泰利福醫療 (TFX) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Teleflex second-quarter 2026 earnings conference call. (Operator Instructions) At the end of the company's prepared remarks, we will conduct a question-and-answer session. Please note that this conference call is being recorded and will be available on the company's website for replay shortly.

各位女士、先生，早安，歡迎參加 Teleflex 2026 年第二季財報電話會議。（接線員指示）在公司預先準備的發言結束後，我們將進行問答環節。請注意，本次電話會議將被錄音，並將於稍後在公司網站提供重播。

And now I'll turn the call over to Mr. Lawrence Keusch. Vice President of Investor Relations and Strategy Development. Please go ahead.

現在我將把電話交給 Lawrence Keusch 先生。投資人關係與策略發展副總裁。請開始。

Good morning, everyone, and welcome to the Teleflex Incorporated second-quarter 2026 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.

各位早安，歡迎參加 Teleflex Incorporated 2026 年第二季財報電話會議。本次電話會議的新聞稿與簡報投影片已公布於我們的網站 teleflex.com。提醒各位，重播也將在我們的網站提供。

Those wishing to access the replay can refer to our press release from this morning for details. Participating on today's call are Jason Weidman, President and Chief Executive Officer; and John Deren, Executive Vice President and Chief Financial Officer. Jason and John will provide prepared remarks, and then we will open the call to Q&A.

欲收聽重播者，可參考我們今早發布的新聞稿以取得相關細節。今日與會者包括總裁暨執行長 Jason Weidman，以及執行副總裁暨財務長 John Deren。Jason 與 John 將先行發表準備好的談話，之後我們將開放問答。

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.

在開始之前，我想提醒各位，本次電話會議中討論的部分事項將包含對未來事件的前瞻性陳述，相關內容如同已張貼於 Teleflex 網站投資人關係專區之投影片所述。我們提醒各位注意，這些陳述本質上屬於前瞻性，並受風險與不確定性影響，實際事件或結果可能出現重大差異。可能導致實際結果或事件與前瞻性陳述存在重大差異的因素包括但不限於：我們今日新聞稿所提及的因素，以及我們向美國證券交易委員會（SEC）提交的文件（包括可於我們網站查閱的 Form 10-K）。

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

現在我將把電話交給 Jason，請他發表談話。

Thank you, Larry, and good morning, everyone. Let me begin by saying it's been a great start to my time at Teleflex. Over the past two months, I've really focused on learning our business, our products and our organization. This has meant considerable time visiting many of our sites around the globe, meeting with employees across the organization, engaging with customers and physicians and reviewing the company's portfolio, operating priorities and long-term growth opportunities.

謝謝你，Larry，各位早安。首先我想說，我在 Teleflex 的這段時間有一個非常好的開始。過去兩個月，我主要專注於了解我們的業務、產品與組織。這意味著我花了相當多時間走訪全球多個據點，與各部門員工交流，與客戶及醫師互動，並檢視公司的產品組合、營運優先事項與長期成長機會。

While it's still early, a couple of things have stood out immediately to me. Our employees are fantastic. They're dedicated. There's real pride and belief in what we do for patients, and they're eager to build on our accomplishments and drive execution. Second is the strength of Teleflex's underlying businesses, we have great products with market-leading positions in many important categories, strong brands and a substantial global commercial footprint.

雖然目前仍在初期，但有幾點立刻讓我印象深刻。我們的員工非常出色。他們投入且敬業。大家對我們為病患所做的事情有真實的自豪感與信念，也渴望在既有成果上再接再厲、推動落實執行。第二點是 Teleflex 基礎業務的實力：我們在許多重要類別擁有具市場領先地位的優秀產品、強勢品牌，以及龐大的全球商業布局。

My initial observations have also reinforced my belief that there is substantial opportunity ahead for Teleflex and that we have the right foundation to capture this potential. We remain focused on executing key initiatives underway, including completing the announced divestitures, deploying the proceeds through our committed debt reduction and share repurchase initiatives and mitigating stranded costs associated with the divestitures.

我初步的觀察也進一步強化了我的看法：Teleflex 未來仍有相當大的機會，而我們具備掌握這些潛力的正確基礎。我們仍專注於執行目前進行中的關鍵計畫，包括完成已宣布的資產剝離、透過既定的減債與庫藏股回購計畫運用處分所得，以及降低與資產剝離相關的閒置成本（stranded costs）。

Taken together, these actions will create a more focused portfolio give us greater exposure to core critical care and high acuity hospital markets and further strengthen Teleflex's financial and strategic flexibility in its next phase of growth. The divestitures and capital allocation plans reflect a thoughtful and proactive approach to value creation, but realizing our full potential will require continued deliberate action and consistent execution across the company.

綜合而言，這些行動將打造更聚焦的產品組合，使我們更能曝險於核心重症照護與高急性醫院市場，並在下一階段成長中進一步強化 Teleflex 的財務與策略彈性。這些資產剝離與資本配置計畫反映了審慎且積極的價值創造作法，但要充分實現我們的潛力，仍需要公司持續採取有意識的行動，並在各層面維持一致且穩健的執行力。

As I step into this role, my top priority is to thoroughly assess the business and to develop the strategic and operational plan that focuses our resources on the areas where we see the greatest opportunities for sustainable growth, innovation and operational leverage with the objective of maximizing value for our shareholders.

在我接任此職務之際，我的首要任務是全面評估業務，並制定策略與營運計畫，將資源聚焦於我們認為最具永續成長、創新與營運槓桿機會的領域，目標是為股東創造最大價值。

While this review is ongoing, like most medical device companies, the focus will center on operational rigor and predictability across the organization, accelerating growth in innovation-driven platforms and ensuring disciplined and balanced capital deployment. I look forward to partnering with the leadership team and our employees to build upon the strong foundation that's already in place and continue advancing Teleflex's transformation into a more focused medical technologies leader with durable long-term growth.

在此檢視仍在進行之際，如同多數醫療器材公司，我們的重點將聚焦於：提升全組織的營運紀律與可預測性、加速以創新驅動的平台成長，以及確保資本運用的紀律性與平衡性。我期待與領導團隊及全體員工攜手合作，在既有的堅實基礎上再接再厲，持續推進 Teleflex 轉型為更聚焦的醫療科技領導者，並實現具韌性的長期成長。

Now I'd like to transition to the second quarter highlights. Our overall pro forma adjusted constant currency growth was 4.7%, while adjusted operating margin was 19.6%. We delivered better-than-expected revenue, adjusted margin and adjusted EPS with excellent performance in the Vascular and Surgical businesses in particular.

接下來我想轉到第二季重點。我們整體的備考（pro forma）調整後固定匯率成長為 4.7%，調整後營業利益率為 19.6%。在血管與外科業務等領域表現尤其出色的帶動下，我們的營收、調整後利潤率與調整後每股盈餘（EPS）均優於預期。

At the same time, Interventional performance fell short of our expectations as the integration associated with the BI acquisition is taking longer than anticipated. As John will discuss, we have updated our full year revenue outlook to reflect a more tempered expectation for Interventional growth while maintaining our adjusted operating margin outlook and increasing our adjusted EPS guidance.

同時，介入性（Interventional）業務表現未達我們的預期，原因是與 BI 收購案相關的整合所需時間比原先預估更長。如 John 將說明，我們已更新全年營收展望，以反映對介入性業務成長較為保守的預期；同時維持調整後營業利益率展望，並上調調整後 EPS 指引。

We've previously emphasized that 2026 would be a transition year for Teleflex as we become a stronger, more focused company for the future. To that end, I'm pleased to share that we're making significant progress on our strategic transformation and our commitment to maximizing shareholder value. In December of 2025, we announced agreements to sell the Acute Care, Interventional Urology and OEM businesses as part of our overall transformation plan. As announced earlier this week, we have successfully closed the OEM divestiture which resulted in proceeds of approximately $1.5 billion in estimated after-tax proceeds of $1.25 billion.

我們先前已強調，2026 年將是 Teleflex 的過渡年，因為我們正轉型為一家更強大、更聚焦、面向未來的公司。基於此，我很高興分享，我們在策略轉型以及致力於最大化股東價值方面正取得顯著進展。2025 年 12 月，我們宣布已達成協議，將出售急性照護（Acute Care）、介入性泌尿（Interventional Urology）與 OEM 業務，作為整體轉型計畫的一部分。如本週稍早所宣布，我們已成功完成 OEM 資產剝離，帶來約 15 億美元的處分款，估計稅後所得約 12.5 億美元。

The OEM strategic divestiture generates the majority of the proceeds from the planned strategic divestitures and will fund both debt reduction and share repurchase. John will get into more details on the use of proceeds from the OEM close and capital allocation in a few minutes.

OEM 的策略性剝離產生了本次規劃之策略性資產剝離中大部分的處分所得，並將用於減債與股票回購。John 將在幾分鐘後更詳細說明 OEM 交易完成後的資金用途與資本配置。

Turning to the Acute Care and Interventional Urology divestiture, we remain confident in closing the transaction. As previously disclosed, the FTC issued a second request in March, seeking additional information in connection with its review of the transaction. Both parties are working cooperatively with the FTC. The strategic divestiture is currently anticipated to be completed in the fourth quarter of 2026, although the timing is dependent on the regulatory approval process and remaining steps to complete the transaction.

談到急性照護與介入性泌尿的資產剝離，我們仍對完成交易充滿信心。如先前揭露，美國聯邦貿易委員會（FTC）於 3 月發出第二次資訊要求（second request），就其審查交易一事要求提供更多資料。雙方正與 FTC 合作配合。目前預期該策略性資產剝離將於 2026 年第四季完成，但實際時程仍取決於監管核准流程以及完成交易所需的剩餘步驟。

As I focus on durable future growth, driving innovation is a key priority for Teleflex. I am excited about the new product opportunities we are developing, and over the past several quarters, we have deliberately increased our R&D investment with R&D expense at 7.9% of sales in the first half of 2026. As I look ahead, we will focus on effectively allocating capital to new R&D opportunities that fortify our existing product portfolio, leverage our call points and are accretive to our long-term growth profile.

在我聚焦於未來具韌性的成長之際，推動創新是 Teleflex 的關鍵優先事項。我對我們正在開發的新產品機會感到振奮；過去幾個季度，我們也刻意提高研發投資，2026 年上半年研發費用占銷售額的 7.9%。展望未來，我們將專注於有效配置資本於新的研發機會，以強化既有產品組合、善用我們的銷售觸點（call points），並對我們的長期成長輪廓具增益效果（accretive）。

Importantly, we have had a number of exciting new product innovation developments recently, including the late July BLA approval from the FDA for EZPlas freeze-dried plasma as well as the achievement of important clinical trial milestones for Freesolve, our novel drug-eluting resorbable magnesium scaffold. EZPlas, which will expand the emergency medicine portfolio in our Vascular business, represents a novel solution to administering plasma to critically injured patients in combat and prehospital settings.

重要的是，我們近期在令人振奮的新產品創新方面取得多項進展，包括 7 月下旬 FDA 核准 EZPlas 冷凍乾燥血漿的 BLA，以及我們新型藥物塗層可吸收鎂支架 Freesolve 達成重要臨床試驗里程碑。EZPlas 將擴充我們血管（Vascular）業務的急診醫學產品組合，為在戰場與院前環境中對重傷患者施用血漿提供一項創新解決方案。

Approved for the treatment of adults with uncontrolled bleeding resulting from traumatic injuries when plasma is required in other plasma products are not available. EZPlaz is the first freeze-dried plasma licensed by the FDA. EZPlaz uses an innovative, flexible plastic bag technology that enables quick and efficient reconstitution of freeze-dried plasma. It fills an unmet need by enabling the transfusion of plasma in situations where it is critically needed. Including on the battlefield or on air and road ambulances, where the use of traditional plasma products is limited by logistical and operational challenges.

核准用於治療因外傷導致無法控制出血、且需要血漿但其他血漿產品無法取得的成人患者。EZPlaz 是首款獲 FDA 核發許可的冷凍乾燥血漿。EZPlaz 採用創新且具彈性的塑膠袋技術，可快速且有效地將冷凍乾燥血漿復溶。它透過在極度需要的情境下仍能進行血漿輸注，填補未被滿足的需求。包括在戰場或空中與道路救護車上，傳統血漿產品的使用常受後勤與作業挑戰所限制。

Turning to the future for the Interventional business. and as part of our commitment to increasing R&D investment in innovative technologies. We continue to advance our clinical study program with a highly differentiated Freesolve drug-eluting resorbable magnesium scaffold technology. Freesolve caries temporary scaffolding with drug delivery to target a long-sought goal in Interventional cardiology and is anticipated to address the rapidly growing trend in coronary and endovascular procedures towards treatments that leave nothing behind.

接著談談介入（Interventional）業務的未來，以及作為我們致力於提高創新技術研發投資的一部分。我們持續推進具高度差異化的 Freesolve 藥物塗層可吸收鎂支架技術之臨床研究計畫。Freesolve 提供具藥物釋放功能的暫時性支撐，以鎖定介入心臟病學長期追求的目標，並預期可因應冠狀動脈與血管內手術中快速成長的趨勢：採用「不留下任何植入物」的治療方式。

During the second quarter, we announced several milestones from the Freesolve clinical program. four-year follow-up data from the single-arm BIOMAG-I study were presented in May at the Paris course of revascularization, demonstrating sustained long-term performance in a favorable long-term safety profile of Freesolve. We also announced the completion of patient enrollment ahead of schedule for the BIOMAG-II study, which is the first randomized controlled trial for Freesolve run outside of the United States. This positions us for a late 2027 data readout.

在第二季期間，我們公布了 Freesolve 臨床計畫的數項里程碑。BIOMAG-I 單臂研究的四年追蹤數據於 5 月在巴黎血運重建課程（Paris Course on Revascularization）發表，顯示 Freesolve 具持續的長期表現與良好的長期安全性概況。我們也宣布 BIOMAG-II 研究提前完成受試者收案；該研究為 Freesolve 在美國以外進行的首項隨機對照試驗。這使我們可望在 2027 年底取得數據讀出。

Finally, we commenced the BIOMAG-III randomized pivotal trial in the US with the first patient procedures completed in June at the MedStar Washington Hospital Center. While this comprehensive clinical program is still in its early phases, we are encouraged by the data to date and excited about the optionality that Freesolve provides us in the future.

最後，我們在美國啟動 BIOMAG-III 隨機樞紐性試驗，並於 6 月在 MedStar 華盛頓醫院中心完成首位患者手術。儘管這項全面性的臨床計畫仍處於早期階段，我們對迄今數據感到鼓舞，也對 Freesolve 未來為我們帶來的多元選擇感到振奮。

In summary, taken together, all of these updates and actions reflect a more focused portfolio, disciplined capital allocation and innovation progression. We believe they position Teleflex to deliver improved execution and stronger long-term performance. We are building a clear financial profile impact to value creation through improved adjusted margins, lower interest expense and stronger adjusted earnings per share over time.

總結而言，這些更新與行動共同反映出更聚焦的產品組合、嚴謹的資本配置與創新推進。我們相信，這些舉措將使 Teleflex 得以提升執行力並強化長期表現。我們正建立清晰的財務輪廓，透過提升調整後利潤率、降低利息費用，以及隨時間推進帶來更強的調整後每股盈餘，來推動價值創造。

2026 remains a transition year for the company, and our transformation is well underway with tangible milestones being met, including the close of the OEM strategic divestiture and return of capital to shareholders. As we continue to execute on our priorities, we expect a meaningful step-up in our financial performance in 2027 and beyond.

2026 年仍是公司的轉型過渡年；我們的轉型已在進行中，並達成具體里程碑，包括完成 OEM 策略性剝離交易的交割，以及向股東返還資本。隨著我們持續落實各項優先事項，我們預期 2027 年及之後的財務表現將出現顯著躍升。

Now let's move on to our second quarter continuing operations detailed results and updated financial guidance for 2026 all growth rates that I referred to are on a year-over-year pro forma adjusted constant currency basis, unless otherwise noted. Pro forma adjusted constant currency growth for 2026 excludes the impact of foreign exchange, the $9 million Italian payback measure recorded in the second half of 2025 and the impact of approximately $14 million in continuing operations product revenue that was discontinued at the end of 2025 due to a strategic realignment, but includes revenue generated by the acquired Vascular Intervention business for the prior full year period. All comments relate to continuing operations for the second quarter of 2026.

現在讓我們進入 2026 年第二季持續營運的詳細業績，以及更新後的 2026 年財務指引；除非另有說明，我所提及的所有成長率皆以年對年（YoY）的備考（pro forma）調整後固定匯率基礎計算。2026 年備考調整後固定匯率成長排除匯率影響、2025 年下半年認列的 900 萬美元義大利回收（payback）措施影響，以及因策略性調整於 2025 年底停止的約 1,400 萬美元持續營運產品營收影響；但包含所收購之血管介入（Vascular Intervention）業務在前一完整年度期間所產生的營收。所有評論均與 2026 年第二季的持續營運相關。

For the second quarter, Teleflex revenues were $570.3 million, up 28.9% year-over-year on a GAAP basis and up 4.7% on a pro forma adjusted constant currency basis. In the quarter, our revenue performance reflected strong execution in our Vascular and Surgical businesses, partially offset by the performance of our Interventional business which was impacted by integration and restructuring activities related to the VI business. Second quarter adjusted earnings per share was $1.76 a 1.7% increase year-over-year and ahead of our expectations.

第二季 Teleflex 營收為 5.703 億美元，按 GAAP 基礎年增 28.9%，按備考調整後固定匯率基礎成長 4.7%。本季營收表現反映我們血管與外科（Surgical）業務的強勁執行力，但部分被介入業務的表現所抵銷；介入業務受到與 VI 業務相關的整合與重組活動影響。第二季調整後每股盈餘為 1.76 美元，年增 1.7%，且優於我們的預期。

Now let's take a deeper dive into our second quarter revenue performance. I will begin with a review of our revenues by global product category for the second quarter. Starting with Vascular. Revenue was $246.3 million an increase of 8% year-over-year, primarily driven by growth in our hemostatic products and in our central access portfolio. In our Surgical business, revenue was $112.1 million, an increase of 9.2%, which was primarily driven by strong performance in ligation clips, our instrument portfolio and skin safely.

接下來我們更深入檢視第二季營收表現。我將先按全球產品類別回顧第二季營收。先從血管業務開始。營收為 2.463 億美元，年增 8%，主要由止血產品與中心靜脈通路（central access）產品組合的成長所帶動。在外科業務方面，營收為 1.121 億美元，年增 9.2%，主要由結紮夾（ligation clips）、我們的器械產品組合以及 Skin Safely 的強勁表現所驅動。

Moving to Interventional. Revenue was $211.9 million, a decrease of 1%, while several categories, including hemostatic products, right heart catheters, intraosseous and complex catheters, outperformed, growth was softer than expected in the quarter, reflecting ongoing integration and restructuring activities associated with the VI acquisition. Although 2026 was always expected to be a transition year, the integration in the quarter was slower than anticipated, reflecting several transition factors that we expect to be temporary.

再來看介入業務。營收為 2.119 億美元，年減 1%；儘管多個類別（包括止血產品、右心導管、骨內通路（intraosseous）與複雜導管）表現優於預期，但本季整體成長仍低於預期，反映與 VI 收購相關的整合與重組活動仍在進行。雖然 2026 年原本就預期為過渡年，但本季整合進度較預期緩慢，反映若干我們預期屬暫時性的過渡因素。

We are making progress on mitigation actions to address the primary drivers of these temporary impacts. And we remain confident in the long-term strategic and financial prospects for this business. That said, while the original plan contemplated that the integration would be largely completed towards the middle of 2026, we believe it is prudent to extend the time line for full integration through the second half of 2026, given some of the lingering transition issues still impacting the business.

我們正推進緩解措施，以處理造成這些暫時性影響的主要因素。我們仍對此業務的長期策略與財務前景充滿信心。不過，鑑於仍有一些遺留的過渡問題持續影響業務，雖然原先規劃整合將在 2026 年年中前後大致完成，我們認為審慎起見，應將完成全面整合的時程延長至 2026 年下半年。

I've spent the last 20 years of my career working in the Interventional space, and that experience gives me real conviction in the opportunity ahead for Teleflex. At a high level, the legacy Teleflex Interventional and acquired Vascular Intervention business fit together very well and with highly complementary product portfolios and geographic strengths. I believe that these are the right assets for Teleflex to expand its presence in Interventional coronary and peripheral procedures.

我職涯過去 20 年都在介入領域工作，這段經驗讓我對 Teleflex 未來的機會深具信念。從整體來看，Teleflex 既有的介入業務與所收購的血管介入業務非常契合，產品組合與地理優勢高度互補。我相信，這些資產正是 Teleflex 擴大其在介入冠狀動脈與周邊血管手術領域布局的正確基礎。

Drilling down a bit more. We have great products. a broad portfolio that includes specialty devices that physicians rely on and appreciate. I see meaningful opportunities to gain share, expand geographically and bring new products to market including through our innovation pipeline, which features differentiated products like Freesolve. As we actively work through the 2026 transition year, my focus is on positioning the business for success in 2027 and beyond.

再更深入一些。我們擁有優秀的產品與廣泛的產品組合，其中包含醫師仰賴且高度肯定的專科器材。我看到顯著的機會可提升市占、擴展地理覆蓋並將新產品推向市場，包括透過我們的創新產品管線，其中包含像 Freesolve 這類具差異化的產品。在我們積極度過 2026 年過渡年的同時，我的重點是讓該業務在 2027 年及之後取得成功的定位。

My broader review is ongoing, but my immediate priorities are clear, complete the integration associated with the VI acquisition and position Teleflex for improved growth as we continue the overall transformation of our business.

我更廣泛的檢視仍在進行中，但我眼前的優先事項很明確：完成與 VI 收購相關的整合，並在我們持續推動整體業務轉型的同時，讓 Teleflex 具備更佳成長動能。

That completes my comments on the second quarter revenue performance. Now I'd like to turn the call over to John for a more detailed review of our financial results. John?

以上就是我對第二季營收表現的評論。接下來我想把電話交給 John，請他更詳細地回顧我們的財務結果。John？

Thanks, Jason, and good morning. All results that I speak to will be on a continuing operations basis for 2026. Due to reclassification of discontinued operations, historical continuing operations reflect the impact of stranded costs in all periods presented.

謝謝你，Jason，大家早安。我所談及的所有結果，將以 2026 年持續營運（continuing operations）為基礎。由於已終止營運（discontinued operations）的重分類，歷史期間的持續營運結果在所有呈列期間均反映擱置成本（stranded costs）的影響。

Given Jason's previous discussion of revenue, I'll begin with margins. For the second quarter of 2026, adjusted gross margin was 61.7%, a 280-basis point decrease year-over-year was primarily due to the adverse impact of tariffs and the addition of the Vascular Intervention business which has a slightly lower gross margin than the corporate average. Of note, there were no recognition of IEEPA tariff refunds in the second quarter.

鑑於 Jason 先前已討論營收，我將從毛利率開始。2026 年第二季，調整後毛利率為 61.7%，年減 280 個基點，主要原因是關稅的不利影響，以及併入血管介入（Vascular Intervention）業務；該業務的毛利率略低於公司平均。值得注意的是，第二季未認列任何 IEEPA 關稅退稅。

Second quarter 2026 adjusted operating margin was 19.6%, a 520-basis point decrease reflects year-over-year gross margin pressure and higher operating expenses associated with the acquired Vascular Intervention business as well as increased R&D investment.

2026 年第二季調整後營業利益率為 19.6%，年減 520 個基點，反映毛利率承壓，以及與收購血管介入業務相關的較高營業費用，並包含研發投資增加。

Adjusted net interest expense totaled $26.5 million for the second quarter as compared to $20.3 million in the prior period. The year-over-year increase is primarily due to the borrowings used to finance the Vascular Intervention acquisition and a portion of the open market share repurchases in the second quarter of 2026, partially offset by lower interest rates. Our adjusted tax rate for the second quarter of 2026 was 9.9% as compared to 14.1% in the prior period.

第二季調整後淨利息費用合計為 2,650 萬美元，較前期的 2,030 萬美元增加。年增主要由用於資助血管介入收購的借款，以及 2026 年第二季部分公開市場庫藏股回購所致，部分被較低利率所抵銷。2026 年第二季我們的調整後有效稅率為 9.9%，相較前期為 14.1%。

The year-over-year decrease is primarily due to the beneficial tax provisions included in the One Big Beautiful Bill Act increased utilization of US tax credits and favorable jurisdictional mix in the quarter. At the bottom line, second quarter adjusted earnings per share was $1.76, representing a 1.7% increase year-over-year. The year-over-year increase was primarily due to a lower share count and tax rate and to a lesser extent, higher adjusted operating income, partially offset by tariffs and higher interest expense.

年減主要因《One Big Beautiful Bill Act》所包含的有利稅務條款、提高美國稅額抵減（tax credits）的使用，以及本季有利的司法管轄區組合（jurisdictional mix）。在每股盈餘方面，第二季調整後每股盈餘為 1.76 美元，年增 1.7%。年增主要來自較低的流通股數與稅率，並在較小程度上受惠於較高的調整後營業利益；部分被關稅與較高利息費用所抵銷。

At the end of the second quarter, our cash and cash equivalents and restricted cash equivalents balance was $316.9 million as compared to $402.7 million as of year-end 2025. Net leverage at the end of the quarter was approximately 2.8 times, up slightly from the first quarter, primarily driven by borrowings to fund the share repurchases completed during the second quarter. Pro forma net leverage for the OEM strategic divestiture were approximately 1.9 times.

截至第二季末，我們的現金及約當現金與受限制約當現金餘額為 3.169 億美元，較 2025 年底的 4.027 億美元下降。本季末淨槓桿約為 2.8 倍，較第一季略升，主要由第二季完成股票回購所需借款所致。就 OEM 策略性處分的備考（pro forma）淨槓桿而言，約為 1.9 倍。

Turning to our capital allocation strategy. We remain committed to returning cash to shareholders under our previously announced $1 billion share repurchase authorization while reducing debt by $800 million. To accelerate the return of capital to shareholders. During the second quarter, we repurchased approximately 1.9 million shares of our common stock for $250 million through open market transactions at an average share price of $130.85.

接著談我們的資本配置策略。我們仍致力於在先前宣布的 10 億美元股票回購授權下向股東返還現金，同時將債務降低 8 億美元。為加速向股東返還資本，第二季我們透過公開市場交易以 2.5 億美元回購約 190 萬股普通股，平均回購價格為每股 130.85 美元。

With the close of the OEM strategic divestiture, I am pleased to announce that we intend to commence an additional $250 million accelerated share repurchase on August 7. The remaining net proceeds from the OEM strategic divestiture are primarily used to pay off the $700 million Term Loan A-2 associated with the acquisition of the Vascular Intervention business. and we will replenish funds deployed for the $250 million share repurchase that was completed during the second quarter.

隨著 OEM 策略性處分完成交割，我很高興宣布，我們擬於 8 月 7 日啟動額外 2.5 億美元的加速股票回購（ASR）。OEM 策略性處分的剩餘淨收益將主要用於償還與收購血管介入業務相關的 7 億美元 A-2 期定期貸款（Term Loan A-2），並且我們將補回第二季已完成之 2.5 億美元股票回購所動用的資金。

Turning now to our financial guidance framework. As we previously indicated, 2026 results include a number of transient factors related to our strategic divestitures that will impact our near-term results, which we expect to be mitigated with the close of both transactions. Therefore, we anticipate 2027 will be more reflective of the underlying business, ultimately building a clearer financial profile with significant improvements in adjusted margins, interest expense and adjusted earnings per share. As previously announced, we have also launched a multiyear restructuring plan that is expected to achieve approximately $50 million in annual pretax cost savings upon completion in mid-2028.

接下來談我們的財務指引架構。如先前所述，2026 年的結果包含多項與策略性處分相關的短期因素，將影響我們的近期表現；我們預期在兩筆交易皆完成交割後，這些影響將有所緩解。因此，我們預期 2027 年將更能反映核心業務，最終建立更清晰的財務輪廓，並在調整後利潤率、利息費用與調整後每股盈餘方面有顯著改善。如先前宣布，我們亦已啟動一項多年期重整計畫，預期於 2028 年年中完成後，可實現約 5,000 萬美元的年度稅前成本節省。

The restructuring activities, which are on track began in the first quarter of 2026, and our guidance continues to assume savings from these activities will accelerate in the second half of the year. We are also identifying further cost reduction opportunities and remain committed to mitigating the stranded costs associated with the strategic divestitures.

重整活動進展符合預期，並已於 2026 年第一季開始；我們的指引仍假設這些活動帶來的節省將在下半年加速顯現。我們也正在辨識進一步的降本機會，並持續致力於降低與策略性處分相關的擱置成本（stranded costs）。

With that context, I will review items that will impact our 2026 results. First, our assumptions for 2026 continued to reflect the impact of stranded costs, partially offset by TS agreements associated with the recent close of the OEM strategic divestiture. Of note, the TS and MS agreements associated with Acute Care and Interventional Urology strategic divestitures are more expansive than those for OEM due to the buyer requiring more support, which will drive adjusted margin expansion in 2027 as we offset stranded costs.

在此背景下，我將回顧將影響我們 2026 年結果的事項。第一，我們對 2026 年的假設仍反映擱置成本的影響，並由近期完成 OEM 策略性處分所相關的 TS 協議部分抵銷。值得注意的是，與急性照護（Acute Care）及介入泌尿（Interventional Urology）策略性處分相關的 TS 與 MS 協議，因買方需要更多支援而較 OEM 的更為廣泛；這將在我們抵銷擱置成本的同時，推動 2027 年調整後利潤率擴張。

Second, the exact timing of the closing of the Acute Care and Interventional Urology strategic divestiture will pace our ability to deploy additional capital during the remainder of 2026. Third, our 2026 adjusted gross margin assumption does not reflect any benefit from IEEPA tariff refunds. As we look forward to 2027 and beyond, we anticipate our capital deployment actions in combination with the impacts of the TS and MS agreements and our efforts to further mitigate stranded costs and rightsize the organization will result in a significant increase in our adjusted operating income, adjusted margins and adjusted EPS.

第二，急性照護與介入泌尿策略性處分完成交割的確切時點，將影響我們在 2026 年剩餘期間部署額外資本的能力與節奏。第三，我們對 2026 年調整後毛利率的假設未反映任何 IEEPA 關稅退稅的利益。展望 2027 年及以後，我們預期資本部署行動，結合 TS 與 MS 協議的影響，以及我們進一步降低擱置成本並調整組織規模（rightsize）的努力，將帶來調整後營業利益、調整後利潤率與調整後每股盈餘的顯著提升。

Moving to an update on our 2026 guidance. Please note that our 2026 guidance is provided on a continuing operations basis and excludes the Acute Care, Interventional Urology and OEM businesses. We now expect pro forma adjusted constant currency revenue growth for 2026 to be in a range of 3.5% to 4.5% as compared to 4.5% to 5.5% previously. The updated guidance reflects the performance in the first half of 2026 and extended timeline for the integration of the Interventional business and our expectations for the Vascular and Surgical business for the second half of the year.

接著更新我們對 2026 年的指引。請注意，我們的 2026 年指引以持續營運為基礎，並排除急性照護、介入泌尿與 OEM 業務。我們目前預期 2026 年備考（pro forma）調整後固定匯率（constant currency）營收成長率區間為 3.5% 至 4.5%，先前為 4.5% 至 5.5%。更新後的指引反映 2026 年上半年表現、介入業務整合時程延長，以及我們對下半年血管與外科（Vascular and Surgical）業務的預期。

Turning to adjusted earnings per share. We now expect an increased range of $6.90 and to $7.20 in 2026 versus our previous guidance of $6.25 to $6.55. Our guidance includes the second quarter results, our updated expectations for the second half of 20 including the benefit of the second quarter share repurchase activity and lower net interest expense. Our adjusted EPS guidance does not include any benefit from the proceeds resulting from the Acute Care and Interventional Urology strategic divestiture and the anticipated positive impact from additional share repurchases in the second half of 2026, including the $250 million ASR referenced earlier in my remarks.

接著談調整後每股盈餘。我們目前預期 2026 年調整後每股盈餘區間上調至 6.90 至 7.20 美元，先前指引為 6.25 至 6.55 美元。我們的指引已納入第二季結果，以及我們對 20 下半年更新後的預期，包括第二季股票回購活動的效益與較低的淨利息費用。我們的調整後 EPS 指引未包含急性照護與介入泌尿策略性處分所帶來收益的任何利益，也未包含 2026 年下半年額外股票回購（包括我先前提到的 2.5 億美元 ASR）所預期帶來的正面影響。

Also for the avoidance of doubt, our adjusted EPS guidance does not assume a benefit of tariff refunds at this time. We will recognize the tariff refund upon full confirmation from the US government. We anticipate these actions will result in meaningfully lower share count and significantly reduced interest expense in 2027 and beyond. Taken together, we expect share repurchase and balance sheet deleveraging activities will contribute to significantly higher adjusted EPS beginning in 2027.

另外，為避免疑義，我們目前的調整後 EPS 指引並未假設可從關稅退稅中獲益。我們將在獲得美國政府完全確認後認列該關稅退稅。我們預期這些行動將在 2027 年及之後帶來顯著較低的流通股數，以及大幅降低的利息費用。綜合而言，我們預期股票回購與資產負債表去槓桿化活動將自 2027 年起對調整後 EPS 帶來顯著提升。

Additionally, for modeling purposes, you should consider the following: the impact of foreign exchange for 2026 is still expected to be approximately $14 million tailwind to our pro forma adjusted constant currency revenue growth. We continue to expect our 2026 adjusted operating margin to be approximately 19%. As previously discussed, after addressing standard costs, we believe our steady-state margin profile will be approximately 23%. Looking forward, we see opportunities to improve upon that a state operating margin through operating leverage associated with revenue growth and other cost-saving initiatives.

此外，為便於建模，您應考量以下事項：2026 年外匯影響仍預期將為我們備考（pro forma）調整後固定匯率營收成長帶來約 1,400 萬美元的順風。我們仍預期 2026 年調整後營業利益率約為 19%。如先前所述，在處理標準成本後，我們認為我們的穩態（steady-state）利益率概況約為 23%。展望未來，我們看到機會可透過與營收成長相關的營運槓桿以及其他節省成本措施，進一步改善該穩態營業利益率。

Moving to assumptions below the line. For net interest expense, we now expect approximately $85 million for the full year 2026 as compared to the previous assumption of approximately $105 million. The change in outlook primarily reflects the $700 million debt reduction associated with our recent close of the OEM strategic divestiture as well as the opportunities to optimize our near-term borrowings. We now expect our adjusted tax rate to be approximately 12.25% in 2026 as compared to approximately 13.5% previously. Finally, we expect shares outstanding to approximate $43.3 million which excludes any benefit from the announced $250 million ASR.

接著談損益表線下（below the line）的假設。就淨利息費用而言，我們目前預期 2026 全年約為 8,500 萬美元，相較於先前假設約 1.05 億美元。展望變動主要反映我們近期完成 OEM 策略性剝離交易所帶來的 7 億美元減債，以及優化短期借款的機會。我們目前預期 2026 年調整後有效稅率約為 12.25%，先前約為 13.5%。最後，我們預期流通在外股數約為 4,330 萬股，此數字不包含已宣布 2.5 億美元加速股票回購（ASR）所帶來的任何效益。

That concludes my prepared remarks. I would now like to turn the call back to Jason for closing commentary.

以上為我事先準備的發言。接下來我想把電話交回給 Jason，請他做結語評論。

Thanks, John. In closing, I will highlight our three key takeaways from the second quarter of 2026. First, Teleflex had a very solid second quarter. delivering better-than-expected revenue, adjusted margins and adjusted EPS. We expect continued solid performance in Vascular and Surgical in the second half of 2026, albeit at a more moderate growth rate than the first half.

謝謝你，John。在結語中，我將強調我們對 2026 年第二季的三項關鍵重點。第一，Teleflex 第二季表現非常穩健，營收、調整後利潤率與調整後 EPS 均優於預期。我們預期 2026 年下半年血管（Vascular）與外科（Surgical）業務將持續穩健表現，但成長率將較上半年溫和。

Alongside extended timelines to full Interventional integration. We have reduced our pro forma adjusted constant currency revenue growth guidance to reflect these dynamics with the low end of the range contemplating no improvement in Interventional revenues versus the second quarter for the remainder of the year in addition to typical third quarter seasonality.

同時，距離介入（Interventional）業務完成全面整合的時程也有所延長。我們已下調備考調整後固定匯率營收成長指引，以反映上述動態；其中區間下緣假設介入業務營收在今年剩餘期間相較第二季不再改善，並另行納入第三季典型的季節性因素。

Second, we are committed to returning significant capital to shareholders. accelerated share repurchase and debt reduction in the first half are driving an increase in adjusted earnings per share guidance. The recently completed OEM strategic divestiture fueled additional repurchases and debt reduction going forward.

第二，我們致力於向股東回饋可觀的資本；上半年加速股票回購與減債正推動我們上調調整後每股盈餘指引。近期完成的 OEM 策略性剝離交易，將在未來進一步支持額外回購與減債。

Third, we are continuing to successfully execute on our transformation to a more streamlined portfolio, which will position us for acceleration in 2027 and beyond. We expect meaningful increases in adjusted operating margin and adjusted earnings per share in 2027. Additionally, recent positive innovation milestones with EZPlaz and Freesolve highlight our increased focus on future growth opportunities.

第三，我們持續成功推進轉型，打造更精簡的產品組合，這將使我們在 2027 年及之後具備加速成長的條件。我們預期 2027 年調整後營業利益率與調整後每股盈餘將有顯著提升。此外，EZPlaz 與 Freesolve 近期正向的創新里程碑，也凸顯我們對未來成長機會的聚焦程度提升。

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

以上為我事先準備的發言。現在我想把電話交回給接線員，進入問答環節。

(Operator Instructions)

（接線員指示）

Vik Chopra, BMO Capital Markets.

Vik Chopra，BMO Capital Markets。

Hey, good morning and thank you for taking the question. Two for me --

嗨，早安，謝謝讓我提問。我有兩個問題——

Sorry, just one moment, I'll get you back. Your line dropped off here. We'll take the next one. I'll get you back in line, Vik.

抱歉，請稍等一下，我再把您接回來。您的線路剛剛中斷了。我們先接下一位。Vik，我會把您重新排回隊列。

Jayson Bedford, Raymond James & Associates.

Jayson Bedford，Raymond James & Associates。

Good morning and thanks for taking the question. Maybe just first for Jason. Jason, you're walking into a situation here where the strategy through transformative deals is largely set. Are there any pieces of the strategy that make you uncomfortable? And if you can point out any areas of opportunity that maybe were not clear when you stepped into the role?

早安，謝謝讓我提問。第一個問題可能是給 Jason。Jason，你接手的情況是，透過轉型交易所推動的策略大致已經定調。這個策略中是否有任何部分讓你感到不安？另外，你是否能指出任何你上任時可能還不明顯、但你認為存在機會的領域？

Yeah. Thanks, Jayson, for the question. Actually, one of the things I was really -- that really attracted me to Teleflex as I was looking from the outside was this transformational strategy. I thought that it was the right approach to provide better focus for the business. And as I've come in, I remain confident in that strategy. There is nothing that stuck out to me in these first two months that make me think that we're on the wrong path.

是的。謝謝你，Jayson，謝謝你的問題。其實，我從外部觀察時，真正吸引我加入 Teleflex 的其中一點，就是這個轉型策略。我認為這是讓公司業務更聚焦的正確做法。而在我加入之後，我仍對這個策略有信心。在這前兩個月裡，沒有任何事情讓我覺得我們走在錯誤的道路上。

Obviously, we need to determine what the long-term path is beyond that. So I'm in the middle of that, what I would call my comprehensive assessment of the entire organization. And over the coming months here, we'll put together the long-term operational and strategic plan to really drive long-term durable growth and shareholder value.

當然，我們需要釐清在此之後的長期路徑會是什麼。所以我目前正進行我所稱的、對整個組織的全面性評估。在接下來幾個月，我們將制定長期的營運與策略計畫，以真正推動長期且可持續的成長與股東價值。

Okay. And then just maybe as my follow-up, can you elaborate a bit more on the VI integration issues. What is the issue? And what needs to happen to fully integrate the business?

了解。接著作為追問，你能否再多說明一些關於 VI 整合問題？問題是什麼？要讓該業務完全整合，需要完成哪些事情？

Yeah. Great question. So the first thing I want to emphasize here is that this is absolutely not a product issue. So with the coming together of these two portfolios, the legacy Teleflex Interventional portfolio in the BIOTRONIK VI portfolio, they really fit beautifully together. And I think all of you guys know that I spent the last 20 years in the Interventional business. So I know this space well.

好的。這是個好問題。我首先要強調的是，這絕對不是產品問題。隨著這兩個產品組合整合在一起，Teleflex 既有的介入產品組合與 BIOTRONIK VI 的產品組合其實非常契合。我想各位也都知道，我過去 20 年都在介入領域工作。所以我很熟悉這個市場。

And what I can tell you is that when I took this role, I got countless numbers of messages, text messages and e-mails from KOLs in the space that basically said, well, you have a great bag, we're excited to see what you do with it at Teleflex. So this isn't a product issue.

我可以告訴各位的是，當我接下這個職務時，我收到這個領域許多 KOL 的訊息、簡訊與電子郵件，基本上都在說：你們的產品組合很強，我們很期待看看你在 Teleflex 會如何運用。所以這不是產品問題。

What it is simply is just integration transitions that are continuing, that are transient that we need to work through. And I would primarily point to three areas the first would be order to cash transitions. The second would be distributor transitions and the third would be sales force transitions. All of these are manageable. So if I start and go into a bit more detail from the OTC perspective.

真正的原因很單純，就是整合過渡仍在進行中；這些都是短暫性的，我們需要把它們處理完。我主要會指出三個面向：第一是從接單到收款（order-to-cash, OTC）的轉換。第二是經銷商的轉換。第三是銷售團隊的轉換。這些都可控、可管理。

So any time you change an ordering system for a customer no matter how smooth your internal transfer goes, and it was smooth for us, it's a change for the customer. And so there's an opportunity for disruption and confusion with them. And so that's what we are going through right now. We've identified where we have customer confusion and any lingering issues, and we're systematically working our way through those. What I can tell you is that the vast majority of our OTC transitions happened in Q2. And so that gives us a real good line of sight into how we can work through any of those lingering customer confusions.

任何時候你為客戶更換下單系統，不論你內部移轉做得多順暢——而我們確實做得很順暢——對客戶而言都是一項改變。因此就可能出現干擾與混淆的空間。這正是我們目前正在經歷的情況。我們已找出客戶混淆之處以及任何尚未解決的問題，並正有系統地逐一處理。我可以告訴各位的是，我們絕大多數的 OTC 轉換都發生在第二季。因此，這讓我們能非常清楚地掌握如何解決任何仍然存在的客戶混淆。

The second is really about distributor transitions. And any time you move from one distributor to another, there's often a timing issue. So your original distributors start working down their inventory. And so they stop buying, and you haven't yet got to the point of the rebuy or the start-up buys for your new distributors. So obviously, we're closely tracking all of those transitions from distributor to distributor and making sure we drive to completion of those.

第二點其實是關於經銷商的轉換。而每當你從一個經銷商轉到另一個經銷商時，往往會有時點上的問題。因此你原本的經銷商會開始消化他們的庫存。於是他們就停止採購，而你也還沒到新經銷商回補採購或啟動採購的階段。所以很明顯地，我們正密切追蹤所有這些經銷商之間的轉換，並確保推動其完成。

The final area is really about sales force transitions. When you bring two sales forces together, there's obviously going to be some territory realignment. And so you end up with some reps that have new customers. You end up with reps that have new products to sell. And in some cases, we found that we didn't have the right reps to sell this combined bag.

最後一個面向其實是關於銷售團隊的轉換。當你把兩支銷售團隊整合在一起時，顯然會有一些銷售區域的重新劃分。因此最後會出現一些業務代表面對新的客戶。也會有業務代表需要銷售新的產品。而在某些情況下，我們發現我們沒有合適的業務代表來銷售這個整合後的產品組合。

And so we have open positions. And so we have a very comprehensive plan in place to make sure we have enhanced training as well as to make sure we have a very clear hiring plan, and we're already making really good progress against that hiring plan.

因此我們有一些職缺尚未補齊。所以我們已制定一個非常全面的計畫，確保加強訓練，同時也確保我們有非常清楚的招募計畫，而且我們在該招募計畫上已經取得非常好的進展。

So again, I'd say all of these are transient issues related to the integration. And we have this really strong foundation of really great products. And trust me, I wouldn't be here if I didn't think that there was great opportunity in the Interventional business.

所以再說一次，我會說這些都是與整合相關的短期問題。而我們擁有非常堅實的基礎，也就是非常優秀的產品。相信我，如果我不認為介入式業務有很大的機會，我就不會在這裡。

Vik Chopra, BMO Capital Markets.

Vik Chopra，BMO Capital Markets。

Hey, good morning. Jason, you've had about two months to assess the business. I'm curious how quickly you expect to communicate the outcome with your strategic review? And should we invest -- so should we expect a formal long-range plan? And then I had a quick follow-up, please.

嗨，早安。Jason，你大概有兩個月的時間來評估這項業務。我很好奇你預期會多快對外溝通策略檢討的結果？我們是否應該期待一份正式的長期計畫？然後我還有一個簡短的追問，謝謝。

Yeah. Thanks for the question, Vik. Obviously, as I said a couple of minutes ago here, one of my biggest priorities is really to fully assess the business and put together that long-range plan. I would -- I'm only two months in, so I need a little bit more time. I would expect that I'll have more to say in a little more color on opinions of future direction here by the next earnings call.

好的。謝謝你的問題，Vik。很明顯地，正如我幾分鐘前提到的，我最大的優先事項之一就是完整評估這項業務並制定那份長期計畫。我——我才上任兩個月，所以還需要多一點時間。我預期在下一次財報電話會議時，我會就未來方向的看法提供更多說明與細節。

Okay. Great. And a quick follow-up on BIOTRONIK. I'm curious what level of confidence you have that the current timeline reflects the full extent of the delay? Thank you.

好的。很好。另外針對 BIOTRONIK 的一個簡短追問。我想了解你對目前時間表能否反映延遲的全部程度，有多大的信心？謝謝。

Yeah. I think that when we look at the -- as I said, the main causes of the integration delay we have mitigations in place, and we're already seeing progress in those -- in each of those factors. So we have pretty good confidence or really good confidence that we will -- we should be able to work through that by the end of the year. and thus, our guidance also reflects that.

是的。我認為，當我們回頭看——如我所說，造成整合延遲的主要原因，我們都已經有相應的緩解措施，而且我們也已經在每一個因素上看到進展。因此我們相當有信心，或說非常有信心，我們——應該能在年底前把這些問題處理完；因此，我們的財測也反映了這一點。

Patrick Wood, UBS.

Patrick Wood，UBS。

Amazing. Thanks so much for taking it. I'll do two quick ones upfront. Just looking and thinking about the business, I know it's obviously a few months for you, but the guide implies [ever so] slightly more conservative second half, I think, like plus 3% or so. Is there any reason in your mind that midterm, there shouldn't be a business that can grow 4% or so? Is there anything that we might be missing, whether it's procedure environment or anything like that would preclude 4%-plus as a reasonable midterm benchmark?

太棒了。非常感謝讓我提問。我先快速問兩個。就業務來看、也思考一下，我知道你上任才幾個月，但財測似乎暗示下半年會稍微保守一些，我想大概是成長 3% 左右。你認為中期來看，有沒有任何理由使得這不應該是一個能成長約 4% 左右的業務？我們是否忽略了什麼因素，例如手術量環境或其他事情，會使得 4% 以上不適合作為合理的中期基準？

Yeah. Thanks for the question, Patrick. I don't think there's anything major that you're missing here. And let me go back to the guidance and be really clear. So we -- as we look at this revised adjusted revenue growth guidance of 3.5% to 4.5%. This is for the full year and for all of RemainCo. And we're not going to guide on individual businesses. That said, the entire reduction in that guidance from previous guidance is due to this integration slowdown in Interventional.

是的。謝謝你的問題，Patrick。我不認為你在這裡漏掉了什麼重大因素。我再回到財測並把話說清楚。我們——就我們這次修訂後的調整後營收成長財測 3.5% 到 4.5% 來看。這是針對全年、以及整個 RemainCo。我們不會針對個別事業提供財測。話雖如此，這次相較先前財測的下修，全部都是因為介入式（Interventional）業務的整合放緩所致。

Matthew Taylor, Jefferies.

Matthew Taylor，Jefferies。

Hey, good morning and thanks for taking the question. This is Mike Sarcone for Matt Taylor. I guess just a follow-up there on the guide. I think in the prepared commentary, you mentioned maybe some more moderate growth expectations in the back half of the year for Vascular and Surgical as well. Can you just kind of square that away and elaborate there versus your response to the last question around your guide?

嗨，早安，謝謝讓我提問。我是 Mike Sarcone，代替 Matt Taylor。我想就財測再追問一下。我記得在事先準備的說明中，你提到血管（Vascular）與外科（Surgical）在今年下半年可能也會有較溫和的成長預期。你能否把這點釐清一下，並就此多做說明，對照你剛才回覆上一題時對財測的說法？

Sure, no problem. So again, the reduction in the guide is solely due to what we see in Interventional. That said, we did provide some additional color in the prepared remarks to give you confidence in our ability to get to the lower end of the range.

當然，沒問題。所以再說一次，財測下修完全是因為我們在介入式（Interventional）看到的情況。話雖如此，我們確實在事先準備的發言中提供了一些額外的說明，讓你們對我們達到區間下緣的能力更有信心。

And that was that -- the low end of the range really contemplates no growth in Interventional for the remainder of the year. And so it take that Q2 revenue that we had in Interventional and assume that, that's what it would be for the remainder of the year with just some additional seasonality in Q3.

也就是說——區間下緣的情境，基本上是假設介入式（Interventional）在今年剩餘期間不成長。因此就以我們在介入式第二季的營收為基礎，假設今年剩餘期間都維持在那個水準，只是在第三季會有一些額外的季節性因素。

For the other two businesses for Vascular and Surgical, we expect them to continue to perform really solidly. But they've been growing at a high single-digit rate through the first half of the year, which is fantastic, but these are not high single-digit growth markets.

至於另外兩個事業：血管（Vascular）與外科（Surgical），我們預期它們會持續表現得非常穩健。但它們在上半年以高個位數的速度成長，這非常出色，但這些並不是高個位數成長的市場。

So if we look at Vascular, for instance, we did see with some of our major distributors, the inventories creeped up a little bit in H1. So we would expect that eventually that's going to normalize. If I turn to the Surgical business, when we get to the second half of this year, we just frankly face tougher comps. So if you look at H2 of last year, that's when we started to see some of the strength in the instrument portfolio.

以血管（Vascular）為例，我們確實看到部分主要經銷商在上半年庫存略有增加。因此我們預期最終會回到正常水準。再看外科（Surgical）業務，到了今年下半年，我們坦白說會面臨較高的比較基期。如果你看去年下半年，那正是我們開始看到器械產品組合走強的時候。

Got it. That's helpful. Thank you. And maybe just, can you comment on whether or not you've seen any impact from ACA subsidy expiration and just kind of patient demand and utilization?

了解。這很有幫助。謝謝。另外，你能否評論一下，你們是否看到 ACA 補貼到期帶來任何影響，以及病患需求與使用量方面的情況？

We haven't seen any impact from that.

我們沒有看到任何影響。

Jason Bednar, Piper Sandler.

Jason Bednar，Piper Sandler。

Hey, good morning. Thanks for taking the questions. I want to go back and double-click on those three buckets you stepped through earlier impacting the revenue outlook. The first two, OTC and the distributor dynamics, those to me, sound pretty manageable, very controllable. It's the last one, the sales force piece, but I'd love to get your thoughts around that, just being fully resolved by year-end. As some of those roles are still open and in medtech, we've all seen that you should take a little bit of time on ramp-up.

嗨，早安。謝謝讓我提問。我想回頭再深入確認你先前提到、影響營收展望的三個面向。前兩個，OTC 與經銷商動態，對我來說聽起來相當可控、也很容易管理。最後一個是銷售團隊的部分，我很想聽聽你的看法：這是否真的能在年底前完全解決。因為其中一些職位仍然空缺，而在醫療科技產業，我們都看過新進人員上手通常需要一些時間。

So just given where we are in middle of the year, just your comfort or confidence around addressing that sales force, (inaudible)

所以就我們目前處於年中這個時間點而言，您對於處理那支銷售團隊的把握或信心如何，(聽不清楚)

Yeah. I think that's a great question. I'm confident we can get through the hiring plan. I'm confident with our current reps, we can get through the enhanced training that we need to do. But as you as you know, in these spaces, typically, it takes a good six months or so to get a rep up to speed. So I would assume that our ramp-up is not going to be a step up but a ramp up, exactly what you're saying.

是的。我認為這是個很好的問題。我有信心我們能完成招募計畫。我也有信心，憑藉我們目前的業務代表，我們能完成所需的強化訓練。但如你所知，在這些領域，通常需要大約六個月左右才能讓一位業務代表完全上手。所以我會假設我們的爬坡不會是一步到位的提升，而是逐步的爬坡，正如你所說。

All right. Helpful. And then I don't mean to ignore all the heavy lifting here in 2026, a lot of us are understandably trying to hone in also on where growth goes for '27, where EPS has for '27. And just based on the margin normalization, capital deployment, all the things that are in play, it's not hard to see EPS move to something that's like $11.25 or $11.50 in that neighborhood for next year. Jason, I know you kind of first call here. I just love to get your reaction to that.

好的。很有幫助。另外，我並不是要忽略 2026 年這裡所有繁重的工作；我們很多人也可以理解地想更聚焦在 2027 年的成長動能在哪裡、2027 年的 EPS 會到哪裡。而僅從毛利率/利潤率正常化、資本配置，以及所有正在發生的事情來看，不難想像明年 EPS 可能會到大約 11.25 或 11.50 美元左右的區間。Jason，我知道這算是你第一次在這裡接這類問題。我很想聽聽你對此的反應。

Well, look, I'm going to -- I'll pass that one to John to talk about what our expectations are on the EPS. But, yeah. Go ahead, John.

嗯，你看，我會把這題交給 John 來談我們對 EPS 的預期。不過，是的。John，你來。

So obviously, we're not ready to guide 2027 yet. I appreciate your thoughts, and I don't know that I can confirm or deny your modeling, but I would tell you that with the 23% op margin from where we sit today that your numbers don't sound unreasonable.

所以很明顯，我們還沒準備好對 2027 年提供指引。我感謝你的想法，我也不確定我能否確認或否認你的模型假設，但我可以告訴你，以我們目前所處位置來看，若以 23% 的營業利益率，你的數字聽起來並不不合理。

Lawrence Biegelsen, Wells Fargo.

Lawrence Biegelsen，富國銀行。

Hey, good morning. This is Nathan Treybeck on for Larry. Jason, CMS is changing the requirement for NTAP and PPT breakthrough designation is no longer eliminates the need to show a clinical advance to receive enhanced reimbursement. How does this impact Freesolve and where you might be able to price it?

嗨，早安。我是 Nathan Treybeck，代替 Larry 發問。Jason，CMS 正在改變 NTAP 的要求，而 PPT 的突破性認定不再能免除為了獲得加成給付而必須證明臨床進步的需求。這對 Freesolve 有何影響，以及你們可能如何為其定價？

Well, as you know, with those rules, it just eliminated the shortcut that you did not have to show superiority with -- if you had breakthrough device designation. And so we are aware that, that goes away and then that pathway goes away. At the same time, we've got a lot of different scenarios we're looking at for Freesolve in the long term.

嗯，如你所知，依照那些規則，它只是取消了那個捷徑：也就是如果你有突破性醫材認定，就不必證明優越性。所以我們知道那項規定會取消，然後那條途徑也會消失。同時，我們也在針對 Freesolve 的長期發展評估許多不同情境。

And certainly, we're looking at different measures of which we could also attempt to show that there could potentially be long-term superiority of that device. But regardless, this is regardless of where that NTAP or PPT ends up. We think that if this plays out clinically in the randomized trials, this is a great opportunity no matter what.

而且我們當然也在看不同的衡量方式，嘗試證明該裝置在長期上可能具有優越性。但不管怎樣，這與 NTAP 或 PPT 最終走向無關。我們認為，如果在隨機試驗中臨床結果如預期呈現，無論如何這都是一個很好的機會。

Great. And I do want to ask on Orsiro, what percentage of Interventional revenue is it today? And is it declining at a similar rate to the overall DES market? And do you think you can change the trajectory for that product?

很好。另外我想問 Orsiro，目前它占介入式（Interventional）營收的比例是多少？它的下滑速度是否與整體 DES 市場相近？你們認為能改變這個產品的走勢嗎？

So the first thing I would say is we're not going to get in guide in specific or talk about growth rates of specific product lines. That's just not something we're going to do. I can speak generally about the DES market, which is, I would call it, approximately flat. So pricing is usually counteracting the PCI growth that's happening worldwide.

我首先要說的是，我們不會對特定產品線提供指引，也不會談特定產品線的成長率。這不是我們會做的事。我可以概括談一下 DES 市場：我會形容它大致持平。因此，價格因素通常會抵消全球正在發生的 PCI 成長。

And what I would say about Orsiro is that it's got a pretty low share position, not because it's not a great product, but it just hasn't had the commercial the commercial bandwidth across the globe to really go after it. And so I do think that there's actually opportunity for us to outperform the market over time with this product. There's 70,000 patients studied with Orsiro. It's a good product. It has amazing data versus Xience, and I'm excited to see what we can do with it.

至於 Orsiro，我會說它目前市占相當低，並不是因為它不是好產品，而是因為在全球範圍內，商業資源/商業覆蓋能力不足，無法真正全力推進。因此我確實認為，隨著時間推移，我們其實有機會讓這個產品的表現優於市場。Orsiro 已有 70,000 名病患的研究數據。它是個好產品。相較於 Xience，它有非常出色的數據，我也很期待看看我們能用它做到什麼。

Mike Matson, Needham & Company.

Mike Matson，Needham & Company。

Yeah, thanks. So I want to start with one on EZPlaz. So you appreciate the commentary there, but I didn't really hear much about the market opportunity. I think in the past, you talked about it being about $100 million potential market in the US. And then what about the timing of the launch and potential sales ramp?

是的，謝謝。我想先從 EZPlaz 問起。我很感謝你剛才的評論，但我其實沒有聽到太多關於市場機會的部分。我記得過去你們談過在美國大約是 1 億美元的潛在市場。另外，上市時程以及潛在銷售爬坡的時間點如何？

Yeah. Great question. So first, let me start with just saying that I'm really, really pleased with this landmark approval. And I think that it really demonstrates Teleflex's expanded commitment to innovation. This is something that the company has been working on for more than a decade, and it is certainly not an easy project or an easy innovation. So now we ended up as the first and only freeze-dried plasma that's licensed by the FDA. So I really wanted to complement the team on that before addressing your question.

好的。很好的問題。首先我想先說，我對這項里程碑式的核准感到非常、非常滿意。我認為這也真正展現了 Teleflex 對創新的更深承諾。這是公司投入超過十年的專案，當然也不是一個容易的專案或容易的創新。所以我們最終成為第一個、也是唯一一個獲 FDA 核准上市的凍乾血漿。在回答你的問題之前，我真的想先稱讚團隊在這方面的成果。

So look, with EZPlaz, what I want to make clear is that our first and immediate priority here is the government and military market here in the United States. And there's a lot of work that needs to be done there. So the next steps for that are procurement solicitation with the Department of War, then we have to negotiate contract then we sign a contract and start to actually commercially deliver product. Now we're actively engaged in those conversations and they're going well. In 2026, I would anticipate that any revenue we get from EZPlaz would be immaterial. But in 2027, it will be a contributor.

所以，關於 EZPlaz，我想要釐清的是，我們第一個、也是最立即的優先市場，是美國的政府與軍方市場。而那裡還有很多工作要做。接下來的步驟包括：與戰爭部（Department of War）的採購招標/徵求案流程，接著我們必須協商合約，然後簽約，並開始實際進行商業交付。目前我們正積極參與這些對話，而且進展良好。我預期在 2026 年，EZPlaz 帶來的任何營收都將不具重大性。但在 2027 年，它會成為一項貢獻來源。

In terms of the long-term market, I am aware that in the past many years ago, the company had described this as a $100 million opportunity. As you can imagine, as being new to the role, I want to reassess how and our ability to go after new segments and what that total market opportunity can be. And I would say we're still in the middle of that. And so I would say it would be premature for me to comment on the total market opportunity over time.

就長期市場而言，我知道在過去、很多年前，公司曾將其描述為 1 億美元的機會。如你所想像，因為我剛接任這個職務，我希望重新評估我們切入新細分市場的方式與能力，以及整體市場機會的規模。我會說我們仍在評估的過程中。因此，我認為現在就評論長期的總市場機會還為時過早。

Okay. Understand. And then in terms of Freesolve and the BIOMAG-II trial, which you're expecting results, I think, late next year, what's sort of that stake with that trial? So is it safe to assume that if the results are positive that, that's going to allow you to see sales kind of ramp more aggressively outside the US where it is on the market in Europe and other places?

好的。理解。另外，關於 Freesolve 與你們預期大概在明年下半年出結果的 BIOMAG-II 試驗，這個試驗的關鍵意義是什麼？所以是否可以合理假設，如果結果是正面的，將使你們在美國以外、也就是已在歐洲及其他地區上市的市場，看到銷售更積極地加速爬坡？

Yeah. Great question. So as we think about Freesolve outside the United States, you're exactly right. It's not a -- or a sales ramp is not an approval issue. It's really a data issue or a lack of data and a guidelines issue. And so we do not -- we have really great single-arm data so far with BIOMAG-I, which I would say is hypothesis generating. We hear great things for physicians, the device performed similarly to a conventional DES, the results in that single-arm study look like a conventional DES.

是的。很好的問題。因此，當我們思考 Freesolve 在美國以外的情況時，你說得完全正確。這不是——或者說，銷售爬坡並不是核准方面的問題。這其實是資料問題、或是資料不足以及指引（guidelines）問題。因此我們並沒有——到目前為止，我們在 BIOMAG-I 有非常好的單臂資料，我會說這是用來產生假設的。我們從醫師那裡聽到很好的回饋，該裝置的表現與傳統 DES 類似，而那項單臂研究的結果看起來也像是傳統 DES。

But obviously, we need to see it in a randomized fashion. And so we did, as you said, we finished enrollment in BIOMAG-II, which is about 2,000 patients randomized versus Xience. We finished that ahead of schedule. So we will have a readout next year. And so that should take care of this data question. And so we're anxious to see that and to really see how this performs versus DES.

但很顯然，我們需要以隨機分派的方式來驗證。因此如你所說，我們已完成 BIOMAG-II 的收案，約 2,000 名病患，與 Xience 進行隨機對照。我們提前完成了收案。所以我們將在明年取得讀出結果。這應該能解決這個資料面的問題。因此我們很期待看到結果，並真正了解它相較於 DES 的表現如何。

And then in terms -- but beyond that, I mentioned there's also a guideline issue. So the major guidelines outside the US in cardiology or the ESC guidelines, European Society of Cardiology Guidelines. And right now, those guidelines state that you should only use bioabsorbable scaffolds in a clinical trial setting. So even as we get through knock on wood positive data next year, we'll still have to work with ESC to make sure the guidelines get updated, but positive data should allow that to happen.

接著就——但除此之外，我提到還有一個指引面的問題。美國以外心臟科的主要指引是 ESC 指引，也就是歐洲心臟學會（European Society of Cardiology）指引。而目前這些指引指出，你應該只在臨床試驗的情境下使用可吸收支架（bioabsorbable scaffolds）。所以即便我們明年（但願）拿到正向數據，我們仍需要與 ESC 合作，確保指引能更新；不過正向數據應該能促成這件事。

Anthony Petrone, Mizuho Financial Group.

Anthony Petrone，瑞穗金融集團（Mizuho Financial Group）。

Thanks. And welcome, Jason. Pleasure to meet over the phone and hope you're doing well, John. One on procedure volumes, just broader question and one on capital allocation. All three segments could be used as a proxy for procedure volumes. Vascular organic is 8%, your Surgical is [9%] and obviously, Interventional, you have the organic growth down 1%.

謝謝。也歡迎你，Jason。很高興能透過電話認識你，也希望你一切都好，John。一個關於手術量（procedure volumes）的問題，算是比較宏觀的問題；另一個關於資本配置。三個事業部都可以作為手術量的代理指標。Vascular 的有機成長是 8%，Surgical 是 [9%]，而很明顯地，Interventional 的有機成長下滑 1%。

To what extent can you give us a little bit on US procedure volumes, there's been some noise out there. HCA had inpatient admissions down, some of the med tech companies are not seeing impacts. Some of them are. So what is the view from the Teleflex vantage point as it relates to US procedure volumes into the back end of the year? And I'll have a follow-up on capital.

你們能在多大程度上談談美國的手術量？外界有一些雜音。HCA 的住院收治（inpatient admissions）下降，有些醫療科技公司沒有看到影響。但也有一些看到了。所以從 Teleflex 的角度來看，對於今年下半年美國手術量的看法是什麼？我之後還會追問一個資本方面的問題。

Yeah, sure. So I mean, just in short, similar to what I said before is we can't really seeing any impact of procedure volumes. We don't think that, that's what's been driving the performance of our businesses.

好的，當然。簡單說，跟我之前說的類似，我們其實沒有看到手術量帶來任何影響。我們不認為這是驅動我們各項業務表現的因素。

And maybe on capital allocation, $250 million ASR. I think the prior target was $1 billion overall. So you did $250 million in a first share repurchase of $250 million post the OEM divestiture for an ASR and instead the debt buyback. So maybe just to recap on capital allocation, what will be the steady diet of share repurchases versus debt service. And of course, M&A was part of the Teleflex DNA. What are your thoughts, Jason, on M&A? Thanks.

那在資本配置方面，2.5 億美元的 ASR（加速股票回購）。我記得先前的目標是總計 10 億美元。所以你們在 OEM 出售之後，先做了第一筆 2.5 億美元的股票回購（ASR），而不是先做債務回購。所以也許請你們回顧一下資本配置：未來常態性的股票回購與償債之間會如何分配？當然，併購（M&A）也是 Teleflex DNA 的一部分。Jason，你對 M&A 有什麼想法？謝謝。

Yeah, sure. So at a high level, we remain committed to the $1 billion share repurchase, the $800 million in debt reduction. So as you said, we completed the $250 million share buyback in Q2. The first $250 million, we announced the next $250 million ASR here to start tomorrow.

好的，當然。從高層次來看，我們仍致力於 10 億美元的股票回購，以及 8 億美元的減債。如你所說，我們在第二季完成了 2.5 億美元的股票回購。第一筆 2.5 億美元完成後，我們在這裡宣布下一筆 2.5 億美元的 ASR，將於明天開始。

And then the remaining $500 million will likely use the proceeds from the Acute Care and Interventional Urology divestiture when that closes. From a debt reduction standpoint, we paid down $700 million with the OEM proceeds from -- and that was some debt that we incurred from the BIOTRONIK acquisition, and then we'll pay down the additional $100 million here of debt that we committed to by the remainder of the year.

接下來剩餘的 5 億美元，很可能會使用 Acute Care 與 Interventional Urology 出售案在完成交割後的所得款項。在減債方面，我們已用 OEM 出售所得償還了 7 億美元——那是我們為了收購 BIOTRONIK 而承擔的一部分債務；此外，我們也會在今年剩餘時間內再償還我們承諾的另外 1 億美元債務。

In terms of your question on acquisitions, the first thing I would say is we've got a lot on our plate right now that we need to execute to, and that's what our focus is on. We need to make sure both of these divestitures get done. We need to make sure that we fully integrate BIOTRONIK and then we'll work from there. But generally, my philosophy, though, on acquisitions is that I would like these -- anything we look at would need to be tuck-in acquisitions to the businesses that we will have here in RemainCo. I'm not interested, at least in the short to midterm on anything that would be transformational.

至於你問到的併購，首先我要說的是，我們目前手上有很多事情需要落實執行，這也是我們的重點。我們需要確保這兩項出售案都能完成。我們需要確保 BIOTRONIK 能夠完整整合，然後再從那裡往下推進。但一般而言，我對併購的理念是：我們所評估的任何案子，都必須是能夠補強我們在 RemainCo 將保留的業務之「補強型併購」（tuck-in acquisitions）。至少在短到中期，我對任何具變革性（transformational）的併購都沒有興趣。

Ravi Misra, Trust Securities.

Ravi Misra，Trust Securities。

Hi. Thanks for taking the questions. Also relay my congratulations and nice to start working with you, Jason, over the coming quarters. Just, I guess, my two, I'll ask them upfront. Can you talk maybe a little bit about Pantera Lux, kind of what's going on in the DCB ISR space? One of your competitors has been delivering pretty gangbusters growth in that segment. So I just want to understand how you're viewing the opportunity there?

嗨。謝謝讓我提問。也請轉達我的祝賀，並很高興在接下來幾個季度開始與你合作，Jason。我想我有兩個問題，我先一起問。你能否談談 Pantera Lux，以及 DCB ISR 這個領域目前的狀況？你們的一位競爭對手在該細分市場的成長非常亮眼。所以我想了解你們如何看待那裡的機會？

And then second, just I guess, on the Vascular strength, there's growth acceleration despite some of the supplier headwinds that were mentioned. You kind of talked about the ordering patterns here. Can you maybe point us to, John, what kind of a stabilized end market looks like for this segment? Thanks. Appreciate the time.

第二個問題是關於 Vascular 的強勁表現：儘管提到了一些供應商逆風，成長仍在加速。你們也談到這裡的下單模式。John，你能否指引我們理解：對這個事業部而言，一個已趨於穩定的終端市場大概會是什麼樣子？謝謝。感謝你們撥冗。

So first question on DCB. Yes, there's been -- yes DCB has been a great growth opportunity, particularly in the coronary space over the last couple of years. We see this is a growth segment for us within our Interventional business, we see more opportunity around the world. We are looking at the different options for us to get our DCBs into the United States into Japan because of some contractual items on these products, the Lux platform, it's not necessarily straightforward. And so we're still trying to work through what our different options are.

先回答 DCB 的第一個問題。是的——DCB 在過去幾年，特別是在冠狀動脈領域，一直是很好的成長機會。我們認為這是我們 Interventional 業務中的一個成長板塊，也看到全球還有更多機會。我們正在評估不同選項，讓我們的 DCB 能進入美國與日本；由於這些產品（Lux 平台）的一些合約條款因素，這件事不一定那麼直接。因此我們仍在努力釐清我們有哪些不同的選項。

Let's see. So the other question was just about the Vascular segment and yeah, in ordering patterns and where we saw the market stabilizing. So again, so we had really strong business in our performance in our Vascular business in H1. In particular, in the second quarter, I'll call out that our team did a fantastic job managing the Lidocaine recall, which we thought could have been a negative for us in the quarter with a back order, but our team really, really managed through that in a great way.

我看看。另一個問題是關於 Vascular 事業部——是的，關於下單模式以及我們認為市場會在何處趨於穩定。所以再次說明，我們在上半年 Vascular 業務的表現非常強勁。特別是在第二季，我要特別提到，我們的團隊在處理 Lidocaine 召回事件上做得非常出色；我們原本以為這可能會因缺貨（back order）而對本季造成負面影響，但團隊確實以非常好的方式把這件事管理過去了。

As I mentioned though, as we track the inventories of the major distributors, they've creeped up a little bit. And so we would expect them to normalize a little bit in the back end. At the end of the day, this is a mid-single-digit growth market.

如我先前提到的，不過，當我們追蹤主要經銷商的庫存時，庫存確實小幅上升了一些。因此我們預期在下半年後段會稍微回到正常水準。歸根結底，這是一個中個位數成長的市場。

Michael Polark, Wolfe.

Michael Polark，Wolfe。

Hey, good morning. Follow-up on the BIOTRONIK integration update. I'm just curious on the revenue, call it, disruption side. Is it legacy BIOTRONIK or is it legacy Teleflex or is it both? And is there a geographic area that stands out more Europe or US?

嗨，早安。追問一下關於 BIOTRONIK 整合進度的更新。我只是好奇在營收方面，姑且稱之為「干擾」的那一端。這是來自既有的 BIOTRONIK，還是既有的 Teleflex，或是兩者都有？另外是否有某個地理區域更為明顯——歐洲或美國？

So look, we don't get into product line details, but I think it's safe to say that the legacy -- or the BIOTRONIK BI acquisition revenue base was disproportionately impacted through the integration struggles.

所以你看，我們不會深入到產品線細節，但我想可以很安全地說，既有——也就是 BIOTRONIK BI 收購案的營收基礎，在整合上的困難之下受到不成比例的影響。

And then a question on tariff refunds. I heard, John, not received, not in the guide, helpful. There are some companies that are reporting a receipt of such refunds in the second quarter. So why haven't you seen them? Do you expect them to come in the third quarter. Can you help us think about how you would treat those if and when they do come? Thank you.

另外一個問題是關於關稅退稅。John，我聽到的是：尚未收到、也未納入指引，但若收到會有幫助。有些公司回報在第二季已收到這類退稅。那為什麼你們還沒看到？你們預期第三季會進來嗎？能否協助我們理解：如果以及當它們真的進來時，你們會如何處理？謝謝。

Yeah. So we did see some refunds in this quarter, but they were not -- they were one somewhat split between RemainCo and NewCo, so between DO and CO. And they also related to 2025. So our non-GAAP policy we'll only recognize into earnings things related to 2026.

是的。所以我們在本季確實看到一些退稅，但它們並非——其中一部分在 RemainCo 與 NewCo 之間分攤，也就是在 DO 與 CO 之間。而且它們也與 2025 年相關。因此依我們的非 GAAP 政策，我們只會把與 2026 年相關的項目認列進損益。

With that said, the only opportunity for 2026 refunds is approximately about $15 million that hit in Q1 and Q2. So when we do see those refunds come in, that amount would come back into earnings. I can't really speak to timing because it's a little unsure. We have submitted all the refunds, but that amount will come back into earnings, that $15 million. Right now, in total, we expect somewhere in the neighborhood in cash of about $39 million in refunds to Teleflex.

話雖如此，2026 年退稅的唯一機會大約是第一季與第二季入帳的約 1,500 萬美元。所以當我們確實看到這些退稅進來時，該金額就會回沖到損益中。我無法真正談時間點，因為目前仍有些不確定。我們已提交所有退稅申請，但那筆 1,500 萬美元將會回沖到損益。目前整體而言，我們預期 Teleflex 可收到的退稅現金約在 3,900 萬美元左右。

Travis Steed, Bank of America.

Travis Steed，美國銀行。

Hey. Thanks for taking the question. Just maybe as the new CEO, I'd love to have you talk about kind of your philosophy on creating shareholder value. And there's a lot of strategic and financial interest going on in med tech and the standalone ways to do that and other ways to do it. But like as a new CEO coming in and obviously a new -- kind of a new path year for Teleflex. Would just kind of love to have you talk a little bit about your philosophy in particular, on shareholder value creation.

嗨。謝謝讓我提問。也許作為新任 CEO，我很希望你談談你在創造股東價值方面的理念。醫療科技領域目前有很多策略性與財務性的關注，包含以獨立方式達成，以及其他方式達成。但像你作為新任 CEO 上任，而且顯然對 Teleflex 來說也是某種——算是一個新的路徑年度。很希望你能特別談談你對股東價值創造的理念。

Yeah. Thanks, Travis. So right now, I've got a lot to learn in this new job and in this new business. And so I've really been focusing on learning as much as I can. And like I said, the priorities have been to learn to really -- to focus on the execution of these big things that we've got to move, the divestitures, the integration, et cetera, and then to develop that strategic approach here on what we're going to do in the long term.

是的。謝謝，Travis。目前我在這份新工作與這個新業務上，還有很多要學。所以我一直把重點放在盡可能多學一些。而且如我所說，優先事項是學習、真正——聚焦在把這些我們必須推動的大事執行到位：資產剝離、整合等等，然後再制定我們在此長期要做什麼的策略方法。

So again, I remain committed to what Teleflex has already put in place with the share repurchase in the debt paydown. I'm also very committed to innovation and believe in organic R&D to drive shareholder value. And if you look at what we've done here at Teleflex in the first half, we're getting close to 8% of revenue for R&D as opposed to historical levels at 6%. But as I think about exactly how I want to approach capital allocation and any changes in the long term beyond that, I'd ask that you give me a little bit more time, I want the time to really fully assess every aspect of the business first.

所以再次強調，我仍然致力於 Teleflex 已經建立的措施，包括庫藏股回購與償還債務。我也非常致力於創新，並相信以內生成長的研發來驅動股東價值。如果你看我們在 Teleflex 上半年所做的，我們的研發支出占營收比重接近 8%，相較於過去約 6% 的歷史水準。但至於我究竟要如何看待資本配置，以及長期而言在此之外是否要做任何調整，我希望你們再給我一點時間；我想先花時間把業務的每個面向都完整評估過。

That is all the time we have for questions today. I will now turn the conference back over to Mr. Lawrence Keusch for closing remarks.

今天的提問時間就到這裡。我現在把電話會議交回給 Lawrence Keusch 先生作結語。

Thank you, JL, and thank you to everyone who joined us on the call today. This concludes the Teleflex Inc second-quarter 2026 earnings conference call.

謝謝你，JL，也謝謝今天加入我們電話會議的各位。以上為 Teleflex Inc 2026 年第二季財報電話會議，至此結束。

You may now disconnect.

您現在可以掛線。