Boston Scientific Corp (BSX) 2025 Q2 法說會逐字稿

Good morning, and welcome to the Boston Scientific second 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 年第二季財報電話會議。（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 Lauren Tengler, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係副總裁 Lauren Tengler。請繼續。

Thank you, Drew, and thanks to everyone for joining us today. With me on today's call are Mike Mahoney, Chairman and Chief Executive Officer; and John Monson, Executive Vice President and Chief Financial Officer. During the Q&A session, Mike and John will be joined by our Chief Medical Officer, Dr. Ken Stein. We issued a press release earlier this morning announcing our Q2 results, which included reconciliations of the non-GAAP measures.

謝謝你，德魯，也謝謝大家今天加入我們。和我一起參加今天電話會議的還有董事長兼執行長 Mike Mahoney 和執行副總裁兼財務長約翰·蒙森 (John Monson)。在問答環節，我們的首席醫療官 Ken Stein 博士將與 Mike 和 John 一起參加。我們今天早上發布了一份新聞稿，宣布了我們的第二季業績，其中包括非公認會計準則指標的對帳。

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. Please note that on the call, 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. For more information, please refer to the Q2 financial and operational highlights deck, which may be found on the Investor Relations section of our website. 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, product performance and development.

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。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。欲了解更多信息，請參閱第二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。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、業務計畫、產品績效和發展等。

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. 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.

這些聲明是基於我們目前的看法，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。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。

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

現在，我將把話題交給麥克。

Thanks, Lauren, and thank you, everyone, for joining us today. Our second quarter results outperformed our expectations, led by our Cardiovascular segment closing a phenomenal first half to 2025. In second quarter '25, total company operational sales grew 22% and organic sales grew 17%, which exceeds the high end of our guidance range of 13% to 15% and far outpacing our underlying weighted average market growth rate. Second quarter adjusted EPS of $0.75 grew 23%, also exceeding the high end of our guidance range of $0.71 to $0.73, inclusive of charges related to the worldwide discontinuation of our ACURATE valve. Second quarter adjusted operating margin was 27.6% -- turning to our third quarter and our full year '25 outlook.

謝謝勞倫，也謝謝大家今天加入我們。我們第二季的業績超出了我們的預期，心血管部門在 2025 年上半年取得了驚人的成績。2025 年第二季度，公司總營業銷售額成長 22%，有機銷售額成長 17%，超過了我們 13% 至 15% 的預期範圍的高端，也遠遠超過了我們的基礎加權平均市場成長率。第二季調整後的每股收益為 0.75 美元，成長了 23%，也超過了我們 0.71 美元至 0.73 美元的指導範圍的高端，其中包括與全球停產 ACURATE 瓣膜相關的費用。第二季調整後的營業利潤率為 27.6%——轉向我們的第三季和 25 年全年展望。

We're guiding to organic growth of 12% to 14% for third quarter '25 and raising our full year guidance from 12% to 14% to 14% to 15%, reflecting the momentum across our global businesses. Our third quarter adjusted EPS guide is $0.70 to $0.72, and we now expect our full year adjusted EPS to be $2.95 to $2.99, representing growth of 18% to 19%, inclusive of updated assumptions for tariffs and impact related to ACURATE. John will provide more details within the financial section. I'll now provide some additional highlights on the quarter. Regionally, on an operational basis, the US grew 31%, driven by our category-leading and broad-based cardiovascular portfolio.

我們預計 2025 年第三季的有機成長率將達到 12% 至 14%，並將全年成長率預期從 12% 至 14% 上調至 14% 至 15%，這反映了我們全球業務的發展勢頭。我們第三季度調整後的每股收益指引為 0.70 美元至 0.72 美元，現在我們預計全年調整後的每股收益為 2.95 美元至 2.99 美元，增長 18% 至 19%，其中包括對關稅和與 ACURATE 相關的影響的最新假設。約翰將在財務部分提供更多詳細資訊。我現在將提供本季度的一些額外亮點。從地區來看，美國業務在營運基礎上成長了 31%，這得益於我們領先且基礎廣泛的心血管產品組合。

Europe, Middle East, Africa grew 2% on an operational basis and 7% excluding the discontinuation of our ACURATE valve. As a reminder, the vast majority of the $200 million in ACURATE revenue was generated in EMEA. Within EMEA, growth within the quarter was led by double-digit growth for FARAPULSE, WATCHMAN and Complex PCI. Asia Pacific grew 15% operationally, led by strong double-digit growth across our largest markets in the region, Japan, China and Australia.

歐洲、中東和非洲的營運收入成長了 2%，若不計停產 ACURATE 瓣膜，則成長了 7%。提醒一下，ACURATE 2 億美元營收絕大部分來自 EMEA。在 EMEA 地區，本季的成長主要由 FARAPULSE、WATCHMAN 和 Complex PCI 的兩位數成長所帶動。亞太地區的營運成長了 15%，其中，該地區最大的市場日本、中國和澳洲實現了強勁的兩位數成長。

Japan grew high teens driven by FARAPULSE, which has moved into the leading position in PFA with over 15,000 patients treated since launch in Japan, supported by new account openings and the launch of FARAWAVE NAV. China also returned to mid-teens growth in the second quarter with diversified growth across businesses led by FARAPULSE and IVIS. And we expect this mid-teens growth to continue in China in the second half of the year. I'll now provide some additional commentary on our business units. Urology sales grew 28% operationally and 6% organically.

在 FARAPULSE 的推動下，日本的成長率達到了驚人的十幾個百分點，自在日本推出以來，FARAPULSE 已在 PFA 領域佔據領先地位，已治療了超過 15,000 名患者，這得益於新帳戶的開設和 FARAWAVE NAV 的推出。中國第二季也恢復了十五六成左右的成長，以 FARAPULSE 和 IVIS 為首的業務實現了多元化成長。我們預計今年下半年中國將繼續保持這種中等幅度的成長。現在我將對我們的業務部門提供一些額外的評論。泌尿科銷售額營運成長 28%，有機成長 6%。

Growth in the quarter was driven by the stone management and prosthetic urology franchises with double-digit growth in Rezum, which received expanded indication for large glands in the US within the quarter. Integration of Axonics business has progressed well as we have worked through short-term commercial disruption and destocking in the first half of the year. Endoscopy delivered a strong quarter, growing 8% globally and double digits in the US with global performance driven by strong growth in our anchor products, including EXALT-D, MANTisS, AXIOS and OverStitch, which saw notable growth from both ESG and closure procedures.

本季度的成長主要得益於結石管理和人工泌尿外科特許經營權，其中 Rezum 實現了兩位數增長，並在本季度在美國獲得了擴大的大腺體適應症。我們克服了上半年短期商業中斷和去庫存問題，Axonics 業務整合進展順利。內視鏡業務本季表現強勁，全球成長 8%，美國成長兩位數，全球業績得益於我們主力產品的強勁成長，包括 EXALT-D、MANTisS、AXIOS 和 OverStitch，這些產品在 ESG 和閉合手術方面均實現了顯著成長。

In the second half of the year, we expect continued high single-digit growth led by our proprietary technologies and strategic partnerships globally. Neuromodulation sales grew 7% in the quarter with mid-teens growth in our brain franchise, led by continued adoption of the CartesIAX-HX leads and Illumina 3D in the US, both of which drive optimized patient outcomes. The pain franchise grew mid-single digits, led by strong double-digit growth in INTerCptT, which surpassed 50,000 patients treated with our innovative technology backed by robust clinical evidence. Cardiology delivered another outstanding quarter with sales growing 28%. Within Cardiology, Interventional Cardiology therapy sales grew 9% and excluding ACURATE grew very strong double digits.

下半年，我們預計在全球專有技術和策略合作夥伴關係的推動下，將繼續維持高個位數成長。本季神經調節銷售額成長了 7%，其中大腦特許經營業務實現了中等幅度的成長，這得益於美國繼續採用 CartesIAX-HX 導線和 Illumina 3D，這兩者都推動了患者治療效果的優化。疼痛特許經營業務實現了中等個位數增長，其中 INTerCptT 業務實現了強勁的兩位數增長，超過 50,000 名患者接受了我們以強有力的臨床證據為後盾的創新技術治療。心臟病學部門又一個季度表現出色，銷售額成長了 28%。在心臟病學領域，介入性心臟病學治療銷售額成長了 9%，不包括 ACURATE 的銷售額則實現了非常強勁的兩位數成長。

For the second half of 2025, we expect an approximate 800 basis point impact to iCTx growth in the second half from the discontinuation of ACURATE. Coronary therapy's high teens growth was driven by AGENT DCB and our global imaging portfolio, buoyed by additional support from the US coronary societies upgrading intravascular imaging to a Class Ia recommendation for complex lesions, further validating its clinical value. In the US, AGN DCB growth accelerated with new account openings and strong reorders, supported by confidence in long-term reimbursement with permanent CPT I codes established in the quarter that will go into effect in January '27. We continue to invest in expanding our portfolio and are pleased with the progress of our fracture trial, studying the Bolt IVL system in coronary patients, which is expected to complete enrollment by the first half of '26.

對於 2025 年下半年，我們預計 ACURATE 的停產將對下半年 iCTx 成長產生約 800 個基點的影響。冠狀動脈治療的高成長是由 AGENT DCB 和我們的全球影像產品組合推動的，並得到美國冠狀動脈協會的額外支持，將血管內成像升級為複雜病變的 Ia 類建議，進一步驗證了其臨床價值。在美國，隨著新帳戶的開設和強勁的重新訂購，AGN DCB 的成長加速，這得益於對長期報銷的信心，因為本季度建立了永久性 CPT I 代碼，該代碼將於 2027 年 1 月生效。我們將繼續投資擴大我們的產品組合，並對我們的骨折試驗的進展感到滿意，該試驗研究了冠狀動脈患者的 Bolt IVL 系統，預計將於 26 年上半年完成招募。

Additionally, we closed the acquisition of Sony Be in the second quarter, which continued to enroll in the THRIVE IDE, a global randomized and sham-controlled study designed to demonstrate the effectiveness and safety of the Tvis system in hypertensive patients. Cardiac Rhythm Management sales grew 1%. In Q2, our diagnostic franchise grew low double digits, fueled by strong growth of our Lux-Dx ICM device with our latest generation Lux-Dx 2 launching in Europe in the quarter.

此外，我們在第二季完成了對 Sony Be 的收購，該公司繼續參與 THRIVE IDE，這是一項全球隨機和假對照研究，旨在證明 Tvis 系統對高血壓患者的有效性和安全性。心律管理銷售額成長了 1%。在第二季度，我們的診斷特許經營權實現了低兩位數增長，這得益於我們的 Lux-Dx ICM 設備的強勁增長，我們的最新一代 Lux-Dx 2 於本季度在歐洲推出。

In core CRM, our low-voltage business declined low single digits and our high-voltage business was roughly flat for the year. In the second half, we do expect contribution from our expanded conduction system pacing portfolio in the US and Europe and anticipate FDA approval of the EMPOWER leadless pacemaker by year-end. WATCHMAN grew 28% in this quarter, reflecting continued concomitant uptake in the U.S. and the strong safety profile of our latest generation WATCHMAN FLX Pro, which recently received CE Mark. We continue to invest in further in the LAAC market, including the development of our fourth-generation WATCHMAN device, which we anticipate initiating the IDE trial for next year. We continue to see considerable physician interest in concomitant procedures with over 60% of WATCHMAN implanting EPs in the US having performed a concomitant procedure.

在核心 CRM 中，我們的低壓業務下降了個位數，而高壓業務全年基本持平。下半年，我們確實預期美國和歐洲擴大的傳導系統起搏產品組合將帶來貢獻，並預計 FDA 將在年底前批准 EMPOWER 無導線起搏器。WATCHMAN 本季成長了 28%，反映了美國市場的持續成長以及我們最新一代 WATCHMAN FLX Pro 的強大安全性，該產品最近獲得了 CE 標誌。我們將繼續在 LAAC 市場進行進一步投資，包括開發我們的第四代 WATCHMAN 設備，我們預計將於明年啟動 IDE 試驗。我們持續看到醫生對伴隨手術有濃厚的興趣，美國超過 60% 的 WATCHMAN 植入 EP 患者都進行了伴隨手術。

Recently, we enrolled our first patient in the OPTION-A trial, studying concomitant use of WATCHMAN and FARAPULSE in Asia. We also received expanded labeling for WATCHMAN as a first-line therapy in post-ablation patients in the US following the positive OPTION data, supporting continued confidence in our long-term outlook. Electrophysiology sales grew 94%, lapping our first full quarter of the FARAPULSE launch in the US and growing mid-teens sequentially, supported by accelerated placements of the OPA mapping system, our portfolio of access solutions and uptake of concomitant procedures.

最近，我們在 OPTION-A 試驗中招募了第一位患者，研究在亞洲同時使用 WATCHMAN 和 FARAPULSE 的情況。在獲得積極的 OPTION 數據後，我們還獲得了 WATCHMAN 作為美國消融後患者一線治療的擴展標籤，這支持了我們對長期前景的持續信心。電生理學銷售額增長了 94%，與我們在美國推出 FARAPULSE 的第一個完整季度持平，並且連續十五六年都實現了增長，這得益於 OPA 映射系統的加速部署、我們的訪問解決方案組合以及伴隨程序的採用。

Global momentum continued through the quarter, driven by the safety, predictability and versatility of the FARAPULSE device, particularly in de novo AFib ablations for paroxysmal and persistent AF, which we recently received expanded labeling in the US. We anticipate CE Mark as well as approval in Japan and China for this expanded labeling in the coming months. We continue to invest in clinical evidence to expand the served patient population with our FARAPULSE technology, including the recent initiation of the REMATCH AF trial designed to study FARAWAVE and FARAPOINT in redo persistent AF patients. which currently represent approximately 1/3 of AF ablations.

全球勢頭在整個季度持續，這得益於 FARAPULSE 設備的安全性、可預測性和多功能性，特別是在陣發性和持續性房顫的從頭 AFib 消融方面，我們最近在美國獲得了擴展標籤。我們預計未來幾個月內該擴展標籤將獲得 CE 標誌以及日本和中國的批准。我們將繼續投資臨床證據，以擴大我們的 FARAPULSE 技術所服務的患者群體，包括最近啟動的 REMATCH AF 試驗，旨在研究 FARAWAVE 和 FARAPOINT 在重做持續性 AF 患者中的作用。目前約佔 AF 消融的 1/3。

Also within the quarter, we announced positive 12-month primary endpoint results from the second phase of the ADVANG-AF trial, which will be used to support approval of the FARAPONT PFA catheter as an adjunct technology to treat atrial flutter in patients with persistent Afib, which we expect to receive by year-end '25. Peripheral Intervention sales grew 17% operationally and 7% organically. Our Interventional Oncology and embolization franchise grew strong double digits, led by our broad embolization and cancer therapies portfolio. In the quarter, we closed the acquisition of Entera Medical, strengthening our interventional oncology portfolio by adding a complementary therapy to expand our offerings to treat both primary and metastatic forms of liver cancer. Within our vascular franchise, we saw low single-digit growth in arterial with low single-digit drug-eluting growth driven by our participation in the China VBP, which we anticipate will result in our ability to serve more patients across China.

此外，在本季度，我們宣布了 ADVANG-AF 試驗第二階段的 12 個月主要終點陽性結果，該結果將用於支持批准 FARAPONT PFA 導管作為治療持續性心房顫動患者的心房撲動的輔助技術，我們預計將在 25 年底前收到該批准。週邊幹預銷售額營運成長 17%，有機成長 7%。我們的介入性腫瘤學和栓塞治療特許經營業務實現了兩位數的強勁增長，這主要得益於我們廣泛的栓塞治療和癌症治療產品組合。本季度，我們完成了對 Entera Medical 的收購，透過增加補充療法增強了我們的介入性腫瘤學產品組合，從而擴大了我們治療原發性肝癌和轉移性肝癌的產品範圍。在我們的血管特許經營業務中，我們看到動脈業務實現了低個位數增長，而藥物洗脫業務也實現了低個位數增長，這得益於我們參與中國 VBP，我們預計這將使我們能夠為中國更多的患者提供服務。

In venous, we did see strong double-digit growth led by continued strength in Varithena and notable growth in ECOS, particularly internationally. We continue to be pleased with the integration of Silk Road, which we expect to improve growth in the second half of the year, driven by a stabilization and investment of the commercial team. In closing, I'm very proud of the commercial execution of our high-performing global team and both in the near- and long-term growth catalysts across our businesses, which we look forward to sharing more details at our upcoming Investor Day on September 30, in New York City.

在靜脈領域，我們確實看到了強勁的兩位數成長，這主要得益於 Varithena 的持續強勁成長以及 ECOS 的顯著成長，尤其是在國際上。我們繼續對絲綢之路的整合感到滿意，我們預計在商業團隊的穩定和投資的推動下，絲綢之路將在下半年實現成長。最後，我對我們高效的全球團隊的商業執行以及我們業務的短期和長期成長催化劑感到非常自豪，我們期待在 9 月 30 日於紐約舉行的投資者日上分享更多細節。

With that, I'll hand over to John to provide more details on the financials.

接下來，我將把時間交給約翰，讓他提供更多有關財務的詳細資訊。

Second quarter consolidated revenue of $5.061 billion represents 22.8% reported growth versus second quarter 2024 and includes a 120 basis point tailwind from foreign exchange, which was favorable versus our expectations. Excluding this $50 million foreign exchange tailwind, operational revenue growth was 21.6% in the quarter. Sales impact from closed acquisitions contributed 420 basis points, resulting in 17.4% organic revenue growth, exceeding our second quarter guidance range of 13% to 15%. Q2 2025 adjusted earnings per share of $0.75 grew 23% versus 2024, exceeding the high end of our guidance range of $0.71 to $0.73, primarily driven by our strong sales performance in the quarter. Adjusted gross margin for the second quarter was 69.4%, representing a 100 basis point decline versus the second quarter of 2024, driven by the negative impact from inventory charges related to the worldwide discontinuation of our ACURATE valve.

第二季綜合營收為 50.61 億美元，較 2024 年第二季成長 22.8%，其中包括外匯帶來的 120 個基點的順風，比我們的預期要好。除去這 5,000 萬美元的外匯順風因素，本季營業收入成長率為 21.6%。已完成收購帶來的銷售影響貢獻了 420 個基點，導致有機收入成長 17.4%，超過了我們第二季 13% 至 15% 的預期範圍。2025 年第二季調整後每股收益為 0.75 美元，較 2024 年增長 23%，超過我們 0.71 美元至 0.73 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。第二季調整後的毛利率為 69.4%，較 2024 年第二季下降 100 個基點，這主要是由於我們在全球範圍內停產 ACURATE 瓣膜相關的庫存費用產生的負面影響。

Based on the current schedule of expected tariffs, we now anticipate a full year headwind of approximately $100 million, down from our approximate $200 million estimate that we provided on our Q1 earnings call. We continue to expect full year adjusted gross margin to be roughly in line with 2024. Second quarter adjusted operating margin was 27.6%, expanding 50 basis points versus the second quarter of 2024, driven by strong drop-through on our top line performance and smart spend controls, offsetting the charges related to ACURATE. On a GAAP basis, second quarter operating margin was 16.2%. Moving to below the line.

根據目前的預期關稅計劃，我們預計全年逆風約為 1 億美元，低於我們在第一季財報電話會議上提供的約 2 億美元的估計值。我們繼續預計全年調整後的毛利率將與 2024 年大致持平。第二季調整後的營業利潤率為 27.6%，較 2024 年第二季擴大 50 個基點，這得益於我們營收表現的強勁下降和智慧支出控制，抵消了與 ACURATE 相關的費用。依照美國通用會計準則 (GAAP)，第二季營業利潤率為 16.2%。移至線下。

Second quarter adjusted interest and other expenses totaled $110 million, slightly unfavorable to our expectations. On an adjusted basis, our tax rate for the second quarter was 12.6%, which includes favorable discrete tax items. Our operational tax rate was 14.2% for the second quarter. Fully diluted weighted average shares outstanding ended at 1.494 billion shares in the second quarter. Free cash flow for the second quarter was $1.129 billion with $1.286 billion from operating activities, less $157 million in net capital expenditures.

第二季調整後的利息和其他支出總計 1.1 億美元，略低於我們的預期。調整後，我們第二季的稅率為 12.6%，其中包括優惠的單獨稅項。我們第二季的營業稅率為14.2%。第二季度，完全稀釋加權平均流通股數為 14.94 億股。第二季的自由現金流為 11.29 億美元，其中 12.86 億美元來自營運活動，減去 1.57 億美元的淨資本支出。

We now expect full year 2025 free cash flow to be approximately $3.5 billion. As of June 30, 2025, we had cash on hand of $534 million. And during the quarter, we were pleased to receive a credit rating upgrade from Moody's to A3. And with this upgrade, we now hold A- equivalent credit ratings from all 3 major agencies. Our gross debt leverage ratio was 2.1 times.

我們現在預計 2025 年全年自由現金流約為 35 億美元。截至 2025 年 6 月 30 日，我們手上現金為 5.34 億美元。在本季度，我們很高興收到穆迪的信用評級升級至 A3。透過此次升級，我們現在擁有所有 3 家主要機構的 A 級信用評級。我們的總負債槓桿率為2.1倍。

Our top capital allocation priority remains strategic tuck-in M&A and high-growth adjacencies, followed by share repurchases. And in alignment with this strategy, we recently closed the acquisitions of Sona and Entera Oncology, which complement our existing Interventional Cardiology and Peripheral Interventions businesses, respectively. Our legal reserve was $300 million as of June 30, with $47 million of this reserve already funded through our qualified settlement funds. I will now walk through guidance for Q3 and full year 2025. We now expect full year 2025 reported revenue growth to be in a range of 18% to 19% versus 2024.

我們的首要資本配置重點仍是策略性併購和高成長鄰接，其次是股票回購。為了配合這項策略，我們最近完成了對 Sona 和 Entera Oncology 的收購，這兩項收購分別補充了我們現有的介入性心臟病學和周邊介入業務。截至 6 月 30 日，我們的法定儲備金為 3 億美元，其中 4,700 萬美元已透過我們的合格結算基金注資。我現在將介紹 2025 年第三季和全年的指導。我們現在預計 2025 年全年報告營收成長率將在 2024 年的 18% 至 19% 之間。

Excluding an approximate 50 basis point tailwind from foreign exchange based on current rates, we expect full year 2025 operational growth to be in the range of 17.5% to 18.5%. Excluding a 350 basis point contribution from closed acquisitions, we expect full year 2025 organic revenue growth to be in a range of 14% to 15% versus 2024. We expect third quarter 2025 reported revenue growth to be in the range of 17% to 19%. Excluding an approximate 50 basis point tailwind from foreign exchange based on current rates, we expect third quarter 2025 operational growth to be in the range of 16.5% to 18.5%. Excluding an approximate 450 basis point contribution from closed acquisitions, we expect third quarter 2025 organic revenue growth to be in a range of 12% to 14%.

排除當前匯率帶來的約 50 個基點的外匯順風因素，我們預計 2025 年全年營運成長率將在 17.5% 至 18.5% 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 14% 至 15% 之間。我們預計 2025 年第三季報告的營收成長將在 17% 至 19% 之間。排除當前匯率帶來的約 50 個基點的外匯順風因素，我們預計 2025 年第三季的營運成長率將在 16.5% 至 18.5% 之間。不包括已完成收購帶來的約 450 個基點的貢獻，我們預計 2025 年第三季有機收入成長將在 12% 至 14% 之間。

Based on our first half margin performance, we now expect to expand full year adjusted operating margin by 75 to 100 basis points while increasing our level of investment in R&D to fuel durable, differentiated revenue growth. We now expect full year 2025 adjusted below-the-line expense to be approximately $440 million. Under current legislation, including enacted laws and issued guidance, we forecast a full year 2025 operational tax rate of approximately 14% and an adjusted tax rate of approximately 12.5%. For 2026, we had previously forecasted a 200 to 300 basis point headwind to our tax rate, driven by changes to certain provisions scheduled under the TCJA. With the recent passage of the OBBB, this anticipated headwind has largely been eliminated.

根據我們上半年的利潤率表現，我們現在預計全年調整後的營業利潤率將擴大 75 至 100 個基點，同時增加對研發的投資水平，以推動持久的差異化收入成長。我們現在預計 2025 年全年調整後的離線支出約為 4.4 億美元。根據現行立法，包括已頒布的法律和已發布的指南，我們預測 2025 年全年營業稅率約為 14%，調整後稅率約為 12.5%。對於 2026 年，我們先前預測我們的稅率將下降 200 至 300 個基點，原因是 TCJA 下某些條款的變化。隨著 OBBB 近期的通過，這項預期的逆風已基本消除。

We'll share more specific 2026 tax rate guidance on our Q4 2025 earnings call. We expect full year 2025 adjusted earnings per share to be in a range of $2.95 to $2.99, representing growth of 18% to 19% versus 2024, including an approximate $0.04 headwind from foreign exchange. We expect third quarter adjusted earnings per share to be in a range of $0.70 to $0.72. In closing, I'm pleased with our strong second quarter financial performance and look forward to executing on our full year guidance of 14% to 15% organic revenue growth, 75 to 100 basis points of adjusted operating margin expansion and 18% to 19% adjusted earnings per share growth. For more information, please check our Investor Relations website for Q2 2025 financial and operational highlights, which outlines more details on Q2 results and 2025 guidance.

我們將在 2025 年第四季財報電話會議上分享更具體的 2026 年稅率指引。我們預計 2025 年全年調整後每股收益將在 2.95 美元至 2.99 美元之間，較 2024 年增長 18% 至 19%，其中包括外匯帶來的約 0.04 美元的逆風。我們預計第三季調整後每股盈餘將在0.70美元至0.72美元之間。最後，我對我們第二季度強勁的財務業績感到滿意，並期待全年實現14%至15%的有機收入增長、75%至100個基點的調整後營業利潤率增長以及18%至19%的調整後每股收益增長的預期。如需了解更多信息，請訪問我們的投資者關係網站，了解 2025 年第二季度財務和營運亮點，其中概述了有關第二季度業績和 2025 年指引的更多詳細信息。

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

說完這些，我將把話題轉回給勞倫，她將主持問答環節。

Thanks, John. Drew, let's open up for questions for the next 35 minutes or so. In order for us to take as many questions as possible, please limit yourself to one question and one related follow-up. Please go ahead.

謝謝，約翰。德魯，接下來的 35 分鐘左右我們可以開始提問了。為了讓我們盡可能回答問題，請限制自己只提出一個問題和一個相關的後續問題。請繼續。

(Operator Instructions)

（操作員指示）

Robert Marcus, JPMorgan Chase & Co.

摩根大通公司羅伯特馬庫斯

Great, good morning and congrats on another fantastic quarter here. Two for me, kind of intertwined, so it is a related follow-up. Maybe to start, though, the WATCHMAN number was just phenomenal, plus 30% in the US, 28 worldwide. Big acceleration. I imagine a lot of that is coming on the back of option and count commitment. But maybe just speak to the durability of that the breadth and depth of usage that's driving it and what you're hearing in the field just as we think about going into champion next year, which could be another leg of growth for this franchise?

太好了，早安，恭喜您又度過了一個精彩的季度。對我來說，這兩者有點交織在一起，所以這是一個相關的後續。不過，也許首先，《守望者》的銷售數字已經非常驚人，美國為 30%，全球為 28%。大加速度。我想其中很多都是基於選擇和計數承諾。但也許只是談論它的持久性，推動它的使用的廣度和深度，以及當我們考慮明年奪冠時你在現場聽到的消息，這可能是這個特許經營的另一個增長點？

Yeah, I'll make some initial comments, and Ken can certainly add more detail to it. We're really pleased with the results in the quarter at 28% and you also saw some good news in the script there. WATCHMAN FlexPro approvals outside the US and over the next LRP period, we aim to get more contributions outside the US than we currently do today with that device, which has proven to be so safe and effective in the US, which is really the reliability and the trust that the physician community and referring physicians have in that device along with our clinical and sales team is driving that.

是的，我會做一些初步的評論，肯當然可以添加更多細節。我們對本季 28% 的業績感到非常滿意，而且您也在腳本中看到了一些好消息。WATCHMAN FlexPro 在美國以外獲得批准，在接下來的 LRP 期間，我們的目標是在美國以外獲得比目前更多的貢獻，該設備在美國已被證明非常安全有效，這實際上是醫生社區和轉診醫生對該設備的可靠性和信任，以及我們的臨床和銷售團隊正在推動這一目標的實現。

And obviously, the intent investment in clinicals that you've noted on your comments there. Concomitant, as we've said in previous calls is really a breakthrough opportunity for hospitals, physicians and patients to be able to use the WATCHMAN device and the safety and efficacy profile combined with FARAPULSE and the same really superior safety and efficacy profile versus the competition and the ability to do that in the same procedure has proven to be very valuable and we're maximizing it as best we can commercially. Looking forward, we continue to believe that this category could grow in the plus 20% range as it continues to scale larger and larger each quarter. And we'll provide you more updates at Investor Day in terms of our programs on our next-generation valve and continue to focus on clinical studies.

顯然，您在評論中提到了對臨床的意向投資。同時，正如我們在之前的電話會議中所說的那樣，對於醫院、醫生和患者來說，這確實是一個突破性的機會，他們能夠使用 WATCHMAN 設備，並將安全性和有效性與 FARAPULSE 相結合，與競爭對手相比，其安全性和有效性同樣出色，而且能夠在同一程序中做到這一點，這已被證明是非常有價值的，我們正在最大限度地實現商業上。展望未來，我們仍然相信，隨著這個類別每季的規模越來越大，其成長率可能會達到 20% 以上。我們將在投資者日為您提供有關下一代瓣膜計劃的更多更新，並繼續關注臨床研究。

Yeah, Robbie, I don't have too much to add to that, right? I think it's the positive data from option. We very pleased to see the uptake of concomitant procedures. As Mike said on the call, earlier, right, 60% of our EPM planters are already adopting the use of concomitant procedures. It's a win for everyone. It's better for patients. It's clearly safer, easier for them.

是的，羅比，我沒有什麼可補充的，對吧？我認為這是來自期權的正面數據。我們非常高興地看到伴隨程序的採用。正如 Mike 之前在電話中所說的那樣，我們 60% 的 EPM 種植園主已經採用了伴隨程序。這對每個人來說都是一場勝利。這對患者來說更好。對他們來說這顯然更安全、更容易。

It's a win for hospitals as well. We do look forward to presenting the CHAMPION data at a major conference first half of next year. I do think it's important to say, though, it will take time for all of that to play out. We were very pleased to get the updated label from the option to be used as first-line therapy in patients post ablation, but it still will take time for reimbursement to catch up to that updated able. And again, even once we present the data from Champion, we'll still take time for those data if they're positive to make their way into a national coverage decision and into society guidelines.

對醫院來說，這也是一種勝利。我們確實期待在明年上半年的大型會議上展示 CHAMPION 數據。但我確實認為有必要說，所有這一切的實現都需要時間。我們很高興獲得該選項的更新標籤，可作為消融術後患者的一線治療，但報銷仍需要時間才能趕上更新後的標準。再說一次，即使我們提供了 Champion 的數據，我們仍然需要時間才能將這些數據納入國家覆蓋決策和社會指導方針。

Great. Maybe just a follow-up on that, John. The gross margin missed the Street, but some Eagle people noticed there's $130 million write-down from the ACURATE exit, which is 260 basis points for the quarter, which would have put you in a great position, big year-over-year beat and beat versus -- the Street.

偉大的。也許只是對此的一個後續行動，約翰。毛利率低於華爾街預期，但一些 Eagle 人士注意到，ACURATE 退出導致公司減值 1.3 億美元，相當於本季度的 260 個基點，這會使公司處於非常有利的地位，同比大幅增長，並且優於華爾街預期。

Maybe just speak to the drivers of that. How much of that is new products versus underlying improvements? And how we should think about sort of that underlying gross margin ex tariff through the rest of the year?

也許只是談談其中的驅動因素。其中有多少是新產品，有多少是基礎改進？我們該如何看待今年剩餘時間內不含關稅的基本毛利率？

Yeah. Thanks, Robbie. And maybe a couple of points. Maybe first to the EagleEye folks. So the $130 million the accurate discontinuation impacted a number of different areas of the P&L. Within the adjusted P&L, we had some inventory charges in sales returns reserves related to ACURATE that totaled, call it, approximately $100 million. Then we also had restructuring and intangible asset impairment charges that impact the GAAP only P&L.

是的。謝謝，羅比。也許還有幾點。也許首先是 EagleEye 的人們。因此，1.3 億美元的準確停止影響了損益表的許多不同領域。在調整後的損益表中，我們在 ACURATE 相關的銷售退貨儲備中有一些庫存費用，總額約為 1 億美元。然後，我們也進行了重組和無形資產減損費用，這些費用僅影響 GAAP 損益表。

So that's the 130 that was in the appendix of our operational highlights that the Eagle Eye folks picked up. So as far as our adjusted gross margin, roughly $100 million impact there from the accurate charges. Importantly, really pleased to see that we're able to offset that through the strong sales performance that you heard Mike go through as well as strong spend control to make sure that we offset the impact there and through the full P&L and delivered the strong EPS performance that you saw in the quarter. And so looking forward, Robbie, we expect gross margin for the year to be roughly flat.

這是鷹眼頻道的工作人員在我們營運亮點附錄中發現的 130 個資訊。就我們的調整後毛利率而言，準確的收費產生了約 1 億美元的影響。重要的是，真的很高興看到我們能夠透過麥克所說的強勁銷售業績以及強有力的支出控制來抵消這一影響，以確保我們能夠通過完整的損益表來抵消這一影響，並實現您在本季度看到的強勁每股收益表現。因此展望未來，羅比，我們預計今年的毛利率將大致持平。

So we have the impact of tariffs, the impact, which are now roughly $100 million is our estimate. The impact of those accurate charges, the roughly $100 million that I just talked about being offset predominantly by favorable mix. You saw the WATCHMAN numbers. FARAPULSE continues to perform. As you can see, very well for us, that's accretive to our gross margin. So have those two items that we didn't anticipate at the start of the year with the accurate charge and tariffs being a large headwind but mix offsetting that largely to get to flat for the year is our expectation for gross margin.

因此，我們受到關稅的影響，我們估計目前的影響約為 1 億美元。這些準確費用的影響，即我剛才提到的大約 1 億美元，主要被有利的組合所抵消。您看到了守望者的數字。FARAPULSE 繼續表演。正如您所看到的，這對我們來說非常好，因為它增加了我們的毛利率。因此，我們在年初沒有預料到這兩項因素，準確的費用和關稅是一個巨大的阻力，但綜合因素在很大程度上抵消了這一阻力，使全年毛利率持平，這是我們對毛利率的預期。

Great, I appreciate it. Thank you very much.

太好了，我很感激。非常感謝。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good morning. Thanks for taking the question. I'll echo Robbie's. Congratulations. So for Mike or Dr. Stein, maybe you talk about the growth vectors for your EP business market growth, DFA adoption, new geographies, new products, et cetera. How would you have us think about these pieces and what your EP business could look like in 3 to 5 years? And any color on the proposed ASC codes and what they could mean for you?

早安.感謝您回答這個問題。我同意羅比的觀點。恭喜。因此，對於 Mike 或 Stein 博士，也許您會談論 EP 業務市場成長、DFA 採用、新地理、新產品等的成長向量。您希望我們如何看待這些作品以及您的 EP 業務在 3 到 5 年後會是什麼樣子？建議的 ASC 代碼上有任何顏色嗎？它們對您來說意味著什麼？

Yeah, Larry, it's well, it's a little bit all of the above. And we will get a lot deeper into that, as you say, that long-range plan look at our Investors Day. I think sort of again, the quick answer beyond it's all of the above is it's continued market growth in the United States as you look at the safety profile with FARAVIEW, as with the predictability of the case is as you look at the efficacy, accumulating data now actually for superior outcomes compared to thermal ablation.

是的，拉里，嗯，以上都有一點。正如您所說，我們將在投資者日上更深入地探討這項長期計劃。我認為，除了以上所有問題之外，快速回答一下這個問題就是，當你看到 FARAVIEW 的安全性時，它在美國市場將繼續增長，當你看到它的功效時，它的可預測性現在正在積累數據，實際上與熱消融相比，它能獲得更好的結果。

Very pleased with what we're seeing internationally. Again, as Mike mentioned in the script, over 15,000 cases have already been performed in Japan, where even though we were third to the market, we are already the clear leaders in PSA very pleased with the adoption that we're seeing to date of our FARAVIEW process on Opel our FARAWAVE NAV catheter. Then you mentioned the ASC, the proposed rule which in the United States from CMS, which would allow ablations to be performed in the ASC, if that's finalized, we see that as an advantage for us. We do think that we are uniquely positioned to take advantage of procedures in the ASC. And again, it gets to the safety, it gets the predictability, but it also gets to some of the economic advantages using FARAWAVE with FARAVIEW compared to the competition.

我們對國際上看到的情況感到非常高興。再次，正如 Mike 在腳本中提到的那樣，在日本已經進行了超過 15,000 例病例，儘管我們在日本的市場上排名第三，但我們已經是 PSA 的明顯領導者，我們對迄今為止在歐寶上看到的 FARAVIEW 流程和 FARAWAVE NAV 導管的採用感到非常高興。然後您提到了 ASC，即美國 CMS 提出的規則，該規則允許在 ASC 中進行消融，如果最終確定，我們認為這對我們來說是一個優勢。我們確實認為，我們擁有獨特的優勢，可以利用 ASC 中的程式。再次強調，它不僅具有安全性和可預測性，而且與競爭對手相比，使用 FARAWAVE 和 FARAVIEW 還具有一些經濟優勢。

All right, thanks so much.

好的，非常感謝。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Good morning, and I'm going to add my congratulations. If I'd like to pivot a little bit to the MedSurg business, I think that gets overlooked a fair bit solid high single-digit revenue growth across the segments. What would you like to highlight in there? And what do you think we may be missing?

早安，我要向你表示祝賀。如果我想稍微轉向 MedSurg 業務，我認為各部門的收入都出現了相當穩定的高個位數成長，這一點很容易被忽略。您想在其中強調什麼？您認為我們可能遺漏了什麼？

Hi, Joanne. Thanks for the question. I would say one I want to highlight, endosome the US business grew double digits, well above the market, grew 8% globally. That's despite some headwinds that we've talked about in the past with some low-cost scope competitors in Asia and Europe, which our team has really done a nice job of addressing.

你好，喬安妮。謝謝你的提問。我想強調的是，美國內體業務成長了兩位數，遠高於市場水平，全球成長了 8%。儘管我們過去曾與亞洲和歐洲的一些低成本競爭對手討論過一些阻力，但我們的團隊確實很好地解決了這些問題。

So we anticipate some of that headwind being mitigated as we look to 2026. So despite that, really strong performance in Endo, as you know, high-margin business for us as well. Also pleased to see the enhancement and improvement in neuromodulation. The team there grew strong double digits in DBS and the relevant acquisition has been integrated extremely well and really providing that strong accretive growth to the company and a wider solution for pain physicians. And we continue, I would say, to have improved momentum in spinal cord stimulation. The team made a number of commercial changes over the past year or so, and that team is starting to come together and strengthening.

因此，我們預計到 2026 年，部分不利因素將會得到緩解。儘管如此，Endo 的業務表現仍然非常強勁，正如您所知，這對我們來說也是一項高利潤的業務。也很高興看到神經調節的增強和改善。該團隊在 DBS 方面實現了強勁的兩位數成長，相關收購也得到了非常好的整合，真正為公司帶來了強勁的增值成長，並為疼痛科醫生提供了更廣泛的解決方案。我想說，我們在脊髓刺激方面繼續取得進展。在過去一年左右的時間裡，該團隊做出了許多商業變革，而團隊開始團結起來並變得更加強大。

So we anticipate continued momentum with that neuromodulation business over the horizon. And our urology business is a fantastic franchise. It's grown a little bit under what we typically expect them to deliver, and we signaled that at the end of the first quarter call, given some supply chain constraints that we're working through that will get better in the second half of the year and also some low-cost competition again, that the team is addressing very proactively.

因此，我們預期神經調節業務未來將持續保持強勁勢頭。我們的泌尿科業務是一項很棒的特許經營業務。它的成長略低於我們通常預期的水平，我們在第一季電話會議結束時表示，考慮到我們正在努力解決的一些供應鏈限制，這些限制將在下半年得到改善，而且還會出現一些低成本競爭，團隊正在非常積極地應對這些問題。

The Exonics integration is a super important integration for the franchise and for the company. In the first half of the year there, we really worked through some commercial model changes, some turnaround, which we anticipated. And that team has now kind of restrengthened. We also had quite a bit of stocking that we had to work through in the first half of the year. So we anticipate an improvement in the Axonics growth in the second half of the year and a very strong 2026 for Axonics. So overall, MedSurg has performed well. And hopefully, that color was helpful to you.

Exonics 的整合對於特許經營權和公司來說都是極其重要的整合。上半年，我們確實完成了一些商業模式的改變和一些扭轉，這些都符合我們的預期。現在這支隊伍已經重新增強了實力。我們還有相當多的庫存需要在上半年處理掉。因此，我們預計 Axonics 的成長將在下半年有所改善，並且 2026 年將會表現強勁。因此總體而言，MedSurg 表現良好。希望這個顏色對你有幫助。

It is. Thank you.

這是。謝謝。

Rick Wise, Stiefel.

瑞克懷斯，施蒂費爾。

Good morning, Mike. Hi, everybody. Maybe just start us off, if you would, by thinking about the ASC setting and how it sets up growth for next year. Can you help us think through one thing Obviously, in the hospital, you're seeing very strong concomitant attachment rates or uptake rates if the PFA moves to the ASC, I don't think that concomitant would be as prevalent. Help us think through those moving pieces and is this still the ASC a net positive given maybe potentially lower WATCHMAN implants. Just help us think through all that, if you would.

早上好，麥克。大家好。如果您願意的話，也許我們可以先考慮 ASC 設定以及它如何為明年的成長做好準備。您能幫我們思考一下嗎？顯然，在醫院裡，如果 PFA 轉移到 ASC，您會看到非常強的伴隨附著率或吸收率，我認為伴隨現像不會那麼普遍。幫助我們仔細思考這些活動的部分，考慮到 WATCHMAN 植入物可能較低，這是否仍然是 ASC 的淨收益。如果你願意的話，請幫助我們思考這一切。

Yeah. Thanks, Rick. And it's a really nuanced point that you're raising. So I'll give you our view on it. And let me just start maybe with the upshot. We still do see it as a positive. What you need to think about are really two things. One is the pace at which procedures are going to move out into the ASC. And again, this is a proposed rule, assuming that it gets approved, there will be it's not a step change into the ASC.

是的。謝謝，里克。您提出的觀點確實非常微妙。因此我將向您介紹我們對此的看法。讓我先從結果說起。我們仍然認為這是一件正面的事。您實際上需要考慮兩件事。一是程式進入 ASC 的速度。再次強調，這是一項擬議規則，假設它獲得批准，它不會對 ASC 產生重大影響。

Today, there are approximately 20 states in the union where there are not CONs of need or other regulations that would limit docs from opening an ASA makes up approximately 40% of the market. But the other 30 states, the other 60% of the market, it's a much more gradual ability to build out into the ASC. I think the other thing that's important here is even once you have an ASC, the physicians are going to be thoughtful in asking who are the patients where you do the procedures in the ASC versus who are the patients where you still opt to do it in a hospital setting, whether it's an inpatient or an outpatient basis in the hospital.

如今，美國大約有 20 個州沒有 CON 或其他限制醫生開設 ASA 的規定，佔了約 40% 的市場。但其他 30 個州，即其他 60% 的市場，要逐漸融入 ASC 則需要更循序漸進的過程。我認為這裡另一件重要的事情是，即使您有了 ASC，醫生也會仔細詢問哪些患者可以在 ASC 進行手術，哪些患者仍可以選擇在醫院環境中進行手術，無論是住院患者還是門診患者。

And so our anticipation would be that you begin, right, by taking the simplest patients, so de novo paroxysmal afib that you start with the patients who are the least frail. And those are the opposite of the patients right, who are candidates for the concomitant procedure or watching it. The younger you are, the less comorbidities you have, the lower your risk for stroke. And so at the outset, again, it would be our anticipation that folks begin with the easier, simpler, more straightforward cases. And those are just not patients who would have concomitant procedures anyway. And it will just take time to start moving more complex procedures out into the ASC.

因此，我們的預期是，您首先從最簡單的患者開始，即從最不虛弱的患者開始。而那些與病人權利相反的人，他們是伴隨手術的候選人或正在觀察伴隨手術的人。年齡越小，合併症越少，中風的風險越低。因此，首先，我們再次期望大家從更簡單、更直接的案例開始。無論如何，這些患者都不是需要接受伴隨手術的患者。將更複雜的程序轉移到 ASC 還需要時間。

So again, net some -- we absolutely see the ASC as a positive for us. gets back to what I said earlier to Larry. We really see ourselves as having a really important differentiated advantages based on the entire FARAPULSE ecosystem as this transition begins.

所以再說一遍，我們絕對認為 ASC 對我們來說是正面的。回到我之前對 Larry 說的話。隨著這一轉變的開始，我們確實認為自己擁有基於整個 FARAPULSE 生態系統的真正重要的差異化優勢。

As a follow-up, Mike, maybe you could expand a little bit on your thoughts about Sonobi with the deal now closed. How do we think about this is renal innovation here now, given the recent approvals? Is this just Boston a flyby initial checkout of the RDN and waiting for things to evolve? And maybe just share with us if you can, just are there key clinical time lines or data or FDA timing? Just help level set us here.

作為後續問題，麥克，在交易已經完成的情況下，也許你可以稍微詳細談談你對 Sonobi 的看法。鑑於最近的批准，我們如何看待這是目前的腎臟創新？這僅僅是波士頓對 RDN 的初步檢查並等待事態發展嗎？如果可以的話，請與我們分享一下，是否有關鍵的臨床時間表或數據或 FDA 時間？只需幫助我們在這裡設定等級。

Sure. Thanks, Rick. We like we really like where we're positioned with hypertension. So we've liked the market for a while. As you know, we had a previous RF product that we discontinued a number of years ago. We absolutely feel that the ultrasound technology is -- will be preferred. We have to prove it in a clinical trial over radio frequency in terms of its effectiveness and safety profile. So we really like the technology of Sony B. We made an investment in that company and we acquired it, I guess it closed in early first quarter.

當然。謝謝，里克。我們非常喜歡我們在高血壓方面的定位。所以我們一段時間以來一直喜歡這個市場。如您所知，我們之前有一款 RF 產品，但幾年前就停產了。我們絕對認為超音波技術是－將會是首選。我們必須在射頻臨床試驗中證明其有效性和安全性。所以我們真的很喜歡索尼 B 的技術。我們對該公司進行了投資並收購了它，我想它在第一季初就完成了。

So second quarter. So we closed recently. So is the technology that we had been watching for quite a while, and we jumped on that and acquired it prior to this reimbursement decision. So our timing really was nice there. We're quite -- we're early in our clinical trial. So we won't be first to market. There'll be 2 others but our timing of anticipated approval, which will outline more at Investor Day isn't that far behind. And given the relationships that we have in this marketplace, what we think is a platform that has enhanced features and benefits over the current generations, we think we'll be well positioned to take advantage of this market over the LRP and beyond. And I think this market certainly could become a multibillion-dollar market over time, not overnight. And I think given that market TAM opportunity, given the growth that we'll see, but it will still need additional key milestone takedowns on reimbursement, commercial coverage and so forth.

所以是第二季。所以我們最近關閉了。這是我們關注了很長時間的技術，我們在做出報銷決定之前就抓住了這個機會並獲得了它。所以我們的時機確實很好。我們的臨床試驗還處於早期階段。因此我們不會率先進入市場。還會有另外 2 個，但我們預計的批准時間不會太晚，投資者日會詳細介紹。鑑於我們在這個市場上的關係，我們認為這是一個比當前幾代具有增強功能和優勢的平台，我們認為我們將能夠充分利用這個市場，超越 LRP 及其他市場。我認為這個市場肯定能夠隨著時間的推移成為一個價值數十億美元的市場，而不是一夜之間。我認為，考慮到市場 TAM 機會和我們將看到的成長，它仍然需要在報銷、商業覆蓋等方面取得額外的關鍵里程碑。

So this market has the potential to be quite large over time. and our position with the device that we have, I think could make this very disruptive for us, assuming we have a positive clinical trial and the market develops.

因此，隨著時間的推移，這個市場有可能變得相當大。而且，如果我們有一個積極的臨床試驗並且市場發展的話，我認為我們擁有的設備的地位可能會給我們帶來很大的破壞。

Thanks, Mike.

謝謝，麥克。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

Thank you. Good morning everybody. I was hoping we could dive a little bit deeper into the evolution of the EP portfolio because Clearly, you've seen strong adoption on FARAPULSE. But as we look at both indication expansion and new product launches, it would actually seem like there's quite a bit of runway yet to go here. So maybe if we could just kind of think about where you've had adoption so far, most likely in de novo PVIs, maybe some use in persistence. You're accelerating your investment in mapping. FARAPOINT should be coming at some point later this year, early next year. I don't think you have an ice catheter yet. You have the Bales portfolio. So can you maybe help us think about where you are in kind of capturing the totality of the EP market from a procedure and indication perspective, but then also as you think about the disposables used in an EP case, where you are in capturing the totality of the opportunity there? And then I had one P&L follow-up.

謝謝。大家早安。我希望我們能夠更深入地了解 EP 產品組合的演變，因為很明顯，您已經看到 FARAPULSE 得到了廣泛的採用。但當我們審視適應症擴展和新產品發佈時，我們實際上發現這裡還有很長的路要走。因此，如果我們可以思考迄今為止您採用的方法，最有可能的是新式 PVI，也許在持久性方面有一些用途。您正在加速對地圖繪製的投資。FARAPOINT 預計將於今年稍晚或明年年初推出。我認為您還沒有冰導管。您擁有貝爾斯 (Bales) 的投資組合。那麼，您能否幫助我們思考一下，從程序和適應症的角度看，您在如何抓住整個 EP 市場，同時，當您考慮 EP 案例中使用的一次性用品時，您在如何抓住那裡的所有機會？然後我進行了一次損益跟進。

Yeah, David. And I'll just begin Again, it's everything you just said, no. strategy has always been to aim for category leadership and category leadership includes everything you just talked about. I think, first off, just in terms of today's usage of FARAPULSE, as Mike mentioned in the script, pleased to have gotten the indication expansion into persistent Afib as well as paroxysmal Afib.

是的，大衛。我再說一遍，這就是您剛才所說的一切，不。策略始終是瞄準類別領導地位，而類別領導地位包括您剛才談到的一切。我認為，首先，就今天對 FARAPULSE 的使用而言，正如 Mike 在腳本中提到的那樣，很高興能夠將適應症擴展到持續性心房顫動以及陣發性心房顫動。

To be frank, we were already seeing a very large amount of use in persistent population already. One of the great things about FARAWAVE is just how really elegantly beautifully it suited for going beyond just pulmonary vein isolation and using posterior wall ablation as well. And we've been very impressed already by seeing just how many physicians have adopted that as the predominant workflow that they're using. I think it's a very important message, right, that, that PVI alone is really not sufficient to address the majority of patients who are getting ablated with atrial fibrillation today.

坦白說，我們已經看到持久人口的使用量非常大。FARAWAVE 的一大優點在於它不僅能用於肺靜脈隔離，還能用於後壁消融。看到如此多的醫生將其作為他們所使用的主要工作流程，我們已經感到非常印象深刻。我認為這是一個非常重要的訊息，單靠 PVI 真的不足以解決當今大多數接受心房顫動消融治療的患者的問題。

Gets into moving into the mapping, as I said earlier, we've been very pleased with the uptake of FARAVIEW on the Opel system. But it also does involve us having the complete tool kit. So in solutions, which we acquired when we acquired Balis. We do have an ice catheter under development more on that at Investor Day. And then we do have a full portfolio of additional ablation catheters.

進入地圖繪製階段，正如我之前所說，我們對歐寶系統採用 FARAVIEW 感到非常高興。但它也確實要求我們擁有完整的工具包。因此，我們在收購 Balis 時就獲得了解決方案。我們確實正在開發一種冰導管，投資者日將對此進行詳細介紹。然後我們確實擁有全套額外的消融導管。

One thing I'd like to point out, FARAWAY is already -- we already got a second-generation PFA cash that are on the market. before most of our competitors have a proven first-generation catheter on the market. We will have continued iteration of FARAWAVE platform. We still anticipate approval of our FARAPOINT catheter second half of this year. We have a so-called large focal or Matina bake catheter. FARAFLEX that's already in its first human use trials, very pleased with how that's progressing. And I think maybe the sum here is we're not one and done with far away. We've got an absolute commitment to continuing to iterate both in terms of ablation catheters, but also in terms of the entire ecosystem around it.

我想指出的一點是，FARAWAY 已經——我們已經在市場上推出了第二代 PFA 導管。在我們的大多數競爭對手將經過驗證的第一代導管推向市場之前。我們將繼續迭代 FARAWAVE 平台。我們仍然預計我們的 FARAPOINT 導管將在今年下半年獲得批准。我們有所謂的大焦點或 Matina 烘烤導管。FARAFLEX 已進入首次人體試驗階段，我們對試驗的進展感到非常滿意。我想也許這裡的總和是我們還沒有徹底解決遙遠的問題。我們絕對致力於繼續迭代消融導管以及其周圍的整個生態系統。

The other thing I'll add to that, besides the widening of the portfolio, which is what Ken talked about, which we have a lot of investment in internally and through our VC portfolio and partners. There's also a regional growth as Ken mentioned, we're 1/3 to market in Japan. Now we're the clear market leader in Japan. The Japanese market will benefit from the persistent label that will be coming in the second half of this year. So that should further strengthen and we continue to roll out mapping systems there. We're very, very early days in China, which is a very, very big market for us. So a lot of emphasis on that. So we put a lot of time and attention in this. We not only want to be the clear leader in PFA, but our aim is to be the overall leader in EP in the future.

除了肯提到的擴大投資組合之外，我還要補充一點，我們在內部以及透過創投組合和合作夥伴進行了大量投資。正如肯所提到的，我們的市場也呈現區域性成長，日本市場佔了我們的三分之一份額。現在我們是日本市場當之無愧的領導者。日本市場將受益於今年下半年即將推出的持久標籤。因此，這應該會進一步加強，我們將繼續在那裡推出地圖系統。我們在中國市場才剛起步，這對我們來說是一個非常大的市場。因此，我們非常重視這一點。所以我們在這方面投入了大量的時間和精力。我們不僅希望成為 PFA 領域的明顯領導者，而且我們的目標是未來成為 EP 領域的全面領導者。

I appreciate all the perspective. And maybe just on the P&L. John, I think if you go back to Q1, you talked a little bit about a slower start to the year on OpEx this quarter, I think you utilized OpEx as a way to offset what looks to be like a $0.06 headwind is from the dynamics with ACURATE. Are you at a point now given the top line it's becoming more challenging to spend all the upside and that we should start to see more operating leverage? Or is there something more deliberate going on in OpEx?

我欣賞所有的觀點。或許只是在損益表上。約翰，我想如果你回顧第一季度，你談到了本季營運支出年初放緩的情況，我認為你利用營運支出來抵消 ACURATE 動態帶來的 0.06 美元逆風。考慮到營業收入，現在是否已經到了要花掉所有收益變得更具挑戰性並且我們應該開始看到更多的經營槓桿的地步？或者在 OpEx 中是否存在更刻意的事情？

Thanks, David. You hit the dynamics for the second quarter or first quarter, say, in the second quarter, there was some holdback on OpEx and investment back into the business. As you recall, as we started the quarter on April 2, we had the updates on tariffs. And then midway through the quarter, we announced the accurate discontinuation. So a bit of a holdback on OpEx in Q2 which was important to offset the accurate charge that we stepped through earlier. So then as we move into the second half of the year, a couple of dynamics there, we'll see the tariff impact really take hold approximately $100 million which predominantly impacts the second half of the year. And then we do anticipate continuing to reinvest back into the business to drive differentiated revenue growth for the near and long term. So that's the focus of the company.

謝謝，大衛。您可以了解第二季或第一季的動態，比如說，在第二季度，營運支出和業務投資受到了一些抑制。大家還記得，4 月 2 日本季開始時，我們就發布了關稅更新。然後在本季度中期，我們宣布了準確的停止消息。因此，第二季的營運支出有所減少，這對於抵銷我們先前計算出的準確費用非常重要。因此，隨著我們進入下半年，我們會看到一些動態，關稅的影響確實會達到約 1 億美元，這主要影響下半年。然後，我們確實預計將繼續重新投資於業務，以推動近期和長期的差異化收入成長。這就是公司的重點。

So I'd expect to see R&D tick up a bit in Q3 and in the second half of the year. A lot we're excited about across the portfolio there. And we'd likely look to invest across the commercial team to make some commercial investment as well with launch activity going on to continue to drive the growth that we're seeing. So on the whole, I am really pleased with the 75 to 100 basis points of op margin expansion that we're expecting for the year. And I think we're doing a nice job of balancing drop through to the bottom line and margin expansion with reinvestment back into the business. And I think you see more of that in the second half year.

因此我預計第三季和下半年研發支出會略有增加。我們對那裡的許多投資組合都感到興奮。我們可能會考慮對整個商業團隊進行投資，並進行一些商業投資，以繼續推動我們所看到的成長。因此，總體而言，我對我們預計今年的營業利潤率將成長 75 至 100 個基點感到非常滿意。我認為我們在平衡底線下降、利潤率擴張和業務再投資方面做得很好。我認為下半年你會看到更多這樣的情況。

Excellent. I appreciate all the perspective. Thank you.

出色的。我欣賞所有的觀點。謝謝。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Everybody, congrats on a good quarter. Congrats on a good quarter. I guess kind of before later this year, you're going to be updating the LRP at the Analyst Day, but just kind of bigger picture, how you kind of see the pluses and minuses shaking up over the next few years versus the last couple of years? And your weighted average market growth now is kind of approaching 10%. And so just think about the confidence and to continue to kind of outgrow your markets as you've kind of always done historically.

各位，恭喜本季取得良好業績。恭喜本季取得良好業績。我想大概在今年晚些時候，你會在分析師日更新 LRP，但從更大的角度來看，你如何看待未來幾年與過去幾年相比的優缺點？現在您的加權平均市場成長率接近 10%。所以，只要想想信心，並像過去一直在做的那樣，繼續超越你的市場。

Well, I think that's -- we have like half a day with you at Investor Day to talk about your question. So as nothing breakthrough here, but our goal is to continue to improve our weighted average market growth rate through our organic portfolio, the choices we make in our venture and our M&A, which we've done over many, many years. So we anticipate that to continue. At the same time, we expect our leaders to grow faster than the markets. Not every division, every region does it every quarter, but the majority of them do.

嗯，我想是的——在投資者日我們有半天的時間與您討論您的問題。因此，這裡沒有什麼突破，但我們的目標是透過我們的有機投資組合、我們在合資企業中做出的選擇以及我們多年來所做的併購來繼續提高我們的加權平均市場成長率。因此我們預計這種情況將會持續下去。同時，我們期望我們的領導者能夠比市場更快成長。並不是每個部門、每個地區每季都會這樣做，但大多數部門、每個地區都會這樣做。

So we have a strong track record of growing faster than our weighted benchmark growth rate. And we are, as John mentioned, we are enhancing our R&D spend, and we have many number of important shots on goal to drive differentiated growth over the next 5 years. And we'll talk a lot about that at Investor Day.

因此，我們的成長速度一直高於加權基準成長率。正如約翰所提到的，我們正在增加研發支出，我們有許多重要的目標，以推動未來 5 年的差異化成長。我們將在投資者日詳細討論這個問題。

Great. . And then, John, just quickly on the tax rate with some of the new legislation that came out and if there was any kind of update on how you're thinking about the tax rate going forward?

偉大的。。然後，約翰，請您快速談談新發布的一些稅率立法，以及您對未來稅率的看法是否有任何更新？

Yeah. So we previously, Travis, as you know, expected a 200 to 300 basis point headwind to the tax rate under the TCJA and certain rigs there that were set to increase in 2026 and beyond under that now old legislation. Under the OBBB, with new rates that were established there and other provisions, that headwind has largely gone away. So that's the impact to Boston Scientific from the new tax legislation. As we get to the normal course and the Q4 earnings call, we'll update on our specific guide for tax for 2026. But that was for the team here. good outcome from the recent legislation.

是的。因此，如您所知，特拉維斯，我們之前曾預計，根據 TCJA 的稅率將面臨 200 至 300 個基點的阻力，並且根據這項現已過時的立法，某些鑽井平台的稅率將在 2026 年及以後增加。根據 OBBB，隨著新稅率的製定和其他條款的出台，這種不利因素基本上已經消失。這就是新稅法對波士頓科學公司的影響。隨著我們進入正常進程和第四季度收益電話會議，我們將更新 2026 年稅收的具體指南。但這對於這裡的團隊來說，最近的立法取得了良好的結果。

Great. Thank you.

偉大的。謝謝。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

Hey, good morning. I have one on Medicare rule making. Another thing that came out during rate season was the physician fee for LAA was proposed down 16%. And year-on-year, the societies came out against this. There's so much going right in that business with WATCHMAN form factor innovation, concomitant, champion ahead. How much of a challenge does this present, if any, and do you agree with Medicare's math?

嘿，早安。我有一個關於醫療保險規則制定的。在費率季節出現的另一件事是，LAA 的醫師費用提議下降 16%。年復一年，社會各界紛紛站出來反對這種行為。隨著 WATCHMAN 外形創新的出現，該業務領域有許多順利的事情要做，並且會取得領先優勢。如果有的話，這會帶來多大的挑戰？您是否同意 Medicare 的計算方法？

Yeah, Michael, we certainly think payment ought to be appropriate to the amount of work that's involved in doing a procedure and I'd say my concern as some of has done procedures is whether they are really appropriately valuing the complexity the decision-making that's involved in managing these patients. We certainly are committed to giving the medical societies to support that they need from us to help mitigate any impact of this proposal. I think, frankly, in terms of impact on growth, I still firmly believe docs are going to do the right thing for patients and are going to pick the most clinically appropriate treatment.

是的，邁克爾，我們當然認為報酬應該與完成一項手術所涉及的工作量相適應，我想說，我擔心的是，正如一些已經完成的手術一樣，他們是否真的恰當地評估了管理這些病人所涉及的決策的複雜性。我們當然致力於向醫學協會提供他們所需要的支持，以幫助減輕該提案的任何影響。坦白說，就對成長的影響而言，我仍然堅信醫生會為病人做正確的事情，並選擇最適合臨床的治療方法。

When it comes to something as important as preventing stroke, I'd be very hopeful that this in over reimbursement cut, if it does persist into the final rule, still will not prevent patients from getting the treatments they need.

當談到預防中風這樣重要的事情時，我非常希望，如果這種過度的報銷削減確實持續到最終規則中，仍然不會阻止患者獲得他們需要的治療。

Thank you.

謝謝。

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, and I'll add to everyone's congratulations on another very strong quarter. Just two questions for me. Number one, on WATCHMAN and SARAHAL and asking a question from another direction and that's capacity, which I appreciate the recent approval in the ASC, that's definitely helpful. But a lot of these EPs are also doing WATCHMAN procedures. Yes, now they can do it concomitantly.

嘿，大家早安。非常感謝您提出這個問題，我也要和大家一起祝賀我們又一個非常強勁的季度。我只有兩個問題。首先，關於《守望者》和《莎拉》的問題，我從另一個方向提出了一個問題，那就是容量，我很欣賞 ASC 最近對此的批准，這肯定很有幫助。但很多 EP 也正在執行 WATCHMAN 程式。是的，現在他們可以同時進行。

But at what point do we start to see capacity be an issue? And I guess the -- are you seeing that yet? And then the follow-up question is related to that. you guys had said you're still pretty early in the FARAPULSE launch broadly -- I mean, you're year-end, but you're still not getting into the sort of lower volume centers. Have you guys started to get into these lower-volume centers? Are you seeing previously pretty low-volume centers doing higher volumes at this point because now they have access to this device that democratizes ablation.

但是什麼時候我們會開始認為容量是個問題呢？我想——你看到了嗎？然後後續問題與此相關。你們說過 FARAPULSE 的發布還處於早期階段 - 我的意思是，雖然是在年底，但你們還沒有進入那種較低容量的中心。你們已經開始進入這些低容量中心了嗎？您是否看到以前容量較小的中心現在可以進行容量較大的手術，因為他們現在可以使用這種使消融民主化的設備。

Sure. Daniel, thanks for the question. I'd say just on capacity, really no difference versus previous comments. Thankfully, the procedure is very far, WATCHMAN or concomitant, a very safe and effect of albeit complex procedure that docs have a lot of confidence in. The hospitals do a good job of knowing the predictability and time allotment for these procedures because they've done a lot of them. So they're able to better plan -- we don't like the proposed reimbursement cuts for physicians.

當然。丹尼爾，謝謝你的提問。我想說的是，僅就容量而言，與之前的評論相比確實沒有什麼區別。值得慶幸的是，該程序非常先進，無論是 WATCHMAN 還是伴隨程序，都是一種非常安全且有效的程序，儘管比較複雜，但醫生對此非常有信心。由於醫院已經做過很多這樣的手術，因此他們非常了解這些手術的可預測性和時間分配。因此他們能夠更好地規劃——我們不喜歡針對醫生的報銷削減提案。

However, on the hospital side, these are strong procedures in terms of profitability for hospitals. So we do see some hospitals investing more and more in adding additional labs and potentially prioritizing as best they can for these types of procedures. So to date, we don't see a big constraint. There's still a pretty healthy backlog across most centers for WATCHMAN FARAPULSE or concomitant, which, I guess, is a good sign for the future. And as Ken talked about earlier, this ASC potential ruling, which go into effect in 2016, if it all goes through, we see about 20 states in the US that potentially could act on this that don't have certificate of needs that would represent about 40% of the AFI volume.

然而，從醫院方面來看，這些都是有利於醫院獲利的有力措施。因此，我們確實看到一些醫院投入越來越多的資金來增加實驗室，並盡可能優先考慮這些類型的程序。因此到目前為止，我們還沒有看到很大的限制。大多數中心對於 WATCHMAN FARAPULSE 或伴隨治療的積壓情況仍然相當不錯，我想這對未來來說是一個好兆頭。正如肯之前提到的，ASC 的這項潛在裁決將於 2016 年生效，如果一切順利，我們看到美國大約有 20 個州可能會對此採取行動，這些州沒有需求證明，約佔 AFI 數量的 40%。

So that won't happen overnight. But over time, you'll see more and more of the PVI posterior wall, these types of procedures moving more to ASC, which will provide some additional capacity. So I think the ASC ruling will help with capacity, and we continue to work on technology solutions to drive better procedure time, more productivity and concomitant procedures. There was a second part of the or volume centers? Are you seeing lower volume centers, for sure, put the majority of focus in Europe, in US and Japan on the highest volume centers for obvious reasons. But as we continue to expand the rollout in Europe, primarily in US and Japan, we are moving into some smaller centers as we continue to scale our commercial capabilities and our clinical footprint.

所以這不會在一夜之間發生。但隨著時間的推移，您會看到越來越多的 PVI 後壁，這些類型的手術更多地轉向 ASC，這將提供一些額外的容量。因此，我認為 ASC 裁決將有助於提高產能，我們將繼續致力於技術解決方案，以縮短流程時間、提高生產力並推進相應的程序。有第二部分或體積中心嗎？您是否看到了交易量較低的中心，當然，出於顯而易見的原因，將大部分注意力放在歐洲、美國和日本的交易量最高的中心上。但隨著我們繼續擴大在歐洲的推廣，主要是在美國和日本，我們正在進入一些較小的中心，同時繼續擴大我們的商業能力和臨床足跡。

And I understand there's time for one last questioner.

我知道還有時間再回答最後一個問題。

That's right.

這是正確的。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

Good morning. Thanks so much for squeezing me in. Maybe I think I think Mike talked about the emcominant percentage, about 60% of all procedures now are all of your doctors have done at least one concomitant procedure. How has that trended over maybe the last 6 to 12 months, especially following the option readout? And then I do have a quick follow-up.

早安.非常感謝您邀請我加入。也許我認為麥克談到了伴隨百分比，現在所有手術中約有 60% 是所有醫生都至少做過一項伴隨手術。在過去 6 到 12 個月中，尤其是在期權讀數之後，趨勢如何？然後我有一個快速的跟進。

Maybe I would just to clarify that. So the 60% is of the electrophysiologists who do WATCHMAN implants. And of course, it's a mix of interventional cardiology, structural heart physicians as well as electrophysiologists who do these procedures. But of the EPs who do the procedures who are also the ones who do ablation, right? 60% of EPs who have been WATCHMAN implanters have already jumped on to the concomitant bandwagon.

也許我只是想澄清一下。因此，60% 是進行 WATCHMAN 植入的電生理學家。當然，進行這些手術的都是介入性心臟病學、結構性心臟病學、電生理學家。但是進行這些手術的 EP 也是進行消融的人，對嗎？60% 已經植入 WATCHMAN 的 EP 已經加入了這股潮流。

Now I think just in terms of understanding sort of where the growth there is, right? Remember, although some folks were doing concomitant procedures even before CMS established the unique DRG to pay for it.

現在我認為只是了解一下增長在哪裡，對嗎？請記住，儘管有些人在 CMS 建立獨特的 DRG 來支付費用之前就已經開始進行伴隨治療了。

Really, we only have reimbursement at the hospital level for concomitant beginning on October of last year. And then the option data was only released in November of last year. So right, this is all still a very new phenomenon, and we still see physicians needing to understand how you adopt in the workflow. So sequentially, still seeing important growth in the concomitant in the concomitant procedure.

實際上，從去年 10 月開始，我們才在醫院層級報銷伴隨費用。然後期權數據直到去年 11 月才發布。所以，這仍然是一個非常新的現象，我們仍然看到醫生需要了解您在工作流程中如何採用。因此，連續地，我們仍然看到伴隨程序中伴隨的重要成長。

Okay. Yes, I know I know we're early days there. I guess the follow-up question would really be kind of dovetailing up of David Roman's question about the breadth of the portfolio that you have here. in mapping now with concomitant with obviously best-in-class product with WATCHMAN by a mile. Just your ability because I know a big concern that investors have is just competition coming in, you've got some established competitors with big mapping footprint out there.

好的。是的，我知道我們還處於早期階段。我想後續的問題其實會與 David Roman 提出的問題相吻合，也就是你們的產品組合的廣度。現在，在繪圖方面，WATCHMAN 顯然是同類產品中最好的。只是你的能力，因為我知道投資人最大的擔憂就是競爭的到來，你已經有一些老牌競爭對手，他們在地圖繪製領域擁有巨大的影響力。

So just your ability to kind of defend yourself or just said another way, the most you're building here between Opel, all the catheters plus concomitant cases. How wide is that moat in your opinion and how much wider can it get?

所以，這只是你的自我保護能力，或者換句話說，你在歐寶、所有導管以及伴隨病例之間建立的最大能力。您認為這條護城河有多寬？它還能寬多少？

Well, we continue to aim to be, as I mentioned, the clear PFA leader, and we aim to be the Number one overall in EP as we widen that portfolio. I think a good testament is what happened in Japan. We're 1/3 to market in Japan without a persistent label indication, which our competitors had. And now we're the clear leader in Japan, and we'll be adding persistent label to it.

嗯，正如我所提到的，我們繼續致力於成為 PFA 的絕對領導者，並且隨著我們擴大投資組合，我們的目標是成為 EP 領域的整體第一。我認為日本發生的事情就是一個很好的證明。在日本，我們有三分之一的市佔率沒有採用持久性標章指示，而我們的競爭對手卻採用了。現在我們在日本是當之無愧的領導者，我們將為它加上持久的標籤。

So we do feel like we have some unique advantages that are highly differentiated with FARAPULSE and Ken detailed out, and you'll see at the Investor Day quite a bit, how we're widening the portfolio for and then plus the underlying market growth is nearly 20% right now. And clearly, that will slow down over time. But it will still be likely mid-teens growth and the largest, fastest-growing market in med tech. There wasn't a question on this, but I feel like I want to call out our Interventional Cardiology team.

因此，我們確實覺得我們擁有一些獨特的優勢，這些優勢與 FARAPULSE 和 Ken 詳細介紹的有很大區別，您會在投資者日看到很多關於我們如何擴大投資組合以及目前基礎市場增長率接近 20% 的信息。顯然，隨著時間的推移，這一速度將會減緩。但它仍可能保持中等水準的成長，並成為醫療技術領域最大、成長最快的市場。對此沒有任何疑問，但我覺得我想呼籲我們的介入性心臟病學團隊。

Our ICT X business is one of our largest businesses in the company and no questions on it today. And most companies don't talk about coronary therapies and think of drug-liking stands. But it's a great example of a business unit that and our team focused on this across all of our business units. And moving into faster, weighted at faster markets and having unique technology backed by clinical support. In our coronary therapies business this year -- I'm sorry, this quarter, grew high double digits, which is pretty unique for coronary therapies. And given the size of that business, and a lot of that is being driven by our imaging business, which continues to enhance and the execution of our agent DCB in terms of its clinical study the positive coverage decisions we've received and the execution of that commercially.

我們的 ICT X 業務是我們公司最大的業務之一，今天沒有人對此提出疑問。大多數公司不會談論冠狀動脈治療，也不會考慮藥物治療。但這是一個很好的業務部門的例子，我們的團隊在所有業務部門都專注於這一點。並進入更快、更重的市場，並擁有由臨床支援的獨特技術。今年我們的冠狀動脈治療業務中——抱歉，本季度，成長率達到了兩位數，這對於冠狀動脈治療來說是相當獨特的。考慮到該業務的規模，其中很大一部分是由我們的成像業務推動的，該業務繼續增強並執行我們的代理 DCB 在臨床研究方面的執行，我們收到的積極覆蓋決定以及商業執行。

So I think it's a good example of how our business units revamp their portfolio within their own businesses and you have a business now and what's considered a very slow market growing strong double digits.

所以我認為這是一個很好的例子，說明我們的業務部門如何在自己的業務中重塑其投資組合，現在你的業務在一個被認為非常緩慢的市場中實現了強勁的兩位數增長。

Thank you for joining us today. We appreciate your interest in Boston Scientific. If we were unable to get to your question or if you have any follow-ups, please don't hesitate to reach out to the Investor Relations team. Before you disconnect, Drew will give you all of the pertinent details for the replay. Thanks, everyone.

感謝您今天加入我們。感謝您對波士頓科學的關注。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。在您斷開連接之前，Drew 會向您提供重播的所有相關詳細資訊。謝謝大家。

Thank you. Please note a recording will be available in one hour by dialing either 1877-344-7529 or 1412-317-0088 using replay code 776450 until July 30, 2025 at 11:59 PM. Eastern Time. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。請注意，撥打 1877-344-7529 或 1412-317-0088（重播代碼 776450）即可在一小時內收聽錄音，有效期至 2025 年 7 月 30 日晚上 11:59。東部時間。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。