Boston Scientific Corp (BSX) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Boston Scientific first-quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加波士頓科學公司 2025 年第一季財報電話會議。（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. Please go ahead.

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)。請繼續。

Thank you, Drew, and thanks, everyone, for joining us. With me today are Mike Mahoney, Chairman and Chief Executive Officer; and Dan Brennan, Executive Vice President and Chief Financial Officer. During the Q&A session, Mike and Dan will be joined by our Chief Medical Officer, Dr. Ken Stein.

謝謝你，德魯，也謝謝大家加入我們。今天與我在一起的是董事長兼執行長 Mike Mahoney；以及執行副總裁兼財務長 Dan Brennan。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 Q&A results, which included reconciliations of the non-GAAP measures used in this release. 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.

我們今天早上發布了一份新聞稿，宣布了我們的問答結果，其中包括本新聞稿中使用的非公認會計準則指標的對帳。您可以在我們網站的「投資者關係」部分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。

Please note, on the call, all operational revenue excludes the impact of foreign currency fluctuations, and organic revenue further excludes certain acquisitions and divestitures for which there are less than a full period of comparable net sales. Guidance excludes the previously announced agreement to acquire SoniVie and Intera Oncology, which are expected to close during the second quarter of 2025, subject to customary closing conditions. For more information, please refer to the Q1 financial and operational highlights deck, which may be found on the Investor Relations section of our website.

請注意，在電話會議上，所有營運收入均不包括外匯波動的影響，而有機收入進一步排除了某些收購和資產剝離，因為這些收購和資產剝離的可比淨銷售額少於一個完整的期間。該指引不包括先前宣布的收購 SoniVie 和 Intera Oncology 的協議，該協議預計將於 2025 年第二季完成，但須遵守慣例成交條件。欲了解更多信息，請參閱第一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 is compared to the same quarter of the prior year, unless otherwise specified. This call contains forward-looking statements regarding, among other things, our financial performance, business plans, and product performance and development. 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.

在本次電話會議上，除非另有說明，所有對銷售額和收入的提及均為有機增長，相對增長是與去年同期相比。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。這些聲明基於我們當前的信念，使用截至今天我們可用的信息，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. 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. Boston Scientific disclaims any intention or obligation to update these forward-looking statements, except as required by law.

如果我們的基本假設被證明是錯誤的，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預測的結果有重大差異。我們定期向美國證券交易委員會提交的報告和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。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。

So at this point, I'll turn the call over to Mike. Mike?

現在，我將把電話轉給麥克。麥克風？

Thanks, Jon. Thank you, everyone, for joining us today.

謝謝，喬恩。感謝大家今天加入我們。

In Q1, we delivered excellent results, all while we continued to invest in our highly innovative portfolio and capabilities. Importantly, we remain excited about our near and long-term growth catalyst, which we believe will enable us to deliver on our fundamental aim of driving consistent, differentiated performance this year and well beyond.

在第一季度，我們取得了優異的業績，同時我們繼續投資於高度創新的產品組合和能力。重要的是，我們仍然對我們的近期和長期成長催化劑感到興奮，我們相信這將使我們能夠實現今年及以後推動持續、差異化業績的基本目標。

In first quarter '25, total company operational sales grew 22% and organic sales grew 18%, both exceeding the high end of our guidance range of 14% to 16%. Our strong growth continues to reflect the durability of our category leadership strategy, which is powered through the meaningful innovation, clinical evidence generation, and the winning spirit of our highly engaged global team. First-quarter adjusted EPS of $0.75 grew 34%, exceeding the high end of our guidance range of $0.66 to $0.68. First-quarter adjusted operating margin was 28.9%.

2025 年第一季度，公司總營業銷售額成長 22%，有機銷售額成長 18%，均超過了我們 14% 至 16% 的預期範圍上限。我們的強勁成長持續反映了我們的品類領導策略的持久性，該策略由有意義的創新、臨床證據生成以及我們高度敬業的全球團隊的必勝精神推動。第一季調整後每股收益為 0.75 美元，成長 34%，超過了我們預期範圍的高端 0.66 美元至 0.68 美元。第一季調整後的營業利益率為28.9%。

Turning to our second-quarter and full-year '25 outlook, we are guiding to organic growth of 13% to 15% for the second quarter '25 and raising our full-year guidance from 10% to 12% growth to 12% to 14% organic growth, reflecting the significant strength in our broad-based cardiology portfolio and the global execution of our category leadership strategy across our business units.

談到我們對 2025 年第二季度和全年的展望，我們預計 2025 年第二季度的有機增長率為 13% 至 15%，並將全年預期從 10% 至 12% 的有機增長率上調至 12% 至 14%，這反映了我們廣泛的心臟病學產品組合的顯著增長率上調至 12% 至 14%，這反映了我們廣泛的心臟病學產品組合的顯著優勢以及我們各業務部門在全球範圍內的領導戰略範圍內。

Our second-quarter adjusted EPS guidance of $0.71 to $0.73, and we expect our full-year adjusted EPS to be $2.87 to $2.94, which represents growth of 14% to 17%. This also includes an approximate $200 million impact from tariffs, based on the information that is available today, which we expect to offset through sales upside and smart reductions in discretionary spending. Dan will provide more details on this within the financials.

我們對第二季調整後每股收益的預期為 0.71 美元至 0.73 美元，預計全年調整後每股收益為 2.87 美元至 2.94 美元，成長 14% 至 17%。根據目前掌握的信息，這還包括關稅造成的約 2 億美元影響，我們預計這筆影響將透過銷售額成長和可自由支配支出的明智減少來抵消。丹將在財務報告中提供更多有關此問題的詳細資訊。

We remain committed to our diversified global manufacturing footprint, investing across all regions, and notably within the US, where we recently opened our new site in Georgia and continued to increase our Minnesota manufacturing capacity and footprint to support long-term growth.

我們將繼續致力於多元化的全球製造佈局，投資於所有地區，特別是美國，我們最近在喬治亞州開設了新工廠，並繼續增加我們在明尼蘇達州的製造能力和佈局，以支持長期成長。

I'll now provide some additional highlights on our first-quarter results. Regionally, on an operational basis, the US grew 31%, with double-digit growth in five of our eight business units. Midway through Q1, we crossed the one-year mark of the US FARAPULSE launch and the 10-year anniversary of WATCHMAN's approval, two clinically impactful technologies that have helped to transform the growth profile of Boston Scientific.

現在我將提供有關我們第一季業績的一些額外亮點。從地區來看，美國業務營運成長了 31%，我們八個業務部門中有五個實現了兩位數成長。第一季中期，我們迎來了美國 FARAPULSE 上市一周年和 WATCHMAN 獲批十週年，這兩項具有臨床影響力的技術幫助改變了波士頓科學的成長模式。

Europe, Middle East, and Africa grew 8% on an operational basis. This above-market growth was led by exceptional performance in EP, as well as double-digit growth in our Anchor technologies across the broader portfolio, including Complex PCI, TheraSphere and Interventional Oncology, AXIOS, and Rezum.

歐洲、中東和非洲的營運成長了 8%。這一高於市場的成長得益於 EP 的出色表現，以及我們更廣泛產品組合中 Anchor 技術的兩位數增長，包括複雜 PCI、TheraSphere 和介入腫瘤學、AXIOS 和 Rezum。

Asia-Pacific grew 11% operationally, led by double-digit growth in Japan. Japan's on track to have an excellent year led by strong FARAPULSE uptake, and we continue to anticipate launching FARAWAVE NAV and FARAVIEW in the second half of the year. China also delivered high single-digit growth off a very tough 42% growth comp in first quarter '24, and we anticipate to deliver double-digit growth despite ongoing VBP pricing impacts in China.

亞太地區營運成長 11%，其中日本的兩位數成長最為顯著。在 FARAPULSE 強勁成長的帶動下，今年日本的業績表現十分出色，我們預計今年下半年將推出 FARAWAVE NAV 和 FARAVIEW。中國在 2024 年第一季實現了 42% 的高個位數成長，儘管中國市場持續受到 VBP 定價的影響，但我們預計仍將實現兩位數成長。

I'll now provide some additional commentary on our business units. As a reminder, we did have one less selling day in the first quarter of '25, which impacted our growth by approximately 200 basis points. Urology sales grew 25% on an operational basis and 4% organically. Growth in the quarter was driven by our core stone franchise, and we're pleased to have completed our first Asurys Fluid Management case in Chile. The Asurys system is part of our interconnected StoneSmart ecosystem, and we expect US clearance in the second half of '25. Looking ahead, we continue to be excited by the differentiated value Axonics brings and our ability to more broadly serve our customers, as we are pleased with the integration progress to date.

現在我將對我們的業務部門提供一些額外的評論。提醒一下，2025 年第一季我們的銷售日確實少了一天，這對我們的成長影響了約 200 個基點。泌尿科銷售額營運成長 25%，有機成長 4%。本季的成長是由我們的核心石材特許經營權推動的，我們很高興在智利完成了我們的第一個 Asurys 流體管理案例。Asurys 系統是我們互聯的 StoneSmart 生態系統的一部分，我們預計該系統將於 2025 年下半年獲得美國批准。展望未來，我們繼續對 Axonics 帶來的差異化價值以及我們更廣泛地服務客戶的能力感到興奮，因為我們對迄今為止的整合進展感到滿意。

Endoscopy sales grew 6% both operationally and organically, with balanced growth regionally and across our broad and deep portfolio. We continue to see sustained double-digit performance with a clinically differentiated AXIOS platform, as well as double-digit growth of both OverStitch and MANTIS Clip, two very innovative technologies in our growing endoluminal surgery franchise.

內視鏡銷售額在營運和有機方面均成長了 6%，並且在區域和廣泛而深入的產品組合中實現了均衡成長。我們繼續看到臨床差異化的 AXIOS 平台持續保持兩位數的業績，以及我們不斷增長的腔內手術特許經營中的兩項非常創新的技術 OverStitch 和 MANTIS Clip 均實現兩位數的增長。

Neuromodulation sales grew 7% in the first quarter, with mid-single-digit growth in our brain franchise and high-single-digit growth in our pain franchise. Within DBS, we saw improving growth exiting the quarter driven by early contribution, the launch of our Cartesia leads, and acceleration of the Illumina 3D programming algorithm in the US. Within our pain portfolio, Intracept grew strong double digits, and we continue to see robust demand underpinned by five-year data demonstrating the long-term efficacy and cost effectiveness of this treatment.

第一季神經調節銷售額成長了 7%，其中腦部特許經營業務實現了中等個位數成長，疼痛特許經營業務實現了高個位數成長。在星展銀行內部，我們看到本季結束時成長有所改善，這得益於早期貢獻、笛卡爾引線的推出以及美國 Illumina 3D 程式設計演算法的加速。在我們的疼痛治療產品組合中，Intracept 實現了強勁的兩位數成長，並且我們繼續看到強勁的需求，這得益於五年數據，證明了這種治療方法的長期療效和成本效益。

Cardiology delivered another fantastic quarter, with sales growing 31%. Within Cardiology, Interventional Cardiology Therapies sales grew an impressive 9%, and Coronary Therapies was driven globally by double-digit growth in our imaging franchise and excellent performance from our novel AGENT DCB technology. In the US, AGENT DCB momentum was fueled by strong reorder rates and new account openings, with additional reimbursement established in the outpatient setting as of January and incremental inpatient reimbursement expected to follow later this year.

心臟病學部門又一個季度表現出色，銷售額成長了 31%。在心臟病學領域，介入性心臟病學治療銷售額增長了令人印象深刻的 9%，而冠狀動脈治療在全球範圍內受到我們成像特許經營的兩位數增長和我們新穎的 AGENT DCB 技術的出色表現的推動。在美國，AGENT DCB 的成長勢頭受到強勁的重新訂購率和新帳戶開設的推動，截至 1 月份，門診已建立額外報銷，預計今年晚些時候將增加住院報銷。

Within the quarter, we're also pleased to present the early feasibility results of our VITALYST Circulatory Support System, with data demonstrating positive early experience and 100% technical success rate. In addition, we recently announced our agreement to acquire SoniVie, which has developed a clinical-stage, differentiated ultrasound-based renal denervation technology. We look forward to closing this acquisition, which we expect in Q2 this year.

在本季度，我們也很高興地展示了 VITALYST 循環支援系統的早期可行性結果，數據顯示了積極的早期經驗和 100% 的技術成功率。此外，我們最近宣布了收購 SoniVie 的協議，該公司開發了一種臨床階段的、基於差異化超音波的腎臟去神經支配技術。我們期待完成此次收購，預計今年第二季完成。

WATCHMAN grew 24% this quarter, reflecting robust market growth and an increase in our market share driven by strong concomitant uptake, with over half of our US EP implanting customers, now performing at least one concomitant procedure. We continue to invest in global clinical evidence, most recently initiating the OPTION A trial in Asia-Pacific, assessing the effectiveness of FARAPULSE and WATCHMAN in a concomitant procedure.

本季度，WATCHMAN 成長了 24%，反映出強勁的市場成長和我們市場份額的增加，這得益於強勁的伴隨手術需求，超過一半的美國 EP 植入客戶現在至少進行過一次伴隨手術。我們持續投資於全球臨床證據，最近在亞太地區啟動了 OPTION A 試驗，評估 FARAPULSE 和 WATCHMAN 在伴隨手術中的有效性。

Within the quarter in the US, we completed the full conversion to WATCHMAN FLX Pro, which is our third-generation and market- leading technology, and we remain committed to increasing patient awareness and advancing physician training and workflow optimization. Looking ahead, we expect the US label update for WATCHMAN as a first-line alternative to OACs in post-ablation patients in the second half of '25 and a CHAMPION-AF data readout in the first half of '26.

在美國，本季我們完成了向 WATCHMAN FLX Pro 的全面轉換，這是我們的第三代市場領先技術，我們將繼續致力於提高患者意識並推進醫生培訓和工作流程優化。展望未來，我們預計美國將在 2025 年下半年更新 WATCHMAN 的標籤，將其作為消融後患者 OAC 的一線替代品，並在 2026 年上半年讀取 CHAMPION-AF 的數據。

Cardiac Rhythm Management sales grew 1% in the first quarter. Our Diagnostics franchise grew high-single digits, led by double-digit growth in our LUX-Dx category. In Core CRM, our low-voltage business grew high-single digits, and our high-voltage business declined low-single digits. We've expanded our Conduction System Pacing offering with the recent launch of next-gen lead delivery catheters, which will provide physicians with additional tools to target the left bundle branch area of the heart. And further, we anticipate FDA approval of EMPOWER, a leadless pacemaker, in the second half of '25.

第一季心律管理銷售額成長了 1%。我們的診斷特許經營業務實現了高個位數成長，其中 LUX-Dx 類別實現了兩位數成長。在核心 CRM 中，我們的低壓業務實現了高個位數成長，而高壓業務則下降了低個位數。我們最近推出了下一代導線輸送導管，擴展了我們的傳導系統起搏產品，這將為醫生提供額外的工具來瞄準心臟的左束支區域。此外，我們預計 FDA 將在 2025 年下半年批准無導線心律調節器 EMPOWER。

Electrophysiology sales grew 145%, with fantastic performance across the globe. Globally, we are now the number two clear player in EP, and we intend to continue to expand our leadership position in PFA through clinical evidence, next-generation innovation, new offerings to fill portfolio gaps, and commercial capabilities.

電生理學銷售額成長了 145%，在全球範圍內表現出色。在全球範圍內，我們現在是 EP 領域的第二大參與者，我們打算透過臨床證據、下一代創新、填補產品組合空白的新產品和商業能力繼續擴大我們在 PFA 領域的領導地位。

Within the quarter, we saw high commercial demand for FARAPULSE, with strong sales and established accounts and rapid new account openings as the global market continues to convert to PFA, given the compelling safety, efficacy, and efficiency profile. Earlier this month, results from the investigator-sponsored single-shot CHAMPION clinical trial demonstrate that FARAPULSE achieved superior effectiveness for the treatment of symptomatic paroxysmal AF versus cryoablation. Importantly, this is the first prospective randomized demonstration of PFA superiority over any thermal ablation modality.

在本季度，我們看到了對 FARAPULSE 的高商業需求，由於其引人注目的安全性、功效和效率，隨著全球市場繼續轉向 PFA，銷售強勁，現有客戶不斷增加，新客戶開設迅速。本月初，由研究者發起的單次 CHAMPION 臨床試驗的結果表明，FARAPULSE 在治療症狀性陣發性心房顫動方面取得了優於冷凍消融的療效。重要的是，這是首次前瞻性隨機證明 PFA 優於任何熱消融方式。

We also continue to see strong adoption of our OPAL HDx integrated mapping solution, which provides operators enhanced visualization and confirmation of pulse field applications. In first quarter, we completed enrollment in the AVANT GUARD trial, which studies a new patient population of drug-naive persistent AF patients. We also initiated and completed the first human case in the ELEVATE-PF trial, studying the FARAFLEX catheter, which is our large focal high-density map and blade catheter that integrates with the OPAL HDx mapping system. And tomorrow, data from the ADVANTAGE Phase 2 trial studying FARAPOINT will be read out at the PFA Live Case Summit ahead of HRS, which we expect to support US FDA approval by year-end '25.

我們也繼續看到我們的 OPAL HDx 整合映射解決方案的廣泛採用，該解決方案為操作員提供了增強的可視化和脈衝場應用的確認。第一季度，我們完成了 AVANT GUARD 試驗的招募，該試驗研究了一組未使用過藥物的持續性心房顫動患者。我們也啟動並完成了 ELEVATE-PF 試驗中的第一例人體病例，研究了 FARAFLEX 導管，這是我們與 OPAL HDx 映射系統整合的大焦點高密度地圖和刀片導管。明天，研究 FARAPOINT 的 ADVANTAGE 第 2 階段試驗的數據將在 HRS 之前的 PFA 現場案例高峰會上宣讀，我們預計 HRS 將在 2025 年底前支持美國 FDA 的批准。

Also, Peripheral Interventions grew an impressive 16% operationally and 7% organically. Our Interventional Oncology and Embolization franchise grew double digits across the portfolio, driven by a broad offering of embolization devices and cancer therapy technologies.

此外，外圍幹預業務的營運成長達到驚人的 16%，有機成長達到 7%。受栓塞設備和癌症治療技術廣泛供應的推動，我們的介入性腫瘤學和栓塞特許經營權在整個產品組合中實現了兩位數成長。

In the quarter, we received FDA approval to expand the patient population and study additional areas in the brain in the FRONTIER trial, an early feasibility study for the use of TheraSphere to treat recurrent glioblastoma. We look forward to expanding our portfolio of offerings in this high-growth space and continue to expect the acquisition of Intera Oncology to close in second quarter '25.

本季度，我們獲得 FDA 批准，在 FRONTIER 試驗中擴大患者群體並研究大腦的其他區域，這是使用 TheraSphere 治療復發性膠質母細胞瘤的早期可行性研究。我們期待擴大我們在這個高成長領域的產品組合，並繼續預計對 Intera Oncology 的收購將在 2025 年第二季完成。

Within our Vascular franchise, we saw mid-single-digit growth in Arterial and double-digit growth in Venous in first quarter. And earlier this month, we completed the acquisition of Bolt Medical and also received FDA clearance of the IVL system for above-the-knee indication. We aim to initiate a limited launch by the end of '25 as we ramp supply following the acquisition close and earlier-than-anticipated regulatory approval. On the Coronary front, we continue to progress the FRACTURE trial, now having enrolled patients in the US.

在我們的血管特許經營中，我們在第一季看到動脈業務實現了中等個位數成長，靜脈業務實現了兩位數成長。本月初，我們完成了對 Bolt Medical 的收購，並且還獲得了 FDA 對膝上手術的 IVL 系統的批准。隨著收購完成並獲得早於預期的監管部門批准，我們將增加供應量，計劃在 25 年底前啟動有限的上市。在冠狀動脈方面，我們繼續推進 FRACTURE 試驗，目前已在美國招募患者。

Before I turn the call over, as you saw in our press release this morning, Dan Brennan has decided to retire from Boston Scientific after an outstanding 30-year career, including the last 12 years as our CFO, who will be succeeded by Jon Monson, who you know from his time leading Investor Relations, at the end of June this year. Lauren Tengler will return to Investor Relations and succeed Jon.

在我轉交電話之前，正如您在我們今天上午的新聞稿中看到的，丹·布倫南 (Dan Brennan) 決定從波士頓科學公司退休，他擁有 30 年的傑出職業生涯，其中包括過去 12 年擔任我們的首席財務官，他的職位將由喬恩·蒙森 (Jon Monson) 接任，您認識他，他曾在領導關係。勞倫·滕格勒 (Lauren Tengler) 將重返投資者關係部門並接替喬恩。

I would like to personally thank Dan for his leadership, his great friendship, and his many contributions over his remarkable career. Dan has been instrumental in transforming the trajectory of our financial performance and building a strong culture and values that are embedded throughout Boston Scientific. Thank you, Dan.

我要親自感謝丹的領導能力、偉大的友誼以及他在非凡職業生涯中的許多貢獻。丹在改變我們的財務表現軌跡和建立波士頓科學公司的強大文化和價值觀方面發揮了重要作用。謝謝你，丹。

And in closing, I'm grateful to our talented team of global employees who work every day to advance science for life. And I'm confident in the sustainability of our top-tier financial performance.

最後，我要感謝我們才華洋溢的全球員工團隊，他們每天都在努力推動生命科學的發展。我對我們頂級財務表現的可持續性充滿信心。

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

說完這些，我就把麥克風交給丹。

Thanks, Mike, and thanks for the kind words.

謝謝，麥克，謝謝你的好意。

First-quarter consolidated revenue of $4.663 billion represents 20.9% reported growth versus first quarter 2024 and includes a 130-basis-point headwind from foreign exchange, which was unfavorable versus our expectations. Excluding this $49 million foreign exchange headwind, operational revenue growth was 22.2% in the quarter. Sales impact from closed acquisitions contributed 400 basis points, resulting in 18.2% organic revenue growth, exceeding our first-quarter guidance range of 14% to 16%.

第一季綜合營收為 46.63 億美元，較 2024 年第一季成長 20.9%，其中包括外匯帶來的 130 個基點的逆風，這與我們的預期相比不利。除去這 4,900 萬美元的外匯不利因素，本季營業收入成長了 22.2%。已完成收購帶來的銷售影響貢獻了 400 個基點，導致有機收入成長 18.2%，超過了我們第一季 14% 至 16% 的指導範圍。

Q1 2025 adjusted earnings per share of $0.75 grew 34% versus 2024, exceeding the high end of our guidance range of $0.66 to $0.68, primarily driven by our strong sales performance in the quarter.

2025 年第一季調整後每股收益為 0.75 美元，較 2024 年增長 34%，超過我們 0.66 美元至 0.68 美元的指導範圍高端，這主要得益於本季度強勁的銷售業績。

Adjusted gross margin for the first quarter was 71.5%, which represents a 170-basis-point improvement versus the first quarter of 2024. This strong performance was primarily driven by favorable product mix in the quarter. First-quarter adjusted operating margin was 28.9%. This was favorable to our expectations due to our strong gross margin performance and timing of internal investments planned for the year. On a GAAP basis, first-quarter operating margin was 19.8%.

第一季調整後的毛利率為 71.5%，較 2024 年第一季提高了 170 個基點。這一強勁表現主要得益於本季良好的產品組合。第一季調整後營業利益率為28.9%。由於我們強勁的毛利率表現和年度內部投資計劃的時機，這符合我們的預期。依照美國通用會計準則 (GAAP)，第一季營業利潤率為 19.8%。

Moving to below-the-line, first-quarter adjusted interest and other expenses totaled $106 million. On an adjusted basis, our tax rate for the first quarter was 9.8%, which includes favorable discrete tax items related to the benefit from stock compensation accounting. Our operational tax rate was 13.6% for the quarter. Fully diluted weighted average shares outstanding ended at 1.493 billion shares in the first quarter.

調整後的第一季利息和其他支出總計 1.06 億美元。調整後，我們第一季的稅率為 9.8%，其中包括與股票薪資會計收益相關的優惠單獨稅項。本季我們的營業稅率為 13.6%。第一季度，完全稀釋加權平均流通股數為 14.93 億股。

Free cash flow for the first quarter was $354 million, with $541 million from operating activities, less $187 million in net capital expenditures. We continue to expect full-year 2025 free cash flow to be in excess of $3 billion.

第一季的自由現金流為 3.54 億美元，其中 5.41 億美元來自營運活動，減去 1.87 億美元的淨資本支出。我們繼續預計 2025 年全年自由現金流將超過 30 億美元。

As of March 31, 2025, we had cash on hand of $725 million. We used $1 billion of the $1.5 billion euro-denominated senior note offering completed on February 26 to repay approximately $1 billion of euro-denominated notes that matured in March 2025.

截至 2025 年 3 月 31 日，我們手頭現金為 7.25 億美元。我們利用 2 月 26 日完成的 15 億美元歐元計價優先票據發行中的 10 億美元來償還 2025 年 3 月到期的約 10 億美元歐元計價票據。

During the quarter, we were pleased to receive credit rating upgrades to A- from both Standard & Poor's and Fitch ratings. Our gross debt leverage ratio was 2.2 times.

本季度，我們很高興收到標準普爾和惠譽將信用評級升級至 A- 的通知。我們的總負債槓桿率為2.2倍。

Our top capital allocation priority remains strategic tuck-in M&A, followed by annual share repurchases. In alignment with the strategy, we recently closed the acquisition of Bolt Medical, which complements our existing Interventional Cardiology and Peripheral portfolios. We expect to offset the associated earnings per share dilution through internal cost efficiencies and trade-offs. Our legal reserve was $316 million as of March 31, with $48 million of this reserve already funded through our qualified settlement funds.

我們的首要資本配置重點仍是策略性併購，其次是年度股票回購。為了配合這項策略，我們最近完成了對 Bolt Medical 的收購，這補充了我們現有的介入性心臟病學和周邊產品組合。我們希望透過內部成本效率和權衡來抵消相關的每股盈餘稀釋。截至 3 月 31 日，我們的法定儲備金為 3.16 億美元，其中 4,800 萬美元已透過我們的合格結算基金注資。

I'll now walk through guidance for Q2 and full year 2025. We now expect full-year 2025 reported revenue growth to be in a range of 15% to 17% versus 2024. Excluding an approximate 50-basis-point headwind from foreign exchange, based on current rates, we expect full-year 2025 operational growth to be in a range of 15.5% to 17.5%. Excluding a 350-basis-point contribution from closed acquisitions, we expect full-year 2025 organic revenue growth to be in a range of 12% to 14% versus 2024.

我現在將介紹 2025 年第二季和全年的指導。我們現在預計 2025 年全年報告營收成長率將在 2024 年的 15% 至 17% 之間。排除外匯帶來的約 50 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 15.5% 至 17.5% 之間。不包括已完成收購帶來的 350 個基點的貢獻，我們預計 2025 年全年有機收入成長率將在 2024 年的 12% 至 14% 之間。

We expect second-quarter 2025 reported revenue growth to be in a range of 17.5% to 19.5%, with a neutral impact from foreign exchange, based on current rates. Excluding a 450-basis-point contribution from closed acquisitions, we expect second-quarter 2025 organic revenue growth to be in a range of 13% to 15% versus 2024.

我們預計 2025 年第二季報告的營收成長率將在 17.5% 至 19.5% 之間，根據目前匯率，外匯的影響為中性。不包括已完成收購帶來的 450 個基點的貢獻，我們預計 2025 年第二季度有機收入成長率將在 2024 年基礎上成長 13% 至 15%。

We now expect full-year adjusted gross margin to be roughly in line with 2024, reflecting the impact of newly enacted tariffs. Despite this headwind, we remain on track to deliver 50 to 75 basis points of adjusted operating margin expansion for the year.

我們現在預計全年調整後的毛利率將與 2024 年大致持平，以反映新實施關稅的影響。儘管面臨這種不利因素，我們仍有望在今年實現 50 至 75 個基點的調整後營業利潤率成長。

We continue to expect full-year 2025 adjusted below-the-line expenses to be approximately $425 million. Under current legislation, including enacted laws and issued guidance, we continue to forecast a full-year 2025 operational tax rate of approximately 13.5% and an adjusted tax rate of approximately 12.5%.

我們繼續預期 2025 年全年調整後的離線支出約為 4.25 億美元。根據現行立法，包括已頒布的法律和已發布的指南，我們繼續預測 2025 年全年營業稅率約為 13.5%，調整後稅率約為 12.5%。

We expect full-year adjusted earnings per share to be in a range of $2.87 to $2.94, representing growth of 14% to 17% versus 2024. Including an approximate $0.04 to $0.05 headwind from foreign exchange, we expect second-quarter adjusted earnings per share to be in a range of $0.71 to $0.73.

我們預計全年調整後每股收益將在 2.87 美元至 2.94 美元之間，較 2024 年增長 14% 至 17%。包括外匯帶來的約 0.04 美元至 0.05 美元的不利因素，我們預計第二季調整後每股收益將在 0.71 美元至 0.73 美元之間。

Before I turn it back to Jon, I want to address the evolving trade environment. With the current schedule of expected tariffs, we forecast an approximate $200 million impact in 2025. We expect to fully offset this $200 million unanticipated headwind through our full-year organic sales guidance raise, target discretionary spend reductions, and a $0.01 FX benefit.

在把話題轉回喬恩之前，我想先談談不斷變化的貿易環境。根據目前的預期關稅計劃，我們預測 2025 年的影響約為 2 億美元。我們預計，透過提高全年有機銷售預期、減少可自由支配的支出以及 0.01 美元的外匯收益，可以完全抵消這 2 億美元的意外不利因素。

Additionally, tariffs are capitalized in the inventory and recognized in the P&L over the course of finished goods inventory returns. Therefore, the Q2 impact from tariffs will be minimal, and we expect to see most of the tariff impact in the second half of the year. These effects are fully contemplated in the guidance ranges we are sharing today.

此外，關稅在庫存中資本化，並在成品庫存退回過程中計入損益表。因此，關稅對第二季的影響將很小，我們預計大部分關稅影響將在下半年顯現。我們今天分享的指導範圍充分考慮了這些影響。

In closing, I'd like to thank my Boston Scientific teammates over the nearly 30 years for making this such an extraordinary place to call home. Special thanks to Mike for choosing me for this role 12 years ago. I've thoroughly enjoyed our collaborations. I'm thrilled for Jon as he assumes the CFO role, and I look forward to seeing all the great things he and the team will accomplish for physicians, patients, BSC teammates, and investors in the years to come.

最後，我要感謝近 30 年來我的波士頓科學團隊夥伴們，是你們讓這裡成為如此美好的家。特別感謝 Mike 12 年前選擇我擔任這個角色。我非常享受我們的合作。我很高興喬恩擔任財務官，我期待看到他和團隊在未來幾年為醫生、患者、BSC 隊友和投資者取得的所有偉大成就。

With that, I'll turn it back to Jon.

說完這些，我就把話題轉回給喬恩。

Thanks so much, Dan. Well, Drew, let's open up the 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.

非常感謝，丹。好吧，德魯，讓我們在接下來的 40 分鐘左右的時間內開始提問。為了讓我們盡可能回答問題，請將問題限制為一個。

Drew, please go ahead.

德魯，請繼續。

(Operator Instructions) Robbie Marcus, JPMorgan.

（操作員指示）摩根大通的羅比馬庫斯 (Robbie Marcus)。

Oh, great. Good morning, and congrats on a fantastic quarter. Dan, I wish you all the best in retirement, and Jon, congratulations. I hate to start off such a great quarter with a tariff question. I'll leave the good performance for others to ask. But just on tariffs here, it's really impressive you're able to offset, it looks like, about $0.11 or so, by my math, for a half year. How do we think about the ability, as you move through the rest of the year, to maybe move around some of the manufacturing? I imagine FX is still a big tailwind for next year at current rates, given your hedging program. How are you thinking about the different buckets of tariffs and your ability to offset them? Thanks a lot.

噢，太好了。早安，恭喜您本季取得如此出色的成績。丹，我祝你退休後一切順利，喬恩，恭喜你。我不願意以關稅問題來開始如此美好的一個季度。我將把好的表現留給其他人去問。但僅就這裡的關稅而言，令人印象深刻的是，根據我的計算，半年內能夠抵消的金額約為 0.11 美元左右。我們如何看待在今年剩餘時間內轉移部分製造環節的能力？考慮到您的對沖計劃，我認為按照目前的匯率，外匯仍然是明年的一大利好。您如何看待不同種類的關稅以及您抵銷這些關稅的能力？多謝。

Sure, Robbie. Just to be clear, so as you said, we have a $200 million tariff headwind for 2025, based on the fact that we capitalized tariffs, as you would expect. Q2 doesn't have much in the way of incremental tariffs from the recent announced tariffs, so it's mostly a second-half challenge.

當然，羅比。需要明確的是，正如您所說，基於我們將關稅資本化的事實，到 2025 年，我們將面臨 2 億美元的關稅逆風，正如您所預料的那樣。第二季與最近宣布的關稅相比，增量關稅並不多，因此挑戰主要集中在下半年。

So what we're doing is effectively offsetting that with the increase in the revenue performance. You saw us raise our revenue range to 12% to 14%. We do have some targeted discretionary spend reductions, travel meetings. Actually, we have some programs going there, and we're just looking to accelerate those programs to deliver more savings. And then, we do get one penny of FX benefits.

因此，我們所做的就是透過提高收入來有效抵消這種影響。您看到我們將收入範圍提高到 12% 至 14%。我們確實有一些有針對性的可自由支配的開支削減和差旅會議。實際上，我們已經在那裡開展了一些項目，我們只是希望加速這些項目以節省更多開支。然後，我們確實獲得了一分錢的外匯收益。

The way I look at it is the revenue in the FX kind of offsets half, and then the discretionary spend reductions offset the other half. So we're really pleased that we're able to continue the momentum of the company and drive the raise in the revenue guidance range and the raise in the adjusted EPS guidance range.

我的看法是，外匯收入可以抵銷一半，然後可自由支配的支出減少可以抵銷另一半。因此，我們非常高興能夠延續公司的發展勢頭，推動收入指導範圍和調整後每股收益指引範圍的提高。

Relative to moving manufacturing around, we're not making any decisions now relative to moving infrastructure or anything around moving manufacturing around the globe. As Mike mentioned, we just made some significant investments both in Minnesota and in Georgia in significant capacity and bricks and mortar there. We have a long-standing, very well-optimized supply chain around the globe and not looking to make any changes to that as we sit here today.

相對於轉移製造業，我們現在還沒有做出任何有關轉移基礎設施或任何有關在全球範圍內轉移製造業的決定。正如麥克所提到的，我們剛剛在明尼蘇達州和喬治亞州進行了一些重大投資，投資內容包括大量的產能和實體設施。我們在全球範圍內擁有長期、優化的供應鏈，我們今天並不打算對此做出任何改變。

Great. Thanks a lot.

偉大的。多謝。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good morning. Thanks for taking the question, and congrats on a really strong quarter. Of course, congratulations to Dan and Jon. Dan, thanks for all your help over the years, and I'll miss working with you.

早安.感謝您回答這個問題，並祝賀您本季業績表現強勁。當然，祝賀丹和喬恩。丹，感謝您多年來的幫助，我會懷念和您一起工作的時光。

Mike, you mentioned that you're now number two in EP. The market shares look very different in the US and outside the US with the US being much higher. So my questions are, Mike, one, do you think you can overtake J&J to become number one in EP? And second, what will it take for the OUS share to catch up to the US share? Thanks.

麥克，你提到你現在是 EP 中的第二名。美國國內和美國境外的市場份額看起來非常不同，美國的市場份額要高得多。所以我的問題是，麥克，第一，你認為你能超越強生成為 EP 第一嗎？其次，OUS 的份額要怎樣才能趕上美國的份額？謝謝。

Sure. We have just excellent momentum broadly around the globe in EP, so I won't speculate as to when we might. We certainly aim to be number one in that business. It'll take a few years to potentially reach that goal, but it's clearly what our aim is. It's supported based on the clinical science, the breadth and depth of our PFA leadership position that we have, and the significant investment that we're making in it around the world.

當然。我們在全球範圍內的 EP 領域都擁有良好的發展勢頭，所以我不會猜測我們何時會做到這一點。我們當然希望成為該行業的第一名。實現這一目標可能需要幾年時間，但這顯然是我們的目標。它得到了臨床科學、我們在 PFA 領導地位的廣度和深度以及我們在全球範圍內對其進行的大量投資的支持。

In terms of the US is doing extremely well, Europe has also had excellent growth despite lapping one-year comps with their FARAPULSE launch already, which shows you the durability and enthusiasm despite competitive entrants. The European business grew significantly quickly in the first quarter of '25.

就美國而言，其表現非常出色，而歐洲儘管已經與 FARAPULSE 的推出進行了一年的比較，但仍取得了出色的增長，這表明儘管有競爭對手，歐洲仍具有持久性和熱情。2025年第一季歐洲業務成長顯著。

And we're really still early days, very early days in China. China represents a plus $1 billion market, and it's an area that we're making significant investments in clinical and mapping and capabilities in China. So I think you'll see ongoing impact benefit for us throughout the year in 2025 in China and a much bigger impact in '26 in China.

而我們在中國確實還處於早期階段，非常早期。中國是一個價值超過 10 億美元的市場，我們正在中國對臨床、測繪和能力進行大量投資。因此，我認為您將看到我們在 2025 年全年在中國持續產生影響，並在 2026 年在中國產生更大的影響。

And our Japan team has done an amazing job with launching FARAPULSE. We're a clear number one leader in PFA despite being the third approval in Japan. We're very impressed with the execution in Japan and the US and in Europe, and our China team is really building the blocks now to do the exact same thing in China. Our aim is to continue our leadership in PFA. You've seen massive adoption to PFA usage, and we have a lot of momentum.

我們的日本團隊在推出 FARAPULSE 方面做得非常出色。儘管我們在日本是第三個獲得批准，但我們在 PFA 領域仍處於明顯領先地位。我們對日本、美國和歐洲的執行情況印象深刻，我們的中國團隊現在正在努力在中國做同樣的事情。我們的目標是繼續在 PFA 中保持領導地位。您已經看到 PFA 的使用得到了廣泛採用，並且我們擁有很大的發展勢頭。

All right. Thank you so much.

好的。太感謝了。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Good morning, and thank you for taking the question. And congratulations to everybody all around. Dan, it's been a real pleasure to work with you over the years.

早上好，感謝您回答這個問題。並向大家表示祝賀。丹，這些年來和你一起工作真的很愉快。

I do want to spend a minute or two talking about the WATCHMAN franchise, which poked its head back above 20% year-over-year growth, and you made some comments on concomitant procedures and additional data. If you can just unpack that a little bit for us, that would be great, and thank you.

我確實想花一兩分鐘時間談論《守望者》系列電影，該系列電影的同比增長率回升至 20% 以上，而您對伴隨的程序和附加數據發表了一些評論。如果您能為我們稍微解釋一下這一點，那就太好了，謝謝。

Sure. We had an excellent quarter with WATCHMAN. It's 24%, and then, as we said, all of our businesses were impacted by about 200 bps of one less day sales. The WATCHMAN sales were excellent in the first quarter, and Ken Stein can comment a bit more, but we're seeing very strong adoption of concomitant.

當然。我們與 WATCHMAN 度過了非常愉快的一個季度。這一比例為 24%，然後，正如我們所說，我們所有的業務都受到了一天銷售額減少約 200 個基點的影響。WATCHMAN 在第一季的銷售非常出色，Ken Stein 可以發表更多評論，但我們看到伴隨產品的採用率非常高。

Based on the safety profile, ease of use, the benefits for the hospital, the benefits to the patient, the physician, it's great to see the stars aligned to doing the right thing for the patient, the right thing for the hospital system. We happen to have the leading product in the LAC category and the leading product in the PFA category, and we actually gained share with LAC in the quarter, which is impressive, and we continue to invest significantly in clinical trials and next-gen products with WATCHMAN as well.

基於安全性、易用性、對醫院、病人和醫生的益處，很高興看到一切都為病人、為醫院系統做了正確的事情。我們恰好擁有 LAC 類別的領先產品和 PFA 類別的領先產品，並且我們在本季度實際上增加了 LAC 的份額，這令人印象深刻，並且我們還將繼續在臨床試驗和 WATCHMAN 的下一代產品上進行大量投資。

So Dr. Stein, any other comments?

那麼史丹博士，還有其他評論嗎？

Yeah. Thanks, Mike. And Joanne, as Mike was saying, what we've really seen over the course of the quarter is a couple of phenomena. One is the physicians are really now digesting the incredible strength of the data from the OPTION clinical trial, which was read out last year. We will have more data from OPTION to be presented at the upcoming HRS meeting.

是的。謝謝，麥克。喬安妮，正如麥克所說，我們在本季真正看到的是一些現象。一是醫生們現在確實正在消化去年發表的OPTION臨床試驗數據的驚人力量。我們將在即將召開的 HRS 會議上展示更多來自 OPTION 的數據。

People are also, I think, just getting more accustomed to the workflow and really just how straightforward the workflow can be doing a concomitant procedure, particularly if it's done in conjunction with using FARAPULSE. People also, frankly, are also getting used to some of the economic advantages, both to hospitals but also to physicians in doing this procedure in an efficient manner under the current reimbursement. So all of that has led to uptake of concomitant procedures that has been frankly faster than we would have expected, say, a quarter or two ago.

我認為，人們也越來越習慣於工作流程，並且真正習慣於工作流程可以多麼簡單地執行伴隨程序，特別是如果它與使用 FARAPULSE 結合使用。坦白說，人們也開始習慣在現行報銷制度下以高效的方式進行此類手術為醫院和醫生帶來的一些經濟優勢。因此，所有這些都導致​​了伴隨程序的採用，坦白說，這種採用比我們一個季度或兩個季度前預期的要快。

And just to reiterate what Mike said, it's one of those unique things that it's good for patients, first of all, avoids the need to have two procedures. It's also good for docs and good for hospitals and good for the system altogether.

我再次重申麥克所說的話，它的獨特之處在於它對患者有益，首先，它避免了進行兩次手術。這對醫生、醫院以及整個系統都是有利的。

Thank you very much.

非常感謝。

Rick Wise, Stifel.

瑞克懷斯 (Rick Wise)，Stifel。

Good morning, Mike. Maybe talk, if you would, about not tariffs specifically, but sort of other aspects of the trade wars and the potential or current impact on Boston. For example, I was impressed that you still feel like you're going to see double-digit growth in China. But maybe talk to us a little about the environment and how some of these trade battles are complicating Boston's performance there?

早上好，麥克。如果可以的話，也許您可以談論的不是關稅，而是貿易戰的其他方面以及對波士頓的潛在或當前影響。例如，令我印象深刻的是，您仍然認為中國將實現兩位數的成長。但也許您可以和我們談談環境議題，以及這些貿易戰是如何影響波士頓在那裡的表現的？

And maybe just related to that, are you concerned at all? Are you anticipating supply chain disruptions or concerns? How are you planning for that? Just talk about those topics. Thank you.

也許只是與此相關，您是否擔心？您是否預計會出現供應鏈中斷或擔憂？您對此有何計劃？就談那些話題。謝謝。

Sure. Well, one is the company is delivering excellent results on top line and bottom line. So our ability to absorb the tariffs, I think, is more unique than most companies, given the strength of the growth and the leverage that we're driving to absorb the $200 million, which is unfortunate. But we're able to absorb it and still deliver very high performance.

當然。嗯，一是公司在營收和利潤方面都取得了優異的成績。因此，我認為，考慮到我們的成長實力和我們為吸收這 2 億美元而採取的措施，我們吸收關稅的能力比大多數公司都更加獨特，這是不幸的。但我們能夠吸收它並仍然提供非常高的性能。

Our operations team is excellent, and we have manufacturing across the globe. And as Dan said, there's no major adjustments other than continuing investment to support the long-term growth of the company, a lot of investments in the US, some in Malaysia, and ones that make sense to facilitate our global operations.

我們的營運團隊非常優秀，並且我們的製造業務遍佈全球。正如丹所說，除了繼續投資以支持公司的長期成長、在美國進行大量投資、在馬來西亞進行一些投資以及促進我們全球營運的投資之外，沒有其他重大調整。

China is a very complex market. I don't know if Jon or Dan, it represents 7% or 8% of our sales approximately. And the team there, despite the challenges, does a great job. We expect to deliver double-digit growth again, despite being one of the more impactful VBP impacts for Boston Scientific in 2025 across the PI portfolio and some ICTx and some Endo. So a lot of VBP pressure there. But again, the innovation that we have, some of the local partnerships that we've done in China are proving to be beneficial. And we do have some small manufacturing capabilities in China, which also makes sense.

中國是一個非常複雜的市場。我不知道喬恩還是丹，這大約占我們銷售額的 7% 或 8%。儘管面臨挑戰，但那裡的團隊仍然表現出色。儘管 VBP 是 2025 年對波士頓科學公司在 PI 產品組合、部分 ICTx 和部分 Endo 領域影響較大的因素之一，但我們預計仍將再次實現兩位數成長。因此那裡的 VBP 壓力很大。但事實證明，我們的創新以及我們在中國建立的一些本地合作夥伴關係是有益的。我們在中國確實有一些小型製造能力，這也是有道理的。

So we think our manufacturing footprint makes the most sense for the long term, and we'll continue to invest in that to grow. It's a dynamic market, but our team is the winning spirit of the Boston Scientific team. We find ways to deal with reality and deliver high performance. And you see we're very bullish on our full-year outlook based on the guidance that we gave in sales and EPS.

因此，我們認為我們的製造足跡從長遠來看是最有意義的，我們將繼續對此進行投資以實現成長。這是一個充滿活力的市場，但我們的團隊是波士頓科學團隊的必勝精神。我們找到應對現實的方法並實現高性能。您會發現，根據我們在銷售額和每股盈餘方面給予的指導，我們對全年前景非常樂觀。

Thank you, and thanks to Dan for everything. Congrats on a well-deserved retirement. Hope you won't miss us.

謝謝你，也謝謝丹所做的一切。恭喜您享受當之無愧的退休生活。希望您不會錯過我們。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Thank you. Good morning, everyone. Maybe we could switch gears and talk a little bit about the MedSurg business. And Mike, in your prepared remarks, you did talk a little bit about the turn in Neuromodulation here with Relievant going organic and the durability of kind of the category leadership strategy and the dynamics you're seeing in the Peripheral business. But maybe you could talk a little bit about the path from the 5%-ish organic growth we saw in Q1 here, and what are the drivers to move that back toward a high single-digit growth rate, especially as Silk turns organic, Axonics turns organic, et cetera?

謝謝。大家早安。也許我們可以換個話題，談談 MedSurg 業務。麥克，在您準備好的發言中，您確實談到了神經調節領域的轉變，Relievant 走向有機化，以及該類別領導策略的持久性，以及您在外圍業務中看到的動態。但也許您可以稍微談談我們在第一季看到的 5% 左右的有機成長的路徑，以及推動其回到高個位數成長率的驅動因素是什麼，特別是當 Silk 轉向有機成長、Axonics 轉向有機成長等等時？

Sure. Yeah. So again, the 5% is really a 7% if you look at the days. So kind of at or slightly above market overall if you do the days adjustment there. And breaking it down, the Endo team continues to deliver at a high level when you factor in those days' impact. And with the broad-based portfolios, we expect to see kind of consistent results in that business.

當然。是的。所以，如果你看一下這些日子，那麼 5% 實際上是 7%。因此，如果您進行日內調整，其整體水平將與市場水平持平或略高於市場水平。並且，如果將那些日子的影響考慮在內，Endo 團隊將繼續保持高水準的服務。透過廣泛的投資組合，我們預期該業務將取得一致的成果。

The Neuromod team is really starting to strengthen its capabilities. Relievant has gone organic, which is certainly helpful. And we continue to invest quite a bit in that platform, as well as continue to strengthen our commercial capabilities and organization. So we expect to see improvement in the Neuromod results as the year goes on, based on the momentum we have there, as well as in DBS with the lead and so forth. Axonics is going well. It's an excellent addition to our company. And we continue to integrate that company, and that will go organic in the fourth quarter or so this year, as well as Silk Road will.

Neuromod 團隊確實開始增強其能力。Relievant 已經實現了有機化，這當然是有幫助的。我們將繼續在該平台上投入大量資金，並繼續加強我們的商業能力和組織。因此，基於我們目前的勢頭以及 DBS 的領先地位等，我們預計隨著時間的推移 Neuromod 的表現將會有所改善。Axonics 進展順利。這對我們公司來說是一個很好的補充。我們將繼續整合該公司，該公司和絲綢之路公司將在今年第四季左右實現有機整合。

And in Urology, it's a tad under what we're used to from our Urology team. Again, very impressed with the Axonics capability and really the global strength we have in our Urology portfolio. We are experiencing some supply chain issues across some specific categories, which I won't go into detail, that are impacting some back orders within the Urology business. So we expect that to improve, but be a bit of a headwind for us in '25.

在泌尿科，這與我們泌尿科團隊習慣的做法略有不同。再次，我們對 Axonics 的能力以及泌尿科產品組合的全球實力印象深刻。我們在某些​​特定類別中遇到了一些供應鏈問題，我不會詳細介紹，這些問題影響了泌尿科業務中的一些積壓訂單。因此，我們預計這種情況會有所改善，但對於 25 年的我們來說可能還是有點困難。

And we continue to invest across that portfolio with our StoneSmart in our implant business. So we expect the Urology business to kind of grow at market, I would say, in '25, and our Endoscopy and Neuromod business to grow above market, and overall providing a really healthy balance to our excellent Cardiology growth.

我們將繼續透過 StoneSmart 投資於我們的植入業務。因此，我們預計泌尿科業務將在 25 年內隨著市場成長，而我們的內視鏡和神經外科業務將高於市場成長，整體為我們出色的心臟病學成長提供真正健康的平衡。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Hey. Congrats, Dan, on a well-deserved retirement. I just wanted to say that upfront.

嘿。恭喜丹，享受當之無愧的退休生活。我只是想提前說一下。

And then I wanted to ask about margins this quarter. It was a really strong margin quarter. I don't know if that's the EP growth, turning margin accretive, or anything else to call out. And on the tariff side, the $200 million tariffs, not sure if you're giving kind of what you're assuming in that in terms of like where the rates go after 90 days, how much of that's China versus Europe. And if the plan is still in '26, can you continue to offset the tariff headwinds as they go forward?

然後我想問一下本季的利潤率。這是一個利潤率非常高的季度。我不知道這是 EP 成長、利潤成長，還是其他值得關注的事情。在關稅方面，對於 2 億美元的關稅，我不確定您是否給出了假設，例如 90 天後稅率將如何變化，中國和歐洲的稅率分別是多少。如果該計劃仍在實施中，那麼能否繼續抵消關稅逆風的影響？

Sure. So let me hit the tariffs one first here, second one first, just to be 100% clear on what's in. So $200 million tariff headwind for 2025, largely in the second half. It's as you have seen in the news as we have seen, which is a 10% blanket tariff through the end of the year.

當然。因此，讓我先來討論一下關稅，先討論一下關稅，以便 100% 清楚地了解其中的內容。因此，2025 年的關稅逆風將達到 2 億美元，主要發生在下半年。正如您在新聞中看到的，也正如我們所看到的，到今年年底，統一關稅將達到 10%。

The reciprocal tariff rates that were put in place on April 2 with the 90-day pause would then commence early in Q3. We've assumed they commence in early Q3. And tariff, it's the 145% US, 125% China, back and forth, that's there now. And that's actually the largest component of that $200 million for us now is the China piece.

4 月 2 日實施的互惠關稅稅率，經過 90 天的暫停，將於第三季初開始實施。我們預計它們將在第三季初開始。現在的關稅是美國145%，中國125%，來來回回。而實際上，對我們來說，這 2 億美元中最大的部分就是中國部分。

Not going to get into '26. Obviously, a very fluid situation there. Just really pleased that we've been able to offset the $200 million that we see in front of us for this year, which will help us deliver 12% to 14% revenue growth, 14% to 17% EPS growth, and 50 to 75 basis points of margin expansion, all in the face of a $200 million headwind that we didn't anticipate until about 25 days ago.

不會進入'26。顯然，那裡的局勢非常不穩定。真的很高興，我們能夠抵消今年面臨的 2 億美元損失，這將幫助我們實現 12% 至 14% 的收入增長、14% 至 17% 的每股收益增長以及 50 至 75 個基點的利潤率擴張，而這一切都是在面對 2 億美元的逆風的情況下實現的，而我們直到 25 天前才預料到這一點。

When you look at the operating margin, kind of building off of that, 28.9%, that was, I will admit, a little bit higher than I even thought it would be in Q1. So what's the driver of that? When FARAPULSE grows like it's growing and you see WATCHMAN in the mid-20s, that's a big driver of gross margin. You saw gross margin at 71.5%. I really like that number.

當你查看營業利潤率時，你會發現，28.9% 的利潤率，我承認，這比我預想的第一季的利潤率要高一點。那麼，造成這種情況的原因是什麼呢？當 FARAPULSE 持續成長，而 WATCHMAN 的價格達到 20 多美元時，這將成為毛利率的一大推動力。您看到的毛利率為 71.5%。我真的很喜歡這個號碼。

Obviously, tariffs will challenge that number as we go forward into the rest of 2025. Likely, gross margin should be in line with where we were last year. So last year, it was 70.3%. I'd expect us to be kind of in that range because the $200 million at the gross margin line for tariffs is kind of 100 basis points, a little north of 100 basis points of impact.

顯然，進入 2025 年剩餘時間，關稅將對這一數字構成挑戰。很可能，毛利率應該與去年的水準一致。去年這一比例是 70.3%。我預計我們會處於這個範圍內，因為關稅的毛利率為 2 億美元，相當於 100 個基點，略高於 100 個基點的影響。

And so the equation that I had laid out in February might look a little differently, but it just goes to the flexibility, the agility, and the winning spirit of the team that, when confronted with the $200 million headwind, we originally thought gross margin would go north, we thought SG&A would go south, R&D would tick up a little bit, and we'd deliver 50 to 75 basis points. So now, as we sit in April, gross margin is likely to go backwards. So what do you do?

因此，我在二月列出的等式可能看起來有點不同，但它只是涉及團隊的靈活性、敏捷性和必勝精神，當面臨 2 億美元的逆風時，我們最初認為毛利率會上升，我們認為銷售、一般和行政費用會下降，研發費用會略有上升，我們會帶來 50 到 75 個基點的收益。因此，現在已進入四月，毛利率可能會下降。那你該怎麼做呢？

You look to take some actions, again, discretionary actions for spending that we can eliminate and with no impact on the top line or long-term growth and still drive the 50 to 75 basis points of expansion and get to that 27.5% to 27.75%. So likely from the 28.9% that you see in Q1, we manage for the full year. The quarters, you're always going to see fluctuations. You'll see the second half, in particular, be lower than the 28.9%, but we're confident in the 27.5% to 27.75% for the year and proud of it.

我們希望採取一些行動，再次強調，我們可以採取一些可自由支配的支出行動，這些行動不會對營收或長期成長產生影響，同時仍能推動 50 至 75 個基點的擴張，達到 27.5% 至 27.75% 的目標。因此，從第一季看到的 28.9% 來看，我們很可能能夠實現全年目標。每個季度，你總是會看見波動。你會發現，尤其是下半年，成長率會低於 28.9%，但我們對全年的成長率 27.5% 至 27.75% 充滿信心，並為此感到自豪。

Awesome. Awesome answer. Thanks a lot.

驚人的。很棒的答案。多謝。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Beautiful. Thanks so much, and congrats to both Dan and Jon.

美麗的。非常感謝，並祝賀丹和喬恩。

I'd love to just touch on CRM, actually, of all things. And I'm curious, obviously you saw the shift between high and low voltage, but I'm curious in terms of EMPOWER and the approval of that in the second half, how you're thinking of the outlook for that division, how much has EMPOWER impacted growth going forward? Just any kind of details on the CRM side of things, we'd love a little bit more. Thanks.

事實上，我最想談的是 CRM。我很好奇，顯然您看到了高壓和低壓之間的轉變，但我很好奇 EMPOWER 以及下半年對此的批准，您如何看待該部門的前景，EMPOWER 對未來的增長有多大影響？我們希望了解更多有關 CRM 方面的任何細節。謝謝。

Sure. Really pleased with the future of CRM, I would say. Yeah, so I'd say we're kind of slightly below market with those results. Most all of our businesses grew at, or most of them grew above market. CRM a tad below, which we expect likely to be the case for most of 2025.

當然。我想說，我真的對 CRM 的未來感到滿意。是的，所以我認為我們的業績略低於市場水準。我們的大部分業務都實現了與市場同步成長，或大部分業務的成長都高於市場成長。CRM 略低，我們預計 2025 年大部分時間都可能如此。

But I think if you look at '26 and beyond and really the momentum maybe towards the end of '25, really confident in our CRM business. A lot of investment in CSP labeling, INGEVITY changes, new CSP catheters. The EMPOWER, we should have approval at some point in second half of '25, so that'll have a nice, larger impact in 2026.

但我認為，如果你展望 26 年及以後，看看 25 年底的勢頭，你就會對我們的 CRM 業務充滿信心。在 CSP 標籤、INGEVITY 變化、新 CSP 導管方面投入了大量資金。我們應該在 2025 年下半年的某個時候批准 EMPOWER，這樣它將在 2026 年產生更大的影響。

And also, one of the biggest organic investments we've had in the company for six years now is really the total product refresh of our S-ICD Tachy and Brady portfolio called Denali, which will launch starting off with high power in 2026. And really, those impacts over across that broad portfolio throughout the strat plan period. So we continue to make strong investments there, excited about EMPOWER. So I think you'll see maybe a slight lag in performance throughout 2025, but then hopefully improve momentum likely in fourth quarter and accelerate in '26 and throughout the strat plan period.

此外，我們六年來對公司最大的有機投資之一實際上是對 S-ICD Tachy 和 Brady 產品組合的全面產品更新，稱為 Denali，該產品將於 2026 年以高功率推出。事實上，這些影響會在整個策略規劃期間影響整個廣泛的投資組合。因此，我們繼續在那裡進行大力投資，對 EMPOWER 感到興奮。因此，我認為您可能會看到整個 2025 年的表現略有滯後，但希望在第四季度能夠改善勢頭，並在 2026 年和整個戰略計劃期間加速發展。

And Patrick, maybe I just want to give a little more color just on EMPOWER overall, just to make sure everyone understands why we're excited about it. Again, once we do get approval and train people and get into a full launch of it, I think, A, it gets us into the leadless pacing space. And while we've been holding our own in low voltage, even without a leadless pacer, this is an important growing area in CRM to get into.

派崔克，也許我只是想對 EMPOWER 進行更詳細的介紹，以確保每個人都明白我們為什麼對此感到興奮。再說一次，一旦我們獲得批准並培訓人員並全面啟動它，我認為，A，它將使我們進入無鉛起搏領域。儘管我們在低電壓領域保持領先，甚至在沒有無導線起搏器的情況下，這也是 CRM 領域一個重要的成長領域。

But EMPOWER, important for everyone to recognize, is much more than just a leadless pacemaker. And the truly differentiated feature of it is the ability to communicate with S-ICD and provide a monitor option for patients who have an S-ICD who go on to develop a need either for Brady pacing or for anti-tachycardia pacing. This is probably the most important unmet medical need in high-voltage therapy today.

但每個人都應該認識到，EMPOWER 不僅僅是一個無導線起搏器。其真正差異化的特點是能夠與 S-ICD 進行通信，並為擁有 S-ICD 並隨後需要進行緩緩起搏或抗心動過速起搏的患者提供監測選項。這可能是當今高壓治療中最重要的未滿足的醫療需求。

ICD leads, three times as likely to fail as Brady leads. And recognizing all the advantages of having a system that is leadless, where the defibrillating lead is extra thoracic, we think, again, A, this is an important option for patients with an existing S-ICD. But also importantly, it's an enabler for docs to use the S-ICD in a much broader group of primary prevention patients because they don't have to be afraid that the patient is subsequently going to develop a need for pacing.

ICD 導線的故障率是 Brady 導線的三倍。認識到無線系統（其中除顫導線位於胸腔外）的所有優勢，我們再次認為，對於現有 S-ICD 的患者來說，這是一個重要的選擇。但同樣重要的是，它使醫生能夠在更廣泛的一級預防患者群體中使用 S-ICD，因為他們不必擔心患者隨後會出現對起搏器的需要。

We're doing a bunch of work here, so thanks for that.

我們在這裡做了很多工作，所以對此表示感謝。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Hey. Good morning, everyone. Thanks so much for taking the question. Dan, I'm going to miss you a lot and miss talking sports smack with you, for sure. So you better keep in touch so I can continue to tell you how much I hate Boston sports team. Sorry, Mike. But Jon, excited.

嘿。大家早安。非常感謝您回答這個問題。丹，我會非常想念你的，當然也會想念和你一起談論體育。所以你最好保持聯繫，這樣我就可以繼續告訴你我有多討厭波士頓運動隊。對不起，麥克。但喬恩很興奮。

Thanks, Danielle. I won't miss that.

謝謝，丹妮爾。我不會錯過這個的。

We know you're an Iowa fan.

我們知道您是愛荷華州的球迷。

And Jon, excited to continue working with you and excited to also have Lauren back. So sorry about that long intro. Just a quick question on some of the recent acquisitions.

喬恩，我很高興能繼續和你合作，也很高興勞倫回來。很抱歉介紹這麼長。我只是想問一下關於最近的一些收購的問題。

So SoniVie, interesting acquisition there. And just curious about when you -- I know it's early, but what your expectations are, if you can comment on timing for that acquisition and some of the milestones there clinically and regulatory, and when that could be something that could really start to contribute. Because obviously, we're starting to do a lot of work on that space in general, and the numbers can get very large. So just curious if you can give any color on that. Thanks so much.

SoniVie 是一個有趣的收購。我只是好奇你什麼時候——我知道現在還為時過早，但你的期望是什麼，你能否評論一下這次收購的時間以及臨床和監管方面的一些里程碑，以及什麼時候可以真正開始做出貢獻。因為顯然，我們開始在該領域做大量工作，而且數量可能會變得非常大。我只是好奇你是否可以對此作出任何解釋。非常感謝。

Yeah. I'll start off and maybe Dr. Stein might have some additional comments or maybe not, but we'll see here. SoniVie, we're excited to close that likely in the second quarter. It's a company that we've tracked for quite a while. It came from our venture portfolio. We do feel that the ultrasound modality will be the preferred choice to get the most effective hypertension relief. We clearly have to prove that out more through the clinical. That clinical trial is very, very early days in the US now, so we can't comment on that too much because we don't officially own the company.

是的。首先我先說，也許史丹博士可能會有一些補充評論，也可能沒有，但我們拭目以待。SoniVie，我們很高興能在第二季完成這個目標。我們已經關注這家公司很久了。它來自我們的創投組合。我們確實認為超音波治療方式是緩解高血壓最有效的首選方法。我們顯然必須透過臨床來進一步證明這一點。該臨床試驗目前在美國還處於非常早期的階段，因此我們無法對此發表太多評論，因為我們並不是該公司的正式所有者。

But assuming it closes in the second quarter, we'll certainly be very involved with the clinical trial and the enrollment strategy there, which is already in place. So we're very impressed with the capabilities of SoniVie. And we think our timing is pretty good. There's some cards that need to flip in this market in terms of reimbursement, in terms of eventual payer support. And we aim to deliver, hopefully, a very strong clinical result from the US trial to hopefully further support reimbursement, which will be important in this category.

但假設它在第二季結束，我們肯定會積極參與臨床試驗和招生策略，這些策略已經到位。因此，我們對 SoniVie 的功能印象深刻。我們認為我們的時機非常好。在報銷方面，以及在最終付款人支援方面，這個市場上的一些卡片需要轉變。我們的目標是，希望美國試驗能取得非常強勁的臨床結果，以進一步支持報銷，這對此類別來說非常重要。

And as that develops over time, I think our timing will be pretty good, given the -- it'll take us a bit to enroll the trial. We'll follow up, and then we'll get approval. So Jon, I'm not sure if we said publicly when we think it would be approved or not. So more details to follow there. But we're excited about the opportunity. We think it's a differentiated product in a potentially large market.

隨著時間的推移，我認為我們的時機會非常好，因為我們需要一點時間來進行試驗。我們將進行跟進，然後獲得批准。所以喬恩，我不確定我們是否公開表示我們認為它何時會被批准。更多詳細資訊請關注那裡。但我們對這個機會感到非常興奮。我們認為這是一個潛在巨大市場中的差異化產品。

Yeah. And Danielle, maybe just to add onto what Mike said, again, first off, there are a number of cards that need to fall into place -- reimbursement, finishing our pivotal, et cetera. I think just high level, this is one of the most important unmet medical needs today.

是的。丹妮爾，也許我只是想補充一下麥克所說的話，首先，有許多事情需要處理好——報銷、完成我們的關鍵工作等等。我認為從高層次來看，這是當今最重要的未滿足的醫療需求之一。

Recognize, half of US adults have high blood pressure, majority of whom are not adequately controlled on medications alone, accounts for probably somewhere around $150 billion a year in healthcare costs in this country, just reflecting the burden of disease due to uncontrolled hypertension, accounts for half of all cardiovascular disease globally. So there is a need for a solution. And we do believe that SoniVie is likely to prove out to have important differentiated advantages over the competition.

要知道，美國有一半的成年人患有高血壓，其中大多數人的血壓不能僅靠藥物得到充分控制，每年在美國的醫療保健費用約為 1500 億美元，這反映了因未受控制的高血壓造成的疾病負擔，佔全球心血管疾病的一半。因此需要一個解決方案。我們確實相信 SoniVie 很可能證明自己比競爭對手擁有重要的差異化優勢。

Ultrasound, first of all, we believe will turn out to be a better modality for doing renal denervation, offers greater tissue penetration. And the really unique feature on SoniVie catheter is that it's able to do ultrasound-based renal denervation without having obstruct flow in the renal artery, which means you don't have to worry about heating to the vascular endothelium. You don't have to worry about anything to do specifically to cool. It's cooled by blood flow. So right to recap, very optimistic about the clinical differentiation of SoniVie. And if all of the cards do fall into place, this addresses one of the most important unmet medical needs out there.

首先，我們相信超音波將成為進行腎臟去神經支配的更好的方式，提供更大的組織穿透力。SoniVie 導管真正獨特的功能是，它能夠進行基於超音波的腎臟去神經支配，而不會阻礙腎動脈的血流，這意味著您不必擔心血管內皮受熱。您不必擔心要做什麼特別的事情來降溫。它透過血液流動來冷卻。所以總結一下，我們對 SoniVie 的臨床區分非常樂觀。如果一切順利，這將解決目前最重要的未滿足的醫療需求之一。

Thank you.

謝謝。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

Hi. Good morning. Thanks for taking the questions.

你好。早安.感謝您回答這些問題。

I'm hoping -- or the question, I'm hoping to just get a state of affairs on capacity within the Electrophysiology sector. Provider capacity, clearly no hurdles in the near term, but PFA commercialization has driven significant increases in cardiac ablation volumes. And WATCHMAN is obviously looking for significant growth, but maybe state of affairs of capacity today, and then just the path to -- for PFA to enable cardiac ablation cases in ASCs or AFib ablation cases specifically, help us understand the runway -- the path to opening that channel up and what Boston's doing to facilitate that. Thanks a lot.

我希望——或者問題是，我希望了解電生理學領域的能力狀況。提供者的能力，短期內顯然沒有障礙，但 PFA 商業化推動了心臟消融量的顯著增加。顯然，WATCHMAN 正在尋求顯著的增長，但也許今天的產能狀況，然後只是 PFA 在 ASC 或 AFib 消融病例中實現心臟消融病例的途徑，有助於我們了解跑道 - 開放該渠道的途徑以及波士頓為促進這一點所做的工作。多謝。

Yeah. So on capacity today, we do not see an issue at this point in time with capacity. And one of the reasons why is this is a highly successful procedure that's very efficient. And it also continues to have strong appropriate reimbursement. And you also saw a potential proposal from CMS to further increase reimbursement for both AFib ablation and LAC at roughly 10%-ish. So these are financially strong categories for hospitals, and it's very effective and very efficient procedures. Therefore, many hospitals are prioritizing their capital investments to meet the demand for this increased patient population for both LAC and for EP.

是的。因此，就目前的產能而言，我們目前並沒有發現產能問題。原因之一是這是一個非常成功且有效率的程式。並且它也繼續擁有強而有力的適當償還。您還看到了 CMS 提出的一項潛在提案，即將 AFib 消融和 LAC 的報銷金額進一步提高約 10% 左右。因此，對於醫院來說，這些都是財務實力雄厚的類別，而且程序非常有效且有效率。因此，許多醫院都優先考慮資本投資，以滿足 LAC 和 EP 患者數量增加的需求。

So we are seeing quite a bit of investment in new cath labs being invested in and created around the world. But again, these categories are both growing very quickly. So there may potentially be some more capacity constraints, which would open up your question on site of service.

因此，我們看到世界各地對新導管室的投資和創建相當多。但同樣，這兩個類別都在快速成長。因此可能會有更多的容量限制，這將引出您關於服務現場的問題。

So Dr. Stein, if you have any comments there.

那麼斯坦博士，如果您有任何意見的話。

Yeah. The only other thing I'd add to that, Josh, particularly with respect to maybe moving more to an outpatient or ASC setting, there's stuff that's in our control. There's stuff that's outside of our control. Outside our control is reimbursement.

是的。喬希，我唯一想補充的是，特別是關於可能更多地轉向門診或 ASC 設置，有些事情是我們能夠控制的。有些事情是我們無法控制的。償還不在我們的控制範圍內。

But in our control, I mean, what do you need to do to move these procedures out of the inpatient hospital setting? And that's having procedures that are safe, number one, that are efficient, and that are predictable. And I'd submit that FARAPULSE is industry-leading on all three of those accounts. And particularly, when you look at the ability to do procedures without the need for intubated general anesthesia, if you want to drive lab efficiency with the advent of our FARAWAVE NAV catheter and FARAVIEW software on OPAL, if you want to map the ability to do the map in a way that is very cost-effective without needing to pull out a separate mapping catheter. And so we've done everything that we can within our power to optimize these procedures, again, both for safety, for efficiency, and for predictability with FARAPULSE.

但在我們的控制範圍內，我的意思是，您需要做什麼才能將這些程序移出住院醫院環境？最重要的是，這些程序是安全的、有效率的、可預測的。我認為 FARAPULSE 在這三個方面都處於行業領先地位。特別是，當您考慮無需插管全身麻醉即可進行手術時，如果您想藉助我們的 FARAWAVE NAV 導管和 OPAL 上的 FARAVIEW 軟體來提高實驗室效率，如果您想以非常經濟高效的方式進行映射，而無需拔出單獨的映射導管。因此，我們盡一切努力來優化這些程序，再次強調，這既是為了安全性，也是為了效率，也是為了 FARAPULSE 的可預測性。

Appreciate that. Thank you.

非常感謝。謝謝。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

Good morning. Thank you. I'm going to thrill with a question on tax. In this Trump tempus, the questions to me have been tariffs and tax. And so Dan, I was hoping for a brief refresher on why the Boston operational and adjusted tax rate is so low. Do you view this as durable? Is there anything, as it relates to Pillar 2, some of the discussions around transfer pricing, other policy changes that might put the tax rate at risk in the out years? Help us understand why this is the way that it is. Thank you.

早安.謝謝。我將對有關稅收的問題感到興奮。在川普執政期間，我面臨的問題是關稅和稅金。所以丹，我希望簡單介紹為什麼波士頓的營運稅率和調整稅率這麼低。您認為這種技術耐用嗎？就第二支柱而言，圍繞轉讓定價的一些討論以及其他政策變化是否會在未來幾年給稅率帶來風險？幫助我們理解為什麼會這樣。謝謝。

Sure, Mike. Yeah. So as you look at why our tax rate is where it is, and it's been pretty durable for a decade or more, you look at things like the source of manufacturing, your geographic mix of business and profits, the treatment of acquisitions, integration, location of IP, it's pretty complex, as you would imagine. So that all nets down to the 13.5%, 12.5% that we talked about today -- 13.5% operational and 12.5% adjusted.

當然，麥克。是的。因此，當您查看為什麼我們的稅率處於當前水平，並且這種稅率已經持續了十多年或更長時間時，您可以查看製造來源、業務和利潤的地理組合、收購的處理、整合、知識產權的位置等因素，正如您所想像的那樣，這非常複雜。因此，所有淨利潤率都降至我們今天討論的 13.5%、12.5%——其中營運利潤率為 13.5%，調整利潤率為 12.5%。

So we've been very public in saying for the last couple years that, as you look at 2026, there's a potential for 200- to 300-basis-point headwind on that relative to the sunsetting of TCJA from back in 2017. I am heartened by some of the developments in Washington, some things and some discussions that are going on that might help us there. So nothing's final until it's on paper and enacted, but optimistic that that might happen. But until that does, we would have a 200- to 300-basis-point upward headwind in our tax rate for 2026.

因此，我們在過去幾年中一直公開表示，展望 2026 年，相對於 2017 年 TCJA 終止時的情況，可能會出現 200 至 300 個基點的阻力。我對華盛頓的一些進展、正在進行的一些事情和討論感到振奮，這些事情可能會對我們有所幫助。因此，在形成文件並頒布之前，一切都不是最終決定，但我們樂觀地認為這可能會發生。但在此之前，2026 年我們的稅率將面臨 200 至 300 個基點的上行阻力。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Hey, guys. Thanks for taking my question. And Dan and Jon, congrats to both of you. I had one maybe on the pipeline here. I'm curious on -- when you look at the TAVR and WATCHMAN, both sort of interesting phase here. On CHAMPION-AF, have you guys done any patient preference kind of studies? Assuming the trial is a success, how should we think of adoption and any update on US FDA submission for TAVR?

嘿，大家好。感謝您回答我的問題。丹和喬恩，祝賀你們。我可能在這條管道上有一個。我很好奇——當你觀察 TAVR 和 WATCHMAN 時，你會發現這兩個階段都很有趣。在 CHAMPION-AF 上，你們有做過任何患者偏好類型的研究嗎？假設試驗成功，我們應該如何看待其採用情況以及美國 FDA 提交 TAVR 的最新進展？

So on TAVR, there's no updates on this call. We'll continue to work with the authorities in the US, and hopefully, we'll have more of a clear update at some point in the second quarter, but nothing new to report on the TAVR front at this point, with the exception that the Prime valve in Europe continues to do well. We did have, as I would say, a slower first two months of the quarter than a nice pickup in March. And so we expect to -- the Prime results are -- essentially, Prime is going extremely well in Europe. And we continue to put our focus there as it relates to ACURATE and more news to come regarding the US.

因此，關於 TAVR，本次通話中沒有更新。我們將繼續與美國當局合作，希望在第二季的某個時候能有更明確的更新，但目前在 TAVR 方面沒有什麼新消息可報告，但歐洲的 Prime 瓣膜繼續表現良好。正如我所說，本季前兩個月我們的表現確實比三月的回升慢。因此，我們預計 Prime 的業績基本上會在歐洲表現得非常好。我們將繼續關注與 ACURATE 相關的內容以及更多有關美國的新聞。

Yeah. And Vijay, on CHAMPION, again, we continue to expect the readout of the CHAMPION data first half of next year. To remind everyone, that's our all-comer randomized trial WATCHMAN against the new oral anticoagulants. And we continue to believe that a positive readout on CHAMPION supports the continued 20% plus growth of WATCHMAN over the near to medium term. And as we said our last Investors Day, that in between positive OPTION and positive CHAMPION, that supports tripling of the potential addressable market for WATCHMAN.

是的。Vijay，關於 CHAMPION，我們將繼續期待明年上半年 CHAMPION 數據的讀數。提醒大家，這是我們針對新型口服抗凝血劑進行的隨機試驗 WATCHMAN。我們仍然相信，CHAMPION 的積極表現將支持 WATCHMAN 在中短期內繼續保持 20% 以上的成長。正如我們在上次投資者日所說的那樣，在積極的 OPTION 和積極的 CHAMPION 之間，支持 WATCHMAN 的潛在目標市場增長三倍。

And from a patient standpoint, I can tell you, even back when I was in practice, that the single thing that patients with AFib wanted more than anything else was the ability to get off blood thinners. And so we do see having a one and done alternative to being on lifelong blood thinners as something that is very attractive to patients.

從病人的角度來看，我可以告訴你，即使在我行醫的時候，心房顫動患者最想要的就是能夠擺脫血液稀釋劑。因此，我們確實認為，有一種一次性的替代終身服用血液稀釋劑的治療方法對患者來說非常有吸引力。

Understood. Thank you, guys.

明白了。謝謝你們。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Hey, thanks so much. Just wrapping it up here, I know we've covered a lot of ground. Maybe just ask a question. It seems a little silly to ask because you are so active in the strategic investment front. But maybe comments, if you have them, on where you think some of your recent acquisitions can go under your management like Axonics and what other areas you continue to invest in and see as opportunities to push out the portfolio. And congrats to both Jon and Dan. I really enjoyed working with you both and appreciate you taking the question.

嘿，非常感謝。就到這裡吧，我知道我們已經討論了很多內容。也許只是問一個問題。由於您在戰略投資方面如此活躍，所以問這個問題似乎有點愚蠢。但是如果您有意見的話，您認為您最近的一些收購（例如 Axonics）在您的管理下可以走向何方，以及您將繼續投資哪些其他領域並將其視為拓展投資組合的機會。並向喬恩和丹表示祝賀。我很高興與你們一起工作，並感謝你們回答這個問題。

Sure, Matt. As you know, we're very active and continuing to strengthen and widen our category of leadership across the businesses that we have and expand our WAMGR, which we've done consistently over many years and aim to continue to do that.

當然，馬特。如您所知，我們非常積極地繼續加強和擴大我們在現有業務中的領導地位，並擴大我們的 WAMGR，這是我們多年來一直在做的事情，並旨在繼續這樣做。

I made a few comments. So Silk and Axonics are both in active integrations now and will go organic in fourth quarter. Very bullish on both those platforms when they go organic in '26 and for the future. Made a lot of other investments at closing of Intera in our Interventional Oncology business. And also some very recent news that you saw on Bolt, where we're very excited about entering the IVL space by the end of the year with above-the-knee applications in our PI Vascular business and then below the knee. And then we've initiated our clinical trial right now. That deal is closed. And then we made some comments earlier about SoniVie.

我發表了一些評論。因此，Silk 和 Axonics 目前都在積極整合，並將在第四季度實現有機整合。我非常看好這兩個平台在 2026 年及未來有機成長。在 Intera 結束之際，我們對介入性腫瘤學業務進行了許多其他投資。另外，您也在 Bolt 上看到了一些最新消息，我們非常高興能夠在今年年底前進入 IVL 領域，在我們的 PI Vascular 業務中推出膝蓋以上的應用，然後是膝蓋以下的應用。現在我們已經開始了臨床試驗。該交易已完成。然後我們之前對 SoniVie 發表了一些評論。

And we've also made -- we continue to have largest venture fund in medtech. We continue to invest more and more in that fund as it's been a nice source of acquisition growth for the company. So we'll continue to be aggressive in the venture portfolio. So I don't think you're seeing any change in behavior here. We continue to want to deliver highly differentiated performance, increase our WAMGR, and be the best place to work in medtech. And a lot of it comes through focus on innovation and engaging our employees.

我們也繼續擁有醫療技術領域最大的創投基金。我們將繼續對該基金投入越來越多的資金，因為它已經成為公司收購成長的良好來源。因此，我們將繼續積極投資創投組合。所以我認為你沒有看到這裡的行為有任何變化。我們將繼續致力於提供高度差異化的效能，提高我們的 WAMGR，並成為醫療技術領域的最佳工作場所。其中很大一部分來自於對創新和員工參與的關注。

Great. Thanks, Mike. And thanks, everyone, for joining us today. Appreciate your interest in Boston Scientific.

偉大的。謝謝，麥克。感謝大家今天的參與。感謝您對波士頓科學的關注。

And 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. Before you disconnect, Drew will give you all the pertinent details for the reply. Thanks so much, everyone. Have a great day.

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。在您斷開連線之前，Drew 會向您提供回覆所需的所有相關詳細資訊。非常感謝大家。祝你有美好的一天。

Please note a recording will be available in one hour by dialing either 1-877-344-7529 or 1-412-317-0088 using replay code 3699621 until April 30, 2025, at 11:59 PM Eastern Time.

請注意，撥打 1-877-344-7529 或 1-412-317-0088（重播代碼 3699621）即可在一小時內收聽錄音，有效期至 2025 年 4 月 30 日東部時間晚上 11:59。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。