泰利福醫療 (TFX) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Teleflex First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note that this conference call is being recorded and will be available on the company's website for replay shortly.

早安，女士們、先生們，歡迎參加泰利福 2024 年第一季財報電話會議。 （操作員說明）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 will 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. First Quarter 2024 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. 2024 年第一季財報電話會議。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. Those wishing to access the replay can refer to our press release from this morning for detail. 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.

謹此提醒，我們的網站上將提供重播。那些希望觀看重播的人可以參閱我們今天早上的新聞稿以了解詳細資訊。參加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 first quarter results, review some commercial highlights and provide an update on our financial guidance for 2024. We had a solid start to 2024 as momentum seen through last year continued into the first quarter.

謝謝拉里，大家早安。在今天早上的電話會議上，我們將討論第一季業績，回顧一些商業亮點，並提供 2024 年財務指引的最新資訊。

For the quarter, Teleflex revenues were $737.8 million, up 3.8% year-over-year on both a GAAP and constant currency basis. First quarter adjusted earnings per share was $3.21, a 3.9% increase year-over-year. During the quarter, utilization for our products trended positively and tracks to our expectations. While we do not expect a revenue benefit from pent-up demand due to the broad exposure of the Teleflex portfolio to critical care procedures, we are seeing utilization back to pre-pandemic levels.

本季度，泰利福營收為 7.378 億美元，以 GAAP 和固定匯率計算年增 3.8%。第一季調整後每股收益為 3.21 美元，年增 3.9%。本季度，我們產品的利用率呈現正面趨勢，符合我們的預期。雖然由於泰利福產品組合廣泛應用於重症監護程序，我們預計不會從被壓抑的需求中獲得收入收益，但我們看到利用率回到了大流行前的水平。

Turning to raw material inflation. We saw positive trends during the first quarter with year-over-year disinflation tracking towards our expectations for the year. Nonetheless, we continue to expect total inflation to be somewhat higher in 2024 as compared to 2023 in part due to inventory capitalized in 2023, impacting the income statement this year.

轉向原物料通膨。我們在第一季看到了正面的趨勢，年比通貨緊縮符合我們對今年的預期。儘管如此，我們仍預期 2024 年的總通膨率將略高於 2023 年，部分原因是 2023 年庫存資本化，進而影響今年的損益表。

I would also like to provide an update on our logistics and distribution infrastructure. Our freight expenses continue to show positive trends. Despite the conflict in the Middle East, we continue to maintain customer service levels by successfully diverting shipments to alternative shipping lanes. In addition, I would note that we do not utilize the Port of Baltimore to ship Teleflex products to or from our North American distribution center.

我還想提供有關我們的物流和分銷基礎設施的最新資訊。我們的貨運費用持續呈現正面趨勢。儘管中東發生衝突，我們仍透過成功地將貨物轉移到其他航線來繼續維持客戶服務水準。此外，我要指出的是，我們不利用巴爾的摩港將泰利福產品運往或運送自我們的北美配送中心。

Now let's turn to a deeper dive into our first quarter revenue results. I will begin with a review of our geographic segment revenues for the first quarter. All growth rates that I referred to are on a constant currency basis unless otherwise noted. Americas revenues were $406.3 million, a 1.5% decrease year-over-year. Investors familiar with Teleflex will be aware that prior year MSA revenues were booked in the Americas.

現在讓我們更深入地了解第一季的營收結果。我將首先回顧第一季我們的地理部門收入。除非另有說明，我提到的所有成長率都是以固定匯率計算的。美洲地區營收為 4.063 億美元，年減 1.5%。熟悉 Teleflex 的投資者會知道，去年 MSA 的收入是在美洲登記的。

EMEA revenues of $159.6 million increased 9.7% year-over-year. Growth was seen across the majority of our product families, including solid double-digit growth contributions from Interventional and Interventional Urology. The region also benefited from the ongoing recovery of ET tubes following the recall last year.

歐洲、中東和非洲地區營收為 1.596 億美元，年增 9.7%。我們的大多數產品系列都出現了成長，其中介入和介入泌尿科帶來了兩位數的穩定成長貢獻。該地區也受惠於去年召回後 ET 管的持續回收。

Now turning to Asia. Revenues were $84.2 million, an 11.2% increase year-over-year. Revenue growth was broad-based across the region with double-digit increases in China, India and Southeast Asia. Let's now move to a discussion on our first quarter revenues by global products category.

現在轉向亞洲。營收為 8,420 萬美元，年增 11.2%。該地區的收入成長廣泛，其中中國、印度和東南亞實現了兩位數成長。現在讓我們以全球產品類別來討論第一季的營收。

Commentary on global product category growth for the first quarter will also be on a year-over-year constant currency basis. Starting with Vascular Access. Revenue increased 2% year-over-year to $181.4 million. The quarter was led by underlying growth in PICCs, central access and EZ-IO partly offset by the impact of the previously announced Endurance catheter recall. We will anniversary the Endurance recall during the second quarter, and we continue to see opportunities for share gains in the peripheral access market.

對第一季全球產品類別成長的評論也將以同比固定匯率為基礎。從血管通路開始。營收年增 2% 至 1.814 億美元。本季的成長主要得益於 PICC、中央通路和 EZ-IO 的潛在成長，部分抵消了先前宣布的 Endurance 導管召回的影響。我們將在第二季紀念 Endurance 召回事件，並且我們將繼續看到外圍接入市場份額成長的機會。

Moving to Interventional. Revenue was $134.7 million, an increase of 15.4% year-over-year. We demonstrated growth across our geographic segments as our portfolio of growth drivers continues to perform well. During the quarter, growth was led by balloon pumps, MANTA and complex catheters.

轉向介入治療。營收為1.347億美元，年增15.4%。由於我們的成長動力組合繼續表現良好，我們在各個地理區域都實現了成長。本季度，成長由球囊幫浦、MANTA 和複雜導管引領。

Turning to Anesthesia. Revenue increased 3.2% year-over-year to $96.4 million. Growth was balanced across the portfolio. Of note, we continue to recover from the ET tube recall initiated during the second quarter of 2023 and will fully anniversary the revenue comparisons at the end of next quarter. In our Surgical business, revenue was $105.5 million, an increase of 7.1% year-over-year against a tough comparison.

轉向麻醉。營收年增 3.2% 至 9,640 萬美元。整個投資組合的成長是平衡的。值得注意的是，我們繼續從 2023 年第二季啟動的 ET 管召回中恢復過來，並將在下季度末進行收入比較一周年紀念日。在我們的外科業務中，營收為 1.055 億美元，與去年同期相比成長了 7.1%。

Our underlying trends in our core surgical franchise continued to be solid. Among our largest franchises, growth was led by (inaudible), instrumentation and our ligation portfolio. For Interventional Urology, revenue was $79.7 million, representing an increase of 6.1% year-over-year. Growth was driven by Barrigel revenue following the October 2023 acquisition of Palette Life Sciences.

我們核心外科專營權的基本趨勢仍然穩固。在我們最大的特許經營中，成長是由（聽不清楚）、儀器和我們的連接產品組合帶動的。介入泌尿科收入為 7,970 萬美元，年增 6.1%。成長是由 Barrigel 於 2023 年 10 月收購 Palette Life Sciences 後的營收所推動的。

And as anticipated, UroLift growth was impacted by continued challenges in the office side of service and sales force training activities for Barrigel during the quarter. Our full year 2024 Interventional Urology total revenue guidance continues to assume approximately 7.5% growth, which continues to incorporate Palette revenues in the range of $66 million to $68 million for 2024.

正如預期的那樣，UroLift 的成長受到本季 Barrigel 辦公室服務和銷售人員培訓活動持續挑戰的影響。我們的 2024 年全年介入泌尿科總收入指引繼續假設成長約 7.5%，其中繼續將 Palette 收入納入 2024 年 6,600 萬至 6,800 萬美元的範圍內。

OEM had another solid quarter with revenues increasing 13.6% year-over-year to $87.7 million. Our 3 largest product categories recorded double-digit growth in the quarter, including continued strength in microcatheters. In addition, we saw some modest benefit from order timing shifting from the second quarter into the first quarter.

OEM 季度業績又表現強勁，營收年增 13.6% 至 8,770 萬美元。我們的三大產品類別在本季錄得兩位數成長，其中微導管業務持續強勁。此外，我們還看到訂單時間從第二季轉移到第一季帶來了一些適度的好處。

First quarter other revenue declined 27.1% to $52.4 million year-over-year. The decline in revenue on a year-over-year basis is primarily due to the planned December 2023 exit of the MSA by Medline. That completes my comments on the first quarter revenue performance.

第一季其他營收年減 27.1% 至 5,240 萬美元。收入年減主要是由於 Medline 計劃於 2023 年 12 月退出 MSA。我對第一季營收表現的評論就到此結束。

Turning to some commercial and clinical updates. Starting with an update on Palette Life Sciences, our most recent acquisition. We have now owned Palette Life Sciences for just over 6 months, and I am pleased to report that the integration process is meeting our targeted milestones. Cross-functional product sales training continued to progress throughout the first quarter and the first phase of training for our jewel bag reps will be completed at the end of the second quarter.

轉向一些商業和臨床更新。首先是我們最近收購的 Palette Life Sciences 的更新。我們現在擁有 Palette Life Sciences 僅僅 6 個多月，我很高興地報告說，整合過程正在實現我們的目標里程碑。跨職能產品銷售培訓在第一季繼續取得進展，珠寶袋代表的第一階段培訓將於第二季末完成。

During the quarter, we were active training and proctoring the legacy UroLift sales force on the use of Barrigel, and we remain on track to fully complete the integration of the sales force by the end of 2024.

在本季度，我們積極培訓並指導傳統 UroLift 銷售人員使用 Barrigel，並且我們仍有望在 2024 年底之前完全完成銷售人員的整合。

Moving to a couple of product updates. In our Interventional Access business, we initiated a limited market release of the Wattson temporary pacing guidewire. Wattson will complement our expanding structural heart portfolio, which already includes the MANTA, large bore closure device and the Langston Dual-Lumen for contrast delivery and pressure measurement.

轉向一些產品更新。在我們的介入通路業務中，我們啟動了 Wattson 臨時起搏導絲的有限市場發布。 Wattson 將補充我們不斷擴大的結構心臟產品組合，其中已經包括 MANTA、大口徑閉合裝置和用於造影劑輸送和壓力測量的 Langston 雙腔。

In our Surgical business, we are pleased to share that the Titan SGS stapler is now available with GORE SEAMGUARD Bioabsorbable staple line reinforcement material. This complementary pairing supports bariatric surgeons by addressing clinical preferences in the sleeve gastrectomy market.

在我們的外科業務中，我們很高興與大家分享，Titan SGS 吻合器現在配備 GORE SEAMGUARD 生物可吸收吻合釘線加固材料。這種互補的配對透過解決袖狀胃切除術市場的臨床偏好來為減重外科醫生提供支持。

As we look further into 2024, we will continue to advance our new product introductions with a number of launches across our business units. In our Interventional Access business, there is no change to our expectation for an FDA marketing clearance and a limited market release of the Ringer catheter in the second half of 2024.

展望 2024 年，我們將繼續推進新產品的推出，在我們的業務部門推出多項產品。在我們的介入通路業務中，我們對 FDA 行銷許可和林格導管在 2024 年下半年有限市場發布的預期沒有變化。

Ringer incorporates a unique balloon design that allows blood to flow through a vessel while the balloon is inflated. We expect to initially launch with a PTCA indication but we'll evaluate opportunities for label expansion following the completion of our vessel perforation trial.

Ringer 採用獨特的氣球設計，在氣球充氣時允許血液流經血管。我們預計最初會推出 PTCA 適應症，但我們將在血管穿孔試驗完成後評估標籤擴展的機會。

Finally, I will provide a regulatory update. In February, we voluntarily initiated a recall of our QuickFlash radial artery and radial artery arterial line catheterization kits after receiving reports of increased resistance in the Guidewire handle and chamber during use. The financial impact from this recall was de minimis.

最後，我將提供監管更新。今年 2 月，在收到導絲手柄和腔室在使用過程中阻力增加的報告後，我們主動召回了 QuickFlash 橈動脈和橈動脈動脈導管插入套件。此次召回造成的財務影響微乎其微。

In cooperation with the FDA Teleflex also recently initiated a voluntary field advisory notice for Arrow FiberOptix and UltraFLEX intra-aortic balloon catheter kits. Due to reports indicating and infrequent condition, which were not identified and corrected promptly, could result in serious health consequences, including a reduction or loss of the hemodynamic support normally provided by intra-aortic balloon pump therapy.

Teleflex 最近也與 FDA 合作，針對 Arrow FiberOptix 和 UltraFLEX 主動脈內球囊導管套件發布了自願現場諮詢通知。由於報告表明這種情況並不常見，如果沒有及時識別和糾正，可能會導致嚴重的健康後果，包括主動脈內球囊反搏療法通常提供的血流動力學支持減少或喪失。

The FDA has not yet designated a recall classification. But under the field advisory notice, customers may continue to use the products in scope per additional instructions, warnings and cautions. We expect the financial impact from the voluntary field action to be immaterial.

FDA 尚未指定召回分類。但根據現場諮詢通知，客戶可以繼續按照附加說明、警告和注意事項使用範圍內的產品。我們預期自願實地行動的財務影響並不重大。

That completes my prepared remarks. Now I'd like to turn the call over to Tom for a more detailed review of our first 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一季的財務表現。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 61.1%, a 170 basis point increase versus the prior year period. The year-over-year increase was primarily due to the favorable impact of gross margin from the termination of the MSA, the acquisition of Palette, favorable price benefits from cost improvement initiatives, partially offset by unfavorable fluctuations in foreign exchange rates and continued cost inflation.

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 61.1%，比去年同期成長 170 個基點。年比成長主要是由於終止MSA、收購Palette、成本改善措施帶來的有利價格效益對毛利率產生了有利影響，但部分被匯率不利波動和持續成本上漲所抵消。

Adjusted operating margin was 26.6% in the first quarter. The 80 basis point year-over-year increase was primarily driven by the flow-through of the year-over-year increase in gross margin partially offset by the inclusion of Palette Life Science, operating expenses, employee-related expenses and investments to grow the business.

第一季調整後營業利益率為 26.6%。年比成長 80 個基點主要是由於毛利率年增的流入，但部分被 Palette Life Science、營運費用、員工相關費用和投資成長所抵銷這項業務。

Net interest expense totaled $21 million in the first quarter, an increase from $17.5 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.

第一季淨利息支出總計 2,100 萬美元，高於去年同期的 1,750 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 first quarter of 2024 was 13.2% compared to 11.8% in the prior year period. The year-over-year increase in our adjusted tax rate is primarily due to additional costs arising from the enactment of European Pillar 2 tax reform and realization of discrete items in the quarter. At the bottom line, first quarter adjusted earnings per share was $3.21, an increase of 3.9% versus prior year.

2024 年第一季的調整後稅率為 13.2%，而去年同期為 11.8%。調整後稅率的同比增長主要是由於歐洲第二支柱稅收改革的頒布和本季離散項目的實現而產生的額外成本。第一季調整後每股收益為 3.21 美元，比去年同期成長 3.9%。

The year-over-year increase in EPS reflects dilution from the acquisition of Palette Life Sciences and the related incremental borrowings.

每股盈餘的年增率反映了收購 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 first quarter was $112.8 million compared to $84.3 million in the prior year period. The $28.5 million increase was primarily attributable to favorable operating results and a decrease in cash outflows from inventories as we moderate our inventory levels due to improving supply chain dynamics, partially offset by an increase in accounts receivable resulting from higher sales and lower levels of accounts payable and accrued expenses.

現在轉向選擇資產負債表和現金流亮點。第一季營運現金流為 1.128 億美元，去年同期為 8,430 萬美元。增加2,850 萬美元主要歸因於良好的經營業績以及庫存現金流出的減少，因為我們因供應鏈動態改善而調整了庫存水平，但部分被銷售額增加和應付賬款水平降低導致的應收賬款增加所抵銷和應計費用。

Moving to the balance sheet. At the end of the first quarter, our cash balance was $237.4 million as compared to $222.8 million as of year-end 2023. The increase in cash on hand is primarily due to operating cash flows. Net leverage at quarter end was approximately 1.7x. Inclusive of the debt associated with 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.

轉向資產負債表。截至第一季末，我們的現金餘額為 2.374 億美元，而截至 2023 年年底為 2.228 億美元。季度末淨槓桿約為 1.7 倍。包括與收購 Palette Life Sciences 相關的債務，我們的財務狀況仍然良好，並繼續為我們提供執行長期資本配置策略的靈活性。

Turning to financial guidance. We are pleased with the solid start to the year and are making select updates to the outlook for 2024. We continue to expect 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 in the range of $66 million to $68 million, which Liam mentioned earlier.

轉向財務指導。我們對今年的良好開局感到滿意，並正在對 2024 年的前景進行選擇性更新。同比增長包括 MSA 收入 7570 萬美元的損失，但部分被 Liam 之前提到的 Palette 6600 萬至 6800 萬美元的增量收入所抵消。

Turning to foreign exchange. We now assume a negative impact from foreign exchange of approximately $12 million, representing a 40 basis point headwind to GAAP growth in 2024. This compares to our prior guidance of approximately $5 million or 15 basis point headwind for 2024. The updated guidance of a $12 million foreign exchange headwind assumes approximately a $1.07 average euro exchange rate for 2024 versus the prior guidance, which had assumed approximately $1.08.

轉向外匯。我們現在假設外匯的負面影響約為1,200 萬美元，這對2024 年GAAP 成長造成40 個基點的阻力。更新後的指引為12 美元百萬外匯逆風假設 2024 年歐元平均匯率約為 1.07 美元，而先前的指導假設約為 1.08 美元。

Considering the foreign exchange outlook, we expect reported revenue growth of 3.35% to 4.35% in 2024, implying a dollar range of $3.074 billion to $3.104 billion. For your modeling purposes, the 2024 outlook includes an assumption of $760 million to $765 million in revenues for the second quarter, representing growth in the range of 3.1% to 3.8% year-over-year, excluding an FX headwind of approximately $6 million.

考慮到外匯前景，我們預計 2024 年報告營收將成長 3.35% 至 4.35%，這意味著美元範圍為 30.74 億美元至 31.04 億美元。出於建模目的，2024 年前景假設第二季營收為 7.6 億至 7.65 億美元，年增 3.1% 至 3.8%，不包括約 600 萬美元的外匯阻力。

We reiterate our expectation for 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, price and the Palette acquisition partially offset by inflation and the impact of changes in foreign currency exchange rates. We also continue to 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.

我們重申 2024 年毛利率在 60% 至 60.75% 之間的預期。我們的毛利率指引反映了終止 MSA、製造效率、價格和 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。我們也繼續預期2024 年營業利潤率將在26.25% 至26.75% 之間。抵消。

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, higher interest rates, 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 the Pillar 2 global minimum tax. Turning to earnings. We are raising the low end of guidance by $0.05, which reflects the strong results in the first quarter and the updated foreign exchange headwind. In turn, we now expect 2024 adjusted earnings per share to be in a range of $13.60 to $13.95.

2024 年，我們的稅率預計約為 12%，這反映了 2023 年離散項目（2024 年不會重複）所抵消的有利組合以及第二支柱全球最低稅率的影響。轉向收益。我們將指導下限上調 0.05 美元，這反映了第一季的強勁業績和最新的外匯逆風。反過來，我們現在預計 2024 年調整後每股收益將在 13.60 美元至 13.95 美元之間。

Finally, our 2024 adjusted EPS outlook reflects $0.87 in year-over-year headwinds from incremental dilution associated with the acquisition of Palette, the termination of the MSA, the year-over-year increase in our tax rate, primarily due to the Pillar 2 minimum tax and the updated foreign exchange headwind of $0.28.

最後，我們的 2024 年調整後每股收益展望反映了 0.87 美元的同比阻力，這些阻力來自與收購 Palette、終止 MSA 相關的增量稀釋、我們的稅率同比增加（主要是由於第二支柱）最低稅和更新後的外匯阻力為0.28 美元。

After adjusting for these headwinds, year-over-year underlying adjusted constant currency EPS growth is approximately 7% on the low end of guidance and 10% on the high end of guidance.

在對這些不利因素進行調整後，基本調整後的固定匯率每股收益年增率約為指引低端的 7% 和指引高端的 10%。

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。我現在想把它轉回給利亞姆進行結束評論。

Thanks, Tom. In closing, I will highlight our 3 key takeaways from the first quarter of 2024. First, we started 2024 with a solid performance as momentum continued from the end of last year. Overall, our diversified portfolio and global business units performed well.

謝謝，湯姆。最後，我將重點介紹 2024 年第一季的 3 個關鍵要點。總體而言，我們的多元化投資組合和全球業務部門表現良好。

We managed operating expenses and continued to focus on new product introductions in 2024. Netting the loss of MSA revenues, the incremental palette sales and the revised foreign exchange headwind, we anticipate an approximately 100 basis points year-over-year headwind to growth in 2024. Second, we are well positioned to deliver on our financial guidance for 2024. We remain highly focused on executing on our plan for the year, just as we did in 2023.

我們管理營運支出，並繼續關注 2024 年新產品的推出。我們有能力實現2024 年的財務指導。

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. The integration of Palette Life Sciences is progressing well, and we expect the acquisition to be a meaningful contributor to our growth in the coming years.

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。 Palette Life Sciences 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。

That concludes my prepared remarks. Now I would like to turn the call back to the operator for Q&A.

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) Your first question will come from the line of Patrick Wood from Morgan Stanley.

（操作員說明）您的第一個問題將來自摩根士丹利的 Patrick Wood。

I guess for the first one, I'm curious about OEM, another very strong quarter. There's kind of a lot of different pieces moving in there. The volume environment is very good. But equally, there's a little bit of competitive noise backwards and forwards. I'm just -- I'm curious how you see that evolving through the year.

我想對於第一個季度，我對 OEM 感到好奇，這是另一個非常強勁的季度。有很多不同的部件在裡面移動。音量環境非常好。但同樣，前後也有一些競爭噪音。我只是——我很好奇你如何看待這一年的演變。

You've mentioned a little bit of phasing as some stuff was pulled into Q1, but should we expect more of a normalization in the second half or similar kinds of growth patterns we've seen so far?

您提到了一些分階段的情況，因為一些內容被納入第一季度，但我們是否應該期望下半年會出現更多的正常化，或者我們迄今為止看到的類似增長模式？

Patrick, thank you very much for the question. I think that OEM was definitely one of the standouts again within the quarter, but there were many standouts for Teleflex in the quarter, in my mind, a really strong quarter, a great start to the year, growing our revenues at 3.8% and growing our earnings faster than revenues at 3.9% and raising the bottom end of our earnings guide while covering some FX impact.

派崔克，非常感謝你的提問。我認為OEM 絕對是本季度的佼佼者之一，但泰利福在本季度也有很多出色的表現，在我看來，這是一個非常強勁的季度，是今年的一個良好開端，我們的收入增長了3.8%，並且還在不斷增長。

On to OEM, I do anticipate the phasing as we go through the year, I think OEM is well capable of doing double-digit growth in the entirety of the year. It will probably take a little bit of a step back in Q2 just to the phasing of the orders, as you outlined. But the underlying growth is really strong. The order bank is strong, very strong on (inaudible) microcatheters following on from the HPC acquisition a number of years ago.

至於 OEM，我確實預計今年會分階段進行，我認為 OEM 完全有能力在全年實現兩位數的成長。正如您所概述的那樣，第二季度可能會在訂單的分階段方面稍微後退一步。但潛在的成長確實強勁。繼幾年前收購 HPC 之後，訂單庫非常強大，在（聽不清楚）微導管方面非常強大。

Catheter extrusions continues to be strong. Demand is robust, and I think the environment continues to be good for the OEM business. And even though OEM is dilutive to our gross margins, I would like to remind everybody, it is accretive to our operating margins and therefore, a good contributor to Teleflex as it grows.

導管擠壓持續較強。需求強勁，我認為環境對 OEM 業務仍然有利。儘管 OEM 會稀釋我們的毛利率，但我想提醒大家，它會增加我們的營業利潤，因此，隨著 Teleflex 的成長，它會成為一個很好的貢獻者。

And then just quickly on the second one. Within the Urology side of things, obviously, you pulled a bit of the sales force back to get some of the training going. A, sort of how is that going? How has the response been internally? And b, how disruptive is that? How long does that kind of training process take? I know it's kind of an open-ended question, but just curious.

然後快速進行第二個。顯然，在泌尿科方面，您抽調了一些銷售人員來進行一些培訓。 A，事情進展如何？內部反應如何？ b，這有多大破壞性？這種培訓過程需要多長時間？我知道這是一個開放式問題，但只是好奇。

No, that's a fair question, Patrick. I think that the training is going well. So we are proctoring our sales reps. We have about as we ended the first quarter, we have roughly around 40% of them trained that need to be trained in this phase. So this will be completed at the end of Q2.

不，這是一個公平的問題，派崔克。我認為培訓進展順利。因此，我們正在監督我們的銷售代表。截至第一季末，我們大約有 40% 左右的人接受了培訓，需要在這個階段接受培訓。因此，這將在第二季末完成。

And then over the remainder of the year, we'll take a systematic approach to onboarding additional reps and full bagging them. We would anticipate that the organization will be fully integrated and all the trains will be pretty much done by the end of this year and Palette will be integrated. The good news is that it has had 0 impact. While it did have some impact on UroLift, it had 0 impact on Palette. And Palette again, 6 months into our ownership is performing very well.

然後在今年剩下的時間裡，我們將採取系統性的方法來招募更多的代表並讓他們全面入職。我們預計該組織將完全整合，所有列車將在今年年底前基本完成，Palette 也將整合。好消息是它的影響為零。雖然它確實對 UroLift 有一些影響，但對 Palette 的影響為零。再次強調，Palette 在我們擁有 6 個月後表現非常出色。

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

您的下一個問題來自雷蒙德詹姆斯 (Raymond James) 的傑森貝德福德 (Jayson Bedford)。

Maybe just to start for Tom. The first quarter gross margin was above your full year guidance. Revenue will increase from first quarter levels. So what pressures gross margin over the next 3 quarters?

也許只是為了湯姆開始。第一季毛利率高於全年指引。收入將較第一季水準有所成長。那麼，未來三個季度毛利率面臨哪些壓力呢？

Well, I wouldn't say there's anything that necessarily is pressuring over the next number of quarters other than what we already saw in the first quarter, which we've got inflationary pressures. We've got some FX, although we expect FX to improve as the quarters go on.

嗯，我不會說除了我們在第一季已經看到的通膨壓力之外，未來幾季必然會面臨任何壓力。我們有一些外匯，儘管我們預計隨著季度的繼續，外匯將有所改善。

So obviously, we had a really solid start to the year. We provided full year guidance and are working towards that. I would say that as a result of the strong start, we feel really good about achieving that guidance, and we'll continue to monitor the situation and provide any updates in the future as the situation warrants.

顯然，我們今年有一個非常好的開局。我們提供了全年指導並正在努力實現這一目標。我想說，由於有了良好的開端，我們對實現這一指導感到非常高興，我們將繼續監測情況，並在未來情況需要時提供任何更新。

Okay. Fair enough. And then just maybe as a quick unrelated follow-up. Interventional, very strong of a tough comp Liam, you alluded to a few drivers, but just a little bit more granularity. Is this excess share gain? Is there a new product in there that's driving this growth?

好的。很公平。然後也許只是作為一個快速的、不相關的後續行動。幹預性，非常強硬的組合利亞姆，你提到了一些驅動程序，但只是粒度更細一些。這是超額份額收益嗎？是否有新產品可以推動這種成長？

So I wouldn't exactly call it a new product. But obviously, MANTA continues to penetrate the large bore market, really solid double-digit growth coming from that product specifically complex catheters, which is the bread and butter of this franchise, which is the guideline or trap line or Turnpike. They continue to grow within the market.

所以我不會將其稱為新產品。但顯然，MANTA 繼續滲透大口徑市場，真正穩定的兩位數增長來自該產品，特別是複雜的導管，這是該系列產品的麵包和黃油，是指南或陷阱線或收費公路。他們在市場中繼續成長。

And obviously, then you have our intra-aortic balloon pumps and catheters, really strong performance from them, in particular, overseas. So across the board, I think it's a procedure of volumes globally in the cath lab are back to pre-pandemic levels. We're getting some benefit from that, but also further penetrating in our accounts having a suite of products to surround MANTA and now having the Wattson coming to the market in a limited market launch only helps to compound that growth within the cath lab space.

顯然，我們的主動脈內球囊幫浦和導管具有非常強大的性能，尤其是在海外。因此，總的來說，我認為這是全球導管實驗室的數量恢復到大流行前水平的過程。我們從中獲得了一些好處，但也進一步滲透到我們的客戶中，擁有一套圍繞 MANTA 的產品，現在讓 Wattson 在有限的市場推出中進入市場，只會有助於複合導管實驗室領域的成長。

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

您的下一個問題來自加拿大皇家銀行資本市場的 Shagun Singh。

Liam, your guidance calls for about 4.25% growth in 2024 at the midpoint versus 6.5% last year and your LRP target of the low end of 6% to 7%. I know you called out some year-over-year factors to consider. But I'm just wondering what accelerates the growth profile for the company from here? How are you thinking about M&A boosting your weighted average market growth. And if you could put all this in the context of your utilization commentary, it seems like there isn't a backlog, but there is still healthy demand. That would be really helpful.

Liam，您的指導意見要求 2024 年中位數成長率約為 4.25%，而去年為 6.5%，您的 LRP 目標為 6% 至 7% 的低端。我知道您提出了一些需要考慮的逐年因素。但我只是想知道是什麼加速了公司的發展？您如何看待併購促進加權平均市場成長？如果您可以將所有這些放在您的利用率評論中，那麼似乎沒有積壓，但仍然存在健康的需求。這真的很有幫助。

No, absolutely, Shagun. And thank you very much for the question. So the midpoint of our guide, you're correct at the midpoint. And now I would remind the investment community as we laid out in -- as we gave our guide, there is approximately 1% of a headwind from an inorganic with the MSA in palette.

不，絕對是，沙貢。非常感謝你提出這個問題。所以我們指南的中點，你在中點是正確的。現在我想提醒投資界，正如我們在指南中所闡述的那樣，大約有 1% 的阻力來自於採用 MSA 的無機投資者。

So if you look at our guide of 3.75% to 4.75%, the organic growth underlying that is 4.75% to 5.75%. So your jump off into next year will be at a higher rate from a growth level because the MSA will be anniversaried in the fourth quarter.

因此，如果你看一下我們的 3.75% 至 4.75% 的指導，那麼潛在的有機成長就是 4.75% 至 5.75%。因此，明年的成長速度將會更高，因為 MSA 將在第四季度迎來週年紀念日。

I think the outlook for Teleflex from a growth perspective is solid. I think our 6% long-range plan, we can see definitely line of sight to get there. I think that the environment is rich. We have some parts of our business really performing well. We mentioned OEM. We mentioned Interventional Access. Surgical had a really good start to the year.

我認為從成長的角度來看，泰利福的前景是穩固的。我認為我們的 6% 長期計劃，我們絕對可以看到實現目標的視線。我認為環境很豐富。我們的某些業務確實表現良好。我們提到了 OEM。我們提到了介入治療。外科手術今年開局非常好。

Interventional Urology at 6.1%. And then geographically, you see EMEA coming in at 9.7% and double-digit growth in APAC. So I will say that the underlying growth algorithm for Teleflex is very much intact. And as we head into -- and we're 1 quarter into the second year of our LRP, and we feel pretty bullish about the outlook for our company.

介入性泌尿外科佔 6.1%。然後從地理來看，歐洲、中東和非洲地區的成長率為 9.7%，亞太地區的成長率為兩位數。所以我想說泰利福的底層成長演算法非常完整。當我們進入 LRP 第二年的第一個季度時，我們對我們公司的前景非常樂觀。

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

您的下一個問題來自富國銀行 (Wells Fargo) 的 Larry Biegelsen。

This is Nathan Treybeck on for Larry. Can you talk about, given the constant currency beat in Q1, what were some of the considerations for not raising the full year guide?

這是拉里的內森·特雷貝克 (Nathan Treybeck)。您能否談談，考慮到第一季匯率持續上漲，不提高全年指引的一些考量是什麼？

Yes. So obviously, the first consideration is it is Q1, and I think if you take that into account. The other consideration is we give our guide in February, we had a really, really nice March. So that was helpful. And we came in above where we thought based on the performance of March and some of the performances that we spoke about earlier on.

是的。顯然，首先考慮的是第一季度，我想如果你考慮到這一點。另一個考慮因素是我們在二月提供了指南，我們度過了一個非常非常愉快的三月。所以這很有幫助。我們根據三月的表現以及我們之前談到的一些表現得出了上面的結論。

And we did have some OEM orders that pulled in from Q2 into Q1, and we updated for FX. So we'll continue to monitor the situation as we go into Q2, Q3 and Q4. But again, I feel fairly bullish on our performance. This is our fifth quarter in a row where we've actually been in a position to beat our internal revenue forecast and to be able to provide upside.

我們確實有一些 OEM 訂單從第二季度拉到第一季度，我們更新了外匯。因此，我們將在進入第二季、第三季和第四季時繼續監控情況。但我再次對我們的表現感到相當樂觀。這是我們連續第五個季度實際上能夠超越我們的內部收入預測並能夠提供上行空間。

And it's a nice upside of $11 million. Again, a few million was pulled in from orders from OEM that shipped in Q1 rather than Q2. But other than that, the underlying growth of the business is really solid.

這是 1100 萬美元的不錯的上漲空間。同樣，第一季而不是第二季發貨的 OEM 訂單也帶來了數百萬美元的訂單。但除此之外，該業務的潛在成長確實很穩健。

Okay. And can you talk about like the drivers of growth for Palette. Is it share gains? Is it market expansion? If you could just give some color there.

好的。能談談 Palette 的成長動力嗎？是股票收益嗎？是市場拓展嗎？如果你能給一些顏色的話。

Yes. The bulk of the growth for Palette is really market expansion. We have continued to bring this product to our existing customer base, and it's being adopted there I mean there is some share shift, but I would say that we are more focused on the white space than trying to take share from others within the marketplace. The product is performing exceptionally well. The sales force is very, very bullish.

是的。 Palette 的大部分成長實際上是市場擴張。我們繼續將這個產品帶給我們現有的客戶群，並且它正在被那裡採用，我的意思是有一些份額的轉移，但我想說的是，我們更關注空白領域，而不是試圖從市場上的其他人那裡奪取份額。該產品的性能非常出色。銷售人員非常非常樂觀。

Once we have our additional 50 reps trained, they will now be active in the marketplace in Q3 jewel bag selling that product. So that should also help. And also in order to expand the market even further, we have initiated and agreed and funded an additional study for expanded indications for the Barrigel product for Palette.

一旦我們對額外的 50 名代表進行了培訓，他們現在將在第三季的珠寶袋市場上活躍銷售該產品。所以這也應該有幫助。而且為了進一步擴大市場，我們已經啟動並同意並資助了一項額外的研究，以擴大 Palette 的 Barrigel 產品的適應症。

We have identified the sites that will conduct the study and we envision beginning enrollment in the very near future. So not alone, we're not satisfied with the market of 330-odd million dollars. We want to expand that market even further so that we can create more white space for us to grow into.

我們已經確定了進行這項研究的地點，並預計在不久的將來開始招募。所以不只是我們對330多萬美元的市場不滿意。我們希望進一步擴大這個市場，以便為我們的發展創造更多的空白空間。

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

您的下一個問題來自 Piper Sandler 的 Matthew O'Brien。

Tom or Liam, I know you're going to say it's Q1 and everything, but you just beat Q1 by about $0.15 or $0.14 on the bottom line, only taking the low end up by about a nickel. So the midpoint is only going up by about $0.025. Why the conservatism there, especially with inflationary pressures easing? And could we just start looking at kind of the higher end of that range just based on the trends so far?

湯姆或利亞姆，我知道你會說這是第一季和一切，但你只是在底線上比第一季度高出約 0.15 美元或 0.14 美元，只將低端提高​​了約 5 美分。因此中點僅上漲約 0.025 美元。為什麼會出現保守主義，特別是在通膨壓力緩解的情況下？我們是否可以根據迄今為止的趨勢開始考慮該範圍的高端？

Well, I would just say, first of all, we raised by $0.09 in the lower end, but $0.05 or I should say, $0.04 of that was offset by an increase in the foreign exchange rates. So again, we feel really good about the results in the first quarter. We've provided full year guidance.

好吧，我只想說，首先，我們在低端籌集了 0.09 美元，但 0.05 美元，或者我應該說，0.04 美元，被外匯匯率的上漲所抵消。再說一次，我們對第一季的結果感覺非常好。我們提供了全年指導。

Gives us improved confidence in our ability to achieve that full year guidance, and we'll continue to monitor the situation and update. But again, we are just getting out of the first quarter and give us a chance to see a little bit more how the year is playing out.

讓我們對實現全年指導的能力更有信心，我們將繼續監控情況並更新。但同樣，我們剛結束第一季度，讓我們有機會更多地了解今年的情況。

Okay. Fair enough. And I wanted to ask about UroLift, but I think the more pertinent questions back on Interventional, like Jason was talking about. That performance has been very strong for several quarters in a row here. You've got this focus on structural heart. It's one of the fastest growth areas in med tech. You've got Wattson coming.

好的。很公平。我想問有關 UroLift 的問題，但我認為更相關的問題又回到了介入治療，就像 Jason 所說的那樣。這種表現已經連續幾季非常強勁。你已經把重點放在結構心臟了。它是醫療技術成長最快的領域之一。沃特森來了。

Is this an area that can deliver not necessarily this level of growth, but just well above Teleflex levels of growth for the next several years? And is this an area of focus maybe from an M&A perspective as well, just given the strong underlying performance of the market in general?

這個領域是否不一定能實現這種成長水平，但僅遠高於泰利福未來幾年的成長水平？考慮到市場整體強勁的基本表現，從併購的角度來看，這是否也是一個重點領域？

So I'll start with the last part of your question. It's definitely a focus for M&A, Matt. I've said many times that I like the cath lab as a call point. We now have a global franchise with that call point. And it is one of the key areas of focus for us when we're doing M&A. It's not the only area of focus, but it's a key area of focus.

所以我將從你問題的最後一部分開始。這絕對是併購的重點，馬特。我已經說過很多次了，我喜歡將導管實驗室作為呼叫點。我們現在擁有該呼叫點的全球特許經營權。這是我們進行併購時重點關注的領域之一。這不是唯一的關注領域，但卻是關鍵的關注領域。

With regard to the sustainability of the growth, I think that the Interventional portfolio that we have with MANTA in there with Wattson coming in there, we got Ringer coming down the road. We got Triumph that's going to be launched sometime in 2025. So we have a whole suite of products coming into this call point. And we have invested heavily in the R&D organization there to ensure that we have the suite of products coming through.

關於成長的可持續性，我認為我們的介入產品組合包括 MANTA、Wattson 和 Ringer。我們的 Triumph 將於 2025 年某個時候推出。我們對那裡的研發組織進行了大量投資，以確保我們擁有全套產品。

So I think it's well capable of maintaining well above Teleflex average growth and be a growth driver for Teleflex over a multiyear period just based on that background, but it has come at the back of investment. This is one of our areas where we have invested behind and the acquisition of MANTA a number of years ago is playing out really well as we penetrate that large bore closure market.

因此，我認為僅基於這種背景，它完全有能力保持遠高於泰利福平均水平的成長，並在多年內成為泰利福的成長動力，但它是在投資的背後出現的。這是我們投資的領域之一，幾年前收購 MANTA 的結果非常好，因為我們滲透到了大口徑密封件市場。

Your next question comes from the line of Anthony Petrone from Mizuho Financial Group.

您的下一個問題來自瑞穗金融集團的 Anthony Petrone。

And I hope everyone is doing well congrats on a strong 1Q here. Maybe a couple of questions. One, just actually focused in on the Americas. Surprised to see just regionally, Americas actually being down a touch here. And then when you sort of bridge that to some of the divisions Vascular was pretty good, OEM obviously outperformed even Interventional Urology is touch ahead of our numbers. So where specifically in the U.S., was there slippage? Was it tough comps? Or was there other stocking dynamics in the U.S.? And I'll have 1 follow-up.

我希望每個人都做得很好，並祝賀第一季表現強勁。也許有幾個問題。第一，實際上只專注於美洲。令人驚訝的是，僅就地區而言，美洲實際上在這方面有所下降。然後，當你將其與某些部門聯繫起來時，血管相當不錯，OEM 顯然表現優於介入泌尿科，甚至領先於我們的數字。那麼，具體在美國的哪些地方出現了下滑呢？比賽很艱難嗎？或者美國還有其他庫存動態嗎？我將進行 1 次後續行動。

Yes, Anthony, thank you. I hope you're keeping well as well. Thanks for the question. With regard to the Americas, the biggest impact there, Anthony, was the MSA. If you'll recall, all of the MSA was booked in the Americas. So if you backed out the MSA from that, your growth would have been around 3.5% for the Americas, if you took the MSA out.

是的，安東尼，謝謝你。我希望你也能保持良好狀態。謝謝你的提問。安東尼，就美洲而言，影響最大的是 MSA。如果你還記得的話，所有 MSA 都是在美洲預訂的。因此，如果您取消 MSA，美洲地區的成長率將約為 3.5%（如果您取消 MSA）。

The underlying -- there's a few underlying things I want to point out in the Americas as you go through the year, the Endurance recall mostly impacted -- and that's in vascular, that mostly impacted the Americas. So as you get through Q2 and into Q3, you will have anniversaried that. And then if you look into the Q4, we will also anniversary the MSA. So you will see an improving environment for the Americas as you go through the year. But please do bear in mind that MSA, Anthony, it's all booked in the Americas and it's all coming out of the Americas on a year-over-year basis, and that's really the drag on that one. And you had a follow-up, Anthony.

潛在的——在這一年裡，我想在美洲指出一些潛在的事情，耐力召回受到的影響最大——這是在血管方面，這主要影響了美洲。因此，當您度過第二季並進入第三季時，您將迎來週年紀念。然後，如果您查看第四季度，我們還將迎來 MSA 週年紀念日。因此，在這一年中，您將看到美洲環境的改善。但請記住，MSA，安東尼，所有的預訂都是在美洲進行的，而且都是從美洲逐年進行的，這確實是對那個的拖累。你還有後續行動，安東尼。

Yes. One quick follow-up would just be a high-level revisit on the M&A strategy here at Teleflex and the company has been active over the years, and it's done a number of different transactions. I remember the years of the distributor tuck-ins. There have been some R&D plays but not as prevalent as the sort of here and now revenue-generating growth accretive deals. And of course, the EBITDA level is now higher. And so maybe just to revisit on the strategy what is most prioritized and what are the size of transactions that you're contemplating these days?

是的。一個快速的後續行動是對 Teleflex 的併購策略進行高層重新審視，該公司多年來一直很活躍，並且完成了許多不同的交易。我記得經銷商們的那些年。已經有一些研發活動，但不像此時此地那種創收成長增值交易那麼普遍。當然，EBITDA 水準現在更高了。因此，也許只是重新審視一下策略，什麼是最優先的，以及您這些天正在考慮的交易規模是多少？

So I think that for Teleflex, we're really focused on tuck-ins and scale transactions. We have done some late-stage technologies, and we've done some investments -- early-stage investments into companies, and we'll continue to do that. We have the most important thing you need, Anthony, for M&A, which is firepower.

所以我認為對於泰利福來說，我們真正關注的是折入和規模交易。我們已經做了一些後期技術，我們也做了一些投資——對公司的早期投資，我們將繼續這樣做。安東尼，我們擁有您在併購方面需要的最重要的東西，那就是火力。

So as Tom said in his prepared remarks, we're 1.7x levered. So we have lots of firepower. We are, at the moment, chasing lots of assets. I will tell you, and they do fit in the range from a tuck-in of revenue of, call it, in the tens of millions to scale transactions in the hundreds of millions.

正如湯姆在他準備好的演講中所說，我們的槓桿率為 1.7 倍。所以我們有很多火力。目前，我們正在追逐大量資產。我會告訴你，它們確實符合從數千萬的收入到數億的交易規模的範圍。

We are cognizant of dilution, especially in this year where the MSA going away the dilutive, you have Palette coming in this dilutive, the underlying earnings growth is in that 8% to 10%, as Tom outlined in his remarks, so -- but I think investors want to see that. So we are keeping that in mind.

我們認識到稀釋，特別是在今年，MSA 取消了稀釋性，Palette 也加入了這種稀釋性，正如湯姆在講話中概述的那樣，基本盈利增長在 8% 到 10% 之間，所以——但是我認為投資者希望看到這一點。所以我們牢記這一點。

We are disciplined, Anthony, and we will remain disciplined. I think that finally, the multiples seem to have tempered somewhat at least some of the high-growth assets on the public markets are not carrying the value that they were 12 months ago. And obviously, that plays into the psyche of the seller as well. And it's obviously, as a buyer, you can point to really great companies on the public markets, super companies, but not carrying the value that they held 12 or 18 months ago, and that should be reflective in private companies as well. So a healthy environment, lots of assets and a very, very disciplined Teleflex.

我們是有紀律的，安東尼，我們將繼續保持紀律。我認為，最終，本益比似乎在一定程度上有所緩和，至少公開市場上的一些高成長資產的價值已達不到 12 個月前的水平。顯然，這也影響了賣家的心理。顯然，作為買家，你可以指出公開市場上真正偉大的公司、超級公司，但它們的價值沒有 12 或 18 個月前的水平，這也應該反映在私人公司中。所以這是一個健康的環境、大量的資產和一個非常非常有紀律的泰利福。

(Operator Instructions) Your next question comes from the line of Mike Polark from Wolfe Research.

（操作員說明）您的下一個問題來自 Wolfe Research 的 Mike Polark。

I'm curious on this CLEAR trial that's reading out at AUA over the weekend, UroLift versus Rezum. What's reasonable to expect there? Is there an impact in the field you anticipate as the data is disclosed?

我對週末在 AUA 宣讀的 CLEAR 試驗感到好奇，UroLift 與 Rezum 的對比。那裡有什麼合理的期望？資料揭露後會對您預期的領域產生影響嗎？

Mike. Look, we have a lot of data coming out at the AUA. We have 5 different papers that are being read out and there are a number of other studies. One in particular that coming from the European group about early intervention on minimally invasive therapies and that's much better than having individuals on pharma.

麥克風。看，我們 AUA 發布了很多數據。我們正在宣讀 5 篇不同的論文，還有許多其他研究。特別是來自歐洲小組的一項關於微創療法早期介入的建議，這比讓個人接受藥物治療要好得多。

With regard to the specific one that you're talking about, it's really focused on more rapid symptom relief and quality of life improvement posttreatment comparing UroLift to Rezum and outcomes that can aid health care providers and patients in getting a clearer understanding of the postoperative experience that the patient experiences with the product.

關於您所談論的具體問題，它實際上側重於將 UroLift 與 Rezum 進行比較，更快速地緩解症狀和改善生活質量，以及可以幫助醫療保健提供者和患者更清楚地了解術後體驗的結果患者對產品的體驗。

I think there's a study on retreatment rates, which I'm really looking forward to hearing. I'm actually attending the conference myself. And also, there is a real-world study on complications of all BPH treatments, and I think that's going to be enlightening as well. So I think we've got a full suite of podium presence at the AUA. And I think that for sure, any of these head-to-head either comparing UroLift to Rezum, comparing it to other technologies, comparing it to drugs will be helpful for the sales force.

我認為有一項關於再治療率的研究，我真的很期待聽到。實際上我自己也在參加會議。此外，還有一項關於所有 BPH 治療併發症的真實世界研究，我認為這也將具有啟發性。所以我認為我們已經在 AUA 上登上了頒獎台。我認為，可以肯定的是，任何這些正面交鋒，無論是將 UroLift 與 Rezum 進行比較，將其與其他技術進行比較，還是將其與藥物進行比較，都會對銷售人員有所幫助。

Appreciate that, Liam. If I may follow up on Urology as well on the numbers. I just want to make sure I'm understanding the performance in the quarter, the expectation for the year. So if I'm doing the math correct, I have net of pull at UroLift, maybe down high teens year-on-year.

很欣賞這一點，利亞姆。我可以跟進泌尿科以及數字嗎？我只是想確保我了解本季的表現以及全年的預期。因此，如果我計算正確的話，我對 UroLift 的淨吸引力可能比去年同期下降了十幾歲。

And I think if I do the guidance for the full year, perhaps UroLift down 10%. And so I just want to understand: One, for the first quarter, have I done the math correct? And you said that aligned with your internal plan, and I just want to make sure that, that's all fair; and then two, kind of the path for UroLift to be better over the course of the year. It sounds like the sales force no longer being retrained and out in the field, double bag probably is a piece of that. But anything else you might be able to offer as to kind of why we get that product line trending back up the rest of the year would be helpful.

我認為，如果我做全年指導，UroLift 可能會下降 10%。所以我只想了解：第一季度，我的數學計算正確嗎？你說這符合你的內部計劃，我只是想確保，這都是公平的；然後是兩個，這是 UroLift 在這一年中變得更好的途徑。聽起來銷售人員不再接受再培訓，而是在外地工作，雙袋可能是其中的一部分。但是，您可能能夠提供的任何其他資訊來解釋為什麼我們的產品線在今年剩餘時間內恢復趨勢都會有所幫助。

Yes, absolutely, Mike. We've discussed this on previous calls, we're not going to -- we're going to report on total Interventional Urology consistent with all of our global product categories and businesses and we're not going to provide product level revenue details for individual business lines or product categories within those.

是的，絕對是，麥克。我們在先前的電話會議中已經討論過這一點，我們不會 - 我們將報告與我們所有全球產品類別和業務一致的總體介入泌尿學，並且我們不會提供產品級別的收入詳細信息其中的個別業務線或產品類別。

We have 4 reportable segments, we had 6 product segments. So there's 10 ways to slice and dice Teleflex. But let me give you a little bit of color, having said that. Let me start with the full year, and then I'll go back to the quarter. For the full year, we are expecting -- and nothing has changed in our expectation for Interventional Urology.

我們有 4 個可報告部門，我們有 6 個產品部門。因此，有 10 種方法可以對泰利福進行切片和切塊。但話雖如此，讓我給你一點顏色。讓我從全年開始，然後再回到季度。對於全年來說，我們對介入泌尿科的期望沒有任何改變。

I am extremely confident of being able to deliver 7.5% growth in 2024 which was at the midpoint of our guidance. This includes revenue for Palette Life Sciences of $66 million to $68 million, offsetting the year-over-year declines in UroLift.

我非常有信心能夠在 2024 年實現 7.5% 的成長，這是我們指導方針的中點。其中包括 Palette Life Sciences 的收入為 6,600 萬至 6,800 萬美元，抵消了 UroLift 的同比下降。

Now in the quarter, Interventional Urology grew 6.1%. Palette came in, in line with our expectations and continues to perform very well. UroLift performance was also within our expectations. And as we expected, UroLift was impacted by the declines in the office side of the service, but also from the cross training. And your insights are correct, Mike. As we go through the year, that cross-training will be more or less completed for those 50 once you get into Q3 and beyond. So feel good about the 7.5% on a full year basis for the Interventional Urology business unit.

本季度，介入泌尿科成長了 6.1%。 Palette 的推出符合我們的預期，並且繼續表現出色。 UroLift 的表現也在我們的預期之內。正如我們預期的那樣，UroLift 受到了辦公室服務下降以及交叉培訓的影響。麥克，你的見解是正確的。隨著這一年的進展，一旦進入第三季及以後，這 50 名員工的交叉培訓將或多或少完成。因此，對於介入泌尿科業務部門全年 7.5% 的成長率感到滿意。

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

您的下一個問題來自美國銀行的 Craig Bijou。

Liam, I know you're not going to get into the specifics on '25, but street expectations for margin expansion have come down looking at '25. So maybe if you could just talk about some of the opportunities to expand margins in '25 and how those might be lining up maybe without actually given specifics, but just kind of talking about where you could see some improvement.

Liam，我知道您不會詳細討論 25 年的具體情況，但從 25 年開始，市場對利潤率擴張的預期已經下降。因此，也許您可以只談論 25 年擴大利潤的一些機會，以及這些機會如何排列，也許沒有實際給出具體細節，但只是談論您可以在哪些方面看到一些改進。

Well, I think, Craig, it all starts with the gross margin line. And if you look at this year, at the midpoint, we're going to expand our gross margins by about 100 basis points. We've had a really good start to the year. Gross margins expanded 170 basis points in the first quarter of the year. So God rest my mother. She used to say, good start is half the battle, and we've had a really good start on the gross margin line.

嗯，我認為，克雷格，這一切都始於毛利率線。如果你看看今年的中點，我們的毛利率將擴大約 100 個基點。我們今年有一個非常好的開始。今年第一季毛利率擴大了 170 個基點。所以願上帝安息我的母親。她常說，好的開始是成功的一半，我們在毛利率上有了一個非常好的開始。

As you look forward, we have a number of catalysts for the gross margin line to come into being. We continue to have continuous improvement programs within our global supply chain team. We'll have Palette, the MSA will be behind us when we get into 2025. Palette will be continuing to ramp when we get into 2025. So those 2 factors will obviously help our gross margins.

正如您所期望的那樣，我們有許多推動毛利率線形成的催化劑。我們的全球供應鏈團隊持續實施持續改善計畫。我們將擁有 Palette，當我們進入 2025 年時，MSA 將支持我們。

And I believe we'll continue to have positive pricing in '25. So that mix and positive pricing, continuous improvement programs. And then for Palette specifically, you'll begin to get leverage to the op margin line where it becomes accretive to the op margin and we're a very disciplined company on our OpEx.

我相信我們將在 25 年繼續保持積極的定價。以便進行組合和積極的定價，持續改進計劃。然後，特別是對於 Palette，您將開始利用營運利潤線，從而增加營運利潤，而且我們是一家營運支出非常嚴格的公司。

So I do believe that it all begins and ends with the gross margin line and we -- and it will drop through to operating margin into the future. And I feel good about our prospects to continue to drive both growth and operating margin leverage on a solid 6% top line growth for Teleflex and underlying 10% EPS growth, which is pretty much what we're delivering this year.

因此，我確實相信，這一切都以毛利率線開始和結束，而我們 - 它將下降到未來的營業利潤率。我對我們繼續推動成長和營業利潤率槓桿的前景感到樂觀，泰利福的營收將實現 6% 的穩定成長，每股收益將實現 10% 的基本成長，這幾乎就是我們今年所實現的目標。

And if I could follow up on maybe some standard bariatrics and Titan. And as you expand the product offering there, just -- maybe you can just give us revisit kind of how to think about the contribution from Titan and standard bariatrics in '24 and going forward? And maybe what the new commercial updates or the new product expansion can do for growth?

如果我可以跟進一些標準的減肥療法和泰坦。當你擴大那裡的產品供應時，也許你可以讓我們重新審視如何思考泰坦和標準減肥藥在 24 年以及未來的貢獻？也許新的商業更新或新產品擴展可以為成長帶來什麼？

Yes. Thanks, Craig. So first of all, on the product expansion, having buttress is an important add-on to the Titan product. 60% of surgeons who do gastric sleeves use buttress. And technically, the Titan product doesn't need buttress because of the seal pressure and a very high burst pressure. But it's what they want to use.

是的。謝謝，克雷格。所以首先在產品拓展上，擁有扶壁是泰坦產品的重要附加功能。 60% 的胃袖外科醫師使用支撐件。從技術上講，Titan 產品不需要支撐，因為密封壓力和爆破壓力非常高。但這就是他們想要使用的。

So we have given them what they want to use, and it's been very well received by the bariatric community. I will tell you that in Q1, Titan came in, in line with our expectations. So that was good to start the year out in that regard. And I do still believe that it's going to be a contributor to growth this year and in future years.

因此，我們為他們提供了他們想要使用的東西，並且受到了減肥界的好評。我會告訴你，第一季度，泰坦進來了，符合我們的預期。因此，從這方面來說，今年伊始是件好事。我仍然相信它將成為今年和未來幾年成長的貢獻者。

Just to give some color on what's happening with gastric sleeves on a macro level, I think investors would be interested in that. So in the second half of the year, we saw gastric sleeve procedures down 10% to 15%. So I think what that means for Teleflex is the market we're growing into is a little bit smaller potentially than the $250 million plus that we outlined to that.

只是為了讓大家了解宏觀層面上胃袖的情況，我認為投資人會對此感興趣。因此，在今年下半年，我們看到袖狀胃手術減少了 10% 至 15%。因此，我認為這對 Teleflex 來說意味著我們正在發展的市場潛力比我們概述的 2.5 億美元加起來要小一些。

But at the end of the day, it's still a big market to grow into with lots of opportunity for us to penetrate the Titan product into that gastric sleeve market. Sorry, I just want to add one other thing, Craig. We -- again, in the quarter, we had a robust proctoring and training of surgeons in the quarter. My apologies to cut you across you, operator.

但歸根結底，它仍然是一個有待發展的大市場，我們有很多機會將泰坦產品滲透到胃套市場。抱歉，我只想補充一件事，克雷格。我們再次在本季度對外科醫生進行了強有力的監督和培訓。很抱歉打擾您了，接線生。

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

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

It's actually Sam on for Rich here. Just first one from us on 2Q, I think $760 million to $765 million a touch below Street there. Some of that's from FX, some of that's from the OEM pull forward. But just anything else that you would call out in 2Q sort of explaining the delta between Street and the guidance?

其實是 Sam 在為 Rich 代言。這只是我們在第二季發布的第一份報告，我認為這比街價低了 7.6 億至 7.65 億美元。其中一些來自 FX，一些來自 OEM 拉動。但您會在第二季度提出任何其他內容來解釋街道與指導之間的差異嗎？

No. They are the 2 big buckets, Sam. There's about $6 million of FX in Q2 and also there's a few million of OEM products that were originally planned to be shipped in Q2. Just bear in mind that the MSA was slightly higher in Q2, that's something just to bear in mind. And as we go through the year, you've got that dynamic of the MSA, and you also have the dynamic of Palette ramping as you go through the year. So you've hit on the 2 main impacts on Q2. $760 million, $765 million, 3.7%, and we feel good in our ability to deliver that.

不，他們是兩個大桶，山姆。第二季大約有 600 萬美元的外匯，還有原計劃在第二季發貨的幾百萬個 OEM 產品。請記住，第二季的 MSA 略高，這一點值得牢記。當我們度過這一年時，您會看到 MSA 的動態，也會看到調色板在這一年中不斷變化的動態。因此，您已經了解了對第二季的兩個主要影響。 7.6 億美元，7.65 億美元，3.7%，我們對自己實現這一目標的能力感到滿意。

Great. And then just on Palette. I know try to avoid, given the product specific that you given us the $66 million to $68 million. Just curious what you'd be looking for in the market or in results to take that range up and what could give you confidence there.

偉大的。然後就在調色盤上。鑑於您向我們提供的 6600 萬至 6800 萬美元的具體產品，我知道盡量避免。只是好奇您會在市場上尋找什麼或在結果中尋找什麼來提高該範圍，以及什麼可以給您帶來信心。

Yes, Sam. So it started very well. That's the first thing I would say. The second thing I would say, there's a lot of enthusiasm for the product. The third thing I would say, the expanding of the indications is a key strategy for us, not for this year, but in outer years to continue to grow that.

是的，山姆。所以一切開始得很好。這是我要說的第一件事。我要說的第二件事是，人們對產品抱持著很大的熱情。我要說的第三件事是，擴大適應症是我們的關鍵策略，不是今年的目標，而是在未來幾年繼續成長的目標。

And that will be a unique indication that no other spacing technology will be able to address. I think that the product -- the fact that you can actually -- the product is very visible. The fact that you can mold the product, the fact that you don't have to rush with the product is really -- landing really well with both the radiation oncology community and the urology community.

這將是其他間距技術無法解決的獨特跡象。我認為這個產品——事實上你可以——這個產品是非常明顯的。事實上，你可以塑造產品，你不必匆忙推出產品，這一點在放射腫瘤學界和泌尿學界都非常受歡迎。

So we'll get another quarter or 2 tucked under our belt, Sam, and then we'll come back to the investment community with our thoughts on the $66 million to $68 million. But as I sit here today, feel really good about the $66 million to $68 million.

因此，山姆，我們將再花一兩個季度的時間，然後我們將帶著對 6,600 萬至 6,800 萬美元的想法回到投資界。但當我今天坐在這裡時，我對 6600 萬至 6800 萬美元感到非常滿意。

And your next question comes from the line of Kristen Stewart from CL King.

您的下一個問題來自 CL King 的 Kristen Stewart。

I just wanted to touch on the Vascular Access business that came in a little bit lighter than what I was expecting. Can you maybe just comment on the performance there in the quarter and what we should expect for the balance of the year?

我只是想談談血管通路業務，它的表現比我預期的要輕一些。您能否簡單評論一下本季的表現以及我們對今年剩餘時間的預期？

Yes, Kristen, that's a good observation and a good question. The Endurance recall impacted the vascular business in Q1, and we'll anniversary that as we go through Q2. So when you get into Q3, you'll have a clean look at Vascular. So you should see vascular improve as you go through the year.

是的，克里斯汀，這是一個很好的觀察，也是一個很好的問題。 Endurance 召回影響了第一季的血管業務，我們將在第二季紀念這一事件。因此，當您進入第三季時，您將對血管有一個清晰的認識。因此，隨著這一年的流逝，您應該會看到血管有所改善。

The other thing I would say on the Vascular business, the underlying PICC growth was really solid, but that will improve too as we go through the year. I would anticipate seeing PICC volumes pick up as we go through the year. The underlying CVC growth is really solid and we're really happy with how that's performing.

關於血管業務，我要說的另一件事是，人保財險的基本成長非常穩健，但隨著今年的過去，情況也會有所改善。我預計人保財險的交易量會隨著今年的成長而增加。 CVC 的潛在成長非常強勁，我們對其表現非常滿意。

So all in all, it's really the Endurance anniversarying that and an improved environment for PICCs continuing to grow as you go through the year.

總而言之，這確實是 Endurance 週年紀念日，也是人保財險在這一年中繼續發展的更好環境。

And that concludes our Q&A session for today. I would like to hand back over to Lawrence Keusch for closing remarks.

今天的問答環節就到此結束。我想請勞倫斯‧科伊施 (Lawrence Keusch) 致閉幕詞。

Thank you, Polly, and thank you to everyone that joined us on the call today. This concludes the Teleflex Incorporated First Quarter 2024 Earnings Conference Call.

謝謝你，波莉，也謝謝今天加入我們電話會議的所有人。泰利福公司 2024 年第一季財報電話會議至此結束。

Thank you for joining us. You may now disconnect your lines.

感謝您加入我們。現在您可以斷開線路。