泰利福醫療 (TFX) 2022 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Teleflex First Quarter 2022 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，早上好，歡迎來到 Teleflex 2022 年第一季度收益電話會議。 （操作員說明）請注意，此電話會議正在錄製中，很快就會在公司網站上重播。

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

現在我將把電話轉給投資者關係和戰略發展副總裁 Lawrence Keusch 先生。

Good morning, everyone, and welcome to the Teleflex Inc. First Quarter 2022 Earnings Conference Call. The press release and slides to accompany this call are available on our website at teleflex.com.

大家早上好，歡迎來到 Teleflex Inc. 2022 年第一季度收益電話會議。本次電話會議的新聞稿和幻燈片可在我們的網站 teleflex.com 上獲取。

As a reminder, this call will be available on our website, and a replay will be available. Please refer to our press release from this morning for details on how to access the replay.

提醒一下，我們的網站上將提供此電話會議，並且可以重播。有關如何訪問重播的詳細信息，請參閱我們今天上午的新聞稿。

Participating on today's call are Liam Kelly, Chairman, President and Chief Executive Officer; and Thomas Powell, Executive Vice President and Chief Financial Officer. Liam and Tom will provide prepared remarks, and then we will open the call to Q&A.

參加今天電話會議的有董事長、總裁兼首席執行官 Liam Kelly；執行副總裁兼首席財務官 Thomas Powell。 Liam 和 Tom 將提供準備好的評論，然後我們將開啟問答環節。

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

在我們開始之前，我想提醒您，電話會議中討論的一些事項將包含有關我們幻燈片中概述的未來事件的前瞻性陳述。我們謹提醒您，此類陳述實際上具有前瞻性，並受風險和不確定性的影響，實際事件或結果可能存在重大差異。可能導致實際結果或事件發生重大差異的因素包括但不限於我們今天的新聞稿中提到的因素以及我們向美國證券交易委員會提交的文件，包括我們的 10-K 表格，可以在我們的網站上訪問.

During this conference call, you will hear management make statements regarding intra-quarter business performance. Management is providing this commentary to provide the investment community with additional insights concerning trends, and these disclosures may not occur in subsequent quarters.

在此電話會議期間，您將聽到管理層就季度內業務績效發表的聲明。管理層提供此評論是為了向投資界提供有關趨勢的更多見解，並且這些披露可能不會在隨後的季度中發生。

With that said, I'll now turn the call over to Liam for his remarks.

話雖如此，我現在將電話轉給利亞姆聽取他的意見。

Thank you, Larry, and good morning, everyone. It's a pleasure to speak with you today. Teleflex continues to execute well despite a challenging environment. For the first quarter, Teleflex generated 3.2% constant currency revenue growth year-over-year. When adjusting for the estimated 1% impact of 1 less selling day in the quarter compared to the prior year period and the impact of our 2021 respiratory business divestiture, the underlying growth in the quarter was 5.8% year-over-year despite some disruption from COVID in January and early February.

謝謝你，拉里，大家早上好。今天很高興與您交談。儘管環境充滿挑戰，但 Teleflex 繼續表現良好。第一季度，Teleflex 的貨幣收入同比增長 3.2%。在調整本季度與去年同期相比減少 1 個銷售日的估計 1% 影響以及我們 2021 年呼吸業務剝離的影響時，儘管受到一些干擾，但本季度的基本同比增長率為 5.8% COVID 在 1 月和 2 月初。

Adjusted earnings per share increased 0.3% year-over-year to $2.88, reflecting growth in the business, offset by the impact of incremental inflation and investment for our growth drivers. Once again, our steady performance in the quarter was driven by the company's balance of growth drivers, broad portfolio of medically necessary products and category leadership, offset by the impact of COVID-19 and the divestiture of the respiratory assets.

調整後的每股收益同比增長 0.3% 至 2.88 美元，反映了業務增長，但被增量通貨膨脹和投資對我們增長動力的影響所抵消。我們本季度的穩定表現再次受到公司增長動力平衡、廣泛的醫療必需產品組合和類別領導地位的推動，被 COVID-19的影響和呼吸資產剝離所抵消。

Although the surge in COVID infections disrupted the business during the first half of the quarter, we had a better-than-expected performance in March. Specifically, we saw a notable impact in January and early February driven by deferrals of procedures, patient reluctance and patients and caregivers contracting COVID, which negatively impacted procedure volumes. However, as COVID infections declined, we saw a notable uptick in our business as we exited February.

儘管 COVID 感染的激增在本季度上半年擾亂了業務，但我們在 3 月份的表現好於預期。具體而言，我們在 1 月和 2 月初看到了顯著的影響，原因是手術的推遲、患者的不情願以及患者和護理人員感染 COVID，這對手術量產生了負面影響。然而，隨著 COVID 感染的減少，我們在 2 月退出時看到我們的業務顯著上升。

In the quarter, our high-growth portfolio, which accounted for approximately 25% of revenues in 2021 and includes UroLift, mANTA, hemostatic products, EZ-IO, OnControl and PICCs performed well. When excluding UroLift, which was anticipated to build momentum through the year, the remainder of products in the high-growth portfolio increased in the low double digits when adjusting for 1 less selling day in the quarter. We continue to expect our high-growth portfolio to grow in the mid-teens for 2022 as the environment normalizes and UroLift growth improves over first quarter levels.

本季度，我們的高增長產品組合（約佔 2021 年收入的 25%）表現良好，其中包括 UroLift、mANTA、止血產品、EZ-IO、OnControl 和 PICC。如果不包括預計全年勢頭強勁的 UroLift，高增長產品組合中的其餘產品在根據本季度減少 1 個銷售日進行調整後以較低的兩位數增長。隨著環境正常化和 UroLift 增長超過第一季度水平，我們繼續預計我們的高增長投資組合將在 2022 年增長到十幾歲左右。

Our durable core remains on track for 4% growth in 2022 as assumed in our guidance. Overall, we are pleased with our first quarter performance despite the COVID-related disruptions and year-over-year inflationary pressures from freight, raw materials and labor. I am also pleased to report that our pricing strategy has gained traction early in the year, and I feel very confident in delivering our plan of 50 basis points in positive pricing in 2022. We continue to assume a more normalized operating environment as we progress through 2022 due to a decrease in COVID disruptions and an increase in elective surgical procedures.

正如我們的指引所假設的那樣，我們的耐用核心業務仍有望在 2022 年實現 4% 的增長。總的來說，儘管與 COVID 相關的中斷以及來自貨運、原材料和勞動力的同比通脹壓力，我們對第一季度的表現感到滿意。我也很高興地報告，我們的定價策略在今年年初獲得了關注，我非常有信心在 2022 年實現我們的 50 個基點的正定價計劃。隨著我們的進展，我們將繼續假設一個更加正常化的運營環境2022 由於 COVID 中斷的減少和選擇性外科手術的增加。

Given that it is still early in the year, we are maintaining our constant currency and adjusted earnings per share guidance for 2022. I would once again like to thank the entire Teleflex team. The resilience of the organization continues to hold fast. Although the disruptions from the pandemic have been longer than anticipated, I believe the Teleflex team is managing through this exceptionally well. The hard work and dedication of our employees continues to be felt throughout the organization and with our customers, patients and in our communities.

鑑於現在還處於年初，我們將維持 2022 年不變的貨幣和調整後的每股收益指引。我要再次感謝整個 Teleflex 團隊。該組織的彈性繼續保持堅挺。儘管大流行造成的破壞時間比預期的要長，但我相信 Teleflex 團隊的管理非常出色。整個組織以及我們的客戶、患者和我們的社區繼續感受到我們員工的辛勤工作和奉獻精神。

With that, let's turn to a deeper look at our first quarter revenue results. I will begin with a review of our reportable segment revenues for the first quarter. All growth rates that I refer to are on a constant currency basis unless otherwise noted. During the first quarter, our Americas, EMEA, Asia and OEM segments demonstrated resilience, with all regions showing constant currency revenue growth year-over-year. Again, we continue to see the benefits of our diversified product portfolio in this challenging environment.

有了這個，讓我們更深入地了解我們第一季度的收入結果。我將首先回顧我們第一季度的可報告分部收入。除非另有說明，否則我所指的所有增長率均以固定貨幣為基礎。第一季度，我們的美洲、歐洲、中東和非洲、亞洲和 OEM 細分市場表現出韌性，所有地區的貨幣收入都同比穩定增長。同樣，在這個充滿挑戰的環境中，我們繼續看到我們多元化產品組合的好處。

Americas' revenues were $378 million, which represents 0.8% growth year-over-year. In the quarter, Surgical was the biggest contributor to growth, partially offset by the impact of COVID-19 and 1 less selling day. Excluding the impact of the selling day, the Americas region grew approximately 2.3% year-over-year. The headwind associated with the respiratory divestiture to the Americas growth was minimal in the quarter.

美洲的收入為 3.78 億美元，同比增長 0.8%。在本季度，外科手術是增長的最大貢獻者，部分被 COVID-19 的影響和減少 1 個銷售日所抵消。排除銷售日的影響，美洲地區同比增長約 2.3%。在本季度，與呼吸剝離對美洲增長的不利影響很小。

EMEA revenues of $136.9 million increased 3.4% year-over-year, with Interventional, Vascular Access and Anesthesia products leading the growth. EMEA continues to face a headwind from COVID-19 in early January and subsequently saw procedure volumes improve as countries across the region continued to open up. Excluding the impact of the respiratory divestiture, revenues rose 7% year-over-year.

EMEA 收入為 1.369 億美元，同比增長 3.4%，其中介入、血管通路和麻醉產品引領增長。 1 月初，歐洲、中東和非洲地區繼續面臨 COVID-19 的不利影響，隨後隨著該地區各國繼續開放，手術量有所增加。排除呼吸資產剝離的影響，收入同比增長 7%。

Turning to Asia. Revenues were $69.2 million, increasing 12.5% year-over-year. China revenues increased at a strong double-digit rate, led by growth in Vascular and Surgical, while Southeast Asia and Japan also contributed to the performance in the quarter. Excluding the impact of the respiratory divestiture, Asia revenues rose 18.5% year-over-year.

轉向亞洲。收入為 6920 萬美元，同比增長 12.5%。在血管和外科業務增長的帶動下，中國的收入以兩位數的速度強勁增長，而東南亞和日本也為本季度的業績做出了貢獻。排除呼吸資產剝離的影響，亞洲收入同比增長 18.5%。

Let's now move to a discussion our first quarter revenues by global product category. Consistent with my prior comments regarding our reportable segments, commentary on global product category growth for the first quarter will also be on a constant currency basis and ranked by size of our business units.

現在讓我們按全球產品類別討論我們第一季度的收入。與我之前對我們可報告部門的評論一致，對第一季度全球產品類別增長的評論也將以固定匯率為基礎，並按我們業務部門的規模排名。

Starting with Vascular Access. Revenue increased 3.2% to $166.1 million. Our category leadership in central venous catheters and midlines, along with our novel coated PICC portfolio, continue to position us for dependable growth. PICC growth was in line with internal expectations for the quarter. We expect PICCs to grow faster than the market with double-digit growth for 2022 as we invest behind our differentiated portfolio.

從血管通路開始。收入增長 3.2% 至 1.661 億美元。我們在中心靜脈導管和中線領域的品類領導地位，以及我們新穎的塗層 PICC 產品組合，繼續使我們實現可靠的增長。人保財險本季度的增長符合內部預期。由於我們投資於我們的差異化投資組合，我們預計 PICC 的增長速度將超過市場，到 2022 年將實現兩位數的增長。

Moving to Interventional. Revenue was $96.9 million, up 2.3% year-over-year. We executed well during the quarter with growth across our broad portfolio. We continue to invest behind our Interventional portfolio, including complex catheters and MANTA, our large bore closure device. MANTA revenues were as expected in the quarter, with usage continuing to expand both in the U.S. and in international markets. In turn, we remain on track for our 2022 revenue objectives.

轉向介入治療。收入為 9690 萬美元，同比增長 2.3%。我們在本季度表現良好，我們廣泛的投資組合實現了增長。我們繼續投資於我們的介入產品組合，包括複雜導管和我們的大口徑閉合裝置 MANTA。 MANTA 本季度的收入符合預期，在美國和國際市場的使用量繼續擴大。反過來，我們仍有望實現 2022 年的收入目標。

Now to Anesthesia. Revenue was $86.9 million, up 5% year-over-year. LMA single-use masks, hemostatic products, atomization and airway all contributed to growth in the first quarter, partly offset by lower sales of tracheostomy products. Hemostatic products revenues were in line with our expectations for the quarter.

現在到麻醉。收入為 8690 萬美元，同比增長 5%。 LMA 一次性口罩、止血產品、霧化和氣道產品均對第一季度的增長做出了貢獻，部分被氣管切開產品銷售額的下降所抵消。止血產品收入符合我們對本季度的預期。

In our Surgical business, revenue was $89.7 million, representing 14.4% growth year-over-year. Among our largest product categories, we continue to witness robust growth in sales of metal and polymer ligation clips, offset by timing of orders in instrument our business.

在我們的外科業務中，收入為 8970 萬美元，同比增長 14.4%。在我們最大的產品類別中，我們繼續見證金屬和聚合物結紮夾銷售額的強勁增長，這被我們業務儀器的訂單時間所抵消。

For Interventional Urology, revenue was $74.9 million, representing an increase of 2.2% year-over-year and slightly above our internal expectations. As expected, the performance in the quarter was negatively impacted by the meaningful acceleration in COVID cases in January and February, which not only impacted patients, but also resulted in staffing shortages. However, we saw improvements in the operating environment sequentially as COVID-related disruptions began to ease.

對於介入泌尿外科，收入為 7490 萬美元，同比增長 2.2%，略高於我們的內部預期。正如預期的那樣，本季度的業績受到 1 月和 2 月 COVID 病例顯著加速的負面影響，這不僅影響了患者，還導致人員短缺。但是，隨著與 COVID 相關的中斷開始緩解，我們看到了運營環境的連續改善。

OEM revenues increased 9.2% year-over-year to $57.7 million. Once again, our order book remains strong as customers recognize our broad competencies. We remain well-positioned with competitive capabilities across our markets, including faster growth opportunities in thin mold, advanced interventional microcatheters used in neurovascular and other applications.

OEM 收入同比增長 9.2% 至 5770 萬美元。由於客戶認可我們廣泛的能力，我們的訂單再一次保持強勁。我們在我們的市場中保持著良好的競爭能力，包括在薄模具、神經血管和其他應用中使用的先進介入微導管方面的更快增長機會。

And finally, our other category, which incorporates sales of respiratory products not included in the divestiture to Medline, Urology Care and manufacturing and supply transition agreement revenues related to our respiratory business divestiture, declined by 11.7% to $69.5 million year-over-year. The decline reflects the loss of revenue due to the divestiture of the respiratory products, partially offset by manufacturing and supply transition agreement revenues. We continue to expect manufacturing and supply transition agreement revenues to partially offset the impact on our revenue growth related to the divested respiratory assets over the first half of 2022 and that all MSA revenues will phase out at the end of 2023. That completes my comments on the first quarter revenue performance.

最後，我們的其他類別，包括未包括在剝離給 Medline 的呼吸產品的銷售、泌尿科護理以及與我們的呼吸業務剝離相關的製造和供應過渡協議收入，同比下降 11.7% 至 6950 萬美元。這一下降反映了呼吸產品剝離導致的收入損失，部分被製造和供應過渡協議收入所抵消。我們繼續預計製造和供應過渡協議收入將部分抵消 2022 年上半年剝離呼吸資產對我們收入增長的影響，並且所有 MSA 收入將在 2023 年底逐步淘汰。這就是我對第一季度營收表現。

Turning to some commercial updates and starting with UroLift. We continue to see UroLift positioned for accelerating growth in the second half of 2022 as pandemic headwinds abate through the year and as elective surgical procedures become less disruptive. Accordingly, there is no change to our 15% year-over-year growth outlook for the year.

轉向一些商業更新並從 UroLift 開始。我們繼續看到 UroLift 有望在 2022 年下半年加速增長，因為全年大流行的逆風減弱，而且選擇性外科手術的破壞性降低。因此，我們對今年 15% 的同比增長前景沒有改變。

UroLift remains differentiated from other outpatient BPH treatments with strong clinical results, studies showing rapid symptom relief and recovery, no new sustained sexual dysfunction and durable results. Investors familiar with Teleflex will be aware that UroLift is being positioned for patients that are suffering from BPH and have failed or are not satisfied with drug therapy. Our DTC program remains an important element in our market-building activities and is poised for another successful year with internal metrics tracking to or above plan in the first quarter.

UroLift 仍然有別於其他門診 BPH 治療，具有很強的臨床效果，研究顯示症狀迅速緩解和恢復，沒有新的持續性功能障礙和持久的結果。熟悉 Teleflex 的投資者會意識到 UroLift 的定位是患有 BPH 並且對藥物治療失敗或不滿意的患者。我們的 DTC 計劃仍然是我們市場建設活動的重要組成部分，並準備在第一季度的內部指標跟踪或高於計劃的情況下再創佳績。

As discussed previously, we are laser-focused on improving UroLift utilization for existing users and driving increased productivity of the roughly 900 surgeons that were trained in the midst of the pandemic. Our sales force is fully engaged to advance the rollout of UroLift 2 with conversion of the vast majority of our U.S. users anticipated by the end of 2022. Importantly, we are getting very good feedback from surgeons that have now converted to the new device. In addition, UroLift 2 remains an important margin driver. And we remain positioned to generate approximately 400 basis points of UroLift gross margin expansion once the U.S. user base is fully converted. We believe that a tactical approach to moving our existing UroLift users back towards prepandemic procedure levels is the most effective way to improve growth in 2022. Even though it is early days, we are encouraged by the improvement we are seeing in the growth from existing UroLift users.

如前所述，我們專注於提高現有用戶對 UroLift 的利用率，並提高在大流行期間接受培訓的大約 900 名外科醫生的工作效率。我們的銷售團隊正全力推進 UroLift 2 的推出，預計到 2022 年底，我們的絕大多數美國用戶都會轉換。重要的是，我們從已經轉換為新設備的外科醫生那裡得到了非常好的反饋。此外，UroLift 2仍然是重要的利潤驅動因素。一旦美國用戶群完全轉換，我們仍有望產生約 400 個基點的 UroLift 毛利率擴張。我們認為，將我們現有的 UroLift 用戶恢復到大流行前程序水平的戰術方法是提高 2022 年增長的最有效方法。儘管現在還處於早期階段，但我們對現有 UroLift 的增長所帶來的改善感到鼓舞用戶。

Now turning to an update on our international expansion strategy for UroLift. We have initiated our launch of UroLift in Japan on time and consistent with the April 1 implementation of reimbursement. We have now completed initial cases with Key Opinion Leaders and we are methodically ramping up volumes. The feedback from the first cases has been overwhelmingly positive, which reflects the clinical benefits of the UroLift system and our field clinical capabilities. Although we consider 2022 as a building year for Japan, the country remains an important long-term opportunity for UroLift with a $2 billion TAM, and we are excited to bring this clinical beneficial treatment to those suffering from BPH. We continue to expect our sales in the region to ramp in a similar fashion to the United States in a market that is 1/3 the size. As we look into the second half of 2022, we expect revised reimbursement in France, and we anticipate launch activities in select regions in Italy and Spain. We still expect to obtain clearance for UroLift in China in 2023.

現在轉向更新我們的 UroLift 國際擴張戰略。我們已按時在日本推出 UroLift，並與 4 月 1 日的報銷實施保持一致。我們現在已經完成了與主要意見領袖的初步案例，並且我們正在有條不紊地增加數量。第一批病例的反饋非常積極，這反映了 UroLift 系統的臨床益處和我們的現場臨床能力。儘管我們認為 2022 年是日本的建設年，但該國仍然是 UroLift 的重要長期機遇，擁有 20 億美元的 TAM，我們很高興能為 BPH 患者帶來這種臨床有益治療。我們繼續預計我們在該地區的銷售額將以與美國類似的方式增長，而市場規模僅為美國的 1/3。當我們展望 2022 年下半年時，我們預計在法國修改報銷，我們預計在意大利和西班牙的特定地區開展活動。我們仍然希望在 2023 年獲得 UroLift 在中國的許可。

Turning to the Vascular business. We recently received an award of a sole-source group purchasing agreement with Vizient for the supply of central venous access products. The group purchasing agreement includes access to Teleflex's leading portfolio of CBCs with differentiated antimicrobial technology as well as the recently launched ErgoPack complete system. The agreement goes into effect in August and should generate incremental revenue for Teleflex over the next several years. That said, the impact of the agreement was already contemplated in our annual guidance for 2022.

轉向血管業務。我們最近獲得了與 Vizient 簽訂的單一來源集團採購協議，以供應中央靜脈通路產品。集團採購協議包括使用 Teleflex 領先的 CBC 產品組合，這些產品具有差異化的抗菌技術，以及最近推出的 ErgoPack 完整系統。該協議將於 8 月生效，應該會在未來幾年為 Teleflex 帶來增量收入。也就是說，我們在 2022 年的年度指南中已經考慮到了該協議的影響。

Regarding potential label expansion opportunities for the hemostatic product portfolio, as we indicated previously, we have completed patient enrollment in a 231 patient IDE study, evaluating the performance of quick clot control plus hemostatic devices from mild to moderate bleeding in cardiac procedures as compared to standard gauze. We remain on track with our regulatory milestones and recently filed a 510(k) for expanded use of quick clot control plus.

關於止血產品組合的潛在標籤擴展機會，正如我們之前指出的那樣，我們已經完成了一項 231 名患者 IDE 研究的患者登記，與標準相比，評估快速血栓控制加止血裝置在心臟手術中從輕度到中度出血的性能紗布。我們保持在監管里程碑的軌道上，最近提交了 510(k) 以擴大使用快速凝塊控制加。

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

我準備好的發言到此結束。現在我想把電話轉給湯姆，以便對我們第一季度的財務業績進行更詳細的審查。湯姆？

Thanks, Liam, and good morning. Given the previous discussion of the company's revenue performance, I'll begin with margins. As anticipated, gross and operating margins declined year-over-year in the first quarter. For the first quarter, adjusted gross margin totaled 58.4%, a 100 basis point decrease versus the prior year period. The year-over-year decrease was the result of incremental inflation in freight, raw materials and labor, partially offset by favorable pricing. As expected, inflation was the largest contributor to the year-over-year decline in gross margin for the first quarter. As previously mentioned, our 2022 guidance contemplates a 70 basis point impact to gross margin from incremental inflation.

謝謝，利亞姆，早上好。鑑於之前對公司收入表現的討論，我將從利潤率開始。正如預期的那樣，第一季度的毛利率和營業利潤率同比下降。第一季度，調整後的毛利率總計為 58.4%，比去年同期下降 100 個基點。同比下降的原因是運費、原材料和勞動力的增量通貨膨脹，部分被有利的定價所抵消。正如預期的那樣，通貨膨脹是導致第一季度毛利率同比下降的最大因素。如前所述，我們的 2022 年指導預期增量通貨膨脹對毛利率產生 70 個基點的影響。

Adjusted operating margin was 25.7% in the first quarter. The 180 basis point year-over-year decline was a result of the lower gross margin and planned investment in the business for our growth drivers, partially offset by disciplined expense management. Net interest expense totaled $10.2 million in the first quarter, a decrease from $16.1 million in the prior year period. The year-over-year decrease in net interest expense reflects savings from the early redemption of the 2026 senior notes and the impact of reductions to outstanding debt using the proceeds of the respiratory divestiture and operating cash flows. Our adjusted tax rate for the first quarter of 2022 was 11.9% compared to 13.9% in the prior year period. The year-over-year decrease in our adjusted tax rate is primarily due to further enhancements and tax efficiencies of our global structure, partly offset by costs arising from the new provision of the U.S. tax law requiring the capitalization of certain R&D expenses. At the bottom line, first quarter adjusted earnings per share was $2.88, which was relatively flat year-over-year.

第一季度調整後的營業利潤率為 25.7%。同比下降 180 個基點是由於較低的毛利率和計劃投資於我們的增長動力，部分被嚴格的費用管理所抵消。第一季度淨利息支出總計 1020 萬美元，低於去年同期的 1610 萬美元。淨利息支出的同比下降反映了提前贖回 2026 年優先票據帶來的節省，以及使用呼吸剝離和經營現金流的收益減少未償債務的影響。我們 2022 年第一季度的調整後稅率為 11.9%，而去年同期為 13.9%。我們調整後的稅率同比下降主要是由於我們全球結構的進一步增強和稅收效率，部分被美國稅法要求某些研發費用資本化的新規定所產生的成本所抵消。最重要的是，第一季度調整後每股收益為 2.88 美元，同比持平。

Turning to select balance sheet and cash flow highlights. Cash flow from operations in the first quarter was $62.1 million compared to $110.8 million in the prior year period. The decline was primarily attributable to unfavorable changes in the working capital, driven by higher bonus payments in the first quarter due to improved performance in 2021 versus 2020. Also impacting cash flow was an increase to our inventory levels, provide support for future growth and to minimize the potential impact from supply chain disruptions.

轉向選擇資產負債表和現金流亮點。第一季度運營現金流為 6210 萬美元，上年同期為 1.108 億美元。下降的主要原因是營運資本的不利變化，這是由於 2021 年的業績比 2020 年有所改善，導致第一季度的獎金支付增加。影響現金流的還有我們庫存水平的增加，為未來增長提供支持，以及盡量減少供應鏈中斷的潛在影響。

Moving to the balance sheet. Our financial position remains healthy. At the end of the first quarter, our cash balance was $466.7 million as compared to $445.1 million at year-end 2021. Net leverage at quarter end was approximately 1.7x, which remains well below our 4.5x covenant.

轉到資產負債表。我們的財務狀況保持健康。第一季度末，我們的現金餘額為 4.667 億美元，而 2021 年底為 4.451 億美元。季度末的淨槓桿率約為 1.7 倍，仍遠低於我們的 4.5 倍契約。

Now moving on to our 2022 guidance. We are reaffirming our expectation for constant currency revenue growth of 4% to 5.5% in 2022. In addition, we still expect reported revenue growth of 2.3% to 3.8% in 2022, implying $1 range of $2.874 billion to $2.917 billion. When excluding the year-over-year headwind in the respiratory divestiture, our underlying constant currency revenue growth is still expected to be 5.5% to 7%.

現在繼續我們的 2022 年指南。我們重申我們對 2022 年貨幣收入增長 4% 至 5.5% 的預期。此外，我們仍預計 2022 年報告的收入增長 2.3% 至 3.8%，這意味著 1 美元的範圍為 28.74 億美元至 29.17 億美元。如果排除呼吸資產剝離的同比逆風，我們的基本不變貨幣收入增長預計仍為 5.5% 至 7%。

Moving to earnings. We are reaffirming our adjusted earnings per share guidance of $13.70 to $14.30 for 2022, a 2.8% to 7.3% year-over-year increase. Our guidance continues to include headwinds from the respiratory divestiture and inflation that together represent roughly $0.50 in 2022. Earnings per share growth, excluding the respiratory divestiture and incremental inflation, is expected to be approximately 7% to 11%.

轉向收益。我們重申 2022 年調整後的每股收益指引為 13.70 美元至 14.30 美元，同比增長 2.8% 至 7.3%。我們的指引繼續包括來自呼吸資產剝離和通貨膨脹的不利因素，它們在 2022 年合計約為 0.50 美元。每股收益增長（不包括呼吸資產剝離和增量通貨膨脹）預計約為 7% 至 11%。

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

我準備好的發言到此結束。我現在想把它轉回利亞姆結束評論。

Thanks, Tom. In closing, I will highlight our 3 key takeaways from the first quarter and our 2022 outlook. First, our diversified product portfolio enabled Teleflex to deliver constant currency growth of 3.2% in the first quarter despite another wave of COVID. When adjusting for 1 less selling day and a headwind from the respiratory divestiture, the underlying business growth approached 6%.

謝謝，湯姆。最後，我將強調我們第一季度的 3 個主要收穫和我們的 2022 年展望。首先，我們多元化的產品組合使 Teleflex 在第一季度實現了 3.2% 的持續貨幣增長，儘管又一波 COVID 浪潮。在調整銷售日減少 1 天和呼吸業務剝離帶來的逆風時，基礎業務增長接近 6%。

Second, we will continue to effectively manage the business and look for ways to minimize incremental headwinds from inflation and supply chain challenges. Although foreign exchange remains out of our control, we remain confident in our ability to deliver against our 2022 financial guidance.

其次，我們將繼續有效地管理業務，並尋找方法將通貨膨脹和供應鏈挑戰帶來的不利因素降至最低。儘管外匯仍然不受我們控制，但我們仍然相信我們有能力實現我們的 2022 年財務指導。

Third, we continue to execute against our long-range growth strategy. We will continue to incrementally invest in our high-growth portfolio and drive dependable expansion in our durable core portfolio. We have levers in place to drive further expansion in our margins. And our balance sheet is in a solid position with leverage at 1.7x, providing ample financial flexibility for our capital allocation priorities, including M&A. We remain confident in our future and our ability to continue to meet our commitments to patients, clinicians, communities and shareholders.

第三，我們繼續執行我們的長期增長戰略。我們將繼續增量投資於我們的高增長投資組合，並推動我們持久的核心投資組合的可靠擴張。我們有適當的槓桿來推動我們的利潤率進一步擴大。我們的資產負債表處於穩固的狀態，槓桿率為 1.7 倍，為我們的資本配置優先事項（包括併購）提供了充足的財務靈活性。我們對我們的未來以及我們繼續履行對患者、臨床醫生、社區和股東的承諾的能力充滿信心。

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

我準備好的發言到此結束。現在我想把電話轉回接線員進行問答。

(Operator Instructions) Our first question today comes from Jayson Bedford from Raymond James.

（操作員說明）我們今天的第一個問題來自雷蒙德詹姆斯的傑森貝德福德。

Maybe just to start, you reiterated the early guide of 15% for the year. I'm just wondering, has the cadence changed at all with respect to the gating in the second quarter versus second half? And then just more broadly, I'm curious, in your view, what's the gating factor right now to broader use? Is COVID truly in the rearview mirror? Or you're still facing some staffing concerns that are -- that's slowing growth?

也許只是開始，你重申了今年 15% 的早期指導。我只是想知道，與下半場相比，第二節的門控節奏是否有任何變化？然後更廣泛地說，我很好奇，在你看來，現在更廣泛使用的門控因素是什麼？ COVID真的在後視鏡中嗎？或者您仍然面臨一些人員配置問題，這些問題正在放緩增長？

So Jayson, thanks for the question. So first of all, I would say that we feel really confident in our full year UroLift guidance. I think the year is playing out pretty much as we expected year-to-date. January was impacted by COVID, so were the first two months -- or two weeks of February. But we still ended up with a positive growth, slightly ahead of our expectations due to the strength that we saw as we went into March. Nothing has changed in our outlook, Jayson. We still expect the first half of the year to be low single digits, and we expect to see an improvement in the second half, culminating in the full year growth of 15%. The acceleration in the second half is really due to the second part of your question. We'll be out the other side of COVID. Patient confidence, we see recovering. And we definitely see procedural volume start to come back into the fold.

傑森，謝謝你的提問。所以首先，我想說我們對全年的 UroLift 指南非常有信心。我認為這一年的表現與我們年初至今的預期差不多。 1 月受到 COVID 的影響，前兩個月或 2 月的兩周也是如此。但由於我們進入 3 月份時看到的強勁勢頭，我們最終仍實現了正增長，略高於我們的預期。傑森，我們的前景沒有任何改變。我們仍然預計上半年將是低個位數，我們預計下半年會有所改善，最終實現 15% 的全年增長。下半場的加速實際上是由於你問題的第二部分。我們將走出 COVID 的另一端。耐心的信心，我們看到恢復。我們肯定會看到程序卷開始回歸。

During quarter 1, I was out on the road, and I met with 32 urologists, Jayson. And it's hard not to feel enthusiastic for the recovery in the back half of the year, given what I heard from those urologists. They realized that urology procedures are beginning to come back. Patient confidence is beginning to come back. And so I think I'll finish by saying -- on your question by saying, yes, I feel really good about 15% in the back half of the year. And if you go into Q3, Jayson, it's simply a question of math. If you remember, Q2 last year, we did 94 -- $92 million, and Q3 last year was $83 million. So the majority of the growth just comes from run rate as you go from Q2 into Q3. And then you will see in the back half of Q4, you normally get an uptick in Q4. And as people use their deductibles, that fuels that. And you would also expect existing dock utilization to pick up as we see DTC start to flush through as well. So all of the metrics tell us the 15% is good, Jayson, and we feel really confident about it.

在第一季度，我在路上遇到了 32 位泌尿科醫生，Jayson。考慮到我從那些泌尿科醫生那裡聽到的消息，很難不對今年下半年的恢復充滿熱情。他們意識到泌尿外科手術開始恢復。患者的信心開始恢復。所以我想我會在結束時說——關於你的問題，是的，我對今年下半年的 15% 感覺非常好。如果你進入第三季度，傑森，這只是一個數學問題。如果你還記得，去年第二季度，我們做了 94 - 9200 萬美元，去年第三季度是 8300 萬美元。因此，大部分增長僅來自從第二季度到第三季度的運行率。然後你會看到在第四季度的後半段，你通常會在第四季度有所上升。當人們使用他們的免賠額時，這會助長這種情況。當我們看到 DTC 也開始沖洗時，您還希望現有的碼頭利用率能夠回升。所以所有的指標都告訴我們 15% 是好的，Jayson，我們對此非常有信心。

Okay. Very clear. And just as a quick follow-up. It's obviously been a volatile market, both private and public. You're less than 2x levered on the stated intention to deploy capital. So my question is, has the environment impacted your capital allocation decisions at all?

好的。非常清楚。就像快速跟進一樣。這顯然是一個動蕩的市場，無論是私人的還是公共的。根據聲明的部署資本意圖，您的槓桿率不到 2 倍。所以我的問題是，環境是否影響了您的資本配置決策？

No. The market has not. If anything, I feel good. I feel a lot better than I did last year about the market. You're right, our leverage is now low and out of 1.7x. So in order to do M&A, the most important thing you need is firepower. We are chasing assets. I can't tell you when we get a patient to both. But we've got a lot of lines out there with very attractive hooks on them. We will maintain our financial discipline, Jayson. And I think that the heavy nature of the IPO market that we saw in 2021 has moderated. So therefore, we think it's a good environment for Teleflex with the firepower we have to continue to do M&A. Obviously, we'll continue to fund R&D. We'll continue to fund our restructuring programs as well. But our main focus right now is out there looking for a nice, a good M&A opportunity, scale, tuck-in, dealer to direct and also late-stage technologies.

不，市場還沒有。如果有的話，我感覺很好。我對市場的感覺比去年好多了。你是對的，我們的槓桿率現在很低，低於 1.7 倍。所以要做併購，最重要的就是火力。我們正在追逐資產。我不能告訴你什麼時候我們兩個都有病人。但是我們有很多線，上面有非常吸引人的掛鉤。我們將保持我們的財務紀律，傑森。而且我認為我們在 2021 年看到的 IPO 市場的沉重性質已經緩和。因此，我們認為這對 Teleflex 來說是一個良好的環境，我們必須繼續進行併購。顯然，我們將繼續資助研發。我們也將繼續資助我們的重組計劃。但我們現在的主要重點是尋找一個很好的、很好的併購機會、規模、投入、經銷商直接以及後期技術。

Our next question comes from Cecilia Furlong from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Cecilia Furlong。

Great. I wanted to continue a bit just your near-term outlook. As you think one about China impact, staffing shortages, if you could just talk about the puts and takes specifically for 2Q as you think about it. And also for UroLift, just the potential for staffing shortages to impact that bucket near term and then looking beyond 2Q as well?

偉大的。我想繼續談談你的近期展望。正如你所想的那樣，關於中國的影響，人員短缺，如果你能只談談你考慮的第二季度的看跌期權和看跌期權。對於 UroLift 來說，只是人員短缺的可能性會在短期內影響這個桶，然後還會展望第二季度以後嗎？

Yes. I mean I think the first thing, Cecilia, is that we reiterated our full year guidance. So that will tell you the confidence level we have in the numbers we have out there. With regard to China, I'll start there and then I'll come to UroLift. But with regard to China, as we said in our prepared remarks, China produced really strong double-digit growth in Q1, with APAC growing 18.5% ex the respiratory divestiture. Obviously, lockdowns are in place in Shanghai and with some port closures. We normally have a couple of months of inventory in the channel. So as long as the lockdowns do not become prolonged and widespread, I believe the situation is very manageable for Teleflex.

是的。我的意思是，塞西莉亞，我認為第一件事是我們重申了全年的指導方針。因此，這將告訴您我們對現有數字的信心水平。關於中國，我將從那裡開始，然後我會來到 UroLift。但就中國而言，正如我們在準備好的發言中所說，中國在第一季度實現了非常強勁的兩位數增長，其中亞太地區增長了 18.5%（不包括呼吸資產剝離）。顯然，上海已經實行封鎖，一些港口也關閉了。我們通常在渠道中有幾個月的庫存。因此，只要鎖定不會變得長期和廣泛，我相信 Teleflex 的情況是非常可控的。

And just to level set everybody, China is approximately 4% of our global revenues, and we do not manufacture any products within China. Regarding the UroLift question and staffing shortages, again, when I met with those 32 urologists, 2 things really resonated with me from those conversations. Number one, they've all seen patients come in as a result of our DTC. So that's a real positive for us. It's having an impact out there. And the other thing that I heard from them is, yes, they were impacted and are currently being impacted by staffing shortages, but it is getting better. They are seeing an improving environment as -- and then this was in February I was out on the road. So that they were beginning to see an improving environment as they came out the backside of COVID, and they felt confident that they would be able to address their staffing shortages. Much more acute in the office than in the ASC and the office was my observation from those conversations as well. So I still think there's going to be a little bit of a staffing issue as you get into Q2. I think it will get better as you go back to the back end of the year, which is actually quite good because I also anticipate patient confidence improving as you go through Q2 into Q3 and Q4.

順便說一下，中國約占我們全球收入的 4%，我們不在中國生產任何產品。關於 UroLift 問題和人員短缺，再次，當我與那 32 位泌尿科醫生會面時，從這些談話中有兩件事真正引起了我的共鳴。第一，他們都看到病人因我們的 DTC 而進來。所以這對我們來說是一個真正的積極因素。它正在產生影響。我從他們那裡聽到的另一件事是，是的，他們受到了影響，目前正受到人員短缺的影響，但情況正在好轉。他們看到了一個正在改善的環境——然後這是在 2 月份，我出差了。因此，當他們從 COVID 的背後走出來時，他們開始看到環境有所改善，並且他們相信自己能夠解決人員短缺問題。在辦公室比在 ASC 和辦公室更敏銳，這也是我從這些談話中觀察到的。所以我仍然認為進入第二季度時會出現一些人員配置問題。我認為當你回到今年年底時情況會變得更好，這實際上非常好，因為我也預計隨著第二季度進入第三季度和第四季度，患者的信心會提高。

Okay. And if I could follow up as well on MANTA, just off of the investment in the back half of last year, how are you thinking about growth for that profile of that business unit for 2022?

好的。如果我也能跟進 MANTA，就在去年下半年的投資之後，你如何看待 2022 年該業務部門的增長？

Thanks, Cecilia. As we've said since the beginning of the year, we anticipate that MANTA will grow in excess of 50% for the year, pretty much due to that investment and an acute focus on a greater adoption. We now believe we'll be able to train more docs. And we also think that the international growth, in particular, in EMEA is going to be quite robust. So we still feel confident. And as I said in my prepared remarks, MANTA had a good solid first quarter even with the impact of COVID in January and early February.

謝謝，塞西莉亞。正如我們自今年年初以來所說的那樣，我們預計 MANTA 今年的增長率將超過 50%，這在很大程度上要歸功於這項投資以及對更廣泛採用的高度關注。我們現在相信我們將能夠培訓更多的文檔。我們還認為國際增長，尤其是歐洲、中東和非洲地區的增長將非常強勁。所以我們還是很有信心的。正如我在準備好的發言中所說，即使在 1 月和 2 月初受到 COVID 的影響，MANTA 第一季度也表現良好。

Our next question comes from Shagun Singh from RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Shagun Singh。

Liam and Tom, your guidance still reflects a wide range for EPS and is unchanged despite the Q1 beat. So can you just walk us through what the offsets are given the Q1 beat? What are you now assuming at the top versus the bottom end? And given the incremental headwinds from FX and inflation, are you more comfortable at the top or the bottom end? And then just as a follow-up, can you just talk about FX? I think the euro spot rate included in your initial guidance was for 1.12, and it seems to be tracking now at 1.05. So by my math, that could be a meaningful headwind. So what are the offsets there?

Liam 和 Tom，你們的指引仍然反映了 EPS 的廣泛範圍，並且儘管第一季度表現出色但沒有改變。那麼，您能否向我們介紹一下給定 Q1 節拍的偏移量是多少？您現在假設頂端和底端是什麼？考慮到外彙和通貨膨脹帶來的不利因素，你在高端還是低端更舒服？然後作為後續行動，你能談談 FX 嗎？我認為您最初指導中包含的歐元即期匯率為 1.12，現在似乎正在跟踪 1.05。所以根據我的數學，這可能是一個有意義的逆風。那麼那裡的偏移量是多少？

Well, I would, first of all, say that with respect to the EPS, we're really pleased with the first quarter results despite the challenging environment from COVID. Constant currency revenue growth was at 5.8% after adjusting for the sales of the respiratory assets and 1 less shipping day. I'd also say expenses were fairly well-aligned with expectations.

好吧，首先我要說的是，就每股收益而言，儘管 COVID 帶來了充滿挑戰的環境，但我們對第一季度的業績感到非常滿意。在調整呼吸資產的銷售和減少 1 個發貨日後，固定貨幣收入增長率為 5.8%。我還要說費用與預期相當吻合。

Now with that being said, foreign exchange and interest rates have been fairly volatile of late, to your point. And as a result, we'd like to give ourselves another quarter to see how things are playing out before we would make any adjustment to earnings.

話雖如此，就您的觀點而言，最近外彙和利率波動很大。因此，我們想再給自己一個季度，看看情況如何，然後再對收益進行任何調整。

As we think about foreign exchange, we had given guidance at the beginning of the year, and that was set when the euro was at $1.12. We had mentioned that at that point, it would be a 170 basis point headwind to revenue and 20 basis point headwind to EPS. The rule of thumb that we've given in the past as the euro moves, and this obviously can be offset or somewhat offset or further impacted by other currencies as well. But the rule of thumb on the euro is that for every $0.01 move, it's about a $0.05 impact full year to earnings. Now given that we've already passed through one quarter, I'd say it's probably $0.035 to $0.04 per penny of euro. And again, this amount may be partially offset by some other currency moves throughout the world. But I'd say that as we think about the guidance that we just gave and reaffirmed, we're reflecting what we're seeing from an inflationary environment. And that assumption is that the inflationary environment that we experienced in the first quarter of the year will largely remain throughout the balance of the year, and that's factored into our guidance.

當我們考慮外匯時，我們在年初給出了指引，並且是在歐元匯率為 1.12 美元時設定的。我們曾提到，到那時，收入將面臨 170 個基點的逆風，EPS 將面臨 20 個基點的逆風。我們過去在歐元走勢時給出的經驗法則，這顯然也可以被其他貨幣抵消或稍微抵消或進一步影響。但歐元的經驗法則是，每 0.01 美元的波動，對全年收益的影響約為 0.05 美元。現在考慮到我們已經過了一個季度，我想說它可能是每歐元 0.035 美元到 0.04 美元。同樣，這一數額可能會被全球其他一些貨幣走勢部分抵消。但我要說的是，當我們考慮我們剛剛給出並重申的指導時，我們正在反映我們從通貨膨脹環境中看到的情況。這個假設是我們在今年第一季度經歷的通貨膨脹環境將在今年餘下時間基本保持不變，這已納入我們的指導方針。

Our next question comes from Larry Biegelsen from Wells Fargo.

我們的下一個問題來自 Wells Fargo 的 Larry Biegelsen。

Just one for me. Liam, you've got an analyst meeting coming up here next month. Just at a high level, any thoughts on how you're feeling about kind of the 6% to 7% LRP growth algorithm? And Street models right now are assuming about 100 basis points leverage per year after 2022. Any thoughts you can provide as we head into that meeting would be appreciated.

只給我一個。利亞姆，你下個月要在這裡召開一次分析師會議。就高層次而言，您對 6% 到 7% 的 LRP 增長算法有何看法？目前的街頭模型假設 2022 年後每年槓桿率約為 100 個基點。在我們參加該會議時，您能提供任何想法，我們將不勝感激。

Yes. Larry, thank you very much for the question. Look, we're really looking forward to engaging with the investment community in late May. I think what we'll be communicating is durable, sustainable top line growth. I don't want to really put a number on it right now. But if you wait for another few weeks, Larry will be unveiling on that.

是的。拉里，非常感謝你提出這個問題。看，我們真的很期待在 5 月下旬與投資界接觸。我認為我們要傳達的是持久、可持續的收入增長。我現在真的不想在上面加上一個數字。但如果你再等幾週，Larry 就會揭開它的面紗。

We want to show margin expansion within Teleflex. We still have restructuring programs in place. We still have mix that's going to work in our favor. We will obviously have conversations on cash flow generation, capital deployment. Our main focus is on capital deployment, as I said earlier, is M&A, R&D and further restructuring programs. And obviously, you'll see us continue to focus on ESG. So I think those would be the broad themes that we'll be discussing with the investment community. And obviously, we will invest behind our high-growth portfolio and communicate on the expectations for that aspect of our business as well. I think that 25% of our portfolio is very exciting to us. UroLift is clearly included there, but there's a lot more to Teleflex than UroLift, and we want the investment community to see that. MANTA is very exciting. Our hemostat portfolio is very exciting. Our Intraosseous portfolio and our PICC portfolio, all really solid growth drivers. And actually, UroLift is in the middle of the pack from a margin perspective. So there's broad appeal to Teleflex, and that's what we want to communicate also.

我們想展示 Teleflex 內部的利潤擴張。我們仍然有重組計劃。我們仍然有對我們有利的組合。我們顯然會就現金流生成、資本部署進行對話。正如我之前所說，我們的主要重點是資本配置，即併購、研發和進一步重組計劃。顯然，您會看到我們繼續關注 ESG。所以我認為這些將是我們將與投資界討論的廣泛主題。顯然，我們將投資於我們的高增長投資組合，並就我們業務的這方面的期望進行溝通。我認為我們投資組合的 25% 對我們來說非常令人興奮。 UroLift 顯然包含在那裡，但 Teleflex 比 UroLift 多得多，我們希望投資界看到這一點。 MANTA 非常令人興奮。我們的止血產品組合非常令人興奮。我們的 Intraosseous 產品組合和我們的 PICC 產品組合，都是真正穩固的增長動力。實際上，從利潤率的角度來看，UroLift 處於中間位置。因此，Teleflex 具有廣泛的吸引力，這也是我們想要傳達的信息。

We now turn to Matt O'Brien from Piper Sandler.

我們現在請來自 Piper Sandler 的 Matt O'Brien。

This is Drew for Matt. Maybe if you could just speak to the very near term for UroLift. What do you actually see on the ground from a volume perspective? I think the Street's modeling mid-single-digit growth here in Q2. Is that consistent with what you're seeing right now? And then just, are you seeing any meaningful transitions in site of care so far this year?

這是馬特的德魯。也許如果你能談談 UroLift 的近期期限。從體積的角度來看，您實際上在地面上看到了什麼？我認為華爾街的模型在第二季度實現了中等個位數的增長。這與你現在看到的一致嗎？然後，今年到目前為止，您是否看到護理現場有任何有意義的轉變？

Can you just repeat the last part of your question, meaningful transitions...

您能否重複問題的最後一部分，有意義的過渡...

In site of care.

在護理現場。

So really, what we saw with -- as I said earlier in my commentary, we still expect UroLift in the first half of the year to grow low single-digit growth and then to accelerate in the back half, and we're very confident on the 15% for the full year. And it's really playing out as we anticipated as a company. Obviously, Q1 was impacted by COVID in January and early February. We were encouraged by what we saw in March. March did show the green shoots of recovery. Also, our strategy that we've implemented on focusing on existing users and training those 900 docs that were brought on during the pandemic is also showing some early green shoots, and we're encouraged by what we're seeing there. We're driving doc utilization on UL2 and ATC. And obviously, our DTC campaign is adding to our confidence in the growth for UroLift. I'm really pleased to report that we have seen no shift in site of care, and we do not anticipate seeing any shift in site of care. The vast majority of our office-based urologists have signed up to our new pricing strategy, and that is now implemented and being rolled out to its full. So no shift in site of care, don't expect any shift in site of care for the remainder of the year. And again, I'll reiterate, feel good about 15%.

所以真的，我們所看到的——正如我之前在評論中所說的那樣，我們仍然預計 UroLift 在今年上半年將實現低個位數增長，然後在下半年加速增長，我們非常有信心全年的 15%。它真的像我們作為一家公司所預期的那樣發揮作用。顯然，第一季度在 1 月和 2 月初受到 COVID 的影響。我們對 3 月份的所見所聞感到鼓舞。三月確實顯示出複甦的萌芽。此外，我們實施的專注於現有用戶和培訓大流行期間帶來的 900 名文檔的戰略也顯示出一些早期的綠芽，我們對在那裡看到的情況感到鼓舞。我們正在推動 UL2 和 ATC 上的文檔利用率。顯然，我們的 DTC 活動增加了我們對 UroLift 增長的信心。我真的很高興地報告說，我們沒有看到護理地點發生變化，而且我們預計護理地點也不會發生任何變化。我們辦公室的絕大多數泌尿科醫生都簽署了我們的新定價策略，現在已經實施並全面推廣。因此，護理地點不會發生變化，不要指望今年剩餘時間的護理地點會發生任何變化。再一次，我重申一下，感覺良好大約為 15%。

Okay. Very helpful. And then just a quick follow-up here on your commentary on the positive pricing. How do we think about those 50 bps of price, positive price in comparison to the inflationary pressures you're seeing? And when -- based on when you think those inflationary pressures may subside, is there room to push that price even higher if those pressures are more persistent?

好的。很有幫助。然後在這裡快速跟進您對積極定價的評論。與您所看到的通脹壓力相比，我們如何看待這 50 個基點的價格、正價格？什麼時候——基於你認為這些通脹壓力可能會消退的時間，如果這些壓力更持久，是否有將價格推高的空間？

So my father used to say that a good start is half the battle. And we've had a good start to our pricing and the rollout of our pricing, and I feel really encouraged by that. In regard to your question about how it impacts inflation, so we're expecting 50 basis points of positive pricing, and we're expecting 70 basis points of inflation, and it's already baked in to our forecast. I think that there is -- Teleflex has always been a company that's been able to deliver positive pricing. And I think if inflation gets worse, I do believe that there is some flexibility for us to increase our pricing in the future.

所以我父親常說，良好的開端是成功的一半。我們的定價和定價的推出有了一個良好的開端，我對此感到非常鼓舞。關於你關於它如何影響通貨膨脹的問題，我們預計 50 個基點的正定價，我們預計 70 個基點的通貨膨脹，它已經融入我們的預測中。我認為 Teleflex 一直是一家能夠提供積極定價的公司。而且我認為，如果通貨膨脹惡化，我確實相信我們有一定的靈活性來提高我們未來的定價。

We move on to Matthew Mishan from KeyBanc.

我們從 KeyBanc 轉到 Matthew Mishan。

Liam, could you talk to some of the dynamics of the Interventional segment and how we should be thinking about growth in that segment for 2022?

利亞姆，你能談談介入治療領域的一些動態，以及我們應該如何考慮 2022 年該領域的增長嗎？

Absolutely, Matt. Thanks for the question. So as we look, nothing has changed from our guidance at the beginning of the year. We still expect our Interventional portfolio to grow high single digits, low double digits with good execution. I think that the quarter -- the first quarter came in right as we expected it. We had some impact as one would expect from COVID in January and early February. But the recovery looks quite encouraging for Interventional Access.

絕對，馬特。謝謝你的問題。因此，正如我們所看到的，我們年初的指導沒有任何變化。我們仍然希望我們的干預投資組合能夠以良好的執行力增長高個位數、低兩位數。我認為這個季度 - 第一季度正如我們預期的那樣正確。正如人們對 COVID 在 1 月和 2 月初所期望的那樣，我們產生了一些影響。但對於介入通路來說，復甦看起來相當令人鼓舞。

Just on a broader comment, I think hospitals are probably managing the recovery on the other side of coal, but probably better than ASCs and offices, and that's what we're seeing across the board. So feel really good about the trajectory of that business and feel really good about the trajectory of MANTA and the rest of the portfolio. So high single, low double digits, with good execution, Matt, is what I would expect for the year.

就更廣泛的評論而言，我認為醫院可能正在管理煤炭另一端的複蘇，但可能比 ASC 和辦公室更好，這就是我們全面看到的情況。因此，對該業務的發展軌跡感覺非常好，對 MANTA 和其他投資組合的發展軌跡感覺非常好。如此高的個位數，低兩位數，良好的執行力，馬特，是我對這一年的期望。

Okay. Excellent. And then on Anesthesia, can you talk about Z-Medica versus the broader Anesthesia portfolio and how that did in the quarter?

好的。出色的。然後在麻醉方面，你能談談 Z-Medica 與更廣泛的麻醉產品組合以及它在本季度的表現嗎？

Yes. As we said in our prepared remarks, Z-Medica was right in line with our expectation. We still expect the Z-Medica portfolio, the hemostatic portfolio to grow high single, low double digit with good execution. So very encouraged again by how that hemostatic portfolio is generating. And you could see it in the numbers, Matt, it's been a while since the Anesthesia portfolio has put up a 5% growth number -- as an organic growth number. So I think we're quite encouraged by that performance in the first quarter.

是的。正如我們在準備好的評論中所說， Z-Medica 符合我們的預期。我們仍然預計 Z-Medica 產品組合，即止血產品組合，將以良好的執行力實現高個位數、低兩位數的增長。止血產品組合的產生方式再次讓我感到非常鼓舞。你可以在數字中看到這一點，馬特，自麻醉產品組合實現 5% 的增長數字以來已經有一段時間了——作為一個有機增長數字。所以我認為我們對第一季度的表現感到非常鼓舞。

Our next question comes from Richard Newitter from Truist.

我們的下一個問題來自 Truist 的 Richard Newitter。

Maybe just to start on UroLift, this is such a strange year from a growth rate standpoint. Obviously, growth is being understated in the first half due to comps and COVID. And in the back half, as you pointed out, from a math standpoint, it's the same thing to get to your guidance for 15%, you're going to have to do well over 20%. So I appreciate 15% is the growth rate outlook for this year. So Liam, can you just maybe help us think through what the right normalized growth rate is once we've kind of come out on the other side of recovery and anniversary-ed, hopefully, all of these different variables. Is 15% the right way to think about the U.S. UroLift business for now?

也許只是從 UroLift 開始，從增長率的角度來看，這是如此奇怪的一年。顯然，由於 comps 和 COVID，上半年的增長被低估了。在後半部分，正如你所指出的，從數學的角度來看，達到 15% 的指導是一樣的，你將不得不做得超過 20%。所以我欣賞 15% 是今年的增長率前景。所以利亞姆，你能不能幫我們想一想，一旦我們走出複甦的另一邊，希望所有這些不同的變量都出現在周年紀念日，那麼正確的標準化增長率是多少？ 15% 是目前考慮美國 UroLift 業務的正確方法嗎？

So the way I look at it, Rich, is we're very confident on growing at 15% this year. And this year is all about the U.S. You can get a small contribution for overseas, with Japan will ramp a little bit this year. You'll see France in the back half of the year, a little bit from Brazil, Italy and Spain. And then you'll see China get the registration next year, and we'll go into that market. And the way I look at it is we'll finish this year, we believe we'll get to 15% growth. Hopefully, we'll be out the outside of COVID in the rearview mirror. You'll head into the following year, you'll have an easier comp in the U.S. in the first year, and then you should see some contributions begin to ramp up in the international markets.

所以我看待它的方式，里奇，我們對今年增長 15% 非常有信心。今年是關於美國的。你可以從海外獲得少量貢獻，日本今年會有所增加。你會在今年下半年看到法國，還有一點來自巴西、意大利和西班牙。然後你會看到明年中國獲得註冊，我們將進入那個市場。我的看法是我們將在今年完成，我們相信我們將實現 15% 的增長。希望我們能從後視鏡中走出 COVID。你將進入第二年，第一年你在美國的表現會更輕鬆，然後你應該會看到一些貢獻開始在國際市場上增加。

And Rich, it's great to have you back. But if you would just be a little patient for another couple of weeks, and I'll tell you what UroLift is going to do over the next 3 years at the Analyst Day when we all get together in New York.

Rich，很高興你回來。但是，如果您再耐心等待幾週，我會在我們齊聚紐約的分析師日告訴您 UroLift 在未來 3 年內將做什麼。

Excellent. Looking forward to that, Liam. And maybe just one more follow-up. I might have missed it earlier, but your Surgical performance this quarter came in well above our thinking. What was driving that again? And 14% constant currency rate, is that sustainable? Or was there something in there that we should be thinking about? And if you could also just comment on 2Q. Any guidance or color you can give the speed for modeling in the quarter ahead on revenue and earnings?

出色的。期待那個，利亞姆。也許只是一個後續行動。我可能早點錯過了，但你們本季度的外科手術表現遠遠超出了我們的想像。又是什麼驅動了它？ 14% 的固定匯率，是否可持續？或者其中有什麼我們應該考慮的嗎？如果你也可以對 2Q 發表評論。您可以提供任何指導或顏色來加快對未來一個季度的收入和收益進行建模的速度嗎？

Yes. We began the year, Rich, by expecting our Surgical business to be low single-digit growth The first quarter came out a little bit ahead of our expectations. And it was really driven by strong growth in APAC and the U.S. as procedures continue to recover. And also, we saw some pricing benefit. This is one of the areas we always felt to take pricing.

是的。 Rich，我們在今年年初預計我們的外科業務將實現低個位數增長。第一季度的業績略高於我們的預期。隨著程序的繼續恢復，它確實受到亞太地區和美國強勁增長的推動。而且，我們還看到了一些定價優勢。這是我們一直覺得要定價的領域之一。

We still expect lower single digits in the full year, but maybe a good execution. Again, back to my earlier comment on pricing, if we can sustain it a little bit better for the remainder of the year, we may get to the mid-single digits with good execution in our Surgical business, which would be a really good performance for that business overall. So again, a good start is half the battle as my father says, and Surgical definitely had a good start. But we still expect low singles, maybe get to mids with good execution as we go through the year. And on a full year basis, again, as I said earlier, we feel really good about our -- the broad-based recovery, and we feel really good about our full year guidance, and Surgical is no different than the total of Teleflex.

我們仍然預計全年會出現較低的個位數，但可能會執行得很好。再次回到我之前對定價的評論，如果我們能在今年剩餘時間裡更好地維持定價，我們的外科業務可能會以良好的執行力達到中個位數，這將是一個非常好的表現對於整個業務。因此，正如我父親所說，一個良好的開端是成功的一半，而 Surgical 無疑有一個良好的開端。但我們仍然期望低單打，也許在我們度過這一年時能以良好的執行力達到中等。在全年的基礎上，再次，正如我之前所說，我們對廣泛的複蘇感覺非常好，我們對全年的指導感覺非常好，而 Surgical 與 Teleflex 的總和沒有什麼不同。

Our next question comes from Mike Matson from Needham & Company.

我們的下一個問題來自 Needham & Company 的 Mike Matson。

Yes. I guess I'll ask another one on UroLift. So you've ramped up the DTC advertising. It seems like there's a little bit of a conundrum here because the timing of when -- I think when you kind of ramped it up as coincided with a lot of these COVID impacts and the slowdown in the growth. And I understand what's happening there and the sensitivity to the infection rates and whatnot. But I guess what gives you confidence that the DTC adds are actually proving effective and you're getting an adequate return on that investment?

是的。我想我會在 UroLift 上再問一個。所以你已經增加了 DTC 廣告。似乎這裡有一點難題，因為什麼時候——我想你什麼時候提高它，恰逢許多這些 COVID 影響和增長放緩。而且我了解那裡正在發生的事情以及對感染率等的敏感性。但我想是什麼讓您相信 DTC 添加實際上被證明是有效的並且您從該投資中獲得了足夠的回報？

Well, obviously, we measure the effectiveness of our DTC campaign. At the end of last year, we know that the -- our expectation at the beginning of the year was to get 150% the number of impressions. We actually ended up at almost 200% right across all the metrics. We look at the number of impressions. We look at the response from the patients. We measured the total estimated appointments and procedures. And we know based on all of that, Mike, that this is a good return on our investment.

好吧，很明顯，我們衡量了 DTC 活動的有效性。去年年底，我們知道 - 我們在年初的期望是獲得 150% 的展示次數。實際上，我們在所有指標上的準確率接近 200%。我們查看展示次數。我們看看患者的反應。我們測量了估計的總預約和程序。基於所有這些，我們知道，邁克，這是我們投資的良好回報。

Anecdotally, when I was out with those 32 urologists in the first quarter, every one of them had mentioned that patients had come in and asked them about UroLift as a direct result of the DTC campaign. So anecdotally and measurably, we know that it is working. And we are seeing -- and we do see the value of priming the pump in order to put patients in the care of urologists.

有趣的是，當我在第一季度與那 32 名泌尿科醫生一起出去時，他們每個人都提到有患者進來並詢問他們有關 UroLift 的直接結果 DTC 活動。因此，從軼事和可衡量的角度來看，我們知道它正在發揮作用。我們正在看到 - 我們確實看到了啟動泵的價值，以便讓患者接受泌尿科醫生的護理。

In all transparency, Mike, we don't care when the procedure gets done. As long as we are pushing these patients to our urologists and the vast majority of the urologists that are our champions only offered UroLift. So therefore, it's very focused. That's the one thing I will say about our DTC. It is very focused on docs -- put patients arriving with doctors that use UroLift almost exclusively.

坦率地說，邁克，我們不關心程序何時完成。只要我們將這些患者推給我們的泌尿科醫生，而絕大多數作為我們冠軍的泌尿科醫生只提供 UroLift。因此，它非常專注。關於我們的 DTC，這就是我要說的一件事。它非常專注於文檔——讓患者與幾乎完全使用 UroLift 的醫生一起到達。

Okay. Got it. And then I just want to ask about consensus for the second quarter. I didn't really hear any kind of commentary around where we should model. I know you don't give any kind of quarterly guidance, but you do have a bit of a tougher comp for the second quarter. Are you okay with top and bottom line consensus estimates for that sort of second quarter?

好的。知道了。然後我只想問一下第二季度的共識。我真的沒有聽到任何關於我們應該在哪裡建模的評論。我知道你沒有給出任何類型的季度指導，但你確實對第二季度有一些更嚴格的要求。您對第二季度的頂線和底線共識估計是否滿意？

Yes. You're right, Mike, we don't give quarterly guidance, but we have reaffirmed our yearly guidance. And I guess I'll leave it at that. That's -- we feel really confident in our yearly guidance on all lines.

是的。你是對的，邁克，我們沒有給出季度指導，但我們重申了我們的年度指導。我想我會保留它。那就是——我們對所有方面的年度指導充滿信心。

That is all the time we have for questions this morning. I will now hand back to Mr. Lawrence Keusch for closing remarks.

這是我們今天早上的所有提問時間。我現在將交還給 Lawrence Keusch 先生作結束語。

Thank you, Elliot, and thank you to everyone that joined us on the call this morning. This concludes the Teleflex Inc. First Quarter 2022 Earnings Conference Call.

謝謝你，埃利奧特，也感謝今天早上加入我們電話會議的每一個人。 Teleflex Inc. 2022 年第一季度收益電話會議到此結束。

Our conference call for today is now concluded. Thank you all for your participation.

我們今天的電話會議現已結束。謝謝大家的參與。