Financial Data and Key Metrics Changes - Revenue for Q1 was $599 million, representing a total company growth of 10% on a constant currency basis or 8% reported, aided by the end of the national shortage in IV Solutions [5][6] - Adjusted EBITDA increased by 26% to $99 million compared to $79 million last year, with adjusted EPS at $1.72 compared to $0.96 last year [12][13] - Adjusted gross margin for the quarter was 37%, in line with expectations, while total adjusted operating expenses represented 23.1% of revenue, slightly below the original full-year guidance of 24% [12][13] Business Segment Data and Key Metrics Changes - Consumables business grew 10% constant currency and 9% reported, driven by new global customer implementations and price improvements [7][10] - IV Systems business grew 8% constant currency and 6% reported, supported by good dedicated set utilization and earlier-than-expected hardware installations [8][9] - Vital Care segment grew 11% constant currency and 10% reported, with IV Solutions being the largest component of segment growth [10] Market Data and Key Metrics Changes - The broader demand and utilization environment in Q1 remained attractive across almost every geography, although not at the levels seen last year [6] - The capital environment is stable, with necessary investments being completed [6] Company Strategy and Development Direction - The company is focused on consistent execution and meaningful innovation to refresh its portfolio, particularly in its pump businesses [22][24] - The formation of a joint venture with Otsuka Pharmaceutical Factory is expected to enhance product offerings and access to technology [10][11] - The company aims to optimize its manufacturing network and drive profitability through strategic initiatives [33][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the impact of recently implemented tariffs and the evolving global trade landscape, estimating direct tariff expenses for FY 2025 to be in the range of $25 million to $30 million [18][19] - The company remains committed to mitigating tariff impacts through various strategies, including cost controls and adjustments in incentive compensation [19][20] - Management expressed confidence in maintaining the low end of the guidance range for adjusted EBITDA and gross margin despite challenges [52][53] Other Important Information - The company has been actively working on quality remediation and compliance efforts, particularly related to its MedFusion and CAD product families [24][27] - The company is focused on ensuring safety and compliance while enhancing product quality, which has involved significant investments [27][28] Q&A Session Summary Question: What are the drivers behind the growth in consumables? - Management highlighted oncology growth and products supporting renal and home infusion markets as key drivers, with GPO activity and pricing changes contributing as well [37][38] Question: Is the growth in infusion systems attributed to Duo? - Management indicated that there have been very few Duo installations to date, with expectations for more in the second half of the year [41][42] Question: Can you clarify the tariff impact? - Management emphasized that the $25 million to $30 million tariff impact should not be annualized and detailed the geographic risks associated with it [43][44] Question: What is the outlook for gross margin and adjusted EBITDA? - Management confirmed the goal to hold at least the low end of the guidance range for gross margin and adjusted EBITDA, acknowledging the challenges posed by tariffs and currency fluctuations [52][53] Question: How is the reception of Plum Duo and Plum Solo from customers? - Management noted that while there is a strong incumbency advantage, there is potential for meaningful upgrade discussions as the installed base reaches the right time for upgrades [56][58]

Financial Data and Key Metrics Changes - The company reported total revenue of $324.1 million for Q1 2025, reflecting a year-over-year growth of 16.3% on a reported basis and 16.9% on a constant currency basis [10][26] - Gross margin improved to 66.6%, an increase of 160 basis points compared to the prior year [11][30] - Operating income reached $40.4 million, or 12.4% of revenue, up 550 basis points year-over-year [11][33] - Adjusted EBITDA was $59.6 million, representing 18.4% of total revenue, compared to $36.3 million or 13.5% in the same quarter last year [33] Business Line Data and Key Metrics Changes - U.S. thrombectomy revenue increased by 25% year-over-year to $187.9 million, with the USVTE franchise leading with a growth of 42% [10][26] - Revenue from the global thrombectomy business grew to $226.5 million, a 20.7% increase reported and 21.2% in constant currency [28] - The embolization and access business reported revenue of $97.6 million, a 7.3% increase reported and 8.1% in constant currency [30] Market Data and Key Metrics Changes - Sales from the U.S. accounted for 79.2% of total revenue, while international sales made up 20.8% [26] - International revenue decreased by 2.5% reported and 0.1% in constant currency, primarily due to a decline in China revenue of $6.7 million [27] - The company expects continued year-over-year headwinds from the China business for Q2 2025 [29] Company Strategy and Development Direction - The company aims to achieve a gross margin profile of over 70% by the end of 2026 [11] - Continuous innovation is a key strategy, with a focus on enhancing the proprietary CABT portfolio and investing in embolization and access portfolios [15][16] - The company is expanding market access initiatives to increase awareness of CABT's clinical and economic benefits [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong market position and growth potential, particularly in the U.S. thrombectomy business [10][23] - The company reiterated its total revenue guidance for the year at 12% to 14% year-over-year growth, while raising the U.S. thrombectomy growth guidance to 20% to 21% [35] - Management acknowledged the impact of macroeconomic conditions, particularly in China, but remains optimistic about overall growth [27][29] Other Important Information - The company ended Q1 2025 with cash, cash equivalents, and marketable securities of $378.8 million and no debt [34] - The FDA clearance for Ruby XL, a new diagnostic catheter-compatible peripheral coil, was received earlier than expected, with plans for market launch in late Q2 or early Q3 [16][17] Q&A Session Summary Question: Can you provide more color on stroke versus peripheral market trends? - Management noted significant growth in the stroke business, driven by the launch of the new Red 72 catheter, and emphasized that the stroke business is performing well above market growth [40][41] Question: How are you thinking about R&D spending going forward? - Management indicated that R&D spending is not linear and will continue to invest in innovation, with savings from the immersive business wind down contributing to lower R&D expenses this quarter [45][50] Question: What are the key metrics for the Thunderbolt product? - Management stated that the Thunderbolt product is submitted as a 510(k) and emphasized the importance of procedure time and device engagement time as key metrics for physicians [56][58] Question: What is the impact of the new thrombolytic agent on thrombectomy demand? - Management believes that the new drug targets different patient populations and does not see it impacting thrombectomy demand significantly [117] Question: Can you discuss the growth in international markets outside of China? - Management confirmed strong growth in international markets where CABT is available, but noted that the U.S. will continue to drive most of the growth due to its larger market size and reimbursement dynamics [71][73]