Good morning ladies and gentlemen, and welcome to the Teleflex second 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 will be available on the company's website for replay shortly. I will now 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 second quarter 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 will 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 second quarter results, provide a strategic update, review commercial highlights, and conclude with our updated financial guidance for 2025. Of note, year-over-year constant currency revenue growth is adjusted for the impact of the Italian measure, which was recorded in the second quarter of 2024. Our second quarter results demonstrate our continued progress as we work to drive operational excellence and enhance value creation across our business. Second quarter revenues were $780.9 million, an increase of 4.2% year-over-year on a GAAP basis and up 1% on an adjusted constant currency basis. This result exceeded the high end of our previous $769 million- $777 million guidance. Second quarter adjusted earnings per share were $3.73, a 9.1% increase year-over-year. Now let's turn to a deeper dive into our second quarter revenue results. I will begin with a review of our geographic segment revenues for the second quarter. All growth rates that I refer to are on an adjusted constant currency basis unless otherwise noted. Americas revenues were $525.7 million, a 2% increase year -over -year and in line with expectations. Revenue growth in the quarter was driven by strength in intra-aortic balloon pumps and was partially offset by OEM declines and continued challenges in UroLift. EMEA revenues of $166.2 million decreased 2.1% year -over -year and were a bit softer than expected. During the quarter, we saw strength in our interventional business, which was offset by our anesthesia business, including a tough year-over-year comp in military order. Turning to Asia, revenues were $89 million, a 1.2% increase year -over -year and in line with our expectations. Revenue growth was driven by strength in Southeast Asia, India, and Japan, which were partially offset by the previously announced volume-based procurement dynamics affecting our China business. As expected, we saw sequential revenue improvement in China during the second quarter and expect continued improvement through the remainder of 2025. Now let's move to a discussion of our second quarter revenues by global product category. Commentary on global product category growth for the second quarter will also be on a year-over-year adjusted constant currency basis, starting with Vascular Access. Revenue increased 1.4% year -over -year to $185.5 million. The quarter was led by year-over-year growth in PICCs, which increased at a double-digit rate, and a solid performance in EZ-IO. Looking forward, we expect acceleration in growth in the second half of the year. Moving to Interventional, revenue was $170 million, an increase of 19.3% year-over-year. The strong performance for the quarter was led by growth drivers such as intra-aortic balloon pumps and catheters, OnControl, complex catheters, and right heart catheters. Turning to Anesthesia, revenues decreased 7.6% year -over -year to $96.4 million. Among our largest product categories, hemostatic products and LMA single-use masks delivered growth in the quarter but were primarily offset by a tough comp in military orders and pressure on airway products. In our Surgical business, revenue was $114 million, an increase of 1.4% year-over-year. Underlying trends in our core Surgical franchise continue to be solid, partially offset by the expected impact of volume-based procurement in China. Our North America Surgical business, which is not impacted by volume-based procurement, grew mid-single digits in the quarter. For Interventional Urology, revenue was $76.4 million, representing a decrease of 8.3% year-over-year. While we saw strong double-digit growth for Barrigel, we continue to experience pressure on UroLift. In line with our expectations, OEM revenue decreased 12.4% year-over-year to $78.7 million. The second quarter was impacted by the previously disclosed lost customer contract and continued customer inventory management. As expected, we saw sequential revenue improvement during the second quarter and continue to anticipate increased revenue contribution in the second half of 2025 versus the first half of the year. Second quarter Other revenues increased 3.5% to $59.9 million year-over-year. The performance was driven by Urology Care, in particular intermittent catheters. That completes my comments on the second quarter revenue performance. Moving to a strategic update, we are actively taking steps to unlock value within our business. As part of this, we continue to progress the separation of Teleflex that we announced in February. Once separated, each business will be best positioned for the future with more focused strategic direction, simplified operating models, streamlined manufacturing footprint, and individually tailored capital allocation strategies aligned with their respective growth philosophy and objectives. At the same time, we are also pursuing in parallel a potential sale of NewCo. As we discussed on our first quarter earnings call, we have received a significant number of inbound expressions of interest in acquiring NewCo. Since then, and in line with our commitment to maximize value for our shareholders, our Board and management have been actively evaluating a potential sale of NewCo. By way of a progress update, we have had preliminary meetings with many potential buyers. We continue to be impressed by the quantity and quality of interested parties. We will provide updates to the investment community on our progress as we move along these parallel paths as appropriate. Importantly, our guiding principles continue to focus on maximizing shareholder value through this process. Should a sale be consummated, we currently intend to utilize proceeds to balance pay down of debt and return capital to shareholders. We will continue to act in the best interest of our company and shareholders as we move through this process. Turning to our capital allocation strategy, on June 30, which marked the start of our third quarter, we were pleased to complete the acquisition of substantially all of the Vascular Intervention business of BIOTRONIK for a net initial upfront cash payment of EUR 704 million. The Teleflex interventional portfolio has long been a cornerstone of growth and innovation within our company with the opportunity to drive sustainable revenue growth and improve margins. The Vascular Intervention acquisition is a key part of our value creation strategy that will enable us to further build upon this strong foundation. We expect our combined interventional business to generate $800 million+ in annual revenues. The acquired product portfolio includes a broad suite of vascular intervention devices such as drug-coated balloons, drug-eluting stents, covered stents, balloon and self-expanding bare metal stents, and balloon catheters. We believe this acquisition will enhance our global presence in Cath lab, expand our suite of innovative technologies, and improve patient care. The acquisition of the Vascular Intervention business will also provide Teleflex with the opportunity to invest in and expand the clinical trial program for Freesolve, a sirolimus-eluting resorbable metallic scaffold technology. Freesolve's combination of temporary scaffolding with drug delivery is anticipated to address the current trend in interventional cardiology and endovascular procedures towards leaving behind less permanent hardware. We also see Freesolve's potential to address the limitations of previous polymeric resorbable scaffolds, achieving more rapid absorption, thinner struts, and metallic mechanical performance. Freesolve received its CE Mark in February of 2024 and is indicated for treatment of de novo coronary artery lesions. The European pivotal BIOMAG -II study is currently ahead of schedule with more than 800 patients enrolled out of the 2,000 patients total. We plan to initiate the BIOMAG -III U.S. pivotal study in the coming months. The U.S. study design is complete and in partnership with the Scientific Steering Committee, we are initiating recruitment of leading interventional cardiology programs and investigators from across the United States. As noted on our July 1 press release announcing the closing of the acquisition, we expect the acquired products to generate revenues of EUR 177 million, or $204 million in the second half of 2025. Specifically, we expect acquisition revenue of EUR 86 million and EUR 91 million in the third and fourth quarters respectively. Beginning in 2026, we expect sales of the acquired products to deliver annual constant currency revenue growth of 6% or better. Also noted in our July 1 announcement, excluding non-recurring purchase accounting items and other acquisition and integration related costs, we expect the transaction to be approximately $0.10 accretive to our adjusted earnings per share in the first year of ownership and to be increasingly accretive thereafter. Turning to some commercial and clinical updates starting with our vascular business, we recently announced findings from a new multinational study reporting efficacy of Arrow chlorhexidine impregnated CVCs among ICU patients. The study analysis demonstrated a statistically significant reduction in CLABSIs of 70.5% in patients receiving the impregnated antimicrobial catheters. Even though this cohort of patients had longer average length of ICU stay and device utilization ratios indicating frequent and extended use, infections still remain significantly lower. This underscores the potential benefit of the antimicrobial technology even in high-risk patients. Additionally, the use of chlorhexidine impregnated CVCs was associated with the lower incidence of infection-causing pathogens including gram-negative and gram-positive bacteria and fungi. Moving to our Surgical business, we continue to expand our foundation of clinical data that supports the use of the Titan SGS Stapler as safe and effective for patients undergoing laparoscopic sleeve gastrectomy. In May, we announced the publication of a retrospective study comprising 257 patients from 2016 and 2023 who underwent sleeve gastrectomy. The study showed that one year post-procedure, compared to traditional surgical staplers, fewer patients in the Titan SGS Stapler cohort reported having GERD and fewer patients in the Titan SGS Stapler cohort developed de novo GERD, both of which were statistically significant. Additionally, more patients in the Titan SGS Stapler cohort who had GERD prior to the procedure saw resolution of this condition compared to patients in the traditional surgical stapler cohort. Notably, the improvements in GERD outcomes linked to the Titan SGS Stapler were achieved without a significant difference in weight loss at one year between the two cohorts. This study also showed that the Titan SGS Stapler enabled a shorter average hospital length of stay compared with traditional surgical staplers. As the only stapler to provide a 23 cm staple line, the industry's longest continuous staple cut line, the Titan SGS Stapler is designed to provide an ideal tubular surgical sleeve anatomy that is a consistent shape free of kinks, twists, or spirals, improving the potential to resolve GERD and nausea. We will continue to focus on supporting the Titan SGS Stapler with expanded clinical data. On the reimbursement front, the Centers for Medicare & Medicaid Services released its 2026 proposed rule for reimbursement of UroLift and Barrigel in the physician office and ASC hospital outpatient care settings. Overall, the proposed rules for 2026, if enacted largely as outlined, would be a positive for the reimbursement environment. That completes my prepared remarks. Now I would like to turn the call over to John for a more detailed review of our second quarter financial results. John, thanks Liam and good morning. Given the previous discussion of the company's revenue performance, I'll begin with margins for the quarter. Adjusted gross margin was 59.7%. The 110 basis point decrease year-over-year, which was in line with our expectations, was primarily due to continued cost inflation from macroeconomic factors, specifically with respect to labor and raw materials, an increase in logistics and distribution costs, and unfavorable product mix, partially offset by fluctuations in foreign currency exchange rates. Adjusted operating margin was 26.9% in the second quarter. The 20 basis point year-over-year increase was better than expected as we offset year-over-year gross margin pressure with prudent operating expense control and a positive benefit from foreign exchange rates. Adjusted net interest expense totaled $19.9 million in the second quarter, a slight increase from the $19.4 million in the prior period. The year-over-year increase is primarily due to a higher average debt outstanding, partially offset by lower interest rates on floating rate debt. Our adjusted tax rate for the second quarter of 2025 was 13.1% compared to 12.3% in the prior year period. The year-over-year increase is primarily due to additional costs arising from the enactment of Pillar II tax reform. At the bottom line, second quarter adjusted earnings per share was $3.73. The 9.1% increase year-over-year is primarily due to higher adjusted operating income, a lower share count, and a positive benefit of foreign exchange. Turning now to select the balance sheet and cash flow highlights, cash flow from operations for the six months was $81.2 million compared to $204.5 million in the comparable prior period. The $123.3 million decrease was primarily attributable to unfavorable changes in working capital, including payments for recently enacted tariffs. The year-over-year change also includes payments related to the proposed separation, payments related to due diligence and transition planning costs associated with the Vascular Intervention acquisition, as well as outflows related to cloud computing arrangement expenditures as part of our ongoing development of our new ERP solution. Moving to the balance sheet, at the end of the second quarter, our cash, cash equivalents, and restricted cash equivalents balance was $283.9 million compared to $327.7 million as of year end 2024. Net leverage at quarter end was approximately 1.8x and 2.6x pro forma for the Vascular Intervention acquisition. Turning to our updated financial guidance for 2025, after giving effect to the June 30 closing of the acquisition of the Vascular Intervention business, we now expect total constant currency growth for 2025 to be in the range of 7.7%- 8.7% versus our prior guidance of 1%- 2%. The constant currency revenue for 2025 reflects assumptions that are unchanged from our previous outlook plus an estimated $204 million in revenue contribution associated with the Vascular Intervention acquisition in the second half of the year. We now expect the positive impact from foreign exchange of $26 million, representing an approximately 85 basis point tailwind to GAAP revenue growth in 2025. This compares to our prior guidance of approximately $5 million or a 17 basis point headwind for 2025. The updated foreign exchange guidance assumes approximately a $1.15 average EUR exchange rate for the second half of 2025. For 2025, we now expect GAAP revenue growth to be in the range of 9%- 10% versus our prior guidance of 1.3%- 2.3%, implying a dollar range of $3.322 billion- $3.352 billion. The outlook for 2025 includes the previous assumptions plus updated foreign exchange rates and the contribution from the Vascular Intervention acquisition. The year-over-year growth rate reflects the $13.8 million impact from the Italian measure in the second quarter of 2024. On the topic of tariffs, the situation remains highly dynamic and may change further over the coming months. There remains significant uncertainty on the positioning, timing, and magnitude of the Administration's tariff policy as well as the impact of any retaliatory actions from other countries consistent with the methodology discussed at the time of our first quarter earnings call. Our outlook is based on tariffs currently enacted, including country-specific reciprocal tariff rates, as well as the status of certain tariff exemptions, primarily in Mexico, related to the current USMCA rules and regulations. The outlook does not contemplate future tariffs that are not yet enacted. Any future changes could change the anticipated impact on our adjusted EPS in 2025. We now estimate the impact from tariffs of approximately $29 million in 2025 or $0.55 a share versus a previous outlook of $55 million or $1.05 a share. The reduction in expected tariff impact for 2025 is driven by changes in tariff rates primarily associated with China, as well as the early benefit of expanding mitigation efforts with the additional opportunities to come as we progress through the second half of 2025. We continue to actively explore strategies to mitigate our exposure to tariffs in 2025, including optimizing our supply chain, increasing our mix of USMCA compliant products, which provides tariff waivers for products assembled in Mexico and Canada using U.S. components, and continued and diligent control of our spending. Since our last earnings report, we have made progress increasing our percentage of USMCA compliant products entering the U.S. from our manufacturing facilities in Mexico. 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 are increasing 2025 adjusted gross margin guidance to be in the range of 58.75%- 59.5%, which represents an increase of 50 basis points at the low and high end of the range. The increase in our 2025 gross margin guidance expectation is primarily driven by lower than expected tariffs, partially offset by an adverse impact from foreign exchange. We expect adjusted operating margin to be in the range of 24.5%- 25%, which reflects a 10 basis point reduction at the low end of the range versus our prior guidance. Our updated guidance reflects the benefit of lower than expected tariffs offset by incremental expenses associated with the acquisition of the Vascular Intervention business and an adverse impact from foreign exchange. Moving to items below the line, net interest expense is now expected to be approximately $95 million for 2025 as compared to $75 million previously. The incremental net interest expense is primarily due to the financing associated with the acquisition of the Vascular Intervention business. We have refined our tax assumption for 2025 and now expect our tax rate to be 13.25% versus our previous expectation of 13.5%. Turning to adjusted earnings per share, we are raising the low and high end of our 2025 guidance by $0.70, of which $0.50 is associated with a lower than expected tariff impact. Although the acquisition of the Vascular Intervention business is expected to be slightly dilutive in 2025, we expect to offset any negative impact to adjusted EPS through operational performance. As such, we now expect 2025 adjusted earnings per share to be in the range of $13.90- $14.30 for the third quarter. Adjusted constant currency growth is expected to be in the range of 15%- 16.5%, excluding a foreign exchange benefit of approximately $8 million. As a reminder, the third quarter revenue outlook includes $99 million in revenue associated with the vascular intervention acquisition. That concludes my prepared remarks and I would now like to turn the call back over to Liam for closing commentary. Thanks, John. In closing, I will highlight our three key takeaways from the second quarter of 2025. First, we continue to make significant progress in executing our strategy, delivering second quarter revenues above the high end of our range of guidance. In addition, we are pleased with our adjusted operating margin and adjusted earnings per share. Second, we successfully completed the acquisition of the Vascular Intervention business and have begun our integration activities. It is our intention to host a virtual investor event in the fall dedicated to the Vascular Intervention business with a focus on the strategic rationale, the comprehensive coronary and peripheral product portfolio, and clinical trial pathway for the Freesolve resorbable metallic scaffold. We remain laser focused on controlling what we can across our business as we continue to advance our strategic objectives. Our focus is on enhancing operational execution, returning the business to growth, and strengthening our diverse product portfolio to better deliver for our customers. We continue to progress the separation of Teleflex, supported by our guiding principles, which are focused on maximizing shareholder value through this process. 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 one on your telephone keypad. If you're using a speakerphone, please make sure 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 one. Our first question will come from Matt Taylor of Jefferies. Your line is. Hi, thanks for taking the question. I wanted to see if you could provide. More. Context on the bridge of the guidance between tariffs, FX, and business outperformance, and then congrats on closing BIOTRONIK. I was just hoping you could help. us understand just in rough terms the outlook for that business and its growth organically. Okay, I'll cover. Thank you, Matt. I'll cover the BIOTRONIK Vascular Intervention business, and I'll ask John to cover the beat and splitting it into operational and tariffs. First of all, on the BIOTRONIK business, the expectation for the organic growth of the BIOTRONIK business in the second half of the year is mid single digits during that time. That is the full growth on that $204 million in the back half of the year, or the EUR 177 million. Matt, nothing has changed to our outlook for the business. Starting in 2026, we still expect the BIOTRONIK Vascular Intervention business to grow 6% or better. John, do you want to cover the mix of the EPS? We had a pretty nice operational performance in Q2. We'll carry some of that into the back half of the year, roughly $0.20. That covers also any dilution we'd see on BIOTRONIK tariffs, roughly 50%. I'm sorry, $0.50 for the year. Foreign exchange is negative, tax and shares positive. They largely offset each other. Just add Matt, that of the $0.50, you know, a good chunk of it, you know, $0.45, $0.47 is coming from China. We've also made some improvements on USMCA. We've also done some operational work behind the scenes to improve our tariff position as a company. Our next question comes from Jayson Bedford of Raymond James. Your line is open. Good morning, and thanks for all the details here. You threw out a lot of numbers, so I don't want to be greedy with this question, but do you have a rough breakout between the growth of RemainCo and NewCo? I'm not sure if we have enough. Information to fully calculate that in the quarter. I can give you a breakout of Remain Co. Nothing has changed to our outlook for Remain Co and a growth perspective for the year. We still expect it to be in the upper 5% and it was in the mid single digit range excluding the impact of volume-based procurement in the second quarter. Okay, that's helpful and you touched on it. Interventional was quite strong. Can you maybe speak to the durability? Of this type of growth? Yes. Interventional did have a good strong quarter. Obviously, intra-aortic balloon pumps had really strong double-digit growth and were in line with our expectations. The upside in Interventional actually was delivered by OnControl and complex catheters, and we continue to expect the Interventional business to grow high single to low double digits for the full year of 2025. Our next question comes from the line of Anthony Petrone with Mizuho Americas. Your line is open. Thanks. Congratulations on the progress here. Bringing BIOTRONIK in and moving toward a transaction with NewCo. Maybe on NewCo specifically, sale versus spin split. Speaking to a number of strategics, maybe. Liam, just a little bit on timing. Obviously considering all angles here, but anything on timing that you can provide on the decision-making process for NewCo, that would be helpful. Maybe on the BIOTRONIK addition, quarterly cadence of that business, maybe walk us a little bit through the seasonality. Would expect maybe 3Q is a little bit more modest than 4Q. Your thoughts out of the gate on revenue synergies specifically with that business with the existing Teleflex portfolio. Thank you. All right, Anthony, thank you for the questions. Let me start off with the sale versus spin and the timing. Nothing has changed in our outlook for the timing of the spin. If we proceed with a spin, that would be mid-2026. It is difficult for me to give you specifics on the timing of a sale, but I will tell you as we continue to evaluate all options, and Anthony, our focus is really on maximizing shareholder value. As I said in my prepared remarks, we've made significant progress. We couldn't get to the point we are today without conducting numerous preliminary buyer meetings as part of the sale process, without having made progress in getting some key deliverables. One of those would be, for example, finalizing quality of earnings and future outlook, which is needed for both sale or spin, getting a data room ready, identifying key internal leadership talent to lead the management presentations, and obviously qualifying and quantifying the transition support, as well as having numerous NDAs signed ahead of those preliminary meetings, which should speed up now the second phase of the process as we go into due diligence. I remain really encouraged and impressed by the quantity and quality of the interested parties. That continues to be the case. We do plan to continue due diligence, Anthony, as we go through the third quarter, and in the event that we are successful with a sale, we will obviously update the investment community as we go. Your second question was really around BIOTRONIK and the cadence. You're absolutely correct and it's reflected in our guidance. As you can see, in Q3 we have $99 million built in for BIOTRONIK and in Q4 we have $105 million built in for BIOTRONIK to give you the total of $204 million. There is the normal cadence that you would expect from any interventional business. With regard to the synergies, as I said a little bit earlier, BIOTRONIK is going to grow in that mid single digit range and we still expect it to grow in that 6% or better beginning in 2026. A part of that is the bringing together of the two portfolios. There are two aspects of that, Anthony. One is access to Cath lab. Because the BIOTRONIK VI organization in North America is smaller than Teleflex's, gaining access to Cath lab is quite difficult for them. Now you combine the two entities, therefore access is going to be a lot easier. That really will help in bringing some of these portfolios together. There are some natural synergies with the portfolio. I'm just going to give you two examples. The biggest part of our portfolio in Cath lab is our complex catheters. What do complex catheters do? They give you access to the chartreuse coronary arteries. Why are you getting access? Because you want to put in a bare metal stent or a drug-eluting stent. Bringing those two together will definitely help the combination. The second is in regard to perforations. When one has a perforation and accidents happen in any procedure, the first thing you need to do, there are two combo products in this area that Teleflex has. Now with the combination of the BIOTRONIK Vascular Intervention business, we will be the dominant player in this area. The Ringer Catheter would be used initially in order to continue doing the procedure, and then the PK Papyrus would be used to close up the perforation. We will be able to block out this niche of a market globally for Teleflex with the combination of these products. These are just two quick examples, Anthony, on how this portfolio will work incredibly well together. We are really looking forward to having an investor day to outline this to share our excitement with Wall Street as to why this is a great fit for Teleflex. Our next question comes from Shagun Singh with RBC. Your line is open. Great, thank you so much. I guess a couple of clarification questions. Just on Q2 EPS beat, can you maybe help us identify how much was tariff versus business outperformance, phasing for EPS or margins in Q3 versus Q4? Then Liam, on the underlying business, I just want to make sure that I understand. I think you indicated that the adjusted constant currency revenue guidance on an underlying basis excluding the acquisition is unchanged. I don't know if you can further elaborate on how you're thinking about each of your businesses. Other areas of upside versus downside relative to expectations internally to highlight that would be helpful. Thank you so much. Absolutely, Shagun. I'll cover the last part of the question and then I'll ask John to cover the first two components of it. With regard to our outlook, you know, if we take a step back, first of all, we're really happy with Q2. I think we delivered well in Q2. We hit some really key metrics. We delivered on our expectations for revenue, we exceeded OP margin and EPS, and I think we executed well and the team executed well in the quarter. To answer your question, and you are absolutely correct, Shagun, on our 2025 outlook, there is no change to our underlying revenue guidance in that regard. The only change is we've added the BIOTRONIK Vascular Intervention business of $204 million in the second half, $99 million in Q3 and $105 million in Q4. Our updated revenue guidance is 7.7%- 8.7%. Obviously, we've increased our gross margin guidance by 50 basis points and we've increased our EPS by $0.70. Now I'll ask John just to again reiterate the breakup of that $0.70 and answer the other part of your question. Yeah, so again, the $0.70 back, about $0.50 of it relates to tariffs. As Liam pointed out earlier, some of that is improvements we've made from a USMCA compliance standpoint and exemption standpoint. Obviously, the adjustments in China and elsewhere made a large difference. There's no tariff impact in Q2, the tariff impact starts in the second half of the year, and I apologize, you're looking for the impacts from a gross margin perspective as well, is that we wanted. Just phasing on margins in the back. Q3 and Q4, Q3 and Q4. The tariff impacts are largely similar in Q3 and Q4. I think we're down a little bit in Q3 versus Q4 from a B perspective. We'll see a little bit of uplift in Q4, but I don't. I don't have. We're not providing a detailed breakout between Q3 and Q4. Margins. Our next question comes from Richard Newitter with Truist. Your line is open. Hi, thanks for taking the questions. Just wanted to go to the urology segment for a minute and back to the CMS proposal. I'm just curious if you can talk a little bit about how you see that potentially impacting the business, if at all, and if there's any kind of site of care kind of positive impact. I know there's been a migration out of the office for UroLift. Is that something that you... Think will change practice at the margin and help that business recover a little bit? Hey Rich, thanks for the question. Look, the updated CMS proposed rule, I just want to point out, it is a proposed rule. If it comes into effect as it has been outlined, it will definitely be positive. I'll start with Barrigel. Barrigel in the office site of service got an uplift of approximately 40%. In the ASC, it got a 9% uplift as well as a 9% in the hospital. With regard to UroLift in the office, it's approximately a 10% uplift and it's 9%- 10% actually in all sites of service for UroLift across the board. Now what that means from the office, Rich, just to give you a little bit of detail, is that it will almost net of any rebates that we would have put in place. If you just take the base reimbursement change, it would more than double the doctor's fee, if you want to call it that, net of the cost of the product in the office site of service. We see it as a positive development. It's very encouraging. We also would like it to become not be a proposed rule but be an actual rule and we'll wait to see that. I think to the credit of CMS, this is really a strong focus on moving procedures from a more expensive location to a less expensive location, as in the doctor's office. We would strongly encourage them to continue that focus. Thank you. Just one more intra-aortic balloon pumps. It looks like that was the driver of most of the interventional outperformance. Can you maybe update us there on your thoughts on the kind of the jump all opportunity in the wake of competitor issue and any updated views of what that could be even looking out over the next 12 months. Thanks. Yeah Rich, actually the beat in Interventional from our internal plan was not intra-aortic balloon pumps. The beat actually came from uncontrolled and complex catheters. We were very encouraged by the overall performance of that business. Now, did balloons perform well? Yes, they performed well and very much in line with our expectation. In particular, the focus here is in North America, and just like we had in Q1, we had very strong double-digit growth in balloon pumps in Q2. The outlook, you know, we expect, as I said earlier, we continue to expect the Interventional base business, excluding the BIOTRONIK Vascular Intervention business, to grow high single to low double digits for the year. Obviously, you come up on, specifically to balloon pumps, you come up on a tougher comp in Q4. I would expect the growth from balloon pumps themselves to moderate when we get into Q4 because that was the beginning of the issue with the competitor. All in all, we couldn't be more pleased with the performance of our Interventional business. It couldn't be timed better because now we have the addition of the BIOTRONIK VI business into a business that's performing exceptionally well, and we're going through a separation at the same time. All the stars seem to be aligning for that process. Our next question comes from Matthew O'Brien with Piper Sandler. Your line is open. Hi, this is Samantha on for Matt this morning. Thank you so much for taking our question. I guess we're wondering if you can provide any more details on the progress for the separation or sale. You know, if you were 50/50 sale versus spin at the time of the announcement, are you leaning one way or the other now? We didn't actually give any leaning at the time of the announcement. Actually, when we announced, we only announced a spin. As we went through the process, we got significant inbound interest. As I said a little bit earlier, we are encouraged by the amount of inbound interest that we have received. I can tell the investment community our focus remains on unlocking shareholder value. I can also tell you that we have been working incredibly hard. We are not sitting on our hands. I guess the most significant update we gave on the call was we have had many preliminary management meetings with interested parties and we've done, as I said a little bit earlier, we've done a lot of work regarding the financial outlook of both businesses, identifying some of the key internal leadership that will lead the management presentations. Many NDAs signed, which should accelerate the due diligence because that in itself can only take two weeks to get that done. Front loading these management meetings was actually strategically a good move for us because it gets us moving in the right direction. We will do whatever unlocks the most shareholder value. That is our North Star and our guiding principle. Whether it's a sale or a spin, we have very complex models working with independent third parties to help us work through this. We know what our tax basis is. We have a really good understanding as to what the spin would generate to shareholders. Now it's just a question of going through the process of the parallel path and getting to an outcome that would be in the best interest of our shareholders. Perfect, thank you. If I could sneak in one more on the proposed rule specifically from CMS in urology, I think you said that UroLift is up 9%- 10% in the office. I know that there was expected that UroLift would get back to growth next year with these reimbursement changes, I just want to confirm that that's the thinking. Samantha, getting a 10% proposed rule uplift is definitely going to help that hypothesis as we head into 2026. As I said a little bit earlier and where we've had a lot of pressure, as everybody knows, in the office side of service, that 10% lift would result in a nice uptick for the doctor. We will work through this and we will work with our customer base diligently to position for improvements into 2026. Samantha, you're absolutely right. This is incredibly encouraging. It's a proposed rule. I'm hopeful that it will become the rule in the beginning of the new year, and if so, it will definitely be more. It will definitely be a help and not a hindrance to UroLift in all sites of service. Once again, if you have a question, it is Star one on your telephone keypad. Our next question comes from Michael Polark with Wolfe Research. Your line is open. Good morning. Thank you. I'll follow up on that thread. On Barrigel, Liam, the proposed office increase sounded significant. What is the site of service mix for Barrigel today? With a different economic incentive, what do you think it could be? We don't break down the site of service, Mike, for Barrigel, but I can tell you that it is spread across all of those three sites of service. I think that the uplift in all sites of service is very encouraging. I think that the office uplift may move some product to that site over time. That in itself is encouraging for us because we have a very strong call point into that site of service. I do think that it is a recognition by CMS how important spacing is when men are going through a radiation therapy. I think it's a reflection of the benefits of spacing in that regard. Helpful. If I can follow up maybe for John. John, I think you mentioned in the tariff mitigation strategy section, you would look to implement increased customer pricing as contracts come up for renewal to attempt to offset some of the tariff driven pressure. I guess any early feel for how that may go, I mean, I know the industry broadly will probably consider a strategy like this. Hospitals seemingly have been amenable to positive price adjustments over the last couple years on the heels of the COVID era inflation wave. I'm just curious if you think it'll be similar in response to tariffs or if you're sensing any early pushback on that front. Thank you for any comments on that one. Thank you. Yeah, I mean it's certainly, you know, kind of in the, we're in the early stages. We don't expect much impact in 2025, and we'll be able to guide a little further as we get to our 2026 guidance as to what we think the year looks like. We have a view of where we think we could increase price as appropriate across not just the United States, but elsewhere. There is some timing that will cause it to take place a little slower than we would have liked. I think in 2026 will be really that larger opportunity. I wouldn't expect significant pushback in what we expect to propose. Our next question comes from Mike Matson with Needham. Your line is open. Yeah, thanks for taking my questions. Now that you've closed the BIOTRONIK deal, I was wondering if you could provide us some insight into the salesforce integration there. You know, how much overlap is there with the existing Interventional sales force? How long do you expect the integration? Effort to take and what's the risk of disruption there? Yeah, absolutely, Mike. Thanks for the question. If you look at the breakdown of the BIOTRONIK VI revenue, around 50% of it is in the EMEA, 25% in the Americas, and 25% in APAC. That in itself represents a significant opportunity to drive accelerated revenue growth by leveraging those channels. If you look at our business, it's much stronger in the Americas, good business in Europe, and weaker in Asia Pacific. It gives us an opportunity, as I said a little bit earlier, to help in gaining access to Cath lab for the BIOTRONIK products in the Americas. It also helps with the strength of the BIOTRONIK organization in EMEA to merge that and the product portfolio. We will end up with a larger sales force across the board selling all of our products into these markets. We do see an opportunity for revenue synergies being driven by the combination of these two businesses together. Okay, got it. What are you seeing more recently with bariatric surgery? Are volumes still declining there? More specifically, what are you seeing with Titan SGS Stapler? Is it. I know it's probably doing better than overall bariatric volumes just given that it's. Kind of a market penetration story. Yes, Mike, we still expect them. To grow double digits this year as we continue to take share. We are seeing declines in bariatric surgery in the marketplace. It's clearly the impact of GLP-1s is having an impact there, but that is only impacting the impact of our product on the margins as we continue to penetrate the market. I think that the clinical evidence that we've been generating is really helpful where we're able to show a reduction in GERD. We're also able to show a reduction in hospital stay and equal, if not better, clinical outcomes following the procedure. It is still the only single line staple product in the market which gets symmetry of outcomes when you're doing gastric sleeves and bariatric surgery. I still remain encouraged by what we're seeing with Titan SGS Stapler. You're correct, there is pressure in that market because of the rollout of GLP-1s. That is all the time we have for questions. I will now turn the call to Lawrence Keusch for closing remarks. Thank you, Sarah. Thank you to everyone that joined us on the call today. This concludes the Teleflex Incorporated second quarter 2025 earnings conference call. Thank you. You may now disconnect your lines.