Boston Scientific Corp (BSX) 2026 Q2 法說會逐字稿

Good morning, and welcome to the Boston Scientific second quarter 2026 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.

早安，歡迎參加波士頓科學（Boston Scientific）2026 年第二季財報電話會議。（接線員指示）請注意，本活動將被錄音。現在我想把電話會議交給投資人關係副總裁 Lauren Tengler。

Thank you, [Drew], and thanks to everyone for joining us. With me on today's call 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，[Drew]，也感謝各位與會。今天與我一同參與電話會議的有：董事長兼執行長 Mike Mahoney，以及執行副總裁兼財務長 Jon Monson。在問答環節，Mike 與 Jon 也將與我們的首席醫療長 Ken Stein 醫師一同回答問題。

We issued a press release earlier this morning announcing our Q2 2026 results, which included reconciliations of the non-GAAP measures used in this release. The release as well as the reconciliations of non-GAAP measures used in today's call can be found on the Investor Relations section of our website.

我們今天稍早發布新聞稿，公布 2026 年第二季業績，其中包含本新聞稿所使用之非 GAAP 指標的調節表。該新聞稿以及今日電話會議所使用之非 GAAP 指標調節表，可於我們網站的投資人關係專區查閱。

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 is less than a full period of comparable net sales. Guidance excludes the previously announced agreement to acquire Penumbra, which is expected to close in the second half of 2026, subject to customary closing conditions. For more information, please refer to the Q2 financial and operating highlights deck which may be found on the Investor Relations section of our website.

請注意，在本次電話會議中，營運收入（operational revenue）不包含外幣匯率波動的影響；而有機收入（organic revenue）則進一步排除某些併購與處分案的影響，因其可比較的淨銷售額未涵蓋完整期間。財測不包含先前宣布的收購 Penumbra 協議；該交易預計於 2026 年下半年完成，仍須符合慣常交割條件。更多資訊請參閱 2026 年第二季財務與營運重點簡報，可於我們網站的投資人關係專區取得。

On this call, all references to sales and revenue, are organic and relative growth as compared to the same quarter of prior year unless otherwise specified. This call contains forward-looking statements regarding, among other things, our financial performance, business plans, market expectations and product performance and development. These statements are based on our current beliefs using information available to us as of today's date and are not intended to be guarantees of future events or performance.

在本次電話會議中，除非另有說明，所有對銷售與營收的提及皆為有機口徑，且成長率係相較於去年同期。本次電話會議包含前瞻性陳述，內容涉及（但不限於）我們的財務表現、業務計畫、市場預期以及產品表現與開發。這些陳述係基於我們截至今日可取得資訊所形成的目前信念，並非旨在保證未來事件或績效。

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

若我們的基本假設被證明不正確，或某些風險或不確定性發生，實際結果可能與前瞻性陳述所預期者有重大差異。可能造成差異的因素已於我們提交給美國證券交易委員會（SEC）的定期報告與其他申報文件中討論，包括我們最近一期 Form 10-K 年報中的風險因素（Risk Factors）章節。除法律要求外，波士頓科學不承擔更新這些前瞻性陳述的任何意圖或義務。

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. Boston Scientific has filed the SEC registration statement on Form S-4 containing a proxy statement of Penumbra and the perspective of Boston Scientific that contains important information about Penumbra, Boston Scientific, the proposed transaction and related matters.

此外，本次電話會議不構成出售任何證券之要約或購買任何證券之要約邀請，亦不構成就與 Penumbra 擬議交易相關之任何表決或核准的徵求。波士頓科學已向 SEC 提交 Form S-4 登記聲明，其中包含 Penumbra 的委託書說明書（proxy statement）以及波士頓科學的說明文件，載有關於 Penumbra、波士頓科學、擬議交易及相關事項的重要資訊。

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

接下來我把時間交給 Mike。

Thank you, Lauren. Thank you, everyone, for joining us today. Second quarter represented a solid quarter for Boston Scientific, while we continue to navigate a dynamic environment. Total company organic sales grew 7% versus our guide of 5% to 7%, driven by our Interventional Cardiology, Endoscopy and Neuromodulation business.

謝謝你，Lauren。也謝謝各位今天加入我們。在我們持續因應多變環境之際，第二季對波士頓科學而言是穩健的一季。全公司有機銷售成長 7%，優於我們 5% 至 7% 的指引區間，主要由介入心臟科（Interventional Cardiology）、內視鏡（Endoscopy）與神經調控（Neuromodulation）業務帶動。

Q2 adjusted EPS of $0.86 grew 15% and exceeded the high end of the guidance range of $0.82 to $0.84, driven primarily by some favorable tax results. Second quarter adjusted operating margin was 28.4%.

第二季調整後每股盈餘（adjusted EPS）為 0.86 美元，成長 15%，並高於 0.82 至 0.84 美元的指引上緣，主要受惠於部分有利的稅務結果。第二季調整後營業利益率為 28.4%。

Turning to our outlook. We now expect the second half to be more pressured than we originally anticipated. To that end, we are updating our full year 2026 guidance for organic revenue of 5% to 6% and with our full year adjusted EPS now $3.28 to $3.32, representing growth of 7% to 8%. For the third quarter, we're guiding to organic revenue growth of 3% to 5% and adjusted EPS of $0.80 to $0.82.

接著談我們的展望。我們目前預期下半年承壓程度將高於原先預估。因此，我們更新 2026 全年指引：有機營收成長 5% 至 6%；全年調整後 EPS 為 3.28 至 3.32 美元，代表 7% 至 8% 的成長。第三季方面，我們指引有機營收成長 3% 至 5%，調整後 EPS 為 0.80 至 0.82 美元。

We updated our guidance in Q1 with the goal of establishing the right baseline for the year. This update today is not the outcome we planned or what you've come to expect from us. Boston Scientific has had a strong record of growing above our weighted average market growth rates while delivering double-digit adjusted EPS growth. However, market conditions have evolved quickly and has been challenged to forecast effectively.

我們在第一季更新指引，目標是為全年建立正確的基準。今天的這次更新並非我們原先規劃的結果，也不是各位對我們的期待。波士頓科學長期以來的紀錄，是在加權平均市場成長率（WAMGR）之上實現成長，同時交出雙位數的調整後 EPS 成長。然而，市場狀況快速演變，使得有效預測變得更具挑戰。

Our guidance reduction is concentrated in two areas: First, WATCHMAN where the US market has slowed sharply and unexpectedly, primarily driven by compounding clinical evidence, which has impacted referral patterns. And second, EP, where we did not anticipate the degree of competitive share movement, we're now seeing in the US market.

我們下調指引主要集中在兩個領域：第一是 WATCHMAN，美國市場出現急劇且出乎意料的放緩，主要由於臨床證據的累積效應，影響了轉介模式。第二是電生理（EP），我們未預期到目前在美國市場看到的競爭性市占移動幅度。

While we are sharpening our forecasting processes and taking action to address controllable headwinds, our underlying assumptions that these dynamics continue in '27, resulting in revenue growth below our WAMGR and limited adjusted EPS growth. We expect our revenue and EPS growth profile to improve meaningfully in 2028, supported by key catalysts across Boston Scientific.

在我們強化預測流程並採取行動以因應可控的逆風之際，我們的基本假設是這些動態將延續至 2027 年，導致營收成長低於我們的 WAMGR，且調整後 EPS 成長有限。我們預期在 2028 年，受波士頓科學多項關鍵催化劑支持，營收與 EPS 的成長輪廓將顯著改善。

In the meantime, we're focused on execution, delivering our 2026 guide, staying disciplined on spending and continuing to fund the areas of the portfolio where we see the strongest long-term opportunity. As part of that effort, we just announced a restructuring program aimed to deliver approximately $500 million in run rate savings exiting '29. This program will enable us to drive sustainable cost efficiencies while strategically reinvesting in our business to support a return to adjusted -- to a strong adjusted EPS growth in '28 and beyond.

在此期間，我們將專注於執行力，達成 2026 年指引，嚴守支出紀律，並持續投入我們認為具備最強長期機會的產品組合領域。作為該努力的一部分，我們剛宣布一項重整計畫，目標是在 2029 年底前達到約 5 億美元的年度化節省（run rate savings）。此計畫將使我們能推動可持續的成本效率，同時策略性再投資於業務，以支持在 2028 年及之後回到強勁的調整後 EPS 成長。

So before I provide more information in regards to our second quarter performance and full year outlook, I want to reiterate my confidence in the future of Boston Scientific. While EP and WATCHMAN have been tremendous growth drivers for the company, our other business units, which represent roughly 75% of our revenue, are expected to grow approximately 6% in the second half of the year, consistent with our historical performance over many quarters.

因此，在我進一步說明第二季表現與全年展望之前，我想再次強調我對波士頓科學未來的信心。雖然 EP 與 WATCHMAN 一直是公司重要的成長動能，但我們其他業務單位約占營收的 75%，預期在今年下半年將成長約 6%，與我們過去多個季度的歷史表現一致。

Turning to our regional performance. The US grew 6% on an operational basis, driven by ICVT Interventional Oncology and Neuromodulation. Europe, Middle East, Africa grew 4% on an operational basis driven by EP Vascular and Neuromod. And Asia Pac grew 11% operationally, led by double-digit growth in Japan, China and Korea. Across the region, performance was driven by our Interventional Cardiology EP and (inaudible) businesses.

接著看各地區表現。美國以營運口徑成長 6%，主要由 ICVT、介入腫瘤（Interventional Oncology）與神經調控帶動。歐洲、中東、非洲以營運口徑成長 4%，主要由 EP、血管（Vascular）與 Neuromod 帶動。亞太地區營運口徑成長 11%，其中日本、中國與韓國皆呈現雙位數成長領先。整體而言，各地區表現主要由我們的介入心臟科、EP 與（聽不清）業務帶動。

Now some additional color on our business units. Neuromodulation sales grew 12% with double-digit growth in both pain and brain. Within Pain, growth was lying across the portfolio, including a full quarter of contribution from Nalu, which performed well in the second quarter with integration progressing nicely. In brain, we saw strong growth across the globe enabled by differentiated products, including our Cartesia leads, Alumina programming and DBS patient controller.

接下來補充一些各事業單位的細節。神經調控銷售成長 12%，疼痛與腦部兩大領域皆為雙位數成長。在疼痛領域，成長遍及整體產品組合，包括 Nalu 貢獻的完整一季；Nalu 在第二季表現良好，整合進展順利。在腦部領域，我們在全球看到強勁成長，受惠於具差異化的產品，包括 Cartesia 導線、Alumina 程式設定以及 DBS 病患控制器。

Urology grew 1% this quarter, falling short of our expectations, driven by [sickle] neuromodulation with the recovery in that business taking longer than we had anticipated. In stone management, we continue to see pressure in the market with key portfolio gaps that we aim to fill over the next three quarters. We now expect our full year urology growth to be flat to low single digits.

泌尿科本季成長 1%，低於我們的預期，主要受 [sickle] 神經調控影響，該業務的復甦所需時間比我們原先預估更長。在結石管理方面，我們持續看到市場壓力，且產品組合存在若干關鍵缺口，我們計畫在未來三個季度內補齊。我們目前預期全年泌尿科成長將為持平至低個位數。

Endoscopy sales grew 7% with strong results across our business another quarter of better-than-anticipated performance from Axios. Within the quarter, we received FDA clearance for Rivos, a first-of-its-kind single device design to consolidate multiple exchanges enable physicians to streamline procedural steps while reforming endoscopic ultrasound biliary drainage with positive feedback received on initial cases.

內視鏡業務銷售成長 7%，在各項業務均有強勁表現；Axios 再度交出優於預期的季度表現。本季度內，我們取得 Rivos 的 FDA 核准；這是一款同類首創的單一器械設計，可整合多次器械更換，協助醫師精簡手術步驟，同時革新內視鏡超音波膽道引流；初期病例回饋正面。

Turning to Cardiovascular. Cardiovascular sales grew in the quarter. Interventional Cardiology and Vascular Therapies grew 12%. Our Interventional Cardiology business had another excellent quarter, growing 15%, driven by double-digit growth in our coronary therapies with continued strength in DCB, Imaging and Complex PCI.

接著談心血管業務。心血管業務本季度銷售成長。介入心臟科與血管治療業務成長 12%。我們的介入心臟科業務再度繳出亮眼季度表現，成長 15%，主要受惠於冠狀動脈治療的雙位數成長，且 DCB、影像與複雜 PCI 持續強勁。

In May, data from the fracture trial is presented as a late breaker at EuroPCR, achieving all endpoints with the SEISMIQ Force Coronary IVL Catheter, demonstrating high rates of freedom from major adverse cardiac events at 30 days, as well as procedural success in patients with severely calcified coronary artery disease. We look forward to bringing SEISMIQ Force to market in the first half of '27.

5 月，骨折試驗（fracture trial）數據於 EuroPCR 以 late breaker 形式發表，使用 SEISMIQ Force 冠狀動脈 IVL 導管達成所有終點，顯示 30 天主要不良心臟事件的高無事件率，以及在重度鈣化冠狀動脈疾病患者中的手術成功率。我們期待在 2027 年上半年將 SEISMIQ Force 推向市場。

Earlier this quarter, we announced our intent to potentially reenter the market through an investment in Mirus in their differentiated SIEGEL TAVR Valve. The SIEGEL Valve is currently enrolling in the STAR clinical trial and upon achievement of certain clinical and reg milestones, Boston Scientific has the option to acquire 100% of the TAVR assets. This valve has been built on years of research and proprietary technology, we believe the distinctive design and impressive early clinical results of the SIEGEL Valve may set it apart from currently available technologies.

本季度稍早，我們宣布有意透過投資 Mirus，憑藉其差異化的 SIEGEL TAVR 瓣膜，可能重新進入市場。該瓣膜建立於多年研究與專有技術之上；我們相信 SIEGEL 瓣膜獨特的設計與令人印象深刻的早期臨床結果，可能使其有別於目前可用的技術。

We're making great progress in our THRIVE trial enrollment and valuating the TIVUS Ultrasound System for renal literation and the treatment of hypertension and continue to anticipate bringing our technology to market in '28. As we look ahead, we believe that our IC business and ICVT broadly will be our strongest growth driver for Boston Scientific as we enter a number of high-growth adjacent markets over the coming years.

我們在 THRIVE 試驗收案方面進展良好，並正在評估 TIVUS 超音波系統用於腎去神經化（renal denervation）及高血壓治療，且仍預期於 2028 年將該技術推向市場。展望未來，我們相信介入心臟科（IC）業務以及更廣泛的 ICVT，將是波士頓科學在未來數年進入多個高成長相鄰市場時最強勁的成長驅動力。

Our Vascular Therapies business grew 8% driven by broader adoption of Varithena and our drug-eluting portfolio. We're pleased with the performance of our SEISMIQ IVL launch with strong reception for the clinical differentiation of the device, we continue to ramp supply.

我們的血管治療業務成長 8%，主要由 Varithena 的更廣泛採用以及我們的藥物塗層產品組合所帶動。我們對 SEISMIQ IVL 上市表現感到滿意，市場對該器械的臨床差異化反應熱烈；我們也持續提升供應量。

We remain excited about the opportunity to add the Penumbra team and a highly differentiated and complementary portfolio to Boston Scientific. We anticipate the deal will close in the second half of '26, subject to the receipt of the remaining regulatory clearances.

我們仍對將 Penumbra 團隊以及高度差異化且互補的產品組合納入波士頓科學的機會感到振奮。在取得其餘監管核准的前提下，我們預期交易將於 2026 年下半年完成。

Our Interventional Oncology and Embolization business grew 12%, driven by strong global growth with our broad offering of innovative technologies. Earlier this month, results from the Proactive, which is a large prospective real-world study evaluating TheraSphere in the treatment of liver and malignancies were published. The study demonstrated meaningful survival outcomes across all stages of disease, including patients with larger or more advanced tumors, further supporting the use of TheraSphere in these populations. Additionally, we received FDA clearance for a TruSelect which is a microcatheter that combines precise navigation and efficient Embola delivery.

我們的介入腫瘤與栓塞業務成長 12%，受惠於我們廣泛創新技術產品帶動的全球強勁成長。本月稍早，Proactive 研究結果已發表；該研究為大型前瞻性真實世界研究，用以評估 TheraSphere 在肝臟腫瘤與惡性腫瘤治療中的表現。研究顯示在各疾病分期皆有具意義的存活結果，包括腫瘤較大或更晚期的患者，進一步支持在這些族群中使用 TheraSphere。此外，我們取得 TruSelect 的 FDA 核准；這是一款微導管，結合精準導引與高效率的 Embola 輸送。

Cardiac Rhythm Management sales declined 2% in the quarter. In core CRM, our low-voltage business declined high single digits, and our high-voltage business declined mid-single digits. Across our CRM franchise, we are seeing competitive pressure with some portfolio gaps, and we expect to make progress against these portfolio gaps with Precedent, which is a new [defib] platform to be launched in second half 2027.

心律管理（CRM）本季度銷售下滑 2%。在核心 CRM 中，我們的低電壓業務下滑高個位數，而高電壓業務下滑中個位數。在整體 CRM 產品線中，我們正面臨競爭壓力且部分產品組合存在缺口；我們預期將透過 Precedent（新一代去顫器平台，預計於 2027 年下半年上市）在這些產品缺口上取得進展。

In Q2, our Diagnostics franchise grew low double digits with continued strength across our broad diagnostic portfolio. Overall, we anticipate that our CRM growth will be flat on a full year basis, with a slight improvement in the second half of the year with contribution from Elucro, which is now a full launch.

第二季，我們的診斷（Diagnostics）產品線在廣泛診斷產品組合持續強勁的帶動下，成長低雙位數。整體而言，我們預期 CRM 全年成長將持平；隨著 Elucro 現已全面上市，下半年將略有改善。

Turning to WATCHMAN. Our goal here is provide you with more details on the LAAC market dynamics, the impact and expectations going forward. In second quarter, WATCHMAN grew 4%, with international growth of 18% and US growth of 3%.

接著談 WATCHMAN。我們的目標是提供更多關於 LAAC 市場動態、其影響以及未來展望的細節。第二季，WATCHMAN 成長 4%，其中國際市場成長 18%，美國市場成長 3%。

The adoption of concomitant has been swift, and we now estimate that 1/3 of WATCHMAN procedures in the US are done concomitantly. In second quarter, concomitant procedures grew over 60% with sequential growth of 11% versus first quarter 2026. For the remaining 2/3 of the procedures that are standalone, we saw low teens declines versus second quarter 2025.

合併手術（concomitant）的採用速度很快；我們目前估計，美國約 1/3 的 WATCHMAN 手術為合併進行。第二季，合併手術年增超過 60%，且相較 2026 年第一季季增 11%。至於其餘 2/3 的單獨手術（stand-alone），相較 2025 年第二季出現低十位數的下滑。

We believe the overall LAAC market slowdown is driven by two main factors. First, there has been a significant amount of clinical evidence regarding stroke risk in AF patients, published over the last 9 months, and integrating this evidence into practice takes time, which is impacting patient identification and floor patterns. Second, the focus on the fast adoption of concomitant procedures has created inefficiencies in the system with regards to operationalize both stand-alone and concomitant and allowing for sustained growth.

我們認為整體 LAAC 市場放緩主要由兩個因素驅動。第一，過去 9 個月發表了大量關於心房顫動（AF）患者中風風險的臨床證據；將這些證據整合進臨床實務需要時間，進而影響病患辨識與轉介模式。第二，對合併手術快速採用的聚焦，使系統在同時營運單獨與合併手術、並維持持續成長方面產生效率不彰。

With these key challenges understood, we are executing against three priorities to reaccelerate growth. First, we are driving greater clinical understanding through expanded physician education and evident dissemination, which we expect will help refers and implanters more easily identify patients appropriate for WATCHMAN. Second, we're also strategically investing in our commercial organization to increase account engagement and unlock growth across both concomitant and stand-alone segments. And finally, we're accelerating direct-to-patient investments to stimulate demand, increase patient activation to reach more patients in the state of care journey -- in the start of care journey. Together, these actions are designed to increase the number of patients treated and approved the LAAC market over time.

在釐清這些關鍵挑戰後，我們正聚焦三項優先事項以重新加速成長。第一，我們透過擴大醫師教育與證據傳播，提升臨床理解；我們預期這將協助轉介醫師與植入醫師更容易辨識適合 WATCHMAN 的患者。第二，我們也在商業組織上進行策略性投資，以提高帳戶互動，並在合併與單獨兩個區隔釋放成長動能。最後，我們正加速直接面向病患（direct-to-patient）的投資，以刺激需求、提升病患啟動度，觸及更多處於照護旅程——也就是照護旅程起點——的患者。綜合而言，這些行動旨在隨時間推進，提升接受治療並獲核准的患者數量，並推動 LAAC 市場成長。

So given these market dynamics we are seeing, we are updating our full year outlook for global WATCHMAN growth to be flat to low single digits with the second half of 2026 declining mid- to high single digits on a year-over-year basis. In the US, we anticipate that Q3 sales will decline mid-single digits sequentially versus second quarter, resulting in flat full year growth. We anticipate that year-over-year concomitant growth will materially slow in the second half due to higher comps from 2025.

因此，基於我們觀察到的市場動態，我們將全球 WATCHMAN 全年成長展望更新為持平至低個位數；而 2026 年下半年將以年對年基礎下滑中至高個位數。在美國，我們預期第三季銷售將較第二季季減中個位數，導致全年成長持平。我們預期由於 2025 年基期較高，下半年合併手術的年對年成長將明顯放緩。

Our outlook does not anticipate any improvement in stand-alone procedure growth trends in the second half. We absolutely believe in this therapy and that WATCHMAN is the best treatment for patients who can't, won't or shouldn't take oral anticoagulation for stroke prevention. We expect that the actions we are taking to say will support the LAAC market over time. However, we are not assuming improved WATCHMAN growth in 2027 until we see these dynamics actually change.

我們的展望並未預期下半年單獨手術的成長趨勢會改善。我們堅信此療法，且 WATCHMAN 是對於無法、不願或不應為預防中風而服用口服抗凝血藥物的患者之最佳治療選擇。我們預期目前採取的行動將隨時間推進支持 LAAC 市場。然而，在我們實際看到這些動態改變之前，我們不會假設 2027 年 WATCHMAN 成長將改善。

Electrophysiology sales grew 9% with 3% growth in the US and 23% internationally. Growth was driven by our innovative portfolio, including our continued expansion of our OPAL mapping footprint, strong catheter utilization and continued momentum with our FARAPOINT launch. We continue to be pleased with the progress of expanding our OPAL (inaudible) footprint, supported by the OPAL HDX-70 software release, which improved map quality, our software releases every 6 months continue to enhance capabilities and support the expanding FARAPULSE platform.

電生理（Electrophysiology）銷售成長 9%，其中美國成長 3%，國際市場成長 23%。成長由我們的創新產品組合帶動，包括持續擴大 OPAL mapping 的覆蓋範圍、導管使用量強勁，以及 FARAPOINT 上市後動能延續。我們持續對擴大 OPAL（聽不清）覆蓋範圍的進展感到滿意；在 OPAL HDX-70 軟體版本釋出後，地圖品質獲得改善。我們每 6 個月的軟體更新持續強化功能，並支援持續擴展的 FARAPULSE 平台。

We have seen significant growth in our EP business with our differentiated FARAPULSE technology enabling the transition to PFA faster than we anticipated. We believe that the US PFA revenue now makes up approximately 80% of the AFib market, which does limit our ability to offset some competitive pressures.

我們已看到我們的 EP 業務顯著成長，憑藉我們具差異化的 FARAPULSE 技術，使向 PFA 的轉換速度比我們原先預期更快。我們認為，美國的 PFA 營收目前約占 AFib 市場的 80%，這確實限制了我們抵消部分競爭壓力的能力。

Going forward, we have adjusted our market share assumptions to ensure a more realistic outlook given these developments, while our team continues to focus on bringing our leading PFA ecosystem to more physicians and their patients who may benefit from the therapy.

展望未來，鑑於這些發展，我們已調整市占率假設，以確保更為務實的前景；同時，我們的團隊仍持續專注於將我們領先的 PFA 生態系帶給更多醫師及其可能受益於此療法的病患。

In light of this, we now expect our second half '26 global growth for EP to be flat. In the US, we anticipate our Q3 sales will sequentially decline mid-single digits versus second quarter resulting in full year growth of flat to low single digits. We expect continued strength internationally with full year growth of approximately 20%.

基於此，我們目前預期 2026 年下半年 EP 的全球成長將持平。在美國，我們預期第三季銷售額相較第二季將呈現中個位數的季減，因而使全年成長落在持平至低個位數。我們預期國際市場將持續強勁，全年成長約 20%。

As we look ahead, we anticipate that our US EP performance will improve in the second half of 2027 after the introduction of FARAWAVE Ultra, which is a high-density mapping and ablation catheter as well as our entry into the ICE market. We expect further improvement in 2028 as FARAFLEX our novel large focal, high-density map and ablate catheter becomes available. And importantly, earlier this month, we commenced enrollment in the pivotal PARADIGM trial, evaluating the safety and effectiveness of FARAFLEX mapping and PFA catheter for the treatment of patients with paroxysmal and persistent AF.

展望未來，我們預期在 FARAWAVE Ultra 推出後（這是一款高密度標測與消融導管），以及我們進入 ICE 市場之後，美國 EP 表現將在 2027 年下半年改善。我們預期 2028 年將進一步改善，屆時 FARAFLEX（我們新型的大焦點、高密度標測與消融導管）將可供使用。而且重要的是，本月稍早我們已開始在關鍵性 PARADIGM 試驗中招募受試者，評估 FARAFLEX 標測與 PFA 導管用於治療陣發性與持續性 AF 病患的安全性與有效性。

So in closing, we're not satisfied with our near-term outlook. We believe we now have a clear picture of the dynamics in our business, and our updated guidance reflects a realistic view of the second half of '26. I remain confident in our long-term outlook for a number of reasons. Our performance is strong across many business units with Interventional Cardiology, Neuromodulation, IOE and Vascular, all delivering double-digit growth in the first half of the year.

最後總結，我們對近期展望並不滿意。我們相信我們現在已清楚掌握業務動態，而我們更新後的指引反映了對 2026 年下半年的務實看法。基於多項原因，我仍對長期展望充滿信心。我們在多個事業單位的表現強勁，包括介入性心臟病學、神經調控、IOE 與血管業務，上半年皆繳出雙位數成長。

We also have an impactful cadence of Catalyst in '27 that we expect to drive a significant improvement to our growth profile in 2028 and beyond. And even as we work through near-term top line pressures, we continue to be disciplined with our spending while investing in future growth drivers to ensure a return to meaningful adjusted operating margin expansion and adjusted EPS growth in '28 and beyond.

我們在 2027 年也有一系列具影響力的催化劑（Catalyst），預期將在 2028 年及之後顯著改善我們的成長輪廓。即使我們正在因應短期營收端壓力，我們仍持續在支出上保持紀律，同時投資於未來成長動能，以確保在 2028 年及之後回到具意義的調整後營業利益率擴張與調整後 EPS 成長。

So while we continue to navigate current challenges, our foundation, values and purpose haven't changed. Boston Scientific focused on improving patient lives through our relentless pursuit of innovation, and we are confident that the qualities that have defined this company over many years will continue to shape our future as we evolve and build on those strengths with a highly skilled global team and a winning spirit.

因此，儘管我們仍在應對當前挑戰，我們的基礎、價值觀與使命並未改變。波士頓科學專注於透過對創新的不懈追求來改善病患生活；我們有信心，多年來定義這家公司的特質，將在我們演進的過程中持續塑造未來，並在一支高技能的全球團隊與必勝精神的加持下，延續並發揮這些優勢。

So with that, I'll hand over to Jon for more commentary.

那麼接下來，我把時間交給 Jon 進一步說明。

Thanks, Mike. Second quarter consolidated revenue of $5.442 billion represents 7.5% reported growth versus second quarter 2025. And includes a 50-basis point tailwind from foreign exchange, which was in line with our expectations. Excluding this $28 million foreign exchange tailwind, operating revenue growth was 7.0% in the quarter, organic revenue growth was also 7.0% versus our second quarter guidance range of 5% to 7%.

謝謝，Mike。第二季合併營收為 54.42 億美元，較 2025 年第二季的報告口徑成長 7.5%。其中包含外匯帶來的 50 個基點順風，符合我們的預期。若排除這 2,800 萬美元的外匯順風，該季營運口徑營收成長為 7.0%，有機營收成長亦為 7.0%，落在我們第二季指引區間 5% 至 7% 的上緣。

Second quarter 2026 adjusted earnings per share of $0.06 and grew 15% versus 2025, exceeding the high end of our guidance range of $0.82 to $0.84, primarily driven by favorable (inaudible) items. Adjusted gross margin for the second quarter was 70.3%, which represented an 80 basis point increase versus the second quarter of 2025. Second quarter adjusted operating margin was 28.4% and which was in line with expectations and represented 70 basis points of expansion versus the second quarter of 2025.

2026 年第二季調整後每股盈餘為 0.06 美元，較 2025 年成長 15%，並超越我們指引區間 0.82 至 0.84 美元的上緣，主要受惠於有利的（聽不清）項目。第二季調整後毛利率為 70.3%，較 2025 年第二季提高 80 個基點。第二季調整後營業利益率為 28.4%，符合預期，並較 2025 年第二季擴張 70 個基點。

On a GAAP basis, second quarter operating margin was 21.6%. These results include an approximate $75 million charge related to certain product liability cases as well as the recognition of approximately $80 million of refunds on previously paid [AIBA] tariffs representing substantially all of the refunds that we expect to receive.

以 GAAP 口徑計算，第二季營業利益率為 21.6%。這些結果包含約 7,500 萬美元、與特定產品責任案件相關的費用，以及認列約 8,000 萬美元、先前已支付的 [AIBA] 關稅退稅，該退稅金額代表我們預期可收到的退稅之絕大部分。

Moving to below the line. Second quarter adjusted interest and other expenses totaled $120 million which was slightly unfavorable to expectations driven by FX volatility and certain unhedged currencies. On an adjusted basis, our tax rate for the second quarter was 10.4% and which were better than expected and includes favorable discrete tax items.

接著看損益表下方項目。第二季調整後利息及其他費用合計 1.20 億美元，略低於預期，主要受外匯波動以及部分未避險貨幣影響。以調整後口徑計算，我們第二季有效稅率為 10.4%，優於預期，並包含有利的一次性稅務項目。

Fully diluted weighted average shares outstanding ended at $1.475 billion in the second quarter reflecting the repurchase of approximately 40 million shares under our previously announced accelerated share repurchase agreement, which reduced our share count more than initially anticipated. As a result, we now expect full year 2026 weighted average shares outstanding to be approximately $1.475 billion.

第二季完全稀釋加權平均流通股數為 14.75 億股，反映我們依先前公告的加速庫藏股回購協議回購約 4,000 萬股，使股數降幅高於原先預期。因此，我們目前預期 2026 年全年加權平均流通股數約為 14.75 億股。

Free cash flow for the second quarter was $1.29 billion with $1.475 billion from operating activities, less $184 million in net capital expenditures. We now expect full year 2026 free cash flow to be approximately $3.8 billion. At June 30, 2026, we had cash on hand of $539 million our gross debt leverage ratio was 2.0x.

第二季自由現金流為 12.9 億美元，其中營運活動帶來 14.75 億美元，扣除淨資本支出 1.84 億美元。我們目前預期 2026 年全年自由現金流約為 38 億美元。截至 2026 年 6 月 30 日，我們手上現金為 5.39 億美元，總負債槓桿比率為 2.0 倍。

Our capital allocation approach is disciplined and growth oriented. Our top priorities remain strategic tuck-in M&A and opportunistic share repurchases. While we continue to evaluate and fund the opportunities that we believe will create the greatest long-term value for our shareholders.

我們的資本配置方式兼具紀律與成長導向。我們的首要重點仍是策略性補強型併購（tuck-in M&A）以及機會型股票回購。同時，我們持續評估並投入我們相信能為股東創造最大長期價值的機會。

Consistent with that framework, we announced a $1.5 billion investment in Mirus, which includes an exclusive option to acquire its TAVR business, and we completed our previously announced $2 billion accelerated share repurchase program. In addition, we look forward to the close of Penumbra in the second half, which we believe will strengthen our long-term growth profile through its innovative portfolio and strong strategic fit within our Cardiovascular business.

依循該框架，我們宣布對 Mirus 投資 15 億美元，其中包含取得其 TAVR 業務的獨家收購選擇權；同時我們也完成先前公告的 20 億美元加速庫藏股回購計畫。此外，我們也期待在下半年完成 Penumbra 的交易交割；我們相信，透過其創新產品組合以及與我們心血管業務的高度策略契合，將強化我們的長期成長輪廓。

I'll now walk through guidance for the third quarter and full year 2026. We now expect full year 2026 reported revenue growth to be in a range of 5.5% to 6.5% versus 2025. Excluding an approximate 50 basis point tailwind from foreign exchange based on current rates, we expect full year 2026 operational and organic growth to be in a range of 5% to 6%. We believe this guidance reflects a comprehensive and realistic view of our end market dynamics.

接下來我將說明 2026 年第三季與全年指引。我們目前預期 2026 年全年報告口徑營收成長將落在 5.5% 至 6.5%（相較 2025 年）。若排除依目前匯率估算約 50 個基點的外匯順風，我們預期 2026 年全年營運口徑與有機成長將落在 5% 至 6%。我們相信此指引反映了對終端市場動態全面且務實的觀點。

For the second half of 2026, this outlook contemplates approximately flat growth in our global electrophysiology business, a mid- to high single-digit decline in our global WATCHMAN business and a steady base business growing approximately 6%, consistent with our historical performance over many quarters.

就 2026 年下半年而言，此展望假設我們全球電生理業務成長約持平、全球 WATCHMAN 業務中至高個位數下滑，以及穩健的基礎業務約成長 6%，與我們過去多個季度的歷史表現一致。

We expect third quarter 2026 reported revenue growth to be in a range of 3% to 5% versus third quarter 2025. We anticipate no impact from foreign exchange based on current rates and therefore, expect third quarter 2026, operational and organic growth to also be in a range of 3% to 5%.

我們預期 2026 年第三季報告口徑營收成長將落在 3% 至 5%（相較 2025 年第三季）。依目前匯率，我們預期外匯不會造成影響，因此 2026 年第三季營運口徑與有機成長也預期落在 3% 至 5%。

We expect full year 2026 adjusted gross margin to be below full year 2025, reflecting a less favorable product mix than previously anticipated primarily driven by our lower sales outlook for WATCHMAN and electrophysiology. Additionally, we continue to make incremental investments in our global supply chain and quality systems.

我們預期 2026 全年調整後毛利率將低於 2025 全年，反映產品組合較先前預期更不利，主要由於我們對 WATCHMAN 與電生理（EP）的銷售展望較低所致。此外，我們持續對全球供應鏈與品質系統進行增量投資。

We now expect to expand full year 2026 adjusted operating margin by 0 to 25 basis points. Despite pressure on margins this year, we remain disciplined on spending while continuing to invest in our highest priority growth opportunities, supported by our recently announced restructuring program. We anticipate this comprehensive company-wide program will deliver run rate savings of approximately $500 million exiting 2029 in the areas of supply chain optimization, targeted functional transformation, org structure evolution as well as focused reductions in indirect spending to drive sustained cost efficiencies.

我們目前預期 2026 全年調整後營業利益率將擴張 0 至 25 個基點。儘管今年利潤率承壓，我們在持續投資於最高優先的成長機會之際，仍維持嚴謹的支出紀律，並由我們近期宣布的重組計畫提供支持。我們預期這項全面性的全公司計畫，將在供應鏈最佳化、針對性的職能轉型、組織架構演進，以及聚焦降低間接支出等領域，於 2029 年底前達到約 5 億美元的退出年化節省（run rate savings），以推動持續的成本效率。

We expect to realize over half of our run rate savings and incur over half of our program spend exiting 2027. This will position the company to return to meaningful operating margin expansion and strong adjusted EPS growth in 2028 and beyond.

我們預期在 2027 年底前可實現超過一半的退出年化節省，並在 2027 年底前發生超過一半的計畫支出。這將使公司在 2028 年及之後重回具意義的營業利益率擴張與強勁的調整後每股盈餘（EPS）成長。

We now expect full year 2026 adjusted below the line expense to be approximately $485 million, reflecting the financing impact associated with our strategic investment in Mirus in our accelerated share repurchase agreement. Under current legislation, including enacted laws and issue guidance, we now expect a full year 2026 adjusted tax rate of approximately 11.5%.

我們目前預期 2026 全年調整後線下費用（below the line expense）約為 4.85 億美元，反映我們在加速股份回購協議中對 Mirus 的策略性投資所帶來的融資影響。在現行法規（包括已頒布法律與已發布指引）下，我們目前預期 2026 全年調整後有效稅率約為 11.5%。

We expect full year 2026 adjusted earnings per share to be in a range of $3.28 to $3.32, representing 7% to 8% growth versus 2025, including an approximate $0.05 headwind from foreign exchange. We expect third quarter adjusted earnings per share to be in a range of $0.80 to $0.82.

我們預期 2026 全年調整後每股盈餘將介於 3.28 至 3.32 美元，較 2025 年成長 7% 至 8%，其中包含外匯帶來約 0.05 美元的不利影響。我們預期第三季調整後每股盈餘將介於 0.80 至 0.82 美元。

In closing, I'm confident in the long-term outlook for the company and our team's ability to navigate the current environment. While the challenges we face today will weigh on near-term financial performance, we are taking decisive actions to sharpen our organizational focus, adjust our cost structure and position the business for the future.

最後，我對公司長期展望以及團隊因應當前環境的能力充滿信心。雖然我們今日面臨的挑戰將拖累短期財務表現，但我們正採取果斷行動，以強化組織聚焦、調整成本結構，並為未來布局。

We remain focused on executing our full year 2026 guidance of 5% to 6% organic revenue growth to 25 basis points of adjusted operating margin expansion and 7% to 8% adjusted earnings per share growth. Importantly, we remain confident that the actions we are taking today will position Boston Scientific to return to differentiated financial performance in 2028 and beyond.

我們仍專注於執行 2026 全年指引：有機營收成長 5% 至 6%、調整後營業利益率擴張至多 25 個基點，以及調整後每股盈餘成長 7% 至 8%。重要的是，我們仍有信心，今日所採取的行動將使波士頓科學在 2028 年及之後重回具差異化的財務表現。

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

如需更多資訊，請至我們的投資人關係網站查看 2026 年第二季財務與營運重點，其中更詳細說明第二季結果與 2026 年指引。接下來我把時間交還給 Lauren，由她主持問答環節。

Thanks, Jon. [Drew], let's open it up for questions for the next 30 minutes or so in order for us to take as many questions as possible, please limit yourself to one question. [Drrew], please go ahead.

謝謝你，Jon。[Drew]，接下來約 30 分鐘我們開放提問。為了讓我們能回答盡可能多的問題，請每位只提一個問題。[Drrew]，請開始。

(Operator Instructions) Robbie Marcus, JPMorgan.

（接線員指示）Robbie Marcus，摩根大通。

I wanted to ask -- we're coming off a beat in second quarter here. And I realize there has been a number of downward revisions over the past few quarters as some of the end markets have been moving. How do you frame this latest guidance update, particularly with respect to EP and WATCHMAN? Is this based on a level of conservatism where you can eliminate, hopefully, any future negative revisions? Or is this based more on trends you're seeing exiting second quarter and so far into third quarter?

我想請教——我們剛公布第二季表現優於預期。我也理解，過去幾季隨著部分終端市場變化，已經有多次下修。你們如何看待這次最新的指引更新，特別是針對 EP 與 WATCHMAN？這是否是基於較保守的假設，以期能（希望）排除未來再度負向修正的可能？或者這更多是基於你們在第二季末以及目前進入第三季所觀察到的趨勢？

And any early commentary you could give on 2027? I believe buy side is settling out somewhere around 5% organic growth coming into today. How does that sound to you going into second half of this year?

另外，能否對 2027 年提供一些初步評論？我相信買方目前大致收斂在約 5% 的有機成長，作為今天之前的共識。以今年下半年來看，你們覺得這樣的預期如何？

Yes, we are pleased with our second quarter results. And we did mention in the script that basically 75% of our business continues to grow 6%. And consistent with 2025, and we anticipate that set of businesses that are 75% will improve over the coming years as we strengthen our Urology business, launched CRM and continued momentum there. So 75% of the business kind of growing 6%, and we aim for that to improve in the future.

是的，我們對第二季結果感到滿意。我們也在講稿中提到，基本上我們約 75% 的業務仍以 6% 的速度成長。而且與 2025 年一致；我們預期這 75% 的業務在未來幾年將有所改善，因為我們會強化泌尿科業務、推出 CRM，並延續其動能。因此，約 75% 的業務以 6% 成長，我們的目標是未來能進一步提升。

The challenge, as you know, has been in the two areas, EP and WATCHMAN, that had hyper growth unusually differentiated growth in '24 and '25, and now we expect more pressure in '26 and '27. And specific to EP, we see that rebounding in second half '27 and we expect to get back to kind of at market or above market growth in EP in '28.

如你所知，挑戰在於兩個領域：EP 與 WATCHMAN。這兩者在 2024 與 2025 年曾出現超高速、且異常突出的成長，但我們目前預期在 2026 與 2027 年將面臨較大壓力。就 EP 而言，我們看到它在 2027 年下半年回升，並預期在 2028 年 EP 可回到接近市場或高於市場的成長。

So when you look at the second half, really, it's the EP and WATCHMAN is driving the bulk of the guidance reduction. And we're clearly not pleased with this change. It's not the outcome that we plan for. It's not what you expect from us, and I do take responsibility for the guidance reduction, and it's primarily driven by EP and WATCHMAN.

因此，當你看下半年時，實際上是 EP 與 WATCHMAN 驅動了指引下修的大部分。我們顯然對這項變動不滿意。這不是我們規劃的結果。這也不是你們對我們的期待；我對指引下修負責，而其主要原因就是 EP 與 WATCHMAN。

As I mentioned in the script, on the WATCHMAN side itself, we do expect second half declines globally in the mid-single-digit to high single-digit results. And that is based on trend that we've seen we have not seen uptick in the first half of the year. So we think that's the appropriate prudent conservative guide for WATCHMAN based on the existing market that we're seeing.

如我在講稿中提到，就 WATCHMAN 本身而言，我們確實預期下半年在全球將出現中個位數到高個位數的下滑。這是基於我們所看到的趨勢——我們在上半年並未看到回升。因此，基於目前所見的市場狀況，我們認為這是對 WATCHMAN 採取適當、審慎且保守的指引。

Now we're assuming in the WATCHMAN guide that despite the efforts we are making, which we aim to improve that those do not benefit the existing WATCHMAN market. So the three things that we laid out today, continue to enhance. And if labeling occurs in 2027, there obviously could be some upside to those numbers. But for guidance purposes, we're assuming the existing market that we're seeing today does not change. In that market change is very dramatic and pretty sudden over the past 6 months. So the WATCHMAN is the biggest piece of it.

目前在 WATCHMAN 的指引中，我們假設即使我們正在努力改善，但這些努力不會對現有 WATCHMAN 市場帶來效益。因此，我們今天提出的三項措施會持續強化。若在 2027 年完成標示（labeling），這些數字顯然可能有上行空間。但就指引而言，我們假設目前所見的既有市場不會改變。而過去 6 個月市場變化非常劇烈且相當突然。因此，WATCHMAN 是其中最大的一塊。

And secondly, on EP, we're overall in EP, we're actually quite pleased with the performance in the quarter. And we're quite pleased with the portfolio road map that we have with Ultra being launched in kind of this time next year. The entry into ICE in the ultra-platform just initial ID. So that team is executing well.

第二點，關於 EP——整體而言，我們其實對本季 EP 的表現相當滿意。我們也對產品組合的路線圖感到滿意，Ultra 預計在大約明年此時推出。在 ultra 平台上進入 ICE 的布局也才剛開始初步 ID。因此，該團隊執行得很好。

But with a specific EP, we did undercall the competitive pressures in the US in terms of share taking. We continue to be the PFA leader, but our share has come down. And the second attribute there is the PFA market has really accelerated to about 80%, 85% of the market share. We don't see that in Europe and Asia where we continue to grow about 20% of our EP business. So the second half guide down is primarily driven by WATCHMAN and EP for the reason stated.

但就美國 EP 的特定情況而言，我們低估了競爭壓力在市占爭奪上的影響。我們仍是 PFA 的領導者，但我們的市占已下滑。第二個因素是，PFA 市場的滲透率已大幅加速至約 80% 到 85% 的市場占比。我們在歐洲與亞洲並未看到同樣情況；在那裡，我們的 EP 業務仍約以 20% 成長。因此，下半年指引下修主要由 WATCHMAN 與 EP 所驅動，原因如上所述。

In 2027, to be appropriately conservative again, we would say that in 2027, we aim to do better than our guide for the second half of 2026. So assuming our 2027 we're being appropriately conservative with our WATCHMAN market call, and we aim to get back to stronger performance in EP, and we're confident that 75% of the business, which is growing 6%, will improve over time with Urology and CRM specifically. I hope that answered some of your questions.

至於 2027 年，為了同樣保持適度保守，我們會說：在 2027 年，我們的目標是表現優於 2026 年下半年的指引。因此，在 2027 年的假設上，我們對 WATCHMAN 市場的判斷仍會維持適度保守；同時我們希望 EP 能回到更強的表現，並且我們有信心，那 75% 以 6% 成長的業務，會隨時間在泌尿科與 CRM（尤其是這兩項）帶動下持續改善。希望這回答了你的一些問題。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，富國銀行。

Mike, regarding WATCHMAN, I think you said mid- to high single-digit decline in the second half of '26. So when you say no improvement in '27, are you referring to the full year guide of flat to low single-digit growth or second half guidance? And how are you thinking about new competition next year, the 20% cut to the physician fee? And just lastly, do you still expect the first-line label based on the 3-year CHAMPION data?

Mike，關於 WATCHMAN，我想你說過在 2026 年下半年會出現中到高個位數的下滑。所以當你說 2027 年沒有改善時，你指的是全年指引的持平到低個位數成長，還是下半年指引？另外，你如何看待明年新的競爭，以及醫師費用下調 20% 的影響？最後，你們是否仍預期會基於 3 年期 CHAMPION 數據取得第一線適應症標籤？

The -- again, on EP, we undercalled the share. The WATCHMAN, we're not looking for a pass, but it has changed dramatically over the past 6 months. So when we look at second half, our assumption for the -- we're talking about the market here because we're about 91% share of the market.

再說一次，關於 EP，我們低估了市占。至於 WATCHMAN，我們不是在找藉口，但過去 6 個月情況已經發生了劇烈變化。因此當我們看下半年時，我們的假設——我們談的是市場，因為我們約占該市場 91% 的份額。

We do think the market declines that mid- high single-digit range -- it's primarily based on high comps with concomitants. And as I mentioned, declining stand-alone share of about -- or stand-alone growth of about mid-teens growth negative. So that's the call for second half.

我們確實認為市場會下滑到中到高個位數的區間——主要是因為在伴隨治療（concomitants）帶動下的高基期。而且如我提到的，單獨（stand-alone）的市占下滑約——或單獨成長約為中十位數的負成長。所以這就是對下半年的判斷。

In terms of the market in 2027, we obviously aim for that to get better based on educating the referral community, the clinical messaging, expanded commercial coverage and increase in [GTPA]. But for now, we think it's prudent to assume that the '27 market is consistent with the trends that we're seeing now. And we'll be happy to change that call once we see improvement in the WATCHMAN market if that occurs.

就 2027 年的市場而言，我們當然希望透過教育轉診社群、臨床訊息傳遞、擴大商業保險覆蓋，以及[GTPA] 的增加，讓情況好轉。但就目前而言，我們認為審慎起見，應假設 2027 年市場與我們現在看到的趨勢一致。一旦我們看到 WATCHMAN 市場出現改善（如果真的發生），我們也很樂意調整這個判斷。

As you mentioned, we do anticipate a competitor at some point in 2027. We have high confidence that WATCHMAN will continue to be clearly the market leader but likely we'll have some share erosion in 2027 with the introduction of a new competitor. So WATCHMAN will be absolutely a change in the market, which we have not assumed in this guidance. despite the efforts that we are taking. We expect WATCHMAN will be difficult in 2027.

如你所提，我們確實預期在 2027 年某個時間點會出現競爭對手。我們非常有信心 WATCHMAN 仍會明顯維持市場領導地位，但隨著新競品導入，2027 年可能會有一些市占流失。因此 WATCHMAN 將使市場出現明顯變化，而這點在本次指引中尚未納入假設，儘管我們正在採取各項努力。我們預期 2027 年對 WATCHMAN 會是艱難的一年。

Joanne Wuensch, Citibank.

Joanne Wuensch，花旗銀行。

If I heard you correctly, 2026 revenue growth of 5% to 6% organic is probably a good starting place to think about 2027 and then reaccelerating in 2028. Could you sort of confirm that the right parameters to think about? And then if you could comment on what the new products are that you think will be the main drivers as we think about going into 2028?

如果我理解正確，2026 年 5% 到 6% 的有機營收成長，可能是思考 2027 年的良好起點，然後在 2028 年重新加速。你能否確認這是正確的思考參數？另外，能否談談你認為在邁向 2028 年時，哪些新產品會是主要驅動因素？

Yes. So it's -- we gave our guide for '26. It's difficult to give you a precise guide, which we won't in 2027 until January. But for now, at least want to give a framework that we aim to improve 2027 versus our second half 2026 guidance. And again, that's kind of assuming that the WATCHMAN markets don't change, which we obviously aim for them to improve.

是的。所以——我們已給出 2026 年的指引。在 2027 年 1 月之前，我們不會、也很難給你一個精確的指引。但目前我們至少想提供一個框架：我們的目標是 2027 年相較於 2026 年下半年的指引有所改善。而且再說一次，這基本上是假設 WATCHMAN 市場不發生變化——當然我們也希望它們能改善。

When you look to the 2028 and beyond, so I guess I would say, first of all, we are taking action. The company has delivered very, very high performance over many, many years, last 4 or 5 years. We had a decent first half of this year, growing 8% top line 10% EPS growth for the first half, and we've given our guide for 2026. We do expect a challenging 2027. But if I could just touch on the future there in 2028 and beyond.

當你展望 2028 年及之後，我想我會先說，我們正在採取行動。公司在很多很多年、尤其過去 4 到 5 年，交出了非常非常高的表現。今年上半年我們表現不錯，營收年增 8%，上半年 EPS 成長 10%，而且我們也已給出 2026 年指引。我們確實預期 2027 年會充滿挑戰。但如果我可以談談 2028 年及之後的未來。

So we are restructuring this year to help take some cost out. But why we're so confident in improvement as you point to the second half of '27, '28 is one -- the WAMGR that we compete in are 7% to 8%. We have a number of businesses now that are growing double digits. We expect that 75% of our business that's growing 6% and will improve over the coming 2 years.

因此我們今年正在進行重組，以協助降低部分成本。但我們之所以對你所提到的 2027 年下半年、2028 年的改善如此有信心，其中一個原因是——我們所競爭的 WAMGR 約為 7% 到 8%。我們目前有多個業務正以雙位數成長。我們預期目前占我們業務 75% 的部分正以 6% 成長，並將在未來兩年持續改善。

In addition to that, based on investments that we've made over the past 2 or 3 years, we'll be entering seven new meaningful launches that exceed about a $25 billion TAM in 2028. And those launches basically are highlighted in our press release there, or IVL hypertension, the closing of Penumbra, entry into ICE imaging, FARAWAVE Ultra. And if the Mirus clinical trial continues to go as planned, the future acquisition of Mirus, as well as the additional of circuitry support. So we really see the ICTx sector being a significant growth driver for the company in '28, '29, '30 and we expect that core 75% of our business to strengthen over that time period. And then on top of that, you layer in seven meaningful platforms that exceed about a $25 billion TAM market opportunity.

此外，基於我們過去 2 到 3 年的投資，我們將在 2028 年推出七項重要的新產品上市，合計可觸及的總市場（TAM）超過約 250 億美元。這些上市項目基本上已在我們的新聞稿中重點說明，包括 IVL 高血壓、完成對 Penumbra 的收購、進入 ICE 影像領域、FARAWAVE Ultra。如果 Mirus 臨床試驗持續按計畫進行，還包括未來對 Mirus 的收購，以及電路支援（circuitry support）的新增。因此我們確實看到 ICTx 領域將成為公司在 2028、2029、2030 年的重要成長驅動力，並且我們預期那占比 75% 的核心業務在這段期間會走強。再加上七個重要平台，對應超過約 250 億美元 TAM 的市場機會。

In addition to that, we're confident that the EP business will get back to at market or beyond growth in 2028 and improved nicely in second half 2027. The WATCHMAN market is tougher to call. We'll keep you as updated as we can. But we feel like the combination of all those elements will drive us to high-performance and peer-leading performance again in '28 and beyond.

另外，我們有信心 EP 業務在 2028 年會回到與市場一致或超越市場的成長，並在 2027 年下半年明顯改善。WATCHMAN 市場則較難判斷。我們會盡可能持續向各位更新。但我們認為，所有這些要素的組合，將推動我們在 2028 年及之後再次回到高績效、並達到同業領先的表現。

Rick Wise, Stifel.

Rick Wise，Stifel。

I have two questions. First -- my first question is I was hoping you could expand on your restructuring comments. We all read the release, the 8-K earlier this week. And you spoke about the some of the benefits and the efficiencies in the time frame. But could you talk a little bit more about the impact as we think about the next several years on the P&L, where will we see it? To what extent are you going to reinvest some of those savings, which I think was some of the language in the K, where are you going to reinvest them in your growth initiatives? How do we think about that?

我有兩個問題。第一個——我希望你能進一步說明你們對重組的評論。我們都讀了本週稍早發布的新聞稿與 8-K。你提到了一些效益與效率，以及時間表。但你能否再多談一些：在未來幾年對損益表（P&L）的影響會是什麼、我們會在哪裡看到？你們會在多大程度上把部分節省下來的成本再投資——我想 8-K 裡也有提到這點——你們會把它們再投資到哪些成長計畫？我們應該如何看待這件事？

It's Jon. So a comprehensive enterprise-wide program that we're initiating. So goal of driving better speed and cost efficiency targeting $500 million of savings within the next 3 years based off of the phasing of that program, I would expect to realize over half of those savings exiting 2027. So we'll start to see those savings come in 2027. And that will position us to drive more meaningful operating margin expansion and strong EPS growth in 2028 and beyond, as Mike has indicated, as well as continuing to fully fund those high-growth opportunities and might just tick through several of those, but we have them across the businesses.

我是 Jon。我們正在啟動一項全面性的全企業計畫。目標是在未來 3 年內提升速度與成本效率，依據該計畫的分階段推進，鎖定節省 5 億美元；我預期在 2027 年底前可實現超過一半的節省。因此我們將在 2027 年開始看到這些節省逐步反映。正如 Mike 所指出的，這將使我們在 2028 年及之後推動更有意義的營業利益率擴張與強勁的 EPS 成長；同時也會持續充分挹注資金到那些高成長機會上，我可以簡要列舉其中幾項，但這些機會遍布各個業務。

So broad program as far as where we'll see those savings, I'd expect to see them materialize in SG&A first and then COGS later over time. So I feel like it's the right program for Boston Scientific, given where we are and will help position us to return to strong growth and meaningful EPS expansion and growth in '28 and beyond.

就節省將出現在哪些地方而言，這是一個廣泛的計畫；我預期會先在 SG&A（銷售、一般及行政費用）中體現，之後隨時間推移再在 COGS（銷貨成本）中體現。因此我認為，考量波士頓科學目前所處的位置，這是正確的計畫，並將協助我們在 2028 年及之後回到強勁成長，以及有意義的 EPS 擴張與成長。

Michael Polark, Wolfe Research.

Michael Polark，Wolfe Research。

Follow-up on WATCHMAN and the topic of compounding clinical evidence impacting referral patterns. I think we've all seen these studies, obviously, closure CHAMPION ocean alone. The question is, what can you do to change that? Is it a new round of clinical evidence generation? Is it the form factor innovation? Just talk to me about the fixed playbook for those shifting referral patterns for WATCHMAN.

針對 WATCHMAN 的追問，以及臨床證據持續累積對轉介模式造成影響的議題。我想我們都看過這些研究，顯然包括 ocean closure、CHAMPION 等。問題是，你們能做些什麼來改變這種情況？是新一輪的臨床證據產出嗎？是產品外形／形態（form factor）的創新嗎？請談談你們針對 WATCHMAN 轉介模式轉變的既定作戰手冊。

Dr. Stein, if you want to take that one?

Stein 醫師，你要回答這題嗎？

Yes, sure, Mike. And again, I think it's pretty clear that there was a much bigger impact than we anticipated dating back to last November, the release of ocean closure. And then I think some of the confusion around CHAMPION certainly hasn't helped with that.

好的，當然，Mike。再說一次，我認為很明顯，自去年 11 月 ocean closure 的結果發布以來，其影響遠大於我們原先預期。而且我認為，圍繞 CHAMPION 的一些混淆當然也沒有幫上忙。

We have seen, for instance, a much greater use of the so-called wait and weight strategy in patients with the [TRANZACT] score of three following ablation and while concomitant is continuing to grow, that has affected the growth trajectory of concomitant. When we look at stand-alone WATCHMAN procedures, we're really seeing more than anything else is a drop-off in referrals for the so-called soft indications for the device, patients who really just prefer not to be on an oral anticoagulant without having a really well-defined reason to seek an alternative.

例如，我們看到在消融術後、[TRANZACT] 分數為 3 的患者中，所謂「觀望並加權（wait and weight）」策略的使用大幅增加；同時，雖然合併（concomitant）仍在成長，但這已影響到合併手術的成長軌跡。當我們看單獨（stand-alone）的 WATCHMAN 手術時，我們看到最主要的是，針對所謂「較軟性適應症」的轉介出現下滑——也就是那些其實只是偏好不要服用口服抗凝血藥、但沒有非常明確理由去尋求替代方案的患者。

And I think the solution is sort of everything that you listed and everything that Mike listed that we're doing. It's continuing to educate on the totality of clinical data.

我認為解方就是你列出的所有項目，以及 Mike 提到、我們正在做的所有事情。也就是持續就整體臨床數據進行教育。

To come back to what Mike said in the prepared remarks, right, that this is still the only proven and the best option for patients who can't, or who won't or who shouldn't beyond long-term blood thinners. I'd remind all of you, right, that somewhere between 30% and 40% of patients who need stroke prevention and atrial fibrillation currently don't get anything. So there's, again, a very sizable unmet medical need that the WATCHMAN device serves.

回到 Mike 在事先準備的發言中所說的，對吧，這仍然是對於無法、或不願、或不應長期使用抗凝血藥（blood thinners）的患者而言，唯一被證實且最佳的選擇。我也提醒各位，對吧，目前在需要中風預防且有心房顫動的患者中，大約有 30% 到 40% 其實什麼治療都沒有接受。因此，仍然存在非常可觀的未被滿足醫療需求，而 WATCHMAN 裝置正是在服務這個需求。

In addition to continuing our education on the current data, there's more data to come. I'd highlight our SIMPLIFY trial, which we expect to be released second half of this year, which, if it meets its endpoints, could help simplify the drug regimen post implant, deal with some of the concern around a media post-procedure bleeding.

除了持續就現有數據進行教育之外，後續還會有更多數據出爐。我想特別強調我們的 SIMPLIFY 試驗，預期在今年下半年公布；若達成其終點，可能有助於簡化植入後的用藥方案，並處理對於術後出血的一些疑慮。

We've talked about continuing to iterate our device platforms with the upcoming clinical trial evaluating the WATCHMAN ELITE device. And again, we continue to believe that the data CHAMPION and the overall totality of the clinical data merit an update to our labeling from FDA and merit of reconsideration of the CMS national coverage decision.

我們也談到會持續迭代我們的裝置平台，並將進行臨床試驗評估 WATCHMAN ELITE 裝置。此外，我們仍然相信，CHAMPION 的數據以及整體臨床證據的總體性，值得 FDA 更新我們的標示（labeling），也值得重新審視 CMS 的全國給付決定（national coverage decision）。

Travis Steed, Bank of America.

Travis Steed，美國銀行。

I wanted to ask about the limited EPS growth comment in 2027. Is that flat EPS? Is that EPS growth kind of in line with the 3% revenue growth in '27? Or is there some leverage still? And then 2028, do we get back to double-digit growth? And maybe also maybe address like why the lack of EPS growth in '27 is just a lack of higher-margin revenue growth or needing to invest more in growth drivers?

我想問一下你們提到 2027 年 EPS 成長有限的評論。那是 EPS 持平嗎？還是 EPS 成長大致與 2027 年 3% 的營收成長一致？或者仍然有一些槓桿效應？那 2028 年是否會回到雙位數成長？另外也請談談，為什麼 2027 年 EPS 成長不足，是因為高毛利營收成長不夠，還是需要在成長動能上投入更多？

We'll get into much more detail on '27 expectations as we always do in our Q4 earnings call. But based on what we're assuming today, and you heard Mike outline WATCHMAN and EP Dynamics, we expect those to extend into 2027.

我們會一如往常在第四季財報電話會議中，更詳細說明對 2027 年的預期。但以我們今天的假設為基礎，而且你也聽到 Mike 概述 WATCHMAN 與 EP 的動態，我們預期這些情況會延續到 2027 年。

We expect limited EPS growth in 2027 and improving op margins will be a challenge. That is due to gross margin pressure from continued softness in WATCHMAN and EP, as well as the initial impacts of Penumbra. I anticipate that will close in the second half of this year. Excited to add Penumbra. But as we've previously disclosed, expect Penumbra to be slightly dilutive to our op margins and EPS in 2026.

我們預期 2027 年 EPS 成長有限，而營業利益率（op margins）的改善將是一項挑戰。原因在於 WATCHMAN 與 EP 持續疲弱帶來的毛利率壓力，以及 Penumbra 的初期影響。我預期這項交易會在今年下半年完成。我們很期待納入 Penumbra。但如同我們先前揭露的，我們預期 Penumbra 在 2026 年會對我們的營業利益率與 EPS 造成些微稀釋（slightly dilutive）。

Now again, we are taking action to ensure a return to meaningful operating margin expansion and strong EPS growth. We'll maintain a disciplined approach to spending across Boston Scientific. Again, we'll continue to fully fund those areas of the portfolio that we see driving our long-term growth. And again, as we discussed, we initiated a company-wide restructuring program, which, along with those growth catalysts that Mike laid out a moment ago, that will start to hit in '27 that will position us to return to strong revenue growth and strong adjusted EPS growth in 2028 and beyond.

再次強調，我們正在採取行動，以確保回到有意義的營業利益率擴張與強勁的 EPS 成長。我們將在整個 Boston Scientific 維持嚴謹的支出紀律。同樣地，我們會持續充分挹注那些我們認為能驅動長期成長的投資組合領域。並且如我們所討論的，我們已啟動全公司重整計畫；配合 Mike 剛才提到的那些成長催化劑，這些效益將在 2027 年開始顯現，使我們在 2028 年及之後回到強勁的營收成長與強勁的調整後 EPS 成長。

Matt Taylor, Jefferies.

Matt Taylor，Jefferies。

I wanted to see if you could be a little bit more specific on 2027 assumptions for EP growth. You talked a little bit about the WATCHMAN outlook. Could you discuss EP as well? And I guess when do you expect some of these pipeline contributions to help the EP growth outlook?

我想看看你們能否更具體說明 2027 年對 EP 成長的假設。你們談了一些 WATCHMAN 的展望。也能談談 EP 嗎？另外，你們預期這些產品線（pipeline）的貢獻何時會開始幫助 EP 的成長展望？

Sure, I mentioned it a little bit earlier, really pleased with the momentum and execution of our R&D innovation team broadly speaking. And as we know, we have FARAPOINT that we're launching or launched this year, but the big meaningful launches that will widen our ecosystem and widen the number of patients that we can treat and provide a more full comprehensive solution beyond current FARAPULSE really start in 2027, where we launched our next-generation FARAPULSE Ultra device, which we anticipate launching right around this time next year at scale and then entry into the -- really the greater than $1 billion, so growing quickly, ICE market. It will happen again in 2027, where we're not currently playing.

當然。我稍早也提到一些，整體而言，我們對研發創新團隊的動能與執行力感到非常滿意。如各位所知，我們今年正在推出或已推出 FARAPOINT；但真正重要、能擴大我們生態系、擴大可治療患者數，並在現有 FARAPULSE 之外提供更完整解決方案的重大上市，將從 2027 年開始：我們將推出下一代 FARAPULSE Ultra 裝置，預期大約在明年這個時點開始大規模上市；同時也會進入——真正是超過 10 億美元、且快速成長的——ICE 市場。這也會在 2027 年發生，而我們目前尚未參與該市場。

So those two launches will help us considerably as we look at second half of '27. So we basically see the first half of '27 looking like similar dynamics that we see today in second half '26. But we do see improvement in 2027. And then in 2028, we have our Ultra device, which is now in clinical trial, which we think is a breakthrough device for us, which will again widen the patient indication and kind of full-service solution that we could offer an EP customer. So we're very confident in 2028 getting to at or above market growth again in EP based on that portfolio of ultra ICE and FARAWAVE -- FARAFLEX. I'm sorry, FARAFLEX.

因此，這兩項上市將在 2027 年下半年對我們帶來相當大的助益。所以我們基本上認為，2027 年上半年的情況會與我們目前在 2026 年下半年看到的動態相似。但我們確實看到 2027 年會有所改善。而在 2028 年，我們的 Ultra 裝置目前已在臨床試驗中；我們認為這對我們而言是一項突破性裝置，將再次擴大患者適應症，並擴充我們能提供給 EP 客戶的全方位解決方案。因此，基於 ultra ICE 與 FARAWAVE——FARAFLEX 的產品組合，我們對 2028 年在 EP 回到達到或高於市場成長率非常有信心。抱歉，是 FARAFLEX。

Marie Thibault, BTIG.

Marie Thibault，BTIG。

I wanted to ask a question here on one of the bright spots for your business, which has been the ICTx segment. what are the products that are doing best? What are sort of the catalysts to look for in that business? And how can we sort of have confidence in the sustainability of some of the above WAMGR growth that you've been showing there?

我想就你們業務的一個亮點——ICTx 部門——問個問題。哪些產品表現最好？該業務有哪些值得關注的催化劑？以及我們如何能對你們在那裡展現的、部分高於 WAMGR 的成長之可持續性更有信心？

We think that this will be our largest set of businesses in the company in the future here. If you look at interventional cardiology, vascular, the ideally close by the end of this year, in addition to Penumbra and the adjacencies that we may enter, I talked about the Mirus valve in my script.

我們認為，未來這將成為公司內最大的一組業務。如果你看介入性心臟病學、血管業務，以及預計在今年底前完成的 Ideal（交易），再加上 Penumbra 與我們可能進入的相鄰領域——我在講稿中也提到 Mirus 瓣膜。

So there's just numerous -- first of all, they have excellent momentum now, and that's being driven by our complex PCI portfolio our imaging capabilities and our agent drug-coated balloon, which we're looking to continue to widen indication and expansions with our current trial. So that business is performing at a very high level.

所以有很多因素——首先，他們目前動能非常強，而這主要是由我們複雜的 PCI 產品組合、我們的影像能力，以及我們的藥物塗層球囊（agent drug-coated balloon）所帶動；我們也希望透過目前的試驗持續擴大其適應症與延伸應用。因此，該業務目前表現處於非常高的水準。

And then as we look over the years here, we're excited to enter the IVL market, which is a multibillion-dollar market in 2027 in Coronary. We're making a lot of momentum on our hypertension enrollment in our trial, and we expect to finish that hopefully by the end of this year or first quarter 2028 and so we expect to launch that product no later than 2028, which we think will be a very nice timing based on potential enhancements that continue to need to be made in the reimbursement landscape.

接著，放眼未來幾年，我們很期待進入 IVL 市場；在冠狀動脈領域，這在 2027 年將是一個數十億美元規模的市場。我們在試驗中的高血壓受試者招募也取得很大進展，並希望在今年底或 2028 年第一季完成；因此我們預期最晚不會晚於 2028 年推出該產品。我們認為，考量到報銷環境仍可能需要持續改善，這將是非常好的推出時點。

And then we'll have the closing of Penumbra. So there's just a number of large adjacencies that we're moving into in that sector. and the right continued momentum. And as Jon said, with this restructuring, we are clearly protecting these high-growth markets that allow us to enable to grow to high-end performance again in '28 and beyond.

然後我們也將完成對 Penumbra 的交割。因此，在該領域我們正進入多個大型相鄰市場（adjacencies），並持續保持正向動能。正如 Jon 所說，透過這次重組，我們明確是在保護這些高成長市場，讓我們能在 2028 年及之後再次回到高端表現的成長軌道。

Jayson Bedford, Raymond James.

Jayson Bedford，Raymond James。

I may have missed this in answering an earlier question, but what do you think your WAMGR is today, just given the slowdown in the LAAC market? And then just a quick one what can be done in sacral neuromodulation. I'm just curious, is it more market or share related?

我可能在回答先前問題時漏掉了，但考量到 LAAC 市場放緩，你認為你們目前的 WAMGR 是多少？另外再快速問一個：在薦神經調節（sacral neuromodulation）方面可以做些什麼？我只是好奇，這比較是市場因素，還是市占因素？

We would estimate our WAMGR is probably 7% to 8%, so it ticked down probably 1 point. Keep in mind, WATCHMAN is a great product for us, but it's less than 10% of our revenue. So we call our WAMGR in the 7% to 8% range. And hopefully, that will enhance over time based on the closing of Penumbra and the potential entry in some of these other markets that I mentioned.

我們估計目前的 WAMGR 大約是 7% 到 8%，大概下滑了 1 個百分點。請記住，WATCHMAN 對我們而言是很棒的產品，但它占我們營收不到 10%。所以我們把 WAMGR 定義在 7% 到 8% 的區間。而且希望隨著 Penumbra 交割完成，以及我提到的其他市場潛在進入，這個數字能隨時間推進而提升。

On Urology, we're frustrated with our results year-to-date, we do anticipate kind of flattish growth, maybe up 1% for the full year. And that business, we're confident, and we've been saying this for a while, but we're confident that's going to improve in 2027. We have three key launches in our core stone portfolio over the coming two or three quarters. We expect to get closer to at market growth in 2027 in that area.

在泌尿科方面，我們對今年迄今的表現感到挫折；我們預期全年成長大致持平，可能約成長 1%。對於這項業務我們有信心——我們也講了一段時間——我們相信它會在 2027 年改善。在接下來兩到三個季度，我們的核心結石產品組合將有三項關鍵新品上市。我們預期在該領域於 2027 年能更接近市場成長水準。

And in (inaudible) neuromodulation, as we've discussed on numerous calls, we had a significant kind of disruption of the commercial capabilities and those gaps have been filled. We've trained and hired and are now in the field activating a number of new clinical and sales reps. So we anticipate that business should get better as the quarters progress here in '26 and with a more mature team in 2027. So we aim for our urology business to kind of get closer to their urology market growth rate in 2027.

至於（聽不清）神經調節，如同我們在多次電話會議中討論過的，我們的商業能力曾出現顯著的中斷，而這些缺口已經補上。我們已完成訓練與招募，並且目前已有多位新的臨床與銷售代表在第一線推動啟用。因此，我們預期隨著 2026 年各季度推進，該業務應會逐步改善，並在 2027 年隨著團隊更成熟而進一步提升。所以我們的目標是讓泌尿科業務在 2027 年更接近其泌尿科市場的成長率。

Josh Jennings, TD Cowen.

Josh Jennings，TD Cowen。

I wanted to follow up on Jayson's WAMGR question. It sounds -- does that hold for 2027? And just hoping for an updated outlook on the US EP market growth. And does Boston expect FARAWAVE to maintain leadership in the AFib Ablation Catheter segment in front of the FARAWAVE Ultra launch? Just an update on how Boston is doing in the non-plain catheter segment of the USP market. Sorry, multilayered, but I appreciate you taking it.

我想跟進 Jayson 關於 WAMGR 的問題。聽起來——這個數字在 2027 年也適用嗎？另外也希望你們更新一下美國 EP 市場的成長展望。以及在 FARAWAVE Ultra 上市之前，波士頓科學是否預期 FARAWAVE 能在房顫（AFib）消融導管細分市場維持領先？也請更新一下波士頓科學在美國 PFA 市場中「非一般（non-plain）導管」細分領域的表現。抱歉問題有點多層次，但謝謝你們回答。

I think the 7% to 8% call for the WAMGR is, I think, the appropriate number.

我認為 WAMGR 7% 到 8% 的說法，是合適的數字。

In terms of PFA leadership, we have it now -- we have lost some share in the US. We continue to do extremely well in Europe and Asia Pac, where the PFA penetration is not quite as high. And we've seen all the competitive launches there. But we do continue to expect some competitive launches will impact performance in second half '26, which is the guide. And then we see that continued trend occurring through first half '27 and that's when we launched our next-generation Ultra and eventually are ICE device. So we expect that business to strengthen in second half '27 and in '28.

就 PFA 的領導地位而言，我們目前仍具備——但我們在美國確實流失了一些市占。我們在歐洲與亞太地區仍表現非常好，因為那裡的 PFA 滲透率還沒有那麼高。而且我們也看到了所有競爭對手在當地的新品上市。不過，我們仍預期部分競品上市會在 2026 年下半年影響表現，這也反映在我們的指引中。接著我們看到這個趨勢會延續到 2027 年上半年；而那時我們將推出下一代 Ultra，並最終推出 ICE 裝置。因此，我們預期該業務會在 2027 年下半年以及 2028 年走強。

This concludes our question-and-answer session. I would like to turn the conference back over to Lauren Tengler for any closing remarks.

問答環節到此結束。我想把電話會議交回給 Lauren Tengler，請她做結語。

Thanks for joining us today. We appreciate your interest in Boston Scientific. If we were unable to get to your question or you have any additional 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.

感謝今天加入我們。我們感謝各位對波士頓科學的關注。如果我們未能回答到您的問題，或您還有其他追問，請隨時聯繫投資人關係團隊。在您斷線之前，[Drew] 會提供所有與重播相關的重要資訊。謝謝大家。

Thank you. Please note a recording will be available in 1 hour by dialing either 1 (877) 344-7529 and or 1 (412) 317-0088 using replay code 114-7211 until August 5, 2026, and at 11:59 PM Eastern Time.

謝謝。請注意，錄音將於 1 小時後提供，您可撥打 1 (877) 344-7529 或 1 (412) 317-0088，並使用重播代碼 114-7211；重播服務將提供至 2026 年 8 月 5 日美東時間晚上 11:59。

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

本次電話會議已結束。感謝您參加今天的簡報。您現在可以斷線。