ZimVie Inc (ZIMV) 2025 Q1 法說會逐字稿

Good afternoon and welcome to ZimVie's first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this call is being recorded for replay purposes. I would now like to turn the call over to Webb Campbell from Gilmartin Group for today's introductory and disclosures.

下午好，歡迎參加 ZimVie 2025 年第一季財報電話會議。（操作員指示）提醒一下，此通話將被錄音以供重播。現在，我想將今天的介紹和揭露交給 Gilmartin Group 的 Webb Campbell。

Thank you all for joining today's call. Earlier today, ZimVie released financial results for the first quarter ended March 31, 2025. A copy of the press release is available on the company's website ZimVie.com, as well as on SEC.gov. Before we begin, I'd like to remind you that management will make comments during this call that include forward-looking statements.

感謝大家參加今天的電話會議。今天早些時候，ZimVie 發布了截至 2025 年 3 月 31 日的第一季財務業績。新聞稿副本可在公司網站 ZimVie.com 以及 SEC.gov 上查閱。在開始之前，我想提醒大家，管理階層將在本次電話會議上發表一些評論，其中包括前瞻性陳述。

Actual results may differ materially from those indicated by the forward-looking statements due to a variety of risks and uncertainties. Please refer to the company's most recent periodic report filed with the SEC and subsequent SEC filings for a detailed description of these risks and uncertainties.

由於各種風險和不確定性，實際結果可能與前瞻性陳述所示的結果有重大差異。有關這些風險和不確定性的詳細描述，請參閱本公司向美國證券交易委員會提交的最新定期報告以及隨後向美國證券交易委員會提交的文件。

In addition, the discussion on this call will include certain non-GAAP financial measures. Reconciliation to these measures to the most directly comparable GAAP financial measures are included within the earnings release and or investor deck issued today, found on the investor relations section of the company's website.

此外，本次電話會議的討論將包括某些非公認會計準則財務指標。這些指標與最直接可比較的 GAAP 財務指標的對帳已包含在今天發布的收益報告和/或投資者報告中，可在公司網站的投資者關係部分找到。

This conference call contains time sensitive information and is accurate only as of the live broadcast today, May 8, 2025. ZimVie disclaims any intention or obligation except as required by law to update or revise financial projections or forward-looking statements whether because of new information, future events, or otherwise. With that, I will turn the call over to Vafa Jamali, President and Chief Executive Officer.

本次電話會議包含時間敏感訊息，僅截至今天（2025 年 5 月 8 日）的現場直播時準確。ZimVie 不承擔任何意圖或義務，除非法律要求更新或修改財務預測或前瞻性陳述，無論是由於新資訊、未來事件或其他原因。說完這些，我會把電話轉給總裁兼執行長 Vafa Jamali。

Good afternoon and thank you all for joining us. In the first quarter of 2025, we delivered $112 million in total revenue. The highlight of our first quarter was continued progress on improving the margin profile of the business and generating over $17 million of adjusted EBITDA. Our team delivered over 350 basis points reduction in adjusted total cost of products sold.

下午好，感謝大家的參與。2025 年第一季度，我們的總營收為 1.12 億美元。我們第一季的亮點是繼續改善業務利潤率並產生超過 1700 萬美元的調整後 EBITDA。我們的團隊將調整後的銷售產品總成本降低了 350 個基點以上。

As a result, we achieved adjusted EBITDA margin of 15.7%, over 500 basis points of improvement over the first quarter of 2024. This was ahead of our previously announced goal of 15% plus EBITDA margin first year post our sale of the spine business and represents an over 40% year-over-year increase in EBITDA, despite our top line being challenged by an overall soft market.

結果，我們實現了 15.7% 的調整後 EBITDA 利潤率，比 2024 年第一季提高了 500 多個基點。這一業績超出了我們先前宣布的目標，在出售脊椎業務後的第一年實現 15% 以上的 EBITDA 利潤率，儘管我們的營收受到整體疲軟市場的挑戰，但 EBITDA 同比增長超過 40%。

Our performance in terms of profitability is coming in better than expected. This is the result of executing our strategy to improve and streamline our manufacturing and supply chain, reducing corporate infrastructure, and refocusing sales and R&D on our proprietary premium line of implants.

我們的獲利表現優於預期。這是我們實施策略的結果，旨在改善和簡化我們的製造和供應鏈，減少公司基礎設施，並將銷售和研發重新集中在我們專有的高端植入物系列上。

In relation to tariffs, we're keeping our guidance unchanged for the year and have incorporated the impact of any potential tariff related costs. We have plans in place to mitigate tariff costs, which we estimate today to be roughly $3 million per year, largely attributed to the EU USA tariff rates. We have supply chain and manufacturing flexibility, which will allow us to absorb these possible costs through our commercial and operational efforts, which will provide greater clarity shortly.

關於關稅，我們維持今年的指導方針不變，並已將任何潛在關稅相關成本的影響納入考慮。我們已經制定了降低關稅成本的計劃，目前我們估計關稅成本約為每年 300 萬美元，這主要歸因於歐盟美國的關稅稅率。我們擁有供應鏈和製造靈活性，這將使我們能夠透過商業和營運努力吸收這些可能的成本，這將很快提供更清晰的答案。

We will remain focused on driving continued marginal improvement and cash flow as we are committed to delivering shareholder value. I'd like to provide a brief update on our commercial strategy. On our fourth quarter call, we announced that we appointed a new Vice President of America's sales.

我們將繼續專注於推動持續的邊際改善和現金流，致力於實現股東價值。我想簡要介紹一下我們的商業策略。在第四季電話會議上，我們宣布任命了一位新的美國銷售副總裁。

I'm pleased to report that he's quickly making an impact in his expanded role, has been making a number of changes to our sales process and strategy to ensure we are expanding our customer base and increasing customer share. Our overall commercial strategy is beginning to play out. We have focused our sales and R&D teams on proprietary implant sales and development versus low margin distributed products.

我很高興地告訴大家，他在擴大的職責範圍內迅速發揮了作用，對我們的銷售流程和策略做出了許多改變，以確保我們擴大客戶群並增加客戶份額。我們的整體商業策略開始發揮作用。我們的銷售和研發團隊專注於專有植入物的銷售和開發，而不是低利潤的分銷產品。

Although less contribution from third-party scanner sales in North America will be reflected in top line, an overall improvement in mix is favorable to ZimVie and will allow us to focus on our core area of strength and differentiation. We are very confident that our strategy plays out, we will continue to see outsize returns.

儘管北美第三方掃描器銷售的貢獻較少，但產品組合的整體改善對 ZimVie 有利，並使我們能夠專注於我們的核心優勢和差異化領域。我們非常有信心我們的策略能夠奏效，我們將繼續看到超額的回報。

I look forward to providing additional updates and sharing the results of these changes as the year progresses. I'll now give additional details on each piece of our portfolio, starting with dental implants. Implant sales declined low single digits in Q1 at a roughly stable pace in the fourth quarter of 2024 as a result of continued macro pressure. We believe our implant growth is consistent with the market's overall performance and maintain that an improvement in the macro environment will result in the adoption of our implants.

我期待著隨著時間的推移提供更多更新並分享這些變化的結果。現在我將詳細介紹我們產品組合中的每個部分，首先是牙科植體。由於持續的宏觀壓力，2024 年第四季植入物銷售額在第一季以大致穩定的速度下降了個位數。我們相信我們的植入物成長與市場的整體表現一致，並堅持認為宏觀環境的改善將導致我們的植入物的採用。

At the same time, as mentioned earlier, our US sales execution is showing tangible signs of success. March implant volume showed improvement, and April showed growth in implant units sold year-over-year. Our innovation pipeline also paints a positive picture for growth. We just launched our immediate molar implant system in the middle of March, and it is progressing very well. In fact, we've exceeded internal expectations for growth. This line will remain a growth driver for the remainder of the year.

同時，如前所述，我們在美國的銷售執行正在顯示出實際的成功跡象。3 月植入物銷量有所改善，4 月植入物銷量較去年同期成長。我們的創新管道也為成長描繪了積極的前景。我們剛在三月中旬推出了即時磨牙植牙系統，目前進展非常順利。事實上，我們的成長已經超出了內部預期。該產品線將在今年剩餘時間內繼續成為成長動力。

The immediate molar system experiences are clinically proven TSX and T3 pro implant systems with an immediate molar solution for new and existing customers, simplifying challenging clinical scenarios for providers and shortening treatment times for patients.

即時磨牙系統體驗是經過臨床驗證的 TSX 和 T3 pro 植牙系統，為新舊客戶提供即時磨牙解決方案，簡化了服務提供者俱有挑戰性的臨床場景並縮短了患者的治療時間。

Commercially speaking, advancing innovation across our implant portfolio fills profitable portfolio gaps. It allows our sales team to sell something new to existing customers and gives us a stronger competitive position when negotiating larger deals.

從商業角度來說，我們植入物產品組合的持續創新填補了獲利產品組合的空白。它使我們的銷售團隊能夠向現有客戶銷售新產品，並使我們在談判更大的交易時擁有更強的競爭地位。

Next shifting to biomaterials. Our biomaterials portfolio continues to gain recognition for its quality and breadth, showing just over 1% growth during the quarter. This performance reflects our ongoing investments in innovation and our ability to deliver high quality and industry leading solutions. Looking ahead, we're excited about the continued potential in this space, and we're confident that our momentum will sustain our leadership and deliver long term value.

接下來轉向生物材料。我們的生物材料產品組合繼續因其品質和廣度而獲得認可，本季成長率略高於 1%。這一業績反映了我們對創新的持續投資以及我們提供高品質和行業領先解決方案的能力。展望未來，我們對該領域的持續潛力感到興奮，我們相信我們的發展勢頭將維持我們的領導地位並帶來長期價值。

Lastly, I'll provide an update on the continued success of our digital portfolio. Excluding oral scanner sales, which are distributed products, we saw continued uptake and growth in our digital dentistry business. Our ZimVie digital solutions, excluding scanner sales grew high single digits in the first quarter.

最後，我將提供有關我們的數位產品組合持續成功的最新資訊。除分銷產品的口腔掃描儀銷售外，我們的數位牙科業務持續成長。我們的 ZimVie 數位解決方案（不包括掃描器）銷售額在第一季實現了高個位數成長。

Our implant concierge service performed especially well, growing 11% year-over-year, helping clinicians save hours of time and reducing costs by improving workflows. Looking ahead, we're excited to expand the reach of implant concierge service in 2025 with an exciting launch in Japan in the second quarter.

我們的植入禮賓服務表現特別出色，年增 11%，幫助臨床醫生節省時間並透過改善工作流程降低成本。展望未來，我們很高興能夠在 2025 年第二季在日本推出植入禮賓服務，從而擴大植入禮賓服務的覆蓋範圍。

Additionally, we've driven continued strength in sales of surgical guides with our real guide software sales growing in mid-teens for the first quarter. We're optimistic about continuing this positive momentum. We continue to believe that work flow improvements are critical to adoption of implant dentistry, and we're extremely pleased with the strength of our portfolio.

此外，我們手術指南的銷售持續強勁成長，第一季我們的真實指南軟體銷售額實現了十五六倍的成長。我們對繼續保持這一積極勢頭充滿信心。我們始終相信工作流程的改進對於植牙的採用至關重要，我們對我們的產品組合的實力感到非常滿意。

Finally, during the quarter, we also made a strategic decision to acquire a distributor partner located in Costa Rica. Costa Rica is a premium dental implant market that caters to dental tourism. The transaction closed on April 7, which will provide more color on the benefit to our financial portfolios. By bringing this distributor in-house, we can leverage the infrastructure, customer relationships, and the number one market position to expand our local footprint and reduce or eliminate third party selling costs. The acquisition provides an immediate benefit to our margin profile.

最後，在本季度，我們也做出了一項策略決策，收購位於哥斯大黎加的經銷商合作夥伴。哥斯達黎加是一個高端牙科植入市場，主要面向牙科旅遊。該交易於 4 月 7 日完成，這將為我們的金融投資組合帶來更多收益。透過將該經銷商納入公司內部，我們可以利用基礎設施、客戶關係和第一市場地位來擴大我們的本地業務範圍，並降低或消除第三方銷售成本。此次收購將為我們的利潤狀況帶來直接好處。

I'll now turn the line over to Rich to review our financial performance and forward outlook in greater detail.

現在我將把電話交給里奇，讓他更詳細地回顧我們的財務表現和未來展望。

Thanks, Vafa, and good afternoon, everyone. I'll begin by reviewing our first quarter 2025 results and we'll close by providing commentary on our outlook for the full year 2025 in addition to providing our expectations for the second quarter.

謝謝，Vafa，大家下午好。我將首先回顧我們 2025 年第一季的業績，最後我們將對 2025 年全年的展望進行評論，並提供對第二季的預期。

As a reminder, we finalize the sale of our spine business on April 1, 2024. Thus, our legacy spine segment is reflected in discontinued operations in our financial statements. Please refer to our 10-Q for financial results from discontinued operations.

提醒一下，我們在 2024 年 4 月 1 日完成脊椎業務的出售。因此，我們的傳統脊椎部分反映在我們的財務報表中已停止的經營業務。請參閱我們的 10-Q 以了解已終止經營的財務結果。

Beginning with our results for the first quarter 2025. Net sales for the first quarter were $112 million a decrease of 5.2% in reported rates and a decline of 4.1% in constant currency. When normalizing for the expiration of the transition manufacturing agreement with our prior parents, one less selling day, and the shift in focus away from oral scanners in China sales, constant currency net sales declined 1.4%.

從我們 2025 年第一季的業績開始。第一季淨銷售額為 1.12 億美元，以報告利率計算下降 5.2%，以固定匯率計算下降 4.1%。由於與前母公司之間的過渡製造協議到期、銷售日減少一天以及銷售重點從中國口腔掃描儀轉移，按固定匯率計算的淨銷售額下降了 1.4%。

In the US, net sales for the first quarter of $65.8 million declined 2.8% compared to the prior year, driven by lower implant sales, oral scanners, and the impact of one less selling day. When normalizing for scanner sales in one less selling day, sales declined 0.5%.

在美國，第一季淨銷售額為 6,580 萬美元，較上年下降 2.8%，原因是植入物銷售額下降、口腔掃描器銷售額下降以及銷售日減少一天的影響。當掃描器銷售量減少一天時，銷售額就會下降 0.5%。

Outside of the US, net sales of $46.2 million decreased 8.5% on a reported basis and 5.9% in constant currency, driven by lower end plant sales and headwinds totaling 430 basis points from the expiration of a transition manufacturing agreement with our prior parent, one less selling day and lower China sales. When normalizing for these headwinds, sales decreased outside of the US 1.6% in constant currency.

在美國以外，淨銷售額為 4,620 萬美元，按報告基礎計算下降 8.5%，按固定匯率計算下降 5.9%，原因是端工廠銷售額較低，以及與前母公司簽訂的過渡製造協議到期帶來的總計 430 個基點的不利因素、銷售日減少一天以及中國銷售額下降。當這些不利因素正常化後，美國以外地區的銷售額以固定匯率計算下降了 1.6%。

First quarter 2025, adjusted cost of products sold was 33.6% of the percentage of sales, decreasing 360 basis points versus 37.2% in the prior year period. The reduction is driven primarily by manufacturing efficiencies and cost reductions, but also includes a mixed benefit as we prioritize higher margin implant and digital sales versus a lower margin scanner business and the elimination of the low margin transition manufacturing agreement with our prior parents.

2025 年第一季度，調整後的銷售產品成本佔銷售額的 33.6%，較去年同期的 37.2% 下降 360 個基點。減少的主要原因是製造效率和成本降低，但也包括混合效益，因為我們優先考慮利潤率較高的植入物和數位銷售，而不是利潤率較低的掃描儀業務，並且取消了與我們之前的母公司簽訂的低利潤率過渡製造協議。

First quarter adjusted research and development expenses of $5.4 million or 4.8% of sales compares to $6.3 million or 5.3% of sales in the prior year. The decrease is primarily due to lower clinical expenses in the period. First quarter adjusted selling general and administrative expense of $58.7 million decreased 2.7% from $60.3 million in the prior year, driven by reductions in headcount and related expenses.

第一季調整後的研發費用為 540 萬美元，佔銷售額的 4.8%，去年同期為 630 萬美元，佔銷售額的 5.3%。下降的主要原因是本期間臨床費用較低。第一季調整後的銷售、一般及行政開支為 5,870 萬美元，較去年同期的 6,030 萬美元下降 2.7%，主要由於員工人數減少及相關開支減少。

Other income of $1.7 million primarily reflects income from transition service agreements resulting from the sale of our spine business and offsets strained costs that remain in SG&A expense. As of the end of Q1, our transitionary service obligations to support our prior spine organization are effectively complete.

170 萬美元的其他收入主要反映了出售我們的脊椎業務所產生的過渡服務協議的收入，並抵消了銷售、一般和行政費用中剩餘的緊張成本。截至第一季末，我們支持先前脊椎組織的過渡服務義務已有效完成。

First quarter, adjusted EBITDA attributable to continuing operations with $17.6 million translating to a 15.7% adjusted EBITDA margin. This reflects a 41% increase or $5.1 million and 520 basis points of margin expansion versus $12.5 million or 10.5% margin in the same period last year.

第一季度，調整後的 EBITDA 歸因於持續經營業務，為 1,760 萬美元，相當於調整後的 EBITDA 利潤率為 15.7%。這反映了 41% 的成長或 510 萬美元和 520 個基點的利潤率擴張，而去年同期為 1,250 萬美元或 10.5% 的利潤率。

Not only are we pleased with our Q1 EBITDA margin of 15.7%, we exceeded our previously communicated commitments to deliver 15%-plus EBITDA margins one year post spine sale. Furthermore, we achieved GAAP operating income and pre-tax income positive in the first quarter, also exceeding our expectations and external commitments.

我們不僅對第一季 15.7% 的 EBITDA 利潤率感到滿意，而且還超出了我們之前做出的承諾，即在脊柱出售一年後實現 15% 以上的 EBITDA 利潤率。此外，我們在第一季實現了GAAP營業收入和稅前收入為正，也超出了我們的預期和對外承諾。

Our strong profitability underscores our ability to drive optimization in our cost structure during a time of transformational change and a challenging market environment. We believe this hard work positions as well for continued value creation as our end markets continue to show signs of stability in what is widely viewed as a cyclical trough in our industry.

我們強勁的獲利能力凸顯了我們在轉型變革和充滿挑戰的市場環境中推動成本結構優化的能力。我們相信，隨著我們的終端市場在被廣泛視為行業週期性低谷的時期繼續顯示出穩定跡象，這種艱苦的工作也為持續創造價值奠定了基礎。

First quarter, adjusted earnings per share attributable to continued operations of $0.27 per share on a fully diluted share count of 27.7 million shares reflects a 238% increase from $0.08 per share in the prior year period.

第一季度，調整後每股收益（歸因於持續經營）為 0.27 美元，完全攤薄後股份總數為 2,770 萬股，較去年同期的每股 0.08 美元增長 238%。

Turning to the balance sheet. As at the end of the first quarter of 2025, consolidated in the continuing operations cash for $67 million. Gross debt at the end of the quarter was approximately $220 million yielding net debt of approximately $153 million.

轉向資產負債表。截至2025年第一季末，合併持續經營現金為6,700萬美元。本季末的總債務約為 2.2 億美元，淨債務約為 1.53 億美元。

As a reminder, our cash balance does not include a $60 million selling note from the sale of spine, which continues to compound interest. This note matures in October of 2029 but could be received earlier under certain circumstances. Additionally, we maintain our $175 million dollar revolving credit facility, which remains undrawn.

提醒一下，我們的現金餘額不包括出售脊椎所得的 6,000 萬美元銷售票據，該票據將繼續複利。該票據將於 2029 年 10 月到期，但在某些情況下可以提前收到。此外，我們還保留了 1.75 億美元的循環信貸額度，尚未提取。

Quickly touching on our disclosure regarding the acquisition of our Costa Rica distributor. During the first quarter, we made the strategic decision to acquire a local dental distributor located in Costa Rica. We expect the transaction to be beneficial to ZimVie as it converts our sales presence in Costa Rica to a direct sales force and also leverages our existing footprint in the country.

快速談及我們關於收購哥斯大黎加經銷商的揭露。第一季度，我們做出了收購位於哥斯達黎加的當地牙科經銷商的策略決策。我們預計這筆交易將對 ZimVie 有利，因為它將我們在哥斯達黎加的銷售業務轉變為直銷隊伍，並利用我們在該國的現有業務。

We funded the transaction with $3.3 million in cash, inclusive of $1.3 million in book value of inventory and accounts receivable. The transaction closed in April of 2025. With respect to capital allocation, we will continue to prioritize debt reduction as our number one objective.

我們以 330 萬美元現金為該交易提供資金，其中包括 130 萬美元的庫存和應收帳款帳面價值。該交易於2025年4月完成。在資本配置方面，我們將繼續以減少債務為首要目標。

However, we've always maintained an opportunistic stance toward potential tucking activity, and with a revitalized balance sheet and in the current environment, we recognize that some compelling opportunities may arise that tactically and strategically make sense.

然而，我們始終對潛在的收購活動保持機會主義立場，隨著資產負債表的恢復以及當前環境的變化，我們認識到可能會出現一些在戰術和戰略上都有意義的引人注目的機會。

Now shifting toward our 2025 guidance. Beginning with our expectations for a full year 2025, we are reiterating our full year 2025 revenue guidance range of $445 million to $460 million reflecting a 1% decline to 2% reported growth for the full year. The low end of our guidance range assumes the dental market remains the same, while the high end implies a moderate market recovery, commercial strategy execution, and success of new product introductions in the back half of 2025.

現在正轉向我們的 2025 年指引。從我們對 2025 年全年的預期開始，我們重申 2025 年全年收入預測範圍為 4.45 億美元至 4.6 億美元，反映全年報告收入下降 1% 至 2% 的增長。我們的指導範圍的低端假設牙科市場保持不變，而高端則意味著市場溫和復甦、商業策略執行以及 2025 年下半年新產品的成功推出。

We also are reiterating our adjusted EBITDA guidance of between $65 million to $70 million reflecting an 8% to 17% improvement over 2024. As Vafa mentioned, we anticipate that we can absorb the approximately $3 million annualized impact of tariffs within our existing guidance.

我們也重申調整後的 EBITDA 預期，即 6,500 萬美元至 7,000 萬美元，比 2024 年成長 8% 至 17%。正如 Vafa 所提到的，我們預計我們可以在現有指導範圍內吸收約 300 萬美元的年度關稅影響。

By leveraging the flexibility of our manufacturing and distribution global footprint, we've already taken actions to optimize our supply chain and replenishment nodes. We acknowledge that the situation is dynamic and we will continue to assess opportunities to further reduce the impact. We are also reiterating our earnings per share guidance of $0.80 per share to $0.95 per share on a fully diluted share count of 29 million shares.

透過利用我們全球製造和分銷網路的靈活性，我們已經採取行動來優化我們的供應鏈和補貨節點。我們承認情況是動態的，我們將繼續評估進一步減少影響的機會。我們也重申每股盈餘預期，在完全稀釋的 2,900 萬股股份基礎上，每股收益為 0.80 美元至 0.95 美元。

Moving on to our expectations for the second quarter of 2025, we expect net sales in the second quarter of 2025 to be in the range of $112 million to $114 million inclusive of two headwinds. First, a $3 million or 260 basis point impact from order timing differences for an outside of the US distributor order that occurred in Q2 of 2024.

繼續我們對 2025 年第二季的預期，我們預計 2025 年第二季的淨銷售額將在 1.12 億美元至 1.14 億美元之間（包括兩項不利因素）。首先，2024 年第二季發生的美國以外經銷商訂單的訂單時間差異造成 300 萬美元或 260 個基點的影響。

And second, the expiration of the transition manufacturing agreement with our prior parents is a $640,000 impact or 60 basis points in the second quarter. When normalizing for these two items, we expect Q2 sales to be a 1% decline to 1% growth. We expected just a bit down margin in the second quarter of approximately 15% of sales. With that, I'll now turn the call back over to Vafa.

其次，我們與前母公司簽訂的過渡製造協議到期，這將對第二季造成 64 萬美元的影響，即 60 個基點。當對這兩項進行正常化時，我們預計第二季的銷售額將下降 1% 至成長 1%。我們預計第二季的銷售額利潤率將略有下降，約 15%。說完這些，我現在將電話轉回給 Vafa。

Thank you, Rich. As we wrap up the first quarter, I'm excited about the continued progress towards improving our portfolio with new product introductions like the immediate molar. Our commercial focus on what matters most is ZimVie and our focus on improving profitability. We're building a strong foundation for success. We've maintained our position in the global dental inbound market and our biomaterials and digital dentistry markets are growing.

謝謝你，里奇。隨著第一季的結束，我很高興看到我們透過推出諸如立即磨牙之類的新產品來不斷改善我們的產品組合。我們最重要的商業重點是 ZimVie，我們的重點是提高獲利能力。我們正在為成功奠定堅實的基礎。我們在全球牙科入境市場中保持領先地位，並且我們的生物材料和數位牙科市場正在成長。

Continuous improvements in practitioner workflow are a critically important element to driving dental implant adoption. Our focus on continuously innovating our portfolio and driving progress in digitizing dentistry will continue to yield benefit. I'm optimistic about the year ahead I look forward to sharing our progress as we execute on these plans.

從業人員工作流程的持續改進是推動牙科植體普及的關鍵因素。我們專注於不斷創新我們的產品組合併推動牙科數位化的進步，這將繼續帶來效益。我對未來一年充滿樂觀，我期待分享我們在執行這些計劃時所取得的進展。

With that, I would like to open it up to questions.

好了，現在我想開始回答問題了。

Thank you. At this time, we will conduct the question and answer session.

謝謝。此時，我們將進行問答環節。

Kevin Kaliendo, UBS.

瑞銀的 Kevin Kaliendo。

Thank you very much. Good afternoon. This is Dylan Finley on for Kevin. I'd love to start by, double clicking on your comments about the uptick in implant units sold in April. Any expanded color there and whether this might be attributed to higher utilization, same sort of sales or new accounts.

非常感謝。午安.這是凱文的迪倫芬利 (Dylan Finley)。首先，我想雙擊您關於四月份植體銷量上升的評論。那裡有任何擴展的顏色嗎？這是否可以歸因於更高的利用率、相同類型的銷售或新帳戶。

Hi Dylan. Vafa here. Yes, we started to see, we felt like Q1 looked a lot like Q4, and then March was steadily getting better, nothing yet to really write home about. And then April started to just show a little more resilience. So our number one piece that we've been looking for is, essentially same store sales and that improving, and that's what we're seeing as improving right now.

你好，迪倫。瓦法在這裡。是的，我們開始看到，我們覺得第一季看起來很像第四季度，然後三月穩定好轉，還沒有什麼值得大書特書的。然後四月開始表現出更多的韌性。因此，我們一直在尋找的首要問題是同店銷售額的提高，而這正是我們現在看到的改善。

We have a number of commercial strategies in place that could help the other side of it as well with respect to new customers. Well right now, both the immediate molar, which is a new launch that we had is growing really much better than expected and overall our implant units were up.

我們制定了一系列商業策略，可以幫助我們獲得新客戶。現在，我們新推出的磨牙生長確實比預期的要好得多，而且我們的植牙數量總體上也有所增加。

Very helpful, thank you. And then just as a follow up on kind of pricing dynamics, overall in dentistry, there was a bit of an uptick in pricing coming out of the pandemic. It seems like pricing is sort of kind of moderated and cooled and now things are pretty stable. I guess as it pertains to your portfolio and implants specifically, how is pricing trending today and follow up to that, do you have any capacity to, offset any tariff impact via price increases?

非常有幫助，謝謝。然後，作為對價格動態的跟踪，總體而言，在牙科領域，由於疫情的影響，價格有所上漲。看起來價格已經有所緩和和下降，現在情況相當穩定。我想，由於這與您的產品組合和植入物有關，今天的價格趨勢如何？隨後，您是否有能力透過提高價格來抵消關稅的影響？

So I'll start and then, Rich, if you could just give me some more of the detail, it'd be great. So we obviously, we are in the premium market and the premium implant market has been less price competitive than where there's a lot of battles for price happening at the value lines and even in the challenger lines. So we have largely not been in very large competitive price situations.

那麼我就開始了，然後，Rich，如果你能給我更多細節，那就太好了。因此，顯然，我們處於高端市場，而高端植入物市場的價格競爭力一直不如價值線甚至挑戰者線上的價格競爭激烈。因此，我們基本上沒有遇到非常激烈的價格競爭情況。

There are occasions where we would like to do that, where it might be a DSO or a larger deal or a larger specialist where we would want to be very competitive. And I think the broader our portfolio is the more -- the more capacity it gives us to actually package a deal. That is very good for the customer and is also very good for us without having to significantly drop price.

在某些情況下，我們希望這樣做，例如，這可能是一項 DSO 或一項更大的交易，或是一個更大的專家，我們希望在這些情況下具有很強的競爭力。我認為我們的投資組合越廣泛，我們實際打包交易的能力就越強。這對客戶來說非常好，對我們來說也非常好，而且我們不需要大幅降價。

So that's kind of how I see the premium market and Rich give you the specifics. And then in terms of your second question which was capacity, I think in times like this, you need to be really selective on where you put price and where you don't.

這就是我對高端市場的看法，Rich 會提供您具體細節。然後關於你的第二個問題，也就是容量，我認為在這種時候，你需要非常謹慎地選擇在哪裡定價，在哪裡不定價。

So segmentation of the market is going to be really critical. I believe there are segments of the market, segments of our portfolio, which we could raise price and probably will raise price, and there's others that it probably wouldn't be to our benefit, it might actually put us at a competitive disadvantage if we do. So we'll be really selective there, and rely heavily on very accurate segmentation of our customer base.

因此，市場區隔將變得非常關鍵。我相信，在市場和投資組合的某些部分，我們可以提高價格，而且很可能會提高價格，而在其他部分，如果我們這樣做，可能不會為我們帶來好處，實際上可能會讓我們處於競爭劣勢。因此，我們會非常謹慎地進行選擇，並嚴重依賴對客戶群的精確細分。

Anderson Schock, B. Riley Securities.

安德森·肖克 (Anderson Schock)、B. Riley 證券。

Hi, thank you for taking the questions and congrats on the progress. So first, could you just provide more color on the regional performance differences? The international segments are about an 8.5% decline versus 2.8% in the US. I guess what's driving the greater decline internationally?

你好，感謝您回答問題，並祝賀您的進展。那麼首先，您能否提供更多關於地區表現差異的詳細資訊？國際市場下降了約 8.5%，而美國市場下降了 2.8%。我想問是什麼導致了國際上更大範圍的衰退？

Rich you want to take that one?

里奇，你想拿那個嗎？

Yeah. Hey, good afternoon, Anderson. Yeah, so in the US, we've had a, outside of the US, sorry, we had a number of headwinds that we called out in the Q4 call that materialized obviously in the first quarter and so for us the specific impact from the US was was the FX impact of the EUR dollar primarily was about 260 basis points impact.

是的。嘿，下午好，安德森。是的，所以在美國，我們遇到了一些不利因素，在美國以外，抱歉，我們在第四季度電話會議上提到了這些不利因素，這些不利因素顯然在第一季度就已實現，因此對我們來說，來自美國的具體影響是歐元對美元的外匯影響，主要是約 260 個基點的影響。

The impact of the termination of our low margin transition manufacturing agreement with our prior parent in the first quarter is 270 basis points. And then we had one less selling day, which is 100 basis points and then we're deemphasized our focus on China given kind of the situation currently and so that's about 60 basis points.

我們與前母公司在第一季終止的低利潤過渡製造協議的影響為 270 個基點。然後，我們的銷售量減少了一天，即減少了 100 個基點，然後，鑑於目前的情況，我們不再關注中國，所以大約減少了 60 個基點。

So when you normalize for those items, the OUS sales modestly declined about 1.6% versus the headline 8.5% because we had those headwinds that were called out in year-over-year impacts to us in the first quarter.

因此，當你將這些項目標準化時，OUS 銷售額略有下降，約為 1.6%，而總體銷售額為 8.5%，因為我們在第一季遇到了同比影響中所提到的那些不利因素。

Okay, got it. That's helpful. And then could you talk about your current position in the Japanese market and then maybe the size of that opportunity for the launch of Implant Concierge here.

好的，明白了。這很有幫助。然後您能否談談您目前在日本市場的地位，以及在這裡推出 Implant Concierge 的機會規模。

Right. So we're -- our presence in Japan is relatively similar to where it is in the US in terms of our share position. The pricing in Japan is good, so it's a good pricing market for premium implants and the premium implant market is still healthy there. The idea of Implant Concierge is that it essentially can double the size of your business because that's kind of the rate at which a full program would cost -- would be the cost of essentially a premium implant.

正確的。因此，就我們的份額而言，我們在日本的份額與在美國的份額相對相似。日本的定價很好，因此對於高端植入物來說，這是一個良好的定價市場，而且那裡的高端植入物市場仍然很健康。植入禮賓服務的理念是，它基本上可以使您的業務規模擴大一倍，因為這是一個完整計劃的成本——基本上是一個高級植入物的成本。

So, we obviously don't extrapolate it that way, but we do think that it'll be one of the top three growth drivers for Japan in terms of just really solid revenue growth, and then what you're also doing is you're improving the workflow, which is usually a big barrier for practices. No different in Japan than it is the United States. So we think that can really accelerate the growth of the overall implant adoption.

因此，我們顯然不會這樣推斷，但我們確實認為，就真正穩健的收入成長而言，它將成為日本三大成長動力之一，然後你也在做的是改進工作流程，這通常是實踐的一大障礙。日本與美國沒有什麼不同。因此我們認為這確實可以加速整體植入物採用的成長。

So that's kind of how we see it. I haven't really put a number on it, yet. I will, and we'll launch it over the next couple of weeks.

這就是我們的看法。我還沒有真正給出一個數字。我會的，我們會在接下來的幾週內推出它。

Yeah, and just in addition to that, just, Anderson, just on Japan, we had talked a little bit last year around our recovery and a little bit in Japan, and we do have a strong market position in that country to the point where we actually grew in the first quarter, mid single digits. And so, when you take a good fundamental foundational business like we have in Japan, and then you add something as differentiated as Implant Concierge on top, we feel as though we haven't quantified the numbers that I mentioned, but, we should be able to continue to accelerate momentum in that geography.

是的，除此之外，安德森，就日本而言，我們去年談到了我們的經濟復甦以及日本的情況，我們在日本確實擁有強大的市場地位，以至於我們在第一季實際上實現了中等個位數的增長。因此，當你擁有像我們在日本那樣的良好基礎業務，然後再添加像植入禮賓服務這樣差異化的產品時，我們覺得好像我們還沒有量化我提到的數字，但是，我們應該能夠繼續加速該地區的發展勢頭。

It'll obviously be local for local too, Anderson, so it'll have a good customer intimacy aspect to it as well.

安德森，這顯然也是針對當地人的在地化服務，因此它也將具有良好的客戶親密度方面。

Okay, got it. Thank you for taking our questions.

好的，明白了。感謝您回答我們的問題。

Matt Mixick, Barclays.

巴克萊銀行的馬特‧米西克 (Matt Mixick)。

Hi. Thanks so much for taking the questions. So, Bob, I wanted to maybe follow up with you on your thoughts on, fill down on the question on geographic performance to maybe talk about end market trends and where you think things are in terms of picking up, if at all or anything that you can do to sort of improve, continue to improve the top line performance and I one follow up.

你好。非常感謝您回答這些問題。所以，鮑勃，我想跟進一下你的想法，回答一下關於地理表現的問題，也許可以談談終端市場趨勢，以及你認為情況在哪些方面有所好轉，或者你可以做些什麼來改進，繼續提高營收表現，然後我再跟進一下。

Right. So Im at, so when we really look at probably an overindex on the US market for ZimVie, and that's good in the sense that is the most profitable market with the highest prices. That has been the area that's been slower for all of us. And remember that we're premium, we don't play in the value or the challenger line, so it really does rely on largely on a specialist return to action, so more and more specialists and more complicated cases are really what boost us, and that's what we started to see in March and we started to see in April.

正確的。所以，當我們真正關注美國市場對 ZimVie 的過度指數時，這是件好事，因為美國是利潤最高、價格最高的市場。這是我們所有人進展較慢的領域。請記住，我們是高端客戶，我們不參與價值或挑戰者係列，因此它確實很大程度上依賴專家的行動，因此越來越多的專家和更複雜的案例才是真正推動我們前進的動力，這就是我們在三月和四月開始看到的。

So overall, I think that market is good and getting healthier. I think that Europe is a whole bunch of countries and each of them a little bit different. So we have very high performance in France, [that team] is doing exceptionally well and then we have some cost threats, competitive threats that we experienced in Iberia, which specifically was Portugal, which was with a very low cost value implant, an import.

所以總的來說，我認為市場很好，而且越來越健康。我認為歐洲由許多國家組成，每個國家都略有不同。因此，我們在法國的表現非常出色，[那個團隊]表現異常出色，然後我們面臨一些成本威脅，我們在伊比利亞半島遇到的競爭威脅，具體來說是在葡萄牙，那裡的植入成本價值非常低，進口量很大。

And those are areas that we are working on strategies right now to mitigate those within our -- with our portfolio and within partnerships that we're forging right now, but those are some specific areas where price is more acutely required than others.

這些是我們目前正在製定策略的領域，以透過我們的投資組合和我們正在建立的合作夥伴關係來緩解這些問題，但這些特定領域比其他領域更需要價格。

So in those cases, we've got a little bit of a different strategy in the US. I believe that we've got the right strategy and like I said, the commercial team is really focused on the right things. And because of that, I do feel very optimistic that the US business is going to return strong.

因此，在這些情況下，我們在美國採取了略有不同的策略。我相信我們制定了正確的策略，而且正如我所說，商業團隊確實專注於正確的事情。正因為如此，我確實非常樂觀地認為美國業務將會強勢回歸。

Helpful, thanks. And then maybe follow up on, as we speak to different companies and and try to understand obviously things like the economic sensitivities to tariffs which you've talked about, as well as the economic or logistical sensitivities of the supply chain, if you could maybe talk a little bit about where you -- any actions that you've taken to shore that up or any color or commentary you can express about the confidence in how the business is operating logistically in terms of supply chain and and manufacturing to the extent that that we can get a sense of how you may be able to react as things kind of potentially start moving around or fluctuating here, given the volatility we've seen in the last couple of months.

有幫助，謝謝。然後，當我們與不同的公司交談並試圖了解您談到的關稅的經濟敏感性以及供應鏈的經濟或物流敏感性時，也許可以跟進一下，您能否談談您為鞏固這些敏感性所採取的任何行動，或者您可以表達的任何關於您對企業在供應鍊和製造方面的物流運作方式的信心的色彩或評論，以便我們了解，考慮到過去幾個月我們看到的波動，當情況可能會發生變化。

So I'm extremely confident in our manufacturing capabilities. We've really demonstrated that. We've worked on it for quite a while since we kicked that project off, and we have been able to demonstrate a tangible demonstration of results in terms of gross margin, etc.

所以我對我們的製造能力非常有信心。我們確實證明了這一點。自從我們啟動這個專案以來，我們已經致力於此相當長一段時間了，並且我們已經能夠在毛利率等方面展示出切實的成果。

We also have flexibility of manufacturing, we have a site in Florida, we have a site in Valencia, and that gives us a great amount of flexibility. Like Rich said, we've already moved a lot of the nodes, the distribution nodes for OUS out of Valencia, so that way we don't, we skip the tariff, the US tariff part of it, and that has given us a lot of flex and will continue to give us an opportunity.

我們的生產製造也具有靈活性，我們在佛羅裡達和瓦倫西亞都設有工廠，這為我們提供了極大的靈活性。就像里奇說的那樣，我們已經將很多節點，OUS 的分銷節點移出了瓦倫西亞，這樣我們就不會跳過關稅，也不會跳過美國關稅部分，這給了我們很大的靈活性，並將繼續給我們帶來機會。

So we'll constantly measure if there's labor arbitrage in one site versus the other outweighed by the -- is it outweighed by the tariff cost or not, but we do have that flex, and because we've largely exited China, we don't have that risk, which I think right now poses the greatest threat to our, probably to our segment in our industry.

因此，我們會不斷衡量一個站點相對於另一個站點的勞動力套利是否被關稅成本所抵消，但我們確實有這種靈活性，而且由於我們基本上已經退出中國，所以我們沒有這種風險，我認為這種風險現在對我們，可能是對我們行業中的細分市場構成了最大的威脅。

But that one's the one that we don't have a lot of reliance on, we moved manufacturing as part of our one of our strategies early was to in-source a lot of third party manufacturing, and we insourced our largest, third-party manufacturer from China into Valencia. And obviously, if we didn't have that, that would be a project we were working on right now, but that's been a great part of the margin improvement and also just, if you frankly think about it retrospective, we have great tariff avoidance if we had the benefit of foresight, but it nevertheless was a positive move.

但我們對此並不太依賴，我們將製造業作為我們早期策略的一部分，將大量第三方製造業納入其中，我們將我們最大的第三方製造商從中國轉移到了瓦倫西亞。顯然，如果我們沒有這樣做，那將是我們目前正在進行的項目，但這對於提高利潤率起到了很大的作用，而且，如果你坦率地回顧一下，如果我們有先見之明，我們就能很好地避免關稅，但這仍然是一個積極的舉措。

So, I think I'm confident that we're able to do that. Again, no one can predict exactly what will happen and what the end tariffs will be, but based on what we know right now and what we see every day, we think we've got a plan that can mitigate it within our guidance.

所以，我認為我有信心我們能夠做到這一點。再說一次，沒有人能夠準確預測會發生什麼以及最終的關稅是多少，但根據我們目前所知道的情況和我們每天所看到的情況，我們認為我們已經有一個可以在指導範圍內緩解關稅的計劃。

It's very helpful. Thanks, Vafa.

這非常有幫助。謝謝，瓦法。

Thank you. I'm showing no further questions at this time, so I would like to turn it back to Vafa Jamali for closing remarks.

謝謝。現在我沒有其他問題了，所以我想把話題交還給瓦法·賈馬利 (Vafa Jamali) 做最後發言。

Great. Thank you very much. So we're really proud of our accomplishments towards driving overachievement and profitability, most notable in our gross margin. This is the result of a lot of hard work. Doing -- having a lot of hard work with no result is not fun. In this case, thanks to my fantastic colleagues, we've shown great effort and generated great results.

偉大的。非常感謝。因此，我們為實現超額完成目標和獲利能力而感到自豪，最顯著的就是我們的毛利率。這是大量艱苦努力的成果。做——付出很多努力卻沒有結果並不好玩。在這種情況下，感謝我出色的同事，我們付出了巨大的努力並取得了巨大的成果。

So I really want to thank our employees. I also feel very optimistic that the same energy and the same focus is being directed right now towards our commercial strategies, and they'll yield similar results in this dynamic end market. So I'm really proud of our team. We're focused on the very vital few priorities that will drive the most impact for our company, and are better than expected performance from the launch of this new implant, the immediate molar is really a reflection of that focus.

所以我真的要感謝我們的員工。我還非常樂觀地認為，我們現在將同樣的精力和同樣的重點投入到我們的商業策略中，它們將在這個充滿活力的終端市場中產生類似的結果。所以我為我們的團隊感到非常自豪。我們專注於為公司帶來最大影響的幾個至關重要的優先事項，而這種新植入物的推出所帶來的表現好於預期，即刻磨牙確實反映了這種關注。

So, we believe the dental market is the implant market's resilient. And we think that dental implants are still very much under adopted, so we do believe that this is still the greatest growth driver for our market. So, I really thank you for your attention today and I wish you a great evening.

因此，我們相信牙科市場是植體市場的彈性市場。我們認為牙科植體仍未被廣泛採用，因此我們相信這仍然是我們市場最大的成長動力。所以，我非常感謝你們今天的關注，並祝你們有個愉快的夜晚。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。