Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $92.3 million, an increase of 4% year-over-year, primarily driven by higher demand in business-to-business channels [17][18] - Adjusted EBITDA was $2.1 million in Q2 2025, compared to $1.3 million in the prior period, marking the second consecutive quarter of positive adjusted EBITDA [21][12] - GAAP net loss decreased to $4.2 million in Q2 2025 from a loss of $5.6 million in the prior period, with loss per diluted share improving to $0.15 from $0.24 [21] Business Line Data and Key Metrics Changes - Domestic business-to-business revenue increased by 19.3% to $25.4 million, while international business-to-business revenue rose by 17.7% to $35.9 million [17][18] - Direct-to-consumer sales decreased by 21.1% to $17.8 million, attributed to a smaller, more efficient team [18] - Rental revenue decreased by 8.6% to $13.1 million, primarily due to a higher mix of lower private payer reimbursement rates [19] Market Data and Key Metrics Changes - The company reported unit growth of 19% in overall unit volumes, driven by market conversion from portable oxygen tanks to portable oxygen concentrators [6] - The portable oxygen concentrators (POCs) are expected to increase from an estimated 23% to 58% of the total ambulatory market in the U.S. over the next five years [7] Company Strategy and Development Direction - The company focuses on increasing patient access, leveraging brand strength, and expanding its portfolio through new products and geographic reach [8] - The rollout of the Patient First initiative aims to strengthen direct-to-consumer sales and rental channels [9] - The introduction of VOXI5, a new stationary oxygen concentrator, is expected to enhance the product portfolio and improve access to therapy for long-term care patients [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to accelerate growth and enhance profitability, with expectations of achieving full-year adjusted EBITDA breakeven in 2025 [12][22] - The company remains focused on operational efficiency and optimizing performance across rental operations [10] - Management highlighted the importance of the VOXI5 launch in expanding the addressable market and driving future growth [30] Other Important Information - The company reported cash and cash equivalents of $123.7 million with no debt outstanding as of June 30, 2025 [21] - The company generated $4.4 million in operating cash flow in Q2 2025, reflecting a focus on working capital optimization [22] Q&A Session Summary Question: Initial demand for VOXI5 and revenue contribution - Management noted that initial demand for VOXI5 has been positive and is included in the guidance for the rest of the year, with a more significant impact expected in Q4 [28][30] Question: Updates on reimbursement for Cemiox - Management is working on generating health economic data and clinical data to support reimbursement, with trials ongoing internationally [31][32] Question: Guidance for the second half of the year - The company expects 7% growth at the midpoint for the second half, with mid single-digit growth in Q3 and low double-digit growth in Q4 [36][37] Question: Drivers behind profitability and cash flow - Management highlighted the focus on profitability, with positive adjusted EBITDA in the last two quarters and a strong cash position [39][42] Question: Pricing and gross margins for VOXI5 - Management refrained from providing specific gross margin expectations but indicated that VOXI5 would enhance profitability across various channels [47][48] Question: Connectivity features on products - Management confirmed that they are creating an ecosystem for connectivity, enhancing brand loyalty and value for both B2B customers and patients [52][53]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 decreased by 6% to $11,400,000 compared to $12,100,000 in the same period last year, primarily driven by a decrease in OEM product sales [6][18] - Gross profit for Q2 2025 decreased to $7,100,000 from $7,500,000 in the prior year, while gross profit margin slightly increased to 62.3% from 61.7% [20] - Net loss attributable to stockholders was $3,800,000 or $0.09 per share for Q2 2025, compared to $6,600,000 or $0.19 per share in the prior year [22] Business Line Data and Key Metrics Changes - Revenue for the Advanced Energy segment was relatively flat at $9,700,000 compared to $9,800,000 last year, reflecting a decrease in the volume of single-use handpieces sold domestically [18][19] - OEM segment sales decreased by 29% or approximately $1,700,000 compared to the previous year, with domestic revenue down 11% to $7,800,000 and international revenue down 4% to $3,600,000 [19] Market Data and Key Metrics Changes - The global aesthetic market remains challenging, but the company is identifying key growth opportunities, particularly with the Renuvion product [9][10] - The company has launched Renuvion in China, which is expected to be a significant growth driver due to the emerging middle to upper class and the presence of approximately 5,000 plastic surgeons in the region [12][40] Company Strategy and Development Direction - The company is focused on returning to growth and has appointed two senior sales leaders to enhance its market presence in North America and Europe/Asia [5] - The launch of the Aon system is a key strategic priority, with expectations of significant sales momentum as it addresses current market needs for body contouring [13][16] - The company aims to expand Renuvion's footprint in international markets, with a strong marketing campaign that has exceeded expectations in 2025 [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing strong early results from Aon presales and a belief that the next decade will be a significant growth period for surgeons [29][30] - The company anticipates a different seasonal revenue pattern due to the timing of Aon product shipments, which could lead to a stronger Q3 and Q4 [20][35] Other Important Information - Cash used in operating activities decreased to $1,200,000 compared to $4,300,000 in the prior year, indicating improved cash and working capital management [22] - The company updated its 2025 revenue guidance to a range of $50,000,000 to $52,000,000, up from previous guidance, reflecting confidence in the Aon launch [23][24] Q&A Session Summary Question: Customer receptivity to Aon and capital purchases in the current market - Management reported that the reaction from doctors to Aon has been overwhelmingly positive, indicating a strong demand for innovation in the market [26][28] Question: Impact of new commercial hires on product launches - The new hires bring extensive experience in the aesthetic space, which is expected to drive the adoption of Aon and Renuvion [31][33] Question: Seasonal revenue patterns and expectations for Q3 and Q4 - Management clarified that while a typical dip from Q2 to Q3 is expected, the launch of Aon could lead to a stronger Q3, with significant shipments anticipated in Q4 [34][35] Question: Market opportunity in China and partnership with GlamMoon - The company sees a substantial opportunity in China, supported by a strong partnership with GlamMoon, which has extensive facilities in the region [40][42]

Core Insights - Haemonetics reported revenue of $321.39 million for the quarter ended June 2025, reflecting a year-over-year decline of 4.4% [1] - The earnings per share (EPS) for the same period was $1.10, compared to $1.02 a year ago, indicating an increase [1] - The reported revenue exceeded the Zacks Consensus Estimate of $303.28 million by 5.97%, while the EPS surpassed the consensus estimate of $1.01 by 8.91% [1] Revenue Breakdown - Plasma segment net revenues were $129.9 million, exceeding the average estimate of $113.65 million by three analysts, but showing a year-over-year decline of 4.4% [4] - Hospital segment net revenues reached $139.66 million, slightly below the average estimate of $144.4 million, with a year-over-year increase of 4.2% [4] - Blood Center segment net revenues were $51.84 million, surpassing the average estimate of $46.38 million, but reflecting a significant year-over-year decline of 21.8% [4] Stock Performance - Haemonetics shares have returned -2.3% over the past month, contrasting with the Zacks S&P 500 composite's increase of 1.2% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported revenue of $649 million for the quarter, representing a 31% year-over-year growth, surpassing the $600 million mark for the first time [8][30] - Adjusted operating margin expanded to 17.8%, and adjusted EBITDA margin was 24.3% for the quarter [35][36] - The company raised its full-year revenue growth guidance to a range of 24% to 27% [40][44] Business Line Data and Key Metrics Changes - U.S. revenue grew by 28.7%, driven by strong demand for Omnipod five, with new customer starts increasing year-over-year and sequentially [32][29] - International revenue grew by 38.8%, primarily due to demand for Omnipod five and customer base growth [33][34] - Over 85% of U.S. new customer starts came from multiple daily injections (MDI), with over 30% being Type two patients [29][30] Market Data and Key Metrics Changes - The international business accounted for approximately 30% of total revenues, with significant growth in the UK, France, and Germany [22][34] - The company has expanded Omnipod five to 14 markets, driving strong adoption and positive price mix realization [53][72] - The U.S. market remains the largest customer base, with over 25,000 healthcare providers prescribing Omnipod five, reflecting a 20% increase from the previous year [12][12] Company Strategy and Development Direction - The company aims to enhance commercial capabilities, build brand power globally, drive operational and financial scale, and accelerate innovation [25][27] - Focus on expanding the Type two market while maintaining leadership in Type one, leveraging strong clinical evidence and market access [21][57] - Continued investment in manufacturing capabilities and automation to meet growing global demand [14][80] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's unique strengths and future growth potential, citing a large underpenetrated market and strong brand engagement [18][28] - The company is committed to driving at least 100 basis points of adjusted operating margin expansion annually [45] - Management highlighted the importance of integrating new technologies and maintaining strong relationships with healthcare providers to drive adoption [24][90] Other Important Information - The company ended the quarter with $1.1 billion in cash and $500 million available under its credit facility [36] - The company repurchased 93,000 shares for approximately $30 million under its share repurchase authorization [38] - A leadership update was announced, with Claire Trachman joining as the new Vice President of Investor Relations [48] Q&A Session Summary Question: Drivers of upside in U.S. and international markets - Management noted strong adoption in Type one and Type two markets, with significant growth in new customer starts and effective integration of clinical evidence [50][51] Question: Acceleration in Type two new starts - The company highlighted strong clinical evidence, market access, and ease of use as key drivers for the acceleration in Type two new starts [56][58] Question: Guidance framework and expectations - Management indicated that guidance reflects strong business fundamentals and momentum, with a focus on realistic targets [61][63] Question: International expansion strategy - The company is focused on deepening penetration in existing markets while exploring new markets in a financially disciplined manner [70][72] Question: Competitive conversions and MDI growth - Management confirmed that both MDI and competitive conversions have accelerated, driven by impactful innovation and strong market execution [105][108] Question: Go-to-market strategy for primary care vs. endocrinologists - The company is adapting its strategy to engage primary care physicians, leveraging the simplicity of its technology to drive adoption among Type two patients [110][112]

（原标题：瑞银：料内地医疗设备板块本季起复苏 首选威高股份(01066)） 智通财经APP获悉，瑞银发布研报称，预期次季及上半年内地医药器械股份的业绩将继续分化。展望下 半年，料设备企业的国内收入将自第三季起显著增长，因上半年恢复招标逐步转化为收入。体外诊断 (IVD)方面，虽然部分试剂价格或于第三季触底，但用量影响或要到今年末才会消退。耗材方面，各品 类分化的势态将延续至下半年，另外该行关注国家医疗保障局近期强调带量采购"反内卷"后续政策，可 能是中长期催化剂。海外业务方面，该行认为除非中美关税争端再起，各板块应可维持稳定增长。 该行最新较看好联影医疗(688271.SH)及威高股份(01066)，前者2025至27年收入有强劲增长潜力，估值 溢价合理，予目标价192元人民币，评级"买入"。后者今年全年10%至15%的收入增长指引虽然面临下 行风险，但其收入及盈利有所增长，股东回报持续改善，且估值合理，目标价8.2港元，亦予"买入"评 级。 ...

Core Viewpoint - UBS forecasts continued performance divergence among domestic medical device stocks in the second quarter and the first half of the year, with significant revenue growth expected for equipment companies starting in the third quarter as tender recovery translates into income [1] Group 1: Market Trends - Domestic revenue for equipment companies is anticipated to see significant growth from the third quarter due to the gradual conversion of tender recovery into income [1] - In vitro diagnostics (IVD) may see some reagent prices bottoming out in the third quarter, but the impact on usage may not dissipate until the end of the year [1] - The trend of differentiation among various categories of consumables is expected to continue into the second half of the year [1] Group 2: Policy and Regulatory Environment - The National Healthcare Security Administration's recent emphasis on "anti-involution" policies regarding volume-based procurement may serve as a medium to long-term catalyst for the industry [1] Group 3: International Business Outlook - The outlook for overseas business remains stable across various sectors unless the US-China tariff dispute resurfaces [1] Group 4: Company Recommendations - UBS is optimistic about United Imaging Healthcare (688271.SH), projecting strong revenue growth potential from 2025 to 2027, with a target price of 192 RMB and a "Buy" rating [1] - Wego Group (01066) is also rated "Buy," with a revenue growth guidance of 10% to 15% for the year, despite facing downside risks; the company is expected to see revenue and profit growth along with improving shareholder returns, with a target price of 8.2 HKD [1]

Core Viewpoint - Danaher Corporation is recognized as a "king of mergers and acquisitions" with a remarkable track record of 400 acquisitions over 40 years, yielding an 1800-fold return, making it a model for companies like Midea, Fosun, and WuXi Biologics to learn from [2][3]. Company Overview - Danaher Corporation, founded in 1984 by Steven and Mitchell Rales, has evolved from a real estate trust into a diversified global company with a market value exceeding $200 billion as of 2024 [4][5]. - The company maintains a low profile despite owning well-known brands such as Leica Microsystems and Pantone, and has been pivotal in supplying critical equipment during the COVID-19 pandemic [6][12]. Financial Performance - Danaher has outperformed Berkshire Hathaway in stock price performance over the past 40 years, achieving nearly 100,000% total shareholder return since its inception, compared to just over 4,000% for the S&P 500 during the same period [9][8]. - The company has consistently delivered a compound annual growth rate of 22% in total shareholder returns from 1984 to 2019, significantly surpassing other diversified companies [9][8]. M&A Strategy - Over its 40-year history, Danaher has completed nearly 400 acquisitions, investing approximately $90 billion, which has contributed to its current market valuation of around $200 billion [11][10]. - The company’s approach to mergers and acquisitions not only increases its size but also enhances its operational efficiency, allowing it to discover multiple growth avenues [12][10]. Management and Operational Excellence - Danaher’s management system, known as DBS (Danaher Business System), is recognized for its effectiveness in operational improvements, often yielding significant increases in profit margins for acquired companies [14][15]. - The company has a strong track record of developing CEOs, with many of its former executives taking leadership roles in other major corporations [17][18]. Business Evolution - Danaher’s business model has transformed significantly over the decades, moving from leveraged buyouts to lean operations, and now focusing on healthcare technology [26][27]. - The company’s revenue has grown from under $1 billion in 1990 to approximately $31.5 billion in 2022, with a compound annual growth rate of about 12% [25][27]. Conclusion - Danaher Corporation exemplifies a successful blend of a long-term acquisition fund and a management consulting firm, demonstrating a unique ability to adapt and thrive in various industries [22][23].

瑞银发表研究报告指，预期次季及上半年内地医药器械股份的业绩将继续分化。展望下半年，预计设备 企业的国内收入将自第三季起显著增长，因上半年恢复招标逐步转化为收入。 体外诊断(IVD)方面，虽 然部分试剂价格或于第三季触底，但用量影响或要到今年末才会消退。耗材方面，各品类分化的势态将 延续至下半年，另外该行关注国家医疗保障局近期强调带量采购反内卷后续政策，可能是中长期 催化 剂。海外业务方面，该行认为除非中美关税争端再起，各板块应可维持稳定增长。 该行最新较看好 联 影医疗及威高股份。联影医疗2025至27年收入有强劲增长潜力，估值溢价合理，予目标价192元，评 级"买入"。威高股份今年全年10%至15%的收入增长指引虽然面临下行风险，但其收入及盈利有所增 长，股东回报持续改善，且估值合理，目标价8.2港元，亦予"买入"评级。 ...

除了在镇高校，在外求学的镇江籍学子也始终被家乡牵挂于心。今年，市人社部门抢抓寒暑假黄金 期，通过举办"最暖是家乡"镇江籍大学生专场招聘会、2025"'职'梦盛夏，就在镇江"镇江籍大学生暨离 校未就业高校毕业生专场招聘会等活动，为学子们提供更多的就业机会。从2022年青年人才"归雁"计划 出炉后，镇江面向全国高校镇江籍在校大学生选聘"归雁"引才使者，利用寒暑假举办"归雁"学子服务月 活动，今年元宵节前夕，举办"归雁"学子新春联谊活动。这些活动让镇江籍学子感受家乡的文化底蕴与 时尚活力，深入了解家乡的产业发展与人才政策。 而企业在"用才"上也展现出长远眼光。江苏鱼跃医疗设备股份有限公司人事经理孙紫玥表示："大 学毕业生敢想敢做，接受能力很强，这是他们的优势所在。我们对于初入职场的'新人'有着完善的培养 计划。比如入职培训、指定带教老师等，帮助他们快速上手并融入企业，HR部门也会进行职业全周期 的跟踪和成长记录，助力他们与企业共同成长。" 据悉，8月11日即将举办2025镇江市百校访企暨校地企人才合作对接洽谈会，在校地企三方的良性 互动下，将会有更多青年才俊感受到镇江的发展活力与满满诚意，选择扎根这片热土，在这里追 ...

Industry News - A new insurance product with a guaranteed interest rate of 2.0% was suddenly withdrawn from the market, triggering adjustments in the maximum guaranteed interest rates for various insurance products, effective August 31 [4] - Ideal Automotive, China Automotive Research, and Dongfeng Liuzhou Automobile reached an agreement regarding the Ideal i8 crash test incident and issued a joint statement advocating for industry self-discipline and ethical competition [4] - The State Grid reported a historical peak in electricity load, reaching 1.233 billion kilowatts from August 4 to 6, an increase of 53 million kilowatts compared to last year's peak of 1.180 billion kilowatts [6] - The China Photovoltaic Industry Association announced that the National Development and Reform Commission and the State Administration for Market Regulation are drafting a revised price law, seeking public opinions [7] - The "2025 (Second) China Solid-State Battery Technology Industry Development Conference" will be held in Hangzhou, highlighting the accelerated development of solid-state batteries [15] - The demand for high-precision components in humanoid robots and AI devices is expected to rise, indicating a potential blue ocean market for Metal Injection Molding (MIM) technology [17] Company News - BeiGene reported a net profit of 450 million yuan in the first half of the year, marking a turnaround from losses [12] - Shanghai Sanmao announced that its subsidiaries in import-export trade, security services, and property leasing are operating smoothly [9] - Pudong Development Bank reported a net profit of 29.737 billion yuan in the first half of the year, a year-on-year increase of 10.19% [10] - Xianhe Co. plans to invest 11 billion yuan in a new integrated high-performance paper-based material project [12] - Fuling Global announced that its stock price fluctuated during a period when its president reduced holdings by 8,600 shares [12]