STERIS plc (STE) 2027 Q1 法說會逐字稿

Good day and welcome to the STERIS plc first quarter 2027 financial results conference call. (Operator Instructions) Please note this event is being recorded.

各位早安，歡迎參加 STERIS plc 2027 會計年度第一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, Nick, 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 the comments.

謝謝你，Nick，各位早安。今天電話會議的發言人包括：我們的資深副總裁暨財務長 Karen Burton，以及總裁兼執行長 Dan Carestio。在開始發言前，我先做幾點提醒。

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' plc securities filings.

本次網路直播包含具時效性的資訊，僅截至今日為止為準。未經 STERIS 明確書面同意，嚴禁對本次電話會議進行任何再散布、再傳送或再廣播。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 plc 證券申報文件中所描述的風險因素。

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' plc SEC filings are available through the company and on our website.

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 plc 向 SEC 申報的文件可透過公司以及我們的網站取得。

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 release as well as reconciliations between GAAP and non-GAAP financial measures.

此外，在今天的電話會議中，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。關於這些指標的更多資訊（包括定義）可在我們的新聞稿中取得，並包含 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，提供管理團隊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's my pleasure to be with you this morning to review the highlights of our first quarter performance. For the first quarter, total as reported revenue grew 7%. Constant currency organic revenue grew 6% in the quarter, driven by volume as well as 190 basis points of price. Gross margin for the quarter was 46%, up 70 basis points versus the prior year. Margin expansion was driven by price and favorable productivity, which were somewhat offset by inflation.

謝謝你，Julie，各位早安。很高興今天早上與各位一同回顧我們第一季表現的重點。第一季，按報告口徑的總營收成長 7%。本季以固定匯率計算的有機營收成長 6%，主要由銷量帶動，並包含 190 個基點的價格因素。本季毛利率為 46%，較去年同期提升 70 個基點。毛利率擴張主要由價格與有利的生產力帶動，但部分被通膨所抵銷。

Gross tariff costs, excluding refunds, were $14 million in the first quarter. As a reminder, tariffs were $12 million in the first quarter of last year. Tariff refunds of $4 million were received in the quarter. So on a year-over-year basis, net tariffs were favorable $2 million. For clarity, tariff refunds are not being allocated to our business segments but instead are booked in corporate to enable business segment analysis.

第一季的關稅總成本（不含退稅）為 1,400 萬美元。提醒各位，去年第一季關稅為 1,200 萬美元。本季收到 400 萬美元的關稅退稅。因此，以年對年來看，淨關稅成本有利 200 萬美元。為釐清起見，關稅退稅並未分攤至各事業部門，而是記錄於公司層級，以利進行事業部門分析。

EBIT margin for the quarter was 23.8% of revenue, an increase of 100 basis points versus the first quarter of last year. The gross margin improvement, coupled with favorable currency and operating cost discipline, drove the EBIT margin expansion in the quarter.

本季 EBIT 利潤率為營收的 23.8%，較去年第一季提升 100 個基點。毛利率改善，加上有利的匯率與營運成本紀律，推動本季 EBIT 利潤率擴張。

The adjusted effective tax rate in the quarter was 25.9%, an increase of 23.5% in the first quarter of last year. The year-over-year increase was driven primarily by unfavorable discrete items. Adjusted net income in the quarter was $253.4 million. Earnings per diluted share were $2.59, an 11% increase over the prior year. Higher margins more than offset the increase in tax expense.

本季調整後有效稅率為 25.9%，高於去年第一季的 23.5%。年對年增加主要由不利的一次性（離散）項目所致。本季調整後淨利為 2.534 億美元。稀釋每股盈餘為 2.59 美元，較去年增加 11%。較高的利潤率足以抵銷稅負增加。

Capital expenditures for the quarter were $87.5 million and depreciation and amortization totaled $123.8 million. We ended the quarter with a strong balance sheet, reflecting $1.9 billion in total debt. Gross debt to EBITDA at quarter end was approximately 1.1 times, well below our targets of 2 times to 2.5 times. Free cash flow for the quarter was $279.6 million, down from $326.5 million in the first quarter last year. The decline in free cash was driven primarily by a lower contribution from working capital, despite improvement in net income.

本季資本支出為 8,750 萬美元，折舊與攤銷合計 1.238 億美元。本季末我們的資產負債表依然強勁，總負債為 19 億美元。季末總負債對 EBITDA 約為 1.1 倍，明顯低於我們 2 倍至 2.5 倍的目標區間。本季自由現金流為 2.796 億美元，低於去年第一季的 3.265 億美元。自由現金流下降主要因營運資金貢獻較低，儘管淨利有所改善。

Share buybacks in the first quarter totaled $100 million, leaving us with $900 million under our current authorization. We also announced our 21st consecutive year of dividend increases last week with a $0.06 increase to $0.69 per quarter as we continue to prioritize dividend growth.

第一季股票回購合計 1 億美元，使我們在現行授權下尚餘 9 億美元額度。上週我們也宣布連續第 21 年調升股利，每季增加 0.06 美元至 0.69 美元，持續優先推動股利成長。

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

接下來我把電話交給 Dan，請他發表談話。

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

謝謝你，Karen，各位早安。感謝各位加入我們，一同了解 2027 會計年度第一季的表現以及我們對今年剩餘期間的展望。Karen 已從高層次說明本季表現，因此我將補充一些關於各事業部門的評論。

Starting with Healthcare, constant currency organic revenue grew 6% for the first quarter. Our performance reflected stable underlying demand while our commercial teams continue to drive meaningful growth across the Healthcare segment. The strength of our portfolio continues to enable us to help our customers navigate a complex operating environment.

先從 Healthcare（醫療保健）開始，第一季以固定匯率計算的有機營收成長 6%。我們的表現反映出穩定的基本需求，同時我們的商務團隊持續在 Healthcare 事業部門推動具意義的成長。我們產品組合的優勢持續使我們能協助客戶在複雜的營運環境中前行。

Our service team continued its streak of outperformance, growing 10% in the first quarter. Consumables grew 9%, benefiting from increased customer consumption driven by share gains and procedural growth in endoscopy. Healthcare capital equipment revenue increased 1% for the quarter, with growth impacted by the timing of shipments. Orders remained solid with 4% growth in the first quarter and our ending backlog increased to $444 million.

我們的服務團隊延續優於預期的表現，第一季成長 10%。耗材成長 9%，受惠於市占提升以及內視鏡手術量成長帶動的客戶使用量增加。Healthcare 資本設備營收本季增加 1%，成長受到出貨時點影響。訂單維持穩健，第一季成長 4%，期末在手訂單（backlog）增加至 4.44 億美元。

EBIT margins for healthcare in the quarter increased 60 basis points to 24.8% with volume, pricing, positive productivity, and favorable mix somewhat offset by inflation, investments in the business and tariffs. Turning to AST. Constant currency organic revenue grew 5% for the quarter with 6% growth in services. As anticipated against difficult comparisons, services volume remained light in the quarter. Global demand remains a bit soft as customers continue to manage down existing inventory.

Healthcare 本季 EBIT 利潤率提升 60 個基點至 24.8%；銷量、定價、正向生產力與有利的產品組合，部分被通膨、對業務的投資以及關稅所抵銷。接著談 AST。本季以固定匯率計算的有機營收成長 5%，其中服務成長 6%。如同預期，在較具挑戰的比較基期下，本季服務量仍偏低。由於客戶持續去化既有庫存，全球需求仍略顯疲弱。

EBIT margins for AST were 48%, a decrease of 60 basis points from the first quarter of last year as additional pricing was more than offset by increased depreciation and slightly lower productivity. Constant currency organic revenue increased 8% for the life sciences group in the quarter. Supporting that growth, capital equipment grew 17% and consumables increased 8%. Services grew 2%.

AST 本季 EBIT 利潤率為 48%，較去年第一季下降 60 個基點，原因是額外的定價效益被折舊增加與略低的生產力所抵銷。本季生命科學事業群以固定匯率計算的有機營收成長 8%。支撐該成長的因素包括：資本設備成長 17%，耗材增加 8%，服務成長 2%。

Backlog at quarter end was about flat with prior year at $110 million. Margins were 42.1%, a decrease of 140 basis points as pricing and volume were more than offset by unfavorable productivity and inflation.

期末在手訂單約 1.10 億美元，與去年同期大致持平。利潤率為 42.1%，下降 140 個基點，因定價與銷量的正面影響被不利的生產力與通膨所抵銷。

Before we shift gears to outlook, I want to comment on the announcement we made yesterday that we will be investing $600 million to build a new formulated Chemistry Center of Excellence in North Carolina. As noted in our release, this is our largest investment in our history in a single manufacturing site.

在我們轉向展望之前，我想評論我們昨天宣布的一項消息：我們將投資 6 億美元，在北卡羅來納州興建新的配方化學卓越中心（Formulated Chemistry Center of Excellence）。如同我們新聞稿所述，這是我們歷史上在單一製造基地的最大投資。

We will be building two facilities totaling 600,000 square feet under roof that will include manufacturing, R&D, and distribution. The facility will produce high-performance infection prevention and contamination control chemistries used by our healthcare and pharmaceutical customers across the globe. This investment strengthens our healthcare and life sciences formulated chemistries business, which together generate more than $700 million in revenue.

我們將興建兩座設施，屋頂覆蓋面積合計 60 萬平方英尺，包含製造、研發與配送。該設施將生產高效能的感染預防與污染控制化學品，供全球的醫療保健與製藥客戶使用。此項投資將強化我們在醫療保健與生命科學的配方化學品業務，兩者合計創造超過 7 億美元的營收。

These products are high growth, high margin, and highly regulated. They play an essential role in helping our customers deliver safe, compliant outcomes for patients. This investment positions us to scale with our customers, supports increasing demand, and sustains growth in these strategically important portfolios over the long-term. The facility is expected to become operational in two- to three years in a phased approach, beginning with distribution.

這些產品具備高成長、高毛利且高度受監管的特性。它們在協助客戶為病患提供安全、合規的成果方面扮演關鍵角色。此項投資使我們能與客戶一同擴張規模，支援日益增加的需求，並在長期內維持這些具策略重要性的產品組合成長。該設施預計將以分階段方式於兩到三年內投入營運，並先從配送開始。

Upon completion, we expect to transition the work from our St. Louis, Missouri and Plymouth, Minnesota chemistry manufacturing and distribution sites and close those facilities. When finalized, the formulated Chemistry Center of Excellence will allow us to accelerate innovation, expand capacity and optimize our US Chemistry's manufacturing and distribution network.

完工後，我們預期將把工作自密蘇里州聖路易斯與明尼蘇達州普利茅斯的化學品製造與配送據點移轉，並關閉這些設施。最終定案後，配方化學卓越中心將使我們能加速創新、擴充產能，並最佳化我們在美國的化學品製造與配送網路。

As a result, we announced today a restructuring program with anticipated pre-tax restructuring charges of approximately $55 million to $70 million, consisting of approximately $40 million to $50 million of cash expenditures and approximately $15 million to $20 million of non-cash charges. We anticipate that less than $10 million will be booked in fiscal 2027. This investment will generate an ROIC of over 10% within three- to five years of opening and it is essential to our long-term growth and profitability.

因此，我們今天宣布一項重整計畫，預期稅前重整費用約為 5,500 萬至 7,000 萬美元，其中約 4,000 萬至 5,000 萬美元為現金支出，約 1,500 萬至 2,000 萬美元為非現金費用。我們預期在 2027 會計年度入帳的金額將少於 1,000 萬美元。此項投資在啟用後三到五年內將產生超過 10% 的投資資本報酬率（ROIC），並且對我們的長期成長與獲利能力至關重要。

Shifting gears to outlook, based on our first quarter results, our expectation is for the remainder of the year, we are maintaining our original outlook for fiscal 2027. This includes as-reported revenue growth of 7% to 8% and constant currency organic revenue growth of 6% to 7% for the total company.

轉向展望，基於我們第一季的業績表現，我們對今年剩餘期間的預期是：維持我們對2027會計年度的原先展望不變。這包括全公司按報告口徑營收成長7%至8%，以及以固定匯率計算的有機營收成長6%至7%。

Our fiscal 2027 earnings per share outlook is also unchanged at $11.10 to $11.30, growth of 9% to 11% over fiscal 2026. While the total cost of the North Carolina facility is anticipated to be $600 million, the impact on fiscal 2027 is expected to be approximately $75 million in additional capital spending. As a result, CapEx is now anticipated to be approximately $450 million in fiscal 2027.

我們對2027會計年度每股盈餘的展望也維持不變，為11.10美元至11.30美元，較2026會計年度成長9%至11%。雖然北卡羅來納州廠房的總成本預計為6億美元，但對2027會計年度的影響預計約為額外7,500萬美元的資本支出。因此，2027會計年度的資本支出（CapEx）目前預計約為4.5億美元。

Free cash flow is now expected to be $800 million as the strong performance in the first quarter is helping to offset the additional CapEx spent for the year. For your modeling purposes, the investment in North Carolina will spread over the next three years. As of now, we expect the project to add approximately $350 million in capital spending into fiscal 2028 and the remaining $175 million in fiscal 2029. The project is in the early phases of development, and we will provide additional updates on timing as they become clear.

自由現金流目前預計為8億美元，因為第一季的強勁表現有助於抵銷今年額外投入的資本支出。就你們建模而言，北卡羅來納州的投資將在未來三年分攤。就目前而言，我們預期該專案將在2028會計年度增加約3.5億美元的資本支出，並在2029會計年度投入剩餘的1.75億美元。該專案仍處於開發初期，我們將在時程更明朗時提供更多更新。

Thank you to all of our associates for continuing to do what we do best. Focusing on our customers and striving to do a little better each day.

感謝我們所有同仁持續把我們最擅長的事情做好：專注於客戶，並努力每天都做得更好一些。

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

謝謝，以上為我們本次電話會議的預先準備發言。接線員，請您提供相關指示，讓我們開始問答環節（Q&A）好嗎？

(Operator Intrustions)

（接線員指示）

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

Good morning, guys. Thank you so much for taking the questions. Good update today. Just wanted to ask a little bit about the underlying trends in AST service. I know you've talked about a progression in growth through the year given the tough 1H comps and inventory dynamics. But just curious like how you're still thinking about growth from here and if you still expect an uptick into 2H?

各位早安。非常感謝讓我提問。今天的更新很不錯。我想稍微問一下AST服務的基本趨勢。我知道你們談到，考量上半年比較基期偏高以及庫存動態，全年成長會逐步推進。不過我想了解的是，你們目前對接下來的成長仍是怎麼看？以及你們是否仍預期下半年會出現加速？

Yeah, thanks, Brett. This is Dan. Like you said, tough comps in the first half last year. We expect that to linger a bit, but we get into easier comparisons as we started seeing destocking in Q3, we would assume we see acceleration at that point and the growth rates of AST.

好的，謝謝你，Brett。我是Dan。就像你說的，去年上半年比較基期很硬。我們預期這種影響還會持續一段時間；但當我們進入較容易的比較基期時——因為我們在第三季開始看到去庫存——我們會假設屆時AST的成長率會加速。

Nothing has changed in the fundamentals, but coming out of the gate last year, 13% in the first six months has somewhat tamped down the growth right now.

基本面沒有任何改變，但去年一開始的前六個月成長13%，在目前確實稍微壓抑了成長表現。

All right, great. And then just to nitpick the other part of the business that was a little bit slower this quarter in healthcare capital equipment. I know you mentioned timing and the backlog number looked pretty strong still. So maybe just a little bit more background on what was going on with order timing and placements and how you think back at ramp as well.

好，太好了。接著我想再細問一下本季稍微慢一些的另一塊業務：醫療保健資本設備。我知道你們提到是時點因素，而且積壓訂單（backlog）看起來仍相當強勁。所以能否再多提供一些背景，說明訂單時點與設備裝機（placements）方面發生了什麼，以及你們如何看待後續回升的節奏？

Yeah, you can see our backlog swelled. So it really is just a timing issue. Orders were up 4%. We are making real traction in the market right now. I'm highly confident that for the fiscal year, we're going to show solid growth for our capital equipment business and we're reaping the benefits of the last year and a half of solid capital sales as you look to the pull-through that we're getting in our consumable chemistry and sterility assurance and services.

好的，你可以看到我們的積壓訂單增加了，所以這確實只是時點問題。訂單成長4%。我們目前在市場上取得了實質進展。我非常有信心在本會計年度，我們的資本設備業務將呈現穩健成長；而且當你看到我們在耗材化學品、無菌保證以及服務方面的帶動效應（pull-through），我們也正在收穫過去一年半穩健資本設備銷售所帶來的成果。

And last question from me, I think I caught, you might have said something about share gains in endoscopy. Maybe if you could just expand a little bit where in the portfolio you're seeing the gains. Thank you so much.

我最後一個問題，我想我有聽到你可能提到在內視鏡方面的市占提升。能否請你再多談一點，你們在產品組合中的哪些部分看到這些提升？非常感謝。

Yeah, let me rephrase that or clarify. We've seen higher growth in endoscopy in terms of procedural growth. And we have about a third of our healthcare franchise is correlated to endoscopy, so that's helping us. And we are gaining share in that space, I can assure you, both in the equipment side with the automatic endoscope for processors, which are driving solid growth of our chemistries, our dedicated chemistries, as well as the services surrounding the repair of endoscopes and different instruments.

好的，我重新表述或澄清一下。我們看到內視鏡在手術量（procedural growth）方面的成長更高。我們醫療保健事業群大約有三分之一與內視鏡相關，因此這對我們有幫助。而且我可以向你保證，我們在該領域正在提升市占：不論是在設備端——例如自動內視鏡清洗消毒機（automatic endoscope processors）——帶動我們化學品、專用化學品的穩健成長；以及圍繞內視鏡與各類器械維修的相關服務。

Thanks so much.

非常感謝。

Patrick Wood, UBS.

Patrick Wood，UBS。

Beautiful. Thanks, guys. I've got two questions, please. I guess the first one, I'm too brain damaged to really wrap my head around some of the tariff stuff, but if we were to exit out both the actual refund that you guys got, but then also the expense, so to truly treat it like it never existed. Were underlying margins X all of that up? And if so, why? That's the first question.

太好了。謝謝各位。我有兩個問題。第一個，我的腦袋有點打結，實在很難完全理解關稅相關的內容；但如果我們把你們實際收到的退稅（refund）以及相對應的費用都排除掉，等於把它當作從未發生過，那麼在扣除這些因素後的基礎毛利率是否仍然上升？如果是，原因是什麼？這是第一個問題。

And then very quickly, second question, the $600 million deployment, that's obviously a big move for you guys. What was it that, you mentioned efficiencies and distribution outside, but that's a big move. So what was it that really tilted the scales in wanting to shift all that production? Thanks.

第二個問題很快問一下：6億美元的投資部署，對你們來說顯然是很大的動作。你提到效率以及外部配送等因素，但這仍是很大的決策。究竟是什麼因素真正促使你們決定把那麼多產能轉移？謝謝。

Thanks, Patrick. I'll take the first one. I would love to not talk about tariffs as well. The gross margin is up absent tariffs. We got favorability from price, productivity. The tariff refunds did help us offset some of that cost. It's included in the gross margin. But our true tariff costs were $14 million in the quarter. And I guess I wouldn't take those out. They're not going anywhere.

謝謝你，Patrick。我先回答第一個。我也很希望不要再談關稅。若不考慮關稅因素，毛利率是上升的。我們從價格與生產力提升中獲得了正面貢獻。關稅退稅確實幫助我們抵銷部分成本，且已包含在毛利率中。但我們本季真正的關稅成本是1,400萬美元。而且我想我不會把那些剔除，因為它們不會消失。

And then, Patrick, this is Dan. Thanks for the question. Relative to the chemistry expansion, if you look back when we acquired Cantel, with Cantel, they had a large chemistry manufacturing facility in Minnesota, and we have our large facility in St. Louis, Missouri. The problem is that neither are really expandable and both are going to be bumping up against the upper limits of capacity in the future.

另外，Patrick，我是Dan。謝謝你的問題。關於化學品產能擴張，如果回顧我們收購Cantel時的情況，Cantel在明尼蘇達州有一座大型化學品製造廠，而我們在密蘇里州聖路易斯也有一座大型廠。問題在於，兩者其實都不太能擴建，而且未來都將逐步逼近產能上限。

And in order to do anything, we were going to have to do something greenfield. So once we decided that and the consolidation was eminent, then we started determining what the location would be. And based on distribution efficiencies and access to talent, especially in the STEM world, we centered it in on North Carolina. So this factory will be the factory of the future for us. There's going to be significant automation. It's going to look and feel like a pharmaceutical clean room. It's going to be very impressive.

因此，如果要做任何事情，我們都必須做綠地（greenfield）建廠。一旦我們做出這個決定，而且整併勢在必行，我們就開始評估選址。基於配送效率以及人才取得，特別是STEM領域的人才，我們把地點聚焦在北卡羅來納州。所以這座工廠將會是我們的未來工廠，會有大量自動化，外觀與感受會像藥廠的無塵室（clean room）。會非常令人印象深刻。

Love it. Thanks, guys.

太棒了。謝謝各位。

Mac Etok, Stevens Inc.

Mac Etok，Stevens Inc.。

Hey, good morning and thank you for taking my questions. Maybe just to start, there's been some concern around hospital utilization rates and procedure volumes. Obviously, you posted some pretty strong growth in your healthcare consumables franchise. I'd love to just double-tap on the performance there and what you're seeing within that end market. Thank you.

早安，謝謝讓我提問。先從一個面向開始，市場上對醫院使用率與手術量有一些擔憂。顯然你們的醫療保健耗材事業群仍繳出相當強勁的成長。我想再追問一下那邊的表現，以及你們在該終端市場看到的情況。謝謝。

Yeah, thanks, Max. This is Dan. We haven't seen any slowdown whatsoever, and we see strong growth, especially in the ASC market. And in particular, as I mentioned before, in the area of endoscopy, which carries a lot of weight with STERIS in terms of our procedure growth impact.

好的，謝謝你，Max。我是Dan。我們完全沒有看到任何放緩，而且我們看到強勁成長，特別是在ASC市場。尤其如我先前提到的內視鏡領域，對STERIS而言在手術量成長的影響上占有很大比重。

I understand and we are very involved in the conversation with our customers about the challenging environment that they are working in today and will work in the future as it relates to payment. But we do not see an immediate or long-term impact in terms of procedure. And so as a result, we feel confident in the resiliency of our customers for the long-term.

我理解，而且我們也非常積極地與客戶討論他們目前以及未來在支付（payment）相關方面所面臨的艱困環境。但就手術量而言，我們沒有看到短期或長期的影響。因此，我們對客戶長期的韌性仍然有信心。

I appreciate that. And then maybe also, I'd love to just get a sense of what you're seeing within life sciences. Onshoring is, it's been talked about, but it's still on the common. I'd just love to get a sense from what you're hearing from potential projects in the pipeline.

了解，謝謝。接著我也想請教一下你們在生命科學領域看到的情況。回流設廠（onshoring）一直有人談，但似乎仍在醞釀中。我想了解你們從潛在專案管線（pipeline）聽到的狀況。

It's interesting. When you talk about onshoring, it's not just a move to the US. There's localization going on globally as tariffs become more of a plague in Europe and in the US. And so you'll see some duplication of manufacturing sites, whereas maybe in the past, you might have one site globally that is focusing on one pharmaceutical product.

這很有意思。當你談到回流設廠時，不只是移回美國而已。隨著關稅在歐洲與美國變得更像一種「瘟疫」，全球都在發生在地化。因此你會看到製造據點的某種程度重複配置；而在過去，你可能在全球只設一個據點，專注於某一項藥品產品。

As a result, that's good for us because it creates need for expansion or augmentation of the manufacturing footprint, which requires typically the tools, sterilizers, washers. Things like that that go into those aseptic manufacturing environments, as well as it gives us more at bats and opportunities to install our chemistries into the cleaning processes. So it is happening. It's not a revolution, but anytime there's disruption or change in manufacturing, generally that's a good opportunity for us.

因此，這對我們是有利的，因為它會帶來擴產或擴增製造據點的需求，而這通常需要相關設備、滅菌器、清洗機等，這些都會用於那些無菌製造環境；同時也讓我們有更多上場機會與安裝我們化學品到清潔流程中的機會。所以這確實正在發生。這不是一場革命，但只要製造端出現任何擾動或變化，通常對我們而言就是一個很好的機會。

I appreciate the color.

感謝你提供的補充說明。

Jason Bednar, Piper Sandler.

Jason Bednar，Piper Sandler。

Hey, good morning. Thanks for taking the questions. Dan, I wanted to ask on or come back to AST. You referenced inventory destocking. Is trajectory of volume growth just how you budgeted this year based on your conversation with customers and talking about kind of visibility you have in that segment accelerating from the current level and not having that destocking issue persist?

嗨，早安。謝謝讓我提問。Dan，我想問一下或回到 AST 的話題。你提到庫存去化（destocking）。今年的量成長軌跡是否就是你們依據與客戶的對話、以及你們在該業務板塊所掌握的能見度所做的預算？也就是說，從目前水準開始加速，且不會讓去庫存的問題持續下去？

Yeah, so we modeled it, so we would expect it through Q2 and then see a ramp in AST in the second half of the year. That's what's playing out for the most part, and we would expect that to continue and start to see improvement, I would hope, by the end of the second quarter and definitely material improvement in terms of performance by Q3.

是的，所以我們在模型裡有納入，我們預期這個情況會延續到第二季，然後在下半年看到 AST 拉升。就目前來看大致符合這個走勢，我們也預期會持續如此，並希望在第二季末前後開始看到改善，且在第三季於表現上看到明顯改善。

All right, perfect. Then, Karen, two for you as a follow-up here. So yes, first, for the avoidance of doubt, you've only received $4 million in total refund. That's all going into corporate at the 30-basis point benefit to gross margins. Feel free to correct me if anything that's off.

好，完美。接著 Karen，我有兩個追問。第一，為了確認無誤，你們總共只收到 400 萬美元的退稅款。這筆全部進到公司層面，對毛利率帶來 30 個基點的助益。如有任何不對請指正。

Have you requested any other refunds or what's the status on those other refunds requests? And then on the restructuring, I heard all the costs. I know this is a longer dated project, but when should we expect to see savings from this project?

你們是否還有申請其他退稅，或那些其他退稅申請的進度如何？另外關於重組，我聽到了所有成本。我知道這是較長期的專案，但我們應該何時能看到這個專案帶來的節省？

Okay, thanks, Jason. Yeah, on tariffs, you are correct. We received $4 million in the quarter. The total that we have potentially available is about $27 million. $24 million of that is eligible for claim under the Phase 1 and Phase 2 claim processes. We have submitted all of those claims. So far what we're seeing is the initial Phase 1 refunds coming in.

好的，謝謝你，Jason。是的，關於關稅，你說得沒錯。我們在本季收到 400 萬美元。整體我們潛在可取得的金額約為 2,700 萬美元，其中 2,400 萬美元符合第一階段與第二階段申請流程的請領資格。我們已提交所有這些申請。目前我們看到的是第一階段的初始退稅款正在入帳。

In terms of restructuring, that's really the cost of shutting down and consolidating the old facilities. So all of those benefits are built into what we expect in the new facility, the benefits of consolidation and modernization.

至於重組，那主要是關閉並整併舊廠的成本。因此，所有效益都已反映在我們對新廠的預期之中，也就是整併與現代化所帶來的效益。

Sorry, I heard the comment earlier around capacity expansion and modernization, are there going to be cost savings or efficiency moves with this new facility, or is this more cost-neutral?

抱歉，我先前聽到你提到產能擴張與現代化，新廠是否會帶來成本節省或效率提升的措施，還是說大致上是成本中性？

Initially, it will be cost-neutral. But over time, as we drive scale through the operation, we'll get considerably more leverage out of it by having the combined volume all in one location. And we're also deploying significant amounts of automation to the process, which does increase the front-end cost, obviously. But our labor requirements are going down dramatically in order to operate the facility.

一開始會是成本中性。但隨著時間推進，當我們在營運中推動規模化，把合併後的量都集中在同一個地點，我們會取得顯著更高的槓桿效益。我們也在流程中導入大量自動化，這當然會提高前期成本；但為了營運該設施，我們的人力需求將大幅下降。

Got it. Very helpful. Thank you.

了解。非常有幫助。謝謝。

Michael Polark, Wolf Research.

Michael Polark，Wolf Research。

Hey, good morning. AST services follow-up for the rest of the year, still fair to model 7% to 8% organic for that segment. And over the last few years, a lot of growth CapEx into AST to expand capacity. Are there go-lives penciled the rest of the fiscal year that kind of might help the growth be higher in 2H than we're going to see here in 1H?

嗨，早安。關於 AST 服務，針對今年剩餘期間的追問：對該部門而言，仍然可以用 7% 到 8% 的有機成長來建模嗎？另外，過去幾年 AST 有不少成長型資本支出用於擴充產能。在本財年剩餘期間，是否有一些上線（go-live）的項目，可能讓下半年（2H）的成長高於我們在上半年（1H）看到的水準？

Thanks, Mike. This is Dan. I'll answer this and maybe Karen wants to add to it. In terms of the modeling, yes, we still fully expect AST to deliver in the 7% to 8% range. No change there.

謝謝你，Mike。我是 Dan。我先回答，Karen 也許會補充。就建模而言，是的，我們仍然完全預期 AST 會落在 7% 到 8% 的區間，沒有改變。

In terms of the bills that we have coming online, the biggest driver is going to be recovery from inventory destocking going back to more normalized volume coming through the facility. Those bills facilitate that, but that's obviously baked into our number in terms of how we understand it.

至於我們即將上線的產能，最大的驅動因素將是庫存去化結束後的復甦，回到更正常化的產量流入設施。這些上線項目有助於支撐，但這當然已經依我們的理解納入數字之中。

And the incremental depreciation with bringing those online is built into our modeling and it's pretty equal pace over the course of the year. So you will see depreciation build in that segment.

另外，隨著這些項目上線所增加的折舊也已納入我們的模型，且在全年期間的節奏相當平均。因此你會看到該部門的折舊逐步增加。

And maybe for the follow-up, the mentions of increased procedure volumes and endoscopies specifically to which you have a high exposure just stood out to my ear as well. What do you think is driving that? Yeah, I'm curious for your two cents on that. Thank you.

再追問一下，你提到手術量增加、尤其是內視鏡檢查，而你們在這方面曝險很高，這點我也特別注意到。你認為是什麼在驅動？是的，我想聽聽你的看法。謝謝。

I mean, there's been a change that's been promoted now over the last couple of years about the early age of detection that has shifted down below 50 years now, so more people are eligible or being pulled in for endoscopies.

我的意思是，過去幾年推動了一項變化，把早期檢測的年齡下修到 50 歲以下，所以有更多人符合資格或被納入內視鏡檢查。

I think there's more awareness around colon cancer at this point, and it's driving maybe some intake as a result. I can't sit here and tell you that it's sustainable at the high level that's at right now, but what we saw was a really strong quarter in endoscopy. And we also saw that among some of our other peers that play in the same space.

我認為目前對大腸癌的認知度更高，可能因此帶動了一些就診量。我無法在這裡告訴你目前這麼高的水準是否可持續，但我們看到內視鏡業務有一個非常強勁的季度。我們也在一些同業（同一領域的其他公司）那裡看到類似情況。

And based on the information we have from our service organization and everything else, we're happy with the growth we're seeing there.

而且根據我們從服務組織以及其他來源掌握的資訊，我們對那裡看到的成長感到滿意。

Mike Matson, Needham & Co.

Mike Matson，Needham & Co.。

Yeah, thanks. So I wanted to ask one on the creative AI collaboration that was announced in March. So what is your view of robotics and AI in sterile processing? And is this collaboration something that could generate meaningful revenue for STERIS?

是的，謝謝。我想問一個關於 3 月宣布的 Creative AI 合作。你們如何看待機器人與 AI 在無菌處理（sterile processing）中的應用？這項合作是否可能為 STERIS 帶來有意義的營收？

Thanks, Mike. I appreciate the question. It's early development right now. We're very excited about the technology. I do think there's a world in the future where there's some AI or robotic assist that's meaningful in the SPDs. As we know, there's a huge challenge of labor in that environment, and there are certain tasks that over time could be automated like any other process.

謝謝你，Mike。我很感謝這個問題。目前仍在早期開發階段。我們對這項技術非常興奮。我確實認為未來會有一個世界，在 SPD（無菌處理部門）中 AI 或機器人輔助能發揮實質作用。眾所周知，那個環境的人力是一大挑戰，而有些工作隨著時間推進可以像其他流程一樣被自動化。

We're working hard on what's fairly nascent right now, and when we have something more material to talk about, we will do that. But at this point, it's just early days.

我們正在努力推進目前仍相當初期的工作；當我們有更具體、實質的內容可以分享時，我們會再對外說明。但就目前而言，還在非常早期的階段。

Yeah, I understand. And then just in AST, capital declined again. I know it's a tiny part of that business, but one, can you explain what happened? And two, can you just remind us what the capital is that you're selling in that business? Thanks.

是的，我了解。然後在 AST 方面，資本設備又下滑了。我知道那只是該業務中很小的一部分，但第一，你能解釋發生了什麼嗎？第二，你能再提醒我們在那個業務中你們賣的資本設備是什麼嗎？謝謝。

Yeah, so the capital is typically accelerated, they're electron beam accelerators that we sell to MedTech customers typically or other applications for electron beam. It's a lumpy business because these projects can be anywhere from $2 million to $10 million a unit, even more. So in a quarter where we don't ship a unit, you see a huge change versus prior period if you ship the unit.

好的，所以資本設備通常是加速器，也就是我們賣給醫療科技（MedTech）客戶或其他電子束應用客戶的電子束加速器。這是一個波動很大的業務，因為這些專案每台可能從 200 萬到 1,000 萬美元，甚至更高。所以在某個季度如果沒有出貨一台，你會看到相較前期（若前期有出貨）出現很大的變動。

The total revenue of the equipment business is, I mean, it fluctuates but call it somewhere between $18 million and $30 million a year. And so it's just purely timing and it's too small to really spend any time on.

設備業務的總營收，嗯，會波動，但大概一年介於 1,800 萬到 3,000 萬美元之間。所以純粹是時點問題，而且規模太小，不太值得花太多時間討論。

Okay, thank you.

好的，謝謝。

This will conclude our question-and-answer session. I would like to turn the conference back over to Julie Winter for any closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Julie Winter，請她做任何結語。

Thank you all for taking the time to join us this morning. Look forward to catching up with many of you offline and on the road later this fall.

感謝各位今天早上撥冗參與。我期待之後在私下以及今年秋季稍晚的行程中，能與許多各位再交流。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。