直覺手術 (ISRG) 2015 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Surgical first-quarter earnings release call.

女士們，先生們，感謝你們的支持，歡迎來到 Intuitive Surgical 第一季度財報電話會議。

(Operator Instructions) As reminder, this conference is being recorded.

（操作員說明）作為提醒，正在錄製此會議。

I will now turn the conference over to Senior Director of Investor Relations for Intuitive Surgical, Calvin Darling.

我現在將會議轉交給 Intuitive Surgical 的投資者關係高級總監 Calvin Darling。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝你。

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

下午好，歡迎來到 Intuitive Surgical 第一季度收益電話會議。

With me today we have Gary Guthart, our President and CEO; Marshall Mohr, our Chief Financial Officer; and Patrick Clingan, Director of Finance.

今天和我在一起的是我們的總裁兼首席執行官 Gary Guthart；我們的首席財務官 Marshall Mohr；和財務總監 Patrick Clingan。

Before we begin, I would like to inform you that comments mentioned on today�s call may be deemed to contain �forward-looking statements.� Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties.

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”。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存在重大差異。

These risks and uncertainties are described in detail in the Company�s Securities and Exchange Commission filings, including our most recent form 10-K filed on February 5, 2015.

這些風險和不確定性在公司提交給美國證券交易委員會的文件中有詳細描述，包括我們於 2015 年 2 月 5 日提交的最新 10-K 表格。

These filings can be found through our website or at the SEC�s EDGAR database.

這些文件可以通過我們的網站或 SEC 的 EDGAR 數據庫找到。

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

潛在投資者應注意不要過分依賴此類“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，本次電話會議的音頻重播將在我們網站 IntuitiveSurgical.com 的投資者關係頁面下的音頻存檔部分提供。

In addition, today's press release and supplementary financial data tables have been posted to our website.

此外，今天的新聞稿和補充財務數據表已發佈到我們的網站上。

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

今天的形式將包括為您提供我們今天早些時候發布的新聞稿中描述的第一季度業績的亮點，然後是問答環節。

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

Gary 將介紹本季度的業務和運營亮點。

Marshall will provide a review of first-quarter financial results.

Marshall 將對第一季度的財務業績進行審查。

Patrick will discuss marketing and clinical highlights.

Patrick 將討論營銷和臨床亮點。

And I will provide our updated financial outlook 2015.

我將提供我們更新的 2015 年財務展望。

Finally, we will host a question-and-answer session.

最後，我們將舉辦問答環節。

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。

In the first quarter we experienced solid growth and procedures, modest system sales growth, and increased pressure on product margins.

在第一季度，我們經歷了穩健的增長和程序、適度的系統銷售增長以及產品利潤率的增加壓力。

Starting with procedures, year-over-year growth in the first quarter was approximately 13%.

從手術開始，第一季度同比增長約 13%。

Growth was led by general surgery, particularly hernia repair and colon and rectal resections.

增長是由普通外科手術帶動的，尤其是疝修補術和結腸直腸切除術。

Early response by surgeons to the use of da Vinci and early data sets in these procedures are very encouraging.

外科醫生對在這些手術中使用達芬奇和早期數據集的早期反應非常令人鼓舞。

Urology also continued to show growth, maintaining growth rates seen in the fourth quarter.

泌尿外科也繼續顯示增長，保持了第四季度的增長率。

Year-over-year performance and gynecology grew modestly over Q1 of 2014.

2014 年第一季度，與去年同期相比，婦科業務略有增長。

Procedure outperformance was broad-based and included the US, Europe, and key markets in Asia.

程序表現出色的基礎廣泛，包括美國、歐洲和亞洲的主要市場。

Patrick will review procedure trends in greater detail later in the call.

Patrick 將在稍後的電話會議中更詳細地審查程序趨勢。

Looking at trends in capital sales for the year, we placed 99 systems in the quarter compared to 87 in the first quarter of 2014.

從今年的資本銷售趨勢來看，我們在本季度放置了 99 個系統，而 2014 年第一季度為 87 個。

Da Vinci Xi continues to draw significant interest from our customers.

Da Vinci Xi 繼續引起我們客戶的極大興趣。

Sales in Europe are historically lumpy and Q1 sales were lower than Q4, due primarily to seasonality.

歐洲的銷售額歷來不穩定，第一季度的銷售額低於第四季度，這主要是由於季節性。

System placements in distributor markets were solid in the quarter.

本季度分銷商市場的系統佈局穩固。

In Japan, da Vinci Xi was paired for sale at the end of Q1.

在日本，da Vinci Xi 在第一季度末配對銷售。

We placed one Si system in Japan in Q1 as customers waited to evaluate Xi.

當客戶等待評估 Xi 時，我們在第一季度在日本放置了一個 Si 系統。

We remain focused on supporting Japanese customers and pursuing reimbursement and continue to make progress in data collection and analysis.

我們仍然專注於支持日本客戶和尋求報銷，並繼續在數據收集和分析方面取得進展。

Turning to costs, margins decreased relative to prior quarters as a result of three main drivers.

談到成本，由於三個主要驅動因素，利潤率相對於前幾個季度有所下降。

First, manufacturing cost as a percentage of revenue for our new system and advanced instruments remain higher than our more mature products.

首先，我們新系統和先進儀器的製造成本佔收入的百分比仍然高於我們更成熟的產品。

As these new products make up a greater percentage of our sales, our aggregated product margins have decline.

由於這些新產品占我們銷售額的比例越來越大，我們的產品總利潤率下降了。

Second, service costs for our Xi imaging system have remained higher than we would like as we work new technologies into our supply chain.

其次，隨著我們將新技術應用到供應鏈中，我們的 Xi 成像系統的服務成本仍然高於我們的預期。

We are addressing both manufacturing and service costs and will pursue their reduction diligently over the next several quarters.

我們正在解決製造和服務成本問題，並將在未來幾個季度努力降低成本。

Finally, the strength of the dollar was a negative in margins.

最後，美元走強對利潤率產生負面影響。

In the first quarter, financial and operational hedges have offset some of the impact of exchange rates, although we expect the impact of exchange rates to increase through the year.

在第一季度，財務和運營對沖抵消了匯率的部分影響，儘管我們預計匯率的影響將在全年增加。

Marshall will take you through this and other financial performance in greater detail later in the call.

Marshall 將在稍後的電話會議中更詳細地向您介紹此財務業績和其他財務業績。

In summary, our operating performance for the first quarter is as follows.

綜上所述，我們第一季度的經營業績如下。

Procedures grew 13% over the first quarter of last year.

程序比去年第一季度增長了 13%。

We placed 99 da Vinci Surgical Systems, up from 87 in the first quarter of 2014.

我們放置了 99 個達芬奇手術系統，高於 2014 年第一季度的 87 個。

Total pro forma revenue for the quarter was $532 million, up 9% from prior year and up 11% year over year on a constant currency basis.

本季度的預計總收入為 5.32 億美元，較上年同期增長 9%，按固定匯率計算，同比增長 11%。

Total pro forma instrument and accessory revenue increased to $277 million, up 8% over prior year.

備考儀器和配件總收入增加到 2.77 億美元，比上年增長 8%。

We generated a pro forma operating profit of $185 million in the quarter compared with $189 million in the first quarter of 2014.

本季度我們的預估營業利潤為 1.85 億美元，而 2014 年第一季度為 1.89 億美元。

And pro forma net income was $135 million compared to $139 million in Q1 of 2014.

預計淨收入為 1.35 億美元，而 2014 年第一季度為 1.39 億美元。

In product development we are rounding out our Xi system offering by launching additional EndoWrist instruments, developing Single Site for our Xi system and integrating table motion on to the Xi platform.

在產品開發中，我們通過推出更多的 EndoWrist 儀器、為我們的 Xi 系統開發單一站點並將工作台運動集成到 Xi 平台上來完善我們的 Xi 系統產品。

We expect to submit our 510(k) for software that enables table motion with our Xi system in third quarter and the 510(k) for Xi single-site instruments in the second half of the year.

我們預計將在第三季度提交我們的 510(k) 軟件，使我們的 Xi 系統能夠進行桌面運動，並在下半年提交 Xi 單點儀器的 510(k)。

For da Vinci Sp, our dedicated single point of entry architecture, development remains on track with system integration and laboratory testing in process.

對於我們專用的單點入口架構 da Vinci Sp，開發仍在進行中，系統集成和實驗室測試正在進行中。

I will now turn the call over to Marshall, who will review our financial performance.

我現在將電話轉給馬歇爾，他將審查我們的財務業績。

Thank you, Gary.

謝謝你，加里。

I will be describing our results on a non-GAAP or pro forma basis which excludes the impact of our Xi trading program, legal claim accruals, stock-based compensation, amortization of purchased IP, and investment impairment.

我將在非 GAAP 或備考基礎上描述我們的結果，其中不包括我們的 Xi 交易計劃、法定索賠應計費用、股票補償、購買的知識產權攤銷和投資減值的影響。

We are providing pro forma information because we believe that business trends and operating results are easier to understand on a pro forma basis.

我們之所以提供備考信息，是因為我們相信在備考基礎上更容易理解業務趨勢和運營結果。

I will also summarize our GAAP results later in my script.

我還將在稍後的腳本中總結我們的 GAAP 結果。

We have posted reconciliations of our pro forma results to our GAAP results on our website so that there is no confusion.

我們已經在我們的網站上發布了備考結果與 GAAP 結果的對賬，以免造成混淆。

Pro forma first-quarter revenue was $532 million, an increase of 9% compared with $490 million for the first quarter of 2014 and down 11% from last quarter.

第一季度預估收入為 5.32 億美元，比 2014 年第一季度的 4.9 億美元增長 9%，比上一季度下降 11%。

On a constant currency basis pro forma first-quarter revenue increased 11% over the prior year.

按固定匯率計算，第一季度預估收入比上年增長 11%。

First-quarter 2014 pro forma revenue includes revenue for systems where we subsequently offered a trade out -- to trade out Si product for Xi product.

2014 年第一季度的預估收入包括我們隨後提供交易的系統的收入——將 Si 產品換成 Xi 產品。

These trade out offers were either fulfilled or lapsed in 2014.

這些交易報價在 2014 年要么完成，要么失效。

Revenue highlights are as follows.

收入亮點如下。

Pro forma instrument and accessory revenue grew 8% compared with the first quarter of 2014 and declined 1% compared with the fourth quarter of 2014.

預計儀器及配件收入與 2014 年第一季度相比增長 8%，與 2014 年第四季度相比下降 1%。

The increase relative to the prior year reflects procedure growth partially offset by lower instrument and accessory revenue per procedure.

與上一年相比的增長反映了程序增長被每次程序較低的儀器和附件收入部分抵消。

The decrease from prior quarter primarily reflects procedure seasonality.

與上一季度相比的下降主要反映了程序的季節性。

Instrument and accessory revenue realized per procedure, including initial stocking orders, was approximately $1,840 per procedure compared with $1,930 in the first quarter of 2014 and $1,820 last quarter.

每次手術實現的儀器和配件收入（包括初始庫存訂單）約為每次手術 1,840 美元，而 2014 年第一季度為 1,930 美元，上季度為 1,820 美元。

The decrease relative to the prior year reflects the impact of foreign exchange, lower Si Vessel Sealer generators and Firefly kits, lower instrument usage per case as surgeons become more efficient in their instrument usage, partially offset by increasing stocking orders.

與上一年相比的減少反映了外彙的影響、Si Vessel Sealer 發電機和 Firefly 套件的減少、隨著外科醫生使用儀器的效率提高，每例儀器使用量減少，部分被庫存訂單增加所抵消。

The increase relative to the previous quarter primarily reflects increased stocking orders and customer buying patterns, partially offset by the impact of foreign exchange.

與上一季度相比的增長主要反映了庫存訂單和客戶購買模式的增加，部分被外彙的影響所抵消。

Pro forma system revenue of $141 million increased 9% compared with the first quarter of 2014 and decreased 33% compared with the fourth quarter of 2014.

預計系統收入為 1.41 億美元，與 2014 年第一季度相比增長 9%，與 2014 年第四季度相比下降 33%。

The increase relative to the prior year reflects increased unit sales partially offset by the impact of foreign exchange.

與上一年相比的增加反映了單位銷售額的增加，部分被外彙的影響所抵消。

The decrease in systems revenue compared with the fourth quarter primarily reflects seasonality of system sales and lower system sales in Japan as customers anticipated Xi approval.

與第四季度相比，系統收入的減少主要反映了系統銷售的季節性和日本的系統銷售下降，因為客戶預期 Xi 批准。

99 systems were placed in the first quarter compared with 87 systems in the first quarter of 2014 and 137 systems last quarter.

與 2014 年第一季度的 87 個系統和上一季度的 137 個系統相比，第一季度放置了 99 個系統。

76% of the systems placed in the first quarter were Xi's compared with 71% in the fourth quarter.

第一季度放置的系統中有 76% 是 Xi 的，而第四季度為 71%。

Xi was launched in April of 2014.

Xi 於 2014 年 4 月推出。

Globally, our system ASP of $1,480,000 was approximately the same as the first order of last year and decreased relative to last quarter ASP of $1,550,000.

在全球範圍內，我們的系統平均售價為 1,480,000 美元，與去年的第一筆訂單大致相同，並且相對於上一季度的 1,550,000 美元有所下降。

Relative to the first quarter of 2014, system ASPs were higher due to the introduction of Xi, which was offset by geographic mix, a higher Si trade-in credit mix, and foreign-exchange.

與 2014 年第一季度相比，由於 Xi 的引入，系統平均售價更高，這被地域組合、更高的 Si 以舊換新信貸組合和外匯所抵消。

The decrease in ASPs relative to last quarter reflects higher trade-in credits and foreign-exchange, partially offset by an increased mix of Xi product including Xi dual consoles.

ASP 相對於上一季度的下降反映了較高的以舊換新信貸和外匯，部分被包括 Xi 雙控制台在內的 Xi 產品組合增加所抵消。

Hospitals financed approximately 14% of the systems placed in the first quarter, down from 15% last quarter.

第一季度醫院為大約 14% 的系統提供資金，低於上一季度的 15%。

We directly financed 11 systems, of which nine were structured as operating leases.

我們直接資助了 11 個系統，其中 9 個採用經營租賃的形式。

Through the first quarter of 2015 we have entered into 23 operating leases.

截至 2015 年第一季度，我們簽訂了 23 份經營租賃合同。

In the US we placed 63 systems in the first quarter compared to 45 systems in the first quarter of 2014 and 71 systems in the fourth quarter of 2014.

在美國，我們在第一季度部署了 63 個系統，而 2014 年第一季度為 45 個系統，2014 年第四季度為 71 個系統。

The increase compared with prior year's reflects market acceptance of the Xi and procedure growth.

與上一年相比的增長反映了市場對 Xi 的接受度和程序的增長。

The decrease compared with the fourth quarter reflects seasonality in system sales.

與第四季度相比的下降反映了系統銷售的季節性。

Outside of the US, we placed 36 systems in the first quarter compared with 42 in the first quarter of 2014 and 66 systems last quarter.

在美國以外，我們在第一季度部署了 36 個系統，而 2014 年第一季度為 42 個，上季度為 66 個。

The reduction in year-over-year system placements includes a reduction in Japan system placements, one system this quarter compared with 19 systems last quarter, as customers anticipated the Xi approval.

同比系統佈局的減少包括日本系統佈局的減少，本季度有一個系統，而上一季度有 19 個系統，因為客戶預期 Xi 批准。

We received Xi approval in Japan in late March.

3 月下旬，我們在日本獲得了習近平的批准。

Europe system placements grew from 14 systems in 2014 to 18 systems in the first quarter of 2015.

歐洲系統佈局從 2014 年的 14 個系統增加到 2015 年第一季度的 18 個系統。

We also placed eight systems in China this year compared with zero in the first quarter of 2014.

今年我們還在中國部署了 8 個系統，而 2014 年第一季度為零。

The reduction in system placements relative to the prior quarter reflects seasonality.

與上一季度相比，系統佈局的減少反映了季節性。

International revenue results were as follows.

國際收入結果如下。

First-quarter pro forma revenue outside the US was $150 million compared with $155 million for the first quarter of 2014 and $197 million last quarter.

美國以外的第一季度預估收入為 1.5 億美元，而 2014 年第一季度為 1.55 億美元，上季度為 1.97 億美元。

The decrease compared with the previous year reflects lower Japan system revenue of over $30 million and the impact of foreign exchange, partially offset by higher instrument and accessory revenue, reflecting procedure growth, and higher system placements in Europe and rest of world markets.

與上一年相比的減少反映了日本系統收入減少超過 3000 萬美元以及外彙的影響，部分被儀器和配件收入增加所抵消，反映了程序增長，以及歐洲和世界其他市場的系統安置增加。

Our lower sequential international revenue primarily reflects seasonality.

我們連續較低的國際收入主要反映了季節性。

First-quarter 2015 OUS procedure volume was approximately 22% higher than the first quarter of 2014 and 12% higher than the fourth quarter of 2014.

2015 年第一季度 OUS 手術量比 2014 年第一季度高出約 22%，比 2014 年第四季度高出 12%。

Procedure growth was led by dVP but also reflected strong growth and gynecology and general surgery.

手術增長由 dVP 引領，但也反映了強勁的增長以及婦科和普外科。

Before moving on to the remainder of the P&L I would like to outline the impact that strengthening of the dollar has had on our results.

在繼續討論損益表的其餘部分之前，我想概述美元走強對我們結果的影響。

We generally hedge a portion of our expected revenue for six-month periods at the beginning of January and July.

我們通常在 1 月初和 7 月初的六個月期間對沖部分預期收入。

In addition, we purchase system components from suppliers in euros and pay our sales force in local currencies, providing for natural hedges.

此外，我們以歐元從供應商處採購系統組件，並以當地貨幣支付給我們的銷售人員，提供自然對沖。

The pretax impact of currency movement net of hedges relative to the fourth quarter was less than $1 million.

相對於第四季度，貨幣變動扣除對沖後的稅前影響不到 100 萬美元。

However, relative to the first quarter of 2014, currency movements had the impact of lowering our revenue to 9% versus 11% on a constant currency basis.

然而，相對於 2014 年第一季度，貨幣變動的影響使我們的收入下降至 9%，而按固定貨幣計算則為 11%。

Note that approximately 17% of our first quarter 2015 revenue was transacted in other than US dollars, primarily in euro and yen, and natural hedges only partially offset the impact of currency movements on revenues.

請注意，我們 2015 年第一季度大約 17% 的收入是以美元以外的其他貨幣（主要是歐元和日元）進行交易的，自然對沖只能部分抵消貨幣變動對收入的影響。

The impact of the past year's currency changes will have a more pronounced impact going forward, particularly after our January hedges expire in July.

去年貨幣變化的影響將對未來產生更顯著的影響，尤其是在我們的 1 月對沖於 7 月到期之後。

Moving to the remainder of the P&L, pro forma gross margin for the first quarter of 2015 was 65.6% compared with 70.2% in the first quarter of 2014 and 67.1% for the fourth quarter of 2014.

轉到損益表的其餘部分，2015 年第一季度的預計毛利率為 65.6%，而 2014 年第一季度為 70.2%，2014 年第四季度為 67.1%。

Our lower margin percentage relative to prior quarters primarily reflects a high mix of Xi systems, which have a lower margin than our mature Si products as well as cost associated with our drape and scope recalls.

與前幾個季度相比，我們較低的利潤率主要反映了 Xi 系統的高度組合，其利潤率低於我們成熟的 Si 產品以及與我們的懸垂和範圍召回相關的成本。

New products like Xi and Stapling have lower gross margins early in their lifecycle than our mature products.

Xi 和 Stapling 等新產品在其生命週期早期的毛利率低於我們的成熟產品。

We believe our efforts to reduce the cost of these products will begin to deliver limited improvement in our gross margins by the end of this year and greater improvement in fiscal 2016.

我們相信，到今年年底，我們降低這些產品成本的努力將開始有限地改善我們的毛利率，並在 2016 財年實現更大的改善。

The cost associated with the drape and scope product recalls are not expected to continue.

與懸垂和範圍產品召回相關的成本預計不會繼續。

In the first quarter of 2014, we recorded a pretax charge of $67 million to reflect the estimated costs of settling a number of out of liability claims under a tolling agreement.

2014 年第一季度，我們記錄了 6700 萬美元的稅前費用，以反映根據收費協議解決一些責任索賠的估計成本。

In the second and fourth quarters of 2014 we recorded another $15 million of charges reflecting additional claims.

在 2014 年第二和第四季度，我們又記錄了 1500 萬美元的費用，反映了額外的索賠。

In the first quarter of 2015 we refined our estimate of the overall cost of settling claims and recorded $7 million of additional reserves.

2015 年第一季度，我們改進了對理賠總成本的估計，並記錄了 700 萬美元的額外準備金。

We will continue to refine our estimates as we proceed through the negotiation process.

在談判過程中，我們將繼續完善我們的估計。

Pro forma operating expenses, which exclude the reserves for legal claims, stock compensation expense, and amortization of purchased IP, were up 6% compared with the first quarter of 2014 and were down 1% compared with last quarter.

不包括法律索賠準備金、股票補償費用和所購知識產權攤銷的備考營業費用較 2014 年第一季度增長 6%，較上一季度下降 1%。

Our first-quarter 2015 pro forma operating expense compared to the first quarter of 2014 reflects headcount additions and higher incentive compensation.

與 2014 年第一季度相比，我們 2015 年第一季度的備考營業費用反映了員工人數的增加和更高的激勵薪酬。

Our pro forma effective tax rate for the first quarter was 28.9% compared with an effective tax rate of 27% for all of 2014.

我們第一季度的備考有效稅率為 28.9%，而 2014 年全年的有效稅率為 27%。

The pro forma effective tax rate for 2014 benefited from the release of reserves specific to tax years, where we have completed our IRS audit, or jurisdictions where statute of limitations has now expired.

2014 年的備考有效稅率受益於特定於我們已完成美國國稅局審計的納稅年度或時效現已到期的司法管轄區的準備金釋放。

In addition, the 2014 rate benefited from the reinstatement of the federal research and development credit.

此外，2014 年的利率得益於聯邦研發信貸的恢復。

Our tax rate will fluctuate with changes in the mix of OUS and US income, and will not reflect the federal research and development credit unless such credit is reinstated.

我們的稅率將隨著 OUS 和美國收入組合的變化而波動，並且不會反映聯邦研發信貸，除非此類信貸被恢復。

Our pro forma net income was $135 million or $3.57 per share compared $139 million or $3.54 per share for the first quarter of 2014 and $184 million or $4.92 per share for the fourth quarter of 2014.

我們的預計淨收入為 1.35 億美元或每股 3.57 美元，而 2014 年第一季度為 1.39 億美元或每股 3.54 美元，2014 年第四季度為 1.84 億美元或每股 4.92 美元。

As I indicated earlier, pro forma income provides an easier comparison of our financial results and business trends.

正如我之前指出的那樣，備考收入可以更輕鬆地比較我們的財務結果和業務趨勢。

I will now summarize our GAAP results.

我現在將總結我們的 GAAP 結果。

GAAP revenue was $532 million for the first quarter of 2015 compared with $465 million for the first quarter of 2014 and $605 million for the fourth quarter of 2014.

2015 年第一季度 GAAP 收入為 5.32 億美元，而 2014 年第一季度為 4.65 億美元，2014 年第四季度為 6.05 億美元。

GAAP net income was $97 million or $2.57 per share for the first quarter of 2015 compared with $44 million or $1.13 per share for the first quarter of 2014 and $147 million or $3.94 per share for the fourth quarter of 2014.

2015 年第一季度 GAAP 淨收入為 9700 萬美元或每股 2.57 美元，而 2014 年第一季度為 4400 萬美元或每股 1.13 美元，2014 年第四季度為 1.47 億美元或每股 3.94 美元。

We ended the quarter with cash and investments of $2.7 billion, up from $2.5 billion as of December 31, 2014.

本季度末，我們的現金和投資為 27 億美元，高於 2014 年 12 月 31 日的 25 億美元。

The increase was primarily driven by cash generated from operations and proceeds from stock option exercises, partially offset by stock buybacks.

這一增長主要是由運營產生的現金和股票期權行使的收益推動的，部分被股票回購所抵消。

During the quarter we repurchased 30,000 shares for $15 million at an average price of $495 per share.

本季度，我們以每股 495 美元的平均價格以 1500 萬美元的價格回購了 30,000 股股票。

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

有了這個，我想把它交給帕特里克，他將回顧我們的銷售、營銷和臨床亮點。

Thanks, Marshall.

謝謝，馬歇爾。

As mentioned earlier, total first-quarter year-over-year procedures grew approximately 13% with US procedures growing approximately 11% and international procedures growing approximately 22%.

如前所述，第一季度總手術量同比增長約 13%，其中美國手術量增長約 11%，國際手術量增長約 22%。

The meaningful uptick in US procedure growth rates during the first quarter was largely due to a return to a more normal Q4 to Q1 transition relative to what we experienced during the first quarter of 2014.

與我們在 2014 年第一季度經歷的情況相比，第一季度美國手術增長率的顯著上升主要是由於第四季度到第一季度的過渡恢復正常。

US da Vinci prostatectomy procedure growth experienced in the second half of 2014 continued through the first half of 2015.

2014 年下半年美國達芬奇前列腺切除手術的增長持續到 2015 年上半年。

Given our high rate of penetration in the US prostatectomy market, our dVP volumes are likely to track to overall US prostatectomy volumes, which have improved over the past three quarters.

鑑於我們在美國前列腺切除術市場的高滲透率，我們的 dVP 數量可能會追踪美國前列腺切除術的整體數量，後者在過去三個季度有所改善。

Kidney cancer procedures continued to be a solid contributor to our US urology procedure growth during the first quarter.

第一季度，腎癌手術繼續為我們的美國泌尿外科手術增長做出重要貢獻。

In US gynecology, modest growth returned in Q1, led by benign and malignant hysterectomies.

在美國婦科領域，在良性和惡性子宮切除術的帶動下，第一季度恢復了適度增長。

We believe that the modest increase in da Vinci benign hysterectomy volume during the first quarter has more to do with the return to normal seasonality and a change in the trajectory of the total market for benign hysterectomies.

我們認為，第一季度達芬奇良性子宮切除術量的小幅增長更多地與正常季節性的回歸和良性子宮切除術整個市場軌蹟的變化有關。

We continue to believe that our procedure volumes are likely to track to the overall benign hysterectomy market, estimated to be declining at a low single-digit rate.

我們仍然相信，我們的手術量可能會追踪整個良性子宮切除術市場，估計以低個位數的速度下降。

Despite the high levels of da Vinci penetration for malignant hysterectomy, growth remained consistent in cancer procedures.

儘管惡性子宮切除術的達芬奇滲透率很高，但癌症手術中的生長仍然保持一致。

Moving on to US general surgery, adoption continues to be solid across a broad number of procedures.

轉向美國普通外科，在廣泛的程序中採用率繼續保持穩定。

Colorectal and hernia adoption remained a source of strength, while cholecystectomies continued to decline in the quarter.

結直腸和疝氣的收養仍然是一個力量來源，而膽囊切除術在本季度繼續下降。

During the quarter there were positive developments supporting the adoption of da Vinci surgery in colorectal resections and hernia repair.

本季度有積極的進展支持在結直腸切除術和疝修補術中採用達芬奇手術。

For colorectal resections the return of our Si Stapler and launch of our Xi Stapler were positively received by surgeons.

對於結直腸切除術，我們的 Si 吻合器的回歸和我們的 Xi 吻合器的推出受到了外科醫生的積極歡迎。

With our stapler, surgeons are reporting that the improved articulation and stability of the platform enables use deep in the pelvis for rectal resections, while improved dexterity is supporting and evolving technique of intra-corporeal anastamoses and right hemicolectomies.

借助我們的訂書機，外科醫生報告說，平台的鉸接性和穩定性得到改善，可以在骨盆深處用於直腸切除術，而靈巧性的提高正在支持和發展體內吻合術和右半結腸切除術的技術。

For hernia, the momentum behind adoption of da Vinci surgery in ventral and inguinal hernia repair continues to build.

對於疝氣，在腹側和腹股溝疝修復中採用達芬奇手術的勢頭繼續增強。

At the Society of American Gastrointestinal and Endoscopic Surgeons' annual meeting, and the Global Symposium on Robotic-Assisted and Minimally Invasive Hernia Repair, surgeons shared case series that showed da Vinci surgery contributed to improved clinical outcomes within their practice and may serve as a tool to expand minimally invasive surgery to a larger population of patients.

在美國胃腸和內窺鏡外科醫生協會年會和機器人輔助和微創疝氣修復全球研討會上，外科醫生分享了一系列病例，這些病例表明達芬奇手術有助於改善他們實踐中的臨床結果，並可作為一種工具將微創手術擴大到更多的患者群體。

A number of surgeons have reported that the material operating costs associated with their da Vinci procedures is similar to the cost of laparoscopic procedures as da Vinci technique can enable substitution of high-cost instruments such as tacks and balloons.

許多外科醫生報告說，與達芬奇手術相關的材料運營成本與腹腔鏡手術的成本相似，因為達芬奇技術可以替代大頭釘和球囊等高成本器械。

Looking abroad, first-quarter international procedure growth of approximately 22% continue to be led by global adoption of dVP and other urologic researchers with solid early contributions from gynecology and general surgery.

放眼國外，第一季度約 22% 的國際程序增長繼續受到全球採用 dVP 和其他泌尿外科研究人員的帶動，以及來自婦科和普通外科的早期貢獻。

In Asia dVP adoption in Japan remained a source of strength in the first quarter.

在亞洲，日本採用 dVP 仍然是第一季度的強勁動力。

The clinical trial to support a reimbursement submission for partial nephrectomy completed enrollment and we continue to explore reimbursement pathways for additional procedures.

支持腎部分切除術報銷申請的臨床試驗已完成註冊，我們將繼續探索其他程序的報銷途徑。

In China, strong initial utilization of the systems sold in the second half of 2014 contributed to international procedure growth.

在中國，2014 年下半年售出系統的強勁初始利用率促進了國際程序的增長。

In Europe, dVP adoption continued to be the primary driver of procedure growth in the first quarter with solid contributions from gynecologic oncology and colorectal procedures.

在歐洲，dVP 的採用繼續成為第一季度手術增長的主要驅動力，婦科腫瘤學和結直腸手術做出了巨大貢獻。

During the quarter, Dr. Ind and colleagues from the Royal Marsden Hospital within the United Kingdom's National Health Service published on the impact da Vinci surgery has had on the gynecologic oncology service in the Journal of Medical Robotics and Computer Assisted Surgery.

在本季度，Ind 博士及其來自英國國家衛生服務局皇家馬斯登醫院的同事在《醫療機器人和計算機輔助手術雜誌》上發表了達芬奇手術對婦科腫瘤服務的影響。

In a study of 196 radical hysterectomies the rate of laparotomy decreased from 60% pre-da Vinci to 26% following the adoption of da Vinci surgery.

在一項對 196 例根治性子宮切除術的研究中，剖腹手術率從達芬奇手術前的 60% 下降到採用達芬奇手術後的 26%。

Clinical outcomes improved as complications and blood loss were reduced and length of stay decreased by two days.

隨著並發症和失血的減少以及住院時間縮短兩天，臨床結果得到改善。

And average cost per patient decreased by about GBP1,400 or about GBP1,200 when system depreciation was modeled, though the author noted hospital's existing system had capacity not being consumed by their urologists.

每位患者的平均成本降低了約 1,400 英鎊或在對系統折舊進行建模時減少了約 1,200 英鎊，儘管作者指出醫院現有系統的容量沒有被泌尿科醫生消耗。

In a detailed cost analysis, da Vinci surgery was found to be the least expensive method, reported at GBP7,900 versus GBP12,500 for open surgery and GBP10,000 for laparoscopic surgery, with the da Vinci surgery cost remaining lowest at GBP8,500 when model depreciation was included.

在一項詳細的成本分析中，達芬奇手術被認為是最便宜的方法，報告為 7,900 英鎊，而開腹手術為 12,500 英鎊，腹腔鏡手術為 10,000 英鎊，達芬奇手術的成本仍然最低，為 8,500 英鎊當包括模型折舊時。

These results are similar to papers from the US, Canada, and Sweden that report clinical advantages and cost effectiveness of da Vinci surgery for gynecologic oncology.

這些結果與美國、加拿大和瑞典報告婦科腫瘤達芬奇手術的臨床優勢和成本效益的論文相似。

During the quarter, there were several large-scale database studies published supporting the role of da Vinci surgery.

本季度，發表了幾項支持達芬奇手術作用的大型數據庫研究。

Two studies of interest pertain to benign hysterectomy and partial nephrectomy.

兩項有趣的研究涉及良性子宮切除術和部分腎切除術。

The first study used a premier database of nearly 300,000 benign hysterectomies from 156 hospitals that adopted da Vinci following FDA clearance for gynecologic surgery in 2005.

第一項研究使用了一個主要數據庫，該數據庫包含 156 家醫院的近 300,000 例良性子宮切除術，這些醫院在 2005 年獲得 FDA 批准進行婦科手術後採用了達芬奇手術。

Published by Dr. Luciano and colleagues from the Hospital of Central Connecticut, with support from Intuitive, the study determined that the rate of minimally invasive surgery increased from 40% to 67% from 2005 to 2010.

該研究由康涅狄格中部醫院的 Luciano 博士及其同事在 Intuitive 的支持下發表，研究確定，從 2005 年到 2010 年，微創手術的比例從 40% 增加到 67%。

The increase of minimally invasive surgery came from both adoption of da Vinci surgery and the expansion of laparoscopy.

微創手術的增加來自達芬奇手術的採用和腹腔鏡手術的擴大。

The profile of the da Vinci patient cohort was similar to the open cohort with higher comorbidities, larger uteri, and a greater rate of morbid obesity in the laparoscopic and vaginal cohorts.

達芬奇患者隊列的概況與開放隊列相似，在腹腔鏡和陰道隊列中具有更高的合併症、更大的子宮和更高的病態肥胖率。

Despite this more complex patient mix, da Vinci surgery experienced a lower complication rate than open, lap, or vaginal procedures.

儘管患者組合更為複雜，但達芬奇手術的並發症發生率低於開腹手術、搭接手術或陰道手術。

This lower complication rate was also true during the initial 25-case series of the newly adopting surgeon compared to mature rates of lap or open surgery.

與成熟的膝關節或開放手術相比，這種較低的並發症發生率在新採用的外科醫生最初的 25 個病例係列中也是如此。

Conversion rates were also lower in the da Vinci surgery arm compared to the laparoscopic arm.

與腹腔鏡手術組相比，達芬奇手術組的轉化率也較低。

While da Vinci procedures took longer than the other three modalities, experienced surgeons were able to achieve similar operating times to laparoscopy.

雖然達芬奇手術比其他三種方式花費的時間更長，但經驗豐富的外科醫生能夠實現與腹腔鏡手術相似的手術時間。

There have been earlier studies published from the premier database that compare da Vinci surgery to laparoscopic procedures within the narrower patient population that is amenable to laparoscopy.

早期的研究已經從主要數據庫中發表，比較了達芬奇手術和腹腔鏡手術在適合腹腔鏡檢查的較窄患者群體中的應用。

What this study showed is that da Vinci patient populations were closer in profile to open surgery patients and that da Vinci surgery improved clinical outcomes.

這項研究表明，達芬奇患者人群在外形上更接近開放手術患者，達芬奇手術改善了臨床結果。

The second study analyzed kidney cancer from within the Medicare Surveillance, Epidemiology, and End Results Database to assess whether access to da Vinci systems enabled greater adherence to Surgical Society guidelines for partial nephrectomy and the clinical and economic impact da Vinci surgery has had on kidney cancer populations.

第二項研究分析了醫療保險監測、流行病學和最終結果數據庫中的腎癌，以評估使用達芬奇系統是否能夠更好地遵守外科學會關於部分腎切除術的指南，以及達芬奇手術對腎癌的臨床和經濟影響種群。

A team of health economists, led by Dr. Chandra from Harvard, studied over 27,000 kidney cancer patients treated with partial and total nephrectomies from 1995 to 2010 and published the results in Health Affairs.

由哈佛大學錢德拉博士領導的健康經濟學家團隊研究了 27,000 多名在 1995 年至 2010 年間接受部分和全部腎切除術治療的腎癌患者，並將結果發表在《健康事務》雜誌上。

The authors found that communities that had access to a da Vinci system were consistently more likely to have a higher rate of partial inephrectomies compared to total nephrectomies than those communities that did not have a da Vinci system, with an average 52% increase in the rate of partial nephrectomy penetration.

作者發現，與沒有達芬奇系統的社區相比，與沒有達芬奇系統的社區相比，使用達芬奇系統的社區部分腎切除術的發生率始終高於全腎切除術，平均增加 52%部分腎切除術穿透。

Patients in these communities experienced lower rates of mortality and renal failure.

這些社區的患者死亡率和腎衰竭率較低。

These improved outcomes led to five-year net benefit in quality-adjusted life years of about $100,000 per patient.

這些改善的結果導致每名患者在質量調整生命年中的五年淨收益約為 100,000 美元。

The authors concluded that the benefits of da Vinci surgery outweighed the costs by a ratio of 5 to 1 from the payer and patient perspective.

作者得出結論，從支付方和患者的角度來看，達芬奇手術的收益超過成本的比例為 5 比 1。

Intuitive provided financial support for this study.

Intuitive 為這項研究提供了資金支持。

This concludes my remarks and I thank you for your time.

我的發言到此結束，感謝大家抽出寶貴時間。

I will now turn the call over to Calvin.

我現在將把電話轉給卡爾文。

Thank you, Patrick.

謝謝你，帕特里克。

I will be providing you with our updated financial outlook for 2015.

我將為您提供 2015 年最新的財務展望。

Starting with procedures, on our last call we estimated full-year 2015 procedure growth of 7% to 10% above the approximately 570,000 procedures performed in 2014.

從手術開始，在我們上次電話會議上，我們估計 2015 年全年手術增長 7% 至 10%，高於 2014 年執行的大約 570,000 例手術。

Now, based upon continued strength in US general surgery procedures, particularly hernia repair, favorable dVP macro trends, and solid international procedure growth, we are increasing our estimate for 2015.

現在，基於美國普通外科手術（尤其是疝修補術）的持續強勢、有利的 dVP 宏觀趨勢和穩健的國際手術增長，我們正在增加對 2015 年的估計。

We now anticipate full-year 2015 procedure growth within a range of 8% to 11%.

我們現在預計 2015 年全年手術增長率將在 8% 至 11% 之間。

Turning to gross profit, our full-year 2014 pro forma gross profit margin was 68.4% of revenue.

談到毛利，我們 2014 年全年的備考毛利率為收入的 68.4%。

During 2015, at today's exchange rate we expect the stronger US dollar will reduce gross profit by about 200 basis points for the year.

2015 年，按照今天的匯率，我們預計美元走強將使全年毛利減少約 200 個基點。

Excluding this exchange impact, we anticipate our full-year 2015 gross profit margin will be roughly flat with 2014 on a constant currency basis.

排除這種匯率影響，我們預計我們 2015 年全年的毛利率將與 2014 年大致持平（按固定匯率計算）。

We expect gross margin to increase by quarter in 2015 as the positive impacts of our product cost reductions take effect.

隨著我們降低產品成本的積極影響生效，我們預計 2015 年毛利率將按季度增長。

Our actual gross profit margin will vary quarter to quarter, depending largely upon product mix, systems production volume, and foreign-exchange rates.

我們的實際毛利率每個季度都會有所不同，這在很大程度上取決於產品組合、系統生產量和外匯匯率。

Turning to operating expenses, on our last call we forecasted to grow pro forma 2015 operating expenses between 7% and 10% above 2014 levels.

談到運營費用，在我們上次電話會議上，我們預計 2015 年的預估運營費用將比 2014 年的水平增長 7% 至 10%。

We now expect to grow operating expenses towards the lower end of this range.

我們現在預計運營費用將增長至該範圍的低端。

We now expect our non-cash stock compensation expense to range between $170 million and $180 million in 2015 compared to $180 million to $185 million forecast on our last call and $169 million in 2014.

我們現在預計 2015 年我們的非現金股票補償費用將在 1.7 億美元至 1.8 億美元之間，而我們上次電話會議的預測為 1.8 億美元至 1.85 億美元，2014 年為 1.69 億美元。

We continue to expect other income, which is comprised mostly of interest income, to total between $14 million and $16 million in 2015.

我們繼續預計 2015 年主要由利息收入組成的其他收入總額將在 1400 萬美元至 1600 萬美元之間。

With regard to income tax, we continue to expect our 2015 pro forma income tax rate to be between 28% and 30% of pretax income, depending primarily upon the mix of US and international profits.

關於所得稅，我們繼續預計我們 2015 年的預估所得稅稅率將在稅前收入的 28% 至 30% 之間，這主要取決於美國和國際利潤的組合。

This forecast does not assume the reinstatement of the R&D tax credit in 2015.

該預測不假設 2015 年恢復研發稅收抵免。

That concludes our prepared comments.

我們準備好的評論到此結束。

We will now open the call to your questions.

我們現在將打開您的問題的電話。

(Operator Instructions) Tycho Peterson with JPMorgan.

（操作員說明）摩根大通的第谷彼得森。

I just wanted to start with your view on the sustainability of some of the trends you are seeing in hernia.

我只想從您對您在疝氣中看到的一些趨勢的可持續性的看法開始。

How much do you think this is traveling right now, if you go back and compare and contrast to your early experience with coli, how do you think about the trajectory going forward on hernia, specifically?

你認為現在的傳播有多少，如果你回過頭來與你早期的大腸桿菌經歷進行比較和對比，你如何看待疝氣的發展軌跡，特別是？

As I look at ventral hernia, I think that you are seeing pretty nice response.

當我觀察腹疝時，我認為你看到了很好的反應。

The early response from surgeons and the data looks quite good.

外科醫生的早期反應和數據看起來相當不錯。

I think long term there that that's moving in a positive direction for us.

我認為從長遠來看，這對我們來說是朝著積極的方向發展。

How big that total market is, is still a bit hard to estimate.

整個市場有多大，仍然有點難以估計。

But the early returns there look like surgeons are finding value pretty quickly.

但那裡的早期回報看起來外科醫生很快就發現了價值。

When you look at inguinal hernia, there are some sub segments in that.

當您查看腹股溝疝時，其中有一些子部分。

So that picture is a little more complicated or a little more nuanced.

所以這張圖有點複雜或更微妙。

There are clearly some cases that are more complex, either because the disease is more advanced or because the patient has comorbidities, in which da Vinci really is delivering value and we are getting a lot of great feedback.

顯然有些病例更複雜，要么是因為疾病更嚴重，要么是因為患者有合併症，在這些情況下，達芬奇確實提供了價值，我們得到了很多很好的反饋。

And there are some other procedures that are little simpler and a little different where its use may be a little bit more optional.

還有一些其他程序稍微簡單一些，也有些不同，它們的使用可能更具選擇性。

I think we're going to have to let that play out.

我認為我們將不得不讓它發揮作用。

So I think on the inguinal side there's clearly a segment that matters and there are some other segments that may be less so.

所以我認為在腹股溝一側顯然有一個重要的部分，而其他一些部分可能不那麼重要。

And we won't know that for sure until we see a few quarters past.

在我們看到過去幾個季度之前，我們無法確定這一點。

Okay.

好的。

And then as a follow-up, since this is the first call since we saw the United policy, can you maybe just talk around preauthorization and what your discussions with docs are like and how you see that going out both with United and other private payers?

然後作為後續行動，因為這是我們看到美聯航政策以來的第一次電話會議，你能不能談談預授權以及你與文檔的討論是什麼樣的，以及你如何看待與美聯航和其他私人付款人的關係？

Really speaking to the -- it's too soon to make any commentary, really, in the second quarters.

說真的——現在就第二季度發表任何評論還為時過早。

Speaking to the first quarter, really that set of pre-authorizations and conversations is the continuation of a trend.

說到第一季度，真的那套預授權和對話是一種趨勢的延續。

We didn't feel the nature of those conversations really changed with our customers.

我們並沒有感覺到與我們的客戶進行這些對話的性質真的發生了變化。

We are tracking it in Q2 and that's something that we can give you more detail on, on our next call.

我們正在第二季度對其進行跟踪，我們可以在下次電話會議上為您提供更多詳細信息。

Okay.

好的。

And then just one last one on dVP.

然後是關於 dVP 的最後一個。

Are you seeing any kind of bounce back around watchful waiting as some of the older patients drop out?

隨著一些老年患者退出，您是否看到觀察等待有任何反彈？

One of the underlying drivers, we think, for a return of some strength in dVP in the US is that we're seeing some patients come back to surgical options as falling out of watchful waiting.

我們認為，美國 dVP 恢復一些實力的潛在驅動因素之一是，我們看到一些患者由於觀察等待而重新選擇手術。

And you see some patients being diagnosed later as a result of less PSA screening.

你會看到一些患者由於較少的 PSA 篩查而被診斷得較晚。

So it's a little bit of both of those things, I think, our growth.

所以我認為，這兩者都是我們的成長。

We have seen that stability now for a few quarters in a row and it seems to be evident.

我們已經連續幾個季度看到了這種穩定性，而且這似乎是顯而易見的。

Okay, thank you.

好的謝謝。

Bob Hopkins with Bank of America.

美國銀行的鮑勃霍普金斯。

I just wanted to ask a financial question of Marshall on the gross margin side because that was one of the things that stuck out to me in the quarter.

我只想問 Marshall 關於毛利率的財務問題，因為這是本季度我最關心的事情之一。

I think in the last quarterly call you suggested that the gross margin for 2015 excluding stock option would be similar to the low 67% levels that you saw exiting 2014.

我認為在上一個季度電話會議中，您建議 2015 年不包括股票期權的毛利率將與您在 2014 年看到的 67% 的低水平相似。

And I know you gave some updated guidance here, but I was just curious if you could talk about for 2015 what your new guidance implies relative to the old guidance of the low 67%s for the full year.

我知道你在這裡給出了一些更新的指導，但我只是想知道你是否可以談談 2015 年你的新指導相對於全年低 67% 的舊指導意味著什麼。

So to be clear, going from last quarter, you are right, it was at 67.1%.

所以要清楚，從上個季度開始，你是對的，它是 67.1%。

And this quarter we under shot that.

而本季度我們低於這個水平。

A couple factors there.

那裡有幾個因素。

One is foreign-exchange change since the time that we gave our original estimates back in January.

一個是自我們 1 月份給出最初估計以來的外匯變化。

And that has a negative impact on us.

這對我們有負面影響。

The second thing is, is we had some -- in the quarter we had a higher mix of Xi systems.

第二件事是，我們有一些——在本季度，我們有更多的 Xi 系統組合。

And Xi systems, as we've said before, have lower margins than our Si systems.

正如我們之前所說，Xi 系統的利潤率低於我們的 Si 系統。

And then finally, we had some product recall costs that we don't expect to continue but they reduced our margin this quarter.

最後，我們有一些產品召回成本，我們預計這些成本不會繼續存在，但它們降低了本季度的利潤率。

As we go forward into the year, what our guidance is really predicting is that we are working hard towards reduction of cost associated with our newer products.

隨著我們進入今年，我們的指南真正預測的是我們正在努力降低與我們的新產品相關的成本。

And we will start to see some benefit from that.

我們將開始從中看到一些好處。

Having said that, it takes time.

話雖如此，這需要時間。

And the majority of the benefit from those efforts will really be realized in 2016.

這些努力的大部分收益將在 2016 年真正實現。

And just to run you through the guidance one more time, Bob -- so we took a look at the full year 2014 gross profit margin on a pro forma basis.

鮑勃，只是為了讓你再看一次指導——所以我們在備考基礎上看了一下 2014 年全年的毛利率。

It was 68.4%.

這是68.4%。

Now, when you look at the exchange impact in today's exchange rates, we think the impact is roughly 200 basis points to get you back to a constant currency scenario.

現在，當你看看今天匯率的匯率影響時，我們認為影響大約是 200 個基點，讓你回到一個不變的貨幣情景。

So excluding that, you get to something like 66.4% as the full year rate, as Marshall mentioned, making improvements by quarter as the year goes on, as we are implementing some of these cost reduction improvements.

因此，排除這一點，正如馬歇爾提到的那樣，全年增長率約為 66.4%，隨著時間的推移，隨著我們實施其中一些成本降低改進措施，我們將按季度進行改進。

So for the full-year you think you will be somewhere around that 66.4%, roughly.

因此，對於全年，你認為你將大致在 66.4% 左右。

On the manufacturing cost for Xi, originally when you launched it you told us it was a lower-margin product.

關於 Xi 的製造成本，最初當你推出它時，你告訴我們它是一種利潤率較低的產品。

But then you said over time you thought that the margin on Xi could get up and approach some of the Si levels.

但後來你說隨著時間的推移，你認為 Xi 上的餘量可能會上升並接近某些 Si 水平。

I'm just wondering if you can update us on how long you think that will take.

我只是想知道您是否可以告訴我們您認為這需要多長時間。

And then lastly for me is I was just wondering, Gary, if you could comment on a different subject, which is just your confidence in reimbursement for Japan in 2016.

最後對我來說，我只是想知道，加里，你是否可以就不同的主題發表評論，這就是你對 2016 年日本報銷的信心。

Any updates there would be appreciated.

那裡的任何更新將不勝感激。

Thank you.

謝謝你。

Going back to the comments on Xi, what we have said is that our margins on our newer products, and we typically talked about Xi stapling and vessel sealing, will be lower in the early stages of introduction and that we will work to reduce those costs over time.

回到對 Xi 的評論，我們所說的是我們新產品的利潤率，我們通常談論 Xi 縫合和血管密封，在引入的早期階段會降低，我們將努力降低這些成本隨著時間的推移。

We have always provided the caveat that it doesn't necessarily mean they will get to the same level as our mature products.

我們一直警告說，這並不一定意味著它們會達到與我們成熟產品相同的水平。

They are highly complex products.

它們是高度複雜的產品。

And they have added features to them, and so we never committed that we would get back to that.

他們已經為他們添加了功能，所以我們從未承諾我們會回到那個。

Having said that, I think that there's room to improve from where we are.

話雖如此，我認為我們還有改進的餘地。

And we are working hard on those improvements.

我們正在努力進行這些改進。

That's right.

這是正確的。

Just turning to Japan, we continue to be in full conversation with multiple parties in Japan and supporting them as they pursue reimbursement.

就日本而言，我們繼續與日本的多方進行充分對話，並在他們尋求報銷時支持他們。

I am generally pleased with the direction that the conversations are taking.

總的來說，我對對話的方向感到滿意。

We have not received assurance from the surgical societies or from the government that those methods will produce reimbursements in the 2016 timeframe.

我們沒有從外科協會或政府那裡得到保證，即這些方法將在 2016 年的時間框架內產生報銷。

So that remains uncertain.

所以這仍然不確定。

Having said that, I think the work that's being done and the pace of work that's being done is appropriate.

話雖如此，我認為正在完成的工作和正在完成的工作節奏是合適的。

And we feel like we are doing the right thing.

我們覺得我們在做正確的事。

Great, thank you very much.

太好了，非常感謝。

Ben Andrew with William Blair.

本·安德魯與威廉·布萊爾。

A few things -- first off, Gary, talk a little bit about your confidence in the procedure growth.

有幾件事——首先，加里，談談你對程序增長的信心。

And what dynamics push you toward the higher end of the newly raised range?

什麼動力推動你走向新提高範圍的高端？

So you are asking kind of hypothetically what would we see happen that would move it toward the top end?

所以你是在假設地問，我們會看到什麼情況會發生，將它推向高端？

Yes.

是的。

Yes, so I think we are seeing strength in US general surgery.

是的，所以我認為我們看到了美國普通外科的實力。

So we would expect that to continue.

所以我們希望這種情況會繼續下去。

The strength there is centered on hernia and colon and rectal.

那裡的力量集中在疝氣和結腸直腸上。

Colon and rectal resections, the data looks really good.

結腸直腸切除，數據看起來真不錯。

There is a lot of data that's starting to come out.

有很多數據開始出現。

We expect that that will be a vigorous conversation about the early results we are seeing, particularly as it relates to the large population of patients who are getting open surgeries looks great.

我們預計這將是一場關於我們所看到的早期結果的熱烈討論，特別是因為它涉及到接受開放手術的大量患者看起來很棒。

I think that hernia would continue on its growth rate.

我認為疝氣會繼續保持增長速度。

It's on the fast growth rate.

它的增長速度很快。

I think, as surgeons find value as those publications come out, I think that would support the higher end.

我認為，隨著外科醫生髮現這些出版物的價值，我認為這將支持更高端。

Urology has had some macro environment positives.

泌尿外科有一些宏觀環境的積極因素。

We would have to see those continue to be at the high end.

我們將不得不看到那些繼續處於高端。

And then gynecology has stabilized in this quarter, although we think, as Patrick has described in his prepared remarks, that hysterectomy -- the fundamentals around hysterectomy are likely staying about the same environmentally.

然後婦科在本季度穩定下來，儘管我們認為，正如帕特里克在他準備好的發言中所描述的那樣，子宮切除術——子宮切除術的基本原理可能在環境上保持大致相同。

We think that we are really just looking at Q1-over-Q1 changes here.

我們認為我們真的只是在這裡查看 Q1-over-Q1 的變化。

So to be on the high end I think you have to see positive support there and the stabilization of the coli business.

因此，要處於高端，我認為你必須看到那裡的積極支持和大腸桿菌業務的穩定。

And just -- sorry, Ben -- to add the other end of it, what would be the assumptions to get to the low end?

只是 - 抱歉，Ben - 添加它的另一端，到達低端的假設是什麼？

Probably it would be in assuming a higher degree of payer pushback and some of the benign gynecologic procedures.

可能是假設付款人有更高程度的抵制和一些良性婦科手術。

Okay.

好的。

And then, Gary, just one other thing, extending out that.

然後，加里，只是另一件事，擴展了這一點。

What do you think the bottleneck is in general surgery penetration right now?

您認為目前普外科滲透的瓶頸是什麼？

Is it Xi availability?

是 Xi 可用性嗎？

Is it surgeon training?

是外科醫生培訓嗎？

Obviously, you are working hard on both of those.

顯然，您在這兩方面都在努力工作。

But where do you think the bottleneck is?

但是你認為瓶頸在哪裡？

Yes.

是的。

I don't think it's so much product availability problem.

我不認為這是產品可用性問題。

I think you can do a lot of, certainly, the introductory work on Si systems.

我認為您當然可以做很多關於 Si 系統的介紹性工作。

For sure, Xi makes a difference in the multi-quadrant, and so that's something we are working on.

可以肯定的是，習在多像限中有所作為，所以這就是我們正在努力的事情。

Part of it is access to training, although I think honestly more of it is going to be surgeon education, surgeons interacting with their peers and looking at the data and the potential benefits.

其中一部分是獲得培訓，儘管我認為老實說更多的是外科醫生教育，外科醫生與同行互動並查看數據和潛在好處。

So some of it is just pure adoption dynamics, peer to peer interaction.

所以其中一些只是純粹的採用動態，點對點交互。

Okay, great.

好，太棒了。

And then maybe a quick one for Marshall -- you gave us some good insights on the gross margin trajectory.

然後也許是馬歇爾的一個快速的——你給了我們一些關於毛利率軌蹟的很好的見解。

Where do you think you exit 2015 on the gross margin standpoint, excluding currency impacts?

從毛利率的角度來看，您認為您在 2015 年處於什麼水平，不包括貨幣影響？

I think Calvin has given you the expectation for the year.

我想 Calvin 已經給了你們對這一年的期望。

And of course, given the commentary around it, we believe we will be able to reduce costs.

當然，考慮到圍繞它的評論，我們相信我們將能夠降低成本。

I would expect that the latter part of the year will be better than the earlier part of the year.

我預計今年下半年會比年初好。

Great.

偉大的。

Thanks, guys.

多謝你們。

David Roman with Goldman Sachs.

大衛羅曼與高盛。

It's actually Chris Hammond in for David here.

實際上是 Chris Hammond 來代替 David。

Thank you for taking the questions.

感謝您提出問題。

So for my first question I wanted to circle back to the gross margin conversation.

因此，對於我的第一個問題，我想回到毛利率話題。

I understand that there are a number of puts and takes in the quarter, whether that's FX or recall costs and et cetera.

我知道本季度有很多看跌期權，無論是外匯還是召回成本等等。

But I was hoping that we could just take a step back and talk about what your assessment is of the long-term trajectory for the gross margin of the businesses.

但我希望我們可以退後一步，談談您對企業毛利率長期軌蹟的評估。

And primarily I think, at least in my view, the biggest lever is probably around the ASP bolt-on instruments and for the systems.

我認為，至少在我看來，最大的槓桿可能主要是圍繞 ASP 螺栓固定儀器和系統。

If I look at this over several years, they tend to be declining.

如果我看這幾年，他們往往會下降。

And the argument that Xi is a greater percentage of mixed -- that seems to be the way of the future, I guess, and where systems are going.

關於 Xi 是更大比例的混血兒的論點——我猜這似乎是未來的方式，也是系統的發展方向。

So I just don't understand how we can get back to where that old run rate was.

所以我只是不明白我們如何才能回到原來的運行率。

And any more color there would be very helpful.

任何更多的顏色都會非常有幫助。

So when you talk about the old run rate, I'm not sure which period you are speaking about.

所以當你談到舊的運行率時，我不確定你說的是哪個時期。

I think that as we go forward -- again, not to sound like a broken record, but we will continue to work down costs associated with the newer products.

我認為隨著我們的前進 - 再次，聽起來不像是破紀錄，但我們將繼續降低與新產品相關的成本。

I think that there are numerous dynamics on long-term basis.

我認為長期來看有很多動力。

So, we haven't put out any guidance beyond this year.

因此，我們沒有在今年之後發布任何指導。

And the numerous dynamics include, over time, we will see some pressure on capital.

眾多動態包括，隨著時間的推移，我們將看到一些資本壓力。

We will defend what we have in terms of instrument and accessory and recurring revenue margins.

我們將捍衛我們在儀器和配件以及經常性收入利潤率方面的優勢。

We will -- and we will -- as we expand into products like stapling and vessel sealing, we will be taking a greater share of the overall wallet but likely at a lower margin.

我們將——而且我們將會——隨著我們擴展到裝訂和血管密封等產品，我們將在整個錢包中佔據更大的份額，但利潤率可能會降低。

So there's things going for us and then there are things that will push back on us.

所以有些事情對我們有利，然後有些事情會反推我們。

Okay, that's helpful.

好的，這很有幫助。

And then just on the OUS side I know there you talk about customers waiting in Japan ahead of the Xi approval.

然後就在 OUS 方面，我知道你在那裡談論客戶在 Xi 批准之前在日本等待。

But now that we are moving past that, is there any incremental color that you can talk about and what the customer reaction has been so far?

但是現在我們已經過去了，您是否可以談論任何增量顏色以及到目前為止客戶的反應是什麼？

Is there a more trialing period that has to go on or demo period that would make a more meaningful uptick in Japan be pushed out till later in the year?

是否有更多的試用期或演示期可以讓日本更有意義的增長被推遲到今年晚些時候？

Or is that something that we might could expect in the second quarter?

或者這是我們在第二季度可以預期的事情嗎？

Two dynamics going on with regard to the capital side in Japan.

日本資本方面存在兩種動態。

One of them is folks coming in to evaluate Xi.

其中之一是前來評價習近平的人。

And that's not in hospital, that's looking at the product and understanding these differences vis-a-vis of the Si.

那不是在醫院裡，而是在看產品並了解這些與 Si 的差異。

While that's happening now, the interest in it is quite high.

雖然現在正在發生這種情況，但人們對它的興趣非常高。

What that looks like in terms of translating that interest into sales we will see in future quarters.

我們將在未來幾個季度看到將這種興趣轉化為銷售額的情況。

Longer term in terms of building new programs, that really is going to be dependent on the reimbursement conversations that we've been having in this call and prior calls.

從長遠來看，就建立新計劃而言，這實際上將取決於我們在本次電話會議和之前的電話會議中進行的報銷對話。

Okay, great.

好，太棒了。

Thanks, guys.

多謝你們。

David Lewis with Morgan Stanley.

戴維劉易斯與摩根士丹利。

Gary, just a couple questions here -- first off, on hiring it looks like the hiring this particular quarter was the strongest we've seen or the highest we've seen in two years.

加里，這裡只有幾個問題——首先，在招聘方面，這個特定季度的招聘似乎是我們見過的最強勁或兩年來最高的。

I wonder if you could -- A, I think that's accurate.

我想知道你是否可以——答，我認為這是準確的。

But if it's not accurate, obviously let me know; that would be an embarrassing question.

但如果不准確，請務必告訴我；那將是一個令人尷尬的問題。

But just in terms of where that hiring is happening, is this US hiring?

但就招聘發生的地點而言，這是美國的招聘嗎？

Is this OUS hiring?

這是OUS招人嗎？

And specifically, if it's US, which particular procedures is this hiring going to support?

具體來說，如果是美國，這次招聘將支持哪些特定程序？

Yes.

是的。

Just functionally, where the adds were made, you are right; it was 140 new employees added.

就功能而言，添加的地方是正確的；增加了 140 名新員工。

We ended the quarter with 3,118 employees.

我們在本季度末擁有 3,118 名員工。

I think the majority of the adds this quarter were in the product operations area, specifically in manufacturing, product development, and quality groups, then secondarily continuing to invest in our international organizations including Japan and, to a much lesser extent, the US commercial side.

我認為本季度的大部分新增投資都在產品運營領域，特別是製造、產品開發和質量部門，其次繼續投資於我們的國際組織，包括日本，在較小程度上，美國商業方面.

Okay, very helpful.

好的，很有幫助。

And then another question I think I asked a couple of quarters ago was about the broader capital environments.

然後我想我幾個季度前問過的另一個問題是關於更廣泛的資本環境。

I think the question then was based on what we are seeing US versus OUS, have we reached a point where it's more obvious that future capital growth or net placement growth is going to come outside the US versus US?

我認為當時的問題是基於我們所看到的美國與美國相比，我們是否已經達到了未來資本增長或淨配售增長將來自美國以外而不是美國的地步？

I think at the time I think Gary mentioned it wasn't clear where we see.

我想當時我想加里提到我們不清楚我們看到的地方。

As you take this forward two quarters, a couple things this quarter -- is it now beginning to become clearer that net placement growth is really going to be materially driven outside the US versus the US?

當你向前推進兩個季度時，本季度有幾件事 - 現在是否開始變得更加清楚，淨安置增長真的會在美國以外與美國相比得到實質性推動？

In this particular quarter, net basement growth was a little lighter.

在這個特定的季度，地下室淨增長略有放緩。

And was that just simply driven by Japan and China, specifically?

這僅僅是由日本和中國推動的嗎？

Was there any particular region you could call out that explained the net placement differential?

您是否可以指出任何特定區域來解釋淨安置差異？

So those two pieces would be great, if we could get some color on.

所以這兩件作品會很棒，如果我們能塗上一些顏色的話。

On the capital side I think there were a couple things in the quarter that were a little more specific to us.

在資本方面，我認為本季度有幾件事對我們來說更具體一些。

On the US side, we see hospital systems, particularly corporate ownership, optimizing their capital portfolio.

在美國方面，我們看到醫院系統，尤其是企業所有製，優化了他們的資本組合。

It actually makes perfect sense.

這實際上非常有道理。

And so what they are doing is looking at where they want their systems both within a hospital and between hospitals that they own.

因此，他們正在做的是在醫院內部和他們擁有的醫院之間尋找他們想要係統的地方。

We support them in doing that.

我們支持他們這樣做。

And that, I think, will drive capacity consumption.

我認為，這將推動產能消耗。

And so on those bigger customers they are doing that and we see that.

因此，在那些更大的客戶上，他們正在這樣做，我們看到了。

That's not new for the quarter.

這對本季度來說並不新鮮。

We have seen that for the last few, but I expect that trend to continue.

在過去的幾年中我們已經看到了這一點，但我預計這種趨勢將繼續下去。

For sure, you saw a difference in Japan.

當然，您在日本看到了不同之處。

I think a year ago in Japan, Marshall, the number was 19 -- down to one.

我記得一年前在日本，馬歇爾，這個數字是 19 人——降到了 1 人。

So that has to do with the things we had talked about prior about Japan, both reimbursement and timing of Xi.

所以這與我們之前談到的關於日本的事情有關，包括習近平的報銷和時間安排。

I think that the real question becomes -- the answer to your question is going to come down to available capacity on systems in existing customers.

我認為真正的問題變成了——你的問題的答案將歸結為現有客戶系統的可用容量。

How hard can they push capacity utilization before they need additional systems?

在他們需要額外的系統之前，他們能多努力地提高產能利用率？

We have a pretty good read on that for single hospitals.

對於單一醫院，我們對此有很好的了解。

What changes the dynamic is corporate-owned hospital groups, where they are willing to either move doctors, move patients, or move systems to get higher utilization.

改變動態的是企業所有的醫院集團，他們願意轉移醫生、轉移患者或轉移系統以獲得更高的利用率。

And that part is not yet clear where that will settle.

這部分尚不清楚將在哪裡解決。

Okay, thank you so much.

好的，非常感謝。

Tao Levy with Wedbush.

陶利維與韋德布什。

So a quick question on the gross margin side -- my understanding is you brought in-house some manufacturing that you were outsourcing before.

所以關於毛利率方面的一個快速問題——我的理解是你在內部帶來了一些你以前外包的製造。

Did that have an impact, a negative near-term impact on Xi manufacturing cost?

這是否對 Xi 的製造成本產生了影響，短期的負面影響？

And do you expect that to improve as you get better experienced at some of that?

您是否希望隨著您在其中一些方面獲得更好的經驗而有所改善？

A couple of things there -- one is we've periodically both in source and outsource.

那裡有幾件事——一個是我們定期採購和外包。

I would tag one particular thing as the general trend here.

我會在這裡將一件特定的事情標記為總體趨勢。

In terms of Xi cost reductions, the work that we're doing tends to be a fair number of little things.

在降低 Xi 成本方面，我們正在做的工作往往是相當多的小事。

It's not one big activity the does the trick.

這不是一項大型活動就能達到目的。

It's really optimizing both component manufacturing, looking at manufacturing yields in various parts of the line, and working with suppliers who have better processes.

它真正優化了組件製造，查看生產線各個部分的製造產量，並與擁有更好流程的供應商合作。

So, it's a lot of little work and I wouldn't tag it to one thing in particular.

所以，這是很多小工作，我不會特別將其標記為一件事。

On the service side, some of it is really getting to utilization of our products and what service costs are both in terms of building out the field replaceable units in the field, so there's some investments to make that happen, as well as optimizing the ruggedness of some products and some environments.

在服務方面，其中一些確實涉及到我們產品的利用率以及在現場構建現場可更換單元方面的服務成本，因此需要進行一些投資來實現這一目標，並優化耐用性一些產品和一些環境。

And so, that's the main focus on that product side.

因此，這是產品方面的主要重點。

As Marshall said, we expect the instruments and accessories side to recover margin quickly.

正如 Marshall 所說，我們預計儀器和配件方面將迅速恢復利潤。

We think the systems side will be a little slower.

我們認為系統方面會慢一點。

Okay.

好的。

And on the hysterectomy front, any update on the uptake of Single-Site hysterectomy with the Wristed articulation?

在子宮切除術方面，關於使用腕關節進行單點子宮切除術的最新進展？

And also, just to tag onto that, I know you said year-over-year the comps were easing in hysterectomy.

而且，為了說明這一點，我知道你說過年復一年的補償在子宮切除術中有所緩解。

What about quarter over quarter?

季度環比怎麼樣？

Anything there that might give you some comfort that hysterectomy might be a little bit better than you alluded to?

有什麼可以讓您感到安慰的，因為子宮切除術可能比您提到的要好一點？

When you look at the Single-Site, it has been -- the Wristed Needle Driver has been well received by the gynecologic surgery community.

當您查看 Single-Site 時，腕針驅動器已受到婦科手術界的好評。

Reinstalling a wrist on the Single-Site platform enables them to do more of the reconstruction that they are used to when they do a multiport da Vinci hysterectomy.

在 Single-Site 平台上重新安裝手腕使他們能夠進行更多的重建，這在他們進行多端口達芬奇子宮切除術時已經習慣了。

It has been well received.

它受到了好評。

It's still very early days and we will see where it goes from here.

現在還很早，我們將看到它從這裡走向何方。

Specific to -- sorry, what was your other question?

具體到 - 抱歉，你的另一個問題是什麼？

Looking at hysterectomy quarter over quarter, instead of year-over-year with the easy comp --

通過簡單的比較，逐個季度查看子宮切除術，而不是逐年查看 -

Yes.

是的。

I think when you look at the GYN space and some of the other benign procedures, this quarter looked a lot more like traditional Q4 to Q1 transition relative to what we experienced in 2014.

我認為，當您查看 GYN 空間和其他一些良性程序時，相對於我們在 2014 年經歷的情況，本季度看起來更像是傳統的 Q4 到 Q1 的過渡。

Okay, great.

好，太棒了。

And then just lastly, any reason why you are seeing lower Vessel Sealer usage?

最後，您看到 Vessel Sealer 使用率降低的原因是什麼？

I would have assumed that would have gone up versus --

我本以為會上升——

Just a point of clarity -- Calvin, go ahead.

澄清一點——Calvin，繼續。

I think in general we are seeing increased Vessel Sealer utilization in the field.

我認為總的來說，我們看到 Vessel Sealer 在該領域的利用率有所提高。

What you are seeing less of our those initial orders of the Vessel Sealers and the generator of products that are part of that initial sale.

您所看到的較少是我們最初的 Vessel Sealers 訂單和作為初始銷售一部分的產品生成器。

A bolus of hospitals have now made those investments and that happened to run through our accessory line.

許多醫院現在已經進行了這些投資，而這恰好貫穿了我們的輔助產品線。

Also the generator is integrated into the Xi so they don't have to do a separate purchase.

此外，發電機已集成到 Xi 中，因此他們無需單獨購買。

Okay, perfect, great.

好的，完美，很棒。

Thank you.

謝謝你。

Larry Keusch with Raymond James.

Larry Keusch 和 Raymond James。

Gary or any of the team, I'm wondering if you could speak a little bit colis.

加里或團隊中的任何一個人，我想知道你是否可以說一點大腸桿菌。

You did indicate that, again, you saw those procedures decline.

你確實再次指出，你看到這些程序在減少。

I think in the past you talked about surgeons making decisions on what procedure should be done, and perhaps coli falls to the bottom when you are looking at other general surgical procedures.

我想在過去你談到外科醫生決定應該做什麼手術，當你在看其他一般外科手術時，大腸桿菌可能會下降到底部。

So just want to see if you had gotten a further insights into why that procedure set appears to be declining.

所以只是想看看您是否進一步了解了為什麼該程序集似乎在下降。

I think our commentary is similar to what we had talked about last quarter.

我認為我們的評論與我們上個季度討論的內容相似。

Given the choice for competitive block time on one of our systems, if they can trade it off between hernia procedure or colorectal procedure or a prostatectomy, coli tends to be a lower priority.

考慮到在我們的一個系統上選擇有競爭力的阻塞時間，如果他們可以在疝氣手術或結直腸手術或前列腺切除術之間進行權衡，大腸桿菌往往是一個較低的優先級。

We see surgeons and patients who are delighted with the results and who are committed to it.

我們看到外科醫生和患者對結果感到滿意並致力於此。

And we see some folks, who, if they have a barrier, will switch to a different approach, and if there is a barrier having to do with machine access or there's a barrier with OR times or other approaches.

我們看到一些人，如果他們有障礙，他們會切換到不同的方法，如果存在與機器訪問有關的障礙，或者存在與 OR 時間或其他方法有關的障礙。

So how big that market ultimately is and what it does as capacity settles out remains to be seen.

因此，這個市場最終有多大，以及隨著產能穩定下來它會做什麼，還有待觀察。

Okay.

好的。

But you are not seeing any specific issues with the procedure itself, I take it?

但是您沒有看到程序本身有任何具體問題，我認為是嗎？

No, we haven't seen anything that would indicate that clinically there something going on that's changing folks' view.

不，我們還沒有看到任何跡象表明臨床上正在發生的事情正在改變人們的觀點。

Okay.

好的。

And then I'm wondering, Gary, if you could talk a little bit about China, which is just a market that you started to speak to in the last couple quarters.

然後我想知道，加里，你是否可以談談中國，這只是你在過去幾個季度開始談論的市場。

Maybe help us understand where we are within that market, what needs to happen to further develop it and maybe how we should think about the potential adoption of this technology over there.

也許可以幫助我們了解我們在該市場中所處的位置，進一步開發它需要發生什麼，以及我們應該如何考慮在那裡可能採用該技術。

Sure.

當然。

Clearly, we are in early innings here in China.

顯然，我們在中國處於早期階段。

The response we're seeing both in terms of capital and then the utilization really has to do with the release of the government quota a few quarters ago and now the placement of those systems is meeting that quota.

我們在資本和利用率方面看到的反應確實與幾個季度前政府配額的釋放有關，現在這些系統的安置正在滿足該配額。

Capital sales are still paste in terms of the civilian market through a quota system.

資本銷售仍然通過配額制度在民用市場上粘貼。

And so that will be a limiting step on growth over time.

因此，隨著時間的推移，這將是增長的限制步驟。

Having said that, once they are placed the utilization is coming up and the level of excitement and interest on the part of surgeons is high.

話雖如此，一旦它們被放置，利用率就會提高，外科醫生的興奮程度和興趣也會很高。

We are currently partnered with a distributor in China.

我們目前與中國的經銷商合作。

I think that as we look at long-term in years not quarters, clearly there's an opportunity there.

我認為，當我們從長期而不是季度來看時，顯然那裡有機會。

And there will be some buildout of organizational strength required on both sides for that market to really reach its full potential.

為了使該市場真正發揮其全部潛力，雙方都需要增強組織實力。

And it's something, of course, that we are thinking about.

當然，這是我們正在考慮的事情。

Okay.

好的。

And then lastly, for Marshall or Calvin -- Calvin, in your guidance you indicated on operating expenses, if I got this correctly, that you now anticipate those expenses to grow at the lower end of the 7% to 10% range.

最後，對於 Marshall 或 Calvin——Calvin，在你的指導中你指出了運營費用，如果我沒聽錯的話，你現在預計這些費用將在 7% 到 10% 範圍的低端增長。

It wasn't clear to me why those expenses now are anticipated to go slower than they had been a quarter ago.

我不清楚為什麼這些支出現在預計會比一個季度前慢。

Yes.

是的。

There's a certain element of timing in terms of new hires and programs, but I think really the exchange impact that we have been talking about in terms of its impact on revenue and margin has an effective reducing the expenses in US dollar terms.

在新員工和項目方面有一定的時間因素，但我認為我們一直在談論的匯率影響對收入和利潤率的影響確實有效地減少了以美元計算的支出。

And it's largely that that you are seeing.

這主要是你所看到的。

But no holding back on programs?

但是沒有阻止程序？

No.

不。

Okay, thank you.

好的謝謝。

Imron Zafar with Jefferies.

Imron Zafar 與 Jefferies。

I wanted to ask you about where penetration stands in some of the developed markets like Western Europe and maybe Korea, in dVP and I guess also dVH, just in terms of where penetration is and how much runway lies ahead in terms of growth opportunity going forward.

我想問你在西歐和韓國等一些發達市場的滲透率，dVP，我想還有 dVH，就滲透率和未來增長機會而言，未來有多少跑道.

You know, we think about -- as you look out at Europe, take it country by country, generally we are at healthy penetration but below half in most of the big markets in Europe.

你知道，我們考慮 - 當你看歐洲時，逐個國家，一般來說我們的滲透率是健康的，但在歐洲大多數大市場中低於一半。

So Germany, Italy, France, probably highest in the Nordics and UK.

因此，德國、意大利、法國可能在北歐和英國最高。

So we think there's significant room both in dVP and partial nephrectomy.

所以我們認為 dVP 和部分腎切除術都有很大的空間。

Hysterectomy will really be anchored on hysterectomy for malignant conditions.

子宮切除術將真正錨定在惡性疾病的子宮切除術上。

I think we're just in the beginnings of hysterectomy for malignant conditions in Europe.

我認為我們在歐洲才剛剛開始針對惡性疾病進行子宮切除術。

We are seeing some nice early up take and some nice early work, but you are probably still in single digits for the most part.

我們看到了一些不錯的早期拍攝和一些不錯的早期工作，但在大多數情況下您可能仍處於個位數。

Like the Nordic countries, and growing quickly in the UK.

像北歐國家一樣，在英國發展迅速。

Korea is a similar, I think similar picture.

韓國是一個相似的，我認為相似的畫面。

dVP again in double digits, probably not quite half, and likewise early days in dVH for malignant conditions, partial nephrectomy in between those two.

dVP 再次達到兩位數，可能還不到一半，同樣在 dVH 早期因惡性病症，在這兩者之間進行部分腎切除術。

One thing that was interesting, Imron -- last year for 2014 we did about 60,000 prostatectomies in the United States.

有一件事很有趣，Imron——去年 2014 年我們在美國做了大約 60,000 例前列腺切除術。

If you look at the international market all in, it was 65,000 with a lot of room to grow, as was described.

如果你看看整個國際市場，正如所描述的那樣，它有 65,000 個，還有很大的增長空間。

Lastly, I was wondering if you had any more updates on the Sp in terms of timing where you are vis-a-vis instrumentation and things like that.

最後，我想知道您是否有關於 Sp 的更多更新，在您面對儀器和類似事情的時間安排方面。

Yes.

是的。

So recall we were working through two things.

所以回想一下我們正在做兩件事。

One is making the computational platform and the software compatible with Xi.

一是使計算平台和軟件與 Xi 兼容。

And we are on track doing that.

我們正在這樣做。

And the second thing has been getting the supply chain and costs in line for the instrumentation on the technical side.

第二件事是讓供應鍊和成本與技術方面的儀器保持一致。

And that's also on track.

這也在軌道上。

As those things come together, then we start doing laboratory testing, some in-house customer evaluation and the beginnings of regulatory testing and the building of those dossiers, which is really what is set for the back half of the year.

當這些事情結合在一起時，我們開始進行實驗室測試、一些內部客戶評估以及監管測試的開始和這些檔案的建立，這實際上是為今年下半年設定的。

So, so far we are pleased with where we are.

所以，到目前為止，我們對我們所處的位置感到滿意。

Okay.

好的。

And not to beat the gross margin dead horse even more, but the Sp launch plan -- that is all factored into your commentary about the potentially improving gross margin next year?

並不是為了進一步擊敗毛利率死馬，而是 Sp 推出計劃——這都已納入您對明年毛利率可能提高的評論中？

We haven't tagged a launch date on Sp, nor have we tagged pricing yet.

我們尚未在 Sp 上標記發布日期，也未標記價格。

So the commentary is really ex-Sp, without it.

所以評論真的是ex-Sp，沒有它。

Okay, great.

好，太棒了。

Thank you very much.

非常感謝你。

Richard Newitter with Leerink Swann.

理查德紐特和 Leerink Swann。

Just to follow up on that last question on the gross margin in Sp, when Sp does actually come to market, is that something where we should maybe expect for an incremental gross margin [brag] until you get up to economies of scale on that?

只是為了跟進關於 Sp 毛利率的最後一個問題，當 Sp 確實進入市場時，我們是否應該期望增加毛利率 [吹噓] 直到你達到規模經濟？

Yes.

是的。

Generally speaking, just some context on system gross margins -- these systems when they come out relative to industrial products are very low volume compared to anything you are used to in your day-to-day life.

一般來說，只是系統毛利率的一些背景——這些系統相對於工業產品出現時，與你日常生活中習慣的任何東西相比，數量非常低。

Compared to cars or cell phones or anything like that, these are really low volumes.

與汽車或手機或類似的東西相比，這些產品的銷量確實很小。

So part of the reason that you go through a process of optimizing over a couple of years is that it takes that long to get through the volume changes that you need to make it and also to do some of the manufacturing optimizations.

因此，你經歷幾年優化過程的部分原因是，你需要很長時間才能完成你需要進行的體積變化，並進行一些製造優化。

It's just not possible to do it on very low volumes ahead of time.

只是不可能提前以非常低的數量進行。

So it is generally expected that you will have a margin hit when one of the new pieces of capital come in.

因此，通常預計當其中一項新資本進入時，您的利潤率將受到衝擊。

And so we would expect some.

所以我們會期待一些。

Now, we will manage that both with the work, pre-work we do and how we price when Sp comes out.

現在，我們將通過我們所做的工作、我們所做的前期工作以及我們在 Sp 發佈時如何定價來管理它。

But it's a little premature for that in the forecast.

但現在預測還為時過早。

Okay, and then just one more on gross margin -- you are saying, all else equal, improvement in 2016.

好吧，還有一個關於毛利率的問題——你是說，在其他條件相同的情況下，2016 年有所改善。

Is that improvement off of the 2015 level that you alluded to in that 66.4% range?

與您提到的 66.4% 範圍內的 2015 年水平相比有所改善嗎？

Is that the right kind of benchmark to think of improvement off of?

這是考慮改進的正確基準嗎？

Yes, that's exactly what the guidance was.

是的，這正是指南的內容。

Okay, thank you.

好的謝謝。

And then, Gary, just one last one -- now that we are few quarters into the Xi launch, I was just wondering where you are seeing Xi being used in the field.

然後，加里，最後一個——現在我們已經進入 Xi 發布幾個季度了，我只是想知道你在哪裡看到 Xi 在這個領域被使用。

Are you surprised by the types of sutures it's being used in?

您對它所使用的縫合線類型感到驚訝嗎？

Is there anything worth calling out or telling us with respect to where it's being used that maybe you wouldn't expect it to be used in?

關於它的使用地點，是否有什麼值得大聲說出來或告訴我們的，而您可能不希望它被用在什麼地方？

Are certain types of physicians gravitating towards it for certain types of procedures?

對於某些類型的程序，某些類型的醫生是否傾向於使用它？

In the places that we designed it for I think we are really feeling like it's meeting our expectations, that it looks really good.

在我們設計它的地方，我認為我們真的覺得它符合我們的期望，它看起來真的很棒。

Multi-quadrant surgery, colorectal surgery -- we expected it to set up really well for thoracic surgery, and it is.

多像限手術、結直腸手術——我們希望它能為胸外科手術做好準備，而且確實如此。

If we have been surprised, it's been positive surprises.

如果我們感到驚訝，那就是積極的驚喜。

We've seen urologists appreciate what it can do, folks doing ventral hernia find the flexibility of its setup is helpful for them.

我們已經看到泌尿科醫生欣賞它的功能，做腹疝的人發現其設置的靈活性對他們很有幫助。

And GYN oncologists find the range of motion helpful.

GYN 腫瘤學家發現運動範圍很有幫助。

So that has been a pleasant surprise is their interest in using it and the benefit that it brings them.

因此，令人驚喜的是他們對使用它的興趣以及它給他們帶來的好處。

Well, thank you.

嗯，謝謝。

That was our last question.

這是我們的最後一個問題。

As we have said previously, while we focus on financial metrics such as revenues, profits, and cash flow during these conference calls, our organizational focus remains on increasing patient value by improving surgical outcomes and reducing surgical trauma through products that our surgeons use.

正如我們之前所說，雖然我們在這些電話會議中關注收入、利潤和現金流等財務指標，但我們的組織重點仍然是通過外科醫生使用的產品改善手術結果和減少手術創傷來提高患者價值。

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超越人手的極限進行手術，我向您保證，我們將繼續致力於推動真正有所作為的重要少數事情。

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.

我們感謝您參與和支持這一改善手術的非凡旅程。

And we look forward to talking with you again in three months.

我們期待在三個月後再次與您交談。

Thank you.

謝謝你。

And ladies and gentlemen, that does conclude our conference for today.

女士們，先生們，我們今天的會議到此結束。

Thank you for your participation and choosing AT&T executive teleconference.

感謝您的參與和選擇 AT&T 高管電話會議。

You may now disconnect.

您現在可以斷開連接。