泰利福醫療 (TFX) 2024 Q4 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Teleflex fourth quarter 2024 earnings conference call. At this time, all participants have been placed in a listen-only mode. At the end of the company's prepared remarks, we'll conduct a question-and-answer session. Please note that this conference call is being recorded and will be available on the company's website for replay shortly. And now I will turn the call over to Mr. Lawrence Keusch, Vice President of Investor Relations and Strategy Development.

女士們、先生們，早安，歡迎參加 Teleflex 2024 年第四季財報電話會議。目前，所有參與者都處於只聽模式。在公司準備好的發言結束時，我們將進行問答環節。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。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。

Good morning, everyone, and welcome to the Teleflex Incorporated fourth 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 releases from this morning for details.

大家早安，歡迎參加 Teleflex Incorporated 2024 年第四季財報電話會議。本次電話會議的新聞稿和幻燈片可在我們的網站 Teleflex.com 上取得。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發布的新聞稿以了解詳情。

Participating on today's call are Liam Kelly, Chairman, President and Chief Executive Officer, Thomas Powell, Executive Vice President and Chief Financial Officer, and John Derin, Corporate Vice President and Chief Accounting Officer. Liam, Tom, and John will provide prepared remarks, and then we'll 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、執行副總裁兼財務長 Thomas Powell 和公司副總裁兼首席會計長 John Derin。Liam、Tom 和 John 將發表準備好的發言，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.

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。

We wish to caution you that such statements are in fact forward-looking in nature and are subject to risks and uncertainties in 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. Now, I'll turn the call over to Liam for his remarks.

我們希望提醒您，此類陳述實際上具有前瞻性，並且會受到實際事件中的風險和不確定性的影響，或者結果可能會有重大差異。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。現在，我將把電話轉給利亞姆，請他發表評論。

Thank you, Larry, and good morning, everyone. First, I would like to discuss a transition in the senior leadership at Teleflex. Tom Powell, Executive Vice President and Chief Financial Officer, has informed the board of his intention to retire effective April 1, 2025. Tom has been a trusted partner, and I want to thank him for his contributions to Teleflex. Over the past 13 years, Tom has played a major role in driving our adjusted operating margins, which have increased by 800 basis points from 2012 to 2024. As we've grown, Tom has also built an outstanding global finance team that will be instrumental in keeping us well positioned for the future.

謝謝你，拉里，大家早安。首先，我想討論一下 Teleflex 高層領導的變動。執行副總裁兼財務長湯姆鮑威爾 (Tom Powell) 已告知董事會，他將於 2025 年 4 月 1 日退休。湯姆一直是一位值得信賴的合作夥伴，我要感謝他為 Teleflex 所做的貢獻。在過去的 13 年裡，湯姆在推動我們的調整後營業利潤率方面發揮了重要作用，從 2012 年到 2024 年，調整後的營業利潤率增加了 800 個基點。隨著我們的成長，湯姆也建立了一支出色的全球財務團隊，這將有助於我們在未來佔據有利地位。

I also want to highlight Tom's focus on succession planning. Ensuring a smooth transition in finance leadership. Finally, thank you for your agreement to stay on in a consulting capacity over the next 12 months. I am pleased to announce that John Derin, Corporate Vice President and Teleflex's Chief Accounting Officer, will succeed Tom as Executive Vice President and Chief Financial Officer, effective April 2, 2025.

我還想強調湯姆對繼任計畫的關注。確保財務領導層的平穩過渡。最後，感謝您同意在未來 12 個月內繼續擔任顧問。我很高興地宣布，該公司副總裁兼 Teleflex 首席會計官 John Derin 將接替湯姆擔任執行副總裁兼首席財務官，該任命將於 2025 年 4 月 2 日起生效。

I look forward to working closely with John. With an extensive knowledge of Teleflex and over 30 years of financial management and reporting experience for public companies, John will be instrumental as we continue to execute on our growth strategy.

我期待與約翰密切合作。憑藉對 Teleflex 的豐富了解以及 30 多年的上市公司財務管理和報告經驗，John 將在我們繼續執行成長策略的過程中發揮重要作用。

Moving on now to financial results. For the fourth quarter, Teleflex revenues were $795.4 million, up 2.8% year over year on a GAAP basis and an increase of 3.2% on an adjusted constant currency basis. Our interventional and surgical businesses executed well in the fourth quarter, with adjusted constant currency growth of 18.7% and 12.3% respectively.

現在來談談財務結果。第四季度，Teleflex 營收為 7.954 億美元，以 GAAP 計算年增 2.8%，以調整後固定匯率計算成長 3.2%。我們的介入和外科業務在第四季度表現良好，調整後固定匯率成長率分別為18.7％和12.3％。

Palette Life Sciences revenues exceeded the high end of our $73 million to $75 million guidance for 2024. Not withstanding these strong performances, adjusted constant currency revenues for the fourth quarter were $10.2 million below the low end of our revenue expectations, of which approximately half was attributable to interventional neurology.

Palette Life Sciences 的收入超過了我們為 2024 年設定的 7,300 萬至 7,500 萬美元的高位預期。儘管表現強勁，但第四季度調整後的恆定貨幣收入比我們的收入預期低 1,020 萬美元，其中約一半歸因於介入性神經病學。

The remaining revenue shortfall was due to lower year over year hospitalizations due to flu and COVID-19 impacting our CDC business negatively in our vascular business units. In the fourth quarter, adjusted earnings per share grew 15.1% to $3.89. I would now like to turn it over to Tom for his remarks.

剩餘的收入缺口是由於流感和 COVID-19 導致的住院人數同比下降，對我們的血管業務部門的 CDC 業務產生了負面影響。第四季度，調整後每股收益成長 15.1% 至 3.89 美元。現在我想請湯姆發言。

Thanks, Liam. I have enjoyed a long and fulfilling career, including over 20 years as a public company CFO.

謝謝，利亞姆。我的職業生涯漫長而充實，其中包括擔任上市公司財務長二十多年。

I particularly enjoyed the past 13 years spent with Teleflex, and I'm extremely proud of what we have accomplished as a team during my tenure, having successfully grown into our position as a leading global provider of medical devices. After first consulting with my family, we felt that this was the right time for my retirement.

我特別享受在 Teleflex 度過的過去 13 年，我為我們在任職期間團隊所取得的成就感到非常自豪，我們成功成長為全球領先的醫療設備供應商。在與家人商量後，我們覺得這是我退休的最佳時機。

My decision was significantly aided by the fact that over the past several years, I have worked through our internal planning process to develop a strong bench with internal succession candidates. Following a formal search, which included qualified internal and external candidates, and in which our board participated, it was determined that John Deren was the right choice for Teleflex.

我的決定在很大程度上得益於過去幾年中，透過內部規劃流程，我建立了一支強大的內部繼任候選人隊伍。經過正式的搜尋，其中包括合格的內部和外部候選人，而我們的董事會也參與其中，我們認定 John Deren 是 Teleflex 的正確人選。

I have a high level of confidence in the Teleflex management team and look forward to Teleflex's continued success in the future. As disclosed in this morning's AK, following my retirement, I've agreed to serve as a consultant to the company to March 31, 2026 to support continuity and a smooth transition.

我對 Teleflex 管理團隊充滿信心，並期待 Teleflex 未來能繼續取得成功。正如今天早上的 AK 所披露的那樣，退休後，我同意擔任公司顧問至 2026 年 3 月 31 日，以支持連續性和平穩過渡。

I will now turn to a review of the fourth* quarter, beginning with gross margin given the previous discussion of revenues. For the quarter, adjusted gross margin was 60.1%, which was flat versus the prior year period as the benefits of M&A, mix, and price were largely offset by inflation and foreign exchange. Adjusted operating margin was 27.6% in the fourth quarter, up 130 basis points year over year as tight spending controls contributed to lower operating expense as a percentage of sales.

現在我將回顧第四季*，首先回顧一下毛利率，因為我們之前討論過收入問題。本季調整後的毛利率為 60.1%，與去年同期持平，因為併購、產品組合和價格帶來的好處在很大程度上被通貨膨脹和外匯所抵消。第四季調整後營業利潤率為 27.6%，較去年同期增加 130 個基點，因為嚴格的支出控制導致營業費用佔銷售額的百分比下降。

Turning to our 2024 results. For the full year 2024, adjusted constant currency revenues increased 3.1% year over year, while adjusted earnings per share was $14.01. Our interventional and EMEA businesses both had strong performances in 2024, with adjusted constant currency growth of 14.8% and 7.3% respectively. Search will also continued to execute well, with 6.1% adjusted constant currency growth, with continued contributions from the Titan Stapler.

展望我們的 2024 年業績。2024 年全年，調整後固定匯率營收年增 3.1%，調整後每股收益為 14.01 美元。我們的介入業務和 EMEA 業務在 2024 年均表現強勁，調整後固定匯率成長率分別為 14.8% 和 7.3%。搜尋業務也將繼續表現良好，調整後固定匯率成長率為 6.1%，這得益於 Titan Stapler 的持續貢獻。

Interventional urology revenue increased 3.7%, adjusted constant currency, with growth largely offset by softness in the Europe business. 2024 margin expansion was solid, with adjusted gross margin expanding 120 basis points and adjusted operating margin increasing 60 basis points year over year.

以調整後的固定匯率計算，介入泌尿科收入成長了 3.7%，但歐洲業務的疲軟在很大程度上抵消了這一成長。 2024 年利潤率擴張穩健，調整後的毛利率年增 120 個基點，調整後的營業利益率年增 60 個基點。

Drivers of adjusted gross margin expansion included the termination of the MSA and the acquisition of and favorable pricing. While adjusted operating margin expansion was primarily driven by the flow through of adjusted gross margin.

調整後毛利率擴大的驅動因素包括 MSA 的終止以及收購和優惠定價。而調整後的營業利益率的擴大主要得益於調整後的毛利率的流轉。

Cash flow from operations was strong, increasing 24.7% year over year to $638.3 million in 2024. Compared to $511.7 million in the prior year period. The year over year improvement in cash flow from operations benefited from improving operating performance, and improvements in working capital stemming from a moderation of our inventory levels.

營運現金流強勁，到 2024 年將年增 24.7% 至 6.383 億美元。相比之下，去年同期為 5.117 億美元。經營活動現金流的年比改善得益於經營績效的提高，以及庫存水準的緩和帶來的營運資本的改善。

And a benefit of $37 million from the termination of our US pension plan. Net leverage at quarter end was approximately 1.5 times. Lastly, in connection with the performance of the fourth* quarter 2024 annual impairment test for goodwill.

並因終止我們的美國退休金計劃而獲得 3700 萬美元的福利。季度末的淨槓桿率約為1.5倍。最後，與 2024 年第四季*年度商譽減損測試的執行相關。

We determined that the carrying value of the interventional urology North America reporting unit included within our America's operating segment, exceeded its fair value as a result of a prolonged period of subdued revenue growth due to persistent and market challenges and changes in competitive pressures in the short to mid-term. Consequently, we recognized a non-cash goodwill impairment charge of $240 million for the fourth quarter of 2024.

我們確定，由於持續的市場挑戰和短期至中期競爭壓力的變化導致收入增長長期低迷，我們美國營運分部內的介入泌尿外科北美報告單位的帳面價值超過了其公允價值。因此，我們確認了 2024 年第四季 2.4 億美元的非現金商譽減損費用。

Now I'd like to turn the call over to John Deren.

現在我想將電話轉給約翰·德倫。

Thanks, Tom. I appreciate the confidence and trust in me from Liam, Tom, and the Board as I take on the role of Chief Financial Officer for Teleflex. It's an incredible honor to step into this role and I'm excited for the opportunity.

謝謝，湯姆。我感謝 Liam、Tom 和董事會對我擔任 Teleflex 財務長的信心和信任。能夠擔任這個職務是我的莫大榮幸，我很高興有這個機會。

Tom's leadership over the years has set a solid foundation and I'm committed to building on that as we move into this next chapter. With the strength of our talented management team, I'm confident we can continue driving success at Teleflex.

多年來，湯姆的領導奠定了堅實的基礎，我致力於在我們邁向下一篇章時在此基礎上再接再厲。我相信，憑藉我們優秀的管理團隊的力量，我們能夠繼續推動 Teleflex 取得成功。

Before I get started with guidance, I would like to comment on the accelerated share repurchase we announced this morning. The $300 million accelerated share repurchase will be effective tomorrow, February 28. We expect the accelerated share repurchase to be completed in the second quarter of 2025. This stock repurchase would complete the existing $500 million share repurchase program authorized by our board of directors in July of 2024. As part of our ongoing capital allocation strategy, we will continue to be opportunistic regarding share repurchases in the future.

在我開始提供指導之前，我想對我們今天上午宣布的加速股票回購發表評論。3 億美元的加速股票回購將於明天（2 月 28 日）生效。我們預計加速股票回購將於 2025 年第二季完成。此次股票回購將完成我們董事會於 2024 年 7 月批准的現有 5 億美元股票回購計畫。作為我們正在進行的資本配置策略的一部分，我們將在未來繼續抓住機會進行股票回購。

With that, I would like to turn now to 2025 financial guidance. We are expecting 2025 adjusted constant currency growth of 1% to 2%. Note this range excludes $13.8 million negative impact from the Italian measure incurred in the second quarter of 2024.

現在，我想談談 2025 年財務指引。我們預計 2025 年調整後固定匯率成長率將達到 1% 至 2%。請注意，該範圍不包括 2024 年第二季義大利措施造成的 1,380 萬美元負面影響。

We are assuming approximately $55 million or a 180-basis point headwind to revenue from foreign exchange translation in 2025 based on a euro to dollar exchange rate of 103.

我們預計，以歐元兌美元 103 的匯率計算，2025 年外匯折算將為收入帶來約 5,500 萬美元或 180 個基點的阻力。

For 2025, our outlook assumes continued pressure on our interventional urology business due to softness in UroLift. In our OEM business, we have now started to increasingly see what is expected to be a temporary delay in custom orders due to a focus on inventory management, as well as the contract loss discussed at the time of third* quarter 2024 earnings, resulting in negative growth for the year.

對於 2025 年，我們預計由於 UroLift 的疲軟，我們的介入泌尿科業務將繼續面臨壓力。在我們的 OEM 業務中，我們現在開始越來越多地看到，由於專注於庫存管理，預計定制訂單會暫時延遲，以及在 2024 年第三季度*收益時討論的合同損失，導致全年出現負增長。

Additionally, we expect an impact from volume-based procurement on our surgical business in China during the year. We expect 2025 adjusted earnings per share to be in the range of $13.95 to $14.35. We have established our fiscal year revenue and adjusted EPS expectations to reflect what we believe are realistic and achievable low ends of each range, both of which we have a high level of confidence in the team's ability to deliver in 2025.

此外，我們預計批量採購將對我們今年在中國的外科業務產生影響。我們預計 2025 年調整後每股盈餘將在 13.95 美元至 14.35 美元之間。我們已經確定了財政年度收入和調整後的每股收益預期，以反映我們認為每個範圍的現實和可實現的低端，我們對團隊在 2025 年實現這一目標的能力充滿信心。

For your modeling considerations, our 2025 guidance range assumes the following. Adjust the gross margins in the range of 60.25% to 61%. Adjusted operating margin of 26.6% to 27%. Net interest expense of approximately $75 million which includes the impact from the accelerated share repurchase.

為了您的建模考慮，我們的 2025 年指導範圍假設如下。將毛利率在60.25%至61%之間調整。調整後營業利益率由26.6%上升至27%。淨利息支出約為 7,500 萬美元，其中包括加速股票回購的影響。

In addition, I would note that we will update the interest expense expectation for 2025 following the close of the vascular intervention acquisition, an adjusted tax rate of approximately 13.5%. And approximately $45.5 million average weighted shares inclusive of the $300 million accelerated share repurchase, our 2025 guidance includes tariffs currently enacted but does not contemplate newly proposed tariffs. Our most significant exposure to tariffs on US imports is associated with our manufacturing facilities in Mexico.

此外，我要指出的是，我們將在血管介入收購完成後更新 2025 年的利息支出預期，調整後的稅率約為 13.5%。其中包括 3 億美元加速股票回購在內的約 4,550 萬美元平均加權股份，我們的 2025 年指引包括目前實施的關稅，但不考慮新提出的關稅。我們受美國進口關稅影響最大的是位於墨西哥的製造工廠。

Any implementation of tariffs on medical device products in this geography would have a negative impact on the financial results and may impact our 2025 guidance as set for today. Finally, our full year revenue guidance assumes first quarter revenue declines of 3% to 4% on a constant currency basis, excluding an estimated $14 million negative impact from changes in foreign currency exchange rates compared to the prior year.

在該地區對醫療器材產品徵收任何關稅都會對財務業績產生負面影響，並可能影響我們今天制定的 2025 年指引。最後，我們的全年營收指引假設第一季營收以固定匯率計算下降 3% 至 4%，不包括與上年相比外匯匯率變動造成的約 1,400 萬美元的負面影響。

The first quarter of 2025 year over year decline reflects continued challenges related to the headwinds previously discussed. I will now turn back to Liam to discuss the updates to our strategic framework and focus on shareholder value creation.

2025 年第一季的同比下降反映了與先前討論過的逆風相關的持續挑戰。現在我將回到 Liam 的討論中，討論我們策略框架的更新以及對股東價值創造的關注。

Thanks, John. Turning now to our value creation framework. We have four pillars that support our corporate strategy. These include a focus on driving sustainable revenue growth and achieving earnings and margin expansion.

謝謝，約翰。現在來談談我們的價值創造框架。我們有四大支柱來支撐我們的企業策略。其中包括專注於推動永續收入成長以及實現利潤和利潤率擴大。

Today we are excited to announce that Teleflex has entered into a definitive agreement to acquire substantially all of the vascular intervention business of privately held Biotronik SE and company KG for an estimated cash payment at closing of approximately EUR760 million that certain adjustments as provided in the purchase agreement, including certain working capital, not transferring and other customary readjustments.

今天，我們很高興地宣布，Teleflex 已達成最終協議，以約 7.6 億歐元的現金價格收購私人控股的 Biotronik SE 和公司 KG 的大部分血管介入業務，並根據購買協議中的某些調整進行交易，包括某些營運資金、非轉移和其他常規調整。

The Teleflex interventional portfolio has long been a cornerstone of growth and innovation within our diversified product portfolio. With the opportunity to drive sustainable revenue growth and improve margins, the vascular intervention acquisition is a key part of the value creation strategy that will allow us to further build upon this strong foundation.

泰利福介入產品組合長期以來一直是我們多元化產品組合中成長和創新的基石。血管介入收購是價值創造策略的重要組成部分，有助於我們推動永續收入成長並提高利潤率，進一步鞏固我們在這堅實基礎上的進一步發展。

With the acquisition of Biotronik products, we believe Teleflex will gain meaningful scale, expand its presence in the cath lab, and be positioned for continued healthy growth. The product portfolio expected to be acquired includes a broad suite of vascular intervention devices such as drug coated balloons, drug eluding stents, covered stents, balloon and self-expanding bare metal stents, and balloon catheters.

透過收購 Biotronik 產品，我們相信 Teleflex 將獲得有意義的規模，擴大其在導管室的影響力，並實現持續健康成長。預計收購的產品組合包括廣泛的血管介入設備，例如藥物塗層球囊、藥物洗脫支架、覆膜支架、球囊和自膨式裸金屬支架以及球囊導管。

Turning to the strategic rationale for the acquisition of the vascular intervention business. Similar to the Vascular Solutions acquisition in 2017, the acquisition of the vascular intervention business will once again allow Teleflex to increase its scale in the cath lab.

談到收購血管介入業務的策略理由。與 2017 年收購 Vascular Solutions 類似，此次收購血管介入業務將使 Teleflex 再次擴大其在導管室的規模。

In this case, we are acquiring a broad portfolio of interventional therapeutic devices that will complement the company's well established complex percutaneous coronary intervention access products. While building upon and enhancing the legacy interventional sales force.

在這種情況下，我們正在收購廣泛的介入治療設備組合，這將補充公司成熟的複雜經皮冠狀動脈介入治療通路產品。同時建立並加強傳統的介入銷售團隊。

The vascular intervention acquisition significantly expands Teleflex's market presence with a combined coronary and peripheral interventional business.

此次血管介入收購顯著擴大了 Teleflex 透過合併冠狀動脈和周邊介入業務的市場佔有率。

Investment in internal R&D will remain a priority with opportunities for expansion, given the increased scale of the combined businesses. The peripheral intervention market is growing rapidly, with global growth estimated to be in the high single digit range. We believe the addition of the vascular intervention business will allow Teleflex to establish a footprint in the adjacent peripheral market and complement our growing position in coronary interventions.

隨著合併後業務規模的擴大，對內部研發的投資仍將是優先事項，同時也將有擴張的機會。週邊介入市場正在快速成長，全球成長率預計達到高個位數。我們相信，增加血管介入業務將使 Teleflex 在相鄰的外圍市場佔有一席之地，並補充我們在冠狀動脈介入領域日益增強的地位。

Our existing complex PCI portfolio has products that are utilized in difficult coronary interventions, and by adding the portfolio of innovative products that we expect to acquire, we will be able to advance our technology offering with relevant coronary and peripheral interventions.

我們現有的複雜 PCI 產品組合包含用於困難冠狀動脈介入治療的產品，透過增加我們預期收購的創新產品組合，我們將能夠透過相關的冠狀動脈和周邊介入治療來推進我們的技術產品。

The ability to participate in combined coronary strategies with drug coded balloons, drug eluting stents, and the emerging potential of resolvable scaffold technologies will expand our current available procedure base. We have a range of products in our current portfolio which have peripheral indications.

利用藥物編碼球囊、藥物洗脫支架參與聯合冠狀動脈策略的能力以及可分解支架技術的新興潛力將擴大我們目前可用的程序基礎。我們目前的產品組合中有一系列具有外圍適應症的產品。

This acquisition will provide a sales channel to sell these products. In addition, the expansion of our product portfolio will enable our salesforce to leverage their clinical knowledge and increase clinician interactions. We see opportunities to expand the presence of the products anticipated to be acquired in the US through our commercial initiatives and investment in new product registrations. Likewise, we see the ability to expand our complex PCI franchise in Europe, given the strong market presence of the vascular intervention business in this geography.

此次收購將提供銷售這些產品的銷售管道。此外，我們產品組合的擴大將使我們的銷售人員能夠利用他們的臨床知識並增加臨床醫生的互動。我們看到了透過商業措施和對新產品註冊的投資來擴大預期在美國收購的產品影響力的機會。同樣，鑑於血管介入業務在歐洲地區的強大市場影響力，我們看到了擴大我們在歐洲複雜 PCI 特許經營權的能力。

Robust research and development, clinical expertise, and global manufacturing capabilities are key elements of the vascular intervention business that we expect to acquire. All of which are expected to further strengthen Teleflex's innovation pipeline and enable the company to bring new products to market and improve the care of patients.

強大的研發、臨床專業知識和全球製造能力是我們期望收購的血管介入業務的關鍵要素。所有這些都有望進一步加強 Teleflex 的創新管道，並使公司能夠將新產品推向市場並改善患者護理。

We will continue to invest in developing highly competitive interventional products, including differentiated new technologies, including the resolvable metallic scaffold. Coupled with our extensive global reach, we aim to deliver innovative technologies to interventionalists, advancing clinical benefits, and safety for both physicians and patients. The acquisition of the vascular intervention business will also allow Teleflex the opportunity to invest in and expand the clinical trial program for Biotronik free cells, sirolimus eluding reservable metallic scaffold technology including possible pursuit of the US market.

我們將持續投入開發極具競爭力的介入產品，包括可溶解金屬支架等差異化的新技術。結合我們廣泛的全球影響力，我們旨在為介入科醫生提供創新技術，提高臨床效益，並為醫生和患者提供安全保障。收購血管介入業務也將使 Teleflex 有機會投資和擴大 Biotronik 遊離細胞臨床試驗計劃，包括可能進軍美國市場。

Free cell has the potential to advance the trend in interventional coronary and endovascular procedures to leave less permanent hardware behind. We believe free cell shows early potential to address the limitations of previous polymeric resorbable scaffolds, achieving more rapid absorption, thinner struts, and metallic mechanical performance.

遊離細胞有可能推動介入冠狀動脈和血管內手術的趨勢，從而減少永久性硬體的使用。我們相信，遊離細胞顯示出解決先前的聚合物可吸收支架的限制的早期潛力，以實現更快的吸收、更薄的支柱和金屬機械性能。

Free cells has already demonstrated compelling clinical data in the BioMAG-1 Study, a first in human study at 14 European centers. Free cells received CE mark for treatment of de novo coronary stenosis in February 2024 based substantially on the safety and efficacy of its predecessor, [Magmaris].

Free cells 已經在 BioMAG-1 研究中展示了令人信服的臨床數據，這是首次在 14 個歐洲中心進行的人體研究。Free cells 於 2024 年 2 月獲得 CE 標誌，用於治療新生冠狀動脈狹窄，這主要基於其前身的安全性和有效性，[瑪格瑪里斯]。

The European Pivotal BioMAG-2 Study is now enrolling with initial results expected in 2027, turning to the financial profile for the business expected to be acquired. We expect to close the acquisition by the end of the third quarter of 2025, subject to customary closing conditions, including receipt of certain regulatory approvals.

歐洲關鍵 BioMAG-2 研究目前正在招募，預計初步結果將於 2027 年公佈，並將轉向預計收購的業務的財務狀況。我們預計在 2025 年第三季末完成收購，但須滿足慣例成交條件，包括獲得某些監管部門的批准。

Assuming this timeline, we intend to update our guidance on the third* quarter 2025 earnings conference call. The Biotronik products that we expect to acquire delivered a constant currency revenue CAGR of 5.4% since 2022.

假設這個時間表，我們打算在 2025 年第三季*收益電話會議上更新我們的指引。我們預計收購的 Biotronik 產品自 2022 年以來實現了 5.4% 的固定貨幣收入複合年增長率。

Based on the expected timeline for closing, the products are expected to generate approximately EUR91 million in revenues in the fourth quarter of 2025. Beginning in 2026, the Biotronik acquisition is expected to deliver constant currency revenue growth of 6% or better.

根據預計的完成時間表，該產品預計將在 2025 年第四季產生約 9,100 萬歐元的收入。從 2026 年開始，Biotronik 收購預計將帶來 6% 或更高的恆定貨幣收入成長。

Adjusted gross margin for the products expected to be acquired is comparable to the Teleflex corporate average. The acquisition is expected to be dilusive to Teleflex adjusted operating margins driven by continued robust investment to advance the pipeline and freestyle.

預計收購產品的調整後毛利率與 Teleflex 公司平均值相當。由於 Teleflex 持續大力投資以推進產品線和自由式，預計此次收購將稀釋 Teleflex 的調整後營業利潤率。

As revenues associated with the Biotronik acquisition grow, we expect operating margin leverage over time. On the bottom line, we expect the transaction to be approximately $0.10 accretive to our adjusted earnings per share in the first year of ownership from the date of close and to be increasingly accretive thereafter. The acquisition of the vascular intervention business is expected to drive double digit ROIC early in year for following the close of the transaction.

隨著與 Biotronik 收購相關的收入不斷增長，我們預計營業利潤率將會隨著時間的推移而提高。從底線來看，我們預計此次交易將在交易完成之日起的第一年使我們的調整後每股收益增加約 0.10 美元，此後將不斷增加。預計血管介入業務的收購將在交易完成後於年初推動兩位數的ROIC。

We plan to initially finance the acquisition through a new term loan and revolving borrowings under our existing senior credit facility and cash on hand. Additionally, we entered into foreign exchange derivative contracts to economically hedge against the foreign currency exposure associated with the cash consideration needed to complete the acquisition.

我們計劃首先透過現有高級信貸安排下的新的定期貸款和循環借款以及現金來為收購提供資金。此外，我們也簽訂了外匯衍生合約，以便經濟地對沖完成收購所需的現金對價相關的外匯風險。

In parallel with the process to acquire the Biotronik bachelor intervention business, we have conducted a comprehensive business portfolio evaluation. Following our review, we are announcing today that the Teleflex Board of Directors has authorized management to pursue a plan to separate the company into two independent publicly traded companies, RemainCo and NewCo.

在收購Biotronik單身乾預業務的同時，我們進行了全面的業務組合評估。經過審查，我們今天宣布，Teleflex 董事會已授權管理層實施一項計劃，將公司分拆為兩家獨立的上市公司，即 RemainCo 和 NewCo。

The separation of the company is consistent with our stated corporate strategy to optimize our product portfolio and drive adjusted margins and adjusted earnings per share expansion. The separation is designed to deliver greater value for all Teleflex shareholders.

公司的分離符合我們既定的企業策略，即優化我們的產品組合併推動調整後利潤率和調整後每股收益的成長。此次分離旨在為所有 Teleflex 股東創造更大的價值。

Creating two independent publicly traded companies would position each to accelerate growth with a simplified operating model and enable increased management focus. The separation will allow for improved allocation of resources to the unique strengths and opportunities of each business, which will offer investors a more targeted investment opportunities.

創建兩家獨立的上市公司將使每家公司都能夠以簡化的營運模式加速成長，並增強管理重點。分離將使資源更好地分配給每個企業獨特的優勢和機會，從而為投資者提供更有針對性的投資機會。

This structure will also facilitate distinct capital allocation strategies that better align with the specific growth philosophies and objectives of each independent company. I will now provide an overview of the transaction.

這種結構還將促進制定獨特的資本配置策略，以更好地適應每個獨立公司的具體成長理念和目標。我現在將概述該交易。

Teleflex will create a new independent publicly traded company with urology, acute care, and OEM businesses. The transaction is intended to be a distribution of newly issued shares of NewCo to shareholders that is tax-free for US tax purposes.

Teleflex 將創建一家新的獨立上市公司，業務涉及泌尿科、急診和 OEM 業務。該交易旨在向股東分配 NewCo 新發行的股份，且就美國稅收而言，該股份是免稅的。

As mentioned, the separation will position each company to accelerate growth with a simplified operating model and increased management focus. Each of RemainCo and NewCo are expected to be appropriately capitalized with distinct and disciplined capital allocation priorities.

如上所述，分離將使每家公司能夠透過簡化的營運模式和加強的管理重點來加速成長。預計 RemainCo 和 NewCo 都將獲得適當的資本，並具有獨特且嚴格的資本配置優先順序。

At the time of separation, RemainCo is expected to deliver 6% plus revenue growth on a constant currency basis and be accretive to Teleflex's adjusted gross margin, initially neutral to Teleflex's adjusted operating margin, partially as a result of higher anticipated investment in R&D. In the first full year post separation, we expect to drive double digit adjusted earnings per share growth.

分離時，RemainCo 預計以固定匯率計算實現 6% 以上的營收成長，並增加 Teleflex 的調整後毛利率，最初對 Teleflex 的調整後營業利潤率沒有影響，部分原因是預期研發投資增加。我們預計，在分離後的第一個完整年度，調整後每股盈餘將實現兩位數的成長。

I will continue to lead RemainCo as its Chairman, President, and CEO. New co-leadership will be announced in the coming months, and we expect to complete the transaction in mid-2026, subject to market regulatory and certain other conditions.

我將繼續擔任 RemainCo 的董事長、總裁兼執行長。新的聯合領導層名單將在未來幾個月內公佈，我們預計交易將於 2026 年中期完成，但須遵守市場監管和其他某些條件。

Moving to a deeper dive into the benefits of establishing two leading focused independent companies. For RemainCo, the separation will create a streamlined portfolio focused on highly complementary business: units: vascular access; interventional; and surgical. Of note, the acquisition of substantially all of the Biotronik vascular intervention business is an important element of the strategy to build a business with meaningful global presence in the catheterization lab with enhanced investment to drive the new technology pipeline.

深入探討建立兩家專注於領先的獨立公司的好處。對於 RemainCo 而言，分離將創建一個精簡的投資組合，專注於高度互補的業務：部門：血管通路；介入；和手術。值得注意的是，收購 Biotronik 血管介入業務的大部分內容是該策略的重要組成部分，該策略旨在建立在導管實驗室具有重要全球影響力的業務，並加大投資以推動新技術管道的發展。

This focused portfolio will better position RemainCo capitalize on high growth, high acuity, hospital focused, and markets. We believe this more nimble operating model and simplified manufacturing footprint will unlock marginal expansion opportunities over time and create capacity for increased and highly focused R&D investments.

這項重點投資組合將使 RemainCo 更好地利用高成長、高敏銳度、以醫院為中心等市場。我們相信，這種更靈活的營運模式和簡化的製造足跡將隨著時間的推移釋放邊際擴張機會，並為增加和高度集中的研發投資創造能力。

Finally, RemainCo will be able to fully align its capital allocation philosophy with its growth strategy, increasing its ability to pursue business development opportunities to more effectively compete in high innovation and markets. Moving to NewCo.

最後，RemainCo 將能夠將其資本配置理念與其成長策略完全結合起來，增強其尋求業務發展機會的能力，從而更有效地在高創新和市場中競爭。正在遷移至 NewCo。

The operational structure will allow management to have an undivided focus on unlocking NewCo's potential through a simplified operating model. NewCo will participate in attractive end markets in neurology, acute care, and OEM and will be positioned to leverage its established market positions in its respective markets.

該營運結構將使管理層能夠透過簡化的營運模式全心全意地釋放 NewCo 的潛力。NewCo 將參與神經病學、急診護理和 OEM 領域具有吸引力的終端市場，並將利用其在各自市場中既定的市場地位。

The company will be able to identify, invest in, and capitalize on opportunities that are unique to the urology, acute care, and OEM and markets through its tailored capital allocation and investment strategy to drive innovation and growth.

該公司將透過量身定制的資本配置和投資策略，識別、投資並利用泌尿科、急診、OEM 和市場獨有的機會，以推動創新和成長。

There remain significant growth opportunities in the urology markets, while OEM will have flexibility to further expand its customer base and enhance its capabilities that were not available while part of Teleflex.

泌尿科市場仍然存在巨大的成長機會，同時 OEM 將可以靈活地進一步擴大其客戶群並增強其作為 Teleflex 一部分時所不具備的能力。

The separation will position both RemainCo and NewCo for greater corporate clarity and enhanced strategic focus. RemainCo, with approximately $2.1 billion in 2024 revenue pro forma for the acquisition of the vascular intervention products from Biotronik's would be better positioned to capitalize on attractive, high growth and markets, addressing emergent procedures performed primarily in the hospital setting across the intensive care unit, emergency department, cath lab, and operating room.

此次分離將使RemainCo和NewCo的企業形象更加清晰，策略重點更加突出。RemainCo 從 Biotronik 收購血管介入產品的預計 2024 年收入約為 21 億美元，將更有能力利用有吸引力的高成長市場，主要處理醫院重症監護室、急診科、心臟導管室和手術室等環境中執行的緊急手術。

The remain co-product portfolio will be highly complementary, with significant breadth across the hospital, with leading market physicians and opportunities for growth across three distinct business units vascular, interventional, and surgical.

剩餘的聯合產品組合將具有高度互補性，在整個醫院範圍內具有廣泛的覆蓋面，擁有領先的市場醫生以及血管、介入和外科三個不同業務部門的成長機會。

Vascular access will include products primarily consisting of our arrow-branded catheters, catheter navigation, and tip positioning systems, and our intra-osseous access systems.

血管通路將包括主要由我們的 arrow 品牌導管、導管導航和尖端定位系統以及我們的骨內通路系統組成的產品。

Post separation vascular axis will also include our emergency medicine portfolio, including our hemostatic products branded under our QuickClot trade name. Interventional will primarily consist of a variety of coronary catheters, structural heart support devices used by interventional cardiologists, interventional radiologists, and vascular surgeons.

分離後血管軸還將包括我們的急救醫學產品組合，其中包括以我們的 QuickClot 商標命名的止血產品。介入主要包括介入性心臟科醫師、介入性放射科醫師和血管外科醫師使用的各種冠狀動脈導管、結構性心臟支持裝置。

The interventional product category will also include the Biotronik vascular intervention business, the agreed upon acquisition of which we announced today and expect to close by the end of the third quarter of 2025, significantly expanding our portfolio in both coronary and peripheral cath lab procedures.

介入產品類別還將包括 Biotronik 血管介入業務，我們今天宣布了對該業務的收購協議，預計將於 2025 年第三季末完成，從而大大擴展我們在冠狀動脈和外周導管實驗室手術方面的產品組合。

Surgical would include single-use and reusable devices designed for use in a variety of surgical procedures, primarily consisting of metal and polymer ligation clips, facial closure surgical system used in laparoscopic surgical procedures, percutaneous surgical systems, a power bariatric stapler, and other surgical instruments used in ear, nose, and throat, and cardiovascular and thoracic procedures.

外科手術包括用於各種外科手術的一次性和可重複使用的設備，主要包括金屬和聚合物結紮夾、腹腔鏡手術中使用的臉部閉合手術系統、經皮手術系統、電動減肥縫合器以及用於耳、鼻、喉、心血管和胸部手術的其他手術器械。

NewCo, with approximately $1.4 billion in 2024 revenue, will have enhanced ability to identify, invest in, and capitalize on opportunities unique to the company's business units and markets. NewCo will be a diversified acute and extended care company with a focus on neurology, acute care, and OEM markets.

NewCo 2024 年的營收約為 14 億美元，將增強其識別、投資和利用公司業務部門和市場獨有機會的能力。NewCo 將是一家多元化的急性和延長護理公司，專注於神經病學、急性護理和 OEM 市場。

Urology will include the company's interventional urology and bladder management portfolios. Key products and brands will include the UroLift system for the treatment of BPH, [pyrogel] rectal spacer for use in radiation therapy for prostate cancer, and the root brand of catheters and bladder management products.

泌尿科將包括該公司的介入性泌尿科和膀胱管理產品組合。主要產品和品牌包括用於治療 BPH 的 UroLift 系統、用於前列腺癌放射治療的 [pyrogel] 直腸間隔器以及導管和膀胱管理產品的 root 品牌。

Acute care will include the majority of Teleflex's anesthesia product category, as well as our respiratory product category, portfolio of intra-aortic balloon pumps, and select other products. OEM will remain focused on the design, manufacture, and supply of devices and instruments for other medical device manufacturers.

急性護理將包括 Teleflex 的大部分麻醉產品類別，以及我們的呼吸產品類別、主動脈內球囊幫浦產品組合和其他精選產品。OEM 將繼續專注於為其他醫療器材製造商設計、製造和供應設備和儀器。

The OEM business specializes in custom extrusions, micro catheters, and specialized sutures. RemainCo and NewCo will benefit from more nimble operating models and simplified manufacturing footprints. The operating model will be simplified from seven product categories today to three product categories in each company post separation.

OEM 業務專門從事客製化擠壓件、微導管和專用縫合線。RemainCo 和 NewCo 將受益於更靈活的營運模式和簡化的製造足跡。營運模式將從目前的七個產品類別簡化為分拆後每家公司的三個產品類別。

From a manufacturing footprint perspective, the separation results in significantly streamlined operations for both companies. RemainCo will have a simplified and nimble operating model with a streamlined manufacturing footprint, transitioning from 19 anticipated manufacturing facilities at Teleflex, inclusive of the biochronic vascular interventions business as of year-end 2025 to seven facilities at RemainCo post separation with the remaining 12 to transfer to.

從製造足跡的角度來看，分離將大大簡化兩家公司的營運。RemainCo 將擁有簡化、靈活的營運模式和精簡的生產基地，從 Teleflex 預計的 19 個生產基地（包括截至 2025 年底的生物慢性血管介入業務）轉變為 RemainCo 分離後的 7 個生產基地，並將轉移至剩餘的 12 個生產基地。

Importantly, the structure and locations of the new coal businesses and manufacturing footprint will help to ease the separation process.

重要的是，新煤炭業務和製造足跡的結構和位置將有助於緩解分離過程。

Moving now to additional information on RemainCo. RemainCo will be focused on highly complimentary business product categories within hospital focused and markets. The market serves, including vascular axis, interventional, and surgical, approximate $32 billion in size and are growing in the mid-single digit plus range.

現在轉到有關 RemainCo 的更多資訊。RemainCo 將專注於醫院和市場內高度互補的商業產品類別。該市場的服務範圍包括血管軸、介入和外科手術，規模約為 320 億美元，並以中等個位數以上的速度成長。

Following the separation, RemainCo is expected to generate constant currency revenue growth of 6% plus. He immediately accreted to Teleflex at just a gross margin with a mid 60% profile and is initially expected to be neutral to Teleflex adjusted operating margin, partially as a result of higher anticipated investment in R&D.

分離後，RemainCo 預計將實現 6% 以上的固定貨幣收入成長。他立即加入 Teleflex，當時的毛利率僅為 60% 左右，預計最初將對 Teleflex 的調整後營業利潤率產生中性影響，部分原因是預期研發投資增加。

The simplified operating model would provide opportunities for marginal improvement over time and will create capacity for additional focused R&D investment. The transaction is also expected to deliver double digit adjusted areas for share growth in the first full year post separation.

簡化的營運模式將提供隨著時間的推移而不斷改進的機會，並將為額外的重點研發投資創造能力。此次交易還有望在分離後的第一個完整年度實現兩位數的調整後市場份額增長。

Turning to RemainCo's capital allocation strategy. With an enhanced financial profile following the separation, RemainCo will have an increased flexibility to better align its capital allocation philosophy and growth strategy.

轉向 RemainCo 的資本配置策略。分離後，RemainCo 的財務狀況將得到改善，從而擁有更大的靈活性，可以更好地調整其資本配置理念和成長策略。

The company will remain disciplined, planning to prioritize allocating capital to internal investment into high ROI growth drivers, growth the creative acquisitions to help the company more effectively compete in highly innovative and markets, repaying debt as appropriate to optimize the leverage profile, and continuing to return capital to shareholders by a quarterly dividends and opportunistic share repurchase.

公司將保持紀律，計劃優先將資本分配給內部投資，以獲得高投資回報率的成長動力，進行創造性收購，以幫助公司在高度創新和增長的市場中更有效地競爭，適當償還債務以優化槓桿率，並繼續透過季度股息和機會性股票回購向股東返還資本。

As part of this capital allocation strategy, Teleflex is targeting a net leverage ratio below three times through 2026. Moving to NewCo. NewCo will have a strong portfolio in established markets that are expected to grow in the low to mid-single digit range and total over $40 billion.

作為此資本配置策略的一部分，Teleflex 的目標是到 2026 年將淨槓桿率降至三倍以下。正在遷移至 NewCo。NewCo 將在成熟市場擁有強大的投資組合，預計這些投資組合將以低至中個位數成長，總額超過 400 億美元。

The company will have strong call points in the hospital, ASC, and office sites of service. Additionally, through NewCo's OEM business, the company is anticipated to have strong relationships with other medical device manufacturers that use its strong design and manufacturing competencies.

該公司將在醫院、ASC 和辦公服務現場擁有強大的呼叫點。此外，透過 NewCo 的 OEM 業務，該公司預計將與其他利用其強大的設計和製造能力的醫療設備製造商建立牢固的關係。

Following the separation, NewCo is expected to generate low-single digit constant currency revenue growth with a mid-50% gross margin profile. Over the medium term, NewCo will have the potential to accelerate growth.

分離後，NewCo 預計將實現低個位數的恆定匯率收入成長，毛利率達到 50% 左右。從中期來看，NewCo 將有加速成長的潛力。

To low-to-mid single digits as the UroLift business recovers, Pyrogel momentum remains strong with the opportunities to expand the addressable market through new FDA cleared indications, and the OEM business seeks to return to historical growth empowered by greater flexibility to further expand the customer base and enhanced capabilities.

隨著 UroLift 業務的復甦，其銷售額將達到低至中等個位數，Pyrogel 的發展勢頭依然強勁，有機會透過 FDA 批准的新適應症擴大潛在市場，而 OEM 業務則尋求透過更大的靈活性進一步擴大客戶群和增強能力，恢復歷史成長。

The company will benefit from a simplified operating model that will enable targeted investment for growth drivers and capital allocation for its investors. As mentioned, NewCo has the potential to improve growth to low-single digit to mid-single digit, from the low-single digit at the time of separation, with urology and OEM as key drivers in neurology, the focus will be on stabilizing UroLift beyond 2025.

該公司將受益於簡化的營運模式，該模式將能夠針對成長動力進行有針對性的投資，並為投資者進行資本配置。如上所述，NewCo 有可能將成長率從分離時的低個位數提高到中個位數，泌尿科和 OEM 是神經病學領域的關鍵驅動力，重點將放在 2025 年以後穩定 UroLift。

This year marks the final year of the phased reimbursement reduction in the United States off the site of service. The team is focused on driving usage through site of service specific strategies and continued development of UroLift 3, which we believe will drive improved economics and maintaining the base of strong scientific evidence that supports the use of the technology.

今年是美國服務範圍外分階段削減報銷費用的最後一年。該團隊專注於透過服務站點特定策略和 UroLift 3 的持續開發來推動使用，我們相信這將推動經濟改善並維持支持使用該技術的強有力科學證據基礎。

That revenue modestly exceeded the high end of the 2024 guidance of $73 million to $75 million implying growth over 30%. Looking forward, we continue to expect healthy double-digit growth. In OEM, we expect the dynamics impacting revenue growth in 2025 to be transitory following a long period of revenue increases with a 9.5% CAGR from 2014 to 2023.

該收入略高於 2024 年 7,300 萬美元至 7,500 萬美元的高端預期，意味著成長率超過 30%。展望未來，我們預計仍將實現健康的兩位數成長。在 OEM 領域，我們預計，在經歷一段長期的收入成長（2014 年至 2023 年複合年增長率為 9.5%）之後，影響 2025 年收入成長的動態將是暫時的。

The impact from the customer vertical integration was anniversary in the middle of 2025, and customer inventory management should largely run its course during the year. Post separation, OEM will have the flexibility to further expand the customer base and enhance capabilities.

客戶垂直整合的影響將在 2025 年中期達到高峰，客戶庫存管理應在這一年內基本完成。分離後，OEM 將能夠靈活地進一步擴大客戶群並增強能力。

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

我的準備好的發言到此結束。現在我想將電話轉回給接線生進行問答。

Thank you. (Operator Instructions) Patrick Wood, Morgan Stanley.

謝謝。（操作員指示） 摩根士丹利的派崔克‧伍德 (Patrick Wood)。

Beautiful, thank you so much. Busy morning for you guys. I guess, maybe I'd love to start with kind of a why now and a genesis of getting to the point where we're at now. I'm just curious, what prompted the review, how you landed it now being the right strategic timing for all this? Because it's a lot of changes, of course, and I'd love a little bit of the time out there. And then I had a quick follow up.

很漂亮，非常感謝。大家早上很忙。我想，也許我想先問為什麼現在會發生這種情況，以及我們現在所處的階段的起源。我只是好奇，是什麼促使你進行這次審查，你是如何選擇現在作為所有這一切的正確策略時機的？因為當然有很多變化，而且我很樂意在那裡待一點時間。然後我進行了快速的跟進。

Yeah, Patrick. As we've discussed many times, Teleflex continuously does portfolio reviews as a discipline management team. One of the key pillars of our value creation framework is optimizing our product portfolio. So we were constantly evaluating options to maximize the potential of each of the businesses and maximize value for shareholders. If you look back at the history of Teleflex, we've undergone a significant evolution in terms of company focus from a fairly diversified industrial company. If you go back to the 1900s, then we focused on becoming a true play medical device company and performed a lot of acquisitions of divestitures in the 2000s.

是的，派崔克。正如我們多次討論過的，Teleflex 作為學科管理團隊不斷進行投資組合審查。我們價值創造框架的關鍵支柱之一是優化我們的產品組合。因此，我們不斷評估各種選擇，以最大限度地發揮每個業務的潛力並實現股東價值的最大化。如果回顧 Teleflex 的歷史，我們會發現我們已經從一家相當多元化的工業公司，在公司重點方面經歷了重大轉變。如果回顧 20 世紀，我們當時專注於成為一家真正的醫療器材公司，並在 21 世紀進行了大量的收購和剝離。

We believe that this is the appropriate time, particularly with the addition of Biotronik vascular intervention business that we are also announcing today. It's clear to us that we would truly have two businesses within with different growth strategies, different goals, capital allocations. Proprieties, priorities, both of which would benefit from being independent companies. If you look at RemainCo and NewCo, they have fundamentally different growth and profitability profiles with the value not fully realized within either of them when they're combined within Teleflex.

我們相信現在是合適的時機，特別是考慮到我們今天也宣布了Biotronik血管介入業務的加入。我們很清楚，我們確實擁有兩家擁有不同成長策略、不同目標和資本配置的企業。禮節、優先事項，這兩者都將從成為獨立的公司中受益。如果你看一下 RemainCo 和 NewCo，你會發現它們的成長和獲利狀況有著根本的不同，當它們合併到 Teleflex 旗下時，它們各自的價值都無法完全實現。

Once we came to that realization, we started to look at this from a logistical standpoint, and it was actually a pretty clean separation. Our manufacturing footprint and operations today are already largely aligned to this separation. Urology business and OEM business are easily separable entities within Teleflex today. So the strategic rationale was there and then when we actually looked at how feasible it would be logistically and operationally, the pieces all really fell into place. So after looking at multiple ways to drive value with these businesses, we felt that a separation at this time is the most significant way we can drive value for our shareholders, our businesses, and our team members.

一旦我們意識到這一點，我們就開始從邏輯的角度來看待這個問題，這實際上是一個非常明確的分離。我們今天的製造足跡和營運基本上已經與這種分離保持一致。如今，泌尿科業務和 OEM 業務是 Teleflex 內部可以輕鬆分離的實體。因此，戰略原理是存在的，當我們真正研究它在後勤和操作上的可行性時，一切就都水到渠成了。因此，在研究了透過這些業務創造價值的多種方式之後，我們認為此時分離是我們為股東、我們的企業和我們的團隊成員創造價值的最重要方式。

Super helpful. And then just as a quick follow up, we obviously get a chat about BAFTA a few times and that side of things. How are you thinking about the relative like salesforce and the access because obviously Biotronik's very strong in in me. And I'm just trying to think, you've obviously -- you've got a bigger bag for the reps. Is there any ability to consolidate the reps or is this a situation where because of the geographic split being a little bit different between the two of you keep them all on and you just increase the size of the bag?

超有幫助。然後，作為快速的跟進，我們顯然聊了幾次關於 BAFTA 和那方面的事情。您如何看待銷售人員和訪問權限之類的相關問題，因為很明顯 Biotronik 在我心中非常強大。我只是試著想想，你顯然——你為銷售代表準備了一個更大的包。是否有能力整合代表，或者是由於兩人之間的地理分佈略有不同，你們保留所有代表，然後增加袋子的尺寸？

So I think you've hit the nail on the head synergistically. The acquisition of Biotronik Teleflex's interventional business is much stronger within the Americas. The Biotronik business is much stronger within EMEA. So we have the opportunity now in combining the vascular interventions, with the Teleflex business to take advantage of both of those areas also within Teleflex. As I said in my prepared remarks, we have products that are already approved for peripheral access, but we have never had a channel in order to sell those products through within the United States and in Europe. So that gives us the opportunity to do that.

所以我認為你的協同作用已經擊中要害。收購 Biotronik Teleflex 的介入業務在美洲地區實力更為強大。Biotronik 的業務在 EMEA 地區更為強勁。因此，我們現在有機會將血管介入與 Teleflex 業務結合起來，充分利用 Teleflex 內部這兩個領域的優勢。正如我在準備好的演講中所說，我們的產品已經獲得外圍訪問批准，但我們從未有管道在美國和歐洲銷售這些產品。所以這給了我們這樣做的機會。

And where the Biotronik vascular interventions business are sold within the United States, obviously it's a smaller company. So getting access to the cath lab is difficult for their individuals, whereas Teleflex has no issue getting access to that cath lab. And of course, the two businesses are very complimentary. I'll give you one small example.

而 Biotronik 血管介入業務在美國境內銷售時，顯然它是一家規模較小的公司。因此，他們的員工很難進入心臟導管室，而 Teleflex 的員工卻可以輕鬆進入心臟導管室。當然，這兩家公司的業務是互補的。我給你舉一個小例子。

They're – our [0] drug-eluting stent is really suitable for those tortuous coronary arteries because of its flexibility and my ability to place it. That is where a broad part of our portfolio is used every single day, gaining access to place these products.

我們的 [0] 藥物洗脫支架由於其靈活性和我放置它的能力，非常適合那些曲折的冠狀動脈。我們的產品組合的絕大部分每天都被用在那裡，並獲得放置這些產品的權利。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Morning. Thanks for taking the questions and Tom, best of luck to you in the future. I guess, Liam, as I think about the asset that you're acquiring here, free cell seems interesting, although it's been difficult with these bio-absorbable products historically. Just talk about the asset that you're bringing in, the confidence and being able to deliver the kind of growth you're talking about from it. I don't know if it's more OUS expansion of it going forward, but then also just the ability to kind of layer on from when you get this in-house, when you have, RemainCo, in the future and what that could look like going forward? Because I think some people will be a little bit skeptical just given the fact that you're rolling in some technologies that are a little bit older I guess in nature for a better like a lack of a better term.

早晨。感謝您回答這些問題，湯姆，祝您未來好運。我想，利亞姆，當我想到你在這裡獲得的資產時，自由細胞看起來很有趣，儘管從歷史上看，這些生物可吸收產品一直很困難。只需談論您帶來的資產、信心以及能夠從中實現您所說的成長的能力。我不知道這是否會是未來 OUS 的進一步擴展，但同時，當您在公司內部獲得這些權利時，當您擁有 RemainCo 時，也能夠進行分層，未來它會是什麼樣子？因為我認為有些人會有點懷疑，因為你正在採用一些本質上比較古老的技術，我想這可能是因為缺乏一個更好的術語。

So if you look at the portfolio, there are some key products within there. You've got the PK papyrus, which is a covered stent, which is actually one of the only covered stents and unique in its applicability. You've got the Pantera pro-drug coated balloon with a really solid CAGR over the last couple of years, and you've got the peripheral paro drug coated balloon with really solid rates. Regarding your comments on the free cells, I would like to point out that the older products were polymer, whereas this one is metallic, and I think this gives us nice optionality on revenue growth in the future as we go through the clinical trial.

如果你看一下產品組合，你會發現其中有一些關鍵產品。您得到了 PK 紙莎草，這是一種覆膜支架，它實際上是僅有的覆膜支架之一，並且其適用性是獨一無二的。在過去幾年中，Pantera 親藥物塗層球囊的複合年增長率非常穩定，而周邊 paro 藥物塗層球囊的複合年增長率也非常穩定。關於您對遊離細胞的評論，我想指出的是，舊產品是聚合物，而這款產品是金屬的，我認為這為我們在進行臨床試驗時未來收入成長提供了很好的選擇。

If we look at the CAGR of the portfolio that we're acquiring, and it's to be clear, Matt, we're not acquiring all of the portfolio of the vascular interventions business. But if you look at the CAGR of that portfolio over the last couple of years, it's been 5.4%, and even within that there's volume-based procurement impacts in late 2024 in China. And if you normalize for that, the CAGR of this portfolio will be in excess of 6%. So it's got a solid growth profile already.

如果我們看一下我們所收購的投資組合的複合年增長率，那麼需要明確的是，馬特，我們並沒有收購血管介入業務的所有投資組合。但如果您查看過去幾年該投資組合的複合年增長率，它已經達到 5.4%，並且即使在此範圍內，2024 年底中國也會產生基於批量的採購影響。如果對此進行規範，則該投資組合的複合年增長率將超過 6%。因此它已經擁有了穩健的成長前景。

It's got some innovative products and it's very complementary to Teleflex, both geographically and synergistically with the portfolio that we have and it gives us a much bigger presence in the cath lab in both Europe and the United States, and it will unlock the opportunity for some potential gores very similar to what happened when we acquired vascular solutions back in 2017.

它擁有一些創新產品，與 Teleflex 具有很好的互補性，無論是在地理位置上還是與我們現有的產品組合都具有協同作用，它使我們在歐洲和美國的導管室中佔據了更大的份額，並且它將為一些潛在的收購機會，這與我們在 2017 年收購血管解決方案時發生的情況非常相似。

Got it. And then just to follow up on the acquisition as well, just can you just talk a little bit more about the actual sales numbers? I don't know if you were -- Tom wants to talk about this, the sales numbers, margin profile. And then just why you guys think you can really grow this business at a better rate than what Biotronik was doing? Thanks.

知道了。然後，為了跟進收購情況，您能否再談談實際銷售數據？我不知道您是否—湯姆想談談這個，銷售數字，利潤狀況。那麼為什麼你們認為自己可以比 Biotronik 以更快的速度發展這項業務呢？謝謝。

Yeah, with regard to the sales numbers, so I gave you the growth rate for the acquisition that we brought in. As we outlined, we intend to close late Q3, and as I said in my prepared remarks, that would be approximately EUR91 million in the fourth quarter. There isn't that much seasonality with this business a little bit in the summer, but if you -- so, therefore you just take that EUR91 million which is approximately $94 million that would equate to around $3.75 million in a full-year basis and our expectation because of the synergies of bringing this product family into Teleflex that it will grow 6% or better as from 2026 on. And then as I said, you have the optionality of free cells into the future.

是的，關於銷售數字，我給了你我們收購的公司的成長率。正如我們所概述的，我們打算在第三季末結束，正如我在準備好的演講中所說，第四季的收入約為 9,100 萬歐元。業務的季節性並不大，夏季有一點，但如果你——因此，你只需要拿出 9100 萬歐元，大約是 9400 萬美元，相當於全年的 375 萬美元左右，我們預計，由於將該產品系列納入 Teleflex 的協同效應，從 2026 年起，它將增長 6% 或更高。然後正如我所說的，您可以選擇將來的空閒單元格。

Jason Bedford, Raymond James.

傑森貝德福德、雷蒙詹姆斯。

Good morning. And Tom, congrats on the retirement. Maybe I'll ask two questions, both up front. Liam, I'd love to hear from you why you're staying with RemainCo versus NewCo? And then secondly, as part of the comprehensive business review, did you actively explore divesting pieces of the business versus spin? Thanks.

早安.湯姆，恭喜你退休。也許我會問兩個問題，都是預先問的。利亞姆，我很想聽聽你為什麼選擇留在 RemainCo 而不是 NewCo？其次，作為全面業務審查的一部分，您是否積極探索剝離部分業務而不是剝離業務？謝謝。

Yeah, so I plan to stay with RemainCo. That's what the Board has asked me to do, to remain and to see through the separation of the two companies, and it is my intention to see through and drive this company to a 6% growth at a mid-60s gross margin, operating margin, the equivalent of the Teleflex company. And like I said earlier in regard to sell or spin, it is our intention to continue to invest in R&D within this business and look at it as we evaluated our portfolio. And as we looked at Biotronik's business coming in, we determined that the most efficient way to unlock shareholder value is to separate these two businesses.

是的，所以我計劃繼續留在 RemainCo。這就是董事會要求我做的，繼續留在公司並完成兩家公司的分離，我的目標是完成並推動這家公司實現 6% 的成長率，毛利率和營業利潤率達到 65%，與 Teleflex 公司相當。正如我之前關於出售或分拆所說的那樣，我們打算繼續對該業務的研發進行投資，並在評估我們的投資組合時對其進行審視。當我們審視 Biotronik 的業務時，我們發現釋放股東價值最有效的方法就是將這兩項業務分開。

We are very focused on creating that shareholder value and our base case for the separation, as we are announcing today is intended to be a tax-free distribution via spinoff. But Jason, as you are aware, recently a number of transactions of this nature that have been announced, they started off as a spin and they ended up being sold. And candidly, if that opportunity presents itself and creates more value for shareholders, we're going to be open to pursuing it.

我們非常注重創造股東價值和分離的基本情況，正如我們今天所宣布的，旨在透過分拆實現免稅分配。但是傑森，正如你所知，最近宣布了許多此類交易，它們一開始都是分拆，最終都被出售了。坦白說，如果有這樣的機會並且能為股東創造更多價值，我們就會願意去追求它。

Shagun Singh, RBC.

沙岡·辛格，RBC。

Great. Thank you so much for taking the question. I guess, I was hoping you could comment a little bit on your 2025 guidance of 1% to 2% constant currency, which surprised me a little bit. What has driven, such a drastic revision in your business? Can you maybe talk to for trends and you know some of the outlook for 25 and then just on RemainCo really, what gives you the confidence that you can deliver on that 6% FX growth you know on a durable basis post the separation and mid-2026 and beyond?

偉大的。非常感謝您回答這個問題。我想，我希望您能對 2025 年 1% 至 2% 的恆定匯率指導做一些評論，這讓我有點驚訝。是什麼原因促使您的業務發生如此劇烈的調整？您能否談談趨勢，您知道 25 年的一些前景，然後只是關於 RemainCo 的問題，是什麼讓您有信心在分離後以及 2026 年中期及以後能夠持久地實現 6% 的外匯增長？

Thank you for taking the question.

感謝您回答這個問題。

Okay, Shagun. Let me take the second part of that first, and what gives us the confidence then RemainCo would be able to grow 6% plus growth. Well, if you look at our guidance for 2025 and our plan for 2025, the impact of the volume-based procurement in China, that business is growing in the high-fives, obviously.

好的，沙岡。讓我先談第二部分，什麼讓我們有信心 RemainCo 能夠達到 6% 以上的成長。嗯，如果你看看我們對 2025 年的指導和計劃，你會發現中國批量採購的影響，顯然這項業務正在高速成長。

Also within our plan, the RemainCo is challenged, and I'll get into that now as I go through the guidance. So our guidance of 1% to 2%, it honestly reflects the trading environment we see for the 12 months.

同樣，在我們的計劃中，RemainCo 也面臨挑戰，我現在將在閱讀指導時深入討論這個問題。因此，我們的 1% 至 2% 的預期真實反映了我們看到的 12 個月的交易環境。

Our guidance is expecting the Americans and APAC will grow low-single digits while EMEA will grow in the mid-single digits. UroLift is continued. We anticipate to be challenged as we go through the year and we also expect Palette to grow in line with our previous expectations, but we've communicated many times to the investment community in 2025. We're not expecting an improvement in the environment for UroLift. This is the last year of reimbursement, so that that could be something that would change going forward for OEM.

我們的預期是，美國和亞太地區將實現低個位數成長，而歐洲、中東和非洲地區將實現中等個位數成長。UroLift 仍在繼續。我們預計今年將會面臨挑戰，我們也預期 Palette 將按照我們先前的預期成長，但我們已經多次與投資界溝通過 2025 年的情況。我們並不期待 UroLift 的環境會有所改善。這是報銷的最後一年，因此這可能會對 OEM 的未來產生影響。

We are now expecting tighter inventory management by our customers in 2025. We have reached out to all of our customers to get order levels for 2025, and it now appears that inventory management, we experienced in the second half of 2024 will accelerate as we go into 2025. We already had, as we communicated, an impact in the first half of 2025 in OEM from the vertical integration, but now we see that being compounded by more robust inventory management in that period. The third headwind is in APAC, where we anticipate being impacted by volume-based procurement in our surgical business in 2025.

我們預計，到 2025 年，客戶將採取更嚴格的庫存管理措施。我們已經聯繫了所有客戶，以獲取 2025 年的訂單水平，現在看來，我們在 2024 年下半年經歷的庫存管理將在進入 2025 年時加速。正如我們所傳達的，垂直整合已經在 2025 年上半年對 OEM 產生了影響，但現在我們看到，這一影響因該時期更強勁的庫存管理而加劇。第三個不利因素來自亞太地區，我們預計 2025 年我們的外科業務將受到大量採購的影響。

This again, like the OEM impact we believe would be transitory and be largely flushed through in 2025, and therefore that's what's reducing the expectation for APAC growth to the lower single digits and the impact is within China. If you take those three buckets of headwinds, Shagun, that's approximately $100 million with Europe being the largest OEM being next and volume-based procurement being the third.

再次，就像我們認為 OEM 的影響將是暫時的，並將在 2025 年基本消失，因此，這將使亞太地區增長預期降低至個位數以下，並且影響僅在於中國境內。沙岡，如果你考慮這三個不利因素，那麼損失約為 1 億美元，其中歐洲是最大的 OEM，其次是基於批量的採購，第三是。

Larry Bieglesen, Wells Fargo.

富國銀行的拉里‧比格萊森 (Larry Bieglesen)。

Good morning. Congratulations, Tom. A couple of questions for me, I guess, one on Biotronik and one on the separation. So Liam, maybe just specifically on the Biotronik products, can you resurrect or CIO? What's the plan for Palette in the US and free cells in the US? When can you start the pivotal trial? And I had one follow up on the separation.

早安.恭喜你，湯姆。我想我有幾個問題，一個是關於Biotronik，一個是關於分離。那麼 Liam，也許只是特別針對 Biotronik 產品，您能重新討論一下 CIO 嗎？Palette 在美國和 Free Cells 的計劃是什麼？什麼時候可以開始關鍵的試驗？我對分離進行了一次跟進。

Okay, so, with regards to the question on the [Orcero] product, it has got excellent clinical data.

好的，關於 [Orcero] 產品的問題，它擁有出色的臨床數據。

Our observation is that presenting that clinical data could be improved, and I think Teleflex bringing our clinical expertise to that to present it is particularly suitable for the more tortuous stent placements because of the flexibility and the thin wires of that particular stent. The Pantera would require some efforts on the coding technology to bring it broadly into the US. For now, we've announced that we're going to sign the -- we've signed the agreement today.

我們的觀察是，臨床數據的呈現方式仍有待改進，我認為 Teleflex 憑藉我們的臨床專業知識來呈現這些數據，這特別適合於更曲折的支架置入，因為這種特定支架具有靈活性且導線較細。Pantera 需要在編碼技術上做出一些努力才能廣泛地引入美國。目前，我們已經宣布我們將簽署——我們今天已經簽署了該協議。

We're not going to have the product in closed until the end of Q3. Our expectation for free cell is that we will continue with the clinical study in Europe, get that through. And we'll update the investment community and our plans for freestyle for the United States as we go through 2026. But it is a nice revenue optionality for us within the future, Larry.

直到第三季末我們才會關閉該產品。我們對遊離細胞的期望是，我們將繼續在歐洲進行臨床研究，並取得成果。我們將向投資界通報 2026 年美國自由式足球計畫的最新情況。但拉里，這對我們未來來說是一個很好的收入選擇。

Okay, that's helpful. And then second, for the separation, the margins of each business today, I didn't see the operating margin for SpinCo and you talked about RemainCo being kind of neutral with increased investments. Can you kind of give us the pieces today so obviously we can create, separate models and just any color on stranded and stand up cost for each should we just look at recent precedents?

好的，這很有幫助。其次，對於分離，目前每個業務的利潤率，我沒有看到 SpinCo 的營業利潤率，而您談到 RemainCo 在增加投資的情況下保持中性。您今天能否為我們提供這些部件，以便我們能夠創建單獨的模型，以及每種模型的任何顏色以及各自的站立成本，我們應該只看看最近的先例嗎？

Thank you.

謝謝。

Yeah, I think for a strand and a stand up costs, Larry, you're pretty accurate. You should look at precedents. We believe this will be, while every spin is unique, we think this is going to be similar to many of those. We've tried to give the investment community as much color as possible with RemainCo growing at 6% at mid-60s gross margin, investing in R&D with operating margins similar to Teleflex. Same for NewCo. We think it's going to be growing low-single digits and with the potential to improve as the urology business and the OEM business improves over time. It'll have mid-fifties gross margin. Obviously, a lot of the other information will be disclosed in the Form 10-K, but I think you should consider it to be similar carveouts, Larry. It's a good benchmark to use.

是的，我認為對於一條線和一個站立的成本而言，拉里，你說得相當準確。你應該看看先例。我們相信這將是這樣的，儘管每次旋轉都是獨一無二的，但我們認為這將與其中許多旋轉相似。我們盡可能向投資界展示 RemainCo 的概況，該公司的毛利率為 60% 左右，成長率為 6%，其在研發方面的投資與 Teleflex 的營業利潤率相似。NewCo 也是一樣。我們認為它將保持低個位數成長，隨著泌尿科業務和 OEM 業務的不斷改善，它還有改善的潛力。它的毛利率將達到50%左右。顯然，許多其他資訊將在 10-K 表中披露，但我認為你應該將其視為類似的豁免，拉里。這是一個很好的基準。

Anthony Petrone, Mizuho Financial Group.

瑞穗金融集團的安東尼‧佩特羅內 (Anthony Petrone)。

Thanks. And Tom, congratulations. Good luck on the transition. Maybe sticking on the structure of the spin, Liam, will the parent retain, any ownership in the spin?

謝謝。湯姆，恭喜你。祝過渡順利。也許堅持旋轉的結構，利亞姆，父母會保留旋轉的所有權嗎？

How will that work out? Any comments on the capital structures of the two businesses, the consolidated business is holding around $1.65 billion in debt. So any early views on how debt. For each of the stand-alone businesses will play out and I'll have one quick follow up on Biotronik.

這會如何呢？對這兩家企業的資本結構有何評論，合併後的企業負債約 16.5 億美元。那麼，對於債務，您有什麼早期的看法嗎？對於每個獨立業務的開展，我將對 Biotronik 進行快速跟進。

Yeah, with just regarding the capital structures, all of that will be determined as we go through, Antony, and also the determination as to what holding that RemainCo would hold within NewCo. And obviously, all that would be disclosed in the Form 10-K. It is our intent to set up two very successful companies, and all of this will be defined over the next several quarters. We do want to have a RemainCo and a NewCo with a strong viable future, both making independent decisions for their companies to extract shareholder value from both RemainCo and NewCo.

是的，就資本結構而言，所有這些都將在我們進行討論時確定，安東尼，同時還將確定 RemainCo 在 NewCo 中持有的股份。顯然，所有這些都將在 10-K 表中揭露。我們的目標是建立兩家非常成功的公司，所有這些都將在接下來的幾個季度內實現。我們確實希望留守公司和新公司都擁有強大而可行的未來，兩家公司都能為其公司做出獨立決策，從而從留守公司和新公司中獲取股東價值。

And then just on Biotronik, maybe a little bit on top line synergy potentials as well as cost synergy, at the top line, certainly that there are channel overlaps with vascular access, maybe to some extent interventional, surgical, maybe separate, and then geographic, it seems like there could be synergies there and then just on cost synergy, so just a little bit on the sales synergy of [Parenco] with Biotronik as well as cost synergy. Thanks.

然後就 Biotronik 而言，可能在頂線協同潛力以及成本協同方面有一點，在頂線上，當然存在與血管通路的渠道重疊，可能在某種程度上是介入性的、外科性的，可能是獨立的，然後是地理上的，似乎那裡可能存在協同效應，然後只是成本協同效應，所以只是 [Parenco] 與 Biotronik 協同效應以及成本有一點協同效應。謝謝。

Yeah, thanks, Anthony. As I said a little earlier, we have a range of our current products that have an indication for peripheral, but we haven't had a channel to sell those products together. I think there's a significant opportunity for us in combining the sales forces in both the US and in Europe to have a larger bag and be more relevant within that cath lab call point. We've said many times that the cath lab is a call point that we really want to continue to explore, and we want to continue to invest behind the new product innovation.

是的，謝謝，安東尼。正如我之前所說，我們目前有一系列適用於週邊設備的產品，但我們還沒有管道將這些產品一起銷售。我認為，對我們來說，將美國和歐洲的銷售隊伍結合起來，擁有更大的包裝，並在心導管室呼叫點更具相關性，這是一個重大機會。我們已經多次說過，心導管實驗室是我們真正想要繼續探索的一個呼叫點，我們希望繼續在新產品創新方面進行投資。

That's the lifeblood of these products. So we'll have a whole suite of products now available with a full bag sales. In the cath lab for both coronary and peripheral indications, and we will be able to sell our products that have a peripheral indication through that sales channel gaining synergies in that regard. So your analysis is and perception is absolutely correct. There will be opportunities as we combine the bags of both companies and the sales forces of both companies to help drive that growth of 6% or better as we move forward.

這就是這些產品的生命線。因此，我們現在將推出全套產品並全袋銷售。在針對冠狀動脈和周邊適應症的導管實驗室中，我們將能夠透過該銷售管道銷售具有周邊適應症的產品，從而獲得這方面的協同效應。所以你的分析和看法是完全正確的。隨著我們將兩家公司的箱包和兩家公司的銷售團隊整合在一起，將創造更多機會，幫助推動未來 6% 或更高的成長。

Richard Neitter, Truist Securities.

Truist Securities 的 Richard Neitter。

Hi, thanks for taking the questions, and Tom. I echo my congrats into your retirement. I just have a couple, up front here, forgive me with all the news flow, you might feel like kind of old topics, but any update on the interior balloon pump, forecast horizon and views on the competitive dynamics in that market and your opportunity to gain share there. I'd also like to just ask how, if at all, tariff exposure is contemplated in the outlook for 25 and if you could just remind us, you know how that runs through your business and what your exposure is there? And then just lastly, any insight on who's going to run NewCo? Are you going to go internal or external or is it too early?

嗨，謝謝你回答問題，還有湯姆。我再次對您退休表示祝賀。首先，我想問幾個問題，請原諒我新聞鋪天蓋地，您可能會覺得這些話題有些老套，但是關於內部氣球泵的任何更新、預測範圍和對該市場競爭動態的看法以及您在那裡獲得份額的機會。我還想問一下，25 年的前景中是如何考慮關稅風險的，如果您可以提醒我們，您知道這對您的業務有何影響，以及您在那裡的風險是什麼？最後，您對誰將管理 NewCo 有什麼看法嗎？您要內部進行還是外部進行，或者現在還太早嗎？

Thanks. Okay, so I'll take two, and I'll ask John to cover the tariffs. So with regards to the management team for NewCo, we're beginning a search immediately for the management team. There will obviously be some internal individuals that that will transfer to run that business, but it's our intent to begin an external search for a new NewCo CEO and CFO. Regarding the intra-arctic balloon pumps, Rich, nothing has changed in our outlook and expectation. We came in a little bit ahead of our expectation in Q4 for inter-arctic balloon pumps.

謝謝。好的，那我要兩個，然後我會讓約翰來付關稅。因此，關於 NewCo 的管理團隊，我們將立即開始尋找管理團隊。顯然，一些內部人員將會被調去經營該業務，但我們打算從外部尋找新的新公司執行長和財務長。關於北極內部氣球泵，Rich，我們的看法和期望沒有改變。我們在第四季度的北極氣球幫浦業務表現略超出了我們的預期。

The quotation rates as we've gone through Q4 and into early Q1 have remained robust and we see that the opportunity through Q1 and Q2 is as we had communicated before. And I'll ask John to give you some more color on the tariffs.

我們從第四季到第一季初的報價一直保持強勁，我們看到第一季和第二季的機會就像我們之前所溝通的那樣。我會請約翰向您詳細介紹關稅問題。

Sure. Tariffs that have been currently enacted, we have in our plan and in place tariffs that have been proposed several times by the Trump administration but have not been put in place are not in our biggest exposure remains if the tariff is put in place for Mexico as we have significant operations in Mexico and that would have the largest impact to the company.

當然。目前已經頒布的關稅，我們計劃中的和已經實施的關稅，這些關稅由川普政府多次提出但尚未實施，並不是我們面臨的最大風險，如果對墨西哥實施關稅，因為我們在墨西哥有大量業務，這將對公司產生最大影響。

Craig Bijou, Bank of America.

美國銀行的克雷格‧比喬 (Craig Bijou)。

Good morning, guys. Tom, congrats on the retirement. A couple of quick ones for me, maybe just to follow up on Rich's question on tariffs, I mean, would it be possible to size the exposure to, if the Mexican tariffs went into place? And then on the OEM business, and your comments there, Liam, I guess I just wanted to understand, do you think it's a broad a broader inventory work down or are there specific products within your portfolio that are, maybe being targeted by your customers as to work on that inventory? Thanks.

大家早安。湯姆，恭喜你退休。對我來說有幾個快速的問題，也許只是為了跟進 Rich 關於關稅的問題，我的意思是，如果墨西哥關稅生效，是否有可能衡量風險敞口？然後關於 OEM 業務以及您的評論，Liam，我想我只是想了解，您是否認為這是一個廣泛的庫存工作，或者您的產品組合中是否有特定的產品可能是您的客戶針對這些庫存進行工作的？謝謝。

Yeah, Craig. So on the inventory, it's pretty broad-based with the inventory. We saw customers over the past couple of years stock up, particularly on some of the extrusions, complex extrusions, and we're seeing a slightly outsized normalization in that area.

是的，克雷格。因此，就庫存而言，庫存範圍相當廣泛。我們看到過去幾年客戶囤貨，特別是一些擠壓件、複雜的擠壓件，我們看到該領域的正常化程度略有提高。

With regard to the tariffs, there's a lot of variability, in relation to those, it's not really clear, will there be exceptions for medical devices? Is it value add only impact? How's the Maquiladora arrangement being managed? And it's difficult to run your business forecasting all of these based on the tweets of the day. Obviously, we saw last night they're now an intent on Europe and again there's a complete lack of clarity as to how that.

關於關稅，存在著很大的可變性，與此相關，目前還不清楚，醫療器材是否會有例外？它只是增加價值的影響嗎？加工廠的管理安排是怎麼樣的？而且，僅根據當天的推文來預測所有這些情況，經營業務是非常困難的。顯然，我們昨晚看到他們現在意圖攻擊歐洲，但具體如何攻擊仍不明確。

So to give you a more wholesome answer, we really need more information. Obviously, we're taking actions. We've moved inventory north of the border, and as you probably are aware. Craig, if tariffs did hit, a lot of it would be capitalized into your inventory and then would flush out a little bit later in the cycle. So difficult to give you specifics on the various different tariffs, but as John said earlier, all tariffs that are in place as of right now are contemplated within our the guide that we provided.

因此，為了給您一個更全面的答案，我們確實需要更多資訊。顯然，我們正在採取行動。我們已將庫存轉移到邊境以北，您可能已經知道了。克雷格，如果關稅確實來襲，其中很大一部分將被資本化為你的庫存，然後在週期的稍後階段被沖走。因此很難向您提供有關各種不同關稅的具體信息，但正如約翰之前所說，目前實施的所​​有關稅都在我們提供的指南範圍內。

The next question comes from Michael Polark, Wolfe Research.

下一個問題來自 Wolfe Research 的 Michael Polark。

Thank you.

謝謝。

The balloon pumps are going to NewCo. Why not keep them in RemaninCo?

氣球泵將送往 NewCo。為什麼不把它們留在 RemaninCo 呢？

So I think that that that was a topic conversation candidly Mike, but the reality was that it really does fit into that acute care. It has its own separate sales force and it is a -- it will be a value add for NewCo. The margin profile made it. More applicable to NewCo than RemainCo, and obviously it does have a separate manufacturing footprint, so it was a discussion topic, and ultimately as the team went through it over the last many months, this was the decision where we finally came down.

因此，我認為坦率地說，麥克，這是一個主題對話，但事實是，它確實適合急性護理。它擁有自己獨立的銷售隊伍，這將為 NewCo 增加價值。邊緣概況已做到這一點。與RemainCo相比，它更適用於NewCo，而且顯然它確實有獨立的製造足跡，所以這是一個討論的話題，最終，隨著團隊在過去幾個月的不斷努力，我們最終做出了這個決定。

Similar question. For the follow up, but on anesthesia I always viewed this as fairly complimentary to vascular access, similar call point critical care settings, ICU emergency med. You know what have I missed there? Is it a sales -- is it a separate sales effort? Is it a materially lower margin profile price risk, why separate those two?

類似的問題。對於後續工作，但在麻醉方面，我始終認為這與血管通路、類似呼叫點重症監護設置、ICU 急診醫學相當互補。你知道我錯過了什麼嗎？這是銷售嗎－這是單獨的銷售活動嗎？這是否是一種大幅降低的保證金概況價格風險，為什麼要將這兩者分開？

Thank you.

謝謝。

Yeah, so the anesthesia business is broadly, regional anesthesia and, ICU slash operating room, general anesthesia.

是的，麻醉業務範圍很廣，包括局部麻醉、ICU、手術室和全身麻醉。

Not that much synergies with the vascular business candidly, Mike. The one piece of the business that does have synergy with the vascular business, is the emergency medicine part of that, and obviously that is staying with RemainCo, and obviously the margin profile and growth profile of the anesthesia, without the emergency medicine side of it would probably fit better in new co than RemainCo.

坦白說，與血管業務的協同作用並不大，麥克。業務中確實與血管業務具有協同作用的一部分是急診醫學部分，顯然該部分仍保留在 RemainCo 中，而且顯然，如果沒有急診醫學部分，麻醉科的利潤率和增長情況可能更適合新公司，而不是 RemainCo。

Mike Matson, Needham.

麥克馬森，尼德姆。

Yeah, thanks for putting me in just want to ask one on the Biotronik deal. So I think you said that the gross margin of that business is similar to the current corporate gross margin, is that right? And it's a bit lower than I would have thought, is that maybe because they're, more exposed to OUS in Europe in terms of their sales mix. And is there an opportunity there that then if you, start selling more of those products in the US at higher prices to get some, gross margin accretion there.

是的，感謝您讓我加入，我只是想問一個關於 Biotronik 交易的問題。所以我認為你說的那個業務的毛利率和現在的企業毛利率差不多，對嗎？而且這個數字比我想像的要低一些，可能是因為從銷售組合來看，他們在歐洲的 OUS 曝險更大。那麼，如果您開始在美國以更高的價格銷售更多此類產品，是否有機會提高那裡的毛利率？

Yeah, so it is equal.

是啊，所以是平等的。

To the Teleflex that you heard that correctly and that is correct. There is a fair amount of investment into the business right now in regards to the pipeline. In particular with the optionalities I pointed out to free cell, and I think your observation is correct as we can accelerate growth in the United States and as we accelerate some of the new product pipeline, there is the potential to improve that gross margin over time and obviously definitely an opportunity to improve operating margin over time.

對於 Teleflex，您聽到的是正確的，而且這是正確的。目前，在管道業務方面已經有相當多的投資。特別是我指出的免費蜂窩的可選性，我認為你的觀察是正確的，因為我們可以加速美國的增長，並且隨著我們加速一些新的產品線，有潛力隨著時間的推移提高毛利率，顯然肯定有機會隨著時間的推移提高營業利潤率。

Okay, got it. Thanks. And then just on free cell, I apologize if you already answered this, but do you need to, would you need to run a US pivotal trial if you decide to try to commercialize that in the US or those trials are running adequate?

好的，明白了。謝謝。然後只是關於免費手機，如果您已經回答了這個問題，我很抱歉，但是您是否需要，如果您決定嘗試在美國將其商業化，您是否需要在美國進行關鍵試驗，或者這些試驗是否運行充分？

So the current trial that's running is for Europe. So yes, that is accurate. We would have to run a trial for the US. And as I said earlier, we'll update the investment community as we go through 2026 as to our optionality on that, we'll have got a lot more patients enrolled in the trial in Europe at that stage, and we'll have a much better visibility as to what the path forward is in the US at that stage.

目前正在進行的試驗是針對歐洲的。是的，這是準確的。我們必須對美國進行審判。正如我之前所說，我們將在 2026 年向投資界通報我們的選擇，屆時我們將有更多的患者參與歐洲的試驗，我們也將對美國在該階段的前進道路有更好的了解。

This concludes the question-and-answer session. I'll turn the call to Lawrence Keusch for closing remarks.

問答環節到此結束。我將請 Lawrence Keusch 作最後發言。

Thank you, Sarah, and thank you to everyone that joined us on the call today. This concludes the Teleflex Incorporated fourth quarter 2024 earnings conference call.

謝謝你，莎拉，也謝謝今天參加我們電話會議的每個人。這就是 Teleflex Incorporated 2024 年第四季財報電話會議的結束。

Thank you. You may now disconnect.

謝謝。您現在可以斷開連線。