Boston Scientific Corp (BSX) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to the Boston Scientific First Quarter 2023 Earnings Call. (Operator Instructions) Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Lauren Tengler, Vice President, Investor Relations. Please go ahead.

大家早上好，歡迎來到波士頓科學公司 2023 年第一季度財報電話會議。 （操作員說明）另請注意，今天的活動正在錄製中。現在，我想請投資者關係副總裁 Lauren Tengler 發言。請繼續。

Thank you, Jamie. 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，傑米。歡迎大家，感謝您今天加入我們。與我一起出席今天電話會議的有董事長兼首席執行官邁克·馬奧尼 (Mike Mahoney)；執行副總裁兼首席財務官 Dan Brennan。 .

We issued a press release earlier this morning announcing our Q1 2023 results, which include 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 and Filings.

我們今天早上早些時候發布了一份新聞稿，宣布了我們 2023 年第一季度的業績，其中包括對新聞稿中使用的非 GAAP 措施的調節。我們已經在我們網站的“投資者關係”部分的“財務和備案”標題下發布了該新聞稿的副本以及今天電話會議中使用的非 GAAP 措施的對賬。

The duration of this morning's call will be approximately 1 hour. Mike and Dan will provide comments on Q1 performance as well as the outlook for our business, including Q2 and full year 2023 guidance, and then we'll take your questions. During today's Q&A session, Mike and Dan will be joined by our Chief Medical Officer, Dr. Ken Stein.

今天上午的電話會議將持續約 1 小時。 Mike 和 Dan 將就第一季度的業績以及我們的業務前景發表評論，包括第二季度和 2023 年全年的指導，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 Ken Stein 博士將加入 Mike 和 Dan。

Before we begin, I'd like to remind everyone that on the call, operational revenue growth excludes the impact of foreign currency fluctuations, and organic revenue growth further excludes acquisitions and divestitures for which there are less than a full period of comparable net sales.

在我們開始之前，我想提醒大家，在電話會議上，營業收入增長不包括外匯波動的影響，有機收入增長進一步不包括收購和資產剝離，其可比淨銷售額少於整個時期。

Relevant acquisitions excluded for organic growth are Baylis Medical, which closed on February 14, 2022, the majority stake investment in Acotec Scientific Holdings Limited and Apollo Endosurgery, which closed in February and April of this year, respectively.

排除有機增長的相關收購包括 Baylis Medical（於 2022 年 2 月 14 日結束）、對 Acotec Scientific Holdings Limited 的多數股權投資以及分別於今年 2 月和 4 月結束的 Apollo Endosurgery。

Please note that we have elected to consolidate Acotec results of operations on a 1-quarter lag, thus having no impact to our Q1 reported or adjusted results. Guidance excludes the previously announced agreement to purchase a majority stake in MI Tech, which has not closed.

請注意，我們選擇將 Acotec 的運營結果合併為 1 個季度的滯後，因此對我們第一季度報告或調整後的結果沒有影響。指引不包括先前宣布的購買 MI Tech 多數股權的協議，該協議尚未完成。

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.

欲了解更多信息，請參閱我們的財務和運營亮點平台，可在我們的投資者關係網站上找到。在這次電話會議上，除非另有說明，否則所有對銷售和收入的引用都是有機的。

This call contains forward-looking statements within the meaning of the federal securities laws, which may be identified by words like anticipate, expect, may believe, estimate and other similar words.

本次電話會議包含聯邦證券法含義內的前瞻性陳述，這些陳述可以用預期、預期、可能相信、估計和其他類似詞語來識別。

They include, among other things, statements about our growth and market share, new 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.

其中包括關於我們的增長和市場份額、新的預期產品批准和發布、收購、臨床試驗、成本節約和增長機會、我們的現金流量和預期用途、我們的財務業績（包括銷售額、利潤和收益）的聲明，以及我們的稅率、研發支出和其他費用。

If our underlying assumptions turn out to be incorrect or certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections expressed or implied by our forward-looking statements.

如果我們的基本假設被證明是不正確的或某些風險或不確定性成為現實，則實際結果可能與我們的前瞻性陳述中明示或暗示的預期和預測存在重大差異。

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.

可能導致此類差異的因素包括我們最近向美國證券交易委員會提交的 10-K 和後續 10-Q 的風險因素部分中描述的因素。這些聲明僅代表今天的日期，我們不承擔更新它們的任何意圖或義務。

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

在這一點上，我會把它交給邁克。

Thanks, Lauren, and thank you to everyone, for joining us today. Our first quarter performance exceeded our expectations across all business units and regions, which is a testament to the winning spirit of our global team and the relentless focus on innovation and execution, and we also launched more than 70 new products globally in 2022.

謝謝勞倫，感謝大家今天加入我們。我們第一季度的業績超出了我們所有業務部門和地區的預期，這證明了我們全球團隊的必勝精神以及對創新和執行的不懈關注，我們還在 2022 年在全球推出了 70 多種新產品。

In the first quarter 2023, total company operational sales grew 15% versus 2022, while organic sales grew 14%, exceeding the high end of our guidance range of 6% to 8%. We believe that all business units grew faster than their respective markets with differentiated portfolios and a strong commercial execution, supported by healthy procedural demand.

2023 年第一季度，公司總營業銷售額比 2022 年增長了 15%，而有機銷售額增長了 14%，超過了我們 6% 至 8% 的指導範圍的上限。我們相信，在健康的程序需求的支持下，所有業務部門的增長速度都快於各自的市場，具有差異化的產品組合和強大的商業執行力。

First quarter EPS of $0.47 grew 19% versus 2022, exceeding the high end of the guidance range of $0.42 to $0.44. First quarter adjusted operating margin was 25.5%, which is in line with expectations.

第一季度每股收益 0.47 美元，比 2022 年增長 19%，超過 0.42 美元至 0.44 美元的指導範圍上限。第一季度調整後的營業利潤率為 25.5%，符合預期。

Now for our 2023 guidance. For second quarter '23, organic revenue, we're guiding to growth of 7% to 9% and full year organic growth of 8% to 10%. Our second quarter '23 adjusted EPS estimate is $0.48 to $0.50. And we're guiding to a full year adjusted EPS range of $1.90 to $1.96.

現在是我們的 2023 年指導。對於 23 年第二季度的有機收入，我們指導增長 7% 至 9%，全年有機增長 8% 至 10%。我們 23 年第二季度調整後的每股收益估計為 0.48 美元至 0.50 美元。我們指導全年調整後的每股收益範圍為 1.90 美元至 1.96 美元。

I'll provide additional highlights on first quarter, along with comments on our 2023 outlook, and Dan will provide more details on the financials. Regionally, on an operational basis, the U.S. grew 13% versus first quarter '22 inclusive of 140 basis point tailwind from the Baylis acquisition with notable strength -- with notable organic strength across all our business units.

我將提供第一季度的更多亮點，以及對我們 2023 年展望的評論，Dan 將提供更多財務細節。從區域來看，在運營基礎上，美國與 22 年第一季度相比增長了 13%，其中包括 Baylis 收購帶來的 140 個基點的順風，具有顯著的實力——我們所有業務部門的有機實力都非常顯著。

Europe, Middle East and Africa grew 20% on an operational basis versus first quarter '22 with nearly every market growing double digits in the quarter. This strong above-market growth is driven by our diverse portfolio, new launches and commercial execution with healthy underlying market demand. We remain excited about the year ahead and expect to continue to outpace our peers within the EMEA market.

與 22 年第一季度相比，歐洲、中東和非洲在運營基礎上增長了 20%，幾乎每個市場在本季度都實現了兩位數的增長。這種高於市場的強勁增長是由我們多樣化的產品組合、新產品的發布和商業執行以及健康的潛在市場需求推動的。我們仍然對未來一年感到興奮，並期望繼續超越歐洲、中東和非洲市場的同行。

Asia Pac grew 15% operationally versus first quarter '22 with broad-based strength across all major markets and business units. Within the quarter, we're pleased to have received Health Sciences Authority approval for Farapulse in Singapore, expanding access of this innovative new technology to more patients.

與 22 年第一季度相比，亞太地區的運營增長了 15%，所有主要市場和業務部門都表現出廣泛的實力。在本季度內，我們很高興獲得新加坡衛生科學局對 Farapulse 的批准，將這項創新新技術的使用範圍擴大到更多患者。

In Japan, first quarter growth was fueled by the launch of AGENT, drug coated balloon, a differentiated coronary drug-coated balloon for in-stent restenosis and small vessels with physicians pleased with ease of use in balloon deliverability.

在日本，第一季度的增長得益於 AGENT 藥物塗層球囊的推出，這是一種用於支架內再狹窄和小血管的差異化冠狀動脈藥物塗層球囊，醫生對球囊輸送的易用性感到滿意。

China also grew double digits in first quarter, ahead of our expectations with solid procedural demand as hospitals work through COVID delayed procedures. Our diverse portfolio in China, commercial execution and supply chain management within the country supported the strong performance in the quarter.

中國在第一季度也實現了兩位數的增長，超出了我們的預期，因為醫院通過 COVID 延遲程序開展工作，程序需求強勁。我們在中國的多元化投資組合、國內的商業執行和供應鏈管理支持了本季度的強勁表現。

In February, we also closed our majority stake investment in Acotec, further expanding our presence in the market, and we continue to expect double-digit growth in China for the full year.

2 月，我們還完成了對 Acotec 的多數股權投資，進一步擴大了我們在市場上的影響力，我們繼續預計全年在中國實現兩位數的增長。

I'll now provide some comments on our business units. Urology sales grew 16% organically. All four franchises grew double digits in the quarter with strength in key products, including LithoVue and Rezum.

我現在將對我們的業務部門發表一些評論。泌尿科銷售額有機增長 16%。憑藉包括 LithoVue 和 Rezum 在內的主要產品的實力，所有四個特許經營權在本季度都實現了兩位數的增長。

In the U.S., we received FDA clearance and initiated a limited market release for LithoVue Elite, which is a single-use flexible ureteroscope, which incorporates an innovative pressure-sensing capability that will enable physicians to monitor intrarenal pressure during stone removal procedures.

在美國，我們獲得了 FDA 的許可，並啟動了 LithoVue Elite 的有限市場發布，LithoVue Elite 是一種一次性使用的柔性輸尿管鏡，它具有創新的壓力感應功能，使醫生能夠在結石清除過程中監測腎內壓力。

Endoscopy sales for the quarter grew 11% organically versus first quarter '22 with broad-based strength across all regions and franchises. Our Single-Use-Imaging franchise grew double digits, so we're pleased to have recently launched our third-generation EXALT-D with improved ergonomic design updates to improve the physician experience.

與 22 年第一季度相比，本季度內窺鏡銷售額有機增長 11%，在所有地區和特許經營中均表現出廣泛的實力。我們的一次性成像特許經營權增長了兩位數，因此我們很高興最近推出了我們的第三代 EXALT-D，它改進了人體工程學設計更新，以改善醫生的體驗。

In April, we closed the Apollo Endosurgery acquisition, which furthers our category leadership strategy within the important area of endoluminal surgery. With differentiated technologies like OverStitch and X-Tack along with an entry into the adjacent endobariatric market.

4 月，我們完成了對 Apollo Endosurgery 的收購，這進一步加強了我們在重要的腔內手術領域的品類領導戰略。憑藉 OverStitch 和 X-Tack 等差異化技術，以及進入相鄰的肥胖症市場。

Neuromodulation sales grew 14% organically versus first quarter '22. Our pain business grew high single digits in the quarter with strong SCS performance driven by our innovative Alpha portfolio with FAST therapy and our Cognita suite of digital tools supporting patient activation.

與 22 年第一季度相比，神經調節銷售額有機增長了 14%。我們的疼痛業務在本季度實現了高個位數增長，SCS 表現強勁，這得益於我們具有 FAST 療法的創新 Alpha 產品組合和支持患者激活的 Cognita 數字工具套件。

Our brain franchise grew double digits in the quarter, driven by new product launches, including GUIDE XT, which was developed in collaboration with Brainlab. This revolutionary software provides implanting and managing clinicians the ability to model the effect of a patient simulation ahead of actual programming, which will improve procedural efficiency.

在新產品發布的推動下，我們的大腦特許經營權在本季度增長了兩位數，其中包括與 Brainlab 合作開發的 GUIDE XT。這種革命性的軟件使植入和管理臨床醫生能夠在實際編程之前對患者模擬的效果進行建模，這將提高程序效率。

In the quarter, peripheral interventions also grew 12% organically versus first quarter '22. Our arterial franchise grew double digits, led by our drug-eluting portfolio, establishing clear leadership in SFA drug elution, further supported by our differentiated Eluvia long-length DES.

在本季度，周邊干預措施也比 22 年第一季度有機增長了 12%。在我們的藥物洗脫產品組合的帶動下，我們的動脈特許經營權增長了兩位數，在 SFA 藥物洗脫領域確立了明確的領導地位，並得到我們差異化的 Eluvia 長長度 DES 的進一步支持。

Our Venous franchise growth was driven by ongoing above-market performance in Varithena. And within the quarter, we launched EKOS Plus in the U.S., which provides more ultrasound power to resolve clot burden more quickly and completely.

我們的 Venous 特許經營權增長是由 Varithena 持續高於市場的表現推動的。在本季度內，我們在美國推出了 EKOS Plus，它提供了更大的超聲功率，可以更快、更徹底地解決血栓負擔。

Our Interventional Oncology franchise grew double digits with strength across the entire portfolio. We look forward to initiating our limited market release in the second quarter for Obsidio, the first conformable embolic indication for the peripheral vasculature.

我們的介入腫瘤專營權在整個產品組合中增長了兩位數，實力強勁。我們期待著在第二季度開始我們對 Obsidio 的有限市場發布，這是第一個適用於外周血管系統的適應性栓塞適應症。

Cardiology delivered another excellent quarter, with operational sales growing 17% and organic sales growing 15% versus first quarter '22. Within cardiology, interventional cardiology therapies, sales grew 13%.

心髒病學又一個出色的季度，與 22 年第一季度相比，營業銷售額增長了 17%，有機銷售額增長了 15%。在心髒病學、介入心髒病學療法方面，銷售額增長了 13%。

Our coronary therapies franchise grew low double digits in first quarter, led by strong performance within our imaging portfolio with particular strength in the U.S. with the ongoing launch of the AVVIGO-II guidance system.

我們的冠狀動脈治療專營權在第一季度增長了兩位數，這主要得益於我們影像產品組合的強勁表現，尤其是在美國持續推出的 AVVIGO-II 引導系統。

Our Structural Heart Valves franchise continues to grow strong double digits, and we're pleased to have completed enrollment on our ACURATE IDE trial and continue to expect to launch ACURATE Neo2 within the U.S. in the second half of 2024.

我們的結構性心臟瓣膜特許經營權繼續以兩位數的速度強勁增長，我們很高興完成了 ACURATE IDE 試驗的註冊，並繼續期望在 2024 年下半年在美國推出 ACURATE Neo2。

Watchman sales grew 29% organically versus first quarter '22. Demand remains very strong for Watchman FLX, and we now have treated more than 300,000 patients globally since launch.

與 22 年第一季度相比，Watchman 的銷售額有機增長了 29%。對 Watchman FLX 的需求仍然非常強勁，自推出以來，我們現在已經在全球治療了超過 300,000 名患者。

We are proud of our performance to date, and we continue to invest for the future through product innovation, solutions and clinical evidence. Last week, the Population Health Research Institute announced the IDE approval of [LOUS 4], which is a collaborative research study with Boston Scientific that will continue to expand our LAAC clinical evidence. This trial is expected to start in mid-2023 and will complement the existing CHAMPION AF and Option trials.

我們為迄今為止的表現感到自豪，我們將繼續通過產品創新、解決方案和臨床證據為未來投資。上週，人口健康研究所宣布 IDE 批准 [LOUS 4]，這是與波士頓科學公司的合作研究，將繼續擴大我們的 LAAC 臨床證據。該試驗預計將於 2023 年年中開始，並將補充現有的 CHAMPION AF 和 Option 試驗。

Cardiac Rhythm Management sales grew 8% organically versus first quarter '22. Our Diagnostics franchise grew strong double digits in the quarter with continued momentum across the portfolio.

與 22 年第一季度相比，心律管理銷售額有機增長 8%。隨著整個產品組合的持續增長，我們的診斷特許經營權在本季度實現了兩位數的強勁增長。

In core CRM, both our high-voltage and low-voltage businesses grew mid-single digits. And we believe that all major markets were in line or slightly above market growth. We do expect our core CM growth to taper closer to market growth for the remainder of '23 as replacement tailwinds neutralize.

在核心 CRM 中，我們的高壓和低壓業務均實現了中個位數增長。我們認為所有主要市場都符合或略高於市場增長。我們確實預計我們的核心 CM 增長將在 23 年的剩餘時間內逐漸接近市場增長，因為替代順風抵消了。

Electrophysiology sales grew 54% operationally and 31% organically versus first quarter '22. Our international EP business grew 40%. And importantly, the EMEA region grew our EP business 57%, driven by strong adoption of Farapulse and POLARx.

與 22 年第一季度相比，電生理學銷售額在運營上增長了 54%，有機增長了 31%。我們的國際 EP 業務增長了 40%。重要的是，在 Farapulse 和 POLARx 的大力採用的推動下，EMEA 地區的 EP 業務增長了 57%。

We continue to invest in the expansion of our portfolio and received approval in Japan, Canada and Europe for POLARx FIT, which is an expandable balloon catheter, capable of creating 28- and 31-millimeter sizes, providing procedural adaptability and efficiency.

我們繼續投資擴大我們的產品組合，並在日本、加拿大和歐洲獲得了 POLARx FIT 的批准，這是一種可擴張的球囊導管，能夠產生 28 和 31 毫米的尺寸，提供程序適應性和效率。

And just last week, 1 year outcomes data from the MANIFEST-PF registry were presented as a late breaker at EHRA. This is the first large real-world dataset on a novel ablation technology, which demonstrated real-world safety, efficacy and efficiency of the Farapulse PFA system.

就在上週，來自 MANIFEST-PF 登記處的 1 年結果數據作為 EHRA 的晚期破壞者提交。這是關於新型消融技術的第一個大型真實世界數據集，它證明了 Farapulse PFA 系統在真實世界中的安全性、有效性和效率。

The data also reinforced the minimal learning curve and reproducibility of the Farapulse workflow and everyday commercial use. We continue to advance our clinical evidence within this space and initiate enrollment in our ADVANTAGE AF trial, which is studying the use of Farapulse for patients with persistent atrial fibrillation.

這些數據還強化了 Farapulse 工作流程和日常商業用途的最小學習曲線和可重複性。我們繼續推進我們在這一領域的臨床證據，並開始參與我們的 ADVANTAGE AF 試驗，該試驗正在研究 Farapulse 在持續性心房顫動患者中的應用。

We also look forward to the readout of our Advent U.S. ID randomized controlled trial in the second half of this year and continue to expect the approval in the U.S. in '24. We're also very pleased with the performance of our Access Solutions franchise, which grew strong double digits in the first quarter, driven by further penetration into transseptal crossing procedures.

我們也期待今年下半年公佈我們的 Advent U.S. ID 隨機對照試驗，並繼續期待 24 年在美國獲得批准。我們也對我們的 Access Solutions 特許經營權的表現感到非常滿意，該特許經營權在第一季度增長了兩位數，這主要得益於對跨中隔交叉程序的進一步滲透。

Last week, we released our '22 performance report, outlining our environmental, social and governance results. We are pleased with the progress our global teams have made to advance sustainable innovation while contributing to a healthier planet, addressing in equities and supporting communities around the world.

上週，我們發布了 22 年績效報告，概述了我們的環境、社會和治理結果。我們很高興我們的全球團隊在推動可持續創新方面取得的進展，同時為更健康的地球做出貢獻，解決股票問題並支持世界各地的社區。

We have much more to do, and our values-based culture will serve us well as we continue to transform lives and hold ourselves accountable to our commitments.

我們還有很多工作要做，我們以價值觀為基礎的文化將為我們提供良好的服務，因為我們將繼續改變生活並讓自己對我們的承諾負責。

We are confident the year ahead will bring many more exciting milestones across each of our business units, and we remain committed to our financial goals of consistently growing faster than our underlying markets and our peer group, expanding operating margins and delivering double-digit adjusted EPS growth with strong free cash flow generation. We also look forward to hosting our hybrid Investor Day event on September 20.

我們相信，未來一年我們的每個業務部門都將迎來更多激動人心的里程碑，我們將繼續致力於實現我們的財務目標，即持續比我們的基礎市場和同行更快地增長，擴大營業利潤率並實現兩位數的調整後每股收益強勁的自由現金流產生帶來的增長。我們還期待在 9 月 20 日舉辦我們的混合投資者日活動。

With that, I'll pass it off to Dan to provide more details on the financials.

有了這個，我會把它傳遞給 Dan，以提供有關財務的更多詳細信息。

Thanks, Mike. First quarter consolidated revenue of $3.389 billion represents 12% reported revenue growth versus first quarter 2022 and reflects an $88 million headwind from foreign exchange, slightly favorable to our expectations with continued volatility in foreign exchange rates throughout the quarter. .

謝謝，邁克。第一季度的合併收入為 33.89 億美元，與 2022 年第一季度相比，報告的收入增長了 12%，反映了 8800 萬美元的外匯逆風，略有利於我們的預期，因為整個季度外匯匯率持續波動。 .

Excluding this 290 basis point headwind from foreign exchange, operational revenue growth was 14.9% in the quarter. Sales from the acquisition of Baylis through mid-February contributed 90 basis points, resulting in 14% organic revenue growth, nicely exceeding our guidance range of 6% to 8%.

排除外匯帶來的 290 個基點逆風，本季度營業收入增長 14.9%。收購 Baylis 至 2 月中旬的銷售額貢獻了 90 個基點，導致 14% 的有機收入增長，很好地超過了我們 6% 至 8% 的指導範圍。

Strong revenue performance resulted in Q1 adjusted earnings per share of $0.47, again, exceeding the high end of our guidance range of $0.42 to $0.44 and representing growth of 19.2% versus 2022. Adjusted gross margin for the quarter was 70.4%.

強勁的收入表現導致第一季度調整後每股收益為 0.47 美元，再次超過我們 0.42 美元至 0.44 美元的指導範圍的上限，與 2022 年相比增長 19.2%。本季度調整後的毛利率為 70.4%。

We continue to expect full year 2023 gross margin to include a similar level of macroeconomic and supply chain headwinds as 2022 and expect a sequential improvement in Q2, resulting in a first half 2023 gross margin that is higher than the second half of 2023, largely due to the timing of foreign exchange movements in 2022.

我們繼續預計 2023 年全年毛利率將包括與 2022 年類似水平的宏觀經濟和供應鏈逆風，並預計第二季度將出現環比改善，導致 2023 年上半年毛利率高於 2023 年下半年，這主要是由於到2022年外匯走勢的時機。

First quarter adjusted operating margin was 25.5%. We continue to prioritize operating margin expansion and are maintaining our full year 2023 goal of approximately 26.4% adjusted operating margin, representing 80 basis points of improvement versus the full year 2022. On a GAAP basis, the first quarter operating margin was 16.3%.

第一季度調整後的營業利潤率為 25.5%。我們繼續優先考慮擴大營業利潤率，並維持 2023 年全年調整後營業利潤率約為 26.4% 的目標，與 2022 年全年相比提高了 80 個基點。按 GAAP 計算，第一季度營業利潤率為 16.3%。

Moving to below the line. First quarter adjusted interest and other expense totaled $78 million, slightly favorable to expectations due to gains on certain unhedged currencies.

移動到線下。第一季度調整後的利息和其他費用總計 7800 萬美元，由於某些未對沖貨幣的收益，略有利於預期。

On an adjusted basis, our tax rate for the first quarter was 12.8%, including discrete tax items and the benefit from stock compensation accounting, slightly higher than expectations due to the timing of certain discrete tax items. Our operational tax rate was 13.8% for the first quarter in line with our full year expectations of approximately 14%.

在調整後的基礎上，我們第一季度的稅率為 12.8%，包括離散稅項和股票補償會計的好處，由於某些離散稅項的時間安排，略高於預期。我們第一季度的營業稅率為 13.8%，符合我們大約 14% 的全年預期。

Fully diluted weighted average shares outstanding ended at 1.446 billion shares in Q1. Free cash flow for the quarter was $83 million, with $190 million from operating activities, less $108 million net capital expenditures. Excluding payments related to acquisitions, restructuring and other special items, adjusted free cash flow was $229 million.

第一季度完全攤薄後的加權平均流通股數為 14.46 億股。本季度的自由現金流為 8300 萬美元，其中 1.9 億美元來自經營活動，減去 1.08 億美元的淨資本支出。排除與收購、重組和其他特殊項目相關的付款，調整後的自由現金流為 2.29 億美元。

We continue to aim for full year 2023 adjusted free cash flow in excess of $2.3 billion. As of March 31, 2023, we had cash on hand of $570 million, which in accordance with accounting standards for less than wholly owned subsidiaries includes the cash balance from Acotec of approximately $140 million following the completion of our majority stake investment. As of March 31, our leverage was 2.5x, in line with our expectations.

我們的目標是 2023 年全年調整後的自由現金流量超過 23 億美元。截至 2023 年 3 月 31 日，我們手頭現金為 5.7 億美元，根據非全資子公司的會計準則，這包括我們完成多數股權投資後來自 Acotec 的現金餘額約 1.4 億美元。截至 3 月 31 日，我們的槓桿率為 2.5 倍，符合我們的預期。

I'll now walk through guidance for Q2 and the full year 2023. We expect full year 2023 operational revenue growth to be in a range of 9% to 11%, which excludes an approximate 50 basis point headwind from foreign exchange.

我現在將介紹第二季度和 2023 年全年的指導意見。我們預計 2023 年全年營業收入增長率將在 9% 至 11% 之間，這不包括外匯帶來的大約 50 個基點的逆風。

Excluding the impact of closed acquisitions, and the recently closed divestiture of our pathology business, which had approximately $24 million revenue in 2022, we expect full year 2023 organic revenue growth to be in a range of 8% to 10% versus 2022.

排除已結束收購的影響，以及最近結束的病理業務剝離（2022 年收入約為 2400 萬美元），我們預計 2023 年全年有機收入增長將比 2022 年增長 8% 至 10%。

We expect second quarter 2023 operational revenue growth to be in a range of 7.5% to 9.5% versus Q2 2022 excluding an approximate 100 basis point headwind from foreign exchange based on current rates. Excluding the contribution from closed acquisitions and divestitures, we expect second quarter 2023 organic revenue growth to be in a range of 7% to 9%.

我們預計與 2022 年第二季度相比，2023 年第二季度營業收入增長將在 7.5% 至 9.5% 之間，不包括基於當前匯率的外匯逆風約 100 個基點。排除已完成的收購和資產剝離的貢獻，我們預計 2023 年第二季度有機收入增長將在 7% 至 9% 之間。

We expect our full year 2023 adjusted below-the-line expenses to be approximately $340 million. We continue to expect our full year 2023 operational tax rate to be approximately 14%, with an adjusted tax rate of approximately 13% under current legislation and forecasted geographic mix of sales.

我們預計 2023 年全年調整後的線下支出約為 3.4 億美元。我們繼續預計 2023 年全年營業稅率約為 14%，根據現行立法和預測的銷售地域組合，調整後的稅率約為 13%。

We expect a fully diluted weighted average share count of approximately 1.458 billion shares for Q2 2023 and 1.464 billion shares for full year 2023, which includes the 23.98 million shares we expect to issue based on our current stock price on June 1, 2023, upon the conversion of our mandatory convertible preferred stock.

我們預計 2023 年第二季度的完全稀釋加權平均股數約為 14.58 億股，2023 年全年約為 14.64 億股，其中包括我們預計根據 2023 年 6 月 1 日的當前股價發行的 2398 萬股股票我們的強制性可轉換優先股的轉換。

We expect the impact to adjusted earnings per share to be neutral with the approximately $14 million quarterly preferred stock dividend ending at the time of conversion.

我們預計調整後每股收益的影響將是中性的，在轉換時結束的季度優先股股息約為 1400 萬美元。

We expect full year adjusted earnings per share to be in a range of $1.90 to $1.96, representing 11% to 15% growth versus 2022, which we believe delivers top-tier financial performance. We continue to anticipate a neutral impact from FX on full year 2023 adjusted earnings per share.

我們預計全年調整後每股收益將在 1.90 美元至 1.96 美元之間，較 2022 年增長 11% 至 15%，我們認為這將帶來一流的財務業績。我們繼續預計外匯對 2023 年全年調整後每股收益的影響是中性的。

We expect second quarter adjusted earnings per share to be in a range of $0.48 to $0.50. For more information, please check our Investor Relations website for Q1 2023 financial and operational highlights, which outlines more details on Q1 results and 2023 guidance.

我們預計第二季度調整後每股收益將在 0.48 美元至 0.50 美元之間。有關更多信息，請查看我們的投資者關係網站，了解 2023 年第一季度的財務和運營亮點，其中概述了有關第一季度業績和 2023 年指導的更多詳細信息。

Before I turn the call over for a few upcoming events, to note: we will be hosting our Annual Shareholder Meeting on May 4 at 8:00 a.m. Eastern and our Q2 2023 earnings call on Thursday, July 27, at 7:30 a.m. Eastern.

在我轉交一些即將舉行的活動之前，請注意：我們將於東部時間 5 月 4 日上午 8:00 召開年度股東大會，並於東部時間 7 月 27 日星期四上午 7:30 召開 2023 年第二季度財報電話會議.

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

有了這個，我會把它轉回 Lauren，他將主持問答。

Thanks, Dan. (inaudible) let's open it up to questions for the next 35 minutes or so. In order for us to take as many questions as possible, please try and limit yourself to one question. Jamie, please go ahead.

謝謝，丹。 （聽不清）讓我們在接下來的 35 分鐘左右開始提問。為了讓我們回答盡可能多的問題，請盡量只回答一個問題。傑米，請繼續。

(Operator Instructions) Our first question today comes from Robbie Marcus from JPMorgan.

（操作員說明）我們今天的第一個問題來自摩根大通的羅比馬庫斯。

And congrats on a great quarter here. Let me start with -- and I'll just ask one two-part question here. Great, great performance in the first quarter, particularly on the top line. We all know this is probably the last easy comp from COVID trends in first quarter last year.

祝賀這裡有一個很棒的季度。讓我開始——我在這裡只問一個由兩部分組成的問題。第一季度的表現非常出色，尤其是在收入方面。我們都知道這可能是去年第一季度 COVID 趨勢的最後一個簡單比較。

But would love to get a sense of what are you seeing globally? How sustainable is this? You guided to a slight deceleration in second quarter. Anything to note there other than conservatism?

但是想了解一下您在全球範圍內看到了什麼嗎？這有多可持續？你指導第二季度略有減速。除了保守主義，還有什麼要注意的嗎？

And then second, there have been some news reports lately about M&A on the -- behalf of Boston Scientific. Would love to just get a refresh on your M&A strategy. We've seen a lot more smaller tuck-in type deals historically. Is that still the goal? And any thoughts there?

其次，最近有一些關於代表波士頓科學公司進行併購的新聞報導。很想重新了解一下您的併購策略。從歷史上看，我們已經看到了更多規模較小的折入式交易。這仍然是目標嗎？有什麼想法嗎？

Sure, Robbie. Thanks for the question. I'll -- second one is easier for me then I'll do the first one. On the second one on M&A, as you know, we've been consistent over the years. As a matter of practice, we never comment on rumors or speculation in the marketplace.

當然，羅比。謝謝你的問題。我會——第二個對我來說更容易，然後我會做第一個。關於併購的第二個問題，如您所知，我們多年來一直保持一致。作為慣例，我們從不對市場上的謠言或猜測發表評論。

On the first question, really proud just of the global performance really across the board. If you look at on the regional side, as I mentioned in the script there, U.S. grew 13%. I think it's really important to note that Europe grew 20%, and Asia Pac grew 15%. So it wasn't one region or one business. It really was across the board performance.

關於第一個問題，真正自豪的只是全球表現真的很全面。如果你看看區域方面，正如我在腳本中提到的那樣，美國增長了 13%。我認為值得注意的是，歐洲增長了 20%，亞太地區增長了 15%。所以這不是一個地區或一個企業。這真的是全面的表現。

And it's encouraging in Europe, in particular, where we have an impressive product line in our EP portfolio and in our TAVI portfolio that's not launched yet in the U.S., which I think is a good signal for the future, as you'll hear about more in Investor Day, as well as in Japan, where we have our POLARx product approved in Japan, but not approved in the U.S.

這在歐洲尤其令人鼓舞，我們在 EP 產品組合和 TAVI 產品組合中擁有令人印象深刻的產品線，但尚未在美國推出，我認為這是未來的一個好信號，正如您將聽到的更多在投資者日，以及在日本，我們的 POLARx 產品在日本獲得批准，但在美國未獲得批准。

So the fact that the U.S. put up a double-digit number, albeit on some softer comps, as you said, given then the COVID impact. The European and Asia Pac performance is really impressive, and LatAm. And those products -- many of those products are not yet approved in the U.S.

因此，美國提出了一個兩位數的數字，儘管如您所說，考慮到 COVID 的影響，但在一些較軟的補償上。歐洲和亞太地區的表現確實令人印象深刻，還有拉美。而那些產品——其中許多產品尚未在美國獲得批准。

So overall, really pleased. You saw almost every business unit grew double digits. But I think, more importantly, not all of our competitors have reported yet, but we'd be surprised if we didn't exceed the peer group across each one of our businesses. So the execution of the team is very -- quite strong.

總的來說，真的很高興。你看到幾乎每個業務部門都實現了兩位數的增長。但我認為，更重要的是，並非我們所有的競爭對手都已報告，但如果我們沒有超過我們每項業務的同行群體，我們會感到驚訝。所以團隊的執行力非常——非常強。

And also, I would say the -- there were clearly some underlying market improvement in first quarter. You saw the public hospitals report, good patient volume, particularly good outpatient volume, which is a good indicator for Boston Scientific, given our portfolio. Nursing shortage is still a challenge for sure, but has improved. And the hospitals being very efficient.

而且，我要說的是 - 第一季度顯然有一些潛在的市場改善。你看到了公立醫院的報告，良好的患者數量，特別是良好的門診數量，鑑於我們的投資組合，這對波士頓科學公司來說是一個很好的指標。護理短缺肯定仍然是一個挑戰，但已經有所改善。而且醫院效率很高。

So the underlying backdrop for procedure volume demand has improved and is strong and our portfolio really meets the moment around the world. So we're really pleased with the overall performance.

因此，程序量需求的基本背景已經改善並且強勁，我們的產品組合真正滿足了全球的需求。所以我們對整體表現非常滿意。

And then specific to Q2, Robbie, just to double-click a bit on that. As Mike said, relative to CRM, that grew 8% in the quarter. We had talked about at the beginning of the year, that kind of growing at market, lower single digits. .

然後具體到 Q2，Robbie，只需雙擊一下即可。正如 Mike 所說，相對於 CRM，該季度增長了 8%。我們在今年年初談到過這種市場增長，較低的個位數。 .

We have some replacement trends that start to get a little bit more challenging. So that 8% probably a bit outsized for what we're expecting there.

我們有一些替代趨勢開始變得更具挑戰性。因此，對於我們在那裡的預期，這 8% 可能有點過大。

And then Neuromod, as you look at that, that's a business that over the last many quarters has been kind of in that low single-digit range and to pop of 14, that's great in the quarter. But I think a little early to call the ball on that market and say that it's fully recovered. So just the 7% to 9%, I think, is appropriately prudent for second quarter guidance.

然後是 Neuromod，正如你所看到的那樣，這是一項在過去許多季度中一直處於低個位數範圍內的業務，並且流行了 14 個，這在本季度非常好。但我認為在那個市場上宣布球並說它已經完全恢復還為時過早。因此，我認為只有 7% 到 9% 對於第二季度的指導是適當謹慎的。

Our next question comes from Joanne Wuensch from Citi.

我們的下一個問題來自花旗銀行的 Joanne Wuensch。

And may I reiterate or repeat, good quarter. One of the things I've been trying to figure out this particular quarter is how much of what we're seeing is easy comps, pent-up demand or something else.

我可以重申或重複，好季度。我一直試圖弄清楚這個特定季度的一件事是我們看到的有多少是簡單的補償、被壓抑的需求或其他東西。

I know you can't particularly pick that apart on this kind of delivery but if it is pent-up demand, is there any way to quantify how many quarters or what kind of tailwind that is?

我知道你不能特別區分這種交付，但如果它是被壓抑的需求，有沒有辦法量化多少個季度或什麼樣的順風？

And I'll throw my second question in too. Farapulse seems to be doing quite well outside the United States, and we're getting a lot of questions on the timing of it in the United States and what that ramp may look like. If there's any color or sort of level setting of expectations, that would be appreciated.

我也會提出我的第二個問題。 Farapulse 在美國以外的地區似乎做得很好，我們收到了很多關於它在美國的時間安排以及增長可能是什麼樣子的問題。如果有任何顏色或某種程度的期望設置，我們將不勝感激。

Sure. On the first one, Joanne, wish we could give you a perfect scientific response to your question on the overall market. I would say it's a healthy market for all the factors that you just indicated. There are some easier comps.

當然。關於第一個問題，Joanne，希望我們能夠對您關於整個市場的問題給出一個完美的科學回答。我會說，對於您剛才指出的所有因素，這是一個健康的市場。有一些更容易的伴奏。

Our comp for Q1 was -- it was 9.7%, but that was based on COVID impacted 2021. So maybe the comps are a little bit easier, but clearly, the procedure volume is stronger, as I mentioned, with the hospitals that have reported. The outpatient momentum is quite strong, which fits our portfolio. And we've got a very strong portfolio cadence across the world right now.

我們第一季度的補償是——它是 9.7%，但這是基於 2021 年受 COVID 影響的情況。因此，補償可能更容易一些，但很明顯，正如我提到的，報告的醫院的手術量更大.門診勢頭非常強勁，符合我們的投資組合。我們現在在全球範圍內擁有非常強大的投資組合節奏。

So I think it's really all those things that contribute to a very strong first quarter and the increase in the guide that we gave for the full year. We typically have said previously that the markets that we serve grow kind of plus 6% in that range. Clearly, the market grew faster than that in the first quarter.

因此，我認為正是所有這些因素促成了第一季度的強勁表現以及我們全年發布的指南的增加。我們之前通常說過，我們服務的市場在該範圍內增長了 6%。顯然，市場增長比第一季度更快。

But we're not quite ready to call this exceptionally strong market growth for the full year. We think that would be premature to do that and not responsible. So that's why we gave the guidance that we did of the 8% to 10% full year because we do see strong underlying market demand but it may not be quite as strong as we saw in the first quarter, and we'll see as the year goes on.

但我們還沒有準備好將這一異常強勁的市場增長稱為全年。我們認為那樣做為時過早並且不負責任。這就是為什麼我們給出了全年 8% 到 10% 的指導，因為我們確實看到了強勁的潛在市場需求，但可能不如我們在第一季度看到的那麼強勁，我們將看到年繼續。

On Farapulse, I was at that EHRA meeting in Europe just last week, and the enthusiasm for Farapulse is very unique, I would say. The MANIFEST data was excellent. And Dr. Stein is here. Can you remind us when the -- when do we expect the trial to read out?

關於 Farapulse，我上周剛剛在歐洲參加了 EHRA 會議，我想說對 Farapulse 的熱情是非常獨特的。 MANIFEST 數據非常好。 Stein 博士在這裡。你能提醒我們什麼時候——我們預計什麼時候會宣讀審判？

Yes. So our U.S. IDE trial, Joanne, is Advent. It's the most rigorous trial that anyone's done in this space. It's a double-lined randomized trial against conventional thermal ablation. Continue to expect to present that data second half of this year, submit to the FDA at the same time. So again, continue to anticipate U.S. approval in '24.

是的。所以我們的美國 IDE 試用版 Joanne 是 Advent。這是任何人在這個領域做過的最嚴格的試驗。這是一項針對傳統熱消融的雙線隨機試驗。繼續期望在今年下半年提交該數據，同時提交給 FDA。因此，再次期待美國在 24 年的批准。

Would you expect it to ramp similarly to what you're seeing outside the United States?

您是否期望它會像您在美國以外看到的那樣快速增長？

Sorry, I didn't hear the question?

抱歉，我沒聽到問題？

Yes, sales ramp similar in U.S. versus...

是的，美國的銷售量與...相似

Well, for Farapulse?

那麼，對於 Farapulse？

Yes.

是的。

Yes. So Farapulse, we broke out the #4 in Europe, which is 57%, I believe.

是的。所以 Farapulse，我們在歐洲排名第四，我相信是 57%。

Organically, all EP.

有機地，所有EP。

Yes. And that includes POLARx, which makes a very strong contribution, and we expect approvals for POLARx in the U.S. the second half of this year. And we do expect POLARx to be a nice part of our portfolio globally for many, many years.

是的。其中包括 POLARx，它做出了非常大的貢獻，我們預計今年下半年美國將批准 POLARx。我們確實希望 POLARx 在很多年內成為我們全球產品組合的重要組成部分。

So that's having a nice contribution, and Farapulse is having an outweighted contribution despite some still limitations in supply. So customer demand is outpacing supply, I would say, still at this moment.

所以這是一個很好的貢獻，儘管供應仍然存在一些限制，但 Farapulse 的貢獻超過了權重。所以客戶需求超過供應，我想說，現在仍然如此。

But clearly, there's a lot of enthusiasm. You saw the MANIFEST trial data in terms of the safety, the efficacy and the procedure, the productivity has clearly been differentiated. So we'll continue to report our progress in EP, but the momentum in Europe is quite strong, and that's why we called that number out for you.

但顯然，有很多熱情。你在安全性、有效性和程序方面看到了 MANIFEST 試驗數據，生產力明顯不同。因此，我們將繼續報告我們在 EP 方面的進展，但歐洲的勢頭非常強勁，這就是我們為您公佈這個數字的原因。

Our next question comes from Rick Wise from Stifel.

我們的下一個問題來自 Stifel 的 Rick Wise。

Mike, just looking ahead to the September 20 Analyst Day, Boston's excellent CFO recently spoken public, I think, March 1 at my friend Joanne's event and said that he is excited for the next chapter for the company for '23 and then for '24, '25 and '26.

邁克，展望 9 月 20 日的分析師日，波士頓優秀的首席財務官最近在我朋友喬安妮的活動中公開發表了講話，我想是 3 月 1 日，他說他對公司在 23 年和 24 年的下一章感到興奮, '25 和 '26。

And I think you said Boston has the opportunity to have a special chapter for the company. I'm just wondering what do you think, Dan, meant? And what is a special chapter? And does that possibly suggest more willingness, given that everything is happening fundamentally and with the product portfolio to commit to a sustained higher growth rate guidance for the next LRP?

我想你說過波士頓有機會為公司開闢一個特殊的篇章。我只是想知道你怎麼看，丹，是什麼意思？什麼是特殊章節？考慮到一切都從根本上發生，並且產品組合致力於為下一個 LRP 提供持續更高的增長率指導，這是否可能意味著更多的意願？

Well, Dan is a smart guy, and he wouldn't have said that unless he meant it. And so I certainly support that. And we'll lay it out more at Investor Day. But just overall, you see the strength of our businesses really across the board, and the portfolio mix continues to help us. It's what we purposely designed and executed on for many, many quarters in a row.

好吧，丹是個聰明人，除非他是認真的，否則他是不會這麼說的。所以我當然支持。我們將在投資者日進行更多介紹。但總的來說，您可以真正全面地看到我們業務的實力，並且投資組合繼續為我們提供幫助。這是我們連續許多季度有意設計和執行的內容。

Our businesses in the slower growth markets continue to get smaller and smaller as a percent of our sales, and we continue to layer on faster growth markets and better innovation that also help us with the pricing.

我們在增長較慢的市場中的業務佔銷售額的百分比越來越小，我們繼續在增長更快的市場和更好的創新上分層，這也有助於我們定價。

And you're very aware of many of our key products that are launched outside the U.S. that are not in the U.S. that we can make very -- that we can make very nice gross margins and at high customer demand.

你非常清楚我們在美國以外推出的許多關鍵產品，這些產品不在美國，我們可以非常 - 我們可以在高客戶需求下獲得非常好的毛利率。

So we look forward to bringing those to the U.S. and we'll also tell you about some other products or capabilities that may lie outside our 3-year LRP. But we'll share all that at Investor Day, but we're very excited about the future of the company.

因此，我們期待將這些產品帶到美國，我們還將告訴您一些可能不在我們 3 年 LRP 範圍內的其他產品或功能。但我們將在投資者日分享所有這些，但我們對公司的未來感到非常興奮。

And let me sneak in one quick follow-up on Farapulse. I know that you've been supply constrained on Farapulse generators. Is that situation improving? Will it be resolved by the time you hopefully get U.S. approval? Any update on that situation?

讓我偷偷跟進一下 Farapulse。我知道你們的 Farapulse 發電機供應受限。這種情況正在改善嗎？當你希望獲得美國批准時，它會得到解決嗎？關於這種情況的任何更新？

Yes. We do expect that to dramatically improve prior to having U.S. approval, primarily because we will bring in -- we have really important strategic contractors that we have very long-term contracts in place with, were a very much part of our solution.

是的。我們確實希望在獲得美國批准之前能夠顯著改善，主要是因為我們將引入 - 我們擁有非常重要的戰略承包商，我們與之簽訂了非常長期的合同，這是我們解決方案的重要組成部分。

But we're also, in parallel, have internal capabilities that we're ramping up. And so both those things will continue to happen for many, many years. But we do expect, particularly in the second half of '22 -- of '23, I'm sorry, to have enhanced console supply to meet the demand. And we expect by the time the U.S. approval that we'll have significantly more capabilities in this area.

但同時，我們也擁有正在提升的內部能力。因此，這兩件事將繼續發生很多很多年。但我們確實希望，特別是在 22 年的下半年 - 23 年的下半年，我很抱歉，會有更多的控制台供應來滿足需求。我們預計到美國批准時，我們將在這一領域擁有更多的能力。

So I guess for that reason, it's the only reason why we're happy about the timeline and the slight delay in the U.S. with the trials to ramp up our production. But we expect to be able to meet that demand in the U.S. when we get approval.

所以我想出於這個原因，這是我們對時間表感到高興的唯一原因，也是我們在美國進行試驗以提高產量的輕微延遲的唯一原因。但我們希望在獲得批准後能夠滿足美國的需求。

Our next question comes from Larry Biegelsen from Wells Fargo.

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

Congrats on a great start to the year here, guys. So one for Dr. Stein, one for Mike. So Dr. Stein, Farapulse is a single-shot technology with PFA energy, but companies are developing large local catheters and dual energy sources. How are you thinking about the evolution of Farapulse beyond its current geometry and energy source?

伙計們，祝賀今年在這裡有了一個良好的開端。所以一份給 Stein 博士，一份給 Mike。所以 Stein 博士，Farapulse 是一種具有 PFA 能量的單次注射技術，但公司正在開發大型局部導管和雙能源。您如何看待 Farapulse 超越其當前幾何形狀和能源的演變？

And Mike, we all completely understand you won't comment on rumors, but there are interesting assets in MedTech that would push you to over 4.5x leverage or require the use of equity because of relatively large deals. Are those options on the table? And just remind us of how you think about ROIC?

邁克，我們都完全理解你不會對謠言發表評論，但 MedTech 中有一些有趣的資產會推動你超過 4.5 倍的槓桿率，或者由於相對較大的交易而需要使用股權。這些選項在桌面上嗎？並提醒我們您如何看待 ROIC？

Yes. Thanks, Larry...

是的。謝謝，拉里...

I will take the second one...

我會拿第二個...

Take the second one.

拿第二個。

As a matter of practice, Larry, we don't comment on rumors or speculation. I will comment on -- we did comment on the closing of Apollo in the quarter, which is really going to be a nice asset for us, endoscopy, expand our endoluminal presence and a nice continued focus on category leadership.

作為慣例，拉里，我們不會對謠言或猜測發表評論。我會評論 - 我們確實評論了本季度阿波羅的關閉，這對我們來說真的是一個很好的資產，內窺鏡檢查，擴大我們的腔內存在並繼續關注類別領導。

So we -- our venture portfolio, we've signed Acotec or closed the Acotec deal this year. We had closed the Apollo deal. But like we always said, any future deal speculation, as a matter of practice, we don't comment on.

所以我們 - 我們的風險投資組合，我們今年已經簽署了 Acotec 或完成了 Acotec 交易。我們已經完成了阿波羅交易。但就像我們一直說的那樣，作為慣例，我們不會對任何未來的交易猜測發表評論。

And then, Larry, on sort of the evolution of Farapulse. We certainly are looking at alternate catheter form factors. And sort of as you mentioned, there are a lot of different things that you can do with pulse field energy and with the Farawave platform or Farapulse platform. I do think it's important, though, as you think through that to think through the different use cases.

然後，拉里，關於 Farapulse 的演變。我們當然正在尋找替代的導管形狀因素。就像你提到的那樣，你可以用脈衝場能量和 Farawave 平台或 Farapulse 平台做很多不同的事情。不過，我確實認為這很重要，因為您要仔細考慮不同的用例。

And so for atrial fibrillation, whether it's paroxysmal atrial fibrillation, where really the goal of therapy is just pulmonary vein isolation or whether it's persistent atrial fibrillation where you may very well need to go beyond that, do pulmonary vein isolation plus posterior wall isolation, which we're investigating right now in our ADVANTAGE trial.

因此，對於心房顫動，無論是陣發性心房顫動，治療的真正目標只是肺靜脈隔離，還是持續性心房顫動，您可能需要超越這一點，進行肺靜脈隔離加後壁隔離，這我們現在正在我們的 ADVANTAGE 試驗中進行調查。

And as Mike noted in his prepared remarks, we've already begun enrollment in that trial and really our -- I'd say, beyond pleased, at the excitement at the rate at which we're enrolling in that trial.

正如邁克在他準備好的發言中指出的那樣，我們已經開始參加該試驗，而且實際上我們——我要說的是，除了高興之外，我們對參加該試驗的速度感到興奮。

When you think about both of those use cases, right, it's our belief -- and in fact, the data that you've seen from things like Manifest supports that belief that the Farawave catheter itself is uniquely well suited among all the competing technologies for achieving those goals. So again, when you think about AF ablation, right, we think that the Farawave catheter is the best of the catheter form factors out there.

當你考慮這兩個用例時，是的，這是我們的信念——事實上，你從 Manifest 等事物中看到的數據支持這樣的信念，即 Farawave 導管本身在所有競爭技術中是獨一無二的，非常適合用於實現這些目標。所以，當你考慮 AF 消融時，我們認為 Farawave 導管是目前最好的導管形狀因素。

And then when you couple that with the waveform that we deliver, when you couple that with the dosing protocol that we've optimized over the many years of preclinical and clinical research that Farapulse did and that we've continued since the acquisition, we are really satisfied with that as the catheter that's going to be preferred for AFib ablation.

然後，當您將其與我們提供的波形相結合時，當您將其與我們在 Farapulse 進行的多年臨床前和臨床研究中優化的劑量方案相結合時，我們自收購以來一直在繼續，我們是作為 AFib 消融的首選導管，我真的很滿意。

And then it's adding on like some of these other form factors that you talk about as we think about some of the smaller use cases beyond the AFib market.

然後，當我們考慮 AFib 市場之外的一些較小的用例時，它會像您談論的其他一些外形因素一樣增加。

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。

I guess high level, maybe you could just refresh us on your overall capital allocation priorities and start there.

我想高層，也許你可以讓我們重新了解你的整體資本配置優先事項，然後從那裡開始。

And then a quick question on the guidance. Revenue growth obviously moved up quite a bit, but earnings didn't move up quite as much. So I just want to make sure I'm not missing something on the EPS side given that margins are staying the same.

然後是關於指導的快速問題。收入增長明顯提高了很多，但收益增長幅度不大。所以我只是想確保我沒有遺漏 EPS 方面的任何東西，因為利潤率保持不變。

Sure, Travis. I think I can probably take both of those. Capital allocation priorities remain unchanged. It's been an equation that's worked well for us for many years here relative to capital allocation.

當然，特拉維斯。我想我可能可以同時接受這兩個。資本配置優先順序保持不變。多年來，相對於資本配置，這是一個對我們來說運作良好的方程式。

So first priority is high-quality tuck-in adjacent type growth M&A. And Mike just gave you a couple of examples of those that we've closed this year. And then we fill in on the back with any excess cash for share repurchase. And as you know, obviously don't pay dividend this time. So I think that's clear.

因此，首要任務是高質量的內嵌式增長型併購。邁克剛剛給你舉了幾個我們今年關閉的例子。然後我們在背面填寫任何多餘的現金用於股票回購。如您所知，這次顯然不支付股息。所以我認為這很清楚。

With respect to the drop-through in the quarter, as I look at it, we kind of beat the midpoint of the range and the consensus by $200 million. You drop that through at our overall margin percentage and you get to about $0.02 to $0.03 of additional adjusted EPS, you would have expected. We delivered 3.5%. I think that's kind of in that range.

關於本季度的下降，在我看來，我們有點超過範圍的中點和共識 2 億美元。如果按照我們的總體利潤率來降低這一點，您將獲得大約 0.02 美元至 0.03 美元的額外調整後每股收益，這與您預期的一樣。我們交付了 3.5%。我認為這在那個範圍內。

We're at 25.5% adjusted operating margin. I think that puts us right in place to achieve that 26.4% for the year. So I think all is well relative to the margin profile. And the 26.4%, again, it would be 80 basis points on top of last year, which I think gives us a bit of a differentiated expansion versus our peer set.

我們的調整後營業利潤率為 25.5%。我認為這使我們能夠在今年實現 26.4% 的目標。因此，我認為相對於利潤率而言，一切都很好。而 26.4%，這將比去年高出 80 個基點，我認為這使我們與同行相比有了一些差異化的擴張。

Our next question comes from Vijay Kumar from Evercore.

我們的下一個問題來自 Evercore 的 Vijay Kumar。

Congrats on the [printing]. I had a two-part, one on product and one on capital allocation. On the product side, PFA, Mike, did I hear you correctly on the prior question on Farapulse. Can you do point-by-point ablation at this point?

恭喜[打印]。我有兩個部分，一個關於產品，一個關於資本配置。在產品方面，PFA，邁克，關於 Farapulse 的先前問題，我是否正確地聽到了你的聲音。這個時候可以做逐點消融嗎？

I thought it was a single-shot catheter, but I would be curious to know if you have -- if it can do point-by-point ablation and are you gaining share in the RF side as well in the current market?

我認為這是一個單次注射導管，但我很想知道你是否有——它是否可以進行逐點消融，你是否也在當前市場上獲得了 RF 方面的份額？

And then on the capital allocation side, I know you're not going to comment on market speculation. So this is not related to market speculation, but can you just remind us, in current interest rate environment, what kind of leverage levels would Boston be comfortable with? And if Boston deems a deal as strategic, would you be okay doing an earnings dilutive deal?

然後在資本配置方面，我知道你不會對市場投機發表評論。所以這與市場猜測無關，但你能否提醒我們，在當前的利率環境下，波士頓可以接受什麼樣的槓桿水平？如果波士頓認為一項交易具有戰略意義，那麼您是否願意進行收益稀釋交易？

Vijay, it's Ken. Let me start with a question about Farapulse and Farawave and really answer in two parts, right? So the first part, so the current catheter that we have approved in the CE Mark countries and as Mike said, in Singapore, and that we're evaluating the U.S. in the Advent trial, is a "single-shot catheter". So it's not a point-by-point ablation catheter.

維杰，是肯。讓我從一個關於 Farapulse 和 Farawave 的問題開始，然後分兩部分回答，對嗎？因此，第一部分，即我們在 CE 標誌國家批准的當前導管，正如 Mike 所說，在新加坡，我們正在 Advent 試驗中評估美國，是一種“單次導管”。所以它不是逐點消融導管。

And as I said to Larry, it's a catheter form factor that really is uniquely well suited for pulmonary vein isolation and for posterior wall isolation. And again, we firmly believe that this is the best form factor out there than for tackling the vast majority of patients are undergoing atrial fibrillation ablation.

正如我對拉里說的，它是一種導管形狀因素，非常適合肺靜脈隔離和後壁隔離。再一次，我們堅信這是最好的形式因素，而不是解決絕大多數正在接受心房顫動消融的患者。

Now having said that, and I think sort of the proof behind that is when you look at our commercial release in Europe, we are taking share both from centers that were "single-shot centers", so the cryo users, but also taking share from folks who were very well known in the field for their point-by-point RF ablation.

話雖如此，我認為這背後的證據是當你看我們在歐洲的商業發佈時，我們正在從“單發中心”的中心獲取份額，所以冷凍用戶，但也分享份額來自在該領域以逐點射頻消融而聞名的人們。

I'd say we've really been impressed and pleased at the way we're converting folks who were point-by-point users into PFA and that's based on the safety, based on the efficacy and also, frankly, based on the efficiency of ablation with Farawave.

我想說的是，我們將逐點用戶轉變為 PFA 的方式讓我們印象深刻並感到高興，這是基於安全性、有效性以及坦率地說，基於效率Farawave 的消融。

And then relative to your specific question on leverage, I'd say it's been a focused and intentional journey for us to get back to BBB+ with all three rating agencies that rate us. And very comfortable there, obviously committed to investment grade and comfortable at that BBB+ rating.

然後相對於你關於槓桿率的具體問題，我想說這是一次集中和有意的旅程，讓我們回到 BBB+，所有三個評級機構都對我們進行評級。在那裡非常舒服，顯然致力於投資級別並且對 BBB+ 評級感到滿意。

Sorry, on earnings dilution, Dan, would you be consider an earnings dilutive deal if Boston deems it as strategic?

抱歉，關於收益稀釋，Dan，如果波士頓認為這是一項戰略性交易，您會考慮進行收益稀釋交易嗎？

I wouldn't comment on specific dilution and this and that. I think from our perspective, relative to the M&A environment. We're committed to looking at deals that are high growth and tuck-in acquisitions as we've done.

我不會評論特定的稀釋以及這個和那個。我認為從我們的角度來看，相對於併購環境。我們致力於像我們所做的那樣尋找高增長和收購的交易。

And our next question comes from Danielle Antalffy from UBS.

我們的下一個問題來自瑞銀集團的 Danielle Antalffy。

And congrats on a really strong quarter. Just a question on Farapulse. Sorry, there's so much focus on this one product on the call. But I'm curious about how you guys are thinking about the evolution of the market probably. I mean this has been a market that AF ablation market that's been double-digit grower for the last decade plus.

並祝賀一個非常強勁的季度。只是關於 Farapulse 的一個問題。抱歉，電話會議太過關注這個產品了。但我很好奇你們可能如何看待市場的演變。我的意思是，這是一個 AF 消融市場，在過去十年多的時間裡一直是兩位數的增長者。

But is it right to think about Farapulse and just the advent of pulse sales ablation overall is potentially accelerating market growth in a meaningfully and sustainable way because of the safety profile of the device? Or how are you thinking about -- and what are you seeing, I guess, in Europe about market growth overall for this device? And I have one follow-up on Watchman.

但是考慮 Farapulse 是正確的嗎？由於該設備的安全性，整體脈沖銷售消融的出現可能以有意義和可持續的方式加速市場增長？或者你是怎麼想的——我猜你在歐洲看到了什麼關於這個設備的整體市場增長？我有一個關於守望者的後續行動。

Yes. Sure, Danielle. I guess I'll take that first one, and we'll see on the follow-up. I mean the easy answer to what your question was, is yes. We do see Farapulse accelerating adoption of AF ablation. AF, right, is the most common sustained arrhythmia that's seen globally.

是的。當然，丹妮爾。我想我會接受第一個，我們會在後續行動中看到。我的意思是對你的問題的簡單回答是肯定的。我們確實看到 Farapulse 加速採用 AF 消融。房顫，對，是全球最常見的持續性心律失常。

In fact, ablation today for current indications is still very much underpenetrated. It's underpenetrated for a couple of reasons, right? And one is safety concerns around the procedure. One is just the skill level and the relative inefficiency of AF ablations today using thermal energy.

事實上，目前針對當前適應症的消融術仍未完全普及。由於幾個原因，它沒有被充分滲透，對吧？一個是圍繞程序的安全問題。一是當今使用熱能進行 AF 消融的技術水平和相對低效。

So I think, first of all, with the Farapulse system with Farawave and again, the safety the efficacy and the procedural efficiency, I think it's going to pull more people in who are currently indicated.

所以我認為，首先，有了 Farawave 的 Farapulse 系統，再一次，安全性、有效性和程序效率，我認為它將吸引更多目前被指示的人。

And then also believe that there's a real opportunity to drive further use of this, the patients with persistent atrial fibrillation, where frankly, conventional thermal ablation results are marginal at best.

然後也相信有一個真正的機會來推動進一步使用它，用於持續性心房顫動的患者，坦率地說，傳統的熱消融結果充其量是微不足道的。

And it's one of the reasons we're so excited about the ADVANTAGE trial that we recently began enrollment in the United States, which is aimed at getting approval and indication for Farawave for persistent atrial fibrillation as well as paroxysmal atrial fibrillation.

這也是我們對 ADVANTAGE 試驗如此興奮的原因之一，以至於我們最近開始在美國註冊，目的是獲得 Farawave 治療持續性心房顫動和陣發性心房顫動的批准和適應症。

Okay. And then my question on Watchman is just really around -- on a similar vein, sort of what we're seeing from a market growth perspective there because really strong numbers.

好的。然後我對 Watchman 的問題真的是圍繞 - 以類似的方式，我們從市場增長的角度看到的是因為數字非常強勁。

Hard to parse out what backlog, what's underlying growth but it's been growing quite helpfully for a while with a competitor launching in the U.S. Just curious what you're seeing from a market growth acceleration perspective on Watchman?

很難分析出什麼積壓，什麼是潛在的增長，但隨著競爭對手在美國推出，它的增長已經有一段時間了。只是好奇你從 Watchman 的市場增長加速角度看到了什麼？

Sure. I would say we call the market 25-percent-ish growth. So very, very strong as it continues to get more and more scale. I think it's important to note that we believe our share is maintained at least flat, if not actually increased over the past 6 months.

當然。我想說我們稱市場為 25% 左右的增長。非常非常強大，因為它的規模越來越大。我認為重要的是要注意，我們認為我們的份額至少保持持平，如果在過去 6 個月中實際上沒有增加的話。

So our teams in the U.S. have done a very, very excellent job commercially with the Watchman FLX product. So we continue to see this to be a plus 20%, 25% market grower for a number of years here.

因此，我們在美國的團隊使用 Watchman FLX 產品在商業上做得非常非常出色。因此，我們繼續認為這是多年來增長 20%、25% 的市場增長。

And then we have these very groundbreaking trials with Option, with CHAMPION, and we just highlighted [LOUS 4], which will follow those. So we're very committed to the market developments of this category and expanding the indication over time through these clinical trials, assuming that they're positive.

然後我們對 Option 和 CHAMPION 進行了這些非常具有開創性的試驗，我們剛剛強調了 [LOUS 4]，這些試驗將緊隨其後。因此，我們非常致力於這一類別的市場發展，並通過這些臨床試驗隨著時間的推移擴大適應症，假設它們是積極的。

And I think just as importantly, we look to continue that momentum with our product cadence. We have a differentiated steerable sheath that will be approved in the coming 9 months.

而且我認為同樣重要的是，我們希望通過我們的產品節奏繼續保持這種勢頭。我們有一個差異化的可操縱護套，將在未來 9 個月內獲得批准。

And then our third generation Watchman product which should be launching kind of around this time next year or first quarter next year. So we've got the portfolio and the clinical work to continue to expand the market, and the team is doing an excellent job globally.

然後我們的第三代 Watchman 產品應該會在明年這個時候或明年第一季度推出。因此，我們擁有繼續擴大市場的投資組合和臨床工作，並且該團隊在全球範圍內做得非常出色。

Our next question comes from Cecilia Furlong from Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Cecilia Furlong。

And also, echoing my congrats on the quarter. I wanted to ask specifically just your comments on pain and SCS. Really what you saw in the quarter, especially as it pertains to recent headwinds (inaudible)?

而且，回應我對這個季度的祝賀。我想特別詢問您對疼痛和 SCS 的評論。您真的在本季度看到了什麼，尤其是與最近的逆風（聽不清）有關嗎？

And then just your outlook in terms of underlying market growth, do we see some recapture in 1Q? Was that part of the strength? And how you're thinking about underlying market growth going forward?

然後只是您對潛在市場增長的展望，我們是否會在第一季度看到一些收復？那是力量的一部分嗎？您如何看待未來的潛在市場增長？

Sure. In the first quarter, we did see an improvement out of that global business. The overall business grew 14%, led by our deep brain simulation business, had a terrific quarter. And spinal cord's tended fine, about 9%.

當然。在第一季度，我們確實看到了全球業務的改善。在我們的深腦模擬業務的帶動下，整體業務增長了 14%，這個季度表現非常出色。脊髓趨於良好，大約 9%。

So in the quarter, there definitely was some improvement in staffing which likely helped the entire market and the Neuromod business. And as we said, there are some slightly favorable comps as well in the quarter comparing to the '21, the COVID year. But overall, we expect that business and the pain size to grow above market and the brain side, DBS, significantly above market.

因此，在本季度，人員配置肯定有所改善，這可能有助於整個市場和 Neuromod 業務。正如我們所說，與 21 年 COVID 年相比，本季度也有一些略微有利的補償。但總的來說，我們預計該業務和痛苦規模將增長到高於市場水平，而大腦方面，DBS，將大大高於市場水平。

And we're very excited about this new STIMVIEW capability. The one challenge with that deep brain stimulation, it's an excellent procedure, but it's -- it takes quite a bit of time and a lot of coordination between neurologists, implanting physicians, the patient, and we believe the software enhancement will continue to improve the productivity and cycle time for patients.

我們對這種新的 STIMVIEW 功能感到非常興奮。深部腦刺激的一個挑戰是，這是一個很好的程序，但它需要相當多的時間和神經科醫生、植入醫生、患者之間的大量協調，我們相信軟件增強將繼續改進患者的生產力和周期時間。

So overall, I think it's too early to call what we think the market will be for spinal cord stim for the full year. We still would say maybe mid-single digits kind of 5%, 6% is where we would land if you force us to give you a number now.

所以總的來說，我認為現在稱我們認為全年的脊髓刺激市場還為時過早。我們仍然會說，如果你現在強迫我們給你一個數字，我們可能會說 5% 到 6% 的中間個位數。

Great. And if I could just quickly follow up on China. Some of your comments, what you saw in the quarter coming in ahead of expectations. How should we think about really just the rest of the '23 in terms of pent-up demand, backlog procedures and then also what you've seen to date with Watchman in the region?

偉大的。如果我能快速跟進中國。您的一些評論，您在本季度看到的情況超出了預期。在被壓抑的需求、積壓程序以及您迄今為止在該地區看到的 Watchman 方面，我們應該如何真正考慮 23 年的其餘部分？

Yes. China catches up to everything quickly. So there was an impact early in the quarter with COVID procedures, and they clogged that back very quickly in the second half of the quarter.

是的。中國很快趕上了一切。因此，本季度初 COVID 程序產生了影響，他們在本季度後半段很快就將其堵塞了。

So we do expect double-digit growth in China despite some of the pricing pressure consistent with previous years, really based on the strength of the overall portfolio there and continuing to expand our capabilities.

因此，儘管與前幾年一樣存在一些定價壓力，但我們確實預計中國將實現兩位數的增長，這實際上是基於那裡整體投資組合的實力，並繼續擴大我們的能力。

We're excited about this Acotec agreements where we own 60% of Acotec, which is a local China company that's the leader in drug-coated balloons in the region as well as many other peripheral and potentially cardiology procedures. So we think that strategic alliance will also help us and help them and we continue to expect double-digit growth in China.

我們對 Acotec 協議感到興奮，我們擁有 Acotec 60% 的股份，這是一家中國本地公司，是該地區藥物塗層球囊以及許多其他外周和潛在心臟手術的領導者。所以我們認為戰略聯盟也將幫助我們和他們，我們繼續期待在中國實現兩位數的增長。

And Watchman, I have the exact numbers. Doing fine in China and we can provide more details in the future. But that FLX is approved, I believe, isn't it?

守望者，我有確切的數字。在中國做得很好，我們可以在未來提供更多細節。但我相信 FLX 已獲得批准，不是嗎？

Yes, and good quarter.

是的，好季度。

Our next question comes from Matt Taylor from Jefferies.

我們的下一個問題來自 Jefferies 的 Matt Taylor。

So great result. I guess what I'm struggling to understand is, obviously, you saw strong demand in the quarter. And I think we're seeing a lot of macro things improving like staffing, et cetera.

這麼好的結果。我想我很難理解的是，很明顯，你在本季度看到了強勁的需求。而且我認為我們看到了很多宏觀方面的改善，比如人員配備等。

I mean could it actually theoretically get better sequentially? Or why are we thinking so conservatively? Do you think that the direction of travel could be positive, negative or neutral? And what are some of the background thoughts that you would base that on?

我的意思是它實際上在理論上會逐漸變得更好嗎？或者為什麼我們的想法如此保守？您認為行進方向可以是正面的、負面的還是中性的？您將基於哪些背景想法？

Well, I would say, again, we're super proud of the quarter. We exceeded, we believe, the peer group and did well across every region. I won't go through every one. And we do think there are -- despite it being a 9.7% comp, again, it's off of a lighter '21.

好吧，我想再說一遍，我們為這個季度感到非常自豪。我們相信，我們超越了同行，並且在每個地區都做得很好。我不會一一列舉。我們確實認為有——儘管它是 9.7% 的補償，但它再次脫離了更輕的 21 年。

So we do think there is some comp benefit there despite it showing a 9.7% if you look at the number. But that doesn't take away from the excellent performance in the quarter overall as you compare to our peers.

所以我們確實認為那裡有一些補償好處，儘管如果你看這個數字它顯示 9.7%。但這並沒有影響本季度與同行相比的出色表現。

So I just think it would be not prudent for us to assume the same market growth for the remainder of the year when traditionally, this has been a, call it, 6.5% markets that we serve in. And over time, you're going to see that served market growth continue to expand like we have every couple of years based on our portfolio.

所以我只是認為我們假設今年剩餘時間的市場增長相同是不明智的，因為傳統上，這一直是我們服務的 6.5% 的市場。隨著時間的推移，你會看到服務市場的增長繼續擴大，就像我們每兩年根據我們的投資組合所做的那樣。

So to say that the market's kind of jumped from 6% to 10% over the last 6 months probably isn't feasible. So we think that the markets are healthy. We still think the market's growth is kind of 6% to 7% where we serve.

因此，要說市場在過去 6 個月內從 6% 躍升至 10% 可能是不可行的。所以我們認為市場是健康的。我們仍然認為我們所服務的市場增長率大約為 6% 到 7%。

And those will hopefully increase over time as our strategy continues to play out, but it's too soon to call the first quarter performance for the market lapping every quarter.

隨著我們的戰略繼續發揮作用，這些有望隨著時間的推移而增加，但現在就將第一季度的表現稱為每個季度的市場表現還為時過早。

Yes. And then, Mike, just a follow-up on that. I mean, thinking ahead to 2024, if we do have some, let's call it, super normal growth this year, some catch-up or whatever, do you still think that you can grow in kind of the LRP range in 2024 over what could be a tough comp in 2023 if things play out well?

是的。然後，邁克，只是對此的後續行動。我的意思是，展望 2024 年，如果我們今年確實有一些超常增長，我們可以稱之為超常增長，一些追趕或其他什麼，你是否仍然認為你可以在 2024 年實現 LRP 範圍內的增長？如果一切順利，在 2023 年會成為一名強硬的選手嗎？

I would attend our Investor Day. We'll give you a sense then of what we think the LRP is for '24, '25 and '26. We'll see how this year plays out over the next few quarters. But I would imagine, as we have at prior Investor Days, we'll give you a good sense there about what we think the next 3 years look like.

我會參加我們的投資者日。屆時我們將讓您了解我們認為 LRP 是針對 24 年、25 年和 26 年的。我們將在接下來的幾個季度中看到今年的表現。但我想，就像我們在之前的投資者日所做的那樣，我們會讓你很好地了解我們對未來 3 年的看法。

And our next question comes from Matt Miksic from Barclays.

我們的下一個問題來自巴克萊銀行的 Matt Miksic。

So a question for Dan. And then just a couple of follow-ups on some of the product lines here we haven't yet talked about so much on the call. So for Dan, free cash flow conversion.

所以有一個問題要問 Dan。然後只是對這裡的一些產品線進行了一些跟進，我們還沒有在電話會議上談論太多。所以對於丹來說，自由現金流轉換。

Could you talk maybe a little bit about where you're at now, where you want to be and what some of the challenges are currently, supply chain or whatever else has been more challenging and how you're kind of tackling those? And as I mentioned, I just have one other follow-up.

您能否談談您現在所處的位置，您想成為的位置以及當前面臨的一些挑戰，供應鍊或其他更具挑戰性的挑戰以及您如何應對這些挑戰？正如我提到的，我只有另一個後續行動。

Sure. I think I would say I'm not where I want to be yet on free cash flow conversion. It's a key focus item for us. Some things are structural and some are probably a bit more transient and focused on working capital.

當然。我想我會說我還沒有達到自由現金流轉換的目標。這是我們的重點關注項目。有些事情是結構性的，有些可能更短暫，並且專注於營運資金。

The foundational ones are as an acquisitive company, and we're going to continue, obviously, over time to be acquiring companies. We're going to have integration costs. So that's a cost that kind of gets in the way of free cash flow conversion.

基礎的是作為一家收購公司，顯然，隨著時間的推移，我們將繼續收購公司。我們將有整合成本。所以這是一種阻礙自由現金流轉換的成本。

We have had in the past, we've had litigation challenges. I think those are waning over time here. That's a good thing. So that's one less thing that will get in the way of that. We have restructuring as well. So restructuring charges, I think good hygiene of a company to continue to drive out continuous improvement and drive out unnecessary costs.

我們過去曾遇到過訴訟挑戰。我認為隨著時間的推移，這些正在減弱。這是好事。因此，這將減少一件阻礙它的事情。我們也有重組。所以重組費用，我認為一個公司的良好衛生可以繼續推動持續改進並消除不必要的成本。

So I think those are still going to be there. So from a foundational perspective, those are a bit challenging relative to the difference between operating cash flow and adjusted cash flow.

所以我認為那些仍然會存在。因此，從基礎的角度來看，相對於經營現金流量和調整後現金流量之間的差異，這些有點具有挑戰性。

On the working capital side, the things that we really focus on there relative to receivables and payables, inventory, have a real maniacal focus inside the company to continue to make those -- continue to be in our favor.

在營運資金方面，我們真正關注的是與應收賬款和應付賬款、庫存相關的事情，在公司內部有一個真正的瘋狂焦點，以繼續製造這些——繼續對我們有利。

So some things are structural relative to how the differences between operational and adjusted free cash flow. Others have our focus. But the takeaway is, we are probably not where I want to be, but focused on improving that over time.

因此，有些事情是結構性的，與運營現金流和調整後的自由現金流之間的差異有關。其他人有我們的重點。但要點是，我們可能不是我想去的地方，而是專注於隨著時間的推移改進它。

Great. And then maybe a follow-up for Mike. So Interventional Oncology, we talk to clinicians that business just seems to be growing at very healthy kind of rates in these centers. So just any quick color or comment on what Obsidio could mean to that business?

偉大的。然後可能是邁克的後續行動。所以介入腫瘤學，我們與臨床醫生交談，這些中心的業務似乎正在以非常健康的速度增長。那麼關於 Obsidio 對該業務意味著什麼的任何快速顏色或評論？

And then similarly, stone management, very strong. Maybe if you could talk a little bit about how the Lumines acquisition is kind of dovetailing there and what the impact of this new single-use scope could be to the LithoVue Elite?

然後同樣的，石理，很強。也許你能談談 Lumines 的收購是如何與之吻合的，以及這種新的一次性內窺鏡對 LithoVue Elite 有何影響？

Yes, Matt, thank you, first of all, for bringing up these other businesses that are over $2 billion and growing very fast and accretive to our margin profile overall. Farapulse, we love, but sometimes it drowns out everything else we're doing as a company. .

是的，馬特，首先要感謝你提出這些其他業務，這些業務價值超過 20 億美元，並且增長非常快，並增加了我們的整體利潤率。 Farapulse，我們喜歡，但有時它淹沒了我們作為一家公司所做的一切。 .

On PI, Interventional Oncology, so pleased with overall that BTG acquisition after we -- it's been integrated very well. Jeff Mirviss, Peter Patt and the team do a really nice job with that. We continue to take core share with Y90.

在 PI 上，介入腫瘤學，在我們之後對 BTG 的整體收購非常滿意 - 它已經整合得很好。 Jeff Mirviss、Peter Patt 和團隊在這方面做得非常好。我們繼續以 Y90 佔據核心份額。

The cryo product that we have has been a surprise for us, does extremely well globally. And this Obsidio should be, again, another differentiated product to round out that portfolio even further. It just speaks to the category leadership focus that we have as a company.

我們擁有的低溫產品令我們感到驚訝，在全球範圍內表現非常出色。而這款 Obsidio 應該再次成為另一種差異化產品，以進一步完善該產品組合。它只是說明了我們作為一家公司所擁有的品類領導重點。

So we're very well positioned from a portfolio standpoint. The team is also pushing for new clinical indications. It's very early. They won't be impacted in the LRP, but we think Y90 and other therapies can be used outside their current indications, and we hope to prove that through our clinical science over the coming 5 years. So we want to invest long term there. So we see a bright future overall for Interventional Oncology, and we're positioned well.

因此，從投資組合的角度來看，我們處於非常有利的位置。該團隊還在推動新的臨床適應症。現在還早。它們在 LRP 中不會受到影響，但我們認為 Y90 和其他療法可以在它們當前的適應症之外使用，我們希望在未來 5 年內通過我們的臨床科學來證明這一點。所以我們想在那裡進行長期投資。因此，我們看到了介入腫瘤學總體上的光明前景，而且我們的定位很好。

And the same goes for the -- similar words, although be it different products for urology. We're the clear global leader here. The team has taken LithoVue, the single-use scope and pioneered that and really want to continue to pioneer that industry and tie in our pressure sensor, other AI algorithms and fluid management to create a smarter, more efficient system that's more productive for the doctor and the staff and have better outcomes for patients. So we call that StoneSmart and that's a multiyear journey that the team continues to execute well on.

這同樣適用於 - 相似的詞，儘管它是泌尿外科的不同產品。我們是這裡明顯的全球領導者。該團隊採用了一次性內鏡 LithoVue 並開創了該領域，並且真的希望繼續引領該行業並結合我們的壓力傳感器、其他人工智能算法和流體管理來創建一個更智能、更高效的系統，從而提高醫生的工作效率和工作人員，並為患者帶來更好的結果。所以我們稱其為 StoneSmart，這是一個多年的旅程，團隊將繼續良好地執行。

So I think that differentiated product as well as the other key components of that urology business make Boston really a preferred partner for most customers. We have to earn that every day with our clinical people and our smart contracting, but we have a very robust portfolio to serve that call point.

因此，我認為差異化產品以及泌尿外科業務的其他關鍵組成部分使波士頓真正成為大多數客戶的首選合作夥伴。我們必須每天通過我們的臨床人員和我們的智能合同來賺取這一點，但我們有一個非常強大的產品組合來服務於這個呼叫點。

And our final question today comes from Chris Pasquale from Nephron.

我們今天的最後一個問題來自 Nephron 的 Chris Pasquale。

And sorry, Mike, but I'm going to go back to Farapulse real quick here to finish up. Just and I want to ask a couple of follow-ups on the MANIFEST study. First, do you think 80% efficacy in paroxysmal patients is a realistic goal for Advent? Or should we keep in mind any important differences in endpoints or trial design?

抱歉，邁克，但我很快就會回到 Farapulse 完成工作。我只是想問一些關於 MANIFEST 研究的後續問題。首先，您認為陣發性患者 80% 的療效是 Advent 的現實目標嗎？還是我們應該牢記終點或試驗設計中的任何重要差異？

And then second, I was struck by the relatively low use of mapping in Europe today. How important do you think Rhythmia integration is to the long-term outlook of Farapulse? And how are you thinking about the regulatory pathway and timing to achieve that?

其次，令我震驚的是，如今歐洲對地圖的使用率相對較低。您認為 Rhythmia 整合對 Farapulse 的長期前景有多重要？您如何考慮實現這一目標的監管途徑和時機？

Yes, Chris. I'll take MANIFEST first and then say a few words about where we think we need to be in terms of mapping. And so I mean, as you said in the question, there were some very important differences in trial design between our Advent study and what you saw in MANIFEST. And some towards the positive, some towards the negative.

是的，克里斯。我將首先介紹 MANIFEST，然後談談我們認為在映射方面我們需要達到的位置。所以我的意思是，正如您在問題中所說，我們的 Advent 研究與您在 MANIFEST 中看到的研究在試驗設計上存在一些非常重要的差異。有些走向積極，有些走向消極。

There are differences actual definition of endpoints. So in MANIFEST, that 80% number that you cite allowed for patients to still be on previously an effective antiarrhythmic drug over the course of the year that would not count as a success in Advent.

端點的實際定義存在差異。所以在 MANIFEST 中，你引用的 80% 的數字允許患者在一年中仍然使用以前有效的抗心律失常藥物，這不能算作 Advent 的成功。

And the actual -- just the monitoring strategy in Advent is a lot more intensive than it was in a registry like MANIFEST. On the other hand of that is that MANIFEST is the first broad rollout and real-world commercial experience as opposed to just going to some highly selected clinical trial sites.

實際上，Advent 中的監控策略比 MANIFEST 這樣的註冊表中的監控策略要密集得多。另一方面，MANIFEST 是第一個廣泛推出和真實世界的商業體驗，而不是僅僅去一些高度選擇的臨床試驗地點。

I think what I'd urge on Advent, really the importance is the comparison in the randomized trial against thermal ablation techniques. The trial, right, is designed as a non-inferiority trial. We would have had to design a much larger trial to be able to use superiority as a primary endpoint, although if we hit non-inferiority, we're allowed to test for superiority.

我想我會在 Advent 上敦促，真正重要的是在隨機試驗中與熱消融技術進行比較。右邊的試驗被設計為非劣效性試驗。我們必須設計一個更大的試驗才能將優效性用作主要終點，但如果我們達到非劣效性，我們就可以測試優效性。

But really, the goal in Advent is, again, to get regulatory approval based on non-inferiority versus thermal techniques. And then let's look at a real-world use. Let's see if we can duplicate results like the MANIFEST results in the United States.

但實際上，Advent 的目標再次是基於非劣效性與熱技術獲得監管批准。然後讓我們看看真實世界的使用。讓我們看看是否可以復制像美國的 MANIFEST 結果那樣的結果。

On mapping, I think we anticipate in the United States, we'll see more use of mapping than we see in Europe for the obvious economic reasons. Having said that, right, for paroxysmal Afib, where you're just doing pulmonary vein isolation, it's pretty clear that you don't have the map to have a successful procedure with Farapulse and the MANIFEST results speak for themselves in that regard. And I'd expect things to split out pretty much the same way they do with Cryoablation.

在製圖方面，我認為我們預計在美國，出於明顯的經濟原因，我們將看到比歐洲更多地使用製圖。話雖如此，對於陣發性 Afib，您只是在做肺靜脈隔離，很明顯您沒有使用 Farapulse 進行成功手術的地圖，而 MANIFEST 結果在這方面不言而喻。而且我希望事情會像冷凍消融一樣分裂。

When you go beyond that, though, I think there will be more of a tendency to want to map those cases. And so we will have a second-generation Farawave catheter that will be integrated with the RHYTHMIA system, but we're never going to force people to use Rhythmia.

不過，當你超越這一點時，我認為會有更多的傾向想要映射這些案例。因此，我們將擁有與 RHYTHMIA 系統集成的第二代 Farawave 導管，但我們永遠不會強迫人們使用 Rhythmia。

We're always going to maintain it as an open system. You can map with whatever system you want, although we believe with some of the enhancements we're going to bring out, it's going to drive a lot of folks to want to use Rhythmia when they want to map Farawave case.

我們將始終將其維護為一個開放系統。您可以使用您想要的任何系統進行映射，儘管我們相信隨著我們將要推出的一些增強功能，它會促使很多人在他們想要映射 Farawave 案例時想要使用 Rhythmia。

Thank you, Dr. Stein, and thank you for joining us today. We appreciate your interest in Boston Scientific. If we are unable to get to your question or if you have any follow-up, please don't hesitate to reach out the Investor Relations team. Before you disconnect, Jamie will give you all of the pertinent details for the replay.

謝謝您，Stein 博士，也感謝您今天加入我們。感謝您對波士頓科學公司的關注。如果我們無法回答您的問題或您有任何後續行動，請隨時聯繫投資者關係團隊。在您斷開連接之前，傑米會為您提供重播的所有相關細節。

And ladies and gentlemen, that will conclude today's conference call and presentation. To join the replay, we do -- we will have it up within the next 2 hours. The conference ID would be 2742311. (Operator Instructions)

女士們，先生們，今天的電話會議和演講將結束。要加入重播，我們會在接下來的 2 小時內完成。會議 ID 為 2742311。（操作員說明）

The dial-in numbers would be 8 (187) 7344-7529 or 1 (412) 317-0088. The replay will be available until May 3, 2023 at 11:59 p.m. Eastern Time. Once again, today's conference is concluded. Thank you for attending. You may now disconnect.

撥入號碼為 8 (187) 7344-7529 或 1 (412) 317-0088。重播將持續到 2023 年 5 月 3 日晚上 11:59。東部時間。今天的會議再次結束。感謝您的出席。您現在可以斷開連接。