直覺手術 (ISRG) 2011 Q4 法說會逐字稿

Ladies and gentlemen, good afternoon.

女士們、先生們，午安。

Thank you for standing by, and welcome to the Intuitive Surgical quarter-four 2011 earnings release conference call.

感謝您的耐心等待，並歡迎參加 Intuitive Surgical 2011 年第四季收益發布電話會議。

(Operator Instructions).

（操作員說明）。

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to our host, Senior Director of Finance for Intuitive Surgical, Mr.

現在我想將會議交給我們的東道主 Intuitive Surgical 的高級財務總監 Mr.

Calvin Darling.

卡爾文·達林.

Please go ahead.

請繼續。

Thank you.

謝謝。

Good afternoon and welcome to Intuitive Surgical's fourth-quarter conference call.

下午好，歡迎參加 Intuitive Surgical 第四季電話會議。

With me today we have Gary Guthart, our President and CEO; Marshall Mohr, our Chief Financial Officer, and Aleks Cukic, our Vice President of Strategic Planning.

今天和我在一起的還有我們的總裁兼執行長 Gary Guthart；我們的財務長 Marshall Mohr 和我們的策略規劃副總裁 Aleks Cukic。

Before we begin, I would like to inform you that comments mentioned on today's call may be deemed to contain forward-looking statements.

在我們開始之前，我想通知您，今天電話會議中提到的評論可能被視為包含前瞻性陳述。

Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties.

由於某些風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。

These risks and uncertainties are described in detail in the Company's Securities and Exchange Commission filings.

這些風險和不確定性在公司向證券交易委員會提交的文件中進行了詳細描述。

Prospective investors are cautioned not to place undue reliance on such forward-looking statements.

敬請潛在投資者不要過度依賴此類前瞻性陳述。

Please note that this conference call will be available for audio replay on our website at intuitivesurgical.com on the audio archive section under our Investor Relations page.

請注意，本次電話會議將在我們的投資者關係頁面下的音訊存檔部分的直覺外科網站（intentusurgical.com）上進行音訊重播。

In addition, today's press release has been posted to our website.

此外，今天的新聞稿已發佈到我們的網站上。

Today's format will consist of providing you with highlights of our fourth-quarter results as described in our press release announced earlier today, followed by a question and answer session.

今天的形式將包括向您提供今天早些時候宣布的新聞稿中所述的第四季度業績亮點，然後是問答環節。

Gary will present the quarter's business and operational highlights.

加里將介紹本季的業務和營運亮點。

Marshall will provide a review of our fourth-quarter financial results, Aleks will discuss marketing and clinical highlights, then I will provide our financial forecast for 2012, and finally, we will host a question and answer session.

Marshall 將回顧我們第四季的財務業績，Aleks 將討論行銷和臨床亮點，然後我將提供 2012 年的財務預測，最後，我們將主持問答環節。

With that, I will turn it over to Gary.

有了這個，我會把它交給加里。

Thank you for joining us on the call today.

感謝您今天加入我們的電話會議。

2011 has been a productive year at Intuitive.

2011 年對 Intuitive 來說是富有成效的一年。

In the past year, our focus was in four areas.

過去一年，我們重點抓了四個面向的工作。

First, extending the benefits of minimally invasive surgery in gynecology and urology; second, expanding robotic surgery and deepening our organizational capability in Europe and Asia; third, crisp execution in our product development efforts; and finally, enabling emerging procedures in thoracic, transoral, colorectal and general surgery.

首先，擴大微創手術在婦科和泌尿科的益處；第二，擴大機器人手術並深化我們在歐洲和亞洲的組織能力；第三，我們的產品開發工作執行力強；最後，使胸腔外科、經口外科、大腸直腸外科和一般外科的新興手術成為可能。

We have made substantial progress in the areas above.

我們在上述領域取得了實質進展。

Looking first at procedures, in gynecology, hysterectomy procedures grew by approximately 33% over 2010, led by growth in procedures for benign indications in the US.

首先看婦科手術，子宮切除術比 2010 年增長了約 33%，其中美國良性適應症手術的增長帶動了這一增長。

In urology, da Vinci Prostatectomy grew by approximately 15% worldwide with most of the growth coming from Europe.

在泌尿外科領域，達文西前列腺切除術在全球範圍內增長了約 15%，其中大部分增長來自歐洲。

Emerging procedure growth was substantive during the year with thoracic surgery and general surgery leading the way, followed by head and neck surgery.

年內，新興手術大幅成長，其中胸腔外科和一般外科處於領先地位，其次是頭頸外科。

Clinical results and surging interest in these procedures reinforce our conviction in the value of da Vinci surgery in these disciplines.

臨床結果和對這些手術日益高漲的興趣增強了我們對達文西手術在這些學科中價值的信念。

Aleks will take you through greater detail on our procedure performance later in the call.

Aleks 將在稍後的電話會議中向您詳細介紹我們的程式效能。

Internationally, our teams performed well.

在國際比賽中，我們的團隊表現出色。

In the face of economic uncertainty, our European capital team continued to convert the demand for dVP into new system placements.

面對經濟的不確定性，我們的歐洲資本團隊不斷將dVP的需求轉化為新的系統佈局。

In Asia, we continue to invest into key markets, particularly Korea and Japan.

在亞洲，我們繼續投資於主要市場，特別是韓國和日本。

Earlier this month, we acquired our Korean distributor, BioRobotics, and will begin the transition from a distributor market to a direct sales market.

本月早些時候，我們收購了韓國經銷商 BioRobotics，並將開始從經銷商市場向直銷市場的過渡。

Korea is a country that has embraced robotic surgery and whose surgeons have led in creating new techniques.

韓國是一個接受機器人手術的國家，其外科醫生在創造新技術方面處於領先地位。

This acquisition allows us to partner with Korean customers more closely in the development of procedures and products to advance the art.

此次收購使我們能夠與韓國客戶在程序和產品開發方面更密切地合作，以推進技術進步。

We welcome our Korean team to Intuitive.

我們歡迎我們的韓國團隊加入 Intuitive。

In Japan, customer interest in 2011 remained high despite the earthquake and ensuing tragedy that occurred in March.

在日本，儘管 3 月發生了地震和隨後的悲劇，但 2011 年客戶的興趣仍然很高。

We have been working diligently on obtaining reimbursement for da Vinci in Japan and are actively engaged with our partners and MHLW.

我們一直在努力爭取日本達文西的報銷，並積極與我們的合作夥伴和厚生省合作。

Our product development and regulatory teams also performed well in 2011.

我們的產品開發和監管團隊在 2011 年也表現出色。

Response to our da Vinci simulator and our Firefly Fluorescence imaging system was positive in the year with more than half of our new customers purchasing simulators and with Firefly systems beginning use in several leading centers.

今年，人們對我們的達文西模擬器和 Firefly 螢光成像系統的反應積極，超過一半的新客戶購買了模擬器，Firefly 系統開始在幾個領先的中心使用。

Turning to instruments, we received clearance for our Single-Site instrument and accessory kit for use in cholecystectomy in Q4 2011 and are in the process of a phased rollout.

至於儀器，我們於 2011 年第 4 季獲得了用於膽囊切除術的單部位儀器和配件套件的許可，目前正在分階段推出。

Our first US customers have been completing single incision cholecystectomy cases, and their early reports on outcomes and ease-of-use are encouraging.

我們的第一批美國客戶已經完成了單切口膽囊切除術病例，他們關於結果和易用性的早期報告令人鼓舞。

In December of 2011, we received our FDA clearance for our vessel sealer, and we anticipate beginning its phased rollout in this first quarter of 2012.

2011 年 12 月，我們的血管密封劑獲得 FDA 批准，我們預計在 2012 年第一季開始分階段推出。

Lastly, we submitted our 510(k) for our da Vinci Stapler late in the fourth quarter.

最後，我們在第四季末提交了達文西訂書機的 510(k)。

Looking back at the full-year 2011, our operating highlights are as follows.

回顧2011年全年，我們的經營亮點如下。

Worldwide procedures grew by approximately 29%.

全球手術量增加了約 29%。

We sold 534 da Vinci Surgical Systems in the year, up from 441.

我們全年售出 534 套達文西手術系統，高於 441 套。

Total revenue grew to $1,757,000,000, up 24% over 2010.

總收入增至 1,757,000,000 美元，比 2010 年增長 24%。

Recurring revenue grew to $980 million, up 30%, and comprising 56% of total revenue.

經常性收入增至 9.8 億美元，成長 30%，佔總營收的 56%。

We generated $831 million in operating profit before non-cash stock compensation expense, up 24% from last year, and GAAP net income grew to $495 million, up 30% year over year.

在扣除非現金股票補償費用之前，我們實現了 8.31 億美元的營業利潤，比去年增長 24%，GAAP 淨利潤增長至 4.95 億美元，比去年增長 30%。

Now turning to operating highlights for the fourth quarter, procedures grew approximately 27% over the fourth quarter of last year.

現在轉向第四季的營運亮點，流程較去年第四季成長約 27%。

We sold 152 da Vinci Surgical Systems, up from 124 in the fourth quarter of 2010.

我們售出了 152 套達文西手術系統，高於 2010 年第四季的 124 套。

Total revenue for the quarter was $497 million, up 28%.

該季度總營收為 4.97 億美元，成長 28%。

Instrument and accessory revenue increased to $196 million, up 30%.

儀器及配件收入增至 1.96 億美元，成長 30%。

We generated an operating profit of $234 million in the quarter before non-cash stock compensation expense, up 27% from the fourth quarter of last year, and GAAP net income grew to $151 million, up 25%.

我們本季扣除非現金股票補償費用前的營業利潤為 2.34 億美元，比去年第四季成長 27%，GAAP 淨利成長至 1.51 億美元，成長 25%。

We ended the year with $2,172,000,000 in cash and investments, up $285 million from last quarter and up $563 million from last year.

截至年底，我們的現金和投資為 21.72 億美元，比上季增加 2.85 億美元，比去年增加 5.63 億美元。

We received $261 million in cash during the year from the exercise of stock options and invested $83 million in fixed assets and intellectual property, $19 million in working capital and equipment, and $332 million in stock repurchases for the year.

年內，我們透過行使股票選擇權獲得了 2.61 億美元的現金，並投資了 8,300 萬美元的固定資產和智慧財產權、1,900 萬美元的營運資金和設備以及 3.32 億美元的股票回購。

Going forward, we will continue to look for stock repurchase opportunities.

展望未來，我們將繼續尋找股票回購機會。

Gross cash from operations for the year were $737 million, which is 149% of our reported GAAP net income for the year.

本年度營運現金總額為 7.37 億美元，占我們報告的本年度 GAAP 淨利的 149%。

This is a reflection of the significant non-cash stock option and statutory tax expenses reflected in our GAAP net income and is the reason that we believe that gross cash generated from operations remains the best measure of our financial performance.

這反映了我們的公認會計原則淨利潤中反映的大量非現金股票選擇權和法定稅收費用，也是我們認為營運產生的總現金仍然是衡量我們財務表現的最佳衡量標準的原因。

We added 79 people to our team predominately in our clinical sales force, our design and operations functions in Q4, bringing our total team to 1924 employees.

第四季度，我們的團隊增加了 79 名員工，主要是臨床銷售團隊、設計和營運職能部門，使我們的團隊總數達到 1924 名員工。

Looking to 2012, our priorities are as follows.

展望2012年，我們的重點工作如下。

First, continuing our growth in gynecology and urology worldwide through outstanding execution in the field.

首先，透過在該領域的出色執行力，繼續我們在全球婦科和泌尿科領域的發展。

Second, disciplined execution of our Single-Site and vessel sailing launches focused on outstanding early customer experiences.

其次，嚴格執行我們的單站點和船舶航行發布，重點關注出色的早期客戶體驗。

Third, building robust clinical programs with leading customers in emerging procedures in general surgery, thoracic surgery and transoral surgery.

第三，與一般外科、胸腔外科和經口外科等新興手術領域的領先客戶建立強大的臨床計畫。

And finally, strengthening our capabilities in international markets, particularly Europe, Japan and Korea.

最後，加強我們在國際市場，特別是歐洲、日本和韓國的能力。

I will now pass the time over to Marshall Mohr, our Chief Financial Officer, who will take us through our financial performance in greater detail.

現在我將把時間交給我們的財務長馬歇爾·莫爾，他將更詳細地向我們介紹我們的財務表現。

Thank you, Gary.

謝謝你，加里。

Our fourth-quarter revenue was $497 million, up 28% compared with $389 million for the fourth quarter of 2010 and up 11% compared with $447 million reported for the third quarter of 2011.

我們第四季的 3.89 億美元成長 28%，比 2011 年第三季的 4.47 億美元成長 11%。

Fourth-quarter revenues by product category were as follows.

按產品類別劃分的第四季營收如下。

Fourth-quarter instrument and accessory revenue was $196 million, up 30% compared with $151 million for the fourth quarter of 2010 and up 12% compared with $176 million in the third quarter of 2011.

第四季儀器及配件營收為 1.96 億美元，比 2010 年第四季的 1.51 億美元成長 30%，比 2011 年第三季的 1.76 億美元成長 12%。

Year-over-year instrument and accessory revenue growth was driven by procedure growth of 27% and initial purchases of recently launched products, including our Firefly and thoracic instrument set.

儀器和配件收入的同比增長是由 27% 的手術增長以及最近推出的產品（包括我們的 Firefly 和胸部器械套件）的首次購買推動的。

Quarter-over-quarter growth was primarily driven by higher fourth-quarter stocking orders associated with higher fourth-quarter system unit sales.

環比增長主要是由於第四季度庫存訂單增加以及第四季度系統銷售增加所致。

Instrument and accessory revenue realized per procedure, including initial stocking orders of approximately $1975 per procedure, was higher than the $1940 realized in the fourth quarter of 2010 and the $1950 achieved in the third quarter of 2011.

每個程式實現的儀器和配件收入（包括每個程式約 1975 美元的初始庫存訂單）高於 2010 年第四季實現的 1940 美元和 2011 年第三季實現的 1950 美元。

Over time, we expect instruments and accessories per procedure to decline slowly, given that initial stocking orders have a lower impact on a larger installed base.

隨著時間的推移，我們預計每個程式的儀器和配件將緩慢下降，因為初始庫存訂單對更大的安裝基礎的影響較小。

This natural decline has been more than offset in recent quarters by the positive impacts of our new instrument and accessory products.

最近幾個季度，我們的新儀器和配件產品的積極影響遠遠抵消了這種自然下降。

However, instrument and accessory revenue per procedure will fluctuate based on product and procedure mix, as well as the rate of adoption of newer products.

然而，每個程序的儀器和配件收入將根據產品和程序組合以及新產品的採用率而波動。

Fourth-quarter 2011 systems revenue of $225 million increased 27% compared with $178 million of systems revenue for the fourth quarter of 2010 and increased 13% compared with $199 million of systems revenue for the third quarter of 2011.

2011 年第四季的系統營收為2.25 億美元，與2010 年第四季的1.78 億美元的系統營收相比成長了27%，與2011 年第三季的1.99 億美元的系統營收相比成長了13%。

Our higher fourth-quarter 2011 systems revenue was driven by higher system unit sales and increased average selling prices.

2011 年第四季系統收入的增加是由於系統單位銷售的增加和平均銷售價格的提高。

We sold 152 systems in the fourth quarter of 2011 compared with 124 systems in the fourth quarter of 2010 and 133 systems in the third quarter of 2011.

2011 年第四季我們賣出了 152 套系統，而 2010 年第四季我們賣出了 124 套系統，2011 年第三季我們賣出了 133 套系統。

The fourth quarter of 2011 system count included 50 systems involving trade-ins, comprised of 23 standard systems, and 27 da Vinci Ss.

2011 年第四季的系統數量包括 50 個涉及以舊換新的系統，其中包括 23 個標準系統和 27 個 da Vinci Ss。

During the third quarter of 2011, 35 systems involved trade-ins comprised of 14 standard systems and 21 da Vinci Ss.

2011 年第三季度，共有 35 個系統涉及以舊換新，其中包括 14 個標準系統和 21 個達文西 Ss。

In the fourth quarter of 2010, 33 systems involved trade-ins comprised of 24 standard systems and nine da Vinci Ss.

2010年第四季度，共有33個系統涉及以舊換新，其中包括24個標準系統和9個da Vinci Ss。

Upgrade revenue for the fourth quarter of 2011 was approximately $2 million compared with $3 million for the fourth quarter of 2010 and $5 million for the third quarter of 2011.

2011 年第四季的升級收入約為 200 萬美元，而 2010 年第四季為 300 萬美元，2011 年第三季為 500 萬美元。

Our fourth-quarter average sales price per system, including all da Vinci models but excluding upgrades, was $1.47 million, an increase from the $1.41 million realized in the fourth quarter of 2010 and a slight increase compared with the $1.46 million realized in the third quarter.

我們第四季每個系統的平均銷售價格（包括所有達文西型號但不包括升級）為147 萬美元，比2010 年第四季實現的141 萬美元有所增長，與第三季度實現的146萬美元相比略有成長。

The increase in average sales price relative to the fourth quarter of 2010 reflects a higher proportion of dual consoles and surgical simulators and Firefly-enabled systems, both of which were introduced in the current year, partially offset by an increase in the number of da Vinci S trade-ins.

平均銷售價格相對2010 年第四季的成長反映了雙控制台和手術模擬器以及支援Firefly 的系統的比例較高，這兩種系統都是在今年推出的，但部分被達文西數量的增加所抵銷S 以舊換新。

The increase in ASPs relative to the third quarter reflect a higher proportion of simulators and Firefly-enabled systems partially offset by a proportionally lower mix of dual consoles and increased da Vinci S trade-ins.

與第三季相比，平均售價的成長反映出模擬器和支援 Firefly 的系統比例較高，但雙主機組合的比例降低和達文西 S 折價的增加部分抵消了這一增長。

We sold 29 dual console systems in the fourth quarter of 2011 compared to 16 in the fourth quarter of 2010 and 29 in the third quarter of 2011.

我們在 2011 年第四季售出了 29 台雙控制台系統，而 2010 年第四季售出 16 台，2011 年第三季售出 29 台。

ASPs will fluctuate quarter to quarter based on product, customer and trade-in mix, as well as foreign exchange rates on sales made in European currencies.

平均售價將根據產品、客戶和以舊換新組合以及以歐洲貨幣銷售的外匯匯率而逐季度波動。

Service revenue increased to $75 million, up 24% compared with $61 million last year and up 5% compared with $72 million last quarter.

服務收入增至 7,500 萬美元，比去年的 6,100 萬美元成長 24%，比上季的 7,200 萬美元成長 5%。

The growth in service revenue was primarily driven by a larger system installed base.

服務收入的成長主要是由更大的系統安裝基數所推動的。

Total fourth-quarter recurring revenue comprised of instrument, accessory and service revenue increased to $272 million, up 28% compared with the fourth quarter of 2010 and up 10% compared with the third quarter of 2011.

第四季經常性收入總額（包括儀器、配件和服務收入）增至 2.72 億美元，比 2010 年第四季成長 28%，比 2011 年第三季成長 10%。

Recurring revenue represented 55% of total fourth-quarter revenue compared with 54% in the fourth quarter last year and 55% last quarter.

經常性收入佔第四季總營收的 55%，去年第四季為 54%，上一季為 55%。

International results were as follows.

國際結果如下。

Fourth-quarter 2011 procedures outside of the United States grew approximately 28% compared with fourth quarter of 2010 and 34% compared with the third quarter of 2011.

2011 年第四季美國境外的處理量與 2010 年第四季相比成長了約 28%，與 2011 年第三季相比成長了 34%。

dVP in Europe was the greatest driver of o-US procedure growth.

歐洲的 dVP 是美國手術成長的最大動力。

We also experienced growth in dVH for malignant conditions in Europe.

在歐洲，我們也經歷了惡性疾病 dVH 的成長。

O-US procedures grew slower than in previous quarters, in part reflecting cost control efforts in certain European markets and a decline in the current Korean market.

O-US 程式的成長速度低於前幾個季度，部分反映了某些歐洲市場的成本控制努力以及當前韓國市場的下滑。

On January 11, we completed the purchase of our Korean distributor.

1月11日，我們完成了對韓國經銷商的收購。

The purchase price and the impact of the acquisition on 2012 income is not expected to be material.

預計收購價格以及收購對 2012 年收入的影響不會很大。

The acquisition will enable closer relationships with our Korean customers and increased focus on procedure adoption.

此次收購將使我們與韓國客戶的關係更加密切，並更加重視程序的採用。

Fourth-quarter revenue outside of the United States was $107 million, up 12% compared with the revenue of $95 million in the fourth quarter of 2010, and up 13% compared with revenue of $94 million in the third quarter of 2011.

第四季美國以外地區的營收為1.07億美元，比2010年第四季的9,500萬美元營收成長12%，比2011年第三季的9,400萬美元營收成長13%。

Instrument and accessory revenue outside of the United States grew 34% year over year and 11% sequentially.

美國以外的儀器和配件收入較去年同期成長 34%，較上季成長 11%。

We sold 39 systems outside of the United States this quarter compared with 38 in the fourth quarter of 2010 and 34 last quarter.

本季我們在美國境外銷售了 39 套系統，而 2010 年第四季為 38 套，上季為 34 套。

Aleks will provide additional details of overseas systems sales.

Aleks 將提供海外系統銷售的更多詳細資訊。

Moving on to the remainder of the P&L, our gross margin in the fourth quarter was 73%, consistent with 73% for the fourth quarter of 2010 and 73% for the third quarter of 2011.

繼續看損益表的其餘部分，我們第四季的毛利率為 73%，與 2010 年第四季的 73% 和 2011 年第三季的 73% 一致。

Fourth-quarter operating expenses of $163 million were up 27% compared with the fourth quarter of 2010 and up 11% compared with the third quarter of 2011.

第四季營運費用為 1.63 億美元，比 2010 年第四季成長 27%，比 2011 年第三季成長 11%。

The quarter-over-quarter increase reflects higher variable costs associated with increased revenue, higher engineering project costs and costs associated with employees added during the quarter.

環比成長反映了與收入增加相關的可變成本增加、工程項目成本增加以及與本季增加的員工相關的成本增加。

We added 79 employees in the quarter, including 30 employees in product operations and 31 employees in commercial operations.

本季我們增加了 79 名員工，其中產品營運部門有 30 名員工，商業營運部門有 31 名員工。

Fourth-quarter 2011 operating income was $200 million or 40% of sales compared with $154 million or 40% of sales for the fourth quarter of 2010 and $179 million or 40% of sales for the third quarter of 2011.

2011 年第四季營業收入為2 億美元，佔銷售額的40%，而2010 年第四季營業收入為1.54 億美元，佔銷售額40%，2011 年第三季營業收入為1.79 億美元，佔銷售額40%。

Fourth-quarter 2011 operating income reflects $35 million of non-cash stock compensation expense compared with $30 million for the fourth quarter of 2010 and $35 million last quarter.

2011 年第四季營業收入反映了 3,500 萬美元的非現金股票補償費用，而 2010 年第四季為 3,000 萬美元，上季為 3,500 萬美元。

Our effective tax rate for the fourth quarter of 26% brought our annual tax rate to just over 30% compared to an annual tax rate of 33% last year.

我們第四季的有效稅率為 26%，使我們的年稅率略高於 30%，而去年的年稅率為 33%。

The decrease in the annual rate reflects a higher mix of foreign earnings and lower state taxes.

年稅率的下降反映了海外收入的增加和國家稅收的降低。

The change from the third quarter reflects lower state taxes and changes in our estimates of foreign versus US income.

第三季的變化反映了州稅的降低以及我們對外國收入與美國收入的估計的變化。

Our net income was $151 million or $3.75 per share compared with $121 million or $3.02 per share for the fourth quarter of 2010, and $122 million or $3.05 per share for the third quarter of 2011.

我們的淨利潤為 1.51 億美元，即每股 3.75 美元，而 2010 年第四季為 1.21 億美元，即每股 3.02 美元，2011 年第三季為 1.22 億美元，即每股 3.05 美元。

Let me quickly summarize our results for 2011.

讓我快速總結一下我們 2011 年的成果。

Procedures grew by 29%.

程式增長了 29%。

Total revenue for 2011 was $1.76 billion, up 24%, compared with $1.41 billion last year.

2011 年總營收為 17.6 億美元，較去年的 14.1 億美元成長 24%。

The revenue increase included recurring revenue growth of 30% and an increase in systems revenue of 18%.

收入成長包括經常性收入成長 30% 和系統收入成長 18%。

Operating income for 2011 was $695 million, up 25% compared with $555 million last year.

2011年營業收入為6.95億美元，比去年的5.55億美元成長25%。

Operating income included $136 million of stock-based compensation charges in 2011 compared with $118 million in 2010.

2011 年營業收入包括 1.36 億美元的股票薪酬費用，而 2010 年為 1.18 億美元。

Net income for 2011 was $495 million or $12.32 per share compared with $382 million or $9.47 per share last year.

2011 年淨利為 4.95 億美元，即每股 12.32 美元，去年為 3.82 億美元，即每股 9.47 美元。

Gross cash flows from operations for 2011 totaled $737 million compared with $573 million last year.

2011 年營運總現金流量總計 7.37 億美元，而去年為 5.73 億美元。

Now moving to the balance sheet, we ended 2011 with cash and investments of $2.17 billion, up $285 million compared with September 30, 2011.

現在看資產負債表，2011 年底我們的現金和投資為 21.7 億美元，比 2011 年 9 月 30 日增加了 2.85 億美元。

The increase was driven by $209 million of gross cash flows from operations, plus $79 million from the exercise of stock options, partially offset by $15 million of capital and IP purchases.

這一增長是由 2.09 億美元的營運總現金流以及 7,900 萬美元的股票選擇權行使推動的，部分被 1,500 萬美元的資本和智慧財產權購買所抵消。

During the fourth quarter, we did not repurchase any of our common stock; however, we remain committed to exercising the remaining board authorized buybacks of $568 million.

第四季度，我們沒有回購任何普通股；然而，我們仍然致力於行使董事會授權的剩餘 5.68 億美元回購。

Our accounts receivable balance increased to $298 million at December 31 from $265 million at September 30, primarily reflecting the higher impact of fourth-quarter revenues.

我們的應收帳款餘額從 9 月 30 日的 2.65 億美元增加到 12 月 31 日的 2.98 億美元，主要反映了第四季度收入的更大影響。

Our net inventory increased to $112 million at December 31 from $109 million at September 30.

我們的淨庫存從 9 月 30 日的 1.09 億美元增至 12 月 31 日的 1.12 億美元。

Our higher inventory reflects our business growth and expanded product offering.

我們較高的庫存反映了我們的業務成長和產品供應的擴大。

And, with that, I would like to turn it over to Aleks who will go over our sales, marketing and clinical highlights.

接下來，我想將其交給 Aleks，他將負責我們的銷售、行銷和臨床亮點。

Thank you, Marshall.

謝謝你，馬歇爾。

During the fourth quarter, we sold 152 da Vinci systems, 113 in the United States, 23 into Europe and 16 into rest of world markets.

第四季度，我們售出了 152 套達文西系統，其中 113 套銷往美國，23 套銷往歐洲，16 套銷往世界其他市場。

As part of the 152 systems sales, 23 standard da Vinci systems and 27 da Vinci S.

作為 152 套系統銷售的一部分，23 套標準達文西系統和 27 套達文西 S.

systems were traded in for credit against sales for new da Vinci Si systems.

系統可根據新 da Vinci Si 系統的銷售換取信用。

We had a net 101 system additions to the installed base during the quarter, which brings to 2132 the cumulative number of da Vinci systems worldwide, 1548 in the US, 372 in Europe and 212 in rest of world markets.

本季度，我們的安裝基礎淨增加了 101 個系統，這使得全球達文西系統的累積數量達到 2132 個，其中美國 1548 個，歐洲 372 個，世界其他市場 212 個。

82 of the 152 systems installed during the quarter represented repeat systems sales to existing customers.

在本季安裝的 152 個系統中，有 82 個是對現有客戶的重複系統銷售。

In total, 144 of the 152 systems sold represented da Vinci Si systems, which included 29 dual console systems.

總共售出的 152 套系統中有 144 套是 da Vinci Si 系統，其中包括 29 套雙控制台系統。

The 39 systems sales internationally included five into Japan, five into France and four into the countries of Germany and Russia.

國際銷售的 39 套系統包括 5 套銷往日本、5 套銷往法國、4 套銷往德國和俄羅斯。

As mentioned in the past, Q4 tends to provide seasonal strength for da Vinci systems sales, most notably in the US.

正如過去所提到的，第四季往往會為達文西系統的銷售帶來季節性強勁，尤其是在美國。

While international da Vinci sales were solid, the EU macroeconomic environment remained choppy.

儘管達文西國際銷售穩健，但歐盟宏觀經濟環境依然動盪。

Clinically we had a strong quarter, achieving an overall year-over-year procedure growth rate of approximately 27%.

臨床上，我們度過了一個強勁的季度，整體手術年增率約為 27%。

Gynecology and general surgery growth was particularly strong, while urology, most notably international dVP growth, was robust.

婦科和普通外科的成長尤其強勁，而泌尿科（尤其是國際 dVP 的成長）也強勁。

Within GYN, strong growth took place across the board.

在 GYN 內部，全面實現強勁成長。

Benign dVH, sacrocolpopexy, myomectomy and endometrial resections were up sharply.

良性 dVH、骶骨陰道固定術、子宮肌瘤切除術和子宮內膜切除術急劇增加。

General surgery growth was also strong within several procedure subcategories, including GI surgery and cholecystectomy.

普通外科手術在幾個手術子類別中的成長也很強勁，包括胃腸道手術和膽囊切除術。

During the quarter, nearly 300 abstracts and papers representing a variety of surgical specialties were published within various peer-reviewed journals, while the clinical conferences were abundant with wide da Vinci procedure transmissions, postgraduate robotic courses, podium presentations and clinical poster sessions.

本季度，代表各種外科專業的近300 篇摘要和論文發表在各種同行評審期刊上，而臨床會議也很豐富，包括廣泛的達文西手術傳輸、研究生機器人課程、講台演示和臨床海報會議。

While our FDA clearance for Single-Site is brand-new, we have had the product selectively available in Europe for the past few quarters.

雖然我們對 Single-Site 的 FDA 批准是全新的，但過去幾季我們已選擇性地在歐洲提供該產品。

The initial European response has been favorable with early clinical reports beginning to make their way into the clinical journals.

歐洲最初的反應是正面的，早期的臨床報告開始出現在臨床期刊上。

In a recent edition of the Journal of Surgical Endoscopy, Dr.

在最近一期的《外科內視鏡雜誌》中，博士。

Spinoglio and Lenti from Alessandria, Italy published a comparative analysis entitled, "Single-Site Robotic Cholecystectomy Versus Single-Incision Lap Chole -- A Comparison of Learning Curves."

來自義大利亞歷山德里亞的 Spinoglio 和 Lenti 發表了一項比較分析，題為「單部位機器人膽囊切除術與單切口 Lap Chole——學習曲線的比較」。

In the publication, they described how technical constraints such as instrument collisions, lack of triangulation and cross-handing has hampered the SILS approach from fully emerging.

在出版物中，他們描述了儀器碰撞、缺乏三角測量和交叉處理等技術限制如何阻礙 SILS 方法的全面出現。

They describe how using a robotic platform may overcome these problems and enable more precise surgical actions by increasing freedom of movement and by restoring Intuitive instrument control.

他們描述如何使用機器人平台克服這些問題，並透過增加運動自由度和恢復直覺的儀器控制來實現更精確的手術操作。

In their study, performed under institutional controls, the surgeons compared the results of their first 25 Single-Site cases to their first 25 single-incision Lap Choles and followed up each patient two months postoperatively.

在他們的研究中，在機構控制下進行，外科醫生將前25 個單部位病例的結果與前25 個單切口膝部膽汁的結果進行了比較，並在術後兩個月對每位患者進行了隨訪。

The results showed consistency between the two patient groups when it came to wound complications where neither group experienced wound infections or incisional hernias.

結果顯示，兩組患者在傷口併發症方面具有一致性，兩組患者均未出現傷口感染或切口疝氣。

Length of hospitalization was reduced slightly within the Single-Site cohort.

單站點隊列中的住院時間略有縮短。

However, the most striking difference between the two groups was the operative time to perform the procedure.

然而，兩組之間最顯著的差異是執行手術的手術時間。

They published that the operative time was significantly reduced using Single-Site as compared to the manual single incision approach.

他們發表文章稱，與手動單切口方法相比，使用單部位手術顯著縮短了手術時間。

Average operative time was 83.2 minutes with the SILS approach compared to 62.7 minutes with Single-Site.

SILS 方法的平均手術時間為 83.2 分鐘，而單部位手術的平均手術時間為 62.7 分鐘。

Their conclusion was and I quote, "Our preliminary experience shows that Single-Site robotic chole is safe, can easily be learned and performed in a reproducible manner, and is faster than single incision Lap Chole."

我引用他們的結論：“我們的初步經驗表明，單點機器人取膽是安全的，可以輕鬆學習並以可重複的方式執行，並且比單切口 Lap Chole 更快。”

We continue to experience general surgery procedure strength across several subcategories, cholecystectomy among them.

我們繼續在多個子類別中體驗普通外科手術的優勢，其中包括膽囊切除術。

Going forward, we anticipate general surgery playing a more prominent role within our overall procedure mix.

展望未來，我們預期一般外科在我們的整體手術組合中扮演更重要的角色。

While not a primary target, the conversion from laparoscopic hysterectomy to dVH has been taking place within a number of practices.

雖然不是主要目標，但從腹腔鏡子宮切除術到 dVH 的轉變已經在許多實踐中發生。

These conversions have not been isolated to any particular pathological segment, meaning that we have seen conversions take place within both benign and malignant treatment pathways.

這些轉變並未被隔離到任何特定的病理部分，這意味著我們已經看到轉變發生在良性和惡性治療途徑中。

Surgeons have provided various reasons for converting lab cases to dVH, most of which relate to the expansion of MIS technique across a wider spectrum of patients.

外科醫生提出了將實驗室病例轉為 dVH 的各種原因，其中大多數與 MIS 技術在更廣泛的患者中的擴展有關。

But a recent study published in the Journal of Gynecologic Oncology provides a new post-operative cost savings argument.

但最近發表在《婦科腫瘤學雜誌》上的一項研究提供了一個新的術後費用節省論點。

The study authored by Doctors Martino and [Chabela] was entitled A Cost Analysis of Postoperative Management in Endometrial Cancer Patients Treated by Robotics Versus Laparoscopic Approach.

Martino 和 Chabela 醫師撰寫的研究題為「機器人與腹腔鏡方法治療子宮內膜癌患者術後管理的成本分析」。

The study retrospectively collected cost data from 215 patients, 101 dVHs and 114 lab hist patients where all surgeries were performed by gynecologic oncologists.

該研究回顧性收集了 215 名患者、101 名 dVH 和 114 名實驗室患者的費用數據，其中所有手術均由婦科腫瘤科醫生進行。

Demographic data, patient recorded pain scores, pain management intervention and postoperative pain medication costs were compared.

比較人口統計、患者記錄的疼痛評分、疼痛管理介入和術後止痛藥物費用。

They reported that robotic patients had a lower number of initial drug interventions, as well as a lower number of total drug interventions than laparoscopic patients.

他們報告說，與腹腔鏡患者相比，機器人患者的初始藥物介入次數較少，而且總藥物介入次數也較少。

Robotic patients also had a lower initial pain score.

機器人患者的初始疼痛評分也較低。

There was a 50% reduction in the pain medication costs on the day of surgery for robotic patients and a 56% cost reduction for the rest of their length of stay.

機器人患者手術當天的止痛藥物費用減少了 50%，其餘住院時間的費用減少了 56%。

The author's conclusion, and I quote, "Endometrial cancer patients who have robotic surgery experience less initial postoperative pain and have fewer drug interventions.

我引用作者的結論：「接受機器人手術的子宮內膜癌患者術後初期疼痛較少，藥物介入也較少。

The costs associated for their pain management represents a savings of greater than 50%.

與疼痛管理相關的成本節省了 50% 以上。

These factors demonstrate the value of robotic surgery in regard to postoperative pain management by delivering higher-quality care at a lower cost."

這些因素證明了機器人手術透過以更低的成本提供更高品質的護理在術後疼痛管理方面的價值。”

Doctors Magrina and Zanagnolo from the Mayo Clinic Scottsdale published a study in the European Journal of Gynecologic Oncology entitled, "Robotic Surgery for Endometrial Cancer -- A Comparison of Perioperative Outcomes and Recurrences with Laparoscopy, Vaginal Laparoscopy and Laparotomy." The method of study was a prospective analysis of 67 patients undergoing robotic surgery for endometrial cancer as compared to 37 laparoscopic hysterectomies, 99 laparotomy approaches and 47 vaginal laparoscopic combination procedures.

斯科茨代爾梅奧診所的Magrina 和Zanagnolo 醫生在《歐洲婦科腫瘤學雜誌》上發表了一項研究，題為「子宮內膜癌機器人手術——腹腔鏡、陰道腹腔鏡和剖腹手術圍手術期結果和復發的比較」。研究方法是對 67 例接受機器人子宮內膜癌手術的患者進行前瞻性分析，並與 37 例腹腔鏡子宮切除術、99 例剖腹手術和 47 例陰式腹腔鏡組合手術進行比較。

They reported that the mean operating times for patients undergoing these four techniques was pretty similar, but mean blood loss differed significantly.

他們報告說，接受這四種技術的患者的平均手術時間非常相似，但平均失血量卻有顯著差異。

141 milliliters for robotic patients, 300 milliliters for lap patients, 300 milliliters for vag lap patients and 472 milliliters for open laparotomy.

機器人患者為 141 毫升，膝關節患者為 300 毫升，迷走膝患者為 300 毫升，開腹手術患者為 472 毫升。

The mean length of hospital stay was 1.9 days in the robotic cohort, 3.4 days for lap patients, 3.5 days for vaginal lap patients, and 5.6 days for their laparotomy patients.

機器人隊列的平均住院時間為 1.9 天，剖腹手術患者的平均住院時間為 3.4 天，陰道手術患者的平均住院時間為 3.5 天，剖腹手術患者的平均住院時間為 5.6 天。

There were no significant differences in intra- or postoperative complications among the four groups.

四組之間的術中或術後併發症沒有顯著差異。

The conversion rate was 2.9% for robotics compared to 10.8% for the laparoscopy group.

機器人組的轉換率為 2.9%，而腹腔鏡組的轉換率為 10.8%。

Their conclusion and I quote, "Robotics, laparoscopy and vaginal laparoscopy techniques are preferable to laparotomy for suitable patients with endometrial cancer.

我引用他們的結論：「對於合適的子宮內膜癌患者來說，機器人、腹腔鏡檢查和陰道腹腔鏡檢查技術比剖腹手術更可取。

Robotics is preferable to laparoscopy due to a shorter hospital stay and lower conversion rate and preferable to vaginal laparoscopy due to reduced hospitalization."

由於住院時間較短、轉化率較低，機器人技術優於腹腔鏡檢查，並且由於住院時間減少而優於陰道腹腔鏡檢查。”

Late adopters of urologic robotic surgery have from time to time issued critiques based purely on a structural academic point of view, citing little prospective randomized data comparing dVP to open prostatectomy.

泌尿科機器人手術的後期採用者不時地純粹基於結構性學術觀點提出批評，引用了很少的前瞻性隨機數據來比較 dVP 與開放式前列腺切除術。

And since powering a large study with enough men willing to be randomized into the open surgery cohort is both difficult and unlikely, we have relied on the large body of clinical evidence that has been drawn from quality institutions around the world.

由於讓足夠多的男性願意被隨機分配到開放手術隊列中來進行一項大型研究既困難又不太可能，因此我們依賴來自世界各地優質機構的大量臨床證據。

This month two more very large studies were published in the Journal of European Urology.

本月，《歐洲泌尿科學期刊》發表了另外兩項大型研究。

Each study was comprised of 5 digit national samples, but for sake of time, I will highlight only one.

每項研究均由 5 位數的全國樣本組成，但由於時間關係，我將僅突出顯示其中一個。

The study was entitled, "Perioperative Outcomes of Robotic-assisted Radical Prostatectomy Compared with Open Radical Prostatectomy -- Results from an Inpatient Sample." It originated out of the Vattikuti Urology Institute at Henry Ford Hospital in Detroit and included authorship support from several other leading centers.

研究的標題是「機器人輔助根治性攝護腺切除術與開放式根治性攝護腺切除術的圍手術期結果－住院樣本的結果」。它起源於底特律亨利福特醫院的 Vattikuti 泌尿外科研究所，並包括其他幾個領先中心的作者支持。

The study, which included over 19,000 prostatectomy patients, compared the rates of blood transfusions, intra-operative and postoperative complications, prolonged length of stay and in-hospital mortality between 7400 open prostatectomies and 11,900 dVP patients.

該研究納入了 19,000 多名前列腺切除術患者，比較了 7400 名開放性前列腺切除術患者和 11,900 名 dVP 患者的輸血率、術中和術後併發症、住院時間延長和院內死亡率。

In the comparison, the authors reported that the percentage of men requiring blood transfusions was approximately 3.5 times greater for men undergoing an open prostatectomy as compared to dVP.

在比較中，作者報告說，接受開放性前列腺切除術的男性需要輸血的比例大約是接受 dVP 的男性的 3.5 倍。

The percentage of men experiencing intra-operative complications was over 2 times greater for open prostatectomy.

開放性攝護腺切除術中出現術中併發症的男性比例是開放性攝護腺切除術的兩倍以上。

Postoperative complications were approximately 25% higher in the open prostatectomy group.

開放性攝護腺切除術組的術後併發症約高出 25%。

Length of stay, prolonged length of stay and in-hospital mortality was found to be higher within the open prostatectomy group.

開放性攝護腺切除術組的住院時間、住院時間延長及院內死亡率較高。

The authors summarized their conclusion by stating and I quote, "Robotic assisted radical prostatectomy has supplanted open prostatectomy as the most common surgical approach for radical prostatectomy.

作者總結了他們的結論，並指出：「機器人輔助根治性攝護腺切除術取代開放性攝護腺切除術，成為根治性攝護腺切除術最常見的手術方法。

Moreover, we demonstrate superior adjusted perioperative outcomes after robotic-assisted radical prostatectomy in virtually all examined outcomes."

此外，我們在幾乎所有檢查結果中都證明了機器人輔助根治性前列腺切除術後經過調整的優越圍手術期結果。”

This concludes my remarks, so I will now turn the time over to Calvin.

我的發言到此結束，所以我現在將時間交給卡爾文。

Thank you, Aleks.

謝謝你，亞歷克斯。

I will be providing you with our financial forecast for 2012, including procedures, revenues and other elements of the income statement on a GAAP basis.

我將向您提供我們 2012 年的財務預測，包括按照 GAAP 計算的程序、收入和損益表的其他要素。

I will also provide estimates of significant non-cash expenses to provide you with visibility into our expected future cash flows.

我還將提供重大非現金支出的估計，以便您了解我們預期的未來現金流。

Starting with procedures, we continue to see strong growth in US da Vinci gynecologic procedures and dVPs in Europe and general growth across a broadening range of procedures at early stages of adoption -- earlier stages of market adoption.

從手術開始，我們繼續看到美國達文西婦科手術和歐洲 dVP 的強勁增長，以及在採用早期階段（市場採用的早期階段）廣泛手術範圍的總體增長。

We expect our 2012 total procedures to grow approximately 24% to 26% from the base of approximately 360,000 procedures performed in 2011.

我們預計 2012 年的手術總數將在 2011 年約 36 萬例手術的基礎上增加約 24% 至 26%。

Based on an increasing percentage of benign hysterectomies and other short-term elective procedures in our procedure mix, we anticipate a more pronounced quarterly seasonality impact in 2012 as compared to 2011.

基於我們的手術組合中良性子宮切除術和其他短期選擇性手術的比例不斷增加，我們預計 2012 年的季度季節性影響將比 2011 年更加明顯。

Moving on to revenues, we expect to achieve annual revenue growth of between 17% and 19%.

說到收入，我們預計年收入成長率將在 17% 至 19% 之間。

We expect typical capital sales seasonality in 2012 with a proportion of full-year system units sold in each quarter to follow a pattern consistent with 2011.

我們預計 2012 年將出現典型的資本銷售季節性，每季銷售的全年系統單位比例將遵循與 2011 年一致的模式。

We would expect fewer systems to be sold in the upcoming seasonally slower first quarter than in the recently completed seasonally stronger fourth quarter.

我們預計，即將到來的季節性放緩的第一季的系統銷售將少於最近完成的季節性強勁的第四季度。

All 2012 revenues, particularly capital sales in Europe, are subject to the impacts of uncertain economic conditions.

2012 年的所有收入，特別是歐洲的資本銷售，都會受到不確定的經濟狀況的影響。

Now turning to operating income, our 2011 operating income was 39.5% of revenue, and it was 39.3% of revenue in 2010.

現在轉向營業收入，我們2011年的營業收入佔收入的39.5%，2010年佔收入的39.3%。

For 2012 we would expect our operating income profile to remain fairly consistent with the past two years, falling within a range of between 39% and 40% of revenue for the year.

2012 年，我們預期營業收入狀況將與過去兩年保持相當一致，佔當年收入的 39% 至 40% 之間。

Consistent with prior years, we would expect our operating income as a percentage of revenue to be lower in the first quarter of 2012, reflecting system sales and procedure seasonality in combination with a more linear operating expense growth pattern.

與往年一樣，我們預計 2012 年第一季的營業收入佔收入的百分比將會較低，這反映了系統銷售和程序的季節性以及更線性的營業費用成長模式。

We expect our non-cash stock compensation charges to increase from $136 million recorded in 2011 to approximately $144 million to $150 million in 2012.

我們預計我們的非現金股票補償費用將從 2011 年的 1.36 億美元增加到 2012 年的約 1.44 億美元至 1.5 億美元。

Amortization of purchased intellectual property, which is mostly recorded as R&D expense, is expected to increase from $18 million in 2011 to a range between $20 million and $24 million in 2012.

購買智慧財產權的攤銷主要記錄為研發費用，預計將從 2011 年的 1,800 萬美元增加到 2012 年的 2,000 萬至 2,400 萬美元。

Other income which is mainly comprised of interest income was approximately $15 million in 2011.

2011 年其他收入（主要由利息收入組成）約為 1,500 萬美元。

We expect other income to be approximately flat within a range of between $13 million and $15 million in 2012.

我們預計 2012 年其他收入將大致持平在 1,300 萬美元至 1,500 萬美元之間。

With regard to income tax, in 2011, we recorded an income tax rate at approximately 30% of pretax income.

在所得稅方面，2011年，我們的所得稅稅率約為稅前收入的30%。

Going forward we would expect a 2012 income tax rate to remain around that rate between a range of 29% and 31% of pretax income.

展望未來，我們預計 2012 年所得稅率將維持在稅前收入的 29% 至 31% 之間。

We estimate that our share count for calculating EPS in Q1 2012 will be approximately 40.5 million shares.

我們預計計算 2012 年第一季 EPS 的股數約為 4,050 萬股。

That concludes our prepared remarks.

我們準備好的演講到此結束。

We will now open the call to your questions.

我們現在將開始電話詢問您的問題。

(Operator Instructions).

（操作員說明）。

Ben Andrew, William Blair.

本安德魯，威廉布萊爾。

I'm curious you had a lot of activity going with all the single incision approval, purchase of the Korean distributor, closing in on Japanese reimbursement approval, and it looked like you stepped up hiring in the fourth quarter to support some of that.

我很好奇您在所有單切口批准、購買韓國經銷商、接近日本報銷批准方面開展了大量活動，看起來您在第四季度加強了招聘以支持其中的一些工作。

Talk a little bit about the strategy of going direct in Korea and how material event that could be.

談談在韓國直營的策略以及這可能是多麼重大的事件。

What does your organization look like in Japan now and what it may look like -- and presumably a lot of that is already contemplated into your operating margin guidance?

您的組織現在在日本是什麼樣子以及可能是什麼樣子——大概其中許多內容已經在您的營業利潤指導中考慮到了？

Is there a chance that maybe we see a bigger investment as the year goes on that would push you towards the lower end of the range that Calvin just gave us?

隨著時間的推移，我們是否有可能看到更大的投資，這會將您推向卡爾文剛剛給我們的範圍的下限？

A few questions embedded in there, but I will start with Korea.

其中包含一些問題，但我將從韓國開始。

Our view of Korea is that it has a lot to do with being close to our Korean customer to help develop the next generation of procedures, general surgical procedures.

我們對韓國的看法是，這與我們與韓國客戶的密切關係有很大關係，有助於開發下一代手術，即普通外科手術。

We don't see it so much as being a big swing financially one way or the other, but really an opportunity to be with some leading groups and be close to them, and it is something that we have contemplated for a little while and are excited to get started with.

我們並不認為這是一種財務方面的重大轉變，但確實是一個與一些領導團體合作並接近他們的機會，這是我們已經考慮了一段時間並且正在考慮的事情。很高興開始使用。

On the Japan side, most of our investments this past year have really been in regulatory and back-office support work, getting ready to take on reimbursement and some of the other things we want to do with regard to building out that market.

在日本方面，我們去年的大部分投資實際上都用於監管和後台支援工作，準備承擔報銷以及我們想要做的一些與建立該市場有關的其他事情。

And we expect more of the same this year.

我們預計今年會有更多類似的情況。

I don't think I would forecast high or low on the range based on that set of activities that we are going to do.

我認為我不會根據我們將要進行的一系列活動來預測該範圍的高點或低點。

I think Calvin's range that he described accurately represents where we are going to wind up.

我認為卡爾文所描述的範圍準確地代表了我們最終的結果。

Okay.

好的。

And then, as you think about ramping single incision, obviously that is a new approval for you guys.

然後，當您考慮增加單切口時，顯然這對您來說是一個新的認可。

There is some iteration to do on the instruments and some experience to gain perhaps.

儀器上需要進行一些迭代，也許還可以得到一些經驗。

Over what timeframe do you think that that can become material to the business?

您認為在什麼時間範圍內這會對業務產生重大影響？

Is that really a 2013 where you are talking maybe fives or tens of thousands of procedures or is that something achievable in 2012?

這真的是 2013 年嗎？您所說的可能有 5 個或數萬個程序，還是 2012 年可以實現這一目標？

Because obviously it is a large opportunity and the instrument sets early, and I know you are collecting experience in Europe.

因為顯然這是一個巨大的機會，而且手段設定得很早，而且我知道你正在歐洲收集經驗。

But just how do you think about that, and being a different callpoint, does that require a different salesforce or just yet another duty for your already very busy sales organization?

但您如何看待這一點？作為一個不同的呼叫點，這是否需要不同的銷售人員，或者只是為您已經非常繁忙的銷售組織承擔另一項職責？

I will take a cut at it, and Gary can fill in anything that I leave blank.

我會刪掉一部分，加里可以填滿我留下的任何空白。

I think as a general matter, when we think of procedure launches or product launches that are really tied to a specific procedure, we have a set of activities that is requisite really irrespective of the specialty.

我認為一般而言，當我們考慮與特定程序真正相關的程序啟動或產品啟動時，我們有一組真正必要的活動，無論專業如何。

And that is getting the procedure up and running with key opinion leaders, making sure that you understand the nuances of the procedure, understanding what the training pathway is going to look like, setting up your proctors, embedding it into basic sales training for your large downstream organization, making sure you have got instrument optimization and so on and so forth.

這就是與關鍵意見領袖一起啟動並運行該程序，確保您了解該程序的細微差別，了解培訓路徑將是什麼樣子，設置您的監考人員，將其嵌入到您的大型公司的基本銷售培訓中下游組織，確保您進行了儀器優化等等。

Unlike a, let's say, a pharmaceutical clearance where doctors basically fill out prescription pads and you can be off and running pretty quick, it requires a lot of work.

與藥品審批不同，在藥品審批中，醫生基本上填寫處方簿，然後你可以很快地離開並運行，它需要大量的工作。

So when we think about it in terms of, is it going to be a material number in 2011 or is it 2012, we are really not that focused on it.

因此，當我們考慮 2011 年還是 2012 年會是一個重要數字時，我們實際上並沒有那麼關注它。

The market is going to be there if we approach it well.

如果我們處理得好，市場就會存在。

And so we are more interested in really doing it well in the front end and give us a couple of quarters to sort through that, and we will probably have a better answer for you in the near future.

因此，我們更感興趣的是在前端真正做好這件事，並給我們幾個季度的時間來解決這個問題，我們可能會在不久的將來為您提供更好的答案。

Okay.

好的。

And just circling back, Gary, on the sales rep hiring, it does look like the headcount picked up more like the trajectory we saw several quarters ago.

加里，回過頭來談談銷售代表的招聘，看起來員工人數的成長確實更像我們幾季前看到的軌跡。

Was that an artifact, or was that the distributor?

那是神器，還是那個經銷商？

Is that more just again in support of this, and we should expect to see that sustained over the course of 2012?

這是否再次支持了這一點，我們應該期望看到這種情況在 2012 年持續下去？

Thanks.

謝謝。

Just in terms of the numbers, I will fill those in and let Gary comment further.

就數字而言，我將填寫這些內容並讓加里進一步評論。

So we ended the quarter with roughly 565 clinical salespeople and 85 capital sales in the field.

因此，在本季結束時，我們約有 565 名臨床銷售人員和 85 名現場資本銷售人員。

So what that results in was about 20 clinical adds and 5 capital for the year -- or for the quarter, sorry, which would bring our full-year clinical adds to 90 and 15 on the capital side.

因此，結果是全年大約有 20 個臨床增加和 5 個資本，抱歉，這將使我們全年的臨床增加到 90 個，資本方面增加到 15 個。

So that is really more of a return to a pattern of hiring consistent with the system installations or the adds to the installed base that we have seen historically.

因此，這實際上更多的是回歸與我們歷史上看到的系統安裝或安裝基礎的增加相一致的招聘模式。

You may recall in 2011 or 2010 we invested heavily in the field organization.

您可能還記得，2011 年或 2010 年我們在現場組織方面投入了大量資金。

In that year, we added 150 when we took it from 315 to 465.

那一年，我們從315個增加到465個，增加了150個。

So here we are back to a more status quo level.

所以現在我們回到了更現狀的水平。

Just to add a little, there is a couple of things in here that are a little bit of timing where we tend to want to bring in sales reps on the early side for the year and get them into training, and you do see the addition of the Korean team into the groups.

只是補充一點，這裡有一些事情是有點時機的，我們傾向於在今年年初引入銷售代表並讓他們接受培訓，並且您確實看到了補充韓國隊分入小組。

Tycho Peterson, JPMorgan.

第谷·彼得森，摩根大通。

I'm wondering if you could just provide a little bit more color on Europe.

我想知道你是否可以提供更多有關歐洲的資訊。

Your commentary there on Europe in the quarter was a little bit mixed.

您對本季歐洲的評論有點複雜。

I'm just wondering you brought up, I think, something like cost control initiatives.

我只是想知道你提出了諸如成本控制計劃之類的問題。

So can you just talk a little bit more on the dynamics in the European market?

那麼您能多談談歐洲市場的動態嗎？

Sure.

當然。

So what we saw in the quarter -- in the European market, what we saw was that hospitals are cautious about what they are spending, and we understand that they are given fixed budgets and that they may have run through those fixed budgets and, therefore, did not serve all of the patients that maybe they otherwise would have.

所以我們在本季度看到的——在歐洲市場，我們看到醫院對他們的支出持謹慎態度，我們知道他們有固定預算，而且他們可能已經用完了這些固定預算，因此，並沒有為所有患者提供服務，否則他們可能會服務所有患者。

We will see in Q1.

我們將在第一季看到。

We don't know.

我們不知道。

The market is not predictable at this point, and we will see how it pans out.

目前市場還無法預測，我們將拭​​目以待。

I think also just to add is that when you look at the 23 systems that were sold in Europe and you are looking at the connection between procedures and systems sales, it is really the strength of urology and namely dVP is really moving rapidly in certain markets.

我想補充的是，當您查看在歐洲銷售的 23 個系統以及程式和系統銷售之間的聯繫時，您會發現這確實是泌尿科的優勢，即 dVP 在某些市場中確實發展迅速。

And you have heard us call out Germany quarter after quarter where they have had pretty strong performance in Germany, and you are hearing a couple of new markets like Russia and France has been pretty strong for the past few quarters.

您已經聽到我們每季都在稱讚德國，他們在德國的表現相當強勁，您也聽到俄羅斯和法國等幾個新市場在過去幾季中表現相當強勁。

So we are pleased with the adoption of that.

因此，我們對這項決定的通過感到高興。

But it just becomes very difficult to predict which country is going to be able to close which system in which 90-day period.

但預測哪個國家將能夠在哪個 90 天內關閉哪個系統變得非常困難。

And then I guess maybe just shifting to new products, first of all, with the vessel sealer, can you talk about how you see the opportunity between general surgery and colorectal, and I think you have talked about lung and some other areas.

然後我想也許只是轉向新產品，首先是血管封閉器，你能談談你如何看待普通外科和結直腸之間的機會，我想你已經談到了肺部和其他一些領域。

And then also are you willing to put a guess on when you will get the stapler out now that you have filed?

既然您已經提交了訂書機，那麼您是否願意猜測何時可以取出訂書機？

So, as far as vessel sealing, the way we think about that, if you look at the standard toolkit for a surgeon, be it general surgery, GYN/oncology, thoracic surgery and more specifically colorectal within general, a vessel sealer capable of taking larger vessels is usually in the armamentarium.

因此，就血管封閉而言，我們的想法是，如果您查看外科醫生的標準工具包，無論是普通外科、婦科/腫瘤科、胸腔外科，更具體地說是結直腸外科，血管封閉器能夠較大的船通常位於軍械庫。

Now with da Vinci today, we have the ability -- our customers have the ability to tie off large vessels, they can clip them.

現在，有了達文西，我們就有能力——我們的客戶有能力繫住大型船隻，他們可以夾住它們。

We have monopolar and bipolar, which usually goes into smaller vessels.

我們有單極和雙極，通常進入較小的血管。

We have the Endo PK device.

我們有 Endo PK 設備。

So we have a number of tools, but what has been missing is an integrated vessel sealer.

所以我們有很多工具，但缺少的是整合的容器密封器。

So when we, again, think about it and where it is going to go, we know it is used in conjunction with da Vinci procedures across the board, when I say across the board, including general surgery and GYN and oncology and other areas.

因此，當我們再次思考它以及它將走向何方時，我們知道它與全面的達文西手術結合使用，當我說全面時，包括普通外科、婦科、腫瘤學和其他領域。

So we think that the choreography of giving them the ability to fire it from the system without having to get up or having the system fire it is going to add value.

因此，我們認為，讓他們能夠從系統中啟動它而無需起身或讓系統啟動它的編排將會增加價值。

Where and how and how many, again, give us a few quarters to sort that out.

地點、方式和數量，再次給我們一些時間來解決這個問題。

It is a disposable product.

它是一次性產品。

We plan to roll it out this quarter.

我們計劃在本季推出。

We have got our clearances.

我們已獲得許可。

We will be cautious and make sure we set up the right sites and work through it diligently as we do with any other large product launch.

我們將保持謹慎，確保我們建立了正確的網站，並像我們發布任何其他大型產品一樣努力完成它。

And then on the stapler?

然後用訂書機？

Yes, on the stapler, we were feeling good about the product, on the other hand trying to handicap exactly when we will get through the clearance process we are not ready to do.

是的，在訂書機上，我們對產品感覺良好，另一方面，我們試圖在我們尚未準備好完成清關過程時準確地設置障礙。

And then just one last one, following up on that as we think about overall R&D spend, how do you feel about R&D levels as you come off 2011?

最後一個問題是，當我們考慮整體研發支出時，您對 2011 年結束時的研發水準有何看法？

Could we start to see R&D leverage at some point going forward, or how do I think about that?

我們是否可以在未來的某個時刻開始看到研發槓桿，或者我如何看待這一點？

Yes, it has been lumpy, and you saw some lumpiness in the fourth quarter.

是的，情況一直很不穩定，你在第四季看到了一些不穩定的情況。

A little bit of what drove that lumpiness coming in or a little bit of acceleration in the fourth quarter were really two things.

推動這種波動的一點原因或第四季度的一點加速實際上是兩件事。

Some of it was just prototype timing.

其中一些只是原型計時。

Those things are not always smooth quarter to quarter, and a little bit of it was some of the things that we were asked to do for FDA clearances, and that brought it up a little bit.

這些事情並不總是每個季度都順利，其中一點是我們被要求做的一些事情以獲得 FDA 的許可，這引起了一點點。

So I think in profile it will hold about the same profile.

所以我認為在外形上它會保持大致相同的外形。

It may be lumpy, though.

但它可能是凹凸不平的。

It may not come in smoothly all the way through the year.

全年可能不會一帆風順。

David Lewis, Morgan Stanley.

大衛路易斯，摩根士丹利。

This is John Demchick in for David.

這是約翰·德姆奇克（John Demchick）代替大衛。

We had a question on revenue per procedure trends.

我們有一個關於每個程序的收入趨勢的問題。

Over the last few quarters, we have seen a lot of progress with Intuitive's pipeline adding Single-Site, the vessel sealer, Firefly, suction irrigation, etc.

在過去的幾個季度中，我們看到 Intuitive 的管道添加了 Single-Site、容器密封器、Firefly、抽吸灌溉等方面取得了巨大進展。

These new tools have continued to help revenue per procedure stay in the mid-$1900s now moving up a little from there.

這些新工具繼續幫助每項手術的收入保持在 1900 美元左右，目前略有上升。

As these instruments gain a little further traction, how do you expect revenue per procedure to trend?

隨著這些儀器獲得進一步的關注，您預計每個程序的收入趨勢如何？

And also do you expect to continue to introduce new products at the current rate that you have been over the past few quarters?

您是否預計會繼續以過去幾季的當前速度推出新產品？

Yes, you correctly pointed out I think, as Marshall stated in our prepared comments, over a long period of time, we would expect that the revenue per procedure would gradually trend down as the stocking order impact becomes lesser impactful on a larger installed base.

是的，您正確地指出，我認為，正如馬歇爾在我們準備好的評論中所述，在很長一段時間內，我們預計每個程序的收入將逐漸下降，因為庫存訂單影響對更大的安裝基礎的影響變得較小。

But in recent quarters, as you correctly point out, some of our new product offerings like Firefly and our 8.5 millimeter scope and our thoracic toolkit, you know, the initial stocking of those new products has also served to offset that natural decline and we have kind of held it around the mid-$1900s.

但最近幾個季度，正如您正確指出的那樣，我們的一些新產品，如Firefly 和我們的8.5 毫米瞄準鏡以及我們的胸部工具包，您知道，這些新產品的初始庫存也抵消了自然下降，我們已經大約在 1900 美元左右。

So now looking forward into 2012, which is your question, I guess there is forces moving in either direction, including the timing of the stocking orders, international rate fluctuations, exchange rates I mean, and new products.

因此，現在展望 2012 年，這是你的問題，我想有一些力量朝任一方向移動，包括庫存訂單的時間、國際匯率波動、我指的是匯率和新產品。

And particularly how successful we are with some of the new products that we have talked earlier, which we are just not really in a position to handicap that perfectly how much impact it will have.

特別是我們之前討論過的一些新產品取得了多麼成功，但我們實際上無法完全限制其產生的影響。

So really it could go either way at this point.

所以此時確實可以採取任何一種方式。

Okay.

好的。

And then just a quick follow-up on the procedure guidance.

然後快速跟進程序指南。

We were wondering if you could give any clarity to some of the assumptions behind that guidance at around 25% for 2012 for both hysterectomies and for o-US prostatectomies.

我們想知道您是否可以澄清 2012 年子宮切除術和美國前列腺切除術 25% 左右的指導背後的一些假設。

We were wondering if you were kind of assuming procedure growth in line above or below your total procedure guidance.

我們想知道您是否假設手術增長高於或低於總手術指導。

The major drivers of procedure growth next year we still expect to be in the gynecologic area in the US and in dVP in Europe.

我們預計明年手術成長的主要動力仍然是美國的婦科領域和歐洲的 dVP。

We have not profiled how much we think each one of those is going to grow next year, but those assumptions are -- those two areas driving the growth are embedded in our total projection.

我們還沒有描述我們認為明年其中每一個領域將成長多少，但這些假設是——推動成長的這兩個領域已納入我們的整體預測中。

And also strength in the emerging procedures that we talked about in the general surgery or thoracic surgery and some of the other areas.

還有我們在普通外科或胸腔外科以及其他一些領域談到的新興手術的優勢。

So we are pretty careful about the makeup of the projected growth, and we have thought through it pretty clearly.

因此，我們對預期成長的組成非常謹慎，並且已經非常清楚地考慮過。

Tao Levy, Collins Stewart.

陶·利維，柯林斯·史都華。

A question on the procedure growth rate in the fourth quarter.

關於第四季程序成長率的問題。

Was it mainly the slowdown versus the growth rates that we saw throughout the first three quarters of 2011?

主要是我們在 2011 年前三個季度看到的成長率放緩嗎？

That was mainly Europe?

那主要是歐洲？

Is that correct?

那是對的嗎？

Yes, we felt pretty good about our procedure performance through the year in the US.

是的，我們對美國這一年的手術表現感覺非常好。

We saw some pressure in Europe right at the very end of the fourth quarter and a little bit out of Asia.

第四季末，我們在歐洲看到了一些壓力，在亞洲也有一些壓力。

Different things going on there.

那裡發生著不同的事情。

In Europe it looks to be more -- the anecdotes come back pointing more to economic pressure.

在歐洲，情況似乎更多——傳回的軼事更多地表明經濟壓力。

In Asia it is really getting some of the structural issues resolved in Japan and in Korea.

在亞洲，日本和韓國的一些結構性問題確實得到了解決。

Got you.

明白你了。

In general surgery, I think, Aleks, you made a comment that you expect that to play a bigger role going forward.

在普通外科領域，我認為，Aleks，您發表了評論，希望這將在未來發揮更大的作用。

Can you talk a little bit more or expand a little more into what areas, what type of penetration you expect to get to in this segment?

您能否多談談或擴展一下您希望在該細分市場中實現哪些領域、何種類型的滲透？

And at least in your prior investor presentations, general surgery was mainly made up of colorectal.

至少在您之前的投資者介紹中，一般外科主要由結直腸外科組成。

You are talking a little bit more about gallbladders having grown nicely in the quarter, and I was just wondering how that fits into the long-term picture?

您更多地談論了本季膽囊生長良好的情況，我只是想知道這與長期情況有何關係？

Yes, if you look at general surgery, there is obviously a number of ways to cut it.

是的，如果你看看普通外科，顯然有很多方法可以削減它。

But I think for sake of the question, think of it in terms of GI, gastrointestinal made up mostly of the colon.

但我認為為了這個問題，從胃腸道的角度來思考，胃腸道主要由結腸組成。

So you have got right colon, transverse colon, descending left colon, sigmoid, low anterior resections, etc.

所以你有右結腸、橫結腸、左降結腸、乙狀結腸、低位前切除等。

We have a nice emerging business there with good solid growth rates.

我們在那裡有一個很好的新興業務，具有良好的穩健成長率。

It is off a small base, but we are hearing from customers that there is a lot of value to this procedure, a procedure that they have been doing in small numbers laparoscopically over the past 15 to 20 years.

雖然基數很小，但我們從客戶那裡得知，這項手術有很大的價值，在過去 15 到 20 年裡，他們一直在少量使用腹腔鏡手術進行這項手術。

We think we can add some value there.

我們認為我們可以在那裡增加一些價值。

A device such as the vessel sealer will be helpful to that cohort of physicians and customers.

像血管密封器這樣的設備將對這群醫生和顧客有所幫助。

So you can envision us spending more time there, more sales interactions, etc., whereas Single-Site is specific to Lap Chole.

因此，您可以想像我們會在那裡花費更多的時間、更多的銷售互動等，而單一網站是 Lap Chole 特有的。

So as we look at 2011 and compare it to, let's say, projected 2012 activity, you now have a number of exciting areas with higher value offerings to your customer.

因此，當我們回顧 2011 年並將其與預計的 2012 年活動進行比較時，您現在擁有許多令人興奮的領域，可以為您的客戶提供更高價值的產品。

And so we are going to refrain from trying to give guidance in terms of what we think our penetration will be or by when because we are really focused on doing the right things at the front end to cede this market.

因此，我們將避免嘗試就我們認為的滲透率或何時滲透率提供指導，因為我們真正專注於在前端做正確的事情以放棄這個市場。

The market is not going anywhere.

市場不會去任何地方。

We will do it right.

我們會做對的。

And so as we get a few more quarters into it, perhaps at that point we can elaborate more deeply.

因此，當我們再研究幾個季度時，也許那時我們可以更深入地闡述。

Great, and if I could just sneak one more in.

太好了，要是我能再偷偷溜進去就好了。

Japan reimbursement, Gary, I think you mentioned you may continue to make progress over there.

日本報銷，Gary，我想你提到你可能會繼續在那裡取得進展。

So is it fair to say that you have not gotten reimbursement for prostate in Japan yet?

那麼，您在日本還沒有獲得攝護腺費用報銷嗎？

So we are in conversation, but we have not had a definitive conversation at this time.

所以我們正在進行對話，但目前我們還沒有進行明確的對話。

Lennox Ketner, Bank of America.

倫諾克斯·凱特納，美國銀行。

One, if we could just return to Europe quickly, I was wondering if you could maybe characterize what you saw throughout the quarter.

第一，如果我們能夠快速返回歐洲，我想知道您是否可以描述您在整個季度中看到的情況。

Is the weakness that you are talking about, did that just manifest towards the very end of the quarter, or was it kind of consistent throughout the quarter?

您所說的弱點是在本季末才顯現出來的，還是在整個季度中一直存在的？

Increased through the quarter is the right way to view it.

整個季度的成長是正確的看待方式。

And that is an anecdote.

這是一個軼事。

It is not a deep, deep analysis, but anecdotally you saw some increased pressure as the quarter wore on.

這不是一個深入的分析，但有趣的是，隨著季度的推移，你看到了一些增加的壓力。

Okay.

好的。

And then on the Single-Site launch, is it possible -- I know Aleks was talking about all the work that is involved in early stages of the launch and then it will be fairly gradual.

然後在單站點發布上，是否有可能 - 我知道 Aleks 正在談論發布早期階段涉及的所有工作，然後它將相當漸進。

But is there any way to just qualitatively compare it to the European launch?

但有什麼方法可以將其與歐洲的發布進行定性比較嗎？

I know you were in 10 to 15 sites in Europe in the first year.

我知道第一年您去過歐洲的 10 到 15 個站點。

How should we think about the US launch?

我們該如何看待美國的推出？

Do you feel like you can be in twice as many sites?

您覺得您可以造訪兩倍的網站嗎？

If there is any way just to compare it to the European launch in terms of the scope, that would be helpful.

如果有任何方法可以將其與歐洲發布的範圍進行比較，那將會有所幫助。

I think structurally -- when I say structurally, we will go through the same process of picking the right centers.

我認為從結構上來說——當我說從結構上來說，我們將經歷相同的過程來選擇合適的中心。

But I don't think you should think of it as being materially larger or materially smaller than the initial launch that we had outside the United States.

但我認為你不應該認為它比我們在美國境外首次推出的產品要大得多或小得多。

So it is something that will be carefully scripted and making sure we have the right centers, and obviously our sales and marketing people have a list of people that they are working with now.

因此，這將是精心策劃的事情，並確保我們擁有合適的中心，顯然我們的銷售和行銷人員有一份他們現在正在合作的人員名單。

And we will keep it in that domain and eventually add more centers and, as we add more learning, roll it out fully at some point.

我們將把它保留在這個領域，並最終增加更多的中心，隨著我們增加更多的學習，在某個時候全面推出它。

Okay.

好的。

And then I apologize if you answered this earlier, but are you guys planning to hire additional salespeople for that product or to have salespeople specialize there, or will it just be sold by your general sales force?

如果您之前回答了這個問題，我深表歉意，但是您是否計劃為該產品僱用額外的銷售人員或讓銷售人員專門從事該產品，或者僅由您的一般銷售人員銷售？

We have a small team who will help focus on Single-Site as it comes out, and as it goes in the early phases, they will be focused on that effort.

我們有一個小團隊，他們將在單站點發佈時幫助關注它，並且隨著它在早期階段的進展，他們將專注於這項工作。

As it goes a little bit broader, then it will work down into the rest of the organization.

當它的範圍更廣一些時，它就會深入組織的其他部門。

Rick Wise, Leerink Swann.

里克懷斯、裡林克斯旺。

Let me come back to Korea.

讓我回到韓國吧。

First, a broader question.

首先，一個更廣泛的問題。

Are there other international distributors to convert, one?

有其他國際分銷商可以轉換嗎？

And two, any -- I know that Korea has been a hotbed of robotic activity.

第二，任何一個——我知道韓國一直是機器人活動的溫床。

Can you give us any flavor for how big it is relative to international sales or total sales?

您能否透露一下它相對於國際銷售額或總銷售額有多大？

Where I am going is, it would seem to me that as you convert from a distributor to direct that you would realize higher ASPs, which all things equal should be helpful to system pricing, all things equal in 2012.

我想說的是，在我看來，當你從分銷商轉變為直接行銷時，你會實現更高的平均售價，在所有條件相同的情況下，這應該有助於系統定價，在2012年所有條件相同的情況下。

First of all, as far as the -- just kind of scoping it for you, Korea I believe through the end of the year has 36 da Vinci placements.

首先，就--只是為你介紹範圍，我相信到今年年底韓國有 36 個達文西展示位置。

And if you look at the things that are being done within the busy Korean centers, you will see things like a lot of thyroid work, colorectal work, certainly urologic work, and some pretty advanced efforts into things like gastric and other GI cancers.

如果你看看繁忙的韓國中心正在做的事情，你會看到很多甲狀腺工作、結直腸工作，當然還有泌尿科工作，以及一些針對胃癌和其他胃腸道癌症等相當先進的工作。

Now, as far as the overall procedures, we have not broken out any individual country by procedure numbers.

現在，就整體程序而言，我們還沒有按程序編號細分任何單一國家。

But you can envision it, I think, fairly accurately by thinking of a 36 system market that has a lot of activity going on.

但我認為，透過思考一個正在進行大量活動的 36 系統市場，您可以相當準確地想像這一點。

As far as other distributors to my knowledge -- and perhaps Marshall or Calvin can correct me if I'm wrong -- the only other one that I'm aware of that we took from distributor to direct in recent memory has been the UK.

據我所知，其他發行商——如果我錯了，也許馬歇爾或卡爾文可以糾正我——據我所知，在最近的記憶中，我們從發行商手中奪走直接的唯一另一個發行商是英國。

And so we have done it before, and Gary gave the reasons why Korea is an interesting market for us.

我們之前已經這樣做過，加里給了為什麼韓國對我們來說是一個有趣的市場的原因。

And that was a few years ago.

那是幾年前的事了。

Basically we monitor the performance of all the distributors and make decisions as we go.

基本上，我們監控所有經銷商的表現並隨時做出決策。

And so those --

所以那些——

So there could be others in the future?

那麼未來還會有其他人嗎？

Turning to gross margins, did I miss it or did you not give a specific gross margin forecast for 2012?

說到毛利率，是我漏掉了還是你們沒有給2012年具體的毛利率預測？

Any reason to assume anything other than the stable performance we have seen?

除了我們所看到的穩定表現之外，還有什麼理由假設其他的情況呢？

Yeah, so the guidance on this we kind of truncated the gross margin and the operating expenses to come to an overall operating profit.

是的，因此我們在這方面的指導削減了毛利率和營運費用，以得出整體營運利潤。

But, again, we got it to something relatively flat on a profile basis between 39% and 40% there.

但是，我們再次得到了 39% 到 40% 之間相對平坦的數據。

You know, splitting it out, roughly flat is probably reasonable.

你知道，把它分開，大致持平可能是合理的。

If it goes one way or another, we would probably see maybe a little more downward pressure on the gross margins as we are introducing some of the new products and maybe a slight bit of leverage on the operating expenses, but again focusing on the operating income we are signaling pretty flat.

如果以這種方式或另一種方式發展，我們可能會看到毛利率可能會面臨更大的下行壓力，因為我們正在推出一些新產品，並且可能會在營運費用上施加一點槓桿，但再次關注營運收入我們發出的訊號相當平淡。

And two last ones.

還有最後兩個。

Just back to Japan reimbursement, I'm not sure what this means, but I read something that says that the government has certified the da Vinci system as "highly advanced medical technology" for prostate cancer operations, allowing patients to use health insurance.

剛回到日本報銷，我不太清楚這意味著什麼，但我讀到一些內容，說政府已經將達文西系統認證為前列腺癌手術的“高度先進的醫療技術”，允許患者使用健康保險。

Can you just -- any color around that?

你可以－周圍有任何顏色嗎？

What is that about?

那是關於什麼的？

I have not seen the specific publication that you are talking about, so I really cannot comment on the call.

我還沒有看到你所說的具體出版物，所以我真的無法對這通通話發表評論。

Just a last quick one if I could, just a fishing expedition.

如果可以的話，只是最後一次快速的，只是一次釣魚探險。

Somebody asked me a question about patents, and the last time we met, Marshall, or maybe it was Gary, you said you have 1000 patents or so now, 1000 in the pipeline.

有人問我有關專利的問題，上次我們見面時，馬歇爾，或者可能是加里，你說你現在擁有 1000 項左右的專利，還有 1000 項正在申請中。

Big numbers.

大數字。

Are there any key expirations that we should be sensitive to coming up in the next 12, 24 months?

我們應該對未來 12、24 個月內出現的任何關鍵到期事件保持敏感嗎？

On the patent side, it is a sliding window.

在專利方面，它是一個滑動視窗。

So, as things mature, some things will fall off and other things get added.

因此，隨著事物的成熟，有些東西會脫落，而有些東西會增加。

It is not huge numbers that fall off at any one time.

任何時候下降的數字都不是很大。

And so, as you go through kind of a detailed analysis, some will start coming off in future years as you would expect, and we feel like the kinds of things that we are innovating on and are obtaining patent coverage for either through organic work or through end licensing will be important for our products and important to our customers.

因此，當你進行詳細的分析時，正如你所期望的那樣，有些東西將在未來幾年開始出現，我們覺得我們正在創新並通過有機工作或通過有機工作或獲得專利覆蓋的事物。最終許可對於我們的產品和我們的客戶都很重要。

I think we will take one more set of questions from the next caller.

我想我們會再回答下一位來電者提出的一組問題。

Spencer Nam, ThinkEquity.

史賓塞‧南 (Spencer Nam)，ThinkEquity。

Just a couple of quick questions.

只是幾個簡單的問題。

On the multisystem -- the places, locations, if you will, last quarter you had provided some color on that.

關於多系統——地點、位置，如果你願意的話，上個季度你已經提供了一些顏色。

Could you give us a little more color on what the current multisystem location numbers would be?

您能給我們更多關於目前多系統位置編號的資訊嗎？

Yes, I believe it is -- and, Calvin can correct me -- I think it is 306 at the end of this quarter, and now we have a hospital, I think, the Mayo Clinic in Rochester is now up to seven systems.

是的，我相信是的——卡爾文可以糾正我——我認為到本季末是 306，現在我們有一家醫院，我想羅徹斯特的梅奧診所現在有七個系統。

So that would be the highest in any one hospital, and again, then there is a smattering of a few hospitals with six and five and four all the way down to --

所以這將是任何一家醫院中最高的，而且，還有少數幾家醫院有六家、五家和四家，一直到——

For our total installed base of 2132, they are spread across 1718 sites.

我們的總安裝量為 2132 人，分佈在 1718 個站點。

That is helpful.

這很有幫助。

And then in terms of these trade-ins with standards and Ss, how many of those are left out there?

那麼，就這些與標準和 S 的交換而言，其中有多少被遺漏了？

Do you guys have an estimate on that?

大家對此有一個估計嗎？

Yes, so on the standard side, we have got roughly 225 still remaining out in the field of which about 100 are in the US.

是的，所以在標準方面，我們還有大約 225 個仍然留在該領域，其中大約 100 個在美國。

And then the final question is, in terms of the customers who are picking up systems now, are they still focusing on prostatectomy and hysterectomy for the initial purchase, if you will, or is it more broad nowadays that you guys have focused on a broad number of procedures out there?

最後一個問題是，就現在購買系統的客戶而言，他們在初次購買時是否仍然關注前列腺切除術和子宮切除術（如果願意的話），或者現在你們關注的範圍更廣泛那裡有多少手續？

I think the answer is both or all of what you described.

我認為答案是您所描述的全部或全部。

You can imagine if you do not own a single da Vinci system today, that there is going to be support from a urologic group that has by any account had some loss of patient volume, and GYN is growing at a pretty rapid rate.

您可以想像，如果您今天沒有一台達文西系統，將會得到泌尿科小組的支持，無論如何，該小組的患者數量有所減少，而婦科正在以相當快的速度增長。

You are now starting to see other specialties or I should say you have been seeing other specialties perhaps thoracic or general surgery through colorectal.

您現在開始看其他專科，或者我應該說您一直在看其他專科，可能是胸腔外科或大腸直腸普通外科。

Now with Single-Site, it will be interesting to see how some of those physicians weigh into the decision.

現在有了 Single-Site，看看其中一些醫生如何權衡這一決定將會很有趣。

But it should be and has been considered a multispecialty initiative, and that is the way our salespeople approach it.

但它應該並且已經被視為一項多專業舉措，這就是我們的銷售人員處理它的方式。

That was our last question.

這是我們最後一個問題。

As we have discussed with you over the years, while we spend our time on these calls reviewing our financial performance, our team remains sharply focused on the creation of patient value, improving the efficacy of surgery while reducing its invasiveness.

正如我們多年來與您討論的那樣，雖然我們花時間在這些電話上審查我們的財務業績，但我們的團隊仍然專注於創造患者價值，提高手術效果，同時減少其侵入性。

I would like to share with you a brief example of what this means in the lives of our patients.

我想與您分享一個簡短的例子，說明這對我們患者的生活意味著什麼。

I would like to share with you [Cliff's] story.

我想與您分享[克里夫]的故事。

"I am 51 years old.

「我今年 51 歲。

I was hurting in my lower stomach for a few months.

我的下腹部疼痛了幾個月。

I started passing a little blood, so my family said it was time to go to the doctor.

我開始流一點血，所以我的家人說是時候去看醫生了。

So I went to see my regular doctor, and he said, you are 50.

所以我去看了我的常規醫生，他說，你已經50歲了。

It is time to get a colonoscopy.

是時候進行大腸鏡檢查了。

So December 19 I had my colonoscopy.

所以12月19日我做了大腸鏡檢查。

He told me there was a mass, and I was not sure you know that lingo, and he said it will be cancer.

他告訴我有一個腫塊，我不確定你是否知道這個行話，他說這將是癌症。

So the ball started rolling.

於是球開始滾動。

Immediately he referred me to an oncologist.

他立即將我轉介給腫瘤科醫生。

We went in and we met with him and he said, he would be cutting me from the breastbone down and then over and then open me up.

我們進去見了他，他說他會從胸骨開始切開我，然後再切開我。

There would be two surgeons, four hands inside working.

會有兩位外科醫生，四隻手在裡面工作。

He said I would lose several pints of blood and that they may dislocate my pelvic bones.

他說我會失血幾品脫，而且可能會使我的骨盆骨脫臼。

And when he started talking like this, I am like this does not sound right, this is too much.

當他開始這樣說話時，我覺得這聽起來不對，這太過分了。

I have got too many years left.

我還有很多年了。

I don't like the odds.

我不喜歡這種可能性。

Meanwhile, my daughter was doing research.

與此同時，我女兒正在做研究。

We were like, well, we see this da Vinci thing.

我們當時想，好吧，我們看到了達文西的東西。

We looked at the videos on the Internet, and we were like, let's go talk to this guy.

我們看了網路上的視頻，然後想，我們去和這個傢伙談談吧。

So we went to Dr.

於是我們就去找博士了。

[Haas'] office and he said, yes, we can do this.

[哈斯]辦公室，他說，是的，我們可以做到這一點。

I said, well, how much blood are we talking about losing here?

我說，好吧，我們在這裡談論要損失多少血？

He said blood is not an issue.

他說血不是問題。

He said you are a young guy.

他說你是個年輕人。

I'm going to do everything I can.

我會盡我所能。

So I came out of it.

所以我就走了出來。

He took 12 to 13 inches of bowel out and put everything back together.

他取出 12 到 13 英吋的腸子，然後將所有東西放回原處。

My healing as far as the procedure itself, my incisions and stuff, they healed up well.

就手術本身而言，我的切口和其他東西都癒合得很好。

I've seen some people who have been cut.

我見過一些被砍的人。

They get infections, and this was a scary thing for me, too, because I have a lot of years left.

他們受到感染，這對我來說也是一件可怕的事情，因為我還有很多年的時間。

I have got a lot of stuff to do, and I think I have made a good decision."

我還有很多事情要做，我認為我做了一個很好的決定。”

Patients like these are the strongest advocates for da Vinci surgery and form the very foundation of our operating performance.

這些患者是達文西手術最有力的支持者，也是我們手術績效的基礎。

We have built our Company to take surgery beyond the limits of the human hand, and I assure you that we remain committed to driving the vital few things that truly make a difference.

我們建立我們的公司是為了使手術超越人手的極限，我向您保證，我們將繼續致力於推動真正產生影響的重要事情。

This concludes today's call.

今天的電話會議到此結束。

We thank you for your participation and support on this extraordinary journey to improve surgery, and we look forward to talking with you again in three months.

我們感謝您在這段改善手術的非凡旅程中的參與和支持，我們期待著三個月後再次與您交談。

Ladies and gentlemen, that does conclude our conference for today.

女士們、先生們，今天的會議到此結束。

We thank you for your participation and for using the AT&T Executive Teleconference.

我們感謝您的參與和使用 AT&T 高階主管電話會議。

You may now disconnect.

您現在可以斷開連線。