Good morning, ladies and gentlemen, and welcome to the Teleflex First Quarter 2025 Earnings Conference Call. At this time, all participants have been placed in a listen-only mode. At the end of the company's prepared remarks, we will conduct a question-and-answer session. Please note that this conference call is being recorded, and we will be available on the company's website for replay shortly. Now, I will turn the call over to Mr. Lawrence Keusch, Vice President of Investor Relations and Strategy Development. Good morning, everyone, and welcome to the Teleflex Incorporated Q1 2025 earnings conference call. The press release and slides to accompany this call are available on our website at teleflex.com. As a reminder, a replay will be available on our website. Those wishing to access the replay can refer to our press release from this morning for details. Participating on today's call are Liam Kelly, Chairman, President, and Chief Executive Officer, and John Deren, Executive Vice President and Chief Financial Officer. Liam and John will provide prepared remarks, and then we will open the call to Q&A. Before we begin, I'd like to remind you that some of the matters discussed in the conference call will contain forward-looking statements regarding future events, as outlined in the slides posted to the Investor Relations section of the Teleflex website. We wish to caution you that such statements are, in fact, forward-looking in nature and are subject to risks and uncertainties, and actual events or results may differ materially. The factors that could cause actual results or events to differ materially include, but are not limited to, factors referenced in our press release today, as well as our filings with the SEC, including our Form 10-K, which can be accessed on our website. Now, I'll turn the call over to Liam for his remarks. Thank you, Larry, and good morning, everyone. On this morning's call, we will discuss the Q1 results, review strategic and commercial highlights, and provide an update on our financial guidance for 2025. For the Q1, Teleflex revenues were $700.7 million, down 5% year-over-year on a GAAP basis and a decline of 3.8% on an adjusted constant currency basis, which was within the range of the minus 3% to minus 4% guidance provided during our Q4 earnings call. Revenues were $2 million below the midpoint of the range due to some softness in orders in EMEA, which has since recovered in April. Q1 adjusted earnings per share was $2.91, a 9.3% decrease year-over-year. Now, let's turn to a deeper dive into our Q1 revenue results. I will begin with a review of our geographic segment revenues for the Q1. All growth rates that I refer to are on an adjusted constant currency basis unless otherwise noted. Americas revenues were $475.7 million, a 3.2% decrease year-over-year. Revenue growth in the quarter was in line with expectations and was impacted by OEM declines and continued challenges in the UroLift office site of service. EMEA revenues of $151.2 million decreased 2.8% year-over-year. Strong performance in surgical and vascular access were primarily offset by anesthesia. We experienced lower-than-expected orders during the latter portion of the Q1, which have recovered in April. Turning to Asia, revenues were $73.8 million, a 9.7% decrease year-over-year and in line with our expectations. Revenue growth was impacted by the previously announced volume-based procurement in our China business. We expect sequential quarterly revenue improvement in our China business through the remainder of 2025. Let's now move to a discussion of our Q1 revenues by global product category. Commentary on global product category growth for the Q1 will also be on a year-over-year adjusted constant currency basis. Starting with vascular access, revenue increased 1.9% year-over-year to $182.4 million. The quarter was led by year-over-year growth in PICC s, which increased at a double-digit rate and a solid performance in EZ-IO. We still expect our vascular access business to grow in the mid-single-digit range in 2025, driven by continued PICC growth and the return of the Endurance Catheter to the market. Moving to interventional, revenue was $137.5 million, an increase of 3.2% year-over-year. During the quarter, performance was led by growth drivers such as Complex Catheters. In the quarter, we continued to see robust demand for intra-aortic balloon pumps, which grew at a strong double-digit rate in the Americas, offset by a tough year-over-year comp in Asia. Turning to anesthesia, revenue decreased 8.6% year-over-year to $86.6 million. Among our largest product categories, endotracheal tubes and hemostatic products showed growth in the quarter and were primarily offset by a tough comp in military orders and pressure on airway products. In our surgical business, revenue was $105.8 million, an increase of 2% year-over-year. Our underlying trends in our core surgical franchise continue to be solid, partially offset by the expected impact of volume-based procurement in China. For interventional urology, revenue was $71 million, representing a decrease of 10.7% year-over-year. While we saw strong double-digit growth for Barrigel, we continue to experience pressure on UroLift, particularly in the office site of service. OEM revenue decreased 26.8% year-over-year to $63.9 million. Growth was in line with our expectations. The performance in the quarter was driven by the impact of the last customer contract discussed on our Q3 of 2024 call, with the remainder attributable to customer inventory management. As expected, the last customer contract impacted Q1 revenue by approximately $7 million, with the balance from customer inventory management. In particular, as we progressed through the quarter, we began to see the expected improvement in order rates from our customers, validating our assumption of growth improvements quarter over quarter as we progressed through the year and reached the anniversary of the loss of our customer contract in the Q3 of 2025. Q1 other revenue increased 4.5% to $53.5 million year-over-year. That completes my comments on the Q1 revenue performance. Turning to some commercial and clinical updates. In our interventional portfolio, we are pleased to announce that the AC3 Range intra-aortic balloon pump has received 510(k) clearance from the FDA. The AC3 Range intra-aortic balloon pump is a compact pump which combines the simple interface and proprietary algorithms of our flagship AC3 Optimus intra-aortic balloon pump to provide the same precisely timed support. The AC3 Range is designed to provide reliable, ongoing intra-aortic balloon pump support across various patient transport modes, including commonly used ground and air ambulance vehicles. The AC3 Range features a full-size helium tank, dual power options, and other features to support maneuverability. With the FDA clearance, the AC3 Range will enter full market release in the United States and begin shipping to customers in the Q2 of 2025. Also, in our interventional business, we announced preliminary results for the Ringer Perfusion Balloon Catheter, or PBC catheter IDE study. Perfusion Balloon Catheter is a rapid exchange percutaneous transluminal coronary angioplasty catheter with a unique helical balloon. When inflated, the balloon approximates a hollow cylinder with a large central perfusion lumen, allowing for continuous coronary blood flow during prolonged inflations. The Ringer Perfusion Balloon Catheter study is a limited prospective multi-center single-arm IDE study undertaken at four sites in the United States, gaining the Ringer Perfusion Balloon Catheter for the management of emergent coronary perforations that develop during percutaneous coronary intervention procedures. The study enrolled 30 participants, and analysis was performed based upon intention to treat. The preliminary results were favorable, with the primary efficacy endpoint observed in 73% of participants, which required successful Ringer delivery and inflation at the perforation site, control of blood leakage into surrounding tissue, and preservation of antegrade coronary flow. The results also showed successful delivery of Ringer in approximately 87% of participants, and of those participants, control of blood leakage into surrounding tissue with perfusion was achieved in nearly 85% of cases. These results are intended to support a pre-market application for a coronary perforation indication, which was recently submitted to the FDA. Ringer PBC, which was granted FDA breakthrough device designation, is currently indicated for balloon dilation of coronary artery or coronary bypass graft stenosis where the physician desires distal blood perfusion during balloon inflation for the purpose of improving myocardial perfusion. Finally, in our emergency medicine business, QuikClot Control + has received FDA clearance for an expanded indication to include all grades of internal and external bleeding. Combined with its existing indications for severe and life-threatening bleeding, this expanded indication allows us to target more procedures for fast, effective control of bleeding that could benefit patients, clinicians, and health systems. Additionally, while our primary focus for this portfolio remains on trauma, the expanded indication will also support procedures in general surgery, gynecological surgery, orthopedic surgery, and other areas. We estimate that these additional clinical spaces add more than $150 million to our serviceable, addressable market in the United States. Moving to strategic updates. On February 27, we announced the intention to separate Teleflex into two independent publicly traded companies. The separation is intended to enhance value for all Teleflex shareholders. By separating, each business will benefit from a more tailored strategic direction, a simplified operating model, a streamlined manufacturing footprint, and a capital allocation strategy aligned with the growth philosophy and objectives for each of the companies. We believe the proposed separation will offer investors more targeted and uniquely compelling long-term investment opportunities. We are confident that this separation will enable both companies to pursue their strategic objectives more effectively and create meaningful long-term value for our shareholders. As expected, following the announcement of the separation, we have received significant inbound third-party interest in acquiring NewCo. We will continue to be guided by the objective of maximizing shareholder value creation. Consistent with this objective and with full support and oversight of the board, management is continuing to actively explore all options, including the potential sale of NewCo in parallel with the potential spin. We will provide updates to the investment community on our progress as appropriate as we explore these parallel paths. We will remain focused on execution and continue to operate through RemainCo and NewCo businesses consistent with the long-term strategy, including investments in commercial growth and innovation. Moving to the acquisition of substantially all of Biotronik's vascular intervention business, which was also announced on February 27, we remain on track to close the acquisition by the end of the Q3 of 2025, subject to customary closing conditions, including receipt of certain regulatory approvals. We continue to see a strong fit for the vascular interventions business with the legacy Teleflex interventional business. The acquisition will add a broad portfolio of therapeutic products to Teleflex's portfolio of interventional access products, driving an enhanced global presence in the cath lab. The Biotronik vascular intervention product portfolio complements the current Teleflex offering in the cath lab. Our existing complex PCI portfolio has products that are utilized in difficult coronary interventions, and by adding the innovative products that we expect to acquire, we will be able to advance our technology offering with relevant coronary and peripheral interventions. We see significant opportunity to carve out niche markets in the coronary intervention space. For example, the combination of the recently launched Teleflex Ringer catheter and the PK Papyrus in the vascular interventional portfolio of Biotronik will provide a complete and unique solution for the acute and long-term treatment of vessel perforations during coronary procedures. The total addressable global market for treating coronary vessel perforation is estimated to be in excess of $80 million. We are also excited about the emerging potential for resorbable scaffold technologies and the ability to expand our current available procedure base. The vascular intervention business will also establish our global footprint in the fast-growing peripheral intervention market and provide a channel for Teleflex products that currently have a peripheral indication. The acquired business is rooted in robust research and development, clinical expertise, and global manufacturing capabilities, which we believe will further bolster Teleflex's innovation pipeline and position the company to participate in the emerging potential for resorbable scaffold technologies. That completes my prepared remarks. Now I'd like to turn the call over to John for a more detailed review of our Q1 financial results. John. Thanks, Liam, and good morning, everyone. Given the previous discussion of the company's revenue performance, I'll begin with margins. For the quarter, adjusted gross margin was 60.4%, a 70 basis point decrease versus the prior year period. The year-over-year decrease was primarily due to continued cost inflation from macroeconomic factors, specifically with respect to labor and raw materials and unfavorable product mix, partially offset by cost improvement programs. Adjusted operating margin was 24.7% in the Q1. The 190 basis point year-over-year decline was primarily driven by the flow-through of the year-over-year decrease in gross margin, employee-related expenses, and investments to grow the business. Net interest expense totaled $16.6 million in the Q1, a decrease from $21 million in the prior year period. The year-over-year decrease in net interest expense reflects lower interest rates and lower debt outstanding. Our adjusted tax rate for the Q1 of 2025 was 14.5%, compared to 13.2% in the prior year period. The year-over-year increase in our adjusted tax rate is primarily due to additional costs arising from the enactment of the European Pillar Two tax reform. At the bottom line, the Q1 adjusted earnings per share was $2.91, a decrease of 9.3% versus the prior year. The year-over-year decrease in EPS reflects lower revenue, lower operating margins, as previously outlined, foreign exchange, and a higher tax rate year-over-year, partially offset by a lower interest expense and share count. Turning now to select balance sheet and cash flow highlights. Cash flow from operations for the Q1 was $73.3 million, compared to $112.8 million in the prior year period. The $39.5 million decrease was primarily attributable to operating results and unfavorable changes in working capital, which were largely driven by inventory purchases and outflows related to cloud computing arrangements expenditures as part of our ongoing ERP system upgrade. Moving to the balance sheet. At the end of the Q1, our cash and cash equivalents and restricted cash equivalents balance was $317.5 million as compared to $327.7 million as of year-end 2024. Net leverage at quarter-end was approximately 1.8 times. Finishing up on the quarter, I will provide an update on the $300 million accelerated share repurchase program, which we entered into on February 28, 2025. The program was completed on April 9, 2025, and we received just over 2.2 million shares of common stock at an average price per share of $135.23. Now turning to financial guidance. We continue to expect 2025 adjusted constant currency revenue growth of 1-2%. We now assume a negative impact from foreign exchange of $5 million, representing an approximately 17 basis point headwind to GAAP revenue growth in 2025. This compares to our prior guidance of approximately $55 million or a 180 basis point headwind for 2025. The updated foreign exchange guidance assumes approximately a $1.10 average euro exchange rate for 2025. As a result of the foreign exchange outlook, we have increased the guidance range for 2025 reported revenue growth from a range of -0.35% to 0.65% to 1.3%-2.3%, implying a dollar range of $3.086 billion-$3.117 billion. On the topic of tariffs, the situation remains highly dynamic and is likely to change over the coming months. There remains significant uncertainty on the positioning, timing, and magnitude of the administration's tariff policy, as well as retaliatory impacts from other countries. Of note, were it not for the impact of tariffs enacted since the issuance of our previous guidance. We project full year results for 2025 would fall within our previously stated guidance ranges. Our current outlook includes tariffs as currently enacted, including the country-specific reciprocal tariff rates that were delayed for 90 days, but does not contemplate potential future tariffs that are not yet proposed. Conversely, the 2025 outlook does not assume that tariffs may be paused further or reduced. Any future changes could change the anticipated impact on our adjusted EPS in 2025. We expect an impact from tariffs of approximately $55 million in 2025, which will be recorded in cost of goods sold and is before any future initiatives to mitigate the exposure on the business. Approximately 50% of the total tariff impact is associated with China. Of the 50%, approximately 80% is associated with products sold into China and the remaining 20% on imports into the U.S. In addition, approximately 35% of the total tariff impact is associated with Mexico on products that are currently not USMCA compliant at a rate of 25%. We now expect 2025 adjusted earnings per share to be in the range of $13.20-$13.60, from $13.95-$14.35 previously. Specifically, the changes in our 2025 adjusted earnings per share range were driven by an estimated $1.05 headwinds from tariffs enacted since the issuance of our previous guidance, partially offset by a $0.30 benefit, of which $0.20 is due to lower share counts, including the result of the recently completed accelerated share repurchase program, with the balance from expense control and a small benefit from foreign exchange. We are actively exploring strategies to mitigate our exposure to tariffs in 2025, but these efforts will take some time to implement. Specifically, we are focused on optimizing our supply chain, including chain of custody changes, increasing our mix of USMCA compliant products, which provides tariff waivers for products assembled in Mexico and Canada using US components, and continued and diligent control of our spending. We will also begin to implement increased customer pricing as contracts come up for renewal. Additionally, for modeling purposes, you should consider the following. We now expect 2025 gross margin to be in the range of 58.25%-59%. Approximately 180 basis points of the total 200 basis point reduction in gross margin guidance is related to tariffs, with the balance coming from impacts related to foreign exchange. We now expect operating margins to be in the range of 24.6%-25% in 2025. Our revised guidance reflects the flow-through of our updated gross margin expectations. Moving to items below the line. Net interest expense is expected to be approximately $75 million for 2025. Our tax rate guidance remains unchanged at approximately 13.5% for 2025. For the full year, we expect shares outstanding to approximate 44.9 million. For the Q2, adjusted constant currency growth is expected to be in the range of 0.5%-1.5%, excluding a foreign exchange benefit of approximately $2 million. That concludes my prepared remarks. I would now like to turn the call back to Liam for closing commentary. Thank you, John. In closing, I will highlight our key takeaways from the Q1 of 2025. Aside from currency impacts, the quarter evolved largely as expected. We entered the quarter expecting the following: pressure on the OEM business due to loss of customer contract and customer inventory management, a decline in the UroLift business due to the final year of reimbursement phasing, and China volume-based procurement headwinds. We continue to expect these headwinds to be transitory, although, as we have previously indicated, they will represent an approximate $100 million headwind to revenues in 2025. While the business is working through the impacts of these idiosyncratic factors, we did see Barrigel continue to deliver strong growth, with revenue increasing strong double digits in the quarter. Our EZ-IO and OnControl franchise executed well with strong growth. Our complex catheter business grew high single digits, and our PICC business achieved double-digit growth. If it were not for the impact of tariffs enacted since the issuance of our previous guidance, we project full year results for 2025 would fall within our previously stated guidance ranges. We delivered on our commitment to return capital to shareholders through our accelerated share repurchase program and continue to pursue long-term value creation through a proposed separation of our business into two publicly traded companies, while pursuing a potential sale of NewCo in parallel. Consistent with the performance of Teleflex in the Q1 and the outlook for 2025, RemainCo constant currency revenue growth was in line with our expectations. It is our expectation that a number of the specific headwinds facing the business this quarter will resolve in the coming quarters, and we remain hyper-focused on returning the business to growth and creating shareholder value. That concludes my prepared remarks. Now I would like to turn the call back to the operator for Q&A. Thank you. If you would like to ask a question, please press star followed by the number one on your telephone keypad. If you're using a speakerphone, make sure that your mute function is turned off to allow your signal to reach our equipment. We ask that you limit yourself to one question and one follow-up. If you would like to ask additional questions, we invite you to add yourself to the queue again by pressing star and the number one. Our first question comes from the line of Patrick Wood from Morgan Stanley. Your line is now open. Beautiful. Thanks so much. Morning, guys. Maybe I'll just quickly ask them both up front if that works. One bit random, but given all the supply chain noise and things like that, have you seen any, I guess, incremental demand on the OEM side of the business? Even just some initial discussions where people think about onshoring and moving supply chains. Seems like you guys could be a solution provider on that side. And then just very quickly, secondarily, thinking of Biotronik and closing that, the vascular side, is this something that you feel like you'd like to keep building on longer term, potentially with some other assets? I mean, I feel like vascular is an area that gets ignored quite a bit by some of the other larger strategics, and so it feels like an opportunity potentially to kind of keep growing on that side. How much of this is beyond just Biotronik as sort of sustainable area of focus for you guys? Thanks. Thank you, Patrick, and good morning to you as well. Let me start with your first part of your question, the supply chain. We have seen demand in OEM pick up. We have seen the order rate continue to improve as we went through the quarter. I'm not sure if that is attributable to what's going on in the supply chain because it would be too early for that to happen. I think this is base demand. We did see, as we expected, the impact of approximately $7 million to the vertical integration in OEM. We did also see the destocking in the first couple of months of the quarter. As we went through the quarter, we saw a pick up in demand within the OEM business. That was very encouraging, and it gives us confidence in OEM's ability to deliver to plan for the full year. Regarding your question regarding Biotronik and investing in particular in that Cath Lab call point, that is for sure going to be an area of focus for Teleflex and RemainCo. I will say in this interim period of time, we will be focused on bringing in Biotronik into Teleflex, and we will be focused on the parallel path that we just announced of spinning NewCo and also at the same time doing a sale process based on the inbound interest. The bigger footprint and presence in the Cath Lab, we're going to have approximately $1 billion of revenue in the Cath Lab, and that is going to be a strategic call point for Teleflex. Just a broader comment on the quarter, Patrick, I will say we were pleased with how the quarter played out. It played out very much in line with our expectations. We executed pretty well. Revenue came in where we thought it was going to come in. Obviously, we were tracking really well to our margin profile, our earnings profile. The ASR outperformed. We feel that it was a solid start to the year for Teleflex. Thank you. Thank you. Your next question comes from the line of Michael Sarcone with Jefferies. Your line is now open. Good morning, guys. This is Mike on for Matt this morning. Thanks for taking the questions. I guess just to start, on the tariffs, you mentioned $55 million, and that's prior to any mitigation strategies. Can you just give us a little bit more color? I know you mentioned a few on how quickly you could actually implement near-term mitigation strategies and what type of EPS headwind that could offset if you were able to execute on it efficiently. I think I'll take that question. Obviously, the current tariffs environment is obviously disappointing. The $55 million is based on what's enacted today, again, and does not include any mitigation strategies, as noted. I will tell you what, we have done a number of things ahead of the tariffs. We did move inventory ahead of the tariffs. We moved supply into China ahead of the step-up in tariffs. We are currently making sure that inventories are in the regions by shipping them to bonded warehouse where we do not incur tariffs so that hopefully when things get alleviated, we can quickly move it into country. In terms of the other mitigation strategies, and there are a number of them, and some of them will take longer than others, I think the number one thing we are doing right now is we are looking very carefully at the USMCA exemptions in Mexico. About 50% of our inventory is exempted under USMCA today, and there are some real opportunities to bring in much more of that inventory under that exemption. Now, it'll be different. It takes some different timing per product, so you basically have to have 90% of your components coming from the U.S. It will vary, but we believe we can substantially increase that. I don't think we're in a position to give you a target yet that would help you get to a new EPS number, but that's the first thing that we're doing. We're also looking at opportunities in the supply chain to improve where we source product to avoid the tariffs. That is currently underway, and that may take a little longer. There are a number of strategies to mitigate. Last but not least, we are looking at opportunities to increase price should the tariffs stay in place opportunistically as contracts renew and where we're not contracted more immediately. We set up a tariff council where we're looking at the supply chain opportunities very closely, and we also have a commercial meeting that's a regular on pricing. A lot of things, a lot of strategies to mitigate the tariffs. Again, the 55 does not include that. That is fully the calculation of what is in today. I view it as worst case. Hopefully, there won't be more negative changes on the policy side, and again, there will be opportunities for us to mitigate these further. Mike, I would just add one comment to John's. This we've already implemented, and it's in our guidance, but we have taken some thoughtful spending controls, and that is a part of the $0.30 offset that John mentioned in his prepared remarks that is offsetting the impact of tariffs. Multiple mitigations, some already in place, and others that we will enact as we go through the remainder of the year. Got it. Thank you. That is really helpful. Just to follow up, since you mentioned pricing, we are just wondering how you feel Teleflex is positioned today to maybe take more aggressive pricing. Just on that recontracting, can you give us any sense for if there are particular business areas or segments where that is more impactful? Just trying to get a sense for maybe how many of these contracts are able to be renegotiated in the near term. Yes. In the U.S., if you take into account our GPOs and our big IDNs, more than half of our business is contracted in that area. What we will be doing over the next couple of quarters, and we've already begun to do some work on this, is we're beginning at the non-contracted business, and we're identifying products within the non-contracted business that are impacted by tariffs. If the tariffs stay in place, we will be implementing pricing changes on those products. This year, in the Q1, or in the full year of 2025, we have plans to increase pricing between 30 and 50 basis points, and it will be our plan to accelerate that if these tariffs stay in place, and we will give more updates as we go from quarter to quarter. Thank you. Your next question comes from the line of Jayson Bedford with Raymond James. Your line is now open. Good morning, guys. Thanks for all the detail here. Just on the comment around significant interest from other parties on NewCo, is there a consideration or maybe a willingness to sell pieces of NewCo, or is the intention here to spin/sell the entire NewCo portfolio as you've laid it out? Yeah. Good morning, Jason. First of all, I would say we are very encouraged by the number and quality of inbound interest that we have received in NewCo. Our guiding principle is going to be shareholder value creation. Based on the level of interest, we believe that the process will be competitive, and therefore we feel pretty bullish on our ability to drive shareholder value through this parallel process of spin and sale. It is a parallel process, Jayson. We are continuing with the activities around the spin, but we are engaging with companies in relation to the sale as well. In relation to the part of your question, will we sell parts? We will do whatever creates the most value for our shareholders. We are clearly open to exploring all options with the goal of unlocking that shareholder value. Okay. That's helpful. And maybe for John, the $55 million in tariff, is that two quarters' worth of impact? Yeah. This is subject to capitalized variances and will first go into inventory. We will not have an impact in Q2 to the P&L. The impacts will start in Q3 and Q4. I won't get into the individual key into the quarters right now, but you shouldn't expect it to be a little heavier in Q4 where most of the impact will hit. Thank you. Your next question comes from the line of Larry Biegelsen with Wells Fargo. Your line is now open. Hey, good morning. This is Vik in for Larry. Thanks so much for taking the question. Two for me. Liam, your comments around a potential sale and significant interest in NewCo, we'd just love to get your thoughts on a preference of a sale versus a spin. If it were to be a sale, any potential update on timing? I had a follow-up, please. Okay. Vik, thanks for the question. Good morning to you as well. I will tell you I'm agnostic as to whether it's a sale or a spin. Our guiding principle, as I said earlier, will be on creating and unlocking shareholder value. Honestly, in many ways, we see this as a validation of the quality and the value of the SpinCo assets. Given the amount of inbound interest, for us, it is what we expected. When we announced the spin, we did expect to get inbound interest. I will tell you that in all transparency, the level and the quality of the inbound interest is actually better than we were expecting, and that's very encouraging. We are definitively on a parallel path of both spin and sale, and our guiding principle will be maximizing shareholder value as we go through that parallel pathway. It's a little bit premature, Vik, in all honesty, to speak about timing. We will engage with both parallel paths, and we'll update the investment community as we have updates. Got it. That's helpful. Thank you. My follow-up question, Liam, is the market did not react favorably to the deal as well as the separation. Looking back on your Q4 earnings call, maybe just talk about what the screen is missing. Thank you. Yeah. I think on the Biotronik deal, we see this as a very attractive asset, and we're planning to complete the acquisition at the end of the Q3. We still anticipate that it will deliver approximately EUR 91 million in the Q4. I don't think the screen is missing anything about Biotronik, but I don't truly believe that they understand what assets are within the Biotronik portfolio. In our prepared remarks today, we just gave one little example of the combination of PK Papyrus and the Ringer catheter will actually carve out a niche within the Cath Lab for perforations that these combination products will actually dominate that space. It's a great fit for Teleflex. This company has 50% of their revenues in EMEA. The combination of the Teleflex channel in the Americas and the Biotronik channel in EMEA will actually drive better access to the Cath Lab. They have excellent R&D capabilities and that presence in the Cath Lab, as I said. Of course, we have the optionality of Freesolve, the resorbable scaffold opportunity, which is very aligned to the current trend in interventional cardiology procedures to leave nothing behind. It allows the cardiologist flexibility for further procedures with that patient with a fully biosorbable scaffold that can address the patient issues. I think there is a lot of attractive elements within the Biotronik assets. As it comes into the Teleflex family, we will be able to speak more about the components of the product categories that are within the Biotronik portfolio. There are some really significant ones, such as drug-coated balloons, the peripheral Passeo drug-coated balloon. Some of these are growing at a CAGR of double digits over the last number of years. I think that the margin profile and growth profile of this fits incredibly well into Teleflex and establishes our footprint more solidly within that Cath Lab. Thank you. Our next question comes from the line of Matthew O'Brien with Piper Sandler. Your line is now open. All right. Thanks so much, and I appreciate you taking the questions. Liam, I got a couple on the update this morning about significant interest in the spin or NewCo. The first one, and then I'll ask the second one in a minute. On the first one, I know you do not want to give away too much, but just in the current environment, I cannot imagine a lot of strategics are willing to go out and do deals right now. Is it fair to think that a majority of the inbound interest so far has been from the financial sponsor side of things, or is it a better mix of strategics than you would have thought? I do have that follow-up. Yeah, Matt. Thank you. Good question. Actually, it is a healthy mix of both strategics and private equity inbound interest that we received. Like I said a moment earlier, it was greater interest than we had anticipated, and I think a solid validation of the quality of the assets that are in NewCo. Both is the simple answer to your question. Got it. Okay. Appreciate that. When I look at what's being spun off, you pay just over $1 billion for NeoTract and then about $600 million for Palette. You put those together with OEM plus acute care. I'm thinking the valuation is somewhere all those assets together would be something like $2 billion. I mean, how do we think about the valuation from here? Are those how much you paid for those two assets a good jumping-off point or not? Matt, again, thanks for the question. I'm not going to go into valuations on the call. I think that this is something that we will go through as we assess the inbound interest. I think what we will be doing from a valuation perspective is doing a comparable as to what these NewCo would be valued on the stock market. We'll take into account the tax leakage, and we will do whatever is in the best interest of our shareholders. Our whole goal when we started this is maximizing shareholder value and shareholder returns. That guiding principle will be what will determine which leg of the parallel path we go down, and that will be our North Star. Thank you. The next question comes from the line of Anthony Petrone with Mizuho Group. Your line is now open. Thanks for fitting us in here. Maybe going back to tariffs, just wondering how the $55 million splits between RemainCo and SpinCo or the sale here and how you're going to just sort of navigate mitigation between the two entities as we move into the second half of the year and all the quick follow-up. So Anthony, I'll let John answer that, but I will tell you we're running Teleflex as one Teleflex today, and the separation doesn't occur until mid-2026. John. I think you've said it, Liam. I mean, we're not getting into anything beyond 2025 for tariffs. Far too speculative with the policy changes that happen so quickly. As we work through these mitigation strategies, they'll impact both companies to be sure. I think we'll talk a little more about what the two companies look like as we get closer to a spin in totality and what the impacts of tariffs are at that time. Maybe just a follow-up on Biotronik. Push a little bit on the details if you can on early views on cost synergy, but also revenue synergy, either by product category or geography. Thanks again, and great to catch up with everyone. Thanks. Yeah. Thanks, Anthony. As I said earlier, Anthony, this is all about the channel. I think that if you look at the opportunity there is to leverage the Biotronik channel in Europe to have more Teleflex products flow through that and then leverage the Teleflex channel in the Americas in order to leverage the Biotronik portfolio, I think that is the key metric. We'll obviously be looking in the OUS areas at opportunities for go direct. This is a very nice asset that we will bring into the company. 70% of the revenues in the current respect, which we know and love incredibly well. As I said earlier, they have some really, really excellent products. We will fund the R&D at Biotronik to continue to advance these innovative products. We will continue with the clinical study on Freesolve to bring that to the market. That is a nice option that comes with the Biotronik to drive revenue growth in the future. Lots of good stuff about Biotronik in our view. Thank you. Your next question comes from Shagun Singh with RBC. Your line is now open. Great. Thank you for taking the question. Just on interest in NewCo, can you maybe share is it for select businesses or the entire business? With respect to the separation, it sounds like mid-2026 is still a target. Maybe can you give us an update on the progress you are making around that? Would you potentially share more details with us there? I have a follow-up. Okay. Shagun, the majority of the interest is for the entirety of NewCo. It is early days. We only announced the spin two months ago. As I said a couple of times, I'm really encouraged, not alone by the quantity, but the quality of inbounds that we have. Regarding the spin, we have started the executive management search, and it will be our intent to file our Form 10 in 2026. Nothing from the timing has changed in our view, and we continue to work towards these dates. Got it. Liam, I'm wondering if you can share your updated view on growth for NewCo versus RemainCo. As I look at the quarter, it does seem a little mixed to me, and especially the NewCo assets, they are delivering negative growth. You've called out some of the headwinds on the call. That's helpful. How do you think about that low single-digit ex-FX growth for NewCo? Do you expect RemainCo could get to that 6%+ growth? Thank you for taking the question. Thanks, Shagun. In the same way as things came in line for total Teleflex, things came in line for both RemainCo and NewCo, and everything was in line with our expectations. Obviously, the Q1 would be the largest negative growth for OEM, which is a significant part of NewCo. That will improve as you get to the back half of the year. You have the impact of the last customer, $7 million a quarter for Q1 and Q2. That is anniversary as you go into Q3. As I said in the prepared remarks and in an earlier answer, the order rate for OEM has picked up nicely as we went through the quarter. That is very encouraging. Everything is as we expected, Shagun, for NewCo, for RemainCo, for TeleflexCo, and we are executing against that plan for the year. Just bear in mind, everybody, the separation is in mid-2026. We are now on a parallel path, and we will continue to update you. Our guiding principle—I have to restate this again, probably for the fifth time—our guiding principle is releasing the maximum shareholder value as we go through this parallel process. Thank you. Your next question comes from the line of Richard Newitter with Truist Securities. Your line is now open. Hi. Thanks for taking the question. Just a couple of follow-ups on the tariff. I think you had mentioned that you expect China to get better moving through the year. My question here is a little bit more just on the underlying kind of growth trend in the fallout of the trade war here. What gives you that confidence, if I heard that correctly, that China is going to get better moving through the year? Then on the $100 million for the underlying China headwind, are there any products on the potential exempted devices list that have been speculated on that you would be able to be included in? I also wanted to know, with Biotronik, any EU manufacturing and the 10% baseline, is that included in the $55 million that you called out for tariff as well? Thank you. All right. Guys, there's a lot there. Let me start with China. The reason that we anticipate an improving revenue environment for China is volume-based procurement. We would anticipate that the largest impact that you would see for any volume-based procurement is when you see the destocking. We also have some tough comps on the balloon pump business in Q1 in China. We would see this as the low point for APAC from a growth perspective, and we would see APAC picking up from here on in, and China also as a result of that. Regarding the exempt devices, we are hopeful that medical devices will be excluded. Even if—we do not manufacture in China and import into the United States—but I do not need a new iPhone. If you are lying in a hospital bed, you need medical devices. I think we need to be thoughtful here on exemptions for particular products. Medical devices, for me, would seem like a category that is needed to keep people alive in both China and in the United States. We are hopeful that common sense will prevail as we go through this. Regarding your Biotronik question, the impact of tariffs on Biotronik just because of their revenue profile is de minimis. I think that's all aspects of the areas of your question, Rich. Thank you. The next question comes from the line of Craig Bijou with Bank of America. Your line is now open. Good morning, guys. Thanks for taking the questions. Wanted to start with the urology business, interventional urology. It came in a little bit ahead of expectations. I know you called out still some headwinds for UroLift, specifically in the in-office site. I wanted to see if you, Liam, if maybe you could talk about how Barrigel is doing and is it tracking to that 20%-ish growth that you guys had expected. Is there any improvement in UroLift in office, recognizing there's still likely a headwind, but is there improvement there? Yeah. Thanks, Craig. For us, interventional urology came in in line with our expectations. They were on plan. To the other part of your question, Barrigel continues to perform exceptionally well, growing strong double digits and maintaining the growth momentum that we saw last year. For UroLift, we saw solid double-digit growth in APAC. We continued to penetrate that market. The office in the United States, Craig, is still very challenged. We did see a little bit of pressure in the hospital side of service. This is the last year of the reimbursement change. We are hopeful that once we get through this final year of reimbursement, we will then begin to see some improvements in UroLift in the various sites of service. The AUA meeting was on just last weekend. I was actually at it, and there was a lot of enthusiasm for both the Palette business and for UroLift. I thought the team did a nice job at that conference. Great. Thanks, Liam. Just to follow up on the balloon pump environment and if there's any update as to what you're seeing or hearing from hospitals given the competitor quality issues. Yeah. It's as it was and as it was expected, Craig. As we said in our prepared remarks, we saw strong double-digit growth in North America. APAC had a tougher comp. The quotations in Q1 were solid again. That's encouraging that people are still coming out looking for getting more and more quotations for the product. Nothing has changed in our expectation for our balloon pump business. Thank you. Your next question comes from the line of Mark or I'm sorry, Michael Polark with Wolfe Research. Your line is now open. Good morning. I have a question. Q2, I heard the guidance for 50 to 150 basis points of TFX revenue growth. I didn't hear anything on earnings. Just with all the moving parts, I'm interested if you might be willing to frame kind of a 2Q EPS expectation or puts and takes to consider there. Mike, we don't guide to EPS in the quarters. We do guide to revenue. Just to help you with your modeling, the guide would indicate a range in revenue of $769-$777 million. That would represent the percentages that you outlined. For the follow-up on OEM, I heard all the commentary. I guess even excluding the contract loss of $7 million, $17 million down year on year just felt like a big number for inventory management. I also heard that orders are improving throughout the quarter. Anything else you can spike out there? I mean, I guess I do not greatly appreciate customer concentration in this business, type of product concentration. Inventory management headwinds, I think, are something that would phase in over a longer period of time for them to all flare in one Q just surprised me. What else can you help me with there to digest? Thank you. Yeah, Mike. I will tell you it is in line with expectations. This is exactly what we expected for the OEM business. This will be the low point for the OEM business. You will see sequential improvement as we go through the year. You are right. Order rates did begin to pick up as we went through the latter part of the quarter. That is encouraging. I think that you're correct also. There's a $7 million impact with that vertical integration that was in Q1. That will be again in Q2. We still expect a little bit of inventory management in Q2. Thereafter, that is the worst of the inventory management behind us. I know it looks probably heavier in Q1 from an external point of view, but from an internal point of view, this is exactly what we were expecting. OEM hit their plan. As you get orders, just remember, you take an order, but that order then starts to get rolled through the income statement in the second half of the year and into 2026. I think the team is executing well in OEM. I think they have a nice robust platform of new business that they're working on. I think we're in good shape with OEM. It will be evident to the investment community as we go through the year and we begin to see that sequential improvement. Thank you. The final question comes from the line of Mike Matson with Needham. Your line is now open. Yeah. Thanks. Just want to ask one on a couple of the products that I don't think you mentioned so far. MANTA and Standard Bariatrics, maybe just give us some quick updates there. Is it safe to assume those are still accretive to your growth? Yeah. MANTA continues to penetrate the large bore market. On Standard Bariatrics, Standard Bariatrics, because of the deductible impact, it normally has a very heavy Q4 and a little lighter Q1 and then ramps as you go through the year. Both are in line with what we would have expected and both executing well. Of note, on the high-growth portfolio, Mike, one I'd call out is Intraosseous. Intraosseous had a really good solid quarter one. The hemostatic portfolio performed well as well within that group. Yeah, we did not go into a lot of details on them because they're doing as one would expect. Thanks for the question. Okay. Thanks. And then just the tariff impact, I mean, the $55 million, just to get to an annualized number, it sounds like it's probably a little more than double that. Is that fair just because it's hitting harder kind of in the latter part of the year? Again, I think we'd be getting ahead of ourselves to try to give you an annualized number. I would caution against trying to figure that out given the changing environment and our ability, we believe, to continue to mitigate this. Thank you. That does conclude the question and answer session. I'd like to turn it back over to Mr. Keusch. Thank you, Amy. Thank you to everyone that joined us on the call today. This concludes the Teleflex Incorporated Q1 2025 earnings conference call. You may now disconnect your lines.