泰利福醫療 (TFX) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Teleflex second-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 年第二季財報電話會議。（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 Incorporated second-quarter 2024 earnings conference call. The press release and slides to accompany this call are available on our website at teleflex.com. 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.

大家早安，歡迎參加泰利福公司 2024 年第二季財報電話會議。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。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。

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.

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 second-quarter results, review some commercial highlights and provide an update on our financial guidance for 2024.

謝謝拉里，大家早安。在今天早上的電話會議上，我們將討論第二季業績，回顧一些商業亮點，並提供 2024 年財務指引的最新資訊。

Before beginning our normal business review, I wanted to highlight a subsequent event following the end of the second quarter. As we have previously disclosed in our SEC filings, the Italian government introduced legislation back in 2015 requiring medical device companies that supply goods and services to the Italian national healthcare system to pay back a portion of their proportional revenues to contribute to funding any deficit created by government budget overspend for medical devices each year. The payment amounts are calculated based on the amount by which the regional ceilings for that given year were exceeded.

在開始我們的正常業務回顧之前，我想強調第二季末後發生的後續事件。正如我們之前在美國證券交易委員會(SEC) 文件中披露的那樣，意大利政府早在2015 年就出台了立法，要求向意大利國家醫療保健系統提供商品和服務的醫療器械公司償還其比例收入的一部分，以彌補因義大利國家醫療保健系統而造成的任何赤字。支付金額是根據當年超出地區上限的金額計算。

We and numerous other medical device companies challenged the enforceability of the law, primarily on the basis that the legislation was unconstitutional. To date, companies have not been required to pay these amounts while the measure was under consideration by the courts.

我們和許多其他醫療器材公司對該法律的可執行性提出質疑，主要是因為該立法違憲。迄今為止，在法院正在考慮該措施期間，該公司尚未被要求支付這些金額。

On July 22, the Italian constitutional court issued an adverse ruling that supported the legislation related to the payback measure on medical device companies. Although Teleflex has accrued amounts each year since 2015, we are now truing up our reserves to reflect the full amount expected to be invoiced by the Italian government.

7月22日，義大利憲法法院做出不利裁決，支持醫療器材公司回收措施相關立法。儘管泰利福自 2015 年以來每年都會累積金額，但我們現在正在調整我們的儲備金，以反映義大利政府預計開立發票的全額金額。

For the three and six months ended June 30, 2024, we recognized a $15.8 million increase in our reserves and a corresponding reduction to revenue within our EMEA segment related to the Italian payback measure.

截至 2024 年 6 月 30 日的三個月和六個月，我們的準備金增加了 1,580 萬美元，而與義大利投資回收措施相關的 EMEA 部門的收入相應減少。

Of the total increase in our reserves, $13.8 million related to prior years. The amount related to the prior years does not represent normal adjustments to revenue and is not recurring in nature, making it difficult to contribute, to a meaningful evaluation of our operating performance.

在我們的儲備金增加總額中，有 1,380 萬美元與前幾年有關。與前幾年相關的金額並不代表對收入的正常調整，而且本質上不是經常性的，因此很難對我們的經營業績進行有意義的評估。

Accordingly, we have excluded $13.8 million for the prior years in our adjusted second-quarter revenues to facilitate, an evaluation of our current operating performance and a comparison to our past operating performance.

因此，我們在調整後的第二季收入中排除了前幾年的 1,380 萬美元，以便於評估我們目前的經營業績並與我們過去的經營業績進行比較。

For the second quarter, Teleflex revenues were $749.7 million, up 0.9% year over year on a GAAP basis. When excluding the prior year impact of the Italian payback measure, adjusted revenues for the second quarter were $763.5 million, up 2.7% year over year on a reported basis and up 3.4% on a constant currency basis.

第二季度，泰利福營收為 7.497 億美元，以 GAAP 計算年增 0.9%。在排除義大利投資回收措施對上年度的影響後，第二季調整後營收為 7.635 億美元，按報告數據年增 2.7%，以固定匯率計算成長 3.4%。

In addition, to the $13.8 million booked in the quarter for prior years, the quarter includes $2 million in increased reserves for this measure to true-up the first- and second-quarter revenues.

此外，除了前幾年本季登記的 1,380 萬美元之外，本季還為此措施增加了 200 萬美元的儲備金，以調整第一季和第二季的收入。

Backing out the $2 million in unplanned reserves for the Italian measure implies second-quarter revenues came in slightly above the high-end of our $760 million to $765 million revenue guidance provided previously. Second-quarter adjusted earnings per share was $3.42, a 0.3% increase year over year.

取消義大利措施的 200 萬美元計劃外儲備意味著第二季收入略高於我們先前提供的 7.6 億至 7.65 億美元收入指引的上限。第二季調整後每股盈餘為3.42美元，較去年同期成長0.3%。

Now, let's turn to a deeper dive, into our second-quarter revenue results. I will begin with a review of our geographic segment revenues for the second quarter. All growth rates that I refer to are on an adjusted revenue and adjusted constant currency basis, unless otherwise noted.

現在，讓我們更深入地了解第二季的收入結果。我將首先回顧第二季度我們的地理部門收入。除非另有說明，我提到的所有成長率均以調整後的收入和調整後的固定匯率為基礎。

Americas' revenues were $426.8 million, a 0.6% increase year over year. Investors familiar with Teleflex will be aware, that prior year MSA revenues were booked in the Americas, which results in a difficult year-over-year comparison. The impact from the MSA termination in the second quarter was similar to the first quarter.

美洲地區營收為 4.268 億美元，年增 0.6%。熟悉泰利福的投資者會意識到，去年的 MSA 收入是在美洲登記的，這導致很難進行同比比較。第二季 MSA 終止的影響與第一季類似。

EMEA revenues of $160.9 million increased 9.8% year over year. The growth was driven by a targeted strategy to increase, the geographic availability of Teleflex products and improving utilization in Europe.

歐洲、中東和非洲地區營收為 1.609 億美元，年增 9.8%。這一增長是由一項有針對性的策略推動的，該策略旨在增加泰利福產品的地理可用性並提高歐洲的利用率。

Turning to Asia. Revenues were $87 million, a 4% increase year over year. The quarter was primarily impacted by a softer performance in South Korea, due to the ongoing impact of the doctors' strike.

轉向亞洲。營收為 8700 萬美元，年增 4%。由於醫生罷工的持續影響，該季度主要受到韓國業績疲軟的影響。

We estimate that doctors' strike impacted our APAC growth by approximately 5%. Although we anticipate the doctors strike headwinds to linger through the remainder of this year, we expect the impact to diminish. We continue to see Asia as a growth driver for Teleflex, and expect growth in the region of approximately 10%, for 2024.

我們估計醫生罷工對我們亞太地區的成長產生了約 5% 的影響。儘管我們預計醫生們的不利因素將在今年剩餘時間內持續存在，但我們預計其影響將會減弱。我們繼續將亞洲視為 Teleflex 的成長動力，並預計 2024 年該地區的成長率約為 10%。

Now let's move to a discussion on our second-quarter revenues by global product category. Commentary on global product category growth for the second quarter will be on a year-over-year adjusted revenue and adjusted constant currency basis. Starting with vascular access. Revenue increased 4.8% year over year to $181.1 million. In the quarter, our broad portfolio of vascular access drove growth, including our PICC portfolio and central access. Of note, the Endurance recall anniversaried towards the end of the quarter, implying normalized comparisons in the second half of 2024.

現在讓我們以全球產品類別來討論第二季的收入。對第二季全球產品類別成長的評論將基於同比調整後的收入和調整後的固定貨幣基礎上進行。從血管通路開始。營收年增 4.8% 至 1.811 億美元。本季度，我們廣泛的血管通路產品組合推動了成長，包括我們的 PICC 產品組合和中央通路。值得注意的是，Endurance 召回紀念日將接近本季末，這意味著 2024 年下半年將進行正常化比較。

Moving to interventional. Revenue was $141.2 million, an increase of 13.8% year over year. In the quarter, our geographic regions had high single-digit or better growth, as the broad portfolio continues to perform well, including contributions from growth drivers such as MANTA, complex catheters, right heart catheters and intra-aortic balloon pumps.

轉向介入治療。營收為1.412億美元，年增13.8%。本季度，我們的地理區域實現了高單位數或更高的成長，因為廣泛的產品組合繼續表現良好，包括 MANTA、複雜導管、右心導管和主動脈內球囊泵等成長驅動因素的貢獻。

Turning to anesthesia. Revenue increased 2.3% year over year to $102.5 million. Growth was led by endotracheal tubes and intraosseous. Of note, we anniversaried the ET tube recalls towards the end of the quarter.

轉向麻醉。營收年增 2.3% 至 1.025 億美元。生長由氣管內管和骨內管引導。值得注意的是，我們在本季末慶祝了 ET 管召回週年紀念。

In our surgical business, revenue was $111.3 million, an increase of 6.4% year over year. Our underlying trends in our core surgical franchise continued to be solid, with growth of our largest franchises led by instrumentation and chest drainage. Although GLP-1s continued to negatively impact sleeve gastrectomy procedures, Titan Stapler revenue growth in the second quarter was accretive to the growth profile of our surgical business as well as the corporate average.

在我們的外科業務中，營收為1.113億美元，年增6.4%。我們的核心外科專營業務的基本趨勢繼續保持穩固，我們最大的專營業務以器械和胸腔引流為主導成長。儘管 GLP-1 繼續對袖狀胃切除術產生負面影響，但 Titan Stapler 第二季度的收入成長促進了我們外科業務的成長狀況以及公司平均值。

Consistent with our strategy, we continued to proctor surgeons and roll out our buttress kit following the launch earlier in 2024. For interventional urology, revenue was $83.1 million, representing an increase of 7.1% year over year. Growth was driven by Barrigel revenue following the October 2023 acquisition of Palette Life Sciences. 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.

根據我們的策略，我們在 2024 年初推出支撐套件後，繼續指導外科醫生並推出支撐套件。介入泌尿科收入為8,310萬美元，年增7.1%。成長是由 Barrigel 於 2023 年 10 月收購 Palette Life Sciences 後的營收所推動的。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。

OEM revenues increased 5.8% year over year to $88.8 million. The quarter reflects the order timing that we previously communicated with revenue that we had anticipated in the second quarter moving into the first quarter. Second-quarter other revenue declined 26.4% to $55.5 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 second-quarter revenue performance.

OEM 營收年增 5.8%，達到 8,880 萬美元。該季度反映了我們先前與我們預期從第二季進入第一季的收入進行溝通的訂單時間。第二季其他營收年減 26.4% 至 5,550 萬美元。收入年減主要是由於 Medline 計劃於 2023 年 12 月退出 MSA。我對第二季營收表現的評論就到此結束。

Turning now to some commercial and clinical updates, starting with the intra-aortic balloon pump and catheter market. We are currently experiencing increased quote activity following a May 8 letter from the FDA to healthcare providers regarding pump safety and quality in relation to our primary competitors in the Intra-Aortic balloon pump market. Intra-aortic balloon pump therapy is used to treat severely ill patients in cardiogenic shock, which is an acute condition where the heart can't pump enough blood to meet the needs of the body. The global Intra-aortic balloon pump and catheter market is approximately $250 million a year, with growth in the low single-digit range; and consists of balloon pumps which are primarily replacement sales and single-use balloon catheters used to treat patients.

現在轉向一些商業和臨床更新，從主動脈內球囊幫浦和導管市場開始。繼 5 月 8 日 FDA 致醫療保健提供者關於泵浦的安全性和品質（相對於我們在主動脈內球囊幫浦市場的主要競爭對手）的信函之後，我們目前的報價活動有所增加。主動脈內球囊反搏療法用於治療患有心因性休克的重症患者，這是一種心臟無法泵出足夠血液來滿足身體需求的急性疾病。全球主動脈內球囊反搏幫浦和導管市場每年約 2.5 億美元，成長幅度在較低的個位數範圍內；包括球囊幫浦（主要是替換銷售）和用於治療患者的一次性球囊導管。

The market is a duopoly, with Teleflex having approximately a one-third market share. Based on 2023 market data, Asia is just over one-third of the market. North America is about one-third and EMEA is slightly less than 30%. We are in the process of increasing our manufacturing capacity for pumps and catheters to help customers that are seeking an alternative vendor. Looking forward, we will carefully modulate our manufacturing capacity in accordance with demand signals.

該市場呈雙寡頭壟斷，泰利福 (Teleflex) 約佔三分之一的市場份額。根據 2023 年的市場數據，亞洲僅佔市佔率的三分之一多一點。北美約佔三分之一，歐洲、中東和非洲略低於 30%。我們正在提高泵浦和導管的製造能力，以幫助正在尋找替代供應商的客戶。展望未來，我們將根據需求訊號仔細調整我們的製造能力。

We anticipate that the biggest incremental opportunity for Teleflex will be in the US market due to the language in the FDA letter to health care providers. Specifically, the agency recommended that health care facilities transition away from the use of competitive devices and seek alternatives if possible. We also expect continued share gains in Asia based on solid execution from the team over the past couple of years. Finally, we are not currently assuming any meaningful share shift in Europe given a temporary suspension of their CE mark.

由於 FDA 致醫療保健提供者的信函中的措辭，我們預計 Teleflex 最大的增量機會將在美國市場。具體來說，該機構建議醫療保健機構不再使用競爭性設備，並在可能的情況下尋求替代方案。我們也預計，基於過去幾年團隊的堅定執行力，亞洲市場份額將持續成長。最後，鑑於暫時中止了歐洲的 CE 標誌，我們目前不認為歐洲會出現任何有意義的份額變化。

Looking into the second half of 2024, we expect incremental pump revenue in the fourth quarter given the capital equipment sales cycle and customer training. Based on what we are currently seeing in cold activity, we anticipate a continuation of incremental Intra-Aortic balloon pump and catheter revenue through the first half of 2025 at a minimum. Tom will cover the financial implications of this opportunity when we discuss updated guidance for 2024.

展望 2024 年下半年，考慮到資本設備銷售週期和客戶培訓，我們預計第四季度泵浦收入將出現增量。根據我們目前在冷活動中看到的情況，我們預計主動脈內球囊幫浦和導管收入至少會持續增加到 2025 年上半年。當我們討論 2024 年更新的指導方針時，Tom 將介紹此機會的財務影響。

Now I will move to an update on Palette, our most recent acquisition. We have now owned Palette Life Sciences for just over nine months, and I am pleased to report that the acquisition is tracking ahead of expectations. First, the integration process continues to progress well, including employee onboarding, training and IT integration. Cross-functional product, sales training and proctoring of the legacy UroLift sales force on the use of Barrigel continued to progress, with the first tranche of our dual-bag reps completed at the end of the second quarter. We remain on track to fully complete the integration of the sales force by the end of 2024.

現在我將介紹我們最近收購的 Palette 的最新情況。我們現在擁有 Palette Life Sciences 僅僅九個多月了，我很高興地報告說，此次收購的進展超出了預期。首先，整合過程持續順利推進，包括員工入職、培訓和IT整合。跨職能產品、銷售培訓以及對傳統 UroLift 銷售人員使用 Barrigel 的監督繼續取得進展，我們的第一批雙袋代表已於第二季末完成。我們仍有望在 2024 年底前全面完成銷售團隊的整合。

Second, Barrigel continues to gain traction in the US with strong sequential revenue momentum. We are seeing continued penetration of Barrigel into the rectal spacing market, and we anticipate an increasing number of urologists and radiation oncologists will utilize the technology over time. Due to better-than-expected performance in the first half and no change to our second half expectations, we are increasing our 2024 revenue guidance for Palette to $70 million to $72 million from $66 million to $68 million previously. Our full-year 2024 interventional urology total revenue guidance continues to assume approximately 7.5% growth.

其次，Barrigel 憑藉強勁的連續收入勢頭繼續在美國獲得關注。我們看到 Barrigel 持續滲透到直腸間隔市場，我們預計隨著時間的推移，越來越多的泌尿科醫生和放射腫瘤科醫生將利用該技術。由於上半年業績好於預期，且下半年預期沒有變化，我們將 Palette 2024 年收入指引從先前的 6,600 萬美元至 6,800 萬美元上調至 7,000 萬美元至 7,200 萬美元。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%。

Finally, I will provide a new product update. In our interventional access business, we recently received FDA clearance for the Ringer perfusion balloon catheter. A limited market release will occur in August, which is on track with our previously communicated second half 2024 timing. As a reminder, 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. That completes my prepared remarks.

最後，我將提供新的產品更新。在我們的介入業務中，我們最近獲得了 FDA 對林格灌注球囊導管的許可。有限的市場發布將於 8 月進行，這與我們先前通報的 2024 年下半年時間表相符。提醒一下，Ringer 採用了獨特的氣球設計，讓血液在氣球充氣時流經血管。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。我準備好的發言就到此結束。

Now, I would like to turn the call over to Tom for a more detailed review of our second-quarter financial results. Tom?

現在，我想將電話轉給湯姆，讓他更詳細地審查我們第二季的財務表現。湯姆？

Thanks, Liam, and good morning.

謝謝利亞姆，早安。

Given the previous discussion of the company's revenue performance, I'll begin with margins. For the quarter, adjusted gross margin was 60.8%, a 180-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 and the acquisition of Palette, favorable price, benefits from cost improvement initiatives, partially offset by continued cost inflation.

鑑於先前對公司收入表現的討論，我將從利潤率開始。該季度調整後毛利率為 60.8%，比去年同期成長 180 個基點。年比成長主要是由於終止 MSA 和收購 Palette 對毛利率的有利影響、優惠的價格、成本改善舉措帶來的好處，但部分被持續的成本上漲所抵消。

Adjusted operating margin was 26.7% in the second quarter. The 10-basis-point year-over-year increase was primarily driven by the flowthrough 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.

第二季調整後營業利益率為 26.7%。同比增長 10 個基點主要是由於毛利率同比增長的流入推動的，但部分被 Palette 生命科學運營費用、員工相關費用和投資增長所抵消業務。

Net interest expense totaled $19.4 million in the second quarter, an increase from $16.6 million in the prior year period. The year-over-year increase in net interest expense reflects higher interest rates versus the prior year period and higher average debt outstanding utilized to fund the acquisition of Palette, partly offset by increased interest income.

第二季淨利息支出總計 1,940 萬美元，高於去年同期的 1,660 萬美元。淨利息支出的同比增長反映了與上年同期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 second quarter of 2024 was 12.3% compared to 10.8% 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.

2024 年第二季的調整後稅率為 12.3%，而去年同期為 10.8%。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。

At the bottom line, second-quarter adjusted earnings per share was $3.42, an increase of 0.3% versus prior year. The year-over-year increase in EPS includes solutions and the acquisition of Palette Life Sciences and the related incremental borrowings, the termination of the MSA, the negative impact of foreign exchange and a higher tax rate.

從底線來看，第二季調整後每股收益為 3.42 美元，比去年同期成長 0.3%。EPS的同比增長包括解決方案和收購Palette Life Sciences以及相關的增量借款、MSA的終止、外匯的負面影響和更高的稅率。

Turning now to select balance sheet and cash flow highlights. Cash flow from operations for the six months was $204.5 million compared to $170.6 million in the prior year period. The $33.9 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. The increase in net cash provided by operating activities was partially offset by higher tax payments.

現在轉向選擇資產負債表和現金流亮點。這六個月的營運現金流為 2.045 億美元，而去年同期為 1.706 億美元。增加 3,390 萬美元主要歸因於良好的經營業績以及由於供應鏈動態改善而調整庫存水平，庫存現金流出減少。經營活動提供的淨現金增加被較高的稅額部分抵銷。

Moving to the balance sheet. At the end of the second quarter, our cash balance was $238.6 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, partly offset by CapEx and debt payments. Net leverage at quarter end was approximately 1.6 times.

轉向資產負債表。截至第二季末，我們的現金餘額為 2.386 億美元，而截至 2023 年底為 2.228 億美元。庫存現金的增加主要是由於經營現金流量增加，部分被資本支出和債務支付所抵銷。季末淨槓桿約1.6倍。

And now, for an update on our capital allocation strategy. In conjunction with our second-quarter earnings release, we announced today that our Board of Directors has authorized a share repurchase program for up to $500 million of our common stock. Under the authorization, we will commence an accelerated share repurchase program for $200 million, which we intend to execute on August 2.

現在，我們更新一下我們的資本配置策略。在發布第二季收益的同時，我們今天宣布董事會已批准一項股票回購計劃，回購金額高達 5 億美元的普通股。根據授權，我們將啟動 2 億美元的加速股票回購計劃，計劃於 8 月 2 日執行。

Over the years, we have continuously assessed our capital allocation and routinely discussed share repurchase in the past. While investing in the business remains our foremost priority, our business continues to evolve.

多年來，我們不斷評估我們的資本配置，並定期討論股票回購問題。雖然投資業務仍然是我們的首要任務，但我們的業務仍在不斷發展。

Today, Teleflex has a broad portfolio of medically necessary products that are tied to critical care procedures. We are investing in growth drivers, launching new products to refresh our portfolio offering and expand our geographic reach. We believe that now is an appropriate time to add another dimension to our disciplined capital allocation process.

如今，泰利福擁有廣泛的醫療必需產品組合，這些產品與重症監護程序有關。我們正在投資成長動力，推出新產品來更新我們的產品組合併擴大我們的地理覆蓋範圍。我們認為，現在是在我們嚴格的資本配置流程中增加另一個維度的適當時機。

Our capital allocation strategy is reflective of the strong free cash flow profile over many years and our confidence going forward. Over the years, our capital allocation strategy has been targeted through thoughtful allocation of capital to high-return opportunities, including M&A; strong stewardship of our balance sheet; and consistent payment of the dividend.

我們的資本配置策略反映了多年來強勁的自由現金流狀況以及我們對未來的信心。多年來，我們的資本配置策略一直是有針對性的，將資本深思熟慮地配置到高回報機會，包括併購；對我們的資產負債表進行強而有力的管理；並持續支付股利。

Today, the share repurchase authorization and ensuing intended initiation of the ASR, allows Teleflex to augment our return of capital to shareholders. Importantly, we continue to see opportunities for M&A in the areas of focus that we have articulated previously.

如今，股票回購授權和隨後擬定的 ASR 啟動，使 Teleflex 能夠增加我們對股東的資本回報。重要的是，我們繼續在我們之前闡述的重點領域中看到併購機會。

And this authorization should be viewed as complementary to our core capital allocation strategy and allows us to leverage our strong balance sheet and cash flow opportunistically to drive shareholder return.

這項授權應被視為對我們核心資本配置策略的補充，使我們能夠機會性地利用我們強大的資產負債表和現金流來推動股東回報。

Pro forma the $200 million accelerated share repurchase, our Q2 leverage is approximately 1.9 times, which provides a meaningful available capacity for M&A while maintaining a conservative debt profile.

以 2 億美元的加速股票回購計劃，我們第二季的槓桿率約為 1.9 倍，這為併購提供了有意義的可用能力，同時保持了保守的債務狀況。

Turning to our updated financial guidance for 2024. We are increasing 2024 adjusted constant currency revenue growth to 4.25% to 5.25% from 3.75% to 4.75% previously, which excludes the impact of the Italian measure from prior years.

轉向我們更新的 2024 年財務指引。我們將 2024 年調整後的固定貨幣收入成長率從先前的 3.75% 至 4.75% 上調至 4.25% 至 5.25%，其中排除了前幾年義大利措施的影響。

The increase in revenue guidance is driven by better than expected growth in the first half and incremental intra-aortic balloon pump revenues in the fourth quarter. In addition, I will remind investors that our year-over-year comparability is impacted by a loss up to $75.7 million in MSA revenues, partly offset by the incremental revenues from Palette.

收入指引的增加是由於上半年好於預期的增長和第四季度主動脈內球囊泵收入的增量推動的。此外，我要提醒投資者，我們的同比可比性受到 MSA 收入損失高達 7,570 萬美元的影響，部分被 Palette 的增量收入所抵消。

We are focused on executing on the balloon pump opportunity, but it is evolving in real time. At this point, we are expecting incremental IAB revenue in the fourth quarter, which is contemplated in our updated 2024 revenue guidance.

我們專注於執行氣球泵機會，但它正在即時發展。目前，我們預計第四季度 IAB 收入將有所增加，這也在我們更新的 2024 年收入指引中得到了考慮。

Looking into 2025, we expect incremental IABC and catheter revenue, but the magnitude and duration will depend on how demand develops over the coming quarters. We will provide an update as we get more clarity on this dynamic situation. At this time, we are currently assuming that the balloon pump opportunity will continue at least into the first half of 2025.

展望 2025 年，我們預計 IABC 和導管收入將增加，但幅度和持續時間將取決於未來幾季的需求發展。當我們對這種動態情況更加了解時，我們將提供最新資訊。目前，我們目前假設氣球幫浦機會至少持續到 2025 年上半年。

Turning to foreign exchange, we continue to assume a negative impact from foreign exchange of approximately $12 million, representing a 40-basis-point headwind to GAAP growth in 2024. The guidance assumes approximately $1.07 average euro exchange rate for 2024.

談到外匯，我們繼續假設外匯帶來的負面影響約為 1,200 萬美元，這意味著 2024 年 GAAP 成長將面臨 40 個基點的阻力。該指引假設 2024 年歐元平均匯率約為 1.07 美元。

On a GAAP basis, which includes the impact of foreign currency and the $13.8 million for the Italian measure, we expect reported revenue growth of 3.4% to 4.4% in 2024, implying a dollar range of $3.76 billion to $3.105 billion.

根據公認會計準則（GAAP）計算，包括外匯的影響和義大利措施的 1,380 萬美元，我們預計 2024 年報告的收入將增長為 3.4% 至 4.4%，這意味著美元範圍為 37.6 億美元至 31.05 億美元。

Excluding the impact of the Italian measure, we expect reported revenue growth of 3.85% to 4.85% in 2024 or a dollar range of $3.89 billion to $3.119 billion. This revenue range, which excludes the Italian measure, anchors our 2024 guidance.

排除義大利措施的影響，我們預計 2024 年報告營收將成長 3.85% 至 4.85%，即 38.9 億美元至 31.19 億美元。這項收入範圍（不包括義大利的措施）是我們 2024 年指導的基礎。

For your modeling purposes, the 2024 outlook includes an assumption for $765 million to $770 million in revenue for the third quarter, representing growth in the range of 3.1% to 3.7% year over year, excluding an FX headwind slightly in excess of $4 million.

出於建模目的，2024 年展望包括第三季營收 7.65 億至 7.7 億美元的假設，即年增 3.1% 至 3.7%，不包括略超過 400 萬美元的外匯逆風。

We are raising our 2024 gross margin guidance by 25 basis points at the low and high end, to a range of 60.25% to 61%. The increase reflects the strong operating performance in the first half of 2024 and our expectation for accelerated capital equipment sales in the fourth quarter from intra-aortic balloon pumps.

我們將 2024 年毛利率指引的低端和高端提高了 25 個基點，至 60.25% 至 61% 的範圍。這一成長反映了 2024 年上半年強勁的經營業績以及我們對第四季度主動脈內球囊幫浦資本設備銷售加速的預期。

Capital component of pumps is slightly dilutive to our corporate gross margin. However, we expect the margin profile to improve in the future with the accelerated sale of disposables or catheters that carry a more favorable margin profile.

泵浦的資本部分略微稀釋了我們公司的毛利率。然而，我們預計，隨著利潤率更有利的一次性用品或導管的加速銷售，未來利潤率將有所改善。

We are also raising our operating margin guidance by 25 basis points at the low and high end, to a range of 26.5% to 27% for 2024. Our guidance reflects the flow-through of gross margin and the positive impact of restructuring, offset by the inclusion of the operating expenses for Palette Life Sciences and investments to grow the business.

我們也將 2024 年的低端和高端營業利潤率指引提高 25 個基點，達到 26.5% 至 27% 的範圍。我們的指導反映了毛利率的流動和重組的正面影響，但被 Palette Life Sciences 的營運費用和業務成長的投資所抵消。

Moving to items below the line. Net interest expense is now expected to approximate $81 million for 2024, which assumes the incremental borrowings for today's announcement of a $200 million ASR.

移動到該線下方的項目。目前預計 2024 年的淨利息支出約為 8,100 萬美元，其中假設為今天宣布的 2 億美元 ASR 增加借款。

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. We continue to expect our tax rate to be approximately 12% for 2024, which reflects the impact of the Pillar 2 global minimum tax.

我們淨利息支出預期的同比增長大部分反映了與 Palette 收購相關的借款和利率上升的影響，部分被 2024 年計劃的債務償還所抵消。我們仍預期 2024 年的稅率約為 12%，這反映了第二支柱全球最低稅的影響。

Turning to earnings. We are raising the low end of guidance by $0.20 and raising the high end of guidance by $0.25, which reflects the previously discussed IABP opportunities in addition to our first half performance. In turn, we now expect 2024 adjusted earnings per share to be in a range of $13.80 to $14.20.

轉向收益。我們將指導的下限提高了 0.20 美元，將指導的上限提高了 0.25 美元，這反映了之前討論的 IABP 機會以及我們上半年的表現。反過來，我們現在預計 2024 年調整後每股收益將在 13.80 美元至 14.20 美元之間。

Our 2024 adjusted EPS outlook continues to reflect $0.87 in year-over-year headwinds. After adjusting for these headwinds, year-over-year underlying adjusted constant currency EPS growth is approximately 9% on the low-end of guidance and 11% on the high end of guidance.

我們對 2024 年調整後每股盈餘的展望繼續反映出 0.87 美元的年比不利因素。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導下限的 9% 和指導上限的 11%。

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 three key takeaways from the second quarter of 2024. First, our diversified portfolio and global footprint drove durable growth in the second quarter. Our execution remains strong. We are launching new products. And our margins remain healthy. Second, the solid performance in the first half of the year and the expected contribution from the Intra-Aortic Balloon Pumps in the fourth quarter, gives us confidence to increase our revenue and earnings per share guidance for 2024.

謝謝，湯姆。最後，我將重點介紹 2024 年第二季的三個關鍵要點。首先，我們的多元化投資組合和全球足跡推動了第二季的持續成長。我們的執行力依然強勁。我們正在推出新產品。我們的利潤率保持健康。其次，上半年的穩健表現以及主動脈內球囊幫浦第四季度的預期貢獻，使我們有信心提高 2024 年的收入和每股盈餘指引。

Third, we will continue to focus on our strategy to drive durable growth. Palette is performing above our expectations. We are executing on the Intra-Aortic Balloon Pump and Catheter opportunity. And Titan is generating solid growth. We will invest in organic growth opportunities and drive innovation and expand our margins. Finally, we will execute on our disciplined capital allocation strategy, which now includes a share repurchase program, to return cash to shareholders and enhance long-term value creation.

第三，我們將持續聚焦推動持久成長的策略。Palette 的表現超出了我們的預期。我們正在執行主動脈內球囊幫浦和導管機會。泰坦正在實現穩健增長。我們將投資有機成長機會，推動創新並擴大利潤。最後，我們將執行嚴格的資本配置策略，其中包括股票回購計劃，以向股東返還現金並增強長期價值創造。

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，我想將電話轉回接線員，進行問答。

(Operator Instructions) Anthony Petrone, Mizuho Group.

（操作員指示）Anthony Petrone，瑞穗集團。

Thank you, and congratulations on a great quarter here. Maybe start a little bit with Intra-Aortic Balloon Pumps, a lot of noise out there, Liam. You mentioned the May 8, notice on the competitor. Maybe just what you're hearing on the ground.

謝謝您，並祝賀您度過了一個美好的季度。也許可以從主動脈內球囊泵開始，利亞姆，那裡有很多噪音。您提到了 5 月 8 日關於競爭對手的通知。也許正是您在地面上聽到的聲音。

It seems like, when you look at the results from the competitor, there was not much movement in the second quarter. Your outlook is calling for some market shift, perhaps starting in the second half of this year, extending into 2025.

從競爭對手的業績來看，第二季似乎沒有太大變動。您的展望要求市場發生一些轉變，或許從今年下半年開始，一直持續到 2025 年。

But maybe just what you're hearing on the ground as it relates to Intra-Aortic Balloon Pumps. And if you can, maybe to just size what that opportunity looks like over the next 12 to 18 months. And then, I'll have a follow-up.

但也許正是您在地面上聽到的與主動脈內球囊幫浦相關的內容。如果可以的話，也許可以評估未來 12 到 18 個月的機會。然後，我將進行後續跟進。

Yeah, Anthony. So first of all, we're really delighted to be able to call up our total revenue guidance for the year by 50 basis points. And a significant contributor to that is the Intra-Aortic Balloon Pump opportunity which we expect to hit in the fourth quarter.

是的，安東尼。首先，我們非常高興能夠將今年的總收入指引上調 50 個基點。其中一個重要貢獻者是主動脈內球囊反搏機會，我們預計在第四季度實現這一機會。

With regard to the Intra-Aortic Balloon Pumps and Catheters specifically, over the past 2.5 years, Anthony, we have had a really strong market position; and we've been continuing to take share up until this point.

特別是在主動脈內球囊幫浦和導管方面，安東尼，在過去 2.5 年裡，我們擁有非常強大的市場地位；到目前為止，我們一直在繼續搶佔份額。

The opportunity is evolving real-time. And based on what we know today and the visibility we have, we do expect the vast majority of those pumps that will ship in Q4, just on the timing, Anthony, within the marketplace as it takes for people to get them through their system and to place the orders. I will tell you that our quote rate has been very, very robust since the announcement from the competitor and is encouraging enough for us to realize this is going to impact at least into the first half of 2025.

機會正在即時變化。根據我們今天所了解的情況和我們所擁有的知名度，我們確實預計絕大多數泵將在第四季度發貨，安東尼，在市場上的時機，因為人們需要通過他們的系統和下訂單。我會告訴您，自從競爭對手宣布以來，我們的報價一直非常非常強勁，這足以令人鼓舞，讓我們意識到這至少會影響到 2025 年上半年。

And you have a variety of reactions on the ground from the customers. The bulk of the inbounds have come from north -- the US specifically, not North America, not too much from Europe because the CE mark right now has only been suspended for a shorter period of time. We were always taking share in Asia Pacific, and we expect that to continue over a multiyear period.

客戶的實際反應也多種多樣。大部分入境產品來自北方，特別是美國，而不是北美，也沒有太多來自歐洲，因為 CE 標誌目前只是暫停了較短的一段時間。我們一直在亞太地區佔據份額，我們預計這種情況將持續多年。

Our goal is to ensure that, over the longer term, it's not just about pumps, that the catheters that follow those pumps will be with us for over a multiyear period. And our second goal is to ensure that, the share that we take, we maintain that over the long-term so we become a more meaningful player in the intra-aortic balloon pump and catheter market.

我們的目標是確保從長遠來看，這不僅僅是泵浦的問題，這些泵浦後面的導管將陪伴我們多年。我們的第二個目標是確保我們所佔據的份額長期保持不變，以便我們成為主動脈內球囊幫浦和導管市場中更有意義的參與者。

No. That's helpful. A quick follow-up there would just be when we think about share gains in that category, just the margin profile of that incremental share gain. How much of a margin tailwind do you expect from pumps? And then just a quick one, just a quick question on capital allocation, share buyback here; maybe just to recap on the tuck-in M&A strategy relative to buyback. Is this signaling a shift away from the tuck-in strategy, more toward buyback? And how do you balance between those two priorities?

不。這很有幫助。當我們考慮該類別的份額收益時，就會有一個快速的後續行動，只是增量份額收益的利潤率概況。您預計泵的利潤順風有多大？然後是一個簡單的問題，一個關於資本配置、股票回購的簡單問題；也許只是回顧一下與回購相關的併購策略。這是否標誌著從買入策略轉向回購策略的轉變？您如何平衡這兩個優先事項？

Thanks, again. Congratulations.

再次感謝。恭喜。

Thanks, Anthony. I'm going to cover the second question, first, Anthony, because I think it's an important one. And as both Tom and I said in our prepared remarks, this is in addition to our ongoing M&A strategy. Right now, as we look at our company, our free cash flow generation is really, really strong. Our current leverage is 1.6 times. With the $200 million of the ASR, that takes us to 1.9 times, a really healthy position. And we continue to be active out there in the M&A market looking for opportunities.

謝謝，安東尼。我將首先討論第二個問題，安東尼，因為我認為這是一個重要的問題。正如湯姆和我在準備好的演講中所說，這是我們正在進行的併購策略的補充。現在，當我們審視我們的公司時，我們的自由現金流產生確實非常強勁。我們目前的槓桿是1.6倍。有了 2 億美元的 ASR，我們的股價就上漲了 1.9 倍，這是一個非常健康的狀況。我們持續積極在併購市場尋找機會。

I want to reassure every investor listening to this call, this does not cause us to miss a heartbeat in our M&A strategy and also continuing to invest in the business to improve shareholder return. On the first questions you asked, about the margin profile, Anthony, I would say that you should look at it in two buckets really. The first bucket is the pump volume that's going to hit us, in particular beginning in Q4, as I already said. That is dilutive to our corporate average.

我想向每位聽到這個電話的投資者保證，這不會導致我們錯過併購策略的心跳，並繼續投資業務以提高股東回報。關於你問的第一個問題，關於利潤概況，安東尼，我想說你真的應該從兩個方面來看待它。第一個桶子是將對我們造成影響的泵量，特別是從第四季度開始，正如我已經說過的。這稀釋了我們公司的平均水平。

The catheters that will follow are accretive to our gross margin average, so in its entirety, that business is equal to our corporate average, but it comes in two stages. You'll get the pumps first, and then over the next multiyear period, you will get the catheters that are accretive, so that's how you should model it. And I just want to make an additional point on that even despite the pump volume coming in Q4, we have still been able to update our gross margin guidance with an uplift of 25 basis points coming from the core business, so that should really send a strong signal to our investment community that our core business is performing exceptionally well, driving the 25 basis points in gross margin and driving 25 basis points in the operating margin and obviously the EPS that Tom outlined in his comments.

接下來的導管會增加我們的平均毛利率，因此總體而言，該業務等於我們的公司平均水平，但它分為兩個階段。您將首先獲得泵，然後在接下來的多年期間，您將獲得增值的導管，因此您應該如何對其進行建模。我只想補充一點，儘管第四季度銷量增加，但我們仍然能夠更新我們的毛利率指引，將核心業務提高 25 個基點，因此這確實應該會帶來向我們的投資界發出強烈信號，表明我們的核心業務表現異常出色，毛利率提高了25 個基點，營業利潤率提高了25 個基點，顯然還有湯姆在評論中概述的每股收益。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

Hi, thanks for taking the question. Just a follow-up on Anthony's on IABPs, Liam, is it fair to think -- the guidance range for the year is about $15 million? Maybe $10 million of that is IABP specifically, and then that's only for the US. And as I look at that market, I think the opportunity for you guys is something like $60 million that you don't already have here in the States. So you're thinking you're going to get about one-sixth of that opportunity here in Q4 and then more of it into next year. So is that the right way to think about the opportunity? And I guess, why wouldn't Europe be an opportunity with that CE mark being suspended? Thanks.

您好，感謝您提出問題。Liam，只是 Anthony 關於 IABP 的後續行動，今年的指導範圍約為 1500 萬美元，這樣想是否公平？其中可能有 1000 萬美元專門用於 IABP，而且這只適用於美國。當我審視這個市場時，我認為你們的機會大約是 6000 萬美元，而你們在美國還沒有這樣的機會。因此，您認為您將在第四季度獲得大約六分之一的機會，然後在明年獲得更多機會。那麼，這是思考機會的正確方式嗎？我想，為什麼歐洲不能成為暫停 CE 標誌的機會呢？謝謝。

Yes. Thank you. I think that the way I would look at this, Matt, is that it's evolving in real time. You have to remember this just happened on May 8. Our calls inbound volume didn't really start to increase until you got well into the back end of June. And here we are sitting in the first day of August. So that will tell you. I'm just trying to give you a time line.

是的。謝謝。馬特，我認為我看待這個問題的方式是它是即時發展的。你必須記住這件事剛剛發生在5月8日。直到六月底，我們的來電量才真正開始增加。我們正坐在八月的第一天。所以這會告訴你。我只是想給你一個時間表。

The way I would look at the call-up is that the majority of it is associated with the intra-aortic balloon pumps. The catheters will come later. I would agree with your assessment that there is further opportunity to develop and take more market share at a minimum in the first half of 2025.

我看待這次徵召的方式是，其中大部分與主動脈內球囊反搏幫浦有關。導管稍後會來。我同意您的評估，至少在 2025 年上半年還有進一步發展和佔據更多市場份額的機會。

Regarding your question on Europe, the short-term -- and we've had short-term suspensions in the past with the competitor, where they've been out of the market. If you go back to 2023, they were out for six months. And there's very little volume that switches in a short period of time, Matt. That's why we're tempering our expectations for what's going to happen in Europe unless the withholding of the CE mark is extended beyond that time. And then as I said, in an evolving situation, that would change.

關於你關於歐洲的問題，短期的——我們過去曾與競爭對手進行過短期暫停，他們已經退出了市場。如果你回到 2023 年，他們缺席了六個月。馬特，短時間內切換的音量非常小。這就是為什麼我們要降低對歐洲將要發生的事情的預期，除非 CE 標誌的扣留時間延長到該時間之後。然後正如我所說，在不斷變化的情況下，這種情況將會改變。

I would also point out that we've begun scaling up and continue to scale up our manufacturing to make sure we can match the demand. As I sit here today, I feel really comfortable that we are able to match any demand that comes from this opportunity just because of the nature of the manufacturing process for both the pumps and the catheters.

我還要指出的是，我們已經開始擴大並繼續擴大我們的製造規模，以確保我們能夠滿足需求。當我今天坐在這裡時，我感到非常放心，因為泵浦和導管的製造流程的性質，我們能夠滿足來自這個機會的任何需求。

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

Good morning. Thanks for taking questions. I hate to continue on this balloon pump trend here, but just quickly, the $250 million market you talked about, is there any way to break out capital versus onetime-use disposables?

早安.感謝您提出問題。我不想在這裡繼續這種氣球泵趨勢，但很快，你談到的 2.5 億美元市場，有什麼辦法可以突破資本與一次性一次性用品的差距嗎？

So I would say that, if you wanted to break out the $250 million, the easiest way to look at it, Jayson, is about half and half. Half of it comes from the capital on an annual basis. Because you just remember the pumps will last for about eight years, and the catheters get used over that cycle. So that's a reasonable rule of thumb for the $250 million.

所以我想說的是，如果你想突破 2.5 億美元，傑森，最簡單的看待方式是大約一半一半。每年其中一半來自資本。因為您只記得幫浦將持續約八年，並且導管會在該週期內使用。因此，對於 2.5 億美元來說，這是一個合理的經驗法則。

Okay. Thanks. And maybe for Tom, on the guidance, EPS. You beat 2Q. You lifted the margin guidance, but of the $0.20 to $0.25 EPS raise, how much of that is related to the buyback? Thanks.

好的。謝謝。也許對湯姆來說，在指導上，EPS。你擊敗了2Q。您提高了保證金指引，但 EPS 上漲 0.20 至 0.25 美元，其中有多少與回購相關？謝謝。

Well, just as we think about the $0.20 to $0.25 raise, really that's an organic increase. It's coming from the performance of the underlying business. As we look at some of the pluses and minuses, we're going to get some incremental IABP revenues, which we assume that's going to offset the impact from the Italy payback. And then the increase in the interest expense associated with the buyback is being offset by the reduction in share count. So the buyback itself in 2024 is expected to be EPS neutral as a result of additional interest expense being incurred and that being offset by the reduction in average weighted shares outstanding. So again, the $0.20 to $0.25 is really due to the strength of the underlying organic business.

嗯，正如我們考慮 0.20 至 0.25 美元的加薪一樣，這確實是有機增長。它來自基礎業務的績效。當我們考慮一些優點和缺點時，我們將獲得一些增量 IABP 收入，我們認為這將抵消義大利投資回報的影響。然後，與回購相關的利息支出的增加被股票數量的減少所抵消。因此，由於產生了額外的利息費用，並且被已發行平均加權股票的減少所抵消，預計 2024 年的回購本身對每股盈餘是中性的。再說一遍，0.20 至 0.25 美元實際上是由於基礎有機業務的實力所致。

I mean, I'll just add, Jayson, that the benefit from the share repurchase would be seen in 2025.

我的意思是，傑森，我只想補充一點，股票回購的好處將在 2025 年顯現出來。

Shagun Singh, RBC.

沙貢辛格，加拿大皇家銀行。

Great. Thank you, so much. Liam, I was wondering if you can give us an update on the interventional urology business in a little bit more detail. What was contribution from M&A this quarter? And what are you seeing on the doctor's office side for UroLift?

偉大的。太感謝了。利亞姆，我想知道您能否更詳細地向我們介紹介入泌尿外科業務的最新情況。本季併購貢獻了多少？您在醫生辦公室對 UroLift 有何看法？

Absolutely, Shagun. On the doctor's office side, I will tell you it's -- it continues to be challenged; very, very similar to Q1, so no little -- no change on the growth profile in the sites of service and no change in the amount of procedures that are being done in the office versus the hospital and really no change to the growth profile in the office. It continues to remain challenged.

絕對的，沙岡。在醫生辦公室方面，我會告訴你，它繼續受到挑戰；與第一季非常非常相似，所以沒有什麼變化——服務地點的增長情況沒有變化，辦公室與醫院相比進行的手術量沒有變化，而且服務中心的增長情況也沒有變化。它仍然面臨挑戰。

I will tell you that, as we outlined in our prepared remarks, the biggest change has been in Palette, where through the first half of the year, based on the performance of Palette Life Sciences and in particular Barrigel, we're updating our revenue guidance from $66 million to $68 million to $70 million, $72 million. UroLift has been performing broadly in-line, but by definition, we're holding our full-year guidance at 7.5% for interventional urology.

我會告訴你，正如我們在準備好的發言中概述的那樣，最大的變化是 Palette，今年上半年，根據 Palette Life Sciences，特別是 Barrigel 的表現，我們正在更新我們的收入指導價從6600萬美元到6800萬美元到7000萬美元，7200萬美元。UroLift 的表現基本上符合預期，但根據定義，我們將介入泌尿科的全年指引維持在 7.5%。

And we're really pleased with the performance of Palette, really pleased with the performance of Barrigel. The cross-training of the sales rep, Shagun, is now completed, of those 50 dual-bag reps. And as was always the case in our full-year guidance and no change, we still anticipate an improvement in the second half of the year as Palette Life Sciences continues to ramp and we get those sales reps, dual-bag sales reps, back into the field selling both products.

我們對 Palette 的表現非常滿意，對 Barrigel 的表現也非常滿意。這 50 位雙袋銷售代表中的銷售代表 Shagun 的交叉訓練現已完成。與我們全年指導中的一貫情況一樣，沒有變化，我們仍然預計下半年會有所改善，因為 Palette Life Sciences 繼續擴大規模，並且我們讓那些銷售代表、雙袋銷售代表重新回到工作崗位。這兩種產品的領域。

Got it. And just as a follow-up for Tom, can you help us with the cadence of margins in the back half? Especially, you mentioned IABP. The capital component is going to have an impact. And then where do you stand relative to your prior LRP, which was at the low end for gross margins and operating margins, 61.5% and 28.75%? Thank you.

知道了。作為湯姆的後續行動，你能幫助我們解決後半部邊距的節奏嗎？特別是，您提到了 IABP。資本部分將會產生影響。那麼，相對於先前的 LRP（毛利率和營業利潤率分別為 61.5% 和 28.75%），您處於什麼位置？謝謝。

Well, I would say that, to Liam's point, the margin profile of the incremental revenue from the IABPs is slightly dilutive to our overall average. And what we're expecting in the back half of the year is that, we're going to see on the gross margin line a pretty fairly stable gross margin Q3 and Q4. And on the operating margin line, we'll see some further leverage in the fourth quarter just given stronger revenues. So again, as we think about the longer term on the IABP opportunity, in 2025, as we sell more of the catheters, we'll start to see an improving margin profile from that business.

嗯，我想說的是，就 Liam 的觀點而言，IABP 增量收入的利潤率稍微稀釋了我們的整體平均值。我們在今年下半年的預期是，我們將在毛利率線上看到第三季和第四季相當穩定的毛利率。在營業利潤率方面，鑑於收入強勁，我們將在第四季度看到一些進一步的槓桿作用。因此，當我們考慮 IABP 的長期機會時，到 2025 年，隨著我們銷售更多的導管，我們將開始看到業務的利潤狀況有所改善。

I'd say, for the LRP, we continue to believe that the targets are appropriate for the company. I would say that, the gross margin, there is a pathway to get there. We're going to need to see some strong mix, good performance out of our manufacturing sites and inflation continuing to improve for us to be able to get there, but it -- they are targets that we're still working towards. And we'll update you as appropriate on that as we get into 2025 guidance.

我想說，對於 LRP，我們仍然認為目標適合該公司。我想說的是，毛利率是有途徑達到的。我們需要看到一些強有力的組合、我們的製造基地的良好表現以及通貨膨脹繼續改善，以便我們能夠實現這一目標，但它們是我們仍在努力實現的目標。當我們進入 2025 年指南時，我們將視情況向您通報最新情況。

George Sellers, Stephens Inc.

喬治·塞勒斯，史蒂芬斯公司

Good morning and thanks for taking the question. Maybe on the Ringer balloon catheter discussion. Could you just give us a little more detail on, maybe how that augments your existing device portfolio; sort of where that, what that fits; and what your expectations are for maybe share shifts over time and any cannibalization to your existing portfolio of balloon catheters?

早上好，感謝您提出問題。也許是關於林格球囊導管的討論。您能否給我們更多詳細信息，也許是如何增強您現有的設備組合？那種地方，適合什麼；您對隨著時間的推移可能發生的份額變化以及對您現有的球囊導管組合的任何蠶食的期望是什麼？

Yeah. Thanks, George. And good morning to you as well. The Ringer has a PTCA indication which is right in the call point for the biggest part of our sales force that sell our complex catheters. It is growing into an approximately $40 million market. And its indication, as I said, is PTCA. Our thinking on this is that there may be additional indications in the peripheral. And as we all know, we've got one heart and two legs, so the market is much bigger in the peripheral. My expectation is that the surgeons and the interventional cardiologists will tell us where the next application is.

是的。謝謝，喬治。也祝你早安。Ringer 有 PTCA 指示，這正是我們銷售複雜導管的銷售人員中最大部分的呼叫點。它正在發展成為一個價值約 4000 萬美元的市場。正如我所說，它的適應症是PTCA。我們對此的想法是，外設可能還有其他指示。眾所周知，我們有一顆心和兩條腿，所以外圍市場要大得多。我的期望是外科醫生和介入心臟科醫生會告訴我們下一個應用程式在哪裡。

When they get this product into their hands, it's a pretty innovative product. And what the product does in effect is it helps the interventional cardiologists in the case where there is an accidental puncture of a vessel. And it allows them to continue to do the procedure by using the Ringer catheter. There will be no cannibalization, George, to your part of your question with regard to our current portfolio. And we've just completed a study on perforation, which will be the next indication for this product as we continue to grow into that $40 million market.

當他們拿到這個產品時，這是一個非常創新的產品。該產品實際上的作用是在血管意外刺穿的情況下為介入性心臟病專家提供幫助。它允許他們繼續使用林格導管進行手術。喬治，你的問題中關於我們當前投資組合的部分不會被蠶食。我們剛剛完成了一項關於穿孔的研究，隨著我們繼續朝著價值 4000 萬美元的市場發展，這將是該產品的下一個適應症。

So another example again of the innovation within the interventional access business. New products into this business in particular is the lifeblood of the interventional cardiology. You want to be in front of the clinician in the cath lab, and having new products within your bag allows that interaction on an ongoing basis. We've seen it with MANTA and we've seen it with the Wattson wire. Now we're going to see it with Ringer. And we're really happy that this product was in -- a little bit ahead of its time line. So we're happy with the execution of the R&D organization within that business unit as well, George.

這是介入治療業務創新的另一個例子。特別是該行業的新產品是介入性心臟病學的命脈。您希望站在導管實驗室的臨床醫生面前，而您的包中裝有新產品，可以讓這種互動持續進行。我們已經透過 MANTA 和 Wattson 線看到了這一點。現在我們要和林格一起看看。我們真的很高興這個產品的推出——比它的時間表提前了一點。因此，我們對該業務部門內研發組織的執行情況也感到滿意，喬治。

Okay, great. That's really helpful color. I appreciate that. And maybe switching back to the interventional urology segment, I'm just curious if there's any quantifiable impact to that training that you talked about that's now complete. How much of a headwind, if any, was that? How should we think about potential headwinds or sequential tailwinds with training in that segment going forward?

好的，太好了。這真是有用的顏色。我很欣賞這一點。也許回到介入泌尿科領域，我只是好奇您所說的現已完成的培訓是否有任何可量化的影響。如果有的話，那是多大的逆風？我們應該如何考慮該領域未來培訓的潛在逆風或連續順風？

Well, I think it's hard to quantify what it's been in the first half of the year, but we had planned for the impact of the cross-training. We knew that it was going to have an impact. And therefore, we always anticipated that, in the back half of the year, interventional urology would be improving as you go towards the back half of the year. I think the tailwinds will come in two buckets, in my mind, George. Now you have more sales reps out there talking about Barrigel, so that's an opportunity. And as you know, we have Barrigel and the Palette portfolio ramping in the back half of the year as we go through.

嗯，我認為很難量化上半年的情況，但我們已經計劃了交叉培訓的影響。我們知道這會產生影響。因此，我們一直預計，在今年下半年，隨著下半年的臨近，介入泌尿科將會有所改善。在我看來，喬治，我認為順風將分為兩個部分。現在有更多的銷售代表在談論 Barrigel，所以這是一個機會。如您所知，我們的 Barrigel 和 Palette 產品組合將在今年下半年持續增加。

And again I want to reiterate we're really pleased to call up the 4 million on Barrigel just based on the first half performance, but then the other tailwind one would expect is you get these reps that were tied up in training for quarter one and quarter two back out there on the road also positioning and -- the UroLift back to their surgeons, so we'd expect somewhat of an improvement in that as well, as was always anticipated, George. And we have maintained our guide for interventional urology at 7.5%, so I think we're confident in our ability to deliver that.

我想再次重申，我們真的很高興僅根據上半場的表現就在Barrigel 上調撥了400 萬美元，但另一個順風順水的人會期望你得到這些代表，他們在第一季度的訓練中陷入困境，第二季度回到路上也定位和 - UroLift 回到他們的外科醫生，所以我們預計這方面也會有所改善，正如喬治一直預期的那樣。我們將介入性泌尿學指南維持在 7.5%，所以我認為我們對實現這一目標的能力充滿信心。

Larry Biegelsen, WF.

拉里·比格爾森，WF。

Hey, good morning. This is Vik in for Larry. Thanks for taking the questions. First one, M&A has been a major contributor to your revenue growth historically. Can you just talk about what you're seeing on the M&A front? And are you more focused on price-to-sales or EBIT-to-EBITDA deals? And if so, what areas? And then I had a follow-up. Thank you.

嘿，早安。這是拉里的維克。感謝您提出問題。首先，從歷史上看，併購一直是營收成長的主要貢獻者。能談談您在併購方面看到的情況嗎？您更關注市銷率還是 EBIT 與 EBITDA 交易？如果是的話，是哪些領域？然後我進行了跟進。謝謝。

Yes, Vik. Honestly, we're active out there. We're always active out there. At any one time, we have a number of assets that we are chasing and paying very close attention to. Our leverage helps us. We're at 1.9 times pro forma even with the $200 million on the ASR. And I think that the M&A environment, in my mind, has improved for private assets. I think, valuations, I've seen a tempering in the valuation expectations somewhat.

是的，維克。老實說，我們在那裡很活躍。我們總是活躍在那裡。任何時候，我們都會擁有一些我們正在追逐和密切關注的資產。我們的槓桿可以幫助我們。即使 ASR 上有 2 億美元，我們的預期收益也是 1.9 倍。我認為，在我看來，私人資產的併購環境已經有所改善。我認為，就估值而言，我看到估值預期有所回落。

In the areas that we're focused on, it's the worst kept secret that we really like the cath lab as a cold point. We really like emergency medicine. The intensive care unit for our vascular team is -- every single day, is an area of focus for us; tuck-ins in OEM and in surgical we could do.

在我們關注的領域，我們真的很喜歡將導管實驗室作為冷點，這是最糟糕的秘密。我們真的很喜歡急診醫學。我們血管團隊的重症監護室是我們每天關注的領域；我們可以在 OEM 和外科手術中進行折邊。

I would like to restate that the share repurchase is not a substitute for M&A. We are going to do M&A alongside the share repurchase. And we can do both and we have the cash flow generation to do both. And the share repurchase, for us, is just another way to return capital to our shareholders. We continue to support our dividend. We continue to reinvest in the business, and for sure, we intend to continue to do really good M&A.

我想重申的是，股票回購並不能取代併購。我們將在股票回購的同時進行併購。我們可以同時做到這兩點，而且我們有現金流來做到這兩點。對我們來說，股票回購只是另一種向股東返還資本的方式。我們繼續支持我們的股息。我們繼續對業務進行再投資，當然，我們打算繼續進行真正出色的併購。

The other part of your question is hard to answer, Vik. Are you chasing assets that are dilutive or accretive? If you look at the spectrum that we're covering, we are aware that dilution is not a favorable outcome. And we are looking at assets that continue to add value both on the top line and to earnings, and those assets are out there and available.

你問題的另一部分很難回答，維克。您正在追逐稀釋性資產還是增值性資產？如果你看看我們所涵蓋的範圍，我們就會意識到稀釋並不是一個有利的結果。我們正在尋找能夠繼續為營收和收益增加價值的資產，而這些資產就在那裡並且可用。

Great. Thank you. I just had a follow-up on the ASR. When do you expect that to be completed? I think I heard you say, or maybe I heard Tom say, it's more of an impact in 2025. And does the ASR get you to double-digit growth next year? Thanks for taking the questions.

偉大的。謝謝。我剛剛對 ASR 進行了跟進。您預計什麼時候完成？我想我聽到你說，或者也許我聽到湯姆說，這在 2025 年會產生更大的影響。ASR 是否能讓您明年達到兩位數的成長？感謝您提出問題。

So we expect it to take two to potentially three months to complete the ASR. And we expect to kick that off pretty quickly here. So as far as the growth for next year, we're going to wait until 2025 guidance to talk about that in its entirety, but just the point that more benefit in 2025, that's really due to just how weighted average shares are calculated just given it wasn't in our beginning number.

因此，我們預計完成 ASR 可能需要兩到三個月的時間。我們預計很快就會在這裡啟動。因此，就明年的成長而言，我們將等到 2025 年的指引來全面討論這一點，但 2025 年會帶來更多收益，這實際上是由於加權平均份額的計算方式所致它不在我們的起始編號中。

As we get into 2025, I'll see more of a share impact than we are seeing in 2024, but again as Liam pointed out, the benefit to earnings will be in 2025. And we'll discuss that comprehensively at our fourth-quarter earnings call as we provide guidance for the year.

當我們進入 2025 年時，我將看到比 2024 年看到的更多的股票影響，但正如 Liam 指出的那樣，獲利受益將在 2025 年出現。我們將在第四季財報電話會議上全面討論這個問題，並提供今年的指導。

Rich Newitter, Truist.

里奇紐特，真理主義者。

Hi. Thanks for taking the questions. So I'm juggling a couple of calls. If this was answered, I apologize, but just on the pumps, to start, the IABP opportunity, you talked about strong quote activity. What is your confidence you could convert that quote activity into actual conversions or share gains? I would love to just hear that. And then I just want to make sure I'm understanding on the margin impact versus the earnings and revenue impact. So IABP share gains are going to be lower margin upfront because of the capital piece. Is that right?

你好。感謝您提出問題。所以我正在處理幾個電話。如果這個問題得到回答，我深表歉意，但就泵而言，首先，IABP 機會，您談到了強勁的報價活動。您對將報價活動轉化為實際轉換或份額收益的信心有多大？我很想聽聽這個。然後我只想確保我了解利潤影響與收益和收入影響。因此，由於資本部分，IABP 的股票收益將降低前期利潤率。是這樣嗎？

Yes, Rich, that is correct. The overall business is equal to the company's gross margins. The capital is slightly below and the catheter is slightly above, so in its entirety, it's equal, but the call-up on gross margins, the 25 basis points, is not attributable to the intra-aortic balloon pumps. It's actually despite to -- on the margins. It's not a big drag because it's just slightly below, but I just want to make sure that people realize that the call-up on the gross margins and the op margins are really driven by the core business and the performance of the core business.

是的，里奇，這是正確的。整體業務等於公司的毛利率。資本略低，導管略高，因此整體上是相等的，但毛利率的增加（25個基點）並不歸因於主動脈內球囊反搏幫浦。事實上，儘管如此——在邊緣。這並不是一個很大的拖累，因為它只是略低於，但我只是想確保人們意識到毛利率和營運利潤率的提高確實是由核心業務和核心業務的業績驅動的。

Regarding your question, which is a good one, in relation to the ability to convert those quotes, well, in the past, there were two potential suppliers of product in the marketplace. And our conversion rate was in line with our market share, and -- but it was growing. The overall market is growing at around 3% or 4%. Our intra-aortic balloon pump and catheter business over the last number of years has been growing at more than double that market share growth. So we have been -- continued to taking share in particular in the US and in Asia Pacific. The quote volume I referred to, Rich, is exclusively in the United States, where customers have been strongly advised by the FDA to seek an alternative supplier. And our confidence level in converting that quote volume associated with the call-up in Q4 is incredibly high, based on the activity that we're seeing.

關於你的問題，這是一個很好的問題，涉及轉換這些報價的能力，嗯，過去，市場上有兩個潛在的產品供應商。我們的轉換率與我們的市場份額一致，而且——但它正在成長。整體市場成長率約為3%或4%。過去幾年，我們的主動脈內球囊幫浦和導管業務的成長速度是市佔率成長的兩倍以上。因此，我們一直在繼續佔據份額，特別是在美國和亞太地區。我提到的 Rich 報價單僅在美國，FDA 強烈建議客戶尋找替代供應商。根據我們所看到的活動，我們對轉換與第四季度徵召相關的報價量的信心非常高。

Okay. Thanks. And then just on the payback add-back, the Italian item that's getting added back to adjusted revenue, can you just explain the mechanics of that, why you're adding back a reserve adjustment?

好的。謝謝。然後，就投資回收期加回而言，義大利專案將加回調整後的收入中，您能否解釋一下其中的機制，為什麼要加回準備金調整？

I'm going to ask Tom just to cover that, Rich.

里奇，我要請湯姆來報道這一點。

Yes, sure. So Rich, in total in the second quarter, we are taking additional reserves that total $15.8 million. $13.8 million of that is related to the true-up of reserves that are from prior year periods. The remaining $2 million is related to additional reserves related to 2024, so the add-back adds back the prior-period impact to the reserve, the $13.8 million. It's being done largely because we don't see this as part of the ongoing operating performance of 2024. And we wanted to be able to provide visibility to how the business is performing this year. And that's kind of the logic behind it and then it can excel and hopefully, that answers your question. If not, I'm happy to provide more color.

是的，當然。So Rich，第二季我們總共獲得了總計 1580 萬美元的額外準備金。其中 1,380 萬美元與上一年期間準備金的調整有關。剩餘的 200 萬美元與 2024 年相關的額外準備金有關，因此回加增加了前期對準備金的影響，即 1380 萬美元。這樣做主要是因為我們不認為這是 2024 年持續營運表現的一部分。我們希望能夠提供今年業務表現的可見度。這就是它背後的邏輯，然後它可以表現出色，並希望能夠回答您的問題。如果沒有，我很樂意提供更多顏色。

And Rich, I just want to add ever slightly to that, to what Tom just said; and just to make sure people are aware that in the current year, in Q2, when we -- and because as you realize, this didn't happen until July. When we rolled up our numbers in Q2, we were above the top end of our guidance range of $760 million to $765 million. And then we took a booking of 2 million after we closed the quarter in late July. And there's another 2 million of impact in the back half of the year that we're booking because that's in the current year. And I think that should be a -- something that is booked in real time by the company. And as Tom said, the other -- $13.8 million is related to prior year periods and, therefore, wouldn't be a good representation of the performance of the company.

里奇，我只是想稍微補充一下湯姆剛才所說的；只是為了確保人們意識到，在今年第二季度，當我們——因為正如你所知，這直到七月才發生。當我們匯總第二季的數據時，我們超出了 7.6 億至 7.65 億美元指導範圍的上限。7 月底季度結束後，我們收到了 200 萬份預訂。我們預計下半年還會有 200 萬的影響，因為那是在今年。我認為這應該是由公司即時預訂的事情。正如 Tom 所說，另一筆 1380 萬美元與去年同期相關，因此並不能很好地代表公司的表現。

Mike Polark, Wolfe.

麥克波拉克、沃爾夫。

Good morning. Thank you for taking the question. A follow-up on balloon pumps and then one other. On the balloon pump, is the consumable captive to the pumpers, the consumable market open? That's one question.

早安.感謝您提出問題。氣球泵的後續工作，然後是另一個。在氣球打氣筒上，耗材是否受制於打氣筒，耗材市場是否開放？這是一個問題。

And then given the market is kind of teetering on sole sourcing here, with your competitors' challenges, do you expect there to be a price component as you convert these orders relative to history for this market?

然後，考慮到這裡的市場在單一採購方面搖搖欲墜，加上競爭對手的挑戰，當您將這些訂單相對於該市場的歷史進行轉換時，您是否預計會有價格成分？

First of all, on the catheters, the attachment rate to the actual brand of the pump is incredibly high. If you use a competitor pump traditionally, you used the competitor catheter. It's all part of the decision-making process. And if you used the Teleflex pump, you used the Teleflex catheter.

首先，在導管上，與幫浦的實際品牌的附著率非常高。如果您傳統上使用競爭對手的泵，您使用的是競爭對手的導管。這都是決策過程的一部分。如果您使用泰利福泵，那麼您就使用了泰利福導管。

Both companies have adapters that work reasonably well converting catheters, not as good, because the catheters work differently. What I mean by that is our fiber optic catheter has a sensor at the tip of the catheter and that's how it pulses. The competitor catheter has the sensor within the pump, and that's how it syncs.

兩家公司的轉接器都能很好地轉換導管，但效果沒那麼好，因為導管的工作方式不同。我的意思是我們的光纖導管在導管尖端有一個感測器，這就是它的脈衝方式。競爭對手的導管在幫浦內裝有感測器，這就是它的同步方式。

So they don't work as well on the fiber optic lasers, so therefore, the attachment rate for the catheter brand is incredibly high to the brand of pump that the customer uses. In relation to price, we are normally dual sourced on many of these IDNs, where you'll have hospitals within an IDN. Some will use competitor pumps. Some will use our pump. So we already have pricing agreements in place, so I'm not anticipating significant price increases as we convert the market.

因此，它們在光纖雷射上的工作效果不佳，因此，導管品牌的附著率相對於客戶使用的泵浦品牌而言非常高。就價格而言，我們通常在許多 IDN 上進行雙重來源，其中 IDN 內有醫院。有些會使用競爭對手的幫浦。有些人會使用我們的幫浦。因此，我們已經制定了定價協議，因此我預計隨著市場的轉變，價格不會大幅上漲。

And really we're trying to look at this long-term in relation to converting the market and maintaining a much stronger share position over a 12-month period and maintaining that position and maintaining the catheters over a multiyear period.

實際上，我們正​​在嘗試著眼於長期的轉變，即在 12 個月內改變市場並保持更強勁的股票地位，並在多年內保持這一地位並維持導管。

Helpful, Liam. Thank you. For the follow-up, I just want to understand the reduction in GAAP earnings per share guidance. It looks to be an increase in the restructuring line, so is there anything to call out there of substance? Thank you so much.

有幫助，利亞姆。謝謝。對於後續，我只想了解 GAAP 每股盈餘指引的減少。看起來重組額度增加，那麼有什麼實質內容值得關注嗎？太感謝了。

I'll ask Tom just to go over the gap, if you don't mind.

如果你不介意的話，我會請湯姆越過這個缺口。

No, there's nothing really to call out, Yeah, yeah.

不，沒什麼好說的，是的，是的。

Okay, business as usual, Mike. Thanks for the questions.

好吧，一切如常，麥克。感謝您的提問。

Craig Bijou, BofA.

克雷格‧比茹 (Craig Bijou)，美國銀行。

Thanks guys for taking the questions. I had a follow-up on interventional urology and then just a quick follow-up on M&A. So with Palette's success and the raised guidance there, I just wanted to know if -- it's a growth profile of that business, which I think you were expecting mid-20s growth maybe at the midpoint. Does that change?

感謝大家提出問題。我對介入泌尿學進行了跟進，然後對併購進行了快速跟進。因此，隨著 Palette 的成功以及在那裡提高的指導，我只是想知道這是否是該業務的成長概況，我認為您預計 20 年代中期的成長可能處於中點。這會改變嗎？

And then I do appreciate that you've kept guidance for interventional urology flat or what it was, but with Palette adding $4 million more, it would suggest that UroLift goes down by $4 million, or maybe there's potential upside. So I mean, anything maybe with the international side of UroLift that you would call out?

然後，我確實很感激你們對介入泌尿學的指導保持不變或保持不變，但隨著 Palette 增加 400 萬美元，這意味著 UroLift 會減少 400 萬美元，或者可能還有潛在的上漲空間。所以我的意思是，您可能會提到 UroLift 的國際方面的任何內容嗎？

So Craig, your math is right. That's a fact, but I think, Palette doing better, we're very encouraged by. I think that you're also correct insofar as that the growth rate this year will be greater than we had originally anticipated. We thought it would be in the 20s. High teens, low 20s is what we were expecting. And as you -- if you look at the pro forma, last year, we did in excess of $56 million. If you take the midpoint, we're going to do $71 million, so there you are around 25% growth, so very, very encouraging from that aspect. And I think what's important to understand is that we are continuing to convert the white space, bring this product to our existing customer base and also educating radiation oncologists on the need for spacing. And spacing, in its entirety, is growing, so that's the positive.

所以克雷格，你的數學是正確的。這是事實，但我認為，Palette 做得更好，我們感到非常鼓舞。我認為你的說法也是正確的，今年的成長率將高於我們最初的預期。我們以為會是20世紀20年代。十幾歲左右，二十多歲左右是我們所期望的。正如您所說，如果您看一下預估，去年我們的收入超過了 5,600 萬美元。如果按中點計算，我們將投入 7,100 萬美元，因此成長率約為 25%，從這方面來看非常非常令人鼓舞。我認為重要的是要了解我們正在繼續轉換空白空間，將產品帶給我們現有的客戶群，並教育放射腫瘤學家了解間隔的必要性。總體而言，間距正在增加，所以這是積極的。

With regard to interventional urology overseas, I will tell you that the results that we're seeing in Japan for UroLift are incredibly encouraging. We continue to penetrate that market. And also in Japan, and I talk specifically on Japan because it is the biggest next market internationally, what I would call out is that we would anticipate getting Barrigel approved within that market in the first half probably of 2025. And that would represent a nice opportunity for us to continue to expand Barrigel.

關於海外介入泌尿外科，我會告訴您，我們在日本看到的 UroLift 的結果非常令人鼓舞。我們繼續滲透該市場。同樣在日本，我特別談論日本，因為它是國際上最大的下一個市場，我想說的是，我們預計 Barrigel 可能會在 2025 年上半年在該市場獲得批准。這對我們來說是一個繼續擴大 Barrigel 規模的好機會。

Also, we are beginning the enrollment of patients for the study for an expanded indication. And we believe that, that will expand the market for Barrigel by approximately $100 million. The next biggest market overseas with the potential is probably China. And we continue to seed the Chinese market as we continue to trial the product in some of the larger provinces there, to get it on the tender system, Craig. Thanks for the question.

此外，我們正在開始招募患者參與研究，以擴大適應症。我們相信，這將使 Barrigel 的市場擴大約 1 億美元。下一個具有潛力的最大海外市場可能是中國。我們繼續在中國市場播種，並繼續在一些較大的省份試用該產品，以便將其納入招標系統，克雷格。謝謝你的提問。

Got it. If I could just add on, on M&A quickly, the share repurchase authorization and the ASR, as a follow-up to, I believe it was, Vik's question. Maybe, just how are you thinking -- or does the share repurchase maybe make you more willing to take on some dilution from M&A because you can potentially offset the actual bottom line impact? Thanks.

知道了。如果我能在併購方面快速補充股票回購授權和 ASR，我相信這是 Vik 問題的後續內容。也許，你是怎麼想的——或者股票回購可能會讓你更願意承擔一些併購帶來的稀釋，因為你有可能抵消實際的利潤影響？謝謝。

So I mean, if you've seen one M&A, you've seen one M&A, Craig and that's just a fact of life. So at any one time, we're chasing a handful of assets, and they're all different. We view every asset on its merits. And I don't think we would be looking at the share repurchase as an offset. We look at each asset on its own merits. We look at specific metrics about returns. And also we're very acutely focused on accretion, dilution on earnings per share as we're doing M&A; and that is a factor in the acquisitions.

所以我的意思是，如果你見過一次併購，你就見過一次併購，克雷格，這只是生活的一個事實。因此，在任何時候，我們都在追逐少數資產，而它們都是不同的。我們根據每項資產的優點來看待它。我認為我們不會將股票回購視為一種補償。我們根據每項資產本身的優點來看待。我們關注有關回報的具體指標。而且，在進行併購時，我們非常關注每股收益的增加和稀釋；這是收購的因素。

We all know that Palette was dilutive, but now look at Palette, a call-up of 4 million at margins that are in excess of UroLift margins and well in excess of the company average. So you can actually see that Palette now, when it does become accretive in 2025, will be a contributor to EPS. And we apologize to shareholders to have to wait a year for that accretion, but the underlying EPS growth, as Tom outlined in his prepared remarks, has been -- is now in that 9% to 11%, so with good line of sight to solid EPS in the marketplace. So -- and again thanks for the questions, Craig.

我們都知道 Palette 具有攤薄性，但現在看看 Palette，它招募了 400 萬個員工，其利潤率超過了 UroLift 的利潤率，也遠遠超過了公司的平均水平。所以你現在實際上可以看到，當 Palette 在 2025 年變得增值時，它將成為 EPS 的貢獻者。我們向股東表示歉意，因為必須等待一年才能實現這一增長，但正如湯姆在他準備好的演講中概述的那樣，潛在的每股收益增長已經——現在是9% 到11%，所以有良好的視野市場上穩定的每股盈餘。所以，再次感謝克雷格的提問。

Dave Turkaly, Citizens JMP.

Dave Turkaly，公民 JMP。

Hey, thanks. Just two quick ones on your second largest geography, EMEA. I think you called out either increased capacity or supply and then better utilization, yes. I was wondering how and where, if you could comment on that. And then, I guess, that growth rate you posted, like, how sustainable do you think that is? Thank you.

嘿，謝謝。簡單介紹一下您的第二大地理區域：歐洲、中東和非洲 (EMEA)。我認為您要么呼籲增加產能或供應，然後提高利用率，是的。我想知道如何以及在哪裡，您是否可以對此發表評論。然後，我想，你發布的成長率，你認為這有多可持續？謝謝。

Yes, thanks very much, Dave. I will tell you that EMEA had a really solid quarter, grown 9.8%. Where does it come from? We were really strong in Germany, France and Spain. We were actually very strong in Italy as well. And then we booked the $2 million within the quarter, which took it down to a lower level. From a product-specific area, we had really strong performance in our emergency medicine, interventional urology and interventional access.

是的，非常感謝，戴夫。我會告訴你，歐洲、中東和非洲地區的季度表現非常強勁，成長了 9.8%。它從哪裡來？我們在德國、法國和西班牙的表現非常強大。實際上我們在義大利也非常強大。然後我們在本季度內預訂了 200 萬美元，這將其降至較低水平。從產品特定領域來看，我們在急診醫學、介入性泌尿外科和介入治療方面表現非常強勁。

What's very encouraging for me within Europe is that the -- in the interventional access, MANTA continues to penetrate that market. And we were in there a couple of years before we even came to the United States, so that's quite encouraging within that market. Is it sustainable is the other part of your question. EMEA hasn't grown at these levels forever.

在歐洲，令我非常鼓舞的是，在介入治療領域，MANTA 繼續滲透這個市場。在我們來到美國之前幾年，我們就已經進入了那裡，所以這在該市場中是相當令人鼓舞的。它是否可持續是你問題的另一部分。歐洲、中東和非洲地區的成長不會永遠維持在這樣的水準。

And I think we would expect the remainder of this year to be strong, maybe not quite at these levels, but we would expect EMEA to be in the -- over the longer term, in the mid-single-digit growth; and with the way this team is executing, maybe moving up into the higher mid-singles. But we'll map that as we go through our guidance for next year. But really encouraged by what we're seeing. And those are the geographies, Dave, that we're seeing at it.

我認為，我們預計今年剩餘時間將保持強勁，也許不會達到這些水平，但我們預計歐洲、中東和非洲地區將在長期內實現中等個位數成長；以這支球隊的執行方式，也許會進入中高級單打。但我們將在製定明年的指導方針時對此進行規劃。但我們所看到的確實令人鼓舞。戴夫，這些就是我們所看到的地理狀況。

Thanks. That's why I asked the question, but yes, it's good to hear. Thanks.

謝謝。這就是我問這個問題的原因，但是，是的，很高興聽到。謝謝。

And I will now turn the call back over to Mr. Lawrence Keusch.

現在我將把電話轉回給勞倫斯‧科伊施先生。

Thank you, Kayla. And thank you to everyone that joined us on the call today. This concludes the Teleflex Incorporated second-quarter 2024 earnings conference call.

謝謝你，凱拉。感謝今天加入我們電話會議的所有人。泰利福公司 2024 年第二季財報電話會議至此結束。

And you may now disconnect your lines.

現在您可以斷開線路了。