全球医疗保健公司Haemonetics Corporation (NYSE: NYSE:HAE)公布了其2024财年第四季度和全年业绩，显示了有机收入增长和来年的强劲前景。该公司报告称，第四季度有机收入增长10%，本财年增长12%。本季度调整后每股摊薄收益为0.90美元，全年达到3.96美元。展望未来，Haemonetics提供了2025财年的收入指导，预计其核心血浆、医院业务部门将实现增长，血液中心业务预计将出现下滑。

　　第四季度有机收入增长10%，本财年增长12%。

　　第四季度调整后每股摊薄收益为0.90美元，本财年为3.96美元。

　　2025财年的收入指导包括核心血浆业务增长8%至12%，医院业务增长27%至32%。

　　预计血液中心业务在2025财年将下降5%至7%。

　　收购OpSens和tune旨在加速增长和提高利润率。

　　预计2025财年调整后的营业利润率为23%至24%。

　　2025财年调整后每股摊薄收益指引在4.45美元至4.75美元之间。

　　2025财年的自由现金流预计为1.3亿至1.8亿美元。

　　预计到2025财年，公司总营收将增长5%至8%。

　　同期，公司整体有机增长预计将持平至3%。

　　调整运营利润率，实现2025财年23%至24%的长期计划目标。

　　OEP项目总节省1500万美元，调整后的营业利润率为1000万美元。

　　2025财年的自由现金流预计在1.3亿美元至1.8亿美元之间。

　　血液中心业务预计在2025财年下降5%至7%。

　　2025财年的利息支出将为0.16美元。

　　血管闭合部分增长强劲，全年增长28%。

　　能得到血液管理产品如TEG推动了两位数的增长。

　　收购tune和OpSens有望促进公司的增长。

　　包括MVP XL在内的新产品预计将有广泛的应用为增长做出贡献。

　　在提供的摘要中没有讨论具体的遗漏。

　　该公司计划未来在其他领域复制其成功的模式和技术。

　　从与CSL (OTC:CSLLY)的供应协议过渡预计将顺利进行计划成本管理。

　　Express Plus计划于2025财年完成，具体进度由客户决定。

　　VASCADE产品组合主要用于电生理(80%)和PCI(20%)手术。

　　总之，Haemonetics公司正在为2025财年的持续增长定位，利用战略收购并专注于扩大其产品组合。该公司有信心提供长期价值，并致力于在未来的收益电话会议上提供最新进展。

　　Haemonetics公司(NYSE: HAE)在其最新的收益报告中展示了强劲的财务表现，有机收入显著增长。当投资者考虑该公司的未来前景时，关键指标和InvestingPro Tips提供了对其估值和财务状况的更深入了解。

　　InvestingPro数据显示，该公司市值为47亿美元，市盈率(P/E)为36.64，这表明该公司的市盈率很高。截至2023年第四季度的过去12个月调整后的市盈率为37.86，这表明该股票的定价相对于其收益可能是乐观的。

　　该公司的收入增长仍然强劲，截至2023年第四季度，过去12个月的收入增长了12.01%。这与文章中该公司报告的本财年12%的增长相吻合。此外，Haemonetics实现了52.83%的毛利率，反映了其保持盈利能力的能力。

　　在InvestingPro的小贴士中，有两条与Haemonetics的现状特别相关:

　　1. 分析师上调了未来一段时间的盈利预期，表明他们对该公司维持或提高盈利能力的能力充满信心。

　　2. 该股交易价格接近52周高点，目前为高点的95.33%，这可能会引起投资者对股价接近最高水平的证券的兴趣。

　　同样值得注意的是，该公司不向股东支付股息，这可能是关注收入的投资者考虑的一个因素。

　　对于那些希望深入研究Haemonetics财务和未来前景的人，InvestingPro提供了额外的提示和指标。使用优惠券代码PRONEWS24，可获得每年或两年一次的Pro和Pro+订阅额外10%的折扣，并在http://k1.fpubli.cc/file/upload/202405/11/qfqs233pjyo上了解更多关于Haemonetics提供的额外11个InvestingPro提示。成绩单- Haemonetics Corp (HAE) 2024年第四季度:

　　接线员:您好，谢谢您的等待。欢迎参加2024年第四季度Haemonetics公司财报电话会议。此时，所有参与者都处于仅听模式。演讲结束后，将有一个问答环节。【操作说明】。请知悉，今天的会议正在录音。现在我想把会议交给今天的第一位演讲者，Olga Guyette，投资者关系和财政部高级主管。奥尔加，请说。

　　奥尔加·盖耶特:早上好。感谢您参加我们的Haemonetics第四季度和2024财年电话会议和网络广播。今天和我一起的是我们的首席执行官克里斯·西蒙;首席财务官James D’areca将进一步介绍公司2024财年的财务业绩和2025财年的预期。在我们开始之前，我想谈谈我们正在实施的收入报告改革，从2025财年开始。这些变化包括将服务收入整合到我们的商业业务部门中。这一调整符合我们最新的管理结构，并承认服务在我们的客户产品中发挥的关键作用。它强调了我们对提高服务质量和推动服务组织发展的承诺。由于这一变化，我们今天将讨论的2025财年指导方针将以新的收入报告格式呈现。2024财年第四季度的所有收入结果均以旧格式呈现，以方便适当的同比比较。有关新旧收入报告格式之间的详细调整，请参阅今天上午收益发布中引用的补充分析，也可在我们网站的IR部分获得。我想提醒大家，除非另有说明，否则今天讨论的所有收入增长率都是有机的，不包括外汇波动和收购的影响。我们2025财年的有机收入增长指导包括来自OpSens的15周收入，因为收购截止日期是2023年12月。在整个通话过程中，我们将参考其他非公认会计准则财务指标，以帮助投资者了解Haemonetics的持续业务表现。这些措施不包括某些费用和收入项目。有关排除项目的完整列表，与上年同期比较的GAAP结果的对账，请参阅我们的2024财年第四季度收益发布。我们今天的发言也将包括前瞻性陈述，实际结果可能与预期结果有重大差异。可能导致结果不同的因素在我们的收益发布和其他SEC文件中有所提及。我们不承担更新这些前瞻性陈述的任何义务。我的发言到此结束，现在我把电话交给克里斯。

　　Christopher Simon: Thanks, Olga. Good morning and thank you all for joining. Today, we reported organic revenue growth of 10% in the fourth quarter and 12% in fiscal year 2024. Adjusted earnings per diluted share was $0.90 in the quarter and $3.96 in the year, increases of 17% and 31% respectively. At the midpoint of Haemonetics long range plan, we've made tremendous progress towards our transformational growth goals. Our ability to consistently deliver strong financial performance underscores the accelerating momentum in our business and our commitment to creating value for customers and shareholders. We strengthened our reputation by overcoming hurdles to support all of our plasma customers through consecutive years of unprecedented growth. We rolled out our Persona and NexLynk DMS software upgrades and introduced Express Plus. Through strategic portfolio rationalization and a heightened focus on global apheresis, we are improving the margin profile and durable contribution of our blood center business. We delivered three consecutive years of high teens organic revenue growth in hospital and took steps to accelerate inorganic growth with the acquisitions of OpSens and Attune. And we continued our relentless pursuit of improved productivity, delivering additional savings through our OEP programs and embedding these skills in the fabric of our organization. As Olga mentioned, we repositioned customer and field services within our commercial business units. Services are a source of distinctiveness for Haemonetics and assigning them to the BUs will create greater accountability and new opportunities to enhance our offerings and optimize returns. As we transition to the second half of our plan, we are well positioned and fully committed to achieving our goal of sustainable top quartile MedTech revenue and margin growth. Let's turn now to our business unit results and revenue guidance. It was another strong year for Plasma after 43% growth in fiscal year '23. Plasma revenue grew 6% in the fourth quarter and 14% in fiscal year 2024, driven by disposable volume and software. North America disposables represented 85% of plasma revenue and grew 4% in the quarter and 13% for the year. We recently completed the successful limited market release of our new Express Plus technology with more than 60,000 real world collections. We are now initiating full market release in the U.S. This technology is making our customers meaningfully faster. And when combined with our bidirectionally connected NexLynk DMS offers unmatched plasma center efficiencies. NexSys with Persona remains unrivaled in enabling collectors to safely meet end market demand and lower cost per liter. We continue to enhance the NexSys platform, expanding its competitive advantage as the global industry standard for plasma collection. We are enthusiastic about the opportunity to transition our NexSys customers to our latest technology and to gain share. The plasma collections market remains robust, supported by strong end market demand, frozen plasma inventory deficits and a favorable collections environment. Excluding the effects of the CSL U.S. Transitional supply agreement, our core plasma business delivered an impressive 18% growth in fiscal year 2024, and we project additional growth of 8% to 12% in fiscal year 2025. We anticipate a 45% decline in CSL revenue from $155 million in fiscal 2024 to approximately $85 million this year. Therefore, our total plasma revenue guidance for fiscal year 2025 is anticipated to be in the range of negative 3% to 6%. In blood center, we overcame significant geopolitical challenges to grow revenue 7% in the quarter and 1% for fiscal year 2024, driven by continued strength in our apheresis portfolio. Apheresis revenue was up nearly 13% in the fourth quarter and 5% for the year. Both in the quarter and fiscal year 2024 growth was disproportionately driven by increasing disposable revenue across plasma collection centers in Egypt, continued strength in red cell collections in the U.S. and strong demand for platelets across our key markets. Whole blood revenue declined 7% in the quarter and 9% in fiscal year '24, predominantly driven by lower volumes caused by our product rationalization efforts designed to preserve Blood Centers' ability to generate durable contribution margin dollars and participate in our company wide margin expansion. Due to portfolio rationalization, our Blood Center fiscal year 2025 revenue growth guidance is a year-over-year decline of 5% to 7%. Our hospital business had strong results with revenue growth of 19% in the fourth quarter and 17% in fiscal year 2024, primarily driven by vascular closure and hemostasis management. Hemostasis management revenue grew 19% in the fourth quarter and 15% for the year, driven by strong utilization of TEG 6s disposables, price increases and continued growth of the U.S. installed base. In the fourth quarter, we received FDA clearance for our global hemostasis heparin neutralization cartridge. This extends the capabilities of the TEG 6s platform to serve fully heparinized patients in adult cardiovascular procedures and liver transplants in laboratory and point of care settings. This is an important addition to our portfolio to increase adoption by helping clinicians improve patient outcomes and standards of care. The rest of the Blood Management Technologies franchise, which includes transfusion management and cell salvage grew 7% in the fourth quarter and 6% for the year. Transfusion management was up due to the completion of customer implementations for both SafeTrace Tx and BloodTrack as well as growth in recurring maintenance revenue for both products. Growth in cell salvage was driven by strong utilization of disposable kit in the U.S. Led by vascular closure, interventional technologies grew 28% in the quarter and fiscal year 2024. We continue to make progress penetrating the top 600 U.S. accounts to finish the year at nearly 80% penetration. We also benefit from improvements in utilization at existing IC and EP accounts. We are pleased to announce that we received U.S. FDA premarket approval for the upsized VASSCADE MVPXL mid-bore venous closure device. Adding MVPXL to our products mix with 58% larger collagen plugs than MVP strengthens our unique proposition of reducing the time to ambulate, total post procedure time, time to hemostasis and time to discharge eligibility, broadening our reach in these high growth markets with a novel solution to support emerging catheter based ablation technologies. We will be initiating a limited market release in the coming weeks and look forward to full market release later this year. The VASCADE International launch is progressing as expected, contributing approximately 300 basis points of revenue growth in the quarter. In Japan, we have expanded our presence to more than 90 accounts. While European penetration has been more gradual, we are making meaningful progress and plan to expand into more countries in fiscal year 2025. Now let's move on to our newly acquired products. OpSens Pressure Sensing Guidewire (NYSE:GWRE) Technology delivered nearly $10 million in revenue in the fourth quarter. Over the past several months, we cross trained our expanded U.S. sales team. And in April, we launched both OptiWire and [indiscernible] throughout our U.S. commercial channels. These products provide meaningful benefits during PCI and TAVR procedures and we are excited to make them available to our interventional cardiology customers. We are also enthusiastic about the addition of the ensoETM Esophageal Cooling Device acquired With Attune Medical. enzoETM provides significant protection against esophageal injury and in combination with radiofrequency ablation provides a more cost effective solution to atrial fibrillation ablation procedures compared to other emerging ablation procedures. With an addressable market approximately $300 million growing in the low teens, we anticipate esophageal protection to become the standard of care used in conjunction with radiofrequency ablation procedures. We look forward to continued revenue growth acceleration from our expanded U.S. Commercial launch in June. Our development and commercialization strategies are working. We continue to advance our leadership in blood management technologies by capitalizing on significantly expanded R&D and clinical capabilities to further develop new and existing products, while we expand commercially to cover the majority of the top accounts in the $700 million underpenetrated TAM. In Interventional Technologies, we are committed to commercial execution, launching our recent portfolio additions and augmenting growth through R&D and M&A. With the OpSens and Attune acquisitions, we expect hospital will become our largest business unit this year, driving a disproportionate growth and margin expansion. We expect hospital reported revenue growth of 27% to 32% in fiscal year 2025. Excluding revenue from recent acquisitions, we expect this business to deliver 13% to 16% organic revenue growth. Overall, we expect another strong year as we evolve our portfolio to accelerate revenue growth and margin expansion. For the total company, we expect reported revenue growth to be in the range of 5% to 8%. Excluding recent acquisitions and FX, we expect total company organic growth to be flat to 3% in fiscal year 2025. In closing, I want to express my gratitude to our customers and our shareholders for their continued support and the Haemonetics employees worldwide for their exemplary work to advance our mission and their dedication to our customers. Together, we continue to build our momentum towards a very bright future. Now I'll pass it over to James to discuss the rest of our financial performance and fiscal year 2025 guidance.

　　James D'Arecca: Thank you, Chris, and good morning, everyone. As I reflect on my two year anniversary at Haemonetics, I'm excited about the opportunities ahead of us. Over the past two years, we have navigated shifting dynamics and supported a delayed CSL transition, while continuing to grow our margins, invest in our business, enhance our solutions and acquire new high growth products. While not all of our efforts are reflected in our results immediately, especially when combined with the extended dilutive impacts of the U.S. transitional agreement in plasma, I am highly optimistic about our ability to accelerate revenue growth and expand our gross and operating margins over the next several years. We finished our fourth quarter with an adjusted gross margin of 54%, an increase of 220 basis points compared with the prior year. Adjusted gross margin for fiscal '24 was 54.4%, an increase of 120 basis points when compared with the same period of the prior year. The continuous transformation of our portfolio played a disproportionate role in driving gross margin expansion in our results with both product mix and volume contributing meaningfully. These benefits were partially offset by changes in FX both in the quarter and fiscal '24 and $6.8 million of cumulative charges related to a voluntary product recall in our whole blood business. Adjusted operating expenses in the fourth quarter were $120.9 million, an increase of $17 million or 17% compared with the fourth quarter of the prior year. As a percentage of revenue, adjusted operating expenses increased by 120 basis points to 35.2%. The increase in adjusted operating expenses in the quarter was due to several factors. First the integration of OpSens into our product portfolio, given that this was the first full quarter with OpSens, the anticipated benefits of synergies and scale have not yet been fully realized. We expect this to evolve as we advance our commercial initiatives across our key strategic U.S. accounts beginning in our fiscal 2025. Another factor was elevated freight costs, primarily attributed to macroeconomic hurdles affecting logistics and constraints in our plasma inventory levels. We are in a much better inventory position today and do not anticipate similar levels of expedited freight going forward. Finally, we also had higher performance based compensation expenses along with continuous growth investments into our business. Adjusted operating expenses for fiscal '24 were $435.7 million, an increase of $32.1 million or 8% compared with the prior year. As a percentage of revenue, adjusted operating expenses decreased by 120 basis points to 33.3%. In fiscal 2024, a combination of operating leverage improvements and savings from our operational excellence program more than offset increases in adjusted operating expenses and growth investments. These investments are primarily aimed at advancing innovation and expanding market share in our hospital business and are expected to further enhance our operating leverage in the coming years. Fourth quarter adjusted operating income was $64.6 million, an increase of $10.7 million or 20% and our adjusted operating margin was at 18.8%. Our adjusted operating margin in the fourth quarter had approximately 200 basis points of impact from one-time items within our adjusted operating expenses. Adjusted operating income for fiscal 2024 was $276.5 million an increase of $58.1 million or 27% compared with the prior year at 21.1% of revenue. The 240 basis points expansion in the adjusted operating margin in fiscal '24 was due to improving leverage of our business, coupled with approximately $5 million in net savings from OEP. The adjusted income tax rate was 21% for the fourth quarter and 23% for fiscal year '24 compared with 23% and 24% for the respective periods of the prior year. Fourth quarter adjusted net income was $46 million up $6.8 million or 17% and adjusted earnings per diluted share was $0.90 up 17% when compared with the fourth quarter of fiscal year 2023. Adjusted net income for fiscal year '24 was $203.6 million up $47.9 million or 31% and adjusted earnings per diluted share was $3.96 up 31% when compared with the prior year. Changes in the adjusted income tax rate, interest expense, and FX had a $0.02 negative impact on the fourth quarter and a $0.05 negative impact on the full-year adjusted earnings per diluted share when compared with the prior year. Turning now to select balance sheet and cash flow highlights. Cash on hand at the end of our fiscal 2024 was $179 million a decrease of $106 million, since the beginning of this fiscal year, primarily due to the OpSens acquisition, which was financed through a combination of cash on hand and a revolving credit facility. In our fourth quarter, cash flow from operating activities was $64 million and free cash flow before restructuring and restructuring related costs was $59 million. Cash flow in the quarter was primarily driven by net income and benefits from working capital. In fiscal year '24, cash flow from operations was $182 million primarily attributed to net income, partially offset by increased inventory. After taking into account $64 million in CapEx, net of proceeds from the sale of property, plant and equipment, we had $127 million of free cash flow before restructuring and restructuring related costs. As you will recall, we anticipated our fiscal year 2024 free cash flow before restructuring and restructuring related costs to be in the range of $160 million to $180 million. The outlook we have provided overestimated the impact of certain add backs related to restructuring and restructuring related spend. Going forward, we will provide guidance for free cash flow. We also have some important updates about our credit facility. In April, we refinanced our existing credit facility with a new $1 billion five year facility comprised of a $250 million unsecured term loan A and a $750 million unsecured revolving credit facility with a current drawn balance of about $230 million used to help fund our recent acquisitions of OpSens and Attune Medical. Our new credit facility includes a $330 million increase in our revolver capacity and provides enhanced covenant flexibility, a testament to the strength of our balance sheet and credit profile. Haemonetics is currently utilizing two interest rate swaps with a blended fixed interest rate of 4.12% and a current notional value of $211 million to mitigate interest rate risk. These swaps will mature in June of 2025 and we have plans to evaluate and determine the appropriate risk management strategy thereafter. Taking into account our $500 million unsecured convertible bonds due March 26, our net leverage ratio was at approximately 2.1x EBITDA at the end of our fourth quarter, increasing to approximately 2.4x EBITDA following the close of Attune Medical on April 1st. With our new credit agreement and our ability to generate strong EBITDA and free cash flow, we estimate our available capital capacity to be in excess of $1 billion by the end of fiscal '25 and up to about $2 billion by the end of fiscal '26 after nearly $500 million of capital we have already allocated to M&A and share buybacks, since we issued our long range plan in June of 2022. We plan to continue to leverage our access to capital to further expand our product portfolio and lay the foundation for additional growth, including additional strategic tuck in acquisitions for our Interventional Technologies portfolio in the near term. Before I discuss the rest of our fiscal year 2025 guidance, I'd like to reflect on where we are in our transformational growth journey. In the first half of our long range plan, we delivered revenue and adjusted earnings per diluted share growth that exceeded our expectations. Our success can be attributed to several key factors. First, unprecedented volume growth in plasma collections driven by a rebound from the COVID-19 pandemic. The volume growth we experienced in the first half of our plan was significantly higher than our original projections. Second, delayed transition of CSL's U.S. Disposable business, resulting in the retention of the majority of their U.S. volume through the end of our fiscal year '24. This provided us with additional excess cash flow we used to fund recent acquisitions in hospital. Third, strong commercial execution in vascular closure, surpassing our original deal model and enabling deeper penetration into the top 600 strategic accounts in the U.S. with the help of a series of additional strategic investments focused on broadening our commercial footprint. And finally, overcoming substantial macroeconomic headwinds, including approximately 700 basis points of margin pressure stemming from inflationary headwinds, supply chain disruptions and volatility in foreign exchange rates among other challenges. While revenue and adjusted EPS growth were robust and ahead of our plan, the combination of underlying drivers and actions we took to support this growth temporarily dampened our margin expansion plans, particularly in the adjusted gross margin. As we enter the second half of our LRP, we plan to accelerate our margin expansion. Our LRP goal of the high 20s adjusted operating margin in fiscal '26 is intact and will be driven by approximately 400 to 600 basis points of projected expansion in our adjusted gross margins, coupled with improving operating leverage in our business. Our strategy is clear and includes benefits from volume, mix, price, and higher operating leverage. In Hospital, we will leverage our commercial footprint to promote an expanded hospital portfolio requiring minimal additional investments. Recent acquisitions of OpSens and Attune Medical will further expedite our transition towards high growth, high margin products. In Plasma, changes in customer mix and technology upgrades will continue to improve margins and drive growth on top of collections momentum. CSL's U.S. Supply Agreement has a dilutive impact on our corporate gross margins. As such, continued transition away from our PCS2 devices to the latest NexSys with Persona Technology will drive meaningful improvements. In Blood Center, we continue to rationalize parts of the business, predominantly in whole blood with no impact on contribution margin dollars, while significantly improving its contribution margin percent. And lastly, aligned with our commercial objectives, we are pursuing additional improvements within our operations, including additional OEP savings, the continued rationalization of the manufacturing footprint and addressing the remainder of stranded costs and inefficiencies from CSL's delayed transition, which will help generate additional cost savings and ensure increased productivity as we move forward with our plan. In fiscal year 2025, we expect the adjusted operating margin to be in the range of 23% to 24%, representing a substantial installment towards our LRP goals. Our fiscal year 2025 guidance includes approximately $15 million of gross savings from our OEP program with about $10 million of that benefiting our adjusted operating margins. Given the timing of specific cost savings initiatives and business opportunities outlined in our plan, we anticipate that the operating margin improvement outlined in our fiscal year 2025 guidance will be back end loaded with gradual improvements throughout the year. Our adjusted earnings per diluted share guidance for fiscal year 2025 is a range of $4.45 to $4.75 or 12% to 20% growth when compared with fiscal year '24. At the midpoint of our guidance range, we anticipate approximately $0.30 of headwind from interest expense, FX, income tax and share count with interest expense being responsible for more than half of that. CSL's transitional agreement represents just under 10% of the midpoint of our adjusted earnings per diluted share guidance in fiscal year '25 compared with about 20% of our adjusted EPS in fiscal year '24. Our ability to generate cash flow is strong and we expect our free cash flow in fiscal year '25 to be in the range of $130 million to $180 million. Our fiscal year '24 performance underscores our resilience, agility, and commitment to our long range plan as we continue to execute our initiatives and drive sustainable growth both on the top and bottom line. Our capital allocation priorities remain unchanged and we will continue to deploy cash to accelerate our growth momentum, particularly as we further expand our product portfolio and look for opportunities to increase our returns through opportunistic share buybacks and debt repayment. With a clear vision, a well-defined plan and a dedicated team, I'm confident in our ability to deliver long-term value. We look forward to updating you on our progress in the quarters to come. This concludes our remarks for today. And now, I'll turn it back to the operator for Q&A.

　　接线员:谢谢。此时，我们将进行问答环节。【操作说明】。第一个问题来自美津浓集团的安东尼·佩特龙。您的电话接通了。

　　安东尼·佩特龙:谢谢你，祝贺你在今年的强势结束，并为噪音道歉。克里斯，也许我先从血浆开始，然后我再跟吉姆讨论一下边际。也许只是对CSL的信心下降了，在Haemonetics和CSL之间有多少沟通只是为了给你信心。是下降了45吗?那么我们是否应该期待在接下来的一年里出现类似的淘汰阶段?第二个关于等离子体的是潜在市场，这将在两位数的范围内。你能给我们讲讲你所看到的驱动因素吗，似乎分拣商仍然有良好的健康需求继续建立库存?谢谢。

　　克里斯托弗·西蒙:是的。安东尼，谢谢你的问题。关于血浆，我将按相反的顺序讲。我们很高兴为这个行业服务，经历了一段前所未有的强劲增长时期，去年增长了43%，去年增长了18%，我们仍然预计基本业务将实现高个位数、低两位数的增长。这里有很多因素。收藏家们正处于补充库存的不同阶段。这是一个非常有利于收藏的环境，尤其是在美国，尽管我们现在看到美国以外的地区也有同样的增长，这很有趣。我们的技术在实时收集中证明了自己。Persona和Express Plus的结合是无与伦比的，它将NexSys客户的生产力提升到一个非常有趣的水平，这对我们来说是一个令人兴奋的提升。关于CSL的承诺数量，我们在我们的指导方针中提到，大约8500万美元是两家公司之间的承诺。显然，这将使我们在本财政年度结束时留下一些其他业务。在26财年会发生什么，我的意思是，当我们准备好了，我们会引导。很明显，如果今年有变化，我们会更新以明确这一点。但我们非常关心的一件事是放眼长远，为我们所有的客户服务，我们想要确定性和连续性。我们现在看到的是一个逐渐下降的趋势，这满足了两家公司的需求。它使我们有能力做我们正在做的事情，即扩大我们的业务，解决搁浅的成本，为额外的产品转换创造能力，并在业务的其他地方分享收益。我们所拥有的和在这个指导方针中反映出来的东西使我们能够做到这一点，甚至更多。

　　安东尼·佩特龙:这很有帮助。简单说一下吉姆的利润率，从23%提高到24%LRP要求20多美元。因此，今年的驱动因素可能会有一点可见性，重组与混合价格的比例是多少?达到LRP目标的余量是多少?再次感谢你，祝贺你。

　　克里斯托弗·西蒙:是的。我先说安东尼，我是克里斯。詹姆斯会给你详细分析并量化。但我认为你们在这里看到的，无论是我们的表现还是我们的指导，都是我们的LRP在起作用。其核心是对我们产品组合的构成进行有意义的改变。所以当我们走过这个的时候，我们的医院业务在我们的指引中报告了30%的增长，对吧。这将是一个6亿美元的业务，这是我们今年的预期，毛利率会高得多。这是交易量、组合和价格的函数，所有这些都会导致经营杠杆。考虑到我们已经在开发和商业足迹上进行的投资。所以医院是不成比例的贡献者。它的好处是我们有了调谐和OpSens的加入。所以这对我们来说是非常令人兴奋的，并引导着我们。至于血浆，这也是一个复杂的故事，对吧。随着我们退出美国PCS2供应协议，转换其他客户，升级我们的足迹与NexSys, Persona, Express Plus是高辛烷燃料，真正为我们提供动力。我们很高兴血液中心的业务也加入了进来。投资组合合理化，我们将削减我们的指导方针中隐含的收入。但是，来自该业务的捐款金额以及与百分比相关的利润率都大大提高了。然后直接回答你关于生产力的问题，总金额较小，但通过我们将卓越运营嵌入到组织结构中，可以获得更大的收益。我让James进一步量化一下。但你正在观察我们的计划，这个LRP的下半年将由利润扩张和增长来定义。

　　詹姆斯·达雷卡:是的。谢谢你,克里斯。我认为，对于2025财年，我将更多地从量化方面着手。我在讲话中说过，毛利率要提高400到600个基点才能让我们达到LRP目标，我们将在25财年看到一个不错的进展。所以它会在一年中逐渐增加，到年底会增加一点。这为克里斯所说的奠定了基础。首先是由混合驱动的毛利率，当然还有生产率。但它为我们将从医院业务杠杆化中获得的收益奠定了基础，这将在今年年底和明年开始更多地体现出来。所以你会看到利润率的增加，我们今年的目标是23.5%明年你会看到更多的毛利率线，但你会真正开始看到它通过杠杆，然后是医院业务。这将使我们在未来达到27%的范围或更高。

　　克里斯托弗·西蒙:非常感谢。

　　接线员:请稍等，下一个问题。下一个问题来自CJS证券公司的拉里·索洛。您的电话接通了。

　　拉里·索洛:很好。谢谢你！我想，第一个问题，只是关于血浆的后续问题，关于非csl部分，克里斯。我想，10%到12%的增长，你能给我们一个想法吗，市场还在增长10%到12%吗。我想这里面应该有你们要付出的代价吧。如果只是股份的变动，也许不仅仅是今年，而是在中超以外的地方?你认为你有机会获得一些股票收益吗?今年的经济前景是否也考虑到了这些因素?

　　克里斯托弗·西蒙:是的，拉里，谢谢你的问题。看，以上都是，对吧?我们关注的是美国国内需求的潜在增长，以及现在日益增长的国际需求。我们对此充满热情。显然，客户处于不同的库存补充阶段。他们对总量的关注程度不同，对提高生产率的关注程度也不同，这一点现在在我们所有的客户中都很普遍。这是最大的因素。我们正在有意义地将现有的NexSys基础业务升级为Persona和Express Plus，这将为我们带来进一步的利润效益。然后，是的，我们在LRP的前半部分做了两件事。我认为我们已经建立了真正的信任和信心，通过长期的比赛在那里。Haemonetics越来越享有作为血浆供应商的声誉，他们知道和信任。这在商誉上是很好的，这将使我们能够继续在整个市场上建立业务。然后在这个过程中，我们建立了NexSys作为无与伦比的行业标准，降低每升成本，并安全可靠地提高捐赠者的满意度。所以，是的，我们确实期待市场份额的增长，我们正处于一个能够适应这一点的位置。它很好地融合在一起。听着，非pcs2业务8% - 12%的增长率，无可否认是保守的，但在时机方面有很多我们无法控制的因素。过去两年我们一直很保守。我们错了。值得庆幸的是，这些修正都是向上的。但在这个阶段，我们更愿意保守和深思熟虑。如果全年有机会升级，我们会的。

　　拉里·索洛:明白了。然后再看看医院业务，很明显，这个季度，TEG在今年上半年有了不错的增长。强劲的增长，当然是对你的收购，但只是在遗产部分。你对哪个更感兴趣，或者是对中位数的增长前景更感兴趣?那是在核心上，那是在遗产上，那更多的是在Cardiva方面，还是标签部分，还是两者兼而有之?

　　克里斯托弗·西蒙:拉里，这确实是一个关于两个令人印象深刻的增长驱动力的故事，对吗?在血管闭合方面，我们刚刚又完成了28%的增长。前600个客户中有80%是我们的客户。我们现在正在考虑进行国际扩张。事实上，国际业务在本季度又贡献了300个基点的增长。因此，在VASCADE的推动下，我们没有看到介入技术业务的任何放缓，新的MVP XL在上市前获得批准是强有力的。它打开了光圈，没有双关语的意思，更广泛的应用，我们在一个非常好的地方。它会一直持续下去。新产品陆续上市。我相信我们会在电话中详细讨论这个问题，但这种情况越来越严重。我们对医院血液管理方面印象深刻的是，是的，TEG在这方面处于领先地位。获得肝素酶中和药筒的批准将使这一研究更上一层楼。他们渴望继续前进，这是我们核心业务的一大推动力。我们开玩笑说，TEG是行业中推出时间最久的医疗技术产品，但它仍在继续发展，我们将再次寻求两位数的增长，在该产品组合中实现15%左右的增长。所以这是令人兴奋的，我们支持它，我期待着把它带到一个新的水平。

　　拉里·索洛:太好了。最后一个问题，詹姆斯，关于营业利润率。我很欣赏这首歌的颜色和节奏，这听起来像是我们在这一年中有所改进。就斜率而言，或者你能给我们一些想法吗你这个季度结束的时候大概是19%我们应该如何看待——这是一个很大的反弹吗，我们会在年底的时候看到吗?很明显，我们今年的收入可能会高于你们的平均水平。你能给我们讲讲你的想法吗?谢谢。

　　克里斯托弗·西蒙:是的，当然可以，拉里。谢谢你的问题。是的，你是对的。我们将以更高的价格结束今年。全年都会上升。就具体的起始点而言，我认为这很有帮助。在我们第四季度的利润率中，有几个项目价值约200个基点。首先，我们的OpSens还在整合中，所以他们还没有实现协同效应，我们从规模中获得的好处还没有实现。然后我们继续有运费和加急费用。我想说的是，跳跃性的0.5%不会是今年的18.8%。这将更接近2024年21.1%的总体利润率，甚至可能略高于21.1%。这是你开始的地方，你会在23.8结束你会看到它全年都在上升。

　　Larry Solow:明白了。好吧。这很有帮助。谢谢大家。

　　接线员:请稍等，我们的下一个问题。下一个问题来自花旗银行的Joanne Wuensch。您的电话接通了。

　　Joanne Wuensch:早上好，感谢大家回答问题。我有一些。把它们放在前面。您能否提醒我们，收购tune和OpSens可能会带来哪些增长或稀释，以及它们如何融入您的2025年指导方针?然后，在医疗技术方面，虽然对Therapulse和PSA导管之类的产品有兴趣，你能给我们一些你对这些类型产品的吸收如何影响你的EP投资组合的看法吗?谢谢你！

　　詹姆斯·达雷卡:是的。嗨,琼。这是詹姆斯。我将从OpSens和tune的吸积开始。对于这两款游戏，我们的定价是0.10美元到0.15美元。因此，在25财年，总成本将是0.20美元到0.30美元。

　　克里斯托弗·西蒙:是的。早上好，乔安妮。这是克里斯。让我来谈谈PFA和PFA的采用。当然，非常兴奋。一些业内最受尊敬的公司和管理团队表示，这是他们见过的最令人兴奋的产品发布。太好了。我确实认为，不同的产品会有很大的不同。我们观察到的情况与我们尝试评估《调谐》时所建立的模型非常一致。从我们的角度来看，消融带来的能量增加，潮水上涨，我们认为所有船只都会上涨。但从我们所看到的来看，我们将enzoETM加入射频消融的能力需要一个非常完善的，同步标准的程序，并使其100%安全。这些产品的组合，射频消融和我们的食道冷却实际上是三分之一的PFA产品的成本正在被引入市场。因此，我们预计PFA将迅速增长。我们期望它成为市场上的主导产品。我们认为射频消融的作用，我们认为enzoETM的作用只会变得更好。所以我们对此非常有信心。在一个层面上，围绕消融安全有效的重要性展开的对话正符合我们的价值主张。所以我们对我们所观察到的充满热情，我们打算驾驭这股浪潮。

　　Joanne Wuensch:你的VASCADE投资组合的机会也是我想要的吗?

　　克里斯托弗·西蒙:是的。我们认为短期内会是中性的，对吧?取决于使用哪种形式的后场消融，他们可能需要少一个接入点，对吧。所以又少了一个结束的机会。然而，我们所观察到的消融总量的增长远远抵消了任何减少。正如我在准备好的发言中所说，MVPXL的加入使我们现在在Pulsefield中有了不同技术的适用性。所以我们基本上可以关闭他们正在做的任何事情。这是一个真正的积极因素，将进一步推动我们VASCADE的发展。总之，是的，肯定是积极的。

　　Joanne Wuensch:很好。非常感谢你回答问题。

　　接线员:请稍等，请回答你的下一个问题。下一个问题来自安德鲁·库珀和雷蒙德·詹姆斯。您的电话接通了。

　　Andrew Cooper:大家好。谢谢你的宝贵时间。也许我们可以从血浆开始，从8岁到12岁，以及我们应该如何看待它。只是希望Express Plus的更新接近全面发布。你的策略是如何积极地向广大的客户群推广你是否要把它作为一种工具来定价，我们应该把它看作一种保留工具还是我们应该如何看待你为市场带来的额外创新?

　　克里斯托弗·西蒙:是的，德鲁，谢谢你的问题。我们对Express Plus将这个平台提升到一个新的水平感到非常兴奋。基础业务的程序速度的提高，非常有力。从我们有限的市场发行的6万套商业收藏品来看，产品的表现完全符合预期。所以我们看到NexSys基本设备的基本程序速度降低了20%。一切顺利。降低每升成本，提高中心生产效率。因此，我们将在本季度晚些时候从有限的市场发布转向全面的市场发布。我们期望从那里开始升级整个舰队。考虑到整个市场的竞争敏感性不断增强，我将对定价问题保持沉默。这是一次有意义的升级。它也为任何正在使用Persona或打算使用Persona的人铺平了道路，使这些过程时间回到NexSys设备的基本范围内。所以这是一个强大的1 2组合。我们认为，总的来说，它是无与伦比的，我们确实希望在创新方面获得溢价。鉴于我们在降低CPL和提高捐赠者满意度方面所能指出的改进，我们对自己获得这笔溢价的能力非常有信心。

　　Andrew Cooper:好的，很有帮助。接下来，我想詹姆斯和你可能都提到了对并购的兴趣你增加了左轮手枪的容量。所以很明显，他们有能力走出去做更多的交易。也许你在这个空间里看到了什么?还有什么令人兴奋的?那么我们如何看待近期介入心脏病学的评论当你仍然在努力消化最近的两笔收购你现在仍然在引入这个领域?

　　克里斯托弗·西蒙:你想让我先分一杯羹吗?

　　詹姆斯·达雷卡:是的。我们近期的重点是整合，对吧?我们对OpSens的导丝和tune的食道冷却非常感兴趣。我们得兑现承诺，对吧?所以我们沿着这条路走得很好。在12月早期和中旬关闭OpSens是有帮助的。我们在第四季度交叉训练了野战部队。之前有人问过这个问题。这个病例与介入心脏病学中的VASCADE有直接的重叠。因此，我们期待有意义的呼叫点协同作用，我们调整了我们的足迹。我们更新了我们的薪酬计划。我们做了全套的训练。考虑到产品的复杂性，其中一些仍在进行中。但这是一种合力，很好地阻止了这些导丝的商业化。我们对此感觉很好。enzoETM，食管冷却直接适合MVP和MVP Excel现在在EP上。我们将在六月开始之后。这无疑是我们的第一和第二要务。我们确实在介入技术专营权领域看到了其他收购机会。因此，当市场机会出现时，我们将采取行动。我们希望在资产负债表上有能力做到这一点。但我们确实认为，随着我们的发展，这些都是对增长和盈利能力有高度促进作用的东西。我们之前已经披露了我们与Vivasure的关系。这是一个很好的例子，也许在本财政年度的下半年，我们可以继续努力。但现在，它是整合和增长。然后我们不考虑LRP后端发生的事情。但我们认为这种模式，使技术，真的不知道正在使用的潜在治疗方法，所以它有广泛的应用和卓越的结果，因为我们已经建立的能力。我们认为这是一个可以在其他领域复制的模式。不过，这不是我们本财年要讨论的问题。

　　安德鲁·库珀:好，很好。这很有帮助。最后再讲一下保证金动态。我想问别人有什么不同的方式。当我们想到你所说的CSL大约10%或略低于10%的收益时。当我们考虑体积的变化时，它应该是可估价的吗?是否存在某种阶跃函数级别我们可以看到边界移动得快一点或慢一点?只是帮助我们思考一下这里的节奏以及它是线性的还是在CSL离开的边际影响方面有点不稳定?

　　克里斯托弗·西蒙:是的，安德鲁，我认为它更倾向于方程的线性一面。随着它的推出，我们已经为此准备了很长一段时间，我们已经制定了计划，以解决相关的搁浅成本和间接成本。所以我们认为全年应该是相当顺利的。

　　安德鲁·库珀:很好。我就讲到这里。谢谢,每一个人。

　　接线员:请稍等，下一个问题。下一个问题来自Needham & Company的迈克?马特森(纽约证券交易所代码:MATX)。您的电话接通了。

　　Mike Matson:是的，谢谢。所以我想问一下NexSys的Persona和Express Plus，你是否认为这是Rika产品在数量、时间和成本方面的优势?

　　克里斯托弗·西蒙:是的，迈克，早上好。简短的回答是肯定的，对吧?没有太多的丽卡能让我们得出广泛的结论。我们现在有超过2500万的收藏，包括Persona和NexSys系统。它的性能和广告上说的完全一样。最重要的是安全可靠，这对这个行业来说是不利的，对吧?所以我认为产品的安全性，产品的可靠性和公司已经让你成功了一半。然后，是的，速度的提高与Express Plus的组合有关，Persona的提升，真的很有意义。我们是唯一提供DMS软件的公司。事实上，我们的DMS软件目前占美国手术的80%左右。所以整合的服务，我们能把什么结合在一起，如何改善中心的运作，如何提高捐赠者的满意度和处理过程，这是我们唯一做的。这是我们价值主张的重要组成部分，也是吸引我们客户的因素之一。所以广泛的经验，现实世界的证据和综合的服务，整体的服务，在市场上是独一无二的。是的，我们很有信心，迈克。

　　Mike Matson:好的。谢谢你！然后是MVP XL，那么它与常规MVP相比在哪里使用呢?我想是什么样的程序?XL比MVP有价格溢价吗?

　　克里斯托弗·西蒙:是的。因此，MVP XL将扩大基础血管闭合的范围。这将MVP推向了法国规模的更高水平。它应该能让我们真正了解电生理学。它应该给我们提供一个广泛的基础，包括，我之前说过的，所有消融过程。MVP和MVP XL之间可能会有一些竞争，因为适应症很明确，但临床医生可以自由地以广泛的方式使用它，MVP的效果真的很好。对于PFA中典型的较大的法国尺寸开口，XL将会好得多。很好的补充。这是我们更广泛战略的一部分。我们认为这种拓宽了封闭的肩膀。我们想成为静脉和动脉缝合的一站式服务。这使我们在这条路上又迈出了重要的一步。我们还有很多其他的项目正在进行中，这也会让我们在市场上有更小的开放，但更多的是当它们准备好上市时。在定价方面，一般来说，我们喜欢考虑基于价值的技术定价。XL给市场带来了真正的价值。我们希望利用这一点。到目前为止，数量是干预技术的最大推动力，但我们也看到了进一步的价格和组合收益。所以你应该假设这将作为整体指导的一部分被考虑在内。

　　Mike Matson:好的，很好。谢谢你！

　　接线员:请等待下一个问题。下一个问题来自巴林顿研究公司的迈克尔·佩图斯基。您的电话现在接通了。

　　Michael Petusky:早上好。克里斯，我只是想确认一下我没想错。今年的155到85，这只是美国CSL的业务。对吗?

　　克里斯托弗·西蒙:是的，迈克，完全正确。这是美国PCS2供应协议。它不包括软件。它不包括NexSys今天所做的国际工作。

　　Michael Petusky:好的。我知道我们说的不是26年，但我只是想确定一下，因为当我们谈论这个的时候，不管一年前是什么时候，你谈到了最低承诺。CSL没有26年以后的最低承诺，对吗?

　　克里斯托弗·西蒙:是的。迈克，你会喜欢的。我们只是为25年做向导。我们想要活在其中并执行它。在我们准备好谈1926年之前给我们一点时间。我能告诉你的是，就众多的修改而言，我们关心的是我们的持久力得到补偿和一个渐进的过渡，让我们，正如詹姆斯所说，提高利润率，对吧，就搁浅成本而言。但实际上，最令人兴奋的部分是在容量受限的系统中释放容量，以服务我们的其他客户，包括转换和份额收益。所以这是一个渐进的过程。就像你说的那样，到本财政年度结束时，它不会像我们预计的那样为零。敬请期待。8500万美元是最低承诺。就像我们一年前谈论的那样，我们说的是略高于1亿美元，对吧?所以这是它的等价数。这比我们刚刚完成的PCS2协议的1.55亿美元下调了45%。如果它全年都在向上变化，我们会在前进的过程中指出来。

　　Michael Petusky:然后我想问一下关于血管闭合OUS的问题，我记得你提到过日本，大约有90个客户，我相信我听说过，然后欧洲可能有点慢。我只是好奇，你现在在欧洲的几个国家?你认为那里的最佳目标是什么?从临床治疗的方式或监管的角度来看，是否有什么东西使欧洲比日本慢一点?谢谢。

　　克里斯托弗·西蒙:是的。迈克，我要确认一下，日本就像你描述的那样。我们现在有超过90个账户。我们正在与第三方经销商合作。他们熟练的。他们执行。作为日本报销制度的一部分，我们得到了非常优惠的报销。所以这确实有助于最初的吸收。在欧洲，起点是不同的，对吧?他们通常使用缝合数字8。所以这不是很明显的需求。每个国家的报销方式各不相同，在同一天出院的好处方面也存在差异，这是我们普遍存在的。这就是我们正在解决的问题。我们肯定会在那里取得成功。这只是一个更缓慢、更渐进的过程。我认为这是一个很好的例子，慢慢来，深思熟虑地走得更快。因此，从我们的有利位置来看，我们正在反对这一点。正如你所料，我们主要关注的是大市场。我们从德国开始。我们在意大利已经建立了关系，我们正在利用这种关系。我们将很快进入英国，然后是其他主要市场，主要是通过分销，我们认为那里有强大的潜在需求，只是衡量消融过程。敬请期待，更多内容即将到来。这将是一个渐进的过程，但我们认为我们有真正的持久力，并希望确保从美国前600名中学到的重要经验之一是我们登陆并扩张。着陆的时候，你要稳住着陆的姿势，而且要做对。在一个账户中徘徊没有任何好处，因为我们必须回去重新点燃。那就难多了。所以我们要把它做好。我们想建立一个坚实的基础。我们正在与最好的中心合作，并确保价值主张是明确的和适当的可持续发展。

　　Michael Petusky:很好。我能偷偷拍一张吗，快加版的一张?我的意思是，你是否觉得这是一种吸收，我的意思是，这显然只是一小部分客户，我的意思是，你需要瞄准吗?我的意思是，你觉得在25财政年度，大部分工作将基本完成，还是需要一些时间?谢谢。

　　克里斯托弗·西蒙:是的。正如我们在其他技术升级方面所说的那样，我们绝对会以客户准备好的速度进行升级，但不会更快。我认为这是25财年的活动，迈克，因为Express Plus的价值主张是如此明确，对生产力的需求是如此迫切。因此，我不想在这里做得太超前，但我们的预测要求在本财政年度实施Express Plus。

　　Michael Petusky:好的。伟大的东西。谢谢你！

　　接线员:请等待下一个问题。下一个问题来自公民JMP的大卫·土尔卡利。您的电话接通了。

　　David turkally:嘿，早上好，恭喜你完成了LRP的一半。克里斯，我想你在评论中说过只是回答了一个问题静脉和动脉闭合。你今天能告诉我们这是怎么发生的吗?你现在和VASCADE在这两个领域的组合是怎样的?

　　克里斯托弗·西蒙:是的。对于VASCADE来说，大概是80-20的分割，其中80%的电生理学，真正观察心房颤动消融闭合。这就是MVP产品，占投资组合的80%，而且增长得很好。我们将在此基础上添加XL，这将会带来一些竞争，但肯定会进一步加速增长。基础VASCADE产品主要是介入心脏病学设置的PCI。Dave，有一件事让我们自己都很惊讶，当我们开始实施VASCADE产品和MVP的时候，我们的商业足迹翻了一倍，然后又翻了一倍。这仍然是80-20的分割，但我们显然在PCI方面取得了进展，因为我们有了更多的临床表现。现在加入OpSens导线，它也主要集中在介入治疗上，我们会有更多的声音，更多的思想。我们已经在办理手续了。所以我们希望这将是高度协同的。可以肯定的是，VASCADE的比例是80-20。当我们谈到导丝时，Opto是两个产品中较大的一个，但我们认为SavvyWire具有MVP XL型的增长潜力。请继续关注更多内容。但这确实建立了我们的存在，就像恩佐在消融中建立我们的存在一样。所以我们开始对介入治疗的更广泛的机会感到非常兴奋，但它实际上是两个紧密相连的故事，但在电生理学和介入心脏病学之间有不同的呼叫点。

　　David turkally:谢谢你。詹姆斯，恭喜你两年了。我想，还有关于新信贷额度的所有细节。我想知道你是否能勾勒出25财年的利息支出会是什么样子或者至少可以用平均利率来打击我们或者你预计今年会有什么?

　　詹姆斯·达雷卡:是的。谢谢你,大卫。与24财年相比，2025财年的利息支出将为我们带来0.16美元的不利影响。这将高度依赖于假设我们现在的债务结构持续到今年。因此，我们当然希望能有几次降息。

　　David turkally:很好。非常感谢。

　　接线员:我们的问答环节到此结束。感谢您参加今天的会议。这个程序就结束了。您现在可以断开连接。

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