Hologic Inc (HOLX) 2014 Q4 法說會逐字稿

Good afternoon and welcome to the Hologic Incorporated fourth-quarter fiscal 2014 earnings conference call. My name is Amber, and I am your operator for today's call. Today's conference is being recorded. All lines have been placed on mute.

下午好，歡迎來到 Hologic Incorporated 2014 財年第四季度收益電話會議。我叫 Amber，是今天電話的接線員。今天的會議正在錄製中。所有線路都已設為靜音。

I would now like to introduce Deborah Gordon, Vice President Investor Relations and Corporate Communications, to begin the call.

現在我想介紹投資者關係和企業傳播副總裁 Deborah Gordon 開始通話。

Thank you, Amber. Good afternoon and thank you for joining us for Hologic's fourth-quarter fiscal 2014 earnings call. With me today are Steve MacMillan, President and Chief Executive Officer, and Bob McMahon, Chief Financial Officer.

謝謝你，琥珀。下午好，感謝您參加 Hologic 2014 財年第四季度財報電話會議。今天和我在一起的有總裁兼首席執行官 Steve MacMillan 和首席財務官 Bob McMahon。

Today's call will consist of opening remarks followed by a question and answer session. The replay of this call will be archived on our website through Wednesday, November 26, and a copy of our fourth-quarter release is available in the Investor Relations section of our website. Also in that section is the supplemental financial presentation related to the comments that will be made during today's opening remarks.

今天的電話會議將包括開場白，然後是問答環節。本次電話會議的重播將在我們的網站上存檔至 11 月 26 日星期三，我們網站的投資者關係部分提供了我們第四季度發布的副本。該部分還包含與今天開幕致辭中發表的評論相關的補充財務報告。

Before we begin, I would like to inform you that certain statements we make during the call may be forward-looking. These statements involve known and unknown risks and uncertainties that may cause actual results to be materially different from any future results implied by such statements. Such factors include those referenced in our Safe Harbor statement included in our earnings release and in our filings with the SEC.

在我們開始之前，我想通知您，我們在電話會議期間所做的某些陳述可能是前瞻性的。這些陳述涉及已知和未知的風險和不確定性，可能導致實際結果與此類陳述暗示的任何未來結果存在重大差異。這些因素包括在我們的收益發布和我們提交給美國證券交易委員會的文件中的安全港聲明中引用的因素。

Also, during this call, we will be discussing certain non-GAAP financial measures. A reconciliation to GAAP can also be found in our fourth-quarter earnings release.

此外，在本次電話會議期間，我們將討論某些非 GAAP 財務措施。與 GAAP 的對賬也可以在我們的第四季度收益發布中找到。

I would now like to turn the call over to Steve MacMillan.

我現在想把電話轉給 Steve MacMillan。

Thank you, Deb, and thank you for joining us today.

謝謝你，Deb，也感謝你今天加入我們。

It has now been almost 11 months since I joined Hologic. Before diving into the specific results, I'd like to give a little context to where we've been and where we're headed. Quite simply, while our business lines have not changed significantly, Hologic today is a dramatically different company than 12 months ago and will be even stronger in the coming year.

我加入 Hologic 已經將近 11 個月了。在深入研究具體結果之前，我想簡要介紹一下我們去過的地方和我們要去的地方。很簡單，雖然我們的業務線沒有發生重大變化，但今天的 Hologic 與 12 個月前截然不同，並且在來年會更加強大。

To reset the clock, a year ago our sales rates declined across the board. Our debt load was prohibitive. Many of our businesses such as blood screening, psychology, skeletal and surgical all appeared to be in long-term decline, and we had weak credibility with many of you in the investment community. We had activists entering the stock and good employees exiting the Company as bonuses had been slack for the rank and file in order to prevent even sharper earnings misses.

重新計時，一年前我們的銷售率全面下降。我們的債務負擔令人望而卻步。我們的許多業務，如血液篩查、心理、骨骼和外科，都出現了長期下滑的趨勢，我們在投資界的許多人中的信譽度很低。我們有積極分子進入股票，優秀員工退出公司，因為普通員工的獎金已經減少，以防止更嚴重的收益損失。

As I joined the Company in December and we subsequently reported another quarter of sharp sales and earnings declines, huge questions existed, including our future direction, capital allocation, reimbursement for 3-D mammography and a host of other questions. And, as you might expect, employee morale was low.

當我於 12 月加入公司時，我們隨後報告了又一個季度的銷售額和收益急劇下降，存在著巨大的問題，包括我們未來的方向、資本分配、3-D 乳腺 X 光檢查的報銷以及許多其他問題。而且，正如您所料，員工士氣低落。

What has followed has been a dramatic refocusing of our business on growth, our customers and our people, which hopefully becomes even clearer with this quarter's results. Those of you who know me well know that we are far from celebrating, and let me be perfectly clear here, we have opportunities to continue improving essentially every aspect of this Company, but we do feel good that we are achieving things that few would of thought possible just nine months ago, providing nice momentum to continue our progress in the quarters and years ahead.

隨之而來的是我們的業務重新聚焦於增長、我們的客戶和我們的員工，這有望隨著本季度的業績變得更加清晰。熟悉我的人都知道我們離慶祝還很遠，讓我在這裡非常清楚，我們有機會從本質上繼續改進公司的每個方面，但我們確實感到很高興我們正在取得一些很少有人能做到的事情九個月前還認為這是可能的，這為我們在未來幾個季度和幾年繼續取得進展提供了良好的動力。

Three quick examples are, one, after long-term declines in our surgical business, which continued through the first two quarters of this fiscal year, this business has rebounded in the last few quarters and even posted ever so modest growth for the full year. A very nice turnaround. Two, our blood screening business which has been challenged and declining for many quarters is now growing, boosted by the Japan Red Cross win earlier this year. This will provide a boost for the next few quarters while we work with our partner, Grifols, to explore additional opportunities to grow this business.

三個簡單的例子是，第一，在我們的手術業務長期下滑之後，這種情況持續到本財年的前兩個季度，該業務在過去幾個季度出現反彈，甚至全年實現瞭如此溫和的增長。一個非常好的轉變。第二，在今年早些時候日本紅十字會獲勝的推動下，我們的血液篩查業務在多個季度一直受到挑戰和下滑，現在正在增長。在我們與合作夥伴 Grifols 合作探索發展這項業務的更多機會時，這將為接下來的幾個季度提供推動力。

Three, our international business also underperforming and declining for many quarters began to rebound this quarter. While our blood screening business clearly contributed to this growth, it is important to note that all of our franchises actually posted growth outside the US in the latest quarter. It's a good start and indicative of the big opportunity which exists for us outside the US.

第三，我們的國際業務也表現不佳，連續多個季度下滑，本季度開始反彈。雖然我們的血液篩查業務顯然為這一增長做出了貢獻，但重要的是要注意，我們所有的特許經營權實際上在最近一個季度都在美國以外地區實現了增長。這是一個良好的開端，表明我們在美國以外存在巨大機遇。

In fact, three of our four franchises ended up growing, albeit modestly for the year, a major turnaround from previous results and a nice accomplishment considering where we stood after the first quarter. And even better, all franchises grew in the fourth quarter for the first time.

事實上，我們四個特許經營權中的三個最終實現了增長，儘管今年的增長幅度不大，這是對之前業績的重大轉變，考慮到我們在第一季度後的狀況，這是一個不錯的成就。更好的是，所有特許經營權都在第四季度首次實現增長。

What is behind these results? The simplest answer is a completely new and very accomplished leadership team, combined with some strong performance from our sales leaders and sales teams during a period of great change. I'd like to touch a little more on the depth, breadth, and speed of the leadership transitions.

這些結果的背後是什麼？最簡單的答案是一個全新的、非常有成就的領導團隊，再加上我們的銷售領導和銷售團隊在一個巨大變革時期的一些出色表現。我想多談談領導層交接的深度、廣度和速度。

By the end of May, we had completely replaced the top line leaders of the company: Chief Operating Officer, Chief Financial Officer, and Head of International. But within the next few months, we've also put new presidents into our two largest businesses -- Breast Skeletal Health and most recently Diagnostics. We've also revamped a number of leadership positions on their teams as well. Thus, the magnitude of the change has been far greater than may be obvious.

到 5 月底，我們已經完全更換了公司的高層領導：首席運營官、首席財務官和國際部負責人。但在接下來的幾個月內，我們還任命了新總裁負責我們最大的兩個業務——乳腺骨骼健康和最近的診斷。我們還調整了他們團隊中的一些領導職位。因此，變化的幅度遠比顯而易見的要大。

We realized that those of you who knew that many layers of changes were in-store have been concerned about the execution risk and timing required for these additional changes. So we have moved very quickly, and we are beginning to see results.

我們意識到，那些知道店內有多層更改的人一直擔心這些額外更改所需的執行風險和時間安排。所以我們行動非常迅速，我們開始看到結果。

I am proud that our team did not just write off the year, but in fact we began to put points on the board early while driving major changes to strengthen us for the future. This all leads to where we are today: on a clear path to sustainable and accelerated organic growth. We finished the fourth quarter with all four franchises posting year-over-year growth and posted growth domestically and internationally. We are ending fiscal 2014 with much healthier businesses and on a growth trajectory moving into fiscal 2015, a very different story than a year ago.

我感到自豪的是，我們的團隊不僅沒有註銷這一年，而且實際上我們在推動重大變革以加強我們的未來的同時，也很早就開始在董事會上提出要點。這一切都導致了我們今天的處境：走在一條通往可持續和加速有機增長的清晰道路上。我們在第四季度結束時，所有四個特許經營權都實現了同比增長，並且在國內和國際上都實現了增長。我們將以更健康的業務結束 2014 財年，並在進入 2015 財年的增長軌道上，與一年前截然不同。

Now let's briefly review our fiscal fourth-quarter results to provide a bit more color about the progress we are making. Our underlying revenues were $640 million, up a healthy 3% from last year and represented the third consecutive quarter of growth. Additionally we reported a $20 million one-time revenue benefit we received in the fourth quarter, which Bob will discuss separately.

現在讓我們簡要回顧一下我們第四財季的業績，以更多地了解我們正在取得的進展。我們的基本收入為 6.4 億美元，比去年增長 3%，連續第三個季度實現增長。此外，我們報告了第四季度收到的 2000 萬美元的一次性收入收益，Bob 將單獨討論。

Importantly, the strength emerging in this quarter is broader and deeper than anything we've generated in quite some time. A few simple details. All four franchises posted global growth -- a first. Three of our four franchises grew in the US, and all four franchises posted healthy growth outside the US, and our total international business grew for the first time in many quarters.

重要的是，本季度出現的力量比我們在相當長一段時間內產生的任何力量都更廣泛、更深入。幾個簡單的細節。所有四個特許經營權都實現了全球增長——這是第一次。我們四個特許經營權中的三個在美國增長，所有四個特許經營權都在美國以外實現健康增長，我們的國際業務總量在多個季度內首次實現增長。

The exciting part here is how the momentum has built throughout the year. In our fiscal fourth first quarter, one franchise grew, while the other three were down. In the second quarter, we had two up, two down. Third quarter, three up, one down. And now in the fourth quarter, all four are up on a global basis, and while we even have a new and formidable competitor in the mammo business and revenues only looked okay, let's just say we finished the year with exceptional growth in orders, which bodes very well for the coming year.

這裡令人興奮的部分是這一年的勢頭是如何形成的。在我們第四財季的第一季度，一個特許經營權增長了，而其他三個則下降了。在第二節，我們有兩個上升，兩個下降。第三節，三漲一跌。現在在第四季度，這四家公司在全球範圍內都出現了增長，雖然我們在 mammo 業務中甚至有了一個新的強大競爭對手，而且收入看起來還不錯，但我們只能說我們在今年年底的訂單增長非常出色，這對來年來說是個好兆頭。

Now let me touch on two recent developments. The first is Tom West, our new President of the Diagnostics Division. Tom has a proven track record of success with global experience at increasing levels of responsibility throughout his career. Most recently during his 20 plus years at Johnson and Johnson. He has already hit the ground running, and we are confident that given Tom's expertise and track record for driving results, he will capitalize on the many opportunities we have within this franchise.

現在讓我談談最近的兩個事態發展。第一位是我們診斷部門的新總裁 Tom West。 Tom 在其整個職業生涯中承擔越來越多的責任，在全球範圍內積累了豐富的成功經驗。最近一次是在他在強生公司工作的 20 多年裡。他已經開始行動，我們相信，鑑於湯姆的專業知識和出色的成績記錄，他將利用我們在這支球隊中擁有的許多機會。

The second is the recent announcement by CMS of reimbursement rates for 3-D mammography screening and diagnostic services. Not only did CMS set an incremental, add-on reimbursement rate for both screening and diagnostic, but they also set a rate that speaks to the importance of Hologic's game-changing technology.

第二個是 CMS 最近宣布的 3-D 乳腺 X 線攝影篩查和診斷服務的報銷率。 CMS 不僅為篩查和診斷設置了增量的附加報銷率，而且還設置了一個說明 Hologic 改變遊戲規則的技術的重要性的費率。

Let me summarize this for you. In short, there is now formal incremental reimbursement in place at approximately $57 for both 3-D mammography screening and diagnostic exams. This rate is in addition to the existing 2-D mammography screening and diagnostic rates, all of which were maintained at the same level as in 2014.

讓我為您總結一下。簡而言之，現在正式的遞增報銷大約為 57 美元，用於 3-D 乳腺 X 光檢查和診斷檢查。這一比率是現有 2-D 乳腺 X 線攝影篩查和診斷率的補充，所有這些都保持在與 2014 年相同的水平。

So together with the extensive body of published data, including the landmark JAMA study, we believe this is a win not only for Hologic, but most importantly for women whom we hope will have greater access to this incredible technology.

因此，連同大量已發表的數據，包括具有里程碑意義的 JAMA 研究，我們相信這不僅是 Hologic 的勝利，而且最重要的是，對於我們希望能夠更多地接觸到這項令人難以置信的技術的女性來說，這是一個勝利。

Before turning the call over to Bob for a more detailed financial discussion, I would like to share with you our high-level fiscal 2015 objectives and outlook. We expect to report low single-digit top line -- that is 2% to 3.5% sales growth operationally -- high single digit net income, and mid-single-digit EPS growth due to dilution. And I'd like to mention right here that our true growth rate will be almost a point higher when adjusting for the MRI divestiture we just completed and which Bob will speak more about in a few minutes.

在將電話轉給 Bob 進行更詳細的財務討論之前，我想與您分享我們 2015 財年的總體目標和展望。我們預計將報告低個位數的頂線——即 2% 至 3.5% 的運營銷售增長——高個位數的淨收入，以及由於稀釋而導致的中個位數每股收益增長。我想在這裡提一下，在調整我們剛剛完成的 MRI 資產剝離時，我們的真實增長率將高出近一個點，鮑勃將在幾分鐘內詳細討論。

While there are many factors which go into the full plan, the key elements to achieve this growth are simply, one, accelerating growth in our US Breast Health business and two, significantly accelerating our international business. We feel very good about our ability to achieve this step change in annual growth, and strong cost controls will yield leveraged earnings growth. We've set the stage in fiscal 2014, and we will continue to execute and build on this strong momentum. So overall, while we are not yet where we want to be, we have delivered on our promise, not only to improve but to grow each franchise. We said we would focus on accelerating growth, paying down debt, and improving our return on invested capital, and we are doing all three.

雖然完整計劃涉及許多因素，但實現這一增長的關鍵因素很簡單，第一，加速我們美國乳房健康業務的增長，第二，顯著加速我們的國際業務。我們對實現年度增長這一階躍變化的能力感到非常滿意，強有力的成本控制將帶來槓桿收益增長。我們已經為 2014 財年奠定了基礎，我們將繼續執行並鞏固這一強勁勢頭。所以總的來說，雖然我們還沒有達到我們想要的水平，但我們已經兌現了我們的承諾，不僅要改進而且要發展每個特許經營權。我們說過，我們將專注於加速增長、償還債務和提高投資資本回報率，而這三項我們都在做。

The fourth quarter marked a milestone with each franchise returning to growth, and we expect this momentum to accelerate in fiscal 2015.

第四季度標誌著每個特許經營權恢復增長的里程碑，我們預計這一勢頭將在 2015 財年加速。

With that, I will now turn the call over to Bob.

有了這個，我現在將把電話轉給鮑勃。

Thank you, Steve. I am pleased to speak to our fourth-quarter financial results, and then I will provide more detail on our guidance for the full year and first quarter of fiscal 2015. Unless otherwise noted, all of my commentary regarding changes will be on a year-over-year non-GAAP basis.

謝謝你，史蒂夫。我很高興談論我們的第四季度財務業績，然後我將提供有關我們全年和 2015 財年第一季度指導的更多詳細信息。除非另有說明，否則我對變化的所有評論都將在一年內——全年非 GAAP 基礎。

Before getting into the divisional results, I'll first remind investors that during our fourth quarter we entered into an amended license agreement with Roka Bioscience, and we received $20 million in cash and stock. This was recorded as revenue within our diagnostic segment, and it resulted in an incremental $0.05 in EPS in the quarter.

在公佈部門業績之前，我首先要提醒投資者，在第四季度，我們與 Roka Bioscience 簽訂了修訂後的許可協議，我們收到了 2000 萬美元的現金和股票。這被記錄為我們診斷部門的收入，並導致本季度每股收益增加 0.05 美元。

All of my commentary on the fourth quarter will be based on our underlying business results, and it, therefore, will be net of this one-time benefit.

我對第四季度的所有評論都將基於我們的基本業務結果，因此將扣除這一一次性收益。

Fourth-quarter revenues were $640 million, up 3% on a reported basis and up 2.8% operationally or on a constant currency basis as compared to $622 million in the prior year. These results were at the high end of our guidance range of $630 million to $640 million. Again, this excludes the one-time $20 million revenue contribution.

第四季度收入為 6.4 億美元，與上年同期的 6.22 億美元相比，報告增長 3%，在運營或固定匯率基礎上增長 2.8%。這些結果處於我們 6.3 億美元至 6.4 億美元指導範圍的高端。同樣，這不包括一次性 2000 萬美元的收入貢獻。

As Steve mentioned, we are pleased to report that all four divisions reported growth in the quarter. In looking at the divisional results, excluding the one-time $20 million revenue benefit, our diagnostics business posted revenues of $297 million, up a reported 2.4% and up 2.3% operationally versus the prior year. Cytology and perinatal revenues declined 3% on a reported basis to $121 million. US and international revenues declined 4% and 1% respectively. We continue to see domestic ThinPrep volume being pressured by interval expansion, but we are encouraged to see the improvements internationally as we began to refocus our sales efforts on key markets and improve our execution.

正如史蒂夫所提到的，我們很高興地報告所有四個部門都報告了本季度的增長。在查看部門業績時，不包括一次性 2000 萬美元的收入收益，我們的診斷業務公佈的收入為 2.97 億美元，報告的收入比上一年增長 2.4% 和運營增長 2.3%。細胞學和圍產期收入按報告基礎下降 3% 至 1.21 億美元。美國和國際收入分別下降 4% 和 1%。我們繼續看到國內 ThinPrep 銷量因區間擴張而受到壓力，但我們很高興看到國際上的改善，因為我們開始將銷售工作重新集中在關鍵市場並提高我們的執行力。

Our molecular diagnostics business increased 3% to $117 million, driven by the US results. Our core Aptima franchise experienced healthy growth, primarily due to the continued update at Quest, the broader adoption of Aptima HPV, as well as gains in CTGC and Trichomonas. Partially offsetting this growth was a decline in instrument sales as we sold $9 million worth of TIGRIS systems to Quest in the fourth quarter of last year.

在美國業績的推動下，我們的分子診斷業務增長了 3%，達到 1.17 億美元。我們的核心 Aptima 特許經營經歷了健康的增長，這主要是由於 Quest 的持續更新、Aptima HPV 的更廣泛採用以及 CTGC 和毛滴蟲的收益。去年第四季度，我們向 Quest 出售了價值 900 萬美元的 TIGRIS 系統，儀器銷售額的下降部分抵消了這一增長。

Our blood screening business had revenues of $59 million and increased 14% driven by international growth, primarily due to the Japanese Red Cross deal, partially offsetting by the declines in the US.

我們的血液篩查業務的收入為 5900 萬美元，在國際增長的推動下增長了 14%，這主要是由於日本紅十字會的交易，部分被美國的下滑所抵消。

From an instrument standpoint, we had another strong quarter with Panther, as customers continue to see the benefits of our superior automation. Our installed base increased approximately 80% in fiscal 2014, and we are on track to place 1000 instruments globally by the end of fiscal 2015.

從儀器的角度來看，我們與 Panther 一起度過了另一個強勁的季度，因為客戶繼續看到我們卓越的自動化帶來的好處。我們的安裝基數在 2014 財年增加了約 80%，我們有望在 2015 財年末在全球部署 1000 台儀器。

Now moving on to Breast Health. Revenues in this division were $241 million, up a reported 3.1% and up 3% operationally. This was driven primarily by strong global 3-D mammography system sales and service revenue. Partially offsetting this increase was the anticipated decline of 2-D system sales as customers shift to 3-D.

現在轉向乳房健康。該部門的收入為 2.41 億美元，據報導增長 3.1%，運營增長 3%。這主要是由強勁的全球 3-D 乳腺 X 線攝影系統銷售和服務收入推動的。隨著客戶轉向 3-D，2-D 系統銷售額的預期下降部分抵消了這一增長。

In addition, as Steve mentioned, we ended the quarter with a strong order backlog and feel very good about the continued growth in this division, especially with the reimbursement news.

此外，正如史蒂夫所提到的，我們在本季度結束時有大量訂單積壓，並且對該部門的持續增長感到非常滿意，尤其是報銷消息。

Turning to our GYN Surgical franchise, revenues were $78 million, up a reported 2.3% and up 2.1% operationally. This was the second consecutive quarter of growth, a trend we expect to continue. This performance was led by double-digit MyoSure and single-digit international NovaSure growth offset by a mid-single-digit decline in US NovaSure sales.

談到我們的 GYN Surgical 特許經營權，收入為 7800 萬美元，報告增長 2.3%，運營增長 2.1%。這是連續第二個季度增長，我們預計這一趨勢將繼續下去。這一業績由兩位數的 MyoSure 和個位數的國際 NovaSure 增長所帶動，但被美國 NovaSure 銷售額的中等個位數下降所抵消。

And finally, our Skeletal Health revenues were $23 million, up a reported 10.4% and up 10.3% operationally. We are seeing nice traction in sales of our new Horizon platform.

最後，我們的骨骼健康收入為 2300 萬美元，據報導增長 10.4%，運營增長 10.3%。我們看到新 Horizon 平台的銷售勢頭強勁。

Now moving on to our fourth-quarter performance for the rest of the P&L, gross margins were 63.6%, up 210 basis points from last year, slightly higher than our implied guidance for the quarter, driven primarily by favorable product revenue mix. Operating expenses were $199 million, representing a 14% increase and in line with our guidance. We finished the quarter with EPS of $0.38, exceeding the high end of our guidance by $0.01.

現在繼續我們第四季度的其他損益表表現，毛利率為 63.6%，比去年增長 210 個基點，略高於我們對該季度的隱含指引，這主要是由於有利的產品收入組合。運營費用為 1.99 億美元，增長 14%，符合我們的指引。本季度結束時每股收益為 0.38 美元，超出我們指導的上限 0.01 美元。

Before turning to the balance sheet, I would like to share that we successfully closed the sale of our MRI breast coil product line to Phillips at the end of the fourth quarter. While I am not going to provide the details on the transaction, the product line did generate revenues of approximately $20 million on an annualized basis. This is an example of a product line divestiture that will help us focus resources on more strategic, more core areas of the Company. This divestiture did not impact our fourth-quarter non-GAAP results.

在轉向資產負債表之前，我想分享一下，我們在第四季度末成功完成了將 MRI 乳房線圈產品線出售給 Phillips 的交易。雖然我不打算提供交易的細節，但該產品線每年確實產生了大約 2000 萬美元的收入。這是產品線剝離的一個例子，它將幫助我們將資源集中在公司更具戰略性、更核心的領域。此次資產剝離並未影響我們第四季度的非 GAAP 業績。

Now turning to the balance sheet, we continue to generate strong cash flows as operating cash flow was $132 million for the quarter and $508 million for the year.

現在轉向資產負債表，我們繼續產生強勁的現金流，因為本季度的經營現金流為 1.32 億美元，全年為 5.08 億美元。

In addition, we made $595 million worth of principal payments in fiscal 2014 and ended the year with $742 million in cash. This resulted in $3.5 billion in net debt, down from $4 billion in net debt at the beginning of the year. We improved our return on invested capital and ended the year at 9.3% versus 8.3% last year. And finally, we did not purchase any shares during the fourth quarter.

此外，我們在 2014 財年支付了價值 5.95 億美元的本金，並在年底以 7.42 億美元現金結束。這導致淨債務為 35 億美元，低於年初的 40 億美元。我們提高了投資資本回報率，年末為 9.3%，而去年為 8.3%。最後，我們在第四季度沒有購買任何股票。

I will now discuss our non-GAAP guidance, which, as a reminder, is detailed in our supplementary PowerPoint presentation.

我現在將討論我們的非 GAAP 指南，提醒一下，我們的補充 PowerPoint 演示文稿中對此進行了詳細說明。

Fiscal 2015 growth rates are on a year-over-year basis and do not include the one-time revenue benefit of $20 million recorded in the fourth quarter of 2014.

2015 財年增長率為同比增長，不包括 2014 年第四季度記錄的 2000 萬美元的一次性收入收益。

I would also encourage you to model to the midpoint of the guidance ranges, which is how we think about the outlook. Our guidance will first be based on an operational basis, which excludes the impact from foreign currency. We believe this provides better insight into the performance of the business.

我還鼓勵您對指導範圍的中點進行建模，這就是我們對前景的看法。我們的指導將首先基於運營基礎，排除外彙的影響。我們相信這可以更好地洞察業務績效。

We will also provide estimates of our revenue and EPS with the impact that current exchange rates are expected to have on the translation of those results. For fiscal 2015, we expect revenues to increase approximately 2% to 3.5% on an operational or constant currency basis. To put that in perspective, when adjusting for the MRI breast coils divestiture, the growth rate would be approximately 3% to 4.5%, clearly accelerated organic growth versus our performance in 2014.

我們還將提供我們的收入和每股收益的估計值，以及當前匯率預計對這些結果的轉換產生的影響。對於 2015 財年，我們預計按運營或固定匯率計算收入將增長約 2% 至 3.5%。從這個角度來看，在調整 MRI 乳房線圈剝離時，增長率約為 3% 至 4.5%，與我們 2014 年的業績相比，有機增長明顯加快。

To help frame in the impact of currency, our full-year fiscal 2015 exchange rates were to remain similar to the current exchange rates. As of last week, our growth rate would decrease approximately 100 basis points. This would result in reported revenue growth of approximately 1% to 2.5% or revenues between 2.54% and $2.54 billion and $2.57 billion, which is what we suggest you use in your models.

為了幫助確定貨幣的影響，我們 2015 財年的全年匯率將保持與當前匯率相似。截至上週，我們的增長率將下降約 100 個基點。這將導致報告的收入增長大約 1% 到 2.5%，或者收入在 2.54% 到 25.4 億美元到 25.7 億美元之間，這是我們建議您在模型中使用的。

We expect continuing momentum coming out of fiscal 2014, and our guidance assumes that all four segments will grow operationally in fiscal 2015, led by mid-single-digit growth in our Breast Health franchise. This is despite the approximately 2 point headwind associated with the MRI divestiture. We also expect slightly positive growth in our diagnostics business, low single-digit growth in surgical and mid-single-digit growth in our skeletal franchise.

我們預計 2014 財年將繼續保持增長勢頭，我們的指引假設所有四個部門都將在 2015 財年實現運營增長，其中我們的乳房健康特許經營業務將實現中個位數增長。儘管與 MRI 資產剝離相關的阻力約為 2 點。我們還預計我們的診斷業務將略有正增長，外科業務將實現低個位數增長，骨骼業務將實現中等個位數增長。

To further help you with your modeling, we expect gross margins to remain relatively consistent with full-year fiscal 2014 actuals, leverage and operating expenses as a percent of sales, net interest expense of $175 million, 286 million diluted shares and a 34.75% tax rate. As a result, for fiscal 2015 we expect EPS to increase to a range of $1.50 to $1.54, representing approximately 3% to 5.5% growth on a reported basis. We expect to achieve this growth despite the expectation of a negative foreign-exchange impact of approximately $0.03 as our manufacturing footprint is predominately US-based.

為了進一步幫助您進行建模，我們預計毛利率與 2014 財年全年實際情況、槓桿率和運營費用佔銷售額的百分比、1.75 億美元的淨利息費用、2.86 億股稀釋後的股票和 34.75% 的稅收保持相對一致速度。因此，對於 2015 財年，我們預計每股收益將增至 1.50 美元至 1.54 美元，相當於報告基礎上約 3% 至 5.5% 的增長。儘管我們的製造足跡主要位於美國，但預計會產生約 0.03 美元的負面外匯影響，我們仍有望實現這一增長。

Our EPS guidance translates to reported net income growth of 5% to 8% after stripping out the impact of share dilution.

我們的每股收益指引轉化為報告的淨收入在剔除股票稀釋的影響後增長 5% 至 8%。

Lastly, we expect to generate operating cash flows in the range of $510 million to $525 million and capital expenditures to be in the range of $75 million to $85 million. I hope you find this additional color helpful, and again I encourage you to focus your modeling on the midpoint of our ranges.

最後，我們預計將產生 5.1 億至 5.25 億美元的運營現金流，資本支出將在 7500 萬至 8500 萬美元之間。我希望這種額外的顏色對您有所幫助，我再次鼓勵您將建模重點放在我們範圍的中點上。

Now moving on to guidance for the first quarter of 2015. We expect revenues to increase between 3% and 4.5% on an operational and constant currency basis. We estimate that foreign currency translation will decrease revenues by approximately 100 basis points, resulting in reported revenue growth of 2% to 3.5%. We are, therefore, introducing guidance of $625 million to $635 million.

現在轉向 2015 年第一季度的指導。我們預計收入將在運營和固定貨幣基礎上增長 3% 至 4.5%。我們估計外幣換算將使收入減少約 100 個基點，導致報告的收入增長 2% 至 3.5%。因此，我們引入了 6.25 億美元至 6.35 億美元的指導。

We also expect EPS of $0.35 to $0.36, representing growth of 3% to 6% on a reported basis.

我們還預計每股收益為 0.35 美元至 0.36 美元，按報告基礎增長 3% 至 6%。

Finally, I would like to wrap up by reiterating that deleveraging remains one of our top priorities and return on invested capital remains an important performance metric for driving greater shareholder value, and as such this continues to be a significant component of executive compensation. While our performance is improving, we believe we can do better, and we will remain focused on helping the organization improve ROIC over time.

最後，我想重申去槓桿化仍然是我們的首要任務之一，投資資本回報率仍然是推動更大股東價值的重要績效指標，因此這仍然是高管薪酬的重要組成部分。雖然我們的績效正在提高，但我們相信我們可以做得更好，並且我們將繼續專注於幫助組織隨著時間的推移提高 ROIC。

With that, I will turn the call back over to Steve.

有了這個，我會把電話轉回給史蒂夫。

Great. Before we take questions, I'd like to summarize by reiterating that while we are encouraged by the improved results we saw in fiscal 2014, we still have a lot of work to do. To that end, we would like to remind every one of our commitments going into fiscal 2015. One, we expect to drive accelerated annual revenue and income growth across all of our franchises. Two, we will continue to invest in our global infrastructure with a main focus on our customer-facing teams, getting the right people in the right roles and improving our R&D productivity. And three, we are committed to paying down debt and generating strong cash flows.

偉大的。在我們提問之前，我想總結一下，重申雖然我們對 2014 財年的改善結果感到鼓舞，但我們仍有許多工作要做。為此，我們想提醒大家我們對 2015 財年的承諾。第一，我們希望推動我們所有特許經營權的年收入和收入加速增長。第二，我們將繼續投資於我們的全球基礎設施，主要關注我們面向客戶的團隊，讓合適的人擔任合適的角色，並提高我們的研發生產力。第三，我們致力於償還債務並產生強勁的現金流。

In closing, we feel good about the progress to date, feel even better about our future, and you can count on us to deliver on our commitments. With that, operator, please open the call up to questions.

最後，我們對迄今為止取得的進展感到滿意，對我們的未來感覺更好，您可以指望我們兌現我們的承諾。有了這個，接線員，請打開電話提問。

(Operator Instructions). Vijay Kumar, Evercore ISI.

（操作員說明）。 Vijay Kumar，Evercore ISI。

Hi, guys. Congrats on a great quarter. So just quickly, I guess on the guidance, I just want to make sure that the guidance excludes the $20 million of divestitures, and how do you sort of handicap the recent CMS reimbursement on 3-D tomo? And I guess trying to get down from the top line to the bottom line, the EPS guide looks a little weak. So any color would be helpful. Thanks.

嗨，大家好。祝賀一個偉大的季度。所以很快，我想在指南中，我只是想確保指南不包括 2000 萬美元的資產剝離，以及你如何阻礙最近對 3-D tomo 的 CMS 報銷？而且我想試圖從頂線下降到底線，EPS 指南看起來有點弱。所以任何顏色都會有幫助。謝謝。

Sure, Vijay, why don't I start and Bob can jump in. So just to clarify, the divestitures are gone. So we took basically the Roka stuff was a 2014 event, so we haven't counted that in either. On 2015 we had about $20 million of MRI business that is normally part of Breast Health that would have been in there that -- we haven't pulled it out as a separate item, but -- so we are basically just going to be going against that. So it depresses a little bit of that growth rate and probably looks a little funny to the models because, trust me, we feel really good about where the Breast Health business is going, particularly to your point on the reimbursement.

當然，Vijay，為什麼我不開始，Bob 可以加入。所以澄清一下，資產剝離已經消失了。所以我們基本上認為 Roka 的東西是 2014 年的事件，所以我們都沒有計算在內。 2015 年，我們有大約 2000 萬美元的 MRI 業務，這通常是乳房健康的一部分，本來應該在那裡——我們沒有把它作為一個單獨的項目拿出來，但是——所以我們基本上只是打算反對那個。因此，它會稍微降低增長率，並且對模型來說可能看起來有點可笑，因為相信我，我們對乳房健康業務的發展方向感覺非常好，特別是關於報銷的觀點。

And I think the way we look at the reimbursement right now is it's a little early to get too far ahead of ourselves, and I'll give a macro comment. Right now at this point in time as we are making great progress, it would be really easy to be celebrated in getting a little bit ahead of ourselves, and I think from a guidance standpoint we want to continue to be sensible and let each quarter continue to play out and let us put points on the board. But don't mistake that for a lack of confidence in terms of where we are headed. Particularly with the reimbursement part, it gives us a lot of excitement for where that business ought to be going in the coming year.

而且我認為我們現在看待報銷的方式是太早了，我會給出一個宏觀評論。現在，在我們取得巨大進步的這個時間點，我們很容易慶祝自己有點超前，我認為從指導的角度來看，我們希望繼續保持理智，讓每個季度繼續玩出來，讓我們把點放在棋盤上。但不要將其誤認為是對我們的前進方向缺乏信心。特別是在報銷部分，它讓我們對來年該業務的發展方向感到非常興奮。

Bob, I don't know if you want to add anything?

鮑勃，我不知道你是否想補充什麼？

No. I think just quickly regarding the guidance, as we were looking through our numbers in the models, because our manufacturing footprint is predominately US-based, the exchange rate and the translation of those exchanges hit the top line, but they don't hit our cost base. So what you see is that $0.03, which is probably a little greater than what you would look at as our average overall company when you try to do the margins. So that's what you would get there and why we got to the numbers that we have.

不，我想很快就指導，因為我們正在查看模型中的數字，因為我們的製造足跡主要是基於美國的，匯率和這些交易所的翻譯達到了頂線，但他們沒有打擊我們的成本基礎。所以你看到的是 0.03 美元，這可能比你在嘗試計算利潤率時看到的我們整體公司的平均水平要高一點。所以這就是你會得到的，以及為什麼我們得到了我們擁有的數字。

What I would say is, when we are looking at our operating margins from a gross margin perspective, we are looking at those relatively consistently flat. So we are going to look at levers to offset those downsides and then also looking at operating expenses and leveraging those. Not at the expense of future growth. So we are forecasting continued investments in our R&D areas and to a certain extent our sales and marketing organizations. So primarily around the back office function is where we are looking to streamline.

我要說的是，當我們從毛利率的角度來看我們的營業利潤率時，我們看到的是那些相對穩定的。因此，我們將研究抵消這些不利因素的槓桿，然後還要研究運營費用並利用這些費用。不以犧牲未來的增長為代價。因此，我們預測將繼續投資於我們的研發領域，並在一定程度上投資於我們的銷售和營銷組織。因此，我們主要圍繞後台功能進行精簡。

Tycho Peterson, JPMorgan.

摩根大通第谷彼得森。

Thanks. Maybe as kind of a follow-on on that last topic, can you maybe, Steve, just touch on some of the operational priorities for 2015? You talked about some of the management changes you made this past year, but maybe just talk about where you are in the process of evaluating the manufacturing footprint? When could we start to see some tax rate leverage? Is that more of a 2016 event? And just maybe some of the other operational initiatives that are going to be unfolding over the coming year?

謝謝。也許作為最後一個主題的後續，史蒂夫，你能不能談談 2015 年的一些運營優先事項？您談到了去年您所做的一些管理變革，但也許只是談談您在評估製造足蹟的過程中所處的階段？我們什麼時候可以開始看到一些稅率槓桿？這更像是 2016 年的活動嗎？也許還有其他一些將在來年展開的運營計劃？

Sure, Tycho. The simple things in terms of focal points for 2015 are driving the heck out of our US mammo business, and we feel really good about both -- the way quarters finished up for the year and where we ought to be going on that business this year -- really getting our international business -- turning that from promise and hope into the early stages of very clear reality -- so I think you will see that. And the third one that really goes across all of our business is really just improving our -- I hate to use the term commercial excellence, but it does come down to that in terms of our selling, our marketing and our customer service through the whole gamut. I think that level of operational excellence is going to be driving that improved growth rate as we go into 2015.

當然，第谷。就 2015 年的焦點而言，一些簡單的事情正在推動我們的美國 mammo 業務，我們對這兩個方面都感覺非常好——今年季度結束的方式以及我們今年應該開展該業務的地方- 真正開展我們的國際業務 - 將其從承諾和希望轉變為非常清晰現實的早期階段 - 所以我認為你會看到這一點。第三個真正貫穿我們所有業務的是改善我們的——我討厭使用商業卓越這個詞，但它確實歸結為我們在整個銷售、營銷和客戶服務方面的表現色域。我認為，隨著我們進入 2015 年，這種卓越的運營水平將推動增長率的提高。

In terms of both manufacturing strategy and tax, I think there you've got to assume that's going to be more a 2016 event. We clearly are -- to Bob's point, we are getting hit bigger as on the FX piece with the dollar strengthening in virtually all of our manufacturing in the US at this stage, it underscores that need to be looking at a more global manufacturing footprint over time. But we are being -- we've had a lot on our plate in the early stages here just to get sales and the basics going again -- that will be the area that manufacturing and tax that will really start to drive in future years.

在製造戰略和稅收方面，我認為你必須假設這將更像是 2016 年的事件。我們顯然 - 就鮑勃的觀點而言，我們在外匯方面受到的打擊更大，現階段我們在美國幾乎所有製造業的美元都在走強，這突顯出需要關注更全球化的製造業足跡時間。但我們正在——我們在早期階段已經做了很多工作，只是為了讓銷售和基礎知識重新開始——這將是製造業和稅收在未來幾年真正開始推動的領域。

So I kind of keep thinking about it -- current, call it 2015/2016 as far about short-term execution with what we have. Call it somewhere into 2016 and really 2017 and beyond is realizing more of those longer-term benefits.

所以我一直在考慮它——目前，就我們現有的短期執行而言，稱之為 2015/2016 年。將它稱為 2016 年的某個地方，真正的 2017 年及以後正在實現更多這些長期利益。

Richard Newitter, Leerink Partners.

Leerink Partners 的理查德·紐特 (Richard Newitter)。

Hi, thanks for taking the questions. Steve, I was jumping between calls -- I apologize if this is a repeat, but what -- can you just remind us on the Breast Health, what is baked in with respect to the MRI divestiture? You said that your guidance takes out the $20 million, correct? So it would be $20 million higher, and then also, what about with respect to the exceptionally strong quarter growth that you referenced on the call? How much of that is factored into the 2015 growth outlook?

您好，感謝您提出問題。史蒂夫，我在電話之間跳來跳去——如果這是重複，我深表歉意，但是——你能不能提醒我們關於乳房健康，關於 MRI 資產剝離的內容？你說你的指導去掉了 2000 萬美元，對嗎？所以它會高出 2000 萬美元，而且，關於你在電話會議上提到的異常強勁的季度增長呢？ 2015 年的增長前景中考慮了多少？

Let's take the first part. So the $20 million -- basically this year we did $20 million of revenue on MRI coils that's in our base for 2014 that will evaporate in 2015. So effectively what you are looking at is the growth rate for next year is depressed by not having that $20 million in the numbers.

讓我們來看第一部分。所以 2000 萬美元 - 基本上今年我們在 MRI 線圈上取得了 2000 萬美元的收入，這些收入在我們 2014 年的基礎上將在 2015 年消失。所以實際上你看到的是明年的增長率因為沒有那個而受到抑制2000萬美元的數字。

So, said differently, mid-single digits, but basically we are giving up 2 points of growth in the comparison. The additional part in terms of the exceptional orders growth, I should say they are very, very good. Certainly in our 10-K they will be out there. But we saw real strong growth, much of which was in the Breast Health area. So it gives us great clock confidence coming into 2015.

所以，換句話說，中個位數，但基本上我們在比較中放棄了 2 個百分點的增長。關於特殊訂單增長的額外部分，我應該說它們非常非常好。當然，在我們的 10-K 中，它們會在那裡。但我們看到了真正強勁的增長，其中大部分是在乳房健康領域。所以它給了我們進入 2015 年的巨大時鐘信心。

Just to add onto that, Steve, if you looked at our performance on a year-to-date basis in 2014 versus where we are projecting 2015, it's clearly an acceleration in our Breast Health business. So year-to-date on an operational basis of approximately 4%, we are saying mid-single digits for 2015. That incorporates this $20 million headwind associated with the MRI divestiture. So if we didn't have that, that mid-single digits would be up by another 2 points.

補充一點，史蒂夫，如果你看看我們 2014 年年初至今的表現與我們 2015 年的預測，這顯然是我們乳房健康業務的加速。因此，今年迄今的運營基礎約為 4%，我們說 2015 年為中等個位數。這包括與 MRI 資產剝離相關的 2000 萬美元逆風。因此，如果我們沒有那個，那麼中間個位數將再增加 2 個百分點。

Hopefully that clarifies it. Thanks.

希望這能澄清它。謝謝。

David Lewis, Morgan Stanley.

戴維劉易斯，摩根士丹利。

This is actually Scott weighing in for David. Steve, can you discuss your outlook on the 3-D tomography business and what it contributed to growth this quarter, what you expect for the trajectory going forward, and whether the acceleration in tomo adoption and conversion will be a little different from the adoption curve for 2-D, given the existing installed base out there? Thank you.

這實際上是斯科特為大衛權衡的。史蒂夫，你能談談你對 3D 斷層掃描業務的展望及其對本季度增長的貢獻，你對未來發展軌蹟的期望，以及斷層掃描採用和轉換的加速是否會與採用曲線略有不同對於 2-D，考慮到那裡現有的安裝基礎？謝謝。

Yes, I think we feel great about where it is going to go, and in 2015 it will clearly be accelerating versus the full year of 2014. So in 2014, as Bob just mentioned, we posted 4% growth. We clearly see that accelerating, even with a couple of points of headwind from the divestiture of the MRI coils. So we see it definitely accelerating.

是的，我認為我們對它的發展方向感覺很好，並且在 2015 年它顯然會比 2014 年全年加速。所以在 2014 年，正如 Bob 剛才提到的，我們公佈了 4% 的增長。我們清楚地看到，即使剝離 MRI 線圈帶來了一些不利因素，這種情況仍在加速。所以我們看到它肯定在加速。

Relative to your question about 2-D versus the original 2-D adoption, probably not quite the same curve. You know, it's a different marketplace today. Capital constraints are different. So basically you've got a stronger installed base, and you also have still much greater scrutiny on capital purchases within the hospital environment.

相對於您關於 2-D 與原始 2-D 採用的問題，可能不是完全相同的曲線。你知道，今天是一個不同的市場。資本約束不同。所以基本上你有一個更強大的安裝基礎，而且你對醫院環境中的資本購買也有更嚴格的審查。

So we continue to see this playing out over quarters and quarters and dare I say over the coming quarters and really over the next couple of years. It is part of what makes us feel great about where we are headed here -- not just for a one or two quarter pop, but really a much more sustainable driver over a bunch of quarters coming forward.

因此，我們繼續看到這種情況在幾個季度和幾個季度中發揮作用，我敢說在接下來的幾個季度，甚至在接下來的幾年裡。這是讓我們對我們的前進方向感覺良好的部分原因——不僅僅是為了一個或兩個季度的流行，而是在接下來的幾個季度中真正成為一個更具可持續性的驅動力。

Isaac Ro, Goldman Sachs.

艾薩克·羅，高盛。

Good afternoon, guys. Thank you. I want to ask a question on Diagnostics. You've obviously done well there the past year, winning some major contracts in molecular and as well as screening or blood screening, rather. But one thing I did notice is that the competitive landscape in HBV is changing pretty quickly here, and some of your competitors are going after screening labels. Either they have them already, or they are going after them for the future. So number one, do you think you guys need to get a screening label to kind of keep the momentum you have? And if so, how should we think about the OpEx impact there, at least on the R&D line?

下午好，伙計們。謝謝。我想問一個關於診斷的問題。顯然，過去一年你在那裡做得很好，贏得了一些分子和篩查或血液篩查方面的重要合同。但我注意到的一件事是，HBV 的競爭格局正在迅速變化，您的一些競爭對手正在追求篩查標籤。要么他們已經擁有它們，要么他們正在為未來追求它們。所以第一，你認為你們需要得到一個篩選標籤來保持你的勢頭嗎？如果是這樣，我們應該如何考慮那裡的 OpEx 影響，至少在研發線上？

Sure. I'd say more than anything we feel really good about how our HPV business is performing. And I think it's pretty clear that we are growing significantly faster than the market. It's a key franchise for us, and we are very focused. Whether we exactly need that label, we are always looking at what is the right labeling and what we need to go forth. But we think between both our existing franchise, we feel like we are in very good shape.

當然。我想說的是，我們對 HPV 業務的表現感到非常滿意。而且我認為很明顯我們的增長速度明顯快於市場。這對我們來說是一個重要的特許經營權，我們非常專注。無論我們是否真的需要那個標籤，我們總是在尋找什麼是正確的標籤以及我們需要做什麼。但我們認為在我們現有的特許經營權之間，我們感覺我們的狀態非常好。

Bill Quirk, Piper Jaffray.

比爾·奎克，派珀·杰弗裡。

Great. Thanks and good afternoon, everybody. The question for me is very limited sequential slippage in the cytology and perinatal business. So how close do we think we are to kind of seeing the end of the impact of the screening interval extension? And then on blood screening just curious, Steve, you highlighted that as a potential growth avenue down the road. Just curious how much potentially you see here in the Hepatitis E assay that Grifols has in Europe right now? Thanks.

偉大的。謝謝，大家下午好。對我來說，問題是細胞學和圍產期業務的順序下滑非常有限。那麼，我們認為我們距離篩查間隔延長的影響結束還有多遠？然後關於血液篩查只是好奇，史蒂夫，你強調這是一條潛在的增長途徑。只是好奇您現在在 Grifols 在歐洲進行的戊型肝炎檢測中看到的可能性有多大？謝謝。

Sure. Let me start with the cytology piece. You know we want to be very careful not to be out in front of declaring a bottom on the interval expansion. I'd say we are getting cautiously optimistic in terms of some of the slowdown in the growth rate, but until we've proven it -- if you know anything about kind of myself and Bob's style, it's going to be let us prove things instead of going out and proclaiming them, and we'd rather let the after effects really speak for themselves.

當然。讓我從細胞學部分開始。你知道我們要非常小心，不要在宣佈區間擴張底部之前就出局。我想說我們對增長率的一些放緩持謹慎樂觀態度，但在我們證明這一點之前——如果你對我自己和 Bob 的風格有所了解，那就讓我們來證明吧而不是出去宣揚它們，我們寧願讓後遺症真正說明一切。

So I think we feel good about that. And on the blood screening business, I think we feel really good about being partnered with Grifols outside the US and certainly what they are working on as well.

所以我認為我們對此感覺良好。在血液篩查業務方面，我認為與美國以外的 Grifols 合作以及他們正在開展的工作讓我們感覺非常好。

Mike Matson, Needham & Company.

邁克·馬特森，李約瑟公司。

Hi, thanks for taking my question. I guess I just wanted to ask about the GE system -- their 3-D system. What are you seeing from a competitive standpoint pricing wise, and how are they positioning against your system?

嗨，謝謝你提出我的問題。我想我只是想問問 GE 系統——他們的 3-D 系統。從競爭的角度來看，您對定價有何看法？他們如何針對您的系統定位？

Sure. You know, we, frankly, really like the competitive advantage we still feel we have. So at the end of the day, as you know, they've got a non-inferiority claim. Theirs takes longer to administer, and the way they are obviously going to try to play to this, they are a great marketing force. You know that well. They are certainly going to try to bundle and get their GE houses.

當然。你知道，坦率地說，我們真的很喜歡我們仍然認為自己擁有的競爭優勢。所以在一天結束時，正如你所知，他們有一個非劣效性聲明。他們需要更長的時間來管理，而且他們顯然會嘗試發揮作用，他們是一支強大的營銷力量。你很清楚這一點。他們肯定會嘗試捆綁並獲得他們的 GE 房屋。

I think we feel really good about our installed base. We feel good that we are still certainly in the recent quarter still getting a number of competitive wins coming over, and I think where they will go first is largely to their installed base. And that will still be a formidable force for us. But I think we feel really good about the differentiation that we have.

我認為我們對我們的安裝基礎感覺非常好。我們感覺很好，我們在最近一個季度仍然肯定會獲得一些競爭性勝利，而且我認為他們首先會去哪裡主要是他們的安裝基礎。這對我們來說仍然是一股強大的力量。但我認為我們對我們所擁有的差異化感到非常滿意。

Anthony Petrone, Jefferies.

安東尼·佩特隆，傑富瑞。

Thanks. Bob, maybe just a quick housekeeping one on the EPS impact from the MRI divestiture and then a quick follow-up? Thanks. For 2015 guidance.

謝謝。鮑勃，也許只是關於 MRI 資產剝離對 EPS 影響的快速內務管理，然後是快速跟進？謝謝。為 2015 年的指導。

So the EPS impact from the MRI divestiture is de minimis. It's really on the top line where the biggest impact is. So it doesn't affect our guidance one way or another. And then the follow-up?

因此，MRI 資產剝離對 EPS 的影響微乎其微。它確實位於影響最大的頂線。所以它不會以某種方式影響我們的指導。然後後續呢？

The region as a revenue stream on that system in particular, the menu is equivalent to what TIGRIS is. So just would like to get an update on where that annual annuity stream is today and where maybe that can go by the end of 2015? Thanks.

特別是作為該系統收入來源的區域，菜單相當於 TIGRIS。那麼，我想了解一下今天的年度年金流在哪里以及到 2015 年底可能會去哪裡？謝謝。

I'm sorry. There was a question that got partially cut off. We didn't hear all of that question.

對不起。有一個問題被部分中斷了。我們沒有聽到所有的問題。

Is that better now?

現在好點了嗎？

Yes.

是的。

Okay, great. Just a quick question on Panther and an update there. If you can give us an update on where the annual stream is in terms of regions? The menu has expanded and is equivalent to TIGRIS at this point. Just wondering where that stands today and maybe where it can go by the end of 2015.

好的，太好了。只是一個關於 Panther 的快速問題和那裡的更新。您是否可以向我們提供有關年度流量所在地區的最新信息？菜單已展開，此時相當於 TIGRIS。只是想知道今天的情況，也許到 2015 年底它會去哪裡。

Sure. We are more focused in terms of disclosing on Panther placements, which, as Bob mentioned, very good. Basically we increased our Panther placements by about 80% in the year, so exiting the year very strong. We are not giving per revenue numbers for the actual instrument.

當然。我們更專注於披露 Panther 的安置，正如 Bob 提到的那樣，這非常好。基本上，我們在這一年將 Panther 的安置增加了約 80%，因此今年結束時非常強勁。我們沒有給出實際工具的每收入數字。

Doug Schenkel, Cowen and Company.

Doug Schenkel, Cowen and Company。

Good afternoon, guys, and thanks for taking my questions. So the first one is on 3-D -- just a quick one -- balancing incremental reimbursement with incremental competition. What assumption for 3-D pricing is embedded into guidance? And then the second question is on Panther. Any chance you would provide an update on the outlook for the virology program? If I remember correctly, I think the plan was to roll out some menu internationally in calendar 2015, and then in the US about a year later, these products are priced at pretty nice levels but the trials can be pretty expensive. So any details you can provide on plans and timelines would be appreciated, especially given that I think this could have some initial margin pressure, but then again depending on how you are thinking about pricing and keeping in mind some of the pressures on the STD menu from a pricing standpoint, this could actually benefit you as we think about a year or two out. Thank you.

下午好，伙計們，謝謝你提出我的問題。所以第一個是關於 3-D 的——只是一個快速的——平衡增量報銷和增量競爭。指南中嵌入了 3-D 定價的哪些假設？然後第二個問題是關於 Panther 的。您是否有機會提供有關病毒學計劃前景的最新信息？如果我沒記錯的話，我認為計劃是在 2015 年在國際上推出一些菜單，大約一年後在美國推出，這些產品的價格相當不錯，但試用可能會非常昂貴。因此，如果您能提供有關計劃和時間表的任何詳細信息，我們將不勝感激，尤其是考慮到我認為這可能會帶來一些初始利潤壓力，但又取決於您如何考慮定價並牢記 STD 菜單上的一些壓力從定價的角度來看，這實際上可以使您受益，因為我們考慮了一兩年。謝謝。

Sure, Doug. First, on the 3-D mammo pricing, we want to be pretty disciplined and feel like we've got the best product on the market and, therefore, don't want to compete on price. So we are not assuming much erosion on the ASP at this point in time.

當然，道格。首先，在 3-D mammo 定價方面，我們希望非常自律，感覺我們擁有市場上最好的產品，因此不想在價格上競爭。因此，我們目前並未假設 ASP 會受到太大侵蝕。

On the virology piece, you are dead right, which is the R&D programs to get these things approved are a lot of money, and that's a lot of what we are spending right now without the benefits of what will come. We do hope by the end of calendar year 2015, which really gets into our fiscal 2016, to be able to have the beginnings of launches in Europe and then to your point probably at least a year behind that as it relates to the US.

在病毒學方面，你是完全正確的，讓這些東西獲得批准的研發項目需要很多錢，而這就是我們現在正在花費的很多錢，而沒有得到未來的好處。我們確實希望到 2015 日曆年結束時，也就是真正進入我們的 2016 財年，能夠開始在歐洲推出，然後你的觀點可能至少比美國晚一年。

So right now we are making the investments in the virology program -- the paybacks which really are at least 12 months out at this point or the beginnings of those paybacks, at least.

所以現在我們正在對病毒學項目進行投資——目前至少要 12 個月才能收回投資，或者至少是這些投資回收的開始。

Just to follow up on that, some of the guidance that we talked about for the first quarter incorporates some heavier R&D spend because of the timing of those development programs in the viral load area.

只是為了跟進這一點，我們在第一季度討論的一些指導包含了一些更重的研發支出，因為這些開發計劃在病毒載量領域的時間安排。

Brian Weinstein, William Blair.

布賴恩溫斯坦，威廉布萊爾。

Hi, guys. Thanks for taking my question. Can you talk specifically around that target that that you had 500 incremental placements for 3-D? I didn't catch that you guys had commented specifically on that.

嗨，大家好。感謝您提出我的問題。你能具體談談你有 500 個 3-D 增量展示位置的目標嗎？我沒有註意到你們對此有專門的評論。

And then with respect to divestitures, you made a small one obviously with the breast coils. Should we look for potentially other things that you are considering? Small product lines that might be sold over the next 12 months? Thanks.

然後關於剝離，你顯然用乳房線圈做了一個小的。我們是否應該尋找您正在考慮的其他潛在問題？可能在未來 12 個月內銷售的小型產品線？謝謝。

Yes. So for the placement goal in the US of 500 placements, we did exceed that. In fact, we placed 588 units for the year on 3-D. We feel very good about that and obviously feel better about the future. Regarding the MRI business, can you repeat the questions?

是的。因此，對於美國 500 個安置的安置目標，我們確實超過了這個目標。事實上，我們今年在 3-D 上放置了 588 個單元。我們對此感覺非常好，顯然對未來感覺更好。關於核磁共振業務，你能重複這些問題嗎？

Do we have more planned like that? I think at this point we've largely done a lot of the cleanup. And we do realize it kind of makes the models, and it makes things look a little muckier than particularly as you look at our true growth rate next year. We haven't wanted to restate everything just given the magnitude of it, but we ask you to be mindful of it.

我們有更多這樣的計劃嗎？我認為此時我們已經做了很多清理工作。而且我們確實意識到它在某種程度上製造了模型，並且當您查看我們明年的真實增長率時，它讓事情看起來比特別的更加混亂。鑑於它的重要性，我們不想重述所有內容，但我們請您注意這一點。

Jon Block, Stifel.

喬恩·布洛克，Stifel。

Great. Thanks, guys, for taking the questions and good afternoon. Maybe the first one just specific to the P&L, the gross margin I think you said to expect sort of flattish year over year, and you had pretty good expansion this year, I think to the tune of roughly 100 basis points. Notably you had a lot of momentum in the back part of the year. Can you just talk about the dynamics of why that would be flat year over year and you wouldn't see any further expansions? And then I've just got a follow-up.

偉大的。伙計們，謝謝你們提出問題，下午好。也許第一個只是特定於損益表，我認為你所說的毛利率預計同比持平，而且你今年的擴張非常好，我認為大約有 100 個基點。值得注意的是，你在今年下半年有很大的動力。你能談談為什麼年復一年持平而你看不到任何進一步擴張的動力嗎？然後我剛剛得到一個跟進。

In simple terms, why don't I start it and then Bob can add. The simplest way I think about gross margin in 2015 is we have a heavy US manufacturing base, and the decline of the dollar or the strengthening of the dollar clearly puts more pressure on our gross margin piece. The other piece is, as we grow our business outside the US, we are often doing that through dealers that are at a lower gross margin piece. So effectively we are going to offset those pressures by really improved manufacturing efficiencies.

簡單來說，為什麼我不啟動它，然後 Bob 可以添加。我認為 2015 年毛利率最簡單的方式是我們擁有龐大的美國製造基地，美元貶值或美元走強顯然會給我們的毛利率帶來更大壓力。另一點是，隨著我們在美國以外的地區發展業務，我們經常通過毛利率較低的經銷商來做這件事。因此，我們將通過真正提高製造效率來有效地抵消這些壓力。

Bob, did you want to add anything? Okay.

鮑勃，你想補充什麼嗎？好的。

Okay. Very helpful. Steve, I feel a little bit silly asking you for additional color or guidance on the day that you gave 2015, but you've done a great job, you've turned the corner, and you are sort of growing in and around mid-single-digit when you normalize for MRI and FX, etc. When you look out a little bit longer-term, do you have the current portfolio to drive a further acceleration to high-single digit, or do you think you would need to go out and just have a few tuck-ins in order to accelerate the number further? Thanks, guys.

好的。很有幫助。史蒂夫，我覺得有點傻，在你給 2015 年的那一天要求你提供額外的顏色或指導，但你做得很好，你已經度過了難關，而且你在中期和前後有點成長 -當你對 MRI 和 FX 等進行標準化時是個位數。當你看得更長遠時，你是否有當前的投資組合來推動進一步加速到高個位數，或者你認為你需要去出去只是為了進一步加快人數？多謝你們。

Thanks, Jon. Probably to get to high single digits, I would say probably a few tuck-ins along the way. I do think we are making great progress. We said at the start of the year the first thing we needed to do was slow down the declines of our declining franchises and accelerate growth of those that would grow. I think we are making good progress there. Ultimately if we can flatline a few of the declining ones and keep accelerating, can we get into at least mid -- the high-end of mid-single digits? I think organically, probably. To truly turn it into the high single digits may require a few tuck-ins along the way. And, again, make no mistake about it, we are not going to go back to the big acquisition stuff, but we will look for prudent acquisitions. The great flipside of the organization right now is everybody feels every sales member feels we've get a great bag to sell right now, and that is encouraging.

謝謝，喬恩。可能要達到高個位數，我會說可能會一路上有一些塞進去。我確實認為我們正在取得很大進展。我們在今年年初說過，我們需要做的第一件事是減緩我們衰退特許經營權的衰退，並加速那些將增長的特許經營權的增長。我認為我們在那裡取得了很好的進展。最終，如果我們能夠使一些下降的趨勢趨於平穩並繼續加速，我們能否至少進入中端——中個位數的高端？我認為有機地，可能。要真正將其變成高個位數，可能需要在此過程中進行一些調整。而且，再一次，不要誤會，我們不會回到大型收購的事情上，但我們會尋求審慎的收購。現在組織的另一面是每個人都覺得每個銷售成員都覺得我們現在有一個很棒的包可以賣，這是令人鼓舞的。

John Zecy, Morningstar.

約翰澤西，晨星。

Obviously you've done really well with all the Panther placements and overall molecular diagnostics performance. I was hoping you could just maybe talk a bit about what you are hearing on the ground from the low to mid volume labs? Maybe sort of how their long-term economics are looking as we maybe progress toward maybe more of a bundled payment environment? I'm just trying to get a sense of how competitive they will be toward some of their larger reference lab competitors? Thanks.

顯然，您在所有 Panther 安置和整體分子診斷性能方面做得非常好。我希望您能談談您在中低音量實驗室中聽到的實地情況？也許隨著我們可能朝著更多捆綁支付環境的方向發展，他們的長期經濟狀況如何？我只是想了解他們對一些較大的參考實驗室競爭對手的競爭力如何？謝謝。

Sure. Right now I'd say we are probably over developed in the larger labs, and we are starting to look -- frankly, we see those as an opportunity, and probably I think there will be some shakeouts certainly in that part of the lab space, but it's still a very fragmented universe, and we actually still see regardless of the pressures they feel we see some opportunities for us, particularly with the Panther system.

當然。現在我想說我們可能在較大的實驗室中過度開發，我們開始尋找 - 坦率地說，我們認為這是一個機會，而且我認為實驗室空間的那部分肯定會有一些洗牌，但它仍然是一個非常支離破碎的宇宙，我們實際上仍然看到，無論他們感受到我們的壓力如何，我們都看到了一些機會，特別是在 Panther 系統中。

I think to build on that point, Steve, as we think about molecular diagnostics going forward, we foresee continued volume increases, which will sit in the sweet spot of our Panther system. What those labs will have is the same pressures that some of the larger labs have that really our Panther and the benefits of our automation really play into. So we think that over time we will be able to take that Panther and go downstream, and we think that we have a long runway there.

我認為，基於這一點，史蒂夫，當我們考慮分子診斷學的發展時，我們預計體積會持續增加，這將位於我們 Panther 系統的最佳位置。這些實驗室將面臨的壓力與一些較大的實驗室所面臨的壓力相同，而我們的 Panther 和我們的自動化的好處確實發揮了作用。所以我們認為，隨著時間的推移，我們將能夠駕駛 Panther 向下游行駛，我們認為我們在那裡有很長的跑道。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Well, thanks for the follow-up. I just had one question on mammography. I guess as we are thinking of modeling, why would any customers buy a 2-D dimensional, right? You just had reimbursement for 3-D tomo -- that's up [57]. So I guess as we are modeling and for those of us who have product models, how should we assume that 2-D dimensional versus 3-D dimensional?

嗯，謝謝你的跟進。我只有一個關於乳房 X 光檢查的問題。我想當我們考慮建模時，為什麼會有客戶購買二維的，對吧？您剛剛獲得了 3-D 斷層掃描的報銷——就這樣了 [57]。所以我想當我們正在建模時，對於我們這些擁有產品模型的人來說，我們應該如何假設 2-D 維度與 3-D 維度？

I think in the US you ought to assume just about everybody would be going to 3-D. We do see significant opportunities with our new head of international actually for 2-D outside the US. You know, we still have a lot of hospitals around the world that are still in the analog world and have not converted over to full-field digital mammography. And in a lot of cases, I will tell you part of what we were trying to do was sell them really 3-D tomo, and they are still in an analog world.

我認為在美國你應該假設幾乎每個人都會去看 3-D。我們確實看到了我們新的國際主管在美國以外的 2-D 領域的重要機會。你知道，我們在世界各地仍有許多醫院仍處於模擬世界，尚未轉換為全視野數字乳腺 X 線照相術。在很多情況下，我會告訴你我們試圖做的部分工作是向他們出售真正的 3D 斷層掃描，而他們仍然處於模擬世界中。

So I think our team is realizing there is probably a great opportunity to step wise them in and get them in on the 2-D side, and then, by the way, have the annuity down the road, and we can up grade them to 3-D in the future. So I think the US will be mostly 3-D, but outside the US, there will probably be some opportunity opportunities for 2-D.

所以我認為我們的團隊意識到可能有一個很好的機會讓他們明智地介入並讓他們進入二維方面，然後順便說一下，在未來獲得年金，我們可以將他們升級到未來的 3-D。所以我認為美國將主要是 3-D，但在美國以外，2-D 可能會有一些機會。

Tycho Peterson, JPMorgan.

摩根大通第谷彼得森。

Thanks for another follow up here. Just thinking ahead to RSNA, any color on what you might be highlighting? I think last year one of the things they talked a little bit about was contrast mammography potentially replacing breast MRI? I'm wondering, thinking about the divestiture if contrast mammography potentially helps you overcome some of these shortfalls from the divestiture?

感謝您在這裡進行另一次跟進。只是提前考慮 RSNA，您可能會突出顯示什麼顏色？我認為去年他們談論的其中一件事是對比乳房 X 線照相術有可能取代乳房 MRI？我想知道，如果對比乳房 X 線照相術有可能幫助您克服資產剝離帶來的一些不足，請考慮資產剝離？

I think the big focal point candidly is going to be on our genius 3-D mammography. We've got such opportunity and such a differentiated product that I don't think we need to reach for other things and, frankly, don't have to do a lot of real marketing or dancing around the edges. I think it has hit them very straight with what we have, Tycho.

坦率地說，我認為最大的焦點將放在我們天才的 3-D 乳腺 X 光檢查上。我們有這樣的機會和如此差異化的產品，我認為我們不需要觸及其他東西，坦率地說，不需要做很多真正的營銷或在邊緣跳舞。第谷，我認為我們擁有的東西對他們的打擊非常直接。

Thank you. That is all the time we have for questions today. This now concludes Hologic's fourth-quarter fiscal 2014 earnings call. Have a great evening.

謝謝。這就是我們今天提問的全部時間。 Hologic 2014 財年第四季度財報電話會議到此結束。祝你有個愉快的夜晚。