Financial Data and Key Metrics Changes - The company reported total revenue of $382.5 million, up 13% year over year on a GAAP basis and up 12.5% year over year on a constant currency basis [7][9] - Non-GAAP operating margin increased nearly 109 basis points year over year to 21.2%, representing the highest performance in the company's history as a public company [9] - Non-GAAP EPS grew by 10%, exceeding expectations, and free cash flow increased by 20% year over year to $70 million [9][34] Business Line Data and Key Metrics Changes - Cardiovascular segment sales grew by 10% and endoscopy segment sales increased by 81% [26] - Cardiac intervention product sales rose by 23%, with organic growth of approximately 10% [27] - Peripheral intervention products and custom procedure solutions saw sales increases of 6% and 4%, respectively [28] Market Data and Key Metrics Changes - U.S. sales increased by 17% on a constant currency basis, while international sales grew by 7% year over year [30] - Sales in China decreased by 6%, attributed to the broader macro environment [31][75] - The company expects low double-digit growth in EMEA and mid-teens growth in the Rest of the World region, with approximately 2% growth in the APAC region [37] Company Strategy and Development Direction - The company announced the acquisition of BioLife Delaware LLC for $120 million, aimed at enhancing its product offerings in hemostatic solutions [10][11] - A comprehensive marketing plan for the Rhapsody CIE was launched, focusing on raising awareness and expanding physician relationships [14] - The pricing strategy for Rhapsody CIE is based on a premium price relative to competitors, supported by clinical evidence demonstrating its efficacy [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong execution and revenue growth despite a dynamic global macro environment [10] - The company acknowledged a two-quarter delay in securing add-on reimbursement for the outpatient setting but maintained long-term growth expectations for Rhapsody CIE [24][39] - Management emphasized the importance of their reimbursement strategy and ongoing engagement with CMS to secure necessary approvals [23][49] Other Important Information - The company updated its 2025 financial guidance, expecting GAAP net revenue growth of 10% to 11% and non-GAAP diluted EPS in the range of $3.52 to $3.72 [36][40] - The anticipated impact of tariffs on the cost of goods is expected to be significantly lower than previously forecasted [41][42] Q&A Session Summary Question: Clarification on Rhapsody reimbursement process - Management clarified that they applied for a new technology APC assignment but did not receive it, and they plan to submit for TPT by September 1 [49][50] Question: Confidence in securing TPT - Management expressed high confidence in meeting TPT guidelines and emphasized the strength of their product and data [62] Question: Sales performance in cardiac intervention - Management attributed the growth to internal product development and the strategic acquisition of Cook Medical, expecting continued strong performance [94][96]

Core Viewpoint - The Federal Reserve has maintained the interest rate at 4.25%-4.50%, marking the fifth consecutive meeting without changes, aligning with market expectations [5][6]. Summary by Sections Interest Rate Decision - The Federal Reserve decided to keep the benchmark interest rate unchanged at 4.25%-4.50%, consistent with market predictions [5]. - This decision reflects a cautious approach amid economic uncertainties and inflation concerns [6]. Voting Discrepancies - There was a notable dissent among the board members, with Governors Waller and Bowman advocating for a rate cut, marking the first time in over 30 years that two members voted against the majority [5][6]. Inflation Outlook - The Fed did not alter its inflation language, indicating that inflation remains somewhat elevated [6]. - Core PCE inflation is projected to rise by 2.7% year-on-year, while overall PCE is expected to increase by 2.5% [6]. Economic Outlook - Economic growth has slowed in the first half of the year, and uncertainty regarding future economic conditions remains high [6]. - The Fed's current policy stance is viewed as favorable, but decisions regarding future meetings will depend on incoming data [6][10]. Market Reactions - Analysts suggest that the Fed may resume a loosening cycle in the fall if inflation pressures from tariffs are confirmed to be temporary [10]. - The market is closely monitoring the Fed's stance, with expectations of potential rate cuts depending on economic data trends [10][13].

财料 联邦基金利率变化值(%) 0.9 0.6 0.3 0 -0.3 -0.6 -0.9 -1.2 2018 2018 2019 2020 2020 2021 2022 2023 2023 2024 2025 02 | 声明关键内容 连续5次按兵不动，但美联储内部裂痕加深。特朗普说9月降息，是剧透还是预言？至少现在市场预计今年再降息还有希望…… 一图读懂美联储7月利率决议 l /0 0% 2018 2019 2020 2020 2021 2022 2023 2023 2024 2025 2018 01 声明概述 维持基准利率在4.25%-4.50%不变,连续第五次按兵不 动,符合市场预期 02 投票分歧 理事沃勒、鲍曼主张降息,为30多年来首次有两位理事投下 反对票 03 通胀前景 未修改通胀措辞,表示通胀仍在一定程度上偏高 04 经济前景 上半年经济增长放缓,前景不确定性仍然居高 05 被总统"剧透" 在决议公布前10分钟,总统特朗普表示美联储此次不会降 息,并表示其会在9月降息 03 | 新闻发布会要点 01 利率前景 当前政策立场处于有利位置;尚未就9月会议作出任何决 定;无法在六周后依据6月点阵图来做 ...

美国总统特朗普：今天我们在白宫忙于处理贸易协议，我将于今天下午会见韩国贸易代表团。韩国目前 的关税是25%，但他们有降低关税的提议。 ...

1、货币政策 并没有针对9月FOMC货币政策会议做决定。 那些对7月美联储决议声明持异议的人将在未来一两天披露相关信息。 2、通胀 通胀朝着2%这一目标回落的过程已经过半。 服务通胀显著放慢，商品通胀正在上升。 5、去留问题 对于是否会在美联储主席任期届满之后继续担任理事，没有透露任何消息。 6、市场反应 并没有看到就业市场走弱。 4、关税 关税传导至价格的过程可能比之前预料的更慢。 判断特朗普关税对通胀的影响仍然太早。 当前所看到的仅仅是关税通胀的开端而已，预计后续发布的通胀数据将体现出更多的关税影响。 无法在通胀问题上单独划分出关税的影响。 某些公司将从特朗普关税中获益。 面临长期住房供应短缺问题，美国并没有建设足够多的住房。 3、就业 鲍威尔新闻发布会结束后，标普500指数跌0.35%，道指跌290点跌幅0.64%，纳指跌0.06%，半导体指数 涨0.54%，银行指数跌0.63%，罗素2000指数跌0.47%。 ...

Core Insights - The Federal Reserve Chairman Jerome Powell indicated that tariffs are beginning to reflect in consumer prices, suggesting a direct impact on inflation data due to increased tariffs [1] Group 1 - Tariffs are starting to manifest in consumer pricing, which may lead to higher inflation rates [1] - Future inflation data is expected to be influenced more significantly by additional tariffs [1]

美联储主席鲍威尔：合理的基本情况是，关税对通胀的影响是短暂的。 ...

Core Viewpoint - Federal Reserve Chairman Powell stated that tariffs have increased prices on certain goods [1] Group 1 - Tariffs have contributed to higher prices for some consumer products [1] - The impact of tariffs is being closely monitored by the Federal Reserve [1]

美国表示，针对巴西进口商品的新关税将在7天后生效。 ...

FOMC Statement - The Federal Open Market Committee (FOMC) is expected to pass the interest rate decision with a voting ratio of 9-2, with Governors Bowman and Waller likely voting against it [1] - There is an anticipation of minimal substantive changes in the wording, possibly simplifying the expression of economic uncertainty and acknowledging the slowdown in economic growth during the first half of the year [1] - The balance sheet reduction is likely to remain unchanged, with monthly reductions of $50 billion in U.S. Treasuries and $35 billion in MBS [1] Interest Rate Outlook - There is a focus on how to interpret the "two rate cuts" implied by the June dot plot and whether there will be any clues regarding a potential rate cut in September [1] - The emphasis on economic data is expected to continue, maintaining a data-dependent and meeting-by-meeting decision-making communication style [1] - The stance on inflation and tariffs may remain cautious, reiterating the commitment to price stability; if tariffs are highlighted as an upward risk to inflation, it could indicate a more hawkish tone than anticipated [1] Term and Independence - In response to frequent pressures from Trump, it is likely that there will be no substantial response, with a reaffirmation of maintaining independence and professionalism during the term [1]