美國雅培 (ABT) 2022 Q1 法說會逐字稿

Good morning, and thank you for standing by. Welcome to Abbott's First Quarter 2022 Earnings Conference Call. (Operator Instructions) This call is being recorded by Abbott. With the exception of any participant's 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 Abbot's expressed written permission.

早上好，感謝您的支持。歡迎參加雅培 2022 年第一季度收益電話會議。 （操作員說明）此通話由 Abbott 錄音。除了在問答環節中提出的任何參與者的問題外，整個通話（包括問答環節）的材料版權歸雅培所有。未經 Abbot 明確書面許可，不得錄製或重播。

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 will 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 2022. 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，今天做出的一些陳述可能是 1995 年《私人證券訴訟改革法案》的前瞻性陳述，包括 2022 年的預期財務結果。雅培警告說，這些前瞻性陳述可能會受到風險和不確定性的影響。導致實際結果與前瞻性陳述中的結果大不相同。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 10-K 表年度報告的第 1A 項風險因素中進行了討論。雅培不承擔公開發布任何修訂的義務前瞻性陳述作為後續事件或發展的結果，除非法律要求。

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 measures in our earnings news release and regulatory filings from today, which are available on our website at abbott.com. Note that Abbott has not provided the GAAP financial measure for organic sales growth 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.

在今天的電話會議上，與以往一樣，非公認會計準則財務指標將用於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的收益新聞稿和監管文件中的可比 GAAP 財務指標相一致，這些指標可在我們的網站 abbott.com 上找到。請注意，雅培未在前瞻性基礎上提供有機銷售增長的 GAAP 財務指標，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，我們對銷售增長的評論指的是有機銷售增長，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, we reported results of another strong quarter. Earnings per share were $1.73, reflecting more than 30% growth compared to the prior year. Sales increased 17.5% on an organic basis in the quarter, led by double-digit growth in Medical Devices, Established Pharmaceuticals as well as Diagnostics, both with and without COVID testing-related sales.

謝謝，斯科特。大家早上好，感謝您加入我們。今天，我們報告了另一個強勁的季度業績。每股收益為 1.73 美元，與去年相比增長了 30% 以上。本季度銷售額有機增長 17.5%，這主要得益於醫療器械、成熟藥品和診斷產品的兩位數增長，無論是否與 COVID 檢測相關的銷售。

In addition to these strong results during the quarter, we continue to strengthen our strategic position and long-term growth opportunities with regulatory approvals of new products and expanded indications of use along with continued market uptake of several recently launched products in attractive growth areas.

除了本季度的這些強勁業績外，我們還通過對新產品的監管批准和擴大的使用適應症以及在具有吸引力的增長領域中對最近推出的幾種產品的持續市場吸收，繼續加強我們的戰略地位和長期增長機會。

I'll now summarize our first quarter results in more detail before turning the call over to Bob. And I'll start with Established Pharmaceuticals, or EPD, where sales increased 13.5% in the quarter. EPD has now achieved double-digit organic sales growth in 3 of the last 4 quarters. Strong performance this quarter was led by double-digit growth across several countries and core therapeutic areas, including gastroenterology, respiratory and CNS pain management.

在將電話轉給 Bob 之前，我現在將更詳細地總結我們的第一季度業績。我將從已建立的製藥公司（EPD）開始，該公司本季度的銷售額增長了 13.5%。環保署現已在過去 4 個季度中的 3 個季度實現了兩位數的有機銷售額增長。本季度的強勁表現得益於多個國家和核心治療領域的兩位數增長，包括胃腸病學、呼吸和中樞神經系統疼痛管理。

Turning to Nutrition, where our performance was mixed. Our Adult Nutrition business continues to perform at a high level with global organic sales growth of 11.5%, led by our Ensure and Glucerna brands. And we also achieved double-digit growth globally in our combined toddler nutrition products, which includes our market-leading PediaSure and Pedialyte brands.

談到營養，我們的表現參差不齊。在我們的 Ensure 和 Glucerna 品牌的帶動下，我們的成人營養業務繼續保持高水平的表現，全球有機銷售額增長 11.5%。此外，我們的幼兒營養組合產品在全球也實現了兩位數的增長，其中包括我們市場領先的 PediaSure 和 Pedialyte 品牌。

As you know, however, we initiated a voluntary recall in February of certain infant formula products manufactured at one of our U.S. facilities. It's important to highlight as part of our quality system, we retain in-house samples of products that we ship to customers. Testing of retained samples related to this recall action by both Abbott and the FDA have all come back negative for the presence of the bacteria that cause the reported illnesses.

然而，如您所知，我們在 2 月份發起了一項自願召回，召回在我們的美國工廠之一生產的某些嬰兒配方奶粉產品。重要的是要強調作為我們質量體系的一部分，我們保留了我們運送給客戶的產品的內部樣品。雅培和 FDA 對與此次召回行動相關的保留樣品的測試結果均顯示，導致報告疾病的細菌的存在均為陰性。

Importantly, the FDA and CDC found that there is no genetic match between the strains of the bacteria identified in nonproduct contact areas of our facility and available samples obtained from customer complaints, suggesting a different source of contamination.

重要的是，FDA 和 CDC 發現，在我們設施的非產品接觸區域發現的細菌菌株與從客戶投訴中獲得的可用樣本之間沒有基因匹配，這表明存在不同的污染源。

And lastly, no salmonella was found in our factory or product and, therefore, the FDA ruled out any link to our facility. We hope these findings get parents, caregivers and other stakeholders renewed confidence in our products. We know the situation has further exacerbated industry-wide infant formula supply shortages. That's why we're doing everything possible to mitigate supply constraints by bringing in product from our FDA registered facility in Europe and ramping up production at our other U.S. plants. And of course, we're working very closely with the FDA on proactive actions and enhancements so that we can restart operations at the facility.

最後，在我們的工廠或產品中沒有發現沙門氏菌，因此，FDA 排除了與我們工廠的任何联系。我們希望這些發現能讓父母、看護者和其他利益相關者重新對我們的產品充滿信心。我們知道這種情況進一步加劇了全行業的嬰兒配方奶粉供應短缺。這就是為什麼我們正在盡一切可能通過從我們在歐洲的 FDA 註冊工廠引進產品並提高我們在美國其他工廠的產量來緩解供應限制。當然，我們正在與 FDA 密切合作，積極採取行動和改進措施，以便我們可以重新啟動該設施的運營。

Moving to Diagnostics, where sales grew 35%. COVID test sales were $3.3 billion in the quarter, more than 90% of which came from our rapid test, including BinaxNOW in the U.S., Panbio internationally and ID NOW globally. Excluding COVID-related -- COVID testing-related sales, our Global Diagnostics sales grew 12% in the quarter, driven by the continued rollout of Alinity, our innovative suite of diagnostic instruments and expanding menus across our testing platforms.

轉向診斷，銷售額增長了 35%。本季度 COVID 測試銷售額為 33 億美元，其中 90% 以上來自我們的快速測試，包括美國的 BinaxNOW、國際的 Panbio 和全球的 ID NOW。不包括與 COVID 相關的 - COVID 測試相關的銷售額，我們的全球診斷銷售額在本季度增長了 12%，這得益於 Alinity 的持續推出，我們的創新診斷儀器套件和在我們的測試平台上擴展的菜單。

And I'll wrap up with Medical Devices, where sales grew 11.5% in the quarter. This strong performance was led by double-digit growth in Diabetes Care, Structural Heart, Heart Failure and Electrophysiology. In Diabetes Care, sales of FreeStyle Libre grew more than 25% on an organic basis in the quarter and the user base has now reached approximately 4 million users globally. In Cardiovascular Devices, while procedure volumes were negatively impacted by elevated COVID case rates early in the year, we saw a steady improvement in procedure trends as the case rates came down in the second half of the quarter, which has continued into April.

最後，我將介紹醫療器械，該季度銷售額增長了 11.5%。這一強勁表現得益於糖尿病護理、結構性心臟、心力衰竭和電生理學領域的兩位數增長。在糖尿病護理領域，FreeStyle Libre 本季度的銷售額有機增長超過 25%，全球用戶群現已達到約 400 萬。在心血管器械方面，雖然手術量受到年初 COVID 病例率上升的負面影響，但隨著病例率在本季度下半月下降（一直持續到 4 月），我們看到手術趨勢穩步改善。

In addition to improving market trends and our strong results, this was also another highly productive quarter for our pipeline. In the U.S., we received FDA approval for Aveir, our leadless pacemaker to treat patients with slow heart rhythms. In Japan, expanded reimbursement for Libre will now cover all people with diabetes who use insulin at least once a day.

除了改善市場趨勢和我們強勁的業績外，這也是我們管道的另一個高產季度。在美國，我們獲得了 FDA 對 Aveir 的批准，這是我們用於治療慢心律患者的無引線起搏器。在日本，Libre 的擴大報銷範圍現在將覆蓋所有每天至少使用一次胰島素的糖尿病患者。

CardioMEMS received an expanded indication in the U.S. to treat more patients suffering from earlier stages of heart failure. And we received U.S. FDA clearance for the latest generation of our EnSite X system, which provides a 360-degree view of the heart for improved cardiac mapping.

CardioMEMS 在美國獲得了擴大的適應症，用於治療更多患有早期心力衰竭的患者。我們最新一代的 EnSite X 系統獲得了美國 FDA 的批准，該系統提供了 360 度的心臟視圖，以改進心臟映射。

So in summary, we're achieving strong growth overall and across several areas of our business. As the first quarter progressed and COVID levels decreased, we saw a steady improvement in the hospital-based procedure trends, which has continued into April. And we continue to advance our pipeline with new products, indications and reimbursement coverage in several attractive growth areas.

總而言之，我們在整體和多個業務領域實現了強勁增長。隨著第一季度的進展和 COVID 水平的下降，我們看到以醫院為基礎的程序趨勢穩步改善，這種趨勢一直持續到 4 月。我們繼續在幾個有吸引力的增長領域通過新產品、適應症和報銷範圍推進我們的管道。

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

我現在將把電話轉給 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.

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。

Turning to our results. Sales for the first quarter increased 17.5% on an organic basis, which was led by double-digit growth in Diagnostics, Medical Devices and Established Pharmaceuticals along with global COVID testing-related sales of $3.3 billion in the quarter.

轉向我們的結果。第一季度銷售額有機增長 17.5%，主要得益於診斷、醫療器械和成熟藥物的兩位數增長，以及本季度全球 COVID 檢測相關銷售額 33 億美元。

Excluding COVID testing-related sales, organic sales growth was 7.7% versus the prior year.

不包括與 COVID 檢測相關的銷售額，有機銷售額同比增長 7.7%。

Foreign exchange had an unfavorable year-over-year impact of 3.7% on first quarter sales. During the quarter, we saw the U.S. dollar continue to strengthen versus several currencies, which resulted in a more unfavorable impact on sales compared to exchange rates at the time of our earnings call in January.

外匯對第一季度銷售額的同比不利影響為 3.7%。在本季度，我們看到美元兌多種貨幣繼續走強，與 1 月份財報電話會議時的匯率相比，這對銷售產生了更不利的影響。

Regarding other aspects of the P&L, the adjusted gross margin ratio was 59.1% of sales, which reflects higher than normal fall-through on COVID testing sales as a result of significant production volumes during the first quarter, partially offset by the impacts of the nutrition recall and somewhat higher-than-expected inflation on certain manufacturing and distribution costs in the quarter.

關於損益表的其他方面，調整後的毛利率為銷售額的 59.1%，這反映了由於第一季度的大量產量，COVID 測試銷售的跌幅高於正常水平，部分被營養的影響所抵消召回以及本季度某些製造和分銷成本的通脹略高於預期。

Adjusted research and development investment was 5.6% of sales and adjusted SG&A investment was 23.1% of sales in the first quarter. Lastly, our first quarter adjusted tax rate was 14.5%.

第一季度調整後的研發投資佔銷售額的 5.6%，調整後的 SG&A 投資佔銷售額的 23.1%。最後，我們第一季度調整後的稅率為 14.5%。

Before discussing our outlook for the full year, I want to provide an update on our strategic capital deployment initiatives completed in the first quarter, which included approximately $2.3 billion of share repurchases, $800 million of dividends, scheduled debt repayment of $750 million and $300 million of capital expenditures, which support future organic growth opportunities. We continue to generate strong cash flow, which provides the flexibility required to execute a well-balanced capital allocation strategy.

在討論我們的全年展望之前，我想介紹一下我們在第一季度完成的戰略資本部署計劃，其中包括約 23 億美元的股票回購、8 億美元的股息、7.5 億美元的預定債務償還和 3 億美元資本支出，支持未來的有機增長機會。我們繼續產生強勁的現金流，這為執行均衡的資本分配策略提供了所需的靈活性。

Turning to our outlook for the full year 2022. Our adjusted earnings per share guidance of at least $4.70 remains unchanged. We now forecast total company organic sales growth, excluding the impact of COVID testing-related sales, to be in the mid- to high single digits, which is somewhat lower than our prior forecast of high single digits due to the recent recall event in Nutrition. It is important to note, excluding sales impacted by the recall, we continue to forecast total organic sales growth in the high single digits for the remainder of our combined businesses, which includes Medical Devices, Established Pharmaceuticals, Diagnostics, excluding the impact of testing-related sales and areas of nutrition, not impacted by the recall.

轉向我們對 2022 年全年的展望。我們調整後的每股收益至少為 4.70 美元的指導保持不變。我們現在預測公司總有機銷售額增長（不包括與 COVID 檢測相關的銷售額的影響）將處於中高個位數，這比我們之前預測的高個位數略低，原因是最近的營養品召回事件.值得注意的是，不包括受召回影響的銷售，我們繼續預測我們合併後的其餘業務的總有機銷售額將保持高個位數增長，其中包括醫療器械、成熟藥品、診斷，不包括測試的影響-相關銷售和營養領域，不受召回影響。

We forecast COVID testing-related sales of approximately $4.5 billion with a significant portion of these sales expected to occur in the first half of the year. We continue to -- we'll continue to update our COVID testing-related sales forecast 1 quarter at a time throughout the year as appropriate.

我們預測與 COVID 測試相關的銷售額約為 45 億美元，其中很大一部分預計將發生在今年上半年。我們將繼續——我們將繼續酌情在全年一個季度一次更新我們與 COVID 測試相關的銷售預測。

Lastly, based on current rates, we would now expect exchange to have an unfavorable impact of a little more than 3% on our full year reported sales.

最後，根據目前的匯率，我們現在預計匯率將對我們全年報告的銷售額產生略高於 3% 的不利影響。

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

有了這個，我們現在開始提問。

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

（操作員說明）我們的第一個問題來自摩根大通的 Robbie Marcus。

Congrats on a good quarter. Maybe to start for Robert or Bob, you guys put up a good first quarter being on COVID testing sales had double-digit growth in most of the businesses. I was hoping maybe you can reconcile the strong 1Q and the reiterated guidance and walk us through some of the puts and takes and how to think about bridging the difference?

祝賀一個好季度。也許從羅伯特或鮑勃開始，你們在第一季度表現不錯，在 COVID 測試方面，大多數企業的銷售額都實現了兩位數的增長。我希望也許你可以調和強勁的第一季度和重申的指導，並引導我們完成一些看跌期權以及如何考慮彌合差異？

Sure, Robbie. I think you've been on these calls for a while. We rarely raised in Q1, I would say. And despite that, I mean, we've had a great start to the year as pointed out. And there's a lot of good things going on at the company. We talked a little bit about procedure recovery in the comments. We've seen good recovery in our device portfolio, especially in cardiovascular, seen routine diagnostic testing improving albeit a little bit slower than what we've seen in devices, but definitely the trend of recovery is there. .

當然，羅比。我想你已經接聽這些電話有一段時間了。我會說，我們在第一季度很少加註。儘管如此，我的意思是，正如所指出的那樣，我們今年的開局很好。公司裡發生了很多好事。我們在評論中談到了一些關於程序恢復的內容。我們已經看到我們的設備組合恢復良好，特別是在心血管方面，看到常規診斷測試有所改善，儘管比我們在設備中看到的要慢一些，但肯定存在恢復的趨勢。 .

EPD execution is going very well, like I said in the comments, 3 out of 4 quarters, double digit, strong COVID sales, both in the U.S. and internationally. I think that's an important aspect here is our international presence, too. Talked a little bit about the pipeline and the approvals, not just the recent approvals, but the performance of some of the recently launched products. Bob talked about our cash flow generation and the deployment of that cash flow. We're able to kind of share part of that cash flow with our shareholders, but also to continue to invest in the business.

正如我在評論中所說，環保署執行進展順利，4 個季度中有 3 個季度實現兩位數的強勁 COVID 銷售，無論是在美國還是在國際上。我認為這也是我們的國際影響力的一個重要方面。談到了管道和批准，不僅僅是最近的批准，還有一些最近推出的產品的性能。 Bob 談到了我們的現金流生成和現金流的部署。我們能夠與股東分享部分現金流，但也可以繼續投資於業務。

So there's a lot of good things going on here in the business, and -- but there are a couple of challenges that we're managing, and that's probably the piece there where the reconciliation that you're looking for is actually happening. First of all, obviously managing through the recall on the nutrition side, we're working with the FDA. And we've contemplated in that reiterated guidance, various scenarios here in terms of kind of restart dates and share recovery curves, et cetera. So it's simple to give an exact date right now as to when that restart starts. We're working closely with the FDA, but I see this more as a shorter-term challenge in the sense that once we align with restarting with the FDA then we'll begin to execute our strategy here in terms of coming back to market, resupplying the market and regaining the share.

因此，業務中發生了很多好事，而且 - 但我們正在應對一些挑戰，這可能就是您正在尋找的和解實際發生的地方。首先，顯然通過營養方面的召回來管理，我們正在與 FDA 合作。我們已經在重申的指導中考慮了各種情況，比如重啟日期和共享恢復曲線等等。因此，現在很容易給出重啟開始的確切日期。我們正在與 FDA 密切合作，但我認為這更像是一個短期挑戰，因為一旦我們與 FDA 重新合作，我們將開始執行我們的戰略，以重返市場，補給市場，奪回市場份額。

Probably the second other part here, which is I think is a little bit not unique to Abbott. And I think you'll probably see this across a lot of companies is just the macro environment right now is -- has definitely changed versus where we were in January. And it's gotten a little bit more challenging. So -- and we expect some of that macro environment, whether it's supply chain, et cetera, to kind of be a little bit more persistent throughout this year.

可能是這裡的第二部分，我認為這不是雅培獨有的。而且我認為您可能會在很多公司中看到這一點，這只是現在的宏觀環境 - 與我們一月份的情況相比肯定發生了變化。它變得更具挑戰性。所以 - 我們預計一些宏觀環境，無論是供應鍊等，在今年都會更加持久。

So that being said, I wanted to see how these -- probably these 2 points here play out over the next couple of months, and we'll be in a better position to be able to assess that and on our guidance going forward after Q2. But like I said, there's a lot of great momentum in the business. Devices performing very well. Diagnostics performing very well. The parts of nutrition that weren't impacted by the recall continue to do very well.

話雖如此，我想看看這些——可能是這兩點在接下來的幾個月裡如何發揮作用，我們將能夠更好地評估這一點以及我們在第二季度之後的指導.但就像我說的那樣，這項業務有很大的發展勢頭。設備性能非常好。診斷性能非常好。未受召回影響的營養部分繼續表現良好。

I'm not a big fan of the -- exclude this, but for that statement, but I think in the context of how the business is performing, I mean if you exclude the COVID piece, which was pretty significant for us and then just look at the business without the base business, without the impacted nutrition products, our growth rate was about 11%. And I think that reflects the strength of the portfolio, the investments that we've made and the execution. So in that guidance, that reiteration of $470 million, we've absorbed, as Bob said, more FX headwinds, absorbed some challenges in supply chain, absorbed portions of the nutrition recall. So I think it's the right EPS guide right now in terms of where we are after Q1.

我不是 - 排除這個的忠實粉絲，但是對於那個聲明，但我認為在業務表現的背景下，我的意思是如果你排除 COVID 部分，這對我們來說非常重要，然後只是看看沒有基礎業務的業務，沒有受影響的營養產品，我們的增長率約為 11%。我認為這反映了投資組合的實力，我們所做的投資和執行。因此，在重申 4.7 億美元的指導方針中，正如鮑勃所說，我們已經吸收了更多的外匯逆風，吸收了供應鏈中的一些挑戰，吸收了部分營養召回。因此，就我們在第一季度之後的情況而言，我認為這是正確的每股收益指南。

Great. And maybe as a follow-up, I think a lot of investors are focused on the go forward, realizing that January and February weren't the strongest months due to some of the elevated Omicron levels. So we heard Johnson & Johnson yesterday talk about reaching pre-COVID volume levels in April. It sounds like you exited and continue to see strong growth coming out of the quarter and into second quarter. I was hoping maybe you could give us a little more color on just the volume trends you're seeing, particularly in devices and diabetes, which was one that missed the street a little bit in the quarter? And how you're seeing the geographic spread and any differences there?

偉大的。也許作為後續行動，我認為很多投資者都專注於前進，意識到由於一些 Omicron 水平升高，1 月和 2 月並不是最強勁的月份。因此，我們昨天聽到強生公司談論在 4 月份達到 COVID 之前的銷量水平。聽起來您已經退出並繼續看到本季度和第二季度的強勁增長。我希望也許您可以就您所看到的數量趨勢給我們更多的色彩，特別是在設備和糖尿病方面，這是一個在本季度有點錯過街頭的東西？您如何看待地理分佈和那裡的任何差異？

Sure. I mean I think the storyline here was very similar, as I said in my comments. I mean it started off a little bit slower than we had anticipated in January, obviously, given Omicron and the surges there and the pressure that, that put on staff at hospitals. But definitely sequential improvement from a dollar perspective every month as we moved along the quarter, March was very strong. I've always talked about how we compare our businesses versus pre-pandemic levels to kind of avoid some of the comp issues that ultimately do exist.

當然。正如我在評論中所說，我的意思是我認為這裡的故事情節非常相似。我的意思是它開始時比我們在一月份的預期要慢一點，顯然，考慮到 Omicron 和那裡的激增以及給醫院工作人員帶來的壓力。但從美元的角度來看，隨著我們在本季度的推進，3 月份的每個月肯定會出現連續改善，非常強勁。我一直在談論我們如何將我們的業務與大流行前的水平進行比較，以避免一些最終確實存在的補償問題。

If you look at our Q1 '22 growth rate versus 2019, we were up about 7.3%. So well ahead of where we were in 2019. And that was pretty broad-based. Geographically, the U.S. was up 6%, again versus 2019. And international was up over 8% versus 2019, too. So I think our device business has performed very well, and we've seen that improvement as we went through the quarter. The cardiovascular side has done very well as I've kind of given those numbers, and March was really strong, too.

如果您看一下我們 22 年第一季度的增長率與 2019 年相比，我們增長了約 7.3%。遠遠領先於我們在 2019 年的水平。而且基礎非常廣泛。從地理上看，美國與 2019 年相比再次增長了 6%。國際市場與 2019 年相比也增長了 8% 以上。因此，我認為我們的設備業務表現非常好，並且在本季度我們已經看到了這種改善。心血管方面的表現非常好，因為我已經給出了這些數字，而且三月也非常強勁。

I think it's -- part of it is recovery, Robbie, that we're seeing. But also -- I would also put in those numbers, I made these comments about recently launched products that we started launching last year. It's always a challenge to launch these new technologies in that COVID environment, but it was the right decision to make, and we're seeing good momentum on whether it's Amulet, Navitor in Europe, CardioMEMS, the rollout of EnSite X that began in Q4 of last year, our TriClip product. So I think all of that, it's the combination, I would say, of both recovery as the COVID cases subside, but also the new product launches and the pipeline that we put, which is driving this performance where, I'd say, we're ahead of where we were in 2019, having good growth rate in our cardio portfolio.

我認為這是 - 部分是恢復，羅比，我們正在看到。而且 - 我也會輸入這些數字，我對我們去年開始推出的最近推出的產品發表了這些評論。在 COVID 環境中推出這些新技術始終是一個挑戰，但這是一個正確的決定，無論是 Amulet、歐洲的 Navitor、CardioMEMS，還是從第四季度開始推出的 EnSite X，我們都看到了良好的勢頭去年，我們的 TriClip 產品。所以我認為所有這一切，我想說的是，隨著 COVID 病例的消退，恢復，以及新產品的推出和我們投入的管道，這推動了這種表現，我想說，我們'領先於我們在 2019 年的水平，我們的有氧運動產品組合具有良好的增長率。

Our next question comes from Vijay Kumar from Evercore ISI.

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

Robert, maybe back on the guidance question, right. The testing guidance was raised by $2 billion, right? That's perhaps $0.40 of upside and reiteration of the EPS, like what is offsetting the incremental tailwind from COVID rate? Like how much of this is FX, was this macro Russia versus the recall or inflationary pressures, I think, a little bit more granularity will be helpful.

羅伯特，也許回到指導問題，對。測試指南提高了 20 億美元，對吧？這可能是每股收益的 0.40 美元的上漲和重申，就像是什麼抵消了 COVID 利率的增量順風？就像這有多少是外匯一樣，這個宏觀俄羅斯與召回或通脹壓力相比，我認為，更多的粒度會有所幫助。

Sure. Well, I mean I think you hit on the key points there. I mean inflation -- additional inflation pressures is impacting some of that. We've got a couple of hundred million dollars that we've contemplated throughout the rest of the year in terms of friction on supply chain costs, input costs, freight and distribution.

當然。好吧，我的意思是，我認為你已經抓住了關鍵點。我的意思是通脹——額外的通脹壓力正在影響其中的一部分。在供應鏈成本、投入成本、運費和分銷方面的摩擦方面，我們在今年餘下的時間裡已經考慮了幾億美元。

The recall -- well, let me take a step back, the FX is probably about another about $0.05 of friction that we're having as we've seen the dollar strengthen and the rest of it is really coming from nutrition, but it's very difficult right now to be able to kind of pinpoint exactly. We've got a couple of different scenarios, as I said in the first question in terms of the restart and the curve. So we are seeing more COVID tests and more COVID sales. And that, like I said, is absorbing some of these challenges.

回想一下——好吧，讓我退後一步，外匯可能是另一個大約 0.05 美元的摩擦，因為我們已經看到美元走強，其餘的實際上來自營養，但它非常現在很難準確定位。正如我在第一個問題中關於重啟和曲線所說的那樣，我們有幾種不同的情況。因此，我們看到更多的 COVID 測試和更多的 COVID 銷售。就像我說的那樣，這正在吸收其中的一些挑戰。

And then one on Libre. Sequentially, your revenue has declined. And I guess my question is you've been adding, I think, a couple of hundred thousand new patients starts. Is that new patient starts changing at all? How should we think about the incremental reimbursement in Japan? And was the seasonality or what drove the sequential Libre revenue trends?

然後是 Libre 上的一個。隨後，您的收入下降了。我想我的問題是你一直在增加，我認為，有幾十萬新患者開始了。那個新病人開始改變了嗎？我們應該如何看待日本的增量報銷？是季節性因素還是什麼推動了 Libre 的連續收入趨勢？

Yes. I mean I think we see some of that from time to time here, especially as you go from Q4 to Q1, Vijay. We've seen that a couple of times. I'd say internationally, the biggest driver of that is actually FX that created that. We've seen good growth internationally from Libre getting close to 20% on a very large base. And in the U.S., you're going to see some timing patterns there in terms of wholesaler ordering. I like to look at scripts, both new-to-brand scripts and total Rx scripts here in the U.S. and the sequential Q1 to Q4, there's definitely growth there.

是的。我的意思是我認為我們不時在這裡看到其中的一些，尤其是當你從第四季度到第一季度時，維杰。我們已經看過幾次了。我想說的是，在國際上，最大的驅動力實際上是創造了它的 FX。我們已經看到 Libre 在國際上的良好增長在非常大的基礎上接近 20%。在美國，你會看到一些批發商訂購的時間模式。我喜歡看腳本，包括美國的新品牌腳本和總 Rx 腳本，以及第一季度到第四季度的順序，那里肯定有增長。

So I think we've done a really good job in the U.S. We've grown our business in this quarter by 50%. Users now well over 1 million users. We've made the investments in the U.S., whether it's Salesforce, DTC advertising. I think the team is beginning to hit its stride over there. They know that I'm not satisfied. We always want to see more and believe that we can do more. But I think the U.S. is starting to kind of really hit its stride with those investments as the sales force gets deployed and establishes the relationships with what is new physicians that are getting introduced to CGM. So I think that's worked out very well.

所以我認為我們在美國做得非常好。我們在本季度的業務增長了 50%。用戶現在遠遠超過 100 萬用戶。我們在美國進行了投資，無論是 Salesforce 還是 DTC 廣告。我認為球隊在那裡開始大踏步前進。他們知道我不滿意。我們總是希望看到更多，並相信我們可以做得更多。但我認為，隨著銷售人員的部署並與被介紹給 CGM 的新醫生建立關係，美國開始在這些投資方面真正取得進展。所以我認為這非常有效。

If I take a step back, though, and move away a little bit from the RXs and the sequential, I think one of the key things here to really take a look at is the evolution of the CGM market. And I'm starting to really see now what we had always envisioned this market to start to be, which is a market that is shifting from what traditionally was more of a type 1, more of a pumper -- insulin pump kind of connectivity play, which is an important segment, but really start to move and expand beyond that. And we're starting to see signs of that. And I think Libre is a big driver. The value proposition of Libre is a big driver, whether it's physicians and payers, quite frankly, starting to see the value of the sensing technology across a much broader set of patients.

不過，如果我退後一步，稍微遠離 RX 和順序，我認為這裡真正需要關注的關鍵之一是 CGM 市場的演變。我現在開始真正看到我們一直設想的這個市場將成為什麼樣的市場，這個市場正在從傳統上更像是 1 型，更像是一個泵——胰島素泵那種連接遊戲，這是一個重要的部分，但真正開始移動和擴展。我們開始看到這種跡象。我認為 Libre 是一個重要的推動力。 Libre 的價值主張是一個很大的驅動力，坦率地說，無論是醫生還是付款人，都開始看到傳感技術在更廣泛的患者群體中的價值。

If you look at a U.S. base of patients, and we get to see this because we get to see the Rx data in terms of what medications the patients are using. And over 40% of our user base, which is pretty large in the U.S., is already type 2 non-intensive. And that, as I said, is really kind of an opportunity to expand this market and become a really strong growth driver. The Japan reimbursement that you just referenced, again, this goes back to a comment I made about. We see this as a mass market opportunity.

如果您查看美國的患者群，我們會看到這一點，因為我們可以看到患者使用的藥物方面的 Rx 數據。我們超過 40% 的用戶群（在美國相當大）已經屬於第 2 類非密集型用戶。正如我所說，這確實是一個擴大這個市場並成為真正強勁增長動力的機會。你剛才提到的日本報銷，再次，這可以追溯到我發表的評論。我們認為這是一個大眾市場機會。

So counter to maybe how we think about reimbursement in different segments of devices where you're thinking about price of reimbursement versus patient TAM, we're looking at patient TAM much more than we are on the pricing side. We've got great reimbursement in Japan, but to be able to have access to all insulin users in Japan with our product is a great opportunity for us.

因此，與我們在考慮報銷價格與患者 TAM 的不同設備部分的報銷方式相反，我們對患者 TAM 的關注遠遠超過我們在定價方面的考慮。我們在日本獲得了豐厚的報銷，但能夠使用我們的產品接觸到日本的所有胰島素用戶對我們來說是一個很好的機會。

And then you're seeing the value proposition, again, really strong. There was a study that was published by U.K. NICE. And I think that, for me, is the ultimate validation of our strategy and the value proposition we offer where it was clearly shown to be extremely cost effective, whether you look at ICERs or Qualys in the U.K. by NICE and their view here of how this can benefit a lot of patients.

然後你再次看到價值主張，非常強大。英國 NICE 發表了一項研究。而且我認為，對我來說，這是對我們的戰略和我們提供的價值主張的最終驗證，無論您查看 NICE 在英國的 ICER 還是 Qualys 以及他們對如何進行的看法，都清楚地表明它具有極高的成本效益這可以使很多患者受益。

So that for me is the real exciting part of Libre is we're really starting to see that evolution from the CGM market to become much more than kind of a niche play and much more mass market play. And I think we're starting to see evidence of that, whether it's new studies or reimbursement access or even seeing physicians primary care docs start to really embrace the prescription of CGM for type 2s. So...

所以對我來說，Libre 真正令人興奮的部分是我們真的開始看到從 CGM 市場演變為不僅僅是一種利基市場和更多的大眾市場遊戲。而且我認為我們開始看到這方面的證據，無論是新的研究還是報銷途徑，甚至是看到醫生初級保健醫生開始真正接受 CGM 治療 2 型的處方。所以...

Our next question comes from Josh Jennings from Cowen.

我們的下一個問題來自 Cowen 的 Josh Jennings。

Congratulations on a strong start to the year. Rob and Bob, I just wanted to start with just a question on gross margins. The 1Q performance was the highest since 20 -- quarters in 2019. Just wanted to better understand the sustainability of this profile? 59.1% despite all the challenges in place in 1Q, and then -- and should investors be thinking that return to 2019 gross margin levels in that 59% range plus is achievable in the out years?

祝賀今年開局強勁。 Rob 和 Bob，我只想從一個關於毛利率的問題開始。第一季度的表現是自 2019 年 20 個季度以來的最高水平。只是想更好地了解此配置文件的可持續性？儘管第一季度面臨所有挑戰，但仍保持 59.1%，然後——投資者是否應該考慮在未來幾年內可以實現 59% 以上的毛利率水平回歸 2019 年？

And follow-up is on MitraClip. I just wanted to hear -- and Amulet, what have you learned in the early days, the Amulet launched as the #2 player in the U.S. left atrial appendage closure market that you can apply to your defense strategy starting this year, maybe carrying into next year when you're defending your MitraClip turf as the #1 player, assuming the U.S. [PASCAL] launch occurs in 2023?

後續行動在 MitraClip 上。我只是想听聽 - Amulet，你在早期學到了什麼，Amulet 作為美國左心耳封堵市場的第二大玩家推出，你可以從今年開始應用到你的防禦策略中，也許會用到明年當你捍衛你的 MitraClip 地盤作為排名第一的球員時，假設美國 [PASCAL] 發布發生在 2023 年？

Okay. Josh, I'll take the kind of the gross margin question. In the first quarter, our gross margin certainly benefited from the very high COVID testing sales. As I mentioned in my remarks, that actually, the fall-through on that was higher than we've seen in the past because of the production volumes that we had going through our plant, we're basically running full out on that. So our first quarter definitely benefited from that.

好的。喬希，我會回答毛利率問題。在第一季度，我們的毛利率當然受益於非常高的 COVID 測試銷售額。正如我在講話中提到的那樣，實際上，由於我們工廠的生產量，我們在這方面的跌幅比我們過去看到的要高，我們基本上已經用完了。所以我們的第一季度肯定會從中受益。

As we look at the rest of the year, obviously, we're going to have the impact of the nutrition recall and the inflation, the increased inflation that Robert mentioned. Obviously, inflation is not unique to us. As we said back in January, we incorporated a sizable amount in our guidance at that point in time. And what we've seen, and I think a lot of other companies have seen as kind of an increase in some of those headwinds. And so we've captured that in our guidance for the rest of the year.

當我們回顧今年剩下的時間時，顯然，我們將受到營養召回和通貨膨脹的影響，羅伯特提到的通貨膨脹加劇。顯然，通貨膨脹並不是我們獨有的。正如我們在一月份所說的那樣，我們當時在我們的指導中納入了相當大的數量。而我們所看到的，我認為許多其他公司已經看到了其中一些不利因素的增加。因此，我們在今年剩餘時間的指導中抓住了這一點。

When I think out beyond this year and where gross margin goes, I mean, gross margin is something we focus on in the company constantly. We've got dedicated teams within each business that are focused on driving gross margin improvements. I mean, a lot's going to depend, I think, as we think out in the future, the evolution of inflation and supply chain dynamics and how those evolve over time, that will be a key component. And then obviously, as we grow the top line in our medical device business, that's accretive to the overall profile of the company. And so that's kind of where we see gross margin right now and potentially in the future.

當我考慮到今年以後的毛利率以及毛利率的去向時，我的意思是，毛利率是我們公司一直關注的問題。我們在每個業務中都有專門的團隊，專注於推動毛利率的提高。我的意思是，我認為，正如我們在未來考慮的那樣，通貨膨脹和供應鏈動態的演變以及它們如何隨著時間的推移而演變，這將是一個關鍵組成部分。然後很明顯，隨著我們醫療器械業務收入的增長，這會增加公司的整體形象。這就是我們現在和未來可能看到的毛利率。

Yes. On your question on MitraClip and Amulet, so I'll talk a little bit about MitraClip. I'd say the progression of MitraClip in the quarter was very similar to my commentary on our cardiovascular procedure, right? So we obviously had high COVID case kind of impacted but started to really accelerate growth towards the end of February and into March. So as those cases came down, we saw the improving growth rate.

是的。關於你關於 MitraClip 和 Amulet 的問題，所以我將談談 MitraClip。我想說 MitraClip 在本季度的進展與我對心血管手術的評論非常相似，對吧？因此，我們顯然受到了高 COVID 病例的影響，但在 2 月底和 3 月開始真正加速增長。因此，隨著這些案件的減少，我們看到了增長率的提高。

But I'll tell you, I mean, while the growth rate has been strong and it's been strong for a while, Josh, I don't think we've really been able to benefit yet from the FMR indication, which we got kind of right in the middle of COVID. And as part of that, and I talked a little bit about this, to be able to benefit from this pretty significant kind of market expansion opportunity that we had with incredible robust data from COAPT, you have to really start to work those patient referrals and the referral networks. And we began doing that when COVID took its first break, and then that got put on hold again when Delta and Omicron served. So I'm really looking forward and the team is kind of already putting in place that strategy, again, to reengage the patient referral network so that we can really take advantage of this indication, which is unique to us and will be unique to us for a while.

但我會告訴你，我的意思是，雖然增長率一直很強勁，而且已經有一段時間了，喬希，我認為我們還沒有真正從 FMR 指示中受益，我們很友好就在 COVID 的中間。作為其中的一部分，我談到了這一點，為了能夠從我們擁有來自 COAPT 的令人難以置信的強大數據的這種非常重要的市場擴張機會中受益，你必須真正開始處理這些患者轉診和推薦網絡。當 COVID 第一次休息時，我們開始這樣做，然後在 Delta 和 Omicron 服務時再次暫停。所以我真的很期待，並且團隊已經在某種程度上已經實施了該策略，再次重新參與患者轉診網絡，以便我們可以真正利用這一跡象，這對我們來說是獨一無二的，對我們來說也是獨一無二的一陣子。

Relating to competitive movements into the market, we just got to stay ahead. We've got to keep on investing in the product. So we've done that with MitraClip, staying ahead and iterating and improving on the performance of the product. We're investing in new trials. I talked about our investment that we're making in moderate risk surgery patients. That will be a great opportunity for us.

關於進入市場的競爭運動，我們只需要保持領先地位。我們必須繼續對產品進行投資。因此，我們使用 MitraClip 做到了這一點，保持領先並迭代和改進產品的性能。我們正在投資新的試驗。我談到了我們對中等風險手術患者的投資。這對我們來說將是一個很好的機會。

And we have a great team, and we have great relationships and a strong mitral position. So not discounting the fact that we'll have competition. We've had competition in Europe for a couple of years already. Germany is probably the second largest global market, and our position there remains at an 80% market share. So I acknowledge that we will have competition, but we do -- we have established this mitral leadership position, and we intend to defend it because of all the investments that we've made to create this market. So that's what I would talk about MitraClip. I still think the best is still to come because I don't think we've been able to tap into the opportunity of the FMR indication.

我們有一個很棒的團隊，我們有很好的關係和強大的二尖瓣位置。所以不要忽視我們將有競爭的事實。我們已經在歐洲進行了幾年的競爭。德國可能是全球第二大市場，我們在那裡的市場份額仍保持在 80%。所以我承認我們會有競爭，但我們確實 - 我們已經建立了這個二尖瓣領導地位，我們打算捍衛它，因為我們為創造這個市場所做的所有投資。這就是我要談論的 MitraClip。我仍然認為最好的事情還在後面，因為我認為我們還沒有能夠利用 FMR 指示的機會。

Regarding Amulet, listen, I think the team has done a really good job, again, reiterating the same kind of comments, a little bit challenged in the beginning of the quarter. And that was predominantly driven by the fact that we wanted to start the initial cases with every case being proctored. So difficult to move proctors throughout the U.S. and travel international, et cetera.

關於 Amulet，聽我說，我認為團隊做得非常好，再次重申同樣的評論，在本季度開始時有點挑戰。這主要是由於我們希望在每個案件都被監督的情況下開始最初的案件。很難在美國各地調動監考人員並進行國際旅行等等。

So that slowed us down a little bit in the beginning of the year. But I'll tell you, the team has done -- we spent a lot of time and attention and focus with them in February and March. And the team has definitely had a really strong exit to Q1, caught up in terms of all the contract closes that we had established as part of our plan in Q1.

所以這在年初讓我們放慢了一點。但我會告訴你，團隊已經做到了——我們在二月和三月花了很多時間和注意力並專注於他們。並且團隊在第一季度肯定有一個非常強大的退出，趕上了我們在第一季度計劃中建立的所有合同關閉。

So I think the commercial execution is doing really well, and that's supported really by the performance of the product. And once physicians have had an opportunity to get a couple of these implants done, it's a little bit of a different technique, but they feel comfortable with it and then they get the benefits of what the data shows is superior closure. And that's really because of our unique dual ceiling mechanism.

所以我認為商業執行做得非常好，這真的得到了產品性能的支持。一旦醫生有機會完成這些植入物，這是一種有點不同的技術，但他們覺得很舒服，然後他們會從數據顯示的優越閉合中獲益。這真的是因為我們獨特的雙天花板機制。

So there was some data that came out -- late-breaking data that came out of the AACC, which talked about the importance of leaks and leaks matter, whether they're big leaks or whether they're small leaks, they do matter. And even the small leaks were associated with an increase in thromboembolic events. So I think we're in a good position now with Amulet. I'm pleased with the commercial team and what they're doing in the clinical team, and we've got opportunities here to grow. I think momentum is building with Amulet.

所以有一些數據出來了——來自 AACC 的最新數據，這些數據談到了洩漏的重要性，洩漏很重要，無論是大洩漏還是小洩漏，它們都很重要。即使是小的洩漏也與血栓栓塞事件的增加有關。所以我認為我們現在在 Amulet 方面處於有利地位。我對商業團隊以及他們在臨床團隊中所做的事情感到滿意，我們在這裡有成長的機會。我認為 Amulet 正在形成勢頭。

Our next question comes from Larry Biegelsen from Wells Fargo.

我們的下一個問題來自富國銀行的拉里·比格爾森。

So Robert, 2 high-level questions for me. One, I'll push my luck a little bit and see if we can get any preliminary thoughts on 2023. You're getting a meaningful testing benefit this year, which may not materialize next year. So how do you feel about your ability to grow margins and earnings next year as testing demand drops? And I have one follow-up.

所以羅伯特，我有 2 個高級問題。一，我會稍微碰碰運氣，看看我們能否對 2023 年有任何初步想法。今年你將獲得有意義的測試收益，明年可能不會實現。那麼，隨著測試需求的下降，您對明年提高利潤率和收益的能力有何看法？我有一個後續行動。

Sure. Well, we had a really strong quarter regarding testing, Larry. And I think to answer your question, I think you have to kind of look at what's going on a little bit right now in the U.S. and internationally. In the U.S., we saw cases decline pretty significantly in February. But I think we all agree that some of those cases that are being reported aren't covering all cases because of the use of the at-home testing systems, right, that are currently available. So I think that's part of the process that we're seeing as testing -- as we're moving more into this kind of endemic state.

當然。好吧，拉里，我們在測試方面有一個非常強勁的季度。我想要回答你的問題，我認為你必須看看現在在美國和國際上發生了什麼。在美國，我們看到 2 月份的病例大幅下降。但我認為我們都同意，由於使用了目前可用的家庭測試系統，一些正在報告的病例並未涵蓋所有病例。所以我認為這是我們視為測試的過程的一部分——因為我們正越來越多地進入這種流行狀態。

And as we move to this endemic state, listen, vaccines have been incredibly powerful to be able to prevent serious illness to be able to protect the hospitals and the hospital system, but it's really testing that really allows us to kind of move to this endemic state and kind of live our day-to-day and it's more about surveillance and screening and checking. So -- and I think our product has done really well here. It's maintained a kind of preferred status here in the U.S., even with a pretty significant increase in product coming into the country, whether it's ease of use, its shelf life, the reliability it has, its studies, et cetera.

當我們進入這種流行狀態時，聽著，疫苗已經非常強大，能夠預防嚴重疾病，能夠保護醫院和醫院系統，但真正讓我們能夠進入這種流行狀態的是真正的測試狀態和種類我們的日常生活，它更多的是關於監視、篩选和檢查。所以——我認為我們的產品在這裡做得很好。它在美國一直保持著一種首選的地位，即使進入該國的產品數量顯著增加，無論是易用性、保質期、可靠性、研究等。

So I think that, that's an important aspect as we go into 2023 is do we have confidence that even in an endemic state does testing continue? And I would say, yes, it does continue. One portion that doesn't get a lot of attention is our international testing business. 50% of our sales in March of COVID tests came from the international markets. And I'd say, similar sense there of governments investing in testing and coming to Abbott as one of the preferred suppliers.

所以我認為，進入 2023 年的一個重要方面是，我們是否有信心即使在流行狀態下也能繼續進行測試？我會說，是的，它確實會繼續。沒有得到太多關注的一部分是我們的國際測試業務。我們在 3 月份進行的 COVID 測試銷售額中有 50% 來自國際市場。我想說的是，政府投資於測試並將雅培作為首選供應商之一。

So I think that to answer your question, obviously, there's a certain amount that you can't overcome, right? But I do think that as we go into next year, we'll have a portion of our testing business that will look more like a flu kind of respiratory kind of endemic state. And I think that's going to be important as we continue to grow earnings.

所以我認為要回答你的問題，很明顯，有一定的數量是你無法克服的，對吧？但我確實認為，隨著我們進入明年，我們將擁有一部分檢測業務，看起來更像是一種呼吸道流行狀態。我認為隨著我們繼續增加收入，這將很重要。

And then on top of that, like I said, the focus of our medical device business, the investments we've made in our diagnostic systems and increasing the test menus over there. So I expect our base business to continue to grow very strongly. Yes, it's a little bit early regarding 2023, but we are planning. We are looking. We are looking at where we're going to be able to kind of grow and I'd say there will be some COVID business next year. I think we're in probably the strongest position to be able to kind of capitalize and lead in that market. And then our base business is going to do very strongly next year with all the investments we've made and new product pipeline that we've got.

然後最重要的是，就像我說的那樣，我們的醫療設備業務的重點，我們在診斷系統上的投資以及增加那裡的測試菜單。因此，我預計我們的基礎業務將繼續強勁增長。是的，2023 年有點早，但我們正在計劃。我們在看。我們正在研究我們將能夠增長的地方，我會說明年會有一些 COVID 業務。我認為我們可能處於能夠在該市場中資本化和領先的最強大的位置。然後我們的基礎業務明年將憑藉我們所做的所有投資和我們擁有的新產品管道而表現得非常強勁。

And Robert, you're in a unique position with your strong balance sheet. I saw you mentioned on the call, you bought back, I think, $2.5 billion in stock this quarter. What are your updated thoughts on M&A? And if you can't find attractive assets, are you going to continue to return cash to shareholders like we saw this past quarter?

羅伯特，你的資產負債表很強勁，處於一個獨特的位置。我看到你在電話會議上提到，你本季度回購了 25 億美元的股票。您對併購有何最新看法？如果你找不到有吸引力的資產，你會像我們在上個季度看到的那樣繼續向股東返還現金嗎？

Sure. On the M&A side, yes, I mean, I'll sound like a broken record here, Larry. I mean we're always looking. We're always studying. We're always looking at ways to be able to add to the company and add to our business, but it needs to be strategic. And from that perspective, I don't want to dilute our growth rate. I don't want to dilute our profiles. We need to make sure that we're looking at assets that will be additive to our growth into our profile. So at least the top line. So that's always there, and we're always looking.

當然。在併購方面，是的，我的意思是，我在這裡聽起來像是破紀錄，拉里。我的意思是我們一直在尋找。我們一直在學習。我們一直在尋找能夠增加公司並增加我們業務的方法，但它需要具有戰略意義。從這個角度來看，我不想稀釋我們的增長率。我不想稀釋我們的個人資料。我們需要確保我們正在尋找可以增加我們的個人資料增長的資產。所以至少是頂線。所以它一直在那裡，我們一直在尋找。

Regarding the approach, listen, it's always a balanced approach, Larry. We're generating strong cash flow. We got a lot of financial flexibility here. We'll return $3 billion when you -- in terms of dividend this year, Bob talked about what we've done regarding buybacks. And we're always going to look at this kind of balanced approach.

關於方法，聽著，它總是一種平衡的方法，拉里。我們正在產生強勁的現金流。我們在這裡獲得了很大的財務靈活性。就今年的股息而言，我們將返還 30 億美元，鮑勃談到了我們在回購方面所做的工作。我們總是會關注這種平衡的方法。

We've made investments in our organic opportunities for growth because I believe that those are great returns for our shareholders, whether it's Libre, MitraClip, expansion of our medical devices, diagnostics, those are all opportunities that deliver great returns for our shareholders, and we'll take that balanced approach. And if there is an opportunity for more, we'll do more.

我們對有機增長機會進行了投資，因為我相信這對我們的股東來說是巨大的回報，無論是 Libre、MitraClip、我們的醫療設備的擴展、診斷，這些都是為我們的股東帶來巨大回報的機會，以及我們將採取這種平衡的方法。如果有更多機會，我們會做得更多。

Our next question comes from Joanne Wuensch from Citibank.

我們的下一個問題來自花旗銀行的 Joanne Wuensch。

I'd like to circle back a little bit to the nutritional business. A lot of the feedback that I get from investors is some level of concern regarding brand name, brand damage, if you will. And I'm curious your thoughts on what it would take to sort of revamp this business up?

我想回到營養行業。我從投資者那裡得到的很多反饋都是對品牌名稱、品牌損害的某種程度的擔憂，如果你願意的話。我很好奇你對如何改造這項業務的想法？

Sorry, you're referring to Nutrition business?

抱歉，您指的是營養業務？

Yes.

是的。

Okay. Listen, we've got a very robust manufacturing network and a robust quality system. Obviously, there's a shortage of product in the market. I highlighted some of the things that we're doing to be able to kind of resupply the market. A key aspect of that is going to be the restart, and we're in that process.

好的。聽著，我們擁有非常強大的製造網絡和強大的質量體系。顯然，市場上的產品短缺。我強調了我們正在做的一些事情，以便能夠重新供應市場。其中一個關鍵方面將是重新啟動，我們正在這個過程中。

We've got a strong brand with Similac. We've maintained a lot of contracts. We've been able to supply those contracts even with a little bit of this shortage. So I feel confident in our team's ability here to look at once we get restarted to be able to resupply the market and build back our share. We had just launched a new product last year -- end of last year with a blend of 5 HMOs and that's a significant advancement. And we were expecting that based on everything that we had studied and seen was going to be a big growth driver for us and kind of brand enhancers. So I think that's going to be important.

Similac 擁有強大的品牌。我們維持了很多合同。即使有一點短缺，我們也能夠供應這些合同。因此，我對我們團隊的能力充滿信心，一旦我們重新啟動，能夠重新供應市場並重建我們的份額。我們去年剛剛推出了一款新產品——去年底混合了 5 種 HMO，這是一個重大進步。我們期望基於我們所研究和看到的一切，這將成為我們和某種品牌增強劑的巨大增長動力。所以我認為這很重要。

And yes, we'll have to make some investments as we go back to the market. But I'd say historically, when some of these issues have happened in the past, whether it's Abbott or other manufacturers, share does recover. The question is just kind of the timing and the curve of that recovery, but share do come to recover and you can look at past situations with other competitors and even with us.

是的，當我們重返市場時，我們將不得不進行一些投資。但我想說，從歷史上看，當其中一些問題在過去發生時，無論是雅培還是其他製造商，份額確實會恢復。問題只是恢復的時間和曲線，但份額確實會恢復，你可以看看過去與其他競爭對手甚至我們的情況。

And as a follow-up, forgive me for asking it this way. What's next? I mean, I don't think we're going to be talking about COVID testing in a year. I hope we're not going to be talking about it. But how do you see the sort of forward momentum of the company? Big picture?

作為後續，請原諒我這樣問。下一步是什麼？我的意思是，我認為我們不會在一年內談論 COVID 測試。我希望我們不會談論它。但是您如何看待公司的這種前進勢頭？大圖？

Yes. Well, yes, I don't think we're going to be talking about COVID testing the way we're talking about it today or how we talked about it in the past year. But like I told Larry, I mean, I do think that there's going to be an opportunity for COVID testing to play a role in this kind of endemic state.

是的。嗯，是的，我認為我們不會像今天談論它或我們在過去一年談論它的方式那樣談論 COVID 測試。但就像我告訴拉里一樣，我的意思是，我確實認為新冠病毒檢測將有機會在這種流行狀態中發揮作用。

And as I've said in the past also, what COVID has allowed us to do is to further accelerate what we believe was a key trend in diagnostics and point-of-care diagnostics, which is the expansion and the decentralization of that testing outside of the lab into pharmacies, into people's homes and it being connected.

正如我過去所說，COVID 允許我們做的是進一步加速我們認為診斷和即時診斷的關鍵趨勢，即在外部進行測試的擴展和分散化實驗室進入藥房，進入人們的家中，並被連接起來。

So I think that -- COVID has accelerated that, I guess, I would say. And we're obviously building menus where we'll be able to add to the ID NOW instrument, more panels, more different tests. Remember, when we started the pandemic, we had about 20,000 kind of instruments that's now fivefold in terms of the opportunity that we have to be able to expand menu into basically an asset that's been capitalized and deployed into the market. So that's what we've been working on from that perspective on the, I guess, I would say, on the rapid testing side on the decentralized testing side.

所以我認為——我會說，COVID 加速了這一點。我們顯然正在構建菜單，我們可以在其中添加到 ID NOW 儀器、更多面板、更多不同的測試。請記住，當我們開始大流行時，我們擁有大約 20,000 種工具，就我們必須能夠將菜單擴展到基本上已資本化並部署到市場的資產的機會而言，這些工具是現在的五倍。所以這就是我們從這個角度一直在努力的，我想，我會說，在分散測試方面的快速測試方面。

I'd say going back to the device portfolio, I mean there's still a lot of what next in our pipeline of products that we've just launched that are still in the early innings here. One of them that we got approved this quarter, which I'm really excited about, is Aveir and our leadless pacemaker. I think this is going to be a great opportunity to kind of reignite growth back in our CRM business. I mean we've seen an improvement already with the existing portfolio and had a 4% growth this quarter.

我想說回到設備組合，我的意思是我們剛剛推出的產品系列中還有很多接下來的產品仍處於早期階段。我們本季度獲得批准的其中一個，我真的很興奮，是 Aveir 和我們的無鉛起搏器。我認為這將是重新點燃我們 CRM 業務增長的絕佳機會。我的意思是，我們已經看到現有投資組合的改善，本季度增長了 4%。

But I think Aveir is a real kind of game changer for our CRM portfolio. Obviously, the single chamber is a smaller part of the market. We know that it's about 15%. But I think when you're coming second to the market, you get to observe what needs to -- what could be addressed that maybe the first generation didn't do. And I think that our product whether it's retrievability, its ability to be retrieved, it's longer-lasting battery.

但我認為 Aveir 真正改變了我們的 CRM 產品組合。顯然，單室是市場的一小部分。我們知道它大約是 15%。但我認為，當你在市場上處於第二位時，你會觀察需要什麼——可以解決哪些第一代可能沒有做的事情。而且我認為我們的產品無論是可回收性、可回收性還是更持久的電池。

Right now, it's about 2x product that's on the market. But I think what's really exciting about this is its ability to upgrade to a dual chamber device. So it's upgradability is what we're hearing extremely big interest from the physician community. So I think that's a great opportunity for us that I think is really going to start to show as we evolve our trial for dual chamber and begin to collect data there. I think that's going to be a great opportunity for our CRM portfolio.

現在，市場上的產品大約是 2 倍。但我認為真正令人興奮的是它能夠升級到雙腔設備。因此，它的可升級性是我們從醫師界聽到的極大興趣。所以我認為這對我們來說是一個很好的機會，我認為隨著我們改進雙室試驗並開始在那裡收集數據，我認為它真的會開始展示。我認為這將是我們的 CRM 產品組合的絕佳機會。

I look at CardioMEMS as another great opportunity that we have just really just started. The expanded indication is going to really open up the market. I've seen some of the implant trends that we've seen post-expansion indication, and that gives me a lot of excitement about what this product can be. We talked about Amulet. I think that the TAVR piece is one that, as I've said in the past, we're investing. I think Navitor is an extremely competitive product, and we're seeing that in Europe as we've launched it and been 6 months in the market now.

我將 CardioMEMS 視為我們剛剛開始的另一個絕佳機會。擴大的跡象將真正打開市場。我已經看到了一些我們在擴張後適應症中看到的植入物趨勢，這讓我對這款產品的用途感到非常興奮。我們談到了護身符。我認為 TAVR 是一件，正如我過去所說，我們正在投資。我認為 Navitor 是一款極具競爭力的產品，我們已經在歐洲看到了這一點，因為我們已經推出了它，並且現在在市場上已經 6 個月了。

So there's great opportunities over there. Libre 3 is an opportunity for us, not only in the U.S., but in Europe to continue to expand the market. I think Lingo, as I said in the last call, is another great opportunity that is really in the early stages. But look at using our biowearable sensors outside of diabetes and looking at opportunities there.

所以那裡有很大的機會。 Libre 3 對我們來說是一個機會，不僅在美國，而且在歐洲，可以繼續擴大市場。正如我在上次電話會議中所說，我認為 Lingo 是另一個真正處於早期階段的絕佳機會。但是看看在糖尿病之外使用我們的生物可穿戴傳感器並尋找那裡的機會。

So I think we have a lot of what next that are truly early in their early stages. And then on top of all the products that we've been talking about right now also. So I'm excited about the what next.

所以我認為我們有很多下一個真正處於早期階段的東西。然後在我們現在一直在談論的所有產品之上。所以我很興奮接下來會發生什麼。

Our next question comes from Travis Steed from Bank of America.

我們的下一個問題來自美國銀行的 Travis Steed。

Curious on the inflation supply chain, sounds like it's gotten about $200 million worse than the $500 million you had built into the P&L, just to confirm that. I'm curious what you're seeing the biggest pain points? Is it wages, raw materials, shipping costs and expectations on when that could start to ease to some degree? Or how you're thinking for a potential offset with price?

對通貨膨脹供應鏈感到好奇，聽起來它比您在損益表中建立的 5 億美元差了大約 2 億美元，只是為了證實這一點。我很好奇你看到最大的痛點是什麼？是工資、原材料、運輸成本以及對何時開始有所緩解的預期嗎？或者您如何考慮潛在的價格抵消？

Yes. Travis, I'll take the question. This is Bob. So as we said back in January, we did incorporate a sizable impact into our 2022 guidance, which was about $500 million on the gross margin line. And as Robert mentioned, we've now incorporated an additional $200 million in gross margin impact in our current guidance. The biggest impact we're seeing is really on logistics and commodities and some other manufacturing inputs. It's not so much on the labor front. Labor is a smaller portion of our total product cost. So it's really on the commodities.

是的。特拉維斯，我會回答這個問題。這是鮑勃。因此，正如我們在一月份所說的那樣，我們確實在我們的 2022 年指導中納入了相當大的影響，毛利率約為 5 億美元。正如羅伯特所提到的，我們現在在我們當前的指導中增加了 2 億美元的毛利率影響。我們看到的最大影響實際上是對物流和商品以及其他一些製造業投入的影響。在勞工方面並沒有那麼多。人工是我們總產品成本的一小部分。所以它真的是在商品上。

In terms of when this will ease and change, I mean, that's a very -- I think there's a lot of things that affect that and where the -- where inflation may go. We do know that historically, on commodities, we do see cycles. We do see commodity costs go up, but they also come down. And we would expect at some point, and it's very difficult to kind of call exactly when that will be, we will see some of the inflationary pressures subside.

就這何時會緩解和改變而言，我的意思是，這是一個非常 - 我認為有很多事情會影響到這一點，以及通脹可能會走向何方。我們確實知道，從歷史上看，在商品方面，我們確實看到了周期。我們確實看到商品成本上升，但它們也下降了。我們預計，在某個時候，很難準確預測何時會出現，我們會看到一些通脹壓力消退。

And then given your presence in China, I would just kind of love to hear your thoughts on both China from a procedure standpoint and also a supply chain standpoint, just given how much of the business you have there? And any thoughts on the progress you're making with Libre 3 and the FDA would be great, too.

然後考慮到你在中國的存在，我很想听聽你從程序的角度和供應鏈的角度對中國的看法，只是考慮到你在那裡有多少業務？對於您在 Libre 3 和 FDA 方面取得的進展的任何想法也會很棒。

Sure. I think regarding China, I saw a little bit of an inverse in terms of what we saw in all the other geographies where started off pretty well in the quarter. And then as the lockdown started to occur, specifically in Shanghai towards the end of February and into March, started to kind of see the impact of that in our procedures.

當然。我認為關於中國，我看到的情況與我們在本季度開局良好的所有其他地區看到的情況有些相反。然後隨著封鎖開始發生，特別是在 2 月底和 3 月的上海，開始在我們的程序中看到它的影響。

We look at our testing platforms as kind of an early indicator and a proxy. So we saw those go down also during the month of April -- during the month of March. And I'd say, over the last 2 weeks in April, started to see a recovery of those diagnostic testing. So I think what we saw was a lot of the testing that was being done in the major kind of cities was shifted over to kind of PCR testing, together with rapid testing and that obviously impacted some of the routine hospital testing.

我們將我們的測試平台視為一種早期指標和代理。所以我們看到這些數字在 4 月份也有所下降——在 3 月份。我想說的是，在四月的最後兩周里，這些診斷測試開始恢復。所以我認為我們看到的是，在主要城市進行的很多檢測都轉向了 PCR 檢測，以及快速檢測，這顯然影響了一些常規的醫院檢測。

But we're starting to see that now probably 2 solid weeks of kind of positive trend back in the right direction. Still not at the level we were before the lockdowns, but definitely starting to move in the right direction there.

但我們開始看到，現在可能會持續兩週的積極趨勢朝著正確的方向回歸。仍然沒有達到我們在封鎖之前的水平，但肯定開始朝著正確的方向前進。

So I would expect just based on patterns that we've seen in the past that we're starting to kind of move to sequential week-over-week improvements in the procedures. And not all procedures are the same. Some of them return faster. Some of them have a different kind of recovery curve. But I do expect kind of the impact that we saw in March and a little bit in the beginning of April and devices start to kind of improve. Sorry, you had a question on Libre 3?

因此，我預計僅基於我們過去看到的模式，我們將開始在程序中開始逐週改進。並不是所有的程序都是一樣的。他們中的一些人返回得更快。其中一些具有不同類型的恢復曲線。但我確實預計我們在 3 月份和 4 月初看到的那種影響，設備開始有所改善。抱歉，您對 Libre 3 有疑問嗎？

Yes, Libre 3. Any update on how the progress is working with the FDA or what the label might look like? Just any additional color would be great.

是的，Libre 3。關於與 FDA 合作的進展情況或標籤可能是什麼樣子的任何更新？任何額外的顏色都會很棒。

Sure. Like I mentioned in the call, we filed as an ICGM. I don't have much to kind of update you there regarding that. I will say that we have moved Libre 3 in Europe into -- from kind of more of a limited rollout in Germany a while back to kind of more of an accelerated conversion from Libre 2 to Libre 3.

當然。就像我在電話中提到的那樣，我們提交了 ICGM。我沒有太多關於那方面的更新。我想說的是，我們已經將歐洲的 Libre 3 轉移到了——從前一段時間在德國的有限推出到從 Libre 2 到 Libre 3 的加速轉換。

And I think the process started really well in Germany. We got initial feedback from physicians, very positive feedback from the reimbursement system also. And that gave us the confidence here to kind of really begin to accelerate this market transition in Libre 3. We did that in Libre 2 also when we moved from Libre 1 to Libre 2 in Germany. That took us about a year. I think it's going to be faster than that with Libre 3. And we've got over 90% reimbursement coverage for Libre 3 in Germany.

我認為這個過程在德國開始得很好。我們得到了醫生的初步反饋，報銷系統也給予了非常積極的反饋。這讓我們有信心真正開始加速 Libre 3 的市場轉型。當我們在德國從 Libre 1 轉移到 Libre 2 時，我們也在 Libre 2 中做到了這一點。這花了我們大約一年的時間。我認為它會比 Libre 3 更快。而且我們在德國為 Libre 3 提供了超過 90% 的報銷範圍。

So that's now moved into high gear, not only in Germany, but for the rest of the year. So I'm focused a lot on what we can do with Libre in the countries that we do have it approved. And right now, everything that we're seeing is that it is a very, very compelling product.

因此，現在不僅在德國，而且在今年剩下的時間裡，這已經進入了高速發展階段。因此，我非常關注我們可以在我們確實獲得批准的國家使用 Libre 做些什麼。而現在，我們所看到的一切都是它是一個非常非常引人注目的產品。

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

好的。接線員，我們再回答一個問題。

Our last question will come from Matt Miksic from Credit Suisse.

我們的最後一個問題將來自瑞士信貸的 Matt Miksic。

Just in the context of some of these new products, I did want to maybe follow up with just a level set expectations, for example, the Avidity rollout and menu expansion, very strong growth in the quarter. Robert, if you could maybe talk about what's the duration of this rollout? I know it started into the pandemic. And what does that look like through this year and potentially through next year?

僅在其中一些新產品的背景下，我確實想跟進一個水平設定的預期，例如，Avidity 的推出和菜單擴展，本季度的增長非常強勁。羅伯特，如果你能談談這次推出的持續時間是多少？我知道它開始於大流行。今年和明年可能會是什麼樣子？

And then I know you touched this a few times here about Amulet. Just love to get your updated thoughts on where you think share could go in the next year, 18 months? You've made some comments in Q4. I know the pace is picking up here in the U.S.? Any numbers you could put around your thoughts there would be super helpful.

然後我知道你在這裡碰過幾次關於 Amulet 的內容。只是想了解您認為共享在明年 18 個月內可能走向何方的最新想法？您在第四季度發表了一些評論。我知道美國的步伐正在加快？你可以把你的想法放在裡面的任何數字都會非常有幫助。

Sure. I mean Alinity is a multiyear strategy and rollout here, Matt. We're doing it not only with immunoassay, we're doing with clinical chemistry, we're doing with hematology. We're doing it with transfusion. This has never been done at this kind of scale to be able to really recycle all of our systems. So I think that if you look at the way the market is set up, the contracts are lasting between 7 to 10 years. So on any given year, you've got 15% of the market that's coming up for an RFP.

當然。我的意思是 Alinity 是一項多年戰略並在此推出，Matt。我們不僅使用免疫分析，還使用臨床化學，我們使用血液學。我們正在通過輸血來做到這一點。從來沒有以這種規模完成過，能夠真正回收我們所有的系統。所以我認為，如果你看一下市場的建立方式，合同的期限在 7 到 10 年之間。因此，在任何給定的年份，您都有 15% 的市場需要 RFP。

So regarding its legs like you're asking, I mean, I still think that we've got multiple, multiple years here. The COVID pandemic definitely slowed that down in terms of the renewal cycles, a lot of hospitals focusing on just dealing with the COVID. But I guess what I would say is there's plenty more to come. The key here is the balance between -- in that 15% that comes up for RFP, what's renewable to an existing customer and what's kind of share gain. And I think the team has done a really good job at being able to look at having a real strong balance about not just defending the base, and we've done that pretty well. So I'd say, 9 out of 10 accounts, we've been able to maintain.

所以關於它的腿，就像你問的那樣，我的意思是，我仍然認為我們在這裡已經有很多年了。就更新周期而言，COVID 大流行無疑減慢了這一速度，許多醫院只專注於應對 COVID。但我想我想說的是還有更多的事情要做。這裡的關鍵是在 RFP 中出現的 15%、現有客戶可更新的內容和份額增益之間的平衡。而且我認為球隊做得非常好，能夠看到一個真正強大的平衡，而不僅僅是防守基地，我們做得很好。所以我想說，10 個帳戶中有 9 個是我們能夠維護的。

And then if you look at the business that's coming up for grabs, I'd say our win rate here is over 50%. So when you think about that math, retaining 90% and winning 50% of the new businesses, that's what ultimately drives our top line growth. And then once you put those instruments in, then the key aspect here is to be able to expand the menu use of those instruments while they're in an account, right?

然後，如果你看看即將到來的業務，我會說我們在這裡的勝率超過 50%。因此，當您考慮數學時，保留 90% 並贏得 50% 的新業務，這就是最終推動我們收入增長的原因。然後，一旦您將這些工具放入其中，那麼這裡的關鍵方面是能夠在這些工具在帳戶中時擴展它們的菜單使用，對嗎？

You've got the capital deployed, you've got the service cost that's kind of been deployed there. So everything we can do to be able to add new menus, new tests, et cetera, is accretive from both the top and the bottom line. So that's a big focus of the team on the R&D side is to be able to expand the menus concurrent to what I would say is kind of placement strategy that we have with the new systems.

你已經部署了資本，你已經部署了服務成本。因此，我們可以做的一切都是為了能夠添加新菜單、新測試等等，從頂部和底部都可以增加。因此，研發方麵團隊的一大重點是能夠同時擴展菜單，我會說這是我們在新系統中採用的一種佈局策略。

So Amulet -- on your question on Amulet, listen, I think we continue to capture share. We estimate that we're in double-digit share position here in the U.S. Longer term, I would say, our aspiration is to build a significant share position. The European market is much smaller than the U.S. market. In that market, we have a 50 share. So I think the key thing here is for us is to -- every time you're a new player coming into the market, you have different technology. We believe ours is superior, but it's different in terms of how it gets used, how it gets implanted. So you need to make sure that the physicians as you roll it out learn how to use our product, our implant, our system.

所以Amulet——關於你關於Amulet 的問題，聽著，我想我們會繼續分享。我們估計我們在美國處於兩位數的份額位置。從長遠來看，我想說，我們的願望是建立一個重要的份額位置。歐洲市場遠小於美國市場。在那個市場上，我們佔有 50 份。所以我認為對我們來說關鍵是——每次你是一個進入市場的新玩家，你都有不同的技術。我們相信我們的產品是優越的，但它在使用方式和植入方式方面有所不同。因此，您需要確保在您推出它時，醫生會學習如何使用我們的產品、我們的植入物和我們的系統。

And from there, you build off there. So I think we'll be looking at not only expansion into new accounts, but also utilization in existing accounts. And that's the piece that I'm actually getting very excited about it. As we've looked at the accounts that we started back in September and October, we're starting to see nice share movement over there. So that's very exciting for us.

從那裡，你建立在那裡。所以我認為我們不僅會考慮擴展到新賬戶，還會關注現有賬戶的利用。這就是我實際上對此感到非常興奮的部分。當我們查看我們在 9 月和 10 月開始的賬戶時，我們開始看到那裡的股票走勢不錯。所以這對我們來說非常令人興奮。

So let me just close here. I think we've had a very strong start to the year, like I said in my prepared comments. We've reaffirmed our guidance that we set back in January, absorbing, I would say, impact of the nutrition recall, which we're working hard on to restart. Other parts and attrition are doing very well, and I expect them to continue to do very well. We're absorbing, as Bob said, challenges with inflation in the supply chain that many companies I know are facing, and we're absorbing some headwinds on FX side.

所以讓我在這裡結束。我認為我們今年的開局非常強勁，就像我在準備好的評論中所說的那樣。我們重申了我們在一月份制定的指導方針，我想說的是，我們正在努力重新啟動營養召回的影響。其他部分和減員都做得很好，我希望他們繼續做得很好。正如鮑勃所說，我們正在吸收我認識的許多公司面臨的供應鏈通脹挑戰，我們正在吸收外匯方面的一些不利因素。

That being said, there's a lot of great things that are going on at Abbott in the company, a lot of positives. I talked about them in the beginning of the call. And I expect all of that positive to continue and to that momentum to continue to build on that business. Like I said, excluding COVID, excluding some of the recall products, our base business grew 11% in the quarter and the team is focused on building off that and building off that momentum. So thanks.

話雖如此，雅培公司正在發生很多偉大的事情，很多積極的事情。我在通話開始時談到了他們。我預計所有這些積極因素都會繼續下去，並且這種勢頭將繼續建立在該業務的基礎上。就像我說的那樣，不包括 COVID，不包括一些召回產品，我們的基礎業務在本季度增長了 11%，團隊專注於建立並建立這種勢頭。那謝謝啦。

Very good. 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 11:00 a.m. Central Time today on Abbott's Investor Relations website at abbottinvestor.com. Thank you for joining us today.

很好。謝謝您，接線員，謝謝您提出的所有問題。現在結束雅培的電話會議。中部時間今天上午 11:00 後，將在雅培投資者關係網站 abbottinvestor.com 上重播本次電話會議的網絡直播。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。大家，有一個美好的一天。