STERIS plc (STE) 2026 Q4 法說會逐字稿

Good day, and welcome to the STERIS PLC fourth-quarter 2026 financial results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 STERIS PLC 2026 會計年度第四季財務業績電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Julie Winter, Investor Relations. Please go ahead.

現在我想把會議交給投資人關係部的 Julie Winter。請開始。

Thank you, Chad, and good morning, everyone. Speaking on today's call will be Karen Burton, our 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.

謝謝你，Chad，大家早安。今天的電話會議將由我們的資深副總裁暨財務長 Karen Burton，以及總裁暨執行長 Dan Carestio 發言。在我們開放提問之前，我先提醒幾點注意事項。

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. 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.

本網路直播包含具時效性的資訊，僅在今日為準且正確。未經 STERIS 明確書面同意，嚴禁以任何方式重新散布、轉播或再廣播本次電話會議。本次說明中所作的部分陳述屬於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所述結果出現重大差異，包括但不限於 STERIS 證券申報文件中所描述的風險因素。公司不承諾因新資訊或未來事件或發展而更新或修訂任何前瞻性陳述。STERIS 向 SEC 提交的申報文件可透過公司及我們的網站取得。

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.

此外，在今天的電話會議中，我們將使用非 GAAP 財務衡量指標，包括調整後稀釋每股盈餘、調整後營業利益、以固定匯率計算的有機營收成長，以及自由現金流。關於這些衡量指標的更多資訊（包括定義），可在我們的新聞稿中取得，亦包含 GAAP 與非 GAAP 財務衡量指標之間的調節表。

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.

本次電話會議呈現非 GAAP 財務衡量指標，旨在提高透明度，提供管理階層與董事會在財務分析與營運決策中使用的補充性財務資訊。

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

在上述提醒之後，我把電話交給 Karen。

Thank you, Julie, and good morning, everyone. It is my pleasure to be with you this morning to review the highlights of our fourth quarter performance from continuing operations. As anticipated, we ended the strong year with a lighter fourth quarter. For the fourth quarter, total as reported revenue grew 7%. Constant currency organic revenue grew 5% in the quarter, driven by volume as well as 230 basis points of price. Gross margin for the quarter was 44%, down 30 basis points versus the prior year. We continue to realize positive pricing, which helped mitigate the impact of higher tariffs and inflation.

謝謝你，Julie，大家早安。很高興今天早上與各位一起回顧我們持續營運業務第四季表現的重點。如先前預期，我們在強勁的一年後，以相對較淡的第四季作結。第四季，按申報口徑（as reported）計算的總營收成長 7%。本季以固定匯率計算的有機營收成長 5%，主要由銷量帶動，並包含 230 個基點的價格貢獻。本季毛利率為 44%，較去年同期下降 30 個基點。我們持續實現正向定價，有助於緩解較高關稅與通膨的影響。

EBIT margin for the quarter was 24.2% of revenue, a high for fiscal 2026. This was 60 basis points below the fourth quarter last year mainly driven by inflation and tariffs. Incremental tariffs impacted our fourth quarter by approximately $10 million which was below our expectations due to lower volumes in materials and products sourced from outside the US. The adjusted effective tax rate in the quarter was 25.4%, an increase from 23.5% in the fourth quarter last year. The year-over-year increase was driven primarily by changes in geographic mix and unfavorable discrete items.

本季 EBIT 利潤率為營收的 24.2%，為 2026 會計年度的高點。較去年第四季低 60 個基點，主要受通膨與關稅影響。新增關稅對第四季的影響約為 1,000 萬美元，低於我們的預期，原因是來自美國以外採購的材料與產品銷量較低。本季調整後有效稅率為 25.4%，高於去年第四季的 23.5%。年增主要由地理區域組合變化及不利的一次性項目所致。

Adjusted net income from continuing operations in the quarter was $278.3 million. Earnings per diluted share from continuing operations were $2.83, a 3% increase over the prior year as the lower margin and higher tax rate limited earnings growth in the quarter.

本季持續營運業務的調整後淨利為 2.783 億美元。持續營運業務的稀釋後每股盈餘為 2.83 美元，較去年成長 3%；由於本季利潤率較低且稅率較高，限制了獲利成長。

Before I turn to cash flow for the year, I want to dig into the upward pressure on our tax rate for a moment. For the full year fiscal 2026, our adjusted effective tax rate was 24.4%, an increase of 130 basis points from fiscal 2025. Our tax rate varies based on many factors, most notably, geographic profit mix and discrete item adjustments, which include withholding taxes.

在我談到全年現金流之前，我想先花點時間說明稅率上行壓力。2026 會計年度全年，我們的調整後有效稅率為 24.4%，較 2025 會計年度增加 130 個基點。我們的稅率會因多項因素而變動，其中最主要的是地理區域獲利組合與一次性項目調整（包括預扣稅）。

Since we generate the majority of our profit in the United States, it is common that we need to move cash across borders to deploy capital. This movement may trigger US withholding taxes. Our fiscal 2027 guidance assumes that in accordance with our capital allocation priorities, we will increase the dividend, reinvest in our business, invest to grow through M&A and return excess cash to shareholders through our share buyback program. To fund some of these priorities, we expect to incur additional withholding tax putting further upward pressure on our effective tax rate. This is reflected in our estimate of 25% in fiscal 2027.

由於我們大部分利潤來自美國，為了進行資本配置，跨境調度現金是常見情況。此類調度可能觸發美國預扣稅。我們對 2027 會計年度的指引假設，依照資本配置優先順序，我們將提高股利、再投資於業務、透過併購（M&A）投資以推動成長，並透過庫藏股回購計畫將多餘現金回饋股東。為了資助其中部分優先事項，我們預期將產生額外的預扣稅，進一步推升有效稅率。這已反映在我們對 2027 會計年度約 25% 的估計中。

Capital expenditures for fiscal 2026 totaled $369 million, and depreciation and amortization totaled $486.5 million. We ended the year with a strong balance sheet, reflecting $1.9 billion in total debt. Gross debt to EBITDA at year-end was approximately 1.2 times, well below our target of 2 to 2.5 times.

2026 會計年度資本支出合計 3.69 億美元，折舊與攤銷合計 4.865 億美元。我們以強健的資產負債表結束本年度，總負債為 19 億美元。年末總負債對 EBITDA 倍數約為 1.2 倍，遠低於我們 2 至 2.5 倍的目標區間。

Free cash flow for fiscal 2026 was exceptional at $982.9 million with year-over-year improvement driven primarily by an increase in earnings, which more than offset the significantly lower contribution from working capital in fiscal 2026 compared with fiscal 2025. To provide some context, recall that the working capital improvement that we generated in fiscal 2025 was primarily the result of targeted inventory reductions as we recovered from supply chain challenges.

2026 會計年度自由現金流表現出色，達 9.829 億美元；年增改善主要來自獲利增加，且其增幅足以抵銷 2026 會計年度相較 2025 會計年度營運資金貢獻顯著降低的影響。提供一些背景：請記得我們在 2025 會計年度所達成的營運資金改善，主要是因應供應鏈挑戰復原期間，針對性降低庫存所致。

Going forward, we would expect our working capital will grow in line with volume. Once again, we are heading into a new fiscal year in a strong financial position with continued commitment to our capital allocation priorities.

展望未來，我們預期營運資金將隨銷量同步成長。我們再次以強健的財務狀況邁入新的會計年度，並持續致力於我們的資本配置優先事項。

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

接下來，我把電話交給 Dan 發表談話。

Thanks, Karen, and good morning, everyone. Thank you for joining us to hear more about our fiscal 2026 performance and our outlook for fiscal 2027. Karen covered the quarter at a high level, so I will add some commentary on the year and then comment on our outlook.

謝謝你，Karen，大家早安。感謝各位加入我們，一起了解更多關於 2026 會計年度的表現，以及我們對 2027 會計年度的展望。Karen 已從高層次說明本季表現，因此我將補充一些對全年表現的評論，接著談談我們的展望。

Fiscal 2026 was another record year for STERIS, with 9% revenue growth, 7% on a constant currency organic basis. We are pleased to have translated this into 10% adjusted earnings per share growth despite the 80 basis points of impact from tariffs on margins. Our businesses all hit new milestones this year, contributing to total company revenue of approximately $6 billion in adjusted net income topping $1 billion.

2026 會計年度對 STERIS 而言是另一個創紀錄的一年，營收成長 9%；以固定匯率計算的有機成長為 7%。儘管關稅對利潤率造成 80 個基點的影響，我們仍很高興能將其轉化為調整後每股盈餘成長 10%。我們各項業務今年都達到新的里程碑，推動公司總營收約 60 億美元，調整後淨利突破 10 億美元。

This is an exciting time to be at STERIS, and we expect to continue to grow the business mid- to high single digits organically over time and leverage that to deliver double-digit bottom-line growth. Supporting our growth, US procedure volume continues to grow mid-single digits, a level we expect to be consistent in fiscal 2027. Procedure volume outside of the US do continue to lag a bit which impacts our AST segment a little bit more than Healthcare.

現在是加入 STERIS 的令人振奮時刻；我們預期長期而言，業務有機成長可維持在中到高個位數，並藉此帶動兩位數的獲利成長。支撐我們成長的因素之一是，美國手術量持續以中個位數成長，我們預期 2027 會計年度也將維持一致水準。美國以外地區的手術量仍略為落後，這對我們的 AST 部門影響略大於 Healthcare。

From a segment perspective, Healthcare reported another strong year, growing 9% as reported and 8% from a constant currency organic perspective. This growth was driven by another remarkable year for service, growing 12% and as well as 7% growth in consumables as we continue to pick up share, thanks to the breadth of our portfolio and the performance of our commercial teams.

從事業部角度來看，醫療保健（Healthcare）再度交出強勁的一年，按報告口徑成長9%，按固定匯率的有機口徑成長8%。此成長主要來自服務業務再創亮眼表現，成長12%，以及耗材成長7%；在我們持續提升市占的同時，這得益於我們產品組合的廣度以及商業團隊的執行表現。

Capital equipment also grew nicely, up 6% for the year, stabilizing after the last several years of lumpiness. Capital equipment backlog ended just under $400 million with orders up 2% in the fourth quarter. This year, we reached new milestones in Healthcare business, generating $4 billion in revenue and $1 billion in operating income. We continue to be excited about what is yet to come as we expand our offering through organic and inorganic growth to deliver products and services that address the most pressing operational needs of our customers.

資本設備亦有不錯成長，全年上升6%，在過去數年波動後趨於穩定。資本設備在手訂單期末略低於4億美元，第四季訂單成長2%。今年我們在醫療保健業務達成新的里程碑，創造40億美元營收與10億美元營業利益。隨著我們透過有機與非有機成長擴大產品與服務供給，以提供能解決客戶最迫切營運需求的產品與服務，我們對未來仍充滿期待。

AST grew 10% as reported and 7% constant currency organic. This was a bit lighter than what we had anticipated with softness in the second half of the year. In particular, a slower fourth quarter for services due to the severe snowstorms in the US early in the calendar year. For the year, our services business grew 11% as reported or about 8% constant currency organic which aligns with our expectations for the business going forward.

AST 按報告口徑成長10%，按固定匯率有機成長7%。由於下半年需求偏弱，表現略低於我們原先預期。尤其是服務業務第四季較慢，原因是美國在曆年年初遭遇嚴重暴風雪。全年而言，我們的服務業務按報告口徑成長11%，或按固定匯率有機約成長8%，這與我們對該業務未來的預期一致。

With over $1 billion in revenue, AST crossed a new milestone of its own exceeding $500 million in operating profit. Life Sciences grew 9% as reported and 7% constant currency organic, driven by 15% growth in capital equipment as our customers return to capital investment again following last year's downturn. Consumables continued their steady path of growth at 8% and services improved 5% despite some more quarterly volatility than we usually see.

在營收超過10億美元之下，AST 也達成自身新的里程碑，營業利益突破5億美元。生命科學（Life Sciences）按報告口徑成長9%，按固定匯率有機成長7%，主要由資本設備成長15%帶動；在去年下滑後，我們的客戶再度回到資本投資。耗材維持穩健成長軌跡，成長8%；儘管季度波動較我們通常所見更大，服務仍改善5%。

Capital equipment backlog ended solid at just under $100 million. Life Science posted its own record year, exceeding $250 million in operating profit for the first time, reflecting strong operating margins. Total company EBIT margins expanded by 10 basis points to 23.3% for fiscal 2026 despite incremental tariff costs of approximately $46 million, which trimmed our margin by 80 basis points. Lower interest contributed to our double-digit growth in adjusted earnings at $10.17 per diluted share.

資本設備在手訂單期末維持穩健，略低於1億美元。生命科學也創下自身的創紀錄年度，營業利益首次超過2.5億美元，反映強勁的營業利潤率。儘管約4,600萬美元的新增關稅成本使我們的利潤率縮減80個基點，公司整體EBIT利潤率在2026會計年度仍擴張10個基點至23.3%。利息降低也推動我們調整後盈餘達到每股稀釋後10.17美元，實現雙位數成長。

We also stayed true to our capital deployment priorities this year. We increased the quarterly dividend $0.06 to $0.63, our 20th year of dividend growth. We invested in ourselves, in particular, in AST expansions projects for x-ray globally. In addition, we completed two tuck-in acquisitions that add to our health care portfolio globally. And last but not least, we used $225 million for share buybacks. As you saw in our press release, the Board has approved a new $1 billion buyback authorization. Going forward, we expect to utilize excess cash to consistently buy back shares in the range of $200 million to $300 million per year.

今年我們也持續遵循資本配置的優先順序。我們將季度股利提高0.06美元至0.63美元，這是我們連續第20年股利成長。我們也投資於自身，特別是AST在全球的X光擴產專案。此外，我們完成兩項補強型（tuck-in）收購，進一步強化我們在全球的醫療保健產品組合。最後但同樣重要的是，我們投入2.25億美元進行庫藏股回購。如同你們在新聞稿中所見，董事會已核准新的10億美元回購授權。展望未來，我們預期將運用多餘現金，持續以每年約2億至3億美元的規模回購股票。

Turning to our outlook for fiscal 2027. As noted in the press release, we anticipate as-reported revenue to grow 7% to 8% in fiscal 2027. Changes in foreign currency are expected to be slightly favorable to STERIS. Tuck-in acquisitions in Healthcare are contributing inorganic revenue to our as-reported outlook for the segment and total company. There are two acquisitions driving this contribution.

接著談我們對2027會計年度的展望。如新聞稿所述，我們預期2027會計年度按報告口徑營收成長7%至8%。外匯變動預期將對STERIS略為有利。醫療保健事業部的補強型收購將為該事業部及公司整體的按報告口徑展望帶來非有機營收貢獻。共有兩項收購帶動此一貢獻。

In the fourth quarter, we vertically integrated our supplier for MEDglas walls, extending our reach from the US to global. In addition, early in the first quarter, we acquired a family of GI products that expanded our offering and improved our channel. These two acquisitions are expected to contribute combined revenues of approximately $45 million to fiscal 2027.

在第四季，我們對MEDglas牆體的供應商進行垂直整合，將觸角由美國延伸至全球。此外，在第一季初，我們收購一系列GI產品，擴大我們的產品供給並改善我們的通路。預期這兩項收購合計將為2027會計年度貢獻約4,500萬美元營收。

As a result, constant currency organic revenue growth is expected to be 6% to 7% for the total company. This outlook assumes approximately 200 basis points of price. From a segment perspective, we anticipate Healthcare and Life Sciences to grow 6% to 7% constant currency organic and AST to grow 7% to 8%. We are taking a more conservative approach on our outlook to AST to start the year.

因此，公司整體按固定匯率的有機營收成長預期為6%至7%。此展望假設約200個基點的價格因素。從事業部角度來看，我們預期醫療保健與生命科學按固定匯率有機成長6%至7%，AST 成長7%至8%。我們在年初對AST的展望採取較為保守的作法。

Our med tech customers continue to manage inventory levels carefully and we are heading into the new year with some difficult comparisons in the first half, leaving us cautious. For fiscal 2027, EBIT margins are anticipated to expand approximately 50 basis points, at the high end of our outlook. This assumes tariff spending is flat year-over-year and the benefit of a tailwind from our incentive compensation program.

我們的醫療科技客戶仍持續謹慎管理庫存水位，而我們在新年度上半年將面臨較具挑戰的比較基期，因此我們保持審慎。2027會計年度EBIT利潤率預期擴張約50個基點，位於我們展望區間的高端。此假設關稅支出年對年持平，並受惠於我們獎酬計畫帶來的正向助力。

We will be making select investments in FY27 driving incremental operating expenses, including kicking off a multiyear project to support our service workflows with upgraded technologies utilizing AI to improve quality, increase productivity and enhance the customer experience within both the Healthcare and Life Science segments.

我們將在FY27進行選擇性投資，帶動營運費用增加，包括啟動一項多年期專案，以升級技術並運用AI支援我們的服務工作流程，提升品質、提高生產力，並在醫療保健與生命科學兩個事業部中強化客戶體驗。

Our fiscal 2027 earnings per share outlook is $11.10 to $11.30, growth of 9% to 11% over fiscal 2026. In fiscal 2027, free cash flow is expected to be $850 million and CapEx of $375 million. Underlying our free cash flow expectations, we expect that net working capital will grow in line with volumes. We will also use about $50 million for additional incentive compensation payments due in June and the remainder of our EO settlement payments over the year.

我們對2027會計年度每股盈餘展望為11.10至11.30美元，較2026會計年度成長9%至11%。在2027會計年度，自由現金流預期為8.5億美元，資本支出（CapEx）為3.75億美元。在自由現金流預期的基礎假設下，我們預期淨營運資金將隨出貨量同步成長。我們也將使用約5,000萬美元，用於6月到期的額外獎酬支付，以及年度內其餘的EO和解付款。

From a capital perspective, our capital spending priorities are shifting a bit as we are nearly done with our multiyear X-ray expansion in AST. In fiscal 2027, we will build a new sterility assurance manufacturing plant in Mentor, Ohio, which will ultimately allow us to consolidate existing US production into one new state-of-the-art manufacturing center of excellence to serve our Healthcare and Life Science customers.

從資本角度來看，隨著我們在AST的多年期X光擴產接近完成，我們的資本支出優先順序將略有調整。在2027會計年度，我們將於俄亥俄州門托（Mentor）興建一座新的無菌保證（sterility assurance）製造工廠，最終可讓我們將現有美國產能整併至一座全新的最先進卓越製造中心，以服務我們的醫療保健與生命科學客戶。

We will invest about $60 million over two years and expect that plant to be operational by the end of calendar 2027. Fiscal 2026 was a banner year in many ways for STERIS. Looking back at the last 5 years, our performance has really been remarkable. We delivered average constant currency organic revenue growth of 9%, and our compounded annual growth rate for adjusted earnings was 11% during what was one of the more tumultuous five years in our history here.

我們將在兩年內投資約6,000萬美元，並預期該工廠於曆年2027年底前投入營運。2026會計年度對STERIS而言在多方面都是表現亮眼的一年。回顧過去5年，我們的表現確實相當卓越。我們達成平均按固定匯率的有機營收成長9%，而在我們歷史上最動盪的五年之一期間，調整後盈餘的複合年成長率為11%。

Equally important, our Healthcare organization has transformed from a products and services focused to a valued partner to Healthcare customers to help enable them to solve some of their most pressing operational challenges that they are facing. We are committed to partnering with our customers to enable them to meet their procedural growth needs, improve the delivery of the quality outcomes and improve standardization and optimization as they manage critical inventory from the OR to the SPD and back. Thank you to all of our associates for continuing to do what you do best, focus on our customers and strive to do better every single day.

同樣重要的是，我們的醫療保健組織已從以產品與服務為核心，轉型為醫療保健客戶所重視的合作夥伴，協助他們解決所面臨的一些最迫切的營運挑戰。我們致力於與客戶合作，協助他們滿足手術量成長需求、提升高品質結果的交付，並在他們管理從手術室（OR）到消毒供應部（SPD）再返回的關鍵庫存時，改善標準化與最佳化。感謝所有同仁持續發揮所長，專注於客戶，並每天都努力做得更好。

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

以上就是我們為本次電話會議準備的發言。接線員，請您說明相關指示，讓我們開始問答環節。

(Operator Instructions)

(接線員指示)

Brett Fishbin, KeyBanc.

Brett Fishbin，KeyBanc。

Hello, good morning. Thanks for taking the questions. I just wanted to start off with one on the FY27 earnings guidance. I think you mentioned that you're thinking about operating margin expansion of approximately 50 bps at the high end of the range. I was just curious if you could walk through like some of the moving pieces. I think there are some questions around the impact of inflation and energy prices and then also what you're thinking around tariffs as compared to FY26 as well as just the contribution from underlying performance.

您好，早安。感謝讓我提問。我想先從 FY27 的獲利指引問起。我想您提到在區間高端，營業利益率擴張大約 50 個基點。我想請您帶我們梳理一下其中一些變動因素。我認為大家對通膨與能源價格的影響有些疑問，另外也想了解相較 FY26，您對關稅的看法，以及基礎營運表現所帶來的貢獻。

All right. Thanks, Brett and good morning. We appreciate the question. I'll add a little bit of light on this, and then Karen is going to pepper in a little bit more of a response on some of the details around tariffs and et cetera. I think there's a few things that we're going to work on really hard to maximize that 50 bps, and that's really going to be some operational improvements as well as a continued sell-through of our higher-margin consumables products that we'll see over the next fiscal year. The sort of upside in that is if we deliver a little better on the AST business, just given the margin profile there.

好的。謝謝你，Brett，早安。我們很感謝這個問題。我先簡單說明一下，接著 Karen 會再補充一些關於關稅等細節的回應。我認為有幾件事我們會非常努力去做，以盡可能達到那 50 個基點，主要會來自一些營運改善，以及在下一個會計年度持續提高我們高毛利耗材產品的銷售滲透率（sell-through）。此外，上行空間在於若我們在 AST 業務的表現能再好一些，考量其毛利結構，將會帶來助益。

And Karen, I'll hand it over to you to handle some of the tariff-related questions.

Karen，接下來我把關於關稅相關的問題交給你。

Great. Thank you. Yeah. So the good news is in terms of tariffs, the recent changes are favorable to us. and served to offset the volume increase for next year. So in an odd twist, tariffs are an okay thing for us looking at '27.

好的。謝謝。是的。就關稅而言，好消息是近期的變動對我們有利，並有助於抵銷明年出貨量增加的影響。所以有點出乎意料的是，從 2027 年來看，關稅對我們而言算是可以接受的。

In terms of other opportunities, challenges. The bonus tailwind is about $2 million. And as we look at and have incorporated energy and particularly oil-driven costs, we have incorporated those. We have considered also how long this may last, looked at forward rates. But the largest challenge and driver would be freight.

至於其他機會與挑戰。額外的順風約為 200 萬美元。而在能源、特別是油價驅動的成本方面，我們已將其納入考量。我們也評估這種情況可能持續多久，並參考遠期價格。但最大的挑戰與驅動因素會是運費。

We have opportunities to recover most of our freight out to customers through our freight recovery pricing. The day-to-day fuel associated with our fleet of service techs in the field is not significant. It's low single digits exposure. And when you look at our raw materials, we do have raw materials that are impacted by oil. That represents only about 20% of our COGS. And generally, energy has certainly been meaningful, particularly to AST, but it is a small percentage of COGS in AST as well. So hopefully, that helps you.

我們有機會透過運費回收定價（freight recovery pricing）向客戶回收大部分運費。我們外勤服務技師車隊日常用油的成本並不顯著。曝險程度為低個位數百分比。再看原物料方面，我們確實有部分原物料會受到油價影響。但那僅約占我們銷貨成本（COGS）的 20%。整體而言，能源成本確實有影響，特別是對 AST，但在 AST 的銷貨成本中也只占一小部分。希望這能解答你的問題。

Yeah. No, that's helpful. And then also just a question on guidance. I think you had some comments about the difficult comps in AST service to begin the year. So I just wanted to maybe ask more broadly how you're thinking about overall phasing for organic growth, whether you're calling for like a softer 1Q overall?

是的。不，這很有幫助。另外還有一個關於指引的問題。我想你們提到年初 AST 服務的比較基期（comps）較具挑戰。所以我想更廣泛地請教你們如何看待有機成長在全年各季的節奏（phasing），你們是否預期整體 1Q 會比較疲弱？

Or if it was more specific to AST service, given the comps?

還是說這主要是因為 AST 服務的比較基期所致？

Yeah, really more specific to the AST comps. We started the year last year, first couple of quarters in double-digit growth in that business. and then saw a bit of a slowdown in Q3 where we saw some inventory flow back from our customers. And then this past quarter got a little weird just with the snowstorms. We probably lost time 150 to 200 basis points of growth there. So if you sort of stack all that up, I think one would expect a slower start in the first half and then significantly improving in Q3 and then pretty easy comps in Q4.

是的，主要是針對 AST 的比較基期。去年我們在年初的前幾個季度，該業務是雙位數成長，之後在第三季稍微放緩，因為我們看到客戶端有一些庫存回流。而上一季又因為暴風雪而有點不尋常。我們可能因此少了約 150 到 200 個基點的成長。所以把這些因素加總起來，我認為可以預期上半年起步較慢，第三季會明顯改善，而第四季的比較基期會相當容易。

Mike Matson, Needham & Company.

Mike Matson，Needham & Company。

Yeah. Thanks for taking my question. I guess just following up on the tariff question. What is your expectation for the USMCA renegotiation this year? And what have you assumed in your guidance with regard to that?

是的。謝謝讓我提問。我想延續關稅的問題。你們對今年 USMCA 重新談判的預期是什麼？以及你們在指引中對此做了哪些假設？

Yeah, this is Karen. I will answer that. In terms of the USMCA review, a joint review is -- have a July 1 deadline. All three governments have emphasized the importance of continuity and avoiding disruption. But no real movement in those discussions yet. So we have not included any assumption for USMCA. We're assuming stagnant and that it will likely move into annual continual review phase at least in the short term.

是的，我是 Karen。我來回答。就 USMCA 的檢視而言，三方的聯合檢視——截止日是 7 月 1 日。三國政府都強調延續性的重要性並避免造成干擾。但目前這些討論尚未有實質進展。因此我們沒有把任何 USMCA 的假設納入。我們假設維持不變（stagnant），且至少在短期內很可能會進入每年持續檢視的階段。

Okay. Understand. And then with the rollback or potential rollback of the ethylene oxide regulations under the new administration, what does that mean for STERIS? If anything, is there any sort of positive financial implications there?

好的。了解。另外，隨著新政府對環氧乙烷（ethylene oxide）法規的回撤或可能回撤，這對 STERIS 意味著什麼？若有的話，是否會帶來任何正面的財務影響？

Not really. I mean we're pretty much fully spent on upgrading our facilities, maybe there's some timing on compliance that's not as in the forefront in terms of something we have to do tomorrow versus something we can get done in the next six months. But there's no significant capital impact on us given where we are already with our facilities.

其實不太會。我的意思是，我們在設施升級上幾乎已經把該花的都花完了；或許在合規時程上會有些差異，例如某些要求不再是「明天就得做」，而是可以在接下來六個月內完成。但就我們目前設施的狀況而言，對我們不會有重大的資本支出影響。

Okay. Got it, thank you.

好的。明白了，謝謝。

Dave Turkaly, Citizens.

Dave Turkaly，Citizens。

Hey, good morning. You called out some tuck-in M&A in Healthcare and then obviously, $1 billion buyback. I was just wondering should we be reading into that at all in terms of sizable transactions and/or maybe valuation in the sector?

嗨，早安。你們提到在醫療保健（Healthcare）領域有一些補強型併購（tuck-in M&A），然後也有 10 億美元的庫藏股回購。我想請教，我們是否應該從中解讀出你們對大型交易和／或該產業估值的看法？

Thanks, Dave. I would say no. I mean, our M&A is erratic at times because it's when opportunities present themselves that have been working on for a long period of time. We typically do small tuck-in M&A throughout the year. We're just calling these two out because they do have a material impact on the fiscal performance as we look next year of close to 100 basis points for Healthcare.

謝謝你，Dave。我會說不需要。我的意思是，我們的併購有時候會不太規律，因為通常是在一些我們已經耕耘很長一段時間的機會出現時才會發生。我們一般全年都會做一些小型的補強型併購。我們之所以特別點出這兩筆，是因為在展望明年時，它們對會計年度表現有實質影響，對 Healthcare 的影響接近 100 個基點。

So in terms of buyback, Karen shed some light on the tax that we pay as a result of moving money for doing distributions on dividends, but also for doing buybacks. That's been something that's been holding us back for a number of years, I would say. But the reality is that we understand going forward that doing some level of consistent buyback is important for the health of our company.

至於回購，Karen 先前也說明了我們在移動資金、進行股利分配以及回購時所需支付的稅負。我會說，這件事多年來一直在某種程度上限制了我們。但現實是，我們理解未來進行一定程度、持續性的回購，對公司健康發展是重要的。

Got it. And you called out service in AST and the weather. I was wondering -- I know it's not a big component, but the capital component. I was wondering if you could just give us any color as to what was going on there in the fourth quarter.

了解。而且你提到了 AST 的服務以及天氣因素。我在想——我知道這不是很大的組成部分，但資本（設備）那一塊。我想請你稍微說明一下第四季那邊發生了什麼情況。

On the AST side?

是指 AST 那邊嗎？

Yeah.

對。

Thanks, Dave. It's just lumpiness of that business. We sell $20 million, $30 million a year, and sometimes that can be four orders. And if you ship two of them in one quarter, one in another -- the way it spreads out, you can have a quarter with very little equipment sales, but just equipment service parts and things like that. And then you get out of the next quarter, you could ship two machines and we're a hero, right? So you kind of have to look at in the year in aggregate, I guess.

謝謝你，Dave。那只是那門業務的波動性。我們一年賣 2,000 萬到 3,000 萬美元，有時候可能就只有四張訂單。如果你在某一季出貨兩張、另一季出一張——因為分布的方式不同，你可能會遇到某一季設備銷售很少，但只有設備服務零件之類的。然後到了下一季，你可能出貨兩台機器，我們就成了英雄，對吧？所以我想你得以全年合計的角度來看。

Got it. Thank you.

了解。謝謝。

Mac Etoch, Stephens.

Stephens 的 Mac Etoch。

Hey, good afternoon. Thank you for taking my question. Maybe just to follow up on some AST questions. You called out some med tech customers continuing to manage inventory levels carefully. So can you just speak to what you saw in AST as the quarter progressed and particularly on the volume side?

嗨，午安。謝謝讓我提問。我想追問一些 AST 的問題。你提到一些醫療科技客戶仍在謹慎管理庫存水位。所以你能否談談本季進行過程中你在 AST 看到的情況，特別是在出貨量（volume）方面？

Yeah. So I mean, the organic volume was less than what we would anticipate in the last 2 quarters. And like I said, Q4 is easy to understand because we have storms where we were shut down, our customers were shut down. for a number of days in the Midwest and even the Southeast and the East Coast, right, which is where a lot of our big plants are. So that is what it is. They will recover over time, the volume will come back, et cetera.

可以。所以，有機量（organic volume）比我們在過去兩季所預期的還要低。而且如我所說，第四季很容易理解，因為我們遇到風暴而停工，我們的客戶也停工；在中西部，甚至東南部與東岸都有好幾天是這樣，對吧，那些地方正是我們許多大型工廠所在。所以情況就是如此。他們會隨著時間恢復，量也會回來，等等。

But what we have seen and maybe it's post-tariff confidence in supply chains, maybe it's whatever, but we've seen some inventory reduction across the broader customer segment, right, in terms of med tech and what we know is this. What we know is procedure rates are still consistently growing. So from a patient and provider perspective, the demand is still there.

但我們看到的情況——也許是關稅之後供應鏈信心的影響，也許是其他因素——我們看到更廣泛的客戶族群在庫存上有所降低，對吧，涵蓋醫療科技等。我們知道的是，手術/處置（procedure）量仍在持續成長。所以從病患與醫療提供者的角度來看，需求仍然存在。

What we know is that when we see the revenue reports of our large public customers, that supports that growth as well. So we're seeing good top line sales from a lot of the large med tech companies that showed good growth over the last couple of quarters. So if you sort of align those things with what we're running in terms of volumes, it points to a bit of an inventory pullback, which is a situation that we've seen over the last couple of quarters.

我們也知道，當我們看到大型上市客戶的營收報告時，也同樣支持這樣的成長。所以我們看到許多大型醫療科技公司在過去幾季的營收（top line）表現不錯、成長良好。因此，如果你把這些與我們實際運行的量做對照，就會指向庫存有些回收（inventory pullback），而這種情況我們在過去幾季也看到了。

Appreciate it. Thank you for the color there. And then secondly, Healthcare and Life Sciences, both had a pretty decent quarter from a capital equipment perspective. Backlog did decline sequentially. So I just kind of wanted to get your sense of how we should think about the progression for capital equipment revenue and backlog as it progresses through 2027.

了解，謝謝。也謝謝你提供這些說明。第二個問題，Healthcare 和 Life Sciences 從資本設備的角度來看，本季表現都相當不錯。但積壓訂單（backlog）則是季對季下降。所以我想請教你，我們應該如何看待資本設備營收與積壓訂單在 2027 年推進過程中的走勢？

I think a little bit on '26, we tend to ship a lot in Q4, and we tend to build a lot of capital, and then we tend to push as much as we can just -- and it just seems to be the normal cyclical nature of the business. It's a lot better than it used to be. We used to have an extreme hockey stick here at STERIS, but it's somewhat mitigated now. So that's not abnormal for us to have a little bit of a drain on our backlog with a high shipment in Q4. It's sort of norm for us here at STERIS.

我想在 2026 年方面，我們通常會在第四季出貨很多，也通常會建置很多資本設備，然後我們會盡可能把出貨往前推——這看起來就是這門業務正常的週期性特徵。這比以前好很多。以前 STERIS 這邊的季節性非常極端、像曲棍球桿一樣，但現在已經有所緩和。所以在第四季出貨很高、導致積壓訂單稍微消耗一些，對我們來說並不反常。這在 STERIS 這裡算是常態。

In terms of the go forward, our orders have remained solid. We're in a different position with the pressure that's being exerted on the health care systems and that we help enable them to get procedure volumes up and to run better quality and things that are important to them as they're looking for opportunities to generate more revenue and also save cost. So it's not -- I think we're in a pretty good position as we go forward with our large customers.

就未來而言，我們的接單仍然穩健。在醫療體系承受壓力的情況下，我們所處的位置不同，因為我們能協助他們提升處置量、提升品質，以及做一些對他們很重要的事；當他們在尋找機會增加營收、同時節省成本時，這些都很關鍵。所以——我認為面對大型客戶，我們往前走的態勢相當不錯。

I appreciate the color.

謝謝你的補充說明。

Dave Windley, Jefferies.

Jefferies 的 Dave Windley。

Hi, good morning. Thanks for taking my question. I wanted to ask about the sterility assurance facility. I think you're suggesting that you're consolidating the number of facilities. I wondered how many or what operating efficiency you might expect to pick up when that is operational and kind of essentially the motivations for taking the step and consolidating into one facility. Thanks.

嗨，早安。謝謝讓我提問。我想問一下無菌保證（sterility assurance）設施。我理解你是在說你們正在整併設施數量。我想知道當它投入運作後，你們預期能提升多少、或有哪些營運效率；以及採取這一步、把它整併到單一設施的動機是什麼。謝謝。

Yeah. Thank you, Dave. This is Dan. First off, we've got three different facilities, two of them happen to be here locally and it just makes sense to consolidate. But the real driving issue here is this has been a really high-growth and high-margin business for us at STERIS and one that we've been really successful in picking up share in our Healthcare organization, in particular, as most every system now is at least dual source to STERIS. So we're pleased with the performance of the business.

好的。謝謝你，Dave。我是 Dan。首先，我們有三個不同的設施，其中兩個剛好就在本地，因此整併是合理的。但真正的驅動因素是：這一直是 STERIS 一項高成長、高毛利的業務，而且我們在 Healthcare 組織中成功取得市占，特別是現在幾乎每個醫療體系至少都把 STERIS 作為雙來源（dual source）之一。所以我們對這項業務的表現感到滿意。

In terms of the need to build the new facility, A, it's capacity driven, and B, there's a significant opportunity to put in what is a nearly fully automated manufacturing facility, really a center of excellence. So with that, over time, there will be some cost benefit on the savings. But more important than that, it's really supporting the long-term growth of a high-growth, high-margin business.

至於為什麼需要興建新設施，A，是由產能需求所驅動；B，是有很大的機會導入幾乎全自動化的製造設施，真正成為卓越中心（center of excellence）。因此，隨著時間推進，成本節省方面會有一些效益。但比起成本效益更重要的是，它是在支援一項高成長、高毛利業務的長期成長。

Got it. And then switching gears, I think I wanted to go back to your description on AST and the cadence that you were expecting for '27. I think you quantified for fourth quarter maybe STERIS lost 150 to 200 basis points because of weather. Are you expecting that to come back and is that coming back early in the year or more spread during the year? I was kind of juxtaposing the benefit of getting that push out volume into first quarter, but you talked about the comps being tough and how we should think about the balance of those two things? Thanks.

了解。那換個話題，我想回到你對 AST 以及你對 2027 年節奏的描述。我記得你量化提到第四季因天氣因素，STERIS 大概少了 150 到 200 個基點。你預期這會回補嗎？會在年初就回來，還是會分散在全年？我在對照：把延後的量推到第一季的好處，但你也提到比較基期（comps）會很硬、以及我們該如何看待這兩者的平衡？謝謝。

Yeeh, we thought about this a lot. It's really tough to quantify, to be honest with you, because it's not just the volume through our plants, but there's also a considerable amount of surgical procedures that were canceled or deferred. And I think some of the large public health care systems commented on that in their earnings release.

是的，我們對這點想了很多。老實說很難量化，因為不只是通過我們工廠的產量，還有相當多的手術處置被取消或延後。我想一些大型上市醫療體系也在他們的財報新聞稿中提到這點。

So I think over time, provided that those procedures are still required, which they should be, our customers, meaning the Healthcare facilities will provide those procedures. And hopefully, that drives the demand upstream into the med tech sector, where they'll be producing the products for set procedures.

所以我認為，隨著時間推移，只要那些程序仍然是必要的——而且它們應該會是——我們的客戶，也就是醫療照護機構，將會提供那些程序。並且希望這能把需求往上游推動到醫療科技產業，讓他們為既定程序生產相關產品。

Okay. Thank you.

好的。謝謝。

Michael Polark, Wolfe Research.

Michael Polark，Wolfe Research。

Hey, good morning. A follow-up on the margin guidance for fiscal '27. Two-parter. On tariffs, Karen or Dan, can you just remind us, in fiscal '26, what was the total tariff headwind and what's considered in '27? And does '27 embed any contribution from refunds? That's first part. And the second part is the bonus tailwind that was spiked out. I guess I don't understand why that's being modeled where was there overachievement in fiscal '26 and your modeling normalization in fiscal '27? Thank you.

嗨，早安。我想追問一下 2027 財年的毛利率指引。分兩部分。關於關稅，Karen 或 Dan，你們能否提醒我們：在 2026 財年，關稅帶來的總逆風是多少？而在 2027 財年指引中納入了哪些？另外，2027 財年是否包含任何退稅/退款的貢獻？這是第一部分。第二部分是被剔除的獎金順風。我想我不太理解為什麼會這樣建模：是因為 2026 財年有超額達成，而你們在 2027 財年假設回歸常態嗎？謝謝。

Thanks, Mike. This is Karen. I can help you with these. In terms of tariffs, our incremental tariffs in '26 was $46 million, which puts us at a total tariff spend between $60 million and $65 million, and that's what we're modeling for '27. We are not including any refunds in our '27 guidance.

謝謝你，Mike。我是 Karen。我可以回答這些問題。就關稅而言，我們在 2026 財年的新增關稅成本是 4,600 萬美元，使我們的關稅總支出落在 6,000 萬到 6,500 萬美元之間，而這也是我們對 2027 財年的建模假設。我們在 2027 財年指引中沒有納入任何退款。

We have not recorded anything. When it comes, we will recognize it. And we've taken that position because it's difficult to know how quickly this will actually happen. On the bonus, you are correct. We did have overachievement in fiscal '26 and we are modeling 100% achievement in fiscal '27 as we usually do. So that's the differential of $20 million that I mentioned.

我們尚未入帳任何金額。等到真的收到時，我們才會認列。我們採取這個立場，是因為很難判斷實際會多快發生。至於獎金，你說得沒錯。我們在 2026 財年確實有超額達成，而我們在 2027 財年如同往常一樣，假設 100% 達成。所以差異就是我提到的 2,000 萬美元。

Helpful and very clear. A follow-up, different topic. Dan, your quote in the press release, deliver quality outcomes and drive compliance with standardization and optimization. It just feels like something that I haven't heard you say before, and I'm just trying to understand particularly around the compliance and the compliance comments. What are you telling us there?

很有幫助，也非常清楚。我再追問一個不同主題。Dan，你在新聞稿中的引述提到：提供高品質成果，並透過標準化與最佳化來推動合規。這感覺像是我以前沒聽你這樣說過，我想特別了解你提到的合規以及相關評論。你想在這裡傳達什麼？

Yeah. So we've been working for a long time to really put our system together in the sterile processing department, where we're helping our customers drive compliance, making it easier for them to have access to IFUs at the sync, making it harder to move process -- products down the line in the SPD without confirmation that you're in compliance, doing things that hopefully eliminate unnecessary steps for our customers.

是的。我們長期以來一直在努力把我們在無菌處理部門（SPD）的系統真正整合起來，協助客戶推動合規；例如讓他們在清洗槽（sink）就能更容易取得 IFU（使用說明）；讓產品在 SPD 的流程中往下游移動時，如果沒有確認符合規範，就更難繼續往下走；並做一些事情，希望能為客戶消除不必要的步驟。

And then in addition to that, overlaying on top of that, SPM, which is basically our ERP for the sterile processing department to allow our customers to track and trace compliance and inventory through the sterile processing departments.

此外，在此之上我們也疊加了 SPM，基本上是我們提供給無菌處理部門使用的 ERP，讓客戶能在無菌處理部門中追蹤與追溯合規狀態與庫存。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Jason Bednar, Piper Sandler.

Jason Bednar，Piper Sandler。

Hey. Thanks for taking the questions. I wanted to start here, everyone, just maybe first in the larger buyback authorization. Definitely seems like a commitment -- a greater commitment than anything you've done historically. That authorization is twice the size I think of your last one, I think your comment here, $200 million to $300 million is more than what you normally commit to.

嗨。謝謝讓我提問。我想先從較大的庫藏股回購授權談起。這看起來確實是一項承諾——比你們過去任何時候做的都更大。我認為這次授權規模是你們上一次的兩倍，而你們這裡提到的 2 億到 3 億美元，也高於你們通常承諾的水準。

Just how should we think about executing against that authorization, considering how pressured your stock has been here of late? Would you be open to moving above that upper bound of $300 million if the stock remains under pressure, just maybe the flexibility versus like hard commitment to the ranges you provided here?

考量到你們近期股價承壓，應該如何看待你們執行這項授權的方式？如果股價仍持續受壓，你們是否願意把回購金額提高到 3 億美元上限之上？也就是相較於你們提供的區間，彈性有多大、是否屬於硬性承諾？

Thanks, Jason. This is Karen. Yeah, we are looking at and planning for a use of excess cash. And that's where the $200 million to $300 million is. You are correct. Historically, we would typically offset dilution. So about $100 million, maybe do a little more depending on cash position and opportunity and stock price.

謝謝你，Jason。我是 Karen。是的，我們正在評估並規劃如何運用超額現金。因此才會有 2 億到 3 億美元這個區間。你說得沒錯。過去我們通常是用回購來抵銷稀釋。所以大約 1 億美元，視現金部位、機會與股價狀況，可能會多做一些。

Because of the withholding tax, we believe a measured approach is the right answer. We have this incremental hurdle when we do buybacks to overcome. So when we model the withholding tax, the lost interest, potentially having to borrow to go bigger, it starts to not make sense.

由於預扣稅（withholding tax）的因素，我們認為採取審慎、循序的方式是正確答案。因此在進行回購時，我們有一道額外門檻需要克服。當我們把預扣稅、利息收入的損失，以及若要做得更大可能需要舉債等因素納入模型後，就會開始覺得不太划算。

So that is our plan. And what we see when we do that is that we take the hit for that withholding tax in the period, and we start to see the accretion as we execute consistently and don't continue to grow that withholding tax cost incrementally year-over-year.

所以這就是我們的計畫。而我們看到的是：在執行回購的當期會承擔預扣稅的影響；但只要我們持續、穩定地執行，且不讓預扣稅成本逐年持續增加，就會開始看到增益（accretion）。

Okay. That makes sense. Maybe one other one here just on -- Dan, it's probably for you. Just given what we're seeing across the supply chain landscape and inflationary pressure on certain categories. I'm just reminded of what STERIS went through a few years ago. And sourcing what I think you've termed the golden screw.

好的。這很合理。再問一個——Dan，可能是問你的。考量我們在供應鏈環境看到的情況，以及某些品類的通膨壓力。這讓我想到 STERIS 幾年前經歷的狀況。以及你們所謂的「黃金螺絲」採購。

There's a lot of discussion out there from other equipment players on things like chips. Can you talk about what you're seeing on that front? Do you have supply visibility on chips and other critical components? And if you could, maybe, Karen, layer on what's assumed in your guide here with respect to supply and COGS inflation? Thank you.

外界也有很多其他設備業者在討論像是晶片之類的問題。你能談談你們在這方面看到的情況嗎？你們對晶片及其他關鍵零組件的供應是否有能見度？如果可以的話，Karen，也請補充一下你們在本次指引中，對供應狀況與銷貨成本（COGS）通膨的假設是什麼。謝謝。

Yeah. Thanks, Jason. What I would say is we're a vastly different organization today than we were a few years ago when we went through the golden strew diaries or whatever we want to call it, it was a miserable time for all of us. For one thing, we've significantly invested in our supply chain resources here at STERIS. We've also done a lot of work to mitigate single-source supply.

好的。謝謝你，Jason。我會說，我們今天的組織已經和幾年前經歷「黃金螺絲日記」或不管你想怎麼稱呼它時大不相同了；那段時間對我們所有人來說都很痛苦。首先，我們在 STERIS 的供應鏈資源上已大幅投資。我們也做了大量工作來降低單一來源供應的風險。

We've identified basically any critical parts where we strategically hold excess inventory, which Karen doesn't love, I can assure you, but we do that where we need to. And so I think we're in a pretty good position not to say something can't possibly trip us up. But I think we're much more resilient today than we were when we had the exposures a few years back, and we feel pretty good about our position.

我們基本上已辨識出所有關鍵零件，並在策略上持有額外庫存——我可以向你保證 Karen 不太喜歡這點——但我們在需要的地方會這麼做。因此我認為我們處於相當不錯的位置；當然不能說完全不可能有事情讓我們受挫。但我認為相較於幾年前有那些曝險時，我們現在的韌性強得多，對目前的狀況也相當有信心。

And to follow up with your question on inflation, we don't expect anything outsized in terms of labor, pretty routine. And in raw materials, as I mentioned, we have got metals, plastics, electronics, chemicals are our largest inputs in terms of raw materials. But again, they represent less than 20% of COGS. So we have assumed some upward pressure with the ultimate -- the oil impact on those types of materials, and we have assumed some upward pressure because of oil for freight and fuel costs.

另外回覆你關於通膨的問題，我們不預期人力成本會有任何特別異常的情況，應該相當常態。至於原物料，如我提到的，金屬、塑膠、電子零件、化學品是我們原物料投入中占比最大的項目。但同樣地，它們合計占銷貨成本（COGS）的比重不到 20%。因此我們假設這些材料會因油價影響而有一些上行壓力，同時也假設運輸與燃料成本會因油價而有一些上行壓力。

But I think we've done a measured job, not too aggressive, not too conservative and taken outside views in terms of how long this may last and ultimately what that is. So it's in there. If this war goes on for a long time, and oil stays high for the whole year, we may be a little short.

但我認為我們做得相當審慎，不會太激進，也不會太保守，並且納入外部觀點來評估這可能會持續多久，以及最終會是什麼情況。所以這已經反映在裡面了。如果這場戰爭拖很久，而且油價全年都維持在高檔，我們可能會稍微不足。

Okay. And specific to chips or other components, just is there any other inflationary assumptions that you had just assuming what we have here today extends through the year? Or you've built in some upward cushion if prices continue to rise?

好的。那針對晶片或其他零組件，假設我們今天看到的情況延續到今年年底，你們是否還有任何其他通膨假設？或者如果價格持續上漲，你們是否已經建立了一些上行緩衝？

Yeah. Keep in mind, like chips, in particular, as bad as that was for us a few years ago, our overall spend is irrelevant as it relates to chips. They're just incredibly important to be able to make a machine but it's not like our cost components like we're making an automobile or something like that. There's hundreds of dollars of chips in a steam sterilizer, let's say, not $6,000 of chips.

是的。請記住，像晶片，特別是，雖然幾年前對我們來說很糟，但就晶片而言，我們的整體支出其實微不足道。晶片對於能夠製造機器非常重要，但它不像我們的成本構成那樣，例如我們在製造汽車之類的產品。以蒸汽滅菌器為例，裡面的晶片可能是幾百美元，不是 6,000 美元的晶片。

Okay. Fair enough. All right. Thank you.

好的。有道理。好。謝謝。

Michael Polark, Wolfe Research.

Michael Polark，Wolfe Research。

Hey. Thank you for taking the follow-up. I'm interested in a vibe check on your Life Science customers. Obviously, you had a kind of recovery year in fiscal '26 from a growth perspective, guiding to something similar in fiscal '27, that constituency seems to be coming out of an extended COVID boom bust cycle. There's enthusiasm around reshoring. Are you feeling that? Is there a world where Life Sciences has kind of, say, better than average growth over the next couple of years?

嗨。謝謝讓我追問。我想了解一下你們生命科學客戶的整體氛圍。顯然，從成長角度看，你們在 26 財年算是復甦的一年，並指引 27 財年也會類似；這個客群似乎正走出一段延長的 COVID 榮景後的衰退循環。市場對於回流生產（reshoring）很有熱情。你們有感受到嗎？未來幾年生命科學是否有可能出現例如高於平均的成長？

Yeah. Thanks, Mike, it's Dan. I've been doing this a long time and Life Sciences kind of does the cycle in general or pharma does a cycle about every seven years or so. So this one just happens to be post pandemic related, but it's not new.

是的。謝謝，Mike，我是 Dan。我做這行很久了，生命科學整體而言，或製藥業大約每七年左右就會經歷一次循環。所以這次剛好是疫情後相關的循環，但並不新鮮。

Yeah, we're optimistic. The buying patterns are back on the capital side, clearly we saw that in this year's number. Our service business lagged a little bit this year, but some of that is parts and some of that's a hangover of having a lousy capital year the year before and still having a lot of equipment on warranty. As that comes off, that should improve with this year's past deliveries, but it takes some time.

是的，我們很樂觀。資本端的採購模式已經回來了，這點我們在今年的數字中看得很清楚。我們今年的服務業務稍微落後一些，但部分原因是零件，部分原因則是前一年資本表現不佳的後遺症，加上仍有很多設備在保固期內。隨著保固到期，配合今年過去的交付量，這應該會改善，但需要一些時間。

But the real star in that business is our consumables, growing 8%, high-margin business, really continues to deliver for us. It's critically important for the performance of the sector -- of our segment rather. But generally speaking with the reshoring and some of the builds we're seeing on the East Coast and the Carolinas, there's a lot of good stuff going on in Life Sciences right now.

但這個業務真正的明星是我們的耗材，成長 8%，高毛利業務，確實持續為我們帶來成果。這對於該領域——更正，是對我們這個事業部的表現——至關重要。但整體來說，隨著回流生產，以及我們在東岸與卡羅萊納州看到的一些建廠案，目前生命科學領域有很多正面的進展。

What's not great is it's all big pharma right now that's doing well. What's not great is the lack of investment in some of the smaller stuff. But that's really not our sweet spot anyways, and we feel like we're in a pretty good position to help those customers that are establishing new operations here as they're reshoring.

不太理想的是，目前表現好的幾乎都是大型藥廠。不太理想的是，對一些較小規模領域的投資不足。但那本來就不是我們的強項，我們也覺得自己處於相當有利的位置，能在客戶回流生產、在這裡建立新營運據點時協助他們。

If I can do one more. Thank you. I appreciate the comments on the small tuck-in deals in Healthcare. Obviously, $45 million, heard it loud and clear. It's small. But on the MEDglas, is that a margin benefit in addition to a revenue opportunity worth calling out? And then on GI consumables, would you be willing to frame like what just for a better sense of what you're adding there? Thanks, again.

如果我可以再問一個。謝謝。我很感謝你們對醫療保健領域小型補強式併購（tuck-in）交易的評論。顯然，4,500 萬美元，我聽得很清楚。規模不大。但就 MEDglas 而言，除了營收機會之外，是否也有值得一提的毛利率效益？另外在 GI 耗材方面，你們是否願意說明一下，讓我們更清楚你們究竟新增了哪些內容？再次感謝。

Yes. Sure, Mike. On the MEDglas, no, it's not really -- it's going to be accretive to margins. It's a relatively low-margin product, but it's really important. And what it is, it's basically a very visually appealing glass that can be used in the walls of ORs as well as sterile processing department that lends itself to easy cleaning and you can even put graphics in there in such a way that it makes dark spaces really bright and it's been very popular as we sell OR rooms and as we build out SPDs. So that's what that is. And keep in mind, that was a vertical deal basically where we bought our supplier that we were distributing for.

是的。當然，Mike。關於 MEDglas，不，並不是——它會對毛利率有增益。它是一個相對低毛利的產品，但非常重要。它基本上是一種視覺效果很好的玻璃，可用於手術室（OR）的牆面以及無菌處理部門（sterile processing department），便於清潔；你甚至可以在上面加入圖像設計，讓昏暗的空間變得非常明亮。當我們銷售手術室整體方案以及建置 SPD 時，它一直很受歡迎。這就是它的內容。另外請記住，這基本上是一筆垂直整合的交易，我們買下了原本我們代為經銷的供應商。

In terms of the GI products, these are basic products. A lot of them have crossover with our STERIS Endoscopy. Some, there's some small capital equipment in the portfolio that's beneficial. But really what we got is 20 or 25 sales reps that are established in the US inventory that we can go out and chase more business from a GI products or device product standpoint.

至於 GI 產品，這些都是基礎產品。其中很多與我們的 STERIS 內視鏡業務有交叉。產品組合裡也有一些小型資本設備，這是有幫助的。但我們真正得到的是 20 到 25 位在美國已建立據點的業務代表，以及庫存，讓我們可以從 GI 產品或器械產品的角度出發，去爭取更多業務。

Thank you. Ladies and gentlemen, this now concludes our question-and-answer session. I would like to turn the conference back to Julie Winter for any closing remarks.

謝謝。各位女士、先生，問答環節到此結束。我想把會議交回 Julie Winter，請她做結語。

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

感謝各位今天早上撥冗參與，進一步了解我們本季的表現以及今年的展望；也期待今年夏天在各地路演時能見到各位中的許多人。

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

本次會議到此結束。感謝各位參加今天的簡報。您現在可以斷線。