Boston Scientific Corp (BSX) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Boston Scientific Second Quarter 2022 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加波士頓科學公司 2022 年第二季度財報電話會議。 （操作員說明）請注意，此事件正在記錄中。

I would now like to turn the conference over to Lauren Tengler, Vice President, Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 Lauren Tengler。請繼續。

Thank you, Andrew. Welcome, everyone, and thanks for joining us today. With me on today's call are Mike Mahoney, Chairman and Chief Executive Officer; and Dan Brennan, Executive Vice President and Chief Financial Officer.

謝謝你，安德魯。歡迎大家，感謝您今天加入我們。今天與我通話的還有董事長兼首席執行官邁克·馬奧尼（Mike Mahoney）；以及執行副總裁兼首席財務官 Dan Brennan。

We issued a press release earlier this morning announcing our Q2 2022 results, which included reconciliations of the non-GAAP measures used in the release. We have posted a copy of that release, as well as reconciliations of the non-GAAP measures used in today's call, to the Investor Relations section of our website under the heading Financials & Filings.

我們今天早上早些時候發布了一份新聞稿，宣布了我們的 2022 年第二季度業績，其中包括對發布中使用的非公認會計原則措施的對賬。我們已將該新聞稿的副本以及今天電話會議中使用的非公認會計原則措施的對賬發佈到我們網站的投資者關係部分，標題為財務和文件。

The duration of this morning's call will be approximately 1 hour. Mike will focus his comments on Q2 performance as well as future catalysts and the outlook for our business, including Q3 2022 and full year 2022 guidance. Dan will review the financials for the quarter, provide more details regarding our Q3 and full year guidance, and then we'll take your questions. During today's Q&A session, Mike and Dan will be joined by our Chief Medical Officers, Dr. Ian Meredith; and Dr. Ken Stein.

今天上午的通話時間大約為 1 小時。邁克將重點關注第二季度的業績以及未來的催化劑和我們的業務前景，包括 2022 年第三季度和 2022 年全年的指導。丹將審查本季度的財務狀況，提供有關我們第三季度和全年指導的更多詳細信息，然後我們將回答您的問題。在今天的問答環節中，我們的首席醫療官 Ian Meredith 博士將加入 Mike 和 Dan；和肯斯坦博士。

Before we begin, I'd like to remind everyone that on the call, operational revenue excludes the impact of foreign currency fluctuation and organic revenue growth further excludes acquisitions and divestitures for which there are less than a full period of comparable net sales. Relevant acquisitions excluded for the organic growth or Preventice, FARAPULSE and Lumenis Surgical which closed in March, August and September of 2021, respectively; as well as Baylis Medical, which closed on February 14, 2022. Divestitures include the BTG Specialty Pharmaceuticals which closed on March 1, 2021. Guidance excludes the recently announced agreement to purchase the majority stake of M.I. Tech which is expected to close in the second half of 2022. For more information, please refer to our financial and operating highlights deck which may be found on our Investor Relations website. On this call, all references to sales and revenue, unless otherwise specified, are organic.

在我們開始之前，我想提醒大家，在電話會議上，營業收入排除了外匯波動的影響，有機收入增長進一步排除了可比淨銷售額不到一個完整時期的收購和資產剝離。不包括分別於 2021 年 3 月、8 月和 9 月結束的有機增長或預防、FARAPULSE 和 Lumenis Surgical 的相關收購；以及於 2022 年 2 月 14 日關閉的 Baylis Medical。剝離包括於 2021 年 3 月 1 日關閉的 BTG Specialty Pharmaceuticals。指南不包括最近宣布的收購 M.I. 多數股權的協議。預計將於 2022 年下半年關閉的科技公司。有關更多信息，請參閱我們的投資者關係網站上的財務和運營亮點板塊。在這次電話會議上，除非另有說明，否則所有提及銷售和收入的內容都是有機的。

This call contains forward-looking statements within the meaning of federal securities laws which may be identified by words like anticipate, expect, may, believe, estimate and other similar words. They include, among other things, the impact of COVID-19 pandemic upon the company's operations and financial results; statements about our growth and market share; new and anticipated product approvals and launches; acquisitions, clinical trials; cost savings and growth opportunities; our cash flow and expected use; our financial performance, including sales, margins and earnings as well as our tax rates, R&D spend and other expenses. Factors that may cause such differences include those described in the Risk Factors section of our most recent 10-K and subsequent 10-Qs filed with the SEC. These statements speak only as of today's date, and we disclaim any intention or obligation to update them.

本次電話會議包含聯邦證券法含義內的前瞻性陳述，這些陳述可以通過預期、期望、可能、相信、估計等詞語和其他類似詞語來識別。其中包括 COVID-19 大流行對公司運營和財務業績的影響；關於我們的增長和市場份額的陳述；新的和預期的產品批准和發布；收購、臨床試驗；成本節約和增長機會；我們的現金流和預期用途；我們的財務業績，包括銷售額、利潤率和收益，以及我們的稅率、研發支出和其他費用。可能導致此類差異的因素包括我們最近向 SEC 提交的 10-K 和後續 10-Q 的風險因素部分中描述的因素。這些聲明僅在今天發表，我們不承擔任何更新它們的意圖或義務。

At this point, I'll turn it over to Mike for his comments.

在這一點上，我將把它交給邁克以徵求他的意見。

Thanks, Lauren, and thank you to everyone for joining us today. We're very pleased with our second quarter performance and our strong outlook for the full year, supported by our innovative portfolio, commercial execution, clinical evidence and strategic tuck-in M&A.

謝謝，勞倫，感謝大家今天加入我們。我們對第二季度的業績和全年的強勁前景感到非常滿意，這得益於我們的創新產品組合、商業執行、臨床證據和戰略性併購。

In the second quarter '22, total company operational sales grew 10% versus prior year, while organic sales grew 7% despite a strong comp of 9% organic growth in second quarter '21 versus 2019. Our sales results exceeded the high end of our guidance range of 3% to 6%. Importantly, we continue to grow faster than our peers in most of our businesses and regions.

在 22 年第二季度，公司總運營銷售額與去年同期相比增長了 10%，而有機銷售額增長了 7%，儘管 21 年第二季度與 2019 年相比有機增長了 9%。我們的銷售業績超過了我們的高端指導範圍為 3% 至 6%。重要的是，在我們的大多數業務和地區，我們的增長速度繼續超過同行。

Second quarter adjusted EPS of $0.44 grew 9.6% versus prior year, again, exceeding the guidance range of $0.41 to $0.43. Second quarter adjusted operating margin was 25.2%, which is in line with expectations.

第二季度調整後每股收益為 0.44 美元，較上年同期增長 9.6%，再次超出 0.41 美元至 0.43 美元的指導範圍。第二季度調整後的營業利潤率為 25.2%，符合預期。

We anticipate more durable and consistent procedural growth for the remainder of the year as hospitals continue to manage through staffing challenges and COVID waves. Our first half revenue performance was 8.1%, and we anticipate growth to accelerate in the second half. And therefore, we are increasing our full year '22 guidance for operational growth from 10.5% to 11.5%, and organic growth to plus 8% to 9%. For third quarter '22 revenue, we're guiding to operational growth of 10% to 12% and organic growth of 8% to 10%.

隨著醫院繼續應對人員配備挑戰和 COVID 浪潮，我們預計今年剩餘時間會出現更持久和持續的程序增長。我們上半年的收入表現為 8.1%，我們預計下半年將加速增長。因此，我們將 22 年全年運營增長指導從 10.5% 提高到 11.5%，有機增長提高到 8% 到 9%。對於 22 年第三季度的收入，我們指導運營增長率為 10% 至 12%，有機增長率為 8% 至 10%。

We aim to improve operating margins in 2022. However, with the ongoing impact of supply chain challenges, we are updating our adjusted operating margin to 26% to 26.2% for the full year as a result of FX volatility and additional supply chain-related operating margin pressure. We are narrowing our full year '22 adjusted EPS guidance to $1.74 to $1.77. Our third quarter '22 adjusted EPS estimate is $0.43 to $0.45, and Dan will provide more details on both of these sales and EPS performance in the outlook.

我們的目標是在 2022 年提高營業利潤率。然而，由於供應鏈挑戰的持續影響，由於外匯波動和額外的供應鏈相關運營，我們將全年調整後的營業利潤率更新為 26% 至 26.2%保證金壓力。我們將 22 年全年調整後的每股收益指引縮小至 1.74 美元至 1.77 美元。我們對 22 年第三季度調整後的每股收益估計為 0.43 美元至 0.45 美元，丹將在展望中提供有關這些銷售和每股收益表現的更多細節。

I'll now provide some additional highlights in the quarter along with comments on our '22 outlook. Regionally, the U.S. delivered operational growth of 7% versus prior year, and sales in the quarter included a transient impact from the contrast dye shortage primarily impacting our coronary therapies, WATCHMAN and PI business.

我現在將在本季度提供一些額外的亮點以及對我們 22 年展望的評論。從地區來看，美國的運營增長較上年同期增長 7%，本季度的銷售額包括對比染料短缺的短暫影響，主要影響我們的冠狀動脈治療、WATCHMAN 和 PI 業務。

In Europe, Middle East, Africa, our business grew 12% on an operational basis versus prior year. We had excellent broad-based growth across the EMEA region with 5 of 8 business units posting double-digit growth. Key products in emerging markets within the region are driving growth across the portfolio, with particular strength in electrophysiology, WATCHMAN and interventional cardiology therapies.

在歐洲、中東和非洲，我們的業務在運營基礎上比上一年增長了 12%。我們在歐洲、中東和非洲地區實現了出色的廣泛增長，8 個業務部門中有 5 個實現了兩位數的增長。該地區新興市場的主要產品正在推動整個產品組合的增長，特別是在電生理學、WATCHMAN 和介入心髒病學治療方面具有優勢。

In Asia, we grew 11% operationally versus prior year. We're quite pleased with the overall performance of the region despite the impact of COVID and related public health measures within China, with notable performance in Japan, India and our ASEAN countries. We continue to make progress with new products and commenced the first WATCHMAN FLX cases in China, Korea, Singapore and Malaysia. The China team executed well in a very tough environment, growing 9% and performing in line with our expectations. We remain confident in the team's ability to drive double-digit growth for the full year '22, supported by our diversified portfolio and commercial execution.

在亞洲，我們的運營與去年相比增長了 11%。儘管受到 COVID 和中國國內相關公共衛生措施的影響，我們對該地區的整體表現感到非常滿意，在日本、印度和我們的東盟國家表現出色。我們繼續在新產品方面取得進展，並在中國、韓國、新加坡和馬來西亞推出了第一個 WATCHMAN FLX 案例。中國團隊在非常艱難的環境中表現出色，增長了 9%，符合我們的預期。在我們多元化的投資組合和商業執行力的支持下，我們仍然對團隊在 22 年全年推動兩位數增長的能力充滿信心。

Latin America grew 33% operationally versus prior year, and all 8 business units in the vast majority of countries grew double digits in the quarter.

拉丁美洲的運營與去年相比增長了 33%，絕大多數國家的所有 8 個業務部門在本季度都實現了兩位數的增長。

Urology and Pelvic Health organic sales grew 7% and 16% on an operational basis versus prior year. Globalization continues to be a focus with 44% growth within emerging markets driven by new and ongoing product launches, such as LithoVue and SpaceOAR, in key countries, with momentum continuing with the recent approval of the Tria Firm Ureteral Stent in China. We continue to be pleased with the Lumenis integration and execution of the global (technical difficulty)

泌尿外科和骨盆健康的有機銷售額在運營基礎上比上一年增長了 7% 和 16%。全球化仍然是一個焦點，新興市場增長了 44%，這得益於 LithoVue 和 SpaceOAR 等新產品在關鍵國家的持續推出，隨著最近在中國獲批的 Tria Firm 輸尿管支架，這一勢頭仍在繼續。我們繼續對 Lumenis 的全球整合和執行感到滿意（技術難度）

Turning to Endoscopy. Sales grew 6% organically versus prior year. Broadly, this diverse business continues to perform well with products like our innovative AXIOS Stent, the only stent indicated for transgastric and transduodenal access. We also continue to see strength in our single-use imaging franchise with EXALT-D expanding to new accounts and driving utilization.

轉向內窺鏡檢查。銷售額與去年相比有機增長了 6%。總的來說，這種多樣化的業務繼續在我們創新的 AXIOS 支架等產品上表現良好，這是唯一適用於經胃和經十二指腸通路的支架。隨著 EXALT-D 擴展到新客戶並提高利用率，我們還繼續看到我們的一次性成像特許經營權的實力。

To further broaden our portfolio, we announced an agreement to purchase a majority stake in M.I. Tech, which includes the novel HANARO STENT technology, a family of conformable, self-expanding metal stents. This agreement is expected to close in the second half of 2022.

為了進一步擴大我們的投資組合，我們宣布了一項購買 M.I. 多數股權的協議。 Tech，其中包括新穎的 HANARO STENT 技術，這是一系列適形的自膨脹金屬支架。該協議預計將於 2022 年下半年完成。

In Neuromodulation, organic revenue declined 1% versus prior year against a very challenging year-over-year comp with the U.S. launches of WaveWriter Alpha and Vercise Genus, along with COVID procedure recovery in second quarter '21.

在 Neuromodulation 方面，與去年同期相比，隨著 WaveWriter Alpha 和 Vercise Genus 在美國的推出以及 COVID 程序在 21 年第二季度的恢復，與去年同期相比，有機收入下降了 1%。

In pain, sales grew sequentially in second quarter with physicians excited about a robust and innovative portfolio of offerings for SCS, including WaveWriter Alpha, FAST therapy and the Cognita Practice Optimization suite of solutions.

在痛苦方面，第二季度的銷售額連續增長，醫生們對 SCS 的強大和創新產品組合感到興奮，包括 WaveWriter Alpha、FAST 療法和 Cognita 實踐優化解決方案套件。

In brain, performance also improved sequentially with the U.S. launch of the Neural Navigator software for -- with STIMVIEW XT, which is our integrated imaging and programming platform developed a partnership with Brainlab.

在大腦方面，隨著美國推出用於 STIMVIEW XT 的 Neural Navigator 軟件，性能也隨之提高，這是我們與 Brainlab 合作開發的集成成像和編程平台。

In Cardiology, our organic sales grew 8% versus prior year and operational sales grew 12%. Within cardiology, interventional cardiology therapies organic sales grew 6% versus prior year. Our coronary therapies franchise grew mid-single digits, led by double-digit growth within our Imaging business as our AVVIGO II Guidance System moved into full launch in the U.S.

在心髒病學領域，我們的有機銷售額與去年相比增長了 8%，運營銷售額增長了 12%。在心髒病學領域，介入心髒病學療法的有機銷售額與去年相比增長了 6%。隨著我們的 AVVIGO II 指導系統在美國全面推出，我們的冠狀動脈治療專營權增長了中個位數，其中影像業務實現了兩位數增長。

Internationally, strong growth continues, driven by our innovative and comprehensive portfolio for imaging [instruments in treating] complex coronary disease. Physician enthusiasm for ACURATE neo2 continues, supported by ongoing clinical data that further validates the differentiated enhancements of neo2, including the Italian neo registry, which demonstrated reduced rates of PVL, low PPI, excellent hemodynamics and high device success rate in more than 900 patients.

在國際上，在我們創新和全面的成像[治療儀器]複雜冠心病產品組合的推動下，強勁的增長仍在繼續。醫生對 ACURATE neo2 的熱情仍在繼續，並得到持續臨床數據的支持，這些數據進一步驗證了 neo2 的差異化增強功能，包括意大利 neo 登記處，該登記證明在 900 多名患者中降低了 PVL 率、低 PPI、出色的血流動力學和高設備成功率。

Turning to WATCHMAN. Organic sales grew 17% versus prior year. Growth accelerated sequentially on a comp-adjusted basis, with strength across the region with a full launch of FLX in Japan, market share gains in Europe and increased penetration in the U.S. as we continue to drive awareness with ongoing clinical evidence in our second-generation device.

轉向守望者。有機銷售額與去年相比增長了 17%。經補償調整後增長環比增長，隨著 FLX 在日本的全面推出、歐洲市場份額的增加以及在美國的滲透率的提高，隨著我們繼續在第二代產品中通過持續的臨床證據提高意識，該地區的增長勢頭強勁設備。

We remain confident, based on our ongoing discussions with FDA, that our DAPT submission will be approved in the coming months. And the uses of DAPT with FLX was recently highlighted in real-world data, with more than 17,000 patients with the NCDR registry. This demonstrated no significant difference in rates of major events at 45 days post implant. Whether patients were discharged from the hospital on DAPT, to DOAC and aspirin, or warfarin and aspirin.

基於我們與 FDA 正在進行的討論，我們仍然有信心，我們的 DAPT 提交將在未來幾個月內獲得批准。最近在真實數據中強調了 DAPT 與 FLX 的使用，有超過 17,000 名患者在 NCDR 註冊。這表明在植入後 45 天的主要事件發生率沒有顯著差異。患者是否通過 DAPT 出院、使用 DOAC 和阿司匹林，或華法林和阿司匹林。

In Rhythm Management, organic sales grew 7% versus prior year. In core CRM, we anticipate that our growth was at or above the market, with our low-voltage business growing mid-single digits and our high-voltage business growing low single digits.

在 Rhythm Management 中，有機銷售額與去年相比增長了 7%。在核心 CRM 方面，我們預計我們的增長將達到或高於市場水平，我們的低壓業務增長中個位數，我們的高壓業務增長低個位數。

Our S-ICD franchise continues to perform well, further supported by positive data from the investigator-sponsored ATLAS trial presented at HRS earlier this year. The ATLAS trial compared EMBLEM S-ICD to single-chamber transvenous ICD devices and demonstrated similar protection from sudden death and superiority from serious lead-related complications at 6 months.

我們的 S-ICD 特許經營繼續表現良好，今年早些時候在 HRS 上展示的由研究者贊助的 ATLAS 試驗的積極數據進一步支持了這一點。 ATLAS 試驗將 EMBLEM S-ICD 與單腔經靜脈 ICD 裝置進行了比較，並在 6 個月時證明了對猝死的類似保護和對嚴重鉛相關並發症的優越性。

Our Diagnostics business continues to perform well, outpacing the market, driven by the Preventice portfolio and our implantable cardiac LUX-Dx.

在預防產品組合和我們的植入式心臟 LUX-Dx 的推動下，我們的診斷業務繼續表現良好，超過了市場。

In electrophysiology, sales grew 9% on an organic basis and 67% on an operational basis versus prior year. Second quarter performance was led by strength and differentiation of our portfolio in Europe and Japan. We're pleased to have completed enrollment in both the NEwTON AF trial and the ADVENT trial, important steps to expand the offering of our StablePoint force-sensing catheter in the U.S. in 2023 and FARAPULSE in the U.S. in 2024. Physician enthusiasm is very strong for both our POLARx and FARAPULSE platforms in Europe, and we're looking forward to increasing our account openings in the second half of this year.

在電生理學方面，與去年相比，銷售額有機增長 9%，運營增長 67%。第二季度業績由我們在歐洲和日本的投資組合的實力和差異化引領。我們很高興完成了 NEwTON AF 試驗和 ADVENT 試驗的註冊，這是 2023 年在美國擴大我們的 StablePoint 力感應導管供應和 2024 年在美國擴大 FARAPULSE 供應的重要步驟。醫生的熱情非常強烈對於我們在歐洲的 POLARx 和 FARAPULSE 平台，我們期待在今年下半年增加我們的開戶數量。

The Baylis team continues to execute well with strong performance in the quarter, led by VersaCross-RF access system. The integration is on track, and we're excited to have launched the Baylis-developed VersaCross Connect LAAC Solution to provide safe and more efficient access to left-side heart for WATCHMAN FLX implants.

在 VersaCross-RF 接入系統的帶領下，Baylis 團隊在本季度繼續表現出色，表現強勁。整合正在進行中，我們很高興推出 Baylis 開發的 VersaCross Connect LAAC 解決方案，為 WATCHMAN FLX 植入物提供安全、更有效的左側心臟通路。

In Peripheral Interventions, organic sales grew 6% versus prior year. Within the arterial franchise, we had another very strong quarter of double-digit growth in the drug-eluting portfolio as Ranger and Eluvia solidified their positions in key global markets.

在 Peripheral Interventions 中，有機銷售額與去年相比增長了 6%。在動脈專營權中，隨著 Ranger 和 Eluvia 鞏固其在全球主要市場的地位，我們的藥物洗脫產品組合又實現了兩位數的強勁增長。

In venous, the U.S. clot management business was impacted in the quarter by both the transient impact of the contrast shortage as well as by competition, largely offset by strength in Varithena sales as we continue to expand market share with our innovative offering.

在靜脈方面，美國凝塊管理業務在本季度受到對比劑短缺的短暫影響和競爭的影響，隨著我們通過創新產品繼續擴大市場份額，在很大程度上被 Varithena 銷售的強勁所抵消。

Interventional Oncology grew low double digits in the quarter, fueled by our innovative cancer therapies, TheraSphere and ICEfx, as well as the robust set of embolization access and delivery tools that we offer. Globalization remains a significant opportunity in the space. And notably, we have commenced treatment of patients with PDAC malignancies in the Hainan province of China with TheraSphere through a medical pilot program. Outside of the Hainan province, TheraSphere treatment in China is restricted to the MANDARIN clinical trial.

在我們創新的癌症療法 TheraSphere 和 ICEfx 以及我們提供的強大的栓塞通路和遞送工具的推動下，介入腫瘤學在本季度實現了兩位數的低增長。全球化仍然是該領域的重要機遇。值得注意的是，我們已通過醫療試點計劃開始使用 TheraSphere 治療中國海南省的 PDAC 惡性腫瘤患者。在海南省以外，TheraSphere 在中國的治療僅限於 MANDARIN 臨床試驗。

Earlier this quarter, we issued our annual performance report which showcases our commitment to corporate responsibility and progress toward our longer-term goals. In this report, we highlight key metrics in support of our efforts, include performance against our first human capital scorecard, which tracks company-wide goals and is part of the company's annual bonus plan. You can access this report at any time through our Investor Relations website.

本季度早些時候，我們發布了年度業績報告，展示了我們對企業責任的承諾和實現長期目標的進展。在本報告中，我們強調了支持我們努力的關鍵指標，包括我們的第一個人力資本記分卡的績效，該記分卡跟踪公司範圍內的目標，並且是公司年度獎金計劃的一部分。您可以隨時通過我們的投資者關係網站訪問此報告。

We're very pleased with our first half results and outlook for '22 and beyond despite the macroeconomic challenges we continue to face. Our innovative portfolio, category leadership strategy, commercial execution and commitment to ongoing and clinical evidence positions us well today and into the future. We look forward to hosting an investor event at TCT this September. We'll provide more details as they're available.

儘管我們繼續面臨宏觀經濟挑戰，但我們對 22 年及以後的上半年業績和展望感到非常滿意。我們的創新產品組合、品類領導戰略、商業執行以及對持續和臨床證據的承諾使我們在今天和未來都處於有利地位。我們期待今年 9 月在 TCT 舉辦投資者活動。我們將在可用時提供更多詳細信息。

While the macroeconomic environment continues to be challenging, we remain committed to our long-term financial goals, continuing to grow sales faster than underlying markets, operating margin expansion, double-digit adjusted EPS growth and strong adjusted free cash flow. I remain very grateful to our employees for their winning spirit.

儘管宏觀經濟環境繼續充滿挑戰，但我們仍致力於實現我們的長期財務目標，繼續以高於基礎市場的速度增長銷售額、擴大營業利潤率、兩位數的調整後每股收益增長和強勁的調整後自由現金流。我仍然非常感謝我們的員工的勝利精神。

I will now turn things over to Dan to review our financial performance in more detail.

我現在將把事情交給丹，以更詳細地審查我們的財務業績。

Thanks, Mike. Second quarter consolidated revenue of $3.244 billion represents 5.4% reported revenue growth versus second quarter 2021 and reflects a $130 million headwind from foreign exchange, higher than our expectations due to the strengthened U.S. dollar. Excluding this 420 basis point headwind from foreign exchange, operational revenue growth was 9.6% in the quarter.

謝謝，邁克。第二季度合併收入為 32.44 億美元，較 2021 年第二季度報告的收入增長 5.4%，反映出來自外彙的 1.3 億美元逆風，高於我們的預期，原因是美元走強。剔除來自外彙的 420 個基點的逆風，本季度營業收入增長 9.6%。

Quarterly sales from the acquisitions of FARAPULSE, Lumenis and Baylis contributed 300 basis points, resulting in 6.6% organic revenue growth, exceeding the high end of our guidance range of 3% to 6% growth versus 2021.

收購 FARAPULSE、Lumenis 和 Baylis 的季度銷售額貢獻了 300 個基點，實現了 6.6% 的有機收入增長，超過了我們與 2021 年相比增長 3% 至 6% 的指導範圍的高端。

Strong top line results primarily drove Q2 adjusted earnings per share of $0.44, representing 9.6% growth versus 2021 and exceeding the high end of our guidance range of $0.41 to $0.43.

強勁的營收業績主要推動第二季度調整後每股收益為 0.44 美元，與 2021 年相比增長 9.6%，超過了我們指導範圍 0.41 美元至 0.43 美元的高端。

Adjusted gross margin for the second quarter was 70.4%, in line with our expectations. Although we've seen some stabilization in the cost of freight, we do anticipate incremental second half headwinds of approximately $75 million versus pre-COVID level resulting from inefficiencies in our manufacturing plants due to the availability of direct materials and the cost to procure them. This incremental $75 million brings the total headwind versus 2019 to $375 million. Recall, this headwind is primarily driven by inflationary pressures on direct materials, freight and labor costs, as well as inefficiencies in our manufacturing plants due to material availability.

第二季度調整後的毛利率為 70.4%，符合我們的預期。儘管我們已經看到貨運成本有所穩定，但我們確實預計由於直接材料的可用性和採購成本導致我們的製造工廠效率低下，與 COVID 之前的水平相比，下半年的逆風增加了約 7500 萬美元。與 2019 年相比，增加的 7500 萬美元使總逆風達到 3.75 億美元。回想一下，這種不利因素主要是由於直接材料、運費和勞動力成本的通脹壓力，以及由於材料可用性導致我們的製造工廠效率低下。

We now expect our full year adjusted gross margin to be slightly below the second half of 2021 adjusted gross margin of 70.8%. We anticipate a slight improvement to adjusted gross margin in the second half due to the full realization of standard cost improvements consistent with historical trends as well as an FX tailwind from the stronger U.S. dollar.

我們現在預計我們的全年調整後毛利率將略低於 2021 年下半年調整後的毛利率 70.8%。由於完全實現與歷史趨勢一致的標準成本改進以及美元走強帶來的外匯順風，我們預計下半年調整後的毛利率將略有改善。

Second quarter adjusted operating margin was 25.2%, resulting in a first half adjusted operating margin of 25.5%. As a result of the increased macroeconomic pressures on gross margin, we now anticipate our full year adjusted operating margin to be within a range of to 26% to 26.2%. Despite these macroeconomic headwinds, we're focused on margin improvement versus the second half 2021 average of 25.9%, with our range representing 10 to 30 basis points of operating margin expansion.

第二季度調整後營業利潤率為 25.2%，上半年調整後營業利潤率為 25.5%。由於宏觀經濟對毛利率的壓力增加，我們現在預計全年調整後的營業利潤率將在 26% 至 26.2% 的範圍內。儘管存在這些宏觀經濟逆風，但我們專注於利潤率的提高，而 2021 年下半年的平均增長率為 25.9%，我們的範圍代表營業利潤率擴張 10 至 30 個基點。

On a GAAP basis, second quarter operating margin was 13%, including a charge related to ongoing IP litigation.

按公認會計原則計算，第二季度營業利潤率為 13%，包括與正在進行的知識產權訴訟相關的費用。

Moving to below the line. Adjusted interest and other expense totaled $74 million in the quarter, lower than our expectations, driven in part by a onetime FX gain from certain unhedged currencies.

移動到線下。本季度調整後的利息和其他費用總計 7400 萬美元，低於我們的預期，部分原因是某些未對沖貨幣的一次性外匯收益。

Our tax rate for the second quarter was 12.8% on an adjusted basis, including discrete tax items and the benefit from stock compensation accounting. Excluding these items, our operational tax rate was 14.3%, in line with our expectations.

經調整後，我們第二季度的稅率為 12.8%，包括離散稅項和股票補償會計的收益。剔除這些項目，我們的營業稅率為 14.3%，符合我們的預期。

We ended Q2 with 1.438 billion fully diluted weighted average shares outstanding.

我們以 14.38 億股完全稀釋加權平均流通股結束了第二季度。

Adjusted free cash flow for the quarter was $593 million, and free cash flow $204 million with $307 million from operating activities, less $103 million net capital expenditures. For full year 2021 adjusted free cash flow, we continue to aim to be at or above 2021 adjusted free cash flow of $2.2 billion.

本季度調整後的自由現金流為 5.93 億美元，自由現金流為 2.04 億美元，其中 3.07 億美元來自運營活動，減去 1.03 億美元的淨資本支出。對於 2021 年全年調整後的自由現金流，我們繼續致力於達到或高於 2021 年調整後的自由現金流 22 億美元。

As of June 30, 2022, we had cash on hand of $276 million, and we continue to expect to close the purchase of the majority stake of M.I. Tech in the second half of 2022 funded with cash on hand. Our top priority for capital allocation remains high-quality tuck-in M&A, and we'll continue to assess opportunities in conjunction with our financial goals. We continue to expect leverage of 2.5x by year-end 2022. And as of June 30, our leverage was 2.6x.

截至 2022 年 6 月 30 日，我們手頭有 2.76 億美元現金，我們繼續預計將完成對 M.I. 的多數股權的收購。 2022 年下半年的科技由手頭現金資助。我們資本配置的首要任務仍然是高質量的併購，我們將繼續結合我們的財務目標評估機會。我們繼續預計到 2022 年底槓桿率為 2.5 倍。截至 6 月 30 日，我們的槓桿率為 2.6 倍。

I'll now walk through guidance for Q3 and for the full year 2022. We expect full year 2022 operational revenue growth to be in a range of 10.5% to 11.5% versus 2021, which excludes an approximate 400 basis point headwind from foreign exchange based on current rates, 200 basis points higher than our previous expectations, and includes a 250 basis point contribution from the acquisitions of Preventice, FARAPULSE, Lumenis and Baylis and $13 million of pre-divestiture Specialty Pharmaceutical sales in 2021.

我現在將介紹第三季度和 2022 年全年的指引。我們預計 2022 年全年營業收入與 2021 年相比將增長 10.5% 至 11.5%，這不包括基於外彙的約 400 個基點的逆風按目前的利率計算，比我們之前的預期高出 200 個基點，其中包括收購 Preventice、FARAPULSE、Lumenis 和 Baylis 帶來的 250 個基點的貢獻，以及 2021 年剝離前的 1300 萬美元特種藥品銷售額。

As a result of our strong Q2 performance and confidence in durable and consistent procedural growth, we are raising our full year 2022 organic revenue growth range to 8% to 9% versus 2021, excluding the impact of closed acquisitions and divestitures.

由於我們強勁的第二季度業績和對持久和持續的程序增長的信心，我們將 2022 年全年有機收入增長范圍與 2021 年相比提高到 8% 至 9%，不包括已完成收購和資產剝離的影響。

We expect third quarter 2022 operational revenue growth to be in a range of 10% to 12% versus 2021, which excludes an approximate 400 basis point headwind from foreign exchange based on current rates, and includes a 200 basis point contribution from the acquisitions of FARAPULSE, Lumenis and Baylis. Excluding the impact of closed acquisitions, we expect third quarter 2022 organic revenue growth to be in a range of 8% to 10%.

我們預計，與 2021 年相比，2022 年第三季度的運營收入增長將在 10% 至 12% 之間，其中不包括基於當前匯率的約 400 個基點的外匯逆風，並包括收購 FARAPULSE 帶來的 200 個基點貢獻、 Lumenis 和貝利斯。排除已完成收購的影響，我們預計 2022 年第三季度的有機收入增長將在 8% 至 10% 之間。

We now expect our full year 2022 adjusted below-the-line expenses to be approximately $350 million, reflecting the FX gain recognized in Q2.

我們現在預計 2022 年全年調整後的線下費用約為 3.5 億美元，反映了第二季度確認的外匯收益。

We continue to expect our full year 2022 operational tax rate to be 14%, with an adjusted tax rate of approximately 13%, including the benefit of the accounting standard for stock compensation and discrete tax items recognized in the first half of the year. As a reminder, our tax rate reflects current legislation, including a provision on the treatment of R&D expenditures. We continue to believe there is bipartisan support to reverse this provision, and if such legislation were to be enacted, we would expect our full year tax rate to revert to its historic range of approximately 11% operational and 10% adjusted, resulting in a $0.06 earnings per share benefit.

我們繼續預計2022年全年營業稅率為14%，調整後的稅率約為13%，包括上半年確認的股票薪酬和離散稅項會計準則的好處。提醒一下，我們的稅率反映了當前的立法，包括關於處理研發支出的規定。我們仍然相信有兩黨支持推翻這一規定，如果要頒布這樣的立法，我們預計我們的全年稅率將恢復到其歷史範圍，即大約 11% 的運營和 10% 調整後，導致 0.06 美元每股收益收益。

We expect a fully diluted weighted average share count of approximately 1.442 billion shares for Q3 and 1.441 billion shares for the full year 2022.

我們預計第三季度的完全攤薄加權平均股數約為 14.42 億股，2022 年全年約為 14.41 億股。

As a result of continued uncertainty within the macroeconomic environment as well as FX volatility, we are narrowing our full year adjusted earnings per share range to $1.74 to $1.77. And for the third quarter, expect to be in a range of $0.43 to $0.45.

由於宏觀經濟環境的持續不確定性以及外匯波動，我們將全年調整後每股收益範圍縮小至 1.74 美元至 1.77 美元。第三季度，預計在 0.43 美元至 0.45 美元之間。

Please check our Investor Relations website for Q2 2022 financial and operational highlights which outlines more detailed Q2 results.

請查看我們的投資者關係網站，了解 2022 年第二季度的財務和運營亮點，其中概述了更詳細的第二季度業績。

In closing, I am proud of the first half results we achieved with projected second half momentum supporting our organic revenue guidance increase of 100 basis points at the midpoint. Despite a challenging macroeconomic environment, we remain focused on operating margin expansion and expect to see sequential improvement in the second half of this year.

最後，我為我們取得的上半年業績感到自豪，預計下半年的勢頭支持我們的有機收入指導在中點增加 100 個基點。儘管宏觀經濟環境充滿挑戰，但我們仍專注於經營利潤率的擴張，並預計今年下半年將出現環比改善。

And with that, I'll turn it back to Lauren, who will moderate the Q&A.

有了這個，我將把它轉回給 Lauren，他將主持問答環節。

Thanks, Dan. Andrew, let's open it up to questions for the next 35 minutes or so. (Operator Instructions). Andrew, please go ahead.

謝謝，丹。安德魯，讓我們在接下來的 35 分鐘左右開放問題。 （操作員說明）。安德魯，請繼續。

(Operator Instructions) The first question comes from Joanne Wuensch with Citi.

（操作員說明）第一個問題來自花旗的 Joanne Wuensch。

May I say congratulations. I want to spend just a little bit of time on the organic growth rate because when you entered the year, we were looking for 6% to 8%, which was raised on the first quarter call to 6.5% to 8.5% and now to 8% to 9% organic. What is happening in your core businesses, or in your particular franchises maybe, that's helping you sort of buck the trend and actually be raising your organic growth rate each quarter?

我可以說祝賀。我想花一點時間在有機增長率上，因為當你進入這一年時，我們正在尋找 6% 到 8%，在第一季度電話會議上將其提高到 6.5% 到 8.5%，現在提高到 8 % 至 9% 有機。您的核心業務，或者您的特定特許經營權中正在發生什麼，這可能會幫助您逆勢而上，實際上每個季度都在提高您的有機增長率？

Joanne. And Dan could supplement as well. Just as Dan mentioned in his script and I did, I would just -- overall, we're very pleased with the execution of our global team. We had just tremendous growth in each region.

喬安妮。丹也可以補充。正如丹在他的劇本中提到的那樣，我只是——總的來說，我們對我們全球團隊的執行感到非常滿意。我們在每個地區都取得了巨大的增長。

Europe with a pretty mature market, as you saw, grew double digits. And we've made significant investments in the GEM region over the last few years, and the team there has really done a nice job of building up our scale that's driving outsized growth for us in Europe, and we're taking share in the mature markets.

如您所見，擁有相當成熟市場的歐洲增長了兩位數。在過去的幾年裡，我們在 GEM 地區進行了大量投資，那裡的團隊在擴大我們的規模方面做得非常好，這推動了我們在歐洲的巨大增長，我們正在分享成熟的市場。

In Asia Pac, we've seen really a rebound of strength in Japan, given the portfolio that we have, led by POLARx, which is our Cryo offering in EP, as well as WATCHMAN. And the China team did a really nice job at delivering in a tough environment. In the U.S., we continued to do quite well as well. And you'll see the impact of those acquisitions going more organic, a bit benefit in the second half of the year and also in 2023.

在亞太地區，鑑於我們擁有的由 POLARx（我們在 EP 中提供的 Cryo 產品）和 WATCHMAN 領導的投資組合，我們看到日本的實力確實出現了反彈。中國團隊在艱難的環境中表現出色。在美國，我們也繼續做得很好。你會看到這些收購的影響會變得更加有機，在下半年和 2023 年也會有一點好處。

So I think the team has executed quite well. We think we've gained share in most all of our businesses, as I said in the script. And we continue to try to position ourselves into faster-growth markets consistently quarter-over-quarter. So I think it's portfolio, the clinical evidence we're driving and very strong commercial execution.

所以我認為球隊的表現非常好。正如我在劇本中所說，我們認為我們在大多數業務中都獲得了份額。我們將繼續努力將自己定位於季度環比增長更快的市場。所以我認為這是投資組合，我們正在推動的臨床證據和非常強大的商業執行。

The next question comes from Robbie Marcus of JPMorgan.

下一個問題來自摩根大通的 Robbie Marcus。

I'll add my congratulations on a good quarter.

我將祝賀一個良好的季度。

Thanks, Robbie.

謝謝，羅比。

Dan, I was wondering. It sounds like you're absorbing about 300 basis points of headwinds versus 2019, but on track to generate flat operating margins, which is really impressive given all the headwinds. Maybe just walk through where you're seeing those pressures and how you're offsetting it in the base business. And then if there's anything we should be focused on that carries over into 2023 in the models from some of these offsets or pressures.

丹，我想知道。聽起來你正在吸收與 2019 年相比大約 300 個基點的逆風，但有望產生持平的營業利潤率，考慮到所有逆風，這確實令人印象深刻。也許只是看看你在哪裡看到了這些壓力，以及你如何在基礎業務中抵消它。然後，如果有什麼我們應該關注的東西，從這些偏移或壓力中的一些模型中延續到 2023 年。

Sure. Thanks, Robbie, and maybe helpful to just give a couple of finer points on the numbers. So in 2019, we were 26.1% adjusted operating margin, we were 72.4% gross margin. So if you just look at the bottom line operating margin, the midpoint of our guidance in 2022 is back at that 26.1%. And as you said, we're absorbing the $375 million headwind, the majority of which hits in 2022.

當然。謝謝，羅比，也許有助於在數字上給出一些更好的觀點。因此，在 2019 年，我們調整後的營業利潤率為 26.1%，毛利率為 72.4%。因此，如果你只看底線營業利潤率，我們在 2022 年指導的中點又回到了 26.1%。正如你所說，我們正在吸收 3.75 億美元的逆風，其中大部分將在 2022 年到來。

Some of that, that will go to '23, to your question of 2023. So there's some, from a gross margin standpoint, that will still be on the balance sheet in '23. But the majority of that $375 million will hit in 2022 and hits gross margin.

其中一些，將到 23 年，到 2023 年的問題。所以，從毛利率的角度來看，還有一些在 23 年仍將出現在資產負債表上。但是，這 3.75 億美元中的大部分將在 2022 年達到並達到毛利率。

So when you look at the P&L, all line items of the P&L, we've had activities in place to offset that over the last 2-plus years. Whether it's looking at standard cost/value improvement programs, pricing discipline, a bit of a favorable product mix, other opportunities to leverage SG&A and R&D in a smart and thoughtful way. And so the entire $375 million has been offset through the whole P&L.

因此，當您查看損益表時，損益表的所有項目，在過去 2 年多的時間裡，我們已經開展了一些活動來抵消它。無論是考慮標準的成本/價值改進計劃、定價規則、有利的產品組合，還是以明智和深思熟慮的方式利用 SG&A 和研發的其他機會。因此，全部 3.75 億美元已通過整個損益表抵消。

You see gross margin. Obviously, gross margin is lower. We talked about being a little bit lower than last year's second half average of that 70.8%. So we're not -- we haven't been able to offset the full $375 million in gross margin, but that's what the rest of the P&L is for, right? Whether it's SG&A, R&D, even areas like royalties, we're very focused to offset that. So I'm very pleased to look at a 26.1% midpoint guidance for this year against that 2019 and look forward to '23 and beyond.

你看到毛利率。顯然，毛利率較低。我們談到略低於去年下半年的平均值 70.8%。所以我們不是——我們無法抵消全部 3.75 億美元的毛利率，但這就是損益表的其餘部分，對吧？無論是 SG&A、研發，甚至是版稅等領域，我們都非常專注於抵消這一點。因此，我很高興看到今年相對於 2019 年 26.1% 的中點指導，並期待 23 年及以後。

A little early to get specific about '23. Obviously, relative to what we see, we've been clear that we don't see the macroeconomic headwinds abating in '22, but we are hopeful for '23 and beyond, that we'll see some relief there.

有點早了解'23。顯然，相對於我們所看到的，我們很清楚，我們沒有看到 22 年宏觀經濟逆風減弱，但我們希望 23 年及以後，我們會在那裡看到一些緩解。

The next question comes from Larry Biegelsen with Wells Fargo.

下一個問題來自富國銀行的拉里·比格爾森。

Congrats on a nice quarter. I heard you mention that you are having an analyst meeting at TCT. So are you expecting to present any significant data there? So for example, the SAVAL BTK data? And if so, kind of what should we be looking for? And your confidence you can overcome the issues of previous devices.

祝賀一個不錯的季度。我聽說你提到你正在 TCT 召開分析師會議。那麼您是否期望在那裡提供任何重要數據？例如，SAVAL BTK 數據？如果是這樣，我們應該尋找什麼？並且您有信心克服以前設備的問題。

And just maybe on Devoro, any color on the launch there and how you see that fitting into the treatment armamentarium?

也許在 Devoro 上，那裡的發射有任何顏色，你如何看待它適合治療設備？

Thanks, Larry. I'll mention -- I'll make a couple of comments on Devoro and maybe Dr. Meredith can answer what's heading up at TCT.

謝謝，拉里。我會提到——我將對 Devoro 發表一些評論，也許 Meredith 博士可以回答 TCT 的最新進展。

So again, the broad-based PI business, you saw the performance in that in my report, 3 franchises. Our arterial franchise, which grew double digit, very strong. Our second-biggest one Interventional Oncology, again, grew double digit with really terrific performance and new clinical indications we're going after. And our smaller businesses, our veinous business and the gap that we have, as you mentioned, is the Devoro product that we acquired.

同樣，基礎廣泛的 PI 業務，您在我的報告中看到了 3 個特許經營權的表現。我們的動脈專營權以兩位數增長，非常強勁。我們第二大的介入腫瘤學再次以兩位數增長，表現非常出色，我們正在尋求新的臨床適應症。正如您所提到的，我們較小的業務、我們的靜脈業務和我們所擁有的差距是我們收購的 Devoro 產品。

And so we'll be in our first patients in the second half of this year. And hopefully, those will go quite well and we'll hopefully have some approval in 2023 to launch Devoro in 2023. So all things going well. You'll see some impact as the year progresses in 2023 to fill that portfolio gap that we have in venous. So more to come, and we'll have good clinical data by year-end.

因此，我們將在今年下半年接收第一批患者。希望這些進展順利，我們希望在 2023 年獲得一些批准，以便在 2023 年推出 Devoro。所以一切都很順利。隨著 2023 年的進展，你會看到一些影響，以填補我們在靜脈方面的投資組合缺口。還有更多，我們將在年底前獲得良好的臨床數據。

Ian -- or Dr. Meredith, are you on the line?

伊恩——或者梅雷迪思博士，你在線嗎？

I am, Mike. Thank you. Yes, so the formal announcements for what's going to be presented at TCT haven't come out yet, so I don't want to comment on that further. But we're absolutely delighted that TCT will be in Boston this year, giving us a great opportunity to highlight the full strength of our cardiovascular businesses. But no formal announcement yet as the program hasn't been finalized.

我是，邁克。謝謝你。是的，所以關於將在 TCT 上展示的內容的正式公告還沒有出來，所以我不想進一步評論。但我們非常高興 TCT 今年將在波士頓，這給了我們一個很好的機會來突出我們心血管業務的全部實力。但由於該計劃尚未最終確定，因此尚未正式宣布。

The next question comes from Vijay Kumar with Evercore.

下一個問題來自 Evercore 的 Vijay Kumar。

I have a 2-part question. One, just on the guidance here, first half versus second half. The high end implies I think low doubles in the second half versus 8% in the first half. And I -- the pre-pandemic comps in the first half, second half '21 versus '19, they seem comparable. [In terms of] first half or second half.

我有一個兩部分的問題。一，只是在這裡的指導，上半場與下半場。高端意味著我認為下半年低翻倍，而上半年為 8%。而我——21 年上半年和 19 年下半年的大流行前對比，它們似乎具有可比性。 [就] 上半場或下半場而言。

So I'm curious of what's driving the second half acceleration. What that the China lockdown and contrast media impact in 2Q, perhaps? Is that what's giving you the confidence, looking at the underlying trends for the second half?

所以我很好奇是什麼推動了下半場的加速。中國的封鎖和對比媒體對第二季度的影響可能是什麼？看看下半年的潛在趨勢，這就是給你信心的原因嗎？

And Dan, on the gross margin, $375 million of cost. Do you know what dollar amount of that is capitalized on the balance sheet?

而丹的毛利率為 3.75 億美元。你知道資產負債表上資本化了多少美元嗎？

So the cost on the balance sheet, I'll take that one first. Yes, I do know what it is. And it will be a minimal headwind for early 2023 because, as I said, the $375 million that is incremental this year is not all going to hit the P&L this year, but the lion's share of it does hit in '22. So a small headwind for '23, but hopefully should be manageable.

所以資產負債表上的成本，我先拿那個。是的，我知道它是什麼。這將是 2023 年初的最小阻力，因為正如我所說，今年增加的 3.75 億美元不會全部影響今年的損益表，但其中的大部分確實在 22 年達到了。因此，23 年的阻力很小，但希望應該是可控的。

Relative to your question, let me just put a finer point on the numbers, and I can turn it to Mike for some of the color. So our first half actual in 2022 in terms of our organic revenue growth rate was 8.1%. If I take the midpoint of the full year guidance, so 8.5%, that implies around 9% for the second half. So a nice acceleration, to your point, to that 9%.

相對於你的問題，讓我在數字上更詳細一點，我可以把它交給邁克以獲得一些顏色。因此，就我們的有機收入增長率而言，我們在 2022 年上半年的實際實際增長率為 8.1%。如果我採用全年指導的中點，即 8.5%，這意味著下半年約為 9%。就您而言，這是一個不錯的加速，達到了 9%。

The comps, again, '21 versus '20, those are a little bit crazy comps, obviously, with the COVID comps. So the '21 versus '19, I think is a good basis to use for comps. That's what we did all last year. The first half comp was 5.9%. The second half comp is 5.4% So basically, the second half comp is 50 basis points easier. But our revenue at the midpoint is, call it, 90 basis points of acceleration. So it's outstripping the comps and it's real apples-to-apples acceleration first half to second half, which is great to see.

再次，'21 與 '20 的比賽，顯然，與 COVID 比賽相比，這些比賽有點瘋狂。因此，我認為 '21 與 '19 是用於比賽的良好基礎。這就是我們去年所做的一切。上半年補償為 5.9%。下半年補償是 5.4% 所以基本上，下半年補償容易 50 個基點。但我們在中點的收入，可以說是加速了 90 個基點。所以它超過了比賽，這是真正的蘋果對蘋果的加速，上半場到下半場，很高興看到。

I'll take the China piece and just say that relative to what we had for expectations in Q2, China was basically in line with that. The scenario that we put in for guidance, that's pretty much what transpired as part of China. Looking forward to seeing the second half return to more normal growth rates, in double digits, for the full year.

我將拿中國部分來說，相對於我們對第二季度的預期，中國基本上符合這一點。我們提出的指導方案，這幾乎就是中國的一部分。期待看到下半年全年以兩位數的速度恢復到更正常的增長率。

I don't know, Mike, if you'd add anything relative to...

我不知道，邁克，如果你想添加任何與...相關的東西

Yes. We do have about a 50 basis point easier comp second half versus first half. So that helps a little bit. We -- in the first half, as you know, we did have some impact from the contrast shortage, so that's been essentially resolved. So we think we'll see smoother sailing there.

是的。下半年與上半年相比，我們確實有大約 50 個基點容易比較。所以這有點幫助。如您所知，我們在上半年確實受到了對比度不足的影響，因此基本上已經解決了。所以我們認為我們會在那裡看到更順暢的航行。

We had a tougher second quarter despite the 9% growth in China. We expect that business to strengthen despite being quite strong in the first half. We continue to be excited about our EP business. The growth in Japan and in Europe is tremendous, and we expect to open up more accounts with FARAPULSE and Cryo in those markets.

儘管中國增長了 9%，但我們的第二季度表現更為艱難。儘管上半年相當強勁，但我們預計該業務將走強。我們繼續對我們的 EP 業務感到興奮。日本和歐洲的增長是巨大的，我們希望在這些市場上開設更多 FARAPULSE 和 Cryo 賬戶。

I won't go through a long list. Neuromod had a super difficult comp in second quarter, so we expect double-digit growth out of Neuromod in the second half. So we just really had strong performance across the board in our business units. Slightly easier comp, but not significant. And good momentum as a company in the top line.

我不會列出很長的清單。 Neuromod 在第二季度的競爭非常困難，因此我們預計 Neuromod 在下半年將實現兩位數的增長。因此，我們在業務部門的全面表現確實非常出色。比較容易一些，但並不重要。作為一家處於領先地位的公司，勢頭良好。

The next question comes from Rick Wise with Stifel.

下一個問題來自 Rick Wise 和 Stifel。

Mike, Dan. Maybe you could give us a little more color on 2 key products, both WATCHMAN and FARAPULSE.

邁克，丹。也許您可以在 WATCHMAN 和 FARAPULSE 兩個關鍵產品上為我們提供更多顏色。

WATCHMAN, you did face a difficult 2Q comp, I mean, another excellent quarter. Maybe talk about where we are in the FLX rollout and what's driving that growth and how sustainable you see it. What sustains this kind of impressive growth going ahead?

守望者，你確實面臨著艱難的第二季比賽，我的意思是，又一個出色的季度。或許可以談談我們在 FLX 推出中所處的位置以及推動這種增長的因素以及您認為它的可持續性。是什麼支撐了這種令人印象深刻的增長？

And on FARAPULSE, we recently checked in with some earlier FARAPULSE adopters in Europe. And they love the technology but were concerned about price and sort of limiting their utilization. So maybe you can sort of talk about that, how you're addressing that issue. And any color on where you are with the number of accounts and your goals in terms of account opening in Europe. Any extra color would be great.

在 FARAPULSE 上，我們最近與歐洲的一些早期 FARAPULSE 採用者進行了聯繫。他們喜歡這項技術，但擔心價格和限制它們的使用。所以也許你可以談談這個，你是如何解決這個問題的。以及您在歐洲開戶方面的賬戶數量和目標的任何顏色。任何額外的顏色都會很棒。

Thanks, Rick. On WATCHMAN, Dr. Stein for the comment. It's really similar comments to previous quarters. It always starts with do you get excellent clinical outcomes? And that's what WATCHMAN FLX continues to prove with the safety profile and ease of use, which drives increasing comfort level from physicians and referring physicians and increasing utilization and more doctors using it per site. So really, it's those clinical outcomes and the safety profile and ease of use.

謝謝，瑞克。在 WATCHMAN 上，Stein 博士發表評論。這與前幾個季度的評論非常相似。它總是從您是否獲得出色的臨床結果開始？這就是 WATCHMAN FLX 繼續證明的安全性和易用性，這推動了醫生和轉診醫生的舒適度提高，並提高了利用率和每個站點使用它的更多醫生。所以真的，這是那些臨床結果、安全性和易用性。

And then in terms of the market, as you know, we're very underpenetrated, still, about 8% or so in the market, and we see likely around $2 billion in the coming years here. And as you know, we're doing those clinical trials with CHAMPION and OPTION, which have enrolled -- not completed enrollment, but are enrolling far ahead of schedule. So we think this market can continue to grow 25%, 30% for many -- for multiple years. And importantly, we have a really nice cadence of additional platforms coming for WATCHMAN to continue to improve it.

然後就市場而言，如你所知，我們的市場滲透率非常低，仍然約為 8% 左右，我們預計未來幾年可能會達到 20 億美元左右。如您所知，我們正在與 CHAMPION 和 OPTION 進行臨床試驗，這些試驗已經註冊——尚未完成註冊，但遠遠提前註冊。因此，我們認為這個市場可以繼續增長 25%，對於許多人來說，可以增長 30% - 多年。重要的是，我們有一個非常好的額外平台的節奏來讓 WATCHMAN 繼續改進它。

And that Baylis acquisition, we're going to make a safe procedure even more productive in terms of turnaround time with the integration of the Baylis platform with WATCHMAN to help improve productivity further, to drive more procedure volume and utilization. And you're also getting some global expansion in Japan and China. They Launched their first WATCHMAN FLX cases.

收購 Baylis 後，我們將通過將 Baylis 平台與 WATCHMAN 集成，使安全程序在周轉時間方面更加高效，以幫助進一步提高生產力，推動更多的程序量和利用率。而且你還在日本和中國獲得了一些全球擴張。他們推出了他們的第一款 WATCHMAN FLX 手機殼。

I don't know, Dr. Stein, any other comments on WATCHMAN?

我不知道，Stein 博士，還有什麼關於 WATCHMAN 的評論嗎？

No, not much. Right, again, it's safety and ease of use with FLX. It's continued growth into the currently indicated patient populations. It's looking forward to the data. So our OPTION trial completed enrollment and actually enrolled way ahead of schedule in spite of the COVID challenges. Looking for data from CHAMPION.

不，不多。對，再一次，FLX 既安全又易於使用。它繼續增長到目前指示的患者群體。它很期待數據。因此，儘管面臨 COVID 挑戰，我們的 OPTION 試驗還是提前完成了註冊並實際註冊了。正在尋找來自 CHAMPION 的數據。

And then I just want to reiterate what Mike said. Really excited about Baylis bringing the VersaCross Solution. So we've commenced that launch in the U.S. And again, it's just part of this whole portfolio around all of our AF therapies to make procedures safer, make them more efficient. And I do think that, that's what you see driving all the growth.

然後我只想重申邁克所說的話。對 Baylis 帶來 VersaCross 解決方案感到非常興奮。因此，我們已經開始在美國推出該產品。再說一次，它只是我們所有 AF 療法的整個產品組合的一部分，旨在使程序更安全、更高效。我確實認為，這就是你所看到的推動所有增長的因素。

Yes. In FARAPULSE, we're not going to provide some of the information you're asking about how many accounts, how many account openings, all those things. We obviously track that. It's a super important platform for us, we think, for many years here.

是的。在 FARAPULSE 中，我們不會提供您詢問的一些關於有多少賬戶、開立多少賬戶以及所有這些事情的信息。我們顯然對此進行了跟踪。我們認為，多年來，這對我們來說是一個非常重要的平台。

And I would say, overall, we've had some supply chain issues that we continue to manage, which has hampered a bit of the new account openings. Nevertheless, the team opened up many more accounts in the second quarter than in first quarter. And we expect quite a few more incremental new account openings in third quarter versus second quarter.

我想說，總的來說，我們有一些我們繼續管理的供應鏈問題，這阻礙了一些新賬戶的開立。儘管如此，該團隊在第二季度開設的賬戶比第一季度多得多。我們預計與第二季度相比，第三季度的新開戶數量會增加不少。

So we're increasing the pace of our account openings. The utilization of the platform is quite high for physicians. It is priced at a bit of a premium because it's a premium product. And we think that's the right, appropriate pricing. And that's something that we can always take a look at for the future, but we think it delivers a unique value.

因此，我們正在加快開戶速度。該平台的利用率對於醫生來說是相當高的。它的價格有點高，因為它是一種優質產品。我們認為這是正確、適當的定價。這是我們在未來總能看到的東西，但我們認為它提供了獨特的價值。

And it's not massively available in terms of some of the supply chain constraints. So it's important for us to continue to improve on that, which we will in the second half of the year.

就某些供應鏈限製而言，它並不是大規模可用的。因此，繼續改進這一點對我們來說很重要，我們將在下半年進行改進。

Dr. Stein, any other comments there? Okay.

Stein 博士，還有其他意見嗎？好的。

No.

不。

Next question comes from Cecilia Furlong with Morgan Stanley.

下一個問題來自摩根士丹利的 Cecilia Furlong。

I wanted to ask on WATCHMAN, but specifically contrast supply. If you could just talk to the headwind that posed in the quarter. And then broadly, too, can you speak to what you've seen from a residual staffing shortage impact across the hospital system at this point? Where do you feel we are in recovery? And how much further recovery is incorporated in your outlook for the back half of the year?

我想問 WATCHMAN，但特別是對比供應。如果你能談談本季度的逆風。然後從廣義上講，您能否談談您從目前整個醫院系統的剩餘人員短缺影響中看到的情況？你覺得我們在哪裡恢復？您對下半年的展望中包含了多少進一步的複蘇？

Sure, there certainly was an impact with the contrast shortage with WATCHMAN, some of our Interventional Cardiology procedures and some of our peripheral procedures in the second quarter. So potentially, sales could have been a bit better absent that, but we haven't quantified that. And it's a bit difficult.

當然，WATCHMAN、我們的一些介入心髒病學程序和我們第二季度的一些外圍程序的對比劑短缺肯定會產生影響。因此，如果沒有這一點，銷售額可能會更好一些，但我們還沒有量化。這有點困難。

We did see, kind of mid-quarter, some WATCHMAN procedures that were deferred due to the contrast shortage. Hopefully, that helps us a bit more in third quarter and second half to make up for some of that. But we aren't able to quantify that for you in terms of what the incremental impact was. But there was some impact in 2Q with WATCHMAN.

我們確實看到，在季中，一些守望者程序由於對比度不足而被推遲。希望這能在第三季度和下半年對我們有所幫助，以彌補其中的一些不足。但我們無法根據增量影響為您量化這一點。但在 WATCHMAN 的 2Q 中產生了一些影響。

On the staffing shortage, hospitals do heroic work and continuing to support their communities. And it's still a big issue. And so is it better? Maybe incrementally, slightly better, but it's still a challenge for hospitals.

在人員短缺的情況下，醫院做了英勇的工作並繼續支持他們的社區。這仍然是一個大問題。那麼它更好嗎？也許會逐漸地，稍微好一點，但這對醫院來說仍然是一個挑戰。

And thus, things like procedural productivity and doing a WATCHMAN procedure same day in less time and doing a FARAPULSE procedure in Europe significantly faster with great results becomes more and more important. And I think that's the focus of our portfolio, is driving great clinical outcomes, but also assisting the productivity and throughput of the hospital and the patient satisfaction. I think many of our key products do that.

因此，諸如程序生產力和在同一天以更短的時間進行 WATCHMAN 程序以及在歐洲以顯著更快的速度進行 FARAPULSE 程序並取得良好效果的事情變得越來越重要。我認為這是我們產品組合的重點，即推動出色的臨床成果，同時也有助於提高醫院的生產力和吞吐量以及患者滿意度。我認為我們的許多關鍵產品都是這樣做的。

And so the staffing shortage will continue to be with us. It's not going to be an overnight fix. And hopefully, over time, it continues to improve. But that -- a staffage shorting -- shortage rebound is not baked in -- assumption is not baked into our second half guidance. We assume that the staffing shortage will be with us for a while.

因此，人員短缺將繼續存在。這不會是一夜之間的修復。希望隨著時間的推移，它會繼續改善。但是——人員短缺——短缺反彈沒有被納入——假設沒有納入我們的下半年指導。我們假設人員短缺將持續一段時間。

The next question comes from Travis Steed with Bank of America.

下一個問題來自美國銀行的 Travis Steed。

You talked about the gross margin pressures being offset in the P&L. Just curious how sustainable that is as you move into '23. Does some of that OpEx have to come back? Or can you keep OpEx at this level until the gross margin pressures ease?

您談到了在損益表中抵消了毛利率壓力。只是好奇，當你進入 23 年時，這有多可持續。部分運營支出是否必須回來？或者您能否將運營支出保持在這一水平，直到毛利率壓力緩解？

And then a quick follow-up on China, up 9%. Much better than your peers which are still down. Just curious, what's driving the strength in your China business versus peers?

然後是對中國的快速跟進，上漲了 9%。比仍然低迷的同齡人要好得多。只是好奇，是什麼推動了您的中國業務相對於同行的優勢？

Sure. I can take the gross margin and Mike can take the China. I think the management of the overall P&L is how I would answer that, right? So we look -- as we said to Robbie's question, we've effectively been able to offset the $375 million headwind from 2019 at the midpoint of our adjusted operating margin guidance for this year. And it really is managing all lines of the P&L.

當然。我可以拿走毛利率，而邁克可以拿走中國。我認為整體損益的管理是我的回答，對吧？所以我們看——正如我們對羅比的問題所說的那樣，在我們今年調整後的營業利潤率指引的中點，我們已經有效地抵消了 2019 年以來 3.75 億美元的逆風。它確實在管理損益表的所有行。

So through the rest of '22 and into '23, we're going to monitor the macroeconomic situation, all the elements that we talked about. We'll see if that means we need to continue to focus on the spending that we have in place, or whether we can let a little air out of the balloon on some of those items and invest some more.

因此，在 22 年剩餘時間到 23 年，我們將監控宏觀經濟形勢，以及我們討論過的所有要素。我們將看看這是否意味著我們需要繼續關注我們現有的支出，或者我們是否可以在其中一些項目上放出一點空氣並進行更多投資。

But a key point being, that all the decisions that we make relative to spending, are with a long-term revenue growth pipeline in mind. We try not to make decisions that are impacting long-term revenue growth. So we look at areas that don't have an impact there. So -- but that's what we do. We manage the P&L top to bottom, and we'll continue to do that through the rest of '22 and '23 and beyond.

但關鍵是，我們做出的所有與支出相關的決定都考慮到了長期的收入增長渠道。我們盡量不做出影響長期收入增長的決策。因此，我們著眼於在那裡沒有影響的領域。所以——但這就是我們所做的。我們從上到下管理損益表，我們將在 22 年和 23 年及以後的剩餘時間裡繼續這樣做。

China?

中國？

China grew about 9% in the quarter, which is quite a bit less than what they typically grow, so there was an impact for sure in the quarter on the lockdowns. We saw mid-quarter very, very weak growth. And then maybe the last 3, 4 weeks of the quarter, improvement. And then we anticipate a more consistent, strong performance in the second half.

中國在本季度增長了約 9%，這比它們通常的增長速度要低很多，因此本季度肯定會對封鎖產生影響。我們看到季度中期的增長非常非常疲軟。然後可能是本季度的最後 3、4 週，情況有所改善。然後我們預計下半年會有更穩定、更強勁的表現。

It's difficult to point to one thing, because like Boston Scientific across the board, their portfolio is much more diversified. And the business that continues to really drive there is our complex coronary capabilities with our imaging, our WOLVERINE, our cutting balloon, all things related to treating complex coronary disease, which is so significant in China. And then our Peripheral Interventions business is also one of our larger businesses there.

很難指出一件事，因為就像波士頓科學一樣，他們的投資組合更加多元化。繼續真正推動那裡的業務是我們的複雜冠狀動脈能力，我們的成像、我們的金剛狼、我們的切割氣球，所有與治療複雜冠狀動脈疾病相關的東西，這在中國非常重要。然後我們的外圍干預業務也是我們在那裡的較大業務之一。

And so it's a diverse portfolio that obviously hits a lot of patient demand and we have a strong team there. And they were impacted by the lockdowns quite a bit, but did a great job in improving results, the second -- the very end of the second quarter, I would say.

因此，這是一個多元化的產品組合，顯然滿足了很多患者的需求，我們在那裡擁有一支強大的團隊。他們受到封鎖的影響很大，但在改善結果方面做得很好，第二個 - 我想說的是第二季度末。

The next question comes from Pito Chickering with Deutsche Bank.

下一個問題來自德意志銀行的 Pito Chickering。

Two quickies. From a capital allocation perspective, I understand M&A will always be a priority for you guys. But as you look at your free cash flow generation, what are the reasons to not get more aggressive with share repo to keep driving EPS growth?

兩個快手。從資本配置的角度來看，我理解併購將永遠是你們的優先事項。但是，當您查看您的自由現金流生成時，不採取更積極的股票回購以繼續推動每股收益增長的原因是什麼？

And also, can you give us any details on the Vortex heart pump? What is the size of the pump? Or when you should start seeing data from that?

另外，您能告訴我們有關 Vortex 心臟泵的任何詳細信息嗎？泵的尺寸是多少？或者你什麼時候應該開始查看數據？

Sure, Peter. I can take the share repurchase one. Yes, our capital allocation strategy, I think, is crystal clear. With the available free cash flow we have, high-quality high-growth tuck-in M&A is the first priority. And we use excess cash to fill in on the back for share repurchase.

當然，彼得。我可以拿股票回購一份。是的，我認為我們的資本配置策略非常明確。憑藉我們擁有的可用自由現金流，高質量、高增長的併購是當務之急。並且我們用多餘的現金在背面填寫股票回購。

If you look over the history of the last few years, we've done a lot of great deals. I'm super proud of the class of 2021, the 5 deals we did there. So that utilized the available cash that we had and didn't leave any room for share repurchase. So it's M&A first. And then if room with excess cash, share repurchase. And it's been clear, and I think it would continue to be that going forward.

如果你回顧過去幾年的歷史，我們已經做了很多很棒的交易。我為 2021 屆學生感到非常自豪，我們在那裡完成了 5 筆交易。因此，這利用了我們擁有的可用現金，並且沒有為股票回購留下任何空間。所以首先是併購。然後如果有多餘的現金空間，股票回購。很明顯，我認為它會繼續向前發展。

That [Vitalist], do you want me to take that?

那個[Vitalist]，你要我拿那個嗎？

Yes, go ahead.

好，去吧。

Yes. So just with respect to Vortex, product is called [Vitalist]. And it is an internally developed acute mechanical support device. We've just undertaken a first-in-human study. That's -- it's very early days yet. And there's not really much more to actually report at this stage. I'm very pleased with the progress in the first-in-human study.

是的。因此，就 Vortex 而言，產品被稱為 [Vitalist]。並且是自主研發的急性機械支撐裝置。我們剛剛進行了首次人體研究。那是 - 現在還為時過早。在這個階段，實際上並沒有更多要實際報告的內容。我對首次人體研究的進展感到非常高興。

Can you have to give us the size of the pump?

你能告訴我們泵的尺寸嗎？

No. I don't -- not going into details...

不，我不——不詳細說……

Just too early. Yes, I think I'll just comment, Dr. Meredith. We've completed the early feasibility study. We're very bullish on the platform. We're going to continue to drive clinical evidence that we need. But it's far too early to be sharing details about the platform.

只是太早了。是的，我想我會發表評論，梅雷迪思博士。我們已經完成了早期的可行性研究。我們非常看好這個平台。我們將繼續推動我們需要的臨床證據。但現在分享有關該平台的詳細信息還為時過早。

The next question comes from Josh Jennings with Cowen.

下一個問題來自 Josh Jennings 和 Cowen。

Just wanted to focus on WATCHMAN, and just with the DAPT label update. Do you expect that to cause any change in terms of physician decision-making on device selection? I mean, it seems like it's not impacting growth, and that there's some off-label utilization going on out there already with data that's been put in the public domain.

只是想專注於 WATCHMAN，並且只是更新了 DAPT 標籤。您是否認為這會導致醫生在設備選擇方面的決策發生任何變化？我的意思是，它似乎並沒有影響增長，而且已經有一些標籤外的使用已經存在，這些數據已經放在公共領域。

And then just the second part is just my -- I heard you to say on kind of next-generation WATCHMAN devices. And I saw a presentation recently about coding enhancements that could increase hemocompatibility, potentially reduce the device-related thrombus rate. I just wanted to -- it seems like there's some bench and animal data out there already. But any update you can give us on this coding enhancement project internally would be great to hear.

然後第二部分只是我的——我聽到你說下一代守望者設備。我最近看到了一個關於編碼增強的演示文稿，它可以提高血液相容性，潛在地降低與設備相關的血栓率。我只是想 - 似乎已經有一些長凳和動物數據。但是，您可以在內部向我們提供有關此編碼增強項目的任何更新都會很高興聽到。

Yes, it's Ken. Thanks, Josh. Let me take first just the question about DAPT. Again, I probably pretty sure you're referring to data we presented at TCT from the DAPT FLX study, right? And as Mike said in his script, that was a real-world evidence study of 17,000 patients showing, as you said, already great variability in the post-implant drug regimen that people are using out there in the real world.

是的，是肯。謝謝，喬希。讓我首先提出關於 DAPT 的問題。同樣，我可能很確定您指的是我們在 TCT 上展示的 DAPT FLX 研究數據，對吧？正如邁克在他的劇本中所說，這是對 17,000 名患者的真實世界證據研究，正如你所說，人們在現實世界中使用的植入後藥物治療方案已經存在很大差異。

And certainly supporting the safety and efficacy of using DAPT post implant. No difference in death, no difference in stroke, no difference in bleeding, no difference in device-related thrombus, whether or not patients were treated with the on-label regimen of warfarin-aspirin or DOAC and aspirin, or if they were treated with DAPT post implant. And that's why, again, we have a high degree of confidence that the data will support a label change within the coming months from FDA.

並且肯定支持使用 DAPT 植入後的安全性和有效性。無論患者是否接受了華法林-阿司匹林或 DOAC 和阿司匹林的標籤方案治療，或者他們是否接受了DAPT 植入後。這就是為什麼我們再次高度相信數據將支持 FDA 在未來幾個月內更改標籤。

Whether that change is going to have a material impact on what people are doing in the real world, it's certainly takes us to the point where FLX clearly superior to the competition out there in terms of safety and ease of use and post-implant leak. Takes away what may have been the only real differentiated feature the competition was using. But I think most people recognize already that, whatever regimen you use post implant, you're going to get a great result with FLX.

無論這種變化是否會對人們在現實世界中的行為產生重大影響，它肯定會讓我們達到 FLX 在安全性、易用性和植入後洩漏方面明顯優於競爭對手的地步。去掉了可能是競爭對手使用的唯一真正的差異化功能。但我認為大多數人已經認識到，無論您在植入後使用何種方案，使用 FLX 都會獲得很好的效果。

I think in terms of next-generation FLX device, I don't think we're prepared to go into any -- just as Mike said with Vortex, although we're a lot closer to the goal line on this one, really not prepared to go into any detail at this moment on the benefits that we see of the new device.

我認為就下一代 FLX 設備而言，我認為我們還沒有準備好進入任何設備——就像 Mike 對 Vortex 所說的那樣，雖然我們在這個設備上離目標線更近了很多，但真的沒有現在準備詳細介紹我們看到的新設備的好處。

The next question comes from Richard Newitter with Truist.

下一個問題來自Truist 的Richard Newitter。

Congrats on the quarter. Maybe just -- you have some competitors out there that are calling out pricing strategies, particularly as they head into 2023. Anything you'd call out there potentially as a lever to offset margin headwinds to sustain?

祝賀本季度。也許只是——你有一些競爭對手正在製定定價策略，特別是在他們進入 2023 年的時候。你有什麼可能作為抵消利潤率逆風的槓桿來維持的嗎？

And then also, if you could just comment a little bit more on the double-digit growth comment in the back half that you're expecting out of your Neuromod business. Any specific regions driving that? I'm assuming that doesn't assume a major pickup in SCS, but other product categories. But please correct that if that's wrong.

然後，如果您可以對後半部分的兩位數增長評論多發表一點評論，那是您對 Neuromod 業務的期望。任何特定的地區推動了這一點？我假設這並沒有假設 SCS 的主要回升，而是其他產品類別。但是，如果這是錯誤的，請更正。

Yes. On the pricing one, similar to some previous comments we've made. For us, it's all about our portfolio mix and consistently diversifying the portfolio into more innovative, faster-growing areas where we deliver great clinical benefit in markets that are potentially less price-sensitive.

是的。在定價方面，類似於我們之前發表的一些評論。對我們而言，這完全取決於我們的投資組合組合，並不斷將投資組合多元化到更具創新性、增長更快的領域，在這些領域中，我們在價格敏感度可能較低的市場中提供巨大的臨床效益。

And as you -- as many of you -- as you're aware, we've reduced down dramatically, for example, the concentration of drug-eluting stents to quite a small percentage of the company. So as a result of all that, our pricing impact has improved year-over-year.

正如你們——你們中的許多人——你們都知道，我們已經大大減少了，例如，藥物洗脫支架的集中在公司的一小部分。因此，我們的定價影響同比有所改善。

It's still slightly negative for 2022, but it's improved versus 2021, versus each year. And hopefully, in the near future, we'll be at kind of breakeven. And maybe even one day, an upside of being positive price. But right now, it's still slightly negative. Like any good company -- and you heard earlier that our prices are too high in some areas.

2022 年仍略顯負面，但與 2021 年相比，與每年相比有所改善。希望在不久的將來，我們會達到收支平衡。甚至有一天，正價格的好處。但就目前而言，它仍然略顯負面。像任何優秀的公司一樣——你之前聽說我們的價格在某些領域太高了。

But like any good company, we try to, where we have differentiated value and economic proof, and it's appropriately profitable for hospitals, we try to take appropriate price increases. Difficult to do in some parts of our portfolio. Some of our hospitals are under longer-term contracts. But we do the best job we can when it makes sense for us and it warrants it with the customer. But overall, we're seeing not a neutral or positive price yet, but improving, consistent price performance.

但就像任何一家優秀的公司一樣，我們嘗試在具有差異化價值和經濟證據的情況下，並且對醫院來說是適當的盈利，我們嘗試採取適當的價格上漲。在我們產品組合的某些部分很難做到。我們的一些醫院簽訂了長期合同。但是，當對我們有意義並且對客戶有保證時，我們會盡力而為。但總體而言，我們看到的價格還不是中性或積極的，而是不斷改善的、一致的價格表現。

And on the Neuromod question, I can take that one. That's -- it's twofold. One is less COVID impact across those businesses in the second half. And then another is just simple math on the comps. The comps are minus 1% and minus 7% for 2021 in the second half versus '19, so that's helpful as well. So that's the reason for the commentary around double digits on Neuromod for the second half. The minus 1% for third quarter.

關於 Neuromod 的問題，我可以接受那個問題。那是——它是雙重的。一是下半年對這些業務的COVID影響較小。然後另一個只是關於comps的簡單數學。與 19 年相比，2021 年下半年的補償分別為負 1% 和負 7%，因此這也很有幫助。所以這就是下半場關於 Neuromod 的兩位數評論的原因。第三季度負1%。

The next question comes from Jayson Bedford with Raymond James.

下一個問題來自 Jayson Bedford 和 Raymond James。

Just 2 EP-related questions. It's a bit tough for me to get at here, but do you have an organic EP growth number in the international markets? Just ex-Baylis, I guess.

只有 2 個與 EP 相關的問題。到這裡對我來說有點困難，但你們在國際市場上有有機 EP 增長數字嗎？只是前貝利斯，我猜。

And then just secondly, on the FARAPULSE rollout, you mentioned the supply chain challenges. But when do you expect to fully launch the product in Europe?

其次，在 FARAPULSE 推出時，您提到了供應鏈挑戰。但是您預計何時在歐洲全面推出該產品？

Yes. Maybe, Dan, you can help me with the comp. I think FARAPULSE, in terms of organic comp, and Cryo, there were no sales prior to us buying the companies. So Cryo had no sales and neither did FARAPULSE, so they were essentially startups. And now you're getting some sales for both. So Dan, maybe you can comment any further on that one.

是的。也許，丹，你可以幫我解決這個問題。我認為 FARAPULSE，就有機成分和 Cryo 而言，在我們收購這些公司之前沒有銷售。所以 Cryo 沒有銷售，FARAPULSE 也沒有，所以它們本質上是初創公司。現在你得到了一些銷售。所以丹，也許你可以進一步評論那個。

In terms of the supply chain for FARAPULSE, like many companies that deal with capital equipment and chips and so forth, there's some challenges there. On the catheter side, we really aren't as -- we aren't supply constrained, which is great news. So the team has done a great job on the catheter side. On the capital equipment, it's a bit tougher, but it's improving quarter-over-quarter. And difficult to say when it would be unconstrained. But we continue to increase the number of new installations each month and each quarter.

在 FARAPULSE 的供應鏈方面，就像許多處理資本設備和芯片等的公司一樣，那裡存在一些挑戰。在導管方面，我們真的沒有 - 我們沒有供應受限，這是個好消息。所以團隊在導管方面做得很好。在資本設備方面，它有點困難，但環比有所改善。很難說什麼時候會不受約束。但我們每個月和每個季度都會繼續增加新安裝的數量。

And then, Jayson, just on the EP numbers. International grew mid-teens, the total grew 9%. So the U.S. grew less than 9%.

然後，傑森，就在 EP 號碼上。國際增長了十幾歲，總量增長了 9%。因此，美國的增長率不到 9%。

Ms. Tengler, I understand there's time for 1 more questioner.

Tengler 女士，我知道還有 1 個提問者的時間。

Yes, that's right, Andrew.

是的，沒錯，安德魯。

The next question comes from Shagun Singh with RBC.

下一個問題來自 RBC 的 Shagun Singh。

I was wondering if you can provide a little bit color on 2023. You did call out durable growth in the back half of this year. Directionally, should we expect that strength to continue into next year, just given your higher acuity exposure and despite a potential economic slowdown? What are the key catalysts we should look out for next year?

我想知道您是否可以在 2023 年提供一點顏色。您確實在今年下半年提出了持久增長。就方向而言，我們是否應該期望這種力量會持續到明年，只是考慮到您的敏銳度較高並且儘管潛在的經濟放緩？明年我們應該關注哪些關鍵催化劑？

And then you talked about some macroeconomic headwinds continuing into 2023, but the majority will impact -- majority of the impact is going to come this year. Does that mean we can expect you to return to plus 50 basis points of operating margin goal in 2023 and beyond?

然後你談到了一些宏觀經濟逆風將持續到 2023 年，但大部分都會影響——大部分影響將在今年出現。這是否意味著我們可以期望您在 2023 年及以後恢復到 50 個基點以上的營業利潤率目標？

Yes, sure. Let me take the second part first. So just to be clear on my commentary. The commentary is there's $375 million of incremental impact in 2022 versus our pre-COVID 2019. The majority of that hits the P&L in 2022. It's [balance sheet], it comes to the P&L in 2022. The commentary is not that, that all goes away for 2023. The commentary is relative to the macroeconomic $375 million, the majority of that $375 million will hit the P&L in 2022.

是的，當然。讓我先講第二部分。所以只是為了清楚我的評論。評論是 2022 年與我們在 COVID 之前的 2019 年相比，增加了 3.75 億美元的影響。其中大部分在 2022 年達到了損益表。這是[資產負債表]，它涉及到 2022 年的損益表。評論不是那樣，而是全部將在 2023 年消失。該評論是相對於宏觀經濟 3.75 億美元而言的，這 3.75 億美元中的大部分將在 2022 年達到損益。

We fully believe that macroeconomic headwinds will persist into 2023. At what level, we don't know. We'll obviously be more -- we'll see more over the second half. And I think just overall, a bit early to be commenting specifically on 2023. We are -- we do see a very helpful backdrop from a revenue perspective. You see that in our first half performance this year, you see it in the guidance raise we had on the organic revenue for the second half.

我們完全相信宏觀經濟逆風將持續到 2023 年。我們不知道在什麼水平。我們顯然會更多——我們會在下半場看到更多。而且我認為總體而言，具體評論 2023 年還為時過早。從收入的角度來看，我們確實看到了一個非常有用的背景。您會看到，在我們今年上半年的表現中，您可以在我們對下半年有機收入的指導性提高中看到它。

It's a durable, consistent revenue growth. It's a big piece of our strategy. You heard Mike talk about operating margin expansion and growing at the high end of our peer set for revenue. Those are all long-term tenets of the company that we'll look to continue '23 and beyond. But specific numbers for '23, I think it's just a bit early.

這是一個持久的、持續的收入增長。這是我們戰略的重要組成部分。你聽說邁克談到營業利潤率的擴大和在我們同行的高端收入增長。這些都是公司的長期宗旨，我們希望在 23 年及以後繼續。但是對於 23 年的具體數字，我認為還為時過早。

Great. Thank you for joining us...

偉大的。感謝您加入我們...

And we should see catalyst -- I'm sorry. Just the key catalyst on top line for '23.

我們應該看到催化劑——對不起。只是 23 年頂線上的關鍵催化劑。

Key catalysts for '23. There's so many.

'23 的關鍵催化劑。有這麼多。

Yes. It's really -- when thinking about the company, you follow us, it's -- we'll launch a bunch of new products in 2023. And especially in the U.S. piece, just talking about EP, hopefully, it would be a bit more unconstrained there. And hopefully, we'll launch our Cryo platform potentially in the second half of '23.

是的。真的 - 當考慮公司時，你會關注我們，它是 - 我們將在 2023 年推出一系列新產品。尤其是在美國的文章中，只是談論 EP，希望它會更加不受約束那裡。希望我們能在 23 年下半年推出我們的 Cryo 平台。

We have many product launches each year, and it's really the strength, the diversity of the portfolio across the board. So we'll touch on it a bit more, but it's -- yes. Our portfolio doesn't change overnight. So it's so much of our current products and new enhancements that we'll continue to layer on top.

我們每年都會推出許多產品，這確實是實力，是全面的產品組合的多樣性。所以我們會再談一點，但它是——是的。我們的投資組合不會在一夜之間改變。因此，我們將繼續對我們當前的產品和新的增強功能進行分層。

Thanks, Mike. Thanks for joining us today. And we appreciate your interest in Boston Scientific. If we're unable to get to your question or if you have any follow-ups, please don't hesitate to reach out to the Investor Relations team.

謝謝，邁克。感謝您今天加入我們。感謝您對波士頓科學公司的興趣。如果我們無法回答您的問題或您有任何後續問題，請隨時與投資者關係團隊聯繫。

Before you disconnect, Andrew will give you all the pertinent details for the replay.

在您斷開連接之前，安德魯將為您提供重播的所有相關詳細信息。

Please note a recording will be available 1 hour -- in 1 hour by dialing either 1 (877) 344-7529 or 1 (412) 317-0088 using replay code 3825727 until August 3, 2022, at 11:59 p.m. Eastern Time.

請注意，在 2022 年 8 月 3 日晚上 11:59 之前，使用重播代碼 3825727 撥打 1 (877) 344-7529 或 1 (412) 317-0088 將在 1 小時內提供錄音。東部時間。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。