泰利福醫療 (TFX) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Teleflex first quarter 2025 earnings conference call. At this time, all participants have been placed in a listen-only mode.

女士們、先生們，早安，歡迎參加 Teleflex 2025 年第一季財報電話會議。目前，所有參與者都處於只聽模式。

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

（操作員指令）。請注意，本次電話會議正在錄音，並將很快在公司網站上提供重播。

Now I will turn the call over to Mr. Lawrence Keusch, Vice President of Investor Relations & Strategy Development.

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 first quarter 2025 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 2025 年第一季財報電話會議。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。此外，我們還將提供會議重播。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; and John Deren, Executive Vice President and Chief Financial Officer. Liam and John 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 和執行副總裁兼財務長 John Deren。Liam 和 John 將提供準備好的發言，然後我們將開始問答環節。

Before we begin, I'd like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events as outlined in the slides posted to the Investor Relations section of the Teleflex website.

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 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.

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發生重大差異的因素包括但不限於我們今天的新聞稿中提到的因素以及我們向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'll 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 first quarter results, review strategic and commercial highlights and provide an update on our financial guidance for 2025.

謝謝你，拉里，大家早安。在今天早上的電話會議上，我們將討論第一季的業績，回顧策略和商業亮點，並提供 2025 年財務指導的最新資訊。

For the first quarter, Teleflex revenues were $700.7 million, down 5% year-over-year on a GAAP basis and a decline of 3.8% on adjusted constant currency basis, which is within the range of the minus 3% to minus 4% guidance provided during our quarter 4 earnings call. .

第一季度，Teleflex 的營收為 7.007 億美元，以 GAAP 計算年減 5%，按調整後固定匯率計算下降 3.8%，在我們第四季財報電話會議上提供的-3% 至-4% 的指導範圍內。。

Revenues were $2 million below the midpoint of the range due to some softness in orders in EMEA, which has since recovered in April. First quarter adjusted earnings per share was $2.91, a 9.3% decrease year-over-year.

由於歐洲、中東和非洲地區訂單疲軟（自 4 月以來有所回升），營收比預期中點低 200 萬美元。第一季調整後每股收益為 2.91 美元，年減 9.3%。

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

現在讓我們更深入地了解第一季的營收結果。我將首先回顧第一季我們各地區分部的收入。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 $475.7 million, a 3.2% decrease year-over-year. Revenue growth in the quarter was in line with expectations and was impacted by OEM decline and continued challenges in the UroLift [office side of service].

美洲區營收為 4.757 億美元，年減 3.2%。本季營收成長符合預期，但受到 OEM 下滑和 UroLift 持續挑戰的影響[辦公室服務]。

EMEA revenues of $151.2 million decreased 2.8% year-over-year. Strong performance in Surgical and Vascular Access were primarily offset by Anesthesia. We experienced lower-than-expected orders during the latter portion of the first quarter, which have recovered in April.

歐洲、中東和非洲地區收入為 1.512 億美元，年減 2.8%。外科和血管通路的強勁表現主要被麻醉方面所抵消。第一季後半段，我們的訂單量低於預期，但四月有所回升。

Turning to Asia. Revenues were $73.8 million, a 9.7% decrease year-over-year and in line with our expectations. Revenue growth was impacted by the previously announced volume-based procurement in our China business. We expect sequential quarterly revenue improvement in our China business through the remainder of 2025.

轉向亞洲。收入為 7,380 萬美元，年減 9.7%，符合我們的預期。收入成長受到我們中國業務先前宣布的批量採購的影響。我們預計，2025 年剩餘時間內，中國業務的季度營收將持續成長。

Let's now move to a discussion of our first quarter revenues by global product category. Commentary on global product category growth for the first quarter will also be on a year-over-year adjusted constant currency basis.

現在讓我們來討論一下第一季按全球產品類別劃分的收入。對第一季全球產品類別成長的評論也將以同比調整後的固定匯率為基礎。

Starting with Vascular Access. Revenue increased 1.9% year-over-year to $182.4 million. The quarter was led by year-over-year growth in PICCs, which increased at a double-digit rate and a solid performance in EZ-IO. We still expect our Vascular Access business to grow in the mid-single-digit range in 2025 driven by continued PICC growth and the return of the insurance catheter to the market.

從血管通路開始。營收年增1.9%至1.824億美元。本季度，PICC 的年增率領先，成長率達到兩位數，EZ-IO 的表現也十分穩健。我們仍然預計，在 PICC 持續成長和保險導管重返市場的推動下，我們的血管通路業務將在 2025 年實現中等個位數成長。

Moving to Interventional. Revenue was $137.5 million, an increase of 3.2% year-over-year. During the quarter, performance was led by growth drivers such as on control and complex catheters. In the quarter, we continued to see robust demand for intra-aortic balloon pumps which grew at a strong double-digit rate in the Americas, offset by a tough year-over-year comp in Asia Pacific.

轉向介入。營收為1.375億美元，年增3.2%。本季度，業績主要由控制和複雜導管等成長動力推動。本季度，我們繼續看到對主動脈內球囊幫浦的強勁需求，美洲地區以強勁的兩位數成長，但亞太地區較去年同期成長率較弱。

Turning to Anesthesia. Revenue decreased 8.6% year-over-year to $86.6 million. Among our largest product categories, Endotracheal Tubes and Hemostatic products showed growth in the quarter and were primarily offset by a tough comp in military orders and pressure on airway products. In our Surgical business, revenue was $105.8 million, an increase of 2% year-over-year.

轉向麻醉。營收年減8.6%至8660萬美元。在我們最大的產品類別中，氣管插管和止血產品在本季度呈現成長，但主要被軍事訂單的艱難成長和氣道產品的壓力所抵消。我們的外科業務收入為 1.058 億美元，年增 2%。

Our underlying trends in our core surgical franchise continued to be solid, partially offset by the expected impact of volume-based procurement in China.

我們核心外科特許經營權的潛在趨勢繼續保持穩固，但被中國批量採購的預期影響部分抵消。

For Interventional Urology, revenue was $71 million, representing a decrease of 10.7% year-over-year. While we saw strong double-digit growth for Barrigel, we continue to experience pressure on UroLift, particularly in the office side of service.

介入泌尿外科的收入為 7,100 萬美元，年減 10.7%。雖然我們看到 Barrigel 實現了強勁的兩位數成長，但我們仍然感受到 UroLift 的壓力，特別是在辦公室服務方面。

OEM revenue decreased 26.8% year-over-year to $63.9 million. Growth was in line with our expectations. The performance in the quarter was driven by the impact of the last customer contract discussed on our third quarter 2024 calls with the remainder attributable to customer inventory management. As expected, the last customer contract impacted first quarter revenue by approximately $7 million with the balance from customer inventory management.

OEM營收年減26.8%至6,390萬美元。增長符合我們的預期。本季度的業績受到我們在 2024 年第三季電話會議上討論的最後一份客戶合約的影響，其餘部分歸因於客戶庫存管理。正如預期的那樣，上一份客戶合約對第一季的收入產生了約 700 萬美元的影響，其餘部分來自客戶庫存管理。

In particular, as we progressed through the quarter, we began to see the expected improvement in order rates from our customers, validating our assumption of growth improvements quarter-over-quarter as we progress through the year and reached the anniversary of the loss of our customer contracts in the third quarter of 2025.

特別是，隨著本季度的進展，我們開始看到客戶訂單率的預期改善，驗證了我們對全年環比增長改善的假設，並在 2025 年第三季度迎來了失去客戶合約的周年紀念日。

First quarter other revenue increased 4.5% to $53.5 million year-over-year. That completes my comments on the first quarter revenue performance.

第一季其他營收年增 4.5% 至 5,350 萬美元。這是我對第一季營收表現的評論。

Turning to some commercial and clinical updates. In our Interventional portfolio, we are pleased to announce that the AC3 Range Intra-Aortic Balloon Pump has received 510(k) clearance from the FDA. The AC3 Range Intra-Aortic Balloon Pump is a compact pump, which combines the simple interface and proprietary algorithms of our flagship AC3 Optimus Intra-Aortic Balloon Pumps to provide the same precisely timed support. The AC3 Range is designed to provide reliable, ongoing intra-Aortic Balloon Pump support across various patient transport modes, including commonly used ground and air ambulance vehicles.

轉向一些商業和臨床更新。在我們的介入產品組合中，我們很高興地宣布 AC3 系列主動脈內球囊幫浦已獲得 FDA 的 510(k) 許可。AC3 系列主動脈內球囊泵是一款緊湊型泵，它結合了我們的旗艦產品 AC3 Optimus 主動脈內球囊泵的簡單界面和專有演算法，可提供相同的精確時間支援。AC3 系列旨在為各種病人運輸方式（包括常用的地面和空中救護車輛）提供可靠、持續的主動脈內球囊幫浦支援。

The AC3 Range features a full-sized helium tank, Joule power options and other features to support maneuverability. With the FDA clearance, the AC3 Range will enter full market release in the United States and begin shipping to customers in the second quarter of 2025.

AC3 系列配備全尺寸氦氣罐、焦耳電源選項和其他支援機動性的功能。獲得 FDA 批准後，AC3 系列將在美國全面上市，並於 2025 年第二季開始向客戶出貨。

Also in our Interventional business, we announced preliminary results for the Ringer Perfusion Balloon Catheter, or PBC Catheter IDE study. Ringer PBC is a rapid exchange percutaneous transluminal coronary angioplasty catheter with a unique helical balloon. When it places the balloon approximates a hollow cylinder with a large central perfusion lumen, allowing for continuous coronary blood flow during prolonged inflation.

此外，在我們的介入業務中，我們公佈了林格灌注球囊導管或 PBC 導管 IDE 研究的初步結果。Ringer PBC 是一種具有獨特螺旋球囊的快速交換經皮腔內冠狀動脈成形術導管。當放置時，氣球近似於一個具有較大中央灌注腔的空心圓柱體，從而允許在長時間充氣期間持續的冠狀動脈血流。

The Ringer PBC Study is a limited prospective, multicenter, single-arm IDE study. Undertaken at four sites in the United States, the Ringer PBC for the management of emergent coronary perforations that developed during percutaneous coronary intervention procedures. The study enrolled 30 participants, and analysis was performed based upon intention to treat.

Ringer PBC 研究是一項有限的前瞻性、多中心、單組 IDE 研究。林格氏 PBC 在美國四個地點進行，用於治療經皮冠狀動脈介入治療過程中發生的緊急冠狀動脈穿孔。該研究招募了 30 名參與者，並根據治療意圖進行分析。

The preliminary results were favorable with the primary efficacy endpoint observed in 73% of participants, which required successful Ringer delivery and inflation at the perforation site, control of blood leakage into surrounding tissue and preservation of antegrade coronary flow. The results also showed successful delivery of Ringer in approximately 87% of participants. And of those participants, control of blood leakage into surrounding tissue with perfusion was achieved in nearly 85% of cases.

初步結果是良好的，73% 的參與者達到了主要療效終點，這需要在穿孔部位成功輸送林格氏液和充氣，控制血液滲漏到周圍組織並保持前向冠狀動脈血流。結果也顯示，約 87% 的參與者成功注射了 Ringer 液。在這些參與者中，近 85% 的病例透過灌注控制了血液滲漏到周圍組織。

These results are intended to support a premarket application for a coronary perforation indication, which was recently submitted to the FDA. Ringer PBC, which was granted FDA breakthrough device designation is currently indicated for balloon dilation of coronary artery, our coronary bypass graft stenosis where the physician desire to distill blood perfusion during balloon inflation for the purpose of improving myocardial perfusion.

這些結果旨在支持最近提交給 FDA 的冠狀動脈穿孔適應症的上市前申請。林格氏 PBC 已獲得 FDA 突破性設備稱號，目前適用於冠狀動脈球囊擴張術，即我們的冠狀動脈搭橋狹窄，醫生希望在球囊膨脹期間提取血液灌注，以改善心肌灌注。

Finally, in our emergency medicine business, QuickClot Control+ has received FDA clearance for an expanded indication to include all grades of internal and external bleeding. Combined with its existing indications, for severe and life-threatening bleeding, this expanded indication allows us to target more procedures for fast, effective control of bleeding could benefit patients, clinicians and health systems.

最後，在我們的急救醫學業務中，QuickClot Control+ 已獲得 FDA 批准，擴大其適應症，涵蓋所有級別的內出血和外出血。結合其現有的針對嚴重和危及生命的出血的適應症，這種擴大的適應症使我們能夠針對更多的程序進行快速、有效的出血控制，從而使患者、臨床醫生和衛生系統受益。

Additionally, while our primary focus for this portfolio remains on trauma, the expanded indication will also support procedures in general surgery, gynecological surgery, orthopedic surgery and other areas. We estimate that these additional clinical spaces add more than $150 million to our serviceable addressable market in the United States.

此外，雖然我們對該產品組合的主要關注點仍然是創傷，但擴大的適應症也將支持一般外科、婦科外科、骨科外科和其他領域的手術。我們估計，這些額外的臨床空間將為我們在美國可服務的目標市場增加超過 1.5 億美元的收入。

Moving to strategic updates. On February 27, we announced the intention to separate Teleflex into two independent publicly traded companies. The separation is intended to enhance value for all Teleflex shareholders. By separating, each business will benefit from a more tailored strategic direction, a simplified operating model, a streamlined manufacturing footprint and a capital allocation strategy aligned with the growth philosophy and objectives for each of the companies.

轉向戰略更新。2 月 27 日，我們宣布了將 Teleflex 分拆為兩家獨立上市公司的計畫。此次分離旨在提高所有 Teleflex 股東的價值。透過分離，每個業務部門將受益於更量身定制的策略方向、簡化的營運模式、精簡的製造佈局以及與每個公司的成長理念和目標相一致的資本配置策略。

We believe the proposed separation will offer investors more targeted and uniquely compelling long-term investment opportunities. We are confident that this separation will enable both companies to pursue their strategic objectives more effectively and create meaningful long-term value for our shareholders.

我們相信，擬議的分離將為投資者提供更有針對性和獨特吸引力的長期投資機會。我們相信，此次分離將使兩家公司能夠更有效地追求其戰略目標，並為我們的股東創造有意義的長期價值。

As expected, following the announcement of the separation, we have received significant inbound third-party interest in acquiring NewCo. We will continue to be guided by the objective of maximizing shareholder value creation.

正如預期的那樣，在宣布分離之後，我們收到了大量第三方對收購 NewCo 的興趣。我們將繼續以最大化股東價值創造為目標。

Consistent with this objective, and with full support and oversight of the Board, management is continuing to actively explore all options, including the potential sale of NewCo in parallel with the potential spin. We will provide updates to the investment community on our progress as appropriate as we explore these parallel paths.

為了實現這一目標，並在董事會的全力支持和監督下，管理層將繼續積極探索所有選擇，包括與潛在分拆同時出售 NewCo 的可能性。在探索這些平行路徑的過程中，我們將適時向投資界通報我們的進展。

We will remain focused on execution and continue to operate the RemainCo and NewCo businesses consistent with the long-term strategy, including investments in commercial growth and innovation.

我們將繼續專注於執行，並繼續按照長期策略來經營 RemainCo 和 NewCo 業務，包括對商業成長和創新的投資。

Moving to the acquisition of substantially all of Biotronik Vascular Intervention business, which was also announced on February 27, we remain on track to close the acquisition by the end of the third quarter of 2025, subject to customary closing conditions, including receipt of certain regulatory approvals.

關於收購 Biotronik 血管介入業務的絕大部分股權（該交易也於 2 月 27 日宣布），我們仍有望在 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。

We continue to see a strong bid for the Vascular Interventions business with the legacy Teleflex Interventional business. The acquisition will add a broad portfolio of therapeutic products to Teleflex's portfolio of Interventional Access products, driving an enhanced global presence in the cath lab.

我們繼續看到，血管介入業務與傳統 Teleflex 介入業務的強勁競爭。此次收購將為 Teleflex 的介入通路產品組合增添廣泛的治療產品組合，從而增強其在導管室的全球影響力。

The Biotronik Vascular Intervention product portfolio complements the current Teleflex offering in the cath lab. Our existing complex PCI portfolio has products that are utilized in difficult coronary interventions. And by adding the innovative products that we expect to acquire, we will be able to advance our technology offering with relevant coronary and peripheral interventions. We see significant opportunity to carve out niche markets in the coronary intervention space.

Biotronik 血管介入產品組合是導管室中目前 Teleflex 產品系列的補充。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。透過增加我們期望獲得的創新產品，我們將能夠透過相關的冠狀動脈和周邊幹預來推進我們的技術產品。我們看到了在冠狀動脈介入領域開拓利基市場的巨大機會。

For example, the combination of the recently launched Teleflex Ringer catheter and the PK for [Peirs] in the vascular interventional portfolio of Biotronik will provide a complete and unique solution for the acute and long-term treatment of vessel preparations during coronary procedures.

例如，最近推出的Teleflex Ringer導管與Biotronik血管介入產品組合中[Peirs]的PK相結合，將為冠狀動脈手術期間血管準備的急性和長期治療提供完整而獨特的解決方案。

The total addressable global market for treating coronary vessel perforation is estimated to be in excess of $80 million. We are also excited about the emerging potential for resorbable scaffold technologies and the ability to expand our current available procedure base.

治療冠狀動脈穿孔的全球市場總額估計超過 8000 萬美元。我們也對可吸收支架技術的新興潛力以及擴展我們目前可用程式基礎的能力感到興奮。

The Vascular Intervention business will also establish our global footprint in the fast-growing peripheral intervention market and provide a channel for Teleflex products that currently have a peripheral indication.

血管介入業務還將在快速成長的周邊介入市場中建立我們的全球影響力，並為目前具有周邊適應症的 Teleflex 產品提供銷售管道。

The acquired business is (inaudible) in robust research and development, clinical expertise and global manufacturing capabilities, which we believe will further bolster Teleflex's inhibition pipeline and positions the company to participate in the emerging potential for absorbable scaffold technologies.

被收購的業務（聽不清楚）擁有強大的研發能力、臨床專業知識和全球製造能力，我們相信這將進一步增強 Teleflex 的抑制管道，並使公司能夠參與可吸收支架技術的新興潛力。

That completes my prepared remarks. Now I'd like to turn the call over to John for a more detailed review of our first quarter financial results. John?

我的準備好的發言到此結束。現在我想把電話轉給約翰，讓他更詳細地回顧我們的第一季財務表現。約翰？

Thanks, Liam, and good morning, everyone. Given the previous discussion of the company's revenue performance, I'll begin with margins. For the quarter, adjusted gross margin was 60.4%, a 70 basis point decrease versus the prior year period. The year-over-year decrease was primarily due to continued cost completion from macroeconomic factors, specifically with respect to labor and raw materials and unfavorable product mix, partially offset by cost improvement programs.

謝謝，利亞姆，大家早安。鑑於先前對公司收入表現的討論，我將從利潤率開始。本季調整後的毛利率為 60.4%，較去年同期下降 70 個基點。年比下降主要由於宏觀經濟因素持續導致成本增加，特別是勞動力和原材料成本以及不利的產品結構，但成本改進計劃部分抵消了這一影響。

Adjusted operating margin was 24.7% in the first quarter. The 190 basis point year-over-year decline was primarily driven by the flow-through of the year-over-year decrease in gross margin, employee-related expenses and investments to grow the business.

第一季調整後營業利益率為24.7%。年比下降 190 個基點主要是由於毛利率、員工相關費用和業務成長投資年減所致。

Net interest expense totaled $16.6 million in the first quarter, a decrease from $21 million in the prior year period. The year-over-year decrease in net interest expense reflects lower interest rates and lower debt outstanding.

第一季淨利息支出總計 1,660 萬美元，較去年同期的 2,100 萬美元有所下降。淨利息支出的年減反映了利率下降和未償債務減少。

Our adjusted tax rate for the first quarter of 2025 was 14.5% compared to 13.2% 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 the European Pillar 2 tax reform.

我們 2025 年第一季的調整後稅率為 14.5%，而去年同期為 13.2%。我們的調整後稅率年增主要是由於歐洲第二支柱稅制改革的實施所產生的額外成本。

At the bottom line, the first quarter adjusted earnings per share was $2.91, a decrease of 9.3% versus the prior year. The year-over-year decrease in EPS reflects lower revenue, lower operating margins as previously outlined, foreign exchange and a higher tax rate year-over-year, partially offset by a lower interest expense and share count.

整體而言，第一季調整後每股收益為 2.91 美元，較前一年下降 9.3%。每股盈餘的同比下降反映了收入下降、營業利潤率下降（如前所述）、外匯和稅率同比上升，但利息支出和股票數量的下降部分抵消了這一影響。

Turning now to select balance sheet and cash flow highlights. Cash flow from operations for the first quarter was $73.3 million compared to $112.8 million in the prior year period. The $39.5 million decrease was primarily attributable to operating results and unfavorable changes in working capital, which were largely driven by inventory purchases and outflows related to cloud computing arrangements expenditures as part of our ongoing ERP system upgrade.

現在來選擇資產負債表和現金流量重點。第一季經營活動現金流為 7,330 萬美元，去年同期為 1.128 億美元。3,950 萬美元的減少主要歸因於營運績效和營運資本的不利變化，這主要是由於我們正在進行的 ERP 系統升級中與雲端運算安排支出相關的庫存採購和流出所致。

Moving to the balance sheet. At the end of the first quarter, our cash and cash equivalents and restricted cash equivalents balance was $317.5 million as compared to $327.7 million as of year-end 2024. Net leverage at quarter end was approximately 1.8x.

轉到資產負債表。截至第一季末，我們的現金及現金等價物及限制性現金等價物餘額為 3.175 億美元，而 2024 年底為 3.277 億美元。季度末淨槓桿率約為 1.8 倍。

Finishing up on the quarter, I will provide an update on the $300 million accelerated share repurchase program, which we entered into on February 28, 2025. The program was completed on April 9, 2025, and we received just over 2.2 million shares of common stock at an average price per share of $135.23.

在本季結束時，我將提供有關我們於 2025 年 2 月 28 日達成的 3 億美元加速股票回購計畫的最新情況。該計劃於 2025 年 4 月 9 日完成，我們以每股 135.23 美元的平均價格獲得了超過 220 萬股普通股。

Now turning to financial guidance. We continue to expect 2025 adjusted constant currency revenue growth of 1% to 2%. We now assume a negative impact from foreign exchange of $5 million representing an approximately 17 basis point headwind to GAAP revenue growth in 2025. This compares to our prior guidance of approximately $55 million or a 180-basis point headwind for 2025. The updated foreign exchange guidance assumes approximately $1.10 average euro exchange rate for 2025.

現在轉向財務指導。我們繼續預期 2025 年調整後的固定貨幣收入成長率將達到 1% 至 2%。我們現在假設外匯帶來的負面影響為 500 萬美元，這意味著 2025 年 GAAP 收入成長將受到約 17 個基點的阻力。相較之下，我們先前預測 2025 年的利潤約為 5,500 萬美元，或面臨 180 個基點的逆風。更新後的外匯指引假設 2025 年歐元平均匯率約為 1.10 美元。

As a result of the foreign exchange outlook, we have increased the guidance range for 2025 reported revenue growth from a range of negative 0.35%, to positive 0.65%, to positive 1.3%, to positive 2.3% implying a dollar range of $3.086 billion to $3.117 billion.

鑑於外匯前景，我們將 2025 年報告收入成長的指導範圍從負 0.35% 提高到正 0.65%、正 1.3% 和正 2.3%，這意味著美元範圍為 30.86 億美元至 31.17 億美元。

On the topic of tariffs, the situation remains highly dynamic and is likely to change over the coming months. There remains significant uncertainty on the positioning, timing and magnitude of the administration's tariff policy as well as retaliatory impacts from other countries.

關於關稅問題，情況仍然高度動態，並且可能在未來幾個月發生變化。政府關稅政策的定位、時機和幅度以及來自其他國家的報復性影響仍然存在著很大的不確定性。

Of note, were not for the impact of tariffs enacted since the issuance of our previous guidance, we project full year results for 2025 to fall within our previously stated guidance ranges. Our current outlook includes tariffs as currently enacted, including the country-specific reciprocal tariff rates that were delayed for 90 days, but does not contemplate potential future tariffs that are not yet proposed.

值得注意的是，如果不是因為自我們發布之前的指引以來實施的關稅的影響，我們預計 2025 年全年業績將在我們之前所述的指引範圍內。我們目前的展望包括目前實施的關稅，包括推遲 90 天的國家互惠關稅稅率，但不考慮尚未提出的潛在未來關稅。

Conversely, the 2025 outlook does not assume that tariffs may be paused further or reduced. Any future changes could change the anticipated impact on our adjusted EPS in 2025. We expect an impact from tariffs of approximately $55 million in 2025, which will be recorded in cost of goods sold before any future initiatives to mitigate the exposure on the business.

相反，2025 年的展望並不假設關稅可能會進一步暫停或降低。任何未來的變化都可能改變對我們 2025 年調整後每股盈餘的預期影響。我們預計 2025 年關稅的影響約為 5,500 萬美元，在採取任何未來措施減輕業務風險之前，此影響將計入銷售成本。

Approximately 50% of the total tariff impact is associated with China. Of the 50%, approximately 80% is associated with products sold in China and the remaining 20% on imports into the US. In addition, approximately 35% of the total tariff impact is associated with Mexico on products that are currently not US MCA compliant at a rate of 25%.

約50%的總關稅影響與中國有關。在這 50% 中，約 80% 與在中國銷售的產品有關，其餘 20% 與進口到美國的產品有關。此外，總關稅影響中約有 35% 與墨西哥有關，這些產品目前不符合美國 MCA 規定，稅率為 25%。

We now expect 2025 adjusted earnings per share to be in the range of $13.20 to $13.60 from $13.95 to $14.35 previously. Specifically, the changes in our 2025 adjusted earnings per share range were driven by an estimated $1.05 headwinds from tariffs enacted since the issuance of our previous guidance, partially offset by a $0.30 benefit of which $0.20 is due to lower share count, including the result of the recently completed accelerated share repurchase program with the balance from expense control and a small benefit from foreign exchange.

我們現在預計 2025 年調整後每股收益將在 13.20 美元至 13.60 美元之間，此前為 13.95 美元至 14.35 美元。具體而言，我們 2025 年調整後每股收益範圍的變化是由自我們發布先前指引以來實施的關稅帶來的預計 1.05 美元的不利因素所驅動，但部分被 0.30 美元的收益所抵消，其中 0.20 美元是由於股份數量減少，包括最近完成的加速股票回購計劃的結果、費用控制的餘額以及外匯帶來的收益。

We are actively exploring strategies to mitigate our exposure to tariffs in 2025, but these efforts will take some time to implement. Specifically, we are focused on optimizing our supply chain, including chain of custody changes increasing our mix of US MCA compliant products, which provides tariff waivers for products assembled in Mexico and Canada using US components and continued and diligent control of our spending. We will also begin to implement increased customer pricing as contracts come up for renewal.

我們正在積極探索減輕 2025 年關稅影響的策略，但這些努力需要一些時間才能實施。具體來說，我們專注於優化我們的供應鏈，包括監管鏈變更，增加符合美國 MCA 的產品組合，這為使用美國零件在墨西哥和加拿大組裝的產品提供關稅減免，並持續嚴格控制我們的支出。當合約續約時，我們也將開始提高客戶定價。

Additionally, for modeling purposes, you should consider the following. We now expect 2025 gross margin be in the range of 58.25% to 59%, approximately 180 basis points of the total 200 basis point reduction in gross margin guidance is related to tariffs with the balance coming from impacts related to foreign exchange.

此外，出於建模目的，您應該考慮以下事項。我們現在預計 2025 年毛利率將在 58.25% 至 59% 之間，毛利率指導值總共減少 200 個基點，其中約 180 個基點與關稅有關，其餘部分來自外匯相關的影響。

We now expect operating margins to be in the range of 24.6% to 25% in 2025. Our revised guidance reflects the flow-through of our updated gross margin expectations.

我們現在預計 2025 年的營業利潤率將在 24.6% 至 25% 之間。我們的修訂指南反映了我們更新後的毛利率預期。

Moving to items below the line. Net interest expense is expected to be approximately $75 million for 2025. Our tax rate guidance remains unchanged at approximately 13.5% for 2025. For the full year, we expect shares outstanding to approximately $44.9 million.

移至線下的項目。預計 2025 年淨利息支出約 7,500 萬美元。我們對 2025 年的稅率預期保持不變，約為 13.5%。我們預計全年流通股數約為 4,490 萬美元。

For the second quarter, adjusted constant currency growth is expected to be in the range of 0.5% to 1.5% excluding a foreign exchange benefit of approximately $2 million. That concludes my prepared remarks. I would now like to turn the call back to Liam for closing commentary.

對於第二季度，預計調整後的固定匯率成長率將在 0.5% 至 1.5% 之間，不包括約 200 萬美元的外匯收益。我的準備好的發言到此結束。現在我想把電話轉回給 Liam 來做最後的評論。

Thank you, John. In closing, I will highlight our key takeaways from the first quarter of 2025. Aside from currency impacts, the quarter evolved largely as expected. We entered the quarter expecting the following: pressure on the OEM business due to loss of customer contracts and customer inventory management, a decline in the UroLift business due to the final year of reimbursement phasing, and China volume-based procurement headwind.

謝謝你，約翰。最後，我將重點介紹 2025 年第一季的主要收穫。除貨幣影響外，本季的情況基本上符合預期。進入本季度，我們預計會出現以下情況：由於失去客戶合約和客戶庫存管理，OEM 業務面臨壓力；由於報銷分階段的最後一年，UroLift 業務出現下滑；以及中國批量採購面臨逆風。

We continue to expect these headwinds to be transitory, although as we have previously indicated, they will represent an approximate $100 million headwind to revenues in 2025. While the business is working through the impact of these idiosyncratic factors, we did see Barrigel continue to deliver strong growth with revenue increasing strong double digits in the quarter.

我們仍然預計這些不利因素將是暫時的，儘管正如我們先前所指出的，它們將對 2025 年的收入造成約 1 億美元的不利影響。雖然公司正在努力克服這些特殊因素的影響，但我們確實看到 Barrigel 繼續保持強勁成長，本季營收實現了強勁的兩位數成長。

Our EZ-IO and franchise executed well with strong growth. Our complex catheter business grew high single digits and our PICC business achieved double-digit growth.

我們的 EZ-IO 和特許經營表現良好，成長強勁。我們的複雜導管業務實現了高個位數成長，我們的 PICC 業務實現了兩位數成長。

If it were not for the impact of tariffs enacted since the issuance of our previous guidance, we project full year results for 2025 would fall within our previously stated guidance ranges. We delivered on our commitment to return capital to shareholders through our accelerated share repurchase program and continue to pursue unturn value creation through a proposed separation of our business into 2 publicly traded companies, while pursuing a potential sale of NewCo in parallel.

如果不是自我們發布先前指引以來實施的關稅的影響，我們預計 2025 年全年業績將在我們先前所述的指引範圍內。我們履行了透過加速股票回購計劃向股東返還資本的承諾，並透過擬議將我們的業務拆分為兩家上市公司來繼續追求價值創造，同時尋求同時出售 NewCo 的潛在機會。

Consistent with the performance of Teleflex in the first quarter and the outlook for 2025, RemainCo constant currency revenue growth was in line with our expectations. It is our expectation that a number of the specific headwinds facing the business this quarter will result in the coming quarters, and we remain hyper focused on returning the business to growth and creating shareholder value.

與 Teleflex 第一季的業績以及 2025 年的展望一致，RemainCo 的固定匯率營收成長符合我們的預期。我們預計本季業務面臨的一些具體不利因素將影響到未來幾季，我們仍然高度重視恢復業務成長並創造股東價值。

That concludes my prepared remarks. Now I would 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。

(Operator Instructions)

（操作員指示）

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Maybe I'll just quickly ask them both upfront, if that works. One, a bit random, but given all the supply chain noise and things like that, have you seen any, I guess, incremental demand on the OEM side of the business, even just some initial discussions for people think about onshoring and moving supply chains. It seems like you guys could be a solution provider on that side.

如果可以的話，也許我應該直接快速地問他們兩個。第一，有點隨意，但考慮到所有的供應鏈噪音和諸如此類的事情，我想，你是否看到過 OEM 業務方面有任何增量需求，甚至只是人們考慮在岸和轉移供應鏈的一些初步討論。看起來你們可以成為那方面的解決方案提供者。

And then just very quickly, secondarily, think of Biotronik and closing that, the Vascular side, is this something that you feel like you'd like to keep building on longer term, potentially with some other assets? I mean I feel like Vascular is an area that gets ignored quite a bit by some of the other larger strategics. And so it feels like an opportunity potentially to kind of keep growing on that side. How much of this is beyond just Biotronik sort of sustainable area of focus for you guys?

然後，其次，很快地想到 Biotronik，最後，關於血管方面，您是否覺得您想長期持續發展，可能還會使用一些其他資產？我的意思是，我覺得血管領域是被其他一些更大的策略所忽略的領域。因此，這感覺像是一個潛在的繼續發展的機會。對你們來說，這其中有多少超越了 Biotronik 的永續發展重點領域？

Thank you, Patrick, and good morning to you as well. Let me start with your first part of your question, the supply chain. We have seen demand in OEM pickup. We have seen the order rate continue to improve as we went through the quarter. And I'm not sure if that is attributable to what's going on in the supply chain because that would -- it would be too early for that to happen. I think this is base demand.

謝謝你，派崔克，也祝你早安。讓我從您問題的第一部分開始，即供應鏈。我們已經看到了 OEM 皮卡的需求。我們看到本季的訂單率持續提高。我不確定這是否與供應鏈中發生的事情有關，因為現在發生這種情況還為時過早。我認為這是基本需求。

We did see -- as we expected, the impact of approximately $7 million to the vertical integration in OEM. We did also see the destocking in the first couple of months of the quarter. But as we went through the quarter, we saw a pickup in demand within the OEM business. So that was very encouraging, and it gives us confidence in OEM's ability to deliver to plan for the full year.

我們確實看到了——正如我們預期的那樣，大約 700 萬美元對 OEM 垂直整合的影響。我們確實也看到了本季前幾個月的去庫存現象。但隨著本季的到來，我們看到 OEM 業務的需求有所回升。這非常令人鼓舞，它讓我們對 OEM 全年按計劃交付的能力充滿信心。

Regarding your question regarding Biotronik and investing, in particular, in that cath lab call point, that is, for sure, going to be an area for focus -- focus for Teleflex in RemainCo. I will say in this interim period of time, we will be focused on bringing in Biotronik into Teleflex, and we will be focused on the parallel path that we just announced of spinning NewCo and also, at the same time, doing a sale process based on the inbound interest.

關於您關於 Biotronik 和投資的問題，特別是在導管室呼叫點的投資，這肯定會成為重點關注的領域——也是 Teleflex 在 RemainCo 的重點關注領域。我想說的是，在這段過渡時期，我們將專注於將 Biotronik 引入 Teleflex，並且我們將專注於我們剛剛宣布的平行路徑，即拆分 NewCo，同時根據內部興趣進行銷售流程。

The bigger footprint and presence in the cath lab, we're going to have approximately $1 billion of revenue in the cath lab, and that is going to be a strategic call point for Teleflex.

由於導管室的覆蓋範圍和影響力越來越大，我們將在導管室獲得約 10 億美元的收入，這將成為 Teleflex 的戰略呼叫點。

And just a broader comment on the quarter, Patrick, I will say we were pleased with how the quarter played out. It played out very much in line with our expectations, we executed pretty well. Revenue came in where we thought it was going to come in. And obviously, we were tracking really well to our margin profile, our earnings profile, the ASR outperformed. So we feel that it was a solid start to the year for Teleflex. Thank you.

帕特里克，就本季而言，我只想做更廣泛的評論，我想說，我們對本季的表現感到滿意。一切結果都符合我們的預期，我們執行得相當好。收入的到來與我們預想的一致。顯然，我們的利潤率、獲利狀況和 ASR 表現都非常出色。因此，我們認為這對於 Teleflex 來說是一個好的開始。謝謝。

Michael Sarcone, Jefferies.

薩科內（Michael Sarcone），傑富瑞集團（Jefferies）。

This is Mike on for Matt this morning. I guess just to start, on the tariffs, you mentioned $55 million, and that's prior to any mitigation strategies. Can you just give us a little bit more color? I know you mentioned a few on how quickly you could actually implement near-term mitigation strategies and what type of EPS headwind that could offset if you were able to execute on it efficiently.

今天早上，我是麥克，代替馬特。我想先談談關稅，您提到了 5500 萬美元，這是在任何緩解策略之前的費用。您能給我們多講一點嗎？我知道您提到了一些關於您能夠多快地實施近期緩解策略以及如果您能夠有效地執行這些策略可以抵消哪些類型的 EPS 不利因素。

I think I'll take that question. So obviously, the current tariff environment is obviously disappointing. The $55 million is based on what's enacted today again, and does not include any mitigation strategies as noted. But I will tell you what we have done a number of things ahead of the tariff.

我想我會回答這個問題。因此顯然，當前的關稅環境明顯令人失望。5500 萬美元是根據今天再次頒布的法案計算的，並不包括任何所述的緩解策略。但我會告訴你們我們在關稅之前做了一些事情。

So we did move inventory ahead of the tariffs we moved supply into China ahead of the step-up in tariffs. We are currently making sure that inventories are in the regions by shipping into bonded warehouse where we don't incur tariffs so that hopefully, when things get alleviated, we can quickly move it into country.

因此，我們確實在關稅上調之前將庫存轉移，在關稅上調之前將供應轉移到中國。我們目前正在透過將庫存運送到不產生關稅的保稅倉庫來確保庫存位於該地區，以便希望當情況得到緩解時，我們可以迅速將其運往國內。

But in terms of the other mitigation strategies, and there are a number of them and some of them will take longer than others. But I think the number 1 thing we're doing right now is we're looking very carefully at the USMCA exemptions in Mexico. So about 50% of our inventory is exempted under USMCA today, and there are some real opportunities to bring in much more of that inventory under that exemption.

但就其他緩解策略而言，有許多策略，其中一些策略所需的時間會比其他策略更長。但我認為我們現在要做的第一件事就是仔細研究墨西哥的 USMCA 豁免。因此，目前我們的約 50% 庫存根據 USMCA 獲得豁免，根據該豁免，我們確實有機會引進更多庫存。

Now it will be different -- it takes some different timing per product. So you basically have to have 90% of your components coming from the US. So it will vary, but we believe we can substantially increase that. I don't think we're in a position to give you a target yet that would help you get to a new EPS number. But that's the first thing that we're doing.

現在情況會有所不同—每個產品需要不同的時間。因此基本上 90% 的零件必須來自美國。所以它會有所不同，但我們相信我們可以大幅增加它。我認為我們還不能給你一個能夠幫助你獲得新的每股盈餘數字的目標。但這是我們要做的第一件事。

We're also looking at opportunities in the supply chain to improve where we source product to avoid the tariffs. And so that is currently underway, and that may take a little longer. So there are a number of strategies to mitigate.

我們也在尋找供應鏈中的機會來改善產品採購，以避免關稅。目前這項工作正在進行中，但可能需要更長的時間。因此，有許多策略可以緩解。

And last but not least, we are looking at opportunities to increase price should the tariffs stay in place opportunistically as contracts renew and where we're not contracted more immediately. So we set up a tariff council, we're looking at the supply chain opportunities very closely. And we also have a commercial meeting that's regular on pricing. So a lot of things -- a lot of strategies to mitigate the tariffs.

最後但同樣重要的一點是，如果合約續約時關稅保持不變，並且我們沒有立即簽訂合同，我們正在尋找提高價格的機會。因此，我們成立了一個關稅委員會，我們正在密切關注供應鏈機會。我們也定期召開有關定價的商業會議。因此有很多事情——有很多策略可以減輕關稅。

Again, the $55 million does not include that. That is fully the calculation of what is in today. I view it as worst case. Hopefully, there won't be more negative changes on the policy side. And again, there will be opportunities for us to mitigate these further.

再說一遍，5500 萬美元不包括這筆錢。這完全就是對今天的狀況的計算。我認為這是最糟糕的情況。希望政策方面不會出現更多負面變化。並且，我們還有機會進一步緩解這些問題。

And Mike, I would just add one comment to John's. And this we've already implemented and it's in our guidance, but we have taken some thoughtful spending controls, and that is a part of the $0.30 offset that John mentioned in his prepared remarks, that is offsetting the impact of tariffs. So multiple mitigation, some already in place and others that we will enact as we go through the remainder of the year.

麥克，我只想對約翰的評論補充一點。我們已經實施了這項措施，並且它在我們的指導範圍內，但我們採取了一些深思熟慮的支出控制措施，這是約翰在準備好的發言中提到的 0.30 美元抵消額的一部分，可以抵消關稅的影響。因此，我們將採取多項緩解措施，其中一些已經到位，而其他一些將在今年剩餘時間內實施。

Got it. That's really helpful. And then just a follow-up. Since you mentioned pricing, I was just wondering how you feel Teleflex is positioned today to maybe take more aggressive pricing? And then just on that re-contracting, can you give us any sense for if there's a particular business areas or segments where that's more impactful? Just trying to get a sense for maybe how many of these contracts are able to be renegotiated in the near term?

知道了。這真的很有幫助。然後只是後續行動。既然您提到了定價，我只是想知道您認為 Teleflex 目前的定位如何，可以採取更積極的定價嗎？那麼，就重新簽約而言，您能否告訴我們，是否存在對特定業務領域或細分市場影響更大的情況？只是想了解有多少合約可以在短期內重新談判？

Yes. Well, in the US, if you take into account our GPOs and our big IDNs, more than half of our business is contracted in that area. So what we will be doing over the next couple of quarters, and we've already begun to do some work on this is we're beginning at the non-contracted business, and we're identifying products within the noncontracted business that are impacted by tariffs. And we will -- if the tariffs stay in place, we will be implementing pricing changes on that -- on those products.

是的。嗯，在美國，如果考慮到我們的 GPO 和大型 IDN，我們一半以上的業務都是在該地區簽訂的。因此，我們將在接下來的幾個季度中開展工作，而且我們已經開始在這方面做一些工作，我們將從非合約業務開始，並且我們正在確定非合約業務中受關稅影響的產品。如果關稅保持不變，我們將對這些產品實施價格調整。

This year, in the first quarter, or in the full year of 2025, we have plans to increase pricing between 30 basis points and 50 basis points. And it will be our plan to accelerate that if these tariffs stay in place, and we will give more updates as we go from quarter-to-quarter.

今年第一季度，或2025年全年，我們計劃將定價提高30個基點到50個基點。如果這些關稅保持不變，我們的計劃將加速實施，並且我們將在每個季度提供更多更新。

Jayson Bedford, Raymond James.

傑森貝德福德、雷蒙詹姆斯。

Thanks for all the detail here. Just on the comment around significant interest from other parties on NewCo, is there a consideration or maybe a willingness to sell pieces of NewCo? Or is the intention here to spin/sell the entire NewCo portfolio as you've laid it out?

感謝您提供的所有詳細資訊。就其他方對 NewCo 表現出濃厚興趣的評論而言，是否有考慮或願意出售 NewCo 的部分股權？還是您的意圖是按照您的安排分拆/出售整個 NewCo 投資組合？

Yes. So first of all, I would say we are very encouraged by the number and quality of inbound interest that we have believed in NewCo. Our guiding principle is going to be shareholder value creation. And based on the level of interest we believe that the process will be competitive. And therefore, we feel pretty bullish on our ability to drive shareholder value through this parallel process of spin and sale.

是的。首先，我想說，我們對 NewCo 的入站興趣的數量和品質感到非常鼓舞。我們的指導原則是創造股東價值。根據興趣程度，我們相信這個過程將是具有競爭力的。因此，我們對透過這項並行的分拆和出售過程來提升股東價值的能力充滿信心。

And it is a parallel process, Jayson, we are continuing with the activities around the spin, but we are engaging with companies in relation to the sale as well. In relation to the part of your question, will we sell parts, we will do whatever creates the most value for our shareholders. We are clearly open to exploring all options with the goal of unlocking that shareholder value.

傑森，這是一個並行的過程，我們將繼續圍繞分拆開展活動，但我們也在與銷售相關的公司進行接觸。關於您問題的部分，我們是否會出售零件，我們會盡一切努力為股東創造最大價值。我們顯然願意探索所有選擇，以釋放股東價值。

That's helpful. And maybe for John, the $55 million in tariffs, is that two quarters worth of impact?

這很有幫助。也許對約翰來說，5500 萬美元的關稅會造成兩季的影響？

Yes. So obviously, this is subject to capitalized variances and will be first go into inventory. So we will not have an impact in Q2 to the P&L. The impact will start in Q3 and Q4. I won't get into the individual canes of the quarters right now, but you shouldn't expect it to be a little heavier in Q4 where most of the impact will hit.

是的。因此顯然，這受資本化差異的影響，並將首先進入庫存。因此我們不會對第二季的損益產生影響。影響將在第三季和第四季開始。我現在不會深入討論各個季度的具體情況，但你不應該認為第四季度的情況會更嚴重一些，因為大部分影響都會出現。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

This is Vick on for Larry. Thanks so much for taking the questions, so two for me. Liam, your comments around the potential sale and significant interest in NewCo. We'd just love to get your thoughts on a preference of a sale versus a spin. And if it were to be a sale, any potential update on timing? And I have a follow-up, please.

這是維克 (Vick) 代替拉里 (Larry)。非常感謝您回答這些問題，我有兩個問題。利亞姆，您對 NewCo 的潛在出售和重大利益發表了評論。我們只是想了解一下您對銷售和旋轉的偏好的看法。如果是出售的話，時間上有什麼潛在的更新嗎？我還有一個後續問題，請回答。

Okay. So Vick, thanks for the question. as well. I will tell you, I'm agnostic as to whether it's a sale or a spin. Our guiding principle, as I said earlier, will be on creating and unlocking shareholder value. Honestly, in many ways, we see this as a validation of the quality and the value of the spin co-assets given the amount of inbound interest for us, it is what we expected. When we announced the spin, we did expect to get inbound interest.

好的。所以維克，也謝謝你的提問。我會告訴你，我不知道這是銷售還是旋轉。正如我之前所說，我們的指導原則是創造和釋放股東價值。老實說，在許多方面，我們認為這是對分拆聯合資產品質和價值的驗證，考慮到我們對內需的興趣，這正是我們所期望的。當我們宣布分拆時，我們確實期望獲得外界的興趣。

I will tell you that in all transparency, the level and the quality of the inbound interest is actually better than we were expecting, and that's very encouraging. So we are definitively on a parallel path of both spin and sale and our guiding principle will be maximizing shareholder value as we go through that parallel pathway. It's a little bit premature, Vick, in all honesty, to speak about timing. We will engage with both parallel paths, and we'll update the investment community as we have updates.

我可以坦誠地告訴你們，入境興趣的水平和品質實際上比我們預期的要好，這是非常令人鼓舞的。因此，我們肯定走在了分拆和出售的平行道路上，而我們的指導原則就是在這條平行道路上實現股東價值最大化。維克，說實話，現在談論時機還為時過早。我們將同時參與這兩條路徑，並在有更新時向投資界通報。

Got it. That's helpful. My follow-up question, Liam, is the market did not react favorably to the iconic deal as well as the separation looking back from your Q4 earnings call. Maybe just talk about what the Street is missing?

知道了。這很有幫助。我的後續問題是，利亞姆，從您第四季度財報電話會議來看，市場對這筆標誌性交易以及拆分的反應並不積極。也許只是談論一下華爾街缺少什麼？

Yes. So I think on the Biotronik deal, we see this as a very attractive asset and we are planning to complete the acquisition at the end of the third quarter. We still anticipate that it will deliver approximately EUR91 million in the fourth quarter. I think that -- I don't think the Street is missing anything about Biotronik, but I don't truly believe that they understand what assets are within the Biotronik portfolio.

是的。因此，我認為對於 Biotronik 交易，我們認為這是一項非常有吸引力的資產，我們計劃在第三季末完成收購。我們仍然預計第四季其營收將達到約 9,100 萬歐元。我認為——我不認為華爾街錯過了有關 Biotronik 的任何信息，但我並不真正相信他們了解 Biotronik 投資組合中的資產。

And if you -- in our prepared remarks today, let me just give one little example of the combination of [PK-propayarus] and the Ringer catheter will actually carve out a niche within the cath lab for perforations that these combination products will actually dominate that space. It's a great fit for Teleflex. This company has 50% of the revenues in EMEA. So the combination of the Teleflex channel in the Americas and the Biotronik channel in EMEA will actually drive better access to the cat lab.

如果您 — — 在我們今天的準備好的發言中，請允許我舉一個小例子，即 [PK-propayarus] 和林格導管的組合實際上將在導管室中開闢出一個用於穿孔的利基市場，這些組合產品實際上將主導該領域。它非常適合 Teleflex。該公司 50% 的收入來自 EMEA 地區。因此，美洲的 Teleflex 管道和 EMEA 的 Biotronik 管道的結合實際上將推動更好地進入貓實驗室。

They have excellent R&D capabilities and that presence in the cath lab, as I said. And of course, we have the optionality of free [shop], the resorbable scaffold opportunity, which is very aligned to the current trend in interventional cardiology procedures to leave nothing behind. And it allows the cardiologist flexibility for further procedures with that patient with a fully bio-absorbable scaffold that can address the patient issues.

正如我所說，他們擁有出色的研發能力和導管室的存在。當然，我們還有免費[購物]的選擇，即可吸收支架的機會，這與介入性心臟病學手術中不留下任何東西的當前趨勢非常一致。並且它允許心臟科醫生靈活地為患者進行進一步的手術，使用完全生物可吸收的支架來解決患者的問題。

So I think there's a lot of attractive elements within the Biotronik assets. And as it comes into the Teleflex family, we'll be able to speak more about the components of the product categories that are within the Biotronic portfolio.

所以我認為 Biotronik 資產中有很多吸引人的元素。隨著它加入 Teleflex 家族，我們將能夠更多地談論 Biotronic 產品組合中產品類別的組成部分。

But there are some really significant ones such as drug-coated balloons, the peripheral [procera] drug-coated balloon. Some of these growing at a CAGR of double digits over the last number of years. And I think that the margin profile and growth profile of this fits incredibly well into Teleflex and establishes our footprint more solidly within that catalog.

但也有一些確實重要的，例如藥物塗層球囊、外周 [procera] 藥物塗層球囊。其中一些在過去幾年中以兩位數的複合年增長率增長。我認為其利潤率和成長與 Teleflex 非常契合，並使我們在該目錄中更加穩固地佔據一席之地。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Liam, I got a couple on the update this morning about significant interest in the spin or NewCo. The first one, and then I'll ask the second one in a minute. But on the first one, I know you don't want to give away too much, but just in the current environment, I can't imagine a lot of strategics are willing to go out to do deals right now.

利亞姆，今天早上我收到了一些關於對新公司或旋轉公司有濃厚興趣的最新消息。第一個問題，然後我馬上問第二個問題。但就第一個問題而言，我知道你不想透露太多，但就當前環境而言，我無法想像有很多戰略家願意現在就出去做交易。

So is it fair to think that a majority of the inbound interest so far has been from the financial sponsor side of things? Or is it a better mix of strategic than you would have thought? And then I do have that follow-up.

那麼，是否可以合理地認為，迄今為止，大部分入境興趣都來自財務贊助商方面？還是它是比你想像的更好的策略組合？然後我確實有後續行動。

Yes, Matt, thank you. Good question. Actually, it is a healthy mix of both strategics and private equity inbound interest that we received. Like I said a moment earlier, it was greater interest than we had anticipated, and I think a solid validation of the quality of the assets that are in NewCo and -- but both is the simple answer to your question.

是的，馬特，謝謝你。好問題。實際上，我們收到的是策略和私募股權投資興趣的健康組合。就像我剛才說的，這比我們預期的要有趣，而且我認為對 NewCo 資產品質的可靠驗證——但這兩者都是對你問題的簡單回答。

Got it. Okay. Appreciate that. And then when I look at what's being spun off, you paid just over $1 billion for NeoTract and then about $600 million for Pillette. So you put those together with OEM plus acute care I'm thinking the valuation is somewhere -- all those assets together would be something like $2 billion. I mean how do we think about the valuation from here? Are those -- how much you paid for those two assets are good jumping off point? Or not?

知道了。好的。非常感謝。然後，當我查看被剝離的產品時，我發現你們為 NeoTract 支付了 10 多億美元，為 Pillette 支付了約 6 億美元。因此，如果你把這些與 OEM 加上急性護理放在一起，我認為估值在某個地方——所有這些資產加起來大約是 20 億美元。我的意思是我們如何看待現在的估值？這些是——您為這兩項資產支付了多少錢作為良好的起點？或不？

So Matt, again, thanks for the question. I'm not going to go into valuations on the call. I think that this is something that we will go through as we assess the inbound interest. I think what we will be doing from a valuation perspective is doing a comparable as to what these NewCo would be valued on the stock market, will take into account tax leakage, and we will do whatever is in the best interest of our shareholders.

所以馬特，再次感謝你的提問。我不會在電話會議上談論估值。我認為這是我們在評估入境興趣時會經歷的事情。我認為，從估值的角度看，我們將對這些新公司在股票市場上的估值進行比對，同時將稅收流失考慮在內，並盡一切努力確保股東的最大利益。

Our whole goal when we started this is maximizing shareholder value and shareholder returns. That guiding principle will be what will determine whether -- which leg of the parallel path we go down, and that will be our North Star.

我們開始這項事業的整個目標就是最大化股東價值和股東回報。這個指導原則將決定我們走哪條平行路徑，它就是我們的北極星。

Anthony Petrone, Mizuho Financial Group.

瑞穗金融集團的安東尼‧佩特羅內 (Anthony Petrone)。

Maybe going back to tariffs, just wondering how the $55 million splits between RemainCo and SpinCo or the sale here and how you're going to just sort of navigate mitigation between the two entities as we move into the second half of the year? And I'll have a quick follow-up.

也許回到關稅問題，只是想知道 RemainCo 和 SpinCo 之間或這裡的銷售之間的 5500 萬美元如何分配，以及隨著我們進入下半年，您將如何在兩個實體之間找到緩解措施？我會快速跟進。

So Anthony, I'll let John answer that, but I will tell you, we're running Teleflex as on Teleflex today and separation doesn't occur until mid-2026, but John?

所以安東尼，我讓約翰來回答這個問題，但我會告訴你，我們今天正在運行 Teleflex，並且分離要到 2026 年中期才會發生，但約翰？

I think you've said, Liam. We're not getting into anything beyond 2025 for tariffs. Far too speculative with the policy changes that happen so quickly. And as we work through the mitigation strategies, they'll impact both companies to be sure. So I think we'll talk a little more about what the two companies look like as we get closer to a spin in totality and what the impacts of tariffs are at that time.

我想你已經說過了，利亞姆。我們不會討論 2025 年以後的任何關稅問題。政策變化如此之快，這實在是太具推測性了。當我們制定緩解策略時，它們肯定會對兩家公司產生影響。因此，我認為，隨著我們逐漸接近整體平衡，我們將更多地討論這兩家公司的情況，以及屆時關稅的影響。

And then maybe just a follow-up on Biotronik. Can you push a little bit on the details of -- if you can, on early views on cost synergy but also revenue synergy either by product category or geography.

然後也許只是對 Biotronik 的後續報導。如果可以的話，您能否詳細介紹成本協同效應以及按產品類別或地區劃分的收入協同效應的早期觀點。

Yes. Thanks, Anthony. Well, as I said earlier, Anthony, this is all about the channel. And I think that if you look at the opportunity there is to leverage the Biotronik channel in Europe to have more Teleflex products flow through that and then leverage the Teleflex channel in the Americas to -- in order to leverage the Biotronic portfolio. I think that is the key metric.

是的。謝謝，安東尼。好吧，正如我之前所說的，安東尼，這都是關於渠道的。我認為，如果您抓住機會，就可以利用歐洲的 Biotronik 管道，讓更多的 Teleflex 產品透過該管道流通，然後利用美洲的 Teleflex 管道——以利用 Biotronic 產品組合。我認為這是關鍵指標。

We'll obviously be looking in the OUS areas at opportunities for GoDirects, and this is a very nice asset that we will bring into the company. 70% of the revenues in the coronary space, which is we know and love incredibly well.

我們顯然會在 OUS 地區尋找 GoDirects 的機會，這是我們將帶給公司的非常好的資產。 70% 的收入來自冠狀動脈領域，這是我們非常了解和熱愛的領域。

And as I said earlier, they have some really, really excellent products, and we will fund the R&D at Biotronik to continue to advance these innovative products. And we will continue with the clinical study on free salt to bring that to the market. That is a nice option that comes with the Biotronic to drive revenue growth in the future.

正如我之前所說，他們有一些非常非常優秀的產品，我們將資助 Biotronik 的研發，以繼續推動這些創新產品。我們將繼續對遊離鹽進行臨床研究，並將其推向市場。這是 Biotronic 的一個不錯的選擇，可以推動未來的營收成長。

So that's a good stuff about Biotronik in our view.

因此，我們認為 Biotronik 的這個產品非常好。

Shagun Singh, RBC.

沙根·辛格，RBC。

Just on interest in NewCo. Can you maybe share is it for select business or the entire business? And then with respect to the separation, it sounds like mid-2026 is still a target. Maybe can you give us an update on the progress you're making around that? When would you potentially share more details with us there? And then I have a follow-up.

只是對 NewCo 有興趣。您能否分享一下它是針對特定業務還是整個業務？關於分離，聽起來 2026 年中期仍然是個目標。您能否向我們介紹一下這方面的進展？什麼時候可能與我們分享更多詳細資訊？然後我有一個後續問題。

Okay, Shagun. So the majority of the interest is for the entirety of NewCo. It is early days. We only announced the spin two months ago. And as I said a couple of times, I'm really encouraged not alone by the quantity, but the quality of inbounds that we have. Regarding the spin, we have started the executive management search and will be our intent to file our Form 10 in 2026 and nothing from the timing has changed in our view, and we continue to work towards these dates.

好的，Shagun。因此，大部分的利息是針對整個 NewCo 。現在還為時過早。我們兩個月前才宣布這項決定。正如我多次說過的，令我感到鼓舞的不僅是我們收到的數量，還有我們的品質。關於分拆，我們已經開始尋找高階主管，並計劃在 2026 年提交 10 號表格，我們認為時間安排沒有任何變化，我們將繼續朝著這些日期努力。

Got it. And Liam, I'm wondering if you can share your updated view on growth for NewCo versus RemainCo. As I look at the quarter, it does seem a little mixed to me, and especially the NewCo assets, they are delivering negative growth. You've called out some of the headwinds on the call, that's helpful. But how do you think about that low single-digit ex-FX growth for NewCo? And then do you expect RemainCo could get to that 6-plus percent growth?

知道了。利亞姆，我想知道您是否可以分享您對 NewCo 與 RemainCo 增長的最新看法。當我回顧本季時，我發現情況確實有點複雜，尤其是 NewCo 資產，它們正在呈現負成長。您在電話中指出了一些不利因素，這很有幫助。但是您如何看待 NewCo 的低個位數（不包括外匯）成長率？那麼，您是否預期 RemainCo 能夠達到 6% 以上的成長？

Thanks, Shagun. So in the same way as things came in, in line for total Teleflex, things came in line for both RemainCo and NewCo and everything was in line with our expectations. Obviously, the first quarter would be the largest negative growth for OEM, which is a significant part of NewCo. That will improve as you get to the back half of the year. Obviously, you have the impact of the last customer, $7 million a quarter for Q1 and Q2. That is anniversaried as you go into Q3.

謝謝，Shagun。因此，正如 Teleflex 整體情況一樣，RemainCo 和 NewCo 的情況也都符合我們的預期。顯然，第一季將是OEM領域負成長最大的季度，而OEM是NewCo的重要組成部分。進入下半年，這種情況將會改善。顯然，你受到了最後一位客戶的影響，第一季和第二季每季 700 萬美元。隨著進入第三季度，這是一個週年紀念。

As I said in the prepared remarks and in an earlier answer, the order rate for OEM has picked up nicely as we went through the quarter. So that's very encouraging. But everything is as we expected, Shagun for NewCo, for RemainCo, for TeleflexCo, and we're executing against that plan for the year.

正如我在準備好的發言和先前的回答中所說的那樣，隨著本季的推進，OEM 的訂單率已經明顯回升。這非常令人鼓舞。但一切都如我們預期的那樣，Shagun 為 NewCo、RemainCo 和 TeleflexCo 效力，我們正在按照今年的計劃執行。

And again, just bear in mind, everybody, the separation is in mid 2026. We are now on a parallel path, and we will continue to update you. And our guiding principle, I've got to restate this, again, probably for the fifth time. Our guiding principle is releasing the maximum shareholder value as we go through this parallel process.

再次提醒各位，請記住，分離將在 2026 年中期進行。我們現在正走在一條平行的道路上，我們將繼續向您通報最新情況。我們的指導原則，我必須再次重申這一點，這大概是第五次了。我們的指導原則是在進行這項並行過程時釋放最大的股東價值。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

Just a couple of follow-ups on the tariff. So I think you had mentioned that you expect China to get better moving through the year. And my question here is a little bit more just on the underlying kind of growth trend in the fallout of the trade war here. What gives you that confidence, if I heard that correctly, that China is going to get better moving through the year?

我只想問幾個有關關稅的後續問題。所以我認為您提到過，您預計中國今年的情況會更好。我的問題更多的是關於貿易戰後果中潛在的成長趨勢。如果我沒理解錯的話，是什麼讓您有信心中國今年的情況會好轉？

And then on the $100 million for the underlying China headwind, are there any products on the potential exempted devices list that have been speculated on that you would be able to be included in. And I also wanted to know if Biotronik, any EU manufacturing and the 10% baseline. Is that included in the $55 million that you called out for tariffs as well?

然後，關於 1 億美元的潛在中國逆風，是否有任何產品被推測可以列入潛在豁免設備清單中。我還想知道 Biotronik 是否有歐盟製造以及 10% 的基準。這筆錢是否也包含在您所呼籲徵收的 5,500 萬美元關稅中？

All right. I've got you, Rich, there's a lot there. So let me start with China. So the reason that we anticipate an improving revenue environment for China is volume-based procurement. We would anticipate that the largest impact that you would see for any volume-based procurement is when you see the destocking.

好的。我明白你的意思了，里奇，那裡有很多東西。那麼讓我先從中國說起。因此，我們預期中國收入環境將會改善的原因是基於數量的採購。我們預計，任何基於批量的採購所帶來的最大影響就是庫存減少。

We also had some tough comps on the balloon pump business in Q1 in China. So we would see this as the low point for APAC from a growth perspective, and we would see APAC picking up from here on in and China also as a result of that.

我們在中國第一季的氣球幫浦業務也遇到了一些困難。因此，從成長角度來看，我們認為這是亞太地區的低點，我們會看到亞太地區從現在開始回升，中國也將因此而回升。

Regarding the exempt devices, we are hopeful that medical devices will be excluded. Even if -- and we don't manufacture in China and import into the United States. But I don't need a new iPhone, but if you're lying in a hospital bed, you need medical devices.

關於豁免設備，我們希望醫療設備被排除在外。即使——我們也不在中國生產並進口到美國。但我不需要新的 iPhone，但如果你躺在醫院的病床上，你就需要醫療設備。

So I think we need to be thoughtful here on exemptions for particular products and medical devices for me would seem like a category that's needed to keep people alive in both China and in the United States. So we're hopeful that common sense will prevail as we go through this.

因此，我認為我們需要認真考慮對特定產品和醫療器材的豁免，對我來說，這似乎是保障中國和美國人民生命安全所必需的一類產品和醫療器材。因此，我們希望，在處理這一問題時，常識能夠佔上風。

Regarding Biotronik, your Biotronik question, the impact of tariffs on Biotronik just because of their revenue profile is de minimis. So that's -- I think that's all aspects of the areas of your question, Rich.

關於 Biotronik，您提出的 Biotronik 問題，僅從其收入狀況來看，關稅對 Biotronik 的影響微乎其微。所以這就是——我認為這就是你問題的所有方面，里奇。

Craig Bijou, Bank of America.

美國銀行的克雷格‧比喬 (Craig Bijou)。

I wanted to start with the Urology business, Interventional Urology. And it came in a little bit ahead of expectations. And I know you called out still some headwinds for UroLift, specifically in the in-office site. But I wanted to see if you Liam, if maybe you could talk about how Palette is doing? And is it tracking to that 20%-ish growth that you guys had expected?

我想從泌尿科業務、介入泌尿科開始。而且它的表現比預期稍微好。我知道您指出 UroLift 仍面臨一些阻力，特別是在辦公室內部。但我想看看 Liam，你是否可以談談 Palette 的進展？它是否能達到你們預期的 20% 左右的成長率？

And then just is there -- is there any improvement in UroLift in office, recognizing there's still likely a headwind, but is there an improvement there?

那麼，UroLift 在辦公室方面是否有所改善，雖然認識到可能仍然存在阻力，但那裡是否有所改善？

Yes. Thanks, Craig. So for us, Interventional Urology came in, in line with our expectations. It was -- they were on plan. To the other part of your question, Palette continues to perform exceptionally well, growing strong double digits and maintaining the growth momentum that we saw last year. For UroLift, we saw solid double-digit growth in APAC. So we continue to penetrate that market.

是的。謝謝，克雷格。因此對我們來說，介入性泌尿外科的出現符合我們的預期。是的——他們正在按照計劃進行。對於您問題的另一部分，Palette 繼續表現優異，實現強勁的兩位數成長，並保持了我們去年看到的成長勢頭。對於 UroLift，我們看到亞太地區實現了穩健的兩位數成長。因此我們繼續滲透該市場。

The office in the United States, Craig, is still very challenged and we did see a little bit of pressure in the hospital side of service. So again, this is the last year, the reimbursement change. So we're hopeful that once we get through this final year of reimbursement that we will then begin to see some improvements in UroLift in the various sites of service.

克雷格，美國辦事處仍然面臨著很大的挑戰，我們確實看到醫院方面的服務存在一些壓力。所以，這是報銷變更的最後一年。因此，我們希望，一旦我們度過最後一年的償還期，我們將開始看到 UroLift 在各個服務站點的一些改進。

The AUA meeting was on. Just last weekend, I was actually at it. And there was a lot of enthusiasm for both the Pallet business and for UroLift. And I thought the team did a nice job at that conference.

AUA會議正在進行。就在上週末，我實際上就在做這件事。人們對托盤業務和 UroLift 都抱持著極大的熱情。我認為該團隊在那次會議上表現非常出色。

Great. And just a follow-up on the balloon pump environment and if there's any update as to what you're seeing or hearing from hospitals given the competitor quality issues?

偉大的。並且只是對球囊泵環境進行跟踪，考慮到競爭對手的品質問題，您是否從醫院看到或聽到任何最新消息？

Yes, it's as it was. And as it was expected, Craig. As we said in our prepared remarks, we saw strong double-digit growth in North America. APAC had a tougher comp. The quotations in Q1 were solid again. So that's encouraging. The people are still coming out looking for getting more and more quotations for the product. And nothing has changed in our expectation for our balloon pump business.

是的，一切如舊。正如預期的那樣，克雷格。正如我們在準備好的演講中所說，我們看到北美實現了強勁的兩位數成長。亞太地區的競爭更為激烈。第一季的報價再次保持穩定。這令人鼓舞。人們仍在不斷尋求該產品的更多報價。我們對氣球幫浦業務的期望沒有任何改變。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

I have a question. Second quarter, I heard the guidance for 50 bps to 150 bps of CFX revenue growth. I didn't hear anything on earnings and just with all the moving parts. I'm interested if you might be willing to frame kind of a 2Q EPS expectation or puts and takes to consider there?

我有一個問題。第二季度，我聽到的預測是 CFX 營收將成長 50 個基點到 150 個基點。我沒有聽到任何有關收益和所有變動部分的消息。我感興趣的是，您是否願意制定一個第二季度每股收益預期或可供考慮的看跌期權？

So Mike, we don't guide to EPS in the quarter as we do guide to revenue. And just for -- to help you with your modeling, the guide would indicate a range in revenue of $769 million to $777 million and that would represent the percentages that you outlined.

因此，麥克，我們不會對本季的每股收益做出指導，而是對收入做出指導。為了幫助您建立模型，指南將顯示收入範圍為 7.69 億美元至 7.77 億美元，這將代表您列出的百分比。

For the follow-up on OEM, I heard all the commentary. I guess even excluding the contract loss of $17 million down year-on-year, just felt like a big number for inventory management. And so I also heard that orders are improving throughout the quarter, but anything else you can spike out there?

對於OEM的後續情況，我聽到了所有的評論。我想，即使不包括同比下降的 1700 萬美元的合約損失，對於庫存管理來說，這也是一個很大的數字。我還聽說整個季度的訂單都在增加，但您還能透露什麼其他消息嗎？

I mean, I guess I don't greatly appreciate customer concentration in this business, type of product concentration, inventory management headwinds, I think of something that would phase in over a longer period of time for them to all flare in 1Q, just surprised me. So what else can you help me with there to digest?

我的意思是，我不太欣賞這個行業的客戶集中度、產品集中度類型、庫存管理阻力，我認為這些因素會在較長的一段時間內逐步顯現，並在第一季全部爆發，這讓我很驚訝。那你還能幫助我消化什麼呢？

Yes, Mike. So I will tell you, it's in line with expectations. This is exactly what we expected for the OEM business, and this will be the low point for the OEM business. You'll see sequential improvement as we go through the year. You're right, order rates did begin to pick up as we went through the latter part of the quarter. So that's encouraging.

是的，麥克。所以我會告訴你，這符合預期。這正是我們對OEM業務所預期的，這將是OEM業務的低谷。隨著時間的流逝，你會看到我們不斷進步。你說得對，進入本季後半段，訂單率確實開始上升。這令人鼓舞。

And I think that you're correct also, there's a $7 million impact with that vertical integration that was in Q1. That will be again in Q2. We still expect a little bit of inventory management in Q2. And thereafter, that is the worst of the inventory management behind us. And I know it looks probably heavier in Q1 from an external point of view, but from an internal point of view, this is exactly what we were expecting and OEM hit their plan.

我認為您說得也對，第一季的垂直整合產生了 700 萬美元的影響。這將在第二季度再次發生。我們仍然預計第二季會有少量庫存管理。此後，我們最糟糕的庫存管理就過去了。我知道從外部角度來看，第一季的情況可能更糟，但從內部角度來看，這正是我們所期望的，OEM 也實現了他們的計劃。

And as you get orders, just remember, you take an order, but that order then starts to get rolled through the income statement in the second half of the year and into 2026. So I think the team is executing well in OEM. I think they have a nice robust platform of new business that they're working on. And I think we're in good shape with OEM and it will be evident to the investment community as we go through the year and we begin to see that sequential improvement.

當你接到訂單時，請記住，你接到了一個訂單，但該訂單隨後會在下半年和 2026 年的損益表中開始滾動。所以我認為球隊在 OEM 方面表現良好。我認為他們正在開發一個非常強大的新業務平台。我認為我們的 OEM 狀況良好，隨著我們度過這一年並開始看到連續的改善，投資界將會清楚地看到這一點。

Mike Matson, Needham.

麥克馬森，尼德姆。

Yes. Just want to ask one on a couple of the products that I don't think you mentioned so far. So Manta, Standard Bariatric. Maybe you can just give us some quick updates there. And is it safe to assume those are still accretive to your growth?

是的。我只想問一下您目前還沒有提到的幾種產品。所以 Manta 是標準減肥手術。也許您可以在那裡向我們提供一些快速更新的資訊。是否可以安全地假設這些仍然會促進您的成長？

Yes. So Manta continues to penetrate the (inaudible) market. On Standard Bariatrics, because of the deductible impact, it normally has a very heavy Q4 and a little lighter Q1 and then ramps as you go through the year. But both are in line with what we would have expected and both executing well.

是的。因此，Manta 繼續滲透（聽不清楚）市場。對於標準減重手術，由於免賠額的影響，通常 Q4 非常重，Q1 稍輕，然後隨著一年的推移而增加。但兩者都符合我們的預期，並且執行得很好。

Of note, on the high-growth portfolio, Mike, what I'd call out is Intraosseous. Intraosseous had a really good, solid quarter one. The Hemostatic portfolio performed well as well within that group. So yes, we didn't go into a lot of details on them because they're doing as one would expect. But thanks for the question.

值得注意的是，麥克，關於高成長投資組合，我要說的是骨內投資組合。Intraosseous 第一季表現非常好，非常穩健。止血產品組合在該集團內表現良好。所以是的，我們沒有對它們進行太多細節的介紹，因為它們的表現正如人們所預期的那樣。但感謝您的提問。

Okay. And then just the tariff impact, I mean, the $55 million, just to get to an annualized number, sounds like it's probably a little more than double that. Is that fair just because it's hitting harder kind of in the latter part of the year?

好的。然後只考慮關稅的影響，我的意思是，5500 萬美元，如果以年化數字來計算，聽起來可能只是這個數字的兩倍多一點。這樣公平嗎？只因為今年下半年的打擊更大嗎？

Again, I think we're -- we'd be getting ahead of ourselves to try to give you an annualized number, and I would caution against trying to figure that out, given the changing environment and our ability, we believe, to continue to mitigate this.

再說一次，我認為我們——試圖給你一個年度數字，我們會有點操之過急，而且考慮到不斷變化的環境和我們相信我們有能力繼續緩解這種情況，我建議不要試圖弄清楚這一點。

Thank you. That does conclude the question-and-answer session. I'd like to turn it back over to Mr. Keusch.

謝謝。問答環節到此結束。我想把發言權交還給 Keusch 先生。

Thank you, Amy, and thank you to everyone that joined us on the call today. This concludes the Teleflex Incorporated first quarter 2025 earnings conference call.

謝謝你，艾米，也感謝今天參加我們電話會議的所有人。泰利福公司 2025 年第一季財報電話會議到此結束。

You may now disconnect your lines.

現在您可以斷開線路了。