泰利福醫療 (TFX) 2024 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Teleflex third quarter 2024 earnings conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Teleflex 2024 年第三季財報電話會議。（操作員指令）

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

請注意，本次電話會議正在錄音，不久後將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. Lawrence?

現在我將電話轉給投資者關係和策略發展副總裁 Lawrence Keusch 先生。勞倫斯？

Good morning, everyone, and welcome to the Teleflex Incorporated third 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 details.

大家早安，歡迎參加 Teleflex Incorporated 2024 年第三季財報電話會議。本次電話會議的新聞稿和投影片可在我們的網站 teleflex.com 上找到。溫馨提醒，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情。

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 Liam Kelly；以及執行副總裁兼財務長托馬斯·鮑威爾（Thomas Powell）。Liam 和 Tom 將發表準備好的發言，然後我們將開始問答環節。

Before we begin, I would 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. 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.

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 Teleflex 網站投資者關係部分發布的幻燈片中所述。我們希望提醒您，此類聲明實際上具有前瞻性，並受風險和不確定性的影響，實際事件或結果可能存在重大差異。可能導致實際結果或事件大不相同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美國證券交易委員會提交的文件，包括我們的 10-K 表格，可在我們的網站上查閱。

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

現在我將把電話轉給利亞姆，請他發言。

Thank you, Larry, and good morning, everyone. On this morning's call, we will discuss the third quarter results, review some commercial highlights, and provide an update on our financial guidance for 2024.

謝謝你，拉里，大家早安。在今天早上的電話會議上，我們將討論第三季的業績，回顧一些商業亮點，並提供 2024 年財務指導的最新資訊。

For the third quarter, Teleflex revenues were $764.4 million, up 2.4% year-over-year on a GAAP basis and an increase of 2.2% on adjusted constant currency basis. Third quarter revenues were slightly below our $765 million to $770 million guidance, which reflects unanticipated softness in our OEM business.

第三季度，Teleflex 營收為 7.644 億美元，以 GAAP 計算年增 2.4%，以調整後固定匯率計算成長 2.2%。第三季的營收略低於我們 7.65 億美元至 7.7 億美元的預期，這反映了我們的 OEM 業務意外疲軟。

Third quarter adjusted earnings per share was $3.49, a 4.1% decrease year-over-year but notably higher than expectations, driven by strong margin performance, which Tom will discuss later on the call.

第三季調整後每股收益為 3.49 美元，較去年同期下降 4.1%，但明顯高於預期，這得益於強勁的利潤率表現，湯姆將在稍後的電話會議上討論這一點。

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

現在，讓我們深入了解第三季的營收結果。我將首先回顧我們第三季的地理分部收入。除非另有說明，我提到的所有成長率都是以調整後的固定匯率計算的。

Americas revenues were $433.3 million, a 1.5% increase year-over-year. Investors familiar with Teleflex will be aware that prior year MSA revenues were booked in the Americas, which impacted growth by approximately 510 basis points in the third quarter.

美洲區營收為 4.333 億美元，年增 1.5%。熟悉 Teleflex 的投資者會知道，去年的 MSA 收入來自美洲，這影響了第三季約 510 個基點的成長。

EMEA revenues of $150.2 million increased 3.9% year-over-year. The growth continues to be driven by our targeted strategy to increase the geographic availability of Teleflex products and improving utilization in Europe.

歐洲、中東和非洲地區的營收為 1.502 億美元，年增 3.9%。我們的目標策略繼續推動我們的成長，即增加 Teleflex 產品的地理可用性並提高在歐洲的利用率。

Now, turning to Asia. Revenues were $98.3 million, a 5% increase year-over-year. The quarter was primarily impacted by the continued soft performance in South Korea due to the ongoing impact of the doctor strike. We estimate that the doctor strike impacted our APAC growth by approximately 2%. Looking forward, the doctor strike remains ongoing, implying headwinds are likely to linger through the remainder of 2024.

現在讓我們把目光轉向亞洲。營收為 9,830 萬美元，年增 5%。本季主要受到韓國醫生罷工事件持續影響導致業績持續疲軟的影響。我們估計醫生罷工對我們亞太地區的成長影響了約 2%。展望未來，醫生罷工仍在繼續，這意味著逆風可能會持續到 2024 年剩餘時間。

Now, let's move to a discussion of our third quarter revenues by global product category. Commentary on global product category growth for the third quarter will be on a year-over-year adjusted constant currency basis.

現在，讓我們來討論一下第三季按全球產品類別劃分的收入。對第三季全球產品類別成長的評論將以同比調整後的固定匯率基礎為基礎。

Starting with vascular access. Revenue increased 6.3% year-over-year to $180.9 million. In the quarter, our broad vascular access portfolio drove growth, including our peripheral and central access products. Of note, and as anticipated, global PICC revenue increased strong double digits as we continue to execute our strategy to expand usage of Teleflex products.

從血管通路開始。營收年增6.3%至1.809億美元。本季度，我們廣泛的血管通路產品組合推動了成長，包括我們的周邊和中央通路產品。值得注意的是，正如預期的那樣，隨著我們繼續執行擴大 Teleflex 產品使用範圍的策略，全球 PICC 收入實現了強勁的兩位數成長。

Moving to Interventional. Revenue was $149.9 million, an increase of 11.4% year-over-year. In the quarter, the broad portfolio performed well. We still expect an increase in contribution from intra-aortic balloon pump revenues in the fourth quarter.

轉向介入。營收為1.499億美元，較去年同期成長11.4%。本季度，廣泛的投資組合表現良好。我們仍預期第四季度主動脈內球囊幫浦收入的貢獻將會增加。

Turning to Anesthesia. Revenue increased 3.4% year-over-year to $101.1 million. Growth was led by intraosseous products, hemostatic products, and single-use laryngeal mask.

轉向麻醉。營收年增3.4%至1.011億美元。成長主要由骨內產品、止血產品和一次性喉罩推動。

In our Surgical business, revenue was $111.7 million, a decrease of 1% 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, but offset by a tough year-over-year comparison in our ligation portfolio.

在我們的外科業務中，收入為 1.117 億美元，年減 1%。我們核心外科手術特許經營權的基本趨勢繼續保持穩固，我們最大的特許經營權以儀器和胸腔引流為主導增長，但被結紮產品組合同比艱難的走勢所抵消。

In the quarter, we were encouraged by tightened stapler growth trends, which improved on a quarter-over-quarter basis and strong double-digit growth year-over-year as expected.

本季度，我們受到訂書機成長趨勢收緊的鼓舞，該趨勢環比有所改善，且符合預期，同比實現了強勁的兩位數增長。

Consistent with our strategy, we continue to proctor surgeons and roll out our buttress kit following the launch earlier in 2024. We are encouraged by the sequential growth and continue to see the product as a growth driver over the coming years.

根據我們的策略，我們將在 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。我們對連續的成長感到鼓舞，並將繼續看到該產品成為未來幾年的成長動力。

For Interventional Urology, revenue was $83.4 million, representing an increase of 13.3% year-over-year. As expected, 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 site of service. OEM revenue increased 0.1% year-over-year to $82.6 million and was softer than expected.

介入泌尿科的收入為 8,340 萬美元，年增 13.3%。正如預期的那樣，在 2023 年 10 月收購 Palette Life Sciences 之後，Barrigel 的營收推動了成長。正如預期的那樣，UroLift 的成長受到服​​務辦公現場持續挑戰的影響。OEM營收年增0.1%至8,260萬美元，低於預期。

We were recently notified by a large customer that they have decided to vertically integrate a component that we have been supplying, which has resulted in a loss of this revenue stream. In addition, we have now started to see some customers delay orders as they increasingly focus on managing inventories.

我們最近收到一個大客戶的通知，他們決定垂直整合我們一直供應的一個組件，這導致了這個收入來源的損失。此外，我們現在開始看到一些客戶推遲訂單，因為他們越來越注重庫存管理。

Looking forward, we are not aware of any market share loss and have purposefully added manufacturing capacity for our thin wall microcatheters, one of the fastest-growing segments for OEM. Given the continued growth of the markets that we serve, we would anticipate that the softness seen in OEM revenue growth should be transmittery, but unlikely to be resolved in 2024.

展望未來，我們並未發現任何市場份額的損失，並有目的地增加了薄壁微導管的製造能力，這是OEM成長最快的細分市場之一。鑑於我們所服務的市場的持續成長，我們預計 OEM 收入成長的疲軟現象應該是傳導性的​​，但不太可能在 2024 年得到解決。

Third quarter other revenue declined 28.3% year-over-year to $54.8 million. 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 third quarter revenue performance.

第三季其他營收年減28.3%至5,480萬美元。收入年減主要是由於 Medline 計劃於 2023 年 12 月退出 MSA。這就是我對第三季營收表現的評論。

Turning to some commercial and clinical updates. Starting with an update on Palette, our most recent acquisition. We have now owned Palette Life Sciences for about one year, and I am pleased to report that the acquisition continues to track ahead of expectations. Barrigel continues to gain traction in the US with strong sequential revenue momentum. We are seeing success in our marketing strategy and continue to convert urologists and radiation oncologists to the use of rectal spacing due to the compelling clinical data and Barrigel's ease of use.

轉向一些商業和臨床更新。從我們最近收購的 Palette 的更新開始。我們現在已經擁有 Palette Life Sciences 大約一年了，我很高興地報告，此次收購繼續超出預期。Barrigel 在美國持續受到青睞，連續營收成長勢頭強勁。我們的行銷策略取得了成功，由於令人信服的臨床數據和 Barrigel 的易於使用，我們繼續讓泌尿科醫生和放射腫瘤學家使用直腸間隔。

Longer term, we see a number of potential opportunities to expand the indications for our NASHA product platform. For example, the first patient was recently enrolled in a study for Barrigel in men with cancer following the surgical removal of the prostate. The trial will study rectal spacing with Barrigel in patients undergoing hypo fractionated post-prostatectomy radiation therapy across the United States and one site in Australia. The study endpoints are to demonstrate Barrigel rectal spacer as a safe and effective option that reduces prostate radiation side effects for this patient population. Based on the segmentation of risk groups between low, medium, and high prostate cancer reoccurrence after radical prostatectomy ranges from 16% to 46%.

從長遠來看，我們看到了許多擴大 NASHA 產品平台適應症的潛在機會。例如，第一位患者最近參加了 Barrigel 的一項研究，該研究針對的是接受前列腺手術切除後患有癌症的男性。該試驗將研究美國和澳洲某地接受低分次攝護腺切除術後放射治療的患者使用 Barrigel 進行直腸間距調節的情況。研究終點是證明 Barrigel 直腸間隔器是一種安全有效的選擇，可以減少該患者群體的前列腺放射副作用。根據低、中、高風險組的細分，根治性攝護腺切除術後攝護腺癌復發率為 16% 至 46%。

Due to the strong performance in the third quarter, we are increasing our 2024 revenue guidance for Palette to $73 million to $75 million from $70 million to $72 million previously. The increase in guidance reflects the performance in the third quarter and updated assumptions for the fourth quarter.

由於第三季的強勁表現，我們將 Palette 2024 年的營收預期從先前的 7,000 萬美元至 7,200 萬美元上調至 7,300 萬美元至 7,500 萬美元。指引的上調反映了第三季的業績以及對第四季的最新假設。

Although Palette continues to exceed our expectations, UroLift has not yet stabilized in the United States. Given the continued pressure on UroLift, our fourth quarter assumptions reflect the third quarter performance, typical year-end seasonality and the impact from the recent hurricanes and saline shortages experienced in early Q4. In turn, our full year 2024 Interventional Urology total revenue guidance now assumes approximately 5% growth versus 7.5% growth previously.

儘管Palette 繼續超出我們的預期，但 UroLift 在美國尚未穩定下來。鑑於 UroLift 持續面臨壓力，我們對第四季度的假設反映了第三季度的業績、典型的年底季節性以及第四季度初經歷的颶風和鹽水短缺的影響。相應地，我們對 2024 年全年介入泌尿科總收入的預期現在預計將增長約 5%，而先前的預期為增長 7.5%。

Now, moving to comments on the intra-aortic balloon pump market. In the United States, we continue to experience quote activity above our historic levels following a May 8 letter from the FDA to health care providers regarding pump safety and quality in relation to our primary competitor in the intra-aortic balloon pump market.

現在，讓我們來談談對主動脈內球囊幫浦市場的評論。在美國，繼 5 月 8 日美國食品藥物管理局 (FDA) 致函醫療保健提供商，內容涉及與我們在主動脈內球囊泵市場的主要競爭對手相關的泵安全性和品質問題後，我們的報價活動繼續高於歷史水平。

There is no change to our view that the biggest incremental opportunity for Teleflex will be in the United States market following the agency's recommendation, the 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.

我們的觀點沒有改變，即根據該機構的建議，Teleflex 最大的增量機會將在美國市場，醫療機構將逐漸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，憑藉過去幾年團隊的出色表現，亞洲市場的份額將繼續增長。

Regarding the European Union. The notified body for our primary competitor recently announced that the temporary suspension of the CE mark for its intra-aortic balloon pumps will remain in place until July 1, 2025. We continue to assume that there will not be any meaningful share shift in Europe. We will monitor the market closely and be in a position to respond to customer needs should they arise.

關於歐盟。我們主要競爭對手的公告機構最近宣布，其主動脈內球囊幫浦的 CE 標誌暫停將持續到 2025 年 7 月 1 日。我們仍然認為歐洲不會出現任何有意義的份額轉變。我們將密切關注市場，並隨時回應客戶的需求。

Of note, we have successfully ramped our manufacturing capacity for pumps and catheters to help customers that are seeking an alternative vendor. We will continue to expand our manufacturing capacity through 2024 and will carefully modulate our capacity in accordance with demand signals. Taking the various global balloon pump market dynamics into account, there is no change to our outlook for the fourth quarter of 2024 as compared to the prior guidance.

值得注意的是，我們已經成功提高了泵浦和導管的生產能力，以幫助那些正在尋找替代供應商的客戶。我們將在 2024 年之前繼續擴大我們的生產能力，並將根據需求訊號謹慎地調整我們的產能。考慮到全球氣球幫浦市場的各種動態，我們對 2024 年第四季的展望與先前的指引相比沒有變化。

Finally, I will provide a clinical update. In our Surgical business, we continue to expand our foundation of clinical data that supports the use of the Titan SGS Stapler as safe and effective for patients undergoing laparoscopic sleeve gastrectomy. In August, we announced the publication of a propensity matching review of retrospective data. This single center study found that the Titan SGS Stapler enables consistent gastric pouch formation with fewer variations, providing potential enhanced clinical outcomes and significant procedural efficiency compared with traditional surgical staplers.

最後，我將提供臨床更新資訊。在我們的外科業務中，我們繼續擴大臨床數據基礎，支持使用 Titan SGS 縫合器對接受腹腔鏡袖狀胃切除術的患者安全有效。八月，我們宣布發布回顧性數據的傾向匹配評論。這項單中心研究發現，Titan SGS 縫合器能夠形成一致的胃囊，變化更少，與傳統手術縫合器相比，具有潛在的增強臨床效果和顯著的手術效率。

The study showed that the use of the Titan SGS Stapler's simplified and efficient stapling process was associated with fewer 30-day readmissions, especially those related to nausea and vomiting, which was statistically significant. The median operative time for the Titan SGS Stapler was eight minutes less than multifire staplers, which was also statistically significant.

研究顯示，使用 Titan SGS 縫合器的簡化、高效的縫合流程可減少 30 天內的再入院率，尤其是與噁心和嘔吐相關的再入院率，具有統計意義。Titan SGS 縫合器的平均手術時間比多火縫合器少 8 分鐘，這在統計上也具有顯著意義。

This is an important efficiency data point as hospitals seek to optimize OR time. In addition, patients were more likely to be discharged within 24 hours after surgery in the Titan SGS Stapler cohort as compared to multifire staplers. The Titan SGS Stapler continues to be the first and only single fire surgical stapler designed and indicated for sleeve gastrectomy pouch creation and the only surgical stapler cleared by the FDA for this specific indication. We will continue to focus on supporting the Titan SGS Stapler with expanded clinical data.

當醫院尋求優化手術室時間時，這是一個重要的效率數據點。此外，與多火縫合器相比，使用 Titan SGS 縫合器的患者在手術後 24 小時內出院的可能性更大。Titan SGS 縫合器仍然是第一個也是唯一一個專為袖狀胃切除術袋製作而設計和適用的單次射擊手術縫合器，也是唯一獲得 FDA 批准用於此特定適應症的手術縫合器。我們將繼續致力於透過擴展臨床數據來支援 Titan SGS 縫合器。

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

我的準備好的發言到此結束。現在，我想將電話轉給湯姆，讓他更詳細地回顧我們第三季的財務表現。湯姆？

Thanks, Liam, and good morning. Given the previous discussion of the company's revenue performance, I'll begin with margins.

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。

For the quarter, adjusted gross margin was 60.8%, a 140 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 and favorable price, partially offset by manufacturing inefficiencies and continued cost inflation, including labor and raw materials.

本季調整後的毛利率為 60.8%，較去年同期增加 140 個基點。年比成長主要由於 MSA 終止及收購 Palette 帶來的毛利率以及優惠價格的有利影響，但被製造效率低下和包括勞動力和原材料在內的持續成本上漲部分抵消。

Adjusted operating margin was 27.3% in the third quarter. The 10 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 Sciences operating expenses and investments to grow the business.

第三季調整後營業利益率為27.3%。年比成長 10 個基點，主要由於毛利率年增，但被 Palette Life Sciences 的營運費用和業務成長投資部分抵銷。

Net interest expense totaled $18.8 million in the third quarter, an increase from $15.7 million in the prior year period. The year-over-year increase in net interest expense reflects the impact of the funding for Palette acquisition and share repurchases in the third quarter.

第三季淨利息支出總計 1,880 萬美元，高於去年同期的 1,570 萬美元。淨利息支出的年增率反映了第三季收購Palette的資金和股票回購的影響。

Our adjusted tax rate for the third quarter of 2024 was 13.6% compared to 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, nonrecurring prior year discrete benefits not repeating this period and nonrecurring discrete detriments that occurred in the third quarter.

我們 2024 年第三季的調整後稅率為 13.6%，去年同期為 8%。我們調整後的稅率年增主要是由於歐洲第二支柱稅制改革的實施產生的額外成本、去年的非經常性單獨收益在本期沒有重複以及第三季度發生的非經常性單獨損失。

At the bottom line, third quarter adjusted earnings per share was $3.49, a decrease of 4.1% versus prior year. The year-over-year decrease in earnings per share includes dilution from the acquisition of Palette Life Sciences and the related incremental borrowings, the termination of the MSA and a higher tax rate.

總體而言，第三季調整後每股收益為 3.49 美元，較上年下降 4.1%。每股盈餘較去年同期下降包括收購 Palette Life Sciences 及相關增量借款造成的稀釋、MSA 終止和更高的稅率。

Turning now to select balance sheet and cash flow highlights. Cash flow on the year-to-date continue to be solid. Cash flow from operations for the nine-months was $435.6 million compared to $372.4 million in the prior year period. The $63.2 million increase was primarily attributable to favorable operating results, a decrease in cash outflows from inventories as we continue to moderate our inventory levels and proceeds from the termination of a pension plan. The increase in net cash provided by operating activities was partially offset by higher tax payments.

現在來選擇資產負債表和現金流量亮點。今年迄今的現金流繼續保持穩健。前九個月的營運現金流為 4.356 億美元，去年同期為 3.724 億美元。6,320 萬美元的增幅主要歸因於良好的經營業績、由於我們繼續調節庫存水準而導致的庫存現金流出減少以及終止退休金計劃的收益。經營活動提供的淨現金的增加部分被較高的稅金所抵銷。

Moving to the balance sheet. At the end of the third quarter, our cash, cash equivalents and restricted cash equivalents balance was $277.8 million, which includes restricted cash equivalents of $34 million associated with the 2024 pension termination as compared to $222.8 million as of year-end 2023. Net leverage at quarter end was approximately 1.7 times.

轉到資產負債表。截至第三季末，我們的現金、現金等價物和受限現金等價物餘額為 2.778 億美元，其中包括與 2024 年退休金終止相關的 3,400 萬美元受限現金等價物，而 2023 年底為 2.228 億美元。季末淨槓桿率約1.7倍。

I will now provide an update on our $500 million share repurchase authorization, which includes a $200 million accelerated share repurchase program. Under the terms of the ASR, which began on August 2, 678,000 shares were repurchased during the third quarter and represent 80% of the $200 million aggregate under the program. We anticipate completing the ASR in the near term. In addition, we currently have $300 million left on our share repurchase authorization and we'll continue to be opportunistic with future purchases. Anchored by our strong cash generation, return of capital to shareholders remains an important element of our disciplined capital allocation strategy.

我現在將提供有關我們 5 億美元股票回購授權的最新信息，其中包括 2 億美元的加速股票回購計劃。根據 8 月 2 日開始實施的 ASR 條款，第三季共回購了 678,000 股，佔計畫總額 2 億美元的 80%。我們預計在近期完成 ASR。此外，我們目前還剩餘 3 億美元的股票回購授權，我們將繼續掌握未來的回購機會。以我們強勁的現金創造能力為基礎，向股東返還資本仍然是我們嚴謹的資本配置策略的重要組成部分。

Turning to our updated financial guidance for 2024. Our updated 2024 guidance assumes adjusted constant currency revenue growth of 3.5% to 4% compared to 4.25% to 5.25% previously. Note this range excludes the $13.8 million negative impact of the Italian measure discussed on our second quarter earnings call and a $4 million headwind from changes in foreign exchange.

談到我們2024年的最新財務指引。我們更新後的 2024 年指引假設調整後的恆定貨幣收入成長率為 3.5% 至 4%，而先前為 4.25% 至 5.25%。請注意，該範圍不包括我們在第二季度收益電話會議上討論的意大利措施帶來的 1,380 萬美元的負面影響以及外匯變化帶來的 400 萬美元的不利影響。

Our guidance now reflects the year-to-date performance and fourth quarter dynamics, including lower-than-anticipated revenue in both our OEM and our Interventional Urology businesses. As Liam mentioned previously, we have not yet seen a stabilization in UroLift. In addition, we have also encountered procedure cancellations early in the fourth quarter due to disruption from recent hurricanes in the southern portion of the United States and the impact of saline shortages on [electric] procedures.

我們的指引反映了今年迄今的業績和第四季度的動態，包括 OEM 和介入泌尿外科業務的收入低於預期。正如 Liam 之前提到的，我們尚未看到 UroLift 的穩定性。此外，由於最近美國南部颶風造成的干擾以及鹽水短缺對[電力]程序的影響，我們在第四季度初也遇到了程序取消的情況。

On a GAAP basis, we expect reported revenue growth of 2.9% to 3.4% in 2024, implying a dollar range of $3.061 billion to $3.076 billion. Excluding the impact of the Italian measure, we expect reported revenue growth of 3.4% to 3.9% in 2024 for a dollar range of $3.075 billion to $3.090 billion. This revenue range, specifically GAAP revenue, excluding the $13.8 million impact from the true-up of the Italian measure anchors our 2024 guidance.

根據 GAAP 標準，我們預計 2024 年報告營收成長率為 2.9% 至 3.4%，這意味著美元範圍為 30.61 億美元至 30.76 億美元。排除義大利措施的影響，我們預計 2024 年報告營收將成長 3.4% 至 3.9%，美元範圍為 30.75 億美元至 30.9 億美元。該收入範圍（特別是 GAAP 收入）不包括義大利措施調整帶來的 1,380 萬美元影響，為我們的 2024 年指引奠定了基礎。

For your modeling purposes, the 2024 outlook includes an assumption of $809 million to $824 million in revenues for the fourth quarter, representing growth in the range of 4.6% to 6.5% year-over-year on an adjusted constant currency basis excluding an expected FX headwind of approximately $1 million.

為了您的建模目的，2024 年展望包括第四季度收入 8.09 億美元至 8.24 億美元的假設，按調整後的固定匯率計算，同比增長 4.6% 至 6.5%，不包括預期約 100 萬美元的外匯逆風。

We are raising the low end of our 2024 gross margin guidance by 25 basis points to a range of 60.5% to 61%. Our gross margin guidance reflects the operating performance for the first nine months of 2024 and our expectation of an increased headwind from foreign exchange in the fourth quarter and accelerated capital equipment sales in the fourth quarter from intra-aortic balloon pumps. The 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 sale of disposables or catheters that carry a more favorable margin profile.

我們將 2024 年毛利率預期的低階上調 25 個基點，至 60.5% 至 61% 的範圍。我們的毛利率指引反映了 2024 年前九個月的經營業績，以及我們對第四季度外匯阻力加大和第四季度主動脈內球囊泵資本設備銷售加速的預期。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，隨著利潤率更優的一次性使用物品或導管的銷售，未來的利潤率將會改善。

We are also raising the low end of our operating margin guidance by 25 basis points to a range of 26.75% to 27.0% 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.

我們也將 2024 年營業利潤率預期低端上調 25 個基點，至 26.75% 至 27.0% 的範圍。我們的指引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投資所抵消。

Moving to items below the line. We now expect net interest expense to approximately $78 million for 2024 versus $81 million previously. The reduction in our net interest outlook primarily reflects debt pay down as well as lower interest rate expectations. Our tax rate for 2024 is now expected to be in the range of 12% to 12.5% versus the prior guidance of approximately 12%. The tax rate for 2024 reflects year-to-date actual results and our expectations for the fourth quarter.

移至線下的項目。我們現在預計 2024 年淨利息支出約為 7,800 萬美元，而之前為 8,100 萬美元。我們淨利息預期的減少主要反映了債務償還減少以及利率預期下降。我們預計 2024 年的稅率將在 12% 至 12.5% 之間，而先前的預期約為 12%。2024 年的稅率反映了年初至今的實際結果和我們對第四季的預期。

Turning to earnings. We are raising the low end of guidance by $0.10, which captures the performance in the third quarter. In turn, we now expect 2024 adjusted earnings per share to be in a range of $13.90 to $14.20.

談到收益。我們將指導價的低端上調了 0.10 美元，以反映第三季的表現。反過來，我們現在預計 2024 年調整後每股收益將在 13.90 美元至 14.20 美元之間。

Finally, we are assuming 47.1 million average weighted shares for 2024, which reflects the $200 million ASR commenced during the third quarter.

最後，我們假設 2024 年的平均加權股數為 4,710 萬股，這反映了第三季開始的 2 億美元 ASR。

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

我的準備好的發言到此結束。現在我想請 Liam 作最後評論。

Thanks, Tom. In closing, I will highlight our three key takeaways from the third quarter of 2024. First, although we encountered some revenue headwinds in the third quarter, our diversified portfolio and global footprint proved beneficial. In the quarter, we drove year-over-year gross margin expansion and increased our operating income. We continue to focus on execution, our margins remain healthy, and we raised the low end of our adjusted 2024 EPS guidance range.

謝謝，湯姆。最後，我將重點介紹 2024 年第三季的三個關鍵要點。首先，儘管我們在第三季遇到了一些收入阻力，但我們的多元化投資組合和全球影響力證明是有益的。本季度，我們推動了毛利率的同比擴大，並增加了營業收入。我們繼續專注於執行，我們的利潤率保持健康，並且我們提高了調整後的 2024 年每股收益指導範圍的低端。

Of note, our 2024 adjusted earnings per share outlook reflects approximately $0.85 in year-over-year headwind, including dilution from the termination of the MSA and the acquisition of Palette Life Sciences, increased taxes primarily due to the Pillar 2 minimum tax and foreign exchange. After adjusting for these headwinds, year-over-year underlying adjusted constant currency earnings per share growth is approximately 9% at the low end of guidance and 11% on the high end of guidance.

值得注意的是，我們對 2024 年調整後每股收益的預期反映了約 0.85 美元的同比不利因素，包括 MSA 終止和收購 Palette Life Sciences 帶來的稀釋、主要由於第二支柱最低稅和外匯導致的稅收增加。調整這些不利因素後，調整後每股盈餘較去年同期固定匯率成長率約為預期低階 9% 和預期高端 11%。

Second, cash flow performance remained strong in 2024 with cash flow from operations of $436 million at the 9 months and up $63 million over the prior year period. We remain on track to drive over $500 million in cash flow from operations for full year 2024 and net of capital expenditures to invest in growth, it leaves approximately $400 million in free cash flow.

其次，2024 年現金流表現依然強勁，前 9 個月的營運現金流為 4.36 億美元，比去年同期增加了 6,300 萬美元。我們仍有望在 2024 年全年實現超過 5 億美元的營運現金流，扣除用於投資成長的資本支出後，剩餘約 4 億美元的自由現金流。

The healthy cash flow generation provides a strong foundation for executing on our disciplined capital allocation strategy, including investment back into the business, inorganic growth opportunities, return of capital to shareholders and debt repayment.

健康的現金流為執行我們嚴謹的資本配置策略提供了堅實的基礎，包括重新投資於業務、無機成長機會、向股東返還資本和償還債務。

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 are continuing on our journey to transform our portfolio, to drive growth and will execute on expanding our internal innovation engine and pursuing inorganic opportunities including M&A.

第三，我們將持續聚焦持續成長策略。Palette 的表現超出了我們的預期。我們正在實施主動脈內球囊幫浦和導管項目，Titan 正在實現穩健的成長。我們將持續轉變產品組合，推動成長，並將持續擴大內部創新引擎，尋求包括併購在內的無機機會。

That concludes my prepared remarks. Now, I would like to turn the call back to the operator for questions and answers.

我的準備好的發言到此結束。現在，我想將電話轉回給接線員，以便進行問答。

(Operator Instructions) Patrick Wood, Morgan Stanley.

（操作員指示）摩根士丹利的帕特里克·伍德。

Beautiful. Thank you so much for taking the questions guys. So, I've got one and then one follow-up. The first one of the sales cut on the top line -- and congrats on things around the gross margin side of things. But on the top line, that sales cut, OEM, I mean, at least by my math, looks to be kind of roughly half of it. I think you guys mentioned in the prepared remarks -- am I right in assuming the other residual half is predominantly the effect of the weather and the IV solutions side? Is that fair? Or is there something else going on?

美麗的。非常感謝你們回答這些問題。因此，我有一個問題，然後還有一個後續問題。銷售額首次下降，並對毛利率方面的情況表示祝賀。但就營收而言，OEM 的銷售額佔比，至少根據我的計算，大約佔一半。我想你們在準備好的評論中提到過——我是否可以正確地假設另一半主要是天氣和 IV 解決方案方面的影響？這樣公平嗎？還是有其他事情發生？

No. You've got the 2 buckets. You've just misallocated them, Patrick. So, look at -- if we look back on the quarter, I would say that we're disappointed with the performance of OEM. But with the exception of OEM in the quarter, the rest of the business performed very well. We were, even with the impact of OEM, we were modestly below our guidance range that we provided of $765 million to $770 million, and we're particularly happy as you pointed out, with the margin expansion, the earnings per share performance and obviously, the strong free cash flow, which will put us in a good place to execute on our capital allocation strategy.

不。您有 2 個桶子。你只是錯誤地分配了它們，派崔克。所以，看看——如果我們回顧這個季度，我會說我們對 OEM 的表現感到失望。但本季除OEM外，其餘業務表現都非常良好。即使受到 OEM 的影響，我們的營收仍略低於我們提供的 7.65 億至 7.7 億美元的指導範圍，而且正如您所指出的，我們對利潤率的擴大、每股收益的表現以及強勁的自由現金流感到特別高興，這將使我們能夠很好地執行我們的資本配置策略。

Now specifically to your question, with regarding to the buckets in the full year, there's two buckets, as you pointed out, OEM and Interventional Urology. The total change at the low end of the guidance, Patrick, is approximately $22 million. The larger impact is OEM, and it's driven by two factors. One is the vertical integration of customer order and the order pushout due to inventory management. The total impact of that is approximately $14 million in the full year with the majority of it being as a result of a surprise vertical integration that we were not expecting.

現在具體回答您的問題，關於全年的類別，正如您所指出的，有兩個類別，即 OEM 和介入性泌尿外科。帕特里克，指導低端的總變化約為 2200 萬美元。影響較大的是OEM，這是由兩個因素驅動的。一是客戶訂單的垂直整合和因庫存管理而產生的訂單推送。其總影響在全年約為 1400 萬美元，其中大部分是由於我們沒有預料到的意外垂直整合造成的。

The other component of it is down to Interventional Urology. While Palette continues to perform very well, and we're really happy with the performance of it, our previous guidance had assumed better UroLift trends in the fourth quarter. and we have not seen that. Our updated guidance assumes normal seasonality but does not assume better trends and also takes into account the Q4 impact of the hurricanes and the IV saline shortage impacting procedures.

它的另一個組成部分是介入泌尿外科。雖然 Palette 的表現持續良好，而且我們對其表現感到非常滿意，但我們先前的指引假設 UroLift 在第四季度的趨勢會更好。但我們還沒有看到這一點。我們更新後的指南假設季節性正常，但並不假設更好的趨勢，同時也考慮了颶風對第四季度的影響以及靜脈注射鹽水短缺對程序的影響。

The total impact of that book, Patrick, is approximately $8 million in the full year, reflecting the improved performance from Palette and UroLift being impacted by approximately $11 million. So those are the buckets for the full year. And in the quarter, the impact of OEM was approximately $7 million. And excluding OEM, we would have been handsomely within the ranges that we had provided.

帕特里克，這本書的總影響全年約為 800 萬美元，反映了 Palette 和 UroLift 的業績改善，影響了約 1100 萬美元。這些就是全年的目標。本季度，OEM 的影響約為 700 萬美元。而且，除去 OEM 以外，我們的價格範圍也相當可觀。

That’s a lot of detail. The follow-on. On the balance sheet side of things, you'd obviously charted conference and a few other times about the potential -- potentially for a little bit of bolt-on M&A. How are you thinking about the interplay between doing residual $300 million buyback and then bolt-on M&A, how do you think about the two opportunities there?

這有很多細節。後續。在資產負債表方面，您顯然已經制定了會議計劃並多次討論了潛在的——潛在的少量附加併購。您如何看待 3 億美元剩餘資金回購和附加併購之間的相互作用，您如何看待那裡的兩個機會？

So the good thing is that our balance sheet is in excellent shape, Patrick. Our net leverage right now is 1.7 times And as you saw, as we went through our prepared remarks, our free cash flow from operations is $435 million, up $63 million, an outstanding performance on free cash flow, which gives us a lot of confidence that we can do both.

因此，好消息是我們的資產負債表狀況良好，派崔克。我們目前的淨槓桿率為 1.7 倍，正如您所看到的，在我們準備好的發言中，我們的經營自由現金流為 4.35 億美元，增加了 6,300 萬美元，自由現金流表現優異，這給了我們很大的信心，我們可以做到這兩點。

We have still $300 million left in our share repurchase plan and we intend to use that opportunistically. The M&A environment is pretty ripe right now and we are chasing a number of private assets out there in the marketplace. We continue to be active. We don't know when we're going to get an asset on board, but I would like the investment community to know that we are working hard. And the free cash flow I gave you was free cash flow from ops, just to be clear.

我們的股票回購計畫中還剩下 3 億美元，我們打算趁機利用這些資金。目前的併購環境已經相當成熟，我們正在市場上追逐大量私人資產。我們將繼續保持活躍。我們不知道什麼時候才能獲得資產，但我想讓投資界知道我們正在努力工作。為了清楚起見，我給你的自由現金流是來自營運的自由現金流。

We're looking at assets that are within the [cath lab.] We're very focused on that call point, intensive care call point, emergency medicine and tuck-ins in other parts of the business. We will remain disciplined, and our focus remains on non earnings per share dilutive assets that we want to bring into the Teleflex family.

我們正在查看 [心導管實驗室] 內的資產。我們會繼續嚴守紀律，重點關注我們希望帶入 Teleflex 家族的非每股盈餘稀釋性資產。

So active in that area and also would intend to continue with our capital allocation on the share repurchase part of the returning capital to shareholders.

因此，我們在該領域非常活躍，也打算繼續對股票回購部分進行資本配置，將資本返還給股東。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Maybe just a little bit more clarification from the last question. But just Liam, the OEM pressure, are you going to still feel that same $14 million-ish in the first half of next year? And then for UroLift, is it really still contained to just the physician's office? Or are you starting to see it spread into other areas of [weakness], either hospital or ASC because I thought the physician's office business is pretty small at this point. And then I do have a follow-up.

也許只是對最後一個問題的進一步澄清。但 Liam，OEM 壓力，明年上半年你還會感受到同樣的 1400 萬美元左右的壓力嗎？那麼對於 UroLift 來說，它真的還僅限於醫生辦公室嗎？或者您是否開始看到它蔓延到 [弱點] 的其他領域，無論是醫院還是 ASC，因為我認為目前醫生辦公室的業務規模相當小。然後我確實有一個後續行動。

Yes, Matt . So with regard to the OEM, as I said, of the $14 million, the majority of it is from vertical integration that candidly was a surprise. We've been making this particular business for a number of years and we were not expecting it to be brought in-house by this customer, who is a large customer of ours. That will continue through Q3 of next year. So that, unfortunately, will continue.

是的，馬特。因此，就 OEM 而言，正如我所說，在這 1400 萬美元中，大部分來自垂直整合，坦率地說，這是一個驚喜。我們從事這項業務已有好幾年了，我們沒有想到這個客戶會把它帶進我們的公司，他是我們的一個大客戶。這種情況將持續到明年第三季。因此，不幸的是，這種情況還會繼續下去。

The destocking, we'll monitor that closely with the inventory management of our customers, and we'll make a determination on that as we go through the year.

我們將與客戶的庫存管理密切監控去庫存情況，並在全年做出決定。

With regards to your question, it's still the office side of service, Matt. The office side of service is incredibly challenged. Obviously, we're going into the final year of reimbursement in this year, and we'll be happy to see the end of those reimbursement changes. That will have another approximately 6% impact on the reimbursement rate for UroLift in 2025, and that will be the end of the downward trends in reimbursement in the office side of service. So hopefully, at the end of that, it will begin to show some signs of stabilization.

關於您的問題，這仍然是辦公室服務的，馬特。辦公室的服務面臨極大的挑戰。顯然，我們今年將進入報銷的最後一年，我們很高興看到這些報銷變化的結束。這將對 2025 年 UroLift 的報銷率產生另外約 6% 的影響，並且這將結束門診服務報銷下降的趨勢。因此希望，最終它會開始顯露出一些穩定的跡象。

Got it. And then I don't want '25 guidance here. I guess I was hoping for some (technical difficulty) about how to think about next year just because you've got this, it sounds like a $10 million OEM headwind, but then Barrigel's doing better and PICCs are doing great and other things are doing well. So I'm just curious if we can think about how all of those factors plus the MSA going away might influence what to think about for the underlying business next year with the top line growth going to be mid-single digits. And can you get operating margins back to where you saw those in 2021?

知道了。然後我不想在這裡得到‘25 指導。我想我希望出現一些（技術難題），關於如何考慮明年，只是因為你已經遇到了這個，這聽起來像是 1000 萬美元的 OEM 逆風，但 Barrigel 的表現更好，PICC 做得很好，其他事情也做得很好。所以我只是好奇，我們是否可以考慮所有這些因素加上 MSA 的消失將如何影響明年基礎業務的思考，因為營收成長將達到中位數個位數。您能否將營業利潤率恢復到 2021 年的水準？

So Matt, obviously, this is the third quarter call. So we'll address the 2025 guidance when we get to our Q4 call, which is our next earnings call, obviously. So if you don't mind, I'll address that when we get to that earnings call.

所以馬特，顯然這是第三季的電話。因此，我們將在第四季度電話會議（顯然是下一次收益電話會議）時討論 2025 年的指引。所以如果您不介意的話，我會在財報電話會議時解決這個問題。

Jayson Bedford, Raymond James.

傑森貝德福德、雷蒙詹姆斯。

Good morning and thanks for taking the questions. Maybe just a couple here. There's been a few numbers thrown around on the OEM dynamic. Just I guess what's the annual revenue level of the lost OEM customer? And I apologize if it's been mentioned.

早上好，感謝您回答問題。也許這裡只有一對夫婦。關於 OEM 動態，已經出現了一些數字。我只是猜測一下失去的OEM客戶的年收入水準是多少？如果有人提到這一點，我深感抱歉。

No, that's okay, Jayson. So in the -- it's basically $14 million of an impact on our full year guidance, with the majority of it coming from the vertical integration. So those -- that's the specific number. We had $7 million of it that we saw in Q3 with another $7 million to come in Q4, so a total of $14 million on the full year from OEM.

不，沒關係，傑森。因此，這基本上對我們的全年指引產生了 1400 萬美元的影響，其中大部分來自垂直整合。所以那些 —— 就是具體的數字。其中第三季的 OEM 收入為 700 萬美元，第四季還將獲得 700 萬美元，因此全年來自 OEM 的收入總計為 1,400 萬美元。

Okay. Okay. And just on the balloon pump dynamic, did you see any contribution in 3Q? And have your underlying assumptions that you kind of laid out on the second quarter call changed at all?

好的。好的。僅就氣球幫浦動態而言，您是否看到第三季有任何貢獻？您在第二季電話會議上提出的基本假設是否有改變？

So our underlying assumptions have not changed. As investors will be aware, we have a competitor who has got a notice from the FDA, advising customers to move away from their pump and seek an alternative. Our core volume continues to be strong in theUS, and it is focused on the US The only change since then has been that the CE mark suspension, further competitor has been extended to July of 2025.

因此我們的基本假設沒有改變。正如投資者所知，我們的競爭對手已收到 FDA 的通知，建議客戶放棄現有的幫浦並尋求替代品。我們的核心業務在美國繼續保持強勁，並且主要集中在美國。

We do not anticipate a significant change in EMEA. We still believe that the majority of the upside will come in the Americas. So you should see an uptick in the Interventional Access growth rate in Q4 specifically associated with the volume of pumps that we anticipate in Q4, and nothing has changed to our expectations. We did not see an impact in Q3, also in line with our previous expectations on the balloon pumps, it is anticipated that it will hit in Q4.

我們預計歐洲、中東和非洲地區不會有重大變化。我們仍然相信，大部分上漲空間將來自美洲。因此，您應該會看到第四季度介入通路成長率有所上升，具體與我們預期的第四季度泵浦數量有關，而且我們的預期沒有任何變化。我們沒有看到第三季的影響，這也符合我們先前對氣球幫浦的預期，預計它將在第四季受到影響。

Shagun Singh, RBC.

沙岡·辛格，RBC。

I guess a couple of follow-ups. On IABP, can you provide your updated thoughts on that opportunity in Q4? And then also maybe any puts and takes for 2025 and why you don't think Europe will provide any upside to that outlook even into next year?

我想還有一些後續行動。關於 IABP，您能否提供有關第四季度該機會的最新想法？那麼也許 2025 年會出現什麼利弊，為什麼您認為歐洲甚至到明年都不會為這個前景帶來任何好處？

So nothing has changed in our outlook from the Q2 call into Q4, Shagun. We anticipated on the Q2 call, we called up our revenue by approximately $15 million. And we said that a large proportion of that was down to the intra-aortic balloon pumps, so call it in excess of $10 million that will hit in the fourth quarter. As we go into 2025, we anticipate that the opportunity will continue to be with us through the first half of 2025 and nothing has changed in our assumption in that regard either. And obviously, as I said to Matt earlier, we'll get to guidance when we get to our Q4 earnings call and we'll outline what we anticipate the impact of the balloon pumps will be. We continue -- we don't expect much of an impact, as I said, already within Europe, and we continue to take share in -- we continue to take share in Asia Pacific.

所以，從第二季到第四季度，我們的展望沒有任何變化，沙岡。我們在第二季電話會議上預計我們的收入將增加約 1500 萬美元。我們說，其中很大一部分歸功於主動脈內球囊泵，因此第四季度的銷售額將超過 1000 萬美元。隨著我們進入 2025 年，我們預計這個機會將在 2025 年上半年繼續伴隨我們，在這方面我們的假設也沒有任何改變。顯然，正如我之前對馬特所說的那樣，當我們召開第四季度財報電話會議時，我們會得到指引，並概述我們預計氣球泵的影響。我們會繼續下去——正如我之前所說，我們預計不會對歐洲產生太大影響，並且我們會繼續在亞太地區佔據份額。

Matt Taylor, Jefferies.

傑富瑞的馬特泰勒 (Matt Taylor)。

I did want to follow up on the balloon pump forecast. And just trying to understand how you're thinking about the different guideposts in terms of the order flow that you've seen already and just predicting how much upside you could get if things get extended, and your competitor, they continue to see challenges. So just a little more color on the orders that you've seen come through to date? And how you're thinking about predicting the upside next year depending on what happens there?

我確實想跟進氣球幫浦的預測。只是想了解您如何看待您已經看到的訂單流方面的不同指導方針，並預測如果事情得到延長，您可以獲得多少上行空間，而您的競爭對手將繼續面臨挑戰。那麼，您能再透露一下目前為止您所看到的訂單的詳細資訊嗎？您如何根據當地的情況預測明年的上漲趨勢？

So as I said earlier, the orders that we see in the fourth quarter are in excess of $10 million. And also, as I said a little earlier, we still anticipate that the competitor will be out of the market through the first half of next year.

正如我之前所說，我們在第四季看到的訂單超過 1000 萬美元。而且，正如我之前所說的，我們仍然預期競爭對手將在明年上半年退出市場。

Now the variable, Matt, is if they stay out of the market longer than that because that would represent a longer-term opportunity. So that's really the yard stick, and we'll assess that as we go through. So we anticipate that they will be out of the market until at least the first half of 2025 and we'll be executing against the opportunity. The order rates have continued -- pardon me, the quotation rates have continued strong right through Q3. Obviously, they peaked at the back end of Q2, but they have continued strong through Q3 and into Q4. So we would anticipate that at least through the first half of next year that this would be an opportunity for Teleflex.

馬特，現在的變數是，他們是否會在市場之外停留更長時間，因為這將代表一個更長期的機會。所以這其實是一個標準，我們會在過程中進行評估。因此，我們預計他們至少要到 2025 年上半年才會退出市場，我們將抓住機會。訂單率一直持續——對不起，報價率在整個第三季度一直保持強勁。顯然，他們在第二季末達到了頂峰，但在第三季和第四季依然保持強勁勢頭。因此我們預計至少到明年上半年這對 Teleflex 來說是一個機會。

Okay. And can I just ask on the impact from weather and the IV solutions. Can you talk about how much you've seen so far? Do you expect any spillover from IV solutions beyond Q4? Or do you think that's just a short temporary impact?

好的。我可否問一下天氣和 IV 溶液的影響？你能談談目前為止你看到了多少嗎？您預計 IV 解決方案在第四季之後還會產生溢出效應嗎？或者您認為這只是短暫的暫時影響？

So from what we're reading, we believe it's going to be a short-term temporary impact. And obviously, the hurricane is now -- has passed through and people are rebuilding down in Florida. So that was the impact in the Southeast.

因此，根據我們的了解，我們認為這將是短期的暫時影響。顯然，颶風現在已經過去，佛羅裡達州的人們正在重建家園。這就是對東南部的影響。

From the saline, we've seen an impact in particular in the Central and West regions. We do believe that it's going to normalize because we know that the supplier of saline is moving product in from Europe and from some of their plants in Asia Pacific. So the intel that we have is that we're beginning to see it get incrementally better already and that it should be much better as we go through the fourth quarter.

從鹽水方面來看，我們看到了對中部和西部地區的影響。我們確實相信它會正常化，因為我們知道鹽水供應商正在從歐洲和亞太地區的一些工廠運送產品。因此，我們掌握的資訊是，我們已經開始看到情況逐漸好轉，而且進入第四季度後情況會好得多。

Obviously, for urology procedures, in particular, UroLift procedures, you do use a lot of saline because you've got to fill the bladder, and that's a significant use of saline in -- when that procedure is getting done. And obviously, you flush it through in order to make sure that the procedure goes well. So that is our one procedure that is a heavy user of saline in the marketplace.

顯然，對於泌尿科手術，特別是 UroLift 手術，您確實會使用大量的鹽水，因為您必須填充膀胱，而這是在進行該手術時鹽水的大量用途。顯然，您要徹底沖洗以確保手術順利進行。因此，這是我們在市場上大量使用鹽水的一種方法。

Larry Biegelsen, WF.

拉里·比格爾森，WF。

Good morning. Thanks for taking the question. Tom, one financial question for you. How much do we -- how should we think about debt pay down and how much you could reduce interest expense next year? It seems like a good opportunity relative to the $78 million you're guiding to this year. And I have one follow-up.

早安.感謝您回答這個問題。湯姆，我想問你一個財務問題。我們應該如何考慮償還債務以及明年可以減少多少利息支出？相對於您今年預計的 7,800 萬美元而言，這似乎是一個很好的機會。我還有一個後續問題。

Well, the way we're going to think about our free cash flow is to balance kind of investments in organic/inorganic along with the potential use of the remaining share repurchase authorization with debt payment. To the extent we've got surplus cash beyond opportunities to grow the business or potentially retire shares, we would then consider that as a use of cash to pay down our prepayable debt. So we're looking to really balance those three equations next year.

好吧，我們考慮自由現金流的方式是平衡有機/無機投資以及剩餘股票回購授權的潛在用途與債務支付。如果我們擁有的剩餘現金超出了發展業務或潛在回購股票的機會，那麼我們就會考慮用它來償還預付債務。因此我們希望明年能夠真正平衡這三個方程式。

Got it. And then, Liam, I know the intraosseous product for you guys has been a pretty strong growth driver for you. Competitor announced approval of a new device yesterday. I know it's early, but I'm just curious to hear how you're thinking about the competitive dynamics in that space given that, that's a big important product for you guys. Thank you.

知道了。然後，利亞姆，我知道你們的骨內產品一直是個非常強勁的成長動力。競爭對手昨天宣布批准一款新設備。我知道現在還為時過早，但我只是好奇想聽聽你如何看待該領域的競爭動態，因為這對你們來說是一個非常重要的產品。謝謝。

Yes, Larry. Obviously, we're aware of the competitor dynamics within the marketplace. This competitor was in the market previously over 1.5 years ago and we were able to combat their efforts to move customers. The product has incredible loyalty in the marketplace. It is the first intraosseous device in the marketplace and has continued to perform very well for us.

是的，拉里。顯然，我們了解市場中的競爭動態。該競爭對手早在一年半前就進入了市場，我們能夠抵抗他們搶奪客戶的努力。該產品在市場上擁有極高的忠誠度。它是市場上第一款骨內裝置，並且一直表現十分出色。

We haven't been idle, knowing that the competitors coming to the market and we continue to innovate on our product. And just recently, we launched a disposable intraosseous product in a tray format for ease of use in order to continue to convert the hospital market in the United States, and that launch has gone very, very well. So we still think that we have significant differentiation out there, and we're monitoring the situation very closely.

我們並沒有閒著，我們知道競爭對手正在進入市場，所以我們會繼續對我們的產品進行創新。就在最近，我們推出了一種托盤形式的一次性骨內產品，方便使用，以繼續轉化美國的醫院市場，而且產品的推出非常非常順利。因此，我們仍然認為，我們在那裡存在顯著的差異，我們正在密切關注局勢。

Anthony Petrone, Mizuho.

瑞穗的安東尼‧佩特羅內 (Anthony Petrone)。

Thanks for getting us in here. A couple on urology and then one on Asia Pacific. And maybe just an update on Palette and UroLift. I know those sales teams are now integrated, I think it actually -- the full integration goes through the end of 2024, and it feels like they're in a position now to be selling a bag. So maybe an update on the integration of Barrigel with UroLift. And are you seeing synergies on either one or both sides of that portfolio? And the announcement today on post-radical prostatectomy and maybe as we look ahead, what that opportunity means for Barrigel? And I have one on Asia Pacific. Thanks.

感謝您讓我們來這裡。有些是關於泌尿科的，還有一篇是關於亞太地區的。也許只是關於 Palette 和 UroLift 的更新。我知道這些銷售團隊現在已經整合了，我認為實際上——全面整合將持續到 2024 年底，感覺他們現在就可以銷售包了。因此也許是關於 Barrigel 與 UroLift 整合的更新。您是否看到該投資組合的一方或雙方有綜效？今天宣布了關於根治性攝護腺切除術後的消息，展望未來，這個機會對巴里格爾意味著什麼？我還有一個關於亞太地區的。謝謝。

Yes. Thanks, Anthony, for the question. So the integration of Palette is pretty much done. We've owned it now for almost a year, and we couldn't be happier with the performance of the product. As we announced today, we were in a position once again to call up our guidance for Palette. If you recall, we began the year expecting $66 million to $68 million, and now we're at a guidance range of $73 million to $75 million for Palette Life Sciences. And as investors know, the gross margins on Palette are actually better than the gross margins on UroLift. So the integration is pretty much done. We're a little bit of cross-training to finish out in the fourth quarter, but we anticipate getting that done.

是的。謝謝安東尼提出這個問題。所以 Palette 的整合基本上已經完成了。我們現在已經擁有它將近一年了，我們對產品的性能非常滿意。正如我們今天宣布的那樣，我們再次能夠為 Palette 提供指導。如果你還記得的話，我們年初預計 Palette Life Sciences 的銷售額為 6,600 萬至 6,800 萬美元，現在我們對該範圍的預期是 7,300 萬至 7,500 萬美元。正如投資者所知，Palette 的毛利率實際上高於 UroLift 的毛利率。整合工作基本上已經完成。我們將在第四節完成一些交叉訓練，但我們期待能夠完成。

We didn't build in a halo effect for UroLift into our model actually when we acquired Palette Life Sciences. And the halo that we've seen has actually been to the Barrigel product on the Palette side because we now have more sales reps out there selling the product. So that has driven increased performance on the Palette side. And as I said earlier, when I was answering Matt's question, obviously, UroLift continues to be challenged in the office side of service.

當我們收購 Palette Life Sciences 時，我們實際上並沒有在我們的模型中為 UroLift 建立光環效應。而我們所看到的光環實際上已經出現在 Palette 上的 Barrigel 產品上，因為我們現在有更多的銷售代表在銷售該產品。這推動了 Palette 方面性能的提升。正如我之前回答馬特的問題時所說的那樣，顯然，UroLift 在辦公室服務方面繼續面臨挑戰。

So post radical prostatectomy, which was the other part of your question, Anthony. So this is a significant opportunity for Teleflex and for the Palette portfolio. Anything from 10% to 50% of men that go through a radical prostatectomy, the cancer returns. So if you take the midpoint, around 30% of an additional market or about $100 million of a market opportunity.

根治性攝護腺切除術後，這是你問題的另一部分，安東尼。這對於 Teleflex 和 Palette 產品組合來說是一個重要的機會。接受根治性攝護腺切除術的男性中，約有 10% 至 50% 的人會復發。因此，如果取中間值，則大約有 30% 的額外市場或約 1 億美元的市場機會。

What is very intriguing to us about this opportunity is that Barrigel will be the only spacing technology that will be applicable in this area because of the compound of NASHA and how it works, other spacing technologies will not work in this particular application.

對我們來說，這個機會非常有趣的是，由於 NASHA 的化合物及其工作原理，Barrigel 將成為唯一適用於該領域的間隔技術，其他間隔技術將無法在這種特定應用中發揮作用。

So we feel that, that's encouraging. We've enrolled the first patient. It will take us about 1.5 years between enrolling all of the patients to writing up the study, to submitting it to the FDA, to get the expanded indication. And we're really looking forward to getting that indication and addressing that $100 million spacing market that patients today don't have access to spacing if you're going through radiation therapy post radical prostatectomy.

因此我們認為這是令人鼓舞的。我們已招募第一位患者。從招募所有患者到撰寫研究報告，再到提交給 FDA 並獲得擴大適應症，我們大約需要 1.5 年的時間。我們非常期待獲得這種適應症，並解決價值 1 億美元的間隔治療市場問題，即當今的患者如果在根治性前列腺切除術後接受放射治療，就無法獲得間隔治療。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

Hi, good morning. It's [Ravi] in for Rich. So I have two questions, one on IABP, one on M&A. So I guess the first one, with the IABP, you have this $10 million line of sight in fourth quarter. Could you just help us think about what portion of that is capital versus consumable? And of that cohort, what kind of long tail do you see out of that on the consumable stream?

嗨，早安。由 [Ravi] 代替 Rich。我有兩個問題，一個是關於 IABP，一個是關於 M&A。因此我想第一個就是，有了 IABP，你在第四季就有 1000 萬美元的預期收入。您能否幫助我們思考其中哪些部分是資本，哪些部分是消耗品？而對於這個群體，您認為其在消費流上具有什麼樣的長尾效應？

Yes, [Ravi.] So I will tell you that the vast majority of that is capital in the United States. The consumable will follow over a period of time. If you look at the overall markets, the global market for intra-aortic balloon pumps and catheters, it's approximately half and half. Half of the market is pumps and half of it is catheters, to answer the other part of your question as to what would follow.

是的，[拉維]。消耗品將會在一段時間內跟隨。如果你看一下整體市場，即主動脈內球囊幫浦和導管的全球市場，你會發現它們的比例大約是各佔一半。一半的市場是泵，一半是導管，回答你問題的另一部分，接下來會發生什麼。

I think that as we look forward, the advantage of using the manufacturer's catheter with the manufacturer's pump is compelling. Most customers today in the United States, the majority of them will use fiber optic. If you use a Teleflex catheter with a Teleflex pump, you have that fiber optic capacity available to you. If you use a competing -- the competitor's catheter with our pump, you lose that fiber optic advantage. So we think it's compelling that customers will use our catheter with our pump.

我認為，展望未來，使用製造商的導管與製造商的泵浦的優勢是顯而易見的。在當今美國的大多數客戶中，大多數都會使用光纖。如果您將 Teleflex 導管與 Teleflex 幫浦一起使用，那麼您就可以使用光纖容量。如果您將競爭對手的導管與我們的幫浦一起使用，您將失去光纖優勢。因此，我們認為，客戶將我們的導管與我們的幫浦一起使用是很有吸引力。

Great. And presumably, given the way the FDA is kind of managing this, it seems like the tail on the consumables would be a little bit more pushed out? And then secondly, on the M&A. You talked about, I guess, non-EPS dilutive assets. Does that mean your tolerance for EPS dilution and M&A is a little bit lower now? It sounds like the market might be opening off and valuations might be picking up a little bit. It sounds a little bit different than what you said in the past. Do we look at the repo here that boost earnings to absorb that kind of dilution or make it M&A a little bit more neutral?

偉大的。並且據推測，考慮到 FDA 的管理方式，似乎消耗品的尾部會被稍微推後一些？其次，關於併購。我想，您談論的是非每股收益稀釋性資產。這是否意味著您對每股盈餘稀釋和併購的容忍度現在有所降低？這聽起來好像市場可能正在開放，估值可能正在稍微上升。這聽起來和你過去說的話有些不同。我們是否應該關注這裡的回購，以提高收益來吸收這種稀釋，或使其併購變得更加中性？

So [Ravi,], I think the environment, I would push back a little bit with valuations going up. I think that what we're seeing in the marketplace is that valuations are finally modulating and have been doing for the last 6-plus months. It takes a while for the -- what's happening in the public markets to sink into the private markets.

所以 [Ravi,]，我認為在這樣的環境下，我會對估值的上升稍微推遲一點。我認為我們在市場上看到的是估值最終正在調整，並且在過去六個多月裡一直如此。公開市場中發生的事情需要一段時間才能滲透到私人市場。

And secondly, I think with that change in valuation, obviously, with the improvement in interest rates, it's a lot more compelling to bring in an asset that is not EPS dilutive. Obviously, our criteria doesn't change. We're looking for assets that are accretive to our top line growth. And also, we're looking for assets that are at least equal to, if not accretive, to our gross margin and will continue to be accretive over time and we'll get to our [op] margin accretion in a reasonable amount of time. I think we're -- what I'm trying to say is that there are assets out there that are -- meet all those criteria and are also not EPS dilutive.

其次，我認為，隨著估值的變化，顯然隨著利率的提高，引入不會稀釋每股盈餘的資產就更有吸引力了。顯然，我們的標準不會改變。我們正在尋找能夠促進我們營收成長的資產。此外，我們正在尋找至少與我們的毛利率相等（如果不增加的話）的資產，並且這些資產將隨著時間的推移而繼續增加，並且我們將在合理的時間內實現我們的[營業]利潤率增長。我想說的是，有些資產可以滿足所有這些標準，而且不會稀釋每股盈餘。

Dave Turkaly, Citizens JMP.

Dave Turkaly，公民 JMP。

Hey, good morning. I just want to confirm, is the OEM business primarily in the Americas geographically?

嘿，早安。我只是想確認一下，OEM 業務在地理位置上主要在美洲嗎？

Dave, yes, the vast majority of the revenues is within the Americas. That is correct.

戴夫，是的，絕大部分收入來自美洲。正確。

And I wanted to ask one on MANTA. I was wondering if you could give us sort of an update on how that's doing, either like the growth rate and maybe what you're seeing in sort of the underlying procedures that's used for?

我想在 MANTA 上問一個問題。我想知道您是否可以向我們介紹目前的情況，例如增長率以及您所看到的用於底層的程序？

Yes. So on the procedures, so first of all, MANTA continues to penetrate the market. It's the only large foreclosure device out there in the marketplace that's a single-shot product. The procedures that it's used on is TAVR and EVAR. Over the past year, as we continue to penetrate TAVR, we actually have now focused on doing that same penetration within EVAR. And what we've noticed is that the EVAR side of the house isn't as price sensitive as the TAVR side of the equation. And therefore, our pricing in the EVAR market has been a lot more favorable. So we continue to penetrate, Dave, and the product is continuing to perform.

是的。因此在程序上，首先，MANTA 繼續滲透市場。它是目前市場上唯一一款一次性大型止贖設備。它所適用的程序是 TAVR 和 EVAR。在過去的一年裡，隨著我們繼續滲透 TAVR，實際上我們現在專注於在 EVAR 內進行相同的滲透。我們注意到，EVAR 方面的價格敏感度不如 TAVR 方面。因此，我們在 EVAR 市場的定價更加優惠。因此，戴夫，我們將繼續滲透，產品也將繼續發揮作用。

Craig Bijou, BofA.

美國銀行的 Craig Bijou。

Good morning guys. Thanks for taking the question. I had one on IABP and then a follow-up on OEM. So Liam, the orders that you're seeing or what you are assuming for Q4, I'm just curious if you have visibility into whether those orders are a normal -- for a normal replacement cycle for the pumps? So have they reached their useful life or if you're actually seeing hospitals switch away from the competitor pumps?

大家早安。感謝您回答這個問題。我有一個關於 IABP 的項目，然後是關於 OEM 的後續項目。那麼 Liam，您看到的訂單或您假設的第四季度的訂單，我只是好奇您是否了解這些訂單是否正常 - 是否是泵的正常更換週期？那麼這些幫浦是否已經達到使用壽命了，或者您是否真的看到醫院不再使用競爭對手的幫浦了？

Well, you have the normal recycled for our own pumps within the number, but we are also seeing a -- the uplift is really being driven. That's our normal run of the business, Craig, the conversion. But we are seeing accounts converting completely away from the competing product. I think that's your question, and we are seeing that.

嗯，我們自己的泵的回收量在正常範圍內，但我們也看到——回收量確實在增長。克雷格，這就是我們的正常業務運作，轉換。但我們發現帳戶已經完全不再購買競爭產品。我想這就是你的問題，我們也看到了這一點。

Yes. I guess -- sorry, it wasn't clear. The question is more on your competitors' replacement cycle. So are you winning? Are the orders that are coming in that you -- the incremental revenue that you're expecting, is that coming from hospitals moving away from your competitor or just (technical difficulty) natural replacement cycle?

是的。我想——抱歉，我說得不太清楚。問題更多的是關於你的競爭對手的更換週期。那你贏了嗎？您所期望的增量收入是來自於醫院擺脫競爭對手，還是只是（技術難度）自然更換週期？

That's fair, Craig. Sorry about that. So what we're seeing is both. We're seeing the replacement as pumps come up to be replaced. We're getting replacements. And then we're also seeing systems completely swap out pumps that, in some instances, are less than 2 years old.

這很公平，克雷格。很抱歉。所以我們看到的情況是兩者兼具。我們看到了需要更換的幫浦。我們正在尋找替代品。然後，我們也看到系統完全更換泵，在某些情況下，這些泵的使用時間不到 2 年。

Got it. That's helpful. And then just as a follow-up on OEM. I mean if you back out the $7 million that you talked about, I think growth this quarter would have been 9%. So when -- how should we think about the growth of that business? Is it high single digits? Is it slow or to mid-single digits? Just any way to think about the normal growth of that underlying OEM business.

知道了。這很有幫助。然後只是作為對 OEM 的後續行動。我的意思是，如果您撤回您談到的 700 萬美元，我認為本季的成長率將達到 9%。那麼，我們該如何看待該業務的成長？是高個位數嗎？它是很慢還是只有個位數的中間值？只需以任何方式思考底層 OEM 業務的正常成長。

Yes. So obviously, the integration is going to have an impact in 2025. The outlook for the OEM business is still very positive once you get beyond the Q3 next year and the vertical integration. The normal underlying growth of that business is in the mid- to high single digits. We've seen years where the team have executed well, and they've gotten into the double-digit growth in particular. When there was supply chain disruption, we have converted a number of accounts.

是的。顯然，整合將在 2025 年產生影響。一旦進入明年第三季並實現垂直整合，OEM業務的前景仍然非常樂觀。該業務的正常潛在成長率為中高個位數。我們看到多年來團隊表現良好，尤其是實現了兩位數的成長。當供應鏈中斷時，我們已經轉換了一些帳戶。

We're really doing well in the microcatheter space, and we have capacity. So the good thing -- even with this vertical integration as we have capacity, we put extensions onto both of 2 plants. So the team is out there now chasing new orders, executing against those orders, doing R&D projects for some of our key customers in order to build up the order book as we head into 2025. So once you get through 2025, Craig, you'll see a normalized growth for the OEM business in '26 and beyond. And that normalized growth would be to the mid- to high single digits and in a good year to sneak into the low doubles.

我們在微導管領域確實做得很好，而且我們有能力。因此，好消息是——即使採用這種垂直整合，由於我們擁有產能，我們也對兩家工廠都進行了擴建。因此，團隊現在正在追逐新訂單，執行這些訂單，為我們的一些主要客戶開展研發項目，以便在我們邁向 2025 年時建立訂單。因此，Craig，一旦您度過 2025 年，您將看到 OEM 業務在 26 年及以後實現正常化成長。這種正常化成長將達到中高個位數，在好的年份，成長率將達到低兩倍。

Michael Polark, Wolfe Research.

邁克爾·波拉克（Michael Polark），沃爾夫研究公司。

Hey, thank you. Sorry, I will follow up on OEM. Can I better -- I'm hoping to better understand this in-sourcing decision by the customer. Do you work with this customer and other products? How big is this customer after this exit? And then this product that's being in-sourced, do you make this for other customers? And is there a reason why the customer is now moving to do this themselves? Is that a risk for this product category for other customers who you make this for? Sorry for the complicated question, but I want to understand a little bit better the why and what behind this surprise.

嘿，謝謝你。抱歉，我會跟進OEM。我能否更好地——我希望更好地理解客戶的這個內部採購決策。您是否與該客戶及其他產品合作？這次退出後，這個客戶規模有多大？那麼，這款內部採購的產品，你會為其他客戶生產嗎？那麼客戶現在自己決定這麼做有什麼原因嗎？對於您為其生產該產品的其他客戶來說，這是否會造成風險？抱歉，這個問題問得比較複雜，但我想更了解這個驚喜背後的原因和意義。

Yes, it's a fair question, Mike. This is a product, it's a significant component of a product that this customer sells as a branded product, and we've been making this for many, many years and it is the decision to in-source. And we only make it for this specific customer, to answer that part of your question.

是的，這是一個公平的問題，麥克。這是一種產品，也是該客戶作為品牌產品銷售的產品的重要組成部分，我們已經生產這種產品很多年了，這是內部採購的決定。我們只針對這個特定的客戶，來回答您問題的這一部分。

Second part of your question is why did they move it internally. Our assumption from the team is that they have an absorption issue in one of their plants and they're addressing it by moving this inside, and they have the capability within their plant for this particular product. Most of our products that we make are pretty complex microcatheters, pretty complex extrusions. This product was a little bit unique. It's not that complex, and therefore, the company felt that they could do themselves in-house.

你的問題的第二部分是他們為什麼要將其內部移動。我們從團隊那裡得到的假設是，他們的一個工廠出現了吸收問題，他們透過將其轉移到工廠內部來解決這個問題，而且他們的工廠有能力生產這種特殊的產品。我們生產的大多數產品都是相當複雜的微導管和相當複雜的擠壓件。這個產品有點獨特。這並不是那麼複雜，因此公司認為他們可以自己完成。

Mike Matson, Needham.

麥克馬森，尼德姆。

Just one on Titan and bariatric surgery. So good to hear the product doing better, but what are you seeing with regard to bariatric surgery procedure volumes? Any signs of stabilization there? And I know it's been declining for a while. So do you think it -- just the procedures generally, sorry. Do you think that as we start to kind of lap those declines that maybe the market will start to level off?

僅一篇關於泰坦和減肥手術的文章。很高興聽到產品表現越來越好，但是您看到減肥手術的數量有何變化？那裡有穩定的跡象嗎？我知道它已經下降了一段時間了。所以您認為——只是一般的程序，抱歉。您是否認為，當我們開始克服這些下滑趨勢時，市場可能會開始趨於穩定？

So I think as you look forward, I think that the market will level off. What we see out there in the marketplace today is the rate of decline has slowed modestly, but they're still in decline. But candidly, Mike, it doesn't really matter for us. We're penetrating a $250 million market with a product that the clinical study today that we announced on the call demonstrates that is better. So, we get people out of the hospital quicker. There's about a 25% delta for our patient group exiting the hospital after a day compared to the other technologies, and also the efficiency because it's a single line of staplers, it's much faster. So it reduces operating room time, and that's a key driver for hospitals to make decision as to which technology to use as you can appreciate.

因此我認為展望未來，市場將會趨於平穩。我們今天在市場上看到的情況是，下降速度已略有放緩，但仍在下降。但坦白說，麥克，這對我們來說並不重要。我們正在用我們的產品打入一個價值 2.5 億美元的市場，我們今天在電話會議上宣布的臨床研究表明該產品效果更佳。因此，我們可以更快地讓患者出院。與其他技術相比，我們的患者在一天後出院的時間縮短了約 25%，而且由於它只有一行縫合器，因此效率要快得多。因此，它減少了手術室時間，這是醫院決定使用哪種技術的關鍵驅動因素。

So we're -- I think it will stabilize, but it doesn't really matter to us whether it does or not, Titan grew strong double digits within the quarter and grew sequentially quarter-on-quarter. So that is encouraging. And it will be a growth driver for us through the next number of years.

因此，我認為它會穩定下來，但對於我們來說，它是否穩定並不重要，泰坦在本季度實現了強勁的兩位數增長，並且環比增長。這是令人鼓舞的。這將成為我們未來幾年的成長動力。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Kristen Stewart, CL King.

克莉絲汀史都華、CL King。

I just wanted to focus in a little bit on the gross margin performance. I think your guidance for the full year implies gross margins up 100 to 150 basis points for the full year. I think the exit of MSAs was about 100 basis points. Just wanted to check the math on that. And then as we think ahead, are there any kind of puts and takes that we should think about in terms of gross margin performance for next year?

我只是想稍微關心一下毛利率的表現。我認為您對全年的預期意味著全年毛利率將上漲 100 到 150 個基點。我認為 MSA 的退出約為 100 個基點。只是想檢查一下那件事的數學計算。然後，當我們展望未來時，我們是否應該考慮明年毛利率表現的優缺點？

Well, sure. Well, to your point, we have raised our gross margin guidance to a range of 60.5% to 61%. The MSA going away did have an impact, and that impact will come to a close in the fourth quarter of this year as it will be in our run rate. So, as we think about next year, what we're really looking to do is to continue to drive margin expansion through a combination of positive price through cost improvement programs. We still have savings from restructuring initiatives and using all of that to offset inflation. And we've been seeing inflation moderate from what it had been. It's still higher than what it was pre-COVID, but we're seeing that start to moderate. So we're -- we're going to get past some of the headwinds that we saw from this year on gross margin with the loss of Palette.

嗯，當然了。嗯，正如您所說，我們已將毛利率預期上調至 60.5% 至 61% 的範圍。MSA 的取消確實產生了影響，而且這種影響將在今年第四季結束，因為它將計入我們的運行率中。因此，當我們考慮明年時，我們真正想要做的是透過積極的價格和成本改進計劃相結合的方式繼續推動利潤率的擴大。我們仍有來自重組計劃的儲蓄，並將用這些儲蓄來抵消通貨膨脹。我們看到通貨膨脹率較之前有所緩和。目前水平仍然高於新冠疫情之前的水平，但我們看到這種情況開始緩和。所以，我們將克服今年因失去 Palette 而為毛利率帶來的一些不利因素。

And then just thinking about the opportunity with the intra-aortic balloons. How should we think about that?

然後就思考主動脈內球囊帶來的機會。我們該如何思考這個問題？

I’m sorry, just the loss of the MSA, I misspoke.

很抱歉，只是 MSA 不見了，我說錯了。

Sure. And then just thinking about the opportunity with intra-aortic balloon pumps and what we're likely to see in 2025. How should we think about you guys looking at that as kind of just flowing through to the bottom line? Or will you look to reinvest some of the upside opportunity there back into the business?

當然。然後思考主動脈內球囊幫浦帶來的機會以及我們在 2025 年可能看到的情況。我們應該如何看待你們將其視為直接影響底線的事情？或者您會考慮將其中的一些上行機會重新投資到業務中？

So as we look at it, as I said earlier, we're going to have -- the opportunity is going to be with us for at least the first half of 2025. There is a potential depending on what the outcome is from the FDA that it goes longer than that, but we'll assess that as we go through.

所以，正如我之前所說，我們至少在 2025 年上半年仍有機會。根據 FDA 的結果，這個期限有可能會更長，但我們會在審查過程中進行評估。

With regard, we would like to see a good portion of it flow through to earnings. But we would also like to take some of it and invest it for growth into the future. And I think that's a balanced approach that we would try to take with that opportunity.

就此而言，我們希望看到其中很大一部分轉化為收益。但我們也想拿出一部分資金進行投資，以實現未來的成長。我認為，這是我們抓住這一機會所嘗試採取的平衡方法。

That concludes our Q&A session. I will now turn the call back over to Lawrence for closing remarks. Lawrence?

我們的問答環節到此結束。現在我將把電話轉回給勞倫斯，請他作最後發言。勞倫斯？

Thank you, Mark. Thank you to everyone that joined us on the call today. This concludes the Teleflex Inc. Third Quarter 2024 Earnings Conference Call.

謝謝你，馬克。感謝今天參加我們電話會議的每個人。Teleflex Inc. 2024 年第三季財報電話會議到此結束。

That concludes today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。