直覺手術 (ISRG) 2015 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們，先生們，謝謝你們的支持。

Welcome to the Intuitive Surgical quarter-two 2015 earnings release call.

歡迎來到 Intuitive Surgical 2015 年第二季度財報電話會議。

(Operator Instructions).

（操作員說明）。

As a reminder, this conference is being recorded.

提醒一下，這次會議正在錄製中。

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

我現在想把會議轉交給我們的主持人，Intuitive Surgical 的高級財務總監 Calvin Darling。

Please go ahead.

請繼續。

Thank you.

謝謝你。

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

下午好，歡迎來到 Intuitive Surgical 第二季度收益電話會議。

With me today, we have Gary Guthart, our President and CEO; and Marshall Mohr, our Chief Financial Officer.

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

Note that Patrick Clingan, who has participated on these calls in recent quarters, will not be with us on the call today due to minor illness.

請注意，最近幾個季度參加過這些電話會議的帕特里克·克林根 (Patrick Clingan) 由於小病，今天不會參加我們的電話會議。

We expect him back in the office next week.

我們期待他下週回到辦公室。

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, and 10-Q, filed on April 22, 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 表格和 2015 年 4 月 22 日提交的 10-Q 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.

告誡潛在投資者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 上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 second-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我們第二季度業績的亮點，如我們今天早些時候宣布的新聞稿中所述，然後是問答環節。

Gary will present the quarter's business and operational highlights; Marshall will provide a review of our second-quarter financial results; then I will discuss procedure and clinical highlights, and provide our updated financial outlook for 2015.

Gary 將介紹本季度的業務和運營亮點； Marshall 將對我們第二季度的財務業績進行審查；然後我將討論程序和臨床亮點，並提供我們 2015 年的最新財務展望。

And 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 for today.

感謝您加入我們今天的電話會議。

In the quarter, growth in procedures was healthy, maintaining the rate of growth we experienced in the first quarter and showing solid performance in several specialties and geographies.

在本季度，程序增長健康，保持了我們在第一季度經歷的增長率，並在多個專業和地區表現出穩健的表現。

Our capital performance improved in the quarter, as did our margins.

我們的資本績效在本季度有所改善，我們的利潤率也是如此。

Starting with procedures, year-over-year growth in the second quarter was just under 14% compared with Q2 of 2014.

從程序開始，與 2014 年第二季度相比，第二季度的同比增長率略低於 14%。

Utilization trends present last quarter continued, with strength in hernia repair, solid growth in colon and rectal resections, continued recovery in prostatectomy, and stable trends in hysterectomy.

上個季度的使用趨勢仍在繼續，疝修補術的實力、結腸和直腸切除術的穩健增長、前列腺切除術的持續恢復以及子宮切除術的穩定趨勢。

Growth in the use of our products was broad-based and included the US, Europe, and key markets in Asia.

我們產品使用的增長基礎廣泛，包括美國、歐洲和亞洲的主要市場。

Procedures grew strongly in China, and growth was solid in Japan and Korea.

手術在中國增長強勁，在日本和韓國增長穩健。

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

Calvin 將在稍後的電話會議中更詳細地審查程序趨勢。

Turning to capital sales, we placed 118 systems in the quarter compared to 96 in the second quarter of 2014.

談到資本銷售，我們在本季度放置了 118 個系統，而 2014 年第二季度為 96 個。

The United States and Japan accounted for most of the growth in system placements year-over-year.

美國和日本佔系統安置同比增長的大部分。

We see interest across our product line, from our multi-quadrant Xi system to our Si system, with customers choosing the system that best fits their program's needs.

從我們的多像限 Xi 系統到我們的 Si 系統，我們看到了整個產品線的興趣，客戶選擇最適合他們項目需求的系統。

In Japan, clearance of the Xi system unlocked some system demand.

在日本，習系統的通關解鎖了部分系統需求。

And we sold 13 systems in the quarter compared with 5 a year earlier.

我們在本季度售出了 13 個系統，而去年同期為 5 個。

Procedure growth in Japan remains healthy, given the current state of reimbursement.

鑑於目前的報銷狀況，日本的程序增長仍然健康。

As we have said on prior calls, the growth of the market in Japan will be paced by continued progress on reimbursement.

正如我們在之前的電話會議上所說，日本市場的增長將隨著報銷方面的持續進展而加快。

Clinical investigators have submitted their partial nephrectomy data to MHLW for review, and ISI continues to work with key stakeholders in the reimbursement for additional procedures.

臨床研究人員已將他們的部分腎切除術數據提交給 MHLW 進行審查，ISI 將繼續與主要利益相關者合作，以報銷額外的程序。

We have no assurance of additional procedure reimbursement at this time.

我們目前無法保證額外程序的報銷。

Turning to margins, our operating teams are focused on reducing product costs for our new products and we are managing our fixed expenses carefully.

談到利潤率，我們的運營團隊專注於降低新產品的產品成本，並且我們正在謹慎管理我們的固定費用。

This quarter was a step in the right direction on gross margin, though an early one.

本季度是朝著毛利率的正確方向邁出的一步，儘管是早期的一步。

We will continue to focus on improvements over the next several quarters.

在接下來的幾個季度中，我們將繼續專注於改進。

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 second quarter is as follows.

綜上所述，我們第二季度的經營業績如下。

Procedures grew just under 14% over the second quarter of last year.

程序比去年第二季度增長了不到 14%。

We placed 118 da Vinci Surgical Systems, up from 96, in the second quarter of 2014.

我們在 2014 年第二季度放置了 118 個達芬奇手術系統，高於 96 個。

Total pro forma revenue for the quarter was $586 million, up 16% from the prior year, and up 20% year-over-year on a constant currency basis.

本季度的預計總收入為 5.86 億美元，比上年增長 16%，按固定匯率計算同比增長 20%。

Total pro forma instrument and accessory revenue increased to $297 million, up 13% over prior year.

備考儀器和配件總收入增加到 2.97 億美元，比上年增長 13%。

We generated pro forma operating profit of $228 million in the quarter compared with $196 million in the second quarter of 2014.

本季度我們的預估營業利潤為 2.28 億美元，而 2014 年第二季度為 1.96 億美元。

And pro forma net income was $173 million compared to $140 million in Q2 of 2014.

預計淨收入為 1.73 億美元，而 2014 年第二季度為 1.4 億美元。

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

在產品開發方面，我們正在通過推出更多 EndoWrist 儀器、將工作台運動與 Xi 集成以及為 Xi 開發 Single-Site 來完善我們的 Xi 系統產品。

In Europe in the second quarter, surgeons have performed the first clinical cases using integrated table motion with Xi, with enthusiastic feedback.

第二季度在歐洲，外科醫生使用與 Xi 集成的桌面運動進行了第一批臨床病例，得到了熱烈的反饋。

We recently submitted our 510(k) for software that enables table motion with Xi.

我們最近提交了我們的 510(k) 軟件，用於使用 Xi 實現桌面運動。

We anticipate filing our 510(k) for Xi Single-Site in the second half of the year.

我們預計在今年下半年為 Xi Single-Site 提交 510(k)。

We have also broadened the roll-out of our white reload for our da Vinci Xi Stapler.

我們還擴大了 da Vinci Xi 訂書機的白色裝填範圍。

Feedback on its utility has been positive.

對其效用的反饋是積極的。

Additional Xi EndoWrist instruments have been released in the quarter, continuing to round out our instrument offering for Xi.

本季度還發布了其他 Xi EndoWrist 儀器，繼續完善我們為 Xi 提供的儀器。

For da Vinci Sp, our dedicated single point of entry architecture, development is progressing with system integration and laboratory testing in progress.

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

Stepping back and looking at the business at the midway point of the year, we are focused on expanding the application of da Vinci in general surgery, particularly colorectal surgery in hernia repair; filling out our product line for da Vinci Xi and launching in key markets globally; developing our organizational capabilities in markets in Europe and Asia; improving our gross margins; and advancing our technologies to improve surgery.

回顧年中的業務，我們專注於擴大達芬奇在普通外科領域的應用，特別是在疝修補術中的結直腸手術；完善我們的 da Vinci Xi 產品線並在全球主要市場推出；發展我們在歐洲和亞洲市場的組織能力；提高我們的毛利率；並推進我們的技術以改進手術。

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 prior-year Xi trade-in programs, legal claim accruals, stock-based compensation, amortization of purchased IP, and investment impairments.

我將在非 GAAP 或備考基礎上描述我們的結果，其中不包括我們上一年的 Xi 以舊換新計劃、法定索賠應計費用、基於股票的補償、購買的 IP 的攤銷和投資減值的影響。

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

我們提供備考信息是因為我們相信業務趨勢和經營成果在備考基礎上更容易理解。

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's 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 second-quarter revenue was $586 million, an increase of 16% compared with $507 million for the second quarter of 2014, and an increase of 10% compared with last quarter.

第二季度備考收入為 5.86 億美元，較 2014 年第二季度的 5.07 億美元增長 16%，較上一季度增長 10%。

Pro forma revenue for the second quarter of 2014 excludes net revenue associated with offers made in 2014 to trade out Si product for Xi product.

2014 年第二季度的預估收入不包括與 2014 年將 Si 產品換成 Xi 產品的報價相關的淨收入。

All trade-out offers were either fulfilled or lapsed in 2014.

2014 年，所有交易報價均已完成或失效。

Second-quarter procedures of approximately 162,000 grew nearly 14% compared with the second quarter of 2014, and approximately 8% compared with the first quarter of 2015.

第二季度約有 162,000 例手術，與 2014 年第二季度相比增長了近 14%，與 2015 年第一季度相比增長了約 8%。

Revenue highlights are as follows.

收入亮點如下。

Pro forma instrument and accessory revenue grew 13% compared with the second quarter of 2014, and increased 7% compared with the first quarter 2015.

預計儀器及配件收入與 2014 年第二季度相比增長 13%，與 2015 年第一季度相比增長 7%。

The increase relative to the prior year reflects procedure growth and customer buying patterns, partially offset by the impact of foreign exchange.

與上一年相比的增長反映了程序增長和客戶購買模式，部分被外彙的影響所抵消。

The increase relative to the prior quarter primarily reflects procedure growth.

與上一季度相比的增長主要反映了程序的增長。

Instrument and accessory revenue realized per procedure, including initial stocking orders, was approximately $1,830 per procedure, approximately the same as the second quarter of 2014, and similar to the approximately $1,840 last quarter.

每個程序（包括初始庫存訂單）實現的儀器和附件收入約為每個程序 1,830 美元，與 2014 年第二季度大致相同，與上一季度的約 1,840 美元相似。

Pro forma system revenue of $176 million increased 27% compared with the second quarter of 2014, and increased 25% compared with the first quarter of 2015.

預計系統收入為 1.76 億美元，與 2014 年第二季度相比增長 27%，與 2015 年第一季度相比增長 25%。

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

與上一年相比的增長反映了單位銷售額的增加，部分被外彙的影響所抵消。

The increase compared with the first quarter primarily reflects increased unit sales.

與第一季度相比的增長主要反映了單位銷售額的增加。

118 systems were placed in the second quarter compared with 96 systems in the second quarter of 2014, and 99 systems last quarter.

第二季度放置了 118 個系統，而 2014 年第二季度為 96 個系統，上一季度為 99 個系統。

64% of the systems placed in the second quarter were Xis compared with 52% in the second quarter of 2014, and 76% in the first quarter of 2015.

第二季度部署的系統中有 64% 是 Xis，而 2014 年第二季度為 52%，2015 年第一季度為 76%。

We sold more Sis in the quarter than the previous quarter, reflecting 7 Si system sales under a contract with the Department of Defense, and 8 Si system sales in Japan.

我們在本季度銷售的 Sis 多於上一季度，反映了根據與國防部簽訂的合同銷售的 7 Si 系統，以及在日本銷售的 8 Si 系統。

We expect the mix of Xi to Si product to fluctuate quarter-to-quarter.

我們預計 Xi 到 Si 產品的組合將按季度波動。

Service revenue of $113 million increased 6% year-over-year and decreased $1 million compared with the first quarter of 2015.

服務收入為 1.13 億美元，同比增長 6%，與 2015 年第一季度相比減少 100 萬美元。

The year-over-year increase reflects the increase in our installed base.

同比增長反映了我們安裝基數的增加。

The decrease compared with the first quarter reflects the timing of service contract renewals and changes in foreign exchange rates, partially offset by an increase in our installed base.

與第一季度相比的減少反映了服務合同續籤的時間和外匯匯率的變化，部分被我們安裝基數的增加所抵消。

Globally, our system ASP of $1.5 million was approximately the same as the second quarter of last year, and increased relative to the first-quarter ASP of $1.48 million.

在全球範圍內，我們 150 萬美元的系統平均售價與去年第二季度大致相同，並且相對於第一季度 148 萬美元的平均售價有所增加。

Relative to the second quarter of 2014, higher ASPs were primarily associated with higher mix of Xis, offset by the impact of the strengthened dollar.

與 2014 年第二季度相比，更高的平均售價主要與更高的 Xis 組合有關，但被美元走強的影響所抵消。

The increase in ASPs relative to last quarter reflect geographic mix and lower trade-in activity.

ASP 相對於上一季度的增長反映了地域組合和較低的以舊換新活動。

ASPs will fluctuate on a geographic and product mix, trade-in volume, and changes in foreign exchange rates.

ASP 將隨著地域和產品組合、交易量以及外匯匯率的變化而波動。

Hospitals financed approximately 21% of the systems placed in the second quarter, up from 14% last quarter.

醫院資助了第二季度約 21% 的系統，高於上一季度的 14%。

We directly financed 12 systems, of which five were structured as operating leases.

我們直接為 12 個系統提供資金，其中五個採用經營租賃方式。

Several customers bought out previously leased systems in the quarter.

一些客戶在本季度買下了之前租用的系統。

Although revenue associated with the buyouts are included in total revenue, we have excluded this revenue from the computation of system ASPs.

儘管與收購相關的收入包含在總收入中，但我們已將此收入排除在系統 ASP 的計算之外。

We have also excluded these buyouts from the system placement number.

我們還從系統配售數量中排除了這些買斷。

In the US, we placed 72 systems in the second quarter, compared with 61 systems in the second quarter of 2014, and 63 systems in the first quarter of 2015.

在美國，我們在第二季度部署了 72 個系統，而 2014 年第二季度為 61 個系統，2015 年第一季度為 63 個系統。

As previously noted, second-quarter system placements in the US included seven systems sold under our Department of Defense contract.

如前所述，美國第二季度的系統配置包括根據我們的國防部合同出售的七個系統。

In general, the increase in system placements relative to the prior year reflect growth in procedures and market acceptance of the Xi system.

總的來說，與上一年相比，系統安置的增加反映了 Xi 系統的程序和市場接受度的增長。

Outside of the US, results were as follows.

在美國以外，結果如下。

Second-quarter pro forma revenue outside the US of $168 million grew 25% compared with $135 million for the second quarter of 2014, and grew 12% compared with $150 million last quarter.

第二季度美國以外的預計收入為 1.68 億美元，與 2014 年第二季度的 1.35 億美元相比增長 25%，與上一季度的 1.5 億美元相比增長 12%。

The increase compared with the previous year reflects higher Japan system revenue, higher instrument and accessory revenue reflecting procedure growth, partially offset by foreign exchange.

與上一年相比的增長反映了更高的日本系統收入，更高的儀器和附件收入反映了程序增長，部分被外匯抵消。

The increase compared with last quarter reflects higher Japan systems placements, geographic mix of system placement, and procedure growth.

與上一季度相比的增長反映了更高的日本系統佈局、系統佈局的地理組合和程序增長。

Outside the US, we placed 46 systems in the second quarter compared with 35 in the second quarter of 2014, and 36 systems last quarter.

在美國以外，我們在第二季度部署了 46 個系統，而 2014 年第二季度為 35 個，上季度為 36 個系統。

O-US system placements reflect 13 systems into Japan this quarter compared with five systems in the second quarter of 2014, and one last quarter.

O-US 系統安置反映本季度有 13 個系統進入日本，而 2014 年第二季度為 5 個系統，上一季度為 1 個。

We obtained Xi approval in Japan in late March, and five of the systems sold this quarter were Xi systems.

我們於 3 月下旬在日本獲得了 Xi 批准，本季度售出的系統中有五個是 Xi 系統。

European system placements grew to 22 systems this quarter compared with 19 last year and 18 last quarter.

本季度歐洲系統部署增加到 22 個系統，而去年和上季度分別為 19 個和 18 個。

We placed no systems into China this quarter compared with one in the second quarter of 2014, and eight last quarter.

與 2014 年第二季度和上一季度的八個相比，本季度我們沒有在中國部署任何系統。

As we have indicated in the past, and consistent with our history, system placements in our O-US markets will fluctuate quarter-to-quarter.

正如我們過去所指出的，並且與我們的歷史一致，我們 O-US 市場的系統佈局將按季度波動。

Moving on to the remainder of the P&L, pro forma gross margin in the second quarter of 2015 was 68% compared with 69.2% for the second quarter of 2014, and 65.6% for the first quarter of 2015.

轉到損益表的其餘部分，2015 年第二季度的預計毛利率為 68%，而 2014 年第二季度為 69.2%，2015 年第一季度為 65.6%。

The decline in gross margins relative to the second quarter of 2014 is primarily attributable to foreign exchange and a higher mix of newer products, including Xi and stapling.

毛利率相對於 2014 年第二季度的下降主要歸因於外彙和新產品的更高組合，包括 Xi 和裝訂。

The sequential improvement in gross margin is primarily attributable to the completion of activities that resulted in one-time charges in the first quarter, and cost of sales efficiency gains.

毛利率的環比改善主要歸因於第一季度導致一次性收費的活動的完成，以及銷售效率收益的成本。

In 2014 we recorded pre-tax charges of approximately $82 million, representing the estimated cost of settling a number of product liability legal claims under a tolling agreement.

2014 年，我們記錄了大約 8200 萬美元的稅前費用，這是根據收費協議解決一些產品責任法律索賠的估計成本。

During 2015, we have refined our estimate of the overall cost of settling claims, and recorded additional charges of approximately $7 million in each of the first and second quarters.

2015 年，我們改進了對理賠總成本的估計，並在第一季度和第二季度記錄了大約 700 萬美元的額外費用。

These charges are excluded from our pro forma results and are included in our GAAP results.

這些費用不包括在我們的備考結果中，並包含在我們的 GAAP 結果中。

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 -- increased 10% compared with the second quarter of 2014, and increased 4% compared with last quarter.

備考運營費用——不包括法律索賠準備金、股票補償費用和所購知識產權的攤銷——與 2014 年第二季度相比增長了 10%，與上一季度相比增長了 4%。

The year-over-year increase of pro forma operating expenses primarily reflects headcount additions and higher incentive compensation.

備考運營費用的同比增長主要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 second quarter was 25.6% compared with an effective tax rate of 29.8% for the second quarter of 2014, and 28.9% last quarter.

我們第二季度的備考有效稅率為 25.6%，而 2014 年第二季度的有效稅率為 29.8%，上一季度為 28.9%。

The effective tax rate for the second quarter of 2015 benefited from approximately $8 million, or the equivalent of $0.21 per share of discrete items, including the release of reserves specific to tax years where we recently completed audits.

2015 年第二季度的實際稅率受益於約 800 萬美元，或相當於每股 0.21 美元的離散項目，包括針對我們最近完成審計的納稅年度釋放的準備金。

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

我們的稅率將隨著美國和海外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 $173 million or $4.57 per share, compared with $140 million or $3.73 per share for the second quarter of 2014, and $135 million or $3.57 per share for the first quarter of 2015.

我們的預估淨收入為 1.73 億美元或每股 4.57 美元，而 2014 年第二季度為 1.4 億美元或每股 3.73 美元，2015 年第一季度為 1.35 億美元或每股 3.57 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 $586 million for the second quarter of 2015 compared with $512 million for the second quarter of 2014, and $532 million for the first quarter of 2015.

2015 年第二季度 GAAP 收入為 5.86 億美元，而 2014 年第二季度為 5.12 億美元，2015 年第一季度為 5.32 億美元。

GAAP net income was $135 million or $3.56 per share for the second quarter of 2015, compared with $104 million or $2.77 per share for the second quarter of 2014, and $97 million or $2.57 per share for the first quarter of 2015.

2015 年第二季度 GAAP 淨收入為 1.35 億美元或每股 3.56 美元，而 2014 年第二季度為 1.04 億美元或每股 2.77 美元，2015 年第一季度為 9700 萬美元或每股 2.57 美元。

We ended the quarter with cash and investments of $2.9 billion, up from $2.7 billion as of March 31, 2015.

本季度末，我們的現金和投資為 29 億美元，高於 2015 年 3 月 31 日的 27 億美元。

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

增長的主要原因是運營產生的現金和股票期權行使的收益，部分被股票回購所抵消。

During the quarter, we repurchased approximately 100,000 shares for $49 million at an average purchase price of $494 per share.

本季度，我們以每股 494 美元的平均購買價格，以 4900 萬美元的價格回購了大約 100,000 股股票。

And with that, I'd like to turn it over to Calvin, who will go over our procedure and clinical highlights, and provide 2015 financial guidance.

有了這個，我想把它交給卡爾文，他將回顧我們的程序和臨床亮點，並提供 2015 年的財務指導。

Thanks, Marshall.

謝謝，馬歇爾。

Let me begin with a review of our procedure results.

讓我先回顧一下我們的程序結果。

As mentioned earlier, total second-quarter year-over-year procedures grew just below 14%, with US procedures growing approximately 10%, and international procedures growing approximately 27%.

如前所述，第二季度總手術量同比增長略低於 14%，其中美國手術量增長約 10%，國際手術量增長約 27%。

In the US, trends observed during the first quarter largely continued through the second quarter.

在美國，第一季度觀察到的趨勢基本持續到第二季度。

In urology, growth in da Vinci Prostatectomy and kidney cancer procedures continued at a similar rate as the first quarter.

在泌尿外科，達芬奇前列腺切除術和腎癌手術的增長速度與第一季度相似。

We continue to believe that our prostatectomy volumes have been tracking to the broader US prostate surgery market.

我們仍然相信，我們的前列腺切除術量一直在追踪更廣泛的美國前列腺手術市場。

In US gynecology, procedures were flat year-over-year, with growth in malignant and complex hysterectomy offset by declines in benign procedures.

在美國婦科，手術數量同比持平，惡性和復雜子宮切除術的增長被良性手術的減少所抵消。

In recent quarters, an increasing proportion of total hysterectomy procedures have been performed by gynecologic oncologists.

最近幾個季度，越來越多的全子宮切除手術由婦科腫瘤學家完成。

During the second quarter, general surgery remained the primary contributor to US growth, with robust growth in hernia repair and solid contribution from colorectal procedures being partially offset by continued declines in cholecystectomies.

在第二季度，普通外科手術仍然是美國增長的主要貢獻者，疝修補術的強勁增長和結直腸手術的穩健貢獻被膽囊切除術的持續下降部分抵消。

During the first half of 2015, ventral and inguinal hernia repair contributed the majority of the increase in US general surgery procedures.

2015 年上半年，腹側和腹股溝疝修補術為美國普通外科手術增加的大部分做出了貢獻。

The contribution to first-half US growth from mature procedures in highly penetrated markets such as da Vinci Prostatectomy and da Vinci Malignant and complex hysterectomy, has exceeded our expectations.

達芬奇前列腺切除術和達芬奇惡性和復雜子宮切除術等高度滲透市場的成熟手術對美國上半年增長的貢獻超出了我們的預期。

In the second half of 2015, growth in da Vinci Prostatectomy is likely to slow as we anniversary into higher prior-year growth rates.

2015 年下半年，達芬奇前列腺切除術的增長可能會放緩，因為我們進入了更高的前一年增長率。

Looking abroad, during the second quarter, international procedure growth was led by a modest acceleration in the global adoption of da Vinci Prostatectomy, with solid contributions from kidney procedures, malignant hysterectomies, and colorectal resections.

放眼國外，在第二季度，國際手術的增長是由全球採用達芬奇前列腺切除術的溫和加速帶動的，腎臟手術、惡性子宮切除術和結直腸切除術做出了巨大貢獻。

During the first half of 2015, growth in international da Vinci Prostatectomy was approximately 20%.

2015年上半年，國際達芬奇前列腺切除術增長約20%。

Let me take a few moments to provide a bit more color around China.

讓我花點時間為中國提供更多色彩。

Over the past year, we have sold 20 systems under tenders from among 38 civilian hospitals authorized by the government to acquire a da Vinci system.

在過去的一年裡，我們已經從政府授權採購達芬奇系統的38家民用醫院中招標出售了20台系統。

Procedure adoption has been broad-based in urologic, gynecologic, general, and thoracic procedures.

在泌尿科、婦科、普通和胸科手術中，程序的採用已得到廣泛應用。

While we are encouraged by these developments, future system placements are dependent on completion of the central purchasing tender under the current authorization, which is set to expire at the end of 2015.

雖然我們對這些發展感到鼓舞，但未來的系統安置取決於當前授權下中央採購招標的完成，該招標將於 2015 年底到期。

It is not certain whether the tender process will be completed or when future governmental authorizations and approvals may enable system placements in 2016 and beyond.

不確定招標過程是否會完成，或者未來的政府授權和批准何時可以在 2016 年及以後啟用系統部署。

Procedure growth rates are likely to be governed by the timing of additional system placements.

程序增長率很可能受額外系統放置時間的支配。

Moving on to clinical and economic validation.

繼續進行臨床和經濟驗證。

A recent publication from Saarlandes University by Professor Stockle and team evaluated the cost-effectiveness of da Vinci Prostatectomy compared to open prostatectomy from a German payer perspective in a 1,400-patient study, partially supported by Intuitive.

Stockle 教授及其團隊最近在薩爾蘭德斯大學發表的一篇文章從德國付款人的角度評估了達芬奇前列腺切除術與開放式前列腺切除術的成本效益，該研究涉及 1,400 名患者，部分研究得到了 Intuitive 的支持。

From a clinical perspective, the robotic patient population showed fewer positive surgical margins and required fewer intraoperative transfusions, with a reduction in hospitalization of approximately 6 days.

從臨床角度來看，機器人患者群體的手術切緣陽性較少，術中輸血需求也較少，住院時間減少了大約 6 天。

In the economic analysis, the study showed that the robotic patients were roughly EUR3,000 per patient less expensive, as measured by the period from the date of surgery to two years post-operation.

在經濟分析中，該研究表明，按照從手術之日到術後兩年的時間段，機器人患者每名患者的費用大約減少 3,000 歐元。

The authors concluded that the improved clinical outcomes led to the reduction in postoperative costs.

作者得出結論，臨床結果的改善導致術後費用的減少。

In the quarter, there was considerable interest in colorectal clinical data with the initial outcomes reported from the ROLARR study.

本季度，人們對結直腸臨床數據非常感興趣，ROLARR 研究報告了初步結果。

In addition, several other notable studies were published during the quarter.

此外，本季度還發表了其他幾項著名的研究。

Let me take a moment to highlight two studies from large-scale, state-wide, general surgery registries published in Surgical Endoscopy.

讓我花點時間強調一下發表在《外科內窺鏡》上的兩項來自全州範圍內的大規模普通外科登記的研究。

The first study was published by Dr. Cleary and team from St.

第一項研究由來自聖路易斯的 Cleary 博士和團隊發表。

Joseph Mercy Health System in Michigan.

密歇根州的 Joseph Mercy 衛生系統。

After reviewing over 2,700 minimally invasive colorectal surgeries from the Michigan Surgical Quality Collaborative Registry, the authors found that conversion rates were lower with robotic compared to laparoscopic procedures for rectal resections.

在審查了來自密歇根外科質量協作登記處的 2,700 多例微創結直腸手術後，作者發現與用於直腸切除術的腹腔鏡手術相比，機器人的轉化率較低。

And hospital length of stay was shorter with robotic procedures compared to conventional and hand-assisted laparoscopic colon procedures.

與傳統和手助腹腔鏡結腸手術相比，機器人手術的住院時間更短。

The second study was published by Dr. Altieri and colleagues from Stony Brook University.

第二項研究由石溪大學的 Altieri 博士及其同事發表。

In a broad-based study of nearly 170,000 minimally invasive general surgeries from the New York Statewide Planning and Research Cooperative System, the authors found that robotic assisted procedures had lower rates of complications and hospital length of stay compared to laparoscopy across several general surgeries, with a lower rate of complications for colectomies.

在一項對紐約州規劃和研究合作系統近 170,000 例微創普外科手術進行的廣泛研究中，作者發現，與腹腔鏡手術相比，機器人輔助手術的並發症發生率和住院時間更低結腸切除術的並發症發生率較低。

They concluded, quote, robotic approaches may facilitate safer adoption of minimally invasive approaches in areas where penetrance of conventional laparoscopy is low, such as in colorectal surgery, close quote.

他們總結說，引用機器人方法可以促進在傳統腹腔鏡檢查外顯率低的區域（例如結直腸手術）更安全地採用微創方法，關閉引用。

This concludes my procedures and clinical commentary.

我的程序和臨床評論到此結束。

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

我現在將為您提供我們 2015 年最新的財務展望。

Starting with procedures, on our last call we estimated full-year 2015 procedure growth of 8% to 11% 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 年全年的手術數量比 2014 年執行的大約 570,000 例手術增長 8% 至 11%。

We are now increasing our procedure estimate for 2015.

我們現在正在增加 2015 年的程序估計。

We now anticipate full-year 2015 procedure growth within a range of 11% to 13%.

我們現在預計 2015 年全年手術增長率將在 11% 至 13% 之間。

Turning to gross profit, our outlook for gross profit margin has modestly improved compared to last quarter.

談到毛利，我們對毛利率的展望與上一季度相比略有改善。

We expect our second-half 2015 pro forma gross profit margin to be within a range of 67% to 68% of revenue.

我們預計 2015 年下半年的備考毛利率將在收入的 67% 至 68% 之間。

Note that this range is a bit lower than our second-quarter gross margin, as Q2 benefited from favorable product and regional system mix, and Q3 and Q4 will likely face stronger foreign exchange headwinds.

請注意，這個範圍略低於我們第二季度的毛利率，因為第二季度受益於有利的產品和區域系統組合，而第三季度和第四季度可能會面臨更大的外匯逆風。

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

我們的實際毛利率將隨季度變化，主要取決於產品和地區組合、系統生產量和匯率。

Turning to operating expenses.

轉向運營費用。

Consistent with our last call, we continue to expect to grow pro forma 2015 operating expenses towards the lower end of a range between 7% and 10% above 2014 levels.

與我們上次的電話會議一致，我們繼續預計 2015 年備考運營費用將比 2014 年水平高出 7% 至 10%。

We now expect our 2015 non-cash stock compensation expense to come in towards the lower end of the $170 million to $180 million range forecast on our last call, fairly flat compared to $169 million in 2014.

我們現在預計 2015 年的非現金股票補償費用將接近我們上次電話會議預測的 1.7 億美元至 1.8 億美元範圍的下限，與 2014 年的 1.69 億美元相比持平。

We expect other income, which is comprised mostly of interest income, to total between $16 million and $18 million in 2015.

我們預計 2015 年主要由利息收入構成的其他收入總額將在 1600 萬美元至 1800 萬美元之間。

With regard to income tax, for the remainder of the year we continue to expect our 2015 pro forma income tax rate to be between 28% and 30% of pre-tax income, depending primarily on the mix of US and international profits.

關於所得稅，在今年剩餘時間裡，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% 到 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).

（操作員說明）。

Bob Hopkins, Bank of America.

美國銀行的鮑勃·霍普金斯。

Congratulations on a good quarter.

祝賀一個好的季度。

Wanted to ask two quick questions.

想問兩個簡單的問題。

First on the gross margin side, I appreciate the specific guidance for the near-term and the back half.

首先在毛利率方面，我很欣賞近期和後半期的具體指導。

But Gary and Marshall, I was wondering if I could just get your views on a little bit longer term.

但是 Gary 和 Marshall，我想知道我是否可以從更長遠的角度了解你們的觀點。

Because gross margin is definitely a major issue for investors as they consider your Company and the stock.

因為毛利率絕對是投資者考慮貴公司和股票時的主要問題。

So is the back-half level that you're talking about here, 67% to 68%, as you think about the long-term, is that a level that you view as sustainable when you think about all the different puts and takes?

那麼你在這裡談論的後半部分，67% 到 68%，當你考慮長期時，當你考慮所有不同的看跌期權時，你認為這個水平是可持續的嗎？

Would just love a comment on long-term gross margin.

只想對長期毛利率發表評論。

Thank you.

謝謝你。

We don't -- as we look at long-term, we don't see huge changes from that range.

我們沒有——從長遠來看，我們看不到該範圍內的巨大變化。

There are a lot of puts and takes that make it hard to call.

有很多 puts 和 takes 很難跟注。

So as we get scale on some of the newer products, we get some benefits in terms of cost and cost reduction.

因此，隨著我們在一些較新產品上的規模擴大，我們在成本和成本降低方面獲得了一些好處。

There are regional variances, so that as mix changes in regions in terms of regional pricing, there are some things that will make it go up and down.

存在區域差異，因此隨著區域定價方面的區域組合變化，有些因素會使其上下波動。

Longer term, we will benefit from some cost advantages.

從長遠來看，我們將受益於一些成本優勢。

But we also think that, depending on the changes in the marketplace and the scale of some of our customers, there are other pressures.

但我們也認為，根據市場的變化和我們一些客戶的規模，還有其他壓力。

So, we think where we are today, that's a pretty good number to think about.

所以，我們認為我們今天所處的位置，這是一個非常值得考慮的數字。

Okay.

好的。

And then as a follow-up, two other quick things.

然後作為後續行動，另外兩件快速的事情。

You've said a -- it sounds like another good quarter on the hernia side.

你已經說過 - 這聽起來像是疝氣方面的另一個好季度。

I was just wondering, now that we're a good, solid couple of quarters in, any kind of commentary from you on -- your views on the sustainability of hernia growth over time, now that you are learning a little bit more.

我只是想知道，既然我們已經度過了一個很好的、穩固的幾個季度，您對任何類型的評論——您對疝氣隨時間增長的可持續性的看法，既然您正在學習更多一點。

And I also just wanted to understand the specifics around your comments on Sp, and when we should be thinking about a formal launch of that as we look forward.

我也只是想了解您對 Sp 的評論的具體細節，以及我們期待何時考慮正式啟動它。

Sure.

當然。

So on the hernia side, as you mentioned, we're seeing good early growth.

所以在疝氣方面，正如你提到的，我們看到了良好的早期生長。

But recognize that hernia is both more than one kind of procedure, abdominal hernia or ventral hernia and inguinal hernia.

但要認識到疝氣不僅僅是一種手術，腹疝或腹疝和腹股溝疝。

And even within those, there's variation in both technique and patient population.

即使在這些中，技術和患者群體也存在差異。

So, clearly, right now, there's a mixture of sustained use by our customers and people who are learning and trialing the technology.

所以，很明顯，現在，我們的客戶和正在學習和試用該技術的人都在持續使用。

What that mix looks like in the near term is actually very hard to determine.

這種組合在短期內是什麼樣子實際上很難確定。

We do see some early evidence of a strong clinical benefit in some of the categories and segments, and we think that's long-term durable.

我們確實看到了一些早期證據表明某些類別和細分市場具有強大的臨床益處，我們認為這是長期持久的。

Calling right now how big those total available markets are going to be is still premature.

現在預測這些可用市場總量有多大還為時過早。

So we have some basic estimates; we're working them down.

所以我們有一些基本的估計；我們正在處理它們。

As the quarters go by here, we'll be able to increase our certainty of what those long-terms look like.

隨著季度的過去，我們將能夠增加對這些長期情況的確定性。

With regard to Sp, we're not predicting the ship date at this time.

關於 Sp，我們目前不預測發貨日期。

We're on track in our technical developments.

我們的技術發展正步入正軌。

We're in conversations with several surgeon groups as well as regulators about where both long-term value can be and what regulatory pathways are.

我們正在與幾個外科醫生團體以及監管機構就長期價值在哪里以及監管途徑是什麼進行對話。

And as those firm up, we'll share them with you in the future.

隨著這些公司的發展，我們將在未來與您分享。

Great.

偉大的。

But that's still a 2016 event, right?

但這仍然是 2016 年的活動，對吧？

We have not anchored on when we're launching.

我們還沒有確定何時啟動。

Okay.

好的。

Thanks for taking the questions.

感謝您提出問題。

Tao Levy, Wedbush.

陶利維，韋德布什。

Maybe the first question, thinking about Japan and next April and reimbursement, I know you mentioned that you submitted some of the kidney data to the regulatory authorities recently.

也許第一個問題，考慮日本和明年 4 月的報銷，我知道你提到你最近向監管機構提交了一些腎臟數據。

Are there any other clinical data that are either required or that you are going to be submitting between now and reimbursement decision time?

從現在到報銷決定時間，是否有任何其他需要或您將要提交的臨床數據？

Yes, so technically, by the way, the submissions are done by the clinical investigators, not by Intuitive.

是的，從技術上講，提交是由臨床研究人員完成的，而不是由 Intuitive 完成的。

We don't see another clinical data submission between now and April.

從現在到 4 月，我們沒有看到其他臨床數據提交。

On the other hand, the pathway that partial nephrectomy went through is something called [sanction euro].

另一方面，部分腎切除術所經過的途徑稱為[制裁歐元]。

That is not the only pathway to have a conversation with the government.

這不是與政府對話的唯一途徑。

So, the one data said that we see going in at the time is partial nephrectomy, but there are other conversations ongoing that don't necessarily have the same pathway.

因此，一項數據表明我們當時看到的是部分腎切除術，但正在進行的其他對話不一定具有相同的途徑。

And nothing has been assured.

沒有什麼是確定的。

We can't anchor you on any particular pathway, but we're having multiple conversations.

我們無法將您固定在任何特定路徑上，但我們正在進行多次對話。

Okay, perfect.

好的，完美。

So just to reiterate that, just because there aren't other studies doesn't mean that you couldn't potentially get reimbursement in other procedures?

所以重申一下，僅僅因為沒有其他研究並不意味著您無法通過其他程序獲得報銷？

Right.

正確的。

Right, there are other methods besides just this one.

對了，除了這個還有別的方法。

Yes, we're not anchored on that April 2016 time frame, either.

是的，我們也沒有固定在 2016 年 4 月的時間框架內。

These other methodologies could occur at any time.

這些其他方法可能隨時出現。

Okay.

好的。

Having said that, there are uncertain, and they take real work and --.

話雖如此，但仍有不確定性，他們需要真正的工作和--。

I understand that.

我明白那個。

So, my next question, if you think of the instruments that you've recently gotten approved, some of the more advanced disposables -- whether it's stapling and you've got now on the Xi, the energy -- or I guess you had that last year.

所以，我的下一個問題，如果你想到你最近獲得批准的儀器，一些更先進的一次性用品——無論是吻合器還是你現在在 Xi 上使用的能量——或者我猜你有那是去年。

But as you think about penetration of the applicable type of procedures where those types of instruments are commonly used laparoscopically, what type of penetration should we be thinking about today?

但是，當您考慮這些類型的儀器通常用於腹腔鏡手術的適用類型的穿透時，我們今天應該考慮哪種類型的穿透？

So, the stapling products that we have in the market today are primarily focused on colorectal surgery, and we're seeing really nice adoption in that procedure.

因此，我們今天在市場上擁有的吻合產品主要集中在結直腸手術上，我們看到在該手術中的應用非常好。

That's what they were designed for.

這就是它們的設計目的。

Staplers are typically used in those procedures, and the adoption of Intuitive's product in that case has been good.

訂書機通常用於這些程序，在這種情況下採用 Intuitive 的產品效果很好。

So we've been pleased with that.

所以我們對此很滿意。

Things like vessel sealing are used more broadly.

容器密封之類的東西使用得更廣泛。

And so we see an increasing penetration of our vessel sealer in a variety of procedures, from general surgery to gynecology and others.

因此，我們看到我們的血管封閉劑在各種手術中的滲透率越來越高，從普通外科手術到婦科手術和其他手術。

So they've been good products for us.

所以它們對我們來說是很好的產品。

I think they're meeting customers' needs, and we've seen growth.

我認為他們正在滿足客戶的需求，而且我們已經看到了增長。

But in terms of the percent of times that the surgeon would use an assistant port, for example, for a stapler or a sealer while doing a da Vinci procedure, are there any metrics around that that you've looked at?

但是就外科醫生在進行達芬奇手術時使用輔助端口（例如訂書機或封口機）的次數百分比而言，您是否看過任何相關指標？

We do track how often they use ours.

我們確實跟踪他們使用我們的頻率。

I don't think we've gotten to a place of disclosing what the breakouts are for each of the sub-units.

我認為我們還沒有到披露每個子單元的突破點的地步。

Okay, great.

好，太棒了。

Thanks a lot.

非常感謝。

Tycho Peterson, JPMorgan.

摩根大通第谷彼得森。

Gary, I'm wondering if you can elaborate a little bit on some of the developments for the back half of the year, and in particular around the intraoperable table motion for Xi.

加里，我想知道你是否可以詳細說明今年下半年的一些發展，特別是圍繞 Xi 的術中手術台運動。

Just trying to understand, does this open up more complex procedures?

只是想了解一下，這是否會打開更複雜的程序？

How do you think about the opportunity set?

您如何看待機會集？

And then similarly with Single-Site for Xi, how do we think about the initial rollout?

然後與 Single-Site for Xi 類似，我們如何考慮初始部署？

Sure.

當然。

With regard to table motion, the value of it, why do it -- the value of an integrated intraoperative table is that it allows the surgeon to position the patient using gravity.

關於床運動，它的價值，為什麼要這樣做——集成術中床的價值在於它允許外科醫生利用重力定位患者。

It is something that they do frequently.

這是他們經常做的事情。

It also allows the anesthesiologist easier interaction to help manage the patient.

它還允許麻醉師更輕鬆地進行交互以幫助管理患者。

And the power of the integration we've done with our partner has been that it allows it to be done quickly and efficiently, so it's fast.

我們與合作夥伴完成的集成的力量在於它可以快速有效地完成，所以速度很快。

So the real value here is to speed up procedures.

所以這裡的真正價值是加快程序。

It allows them to do it seamlessly.

它允許他們無縫地做到這一點。

And so we don't think it's so much opening a different market as it is making it easier and lowering barriers.

因此，我們認為這與其說是打開了一個不同的市場，不如說是讓它變得更容易並降低了壁壘。

The feedback to it, they've been now used in dozens of cases in Europe, where it has CE Mark.

對它的反饋，它們現在已經在歐洲的幾十個案例中使用，在那裡它有 CE 標誌。

Feedback has been really good.

反饋非常好。

And the implementation done by the team is very, very good.

團隊完成的實施非常非常好。

So that looks good and we're encouraged.

所以這看起來不錯，我們受到鼓舞。

We've submitted the 510(k) just recently, so we'll go answer FDA's questions as they come and work through that.

我們最近剛剛提交了 510(k)，因此我們將在 FDA 提出並解決問題時回答他們的問題。

It really is rounding out -- it's one of the features that rounds out the Xi platform.

它真的很完善——這是完善 Xi 平台的功能之一。

Intraoperative table motion is a strong beneficiary for general surgery procedures, where folks are wanting to move around the abdomen; helps a lot in that setting.

術中床運動是普通外科手術的強大受益者，人們希望在腹部周圍移動；在那種情況下有很大幫助。

And so the fact that they can do that dynamically is powerful.

因此，他們可以動態地做到這一點這一事實非常強大。

Turning to Single-Site on Xi, Single-Site is already available, of course as you know, on the Si.

轉向 Xi 上的 Single-Site，Single-Site 已經可用，當然如您所知，在 Si 上。

There's nothing that's a technological limitation from putting it on the Xi.

把它放在 Xi 上沒有任何技術限制。

It's really been doing the work and getting the clearances.

它真的一直在做工作並獲得許可。

What that will enable is the midsized hospital that owns one platform, they may have an Si now; they're doing Single-Site and they want to upgrade to an Xi.

這將使擁有一個平台的中型醫院成為可能，他們現在可能擁有一個 Si；他們正在做 Single-Site，他們想升級到 an Xi。

That completes the set for them, so they don't have to step away from something on their Si system when they move to Xi.

這為他們完成了設置，因此當他們移動到 Xi 時，他們不必離開 Si 系統上的某些東西。

And so that's really the opportunity for us there.

所以這對我們來說真的是機會。

And we're meeting our clinical milestones and -- I'm sorry, our technical milestones, and working through the set of validations that will be required to get clearance.

我們正在實現我們的臨床里程碑——對不起，我們的技術里程碑，並且正在完成獲得許可所需的一系列驗證。

So we're excited about it.

所以我們對此感到興奮。

All right.

好的。

And then a question on ROLARR, now that we've seen the data, I'm just wondering how the discussions with surgeons has evolved.

然後是關於 ROLARR 的問題，既然我們已經看到了數據，我只是想知道與外科醫生的討論是如何發展的。

Has this opened up some doors for you, potentially showing equivalency with laparoscopic?

這是否為您打開了一些大門，可能顯示出與腹腔鏡的等效性？

And yes, just wondering how you are marketing that to your physician base.

是的，只是想知道你是如何向你的醫生群體推銷它的。

The conversation has generally been positive.

談話總體上是積極的。

As you know, ROLARR is -- really studies a little subgroup.

如您所知，ROLARR 是——真正研究一個小的子組。

So the trial design is such that it's comparing advanced laparoscopists, highly experienced laparoscopists to new robotic surgeons in rectal cancer.

因此，試驗設計是這樣的，它將高級腹腔鏡醫師、經驗豐富的腹腔鏡醫師與新的直腸癌機器人外科醫生進行比較。

What is not said in that study is that the dominant treatment modality in rectal cancer is open surgery.

該研究中沒有說的是，直腸癌的主要治療方式是開放手術。

So to show good data upfront as they presented showing equivalents and leaning towards some potential benefits even in that early stage in the small subgroup that is minimally invasively treated today, I think that's generally been seen as a positive.

因此，即使在今天接受微創治療的小亞組的早期階段，為了提前展示良好的數據，因為他們展示了等價物並傾向於一些潛在的好處，我認為這通常被視為積極的。

I don't think it's been ground shaking in either direction, but I think it's generally been well received by our customer base.

我認為它在任何一個方向上都沒有發生翻天覆地的變化，但我認為它普遍受到我們客戶群的歡迎。

And then just last one going back to the original question on the margins, on Sp in particular, I think part of your reason -- the original delay occurred was to get the engineering right and the manufacturing right.

然後最後一個回到原來的邊緣問題，特別是關於 Sp，我認為你的部分原因 - 最初的延遲發生是為了獲得正確的工程和製造權利。

Are you able to just talk a little bit about how you are thinking about the margin profile of Sp when it comes out?

當 Sp 出來時，你能談談你是如何看待它的利潤率的嗎？

Shouldn't it be additive to the overall base you are talking about?

它不應該添加到您正在談論的整體基礎上嗎？

Yes, as we think about Sp and margins, in total really were looking for those procedures where we can really show significant outcome value.

是的，當我們考慮 Sp 和利潤率時，總的來說我們真的在尋找那些我們可以真正顯示出顯著結果價值的程序。

And I think there are some really interesting potentials out there.

我認為那裡有一些非常有趣的潛力。

Sp is a fundamentally different way to deliver the instrumentation relative to multiport.

Sp 是一種提供與多端口相關的儀器的根本不同方式。

We have some experience in single port with Single-Site, but Sp allows us some different opportunities.

我們在 Single-Site 的單端口方面有一些經驗，但 Sp 給了我們一些不同的機會。

That said, it's a little more complicated.

也就是說，它有點複雜。

Now, the engineering side has done a great job.

現在，工程方面做得很好。

The engineering team in terms of getting both the cost structure and the performance where we want it has been very good.

工程團隊在獲得我們想要的成本結構和性能方面一直非常好。

What we want to do is match that up with potential clinical outcomes that really are strong beneficiaries of our approach.

我們想要做的是將其與潛在的臨床結果相匹配，這些結果確實是我們方法的強大受益者。

That's really what the clinical side of work has been, and I'm feeling positive on it.

這確實是工作的臨床方面，我對此感到樂觀。

I think that the design is really enabling.

我認為這個設計真的很有用。

Okay, thank you.

好的謝謝。

Ben Andrew, William Blair.

本安德魯，威廉布萊爾。

If you think about the improvement we've seen versus the earlier guidance, primarily coming from gross margin -- and I know, Gary, you guys have been investing aggressively in Europe and overseas for quite some time now.

如果你考慮一下我們看到的與早期指導相比的改善，主要來自毛利率——我知道，加里，你們已經在歐洲和海外進行了相當長一段時間的積極投資。

Can we see some of that taper, and see more of the upside flowing through the operating margin over the next year or two?

我們能否看到一些縮減，並在未來一兩年內看到更多的上行空間流經營業利潤率？

On the time horizon, it depends a lot on which part of the world you are in.

在時間範圍內，這在很大程度上取決於你所處的世界的哪個部分。

I think that -- as we've talked about -- in Japan, we now have a direct team there starting to perform more effectively.

我認為——正如我們所討論的——在日本，我們現在有一個直接的團隊，開始更有效地執行。

I think as they're integrating, that looks really good.

我認為當他們整合時，這看起來非常好。

There are barriers and other things that have to be overcome structurally.

在結構上必須克服障礙和其他事情。

And how quickly those resolve I think will determine the pace of the commercial business, and we've talked about it already; things like reimbursement.

我認為這些解決方案的速度將決定商業業務的步伐，我們已經討論過了；報銷之類的東西。

In Europe, I think we're seeing a nice performance in several countries.

在歐洲，我認為我們在幾個國家看到了不錯的表現。

The barriers are a little bit different, depending on which country it is.

障礙略有不同，具體取決於所在國家/地區。

Not every country is working at the same pace.

並非每個國家都在以相同的速度工作。

But we are seeing some of the return on the investments in Europe, and we expect both better performance out of Europe in future quarters, and some continued investment.

但我們看到了歐洲投資的一些回報，我們預計未來幾個季度歐洲的業績會更好，而且還會有一些持續的投資。

But I think you were headed towards -- is there additional leverage?

但我認為你的方向是——是否有額外的影響力？

And I think that although those are providing return, we'll continuously be investing in overseas markets.

而且我認為，儘管這些提供了回報，但我們將繼續投資海外市場。

As we've characterized before, there's a really large opportunity out there, and we have other things we have to get done.

正如我們之前描述的那樣，那裡有一個非常大的機會，我們還有其他事情需要完成。

Okay.

好的。

And then just a quick check-the-box question.

然後只是一個快速的複選框問題。

The procedure guidance, is that consistent O-US, US, versus what we've seen year-to-date?

程序指南，與我們今年迄今看到的情況相比，美國、美國是否一致？

Yes, I think in the commentary on the call, we talked about the second quarter really being a continuation of the first-quarter trends.

是的，我認為在電話會議的評論中，我們談到第二季度確實是第一季度趨勢的延續。

And I think that when you talk about the second half of the year, we are talking about a continuation of what we saw in the first half, both domestically and internationally.

而且我認為，當你談論今年下半年時，我們談論的是我們在國內和國際上看到的上半年的延續。

And the variance in the range really has more to do with just the magnitude of those key drivers that we went through.

範圍的差異實際上更多地與我們經歷的那些關鍵驅動因素的大小有關。

Okay.

好的。

And then last for me today, please -- Gary, if you think about pocket share or revenue per procedure in usage -- and I know it's potentially variable with Sp, but how does that evolve over a 3- to 5-year window?

然後今天最後對我來說，請 -- 加里，如果你考慮口袋份額或每個程序在使用中的收入 -- 我知道它可能隨 Sp 而變化，但它如何在 3 到 5 年的窗口內演變？

Because you've got vessel sealing, you've got the stapler; those are relatively underpenetrated versus where they could go.

因為你有血管密封，所以你有吻合器；與他們可以去的地方相比，那些滲透率相對較低。

You've been running kind of flattish, even with some erosion in procedure potential, if you will, in the number of instruments.

你一直在運行有點平坦，即使在程序潛力上有一些侵蝕，如果你願意的話，在儀器的數量上。

You're running flattish on revenue per case.

您的每箱收入持平。

Where does that go?

那去哪兒了？

Are you just hoping to hold it steady?

你只是希望保持穩定嗎？

Or do you see a lot of rich targets out there to grab additional pocket share?

或者你是否看到有很多富有的目標在那裡搶奪額外的口袋份額？

I think in the midterm, there will be some trades here of some efficiency gains realized by hospitals and some increased penetration of advanced instrumentation.

我認為在中期，這裡會有一些交易，包括醫院實現的一些效率提升和先進儀器的一些滲透率增加。

I think in the longer term, the efficiency gains will find a bottom, and the advanced instrumentation will continue to grow.

我認為從長遠來看，效率收益將會觸底，先進的儀器儀表將繼續增長。

Yes, you look at where Q2 came in terms of revenue per procedure, at the $1,830 level.

是的，你看看第二季度每個程序的收入，在 1,830 美元的水平。

About what we would've expected, consistent with the last quarter and the last year.

關於我們的預期，與上一季度和去年一致。

But there were some trade-offs.

但也有一些權衡取捨。

I think foreign exchange hit us harder and we did have some benefit from the newer products that we've talked about that largely offset it.

我認為外匯對我們的打擊更大，我們確實從我們談到的新產品中受益，這在很大程度上抵消了它。

So, a lot of moving parts.

所以，有很多活動部件。

As we look into the second half, we'd probably assume something similar we've seen in the first half on instrument accessory revenue per procedure.

當我們研究下半年時，我們可能會假設我們在上半年看到的類似的情況是每個程序的儀器配件收入。

But to offset the exchange, you're probably going to have to have some favorability in other areas.

但是為了抵消這種交換，你可能不得不在其他領域獲得一些好感。

Great, thank you.

太好了謝謝。

Matt Taylor, Barclays.

馬特泰勒，巴克萊銀行。

I wanted to ask about some of the drivers here that could lead to system sales.

我想在這裡詢問一些可能導致系統銷售的驅動因素。

I know you don't give guidance there.

我知道你不在那裡提供指導。

But could you talk about the importance of the movable table, the instruments, and those other factors that you've talked about in driving the sales, and whether you may see some sequential uptick over the next couple quarters?

但您能否談談可移動桌子、儀器以及您在推動銷售方面談到的其他因素的重要性，以及您是否會在接下來的幾個季度看到一些連續的增長？

Yes, just speaking to the main levers here of system purchase decisions, there's really three levers that we've talked about and remain in place.

是的，就係統購買決策的主要槓桿而言，我們已經討論並保留了三個槓桿。

One of them is upgrade.

其中之一是升級。

For a customer who has a system and is thinking about upgrading from an S or an Si or one of the prior systems, they are really looking out and saying, does Xi bring to them either outcome benefit or new service lines relative to prior products?

對於擁有系統並正在考慮從 S 或 Si 或先前系統之一升級的客戶，他們真的很關注並說，相對於先前的產品，Xi 是否給他們帶來了結果收益或新的服務線？

That's where table motion and Single-Site can make a difference, particularly for single system hospitals.

這就是工作台運動和 Single-Site 可以發揮作用的地方，特別是對於單一系統醫院。

And so we think as those product lines fill out, that will help that upgrade pipeline.

因此，我們認為隨著這些產品線的填補，這將有助於升級管道。

There are people who just buy purely on capacity.

有些人純粹根據容量購買。

They have used the existing capacity of their system; as procedures grow, they look to do additional procedures; they will buy a second system or so.

他們已經使用了他們系統的現有容量；隨著程序的增長，他們希望進行額外的程序；他們將購買第二個系統左右。

And the last one is really capacity again, but often -- is it in the right place?

最後一個確實又是容量，但通常是——它在正確的地方嗎？

If you are a larger institution or an integrated delivery network, you may be interested in moving the capacity to a different region or a different part of your service network.

如果您是大型機構或綜合交付網絡，您可能有興趣將容量轉移到不同地區或服務網絡的不同部分。

Sometimes they do that by moving systems; sometimes they do that by buying systems.

有時他們通過移動系統來做到這一點；有時他們通過購買系統來做到這一點。

So capital decisions are really predicated on those three pillars.

因此，資本決策實際上是基於這三大支柱。

Great, thanks.

太謝謝了。

And one follow-up.

和一個後續行動。

You have a lot of runway here in the general surgery arena.

在普通外科領域，你有很多跑道。

But we've heard other physicians talking about ENT and neuro and cardio.

但我們聽過其他醫生談論耳鼻喉科、神經和心血管疾病。

Can you talk about how you are looking beyond even the big opportunities here, and in general to other areas on the horizon?

你能談談你是如何超越這裡的巨大機遇，以及一般地平線上的其他領域嗎？

We're always out scanning, really from the bottom of your feet to the top of your head, to think about where is current surgery difficult or outcomes suboptimal, and in a place where our kinds of technologies can make a difference.

我們總是在外面掃描，真的是從你的腳底到你的頭頂，以思考當前手術困難或結果不理想的地方，以及我們的技術可以發揮作用的地方。

We are already participating in ENT with our Si product.

我們已經在使用我們的 Si 產品參與 ENT。

We think Sp will have some real value to add in the ENT space over time.

我們認為 Sp 將隨著時間的推移在 ENT 空間中增加一些真正的價值。

There are other things, of course, in our radars as we go.

當然，在我們前進的過程中，還有其他事情在我們的雷達中。

I think that thoracic surgery is something that's going to matter in the future, and something that our kind of technology can make a difference in, in terms of things like lung cancer, mediastinal cancers, and so on.

我認為胸外科在未來會很重要，我們的技術可以在肺癌、縱隔癌等方面有所作為。

And so we're looking at those things.

所以我們正在研究這些事情。

And we have, of course, as you might imagine, other things further out that as we get closer to commercialization we'll talk about.

當然，正如您可能想像的那樣，隨著我們接近商業化，我們還會討論其他更遠的事情。

Great.

偉大的。

Thanks for the time.

謝謝你的時間。

David Lewis, Morgan Stanley.

戴維劉易斯，摩根士丹利。

Gary, just two questions.

加里，只有兩個問題。

The first is on procedures.

首先是關於程序。

The real improvement this quarter was international procedures, I think got better by 7% or so.

本季度真正的改進是國際程序，我認為提高了 7% 左右。

Can you give us any additional color on where specifically that procedure growth is happening?

你能給我們任何額外的顏色來說明程序增長發生的具體位置嗎？

And you had made this commentary last years about these reinvestments overseas.

你去年就這些海外再投資發表了評論。

It certainly seems that those investments are paying off.

看起來這些投資確實得到了回報。

So maybe just more color on where those investments are happening, and what specific regions the procedures are strong.

因此，也許只是更多地說明這些投資發生在哪裡，以及這些程序在哪些特定地區是強大的。

And I had a quick follow-up.

我有一個快速的跟進。

Okay.

好的。

Let me give Calvin the floor to just give a little color on the distribution of procedure growth, and then we'll get back to it.

讓我讓 Calvin 發言，讓他對程序增長的分佈給出一點顏色，然後我們再回到它。

Yes.

是的。

I think it went a little beyond just international.

我認為它超出了國際範圍。

I think on the US side, as I mentioned in the prepared comments, we really had stronger-than-anticipated performance in the more mature procedures in the United States; I think continued strong growth in prostatectomy procedures.

我認為在美國方面，正如我在準備好的評論中提到的那樣，我們在美國更成熟的程序中確實取得了比預期更強的表現；我認為前列腺切除手術的持續強勁增長。

And then in gynecology, I think we anticipated somewhat of a pullback relative to Q1 -- or relative to the prior year, with a tougher comp.

然後在婦科方面，我認為我們預計相對於第一季度或相對於前一年會出現一些回落，而且比較艱難。

And really we were able to maintain the same -- similar level in that mature category.

實際上，我們能夠在該成熟類別中保持相同的水平。

So I think those exceeded our expectations, and were part of the reason to raise the guidance.

所以我認為這些超出了我們的預期，並且是提高指導的部分原因。

And then, as you say, international was driving it.

然後，正如你所說，國際正在推動它。

I think Europe was in general tracking to trends and meeting our performance.

我認為歐洲總體上是在跟踪趨勢並滿足我們的表現。

The majority of our above-expectation growth was in Asia; as I mentioned, most notably China.

我們超出預期的增長主要發生在亞洲；正如我提到的，最著名的是中國。

We also had a very strong quarter in Korea.

我們在韓國也有一個非常強勁的季度。

And then, Gary, just a question on -- I know you get persistent questions on use of the balance sheet.

然後，加里，只是一個問題——我知道你一直有關於資產負債表使用的問題。

But you've said historically that one of the drivers for using the balance sheet obviously is valuation, but the other driver really was just business visibility.

但你曾說過，使用資產負債表的驅動因素之一顯然是估值，但另一個驅動因素實際上只是業務可見性。

And certainly as evidenced by this quarter, business visibility has markedly improved.

當然，正如本季度所證明的那樣，業務知名度已顯著提高。

So, why not use of cash for buyback?

那麼，為什麼不用現金回購呢？

Why was the buyback not bigger last quarter?

為什麼上個季度的回購規模不大？

And how are you thinking about -- what's not a better use your cash than buying back your own stock, just given the improvement in visibility?

你是怎麼想的——考慮到知名度的提高，有什麼比回購自己的股票更好地使用你的現金？

Thank you.

謝謝你。

David, this is Marshall.

大衛，這是馬歇爾。

We philosophically really haven't changed how we approach decisions around cash and utilization of cash or buybacks.

從哲學上講，我們確實沒有改變我們處理現金和現金使用或回購決策的方式。

And we do have an intention to return excess cash to shareholders through stock buybacks.

我們確實有意通過股票回購將多餘的現金返還給股東。

But as you know, we've executed those opportunistically, based on market valuations.

但如您所知，我們已經根據市場估值機會主義地執行了這些操作。

The stock market, and our stock specifically, has been volatile over time.

股票市場，特別是我們的股票，隨著時間的推移一直在波動。

And it creates opportunities for us to purchase stock at favorable prices.

它為我們創造了以優惠價格購買股票的機會。

And, in fact, if you go back over the last 2 1/2 years, we've repurchased more than 2 million shares at an average price of under $420 a share.

事實上，如果回顧過去 2.5 年，我們已經以低於每股 420 美元的平均價格回購了超過 200 萬股股票。

So we're philosophically aligned with what you just said, and that's how we've executed it.

所以我們在哲學上與你剛才所說的一致，這就是我們執行它的方式。

David, you said that visibility has improved.

大衛，你說能見度提高了。

Performance certainly improved this quarter on the -- in terms of the how we manage our business and internally and procedures we have strong visibility; the procedures a little less so.

本季度的業績肯定有所改善——就我們管理業務的方式以及內部和程序而言，我們具有很強的知名度；手續稍微少了點。

But capital remains highly volatile, and just because of the way capital purchase cycles in different economies work.

但資本仍然高度波動，這只是因為不同經濟體的資本購買週期運作方式不同。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

I wanted just to start with maybe Gary -- you are giving us just some reflection about what has transpired over the past four quarters.

我只想從加里開始——你只是給我們一些關於過去四個季度發生的事情的反思。

Because as I look at your business, this quarter really seems to represent a coming together of a lot of the key drivers, whether it's system placements, procedure volumes, global expansion, et cetera.

因為當我審視您的業務時，本季度似乎確實代表了許多關鍵驅動因素的結合，無論是系統佈局、程序量、全球擴張等等。

Whereas in the past few quarters we've seen some of these things I think move in your favor, but not all of them.

在過去的幾個季度中，我們看到了其中一些我認為對您有利的事情，但不是全部。

So is there anything that you saw change in the external environment over the course of the second quarter, or in your own business that really led to a positive coalescence of the key, underlying fundamentals here?

那麼，在第二季度期間，您是否看到外部環境或您自己的業務發生了任何真正導致這里關鍵、潛在基本面積極結合的變化？

I didn't see anything that looked really environmentally driven.

我沒有看到任何看起來真正環保的東西。

As Calvin mentioned earlier, I think moving with market trends tend to be things like prostatectomy and malignant hysterectomy, a little bit more mature, where those are probably more likely indicators of the total market behavior, rather than something specific to Intuitive.

正如 Calvin 之前提到的，我認為隨著市場趨勢的變化往往是前列腺切除術和惡性子宮切除術，更成熟一點，這些可能更可能是總體市場行為的指標，而不是 Intuitive 特有的指標。

With regard to the major drivers that you've been talking about, really I think we've been working on them, in terms of new product launches, investments in Europe, investments in Asia, developing our team, and working on costs and margins.

關於你一直在談論的主要驅動因素，我認為我們一直在努力解決這些問題，包括新產品發布、歐洲投資、亞洲投資、團隊發展以及成本和利潤率方面的工作.

It's really been, roll up your sleeves and do the hard work.

真的是，擼起袖子乾點活。

And we've had, as you've said, some of those have come together a little earlier than others.

正如你所說，我們已經擁有了其中一些比其他人更早聚集在一起的人。

I think one quarter is great.

我認為四分之一很棒。

It doesn't make a trend, and our job is to keep doing it.

它不會成為一種趨勢，我們的工作就是繼續這樣做。

Okay.

好的。

And as you think about the go forward from here -- and understandably I think it's clear why you're not giving total revenue guidance.

當你考慮從這裡向前邁進時——可以理解的是，我認為很清楚為什麼你沒有給出總收入指導。

But what are the factors that you think could lead you to a point to conclude that what you're seeing this quarter turns into a trend?

但是，您認為有哪些因素可以讓您得出結論，即本季度所看到的情況變成了一種趨勢？

I understand results would be one of those things.

我知道結果就是其中之一。

But if you look at factors that you monitor, are we at turning port where robotic surgery growth is back on track versus some of the challenges you've faced over the past couple of years?

但如果你看看你監測的因素，我們是否正處於機器人手術增長重回正軌的轉折點，而不是你在過去幾年面臨的一些挑戰？

Or are there nagging factors that you think still need to be addressed?

還是您認為仍然需要解決一些煩人的因素？

I think there are always things to be worked on, and we've talked about several of them.

我認為總有一些事情需要解決，我們已經討論了其中的幾個。

I think with regard to visibility and predictability of the financials of the business, I think that's really, as I said before, predominantly predicated on capital.

我認為關於企業財務的可見性和可預測性，正如我之前所說，我認為這主要取決於資本。

I think there are some interesting things going in the market.

我認為市場上有一些有趣的事情。

I do think that market acceptance of robotic surgery is increasing.

我確實認為市場對機器人手術的接受度正在提高。

I think some of the debates of where it adds value are starting to be resolved.

我認為一些關於它在哪裡增加價值的爭論開始得到解決。

We see a different tone in some of the surgical conversations more broadly, and I think that's a real positive.

我們在更廣泛的一些外科手術對話中看到了不同的基調，我認為這是一個真正的積極因素。

So we feel good about that.

所以我們對此感覺很好。

Having said that, I think that working through reimbursement pathways, working through regulatory pathways, and building really capable organizations takes time.

話雖如此，我認為通過報銷途徑、監管途徑以及建立真正有能力的組織都需要時間。

And that's what we're focused on, and that will be the biggest predictor of our long-term performance.

這就是我們關注的重點，這將是我們長期業績的最大預測指標。

And maybe lastly, we've started to hear some discussion in the marketplace about potential competition for robotic surgery.

也許最後，我們已經開始在市場上聽到一些關於機器人手術潛在競爭的討論。

Can you maybe just talk about either, A, what you're seeing; and, B, any actions that you're undertaking to position the business well should any new competitors potentially emerge in the next, call it, I don't know, six, 12, 18 months, et cetera?

你能不能談談，A，你所看到的；並且，B，如果未來可能出現任何新的競爭對手，你正在採取什麼行動來很好地定位業務，我稱之為，我不知道，六個月，十二個月，十八個月，等等？

We've been unwavering in our commitment to bringing value to surgery and our belief that we can.

我們一直堅定不移地致力於為手術帶來價值，並堅信我們可以做到。

And, as such, we have really believed that increased competition is inevitable.

因此，我們真的相信競爭加劇是不可避免的。

It's validating in that it has other people putting their investments where they think it will bring value.

它驗證了其他人將他們的投資放在他們認為會帶來價值的地方。

And I think that actually increases the presence of robotic surgery in surgical societies and in the industry broadly.

我認為這實際上增加了機器人手術在外科學會和整個行業中的存在。

In terms of our competitive position, clearly we've anticipated the increase in competitors over the years, and we've not been idle during that time.

就我們的競爭地位而言，顯然我們已經預料到多年來競爭對手的增加，而且我們在那段時間並沒有閒著。

So, we've been thoughtful, and have I think made some investments that will make our position long-term sustainable.

因此，我們一直在深思熟慮，我認為是否進行了一些投資可以使我們的地位長期可持續。

Okay.

好的。

Great.

偉大的。

Appreciate all that perspective.

欣賞所有的觀點。

Thank you.

謝謝你。

I think we have time for one more question, please.

我想我們還有時間再問一個問題。

Rich Newitter, Leerink Partners.

里奇·紐特 (Rich Newitter)，Leerink Partners。

Good afternoon, this is Ravi in for Rich.

下午好，我是 Rich 的 Ravi。

He's on the road today.

他今天在路上。

Thank you for taking the question.

謝謝你提出這個問題。

Got a question on the Japan sales mix; more Sis than Xis.

對日本的銷售組合有疑問； Sis 多於 Xis。

I understand it's early for the Xi launch, but curious as in terms of what you see it would take -- what you envision that it would take in Japan for Xi to inflect more quickly.

我知道現在 Xi 發布還為時過早，但就您所看到的需要什麼而感到好奇 - 您設想在日本需要什麼才能讓 Xi 更快地發生變化。

And then another one, staying O-US; I think you made a comment a little bit earlier regarding China, where you see procedure growth rates -- system placement driving growth seems to be a little bit of the opposite of the US, where procedures appear to be driving systems.

然後是另一個，留在O-US；我想你之前對中國發表了一點評論，在那裡你看到了程序增長率——系統安置推動增長似乎與美國相反，在美國，程序似乎在推動系統。

At what point does the former turn into the latter?

前者在什麼時候變成後者？

And any sort of -- I mean, are there certain number of systems or penetration that you look at when (technical difficulty) that opportunity?

還有任何類型的 - 我的意思是，當（技術難度）那個機會時，你會看到一定數量的系統或滲透嗎？

Thank you.

謝謝你。

Yes.

是的。

I'll let Marshall take the first one on Japan, and I'll take the --.

我會讓 Marshall 負責第一個關於日本的問題，然後我負責 --。

Sure.

當然。

So in Japan what we said was that we had a split of eight Sis and five Xis.

所以在日本我們說的是我們有八個姐妹和五個姐妹。

Now remember, Xi was just introduced -- or just approved, I should say -- just approved in late March, so you've really had the opportunity to sell it in a three-month cycle.

現在請記住，Xi 剛剛推出——或者說剛剛獲得批准，我應該說——剛剛在 3 月下旬獲得批准，所以你真的有機會在三個月的周期內出售它。

Selling cycles in Japan are much longer than that.

日本的銷售週期比這長得多。

In fact, they take multiple quarters to get systems done.

事實上，他們需要多個季度才能完成系統。

That's why you see Sis getting done in the quarter, because the process for which the budget was established by the hospital and the purchase process takes a long time.

這就是為什麼你看到 Sis 在這個季度完成，因為醫院制定預算的過程和採購過程需要很長時間。

And so this is just completion of deals that were already in flight months before this.

因此，這只是在此之前幾個月已經進行的交易的完成。

And it will take time for Xi.

習近平需要時間。

And all of that should be caveated with the point that right now we have one reimbursement in terms of prostatectomy.

所有這一切都應該受到警告，因為現在我們在前列腺切除術方面有一項報銷。

We're hopeful to get other reimbursements.

我們希望得到其他報銷。

But until such time that occurs, system purchases are going to be spotty at best.

但在這種情況發生之前，系統的購買充其量只是參差不齊。

With regard to China, while we're pleased with the procedure growth and it has been strong, you're absolutely right: in early markets where there aren't a lot of systems placed, then system placements drive procedure growth.

關於中國，雖然我們對程序增長感到滿意並且一直很強勁，但您完全正確：在沒有大量系統部署的早期市場，然後系統部署推動程序增長。

And in mature markets, or more mature markets like the United States, where you have more capacity than procedure growth, turns around and drives the systems.

在成熟的市場，或者像美國這樣更成熟的市場，你的產能超過了程序增長，扭轉並推動了系統。

You were asking, what's the pivot or the inflection point there?

你在問，那裡的支點或拐點是什麼？

It really comes down to accessibility, vis-a-vis the patient population you are trying to treat.

這真的歸結為可訪問性，相對於您要治療的患者群體。

So, how many systems are in the neighborhood of the patients who can benefit from them?

那麼，患者附近有多少系統可以從中受益？

And so that's really how you have to back into it: start with the patient population that can benefit from them, and work your way backwards into systems.

因此，這就是你真正必須回到它的方式：從可以從中受益的患者群體開始，然後逆向進入系統。

It's a regional model.

這是一個區域模型。

We try to do that, but it's not always trivial because of data accessible.

我們嘗試這樣做，但由於數據可訪問，這並不總是微不足道的。

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 helping surgeons increase patient value by improving surgical outcomes and reducing surgical trauma.

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改善手術結果和減少手術創傷來幫助外科醫生提高患者價值。

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 to you again in three months.

我們期待在三個月後再次與您交談。