美國雅培 (ABT) 2022 Q4 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Abbott's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions) This call is being recorded by Abbott. With the exception of any participants' questions asked during the question-and-answer session, the entire call, including the question-and-answer session, is material copyrighted by Abbott. It cannot be recorded or rebroadcast without Abbott's expressed written permission.

早上好，謝謝你的支持。歡迎來到雅培 2022 年第四季度收益電話會議。 （操作員說明）雅培正在錄製此通話。除了問答環節中任何與會者提出的問題外，整個電話會議，包括問答環節，都是雅培版權所有的材料。未經雅培明確書面許可，不得錄製或轉播。

I would now like to introduce Mr. Scott Leinenweber, Vice President, Investor Relations, Licensing and Acquisitions.

我現在想介紹投資者關係、許可和收購副總裁 Scott Leinenweber 先生。

Good morning, and thank you for joining us. With me today are Robert Ford, Chairman and Chief Executive Officer; and Bob Funck, Executive Vice President, Finance and Chief Financial Officer. Robert and Bob will provide opening remarks. Following their comments, we'll take your questions.

早上好，感謝您加入我們。今天和我在一起的是董事長兼首席執行官羅伯特·福特； Bob Funck，財務執行副總裁兼首席財務官。羅伯特和鮑勃將致開幕詞。根據他們的意見，我們將回答您的問題。

Before we get started, some statements made today may be forward-looking for purposes of the Private Securities Litigation Reform Act of 1995, including the expected financial results for 2023. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, Risk Factors, to our annual report on Form 10-K for the year ended December 31, 2021. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

在我們開始之前，根據 1995 年《私人證券訴訟改革法案》，今天發表的一些聲明可能是前瞻性的，包括 2023 年的預期財務結果。雅培警告說，這些前瞻性聲明受風險和不確定性的影響，這些風險和不確定性可能導致實際結果與前瞻性陳述中所示的結果存在重大差異。可能影響雅培運營的經濟、競爭、政府、技術和其他因素在我們截至 2021 年 12 月 31 日的年度報告 10-K 表的第 1A 項“風險因素”中進行了討論。雅培沒有義務公開發布任何信息由於後續事件或發展而對前瞻性陳述進行的修訂，法律要求的除外。

On today's conference call, as in the past, non-GAAP financial measures will be used to help investors understand Abbott's ongoing business performance. These non-GAAP financial measures are reconciled with the comparable GAAP financial in our earnings news release and regulatory filings from today, which are available on our website at abbott.com.

在今天的電話會議上，與過去一樣，將使用非 GAAP 財務指標來幫助投資者了解雅培的持續經營業績。這些非 GAAP 財務指標與我們今天發布的收益新聞和監管文件中的可比 GAAP 財務指標相一致，可在我們的網站 abbott.com 上查閱。

Note that Abbott has not provided the GAAP financial measure for organic sales growth excluding COVID testing sales on a forward-looking basis because the company is unable to predict future changes in foreign exchange rates, which could impact reported sales growth. Unless otherwise noted, our commentary on sales growth refers to organic sales growth, which excludes the impact of foreign exchange.

請注意，雅培未提供 GAAP 前瞻性銷售增長的有機銷售增長財務指標，不包括 COVID 測試銷售，因為該公司無法預測未來匯率的變化，這可能會影響報告的銷售增長。除非另有說明，否則我們對銷售增長的評論是指有機銷售增長，不包括外彙的影響。

With that, I will now turn the call over to Robert.

有了這個，我現在將把電話轉給羅伯特。

Thanks, Scott. Good morning, everyone, and thank you for joining us. Today, I'll discuss our 2022 results as well as our outlook for this year. For the full year 2022, we achieved ongoing earnings per share of $5.34, which is well above the original EPS guidance we set at the beginning of the year. As you know, macro business conditions have been highly dynamic and challenging over the last few years, particularly for U.S.-based multinational companies.

謝謝，斯科特。大家早上好，感謝您加入我們。今天，我將討論我們 2022 年的業績以及我們對今年的展望。在 2022 年全年，我們實現了 5.34 美元的持續每股收益，遠高於我們在年初設定的原始 EPS 指引。如您所知，在過去幾年中，宏觀商業環境一直充滿活力和挑戰，尤其是對於總部位於美國的跨國公司而言。

COVID-19 pandemic played a big role in this, of course. We saw the U.S. dollar strengthened significantly and inflation reached new heights last year. Supply chains continue to face challenges, and our health care customers have been navigating staffing challenges that are negatively impacting certain medical device procedure trends and routine diagnostic testing volumes. As we start the new year, however, while all these factors remain headwinds, I'm cautiously optimistic that we're starting to see them peak and, in some cases, ease a bit.

當然，COVID-19 大流行在這方面發揮了重要作用。去年我們看到美元大幅走強，通脹達到新高。供應鏈繼續面臨挑戰，我們的醫療保健客戶一直在應對人員配置挑戰，這些挑戰對某些醫療設備程序趨勢和常規診斷測試量產生了負面影響。然而，在我們開始新的一年時，儘管所有這些因素仍然不利，但我謹慎樂觀地認為我們開始看到它們達到頂峰，並且在某些情況下會有所緩和。

Over the past few months, the impact of COVID-19 on society is lessened and economies around the world are increasingly reopening. In the U.S., the U.S. dollar weakened a bit and inflation has eased somewhat and hospital-based procedures and routine testing trends continue to steadily improve in many areas. As you know, COVID testing has been a big part of our story these past couple of years, and I'm proud of what our team has built a full suite of tests across several platforms and the intentionality and how we established a leading role in the world's response to the pandemic.

在過去的幾個月裡，COVID-19 對社會的影響有所減弱，世界各地的經濟體正在逐步重新開放。在美國，美元有所走軟，通貨膨脹有所緩解，許多地區的醫院程序和常規檢測趨勢繼續穩步改善。如您所知，在過去的幾年裡，COVID 測試一直是我們故事的重要組成部分，我為我們的團隊在多個平台上構建了一整套測試以及我們的意圖以及我們如何在其中發揮主導作用而感到自豪世界對這一流行病的反應。

In total, we've delivered nearly 3 billion COVID test globally since the start of the pandemic. Going forward, we expect COVID-19 to transition to more of an endemic seasonal type of respiratory virus. And with that, COVID testing, while still important, is expected to decline significantly. We expect variance will continue to emerge, and therefore, our tests will remain an important part of our leading respiratory testing portfolio, along with flu, RSV and Strep, which we offer across multiple testing platforms, including lab-based systems and hospitals, small desktop devices in urgent care centers and physician offices as well as at-home tests.

自大流行開始以來，我們總共在全球範圍內提供了近 30 億次 COVID 測試。展望未來，我們預計 COVID-19 將轉變為更多地方性季節性呼吸道病毒。因此，COVID 測試雖然仍然很重要，但預計將大幅下降。我們預計差異將繼續出現，因此，我們的測試仍將是我們領先的呼吸測試產品組合的重要組成部分，連同流感、RSV 和鏈球菌，我們在多個測試平台上提供這些產品，包括基於實驗室的系統和醫院、小型緊急護理中心和醫生辦公室的桌面設備以及家庭測試。

As we reflect back on the impact of COVID testing efforts over the last few years, it's clear that our success in this area will have a positive, long-lasting impact for the company. It strengthened our strategic position in diagnostics through the expansion of our installed base of instruments, including ID NOW, our wrap point-of-care molecular testing platform and through the opening of new testing channels, such as physician offices and at-home testing.

當我們回顧過去幾年 COVID 測試工作的影響時，很明顯，我們在這一領域的成功將對公司產生積極、持久的影響。它通過擴大我們的儀器安裝基礎（包括 ID NOW、我們的 wrap 床旁分子檢測平台）以及通過開放新的檢測渠道（例如醫生辦公室和家庭檢測），加強了我們在診斷領域的戰略地位。

It enabled us to increase investments in priority growth areas across the company, including R&D and commercial initiatives in support of several recent and upcoming new product launches, while at the same time, increasing returns to our shareholders in the forms of dividend growth and share repurchase.

它使我們能夠增加對整個公司優先增長領域的投資，包括支持近期和即將推出的幾款新產品的研發和商業計劃，同時以股息增長和股票回購的形式增加股東回報.

And lastly, it further strengthened our overall financial health and balance sheet, which will provide significant strategic flexibility as we look to build and grow the company even further. I'm proud of the role we played in fighting COVID in the last few years. It reinforced our purpose, had a meaningful impact on society and enhanced our long-term strategic position going forward.

最後，它進一步加強了我們的整體財務健康和資產負債表，這將在我們尋求進一步建立和發展公司時提供顯著的戰略靈活性。我為過去幾年我們在抗擊 COVID 方面發揮的作用感到自豪。它強化了我們的目標，對社會產生了有意義的影響，並增強了我們未來的長期戰略地位。

Turning now to our outlook for 2023. As we announced this morning, we forecast ongoing earnings per share of $4.30 to $4.50. We forecast organic sales growth, excluding COVID testing sales in the high single digits, and we forecast around $2 billion of COVID testing sales for the full year 2023.

現在談談我們對 2023 年的展望。正如我們今天上午宣布的那樣，我們預測每股持續收益為 4.30 美元至 4.50 美元。我們預測有機銷售額增長，不包括高個位數的 COVID 測試銷售額，我們預測 2023 年全年的 COVID 測試銷售額約為 20 億美元。

I'll now provide more details on our results by business area before turning the call over to Bob. And I'll start with Nutrition, where sales declined around 6% in both the fourth quarter and full year as a result of manufacturing disruptions at one of our U.S. infant formula facilities last year. Production at the facility is up and running. And as we've mentioned previously, our initial supply priority was to the WIC, women, infant and children federal food assistance program to ensure underserved participants have access to infant formula.

在將電話轉給鮑勃之前，我現在按業務領域提供有關我們結果的更多詳細信息。我將從營養品開始，由於去年我們美國一家嬰兒配方奶粉工廠的生產中斷，第四季度和全年的銷售額都下降了約 6%。該工廠的生產已啟動並正在運行。正如我們之前提到的，我們最初的供應重點是 WIC、婦女、嬰兒和兒童聯邦食品援助計劃，以確保服務不足的參與者能夠獲得嬰兒配方奶粉。

As our manufacturing capacity has continued to recover, we've been able to increase production of our non-WIC brands with a focus on serving the broader infant formula market and building back inventory levels on retail shelves.

隨著我們的製造能力持續恢復，我們已經能夠增加我們非 WIC 品牌的產量，重點是服務於更廣泛的嬰兒配方奶粉市場並重建零售貨架上的庫存水平。

Turning to Diagnostics, where as expected, sales growth in the fourth quarter was negatively impacted by a year-over-year decline in COVID-19 test sales. COVID testing sales were $1.1 billion in the fourth quarter with rapid testing platforms, including BinaxNOW in the U.S., Panbio internationally, and ID NOW globally compromising approximately 95% of these sales.

轉向診斷，正如預期的那樣，第四季度的銷售增長受到 COVID-19 測試銷售同比下降的負面影響。第四季度 COVID 檢測銷售額為 11 億美元，其中包括美國的 BinaxNOW、國際的 Panbio 和全球的 ID NOW 在內的快速檢測平台佔據了這些銷售額的約 95%。

Excluding COVID testing sales, worldwide diagnostics grew over 11% in the fourth quarter. Growth in the quarter was led by rapid diagnostics where excluding COVID-19 tests, sales increased 30% compared to the prior year. As I mentioned earlier, during the pandemic, we significantly expanded the installed base of ID NOW and open new testing channels. This expanded footprint drove strong growth and supported testing needs when flu and other respiratory infection surged late last year. During this past year, we continued the rollout of Alinity, our innovative suite of diagnostic instruments and expand test menus across our platforms for immunoassay, clinical chemistry and molecular testing.

不包括 COVID 測試銷售，第四季度全球診斷增長超過 11%。本季度的增長是由快速診斷帶動的，其中不包括 COVID-19 測試，銷售額比上一年增長了 30%。正如我之前提到的，在大流行期間，我們顯著擴大了 ID NOW 的安裝基礎，並開闢了新的測試渠道。這種擴大的足跡推動了強勁的增長，並在去年底流感和其他呼吸道感染激增時支持了檢測需求。在過去的一年裡，我們繼續推出 Alinity，這是我們創新的診斷儀器套件，並在我們的免疫測定、臨床化學和分子測試平台上擴展了測試菜單。

Moving to Established Pharmaceuticals or EPD, where sales increased 8% in the fourth quarter and over 10% for the full year. EPD continues to perform at a high level, having carved out an attractive growth space in the global pharmaceutical market, specifically our geographic focus on fast-growing emerging markets with a broad portfolio targeting attractive therapeutic areas. Strong performance in the quarter was led by double-digit growth across several geographies, including India, China, Brazil and Mexico.

轉到 Established Pharmaceuticals 或 EPD，第四季度銷售額增長 8%，全年增長超過 10%。 EPD 繼續保持高水平表現，在全球製藥市場開闢了一個有吸引力的增長空間，特別是我們在地理上專注於快速增長的新興市場，擁有針對有吸引力的治療領域的廣泛產品組合。本季度的強勁表現得益於多個地區的兩位數增長，包括印度、中國、巴西和墨西哥。

And I'll wrap up with medical devices where sales grew 7.5% in the fourth quarter and 8% for the full year. Growth in both the quarter and full year was led by double-digit growth in Electrophysiology, Structural Heart and Diabetes Care in the U.S. Internationally, sales growth was negatively impacted by COVID surges in China during the fourth quarter as well as lingering supply challenges in a couple of areas.

我將總結第四季度銷售額增長 7.5% 和全年增長 8% 的醫療設備。本季度和全年的增長都受到美國電生理學、結構性心臟和糖尿病護理領域兩位數增長的帶動。在國際上，銷售增長受到第四季度中國 COVID 激增的負面影響，以及美國持續存在的供應挑戰。幾個地區。

In Diabetes Care, fourth quarter sales of FreeStyle Libre, our market-leading continuous glucose monitoring system grew over 40% in the U.S. and global Libre sales reached $4.3 billion for the full year 2022. We continue to strengthen our medical device portfolio with numerous pipeline advancements and launches, including recent U.S. regulatory approvals of Aveir, our highly innovative leadless pacemaker used to treating people with slow heart rhythms, Eterna the smallest implantable, rechargeable spinal cord stimulation system currently available in the market for the treatment of chronic pain. FreeStyle Libre 3, which provides continuous glucose readings in the world's smallest and most accurate wearable sensor. Libre was recently named the best medical technology of the last 50 years by Galien Foundation. And finally, Navitor our latest generation transcatheter aortic heart valve replacement system.

在糖尿病護理方面，我們市場領先的連續血糖監測系統 FreeStyle Libre 第四季度的銷售額在美國增長了 40% 以上，2022 年全年全球 Libre 銷售額達到 43 億美元。我們繼續加強我們的醫療設備組合，擁有眾多管道進步和發布，包括最近美國監管部門批准的 Aveir，我們高度創新的無引線起搏器，用於治療心律緩慢的人，Eterna 是目前市場上用於治療慢性疼痛的最小的植入式、可充電脊髓刺激系統。 FreeStyle Libre 3，它在世界上最小、最準確的可穿戴傳感器中提供連續的葡萄糖讀數。 Libre 最近被 Galien Foundation 評為過去 50 年最好的醫療技術。最後，我們最新一代的經導管主動脈心臟瓣膜置換系統 Navitor。

So in summary, 2022 was another highly successful year for Abbott. We're optimistic about the early signs we're seeing of an improving operating environment and excited about the growth opportunities that lie ahead for all of our businesses, and we continue to strengthen our overall strategic position with a steady cadence of innovative technologies that are either in the early stages of launching or expected to launch over the course of this year.

因此，總而言之，2022 年對雅培來說又是非常成功的一年。我們對我們看到的經營環境改善的早期跡象感到樂觀，並對我們所有業務面臨的增長機會感到興奮，我們繼續通過穩定的創新技術來加強我們的整體戰略地位無論是在發射的早期階段還是預計在今年推出。

I'll now turn over the call to Bob. Bob?

我現在將電話轉給 Bob。鮑勃？

Thanks, Robert. As Scott mentioned earlier, please note that all references to sales growth rates, unless otherwise noted, are on an organic basis, which excludes the impact of foreign exchange. Turning to our results. Sales decreased 6.1% on an organic basis in the quarter. COVID testing-related sales were $1.1 billion in the quarter, which, while stronger than the forecast provided back in October, reflect a year-over-year decline versus sales in the fourth quarter of the prior year. Excluding both COVID testing-related sales and U.S. infant formula sales that were impacted by manufacturing disruptions last year in our Nutrition business. Total Abbott sales increased 7.1% on an organic basis in the fourth quarter and 7.4% for the full year 2022.

謝謝，羅伯特。正如斯科特之前提到的，請注意，除非另有說明，否則所有提及的銷售增長率都是有機的，不包括外彙的影響。轉向我們的結果。本季度銷售額有機下降 6.1%。本季度與 COVID 測試相關的銷售額為 11 億美元，雖然強於 10 月份提供的預測，但與去年第四季度的銷售額相比有所下降。不包括去年我們營養業務中受製造中斷影響的 COVID 測試相關銷售和美國嬰兒配方奶粉銷售。雅培總銷售額在第四季度有機增長 7.1%，2022 年全年增長 7.4%。

Foreign exchange had an unfavorable year-over-year impact of 5.9% on fourth quarter sales, which resulted in a somewhat favorable impact on sales compared to exchange rates at the time of our earnings call in October as we saw the dollar weaken a bit late last year.

外匯對第四季度銷售額產生了 5.9% 的同比不利影響，與我們 10 月份財報電話會議時的匯率相比，這對銷售額產生了一定程度的有利影響，因為我們看到美元走弱有點晚去年。

Regarding other aspects of the P&L for the quarter, the adjusted gross margin ratio was 55.6% of sales, which reflects the impact of the nutrition manufacturing disruptions and inflation we've experienced on certain manufacturing and distribution costs across our businesses. Adjusted R&D investment was 6.5% of sales and adjusted SG&A expense was 28% of sales in the fourth quarter.

關於本季度損益的其他方面，調整後的毛利率為銷售額的 55.6%，這反映了我們所經歷的營養生產中斷和通貨膨脹對我們業務的某些製造和分銷成本的影響。調整後的研發投資佔第四季度銷售額的 6.5%，調整後的 SG&A 費用佔銷售額的 28%。

Turning to our outlook for the full year 2023. Today, we issued guidance for full year ongoing earnings per share of $4.30 to $4.50. For the year, we forecast organic sales growth excluding the impact of COVID testing-related sales to be in the high single digits. We forecast COVID testing-related sales of around $2 billion with around $750 million forecasted in the first quarter. Based on current rates, we would expect exchange to have an unfavorable impact of approximately 1% on our reported full year sales, which includes an expected unfavorable impact of approximately 3% on our first quarter reported sales.

轉向我們對 2023 年全年的展望。今天，我們發布了全年持續每股收益 4.30 美元至 4.50 美元的指引。對於這一年，我們預測不包括與 COVID 測試相關的銷售額的影響的有機銷售額增長將處於高個位數。我們預測與 COVID 測試相關的銷售額約為 20 億美元，其中第一季度預計約為 7.5 億美元。根據當前匯率，我們預計匯率會對我們報告的全年銷售額產生約 1% 的不利影響，其中包括對我們第一季度報告銷售額的預期不利影響約 3%。

We forecast an adjusted gross margin ratio for the full year of approximately 56% of sales. Also for the year, we forecast R&D investment of around $2.5 billion and SG&A investment of around $11 billion, which reflects investments to support several ongoing and upcoming new product launches and strategic growth initiatives. We forecast net interest expense of around $300 million, nonoperating income of around $450 million and a full year adjusted tax rate of approximately 14% for the year.

我們預測全年調整後的毛利率約為銷售額的 56%。同樣在這一年，我們預測研發投資約為 25 億美元，SG&A 投資約為 110 億美元，這反映了為支持多項正在進行和即將推出的新產品發布和戰略增長計劃而進行的投資。我們預測淨利息支出約為 3 億美元，營業外收入約為 4.5 億美元，全年調整後的稅率約為 14%。

As Robert mentioned, the strength and resiliency of our business, particularly since the start of the pandemic has allowed us to concurrently invest in our strategic priorities, provide strong return to our shareholders and further strengthen our financial health, which provides a strong base on which to grow the company going forward.

正如羅伯特所提到的，我們業務的實力和彈性，特別是自大流行開始以來，使我們能夠同時投資於我們的戰略重點，為我們的股東提供豐厚的回報，並進一步加強我們的財務健康，這為我們提供了堅實的基礎使公司向前發展。

With that, we'll now open the call for questions.

有了這個，我們現在將打開問題電話。

(Operator Instructions) And our first question will come from Robbie Marcus from JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的羅比馬庫斯。

Robert, maybe to kick it off, I appreciate the guidance, but there's a lot of moving parts through the different business lines with macro involved with a lot of new product launches involved. Maybe you could just build up how we should be thinking about how you came up with the guidance range on both the top and bottom lines given all the moving parts?

羅伯特，也許是為了啟動它，我很欣賞你的指導，但是不同的業務線有很多移動部分，宏觀涉及許多新產品發布。也許你可以建立我們應該如何考慮你是如何在考慮到所有移動部分的情況下在頂線和底線得出指導範圍的？

Sure. I mean there's obviously a macro environment here that's been complex, and you've mentioned it. And as I said -- as I said in my remarks, and I think they've gotten significantly better versus where we were in October when -- on our last earnings call. So I think that we've factored some of that improvement and some of that stabilization in there. I mean, I don't necessarily think that we've got too many moving parts here. I mean obviously, we run a -- the company has got a lot of business and business segments. But I mean, if you look at really the 2 areas I would say, Robbie, that kind of have had this effect of maybe sometimes distorting the results a little bit is our COVID testing business and the impact of the recall products last year, right?

當然。我的意思是這裡顯然有一個複雜的宏觀環境，你已經提到了。正如我在上次財報電話會議上所說的那樣——正如我在發言中所說的那樣，我認為與我們 10 月份的情況相比，它們已經好得多了。所以我認為我們已經考慮了其中的一些改進和一些穩定性。我的意思是，我不一定認為我們這裡有太多活動部件。我的意思是，很明顯，我們經營著——公司有很多業務和業務部門。但我的意思是，如果你真的看一下我會說的兩個領域，羅比，我們的 COVID 測試業務和去年召回產品的影響可能會產生這種影響，有時會稍微扭曲結果，對吧？

So from a COVID perspective in 2022, we actually sold more tests than we sold in 2021, and then obviously, the impact of Recall products, that was a negative. Both of those flip next year. So if you take those out of the equation, you kind of go back to what we were growing pre-pandemic, right, which was top tier, high single digits, 7% to 8% growth. That's what we grew in 2022, again excluding COVID and the impact of the recall products. And then if you take that comp out on the recall product side this year as we return to market, and look at the base business, obviously, without the COVID testings, we're going to be growing high single digits, probably at a higher end of that pre-pandemic rate, probably 8-plus percent.

因此，從 2022 年 COVID 的角度來看，我們實際上銷售的測試比 2021 年銷售的更多，然後顯然，召回產品的影響是負面的。明年這兩個都會翻轉。因此，如果你把這些排除在等式之外，你就會回到我們在大流行前的增長，對，這是頂級的，高個位數，7% 到 8% 的增長。這就是我們在 2022 年的增長，再次排除 COVID 和召回產品的影響。然後，如果你在今年我們重返市場時將召回產品方面的補償排除在外，看看基礎業務，顯然，如果沒有 COVID 測試，我們將實現高個位數增長，可能會更高結束大流行前的比率，可能超過 8%。

So I think it starts with the top line. And that's probably the #1 part of our guidance is obviously making sure that we feel that our top line is taking advantage of all the good parts, all the good product launches, et cetera, that we have. And from that perspective, I think a lot of what we're doing kind of supports that ongoing -- that ongoing high single-digit growth rate.

所以我認為它從頂線開始。這可能是我們指導的第一部分顯然是確保我們覺得我們的頂線正在利用我們擁有的所有好的部分，所有好的產品發布等等。從這個角度來看，我認為我們正在做的很多事情都支持這種持續不斷的高個位數增長率。

If you look at our device portfolio, we'll be looking at high single-digit growth rate, low double-digit growth rate, a combination of both kind of recovery, the steady recovery procedures that we're seeing combined with all these product launches that we've got lined up that will ultimately have a full year impact, whether it's Libre 3, Amulet, Aveir, Navitor, CardioMEMS, Eterna on the neuromodulation side, our mapping system in EP, we're going to launch a new ablation catheter.

如果你看看我們的設備組合，我們會看到高個位數增長率，低兩位數增長率，兩種複甦的結合，我們看到的穩定復甦程序與所有這些產品相結合我們已經排好隊的發射最終將產生全年的影響，無論是 Libre 3、Amulet、Aveir、Navitor、CardioMEMS、神經調節方面的 Eterna，我們在 EP 中的映射系統，我們將推出一個新的消融導管。

So the device portfolio is well set up to be able to drive those high single -- sorry, high single-digit, low double-digit growth rate. And I think we're going to continue to see strong performance in EPD. I think as the world continues to reopen, those emerging markets continue to be a great opportunity for us. We've strengthened our position in diagnostics throughout these years, and we'll see continued successful rollout of Alinity in our core molecular diagnostics and recovery and infant formula 2.

因此，設備組合設置得很好，能夠推動那些高單數——抱歉，高個位數，低兩位數的增長率。而且我認為我們將繼續看到 EPD 的強勁表現。我認為隨著世界繼續重新開放，這些新興市場對我們來說仍然是一個很好的機會。這些年來，我們加強了我們在診斷領域的地位，我們將看到 Alinity 在我們的核心分子診斷和恢復以及嬰兒配方奶粉 2 中繼續成功推出。

So I think you put all that in place, our core business, Abbott that we knew pre-pandemic is actually stronger than we were pre-pandemic with the investments that we made. And I think that's the other part of, I guess, in the P&L, if you look at what we've been able to do this year is because of COVID and the investments that we made during COVID in these growth areas, we're able to drive this high single-digit growth across the company with a fairly flat investment line, whether it's R&D and SG&A. So really getting the leverage across the businesses.

所以我認為你把所有這些都落實到位，我們的核心業務，我們知道大流行前的雅培實際上比我們在大流行前所做的投資更強大。而且我認為這是另一部分，我想，在損益表中，如果你看看我們今年能夠做的事情是因為 COVID 以及我們在 COVID 期間在這些增長領域所做的投資，我們是能夠以相當平坦的投資線推動整個公司的這種高個位數增長，無論是研發還是 SG&A。因此，真正獲得跨業務的影響力。

So I mean, I think it really starts with our top line and the confidence we have and the products we're launching, the pipeline, the position we have. And then COVID, we forecast about $2 billion next year, and I think that's the right number right now. Obviously, we see kind of society transitioning here. We've got a strong installed base. We've got manufacturing capacity. We haven't factored in any kind of real surge but if that happens, we do have the capacity to be able to do that.

所以我的意思是，我認為這真的從我們的收入和我們擁有的信心以及我們推出的產品、管道和我們所擁有的位置開始。然後是 COVID，我們預測明年約為 20 億美元，我認為現在這個數字是正確的。顯然，我們在這裡看到了某種社會的轉變。我們擁有強大的安裝基礎。我們有製造能力。我們沒有考慮任何形式的真正激增，但如果發生這種情況，我們確實有能力做到這一點。

So I'd say those are some of the moving pieces there. But fundamentally, we're in a real strong position in terms of our long-term growth opportunities, leading positions in these attractive growth areas, strong pipeline, which I'm sure we'll get into some of them and a strong balance sheet. So that's how this has been constructed, and I think that we're in a good position here.

所以我想說那些是那裡的一些動人的作品。但從根本上說，我們在長期增長機會、在這些有吸引力的增長領域的領先地位、強大的管道方面處於真正的強勢地位，我相信我們會進入其中的一些以及強大的資產負債表.這就是構建的方式，我認為我們在這里處於有利位置。

Great. Really helpful. Maybe one for Bob. You gave us the full year guide and you gave some commentary down the P&L, which is really helpful. But how should we be thinking about some of the quarterly cadence here? How FX flows, what is FX on the bottom line? And how did that compare to '22? And any just things we should be thinking about first half versus second half on the P&L?

偉大的。真的很有幫助。也許一個給鮑勃。您為我們提供了全年指南，並對損益表進行了一些評論，這真的很有幫助。但是我們應該如何考慮這裡的一些季度節奏？外匯如何流動，外匯到底是什麼？與 22 年相比如何？關於損益表的上半年和下半年，我們應該考慮哪些事情？

Yes. So if you think about the kind of the cadence of our business for 2023, it really starts with the top line and some of the things that Robert kind of talked about. First, we have a lot of the new product launch activity, especially in our medical device businesses. You got products that either launched last year, we'll be launching this year. I'm sure we'll talk about some of those on the call today. So you'll see the impact of those launches kind of grow over the course of the year, kind of feather into that top line.

是的。因此，如果你考慮一下我們 2023 年業務的節奏，它實際上是從頂線和羅伯特談到的一些事情開始的。首先，我們有很多新產品發布活動，尤其是在我們的醫療器械業務方面。你有去年推出的產品，我們將在今年推出。我相信我們今天會在電話會議上討論其中的一些內容。所以你會看到這些發布的影響在一年中有所增長，有點像羽毛一樣進入頂線。

Secondly, we are seeing a steady improvement in procedure trends in the U.S. and Europe. We've been seeing that and we expect to continue to see kind of a steady improvement there on procedure trends over the course of the year. In our Nutrition business, we will see improvement as we continue to supply the market, in particular, the non-WIC segment of the infant formula market in the U.S. And so will recover share there. And so we'll have the impact of that over the course of the year.

其次，我們看到美國和歐洲的程序趨勢在穩步改善。我們已經看到了這一點，我們希望在這一年中繼續看到程序趨勢的穩步改進。在我們的營養業務中，隨著我們繼續供應市場，特別是美國嬰兒配方奶粉市場的非 WIC 部分，我們將看到改善，因此將恢復那裡的份額。因此，我們將在這一年中產生影響。

For China, Robbie, I'd say we've assumed a softer start in Q1 given some of the dynamics there at the start of this year, but we anticipate that will improve over the course of the year. And so all those changes -- all those impacts on the top line as that builds over the course of the year will flow through to earnings as Robert talked about we're going to get leverage in the middle here. And so for the first quarter, we're -- we think earnings will be approximately $1, and then we'll build from there.

對於中國，Robbie，我想說的是，鑑於今年年初那裡的一些動態，我們假設第一季度的開局較為溫和，但我們預計這一情況將在今年有所改善。因此，所有這些變化——所有這些在一年中積累的對收入的影響都將流入收益，因為羅伯特談到我們將在這裡獲得槓桿作用。因此，對於第一季度，我們 - 我們認為收益將約為 1 美元，然後我們將從那裡建立。

On your question on foreign exchange, rates have improved a bit recently, but exchange is still a headwind, particularly on earnings. At current rates, as I said in my opening remarks, exchange is approximately a 1% headwind on sales. EPS, it's a little bit more than $0.30 headwind for us in 2023. The fall-through impact move like we have seen over the last year is always complex. Translation is just a piece of the impact. And while that has improved from where we were a few months ago, it still remains a headwind. One of the biggest drivers that we're seeing is the impact from our hedging program.

關於你關於外彙的問題，最近匯率有所改善，但匯率仍然是一個不利因素，尤其是在收益方面。按照目前的匯率，正如我在開場白中所說，匯率對銷售額的影響大約為 1%。每股收益，這對我們來說在 2023 年略高於 0.30 美元的逆風。就像我們在去年看到的那樣，跌破影響的走勢總是很複雜。翻譯只是影響的一部分。雖然這比我們幾個月前的情況有所改善，但它仍然是一個不利因素。我們看到的最大驅動因素之一是我們對沖計劃的影響。

We realized pretty significant hedging gains last year that won't repeat this year. And you can really see the impact of those hedging gains on our 2022 results. Last year, there was a pretty significant exchange headwind on sales, a little over 5% or $2.1 billion, but a fairly modest impact on earnings, it was less than $0.10. And that was really the benefit we realized last year on those hedging gains that won't repeat in 2023. That's not a unique dynamic that we're seeing. We're seeing that from some other multinationals as well.

去年我們實現了相當可觀的對沖收益，今年不會重演。你真的可以看到這些對沖收益對我們 2022 年業績的影響。去年，匯率對銷售額造成了相當大的不利影響，略高於 5% 或 21 億美元，但對收益的影響相當溫和，不到 0.10 美元。這確實是我們去年從那些不會在 2023 年重現的對沖收益中實現的好處。這並不是我們所看到的獨特動態。我們也從其他一些跨國公司看到了這一點。

And our next question will come from Larry Biegelsen from Wells Fargo.

我們的下一個問題將來自 Wells Fargo 的 Larry Biegelsen。

Robert, I feel compelled to ask about Libre again, just given how important it is. So maybe I'd like to hear from you the outlook for 2023. How should we think about worldwide growth? Can it exceed 20% this year? And can you talk about international, where you've been negatively impacted by the supply issues and the transition to Libre 3 in Germany, when do you expect those issues to be resolved? And just the growth drivers like basal and the vitamin C, resolution, what are some of the growth drivers to look forward to this year for Libre? And I had one follow-up.

羅伯特，考慮到它的重要性，我覺得有必要再次詢問 Libre。所以也許我想听聽您對 2023 年的展望。我們應該如何考慮全球增長？今年能超過20%嗎？你能談談國際上的供應問題和德國向 Libre 3 的過渡帶來的負面影響嗎，你預計這些問題什麼時候能得到解決？僅基礎和維生素 C、分辨率等增長驅動因素，今年 Libre 有哪些增長驅動因素值得期待？我有一個後續行動。

Sure, Larry. Well, I think Libre had another great year, full year growth of over 21% strong growth in the U.S. over 42% and international kind of grew in those mid-teens number. We were impacted a little bit by back orders, as you said, on the international side. And I'd say probably a little bit more on our early generation products so kind of Libre 1 was that. We had a significant improvement in that situation in Q4. I expect 1 or 2 more months of until we can completely resolve that, but a significant improvement over there on our international performance.

當然，拉里。好吧，我認為 Libre 又迎來了一個偉大的一年，全年增長超過 21%，在美國強勁增長超過 42%，國際上的增長在這些十幾歲的數字中有所增長。正如您所說，在國際方面，我們受到延期交貨的影響。而且我想說的可能更多關於我們的早期產品，所以 Libre 1 就是這樣。我們在第四季度的情況有了顯著改善。我預計還需要 1 或 2 個月的時間才能完全解決這個問題，但我們的國際表現將有顯著改善。

I think one of the key things on the international side is it was a little bit of this supply chain on chips that we had, like that I said, is mostly behind us. The other part of it is the upgrade cycle, right? And when you go with an accelerated upgrade cycle versus with Libre 3 that we did from Libre 2 in some of our key markets, when we went from Libre 1 to Libre 2, we let that upgrade kind of somewhat happen naturally. And that takes about 1.5 years, 2 years to a complete. For Libre 3, we wanted to go more aggressively in some of these markets. So that takes our sales force away from new demand generation to making sure that we can get the scripts and do all the behind-the-scenes work for those upgrades.

我認為國際方面的一個關鍵問題是，我們擁有的芯片供應鏈有一點，就像我說的，大部分已經落後於我們了。另一部分是升級週期，對吧？當你加速升級週期與我們在一些主要市場從 Libre 2 開始的 Libre 3 相比時，當我們從 Libre 1 到 Libre 2 時，我們讓這種升級有點自然發生。這需要大約 1.5 年，2 年才能完成。對於 Libre 3，我們希望在其中一些市場上更加積極進取。因此，這使我們的銷售人員不再需要生成新的需求，而是確保我們可以獲得腳本並為這些升級完成所有幕後工作。

So that's -- I would say that's still ongoing, but I'd call it about 80% to 85% complete. So then that allows us starting now in 2023 on the international side to start kind of driving new additions here. So I'd say, I expect continued growth in the U.S. in terms of market expansion, basal opportunity, I think, is a great opportunity, and I think it will start in the U.S. But I think we're seeing that also internationally. And now that we've got the supply chain issue largely behind us, and the upgrade cycle, again, largely behind us, we can forecast our demand generation activities on new users.

這就是——我會說這仍在進行中，但我認為它已經完成了大約 80% 到 85%。因此，這使我們能夠從 2023 年現在開始在國際方面開始推動新的增加。所以我想說，我預計美國在市場擴張方面會持續增長，我認為基礎機會是一個很好的機會，我認為這將從美國開始，但我認為我們也在國際上看到了這一點。現在我們已經基本解決了供應鏈問題，而且升級週期也基本上已經過去了，我們可以預測我們對新用戶的需求生成活動。

So I think that, that's one key driver of growth for us. Can we see a path for another 20% growth in 2023? Yes, I can. And I think there's a lot of opportunities of growth. I think one of them that you mentioned being the basal expansion is a significant opportunity. I think we've been leading the charge over here, Larry, in terms of generating the clinical data that's required to be able to support reimbursement. It will start, I think, in the U.S., but I don't think it will be a U.S.-only phenomenon.

所以我認為，這是我們增長的一個關鍵驅動力。我們能否看到 2023 年再增長 20% 的路徑？我可以。我認為有很多增長機會。我認為你提到的其中之一是基礎擴展是一個重要的機會。我認為我們一直在這裡帶頭，拉里，在生成能夠支持報銷所需的臨床數據方面。我認為它將在美國開始，但我不認為這將是美國獨有的現象。

But in the U.S., we'll probably start first. You've got about 4 million type 2 basal patients, in the U.S., about 1/3 of them are Medicare. And even if you assume a reasonable market penetration, you also have to assume difference in annual utilization rates versus type 1 an MDI or a pumper. But even if you take all that into consideration, the opportunity starts with a $1 billion and it can range depending on the speed and the uptake of that.

但在美國，我們可能會先開始。在美國，你有大約 400 萬 2 型基礎患者，其中大約 1/3 是醫療保險。即使您假設市場滲透率合理，您也必須假設年利用率與 1 型 MDI 或泵的差異。但即使你將所有這些都考慮在內，機會也從 10 億美元開始，它的範圍取決於速度和接受程度。

So I think this is a great growth opportunity. And like I said, I don't think it's a U.S.-only situation. I think this is going to start to expand across the world, given the clinical data that you see with Libre and the impact that it has. So I think this is another great opportunity for us.

所以我認為這是一個很好的增長機會。就像我說的，我認為這不僅僅是美國的情況。鑑於您在 Libre 中看到的臨床數據及其產生的影響，我認為這將開始在全球範圍內擴展。所以我認為這對我們來說是另一個很好的機會。

The vitamin C issue that you asked, we've submitted our response. We're working with the FDA on this, and I'm not going to try and forecast that approval. But what I would say is that as soon as that gets approved, then we'll start to see the product with a couple of quarters connect to ID pump systems. We have already launched a connected ID system, AID system in Europe, initial results of the receptivity of that product -- of that combined product in Europe has been very favorable. So I think that's another key growth driver for us in 2023.

您提出的維生素 C 問題，我們已經提交了回复。我們正在就此與 FDA 合作，我不會嘗試預測該批准。但我要說的是，一旦獲得批准，我們就會開始看到有幾個季度連接到 ID 泵系統的產品。我們已經在歐洲推出了一個連接的 ID 系統、AID 系統，該產品的接受度的初步結果——歐洲的組合產品非常受歡迎。所以我認為這是我們 2023 年的另一個關鍵增長動力。

And then finally, I would say on the pipeline perspective, I don't think it's a 2023 milestone for sales, but I think it's an important development activity for us is going to be the running our trial for the combined glucose-ketone sensor with the FDA and generating the data to support a dual sensor because I think, again, as I've mentioned, it seems to be the go-to sensor for pumpers will be this ability to measure glucose and ketones and factoring that into the algorithms. So that's going to be -- that's obviously having a lot of focus of us in terms of running that trial.

最後，我想說的是，從管道的角度來看，我認為這不是 2023 年的銷售里程碑，但我認為這對我們來說是一項重要的開發活動，將運行我們的葡萄糖-酮組合傳感器試驗FDA 並生成數據以支持雙傳感器，因為我認為，正如我已經提到的，它似乎是抽水機的首選傳感器，它將具有測量葡萄糖和酮的能力並將其納入算法。所以這將是 - 這顯然是我們在運行該試驗方面的重點。

And then finally, I would say, outside of Libre, the lingo platform is another kind of key growth driver for us. I've talked about expanding Libre, the Libre platform outside of diabetes and using this more broadly for a much more broader target. We have a separate team that's been working on that development, Larry. We will be launching 2 Lingo products this year.

最後，我想說，在 Libre 之外，行話平台是我們的另一種關鍵增長動力。我已經談到了擴展 Libre，即糖尿病以外的 Libre 平台，並將其更廣泛地用於更廣泛的目標。拉里，我們有一個獨立的團隊一直致力於該開發。今年我們將推出 2 款 Lingo 產品。

In Europe, I'd say the first one will probably be in the first half of this year and the second one in the second half. So I've talked about Libre being a $10 billion product by 2028 that implies a 15% annual growth rate. We'll do better than that this year. And I think the opportunities we have to be able to drive to that kind of revenue for this product are very real.

在歐洲，我想說第一個可能會在今年上半年，第二個可能會在下半年。所以我談到 Libre 到 2028 年將成為價值 100 億美元的產品，這意味著年增長率為 15%。今年我們會做得更好。而且我認為我們必須能夠為該產品帶來這種收入的機會是非常真實的。

And I think we've been executing very strongly on all these areas.

我認為我們在所有這些領域都執行得非常好。

That's super helpful. Just one brief follow-up. You talked about being excited about the TriClip opportunity at JPMorgan. I think it was just a month. I know it's limited in what you can say because you're presenting the TRILUMINATE data at ACC. But how are you thinking about that opportunity relative to mitral? Do you still -- and do you still expect approval in the U.S. by year-end '23?

這非常有幫助。只是一個簡短的跟進。你談到了對摩根大通的 TriClip 機會感到興奮。我想這只是一個月。我知道你能說的是有限的，因為你在 ACC 上展示了 TRILUMINATE 數據。但你如何看待與二尖瓣相關的機會？你仍然 - 你仍然希望在 23 年底之前在美國獲得批准嗎？

I think it's a great opportunity for us. And I think that we've shown that we're definitely here one of the leaders when it comes to clip-based heart valve repair market. And do I think it's -- do I think it's -- it could be bigger than mitral? I'm not sure I would go that far yet.

我認為這對我們來說是一個很好的機會。而且我認為我們已經表明，在基於夾子的心臟瓣膜修復市場上，我們絕對是這裡的領導者之一。我認為它是——我認為它是——它可能比二尖瓣更大嗎？我不確定我會走那麼遠。

But I would say that the uptake of the tricuspid repair market, I think, will be faster than the uptake for the mitral just because I think when Mitra was launched, it was the first repair system and now you have a large group of implanting physicians that are familiar with the clip technology are familiar with mapping that clip technology and the procedure. We did make some changes to the delivery device for the clip, it's a little different anatomy, a little bit more challenging to get there with the clip in the tricuspid area. But I think that it's a great opportunity.

但我想說三尖瓣修復市場的吸收，我認為，將比二尖瓣的吸收更快，因為我認為當 Mitra 推出時，它是第一個修復系統，現在你有一大群植入醫生熟悉夾技術的都熟悉映射夾技術和程序。我們確實對夾子的傳送裝置做了一些改變，它的解剖學有點不同，在三尖瓣區域用夾子到達那裡更具挑戰性。但我認為這是一個很好的機會。

I mean, I think there's 3 million people today that suffer from tricuspid regurgitation. There's not a lot of really good options available for treatment which is why we invested in the trial here in the U.S. to bring products to the trial. Like you said, we're going to be presenting that in a couple of months. And I think it's a great opportunity for us. We've already seen real nice traction of that in Europe. We launched that in 2021. The team wanted to launch it right in COVID.

我的意思是，我認為今天有 300 萬人患有三尖瓣反流。沒有太多真正好的治療選擇，這就是為什麼我們在美國投資試驗以將產品用於試驗。就像你說的，我們將在幾個月後展示它。我認為這對我們來說是一個很好的機會。我們已經在歐洲看到了這方面的巨大吸引力。我們在 2021 年推出了它。團隊希望在 COVID 中推出它。

And I must say at the beginning, I was somewhat against that but they proved me wrong and the product's done really well in Europe. So I think this is another great opportunity for us here in the U.S., too. So we're not ignoring MitraClip, it's part of our entire portfolio. And I think the combination of those 2 products in the implanting physician will be very powerful for Abbott.

我必須說，一開始我有點反對，但他們證明我錯了，而且該產品在歐洲做得非常好。所以我認為這對我們在美國來說也是另一個很好的機會。所以我們不會忽視 MitraClip，它是我們整個產品組合的一部分。我認為植入醫生中這兩種產品的組合對雅培來說將非常強大。

And our next question will come from Josh Jennings from Cowen.

我們的下一個問題將來自 Cowen 的 Josh Jennings。

Robert, I was hoping just to follow up on Larry's question just on Libre, but just thinking more kind of in the out years and this $10 billion target that you've set. I think maybe just -- I think you outlined everything for 2023, probably holds true for over the next 5 years. But just if you could reiterate your confidence we're not in that $10 billion out-year target? And just you expect consolidation between pump and CGM companies. And maybe it would be just great to hear strategic rationale of whether a combined pump CGM offering under one roof would be advantageous for either Abbott or another company?

羅伯特，我希望只是跟進拉里關於 Libre 的問題，但只是想更多地考慮未來幾年和你設定的 100 億美元目標。我想也許只是 - 我認為你概述了 2023 年的一切，可能適用於未來 5 年。但是，如果您能重申您的信心，我們不會實現 100 億美元的年度目標？只是你期望泵和 CGM 公司之間的整合。也許聽到關於在同一屋簷下提供組合泵 CGM 是否對雅培或另一家公司有利的戰略理由會很棒？

And then the second question is just on Navitor and the launch here in the United States. What would represent a win for Abbott from a U.S. share gain perspective? And what segment is the low-hanging fruit considering the current label? Is it the elderly patients that don't have a long life expectancy that are high risk or even intermediate risk and how do you expect the Navitor launch to play out and add to the macro device growth in 2023?

然後第二個問題是關於 Navitor 和在美國的發射。從美國股票收益的角度來看，什麼代表雅培的勝利？考慮到當前的標籤，哪個部分是唾手可得的果實？預期壽命不長的老年患者是否屬於高風險甚至中等風險？您預計 Navitor 的推出將如何發揮作用並增加 2023 年的宏觀設備增長？

Sure. Well, I mean, I guess on Libre, to your question on how to get to $10 billion by 2028, I mean, the math will say 15%, right. How do you get 15%. I mean there are real 3 key areas, and I talked a little bit about them. But I'd say, first of all, it's to continue to have a dominant share in the heavy insulin user segment. We have that today with the non-pumpers with the MDI both in the U.S. and globally, internationally. So the real focus there becomes, okay, how do we focus now on the pumper segment and the connectivity over there. And like I said, I think we'll do that with a little bit of catch-up with Libre 2 in terms of what is currently offered in the market.

當然。好吧，我的意思是，我想在 Libre 上，對於你關於如何到 2028 年達到 100 億美元的問題，我的意思是，數學會說 15%，對吧。你如何獲得15%？我的意思是有 3 個真正的關鍵領域，我談了一些。但我要說的是，首先，它將繼續在大量胰島素用戶群體中佔據主導地位。今天，我們在美國和全球、國際上都擁有使用 MDI 的非抽水機。所以那裡真正的焦點變成了，好吧，我們現在如何關注泵浦部分和那裡的連接性。就像我說的，我認為我們會在目前市場上提供的產品方面稍微趕上 Libre 2。

But then to leapfrog that, I think the combined sensor, glucose-ketone sensor is ultimately the way we'll play. And we'll see what pump company is going to want to line up to be first on that connectivity if and once we get that approval because again, I continue to hear from KOLs the importance of that product for the pumper segment. So the second part is the basal expansion.

但為了超越這一點，我認為組合傳感器、葡萄糖-酮傳感器最終是我們的遊戲方式。如果我們獲得批准，我們將看到哪家泵公司將希望排在第一位，因為一旦我們獲得批准，因為我再次從 KOL 那裡聽到該產品對泵機領域的重要性。所以第二部分是基礎擴張。

And like I said, you can look at the basal population globally, assume a certain rate globally, a certain utilization rate, and that adds a significant amount of growth to that number. And then the third piece of that is really expanding Libre beyond just diabetes and looking at the Lingo platform. So the adding up and the execution of those strategies are what ultimately gives us confidence that we can get there and we can sustain that 15% growth rate over the next kind of 5 years.

就像我說的，你可以看看全球的基礎人口，假設全球有一定的比率，一定的利用率，這會大大增加這個數字。然後第三部分是真正將 Libre 擴展到糖尿病之外，並著眼於 Lingo 平台。因此，這些戰略的加總和執行最終讓我們有信心實現目標，並且我們可以在未來 5 年內保持 15% 的增長率。

Regarding your questions on pumps, listen, I think that it's an important segment. It's one that benefits quite significantly from a combined system. We're now -- we're focusing more aggressively on that. As it relates to an all in one, I think the market has spoken in terms of -- the pumpers want choice. They want to be able to choose what is the best sensor pump combination. And so I think right now, my view on that is the consumers have spoken, the market has spoken, the regulators spoken, they want that interchangeability. And I think that our focus will be on providing the best sensor for the pump systems that are out there.

關於你關於泵的問題，聽著，我認為這是一個重要的部分。這是一個從組合系統中受益匪淺的系統。我們現在 - 我們正在更加積極地關注這一點。由於它與一體機有關，我認為市場已經表明——泵機需要選擇。他們希望能夠選擇最佳的傳感器泵組合。所以我認為現在，我的觀點是消費者已經發聲，市場已經發聲，監管機構已經發聲，他們想要這種可互換性。我認為我們的重點將放在為現有的泵系統提供最好的傳感器上。

So that's -- I think I covered your Libre questions. I think you had a question on Navitor. Listen, we're excited about this. It's a large market. It's a large segment here in the U.S., it's about $3 billion. Our label is about 50% -- sorry, it's about 50% of the market because we're only approved right now for the high-risk patients. But it's got a strong clinical profile. I mean we'll be sharing data at CRP specifically to this, but I mean we've already released some data on it last year comparing it to other valve systems. So I think that we've been very intentional about wanting to enter this market and to do it in a way that is sustainable.

這就是——我想我已經涵蓋了你的 Libre 問題。我想你對 Navitor 有疑問。聽著，我們對此很興奮。這是一個很大的市場。這在美國是一個很大的部分，大約 30 億美元。我們的標籤大約佔 50%——對不起，它大約佔市場的 50%，因為我們現在只被批准用於高風險患者。但它具有很強的臨床特徵。我的意思是我們將在 CRP 上專門為此共享數據，但我的意思是我們去年已經發布了一些數據，將其與其他閥門系統進行比較。所以我認為我們一直非常有意進入這個市場並以可持續的方式進行。

Expectations, I mean, I've talked a little bit about this. There's obviously 2 pretty well entrenched players in the U.S. market. do I think that we can be a leader in 3, 4, 5 years, I think that might be difficult. But I think that we can come into this market and offer another choice, another opportunity that provides additional benefits or differentiated benefits versus other systems that allow us to pick up share.

期望，我的意思是，我已經談到了一點點。美國市場上顯然有 2 個根深蒂固的玩家。我是否認為我們可以在 3、4、5 年內成為領導者，我認為這可能很困難。但我認為我們可以進入這個市場並提供另一種選擇，另一種提供額外好處或差異化好處的機會，而不是讓我們獲得份額的其他系統。

If I look at where we are in Europe, we launched this in Europe, and we have high single-digit share in Europe. And we're not in all centers, we're in about half of the market. In the centers that we are implanted and available, our shares in the mid-teens. So you put that together, we're high single, but where we're competing, we're in the mid-teens. So I think this will be a ramp. I think we've got the sales force in place. We want to roll this out in a way that allows us to be sustainable in that strategy of being able to be a double-digit share gain over the next couple of years.

如果我看看我們在歐洲的位置，我們在歐洲推出了這個，我們在歐洲擁有很高的個位數份額。而且我們並不是在所有中心，我們在大約一半的市場中。在我們植入和可用的中心，我們的份額在十幾歲左右。所以你把它們放在一起，我們是高單身，但我們在競爭的地方，我們在十幾歲。所以我認為這將是一個斜坡。我認為我們的銷售人員已經到位。我們希望以一種使我們能夠在未來幾年內實現兩位數份額增長的戰略可持續發展的方式推出這一計劃。

And our next question will come from Joanne Wuensch from Citibank.

我們的下一個問題將來自花旗銀行的 Joanne Wuensch。

I have 2. The first one has to do with Nutrition. And if you could outline where the company is in terms of the recovery and when do you think it will return to growth? And then the second question has to do with the use of cash, what are your thoughts on it and where you are on share repurchases?

我有兩個。第一個與營養有關。如果您能概述一下公司在復蘇方面的進展情況，以及您認為它何時會恢復增長？然後第二個問題與現金的使用有關，您對此有何看法以及您對股票回購的看法如何？

Sure. Well, on Nutrition, as I said in the opening statements, production at Sturgis is up and running. The team is working around-the-clock, nonstop, very hard. Number 1 focus here, as I said, was to serve the customers, get product back on shelves. We started with WIC. The inventory levels on our WIC contracts are very good as we entered into Q4, and we then started to focus on our non-WIC brands, and that's progressed very well in the fourth quarter.

當然。好吧，關於營養，正如我在開場白中所說，斯特吉斯的生產已經啟動並運行。團隊日夜不停地工作，非常努力。正如我所說，這裡的第一要點是為客戶服務，讓產品重新上架。我們從 WIC 開始。當我們進入第四季度時，我們 WIC 合同的庫存水平非常好，然後我們開始關注我們的非 WIC 品牌，第四季度進展非常順利。

And as we go into this year, looking very good. So I would say, if you look at our growth rate, obviously, you've got this year-over-year comp. You're going to see the growth already in Q1, Joanne, right, because we were impacted last year in February. But I guess the right way to look at this is, okay, strip away the comp, strip away where this year-over-year effect of coming back on the market, et cetera, I expect our business -- our overall nutrition business to be growing at that pre-pandemic level between 4% and 6%.

當我們進入今年時，看起來非常好。所以我想說，如果你看看我們的增長率，顯然，你有這個同比增長。你會看到第一季度的增長，喬安妮，對，因為我們去年 2 月受到了影響。但我想正確的看待這個問題的方法是，好吧，剝離競爭，剝離回歸市場的年同比效應，等等，我希望我們的業務——我們的整體營養業務以 4% 到 6% 的大流行前水平增長。

Our market shares in WIC have largely recovered, and we're seeing a nice cadence of recovery in the non-WIC share here in the U.S. So I think you'll start to see that growth rate already on the print in Q1, obviously, in Q2 and Q3. But the important thing here is we're looking at our share and the share recovery is very much in line with our forecast that we've set for the full year. I'd like to see our market share get back to pre-pandemic levels by the end of the year. I'm sorry, what was your other question?

我們在 WIC 的市場份額已基本恢復，我們在美國看到非 WIC 份額的複蘇節奏很好。所以我認為你會開始看到第一季度已經出現的增長率，顯然，在第二季度和第三季度。但這裡重要的是我們正在研究我們的份額，並且份額的恢復非常符合我們為全年設定的預測。我希望看到我們的市場份額在年底前恢復到大流行前的水平。抱歉，你的另一個問題是什麼？

Use of cash and whether -- where would you stand on share repurchases?

現金的使用以及您是否會支持股票回購？

Sure. While use of cash talked about this. We've taken this balanced approach. I'd say if I were to kind of rank it in terms of use of cash, we're committed to growing a dividend, a strong and growing dividend. So that's probably #1 use of cash. We announced that increase of about 9% in our dividend last year. So that's I'll say is priority number one.

當然。在使用現金時談到了這一點。我們採取了這種平衡的方法。我想說，如果我要根據現金的使用對它進行排名，我們致力於增加股息，強勁且不斷增長的股息。所以這可能是#1 使用現金。我們宣布去年股息增加約 9%。所以我要說的是第一要務。

Number 2 is obviously ensuring that all of these new products that we've got launching are appropriately resourced in terms of manufacturing and a lot of our CapEx investments. On the buybacks, we did throughout the first 9 months of last year, we had about $3 billion of buybacks. And I'd say, we probably did a little bit of catch-up there, Joanne, in terms of catching up to some of the dilution as we were focusing on getting our leverage down post acquisition. So we do a little bit of catch-up there.

第二個顯然是確保我們推出的所有這些新產品在製造和我們的大量資本支出投資方面得到適當的資源。在回購方面，我們在去年的前 9 個月進行了大約 30 億美元的回購。而且我會說，我們可能在那裡做了一些追趕，喬安妮，在趕上一些稀釋方面，因為我們專注於降低收購後的槓桿作用。所以我們在那裡做了一些追趕。

And I'd say in terms of buybacks going forward, we'll be contemplating them and they'll be largely focused on offsetting any kind of dilution that we have this year. I'd say the other kind of key use here for us this year is going to be debt. We have some debt towers coming up, and we're not going to be renegotiating those just given interest rates. We want to move those off. So that's probably where you see the use of cash.

我要說的是，就未來的回購而言，我們會考慮它們，它們將主要集中在抵消我們今年的任何稀釋上。我想說今年我們在這裡的另一種關鍵用途是債務。我們有一些債務塔即將出現，我們不會重新談判那些剛剛給定利率的債務。我們想把它們移開。所以這可能就是您看到現金使用的地方。

On the M&A side, which I know is always a question, so I'll preempt anybody over there who's got that on their list. I talked about it where -- on several calls, we're interested. We're actively assessing the opportunities, whether it's tuck-in on up. Clearly, the valuations here have come down somewhat and I think they need to stabilize a little bit. But we have casted -- we casted a pretty wide net. Diagnostics devices are the areas where we have most interest.

在併購方面，我知道這始終是一個問題，所以我會先發製人。我在幾個電話中談到了它，我們很感興趣。我們正在積極評估機會，無論它是否在向上。顯然，這裡的估值有所下降，我認為它們需要稍微穩定下來。但我們已經撒了——我們撒了一張非常大的網。診斷設備是我們最感興趣的領域。

And again, if it financially makes sense for our shareholders, and it fits strategically, then we will -- we've got that strategic flexibility in our balance sheet to do that. And we're going to be looking at businesses where we can bring value, whether it's -- whether we can accelerate sales, whether we can enhance an R&D program or enhance its probably success, a growth area that we can build and have a path to building a position or even if it's just to augment our own existing pipeline. I think when we've taken that approach -- our track record shows that when we've taken that approach, it's largely been very successful for our shareholders.

再一次，如果它在財務上對我們的股東有意義，並且在戰略上也合適，那麼我們將 - 我們的資產負債表中具有戰略靈活性來做到這一點。我們將關注我們可以帶來價值的業務，無論是——我們是否可以加速銷售，我們是否可以加強研發計劃或提高其可能的成功，一個我們可以建立並有路徑的增長領域建立一個職位，或者即使它只是為了增加我們自己現有的管道。我認為當我們採用這種方法時——我們的往績表明，當我們採用這種方法時，它在很大程度上對我們的股東來說是非常成功的。

And our next question will come from Vijay Kumar from Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Vijay Kumar。

Robert. Maybe my first question on your organic growth assumptions here. I think I heard 8-plus is a reasonable number for '23. What is that assuming for any impact from China supply chain, any VBP impact? If you could just give us some assumptions around those macro factors that would be helpful.

羅伯特。也許我的第一個問題是關於你的有機增長假設。我想我聽說 8+ 是 23 歲的合理數字。假設來自中國供應鏈的任何影響、任何 VBP 影響是什麼？如果你能給我們一些關於那些有幫助的宏觀因素的假設。

Well, I'll let Bob talk a little bit about some of the potentially other macro factors. But the ones you've just mentioned here. I mean China, it's an important market for us, Vijay. It's an important growth market, and it's good that it's moved to a more kind of reopening play. I think that has not only a big impact for us in China, where we've got a strong position. I mean, we're not overly reliant, I'd say it's about less than 5% of our total sales. But nonetheless, it's an important kind of growth market for us.

好吧，我會讓鮑勃談談一些潛在的其他宏觀因素。但是你剛才在這裡提到的那些。我的意思是中國，它對我們來說是一個重要的市場，Vijay。這是一個重要的增長市場，它轉向一種更重開的市場是件好事。我認為這不僅對我們在中國有很大影響，我們在中國擁有強大的地位。我的意思是，我們並不過分依賴，我想說它只占我們總銷售額的不到 5%。但儘管如此，它對我們來說是一個重要的增長市場。

And I think that reopening in China is going to have a real positive spillover effect in other areas of the world. And I would say, predominantly in Asia, Southeast Asia, where we've got strong position in our EPD and in our Nutrition business and some device areas, too. So I think the overall opening of China is good. Like Bob said, there's going to be some choppiness in the first quarter because we're seeing a lot of cases, hospitalizations, et cetera. But I think as that moves -- starts to move down, I think we'll see a pretty strong rebound in our growth prospects over there.

我認為在中國重新開放將對世界其他地區產生真正積極的溢出效應。我會說，主要是在亞洲、東南亞，我們在 EPD 和營養業務以及一些設備領域也有很強的地位。所以我覺得中國整體的開放是好的。正如 Bob 所說，第一季度會出現一些波動，因為我們看到了很多病例、住院等等。但我認為，隨著這種趨勢開始下降，我認為我們的增長前景將出現相當強勁的反彈。

So the VBP that you mentioned, yes, I mean, that does have an impact. It's more restricted for 2023 in our electrophysiology business. So we'll feel a little bit of an impact there, but I think that the market opens up for us because of the strategy we took on VBP side. So I think it's net-net, it's going to be positive for us in the long term here, medium, long term in terms of that being an opportunity for us. We've seen this, Vijay. I mean, this happened to us -- this happened in the market with stents in 2019, in our vascular business. That business is back to what I would call pre VBP levels this year. So there's an impact.

所以你提到的 VBP，是的，我的意思是，它確實有影響。我們的電生理業務在 2023 年受到更多限制。所以我們會在那裡感受到一點影響，但我認為由於我們在 VBP 方面採取的戰略，市場為我們打開了大門。所以我認為這是淨網，從長遠來看，這對我們來說是積極的，中期，長期而言，這對我們來說是一個機會。我們已經看到了，Vijay。我的意思是，這發生在我們身上——這發生在 2019 年我們血管業務的支架市場上。該業務已恢復到我今年所說的 VBP 前水平。所以有影響。

In that case, we didn't necessarily win some of the contracts. In the case of VBP, we did win the contracts, so -- or a portion of the contract. So I'd say macro, yes, we've got some of these headwinds that we've talked about FX. I think Bob has already talked about it, inflation. But all those seem to be easing off a little bit and the recovery of the procedures and the pipeline and the product launch is a key growth driver for us.

在那種情況下，我們不一定會贏得一些合同。就 VBP 而言，我們確實贏得了合同，所以 - 或者部分合同。所以我想說宏觀，是的，我們有一些我們已經談論過的逆風。我想鮑勃已經談到了通貨膨脹。但所有這些似乎都在緩和一點，程序和管道的恢復以及產品發布是我們的關鍵增長動力。

Understood. And then Bob, one for you on the gross margins you're at 56%. That's a step down year-on-year. When I look at pre-pandemic, you guys were at 59%. Is there a simple bridge Bob on how much of this has been inflation, you did spoke for hedging impact. Is that all hitting your gross margin line? And why shouldn't inflationary pressures improve? And when can we start seeing gross margins creep back up to pre-pandemic levels?

明白了。然後是鮑勃，你的毛利率是 56%。這是同比下降的一步。當我看大流行前的時候，你們是 59%。鮑勃是否有一個簡單的橋樑，說明其中有多少是通貨膨脹，你確實談到了對沖影響。這一切都達到了你的毛利率嗎？為什麼通貨膨脹壓力不應該改善？我們什麼時候可以開始看到毛利率回升到大流行前的水平？

Yes. So the -- as I said in my opening remarks around 56% for the year. That's a modest step-up kind of from where we exited last year. As you would expect, Vijay, in this environment, there's a lot of different dynamics that multinationals are facing. We've got some headwinds. We've talked about those inflationary impact, how that flows through, including the inventory we built last year that will be sold this year. We talked about currency where we're going to -- we're not going to see a repeat of those hedging gains that we had in '22. So that's a -- that's a bit of a headwind there.

是的。所以——正如我在開場白中所說，今年大約有 56%。這是我們去年退出的適度升級。 Vijay，正如您所料，在這種環境下，跨國公司面臨著許多不同的動態。我們遇到了一些不利因素。我們已經討論了那些通貨膨脹的影響，它是如何流動的，包括我們去年建立的將在今年出售的庫存。我們談到了我們要去的地方的貨幣——我們不會看到我們在 22 年獲得的對沖收益重演。所以這是一個 - 那裡有點逆風。

On the positive side, I'd say the recovery we're forecasting in the U.S. infant nutrition business will contribute positively. And as that recovery occurs over the course of the year that will have a more positive impact. We also have gross margin improvement programs across all of our businesses that will help to offset some of those headwinds. And we're taking price where we can, I'd say, in our more consumer-facing businesses.

從積極的方面來看，我想說我們預測的美國嬰兒營養品業務的複蘇將做出積極貢獻。隨著這種複蘇在一年中發生，這將產生更積極的影響。我們還在所有業務中製定了毛利率改善計劃，這將有助於抵消其中的一些不利因素。我想說，在我們面向消費者的業務中，我們正在盡可能地定價。

And then finally, I'd say just the kind of from a mix standpoint, as we continue to see an acceleration in our medical device business with some of these new product launches. Those are higher gross margins than the overall company, and that will positively contribute to our gross margin. If you -- to your question about kind of where we pre pandemic in what we're guiding to this year kind of I'd say the biggest impact on a cumulative basis has really been inflation. And that's really the -- I'd say the big difference here in terms of where we're guiding right now, and where we were pre-pandemic. But as we continue to see an acceleration from a mix standpoint and continue to work at some of our costs, we'd expect over time to see that gross margin to continue to improve.

最後，我想說的是從混合的角度來看，因為我們繼續看到我們的醫療設備業務隨著其中一些新產品的推出而加速發展。這些毛利率高於整個公司，這將對我們的毛利率做出積極貢獻。如果你 - 關於我們今年的指導方針中我們在大流行之前的那種問題，我會說在累積基礎上最大的影響確實是通貨膨脹。這真的是——我想說的是，就我們現在的指導方向和大流行前的方向而言，這裡有很大的不同。但隨著我們繼續從混合的角度看到加速並繼續以我們的一些成本工作，我們預計隨著時間的推移毛利率將繼續提高。

And our next question will come from Travis Steed from Bank of America.

我們的下一個問題將來自美國銀行的 Travis Steed。

Just a follow-up to Vijay's question. On the inflation piece, is that still $1 billion baked into the $4.40 guidance? I just want to make sure I understand what's baked in on the gross margin line. And then anything to call out on the 2023 operating margin expansion some of the moving parts to get the op margin expansion there. It looks like 22% is kind of what's implied by the guide?

只是對 Vijay 問題的跟進。在通貨膨脹方面，4.40 美元的指導中是否仍有 10 億美元？我只是想確保我了解毛利率線上的內容。然後任何關於 2023 年營業利潤率擴張的事情都需要一些移動部件來實現營業利潤率的擴張。指南中暗示的似乎是 22%？

Yes. So yes, on the gross -- on the operating margin, yes, we're around 22% kind of where we were pre-pandemic. We're getting the high single-digit growth on the top line kind of in the -- excluding the COVID testing. We're getting leverage down the P&L, which Robert talked about, where we were able forward invest over the last couple of years. So we're going to get leverage in the expense area, and that gets you to around 22% op margin.

是的。所以是的，就毛利率而言——就營業利潤率而言，是的，我們大約是大流行前的 22%。我們在收入方面獲得了高個位數的增長——不包括 COVID 測試。我們正在利用 Robert 談到的 P&L，在過去幾年中我們能夠進行遠期投資。因此，我們將在費用領域獲得槓桿作用，這將使您的運營利潤率達到 22% 左右。

In terms of inflation, we are going to see a carryover impact from last year, still pretty meaningful. But we've been able to mitigate a good portion of that through both our gross margin improvement programs that we have across our businesses as well as taking some price where we can.

在通貨膨脹方面，我們將看到去年的結轉影響，仍然非常有意義。但我們已經能夠通過我們在我們的業務中擁有的毛利率改善計劃以及盡可能採取一些價格來減輕其中的很大一部分。

Okay. That's helpful. And a couple of product questions on EP. I think you mentioned the new EP catheter mapping system. I know that was new, maybe I missed that in the past. I'm curious how you're thinking about pulsed-filed ablation and the impact on your EP business. And then the other product question was on Libre. The Vitamin C, is that on Libre 2 or Libre 3 just want to understand the pathway to get vitamin C on Libre 3 and the timing there?

好的。這很有幫助。還有幾個關於 EP 的產品問題。我想你提到了新的 EP 導管標測系統。我知道那是新的，也許我過去錯過了。我很好奇您如何看待脈衝消融及其對您的 EP 業務的影響。然後另一個產品問題是關於 Libre 的。維生素 C，是在 Libre 2 還是 Libre 3 上只是想了解在 Libre 3 上獲取維生素 C 的途徑和時間？

Sure. On the Libre 3, Vit C, I mean it's going to start off with Libre 2. So we want to get that done first, and then we'll progress on to Libre 3. So focus right now is on Libre 2 and then we'll move to Libre 3.

當然。關於 Libre 3，Vit C，我的意思是它將從 Libre 2 開始。所以我們想先完成它，然後我們會繼續 Libre 3。所以現在的重點是 Libre 2，然後我們將移至 Libre 3。

On your question on EP, yes, I mean, I think the new catheter that we've launched Japan and start to launch in Europe towards the end of last year as our TactiFlex, which is really using contact sports together with the flexible tip that we had in our flex catheter. So the feedback we've got in that is really, really positive. So I think the combination here of our enhanced new mapping system together with our market-leading mapping catheter in HD grid and now bringing TactiFlex. That combination is very powerful.

關於你關於 EP 的問題，是的，我的意思是，我認為我們已經在日本推出並於去年年底開始在歐洲推出的新導管作為我們的 TactiFlex，它真正使用接觸運動和靈活的尖端我們有我們的柔性導管。所以我們得到的反饋是非常非常積極的。所以我認為我們增強的新映射系統與我們市場領先的高清網格映射導管的結合，現在帶來了 TactiFlex。這種組合非常強大。

Regarding PSA, it's definitely an area of interest. We've been investing in it. We actually had 2 internal programs, had a bake off and saw the one that we felt stronger about, taking some of the learnings that we're seeing from the current on-market products. And there's obviously some trialing that's ongoing right now, but I would say it's a growth opportunity. It's an interesting area. I think it's still too early to say in terms of will the market move completely over to this technology or not. I think it's important to have it and hence, why we're investing in our program and incorporating into our R&D program, all of a sudden of the deficiencies that we've heard from some of the market products are the ones that are being put in development right now.

關於 PSA，這絕對是一個令人感興趣的領域。我們一直在投資它。我們實際上有 2 個內部程序，進行了烘焙，看到了我們感覺更強大的一個，吸取了我們從當前市場產品中看到的一些經驗。顯然現在正在進行一些試驗，但我會說這是一個增長機會。這是一個有趣的領域。我認為現在就市場是否會完全轉向這項技術而言還為時過早。我認為擁有它很重要，因此，為什麼我們要投資我們的計劃並將其納入我們的研發計劃，突然間我們從一些市場產品中聽到的缺陷就是那些正在被投入的缺陷現在正在開發中。

So important area -- important investment area for us in EP definitely benefited from kind of the investments that we made during COVID. And I think it's an important product to have. It's ability to convert, I think it will convert a portion of the market. My sense is cryo was probably the first one. But how much of cryo still up to see, but definitely an interesting area for investment.

如此重要的領域——我們在 EP 的重要投資領域肯定受益於我們在 COVID 期間所做的投資。我認為這是一個重要的產品。它的轉換能力，我認為它會轉換一部分市場。我的感覺是低溫可能是第一個。但是冷凍有多少還有待觀察，但絕對是一個有趣的投資領域。

We'll take one more question.

我們再回答一個問題。

And our last question will come from Matt Miksic from Barclays.

我們的最後一個問題將來自巴克萊銀行的 Matt Miksic。

I figure maybe just if we can wrap it up with an update on a couple of the pipeline products, the 5 products, Robert, that you've highlighted in the past, Amulet and CardioMEMS, maybe if you could just talk a little bit about where you are with these launches in terms of size, scale, momentum and maybe what kinds of catalysts we can look for or metrics we can see for these 2 products this year?

我想也許我們可以用一些管道產品的更新來結束它，羅伯特，你過去強調過的 5 種產品，Amulet 和 CardioMEMS，也許你可以談談從規模、規模、勢頭以及今年我們可以尋找哪些催化劑或我們可以看到這兩種產品的指標來看，您對這些發布的看法如何？

Sure. I mean I think those 5 products that I discussed on the last call, and we talked about them exiting at an annual run rate of [500]. They actually exited at a run rate of [550] and they grew around -- they grew around 100%. So I expect those 5 products to kind of have maybe not 100%, but pretty high growth rate in next -- in this year.

當然。我的意思是，我認為我在上次電話會議上討論過的那 5 種產品，我們談到它們以 [500] 的年運行率退出。他們實際上以 [550] 的運行率退出，並且他們增長了——他們增長了大約 100%。所以我預計這 5 種產品的增長率可能不會達到 100%，但明年的增長率會相當高——在今年。

Regarding Amulet, listen, I think it's -- like I said, it's a great space. We've been rolling out the product last year, building the sales force. Key focus here is obviously ensuring good implanting technique with the physicians. We're in about 225 accounts right now. I expect that in terms of growth catalysts, getting more share of those existing accounts as the physicians become more and more accustomed to using our product and see the benefits of using our product versus other systems I think that will be a growth catalyst and then expanding. We do want to start to expand more. As our sales force has increased, the competency of our sales team has increased and our clinical team has increased, we feel more confident now to be able to kind of expand more accounts. And that's what we'll be focused on.

關於護身符，聽著，我認為——就像我說的，這是一個很棒的空間。我們去年一直在推出產品，建立銷售隊伍。這裡的重點顯然是與醫生一起確保良好的植入技術。我們現在有大約 225 個帳戶。我希望在增長催化劑方面，隨著醫生越來越習慣使用我們的產品並看到使用我們的產品與其他系統相比的好處，我認為這將成為增長催化劑，然後擴大.我們確實想開始擴展更多。隨著我們銷售人員的增加，我們銷售團隊的能力和我們的臨床團隊的增加，我們現在更有信心能夠擴大更多的客戶。這就是我們將關注的重點。

Another key catalyst of growth here is obviously the trial that we've been investing on in catalysts, which is to compare Amulet to novel oral anticoagulant. So that's another opportunity. It's not one in 2023, but continuing that enrollment in that trial is an important driver for kind of the long-term growth strategy here of Amulet.

增長的另一個關鍵催化劑顯然是我們一直在催化劑方面進行的試驗，即將 Amulet 與新型口服抗凝劑進行比較。所以這是另一個機會。這不是 2023 年的一個，但繼續參加該試驗是 Amulet 長期增長戰略的重要推動力。

CardioMEMS has done very good. We saw an indication expansion last year in the U.S., seen a nice step-up in sales. I think it's a great long-term opportunity. I think it's part of those 5 products that are driving a lot of growth. And I'd say probably the next kind of big area, I mean, we've been investing in Salesforce and rolling this out. Next big area here is working on that NCD. I think that will remove some of maybe some regional hang-ups in terms of reimbursement. So the NCD is something that we're going to be working on this year with the data that we've collected as part of all of our trials. So I think they look very strong as part of that group of 5 products.

CardioMEMS 做得很好。去年我們在美國看到了擴張跡象，銷售額有了很好的增長。我認為這是一個很好的長期機會。我認為這是推動大量增長的那 5 種產品的一部分。我想說可能是下一個大領域，我的意思是，我們一直在投資 Salesforce 並推出它。這裡的下一個大區域正在處理那個 NCD。我認為這將消除報銷方面的一些區域性障礙。因此，NCD 是我們今年將使用我們在所有試驗中收集的數據來研究的東西。所以我認為它們作為那組 5 種產品的一部分看起來非常強大。

I'd like to close up the call here. Just a few remarks. The operating environment still remains challenging, right? But it's not as challenging as we saw back in Q3 of 2022 in October. There are definitely signs here of stability. There are signs of improvement, whether it's in the macroeconomic side or whether it's specifically in the segments that we are competing in. And Abbott is well positioned. We're well positioned to both capitalize on this improving environment or to navigate if there's any unforeseen volatility over here. That's what our portfolio has been built for. That's what our balance sheet is set up for. It's set up for these kind of situations and these kind of scenarios.

我想在這裡結束通話。只是一些評論。運營環境仍然充滿挑戰，對吧？但這並不像我們在 2022 年第三季度 10 月份看到的那樣具有挑戰性。這里肯定有穩定的跡象。有改善的跡象，無論是在宏觀經濟方面，還是在我們競爭的具體領域。雅培處於有利地位。我們處於有利地位，既可以利用這種不斷改善的環境，也可以應對這裡是否存在任何不可預見的波動。這就是我們構建產品組合的目的。這就是我們的資產負債表的目的。它是為這些情況和這些場景而設置的。

We always knew that pandemic level testing was not a base case. We knew that eventually this would move down to an endemic-like testing. And we're -- our view here is that in 2023, we'll start this process of moving to that and -- so as a result of that, we did do this forward investing into our growth areas, whether it's devices, diagnostics, certain areas in EPD or nutrition. And that's allowed us to grow at the pre-pandemic level, this high single-digit top-tier growth without having to make the OpEx investment that you would expect to be able to sustain that growth.

我們一直都知道大流行級別的測試不是基本情況。我們知道最終這會進行類似地方病的測試。而且我們 - 我們的觀點是，到 2023 年，我們將開始這一過程，並 - 因此，我們確實對我們的增長領域進行了前瞻性投資，無論是設備、診斷, EPD 或營養學的某些領域。這使我們能夠在大流行前的水平上實現增長，這種高個位數的頂級增長，而無需進行您期望能夠維持這種增長的 OpEx 投資。

So we're getting that flow through on the P&L and net leverage on our investments. I do recognize the cost pressures. The company recognized those cost pressures. We talked about this now. To Vijay's question, we're going to be working relentlessly on getting our gross margin back to that pre-pandemic level, and it's a combination of working in our cost profiles and our GMI programs, but also as we accelerate the growth in our device business, that mix shift contributes to that. And finally, our balance sheet is strong and provides us the strategic flexibility we need to navigate. And we take this balanced approach where we can provide returns to our shareholders, while at the same time, investing for the long term.

因此，我們在損益表和投資的淨槓桿率上得到了體現。我確實認識到成本壓力。公司認識到這些成本壓力。我們現在談到這個。對於 Vijay 的問題，我們將不懈努力，使我們的毛利率恢復到大流行前的水平，這是我們的成本概況和 GMI 計劃的結合，同時我們也在加速設備的增長業務，這種混合轉變有助於實現這一目標。最後，我們的資產負債表強勁，為我們提供了應對戰略所需的戰略靈活性。我們採用這種平衡的方法，可以為股東提供回報，同時進行長期投資。

So thank you for being on the call. Overall, I think Abbott is very well positioned as we kind of exit this kind of pandemic state and move into more of an endemic state. I think we're well positioned and now it's all about execution.

感謝您的來電。總的來說，我認為雅培處於非常有利的位置，因為我們有點退出這種大流行狀態並進入更多的流行狀態。我認為我們的定位很好，現在一切都與執行有關。

Thank you, operator, and thank you for all of your questions. This now concludes Abbott's conference call. A webcast replay of this call will be available after 11 a.m. Central Time today on Abbott's Investor Relations website at abbottinvestor.com. Thank you for joining us today.

謝謝接線員，也感謝您提出的所有問題。雅培的電話會議到此結束。本次電話會議的網絡直播重播將於美國中部時間今天上午 11 點後在雅培的投資者關係網站 abbottinvestor.com 上播出。感謝您今天加入我們。

Thank you. This concludes today's conference call. Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。每個人，祝你有美好的一天。