STERIS plc (STE) 2026 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Bella, and I will be your conference operator today. At this time, I would like to welcome everyone to STERIS plc 2Q fiscal 2026 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。我是 Bella，今天將擔任本次電話會議的接線生。現在，我謹代表 STERIS plc 2026 財年第二季業績電話會議，歡迎各位參加。 （接線生操作說明）

I would now like to turn the conference over to Julie Winter, Vice President of Investor Relations. You may begin.

現在我將會議交給投資者關係副總裁朱莉·溫特女士。您可以開始了。

Thank you, Bella, and good morning, everyone. Speaking on today's call this morning will be Karen Burton, Senior Vice President and CFO; and Dan Carestio, our President and CEO. And I do have a few words of caution before we open for comments.

謝謝貝拉，大家早安。今天早上的電話會議上，將由高級副總裁兼首席財務官凱倫·伯頓和總裁兼首席執行官丹·卡雷斯蒂奧發言。在開始接受提問之前，我先提醒大家幾點。

This webcast contains time-sensitive information that is accurate only as of today. Any redistribution, retransmission or rebroadcast of this call without the express written consent of STERIS is strictly prohibited.

本次網路直播包含時效性訊息，僅截至今日有效。未經STERIS明確書面許可，嚴禁以任何形式轉載、轉發或重播本次直播內容。

Some of the statements made during this review are or may be considered forward-looking statements. Many important factors could cause actual results to differ materially from those in the forward-looking statements, including, without limitation, those risk factors described in STERIS' securities filings. The company does not undertake to update or revise any forward-looking statements as a result of new information or future events or developments. STERIS' SEC filings are available through the company and on our website.

本次審查中所作的部分陳述構成或可能被視為前瞻性陳述。許多重要因素可能導致實際結果與前瞻性陳述中的結果有重大差異，包括但不限於STERIS證券文件中所述的風險因素。本公司不承諾因新資訊、未來事件或發展而更新或修訂任何前瞻性陳述。 STERIS的美國證券交易委員會（SEC）文件可透過公司及公司網站查閱。

In addition, on today's call, non-GAAP financial measures, including adjusted earnings per diluted share, adjusted operating income, constant currency organic revenue growth and free cash flow will be used. Additional information regarding these measures, including definitions, is available in our press release as well as reconciliations between GAAP and non-GAAP financial measures. Non-GAAP financial measures are presented during this call with the intent of providing greater transparency to supplemental financial information used by management and the Board of Directors in their financial analysis and operational decision-making.

此外，在今天的電話會議上，我們將使用非GAAP財務指標，包括調整後每股稀釋收益、調整後營業收入、以固定匯率計算的有機收入成長率和自由現金流。有關這些指標的更多信息，包括定義，請參閱我們的新聞稿以及GAAP和非GAAP財務指標之間的調節表。本次電話會議提供非GAAP財務指標旨在提高管理階層和董事會在財務分析和營運決策中使用的補充財務資訊的透明度。

With those cautions, I will hand the call over to Karen.

考慮到這些注意事項，我將把電話交給凱倫。

Thank you, Julie, and good morning, everyone. It is my pleasure to be with you this morning to review the highlights of our second quarter performance from continuing operations. For the second quarter, total as-reported revenue grew 10%. Constant currency organic revenue grew 9% in the quarter, driven by volume as well as 210 basis points of price.

謝謝朱莉，大家早安。今天早上很高興能和大家一起回顧我們持續經營業務第二季的業績亮點。第二季度，以報告總收入計算成長了10%。以固定匯率計算，本季有機收入成長了9%，這主要得益於銷售成長以及價格上漲210個基點。

Gross margin for the quarter increased 60 basis points compared with the prior year to 44.3%. Positive price and productivity, primarily driven by volume, more than offset increased inflation and tariff costs. EBIT margin increased 90 basis points to 23.1% of revenue compared with the second quarter last year, mainly driven by operating expense leverage.

本季毛利率較上年同期成長60個基點，達44.3%。價格和生產效率的提升（主要得益於銷售成長）抵銷了通貨膨脹和關稅成本的上升。息稅前利潤率較去年同期成長90個基點，達到營收的23.1%，主要得益於營運費用槓桿效應。

The adjusted effective tax rate in the quarter was 24.5%. The year-over-year increase was driven primarily by changes in discrete item adjustments and geographic mix. Net income from continuing operations in the quarter was $244.5 million. Adjusted earnings per diluted share from continuing operations were $2.47, a 15% increase over the prior year.

本季調整後的實際稅率為24.5%。年比上升主要受個別項目調整和地理結構變化的影響。本季持續經營業務淨利為2.445億美元。持續經營業務調整後每股攤薄收益為2.47美元，較上年同期成長15%。

Capital expenditures for the first half of fiscal 2026 totaled $180.1 million and depreciation and amortization totaled $241.1 million. We ended the quarter with $1.9 billion in total debt. Gross to EBITDA at quarter end was approximately 1.2 times. Free cash flow for the first half of fiscal 2026 was $527.7 million, a very strong start to the year, driven by the increase in earnings and improvements in working capital.

2026財年上半年資本支出總額為1.801億美元，折舊及攤提總額為2.411億美元。季度末總債務為19億美元。季度末毛利與EBITDA比率約為1.2倍。 2026財年上半年自由現金流為5.277億美元，得益於獲利成長和營運資本改善，開局強勁。

With that, I will now turn the call over to Dan for his remarks.

接下來，我將把電話交給丹，請他發言。

Thanks, Karen, and good morning, everyone. Thank you for joining us to hear more about our second quarter and our increased outlook. Karen covered the quarter at a high level, so I will add some commentary on the segments.

謝謝凱倫，大家早安。感謝各位收聽我們的第二季報告以及我們上調後的業績展望。凱倫已經對本季進行了概述，接下來我將對各個部分進行一些補充說明。

Starting with Healthcare. Constant currency organic revenue grew 9% in the second quarter, with growth across all categories. Service continued its streak of outperformance, growing 13% in the second quarter. Consumables also performed well with growth of 10%.

首先來看醫療保健業務。以固定匯率計算，第二季有機收入成長9%，所有業務類別均成長。服務業務延續了其優異表現，第二季成長13%。耗材業務也表現良好，成長10%。

Healthcare capital equipment revenue increased 4% in the quarter with backlog of over $400 million. Orders were up 3% year-to-date and down slightly in the second quarter. EBIT margins for Healthcare in the quarter increased 100 basis points to 25.1%, with volume, pricing, positive productivity and restructuring program benefits offsetting tariffs and inflation.

本季醫療保健資本設備營收成長4%，積壓訂單超過4億美元。年初至今訂單量成長3%，但第二季略有下降。本季醫療保健業務息稅前利潤率成長100個基點至25.1%，銷售量、價格、生產效率提升以及重組計畫帶來的效益抵銷了關稅和通貨膨脹的影響。

Turning to AST. Constant currency organic revenue grew 7% for the quarter with 13% growth in services, offset by anticipated declines in capital equipment revenue. Services benefited from stable medical device volumes, bioprocessing demand and currency. EBIT margins for AST were 45.3%, up 250 basis points from second quarter last year as additional volume, pricing and less capital equipment in the mix were able to more than offset increases in labor and energy.

再來看AST業務。以固定匯率計算，本季有機收入成長7%，其中服務收入成長13%，但被預期中的資本設備收入下降所抵銷。服務業務受惠於醫療器材銷售、生物加工需求和匯率的穩定。 AST的息稅前利潤率為45.3%，較去年第二季成長250個基點，主要得益於銷售成長、價格上漲以及資本設備佔比降低，這些因素足以抵銷勞動力和能源成本的上漲。

Constant currency organic revenue increased 12% for Life Sciences in the quarter, driven by a return of capital equipment shipments with growth of 39%. Service revenues grew 9% and consumables increased 7%. Capital equipment backlog was up over 50% to $114 million. Margins declined 70 basis points as volume and price were more than offset by tariffs and inflation.

本季生命科學業務以固定匯率計算的有機收入成長了12%，主要得益於資本設備出貨量的回升，增幅達39%。服務收入成長了9%，耗材收入成長了7%。資本設備積壓訂單成長超過50%，達到1.14億美元。由於關稅和通貨膨脹抵消了銷售和價格的成長，利潤率下降了70個基點。

From an earnings perspective, we grew the bottom line 15% in the quarter to $2.47 per diluted share. Included in that number is approximately $12 million of pre-tax tariff impact, which primarily impacted our Healthcare segment.

從獲利角度來看，本季我們的淨利潤成長了15%，達到每股攤薄收益2.47美元。該數字包含了約1200萬美元的稅前關稅影響，這主要影響了我們的醫療保健業務部門。

Turning to our outlook for fiscal 2026. As noted in the press release, based on our first half outperformance and expectations for the balance of the year, we are increasing most elements of our outlook. We now anticipate approximately 8% to 9% as reported revenue growth, which reflects about 100 basis points of favorable currency, a significantly lower impact than we anticipated last quarter.

接下來談談我們對2026財年的展望。如新聞稿所述，基於上半年業績超出預期以及對下半年業績的預期，我們上調了大部分展望指標。我們現在預期報告營收成長率約為8%至9%，這其中包含了約100個基點的有利匯率影響，遠低於我們上季的預期。

Making up for the shift in currency impact, constant currency organic revenue growth is now expected to be 7% to 8%, an increase of 100 basis points from our prior outlook. This improvement was driven by our first half outperformance. We now expect all three segments to grow 7% to 8% on a constant currency organic basis for the year.

為彌補匯率波動的影響，我們預期以固定匯率計算的有機收入成長率將達到7%至8%，較先前預期上調100個基點。這項改善主要得益於上半年業績超出預期。我們現在預計，全年三大業務板塊以固定匯率計算的有機成長率將達到7%至8%。

For AST, we now expect services to grow 9% to 10%, which will be offset by anticipated declines in capital equipment, particularly versus the tough comparisons in the fourth quarter. We are also increasing our earnings outlook with a new range of $10.15 to $10.30. For your modeling purposes, we now expect EBIT margins to improve 10 basis points to 20 basis points in fiscal 2026. This will be partially offset by a 50 basis point increase in our anticipated effective tax rate of approximately 24%.

對於AST業務，我們目前預計服務業務將成長9%至10%，但預計資本設備支出將下降，尤其是在第四季同比基數較高的情況下，這將抵消部分成長。同時，我們也調漲了獲利預期，新的預期區間為每股10.15美元至10.30美元。為了方便您進行模型構建，我們預計2026財年息稅前利潤率將提高10至20個基點。但這成長將被預期實際稅率上調50個基點（約24%）部分抵銷。

We are also increasing our outlook for free cash flow by $30 million to $850 million for fiscal 2026. CapEx remains unchanged at about $375 million. We are pleased with our strong start to the year, and we are confident in our ability to meet these revised expectations.

我們同時將2026財年的自由現金流預期調高3,000萬美元至8.5億美元。資本支出維持不變，約3.75億美元。我們對年初的強勁開局感到滿意，並有信心實現這些調整後的預期。

That concludes our prepared remarks for the call. Julie, would you please give the instructions so that we can begin the Q&A.

我們為這次電話會議所準備的演講到此結束。朱莉，請你給一些指示，以便我們開始問答環節。

Thank you, Karen and Dan, for your comments. Bella, can you please give the instructions for Q&A, and we can get started.

謝謝Karen和Dan的評論。 Bella，你能給予問答環節的說明嗎？我們就可以開始了。

(Operator Instructions)

（操作說明）

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

Just wanted to start on AST. I was curious if you guys could comment a little bit on what drove the second consecutive quarter of double-digit growth in services. And then just how you're thinking about sustainability of trends in that area going forward?

我只是想先談談AST。我很好奇你們能否談談是什麼推動了服務業連續第二季實現兩位數成長。另外，你們如何看待該領域未來成長趨勢的可持續性？

Yes. Thanks, Brett. This is Dan. I think it's more or the same. We continue to see pretty stable volume from our medtech customers. We continue to see recovery in bioprocessing, which was a negative drain on us for some quarters a year or so ago. And in addition to that, we've had a number of expansions going into place over the last four years. And that investment is facilitating our growth. So we're very confident in the 9% to 10% outlook that we have going forward.

是的，謝謝，布雷特。我是丹。我認為情況基本上保持不變。我們的醫療技術客戶的業務量持續保持穩定。生物製程業務也持續復甦，而一年前，這部分業務曾拖累了我們幾季的業績。此外，在過去四年裡，我們也進行了一系列擴建工程。這些投資正在促進我們的成長。因此，我們對未來9%到10%的成長預期非常有信心。

There's still a little noise out there. We have seen some juxtaposition of customer volume in terms of manufacturing location, but not in a real meaningful way. So we feel pretty good about our global footprint and how that facilitates those needs.

市場仍然存在一些波動。我們注意到客戶數量與生產地點之間存在一些關聯，但這種關聯並不顯著。因此，我們對自身的全球佈局及其如何滿足這些需求感到相當滿意。

All right. Perfect. And then just one more for me. I think in the press release, you mentioned that operating margins took a step up despite several headwinds. I think you mentioned tariffs and inflation on the call today. Maybe if you could just touch on any other items that you might have been referring to? And then how much of an offset you're kind of viewing those collective headwinds against the underlying margin expansion?

好的，沒問題。我還有一個問題。我記得在新聞稿裡，您提到儘管面臨許多不利因素，營業利潤率仍然有所提升。我想您在今天的電話會議上也提到了關稅和通貨膨脹。您能否再補充一下您可能還提到了哪些其他因素？另外，您認為這些不利因素對利潤率的提升會有多大影響？

So as you noted, we are referring to tariffs and inflation, both labor and material.

正如您所指出的，我們指的是關稅和通貨膨脹，包括勞動力和原材料方面的通貨膨脹。

Okay. Sorry, is there like any way to maybe approximate like how much those headwinds represented as an offset in the quarter to margins?

好的。不好意思，有沒有辦法大致估算一下這些不利因素對季度利潤率的影響程度？

The -- yes, tariffs in the quarter were 90 basis points and material inflation was -- material and labor inflation was about 130 basis points across the company.

是的，本季的關稅為 90 個基點，材料通膨為——公司範圍內的材料和勞動力通膨約為 130 個基點。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Beautiful. Two quick ones. I guess, the first one, Healthcare on the service side also was very strong. What are you seeing there? Could you unpack that a little bit for us?

太好了。兩個問題快問快答。我想，第一個問題是，醫療服務方面也表現非常強勁。您是怎麼看待這個問題的？能給我們詳細解釋一下嗎？

Yes. I mean a couple of things. Our service business in Healthcare is obviously our traditional rents turning service on our equipment and install work that we do that goes along with our capital. But there's a much larger component of that, that goes into our IMS repair business and then processing of instruments where we operate as a service.

是的。我的意思是兩方面。我們在醫療保健領域的服務業務顯然包括我們傳統的設備維護和安裝服務，這些都與我們的資本投入有關。但其中還有更重要的部分，那就是我們的IMS維修業務以及我們以服務形式運作的器械處理業務。

So volumes are strong. We've been doing very well for the last, I don't know, five, six quarters, I would say, with double-digit growth. Some of that, we have said all along that, that's an area of the business that we're able to get price, and we have been able to get price because of the justification of significant labor increases that were going on for a number of years.

所以銷量強勁。過去五、六個季度，我們的業績一直非常好，實現了兩位數的成長。我們一直都說，這部分業務之所以能夠獲得高價，是因為我們能夠為多年來持續的大幅勞動成本上漲找到合理的理由。

And -- but as that has normalized, those things, you're going to see -- I believe what we're going to see is a bit of a slowdown from 12%, 13% to something less than that, but we are also going to see a coinciding slowdown in labor cost. So it's -- it should not affect the overall margin, but will slow down the top line a bit.

但隨著這些因素逐漸恢復正常，你會看到──我相信我們會看到成長率從12%、13%略微放緩到更低的水平，同時勞動成本也會隨之放緩。所以——這應該不會影響整體利潤率，但會略微拖累營收成長。

I got you. That makes sense. I guess one more, which is basically like on the modality side like X-ray, could you give us a sense of how that's contributed to growth? It's obviously an exciting modality.

我明白了。這很有道理。我想再問一個問題，就是關於像X光這樣的影像技術，您能談談它是如何促進發展的嗎？這顯然是一種令人興奮的影像技術。

Yes, we're very excited about it. We don't break out the technologies. Just -- it will become just a math exercise that we'd have to keep up with, that's not worth pursuing. We look at radiation as one technology and dose is dose. And we use gamma and we use e-beam and we use x-ray. And although we're incredibly excited about X-ray, and that's a lot of the expansion capacity that we've built out, it's just one tool in our bag.

是的，我們對此感到非常興奮。我們不會把具體技術單獨拿出來討論。那樣的話，就只會變成一項需要我們不斷跟進的數學計算，毫無意義。我們把輻射視為一種技術，劑量就是劑量。我們使用伽馬射線、電子束和X射線。雖然我們對X射線技術非常感興趣，而且它也是我們擴建能力的重要組成部分，但它只是我們眾多技術手段中的一種。

Jason Bednar, Piper Sandler.

傑森·貝德納，派珀·桑德勒。

Congrats on another strong quarter here. I heard you on the updated outlook for the segment, and I appreciate the breakout of the service growth in AST. Wondering if you're willing to give maybe a similar perspective on the outlook for some of those Healthcare subsegments.

恭喜你們又取得了一個強勁的季度業績。我聽了你們更新後的業務展望，也很欣賞你們對AST服務成長的詳細分析。不知道你們是否願意就一些醫療保健子業務板塊的展望也提供類似的見解？

Dan, I just heard you on service there, maybe detailing a little bit as maybe price comes off. But what about like consumables versus equipment? Any way to give a little bit of color there, rack and stack, help service top, consumables next, equipment bottom on kind of the growth. Anything there would be great.

丹，我剛剛聽你講服務方面的內容，也許可以稍微詳細說說價格方面的問題。但是像耗材和設備哪個比較重要呢？能不能具體說說，例如貨架和堆疊，服務優先，耗材其次，設備最後，以及設備的發展順序？任何建議都非常感謝。

Yes. I mean we would -- I mean you can do the basic analysis, and we consider our consumable business to grow on sort of the share we've gained in the history and procedure rate, right? And so I would expect that trend of good performance to continue.

是的。我的意思是，你可以做個基本的分析，我們認為耗材業務的成長是基於我們在既往病史和手術率方面所獲得的份額，對吧？所以我預計這種良好的業績趨勢會持續下去。

On capital, we're sitting on a huge backlog number right now, over $400 million in Healthcare capital. And our order rate remains strong. That comes down to really timing of shipments. We feel pretty good about the next two quarters, although we've got some tough comps in Healthcare capital. So it's hard to say specifically. What we're confident is that we're in a good position.

資金方面，我們目前積壓了大量訂單，醫療保健領域的訂單超過4億美元。而且我們的訂單成長率依然強勁。這主要取決於發貨時機。我們對未來兩季的前景相當樂觀，儘管醫療保健領域的訂單基數較高，難以預測。所以很難給具體的預測。但我們確信的是，我們目前處於有利地位。

But if you have to put a gun to my head, I would say service is probably going to be near the top, consumable second. And capital is going to grow, it's going to do fine, and it's kind of a bit of a wildcard in terms of timing.

但如果非要我選一個，我會說服務業可能會名列前茅，消費品又位居第二。資本業將會成長，發展動能良好，但具體時間點仍很難說。

Okay. That's very helpful. And then, Karen, you're already at $530 million in free cash flow this year. Really impressive so far, but you typically generate far more free cash in the second half of your fiscal years. So is this just an abnormal year?

好的，這很有幫助。還有，凱倫，你們今年的自由現金流已經達到5.3億美元了。到目前為止，這確實令人印象深刻，但你們通常在財年的下半年會產生更多的自由現金流。所以，今年只是個特殊年份嗎？

When I look at the -- your updated guidance, I like the raise, but is this just an abnormal year where you get more cash generation in the front end of the year and you've maybe had some things shift out of second half or pulled forward from second half into first half? Or is the guidance just really conservative here for the full year?

我看了你們更新後的業績指引，雖然我讚同調幅度，但這是否只是因為今年情況特殊，現金流集中在上半年，導致一些項目從下半年提前到上半年完成？還是說你們對全年的業績指引本來就非常保守？

So I would say that we have seen stronger first half cash flow than is typical. The -- pulling the earnings a little bit forward into the first half is a contributor. We've also had some meaningful improvements in working capital, faster collections on those late fiscal '25 shipments. So I think the answer is all of the above. As you mentioned, it's stronger earnings earlier in the year, improvements in working capital earlier in the year and a little bit of cautiousness.

所以我認為，我們上半年的現金流比往年還要強。部分原因是獲利提前到上半年實現。此外，我們的營運資本也得到了顯著改善，2025財年末的貨款回收速度也加快了。因此，我認為以上所有因素都起到了作用。正如您所提到的，年初盈利強勁、營運資本改善以及市場略顯謹慎的心態是主要原因。

Mike Matson, Needham.

麥克馬特森，尼德姆。

So just in terms of the Healthcare business, I mean, I know you kind of broke it out into the capital service and consumables. But I'm just wondering if you could give us any more detail around geographies, types of customers, hospitals versus ASCs, product lines, et cetera, that are driving the growth there. Is it pretty strong across the board? Are there any areas of those things where you would call out you're seeing particular strength?

所以，就醫療保健業務而言，我知道您已經將其細分為資本服務和耗材兩部分。但我還想了解一下，您能否更詳細地介紹一下推動該業務成長的因素，例如地理分佈、客戶類型、醫院與門診手術中心 (ASC) 的比例、產品線等等。整體而言，成長動能是否強勁？在這些方面中，您認為有哪些領域表現特別突出？

Not really. I mean, we're seeing pretty good strength across the globe in terms of geographic and there still seems to be a lot of procedures going on and particularly strong in the US more so than other places, but we're starting to see recovery in other places as well. So no, there's nothing I would call out specifically.

其實不然。我的意思是，從地域分佈來看，全球範圍內的疫情都相當強勁，手術量也依然很高，尤其是在美國，比其他地方更是如此。不過，其他地區也開始出現復甦跡象。所以，沒有什麼特別值得一提的。

Okay. And then for AST, can you just give us an update on your capacity there? And are you currently capacity constrained? And if so, how fast can you address this? I think you've said earlier in this call that you are expanding capacity there.

好的。那麼關於AST，您能否簡單介紹一下你們的產能狀況？目前是否面臨產能瓶頸？如果是，你們多久可以解決這個問題？我記得您之前在電話會議中提到過，你們正在擴充這方面的產能。

Yes. It's a long process to expand capacity. In AST, from the time we decided to build a plant at the time its operational, it can be two to three years. So we have a number of expansions that have been completed. We have a number that are in process, and we have a number that are planned out into the future.

是的，產能擴張是一個漫長的過程。在AST公司，從決定要建廠到工廠投入運營，通常需要兩到三年時間。因此，我們已經完成了一些擴建項目，還有一些正在進行中，以及一些正在規劃中的項目。

And we've been pretty steadily bringing new capacity into the market now for the last eight years. So we're in a good position in most geographies, if not all geographies of the world right now in terms of where we've added capacity to facilitate plants that are nearing their limit of capacity.

在過去八年裡，我們一直在穩步地向市場引入新的產能。因此，就目前全球大部分地區（如果不是全部地區）而言，我們都處於有利地位，因為我們已經增加了產能，以滿足那些接近產能極限的工廠的需求。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

I will say I forget what the record is for prepared remarks, but nine minutes was pretty good again. So kudos. I got two big picture ones. Life Sciences, some growth mojo back, 12% in the quarter. Obviously, the comps are easy and capital equipment is up big off of a low base, but nevertheless, 12%.

我忘了事先準備好的發言記錄是多少了，但九分鐘的發言時間已經很不錯了，值得表揚。我總結了兩點宏觀的內容。生命科學領域成長勢頭回升，本季成長了12%。當然，由於基數較低，加上資本設備支出大幅成長，所以更容易達到12%的成長。

My question is thematic, this notion of reshoring, hearing about a little bit pharmas biotechs bringing, their manufacturing partners bringing manufacturing back towards the US What do you think on this? Do you see any evidence that it's helpful so far here, anecdote that it could be helpful for you? What is the state of this theme for your exposure in this space?

我的問題是關於「回流」這個概念的，我聽說一些製藥和生物技術公司正在將生產環節遷回美國。您對此有何看法？您目前是否看到任何證據表明這種做法有效？或者您有什麼軼事可以證明它對您有幫助？就您在這個領域的經驗而言，這個主題的現況如何？

Thanks, Michael. Yes, any -- in general, any time we see our large pharma customers moving or expanding capacity in manufacturing locations, whether that's new greenfields or whether that's existing sites, that generally bodes well for our capital equipment business. And there's probably more noise than there's substance to the amount of redistribution or construction of pharma at this point. But there is some. It is real. And I do believe we are getting maybe some benefit from that on the GMP side or the pharma side of our capital equipment.

謝謝，麥可。是的，一般來說，每當我們看到大型製藥客戶搬遷或擴大生產基地，無論是新建工廠還是現有廠址，這通常對我們的資本設備業務都是利好消息。目前，製藥業的重新佈局或建設規模可能更多地被炒作，而非實質的擴張。但確實存在這種擴張，而且是真實存在的。我相信，我們在GMP領域或製藥業的資本設備業務方面，或許能從中受益。

It's also, like you said, it's -- we're comparing against some pretty significant troughs when there was nothing going on in pharma for almost 18 months in terms of that type of work.

正如你所說，我們也是在與一些相當大的低谷時期進行比較，當時製藥業在這類工作方面幾乎停滯了 18 個月。

The other one is in Healthcare, and I've been asked this once or twice a year for a good number of years running, but it's the topic of single-use scopes. And obviously, this is a function of your Cantel exposure. Like what is the state of that trend today?

另一個問題與醫療保健有關，多年來我每年都會被問到一兩次，那就是關於一次性內視鏡的話題。顯然，這與你接觸 Cantel 公司的情況有關。那麼，目前這趨勢的現況如何呢？

Has it really not lived up to what was once believed to be high expectations or those products are getting some traction? It's just small and therefore, not all that significant. I know once upon a time, not long ago, you talked about launching your own single-use scope. Maybe that's been a helpful offset. But what are you seeing there over the last year or two? And what's on the horizon over the next year or two?

它真的沒有達到人們曾經寄予厚望的高度嗎？還是說這些產品已經開始獲得一些市場認可了？只是規模太小，所以意義不大。我知道不久前，您曾談到要推出自己的一次性瞄準鏡。也許這就起到了一定的緩衝作用。但在過去一兩年裡，您在這方面看到了什麼？未來一兩年又有什麼計畫？

Yes. I think what I would say and what we've been consistent in our messaging is that there is a place for single-use scopes, especially as it relates to small diameter scopes. So think of hysteroscopy, ureteroscopes, different nasogastric scopes, things like that, bronchoscopes. But the bulk of the business we have at STERIS in terms of everything that we do has to do with the large diameter scopes that you would use for colonoscopies.

是的。我認為我想說的，也是我們一直以來所強調的，是一次性內視鏡有其存在的價值，尤其是在小直徑內視鏡方面。例如子宮鏡、輸尿管鏡、各種鼻胃鏡、支氣管鏡等等。但就我們STERIS公司的所有業務而言，我們的主要業務仍與用於大腸鏡檢查的大直徑內視鏡相關。

And the reason why it makes sense for the small diameter scopes is the cost -- the break frequency and the relative cost to fix them is pretty high versus when you look at large diameter scopes, they tend to be much more robust. They last a long time. They also cost a lot more upfront. So we've said all along, there's a place for certain aspects of disposable. And I think if you look a lot of the disposable scope manufacturers are highly focused on the small diameter scopes. And some of you even announced that they're not focusing at all on large diameter scopes for colonoscopy.

小直徑內視鏡之所以具有優勢，原因在於成本——它們的故障率和維修成本都相當高，而大直徑內視鏡則往往更加耐用，使用壽命更長。當然，它們的初始成本也更高。所以我們一直強調，一次性內視鏡在某些方面確實有其存在的價值。我認為，如果你仔細觀察，你會發現很多一次性內視鏡製造商都非常專注於小直徑內視鏡。甚至有些製造商已經宣布，他們完全不打算生產用於大腸鏡檢查的大直徑內視鏡。

That concludes our Q&A session. I will now turn the call back over to Julie Winter for closing remarks.

問答環節到此結束。現在我將把電話轉回給朱莉·溫特，請她作總結發言。

Thank you, everyone, for taking the time to join us this morning to learn more about our performance in the quarter and our outlook for the year. We look forward to seeing many of you on the road later this.

感謝各位今天上午抽出時間參加我們的季度業績和年度展望會議。我們期待稍後在路上與各位見面。

Ladies and gentlemen, thank you all for joining, and you may now disconnect. Everyone, have a great day.

女士們、先生們，感謝各位的參與，現在可以斷開連結了。祝大家今天過得愉快。