Boston Scientific Corp (BSX) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Boston Scientific, second quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to John Monson, Senior Vice President, Investor Relations. Please go ahead.

早安，歡迎參加波士頓科學公司 2024 年第二季財報電話會議。 （操作員說明）請注意此事件正在被記錄。我現在想將會議交給投資者關係高級副總裁約翰·蒙森 (John Monson)。請繼續。

Thank you, Drew, and 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. We issued a press release earlier this morning announcing our Q2 results, which included reconciliations of non-GAAP measures used in this release.

謝謝你，德魯，歡迎大家，謝謝你們今天加入我們。與我一起參加今天電話會議的有董事長兼執行長 Mike Mahoney 和執行副總裁兼財務長 Dan Brennan。今天早些時候，我們發布了一份新聞稿，宣布了我們第二季度的業績，其中包括本新聞稿中使用的非公認會計原則指標的調節。

We have posted a link to that release as well as reconciliations of non-GAAP measures used in today's call to the Investor Relations section of our website under the heading Financials & Filings. The duration of this morning's call will be approximately one hour. Mike and Dan will provide comments on Q2 performance as well as the outlook for our business, including Q3 and full year 2024 guidance and then we'll take your questions.

我們已經發布了該新聞稿的鏈接，以及今天電話會議中使用的非公認會計準則措施的鏈接，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”。今天早上的通話時間約為一小時。 Mike 和 Dan 將提供有關第二季業績以及我們業務前景的評論，包括第三季和 2024 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. Before we begin, I'd like to remind everyone that on the call, operational revenue excludes the impact of foreign currency fluctuations and organic revenue, further excludes acquisitions and divestitures for which there are less than a full period of comparable net sales.

在今天的問答環節中。我們的首席醫療官 Ken Stein 博士將加入麥克和丹的行列。在開始之前，我想提醒大家，在電話會議上，營業收入排除了外匯波動和有機收入的影響，進一步排除了少於完整時期可比淨銷售額的收購和剝離。

Relevant acquisitions and divestitures excluded organic growth or the majority stake investment and Acotec Scientific Holdings Limited and the acquisitions of Apollo Endosurgery and relevant MedSystems, which closed in February, April and November 2023, respectively. As well as our acquisition of the Endoluminal vacuum therapy portfolio from B. Braun, which closed in March 2024. Divestitures include the endoscopy pathology business, which closed in April 2023.

相關收購和剝離不包括有機成長或多數股權投資和 Acotec Scientific Holdings Limited，以及分別於 2023 年 2 月、4 月和 11 月完成的 Apollo Endosurgery 和相關 MedSystems 的收購。我們也從貝朗 (B. Braun) 收購了腔內真空治療產品組合，該業務於 2024 年 3 月完成。

Guidance excludes the previously announced agreements to acquire Axonics and Silk Road Medical, both of which are expected to close in the second half of 2024, subject to customary closing conditions. For more information, please refer to the Q2 financial and operational highlights deck, which may be found on the Investor Relations section of our website.

該指南不包括先前宣布的收購 Axonics 和 Silk Road Medical 的協議，這兩家公司預計將於 2024 年下半年完成，但須符合慣例成交條件。欲了解更多信息，請參閱第二季度財務和營運亮點，可在我們網站的投資者關係部分找到。

On this call, all references to sales and revenue unless otherwise specified our 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.

在這次電話會議上，除非另有說明，否則所有提及的都是銷售和收入。本次電話會議包含聯邦證券法含義內的前瞻性陳述，這些陳述可以透過「預期」、「期望」、「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 and anticipated product approvals and launches, acquisitions, clinical trials, cost savings and growth opportunities, our cash flow and expected use of cash, our financial performance, including sales, margins, things as well as our tax rates, R&D spend and other expenses.

其中包括有關我們的成長和市場份額、新產品和預期產品批准和發布、收購、臨床試驗、成本節約和成長機會、我們的現金流量和預期現金使用、我們的財務表現（包括銷售、利潤率，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，或者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聲明所表達或暗示的預期和預測有重大差異。

Factors that may cause such differences include those described in the Risk Factors section of our most recent 10-K and subsequent 10-Q's filed with the SEC. These statements speak only as of today's date, and we disclaim any intention or obligation to update them except as required by law.

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 的風險因素部分中所述的因素。這些聲明僅代表今天的情況，除非法律要求，否則我們不承擔任何更新這些聲明的意圖或義務。

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

此時，我會將其交給麥克。麥克風？

Thanks Jon, and thank you, everyone, for joining us today. Our second quarter results exceeded our expectations, led by the strength of our differentiated global cardiovascular portfolio, particularly the execution and AF solutions in their winning spirit of our global team. And second quarter total company operations sales grew 16%, organic sales grew 15%, exceeding the high end of our guidance range of 10% to 12%.

謝謝喬恩，也謝謝大家今天加入我們。我們第二季的業績超出了我們的預期，這得益於我們差異化的全球心血管產品組合的實力，特別是我們全球團隊的執行力和房顫解決方案的致勝精神。第二季公司總營業銷售額成長 16%，有機銷售額成長 15%，超出了我們指導範圍 10% 至 12% 的高端。

Our top-tier growth continues to be fueled by innovation, clinical evidence generation and our strategy of category leadership. Consistent with prior quarters, most of our businesses and regions grew well above market. Second quarter adjusted EPS of $0.62 grew 15% versus 2023, exceeding the high end of our guidance range of $0.57 to $0.59.

我們的頂級成長繼續受到創新、臨床證據產生和我們的類別領導策略的推動。與前幾季一致，我們的大多數業務和地區的成長均遠高於市場水平。第二季調整後每股收益為 0.62 美元，與 2023 年相比增長 15%，超出了我們 0.57 美元至 0.59 美元指導範圍的上限。

Second quarter adjusted operating margin was 27.2%. Now, as a result of our first half margin performance and revenue upside versus previous expectations, the margins 50 basis points to 70 basis points for the full year.

第二季調整後營業利益率為 27.2%。現在，由於我們上半年的利潤率表現和收入高於先前的預期，全年利潤率將上升 50 個基點至 70 個基點。

Turning to the third quarter and full year '24 outlook, we're guiding to organic growth of 13% to 15% for Q3 and raising our full year guidance from 10% to 12%, to 13% to 14%, reflecting momentum across our broad portfolio, particularly in our EP business unit.

談到第三季和24 年全年展望，我們預計第三季的有機成長為13% 至15%，並將全年指引從10% 至12% 提高至13% 至14%，反映了整個產業的勢頭我們廣泛的產品組合，特別是在我們的 EP 業務部門。

Our third quarter adjusted EPS guidance is $0.57 to $0.59, and we expect our full year adjusted EPS to be $2.38 to $2.42, representing growth of 16% to 18%. Dan, will provide more details on our financials, and I'll provide some additional color on the quarter and the outlook for the second half '24.

我們第三季調整後每股盈餘指引為 0.57 至 0.59 美元，預計全年調整後每股盈餘為 2.38 至 2.42 美元，成長 16% 至 18%。 Dan 將提供有關我們財務狀況的更多詳細信息，我將提供有關本季度和 24 年下半年前景的更多信息。

Regionally about operational basis, the US grew 17% second quarter with exceptional growth in EP, fueled by the continued success of the FARAPULSE launch, as well as WATCHMAN coronary imaging and strengthen our MedSurg businesses.

從地區來看，美國第二季度增長了 17%，其中 EP 業務增長強勁，這得益於 FARAPULSE 的持續成功推出以及 WATCHMAN 冠狀動脈成像和加強我們的 MedSurg 業務。

Europe grew 16% on an operational basis versus second quarter of '23. This impressive performance was driven by double-digit growth in seven of our eight business units, led by robust growth in EP and strength across our growth in emerging markets.

與 2023 年第二季相比，歐洲的營運成長了 16%。這一令人印象深刻的業績是由我們八個業務部門中的七個業務部門實現兩位數增長推動的，其中EP業務的強勁增長和我們在新興市場的增長實力帶動了這一增長。

Second quarter was also a record quarter in the region for our structural heart business, following positive data presented at accurate neo2 at the recent EuroPCR conference. We expect this momentum to continue supported by the launch of the larger size accurate prime valve in late '24.

在最近的 EuroPCR 會議上，accuracy neo2 公佈了積極的數據後，第二季也是我們結構心臟業務在該地區創紀錄的季度。我們預計，24 年末推出的更大尺寸的精確填料閥將繼續支持這一勢頭。

Asia Pac grew 13% operationally versus a difficult comp in second quarter of '23, with excellent performance in China and the growing high 10s and Japan growing double digits. We also recently received approval in China for FARAPULSE and AGENT Drug-Coated Balloon and continue to expect approval for FARAPULSE in Japan and in the second half of this year.

亞太地區的營運成長了 13%，而 2023 年第二季的業績卻很困難，其中中國表現出色，成長率高達 10%，日本則實現了兩位數成長。我們最近也獲得了 FARAPULSE 和 AGENT 藥物塗層球囊在中國的批准，並繼續預計 FARAPULSE 在日本和今年下半年獲得批准。

We expect the contribution from these launches will ramp over 2025. Within the quarter, pricing actions in key geographies went into effect with the China VBP and coronary imaging, in Japan reimbursement cuts in June. We do expect Asia Pac to grow low double digits in the second half of the year, including the full impact of these pricing actions.

我們預計這些產品的貢獻將在 2025 年繼續增加。我們確實預計亞太地區在今年下半年將實現低兩位數的成長，包括這些定價行動的全面影響。

Some additional commentary on the business units. Our urology business grew 9% organically in the quarter with double digit growth in stone management and prosthetic urology, supported by our direct to patient efforts, driving patient awareness and early contribution from the limited market release of the TENACIO Pump.

對業務部門的一些補充評論。在我們直接面向患者的努力、提高患者意識以及TENACIO 泵有限市場發布的早期貢獻的支持下，我們的泌尿科業務在本季度有機增長了9%，其中結石管理和假體泌尿科實現了兩位數增長。

International growth of 14% was driven by laser therapies and resume. We look forward to closing this previously announced acquisition of Exxon X, which we continue to expect in the second half of this year. Endoscopy sales grew 8%, both operationally and organically in second quarter.

國際成長 14% 是由雷射療法和恢復推動的。我們期待完成先前宣布的對 Exxon X 的收購，我們仍然預計這將在今年下半年完成。第二季內視鏡銷售額無論是營運還是有機成長都成長了 8%。

Second quarter results were driven by above market growth in our biliary franchise, led by high 10s growth in AXIOS in the high 10s growth in our endoluminal surgery franchise. We continue to expect Endo sales to grow faster than the market throughout '24, enabled by our innovative portfolio.

第二季的業績是由我們的膽道專營業務高於市場的成長推動的，其中 AXIOS 的高 10 成長和我們的腔內手術專營業務的高 10 成長帶動了這一成長。我們繼續預計，在我們的創新產品組合的推動下，Endo 的銷售額在整個 24 年的成長速度將快於市場。

Neuromodulation sales grew 16% operationally and 4% organically in the quarter. Our Brain franchise grew low single digits with some impact from competitive product launches. We expect this business to strengthen in the second half of the year, driven by our portfolio of differentiated technologies.

本季神經調節銷售額營運成長 16%，有機成長 4%。我們的大腦特許經營權成長了低個位數，受到競爭產品發布的一些影響。我們預計，在我們差異化技術組合的推動下，該業務將在下半年加強。

And second quarter, our Pain franchise grew strong double digits operationally and mid-single digits on an organic basis. Our spinal cord stim business saw improved US trialing cadence in the quarter, and we expect that our US, SES franchise will improve in the second half of the year. The relief and business continues to perform extremely well with more than 30,000 patients treated with INTERCEPT system to date.

第二季度，我們的《痛苦》系列業務在營運上實現了兩位數的強勁成長，在有機基礎上實現了中個位數的成長。我們的脊髓刺激業務在本季的美國試驗節奏有所改善，我們預計我們的美國 SES 特許經營權將在今年下半年有所改善。救援和業務繼續表現出色，迄今為止已有 30,000 多名患者接受了 INTERCEPT 系統的治療。

Peripheral intervention sales grew 12% operationally and 9% organically versus second quarter. High single digit growth in arterial was driven by continued momentum in our drug-eluting portfolio, which with double digit growth in the quarter. Mid-single digit growth in Venous was driven by momentum Veeco's supported by the real PE data set and continued double digit growth in Varithena.

與第二季相比，外圍幹預銷售額營運成長 12%，有機成長 9%。動脈的高個位數成長是由我們的藥物洗脫產品組合的持續成長勢頭推動的，該產品組合在本季度實現了兩位數的成長。 Venous 的中個位數成長是由 Veeco 的真實 PE 資料集支援的動力以及 Varithena 的持續兩位數成長所推動的。

Our interventional oncology franchise grew double digits in second quarter, driven by our broad offering across embolization and cancer therapies. Looking forward, we continue to expect to close the previously announced acquisition of Silk Road Medical and the second half of this year.

在我們廣泛的栓塞和癌症治療產品的推動下，我們的介入腫瘤學業務在第二季度實現了兩位數成長。展望未來，我們繼續預計先前宣布的對絲路醫療的收購將在今年下半年完成。

Cardiology, Cardiology delivered another excellent quarter, with organic sales growing 22% versus second quarter '23. Within cardiology, interventional cardiology therapy sales grew 9%. Growth in coronary therapies was driven by continued strength in our global imaging franchise, APAC calcium franchise.

心臟病學 (Cardiology) 又一個出色的季度，有機銷售額比 2023 年第二季度增長了 22%。在心臟病學領域，介入性心臟病學治療銷售額成長了 9%。冠狀動脈治療的成長是由我們的全球影像專營權、亞太鈣專營權的持續實力所推動的。

Within the quarter, we initiated a limited launch of agent DCB in the US, which has received positive initial physician feedback. Our structural Heart Valves franchise grew strong double digits in the second quarter, led by accurate neo2, which continues to see growth from both new and existing accounts in Europe and Latin America.

本季度內，我們在美國有限地推出了 DCB 製劑，並獲得了醫生的積極初步回饋。在精確的 neo2 的帶動下，我們的結構性心臟瓣膜特許經營權在第二季度實現了兩位數的強勁增長，歐洲和拉丁美洲的新客戶和現有客戶繼續增長。

At the end of the quarter, we also completed follow-up of the full 1,500 patient cohort and the US ACURATE IDE Trial . We now expect to present this data in the first half of 2025, likely at the annual ACC meeting. WATCHMAN had another excellent quarter, growing 20% organically, with strong contribution from the ongoing launch of WATCHMAN flex Pro in the US and Japan. The US grew 20%, led by further penetration into the existing indicated patient population enabled by our innovation, clinical evidence and patient awareness efforts.

在本季度末，我們也完成了對全部 1,500 名患者群組的追蹤以及美國 ACURATE IDE 試驗。我們現在預計將在 2025 年上半年（可能是在 ACC 年度會議上）公佈這些數據。 WATCHMAN 又迎來了一個出色的季度，有機增長了 20%，這得益於在美國和日本持續推出的 WATCHMAN flex Pro。由於我們的創新、臨床證據和患者意識努力進一步滲透到現有的指定患者群體，美國增長了 20%。

Cardiac Rhythm Management sales grew 3% organically in the quarter. In second quarter, our diagnostics franchise grew double digits this above market growth was driven by our broad cardiac diagnostics portfolio. In core CRM a high and low voltage business grew low single digits with strong international growth, partially offset by slightly below market growth in the US.

本季心律管理銷售額有機成長 3%。第二季度，我們的診斷業務成長了兩位數，高於市場成長的原因是我們廣泛的心臟診斷產品組合。在核心 CRM 領域，高低壓業務因國際成長強勁而實現低個位數成長，但部分被略低於美國市場的成長所抵銷。

At the recent HRS meeting, data was presented from the Modular ATP trial of the Modular CRM system, which is comprised of the empower lead list pacemaker and EMBLEM S-ICD, with hich met all prespecified six month endpoints and a high rate of ATP success with no patient requests for deactivation of pacing through the pain or discomfort.

在最近的HRS 會議上，展示了Modular CRM 系統的Modular ATP 試驗數據，該系統由授權領先清單起搏器和EMBLEM S-ICD 組成，達到了所有預先指定的六個月終點，並且ATP 成功率很高沒有患者因疼痛或不適而要求停止起搏。

Turning to EP, EP sales grew an impressive 125% organically versus second quarter '23, driven by the rapid and sustained adoption of the transformative FARAPULSE PFA System. Second-quarter sales were driven by outstanding commercial execution, robust supply and positive real world outcomes, as well as increased AF ablation volumes supported by the efficiency of the FARAPULSE workflow.

談到 EP，由於變革性 FARAPULSE PFA 系統的快速和持續採用，EP 銷售額與 2023 年第二季度相比有機增長了 125%，令人印象深刻。第二季的銷售受到出色的商業執行、強勁的供應和積極的現實結果以及 FARAPULSE 工作流程效率支持的房顫消融量增加的推動。

Our Bayless access solutions business also continues to see strong double digit growth in the US, with utilization at approximately 80% of PFA procedures and approximately 85% of WATCHMAN procedures. Internationally, we saw continued FARAPULSE account openings and robust utilization in Europe and launched APAC markets.

我們的 Bayless 門禁解決方案業務在美國也持續保持兩位數的強勁成長，PFA 程序的利用率約為 80%，WATCHMAN 程序的利用率約為 85%。在國際上，我們看到 FARAPULSE 帳戶在歐洲和亞太市場的持續開設和強勁利用率。

Importantly, evidence on more than 20,000 patients treated with FARAPULSE has been published or presented at medical conferences demonstrated the safety, efficacy and reproducibility system. And within the quarter, we completed enrollment in the navigate PF study of the FARAVIEW Software Module and FARAWAVE Nav enabled Catheter, both of which are expected launch in the US during the second half of the year.

重要的是，超過 20,000 名接受 FARAPULSE 治療的患者的證據已發表或在醫學會議上提出，證明了系統的安全性、有效性和可重複性。在本季度內，我們完成了 FARAVIEW 軟體模組和 FARAWAVE Nav 導管的導航 PF 研究的註冊，這兩者預計將於今年下半年在美國推出。

At the recent HRS meeting outcomes from a sub-analysis of the ADVENT trial were presented. This is the very first randomized data for PFA system and demonstrating superior efficacy versus thermal modalities. With significantly more patients having achieved an arterial rhythmic burden of less than 0.1% with FARAPULSE, compared to RF and cryo.

在最近的 HRS 會議上，介紹了 ADVENT 試驗的子分析結果。這是 PFA 系統的第一個隨機數據，證明了與熱模式相比具有優越的功效。與 RF 和冷凍相比，FARAPULSE 使動脈節律負荷低於 0.1% 的患者明顯增加。

We plan to continue a steady cadence of clinical evidence generation to maintain our PFA leadership, including rematch AF, a planned trial designed to study the FARAPOINT and FARAWAVE Catheter in patients who need to redo ablation, which we expect to begin enrolling early in '25.

我們計劃繼續以穩定的節奏產生臨床證據，以保持我們的PFA 領先地位，包括復配AF，這是一項計劃中的試驗，旨在研究需要重做消融的患者的FARAPOINT 和FARAWAVE 導管，我們預計將於25 年初開始招募。

In closing, I'm very grateful to our global team for their commitment and winning spirit enable us to deliver life-changing technology to millions of patients. We're in the most exciting chapters as a company with a track record of executing are exceeding our financial goals while delivering meaningful innovation.

最後，我非常感謝我們的全球團隊的承諾和必勝精神，使我們能夠為數百萬患者提供改變生活的技術。我們正處於最令人興奮的篇章，因為這家公司在執行方面有著良好的記錄，不僅超越了我們的財務目標，同時還提供了有意義的創新。

With that, I'll hand it over to Dan.

這樣，我就把它交給丹了。

Thanks, Mike. Second quarter 2024, consolidated revenue of $4,120 million represents 14.5% reported growth versus second quarter 2023 and includes a 160 basis points headwind from foreign exchange, which was slightly unfavorable versus our expectations.

謝謝，麥克。 2024 年第二季度，合併收入為 41.2 億美元，較 2023 年第二季度報告增長 14.5%，其中包括 160 個基點的外匯阻力，這與我們的預期略有不利。

Excluding this $57 million foreign exchange headwind, operational revenue growth was 16.1% in the quarter. The sales impact from closed acquisitions was 140 basis points, resulting in 14.7% organic revenue growth, exceeding our second quarter guidance range of 10% to 12%.

排除這 5,700 萬美元的外匯不利因素，本季營運收入成長 16.1%。完成收購對銷售的影響為 140 個基點，導致有機收入成長 14.7%，超過我們第二季 10% 至 12% 的指導範圍。

Q2, 2024 adjusted earnings per share of $0.62 grew 15.4% versus 2023, exceeding the high end of our guidance range of $0.57 to $0.59, primarily driven by our strong sales performance.

2024 年第二季調整後每股收益為 0.62 美元，與 2023 年相比成長 15.4%，超過我們指引範圍的上限 0.57 美元至 0.59 美元，這主要是由於我們強勁的銷售業績所致。

Adjusted gross margin for the second quarter was 70.4%, contracting 160 basis points versus the prior year period, driven by higher than expected inventory charges related to the POLARx cryoablation system. Given the strong commercial adoption of FARAPULSE in the US as well as increased levels of capital placements in the quarter.

由於與 POLARx 冷凍消融系統相關的庫存費用高於預期，第二季調整後毛利率為 70.4%，較去年同期收縮 160 個基點。鑑於 FARAPULSE 在美國的強勁商業採用以及本季資本配售水準的增加。

We continue to expect second half adjusted gross margin to be higher than the first half, driven by the mix benefit from key product launches and full recognition of our annual standard cost improvements. We expect full year adjusted gross margin to be slightly below our 2023 rate.

我們繼續預期下半年調整後的毛利率將高於上半年，這得益於關鍵產品推出的綜合效益以及對我們年度標準成本改進的充分認可。我們預計全年調整後毛利率將略低於 2023 年的水準。

Second quarter, adjusted operating margin was 27.2%, which expanded 40 basis points versus the prior year period. Given our strong first half operating margin and our expectations for the second half, we are raising our full year 2024 adjusted operating margin expansion goal to 50 basis points to 70 basis points from 30 basis points to 50 basis points compared to 2023.

第二季度，調整後營業利益率為 27.2%，比去年同期成長 40 個基點。鑑於我們上半年強勁的營業利潤率以及對下半年的預期，我們將 2024 年全年調整後營業利潤率擴張目標從 2023 年的 30 個基點至 50 個基點提高至 50 個基點至 70 個基點。

We believe this strikes a nice balance of delivering incremental margin from our sales up side and continuing to invest appropriately to drive strong top line performance. On a GAAP basis, second quarter operating margin was 12.6%, which included intangible asset impairment charges related to the acquisitions of Cryterion Medica and Devoro Medical. The Cryterion impairment charges were related to the high conversion rates of cryoablation to FARAPULSE for ablation procedures in the US.

我們相信，這在增加銷售利潤和繼續適當投資以推動強勁的營收業績方面取得了良好的平衡。以 GAAP 計算，第二季營業利潤率為 12.6%，其中包括與收購 Cryterion Medica 和 Devoro Medical 相關的無形資產減損費用。 Cryterion 損傷費用與美國消融手術中冷凍消融到 FARAPULSE 的高轉換率有關。

The Devoro impairment charges were related to the decision to discontinue work advancing the Wolf thrombectomy platform. Moving to below-the-line, second quarter adjusted interest and other expenses totaled $68 million, which was favorable to our expectations.

Devoro 損害指控與停止推進 Wolf 血栓切除平台工作的決定有關。轉向線下，第二季調整後的利息和其他費用總計 6,800 萬美元，符合我們的預期。

On an adjusted basis, our tax rate for the second quarter was 13.1%, which includes favorable discrete tax items. Our operational tax rate for the quarter was 13.6%. Fully diluted weighted average shares outstanding ended at 1,484 million shares in the second quarter.

調整後，我們第二季的稅率為 13.1%，其中包括有利的離散稅項。我們本季的營業稅率為 13.6%。第二季完全稀釋加權平均已發行股數為 14.84 億股。

Free cash flow for the second quarter was $660 million with $814 million from operating activities, less $155 million in net capital expenditures, which includes payments of $200 million related to acquisitions, restructuring, litigation and other special items.

第二季自由現金流為 6.6 億美元，其中 8.14 億美元來自營運活動，減去 1.55 億美元的淨資本支出，其中包括與收購、重組、訴訟和其他特殊項目相關的 2 億美元付款。

In 2024, we continue to expect full year free cash flow to exceed $2 billion, which includes approximately $700 million of expected payments related to special items. As of June 30, 2024, we had cash on hand of $2.9 billion, and our gross debt leverage ratio was 2.4 times.

到 2024 年，我們繼續預計全年自由現金流將超過 20 億美元，其中包括約 7 億美元的與特殊項目相關的預期付款。截至2024年6月30日，我們手上現金為29億美元，總負債槓桿率為2.4倍。

Our top capital allocation priority remains strategic tuck-in M&A, followed by annual share repurchases to offset dilution from employee stock grants, in alignment with our acquisition strategy. In Q2, we announced our agreement to acquire Silk Road Medical and close the acquisition of [Sound cap], a pre-revenue privately held medical technology company developing a intracardiac echocardiography product complementing our existing electrophysiology portfolio.

我們的資本配置首要任務仍然是策略性併購，其次是年度股票回購，以抵銷員工股票授予帶來的稀釋，這與我們的收購策略保持一致。在第二季度，我們宣布同意收購Silk Road Medical 並完成對[Sound cap] 的收購，這是一家未盈利的私人醫療技術公司，開發心內超音波心動圖產品，以補充我們現有的電生理學產品組合。

Our legal reserve was $251 million as of June 30, a decrease of $32 million versus Q1 2024, $54 million of this reserve is already funded through our qualified settlement funds.

截至 6 月 30 日，我們的法定準備金為 2.51 億美元，比 2024 年第一季減少了 3,200 萬美元，其中 5,400 萬美元已透過我們的合格結算基金提供資金。

I will now walk through guidance for Q3 and full year 2024. We expect full year 2024 reported revenue growth to be in a range of 13.5% to 14.5% versus 2023, excluding an approximate 100 basis points headwind from foreign exchange based on current rates, we expect full year 2024 operational revenue growth to be 14.5% to 15.5%, excluding a 150 basis points contribution from closed acquisitions. We expect full year 2024 organic revenue growth to be in a range of 13% to 14% versus 2023.

我現在將介紹2024 年第三季和全年的指導。外匯阻力，我們預計 2024 年全年營業收入成長將為 14.5% 至 15.5%，不包括已完成收購帶來的 150 個基點的貢獻。我們預計 2024 年全年有機收入成長將比 2023 年成長 13% 至 14%。

We expect third quarter 2024 reported revenue growth to be in a range of 13% to 15% versus third quarter 2023, excluding an approximate 100 basis points headwind from foreign exchange. Based on current rates, we expect the third quarter 2024 operational revenue growth to be 14% to 16%, excluding a 100 basis points contribution from closed acquisitions. We expect third quarter 2024 organic revenue growth to be in a range of 13% to 15% versus 2023.

我們預計 2024 年第三季報告的營收成長將較 2023 年第三季在 13% 至 15% 之間，不包括約 100 個基點的外匯阻力。根據目前的成長率，我們預計 2024 年第三季營運收入成長率將為 14% 至 16%，不包括已完成收購帶來的 100 個基點的貢獻。我們預計 2024 年第三季的有機收入成長將比 2023 年成長 13% 至 15%。

We now expect full year 2024 adjusted below the line expenses to be approximately $300 million. Given discrete items recognized in the first half of 2024, we now expect a full year 2024 operational tax rate of approximately 13.5% and an adjusted tax rate of approximately 12.5%, which contemplates current legislation, including enacted laws and issued guidance under OECD pillar two rules.

我們現在預計 2024 年全年調整後的離線費用約為 3 億美元。鑑於2024 年上半年確認的離散項目，我們現在預計2024 年全年營業稅率約為13.5%，調整後稅率約為12.5%，其中考慮了現行立法，包括在經合組織第二支柱下頒布的法律和發布的指南規則。

We expect full year adjusted earnings per share to be in a range of $2.38 to $2.42, representing growth of 16% to 18% versus 2023, including an approximate $0.04 headwind from foreign exchange, which is unchanged from our previous expectations.

我們預計全年調整後每股收益將在 2.38 美元至 2.42 美元之間，較 2023 年增長 16% 至 18%，其中包括約 0.04 美元的外匯阻力，這與我們之前的預期相同。

We expect third quarter adjusted earnings per share to be in a range of $0.57 to $0.59. For more information, please check our Investor Relations website for Q2 2024 financial and operational highlights, which outlines more details on Q2 results and 2024 guidance.

我們預計第三季調整後每股收益將在 0.57 美元至 0.59 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 2024 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 2024 年指導的更多詳細信息。

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

接下來，我會將其轉回喬恩，他將主持問答。

Thanks, Dan. Drew Let's open it up for questions for the next 40 minutes or so in order for us to take as many questions as possible, please limit yourself to one question.

謝謝，丹。 Drew 讓我們在接下來的 40 分鐘左右的時間內開放提問，以便我們能夠回答盡可能多的問題，請限制自己只回答一個問題。

Drew, please go ahead.

德魯，請繼續。

(operator instructions)

（操作員說明）

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

Thank you and congratulations on another fantastic quarter here. With my, my one question I wanted to ask about guidance and the sustainability, this is a, it was a big quarter, you had a big first quarter. PFA is clearly outperforming. WATCHMAN had a great quarter. A lot of rest of the business continues to fire on all cylinders.

謝謝並祝賀您又度過了一個精彩的季度。我的一個問題是，我想問有關指導和永續性的問題，這是一個重要的季度，第一季的表現非常重要。 PFA 的表現顯然優於其他公司。 《守望者》這個季度表現出色。許多其他業務繼續全速運轉。

So I'm seeing about 14% organic for the back half of the year, which is a really healthy rate. And I guess really the question is, how do you feel about continuing through '24 and really into '25? Is this a pull forward of the revenues expected in the long range plan? Or do you think there's better demand, better market adoption, better volumes, underlying pricing that could keep maybe not 14%, but something elevated for the foreseeable future? Thanks.

所以我預計今年下半年的有機比例約為 14%，這是一個非常健康的比例。我想真正的問題是，你對繼續 24 年並真正進入 25 年有何感想？這是長期計劃中預期收入的提前嗎？或者您認為需求更好、市場採用率更好、銷量更好、基本定價可能不會保持在 14%，但在可預見的未來會上升？謝謝。

Sure, Rob. I'll take a shot out. We're not going to give '25 guidance here, but it at our Investor Day, we set our goal was to be the highest for a MedTech company in terms of sales and EPS growth which we believe we did in '23, our aims to do that '24, and our aims to do that for many years to come.

當然，羅布。我會出去一槍。我們不會在這裡給出25 年的指導，但在投資者日，我們設定的目標是成為醫療科技公司在銷售額和每股收益增長方面最高的目標，我們相信我們在23 年做到了，我們的目標'24 做到這一點，我們的目標是在未來的許多年裡做到這一點。

And I think one is the primary drivers have you seen the decade-long portfolio shift into faster-growth markets for the company, Where, our weighted average market growth rates probably closer to 7% to 8% versus what it used to be kind of flat. So one, we enjoy because of their portfolio choices faster-growing markets.

我認為其中一個主要驅動因素是您是否看到公司長達十年的投資組合轉向成長更快的市場，其中，我們的加權平均市場成長率可能接近 7% 至 8% 與過去相比平坦的。因此，我們因為他們的投資組合選擇而享受成長更快的市場。

Secondly, we have strong growth across the world. You'll see in Europe double digits in Asia-Pac double digits were FARAPULSE has not yet launched and obviously the US doing quite well as well. And then I think you just have to look at the, the durability of other businesses will likely talk about FARAPULSE and WATCHMAN lot in the call. But you see continued strong growth of 8%-ish to 9%-ish, through the first half within our MedSurg businesses.

其次，我們在全球範圍內都有強勁的成長。在 FARAPULSE 尚未推出的情況下，您會看到歐洲地區的銷售額達到兩位數，亞太地區的銷售額達到兩位數，顯然美國的表現也不錯。然後我認為你只需要看看其他企業的耐用性可能會在電話中談論 FARAPULSE 和 WATCHMAN 很多。但我們的 MedSurg 業務上半年持續強勁成長 8% 至 9% 左右。

So that kind of gets diminished because of the strength of some other areas, but that's pretty good. And then the cardiovascular portfolio is just getting stronger and stronger. With our EP franchise Bayless, what we're doing with coronary with Drug-Coated Balloon, you saw there our results with accurate in Europe and also potentially some benefits with concomitant reimbursement in the future. And who knows maybe these procedures may move over time, to a ASC center and EP, which also we think would benefit Boston Scientific given our solution.

由於其他一些領域的優勢，這種情況會減弱，但這已經相當不錯了。然後心血管投資組合變得越來越強大。憑藉我們的 EP 特許經營權 Bayless，我們正在使用藥物塗層球囊治療冠狀動脈，您可以看到我們在歐洲的準確結果，以及未來伴隨報銷可能帶來的一些好處。誰知道這些程序可能會隨著時間的推移轉移到 ASC 中心和 EP，我們認為鑑於我們的解決方案，這也將使波士頓科學公司受益。

So we had a tough comp in '23 with a 12% of our guidance for full year is now 13% to 14%. We won't give '25 guidance, but our goal is to be really distinguish ourselves from the peer group in terms of revenue growth and EPS. And we'd the portfolio and the team to do it.

因此，我們在 23 年的業績比較艱難，全年指引為 12%，現在為 13% 至 14%。我們不會給出 25 年的指導，但我們的目標是在收入成長和每股盈餘方面真正從同行中脫穎而出。我們有投資組合和團隊來做這件事。

Appreciate the thoughts. Thanks.

欣賞這些想法。謝謝。

Joanne Wuensch, Citibank.

喬安妮‧溫施，花旗銀行。

Thank you so much for taking the question and I Echo. A very nice quarter. Can we unpack just little bit and you may not like this question by catalog. What's next, how do we think about your point? We're going to talk about FARAPULSE and WATCHMAN, but people are now sort of looking at. How does this continue to roll out to deliver that kind of growth? And thank you.

非常感謝您提出問題，我迴響。一個非常美好的季度。我們可以稍微解壓縮一下嗎？接下來，我們如何看待您的觀點？我們將討論 FARAPULSE 和 WATCHMAN，但人們現在正在關注。如何繼續推出以實現這種成長？謝謝你。

Yeah, I think it's -- Thanks, Joanne. I think it's a similar to some of the themes I'd just highlighted. We have weren't higher weighted average market growth rate markets to start. We see consistent procedure volume around the world. We are pricing environment where we used to be a price give a pretty significantly and now it's getting closer to negative one to zero.

是的，我想是──謝謝，喬安妮。我認為這與我剛才強調的一些主題類似。我們一開始並不是加權平均市場成長率較高的市場。我們看到世界各地的手術量一致。我們的定價環境曾經是一個相當顯著的價格，現在它越來越接近負一比零。

We also expect in the margin front, we took our margin goals are for the year. We expect gross margin to improve over time. Right now, we're getting more margin benefit from a SG&A primarily, which is good leverage. We expect to get more gross margin upside over the LRP period. And we just have a very strong product cadence and very fast-growing markets, the two through the best markets at all in MedTech, obviously our EP and WATCHMAN.

我們也預期在利潤率方面，我們設定了今年的利潤率目標。我們預計毛利率將隨著時間的推移而改善。目前，我們主要從銷售及管理費用中獲得更多的利潤，這是很好的槓桿。我們預計在 LRP 期間毛利率將有更多上升。我們擁有非常強勁的產品節奏和非常快速成長的市場，這兩個市場是醫療科技領域最好的市場，顯然是我們的 EP 和 WATCHMAN。

And we have strong leadership position in PFA and that market's only growing and we have a lost share in Asia. And we have a lot of clinical work going on with WATCHMAN, as you know, to significantly increase the TAM of that market where all rival the [tabby] market out three to five years from now.

我們在 PFA 領域擁有強大的領導地位，而該市場僅在成長，而我們在亞洲的份額正在下降。如您所知，我們正在與 WATCHMAN 進行大量臨床工作，以顯著提高該市場的 TAM，從現在開始三到五年，所有市場都將與 [虎斑貓] 市場競爭。

So the clinical evidence that we have in fast-growing markets, differentiated portfolio, and we continue to make in place strong M&A bets with Axonics and Silk and our venture portfolio, which will continue to leverage. So the playbook hasn't changed, but it's the execution of the team have continually putting this in better markets and out-executing the competition.

因此，我們在快速成長的市場、差異化投資組合中擁有的臨床證據，以及我們繼續對 Axonics 和 Silk 以及我們的創投組合進行強有力的併購押注，這些投資組合將繼續發揮作用。因此，策略並沒有改變，但團隊的執行力不斷將其投入更好的市場並超越競爭對手。

Thank you very much.

非常感謝。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Good morning. Thanks for taking the question and congrats on a really nice quarter here. Mike, maybe just to drill down on EP and FARAPAULSE. I guess it's a similar question, but just the sustainability here of the growth in the share by our math, it looks like you've captured about 15% of the US, EP market in the second quarter, excluding Bayless.

早安.感謝您提出問題，並祝賀您度過了一個非常美好的季度。 Mike，也許只是為了深入了解 EP 和 FARAPAULSE。我想這是一個類似的問題，但根據我們的數學計算，您在第二季度佔據了美國 EP 市場約 15% 的份額（不包括 Bayless）。

Help us understand how durable your EP share and growth is? Can EP continue to be a growth driver for Boston Scientific for years to come? And what's driving your confidence you can compete effectively with [Ephera and FARAPAULSE] when they launch? Thank you.

幫助我們了解您的 EP 份額和成長有多持久？ EP 能否在未來幾年繼續成為波士頓科學公司的成長動力？是什麼讓您有信心在 [Ephera 和 FARAPAULSE] 推出後與它們進行有效競爭？謝謝。

So I'll start. And then Dr. Stein can maybe talk about how we're really leading the field in our clinical evidence in some other position comment. We're competing with those companies today in Europe with J&J with all the companies that are PFA platforms.

那我就開始吧。然後史丹博士也許可以在其他立場評論中談論我們如何在臨床證據領域中真正處於領先地位。今天，我們正在與歐洲的強生公司以及所有 PFA 平台公司競爭。

And you've heard us talk on many calls now, on the differentiated FARAPAULSE in terms of its safety profile, the clinical data and the really the usage of physicians who never considered using Boston Scientific key keep prior, many of them have completely converted to using FARAPAULSE, further [Afib] procedures.

您現在已經聽到我們在許多電話中談論 FARAPAULSE 的差異化安全性、臨床數據以及從未考慮過使用 Boston Scientific 密鑰的醫生的實際使用情況，他們中的許多人已經完全轉向使用使用FARAPAULSE，進一步的[Afib] 程式。

But we're still relatively early in our launch in the US. It's less than six months of launching in the US and we have yet to launch in China, and we've yet to launch in Japan, and we have a lot more to do in Europe, and we have additional indications coming and additional portfolio coming.

但我們在美國的推出還相對較早。在美國推出不到六個月，我們還沒有在中國推出，我們還沒有在日本推出，我們在歐洲還有很多工作要做，我們還有更多的跡象和更多的產品組合即將推出。

So we think the short story is the FARAPAULSE platform, combined with Bayless, combined with our clinical, will be a differentiated growth driver for Boston for many years to come. Now, will it grow as it continues to scale up over 100% a quarter unlikely, but we expect this to be maybe the biggest business of Boston Scientific in the years to come here.

因此，我們認為，FARAPAULSE 平台與 Bayless 相結合，與我們的臨床相結合，將成為波士頓未來許多年的差異化成長動力。現在，它是否會繼續以每季超過 100% 的速度成長，但我們預計這可能是波士頓科學公司未來幾年最大的業務。

And Larry, maybe just to add on Mike's point. First, just AF is the most common sustained arrhythmia in the world ablation therapy for AF today is still dramatically underpenetrated, right? I mean, ablation, high single digits penetration for persistent Afib, low double just penetration for paroxysmal Afib and the safety advantages, the efficacy advantages, efficiency advantages and just the overall simplicity of the FARAPAULSE system, I think, are just going to continue to drive the size of that market and penetration into that market.

拉里，也許只是為了補充麥克的觀點。首先，心房顫動是世界上最常見的持續性心律不整，目前心房顫動消融治療的普及程度仍然嚴重不足，對嗎？我的意思是，消融、針對持續性心房顫動的高個位數滲透率、針對陣發性心房顫動的低雙倍滲透率以及FARAPAULSE 系統的安全優勢、功效優勢、效率優勢以及整體簡單性，我認為將繼續推動該市場的規模和對該市場的滲透。

And then in terms of the competition, right, again, we do expect to see competitors bring out their first generation products late this year, early next year. They're already approved in Europe. And frankly, as Mike said earlier, we have not seen that materially impacted the rapid sustained adoption of FARAPAULSE in Europe. [Fabulous] is a transformative technology with really important differentiated advantages against these competitors.

然後就競爭而言，我們確實預期競爭對手會在今年年底、明年初推出他們的第一代產品。它們已經在歐洲獲得批准。坦白說，正如 Mike 之前所說，我們還沒有看到這對 FARAPAULSE 在歐洲的快速持續採用產生重大影響。 [Fabulous] 是一項變革性技術，與這些競爭對手相比具有非常重要的差異化優勢。

As Mike said, my treated over 70,000 patients to date published clinical trial data and over 20,000 patients to date, which really testifies to the safety to the simplicity to the efficiency. And again, Mike referred to the data we presented at the Heart Rhythm Society, but it is the only system right now with any data testifying to actually superiority in efficacy measure against traditional ablation.

正如麥克所說，迄今為止，我已經治療了超過 70,000 名患者，公佈了臨床試驗數據，迄今為止已治療超過 20,000 名患者，這確實證明了安全性、簡單性和有效性。麥克再次提到了我們在心律協會提供的數據，但它是目前唯一一個有任何數據證明其功效測量相對於傳統消融術具有實際優越性的系統。

Thank you.

謝謝。

Frederic Wise, Stifel.

弗雷德里克·懷斯，斯蒂菲爾。

I was hoping, also talk about the PFA from another perspective. In my recent doc tech or hurdle a great deal of encouraging interest in Rhythmia and obviously in many cases, are being map now with other companies systems.

我希望，也能從另一個角度談論PFA。在我最近的文件技術或障礙中，人們對 Rhythmia 產生了極大的興趣，顯然在許多情況下，現在正在與其他公司的系統進行映射。

Just maybe give us some more color on when you launch your mapping integrated catheter in the second half. I assume that's still the target? How do we think about the implications for Rhythmia adoption for the percentage of cases that could be mapped on the review Rhythmia system and the impact on your growth outlook as a result? Thank you.

當您在下半年推出測繪整合式導管時，也許可以給我們更多的資訊。我想這仍然是目標？我們如何看待 Rhythmia 採用對可以映射到 Rhythmia 審查系統上的病例百分比的影響以及由此對您的成長前景的影響？謝謝。

Yeah. Thanks, Rick. I appreciate the question. Again, we still are projecting approval of both our Nav enabled FARAWAVE catheter and I completely new software suite on Rhythmia our client FARAVIEW to help support that. And we certainly do expect that to help drive more adoption of the use of Rhythmia and FARAVIEW to a company FARAWAVE.

是的。謝謝，瑞克。我很欣賞這個問題。同樣，我們仍然預計我們的支援 Nav 的 FARAWAVE 導管和我的客戶 FARAVIEW 上的 Rhythmia 全新軟體套件將獲得批准，以幫助支援這一點。我們當然希望這有助於推動 FARAWAVE 公司更多採用 Rhythmia 和 FARAVIEW。

Now, I want to begin though, I say. Look FARAPAULSE will remain an open system. We want to support workflows that don't involve any use of mapping and navigation support workflows that involve these competitive systems, but also we'll expect with FARAVIEW and FARAWAVE to provides major advantages in terms of workflow.

現在，我想開始了，我說。看來 FARAPAULSE 仍將是一個開放系統。我們希望支援不涉及任何涉及這些競爭系統的地圖和導航支援工作流程的使用的工作流程，但我們也期望 FARAVIEW 和 FARAWAVE 在工作流程方面提供主要優勢。

I think important for me to emphasize that existing mapping and navigation systems don't understand PFA at all, that were built around an RF ablation paradigm. And so FARAVIEW can be the first software in a mapping system that fundamentally understands what we do with PFA and with FARAPAULSE, there are some important features, dynamic visualization of the catheter as it changes, shape and basket flower configuration, field tagging specific PFA energy.

我認為對我來說重要的是要強調現有的地圖和導航系統根本不理解 PFA，它們是圍繞射頻消融範式構建的。因此FARAVIEW 可以成為繪圖系統中的第一個軟體，它從根本上理解我們對PFA 和FARAPAULSE 所做的事情，有一些重要的功能，導管變化時的動態可視化、形狀和籃花配置、特定PFA 能量的現場標記。

I think when you put all of that together has the potential to minimize the use of for us during these procedures, minimize catheter exchanges and really continue what we've tried to do and I think have accomplished with FARAPAULSE to begin right, which is to create a procedure that is safer, that is at least as effective, and that is far more so simple and efficient compared to what people have been doing with legacy systems.

我認為，當你把所有這些放在一起時，有可能最大限度地減少我們在這些手術過程中的使用，最大限度地減少導管交換，並真正繼續我們已經嘗試做的事情，我認為FARAPAULSE 已經完成了正確的開始，即創建一個更安全的程序，至少同樣有效，並且與人們使用遺留系統所做的操作相比，它更加簡單和高效。

Now, in the financial side, as you know, you've seen some of the competitive reports mapping is a sizable chunk of the overall EP procedure. When FARAPAULSE is being used, you're seeing increased procedure volume based on the efficiency.

現在，在財務方面，如您所知，您已經看到一些競爭報告映射了整個 EP 程序的相當大的一部分。使用 FARAPAULSE 時，您會發現手術量隨著效率的增加而增加。

So some competitors are benefiting from the productivity gain of FARAPAULSE. So in addition to strong utilization rates and opening new centers more broadly in impacted in '25, we do expect a number of physicians to adopt it this FARAVIEW platform that Ken said, which is additional revenue that you're not seeing today in the FARAPAULSE, EP procedure.

因此，一些競爭對手正在從 FARAPAULSE 的生產力提升中受益。因此，除了強勁的利用率和在 25 年更廣泛地開設新中心之外，我們確實預計許多醫生會採用 Ken 所說的 FARAVIEW 平台，這是您今天在 FARAPAULSE 中看不到的額外收入, EP 程序。

That's great. Thank you so much.

那太棒了。太感謝了。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Hi, guys. Thanks for taking my question and might congratulations on the Mike's Sprint's here. I had one question on the US, PFA, the 220% growth. Can you parse and cordless a catheter contribution versus some catheter contributions in the US number? And I think you mentioned TPT in for in the US in the outpatient setting. Any update on has Boston submereged, It's TPT? Thank you.

嗨，大家好。感謝您提出我的問題，並祝賀 Mike's Sprint 的到來。我有一個關於美國的問題，PFA，220% 的成長。您能否解析並無線化導管貢獻與美國數字中的某些導管貢獻？我想您在美國的門診環境中提到了 TPT。波士頓已經被淹沒了，有更新消息嗎？謝謝。

Yeah. So thanks for the question here. We were fortunate we're not going to breakout for the capital and disposable. Disposables, obviously more sizable than the capital, but that's probably color will provide on that. And on the overall pricing, as you do know, the pricing is a bit of a premium, but based on the clinical benefits in efficacy inefficiency that physicians and customers are enjoying, that seems to be the proper price point.

是的。所以謝謝你在這裡提出問題。我們很幸運，我們不會為了資本和一次性資金而突破。一次性物品，顯然比首都更大，但這可能是顏色所能提供的。就整體定價而言，如您所知，定價有點溢價，但基於醫生和客戶所享受的功效低效的臨床益處，這似乎是合適的價格點。

And on TPT Kenneth can you comments and that?

您能對 TPT Kenneth 發表評論嗎？

So we have submitted for TPT. Again, I think important to recognize there are some very strict criteria for eligibility for TPT. And I think just to reiterate what Mike said, which is right now, we are not seeing pricing as a barrier to the rapid and sustained adoption FARAPULSE.

所以我們已經提交了TPT。再次強調，我認為重要的是要認識到 TPT 資格有一些非常嚴格的標準。我想重申一下 Mike 所說的，即現在，我們並不認為定價是快速和持續採用 FARAPULSE 的障礙。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

Thank you and good morning. I want to keep going a little bit on the EP side, but also, could you talk a little bit more about both the technology and commercial strategy? And as you think about the technology side right now, the bulk of your business right now sits in the ablation side. You talked a little bit about the importance of mapping and access.

謝謝你，早安。我想繼續討論 EP 方面的內容，但是您能多談談技術和商業策略嗎？當您現在考慮技術方面時，您現在的大部分業務都位於消融方面。您談到了映射和訪問的重要性。

But how should we think about the portfolio evolving and how that unlocks new opportunities for you, whether that's in the non AF side of the ablation market view with FARAPOINT or some of the other products?

但是，我們應該如何考慮產品組合的演變以及它如何為您釋放新的機會，無論是在 FARAPOINT 消融市場觀點的非 AF 方面還是其他一些產品？

And then on the commercial side, where the opportunities for pull through here? So for example, are you training your mappers on generator replacements in ICDs? And how should we think about the overall benefit to the portfolio?

那麼在商業方面，這裡的機會在哪裡？例如，您是否正在對製圖人員進行 ICD 發電機更換的訓練？我們應該如何考慮投資組合的整體效益？

Again, I guess Ken and I will try to tag team this. Thank you for the question. It's maybe the best market in med tech. It's about a $10 billion market. The chunk that we're doing well in now is the $6 billion afib market that we continue to strengthen, and we'll get approval, as you know in Asia impact in 2025.

再說一次，我想肯和我會嘗試將這個標記為團隊。感謝你的提問。這可能是醫療技術領域最好的市場。這是一個價值約100億美元的市場。我們現在做得很好的部分是我們繼續加強的 60 億美元的心房顫動市場，我們將獲得批准，正如您在 2025 年的亞洲影響中所知道的那樣。

There are a number of other areas that we're trying to move into the mapping segment based on the previous commentary is one. We do have an organic ICE program, which we hopefully will -- which is a 510k product, hopefully, we'll be competitive with the new ICE platform during this LRP period, which is another large slice of it.

根據先前的評論，我們正在嘗試將許多其他領域轉移到映射部分，其中之一就是。我們確實有一個有機的 ICE 計劃，我們希望它能夠實現——這是一個 510k 產品，希望我們能夠在 LRP 期間與新的 ICE 平台競爭，這是其中的另一個重要部分。

And Ken can probably detail out a bit more the clinical studies that we're doing to widen the indication for FARAPULSE beyond what is used today.

Ken 可能會詳細介紹我們正在進行的臨床研究，以擴大 FARAPULSE 的適應症，使其超越目前的使用範圍。

Yeah. Thanks, Mike. So David, let me start with the clinical strategy and then maybe say a little more about where we're going from a technology standpoint as well because I think it's important, right. That all the other stuff we're doing doesn't just get lost in the excitement around FARAPULSE as exciting as FARAPULSE is.

是的。謝謝，麥克。大衛，讓我從臨床策略開始，然後也許從技術的角度多談談我們的發展方向，因為我認為這很重要，對吧。我們正在做的所有其他事情並不只是迷失在 FARAPULSE 周圍的興奮中，就像 FARAPULSE 一樣令人興奮。

From clinical trial standpoint, to begin with our ADVANTAGE clinical trial, which is aimed to get labeling for FARAPULSE persistent Afib has completed enrollment. We expect to present those results late this year, early next year. We are well underway in a trial called AVANT GUARD , which is aimed to prove that FARAPULSE used as first-line therapy for patients with persistent atrial fibrillation. We've announced the intent to run a trial called REMATCH, which will look at FARAPULSE for redo ablations.

從臨床試驗的角度來看，我們的 ADVANTAGE 臨床試驗旨在獲得 FARAPULSE 持續性心房顫動的標籤，該試驗已完成入組。我們預計將在今年底、明年初公佈這些結果。我們正在進行一項名為 AVANT GUARD 的試驗，旨在證明 FARAPULSE 可作為持續性心房顫動患者的第一線治療。我們已經宣布打算進行一項名為 REMATCH 的試驗，該試驗將研究 FARAPULSE 的重做消融。

From a technology standpoint, we've already talked about the FARAWAVE NAV catheter. In addition to that, we have a point catheter, FARAPOINT that's through its clinical trial. And then down the road, I think more sophisticated catheters for both mapping and ablation catheter called FARAFLEX.

從技術角度來看，我們已經討論過 FARAWAVE NAV 導管。除此之外，我們還有一個點導管，FARAPOINT，已經通過了臨床試驗。然後，我認為更複雜的導管用於標測和消融導管，稱為 FARAFLEX。

And I think as you can imagine, we are interested in the use of this for many arrhythmias beyond atrial fibrillation, atrial tachycardia, and ventricular tachycardia, that pretty much you name it. But I don't want some of the other technology innovations to get lost.

我想你可以想像，我們有興趣將其用於除心房顫動、房性心動過速和室性心動過速之外的許多心律失常，幾乎你能想到的這些。但我不希望其他一些技術創新消失。

And so right, the EP performance was not only a FARAPULSE story, fantastic performance from our Access Solutions portfolio. And in terms of pull-through, right, see very good synergy between FARAPULSE and the Access solution products, likewise, in really good synergy between the WATCHMAN and the Access Solution products.

沒錯，EP 效能不僅是 FARAPULSE 的故事，也是我們接取解決方案產品組合的絕佳效能。就拉通而言，FARAPULSE 和 Access 解決方案產品之間具有非常好的協同作用，同樣，WATCHMAN 和 Access 解決方案產品之間也具有非常好的協同作用。

Again, I think in terms of the pull-through question, with the most obvious opportunity, as Mike mentioned, is the opportunity now to have reimbursement in the US for concomitant FARAPULSE ablation and WATCHMAN procedures, which we expect will be a growth driver and hope to see that finalized before the end of this year by CMS.

再次，我認為就拉通問題而言，正如邁克提到的，最明顯的機會是現在在美國獲得伴隨 FARAPULSE 消融和 WATCHMAN 手術報銷的機會，我們預計這將成為增長動力，希望CMS 在今年年底前能夠最終確定。

Again, Dan mentioned our acquisition of Sound cap and so a nice product to support a EP procedures and potentially also WATCHMAN procedures. Probably just a very long winded way of saying we love FARAPULSE, but it is far from the only story.

Dan 再次提到我們收購了 Sound cap，這是一個很好的產品，可以支援 EP 程序，也可能支援 WATCHMAN 程序。也許只是用一種非常冗長的方式來表達我們對 FARAPULSE 的喜愛，但這遠遠不是唯一的故事。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Fabulous, thank you. And on that note, I might flip the script if that's alright with everybody. And maybe switch to something a little different.

太棒了，謝謝。就這一點而言，如果每個人都同意的話，我可能會翻轉劇本。也許切換到一些不同的東西。

Obviously, you guys announced Silk and appreciate that hasn't closed yet, but I'd love if you could unpack what was so exciting for you guys in TCAR and that asset overall and the ability to flip WALLSTENT into the package and how meaningful that is relative to just the capacity to plug it into Boston overall and drive sales? Anything around that would be great.

顯然，你們宣布了 Silk，並感謝它尚未關閉，但我很高興你們能解開 TCAR 中令你們如此興奮的內容、整體資產以及將 WALLSTENT 翻轉到包中的能力，以及這有多麼有意義是相對於將其插入整個波士頓並推動銷售的能力而言的嗎？周圍的任何東西都會很棒。

Sure. Silk is really a terrific asset we've looked at for a long time. Hopefully, we aim to close that in the second half this year. As a stand-alone business, they were really kind of leading the rejuvenation of that field through their clinical evidence and their performance over many years in the US. And it came to a point where we felt it was mature enough in terms of its sales ramp and for us to acquire it at the right price.

當然。絲綢確實是我們長期以來關注的一項極好的資產。希望我們的目標是在今年下半年完成這項任務。作為一家獨立的企業，他們透過臨床證據和多年來在美國的表現，確實引領了該領域的復興。我們認為它在銷售成長方面已經足夠成熟，我們可以以合適的價格收購它。

So I guess, first of all, it always starts with clinical indications. We're really pleased with the data and the long-term durability of this procedure. So as a stand-alone company, they're growing certainly accretive to Boston Scientific faster, but clearly not there on the margin front.

所以我想，首先，總是從臨床適應症開始。我們對該程式的數據和長期耐用性感到非常滿意。因此，作為一家獨立的公司，他們的成長速度肯定會更快地促進波士頓科學公司的成長，但顯然在利潤方面卻沒有。

So now in Boston Scientific sense we feel like we can grow the company faster in the US given the category leadership portfolio we have and a common call point with a vascular surgeon. We also have the ability to take it outside the US to appropriate countries. And we also aim to improve the margin profile of the business by integrating the company as appropriately within our operations supply chain team like we've done for many other acquisitions in the past.

因此，現在從波士頓科學公司的角度來看，鑑於我們擁有的類別領先產品組合以及與血管外科醫生的共同呼叫點，我們認為我們可以在美國更快地發展公司。我們還有能力將其帶到美國以外的適當國家。我們還旨在透過將公司適當地整合到我們的營運供應鏈團隊中來改善業務的利潤狀況，就像我們過去在許多其他收購中所做的那樣。

So it's an accretive asset that we think will be stronger and more profitable in the hands of Boston and make us more important for the vascular surgeon, which is an area that as the needs improvement for us, I would say, within that business unit.

因此，這是一項增值資產，我們認為在波士頓手中將會更強大、更有利可圖，並使我們對血管外科醫生更加重要，我想說，在該業務部門內，這是一個需要改進的領域。

So now we have the lever -- not the leverage, but the capabilities to present to vascular surgeons our broader PI portfolio, given the relationships that the Silk Road team has with the vascular surgeon.

因此，考慮到絲綢之路團隊與血管外科醫生之間的關係，現在我們有了槓桿——不是槓桿，而是向血管外科醫生展示我們更廣泛的 PI 產品組合的能力。

Thanks, Mike.

謝謝，麥克。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

Hey, thanks for taking the question. I wanted to ask, given the strong margin guide raise and EPS guide raise here, where you're at kind of on the FARAPULSE getting those to full margins and the scale there. Are you halfway there, kind of more or less and your willingness to kind of continue to let that flow through?

嘿，謝謝你提出問題。我想問一下，考慮到這裡的利潤率指引和每股盈餘指引大幅提高，你在 FARAPULSE 上的表現如何才能達到全額利潤率和規模。你是否已經完成了一半，或多或少，你是否願意繼續讓這一切順利進行？

And I also wanted to ask about TAVR. It felt like a little bit of a time change and tone change on TAVR, so I just wanted to make sure we didn't miss anything on the TAVR update?

我還想問一下TAVR的事。感覺 TAVR 上的時間和語氣有點變化，所以我只是想確保我們沒有錯過 TAVR 更新的任何內容？

Sure. I can start on the gross margin and then Mike can take the TAVR one.

當然。我可以從毛利率開始，然後麥克可以接受 TAVR。

So where are we on the journey? As Mike said, we're early in the journey in the United States relative to the FARAPULSE launch. That corresponds pretty well with the gross margin story. So if you think of where we are, the standard margin for FARAPULSE is absolutely accretive relative to the catheter.

那我們在旅途中的什麼地方呢？正如 Mike 所說，相對於 FARAPULSE 的發射，我們在美國還處於早期階段。這與毛利率的情況非常吻合。因此，如果您考慮我們現在的情況，您會發現 FARAPULSE 的標準裕度相對於導管來說絕對是增加的。

So that's a great accretive gross margin growth driver. The things that in the initial stages are a little bit dilutive are obviously, you heard me talk about the inventory charges with respect to POLARx. So we don't want to take inventory charges, but when it's -- when you're taking them as a result of the success of FARAPULSE, that's -- it should be temporary and should not be something that continues. So those should get better over time.

因此，這是一個巨大的毛利率成長驅動力。顯然，在初始階段有點攤薄的事情，你聽到我談論了 POLARx 的庫存費用。因此，我們不想收取庫存費用，但當它是——當你因為 FARAPULSE 的成功而收取庫存費用時，那就是——它應該是暫時的，不應該持續下去。所以隨著時間的推移，這些應該會變得更好。

The manufacturing brands, so we have built our manufacturing capacity and our operations and supply chain team to be the leaders in this space. So we have significant capacity. So as we're making the product today, it's a little under absorbed relative to that.

製造品牌，因此我們已經建立了製造能力以及營運和供應鏈團隊，成為該領域的領導者。所以我們有很大的能力。因此，當我們今天生產該產品時，相對而言，它的吸收有點不足。

So that will get better, obviously, as we make more and that's obviously our plan. And then the capital placements are dilutive. Again, it's not a huge number relative to the overall gross margin for the company, but it does at the edges, kind of take that down a bit.

顯然，隨著我們生產更多，情況會變得更好，這顯然是我們的計劃。然後資本配置就會被稀釋。同樣，相對於公司的整體毛利率來說，這並不是一個巨大的數字，但它確實在邊緣，有點降低了這一點。

So overall, I would say FARAPULSE, every quarter, FARAPULSE will be a better contributor to margin. And I think as you get into 2025 and 2026, it will be a significantly accretive growth driver for gross margin for the company.

所以總的來說，我想說 FARAPULSE，每季 FARAPULSE 都會對利潤做出更好的貢獻。我認為，進入 2025 年和 2026 年，這將成為公司毛利率的顯著成長動力。

On TAVI, the European team has done really an outstanding quarter and outstanding quarters back to back with ACURATE Neo2, over 20% growth. Importantly, we expect to launch in fourth quarter or maybe first quarter 2025 Prime, which is our next-generation ACURATE Neo2 that has all risk indications and the full-size matrix, which has been the challenge for us to date with an optimized delivery in the valve frame.

在 TAVI 上，歐洲團隊確實表現出色，並且與 ACURATE Neo2 連續幾季表現出色，成長超過 20%。重要的是，我們預計將在 2025 年第四季或第一季推出 Prime，這是我們的下一代 ACURATE Neo2，具有所有風險指示和全尺寸矩陣，這一直是我們迄今為止優化交付的挑戰閥架。

On the -- just to reiterate on the US timing, we did complete enrollment of the 1,500 patient cohort. And we do expect to present the data in the first half of 2025 likely at the ACC meeting. I think it's important to note that this is the largest randomized trial that's been done in TAVI really based on the timing of the last patient follow-up and the size of the trial and the multiple risk and mixed control groups that we have in it. It's an extensive trial and we believe that the first half 2025 and likely at ACC is the appropriate timing.

重申美國的時間安排，我們確實完成了 1,500 名患者群組的入組。我們預計可能會在 2025 年上半年的 ACC 會議上公佈這些數據。我認為值得注意的是，這是 TAVI 中進行的最大規模的隨機試驗，實際上是基於最後一次患者追蹤的時間、試驗的規模以及我們擁有的多個風險組和混合對照組。這是一項廣泛的試驗，我們相信 2025 年上半年（很可能在 ACC）是合適的時機。

And then just as a quick follow-up to the gross margin question, Travis. None of that is a surprise relative to gross margin. So we've been saying all along the gross margin is not likely to help the margin improvement story in 2024. But lo and behold, we're able to increase the overall operating margin from 30 to 50 to 50 to 70.

然後是對毛利率問題的快速跟進，特拉維斯。相對於毛利率而言，這些都不足為奇。因此，我們一直在說，毛利率不太可能有助於 2024 年利潤率的改善。

So I think all is well on the margin expansion front. Really proud of that 50 to 70 relative to the guidance for this year. And as you look to 2025 and beyond, I think gross margin, I think all lines of the P&L can contribute to the margin expansion journey and gross margin will be one of those.

所以我認為在利潤率擴張方面一切都很好。相對於今年的指導，我們真的很自豪 50 到 70。展望 2025 年及以後，我認為毛利率、損益表的所有項目都可以為利潤率擴張之旅做出貢獻，而毛利率將是其中之一。

Great, very helpful. Thanks a lot.

太棒了，非常有幫助。多謝。

Josh Jennings, TD Cowen.

喬許·詹寧斯，TD·考恩。

Good morning. Thanks a lot for taking the questions and congrats on the stellar results. Wanted to just follow up on Travis' two questions. I guess, first on TAVR, could we see top line data before the ACC presentation next year and could Boston file before that presentation?

早安.非常感謝您提出問題並祝賀我們取得了優異的成績。我想跟進特拉維斯的兩個問題。我想，首先在 TAVR 上，我們能否在明年 ACC 演示之前看到頂線數據，波士頓能否在該演示之前提交文件？

And then just the other follow-up is just on the profitability you guys you're seeing in a lot of profitability flow through on the outperformance on the top line. I wanted to just get a sense of taking some of that profitability and reinvesting that, where could we see -- where some of those dollars going and just some high-level commentary on that reinvestment driving -- supporting this sustainability of top-tier revenue growth in the med tech space? Thanks for taking the questions.

然後，另一個後續行動就是關於獲利能力，你們在許多獲利能力流中看到了營收的優異表現。我只是想了解如何獲取部分盈利能力並將其進行再投資，我們可以在哪裡看到這些美元的去向以及對再投資驅動的一些高層評論以支持頂級收入的可持續性醫療技術領域的增長？感謝您提出問題。

Yeah, Josh, maybe I'll take the TAVR question first and then let Dan and Mike take the others.

是的，喬什，也許我會先回答 TAVR 問題，然後讓丹和麥克回答其他問題。

Just really what Mike said, last patient follow-up in the trial was just in this quarter, it's a very large, very complex trial. And just honestly, based on the timing of getting the data cleaned and getting the readouts from all of the various core labs [ph] that are engaged in getting us the analysis for the trial, we are going to miss the abstract deadlines for all of the major fall meetings.

正如麥克所說，試驗中最後一次患者追蹤是在本季度，這是一項非常大、非常複雜的試驗。老實說，根據清理數據和從所有參與為我們提供試驗分析的各個核心實驗室獲取讀數的時間，我們將錯過所有的抽象截止日期主要的秋季會議。

So those deadlines literally come up within a couple of weeks. And again, these data are so important and pivotal, right, we want to present this at a major meeting. And so right, the first major cardiology meeting, where we'll be able to meet an abstract deadline is going to be the ACC. Would not expect you to see any data released ahead of that.

所以這些最後期限其實會在幾週內到來。再說一次，這些數據是如此重要和關鍵，對吧，我們想在一次重要會議上展示這一點。因此，第一個重要的心臟病學會議將在 ACC 舉行，我們將能夠在抽象的截止日期前完成會議。預計您不會看到在此之前發布的任何數據。

And the second part of your question relative to the balance between reinvesting the sales upside and dropping some through. I think you're seeing the evidence of that here in our guidance raise for the 50 to 70.

你問題的第二部分涉及銷售成長的再投資和部分銷售之間的平衡。我認為您在我們對 50 至 70 人的指導中看到了這方面的證據。

So I think we've struck a really good balance on that. So we've had sales upside during the year and the realization that we closed the first half a little bit ahead of expectations. So we're giving some of that back. So we're taking the 30 to 50 to the 50 to 70. So that's great.

所以我認為我們在這方面取得了很好的平衡。因此，我們今年的銷售量有所上升，並意識到我們上半年的業績略高於預期。所以我們會回饋其中的一部分。所以我們將 30 到 50 改為 50 到 70。

At the same time, we are reinvesting in the business, primarily in the commercial facing functions. We're leveraging the back office and the administrative areas, which makes sense. We don't need to grow those when you're growing the revenue at the rate that we're at.

同時，我們正在對業務進行再投資，主要是面向商業的功能。我們正在利用後台和行政區域，這是有道理的。當您以我們現在的速度增加收入時，我們不需要增加這些。

So we've got significant leverage opportunities there. And then as Mike said, this isn't just reinvesting in FARAPULSE. This is reinvesting across the whole portfolio, the broad portfolio that we have. So we picked the right spots to reinvest to be able to continue to deliver that top line performance for the long term. And I think we're striking a nice balance there.

因此，我們在那裡擁有重要的槓桿機會。正如 Mike 所說，這不僅僅是 FARAPULSE 的再投資。這是對整個投資組合、我們擁有的廣泛投資組合的再投資。因此，我們選擇了正確的地點進行再投資，以便能夠繼續實現長期的營收績效。我認為我們在這方面取得了很好的平衡。

Daniel Antalffy, UBS.

丹尼爾安塔菲，瑞銀集團。

Hey, good morning everyone. Thanks so much for taking the question. And I'll be a broken record here. Congrats on the really awesome quarter.

嘿，大家早安。非常感謝您提出問題。我將在這裡打破記錄。恭喜這個非常棒的季度。

Mike, I wanted to go in a different direction here away from PFA for a second and talk about how we should think, just on this theme of sustainability of growth into 2025, appreciating we'll give guidance here. But if we think about AGENT DCB launching back half of this year and Modular in the back half or, I guess, is that launching this year as well.

麥克，我想暫時遠離 PFA，談談我們應該如何思考，就 2025 年可持續成長主題而言，感謝我們在這裡提供指導。但如果我們考慮 AGENT DCB 將在今年下半年推出，而 Modular 將在下半年推出，或者我想，這也是今年推出的。

So how do we think about those contributing maybe elevating CRM growth above the market in next year as well as the Interventional Cardiology portfolio? Thanks so much.

那麼，我們如何看待那些可能在明年使 CRM 成長高於市場的因素以及介入性心臟病學產品組合？非常感謝。

Thank you for pointing that out because I was getting hammered by tax from our agent team and our CRM team for not mentioning those in the prior question. So I think if you were to continue to add on that discussion, which is how do we maintain and sustain high performance, that's highly differentiated from the peer group for the -- for many years to come.

感謝您指出這一點，因為我因在上一個問題中沒有提及這些內容而受到我們的代理團隊和 CRM 團隊的稅收打擊。因此，我認為，如果您要繼續補充這一討論，即我們如何保持和維持高績效，那麼在未來的許多年裡，這與同行群體有很大不同。

It's all the things we talked about before with PFA and WATCHMAN indication expansion. And as you said, with the AGENT, kudos to that team, they're really transforming that portfolio. Drug-eluting stents next year will probably be 2% of overall Boston Scientific. And you're seeing tremendous growth in our imaging business with our IVUS imaging platform.

這就是我們之前討論過的 PFA 和 WATCHMAN 指示擴充的所有內容。正如您所說，透過代理，該團隊值得讚揚，他們確實正在改變該投資組合。明年藥物洗脫支架可能佔波士頓科學公司整體的 2%。您將看到我們的 IVUS 成像平台的成像業務取得了巨大的成長。

And now we're the first one to have approval for AGENTS, and that TPT decision will be made soon and apply and hopefully, in January. And that is a market that we plan to drive where we have a multiyear advantage, where we have superiority data for what is at least 10% of the market with restenosis and appropriate price points. That's going to accelerate the growth of that division and significantly improve the margin profile over time.

現在我們是第一個獲得 AGENTS 批准的公司，TPT 決定很快就會做出並應用，希望在一月。這是我們計劃推動的市場，我們擁有多年優勢，我們擁有至少 10% 市場再狹窄和適當價格點的優勢數據。這將加速該部門的成長，並隨著時間的推移顯著改善利潤狀況。

Why we continue to invest in clinical science and our structural heart portfolio and also, we have a very vast VC portfolio. And oftentimes, those VC investments come with dilution, which our team is able to manage consistently while investing for the future, while improving margins at the same time.

為什麼我們繼續投資臨床科學和結構心臟投資組合，而且我們擁有非常龐大的創投組合。通常，這些創投會帶來稀釋，我們的團隊能夠在投資未來的同時持續管理稀釋，同時提高利潤率。

So I think that's a big part of it. As you do know, the CRM business is a bit of a lag for us. International business did quite well. US lagged a little bit and the Modular ATP, proud of the team for that. That was a long study, a very difficult project. But you saw the results of that S-ICD with the modular platform and we're excited to launch that in 2025. So there are two other areas that I didn't mention before that you pointed out.

所以我認為這是其中很重要的一部分。如您所知，CRM 業務對我們來說有點滯後。國際業務表現相當不錯。美國隊稍微落後，而模組化 ATP 隊為此感到自豪。這是一項長期的研究，一個非常困難的計畫。但是您看到了帶有模組化平台的 S-ICD 的結果，我們很高興能在 2025 年推出它。

And also, what's not being mentioned here today is just the tremendous growth in our Endo and Uro businesses. Our Uro business is near double digits for the first half. Our Endo business is near double digit for the first half. Those are all accretive margin companies for us.

而且，今天這裡沒有提到的是我們的 Endo 和 Uro 業務的巨大成長。上半年我們的 Uro 業務接近兩位數。上半年我們的遠藤業務接近兩位數。這些都是為我們帶來利潤增值的公司。

We're very excited about the Axonics acquisition, which will have operational benefit in 2025 and organic in 2026 primarily. But it just makes those divisions even stronger. So there's many things to be excited about for the future of the company to continue on with a goal of differentiated performance.

我們對 Axonics 的收購感到非常興奮，該收購將在 2025 年產生營運效益，並主要在 2026 年產生有機效益。但這只會讓這些分歧變得更加嚴重。因此，公司未來繼續以差異化業績為目標，有很多值得興奮的事情。

Matthew O'Brien, Piper Scientific.

馬修‧奧布萊恩，派珀科學公司。

Great, thanks so much. From Piper Sandler. Just maybe on just sticking with kind of where Danielle is going outside of PFA. Just on the WATCHMAN business, 20% growth is a little bit of a tick up versus Q1. Your competitor said they grew 45% in the quarter.

太好了，非常感謝。來自派珀·桑德勒。也許只是堅持丹妮爾在 PFA 之外的發展方向。僅就 WATCHMAN 業務而言，20% 的成長與第一季相比略有上升。你的競爭對手說他們本季成長了 45%。

So are you losing a little bit of share to those guys or is the market starting to accelerate for some reason, I don't know if it's in front of this concomitant reimbursement, just maybe talk a little bit about that? And then maybe for Dr. Stein specifically, if you get this concomitant reimbursement, can you just talk about the workflow for the clinician in terms of doing a PFA case plus a WATCHMAN case at the same time.

那麼，您是否會因為某些原因而失去一些份額，或者市場是否開始加速，我不知道是否在伴隨的報銷之前，也許可以談談這一點？然後，也許對於 Stein 博士來說，如果您獲得了伴隨報銷，您能否談談臨床醫生同時處理 PFA 病例和 WATCHMAN 病例的工作流程。

I mean how much more challenging is that you have to bring in an ICE sometimes and other times not bringing ICE and to do the WATCHMAN part of the case, just maybe talk a little bit about that opportunity going forward? Thank you

我的意思是，你有時必須帶 ICE，有時不帶 ICE，並做案件的守望者部分，這更具挑戰性，也許只是談談未來的機會？謝謝

Yeah, I'll just touch on the growth, 20% is excellent. We're in the midst of launching our WATCHMAN FLX Pro and maybe as importantly, this new steerable sheet, which is early in its launch. And so I think to clinical data and the extremely high market share of WATCHMAN speaks for itself and the ongoing R&D platforms that we're driving for WATCHMAN and clinical science.

是的，我只想談成長，20% 已經很好了。我們正在推出 WATCHMAN FLX Pro，也許同樣重要的是，這款新的可操縱床單，目前還處於推出初期。因此，我認為臨床數據和 WATCHMAN 極高的市場份額本身就說明了一切，我們正在為 WATCHMAN 和臨床科學推動持續的研發平台。

So we are extremely comfortable that we're nearly 90% of share in the US and there may be some extremely price-sensitive accounts that will occasionally lose business to. But it's very, very small margin. Very, very small numbers. And if you look at the size of the WATCHMAN business and our share and our technology lead, we're very comfortable with the position we're in.

因此，我們非常放心，我們在美國擁有近 90% 的份額，並且可能有一些對價格極其敏感的客戶偶爾會失去業務。但這是非常非常小的利潤。非常非常小的數字。如果你看看 WATCHMAN 業務的規模、我們的份額以及我們的技術領先地位，我們對我們所處的位置非常滿意。

Yeah. And then in terms of just workflow and concomitant, this is one of the areas where I think in between, right, the safety and efficiency advantages of WATCHMAN FLX and FLX Pro combined with the efficiency and safety advantages of FARAPULSE could create a real advantage for us as a unified ecosystem.

是的。然後就工作流程和伴隨而言，這是我認為在 WATCHMAN FLX 和 FLX Pro 的安全性和效率優勢與 FARAPULSE 的效率和安全優勢相結合的領域之一，可以為以下領域創造真正的優勢：我們作為一個統一的生態系。

The beauty of doing these two procedures together, right, is they both involve transseptal access into the left atrium. They both involve the catheter manipulation inside the left atrium. So there's a huge benefit to patients to be able to have it all done at one sitting as opposed to having to have one procedure and then go through many of the same risks of the first procedure go and have it done as a second procedure.

一起進行這兩次手術的美妙之處在於，它們都涉及經由房間隔進入左心房。它們都涉及左心房內的導管操作。因此，對於患者來說，能夠一次性完成所有手術，而不是必須進行一次手術，然後經歷與第一次手術相同的許多風險，然後再進行第二次手術，這對患者來說是一個巨大的好處。

And just to reiterate, when you think of doing it as a concomitant procedure what you want our technologies that enable you to do it safely and we do it reproducibly and enable you to do it efficiently. So you're spending as little time as possible, right, mucking about inside someone's left atrium. And FARAPULSE and WATCHMAN FLX Pro together are unmatched in giving you those advantages.

重申一下，當您考慮將其作為伴隨程序時，您希望我們的技術能夠使您安全地進行該操作，並且我們能夠重複地進行該操作，並使您能夠高效地進行該操作。所以你要花盡可能少的時間，對吧，在某人的左心房裡閒晃。 FARAPULSE 和 WATCHMAN FLX Pro 一起為您提供無與倫比的優勢。

Matt Taylor, Jefferies.

馬特泰勒，杰弗里斯。

Hi, good morning guys, thank you for taking the questions. Congrats on a great quarter. I did want to ask a follow-up question on FARAPULSE just to help with thinking about the modeling and the opportunity there. Could you give us any kind of update or parameters on how many centers you're in, how many boxes you've placed, and maybe talk about whether the early experience has changed your views on how the market could evolve like you laid out at the Analyst Day several months ago?

嗨，大家早上好，感謝您提出問題。恭喜您度過了一個出色的季度。我確實想在 FARAPULSE 上提出一個後續問題，只是為了幫助思考模型和那裡的機會。您能否向我們提供有關您所在的中心有多少個、您放置了多少個盒子的任何更新或參數，也許可以談談早期的經歷是否改變了您對市場如何發展的看法，就像您在幾個月前的分析師日？

Yes, I think the only piece of that we'll provide color on is the last part of it. We don't want to break out catheter usage, capital usage, how many sites. I would say the utilization rates of sites once they use FARAPULSE is very quick and sustainable.

是的，我認為我們唯一要提供顏色的是它的最後一部分。我們不想透露導管的使用情況、資本使用情況以及有多少個站點。我想說，一旦使用 FARAPULSE，網站的使用率就會非常快且可持續。

So we're not seeing hospitals turn it on and turn it off and go in and out of it, like you see in many med tech products. So the sustainability and usage of FARAPULSE is very high once customers start using it. And obviously, we have a chance to sell more consoles to larger centers in the existing accounts besides opening new accounts. And the second part was what -- having a senior moment.

因此，我們不會看到醫院打開和關閉它，進出它，就像您在許多醫療技術產品中看到的那樣。因此，一旦客戶開始使用 FARAPULSE，其永續性和使用率就非常高。顯然，除了開設新帳戶外，我們還有機會在現有帳戶中向更大的中心銷售更多遊戲機。第二部分是－度過一個高級時刻。

(multiple speakers)

（多個發言者）

Great, thanks. I ended it with a dud, sorry Matt.

萬分感謝。我以失敗告終，對不起馬特。

That's okay, alright.

沒關係，好吧。

Well, thanks, everyone, for joining us today. As always, we appreciate your interest in Boston Scientific. If we were unable to get to your question or have any follow-ups, please don't hesitate to reach out to the Investor Relations team. And before you disconnect, Drew will give you all the pertinent details for the replay. Thanks so much.

好的，謝謝大家今天加入我們。一如既往，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無法採取任何後續行動，請隨時聯絡投資者關係團隊。在您斷開連接之前，Drew 將為您提供重播的所有相關詳細資訊。非常感謝。

Thank you. Please note a recording will be available in one hour by dialing either 1-877-344-7529 or 1-412-317-0088, using replay code 2312308 until July 31, 2024 at 11:59 PM, Eastern Time.

謝謝。請注意，在東部時間 2024 年 7 月 31 日晚上 11:59 之前，請使用重播代碼 2312308，撥打 1-877-344-7529 或 1-412-317-0088，在一小時內即可獲得錄音。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。