Boston Scientific Corp (BSX) 2025 Q3 法說會逐字稿

Good morning and welcome to the Boston Scientific third-quarter 2025 earnings call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Lauren Tengler, Vice President-Investor Relations. Please go ahead.

早安，歡迎參加波士頓科學公司 2025 年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。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. With me today are Mike Mahoney, Chairman and Chief Executive Officer; and Jon Monson, Executive Vice President and Chief Financial Officer. During the Q&A session, Mike and Jon will be joined by our Chief Medical Officer, Dr. Ken Stein.

謝謝你，德魯，也謝謝大家的參與。今天與我一起的還有董事長兼執行長 Mike Mahoney 和執行副總裁兼財務長喬恩‧蒙森 (Jon Monson)。在問答環節，我們的首席醫療官 Ken Stein 博士將與 Mike 和 Jon 一起參加。

We issued a press release earlier this morning announcing our Q3 results, which included reconciliations of the non-GAAP measures. 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，宣布了我們的第三季業績，其中包括非公認會計準則指標的對帳。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。

Please note that on the call, operational revenue excludes the impact of foreign currency fluctuations. And organic revenue further exclude 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 Nalu Medical, which is expected to close in the first half of 2026 subject to customary closing conditions. For more information, please refer to the Q3 financial and operating highlights deck which may be found on the investor relations section of our website.

請注意，在電話會議上，營業收入不包括外匯波動的影響。而有機收入也排除了某些收購和資產剝離，這些收購和資產剝離的可比淨銷售額少於一個完整時期。該指引不包括先前宣布的收購 Nalu Medical 的協議，該協議預計將於 2026 年上半年根據慣例成交條件完成。欲了解更多信息，請參閱我們網站投資者關係部分提供的第三季度財務和運營亮點文件。

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.

在本次電話會議中，所有提及的銷售額和收入均為有機成長，且相對成長與去年同期相比，除非另有說明。

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. 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.

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 表格年度報告中的風險因素部分。除法律要求外，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。

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

現在，我將把話題交給麥克。

Thanks, Lauren. Thank you to everyone for joining us today. Our quarterly results again exceeds our expections led by our innovative portfolio, strong execution, and a winning spirit of our global team.

謝謝，勞倫。感謝大家今天的參加。我們的季度業績再次超出了我們的預期，這得益於我們創新的產品組合、強大的執行力以及全球團隊的進取精神。

In third quarter '25, total company operational sales grew 19% and organic sales grew 15%, exceeding the high end of our guidance range of 12% to 14% with sustained high performance in both our Cardiovascular and MedSurg segments. Q3 adjusted EPS of $0.75 grew 19%, exceeding the high end of guidance range of $0.70 to $0.72. Q3 adjusted operating margin was 28%.

2025 年第三季度，公司總營業銷售額成長 19%，有機銷售額成長 15%，超過了我們 12% 至 14% 的指導範圍的高端，心血管和 MedSurg 部門均保持了良好的業績表現。第三季調整後每股盈餘為0.75美元，成長19%，超過了0.70美元至0.72美元的預期區間上限。第三季調整後營業利益率為28%。

Turning to our fourth quarter in full-year '25 outlook, we are guiding to organic growth of 11% to 13% for fourth-quarter '25, which implies an increase to our full-year '25 guidance to approximately 15.5%, reflecting our confidence in sustained above market growth.

展望 2025 年全年第四季的展望，我們預計 2025 年第四季的有機成長率將達到 11% 至 13%，這意味著 2025 年全年預期將提高至約 15.5%，這反映了我們對持續高於市場成長的信心。

Our fourth quarter adjusted EPS guidance is now $0.77 to $0.79. And we are thus raising our full-year adjusted EPS guidance to $3.02 to $3.04, representing growth of 20% to 21%. Jon will provide more details in the financial section.

我們第四季調整後每股盈餘預期目前為0.77美元至0.79美元。因此，我們將全年調整後每股盈餘預期上調至3.02美元至3.04美元，增幅為20%至21%。喬恩將在財務部分提供更多詳細資訊。

I'll now provides some initial highlights in our third-quarter results and outlook. Regionally on an operational basis, the US grew 27% with impressive growth. The excellent growth is broad-based across our cardiovascular businesses, endoscopy, and neuromodulation. Europe, Middle East, and Africa did decline 2% on an operational basis as a result of two impactful yet transient headwinds in the quarter.

我現在將提供我們第三季業績和展望的一些初步亮點。從地區營運來看，美國成長了 27%，成長幅度令人印象深刻。我們的心血管業務、內視鏡業務和神經調節業務均實現了廣泛而出色的成長。由於本季出現兩大影響巨大但短暫的不利因素，歐洲、中東和非洲的營運收入下降了 2%。

First, the discontinuation of our ACURATE valve in May '25 which had prior-year third-quarter sales of approximately $50 million. And secondly, we implemented our upgraded ERP system mid-quarter at our Kerkrade distribution center. This did result in a back order of approximately $30 million impacting a number of our businesses in Europe. We do anticipate this back order will improve throughout the fourth quarter. Excluding these two headwinds, EMEA growth would have been high single-digits driven by strong double-digit growth in EP and continued high utilization of FERAPULSE and double-digit growth in complex PCI.

首先，我們在 2025 年 5 月停止生產 ACURATE 閥門，該閥門去年第三季的銷售額約為 5,000 萬美元。其次，我們在季度中期在克爾克拉德配送中心實施了升級的 ERP 系統。這確實導致了約 3000 萬美元的積壓訂單，影響了我們在歐洲的一些業務。我們確實預期第四季的訂單積壓情況將會改善。排除這兩個不利因素，EMEA 的成長將達到高個位數，這得益於 EP 的強勁兩位數成長、FERAPULSE 的持續高利用率以及複雜 PCI 的兩位數成長。

AsiaPac grew 17% operationally led by strong double-digit growth across Japan and China. Japan growth was driven by WATCHMAN and EP which saw excellent performance in the quarter led by FERAPULSE which recently received expanded labeling for persistent indication and was supported by our OPAL HDx Mapping System. China grew an impressive mid-teens despite the substantial (inaudible) in our peripheral business. China growth is broad-based and driven again by growth in ICT ex-NEP.

亞太地區的營運成長了 17%，這得益於日本和中國的強勁兩位數成長。日本的成長是由 WATCHMAN 和 EP 推動的，這兩款產品在本季度表現出色，其中以 FERAPULSE 為首，該產品最近獲得了持續適應症的擴展標籤，並得到了我們的 OPAL HDx 映射系統的支持。儘管我們的周邊業務量很大（聽不清楚），但中國市場仍實現了令人印象深刻的十五六倍的成長。中國經濟成長基礎廣泛，並再次受到非新經濟政策時期 ICT 成長的推動。

Within the quarter, we received NMPA approval for the WATCHMAN FLX Pro device and recentl began commercial launch which, coupled with FERAPULSE and investment in clinical evidence such as OPTION-A, drives our confidence and sustaining mid-teens growth over the LRP in China.

在本季度，我們獲得了 WATCHMAN FLX Pro 設備的國家藥品監督管理局 (NMPA) 的批准，並於近期開始商業化推出，再加上 FERAPULSE 和對 OPTION-A 等臨床證據的投資，增強了我們的信心，並在中國 LRP 上保持了中等幅度的增長。

I'll now provide some initial commentary on our business units, starting with urology. Urology sales grew 27% operationally and 5% organically. Growth in the quarter is driven by international business and the global stone management franchise.

現在，我將對我們的業務部門提供一些初步評論，首先是泌尿科。泌尿科銷售額營運成長 27%，有機成長 5%。本季度的成長是由國際業務和全球石材管理特許經營推動的。

Axonics' performance continues to be below expectations as we're focused on improving our commercial execution post the unplanned commercial disruption. However, we remain enthusiastic about the SNM market opportunity in our future as we focus on strengthening the commercial team, patient activation, and globalization opportunities. We're pleased to have recently received approval for Axonics F15 in Europe. Our outlook for the Axonics business, coupled with our broad innovation cadence across the business, drives confidence in our expectation that urology growth will improve throughout 2026.

Axonics 的業績持續低於預期，因為我們專注於在意外商業中斷後改善我們的商業執行。然而，我們仍然對未來的 SNM 市場機會充滿熱情，因為我們專注於加強商業團隊、患者活化和全球化機會。我們很高興最近獲得了 Axonics F15 在歐洲的批准。我們對 Axonics 業務的展望，加上我們在整個業務範圍內的廣泛創新節奏，使我們對泌尿科業務的成長將在 2026 年得到改善的預期充滿信心。

Endoscopy delivered an excellent quarter, growing 9%, driven by double-digit growth in key products including AXIOS, MANTIS, and OverStitch, combined with our differentiated broad portfolio. Notably, the US drew 11%, led by the recent launch of WallFlex PLUS, an above market growth across the pancreatic and biliary franchise.

內視鏡業務本季表現出色，成長了 9%，這得益於 AXIOS、MANTIS 和 OverStitch 等主要產品的兩位數成長，以及我們差異化的廣泛產品組合。值得注意的是，美國市場佔了 11% 的份額，主要得益於最近推出的 WallFlex PLUS，其成長率高於整個胰臟和膽道特許經營市場的成長率。

Neuromodulation is a strong quarter as sales grew 9%. Our brain franchise grew low double-digits supported by the five-year results from the INTREPID study which demonstrated sustainable benefits at DBS and patients with moderate to advanced Parkinson's disease. The pain franchise continues to strengthen and grew high single-digits, led by strong double-digit growth in the US with Intracept. The team is in the early stages of launching Intracept in Europe.

神經調節是一個強勁的季度，銷售額成長了 9%。我們的大腦特許經營權實現了低兩位數增長，這得益於 INTREPID 研究的五年結果，該研究證明了 DBS 和中度至晚期帕金森氏症患者俱有可持續的益處。疼痛藥物特許經營業務繼續增強，並實現了高個位數成長，其中，Intracept 在美國實現了強勁的兩位數成長。該團隊正處於在歐洲推出 Intracept 的早期階段。

We also just announced our agreement to acquire Nalu Medical, which we anticipate will expand our portfolio into a new pain adjacency in peripheral nerve pain. This is an excellent new growth opportunity and complements our commercial strength with the interventional pain physician. We expect this transaction to close in the first half of 2026.

我們也剛剛宣布了收購 Nalu Medical 的協議，我們預計這將使我們的產品組合擴展到週邊神經痛的新疼痛領域。這是一個絕佳的新增長機會，並補充了我們與介入疼痛醫師的商業實力。我們預計交易將於 2026 年上半年完成。

Peripheral interventions sales grew 16% operationally and 6% organically with excellent low double-digit growth in the US that was offset by the China DBP. Within our per peripheral vascular business, we saw low single-digit decline in arterial, again driven by the China DBP. During September, Silk Road turned organic and delivered improved high single-digit pro forma growth within the quarter supported by the recent launch of ENROUTE in China. Looking forward, we continue to expect a very limited launch of seismic IVL for peripheral above-the-knee procedures by year-end '26 and the increasing launch gains in '27.

外圍幹預銷售額營運成長 16%，有機成長 6%，其中美國實現了出色的低兩位數成長，但被中國 DBP 所抵消。在我們的每個週邊血管業務中，我們看到動脈業務出現了低個位數的下降，這也是受中國 DBP 的影響。9 月份，絲綢之路實現了有機成長，並在本季度實現了高個位數的預測成長，這得益於近期在中國推出的 ENROUTE。展望未來，我們預計到 26 年底，用於膝上外周手術的地震 IVL 將非常有限地推出，而到 27 年，推出的數量將會增加。

In VNUS, we saw excellent double-digit growth led by the continued strength in Varithena and EKOS. Within the quarter, HI-PEITHO, our clinical study with EKOS versus standard of care anticoagulants, completed enrollment, and we expect data to be presented in 2026.

在 VNUS，我們看到了出色的兩位數成長，這得益於 Varithena 和 EKOS 的持續強勁成長。本季度，我們使用 EKOS 與標準抗凝血劑進行的臨床研究 HI-PEITHO 完成了招募，我們預計數據將於 2026 年公佈。

Our interventional oncology and embolization business grew double-digits driven by our category-leading embolization and cancer therapies portfolio with notable strength in cryoablation which treats a broad number of cancer types.

我們的介入性腫瘤學和栓塞業務實現了兩位數成長，這得益於我們領先的栓塞和癌症治療產品組合，尤其是在治療多種癌症類型的冷凍消融方面具有顯著優勢。

Clinical evidence remains the key enabler for future growth. And within the quarter, we completed enrollment in two important trials: ROWAN, which studies TheraSphere in combination With AstraZeneca's STRIDE regimen for patients with HCC; and OCCLUDE, a large real-world registry for Obsidio Conformable Embolic.

臨床證據仍然是未來成長的關鍵推動因素。在本季度內，我們完成了兩項重要試驗的招募：ROWAN，研究 TheraSphere 與阿斯特捷利康的 STRIDE 方案聯合用於治療 HCC 患者；OCCLUDE，一項針對 Obsidio Conformable Embolic 的大型真實世界註冊。

Cardiology delivered another outstanding quarter with sales growing 23%. Within Cardiology, interventional cardiology therapy sales grew 3% which doesn't include the impact of the ACURATE (inaudible), with double-digit growth in coronary therapies, driven by agent drug-coated balloon in the US and our imaging catheters globally.

心臟病學部門又一個季度表現出色，銷售額成長了 23%。在心臟病學領域，介入性心臟病學治療銷售額增長了 3%，這不包括 ACURATE（聽不清楚）的影響，冠狀動脈治療銷售額實現兩位數增長，這得益於美國的藥物塗層球囊和全球的成像導管。

The US grew 21%, led by AGENT DCB where we continue to expect strong growth supported by the new technology add-on payment that was recently approved and went into effect October 1. In the long-term, we're investing to expand the indicated patient population, with evidence from our STANCE trial, evaluating agent versus standard of care in de novo lesions, which began enrollment in August. We continued to be excited about the addition of seismic IVL to our leading coronary therapies portfolio, and expect completion of the FRACTURE trial in first quarter '26. We expect to launch this differentiate technology in the US in early '27, further expanding our see, prep, treat approach across our portfolio.

美國成長了 21%，其中以 AGENT DCB 為首，我們繼續預計，在最近獲得批准並於 10 月 1 日生效的新技術附加支付的支持下，美國將實現強勁增長。從長遠來看，我們正在投資擴大適應症患者群體，並利用 STANCE 試驗的證據，評估藥物與新病變的標準治療，該試驗於 8 月開始招募患者。我們繼續對將地震 IVL 添加到我們領先的冠狀動脈治療產品組合中感到興奮，並預計 FRACTURE 試驗將於 2026 年第一季完成。我們預計將於 27 年初在美國推出這項差異化技術，進一步擴大我們產品組合中的「觀察、準備、治療」方法。

Cardiac Rhythm Management sales grew 2%. Our diagnostic franchise grew low double digits, led by continued above-market performance with our Lux ICM device. In core CRM, our low-voltage business grew low single digits with the momentum from the launch of our conduction system patient tools in the US and Europe, and our high-voltage business declined low single digits. We recently closed the acquisition of the Lucia Bio envelope assets, which are designed to prevent postoperative complications for devices such as pacemakers and defibrillators.

心律管理銷售額成長了 2%。我們的診斷特許經營權實現了低兩位數成長，這得益於我們的 Lux ICM 設備持續高於市場的業績。在核心 CRM 中，由於我們在美國和歐洲推出傳導系統患者工具的推動，我們的低壓業務實現了低個位數成長，而我們的高壓業務則下降了低個位數。我們最近完成了對 Lucia Bio 包膜資產的收購，該資產旨在預防起搏器和除顫器等設備術後併發症。

We look forward to expanding the reach of this technology to more global markets as a complement to our core CRM portfolio.

我們期待將這項技術的應用範圍擴展到更多的全球市場，作為我們核心 CRM 產品組合的補充。

WATCHMAN grew an outstanding 35% this quarter and surpassed 600,000 patients targeted to date. The excellent growth in the quarter reflects accelerated concomitant uptake in the US and continued penetration into the 5 million patients indicated today through excellent clinical results and strong patient and physician awareness. We continue to expect approximately 25% of the US WATCHMAN procedures to be done concomitantly exiting '25 and with the potential for that to double by 2028, enabled by the trusted (inaudible) approach.

WATCHMAN 本季實現了 35% 的驚人成長，迄今為止患者人數已超過 60 萬名目標。本季的出色成長反映了美國伴隨的吸收加速，並透過出色的臨床結果和強大的患者和醫生意識繼續滲透到當今的 500 萬名患者中。我們繼續預計，到 2025 年，美國約有 25% 的 WATCHMAN 程序將同時完成，並且到 2028 年，這一數字有可能翻一番，這得益於可信的（聽不清楚）方法。

We are confident that we can continue to grow the WATCHMAN market by approximately 20% for the years to come driven by continued concomitant uptake, the upcoming data presentation of CHAMPION in the first half of '26 and the launch of our next-generation device, WATCHMAN ELITE expected in late '27 or early '28.

我們有信心，在未來幾年內，我們可以繼續將 WATCHMAN 市場成長約 20%，這得益於持續的成長、即將於 26 年上半年發布的 CHAMPION 數據以及我們預計於 27 年末或 28 年初推出的下一代設備 WATCHMAN ELITE。

Turning to EP. We're incredibly proud of our EP performance, with third quarter sales growing 63% as we drive continued share gains in the overall EP market. FERAPULSE remains the leading PFA technology having treated over 500,000 patients to date with consistent and reproducible real-world results, further demonstrated in the recently published one-year results from the [FERADISE] trial, which showed favorable procedural and safety outcomes and clinical effectiveness across ablation strategies and AF types.

轉向 EP。我們對我們的 EP 業績感到無比自豪，第三季銷售額成長了 63%，推動了整個 EP 市場的份額持續成長。FERAPULSE 仍然是領先的 PFA 技術，迄今為止已治療了超過 500,000 名患者，並獲得了一致且可重複的真實世界結果，最近發布的 [FERADISE] 試驗一年期結果進一步證明了這一點，該結果顯示了良好的程序和安全結果以及跨消融策略和 AF 類型的臨床有效性。

In the US, we saw continued strong double-digit growth in FERAPULSE supported by ramping adoption of our OPAL HDx mapping system, with one in three FERAPULSE accounts now utilizing our integrated [Fair wave] NAV and OPAL device. The team is executing our pipeline strategy, and we recently launched our contact sensing feature and are moving to full release this month.

在美國，由於我們的 OPAL HDx 地圖系統的廣泛採用，我們看到 FERAPULSE 繼續保持強勁的兩位數增長，目前三分之一的 FERAPULSE 帳戶使用我們集成的 [Fair wave] NAV 和 OPAL 設備。團隊正在執行我們的管道策略，我們最近推出了接觸感應功能，並將於本月全面發布。

Looking forward, our aim is to grow -- continue to grow our share in the overall EP market and we expect to retain a strong leadership position in PFA, enabled by our innovative portfolio, expanding mapping and commercial resources and consistent data publications. We expect global PFA penetration to continue to expand and to exit 2025 at 50% penetration and grow to approximately 80% by 2028. At our recent Investor Day, we shared that we aim to be the market share leaders, not just in PFA but the overall EP market over time. We are investing today to outpace the approximately 15% market growth expected through '28 and by advancing our ecosystem of innovative solutions across both the AF and non-AF segments of the market. We are simplifying ablations and the workflows associated with them.

展望未來，我們的目標是發展——繼續擴大我們在整個 EP 市場中的份額，並期望透過我們創新的產品組合、不斷擴展的地圖和商業資源以及一致的數據出版物，在 PFA 中保持強大的領導地位。我們預計全球 PFA 滲透率將持續擴大，到 2025 年滲透率將達到 50%，到 2028 年將成長至約 80%。在我們最近的投資者日上，我們表示，我們的目標是成為市場份額的領導者，不僅在 PFA 領域，而且在整個 EP 市場。我們今天的投資是為了超越預計到 28 年的約 15% 的市場成長率，並透過在 AF 和非 AF 市場領域推進我們的創新解決方案生態系統。我們正在簡化消融及其相關的工作流程。

and expanding patient access through clinical evidence generation across the globe.

並透過在全球範圍內產生臨床證據來擴大患者的治療機會。

By year-end '25, we expect to make meaningful progress towards expanding access to new technologies and more complex and redo patients. with the launch of our FARAPOINT PFA catheter as well as initiate enrollment in the OPTIMIZE trial, which will study the integration of OPAL in the Cortex AI algorithm. Cortex is a differentiated mapping software designed to precisely visualize and target sources of arrhythmias, addressing an unmet need in the treatment of persistent a patients with unexplained reoccurrence. In closing, I look forward to finishing out an outstanding 2025 and delivering on our guidance, which will result in another year of delivering highly differentiated financial results versus our peer group.

到 2025 年底，我們預計在擴大新技術的使用範圍和為更複雜和重做的患者提供治療方面取得有意義的進展。隨著我們 FARAPOINT PFA 導管的推出以及 OPTIMIZE 試驗的啟動，該試驗將研究 OPAL 在 Cortex AI 演算法中的整合。Cortex 是一款差異化映射軟體，旨在精確可視化和定位心律不整的來源，解決持續性不明原因復發患者的治療需求。最後，我期待在 2025 年取得優異成績並實現我們的預期，這將使我們在新的一年與同行取得高度差異化的財務表現。

And as we highlighted at our recent Investor Day, we have an incredibly strong global team that is relentlessly pursuing and investing in meaningful innovation to deliver differentiated growth and leverage EPS growth this year and for years to come.

正如我們在最近的投資者日上所強調的那樣，我們擁有一支非常強大的全球團隊，他們堅持不懈地追求和投資有意義的創新，以實現差異化增長，並在今年和未來幾年實現每股收益增長。

And with that, I'll hand over to Jon to provide more details on our financials.

接下來，我將把時間交給喬恩，讓他提供有關我們財務狀況的更多詳細資訊。

All right. Thanks, Mike. Third quarter consolidated revenue of $5.065 billion represents 20.3% reported growth versus the third quarter of 2024 and includes a 90 basis point tailwind from foreign exchange, which was favorable versus our expectations. Excluding this $38 million foreign exchange benefit, operational revenue growth was 19.4% in the quarter. Those acquisitions contributed 420 basis points to sales, resulting in 15.3% organic revenue growth which was above our third quarter guidance range of 12% to 14%.

好的。謝謝，麥克。第三季綜合營收為 50.65 億美元，較 2024 年第三季成長 20.3%，其中包括外匯帶來的 90 個基點的順風，比我們的預期要好。不包括這 3,800 萬美元的外匯收益，本季營業收入成長了 19.4%。這些收購為銷售額貢獻了 420 個基點，導致有機收入成長 15.3%，高於我們第三季 12% 至 14% 的指導範圍。

Q3 2025 adjusted earnings per share of $0.75 grew 19% versus 2024 and exceeding the high end of our guidance range of $0.70 to $0.72, primarily driven by strong drop-through on above-expectation revenue and margin performance in the quarter.

2025 年第三季調整後每股收益為 0.75 美元，較 2024 年成長 19%，超過我們 0.70 美元至 0.72 美元的指導範圍高端，主要原因是本季營收和利潤率表現超出預期，導致業績大幅下滑。

Adjusted gross margin was 71% for the third quarter representing a 60 basis point improvement versus the third quarter of 2024, primarily due to favorable product mix, driven by strong growth in electrophysiology and WATCHMAN and partially offset by tariffs.

第三季調整後的毛利率為 71%，較 2024 年第三季提高了 60 個基點，這主要歸功於有利的產品組合，這得益於電生理學和 WATCHMAN 的強勁增長，但部分被關稅所抵消。

As a result of our Q3 performance, we now anticipate full year adjusted gross margin to slightly improve versus 2024, inclusive of an approximate $100 million tariff headwind for the full year unchanged versus previous expectations. Third quarter adjusted operating margin was 28%, expanding 80 basis points versus the prior year period, driven by strong drop-through on our top line performance.

由於我們第三季的業績，我們現在預計全年調整後的毛利率將較 2024 年略有提高，其中包括全年約 1 億美元的關稅逆風，與先前的預期相比保持不變。第三季調整後的營業利潤率為 28%，較去年同期擴大 80 個基點，這主要是由於我們的營業收入大幅下降。

On a GAAP basis, third quarter operating margin was 20.7%. Moving to below the line. Third quarter adjusted interest and other expenses totaled $116 million, which was in line with our expectations.

根據 GAAP 計算，第三季營業利潤率為 20.7%。移至線下。第三季調整後的利息和其他費用總計 1.16 億美元，符合我們的預期。

On an adjusted basis, our tax rate for the third quarter was 13.6%, and our operational tax rate was 13.9%. Fully diluted weighted average shares outstanding ended at 1.495 billion shares in the third quarter, and free cash flow for the third quarter was $1.16 billion with $1.343 billion from operating activities less $181 million in net capital expenditures. We continue to expect full year 2025 free cash flow to be approximately $3.5 billion, reflecting strong cash conversion driven by earnings growth and disciplined working capital management.

經過調整後，我們第三季的稅率為 13.6%，營業稅率為 13.9%。第三季度，完全稀釋加權平均流通股數為 14.95 億股，第三季自由現金流為 11.6 億美元，其中經營活動產生的現金流為 13.43 億美元，減去淨資本支出 1.81 億美元。我們繼續預期 2025 年全年自由現金流約為 35 億美元，這反映了由獲利成長和嚴格的營運資本管理推動的強勁現金轉換。

As of September 30, 2025, we had cash on hand of $1.275 billion, and our gross debt leverage ratio was 2.0x. Our top capital allocation priority remains strategic tuck-in M&A in high-growth adjacencies, followed by share repurchase. In alignment with this strategy, we recently closed our acquisition of the [Alusa] bio envelope assets and announced our agreement to acquire Nalu Medical.

截至2025年9月30日，我們持有現金12.75億美元，總負債槓桿率為2.0倍。我們的首要資本配置重點仍是在高成長領域進行策略性補充併購，其次是股票回購。為了配合這項策略，我們最近完成了對[Alusa]生物包裝資產的收購，並宣布了收購Nalu Medical的協議。

Our legal reserve was $306 million as of September 30, with $46 million already funded through our qualified settlement funds.

截至 9 月 30 日，我們的法定儲備金為 3.06 億美元，其中 4,600 萬美元已透過我們的合格和解基金注資。

I'll now walk through guidance for Q4 and full year 2025. We expect full year 2025 reported revenue growth of approximately 20%, excluding an approximate 100 basis point tailwind from foreign exchange. We expect full year 2025 operational revenue growth of approximately 19%. Excluding an approximate 350 basis point contribution from closed acquisitions, we expect full year 2025 organic revenue growth of approximately 15.5% versus 2024.

我現在將介紹 2025 年第四季和全年的指導。我們預計 2025 年全年報告營收成長約為 20%，不包括外匯帶來的約 100 個基點的順風。我們預計 2025 年全年營業收入成長約為 19%。不包括已完成收購帶來的約 350 個基點的貢獻，我們預計 2025 年全年有機收入將比 2024 年增長約 15.5%。

We expect fourth quarter 2025 reported revenue growth to be in the range of 14.5% to 16.5% and excluding an approximate 200 basis point tailwind from foreign exchange, we expect operational growth to be in a range of 12.5% to 14.5% and excluding an approximate 150 basis point contribution from closed acquisitions, we expect fourth quarter 2025 organic revenue growth to be in a range of 11% to 13% versus 2024.

我們預計 2025 年第四季報告的營收成長率將在 14.5% 至 16.5% 之間，排除外匯帶來的約 200 個基點的順風因素，我們預計營運成長率將在 12.5% 至 14.5% 之間，排除已完成收購帶來的約 150 個季2024 年相比）。

As a result of our year-to-date margin performance, we now expect to expand full year adjusted operating margin by approximately 100 basis points at the high end of our prior range of 75 to 100 basis points and we continue to expect full year 2025 adjusted below-the-line expense to be approximately $440 million. We also maintain our forecast for a full year adjusted tax rate of approximately 12.5% and an operational tax rate of approximately 14%.

根據我們年初至今的利潤率表現，我們現在預計全年調整後的營業利潤率將擴大約 100 個基點，處於我們之前 75 至 100 個基點範圍的高端，並且我們繼續預計 2025 年全年調整後的線下支出約為 4.4 億美元。我們還維持全年調整後稅率約為 12.5% 和營業稅率約為 14% 的預測。

We expect full-year adjusted earnings per share to be in the range of $3.02 to $3.04 and representing growth of 20% to 21% versus 2024. We continue to expect an approximate $0.04 foreign exchange headwind on full year adjusted earnings per share. And for Q4, we expect adjusted earnings per share to be in a range of $0.77 to $0.79.

我們預計全年調整後每股收益將在 3.02 美元至 3.04 美元之間，較 2024 年增長 20% 至 21%。我們繼續預計全年調整後每股收益將受到約 0.04 美元的外匯逆風影響。對於第四季度，我們預計調整後的每股盈餘將在 0.77 美元至 0.79 美元之間。

In closing, I'm pleased with our strong third quarter financial performance, and look forward to executing on our full year 2025 guidance and our long-range financial goals, which we shared at our recent Investor Day. From 2026 to 2028, we're targeting 10% plus average organic revenue growth, approximately 50 basis points of annual adjusted operating margin expansion, leverage double-digit adjusted earnings per share growth and 70% to 80% annual free cash flow conversion. We feel that these goals represent differentiated performance in med tech, and we look forward to executing on them.

最後，我對我們強勁的第三季財務業績感到滿意，並期待執行我們在最近的投資者日上分享的 2025 年全年指導和長期財務目標。從 2026 年到 2028 年，我們的目標是實現平均有機收入增長 10% 以上、年度調整後營業利潤率擴大約 50 個基點、每股調整後收益增長兩位數以及年度自由現金流轉換率達到 70% 至 80%。我們認為這些目標代表了醫療技術領域的差異化表現，我們期待實現這些目標。

Thank you all for joining us today. For more information, please check our Investor Relations website for the third quarter 2025 financial and operational highlights, which provides more details on our results and updated guidance.

感謝大家今天的參與。如需了解更多信息，請訪問我們的投資者關係網站，了解 2025 年第三季度的財務和運營亮點，其中提供了有關我們的業績和最新指引的更多詳細信息。

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

接下來，我將把時間交還給勞倫，她將主持問答環節。

Thanks, Jon. Drew, let's open it 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. Drew, please go ahead.

謝謝，喬恩。德魯，接下來的 35 分鐘左右讓我們開始提問。為了讓我們盡可能回答問題，請將問題限制為一個。德魯，請繼續。

(Operator Instructions)

（操作員指示）

Robbie Marcus, J.P. Morgan.

羅比馬庫斯，摩根大通。

Congrats on a really good quarter here. One for me. And Mike, this comes on the tail of what was a really bullish Analyst Day. And I think what's really coming through in the discussion this morning with investors is EP has been a phenomenal growth driver but WATCHMAN is really what's the most exciting, at least from the print today and the incremental upside that you're continuing to see an acceleration here off the back of and the option data in the fall of last year.

恭喜您本季取得了非常好的成績。給我一個。麥克，這發生在分析師日真正看漲的尾聲。我認為今天早上與投資者的討論中真正達成的共識是，EP 一直是驚人的增長動力，但 WATCHMAN 才是真正最令人興奮的，至少從今天的印刷品和增量上行趨勢來看，您繼續看到它在去年秋季期權數據的基礎上加速增長。

So the question is really do you think of WATCHMAN as a key growth driver? And how do you think people should really expect growth and dollar contribution to progress, assuming the CHAMPION data is positive, just given how much this market has exploded and still how low penetration is potentially versus the addressable population? Thanks a lot.

所以問題是，您是否真的認為 WATCHMAN 是一個關鍵的成長動力？假設 CHAMPION 數據為正值，考慮到這個市場已經爆炸式增長，而且相對於目標人群來說滲透率仍然很低，您認為人們應該如何真正期待增長和美元貢獻的進步？多謝。

Well, thank you very much, Robbie. We're super pleased with the overall performance for the global company. and you pointed out two excellent performers in EP and WATCHMAN. And WATCHMAN clearly is a gem for Boston Scientific. We essentially created the market through great clinical evidence, and you saw at Investor Day a really strong portfolio going to the future, along with expanding evidence in the big CHAMPION trial to be read out first half 2026.

好吧，非常感謝你，羅比。我們對這家全球公司的整體表現非常滿意。您指出了 EP 和 WATCHMAN 中的兩位出色表演者。而 WATCHMAN 顯然是波士頓科學公司的一顆寶藏。我們基本上是透過大量的臨床證據創造了市場，在投資者日，你會看到一個真正強大的未來投資組合，以及將於 2026 年上半年公佈的大型 CHAMPION 試驗中不斷擴大的證據。

And [concomitant] really continues to exceed expectations. It's been adopted very quickly. Now we expect 25% of the WATCHMAN procedures to be done concomitant. So that's certainly a tailwind for us. and the whole combination of FERAPULSE and WATCHMAN together in that procedure is really becoming standard of care for hospitals and physicians given the safety profile and trust they have in that solution along with our excellent commercial teams.

而[伴隨]確實繼續超出預期。它很快就被採納了。現在我們預計 25% 的 WATCHMAN 程序將同時進行。所以這對我們來說無疑是個順風。鑑於安全性和他們對該解決方案的信任以及我們優秀的商業團隊，FERAPULSE 和 WATCHMAN 在該程序中的整個組合確實正在成為醫院和醫生的護理標準。

So in framing the market, kind of similar to what we said at Investor Day, we're comfortable with a 20% market CAGR over the LRP, given the strong momentum of WATCHMAN the underserved patient population that we continue to focus on. Also the globalization of WATCHMAN, we saw some good news in China in the quarter with the approval of FLX Pro, which will help China really strengthen their performance in 2026.

因此，在建立市場時，與我們在投資者日所說的類似，考慮到 WATCHMAN 的強勁勢頭以及我們繼續關注的服務不足的患者群體，我們對 LRP 的 20% 市場複合年增長率感到滿意。此外，隨著 WATCHMAN 的全球化，我們在本季在中國看到了一些好消息，FLX Pro 獲得了批准，這將有助於中國在 2026 年真正加強其業績。

So there's just a lot of great things going on with WATCHMAN in terms of the concomitant procedure itself, the trust that the community and refers have in the concomitant procedure the tremendous pipeline of patients that are still very underserved and the resources and investment that we're placing in additional portfolio enhancements and clinical to broaden it out. We have a very unique strong market share in WATCHMAN, and we plan to continue that market share strength that we have while this market continues to grow very quickly.

因此，就伴隨手術本身而言，WATCHMAN 有很多偉大的事情要做，社區和轉診對伴隨手術的信任，仍然得不到充分服務的患者數量巨大，而且我們在額外的產品組合增強和臨床方面投入的資源和投資正在擴大它。我們在 WATCHMAN 擁有非常獨特的強大市場份額，我們計劃在該市場繼續快速成長的同時繼續保持這一市場份額優勢。

Appreciate the thoughts. Thanks a lot.

感謝您的想法。多謝。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

Good morning and thank you for taking the question. And may I also say very nice quarter. I'd like to step back just for a second and get your impression on two sort of bigger items that are impacting med tech. One is China sounds to me like your kind of business is doing just fine. But obviously, I would love your view.

早上好，感謝您回答這個問題。我還想說，這是一個非常好的季度。我想暫時退一步，聽聽您對影響醫療技術的兩大事項的看法。一是中國，在我看來，你們這種生意做得很好。但顯然，我很欣賞你的觀點。

And second of all, we sort of picked up that there may be some procedures that are being pulled forward as people think about Affordable Care Act cuts and Medicare cuts as we look forward? And I love to see or hear what you're seeing in those things. Thank you.

其次，我們是否注意到，隨著人們考慮削減平價醫療法案和醫療保險，一些程序可能會被提前？我很高興看到或聽到您在這些事物中所看到的東西。謝謝。

Sure. And the first one, procedure pull forward, we don't have any signals that would indicate we're seeing procedural pull forward in our -- across our businesses. So it's something we'll watch out for. But I would say we did not see that in the third quarter more of a consistent procedural demand that we expected and continue to expect going forward. .

當然。第一個是程序提前，我們沒有任何信號表明我們在整個業務中看到了程序提前。所以這是我們要留意的事情。但我想說的是，我們在第三季並沒有看到我們預期的、並且未來仍將繼續預期的更一致的程序性需求。。

I think China shows the -- really the winning spirit of our global team and the strength of our team in China and really just the innovation focus that we have across Boston Scientific is represented well in China as we continue to differentiate ourselves for our peer group there. In the quarter, we again grew mid-teens. We indicated at the Investor Day, we are comfortable with double-digit growth across the LRP, even though that business is getting much larger for us.

我認為中國真正展現了我們全球團隊的必勝精神和我們在中國團隊的實力，而波士頓科學公司的創新重點在中國得到了很好的體現，我們將繼續在中國的同行中脫穎而出。本季度，我們的成長率再次達到十幾歲。我們在投資者日上表示，儘管我們的業務規模正在變得越來越大，但我們對 LRP 的兩位數成長感到滿意。

And as we've mentioned before, we are able to continue to offset VBP price pressures with new innovation and new launches in our combined portfolio, combined with expanding our reach of our customer coverage across the China opportunity. So we have a broad base of business there years ago with solely ICTX, but the ICTX business is our largest business there. They do extremely well. The imaging business with ICTX has done remarkably well and growing quite well. And the EP business had a nice quarter, and we expect bigger things out of the China EP business in the fourth quarter and as we go into 2026.

正如我們之前提到的，我們能夠繼續透過組合產品中的新創新和新產品發布來抵消 VBP 價格壓力，同時擴大我們在中國的客戶覆蓋範圍。因此，我們多年前就透過 ICTX 在那裡建立了廣泛的業務基礎，但 ICTX 業務是我們在那裡最大的業務。他們做得非常好。與 ICTX 合作的成像業務表現非常出色，並且成長相當良好。本季 EP 業務表現良好，我們預計中國 EP 業務在第四季以及 2026 年將取得更大的進展。

So that will provide some additional tailwind and WATCHMAN FLX Pro is also a big launch for us as our WATCHMAN business has been slower in '25 without that product. So we do see EP, WATCHMAN and ICTX continue to carry and offset the DBP headwinds that we face, and that's why we're comfortable with the double-digit growth going forward.

因此，這將提供一些額外的順風，而 WATCHMAN FLX Pro 對我們來說也是一個重大的發布，因為在沒有該產品的情況下，我們的 WATCHMAN 業務在 25 年發展較慢。因此，我們確實看到 EP、WATCHMAN 和 ICTX 繼續承受並抵消我們面臨的 DBP 阻力，這就是我們對未來兩位數成長感到滿意的原因。

Thank you so much.

太感謝了。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good morning. I'll echo my congratulations on another really nice quarter here. I wanted to follow up on Ravi's question on WATCHMAN and the LAA market. I think some investors were surprised by the 20% market outlook you provided at Investor Day, given the growth we're seeing today, which is much higher, and we have CHAMPION coming in the first half of next year. So my question is, is there anything you're seeing in studies like Alone AF and Ocean is coming at American Heart that concerns you? And maybe just lastly, Dr.

早安.我要再次恭喜我們又一個非常好的季度。我想跟進 Ravi 關於 WATCHMAN 和 LAA 市場的問題。我認為一些投資者對您在投資者日提供的 20% 的市場前景感到驚訝，因為我們今天看到的增長要高得多，而且明年上半年我們將推出 CHAMPION。所以我的問題是，您在《Alone AF》和《Ocean is coming in American Heart》等研究中看到什麼讓您擔心的事情嗎？最後，也許只是博士。

Stein, how much of a read-through will close our AF at American Heart be to CHAMPION. Thanks for taking the question.

斯坦，美國心臟協會對冠軍的 AF 的解讀有多深？感謝您回答這個問題。

I would say at a high level, hopefully, you appreciate that we do like to provide accurate forecast as we can on market growth, but we also like to deliver and exceed our commitments. I think that's really important for our team and our investors. And I think, Ken, you can speak to the more substantial part of the question.

我想從高層次來說，希望您能理解，我們確實希望盡可能準確地預測市場成長，但我們也希望兌現並超越我們的承諾。我認為這對我們的團隊和投資者來說非常重要。肯，我認為你可以談談這個問題的更實質的部分。

Yes. Thanks, Mike. Thanks, Larry. I got thinking about 20% growth over sustained number of years of the LRP as conservative, just said something about just how impactful WATCHMAN has been as a therapy, and I think will continue to be. as we mentioned earlier, with Robbie's question, even the currently indicated population is way underpenetrated.

是的。謝謝，麥克。謝謝，拉里。我認為 LRP 在持續數年內實現 20% 的增長是保守的，只是說了 WATCHMAN 作為一種治療方法有多麼有效，而且我認為這種效果還會持續下去。正如我們之前提到的，對於 Robbie 的問題，即使是目前指出的人口，其滲透率也遠遠不足。

And that's why we are very comfortable in that 20% growth over the long-range plan. I think answer your questions about some of the studies that are coming up. Let me talk about them first, closure. So that's (inaudible) going to be reported on AHA. I don't think it's a particularly good read-through for CHAMPION.

這就是為什麼我們對長期計劃中 20% 的成長率感到非常滿意。我想回答你關於一些即將進行的研究的問題。我先說說它們，結束語。因此，這將（聽不清楚）在 AHA 上進行報告。我認為這對 CHAMPION 來說並不是一個特別好的解讀。

It's a very different European population, a very different primary endpoint or a shorter follow-up.

這是一個非常不同的歐洲人口，具有非常不同的主要終點或更短的追蹤時間。

We continue to think that other trials like ProG17 an option, honestly, give us real confidence in what we hope that the CHAMPION will show. I think in terms of Alone AF and a trial called Ocean that will be reported out at AHA. Both of those -- first off, if there -- if Ocean is confirmatory of Alone AF, that's great news, right? Saying that low-risk patients undergoing AF ablation may no longer need stroke prevention. And I want to remind you all, right, that up until now, except for very select populations, AF ablation was only really indicated as a way of managing patients with significant symptoms from their AF.

我們繼續認為，像 ProG17 這樣的其他試驗也是一個選擇，老實說，它讓我們對 CHAMPION 所展現的內容充滿信心。我認為 Alone AF 和名為 Ocean 的試驗將在 AHA 上進行報告。這兩個——首先，如果有——如果 Ocean 證實了 Alone AF，那就是好消息，對吧？表示接受心房顫動消融治療的低風險患者可能不再需要中風預防。我想提醒大家，到目前為止，除了極少數人群外，心房顫動消融術實際上僅被用作治療患有明顯心房顫動症狀的患者的一種方式。

And so this supports the continued growth of FERAPULSE as patients seek AF ablation in order to come off their blood thinners.

因此，隨著患者尋求 AF 消融以擺脫血液稀釋劑，這支持了 FERAPULSE 的持續成長。

But -- and this is important. The patients who are currently getting concomitant for watch procedures are not the low-risk patients who were studying alone AF. And we have not seen any material impact to concomitant following the publication of a loan. And again, so taking all of this together, the significantly underpenetrated currently indicated population. The prospect of indication expansion with trial like CHAMPION, the continued growth in ablation for AF.

但是——這很重要。目前正在接受伴隨觀察程序的患者並不是單獨研究 AF 的低風險患者。我們尚未看到貸款發布後對伴隨事件產生任何重大影響。再次，綜合考慮所有這些因素，可以得出目前滲透率明顯不足的人口數量。隨著 CHAMPION 等試驗的開展，適應症的擴大前景以及心房顫動消融治療的持續成長。

We remain really comfortable with the projection of 20% annualized growth over (inaudible).

我們仍然對 20% 的年化成長率預測感到十分放心（聽不清楚）。

All right. Thank you so much.

好的。太感謝了。

Rick Wise, Stifel.

瑞克懷斯，Stifel。

Good morning, Mike. Hi, Jon. I'd like to focus on the very impressive margin performance. Jon, you kept saying strong drop-through to margins from the revenue outperformance, got it. But I was hoping you'd sort of give us a little more color. I mean your gross margins, which I know you don't guide to specifically, almost back now to pre-COVID levels. Help us think through as we try to model looking ahead, where do we go from here on the margin front?

早上好，麥克。你好，喬恩。我想重點談談令人印象深刻的利潤表現。喬恩，你一直說收入的超額表現會導致利潤率的大幅下降，明白了。但我希望你能給我們更多細節。我的意思是，您的毛利率（我知道您沒有具體說明）現在幾乎恢復到了疫情之前的水平。當我們嘗試建模展望未來時，請幫助我們思考，我們在利潤方面應該走向何方？

How big driver of your operating margin goals is gross margin? And just help us understand maybe with a little more color, the drivers from here. It just feels like given the revenue strength and what we saw this quarter is that your 50 basis point annual improvement could prove conservative. He said optimistically.

毛利率對於您的營業利益率目標有多大推動作用？而也許可以透過更多的細節幫助我們理解這裡的驅動因素。只是感覺，考慮到收入實力以及我們本季看到的情況，每年 50 個基點的改善可能是保守的。他樂觀地說。

Thanks so much, Rick. Appreciate the question. And yes, pleased with the performance in the quarter and our expectation to expand operating margins 100 basis points on the year. overcoming the tariff impact of approximately $100 million that we've sized for the year. In the quarter, as I mentioned, saw very strong gross margin tailwind from mix.

非常感謝，里克。感謝你的提問。是的，我們對本季的業績感到滿意，我們預計今年的營業利潤率將提高 100 個基點，以克服我們預計今年約 1 億美元的關稅影響。正如我所提到的，本季度，組合帶來的毛利率順風非常強勁。

We spent some time talking in Q&A about WATCHMAN, the 35% growth there. continuing to perform very well for us, nice mix benefit there. Heard Mike mentioned in his remarks, how all our agent drug-coated coronary balloon is performing. So mix really driving the gross margin performance that we saw in the quarter, and we're now expecting gross margin to slightly improved year-over-year despite that $100 million tariff headwind.

我們在問答環節花了一些時間談論 WATCHMAN，那裡的 35% 的成長率。繼續為我們帶來良好的表現，那裡有很好的混合效益。聽到麥克在演講中提到，我們所有的藥物塗層冠狀動脈球囊的表現如何。因此，混合因素確實推動了我們在本季度看到的毛利率表現，儘管面臨 1 億美元的關稅逆風，我們現在預計毛利率將比去年同期略有提高。

So then as we head into next year, we're rolling up our annual operating plan process now, and we'll provide more detail as we typically do when we have our Q4 call at the start of next year. But broadly, as we mentioned at our Investor Day, do you expect to expand operating margin each year, every year, targeted roughly 50 basis points a year. within the pieces there. I would expect to -- with gross margin, I would expect that mix will continue to be a tailwind for us. we will see annualization of tariffs in 2026.

因此，隨著我們進入明年，我們現在正在製定年度營運計劃流程，並且我們將提供更多細節，就像我們通常在明年年初召開第四季度電話會議時所做的那樣。但總體而言，正如我們在投資者日提到的那樣，您是否預計每年都會擴大營業利潤率，每年的目標是每年大約 50 個基點。在其中的部分。我預計——考慮到毛利率，我預計這種組合將繼續成為我們的順風。我們將在 2026 年看到關稅年度化。

So that will be a further headwind based off of our expectations today. We expect us to continue to drive leverage through SG&A. And then R&D, we've got that roughly between 9% and 10%. I think that's a nice level of investment at the high end of our peer set. So I think that's a good place for us to live moving forward.

因此，根據我們今天的預期，這將是進一步的阻力。我們預計我們將繼續透過銷售、一般和行政費用來推動槓桿作用。然後是研發，我們大約佔 9% 到 10% 之間。我認為這是我們同業中高端的一個不錯的投資水準。所以我認為這對我們今後的生活來說是一個好地方。

So Again, I appreciate the question, Rick. Love the momentum of the business and the financial performance while reinvesting back in the business for growth, and as always, we'll provide much more detail when we get to our Q4 call at the start next year.

所以，我再次感謝你提出這個問題，里克。喜歡業務的發展勢頭和財務表現，同時重新投資於業務以實現成長，並且與往常一樣，我們將在明年年初的第四季度電話會議上提供更多細節。

Thanks.

謝謝。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

Thank you. Good morning everybody. Mike, you referenced this in response to one of the earlier questions, but I was hoping you could expand on the dynamics in the business, kind of outside EP and WATCHMAN, there's obviously a disproportionate focus on those businesses given how strong a growth contribution they've been. But as we look forward, I think everyone understands that the EP business is going to decelerate given just the size and the competitive landscape there, even with strong market growth. But if you look across the rest of the portfolio, you're seeing good momentum in businesses like Neuromodulation and Endoscopy. You talked about some of the improvements you're seeing in Silk Road. But maybe help frame for us what are kind of the drivers that support and the growth outlook in the rest of the business?

謝謝。大家早安。麥克，你在回答之前的一個問題時提到了這一點，但我希望你能詳細說明一下業務動態，除了 EP 和 WATCHMAN 之外，考慮到這些業務對增長的強勁貢獻，人們顯然對這些業務的關注度過高。但展望未來，我想每個人都明白，即使市場成長強勁，考慮到規模和競爭格局，EP 業務的成長速度也將放緩。但如果你看看投資組合的其餘部分，你會看到神經調節和內視鏡檢查等業務發展勢頭良好。您談到了絲綢之路所取得的一些進步。但也許可以幫助我們了解支持其他業務的驅動因素和成長前景是什麼？

And where do you think from a product perspective, we should be focused?

從產品角度來看，您認為我們應該關注哪些面向？

David, I really appreciate that question. So much of the attention goes to our EP business and it should, given that we were just #4, now we're a clear #2 and have higher am over the future. But as you said, it's not going to grow as fast as it has given that we're anniversarying comps and the size of the business, but we expect it to be an outstanding performer in '26 and beyond in our EP business. But I'm really proud of the rest of the divisions. And not every one of our business grows faster than market every quarter. But as a composite, we clearly do. And that's what we indicated at our Investor Day to grow faster than our 9% [Wanger].

大衛，我真的很感謝你提出這個問題。大部分的注意力都集中在我們的 EP 業務上，這是理所當然的，因為之前我們只是排名第 4，現在我們明顯排名第二，並且未來發展前景更好。但正如你所說，考慮到我們正在慶祝公司週年紀念日和業務規模，它的增長速度不會像現在這樣快，但我們預計它將在 26 年及以後在我們的 EP 業務中表現出色。但我真的為其他部門感到自豪。而且我們的每項業務並非每季的成長速度都快於市場。但作為一個整體，我們顯然有這樣的能力。這就是我們在投資者日上指出的成長速度超過 9% [Wanger] 的原因。

MedSurg in the quarter had a healthy 8% growth, very strong growth with our Endoscopy business. We've got a few different alliances and product launches that we're launching in '26. We expect strong Endo performance. Euro has had a tougher year. We have high expectations.

MedSurg 本季實現了 8% 的健康成長，我們的內視鏡業務成長非常強勁。我們將在 26 年建立一些不同的聯盟並推出一些產品。我們期待 Endo 有強勁表現。歐元經歷了更艱難的一年。我們抱有很高的期望。

We talked about Axonics in the script. We expect Axonics to get stronger in fourth quarter and euro will actually have some easier comps in '26. We expect some acceleration there. And I'm really proud of our Neuromod team. They really clawed back over the years, and now they drove 9%.

我們在劇本中討論了 Axonics。我們預計 Axonics 將在第四季度變得更加強勁，而歐元在 26 年實際上將會有一些更容易的競爭。我們預計那裡會有一些加速。我為我們的 Neuromod 團隊感到非常自豪。這些年來，他們確實恢復了元氣，現在他們的銷售量已經達到了 9%。

I think it was 9% growth in the quarter. and we just closed the have a close. We signed the Nalu acquisition, another great adjacency for us. So we're really -- will be with a the clear category leader from a portfolio perspective and pain business. with an improved and strength in SCS business, a solid RF business.

我認為本季的成長率是 9%。我們剛剛結束了交易。我們簽署了 Nalu 收購協議，這對我們來說是另一個重大的鄰接協議。因此，從產品組合和痛點業務的角度來看，我們確實將成為明顯的類別領導者。隨著 SCS 業務的改善和實力以及穩固的 RF 業務的出現。

Relevant has done better than we had planned with that acquisition and now Nalu.

Relevant 的業績比我們之前計劃的要好，現在又收購了 Nalu。

So similar to Endo and other businesses, we have the widest portfolio in neuromodulation and some unique abilities to work with our customers in that regard. Our ICTX business has transformed itself from a reliant on DES to a high-growth business led by our imaging business, our agent and complemented with the rest of their portfolio. And we have -- as we said in Investor Day, we have our largest investments in the company within ICTX. The most near-term one is our IVL product for PI, which will launch in a limited way at the end of this year. We'll get a full benefit of that and the trial for IVL and cardiology is going extremely well.

與 Endo 和其他企業類似，我們在神經調節領域擁有最廣泛的產品組合，並且在這方面擁有與客戶合作的獨特能力。我們的 ICTX 業務已從依賴 DES 轉變為由我們的影像業務、我們的代理商主導並輔以其他投資組合的高成長業務。正如我們在投資者日所說的那樣，我們在 ICTX 公司進行了最大的投資。近期推出的是針對 PI 的 IVL 產品，將於今年底限量推出。我們將從中充分受益，IVL 和心臟病學試驗進展非常順利。

And we look to wrap that up, hopefully, early in the first quarter, '26 and launched that in '27. And we have a number of other large investments, some that we talked about at Investor Day.

我們希望在 2026 年第一季初完成這項工作，並在 2027 年推出。我們還有許多其他大型投資，其中一些我們在投資者日上討論過。

IO continues to do well, growing double digits. Our venous portfolio grew double digits, and they absorbed the some of the pricing challenges in China.

IO 繼續表現良好，實現兩位數成長。我們的靜脈產品組合實現了兩位數成長，並吸收了中國的一些定價挑戰。

So EP gets the airtime, but the rest of the business continues to do very well. And what's most important is we spend a lot of time on those businesses, constantly feeding them with organic R&D tuck-in M&A, expanding clinical work, so we continue to grow above market as our WAM go continues to grow.

因此，EP 獲得了播出時間，但其餘業務繼續表現良好。最重要的是，我們在這些業務上投入了大量的時間，不斷為其提供有機研發、併購、擴大臨床工作，因此，隨著我們的 WAM 不斷成長，我們的成長速度也持續高於市場。

Excellent. I appreciate all the perspective. Thank you.

出色的。我感謝所有人的觀點。謝謝。

Michael Polark, Wolfe Research.

邁克爾·波拉克，沃爾夫研究中心。

I have a question on PFA and persistent. So (inaudible) got the FDA label for Persistent in July. I'm hoping you can confirm FARAPOINT is on track for year-end 2025. If both of those things are true or FARAPOINT is still on track. Like is this the cocktail to get the penetration of PFA into persistent kicked into a higher gear.

我有一個關於 PFA 和持續性的問題。因此（聽不清楚）在 7 月獲得了 FDA 的持久性標籤。我希望您能確認 FARAPOINT 將在 2025 年底順利實現。如果這兩件事都是真的，或者 FARAPOINT 仍在按計劃進行。就像這是讓 PFA 滲透到持久性中的雞尾酒一樣，其作用被提升到了更高的水平。

I hear about 50% PSA penetration at a high level, but I think that's a much higher rate of pennant parks more de novo cases and lower into more complex cases, including these persistent patients. So I'm just kind of interested, is '26 the year where persistent really kicks into a higher gear. And if not, what is the cocktail to enable that? Thank you.

我聽說 PSA 滲透率在較高水平上約為 50%，但我認為這對於更多新病例來說是一個更高的比率，而對於更複雜的病例（包括這些持續性患者）來說則更低。所以我只是有點感興趣，'26 年是不是堅持真正進入更高階段的一年。如果不能，那麼有什麼方法可以實現這一點？謝謝。

Yes, Mike, I'll take that. And I actually -- particularly for de novo persistent, it's already in high gear. We got that approval on the back of the results of our ADVANTAGE trial, which frankly showed the desk long-term outcomes. Anyone has ever seen in a de novo persistent ablation trial and really remarkable long-term freedom from high burden persistent atrial fibrillation or from symptomatic atrial fibrillation. And one of the things that I don't know that everyone has appreciated enough to this point is that if you look at the results of trials like Advantage as well as some of the real-world data now that we've presented at meetings, the redo rates after de novo persistent AF ablation with FERAPULSE are down into the single-digit levels.

是的，麥克，我接受。事實上，特別是對於從頭持續性研究，它已經處於高速發展階段。我們根據 ADVANTAGE 試驗的結果獲得了批准，該試驗坦率地展示了長期結果。任何人都曾經在從頭持續性消融試驗中看到過真正顯著的長期擺脫高負擔持續性心房顫動或症狀性心房顫動的情況。到目前為止，我不知道大家是否已經充分認識到的一件事是，如果你看一下 Advantage 等試驗的結果以及我們在會議上展示的一些真實世界數據，就會發現使用 FERAPULSE 進行從頭持續性 AF 消融後的重做率已降至個位數水平。

And so I think I would not agree with the characterization today of de novo persistent as a particularly complicated ablation. The for wave catheter is just exquisitely well suited for this ablation strategy of pulmonary vein isolation plus posterior wall ablation. I think I would agree with your premise when you get to the more complex things like redo procedures. And that's where things like having FARAPOINT as an adjunct, we get to things like our flex catheter that's in for assuming use clinical trials today as well as things like the acquisition that we had of the Cortex technology, as Mike mentioned in the script, right, to enable a true precision mapping of AF sources so that you do have something that you can offer to those again, single-digit number of patients who are going to have unexplained recurrences after their de novo ablation.

因此，我認為我不會同意今天將新生持續性消融描述為一種特別複雜的消融。而for波導管恰恰非常適合這種肺靜脈隔離加後壁消融的消融策略。我認為，當你遇到更複雜的事情（例如重做程序）時，我會同意你的前提。這就是將 FARAPOINT 作為輔助手段的地方，我們得到了諸如我們的柔性導管之類的東西，它假設今天用於臨床試驗，以及我們收購的 Cortex 技術，正如 Mike 在腳本中提到的那樣，可以實現真正的精確 AF 源映射，這樣您就可以為那些在從頭消融後出現不明原因復發的個位數患者提供一些東西。

But just to come back to it, we really already do see a very high degree of uptake of [Farowave] in the de novo persistent population and expect to see that continue.

但回到正題，我們確實已經看到 [Farowave] 在從頭持續性人群中的吸收程度非常高，並且預計這種情況會持續下去。

Thank you.

謝謝。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Congrats on a good quarter, and I'm finished with the fantasy draft on back. I wanted to ask about the $30 million backorder you called out. I know it's a small amount, but it did add -- could add a point of growth to the total company. what businesses did that impact? Was there any way we had impacted the most in the quarter? And does that come back in Q4?

恭喜您取得了一個好的季度，並且我已經完成了夢幻選秀。我想問一下您提到的 3000 萬美元的延期交貨的情況。我知道這只是一個小數目，但它確實增加了——可以為整個公司增加一個成長點。這對哪些企業產生了影響？我們在本季中是否發揮了最大的作用？那這會在第四季再次出現嗎？

Sure. Thanks for the question. This is very comprehensive global ERP implementation that we've set embarked on a few years ago, and this was our implementation at our Kerkrade distribution facility, which didn't quite go as planned. But the team is doing a great job in recovering from that and things certainly look better now than they did 60 days ago. So I appreciate our team's hard work in that area.

當然。謝謝你的提問。這是我們幾年前開始實施的非常全面的全球 ERP 實施項目，這是我們在克爾克拉德配送中心實施的項目，但進展並不完全按計劃進行。但球隊在恢復方面做得很好，現在的情況肯定比 60 天前要好。因此，我感謝我們團隊在該領域的努力。

The impact of the quarter was fairly broad-based. I'd say, a little bit trended a bit more to the MedSurg and PI businesses. But -- so it was really kind of impacted across many businesses, less impact on EP and less impact on WATCHMAN and a bit more impact on the other divisions. But the team has made really good progress. We're still not 100% out of the woods on the back order but we expect that back order to bleed down to acceptable levels by the end of the year.

本季的影響相當廣泛。我想說的是，MedSurg 和 PI 業務的趨勢稍微更趨向於此。但是——它確實對許多業務產生了影響，對 EP 的影響較小，對 WATCHMAN 的影響較小，而對其他部門的影響較大。但該團隊確實取得了良好的進展。我們還沒有完全擺脫積壓訂單的困境，但我們預計到今年年底積壓訂單將減少到可接受的水平。

Great. Thanks a lot.

偉大的。多謝。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

I love to just take it to now have given you guys, it's very recent or in that situation. PS, obviously a super interesting market like there's kind of nobody really else there. I know they're very small the other players. What was it the kind of made you feel like now is the time. I know you guys have been following them closely for a while, but I'd love any more details on how you guys are feeling expanding that and driving particularly commercial coverage over time? Thanks, guys.

我喜歡把它帶到現在已經給你們了，這是最近的情況或情況。PS，顯然這是一個超級有趣的市場，好像那裡真的沒有其他人。我知道他們比其他球員矮小很多。現在是時候了，那是什麼讓你感覺如此？我知道你們已經密切關注他們一段時間了，但我希望了解更多關於你們如何擴大這一範圍並推動特別是商業報道的細節？謝謝大家。

Yes. We're -- as I mentioned, we're excited about the Nalu signing. In terms of timing, like many companies that we end up acquiring, we we're a VC investor in Nalu when Keegan Harper and team started this many, many years ago. So we always like the space of peripheral nerve stim. The Nalu team did a really nice job over many years.

是的。正如我所提到的，我們對 Nalu 的簽約感到非常興奮。就時機而言，就像我們最終收購的許多公司一樣，當 Keegan Harper 和團隊在很多年前創辦 Nalu 時，我們就是 Nalu 的創投。所以我們一直喜歡週邊神經刺激的空間。多年來，Nalu 團隊做得非常出色。

building up the portfolio, driving the clinical evidence, where now they have solid Medicare reimbursement and improving coverage from the commercial payers. So a nice job in terms of clinical evidence, which is driving the reimbursement and also solid clinical performance and solid sales track record. I think just as importantly, we always look at in our integrations is it the right time for the business to integrate Nalu. And our Neuromod team, with Jim Cassidy, has done an amazing job Ryan Bets and others with relevance that we acquired, I don't know, 18 months ago or so, which also is a very unique asset in that pain space and what's driving considerable growth for the company. .

建立投資組合，推動臨床證據，現在他們擁有可靠的醫療保險報銷，並改善了商業付款人的覆蓋範圍。因此，從臨床證據來看，這是一項很好的工作，它推動了報銷，並且具有良好的臨床表現和良好的銷售記錄。我認為同樣重要的是，我們在整合過程中始終關注現在是否是企業整合 Nalu 的正確時機。我們的 Neuromod 團隊與 Jim Cassidy、Ryan Bets 以及其他與我們在大約 18 個月前收購的相關人員一起做出了出色的工作，這也是該痛點領域非常獨特的資產，也是推動公司顯著增長的因素。。

And so the team proved they can drive the integration successfully and they're ready to take on more, and we had a large VC investment in this business. So it's a perfect puzzle piece to add to our neuromodulation and paint business. because it really does offer a highly differentiated portfolio versus our others who primarily compete in spinal cord stim. And this is another new adjacency that will add to our (inaudible) and accelerate the growth of Neuromod in '26.

因此，該團隊證明他們可以成功推動整合，並且他們準備承擔更多任務，而且我們在這項業務上進行了大量的風險投資。因此，它是我們神經調節和塗料業務的完美補充。因為與主要在脊髓刺激領域競爭的其他公司相比，它確實提供了高度差異化的產品組合。這是另一個新的鄰接，它將增加我們的（聽不清楚）並加速 Neuromod 在 26 年的成長。

Love the color. Thanks so much.

喜歡這個顏色。非常感謝。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Good morning, guys. Thanks so much for taking the question and congrats on a good quarter. Mike, I also have to admit to you that you were right about the Raiders. So with that, my question is on CRM. And that's been a business where you guys have been growing below the market. You have a competitor that's in a new product cycle, and they're actually talking about sustainable double-digit growth going forward. You guys have a new product cycle coming. So I'm just curious about how you think about the cadence of growth in that business as we start to get into the launch of some of those new products. Thanks so much.

大家早安。非常感謝您回答這個問題，並祝賀您本季取得了良好的業績。麥克，我還必須承認，你對突襲者隊的看法是正確的。因此，我的問題是關於 CRM 的。而你們的這個業務的成長速度一直低於市場水準。你的競爭對手正處於新的產品週期，他們實際上正在談論未來可持續的兩位數成長。你們即將迎來一個新的產品週期。所以我很好奇，當我們開始推出一些新產品時，您如何看待該業務的成長節奏。非常感謝。

Yes. So overall CRM, we're pleased with our performance in our lux, which is a smaller part of the market, but that continues to do quite well. And we've been investing for a number of years on an entire new platform called Denali which will really be -- there's different stages of that Denali launch that will happen through the tail end of second half of '26 and through the LRP period. Which -- and Ken can provide more detail, which really is a complete refresh, which we think will improve our core pacemaker, the tabulator business. We're also enthusiastic about Empower our entry into leadless pacemaker market combined with S-ICD.

是的。因此，總體而言，我們對豪華車領域的表現感到滿意，儘管豪華車在市場上只佔較小份額，但仍然表現良好。我們已經在一個名為 Denali 的全新平台上投資多年，Denali 的發布將分為不同的階段，分別在 2026 年下半年末和 LRP 期間進行。Ken 可以提供更多細節，這確實是一個徹底的更新，我們認為這將改善我們的核心起搏器，製錶機業務。我們也對 Empower 與 S-ICD 結合進入無導線起搏器市場充滿熱情。

So we've been probably growing at on a unit basis kind of at market but on a dollar basis below market because we've had some of the gaps in leadless which drive a higher ASP. But on a unit basis, we're kind of holding our own in that market, and we're confident that over this LRP period, that the CRM business will strengthen versus where it is today and be a larger contributor for us.

因此，我們可能在單位基礎上以市場為基礎成長，但在美元基礎上卻低於市場，因為我們在無鉛產品方面存在一些差距，從而推動了更高的平均售價。但從單位數量來看，我們在該市場中佔據了一席之地，我們相信，在此 LRP 期間，CRM 業務將比現在更加強大，並為我們做出更大的貢獻。

Yes. Maybe just to add to what Mike said. I mean, again, we certainly do the gap and not being in the legalist market, excited about eventually being able to bring the EMPOWER device to market. see that as important, both as playing in leadless, but also as something that's going to be an enabler for accelerated growth within our S-ICD franchise. I'd also point to the acquisition of (inaudible) this is an important adjunctive technology that people are using to prevent complications in particular, with things with postoperative infections or postoperative complications with the pockets for these devices.

是的。也許只是為了補充一下麥克所說的話。我的意思是，我們確實彌補了差距，而不是處於法律主義市場，我們很高興最終能夠將 EMPOWER 設備推向市場。我們認為這很重要，既可以在無鉛領域發揮作用，也可以成為我們 S-ICD 特許經營加速成長的推動因素。我還要指出的是，（聽不清楚）這是一項重要的輔助技術，人們用它來預防併發症，特別是術後感染或術後併發症，以及這些裝置的口袋。

That's another market that we have not played in previously, and it's one where we have a technology that we really do see as having differentiated advantages over the incumbent, Mike mentioned our complete refresh of our entire implantable platforms, Brady, high-voltage, CRT and S-ICD. So that's sort of a generational opportunity to really develop market-leading technology across all of those platforms. And then I think I'll also highlight where we've gone with the conduction system pacing, seeing fantastic growth in the use of our conduction system pacing technology pacemaker for brady indications, but also very excited to have a purpose-built ICD lead doing conduction system pacing and attacking market that we think would be quite disruptive.

這是我們以前沒有涉足過的另一個市場，在這個市場中，我們擁有的技術確實比現有技術具有差異化優勢，Mike 提到我們對整個植入式平台、Brady、高壓、CRT 和 S-ICD 進行了全面更新。因此，這是一種真正在所有這些平台上開發市場領先技術的世代機會。然後我想我也會強調我們在傳導系統起搏方面取得的進展，看到我們的傳導系統起搏技術起搏器在治療心動過緩適應症方面的使用取得了驚人的增長，但同時我也很高興有一個專門的 ICD 導線來進行傳導系統起搏並進軍我們認為會相當具有顛覆性的市場。

Thanks.

謝謝。

Vijay Kumar, Evercore.

維傑·庫馬爾 (Vijay Kumar)，Evercore。

Hey, guys. Congratulations on nice print. Jon, maybe one for you on a margin share. When I look at fiscal '25, you had the TAVR recall charges in tariff despite that we're 200 basis points of margin expansion rate. But when you look at the cadence I think Q4 is down sequentially, right? Is that the incremental tariff headwind from Q3 to Q4? And how should we think of fiscal '26, right? Is the Analyst Day had 50 bps of annual OMX, is that still valuing for '26?

嘿，大家好。恭喜您印得很漂亮。喬恩，也許你可以從保證金份額中分得一杯羹。當我查看 25 財年時，儘管我們的利潤率擴張率為 200 個基點，但關稅中仍有 TAVR 召回費用。但是當你看一下節奏時，我認為 Q4 是連續下降的，對嗎？這是第三季到第四季的增量關稅阻力嗎？那我們該如何看待 26 財年呢？分析師日是否有 50 個基點的年度 OMX，這是否仍對 26 年具有價值？

Yes. Thanks, Vijay, for the question. And pleased with our expectation for improving margins 100 basis points on the year despite the tariff headwind of roughly $100 million. And as you mentioned, we had the impact of the accurate withdrawal in the second quarter. So despite that, I think we've done a nice job with finding appropriate offsets in the business, driving strong margin expansion, predominantly with the top line performance.

是的。謝謝 Vijay 提出這個問題。儘管面臨約 1 億美元的關稅阻力，但我們對今年利潤率提高 100 個基點的預期感到滿意。正如您所提到的，我們在第二季度受到了準確撤軍的影響。因此，儘管如此，我認為我們在業務中找到了適當的補償，推動了利潤率的強勁成長，主要是營收表現。

that we've seen for the year, again, expecting 15.5% organic revenue growth and reinvesting back into targeted areas of the business to drive growth for the long term. So yes, we'll see where we go for the fourth quarter. We manage margins really on an annual basis. So we're a little less focused quarter-by-quarter, more focused on how we're driving margin performance for the year. And as far as 2026, we're rolling up the plan process now, and we'll provide much more detail there when we get to the Q4 call at the early part of next year. But should expect us to expand operating margins and drive meaningful expansion there and deliver leveraged double-digit EPS growth.

正如我們今年所看到的，我們預計有機收入將成長 15.5%，並將重新投資於目標業務領域，以推動長期成長。是的，我們將看看第四季的走向。我們確實按年度管理利潤。因此，我們對季度的關注度有所降低，而更加關注如何推動全年的利潤表現。至於 2026 年，我們現在正在製定計劃流程，並將在明年年初的第四季電話會議上提供更多細節。但我們應該預期擴大營業利潤率並推動有意義的擴張，並實現兩位數的每股盈餘成長。

Thank you.

謝謝。

Chris Pasquale, Nephron Research.

Chris Pasquale，腎元研究。

I wanted to ask about agents. Our work suggests that launch is going really well, probably has a chance to be maybe a $1 billion product for you as the indication expands, although it's not getting a kind of attention yet. I'm curious how you're thinking about growth in the interim period before stance reads out? Is there enough room just in ISR to sustain the current momentum, especially with competition maybe coming into the US next year. And while I know you don't promote off-label use, are you starting to see physicians already moving beyond inset restenosis and utilizing the product in novo lesions?

我想問一下關於代理的問題。我們的工作表明，該產品的發布進展順利，隨著適應症的擴大，它有可能成為一款價值 10 億美元的產品，儘管目前它還沒有引起人們的關注。我很好奇，在立場宣告公佈之前的過渡期內，您是如何看待成長的？僅在 ISR 領域是否有足夠的空間來維持當前的勢頭，特別是明年可能出現來自美國的競爭。雖然我知道您不提倡標籤外使用，但您是否開始看到醫生們不再局限於治療內陷再狹窄，而是將該產品用於治療新發病變？

Yes, Chris, maybe I'll take that. the fast answer is we do see plenty of room for continued growth even before stance, complete enrollment and reads out. We're pleased now to have a TPT and better reimbursement in place. I think -- point out, we also, with trials like stance, see an opportunity to at least double the indicated population as you move beyond in-stent restenosis into small vessel bifurcation disease. And some other de novo lesions.

是的，克里斯，也許我會接受。快速的回答是，即使在立場、完成註冊和宣讀之前，我們確實看到了很大的持續成長空間。我們很高興現在有了 TPT 和更好的報銷制度。我認為——指出，​​透過像 stance 這樣的試驗，我們也看到了一個機會，即隨著支架內再狹窄轉向小血管分叉疾病，適應症族群至少可以增加一倍。還有一些其他的新發病變。

We will have some additional data on agent coming out of TCT, data from our agent post-approval study. And I think that will be helpful as you all do kind of see the sorts of lesions that it is being used for in the real world and see the real word outcomes. In terms of competition, I think getting more data out about the use of drug-coated balloons is good for us and good for agent.

我們將獲得一些來自 TCT 的關於代理商的額外數據，以及來自我們的代理商批准後研究的數據。我認為這將會很有幫助，因為你們確實看到了它在現實世界中用於治療的各種病變，並看到了真實的結果。就競爭而言，我認為獲取更多有關使用藥物塗層球囊的數據對我們和經紀人都有好處。

I think important to point out that within the use for drug-coated balloons specifically, there are some real fundamental advantages to the use of paclitaxel as the drug compared to some of the other drugs. So very comfortable with the position that we have for agent and excited about it as we laid out at Investor Day as a long-term growth driver for the company.

我認為需要指出的是，具體到藥物塗層球囊的使用方面，與其他一些藥物相比，使用紫杉醇作為藥物確實具有一些根本的優勢。我們對代理商的職位感到非常滿意，並且對此感到興奮，因為我們在投資者日將其作為公司長期成長的動力。

Thanks, Dr. Stein.

謝謝，斯坦博士。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

Good morning, guys. Thanks for fitting me in here. A question about the proposed reimbursement for AF ablation and ASCs for next year. What proportion of basins do you think could be moved into the ASCs? And how could they increase capacity using ASC to help fuel additional market growth.

大家早安。謝謝你讓我來這裡。關於明年 AF 消融和 ASC 擬議報銷的問題。您認為有多少比例的盆地可以移入 ASC？他們如何利用 ASC 來增加產能，從而推動額外的市場成長。

Yes. I may have to get a phone in a friend with our IR team here. Just anecdotally, we're certainly seeing some strong interest in the states that don't have a specific of need. You're seeing some interest in Arizona and Florida, which we think is good, as we talked about before, given the oftentimes long backlog be hospitals have with FERAPULSE. So we think this will help with the backlog over time in some of those states.

是的。我可能需要打個電話給我們這裡的 IR 團隊的朋友。只是有趣的是，我們確實看到一些沒有特定需求的州表現出濃厚的興趣。您看到亞利桑那州和佛羅裡達州有一些興趣，我們認為這是件好事，正如我們之前談到的，因為醫院對 FERAPULSE 的積壓工作通常很長。因此我們認為這將有助於解決一些州的積壓問題。

Many states aren't able to do it because of [COA] needs and so forth. But we certainly think it's going to be an increasing trend in '26 and will grow more so over the LRP period.

由於[COA]需求等原因，許多州無法做到這一點。但我們確實認為這在 26 年將呈現成長趨勢，並且在 LRP 期間將成長得更快。

And as importantly, I think we're uniquely positioned to win in that market given the reliability and trust that physicians have in FERAPULSE, the COGS profile and gross margin profile that we have for that product as well as the complementary products that Boston Scientific offers in our -- across our cardiovascular portfolio to assist those customers. I did get an answer from my phone and the friends that says -- what we estimate is 40% of the AF ablations in the US will not need a certificate aid.

同樣重要的是，我認為，鑑於醫生對 FERAPULSE 的可靠性和信任、該產品的 COGS 狀況和毛利率狀況，以及波士頓科學公司在我們的心血管產品組合中提供的補充產品，我們在該市場中具有獨特的優勢，可以幫助這些客戶。我確實從我的電話和朋友那裡得到了答案——我們估計美國 40% 的 AF 消融不需要證書輔助。

Are in states that don't require a certificate of need.

位於不需要需要證明的州。

But maybe I'll just add to that. But even in those states, it will take some time to build out the ASC capabilities, right, it's capital deployment. And there's not going to be a step change, like the step change that we saw with the adoption of concomitant that this is going to be more of a slow ramp. But I think really important just to come back to what Mike said at the end, which is that the FERAPULSE and our entire ecosystem, really is very well suited to enable these procedures to move out into the ASC.

但也許我只是想補充一點。但即使在這些州，也需要一些時間來建立 ASC 能力，對，這是資本部署。而且不會出現階躍變化，就像我們在採用伴隨技術時所看到的階躍變化一樣，這將是一個緩慢的上升過程。但我認為真正重要的是回到 Mike 最後所說的話，即 FERAPULSE 和我們的整個生態系統確實非常適合將這些程式轉移到 ASC。

Yes. So we think there'll be a minimal impact on ASC in '26. But I just think broadly on EP, we're still remarkably early in the PFA journey, given our launch, what, 18 months ago, can or whatever less than two years ago, I guess.

是的。因此我們認為這對 26 年的 ASC 的影響將很小。但我只是從 EP 的角度廣泛思考，考慮到我們 18 個月前或不到兩年前推出的產品，我們在 PFA 之旅中仍處於非常早期的階段。

(inaudible), yeah.

（聽不清楚），是的。

Yes. And so the key for us is we continue to drive new account openings around the globe. We still have a lot of work to do with new account openings in the US and particularly in Asia Pac. And the new account openings helped drive penetration.

是的。因此，對我們來說，關鍵是繼續推動全球新帳戶的開設。我們在美國，特別是亞太地區開設新帳戶方面還有很多工作要做。新帳戶的開設有助於推動滲透率。

We also have the opportunity to continue to grow deeper with more physicians leveraging FERAPULSE. And we also have the opportunity with our unique position with concomitant to train more electrophysiologists to do WATCHMAN. So we still have a number of EPs out there that are not doing LAC procedures and with the impact of concomitant, we are seeing an uptick in the number of physicians who want to be trained in LAC. So that ecosystem of still early innings in PFA globally the momentum of concomitant the demand from physicians to learn and train on WATCHMAN now to serve that need will continue to help us, which is why the ASCs are important because we do need the ASCs over time. to help with the volume demands that we're seeing across these markets.

隨著更多醫生利用 FERAPULSE，我們也有機會繼續深入發展。我們也有機會憑藉我們獨特的地位來培訓更多的電生理學家來做 WATCHMAN。因此，我們仍然有許多 EP 沒有進行 LAC 程序，並且隨著伴隨的影響，我們看到想要接受 LAC 培訓的醫生數量有所增加。因此，全球 PFA 生態系統仍處於早期階段，伴隨醫生對 WATCHMAN 進行學習和培訓以滿足這一需求的需求，這種勢頭將繼續幫助我們，這就是 ASC 很重要的原因，因為隨著時間的推移，我們確實需要 ASC。來幫助滿足我們在這些市場中看到的數量需求。

Thank you, Mike. Thanks 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 replay.

謝謝你，麥克。感謝您今天加入我們。感謝您對波士頓科學公司的關注。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 會向您提供所有相關詳細資訊以供重播。

Thank you, everyone.

謝謝大家。

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, 7215110, until October 29, 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 7215110）即可在一小時內收聽錄音，有效期至 2025 年 10 月 29 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。