Boston Scientific Corp (BSX) 2023 Q2 法說會逐字稿

Good day, and welcome to the Boston Scientific Q2 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Lauren Tengler, Vice President and Investor Relations. Please go ahead.

美好的一天，歡迎參加波士頓科學公司 2023 年第二季度收益電話會議。 （操作員說明）請注意此事件正在被記錄。現在我想將會議交給兼投資者關係副總裁 Lauren Tengler。請繼續。

Thank you, Kyle. 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，凱爾。歡迎大家，感謝您今天加入我們。與我一起參加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丹·布倫南 (Dan Brennan)。

We issued a press release earlier this morning announcing our Q2 '23 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 on the non-GAAP measures used in today's call to the Investor Relations section of our website under the heading Financials and Filings. The duration of this morning's call will be approximately 1 hour.

今天早上早些時候，我們發布了一份新聞稿，宣布了 23 年第二季度的業績，其中包括新聞稿中使用的非公認會計原則指標的調節。我們已經發布了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調節表，該電話會議位於我們網站的投資者關係部分，標題為“財務和文件”。今天上午的通話時間大約為 1 小時。

Mike and Dan will provide comments on Q2 performance as well as the outlook for our business, including Q3 and full year '23 guidance, and then we'll take your questions.

Mike 和 Dan 將提供有關第二季度業績以及我們業務前景的評論，包括第三季度和 23 年全年指導，然後我們將回答您的問題。

During today's Q&A session, Mike and Dan will be joined by our Chief Medical Officer, Dr. Ken Stein.

在今天的問答環節中，我們的首席醫療官 Ken Stein 博士將與 Mike 和 Dan 一起參加。

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.

在開始之前，我想提醒大家，在電話會議上，營業收入增長排除了外匯波動的影響，有機收入增長進一步排除了收購和剝離，因為收購和剝離的情況少於完整時期的可比淨銷售額。

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

被排除在有機增長之外的相關收購和剝離包括 Baylis Medical，該公司於 2022 年 2 月 14 日完成； Acotec Scientific Holding Ltd 和 Apollo Endosurgery 的多數股權投資分別於今年 2 月和 4 月完成。

Divestitures include the endoscopy pathology business, which closed in April of this year. Please note that we have elected to consolidate Acotec results on a 1-quarter lag, which had an immaterial impact on our Q2 reported and adjusted results. On June 15, 2022, we announced our entry into a definitive agreement to purchase a majority stake in MI Tech. The agreement required global regulatory approvals that we were unable to obtain in some countries. As a result, the original agreement was terminated. And in June of this year, we purchased a minority stake in MI Tech. For more information, please refer to our financial and operating highlights deck, which may be found on our Investor Relations website.

剝離的業務包括內窺鏡病理業務，該業務已於今年 4 月關閉。請注意，我們選擇將 Acotec 業績合併為 1 個季度的滯後，這對我們第二季度報告和調整後的業績影響不大。 2022 年 6 月 15 日，我們宣布簽署最終協議，購買 MI Tech 的多數股權。該協議需要全球監管部門的批准，而我們在某些國家無法獲得批准。結果，原來的協議被終止。今年6月，我們收購了小米科技的少數股權。欲了解更多信息，請參閱我們的財務和運營亮點，可在我們的投資者關係網站上找到。

On this call, all references to sales and revenue, unless otherwise specified, are organic. 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, 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. If our underlying assumptions turn out to be incorrect or if certain risks or uncertainties materialize, actual results could vary materially from the expectations and projections used or expressed or implied by our forward-looking statements.

在這次電話會議中，除非另有說明，所有提及銷售和收入的內容都是有機的。本次電話會議包含聯邦證券法含義內的前瞻性陳述，可以通過預期、期望、可能、相信、估計和其他類似詞語來識別。其中包括有關我們的增長和市場份額、新產品和預期產品批准和發布、收購、臨床試驗、成本節約和增長機會、我們的現金流和預期用途、我們的財務業績（包括銷售額、利潤率和利潤）的聲明。收入以及我們的稅率、研發支出和其他費用。如果我們的基本假設被證明是不正確的，或者如果某些風險或不確定性成為現實，實際結果可能與我們的前瞻性陳述中使用、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. At this point, I'll turn it over to Mike. Mike?

可能導致此類差異的因素包括我們向 SEC 提交的最新 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情況，我們不承擔任何更新這些聲明的意圖或義務。此時，我會將其交給邁克。麥克風？

Thanks, Lauren, and thank you to everyone for joining us today. We're very proud of our second quarter results, which exceeded our expectations and demonstrated the strength of our category leadership strategy, commitment to clinical evidence and the winning spirit of our global team.

謝謝勞倫，也感謝大家今天加入我們。我們對第二季度的業績感到非常自豪，它超出了我們的預期，展示了我們的類別領導戰略、對臨床證據的承諾以及我們全球團隊的必勝精神的實力。

In second quarter '23, total company sales grew 12%, both operationally and organically versus second quarter '22, exceeding the high end of our organic guidance range of 7% to 9%. We anticipate that most of our businesses units grew in line or faster than the respective markets, fueled by our innovative portfolio and commercial execution, also supported by healthy procedure demand.

與 22 年第二季度相比，23 年第二季度公司總銷售額在運營和有機方面均增長了 12%，超過了我們有機指導範圍 7% 至 9% 的上限。我們預計，在我們的創新產品組合和商業執行的推動下，以及健康的程序需求的支持下，我們的大多數業務部門的增長將與各自的市場保持一致或更快。

Second quarter adjusted EPS of $0.53 grew 21% versus second quarter '22, exceeding the high end of the guidance range of $0.48 to $0.50. And second quarter adjusted operating margin was 26.8%, also slightly higher than anticipated.

第二季度調整後每股收益為 0.53 美元，與 2022 年第二季度相比增長了 21%，超出了 0.48 美元至 0.50 美元的指導範圍上限。第二季度調整後營業利潤率為26.8%，也略高於預期。

Through the first half of the year, we have grown the business organic sales rate at 13% with broad-based durable growth across all of our business units and regions. Importantly, we have also grown our adjusted EPS growth 20% during the first half, while balancing our investments to ensure we achieve our short-term and long-term goals.

今年上半年，我們的業務有機銷售額增長了 13%，所有業務部門和地區都實現了廣泛的持久增長。重要的是，上半年我們的調整後每股收益增長了 20%，同時平衡我們的投資，以確保我們實現短期和長期目標。

Now for our 2023 guidance, we're guiding the third quarter '23 organic revenue growth of 7% to 9%, and we expect momentum to continue and are raising our full year organic guidance to 10% to 11%. Our third quarter adjusted EPS estimate is $0.46 to $0.48, and we're increasing our full year adjusted EPS range to $1.96 to $2.

現在，對於我們的 2023 年指導，我們預計 23 年第三季度的有機收入增長為 7% 至 9%，我們預計這一勢頭將持續下去，並將全年有機指導提高至 10% 至 11%。我們第三季度調整後每股收益預估為 0.46 至 0.48 美元，我們將全年調整後每股收益範圍提高至 1.96 至 2 美元。

I'll now provide some additional highlights in the second quarter, along with comments on our '23 outlook, and Dan will provide more details on the financials.

現在，我將提供第二季度的一些額外亮點，以及對我們 '23 前景的評論，丹將提供有關財務狀況的更多詳細信息。

Regionally, and on an operational basis, the U.S. grew 9% in second quarter with notable strength in our WATCHMAN, PI and Endoscopy businesses. Europe, Middle East Africa also grew 9% on an operational basis versus second quarter, with strong performance in the region was broad-based, with double-digit growth in 4 out of our 5 major markets in Europe. Across the portfolio, we saw strength in new and ongoing product launches, including FARAPULSE, POLARx, ACURATE neo2 and LUX-Dx.

從地區和運營角度來看，美國第二季度增長了 9%，我們的 WATCHMAN、PI 和內窺鏡業務表現強勁。歐洲、中東非洲的運營基礎上也比第二季度增長了 9%，該地區的強勁表現是廣泛的，歐洲 5 個主要市場中有 4 個實現了兩位數增長。在整個產品組合中，我們看到了新產品和正在進行的產品發布的優勢，包括 FARAPULSE、POLARx、ACURATE neo2 和 LUX-Dx。

Asia Pacific grew 24% operationally versus second quarter, led by strength in China and Japan. Japan growth is fueled by new products, including AGENT, our drug-coated balloon for the coronary arteries, and Rezum, our minimally invasive BPH technology with device performance and procedures that leave nothing behind is resonating in the market.

在中國和日本的強勁帶動下，亞太地區的運營量較第二季度增長了 24%。日本的增長得益於新產品的推動，其中包括AGENT（我們用于冠狀動脈的藥物塗層球囊）和Rezum（我們的微創BPH 技術），其設備性能和程序不遺餘力，在市場上引起共鳴。

China delivered excellent growth in the second quarter, led by our innovative portfolio and commercial execution against the COVID impact second quarter '22. We also saw particular strength in our interventional cardiology therapies, WATCHMAN, CRM and PI business units, and we continue to expect double-digit growth in China for full year.

在我們的創新產品組合和針對新冠肺炎影響的商業執行的帶動下，中國在第二季度實現了出色的增長 '22。我們還看到了介入心髒病治療、WATCHMAN、CRM 和 PI 業務部門的特別優勢，我們繼續預計中國全年將實現兩位數的增長。

I'll now provide some additional commentary on our businesses. Starting with urology. Urology sales grew 8% organically in the second quarter. The stone management franchise grew double digits, driven by LithoVue and ongoing globalization efforts. Rezum continues to do well globally, growing strong double digits in the quarter, and most recently launching in Brazil. We continue to see ongoing momentum within our prosthetic urology franchise, fueled by patient activation efforts, designed to bring awareness to our erectile restoration and male incontinence interventions.

我現在將對我們的業務提供一些補充評論。從泌尿科開始。第二季度泌尿科銷售額有機增長 8%。在 LithoVue 和持續的全球化努力的推動下，石材管理業務實現了兩位數增長。 Rezum 在全球範圍內繼續表現出色，本季度實現了兩位數的強勁增長，最近又在巴西推出。在患者激活努力的推動下，我們繼續看到我們的假體泌尿科特許經營業務的持續發展勢頭，旨在提高人們對我們的勃起恢復和男性失禁干預措施的認識。

Endoscopy sales were excellent, growing 12% organically and 14% operationally in the second quarter, with notable strength in the U.S., Latin America and Asia Pac, with new product momentum and healthy procedure demand. Our Apollo integration is progressing well and earlier this month, we received FDA clearance for OverStitch NXT, the suturing system that enables future placement during advanced endoscopic procedures. This next-generation device brings ease-of-use benefits and improved accessibility when using a single-channel endoscope.

內窺鏡銷售表現出色，第二季度有機增長 12%，運營增長 14%，在美國、拉丁美洲和亞太地區表現強勁，新產品勢頭強勁，手術需求健康。我們的 Apollo 集成進展順利，本月早些時候，我們獲得了 FDA 對 OverStitch NXT 的批准，這是一種縫合系統，可以在先進的內窺鏡手術中實現未來的放置。這種下一代設備在使用單通道內窺鏡時帶來了易用性和改進的可訪問性。

Neuromodulation sales grew 3% organically in the second quarter. Spinal cord stimulation sales were flat versus prior year, and we expect SCS sales growth to improve in the second half of the year with strong trialing in the second quarter and supportive clinical evidence, which was presented this month at ASPEN. Notably, 6-month outcome data were reported from the SOLO's trial, which is a randomized controlled trial for nonsurgical back pain, which demonstrated superior outcomes for SCS against conventional medical management, also consistent with primary endpoint results.

第二季度神經調節銷售額有機增長 3%。脊髓刺激銷售額與去年持平，我們預計，憑藉第二季度的強有力試驗和本月在 ASPEN 上發布的支持性臨床證據，SCS 銷售額增長將在今年下半年有所改善。值得注意的是，SOLO 試驗報告了 6 個月的結果數據，該試驗是一項針對非手術背痛的隨機對照試驗，證明 SCS 的結果優於傳統醫療管理，也與主要終點結果一致。

Our Brain franchise grew double digits in the quarter with continued momentum from new product launches in the U.S. and procedure recovery in Europe. Earlier this month, we received FDA approval for the Vercise Neural Navigator 5 Software, which, when used with our deep brain stimulation system can help provide clinicians with data for efficient programming in the treatment of Parkinson's disease.

由於美國新產品的推出和歐洲手術的恢復，我們的大腦特許經營權在本季度實現了兩位數的增長。本月早些時候，我們的 Vercise Neural Navigator 5 軟件獲得 FDA 批准，該軟件與我們的深部腦刺激系統一起使用時，可以幫助臨床醫生提供有效編程治療帕金森病的數據。

Peripheral Intervention sales were very strong, growing 13% organically versus second quarter '22. Our Arterial franchise grew double digits, led by our drug-eluting portfolio. And earlier this month, after reviewing all available data and analysis, the FDA provided updated information associated with paclitaxel-coated devices used to treat PAD, recognizing the safety of these devices and eliminating the requirement for specific warning language within device-related labeling. We're pleased that the FDA determined that the available data do not support an excess mortality risk, and we remain dedicated to helping physicians provide the best care possible for their patients.

外圍干預產品的銷售非常強勁，與 2022 年第二季度相比有機增長了 13%。在我們的藥物洗脫產品組合的帶動下，我們的 Arterial 特許經營業務實現了兩位數增長。本月早些時候，在審查了所有可用數據和分析後，FDA 提供了與用於治療PAD 的紫杉醇塗層設備相關的最新信息，認識到這些設備的安全性，並消除了設備相關標籤中特定警告語言的要求。我們很高興 FDA 確定現有數據不支持過高的死亡風險，我們仍然致力於幫助醫生為患者提供最好的護理。

In Venous, U.S. growth was led by ongoing strength in Varithena, a nonthermal treatment for varicose veins, with international growth driven by our clot management technologies.

在靜脈領域，美國的增長由 Varithena（一種治療靜脈曲張的非熱處理療法）的持續強勁帶動，而國際增長則由我們的血栓管理技術推動。

Our Interventional Oncology franchise grew double digits with strength across the entire portfolio. And last month, we received clearance for the Embold Soft and Packing Coils, which along with the Embold Fibered Coil, complete our detachable coil system. We also began our limited market release for Obsidio, which is the only conformable gel embolic material that's indicated for the peripheral vasculature, adding to our robust embolization portfolio.

我們的介入腫瘤學特許經營業務實現了兩位數增長，整個產品組合均表現強勁。上個月，我們獲得了 Embold 軟線圈和填充線圈的許可，它與 Embold 纖維線圈一起完善了我們的可拆卸線圈系統。我們還開始了 Obsidio 的有限市場發布，這是唯一適用於外周脈管系統的適形凝膠栓塞材料，增加了我們強大的栓塞產品組合。

Cardiology delivered another excellent quarter with organic sales growth of 13% versus second quarter. Within Cardiology, the Interventional Cardiology Therapies business, sales grew 12% organically versus second quarter. Our Coronary Therapies franchise growth was driven by our innovative imaging technologies as well as the recent launch of our AGENT Drug-Coated Balloon in Japan, offsetting ongoing price pressure in drug-eluting stents.

心髒病學季度業績表現出色，有機銷售額較第二季度增長 13%。在心髒病學（介入心髒病學治療業務）領域，銷售額較第二季度有機增長 12%。我們的冠狀動脈治療特許經營權的增長是由我們的創新成像技術以及最近在日本推出的 AGENT 藥物塗層球囊推動的，抵消了藥物洗脫支架持續的價格壓力。

Our Structural Heart Valves franchise grew strong double digits with another quarter of performance from our ACURATE neo2 in Europe. Market reception remains very high, backed by clinical evidence, ease-of-use benefits and a focus on lifetime patient management. We continue to expect to bring ACURATE neo2 to the U.S. in the second half of 2024.

我們的結構心臟瓣膜特許經營業務實現了兩位數的強勁增長，ACURATE neo2 在歐洲的業績又增長了四分之一。在臨床證據、易用性優勢和對患者終生管理的關注的支持下，市場接受度仍然很高。我們仍然預計在 2024 年下半年將 ACURATE neo2 引入美國。

WATCHMAN sales grew 27% organically versus second quarter, also outpacing the market. U.S. demand remains strong and international growth was led by China and Japan. We were pleased to have completed enrollment in the WATCHMAN FLX Pro CT pilot study, which is a single study design using multiple imaging modalities to assess post-procedural healing in the next generation of WATCHMAN FLX Pro. We expect continued momentum within the WATCHMAN franchise further supported by the anticipated approval of our both WATCHMAN FLX Pro and our steerable sheath called TruSteer by the end of 2023.

與第二季度相比，《WATCHMAN》的銷售額有機增長了 27%，也超過了市場增速。美國需求依然強勁，國際增長由中國和日本引領。我們很高興完成了 WATCHMAN FLX Pro CT 試點研究的註冊，該研究是一項單一研究設計，使用多種成像模式來評估下一代 WATCHMAN FLX Pro 的術後癒合情況。我們預計 WATCHMAN FLX Pro 和名為 TruSteer 的可操縱護套預計將於 2023 年底獲得批准，從而進一步支持 WATCHMAN 特許經營業務的持續發展勢頭。

Cardiac Rhythm Management sales grew 5% organically in the quarter. In Core CRM, our high-voltage business grew low single digits, and our low-voltage business grew mid-single digits, and we believe that performance was in line or slightly below market growth as the replacement tailwinds neutralize. Our Diagnostics franchise grew double digits in the quarter on the strength of our broad cardiac diagnostic portfolio, and we anticipate momentum will continue, supported by the approval of our next-generation ICM called [LUX-2] expected later this year.

本季度心律管理銷售額有機增長 5%。在核心 CRM 中，我們的高壓業務增長了低個位數，低壓業務增長了中個位數，我們認為，隨著替代順風的抵消，業績與市場增長一致或略低於市場增長。憑藉我們廣泛的心臟診斷產品組合的優勢，我們的診斷特許經營權在本季度實現了兩位數的增長，並且我們預計這一勢頭將持續下去，這得益於我們的下一代ICM（稱為[LUX-2]）預計將於今年晚些時候獲得批准。

Electrophysiology sales grew 28% organically in the second quarter. International growth continues to be fueled by strong performance in both FARAPULSE and POLARx across Europe and APAC.

第二季度電生理學銷售額有機增長 28%。 FARAPULSE 和 POLARx 在歐洲和亞太地區的強勁表現繼續推動國際增長。

We continue to make progress towards bringing these innovative technologies to the U.S., and we expect POLARx approval in the third quarter. In addition, we are looking forward to the data presentation of the ADVENT trial, our U.S. IDE, at the ESC Conference on August 27. Recall the ADVENT trial is a first of its kind, randomized clinical trial, designed for a noninferior 12-month primary safety and efficacy endpoints compared to a commercially available RF and cryoablation systems. It is notable for its design and rigor as it seeks to demonstrate the single procedure effectiveness of an intervention without the use of antiarrhythmic drugs and reablations. We continue to anticipate the approval of FARAPULSE in the U.S. in 2024.

我們將繼續在將這些創新技術引入美國方面取得進展，預計 POLARx 將在第三季度獲得批准。此外，我們期待在8 月27 日的ESC 會議上介紹我們的美國IDE ADVENT 試驗的數據。回想一下，ADVENT 試驗是同類中的第一個隨機臨床試驗，旨在進行非劣效12 個月的臨床試驗。與市售射頻和冷凍消融系統相比，主要安全性和有效性終點。它以其設計和嚴謹性而聞名，因為它試圖證明在不使用抗心律失常藥物和重新消融的情況下乾預的單一手術有效性。我們繼續預計 FARAPULSE 將於 2024 年在美國獲得批准。

The Access Solutions franchise grew strong double digits in the second quarter with continued momentum in the U.S. and Japan with a differentiated VersaCross transseptal platform.

Access Solutions 特許經營權在第二季度實現了兩位數的強勁增長，憑藉差異化的 VersaCross 房間隔平台在美國和日本繼續保持增長勢頭。

We're also proud of the performance of our global teams and are confident in our future. We remain committed to sustainable innovation and our financial goals, consistently growing sales faster than our underlying markets, expanding operating margins and delivered strong double-digit adjusted EPS growth with a strong adjusted free cash flow generation. We're looking forward to our September 20 Investor Day, where our leadership team will provide more insight into our innovative pipeline today, the opportunities ahead and our long-term financial goals.

我們還為我們全球團隊的表現感到自豪，並對我們的未來充滿信心。我們仍然致力於可持續創新和我們的財務目標，持續以快於基礎市場的速度增長銷售額，擴大營業利潤，並通過強勁的調整後自由現金流生成實現強勁的兩位數調整後每股收益增長。我們期待 9 月 20 日的投資者日，屆時我們的領導團隊將更深入地了解我們今天的創新渠道、未來的機遇和我們的長期財務目標。

So before I pass it along to Dan, I want to announce that we also have some movement within our business unit leadership team. And after nearly 20 years at Boston Scientific, Maulik Nanavaty has announced his plan to retire in August. Jim Cassidy will now lead the Neuromodulation business, where he previously spent 8 years prior before moving over to lead the WATCHMAN franchise 5 years ago.

因此，在將其傳達給 Dan 之前，我想宣布我們的業務部門領導團隊內部也發生了一些變化。在波士頓科學公司 (Boston Scientific) 工作近 20 年後，Maulik Nanavaty 宣布計劃於 8 月退休。 Jim Cassidy 現在將領導神經調節業務，他之前在該業務工作了 8 年，然後於 5 年前轉任領導《守望者》系列。

Lastly, Angelo De Rosa will now lead our WATCHMAN business. Angelo has spent the last 10 years of Boston Scientific in Europe, most recently leading the European CRM and EP business. Congratulations to Jim and Angelo, and we appreciate Maulik for his many contributions to Neuromodulation in Boston Scientific throughout his career.

最後，Angelo De Rosa 現在將領導我們的 WATCHMAN 業務。 Angelo 在歐洲波士頓科學公司工作了 10 年，最近領導了歐洲 CRM 和 EP 業務。祝賀 Jim 和 Angelo，我們感謝 Maulik 在其整個職業生涯中對波士頓科學公司神經調節做出的許多貢獻。

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

這樣，我會將其轉交給 Dan，以提供有關財務狀況的更多詳細信息。

Thanks, Mike. Second quarter 2023 consolidated revenue of $3.599 billion represents 11% reported revenue growth versus the second quarter of 2022, and reflects a 100-basis-point headwind from foreign exchange, in line with expectations. Excluding this $33 million headwind from foreign exchange, operational revenue growth was 12% in the quarter.

謝謝，邁克。 2023 年第二季度合併收入為 35.99 億美元，較 2022 年第二季度報告收入增長 11%，反映出外匯匯率的 100 個基點阻力，符合預期。排除外匯帶來的 3300 萬美元阻力，本季度運營收入增長 12%。

Sales from acquisitions and divestitures contributed 30 basis points, resulting in 11.6% organic revenue growth, exceeding our guidance range of 7% to 9%.

收購和剝離帶來的銷售額貢獻了 30 個基點，實現了 11.6% 的有機收入增長，超出了我們 7% 至 9% 的指導範圍。

Q2 2023 adjusted earnings per share of $0.53 grew 20.7% versus 2022, exceeding the high end of our guidance range of $0.48 to $0.50, driven by strong sales performance and a favorable effective tax rate in the quarter. Adjusted gross margin for the second quarter was 72%, slightly ahead of our expectations, resulting in an adjusted gross margin of 71.2% for the first half of 2023.

受本季度強勁的銷售業績和有利的有效稅率的推動，2023 年第二季度調整後每股收益為 0.53 美元，較 2022 年增長 20.7%，超出了我們 0.48 美元至 0.50 美元指導範圍的上限。第二季度調整後毛利率為72%，略高於我們的預期，導致2023年上半年調整後毛利率為71.2%。

We continue to expect second half gross margin to be lower than the first half of 2023 and in line with the second half of 2022, largely due to timing of foreign exchange movements in 2022.

我們繼續預計下半年毛利率將低於 2023 年上半年，並與 2022 年下半年持平，這主要是由於 2022 年外匯變動的時間安排。

Second quarter adjusted operating margin was 26.8%, slightly ahead of expectations, predominantly driven by strong top line performance and partially offset by slightly higher SG&A spend. We continue to focus on adjusted operating margin expansion, and are maintaining our full year 2023 goal of approximately 26.4% adjusted operating margin, which would represent 80 basis points of improvement versus the full year 2022.

第二季度調整後營業利潤率為 26.8%，略高於預期，這主要是由強勁的營收業績推動的，但部分被略高的 SG&A 支出所抵消。我們繼續關注調整後營業利潤率的擴張，並維持 2023 年全年調整後營業利潤率約 26.4% 的目標，這意味著比 2022 年全年提高 80 個基點。

On a GAAP basis, the second quarter operating margin was 14.3%.

按 GAAP 計算，第二季度營業利潤率為 14.3%。

Moving to below the line, second quarter adjusted interest and other expenses totaled $93 million, slightly higher than expectations, driven by FX volatility in certain unhedged currencies. On an adjusted basis, our tax rate for the second quarter was 9.8%, slightly below expectations due to certain discrete tax items and a lower-than-anticipated operational tax rate of 13.2%, driven by our geographic mix of earnings in the quarter.

線下，第二季度調整後的利息和其他費用總計 9300 萬美元，略高於預期，這是由某些未對沖貨幣的外匯波動推動的。在調整後的基礎上，我們第二季度的稅率為9.8%，略低於預期，這是由於某些離散稅項造成的，而且由於我們本季度盈利的地域組合，運營稅率低於預期的13.2 %。

Fully diluted weighted average shares outstanding ended at 1.456 billion shares in Q2, which includes the issuance of 23.98 million common shares upon the conversion of our mandatory convertible preferred stock on June 1 of this year.

第二季度末，完全稀釋加權平均已發行股數為 14.56 億股，其中包括今年 6 月 1 日強制可轉換優先股轉換後發行的 2398 萬股普通股。

Free cash flow for the quarter was $514 million, with $658 million from operating activities, less $143 million net capital expenditures. Excluding special items, adjusted free cash flow was $730 million. We continue to target full year 2023 adjusted free cash flow in excess of $2.3 billion.

本季度自由現金流為 5.14 億美元，其中 6.58 億美元來自經營活動，減去 1.43 億美元的淨資本支出。不包括特殊項目，調整後的自由現金流為 7.3 億美元。我們繼續將 2023 年全年調整後自由現金流目標定為超過 23 億美元。

As of June 30, 2023, we had cash on hand of $426 million, and our leverage was 2.4x, in line with our expectations.

截至2023年6月30日，我們手頭現金為4.26億美元，槓桿率為2.4倍，符合我們的預期。

I'll now walk through guidance for Q3 and the full year. We expect full year 2023 operational revenue growth to be in a range of 11% to 12%, which excludes an approximate 50-basis-point headwind from foreign exchange. Excluding the impact of closed acquisitions and divestitures, we expect full year 2023 organic revenue growth to be in a range of 10% to 11% versus 2022. We expect third quarter 2023 operational revenue growth to be in a range of 8% to 10% versus Q3 2022, excluding an approximate 50-basis-point tailwind from foreign exchange based on current rates. Excluding the contribution from closed acquisitions and divestitures, we expect third quarter 2023 organic revenue growth to be in a range of 7% to 9%.

我現在將介紹第三季度和全年的指導。我們預計 2023 年全年營業收入增長將在 11% 至 12% 之間，其中不包括大約 50 個基點的外匯阻力。排除已完成收購和資產剝離的影響，我們預計2023 年全年有機收入增長將較2022 年在10% 至11% 之間。我們預計2023 年第三季度運營收入增長將在8% 至10% 之間與 2022 年第三季度相比，不包括根據當前匯率帶來的大約 50 個基點的外匯順風。排除已完成收購和資產剝離的貢獻，我們預計 2023 年第三季度有機收入增長將在 7% 至 9% 之間。

We continue to 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%. Under current legislation and forecasted geographic mix of sales, we now expect an adjusted tax rate of approximately 12.5%, reflecting favorable tax discretes recognized in the second quarter.

我們仍然預計 2023 年全年調整後的線下費用約為 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，我們目前預計調整後的稅率約為 12.5%，反映了第二季度確認的有利稅收離散因素。

We expect a fully diluted weighted average share count of approximately 1.475 billion shares for Q3 2023 and 1.464 billion shares for full year 2023. We expect full year adjusted earnings per share to be in a range of $1.96 to $2, representing 15% to 17% growth versus 2022, which we believe delivers top-tier financial performance.

我們預計2023 年第三季度的完全稀釋加權平均股數約為14.75 億股，2023 年全年為14.64 億股。我們預計全年調整後每股收益將在1.96 美元至2 美元之間，佔15 % 至17%與 2022 年相比的增長，我們認為這將帶來頂級的財務業績。

We continue to anticipate a neutral impact from FX on our full year 2023 adjusted earnings per share, and we expect third quarter adjusted earnings per share to be in a range of $0.46 to $0.48. For more information, please check our Investor Relations website for Q2 2023 financial and operational highlights, which outlines more details on Q2 results and 2023 guidance.

我們繼續預計外匯對 2023 年全年調整後每股收益的影響為中性，並且我們預計第三季度調整後每股收益將在 0.46 美元至 0.48 美元之間。欲了解更多信息，請查看我們的投資者關係網站，了解 2023 年第二季度的財務和運營亮點，其中概述了有關第二季度業績和 2023 年指導的更多詳細信息。

In closing, I'm very proud of our first half financial performance with top-tier organic revenue growth of 13%, adjusted operating margin of 26.2% and adjusted earnings per share growth of 20%, all contributing towards our top-tier financial goals. I look forward to continued momentum in the second half of 2023. And with that, I'll turn it back to Lauren, who will moderate the Q&A.

最後，我對我們上半年的財務業績感到非常自豪，頂級有機收入增長13%，調整後營業利潤率為26.2%，調整後每股收益增長20%，所有這些都有助於實現我們的頂級財務目標。我期待 2023 年下半年繼續保持這種勢頭。接下來，我將把話題轉回給 Lauren，他將主持問答環節。

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

謝謝，丹。凱爾，讓我們在接下來的 35 分鐘左右的時間裡提問。 （操作員指示）凱爾，請繼續。

(Operator Instructions) The first question comes from Robbie Marcus with JPMorgan.

（操作員說明）第一個問題來自摩根大通的 Robbie Marcus。

Congrats on a really nice quarter. Maybe with my one question. It looks like you guys beat pretty much across the board with the exception of Neuromodulation. It looks like it was a really strong geographically as well, split across the regions. We've heard from some public statements from managed care companies that outpatients saw kind of a bolus in utilization, but it looks like it was global as well. So I'd love to get the read from you on what you're seeing, what's underlying demand, what is maybe onetime upside, and what you're seeing in the different regions around the world? And if there's any difference inpatient, outpatient, cardio versus non-cardio?

恭喜您度過了一個非常美好的季度。也許我的一個問題。看來除了神經調節之外，你們幾乎在所有方面都取得了勝利。看起來它在地理上也非常強大，分佈在各個地區。我們從管理式醫療公司的一些公開聲明中得知，門診患者的使用量有所增加，但看起來也是全球性的。因此，我很想听聽您所看到的情況、潛在需求是什麼、可能存在的一次性上漲空間以及您在世界不同地區看到的情況？住院、門診、有氧運動與非有氧運動是否有什麼區別？

So as you know, our portfolio is with the interventional procedures that we offer are very geared to an outpatient setting, in which we think is very positive trend and strategy for the long-term outlook for Boston Scientific. That's where the market is moving towards. So just a quick snapshot around the world. Japan had a very strong quarter, just -- really that's primarily portfolio-related. China had an excellent quarter. There was an easier comp in second quarter last year due to COVID impact. But I think that whole outpatient dynamic doesn't really play as significantly as much in Asia Pac there. But really, it's more portfolio related for Japan, some COVID benefit, but great performance in China. And I think what's impressive about Europe, it's really across the board, across all the regions and the emerging markets. Some slowness in Russia, but we're lightly exposed in Russia, less than 1%. And U.S. grew 9% as well.

如您所知，我們提供的介入手術產品組合非常適合門診環境，我們認為這對波士頓科學公司的長期前景來說是非常積極的趨勢和戰略。這就是市場正在走向的方向。這只是世界各地的一個快速快照。日本的季度表現非常強勁，這實際上主要與投資組合相關。中國的季度表現非常出色。由於新冠疫情的影響，去年第二季度的業績比較容易。但我認為整個門診動態在亞太地區並沒有那麼重要。但實際上，這更多的是與日本的投資組合相關，一些新冠疫情帶來的好處，但在中國表現出色。我認為歐洲令人印象深刻的一點是，它確實是全面的，遍及所有地區和新興市場。俄羅斯有些緩慢，但我們在俄羅斯的暴露程度較低，不到 1%。美國也增長了 9%。

You've seen a bit higher proportion of outpatient procedures in the U.S than some of the other regions. But we continue to see just very strong patient demand. There's still typically a very common wait list for most of our procedures for physicians. So it's a very steady supply, and we have a terrific portfolio to meet the market.

您已經看到美國的門診手術比例比其他一些地區要高一些。但我們仍然看到患者需求非常強勁。我們為醫生提供的大多數手術通常仍然有一個非常常見的等待名單。因此，供應非常穩定，我們擁有出色的產品組合來滿足市場需求。

Our next question comes from Joanne Wuensch with Citi.

我們的下一個問題來自花旗銀行的 Joanne Wuensch。

As soon as you print this very good quarter, I'm going to get 15 questions about -- or more about what to expect for ESC and for the analyst meeting. So maybe you can sort of set or level set what you expect or how we should think about putting those through events within the right framework?

一旦你打印出這個非常好的季度，我將收到 15 個問題，或者更多關於對 ESC 和分析師會議的期望。因此，也許您可​​以設定或設定您的期望，或者我們應該如何考慮將這些事件置於正確的框架內？

Sure. Maybe Dr. Stein comment, and I'll see if I need to comment further afterwards.

當然。也許斯坦博士會發表評論，我會看看之後是否需要進一步發表評論。

Yes. Thanks, Mike. Thanks, Joanne. Obviously, our big highlight at ESC is going to be the release of the data from ADVENT, which is, I think everyone is aware, at this point, our IDE trial to seek approval of FARAPULSE in the United States. We're really proud of the rigor of that trial. It is the first randomized trial in this space, comparing pulsed field ablation with FARAPULSE system against thermal ablation with RS and cryo. It's an incredibly rigorous design in terms of the endpoints and the monitoring, and we look forward to sharing those results in public.

是的。謝謝，邁克。謝謝，喬安妮。顯然，我們在 ESC 的一大亮點將是 ADVENT 數據的發布，我想每個人都知道，此時我們正在進行 IDE 試驗，以尋求 FARAPULSE 在美國的批准。我們對這次審判的嚴格性感到非常自豪。這是該領域的第一個隨機試驗，將 FARAPULSE 系統的脈衝場消融與 RS 和冷凍的熱消融進行了比較。就端點和監控而言，這是一個極其嚴格的設計，我們期待公開分享這些結果。

Yes, sort of additional comment on FARAPULSE in the quarter. Really pleased to see the increased utilization in Europe. We still have been supply chain constrained with our councils in Europe. So the demand for the platform far exceeds our ability to supply thus far, which we've reported out for a number of quarters in a row. But what's exciting, we just recently received GMED approval for manufacturing approval to actually manufacture this in Minnesota, where we are here. And so we do anticipate with the capabilities of the European team and the materials work by the supply chain, that we expect a significant increase in availability of new accounts in the fourth quarter of 2023, and that continuing on in 2024 well in advance of the launch in the U.S.

是的，本季度對 FARAPULSE 的一些補充評論。非常高興看到歐洲利用率的提高。我們的供應鏈仍然受到歐洲委員會的限制。因此，對該平台的需求遠遠超過了我們迄今為止的供應能力，我們已經連續幾個季度報告了這一情況。但令人興奮的是，我們最近剛剛獲得 GMED 的製造批准，可以在我們所在的明尼蘇達州實際製造該產品。因此，我們確實預計，憑藉歐洲團隊的能力和供應鏈的材料工作，我們預計 2023 年第四季度新客戶的可用性將顯著增加，並且這種情況將在 2024 年持續下去，早於在美國推出

So really proud of the supply chain team in this environment to build this capability internally to meet the demand. And you should expect a number of new centers opening in the fourth quarter. But the utilization is what surprised me. The utilization growth within the served centers in Europe continues to be impressive, which speaks to the performance of the platform.

因此，供應鏈團隊在這種環境下在內部構建這種能力來滿足需求感到非常自豪。您應該預計第四季度將開設許多新中心。但使用率卻讓我感到驚訝。歐洲服務中心的利用率增長繼續令人印象深刻，這說明了該平台的性能。

And then specific to Investor Day, Joanne, which is coming up here on September 20 for us, I would expect to see what you've seen in past investor days. You'll see the team give us a sense of what we think we can do with our financial goals over the next 3 years. So a formula, it's worked pretty well for us in our past investor days, and I would look for us to do the same here in September.

然後具體到投資者日，Joanne，我們將於 9 月 20 日來到這裡，我希望看到您在過去的投資者日中看到的情況。您會看到團隊讓我們了解我們認為可以在未來 3 年實現我們的財務目標。因此，這個公式在我們過去的投資者時代對我們來說非常有效，我希望我們在 9 月份也能這樣做。

Our next question comes from Rick Wise with Stifel.

我們的下一個問題來自 Stifel 的 Rick Wise。

Dan, maybe focusing on the excellent margin performance. Operating margins were particularly stand out and the divisional performance, I mean, MedSurg up 410 basis points, Cardiovascular up 240 basis points. Help us understand maybe a little more detail the drivers. Is it volume? Is it mix? And to what extent did price play a role? And I'm not quite sure I'm understanding your commentary, Dan, about second half margins as well?

丹，也許關注的是出色的利潤率表現。營業利潤率和部門表現尤其突出，我的意思是，醫療外科增長了 410 個基點，心血管增長了 240 個基點。幫助我們更詳細地了解驅動程序。是體積嗎？是混合的嗎？價格在多大程度上發揮了作用？丹，我不太確定我是否理解你對下半場利潤的評論？

Sure. Let me try and put a finer point on that, Rick. So for the first half, we ended at 26.2% operating margin with a real strong 26.8% in the second quarter, which puts us in a good spot for our full year target, which is the 26.4%. Specific to Q2 and the 26.8%, for us, it's always about achieving the overall operating margin goals. And I think history would show that we manage all lines of the P&L pretty well to accomplish that objective. So in any given period, you may see one area of the P&L might contribute more or less. But the ultimate goal is, obviously, to get to that bottom line.

當然。讓我試著更詳細地闡述這一點，里克。因此，上半年我們的營業利潤率為 26.2%，第二季度達到了 26.8%，非常強勁，這使我們處於實現全年目標 26.4% 的良好位置。具體到第二季度和 26.8%，對我們來說，始終是為了實現整體營業利潤率目標。我認為歷史會證明我們很好地管理了損益表的所有項目以實現這一目標。因此，在任何給定時期，您可能會看到損益表的某個領域可能會或多或少地做出貢獻。但顯然，最終目標是達到這一底線。

And then really specific to Q2, I'm really happy that we got to that 26.8% adjusted operating margin. It's 160 basis points better than last year. And we were also able to accelerate some key SG&A investments to ensure the success of some of those upcoming transformational launches that we have starting here, hopefully, this year with our cryo launch. So for us, it's always about all areas of the P&L can contribute to the overall operating margin story. Relative to first half, second half, the gross margin, which was a little north of 71% for the first half should be lower in the second half, should be more in line with where we were in the second half of last year, kind of in that 70.5% range for the second half. But the operating margin for the second half will get us -- will be higher than it was in the first half and obviously get us to that 26.4% goal for the year.

然後具體到第二季度，我真的很高興我們達到了 26.8% 的調整後營業利潤率。比去年好160個基點。我們還能夠加快一些關鍵的銷售、一般費用投資，以確保我們即將推出的一些轉型產品取得成功，希望從今年我們的低溫產品推出開始。因此，對我們來說，始終關注損益表的所有領域都能對整體運營利潤率做出貢獻。相對上半年來說，下半年的毛利率，上半年是71%以上，下半年應該會更低，應該更符合我們去年下半年的水平，有點下半年在 70.5% 的範圍內。但下半年的營業利潤率將會高於上半年，並且顯然會幫助我們實現今年 26.4% 的目標。

The reason for the gross margin being lower in the second half, as we've said, is the FX movements in 2022. So as you go forward, I think lower gross margin in the second half, but higher operating margin in the second half to get to that 26.4%. And one little slight quarterly nuance is, I would expect to see a step down in Q3 relative to that 26.8% that we posted in Q2, and then a step up in Q4 to get to the overall number to get to 26.4% for the year. So hopefully, that gives you a little bit of flavor of how we were thinking about it in Q2 and what the second half would bring to get us to that 26.4% for the year.

正如我們所說，下半年毛利率較低的原因是 2022 年的外匯走勢。因此，隨著你的前進，我認為下半年毛利率較低，但下半年營業利潤率較高達到26.4%。季度的一個細微差別是，我預計第三季度相對於第二季度的 26.8% 會有所下降，然後第四季度會有所上升，使全年總數達到 26.4% 。希望這能讓您了解我們在第二季度的想法以及下半年將如何讓我們達到今年 26.4% 的目標。

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。

I'll reiterate my congratulations at another strong quarter here. Dr. Stein, on ADVENT, just using the same definition of success in ADVENT as manifest, I think the success rate was 74%. So what differences do we need to consider between the 2 studies? And how much do you think those differences could impact the results for FARAPULSE? And separately, what have the success rates been with RF and cryo in previous studies when using the same criteria as ADVENT? Sorry for the long question. Just lastly, if FARAPULSE is numerically lower on success or efficacy versus RF and cryo, how do you think it will impact adoption?

我將在此重申對又一個強勁季度的祝賀。 Stein博士，在《ADVENT》中，僅使用《ADVENT》中與《Manifest》相同的成功定義，我認為成功率為74%。那麼我們需要考慮這兩項研究之間的哪些差異？您認為這些差異會對 FARAPULSE 的結果產生多大影響？另外，在之前的研究中，使用與 ADVENT 相同的標準時，射頻和冷凍的成功率是多少？抱歉問了這麼長的問題。最後，如果 FARAPULSE 的成功率或功效在數字上低於射頻和冷凍技術，您認為它將如何影響採用？

Yes. Sure, Larry. There's a lot there. Let me start right, again, reinforce to everyone. The definition of "success" is very different across a lot of the trials. And ADVENT, I think, has the most rigorous definition of what constitutes success, frankly, compared to any trial that's ever been done in this space, whether it's PFA or whether it's thermal ablation. And so specifically, right, ADVENT is a randomized trial and that requires patients to have success to have no arrhythmia recurrence, cannot continue taking antiarrhythmics drugs even at doses that had previously failed and cannot be re-ablated during the so-called 3-month blanking period after the index ablation.

是的。當然，拉里。那裡有很多東西。讓我再次開始吧，向大家強調。在許多試驗中，“成功”的定義有很大不同。坦率地說，我認為 ADVENT 對成功的定義是最嚴格的，與該領域迄今為止進行的任何試驗相比，無論是 PFA 還是熱消融。所以具體來說，ADVENT 是一項隨機試驗，要求患者成功避免心律失常復發，不能繼續服用抗心律失常藥物，即使劑量以前已經失敗，並且在所謂的 3 個月內不能重新消融索引消融後的空白期。

It also includes a very rigorous screening for asymptomatic arrhythmias, including 3 days of periodic Holter monitoring throughout, of course, the 1-year follow-up in the study. I think because of that, there's really no way to make apples-to-apples comparisons across the trials.

它還包括對無症狀心律失常的非常嚴格的篩查，包括整個過程中為期 3 天的定期動態心電圖監測，當然還有研究中的 1 年隨訪。我認為正因為如此，確實沒有辦法在試驗中進行同類比較。

And the other thing I'd do in terms of expectation, we'd refer everyone back to the design manuscript for the ADVENT study, which is now published online in Heart Rhythm. And this study was designed around to achieve optimal power around an assumed success rate using this definition of 65% in both the thermal and the FARAPULSE arms. And again, to remind everyone, the studies were powered for noninferiority. And from our standpoint, then success would constitute a demonstration of noninferiority both for safety and for efficacy.

就期望而言，我要做的另一件事是，我們會讓每個人回顧 ADVENT 研究的設計手稿，該手稿現已在線發表在《心律》雜誌上。這項研究的目的是在熱力臂和 FARAPULSE 臂中使用 65% 的定義，在假設的成功率周圍實現最佳功率。再次提醒大家，這些研究的證據是非劣效性的。從我們的角度來看，成功將證明安全性和有效性均不遜色。

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

我們的下一個問題來自美國銀行的 Travis Steed。

Congrats on a good quarter. Just maybe following up to Larry's question, how would you frame up the commercial opportunity for FARAPULSE for the market growth and share kind of based on the various potential outcomes for ADVENT? And I think you said it's the most exciting product launch in your career, but just curious how you think the commercial opportunity frames out based on how ADVENT comes out? And then curious if you've seen the data yet or are you still blinded to the data?

祝賀季度表現良好。也許緊接著 Larry 的問題，您將如何根據 ADVENT 的各種潛在結果來構建 FARAPULSE 的市場增長和份額商業機會？我想你說過這是你職業生涯中最激動人心的產品發布，但只是好奇你認為商業機會是如何根據 ADVENT 的出現而形成的？然後好奇您是否已經看過這些數據，或者您仍然對這些數據視而不見？

Yes. We're obviously very bullish. WATCHMAN has been a pretty amazing product launch as well. Sometimes it gets drowned out and some of these would be continued momentum in that category and the growth of that market. But FARAPULSE is very exciting for us. We've been investing for quite a while post acquisition to build up manufacturing capabilities, which is the most important thing we could do to meet the demand that we're seeing in Europe and in certain countries in Asia Pac. So we're very pleased with that milestone. And as I commented earlier, expect to drive a number of new installs in the fourth quarter. I also mentioned just the ongoing increase in utilization. So the physicians who are using that in Europe and selected markets in Asia continue to drive more usage of it, which really is a terrific sign, very similar to what we saw with WATCHMAN throughout that progress.

是的。我們顯然非常看好。 WATCHMAN 的發布也是一個非常令人驚嘆的產品。有時它會被淹沒，其中一些將是該類別的持續動力和該市場的增長。但 FARAPULSE 對我們來說非常令人興奮。收購後我們已經投資相當長一段時間來建立製造能力，這是我們為滿足歐洲和亞太地區某些國家的需求所能做的最重要的事情。所以我們對這個里程碑感到非常滿意。正如我之前評論的那樣，預計第四季度將推動大量新安裝。我還提到了利用率的持續增長。因此，在歐洲和亞洲特定市場使用該技術的醫生繼續推動更多的使用，這確實是一個了不起的跡象，與我們在 WATCHMAN 整個過程中看到的情況非常相似。

We also have a very strong clinical trial cadence with our persistent trial, ADVANTAGE, which is enrolling very quickly in other trials that we've announced as well as ongoing enhancements of the portfolio. So we have the R&D to continue to strengthen the portfolio, the clinical science studies to continue to advance it, and it's the fastest growing -- one of the fastest-growing fields along with WATCHMAN in med tech, where we have a very low share. We know it's a very competitive market, but we feel we have many advantages with FARAPULSE and really driving the clinical data in this field, and we also have the commercial infrastructure to exploit the opportunity. So we're very bullish on it, and we're looking forward to the ADVENT release.

我們的持續試驗 ADVANTAGE 也擁有非常強大的臨床試驗節奏，該試驗正在快速註冊到我們已宣布的其他試驗以及產品組合的持續增強中。因此，我們有研發來繼續加強產品組合，有臨床科學研究來繼續推進它，它是增長最快的——與醫療技術領域的WATCHMAN 一起是增長最快的領域之一，我們在該領域的份額非常低。我們知道這是一個競爭非常激烈的市場，但我們認為 FARAPULSE 具有許多優勢，並且真正推動了該領域的臨床數據，而且我們還擁有商業基礎設施來利用這一機會。所以我們非常看好它，並且期待 ADVENT 的發布。

Our next question comes from Danielle Antalffy with UBS.

我們的下一個問題來自瑞銀集團的 Danielle Antalffy。

Congrats to Maulik. He was always a pleasure to work with. If you could pass along my best to him, I'd appreciate it. And my question is really around just thinking about the back half of the year top line growth guidance. It does organically move higher. And I just want to make sure I understand all the puts and takes there. Obviously, back half of the year does get a little bit tougher from a comp perspective on an organic basis, but does reflect some deceleration. I want to basically understand how much of this is just prudent conservatism on your part, which you guys tend to do, versus some real product-driven or business-driven things we need to consider when looking at the back half?

恭喜毛利克。和他一起工作總是很愉快。如果你能把我最好的東西轉達給他，我將不勝感激。我的問題實際上只是考慮今年下半年的營收增長指導。它確實有機地走高。我只是想確保我理解所有的看跌期權和拿單。顯然，從有機的競爭角度來看，今年下半年確實會變得更加艱難，但確實反映出一些減速。我想從根本上了解這在多大程度上只是你們的謹慎保守主義（你們傾向於這樣做），而不是我們在考慮後半部分時需要考慮的一些真正的產品驅動或業務驅動的事情？

Sure, Danielle. I think I can take that one. If you look at the second half, take the full year of 10% to 11%, which I'm super excited about. I mean they have a fully double-digit range for the full year for organic revenue growth, it's exciting, and I'm proud of that. And when you look at the second half, the guidance we've given for the third quarter is 7% to 9%, so 8% at the midpoint. And then the implied is 7% to 9% for the fourth quarter to get to that, coupled with the first half performance, that's what gets you to that 10% to 11% full year result. And I think that's appropriate and prudent guidance with where we are.

當然，丹妮爾。我想我可以接受那個。如果你看看下半年，全年增長率為 10% 到 11%，我對此感到非常興奮。我的意思是，他們全年的有機收入增長完全達到兩位數，這令人興奮，我為此感到自豪。當你看下半年時，我們給出的第三季度指導是 7% 到 9%，所以中間是 8%。然後隱含的是第四季度 7% 到 9% 的業績，再加上上半年的業績，這就是全年業績 10% 到 11% 的原因。我認為這是對我們目前狀況的適當和審慎的指導。

The comps, they're a little harder in the second half. I think it's like 100 basis points harder in the second half than they are in the first half. But overall, I think that 7% to 9% is appropriate, prudent for the second half. And if it gets us to that 10% to 11% for the full year, I think that will be a really successful year, coupled with 80 basis points of margin expansion and EPS growth of 15% to 17%, adjusted EPS for the year. I'd call that a pretty good year for the company.

比賽方面，下半場有點困難。我認為下半年比上半年困難了 100 個基點。但總體來說，我認為7%到9%是合適的，下半年要謹慎。如果它讓我們全年達到10% 到11%，我認為這將是一個真正成功的一年，再加上利潤率擴張80 個基點，每股收益增長15% 到17%（調整後的全年每股收益） 。我認為這對公司來說是非常好的一年。

Our next question comes from Matt Taylor with Jefferies.

我們的下一個問題來自杰弗里斯的馬特·泰勒。

Dan, I had one more conceptually on margins, I guess. I wanted to understand some of the key puts and takes for margin expansion going forward. And specifically, I think a lot of investors are focused on inflation kind of abating and the potential for you to get savings on things like freight and lower component costs. Do you think that we could see any of that be good guides for margins in '24 and beyond, and maybe just speak to the high-level factors there, if you could?

丹，我想我在邊緣還有一個概念。我想了解未來利潤擴張的一些關鍵看跌期權和期權。具體來說，我認為很多投資者都關注通貨膨脹的減弱以及您在運費和降低零部件成本等方面節省成本的潛力。您認為我們可以看到其中任何一個對 24 年及以後的利潤率有很好的指導作用嗎？如果可以的話，也許只是談談那裡的高層因素？

Sure. I'll start at the kind of the overall operating margin level. So if you say that we achieved the 26.4% adjusted operating margin goal for this year, the good news is there's still a long runway of margin expansion journey for us, well beyond that 26.4%. We've said publicly many times that we believe that 30% plus is a very reasonable target for the company. There's nothing structurally that prevents us from getting there. And to the extent that you have a durably, consistently growing top line, it just gives you a number of leverage opportunities to continue to grow that. So you have that kind of as a backdrop.

當然。我將從整體營業利潤率水平開始。因此，如果你說我們今年實現了 26.4% 的調整後營業利潤率目標，那麼好消息是我們的利潤率擴張之路還有很長的路要走，遠遠超出 26.4%。我們多次公開表示，我們認為30%以上對於公司來說是一個非常合理的目標。從結構上來說，沒有什麼可以阻止我們實現這一目標。如果您擁有持久、持續增長的營收，它只會為您提供許多繼續增長的槓桿機會。所以你有這樣的背景。

Specific to areas of the P&L, I think the inflation piece is largely hitting gross margin. And we said that we had the $375 million of impact in '22 versus 2019 in gross margin. And in this year, it's basically stayed relatively consistent. So it's not a headwind or a tailwind versus last year, but obviously, a headwind versus that 72.4% margin that we were in 2019.

具體到損益表領域，我認為通脹因素很大程度上影響了毛利率。我們說過，與 2019 年相比，我們 22 年的毛利率產生了 3.75 億美元的影響。而今年以來，基本保持相對穩定。因此，與去年相比，這既不是逆風也不是順風，但顯然，與 2019 年 72.4% 的利潤率相比，這是逆風。

So specific to your question around what happens going forward, I don't think we'll see a lot of inflationary abatement in '23. I think the guidance that we've given assumes we're kind of in, but we are where we are for the year. But as we look forward to '24 and beyond, yes, I mean, this year, the full year gross margin is -- will be kind of approaching 71% for the year. So that's a gap to where we used to be. And our goal, we're maniacally focused on getting back to that level. We do need some macro help in that, as you mentioned. So some of the elements of it, freight, we do see that getting a little better. The inflationary impact of the cost of the inputs into our manufacturing process, which we see that abating over time. And then the consistency of the supply of the materials into our manufacturing process has improved.

因此，具體到你關於未來會發生什麼的問題，我認為我們不會在 23 年看到通脹大幅下降。我認為我們給出的指導假設我們已經進入了狀態，但我們今年的情況是這樣的。但當我們展望 24 世紀及以後時，是的，我的意思是，今年全年毛利率將接近 71%。所以這與我們過去的水平存在差距。我們的目標是，我們瘋狂地專注於回到那個水平。正如您提到的，我們確實需要一些宏觀幫助。因此，其中的一些要素，例如貨運，我們確實看到情況有所好轉。我們的製造過程的投入成本對通貨膨脹的影響，我們看到這種影響隨著時間的推移而減弱。然後，我們製造過程中材料供應的一致性就得到了提高。

I mean, frankly, that's improved, but it's not back to where it used to be. So we still -- it is choppier than we'd like to see it. And that does impact your ability to really run a really efficient manufacturing process. So I think '23 kind of, as I said, we are where we are. When you get to '24 and beyond, I think there is an opportunity for gross margin to continue to contribute. Frankly, I think all areas of the P&L can contribute, both areas in OpEx, SG&A and R&D, we can be more efficient. In R&D, we certainly can be more efficient overall in SG&A. And if gross margin can move north of that, approaching 71% that we have for this year, I'm excited about the opportunity for margin expansion going forward.

我的意思是，坦率地說，情況有所改善，但還沒有回到以前的水平。所以我們仍然——它比我們希望看到的更加不穩定。這確實會影響您真正運行真正高效的製造流程的能力。所以我認為，正如我所說，23 歲月我們就處於現在的位置。當你到了 24 年及以後，我認為毛利率有機會繼續貢獻。坦率地說，我認為損益表的所有領域都可以做出貢獻，包括運營支出、SG&A 和研發領域，我們可以提高效率。在研發方面，我們當然可以在銷售、管理和行政方面提高整體效率。如果毛利率能夠突破這個數字，接近今年的 71%，我對未來利潤率擴張的機會感到興奮。

Our next question comes from Matt O'Brien with Piper Sandler.

我們的下一個問題來自馬特·奧布萊恩和派珀·桑德勒。

This is Sam Kurtz on for Matt. Congrats on a great quarter. And I guess we would like to touch on the guidance again. And maybe could you tell us a little bit about where you're most excited heading into the second half of the year and where we could potentially see that upside?

我是山姆·庫爾茨 (Sam Kurtz) 替馬特 (Matt) 發言。恭喜您度過了一個出色的季度。我想我們想再次討論指導。也許您能告訴我們一些關於下半年您最興奮的地方以及我們可能在哪些方面看到這種好處嗎？

Yes. Thank you. It's -- I'm trying to be vague. As you saw in the first half results, the results are really broad-based across the company and across each region. Excellent growth in Asia Pac and Japan and China, continued share taking in Europe and excellent performance in the U.S. So it's really not one region driving it, which should give investors a lot of confidence and just the momentum and durable growth of the company. The standouts, there are a number of them.

是的。謝謝。這是——我試圖含糊其辭。正如您在上半年的結果中看到的那樣，整個公司和每個地區的結果確實具有廣泛的基礎。亞太地區、日本和中國的出色增長，歐洲的持續持股以及美國的出色表現，因此這確實不是一個地區的推動因素，這應該會給投資者帶來很大的信心，以及公司的動力和持久增長。脫穎而出的，有很多。

You continue to see WATCHMAN performance very strong. That market continues to grow well in excess of 20%. We continue to take a little bit of share in that category. And we're very excited in the future about the launches of the [distributable sheets] and the next-gen WATCHMAN FLX Pro and the potential of these market-expanding trials, which will read out in a couple of years here. So that platform continues to do very well.

您會繼續看到 WATCHMAN 的性能非常強勁。該市場繼續以超過 20% 的速度高速增長。我們繼續在該類別中佔據一點份額。我們對未來 [可分發表] 和下一代 WATCHMAN FLX Pro 的推出以及這些市場擴展試驗的潛力感到非常興奮，這些試驗將在幾年後在這裡公佈。所以這個平台繼續表現得很好。

Our coronary business did excellent. We're seeing nice results of AGENT in the U.S. We'll be launching that in 2024, which really reverses any declining trend in drug-eluting stents, and that complex coronary business continues to do well. We saw a great strong growth in PI and Endo, Uro. We had some softness in our Neuromod business. We anticipate that to get better in the second half. So really, it's a continued momentum. And what we'll highlight at Investor Day is some of the questions we received today. We have some potential very big growth drivers with ongoing WATCHMAN momentum in our entire EP business with the launch of cryo, which we anticipate in the third quarter this year, and FARAPULSE, which has been discussed at great length.

我們的冠狀動脈業務表現出色。我們看到 AGENT 在美國的良好業績，我們將在 2024 年推出該產品，這確實扭轉了藥物洗脫支架的下降趨勢，並且複雜的冠狀動脈業務繼續表現良好。我們看到 PI 和 Endo、Uro 的強勁增長。我們的 Neuromod 業務有些疲軟。我們預計下半年情況會好轉。所以確實，這是一個持續的勢頭。我們將在投資者日重點介紹我們今天收到的一些問題。我們有一些潛在的非常大的增長動力，隨著我們預計在今年第三季度推出的冷凍產品和我們已經詳細討論過的 FARAPULSE，我們整個 EP 業務中持續不斷的 WATCHMAN 勢頭。

So just good momentum and extremely exciting launches coming that we'll detail out at Investor Day.

因此，良好的勢頭和極其令人興奮的發布即將到來，我們將在投資者日詳細介紹。

Our next question comes from Matt Miksic with Barclays.

我們的下一個問題來自巴克萊銀行的馬特·米克西奇。

And congrats on a super strong quarter. So really impressed with the breaking into double digits. So Dan, I want to just follow up on cash flows and cash flow conversion and sort of what the puts and takes there have been in the first half? What your expectations are in the back half, and your intermediate long-term goals there? I'm sure you'll talk more about at the Analyst Meeting, but anything you can share now?

並祝賀一個超級強勁的季度。突破兩位數的成績給我留下了深刻的印象。丹，我只想跟進現金流量和現金流量轉換，以及上半年的看跌期權和賣出情況？您對下半年的期望是什麼？您的中期長期目標是什麼？我相信您會在分析師會議上談論更多內容，但您現在可以分享什麼嗎？

And then also just on cash, if I could. You have so many things going on in that portfolio and in your clinical programs, but I'd love to get your sort of posture on the business development front and your efforts to find and invest in additional technology and assets?

如果可以的話，也只用現金。您在該產品組合和臨床項目中發生了很多事情，但我很想了解您在業務開發方面的態度以及您在尋找和投資額外技術和資產方面所做的努力？

Sure. So on free cash flow, I'm really happy with Q2. Strong free cash flow quarter, both sequentially and year-over-year. To your point, conversion, it's an area of focus for us, an area of opportunity that has our attention and one we're looking to improve on as we go forward. As I've said in the past, there's a couple of kind of key reasons, one of which is our GAAP operating income is lower than some of our peers. We're doing a pretty good job of closing that gap over time, and that will be a key contributor. And then the acquisitive nature of what we do is -- can be a bit of a [hand string] there, but I would look for -- as you said, at Investor Day, I'd look for us to give some pretty concrete goals relative to what we think we can do over that LRP period in the next 3 years to improve the conversion ratio that we have.

當然。因此，就自由現金流而言，我對第二季度非常滿意。本季度自由現金流強勁，無論是環比還是同比。就您而言，轉化是我們關注的一個領域，一個引起我們關注的機會領域，也是我們在前進過程中尋求改進的一個領域。正如我過去所說，有幾個關鍵原因，其中之一是我們的 GAAP 營業收入低於一些同行。隨著時間的推移，我們在縮小這一差距方面做得非常好，這將是一個關鍵的貢獻者。然後，我們所做的事情的收購本質是——可能有點[手繩]，但我會尋找——正如你所說，在投資者日，我會尋找我們提供一些非常具體的信息與我們認為在未來3 年LRP 期間可以做的事情相關的目標，以提高我們的轉化率。

And again, it's a focus area for us and something that we will look to improve on going forward. And I think your second question was on cash and M&A, is that fair?

再說一遍，這是我們的重點領域，也是我們未來將尋求改進的領域。我認為你的第二個問題是關於現金和併購，這公平嗎？

Yes, yes, exactly. Yes.

是的，是的，完全正確。是的。

Yes. So I mean our capital allocation strategy has been remarkably consistent, right? It's all about the #1 priority being high-quality tuck-in M&A. It's still our #1 priority. We continue to look at opportunities in conjunction with our financial goals. We have closed 2 deals this year. The acquisition of Apollo closed in April, and then our acquisition of a stake in Acotec, the Chinese company, closed in February. So we've closed a couple this year. We continue to look to be active in the M&A space, and that remains our #1 capital allocation priority.

是的。所以我的意思是我們的資本配置策略非常一致，對吧？這一切的第一要務就是高質量的併購。這仍然是我們的第一要務。我們繼續結合我們的財務目標尋找機會。今年我們已經完成了 2 筆交易。對 Apollo 的收購於 4 月完成，隨後我們對中國公司 Acotec 股份的收購於 2 月完成。所以我們今年關閉了幾個。我們繼續積極參與併購領域，這仍然是我們的第一資本配置優先事項。

Our next question comes from Marie Thibault with BTIG.

我們的下一個問題來自 BTIG 的 Marie Thibault。

Nice quarter. I wanted to ask here on POLARx, the cryo catheter. You have that coming to the U.S. in the second half of this year. I know it's had pretty great success in Europe, but given some of the supply dynamics happening with FARAPULSE, it sounds like manufacturing will ease there for FARAPULSE. And the timing of the FARAPULSE launch here in the U.S. How are you thinking about that POLARx launch here in the U.S.? Can that same success be replicated here, do you think?

不錯的季度。我想在這裡詢問有關 POLARx（冷凍導管）的問題。今年下半年，這種產品將登陸美國。我知道它在歐洲取得了相當大的成功，但考慮到 FARAPULSE 發生的一些供應動態，聽起來 FARAPULSE 的製造將會放鬆。 FARAPULSE 在美國推出的時間。您如何看待 POLARx 在美國的推出？您認為同樣的成功可以在這裡複製嗎？

Yes. Thank you. POLARx is doing extremely well in Japan, doing quite well in Europe as well, where we also are selling FARAPULSE, as you indicated. We do not have the constraints on POLARx from a supply standpoint. So the team has been well ahead of that. So there's no limitations there. We do anticipate approval at some point, likely in the third quarter. So we'll have the supply to meet the demand. We have the commercial team in place. And the cryo market is quite substantial in the U.S. And certainly, doctors are very interested in FARAPULSE, but there's a number of cryo users there. Some physicians may be looking for even longer-term data on FARAPULSE. So we do see a nice market for cryo in the coming years. And that's an area that really hasn't seen any innovation in nearly a decade.

是的。謝謝。 POLARx 在日本做得非常好，在歐洲也做得很好，正如您所說，我們也在歐洲銷售 FARAPULSE。從供應角度來看，我們對 POLARx 沒有限制。因此，該團隊已經遙遙領先。所以那裡沒有限制。我們確實預計會在某個時候獲得批准，可能是在第三季度。因此，我們將有供應來滿足需求。我們有商業團隊。美國的冷凍市場相當大。當然，醫生對 FARAPULSE 非常感興趣，但那裡有很多冷凍用戶。一些醫生可能正在尋找 FARAPULSE 的更長期數據。因此，我們確實看到了未來幾年冷凍技術的良好市場。這個領域近十年來確實沒有出現任何創新。

And so we're excited about what POLARx delivers in terms of differentiating features. Physicians are anxious to try a new platform, and we had the demand to support it. So it's -- we're blessed to have both FARAPULSE coming in the U.S. and cryo as well as our mapping system to really meet the demands of the electrophysiologists. So we're excited about launching cryo.

因此，我們對 POLARx 在差異化功能方面提供的功能感到非常興奮。醫生們渴望嘗試一個新的平台，我們也有支持它的需求。所以，我們很幸運 FARAPULSE 來到美國，cryo 以及我們的繪圖系統能夠真正滿足電生理學家的需求。因此，我們對推出低溫技術感到很興奮。

Our next question comes from Patrick Wood with Morgan Stanley.

我們的下一個問題來自摩根士丹利的帕特里克·伍德。

Amazing. I'd love a little bit more detail if you could on the Endo business. Obviously, you did very well in the quarter. There's obviously a lot happening in that business overall. But maybe just giving us a sense of patient volumes relative to share pricing, like any details you can give around the single-use endoscopy, that kind of thing. I'd love any more details, if you could?

驚人的。如果您可以的話，我希望能提供更多有關遠藤業務的詳細信息。顯然，您在本季度的表現非常好。整個行業顯然發生了很多事情。但也許只是讓我們了解相對於股價的患者數量，就像你可以提供的有關一次性內窺鏡檢查的任何細節，諸如此類的事情。如果可以的話，我希望了解更多細節？

Thanks for the Endo question. It's just one of our very best businesses in the company, a very global business, a strong contributor to accretive OI margin and grew 12% in the quarter. And consistent with other quarters, on the portfolio, it's quite broad-based. We did see strong procedure volume in the quarter, which is positive. And so I would say the procedure volume overall is quite high in that arena. But still, as mentioned earlier, oftentimes waitlist, certainly in the U.S. and in Europe for that business. So we expect ongoing strong demand there.

感謝遠藤的提問。這是我們公司最好的業務之一，是一項非常全球化的業務，是 OI 利潤增長的重要貢獻者，本季度增長了 12%。與其他季度一樣，在投資組合上，它的基礎相當廣泛。我們確實看到本季度的手術量強勁，這是積極的。所以我想說，該領域的總體程序量相當高。但正如前面提到的，該業務通常需要等待，尤其是在美國和歐洲。因此，我們預計那裡的需求將持續強勁。

The Apollo acquisition, we're very excited about. The strategy within Endo is we have such a broad-based portfolio with so many SKUs that we are the clear category leader in that area. And we also, as you know, offer very differentiated technologies within that portfolio like SpyGlass, AXIOS and now Apollo and also the GESALT-D platform. So Apollo also adds this endoluminal suturing capability; the opportunity to expand into the endobariatric market, which we believe will be a high-growth area. Certainly, it is in Asia today, in Japan and in the U.S., the patients seek a less invasive form to have that bariatric procedure. And it couples nicely with the entire portfolio. So our customers enjoy doing broad-based contracts with our Endo business and the portfolio that we offer, supported by strong procedure volumes. So we'll continue to innovate in that business. And the scopes continue to contribute growth as well. So it's really broad-based across that portfolio.

我們對阿波羅的收購感到非常興奮。 Endo 的戰略是我們擁有基礎廣泛的產品組合和眾多 SKU，因此我們是該領域明顯的類別領導者。如您所知，我們還在該產品組合中提供非常差異化的技術，例如 SpyGlass、AXIOS 以及現在的 Apollo 和 GESALT-D 平台。所以Apollo還增加了這種腔內縫合的能力；有機會擴展到內分泌治療市場，我們相信這將是一個高增長領域。當然，在今天的亞洲、日本和美國，患者尋求一種侵入性較小的方式來進行減肥手術。它與整個產品組合完美結合。因此，我們的客戶喜歡與我們的遠藤業務和我們提供的產品組合簽訂廣泛的合同，並得到強大的手術量的支持。因此，我們將繼續在該業務中進行創新。並且範圍也繼續貢獻增長。因此，它在整個投資組合中具有廣泛的基礎。

Our next question comes from Vijay Kumar with Evercore.

我們的下一個問題來自 Evercore 的 Vijay Kumar。

Maybe my first one here, you look at [2023] double-digit organic, that's a pretty big number. Should we worry about comps? When you look at the outlook here, can you just remind us, the plus and minuses from a product perspective? What could be tailwinds, headwinds in fiscal '24?

也許是我在這裡的第一個，你看看[2023]兩位數的有機數字，這是一個相當大的數字。我們應該擔心比較嗎？當您看到這裡的前景時，您能從產品角度提醒我們一下優點和缺點嗎？ 24 財年的順風和逆風可能是什麼？

Yes. So we -- it's good for us to create tough comps. We didn't have an easy comp going into this year. It was about a 9% comp going into '23. So that's a pretty healthy comp. And you indicated what the guidance is. I won't repeat up too many of the other comments. It's broad-based momentum. So growing in that guidance range versus 9% comp is a strong year. And we'll give guidance obviously in January for 2024, and Dan will give some insights to our 3-year LRP at Investor Day.

是的。所以我們——創造強硬的比賽對我們有好處。今年我們的比賽並不輕鬆。 23 年的薪酬約為 9%。所以這是一個非常健康的組合。你指出了指導是什麼。我不會重複太多其他評論。這是基礎廣泛的勢頭。因此，在這一指導範圍內的增長相對於 9% 的比較來說是強勁的一年。我們將在 1 月顯然給出 2024 年的指導，Dan 將在投資者日對我們的 3 年 LRP 提供一些見解。

And we're really bullish about this next 3-year period based on these differentiated launches that -- based on the current momentum that we have in the business, the product cycle that we have and the opportunity to potentially take it up to another level over a 3-year period with these launches, many of which have been discussed on the call today, many of them coming out of the Cardio business. And also the benefit of the margin improvement opportunity that Dan outlined, which we think is a multiyear margin improvement opportunity for us and the increasing strength of the balance sheet.

基於這些差異化的發布，我們對未來三年非常樂觀——基於我們當前的業務勢頭、我們擁有的產品週期以及可能將其提升到另一個水平的機會這些產品的發布歷時三年，其中許多產品已在今天的電話會議上進行了討論，其中許多產品來自有氧運動業務。還有丹概述的利潤率改善機會的好處，我們認為這對我們來說是一個多年的利潤率改善機會，而且資產負債表的實力不斷增強。

So I think all those areas point to the momentum of the company, but we're excited about really the next chapter of the company, given the cadence of launches that really have been a bit more derisked, I would say, versus a year ago.

因此，我認為所有這些領域都表明了公司的勢頭，但我們對公司的下一個篇章感到非常興奮，因為我想說，與一年前相比，發布的節奏確實降低了一些風險。

Understood. That's helpful commentary. Dan, on the margin question, any one-offs that we should be aware of when we think of fiscal '24? Anything on FX, kind of [EVP], anything that's outside the normal operating leverage that Boston delivers that we should be thinking about?

明白了。這是很有幫助的評論。 Dan，關於利潤率問題，當我們考慮 24 財年時，我們應該注意哪些一次性事件？關於外彙的任何事情，比如[EVP]，任何超出波士頓提供的正常運營槓桿的事情，我們應該考慮嗎？

Yes. Obviously, with FX, we'll see where that is when we snap the line when we give guidance. So hard to comment on that now. And then there's always things that happen, (inaudible) and other things that happen in every year. So our goal will be to -- we'll hit that 26.4% for this year and continue to move that north over the LRP period. And again, as Mike said, look for us to be pretty prescriptive as what we think we can do at our Investor Day upcoming in September.

是的。顯然，對於外匯，當我們給出指導時，我們會看到它在哪裡。現在很難對此發表評論。然後每年都會發生一些事情（聽不清）和其他事情。因此，我們的目標是——今年我們將達到 26.4%，並在 LRP 期間繼續向北推進。再次，正如邁克所說，我們應該在 9 月即將到來的投資者日上製定我們認為可以做的事情。

Our last question comes from Jayson Bedford with Raymond James.

我們的最後一個問題來自傑森·貝德福德和雷蒙德·詹姆斯。

Just touching on an earlier question and trying to break out what's normalized market growth versus, say, a temporary catch-up here. You've grown revenue in the double digits in 3 of the last 4 quarters here. So I guess my question is, what do you think end market growth is right now in the markets in which you compete?

只是觸及之前的一個問題，並試圖區分什麼是正常化的市場增長，什麼是暫時的追趕。在過去 4 個季度中，有 3 個季度您的收入實現了兩位數增長。所以我想我的問題是，您認為您競爭的市場中目前的終端市場增長情況如何？

You've seen others report. So the markets are healthy. There's -- we had a bit tougher comps than some of the others in the second quarter. So we're proud of the growth we had in the second quarter. And we had maybe a bit less easier comp. So the -- we'll further redefine what we think the markets are growing in the future. We call it maybe the -- we would have said 6% to 7%-ish range for our served market growth and maybe that's a bit higher this year. But we still believe that in most of our business units, we're growing faster than our peer group, which is what we're paid to do. So it's a healthy market.

你也看到過其他人的報導。所以市場是健康的。第二季度我們的比賽比其他一些球隊要艱難一些。因此，我們對第二季度的增長感到自豪。我們的比賽可能不太容易。因此，我們將進一步重新定義我們對未來市場增長的看法。我們稱之為可能——我們會說我們服務的市場增長在 6% 到 7% 左右的範圍，也許今年會更高一些。但我們仍然相信，在我們的大多數業務部門中，我們的增長速度都快於同行，而這正是我們受薪的目的。所以這是一個健康的市場。

And whenever we have a very close pulse with our customers and the hospitals that have -- the big hospital systems who have already announced earnings, they have very healthy demand, but we see an ongoing patient backlog for lack of a -- patient wait time. So we don't see the current demand abating. Oftentimes, you'll see a bit of a slowdown in some of the vacation months in August and so forth, which is very routine. But we do anticipate continued support from strong procedure volume in the coming years. We don't see that really abating.

每當我們與客戶和醫院的脈搏非常密切時，大型醫院系統已經公佈了收益，他們的需求非常健康，但我們看到由於缺乏患者等待時間而導致患者持續積壓。因此，我們認為當前的需求不會減弱。通常，您會在八月等的某些假期月份中看到一些放緩，這是非常常見的。但我們確實預計未來幾年強勁的手術量將繼續提供支持。我們並沒有看到這種情況真正減弱。

Thank you for joining us today. We appreciate your interest in Boston Scientific. If we were 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. Before you disconnect, Kyle will give you all of the pertinent details for the replay.

感謝您今天加入我們。我們感謝您對波士頓科學公司的興趣。如果我們無法解答您的問題或者您有任何後續行動，請隨時聯繫投資者關係團隊。在您斷開連接之前，凱爾將為您提供重播的所有相關詳細信息。

Thank you, Lauren. Please note, everyone recording will be available in 1 hour by dialing either 1 (877) 344-7529 or 1 (412) 317-0088 using replay code 4830236 until August 3, 2023 at 11:59 p.m. ET. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝你，勞倫。請注意，在 2023 年 8 月 3 日晚上 11:59 之前，每個人都可以通過撥打 1 (877) 344-7529 或 1 (412) 317-0088 使用重播代碼 4830236 在 1 小時內觀看錄音。等。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。