泰利福醫療 (TFX) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Teleflex Fourth Quarter 2023 Earnings Conference Call.

早安，女士們、先生們，歡迎參加泰利福 2023 年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

Please note that this conference call is being recorded and will be available on the company's website for replay shortly.

請注意，本次電話會議正在錄製中，並將很快在公司網站上提供重播。

And now I'll turn the call over to Mr. Lawrence Keusch, Vice President of Investor Relations and Strategy Development.

現在我將把電話轉給投資者關係和策略發展副總裁 Lawrence Keusch 先生。

Good morning, everyone, and welcome to the Teleflex Inc. Fourth Quarter 2023 Earnings Conference Call. The press release and slides to accompany this call are available on our website at teleflex.com.

大家早安，歡迎參加 Teleflex Inc. 2023 年第四季財報電話會議。本次電話會議附帶的新聞稿和幻燈片可在我們的網站 teleflex.com 上取得。

As a reminder, a replay will be available on our website, and for those wishing to access the replay, you can refer to our press release from this morning for details.

謹此提醒，我們的網站上將提供重播，對於那些希望觀看重播的人，您可以參閱我們今天上午的新聞稿以了解詳細資訊。

Participating on today's call are Liam Kelly, Chairman, President and Chief Executive Officer; and Thomas Powell, Executive Vice President and Chief Financial Officer. Liam and Tom will provide prepared remarks, and then we will open the call to Q&A.

出席今天電話會議的有董事長、總裁兼執行長利亞姆凱利 (Liam Kelly)；和執行副總裁兼財務長托馬斯·鮑威爾。利亞姆和湯姆將提供準備好的發言，然後我們將開始問答環節。

Before we begin, I'd like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events as outlined in the slides posted to the Investor Relations section of the Teleflex website. We wish to caution you that such statements are, in fact, forward-looking in nature and are subject to risks and uncertainties, and actual events or results may differ materially.

在我們開始之前，我想提醒您，電話會議中討論的一些事項將包含有關未來事件的前瞻性陳述，如泰利福網站投資者關係部分發布的幻燈片中概述的那樣。我們希望提醒您，此類陳述實際上具有前瞻性，並存在風險和不確定性，實際事件或結果可能存在重大差異。

The factors that could cause actual results or events to differ materially include, but are not limited to, factors referenced in our press release today as well as our filings with the SEC, including our Form 10-K, which can be accessed on our website.

可能導致實際結果或事件出現重大差異的因素包括但不限於我們今天的新聞稿中提到的因素以及我們向 SEC 提交的文件，包括我們的 10-K 表格（可以在我們的網站上訪問） 。

Now I'll turn the call over to Liam for his remarks.

現在我將把電話轉給利亞姆聽他的演講。

Thank you, Larry, and good morning, everyone. On this morning's call, we will discuss the fourth quarter results, provide some commercial updates and introduce our financial guidance for 2024. We had a solid finish to 2023 as momentum seen through the year continued into the fourth quarter.

謝謝拉里，大家早安。在今天早上的電話會議上，我們將討論第四季度的業績，提供一些商業更新，並介紹我們2024 年的財務指引。的句號。

For the quarter, Teleflex revenues were $773.9 million, a year-over-year increase of 2.1% and an increase of 0.7% on a constant currency basis. As a reminder to investors, there were 5 fewer shipping days year-over-year in the fourth quarter. The shipping day impact in the quarter was an estimated $57 million, or approximately a 7.4 percentage point reduction in constant currency growth year-over-year.

本季度，泰利福營收為 7.739 億美元，年增 2.1%，以固定匯率計算成長 0.7%。提醒投資者，第四季的運輸天數年減了 5 個。本季的運輸日影響估計為 5,700 萬美元，即以固定匯率計算年減約 7.4 個百分點。

When adjusting for the shipping day impact, the implied constant currency growth was 8.1% year-over-year. Fourth quarter adjusted earnings per share was $3.38, a 4% decrease year-over-year. During the quarter, utilization continued to return towards normal seasonality. From a macro perspective, we witnessed a stable-to-improving environment for material inflation and supply chain.

在調整出貨日影響後，隱含的貨幣恆定成長率為 8.1%。第四季調整後每股收益為 3.38 美元，年減 4%。本季度，利用率持續恢復正常季節性。從宏觀來看，物質通膨和供應鏈環境穩中向好。

These dynamics generally track to our expectations for the full year. For the full year 2023, we had a strong performance with revenues reaching $2.975 billion, which represents 6.5% constant currency growth year-over-year, while adjusted earnings per share was $13.52.

這些動態總體上符合我們對全年的預期。 2023 年全年，我們業績強勁，營收達到 29.75 億美元，以恆定匯率計算年增 6.5%，調整後每股收益為 13.52 美元。

As we look to 2024, we anticipate a stable procedure environment, with seasonality in line with pre-pandemic levels. Although the Teleflex portfolio is not likely to benefit from pent-up demand due to the focus on critical care procedures, we would anticipate that staffing will continue to see improvements during the year.

展望 2024 年，我們預期手術環境穩定，季節性與疫情前的水準一致。儘管由於重點關注重症監護程序，泰利福產品組合不太可能從被壓抑的需求中受益，但我們預計今年的人員配置將繼續得到改善。

Supply chain dynamics largely stabilized through 2023, and we expect to see continued improvements in 2024. Teleflex has broad global manufacturing capabilities, and we continue to assess vertical integration opportunities to gain further control of our supply chain.

到 2023 年，供應鏈動態基本上穩定，我們預計 2024 年將持續改善。

Turning to inflation. There were elements of improvement during 2023, including sea freight and raw materials. For 2024, we are assuming some further disinflation, but note that costs remains somewhat elevated relative to historic levels and are above 2023.

轉向通貨膨脹。 2023 年有一些改善的因素，包括海運和原料。對於 2024 年，我們假設通膨會進一步下降，但請注意，成本相對於歷史水準仍然有所上升，並且高於 2023 年。

Now let's turn to a deeper dive into our fourth quarter revenue results. I will begin with the review of our geographic segment revenues for the fourth quarter. All growth rates that I refer to are on a constant currency basis, and reflect the negative impact of 5 fewer shipping days year-over-year, unless otherwise noted.

現在讓我們更深入地了解第四季的營收結果。我將首先回顧第四季度我們的地理部門收入。除非另有說明，我提到的所有增長率均以固定匯率計算，反映了運輸天數同比減少 5 個的負面影響。

Americas revenues were $450.6 million, a 1.9% decrease year-over-year, driven by Surgical and Vascular, and reflective of the 5 fewer shipping days in the quarter. In particular, we saw year-over-year growth in our Interventional, Anesthesia and Interventional Urology businesses despite the fewer shipping days in the quarter.

受外科和血管業務的推動，美洲地區的收入為 4.506 億美元，年減 1.9%，這反映出該季度的運輸天數減少了 5 個。特別是，儘管本季的出貨天數減少，但我們的介入、麻醉和介入泌尿科業務仍實現了同比增長。

EMEA revenues of $152.4 million decreased 2.7% year-over-year, driven by Anesthesia and Surgical, and reflective of the impact of the fewer shipping days. Urology products, Interventional and Vascular businesses generated the highest shipping days adjusted growth in the quarter.

受麻醉和外科業務的推動，歐洲、中東和非洲地區的收入為 1.524 億美元，年減 2.7%，也反映了運輸天數減少的影響。泌尿科產品、介入和血管業務在本季度實現了最高的運輸天數調整後成長。

Turning to Asia. Revenues were $88.3 million, increasing 12.6% year-over-year. Revenue growth was broad-based across the region, with strong double-digit increases in Korea, India and China. The performance in the quarter was driven by strong commercial execution and solid underlying demand.

轉向亞洲。營收為 8,830 萬美元，年增 12.6%。該地區的收入成長廣泛，韓國、印度和中國的收入成長強勁，達到兩位數。本季的業績得益於強勁的商業執行力和堅實的潛在需求。

Let's now move to a discussion on our fourth quarter revenue by global product category. Commentary on global product category growth for the fourth quarter will also be on a year-over-year constant currency basis and reflects the impact of the 5 fewer shipping days.

現在讓我們以全球產品類別來討論第四季的收入。第四季度全球產品類別成長的評論也將以同比固定貨幣為基礎，並反映運輸天數減少 5 個的影響。

On a shipping days adjusted basis, the sequential growth in the fourth quarter trended in line with our expectations, with Vascular and Anesthesia growth rates improving, while Interventional and Surgical slowed.

在調整後的運輸天數的基礎上，第四季度的環比增長趨勢符合我們的預期，血管和麻醉增長率有所改善，而介入和外科增長率則放緩。

Starting with Vascular Access. Revenue decreased 1.2% to $186.7 million. Along with the fewer shipping days, the year-over-year growth also reflected the impact of the previously announced Endurance catheter recall. The quarter was led by year-over-year growth for EZ-IO and other access despite headwinds from the fewer shipping days.

從血管通路開始。營收下降 1.2% 至 1.867 億美元。除了出貨天數減少之外，年成長也反映了先前宣布的 Endurance 導管召回的影響。儘管運輸天數減少帶來了阻力，但 EZ-IO 和其他接入的同比增長帶動了本季度的增長。

Of note, we achieved double-digit growth in our underlying PICC business when excluding the negative impact of the Endurance recall. We continue to see opportunities for share gains in the peripheral access markets, and our new product initiatives will help play a role.

值得注意的是，在排除 Endurance 召回的負面影響後，我們的人保財險基礎業務實現了兩位數的成長。我們繼續看到外圍接入市場份額成長的機會，我們的新產品計劃將有助於發揮作用。

During the quarter, we continued to execute on our launch activities for our next-generation navigation device and new PICC dialysis.

本季度，我們持續進行下一代導航設備和新型人保財險透析設備的上市活動。

Moving to Interventional. Revenue was $135.6 million, up 7.2% year-over-year. Despite the impact of the fewer selling days, we demonstrated solid growth, which underscores our positive momentum as we continue to make good progress with our growth drivers.

轉向介入治療。營收為 1.356 億美元，年增 7.2%。儘管受到銷售天數減少的影響，我們仍表現出穩健的成長，這凸顯了我們在成長動力方面繼續取得良好進展的積極勢頭。

Turning to Anesthesia. Revenue declined 3.4% year-over-year to $98.2 million. Among our larger product categories, hemostatic products performed well in the quarter, with strong double-digit growth, partially offset by declines in atomization and ET tubes as we recover from the recall, which occurred earlier in 2023.

轉向麻醉。營收年減 3.4% 至 9,820 萬美元。在我們較大的產品類別中，止血產品在本季度表現良好，實現了兩位數的強勁增長，但隨著我們從2023 年初發生的召回中恢復過來，霧化和ET 管的下降部分抵消了這一增長。

In our Surgical business, revenue was $109.6 million, down 2% year-over-year against a tough comparison. Our underlying trends in our core surgical franchise continue to be solid, including our ligation portfolio.

在我們的外科業務中，營收為 1.096 億美元，與去年同期相比下降了 2%。我們核心外科業務的基本趨勢仍然穩固，包括我們的結紮產品組合。

For 2023, Titan generated revenues in excess of $12 million. For Interventional Urology, revenue was $93 million, representing an increase of 4.2%, starting with Palette, which we acquired in October 2023. Revenues in the fourth quarter were modestly better than expectations with outperformance of Barrigel. For UroLift, the office remains a challenge as we continue our efforts to stabilize this size of service. In the international markets, UroLift revenue saw a healthy growth in Japan, while in China, our initial launch activities remain on plan with a focus on training surgeons and gaining reimbursement.

2023 年，Titan 的收入超過 1,200 萬美元。介入泌尿科方面，營收為 9,300 萬美元，成長 4.2%，從我們於 2023 年 10 月收購的 Palette 開始。對於 UroLift 來說，在我們繼續努力穩定這項服務規模的同時，辦公室仍然是一個挑戰。在國際市場上，UroLift 在日本的收入實現了健康成長，而在中國，我們最初的推出活動仍在按計劃進行，重點是培訓外科醫生和獲得報銷。

OEM had another solid quarter, with revenues increasing 10.9% year-over-year to $82.6 million. The strength in the quarter was broad-based across our portfolio, with all product categories recording year-over-year growth, including continued strength in micro catheters. Fourth quarter other revenue declined 10.2% to $68.2 million year-over-year. As previously disclosed, fourth quarter other revenues reflects the early December 2023 exit of the MSA by Medline and accounted for the majority of the year-over-year revenue decline.

OEM 季度業績又表現強勁，營收年增 10.9% 至 8,260 萬美元。本季我們的產品組合表現強勁，所有產品類別均達到年成長，包括微導管的持續強勁。第四季其他營收年減 10.2% 至 6,820 萬美元。正如先前披露的，第四季度其他收入反映了 Medline 於 2023 年 12 月初退出 MSA，並佔收入同比下降的大部分。

That completes my comments on the fourth quarter revenue performance. Turning to some commercial and clinical updates. Following the acquisition of Palette Life Sciences on October 10, 2023, I am pleased to report that the integration is tracking to our expectations. We have completed and issued cross-functional product sales training for selected members of our legacy UroLift sales force, and our dual-bag reps are now interacting with clinicians in the field.

我對第四季營收表現的評論就到此結束。轉向一些商業和臨床更新。繼 2023 年 10 月 10 日收購 Palette Life Sciences 後，我很高興地報告說，此次整合正在符合我們的預期。我們已經為我們傳統 UroLift 銷售隊伍的選定成員完成並發布了跨職能產品銷售培訓，我們的雙包代表現在正在與現場的臨床醫生進行互動。

Our focus remains on expanding the use of rectal spacer in the treatment of prostate cancer, and we are engaging with urologists and radiation oncologists. Barrigel is a differentiated rectal spacer that is clinically proven to significantly reduce unwanted radiation exposure.

我們的重點仍然是擴大直腸間隔器在前列腺癌治療中的使用，並且我們正在與泌尿科醫生和放射腫瘤學家合作。 Barrigel 是一種差異化的直腸間隔器，經臨床證明可顯著減少不必要的輻射暴露。

Moving to UroLift. We continue to expand our foundation of clinical data that supports the use of UroLift as a safe and effective, minimally invasive treatment for BPH. In November 2023, we highlighted a new peer review study in the Nature Journal, Prostate Cancer and Prosthetic Diseases, that reinforces the position of the UroLift system as the goal standard in minimally invasive surgical treatment for BPH.

轉向 UroLift。我們繼續擴大臨床數據基礎，支持使用 UroLift 作為治療 BPH 的安全有效的微創治療方法。 2023 年 11 月，我們在《自然》雜誌上重點介紹了一項新的同行評審研究《前列腺癌和假體疾病》，該研究強化了 UroLift 系統作為 BPH 微創手術治療目標標準的地位。

Results suggested that within 1 year of BPH surgery, 1 in 20 patients may require retreatment regardless of whether they receive a TURP, GreenLight, Rezum or UroLift. Additionally, at 1 year, procedural complications requiring a return procedure in the outpatient setting was lowest following UroLift, and highest following Rezum. The average time to the first complication was the longest for UroLift.

結果表明，BPH 手術後 1 年內，每 20 名患者中就有 1 名可能需要重新治療，無論他們是否接受 TURP、GreenLight、Rezum 或 UroLift。此外，1 年時，UroLift 後需要在門診進行回程手術的手術併發症最低，Rezum 後最高。 UroLift 出現首次併發症的平均時間最長。

At 5 years, retreatment was lowest for TURP and statistically similar between GreenLight and UroLift. The retreatment rate for UroLift is comparable to publish controlled trial rates, thereby underscoring the durability of the UroLift system.

5 年時，TURP 的再治療最低，且 GreenLight 和 UroLift 之間的統計學相似。 UroLift 的再治療率與已發表的對照試驗率相當，從而強調了 UroLift 系統的耐用性。

We continue to focus on supporting UroLift with clinical data, and note that we have 8 sponsored research abstracts that have been accepted for presentation at major urological meetings in 2024.

我們繼續專注於以臨床數據支持 UroLift，並注意到我們有 8 份贊助的研究摘要已被接受在 2024 年的主要泌尿外科會議上發表。

Turning to an update related to our Surgical business unit. We have completed the launch activities for the GORE SEAMGUARD Bioabsorbable Staple Line Reinforcement Material to be used with the Titan Stapler. The ability to offer synthetic buttressing material alongside the unique features of the Titan Stapler should enable Teleflex to further address surgeon clinical needs and preferences in the sleeve gastrectomy market.

轉向與我們的外科業務部門相關的更新。我們已經完成了與 Titan 訂書機一起使用的 GORE SEAMGUARD 生物可吸收訂書線加固材料的發布活動。提供合成支撐材料的能力以及 Titan 吻合器的獨特功能將使 Teleflex 能夠進一步滿足袖狀胃切除術市場的外科醫生臨床需求和偏好。

Lastly, as we look into 2024, we will continue to advance our new product introductions with a number of launches across our business units.

最後，展望 2024 年，我們將繼續推動新產品的推出，在我們的業務部門推出多項產品。

In our Interventional business, we expect to receive FDA marketing clearance and launch the Ringer catheter in the second half of 2024. Ringer incorporates a unique balloon design that allows blood to flow through a vessel while the balloon is inflated. We will initially launch with a PTCA indication, but we have completed enrollment in a vessel perforation trial that will be utilized to seek FDA label expansion.

在我們的介入業務中，我們預計將獲得 FDA 的營銷許可，並在 2024 年下半年推出 Ringer 導管。我們最初將推出 PTCA 適應症，但我們已經完成了血管穿孔試驗的註冊，該試驗將用於尋求 FDA 標籤擴展。

In our Surgical business, we anticipate launching new ligation products, including an automated polymer clip applier in the second half of 2024.

在我們的外科業務中，我們預計在 2024 年下半年推出新的結紮產品，包括自動聚合物施夾器。

We will also continue to refresh our laryngoscope families with a series of launches during the year. Our Anesthesia business unit is also on track for new product launches, including updated technology in our EZ-IO business that would enable expansion of our user base, for which we expect FDA approval in 2024. We will provide more details upon launch.

我們還將在年內推出一系列產品，繼續更新我們的喉鏡系列。我們的麻醉業務部門也有望推出新產品，包括EZ-IO 業務中的更新技術，這將有助於擴大我們的用戶群，我們預計該業務將於2024 年獲得FDA 批准。更多詳細資訊。

That completes my prepared remarks. Now I would like to turn the call over to Tom for a more detailed review of our fourth quarter financial results. Tom?

我準備好的發言就到此結束。現在我想把電話轉給湯姆，讓他更詳細地審查我們第四季的財務表現。湯姆？

Thanks, Liam, and good morning. Given the previous discussion of the company's revenue performance, I'll begin with margins. For the quarter, adjusted gross margin was 60.1%, a 10-basis-point increase versus the prior year period. The year-over-year increase was primarily due to favorable price, benefits from cost improvement initiatives, lower logistics and distribution-related costs and the Palette acquisition, partially offset by continued cost inflation and unfavorable fluctuations in foreign exchange rates.

謝謝利亞姆，早安。鑑於先前對公司收入表現的討論，我將從利潤率開始。本季調整後毛利率為 60.1%，較去年同期成長 10 個基點。年比成長主要是由於有利的價格、成本改善措施的好處、物流和分銷相關成本的降低以及 Palette 的收購，但部分被持續的成本通膨和不利的匯率波動所抵消。

Adjusted operating margin was 26.3% in the fourth quarter. The 160-basis-point year-over-year decrease was primarily driven by the inclusion of Palette Life Sciences operating expenses, employee-related expenses and investments to grow the business, partially offset by the flow-through of the year-over-year increase in gross margin.

第四季調整後營業利益率為 26.3%。年比下降 160 個基點主要是由於納入 Palette Life Sciences 營運費用、員工相關費用和業務成長投資，部分被同比流量所抵銷毛利率增加。

Net interest expense totaled $22.5 million in the fourth quarter, an increase from $18.7 million in the prior year period. The year-over-year increase in net interest expense reflects higher interest rates versus the prior year and higher average debt outstanding utilized to fund the acquisition of Palette, partially offset by increased interest income.

第四季淨利息支出總計 2,250 萬美元，高於去年同期的 1,870 萬美元。淨利息支出的同比增長反映了與上一年相比更高的利率以及用於為收購 Palette 提供資金的平均未償還債務的增加，但部分被利息收入的增加所抵消。

Our adjusted tax rate for the fourth quarter of 2023 was 11.6% compared to 13.6% in the prior year period. The year-over-year decrease in our adjusted tax rate is primarily due to an increase in tax deductions as a result of additional amortization of R&D costs, which, as a result of the U.S. tax law change, resulted in capitalization of such costs starting in 2022.

2023 年第四季的調整後稅率為 11.6%，而去年同期為 13.6%。調整後稅率年減主要是由於研發成本的額外攤銷導致稅收減免增加，而由於美國稅法的變化，導致此類成本開始資本化。

At the bottom line, fourth quarter adjusted earnings per share was $3.38, a decrease of 4% versus prior year. The year-over-year decrease in EPS reflects dilution from the acquisition of Palette Life Sciences and the related incremental borrowings.

最後，第四季調整後每股收益為 3.38 美元，比去年同期下降 4%。每股盈餘較去年同期下降反映了收購 Palette Life Sciences 和相關增量借款帶來的稀釋。

Turning now to select balance sheet and cash flow highlights. Cash flow from operations for the 12 months was $511.7 million compared to $342.8 million in the prior year period. The $168.9 million increase was primarily attributable to lower tax payments, favorable changes in working capital and favorable operating results. The favorable changes in working capital were primarily driven by lower inventory purchases stemming from the buildup of inventory in the prior year due to elevated global supply chain volatility.

現在轉向選擇資產負債表和現金流亮點。這 12 個月的營運現金流為 5.117 億美元，而去年同期為 3.428 億美元。 1.689 億美元的成長主要歸因於納稅額減少、營運資本的有利變化以及良好的經營績效。營運資本的有利變化主要是由於前一年全球供應鏈波動性加劇導致庫存增加，導致庫存採購減少。

Moving to the balance sheet. At the end of the fourth quarter, our cash balance was $222.8 million as compared to $292 million as of the end of 2022. For the 12 months, the decrease in cash is primarily due to payments to fund the Palette acquisition, partially offset by net proceeds from borrowings and operating cash flow.

轉向資產負債表。截至第四季末，我們的現金餘額為 2.228 億美元，而截至 2022 年末為 2.92 億美元。和經營現金流的收益。

Net leverage at quarter end was approximately 1.9x. Inclusive of the acquisition of Palette Life Sciences, our financial position remains sound, and continues to provide us flexibility to execute on our long-term capital allocation strategy.

季度末淨槓桿率約為 1.9 倍。包括收購 Palette Life Sciences 在內，我們的財務狀況依然穩健，並持續為我們提供執行長期資本配置策略的靈活性。

Turning now to financial guidance. Starting with a couple of discrete items for 2024. First, we continue to expect the Palette acquisition to be $0.35 dilutive to the company's adjusted earnings per share in 2024. Beginning in fiscal year 2025, the transaction is expected to be increasingly accretive to adjusted EPS.

現在轉向財務指導。從2024 年的幾個離散項目開始。收益。

Second, as previously disclosed, the manufacturing transition services agreement with Medline associated with our sale of certain respiratory assets included in December 2023. Of note, Teleflex generated $75.7 million in revenues from the MSA in 2023, which will not repeat to 2024.

其次，正如先前披露的，與Medline 簽訂的製造過渡服務協議與我們在2023 年12 月出售某些呼吸資產有關。這種情況到2024 年都不會重複。

Moving to our outlook for 2024. We are expecting 2024 constant currency revenue growth of 3.75% to 4.75%. The year-over-year growth includes the loss of the $75.7 million in MSA revenues, partly offset by the incremental revenues from Palette.

展望 2024 年。同比增長包括 MSA 收入損失 7570 萬美元，但部分被 Palette 的增量收入所抵消。

Turning to foreign exchange. We assume approximately $5 million or 15 basis points headwind to revenue from foreign exchange translation in 2024. Our outlook for foreign exchange includes a euro to dollar exchange rate of approximately 1.08.

轉向外匯。我們假設 2024 年外匯換算收入將面臨約 500 萬美元或 15 個基點的阻力。

Netting the loss of MSA revenues, the incremental Palette sales and foreign exchange headwinds represents an approximately 100-basis-point year-over-year headwind to growth in 2024. Considering the foreign exchange outlook, we expect reported revenue growth of 3.6% to 4.6% in 2024, implying a dollar range of $3.082 billion to $3.111 billion.

扣除 MSA 收入損失、Palette 銷售增量和外匯不利因素，預計 2024 年的成長將年減約 100 個基點。意味著美元範圍為30.82 億美元至31.11 億美元。

Turning to margins. We expect 2024 gross margin to be in the range of 60% to 60.75%. Our gross margin guidance reflects the year-over-year positive impacts from the termination of the MSA, manufacturing efficiencies, rights and the Palette acquisition, partially offset by inflation and the impact of changes in foreign currency exchange rates.

轉向邊緣。我們預計2024年毛利率將在60%至60.75%之間。我們的毛利率指引反映了終止 MSA、製造效率、權利和 Palette 收購帶來的同比積極影響，但部分被通貨膨脹和外幣匯率變化的影響所抵消。

We expect operating margin to be in the range of 26.25% to 26.75% for 2024. Our guidance reflects the flow-through of gross margin and the positive impact of restructuring, offset by the inclusion of operating expenses for Palette Life Sciences and investments to grow the business.

我們預計 2024 年營業利潤率將在 26.25% 至 26.75% 之間。

Moving to items below the line. Net interest expense is expected to approximate $78 million for 2024. The majority of the year-over-year increase in our net interest expense outlook reflects the impact of borrowings associated with the Palette acquisition, partially offset by planned debt repayments during 2024.

移動到該線下方的項目。 2024 年淨利息支出預計約為 7,800 萬美元。

Our tax rate is expected to be approximately 12% for 2024, which reflects favorable mix, offset by discrete items in 2023 that will not repeat in 2024, and the impact of Pillar 2 global minimum tax. We estimate the impact of Pillar 2 to add approximately 150 basis points to the 2024 tax rate.

2024 年，我們的稅率預計約為 12%，這反映了有利的組合，但被 2023 年不會在 2024 年重複的離散項目所抵消，以及第二支柱全球最低稅率的影響。我們估計第二支柱的影響將使 2024 年稅率增加約 150 個基點。

Turning to earnings. We expect 2024 adjusted earnings per share be in a range of $13.55 to $13.95. Our adjusted EPS outlook reflects $0.35 of dilution from the acquisition of Palette, $0.26 of dilution from the termination of the MSA, and a $0.23 headwind associated with the year-over-year increase in our tax rate, primarily due to the Pillar 2 minimum tax.

轉向收益。我們預計 2024 年調整後每股盈餘將在 13.55 美元至 13.95 美元之間。我們調整後的每股收益前景反映了收購 Palette 帶來的 0.35 美元稀釋、終止 MSA 帶來的 0.26 美元稀釋，以及與稅率同比增加相關的 0.23 美元逆風，這主要是由於第二支柱最低稅。

Relative to foreign exchange, although there is a negligible impact on revenue, the headwind to earnings per share is approximately $0.24 year-over-year. Based on current foreign exchange rates, we expect roughly half of the headwind to EPS to fall in the first quarter of 2024.

相對於外匯，儘管對收入的影響可以忽略不計，但每股收益同比的阻力約為 0.24 美元。根據目前匯率，我們預期每股盈餘面臨的阻力大約一​​半將在 2024 年第一季下降。

When adjusting for these items, including the negative impact of foreign exchange, the underlying adjusted constant currency EPS growth is approximately 7% at the low end of guidance and 10% at the high end of guidance. Although we do not provide quarterly guidance, for your modeling purposes, we expect reported revenues for the first quarter to be in a range of $725 million to $730 million, including a negligible foreign exchange impact year-over-year.

當對這些項目（包括外匯的負面影響）進行調整時，基本調整後的固定匯率每股收益增長率在指導值低端約為 7%，在指導值高端約為 10%。儘管我們不提供季度指導，但出於建模目的，我們預計第一季報告的收入將在 7.25 億美元至 7.3 億美元之間，其中外匯影響同比可以忽略不計。

That concludes my prepared remarks. I would now like to turn it back to Liam for closing commentary.

我準備好的發言就到此結束。我現在想把它轉回利亞姆以供結束評論。

Thanks, Tom. In closing, I will highlight our 3 key takeaways from the fourth quarter of 2023. First, we delivered on our financial commitments for 2023. For the year, constant currency revenues increased 6.5% and adjusted earnings per share were $13.52.

謝謝，湯姆。最後，我將重點介紹 2023 年第四季的 3 個關鍵要點。

Compared to our initial 2023 guidance, constant currency revenue growth exceeded our guidance, while adjusted earnings per share was at the high end of our range. Our execution remains strong. We are launching new products, and our margins remain healthy. Second, the fourth quarter performance and stable-to-improving macro environment provides a solid foundation for growth as we head into 2024.

與我們最初的 2023 年指導相比，恆定貨幣收入成長超過了我們的指導，而調整後的每股盈餘處於我們範圍的高端。我們的執行力依然強勁。我們正在推出新產品，並且我們的利潤率保持健康。其次，第四季的業績表現和穩中向好的宏觀環境為我們邁入2024年的成長提供了堅實的基礎。

Third, we will continue to focus on our strategy to drive durable growth. We will invest in organic growth opportunities and drive innovation over time, expand our margins and execute on our disciplined capital allocation strategy to enhance long-term value creation.

第三，我們將持續聚焦推動持久成長的策略。我們將投資有機成長機會並隨著時間的推移推動創新，擴大利潤並執行嚴格的資本配置策略，以增強長期價值創造。

The integration of Palette is progressing well, and we expect the acquisition to be a meaningful contributor to our growth in the coming years. That concludes my prepared remarks. Now I would like to turn the call back to the operator for Q&A.

Palette 的整合進展順利，我們預計此次收購將為我們未來幾年的成長做出有意義的貢獻。我準備好的發言就到此結束。現在我想將電話轉回給接線生進行問答。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Patrick Wood with Morgan Stanley.

我們的第一個問題來自派崔克‧伍德與摩根士丹利的對話。

I guess the first one, Palette, we will talk a lot about Barrigel understandably as the bulk of the business. But you obviously acquired with that a number of other Urology assets that are a little bit smaller. And that combined with obviously UroLift and Barrigel, you've got a bit of a platform that you're kind of building up on that side of things.

我想第一個，調色板，我們會談論很多關於巴里格爾（Barrigel）的事情，這是可以理解的，因為它是業務的主體。但顯然您還獲得了許多其他泌尿科資產，但規模要小一些。顯然，與 UroLift 和 Barrigel 結合，你就擁有了一個在這方面建立的平台。

So my question is essentially like how much interest is that for you guys longer term in scaling up in that market overall, just given it's quite a fragmented industry, and there's quite a lot of interest in different areas? Is that something that's kind of crossed your minds? Or is it you kind of now done with Urology to your mind?

所以我的問題本質上是，考慮到這是一個相當分散的行業，而且對不同領域都有很大的興趣，從長遠來看，你們對擴大整個市場的興趣有多大？你有沒有想過這樣的事情？或者您現在已經不再考慮泌尿科了嗎？

(technical difficulty) UroLift in 2017. We knew the Urology call point very well because of our Surgical business. There isn't a radical prostatectomy done in the world that doesn't use one of our surgical products. We built on that with the Palette acquisition. The main product in there is the Barrigel for rectal spacing. It's performed beyond our expectations in the first quarter of ownership. And that momentum, we'll carry that on.

（技術難度）2017 年的 UroLift。世界上沒有一項根治性攝護腺切除術不使用我們的外科產品。我們在此基礎上收購了 Palette。那裡的主要產品是用於直腸間距的 Barrigel。第一季的表現超出了我們的預期。我們將繼續保持這種勢頭。

We will integrate Palette before we do anything else in the Urology space, but Urology is definitely an area of interest to us, Patrick, in particular, men's health. There are areas within men's health that are open for disruption.

在我們在泌尿科領域做任何其他事情之前，我們將整合 Palette，但泌尿科絕對是我們感興趣的領域，帕特里克，特別是男性健康。男性健康領域的某些領域可能會受到干擾。

There are some parts of men's health that haven't had innovation or new technologies in a number of years, similar to the fact that there had been no disruption to BPH until UroLift came on to the market. So we think there are areas for disruption within men's health, and it is an area of focus for us, probably not in the next 6 months, Patrick, to be fair, as we integrate Palette into Teleflex. But thereafter, our balance sheet, as you know, is in great shape. So we would see that as a definite area of expansion for Teleflex.

男性健康的某些部分多年來一直沒有創新或新技術，類似於在 UroLift 上市之前 BPH 沒有受到干擾的事實。因此，我們認為男性健康領域存在一些受到干擾的領域，這是我們關注的一個領域，公平地說，帕特里克，這可能不是我們在未來6 個月內關注的領域，因為我們將Palette 整合到Teleflex 中。但此後，如您所知，我們的資產負債表狀況良好。因此，我們認為這是泰利福的一個明確的擴張領域。

Super interesting. And then as a quick follow-up, you've obviously got a lot of product launches moving through '24. You have things that are moving from dilutive to accretive, the inflation environment is getting a little bit better. There's things that are moving considerably in your direction as we move through '24. Is that environment part of what gives you confidence around the '25 LRP? Not to jump the shock, but is that big picture why you still feel very confident in that?

超有趣。作為快速跟進，您顯然在 24 年期間發布了很多產品。事情正在從稀釋性轉向加值性，通膨環境正在好轉。當我們進入 24 世紀時，有些事情正在朝著你的方向發展。這種環境是否讓您對 '25 LRP 充滿信心？不是要感到震驚，但這就是你仍然對此充滿信心的原因嗎？

Yes. I feel really good about the LRP. If you start with the revenue, in our first year, we did 6.5%. Obviously, our guide this year is 3.75% to 4.75% but with a 100-basis-point headwind. So the underlying growth that we're expecting this year is 4.75% to 5.75% adjusting for those headwinds. And as we head into the second year of the LRP, I feel confident in our ability to deliver the current guidance, and that will be the springboard into next year, the final year of the LRP.

是的。我對 LRP 感覺非常好。如果從收入開始，第一年我們的收入成長了 6.5%。顯然，我們今年的指導值為 3.75% 至 4.75%，但存在 100 個基點的阻力。因此，針對這些不利因素進行調整後，我們預計今年的基本成長率為 4.75% 至 5.75%。隨著我們進入 LRP 的第二年，我對我們提供當前指導的能力充滿信心，這將成為明年（LRP 的最後一年）的跳板。

For me, it's all about execution. I think we executed really well in 2023. And my goal is to continue to execute as we did in 2023 through 2024 at a minimum each quarter, achieving and hopefully beating our goals as we migrate through the year. And then on the margins, I think we've -- we're going to take a step up again this year in gross margins. And it will be tougher for us to get to the -- our margin goal in all transparency, and I think the investment community know that. We've had more inflation than we've thought, and we brought in a great asset in Palette, but that asset brought some OpEx. But we still think they are the right numbers for us, and we feel we have a path to get there.

對我來說，一切都與執行有關。我認為我們在 2023 年的執行情況非常好。然後在利潤方面，我認為我們今年的毛利率將再次提高。對我們來說，在所有透明度方面實現我們的利潤目標將更加困難，我認為投資界都知道這一點。我們的通貨膨脹比我們想像的要嚴重，我們在 Palette 中引入了巨大的資產，但該資產帶來了一些營運支出。但我們仍然認為它們對我們來說是正確的數字，而且我們認為我們有辦法實現這一目標。

Our next question comes from the line of Jayson Bedford with Raymond James.

我們的下一個問題來自傑森貝德福德和雷蒙詹姆斯的對話。

Maybe just on gross margin. The fourth quarter was strong. I wanted to ask about the '24 guide. You did, what, 59.5% in '23. I thought the MSA adds 100 basis points, and then you have Palette, you have a bigger revenue base. So I guess, my question is, is the gross margin headwind all on the FX side? Or are there any new pressures that you're contemplating here?

也許只是毛利率。第四季表現強勁。我想問一下'24指南。你在 23 年做到了 59.5%。我認為 MSA 增加了 100 個基點，然後你就有了 Palette，你就有了更大的收入基礎。所以我想，我的問題是，毛利率的逆風是否全部來自外匯方面？或者你在這裡考慮有什麼新的壓力嗎？

Well, to your point, we get a nice benefit in 2024 from both the acquisition of Palette and from the exit from the MSA. So those are both accretive to gross margin. What I would say is that we've got a number of headwinds, as Liam had mentioned, inflation is still higher than it had been pre-pandemic.

好吧，就你的觀點而言，我們在 2024 年從 Palette 的收購和 MSA 的退出中獲得了不錯的收益。因此，這些都會增加毛利率。我想說的是，正如利亞姆所提到的，我們遇到了許多阻力，通貨膨脹仍然高於疫情前的水平。

And if you look at the total of our favorable pricing, savings from manufacturing, cost improvements, savings from footprint programs, they're able to offset those inflationary pressures as well as some capitalized balances that are on the balance sheet and will rollout in the P&L in 2024. So those are kind of a wash. In addition to the inflation headwinds, we're also experiencing a modest adverse impact from foreign exchange.

如果你看看我們有利的定價、製造節省、成本改進、足跡計劃節省的總和，它們能夠抵消這些通膨壓力以及資產負債表上的一些資本化餘額，並將在2024 年的損益表。是洗禮。除了通貨膨脹的不利因素外，我們還面臨外匯帶來的輕微不利影響。

Okay. And then just maybe to pile on the last line of questioning. On the Urology selling effort, have you seen any selling synergies between Barrigel and UroLift? And can we assume that there's nothing baked into the guide?

好的。然後可能會繼續提出最後一行問題。在泌尿科銷售工作中，您是否看到 Barrigel 和 UroLift 之間的銷售綜效？我們是否可以假設指南中沒有任何內容？

Jayson, you can definitely assume there's nothing baked into the guide. I will tell you that for UroLift, we saw a modest improvement in Q4 versus Q3. So we're monitoring that pretty closely. We still expect $66 million to $68 million for Palette. We still expect Interventional Urology will deliver approximately 7.5% revenue growth at the midpoint. The low point of our guide assumes that it will grow just a little bit above 7%.

傑森，你絕對可以假設指南中沒有任何內容。我會告訴您，對於 UroLift，我們看到第四季度與第三季相比略有改善。所以我們正在密切監視這一點。我們仍預計 Palette 的營收為 6,600 萬至 6,800 萬美元。我們仍預計介入泌尿科將實現約 7.5% 的收入成長。我們指南的最低點假設其成長率將略高於 7%。

The -- and the midpoint also assumes there's no improvement on UroLift from quarter 3. And the reason we use quarter 3, it's the most recent quarter without a days' impact our seasonality. They have a tough comp in Q1 right out of the gate. But after that, I would expect that they would continue to show some improvement as we go through the year. But I think that the guidance -- our entire guidance, I believe, is appropriately prudent, Jayson. And I think, as I said earlier, our goal is to execute against that as we go through the year. And as a team, I think we feel really confident in our ability to deliver on all aspects of it.

中點還假設 UroLift 與第三季度相比沒有任何改善。他們在第一季的比賽一開始就表現得很艱難。但在那之後，我預計他們會在這一年中繼續表現出一些進步。但我認為，我們的整個指導方針，我相信，是適當謹慎的，傑森。我認為，正如我之前所說，我們的目標是在這一年中執行這一目標。作為一個團隊，我認為我們對實現各個方面的能力充滿信心。

Our next question comes from the line of Shagun Singh with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Shagun Singh。

I just wanted to touch on the 2024 guidance. You're calling for about 5% to 6% growth adjusted for the onetime headwind tailwinds that you called out. And I believe delivering about 1.5x EPS growth relative to sales growth. Why the conservatism, especially on the top line, given the strong exit in 2024 -- sorry, 2023? And then I have a follow-up.

我只想談談 2024 年指導。您呼籲的增長約為 5% 至 6%，並針對您所說的曾經的逆風順風進行了調整。我相信相對於銷售成長，每股收益成長約 1.5 倍。考慮到 2024 年（抱歉，是 2023 年）的強勁退出，為什麼還要保守主義，尤其是在營收方面？然後我有一個後續行動。

Thank you, Shagun. So look, we're really happy with where we landed at the end of 2023 in quarter 4. If you adjust for the days, we delivered a robust 8.1% growth in the fourth quarter. And in the entire year, we delivered 6.5%. I will say, Shagun, that if you look at the low point of our guide this year at 3.75%, and you add back that percent to get you to 4.75%, it's the exact same starting point at the low point as we had last year. I think that the guide is prudent. I think the guide sets us up so that we can execute as we go through the year. And I think that it allows us, as we go through the year as a company, to do what we did in 2023, and that has always been our goal.

謝謝你，沙貢。因此，我們對 2023 年底第四季度的業績感到非常滿意。全年，我們實現了 6.5%。 Shagun，我想說的是，如果你看看我們今年指南的最低點 3.75%，然後將這個百分比加回 4.75%，這與我們去年的最低點起點完全相同年。我認為該指南是謹慎的。我認為該指南為我們提供了幫助，以便我們能夠在這一年中執行。我認為，這讓我們作為一家公司能夠完成 2023 年所做的事情，而這一直是我們的目標。

Now there are a couple of moving pieces within the guide, Shagun, from the different business units. I would expect APAC OEM and IA and Surgical to take a modest step back. Surgical because they will have anniversaried the Titan acquisition. And then I would expect a modest step forward in growth rate for EMEA, Interventional Urology, Vascular and Anesthesia. And I think that I feel as I said, good about the way we've guided, and I feel good about our ability to deliver.

現在，指南 Shagun 中有一些來自不同業務部門的動態內容。我預計亞太地區 OEM、IA 和 Surgical 將適度後退一步。手術是因為他們將慶祝泰坦收購週年紀念。然後，我預計歐洲、中東和非洲、介入泌尿科、血管和麻醉領域的成長率將小幅前進。我認為正如我所說，我對我們的指導方式感到滿意，並且對我們的交付能力感到滿意。

Got it. And then just on M&A, Liam, can you provide us your updated thinking there and especially how you're thinking about short-term P&L dilution relative to top line accretive M&A? And any interest in adjacencies?

知道了。然後，關於併購，利亞姆，您能否向我們提供您的最新想法，特別是您如何看待相對於營收增值併購的短期損益稀釋？對鄰接有興趣嗎？

Yes. Thank you. Well, I think, as I say always, the most important thing you need when you're doing M&A is firepower, and we have that. We're 1.9x levered, which gives us lots of ability without raising our leverage too much. We are conscious of dilution. Our investors have given us feedback that in 2024, unfortunately, always doing the right thing by Teleflex, but 2 things hitting in the 1 year has caused a lot of dilution.

是的。謝謝。嗯，我認為，就像我一直說的那樣，當你進行併購時，你需要的最重要的東西就是火力，而我們擁有這個。我們的槓桿率為 1.9 倍，這為我們提供了許多能力，而無需過多提高槓桿率。我們意識到稀釋。我們的投資者向我們反饋說，不幸的是，到 2024 年，泰利福總是在做正確的事情，但一年內發生的兩件事導致了很大的稀釋。

And as Tom walked you through the bridge, our underlying earnings per share growth is really strong -- is really positive. But you obviously have the MSA, which is causing some dilution there. And also you have Palette causing some dilution in FX. And you add all of those up, and the midpoint of our growth is -- or the range of our growth is 7% to 10% if you excluded those.

當湯姆帶你走過這座橋時，我們的每股盈餘成長非常強勁——非常積極。但顯然你有 MSA，這導致了一些稀釋。而且調色盤也會導致 FX 稀釋。你把所有這些加起來，我們成長的中點是——或者如果你排除這些，我們的成長範圍是 7% 到 10%。

So we are cognizant of that. We are out there in the marketplace looking at assets. Our M&A team is busy and there are attractive assets in the marketplace that we believe would fit well within the Teleflex family, and we will continue to execute that with the thought to investor feedback on dilution.

所以我們認識到這一點。我們在市場上尋找資產。我們的併購團隊很忙碌，市場上有一些有吸引力的資產，我們相信這些資產非常適合泰利福家族，我們將繼續執行這項計劃，並考慮投資者對稀釋的回饋。

Our next question comes from the line of Matt Taylor with Jefferies.

我們的下一個問題來自馬特泰勒和傑弗里斯的對話。

This is Mike Sarcone on for Matt. Just a first one on guidance. Understanding that you provided 1Q, which is helpful. But do you think you can elaborate a little more on phasing through the year? I know you mentioned kind of seasonality consistent with pre-COVID levels, but we've got a bunch of moving pieces, particularly big shifts or swings in selling days in the 2023 base period. So any more color you can provide on how you're thinking about phasing through the year?

我是邁克·薩爾科內 (Mike Sarcone) 替馬特 (Matt) 發言。只是第一個指導。了解您提供了 1Q，這很有幫助。但您認為您可以詳細說明這一年的分階段情況嗎？我知道您提到了與新冠疫情爆發前水準一致的季節性，但我們有很多變化，特別是 2023 年基期銷售天數的重大轉變或波動。那麼您可以提供更多關於您如何考慮今年分階段的資訊嗎？

Yes. So I think that the low point of the year would be quarter 1, and then you would see improvement as you go through the remainder of the year from the revenue side, and it would be fairly consistent after quarter 1. And the reason that the quarter 1 is a little bit dampened is, as I said, there's a few tough comps in the mix there. But we would envision that once you get through to Q1, you would get back to a more normalized seasonality with quarter 4, the biggest of the year, just due to the normal seasonality and patients getting more procedures done in quarter 4, and this has been a phenomenon for a number of years now since Obamacare came into being. So that would be our expectation on the revenue line.

是的。所以我認為今年的最低點將是第一季度，然後當你從收入方面來看今年剩餘的時間時，你會看到改善，並且在第一季度之後會相當一致。季度有點減弱，其中有一些艱難的組合。但我們預計，一旦進入第一季度，您將在第四季度（一年中最大的季度）恢復到更正常化的季節性，只是由於正常的季節性和患者在第四季度完成了更多的手術，這已經自從歐巴馬醫改誕生以來，這種現像已經存在多年了。這就是我們對營收線的預期。

Got it. Just a quick follow-up there. When you see improvement in sales each year, you think 3Q could be above 2Q in terms of sales dollars?

知道了。只是快速跟進。當您看到銷售額逐年提高時，您認為第三季的銷售額可能會高於第二季嗎？

No, I'm talking in general, that once you get through the low point of Q1, that Q2, Q3 and Q4 would be above Q1, with Q4 always being the biggest quarter from a revenue perspective just due to that normal seasonality. Mike, the point I was trying to make is that Q1 would be the low point.

不，我說的是一般性的，一旦你度過了第一季度的低點，第二季、第三季和第四季將高於第一季度，而由於正常的季節性，從收入角度來看，第四季始終是最大的季度。麥克，我想說的是，第一季將是最低點。

Our next question comes from the line of Larry Biegelsen with Wells Fargo.

我們的下一個問題來自拉里·比格爾森 (Larry Biegelsen) 與富國銀行 (Wells Fargo) 的對話。

Liam, what was price in 2023? And what are your expectations for '24? And I have 1 follow-up.

Liam，2023 年的價格是多少？您對 '24 有什麼期望？我有 1 個後續行動。

Yes, Larry, thanks for the question. So we had a good year with price in 2023, we exceeded our goal of 50 basis points and came in above that. Our goal for 2024 is to deliver another 50 basis points, and I'd be hopeful that this is the third year of the pricing cycle, so I'd be hopeful that we'd be able to at least deliver that 50 basis points again.

是的，拉里，謝謝你的提問。因此，我們在 2023 年的價格上度過了美好的一年，我們超越了 50 個基點的目標，並超越了這個目標。我們 2024 年的目標是再實現 50 個基點，我希望這是定價週期的第三年，所以我希望我們至少能再次實現 50 個基點。

That's helpful. So I appreciate it. I know you just guided to 2024. I appreciate your comments about the operating margin, LRP being a bit challenging for '25. So I guess my question is, is the 7% to 10% underlying EPS growth in 2024 the right way to think about '25? And are there any moving pieces to consider like interest expense, which I would imagine would come down from that $78 million and could be a nice tailwind for you? Any just high-level thoughts beyond '24?

這很有幫助。所以我很感激。我知道您剛剛指導到 2024 年。所以我想我的問題是，2024 年 7% 到 10% 的基本每股盈餘成長是思考 25 世紀的正確方式嗎？是否有任何需要考慮的因素，例如利息費用，我認為這會從 7800 萬美元中扣除，並且可能對您來說是一個很好的推動力？ 24 年後還有什麼高層次的想法嗎？

Yes. Thanks, Larry. I mean the reason that we're calling out the underlying earnings per share is because underlying that's what the business is doing, and therefore, we do believe that our business is well capable of driving that high single digits into the double digits. And I think even though the op margin targets would be a challenge, I just still think that they're doable for the business, but when will we get there? If we don't get there in 2025, then get there shortly thereafter. I might ask Tom just to give a bit of color on the interest, Tom, if you don't mind?

是的。謝謝，拉里。我的意思是，我們之所以標出基本每股收益，是因為這就是公司正在做的事情，因此，我們確實相信我們的業務完全有能力將這麼高的個位數推向兩位數。我認為，儘管營運利潤率目標將是一個挑戰，但我仍然認為它們對業務來說是可行的，但我們什麼時候才能實現這一目標？如果我們無法在 2025 年實現這一目標，那麼不久之後就會實現這一目標。我可能會請湯姆對興趣進行一些說明，湯姆，如果你不介意的話？

Sure. Well, just also talking about EPS and what will play well into 2025 is the fact that we've got some dilution in 2024 from the MSA going away, and that will be in the run rate by 2025. And then same thing with Palette. Our expectation is that Palette turns the profitability by 2025. So those will be benefits. We're also seeing inflation coming down kind of in the marketplace, but just the way it flows through our inventory, it takes some time to clear the P&L.

當然。好吧，還要談論 EPS 以及到 2025 年將發揮良好作用的事實是，由於 MSA 的取消，我們在 2024 年得到了一些稀釋，這將在 2025 年之前體現在運行率中。我們的預期是 Palette 到 2025 年將實現盈利。我們也看到市場上的通貨膨脹下降，但就其流經我們庫存的方式而言，需要一些時間來清理損益表。

So if trends continue on the inflation front, we should see improving benefits by 2025 in that area. Then with regard to interest, right now, our expectation is that we will be using free cash flow in 2024 to continue to pay down some of our prepayable debt, so that will reduce our debt outstanding each quarter of the year. And then we also, in our guidance, we're assuming 325-basis-point rate cut. So you should see an improving interest environment -- interest expense environment as we go through the year and into 2025.

因此，如果通膨趨勢持續下去，到 2025 年我們應該會看到該領域的效益有所改善。然後就利息而言，目前我們的預期是，我們將在 2024 年利用自由現金流繼續償還部分可預付債務，從而減少我們每年每季的未償債務。然後，在我們的指引中，我們也假設降息 325 個基點。因此，從這一年到 2025 年，您應該會看到利息環境——利息支出環境的改善。

Our next question comes from the line of Matthew O'Brien with Piper Sandler.

我們的下一個問題來自馬修·奧布萊恩和派珀·桑德勒的對話。

Just clarification upfront to make it clear for everybody on the call, 5.25% at the midpoint is the constant currency growth rate assumption, when everything is adjusted, 8.5% is the midpoint for the bottom line when everything is adjusted. I just want to make sure that's fully clear.

只是事先澄清一下，讓大家都清楚，5.25% 的中點是所有因素調整後的貨幣恆定成長率假設，8.5% 是所有因素調整後底線的中點。我只是想確保這一點完全清楚。

Yes, I think your math is good, Matt, as always. Those would be the adjusted top line and bottom line midpoints. Thank you for clarifying that. That's good of you.

是的，我認為你的數學一如既往地好，馬特。這些將是調整後的頂線和底線中點。感謝您澄清這一點。你真好。

Got it. And that's the start of the year, which is what you guys typically do. Got it. So the Q1 guide actually was better than I was expecting because the comps are so tough, and I understand Palette is there this year, but the rest of the business would have to be doing well across Vascular, Interventional. I don't know if there's extra selling days, but I'd just love to hear a little bit about the comfort on the outlook for Q1 specifically.

知道了。那是一年的開始，這是你們通常會做的事情。知道了。因此，第一季指南實際上比我預期的要好，因為競爭非常激烈，而且我知道今年 Palette 也在那裡，但其餘業務必須在血管、介入領域表現良好。我不知道是否有額外的銷售天數，但我只是想聽聽一些關於第一季前景的具體資訊。

And then I think it implies actually an acceleration into your stack growth over the remainder of the year. So again, I don't know if that's new products, et cetera, but we'd just love to hear about that. And then I do have 1 quick follow-up.

然後我認為這實際上意味著今年剩餘時間內你的堆疊成長將加速。再說一次，我不知道這是否是新產品等等，但我們很想聽聽。然後我確實有 1 個快速跟進。

Yes, Matt. So our guide would assume if I want to put it into percent, it would assume that roughly 2% to 3% for Q1 growth, underlying would be 3.5% to 4.2% normalized for the MSA and FX and the other moving pieces. As I said earlier, IUB would be a wee bit lighter just because of the tough comp, and also, you'd have the Palette ramp as you go through the year. Vascular will be a little bit lighter in the first quarter just due to the recall. And to your point, the new product ramps in particular in Vascular is important this year as we go through the year.

是的，馬特。因此，我們的指南會假設，如果我想將其轉化為百分比，則會假設第一季的成長約為 2% 至 3%，MSA 和外匯以及其他移動部分的標準化基礎為 3.5% 至 4.2%。正如我之前所說，IUB 會因為艱難的比賽而變得輕一點，而且，隨著你度過這一年，你會擁有調色板斜坡。由於召回，第一季的血管業務將會稍微清淡一些。就您而言，今年新產品的成長尤其是血管領域的成長非常重要。

We've launched a number of new products into the PICC franchise and as they ramp through the year. Regarding our degree of confidence in hitting the first quarter, we're -- towards the back end of February, Matt, and we, as a team, would feel confident in our ability to deliver in that first quarter number.

我們在人保財險系列中推出了許多新產品，這些產品在這一年中不斷湧現。關於我們對實現第一季業績的信心程度，馬特，我們在二月底，作為一個團隊，我們對實現第一季業績的能力充滿信心。

And as I said, we've done 4 for 4. All of '23, we at least reached, if not exceeded, our revenue and EPS for 4 quarters in a row. And as a team, we're united in the fact that we're not going to be happy until we go 5 for 5, 6 for 6 and ultimately 8 for 8 and then reset the goal into the following year, and that's what we're planning to do.

正如我所說，我們已經做到了 4 for 4。作為一個團隊，我們團結一致，除非我們以 5 比 5、6 比 6，最終以 8 比 8，然後將目標重新設定到下一年，否則我們不會感到高興，這就是我們的目標正打算做。

Okay. Appreciate that. And then just to Larry's question on just some of these headwinds on the EPS side that you're facing this year. I don't suspect there's a lot of upside to Palette or the MSAs this year, but it would seem like you're positioned for a meaningful snapback in terms of EPS growth next year. So just and something even in the kind of low to mid-teens kind of EPS growth, is that -- am I way off base in thinking that just given all of these headwinds that you're facing this year?

好的。很欣賞這一點。然後是拉里關於今年每股收益方面面臨的一些不利因素的問題。我不認為今年 Palette 或 MSA 有很大的上升空間，但明年每股收益增長方面，您似乎已經做好了有意義的回升準備。因此，即使每股收益成長只有十幾歲左右，考慮到今年你們面臨的所有這些不利因素，我的想法是否大錯特錯？

I'll tell you, Matt, I'd appreciate if you'd be a little bit patient and let us execute through '24 before we start guiding to '25. But we would anticipate -- look, I'll go back to the underlying. The underlying EPS growth, if you exclude the headwinds, is good and solid. And as Tom went through, you have a few factors that will help them on top of that such as Palette and interest and so on and so forth. So we'll guide to '25 a little bit later in the year, Matt, if you don't mind.

我告訴你，馬特，如果你能有點耐心，讓我們在開始指導 25 年前執行到 24 年，我將不勝感激。但我們會預期——看，我會回到底層。如果排除不利因素，每股盈餘的基本成長是良好且穩健的。正如湯姆所經歷的那樣，除此之外，還有一些因素可以幫助他們，例如調色板和興趣等等。所以，如果你不介意的話，馬特，我們將在今年稍後推出《25》。

Our next question comes from the line of Mike Polark with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Mike Polark。

Liam, in your prepared comment, you mentioned you're continuing to assess vertical integration opportunities to gain further control of your supply chain. I'm curious what that means. Is that an interest in doing more M&A in the OEM space? Or is that just a comment on, hey, we're looking at and it will always to be better on sourcing and supply chain?

利亞姆，在您準備好的評論中，您提到您正在繼續評估垂直整合機會，以進一步控制您的供應鏈。我很好奇這意味著什麼。這是對在 OEM 領域進行更多併購的興趣嗎？或者這只是一個評論，嘿，我們正在考慮，它總是會在採購和供應鏈方面做得更好？

So it's more of the latter, Mike. What we discovered out the other side of the pandemic and as supply chain disruption hit was that if it was within our control, we were able to manage it an awful lot better than when we were reliant on third-party vendors.

所以更多的是後者，麥克。我們在疫情的另一面以及供應鏈中斷時發現，如果它在我們的控制範圍內，我們就能比依賴第三方供應商時更好地管理它。

And there are some subcomponents that we feel we have the ability to bring in-house over time. So it's really looking at subcomponent suppliers within our supply chain. It would help our margins, that's a given as we bring it in, and that's obviously an attractive element to it as well. But it's the latter, to your question.

我們認為隨著時間的推移，我們有能力將一些子組件引入內部。因此，我們真正關注的是我們供應鏈中的子組件供應商。這將有助於我們的利潤，這是我們引入它的前提，這顯然也是一個有吸引力的元素。但對你的問題來說，這是後者。

I appreciate that. The follow-up, an item on the GAAP to non-GAAP reconciliation for 2024. There's a pension charge, $2.85. It's not an insignificant number, $150 million, if I had the math correct. What's going on there? Is that a cash item? Or is that a noncash item?

我很欣賞這一點。後續項目是關於 2024 年 GAAP 與非 GAAP 調節的項目。如果我沒算錯的話，1.5 億美元可不是一個小數字。那裡發生了什麼事？那是現金物品嗎？還是這是非現金項目？

It's a noncash item. So we essentially are exiting one of our pension plans where we fully funded and offered pensioners a buyout option, and then we'll -- whoever didn't take the buyout option, we'll go and put an annuity in place for them. So essentially, we're just exiting a pension plan, but it's noncash.

這是非現金物品。因此，我們基本上正在退出我們的一項退休金計劃，我們為退休金領取者提供全額資助並提供買斷選擇，然後我們將 - 無論誰不接受買斷選擇，我們都會為他們提供年金。所以本質上，我們只是退出退休金計劃，但它是非現金的。

Our next question comes from the line of Richard Newitter with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Richard Newitter。

It's Lin Zhang on for Mike. Not sure if I am -- just wondering what assumptions around Titan Stapler growth incorporated in the guide. And also appreciate if you share your expectation of the (inaudible).

麥克由張林代替。不確定我是否 - 只是想知道指南中包含了有關泰坦訂書機增長的哪些假設。如果您分享您對（聽不清楚）的期望，也將不勝感激。

I'm sorry, the line is incredibly bad, and we're having great difficulty hearing you.

抱歉，線路狀況非常糟糕，我們很難聽清楚您的聲音。

The assumption on what growth?

成長的假設是什麼？

Can you hear me now?

現在你能聽到我說話嗎？

That's a little better.

這樣好一點了。

Hello. Can you hear me well?

你好。你聽得清楚我說話嗎？

Okay. That's better. So the assumption on which growth was your question?

好的。這樣更好。那麼您的問題是關於哪一種成長的假設呢？

Sorry about that. Your assumption around Titan Stapler growth you've incorporated in the guide.

對此感到抱歉。您對泰坦訂書機成長的假設已納入指南中。

Yes. Thank you. I apologize, we couldn't hear you that well. So the Titan Stapler, we do assume that it will grow in 2024, not at the levels we thought that when we acquired it in all transparency. We now have the impact of the GLP-1s or a good portion of the impact of GLP-1s in our run rate as we went through 2023. And our expectation is that it will return to growth, or continue to grow, I should say, in 2024.

是的。謝謝。抱歉，我們聽不清楚。所以泰坦訂書機，我們確實假設它會在 2024 年增長，而不是達到我們在完全透明地獲得它時所想像的水平。現在，我們在 2023 年的運行率中受到了 GLP-1 的影響，或者說 GLP-1 的很大一部分影響。

We are continuing to proctor surgeons. The product is performing exceptionally well. No issues with the Titan product itself. And now with the launch of buttress, 60% of surgeons will use buttress. Technically, our product doesn't need it, but it's how surgeons do the procedure, and therefore, having buttress will give us access to greater parts of the market. And our proctoring in -- as recently as January was well in line with our expectations, and we continue to bring on new surgeons.

我們正在繼續監督外科醫生。該產品的性能非常出色。 Titan 產品本身沒有問題。而現在隨著支援器的推出，60%的外科醫生都會使用支援器。從技術上講，我們的產品不需要它，但外科醫生就是這樣進行手術的，因此，擁有支撐將使我們能夠進入更大的市場。我們在一月份的監考完全符合我們的預期，我們繼續引進新的外科醫生。

Great. That's helpful. And also another 1 for me. So you just shared your expectation of a slight step back in OEM growth. So how should we think about the size of the step back? Should we still think -- consider OEM as like low double-digit grower?

偉大的。這很有幫助。還有另外 1 個給我。您剛剛分享了您對 OEM 成長略有放緩的預期。那我們該如何考慮退一步的大小呢？我們是否仍然應該思考——將 OEM 視為低兩位數種植者？

Well, I think that it's going to take -- I pointed as a modest step back. So it grew around 18% or 19% last year. So it will come back into the double-digit area and as we continue to execute. So low double digits isn't a bad starting point. But just bear in mind that those modest step backs will be offset by step-ups in businesses like Vascular, like Anesthesia and also geographically like EMEA.

嗯，我認為這將需要——我指出這是一個適度的後退。所以去年成長了18%或19%左右。因此，隨著我們繼續執行，它將回到兩位數區域。因此，低兩位數並不是一個糟糕的起點。但請記住，這些適度的後退將被血管、麻醉等業務以及歐洲、中東和非洲等地區業務的成長所抵消。

Our next question comes from the line of Anthony Petrone with Mizuho Securities.

我們的下一個問題來自瑞穗證券的 Anthony Petrone。

Nice underlying print here. Maybe, Liam, just starting with just procedure volumes. We've been seeing a lot from the managed care companies on MLR losses talking about procedures running hot. We've seen it across a few of the prints. I think the underlying, excluding days here for Teleflex also shows that. So maybe just the state of the union on procedure volumes specific to the U.S., and then I'll have 1 OUS geographic question as a follow-up.

這裡的底層印刷很好。也許，利亞姆，只是從程式捲開始。我們已經看到很多管理式醫療公司就 MLR 損失談論程式正在運作。我們已經在一些印刷品中看到了這一點。我認為泰利福的基本情況（不包括天數）也顯示了這一點。因此，也許只是關於美國特定程序卷的國情咨文，然後我將提出 1 個 OUS 地理問題作為後續問題。

Yes. Sure, Anthony. So what we are seeing is solid procedure volumes in the acute hospital. We continue to see that. We're back to prepandemic levels. I think we're executing well against it. We're also benefiting from a plethora of new product launches. And those product launches will continue into 2024, and help even augment what we're seeing from a procedural point of view within the hospital. So it's a very positive environment in the acute care hospital. And we -- as you know, Anthony, we really like that space.

是的。當然，安東尼。因此，我們看到急診醫院的手術量很大。我們繼續看到這一點。我們回到了大流行前的水平。我認為我們對此執行得很好。我們也受益於大量新產品的發布。這些產品的推出將持續到 2024 年，甚至有助於增強我們從醫院內部程序的角度所看到的內容。因此，急診醫院的環境非常積極。如你所知，安東尼，我們真的很喜歡那個空間。

No. Very helpful there for the color. And then pivoting to China, we're still hearing different things about VBP, different programs that are coming out at various provincial levels. So maybe do you have any update from the Teleflex standpoint on China VBP? And more of a broader question, and I don't think this has really come up on a lot of conference calls, but everyone's so doggedly focused on VBP near term. But should we be modeling medium term that China is just a down pricing market over the next 3 to 5 years just given where things are geopolitically?

不，對顏色很有幫助。然後轉向中國，我們仍然聽到有關 VBP 的不同消息，以及各個省級推出的不同計劃。那麼，從 Teleflex 的角度來看，您對中國 VBP 有什麼最新消息嗎？這是一個更廣泛的問題，我認為這個問題並沒有在許多電話會議上真正出現，但每個人都在近期堅定地關注 VBP。但考慮到地緣政治局勢，我們是否應該對中期進行建模，認為中國在未來 3 到 5 年內只是一個降價市場？

Yes. So there are a series of provinces coming together and running volume-based procurement tenders. I think we're gone through the phase of the national tenders, and now you have amalgamations of provinces. We saw that in 2023, and we participated in some of those in 2023. While that was happening, China continued to be a real solid double-digit grower for Teleflex. So we have strategies around volume-based procurement. And I think that, for Teleflex, we only sell the most unique of our products in China. We sell very, very little of our Anesthesia portfolio there. We sell practically nothing of our Drainage Urology portfolio in China.

是的。因此，一系列省份聯合起來進行批量採購招標。我認為我們已經經歷了全國招標階段，現在已經進行了各省的合併。我們在 2023 年看到了這一點，並在 2023 年參與了其中的一些活動。因此，我們有圍繞批量採購的策略。我認為，對泰利福來說，我們只在中國銷售最獨特的產品。我們在那裡銷售的麻醉產品組合非常非常少。我們在中國幾乎不銷售泌尿引流產品組合。

Our main businesses there are in our coated CVCs, our Interventional business and our Surgical business. And there will be an impact from VBP. But because of our differentiation of our products, the discount levels are a little bit less for Teleflex, and they're being offset by volume. And as you know, we had positive pricing as a company. So we're more than capable of managing what's going on within China with certain of our strategies around volume-based procurement. So I'm still positive on China as a geography for Teleflex as a company. And I think that it's one that will provide growth in the longer term for the company.

我們的主要業務包括塗層 CVC、介入業務和外科業務。 VBP 也會產生影響。但由於我們產品的差異化，泰利福的折扣水準略低，並且被銷售所抵銷。如您所知，我們公司的定價是積極的。因此，透過我們圍繞批量採購的某些策略，我們完全有能力管理中國境內正在發生的事情。因此，我仍然對中國作為泰利福公司的地理區域持樂觀態度。我認為這將為公司帶來長期成長。

Our next question comes from the line of Craig Bijou with the Bank of America.

我們的下一個問題來自 Craig Bijou 與美國銀行的對話。

I want to start with the high-growth product bucket. And what was growth in '23? How to think about expectations for growth in '24 and '25? And I think Tom made a comment about investments to grow. So maybe more broadly, how do you think about your need to invest behind some of these high-growth products and considering the margin impact?

我想從高成長產品桶開始。 23 年的成長是多少？如何看待「24」和「25」的成長預期？我認為湯姆對成長投資發表了評論。因此，也許更廣泛地說，您如何看待投資其中一些高成長產品的需求並考慮利潤率影響？

Yes. So high-growth products portfolio performed very well in 2023. There were some really standout contributions, I'm thinking particularly of the intra-osseous, the hemostatic portfolio. MANTA really continues to penetrate that market. If you look forward into the high growth for 2024, we would expect the high growth to grow in the region of 10% to 11.5%, 12-ish percent somewhere around there. We would expect the durable core to do a little bit better again this year than it did last year in the 5% to 6% range. But obviously, the offset is in the other category because of the MSA, and that's going to decline in or around that 30-ish percent.

是的。因此，高成長產品組合在 2023 年表現非常出色。 MANTA 確實正在繼續滲透該市場。如果展望 2024 年的高成長，我們預計高成長將在 10% 至 11.5% 左右，大約在 12% 左右。我們預計今年耐用核心的表現將比去年好一點，在 5% 到 6% 的範圍內。但顯然，由於 MSA，抵消額屬於另一類，並且會下降 30% 左右。

Regarding the investment behind it, it's easier to invest behind the high growth, Craig, in all transparency just because it is much better margin. So you get the drop-through top margin from the growth even with the additional investment. And our focus of our investment has always been, and this has been for the last number of years, behind those high-growth buckets because of the margin profile and the benefit that it brings to mix within our income statement.

關於背後的投資，在高成長背後投資更容易，克雷格，在所有透明度方面，只是因為它的利潤率要高得多。因此，即使有額外的投資，您也可以從成長中獲得下降的最高利潤。我們的投資重​​點一直是，而且在過去的幾年裡一直是那些高成長的領域，因為利潤率狀況及其在我們的損益表中混合帶來的好處。

Great. And if I can ask a follow-up on UroLift. The office business, you highlighted that's still seeing some challenges in the U.S. What about the other sites of service in the U.S.? And then on Japan, just how do we think about the launch there in the longer-term or medium-term expectations for growth?

偉大的。我能否詢問 UroLift 的後續情況。您強調，辦公業務在美國仍面臨一些挑戰。然後在日本，我們如何看待在那裡推出的長期或中期成長預期？

Yes. I'll start with Japan, and then I'll talk about the sites of service. So Japan is doing exceptionally well. It's really in line with our expectations. What we told investors Japan would do, Japan is doing. The team there is executing very well. Also geographically, we're very early in Taiwan and India, and we're ramping in those geographies. They're smaller, for sure, and we're very early days in China. We continue to work on China, getting the product listed in the public system, and the inflection point for China will be 2025 once we start to get listed in more of the products.

是的。我將從日本開始，然後我將談論服務網站。所以日本的表現非常出色。確實符合我們的預期。我們告訴投資者日本會做什麼，日本正在做什麼。那裡的團隊執行得非常好。另外，從地理位置來看，我們在台灣和印度的業務處於起步階段，而且我們正在這些地區不斷發展。當然，它們規模較小，而且我們在中國還處於起步階段。我們繼續在中國努力，讓產品在公共系統上市，一旦我們開始在更多產品上市，中國的轉折點將是2025年。

With regard to the sites of service, we again grew in the hospital site of service in Q4, but it's -- again, the office, unfortunately, is still challenging for us just because of the reimbursement change that was made there.

關於服務地點，我們在第四季度再次在醫院服務地點有所增長，但不幸的是，由於在那裡進行的報銷變更，辦公室仍然對我們構成挑戰。

Our next question comes from the line of Kristen Stewart with CL King.

我們的下一個問題來自克里斯汀·史都華 (Kristen Stewart) 和 CL King 的對話。

The Interventional business grew very nicely in this quarter and 15% for the full year on a constant currency basis. You'd mentioned MANTA was continuing to do very well there. Can you just expand upon what's driving that growth, and how sustainable you feel it is going into 2024?

介入業務本季成長非常好，以固定匯率計算全年成長 15%。您提到 MANTA 在那裡繼續表現出色。您能否詳細介紹一下推動這一成長的因素以及您認為 2024 年成長的可持續性如何？

Yes, Kristen. So it's one of the areas that will take a modest step back. And as I said earlier, it will be offset by the other businesses that will take a step forward. I mean that's why we're a portfolio company at the end of the day because you have these ebbs and flows. And they'll have a tough comp. MANTA will have a tough comp next year. It will continue to grow, but it will have that aspect. We continue to see really nice growth in the pump business. The competitor that was off the market was back in Q3, they're back in Q4. But notwithstanding that, we continue to execute well there. And the lifeblood of this business unit is new products.

是的，克里斯汀。因此，這是需要適度退一步的領域之一。正如我之前所說，它將被其他向前邁出一步的業務所抵消。我的意思是，這就是為什麼我們最終成為一家投資組合公司，因為你有這些潮起潮落。他們將會有一個艱難的比賽。 MANTA 明年將會有一場艱難的比賽。它會繼續成長，但它會有那個方面。我們繼續看到泵業務的良好成長。退出市場的競爭對手在第三季又回來了，他們在第四季又回來了。但儘管如此，我們仍然在那裡執行得很好。該業務部門的命脈是新產品。

We have a really good cadence of new products. We launched the GuideLiner Coast last year. We've got the Ringer coming as we go through the year. And over the next number of years, we have a really nice suite of products going into the hands of this sales force. So I'm really happy with how the Interventional business is going well.

我們的新產品開發節奏非常快。我們去年推出了 GuideLiner Coast。隨著這一年的到來，我們將迎來鈴聲。在接下來的幾年裡，我們將向銷售人員提供一套非常好的產品。因此，我對介入業務的順利進展感到非常滿意。

Obviously, the intra-osseous on control is within there. That continues to perform very well, had a really solid quarter 4 as well to help drive the growth.

顯然，骨內控制就在那裡。該公司繼續表現出色，第四季度的業績也非常強勁，有助於推動成長。

I just want to make sure I understand your comments around '25 and the LRP. So it sounds like you feel pretty confident about being able to hit the gross margin line, but operating margins are going to be tougher to achieve that forecast. Is that correct?

我只是想確保我理解您對 '25 和 LRP 的評論。因此，聽起來您對能夠達到毛利率線非常有信心，但營業利潤率要實現該預測將更加困難。這是正確的嗎？

Yes. That's what I was saying, Kristen. I mean, I think we could get there, and we have a potential path to get there. Will we get there by the end of '25? It's tougher to get there by the end of '25. We will get there, it just might take a wee bit longer. And again, definitely solid path to the revenue and the solid path to the gross margin line and underlying EPS as we've gone through with a couple of your colleagues, underlying EPS is solid.

是的。這就是我所說的，克里斯汀。我的意思是，我認為我們可以實現這一目標，而且我們有一條潛在的途徑可以實現這一目標。我們能在 25 年底前到達那裡嗎？到 25 年底要達到這個目標會更加困難。我們會到達那裡，只是可能需要更長的時間。再說一次，正如我們與你們的幾位同事所經歷的那樣，實現收入、實現毛利率和基本每股收益的可靠途徑，基本每股收益是可靠的。

Our final question comes from the line of Mike Matson with Needham & Company.

我們的最後一個問題來自 Needham & Company 的 Mike Matson。

Just wanted to ask on Palette with Barrigel. I know obviously, there's a big opportunity within prostate that you're going after. But I think you've talked about potential to expand into other types of cancer. So can you talk about the timing there and whether or not you have to do trials to get those indications?

只是想向 Barrigel 詢問 Palette。我顯然知道，前列腺內有一個你正在追求的巨大機會。但我認為您已經談到了擴展到其他類型癌症的潛力。那麼你能談談那裡的時間安排以及是否必須進行試驗才能獲得這些跡象嗎？

We are expanding the indication. It is within our model. We will have to do clinical trials in order to get there. We have begun mapping out and enrolling the investigators that would help us with that. And obviously, as we build the relationship with radiation oncologists, they would be a key part of that as well as urologists in order to get this expanded indication. I don't want to go into details on the call, Mike, about what indication because we -- as you're very aware, in the city you live in, we have competitors.

我們正在擴大適應症。它在我們的模型之內。為了實現這一目標，我們必須進行臨床試驗。我們已經開始規劃並招募可以幫助我們實現這一目標的調查人員。顯然，當我們與放射腫瘤科醫生建立關係時，為了獲得這種擴大的適應症，他們以及泌尿科醫生將成為其中的關鍵部分。麥克，我不想在電話中詳細說明具體的跡象，因為正如你所知，在你居住的城市，我們有競爭對手。

Yes, I understand. And then just on your list in China, I know you talked about the size there, and obviously, there's a ton of people there. But can you just talk about kind of the competitive landscape? And then I'm not even sure whether this is something that's covered by government payers, insurance? Or is it something that's out of pocket for these BPH treatments there?

是的，我明白。然後就在你在中國的名單上，我知道你談到了那裡的規模，顯然，那裡有很多人。但您能談談競爭格局嗎？然後我甚至不確定這是否屬於政府付款人、保險的承保範圍？或者說那裡的 BPH 治療是自掏腰包的嗎？

Yes. So the landscape is similar to where it is everywhere else in so far is that TURP is the main procedure that is used on men within China. The nuance in China is that they don't tend to be as pharma-focused in so far as that they will try other herbal remedies within that. But you're right, it's such a huge population. The way it works within China is your first step is to get it listed on all of the regional tenders.

是的。因此，到目前為止，情況與其他地方相似，即 TURP 是中國男性使用的主要手術。中國的細微差別在於，他們往往不那麼專注於製藥，而是會嘗試其中的其他草藥。但你是對的，人口如此龐大。它在中國的運作方式是你的第一步是將其列入所有區域招標。

So we're going through that process now in Shanghai and Beijing, in those 2 big provinces. That would be an obvious place to start. And then thereafter, you apply for reimbursement. The reimbursement never covers in any procedure of the total cost of the procedure, Mike, there's always some out-of-pocket and the general population in China is used to have to pay out of pocket when they go to a hospital.

所以我們現在正在上海和北京這兩個大省經歷這個過程。這將是一個明顯的起點。然後，您申請報銷。報銷從來不包括任何手術的總費用，麥克，總是有一些自付費用，中國的普通民眾習慣於去醫院時必須自付費用。

I would now like to turn the call over to Mr. Lawrence Keusch for closing remarks.

現在我想請勞倫斯‧科伊施先生致閉幕詞。

Thank you, Mandeep, and thank you to everyone that joined us on the call today. This concludes the Teleflex Inc. Fourth Quarter 2023 Earnings Conference Call.

謝謝曼迪普，也感謝今天加入我們電話會議的所有人。 Teleflex Inc. 2023 年第四季財報電話會議至此結束。

That is all the time we have for questions this morning. Our conference call for today is now concluded. Thank you all for your participation.

這就是我們今天早上提問的時間了。我們今天的電話會議現已結束。感謝大家的參與。