Boston Scientific Corp (BSX) 2025 Q4 法說會逐字稿

Good morning, and welcome to the Boston Scientific fourth 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年第四季財報電話會議。 （操作說明）請注意，本次會議正在錄音。現在我將會議交給投資人關係副總裁勞倫‧滕格勒女士。請開始。

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. We issued a press release earlier this morning announcing our Q4 and full year 2025 results, which included reconciliations of the non-GAAP measures used in this release.

謝謝德魯，也謝謝各位的到來。今天與我一同出席的有董事長兼執行長麥克·馬奧尼，以及執行副總裁兼財務長喬恩·蒙森。在問答環節，麥克和喬恩將與我們的首席醫療官肯·斯坦博士一同回答問題。今天早些時候，我們發布了一份新聞稿，公佈了2025年第四季和全年業績，其中包括本新聞稿中使用的非GAAP指標的調整說明。

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.

本次電話會議中使用的非GAAP財務指標的發布及調整表可在公司網站的「投資者關係」欄位中找到。請注意，本次電話會議中，營業收入已剔除外匯波動的影響，而有機收入則進一步剔除了部分收購和剝離項目，因為這些項目的可比淨銷售額不足一個完整期間。

Guidance excludes the previously announced agreement to acquire Valencia Technologies Corporation, which is expected to close in the first half of 2026 and Penumbra, which is expected to close in 2026, each subject to customary closing conditions.

業績指引不包括先前宣布的收購 Valencia Technologies Corporation 的協議（預計將於 2026 年上半年完成）和收購 Penumbra 的協議（預計將於 2026 年完成），但兩項收購均須滿足慣例成交條件。

For more information, please refer to the Q4 financial and operating highlights deck, which may be found in 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.

更多信息，請參閱我們網站“投資者關係”專欄中的第四季度財務和運營亮點報告。本次電話會議中，除非另有說明，所有提及的銷售額和收入均為內生成長，相對成長均與去年同期相比。

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 at today's date and are not intended to be guarantees of future events or performance.

本次電話會議包含有關我們財務績效、業務計畫、產品績效和開發等方面的前瞻性陳述。這些陳述是基於我們截至今日所掌握的資訊和目前的判斷，並非對未來事件或績效的保證。

If our underlying assumptions turn out to be incorrect or certain risks or uncertainties materialize, actual results could vary materially from those projected by the forward-looking statements. Factors that may cause such differences are discussed in our periodic reports and other filings with the SEC, including the Risk Factors section of our most recent annual report on Form 10-K. Boston Scientific disclaims any intention or obligation to update these forward-looking statements, except as required by law.

如果我們的基本假設被證明是錯誤的，或者某些風險或不確定性成為現實，則實際結果可能與前瞻性聲明中預測的結果有重大差異。可能導致此類差異的因素已在我們的定期報告和提交給美國證券交易委員會（SEC）的其他文件中進行了討論，包括我們最新年度報告（10-K 表格）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。

In addition, this call does not constitute an offer to sell or the solicitation of any offer to buy any securities or solicitation of any vote or approval in connection with the proposed transaction with Penumbra.

此外，本次電話會議不構成出售證券的要約或購買證券的要約邀請，也不構成就與 Penumbra 的擬議交易徵求任何投票或批准。

Boston Scientific will file the SEC a registration statement on Form S-4 containing a proxy statement of Penumbra and a prospectus of Boston Scientific that will contain important information about Penumbra, Boston Scientific, the proposed transaction and related matters. At this point, I'll turn it over to Mike.

波士頓科學公司將向美國證券交易委員會提交一份S-4表格的註冊聲明，其中包含Penumbra公司的委託書和波士頓科學公司的招股說明書，招股說明書將包含有關Penumbra公司、波士頓科學公司、擬議交易及相關事項的重要資訊。接下來，我將把發言權交給麥克。

Impressive, Lauren. Thank you. Good morning, and thanks, everyone, for joining us today. In 2025, we achieved over $20 billion in sales and for the second year in a row, delivered mid-teens growth, surpassing our financial goals that we set at the beginning of the year. This outstanding and highly differentiated performance was fueled by innovation and execution across our business units and the winning spirit of our global team.

太棒了，勞倫。謝謝。早安，感謝各位今天蒞臨。 2025年，我們的銷售額突破200億美元，連續第二年實現兩位數以上的成長，超額完成了年初設定的財務目標。這項卓越且極具差異化的表現得益於我們各業務部門的創新和執行力，以及我們全球團隊的必勝精神。

Fourth quarter '25, total company operational sales grew 14%. Organic sales grew 13%, achieving the high end of our guidance range of 11% to 13%, with continued strength across many of our businesses, including EP, WATCHMAN, IO, Endo and ICTx. Full year '25 operational sales grew 19%, while organic sales grew 16%, exceeding our guidance of approximately 15.5%. Q4 adjusted EPS of $0.80 grew 15%, exceeding the high end of our guidance range of $0.77 to $0.79. Full year adjusted EPS of $3.06 grew 22%, also exceeding the high end of our guidance range of $3.02 to $3.04.

2025 年第四季度，公司總營運銷售額成長 14%。有機銷售額成長 13%，達到我們 11% 至 13% 指導範圍的高端，我們許多業務持續保持強勁勢頭，包括 EP、WATCHMAN、IO、Endo 和 ICTx。2025 年全年營運銷售額成長 19%，有機銷售額成長 16%，超過了我們約 15.5% 的預期。第四季調整後每股收益為 0.80 美元，成長 15%，超過了我們先前預測的 0.77 美元至 0.79 美元區間的上限。全年調整後每股收益為 3.06 美元，成長 22%，也超過了我們先前預測的 3.02 美元至 3.04 美元區間的上限。

On a full year basis, we expanded adjusted operating margins by 100 basis points to 28%, balancing drop-through on the strong revenue performance throughout the year with reinvestment back into the business to drive long-term growth. Now for our 2026 outlook. We expect our differentiated financial performance to continue and are guiding to organic growth of 8.5% to 10% for Q1 and 10% to 11% for the full year. Our Q1 adjusted EPS guidance of $0.78 to $0.80 and our full year adjusted EPS guidance is $3.43 to $3.49, representing leverage double-digit EPS growth of 12% to 14%, and Jon will provide more details. I'll now provide some highlights on Q4 and the '25 results along with comments on '26 outlook.

從全年來看，我們調整後的營業利潤率提高了 100 個基點，達到 28%，透過對業務進行再投資，抵消了全年強勁的收入表現帶來的利潤下降，從而推動了長期成長。接下來是我們對2026年的展望。我們預計我們差異化的財務表現將繼續保持，並預計第一季有機成長率為 8.5% 至 10%，全年有機成長率為 10% 至 11%。我們第一季調整後每股收益預期為 0.78 美元至 0.80 美元，全年調整後每股收益預期為 3.43 美元至 3.49 美元，這意味著槓桿效應將使每股收益實現兩位數增長，增幅達 12% 至 14%。 Jon 將提供更多細節。接下來，我將重點介紹第四季和 2025 年的業績，並對 2026 年的展望發表評論。

So regionally, on an operational basis, the US grew 17% in the fourth quarter and 26% on a full year basis, with exceptional performance across the business units, particularly EP, WATCHMAN and ICTx. Operationally, Europe, Middle East, Africa grew 5% in Q4 and 3% for full year. Excluding the impact of the accurate discontinuation, full year EMEA growth would have been high single digits. EP also grew strong double digits in Q4 as we continue to lead with our ecosystem approach, offering differentiated technologies and comprehensive commercial support.

因此，從區域營運層面來看，美國在第四季度成長了 17%，全年成長了 26%，各業務部門都表現出色，特別是 EP、WATCHMAN 和 ICTx。從營運角度來看，歐洲、中東和非洲第四季成長了 5%，全年成長了 3%。如果排除準確終止的影響，EMEA 全年成長率將達到接近兩位數。第四季度，EP也實現了強勁的兩位數成長，因為我們繼續以生態系統方法引領產業，提供差異化的技術和全面的商業支援。

As we look ahead to 2026, we anticipate momentum in EP and WATCHMAN to continue in Europe and growth to be higher in the second half of the year once the impact of the accurate discontinuation is annualized. Now the Asia Pac region. It grew 15% operationally in Q4 and 14% for the full year, led by mid-teens growth across Japan and China. Japan's growth in the quarter was driven by WATCHMAN and EP fuelled by OPAL Mapping System placements and increased FARAPULSE cathode utilization, where we continue to gain share. China had another quarter of double-digit growth driven by EP, WATCHMAN and ICTx, and we expect EP momentum to continue into 2026, supported by our recent NMPA approval of our FARAWAVE NAV device as well as indication expansion into the persistent AF population.

展望 2026 年，我們預計 EP 和 WATCHMAN 在歐洲的發展勢頭將繼續保持，並且在下半年，一旦將準確停止的影響按年計算，增長速度將會更快。現在是亞太地區。該公司第四季營運成長15%，全年成長14%，其中日本和中國市場均實現了兩位數以上的成長。日本本季的成長主要得益於 WATCHMAN 和 EP 的推廣，而 OPAL 映射系統的部署和 FARAPULSE 陰極利用率的提高又推動了日本的成長，我們在這些領域繼續擴大市場份額。受EP、WATCHMAN和ICTx的推動，中國市場又實現了兩位數的成長。我們預計，在近期NMPA核准FARAWAVE NAV設備以及將適應症擴展至持續性心房顫動族群的支持下，EP的成長動能將持續到2026年。

Now some commentary on our business units. Fourth quarter urology sales grew 13% operationally and 3% organic on a full year basis. On the full year basis grew 23% operationally and 5% organically. Our performance in euro this year was below our expectations, and we expect that our overall business will return to market growth in '26, with supply chain issues behind us, new product launches and the strengthening of our Neuromodulation franchise. We look forward to expanding our pelvic health portfolio with the recently announced acquisition of Valencia, which is expected to close in the first half of '26.

現在對我們的業務部門做一些介紹。第四季泌尿科銷售額按營運成長13%，按全年有機成長3%。全年來看，營運成長了 23%，有機成長了 5%。今年我們在歐元區的表現低於預期，我們預計隨著供應鏈問題的解決、新產品的推出以及神經調控業務的加強，我們的整體業務將在 2026 年恢復市場成長。我們期待透過最近宣布收購 Valencia 來擴展我們的骨盆底健康產品組合，預計該收購將於 2026 年上半年完成。

Endoscopy delivered organic growth of 8% in both Q4 and for the full year and delivered a very strong year. Q4 growth was driven by our Endoluminal Surgery, Imaging Systems and Endo bariatrics franchises, with the later receiving positive reimbursement support for ESG procedures. In December, we initiated a product removal for certain sizes of our AXIOS device due to a manufacturing variation. We do understand the issue and are working to bring these unique devices back to market in full by midyear and anticipate lower Endo growth in the first half of the year as a result. Neuromodulation had an excellent quarter, growing 10% in Q4 and delivering 8% organic growth for the full year.

內視鏡業務在第四季度和全年均實現了 8% 的有機成長，全年業績非常強勁。第四季度的成長主要得益於我們的腔內手術、影像系統和腔內減重手術業務，其中腔內減重手術業務獲得了積極的報銷支持。12 月，由於製造流程差異，我們開始召回某些尺寸的 AXIOS 設備。我們了解這個問題，並正在努力爭取在年中之前將這些獨特的設備全面重新推向市場，因此預計今年上半年內分泌治療業務的成長將會放緩。神經調控業務本季表現出色，第四季成長 10%，全年實現了 8% 的有機成長。

Our brain franchise grew low double digits on a full year basis, led by the Cartesia X and Illumina 3D offerings, providing the full benefit of directional stimulation, also improving efficiency and programming time. The pain franchise continues to strengthen and grew high single digits on a full year basis. This strong growth is a result of a deliberate strategy to expand our pain portfolio to bring options to the physicians, patients and hospitals we serve.

在 Cartesia X 和 Illumina 3D 產品的支持下，我們的腦功能產品全年實現了兩位數的低增長，充分發揮了定向刺激的優勢，同時提高了效率並縮短了編程時間。疼痛產品線持續走強，全年實現了接近兩位數的成長。這一強勁成長源自於我們精心製定的策略，即擴大我們的疼痛治療產品組合，為我們服務的醫生、患者和醫院提供更多選擇。

This is further strengthened by the close of the Nalu acquisition, adding Peripheral Nerve Stimulation, PNS, to our portfolio. And within the quarter, we received expanded reimbursement coverage for the Intracept Procedure and this at a full market launch of the Intracept EDGE J Stylet, designed to improve the treatment experience. Our Cardiovascular segment delivered 16% growth operationally and organic in fourth quarter and 22% operationally and 21% organic on a full year basis. In January, we announced an agreement to acquire Penumbra, which is expected to close in '26. Penumbra offers a highly differentiated portfolio that operates in high-growth segments for Boston Scientific LAAC's offerings, including mechanical thrombectomy in neurovascular.

隨著 Nalu 收購案的完成，我們的產品組合中又增加了周邊神經刺激 (PNS) 技術，這進一步加強了我們的實力。在本季度，我們獲得了 Intracept 手術的擴大報銷範圍，同時 Intracept EDGE J 導絲也全面上市，旨在改善治療體驗。我們的心血管業務部門在第四季度實現了 16% 的營運成長和有機成長，全年營運成長為 22%，有機成長為 21%。今年一月，我們宣布了收購 Penumbra 的協議，預計將於 2026 年完成。Penumbra 提供高度差異化的產品組合，在 Boston Scientific LAAC 產品的高成長領域運營，包括神經血管機械取栓術。

The deal is both strategically and financially attractive to Boston Scientific and deliver significant value to patients and customers globally.

這項交易對波士頓科學公司而言，無論從策略上或財務上都極具吸引力，並將為全球患者和客戶帶來巨大價值。

Within Cardiovascular, Interventional Cardiology therapy sales grew 10% in Q4 and 8% on a full year basis. We're very proud of the coronary therapies franchise delivering double-digit growth in both the quarter and full year as we have shifted our underlying business to high-growth markets. Agent DCB has been a standout performer all year with this differentiated clinical benefit and reimbursement support, lifting our Drug-Eluting Technology growth to over 20% on a full year basis. We continue to make progress in other areas of the portfolio, and we're pleased to have completed enrolment in the fracture trial, studying our seismic IVL system. We anticipate presenting data from this trial later this year and continue to expect this differentiated technology in the first half of '27.

在心血管領域，介入性心臟病治療的銷售額在第四季度增長了 10%，全年增長了 8%。我們非常自豪地宣布，冠狀動脈治療業務在本季度和全年均實現了兩位數的成長，因為我們已經將基礎業務轉移到了高成長市場。藥物洗脫技術 DCB 憑藉其差異化的臨床優勢和報銷支持，全年表現突出，使我們的藥物洗脫技術全年增長率超過 20%。我們在投資組合的其他領域繼續取得進展，我們很高興完成了裂縫試驗的招募工作，該試驗旨在研究我們的地震 IVL 系統。我們預計今年稍後公佈該試驗的數據，並繼續期待這項差異化技術在 2027 年上半年問世。

In Q4, we did reorganize the reporting structure of our Peripheral Interventions divisions and we've aligned the Peripheral Vascular business led by Cat Jennings with Interventional Cardiology Therapies to amplify both commercial and R&D opportunities across similar technologies while retaining customer call point focus. This new business unit will now be called Interventional Cardiology and Vascular Therapies. Interventional Oncology & Embolization will continue led by Peter Pattison as a stand-alone business, and this structure will enable focus on this broad and unique portfolio. The Peripheral Vascular business grew 6% organically in Q4 with operational growth of 15%. Arterial growth in Q4 was driven by double-digit performance in TCAR supported by the recent launch of ENROUTE in China.

第四季度，我們重組了周邊介入部門的報告結構，並將 Cat Jennings 領導的周邊血管業務與介入性心臟病治療業務合併，以擴大類似技術的商業和研發機會，同時保持以客戶為中心的服務理念。這個新的業務部門將命名為介入性心臟病學和血管治療部。介入性腫瘤學和栓塞業務將繼續由 Peter Pattison 領導，作為一個獨立的業務部門運營，這種結構將使公司能夠專注於這一廣泛而獨特的業務組合。第四季週邊血管業務有機成長 6%，營運成長 15%。第四季動脈成長主要得益於 TCAR 的兩位數成長，而這又得益於 ENROUTE 最近在中國的上市。

And within the quarter, we completed our first cases in the US with a seismic IVL system. We're excited to add this differentiated and complementary technology to our portfolio and expect to expand our indication to include below the knee in the second half of the year. In Venous low double-digit fourth quarter growth was driven by continued strength of Varthema and EKOS, and we're pleased to have the high, our clinical study in EKOS versus standard of care anticoagulants, accepted as a late breaker at ACC to be presented on Saturday, March 28. Our Interventional Oncology & Embolization business grew 17% operationally and 12% organically in Q4 and achieved nearly $1 billion of full year '25 sales, operational growth of 16% and organic of 12%.

本季度，我們在美國完成了首例使用地震 IVL 系統的病例。我們很高興將這項差異化和互補的技術添加到我們的產品組合中，並預計在今年下半年將我們的適應症擴展到膝蓋以下部位。靜脈領域第四季度低兩位數成長主要得益於Varthema和EKOS的持續強勁表現，我們很高興地宣布，我們關於EKOS與標準抗凝血劑的臨床研究被ACC接受為最新研究成果，將於3月28日星期六發表。我們的介入性腫瘤和栓塞業務在第四季度實現了營運成長 17% 和有機成長 12%，2025 年全年銷售額接近 10 億美元，營運成長 16%，有機成長 12%。

Q4 organic growth was driven by our category-leading embolization in cancer therapies portfolio with ongoing strength in cryoablation, which treats a broad number of cancer types. Now as we look ahead, we expect to continue to outpace the underlying market growth supported by new product offerings such as TheraSphere 360 Y-90 Management Platform, which is a web-based platform to simplify the entire process for patients and physicians. Cardiac Rhythm Management sales grew 1% organically in both the Q4 and for the full year '25. On a full year basis, our Diagnostics franchise grew high single digits and now represents nearly 20% of our overall CRM business. In core CRM, our high-voltage business grew low single digits, and our low-voltage business was flat in the quarter.

第四季有機成長主要得益於我們在癌症治療領域領先的栓塞療法產品組合，以及冷凍消融療法的持續強勁表現，該療法可治療多種癌症類型。展望未來，我們預計在新產品（例如 TheraSphere 360​​ Y-90 管理平台）的支持下，將繼續超越潛在的市場成長速度。該平台是一個基於網路的平台，旨在簡化患者和醫生的整個流程。2025 年第四季和全年，心臟節律管理產品的銷售額均實現了 1% 的有機成長。從全年來看，我們的診斷業務實現了接近兩位數的成長，目前已占我們整體 CRM 業務的近 20%。在核心客戶關係管理方面，我們的高壓業務實現了個位數低成長，而低壓業務在本季持平。

We continue to see demand for our conduction system pacing offerings. And in Q4, we began enrollment in the SYNCHRONICITY trial, evaluating bundle branch pacing compared to conventional cardiac resynchronization therapy. So as we look to 2026, we anticipate that our growth will be closer to market in CRM over the course of the year, driven by the addition of our complementary BioEnvelope and ongoing momentum within our Diagnostics business. Our WATCHMAN business delivered an outstanding 29% growth in Q4 and on a full year basis, exiting the year with strong double-digit growth across all major global markets. We are extremely pleased with the performance of this franchise with above-market growth driven by the strong adoption of concomitant procedures, and we have now treated more than 25,000 patients concomitantly with WATCHMAN.

我們持續看到市場對我們傳導系統起搏產品的需求。第四季度，我們開始招募參與 SYNCHRONICITY 試驗的患者，評估束支起搏與傳統心臟再同步治療的療效。展望 2026 年，我們預計在這一年中，在互補的 BioEnvelope 的加入以及診斷業務持續成長的推動下，我們在 CRM 領域的成長將更接近市場水平。我們的 WATCHMAN 業務在第四季度實現了 29% 的出色成長，全年來看，在所有主要全球市場都實現了強勁的兩位數成長。我們對這項特許經營業務的表現非常滿意，其增長速度超過了市場平均水平，這主要得益於伴隨手術的大力推廣。目前，我們已經使用 WATCHMAN 同時治療了超過 25,000 名患者。

As we look ahead, we continue to invest in our portfolio of clinical evidence and driving efficiencies for physicians. In the quarter, we announced a strategic partnership with Siemens Healthineers, to develop and commercialize their next generation 4D ICE catheter called AcuNav, intended to offer physicians an innovative imaging option for stand-alone WATCHMAN or FARAWATCH procedures. And last month, we completed enrolment in the SIMPLIFY clinical trial, evaluating 2 single drug regimens as post-procedural alternatives to dual antiplatelet therapy with data expected in the second half of '26.

展望未來，我們將繼續投資於我們的臨床證據組合，並提高醫生的工作效率。本季度，我們宣布與西門子醫療建立戰略合作夥伴關係，共同開發和商業化其下一代 4D ICE 導管 AcuNav，旨在為醫生提供用於獨立 WATCHMAN 或 FARAWATCH 手術的創新成像選擇。上個月，我們完成了 SIMPLIFY 臨床試驗的入組工作，該試驗評估了 2 種單藥治療方案作為術後雙重抗血小板治療的替代方案，預計將於 2026 年下半年獲得數據。

Importantly, our CHAMPION trial, a large, randomized trial studying WATCHMAN FLX versus novel oral anticoagulation was accepted and will be presented as a late breaker at ACC on Saturday, March 28. If positive, this data would support WATCHMAN as a first-line therapy for stroke prevention as an alternative to OEC and would expand the number of indicated patients from approximately 5 million today to 20 million globally. We're extremely proud of our global EP performance in the quarter with organic growth of 35% in the fourth quarter, resulting in 73% growth on a full year basis. As we enter our third year in the US with our market-leading PFA technology, we believe that approximately 70% of AF ablations in the US

重要的是，我們的 CHAMPION 試驗（一項研究 WATCHMAN FLX 與新型口服抗凝血劑的大型隨機試驗）已被接受，並將於 3 月 28 日星期六在 ACC 上作為最新研究成果發表。如果結果為陽性，則該數據將支持 WATCHMAN 作為預防中風的一線療法，作為 OEC 的替代方案，並將使全球適用患者人數從目前的約 500 萬增加到 2000 萬。我們對本季全球EP業務的業績感到非常自豪，第四季有機成長率達到35%，全年成長率達73%。隨著我們憑藉市場領先的PFA技術進入美國市場的第三年，我們相信美國約70%的心房顫動消融手術都採用了這項技術。

and 25 were done with PFA, with that number closer to 50% globally. Within the quarter, global growth was driven by PFA catheter utilization supported by OPAL placements in a scaled high-performing commercial organization. We continue to invest in our ecosystem approach to innovation and recently received approval and limited market release in both Europe and US for our FARAPOINT PFA catheter.

其中 25 例採用 PFA 完成，全球數字接近 50%。本季度，全球成長主要得益於 PFA 導管的使用，以及在規模化、高績效的商業組織中 OPAL 植入的支持。我們持續投資於我們的創新生態系統方法，最近我們的 FARAPOINT PFA 導管在歐洲和美國均獲得了批准並有限度地上市。

NAV enabled that can create focal lesions initially indicated for atrial flutter. We're also studying FARAPOINT in the REMATCH AF trial for use in procedures with data expected in 2027. We're pleased to have initiated the OPTIMIZE trial studying the Cortex OptiMap mapping technology with the FARAPULSE PFA system, which is intended to address our unmet needs and identifying sources of Afib as an alternative to traditional anatomic approaches, a capability that may be particularly important to more complex patients.

NAV 可產生最初用於治療心房撲動的局部病變。我們也在 REMATCH AF 試驗中研究 FARAPOINT，以用於手術，預計 2027 年獲得數據。我們很高興啟動了 OPTIMIZE 試驗，研究 Cortex OptiMap 映射技術與 FARAPULSE PFA 系統，旨在解決我們尚未滿足的需求，並確定房顫的來源，作為傳統解剖方法的替代方案，這種能力對於病情更複雜的患者可能尤為重要。

As we look to 2026, we anticipate that the EP market will grow approximately 15%, and we expect to outpace that market growth led by our differentiated PFA portfolio, ongoing expansion utilization of mapping systems and continued adoption of PFA across the globe.

展望 2026 年，我們預計 EP 市場將成長約 15%，而我們憑藉差異化的 PFA 產品組合、測繪系統的持續擴展利用以及 PFA 在全球範圍內的持續採用，預計將超過這一市場增長速度。

Importantly, Boston Scientific is uniquely positioned with this leading AF Solutions portfolio and a commercial team and the value to physicians of patients with our concomitant FARAWATCH procedure supporting operational efficiency and capacity.

重要的是，波士頓科學公司憑藉其領先的心房顫動解決方案產品組合和商業團隊，以及我們伴隨的 FARAWATCH 手術為醫生和患者帶來的價值，在支持營運效率和產能方面具有獨特的優勢。

So in closing, I'm extremely proud of our team and our performance in 2025, and we believe that our '26 guidance along with our '26 to '28 goals of sales growing 10% plus, adjusted operating margin expansion of 150 basis points and leveraged double-digit EPS growth continue to be highly differentiated. We have an incredibly strong global team that's focused on advancing science for patients globally while delivering differentiated results today, setting us up for a strong 2026 and beyond. With that, I'll turn it over to Jon.

最後，我為我們的團隊和我們在 2025 年的業績感到無比自豪，我們相信，我們 2026 年的業績指引以及 2026 年至 2028 年的銷售增長 10% 以上、調整後營業利潤率提高 150 個基點以及槓桿化兩位數每股收益增長的目標，將繼續保持高度差異化。我們擁有一支實力雄厚的全球團隊，致力於推動科學發展，造福全球患者，同時在當下取得差異化成果，為我們在 2026 年及以後取得強勁發展奠定基礎。接下來，我將把麥克風交給喬恩。

Thanks, Mike. Fourth quarter consolidated revenue of $5.286 billion represents 15.9% reported growth versus fourth quarter 2024. And includes a 160 basis points tailwind from foreign exchange, which was in line with our expectations.

謝謝你，麥克。第四季合併收入為 52.86 億美元，比 2024 年第四季成長 15.9%。其中包括來自外匯市場的 160 個基點利好，這與我們的預期相符。

Excluding this $74 million foreign exchange tailwind, operational revenue growth was 14.3% in the quarter. Closed acquisitions contributed 160 basis points to sales, resulting in 12.7% organic revenue growth at the high end of our fourth quarter guidance range of 11% to 13%.

剔除這7,400萬美元的外匯利多因素，本季營業收入成長14.3%。已完成的收購為銷售額貢獻了 160 個基點，使第四季度有機收入成長達到 12.7%，處於我們第四季 11% 至 13% 指導範圍的高端。

Q4 2025 adjusted earnings per share of $0.80 grew 15% versus 2024, exceeding the high end of our guidance range of $0.77 to $0.79. Outperformance was driven primarily by our favourable adjusted tax rate in the quarter.

2025年第四季調整後每股盈餘為0.80美元，較2024年成長15%，超過我們先前預測的0.77美元至0.79美元區間的上限。業績超預期主要得益於本季有利的調整後稅率。

Full year 2025 consolidated revenue of $20.74 billion represents 19.9% reported growth versus full year 2024 and includes a 70 basis points tailwind from foreign exchange. Excluding this $114 million tailwind from foreign exchange, operational revenue growth for the year was 19.2%.

2025 年全年合併收入為 207.4 億美元，較 2024 年全年增長 19.9%，其中包括外匯匯率帶來的 70 個基點的利多。剔除外匯帶來的 1.14 億美元利多因素，該年度營業收入成長 19.2%。

Post acquisitions contributed 340 basis points to sales, resulting in 15.8% organic revenue growth exceeding our full year guidance of approximately 15.5%.

收購後銷售額成長了 340 個基點，實現了 15.8% 的有機收入成長，超過了我們全年約 15.5% 的預期。

Full year 2025 adjusted earnings per share of $3.06 grew 22% versus 2024 exceeding the high end of our guidance range of $3.02 to $3.04 and marking our third consecutive year of 20% plus adjusted earnings per share growth.

2025 年全年調整後每股收益為 3.06 美元，比 2024 年增長 22%，超過了我們此前 3.02 美元至 3.04 美元的預期範圍上限，並標誌著我們連續第三年調整後每股收益增長超過 20%。

Adjusted gross margin for the fourth quarter was 70.7%, resulting in full year 2025 adjusted gross margin of 70.6%, representing a 30 basis points expansion versus full year 2024.

第四季調整後毛利率為 70.7%，2025 年全年調整後毛利率為 70.6%，較 2024 年全年成長 30 個基點。

In 2026, we anticipate full year adjusted gross margin to be roughly in line with full year 2025 as we expect favourable product mix to be largely offset by investments in our global supply chain in the annualization of tariffs.

2026 年，我們預計全年調整後的毛利率將與 2025 年全年大致持平，因為我們預計有利的產品組合將在很大程度上被全球供應鏈投資和關稅年度化所抵消。

Fourth quarter adjusted operating margin was 27.3%, resulting in a full year 2025 adjusted operating margin of 28.0%, improving 100 basis points versus full year 2024.

第四季調整後營業利益率為 27.3%，預計 2025 年全年調整後營業利益率為 28.0%，比 2024 年全年提高 100 個基點。

In 2026, we expect to expand adjusted operating margin by 50 basis points to 75 basis points progressing toward our goal of 150 basis points of operating margin expansion over our long-range plan.

預計到 2026 年，調整後的營業利潤率將提高 50 個基點至 75 個基點，朝著我們長期計畫中營業利潤率提高 150 個基點的目標邁進。

On a GAAP basis, fourth quarter operating margin was 15.6%, resulting in a full year reported operating margin of 18.0%. These results include a $194 million litigation charge relating to the full resolution of a legacy IP-related manner. Moving to below the line.

以美國通用會計準則 (GAAP) 計算，第四季營業利潤率為 15.6%，全年報告營業利潤率為 18.0%。這些結果包括與徹底解決一起遺留智慧財產權相關訴訟有關的 1.94 億美元訴訟費用。移至線下。

Fourth quarter adjusted interest and other expenses totalled $99 million resulting in full year adjusted interest and other expenses of $430 million, slightly favourable to our expectations, primarily driven by higher interest income.

第四季調整後的利息和其他支出總計 9,900 萬美元，導致全年調整後的利息和其他支出為 4.3 億美元，略好於我們的預期，主要原因是利息收入增加。

On an adjusted basis, our tax rate for the fourth quarter was 10.7% and 11.7% for the full year, which was favourable to expectations and inclusive of favourable discrete tax items.

經過調整後，我們第四季的稅率為 10.7%，全年稅率為 11.7%，這符合預期，並且包含了有利的個別稅收項目。

Our operational tax rate was 14.9% for the fourth quarter and 14.2% for the full year, in line with our expectations. Fully diluted weighted average shares outstanding ended at 1,496 billion shares in the fourth quarter and 1,494 billion shares for full year 2025. Free cash flow for the fourth quarter was $1.13 billion, with $1.364 billion from operating activities less $351 million in net capital expenditures.

第四季我們的營運稅率為 14.9%，全年營運稅率為 14.2%，符合我們的預期。截至第四季末，完全稀釋後的加權平均流通股數為 14960 億股，2025 年全年為 14940 億股。第四季自由現金流為 11.3 億美元，其中經營活動產生的現金流為 13.64 億美元，淨資本支出為 3.51 億美元。

Full year 2025 free cash flow of $3.659 billion exceeded our expectations, reflecting 38% growth versus 2024 and 80% free cash flow conversion. For 2026, we expect full year free cash flow to be approximately $4.2 billion, and we continue to target free cash flow conversion in the range of 70% to 80% over the long-range plan.

2025 年全年自由現金流為 36.59 億美元，超出我們的預期，較 2024 年成長 38%，自由現金流轉換率為 80%。我們預計 2026 年全年自由現金流約為 42 億美元，並且我們繼續以長期計劃中 70% 至 80% 的自由現金流轉換率為目標。

As of December 31, 2025, we had cash on hand of $1.96 billion, and our gross debt leverage ratio was 1.9times.

截至 2025 年 12 月 31 日，我們手頭現金為 19.6 億美元，總負債槓桿率為 1.9 倍。

Following the announcement of our agreement to acquire Penumbra, all three major rating agencies affirmed our an equivalent credit rating. Additionally, Fitch Ratings upgraded our outlook from stable to positive. Our capital allocation priority remains strategic tuck-in M&A, followed by share repurchases.

在我們宣布收購 Penumbra 的協議後，三大評級機構都確認了我們同等的信用評級。此外，惠譽評級將我們的評級展望從穩定上調至正面。我們的資本配置重點仍是策略性補充併購，其次是股票回購。

In alignment with this strategy, we recently closed the acquisition of Nalu Medical, which is complementary to our neuromodulation pain franchise.

為了配合這項策略，我們最近完成了對 Nalu Medical 的收購，這與我們的神經調節疼痛產品線形成了互補。

Additionally, we announced agreements to acquire Valencia Technologies and Penumbra, which upon close, will enable Boston Scientific to enter strategic adjacencies within our urology and cardiovascular businesses, respectively.

此外，我們宣布了收購 Valencia Technologies 和 Penumbra 的協議，一旦完成，波士頓科學公司將分別在泌尿科和心血管業務領域進入戰略鄰近領域。

Our legal reserve was $242 million as of December 31, with $46 million already funded through our qualified settlement funds.

截至 12 月 31 日，我們的法律儲備金為 2.42 億美元，其中 4,600 萬美元已透過合格和解基金支付。

I'll now walk through guidance for Q1 and full year 2026. We expect first quarter 2026 reported revenue growth to be in a range of 10.5% to 12% and versus first quarter 2025.

接下來我將介紹 2026 年第一季及全年的業績指引。我們預計 2026 年第一季報告的營收成長將在 10.5% 至 12% 之間，與 2025 年第一季相比。

Excluding an approximate 200 basis points tailwind from foreign exchange based on current rates, we expect first quarter 2026 operational and organic revenue growth to be in a range of 8.5% to 10%, which includes an approximate 150 basis points impact from the discontinuation of ACURATE and a transient impact associated with the product removal of certain sizes of our AXIOS device.

不計當前匯率帶來的約 200 個基點的外匯利好，我們預計 2026 年第一季營運和有機收入成長將在 8.5% 至 10% 之間，其中包括 ACURATE 停產帶來的約 150 個基點的影響，以及與 AXIOS 設備下架相關的暫時性影響。

We expect full year 2026 reported revenue growth to be in a range of 10.5% to 11.5% versus 2025, excluding an approximate 50 basis points tailwind from foreign exchange, based on current rates, we expect full year 2026 operational and organic growth to be in the range of 10% to 11%.

我們預計 2026 年全年報告營收成長率將比 2025 年成長 10.5% 至 11.5%，不計外匯匯率帶來的約 50 個基點的利好，以當前匯率計算，我們預計 2026 年全年營運和內生成長率將達到 10% 至 11%。

We expect full year 2026 adjusted below-the-line expense to be approximately $440 million. Under current legislation, including enacted laws and issued guidance, we forecast a full year 2026 adjusted tax rate of approximately 12.5%. In Q1, we anticipate our adjusted tax rate will be approximately 12%.

我們預計 2026 年全年調整後的離線支出約為 4.4 億美元。根據現行法律，包括已頒布的法律和已發布的指導意見，我們預測 2026 年全年調整後的稅率約為 12.5%。我們預計第一季調整後的稅率約為 12%。

We expect full year 2026 adjusted earnings per share to be in a range of $3.43 to $3.49, representing growth of 12% to 14% versus 2025, including an approximate $0.03 headwind from foreign exchange. We expect first quarter adjusted earnings per share to be in the range of $0.78 to $0.80.

我們預計 2026 年全年調整後每股收益將在 3.43 美元至 3.49 美元之間，比 2025 年增長 12% 至 14%，其中包括約 0.03 美元的匯率不利影響。我們預計第一季調整後每股收益將在 0.78 美元至 0.80 美元之間。

In closing, I'm pleased with the strong financial performance our global team delivered in 2025, and we look forward to executing on our full year 2026 guidance of 10% to 11% organic revenue growth 50 basis points to 75 basis points of adjusted operating margin expansion and 12% to 14% adjusted earnings per share growth.

最後，我對我們全球團隊在 2025 年取得的強勁財務業績感到滿意，我們期待實現 2026 年全年業績指引，即有機收入增長 10% 至 11%，調整後營業利潤率提高 50 至 75 個基點，調整後每股收益增長 12% 至 14%。

For more information, please check our Investor Relations website for fourth quarter 2025 financial and operational highlights, which outlines more details on fourth quarter results and our 2026 guidance. And with that, Lauren, I'll turn it back to you to moderate the Q&A.

如需了解更多信息，請訪問我們的投資者關係網站，查看 2025 年第四季度財務和營運亮點，其中概述了第四季度業績的更多細節以及我們對 2026 年的展望。那麼，蘿倫，接下來就交給你來主持問答環節了。

Thanks, John. 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.

謝謝你，約翰。德魯，接下來我們開放提問環節，時間約35分鐘。為了讓我們可以回答盡可能多的問題，請您盡量只提一個問題。德魯，請繼續。

(Operator Instructions) Robbie Marcus with JPMorgan. Please go ahead.

（操作員說明）摩根大通的羅比馬庫斯。請繼續。

Oh great, thanks for taking the question. Great. I'll ask the question that's on everybody's mind today. Mike, there were fears that US, EP and US WATCHMAN could come in and US.

太好了，謝謝你回答這個問題。偉大的。我會問出今天大家都很關心的問題。麥克，有人擔心美國、EP 和美國守望者可能會介入並傷害美國。

EP was flat with third quarter, US WATCHMAN missed by a hair. What exactly happened in the quarter versus your expectations versus the market? And the reason people are concerned is these are two of the key growth drivers. So you talked about confidence in above 15% EP growth next year of the market.

第三季EP表現平平，美國WATCHMAN略遜一籌。本季實際發生的情況與您的預期以及市場表現相比究竟如何？人們之所以擔憂，是因為這是兩個關鍵的成長驅動因素。所以你談到了對明年市場EP成長超過15%的信心。

The Street is sitting at around 25%. It feels like that needs to come down. hopefully, you could help us level set expectations for those two key products. What happened in the quarter and how to think about them in '26.

目前華爾街的持倉比例約為25%。感覺價格需要下調。希望您能幫助我們調整對這兩款關鍵產品的期望。本季發生了什麼事？ 2026 年該如何看待這些事件？

Thank you, Robbie. Happy to, and I'll touch on your question. Overall, we're super pleased with the quarter and the full year growing 16%. EPS growing 22% for the full year, and 6 of our 8 business users growing faster the market, growing faster than the wager.

謝謝你，羅比。樂意效勞，我會回答你的問題。整體而言，我們對本季和全年16%的成長感到非常滿意。全年每股收益成長 22%，我們 8 位企業用戶中有 6 位成長速度超過市場平均水平，成長速度超乎預期。

And setting us up for strong guide and investments for the overall company. The two businesses that you called out, I think you nailed it. If you look at, EP, we're quite pleased actually. Our results in Q4 exceeded our internal target, and Watchman was growing 29%, pretty much similar to the third quarter as we la the anniversary of the concomitant reimbursement, a year ago. Specific to EP, really pleased with the results at 35%.

並為公司的整體發展奠定堅實的基礎，帶來強而有力的指導和投資。你提到的那兩家企業，我覺得你說得太對了。如果你看一下EP，我們其實相當滿意。我們在第四季度的業績超過了內部目標，Watchman 的成長率為 29%，與第三季度基本相同，因為一年前我們迎來了同期報銷的周年紀念日。就EP而言，我對35%的結果非常滿意。

Two of our larger competitors, resulted had results of 6.5% growth, the market leader, third place player 12.5%, we grew 35%. So we continue to gain share overall and to your point we think the market in Q4 was closer to 18% to 20% growth rather than what some other com companies that claimed to 25% so we think the market was kind of 18% to 20% range.

我們的兩大競爭對手的成長率為 6.5%，市場領導者和第三名的成長率為 12.5%，而我們成長了 35%。因此，我們的市佔率總體上繼續成長，正如您所說，我們認為第四季度的市場成長率更接近 18% 到 20%，而不是其他一些公司聲稱的 25%，所以我們認為市場成長率大概在 18% 到 20% 之間。

Similar to what we developed internally in our plan, and we've called the market for 2026 about 15% growth, so we think it's an excellent market.

與我們內部製定的計劃類似，我們預測 2026 年市場成長率約為 15%，因此我們認為這是一個非常好的市場。

We don't think it grew 25% in the fourth quarter. We grew faster than our peer group based on this percentage that I saw or that we laid out. We actually grew even faster outside the US than the US. The US is more highly penetrated with PFA.

我們認為它在第四季度並沒有成長25%。根據我看到的或我們列出的這個百分比，我們的成長速度超過了同行。事實上，我們在美國以外的成長速度甚至比在美國本土還要快。美國對PFA的普及率更高。

There's actually more competitors present outside the US and we've accelerated growth outside the US, so our PFA performance is quite strong the market's still healthy.

實際上，美國以外的競爭對手更多，而且我們在美國以外的成長速度也更快，所以我們的 PFA 業績相當強勁，市場依然健康。

We think it's 18% to 20% in the fourth quarter, and we exceeded our internal plan and we got new products approved.

我們認為第四季度成長率將達到 18% 至 20%，我們超額完成了內部計劃，並且新產品也獲得了批准。

Our mapping footprint continues to grow and we have a lot of, clinical data that, various clinical studies that are in flight. So we're very confident with our PFA business and our performance with Watchman we grew 29%.

我們的地圖繪製範圍不斷擴大，我們擁有大量的臨床數據，並且正在進行各種臨床研究。因此，我們對 PFA 業務和 Watchman 的業績非常有信心，我們實現了 29% 的成長。

Excellent job. We pretty much are the market with Watchman concomitant continues to grow, and we did annualize the concomitant reimbursement which happened 4th quarter last year. So we're quite proud of the 29%. When you come to these consensus numbers, we exceeded our guidance. We actually exceeded analyst consensus.

做得好。我們基本上佔據了 Watchman 的市場份額，伴隨業務持續成長，我們已經將去年第四季發生的伴隨報銷額按年計算。所以我們對這 29% 的比例感到非常自豪。當得出這些共識數字時，我們超出了預期。我們實際業績超越了分析師的預期。

The mix of that is slightly different, but it shows the power of all of Boston Scientific, being able to deliver, to beat our guidance, to be consensus in the quarter and the full year, and we're quite proud of the EP performance based on the commentary I just provided.

雖然具體情況略有不同，但這展現了波士頓科學公司的整體實力，能夠實現預期目標，超出預期，達到季度和全年業績的共識，基於我剛才的評論，我們對EP部門的表現感到非常自豪。

Larry Bieaglesen, Wells Fargo.

Larry Bieaglesen，富國銀行。

Good morning. Thanks for taking the question. Look, I'm sure there'll be a lot of questions on the US EP business, but I wanted to ask about WATCHMAN. So basically, my question is, can you confirm you're not seeing an impact from the three recent trials we saw in 2025?

早安.感謝您回答這個問題。我知道大家一定會問很多關於美國EP產業的問題，但我只想問WATCHMAN的問題。所以，我的問題是，您能否確認您沒有看到 2025 年最近三項試驗的影響？

And I want to ask about CHAMPION since it's such an important trial. Maybe for Dr. Stein, what endpoints do you think physicians will be most focused on?

我想問一下關於 CHAMPION 試驗的問題，因為它是一項非常重要的試驗。對史坦醫師來說，您認為醫師們最關注的終點是什麼？

And how important do you think it is to physicians to see similar rates of both ischemic and haemorrhagic stroke like we did in OPTION? And I'll leave it at that. Thank you.

您認為對醫師來說，看到缺血性中風和出血性中風的發生率與我們在 OPTION 研究中觀察到的相似程度有多重要？我就說到這裡吧。謝謝。

Yeah, again, look forward to presenting the results of CHAMPION at ACC, and we will be hosting an event for investors on that Saturday night at 5:30 p.m. central time and we can get deep into the data at that point. Again, I think the -- there are two co-primary endpoints: one, noninferiority for combined endpoint scope systemic embolism and -- one for bleeding.

是的，再次期待在 ACC 大會上展示 CHAMPION 的研究成果。我們將在周六晚上中部時間下午 5:30 舉辦一場投資者活動，屆時我們可以深入探討數據。再次強調，我認為有兩個共同的主要終點：一個是聯合終點範圍系統性栓塞的非劣效性，另一個是出血的非劣效性。

And just as we saw with OPTION, I think both of those are going to be important for the field. In terms of the first half of your question, it can a-- again, you just saw the numbers we reported out. It came very -- without any equitisation say that we have not seen any impact from those trials, closure alone AF and OCEAN. And again, we continue to see very robust uptake of WATCHMAN in general and of concomitant procedures specifically.

正如我們從 OPTION 中看到的那樣，我認為這兩項對於這個領域都將非常重要。關於你問題的前半部分，可以——再說一遍，你剛才已經看到了我們公佈的數據。它來得非常——沒有任何公平化，說我們沒有看到這些試驗的任何影響，只是關閉 AF 和 OCEAN。我們再次看到 WATCHMAN 的整體應用以及相關手術的應用都非常強勁。

Travis Steed with Bank of America.

特拉維斯·斯蒂德，美國銀行。

Hey, thanks for taking the question. I guess I want to push a little more on US EP, just because it was flat sequentially and your RF competitors grew $18 million and $26 million sequentially in the US. So it does like share change versus last quarter at least on a sequential basis and I don't know if there was something that changed late in the quarter because you were pretty bullish at some December meetings with investors and so I don't know if there's anything kind of changed at the end of the quarter and especially considering the Q1 guide of 8.5% to 10% and kind of what that means for EP in the early part of '26?

嘿，謝謝你回答這個問題。我想再重點說說美國EP市場，因為它的環比成長持平，而你們的RF競爭對手在美國的環比增長了1800萬美元和2600萬美元。所以，至少從環比來看，與上個季度相比，股票變化確實有所增加。我不知道季度末是否發生了什麼變化，因為你在 12 月與投資者的一些會議上表現得相當樂觀。所以我不知道季度末是否有什麼變化，特別是考慮到第一季 8.5% 到 10% 的成長預期，以及這對 2026 年初的 EP 意味著什麼？

I think we've been pretty consistent with our messaging on EP. We do think the market is 18% to 20%, like we said, I think some maybe overshot the market growth in Q4. when you're the highest market share leader in PFA and competitors are coming out, we planned and we do expect to lose some share given their competitive launches that are coming out and giving our really dominant market share position going into 2025. So we did anticipate that.

我認為我們在EP上的訊息傳遞一直相當一致。我們認為市佔率在 18% 到 20% 之間，就像我們之前所說的，我認為有些人可能高估了第四季的市場成長。當你是 PFA 市場份額最高的領導者，而競爭對手又不斷湧現時，我們已經做好了計劃，並且預計會失去一些市場份額，因為他們的競爭產品即將上市，這將影響我們到 2025 年的市場主導地位。所以我們確實預料到了這一點。

And we are also very comfortable to say, as we looked at the end of '26 that will be the clear EFA market leader with growing -- and we also think our EP business grow faster than 15%.

我們也可以很肯定地說，展望 2026 年底，它將成為 EFA 市場的明顯領導者，我們認為我們的 EP 業務成長速度將超過 15%。

So with new interest coming, it's not surprising that we lost some share. But the overall EP growth of 35%, I think, is quite impressive given the size of that business now and grew faster overall than our competitors.

因此，隨著新用戶的興趣日益濃厚，我們失去一些市場份額也就不足為奇了。但考慮到該業務目前的規模，我認為 EP 整體成長 35% 相當令人印象深刻，而且整體成長速度也比我們的競爭對手更快。

On the first quarter guide, we guided full year to 10% to 11%, which we think is strong guidance for the -- given where we are early in the year here, an 8.5% to 10% at simply two factors really. One is our toughest comp of the year.

在第一季業績指引中，我們預測全年成長率為 10% 至 11%，我們認為這是一個強勁的指引——考慮到今年年初的情況，實際上，僅僅兩個因素就足以預測 8.5% 至 10% 的成長率。其中一場是我們全年最艱難的比賽。

And secondly, we do have the about 150 bps of impact from the ACURATE discontinuation along with the Axios withdrawal -- well, not full withdrawal, but partial matrix withdrawal, which will impact the first half of the year. So we see both those products -- both those issues will be addressed as you get into, call it, June for the second half of the year with the impact of being gone, AXIOS being gone, our product launches and slightly easier comps, although it's still tough but slightly easier than the first quarter.

其次，由於 ACURATE 停止營運以及 Axios 撤出（雖然不是完全撤出，而是部分撤出），我們確實會受到大約 150 個基點的影響，這將影響今年上半年。因此，我們認為這兩個產品——這兩個問題都將在下半年得到解決，比如說，在六月份，AXIOS 的退出、我們的產品發布以及相對寬鬆的比較基數（儘管仍然很艱難，但比第一季略好一些）都會有所緩解。

Rick Wise, Stifel.

Rick Wise，Stifel。

Good morning, Mike. Mike, I hate to stick with EP. But looking at the EP discussion from another angle, maybe talk us through your expectations for how the '25-year is going to unfold. I mean maybe the cadence of the year, specifically relating to better understanding the growth acceleration that seems likely to occur as the quarters progress, helped by your innovation pipeline. And so maybe you can drill down further into what are the implications of FARAPOINT.

早上好，麥克。麥克，我討厭一直待在EP裡。但從另一個角度來看 EP 的討論，或許您可以談談您對 25 週年紀念日將如何展開的期望。我的意思是，也許應該關註一年的節奏，特別是與更好地理解隨著季度推進可能會出現的增長加速有關，而這得益於你們的創新渠道。因此，或許您可以進一步深入研究 FARAPOINT 的影響。

And talk to us again about the ancillary products like ICE catheter, et cetera. And maybe any updates on the FARAFLEX timing? So we better understand how -- again, the case of and the setup as we head into -- I'm sorry, for '26 and the setup for '27. Thank you.

請再次與我們討論輔助產品，例如 ICE 導管等。FARAFLEX專案的時間表有更新嗎？所以我們更好地理解了——再次強調，這是一個案例，也是我們進入——抱歉，是 2026 年的情況，以及 2027 年的情況。謝謝。

Sure. I guess as we exit '25, we're kind of 65-ish percent PFA market share position. We have a market that we think is going to grow 15%. We have high utilization in the US, call it, 80% -- 70%, 80% and outside the US, quite a bit lower. So with a healthy market, we expect to continue to grow above market, our PFA share will reduce somewhat, but we're very confident by year-end.

當然。我估計到 2025 年底，我們在 PFA 市場佔有率方面大概佔 65% 左右。我們認為這個市場將會成長 15%。我們在美國擁有很高的利用率，大概在 80% 到 70% 之間，而在美國以外，利用率則低得多。因此，在健康的市場環境下，我們預計將繼續高於市場平均成長，我們的 PFA 份額會有所下降，但我們對年底前的表現非常有信心。

Likely, if you add all the other competitors together, our share will be equal to them or in that area. We're not going to break out share by quarter, but we're very confident that we'll maintain a clear market leadership in PFA over the course of 2026 and beyond.

如果把所有其他競爭對手的市佔率加起來，我們的市佔率很可能會與他們持平或處於同一水平。我們不會按季度公佈市場份額，但我們非常有信心在 2026 年及以後保持 PFA 領域的市場領先地位。

And I think if you look at the drivers that continue the strong pace of growth overall, one, it's geographic scope. We continue to gain share in Japan. We just got a persistent indication. We continue to drive more account openings, utilization in Japan. China is a very, very big market, a small part of our number.

我認為，如果你觀察推動整體強勁成長的因素，首先是地理範圍。我們在日本的市佔率持續成長。我們剛剛收到一個持續的訊號。我們持續推動在日本開設更多帳戶，提高帳戶使用率。中國是一個非常非常大的市場，但只占我們總銷售量的一小部分。

We made significant investments in the past 18 months in China, and you'll see China have a more significant impact on our overall global growth. Europe is the most competitive market, but our growth rate is quite impressive there. And we just got approval for the FARAPOINT catheter.

過去 18 個月，我們在中國進行了大量投資，您將會看到中國對我們整體全球成長產生更顯著的影響。歐洲是競爭最激烈的市場，但我們在那裡的成長速度相當驚人。我們剛剛獲得了FARAPOINT導管的批准。

In the US, same thing are now more significant mapping scaled mapping commercial team continues to gain experience, continues to add more, more OPAL systems. The FARAPOINT product will allow us more time in the lab to expand our reach in different clinical indications. And we have a host of products in the pipeline. You mentioned a few of them. They won't impact 2026 in a meaningful way.

在美國，同樣的事情現在變得更加重要，規模化測繪商業團隊不斷累積經驗，不斷增加更多的 OPAL 系統。FARAPOINT 產品將使我們有更多時間在實驗室中擴展我們在不同臨床適應症方面的應用。我們還有一系列產品正在研發中。你提到了其中一些。它們不會對 2026 年產生實質影響。

But we'll continue to widen out the portfolio with our Cortex clinical trial work being done, the recent FARAPOINT approval and then we have a whole cadence of new catheters coming over the coming one to three years. So we have significant investments in the portfolio, and we continue to expect to be the clear market leader and have a very strong '26 growing faster than market.

但隨著 Cortex 臨床試驗工作的進行、FARAPOINT 近期獲得批准，我們將繼續擴大產品組合，未來一到三年內，我們將陸續推出一系列新的導管。因此，我們在投資組合中投入了大量資金，我們將繼續保持市場領先地位，並預計 2026 年將實現非常強勁的成長，成長將超過市場平均水平。

Joanne Wuensch, Citibank.

Joanne Wuensch，花旗銀行。

Good morning and thank you for taking the question. I suspect many of us will be taking through WATCHMAN and FARAPULSE or EP for quite some time. But to drive the back half of the year, I suspect other products are accelerating and it's not just easing comps from AXIOS and ACURATE. What would you like to highlight to us that you see for a second half accelerating then into 2027, so maybe we can expand our focus just a little bit? Thanks.

早上好，感謝您回答這個問題。我懷疑我們中的許多人會在相當長的一段時間內反覆研讀《守望者》和《遠射脈衝》或《EP》。但為了推動下半年的發展，我懷疑其他產品正在加速成長，而不僅僅是 AXIOS 和 ACURATE 的競爭壓力有所緩解。您想專注於向我們介紹一下您認為在下半年加速發展並延續到 2027 年的哪些方面，以便我們能稍微擴大一下關注範圍？謝謝。

Yeah, great, I think, again, we expect to have a great year in EP and WATCHMAN. We've got CHAMPION trial coming out. Those results coming through.

是的，太好了，我想，我們預計今年EP和WATCHMAN都會取得巨大成功。我們即將推出 CHAMPION 試播集。結果出來了。

Concomitant is doing terrific. We're training more EP docs on Concomitant every day. As you said, broadly, the comps do get a little bit easier. But we expect to have stronger performance in a number of our business units in '26 versus what we had in '25. We do expect our PI business, our euro business, our neuromod business and our CRM businesses to have stronger years in '26 than they did in '25.

Concomitant 的表現非常出色。我們每天都在培訓更多電生理醫生使用 Concomitant。正如你所說，總的來說，比賽難度確實會稍微降低一些。但我們預計，2026 年我們多個業務部門的業績將比 2025 年更強勁。我們預計，2026 年我們的 PI 業務、歐元業務、神經調節業務和 CRM 業務將比 2025 年表現得更好。

Not many questions on neuromod, but that business we expect to be a high performer in '26, along with improvement in PI, euro and CRM. And then you have our other businesses, which are performing quite well as we get through this Axios issue. Our Endo business is strong. Our IO business has now scaled to over $1 billion, growing nicely in the double digits. Our coronary business grew 20% in the quarter.

關於神經調節的問題不多，但我們預計該業務在 2026 年將表現優異，同時 PI、歐元和 CRM 也將有所改善。此外，我們的其他業務也表現良好，我們正在逐步解決 Axios 的問題。我們的內分泌業務發展強勁。我們的 IO 業務規模現已超過 10 億美元，並保持兩位數的良好成長。本季我們的冠狀動脈業務成長了 20%。

And now we're launching our seismic IVL and PI, and we just finished enrollment in our IVL platform for coronary. And importantly, we've also initiated our first clinical work with Vitalist and hypertension. So we have a number of investments that we're making for the long term. And it's really the whole of Boston Scientific and of our 8 divisions, 6 of them grew faster than market, which is pretty consistent. We grow faster than WAMGR.

現在我們正在推出地震 IVL 和 PI，並且我們剛剛完成了冠狀動脈 IVL 平台的註冊。更重要的是，我們也啟動了與 Vitalist 和高血壓相關的首次臨床研究。因此，我們進行了一些長期投資。實際上，波士頓科學公司整體以及我們的 8 個部門中，有 6 個部門的成長速度超過了市場平均水平，這相當一致。我們的成長速度比 WAMGR 快。

So we love our EP business. We love our WATCHMAN business. But it's the entire company that gives us confidence in the 10% to 11% guide for the full year.

所以，我們熱愛我們的EP業務。我們熱愛我們的守望者事業。但正是整個公司的表現讓我們對全年 10% 至 11% 的成長目標充滿信心。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

Thank you. Good morning, everyone. I wanted to ask, Mike, if you could just expand a little bit more as you think about the diversification of growth drivers here on a go-forward basis. As you kind of reflect on 2025, you had some challenges in urology, you're raising some challenges here in endoscopy in the first half of the year. So what investments and processes are you putting in place to make sure that you're seeing consistency and performance in the non-EP and WATCHMAN businesses given those will represent a much more significant percentage of growth here on a go-forward basis?

謝謝。各位早安。麥克，我想問你，在你思考未來成長驅動因素多元化的問題上，能否再詳細闡述。展望 2025 年，泌尿科面臨一些挑戰，而今年上半年內視鏡檢查也面臨一些挑戰。那麼，鑑於非EP和WATCHMAN業務在未來將占公司成長的更大比例，你們正在採取哪些投資和流程來確保這些業務的穩定性和績效？

Yeah, we do that every day at the company. I highlighted on Neuromod a smaller business, but I think you'll see strong performance in 2026. We just added additional product in that category via acquisition. Urology was a tougher year this year. We had some supply chain issues.

是的，我們公司每天都會這樣做。我重點介紹了Neuromod這家規模較小的公司，但我認為它在2026年會有強勁的業績表現。我們剛剛透過收購增加了該類別中的其他產品。今年泌尿科的工作比較艱難。我們遇到了一些供應鏈問題。

Axonics integration didn't go as well as we wanted to initially with commercial disruption but we feel comfortable with that. So also with new product launches come into urology, we expect urology to be at minimum back-to-market growth with our euro business.

Axonics 的整合起初並沒有像我們預期的那樣順利，出現了一些商業上的中斷，但我們對此感到滿意。因此，隨著泌尿科新產品的推出，我們預期泌尿科業務至少會恢復到歐元區市場成長水準。

Neuromod quite a bit above growth and Endo is really a solid, high-performing company with second half launches that will be important for us once we get through that Axios issue. So a lot of confidence that MedSurg in general should have ideally we plan on a better year than '26 in '26 versus '25.

Neuromod 的成長速度遠超預期，而 Endo 是一家非常穩健、業績優異的公司，其下半年推出的產品對我們來說非常重要，一旦我們解決了 Axios 的問題。因此，MedSurg 總體上應該充滿信心，理想情況下，我們計劃 2026 年比 2025 年更好。

In other businesses, ICTX is a very large business with us now. Our complex coronary business grew 23% -- I'm sorry, our complex coronary to be 31% in the quarter, 23% for the year. And our ICTX business despite the discontinuation of ACURATE grew 10% in the quarter.

在其他業務領域，ICTX 現在是我們公司的一個非常大的企業。我們的複雜冠狀動脈業務成長了 23%——抱歉，應該是本季成長了 31%，全年成長了 23%。儘管 ACURATE 停止經營，但我們的 ICTX 業務在本季仍成長了 10%。

So that business is doing extremely well with agent, with our imaging portfolio. And we have the most product launches and biggest clinical studies in that business. So we continue to diversify and strengthen the ICTX business that's doing quite well.

所以，憑藉我們的影像產品組合，這項業務與代理商的合作進展非常順利。我們在該行業擁有最多的產品發布和規模最大的臨床研究。因此，我們將持續多元化發展，並加強目前發展勢頭良好的ICTX業務。

In our Interventional Oncology business, we have new product launches there. We've done a tuck-in M&A. So we continue to fuel all of our businesses. We don't invest at the same rate for all of them given the WATCHMAN and EP growth profile. But we -- it's classic Boston Scientific, doing organic R&D, tuck-in M&A to continue to grow above our weighted average market growth rate.

在我們的介入性腫瘤業務領域，我們有新產品即將上市。我們進行了一次補充性併購。因此，我們將繼續為所有業務提供資金。鑑於 WATCHMAN 和 EP 的成長情況，我們對它們的投資速度並不相同。但我們——這是典型的波士頓科學公司風格，進行內部研發，並透過併購來維持高於市場加權平均成長率的成長。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

Beautiful, thank you for taking the question. I'd love to hop off essentially from that topic. If I zoom out, there's been a ton of money spent building out people's vascular sales forces, obviously, the proposed transaction on your side, but some of your peers to in the last kind of 18 months. And I guess as I was reflecting on that and I was like how much is that going to help things like seismic in the IVL side and TCAR building out that force in a larger way?

太好了，謝謝你回答這個問題。我真想趕快結束這個話題。如果從更宏觀的角度來看，顯然，在你們這邊提出的交易中，以及在過去 18 個月裡，你們的一些同行都投入了大量資金來建立血管銷售團隊。我當時在思考這個問題，心想這會對 IVL 方面的地震以及 TCAR 更大規模地增強這種力量有多大幫助呢？

And then equally, are there things coming down the pipe over and above agent that we can't see on the vascular side that's causing a lot of money to be deployed in acquiring and building out sales forces there. Thanks.

同樣地，除了代理商之外，是否還有其他我們看不到的因素正在影響血管領域，導致大量資金投入收購和建立銷售團隊。謝謝。

I'm not sure I quite get the question. I would say on the commercial side, we have tremendous scale in our PI business commercially and within our individual cardiology business. We're combining the reporting structure of those business units together. So we're very much market leaders in that area. The announcement of Penumbra as we talked about, is really exciting for us.

我不太明白這個問題。從商業角度來看，我們的PI業務和個人心臟病業務都擁有龐大的規模。我們將把這些業務部門的報告架構合併在一起。所以，我們在該領域絕對是市場領導者。正如我們之前討論過的，Penumbra 的發布真的讓我們非常興奮。

It gets us into new high-growth markets in PE and Neurovascular, just to name a few, with a highly scaled sales force.

它使我們能夠進入新興的高成長市場，例如私募股權和神經血管領域，僅舉幾例，並擁有一支規模龐大的銷售團隊。

So in terms of commercial clinical capability, I think we're pretty unmatched in that area. And traditionally with the company, you've seen a lot of organic R&D like agent was and a lot of clinical work with new products being introduced, starting with IVL this year, and we'll continue to look at more tuck-in M&A there. So I think that whole we call that ICT area now, we're very bullish on and some of the biggest investments in the company are in that area.

所以就商業臨床能力而言，我認為我們在這領域幾乎是無可匹敵的。而公司一直以來都注重有機研發，例如藥物研發，並進行大量臨床研究，推出新產品，從今年的 IVL 開始，我們將繼續關注該領域的更多併購活動。所以我認為，我們現在稱之為資訊通信技術（ICT）領域的整個產業，我們都非常看好，公司的一些最大投資也集中在這個領域。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Good morning guys. Thanks so much for taking the question and Mike, sorry, this is another EP, WATCHMAN question. And maybe it's actually for Dr. Stein, though. I mean, I guess I'm curious, as you see competitors launch, I know you guys talked about like pretty significant efficiency gains with FARAPULSE and PFA devices overall. Those are probably slowing.

各位早安。非常感謝你回答這個問題，Mike，不好意思，這是另一個關於《守望者》EP的問題。不過，也許這封信其實是寫給史坦博士的。我的意思是，我很好奇，隨著競爭對手的推出，我知道你們之前討論過 FARAPULSE 和 PFA 設備在整體效率方面有相當大的提升。這些速度可能正在放緩。

We have WATCHMAN coming. I mean I asked this at the Analyst Day, but I'm just curious what's playing out in the real world as far as capacity at the EP lab because a lot of the docs we talk to sound like they have growing waitlist for their EP procedures and this could only just get exacerbated once CHAMPION comes assuming CHAMPION is positive. So I'm just curious what you could say to that and how much that is currently impacting overall market growth? Thanks so much.

《守望者》即將上映。我的意思是，我在分析師日上問過這個問題，但我只是好奇現實世界中電生理實驗室的容量情況如何，因為我們交談過的很多醫生都表示，他們的電生理手術候診名單越來越長，而且一旦 CHAMPION 檢測結果呈陽性，這種情況只會更加惡化。所以我很好奇您對此有何看法，以及這目前對整體市場成長的影響程度？非常感謝。

Yeah, Danielle. I mean I think you nailed it, right? I mean we've now anniversaried -- I mean, we're 3 years into the launch of FARAPULSE in the US I think the efficiency gains that people are largely now built into the system. And I think as Mike said, that's why what we're looking for, again, 15% growth in the EP market next year.

是的，丹妮爾。我覺得你說的很對，對吧？我的意思是，我們現在已經迎來了周年紀念日——我的意思是，FARAPULSE 在美國推出已經 3 年了，我認為人們現在所獲得的效率提升很大程度上已經融入到系統中。正如麥克所說，我認為這就是為什麼我們再次期待明年EP市場成長15%。

Again, we are growing and believe it will continue to grow faster than that market. But the key -- again, I feel a little sort of almost silly to apologizing for 15% growth in what's one of the largest markets in med tech.

再次強調，我們正在發展壯大，並相信我們的成長速度將繼續超過該市場。但關鍵在於——再說一遍，我覺得為醫療技術領域最大市場之一的 15% 的成長道歉有點愚蠢。

But the keys to driving that forward will be, a, starting the build-out of ASCs in the United States to unlock some more capacity and reduce those waiting lists, continued just development and repurposing cath labs for the use for EP procedures in the hospital, continuing what we can do as a company to help further drive greater efficiency in procedures.

但推動這一進程的關鍵在於：a. 開始在美國建造門診手術中心，以釋放更多容量並減少等待名單；b. 繼續開發和改造導管室，使其適用於醫院的電生理手術；c. 繼續發揮我們公司的作用，幫助進一步提高手術效率。

So things that we can do with concomitant procedures, just growth of concomitant overall helps with that efficiency. We've talked about some of the other investments that we've made, the partnership with Siemens for the ICE. But really, until all of those things play out, that's why we really don't see growth exceeding 20% in the market and why that 15% seems to us to be a much more realistic way to view it. but again, to close, but it is our intent to continue to grow faster than that market.

因此，我們可以利用伴隨手術來提高效率，伴隨手術整體的成長也有助於提高效率。我們已經談到了我們進行的其他一些投資，例如與西門子在內燃機領域的合作。但實際上，在所有這些因素都塵埃落定之前，我們並不認為市場成長率會超過20%，15%才是更現實的預期。最後再說一遍，我們的目標是繼續保持高於市場平均的成長速度。

Michael Polark, Wolf Research.

邁克爾·波拉克，沃爾夫研究中心。

Hey, good morning. I have a question on ICE. So the partnership with Siemens Healthineers for the 4D catheter versus your plans to launch a 2D product. Can you just help us understand, do these things work together? Does the partnership with Siemens, is that a reflection of a fresh view on how you plan to go to market with the 2D product? Help us understand how these are catalysts, how they coexist? I would appreciate any color. Thank you.

嘿，早安。我有一個關於ICE的問題。所以，你們與西門子醫療合作開發 4D 導管，而不是計畫推出 2D 產品。您能幫我們理解一下，這些東西之間是否有協同作用嗎？與西門子的合作是否反映了你們對2D產品市場推廣方式的全新思維？請幫助我們理解這些物質如何起到催化劑的作用，以及它們如何共存？任何顏色我都喜歡。謝謝。

Yeah we'll give it to a little bit. It's a bit too early for that. We're excited about the Siemens collaboration. That's a product that's in development.

是的，我們會給它一點時間。現在說這個還為時過早。我們對與西門子的合作感到非常興奮。那是一款正在研發中的產品。

It's not commercially available yet. So we -- in partnership with them, it's really going to be different segments. That will be very much a premium product and markets that can pay for a premium product, and we think it will be differentiated and further differentiate our WATCHMAN and FARAFLEX capability. 2D ICE would be a different price point. It's been an established market for a while.

目前尚未上市。所以，我們——與他們的合作，真的會涉及不同的領域。這將是一款非常高階的產品，針對能夠支付高階產品價格的市場，我們認為它將具有差異化優勢，並進一步凸顯我們 WATCHMAN 和 FARAFLEX 產品的差異化優勢。2D ICE 的價格定位會有所不同。這是一個已經發展成熟的市場。

So our 2D ICE programs will really be just a nice portfolio addition to our overall portfolio within our EP portfolio bag.

因此，我們的 2D ICE 專案實際上只是我們 EP 產品組合中一個不錯的補充。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞集團。

Hi, thanks for taking the question. I wanted to follow up on CHAMPION. You sound excited about that and should be, it's a big study. I was wondering if you could comment on the range of outcomes for that. Obviously, noninferiority trial, do you think there's any chance of showing superiority on any of the endpoints or the secondary endpoints? And I also wanted to ask, if you think a positive champion result could boost concomitant in the option indication?

您好，感謝您回答這個問題。我想跟進一下 CHAMPION 的情況。聽起來你對此很興奮，也應該如此，這是一項大型研究。我想請您談談可能出現的各種結果。顯然，這是一項非劣效性試驗，您認為有任何可能在任何主要終點或次要終點上證明其優越性嗎？我也想問一下，您認為正向的冠軍結果是否會提振選擇權指標的伴隨指標？

Yeah, Matt, first of all, just to clarify, the bleeding endpoint is powered as a superiority endpoint. We'll see what it shows when we when we report it out, but the goal there would be to show superiority on bleeding complications. I think it'd be -- you would have needed to power for superiority on stroke would have needed a trial that would probably have been an order of magnitude larger. And so that's part of -- and -- well, just backtrack a little bit. And I don't think we need to show superiority on stroke.

是的，馬特，首先要澄清的是，出血終點是作為優勢終點而設立的。我們會看看結果如何，到時候再公佈報告，但我們的目標是在減少出血併發症方面展現出優勢。我認為－要證明中風的優勢，就需要進行規模可能大一個數量級的試驗。所以，這是其中的一部分——而且——嗯，稍微回顧一下。我認為我們不需要展現擊球方面的優勢。

Again, the goal here would be to show that WATCHMAN would be non-inferior, so as effective as the drugs but to be able to show superiority and bleeding. And again, that was what we demonstrated with option. And I think everyone's seen the impact that, that's had for the option population.

再次強調，這裡的目標是證明 WATCHMAN 不遜於藥物，也就是說，它與藥物一樣有效，但同時也要證明其優越性，並能抑制出血。我們再次用期權證明了這一點。我認為大家都看到了這對選擇權人群的影響。

In terms of the second part of the question, I think it's a perceptive question because there are a couple of things that would happen if CHAMPION does turn out to be positive, all right? And one is developing the new indication, but the other is strengthening the current indication. And so I do believe that a positive champion would give increased to referring for the current indication, which includes the option indication. It will take time to build out the new indication, get better representation and guidelines and get a revision of the CMS national coverage decision. And again, that's part of -- when we look at the CHAMPION story, right, if it's positive, it's not just a step change in growth in WATCHMAN, but some of it sustains the growth in WATCHMAN over our long-range plan.

關於問題的第二部分，我認為這是一個很有見地的問題，因為如果 CHAMPION 檢測結果為陽性，將會發生幾件事，對吧？一個正在開發新的適應症，而另一個正在加強現有的適應症。因此，我相信積極的倡導者會增加對當前適應症的推薦，其中包括選擇適應症。制定新的適應症、獲得更好的代表性和指導方針以及修訂 CMS 國家覆蓋範圍決定都需要時間。再說一遍，這也是——當我們審視 CHAMPION 的故事時，對吧，如果它是積極的，那不僅僅是 WATCHMAN 增長的一個飛躍，而且其中一些增長還能在我們的長期計劃中維持 WATCHMAN 的增長。

Joshua Jennings, TD Cowen

約書亞·詹寧斯，TD Cowen

Hi, good morning. Thanks for taking the question, and Mike, it's only been a couple of months since the Investor Day. And I think just wanted to hear about your confidence level in hitting your LRP targets through '28, specifically the 10%-plus organic throughout this call, I think your confidence level is clear that 2026 guidance is achievable. But any updates just on your confidence level through the LRP and the double-digit organic revenue growth target? Thanks for taking the question.

您好，早安。感謝您回答這個問題，麥克，距離投資者日才過去幾個月而已。我想了解您對實現 2028 年 LRP 目標的信心，特別是您在這次電話會議中提到的 10% 以上的有機增長。我認為您顯然對實現 2026 年的業績指引充滿信心。但對於您透過長期規劃 (LRP) 實現兩位數有機收入成長目標的信心，有什麼最新消息嗎？感謝您回答這個問題。

Yeah, it hasn't changed. If we were doing our Investor Day today, we'd get the same numbers. 10% plus '26 to '28, 150 bps of margin improvement, strong double growth even within that. And then we think Penumbra further enhances our WAMGR and further strengthens the company beyond that. So really no change in position here.

是的，情況沒有改變。如果我們今天舉行投資者日活動，我們會得到相同的數據。 2026年至2028年成長10%，利潤率提高150個基點，即使在這段期間內，也能實現強勁的雙倍成長。我們認為 Penumbra 將進一步增強我們的 WAMGR，並在此基礎上進一步鞏固公司實力。所以，我們的立場其實沒有任何改變。

Our whole key to our business is being in fast-growth markets, which we've demonstrated we anticipate in that time horizon,gets closer to nine. Penumbra actually could slightly even improve that once that closes by a small margin but slightly improve it. And excluding Penumbra, we're very comfortable with those LRP goals as we've stated.

我們業務的關鍵在於進入快速成長的市場，我們已經證明，我們預計在那個時間範圍內，市場會越來越接近九。Penumbra 實際上甚至可以略微改善這種情況，一旦差距縮小，就能略微改善它。除了 Penumbra 之外，我們對先前提到的 LRP 目標非常滿意。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊，腎臟單位研究。

Great, thanks for fitting me in. I think I heard you say that you think US PFA penetration is already at 70% for was a little higher than what we were thinking and suggest that we're already in the latter innings of that mix shift. I'd love your thoughts on what's left to penetrate with TSA, particularly as we think about other procedure categories like SBT or VT and what's going to be necessary from either a product or a data perspective in order to really move into those segments?

太好了，謝謝你安排我過來。我想我聽你說過，你認為美國 PFA 的滲透率已經達到 70%，這比我們預想的要高一些，並暗示我們已經進入了這種混合模式轉變的後期階段。我很想聽聽您對 TSA 還有哪些領域可以滲透的看法，特別是當我們考慮其他程序類別（如 SBT 或 VT）時，從產品或數據的角度來看，為了真正進入這些領域，需要做些什麼？

Yeah, thanks, Chris. Yes. Thanks, Chris. Again, I think, first of all, right, the 70% penetrated, there's still 30% left to penetrate. And there's always just a tailwind of adoption of new technologies. I think as you look at arrhythmias other than atrial fibrillation, there is probably the two prime use cases where we would see a real advantage to moving to PFA would be for, the atypical atrial flutter type thing, although, frankly, we think that's going to be a diminishing part of the market going forward because usually, where that's seen, that's a redo AF ablation.

謝謝你，克里斯。是的。謝謝你，克里斯。我認為，首先，沒錯，已經滲透了 70%，還有 30% 的滲透空間。而且新科技的普及總是有順風推動的。我認為，除了心房顫動之外，對於其他心律失常，PFA 真正具有優勢的兩個主要應用場景可能是非典型房撲，但坦白說，我們認為這部分市場份額未來會越來越小，因為通常情況下，出現這種情況需要再次進行房顫消融術。

And we just see redo numbers shrinking with the efficacy of FARAPULSE for de novo ablation. I think the other thing you hit on is. We are already engaged in a couple of studies of using FARAPULSE technology for ablation in the ventricles and it's one of the areas where both FARAPOINT catheter and FARAFLEX catheter, which is in development now, and we're very pleased with the progress of that in its first human use studies. But that is one of the areas and I think those catheters and those form factors are going to shine.

隨著 FARAPULSE 對新消融的療效不斷提高，我們看到重做次數正在減少。我認為你提到的另一點是…我們已經進行了幾項關於使用 FARAPULSE 技術進行心室消融的研究，這也是 FARAPOINT 導管和 FARAFLEX 導管（目前正在研發中）的研究領域之一，我們對它們在首次人體試驗中取得的進展感到非常滿意。但這是其中一個領域，我認為這些導管和這些外形設計將會大放異彩。

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. Thank you, everyone.

感謝您今天蒞臨。感謝您對波士頓科學公司的關注。如果您的問題未能得到解答，或您有任何後續問題，請隨時聯絡投資者關係團隊。在斷開連接前，德魯會告訴你重賽的所有相關細節。謝謝大家。

Please note, a recording will be available in one hour by dialling either 1877- 344-7529 or 1412-317-0088 using replay code 7215110 until February 11, 2026, at 11:59 p.m. Eastern Time. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

請注意，在 2026 年 2 月 11 日晚上 11:59（美國東部時間）之前，請撥打 1877-344-7529 或 1412-317-0088，使用重播代碼 7215110 即可收聽錄音。會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。