to see that ramp down in 2026 and then ramp down further in '27. As Bryan said, the big holders here to move are those ERP implementations. And as Bryan said, we're planning to have those completed in 2027.

是的，當然。所以，我認為你的問題是關於成本的，里克，我們在營運支出中分離成本，包括非 GAAP 分離成本和資本支出。正如我們多次所說的，我們預計這一數字將在 2026 年下降，然後在 2027 年進一步下降。正如布萊恩所說，這裡要轉移的大股東是那些 ERP 實施者。正如布萊恩所說，我們計劃在 2027 年完成這些工作。

As a result of that, we're expecting our free cash flow. That's the metric that we'll see significantly improve in 2026. And then again, in 2027 is we don't have to incur those separation-related costs anymore. And I think I would just add to this one as part of your question is not having the distraction and the level of work and focus that people have to put on separation activities while they're doing their day job. We got a lot of our best and brightest working really hard on the separation.

因此，我們期待自由現金流。我們將在 2026 年看到這項指標顯著改善。再說，到 2027 年，我們就不再需要承擔與分離相關的費用了。我想我只想補充一點，你的問題的一部分是，人們在做日常工作時不必分心，也不必將工作和注意力集中在分離活動上。我們有許多最優秀、最聰明的人為分離付出了巨大的努力。

And I think what we're looking very much forward to is getting to the other side of the separation and then focusing on just on building and strengthening the business.

我認為我們非常期待的是實現分離的另一端，然後專注於建立和加強業務。

Got you. Just a brief follow-up. You highlighted that, of course, and remind us that the drinking water business, you've kept it for all the reasons you said. And I think Bryan's words were the potential to unlock additional value here. Maybe talk through that when, how might that value be realized?

明白了。只是一個簡短的後續行動。當然，您強調了這一點，並提醒我們，您保留飲用水業務是出於您所說的所有原因。我認為布萊恩的話有可能釋放出額外的價值。也許可以討論一下，什麼時候才能實現這個價值？

How big a priority is that something that could happen this year or next year? Any additional color would be welcome.

今年或明年可能發生的事情的優先順序有多高？歡迎添加任何顏色。

Thanks, Rick. And I'll say for a number of reasons, I probably don't want to get into too many specifics about the timing of a transaction, particularly a future transaction. But the goal here is to really just take the time that we need because we've got a lot going on right now to ultimately be prepared for a transaction and also ensure that we find the right home for our drinking water business and our team members there. So it's not an urgent thing for us. It is one that we want to make sure that we've got the time to do and we find the right company.

謝謝，里克。我想說，出於多種原因，我可能不想過多地談論交易時間的細節，尤其是未來的交易。但這裡的目標實際上是花費我們需要的時間，因為我們現在有很多事情要做，最終為交易做好準備，並確保為我們的飲用水業務和我們的團隊成員找到合適的歸宿。所以這對我們來說不是一件緊急的事。我們希望確保我們有時間去做這件事，並且找到合適的公司。

Steven Valiquette, Mizuho Securities.

瑞穗證券的 Steven Valiquette。

So really, I just wanted to follow up on the Health Information Systems segment. Curious to hear more about that partnership with (inaudible) autonomous coating. They're the leader on full RCM outsourcing it from that press release in May, really, I mean it says that (inaudible) going to implement your autonomous cleaning solution really across all 28 of their health system clients. If I read that right, I mean -- be like a pretty large revenue opportunity. So one, are you able to quantify the revenue opportunity tied to that partnership?

所以實際上，我只是想跟進健康資訊系統部分。很想了解更多與（聽不清楚）自主塗層合作的資訊。從 5 月的新聞稿來看，他們是全面 RCM 外包領域的領導者，實際上，我的意思是它說（聽不清楚）將在其所有 28 個醫療系統客戶中真正實施您的自主清潔解決方案。如果我理解正確的話，我的意思是──這是一個相當大的創收機會。那麼，您能量化與該合作關係相關的收入機會嗎？

And also, what's the timing of that implementation. I mean, that would be pretty large, but make sure that -- in the way I'm reading it right, that is that size and magnitude. But just any quantification around all that would definitely help?

此外，實施的時間是什麼時候？我的意思是，那將會相當大，但要確保——按照我正確的理解，那就是那個大小和幅度。但是，對所有這些進行量化肯定有幫助嗎？

Yeah. So maybe just for some that don't know Ensemble, I'll just take one step back and then answer the question. Ensemble really is -- as you referenced, it is a leader in outsourcing the revenue cycle management services. So in other words, they would come into an account they absorb that whole responsibility, including the FTEs from the account and then they provide those services for the hospital or hospital systems. So it's different than what we do.

是的。因此，也許對於那些不了解 Ensemble 的人來說，我會退一步然後回答這個問題。Ensemble 確實是——正如您所提到的，它是外包收入週期管理服務的領導者。換句話說，他們會進入一個帳戶，承擔全部責任，包括帳戶中的全職員工 (FTE)，然後為醫院或醫院系統提供這些服務。所以這與我們所做的不同。

It's truly absorbing that entire process.

整個過程確實令人著迷。

And then inside of that, they would use products like ours. Now obviously, with this relationship is going to be a bias to our technology, things like Encompass 360 for instance, or 360 compass. So that's the relationship the benefit that we'll see is the marketing arm of our organization can now talk about the benefits of Ensemble and potentially get customers to move towards them. The benefit we get, which is what you referenced is now Ensemble, then will begin to integrate our technologies into their accounts or new accounts. And the benefit they have as a result of putting it in, particularly with autonomous coding is it can take the cost down for them to service those accounts and that increases their margin profile.

然後，他們會在其中使用像我們這樣的產品。顯然，這種關係會對我們的技術產生偏見，例如 Encompass 360 或 360 指南針。因此，我們將看到這種關係的好處是，我們組織的行銷部門現在可以談論 Ensemble 的好處，並有可能讓客戶轉向他們。我們所獲得的好處，也就是您提到的現在 Ensemble，將開始將我們的技術整合到他們的帳戶或新帳戶中。而他們透過採用這種技術所獲得的好處，特別是透過自主編碼，可以降低他們為這些帳戶提供服務的成本，從而提高他們的利潤率。

Now to be fair, autonomous coating is at early stages. We're moving rapidly, obviously, but it's not going to be applicable everywhere, but I fully expect us where we can do it to move aggressively with Ensemble to be able to, again, make the process more efficient. And ultimately, the goal here is not just efficiencies to get better reimbursement because as you drive autonomous coding, versus a human being and being involved in the process, you get fewer mistakes. And as a result of your mistakes, the concept is you get better revenue capture. So that's the reason why Ensemble is focused here and excited about it.

公平地說，自主塗層目前還處於早期階段。顯然，我們正在迅速行動，但這並不一定適用於所有地方，但我完全希望我們在能夠積極與 Ensemble 合作的地方能夠再次提高流程的效率。最終，這裡的目標不僅僅是提高效率以獲得更好的報銷，因為當你駕駛自主編碼時，與人類參與過程相比，你會犯更少的錯誤。而透過犯錯，你就能獲得更好的收入。這就是 Ensemble 關注此地並對此感到興奮的原因。

And I'm pushing pretty hard and same way you are is to make sure that we're driving fast. I don't want to size the opportunity, but we wouldn't have done the partnership, we didn't think there was a real opportunity here.

我正在盡全力，你們也一樣，確保我們能快速前進。我不想評估這個機會，但我們不會合作，我們認為這裡沒有真正的機會。

Okay. The only real quick follow-up is to win that partnership, was there like an RFP where you had to compete against others to get that partnership? Or was there already like just through a relationship evolved into this. Just curious if you back color on that as well?

好的。唯一真正快速的後續行動就是贏得合作關係，是否有像 RFP 一樣你必須與其他人競爭才能獲得合作關係？或者已經像透過某種關係發展成這樣了。只是好奇您是否也支持這種顏色？

It's more of a relationship and I'd say, a mutual respect. I mean one of the most dangerous things that we can do in autonomous coating is go with folks that don't know the quality aspects of doing coding. And so if you're going to bring autonomous coding, you've got to be careful not to do it too rapidly where you lose the quality control. And I think Ensemble trust that we're going to do that and do it well, and we trust that they're also going to do the same thing. So that to me is what makes the relationship really strong. They're high quality, and we're in the same way.

這更像是一種關係，我想說，一種相互尊重。我的意思是，在自主塗層過程中，我們能做的最危險的事情之一就是與那些不了解編碼品質的人合作。因此，如果您要進行自主編碼，則必須小心，不要進行得太快，以免失去品質控制。我認為 Ensemble 相信我們會做到這一點，而且做得很好，我們也相信他們也會做同樣的事情。所以對我來說這就是我們關係真正牢固的原因。它們的品質很高，我們也一樣。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

This is [Jan Benoit] on for David. Just a quick one from me. I was hoping you guys could walk through the decision to raise organic sales growth and EPS guide while maintaining free cash flow and more broadly, the puts and takes you consider for free cash flow throughout the year?

我是 [Jan Benoit]，代表 David 發言。我只想簡單說一下。我希望你們能夠做出提高有機銷售成長和每股盈餘指南的決定，同時保持自由現金流，更廣泛地說，你們對全年自由現金流的考慮是什麼？

Yeah, sure. So the logic to raise organic sales growth. I think we've talked about, Bryan had in his prepared remarks and a little bit more color in the Q&A here, where we feel really strong with the commercial improvements even faster than we expected, and that's what's given us confidence there. And then obviously, down the P&L, we're seeing mix benefits and strong performance in margins, and that's what's also helping us on the EPS side.

是的，當然。因此，提高有機銷售成長的邏輯是這樣的。我想我們已經討論過了，布萊恩在他準備好的發言中以及在問答環節中都提到了這一點，我們感覺商業改進的速度比我們預期的要快，這給了我們信心。顯然，在損益表中，我們看到了混合效益和利潤率的強勁表現，這也有助於我們的每股盈餘。

Having said that, I think the main crux of your question is, why not seeing that increase in free cash flow as well. And what I would say there is that we've had a slow start on free cash flows at the beginning of the year here, we've had some timing of payments that we had to make in the first half. And so we've got some work to do in the second half to achieve the guide. And so that's why we're holding the guide where it is. We are anticipating improvements in working capital as well as lower deferred cash payments.

話雖如此，我認為你的問題的關鍵是，為什麼沒有看到自由現金流的增加。我想說的是，今年年初我們的自由現金流起步較慢，我們必須在上半年安排一些付款時間。因此，我們需要在下半年做一些工作來實現指南。這就是我們將指南保留在原處的原因。我們預計營運資金將會增加，遞延現金支付也會減少。

And that's really what improves the second half over the first half. But as I think everybody knows, cash flow can be lumpy. And so we still anticipate delivering in that range for the year.

這確實是下半場比上半場進步的地方。但我想大家都知道，現金流可能會不穩定。因此，我們仍然預計今年的交付量將達到這一範圍。

Brett Fishbin, KeyBanc Capital Markets.

布雷特‧菲什賓 (Brett Fishbin)，KeyBanc 資本市場。

Maybe I'll shift to I think the one segment that hasn't come up yet. I was just curious if you could maybe touch on how you're viewing the underlying patient trends in the Dental Solutions business. Obviously, it's been a little bit of a challenging space post COVID. But just wondering if you've started to see like any change in the underlying volume trend around patients?

也許我會轉到我認為尚未出現的一個部分。我只是好奇您是否可以談談您如何看待牙科解決方案業務中潛在的患者趨勢。顯然，新冠疫情過後，這是一個充滿挑戰的領域。但只是想知道您是否已經開始看到患者周圍潛在數量趨勢有任何變化？

Yeah. We really haven't seen a dramatic change. I would almost say, unfortunately, at the end of that statement because we'd like to see it improve. The good news, I guess, is that it's not decelerating at least on a broad-based perspective or a broad-based perspective, but we're not seeing the acceleration yet either. I would say that when we talk about acceleration in our business, we're not depending on any acceleration in the market.

是的。我們確實沒有看到顯著的變化。我幾乎要說，不幸的是，在聲明的最後，因為我們希望看到它有所改善。我想，好消息是，至少從廣泛的角度來看，它並沒有減速，但我們也沒有看到加速。我想說，當我們談論業務加速時，我們並不依賴市場的任何加速。

We're truly depending on the new products and the traction they're getting in the marketplace in our specialized sales organization. But now if we happen to get a positive traction in the market that would benefit us, for sure, but we're not counting on it right now.

我們真正依賴新產品以及它們在我們專業銷售組織中在市場上獲得的吸引力。但現在如果我們碰巧在市場上獲得積極的推動力，這肯定會對我們有利，但我們現在並不指望它。

Yeah, makes sense. And I also want to ask one open-ended follow-up. It sounded like you had some new product launches expected in dental into the back half. Maybe just more broadly, if you're willing to touch on any key new products or general areas that we should be looking out for in that segment or in the rest of the business in 2H?

是的，有道理。我還想問一個開放式的後續問題。聽起來你們預計下半年會在牙科領域推出一些新產品。也許更廣泛地說，您是否願意談談我們應該在下半年關注該領域或其他業務的任何關鍵新產品或一般領域？

Yeah. again, in Dental, specifically I'll give the team credit because they had a period of time where there were no product launches and they've done a nice job of really accelerating that machine and launching this year, and that is what is going to drive our growth. And it's products that they've already put out. I don't want to talk about any -- they haven't launched yet, but Clinpro Clear is a big one in chloride treatment, the Filtek Easy Match, which is just a simplified process to be able to get a match when you use Filtek composites and then the Clarity Precision Grip attachments, which can be used with our Clarity trades or anybody else's trades as well.

是的。再次，在牙科方面，我特別要讚揚團隊，因為他們有一段時間沒有產品發布，但他們在加速機器和今年的發布方面做得很好，這將推動我們的成長。而且這些都是他們已經推出的產品。我不想談論任何東西——他們還沒有推出，但 Clinpro Clear 在氯化物處理方面佔有重要地位，Filtek Easy Match 只是一個簡化的過程，當您使用 Filtek 複合材料和 Clarity Precision Grip 附件時能夠獲得匹配，它可以與我們的 Clarity 交易或任何其他人的交易一起使用。

And those are great launches that they have that are building momentum in the field, and that's what will drive that performance.

他們推出的這些出色產品正在該領域積聚勢頭，並將推動業績的成長。

(Operator Instructions) Lei Huang, Wells Fargo.

（操作員指示）黃雷，富國銀行。

Hi. This is [Susan Lee], calling in for Vik Chopra. Thanks for taking the last question and congrats on a nice quarter.. You talked about some of the segments in terms of outlook, that's fair to underlying growth for second half. Can you talk about how should we think about quarterly cadence for growth in the second half in general? And any additional comments around what outlook to the other segments in the back half?

你好。我是 [Susan Lee]，代表 Vik Chopra 來電。感謝您回答最後一個問題，並祝賀您本季取得了良好的業績。您談到了一些領域的前景，這對下半年的潛在成長來說是公平的。您能否談談我們應該如何看待下半年季度成長的節奏？對於後半部其他部分的展望，您還有什麼其他評論嗎？

I think maybe I'll take a shot at that, just to see if I got the question. But I would say from a cadence standpoint, as we come into the back half, Wayde talked about the first half, second half growth rates before.

我想也許我會嘗試一下，只是想看看我是否明白了這個問題。但我想說，從節奏的角度來看，當我們進入後半段時，韋德之前談到了上半年、下半年的成長率。

And obviously, when you look at on the surface, not underlying growth, but on the surface, you're going to see a bit of a pressure point Q3 because we believe that's where we're going to get most of that order timing up. And then you'll see improvement from Q3 and Q4, but that's probably the most a cadence standpoint. So pressure in Q3 because of the order timing unwind a little bit in Q4, but not as much.

顯然，當你從表面上看時，不是從潛在的增長，而是從表面上看，你會看到第三季度有點壓力點，因為我們相信這是我們將獲得大部分訂單時間的地方。然後你會看到 Q3 和 Q4 的改進，但這可能是節奏的最大角度。因此，由於訂單時間在第四季有所放鬆，第三季的壓力有所減輕，但幅度沒有那麼大。

Yeah, I think you got it, Bryan. We're not giving out specific quarterly organic sales growth rate. But just as you framed it, we're expecting a little lower sales growth rate in Q3 as a result of that pullback in orders that we saw in the first half and a little higher in Q4.

是的，我想你明白了，布萊恩。我們不會公佈具體的季度有機銷售成長率。但正如您所說，由於上半年訂單減少，我們預計第三季的銷售成長率會略有下降，而第四季的銷售成長率會略有上升。

I'll now turn the call back over to Amy for closing remarks.

現在我將把電話轉回給艾米，請她做最後發言。

Great. Thank you, Kate, and thank you, everyone, for listening and for your questions. We do appreciate your interest in Solventum. If you have follow-up questions or need anything else, please don't hesitate to contact the Investor Relations team directly. This concludes our second-quarter fiscal year 2025 conference call.

偉大的。謝謝你，凱特，也謝謝大家的聆聽與提問。我們非常感謝您對 Solventum 的關注。如果您有後續問題或需要任何其他協助，請隨時直接聯絡投資者關係團隊。我們的 2025 財年第二季電話會議到此結束。

Kate, you may now close the call.

凱特，你現在可以結束通話了。

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

今天的電話會議到此結束。您現在可以斷開連線。