Boston Scientific Corp (BSX) 2024 Q3 法說會逐字稿

Good morning and welcome to the Boston Scientific Third Quarter 2024 earnings call.

早安，歡迎參加波士頓科學公司 2024 年第三季財報電話會議。

All participants will b

所有參與者將

in listen only mode.

處於僅聽模式。

Should you need assistance, please signal a conference specialist by pressing star, then zero on your telephone keypad

如果您需要協助，請按星號，然後按電話鍵盤上的零向會議專家發出訊號

.

。

After today's presentation, there will be an opportunity to ask questions.

今天的演講結束後，將有機會提問。

To ask a question.

來問一個問題。

You may press star, then one on your telephone keypad.

您可以按星號，然後按電話鍵盤上的一個。

To withdraw your question, please press star then two.

若要撤回您的問題，請按星號然後按兩顆。

Please note, this event is being recorded.

請注意，此事件正在被記錄。

I would now like to turn the conference over to John Munson, Senior Vice President, Investor Relations.

我現在想將會議交給投資者關係高級副總裁約翰·蒙森 (John Munson)。

Please go ahead.

請繼續。

Thanks, Joe, and thanks, everyone, for joining us.

謝謝喬，謝謝大家加入我們。

With me today are Mike Mahoney, Chairman and Chief Executive Officer, and Dan Brennan, Executive Vice President and Chief Financial Officer.

今天與我在一起的有董事長兼執行長 Mike Mahoney 和執行副總裁兼財務長 Dan Brennan。

Joining the Q&A session.

參加問答環節。

Mike and Dan will be joined by our Chief Medical Officer, Dr. Ken Stein, our Co-Founder, President of our MedSurg and Asia Pacific businesses.

我們的首席醫療官、我們的共同創辦人兼 MedSurg 和亞太區業務總裁 Ken Stein 博士將加入 Mike 和 Dan 的行列。

We issued a press release earlier this morning announcing our Q3 results, which included

我們今天早上早些時候發布了一份新聞稿，宣布了我們第三季度的業績，其中包括

reconciliations of non-GAAP measures used in this release.

本版本中使用的非公認會計準則衡量標準的調節。

The release as well as reconciliations of non-GAAP measures used in today's call.

今天電話會議中使用的非公認會計原則衡量標準的發布和調節。

Please note on the call.

請在通話中註明。

Operational revenue excludes the impact of foreign currency fluctuations and organic revenue.

營業收入不包括外匯波動和有機收入的影響。

Further excludes acquisitions and divestitures for which there are less than a full period of comparable net sales guidance excludes the previously announced agreement to acquire electronics, which is expected to close in the fourth quarter of 2024, subject to customary closing conditions.

進一步排除了少於完整時期可比淨銷售額指導的收購和剝離，也不包括先前宣布的收購電子產品的協議，該協議預計將於 2024 年第四季度完成，但須符合慣例成交條件。

For more information, please refer to the Q3 financial and operational highlights deck, which may be found on the Investor Relations section of our website.

欲了解更多信息，請參閱第三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, our organic and relative growth as compared to the same quarter of the prior year, unless otherwise specified.

除非另有說明，本次電話會議所有內容均涉及銷售和收入、我們與去年同期相比的自然成長和相對成長。

This call contains forward looking statements regarding, among other things, our financial performance, business plans and product performance and development.

本次電話會議包含有關我們的財務表現、業務計劃以及產品性能和開發等方面的前瞻性陳述。

These statements are based on our current belief using information available to us as of today's date and are not intended to be guarantees of future events or performance.

這些聲明基於我們當前的信念，使用了截至今天為止我們可獲得的信息，並不旨在成為對未來事件或業績的保證。

If our underlying assumptions turn out to be incorrect or certain risks or uncertainties materialize, actual results could vary from those projected by the 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，實際結果可能與前瞻性陳述的預測有所不同。

Factors that may cause such differences are discussed in our periodic reports and other filings with the SEC, including the Risk Factors section of our most recent annual report on Form 10 K.

我們的定期報告和向 SEC 提交的其他文件中討論了可能導致此類差異的因素，包括我們最新 10 K 表格年度報告的風險因素部分。

Boston Scientific disclaims any intention or obligation to update these forward-looking statements except as required by law.

除法律要求外，波士頓科學公司不承擔任何更新這些前瞻性聲明的意圖或義務。

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

此時，我會將其交給麥克。

Mike?

麥克風？

Thanks, John.

謝謝，約翰。

Thank you, everyone, for joining us today.

謝謝大家今天加入我們。

Our Q2 results exceeded our expectations, and we continue to invest in our portfolio and capabilities to deliver differentiated performance over the long term.

我們第二季的業績超出了我們的預期，我們將繼續投資於我們的產品組合和能力，以實現長期差異化的表現。

In Q3 24, total Company operational sales grew 19% and organic sales grew 18%, exceeding the high end of our guidance.

24 年第三季度，公司總營業銷售額成長 19%，有機銷售額成長 18%，超過了我們指導的上限。

Range of 13 to 15 are excellent.

13 到 15 的範圍非常好。

Growth is and will continue to be focused on our category leadership strategy, fueled by innovation, clinical evidence generation and their winning spirit of our global team.

成長現在並將繼續集中在我們的類別領導策略上，由創新、臨床證據生成和我們全球團隊的獲勝精神所推動。

Q3 adjusted EPS of $0.63 grew 27%, exceeding the high end of our guidance range of 57 to $0.59 in Q3.

第三季調整後每股收益為 0.63 美元，成長 27%，超出了我們第三季指導範圍 57 至 0.59 美元的上限。

Adjusted operating margin was 27.2%.

調整後營業利益率為 27.2%。

Turning to our fourth quarter and the full year 24 outlook, we are guiding to organic growth of 14% to 16% for Q4 and raising our full-year guidance to approximately 15%, reflecting momentum across our broad portfolio and particularly in AF Solutions.

談到第四季度和24 財年全年展望，我們預計第四季度的有機成長將達到14% 至16%，並將全年指引提高至15% 左右，這反映了我們廣泛的產品組合（尤其是AF 解決方案）的勢頭。

Our fourth quarter adjusted EPS guidance is now 64 to $0.66, and we expect our full year adjusted EPS to be to 45 to 47, representing growth of 2021%.

我們第四季調整後每股盈餘指引目前為 64 至 0.66 美元，我們預計全年調整後每股盈餘將達到 45 至 47，相當於 2021% 的成長。

Dan will provide more details on our financials in a few minutes now provide additional highlights our third quarter results, along with our comments on our outlook.

丹將在幾分鐘內提供有關我們財務狀況的更多詳細信息，現在將提供我們第三季度業績的更多亮點，以及我們對前景的評論。

Regionally, on an operational basis, the US through 24% with double-digit growth were higher in six of eight business units.

從地區來看，從營運角度來看，美國八個業務部門中的六個業務部門實現了 24% 的兩位數成長。

Our EP business continues to deliver impressive performance, fueled by a fairer pulse new account openings and very strong reorder rates.

在更公平的新帳戶開戶和非常強勁的再訂購率的推動下，我們的 EP 業務繼續取得令人印象深刻的業績。

Europe, Middle East and Africa grew 14% of an operational basis.

歐洲、中東和非洲的營運基礎成長了 14%。

This performance was driven by continued above market performance and EP., where we continue to expand our PFS leadership, complex SPCI. and structural heart Entavio.

這一業績是由持續高於市場表現和 EP 推動的，我們繼續擴大我們的 PFS 領導地位，即複雜的 SPCI。和結構心臟Entavio。

We received CE mark and recently launched our next-generation accurate prime valve.

我們獲得了 CE 標誌，並於最近推出了下一代精確注水閥。

I also want to announce that following in nearly 30-year career, Boston Scientific, our President of ammonia, Eric, to Pope, will retire in December and Xavier Bergeron.

我還想宣布，在經歷了近 30 年的職業生涯後，波士頓科學公司氨業務總裁 Eric Pope 和 Xavier Bergeron 將於 12 月退休。

Currently the Vice President of peripheral interventions.

現任週邊幹預副總裁。

It's an amount will be appointed the new President of a math.

其額將被任命為新任數學會長。

I want to thank Eric for his many significant contributions to the organization and congratulate Xavier on his new role.

我要感謝艾瑞克（Eric）對該組織做出的許多重大貢獻，並祝賀澤維爾（Xavier）擔任新職務。

Asia-pac grew 12% operationally with excellent performance in China, Australia, New Zealand, and grew mid 10s despite the recent VBP. implementations in Japan, we received PMDA approval of the third pulse TFAs system and anticipate reimbursement and commercial launch in the coming weeks.

亞太地區的營運成長了 12%，在中國、澳洲和紐西蘭表現出色，儘管最近的 VBP 仍實現了 10 左右的成長。在日本實施後，我們獲得了 PMDA 對第三個脈衝 TFA 系統的批准，並預計在未來幾週內獲得報銷和商業推出。

I'll now provide some additional commentary on our business units.

我現在將對我們的業務部門提供一些補充評論。

Neurology sales grew 10%, with double-digit growth in stone management and prostate health, including double-digit growth in both resume and spacer.

神經科銷售額成長 10%，其中結石管理和前列腺健康業務實現兩位數增長，其中簡歷和間隔器業務實現兩位數增長。

Within the quarter, we continue to see momentum from the launches of LithoVue Elite and the tenacity of pump, whether AMS. 700 device and looking forward, we expect to close the previously announced acquisition of economics in the fourth quarter.

在本季度內，我們繼續看到 LithoVue Elite 的推出以及泵浦（無論是 AMS）的堅韌所帶來的勢頭。 700 設備並展望未來，我們預計在第四季度完成之前宣布的對economics 的收購。

We're excited to add this excellent business in the Boston Scientific in our urology business.

我們很高興將波士頓科學公司的這項出色業務納入我們的泌尿外科業務。

Endoscopy sales grew 7% organically in 8% operationally operationally, with strong growth, particularly in the US.

內視鏡銷售額有機成長 7%，營運成長 8%，成長強勁，尤其是在美國。

Our anchor products continue to drive above market growth with Exelis and EXALT-D both growing double digits in the quarter.

我們的主力產品持續推動高於市場的成長，Exelis 和 EXALT-D 在本季均達到兩位數成長。

We also continue to see strong double-digit growth in our endoluminal surgery franchise.

我們的腔內手術業務也持續實現兩位數的強勁成長。

We're pleased to reach only receive a category one CPT code for the ESG. weight loss procedure, which is expected to further momentum within this business.

我們很高興只收到 ESG 的一類 CPT 代碼。減肥程序，預計將進一步推動該業務的發展。

Neuromodulation sales grew 3% organically and 17% operationally, including relief and which will turn organic in November.

神經調節銷售額有機成長 3%，營運成長 17%，其中包括救濟，並將於 11 月實現有機成長。

Our brand franchise return to low double digit growth in the quarter.

我們的品牌特許經營權在本季度恢復了兩位數的低成長。

In the US supported Biden de novo implants and competitive replacements.

在美國，支持拜登從頭植入和競爭性替代品。

Our pain franchise grew low single digits organically in double digits.

我們的疼痛專營權有機成長了兩位數的低個位數。

Operationally, our global SCS performance was below our expectations in a market that continues to be challenged, offset by growth in the rest of the pain portfolio, which reflects the value of our category leadership strategy.

在營運方面，我們的全球 SCS 表現低於我們在持續面臨挑戰的市場中的預期，但被其他疼痛產品組合的成長所抵消，這反映了我們品類領先策略的價值。

Peripheral Intervention sales grew 10% organically and 12% operationally.

外圍幹預銷售額有機成長 10%，營運成長 12%。

Within our vascular business, we saw a mid-single digit growth in arterial with continued double digit growth in drug-alluding therapies and low double digit growth in venous.

在我們的血管業務中，我們看到動脈業務實現中個位數成長，藥物暗示療法持續實現兩位數成長，靜脈業務實現低兩位數成長。

We're also pleased to have closed our acquisition of Silk Road Medical in mid-September, adding the innovative Teak, our system to our vascular portfolio, our Interventional Oncology and nimble embolization franchise grew double digits, again, driven by continued momentum from recent launches and embolization and sustained double digit growth in TheraSphere.

我們也很高興在9 月中旬完成了對Silk Road Medical 的收購，將創新的Teak、我們的系統添加到我們的血管產品組合中，我們的介入性腫瘤學和靈活栓塞專營權再次增長了兩位數，這得益於近期持續成長的勢頭TheraSphere 的推出和栓塞以及持續兩位數的成長。

Cardiology delivered another exceptional quarter with sales growing 29%.

心臟病學季度又表現出色，銷售額成長 29%。

Within cardiology, interventional cardiology, thorough EPS grew 14%.

在心臟病學領域，介入性心臟病學、徹底 EPS 成長了 14%。

Mid 10s.

10 年代中期。

Growth in coronary therapies was supported by the launch of the U.S. Asian performance, continued global adoption of coronary imaging with our V-Go plus platform and our calcium portfolio.

冠狀動脈治療的成長得益於美國亞洲業績的推出、我們的 V-Go plus 平台和鈣產品組合在全球範圍內繼續採用冠狀動脈成像。

U.s. Asia launch continues to exceed our expectations with both new account openings and strong reorder rates.

我們。亞洲的推出持續超越我們的預期，無論是新帳戶的開設還是強勁的再訂購率。

We also recently commenced enrollment, the agent IDE. long lesions substudy and completed enrollment in our vital list or will the feasibility study and high-risk PCI patients.

我們最近也開始代理IDE。長期病變亞組研究並完成我們重要名單中的登記或將進行可行性研究和高風險 PCI 患者。

Congratulations team on that milestone.

祝賀團隊實現這一里程碑。

Our structural heart valves franchise grew double digits in the third quarter, led by another quarter of above market growth of accurate neo two in Europe.

我們的結構性心臟瓣膜特許經營權在第三季度實現了兩季度增長，這得益於歐洲精準新二瓣膜又一個季度高於市場的增長。

In the U.S., we continue to collaborate with the FDA and our regulatory strategy and data from the U.S. accurate IDE. will be presented at TCT.

在美國，我們繼續與 FDA 合作，我們的監管策略和數據來自美國準確的 IDE。將在 TCT 上展示。

On October 30th, WATCHMAN grew 18%, with continued conversion of WATCHMAN flex grow in the US and Japan.

10 月 30 日，WATCHMAN 成長了 18%，美國和日本的 WATCHMAN Flex 持續成長。

And globally, we surpassed 500,000 patients treated with the WATCHMAN device, driven by our innovation, clinical evidence and patient awareness efforts.

在我們的創新、臨床證據和患者意識努力的推動下，全球有超過 50 萬名患者接受了 WATCHMAN 設備的治療。

Key near-term catalyst for WATCHMAN drive our confidence in delivering high growth in this business, including the recently implemented DRG for concomitant LAC. and AF. ablation, and if positive data readout from the OPTION trial, which would which will be presented as a late-breaking clinical trial, the American Heart Association Conference on November 16th, the enrollment simplified trial, which studying a less intensive post-procedure drug regimen, enabled by our latest generation WATCHMAN flex growth and continue to expect data from the CHAMPION trial in the first half of 26.

WATCHMAN 的關鍵近期催化劑增強了我們對該業務實現高成長的信心，包括最近為伴隨的 LAC 實施的 DRG。和自動對焦。消融，如果從OPTION 試驗中讀出積極數據，該試驗將作為一項最新的臨床試驗在11 月16 日的美國心臟協會會議上提出，簡化入組試驗，該試驗研究強度較低的術後藥物治療方案，得益於我們最新一代 WATCHMAN Flex 的成長，並繼續期待 26 上半年 CHAMPION 試驗的數據。

Cardiac Rhythm Management sales grew 2% in the quarter and third quarter.

心律管理銷售額在本季和第三季成長了 2%。

Our diagnostics franchise grew high single digits, driven by our implantable cardiac monitors, Lux DX, which both receive CE Mark within the quarter.

在我們的植入式心臟監測儀 Lux DX 的推動下，我們的診斷業務成長了高個位數，這兩款產品均在本季度獲得了 CE 標誌。

In core CRM, strong international growth was offset by below market growth in the US.

在核心 CRM 領域，國際市場的強勁成長被美國低於市場的成長所抵消。

We're excited about new and upcoming product launches in this business, including the expanded indication, our brand Ingevity lead for conduction system pacing, which received FDA approval in the quarter and are empowered leadless pacemaker, which we now have submitted the FDA.

我們對該業務中新產品和即將推出的產品感到興奮，包括擴大的適應症，我們的Ingevity 品牌用於傳導系統起搏的領先產品，該產品在本季度獲得了FDA 的批准，並被授權為無引線心律調節器，我們現在已向FDA 提交了該產品。

Electrophysiology sales grew an exceptional 177% in the quarter, driven by continued commercial execution pull through in our Access Solutions business and increased procedure volumes driven by excellent outcomes as well as efficiencies gained with variables.

本季電生理學銷售額成長了 177%，這得益於我們的 Access Solutions 業務持續的商業執行力以及出色的結果和變數帶來的效率所帶來的程序量的增加。

We have now treated over 125,000 patients with fair Paul's driving rapid and transformative conversion from RF and cryo to PFA, specifically using favorables.

目前，我們已經治療了超過 125,000 名患者，Fair Paul 推動了從射頻和冷凍到 PFA 的快速、變革性轉變，特別是使用優惠。

As a result of this accelerated conversion in the market, we now expect PFA to likely to exceed our previously communicated range of 40% to 60% of global AF ablations by 2026.

由於市場加速轉變，我們現在預計到 2026 年 PFA 可能會超過我們先前公佈的全球 AF 消融的 40% 至 60% 的範圍。

We are excited about the recent third pulse approvals in both Japan and China and expect these launches do have a meaningful impact on a global E&P business and 2025.

我們對最近在日本和中國獲得第三批脈衝產品的批准感到興奮，並預計這些產品的推出確實會對全球勘探與生產業務和 2025 年產生有意義的影響。

Recently, we received US approval of the fairway of Nav catheter, which combined with a fair way of software to visualize cardiac ablation procedures exclusively with our overall HDX mapping system.

最近，我們獲得了美國對 Nav 導管球道的批准，該導管與合理的軟體相結合，僅透過我們的整體 HDX 繪圖系統可視化心臟消融過程。

We are pleased to have completed the follow-up phase one of the advantage AF clinical trial, which is evaluating variables in the treatment of patients with drug reform factory persistent AF.

我們很高興完成了優勢 AF 臨床試驗的後續第一階段，該試驗正在評估藥物改革工廠持續性 AF 患者治療的變數。

And we expect to submit the results of the trial to to the FDA later this quarter and anticipating presenting the results early 25 with label expansion expected in the second half of 25.

我們預計將在本季稍後向 FDA 提交試驗結果，並預計在 25 月初公佈結果，並預計在 25 下半年進行標籤擴展。

We're also studying it very new patient population of drug naive persistent AF patients in our Vanguard.

我們也在 Vanguard 中研究了從未接受過藥物治療的持續性心房顫動患者的新患者群體。

As we have near the end of this enrollment, we have elected to temporarily pause the trial to assess a few unanticipated observations.

由於我們的招募已接近結束，我們選擇暫時暫停試驗以評估一些意外的觀察結果。

It is our intention to resume enrollment in the near term.

我們打算在短期內恢復招生。

And based on the totality of clinical evidence of commercial real world experience, we remain extremely confident in the unique performance of perishables.

基於商業現實世界經驗的完整臨床證據，我們對易腐爛食品的獨特表現仍然充滿信心。

In closing, we're very proud of the performance of our global teams and are confident in the sustainability of our top tier financial performance.

最後，我們對全球團隊的表現感到非常自豪，並對我們頂級財務表現的可持續性充滿信心。

With that, I'll hand over to Dan and provide more details from the financials.

接下來，我將把工作交給 Dan 並提供更多財務細節。

Thanks, Mike.

謝謝，麥克。

Third quarter of 2024.

2024 年第三季。

Consolidated revenue of 4,209 million represents 19.4% reported growth versus Q3 2023 and includes a 10 basis point headwind from foreign exchange, which was favorable versus our expectations

合併收入為 42.09 億美元，與 2023 年第三季相比成長 19.4%，其中包括 10 個基點的外匯阻力，比我們的預期有利

.

。

Excluding this $4 million foreign exchange headwind, operational revenue growth was 19.5% in the quarter.

排除這 400 萬美元的外匯不利因素，本季營運收入成長 19.5%。

Sales impact from closed acquisitions contributed 130 basis points, resulting in 18.2% organic revenue growth, exceeding our third quarter guidance range of 13% to 15%.

完成收購對銷售的影響貢獻了 130 個基點，導致有機收入成長 18.2%，超出了我們第三季 13% 至 15% 的指導範圍。

Q3 2020 for adjusted earnings per share of $0.63 grew 27% versus 2023, exceeding the high end of our guidance range of 57 to $0.59, primarily driven by our strong sales performance

2020 年第三季調整後每股收益為 0.63 美元，較 2023 年增長 27%，超過我們指導範圍的上限 57 至 0.59 美元，這主要是由我們強勁的銷售業績推動的

.

。

Adjusted gross margin for the third quarter was 70.4%, slightly lower than anticipated, driven primarily by foreign exchange.

第三季調整後毛利率為 70.4%，略低於預期，主要受外匯影響。

We continue to expect second half adjusted gross margin to be higher than the first half and full year adjusted gross margin to be slightly below our 2023 rate.

我們繼續預期下半年調整後毛利率將高於上半年，全年調整後毛利率將略低於 2023 年的水準。

Third quarter adjusted operating margin was 27.2%, which expanded 110 basis points versus the prior year period.

第三季調整後營業利益率為 27.2%，比去年同期成長 110 個基點。

Given our strong year-to-date performance, we now expect full year adjusted operating margin to be approximately 27%

鑑於我們年初至今的強勁業績，我們目前預計全年調整後營業利潤率約為 27%

.

。

We believe this strikes a nice balance of delivering incremental margin from our sales upside and continuing to invest appropriately to drive strong top line performance.

我們相信，這在從銷售成長中提供增量利潤和繼續適當投資以推動強勁的營收業績之間取得了良好的平衡。

On a GAAP basis, third quarter operating margin was 17.4%.

以 GAAP 計算，第三季營業利潤率為 17.4%。

Moving to below the line third quarter, adjusted interest and other expenses totaled 65 million, which was favorable to our expectations, primarily due to higher interest income.

第三季線下調整後的利息和其他費用總計 6,500 萬，符合我們的預期，主要是由於利息收入增加。

On an adjusted basis

調整後的基礎上

.

。

Our tax rate for the third quarter was 13.2%, which includes favorable discrete tax items.

我們第三季的稅率為 13.2%，其中包括優惠的離散稅項。

Our operational tax rate for the quarter was 13.5%, fully diluted weighted average shares outstanding ended at 1,487 million in the third quarte

我們本季的營業稅率為 13.5%，第三季末完全稀釋加權平均已發行股數為 14.87 億股

r.

河

Free cash flow for the third quarter was 822 million with $1 billion $2 million from operating activities, less $180 million.

第三季自由現金流為 8.22 億美元，其中 10 億美元來自營運活動，減少了 1.8 億美元。

And net capital expenditures, which includes payments of 208 million, was related to acquisitions, restructuring, litigation and other special items.

淨資本支出包括2.08億美元的支出，與收購、重組、訴訟和其他特殊項目有關。

In 2024.

2024年。

We continue to expect full year free cash flow to exceed 2 billion, which includes approximately 900 million of expected payments related to special items.

我們繼續預計全年自由現金流將超過 20 億，其中包括約 9 億與特殊項目相關的預期付款。

As of September 30th, 2024, we had cash on hand of 2.5 billion, and our gross debt leverage ratio was 2.4 times.

截至2024年9月30日，我們手上現金為25億，總負債槓桿率為2.4倍。

Our top capital allocation priority remains strategic

我們的資本配置首要任務仍然是策略性的

.

。

Tuck-in M&A, followed by annual share repurchases to offset dilution from employee stock grants are legal reserve was $250 million as of September 30th, roughly flat versus Q2 2020.

截至 9 月 30 日，為抵銷員工股票授予帶來的稀釋而進行的年度股票回購，法定儲備金為 2.5 億美元，與 2020 年第二季大致持平。

For 53 million of this reserve is already funded through our qualified settlement funds.

其中 5,300 萬美元已透過我們的合格結算基金提供資金。

I'll now walk through guidance for Q4 and full year 2024

我現在將介紹第四季和 2024 年全年的指導

.

。

We expect full year 2020 for reported revenue growth to be approximately 16.5% to 2023, excluding an approximate 50 basis point headwind from foreign exchange.

我們預計，到 2023 年，2020 年全年報告營收成長約為 16.5%，不包括約 50 個基點的外匯阻力。

Based on current rates, we expect full year 2024 operational revenue growth to be approximately 17% extra, putting a 200 basis point contribution from closed acquisitions.

根據目前的成長率，我們預計 2024 年全年營運收入將額外成長約 17%，其中完成的收購將貢獻 200 個基點。

We expect full year 2020 for organic revenue growth to be approximately 15% versus 2023

我們預計 2020 年全年有機收入成長將比 2023 年成長約 15%

.

。

We expect fourth quarter 2024 reported revenue growth to be in a range of 16.5% to 18.5% versus fourth quarter 2023, excluding an approximate 50 basis point tailwind from foreign exchange.

我們預計 2024 年第四季報告的營收成長將較 2023 年第四季在 16.5% 至 18.5% 之間，不包括約 50 個基點的外匯推動因素。

Based on current rates, we expect fourth quarter 2024 operational revenue growth to be 16% to 18% and excluding a 200 basis point contribution from closed acquisitions, we expect fourth quarter 2020 for organic revenue growth to be in a range of 14% to 16% versus 2023

根據目前的成長率，我們預計2024 年第四季的營運收入成長率將為16% 至18%，排除已完成收購帶來的200 個基點的貢獻，我們預計2020 年第四季的有機收入成長率將在14% 至16% 之間% 與 2023 年相比

.

。

We continue to expect full year 2024 adjusted below-the-line expenses to be approximately $300 million.

我們仍預期 2024 年全年調整後的離線費用約為 3 億美元。

We also continue to expect a full year 2024 operational tax rate of approximately 13.5% and adjusted tax rate of approximately 12.5%, which contemplates current legislation, including enacted laws and issued guidance under OECD. Pillar two rules, we expect full year adjust had earnings per share to be in the range of $2.45 to $2.47, representing growth of 2021% versus 2023% headwind from foreign exchange, which is unchanged from our previous expectations.

我們也繼續預期 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，包括經合組織頒布的法律和發布的指南。根據第二支柱規則，我們預計全年調整後每股收益將在2.45 美元至2.47 美元之間，這意味著2021 年將實現增長，而2023 年將面臨外匯阻力，這與我們之前的預期沒有變化。

We expect fourth quarter adjusted earnings per share to be in a range of 64 to five $0.66

我們預計第四季度調整後每股收益將在 64 至 5 美元之間 0.66 美元

.

。

Before we move to Q&A, I want to provide a few housekeeping items related to 2025 that may be helpful with your modeling, there will be one less business day in 2025, which comes in Q one.

在我們進行問答之前，我想提供一些與 2025 年相關的家務事項，可能對您的建模有所幫助，2025 年將減少一個工作日，這在問題一中出現。

Note that in 2024, we have two extra business days versus 2023 on here in Q3 and one upcoming in Q4

請注意，與 2023 年相比，2024 年第三季我們將多出兩個工作日，第四季將多出一個工作日

.

。

Below the line, we expect a meaningful increase versus 2024 related to higher adjusted net interest expense in 2024.

在此線之下，我們預計與 2024 年相比將出現有意義的成長，這與 2024 年調整後的淨利息支出較高有關。

We will earn approximately 100 million of nonrecurring interest income on the cash raised earlier this year to fund the exotics acquisition we expect, which we expect to close here in the fourth quarter in 2025

我們將透過今年稍早籌集的現金賺取約 1 億美元的非經常性利息收入，為我們預計的奇異收購提供資金，預計該收購將於 2025 年第四季完成

.

。

We also have approximately 1.6 billion of bonds coming due, which we expect to look to refinance likely at higher rates than the existing bonds while maintaining our strong balance sheet

我們還有約 16 億債券即將到期，我們預計將以高於現有債券的利率進行再融資，同時保持強勁的資產負債表

.

。

The good news is this incremental expense should largely be offset by the operating income dollars associated with the deals we have closed in 2024 and the expected close of exotics based on current global tax legislation, we expect our tax rate to be in line with our historical rate of approximately 14% operational and 13% adjusted in 2025

好消息是，這筆增量支出應在很大程度上被我們在2024 年完成的交易相關的營業收入以及根據當前全球稅收立法預計完成的異國情調所抵消，我們預計我們的稅率將與我們的歷史水準一致營運率約 14%，2025 年調整後為 13%

.

。

We will aim to outperform our markets, deliver meaningful margin improvement and grow adjusted earnings per share at double digits and faster than sales towards our goal of being highest performing large-cap medtech company.

我們的目標是超越市場，實現顯著的利潤率改善，調整後每股收益以兩位數且高於銷售額的速度增長，以實現成為業績最高的大型醫療科技公司的目標。

As we said at last year's Investor Day for more information check our Investor Relations website for Q3 2020 for financial and operational highlights, which outlines more details on Q3 results and 2020 for guidance

正如我們在去年的投資者日所說，如需了解更多信息，請查看我們的2020 年第三季度投資者關係網站，了解財務和運營亮點，其中概述了有關第三季度業績和2020 年業績的更多詳細資訊以獲取指導

.

。

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

接下來，我會將其轉回約翰，他將主持問答。

Sam?

薩姆？

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.

Drew，讓我們在接下來的 40 分鐘左右開放提問，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。

Drove Please go ahead

開車請繼續

.

。

We will now begin the question and answer session.

我們現在開始問答環節。

To ask a question.

來問一個問題。

You may press star then one on your telephone keypad.

您可以按下電話鍵盤上的星號，然後按一個。

If you're using a speakerphone, please pickup your handset before pressing the keys.

如果您使用免持電話，請在按鍵前拿起聽筒。

Incidentally time.

順便說一下時間。

Your question has been addressed and you'd like to withdraw your question, please press the star and to again, please limit yourself to one question.

您的問題已解決，您想撤回您的問題，請按星號，然後再按一次，請將自己限制在一個問題上。

At this time, we will pause momentarily to assemble our roster

此時，我們將暫停片刻以集合我們的名單

.

。

The first question comes from Robbie Marcus with JPMorgan.

第一個問題來自摩根大通的羅比‧馬庫斯。

Please go ahead.

請繼續。

Great.

偉大的。

Good morning and congrats on another fantastic quarter here

早安，恭喜又精彩的季度

.

。

On my one from my one question, there's so much to ask about here on a good, a good one, Robbie.

關於我的一個問題，關於一個很好的問題，羅比，有很多東西要問。

Um, in our checks, we hear consistently that on the upcoming OPTION trial that we'll see at HA., combined with the recently started on October first, reimbursement for concomitant WATCHMAN and ITS. and ablation has already started to kick into gear and option could meaningfully alter the usage patterns ahead champion in first half of 26.

嗯，在我們的檢查中，我們一致聽到，在即將在 HA 進行的 OPTION 試驗中，結合最近於 10 月 1 日開始的 WATCHMAN 和 ITS 的報銷。消融已經開始啟動，選項可能會有意義地改變 26 上半年冠軍的使用模式。

So wanted to get your thoughts on the importance of both complement and and should option B positive what that can mean for both of those franchises, both in the short and long-term things.

因此，想了解您對補充和選項 B 的重要性的看法，並且應該積極考慮這對這兩個特許經營權的意義，無論是短期還是長期。

Sure.

當然。

I'll come and Dr. Stein can add probably more helpful color.

我會來，斯坦因博士可以添加可能更有用的顏色。

Clearly, independently, both platforms are doing incredibly well, WATCHMAN on the zone with all the clinical evidence and use.

顯然，兩個平台都獨立地表現得非常好，WATCHMAN 擁有所有臨床證據和使用情況。

You saw the amazing results of a favorable today, and doctors are still comfortable with both procedures that the gross a procedure that concomitant reimbursement we view as quite positive.

您今天看到了令人驚嘆的有利結果，醫生仍然對這兩種手術感到滿意，總的來說，我們認為伴隨報銷的手術相當積極。

It's also very positive economic for the hospitals beneficial for the patient and the proceeds will be form safely.

這對醫院來說也是非常積極的經濟效益，對病人有利，並且收益將安全地形成。

So we're really pleased with that concomitant.

所以我們對此非常滿意。

And so is clearly a ongoing long-term tailwind for WATCHMAN and also further helps variables.

因此，這顯然是《守望者》持續的長期推動力，也進一步推動了變數的發展。

Both both platforms, as you know, have a number of different clinical trials to continue to expand indications and Dr. Stone it any other comments you'd like to make on have no short-term market.

如您所知，這兩個平台都有許多不同的臨床試驗來繼續擴大適應症，斯通博士您想發表的任何其他評論都沒有短期市場。

Thanks, Roddy.

謝謝，羅迪。

Again, reiterate what Mike said at the outset, right, dominant the ability to do concomitant procedures and get reimbursed with them under the new CMSDRG., no, it's one of those things that's it's positive for patients.

再次重申麥克一開始所說的，對，主導進行伴隨手術並根據新的 CMSDRG 獲得報銷的能力。

It's positive for the health care system.

這對醫療保健系統是正面的。

Um, and hospitals.

嗯，還有醫院。

And it's certainly positive for us given the unique advantages in doing concomitant procedures

考慮到進行伴隨手術的獨特優勢，這對我們來說肯定是積極的

.

。

When you think of the safety and efficiency of Centra Pulse and you think of the safety and efficiency and frankly excellent outcomes with Centerpulse and with WATCHMAN flex and WATCHMAN flex Pro, again, just to give some sense of the the importance of this right, that there are approximately 30 to 50,000 ablations performed in the U.S. every year, freight defibrillation

當您想到 Centra Pulse 的安全性和效率以及 Centerpulse 以及 WATCHMAN flex 和 WATCHMAN flex Pro 的安全性和效率以及坦率地說出色的結果時，再次強調一下，只是為了讓您了解這項權利的重要性，即美國每年約進行30 至5 萬例消融手術，貨運除顫

.

。

And roughly half of those patients are at high risk of stroke Oak according to things like that, Chad risk scoring system.

根據乍得風險評分系統等數據，大約一半的患者處於中風橡樹的高風險。

I think we are all anxiously looking forward to see the option data when it gets read out and the impact that will have, I think you're stating the obvious will depend on what those data show and if they do show a compelling benefit to WATCHMAN.

我想我們都焦急地期待著看到選項數據被讀出時以及將產生的影響，我認為你所說的顯而易見的事情將取決於這些數據顯示的內容以及它們是否確實對守望者顯示出令人信服的好處。

Right.

正確的。

How biggest that benefit.

那好處有多大啊。

And then again, to reiterate what Mike said, beyond option, we also have the CHAMPION trial expecting that trial to read out in early 26, which would look at WATCHMAN versus the new oral anticoagulants in all comers.

再說一遍，重申一下 Mike 所說的，除了選擇之外，我們還有 CHAMPION 試驗，預計該試驗將於 26 月初宣讀，該試驗將在所有方面比較 WATCHMAN 與新型口服抗凝劑。

Great.

偉大的。

Thanks a lot.

多謝。

The next question comes from Joanne Wuensch with Citi.

下一個問題來自花旗銀行的 Joanne Wuensch。

Please go ahead

請繼續

.

。

Good morning, and thank you for your questions.

早安，謝謝您的提問。

I want to talk about the amazing results in this era of that.

我想談談在這個時代取得的驚人成果。

Now we just some and then specifically how you're thinking about and moving.

現在我們只是一些具體的你是如何思考和行動的。

It was really in

原來是在

terested in one client that you said to exceed 40% to 60% of global and procedures by 2026.

您對一位客戶感興趣，您說該客戶到 2026 年將超過全球和流程的 40% 至 60%。

Thank you.

謝謝。

Sure.

當然。

So this has just been a tremendous launch, just a quick shout out to our operations supply chain team for staying ahead of the manufacturing, extremely high demand for this product in the excellence that we're seeing in the field by the commercial and clinical teams.

因此，這只是一次巨大的發布，只是對我們的營運供應鏈團隊保持領先製造的快速呼聲，我們在商業和臨床團隊在該領域看到的卓越性能中對該產品的極高需求。

So of doctors are moving surprisingly quickly on towards variables, surprise linked what we thought it would be a year ago.

因此，醫生們正在以驚人的速度朝著變數邁進，令人驚訝的是，這與我們一年前的預期有關。

So when we had the Investor Day, we weren't quite sure whether had up to now have approval in the US.

因此，當我們舉辦投資者日時，我們不太確定到目前為止是否已在美國獲得批准。

We saw excellent momentum in Europe and our operations team has scaled to meet the demand in those same excellent clinical outcomes and procedural efficiencies and safety benefits that patients received in Europe are being felt throughout the throughout the world.

我們在歐洲看到了良好的勢頭，我們的營運團隊已經擴大規模，以滿足歐洲患者在世界各地感受到的同樣出色的臨床結果、程序效率和安全益處的需求。

Now we have implant over 100, 20,000 of them.

現在我們已經植入了100多個、20,000多個。

So that was our point estimate about a year

這就是我們對一年左右的點估計

ago or so.

大約以前。

And based on the rapid uptake where we're confident in stating that we do expect it to be at the high end and likely exceed that 40 to 60 based on how quickly physicians are transferring, especially for PBI. from traditional RF and cryo terrible since also been supported

基於快速採用，我們有信心表示，我們確實預計它會處於高端，並且根據醫生轉移的速度，特別是對於 PBI，可能會超過 40 到 60。從傳統的射頻和冷凍可怕以來也得到了支持

by the sub studies with an Advent the show, so the benefits of favorable versus traditional RF.

透過對 Advent 的子研究表明，相對於傳統 RF 具有有利的優勢。

So it's a great time in the market for the physicians, the patients and we've also in Europe and now for a while that we clearly are the market leader in PTSA, and we have lots of plans in place to continue to extend that leadership with clinical differentiation and product enhancements.

因此，對於醫生、患者和我們在歐洲來說，現在是市場的好時機，現在一段時間以來，我們顯然是 PTSA 的市場領導者，我們制定了很多計劃來繼續擴大這種領導地位臨床差異化和產品增強。

Thank you

謝謝

.

。

The next question comes from Larry Biegelsen with Wells Fargo.

下一個問題來自富國銀行的拉里·比格爾森。

Please go ahead.

請繼續。

Good morning.

早安.

Thanks for taking the question.

感謝您提出問題。

I hope I'll echo my congratulations on a really phenomenal quarter here.

我希望我能對這個非常出色的季度表示祝賀。

The DR side, given the importance of powerful thing, can you provide more color on the avant-garde file in the of observations you saw?

DR方面，考慮到強大的東西的重要性，您能否在您看到的觀察中的前衛文件上提供更多的色彩？

And related to that, we're going to be more PFA ablation choices soon, including from the market leader.

與此相關的是，我們很快就會有更多的 PFA 消融選擇，包括來自市場領導者的選擇。

Once these new you have been catheters are launch.

一旦這些新的導管被發射。

What are the factors that will lead this thing?

哪些因素會導致這個事情發生呢？

Power poles, customers that stay with Barrick call or two samples that they haven't adopted yet thinking?

電線桿、巴里克的客戶打電話或他們尚未採用的兩個樣品正在考慮？

Sure.

當然。

Larry, let me let me take those successively.

拉里，讓我依序接受這些。

So So first on avant-garde, again, as as Mike said, due to a few unanticipated observations in the trial, which is studying a completely new population, which is drug naive patients with persistent AF, which CarePlus is not currently indicated to treat.

So So 首先是前衛，正如Mike 所說，由於試驗中出現了一些意想不到的觀察結果，該試驗正在研究一個全新的人群，即患有持續性AF 的未接受過藥物治療的患者，CarePlus 目前不適用於治療此類患者。

We did elect to temporarily pause enrollment and until we develop better understanding of the observations, while none of the observations for life-threatening, we did make a decision to temporarily pause, but it is our intention to resume enrollments in the near term.

我們確實選擇暫時暫停註冊，直到我們對觀察結果有更好的了解，雖然沒有任何觀察結果危及生命，但我們確實決定暫時暫停，但我們打算在短期內恢復註冊。

And this in no way all of our confidence in the overall performance of the therapy system as it's being used today commercially or in other clinical trials.

這絕不是我們對治療系統整體表現的信心，因為它目前已在商業或其他臨床試驗中使用。

Again, as Mike said in his opening comments, we remain confident that we're going to obtain expanded indication for drug refractory persistent AF patients, and that's the data from our advantage Phase one trial.

再次，正如麥克在開場白中所說，我們仍然有信心，我們將獲得藥物難治性持續性房顫患者的擴大適應症，這是我們優勢第一期試驗的數據。

Again, as Mike said, we expect to submit that data to FDA later this quarter.

正如麥克所說，我們預計將在本季稍後向 FDA 提交該數據。

We expect to present that data in early 2025 with indication expansion expected to come in the second half of 2025.

我們預計在 2025 年初公佈該數據，並預計在 2025 年下半年出現指標擴張。

And again, I just want to close by emphasizing that this patient population that we're studying in avant-garde, which is drug naive persistent AF patients has not previously been studied.

最後，我想再次強調，我們正在研究的前衛患者群體，即未接受過藥物治療的持續性心房顫動患者，之前尚未被研究過。

Population has not indicated for pulp for ablation today under the guidelines.

今天，根據指南，人口尚未表明需要進行牙髓消融。

And it's not the population that's being treated today wit

今天接受治療的並不是人口

h favorable system.

h 有利的製度。

And our I also want to emphasize that we remain highly confident in the global performance of Sierra Pulse, which is now being used to treat more than 125,000 patients across more than 65 different countries and is supported by extensive clinical data, demonstrating positive outcomes for the device.

And our I also want to emphasize that we remain highly confident in the global performance of Sierra Pulse, which is now being used to treat more than 125,000 patients across more than 65 different countries and is supported by extensive clinical data, demonstrating positive outcomes for the裝置.

And that also leads into your second question, right, which is why Centerpulse going to maintain category leadership in pulse field ablation in what's kind of prompt new users to to to continue to to new.

這也引出了你的第二個問題，對吧，這就是為什麼 Centerpulse 將在脈衝場消融領域保持類別領先地位，以何種方式促使新用戶繼續使用新產品。

We adopt the system.

我們採用該系統。

And it's several things

這有幾件事

.

。

I think first of all, it's just the compelling ease of use and straightforward nature of doing the ablation with Sara Pulse.

我認為首先，使用 Sara Pulse 進行消融具有令人信服的易用性和簡單性。

It's just a tremendous clinical experience that people have when they start using the system.

當人們開始使用該系統時，就會獲得巨大的臨床經驗。

I am not aware of anyone who started using this and then has stopped and going back to thermal ablation.

我不知道有誰開始使用這種方法，然後又停止使用熱消融術。

It's also the being an extensive clinical trial data that we've got supporting it.

我們也得到了廣泛的臨床試驗數據的支持。

As Mike mentioned, right, we had a sub-analysis, the advent data, which is the first data that anyone has had to show superiority in efficacy outcomes.

正如麥克所提到的，我們進行了子分析，即出現數據，這是任何人都必須展示療效結果優越性的第一個數據。

When we look at AF burden, a secondary analysis of the Advent data, it's supported by published clinical data now and approximately 20,000 patients globally.

當我們查看 AF 負擔（對 Advent 數據的二次分析）時，它得到了現已發布的臨床數據和全球約 20,000 名患者的支持。

And again, as as as Mike said, right, in Europe, where we've seen commercial systems launch, right, we really have not seen that meaningfully detract from the position of Centerpulse assets as the leading PSA system in those markets.

再說一次，正如麥克所說，在歐洲，我們已經看到商業系統的推出，對吧，我們確實沒有看到這明顯削弱了 Centerpulse 資產作為這些市場中領先的 PSA 系統的地位。

And and then last, just to make sure it doesn't get get lost in all the other stuff here, right?

最後，只是為了確保它不會迷失在這裡的所有其他內容中，對嗎？

The approval and launch now of a thoroughly nav catheter and fair view mapping system, which really becomes the first mapping system that's really designed around PSA, I think, provides just, you know, maybe it's the chair on top of that Sunday.

現在批准並推出了一個徹底的導航導管和公平視圖測繪系統，這確實成為第一個真正圍繞 PSA 設計的測繪系統，我認為，提供的只是，你知道，也許它是那個週日頂部的椅子。

In terms of answering your question.

就回答你的問題而言。

Thank you so much.

太感謝了。

The next question comes from Rick Wise with Stifel.

下一個問題來自 Stifel 的 Rick Wise。

Please go ahead.

請繼續。

Thank you and good morning, everybod

謝謝大家，早安

y.

y。

And I'm hoping, Mike, your doctors fine will expand on the map.

麥克，我希望你的醫生們能在地圖上擴展。

Can't comment on that from a couple of aspects.

無法從幾個方面對此進行評論。

Just are you ready to fully launch and train?

您準備好全面啟動和訓練了嗎？

Will map cap have a price premium given a premier tech.

考慮到一流的技術，地圖上限的價格會更高嗎？

Apologies.

抱歉。

I of course, to market with something like this integrated sites.

我當然會向市場推出類似這樣的綜合網站。

Can we assume that you've been following a higher price than just less than sort of related to what David just on was not talking about as well?

我們是否可以假設您一直在跟踪更高的價格，而不是與大衛剛才沒有談論的內容相關？

Yes.

是的。

There always is approved for crude only entered obviously a huge portion of the market

原油總是被批准只進入顯然很大一部分市場

.

。

How how does that how are you going to manage the argument that other other imaging mapping systems obviously are approved for all imaging?

您將如何處理其他成像測繪系統顯然已批准用於所有成像的爭論？

Just where Will Ferrell NAB that in the broader larger scheme?

費雷爾威爾·納布（Will Ferrell NAB）在更廣泛的計劃中到底在哪裡？

Thank you.

謝謝。

Factors that you have?

你有哪些因素？

Rick, let me take the second part of that question.

瑞克，讓我回答這個問題的第二部分。

First and then get on to what some of the advantages are that we see unique to Fairview, right, which is on our refreshed Opal HDX platform.

首先，讓我們來看看 Fairview 獨特的一些優勢，右圖，它位於我們更新的 Opal HDX 平台上。

And so begin, right.

那就開始吧，對吧。

The open platform is approved for a mapping and navigation across the whole spectrum of cardiac or With me is now when we look at the use specifically as it integrates with Ferro wave and fairways mass play fairways is an AF ablation catheter.

這個開放平台被批准用於整個心臟頻譜的映射和導航，或者現在當我們特別關注其用途時，因為它與 Ferro 波和球道集成，質量遊戲球道是 AF 消融導管。

And I think my part of the reason that we've seen the success that we've had, part of the reason I was able to give any answer than I did to Larry, right, is that it's just exquisitely beautifully designed for ablating atrial fibrillation.

我認為我們已經取得了成功，我能夠給出比拉里更好的答案的部分原因是，它是為消融心房而精心設計的。

It's a fantastic tool for pulmonary vein isolation

這是肺靜脈隔離的絕佳工具

.

。

And again, we hope to share our data from our advantage clinical trial showing how it is also can be used to treat persistent atrial fibrillation, but it is really explicitly not designed to be the catheter to tackle some other arrhythmias.

再次，我們希望分享我們的優勢臨床試驗的數據，顯示它如何也可以用於治療持續性心房顫動，但它確實明確不是被設計為解決其他一些心律不整的導管。

The next catheter in our pipeline is our third point catheter, and that catheter was studied in Phase two of our advantage clinical trial.

我們管道中的下一個導管是我們的第三點導管，在我們的優勢臨床試驗的第二階段進行了研究。

And we have completed enrollment in that Phase two of advantage and are continuing to follow those patients.

我們已經完成了第二階段的優勢入組，並將繼續追蹤這些患者。

And to start, we'd expect to qualify that catheter for use for treating arrhythmia called atrial flutter as an adjunct to H., though fibrillation ablation procedures used right for really any sort of arrhythmia where you would prefer point catheter form factor.

首先，我們希望將該導管用於治療稱為心房撲動的心律失常，作為心房撲動的輔助手段，儘管顫動消融手術實際上適用於您更喜歡點導管形狀因素的任何類型的心律失常。

And then next to follow after that, right is our so called mapping and ablation catheter.

接下來，右邊是我們所謂的標測和消融導管。

It's a large focal lesion catheter call center flex, right, which again, all of these will integrate with Fairview on Opal, right

這是一個大型病灶導管呼叫中心 Flex，右，所有這些都將與 Opal 上的 Fairview 集成，右

?

？

And that would really give us ability and capability for deal to target the vast majority of arrhythmias that are seen in clinical practice.

這確實會讓我們有能力針對臨床實務中出現的絕大多數心律不整進行治療。

In terms of Fairview, specifically, again, I think it's really important to emphasize this is the first mapping and navigation software that's built around understanding pulsed field ablation.

就 Fairview 而言，特別是，我認為再次強調這是非常重要的，這是第一個圍繞著理解脈衝場消融而構建的地圖和導航軟體。

And so it gives us a lot of advantages to users who want to use it to navigate a catheter

因此，對於想要使用它來導航導管的用戶來說，它為我們提供了許多優勢

.

。

It gives day dynamic visualization of the fairway of catheter as it moves into its various configurations, whether it's a basket or a flower or anything in between.

當導管移動到各種配置時，無論是籃子、花或介於兩者之間的任何東西，它都能對導管的球道進行動態視覺化。

And it's also got a unique feature, of course, field tagging where physicians will be able to see where the post fields will intersect with tissue and hopefully allow them to better strategize where when and how to put lesions in when they're doing an ablation procedure.

當然，它還有一個獨特的功能，即場標記，醫生將能夠看到後場將與組織相交的位置，並希望使他們能夠在進行消融時更好地制定在何時何地以及如何放置病變的策略程序。

That's an amazing in terms of the price premium part.

就溢價部分而言，這是一個驚人的結果。

Thank you, Eelco.

謝謝你，埃爾科。

Yes.

是的。

I'm I'm I'm not going to comment on pricing on specific products.

我是我是我不會評論特定產品的定價。

Rick, thanks so much, everyone.

瑞克，非常感謝大家。

The next question comes from David Roman with Goldman Sachs.

下一個問題來自高盛的大衛·羅曼。

Please go ahead.

請繼續。

Thank you and good morning, everyone.

謝謝大家，早安。

I was hoping to switch gears a little bit from the EP. side of the business and maybe you could spend a few minutes on the performance of the franchises, kind of ex WATCHMAN and EP., which are still trending very well, although a slowdown from where you started the year, how are you thinking about resource allocation and just a focus on those businesses and maintaining ongoing support for those franchises in light of the success of PFAA., how should we think about the growth drivers in some of those more established categories on a go-forward basis?

我希望能稍微改變一下 EP 的風格。業務方面，也許您可以花幾分鐘來了解特許經營權的表現，例如《守望者》和《EP》，儘管與年初相比有所放緩，但它們的趨勢仍然很好，您如何考慮資源鑑於 PFAA 的成功，我們應該如何考慮一些較成熟類別的成長動力？

Sure I'll take that.

當然我會接受的。

Give Dr. Stein and some oxygen here were we run as a very decentralized business units.

如果我們作為一個非常分散的業務部門來運營，請給斯坦博士和一些氧氣。

And so we have trimmed the leaders of these divisions have that's all they do their global teams, thousands of employees, NetIQ wake up and think about Peripheral Interventions, Interventional Oncology, endoscopy, urology, Neuromod all day long and iced TTX., which grew.

因此，我們裁減了這些部門的領導者，他們所做的就是他們的全球團隊、數千名員工，NetIQ 每天醒來並思考外周幹預、介入腫瘤學、內視鏡檢查、泌尿科、Neuromod 和冰凍TTX。

And what 15% of the quarter.

本季的 15% 是多少。

So there's tremendous focus by their teams on the global execution of these businesses.

因此，他們的團隊非常關注這些業務的全球執行。

We just announced the closing of Silk Road.

我們剛剛宣布絲綢之路關閉。

We anticipate announcing the closing of Exxon X in the fourth quarter here, just as Ken said, we attempt to drive this category leadership in terms of our breadth of portfolio and unique innovation across each division.

我們預計將在第四季度宣布關閉 Exxon X，正如 Ken 所說，我們試圖透過我們的產品組合廣度和每個部門的獨特創新來推動這一類別的領導地位。

And we have different varying degrees of success in that, but but in general, were very strong in that area.

我們在這方面取得了不同程度的成功，但總的來說，我們在這個領域非常強大。

So in terms of capital allocation, we've obviously invested significantly only in the manufacturing ramp up of PF. eight as well as ongoing R&D and clinical studies as well as commercial capabilities to continue to enhance our mapping sales force.

因此，就資本配置而言，我們顯然只在 PF 的生產成長方面進行了大量投資。八以及正在進行的研發和臨床研究以及商業能力，以繼續增強我們的地圖銷售團隊。

But that in no way, has detractor from the investments that we're making across these other businesses, which are really the foundation of the Company and despite two in both those the same time as we continue to improve our margin profile, which I think this shows that tenant in the wind is fair to the team.

但這絕不會影響我們在這些其他業務上進行的投資，這些投資確實是公司的基礎，儘管我們在繼續改善我們的利潤狀況的同時進行了兩項投資，我認為這說明風租客對團隊是公平的。

So we have a rich pipeline of products organically within these business units.

因此，我們在這些業務部門內有機地擁有豐富的產品線。

You've seen the performance for the fourth quarter and the full year.

您已經看到了第四季和全年的表現。

We did see a bit of a slowdown in some procedure volume in the summertime and July August, specifically in our Europe business.

我們確實看到夏季和七月八月的某些程序量有所放緩，特別是在我們的歐洲業務中。

But we saw a nice procedure bounce back in September and essentially grew kind of in line where we have for the past eight years orders in those businesses.

但我們在 9 月看到了良好的反彈，並且基本上與我們過去八年在這些業務中的訂單量成長一致。

So we have a lot of confidence in them and we don't yacht Dr. Stein and I may spend a bit more time on PFA or certainly Dr. Stein does, but we don't take the gas pedal down on the other businesses at all in the Company.

因此，我們對他們很有信心，我們不會對斯坦因博士和我可能會在 PFA 上花更多時間，或者斯坦因博士肯定會這樣做，但我們不會在其他業務上踩下油門。在公司。

Great.

偉大的。

Thanks.

謝謝。

I appreciate that perspective.

我很欣賞這種觀點。

The next question comes from Patrick Wood with Morgan Stanley.

下一個問題來自摩根士丹利的派崔克‧伍德。

Please go ahead.

請繼續。

Perfect.

完美的。

Thanks very much.

非常感謝。

Second question on, I guess just one on capacity in totality for the system.

關於第二個問題，我想只有一個關於系統整體容量的問題。

Obviously, I guess PSA adding some efficiencies, the system overall, but you know, for EP.'s between WATCHMAN, everything is does a tremendous call on people's time

顯然，我猜 PSA 提高了整個系統的效率，但你知道，對於《守望者》之間的 EP，一切都對人們的時間造成了巨大的影響

.

。

We saw in structural heart, a little bit of noise and one of the players setting total capacity constraints.

我們在結構中心看到了一點噪音，其中一個參與者設定了總容量限制。

How are you viewing data going forward?

您如何看待未來的數據？

And how quickly do you think the system can adapt to enable you to keep growing this franchise still have capacity to actually get them done?

您認為該系統能夠以多快的速度進行調整，使您能夠繼續發展該特許經營權，並且仍然有能力實際完成這些任務？

Thanks.

謝謝。

Well, we're still relatively early in our launch.

嗯，我們的發布還處於相對早期的階段。

You know, in the U.S., we got approved in February, we started launching in late February, March, so that we still have a number of new accounts that have not used for pulse in the US and we have yet to launch in Japan.

你知道，在美國，我們在2月份獲得了批准，我們在2月底、3月份開始推出，所以我們還有一些新帳戶沒有在美國使用脈衝，我們還沒有在日本推出。

And we've led to a launch in a meaningful way in China and many other countries.

我們已經在中國和許多其他國家以有意義的方式推出了該產品。

So we're at we're still quite early on the launch and very major markets.

因此，我們在發布和非常主要的市場方面仍處於相當早期的階段。

And we're seeing in currently launched accounts.

我們在目前推出的帳戶中看到了這一點。

We're seeing many accounts move from one system originally to two, three, sometimes four systems.

我們看到許多帳戶從最初的一個系統轉移到兩個、三個，有時是四個系統。

So they're increasing their utilization of therapists across their multiple labs.

因此，他們正在增加多個實驗室中治療師的使用率。

So we have a lot to do to continue to increase share within existing accounts.

因此，我們還有很多工作要做，以繼續增加現有帳戶中的份額。

And then thirdly, because of the efficiencies of the system, the hospitals are improving the workflow and most accounts are doing, I don't know, Ken, 25%, 30% more procedure volume in a day.

第三，由於系統的效率，醫院正在改進工作流程，大多數帳戶都在做，我不知道，肯，一天的程序量增加了 25%、30%。

So there's a lot of efficiencies in the hospitals when economically in the patient's benefit as to the physicians.

因此，當患者和醫生在經濟上都受益時，醫院的效率就會提高。

And then to your term on capacity.

然後是你的容量期限。

That's why this concomitant procedures also a big win for the workflow of the hospital and the patient.

這就是為什麼這種伴隨程序對於醫院和病人的工作流程來說也是一個巨大的勝利。

So now an extra 10, 15 minutes for their appropriate patient.

現在，為適當的患者提供額外 10、15 分鐘的時間。

And you can do a fair plus-plus fair, Paul, some of the system as well as the LEC with WATCHMAN.

而且你可以做一個公平加公平，保羅，一些系統以及LEC與WATCHMAN。

So that also drives procedural efficiency, which is very unique to Boston Scientific versus our competitors.

因此，這也提高了程序效率，這是波士頓科學公司與我們的競爭對手相比非常獨特的。

So when we designed these platforms, we look at operational efficiency and also the economics of the hospital.

因此，當我們設計這些平台時，我們會考慮營運效率以及醫院的經濟效益。

And we think fair pulse and WATCHMAN and concomitant are all very helpful to hospitals efficiency

我們認為公平脈搏和守望者及其伴隨都對醫院效率非常有幫助

.

。

And we're still really early in the launch of variables.

我們還處於推出變數的早期階段。

Now that thanks to the color.

現在這要歸功於顏色。

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

下一個問題來自美國銀行的 Travis Steed。

Please go ahead.

請繼續。

Thanks for taking the question.

感謝您提出問題。

I wanted to follow up on the Advent GUARD trial pausing, I guess on a lot of questions on that this morning.

我想跟進 Advent GUARD 試驗暫停的情況，我想今天早上對此有很多問題。

So it seems like the observations you saw didn't change your thoughts, traffic because you're restarting the trial soon.

所以看來你看到的觀察結果並沒有改變你的想法和流量，因為你很快就要重新開始試驗。

And then just making sure that maybe help us understand why this doesn't really change your view on on safety, a parent rolls over or mitigate the real world data you have or maybe just help us understand this patient population that's in the strong today and how they're getting treated today would be great.

然後確保這可能有助於我們理解為什麼這並沒有真正改變您對安全的看法，家長可以翻閱或減輕您擁有的現實世界數據，或者也許只是幫助我們了解當今實力雄厚的患者群體他們今天得到的待遇會很棒。

Thanks a lot.

多謝。

Yes, sure, Travis.

是的，當然，崔維斯。

Let me again, begin at least the patient population.

讓我再次至少從患者群體開始。

And so right, today's standard of care for patients with newly diagnosed persistent atrial fibrillation is to get it first.

因此，今天對新診斷出的持續性心房顫動患者的護理標準是首先接受治療。

And then the guidelines would say only to be referred for ablation if they actually fail answer is no drug therapy

然後指引會說，只有在實際上失敗的情況下才會轉診進行消融，答案是不進行藥物治療

.

。

Obviously, because even though we've paused enrollment for the moment, there's still an ongoing clinical trial sites really can't get into any detail on the observations again, just reassure everyone, you're not nothing that we saw certainly was was life threatening.

顯然，因為即使我們暫時暫停了招募，但仍有正在進行的臨床試驗站點確實無法再次詳細了解觀察結果，只是讓大家放心，你不是我們所看到的一切，當然是生活威脅。

And I think we are very highly confident in the overall safety profile overall efficacy and again, overall efficiency of Fiera Pulse system

我認為我們對 Fiera Pulse 系統的整體安全性、整體功效以及整體效率都非常有信心

.

。

And again, that's just based on the extensive experience that we've got lifted, which is both commercial experience, as we said in over 125,000 patients now have been treated with this system globally as well as extensive clinical data that's been published and approximately 20,000 patients and data that we see from all of our ongoing clinical trials.

再說一次，這只是基於我們所獲得的豐富經驗，這都是商業經驗，正如我們所說，目前全球有超過 125,000 名患者接受了該系統的治療，以及已發布的廣泛臨床數據和大約 20,000我們從所有正在進行的臨床試驗中看到的患者和數據。

Great.

偉大的。

Thanks a lot.

多謝。

The next question comes from Danielle Antalffy with UBS.

下一個問題來自瑞銀集團的 Danielle Antalffy。

Please go ahead.

請繼續。

Hi, good morning, everyone.

嗨，大家早安。

Thanks so much.

非常感謝。

Taking the question and congrats on that.

接受這個問題並表示祝賀。

Anything acquire and Tennessee types.

任何獲得田納西州類型的東西。

But on just wanted to ask, I appreciate there's not going to be a lot.

但我只是想問一下，我知道不會有太多。

You can say, Dan, appreciate the comments that you gave on 2025.

Dan，您可以說，感謝您對 2025 年發表的評論。

But specifically, as we think about sales, you noted above market sales growth and mean market can be a moving target a little bit here about how you think about the market growing next year.

但具體來說，當我們考慮銷售時，您在上面提到了市場銷售成長和平均市場可能是一個移動目標，關於您如何看待明年的市場成長。

So I was hoping maybe you could give a little bit more color if possible, even if it's just highlighting tailwinds and headwinds from a sales growth perspective to think about as we look ahead to 2025 instruments.

因此，我希望如果可能的話，您可以提供更多的色彩，即使它只是從銷售增長的角度強調順風和逆風，以供我們在展望 2025 年儀器時考慮。

I'll start.

我開始吧。

And then, Dan, you can clean up

然後，丹，你就可以清理了

.

。

I mess.

我亂了。

So we're excited obviously, about 24 growing estimated 15 over a comp of 12 of 2023.

因此，我們顯然很興奮，預計 24 家公司將比 2023 年的 12 家公司增加 15 家。

And as we head into 2025, obviously, we'll have a nice comp.

進入 2025 年，顯然我們將擁有一個不錯的陣容。

It run approximately 15, but there's so many good things going on with the Company.

它運行了大約 15 年，但公司發生了很多好事。

Thank you for the non-ferrous.

謝謝你的有色金屬。

Paul's question that was asked earlier about the other businesses like PI. and ICTX. and urology commonly growing double digits and the strength of Endo.

Paul 先前提出的關於 PI 等其他業務的問題。和 ICTX。而泌尿科普遍成長兩位數和遠藤的實力。

And we want to strengthen Neuromod and you assume a bit more.

我們想要加強 Neuromod，你假設得更多。

And so but as we look at 2025, the big headlines obviously are fairly fulsome WATCHMAN.

因此，當我們展望 2025 年時，大頭條顯然相當充實。

We do think the Japan launch in China launch will drive meaningful growth for the franchise.

我們確實認為，在中國的推出將推動該系列遊戲的有意義的成長。

And as I mentioned, are just prior, there's a number of new accounts to open in the U.S. And there's a lot of penetration and current accounts to add additional volume to both favorables.

正如我之前提到的，在美國有許多新帳戶需要開設，而且有大量的滲透和經常帳戶可以增加這兩種優惠的額外數量。

You've heard all about the concomitant reimbursement for WATCHMAN.

您已經聽過《守望者》的附帶報銷。

So those are all all a nice job tailwinds for the Company.

因此，這些對公司來說都是一個很好的工作推動力。

The procedure volumes we see is relatively consistent.

我們看到的程序量是比較一致的。

We did see a bit of a slowdown in July, August, but the strength in the September and down.

我們確實看到七月、八月有所放緩，但九月及以後的勢頭強勁。

So we think procedure volumes will maintain strong versus as as they are now.

因此，我們認為手術量將比現在保持強勁。

And we see strong global performance

我們看到強勁的全球表現

.

。

So obviously, we'll have some more challenging comps, obese, more competition and PFA, but we're doing very well against that competition in Europe, Dan, how and where else?

很明顯，我們將會有一些更具挑戰性的比賽，肥胖，更多的競爭和PFA，但我們在歐洲的比賽中表現得很好，丹，如何以及在其他地方？

Also we have the agents, which through went out the cardiology team, which has performed quite well.

我們還有代理人，他們透過心臟病學團隊，表現相當好。

So we'll find out about reimbursement on that product in the next coming weeks.

因此，我們將在接下來的幾週內了解該產品的報銷情況。

That should add some additional up a momentum that franchise?

這應該會為該特許經營權增添一些額外的動力嗎？

I think that summarizes it well.

我認為這總結得很好。

And just to give you a sense of the process, it's no different than it has any year.

只是為了讓您了解這個過程，這與任何一年都沒有什麼不同。

We have our annual operating plan process that's alive and well here through the fourth quarter.

我們的年度營運計劃流程一直持續到第四季。

We'll review that as we go through the end of the quarter and into early next year.

我們將在本季末和明年初進行審查。

And we'll let you know what we think for 2025 at our Q4 earnings call.

我們將在第四季的財報電話會議上告訴您我們對 2025 年的看法。

Appreciate it.

欣賞它。

Thanks.

謝謝。

The next question comes from Anthony Petrone with New Hope Group.

下一個問題來自新希望集團的安東尼·佩特龍。

Please go ahead.

請繼續。

Well, thanks and congrats on a strong quarter here.

好吧，感謝並祝賀本季表現強勁。

I think the question will be on the go to market next year, 2025.

我認為問題將在於明年（2025 年）上市。

You go back to the October 18th press release and you have Powerwave nat cat that are out there, but it indicates that it's exclusive to all bull on the mapping side sign-up.

你回到 10 月 18 日的新聞稿，你可以看到 Powerwave nat cat 就在那裡，但它表明它是映射端註冊的所有公牛獨有的。

In other words, the company is coming with a closed-loop offering here next year and presumably will have competitors that are coming with a bundled approach.

換句話說，該公司明年將推出閉環產品，並且可能會有採用捆綁方式的競爭對手。

So maybe the question here is just when we enter 25, it seems that three competitors will be out there with a bundled approach to TSA with mappers.

因此，也許這裡的問題是，當我們進入 25 個國家時，似乎將有 3 個競爭對手與地圖繪製者採用 TSA 捆綁方法。

So maybe just walk through that dynamic a little bit.

所以也許只是稍微了解一下這種動態。

Congratulations again on the quarter.

再次恭喜本季。

Yes, I'll add a comment that can again, you can Genesis.

是的，我會添加一條評論，可以再次，你可以創世紀。

So today for our customers using therapy calls with our legacy Rhythmia mapping system, and they're also using it with our two primary competitors today.

因此，今天我們的客戶使用我們傳統的節律映射系統進行治療呼叫，他們今天也將其與我們的兩個主要競爭對手一起使用。

So the open platform will not be closed out in such a way that if a physician wants to continue to use a competitive map consistent with historical space Tomcat, we do think that with the Opel mapping system, specifically with Centerpulse, the user experience will be more meaningful and more streamlined and differentiated.

因此，開放平台不會以這樣的方式被關閉：如果醫生想要繼續使用與歷史空間 Tomcat 一致的競爭性地圖，我們確實認為使用歐寶地圖系統，特別是使用 Centerpulse，使用者體驗將會更有意義、更精簡和差異化。

So we're not closing the system and that were shutting out some competitive systems from out doing fair pulse cases are quite confident in the user experience, the overall economics in the value of the Opel integration with fairer polls to be a differentiator versus what they're using today.

因此，我們不會關閉系統，而是將一些競爭性系統排除在外，以進行公平的脈衝案例，我們對用戶體驗非常有信心，歐寶與更公平的民意調查整合的整體經濟價值將成為與他們的差異化因素今天正在使用。

Yes, Anthony, just to again build on what Mike said, right?

是的，安東尼，只是再次以麥克所說的為基礎，對吧？

We do not feel that we've got a forced people to use our products.

我們不認為我們強迫人們使用我們的產品。

And what would you say with fairer way is people want to use it and people who have used it in a variety of different ways.

你會用更公平的方式說的是人們想要使用它並且人們以各種不同的方式使用它。

And we are going to continue to support their ability to use it in the way that they want to

我們將繼續支持他們以他們想要的方式使用它的能力

.

。

And that includes people who use no mapping and navigation at all, which is really through the predominant use case that we see in Europe and throughout a lot of the world or to use it with a mapping and navigation system, we're going to continue to keep the original the breadth of the fairways catheter without the NS. sensor on the market for us, people who want to use it with a competitive mapping system fairly of Nav because it's got a magnetic now sensor and it does have to get tied into a particular mapping system, which for us is the refreshed Opal HDX system with Fairview.

這包括根本不使用地圖和導航的人，這實際上是透過我們在歐洲和世界各地看到的主要用例，或者將其與地圖和導航系統一起使用，我們將繼續保持原始球道寬度，無需NS導管。對我們來說，市場上的感測器是想要將其與具有競爭力的地圖系統（例如Nav）一起使用的人，因為它有一個磁性感測器，並且它確實必須與特定的地圖系統綁定在一起，這對我們來說是更新的Opal HDX 系統與錦繡。

But we're not going to force people to use it.

但我們不會強迫人們使用它。

We think it's got enough compelling differentiated advantages compared to what else is out there that people are going to want to use it.

我們認為，與其他產品相比，它具有足夠引人注目的差異化優勢，人們會想要使用它。

Very helpful.

非常有幫助。

Thank you.

謝謝。

The next question comes from Vijay Kumar with Evercore ISI.

下一個問題來自 Evercore ISI 的 Vijay Kumar。

Please go ahead.

請繼續。

Hi, guys.

嗨，大家好。

Congrats on a nice quarter here and thanks for taking my q

恭喜您度過了一個愉快的季度，感謝您接受我的提問

uestion.

問題。

Mike, maybe one for you on the next weeks, not accurate due to our results here.

麥克，也許在接下來的幾週內給你一個，由於我們這裡的結果不準確。

What is the regulatory strategy do you expect to file with the FDA?

您希望向 FDA 提交什麼監管策略？

And I think you mentioned that you expect to have a successful launch in the US.

我想你有提到你希望在美國成功推出。

Is that is that referring to new to or some other generation of the wells?

這是指新的井還是其他一代的井？

And maybe talk about your power strategy in the US.

也許可以談談你們在美國的權力戰略。

Sure.

當然。

So as we've talked about before that the 1,500 patient will be at TCT and what Wednesday, October 30th and October 30th.

正如我們之前談到的，1,500 名患者將在 10 月 30 日星期三和 10 月 30 日接受 TCT 治療。

So that is an important milestone to see that clinical trial data that will be presented.

因此，這是一個重要的里程碑，將呈現臨床試驗數據。

And we're actually be holding a investor meeting at that day with Joe Fitzgerald and Lance Bates and the team to talk about the broader cardiology portfolio and the plans for accurate post the data.

實際上，我們將在當天與喬·菲茨杰拉德（Joe Fitzgerald）和蘭斯·貝茨（Lance Bates）以及團隊舉行投資者會議，討論更廣泛的心臟病學投資組合以及準確發布數據的計劃。

As you know, we've continued to have excellent momentum in Europe.

如您所知，我們在歐洲繼續保持良好的勢頭。

You saw the third quarter results.

您看到了第三季的業績。

We continue to grow above market and kudos to the team on the launch of prime, the next-generation accurate Neo to which they just recently started implementing in Europe sign.

我們繼續在市場上取得成長，並對團隊推出了 Prime 表示讚賞，這是他們最近剛開始在歐洲實施的下一代精確 Neo。

And does it mean you expect to file with the FDA might be?

這是否意味著您希望向 FDA 提交文件？

And what does successful lunch meat?

成功的午餐肉是什麼？

Well, a successful launch.

嗯，發射成功。

We've never provided share attainment goals like we don't provide a share for FARO Pulse.

我們從未像不為 FARO Pulse 提供份額那樣提供份額實現目標。

So we obviously want to grow the business.

所以我們顯然希望發展業務。

It's a very large market, very mature market growing, I don't know, 87, 9%, and we continue to do quite well in the U.S. will provide more information at the TCT at the investor call there.

這是一個非常大的市場，非常成熟的市場正在成長，我不知道，87%，9%，我們在美國繼續做得很好，我們將在 TCT 投資者電話會議上提供更多資訊。

The next question comes from Matt Miksic with Barclays.

下一個問題來自巴克萊銀行的馬特·米克西奇。

Please go ahead.

請繼續。

Thanks so much opportunity and congrats on really across the quarter on all the great growth drivers you have running.

感謝這麼多的機會，並祝賀您在整個季度中所擁有的所有偉大的成長動力。

Um, I had a question just on maybe for Dan on some of the dynamics in the gross margin line

嗯，我有一個問題想問丹，關於毛利率線的一些動態

.

。

In the quarter, you mentioned FX being kind of one of the primary headwinds.

在本季度，您提到外匯是主要阻力之一。

But as you move into 25, maybe up a little bit about where where the leverage in the model is

但當你進入 25 時，模型中的槓桿位置可能會上升

.

。

So they will gross margin and leveraging some of the operating investments that you're making.

因此，他們將提高毛利率並利用您正在進行的一些營運投資。

Maybe just some color on on now that you see that progressing at this point.

也許現在你看到了這一點的進展，現在只是一些顏色。

Thanks

謝謝

.

。

Sure, Matt.

當然，馬特。

The at the Q three story is actually pretty simple.

Q 3 的故事其實非常簡單。

So we were 70.4% gross margin in Q three, slightly below what we would have expected, and that's really driven by foreign exchange in the quarter.

因此，我們第三季的毛利率為 70.4%，略低於我們的預期，這實際上是由本季的外匯推動的。

So simple simple story for Q3, we've said consistently that we believe our full year adjusted gross margin will be below last year last year.

第三季的故事非常簡單，我們一直表示，我們相信我們全年調整後的毛利率將低於去年。

Here, we were 70.7.

在這裡，我們是 70.7。

So we've consistently said, You know what, we're probably not going to hit that 70.7 in 2024.

所以我們一直說，你知道嗎，我們可能不會在 2024 年達到 70.7。

That's okay, because we're actually driving 70 basis points of adjusted operating margin expansion without that kind of testament to the the hallmark of the DNA of the company of continuing to drive margin expansion through all lines into the P&L.

沒關係，因為我們實際上正在推動調整後的營業利潤率擴張 70 個基點，但並沒有證明公司 DNA 的標誌，即繼續透過損益表中的所有項目推動利潤率擴張。

So 2024 gross margin not going to contribute.

因此，2024 年的毛利率不會做出貢獻。

That's okay, because we have the SG&A and other on horses to ride there as you go into 25 and beyond out, I think all lines of the P&L to contribute on a gross margin to part of that and how does that happen?

沒關係，因為當你進入 25 及以上時，我們有 SG&A 和其他馬匹可以騎在那裡，我認為損益表的所有行都會貢獻一部分毛利率，這是如何發生的？

A big piece of that will be will be a product mix or call cerebral palsy today, the single use catheter.

其中很大一部分將是產品組合或今天稱為腦性麻痺的一次性導管。

That's a nice margin, but you have a lot of that the capital placements that we have.

這是一個不錯的利潤，但我們有很多資本配置。

As Mike mentioned, we're still still launching this mission.

正如麥克所提到的，我們仍在啟動這項任務。

We it's only six or seven months into the launch.

我們推出僅六、七個月。

So we're still launching a lot of capital placing a lot of capital.

因此，我們仍在啟動大量資金投入大量資金。

And next year, we'll have Japan and China will still be doing that well, we are effectively launching are there.

明年，日本和中國仍然會做得很好，我們正在那裡有效地推出。

But I think the story as you go into 25 and and work through 25 and beyond for our Pulse becomes accretive overall as the single use catheter kind of swaps, the overall margin within FARO Paul's and is accretive to two overall Boston Scientific.

但我認為，當你進入25 年，並​​在25 年及以後工作時，我們的Pulse 的故事會變得整體增值，因為一次性導管類型的互換、 FARO Paul 的整體利潤率以及整個波士頓科學公司的整體利潤成長。

Watchman is obviously helpful

守望者顯然有幫助

.

。

You heard a lot of commentary on the call today about the the on some of the tailwinds that could be there for WATCHMAN.

您在今天的電話會議上聽到了很多關於《守望者》可能帶來的一些有利因素的評論。

That's great news for the gross margin line.

這對毛利率來說是個好消息。

So I think the takeaway is gross margin 25 and beyond gross margin can be a contributor to the overall operating margin journey that's been so successful for the company for the last decade.

因此，我認為重點是毛利率為 25，超過毛利率可以為公司在過去十年中取得如此成功的整體營運利潤率做出貢獻。

Great.

偉大的。

Thanks, Mike.

謝謝，麥克。

Thanks.

謝謝。

The next question comes from Josh Jennings with TD. Cowen.

下一個問題來自 TD 的 Josh Jennings。考恩.

Please go ahead.

請繼續。

Hi, good morning.

嗨，早安。

Thanks for taking the questions and congratulations on a home on quarter.

感謝您提出問題，並祝賀您在本季入住。

Wanted to just check the box, like you called out during the call to your ops and supply chain team for keeping up with the demand for FARO polls on And staying on top of just want to make sure that there's no manufacturing capacity issues next year is that franchise continues to outperform internal expectations?

我只想勾選此框，就像您在給您的營運和供應鏈團隊打電話時所說的那樣，以跟上 FARO 民意調查的需求並保持領先，只是想確保明年不存在製造能力問題該特許經營權繼續超出內部預期嗎？

Then also just sort of following up on a two parter.

然後也只是跟進兩人。

But Tom, wanted to just get your team's view on this mapping segment.

但是湯姆，只是想了解您的團隊對此映射部分的看法。

Them in understanding is that mapping capital and diagnostic mapping catheters, the incentive, the percentage of the overall ablation market, it's even higher than the ablation catheter segment interest that you guys are now well positioned there

他們的理解是，繪製資本和診斷映射導管、激勵措施、整個消融市場的百分比，甚至高於你們現在在那裡定位的消融導管細分市場的興趣

.

。

But just to review that and maybe just the revenue, the business model for Boston Scientific, whether this pulls the Centerpulse nav catheter will be single use for PVI.s and our and then just how you're how you're building out your own domestic mapping catheter portfolio?

但只是為了回顧一下，也許只是波士頓科學公司的收入、商業模式，這是否拉動 Centerpulse 導航導管將是 PVI.s 和我們的一次性用途，然後就是你如何構建自己的國內測繪導管產品組合？

Sorry for the multipart.

抱歉，多部分。

Hey, Josh.

嘿，喬許。

I'll take the second part first and then we can get to the supply issue.

我將首先討論第二部分，然後我們才能討論供應問題。

So just for clarity, I mean, just jump in, there is no supply should try and source business looks like about that.

因此，為了清楚起見，我的意思是，請跳進來，沒有供應應該嘗試，源業務看起來就是這樣。

So through this with the teams are not limited to the first part, we do not anticipate even despite the high demand, our team has done a great job on the catheter supplies account and that council supplies that we don't anticipate any supply shortages that should not use that word yet.

因此，透過這一點，團隊不僅限於第一部分，我們預計即使需求很高，我們的團隊在導管供應方面也做得很好，並且理事會供應我們預計不會出現任何供應短缺還不應該使用這個詞。

In terms of the additional clarity, some fairly NAB catheter, it is a single use device ITO.

在額外的清晰度方面，一些相當NAB導管，它是一次性使用裝置ITO。

It is again currently indicated for PVI. for patients with paroxysmal atrial fibrillation.

目前再次顯示為 PVI。適用於陣發性心房顫動患者。

As to what we said at the Advantage clinical trial is our clinical trial to get a label expansion for the fairway of catheter family for use in patients with drug refractory, persistent atrial fibrillation.

至於我們在Advantage臨床試驗中所說的，我們的臨床試驗是為導管系列的球道進行標籤擴展，用於藥物難治性持續性心房顫動患者。

And again, I think what we really want to emphasize here is that there's some really significant differentiated advantages to Fairview versus other systems that are currently on the market for a mapping and navigation of TSA catheters, right?

再說一次，我認為我們在這裡真正想強調的是，與目前市場上用於 TSA 導管測繪和導航的其他系統相比，Fairview 具有一些非常顯著的差異化優勢，對嗎？

And that's specifically ability to dynamic visualization of the catheter shape as of the changes ability to also do field tagging.

這就是導管形狀動態視覺化的具體能力，以及進行現場標記的能力。

And so our ability to plan where to put lesions and when you're doing an ablation procedure, because just in terms of the diagnostic mapping catheter portfolio build, as you guys do have a high-density mapping catheter in the pipeline is my understanding, but just wanted to get a better that are local there.

因此，我們有能力計劃在哪裡放置病灶以及何時進行消融手術，因為就診斷標測導管組合的構建而言，正如我所理解的，你們確實在管道中擁有高密度標測導管，但只是想得到一個更好的當地的。

Yes.

是的。

I mean, Josh, we already have a high-density mapping catheter, right, which is our Orion catheter, which can be used on the refreshed overall system.

我的意思是，喬什，我們已經有了一個高密度標測導管，對吧，這是我們的 Orion 導管，它可以用於更新的整個系統。

And then as we go down the road, right, we've talked about additional catheters and be part of the fair, a pulse family, which includes SharePoint and includes our fare flex catheter, which would have the capability to do both high density mapping and also do PSA inflation in the sand catheter they're out there

然後，當我們沿著這條路走下去時，對吧，我們討論了額外的導管，並成為博覽會的一部分，脈衝系列，其中包括 SharePoint 和我們的 fare flex 導管，它將有能力進行高密度映射並且還在沙導管中進行PSA 充氣，他們在那裡

.

。

I'll just I'll just add on and we'll move on the next one.

我就補充一下，然後我們繼續下一個。

There are elements of the procedure that we do.

我們所做的程序中有一些要素。

We don't compete in today that pie like ice catheters and others.

今天，我們不再像冰導管和其他產品那樣競爭。

So we're doing extremely well.

所以我們做得非常好。

And the ablation portion of it, we expect to open to do quite well unveil them, but they're still segments within the EP. procedure mix that we don't plan today.

至於其中的消融部分，我們希望能夠很好地揭開它們的面紗，但它們仍然是 EP 中的部分。我們今天沒有計劃的程序組合。

There were a shooting to fill out in the portfolio over time.

隨著時間的推移，作品集裡有一些拍攝需要補充。

I'll just I'll make one other comment on fair.

我會公平地發表另一條評論。

Paul's relates to about China for that wasn't a question, but we're excited about the approval in Japan and China.

保羅與中國有關，因為這不是一個問題，但我們對日本和中國的批准感到興奮。

We do expect the China launch to be a bit slower than what you typically see in the US and Japan.

我們確實預計中國的發布速度會比您通常在美國和日本看到的速度要慢。

And based on obviously not product or team that's more on getting approvals and registries and launch cadence in terms of the volume of new accounts.

顯然不是基於產品或團隊，更多的是獲得批准和註冊，並根據新帳戶的數量啟動節奏。

We've done some recent openings there that have gone quite well, but we don't anticipate the same aggressive launch in China that you've seen in U.S.

我們最近在那裡開設了一些新店，進展順利，但我們預計中國不會像在美國那樣積極推出新店。

We do expect to have a very strong launch in Japan and also just a shout out to the China team despite the significant VBDP. headwinds that we've seen, which have impacted our Ibis franchise that will be more VB. piece in 2025.

我們確實希望在日本有一個非常強勁的發布，並且儘管 VBDP 很重要，但也只是向中國團隊致敬。我們所看到的逆風對我們的宜必思特許經營權產生了影響，該特許經營權將更加VB。 2025 年的作品。

We continue to grow essentially at the Company average, our China, despite those headwinds, when many of our peers have faced tougher results and we'd like to take a hard question.

儘管存在這些阻力，但當我們的許多同行面臨更艱難的結果時，我們仍然以公司平均值（我們的中國）繼續實現成長，我們想回答一個棘手的問題。

Thank you for that question will come from Matthew O'Brien with Piper Sandler.

感謝馬修·奧布萊恩和派珀·桑德勒提出的問題。

Please go ahead.

請繼續。

Morning.

早晨。

Thanks for taking the question.

感謝您提出問題。

And I'd much rather focus on other positive things going on here, but I'm looking at the stock down now versus up prior to this avant-garde commentary.

我更願意關注這裡發生的其他積極的事情，但我現在關注的是該股的下跌與在這篇前衛評論之前的上漲。

So Dr. Stan Stein, I'm not sure exactly what you can say, but is there any kind of safety signal that we should be aware of?

史丹‧史坦博士，我不確定你到底能說什麼，但是有什麼我們應該注意的安全訊號嗎？

And then if you can can't comment on that.

然後如果你不能對此發表評論。

Is there anything to think about in terms of this patient population really being the cause of the difference, maybe extra lesions that need to be created higher risk benefit requirements because it's drug naive patients?

就這個患者群體確實是差異的原因而言，是否有什麼需要考慮的，也許需要產生更高的風險收益要求的額外病變，因為它是未接受過藥物治療的患者？

I'm just anything along those lines, as you can hear me because I think folks are pretty nervous this morning, just based on how important for our call as to the business.

我只是沿著這些思路，你可以聽到我的聲音，因為我認為人們今天早上非常緊張，這只是基於我們的電話對業務的重要性。

Yes, Matt, again, because this is an ongoing trial, I can't get into any details.

是的，馬特，再說一遍，因為這是一項正在進行的試驗，所以我無法透露任何細節。

Again, what I can say is we are highly confident in the safety of the system.

我再說一遍，我們對系統的安全性充滿信心。

Again, we've got extensive commercial use data and over 100, 25,000 patients treated.

同樣，我們擁有廣泛的商業使用數據和超過 100、25,000 名患者的治療。

We've got extensive published clinical trial data and other ongoing clinical trials and are highly confident in the safety, the efficiency and the efficacy of therapy system spectrum

我們擁有大量已發表的臨床試驗數據和其他正在進行的臨床試驗，對治療系統光譜的安全性、效率和功效充滿信心

.

。

We launched this trials.

我們啟動了這項試驗。

Thanks, Ken.

謝謝，肯。

Thanks, Mike, and thanks, everyone, for joining us today.

謝謝麥克，也謝謝大家今天加入我們。

We appreciate your interest in Boston Scientific as we weren't able to get to your question or if you have any follow-ups, please don't hesitate to reach out to the Investor Relations team.

感謝您對波士頓科學公司的關注，因為我們無法解答您的問題，或者如果您有任何後續行動，請隨時聯繫投資者關係團隊。

Before you disconnect.

在斷開連接之前。

Drew will give you all the pertinent details for the replay.

德魯將為您提供重播的所有相關細節。

Thanks, everyone.

謝謝大家。

Have a great debt.

負有巨額債務。

Please note, a recording will be available in one hour by dialing either one eight seven seven three four four seven five two nine four one four one two three one seven zero zero eight eight, using replay code two six zero seven seven one one until October 30th, 2024, at 11.59 P.M. Eastern time.

請注意，在十月之前，透過撥打一八七七三四四七五二九四一四一二三一七零八八，一小時內即可獲得錄音，使用重播代碼二六零七七一一2024 年 30 日晚上 11 點 59 分東部時間。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation may now disconnect.

感謝您參加今天的演示，現在可能會斷開連接。

Thanks.

謝謝。

Who too.

誰也。

Yes, no, thanks.

是的，不，謝謝。