泰利福醫療 (TFX) 2025 Q3 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Teleflex third-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference call is being recorded and will be available on the company's website for replay shortly.

女士們、先生們，早安，歡迎參加泰萊福仕2025年第三季財報電話會議。（操作員說明）請注意，本次電話會議正在錄音，稍後將在公司網站上提供回放。

And now I will turn the call over to Mr. Lawrence Keusch, Vice President of Investor Relations and Strategy Development.

現在我將把電話交給投資者關係和策略發展副總裁勞倫斯·科伊施先生。

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

各位早安，歡迎參加泰萊福醫療器材公司2025年第三季財報電話會議。本次電話會議的新聞稿和幻燈片可在我們的網站 teleflex.com 上查看。另請注意，會議錄音也將在我們的網站上提供。想要觀看回放的觀眾可以參考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、總裁兼執行長利亞姆·凱利，以及執行副總裁兼財務長約翰·德倫。利亞姆和約翰將發表準備好的講話，然後我們將開放問答環節。

Before we begin, I'd like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events as outlined in the slides posted to the Investor Relations section of the Teleflex website. We wish to caution you that such statements are, in fact, forward-looking in nature and are subject to risks and uncertainties and actual events or results may differ materially. The factors that could cause actual results or events to differ materially include, but are not limited to, factors referenced in our press release today as well as our filings with the SEC, including our Form 10-K, which can be accessed on our website.

在會議開始之前，我想提醒各位，本次電話會議討論的一些事項將包含有關未來事件的前瞻性陳述，這些陳述已在 Teleflex 網站投資者關係部分發布的幻燈片中進行了概述。我們謹此提醒您，此類聲明實際上屬於前瞻性陳述，存在風險和不確定性，實際事件或結果可能與陳述有重大差異。可能導致實際結果或事件與預期有重大差異的因素包括但不限於我們今天發布的新聞稿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）中提到的因素，這些文件可以在我們的網站上查閱。

Now, I'll turn the call over to Liam for his remarks.

現在，我將把電話交給利亞姆，請他發表演說。

Thank you, Larry. And good morning, everyone. I would like to begin today with comments on our corporate strategy. In order to best position the company for enhanced value creation, we have continued to take decisive action to unlock value within our business. This includes the previously announced separation of Teleflex into two independent companies, RemainCo and NewCo.

謝謝你，拉里。大家早安。今天我想先談談我們公司的策略。為了使公司更好地創造價值，我們持續採取果斷行動，釋放公司業務內部的價值。這包括先前宣布的將 Teleflex 分拆為兩家獨立公司 RemainCo 和 NewCo。

In line with our commitment to maximizing value for our shareholders, our Board and management have been continuing to actively advance the process for a potential sale of NewCo, which is now our priority. There continues to be a healthy interest in NewCo, and we are pleased with the momentum and stage in the process.

為了履行我們為股東創造最大價值的承諾，我們的董事會和管理層一直在積極推動 NewCo 的潛在出售進程，這現在是我們的首要任務。市場對 NewCo 的興趣依然濃厚，我們對目前的進展動能和階段感到滿意。

Once the separation process is complete, each business will be best positioned for the future, with more focused strategic direction, simplified operating models, streamlined manufacturing footprint, and individually tailored capital allocation strategies aligned with their respective growth philosophy and objectives.

分拆完成後，每個企業都將更好地迎接未來，擁有更明確的策略方向、更簡化的營運模式、更精簡的生產佈局，以及與其各自的成長理念和目標一致的量身定制的資本配置策略。

As a reminder, the creation of RemainCo will create an optimized portfolio focused on highly complementary business units, Vascular Access, interventional, and surgical. NewCo will be able to identify, invest in, and capitalize on opportunities that are unique to urology, acute care, including intra-aortic balloon pumps and catheters and OEM end markets.

再次提醒，RemainCo 的成立將創建一個優化的產品組合，專注於高度互補的業務部門，即血管通路、介入和外科手術。NewCo 將能夠識別、投資並利用泌尿科、急診護理（包括主動脈內球囊幫浦和導管）以及 OEM 終端市場特有的機會。

Importantly, our guiding principles continue to focus on maximizing shareholder value through this process. Should a sale be consummated, we intend to utilize proceeds to balance pay down of debt and return capital to our shareholders.

重要的是，我們的指導原則仍然是透過這個過程最大限度地提高股東價值。如果出售成功，我們打算將所得款項用於償還債務和向股東返還資本。

Before I turn to our third quarter results, I would like to provide an update regarding changes in the Italian payback measure. As a reminder, the major states that if Italian public hospitals spend more than the national budget allows on medical devices, manufacturers that generate revenue in the country must pay back part of the excess cost to the government.

在介紹我們第三季業績之前，我想先就義大利償還措施的變化提供一些最新資訊。需要提醒的是，該主要條款規定，如果義大利公立醫院在醫療器材上的支出超過國家預算允許的範圍，那麼在該國產生收入的製造商必須向政府償還部分超支費用。

In June 2025, the Italian government proposed a significant discount under this measure, which became effective in August. The amended law reduced the amount owed by affected companies, including Teleflex, for the years 2015 through 2018. These legislative changes and the resulting adjustment to our reserve calculation beyond 2018 resulted in a $23.7 million decrease in our reserve and a corresponding increase to EMEA revenue for the three and nine months ended September 28, 2025, of which $20.1 million pertained to prior periods. Since the amount related to prior years does not represent normal adjustments to revenue and is nonrecurring in nature, we have excluded a $20.1 million increase in revenue related to the prior year's from adjusted third quarter 2025 revenue to facilitate an evaluation of our current operating performance and a comparison to our past operating performance.

2025年6月，義大利政府根據這項措施提出了一項大幅折扣，該措施於8月生效。修訂後的法律減少了受影響公司（包括 Teleflex）在 2015 年至 2018 年期間所欠的金額。這些立法變更以及由此導致的 2018 年後的準備金計算調整，導致截至 2025 年 9 月 28 日止的三個月和九個月期間，我們的準備金減少了 2370 萬美元，歐洲、中東和非洲地區的收入相應增加，其中 2010 萬美元與之前的期間有關。由於與往年相關的金額不代表對收入的正常調整，且屬於非經常性項目，因此我們從 2025 年第三季度調整後的收入中剔除了與往年相關的 2010 萬美元收入增長，以便評估我們當前的經營業績並與我們過去的經營業績進行比較。

Now, moving to the agenda for the remainder of this morning's call. We will discuss the third quarter results, review commercial highlights, and conclude with our updated financial guidance for 2025.

現在，我們進入今天上午電話會議剩餘議程。我們將討論第三季業績，回顧商業亮點，並最後給出我們更新後的 2025 年財務預期。

Overall, we are pleased with our execution in the quarter, with third quarter revenues of $913 million, an increase of 19.4% year-over-year on a GAAP basis. When excluding the prior year impact of the Italian payback measure, adjusted revenues for the third quarter were $892.9 million, up 16.8% year-over-year on a reported basis and up 15.3% on an adjusted constant currency basis.

總體而言，我們對本季的業績表現感到滿意，第三季營收為 9.13 億美元，以 GAAP 計算年增 19.4%。若排除義大利償還措施對上年度的影響，第三季調整後的營收為 8.929 億美元，以報告匯率計算年增 16.8%，以調整後的固定匯率計算年增 15.3%。

Constant currency revenue growth improved sequentially in the third quarter, excluding the impact of the acquired Vascular Interventions business as we work to drive operational excellence across our business. Excluding the impact of acquired Vascular Intervention revenues, constant currency growth was 2.3% year-over-year. Third quarter adjusted earnings per share were $3.67, a 5.2% increase year-over-year.

剔除收購血管介入業務的影響，以固定匯率計算，第三季營收季增有所改善，我們致力於在整個業務範圍內推動卓越營運。剔除收購血管介入業務收入的影響，以固定匯率計算，較去年同期成長 2.3%。第三季調整後每股收益為 3.67 美元，年增 5.2%。

Now, let's turn to a deeper dive into our third quarter revenue performance. I will begin with a review of our geographic segment revenues for the third quarter. All growth rates that I refer to are on a year-over-year adjusted constant currency basis, unless otherwise noted, and include the impact of the acquired Vascular Intervention business.

現在，讓我們更深入地了解我們第三季的營收表現。我將首先回顧我們第三季的地域細分市場收入。除非另有說明，我所提及的所有成長率均以同比調整後的固定匯率計算，並包括收購的血管介入業務的影響。

Americas revenues were $555.9 million, a 7.5% increase year-over-year, with the acquired Vascular Intervention business representing the largest contributor to growth. Excluding the Vascular Intervention business, growth in the quarter was driven by strength in our surgical, interventional, and vascular businesses, partially offset by OEM declines and continued challenges in UroLift.

美洲地區的營收為 5.559 億美元，年增 7.5%，其中收購的血管介入業務是成長的最大貢獻者。除血管介入業務外，本季成長主要得益於外科、介入和血管業務的強勁表現，但部分被 OEM 業務下滑和 UroLift 業務持續面臨的挑戰所抵消。

EMEA revenues were $214.1 million, a 34.4% increase year-over-year. During the quarter, growth was driven by the Vascular Intervention acquisition business. Excluding those acquisition revenues, we saw strength in our surgical, vascular, and interventional businesses, which was partially offset by our anesthesia business, including the decreased volume of military orders in comparison to the prior year.

歐洲、中東和非洲地區的營收為 2.141 億美元，年增 34.4%。本季成長主要由血管介入收購業務推動。除收購收入外，我們的外科、血管和介入業務表現強勁，但麻醉業務（包括與前一年相比軍事訂單量的下降）部分抵消了這一增長。

Now, turning to Asia. Revenues were $122.9 million, a 25.3% increase year-over-year, driven primarily by the Vascular Intervention acquisitions. In the quarter, we recognized an approximately $9 million stocking order as part of our intra-aortic balloon pump and catheter growth strategy in China. And as expected, this was partially offset by volume-based procurement. We anticipate inventory exceeding this $9 million stocking order will be sold through by the end of 2025 as dynamics associated with tariffs stabilize, including timing of orders and tender activity.

現在，讓我們把目光轉向亞洲。營收為 1.229 億美元，年增 25.3%，主要得益於血管介入業務的收購。本季度，我們確認了一筆價值約 900 萬美元的庫存訂單，這是我們在中國實施的主動脈內球囊幫浦和導管成長策略的一部分。正如預期的那樣，批量採購在一定程度上抵消了這種情況。我們預計，隨著與關稅相關的動態趨於穩定，包括訂單時間和招標活動，超過這筆 900 萬美元庫存訂單的庫存將在 2025 年底前售罄。

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

現在，讓我們來討論一下我們第三季按全球產品類別劃分的收入情況。除非另有說明，否則對第三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 4.3% year-over-year to $191 million, driven by our broad Vascular Access portfolio, including peripheral access, EZ-IO, and central access products.

從血管通路開始。營收年增 4.3% 至 1.91 億美元，這主要得益於我們廣泛的血管通路產品組合，包括週邊通路、EZ-IO 和中心通路產品。

Moving to interventional. Revenue was $266.4 million, an increase of 76.4%. Excluding the impact of the Vascular Intervention acquisition, interventional revenues increased 9% year-over-year. The strong performance for the quarter was led by growth drivers such as intra-aortic balloon pump catheters, uncontrolled and complex catheters.

轉向介入治療。營收為 2.664 億美元，成長 76.4%。剔除血管介入收購的影響，介入治療收入年增 9%。本季強勁的業績主要得益於主動脈內球囊幫浦導管、非控制性導管和複雜導管等成長驅動因素。

The acquired Vascular Intervention business revenue was modestly ahead of our $99 million expectation for the third quarter and increased 6.9% year-over-year on a reported basis. We continue to feel confident in our Vascular Intervention guidance of $204 million in revenue for the second half of 2025.

收購的血管介入業務收入略高於我們對第三季 9,900 萬美元的預期，按報告數據計算年增 6.9%。我們仍對 2025 年下半年血管介入業務 2.04 億美元的收入預期充滿信心。

Intra-aortic balloon pump revenue growth declined year-over-year in the third quarter due to lower-than-expected order rates, predominantly in the United States. Specifically, we are seeing a slowing in conversions for pumps in the annual replacement cycle as well as less activity from hospital systems in replacing entire fleets of pumps.

由於訂單量低於預期（主要在美國），主動脈內球囊幫浦第三季的營收成長較去年同期下降。具體來說，我們看到年度更換週期中水泵的轉換速度放緩，醫院系統更換整個水泵群的活動也減少了。

Although we had anticipated this dynamic in 2026, it has occurred sooner than expected. As a result, we have lowered our 2025 global balloon pump revenue expectations by $30 million at the midpoint of our constant currency guidance, with the vast majority of the reduction in the United States. Despite the revised outlook for pump demand in the second half of 2025, we have taken considerable market share and advanced our overall market position beginning in the fourth quarter of 2024.

雖然我們預計這種趨勢會在 2026 年出現，但它比預期來得更早。因此，我們已將 2025 年全球氣球幫浦收入預期下調 3,000 萬美元（以固定匯率指引的中點計算），其中絕大部分降幅來自美國。儘管 2025 年下半年泵浦需求的預期有所調整，但從 2024 年第四季開始，我們已經獲得了相當大的市場份額，並提升了我們的整體市場地位。

Turning to anesthesia. Revenue decreased 1.4% to $101.4 million. Decreased military orders and softness in tracheostomy tubes were partially offset by growth in ET tubes and LMA single-use masks, along with a double-digit increase in hemostatic products in the United States.

啟用麻醉劑。營收下降1.4%至1.014億美元。軍方訂單減少和氣管切開術插管柔軟度降低，部分被氣管插管和一次性喉罩的增長所抵消，同時美國止血產品也實現了兩位數的增長。

In our surgical business, revenue was $122.9 million, an increase of 8.8%. Underlying trends in our core surgical franchise continued to be solid, with growth led by chest drainage and instrumentation in the quarter, partially offset by the expected impact of volume-based procurement in China. Our North America and EMEA surgical businesses, which are not impacted by volume-based procurement, each grew double digits in the quarter.

我們的外科手術業務收入為 1.229 億美元，成長了 8.8%。我們核心外科業務的基本趨勢依然穩健，本季胸腔引流和器械業務的成長帶動了成長，但部分被中國按量採購的預期影響所抵消。我們的北美和歐洲、中東及非洲地區的外科手術業務不受按量採購的影響，這兩個季度均實現了兩位數的成長。

For interventional urology, revenue was $71.8 million, representing a decrease of 14.1%. While we saw strong double-digit growth for Barrigel, we continue to experience meaningful pressure on UroLift.

介入泌尿外科的收入為 7,180 萬美元，下降了 14.1%。雖然 Barrigel 實現了強勁的兩位數成長，但我們仍然感受到 UroLift 面臨的巨大壓力。

OEM revenue decreased 3.9% to $80.4 million year-over-year, driven by customer inventory management. However, and as expected, we saw a sequential revenue increase compared to the previous quarter.

受客戶庫存管理影響，OEM 營收年減 3.9% 至 8,040 萬美元。然而，正如預期的那樣，與上一季相比，我們看到了環比收入成長。

Third quarter other revenue increased 3.1% to $59 million. Growth in the quarter was broad-based across the portfolio. That completes my comments on the third quarter revenue performance.

第三季其他營收成長3.1%至5900萬美元。本季度投資組合實現了全面成長。以上就是我對第三季營收表現的評論。

Turning now to clinical and commercial updates. BIOMAG-II, which is our European randomized controlled trial for the presold resorbable magnesium scaffold, has reached the midpoint ahead of schedule with over 1,000 patients now enrolled. BIOMAG-II is a prospective multicenter randomized controlled trial designed to evaluate the safety and clinical performance of free [cells] compared to a contemporary drug-eluting stent. The primary endpoint is target lesion failure rate at 12 months. We continue to expect the data readout for the BIOMAG-II study in 2027.

接下來是臨床和商業的最新進展。BIOMAG-II 是我們針對預售可吸收鎂支架進行的歐洲隨機對照試驗，目前已提前完成中期，入組患者超過 1000 人。BIOMAG-II 是一項前瞻性多中心隨機對照試驗，旨在評估遊離細胞與當代藥物洗脫支架相比的安全性和臨床表現。主要終點是 12 個月時的目標病灶失敗率。我們仍然期待在 2027 年獲得 BIOMAG-II 研究的數據結果。

The integration activities for the acquired Vascular Intervention business are well underway and remain on track. A planned restructuring, as disclosed in today's press release, is aimed at reducing costs and increasing operational efficiency, and will include workforce reductions and the relocation of certain manufacturing operations to existing lower-cost locations. We expect the restructuring activities to be substantially completed by the end of 2028.

收購的血管介入業務的整合工作正在順利進行，並按計劃推進。根據今天發布的新聞稿披露，公司計劃進行重組，旨在降低成本、提高營運效率，包括裁員和將某些製造業務轉移到現有成本較低的地區。我們預計重組活動將於 2028 年底基本完成。

In our interventional urology business, we launched Uduring the third quarter following regulatory approval, insurance coverage and appropriate use criteria issuance. The commercialization in Japan marks a significant milestone in the global expansion of Barrigel. In 2022, prostate cancer was the most common cancer among men, with over 104,000 new cases. The launch of Barrigel in Japan aims to provide men with a safe, more precise treatment option, enhancing the quality of life for prostate cancer patients undergoing radiation therapy.

在我們的介入泌尿外科業務中，我們在第三季度獲得了監管部門的批准、保險覆蓋範圍和適當的使用標準，並推出了 Ud。在日本的商業化標誌著巴里格爾全球擴張的一個重要里程碑。2022年，攝護腺癌是男性最常見的癌症，新增病例超過104,000例。Barrigel 在日本的上市旨在為男性提供安全、更精準的治療選擇，提高接受放射治療的前列腺癌患者的生活品質。

Barrigel offers enhanced precision and scope stability, allowing for real-time ultrasound guided placement tailored to individual patients. US clinical data supports its efficacy, showing that 98% of patients achieved a significant reduction in rectal radiation exposure. The space has also been shown to significantly reduce both acute and long-term Grade 1 plus GI toxicity at three and six months compared to control. First cases in Japan were performed in early August, and we are actively engaging Japanese clinicians through training programs to ensure effective adoption of the technology.

Barrigel 具有更高的精確度和穩定性，可實現根據個別患者情況進行即時超音波導引定位。美國臨床數據支持其療效，結果顯示 98% 的患者直腸輻射暴露量顯著降低。與對照組相比，該空間也被證明能顯著降低三個月和六個月時的急性及長期 1 級及以上胃腸道毒性。日本的首例病例於 8 月初進行，我們正在透過培訓計畫積極與日本臨床醫生合作，以確保該技術的有效應用。

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

我的發言稿到此結束。現在，我想把電話交給約翰，讓他更詳細地回顧我們第三季的財務表現。約翰？

Thanks, Liam, and good morning. Given Liam's discussion of the company's revenue performance, I'll begin with margins. For the quarter, adjusted gross margin was 57.3%. The 350-basis-point decrease year-over-year was primarily due to the negative impact of tariffs and the negative impact of foreign exchange rates, and to a lesser extent, product mix and increased logistics and distribution costs.

謝謝你，利亞姆，早安。鑑於利亞姆對公司營收表現的討論，我將從利潤率開始談起。本季調整後毛利率為 57.3%。年比下降 350 個基點主要是由於關稅和匯率的負面影響，其次是產品組合變化以及物流和分銷成本增加。

Adjusted operating margin was 23.3% in the third quarter. The 400-basis-point decrease reflects year-over-year gross margin pressure, higher operating expenses associated with the acquisition of the Vascular Intervention business, partially offset by cost controls across the remainder of our business, and negative impact of foreign exchange rates.

第三季調整後營業利益率為 23.3%。400 個基點的下降反映了同比毛利率壓力、收購血管介入業務帶來的較高營運費用（部分被我們其餘業務的成本控制所抵消）以及外匯匯率的負面影響。

Adjusted net interest expense totaled $29.7 million in the third quarter as compared to $18.8 million in the prior year period. The year-over-year increase is primarily due to the borrowings used to finance the Vascular Intervention acquisition.

第三季調整後淨利息支出總額為 2,970 萬美元，而上年同期為 1,880 萬美元。年增幅主要歸因於用於收購血管介入公司的借款。

Our adjusted tax rate for the third quarter of 2025 was 9.1% compared to 13.6% in the prior year period. The year-over-year decrease is primarily due to the beneficial tax provisions included in the recently passed One Big Beautiful Bill Act, including the ability to deduct US-based R&D expenses and other nonrecurring discrete impacts in the quarter.

2025 年第三季調整後的稅率為 9.1%，而去年同期為 13.6%。年比下降主要是由於最近通過的《一項偉大的法案》中包含的有利稅收條款，包括允許扣除美國研發費用和本季度其他非經常性離散影響。

At the bottom line, third quarter adjusted earnings per share was $3.67. The 5.2% increase year-over-year is primarily due to higher revenue and adjusted operating income, including the impact of the Vascular Intervention acquisition, a lower tax rate, and share count, partially offset by the negative impact of interest expense and foreign exchange.

最終，第三季調整後每股收益為 3.67 美元。年比成長 5.2%，主要歸功於收入和調整後營業收入的成長（包括血管介入收購的影響）、較低的稅率和股份數量的增加，但部分被利息支出和外匯的負面影響所抵消。

Now, turning to select balance sheet and cash flow highlights. Cash flow from operations for the nine months was $189 million compared to $435.6 million in the comparable prior year period. The $246.6 million decrease was primarily due to unfavorable changes in working capital as well as the prior period inflow of proceeds related to the pension plan termination.

接下來，我們將重點放在資產負債表和現金流量表。前九個月的營運活動現金流為 1.89 億美元，而去年同期為 4.356 億美元。2.466 億美元的減少主要是由於營運資本的不利變化以及與退休金計畫終止相關的上期資金流入。

The unfavorable changes in working capital were primarily related to the Vascular Intervention acquisition, payments for tariffs, payments related to the proposed separation, cash tax payments for the final transition payment from the TJC Act of 2017, and foreign tax payments related to restructurings from prior periods.

營運資本的不利變化主要與血管介入收購、關稅支付、與擬議分拆相關的支付、2017 年 TJC 法案最終過渡付款的現金稅款支付以及與前期重組相關的外國稅款支付有關。

Moving to the balance sheet. At the end of the third quarter, our cash and cash equivalents and restricted cash equivalents balance was $381.3 million as compared to $327.7 million as of year-end 2024. Net leverage at the quarter end was approximately 2.4 times.

接下來查看資產負債表。截至第三季末，我們的現金及現金等價物及受限現金等價物餘額為 3.813 億美元，而截至 2024 年底為 3.277 億美元。季度末淨槓桿率約為 2.4 倍。

Turning to our updated financial guidance for 2025. We now expect total adjusted constant currency growth of 2025 to be in the range of 6.9% to 7.4%, which reflects the performance in the first three quarters of the year and our updated view for the fourth quarter of 2025. The reduction in the constant currency revenue outlook is primarily driven by a reduction in intra-aortic balloon pump revenue assumptions, primarily in the US, in the second half of 2025 due to our expectation for lower-than-anticipated order rates continuing through the fourth quarter.

接下來，我們來看看更新後的2025年財務預測。我們現在預計 2025 年經調整後以固定匯率計算的總成長率將在 6.9% 至 7.4% 之間，這反映了今年前三個季度的業績以及我們對 2025 年第四季的最新預期。以固定匯率計算的收入預期下調，主要是由於我們預計 2025 年下半年美國主動脈內球囊泵的收入預期下調，而這主要是因為我們預計訂單量低於預期的情況將持續到第四季度。

We now expect a positive impact from foreign exchange of $32 million, representing an approximately 100-basis-point tailwind to GAAP revenue growth in 2025. This compares to our prior guidance of approximately $26 million or an 85-basis-point tailwind for 2025. The updated foreign exchange rate guidance assumes approximately a $1.16 average euro exchange rate for the fourth quarter of 2025.

我們現在預計外匯將帶來 3,200 萬美元的正面影響，這將為 2025 年 GAAP 收入成長帶來約 100 個基點的利好。這與我們先前對 2025 年約 2,600 萬美元或 85 個基點利好因素的預期相比有所提高。更新後的外匯匯率指引假設 2025 年第四季歐元平均匯率約為 1.16 美元。

For 2025, we now expect adjusted revenue growth to be in the range of 8% to 8.5% versus our prior guidance of 8.5% to 9.5%. This implies a revenue dollar range of $3.305 billion to $3.320 billion. This adjusted revenue range anchors our 2025 guidance and includes the acquired Vascular Intervention business, the third quarter performance, updated expectations for the fourth quarter, and foreign exchange rates, and excludes the positive $20.1 million revenue adjustment related to the Italian payback measure for prior years. On a GAAP basis, revenue growth is expected to be 9.1% to 9.6% when including the $20.1 million revenue benefit of the Italian payback measure for prior years.

我們現在預計 2025 年調整後的營收成長率將在 8% 至 8.5% 之間，而我們先前的預期為 8.5% 至 9.5%。這意味著營收範圍在 33.05 億美元至 33.2 億美元之間。這項調整後的收入範圍是我們 2025 年業績指引的基準，其中包括收購的血管介入業務、第三季度業績、第四季度更新預期以及匯率，但不包括與義大利往年投資回報措施相關的 2,010 萬美元正收入調整。以美國通用會計準則 (GAAP) 計算，如果計入義大利往年償還措施帶來的 2,010 萬美元收入收益，預計收入成長率為 9.1% 至 9.6%。

Additionally, for modeling purposes, you should consider the following: we expect 2025 adjusted gross margin to be approximately 59%. Regarding the impact of tariffs, I'm pleased to report that we've made good progress in our tariff mitigation strategies during the third quarter. Due to rate assumption changes and mitigation activities, we now estimate an impact of $25 million to $26 million in 2025 or approximately $0.50 per share, which is an improvement relative to our previous estimate of $29 million in 2025 or $0.55 per share. We expect adjusted operating margin to be approximately 24.5%.

此外，為了建模的目的，您應該考慮以下情況：我們預計 2025 年調整後的毛利率約為 59%。關於關稅的影響，我很高興地報告說，我們在第三季的關稅緩解策略方面取得了良好進展。由於利率假設的變化和緩解措施，我們現在估計到 2025 年將產生 2500 萬美元至 2600 萬美元的影響，即每股約 0.50 美元，這比我們之前估計的 2025 年 2900 萬美元或每股 0.55 美元有所改善。我們預計調整後的營業利潤率約為 24.5%。

Moving to items below the line. Net interest expense is now expected to be $93 million for 2025. We have refined our tax assumption for 2025 and now expect our tax rate to be approximately 12.5% versus our previous expectation for a 13.25% rate.

移至下方項目。預計2025年淨利息支出將達9,300萬美元。我們對 2025 年的稅務假設進行了修正，現在預計稅率約為 12.5%，而我們先前的預期稅率為 13.25%。

Turning to adjusted earnings per share. We are narrowing the range for 2025 to $14 to $14.20 from a range of $13.90 to $14.30. For the fourth quarter, adjusted constant currency growth is expected to be in the range of 14% to 15.8%, excluding a foreign exchange benefit of approximately $21 million.

接下來看調整後的每股盈餘。我們將2025年的目標區間從13.90美元至14.30美元縮小至14美元至14.20美元。第四季度，經調整後的固定匯率成長率預計在14%至15.8%之間，不包括約2,100萬美元的外匯收益。

That concludes my prepared remarks, and I would now like to turn the call back over to Liam for closing commentary.

我的演講稿到此結束，現在我想把電話交還給利亞姆，讓他做最後的總結演講。

Thanks, John. In closing, I will highlight our three key takeaways from the third quarter of 2025. First, we continued to make significant progress in executing our strategy. Third quarter revenue was in the range of guidance, while operating margin and earnings per share exceeded our expectations. For RemainCo, we are pleased with the performance for the first nine months of 2025, and it is encouraging for our longer-term growth outlook.

謝謝你，約翰。最後，我將重點介紹我們從 2025 年第三季總結的三個主要結論。首先，我們在執行策略方面持續取得了顯著進展。第三季營收符合預期，而營業利潤率和每股盈餘均超出預期。對於 RemainCo 而言，我們對 2025 年前九個月的業績感到滿意，這對我們的長期成長前景來說是一個令人鼓舞的消息。

Second, the Vascular Intervention business performed well in the quarter, achieving year-over-year reported revenue growth of 6.9%, which modestly exceeded our guidance. We are excited to provide a more detailed overview of the Vascular Intervention business in a virtual investor meeting, which is scheduled for November 14 at 8:00 AM Eastern Time. Registration details can be found in our press release issued on October 16.

其次，血管介入業務在本季度表現良好，實現了同比增長 6.9% 的報告收入，略微超過了我們的預期。我們很高興能在11月14日美國東部時間上午8:00舉行的虛擬投資者會議上，更詳細地介紹血管介入業務。註冊詳情請參閱我們於10月16日發布的新聞稿。

Last, we remain heavily focused on controlling what we can across our business as we continue to advance our strategic objectives. Our focus is on enhancing operational execution, accelerating growth, and strengthening our diverse product portfolio to better serve our customers. We are pleased with the progress on the separation of Teleflex, including prioritization of a potential sale of NewCo as interest remains healthy. Our guiding principles remain focused on maximizing shareholder value through this process.

最後，我們將繼續高度重視控制我們業務中可以控制的方面，同時繼續推進我們的策略目標。我們的重點是提高營運效率、加速成長，並加強我們多元化的產品組合，以更好地服務我們的客戶。我們對泰利福公司分拆工作的進展感到滿意，包括優先考慮出售新公司，因為市場興趣依然濃厚。我們始終堅持的指導原則是透過這個過程來最大限度地提高股東價值。

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

我的發言稿到此結束。現在，我想把電話轉回接線生進行問答環節。

(Operator Instructions) Mike Matson, Needham.

（操作說明）麥克‧馬特森，尼德姆。

Yes. I guess I'll start with the China -- the comments on the balloon pumps in China. I didn't completely understand that. Can you kind of elaborate on that a little bit more?

是的。我想先從中國說起——關於中國氣球充氣泵的評論。我當時沒完全理解。能再詳細解釋一下嗎？

Yes, absolutely, Mike. So what we saw in the quarter, we saw a stocking order of about $9 million that came from some of our distributor customers. There are really two reasons for this. The first is, as we're executing on our intra-aortic balloon growth strategy to address more of the geographic market, today, Mike, we cover about 30% of the market. And this expansion has been partly driven by the government changes, which recommends the use of intra-aortic balloon pumps and catheters for complex PCI procedures.

是的，當然，麥克。因此，我們在本季度看到了來自一些分銷商客戶的約 900 萬美元的庫存訂單。這其實有兩個原因。首先，隨著我們執行主動脈內球囊擴張成長策略以涵蓋更多地域市場，麥克，目前我們已覆蓋約 30% 的市場份額。而這種擴張部分是由政府的政策變化所推動的，政府建議在複雜的 PCI 手術中使用主動脈內球囊幫浦和導管。

The second reason, Mike, there's been a little bit of noise in the market with tariffs, and this has driven customers' behavior changes that they're purchasing product ahead of tariffs as tenders are delayed later in the year. We expect this situation to normalize in Q4 as we sell through this inventory and even some additional out through the channel as we get these tenders in. So it's a timing thing in Q3, we just wanted to call it out for clarity.

第二個原因是，麥克，市場上出現了一些關稅方面的波動，這導致消費者的行為發生了變化，他們會在關稅生效前購買產品，因為招標會推遲到今年晚些時候。我們預計隨著第四季度庫存的清倉，這種情況將趨於正常，並且隨著我們收到這些訂單，還會透過管道額外售出一些產品。所以這是第三季的時間安排問題，我們只是想澄清一下。

Okay. Got it. And then -- just -- we saw some data at TCT on drug-coated balloons. And I know that you've got the BIOMAG trial underway with your resorbable stent. But that data won't be out until '27. I don't know when it would potentially be approved in the US.

好的。知道了。然後——就在——我們在 TCT 上看到了一些關於藥物塗層球囊的數據。我知道你們正在進行 BIOMAG 可吸收支架的試驗。但這些數據要到 2027 年才會公佈。我不知道它何時才能在美國獲得批准。

But is there any risk here that you lose some share in the kind of legacy stent and balloon business to these newer drug-coated balloons in the US and Europe, either from [Boston] Scientific or Cordis. And maybe can you tell us how much of the -- your -- the business you acquired, the Vascular Intervention business is PCI focused as opposed to peripheral?

但是，在美國和歐洲，無論是波士頓科學公司還是科迪斯公司，這些新型的藥物塗層球囊是否會搶走您在傳統支架和球囊業務中的一些份額？您能否告訴我們，您收購的血管介入業務中，有多少是專注於經皮冠狀動脈介入治療（PCI）的業務，而不是周邊血管介入業務？

Yes. Thanks for the question, Mike. We'll cover that probably more detail next week at our investor meeting. And I will say that in relation to the performance of our drug-coated stents in the quarter, it was in line with expectations. We're not seeing any impact.

是的。謝謝你的提問，麥克。我們將在下週的投資者會議上詳細介紹這個問題。我還要說，就本季我們藥物塗層支架的表現而言，符合預期。我們沒有看到任何影響。

And I would also ask you to bear in mind that drug-coated balloons have been on the market in Europe for a lot longer than they've been in the US with the technologies you're speaking about. And you see -- still see, in conjunction with those technologies, you still see drug-coated stents being used alongside them. And obviously, with BIOTRONIK growing at the rate of almost 7%, that's very encouraging for the business that we just acquired, Mike.

我還想請您記住，您所說的這種技術，在歐洲，藥物塗層球囊上市的時間比在美國上市的時間要長得多。而且你仍然可以看到，在這些技術的基礎上，藥物塗層支架仍然被一起使用。顯然，BIOTRONIK 的成長率接近 7%，這對我們剛收購的這家公司來說非常令人鼓舞，麥克。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

Sorry about that. I guess I was hoping you could comment a little bit further. The press release seems to suggest that now the sale is the primary focus for NewCo. Is the spin off the table? And I guess, can you talk about why you're so geared towards a sale? And do you think that you might be able to sell this at an accretive valuation?

抱歉。我原本希望您能再多說幾句。新聞稿似乎表明，出售是 NewCo 的首要任務。是否已經排除這種可能性？那麼，您能否談談您為何如此重視銷售呢？你認為你能以增值價格出售這家公司嗎？

Yes. Thanks, Matt. Well, Matt, I think as I said in my prepared remarks, in line with our commitment to maximize value for our shareholders, our Board and management have been taking decisive action and have been actively advancing the process for a potential sale of NewCo. As I sit here today, Matt, I am pleased with the progress that we have made in the stage that we are at in the separation. We continue to be impressed by the quality and quantity of buyer interest.

是的。謝謝你，馬特。馬特，正如我在準備好的演講稿中所說，為了履行我們為股東創造最大價值的承諾，我們的董事會和管理層一直在採取果斷行動，積極推進新公司潛在出售的進程。馬特，今天我坐在這裡，對我們目前在分離過程中所取得的進展感到滿意。買家表現出的濃厚興趣和數量之多，令我們印象深刻。

And to your question on valuation, in our view, it speaks to the quality of the assets within NewCo. As we discussed in our second quarter earnings call, we had preliminary meetings with many potential buyers that had expressed interest in acquiring NewCo. Since then, we have been actively advancing the process for a potential sale of NewCo. Momentum has continued and we have advanced the process into late stages of diligence, and are confident in our ability to maximize shareholder value as we prioritize the sale of NewCo.

至於您提出的估值問題，我們認為，這反映了新公司內部資產的品質。正如我們在第二季財報電話會議上所討論的那樣，我們與許多對收購 NewCo 表示有興趣的潛在買家進行了初步會面。從那時起，我們一直在積極推動 NewCo 的潛在出售進程。勢頭持續強勁，我們已將盡職調查流程推進到後期階段，我們有信心在優先出售 NewCo 的同時，最大限度地提高股東價值。

In the second part of your question, is the spin off the table? I think -- again, I'll reiterate, we're pleased with the progress we have made and the stage we're at. We still view a spin as a shareholder value creation strategy opportunity, but the level of interest and momentum we have for the sale of NewCo is now our priority and we're executing against that.

在您問題的第二部分中，旋轉是否不在考慮範圍內？我認為——我再次重申——我們對已取得的進展和目前所處的階段感到滿意。我們仍然認為分拆是創造股東價值的策略機會，但目前出售 NewCo 的關注度和勢頭才是我們的首要任務，我們正在朝著這個方向努力。

And just on RemainCo, Matt, if I can just elaborate a little bit on it and its performance for the first nine months. The constant currency revenue growth year-to-date through the first nine months was approximately 5% year-over-year, excluding the acquired Vascular Interventions business and the negative impact of volume-based procurement, which we know is transitory. This is encouraging and is squarely in our mid-single-digit growth profile.

關於 RemainCo，Matt，我可以稍微詳細介紹一下它及其前九個月的表現嗎？以固定匯率計算，前九個月的收入年增約 5%，不包括收購的血管介入業務以及我們知道是暫時的按量採購的負面影響。這令人鼓舞，完全符合我們中等個位數的成長預期。

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

Maybe for John, John, there was a lot of growth rates thrown out there, and I'm not as -- I'm a lot slower than I used to be. What is the dollar amount of the fourth quarter revenue guidance?

也許對約翰來說，約翰，有很多成長率被拋了出來，而我——我的速度比以前慢了很多。第四季營收預期金額是多少？

And I'll ask my second question, while, maybe John, you're looking that up. Just on the spin/sale, the business has changed a bit since you last provided details on RemainCo and NewCo in terms of margins. Is there any way you can kind of update us maybe on the margin range and tariff exposure of the two businesses?

趁約翰你可能正在查閱資料的時候，我再問我的第二個問題。僅就分拆/出售而言，自從您上次提供有關 RemainCo 和 NewCo 的利潤率詳情以來，業務已經發生了一些變化。您能否向我們介紹一下這兩個業務的利潤率範圍和關稅風險敞口？

Well, the growth -- so the biggest impact in quarter three. I mean, first of all, let me say, I was pleased with our performance in Q3. We executed well within the quarter and we delivered on our commitments despite the weakness in intra-aortic balloon pumps, which was offset by strength in surgical. And obviously, the newly acquired BIOTRONIK VI business performed very, very well within the quarter.

成長方面－第三季的影響最大。首先，我想說，我對我們第三季的表現感到滿意。儘管主動脈內球囊幫浦業務疲軟，但外科手術業務的強勁表現彌補了這一不足，我們在本季度仍出色地完成了任務並履行了承諾。顯然，新收購的 BIOTRONIK VI 業務在本季表現非常出色。

With regard to the margins on RemainCo and NewCo, there hasn't been significant change to the margins within RemainCo or NewCo outside of the impact of tariffs. And as we look at the tariff impact, I think data has been disclosed to the potential buyers of NewCo. So they are fully aware of that.

至於 RemainCo 和 NewCo 的利潤率，除了關稅的影響外，RemainCo 或 NewCo 的利潤率並沒有重大變化。當我們審視關稅的影響時，我認為數據已經揭露給了 NewCo 的潛在買家。所以他們對此完全清楚。

The pump impact has also been disclosed to the buyers, that are fully aware of that. And we gave a good bit of detail in our prepared remarks on the tariffs with the reduction in what we expect for this year. So it's a somewhat improving environment and more stable for tariffs, at least, I would say. And I will ask John to answer your first question.

泵浦的影響也已告知買家，買家對此完全知情。我們在事先準備好的演講稿中詳細闡述了關稅問題，並預計今年的關稅將有所下調。所以，至少就關稅而言，環境有所改善，也更加穩定了。我會請約翰回答你的第一個問題。

Yes, so for the implied Q4 is [$930 to $945.6]. So that's a 14% to 15.8% constant currency, and we have about a $21 million FX tailwind there.

是的，所以隱含的 Q4 是[930 美元至 945.6 美元]。所以以固定匯率計算，漲幅為 14% 至 15.8%，我們還有大約 2,100 萬美元的外匯順風。

Richard Newitter, Truist Securities.

Richard Newitter，Truist Securities。

This is Ravi here for Rich. Liam, just kind of maybe one for me upfront and then a follow-up. Just kind of on the vascular business, your restructuring, you have kind of a pretty significant new product trial underway. I'm just curious, and I don't know if I'm stealing any thunder from the Analyst Day, but just curious, do you need any other kind of maybe flagship products in this division to really kind of accelerate growth behind that billion-dollar revenue base that you have? Just any thoughts there would be appreciated. And one follow-up.

我是Ravi，這裡是Rich的代表。利亞姆，也許我先要一個，然後再跟進一下。就血管業務而言，你們正在重組，而且你們正在進行一項非常重要的新產品試驗。我只是好奇，不知道我這樣問會不會搶了分析師日的風頭，但我只是好奇，在這個部門，你們是否還需要其他旗艦產品來真正加速增長，以支撐你們現有的十億美元營收基礎？歡迎大家提出任何想法。還有一個後續問題。

Yes. Thanks, Ravi. Just for clarity, that's our interventional business that you're talking about. I'll start by saying it's only one quarter, but it's a very encouraging start for BIOTRONIK growing almost 7% right out of the gate. That was ahead of what we had anticipated. So we feel good about that.

是的。謝謝你，拉維。為了明確起見，您所指的是我們的介入治療業務。首先我要說的是，這只是一個季度，但對於 BIOTRONIK 來說，這是一個非常令人鼓舞的開端，開局就成長了近 7%。這比我們預期的要好。所以我們對此感到很滿意。

We have -- and if you look at the underlying growth in the quarter of the interventional business, again, as we said in our prepared remarks, next to BIOTRONIK VI acquisition, it grew at around 9%. So again, it's performing very, very well. We have a suite of new products coming into the portfolio in that business to continue to accelerate the growth.

我們有—而且，如果你看一下介入業務本季的基本成長，正如我們在準備好的發言稿中所說，除了收購 BIOTRONIK VI 之外，它成長了約 9%。所以，它的表現非常非常好。為了繼續加速該業務的成長，我們將推出一系列新產品。

And as part of RemainCo, the interventional business will be a strong driver, and we anticipate it being in the upper end of those mid-single digits that we spoke about. So I don't think we need any additional flagship product in order to achieve our goals.

作為 RemainCo 的一部分，介入治療業務將是一個強勁的驅動力，我們預計其成長率將達到我們先前提到的個位數中段的較高水準。所以我認為我們不需要任何額外的旗艦產品來實現我們的目標。

We have a number of products that we will be releasing into the portfolio. And we will be driving investment into the business to expand and to grow that and we'll be investing in R&D. And M&A will be something that will be a future opportunity for this business. I think it's important for Teleflex that we execute as we go through 2026 and prove out our hypothesis through 2026, deliver that mid-single digits and bring confidence back into the stock.

我們將陸續推出一系列產品。我們將加大對業務的投資，以擴大和發展業務，並且我們將投資於研發。併購將是這家企業未來發展的機會。我認為對 Teleflex 來說，重要的是我們要在 2026 年之前執行好計劃，並在 2026 年驗證我們的假設，實現個位數中段的成長，並重振股票信心。

Great. And then just one on the tightening write-down. Commentary in the last couple of quarters was acknowledge challenges in bariatrics, but that was a product that was doing pretty well, it seemed to us, at least is stapling. So how do we think about maybe the growth rate in that business on a go-forward basis for the segment?

偉大的。然後，就只有一份關於收緊帳目的文件。過去幾季的評論承認了減肥手術面臨的挑戰，但至少在我們看來，該產品（指縫合器）的表現相當不錯。那麼，我們該如何看待該業務板塊未來一段時間的成長率呢？

Yes, Ravi, I'll give you the growth rate for the quarter was in the upper single digits. So the product is still growing, and we anticipate it to grow into the future. I'll let John comment on the restructuring. But at the end of the day, if the base is lower, even though it is growing and that has put a little bit of pressure and has caused the write-down. But John, do you want add anything?

是的，拉維，我可以告訴你，本季的成長率在個位數以上。所以該產品仍在成長，我們預計它未來還會繼續成長。關於重組事宜，我讓約翰來評論吧。但歸根結底，如果基數較低，即使它仍在增長，這也帶來了一些壓力，並導致了減記。約翰，你還有什麼要補充的嗎？

Yes. I mean I won't get into the GAAP technical because this is around intangible assets, which is a little different than a goodwill impairment. But it's that near-term view obviously affects the longer-term projections. And while GLP-1s still put a lot of pressure on this product, as Liam noted, it continues to grow. It's just not growing at the rate that was in our original plan and when we did the acquisition. So unfortunately, it did require a write-down in these intangibles.

是的。我的意思是，我不會深入探討 GAAP 技術細節，因為這涉及無形資產，這與商譽減損略有不同。但這種短期看法顯然會影響長期預測。儘管 GLP-1 類藥物仍然給該產品帶來了很大的壓力，但正如 Liam 所指出的那樣，它仍在繼續增長。它的成長速度並沒有達到我們最初計劃和收購時所預期的速度。因此，很遺憾，這確實需要對這些無形資產進行減損。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

This is Samantha on for Matt this morning. I guess if you could provide any more details on the potential sale of NewCo, it kind of makes it sound like maybe things are advanced with one potential buyer, maybe a few. And also whether this is still being considered sold as NewCo entirely or kind of in parts?

這裡是莎曼珊，今天早上替馬特為您報道。我想，如果您能提供更多關於 NewCo 潛在出售的細節，那就太好了。這聽起來好像已經和一位或幾位潛在買家取得了進展。另外，這是否仍被視為以新公司名義整體出售，還是部分出售？

So I'm not going to get into the details of the number of buyers or anything like that. I will tell you that we are focused on selling the entirety of NewCo. We have made significant progress. We have -- trust me, we have not been sitting on our hands. We've been working tirelessly towards this end goal. We have -- and we are in the later stages of due diligence.

所以我不會透露買家數量之類的細節。我可以告訴你們，我們目前專注於出售 NewCo 的全部股份。我們取得了顯著進展。相信我，我們並沒有袖手旁觀。我們一直在為實現這個最終目標而努力不懈。我們已經完成了盡職調查，目前正處於盡職調查的後期階段。

I will tell you, with a number of buyers we're in the later stages of due diligence as we start -- as we progress this through. I did outline on the second quarter earnings call that we had done preliminary meetings. Since then, we have done a number of meetings, a lot of due diligence, dug deep into the business and had ongoing conversations with multiple buyers.

我要告訴你們的是，我們與一些買家的盡職調查已經進入後期階段，因為我們正在推進這項工作。我在第二季財報電話會議上提到，我們已經舉行了一些初步會議。從那以後，我們舉行了多次會議，進行了大量的盡職調查，深入了解了該業務，並與多個買家進行了持續的對話。

We feel at that, and we've done an incredible amount of analysis on this, both externally and internally, that they are guiding principle of maximizing shareholder value will be best realized at this stage through -- an exit through a sale. We think that would be the best outcome for our shareholders, and that's why we prioritize the sale over the [spin] at this time.

我們認為，並且我們已經對此進行了大量的分析，包括外部分析和內部分析，他們以最大化股東價值為指導原則，在這個階段最好透過出售退出來實現。我們認為這對我們的股東來說是最好的結果，因此我們目前優先考慮出售而不是分拆。

Great. And if I could have one more just on the intra-aortic balloon pumps. I know you talked about how this was expected next year, but was kind of like brought forward. Can you talk a little bit more about the longer-term outlook for these products? And then specifically, how long the catheters that go with them could see that -- could continue to be a growth driver?

偉大的。如果可以的話，我只想再了解主動脈內球囊反搏幫浦的情況。我知道你之前說過這件事原本預計明年就會發生，但現在好像提早了。能否再詳細談談這些產品的長期前景？具體來說，與這些導管配套使用的導管能夠持續多久——能夠繼續成為成長的驅動力？

Yes, Samantha, that's an excellent question. I mean I think if we just take a step back and we refresh everyone's memory; this is a $250 million annual market split between pumps and catheters. We began with approximately a third of the market share, less than a third in the United States and more than a third overseas in Asia. We had the -- we were taking significant share before the competitor issue, with the business growing organically strong double digits. Customers began replacing their pumps due to the FDA notice, and we also saw pull forward in conversions, which expanded the market during this time.

是的，薩曼莎，這是一個很好的問題。我的意思是，如果我們回顧一下，喚起大家的記憶，就會發現這是一個價值 2.5 億美元的年度市場，幫浦和導管各佔一半。我們起步時擁有大約三分之一的市場份額，其中在美國不到三分之一，在亞洲等海外地區超過三分之一。在競爭對手出現問題之前，我們已經佔據了相當大的市場份額，業務實現了強勁的兩位數有機成長。由於 FDA 的通知，客戶開始更換他們的泵，我們也看到轉換提前發生，這在此期間擴大了市場。

We executed that strategy well. Even with the bolus that we picked up in Q4 of 2024, we delivered $70 million in Q4, which was significantly up from '23. And then we -- this year, it should be in the United States, these numbers are, it should be around $80 million this year in the United States.

我們很好地執行了這一策略。即使加上我們在 2024 年第四季獲得的額外收入，我們第四季也實現了 7,000 萬美元的收入，比 2023 年大幅成長。然後我們——今年，在美國，這些數字應該是，今年在美國應該在 8,000 萬美元左右。

And we drove really strong growth in the first half of 2025 and we expected that growth rate to continue into the back half, but conversions have slowed earlier. We thought it would happen in 2026. We were expecting this to be a little bit of an overhang in 2026. And our change in assumption is just as a result of the conversions happening earlier than we had anticipated.

我們在 2025 年上半年實現了強勁成長，並預計這種成長速度將持續到下半年，但轉換率提前放緩。我們原以為會在 2026 年發生。我們預期這種情況在 2026 年會有些許滯後。我們假設的改變只是因為轉換發生的時間比我們預期的還要早。

Your question on catheter, we would anticipate catheter growth to be with us for the last number of years. And in Q3, I mean, the catheters grew strong double digits in Q3. And obviously, we've increased our market share in the United States fairly significantly during that time.

關於您提出的導管問題，我們預計導管的普及應用將在未來幾年內持續存在。第三季度，我的意思是，導管的使用量實現了兩位數的強勁成長。顯然，在此期間，我們在美國的市佔率顯著成長。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Slightly random one at the start. The BIOTRONIK Vascular business, obviously, nice to see that coming in solidly. How is like employee retention been there? How have they been integrating like have you managed to keep them on board, like basically the kind of more squishy qualitative stuff of how that's going?

開頭有點隨便。BIOTRONIK 血管業務顯然發展穩健，令人欣慰。員工留任狀況如何？他們是如何融入團隊的？你是否成功地讓他們留在團隊中？基本上，關於這方面比較模糊的定性問題，進展如何？

Yes. Thanks, Patrick. Look, the integration is going very well. I think that the BIOTRONIK VI employees, being part of Teleflex, they see it as a much bigger interventional portfolio now. I mean, we're heading for $1 billion of an interventional business for RemainCo with an excellent growth outlook. So retention has been rock solid.

是的。謝謝你，派崔克。你看，整合工作進展非常順利。我認為，作為 Teleflex 的一部分，BIOTRONIK VI 的員工現在將其視為一個更大的介入治療產品組合。我的意思是，RemainCo 的介入治療業務正朝著 10 億美元的目標邁進，成長前景非常樂觀。因此，客戶留存率一直非常穩定。

We haven't lost any of the senior leadership as we've gone through this, and I'm very encouraged by that. The team is robust, especially from a technical and R&D capability. I've been with them a number of times, and every time I meet with them, and I'm always impressed by their capabilities in R&D and the innovation that this team can drive.

在這段期間，我們沒有失去任何高層領導，這令我非常鼓舞。該團隊實力雄厚，尤其是在技術和研發能力方面。我曾多次與他們會面，每次與他們見面，我都對他們的研發能力和團隊所展現的創新能力印象深刻。

Super helpful. And then just quickly, obviously, we're still seeing very strong prestige volumes and we're also seeing a whole bunch of incremental procedures moving into the cath lab that maybe are being done there before. You guys have a very broad-based view of the system as a whole. So how are you feeling about volumes, both in and out of the cath lab and the health of the market from a procedural standpoint as well?

非常有用。然後簡單來說，很明顯，我們仍然看到高端手術量非常強勁，我們也看到許多以前可能在導管室進行的增量手術正在轉移到導管室進行。你們對整個系統有著非常全面的理解。那麼，您如何看待導管室內外手術量以及從手術流程角度來看的市場健康狀況？

Yes, it's a great question. I mean, if I look at what I saw with BIOTRONIK growing 7%. If I look at our interventional business outside of the BIOTRONIK VI growing at 9%, it's clear that the cath lab is a very healthy place to be right now, driving good solid upper single-digit growth in our current portfolio.

是的，這是一個很好的問題。我的意思是，看看BIOTRONIK的成長情況，7%。如果我看一下 BIOTRONIK VI 之外的介入業務，其增長率為 9%，那麼很明顯，導管室目前是一個非常健康的領域，為我們當前的投資組合帶來了良好的、穩健的、接近兩位數的增長。

Procedures are stable to improving in that area. There's lots of technology coming into that area. And we ourselves, like the optionality of the technology we're going to bring with Freesolve into the future and to partake in that leave nothing behind them. We're very excited to explain how the BIOMAG study is going to the investment community in a couple of weeks. So yes, we see this as very stable, Patrick, would be, however, and good solid growth coming out of the cath lab area.

該領域的流程穩定且有改進空間。很多技術正在湧入這個領域。我們自己也喜歡我們將與 Freesolve 一起帶入未來的技術的靈活性，並且參與其中不會留下任何遺憾。我們非常興奮地將在幾週後向投資界解釋 BIOMAG 研究的進展。所以，是的，我們認為這非常穩定，帕特里克，然而，導管室領域也出現了良好的穩健增長。

(Operator Instructions) Travis Steed, Bank of America Securities.

（操作員說明）特拉維斯·斯蒂德，美國銀行證券。

This is [Alan Levy] on for Travis. On BIOTRONIK, you've spoken about expanding your reach in EMEA with them contain their exposure. Maybe the first part of the question, are you seeing early wins there with the expanded bag? And then on the realignment and headcount reductions in the sales force, is that going to be more geographically focused in the US or kind of broadly across the world?

這是[Alan Levy]代表特拉維斯上場。在 BIOTRONIK 上，您曾談到擴大在歐洲、中東和非洲地區的業務範圍，以控制他們的曝光度。或許問題的第一部分是，你是否看到擴大預算後能有早期勝利？那麼，關於銷售團隊的重組和裁員，是會更集中於美國，還是會在全球範圍內進行？

Yes. So it's too early, Alan, to give you a clear view on whether we're seeing synergies yet within the sales force. We've seen some anecdotes, but I don't want to call it a trend yet, where some of our complex catheters and some of their stents and balloons have been brought in and combined with some users. We had a lot of excitement in TCT with regard to the overall portfolio.

是的。艾倫，現在就斷言銷售團隊內部是否已經出現綜效還為時過早。我們已經看到了一些軼事，但我不想稱之為趨勢，我們的一些複雜導管以及他們的一些支架和球囊已被引入並與一些用戶結合使用。TCT 的整體投資組合讓我們感到非常興奮。

With regards to the integration and the restructuring, a lot of that is in the, I would call it, in the back office areas where the synergies are coming from. And the integration, obviously, some of it will be in the commercial organization for sure. But I don't want to get into any more details on that on the call.

至於整合和重組，許多工作都集中在後台部門，綜效也正是從這些部門產生的。很顯然，其中一部分整合肯定會發生在商業組織內部。但我不想在電話會議上討論更多細節。

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

現在我想把電話轉回給勞倫斯‧科伊什先生。

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

謝謝凱拉，也謝謝今天所有參加電話會議的人。泰利福公司2025年第三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。