直覺手術 (ISRG) 2015 Q4 法說會逐字稿

Welcome to the Intuitive Surgical Q4 2015 earnings release conference call.

歡迎來到 Intuitive Surgical 2015 年第四季度收益發布電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

Later, we will conduct a question-and-answer session and instructions will be given at that time.

稍後，我們將進行問答環節，屆時將給出說明。

(Operator Instructions)

（操作員說明）

As a reminder, today's conference is being recorded and now I would like to turn the conference over to the Senior Director of Finance for Investor Relations for Intuitive Surgical, Mr. Calvin Darling.

提醒一下，今天的會議正在錄製中，現在我想將會議轉交給 Intuitive Surgical 投資者關係財務高級總監 Calvin Darling 先生。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝你。

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

下午好，歡迎來到 Intuitive Surgical 的第四季度收益電話會議。

With me today, we have Gary Guthart, our President and CEO; Marshall Mohr, our Chief Financial Officer; and Patrick Clingan, Senior 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；和高級財務總監 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.

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 October 21, 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 10 月 21 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，我們的網站 Intuitivesurgical.com 的投資者關係頁面下的音頻存檔部分將提供本次電話會議的音頻重播。

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 our highlights from our fourth quarter results, as described in our press release announced earlier today, followed by a question-and-answer session.

今天的形式將包括向您提供我們第四季度業績的亮點，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 fourth quarter financial results, Patrick will discuss marketing and clinical highlights, and I will provide our financial outlook for 2016 and finally, we will host a question-and-answer session.

Gary 將介紹本季度的業務和運營亮點，Marshall 將回顧第四季度的財務業績，Patrick 將討論營銷和臨床亮點，我將提供我們 2016 年的財務展望，最後，我們將舉辦問答環節會議。

With that, I will turn it over to Gary.

有了這個，我會把它交給加里。

Good afternoon and thank you for joining us on the call today.

下午好，感謝您今天加入我們的電話會議。

2015 was a good year for Intuitive with increased use of our products around the globe and solid operational execution.

2015 年對 Intuitive 來說是豐收的一年，我們的產品在全球範圍內的使用率有所增加，運營執行力也很穩固。

Our focus in 2015 was to drive adoption of our platform in general surgery, expand our da Vinci Xi Surgical System product line, increase our organizational capability and performance in international markets, and improve contribution margins for our newly launched products.

我們在 2015 年的重點是推動我們的平台在普外科領域的採用，擴大我們的達芬奇 Xi 手術系統產品線，提高我們在國際市場的組織能力和績效，並提高我們新推出產品的邊際收益。

Themes that emerged at the close of 2014 continued into 2015, with strong performance in general surgery and international procedure growth.

2014 年末出現的主題一直延續到 2015 年，在普外科和國際手術增長方面表現強勁。

Full-year global procedure growth was approximately 14%, led by growth in general surgery, growth in the use of da Vinci Surgical Systems outside the United States, and strength in urology.

全年全球手術增長約為 14%，這主要得益於普通外科的增長、達芬奇手術系統在美國以外地區的使用增長以及泌尿外科的增長。

US general surgery growth was approximately 31% for the year, made up of strong growth in inguinal hernia repair, ventral hernia repair and colorectal surgery.

美國普通外科全年增長約 31%，其中腹股溝疝修補術、腹疝修補術和結直腸手術增長強勁。

Use of single-site in cholecystectomy and hysterectomy declined for the year.

單部位膽囊切除術和子宮切除術的使用在這一年有所下降。

Outside of the United States, procedure growth was strong, rising approximately 26% over procedures in 2014.

在美國以外，手術增長強勁，比 2014 年的手術增長了約 26%。

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, capital placements increased in 2015 to 492 from 431 placements in 2014.

從當年的資本銷售趨勢來看，2015 年的資本配售從 2014 年的 431 筆增至 492 筆。

Customer interest and acceptance of our latest Platform, da Vinci Xi, has been positive, with Xi making up the majority of placements for the year.

客戶對我們最新平台 da Vinci Xi 的興趣和接受度是積極的，Xi 佔據了今年的大部分展示位置。

In 2015, we shipped 298 systems in the United States, 90 in Europe, 77 in Asia, and 27 in other global markets.

2015 年，我們在美國出貨了 298 個系統，在歐洲出貨了 90 個，在亞洲出貨了 77 個，在全球其他市場出貨了 27 個。

Our operations teams remain focused on optimizing our manufacturing, design and supply chains for our newer products.

我們的運營團隊仍然專注於優化我們新產品的製造、設計和供應鏈。

Progress in the back half of 2015 has been solid, with steady improvements in reducing product costs for our new systems and advanced instruments.

2015 年下半年取得了穩步進展，我們在降低新系統和先進儀器的產品成本方面取得了穩步進展。

We expect our product cost to continue to improve in 2016 and 2017 as a result of these efforts.

由於這些努力，我們預計我們的產品成本將在 2016 年和 2017 年繼續改善。

As we have said before, our offerings make up an ecosystem designed to encompass our customers' needs in building and running outstanding robotic surgery programs.

正如我們之前所說，我們的產品構成了一個生態系統，旨在滿足客戶在構建和運行出色的機器人手術程序方面的需求。

2015 was the year in which we focused on enabling our ecosystem with new product launches globally.

2015 年是我們專注於通過在全球推出新產品來支持我們的生態系統的一年。

We launched our da Vinci Xi system with a core set of instruments, Vessel Sealer and Firefly Fluorescence Imaging in 2014.

2014 年，我們推出了帶有一套核心儀器、Vessel Sealer 和 Firefly Fluorescence Imaging 的達芬奇 Xi 系統。

We broadened our access to our Xi System with international regulatory clearances through the year.

全年，我們通過國際監管許可擴大了對 Xi 系統的訪問。

We also added our 45-millimeter Xi stapler in Q1 as well as Harmonic Curved Shears and a second set of instruments in Q2 of 2015.

我們還在第一季度添加了 45 毫米 Xi 訂書機，並在 2015 年第二季度添加了 Harmonic 曲剪和第二套儀器。

We submitted our 510(k)s for our 30-millimeter stapler for Xi, single-site instrument kit for Xi as well as other Xi accessories in the second half of 2015.

我們在 2015 年下半年提交了用於 Xi 的 30 毫米訂書機、用於 Xi 的單點器械套件以及其他 Xi 配件的 510(k)s。

I am pleased to report that we obtained FDA clearance for Integrated Xi Table Motion this month.

我很高興地報告，我們本月獲得了 FDA 對 Integrated Xi Table Motion 的許可。

In addition to products, our surgeon customers can choose from dozens of training courses provided by academic surgeons as well as courses designed for assistants and other operating room staff.

除了產品之外，我們的外科醫生客戶還可以從學術外科醫生提供的數十種培訓課程以及為助理和其他手術室工作人員設計的課程中進行選擇。

Our customers own over 1,400 surgical simulators and over 600 dual consoles to assist them in technology training.

我們的客戶擁有 1,400 多個手術模擬器和 600 多個雙控制台，以協助他們進行技術培訓。

In addition our teams have provided detailed analytic and operational support for customers seeking to optimize and benchmark their programs relative to international norms.

此外，我們的團隊還為尋求根據國際規範優化和基準測試其項目的客戶提供了詳細的分析和運營支持。

We believe the combination of these products and services are important to fully enable our customers.

我們相信這些產品和服務的結合對於全面支持我們的客戶非常重要。

Looking back at the full year of 2015, our operating performance is summarized as follows.

回顧2015年全年，我們的經營業績總結如下。

Worldwide procedures grew by approximately 14%.

全球程序增長了約 14%。

We shipped 492 da Vinci Surgical Systems in the year, up from 431 in 2014.

我們今年出貨了 492 台達芬奇手術系統，高於 2014 年的 431 台。

Total revenue was $2.4 billion, up 12% from 2014 and up 15% on a constant currency basis.

總收入為 24 億美元，比 2014 年增長 12%，按固定匯率計算增長 15%。

Recurring revenue grew to $1.7 billion, up 11% and comprising 70% of total revenue.

經常性收入增長至 17 億美元，增長 11%，佔總收入的 70%。

We generated $946 million in pro forma operating profit, up 16% from last year.

我們產生了 9.46 億美元的備考營業利潤，比去年增長 16%。

Pro forma net income was $731 million, up 20% from 2014.

預計淨收入為 7.31 億美元，比 2014 年增長 20%。

And we repurchased 366,000 shares at an average price of $502 per share during 2015.

2015 年，我們以每股 502 美元的平均價格回購了 366,000 股。

Turning to our operating performance for the fourth quarter, procedures grew approximately 15% over the fourth quarter of last year.

談到我們第四季度的經營業績，程序比去年第四季度增長了約 15%。

We shipped 158 da Vinci Surgical Systems, up from 137 in the fourth quarter of 2014.

我們出貨了 158 台達芬奇手術系統，高於 2014 年第四季度的 137 台。

Total pro forma revenue for the quarter was $677 million, up 13% from prior year.

本季度的預計總收入為 6.77 億美元，比去年同期增長 13%。

Instrument and accessory revenue increased to $326 million, up 16%.

儀器和附件收入增加到 3.26 億美元，增長 16%。

We generated a pro forma operating profit of $293 million in the quarter, up 28% from the fourth quarter of last year and pro forma net income was $224 million, up 22% from Q4 of 2014.

本季度我們的預估營業利潤為 2.93 億美元，比去年第四季度增長 28%，預估淨收入為 2.24 億美元，比 2014 年第四季度增長 22%。

As we look to the future, we passionately believe that robotic-assisted surgery is in its infancy in application and technology.

展望未來，我們堅信機器人輔助手術在應用和技術方面仍處於起步階段。

As we have improved our cost and supply chains for new products, we anticipate increasing our investments in key areas that will enable and drive the future of robotic-assisted surgery.

由於我們已經改善了新產品的成本和供應鏈，我們預計會增加對關鍵領域的投資，以實現和推動機器人輔助手術的未來。

These include product investments in advanced imaging, advanced instrumentation and next-generation robotics.

其中包括對高級成像、高級儀器和下一代機器人技術的產品投資。

We will also continue to invest in procedure, product and program analytics, international market development, and economic and clinical validation.

我們還將繼續投資於程序、產品和程序分析、國際市場開發以及經濟和臨床驗證。

Looking to 2016, our priorities are as follows.

展望 2016 年，我們的工作重點如下。

First, we will focus on the expanded use of da Vinci in general and thoracic surgery, particularly colorectal surgery and hernia repair.

首先，我們將專注於擴大達芬奇在普外科和胸外科的應用，尤其是結直腸外科和疝修補術。

Second, we will work to advance our ecosystem, including expanding our Xi line and taking our SP Product line into initial clinical use.

其次，我們將努力推進我們的生態系統，包括擴展我們的 Xi 產品線以及將我們的 SP 產品線投入初始臨床使用。

Third, we will drive our organizational capabilities in markets in Europe and Asia and finally, we will continue to assist our customers in their efforts to maximize the comprehensive value of their programs.

第三，我們將提升我們在歐洲和亞洲市場的組織能力，最後，我們將繼續協助我們的客戶努力實現其項目綜合價值的最大化。

I'll now turn the call over to Marshall, who will review financial highlights.

我現在將電話轉給馬歇爾，他將審查財務亮點。

Thank you, Gary.

謝謝你，加里。

I'll 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 settlements and 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、法律和解和法律應計索賠、基於股票的補償、購買的 IP 的攤銷的影響，和投資減值。

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

我們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 fourth quarter revenue was $677 million, an increase of 13% compared with $601 million for the fourth quarter of 2014 and an increase of 15% compared with last quarter.

第四季度備考收入為 6.77 億美元，與 2014 年第四季度的 6.01 億美元相比增長 13%，與上一季度相比增長 15%。

Pro forma revenue for the fourth quarter of 2014 excludes $4 million of revenue associated with offers made in 2014 to trade out SI product for Xi product.

2014 年第四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 400 萬美元收入。

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。

Fourth quarter 2015 procedures of approximately 177,000 increased 15% compared with the fourth quarter of 2014, and increased 9% compared with the third quarter of 2015.

2015 年第四季度的手術量約為 177,000 件，較 2014 年第四季度增長 15%，較 2015 年第三季度增長 9%。

Procedure growth was primarily driven by general surgery procedures in the US and urology worldwide.

手術的增長主要是由美國的普通外科手術和全球的泌尿外科手術推動的。

Revenue highlights are as follows: Pro forma instrument and accessory revenue increased 16% compared with last year and increased 9% compared with the third quarter of 2015.

收入亮點如下： 備考儀器及配件收入與去年同期相比增長 16%，與 2015 年第三季度相比增長 9%。

The increase relative to prior year reflects procedure growth and increased sales of advanced instruments partially offset by the impact of foreign exchange.

與上一年相比的增長反映了先進儀器的程序增長和銷售增長，部分被外彙的影響所抵消。

The increase over the prior quarter reflects procedure growth and sales of advanced instruments, partially offset by customer buying patterns.

上一季度的增長反映了先進儀器的程序增長和銷售，部分被客戶購買模式所抵消。

Instrument and accessory revenue realized per procedure, including initial stocking orders, was approximately $1,840 per procedure.

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 1,840 美元。

This metric has now been trending in a tight range between $1,830 and $1,840 per procedure over the past year with recent quarters reflecting higher sales of advanced instruments, offset by the impact of foreign exchange.

在過去一年中，該指標目前一直在每次手術 1,830 美元至 1,840 美元之間的窄幅區間內波動，最近幾個季度反映出先進儀器的銷售額有所增加，但被外彙的影響所抵消。

Pro forma system revenue of $231 million increased 9% compared with last year and increased 32% compared with last quarter.

預估系統收入為 2.31 億美元，比去年增長 9%，比上一季度增長 32%。

The increase relative to the prior year primarily reflects increased unit sales.

與上一年相比的增長主要反映了單位銷售額的增加。

The increase relative to the third quarter reflects increased unit sales, partially offset by lower ASPs.

與第三季度相比的增長反映了單位銷售額的增加，部分被較低的平均售價所抵消。

158 systems replaced in the fourth quarter compared with 137 systems in the fourth quarter of 2014, and 117 systems last quarter.

與 2014 年第四季度的 137 個系統和上一季度的 117 個系統相比，第四季度更換了 158 個系統。

Approximately 72% of the systems shipped in the quarter were Xi, which is comparable to prior quarters.

本季度約 72% 的出貨系統是 Xi，這與前幾個季度相當。

Globally, our average system price of $1.550 million was comparable to the fourth quarter of 2014 and slightly less than the $1.600 million ASP last quarter.

在全球範圍內，我們 155 萬美元的平均係統價格與 2014 年第四季度相當，略低於上一季度 160 萬美元的平均售價。

Relative to the prior year, increases related to a lower trade-in mix were mostly offset by foreign exchange.

與上一年相比，與較低的以舊換新組合相關的增長大部分被外匯抵消。

The decrease relative to the third quarter reflects geographic mix and a lower proportion of Xi dual consoles.

與第三季度相比的下降反映了地域組合和 Xi 雙控制台的比例較低。

ASPs fluctuate quarter to quarter based on geographic and product mix, trade-in volume and changes in foreign exchange rates.

根據地域和產品組合、以舊換新交易量和外匯匯率的變化，平均售價每季度都在波動。

Hospitals financed approximately 17% of the systems placed in the fourth quarter, down from 25% last quarter.

醫院資助了第四季度約 17% 的系統，低於上一季度的 25%。

We directly financed 20 systems, including placing the most operating leases, 16 since we began our direct leasing program in the second quarter of 2014.

自 2014 年第二季度開始我們的直接租賃計劃以來，我們直接資助了 20 個系統，其中包括最多的經營租賃，其中 16 個。

As of the end of the fourth quarter, 49 of the 3,597 systems out in the field were under operating leases.

截至第四季度末，外地的 3,597 個系統中有 49 個處於經營租賃狀態。

We exclude the impact of operating leases from our system ASP calculations.

我們在系統 ASP 計算中排除了經營租賃的影響。

Service revenue of $120 million increased 9% year-over-year and increased 2% compared with the third quarter of 2015.

服務收入 1.2 億美元，同比增長 9%，與 2015 年第三季度相比增長 2%。

The year-over-year and quarter-over-quarter increases reflect the increase in our installed base of da Vinci systems.

同比和環比增長反映了我們達芬奇系統安裝基數的增加。

Outside of the US, results were as follows: Fourth quarter pro forma revenue outside of the US of $219 million increased 11% compared with $198 million for the fourth quarter of 2014 and increased 45% compared with $151 million last quarter.

美國以外地區的業績如下： 與 2014 年第四季度的 1.98 億美元相比，第四季度美國以外地區的預計收入為 2.19 億美元，增長 11%，與上一季度的 1.51 億美元相比增長 45%。

The increase compared with the previous year reflects higher system unit sales and higher recurring revenue driven by procedure growth of 27%.

與上一年相比的增長反映了更高的系統單位銷售額和更高的經常性收入，這是由 27% 的程序增長推動的。

Outside the US, we placed 75 systems in the fourth quarter compared with 66 in the fourth quarter of 2014 and 37 systems last quarter.

在美國以外，我們在第四季度部署了 75 個系統，而 2014 年第四季度為 66 個，上季度為 37 個系統。

Current quarter system sales include 13 into China, 11 into Japan, 8 into Italy, and 7 into Brazil.

當前季度系統銷售包括 13 個進入中國、11 個進入日本、8 個進入意大利和 7 個進入巴西。

System placements inside the US will continue to be lumpy, as some of these markets are in the early stages of adoption; some markets are highly seasonal, reflecting budget cycles or vacation patterns; and sales into some markets are constrained by government regulation.

美國境內的系統佈局將繼續參差不齊，因為其中一些市場處於採用的早期階段；一些市場具有很強的季節性，反映了預算週期或假期模式；某些市場的銷售受到政府監管的限制。

The pro forma gross margin for the fourth quarter of 2015 was 69.6% compared with 67.1% for the fourth quarter of 2014 and 69.3% for the third quarter of 2015.

2015 年第四季度的備考毛利率為 69.6%，而 2014 年第四季度為 67.1%，2015 年第三季度為 69.3%。

Compared with the fourth quarter of 2014, the higher gross margin reflects lower inventory charges, improved efficiencies, partially offset by foreign exchange, and a higher mix of our newer products which carry lower gross margins than our mature products.

與 2014 年第四季度相比，較高的毛利率反映了較低的庫存費用、提高的效率（部分被外匯抵消）以及我們毛利率低於成熟產品的新產品的更高組合。

Gross margin includes the impact of the medical device tax, which has been suspended for the next two years.

毛利率包括醫療器械稅的影響，該稅已在未來兩年暫停。

The medical device tax reduced our 2015 gross margin by approximately 70 basis points.

醫療器械稅使我們 2015 年的毛利率下降了約 70 個基點。

Future margins will fluctuate based on the mix of our newer products and whether we are required to pay the medical device tax and costs associated with manufacturing efficiencies and product charges.

未來的利潤率將根據我們新產品的組合以及我們是否需要支付與製造效率和產品費用相關的醫療器械稅和成本而波動。

In 2014, we recorded pre-tax charges of approximately $82 million, representing the estimated cost of settling a number of product legal liability 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法律責任索賠的估計成本。

During 2015, we refined our estimate of the overall cost of settling claims and recorded additional charges of approximately $14 million in the first half of the year.

2015 年，我們改進了對理賠總成本的估計，並在上半年記錄了大約 1400 萬美元的額外費用。

There were no charges in the second half of 2015.

2015 年下半年沒有收費。

Charges made related to this agreement are excluded from our pro forma results and are included in our GAAP results.

與本協議相關的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。

As of the end of the fourth quarter $24 million remained accrued on our balance sheet as a significant portion of the estimated costs have been paid.

截至第四季度末，我們的資產負債表上仍有 2400 萬美元的應計費用，因為已經支付了很大一部分估計成本。

Pro forma operating expenses, which exclude reserves for legal claims, stock compensation expense, and amortization of purchased IP increased 7% compared with the fourth quarter of 2014 and increased 6% 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 年第四季度增長 7%，較上一季度增長 6%。

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。

The increase relative to the third quarter primarily reflects increased incentive compensation.

與第三季度相比的增長主要反映了激勵薪酬的增加。

Our pro forma effective tax rate for the fourth quarter was 24.9% compared with an effective tax rate of 23.5% for the fourth quarter of 2014 and 18.4% last quarter.

我們第四季度的備考有效稅率為 24.9%，而 2014 年第四季度的有效稅率為 23.5%，上一季度為 18.4%。

The effective tax rate for the third quarter of 2015 included tax benefits of $29 million, or $0.77 per share, related to a recent favorable tax court ruling involving an independent third party.

2015 年第三季度的實際稅率包括 2900 萬美元或每股 0.77 美元的稅收優惠，這與最近涉及獨立第三方的稅收優惠法院裁決有關。

In late December, Congress renewed the Federal Research and Development Credit resulting in a benefit of $6 million, or $0.17 per share.

12 月下旬，國會更新了聯邦研發信貸，帶來了 600 萬美元或每股 0.17 美元的收益。

Congress also made the R&D tax credit permanent so our 2016 rate guidance will reflect this benefit.

國會還使研發稅收抵免永久化，因此我們 2016 年的稅率指南將反映這一優勢。

Our tax rate will fluctuate with changes in the mix of the US and OUS income.

我們的稅率將隨著美國和美國收入組合的變化而波動。

Our fourth quarter 2015 pro forma net income was $224 million, or $5.89 per share, compared with $184 million, or $4.92 per share, for the fourth quarter of 2014, and $199 million, or $5.24 per share, for the third quarter of 2015.

我們 2015 年第四季度的備考淨收入為 2.24 億美元，即每股 5.89 美元，而 2014 年第四季度為 1.84 億美元，即每股 4.92 美元，2015 年第三季度為 1.99 億美元，即每股 5.24 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 $677 million for the fourth quarter of 2015 compared with $605 million for the fourth quarter 2014 and $590 million for the third quarter of 2015.

2015 年第四季度 GAAP 收入為 6.77 億美元，而 2014 年第四季度為 6.05 億美元，2015 年第三季度為 5.9 億美元。

GAAP net income was $190 million, or $4.99 per share, for the fourth quarter of 2015 compared with $147 million, or $3.94 per share, for the fourth quarter of 2014, and $167 million, or $4.40 per share, for the third quarter of 2015.

2015 年第四季度 GAAP 淨收入為 1.9 億美元，即每股 4.99 美元，而 2014 年第四季度為 1.47 億美元，即每股 3.94 美元，2015 年第三季度為 1.67 億美元，即每股 4.40 美元.

We ended the year with cash and investments of $3.3 billion, up from $3.1 billion as of September 30, 2015.

截至 2015 年 9 月 30 日，我們的現金和投資總額為 33 億美元，高於 31 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 approximately 167,000 shares for $84 million at an average price of $505 per share.

本季度，我們以每股 505 美元的平均價格以 8400 萬美元的價格回購了大約 167,000 股股票。

This brings our total stock repurchases for 2015 to approximately $184 million.

這使我們 2015 年的股票回購總額達到約 1.84 億美元。

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

有了這個，我想把它交給帕特里克，他將回顧我們的程序和臨床亮點。

Thanks, Marshall.

謝謝，馬歇爾。

Total fourth quarter year-over-year procedures grew approximately 15%, with US procedures growing approximately 12%, and international procedures approximately 27%.

第四季度總手術量同比增長約 15%，其中美國手術量增長約 12%，國際手術量增長約 27%。

Full-year 2015 procedure growth was approximately 14%, with US procedures growing approximately 11% and international procedures growing approximately 26%.

2015 年全年手術增長約 14%，其中美國手術增長約 11%，國際手術增長約 26%。

In the US, fourth quarter procedure growth of approximately 12% was driven by continued strength in general surgery procedures with solid contribution coming from mature procedures despite already high levels of market penetration.

在美國，第四季度約 12% 的手術增長受到普通外科手術持續強勁的推動，儘管市場滲透率已經很高，但成熟的手術做出了堅實的貢獻。

We do not expect the strong 2015 growth in established US urology and gynecology procedures to continue in 2016.

我們預計美國泌尿外科和婦科手術在 2015 年的強勁增長不會在 2016 年繼續。

In US urology, fourth quarter growth in da Vinci prostatectomy and kidney cancer procedures continued at similar rates as earlier in the year.

在美國泌尿外科，第四季度達芬奇前列腺切除術和腎癌手術的增長速度與今年早些時候相似。

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

我們仍然相信，我們的美國前列腺切除術量一直在追踪更廣泛的前列腺手術市場。

In 2015, procedure growth in US urology was approximately 12%, led by an approximate 11% growth in da Vinci prostatectomy.

2015 年，美國泌尿外科手術增長約 12%，達芬奇前列腺切除術增長約 11%。

We expect US da Vinci prostatectomy procedure volumes to return to a level more in line with prostate cancer incidence rates moving forward.

我們預計美國達芬奇前列腺切除術手術量將恢復到更符合前列腺癌發病率的水平。

In US gynecology, fourth quarter procedures grew modestly year over year, with growth in malignant and complex hysterectomy partially offset by declines in benign procedures.

在美國婦科，第四季度手術量同比略有增長，惡性和復雜子宮切除術的增長部分被良性手術的下降所抵消。

During 2015, a larger proportion of da Vinci hysterectomy procedures were performed by gynecologic oncologists compared to 2014.

與 2014 年相比，2015 年期間，更大比例的達芬奇子宮切除術由婦科腫瘤學家完成。

For the year, growth in US gynecology procedures was approximately 1%.

今年，美國婦科手術的增長率約為 1%。

In 2016, sustaining growth in US gynecology may be a challenge, as we believe the total market for benign hysterectomies will continue to decline at a low single-digit rate.

2016 年，美國婦科的持續增長可能是一個挑戰，因為我們認為良性子宮切除術的總市場將繼續以低個位數的速度下降。

Fourth quarter growth in US general surgery remained strong, with robust growth in hernia repair and continued adoption of colorectal procedures being partially offset by continued declines in cholecystectomies.

美國普通外科第四季度的增長依然強勁，疝修補術的強勁增長和結直腸手術的持續採用被膽囊切除術的持續下降部分抵消。

US general surgery procedure growth was approximately 31% for the year with broad-based growth across several procedures led by hernia repair, which generated the largest number of new general surgery procedures.

美國普通外科手術全年增長約 31%，其中以疝氣修復為首的多個手術實現了廣泛增長，這產生了數量最多的新普通外科手術。

Growth in colorectal resections was also strong during 2015.

2015 年結直腸切除術的增長也很強勁。

In 2016, there remains a large opportunity in hernia repair and colorectal resections and driving adoption in these markets remains among our top priorities.

2016 年，疝修補術和結直腸切除術仍有很大機會，推動這些市場的採用仍然是我們的首要任務。

During the quarter, a group of general surgeons led by Dr. Vorst from St.

在本季度，由來自聖路易斯的 Vorst 博士領導的一組普通外科醫生。

Joseph's Mercy Health System, and Dr. Carbonell from the University of South Carolina School of Medicine published their perspective on advances in ventral and incisional hernia repair in the World Journal of Gastrointestinal Surgery.

Joseph's Mercy Health System 和南卡羅來納大學醫學院的 Carbonell 博士在《世界胃腸外科雜誌》上發表了他們對腹側和切口疝修復進展的看法。

Within the paper, data comparing the robotic to open Rives-Stoppa technique for more complex hernias favored the robotic approach with a reduction in blood loss, shorter length of hospital stay, fewer surgical site infections, and no difference in operative times or direct costs.

在該論文中，將機器人技術與開放式 Rives-Stoppa 技術進行更複雜的疝氣比較的數據表明，機器人方法可以減少失血、縮短住院時間、減少手術部位感染，並且在手術時間或直接成本方面沒有差異。

The paper states that robotic approach, quote -- permits relatively easy access to the interior abdominal wall, allowing the surgeon to perform the ideal repair for that patient.

該論文指出，機器人方法，引用 - 允許相對容易地進入內腹壁，使外科醫生能夠為該患者進行理想的修復。

It also might allow for standardization of surgical technique in order to develop a reliable approach to hernia repair that can be offered to an increasing number of patients -- close quote.

它還可能允許手術技術標準化，以便開發一種可靠的疝氣修復方法，可以提供給越來越多的患者——關閉引述。

Regarding our US single-site business, cholecystectomy volumes continued to decline during the fourth quarter, though mostly offset by a growth in multi-port cholecystectomies.

關於我們的美國單站點業務，膽囊切除術的數量在第四季度繼續下降，但大部分被多端口膽囊切除術的增長所抵消。

In addition, our single-site gynecology procedure volumes declined in the fourth quarter.

此外，我們的單點婦科手術量在第四季度有所下降。

Taken together, single-site procedures represented less than 5% of our fourth quarter US procedure volume.

總的來說，單站點程序占我們第四季度美國程序量的不到 5%。

Looking abroad during the fourth quarter, the approximate 27% international procedure growth was led by the global adoption of da Vinci prostatectomy, with solid contributions from kidney procedures, malignant hysterectomies and colorectal resections.

放眼第四季度，國際手術增長約 27%，主要得益於全球採用達芬奇前列腺切除術，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。

For the full-year, procedure growth was approximately 26%.

全年，手術增長率約為 26%。

Procedure growth in Europe remained steady throughout 2015.

整個 2015 年，歐洲的程序增長保持穩定。

In Asia, procedure growth was led by a broad-based adoption China and South Korea and da Vinci prostatectomy adoption in Japan.

在亞洲，程序的增長是由中國和韓國的廣泛採用以及日本的達芬奇前列腺切除術引領的。

During 2016, we expect several external factors to impact international procedure growth.

2016 年，我們預計有幾個外部因素會影響國際程序的增長。

In Japan, the Surgical Society has submitted for reimbursement of partial nephrectomies to the MHLW.

在日本，外科學會已向厚生勞動省提交腎部分切除術的報銷申請。

Pending the MHLW's decision this may serve as a tail-end to Japanese procedure growth.

在 MHLW 做出決定之前，這可能會成為日本程序增長的尾聲。

In China, we have placed 32 of the 38 da Vinci systems under the current authorization.

在中國，我們已經授權了38個達芬奇系統中的32個。

And sustaining strong procedure growth throughout 2016 may require additional authorizations from the government.

並且在整個 2016 年保持強勁的程序增長可能需要政府的額外授權。

During the quarter, the global evidence for the cost-effectiveness for the use of da Vinci surgery in gynecologic oncology continued to build.

在本季度，在婦科腫瘤中使用達芬奇手術的成本效益的全球證據繼續增加。

A new study from Copenhagen University Hospital by [Dr.

哥本哈根大學醫院的一項新研究 [Dr.

Hurley] and colleagues modeled the clinical and economic impact of the adoption of da Vinci for malignant hysterectomies, capturing the comprehensive cost of care associated with these interventions.

Hurley] 及其同事對採用達芬奇進行惡性子宮切除術的臨床和經濟影響進行了建模，獲取了與這些干預措施相關的綜合護理成本。

The study compared 158 open hysterectomies to 202 da Vinci hysterectomies.

該研究將 158 例開放式子宮切除術與 202 例達芬奇子宮切除術進行了比較。

We found the da Vinci hysterectomies were 17% less expensive than open hysterectomies based on operating costs, and 7% less expensive than open hysterectomies when the da Vinci System cost was included.

我們發現，根據運營成本，達芬奇子宮切除術比開放式子宮切除術便宜 17%，如果將達芬奇系統成本包括在內，則比開放式子宮切除術便宜 7%。

The study found the cost savings associated with fewer complications and shorter hospitalization more than offset the incremental cost associated with the use of da Vinci technology in the operating room.

該研究發現，與更少的並發症和更短的住院時間相關的成本節約，足以抵消與在手術室使用達芬奇技術相關的增量成本。

2015 was a robust year for clinical publications featuring da Vinci surgery, with over 1,600 papers published during the year, bringing total clinical publications to over 10,000.

2015 年是達芬奇手術臨床出版物豐收的一年，全年發表論文超過 1,600 篇，使臨床出版物總數超過 10,000 篇。

This concludes my remarks and thank you for your time.

我的發言到此結束，感謝您的寶貴時間。

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 financial outlook for 2016.

我將為您提供我們 2016 年的財務展望。

Starting with procedures.

從程序開始。

As described in our announcement last week, 2015 total da Vinci procedures grew approximately 14% to roughly 652,000 procedures performed worldwide.

正如我們上週發布的公告所述，2015 年達芬奇手術總數增長了約 14%，在全球範圍內執行了約 652,000 例手術。

During 2016, we anticipate full-year procedure growth within a range of 9% to 12%.

2016 年，我們預計全年手術增長率將在 9% 至 12% 之間。

We expect similar seasonal timing of procedures in 2016 as we've experienced in previous years, with Q1 being the seasonally weakest quarter as patient deductibles are reset.

我們預計 2016 年手術的季節性時間與往年類似，第一季度是季節性最弱的季度，因為患者免賠額被重置。

With respect to revenue, we expect 2016 capital sales to follow historical seasonal patterns, which we anticipate will become more pronounced, with Q1 being sequentially lower than the recently completed Q4.

關於收入，我們預計 2016 年的資本銷售將遵循歷史季節性模式，我們預計這將變得更加明顯，第一季度連續低於最近完成的第四季度。

System placements will likely continue to be lumpy, particularly in markets outside of the US, as some of these markets are in early stages of adoption.

系統佈局可能會繼續起伏不定，尤其是在美國以外的市場，因為其中一些市場處於採用的早期階段。

Some markets are highly seasonal, reflecting budget cycles or vacation patterns and sales into some markets are constrained by government regulations.

一些市場具有很強的季節性，反映了預算週期或假期模式，並且某些市場的銷售受到政府法規的限制。

Turning to gross profit.

轉向毛利。

We expect our 2016 pro forma gross profit margin to be within a range of between 68% and 69.5% of net revenue.

我們預計 2016 年備考毛利率將在淨收入的 68% 至 69.5% 之間。

Our actual gross profit margin will vary quarter to quarter, depending largely on product and regional mix.

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和地區組合。

Turning to operating expenses.

轉向運營費用。

As Gary mentioned, we will be increasing our investments in key areas that will enable and drive the future of robotic-assisted surgery.

正如 Gary 所提到的，我們將增加對關鍵領域的投資，以實現和推動機器人輔助手術的未來。

We expect to grow 2016 operating expenses between 9% and 13% above 2015 levels.

我們預計 2016 年的運營費用將比 2015 年增長 9% 至 13%。

We expect our non-cash stock compensation expense to range between $170 million and $180 million in 2016 compared to $168 million in 2015.

我們預計 2016 年我們的非現金股票補償費用在 1.7 億美元至 1.8 億美元之間，而 2015 年為 1.68 億美元。

We expect other income, which is comprised mostly of interest income to total between $20 million and $25 million in 2016.

我們預計 2016 年主要由利息收入組成的其他收入總額將在 2000 萬至 2500 萬美元之間。

With regard to income tax, we expect our 2016 pro forma income tax rate to be between 26.5% and 28.5% of pre-tax income, depending primarily on the mix of US and OUS profits.

關於所得稅，我們預計 2016 年預估所得稅稅率將在稅前收入的 26.5% 至 28.5% 之間，這主要取決於美國和美國利潤的組合。

This forecast does reflect the reinstatement of the R&D tax credit in 2016.

這一預測確實反映了 2016 年研發稅收抵免的恢復。

That concludes our prepared remarks.

我們準備好的發言到此結束。

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）

David Roman with Goldman Sachs.

大衛羅曼與高盛。

Thank you.

謝謝你。

Good evening everybody.

晚上好大家。

I wanted to start with one strategic question and one follow-up on the financial guidance Calvin just provided.

我想從一個戰略問題和一個關於 Calvin 剛剛提供的財務指導的後續行動開始。

Maybe on the strategic side, I was hoping, Gary, you could go into your thoughts as it relates to the competitive landscape in robotics.

也許在戰略方面，加里，我希望你能談談你的想法，因為它與機器人技術的競爭格局有關。

We've heard over the past several months, and now since from a couple of emerging competitors and there's an expected announcement from another competitor later in 2016.

在過去的幾個月裡，我們聽到了一些新興競爭對手的消息，而現在，預計 2016 年晚些時候另一家競爭對手會發佈公告。

Can you maybe talk about how you envision the competitive landscape unfolding and some of the activities you may be undertaking to prepare Intuitive from moving one a monopoly-type market to one that has multiple players?

您能否談談您如何設想競爭格局的展開以及您可能正在開展的一些活動，以準備將 Intuitive 從一個壟斷型市場轉變為一個擁有多個參與者的市場？

Sure.

當然。

As we look out at value and competition, at the end of the day, value is going to be driven by the ability of these products and services to drive and create outcomes and compare or weigh it against the price of those things.

當我們審視價值和競爭時，歸根結底，價值將由這些產品和服務推動和創造成果並將其與這些東西的價格進行比較或權衡的能力所驅動。

We think about it as an ecosystem.

我們將其視為一個生態系統。

We think the ecosystem is really important, so it's easy to think just about the robotic systems because that's the most visible part.

我們認為生態系統非常重要，所以很容易只考慮機器人系統，因為這是最明顯的部分。

But there's the systems, the instruments and accessories, the advanced instrumentation, like stapling, imaging systems for us in imaging, training technologies like simulators and dual console, clinical validation, training courses offered by academic surgeons, that number in the dozens.

但是還有系統、儀器和配件、先進的儀器，如吻合器、成像系統，用於我們成像的培訓技術，如模擬器和雙控制台、臨床驗證、學術外科醫生提供的培訓課程，數量有幾十種。

That whole set of products in ecosystem what we think is important, and so as competitive enter, they have to choose.

我們認為生態系統中的整套產品很重要，因此隨著競爭的進入，他們必須做出選擇。

Can they show that value in terms of outcomes in price and can they offer this set of ecosystem elements that are going to be useful.

他們能否根據價格結果顯示該價值，以及他們能否提供這組有用的生態系統元素。

We've known for years and have anticipated for years.

我們知道多年，也期待多年。

We didn't wake up yesterday and think competitors are coming, we better to do something.

我們昨天沒有醒來，認為競爭對手來了，我們最好做點什麼。

So we've been thoughtful about what we need to do to create value for our customers.

因此，我們一直在思考我們需要做些什麼來為我們的客戶創造價值。

We have a range of products in the system side that hits different price points for different feature content.

我們在系統方面有一系列產品，針對不同的功能內容提供不同的價位。

We have different options that are available in terms of instrumentation price points, and so we think we're really well-positioned.

我們在儀器價格點方面有不同的選擇，因此我們認為我們確實處於有利地位。

There are some other companies out there that will be capable.

還有其他一些公司也有能力。

We expect that customers will explore what they're offering.

我們希望客戶會探索他們提供的產品。

We think we're well-positioned when that exploration occurs.

我們認為，當這種探索發生時，我們已經做好了準備。

Okay, that's helpful and then maybe just to go into the financial side for a second.

好的，這很有幫助，然後也許只是進入財務方面一秒鐘。

I want to understand what you're saying on the margins for 2016.

我想了解您在 2016 年的邊緣所說的內容。

The gross margin range seems to imply that on an underlying basis when you take out the benefit of the medical device tax you're seeing a deterioration from where you exited the second half of 2015.

毛利率範圍似乎暗示，在基本基礎上，當你扣除醫療器械稅的好處時，你會看到 2015 年下半年退出時的情況有所惡化。

What are the factors influencing that math?

影響該數學的因素有哪些？

And then on the OpEx side, the 9% to 13% represents a pretty decent acceleration from what we saw this year.

然後在 OpEx 方面，9% 到 13% 代表了我們今年看到的相當不錯的加速。

Can you maybe help put some of those investments into context?

您能否幫助將其中一些投資納入背景？

Where those dollars are going and whether 2016 represents a new normal year of investment spending or there's something particular that you're after this year?

這些美元將流向何方，2016 年是否代表投資支出的新常態年，或者您今年有什麼特別的追求？

Sure, David.

當然，大衛。

I'll will take you through some of the gross profit commentary and let Gary take you through some of the investments on the OpEx side.

我將帶您了解一些毛利評論，讓加里帶您了解運營支出方面的一些投資。

Like Gary said on the call, we're focused on reducing our cost of the new products and we've been managing our fixed costs very carefully.

正如加里在電話中所說，我們專注於降低新產品的成本，並且我們一直非常謹慎地管理我們的固定成本。

We are pleased with the progress we've been making throughout 2015.

我們對 2015 年取得的進展感到滿意。

Our second half 2015, gross profit benefited from favorable product mix: essentially zero product charges and other favorable outcomes.

我們 2015 年下半年的毛利得益於有利的產品組合：基本上為零的產品費用和其他有利的結果。

In 2016, we do expect to deliver continued cost reductions on the newer products including the Xi, Stapler, Vessel Sealer and Xi endoscopes.

2016 年，我們確實希望繼續降低新產品的成本，包括 Xi、Stapler、Vessel Sealer 和 Xi 內窺鏡。

At the same time, as compared to the second half of 2015, we'd expect a higher proportion of 2016 sales to be of the newer products.

同時，與 2015 年下半年相比，我們預計 2016 年銷售額中新產品的比例更高。

We'd expect a lower proportion of dual console systems sales, probably a higher proportion of system sales involving trade-ins and probably some product charges.

我們預計雙控制台系統銷售的比例較低，涉及折價的系統銷售比例可能較高，可能還有一些產品費用。

At some point, may be more in-line with historical norms from the past and while FX is not likely to be a strong a headwind as it was in 2015, it does appear as though it will have some negative impact on revenue and margins.

在某些時候，可能更符合過去的歷史規範，雖然外匯不太可能像 2015 年那樣成為強勁的逆風，但它似乎確實會對收入和利潤率產生一些負面影響。

And then lastly, I'd say from the competitive side, any pressure there, the impacts of that are unknown at this stage.

最後，我想從競爭方面說，那裡的任何壓力，其影響在現階段都是未知的。

On the investment side, as I mentioned in the script, we think that there is significant opportunity to improve what surgeons can see during cases, improving imaging for a variety of means technologically and we have been working on that for years and we will continue to do so.

在投資方面，正如我在腳本中提到的那樣，我們認為有很大的機會可以改善外科醫生在病例中看到的東西，從技術上改善各種手段的成像，我們多年來一直致力於此，我們將繼續這樣做。

I think there's great potential there.

我認為那裡有很大的潛力。

On the instrumentation side, we are expanding our stapling line and our advanced synergy lines, the reception has been quite good.

在儀器方面，我們正在擴展我們的裝訂線和我們先進的協同線，反響非常好。

Those are not single instruments; they are really families of instruments and we are filling out those families as we go.

這些不是單一的文書；它們實際上是樂器的家族，我們正在不斷地填充這些家族。

We feel good about it and think it's important.

我們對此感覺良好，認為這很重要。

And we will continue to invest there and we think that there are opportunities in robotics in terms of both structure, things like SP and other things that can change different segments of the market that can allow us to enter other procedures that we're not currently in today or access other regions of the world that may have different needs.

我們將繼續在那裡投資，我們認為機器人技術在結構方面都有機會，比如 SP 和其他可以改變市場不同部分的東西，可以讓我們進入我們目前沒有的其他程序在今天或訪問可能有不同需求的世界其他地區。

And so we will continue to invest in those things.

因此，我們將繼續投資於這些事情。

Okay.

好的。

I appreciate all the detail.

我很欣賞所有的細節。

Thank you.

謝謝你。

David Lewis with Morgan Stanley.

戴維劉易斯與摩根士丹利。

Good afternoon.

下午好。

So I want to come back to margins here for a second.

所以我想在這裡回到邊緣。

The spread on margins and Marshall and Calvin, are $68 to $69.50, it's a wider spread.

保證金和 Marshall 和 Calvin 的價差是 68 美元到 69.50 美元，這是一個更大的價差。

I don't think you gave us this spread last year.

我不認為你去年給了我們這個價差。

What defines the upper end and lower end of those ranges and secondarily, when I think about these product manufacturing improvements you're making, we seem to have a substantial impact on gross margins in the second half of the year.

是什麼定義了這些範圍的上限和下限，其次，當我考慮到您正在進行的這些產品製造改進時，我們似乎對下半年的毛利率產生了重大影響。

I would presume those advantages or those costs would be a bigger tailwind in 2016 over 2015; is that a correct statement?

我認為這些優勢或成本將在 2016 年比 2015 年成為更大的利好因素；這是正確的說法嗎？

Those two questions and I have a quick follow-up.

這兩個問題，我有一個快速跟進。

To characterize the cost reductions, they had some impact in the second half of 2016.

為了表徵成本降低，它們在 2016 年下半年產生了一些影響。

They -- or 2015, sorry.

他們 - 或 2015 年，抱歉。

They will have a more significant impact than 2016 and 2017.

它們將產生比 2016 年和 2017 年更顯著的影響。

And we -- as Calvin had said, we will continue to focus on reducing the costs.

我們——正如卡爾文所說，我們將繼續專注於降低成本。

I think the bigger improvement during 2015 had to do with the lack of product charges that we mentioned in Q1.

我認為 2015 年更大的改進與我們在第一季度提到的產品費用的減少有關。

And as we move forward, the range is really -- or the breadth of the range is really reflective of the items that Calvin gave you, which is that we expected to see a higher proportion of newer products.

隨著我們向前邁進，範圍真的——或者範圍的廣度真正反映了 Calvin 給你的項目，這是我們期望看到更高比例的新產品。

The extent of that we will see.

我們將看到的程度。

We expect to see a lower proportion of dual consoles and a higher proportion of trade-ins.

我們預計雙主機的比例會降低，以舊換新的比例會更高。

The mix of systems is always difficult to predict and frankly, geographic mix also has an implication here.

系統的組合總是難以預測，坦率地說，地理組合在這裡也有影響。

As I said in my script, there's quite a bit of lumpiness to some of the geographic market.

正如我在劇本中所說的那樣，某些地理市場存在相當大的波動。

Okay and then Gary, just a quick strategic and margin question for you, as well.

好的，然後加里，也只是一個快速的戰略和保證金問題。

So, the expenses we saw a couple years ago, you made a selective decision to just reinvest.

所以，我們在幾年前看到的費用，你有選擇地決定再投資。

Is that a -- this is a 50% increase in OpEx spending relative to 2015.

那是——與 2015 年相比，運營支出增加了 50%。

400 basis points to 500 basis points above.

400個基點到500個基點以上。

Is it -- do you see this similarly as the opportunity to reinvest and is the investment spend heavier on SG&A or R&D?

是嗎——您是否將這視為再投資的機會？投資在 SG&A 或 R&D 上的支出是否更多？

And the follow-up is just on SP, as you mentioned, in light of what is happening with single-site procedures, does that change your thinking of the opportunity around SP?

正如你所提到的，後續行動只是關於 SP，鑑於單站點程序正在發生的事情，這是否會改變你對 SP 周圍機會的看法？

Sorry for the couple questions there.

很抱歉那裡有幾個問題。

Thank you.

謝謝你。

Sure.

當然。

In terms of the balance of investments, it really is targeted in a couple areas.

就投資平衡而言，它確實針對幾個領域。

R&D is clearly one area that we'll get investment.

研發顯然是我們將獲得投資的一個領域。

And then support for international markets and some of those things are more structural, not necessarily just sales folks but clinical trials and other things.

然後是對國際市場的支持，其中一些事情更具結構性，不一定只是銷售人員，還有臨床試驗和其他事情。

That's where the balance or the bulk of that increase is going to lay, and we think we have technologies that are important and we think we have process that we can bring that's important and that will serve us well in the long-term and in the future.

這就是增長的平衡點或大部分增長點，我們認為我們擁有重要的技術，我們認為我們擁有可以帶來的重要流程，這將在長期和長期內為我們提供良好的服務未來。

With regard to SP, these are the single-site.

關於SP，這些是單站點。

We think that SP enters and adds value in a different place than single-site does.

我們認為 SP 在與單站點不同的地方進入並增加價值。

Single-site tended to work on a little bit more limited workspace, a little bit more constrained set of procedures.

單站點傾向於在更有限的工作空間和更受限制的程序集上工作。

SP is both broader and more capable.

SP 範圍更廣，能力更強。

Price points are a little bit different.

價格點有點不同。

So we think about SP, when we think trans-oral, trans-anal, colorectal, places where there's specimen removal.

因此，當我們想到經口、經肛門、結腸直腸以及需要取出標本的地方時，我們就會想到 SP。

So we look at those things, and we think about it.

所以我們看著那些東西，我們思考它。

SP is less oriented towards cosmetic benefits and more oriented towards being able to reach complex structures where you need to.

SP 不太注重美容效果，而更注重能夠到達您需要的複雜結構。

Thank you very much.

非常感謝你。

Tao Levy with Wedbush.

陶利維與韋德布什。

Great.

偉大的。

Thanks.

謝謝。

Good afternoon.

下午好。

So maybe we can start with US system utilization.

所以也許我們可以從美國系統利用率開始。

When you do the math, you're reaching peak levels here in the US in terms of averages.

當您進行數學計算時，就平均值而言，您已達到美國的最高水平。

What's the dynamic currently in the marketplace whereby hospitals or -- could potentially accelerate the addition of new systems in order to, again, meet your procedure growth expectations that you've laid out?

目前市場上的動態是什麼，醫院或 - 可能會加速新系統的添加，以便再次滿足您制定的程序增長預期？

Yes, I think as we've laid out -- make sure I interpret the question right.

是的，我認為正如我們已經安排的那樣——確保我正確地解釋了這個問題。

I think as we look at utilization patterns, one thing is important to remember in the United States -- around the world but in US as well is, there is not a single customer profile that fits them all.

我認為，當我們審視使用模式時，在美國要記住一件事很重要——在世界範圍內，但在美國也是如此，沒有適合他們所有人的單一客戶資料。

So the average does not cover all the endpoints.

所以平均值並沒有涵蓋所有的端點。

We definitely see some integrated delivery networks who are very interested in optimizing procedures per system per year.

我們肯定會看到一些集成交付網絡對每年優化每個系統的程序非常感興趣。

Trying to drive that up to get better capital utilization and we will help them do that.

試圖推動這一點以獲得更好的資本利用率，我們將幫助他們做到這一點。

We see other health systems that may be in the exact same market who are really interested in driving convenience for patients and for their surgeons, and are willing to invest in capital once they get to a minimum hurdle rate for procedure utilization.

我們看到可能處於完全相同市場中的其他衛生系統真正對為患者和他們的外科醫生帶來便利感興趣，並且一旦他們達到程序利用率的最低門檻就願意投資資本。

We see both.

我們都看到了。

Predicting which of those strategies is going to dominate into the year is always a little bit hard.

預測這些策略中的哪一個將在今年佔據主導地位總是有點困難。

At the end of the day, we really focus the organization on great utilization and great support, whichever our customer wants to take us down.

歸根結底，我們真正將組織的重點放在了高利用率和高支持上，無論我們的客戶想讓我們失望。

Okay, great.

好，太棒了。

Just my follow-up.

只是我的跟進。

You've talked a couple of times about investing more and more into imaging.

您已經多次談到要越來越多地投資於成像。

Aside from Firefly, we haven't seen anything very significant come out of the Company.

除了 Firefly，我們還沒有看到公司有任何非常重要的成果。

So maybe you could highlight a couple of the interesting projects within imaging that we should be paying attention to.

所以也許你可以強調我們應該關注的幾個有趣的成像項目。

Thanks.

謝謝。

Sure.

當然。

I think -- first statement is, I beg to differ, but I look at the imaging platform that we brought out with Xi and it's fundamentally different technology basis: distal chip imaging.

我認為——第一個聲明是，我不敢苟同，但我看一下我們與 Xi 一起推出的成像平台，它是根本不同的技術基礎：遠端芯片成像。

It gives us room to do some things from usability reach and workflow point of view that were very hard to do otherwise.

它為我們提供了從可用性範圍和工作流程的角度來做一些其他方式很難做到的事情的空間。

And so we continue down that pathway.

所以我們繼續沿著這條路走下去。

So for example, in Xi, you can move the scope arm to arm.

因此，例如，在 Xi 中，您可以將示波器手臂移動到手臂。

There's not a dedicated robot to hold one endoscope so that gave you the idea of corehopping, the ability to look around the abdomen differently.

沒有專門的機器人來固定一個內窺鏡，因此讓您產生了跳芯的想法，即以不同方式觀察腹部周圍的能力。

The other thing that distal chip imaging gets you is the ability to articulate your endoscope, which is a part of the SP product line is endoscopic articulation.

遠端芯片成像為您帶來的另一件事是能夠鉸接您的內窺鏡，這是 SP 產品線的一部分，即內窺鏡鉸接。

We continue to invest in that set of technologies and expand our leadership position there because I think that both, you can get better image quality and more flexibility and better price points by doing that technology.

我們繼續投資於那套技術並擴大我們在那裡的領導地位，因為我認為兩者都可以通過使用該技術獲得更好的圖像質量、更大的靈活性和更好的價格點。

That's one set of investments.

這是一組投資。

The other set is, as you mentioned, with Firefly, the ability to look and see things that you can't see easily with a white light.

另一組是，正如你提到的，使用 Firefly，能夠看到用白光無法輕易看到的東西。

The ability to look and see beneath tissue or to highlight tissue structure and they're a set of technologies there that are useful and we're investing in.

觀察組織下方或突出組織結構的能力，它們是一組有用的技術，我們正在投資。

But those are longer term.

但那些是長期的。

They take a while to develop and as we get further down the pipeline, we will share with you where we are.

它們需要一段時間才能開發，隨著我們進一步深入開發，我們將與您分享我們的進展情況。

Great.

偉大的。

Thank you.

謝謝你。

Ben Andrew with William Blair.

本·安德魯與威廉·布萊爾。

Good afternoon.

下午好。

Thanks for taking the questions.

感謝您提出問題。

On the initial SP use, Gary, that you talked about and you listed a few applications there.

關於 SP 的初始使用，Gary，您談到過並在那裡列出了一些應用程序。

Should we assume that's where we will see some initial clinical work and when might we see results from those either published or discussed?

我們是否應該假設那是我們將看到一些初步臨床工作的地方，我們什麼時候可以看到已發表或討論的結果？

Is that later this year, next year that maybe leads to next steps of commercializing the product?

今年晚些時候，明年是否會導致產品商業化的下一步？

Right.

正確的。

Yes, in terms of the first question of those are places we are intending to explore, so colorectal and trans-oral.

是的，就第一個問題而言，這些是我們打算探索的地方，因此結直腸和經口。

We will also explore other places in time, but those are our initial experience -- we expect to have our initial experiences.

我們也會及時探索其他地方，但那些是我們的初步經驗——我們希望有我們的初步經驗。

In terms of timelines, I'm not ready yet to tell you when in the year it will happen.

就時間表而言，我還沒有準備好告訴你它會在一年中的什麼時候發生。

We're still in conversations with regulatory bodies about the pathway and so as we get some clarity there then we will describe it to you later in the year.

我們仍在與監管機構就該途徑進行對話，因此當我們在那裡弄清楚一些情況時，我們將在今年晚些時候向您描述。

Okay, and in that same vein, if you look out three or four years, can the SP platform be a material percentage of the Company's volumes?

好吧，同樣地，如果你展望三四年，SP 平台能否占公司銷量的重要百分比？

Or is this something that probably remains a niche given the price point and we shouldn't really think differently about the distribution in maybe 5% or 10%, if you will?

還是考慮到價格點，這可能仍然是一個利基市場，如果你願意的話，我們真的不應該對 5% 或 10% 的分佈有不同的看法？

I think that it offers surgeons a different way to think about getting into the body in a different approach.

我認為它為外科醫生提供了一種不同的方式來考慮以不同的方式進入人體。

It can deliver a lot of capability in a small package, parallel into the body and it can move about the body quite easily in terms of multi-quadrant access.

它可以在一個小封裝中提供很多功能，平行進入身體，並且它可以在多像限訪問方面很容易地在身體中移動。

So I think it's hard to predict long-term.

所以我認為很難預測長期。

I think for sure, near term, there are niches that I think it matters.

我認為可以肯定的是，在短期內，有一些我認為很重要的利基市場。

Whether those niches grow into bigger opportunities, I think remains to be seen.

這些利基市場是否會成長為更大的機會，我認為還有待觀察。

Having said that, the history of Intuitive and the history of technology is that as you bring raw technology into the hands of experts and they start to use it and develop it a way leads to way.

話雖如此，Intuitive 的歷史和技術的歷史是，當您將原始技術交到專家手中，他們開始使用它並開發它時，一條路引出一條路。

And I believe that.

我相信這一點。

I think that we will see things that develop as surgeons get deep with it.

我認為，隨著外科醫生深入研究，我們會看到事情的發展。

How big that gets?

那有多大？

Impossible to predict right now.

現在無法預測。

Okay and then lastly, for me.

好的，最後，對我來說。

Thank you for taking the questions, by the way.

順便說一下，謝謝你提出問題。

The range of procedure guidance is a little wide to start the year, obviously.

顯然，從今年開始，程序指導的範圍有點寬。

And let's just try to isolate one, in fact, if we can.

事實上，如果可以的話，讓我們嘗試隔離一個。

China.

中國。

So if we don't see another authorization for system sale, is that a material impact within the range?

那麼，如果我們沒有看到系統銷售的另一個授權，那是否在範圍內產生實質性影響？

Is that a percentage point or 2 percentage points in terms of a potential swing?

就潛在波動而言，這是一個百分點還是兩個百分點？

Or how should we look at the example of China specifically?

或者俱體應該怎麼看中國的例子？

Thanks for the question, Ben.

謝謝你的問題，本。

When it comes to procedure guidance, our focus is going to continue to be on driving growth in general surgery in our international markets including China.

在手術指導方面，我們的重點將繼續放在推動普外科在包括中國在內的國際市場上的增長上。

When you look at the breadth of the range to your question, there's far bigger impacts than just the system authorization in China.

當您查看問題範圍的廣度時，會發現影響遠不止是中國的系統授權。

When it comes to the mature procedures in the US and the rates of growth that we may see there that benefited us in 2015.

談到美國成熟的程序以及我們可能在 2015 年看到的使我們受益的增長率。

And certainly across a much wider range of markets.

當然還有更廣泛的市場。

Okay.

好的。

Great.

偉大的。

Thank you.

謝謝你。

Matt O'Brien with Piper Jaffray.

Matt O'Brien 與 Piper Jaffray。

Hi everyone.

大家好。

This is actually JP in for Matt.

這實際上是 Matt 的 JP。

Thanks for taking my questions.

感謝您回答我的問題。

I just want to get back to the margin profile for next year and ask it in a more simpler way.

我只想回到明年的利潤率概況，並以更簡單的方式詢問它。

So, if you exclude the 70 basis points that you gained from the med tax credit given the guidance you gave for OpEx next year, would we be expecting the adjusted EBIT margins to actually be down year over year?

因此，如果您根據明年為運營支出提供的指導排除從醫療稅收抵免中獲得的 70 個基點，我們是否預計調整後的息稅前利潤率實際上會同比下降？

I think there are lot of layered assumptions that go into the model and we don't have specific guidance that relates to that.

我認為模型中有很多分層假設，我們沒有與之相關的具體指導。

Revenue would be one of the factors certainly underlying the overall assumptions there.

收入肯定是那裡總體假設的基礎因素之一。

I think what we tried to do is lay out a lot of the factors that would be impacting the gross margin, as well as investments we're making on the expense side.

我認為我們試圖做的是列出許多會影響毛利率的因素，以及我們在費用方面進行的投資。

Got it.

知道了。

And if I could ask one on the recent clearance for the Integrated Table Motion.

如果我能問一個關於最近對集成表運動的許可的問題。

How is that sale going to be, and how are you guys going to get revenue from that?

銷售情況如何，你們將如何從中獲得收入？

Is that going to be sale from Trump's Medical and you have got a piece of the revenue, or how would that work?

那會是特朗普醫療公司的銷售，你有一部分收入嗎，或者那將如何運作？

Trump will sell the Table in an independent transaction to the hospital.

特朗普將以獨立交易的形式將這張桌子賣給醫院。

What we get out of it is we sell a software upgrade package for the table that allows it to be -- to operate it in an integrated fashion.

我們從中得到的是，我們出售了一個允許它以集成方式運行的表的軟件升級包。

I think for us, the key here is we're working to make the operation more efficient, right?

我認為對我們來說，這裡的關鍵是我們正在努力提高運營效率，對嗎？

This will make the ability for surgeons to reposition the patient without having to withdraw the robot arms to re-dock, doing a procedure, make it more efficient, and therefore benefit certain group of procedures and hopefully drive adoption in them.

這將使外科醫生能夠重新定位患者，而無需撤回機器人手臂重新對接、進行手術，從而提高手術效率，從而使某些手術組受益，並有望推動它們的採用。

I think that's really the key benefit from our perspective.

我認為從我們的角度來看，這確實是關鍵的好處。

Great, thank you.

太好了謝謝。

Bob Hopkins from Bank of America.

美國銀行的鮑勃·霍普金斯。

Thanks and good afternoon.

謝謝，下午好。

So, I wanted to ask a question about 2016 revenue growth to start.

所以，我想問一個關於 2016 年收入增長的問題。

Can you give us a sense as to where you see incremental opportunities for acceleration?

您能否告訴我們您在哪裡看到了加速的增量機會？

So what are the areas where you see your product categories, where you see the potential for accelerating revenue growth or entirely new growth drivers in 2016 versus what you experienced in 2015.

那麼，與 2015 年相比，2016 年您在哪些領域看到了您的產品類別，在哪些領域看到了加速收入增長或全新增長動力的潛力。

And obviously, we're well aware of what the major growth drivers are.

顯然，我們很清楚主要的增長動力是什麼。

I'm curious about the things that potentially are available to you in 2016 that weren't available in 2015.

我對 2016 年可能提供給您而 2015 年不提供的東西感到好奇。

So we look at 2016 in a couple places.

所以我們在幾個地方看 2016 年。

I think that we have opportunities in o-US markets in various places that are important to us.

我認為我們在對我們很重要的各個地方的美國市場都有機會。

Now, there are some structural things that we have to overcome and invest in and sometimes there's reimbursement and sometimes there are other parts of market access.

現在，我們必須克服和投資一些結構性問題，有時需要報銷，有時還有市場准入的其他部分。

And we will do that, but I think the opportunity there is quite good.

我們會這樣做，但我認為那裡的機會非常好。

I think in terms of other verticals we are working on a 30-millimeter Stapler.

我認為就其他垂直領域而言，我們正在研究 30 毫米訂書機。

The 30-millimeter Stapler is really targeted at thoracic procedures.

30 毫米吻合器真正針對胸腔手術。

Xi System design is -- has a -- part of its design intent was to facilitate thoracic procedures and we are in early days there.

Xi System 設計是 - 有一個 - 其設計意圖的一部分是為了促進胸部手術，我們在早期就在那裡。

So as time goes on, I don't think that's something that's going to leap out of the gate in the beginning part of the year, but things we are investing in from a product and support point of view, that should build momentum over the next multiple quarters.

因此，隨著時間的推移，我認為這不會在今年年初突然出現，但我們從產品和支持的角度投資的東西，應該會在今年年初形成勢頭接下來的多個季度。

Marshall, to follow-up on two quick things.

Marshall，我想跟進兩件事。

On the revenue per procedure number and you highlighted that's been very stable within a range, but it feels like the cadence of new products will pick up as we move forward there.

關於每個程序編號的收入，您強調在一定範圍內非常穩定，但隨著我們向前推進，新產品的節奏會加快。

Can we expect that line item to start moving back up towards the old highs as we go forward here?

當我們在這裡前進時，我們能否期望該訂單項開始回升至舊高點？

And then the other quick thing I wanted to ask of you is that I appreciate the comment that 70% of revenues now come from disposables.

然後我想問你的另一件事是，我很欣賞現在 70% 的收入來自一次性用品的評論。

Can you give us a rough sense as to what the relative profitability of that disposable stream is versus the capital side of the business?

你能給我們一個粗略的了解，即一次性流與企業資本方面的相對盈利能力是多少？

Yes, so first, talking about the range of I&A revenue per procedure, we would hope that we would be able to add to that number through increases in the advanced instrumentation, including stabling and vessel sealing.

是的，首先，談到每個程序的 I&A 收入範圍，我們希望我們能夠通過增加先進儀器（包括穩定和容器密封）來增加這個數字。

As I said, that's been somewhat muted or offset by the effects of foreign exchange over the last few quarters but there are other factors that could change that.

正如我所說，過去幾個季度外彙的影響在一定程度上減弱或抵消了這一點，但還有其他因素可能會改變這一點。

I don't know what the historical high you are speaking about was, but I do think that there is room for it to grow going forward.

我不知道你所說的歷史高點是多少，但我確實認為它有繼續增長的空間。

It was about $2,000, I think.

我想大概是2000美元。

Remember that number has in it stocking orders and some timing of other things.

請記住，該號碼中包含庫存訂單和其他一些時間。

So longer term, as you have a bigger and bigger install base, the relative value of stocking orders is going to go down and that has nothing to do with the pure economics of the exchange.

所以從長遠來看，隨著你擁有越來越大的安裝基礎，庫存訂單的相對價值將會下降，這與交易所的純經濟學無關。

The other question was around recurring revenue and remember, it's not just instruments; it is also service.

另一個問題是關於經常性收入，請記住，這不僅僅是工具；這也是服務。

It's about 50% instruments and accessories of revenue and 20% would be the service element to get to the 70% total recurring.

大約 50% 的儀器和配件收入和 20% 的服務元素將達到 70% 的經常性總額。

And the margins on instruments and accessories are better than systems.

儀器和配件的利潤率高於系統。

So as we get a quarter where we have a higher mix of systems than the margins are going to be lower.

因此，當我們有一個季度時，我們的系統組合比利潤率要低。

That trend is likely to be durable with I&A and service will be higher margin systems.

對於 I&A，這種趨勢可能會持續下去，服務將是利潤率更高的系統。

Great.

偉大的。

Thank you very much.

非常感謝你。

Brandon Henry with RBC Capital Markets.

加拿大皇家銀行資本市場的布蘭登亨利。

Thanks for taking my question.

感謝您提出我的問題。

So Intuitive has now shown two years of strong US urology growth.

因此，Intuitive 現在已經顯示出兩年來美國泌尿外科的強勁增長。

Can you discuss the reason for this outperformance in urology and how sustainable you think this strong performance is in 2016?

您能否討論一下泌尿科表現出色的原因，以及您認為這種強勁表現在 2016 年的可持續性如何？

Brandon, thanks for the question.

布蘭登，謝謝你的提問。

A year ago, you saw a turnaround in the volumes of da Vinci prostatectomy in the US, midpoint of the year and the back half of the year started to see some growth and that sustained throughout 2015.

一年前，您看到美國達芬奇前列腺切除術的數量出現好轉，年中和下半年開始出現一些增長，並且這種增長在整個 2015 年持續。

And the rate of growth has been certainly above what we believe the incidence rates of prostate cancer to be in the country.

而且增長率肯定高於我們認為該國前列腺癌的發病率。

Also within US urology is growth in partial nephrectomy, as well, which has been pretty consistent and sustained, given the profile of what da Vinci technology brings to that procedure from both the clinical outcomes and cost-effectiveness perspective.

考慮到達芬奇技術從臨床結果和成本效益的角度為該手術帶來的概況，美國泌尿外科的腎部分切除術也在增長，而且這種增長相當穩定且持續。

As we look at 2016, our baseline assumption is that the high levels of growth that we've seen over the last six quarters are likely to begin returning more towards the incidence rates for the disease.

展望 2016 年，我們的基線假設是，我們在過去六個季度看到的高水平增長可能會開始更多地回歸到疾病的發病率。

Okay and then one quick question on SP.

好的，然後是一個關於 SP 的快速問題。

Can you talk about why you decided to develop SP as essentially an add-on to the Xi Platform and not as its own stand-alone platform?

你能談談為什麼你決定將 SP 開發為 Xi 平台的附加組件而不是它自己的獨立平台嗎？

And then maybe also talk about your expectations for SP instrumentation at launch.

然後也許還可以談談您對發佈時 SP 儀器的期望。

Do you anticipate having a Vessel Sealer and Stapler at launch that will work with SP?

您是否預計在發佈時會推出適用於 SP 的 Vessel Sealer 和 Stapler？

Thanks.

謝謝。

On the reason to make it compatible with Xi, I think is really a straightforward thing, which is a lot of the components are shared in terms of certain console and Imaging Systems.

至於兼容Xi的原因，我覺得是很直接的事情，就是很多組件在某些控制台和Imaging Systems方面是共享的。

We want the customer experience to be seamless for our customers.

我們希望為我們的客戶提供無縫的客戶體驗。

We think there are surgeons who go back and forth between SPs and Xi and what that means is that you want the user experience to be common.

我們認為有些外科醫生在 SP 和 Xi 之間來回切換，這意味著您希望用戶體驗是通用的。

And we also make it easier for hospital departments to acquire capital.

我們還使醫院部門更容易獲得資金。

If they already have a dual console or Xi and they want to just add the SP card capability that makes the capital hurdle for them lower and so it strengthens the Xi ecosystem and I think that is a good idea and it's well received.

如果他們已經擁有雙控制台或 Xi，並且他們只想添加 SP 卡功能，這可以降低他們的資金門檻，從而加強 Xi 生態系統，我認為這是一個好主意，而且很受歡迎。

So that has -- made sense for us.

所以這對我們來說很有意義。

We haven't yet announced what our instrument kit will be for SP and when we get to the point, we will let you know.

我們還沒有宣布我們的 SP 儀器套件是什麼，當我們談到這一點時，我們會通知您。

Okay.

好的。

Thank you.

謝謝你。

Richard Newitter with Leerink Partners.

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

Hi.

你好。

Thanks for taking the questions.

感謝您提出問題。

Maybe just one on SP and then I had one on the rotating bed.

也許只有一個在 SP 上，然後我在旋轉床上有一個。

On SP, Gary, did you say that you are moving into clinical testing or some limited launch by the end of this year?

關於 SP，Gary，您是否說過您將在今年年底前進入臨床測試或一些有限的發布？

Does that mean that's your official launch at the end of 2016?

這是否意味著您將在 2016 年底正式發布？

And --

和 -

We don't expect material revenues in 2016.

我們預計 2016 年不會有實質性收入。

We are planning on clinical experiences in 2016.

我們計劃在 2016 年進行臨床體驗。

Okay, got it.

好，知道了。

And then on SP, on the approval process, I know you said that it's in discussion with the FDA right now.

然後關於 SP，關於批准程序，我知道你說過現在正在與 FDA 進行討論。

There is a competitor of yours that has a device that they are saying that they think they can get approval for their device based on larger buckets, or broader definitions of categories like urological procedures or general abdominal procedures.

你的一個競爭對手有一個設備，他們說他們認為他們可以根據更大的桶或更廣泛的類別定義（如泌尿外科手術或一般腹部手術）獲得批准。

Can you help us understand if this is something that you have heard the FDA say to you as well, or is it more nuanced than that and you need to go much more specific by individual procedures?

您能否幫助我們了解這是否也是您聽過 FDA 對您說的話，或者它是否比這更細微，您需要通過個別程序更加具體？

The issue of broad claim language versus narrower claim language is actually was part of a discussion at the FDA workshop, and I can refer you to there those minutes, and you'll see pretty much what the exchange has been.

廣義聲明語言與狹義聲明語言的問題實際上是 FDA 研討會討論的一部分，我可以讓你參考那些會議記錄，你會看到幾乎是什麼交流。

The issue -- I would not view that as something that is architecture dependent or only offered to a certain company.

問題——我不會將其視為依賴於體系結構或僅提供給特定公司的東西。

That has to do -- in other words, FDA is going to respond to these kind of products in like manner as far as I can tell.

必須這樣做——換句話說，據我所知，FDA 將以類似的方式對這類產品做出回應。

And so that comes down to FDA asked for a certain amount of data based on the kinds of things you want to talk to your customer about.

因此，歸結為 FDA 根據您想與客戶談論的事情種類要求一定數量的數據。

And if you just want to talk about broad things and not specific things, then they asked for one set of data.

如果你只想談論廣泛的事情而不是具體的事情，那麼他們會要求提供一組數據。

And the more specific you get, the more data they asked for around that set of specifics.

你得到的越具體，他們圍繞這組細節要求的數據就越多。

So, in general, it is a matching of data requirements with claims, and so they are describing to you a strategy around what they think they can do from a data requirement point of view.

因此，一般來說，這是數據需求與聲明的匹配，因此他們向您描述了他們認為從數據需求的角度來看他們可以做什麼的策略。

I think the playing field will be level here and to the extent the customers need a certain amount of information, then it's just going to be for all of us to go create that data and deliver it.

我認為這裡的競爭環境將是公平的，並且在某種程度上客戶需要一定數量的信息，然後我們所有人都會去創建數據並提供它。

Got it and just lastly on the bed.

明白了，終於在床上了。

Can you help us understand what procedures, if any, or certain types of surgeons that might have been on the sidelines for whom this product might push them over the fence and really drive adoption on procedures that otherwise might have been slower to adopt?

您能否幫助我們了解哪些程序（如果有）或某些類型的外科醫生可能一直處於觀望狀態，該產品可能會將他們推向圍欄並真正推動採用否則可能採用速度較慢的程序？

Are there any other specific procedures that could really open up?

有沒有其他具體的程序可以真正開放？

Thanks.

謝謝。

General surgeons routinely use that motion to do two things.

普通外科醫生通常使用該動作來做兩件事。

To use gravity as a retractor, so it's an extra hand using gravity.

把重力當做牽開器使用，所以它是一個額外的利用重力的手。

And for the anesthesiologist to manage the patient in terms of positioning with regard to other vital signs and things like that.

並讓麻醉師根據其他生命體徵和類似的事情來管理病人。

So in procedures where you are trying to manage bowel, for example, it's really helpful to have table motion and that is clearly something that jumps out.

因此，例如，在您嘗試控制腸道的程序中，進行桌面運動真的很有幫助，而且這顯然是一種突然出現的東西。

However, once we've had it, we've now been CE Marked in Europe and we've had it trialed in different specialties, I think it appeal is broad.

然而，一旦我們擁有它，我們現在已經在歐洲獲得了 CE 標誌，並且我們已經在不同的專業進行了試驗，我認為它具有廣泛的吸引力。

So we thought about it upfront initially around general surgery.

因此，我們最初圍繞普外科預先考慮了這個問題。

I think its appeal will be broader than that.

我認為它的吸引力會比這更廣泛。

Thank you.

謝謝你。

Rick Wise with Stifel Nicolaus.

Rick Wise 和 Stifel Nicolaus。

Rick, you will be our last questioner.

瑞克，你將是我們最後一個提問者。

You made it under the wire.

你在電線下成功了。

Okay, thank you.

好的謝謝。

(multiple speakers) I appreciate it, Gary.

（多個揚聲器）我很感激，加里。

The -- maybe just to start with you, Gary.

加里，也許只是從你開始。

You said several times in the course of your prepared remarks and in the Q&A that robotics is in its infancy.

您在準備好的發言和問答環節中多次表示，機器人技術還處於起步階段。

Just a big picture for a second.

只是一秒鐘的大圖。

For you -- are you emphasizing it because perhaps this next wave of pipeline products that you talked about and maybe some you haven't talked about are getting you more confident or excited about the potential for another growth reacceleration or inflection point in the adoption of robotic surgery?

對你來說——你是否強調它是因為你談到的下一波管道產品和你可能沒有談到的一些產品會讓你更有信心或對採用新的增長再加速或拐點的潛力感到興奮機器人手術？

Just -- I appreciate the numbers of systems placed relative to hospitals are small but just wondered if there was anything more there?

只是 - 我很欣賞相對於醫院放置的系統數量很少，但只是想知道那裡是否還有更多東西？

Sure, I think a couple things that excite me and lead me to believe there is a lot of opportunity.

當然，我認為有幾件事讓我興奮並讓我相信有很多機會。

A couple.

一對夫婦。

Well, one of them is that I think in the architectures we are in today are pitted in the markets for which we have clearances, there is still a lot of procedures that are being done open and have opportunity to be done minimally invasively with our products.

好吧，其中之一是我認為在我們今天所處的架構中，我們已經進入了我們有許可的市場，仍然有很多程序正在公開進行，並且有機會用我們的產品進行微創.

And I think that is -- comes down to execution and delivery of some of the things we have in the pipeline.

我認為那是——歸結為執行和交付我們正在籌備中的一些東西。

Having said that, I think that as you just stand back and look out over the next decade and ask, do we think that robotic-assisted surgery can impact more procedures or more types of procedures than they are being impacted today, I think the answer to that is absolutely yes.

話雖如此，我認為當你退後一步，展望未來十年並問，我們是否認為機器人輔助手術會影響比今天更多的程序或更多類型的程序，我認為答案對此絕對是肯定的。

Some things are things like SP, products that look different.

有些東西是SP之類的東西，看起來不一樣的產品。

SP won't be the last set of products that look different.

SP 不會是最後一組看起來不同的產品。

We think there are opportunities for other products and technologies that can really make a difference in surgeons delivering great care.

我們認為，其他產品和技術也有機會真正改變外科醫生提供優質護理的方式。

So we are excited about it.

所以我們對此感到興奮。

We're investing in it and I think ask just about any surgeon, do you think that the use of computation analytics and robotics is going to improve your practice over time or become less important.

我們正在投資它，我想問問任何外科醫生，你認為計算分析和機器人技術的使用會隨著時間的推移改善你的實踐還是變得不那麼重要。

I think the answer is pretty uniform that those kinds of technologies should help them if they're well delivered and well executed.

我認為答案非常統一，即如果交付和執行得當，這些技術應該會幫助他們。

Got you.

明白了

Two last quick ones I'll ask at the same time.

我會同時問最後兩個快速問題。

Instrument and accessories growth, I think for the first time in at least five quarters, maybe longer, certainly since 2012 annually, grew -- did grow faster than procedures.

儀器和配件的增長，我認為這是至少五個季度以來的第一次增長，也許更長，當然自 2012 年以來每年增長 - 增長速度確實快於程序。

Is there something that we should read into that with implications for the next couple years.

有什麼我們應該讀入的，對未來幾年有影響嗎？

Or is it just stock-in given the flattish revenues per procedure?

還是考慮到每個程序的收入持平，它只是存貨？

And the second one, I'll throw at you at the same time.

第二個，我會同時扔給你。

The bed approval, you launched in Europe in 2015.

您於 2015 年在歐洲推出了床位批准。

Just maybe -- did your early experience there -- did it drive utilization or procedures or Xi or capital sales?

只是也許 - 你在那裡的早期經歷 - 它是否推動了利用率或程序或 Xi 或資本銷售？

Any color there would be welcome.

任何顏色都會受到歡迎。

Thanks, appreciate it.

謝謝，感激不盡。

On the revenue per procedure, I don't think there's much more than what we said.

關於每個程序的收入，我認為沒有比我們說的更多的了。

There's a lot of factors that impact that particular metric.

有很多因素會影響該特定指標。

It has been running at a pretty tight range, $1,830 to $1,840.

它一直運行在一個相當狹窄的範圍內，1,830 美元至 1,840 美元。

It did take over to a growth this last quarter as we saw utilization of advanced instruments more than offset the headwinds mostly from exchange.

它確實接管了上個季度的增長，因為我們看到先進工具的使用抵消了主要來自交易所的不利因素。

But again, there a lot of those factors could vary in the future in terms of procedure mix, customer efficiency, buying pattern, foreign exchange.

但同樣，在程序組合、客戶效率、購買模式、外匯方面，很多這些因素在未來可能會發生變化。

So it is really a lot of factors there.

所以那裡真的有很多因素。

On Xi, the certain feedback has been outstanding.

關於習近平，某些反饋非常出色。

Too soon to tell in terms of number of sites and duration as to what the changes and trends are.

現在就網站數量和持續時間來判斷變化和趨勢是什麼還為時過早。

But we will be watching.

但我們會拭目以待。

Thanks Rick.

謝謝里克。

That was our last question.

這是我們的最後一個問題。

As we've said previously, while we focus on financial metrics such as revenues, profits and cash flow during the conference call, our organizational focus remains on increasing value by enabling surgeons to improve surgical outcomes and reduce surgical trauma.

正如我們之前所說，雖然我們在電話會議期間關注收入、利潤和現金流等財務指標，但我們的組織重點仍然是通過使外科醫生能夠改善手術結果和減少手術創傷來增加價值。

I hope the following comments from Dr. Solomon, a general surgeon from Orlando, Florida, gives you some sense of the impact our products have on surgery.

我希望來自佛羅里達州奧蘭多的普通外科醫生所羅門博士的以下評論能讓您對我們的產品對手術的影響有所了解。

Quote, the Advanced Technologies and improved dexterity of the da Vinci Xi System have allowed me to perform complex minimally invasive operations with a statistically measurable improvement in outcomes.

引用，da Vinci Xi 系統的先進技術和改進的靈巧性使我能夠執行複雜的微創手術，並在統計上可測量結果的改善。

My patients are clearly and reproducibly benefiting from less pain, a shorter length of hospital stay, less time off work and lower short and long-term complications, end quote.

我的患者明顯且可重複地受益於更少的疼痛、更短的住院時間、更少的休息時間以及更低的短期和長期並發症，結束引述。

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.

我們已經建立了我們的公司，以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。

Thank you for your participation and we look forward to talking to you again in three months.

感謝您的參與，我們期待三個月後再次與您交談。

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

女士們，先生們，今天的會議到此結束。

Thank you for your participation and for using the AT&T Executive Teleconference Service.

感謝您的參與和使用 AT&T 高管電話會議服務。

You may now disconnect.

您現在可以斷開連接。