美國雅培 (ABT) 2025 Q1 法說會逐字稿

Good morning and thank you for standing by. Welcome to Abbott's first-quarter 2025 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 express written permission. I would now like to introduce Mr. Mike Comilla, Vice President, Investor Relations.

早安，感謝您的支持。歡迎參加雅培 2025 年第一季財報電話會議。（接線員指示）雅培正在錄音此通話。除在問答環節中參與者提出的問題外，整個電話會議（包括問答環節）均受雅培版權保護。未經 Abbott 明確書面許可，不得錄製或轉播。現在我想介紹投資者關係副總裁 Mike Comilla 先生。

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

大家早安，感謝大家的參與。今天與我在一起的還有董事長兼執行長羅伯特福特 (Robert Ford)；以及財務執行副總裁兼財務長 Phil Boudreau。羅伯特和菲爾將致開幕詞。根據他們的評論，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 2025. 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.

在我們開始之前，今天所作的一些聲明可能是根據 1995 年《私人證券訴訟改革法案》做出的前瞻性聲明，包括 2025 年的預期財務結果。雅培警告稱，這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與前瞻性陳述中所示的結果有重大差異。

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, 2023. 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.

我們截至 2023 年 12 月 31 日的 10-K 表格年度報告第 1A 項「風險因素」中討論了可能影響雅培營運的經濟、競爭、政府、技術和其他因素。除非法律要求，雅培不承擔因後續事件或發展而公開發布對前瞻性陳述的任何修訂的義務。

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 comparable GAAP financial measures in our earnings news release and regulatory filings from today, which are available on our website at abbott.com.

今天的電話會議將與以往一樣，採用非公認會計準則財務指標來幫助投資者了解雅培的持續業務表現。這些非 GAAP 財務指標與我們今天的收益新聞稿和監管文件中的可比較 GAAP 財務指標相協調，可在我們的網站 abbott.com 上查閱。

Note that Abbott has not provided the related GAAP financial measures on a forward-looking basis for the non-GAAP financial measures for which the company is providing guidance because the company is unable to predict with reasonable certainty and without unreasonable effort, the timing and impact of certain items, which could significantly impact Abbott's results in accordance with GAAP.

請注意，雅培並未前瞻性地提供公司正在提供指導的非 GAAP 財務指標的相關 GAAP 財務指標，因為公司無法在不付出不合理努力的情況下以合理的確定性預測某些項目的時間和影響，而這些項目可能會對雅培根據 GAAP 得出的​​​​業績產生重大影響。

Unless otherwise noted, our commentary on sales growth refers to organic sales growth, which is defined in the press release issued earlier today. With that, I will now turn the call over to Robert.

除非另有說明，我們對銷售成長的評論是指有機銷售成長，這在今天稍早發布的新聞稿中有定義。說完這些，我現在將電話轉給羅伯特。

Thanks Mike. Good morning, everyone and thank you for joining us. As we progress through 2025, it is clear that we are operating in an increasingly dynamic environment. Abbott was built not just to operate but to succeed in rapidly evolving environments like this.

謝謝邁克。大家早安，感謝大家的參與。隨著我們邁入 2025 年，很顯然，我們正處於一個日益動態的環境中。雅培的成立不僅是為了運營，也是為了在這種快速發展的環境中取得成功。

We have consistently demonstrated our ability to navigate the complexities arising from a range of global circumstances, including the repercussions of a global pandemic, global financial crisis, numerous geopolitical events, just to name a few. And the current evolving economic environment influenced by new tariff policies represents another global development that we are prepared to adeptly manage.

我們始終如一地展現出應對各種全球情勢所引發的複雜問題的能力，其中包括全球流行病的影響、全球金融危機、眾多地緣政治事件等等。目前受新關稅政策影響的經濟環境正在發生變化，這是全球發展的另一個趨勢，我們已準備好巧妙地應對這一趨勢。

The proven benefits of our diversified business model are evident now, a result of the strategic framework that drives our global manufacturing and supply chain operations. While tariffs will have a financial impact with 90 manufacturing sites around the world and decades of experience executing our global network strategy, we're well positioned to implement mitigations to help manage the impact of the tariffs.

我們的多元化商業模式已證明其優勢，這是推動我們全球製造和供應鏈營運的策略框架的結果。雖然關稅會對財務產生影響，但由於我們在全球擁有 90 個製造基地，並且擁有數十年執行全球網路策略的經驗，我們已做好準備實施緩解措施，以幫助管理關稅的影響。

I'll now shift our focus to discussing our results for the quarter. Overall, we achieved our target growth objective delivering high single digit sales growth and double-digit earnings per share growth. First quarter of sales grew 7% or more than 8% when excluding COVID testing sales.

現在我將把重點轉移到討論本季的業績。總體而言，我們實現了目標成長，實現了高個位數的銷售額成長和兩位數的每股盈餘成長。第一季銷售額成長了 7%，若不包括 COVID 檢測銷售額則成長了 8% 以上。

First quarter, adjusted earnings per share of $1.09 grew 11% versus the prior year and finished at the high end of our guidance range. I'll now summarize our first quarter results in more detail before turning the call over to Phil, and I'll start with nutrition.

第一季度，調整後每股收益為 1.09 美元，較上年增長 11%，達到我們預期範圍的高點。現在，我將更詳細地總結我們的第一季業績，然後將電話轉給菲爾，我將從營養開始。

Their sales increased 7% in the quarter. Growth in a quarter was driven by high-single-digit growth in adult nutrition and double-digit growth in US pediatric nutrition. In pediatric nutrition, our relentless focus on research, innovation, and product quality continues to make our Similac family products the number one choice for parents in the United States. In adult nutrition, growth of 8.5% was driven by growing demand for Abbott's Ensure family of products that serve as a source of complete and balanced nutrition for people with a wide range of nutritional needs.

本季他們的銷售額成長了 7%。本季的成長是由成人營養的高個位數成長和美國兒科營養的兩位數成長所推動的。在兒科營養領域，我們堅持不懈地關注研究、創新和產品質量，使我們的 Similac 系列產品繼續成為美國父母的首選。在成人營養品方面，雅培 Ensure 系列產品的需求不斷增長，推動了 8.5% 的成長。此系列產品為具有廣泛營養需求的人提供全面均衡的營養。

Moving to diagnostics, sales declined 5% in the quarter due to the year-over-year decline in COVID-19 testing sales resulting from a much weaker COVID season, which primarily impacted growth in our rapid diagnostics business. In core laboratory diagnostics, low-single-digit growth in the quarter reflects the impact of volume-based procurement programs in China. Excluding China, core laboratory sales grew 6.5%. And wrapping up in diagnostics, we remain on track to go live by the end of the year with two new manufacturing and R&D investments in Illinois and Texas, totaling $500 million related to expanding our US transfusion diagnostic business. Our diagnostic business, our transfusion business is responsible for screening the US blood supply.

轉向診斷，由於 COVID-19 檢測銷售額同比下降，本季度銷售額下降了 5%，原因是 COVID 季節疲軟導致 COVID-19 檢測銷售額同比下降，這主要影響了我們快速診斷業務的成長。在核心實驗室診斷領域，本季低個位數成長反映了中國批量採購計畫的影響。除中國外，核心實驗室銷售額成長了 6.5%。在診斷領域，我們仍有望在今年年底前在伊利諾州和德州啟動兩項新的製造和研發投資，總額為 5 億美元，用於擴大我們的美國輸血診斷業務。我們的診斷業務、輸血業務負責篩選美國的血液供應。

Our current blood screening system, Alinity S runs diagnostic tests to identify various antibodies and antigens that may be present in donated blood. We have developed a new system called Alinity N that will allow Abbott to enter the molecular nucleic acid testing segment of the blood screening market.

我們目前的血液篩檢系統 Alinity S 運行診斷測試來識別捐贈血液中可能存在的各種抗體和抗原。我們開發了一個名為 Alinity N 的新系統，它將使雅培能夠進入血液篩檢市場的分子核酸檢測領域。

This advanced technology is capable of detecting DNA and RNA of several diseases that could potentially contaminate blood donations. The nucleic acid testing market opportunity is estimated to be around $1 billion and represents an attractive new growth opportunity for our business.

這項先進技術能夠檢測出可能污染血液的幾種疾病的 DNA 和 RNA。核酸檢測市場規模估計約10億美元，對我們的業務來說是一個相當有吸引力的新成長機會。

Turning to EPD, where sales increased 8% in the quarter. Growth was broad based across the markets we serve, led by double-digit growth in more than half of our key 15 markets. We continue to make great progress on building a best-in-class portfolio of biosimilars that spans across several large and attractive therapeutic areas.

談到 EPD，本季銷售額成長了 8%。我們所服務的市場普遍實現成長，其中 15 個主要市場中超過一半的市場實現了兩位數成長。我們在建立涵蓋多個大型且具吸引力的治療領域的一流生物相似藥組合方面繼續取得巨大進展。

In January, we entered into an agreement that provides added commercialization rights to four additional biosimilars across emerging markets in Asia, Latin America, the Middle East, and Africa. Through the various collaboration agreements we have executed, we have now added a total of 15 biosimilar products projected to contribute to sales over the next three years.

今年一月，我們簽署了一項協議，為亞洲、拉丁美洲、中東和非洲等新興市場的另外四種生物相似藥提供額外的商業化權利。透過我們執行的各種合作協議，我們現在總共增加了 15 種生物相似藥產品，預計這些產品將在未來三年內為銷售做出貢獻。

And I'll wrap up with medical devices, where sales grew 12.5%. In Diabetes Care, sales of continuous glucose monitors were $1.7 billion in the quarter and grew more than 20%, including growth of 30% in the United States. In Electrophysiology, sales grew 10%, which included double-digit growth in the US and high-single-digit growth in international markets.

最後我要說一下醫療器械，其銷售額成長了 12.5%。在糖尿病照護領域，本季連續血糖監測儀的銷售額為 17 億美元，成長超過 20%，其中美國的成長率為 30%。在電生理學領域，銷售額成長了 10%，其中包括美國的兩位數成長和國際市場的高個位數成長。

In March, we announced that Abbott obtained CE mark earlier than expected for our Volt PFA system to help treat patients battling atrial fibrillation. We have already initiated the launch of Volt and will further expand the rollout across European markets over the course of the year.

今年 3 月，我們宣布雅培的 Volt PFA 系統提前獲得 CE 標誌，用於幫助治療心房顫動患者。我們已經開始推出 Volt，並將在今年內進一步擴大在歐洲市場的推廣。

In Structural Heart growth of 15% was driven by strong performance across our market leading portfolio of surgical valves, structural interventions, and transcatheter repair and replacement products. Growth in the quarter was led by continued share gains in TAVR and growing adoption of TriClip.

結構性心臟業務成長 15%，這得益於我們市場領先的手術瓣膜、結構性幹預以及經導管修復和更換產品組合的強勁表現。本季的成長得益於 TAVR 份額的持續成長以及 TriClip 的日益普及。

In March, new two-year data from the TRILUMINATE clinical trial was presented at the American College of Cardiology Conference. The data showed that patients receiving TriClip had a statistically significant reduction in the occurrence of heart failure-related hospitalizations along with sustained reductions in tricuspid regurgitation and life-changing improvements in quality of life.

今年 3 月，TRILUMINATE 臨床試驗的兩年新數據在美國心臟學會會議上發表。數據顯示，接受 TriClip 治療的患者因心臟衰竭住院的發生率顯著降低，三尖瓣逆流持續減少，生活品質顯著改善。

In Rhythm Management, growth of 6% was led by consistent and sustained market penetration of AVEIR, our innovative leadless pacemaker, and Assert, our newest implantable cardiac monitor. In Heart Failure, growth of 12% was driven by our market-leading portfolio of heart assist devices, which offers treatment for chronic and temporary conditions.

在心律管理領域，6% 的成長得益於我們創新的無導線心律調節器 AVEIR 和我們最新的植入式心臟監視器 Assert 的持續穩定市場滲透。在心臟衰竭領域，我們市場領先的心臟輔助設備組合推動了 12% 的成長，該設備可治療慢性和暫時性疾病。

In January, CMS issued national coverage decision to cover CardioMEMS, a small implantable sensor that provides early warning indications that help doctors treat heart failure. This expanded coverage will broaden access to CardioMEMS for those with Medicare Advantage plans and help further expand coverage to those with commercial insurance plans.

今年 1 月，CMS 發布了全國覆蓋決定，將 CardioMEMS 納入其中，這是一種小型植入式感測器，可以提供早期預警指示，幫助醫生治療心臟衰竭。擴大覆蓋範圍將使擁有醫療保險優勢計劃的人們能夠更廣泛地使用 CardioMEMS，並有助於進一步擴大擁有商業保險計劃的人們的覆蓋範圍。

In Vascular, growth of 6% was led by double-digit growth in vascular imaging and vessel closure products and growth in Esprit, our below the knee resolvable stent. In March, we announced the start of our US pivotal trial to evaluate our coronary intravascular lithotripsy system in treating severe calcification in the coronary arteries prior to implanting a stent.

在血管領域，6% 的增長得益於血管成像和血管閉合產品的兩位數增長以及膝下可溶解支架 Esprit 的增長。今年3月，我們宣布啟動美國關鍵試驗，評估我們的冠狀動脈血管內碎石系統在植入支架前治療冠狀動脈嚴重鈣化的效果。

We expect to complete enrollment in this trial next year and file for FDA approval shortly thereafter. We look forward to entering this large and fast-growing segment of the coronary intervention market and expect this to become a meaningful growth driver for our vascular business.

我們預計明年完成該試驗的招募，並在不久後申請 FDA 批准。我們期待進入冠狀動脈介入市場這個龐大且快速成長的領域，並期望這成為​​我們血管業務的有意義的成長動力。

And lastly, in Neuromodulation. We began treating patients in our TRANSCEND clinical trial, a first of its kind trial designed to evaluate using deep brain stimulation to address treatment-resistant depression, which represents a market opportunity exceeding $1 billion.

最後，是神經調節。我們開始在 TRANSCEND 臨床試驗中對患者進行治療，這是首次旨在評估使用深部腦部刺激治療難治性憂鬱症的試驗，這代表著超過 10 億美元的市場機會。

So in summary, we delivered another quarter of top-tier performance. Sales grew high single digits and earnings per share grew double digits. We expanded gross margin by 140 basis points and operating margin by 130 basis points compared to the prior year.

總而言之，我們又一個季度實現了頂級業績。銷售額實現了高個位數成長，每股收益實現了兩位數成長。與前一年相比，我們的毛利率提高了 140 個基點，營業利潤率提高了 130 個基點。

The pipeline continues to provide a steady cadence of new growth opportunities with more than 25 key new products forecasted to launch over the next three years, and we remain on track to deliver on the financial commitments we set at the beginning of the year. I'll now turn the call to Phil. Phil?

產品線持續提供穩定的新成長機會，預計未來三年將推出 25 多種關鍵新產品，我們仍有望兌現年初設定的財務承諾。我現在將電話轉給菲爾。菲爾？

Thanks, Robert. As Mike mentioned earlier, please note that all references to sales growth rates, unless otherwise noted, are on an organic basis. Turning to our first-quarter results, sales increased 6.9% or 8.3% when excluding COVID testing-related sales. Adjusted earnings per share of $1.09 increased 11% compared to the prior year and finished at the high end of our guidance range and above the consensus estimate.

謝謝，羅伯特。正如 Mike 之前提到的，請注意，除非另有說明，所有對銷售成長率的引用都是基於有機基礎的。回顧我們的第一季業績，銷售額成長了 6.9%，若不包括 COVID 測試相關銷售額則成長了 8.3%。調整後每股收益為 1.09 美元，較上年增長 11%，達到我們指導範圍的高點並高於普遍預期。

Foreign exchange had an unfavorable year-over-year impact of 2.8% on the first quarter sales. During the quarter, we saw the US dollar weakened, which resulted in a favorable impact on sales compared to exchange rates at the time of our earnings call in January.

外匯對第一季銷售額產生了 2.8% 的年比不利影響。本季度，我們看到美元走弱，與 1 月財報電話會議時的匯率相比，這對銷售產生了有利影響。

Regarding other aspects of the P&L, the adjusted gross margin profile was 57.1% of sales, which increased 140 basis points compared to the prior year. This increase was driven by delivering on the underlying organic margin expansion we forecasted and also included an added benefit of more favorable fall-through from foreign exchange.

至於損益表的其他方面，調整後的毛利率為銷售額的 57.1%，比前一年增加了 140 個基點。這一增長得益於我們預測的基礎有機利潤率擴張，同時也包括了外匯帶來更有利的額外好處。

Gross margin expansion has always been a significant element of Abbott's company culture. At any point in time, a substantial number of margin improvement initiatives are underway that span across our businesses as well as our functional areas, including supply chain, marketing and other administrative groups. I'd like to take a moment to acknowledge the valuable contributions from our Abbott employees around the world who are driving these exceptional margin expansion results.

毛利率擴張一直是雅培公司文化的重要組成部分。在任何時間點，我們都在實施大量的利潤率改善舉措，這些舉措涵蓋我們的業務以及職能領域，包括供應鏈、行銷和其他行政部門。我想藉此機會感謝雅培全球員工的寶貴貢獻，是他們推動了這些卓越的利潤成長成果。

Turning our focus back to the first quarter results. Adjusted R&D was 6.7% of sales, and adjusted SG&A was 29.5% of sales in the first quarter. Adjusted operating margin was 21% of sales, which reflects an increase of 130 basis points compared to prior year.

將我們的注意力重新轉向第一季的業績。第一季度，調整後的研發費用佔銷售額的 6.7%，調整後的銷售、一般及行政費用佔銷售額的 29.5%。調整後的營業利益率為銷售額的 21%，比前一年增加 130 個基點。

Based on current rates, we now expect exchange to have an unfavorable impact of around 1% on the full-year reported sales, which includes an expected unfavorable impact around 0.5% on the second quarter reported sales. Lastly, for the second quarter, we forecast adjusted earnings per share to be in the range of $1.23 to $1.27. With that, we'll now open the call for questions.

根據當前匯率，我們預計匯率將對全年報告銷售額產生約 1% 的不利影響，其中包括預計對第二季報告銷售額產生約 0.5% 的不利影響。最後，我們預測第二季調整後的每股盈餘將在 1.23 美元至 1.27 美元之間。現在，我們開始回答問題。

(Operator Instructions) Robert Marcus, JPMorgan.

（操作員指示）摩根大通的羅伯特馬庫斯。

Good morning. Congrats on a good quarter. Robert, I'll just ask them both together since they're sort of related. First, on the full-year guidance update. It looks like it moves a little lower when you back out the -- or it stays the same when you back out COVID testing but moves a little lower including that. But you were able to hold EPS for the full year, even including the recently announced tariffs, and I guess that's the elephant in the room is tariffs. So maybe you could walk us through the impact of that, how it hits the balance sheet and P&L timing. We're all trying to figure out what does it look like on a full year. So maybe some of the offsets, you talked about the flexibility in the manufacturing footprint, how you're using that to your advantage? And I'll leave it there. Thanks a lot.

早安.恭喜本季取得良好業績。羅伯特，我會同時問他們兩個問題，因為他們有點相關。首先，關於全年指引更新。當你退出時，它看起來會稍微低一些——或者當你退出 COVID 測試時它保持不變，但包括測試在內會稍微低一些。但是你能夠保持全年的每股收益，甚至包括最近宣布的關稅，我想這就是房間裡的大象就是關稅。所以也許您可以向我們介紹它的影響，以及它如何影響資產負債表和損益表的時間。我們都在試圖弄清楚全年的情況會是什麼樣子。那麼也許一些抵消，您談到了製造足跡的靈活性，您如何利用它來發揮自己的優勢？我就把它留在那裡。多謝。

Sure, Robbie. Yeah, I mean, listen, I think the maintaining of our guidance range, we had a great first quarter here and achieved what we wanted to achieve from a target growth perspective, high single-digit sales growth, double-digit EPS growth. We talked about getting back to that to that formula, and you know, excluding COVID testing sales, which I can tell you right now, our lowest gross margin product, we grew over 8%.

當然，羅比。是的，我的意思是，聽著，我認為維持我們的指導範圍，我們在這裡度過了一個很棒的第一季度，並從目標增長的角度實現了我們想要實現的目標，即高個位數的銷售額增長，兩位數的每股收益增長。我們討論了回到那個公式，你知道，不包括 COVID 測試銷售額，我現在可以告訴你，我們毛利率最低的產品，我們的成長超過 8%。

So I think on the top line, everything that we've kind of put in place, we feel very good about as evidenced in our first quarter. Gross margin expansion is a key element of our plan to get back to double-digit EPS and to your question on tariffs. It's going to be an important -- definitely an important muscle to exercise here, and really strong performance here.

因此，我認為，就第一季的表現來看，我們對已經實施的一切感到非常滿意。毛利率擴大是我們恢復兩位數每股盈餘計畫和回答您關於關稅問題的關鍵要素。這將是一塊重要的——絕對是一塊需要鍛鍊的重要肌肉，而且性能非常強勁。

I think we guided 70 basis points of improvement, and we saw about 140 in the first quarter. So a really strong performance from the team there. And then the pipeline to kind of sustain the growth run. I think you saw a lot of activity this first quarter, whether it's the Volt CMA at the beginning of our IVL trial, the NCD for CardioMEMS, the new data on TriClip. So there's a lot of great activity therewhen you think about kind of how we guided at the beginning of the year. Everything is pretty certain for us in terms of how we're executing and the expectations we have on the products. I guess the only aspect there of maybe some uncertainty that you raise is the tariff piece. And I'd say prior to tariffs -- prior to the whole tariffs, we were even considering -- given the momentum that we were seeing in the base business, we've been considering raising our EPS guidance. But tariffs are here. So we felt reaffirming our guidance is already, I think, a pretty strong statement.

我認為我們預期的改善是 70 個基點，而第一季我們看到的改善是 140 個基點。所以那裡的團隊表現非常出色。然後透過管道來維持成長。我認為您在第一季看到了很多活動，無論是我們 IVL 試驗開始時的 Volt CMA、CardioMEMS 的 NCD 還是 TriClip 的新數據。所以，當你回想一下我們今年年初的指導方式時，你會發現那裡有很多很棒的活動。就我們的執行方式以及對產品的期望而言，一切都非常確定。我想您提出的唯一不確定的方面是關稅部分。我想說，在關稅之前——在整個關稅之前，我們甚至在考慮——鑑於我們在基礎業務中看到的勢頭，我們一直在考慮提高我們的每股收益預期。但關稅已經存在。因此，我們認為重申我們的指導方針已經是一個非常強大的聲明。

We've completed a pretty strong assessment of every possible different type of scenario, not just in what it could -- how it could impact us, but more importantly, Robbie, how -- what are the different scenarios to be able to mitigate it.

我們對每一種可能出現的不同類型的情況都進行了相當嚴格的評估，不僅包括它可能對我們產生什麼影響——它可能如何影響我們，更重要的是，羅比，有哪些不同的情況可以緩解這種影響。

So the team has been working very diligently. I think we only took a break over the weekend to watch the playoff and then we went right back to it. And I can tell you, we’re very comfortable right now with the information that we've got. And obviously looking at potential scenario that could arise down the road that we can cover an impact of tariffs, which I'd say really two geographies, the United States, and China.

所以團隊一直非常努力地工作。我想我們只是在周末休息了一下，觀看了季後賽，然後又回去了。我可以告訴你們，我們對目前掌握的資訊非常滿意。顯然，展望未來可能出現的情況，我們可以涵蓋關稅的影響，我認為這實際上是兩個地區，即美國和中國。

So right now, we estimate the tariff impact to be a few hundred million dollars. That's a half-year impact because I don't see any impacting Q2. And then we start to kind of see the impact happening in Q3. But there are other items here that I'd say are variables related to the tariffs that help offset.

因此，目前我們估計關稅影響將達到數億美元。這是半年的影響，因為我看不到任何對第二季的影響。然後我們開始看到第三季發生的影響。但我想說，這裡還有其他與關稅相關的變量，有助於抵消。

I can tell you there's not a lot of R&D slowing down or SG&A slowing down in those mitigation plans. But you know, there are other variables to consider here. FX, we could see what's going on with the dollar as this discussion of tariff is ongoing.

我可以告訴你，在這些緩解計畫中，研發支出和銷售、一般及行政費用並沒有放慢很多。但您知道，這裡還有其他變數需要考慮。外匯，隨著關稅討論的持續進行，我們可以看到美元的走勢。

Interest rates, tax, I mean there are a lot of, let's call it, levers that we've got at our disposal, put it this way, to be able to mitigate. Our job here is to manage this in the aggregate and contemplate here trade-offs of the decisions we're working on. I think the key thing here that as we're going through it over the last 10 days is there are definitely short-term things that can be done to mitigate and close gap, and we will be looking at those and delivering on those. But I think more importantly, Robbie, is how can you actually look at these on an ongoing basis. One thing we have learned from tariffs is they don't go away. So whatever comes, it stays and it stays for a while. I look at the tariffs that went in place in 2017, they're still there. So we need to think about how do you mitigate this more in a long-term sustainable way. So yeah, you can use a balance sheet, and you can build some inventory. And we'll probably do some of that. But if your entire strategy is build the inventory, well, guess what's going to happen in 2026 or whenever that inventory runs out. So we're really looking at the manufacturing network and optimizing it. As I said in my comments -- prepared comments, we've got 90 manufacturing sites across the world. We have the manufacturing strategy and a framework that's been in place for decades, Robbie, and you know they weren't, it's a framework that hasn't been put in place because of tariffs, but it's going to serve us well - that same framework when we think about more long-term planning for tariffs.

利率、稅收，我的意思是，我們有很多可以利用的槓桿，可以這樣說，能夠緩解。我們的工作是整體管理這個問題，並考慮我們正在進行的決策的權衡。我認為，過去 10 天我們經歷的關鍵是，肯定有一些短期措施可以緩解和縮小差距，我們將研究這些措施並付諸實行。但我認為更重要的是，羅比，你如何持續地審視這些問題。我們從關稅中學到的一件事是，關稅不會消失。所以無論發生什麼，它都會留下來，並且會停留一段時間。我查看了 2017 年實施的關稅，它們仍然存在。因此，我們需要考慮如何以長期可持續的方式進一步緩解這種影響。是的，您可以使用資產負債表，並且可以建立一些庫存。我們可能會做一些這樣的事。但如果您的整個策略是建立庫存，那麼猜猜 2026 年或庫存耗盡時會發生什麼。所以我們確實在關注製造網路並對其進行優化。正如我在準備好的評論中所說，我們在全球擁有 90 個製造基地。羅比，我們擁有已經實施了幾十年的製造策略和框架，你知道，這個框架並不是因為關稅而實施的，但它將對我們起到很好的作用——當我們考慮更長期的關稅規劃時，這個框架也是一樣。

So I understand the temptation that many of you will have to just to take this number that I've given a few hundred million dollars and then just double it as an annualized impact. I think it's a little bit too early to do that. And like I said, our manufacturing network has got the ability on a more long-term basis to mitigate this considerably. And you just got to have intent.

因此，我理解你們中的許多人會想要接受我給出的幾億美元的這個數字，然後將其翻倍作為年化影響。我認為現在這麼做還為時過早。正如我所說，我們的製造網路有能力在更長遠的基礎上顯著緩解這種影響。你只需要有意圖。

You got to have a balance sheet, obviously, to be able to make the CapEx investments. Some of them take longer; some of them could do it pretty fast. I mean, think about what we did during COVID, we built three ISO certified GMP cleanroom manufacturing sites. We did it in three months.

顯然，你必須有資產負債表才能進行資本支出投資。有些需要更長的時間；有些人可以做得相當快。我的意思是，想想我們在 COVID 期間所做的事情，我們建立了三個經過 ISO 認證的 GMP 無塵室製造基地。我們花了三個月的時間完成了它。

So there is an opportunity to do that also. But I think the key thing here is how do you balance the short term, the medium term and the long term. And we're not putting everything in a short term, even though we are going to leverage some of those variables that I talked about, FX, interest, tax, et cetera. But we're really focusing on how to mitigate this going forward.

因此也有機會這樣做。但我認為這裡的關鍵是如何平衡短期、中期和長期。我們不會把所有事情都放在短期內，儘管我們會利用我之前談到的一些變量，例如外匯、利息、稅收等等。但我們真正關注的是如何在未來緩解這種影響。

Thanks a lot.

多謝。

Lawrence Biegelsen; Analyst; Wells Fargo.

勞倫斯‧比格森；分析師；富國銀行。

Good morning. Thanks for taking the question. Robert, I just wanted to focus on the EP franchise. We're headed into the Heart Rhythm Society meeting next week. You just got approval for Volt in Europe. You put up a nice balanced quarter here, so maybe just kind of give us a kind of a state of the union and how you're feeling about that business in 2025 and beyond and just remind us of kind of the US approval timeline for Volt.

早安.感謝您回答這個問題。羅伯特，我只想專注於 EP 系列。我們下週要參加心律學會會議。你們剛剛獲得了 Volt 在歐洲的批准。您在這裡給出了一個很好的平衡季度數據，所以也許可以給我們一種國情咨文，以及您對 2025 年及以後的業務的看法，並提醒我們美國對 Volt 的批准時間表。

Sure. Well, listen, I've always felt bullish about our strategy. I think many of you in your reports a couple of years ago, probably wouldn't have anticipated that. Last year with all the PFA that we would have been the second fastest-growing competitor. And that's basically the strategy that the team delivered, but more importantly, the execution of it. So I think we had great success, and you saw that success continue into Q1 without Volt. So I think the announcement of Volt was a little earlier than we expected, and that's a good thing, obviously, and the initial feedback that my team has shared with me has been very, very positive. Obviously, we're going to start with a rollout, where we'll focus a little bit on the users that were part of our clinical trial, and then we'll start to kind of ramp up that as we go into the second half of the year.

當然。嗯，聽著，我一直對我們的策略感到樂觀。我想你們中的許多人在幾年前的報告中可能都沒有預料到這一點。去年，憑藉所有的 PFA，我們本來可以成為成長速度第二快的競爭對手。這基本上就是團隊提出的策略，但更重要的是，執行策略。所以我認為我們取得了巨大的成功，而且你會看到這種成功延續到了沒有 Volt 的第一季。因此我認為 Volt 的發布比我們預期的要早一些，這顯然是一件好事，而且我的團隊與我分享的初步回饋非常非常積極。顯然，我們將從推廣開始，重點關注參與臨床試驗的用戶，然後隨著下半年的到來，我們將開始加強推廣。

I think the data that was presented at the European Heart Rhythm meeting was very strong. It stacked up very well against the other products. Obviously, it's always difficult to compare the trial to trial. There's different patients. there are different kind of protocols, but I think in general, the data that presented was very strong. and I think the integration here is key. I think we continue to be the market leader in the mapping of PFA cases, at least that's what we saw in Q1. And so we've got a built-in scale and capability here to drive the adoption. I think that some of the advantages that I think our product has, we've talked about, not just the integration, but I think the balloon feature is perfect for PVI. A lot of stability optimizes contact. As I think we've said, not only in conferences, but I also said we think contact matters and visualization of contact matters. I think there's less muscle contraction, especially with lower anesthesia or the use of just sedation.

我認為歐洲心律會議上展示的數據非常有力。與其他產品相比，它表現得非常出色。顯然，將試驗與試驗進行比較總是很困難的。有不同的病人。有不同類型的協議，但我認為總的來說，所呈現的數據非常強大。我認為這裡的整合是關鍵。我認為我們將繼續成為 PFA 案例映射領域的市場領導者，至少這是我們在第一季看到的情況。因此，我們擁有內建的規模和能力來推動採用。我認為我們的產品具有一些優勢，我們已經討論過了，不僅僅是集成，而且我認為氣球功能對於 PVI 來說是完美的。大量的穩定性優化了接觸。我想我們已經說過，不僅在會議上，而且我也說過我們認為接觸很重要，接觸的可視化也很重要。我認為肌肉收縮較少，特別是在麻醉程度較低或僅使用鎮靜劑的情況下。

So anyway, I think the product is going to do really well. I think it's going to do what we intended it to do. Related to timelines here in the US, we'll be reporting data out, and we'll be submitting it this year. And I'm very optimistic that we should see an approval, as I'm cautious here, Larry, because I hate giving predictions. But I'd say, right now, our timeline is probably beginning of next year. Might be surprised on that, but I think that's a good kind of base case to have. And then the investments in the business has gone very well, too. I think the teams have done a really good job, not only with the mapping and the infrastructure we have out in the field. but also the R&D focus there.

所以無論如何，我認為該產品將會賣得很好。我認為它會按照我們的預期完成任務。與美國的時間表相關，我們將報告數據，並將在今年提交。我非常樂觀地認為我們應該會看到批准，但拉里，我在這裡很謹慎，因為我不喜歡做出預測。但我想說，現在，我們的時間表可能是明年年初。可能會對此感到驚訝，但我認為這是一個很好的基本情況。而且業務投資也進展順利。我認為這些團隊做得非常出色，不僅僅是因為我們在現場繪製了地圖並建立了基礎設施。也是那裡的研發重點。

We've completed enrollment of our FOCALFLEX trial for CE Mark, and you know that's combining the RF and the PFA on the TactiFlex catheter. So I feel good. I feel good about where we are, feel good about what the team is doing. And as we accelerate the launch of Volt into international markets in the second half of the year, I think I said in the beginning of this year, I think the second half of the year will be better than the first half.

我們已經完成了 FOCALFLEX 試驗的 CE 標誌註冊，您知道這是在 TactiFlex 導管上結合 RF 和 PFA。所以我感覺很好。我對我們的現狀感到滿意，對球隊的表現感到滿意。隨著我們下半年加快將 Volt 推向國際市場的步伐，我想我在今年年初就說過，我認為下半年會比上半年更好。

Travis Steed, BofA Securities.

美國銀行證券公司的特拉維斯·斯蒂德 (Travis Steed)。

Thanks for taking the question. Just a few follow-ups on the tariff side for the few hundred million half-year impact. Just wanted to make sure that assumes kind of current rates as they are today and curious if -- I assume China is probably the bigger portion of that. If there's any color you could kind of give on how you got to that impact. And it sounds like you really don't want us kind of to run rate that into '26 yet because you think there's a lot of offsets. And when you think about the offsets, curious is the Nairobi protocol included in that? Do you think kind of the diabetes business fits under that protocol? How much of this can you offset with pricing or do you think a lot of the offsets are really going to be around -- kind of moving around manufacturing and changing around the supply chain?

感謝您回答這個問題。只需對關稅方面進行一些後續跟進，即可了解半年內幾億的影響。只是想確保假設當前的利率與今天一樣，並且好奇——我認為中國可能佔其中更大的份額。您可以具體說明一下您是如何產生這種影響的嗎？聽起來你真的不希望我們將這種利率維持到 26 年，因為你認為有許多抵銷。當您考慮補償時，好奇其中是否包括《內羅畢議定書》？您認為糖尿病業務是否適合該協議？您能透過定價抵消多少這種影響，或者您認為大部分抵銷措施實際上將圍繞製造業和供應鏈進行？

Yeah, sure. I think your question on FX rates, yeah, we're making an assumption that on that mitigation as rates are as of today. You can make an argument that some of them have kind of gotten even, the dollar has gotten even weaker versus some of them. So yeah, we're making that assumption.

是的，當然。我認為您關於外匯匯率的問題，是的，我們假設這種緩解措施與今天的匯率相同。你可以說其中一些國家已經報復了，而美元對其中一些國家甚至變得更弱了。是的，我們做了這樣的假設。

Regarding US and China, I'd say, right now on that initial forecast, I'd say there's -- I'd say that's pretty evenly split. But I think as we think about mitigations more long term, I think we've got opportunities across both of them. I think there's one thing that is important to just to keep in mind is we've always had a view with our manufacturing framework. And like I said, this has been in place for decades.

關於美國和中國，我想說，根據目前的初步預測，我認為——我認為這是相當均等的。但我認為，當我們從更長遠的角度考慮緩解措施時，我們在這兩方面都有機會。我認為有一件重要的事情要牢記，那就是我們始終對我們的製造框架有一個看法。正如我所說，這一制度已經存在幾十年了。

Two key tenants here, Travis. One, align the manufacturing as close as possible to the customer and then have an appropriate amount of redundancy. So the advantages of being close to your customer, I mean, you can get efficiencies and a lot of cost advantages there. It allows you to tap into local talent. But more importantly for us, it's always when you match your infrastructure costs with your revenue. That serves as a natural hedge against FX.

這裡有兩個主要租戶，特拉維斯。一是使製造盡可能貼近客戶，並具有適當的冗餘度。因此，靠近客戶的優勢在於，您可以提高效率並獲得許多成本優勢。它可以讓您挖掘本地人才。但對我們來說更重要的是，始終將基礎設施成本與收入相匹配。這對外匯風險起到了天然的對沖作用。

So it doesn't do much for it to protect the top line, but it definitely helps protect the EPS. And so, a very large percent of our sales here in the US are sourced from US products and then we try and mitigate risk by spreading that manufacturing network out. So a good example of that is Libre, for example, where we've got six manufacturing sites for Libre, six, a total of six. And of those six, two are in the United States. And obviously, those manufacturing in the United States serve the US demand.

因此，它對保護營業收入沒有多大作用，但肯定有助於保護每股盈餘。因此，我們在美國銷售的很大一部分產品來自美國，然後我們嘗試透過擴大製造網路來降低風險。一個很好的例子就是 Libre，例如，我們為 Libre 建立了六個生產基地，六個，總共六個。這六個中有兩個在美國。顯然，美國製造的產品是為了滿足美國的需求。

And then the other sites outside of the United States service, OUS demand, we did that with COVID too, where Binax was made in the US, for the US and Panbio was made outside the US for international markets. So that's going to allow us to kind of mitigate a lot of this. If we had put all of our manufacturing in Southeast Asia, or put all of our manufacturing in Europe, then that might be a little more complicated. But we've always had a view of kind of be able to spread it out and mitigate the risks that way. Tariff wasn't on the list of risks, but it provides a lot of maneuverability on this. So yeah, I think you mentioned different opportunities to be able to offset impacts. Yeah, you mentioned one, but there are lots of other opportunities to do that. And we're looking at all of those to help to be more sustainable, but somebody could decide to not want to be part of those agreements. So we've got to really leverage the manufacturing and the manufacturing network that we have if you really want to make it sustainable. And I think those are the two areas that we're going to be looking at and focusing on those two markets.

然後，針對美國境外的其他站點的服務，即美國的需求，我們也針對 COVID 採取了同樣的措施，其中 Binax 在美國製造，面向美國市場，而 Panbio 在美國境外製造，面向國際市場。因此這將使我們能夠減輕許多此類問題。如果我們把所有的製造業都放在東南亞，或是把所有的製造業都放在歐洲，那麼情況可能會更複雜一些。但我們始終認為可以透過這種方式來分散風險並降低風險。關稅不在風險清單上，但它為此提供了很大的可操作性。是的，我認為您提到了能夠抵消影響的不同機會。是的，你提到了一個，但還有很多其他機會可以做到這一點。我們正在研究所有這些措施，以幫助實現更永續的發展，但有些人可能會決定不參與這些協議。因此，如果真的想實現永續發展，我們就必須真正利用我們現有的製造業和製造網絡。我認為這是我們將要關注並重點關注的兩個領域。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Good morning. Thanks for all the color here on tariffs, obviously, a topic we're watching very closely. Maybe you could switch over to some of the business performance metrics here. And could you maybe talk to us a little bit about the broader diagnostics strategy here, certainly understanding the unique dynamics of VBP influencing the business in China.

早安.感謝您對關稅的所有評論，顯然，這是我們密切關注的一個主題。也許您可以切換到這裡的一些業務績效指標。您能否向我們簡單介紹這裡更廣泛的診斷策略，當然也了解 VBP 對中國業務影響的獨特動態。

But as you think about where you're positioned and how you accelerate this business back toward end market growth, what are the key products that can help you do that? And how are you thinking about M&A in this category to support a turn in the growth rate?

但是，當您考慮自己的定位以及如何加速這項業務回到終端市場成長時，哪些關鍵產品可以幫助您做到這一點？您如何看待這一類別的併購來支持成長率的轉變？

Yeah, sure. Listen -- yeah, a little disappointing on the diagnostics side. Yeah, part of it was COVID, but we've also got some improvements to be made here. I'd say specifically in China, David, to your point, I mean, we're seeing growth in our business, in our diagnostic business everywhere except China. Outside of China, this quarter, we grew around 7%, which has been in line with our core lab overall growth rate.

是的，當然。聽著——是的，診斷方面有點令人失望。是的，部分原因是 COVID，但我們也需要做一些改進。大衛，我想特別說一下中國，就你的觀點而言，我們的業務，除中國外，在其他地方的診斷業務都在成長。本季度，在中國以外，我們的成長率約為 7%，與我們的核心實驗室的整體成長率一致。

US grew 7%. And if you remove kind of the capital piece and just focus on the consumables, it was over 8%. EMEA grew 7%. Latin America grew mid-teens. Our transfusion business grew 7%. So I think we're seeing good performance here.

美國成長了7%。如果你去掉資本部分，只專注在消耗品，這個比例就超過 8%。歐洲、中東和非洲地區成長了 7%。拉丁美洲的人口成長率達到十幾歲。我們的輸血業務成長了7%。所以我認為我們在這裡看到了良好的表現。

It's really been a challenge here, as I mentioned, and as you mentioned, which is China. And it's really price driven on VBPs. I think, if you look at what's happened in other VBP, at least the ones that we've been part of, when you bid on those businesses, yeah, you have a price hit. But you have an offset because you're part of a smaller group of competitors, you're picking up volume.

正如我和您所提到的，這在中國確實是一個挑戰。這實際上是由 VBP 價格驅動的。我認為，如果你看看其他 VBP 中發生的情況，至少是我們參與過的那些，當你競標這些業務時，是的，你會受到價格衝擊。但你會得到補償，因為你屬於一個較小的競爭對手群體，所以你的銷量正在增加。

This one here was very different in that everybody, all manufacturers stayed on the market, maintained our contracts, but we took these price hits. So we're really here faced with the price hit and no volume offset.

這次的情況非常不同，因為每個人、所有製造商都留在市場上，維持我們的合同，但我們承受了這些價格衝擊。所以我們實際上面臨的是價格衝擊和沒有銷售抵消。

So the team is doing a good job right now, I'd say, at navigating this. We're going have to do better in some of the other geographies. And I know the teams are looking at how to accelerate even more our growth rate in the other markets.

所以我想說，目前團隊在處理這個問題上做得很好。我們必須在其他一些地區做得更好。我知道團隊正在研究如何進一步加快我們在其他市場的成長率。

It's a delicate balance here also, David. As you probably know, you can get more growth. But you're going to have to place a lot more capital, and that's going to hit your gross margin. So we've kind of looked at this being kind of between a 7% to 9% growth where we can grow above the market and still expand margins.

大衛，這也是一種微妙的平衡。正如您可能知道的，您可以獲得更多的成長。但你必須投入更多的資金，這將影響你的毛利率。因此，我們認為成長率應在 7% 到 9% 之間，我們可以實現高於市場的成長率，同時仍能擴大利潤率。

The team is looking carefully at how to do that but offset some of that challenge coming out of China, we're just going to have to go through this, and it's still an important market. It's still got good profitability. But you're just going through the cycle here of VBP that is a little bit different from what we've seen in the past where you don't have the volume offset.

團隊正在仔細研究如何做到這一點，但要抵消來自中國的一些挑戰，我們必須經歷這個過程，而且它仍然是一個重要的市場。它仍然具有良好的盈利能力。但您只是經歷了 VBP 的循環，這與我們過去看到的沒有音量偏移的情況略有不同。

Your question on M&A, yeah, this is a -- we believe diagnostics is critical to health care. 70% of health care decisions involve a diagnostic test, which is why we've been investing in this business, talking about expanding our portfolio in the blood bank business with the nucleic acid testing system. I think that's going to be a great opportunity for our business. We're excited about showing the product for our customers this year and start working on really composing an offering here that you can have both serology and nucleic acid testing with Abbott. Combined with all the automation and all the other digital service we provide, we think it's a real strong offering there.

是的，您關於併購的問題，我們相信診斷對醫療保健至關重要。 70% 的醫療保健決策涉及診斷測試，這就是我們一直投資這項業務的原因，我們正討論透過核酸檢測系統擴大我們在血庫業務中的投資組合。我認為這對我們的業務來說是一個很好的機會。我們很高興今年能向客戶展示該產品，並開始著手真正打造一款可以透過雅培進行血清學和核酸檢測的產品。結合我們提供的所有自動化和所有其他數位服務，我們認為這是一個真正強大的產品。

Are there opportunities in diagnostics? Yeah, sure, there are. I've been public about areas that we would be looking at in M&A world being medical devices and diagnostics. But we've got opportunities to do that, but we've also got opportunities to do it organically.

診斷領域有機會嗎？是的，當然有。我已經公開表示，我們在併購領域關注的領域是醫療設備和診斷。但我們有機會做到這一點，而且我們也有機會有機地做到這一點。

And maybe just a related follow-up on that last point. I think on the last call, it sounded like M&A might become a more important part of your capital allocation strategy. Maybe just update us on how you're thinking about that and any comments on how NEC might be influencing capital deployment priorities?

也許只是對最後一點的相關跟進。我認為，在上次通話中，聽起來併購可能會成為您資本配置策略中更重要的一部分。也許您可以告訴我們您對此的看法以及對 NEC 如何影響資本部署優先順序的任何評論？

Absolutely no impact whatsoever on capital allocation priorities. And update on commentary on M&A, I mean, David, there is no update in the sense that the mindset hasn't shifted, right, which is, yes, we're looking at opportunities in devices and diagnostics. Yes, we have opportunities to add to our business. We've got a strong balance sheet to be able to do that.

對資本配置優先順序絕對沒有任何影響。關於併購評論的更新，我的意思是，大衛，沒有更新，因為思維方式沒有轉變，對吧，是的，我們正在尋找設備和診斷領域的機會。是的，我們有機會擴大我們的業務。我們擁有強大的資產負債表，能夠做到這一點。

We're going to look at things strategically. We're going to look at things also from a financial lens. I can -- we can be selective in the sense that we feel that we've got a growth model here that allows us to sustain this organic growth rate, this high single-digit organic growth rate.

我們將從戰略角度看待事物。我們也將從財務角度來看待問題。我可以——我們可以有選擇性，因為我們認為我們有一個成長模式，可以讓我們維持這種有機成長率，這種高個位數有機成長率。

So it allows us to ensure that we're not only being strategic about it also being disciplined about how we're thinking about it. As I said, our ROIC matters to us; profitability matters for us. I think even more important in today's environment, protecting your EPS, protecting your profitability, I think, is an important piece for us. It's going to be important. So regarding an update on M&A thoughts, there's no update on our thinking on our framework.

因此，它使我們能夠確保我們不僅對此具有戰略性，而且對我們的思考方式也具有紀律性。正如我所說，我們的 ROIC 對我們很重要；獲利能力對我們很重要。我認為在當今環境下更重要的是保護您的每股盈餘、保護您的獲利能力，我認為這對我們來說非常重要。這將會非常重要。因此，關於併購想法的更新，我們對框架的想法沒有更新。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Robert, just on maybe the top line here, the 7.5% to 8.5% organic, which is -- that's pretty impressive considering the macro. What drives the back half acceleration rate when we look at Q1 starting point of 7%? Are we looking at Volt stepping up? Or is this China which is assuming China improves in the back half. Maybe walk us through from Q1.

羅伯特，也許這裡的頂線是 7.5% 到 8.5% 的有機增長，從宏觀角度來看，這是相當令人印象深刻的。當我們看到第一季 7% 的起點時，是什麼推動了後半段的加速率？我們是否正在期待 Volt 的進步？或者這是中國假設中國在下半年會有所改善。也許可以從 Q1 開始向我們介紹。

Yeah. I think, it's -- when we guided back in January, Vijay, we kind of guided to this second half better than first half. And there's a couple of things there. First of all, I think you've got the impact of new kind of product launches kind of ramping up, and that obviously contributes to the growth rate in the second half.

是的。我認為，當我們在一月進行指導時，維傑，我們對下半年的指導比上半年要好。那裡有幾件事。首先，我認為新產品的推出會產生一定的影響，這顯然有助於下半年的成長率。

You mentioned one product, that's one. But as you're familiar with our pipeline, we've got a lot of recently launched products that as you go scaling up, that scale goes building and then it goes accelerating. So I think that's a key driver.

您提到了一種產品，那就是其中一種。但正如您熟悉我們的產品線一樣，我們最近推出了許多產品，隨著規模的擴大，規模不斷擴大，然後加速成長。所以我認為這是一個關鍵驅動因素。

And then the second part, I'd say, is comps. If you remember, the VBP really started to really impact us kind of last year, Q3, Q4. So I expect that lapping some of those kinds of VBP components in diagnostics will be a contributor.

然後我想說，第二部分是 comps。如果你還記得的話，VBP 確實在去年第三季、第四季開始對我們產生影響。因此我預計在診斷過程中研磨某些類型的 VBP 組件將會有所幫助。

And then if you remember, also last year, in Q3, we had some challenges in our nutrition business. Just some commercial execution challenges that we had a pretty big significant kind of drop in our nutrition and our international nutrition business. And the team has been making good progress there in terms of regaining the share in some of those markets.

如果你還記得的話，去年第三季度，我們的營養業務也遇到了一些挑戰。只是一些商業執行挑戰，我們的營養和國際營養業務出現了相當大的下降。該團隊在重新奪回部分市場份額方面取得了良好進展。

And so that's the other component, I would say, is like these are two pretty big comps. If you look at Q3, that was a pretty kind of low point, I'd say, for our nutrition business in the year. So that's kind of a high level how the math works.

所以我想說，這是另一個組成部分，就像這兩個相當大的比較一樣。如果你看一下第三季度，我想說，對於我們今年的營養業務來說，這是一個相當低谷的時期。這就是數學運作的高層次原理。

Understood. And maybe one on the gross margins here. I think the prior guide, you mentioned perhaps 60 to 80 basis point step up. Is this I guess, the tariff, is that hitting gross margin? Is that a cog impact? How should we think about gross margin share for the back half?

明白了。也許這裡還有關於毛利率的問題。我認為之前的指南中您提到了可能增加 60 到 80 個基點。我猜這是關稅，會影響毛利率嗎？這是齒輪撞擊嗎？我們該如何看待下半年的毛利率份額？

Yeah. Vijay, it's Phil. And yes, exactly what you highlighted here. We guided a strong gross margin into the year after a nice sequential growth each quarter last year and very pleased with Q1 delivering on that actually being a little bit better than what we had modeled or forecasted here, along with the benefit of the FX movement here. So those help serve as some of the offsets to the tariffs, which largely be felt in the gross margin.

是的。維傑，我是菲爾。是的，這正是您在這裡強調的。在去年每個季度都實現了良好的連續增長之後，我們預計今年的毛利率將保持強勁，並且我們對第一季度的業績感到非常滿意，實際上，第一季的業績比我們在此建模或預測的業績要好一些，同時還受益於外匯走勢。因此，這些有助於抵消關稅的影響，這在很大程度上體現在毛利率上。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Good morning. And thanks for taking the question and all of the information. I’d like to pivot a little bit to some of the products and particularly the AVEIR product, which you announced, you've begun clinical trials for. And on a second question, some of your Structural Heart products, this is another quarter of double-digit revenue growth in that segment. That would be great. Thank you so much.

早安.感謝您提出這個問題並提供所有資訊。我想稍微談談一些產品，特別是你們宣布已開始臨床試驗的 AVEIR 產品。關於第二個問題，你們的部分結構性心臟產品，本季該領域的收入再次實現了兩位數成長。那太好了。太感謝了。

Sure. It's great to talk about products a little bit, Joanne, so thanks about that. Yeah. So your first question on IVL, listen, we're excited to enter this category. This is a $1 billion opportunity right now. We think we see there's a lot of growth.

當然。喬安妮，很高興能稍微談論一下產品，謝謝您。是的。所以你關於 IVL 的第一個問題，聽著，我們很高興進入這個類別。現在這是一個價值 10 億美元的機會。我們認為我們看到了很大的成長。

If you remember, this asset came to us through the CSI acquisition that we did a few years ago. So we saw this is like a really interesting asset that was in there that we could kind of add value. The team has been working on it. And it's great to see that we started to enroll patients in the trial.

如果您還記得的話，這項資產是我們幾年前透過 CSI 收購取得的。因此，我們認為這是一項非常有趣的資產，我們可以為其增加價值。該團隊一直在努力解決這個問題。很高興看到我們開始招募患者參與試驗。

It's too early to think about kind of timelines here, like precise time lines from a quarterly perspective. But I expect to complete enrollment of this trial next year and file for approval next year. I think the catheter that we put into the trial is being viewed as very easy to deliver and it seems like a great tool here to treat severe calcification.

現在考慮時間表還為時過早，例如從季度角度考慮精確的時間表。但我預計明年能完成這項試驗的招募，並在明年申請批准。我認為我們在試驗中採用的導管非常容易輸送，而且它似乎是治療嚴重鈣化的絕佳工具。

So I've gotten like early, early data on kind of the first cases. They seem to all go very well. Praise from the interventionalists on the deliverability of it and I think that's always an important part, given our experience in the world of stents. Deliverability is super important so that seems like it's hitting the mark there. And then we also know that there's obviously a peripheral market for this. If you think about our portfolio in our vascular business, this would complement it very well. So I know the team is working on a peripheral program there, too, and we'll provide updates on that as we progress. But yeah, excited about the opportunity. I think it's going to be a meaningful growth driver here for our vascular business, which we've already started to see an improvement on the growth rate and this will obviously help sustain it.

因此，我獲得了有關第一批病例的早期數據。一切似乎都進展順利。介入專家對其可交付性表示讚賞，我認為，鑑於我們在支架領域的經驗，這始終是一個重要部分。可交付性非常重要，因此這似乎達到了目標。我們也知道這顯然有一個外圍市場。如果您考慮我們的血管業務組合，這將對其進行很好的補充。所以我知道團隊也在那裡開展外圍計劃，我們會隨著進展提供最新資訊。但是是的，我對這個機會感到很興奮。我認為這將成為我們血管業務的一個有意義的成長動力，我們已經開始看到成長率的提高，這顯然將有助於維持這種成長。

Yeah, on your question on structural Heart, yeah, 15% growth. We've always talked about Joanne, this being like moving away from being a single product company and MitraClip to be a full portfolio product. And the investments that we made in R&D during those years post integration of St. Jude and really kind of building a best-in-class portfolio here, I think is going to pay off. It's paying off now, and I think it's going to pay off long term also.

是的，關於結構性心臟的問題，是的，增加了 15%。我們一直在談論喬安妮，這就像是從單一產品公司和 MitraClip 轉變為全組合產​​品公司。我們在聖猶達整合後的幾年裡對研發進行的投資以及在這裡建立一流的投資組合，我認為將會獲得回報。現在它已經獲得了回報，而且我認為從長遠來看它也將獲得回報。

Navitor is doing really well. We've talked about the opportunities that we have in TAVR. Good share gains in Europe and looking forward to see this investment that we've been making in the US in terms of building our commercial presence, expanding it. I’m looking forward to seeing that team be able to start to really gain momentum as we progress throughout the year.

Navitor 表現確實很好。我們已經討論了我們在 TAVR 方面所擁有的機會。我們在歐洲的市場份額取得了良好的成長，並期待看到我們在美國為建立和擴大商業影響力所做的投資。我期待著看到隨著我們全年的進步，這支球隊能夠開始真正獲得動力。

Keep in mind, we're only in 25% of the cases -- 25% of the implanting hospitals here in the US. So I think there's a great opportunity for us there. And then TriClip is another one that's been doing very well. The launch continues to go super.

請記住，我們只佔 25% 的病例——占美國植入醫院的 25%。所以我認為這對我們來說是一個很好的機會。TriClip 是另一個表現非常出色的公司。此次發布會繼續進行得非常順利。

In terms of market share, I think TriClip here is now clearly the preferred option. Safety plays a major role in deciding what to choose. And the safety record here is is pretty excellent, not just in the clinical trials but also in the real world.

就市場份額而言，我認為 TriClip 現在顯然是首選。在決定選擇什麼時，安全性扮演著重要角色。這裡的安全記錄非常出色，不僅在臨床試驗中，而且在現實世界中也是如此。

So I expect this to annualize at around a quarter billion dollars, but really gaining a lot of momentum as we exit the year for a couple of things. One, we were launching a next generation of the clip, and that's just going to further enhance the ease of use. It simplifies all of the prep work.

因此，我預計年化收入將達到約 2.5 億美元，但隨著今年的結束，有些事情確實會獲得很大的發展勢頭。首先，我們正在推出下一代夾子，這將進一步提高易用性。它簡化了所有的準備工作。

I've been to a couple of cases. And it's not a pain point, but it's just a nice thing to have to be able to reduce some of that device prep work before. So I think the team has done a really good job there. We obviously saw the CMS has published their NCD. I expect that to hit mid-year, and that's another great opportunity. But the two-year data, I think, was pretty significant at ACC and really showed -- I know there's a lot of question marks about the endpoint a year ago, but that really wasn't powered for one year. And you're starting to see now the benefits on that hard data come out. I think that plays a huge role when you got the safety and you've got the heart endpoint.

我曾經處理過幾個案件。這不是一個痛點，而是一件好事，能夠減少之前的一些設備準備。所以我認為團隊在這方面做得非常好。我們顯然看到 CMS 已經發布了他們的 NCD。我預計這將在年中實現，這是另一個絕佳的機會。但我認為，兩年的數據對於 ACC 來說非常重要，並且確實表明 - 我知道對於一年前的終點存在很多疑問，但這確實沒有為一年提供依據。現在您開始看到這些硬數據帶來的好處了。我認為當你獲得安全性並達到心臟終點時，這會發揮巨大的作用。

So all in all, I think the Structural Heart business is going to continue to be in these teen growth rates, and we've got opportunities for international expansion, too. So -- and then plus all the R&D work that's ongoing, whether it's balloon-expandable, next-generation MitraClip, next-generation TriClip, next-generation Amulet, I mean it's just really stacked up, and the team is doing a good job. So looking forward for that business to continue to be a contributor in the next few years.

總而言之，我認為結構心臟業務將繼續保持青少年的成長率，而且我們也有國際擴張的機會。所以——再加上所有正在進行的研發工作，無論是球囊擴張、下一代 MitraClip、下一代 TriClip 還是下一代 Amulet，我的意思是它真的堆積如山，而且團隊做得很好。因此期待該業務在未來幾年繼續做出貢獻。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

Robert, I was hoping to maybe a little bit early for this, but I was hoping you could share either what Abbott is doing individually or plans to do along with conjunction with AVAMED and the industry to potentially seek exemptions in the US, China, Europe? And should investors hold out hope that exemptions for the med devices industry specifically could be secured?

羅伯特，我希望可能早一點談論這個，但我希望您能分享一下雅培公司單獨正在做的事情，或者計劃與 AVAMED 和業界一起合作，以在美國、中國和歐洲尋求豁免？投資者是否應該希望醫療器材產業能夠獲得豁免？

Josh, I mean, Abbott, hope is not a strategy for us, so I would stick away from that. But are we talking with industry association, sharing data, sharing information. I think the key thing here is always just getting some of the facts and the data is always important. And I think that, that's obviously an opportunity that exists to at least make sure that everybody who's making decisions are aware of the facts and the data and the implications.

喬希，我的意思是，阿博特，希望不是我們的策略，所以我會堅持這一點。但我們是否與產業協會進行交流、分享數據、分享資訊。我認為這裡的關鍵始終是獲取一些事實，並且數據始終很重要。我認為，這顯然是一個存在的機會，至少可以確保每個決策者都了解事實、數據和影響。

So are we actively involved with AdvaMed? Yes, we are. But I also think that we have to understand what the data is, and I have to understand what the implications. I'd say at the highest level, the med tech industry and you guys know this is whatever, $650 billion, $700 billion kind of industry. US companies have a very high share of that global industry around at least over 50%.

那我們是否積極參與 AdvaMed？是的。但我還認為我們必須了解數據是什麼，並且必須了解其含義。我想說，最高層次的是醫療科技產業，你們知道這是一個價值 6,500 億美元、7,000 億美元的產業。美國公司在全球該產業佔有很高的份額，至少超過50%。

So I think it is in the interest of the US to make sure that we protect the innovation, that we protect the investment in R&D. And a lot of the manufacturing in medtech is done, I would say, mostly in the US already. So yes, there's opportunities to have conversations, and that's part of our strategy. But hope is not one of them. So we're working through weekends and thinking about how we're going to do this on a long-term basis here.

因此我認為，確保保護創新、保護研發投資符合美國的利益。我想說，醫療技術領域的許多製造工作主要已經在美國完成。所以是的，有機會進行對話，這是我們策略的一部分。但希望不在其中。因此，我們利用周末時間工作並思考如何長期地進行這項工作。

Understood. Thanks for that. And then just one follow-up. The macro conditions are evolving rapidly. There have been some events Abbott specifically with the NEC litigation over the past 12 months. Just was hoping for an update on how you and your team are thinking about the diversified model at Abbott. It served the company well for decades. But any updates just on the potential to unlock value number of other competitors have been either divesting or spinning out business units. I was hoping to get your thoughts here in early 2025.

明白了。謝謝。然後只需進行一次跟進。宏觀環境正在快速變化。在過去 12 個月中，雅培發生了一些事件，特別是與 NEC 訴訟有關。我只是希望了解您和您的團隊對雅培多元化模式的看法。幾十年來它一直為公司提供良好的服務。但有關釋放其他競爭對手價值潛力的任何更新要么是剝離，要么是分拆業務部門。我希望在 2025 年初在這裡聽到您的想法。

Sure. I mean, you threw a couple of things in there. The fact that we have this ongoing litigation on NEC doesn't necessarily kind of lead us down a path of whether businesses are here to drive -- are driving value or not. So I'm going to move the litigation piece aside here to be quite honest with you.

當然。我的意思是，你把一些東西丟到那裡。事實上，我們對 NEC 正在進行訴訟並不一定能讓我們了解企業是否能夠推動價值成長。因此，為了坦誠地與你們溝通，我將把訴訟部分放在一邊。

Listen, we've always looked at the value of our diversification and what it does. It provides a lot of shots on goal as long as you're in the right places. It provides a lot of shots on goal and then it allows us to manage through moments of uncertainty in the global market and I made reference to that in my opening statements and we've shown plenty of examples of how that model has actually helped us. The key thing here is, are these businesses operating at the highest level and are we driving the value through them? I mean you guys can do sum of the parts. I think that we're pretty fairly valued, I guess, if you were to kind of do that analysis, there's always going to be a little bit of a disconnect there, but I think we're operating these businesses each at the highest level. And I think they provide us with a strategic advantage that very few healthcare companies have.

聽著，我們一直在關注多元化的價值及其作用。只要你處於正確的位置，它就會提供很多射門機會。它提供了許多射門機會，然後使我們能夠度過全球市場的不確定時刻，我在開場白中提到了這一點，我們已經展示了很多例子，說明該模型實際上是如何幫助我們的。這裡的關鍵是，這些業務是否在最高水準上運營，我們是否透過它們來推動價值？我的意思是你們可以把各部分加起來。我認為我們的估值相當合理，我想，如果你要進行這種分析，總是會存在一些脫節，但我認為我們正在以最高水準運作這些業務。我認為它們為我們提供了很少有醫療保健公司擁有的策略優勢。

We have a unique perch where we get to see the entire spectrum of health care through nutrition, through diagnostics, through pharmaceuticals, through medical technologies. And we think that's a competitive advantage.

我們擁有獨特的視角，可以透過營養、診斷、藥物和醫療技術了解整個醫療保健領域。我們認為這是一種競爭優勢。

But we look at our portfolio always on an ongoing basis. We continue to evaluate whether there's opportunities to create value. I talked about these questions we ask ourselves, is there an opportunity to create value, and is there somebody else that could be a better owner of our business? For me right now, those two questions are no, they're not, and we just got to keep driving and executing. But I think you've seen us as a company. We've engaged in these probably long before these were the portfolio moves de jure, I'd say that we're seeing right now. You've got to ask yourself some of these moves, have they created value to shareholders? I think that's always a fundamental question.

但我們始終會持續審視我們的投資組合。我們不斷評估是否有創造價值的機會。我談到了我們問自己的這些問題，是否有機會創造價值，是否有其他人可以更好地管理我們的業務？對我來說，現在這兩個問題都是否定的，我們只需要繼續努力和執行。但我想您已經將我們視為一家公司。我想說，我們可能早在這些投資組合變動成為法定舉措之前就參與其中了，我們現在就看到了這一點。你必須問自己，這些措施是否為股東創造了價值？我認為這始終是一個基本問題。

Operator, we'll take one more question, please.

接線員，請再回答一個問題。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

I wanted to ask a question here on Rhythm Management. I think this is the second or third quarter that we've seen really strong results, particularly in the US. And I assume some of this is because of AVEIR. Can you catch us up to date on where we are in terms of the rollout. Some of the new data we might be seeing at HRS on left bundle branch and some of the other opportunities we should be seeing there in AVEIR.

我想在這裡問一個關於節奏管理的問題。我認為這是我們看到真正強勁業績的第二季或第三季度，尤其是在美國。我認為部分原因是 AVEIR。您能否向我們介紹一下我們推出這項計劃的最新進展？我們可能會在左束支的 HRS 上看到一些新數據，我們應該在 AVEIR 上看到一些其他機會。

Yes. Thanks, Marie. Yeah, listen, I think AVEIR remains one of the -- probably one of the most underappreciated opportunities here in our portfolio. I think rarely do you have an opportunity to completely change the standard of care. And I predict that we're going to see that standard of care change at least in the pacing market.

是的。謝謝，瑪麗。是的，聽著，我認為 AVEIR 仍然是我們投資組合中最被低估的機會之一。我認為你很少有機會徹底改變護理標準。我預測我們至少會在起搏器市場看到護理標準的變化。

Next five years, I think that the majority of this market is going to be leadless. And I'd say that the key thing for us was to think about, okay, if we think that this is going to be a complete change in paradigm and standard of care, we got to make sure that we build a strong enough foundation for that to happen.

未來五年，我認為這個市場的大部分將是無鉛的。我想說，對我們來說，關鍵是要思考，如果我們認為這將是護理模式和標準的徹底改變，我們必須確保為此建立足夠堅實的基礎。

It is a different implant technique than physicians have been accustomed and have been trained for decades. So as I've said, we were going to go -- I guess you could say we're going to go a little slower to go fast. If you can argue what we've been doing, I mean I think -- this will probably exit the year at about half a billion dollars.

這是一種與醫生幾十年來習慣和培訓的植入技術不同的技術。所以正如我所說的，我們會離開——我想你可以說我們會走得慢一點，然後走得快一點。如果你能爭論我們所做的事情，我的意思是我認為——今年我們的收入可能會達到約 5 億美元。

So I think the team has done a really good job at establishing that foundation. We've seen an increase in accounts. So we've increased our accounts by about 50%. The amount of physicians that have been trained, have been increased by 50%.

所以我認為團隊在建立這個基礎方面做得非常好。我們看到帳戶數量增加。因此我們的帳戶增加了約 50%。接受訓練的醫生數量增加了50%。

We've more than doubled the amount of implants per day we're doing. Now that's not just the expansion of new accounts, but we've actually seen a 30% increase in the monthly implants of the early adopters. So not only are we increasing the penetration to new accounts, but we're also seeing deeper penetration and usage in the accounts that we've already opened. So that gives me confidence on the statement that I made that I think this is going to be a complete change in category. And so much so that we've been obviously investing from an R&D perspective on next-generation leadless products.

我們每天進行的植入數量增加了一倍以上。現在這不僅僅是新帳戶的擴張，而且我們實際上看到早期採用者的每月植入量增加了 30%。因此，我們不僅在增加新帳戶的滲透率，而且我們還看到已開立帳戶的滲透率和使用率也在不斷提高。因此，這讓我對我所說的「這將是一個類別的徹底改變」充滿信心。我們顯然一直從研發角度投資下一代無鉛產品。

We're going to have a next-generation version come out we're working on that's going to increase the battery life by about 25%. So that's going to be good and important as we think about more increased penetration, younger implants, younger population implants.

我們正在研發的下一代版本將使電池壽命延長約 25%。因此，當我們考慮進一步提高滲透率、更年輕的植入物、更年輕的人口植入物時，這將是好事，也很重要。

And then we also talked about developing a leadless conduction system pacing product. This has got a breakthrough designation by the FDA. I'm not going to get too ahead of me in terms of HRS what you'll see, but our goal is to start the pivotal trial for this product in 2026. So the point here is, we believe this is going to fundamentally change. We've made the investments to prepare the market, train the market, condition the market. And we're also making investments in the pipeline also because we believe that's where the standard is going to go.

然後我們也討論了開發無導線傳導系統起搏產品。這已獲得 FDA 的突破性認定。我不會對您將看到的 HRS 做太多超前的預測，但我們的目標是在 2026 年開始對該產品進行關鍵試驗。所以這裡的重點是，我們相信這種情況會發生根本性的改變。我們已經進行了投資來準備市場、培訓市場、調節市場。我們也對管道進行了投資，因為我們相信標準將會朝著這個方向發展。

So I think if you look at our CRM business, you're seeing the impact of that strategy, which is okay. This has been a business that historically has been flat from our perspective in a low single-digit kind of growth market over the last couple of years. Thank you for pointing that out.

所以我認為如果你看看我們的 CRM 業務，你會看到該策略的影響，這是可以的。從我們的角度來看，過去幾年來，這項業務一直處於低個位數成長市場中，表現平平。感謝您指出這一點。

We've been growing around 7%. And I think it's really part of the strategy. So we look forward to HRS. We look forward to what we're going to be presenting across the entire EP portfolio, not just on the CRM side, on the structural side and also on the ablation side. So I think we think we're going to have a real good HRS and good data there, too.

我們的成長率約為 7%。我認為這確實是戰略的一部分。因此我們期待 HRS。我們期待在整個 EP 產品組合中展示的產品，不僅是 CRM 方面，還有結構方面和消融方面。所以我認為我們也將擁有真正良好的 HRS 和良好的數據。

Listen, I'll just -- I get that there's a lot of questions on tariffs. We've been doing a lot of work, a lot of modeling, but more importantly, a lot of ways to think about how to mitigate the impacts. Part of my push to the team and push to myself, quite frankly, is we need to figure out how to do this in a way that's sustainable and not just using gap closures, which we will use for sure, but how do we make this more sustainable.

聽著，我只是——我知道有很多關於關稅的問題。我們做了很多工作，進行了很多建模，但更重要的是，我們思考了很多如何減輕影響的方法。坦白說，我對團隊和我自己的壓力之一是，我們需要弄清楚如何以一種可持續的方式來做到這一點，而不僅僅是使用差距縮小（我們肯定會使用這種方法），而是如何讓它變得更永續。

I found it interesting we did not get a single Libre question. So you guys are very concerned on tariffs and macro, but all good there. We've had a good start to the year and I anticipate that, that momentum is going to continue.

我發現有趣的是我們沒有收到任何 Libre 問題。所以你們非常關心關稅和宏觀經濟，但一切都很好。今年我們有一個良好的開端，我預計這種勢頭將會持續下去。

The gross margin and the operating margin expansion is very important, and I think it's even more important now with the dynamics that we're in. But we're not doing that at the expense of the pipeline. The pipeline continues to provide great new growth opportunities. And like I said, I think the diversified model here, I think to Josh's question, I think it serves us very well.

毛利率和營業利潤率的擴大非常重要，而且我認為，考慮到我們現在所處的情況，這一點就顯得更為重要。但我們這樣做並不會以犧牲管道為代價。該管道繼續提供巨大的新增長機會。正如我所說的，我認為這裡的多元化模式，對於喬希的問題，我認為它對我們非常有幫助。

There's a lot of moving pieces, maybe to Robbie's point, but our job here is to make all that -- translate all that complexity and all those moving pieces into sustained and reliable growth and performance, which is what we've been doing and what we're going to continue to do. Which is why we've reaffirmed our guidance here and so we look forward to updating you guys as we go through the year. So with that, I'll wrap up and thank you for joining us.

也許正如羅比所說，有很多變動因素，但我們的工作是將所有這些複雜性和所有變動因素轉化為持續可靠的成長和業績，這也是我們一直在做的事情，也是我們將繼續做的事情。這就是為什麼我們在這裡重申我們的指導方針，因此我們期待今年向你們通報最新情況。好了，我的演講就到此結束，感謝大家的參與。

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

謝謝接線員，也謝謝大家的提問。雅培的電話會議到此結束。這次電話會議的網路直播重播將於今天美國中部時間上午 11 點之後在雅培投資者關係網站 abbottinvestor.com 上提供。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。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。