Boston Scientific Corp (BSX) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Boston Scientific fourth quarter 2024 earnings call.

早安，歡迎參加波士頓科學公司 2024 年第四季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給投資者關係高級副總裁喬恩·蒙森 (Jon Monson)。

Please go ahead.

請繼續。

Thank you, Drew, and thanks, everyone, for joining us.

謝謝你，德魯，也謝謝大家加入我們。

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；以及執行副總裁兼財務長 Dan Brennan。

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

在問答環節，我們的首席醫療官 Ken Stein 博士將與 Mike 和 Dan 一起參加。

We issued a press release earlier this morning announcing our Q4 and full year 2024 results which included reconciliations of the non-GAAP measures used in this release.

我們今天早上發布了一份新聞稿，宣布了我們的 2024 年第四季度和全年業績，其中包括本新聞稿中使用的非 GAAP 指標的對帳。

The release as well as reconciliations of the non-GAAP measures used in today's call can be found on the Investor Relations section of our website.

在我們網站的投資者關係部分可以找到今天電話會議中使用的非公認會計準則指標的發布和對帳表。

Please note 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.

請注意，在電話會議上，營業收入不包括外匯波動的影響，有機收入進一步不包括可比淨銷售額少於一個完整期間的收購和資產剝離。

Guidance excludes the previously announced agreements to acquire Bolt Medical and Intera Oncology, which are expected to close in the first half of 2025 subject to customary closing conditions.

該指引不包括先前宣布的收購 Bolt Medical 和 Intera Oncology 的協議，這些協議預計將在 2025 年上半年完成，但須符合慣例成交條件。

For more information, please refer to the Q4 financial and operational highlights deck, which may be found on the Investor Relations section of our website.

欲了解更多信息，請參閱第四季度財務和運營亮點文件，該文件可在我們網站的“投資者關係”部分找到。

On this call, all references to sales and revenue are organic and relative growth as compared to the same quarter of the prior year, unless otherwise specified.

在本次電話會議中，除非另有說明，所有對銷售額和收入的提及均指與去年同期相比的有機和相對增長。

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

本次電話會議包含前瞻性陳述，其中包括我們的財務表現、業務計劃以及產品性能和開發等方面的陳述。

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

這些聲明是基於我們當前的觀點，使用截至今天可用的信息，並不旨在保證未來的事件或表現。

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

如果我們的基本假設被證明是錯誤的或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重大差異。

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.

我們定期報告和向美國證券交易委員會提交的其他文件中討論了可能導致此類差異的因素，包括我們最新的 10-K 表年度報告中的風險因素部分。

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

波士頓科學公司不承擔更新這些前瞻性聲明的任何意圖或義務，除非法律要求。

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

現在，我將把電話轉給麥克。

Great.

偉大的。

Well then, Jon, and thank you, everyone, for joining us today.

那麼，喬恩，感謝大家今天的參與。

In 2024, we had an excellent performance across the board, surpassing our financial goals that we set for the year.

2024年，我們各方面表現優異，超額完成了當年設定的財務目標。

This outstanding and differentiated performance is fueled by innovation and great execution across our global business units and the earlier-than-expected approval in an adoption of FARAPULSE in the US.

這一出色和差異化的表現得益於我們全球業務部門的創新和出色的執行力，以及美國早於預期批准採用 FARAPULSE。

In fourth quarter '24, company operational sales grew 23% and organic sales grew 20%, exceeding the high end of our guidance range of 14% to 16%.

24年第四季，公司營運銷售額成長23%，有機銷售額成長20%，超過了我們14%至16%的預期範圍高端。

Full year '24 operational sales grew 18.5%, while organic sales grew 16% for the year, exceeding our guidance of approximately 15%.

24 年全年營運銷售額成長 18.5%，全年有機銷售額成長 16%，超過我們預期的約 15%。

We believe that most of our global business units grew in line or faster than their respective markets in '24, which is a testament to our broad diversified product portfolio and the winning spirit of our global teams.

我們相信，我們大多數全球業務部門在24年的成長速度與各自市場持平或更快，這證明了我們廣泛而多樣化的產品組合和全球團隊的必勝精神。

Fourth quarter adjusted EPS of $0.70 grew 26%, which exceeded the high end of guidance range of $0.64 to $0.66. Full year adjusted EPS of $2.51 grew 22%, also exceeding the high-end range of our guidance of $2.45 to $2.47. For the year, we drove 70 basis points of adjusted operating margin to 27% and representing a balance of margin drop-through on the revenue upside we saw throughout the year, along with the reinvestment back into the business to drive long-term differentiated growth.

第四季調整後每股收益為 0.70 美元，成長 26%，超過了 0.64 美元至 0.66 美元的預期範圍高端。全年調整後每股收益為 2.51 美元，成長 22%，也超過了我們預期的 2.45 美元至 2.47 美元的高端範圍。全年，我們將調整後營業利潤率提高了 70 個基點，達到 27%，這彌補了全年營收上升帶來的利潤率下降，以及對業務的再投資，以推動長期差異化成長。

For our '25 outlook, we expect our differentiated financial performance to continue, fueled by our innovative portfolio and strong global execution, and we're guiding to organic growth of 14% to 16% for the first quarter and 10% to 12% for the full year.

對於我們的25年展望，我們預計我們差異化的財務表現將繼續保持，這得益於我們創新的產品組合和強大的全球執行力，我們預計第一季的有機成長率為 14% 至 16%，全年有機成長率為 10% 至 12%。

Our first quarter '25 adjusted EPS guide is $0.66 to $0.68 and we expect our full year adjusted EPS to be $2.80 to $2.87 representing growth of 12% to 14%.

我們對 25 年第一季調整後每股收益的預期為 0.66 美元至 0.68 美元，預計全年調整後每股收益為 2.80 美元至 2.87 美元，成長 12% 至 14%。

Dan will provide more details on the financials, and I'll now provide some additional highlights of '24.

丹將提供更多有關財務的詳細信息，我現在將提供'24 年的一些額外亮點。

So regionally, on operational basis, the US grew 31% for the fourth quarter.

因此從地區來看，在營運基礎上，美國第四季成長了 31%。

Full year 2024 was 21% with double-digit growth in six of our eight business units.

2024 年全年成長率為 21%，我們八個業務部門中有六個實現了兩位數成長。

On an operational basis, Europe, Middle East and Africa grew 12% in the fourth quarter and 14% on the full year.

從營運角度來看，歐洲、中東和非洲第四季成長了 12%，全年成長了 14%。

In '24, we saw above-market growth from all business units supported by strong commercial execution, talking about Europe here, and key franchises across the portfolio as well as price discipline.

在24年，我們看到所有業務部門都實現了高於市場的成長，這得益於強大的商業執行力、這裡談論的是歐洲、整個投資組合中的關鍵特許經營權以及價格紀律。

We expect to outpace the market again in '25 with further momentum in EP following the recent approval of FARAWAVE NAV and increasing contribution from our growth in emerging markets.

隨著 FARAWAVE NAV 最近獲得批准以及新興市場的成長貢獻不斷增加，我們預計 EP 將進一步發展，並在 25 年再次超越市場。

In Asia Pac, we grew 12% operationally in the fourth quarter and 16% for the full year, led by excellent performance and double-digit growth across Japan, China, Australia and New Zealand.

在亞太地區，我們在第四季度營運成長了 12%，全年成長了 16%，這得益於日本、中國、澳洲和紐西蘭的優異表現和兩位數的成長。

Japan really had a nice year, growing double digits for the second year in a row, driven by AGENT DCB, Rezum, WATCHMAN FLEX Pro and very early contribution from FARAPULSE.

日本今年的表現確實不錯，連續第二年實現兩位數成長，這得益於 AGENT DCB、Rezum、WATCHMAN FLEX Pro 以及 FARAPULSE 的早期貢獻。

On a full year basis, China grew strong double digits across $1 million in revenue.

從全年來看，中國市場的收入強勁成長了兩位數，超過 100 萬美元。

This differentiated growth in China was fueled by our broad portfolio, focus on innovation and excellent commercial execution.

在中國，這種差異化成長得益於我們廣泛的產品組合、注重創新以及出色的商業執行。

Looking ahead, we expect China to grow mid-teens with increasing contribution from FARAPULSE in our diverse portfolio despite the ongoing DBP pricing pressures in the region.

展望未來，儘管中國市場持續面臨 DBP 定價壓力，我們預計中國市場的成長率將達到 15% 左右，FARAPULSE 在我們多元化投資組合中的貢獻將持續增加。

I'll now provide some additional commentary on our businesses.

現在我將對我們的業務提供一些額外的評論。

Starting with Urology, which grew 8% in the fourth quarter and 9% for the full year and an operational basis grew 20% in the fourth quarter and 13% for the full year following the number close of Axonics.

首先是泌尿科業務，在 Axonics 收盤後，該業務第四季度增長了 8%，全年增長了 9%，第四季度營運基礎增長了 20%，全年增長了 13%。

Full year organic growth is fueled by prosthetic urology and stone management, where we had key launches with the TENACIO pump for the AMS 700 and continued success with our expanding LithoVue portfolio.

全年有機成長主要得益於泌尿外科和結石管理業務，其中，我們推出了用於 AMS 700 的 TENACIO 泵，並不斷擴大 LithoVue 產品組合，從而繼續取得成功。

Prostate Health also performed well in '24 with double-digit growth in Rezum as well as strong performance in SpaceOAR, we're pleased to have enrolled our first patient in the hydro space trial, evaluating the safety efficacy of our space hydrogen.

前列腺健康在 24 年也表現良好，Rezum 實現了兩位數成長，SpaceOAR 表現強勁，我們很高興在水力空間試驗中招募了我們的第一位患者，評估了我們的空間氫的安全功效。

In '25, we expect to see continued strong above-market growth for urology and look forward to further integrating the highly complementary Axonics Technologies into our portfolio.

在25年，我們預期泌尿科領域將繼續實現高於市場的強勁成長，並期待將高度互補的 Axonics Technologies 進一步整合到我們的產品組合中。

Endoscopy sales grew 8% operationally and 7% in the fourth quarter organically on a full year basis, grew 9% operationally and 8% organically.

第四季內視鏡銷售額營運成長 8%，有機成長 7%，全年營運成長 9%，有機成長 8%。

Full year growth was led by double-digit growth in our endoluminal surgery and single-use imaging franchises, along with sustained growth of our AXIOS platform, where we're investing to drive expanded indications and most recently received an approval in Japan for AXIOS for gall bladder drainage.

全年成長主要得益於腔內手術和一次性成像特許經營權的兩位數增長，以及 AXIOS 平台的持續增長，我們在該平台進行投資以擴大適應症，最近 AXIOS 在日本獲得了膽囊引流的批准。

Within endoluminal surgery, we continue to see positive reimbursement wins for our ESG weight loss procedure with the recent Category 1 CPT code announced and now IFSO, an International Bariatric Committee endorsing ESG with guideline updates.

在腔內手術中，我們繼續看到 ESG 減肥手術在報銷方面取得積極的進展，最近公佈了 1 類 CPT 代碼，現在國際減肥委員會 IFSO 也認可了 ESG 並更新了指南。

Neuromodulation sales grew 12% operationally and 5% organic in Q4, and on a full year basis grew 14% operationally and 3% organically.

第四季度，神經調節銷售額營運成長 12%，有機成長 5%，全年銷售額營運成長 14%，有機成長 3%。

Our brain franchise grew mid-single digits in both the quarter and on a full year basis, and our pain franchise grew mid-single digits in the quarter and low single digits for the year.

我們的腦部特許經營權在本季度和全年都實現了中等個位數的增長，我們的疼痛特許經營權在本季度實現了中等個位數的增長，全年實現了低個位數的增長。

Within deep brain stimulation, we expect improving growth in 2025 with the recent FDA and CE Mark approvals of our unique Cartesia X and HX leads.

在深部腦部刺激領域，隨著我們獨特的 Cartesia X 和 HX 導線最近獲得 FDA 和 CE 標誌的批准，我們預計 2025 年將出現成長。

The first and only 16 contact directional leads that deliver precise personalized therapy.

第一個也是唯一一個提供精確個人化治療的 16 個接觸性導線。

We also expect higher growth in our pain franchise in '25, driven by continued strong momentum in Intercept and the recently released data supporting safety, effectiveness and durability through five years now.

我們還預計，在 Intercept 持續強勁發展勢頭和最近發布的支持五年安全性、有效性和耐用性的數據的推動下，我們的疼痛特許經營將在 25 年實現更高的增長。

Cardiology delivered an exceptional quarter and year with sales growing 32% in the fourth quarter and 25% for the full year.

心臟病學部門本季和本年度表現出色，第四季銷售額成長 32%，全年銷售額成長 25%。

Within cardiology, interventional cardiology therapies, sales grew 10% in the fourth quarter and 11% for the full year.

在心臟病學、介入性心臟病學治療領域，第四季銷售額成長了 10%，全年成長了 11%。

And on a full year basis, the coronary therapies franchise growth was driven by strong global performance and our imaging and complex PCI franchises and earlier momentum with the US launch of agent DCB, which now has additional reimbursement in the outpatient setting.

從全年來看，冠狀動脈治療特許經營權的成長得益於強勁的全球業績、影像和複雜 PCI 特許經營權以及早期在美國推出 DCB 藥物的勢頭，DCB 目前在門診環境中獲得了額外的報銷。

In addition, we recently announced our agreement to acquire Bolt Medical an intravascular lithotripsy platform for treatment of coronary and peripheral artery disease.

此外，我們最近宣布了收購 Bolt Medical 的協議，該公司是一家用於治療冠狀動脈和周邊動脈疾病的血管內碎石平台。

Bolt's IVL technology is highly synergistic with our existing suite of devices in complex PCI, imaging and drug-eluting portfolios in both ICTX and PI.

Bolt 的 IVL 技術與我們在 ICTX 和 PI 中的複雜 PCI、成像和藥物洗脫產品組合中的現有設備套件具有高度協同作用。

And we're excited to close the Bolt acquisition, which we expect to do so in the first half of this year.

我們很高興完成 Bolt 的收購，預計今年上半年完成。

Our structural heart valves franchise grew double digits for the full year and low single digits in fourth quarter.

我們的結構性心臟瓣膜特許經營權全年實現了兩位數增長，第四季度實現了個位數低增長。

During the fourth quarter, we launched our next-generation accurate Prime Valve in Europe, which features frame enhancements, a simplified deployment mechanism and includes a larger valve size.

第四季度，我們在歐洲推出了下一代精確 Prime Valve，其特點是框架增強、部署機制簡化，並且閥門尺寸更大。

WATCHMAN sales grew 20% in the fourth quarter and 19% on a full year basis.

WATCHMAN 第四季銷售額成長了 20%，全年銷售額成長了 19%。

US fourth quarter growth of 20% was bolstered by an increase in concomitant procedures enabled by the new DRG which became effective in October and positive data from our option trial demonstrating similar stroke risk reduction with superior bleed risk reduction versus OACs in high-risk patients following AF ablation.

美國第四季實現 20% 的成長，這得益於 10 月生效的新 DRG 所帶來的伴隨手術的增加，以及我們選擇試驗的積極數據，這些數據顯示，在 AF 消融後，對於高風險患者，與 OAC 相比，其中風風險降低幅度相似，且出血風險降低幅度更大。

These positive outcomes from OPTION were reaffirmed by data in the concomitant subset of patients, which was recently presented at the AF symposium.

OPTION 的這些積極成果得到了最近在 AF 研討會上公佈的伴隨患者亞組數據的支持。

We're pleased with the performance of our WATCHMAN business in 2024 and expect this market to continue to grow approximately 20% driven by concomitant procedures, ongoing clinical evidence and our initiatives to drive patient awareness and physician training.

我們對 2024 年 WATCHMAN 業務的表現感到滿意，並預計該市場將在伴隨程序、持續的臨床證據以及我們提高患者意識和醫生培訓的舉措的推動下繼續增長約 20%。

Cardiac Rhythm Management sales grew 3% in the quarter and on a full year basis.

心律管理產品的銷售額本季和全年均成長了 3%。

Our Diagnostics franchise grew double digits on a full year base in outpatient market growth driven by our implantable cardiac monitors with early contribution from our LUX-Dx II launch in Europe.

由於我們在歐洲推出的 LUX-Dx II 的早期貢獻，以及我們植入式心臟監視器的推動，我們的診斷特許經營權在門診市場實現了全年兩位數的增長。

In Core CRM, in both fourth quarter and on a full year basis, both our high end and low voltage business grew low single digits, and as we look ahead, we're excited to bring our EMPOWER leadless pacemaker and module the CM system to market in '25 likely in the second half of the year.

在核心 CRM 中，無論是在第四季度還是在全年，我們的高端和低壓業務都實現了低個位數成長，展望未來，我們很高興能夠在 25 年下半年將我們的 EMPOWER 無導線起搏器和模組 CM 系統推向市場。

Electrophysiology sales grew 172% in fourth quarter and 139% on a full year basis.

電生理學銷售額第四季成長 172%，全年成長 139%。

FARAPULSE has continued to lead the transformation of the AFib market, surpassing $1 billion in revenue in 2024 globally, with over 200,000 patients treated.

FARAPULSE 持續引領 AFib 市場的轉型，2024 年全球營收將超過 10 億美元，治療病患超過 20 萬名。

And we expect the AF market to continue to rapidly convert to PFA in '25 and beyond, driven by FARAPULSE.

我們預計，在 FARAPULSE 的推動下，AF 市場將在 25 年及以後繼續快速轉向 PFA。

Exceptional fourth quarter sales performance was driven by FARAPULSE uptake in the US and Europe as a result of very strong safety profile, ease of use and procedural efficiency as well as our launches in both Japan and China.

第四季出色的銷售業績得益於 FARAPULSE 在美國和歐洲的普及，這得益於其極強的安全性、易用性和程序效率，以及我們在日本和中國的上市。

Initial feedback on our integrated system of FARAWAVE NAV on our OPAL mapping system, which we launched during the fourth quarter in the US has been very positive.

我們在第四季度在美國推出的 OPAL 地圖系統上的 FARAWAVE NAV 整合系統的初步回饋非常正面。

We expect to continue to enhance our capabilities in this segment of the market, including with our recently closed acquisition of Cortex an advanced AF mapping solution.

我們希望繼續增強我們在這一領域的能力，包括我們最近完成的先進 AF 映射解決方案 Cortex 的收購。

We continue to build a best-in-class compendium clinical evidence, including the recent results of Phase I of the ADVANTAGE AF trial, with data demonstrating positive outcomes using FARAPULSE and persistent AF patients meeting the primary endpoint for efficacy and safety with zero instances of stroke, pulmonary vein stenosis, esophageal injury or major access complications.

我們將繼續建立一流的綜合臨床證據，包括 ADVANTAGE AF 試驗第一階段的最新結果，數據表明使用 FARAPULSE 和持續性房顫患者取得了積極成果，達到了療效和安全性的主要終點，並且沒有出現任何中風、肺靜脈狹窄、食管損傷或重大通路併發症。

We expect an updated label for persistent AF in the second half of the year.

我們預計今年下半年將推出持續性心房顫動的更新標籤。

In the coming weeks, we expect to complete the enrollment of AVANT GUARD evaluating the safety and efficacy of FARAPULSE as a first-line treatment for persistent AF compared to anti-rhythmic drug therapy.

在接下來的幾週內，我們預計將完成 AVANT GUARD 的招募，以評估 FARAPULSE 作為持續性 AF 一線治療與抗心律不整藥物治療相比的安全性和有效性。

Additionally, we anticipate data to be presented in the first half of this year from Phase II of the ADVANTAGE AF trial, evaluating FARAPOINT, which is our point-by-point PFA ablation catheter, which is expected to support US FDA approval by year-end '25.

此外，我們預計將在今年上半年公佈 ADVANTAGE AF 試驗第二階段的數據，該數據將評估我們的逐點 PFA 消融導管 FARAPOINT，預計將於 25 年底獲得美國 FDA 批准。

Turning to Peripheral Interventions.

轉向外圍幹預。

Fourth quarter sales grew 22% operationally and 12% organically on a full year basis, grew 15% operationally and 11% organic.

第四季銷售額營運成長 22%，有機成長 12%，全年營業成長 15%，有機成長 11%。

Our interventional oncology and embolization franchise excelled again in Q4 with double-digit growth across the entire product portfolio and growing mid-teens for the full year.

我們的介入性腫瘤學和栓塞治療特許經營在第四季度再次表現出色，整個產品組合實現了兩位數的成長，全年實現了十幾歲的成長率。

Expanding clinical evidence for new indications continues to be a focus area are pleased to have completed enrollment in the first phase of the Frontier trial, which is an early feasibility study for the use of TheraSphere to treat recurrent glioblastoma.

擴大新適應症的臨床證據仍然是重點領域，很高興完成了 Frontier 試驗第一階段的招募，這是使用 TheraSphere 治療復發性膠質母細胞瘤的早期可行性研究。

Additionally, we look forward to closing our acquisition of Intera expected in the first half of 2025, which will broaden our interventional oncology offerings to patients with liver cancer.

此外，我們期待在 2025 年上半年完成 Intera 的收購，這將擴大我們為肝癌患者提供的介入性腫瘤學服務。

Within our vascular franchise on a full year basis, we saw high single-digit arterial performance led by double-digit growth in our drug-eluting portfolio in mid-single-digit venous growth, led by Varithena and our clot management portfolio.

在我們的全年血管特許經營業務中，我們看到動脈業務表現出高個位數的增長，其中，藥物洗脫產品組合實現了兩位數的增長，而靜脈業務則實現了中等個位數的增長，其中，Varithena 和我們的血栓管理產​​品組合領銜。

On a stand-alone basis, the silicon business grew double digits for the full year, and we're pleased to recently share the 30-day results from the ROADSTER 3 study, which demonstrate the safety and effectiveness of TCAR for patients with standard surgical risk.

單獨來看，矽片業務全年實現了兩位數成長，我們很高興最近分享了 ROADSTER 3 研究的 30 天結果，該結果證明了 TCAR 對於具有標準手術風險的患者的安全性和有效性。

So in closing, I'm very proud of our global team and what we were able to accomplish in 2024, resulting in full year organic growth of 16% adjusted EPS growth of 22%.

最後，我為我們的全球團隊以及我們在 2024 年所取得的成就感到非常自豪，全年有機成長 16%，調整後每股收益成長 22%。

We're very excited about the future of Boston Scientific and remain focused on our talent while enhancing our culture that is relentless in driving differentiated results.

我們對波士頓科學的未來感到非常興奮，我們將繼續專注於我們的人才，同時加強我們不斷推動差異化成果的文化。

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

說完這些，我會將其交給丹，以提供有關財務的更多詳細資訊。

Thanks, Mike.

謝謝，麥克。

Fourth quarter 2024 consolidated revenue of $4.561 billion represents 22.4% reported growth versus fourth quarter 2023 and includes a 70 basis point headwind from foreign exchange, which was unfavorable versus our expectations.

2024 年第四季綜合營收為 45.61 億美元，較 2023 年第四季成長 22.4%，其中包括外匯帶來的 70 個基點的逆風，這與我們的預期不利。

Excluding this $26 million foreign exchange headwind, operational revenue growth was 23.1% in the quarter.

除掉這 2,600 萬美元的外匯不利因素外，本季營業收入成長了 23.1%。

Sales impact from closed acquisitions contributed 360 basis points, resulting in 19.5% organic revenue growth, exceeding our fourth quarter guidance range of 14% to 16%.

已完成收購帶來的銷售影響貢獻了 360 個基點，導致有機收入成長 19.5%，超過了我們第四季 14% 至 16% 的預期範圍。

Q4 2024 adjusted earnings per share of $0.70 grew 26% versus 2023, exceeding the high end of our guidance range of $0.64 to $0.66, primarily driven by our strong sales performance and favorable tax results in the quarter.

2024 年第四季調整後每股收益為 0.70 美元，較 2023 年增長 26%，超過了我們 0.64 美元至 0.66 美元的指導範圍高端，這主要得益於我們本季強勁的銷售業績和有利的稅收結果。

Full year 2024 consolidated revenue of $16.747 billion represents 17.6% reported growth versus full year 2023 and includes a 90 basis point headwind from foreign exchange.

2024 年全年綜合收入為 167.47 億美元，較 2023 年全年增長 17.6%，其中包括外匯帶來的 90 個基點的逆風。

Excluding this $127 million headwind from foreign exchange, operational revenue growth for the year was 18.5%.

除去這1.27億美元的外匯逆差，全年營業收入成長了18.5%。

Sales from closed acquisitions contributed 210 basis points, resulting in 16.4% organic revenue growth, exceeding our guidance range of approximately 15%.

已完成收購的銷售額貢獻了 210 個基點，帶來 16.4% 的有機收入成長，超過了我們約 15% 的預期範圍。

Full year 2024 adjusted earnings per share of $2.51 grew 22% versus 2023, exceeding the high end of our guidance range of $2.45 to $2.47. These results include a $0.05 headwind from FX, which was slightly unfavorable to our expectations.

2024 年全年調整後每股收益為 2.51 美元，較 2023 年增長 22%，超過了我們 2.45 美元至 2.47 美元的指導區間高端。這些結果包括來自外匯的 0.05 美元逆風，這略微不利於我們的預期。

Adjusted gross margin for the fourth quarter was 70.6%, which represents a 20 basis point sequential improvement versus the third quarter and results in full year 2024 adjusted gross margin of 70.3%.

第四季調整後的毛利率為 70.6%，較第三季季增 20 個基點，2024 年全年調整後毛利率為 70.3%。

In 2025, we anticipate our full year adjusted gross margin will improve versus the full year 2024 and contribute to our adjusted operating margin expansion goals.

到 2025 年，我們預計全年調整後毛利率將較 2024 年全年有所提高，並有助於實現調整後營業利潤率的擴大目標。

Fourth quarter adjusted operating margin was 27.4%, and resulting in a full year 2024 adjusted operating margin of 27.0%, improving 70 basis points versus the full year 2023.

第四季調整後營業利益率為 27.4%，2024 年全年調整後營業利益率為 27.0%，較 2023 年全年提高 70 個基點。

We expect to expand adjusted operating margin in 2025 by another 50 to 75 basis points, balancing differentiated operating margin expansion while making targeted investments to fuel long-term top line growth.

我們預計 2025 年調整後營業利潤率將再擴大 50 至 75 個基點，在平衡差異化營業利潤率擴張的同時進行有針對性的投資，以推動長期營收成長。

On a GAAP basis, fourth quarter operating margin was 14.8%, resulting in a full year reported operating margin of 15.5%.

根據 GAAP 標準，第四季營業利潤率為 14.8%，全年營業利潤率為 15.5%。

Moving to below the line.

移至線下。

Fourth quarter adjusted interest and other expenses totaled $87 million, resulting in full year adjusted interest and other expenses of $301 million, in line with our expectations.

第四季調整後的利息和其他費用總計 8,700 萬美元，全年調整後的利息和其他費用為 3.01 億美元，符合我們的預期。

On an adjusted basis, our tax rate for the fourth quarter was 10.5% and 11.9% for the full year 2024, including favorable discrete tax items and the benefit from stock compensation accounting.

經過調整後，我們第四季的稅率為 10.5%，2024 年全年的稅率為 11.9%，其中包括優惠的單項稅項目和股票薪資會計收益。

Our operational tax rate was 12.3% for the fourth quarter and 13.2% for the full year, again, in line with expectations.

我們第四季的營業稅率為 12.3%，全年營業稅率為 13.2%，再次符合預期。

Fully diluted weighted average shares outstanding ended at 1.409 billion shares in Q4 and 1.486 billion shares for the full year 2024.

第四季度，全面稀釋加權平均流通股數為 14.09 億股，2024 年全年全面稀釋加權平均流通股數為 14.86 億股。

Free cash flow for the quarter was $1.181 billion with $1.456 billion from operating activities, less $275 million in net capital expenditures, which include payments of $177 million related to acquisitions, restructuring, litigation and other special items.

本季自由現金流為 11.81 億美元，其中 14.56 億美元來自經營活動，減去 2.75 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 1.77 億美元付款。

Full year 2024 free cash flow was $2.648 billion, exceeding our expectations, and importantly, achieving 71% free cash flow conversion for the year.

2024 年全年自由現金流為 26.48 億美元，超出了我們的預期，重要的是，全年實現了 71% 的自由現金流轉換。

For 2025, we expect full year free cash flow to be in excess of $3 billion.

到 2025 年，我們預計全年自由現金流將超過 30 億美元。

As of December 31, 2024, we had cash on hand of $414 million, and our gross debt leverage ratio was 2.2 times.

截至 2024 年 12 月 31 日，我們持有現金 4.14 億美元，總負債槓桿率為 2.2 倍。

Our top capital allocation priority remains strategic tuck-in M&A followed by annual share repurchases.

我們的首要資本配置重點仍是策略性收購併購，其次是年度股票回購。

Our legal reserve was $326 million as of December 31, representing a $76 million increase versus Q3 2024, $50 million of this reserve is already funded through our qualified settlement funds.

截至 12 月 31 日，我們的法定儲備金為 3.26 億美元，比 2024 年第三季增加了 7,600 萬美元，其中 5,000 萬美元已透過我們的合格和解基金提供資金。

I will now walk through guidance for Q1 and the full year 2025.

我現在將介紹 2025 年第一季和全年的指導。

We expect full year 2025 reported revenue growth to be in a range of 12.5% to 14.5% versus 2024.

我們預計 2025 年全年報告營收成長率將在 2024 年的 12.5% 至 14.5% 之間。

Excluding an approximate 100 basis point headwind from foreign exchange, based on current rates, we expect full year 2025 operational growth to be in a range of 13.5% to 15.5%.

排除外匯帶來的約 100 個基點的不利因素，根據當前匯率，我們預計 2025 年全年營運成長率將在 13.5% 至 15.5% 之間。

Excluding a 350 basis point contribution from closed acquisitions, we expect full year 2025 organic revenue growth to be in a range of 10% to 12% versus 2024.

不包括已完成收購帶來的 350 個基點貢獻，我們預計 2025 年全年有機收入成長率將在 2024 年的基礎上達到 10% 至 12%。

We expect first quarter 2025 reported revenue growth to be in a range of 17% to 19% versus the first quarter of 2024, excluding an approximate 100 basis point headwind from foreign exchange, based on current rates.

我們預計，2025 年第一季的報告營收成長率將在 17% 至 19% 之間，與 2024 年第一季相比，根據目前匯率，不包括外匯帶來的約 100 個基點的逆風。

We expect first quarter 2025 operational revenue growth to be in a range of 18% to 20%.

我們預計 2025 年第一季營業收入成長率將在 18% 至 20% 之間。

Excluding a 400 basis point contribution from closed acquisitions, we expect first quarter 2025 organic revenue growth to be in a range of 14% to 16% versus 2024.

不包括已完成收購帶來的 400 個基點貢獻，我們預計 2025 年第一季的有機收入成長率將在 2024 年的 14% 至 16% 之間。

As we indicated on our October call, we had one more business day in the fourth quarter of 2024, which was worth approximately 200 basis points.

正如我們在 10 月電話會議上所指出的，2024 年第四季我們還多了一個工作日，價值約 200 個基點。

In the first quarter of 2025, we have one less business day, again, worth approximately 200 basis points.

2025 年第一季度，我們的工作日減少了一個，價值也減少了約 200 個基點。

When adjusting for the impact of business days, the high end of our first quarter 2025 guidance range is in line with fourth quarter 2024 organic revenue growth.

在調整工作日的影響後，我們 2025 年第一季的指引範圍高端與 2024 年第四季的有機收入成長一致。

We expect full year 2025 adjusted below the line expense to be approximately $425 million.

我們預計 2025 年全年調整後的離線支出約為 4.25 億美元。

Under current legislation, including enacted laws and issued guidance, we forecast a full year 2025 operational tax rate of approximately 13.5% and an adjusted tax rate of approximately 12.5%.

根據現行立法，包括頒布的法律和發布的指南，我們預測 2025 年全年營業稅率約為 13.5%，調整後稅率約為 12.5%。

This includes a benefit from the accounting for stock compensation, which we expect will be largely recognized in the first quarter, resulting in a forecasted Q1 2025 adjusted tax rate of approximately 11.5%.

其中包括股票薪酬會計收益，我們預計該收益將在第一季基本確認，從而預測 2025 年第一季調整後的稅率約為 11.5%。

We expect full year adjusted earnings per share to be in a range of $2.80 to $2.87, representing growth of 12% to 14% versus 2024, and including an approximate $0.05 to $0.06 headwind from foreign exchange, which is in line with what we saw in 2024.

我們預計全年調整後每股收益將在 2.80 美元至 2.87 美元之間，較 2024 年增長 12% 至 14%，其中包括外匯帶來的約 0.05 美元至 0.06 美元的逆風，這與我們在 2024 年看到的情況一致。

We expect first quarter adjusted earnings per share to be in a range of $0.66 to $0.68. As it relates to tariffs, we do not have significant levels of manufacturing in or sourcing from Mexico, Canada or China, as such, while the recent executive actions relative to these countries could present a minor headwind for the year we view these headwinds as manageable and they have been contemplated in our guidance ranges.

我們預計第一季調整後每股收益將在 0.66 美元至 0.68 美元之間。至於關稅，我們在墨西哥、加拿大或中國並沒有大量的製造或採購，因此，雖然最近針對這些國家的行政行動可能會對今年造成輕微的不利影響，但我們認為這些不利影響是可控的，並且已在我們的指導範圍內進行了考慮。

In closing, I'm extremely proud of what our global team delivered for 2024 financial performance and look forward to executing on our full year 2025 guidance of 10% to 12% organic revenue growth, 50 to 75 basis points of adjusted operating margin expansion and 12% to 14% adjusted EPS growth.

最後，我對我們的全球團隊在 2024 年取得的財務業績感到非常自豪，並期待實現我們 2025 年全年預期，即有機收入增長 10% 至 12%、調整後營業利潤率擴大 50 至 75 個基點以及調整後每股收益增長 12% 至 14%。

For more information, please check our Investor Relations website for Q4 2024 financial and operational highlights, which outlines more details on Q4 results and 2025 guidance.

如需了解更多信息，請訪問我們的投資者關係網站，了解 2024 年第四季度的財務和營運亮點，其中概述了有關第四季度業績和 2025 年指引的更多詳細信息。

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

說完這些，我會把話題轉回給喬恩，他將主持問答環節。

Thanks, Dan.

謝謝，丹。

Drew, let's open it up for questions for the next 35 minutes or so.

德魯，接下來的 35 分鐘左右我們可以開始提問了。

In order for us to take as many questions as possible.

為了讓我們能夠回答盡可能多的問題。

Please limit yourself to one question.

請限制自己只問一個問題。

Drew, please go ahead.

德魯，請繼續。

(Operator Instructions)

（操作員指令）

Robbie Marcus, JPMorgan.

摩根大通的羅比馬庫斯 (Robbie Marcus)。

Good morning and congratulations on a really good fourth quarter.

早安，恭喜您在第四季取得如此出色的成績。

Wanted to ask on PFA and WATCHMAN.

想問有關 PFA 和 WATCHMAN 的問題。

You had very good fourth quarters here.

你們的第四節表現非常好。

I saw a slight tick up in US growth in WATCHMAN, would love to get your thoughts on sort of what you saw during the quarter after concomitant reimbursement kicked in October 1, in the OPTION trial and how you're thinking specifically about those products throughout 2025, given they're two of your better margin products and the implications.

我看到 WATCHMAN 在美國的成長略有上升，很想聽聽您對 10 月 1 日開始同時報銷後的 OPTION 試驗季度的看法，以及考慮到它們是您兩種利潤率較高的產品及其影響，您對 2025 年這些產品的具體看法。

Thanks a lot.

多謝。

Thanks, Robbie.

謝謝，羅比。

Yeah, we have excellent momentum in both FARAPULSE and WATCHMAN and increasing momentum, I would say.

是的，我想說，我們在 FARAPULSE 和 WATCHMAN 方面都擁有良好的發展勢頭，而且勢頭還在不斷增強。

With WATCHMAN, we did see a bit of a benefit at the end of the fourth quarter with the concomitant news, which reconfirmed based on the OPTION trial data, safety and efficacy with the reimbursement.

對於 WATCHMAN 來說，我們確實在第四季度末看到了一些伴隨而來的好處，這根據 OPTION 試驗數據、安全性和有效性以及報銷情況再次得到了證實。

We saw a little bit of uptick.

我們看到了一點點的上漲。

As we stated before, we think the concomitant reinforces the 20% market CAGR for 2025.

正如我們之前所說，我們認為伴隨而來的情況將鞏固 2025 年 20% 的市場複合年增長率。

We'll be excited about the OPTION readout in the first half of 2026.

我們對 2026 年上半年的 OPTION 讀數感到興奮。

So we're well positioned with WATCHMAN.

因此，我們憑藉 WATCHMAN 佔據了有利地位。

And we obviously continue to invest in our product portfolio, clinical evidence, our clinical teams around the world to fully maximize the concomitant opportunity and obviously, with the momentum of FARAPULSE and our broader Rhythm Management portfolio ideally becoming the partner of choice for AFib and electrophysiologists.

顯然，我們會繼續投資於我們的產品組合、臨床證據和世界各地的臨床團隊，以充分發揮隨之而來的機會，顯然，隨著 FARAPULSE 和我們更廣泛的心律管理產品組合的發展勢頭，我們有望成為 AFib 和電生理學家的首選合作夥伴。

FARAPULSE, I think the numbers are pretty stand out.

FARAPULSE，我認為這些數字非常突出。

Tremendous growth is the biggest transformation like I've seen in medtech over $1 billion globally in one year.

巨大的成長是最大的轉變，就像我所見過的全球醫療技術領域一年內成長超過 10 億美元一樣。

We launched less than a year ago in the US.

我們在美國成立還不到一年。

So that the execution of our commercial teams has been strong. the execution of our supply chain operations, manufacturing to stay at demand has really been impressive.

因此我們的商業團隊的執行力非常強。我們的供應鏈營運和製造的執行以滿足需求確實令人印象深刻。

And we don't anticipate demand -- I'm sorry, supply challenges given the investments that we made throughout the year.

而且我們預計需求不會有太大變化——抱歉，考慮到我們全年的投資，供應可能會面臨挑戰。

And so we're excited about our competitive position with FARAPULSE in 2025.

因此，我們對 2025 年與 FARAPULSE 的競爭地位感到非常興奮。

You've seen the clinical data.

您已經看到了臨床數據。

It's a bit unclear as to the competitive landscape in 2025, but we put that aside and we push every day to invest in our commercial execution, our R&D, and we want to become the clear leader as we are now in is really transforming this market.

2025 年的競爭格局尚不明朗，但我們將把它放在一邊，每天都努力投資於我們的商業執行和研發，我們希望成為明顯的領導者，因為我們現在正在真正改變這個市場。

Appreciate it.

非常感謝。

Thanks a lot.

多謝。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good morning.

早安.

Thanks for taking the question, and I'll echo my congratulations.

感謝您提出這個問題，我對此表示祝賀。

Obviously, a stellar quarter and a year.

顯然，這是一個輝煌的季度和一年。

Mike and Dan, I was hoping to ask one kind of long-term question, at JPMorgan, you increased your weighted average market growth to 9% in 2026.

麥克和丹，我希望問一個長期問題，在摩根大通，你們將 2026 年的加權平均市場成長率提高到了 9%。

And I know you expect to grow faster than your end market.

我知道你們期望比終端市場成長得更快。

So does this imply you see Boston as at least a 9% grower in 2026?

那麼，這是否意味著您認為波士頓在 2026 年的成長率至少為 9%？

And can you grow EPS double digits next year with the tax rate increasing, Dan, 200 to 300 basis points?

丹，明年稅率增加 200 到 300 個基點，你的每股盈餘能成長兩位數嗎？

Thanks.

謝謝。

Sure.

當然。

Obviously, we're not going to give any specific guidance relative to anything beyond 2025.

顯然，我們不會針對 2025 年以後的任何事項給予任何具體指導。

But I think safe to assume, as we've done over the last decade very well as a team, we seek to outgrow our end markets.

但我可以放心地認為，由於我們作為一個團隊在過去十年中表現非常出色，因此我們正在尋求超越我們的終端市場。

So as those grow at an increasing rate, we still look to outgrow those markets.

因此，隨著這些市場以越來越快的速度成長，我們仍希望超越這些市場。

So I would stay tuned as we get through the year, potentially have a Investor Day at the end of this year and then reset those goals for the long term.

因此，我將在新的一年繼續關注，可能在今年年底舉辦投資者日，然後重新設定長期目標。

But we're excited.

但我們很興奮。

If you look over the last decade to see the increase in that WAMGR very intentionally over that time frame with both internal investments as well as smart tuck-in acquisitions to get to that 9% by 2026.

如果回顧過去十年，就會發現 WAMGR 在這段時間有意識地增加了，透過內部投資和明智的收購，到 2026 年將達到 9%。

Relative to double-digit EPS, again, I point to the track record, it's an extremely strong record of double-digit adjusted EPS growth.

相對於兩位數的每股收益，我再次指出，根據以往的記錄，這是兩位數調整後每股收益成長的極其強勁的記錄。

That's always the goal.

這始終是我們的目標。

We'll see what happens to the tax rate that could be obviously a fluid environment in Washington.

我們將觀察稅率將如何變化，這顯然將為華盛頓帶來不穩定的環境。

So if there's even an increase in that tax rate, our goal will still be to get double-digit EPS growth in '26 and beyond.

因此，如果稅率增加，我們的目標仍然是在26年及以後實現兩位數的每股盈餘成長。

Rick Wise, Stifel.

瑞克懷斯（Rick Wise），Stifel。

Good morning everybody, and thanks for the great quarter.

大家早安，感謝本季的精彩表現。

Maybe it's [a fourth] quarter of a question.

也許這是一個問題的四分之一。

You typically start the year in what I like to call a prudently conservative fashion in recent years.

近年來，人們通常以我所說的審慎保守的方式開始新的一年。

Maybe you can help us better understand where the upsides and where the risks are?

也許您可以幫助我們更好地理解優勢和風險在哪裡？

And should we view this as another attempt to start the year in a thoughtfully, prudently conservative fashion.

我們是否應該將此視為以深思熟慮、審慎保守的方式開啟新的一年的另一個嘗試。

And related to that, I mean how are you thinking about competition on the PFA side coming in?

與此相關，我的意思是，您如何看待 PFA 方面的競爭？

What's dialed into your guidance at this point?

目前您的指導方針是什麼？

Thank you.

謝謝。

Rick, you certainly want us to be thoughtful and prudent which we always are in our guidance, and we have a nice track record of delivering on our commitments.

里克，你當然希望我們深思熟慮、謹慎行事，而我們在指導過程中始終秉持這一原則，而且我們在履行承諾方面有著良好的記錄。

So I would say that's the same strategy as we provided the guide in 2025.

所以我想說這與我們在 2025 年提供的指南是相同的策略。

Clearly, the company has a lot of momentum.

顯然，該公司發展勢頭強勁。

I would say we do have more tailwinds than headwinds.

我想說，我們面臨的順風確實比逆風多。

When we think about the tailwinds, there's a lot of momentum across every region.

當我們考慮順風時，我們會發現每個地區都有很大的發展動能。

You obviously know about the FARAPULSE momentum in the US and we're early days of our launch in Japan and China, in concomitant really a big shout out to our coronary team, ICTX with the AGENT launch and other businesses like IO growing mid-teens and our Endo-uro PI Neuromod business, all very solid growth, and we expect Neuromod to be above market in 2025.

您顯然知道 FARAPULSE 在美國的發展勢頭，而且我們在日本和中國也處於推出該產品的早期階段，與此同時，我們非常感謝我們的冠狀動脈團隊，ICTX 推出了 AGENT，其他業務如 IO 也實現了十幾歲的增長，我們的 Endo-uro PI Neuromod 業務也都實現了非常穩健的增長，我們預計將超過 2525 年市場在市場上的增長，我們預計市場在 2025 年市場。

So strong momentum there on the tailwind side, there could be stronger PFA competition in 2025.

因此，順風面的勢頭強勁，2025 年 PFA 的競爭可能會更加激烈。

A lot of that is out of our hands.

其中很多都是我們無法控制的。

But we -- as I said before, we're focused on driving forward relentlessly every day.

但正如我之前所說，我們每天都致力於不懈地前進。

China DBP is more extensive this year in '25 than it has been in the past.

今年中國DBP的範圍較以往更為廣泛。

But despite that, we expect to grow kind of mid-teens in China in 2025, but that will be a little more difficult for us this year.

但儘管如此，我們預計到 2025 年中國的成長速度將達到十五六成，但今年對我們來說會更困難一些。

And there are also some continuing strengthening lower-cost competitors, I would say, for some of our MedSurg businesses in Asia and in Europe and the team focused on our portfolio and innovation to counteract that, but that is a bit of a headwind for us in our Endo-uro business.

我想說，對於我們在亞洲和歐洲的一些 MedSurg 業務來說，還有一些持續增強的低成本競爭對手，團隊專注於我們的產品組合和創新來應對這些競爭對手，但這對我們的泌尿外科業務來說是一個阻力。

But overall, we feel overall that we do have more tailwinds and headwinds and we're looking forward to the year.

但總體而言，我們總體上感覺我們確實面臨著更多的順風和逆風，我們對新的一年充滿期待。

Thank you.

謝謝。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Good morning.

早安.

Nice end to the year.

今年的結局很美好。

I want to spend just a little bit of time talking about margins.

我想花一點時間討論一下利潤。

Interesting commentary on gross margins being additive to the operating margin expansion.

關於毛利率對營業利潤率擴張的附加作用的有趣評論。

Sort of curious how do you think about managing that?

有點好奇您認為該如何管理這個問題？

And I'm going to sneak in a cash flow question.

我要偷偷問一個現金流問題。

You're taking out a lot of cash.

你取出了很多現金。

How do you think about investing in.

您對於投資有什麼看法？

Thank you.

謝謝。

Sure, Joanna.

當然，喬安娜。

I can take that.

我可以接受。

I'll tell you what I really like about 2025 is the equation for the operating margin expansion.

我會告訴你我真正喜歡 2025 年的是營業利益率擴張的方程式。

We've done it very well, I think, over the last decade, each year with a variety of different scenarios.

我認為，過去十年來，我們在這方面做得非常好，每年都有各種不同的情況。

But I think one of the optimal scenarios is where gross margin goes north, SG&A, you get leverage.

但我認為最佳情況之一是毛利率上升，銷售、一般及行政開支增加，你獲得槓桿。

And then I think in 2025, you might actually see a little bit of an uptick in R&D spend as a percentage of sales.

然後我認為到 2025 年，你可能會看到研發支出佔銷售額的百分比實際上會略有上升。

I think that's a winning hand for how to increase operating margin overall.

我認為這是提高整體營業利潤率的致勝法寶。

And so in our 50 to 75 basis points outlook for gross margin to get better versus the 70.3% that we put up in 2024.

因此，我們預計毛利率將比 2024 年的 70.3% 提高 50 到 75 個基點。

I'd look for SG&A on the 10% to 12% sales growth to improve its leverage there and deliver margin expansion.

我希望銷售費用、一般及行政開支在 10% 至 12% 的銷售額成長中能夠改善，以提高其槓桿率並擴大利潤率。

And then, again, on R&D, not a significant increase, but maybe 20, 30 basis points of an uptick in R&D to continue to help to fuel the top line growth for the long term.

然後，再次強調，在研發方面，雖然沒有顯著增加，但可能有 20 到 30 個基點的成長，以繼續幫助推動長期的營收成長。

I think that's a great equation for '25 for margin expansion.

我認為這對 25 年的利潤擴張來說是一個很好的等式。

Cash flow, you saw in -- you heard in the commentary we got the 71% free cash flow conversion.

現金流，您在評論中看到——您聽到我們獲得了 71% 的自由現金流轉換。

That wasn't by accident.

那並非偶然。

That's a tremendous effort by the entire global team on reducing DIOH, reducing DSO, strong working capital management and, of course, obviously, significant growth in operating income.

這是整個全球團隊為減少 DIOH、減少 DSO、加強營運資本管理以及當然顯然的營業收入顯著增長所做的巨大努力。

In terms of our capital allocation strategy, no change.

就我們的資本配置策略而言，沒有變化。

It's worked well for us, again, over the last decade to have the number one priority for use of our cash to be high-quality tuck-in innovative M&A.

在過去十年中，我們把使用現金的首要任務用於高品質的補充創新型併購，這一做法對我們來說非常有效。

That will continue and then annual share repurchase after that.

這個過程將會持續下去，之後將進行年度股票回購。

We ended the year at 2.2 times debt after the Axonics and still grow the acquisitions.

收購 Axonics 之後，我們年底的債務是原來的 2.2 倍，而且收購仍在增加。

So we're in a real great spot to continue to do that strategy and execute that strategy in '25 and beyond.

因此，我們目前處於一個非常有利的位置，可以繼續執行這項策略，並在25年及以後實施這項策略。

Terrific thank you.

非常感謝。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Thank you.

謝謝。

Good morning everybody.

大家早安。

I wanted just to dive into some of the different drivers here around the EP business.

我只是想深入了解 EP 業務的一些不同驅動因素。

Clearly, on the far pull side, you've seen huge conversion on that de novo paroxysmal segment of the market.

顯然，從遠距離拉動的角度來看，您已經看到了市場中新生陣發性部分的巨大轉變。

But as you gain a persistent indication and then also launch FARAPOINT exiting 2026, can you maybe help us think about the segment of the market that you're not able to address today?

但是，當您獲得持續的跡象並在 2026 年後推出 FARAPOINT 時，您能否幫助我們思考您今天無法解決的細分市場？

And how much market becomes available to you with FARAPOINT and the persistent indication?

那麼，FARAPOINT 和持續指示可以為您帶來多少市場？

And then maybe as a corollary to that, help us think through kind of the mapping strategy given your installed base relative to the other two participants in the market and how you're thinking about remaining an open platform versus potentially looking to become more closed as some of your peers are.

然後也許作為其必然結果，請幫助我們思考一下，考慮到您的安裝基礎相對於市場上其他兩個參與者的映射策略，以及您如何考慮保持開放平台，而不是像您的一些同行那樣變得更加封閉。

I would turn it over to Dr. Stein here.

我要把它交給斯坦博士。

Yes, thanks, Dave.

是的，謝謝，戴夫。

I'm going to start with the mapping strategy.

我將從映射策略開始。

First, I think as you point out, right, we intend to maintain an open platform.

首先，我認為正如您所指出的，我們打算維護一個開放的平台。

We don't need to force people to use our open mapping system.

我們不需要強迫人們使用我們的開放式地圖系統。

And I think it's actually really important as we look both at how the business evolves globally, as well as we look at potential future moves into like an ASC type environment to be able to support doing cases without ramping to be able to support doing cases with competitive mapping systems, but also to provide differentiated features within OPAL and our FARAVIEW software package that I think really provide the best possible solution for people who want to map their cases.

我認為這實際上非常重要，因為我們既要關注業務在全球範圍內的發展，也要關注未來可能進入的類似 ASC 類型的環境，以便能夠支持在不增加資源的情況下處理案件，能夠支持使用競爭性映射系統處理案件，同時也能在 OPAL 和我們的 FARAVIEW 軟體包中提供差異化功能，我認為這確實為想要解決方案的人們提供了最佳映射。

And even though it's early into the launch of FARAWAVE NAV and FARAVIEW in the US, we've really been very pleased with the feedback that we've gotten thus far.

儘管 FARAWAVE NAV 和 FARAVIEW 在美國才剛剛推出，但我們對迄今為止收到的回饋感到非常滿意。

In terms of drivers, an important technology, right, the persistent atrial fibrillation population, just in prevalence terms is at least as large and probably larger than the population with paroxysmal atrial fibrillation.

就驅動因素（一項重要的技術）而言，持續性心房顫動族群的盛行率至少與陣發性心房顫動族群一樣大，甚至可能更大。

I'd also acknowledge that we are already seeing off-label use of FARAPULSE in treating patients with persistent atrial fibrillation that's why it was important for us to run trials like ADVANTAGE and of AVANT GUARD.

我還承認，我們已經看到 FARAPULSE 在治療持續性心房顫動患者方面的標示外使用，這就是為什麼對我們來說進行 ADVANTAGE 和 AVANT GUARD 等試驗非常重要。

I think everyone has seen the data from the ADVANTAGE trial and all of our endpoints in terms of safety and efficacy in treating persistent atrial fibrillation.

我想大家都已經看到了 ADVANTAGE 試驗的數據以及我們在治療持續性心房顫動的安全性和有效性方面的所有終點。

And so we do anticipate getting that label by the end of this year.

因此我們確實預計今年年底將獲得該標籤。

Beyond that, right, then the next drivers in terms of at least expanding our labeling, as you say, getting for point to be used as an adjunct for treating atrial flutter in patients who are undergoing ablation for atrial fibrillation, AVANT GUARD moving to first-line therapy and also our REMATCH trial which will qualify labeling beyond de novo use but use in patients who are undergoing repeat acylation procedures.

除此之外，接下來的驅動因素至少是擴大我們的標籤範圍，正如您所說，將其用作治療心房顫動消融患者的心房撲動的輔助手段，AVANT GUARD 轉向一線治療，還有我們的 REMATCH 試驗，該試驗將使標籤範圍超越從頭使用，還可用於正在接受重複酰化程序的患者。

Very helpful, thanks so much.

非常有幫助，非常感謝。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Hey, congrats on the quarter and also thanks for posting the slide deck early on.

嘿，恭喜本季取得佳績，也感謝您提前發布投影片。

That was really helpful.

這確實很有幫助。

I wanted to ask about M&A strategy now that you're kind of annualizing kind of $17 billion in revenue and that revenue base is growing so fast -- so much faster.

我想問一下關於併購策略的問題，現在你們的年收入已經達到了 170 億美元，而且收入基礎成長得非常快——快得多。

Like how do you balance that it's going to take a larger deal to kind of move the needle on such a larger revenue base, but also finding growth accretive deals that now that your baseline growth is so much faster already.

例如，你如何平衡這兩點：一方面需要一筆更大的交易來推動如此大的收入基礎，另一方面又要找到能夠促進成長的交易，因為你的基準成長速度已經快得多。

Just kind of thinking about like how your M&A strategy changes now that you're a bigger company and growing so much faster.

只是在想，現在您的公司規模更大，成長速度更快，您的併購策略將如何改變。

It doesn't change that much.

變化不大。

We're always investing for the long term of Boston Scientific.

我們始終致力於波士頓科學公司的長期投資。

We obviously gave '25 guide.

我們顯然給了『25 指南。

But as we've said before at another conference in January, we're investing for products that won't be launched until '29, '30 through internal organic M&A through our VC portfolio, which is very extensive.

但正如我們之前在 1 月的另一場會議上所說的那樣，我們正在透過非常廣泛的創投組合進行內部有機併購，投資那些直到 29、30 年才會推出的產品。

We did nine new investments in our VC portfolio in 2025.

2025 年，我們在創投組合中進行了 9 項新投資。

And you're aware of the tuck-in acquisitions that we've done in '25 and four or five of those.

您可能已經知道我們在 25 年進行的四、五次收購。

And so the formula remains.

所以公式仍然存在。

We really are focused on increasing our WAMGR, which as Dan talked about earlier, which we anticipate 9% in 2026, growing faster than that WAMGR and consistently quarter-by-quarter year-over-year doing everything we can to enhance that WAMGR through those tools of internal R&D or VC portfolio in tech and M&A.

我們真正專注於提高我們的 WAMGR，正如 Dan 之前提到的，我們預計 2026 年的 WAMGR 將達到 9%，成長速度將超過 WAMGR，並且逐季逐年穩步增長，我們竭盡所能透過內部研發或技術和併購領域的風險投資組合等工具來提高 WAMGR。

So as the company gets larger, it's become larger every year.

隨著公司規模不斷擴大，公司規模每年都在擴大。

And we continue to find ways to improve our WAMGR and exceed the growth of our WAMGR.

我們將繼續尋找方法來改善我們的 WAMGR 並超越我們的 WAMGR 的成長。

So we place a lot of focus and time internally on ensuring that we'll be a differentiated company in 2030 beyond 2025.

因此，我們在內部投入了大量的精力和時間來確保我們在 2025 年後的 2030 年成為一家差異化的公司。

Great thank you.

非常感謝。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德 (Patrick Wood)。

Beautiful.

美麗的。

I'd love to just broaden out a little bit.

我很樂意再擴展一點。

I appreciate the endoscopy business as kind of singles and doubles.

我很欣賞內視鏡檢查業務，就像單打獨鬥和雙打一樣。

But obviously, you guys have been flagging Apollo ESG quite a unique approach endoluminal.

但顯然，你們已經將 Apollo ESG 標記為一種非常獨特的腔內方法。

I'm super curious even though they're down a bit, there's a chunk of sleeves that are still done in the US, and it seems like a way better approach.

我非常好奇，儘管它們有所下降，但仍有大量袖子在美國製造，這似乎是一種更好的方法。

I'm super curious how you think midterm, how big that business could be, how are you feeling about the initial launch there?

我非常好奇您對中期前景有何看法，這項業務的規模有多大，您對那裡的首次發布有何感想？

Just anything you've got to give us on ESG, I'd love to hear it.

我非常樂意聽取您對 ESG 的任何意見。

I would say that ties to the previous question.

我認為這與上一個問題有關。

We're investing in ESG now.

我們現在正在投資 ESG。

We have a dedicated team that our group has organized on the ESG product around Apollo.

我們集團已經組織了一支專門的團隊負責 Apollo 周圍的 ESG 產品。

We have dedicated clinical trials to broaden that indication out and prove the clinical science behind it.

我們進行了專門的臨床試驗來擴大該指徵並證明背後的臨床科學。

We have some recent momentum with CPT codes, so it's a -- it's going to be a nice driver over the long term for Endo business.

我們最近在 CPT 代碼方面取得了一些進展，因此從長遠來看，這將成為 Endo 業務的良好推動力。

It's not going to reshape Boston Scientific or Endo in 2025.

它不會在 2025 年重塑波士頓科學公司 (Boston Scientific) 或 Endo 公司。

But we definitely see a positive support by the physicians, by the industry groups, the reimbursements were unique, and we're likely the only one who can offer the Apollo procedure wrapped around with our other Endo tools.

但我們確實看到了醫生、行業團體的積極支持，報銷是獨一無二的，而且我們很可能是唯一一家能夠提供結合其他 Endo 工具的 Apollo 手術的公司。

So we think this will be a significant growth driver for Endo as you look towards the kind of longer term of the [strat] plan.

因此，我們認為，從長期來看，這將成為 Endo 的重要成長動力。

Danielle Antalffy, UBS.

瑞銀的丹妮爾‧安塔菲 (Danielle Antalffy)。

Everyone, thanks so much for taking the question.

大家好，非常感謝你們提出這個問題。

Congrats on a really strong year.

恭喜您度過了非常豐碩的一年。

Just a quick question at a high level.

這只是一個簡單的高層問題。

We talked -- we focused so much on the major growth drivers like FARAPULSE and WATCHMAN.

我們進行了討論——我們重點關注了 FARAPULSE 和 WATCHMAN 等主要成長動力。

I'm just curious, Mike or Dan where you think Boston Scientific is either underperforming or underindexed but see an opportunity or line of sight into improving performance over the next year or two that maybe the street is under modeling or not appreciating?

我只是好奇，麥克或丹，您認為波士頓科學公司要么表現不佳，要么指數偏低，但看到了未來一兩年內改善業績的機會或前景，也許華爾街正在建模或沒有意識到？

Thanks so much.

非常感謝。

Yeah, so most of our businesses did well against the peer group in the market growing faster than the CAGR.

是的，因此我們的大多數業務在市場同業中表現良好，成長速度快於複合年增長率。

Even if you take out WATCHMAN and FARAPULSE results, the rest of the business has grown faster than WAMGR.

即使去掉 WATCHMAN 和 FARAPULSE 的業績，其餘業務的成長速度也比 WAMGR 快。

A couple of areas that we want to improve on 2025.

我們希望在 2025 年改進幾個面向。

One is the overall Neuromod performance, which we anticipate will have a nice improvement in '25 with the launch in our DBS platform, we expect that to gain momentum in the combination of our refocused commercial team in pain and the benefit of relevant.

一是 Neuromod 的整體表現，我們預計隨著 DBS 平台的推出，其在 25 年將有一個很好的提升，我們預計，在我們重新聚焦的商業團隊的結合下，其將在痛苦和相關利益的推動下獲得發展動力。

So we do anticipate a better year for Neuromod.

因此，我們確實預計 Neuromod 今年將會表現得更好。

We want to strengthen our US CRM we continue to maintain share, I would say, in terms of the unit volume perspective and high voltage.

我們希望加強我們的美國 CRM，我們會繼續保持份額，我想說，就單位體積角度和高壓而言。

We don't have the portfolio yet in leadless pacemaker, which has a strong higher ASP which is driving on a dollar basis, share loss in Pacer.

我們尚未在無導線起搏器領域擁有投資組合，該領域產品的平均售價較高，以美元計算，這將導致起搏器市場份額下降。

So we'd like to see improvement in our overall US CRM business.

因此，我們希望看到我們整體美國 CRM 業務有所改善。

We're launching S-ICD with leadless pacemaker in the tail half of 2025.

我們將在 2025 年下半年推出無導線心律調節器的 S-ICD。

And we'll have increased focus on that business in '25.

我們將在25年更加關注該業務。

So we'd like to see some improvements there.

因此我們希望看到一些改進。

And as I mentioned before, we do see some increasing competition in some of our businesses from the lower-cost competitors.

正如我之前提到的，我們確實看到一些業務中來自低成本競爭對手的競爭日益激烈。

So we're challenging our team to continue to drive a lower cost portfolio so we can serve our global customers more efficiently.

因此，我們要求我們的團隊繼續推動更低成本的產品組合，以便我們能夠更有效地為全球客戶提供服務。

Thank you for that.

謝謝你。

Michael Polark, Wolfe Research.

邁克爾·波拉克（Michael Polark），沃爾夫研究公司。

Good morning.

早安.

Thank you.

謝謝。

I want to ask on the TRAPPER or the structural heart update in the deck, low single-digit growth in the fourth quarter.

我想問關於TRAPPER或甲板上的結構心臟更新，第四季度的低個位數增長。

Can you just comment on kind of post accurate IDE?

你能對貼文的準確 IDE 進行評論嗎？

Is that the influence that's driving the decel there?

這是導致那裡經濟減速的因素嗎？

Or are there other things you'd call out?

或者您還有其他想說的事情嗎？

And then maybe Peter for an update on the path in the US for your TRAPPER franchise.

然後也許請 Peter 向您介紹一下您在美國的 TRAPPER 系列的最新進展。

Sure.

當然。

On the US, we haven't provided any updates.

關於美國，我們還沒有提供任何最新消息。

We're still in discussions internally and with the appropriate authorities there.

我們仍在內部和當地相關部門進行討論。

So Again, some of the other calls, you'll receive an update once we can give you a clear direction on that.

所以再說一遍，對於其他一些電話，一旦我們能給您明確的指示，您就會收到更新。

In Europe, we did see some impact in the EU based on the US trial.

在歐洲，根據美國的試驗，我們確實看到了歐盟受到的一些影響。

But nonetheless, the team did have a strong year in TRAPPER in Europe and we're launching Prime to centers, primarily who are current users of ACURATE today.

但儘管如此，該團隊在歐洲的 TRAPPER 中確實取得了出色的成績，我們正在向中心推出 Prime，主要是目前 ACURATE 的用戶。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

Hey guys, thanks for taking my question and congrats on the nice one here.

嘿夥計們，感謝你們回答我的問題，恭喜你們取得如此出色的成績。

Maybe my one question is around mapping.

也許我的一個問題是關於地圖繪製的。

The -- what percentage of PFA procedures do you think are associated with mapping?

您認為 PFA 程式中有多少百分比與映射相關？

And once you launch your mapping technology, when you look at the medium term, what percentage of your -- of those make procedures do you think we'll be using the Boston solution versus competition?

一旦您推出了地圖繪製技術，從中期來看，您認為在這些製作流程中，有多少比例我們會使用波士頓解決方案而不是競爭對手的解決方案？

Yeah.

是的。

So I would just reinforce and Ken can comment further.

所以我只是想強調一下，Ken 可以進一步評論。

Ken's overall strategy, it is an open platform.

Ken的整體戰略，它是一個開放的平台。

We do see mapping is a predominant modality, if you will, in the US, EU, you'll see more centers using without mapping.

我們確實看到地圖繪製是一種主要的方式，如果你願意的話，在美國、歐盟，你會看到更多的中心使用非地圖繪製的方式。

We do see some very high volume centers in the US for PI also not mapping.

我們確實看到美國一些容量非常大的 PI 中心也沒有進行繪圖。

But predominantly, it's a heavy mapping region in the US, a little bit less so, but still quite a bit in Europe and heavy mapping in Japan and China.

但主要是美國是一個測繪密集的地區，其次是歐洲，但仍有相當多的測繪密集地區，日本和中國也是測繪密集的地區。

So as Ken said, we do believe that the OPAL platform is the best platform to optimize the use of FARAPULSE, and we'll continue to enhance the OPAL platform as we continue to enhance the FARAPULSE catheter category and widen that out more.

正如 Ken 所說，我們確實相信 OPAL 平台是優化 FARAPULSE 使用的最佳平台，我們將繼續增強 OPAL 平台，同時繼續增強 FARAPULSE 導管類別並進一步擴大其範圍。

So we think that's the most cost-effective and the most efficient way to use FARAPULSE with hope.

因此我們認為這是最具成本效益和最有效的使用 FARAPULSE 的方法。

That being said, many physicians are used to competitive mapping systems.

話雖如此，許多醫生已經習慣了競爭性映射系統。

So excellent.

太棒了。

We'll continue to ensure that they can use competitive mapping systems.

我們將繼續確保他們能夠使用具有競爭力的地圖系統。

On the share percent, we wouldn't speculate there.

對於份額百分比，我們不會進行猜測。

It's a big investment area for us in terms of technology and physical clinical mappers around the world to continue to enhance that group, put a lot of investment behind that.

就技術和世界各地的物理臨床映射師而言，這是一個很大的投資領域，我們將繼續加強這個群體，並投入大量資金。

And hopefully, we'll make good progress on that early in 2025.

希望我們能在 2025 年初取得良好進展。

I don't have too much to add to what Mike just said.

對於麥克剛才說的內容，我沒有太多要補充的。

I'd just reiterate, Europe predominant cases are done without mapping today.

我只想重申一下，今天歐洲的主要案例都是在沒有地圖的情況下完成的。

US, the vast majority of procedures are done with that in today, we intend to support all different workflows.

美國，絕大多數程序都是在今天完成的，我們打算支援所有不同的工作流程。

Whole goal is to make things easier for physicians, not harder.

整個目標是讓醫生的工作變得更輕鬆，而不是更困難。

And I think what you're going to see over the long run is, right, the simpler the case is, the easier it is to do and more efficient it is to do without any mapping.

我認為從長遠來看，情況越簡單，就越容易做到，而且在不需要任何映射的情況下效率越高。

The more complex the cases, the greater the need for mapping we believe that we've got some really important differentiated advantages with FARAVIEW on OPAL.

案例越複雜，對映射的需求就越大，我們相信，借助 OPAL 上的 FARAVIEW，我們獲得了一些非常重要的差異化優勢。

That's also behind our acquisition of Cortex, which is an AS mapping specifically have mapping platform for very complex types of atrial fibrillation.

這也是我們收購 Cortex 的原因，Cortex 是一個 AS 映射，專門具有針對非常複雜類型的心房顫動的映射平台。

And I mean our goal overall, not just with mapping, as we look at just EP strategy overall, right, is to provide physicians with the widest possible toolbox so they have exactly what they need to treat the particular patient who.

我的意思是，我們的總體目標不僅僅是通過映射，因為我們只考慮整體的 EP 策略，對吧，是為醫生提供盡可能廣泛的工具箱，以便他們能夠準確地獲得治療特定患者所需的工具。

All right, thank you guys.

好的，謝謝大家。

Pito Chickering, Deutsche Bank.

德意志銀行的 Pito Chickering。

Hey, good morning.

嘿，早安。

Like as we comp out the China DBP and Japanese reimbursement cuts in the back half of the year, how should those markets be growing in the back half of this year without those cuts?

就像我們在今年下半年彌補中國 DBP 和日本的報銷削減一樣，如果沒有這些削減，這些市場在今年下半年應該如何成長？

And can you prefer us on the key drivers in both those markets?

您能談談我們對這兩個市場的關鍵驅動因素的看法嗎？

Those cuts are happening.

這些削減正在發生。

So we baked that into our guide.

因此我們將其融入了我們的指南中。

China, a really impressive performance given the DBP, which really is like taking a daily vitamin, it happens every year. but the team continues to grow nicely above market and in line or faster than Boston Scientific in China.

中國的表現確實令人印象深刻，考慮到DBP，這真的就像每天服用維生素一樣，每年都是如此。但該團隊的成長速度持續高於市場平均水平，與波士頓科學在中國的成長速度一致甚至更快。

So we'll have more DBP tailwinds or headwinds, I guess, this year. but they're overcome by the -- our product launches, FARAPULSE, diversification of our portfolio and greater access to more customers and really speaks to the category leadership portfolio strategy we have across the company so the team there continues to do well.

所以我猜，今年我們會面臨更多的 DBP 順風或逆風。但它們都被我們的產品發布、FARAPULSE、產品組合的多樣化和更多客戶的更大接觸所克服，這真正體現了我們整個公司的品類領導組合策略，因此那裡的團隊繼續表現良好。

Japan, again, there's typically every other year, price cuts in Japan.

日本通常每隔一年就會降價。

We know about them.

我們知道他們。

They're built into our guidance.

它們已融入我們的指導中。

Japan is going to have a really nice year this year with the launch of FARAPULSE.

隨著 FARAPULSE 的推出，日本今年將會度過非常美好的一年。

And just an operating margin comment on that.

這只是關於營業利潤率的評論。

So even with -- despite the price cuts in those countries, still ask for and get operating margin improvements in those countries.

因此，儘管這些國家降價，我們仍然要求並獲得這些國家的營業利潤率提高。

So like we ask of every business unit that we have.

就像我們對每個業務部門的要求一樣。

So despite absorbing those price cuts, the operating margin for both those countries, you mentioned it goes north each year as well.

因此，儘管吸收了這些降價，但正如您所提到的，這兩個國家的營業利潤率每年都在下降。

Josh Jennings, TD Cowen.

喬許詹寧斯（Josh Jennings），TD Cowen。

Hi, good morning.

嗨，早安。

Thanks for taking the question.

感謝您回答這個問題。

And congrats on the year.

恭喜你這一年。

I wanted to just Mike, get your views and maybe way too early with the new administration issuing some part decisions, getting some nominees the real the congressional process.

我只是想問麥克，聽聽你的看法。

Can you just talk about, from a high level, any risk you see to the medical devices sector in general or to Boston Scientific specifically with this new leadership in place.

您能否從整體上談談，在新的領導層上任後，您認為醫療器材產業整體或波士頓科學公司具體上會面臨哪些風險？

Yeah, certainly a dynamic environment.

是的，確實是個動態的環境。

We think our guide as best we can encompasses macro challenges around the world, including Dan talked about the tariffs, FX is really not a policy name, but tariffs is probably the biggest one, which we think is very manageable.

我們認為我們的指南盡可能涵蓋世界各地的宏觀挑戰，包括丹談到的關稅，外匯實際上不是一個政策名稱，但關稅可能是最大的政策，我們認為這是非常容易管理的。

We do hope that the FTC environment is appropriate.

我們確實希望 FTC 環境是合適的。

And so maybe that could be a positive for the industry. see on tax reform, where that goes.

所以這也許對這個行業來說是件好事。看看稅改會如何發展。

Dan made comments on that.

丹對此發表了評論。

But other than that, medtech typically hasn't been the tip of the spear for major policy changes over many, many different types of presidents that we've had.

但除此之外，在我們經歷過的許多不同類型的總統中，醫療技術通常不會成為重大政策變化的先鋒。

So we feel overall very comfortable with our guidance and how we can manage through that.

因此，我們總體上對我們的指導以及我們如何實現這些指導感到非常滿意。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊（Chris Pasquale），腎元研究公司。

You talked about the move to concomitant procedures being a growth sustainer rather than a catalyst for faster L.A. market growth.

您談到，採取伴隨程序是促進成長的維持因素，而不是促進洛杉磯市場更快成長的催化劑。

Our own conversations with high-volume centers suggest many of them are expecting a meaningful uptick in their own procedures as a result of that change.

我們與大量醫療中心的對話表明，其中許多中心都期待這項變更能使其自身的診療流程顯著提升。

So is there something else that you think really offset that tailwind -- and then maybe for Dr. Stein can you just remind us how you think about the portion of the AF population that is really appropriate for both of these procedures.

那麼，您認為還有其他因素可以真正抵消這種順風嗎？

Yeah.

是的。

On the volume side, we'll see over time.

從數量方面來看，我們會隨著時間的推移而看到結果。

Right now, we're kind of calling a 20% market CAGR as the market gets a bit larger, larger that along with EP is the best market you can be in a medtech.

目前，隨著市場規模逐漸擴大，我們將其稱為 20% 的市場複合年增長率，與 EP 一起，這是醫療技術領域的最佳市場。

We have a unique position in both of them.

我們在這兩方面都佔有獨特的地位。

So I think we're comfortable with the 20% CAGR now, and we'll see as the year progresses, if that upticks or not.

因此我認為我們現在對 20% 的複合年增長率感到滿意，並且我們將隨著時間的推移觀察這一增長率是否會上升。

We want to continue to work with customers on productivity and workflow.

我們希望繼續與客戶合作提高生產力和工作流程。

They have tremendous demands that they have in their [cath] labs, there's other technologies and structural heart coming out and so forth.

他們對心臟導管室有著巨大的需求，還有其他技術和結構心臟的出現等等。

But they're very, very comfortable with WATCHMAN, FARAPULSE and the concomitant procedures.

但他們對於 WATCHMAN、FARAPULSE 及其伴隨程序非常滿意。

So we want to continue to work to make sure we can drive operational effectiveness and productivity for our customers who are -- still have a strong backlog and demand of patients and other technologies coming out.

因此，我們希望繼續努力，確保能夠為我們的客戶提高營運效率和生產力，我們仍然有大量積壓訂單和患者需求以及其他技術。

So besides safety effect is we want to make sure WATCHMAN and FARAPULSE really is the solution in terms of ease-of-use and procedural efficiency for hospitals.

因此，除了安全效果之外，我們還想確保 WATCHMAN 和 FARAPULSE 確實是醫院易用性和程序效率方面的解決方案。

And Chris, just in terms of who are appropriate candidates for these procedures.

克里斯，僅就誰是這些手術的合適人選而言。

Again, we're very pleased with the results of option.

再次，我們對選擇的結果非常滿意。

I think showed really incontrovertibly that the WATCHMAN device is at least as effective as oral anticoagulants in treating high-risk patients after AF ablation that it is certainly safer in terms of long-term leading risk we also showed that you can do a concomitant procedure and in a randomized trial that there was no added risk heading WATCHMAN to an [A] ablation at the same time as the procedure I think particularly with FARAPULSE, given its safety advantages and its efficiency and it really facilitates people doing concomitant procedures.

我認為這確實無可辯駁地表明，在治療 AF 消融後高風險患者方面，WATCHMAN 設備至少與口服抗凝劑一樣有效，從長期主要風險來看，它肯定更安全，我們還表明您可以進行伴隨手術，並且在一項隨機試驗中，WATCHMAN 在手術的同時進行 [A] 消融並沒有增加風險，我認為特別是使用 FAULSE和手術

And as you say, we've certainly seen an uptick in concomitant procedures.

正如您所說，我們確實看到伴隨程序增加。

We still do need to get our label expanded for WATCHMAN to allow for use as first-line therapy in people who don't otherwise already have a reason to avoid the long-term use of oral anticoagulants.

我們仍然需要擴大 WATCHMAN 的標籤範圍，以允許將其用作那些沒有理由避免長期使用口服抗凝血劑的患者的一線治療。

We will be presenting the CHAMPION data in the first half of next year.

我們將在明年上半年推出CHAMPION數據。

And as first line even in patients who aren't candidates for AF ablation.

即使對於不適合進行心房顫動消融的患者，也可將其作為第一線治療。

Today, in the United States [20.5] and two-third of patients undergoing ablation are considered to be at high risk of stroke -- if you look at the CHADS VASc score, right, which is the scoring system we use, if you use CHADS VASc 3 or higher as your cut off, that will be about half of patients undergoing AF ablation I think it's also important to point out when you think about concomitant procedures.

如今，在美國 [20.5]，接受消融治療的患者中有三分之二被認為具有較高的中風風險 - 如果您查看 CHADS VASc 評分，對的，這是我們使用的評分系統，如果您使用 CHADS VASc 3 或更高作為臨界值，那麼接受 AF 消融治療的患者中大約有一半的人會出現這種情況，我認為當您也很重要。

There are patients who are undergoing a ablation who may get their WATCHMAN -- they get out of WATCHMAN that they might not have otherwise gotten.

有些接受消融治療的患者可能會獲得 WATCHMAN — — 他們可以擺脫 WATCHMAN，而如果接受消融治療，他們可能無法獲得這種 WATCHMAN。

There were also patients who were referred in for WATCHMAN procedure who are now being considered for ablation might never been considered previously for ablation, again, just given the safety and efficacy advantages of the FARAPULSE system.

還有一些患者被轉診接受 WATCHMAN 手術，現在正在考慮進行消融，而之前可能從未考慮過進行消融，同樣，只是考慮到 FARAPULSE 系統的安全性和有效性優勢。

So I think just to close, again, excited about the concomitant procedure opportunity.

因此，我認為，我們再次對伴隨的程序機會感到興奮。

Again, we look at our product portfolio as being the best suited to support that.

再次，我們認為我們的產品組合最適合支持這一點。

It's a procedure that's great for patients, right?

這對患者來說是一個非常好的手術，對吧？

Saves them have and undergo two consecutive procedures.

拯救他們並接受兩個連續的程序。

It's also great for hospitals and for practitioners.

這對醫院和醫生來說也非常有益。

That's helpful, thanks.

這很有幫助，謝謝。

Marie Thibault, BTIG.

瑪麗·蒂博（Marie Thibault），BTIG。

Thanks so much for squeezing me in.

非常感謝您抽空接待我。

I wanted to ask a question about a recent acquisition.

我想問一個有關最近收購的問題。

I saw that interventional oncology and embolization killed it again this quarter.

我發現介入性腫瘤學和栓塞術本季再次扼殺了它。

I wanted to understand what's going on in that product segment and understand how the Intera oncology acquisition fits into that product segment, how it can help accelerate growth.

我想了解該產品領域發生的情況，並了解 Intera 腫瘤學收購如何融入該產品領域，以及如何幫助加速成長。

Thanks so much for taking the questions.

非常感謝您回答這些問題。

Yeah.

是的。

So that division oncology doesn't get talked about enough like mid-teens for the full year, it's in line with our category leadership strategy that we have across most of our business units.

因此，腫瘤科部門在全年的討論程度不會像青少年時期那麼高，這符合我們大多數業務部門的品類領導策略。

The team had a really excellent launch of an organic R&D program in our robotics portfolio, which is really a big growth driver for us.

團隊在我們的機器人產品組合中出色地啟動了一項有機研發計劃，這對我們來說確實是一個巨大的成長動力。

Obviously, Y90 does extremely well for us.

顯然，Y90 對我們來說表現非常出色。

So the combination of those two products and the rest of the remaining portfolio that we have gives us the widest portfolio and unique differentiation within there with our embolic portfolio of 90 to capture high share to partner with customers, much like we do with other businesses.

因此，這兩種產品與我們剩餘的產品組合相結合，為我們提供了最廣泛的產品組合和獨特的差異化，我們的 90 種栓塞產品組合可以佔據高份額，與客戶合作，就像我們與其他企業所做的那樣。

And the acquisition, again, is another extension for us to widen out into other adjacencies in interventional oncology with a pump portfolio.

這次收購是我們利用幫浦產品組合拓展介入腫瘤學其他鄰近領域的另一個延伸。

It gets us closer to the oncologist we also have additional software enhancements coming to improve the efficiency and workflow of our 90 coming in 2025.

它使我們更接近腫瘤學家，我們還將推出額外的軟體增強功能，以提高我們 2025 年 90 的效率和工作流程。

So we want to continue, much like we do other business units to expand into a smart adjacency to accelerate our growth and enables us to partner more closely with the radiologists and the colleges team.

因此，我們希望繼續像其他業務部門一樣擴展到智慧鄰接領域，以加速我們的成長，並使我們能夠與放射科醫生和學院團隊進行更緊密的合作。

Great.

偉大的。

Well, thanks, everyone, for joining us today.

好吧，感謝大家今天的參與。

We appreciate your interest in Boston Scientific.

感謝您對波士頓科學的關注。

If we are unable to get to your question or if you have any follow-ups, please don't hesitate to reach out to the Investor Relations team.

如果我們無法回答您的問題或您有任何後續問題，請隨時聯絡投資者關係團隊。

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

在您斷開連接之前，德魯將向您提供重播的所有相關詳細資訊。

Thanks, everyone.

謝謝大家。

Please note, a recording will be available in 1 hour by dialing either 1-877-344-75291 or 1-412-317-0088 using replay code 397-6753 until February 12, 2025, and at 11:59 PM Eastern Time.

請注意，撥打 1-877-344-75291 或 1-412-317-0088（重播代碼 397-6753），即可在 2025 年 2 月 12 日（東部時間）晚上 11 點 59 分之前在 1 小時內收聽錄音。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。