直覺手術 (ISRG) 2016 Q1 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 Q1 2016 earnings release call.

歡迎來到 Intuitive Surgical 2016 年第一季度財報電話會議。

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

（操作員說明）提醒一下，會議正在錄製中。

I will now turn the meeting over to our host, Senior Director of Finance, Investor Relations, Calvin Darling.

我現在將會議轉交給我們的主持人，投資者關係財務高級總監 Calvin Darling。

Please go ahead.

請繼續。

Thank you.

謝謝你。

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

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

With me today we have Gary Goodhart, 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加里·古德哈特 (Gary Goodhart)；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 2, 2016.

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 2016 年 2 月 2 日提交的最新 10-K 表格。

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

這些文件可以通過我們的網站或 SEC 的 EDGAR 數據庫找到。

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

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

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

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

Gary 將介紹本季度的業務和運營亮點。

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

Marshall 將對我們的第一季度財務業績進行審查。

Patrick will discuss marketing and clinical highlights.

Patrick 將討論營銷和臨床亮點。

I will provide our updated financial outlook for 2016.

我將提供我們 2016 年最新的財務展望。

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。

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。

Our first-quarter Company performance was strong, with excellent global procedure growth, solid capital placements, improving product margins and important new product launches.

我們第一季度的公司業績強勁，具有出色的全球業務增長、穩健的資本配置、提高的產品利潤率和重要的新產品發布。

Turning first to procedures, global procedure growth for the quarter was nearly 17%, led by growth in general surgery, growth in the use of da Vinci Surgical Systems outside the United States, continued growth in US urology and modest growth in US gynecology.

首先談到手術，本季度全球手術增長近 17%，這主要得益於普外科的增長、達芬奇手術系統在美國以外地區的使用增長、美國泌尿外科的持續增長以及美國婦科的適度增長。

Trends in US general surgery growth continued, with strong growth in inguinal hernia repair and ventral hernia repair, followed by continued growth in colorectal surgery.

美國普通外科手術繼續保持增長趨勢，腹股溝疝修補術和腹疝修補術增長強勁，結直腸手術繼續增長。

Customer feedback and commitment to the use of da Vinci in performing inguinal hernia repair for complex conditions has been encouraging in the quarter, increasing our confidence in its long-term acceptance.

本季度，客戶對使用達芬奇進行複雜情況下的腹股溝疝修補術的反饋和承諾令人鼓舞，這增強了我們對其長期接受度的信心。

Procedure growth was variable by country in Europe, with solid performance in the United Kingdom and Germany offsetting slower growth in the Nordic countries.

手術增長因歐洲國家而異，英國和德國的穩健表現抵消了北歐國家增長放緩的影響。

Performance in the quarter was helped by an extra procedure day in some regions relative to Q1 of 2015.

與 2015 年第一季度相比，某些地區增加了手術日，這有助於本季度的業績。

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。

We placed 110 da Vinci systems in the quarter, up from 99 in Q1 of 2015.

我們在本季度放置了 110 個達芬奇系統，高於 2015 年第一季度的 99 個。

Customers continue to purchase our Xi systems over less expensive and less capable Si models by a factor of approximately 3 to 1. Capital performance was strong in the United States, offsetting capital softness in Europe and the expiration of our quota in China.

客戶繼續以大約 3 比 1 的比例購買我們的 Xi 系統，而不是更便宜、功能更差的 Si 型號。美國的資本表現強勁，抵消了歐洲資本疲軟和我們在中國配額到期的影響。

[Botchley], customer leasing and lease-to-own arrangements are making up a greater percentage of new system placements.

[Botchley]、客戶租賃和先租后買安排在新系統安置中所佔的比例更大。

Marshall will take you through our finances in more detail later in the call.

馬歇爾將在稍後的電話會議中更詳細地向您介紹我們的財務狀況。

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。

Our teams continued to execute against their goals, with steady improvements in reducing product costs for our new systems, advanced instruments, in the quarter.

我們的團隊繼續朝著他們的目標執行，在本季度穩步改進我們的新系統、先進儀器的產品成本。

Product cost reductions exceeded our expectations, and we expect them to continue to improve in 2016 and 2017.

產品成本的降低超出了我們的預期，我們預計它們將在 2016 年和 2017 年繼續改善。

Our offerings make up an ecosystem designed to meet our customer needs in building and running outstanding robotic surgery programs.

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

This ecosystem includes systems and instruments and accessories, training technologies and peer-to-peer coursework, service offerings, and program optimization and analytic support.

該生態系統包括系統、儀器和附件、培訓技術和點對點課程、服務產品以及程序優化和分析支持。

As a result of the set of products and services that surround our systems, recurring revenue in the quarter comprised 75% of total Company revenue.

由於圍繞我們系統的一系列產品和服務，本季度的經常性收入占公司總收入的 75%。

Highlights of the first-quarter operating results are as follows.

第一季度經營業績要點如下。

Procedures grew nearly 17% over the first quarter last year,.

程序比去年第一季度增長了近 17%。

We shipped 110 da Vinci Surgical Systems, up from 99 in the first quarter of 2015.

我們出貨了 110 台達芬奇手術系統，高於 2015 年第一季度的 99 台。

Revenue for the quarter was $595 million, up 12% over the prior year.

本季度收入為 5.95 億美元，比上年增長 12%。

Pro forma gross profit margin was 70%, compared to 65.6% in the first quarter of last year.

預計毛利率為 70%，而去年第一季度為 65.6%。

Instrument and accessory revenue increased to $322 million, up 16%.

儀器和配件收入增至 3.22 億美元，增長 16%。

Total recurring revenue in the quarter was $447 million, representing 75% of total revenue.

本季度經常性總收入為 4.47 億美元，佔總收入的 75%。

We generated a pro forma operating profit of $229 million in the quarter, up 24% from the first quarter of last year, and pro forma net income was $170 million, up 27% from Q1 of 2015.

我們本季度的預估營業利潤為 2.29 億美元，比去年第一季度增長 24%，預估淨收入為 1.7 億美元，比 2015 年第一季度增長 27%。

We continue to enable our Xi platform with new product launches.

我們繼續通過新產品發布來支持我們的 Xi 平台。

Our launch of intraoperative table motion is proceeding well, with order flow that has met our expectations and with strong customer feedback on its utility, particularly in general surgery.

我們推出的術中手術台運動進展順利，訂單流達到了我們的預期，客戶對其效用的反饋也很強烈，尤其是在普外科領域。

In the quarter, we also launched our 30-millimeter Xi stapler designed to facilitate stapling in thoracic procedures and our Xi single-site instrument and accessory kit.

在本季度，我們還推出了 30 毫米 Xi 吻合器，旨在促進胸腔手術中的吻合，以及我們的 Xi 單點器械和配件套件。

Both our 30-millimeter stapler and our Xi single-site instruments have started clinical use, with positive feedback on their utility.

我們的 30 毫米吻合器和 Xi 單點器械均已開始臨床使用，並對其實用性給予了積極反饋。

Our SP program remains on track.

我們的 SP 計劃仍在進行中。

As our business has strengthened, we have increased our mid- and long-term investments in research and development.

隨著我們業務的加強，我們增加了對研發的中長期投資。

We have been increasing our investments in imaging, analytics and new product architectures based on our belief that substantial opportunity exists to enable better outcomes and to expand access to our technologies globally.

我們一直在增加對成像、分析和新產品架構的投資，因為我們相信存在大量機會來實現更好的結果並在全球範圍內擴大對我們技術的訪問。

Calvin will take you through our projected spending later in the call.

卡爾文將在稍後的電話會議中向您介紹我們的預計支出。

As we move forward in 2016, we are focused on the following.

隨著我們在 2016 年向前邁進，我們將重點關注以下內容。

First, expanding the use of da Vinci in general and thoracic surgery, particularly colorectal surgery and hernia repair.

首先，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, advancing our ecosystem, including expanding our Xi line and taking our SP product into initial clinical use.

其次，推進我們的生態系統，包括擴大我們的 Xi 產品線並將我們的 SP 產品投入臨床使用。

Third, driving our organizational capabilites in markets in Europe and Asia.

第三，提升我們在歐洲和亞洲市場的組織能力。

And, finally, assisting our customers in their efforts to maximize the comprehensive value of their programs.

最後，協助我們的客戶努力最大化其項目的綜合價值。

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

我現在將把電話轉給馬歇爾，他將審查財務亮點。

Thank you, Gary.

謝謝你，加里。

I will be describing our results on a non-GAAP or pro forma basis, which excludes legal settlements and claim accruals, stock-based compensation and amortization of purchased IP.

我將在非 GAAP 或備考基礎上描述我們的結果，其中不包括法律和解和應計索賠、基於股票的補償和已購買 IP 的攤銷。

We provide pro forma information because we believe the 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 is no confusion.

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

First-quarter revenue was $595 million, an increase of 12%, compared with $532 million for the first quarter of 2015, and a decrease of 12% compared with the seasonally stronger fourth quarter of $677 million.

第一季度收入為 5.95 億美元，與 2015 年第一季度的 5.32 億美元相比增長 12%，與季節性強勁的第四季度 6.77 億美元相比下降 12%。

First-quarter 2016 procedures of approximately 176,000 increased nearly 17% compared with the first quarter of 2015 and decreased slightly compared with the fourth-quarter procedures of approximately 177,000.

2016 年第一季度的手術量約為 176,000 件，與 2015 年第一季度相比增長近 17%，與第四季度的約 177,000 件相比略有下降。

Year-over-year procedure growth was driven by general surgery procedures in the US and urology worldwide, and otherwise likely benefited from an additional calendar day associated with leap year.

同比手術增長是由美國的普通外科手術和全球泌尿外科手術推動的，否則可能會受益於與閏年相關的額外日曆日。

Revenue highlights are as follows.

收入亮點如下。

Instrument and accessory revenue of $322 million increased 16% compared with last year and decreased 1% compared with the fourth quarter of 2015.

儀器及附件收入為 3.22 億美元，與去年同期相比增長 16%，與 2015 年第四季度相比下降 1%。

These changes generally reflect changes in procedures.

這些變化通常反映了程序的變化。

Instrument and accessory revenue realized per procedure, including initial stocking orders, was approximately $1,830 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 1,830 美元。

This metric continues to fluctuate in a tight range of approximately $1,830 and $1,840 per procedure.

該指標繼續在每次手術約 1,830 美元至 1,840 美元的窄幅範圍內波動。

Relative to the first quarter of 2015, the current quarter reflects higher sales of advanced instruments offset by the impact of customer buying patterns and foreign exchange.

與 2015 年第一季度相比，本季度反映了先進儀器的更高銷售額被客戶購買模式和外彙的影響所抵消。

System revenue of $148 million increased 5% compared with last year and decreased 36% compared with last quarter.

系統收入為 1.48 億美元，比去年增長 5%，比上一季度下降 36%。

The increase relative to the prior year primarily reflects increased revenue associated with operating lease activities and slightly higher average system selling prices.

與上一年相比的增長主要反映了與經營租賃活動相關的收入增加以及平均係統售價略高。

The decrease relative to the fourth quarter primarily reflects seasonally lower unit sales and slightly lower ASPs, partially offset by increased revenue associated with operating lease activities.

與第四季度相比的下降主要反映了單位銷售額的季節性下降和平均售價略有下降，部分被與經營租賃活動相關的收入增加所抵消。

110 systems were placed in the first quarter, compared with 99 systems in the first quarter of 2015 and 158 systems last quarter.

第一季度放置了 110 個系統，而 2015 年第一季度為 99 個系統，上季度為 158 個系統。

Approximately 77% of the systems shipped in the quarter were Xi's, which is comparable to prior quarters.

本季度約 77% 的系統出貨是 Xi 的，這與前幾個季度相當。

Hospitals financed approximately 37% of the systems placed in the first quarter, up from 17% last quarter.

第一季度，醫院為大約 37% 的系統提供了資金，高於上一季度的 17%。

We directly financed 31 systems, including 19 operating leases.

我們直接資助了 31 個系統，包括 19 個經營租賃。

As of the end of the first quarter, there were 62 systems out in the field under operating leases.

截至第一季度末，現場有 62 個系統處於經營租賃狀態。

We generated approximately $4 million of revenue associated with operating leases in the quarter, compared with $1 million in the first quarter of 2015 and $3 million in the fourth quarter.

我們在本季度產生了約 400 萬美元與經營租賃相關的收入，而 2015 年第一季度為 100 萬美元，第四季度為 300 萬美元。

We also generated approximately $6 million of revenue during the quarter from lease buyouts, compared with $2 million of revenue in the fourth quarter and no lease buyout revenue in the first quarter of last year.

我們在本季度還通過租賃收購產生了約 600 萬美元的收入，而第四季度的收入為 200 萬美元，去年第一季度沒有租賃收購收入。

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。

Globally, our average system price of $1.500 million was approximately $30,000 higher than the first quarter of 2015's ASP and approximately $50,000 lower than the ASP last quarter.

在全球範圍內，我們 150 萬美元的平均係統價格比 2015 年第一季度的平均售價高出約 30,000 美元，比上一季度的平均售價低約 50,000 美元。

Relative to the prior year, the increase reflects a proportionally lower trade-in volume in favorable geographic mix partially offset by an unfavorable product mix.

與上一年相比，這一增長反映了有利地區組合的以舊換新量比例下降，部分被不利的產品組合所抵消。

The decrease relative to the fourth quarter reflects proportionally higher trade-in volume and lower mix of Xi dual consoles, partially offset by a favorable geographic mix.

相對於第四季度的下降反映了以舊換新量按比例增加和 Xi 雙遊戲機的組合減少，部分被有利的地域組合所抵消。

Service revenue of $125 million increased 9% year over year and increased approximately 4% compared with the fourth quarter of 2015.

服務收入為 1.25 億美元，同比增長 9%，與 2015 年第四季度相比增長約 4%。

The year-over-year and quarter-over-quarter increases reflect growth 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長。

Outside of the US, results were as follows.

在美國以外，結果如下。

First-quarter revenue outside of the US of $164 million increased 9%, compared with $150 million for the first quarter of 2015, and decreased 25%, compared with seasonally stronger fourth quarter of $219 million.

第一季度美國以外的收入為 1.64 億美元，與 2015 年第一季度的 1.5 億美元相比增長 9%，與季節性強勁的第四季度 2.19 億美元相比下降 25%。

The increase compared with the previous year is comprised of a 14% growth in recurring revenue, which is driven by procedure growth of 22%, and increased systems revenue of 2%.

與上一年相比的增長包括 14% 的經常性收入增長，這是由 22% 的程序增長和 2% 的系統收入增長推動的。

The decrease compared to the fourth quarter reflects seasonally strong fourth-quarter systems placements, partially offset by a 5% growth in recurring revenue.

與第四季度相比的下降反映了第四季度系統安置的季節性強勁，部分被經常性收入增長 5% 所抵消。

Outside the US, we placed 36 systems in the first quarter, compared with 36 in the first quarter of 2015 and 75 last quarter.

在美國以外，我們在第一季度部署了 36 個系統，而 2015 年第一季度為 36 個，上季度為 75 個。

Current-quarter system sales included 5 into China and 8 into Japan.

當前季度的系統銷售額包括 5 個進入中國和 8 個進入日本。

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

美國以外的系統佈局將繼續起伏不定，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.

一些市場具有很強的季節性，反映了預算週期或假期模式。

And sales into some markets are constrained by government regulations.

某些市場的銷售受到政府法規的限制。

Moving on to the remainder of the P&L.

繼續討論損益表的其餘部分。

The pro forma gross margin for the first quarter was 70%, compared with 65.6% for the first quarter of 2015 and 69.6% for the fourth quarter of 2015.

第一季度的備考毛利率為 70%，而 2015 年第一季度為 65.6%，2015 年第四季度為 69.6%。

Compared with the first quarter of 2015, the higher gross margin reflects reduction of product and product repair costs, improved manufacturing operations efficiencies, the elimination of the medical device tax, lower costs associated with product field actions and related inventory charges, and a higher mix of instrument and accessory revenue.

與 2015 年第一季度相比，較高的毛利率反映了產品和產品維修成本的降低、製造運營效率的提高、醫療器械稅的取消、與產品現場操作和相關庫存費用相關的成本降低以及更高的組合儀器和配件收入。

The medical device tax has been suspended for the next two years and reduced our 2015 gross margin by approximately 70 basis points.

醫療器械稅已在未來兩年暫停徵收，並使我們 2015 年的毛利率降低了約 70 個基點。

Future margins will fluctuate based on the mix of our newer products, our ability to further reduce product cost, manufacturing efficiency, costs associated with product field actions and, in the long term, the potential reinstatement of the medical device tax.

未來的利潤率將根據我們新產品的組合、我們進一步降低產品成本的能力、製造效率、與產品現場行動相關的成本以及從長遠來看可能恢復醫療器械稅而波動。

Pro forma operating expenses -- which exclude legal settlements and accruals for legal claims, stock compensation expense, and amortization of purchased IP -- increased 14%, compared with the first quarter of 2015, and increased 5% compared with last quarter.

預計運營費用——不包括法律和解和法律索賠的應計費用、股票補償費用和所購知識產權的攤銷——與 2015 年第一季度相比增長了 14%，與上一季度相比增長了 5%。

The increases over prior periods reflect increased investments in advanced imaging, advanced instrumentation and next-generation robotics, increased headcount, and higher payroll taxes associated with stock option exercises.

與前期相比的增長反映了對先進成像、先進儀器和下一代機器人技術的投資增加、員工人數增加以及與股票期權行使相關的工資稅增加。

Our pro forma effective tax rate for the first quarter was 27.4%, compared with an effective tax rate of 28.9% for the first quarter of 2015 and 24.9% last quarter.

我們第一季度的備考有效稅率為 27.4%，而 2015 年第一季度的有效稅率為 28.9%，上一季度為 24.9%。

In late December 2015, Congress retroactively approved the 2015 Federal Research and Development Credit and made the R&D tax credit permanent going forward.

2015 年 12 月下旬，國會追溯批准了 2015 年聯邦研發稅收抵免，並將研發稅收抵免永久化。

The entire 2015 R&D tax credit was included in the fourth quarter, while no benefit was reflected in the first quarter of 2015.

整個 2015 年的研發稅收抵免包括在第四季度，而 2015 年第一季度沒有體現任何收益。

And a proportional benefit is reflected in the first quarter of 2016.

比例收益反映在 2016 年第一季度。

Other than the impact of R&D credit, fluctuations in our tax rate between this quarter and the first and fourth quarters of 2015 primarily reflect changes in the mix of US and O-US income.

除了研發信貸的影響外，本季度與 2015 年第一季度和第四季度之間的稅率波動主要反映了美國和海外收入組合的變化。

Our first-quarter 2016 pro forma net income was $170 million, or $4.42 per share, compared with $135 million, or $3.57 per share, for the first quarter of 2015 and $224 million, or $5.89 per share, for the fourth quarter of 2015.

我們 2016 年第一季度的備考淨收入為 1.7 億美元，即每股 4.42 美元，而 2015 年第一季度為 1.35 億美元，即每股 3.57 美元，2015 年第四季度為 2.24 億美元，即每股 5.89 美元。

Note that fully diluted shares outstanding increased by approximately 400,000 shares relative to the fourth quarter, resulting primarily from the increase in our share price.

請注意，與第四季度相比，完全稀釋後的流通股增加了約 400,000 股，這主要是由於我們的股價上漲。

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 $595 million for the first quarter of 2016, compared with $532 million for the first quarter of 2015 and $677 million for the fourth quarter of 2015.

2016 年第一季度 GAAP 收入為 5.95 億美元，而 2015 年第一季度為 5.32 億美元，2015 年第四季度為 6.77 億美元。

GAAP net income was $136 million, or $3.54 per share, for the first quarter of 2016, compared with $97 million, or $2.57 per share, for the first quarter of 2015.

2016 年第一季度 GAAP 淨收入為 1.36 億美元，即每股 3.54 美元，而 2015 年第一季度為 9700 萬美元，即每股 2.57 美元。

And $190 million, or $4.99 per share, for the fourth quarter of 2015.

2015 年第四季度為 1.9 億美元，即每股 4.99 美元。

We ended the year with cash and investments of $3.8 billion, up from $3.3 billion as of December 31, 2015.

截至 2015 年 12 月 31 日，我們的現金和投資總額為 38 億美元，高於 33 億美元。

The increase primarily -- was primarily driven by proceeds from stock option exercises and cash generated from operations.

增長主要是由股票期權行使收益和運營產生的現金推動的。

As our cash builds, we will continue to evaluate our approach to capital allocation.

隨著我們的現金積累，我們將繼續評估我們的資本配置方法。

And with that, I would 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。

Of our first-quarter procedure growth of nearly 17%, US procedures grew approximately 50% and O-US procedures grew approximately 22%.

在我們第一季度近 17% 的程序增長中，美國程序增長了大約 50%，而美國程序增長了大約 22%。

In the US, even though growth benefited from favorable operating days in the quarter, procedure growth outpaced our expectations.

在美國，儘管增長受益於本季度有利的運營日，但程序增長超出了我們的預期。

First-quarter growth in our mature procedures continued at levels similar to the second half of 2015, generating the majority of the procedure outperformance relative to our expectation.

我們成熟程序的第一季度增長繼續保持與 2015 年下半年相似的水平，相對於我們的預期，大部分程序的表現都優於預期。

General surgery procedure growth also exceeded our expectation.

普通外科手術的增長也超出了我們的預期。

In US urology, first-quarter growth in da Vinci prostatectomy and kidney procedures continued at similar rates through the second half of 2015.

在美國泌尿外科，達芬奇前列腺切除術和腎臟手術的第一季度增長在 2015 年下半年繼續以相似的速度增長。

We continue to believe that our US prostatectomy volumes have been tracking to the broader prostate surgery market, and we expect prostatectomy growth to return to levels similar to prostate cancer incidence rates over time.

我們仍然相信，我們的美國前列腺切除術數量一直在追踪更廣泛的前列腺手術市場，我們預計隨著時間的推移，前列腺切除術的增長將恢復到與前列腺癌發病率相似的水平。

In US gynecology, first-quarter procedures grew modestly year over ,year with growth led by malignant and complex hysterectomy.

在美國婦科，第一季度手術量同比溫和增長，其中惡性和復雜的子宮切除術帶動了增長。

Continuing the trend from 2015, we estimate a larger proportion of da Vinci hysterectomy procedures were performed by gynecologic oncologists during the first quarter.

延續 2015 年的趨勢，我們估計第一季度婦科腫瘤學家進行的達芬奇子宮切除手術的比例更大。

Similar to the fourth quarter, US single-site gynecology procedure growth declined compared to the first quarter of 2015.

與第四季度類似，與 2015 年第一季度相比，美國單點婦科手術增長有所下降。

First-quarter growth in US general surgery procedure adoption remains strong, led by a robust growth in hernia repair and continued adoption of colorectal procedures.

美國第一季度普通外科手術採用率的增長依然強勁，這主要得益於疝修補術的強勁增長和結直腸手術的持續採用。

Cholecystectomy procedures were roughly flat in the quarter, with growth in multi-floor procedures offsetting declines in single-site procedures.

本季度膽囊切除手術大致持平，多層手術的增長抵消了單點手術的下降。

Q1 was another quarter with a large number of clinical publications evaluating da Vinci surgery.

第一季度是另一個有大量臨床出版物評估達芬奇手術的季度。

Of these, I have selected a couple studies that you may find interesting.

其中，我選擇了一些您可能會感興趣的研究。

With the launch about 30-millimeter stapler, surgeon interest in the use of da Vinci for thoracic surgery is growing.

隨著約30毫米吻合器的推出，外科醫生對使用達芬奇進行胸外科手術的興趣與日俱增。

A new study comparing open video-assisted thoracic surgery, or VATS, and da Vinci surgery for pulmonary lobectomy was published by Dr. Yang and colleagues from Memorial Sloan Kettering Cancer Center in the Annals of Surgery.

一項比較開放式視頻輔助胸外科手術 (VATS) 和達芬奇手術進行肺葉切除術的新研究由 Yang 博士及其紀念斯隆凱特琳癌症中心的同事發表在《外科年鑑》上。

Using a prospective database including 2,400 surgeries to treat stage-one non-small-cell lung cancer patients, the officers' propensity matched 470 patients across da Vinci, VATS and open surgery.

使用包含 2,400 例治療一期非小細胞肺癌患者的手術的前瞻性數據庫，官員們的傾向與達芬奇、VATS 和開放手術中的 470 名患者相匹配。

The study found that da Vinci in minimally invasive VATS approaches enabled a shorter chest tube duration and length of hospital stay compared to open surgery.

該研究發現，與開放手術相比，達芬奇在微創 VATS 方法中能夠縮短胸管持續時間和住院時間。

Da Vinci surgery was also credited with improved lymph node yields as compared to both open surgery and VATS, an important clinical outcome for determining next steps in the patient treatment pathway.

與開放手術和 VATS 相比，達芬奇手術還被認為可以提高淋巴結產量，這是確定患者治療途徑下一步的重要臨床結果。

As it related to the expansion of da Vinci lung resections, the authors highlighted that nearly 57% of pulmonary lobectomies in the US were treated with open surgery.

由於它與達芬奇肺切除術的擴大有關，作者強調，美國近 57% 的肺葉切除術採用開放手術治療。

And they see promise in expanding patient access to minimally invasive surgery through da Vinci technology.

他們看到了通過達芬奇技術擴大患者接受微創手術的希望。

Turning abroad, procedure growth outside of the United States was approximately 22% in the first quarter, led by the global adoption of da Vinci prostatectomy and solid contributions from kidney procedures and colorectal resections.

轉向國外，在全球採用達芬奇前列腺切除術以及腎臟手術和結直腸切除術的堅實貢獻的帶動下，美國以外的手術在第一季度增長了約 22%。

Compared to the second half of 2015, procedure growth slowed in both Europe and Asia during the quarter, in part due to the timing of the Easter holiday.

與 2015 年下半年相比，本季度歐洲和亞洲的手術增長放緩，部分原因是複活節假期的時間安排。

Historically, our O-US procedure growth rates have been lumpy and less predictable in the short term.

從歷史上看，我們的 O-US 程序增長率在短期內一直不穩定且難以預測。

We are focused on improving our O-US procedure performance.

我們專注於提高我們的 O-US 程序性能。

In Japan, there were positive developments relating to reimbursement in the quarter: the MHLW approved for reimbursement of partial nephrectomy at a premium rate relative to open surgery; and also approved clinical trial enrollment to begin supporting a [section area B] submission for da Vinci malignant hysterectomy.

在日本，本季度在報銷方面取得了積極進展：MHLW 批准以相對於開放手術的溢價報銷腎部分切除術；並且還批准了臨床試驗註冊，以開始支持 [區域 B] 達芬奇惡性子宮切除術的提交。

The recent study funded by Intuitive and published in BJU International by Professor Hughes and colleagues from the University of Chester collected data from the United Kingdom Health Episodes Statistics Database, including more than 20,000 prostatectomy patients and 2,000 partial nephrectomy patients to assess health resource utilization and cost following da Vinci, open and laparoscopic procedures.

最近由 Intuitive 資助並由切斯特大學的 Hughes 教授及其同事在 BJU International 發表的研究從英國健康事件統計數據庫收集數據，包括 20,000 多名前列腺切除術患者和 2,000 名腎部分切除術患者，以評估衛生資源利用率和成本遵循達芬奇、開放和腹腔鏡手術。

The database showed that from 2008 to 2013, the use of da Vinci surgery increased from 15% to 50% of prostatectomies and 1% to 22% of partial nephrectomies by displacing open surgery.

數據庫顯示，從 2008 年到 2013 年，達芬奇手術的使用率從 15% 增加到 50% 的前列腺切除術和 1% 到 22% 的部分腎切除術取代了開放手術。

During the first year after the operation, da Vinci surgery was shown to reduce inpatient admissions, hospital bed days, and total costs for both prostatectomy and partial nephrectomy compared to open surgery.

在手術後的第一年，與開放手術相比，達芬奇手術被證明可以減少前列腺切除術和腎部分切除術的住院人數、住院天數和總費用。

At three years post operation, the study showed similar outcomes for prostatectomy and was insufficient to draw conclusions for partial nephrectomy.

術後三年，該研究顯示前列腺切除術的結果相似，但不足以得出腎部分切除術的結論。

Laparoscopic surgery outcomes were at the approximate midpoint between da Vinci and open surgery on resource utilization and costs for both procedures.

腹腔鏡手術的結果大約在達芬奇手術和開放手術的資源利用率和兩種手術的成本之間。

The authors concluded, quote, our analysis suggests that there are substantial savings associated with robotic-assisted surgery when compared with open and laparoscopic interventions, close quote.

作者總結說，引用我們的分析表明，與開放式和腹腔鏡手術相比，機器人輔助手術可以節省大量費用，關閉引用。

This concludes my remarks.

我的發言到此結束。

I will now turn the call over to Calvin.

我現在將把電話轉給卡爾文。

Thank you, Patrick.

謝謝你，帕特里克。

I will be providing you with our updated financial outlook for 2016.

我將為您提供 2016 年最新的財務展望。

Starting with procedures, on our last call we estimated full-year 2016 procedure growth of 9% to 12%, above the approximately 652,000 procedures performed in 2015.

從程序開始，在我們上次電話會議上，我們估計 2016 年全年程序增長 9% 至 12%，高於 2015 年執行的大約 652,000 例程序。

Now, based upon favorable US DBP and gynecology macro trends and US general surgery growth, we are increasing our estimate for 2016.

現在，基於有利的美國 DBP 和婦科宏觀趨勢以及美國普通外科手術的增長，我們正在增加對 2016 年的估計。

We now anticipate full-year 2016 procedure growth within a range of 12% to 14%.

我們現在預計 2016 年全年手術增長率將在 12% 至 14% 之間。

Turning to gross profit, on our last call we forecast 2016 pro forma gross profit margin to be within a range of between 68% and 69.5% of net revenue.

談到毛利，我們在上次電話會議上預測 2016 年備考毛利率將在淨收入的 68% 至 69.5% 之間。

We are now increasing our estimate.

我們現在正在增加我們的估計。

We now expect full-year 2016 pro forma gross profit to be within a range of between 69% and 70% of net revenue.

我們現在預計 2016 年全年備考毛利將占淨收入的 69% 至 70% 之間。

Turning to operating expenses.

轉向運營費用。

As we have described, we will be increasing our investment in key areas that will enable and drive the future of robotic-assisted surgery.

正如我們所描述的，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。

On our last call, we forecast to grow pro forma 2016 operating expenses between 9% and 13% above 2015 levels.

在我們上次電話會議中，我們預計 2016 年備考運營費用將比 2015 年水平增長 9% 至 13%。

We are now increasing our estimate for operating expenses to a range of between 12% and 15% above 2015.

我們現在將我們對運營費用的估計提高到比 2015 年高出 12% 到 15% 的範圍。

Consistent with our last call, we expect our non-cash stock compensation expense to range between $170 million and $180 million in 2016, compared to $168 million in 2015.

與我們上次電話會議一致，我們預計 2016 年我們的非現金股票補償費用將在 1.7 億美元至 1.8 億美元之間，而 2015 年為 1.68 億美元。

We expect our 2016 other income, which is comprised mostly of interest income, to be in the upper end of the $20 million to $25 million range forecast on our last call.

我們預計 2016 年的其他收入（主要由利息收入組成）將處於我們上次電話會議預測的 2000 萬至 2500 萬美元範圍的上限。

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

關於所得稅，我們繼續預計我們 2016 年的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海外利潤的組合。

That concludes our prepared comments.

我們準備好的評論到此結束。

We were now open the call to your questions.

我們現在開始回答您的問題。

(Operator Instructions) Bob Hopkins, Bank of America.

（操作員說明）Bob Hopkins，美國銀行。

Two questions, but, first of all, congrats on the great momentum in the business.

有兩個問題，但首先，祝賀業務發展勢頭強勁。

I have a question on US procedure volume growth, and then on your comments on OpEx spend.

我有一個關於美國手術量增長的問題，然後是你對 OpEx 支出的評論。

First on procedure volume growth, one, can you give us a sense of what you think you grew on the quarter on a same-day selling basis?

首先，關於手術量的增長，第一，你能告訴我們你認為你在當日銷售的基礎上在本季度增長了什麼嗎？

But then, much more importantly, just give us a sense as to specifically which surgery types accelerated in the US.

但是，更重要的是，讓我們了解在美國具體加速了哪些手術類型。

And what drove the growth?

是什麼推動了增長？

What caused the acceleration?

加速的原因是什麼？

Why did things get better?

為什麼事情變得更好了？

Bob, thanks for the question.

鮑勃，謝謝你的提問。

From a same-day selling perspective, estimating the impact of operating days is anything but an exact science.

從當日銷售的角度來看，估計營業日的影響絕不是一門精確的科學。

From a tailwinds -- you had leap year that benefited the quarter and some modest benefit from the timing of years being on a Friday rather than a Thursday.

從有利因素來看——閏年對本季度有利，而且年份的時間安排在周五而不是周四也帶來了一些適度的好處。

And from a headwind perspective, you had the timing of Easter, which moved from the second quarter into the first quarter, but that had more of an impact on the O-US geographies.

從逆風的角度來看，復活節的時間從第二季度移到了第一季度，但這對 O-US 地區的影響更大。

From what accelerated -- the mature procedures sustained pretty strong growth in the quarter as they softened up 2015, which was a little bit of a surprise to us relative to our initial expectations.

從加速的角度來看——成熟的程序在 2015 年疲軟的情況下在本季度保持了相當強勁的增長，相對於我們最初的預期，這讓我們有點意外。

And general surgery continues to be strong and growing off of a larger base, which has more impact on the US procedure growth number.

普通外科繼續保持強勁勢頭，並在更大的基礎上增長，這對美國手術增長數量的影響更大。

Okay.

好的。

And then -- well, for the follow-up, I wanted to ask Gary a question on the OpEx spend because I think it's an important comment from you guys.

然後 - 好吧，對於後續行動，我想問加里一個關於運營支出的問題，因為我認為這是你們的重要評論。

Your spending in the quarter was high, exactly as you said it would be, and now you are raising that spend level even further.

您本季度的支出很高，正如您所說的那樣，現在您正在進一步提高支出水平。

So can you just talk about where the incremental spend is going?

那麼你能談談增量支出的去向嗎？

What kind of new incremental technology announcements could that lead to?

這會導致什麼樣的新的增量技術公告？

You mentioned a couple on the call.

你在電話中提到了一對夫婦。

But I'm just really curious as to where this spending is going and when we could expect to get more visibility on the output from that spending.

但我真的很想知道這筆支出的去向以及我們何時可以期望對這些支出的產出有更多的了解。

Sure.

當然。

On the spend, I think the acceleration is really borne of confidence in the long-term viability of some of the markets and some of the things we are pursuing.

在支出方面，我認為加速確實源於對某些市場的長期生存能力以及我們正在追求的某些事物的信心。

You will see it really cut into a couple of buckets.

你會看到它真的被切成幾個桶。

Some of it is investments in O-US markets where we think that we can do more by investing more.

其中一些是對 O-US 市場的投資，我們認為我們可以通過增加投資來做更多事情。

And we've been talking you about that.

我們一直在和你談論這個。

The other side is on R&D.

另一邊是研發。

And in terms of categories, we've talked about it before, but we believe in them deeply.

而在類別方面，我們之前已經談過，但我們深信不疑。

Advanced imaging, the ability to see beyond what you can just see with your naked eye.

高級成像，能夠看到肉眼無法看到的東西。

New robotic architectures that allow surgeons to get into and out of the body in different ways, and to different places that make it reach prior.

新的機器人架構允許外科醫生以不同的方式進入和離開身體，並到達使其提前到達的不同位置。

As well as analytics and over-the-shoulder guidance.

以及分析和肩上指導。

All things that we have been investing in; some things that we are accelerating.

我們一直在投資的所有事物；我們正在加速的一些事情。

So we won't do product announcements on this call.

所以我們不會在這次電話會議上發布產品公告。

As we get deeper into those things and are ready to share them more broadly with you, of course, we will.

當我們深入了解這些事情並準備好與您更廣泛地分享它們時，我們當然會。

And then lastly, just to get a sense -- I finally heard something about positive hysterectomy in Japan.

最後，只是為了了解一下——我終於在日本聽說了一些關於陽性子宮切除術的消息。

It went by pretty quickly.

它很快就過去了。

Is there some positive momentum on hysterectomy in Japan from a reimbursement perspective?

從報銷的角度來看，日本的子宮切除術是否有一些積極的勢頭？

Yes, Bob, the NHLW approved clinical trial to begin enrollment supporting malignant hysterectomy under the [section area B] process.

是的，鮑勃，NHLW 批准了臨床試驗，開始在[區域 B] 流程下支持惡性子宮切除術。

Perfect.

完美的。

Thank you.

謝謝你。

(Operator Instructions) Tycho Peterson.

（操作員說明）第谷彼得森。

JPMorgan.

摩根大通。

I just wondered if you could talk a little bit of about Table Motion.

我只是想知道你是否可以談談 Table Motion。

How many systems are installed that are capable?

安裝了多少個系統？

What percentage of systems, I guess, have the option included?

我猜有多少百分比的系統包含該選項？

And if you could just talk a little bit about how it flows through to gross margins as well.

如果你能談談它是如何影響毛利率的。

It's mainly a software upgrade from your perspective, right?

從您的角度來看，主要是軟件升級，對嗎？

Yes, we are pretty pleased with the level of adoption for Table Motion.

是的，我們對 Table Motion 的採用程度感到非常滿意。

The information we're getting back from surgeons is they are pleased with its usage and its performance.

我們從外科醫生那裡得到的信息是他們對它的使用和性能感到滿意。

We are not going to be disclosing every quarter just how many tables we have delivered, so I won't go there.

我們不會每個季度都透露我們交付了多少張桌子，所以我不會去那裡。

I'll just tell you that, again, we're pretty pleased with the level of adoption.

我會再一次告訴你，我們對採用程度非常滿意。

These would be the revenue on the margin side.

這些將是保證金方面的收入。

Yes, the margins -- so, what we are providing is a software update to the Xi that enables the Table Motion.

是的，利潤率——因此，我們提供的是 Xi 的軟件更新，可啟用 Table Motion。

The table itself is being purchased from Trumpf.

桌子本身是從 Trumpf 購買的。

And the -- and so our billing is 100% margin.

而且 - 所以我們的賬單是 100% 的保證金。

And I guess maybe what I was getting at is the degree to which this is going to drive a bolus of demand for Xi now that you have that plus the full instrument set.

而且我想也許我得到的是這將在多大程度上推動對 Xi 的需求，因為你擁有 Xi 加上全套儀器。

Can you maybe just talk a little bit about how you see that flowing through to Xi demand?

你能不能談談你如何看待習近平的需求？

Yes, I think that it -- each one of these steps, the 30-millimeter Xi stapler, the Integrated Table Motion, now the Xi instrument kit is rounding out that Xi platform.

是的，我認為它——這些步驟中的每一步，30 毫米 Xi 訂書機，集成桌面運動，現在 Xi 儀器套件正在完善 Xi 平台。

And we have some more to do.

我們還有更多工作要做。

It's not all complete, but it's definitely becoming a much fuller and richer ecosystem.

它還不完整，但它肯定會成為一個更完整、更豐富的生態系統。

We think that helps.

我們認為這有幫助。

It's very hard to forecast how much it is, how many people sit and wait until the next step.

很難預測它有多少，有多少人坐等到下一步。

But we think those things add clinical value for sure.

但我們認為這些東西肯定會增加臨床價值。

30-millimeter stapler in thoracic procedures is a big win.

30 毫米吻合器在胸腔鏡手術中大獲成功。

Likewise, Table Motions for a lot of the more complex procedures.

同樣，Table Motions 適用於許多更複雜的程序。

So we think that's strong, and there are a group of hospitals that use Si with single-site; that if they are a single-system hospital, they will only own just one, and they have a robust single-site program.

所以我們認為這很強大，並且有一批醫院使用 Si 和單站點；如果他們是單一系統醫院，他們將只擁有一個，並且他們有一個強大的單一站點程序。

This allows them to consider Xi as an upgrade.

這使他們可以將 Xi 視為升級版。

So it's hard to quantify, but we think directionally it's really strong.

所以很難量化，但我們認為方向性很強。

Okay.

好的。

And then, follow up, can you just comment on Europe?

然後，跟進，你能評論一下歐洲嗎？

It looked like that was a little soft.

看起來有點柔軟。

Maybe just talk about the outlook there for the year.

也許只是談談今年的前景。

Yes, Europe was definitely a variable, both in procedures and in systems.

是的，歐洲絕對是一個變量，無論是在程序上還是在系統上。

On the procedure side, we had some strength in some countries where they are moving along, and we think there's opportunity to do that and better.

在程序方面，我們在一些他們正在推進的國家/地區擁有一些優勢，我們認為有機會做到這一點並做得更好。

There are some other countries where it's going a little slower.

在其他一些國家/地區，它的速度要慢一些。

Sometimes it's a local economy issue; sometimes it's more where we are in maturity.

有時是地方經濟問題；有時更多的是我們成熟的地方。

Some of these countries were pretty well-adopted in the mature procedures, and they are really at the beginnings of the emerging procedures.

其中一些國家/地區在成熟程序中得到了很好的採用，而且它們確實處於新興程序的開端。

So it depends country by country.

因此，這取決於國家/地區。

On the capital side, I think there's two things going on.

在資本方面，我認為有兩件事正在發生。

A little bit of environment is one, and a little bit of wait-and-see on competitive offerings as they come out.

一點點環境是其中之一，還有一點點等待競爭產品的出現。

And we are navigating that pretty well.

我們在這方面做得很好。

In terms of head-to-head comparisons with our technology, our systems are coming out great.

就與我們的技術進行直接比較而言，我們的系統表現出色。

But it can put a delay in the pipeline, and we are seeing a little bit of that in Europe.

但這可能會延遲管道，我們在歐洲看到了一點點。

The only other thing I would add is that there is -- Europe has become very seasonal.

我要補充的唯一另一件事是 - 歐洲已經變得非常季節性。

And so if you look at Q4, it was extremely strong relative to the previous couple of quarters.

因此，如果你看一下第四季度，它相對於前幾個季度非常強勁。

And Q1 is more comparable to the previous year's Q1.

而Q1與上一年的Q1相比更具可比性。

Okay.

好的。

Thank you.

謝謝你。

David Lewis, Morgan Stanley.

戴維劉易斯，摩根士丹利。

Just two quick ones here.

這裡只有兩個快速的。

Marshall, just coming back to gross margin guidance, GM's have been stronger for five consecutive quarters.

馬歇爾，剛剛回到毛利率指導，通用汽車連續五個季度表現強勁。

And the guidance certainly implies no improvement throughout the year, which seems, I guess, less likely to us just given the cost improvements you've already discussed.

而且該指導肯定意味著全年都沒有改善，我想，考慮到您已經討論過的成本改善，這對我們來說似乎不太可能。

So can we just talk to gross margin progressions out the balance of the year and why you think 70% here in the first quarter is the high watermark?

那麼，我們能否談談今年餘下時間的毛利率增長情況，以及為什麼您認為第一季度這裡的 70% 是高水位線？

Sure.

當然。

One of the biggest factors we see going forward is the product mix.

我們看到的最大因素之一是產品組合。

Know that we have higher margins on instruments and accessories than we do on systems, and this Q1 tends to be seasonally a lower quarter for capital.

知道我們在儀器和配件上的利潤率高於我們在系統上的利潤率，而且這個第一季度往往是季節性的資本較低的季度。

And also, we see growth in the new product, particularly in energy products, stapling and vaso-sealing going forward, and those also have lower margins than the base.

而且，我們看到新產品的增長，特別是在能源產品、縫合和血管密封方面的增長，而且這些產品的利潤率也低於基礎產品。

So I think, just based on product mix alone, we don't expect to sustain 70%.

所以我認為，僅基於產品組合，我們預計不會維持 70%。

Okay.

好的。

And then Gary, I -- obviously people have asked about spending already.

然後是加里，我——顯然人們已經問過關於支出的問題。

And I note that the R&D spend is the highest we've seen in four years.

我注意到研發支出是我們四年來最高的。

So you are obviously clearly going to continue to invest.

所以你顯然會繼續投資。

I have no expectations you're going to talk to us about future instrumentation and system announcements.

我不期望您會與我們談論未來的儀器和系統公告。

But I think the enigma for most shareholders actually is advanced imaging because that's sort of more future-looking.

但我認為大多數股東的謎團實際上是先進的成像技術，因為它更具前瞻性。

Is there any chance we get incremental updates or at least even any update on the strategy for advanced imaging this year?

今年我們是否有機會獲得增量更新，或者至少獲得任何關於高級成像戰略的更新？

Thank you.

謝謝你。

Yes, that's a fair question.

是的，這是一個公平的問題。

In general, we have been making early investments in advanced imaging.

總的來說，我們一直在對高級成像進行早期投資。

And what I would tell you there is that it is not one thing.

我要告訴你的是，這不是一回事。

As you know, we have Firefly, which is a molecular imaging base product.

如您所知，我們有 Firefly，它是一種分子成像基礎產品。

We also have invested in raw imaging hardware capabilities, which we'll continue to do.

我們還投資了原始成像硬件功能，我們將繼續這樣做。

What we like to do is -- as we have milestones that makes sense, whether it's talking to regulatory bodies or engaging in clinical work, those tend to be good anchors to discuss with you.

我們喜歡做的是——因為我們有有意義的里程碑，無論是與監管機構交談還是參與臨床工作，這些往往是與您討論的好錨點。

And as those arrive, then we will share with you what we are thinking.

當這些到達時，我們將與您分享我們的想法。

And could those arrive potentially in 2016 for advanced imaging, or unlikely?

那些可能會在 2016 年用於高級成像，還是不太可能？

You know, I think when we get there, we will let you know.

你知道，我想當我們到達那裡時，我們會讓你知道。

Okay, sir.

好的，先生。

Thank you.

謝謝你。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

I wanted Gary just to come back to some of the early part of your prepared remarks where you discussed the continued momentum that you are seeing in hernia.

我想讓加里回到你準備好的發言的開頭部分，你在其中討論了你在疝氣中看到的持續勢頭。

And it seemed like it's at stages this year, there was sort of a positive tipping point, but just incremental enthusiasm from the physician community around this procedure.

它似乎在今年處於階段，有一種積極的轉折點，但只是來自醫生社區圍繞這個程序的熱情增加。

Can we just sort of talk about what you think specifically is stimulating that demand and why you are confident in that continuing on a go-forward basis?

我們能否談談您認為具體是什麼刺激了這種需求，以及為什麼您有信心繼續前進？

There's two ways that our confidence has been building.

我們建立信心的方式有兩種。

One of them is around the clinical outcomes and anecdotes that we hear.

其中之一是圍繞我們聽到的臨床結果和軼事。

And that comes to -- as we talked about before, inguinal hernia particularly is a segmented market.

這就是——正如我們之前談到的，腹股溝疝尤其是一個細分市場。

Not all patients are suffering the same level of disease.

並非所有患者都患有相同程度的疾病。

And in the more complex cases, if it's bilateral or prior abdominal surgery of these patients, a large herniated sac, the raw clinical capability of our products is being touted as -- and supported by surgeons as being important to them.

在更複雜的情況下，如果是這些患者的雙側或先前腹部手術，一個大的突出囊，我們產品的原始臨床能力被吹捧為 - 並得到外科醫生的支持，認為對他們很重要。

A better quality of intervention, consumable costs in line with what their expectations are.

更好的干預質量、耗材成本符合他們的預期。

So there, I think that we are feeling pretty good.

所以在那裡，我認為我們感覺很好。

The second thing we can do is analyze reorder rates from surgeons as they go forward.

我們可以做的第二件事是分析外科醫生的再訂購率。

So as you get through the trial periods, you are seeing where -- as they learn it and get deeper and deeper into it, where do they apply it and how often do they keep buying our products.

因此，當你度過試用期時，你會看到——隨著他們學習並越來越深入，他們在哪裡應用它，以及他們多久繼續購買我們的產品。

And that has been supported as well.

這也得到了支持。

So as those two things come together, we start feeling better about it.

因此，當這兩件事結合在一起時，我們開始感覺更好。

That is what is behind that comment.

這就是評論背後的原因。

All right.

好的。

That's helpful.

這很有幫助。

Thank you.

謝謝你。

And then just for my follow-up on the operating lease side, it looks like this is a higher quarter for a percentage of total coming from operating leases.

然後就我在經營租賃方面的後續行動而言，看起來這是一個更高的季度，佔經營租賃總額的百分比。

So I guess maybe, A, could you just talk sort of the -- through some of the dynamics underpinning that?

所以我想也許，A，你能不能談談 - 通過支持它的一些動力？

And then, B, based on your disclosures, it looks like people are buying out these operating leases relatively quickly, so maybe help us understand is that true and why that's the case.

然後，B，根據你的披露，看起來人們正在相對較快地買斷這些經營租賃，所以也許可以幫助我們理解這是真的以及為什麼會這樣。

Sure.

當然。

The operating leases is our way of being able to be flexible with the customer and meet the customer's needs in terms of financing.

經營租賃是我們能夠靈活地與客戶合作並滿足客戶在融資方面的需求的方式。

Some of the leases are shorter-term and basically bridge their ability to get to a capital approval process.

一些租約是短期的，基本上可以彌補他們進入資本審批程序的能力。

And those are a couple of the ones you have seen bought out in this quarter.

這些是你在本季度看到的幾個被買斷的。

Most of the leases -- of the operating leases are longer-term, being four- and five-year terms, and will drive a recurring revenue going forward.

大多數租賃——經營租賃都是長期的，期限為四年和五年，並將推動未來的經常性收入。

Like we said, this quarter was around $4 million.

正如我們所說，本季度約為 400 萬美元。

Okay, got it.

好，知道了。

Thank you.

謝謝你。

Ben Andrew, William Blair.

本安德魯，威廉布萊爾。

Gary, a question on the ecosystem.

加里，關於生態系統的問題。

One of the most material competitive advantages you guys have is the embedding of the technology and your training and all the other things throughout the health care system.

你們擁有的最物質競爭優勢之一是將技術和培訓以及整個醫療保健系統中的所有其他內容嵌入。

What investments can you guys make and are you planning to make that are different than what you've done before to try to lever that, as you did specifically call that out?

你們可以進行哪些投資，您打算進行哪些投資與您之前所做的不同，以試圖利用它，正如您明確指出的那樣？

Yes, I think the -- making a great robotic surgery program is really the integration of all of those things.

是的，我認為——製作一個偉大的機器人手術程序實際上是所有這些東西的整合。

And their multi-year efforts to build that set of programs from peer-to-peer networks that do advanced coursework and teaching to validated learning pathways in simulation.

以及他們多年的努力，從進行高級課程作業和教學的點對點網絡到模擬中驗證的學習路徑，構建了一套程序。

Those validations are multi-year efforts to get right to the full instrument kit from vessel sealing to stapling and so on.

這些驗證是多年的努力，旨在正確使用從容器密封到縫合等的完整儀器套件。

And so we are pretty thoughtful about balancing that set of investments.

因此，我們在平衡這一系列投資方面考慮周全。

The things that have gotten really stronger and interesting in the last couple of years have been our ability to analyze data, look at national benchmarking, look at regional base benchmarking and share that information with our customers so they can make good decisions.

在過去的幾年裡，我們真正變得強大和有趣的事情是我們分析數據、查看國家基準、查看區域基準並與我們的客戶共享這些信息以便他們做出正確決策的能力。

Sometimes those decisions are good for them and not great for Intuitive in the near term.

有時，這些決定對他們有利，但在短期內對 Intuitive 不利。

If they optimize their program, we may get more revenue per procedure in the near term.

如果他們優化他們的程序，我們可能會在短期內從每個程序中獲得更多收入。

But we think long-term it's better for everybody.

但我們認為從長遠來看，這對每個人都更好。

And so we have been making those analytics and those investments and then communicating with hospitals.

因此，我們一直在進行這些分析和投資，然後與醫院進行溝通。

So we really have been plugging in in each of those settings.

所以我們真的一直在插入這些設置中的每一個。

And I do think it makes for an ecosystem -- creates a lot of value for the customer and builds our relationship with them.

我確實認為它會形成一個生態系統——為客戶創造很多價值並建立我們與他們的關係。

Thank you.

謝謝你。

And Patrick, a quick one for you.

帕特里克，給你一個快速的。

Can we think about the extra selling day as maybe 1.5 percentage points of procedure growth?

我們可以將額外的銷售日視為流程增長的 1.5 個百分點嗎？

I know there's some offsets with Easter, et cetera.

我知道復活節等有一些抵消。

But is it in that range of what the bump was, net?

但它是否在碰撞的範圍內，淨值？

Yes, Ben.

是的，本。

I will let you do your math on this specific percentage.

我會讓你計算這個特定的百分比。

But as it relates to the benefit, it really just -- think of it more as in the US because the favorability of leap year New Year's gets mostly washed out by Easter, particularly in Europe.

但當它涉及到好處時，它真的只是 - 更像是在美國，因為閏年新年的好感大部分被復活節沖掉了，特別是在歐洲。

Got it.

知道了。

Thank you.

謝謝你。

Rick Wise, Stifel.

里克懷斯，斯蒂菲爾。

I wanted to talk a little bit more about US urology and US gynecology.

我想多談談美國泌尿科和美國婦科。

I was really intrigued with the modest growth on the gynecology side.

我對婦科方面的適度增長非常感興趣。

That's a significant turnaround from the headwind you faced over the last couple of years.

這是你在過去幾年面臨的逆風的重大轉變。

Also, urology acting better.

此外，泌尿外科表現更好。

Have we worked through some of the challenges in each?

我們是否解決了每個方面的一些挑戰？

And are we actually going to return to more sustainable growth in US gynecology after a year or more or two of training and education, et cetera?

經過一年或兩年以上的培訓和教育等，我們真的會恢復美國婦科的更可持續增長嗎？

Let me speak to a couple of the factors, and then I will let Patrick take it from there.

讓我談談幾個因素，然後我會讓帕特里克從那裡開始。

As we look at urology, you've got three main procedures in urology; prostatectomy, partial nephrectomy and cystectomy, the biggest one being prostatectomy.

當我們看泌尿外科時，泌尿外科有三個主要程序；前列腺切除術，部分腎切除術和膀胱切除術，其中最大的是前列腺切除術。

We know that there was a bolus of patients that went into watchful waiting, some of whom will have disease progression and come back to definitive treatment.

我們知道有大量患者進入觀察等待狀態，其中一些患者會出現疾病進展並恢復接受根治性治療。

How long that bolus lasts is a little bit hard for us to predict.

我們很難預測這種推注會持續多長時間。

The second thing are the possibility of share changes between some of the treatment modalities: surgery versus radiation versus watchful waiting.

第二件事是一些治療方式之間份額變化的可能性：手術、放療和觀察等待。

That data tends to lag; hard to get it in real time.

該數據往往滯後；很難實時獲取。

There may be some share change, although if there is it's probably modest.

可能會有一些份額變化，儘管如果有的話可能是適度的。

And then there's just demographics.

然後就是人口統計數據。

As demographics changes, you have more folks getting diagnosed with prostate cancer over time.

隨著人口結構的變化，隨著時間的推移，越來越多的人被診斷出患有前列腺癌。

So those are the three things that are rolling through, and sort of projecting how they balance out is what the challenge is.

所以這些是正在發生的三件事，而預測它們如何平衡是挑戰所在。

On the gynecology side, the thing that we are seeing in our experience is that you are seeing more surgery being done by high-volume gynecologists in general.

在婦科方面，我們在經驗中看到的是，一般而言，您會看到更多的手術是由高手術量的婦科醫生完成的。

Not just robotic surgery, but laparoscopy and others.

不僅僅是機器人手術，還有腹腔鏡手術和其他手術。

We are seeing a consolidation in the marketplace.

我們看到了市場整合。

And so folks who are either due oncologists or more routine surgeons, we think that's good for the world and we think that's good for Intuitive.

因此，那些既是腫瘤學家又是更常規的外科醫生的人，我們認為這對世界有好處，我們認為這對 Intuitive 也有好處。

Those more dedicated surgeons tend to be our customers.

那些更敬業的外科醫生往往是我們的客戶。

We see them tackling more procedures in concentrated fashions.

我們看到他們以集中的方式處理更多的程序。

And so that's kind of what is happened in gynecology.

這就是婦科領域正在發生的事情。

Likewise, I think there is a demographic element here that is likely to find a bottom and then start to drift up.

同樣，我認為這裡有一個人口因素可能會找到底部然後開始上升。

The unknown is nonsurgical approaches and in-office approaches.

未知的是非手術方法和辦公室方法。

And those are the factors at play.

這些都是起作用的因素。

Patrick, I will let you go from there.

帕特里克，我會讓你離開那裡。

Yes, no, I think you described the urology situation well.

是的，不，我認為你很好地描述了泌尿外科的情況。

The other thing to bear in mind is in the GYN market is while single-site procedures have been declining, some of the other benign procedures have been stabilizing and are creating less of a headwind to us on a year-over-year comparison basis; things like myomectomy.

另一件要記住的事情是，在 GYN 市場，雖然單站點程序一直在下降，但其他一些良性程序一直在穩定，並且在同比比較的基礎上對我們造成的不利影響較小；諸如子宮肌瘤切除術之類的東西。

And I guess my follow-up question -- and it might've been you, Patrick, who mentioned it.

我想我的後續問題 - 可能是你，帕特里克，提到了它。

I think somebody described O-US procedure growth as it can be lumpy.

我認為有人描述了 O-US 程序的增長，因為它可能是塊狀的。

And, quote, we are working to improve the performance there.

而且，引用，我們正在努力提高那裡的表現。

Can you talk a little bit about how you are going about that, what kind of initiatives are underway and what you would hope or we should expect might come from those initiatives?

你能談談你是如何做到這一點的，正在進行什麼樣的舉措以及你希望或我們應該期待這些舉措可能帶來什麼？

Thank you.

謝謝你。

Yes, I will take that one, Rick.

是的，我會拿那個，瑞克。

The opportunity in Europe tends to be country by country.

歐洲的機會往往因國家而異。

So, where we are looking to do something different or better, it tends to be making sure that we have staff that is supporting local efforts and local needs, that they are working in local language, that they understand the health care systems in intimate ways that are specific to that country.

因此，在我們尋求做一些不同或更好的事情的地方，往往是確保我們的員工支持當地的努力和當地的需求，他們使用當地語言工作，他們以親密的方式了解醫療保健系統那個國家特有的。

And so, where we see opportunities, we will invest there and build that out.

因此，在我們看到機會的地方，我們將在那裡投資並建立它。

We have been.

我們已經。

Where we have made investments, we've seen growth.

在我們進行投資的地方，我們看到了增長。

And so where we see some areas of opportunity, we think we have a playbook, now we have to go execute against that playbook.

因此，在我們看到一些機會領域的地方，我們認為我們有一個劇本，現在我們必須去執行那個劇本。

That's been our perspective there.

那是我們的觀點。

Thank you.

謝謝你。

Matt O'Brien, Piper Jaffray.

馬特·奧布萊恩、派珀·杰弗裡。

I was hoping to start on the general surgery side.

我希望從普通外科開始。

And it sounds like, again, very good quarter.

這聽起來又是一個非常好的季度。

But I'm just curious if either of the various ventral -- or, I'm sorry, the various hernia cases are really leading the charge in some of that growth.

但我只是很好奇是否有各種腹側 - 或者，對不起，各種疝氣病例是否真的在某些生長中起主導作用。

Are you seeing any kind of divergence or inflection in either ventral or inguinal?

您是否在腹側或腹股溝看到任何類型的分歧或變化？

And are those procedures at this point getting sizable enough to start to sway hospital decision-making as to adding additional systems in order to meet that demand?

在這一點上，這些程序是否足夠大，足以開始影響醫院關於添加額外系統以滿足該需求的決策？

Yes, Matt, thanks for the question.

是的，馬特，謝謝你的提問。

Certainly both ventral and inguinal hernia procedures continue to exhibit robust growth.

當然，腹疝和腹股溝疝手術都繼續表現出強勁的增長。

Inguinal hernias is just a bigger overall procedure category.

腹股溝疝只是一個更大的整體手術類別。

It's just more commonly performed.

它只是更常見地執行。

But the rates of adoption that we are seeing in both procedures is encouraging.

但是我們在這兩個程序中看到的採用率令人鼓舞。

And the surgeon populations that are performing them and are continuing to increase the volumes and procedures that they are doing.

正在執行這些操作的外科醫生群體正在繼續增加他們正在執行的手術量和程序。

So it looks promising.

所以它看起來很有希望。

And certainly from an overall volume perspective, had some influence because just the numbers are getting to the point where it matters to create access for these surgeons to be able to continue to perform procedures, that they are absorbing systems worth of activity at some of their institutions.

當然，從整體數量的角度來看，它產生了一些影響，因為數字已經達到了為這些外科醫生創造通路以繼續執行手術的重要程度，他們正在吸收系統中有價值的活動機構。

Okay, that's very helpful.

好的，這很有幫助。

And then Gary, your commentary about the delays that we saw in Europe as hospitals are evaluating some competitive systems that are hitting those markets -- just curious to me.

然後加里，你對我們在歐洲看到的延誤的評論，因為醫院正在評估一些正在衝擊這些市場的競爭性系統——我很好奇。

Do you think that is something that will linger here throughout 2016 as those systems are fully rolled out?

隨著這些系統的全面推出，您認為這會在整個 2016 年持續存在嗎？

Or do you think it will be a fairly quick process of kind of taking a peek, and maybe they are doing that now, and you could see a snapback in terms of the number of systems placed?

或者你認為這將是一個相當快速的窺視過程，也許他們現在正在這樣做，你可以看到系統放置數量的回升？

Specifically, did you see 10, 15 hospitals delay as they were evaluating both systems?

具體來說，您是否看到有 10 家、15 家醫院在評估這兩個系統時出現延誤？

And then out of those 10 hospitals, nine of them ended up buying da Vinci late last quarter or even early this quarter?

然後在這 10 家醫院中，有 9 家最終在上個季度末甚至本季度初購買了達芬奇？

Yes, the -- I think that it's a little bit harder to predict how fast it will go through.

是的，我認為預測它會以多快的速度進行有點困難。

I guess our anecdotal experience has been some have been quick looks and make an evaluation and come sign up with us.

我想我們的軼事經歷是一些快速瀏覽並進行評估並與我們簽約。

And others are going through a little bit longer process.

而其他人正在經歷一個稍微長一點的過程。

So with regard to a, quote, snapback, I wouldn't bake that in.

因此，關於 a、quote、snapback，我不會把它放進去。

I think it will play out a little longer than that.

我認為它的播放時間會比那長一點。

Having said that, our -- the response of our customers after they have evaluated the other offerings and come back talk to us has been fantastic.

話雖如此，我們的客戶在評估其他產品並回來與我們交談後的反應非常好。

So our confidence that we have good offerings and we can meet these customers' needs is very high.

因此，我們對我們提供優質產品並且能夠滿足這些客戶需求的信心非常高。

They will go through that process.

他們將經歷那個過程。

And I think as new and different technologies come to market, not just the ones that are there today, I think this will be part of the new normal a little bit for Europe as people cross shopping and making decisions.

而且我認為隨著新的和不同的技術進入市場，而不僅僅是今天的技術，我認為隨著人們交叉購物和做出決定，這將成為歐洲新常態的一部分。

Our goal is to make sure that they find our products to be of very high value.

我們的目標是確保他們發現我們的產品具有很高的價值。

So far, so good.

到目前為止，一切都很好。

Got it.

知道了。

Very helpful.

非常有幫助。

Thank you.

謝謝你。

Larry Keusch, Raymond James.

拉里·庫施，雷蒙德·詹姆斯。

Wondered if we could just, first question, start with the trade-ins.

想知道我們是否可以，第一個問題，從折價開始。

I think there were 42, as you mentioned, this quarter.

正如您提到的，本季度我認為有 42 個。

And I think the five quarters, it's been averaging closer to 30.

而且我認為這五個季度的平均值一直接近 30。

So I'm just trying to understand perhaps what is driving the higher trade-in.

所以我只是想了解也許是什麼推動了更高的以舊換新。

And then what's the ultimate opportunity to drive trade-ins in your older system base?

那麼在您的舊系統基礎上推動以舊換新的最終機會是什麼？

There's nothing specific about this quarter that I would call out as it relates to trade-in.

這個季度沒有什麼特別的，因為它與以舊換新有關。

I think you have the numbers right.

我認為你的數字是對的。

It came off of our -- the detail we provided with the press release.

它來自我們——我們在新聞稿中提供的細節。

I wouldn't call anything out specifically.

我不會特別指出任何事情。

I think it -- last quarter, it was around in the high 30s, and it's been there for a little while.

我認為 - 上個季度，它大約在 30 多歲左右，並且已經存在了一段時間。

I don't know that it will probably fluctuate in that range, so I don't have any specific comments on it.

我不知道它可能會在那個範圍內波動，所以我對此沒有任何具體的評論。

And then for Gary, maybe just an update on SP.

然後對於 Gary，也許只是 SP 的更新。

You mentioned some in your prepared comments, but where are we in getting those evaluations going?

您在準備好的評論中提到了一些，但我們如何進行這些評估？

Is it conceivable that we could see commercial units perhaps by the end of the year?

是否可以想像我們可能會在年底前看到商業單位？

We are in discussions with FDA on trial type and endpoints.

我們正在與 FDA 討論試驗類型和終點。

And we have clinical sites that are getting prepped.

我們的臨床站點正在準備中。

Product from the engineering and design and validation point of view is right on track, looks really good.

從工程、設計和驗證的角度來看，產品是正確的，看起來非常好。

We are not expecting anything of substance in terms of revenue this year.

我們預計今年的收入不會有任何實質性的變化。

We do -- we expect them in clinical use in the second half, and that's what we are working towards.

我們做到了——我們希望它們在下半年投入臨床使用，這就是我們正在努力的方向。

Perfect.

完美的。

Thank you.

謝謝你。

Jason Mills, Canaccord Genuity.

Jason Mills，Canaccord Genuity。

Congrats on a great quarter.

祝賀一個偉大的季度。

My first question has to do with just trying to understand better your dogma as it relates to managing the P&L.

我的第一個問題與試圖更好地理解您的教條有關，因為它與管理損益有關。

It was -- obviously we're getting here is higher procedural volume guidance and higher operating expense guidance.

這是——顯然我們得到的是更高的程序量指導和更高的運營費用指導。

And what we are seeing -- what we seem to be seeing is some leverage to the operating line.

我們所看到的——我們似乎看到的是對運營線的一些影響。

But I'm just curious, Gary, if you could talk about -- Marshall, talk about the -- your dogmas over the next couple of years.

但我很好奇，加里，你能否談談——馬歇爾，談談——你在未來幾年的信條。

And so are you looking for operating margin expansion?

那麼您是否正在尋找營業利潤率擴張？

Is that what your objective is?

那是你的目標嗎？

Are you managing the business of top-line growth and trying to manage expenses best you can to get there?

您是否正在管理收入增長的業務並儘力管理費用以實現目標？

Could you just talk about your dogma as it relates to managing the P&L?

您能否談談與管理損益相關的教條？

Yes, my first statement is kind of a caution of beware of averages.

是的，我的第一句話是要提防平均數。

There are places in the business where we are seeking high operational efficiency and leverage.

我們在業務中的某些地方尋求高運營效率和影響力。

You see that in product cost reductions and some of the things that we're doing in manufacturing.

你可以在產品成本降低和我們在製造業中所做的一些事情中看到這一點。

There are other places in the operation where we think we can find leverage.

在我們認為我們可以找到影響力的操作中還有其他地方。

At the same time, we want to turn around and reinvest those savings in opportunity.

與此同時，我們希望扭轉局面，將這些儲蓄重新投資於機會。

And we see a lot of opportunity, and I think that's -- that opportunity should be pursued.

我們看到了很多機會，我認為應該抓住這個機會。

So, it will be a little bit lumpy.

所以，它會有點凹凸不平。

We are trying to be balanced.

我們正在努力保持平衡。

I wouldn't say that our approach is hard over one or hard over the other.

我不會說我們的方法對一個或另一個很難。

It's not revenue above all else, and it's not profit above all else.

不是收入高於一切，也不是利潤高於一切。

We are trying to be balanced in that approach.

我們正試圖在這種方法中保持平衡。

And it may be a little bit lumpy.

它可能有點塊狀。

I think opportunities happen when they happen.

我認為機會發生時就會發生。

You can be overly cautious and miss them.

您可能過於謹慎而錯過了它們。

And so we -- we will maintain a fiscal discipline.

所以我們——我們將保持財政紀律。

That's been part of our history, and we will keep it.

那是我們歷史的一部分，我們將保留它。

Having said that, we want to make sure that we reinvest some of the benefits that the Company has gained into expanding the opportunity we see in front of us.

話雖如此，我們希望確保將公司獲得的一些收益重新投資於擴大我們面前的機會。

That's helpful.

這很有幫助。

My second and final question having to do with your cash balance and use of cash, you've been very proficient at buying back stock in the past.

我的第二個也是最後一個問題與您的現金餘額和現金使用有關，您過去一直非常精通回購股票。

Given where the share price is juxtaposed to significantly expanding cash balance, would it be fair to assume that you will do modest -- maybe modest to moderate share repurchases going forward?

鑑於股價與顯著擴大的現金餘額並列，假設您將進行適度的 - 可能是適度到適度的股票回購是否公平？

Or will we see maybe less over the next two years than we saw in the last two years?

或者我們在接下來的兩年裡看到的會比過去兩年少嗎？

Thanks.

謝謝。

In terms of just how we think about capital allocation, we are thoughtful and serious about it, as you would expect.

正如您所期望的，就我們對資本配置的看法而言，我們是深思熟慮和認真對待的。

We think buybacks are one leg or one tool in capital allocation.

我們認為回購是資本配置的一條腿或一種工具。

We really start with can we reinvest in the business and drive long-term growth and opportunity.

我們真的從我們能否對業務進行再投資並推動長期增長和機會開始。

Buybacks, if there are times -- we've been typically patient and opportunistic.

回購，如果有的話——我們通常是耐心和機會主義的。

And we think because of the volatility of our stock, there are times that makes a lot of sense for us.

我們認為，由於我們股票的波動性，有些時候對我們來說很有意義。

And in conversations with shareholders and where we are thoughtful and listened, and we have considered dividends, and we will consider them in the future.

在與股東的對話中，我們深思熟慮和傾聽，我們已經考慮了股息，我們將在未來考慮它們。

So we look at those three things and try to trade them off.

因此，我們著眼於這三件事並嘗試權衡取捨。

And we think for the long term.

我們從長遠考慮。

When we are thinking about capital allocation, we are not trying to do signaling or messaging.

當我們考慮資本配置時，我們並不是在嘗試發出信號或消息。

We are trying to build value for the business and for the shareholders in the long term.

我們正在努力為企業和股東創造長期價值。

Thank you, guys.

感謝你們。

Vijay Kumar, Evercore.

Vijay Kumar，Evercore。

Maybe one on the O-US placements.

也許在 O-US 展示位置上有一個。

I know China -- I think on the last quarter you said they had about eight systems.

我了解中國——我想在上個季度你說他們有大約八個系統。

Can we expect in a renewed, I guess, a contract from the [gowman freight]?

我想，我們可以期待 [gowman freight] 續簽合同嗎？

How should we think about O-US from a systems perspective given that China, they are probably at the end of the amount of systems that they can import?

考慮到中國，我們應該如何從系統的角度考慮 O-US，他們可能已經到了可以進口的系統數量的盡頭？

Yes, I'll speak to China first and then to other locations next.

是的，我會先講中國，然後再講其他地方。

As far as China goes, when we left last quarter, there were about six systems left on the quota.

就中國而言，當我們上個季度離開時，配額上還剩下大約六個系統。

With sold five this quarter.

本季度售出五個。

There's still one out there; I don't know if it will happen.

那裡還有一個；我不知道它是否會發生。

And they have to go through a tender process, and that tender process had to have already begun.

他們必須經過招標過程，而招標過程必須已經開始。

As far as additional quotas, it is a part of the overall budget -- government budget process in China.

就額外配額而言，它是整體預算的一部分——中國的政府預算過程。

And so when that gets completed -- and I don't have a magic ball that tells me when it will be completed -- then we will know whether we are still under the quota system.

因此，當它完成時——我沒有魔球告訴我它何時會完成——然後我們就會知道我們是否仍在配額系統下。

And we will know whether -- if we are under the quota system, how many will be awarded.

我們會知道——如果我們在配額制度下，有多少人會被授予。

And there's no way to predict that in advance.

而且沒有辦法提前預測。

As far as the rest of the world goes, in my remarks, I mentioned that it's -- fourth quarter is a seasonally strong quarter.

就世界其他地區而言，我在發言中提到，第四季度是一個季節性強勁的季度。

If you look at where we came out for this quarter, it was pretty comparable to last year for the first quarter.

如果你看看我們本季度的結果，它與去年第一季度相當。

But it's going to be lumpy market by market depending on circumstances.

但視情況而定，每個市場都會出現起伏不定的情況。

Great.

偉大的。

And then maybe one follow-up for Gary.

然後可能是加里的後續行動。

I know the clinical trial -- R&D expense were up 25% in the Q. Does that number include any clinical trial expenses?

我知道臨床試驗——研發費用在問題中增加了 25%。這個數字是否包括任何臨床試驗費用？

Because I'm just trying to get a sense for now as you talk with Japan in the starting clinical trial, sort of any potential impact on that number.

因為當你在開始的臨床試驗中與日本交談時，我現在只是想了解一下對這個數字的任何潛在影響。

Yes, there's some -- we are -- we have said before we are in the middle of gathering data or evidence for gastrectomy in Japan.

是的，有一些——我們是——我們在收集日本胃切除術的數據或證據之前已經說過。

That doesn't go into R&D.

那不進入研發。

That's actually in our SG&A numbers.

這實際上在我們的 SG&A 數字中。

And if we were doing -- as far as other clinical trials, we will tell you about them when we think it's appropriate.

如果我們正在做——就其他臨床試驗而言，我們會在我們認為合適的時候告訴你。

Thanks, guys.

多謝你們。

Congrats on a strong quarter.

祝賀一個強勁的季度。

Tao Levy, Wedbush.

陶利維，韋德布什。

I had a -- we talked a lot about the hernia colorectal surgery.

我有一個——我們談了很多關於疝氣結直腸手術的事情。

But you mentioned a couple times thoracic surgery and the benefit that particularly the Xi might bring to that procedure.

但是你提到了幾次胸外科手術，特別是 Xi 可能會給該手術帶來的好處。

Can you sort of maybe summarize some of the key opportunities within thoracic?

您能否總結一下胸部的一些關鍵機會？

Should we think of it as a colorectal-type opportunity, where it's moving in the right direction, but it's a little bit slower?

我們是否應該將其視為結直腸類機會，它正朝著正確的方向前進，但速度有點慢？

Or could it potentially be more like a hernia or a hysterectomy opportunity?

或者它可能更像是疝氣或子宮切除術的機會？

Just -- I will start, and I will ask Patrick to join in.

只是——我會開始，我會請 Patrick 加入。

Just -- from the starting place, these are typically cancer procedures and typically complex.

只是——從一開始，這些通常是癌症手術，而且通常很複雜。

Metastatic cancers, lung cancers.

轉移性癌症，肺癌。

The product set that we have, Xi moves us in the right direction.

我們擁有的產品集，Xi 將我們推向了正確的方向。

Some of the instrumentation we are bringing along moves us in the right direction in terms of providing surgeons with the tools they are looking for for efficient procedures.

我們帶來的一些儀器使我們朝著正確的方向發展，為外科醫生提供他們正在尋找的有效手術工具。

And I think we are at the beginnings of that.

我認為我們才剛剛開始。

The way to think about the market is there are some minimally invasive surgeries done manually, video-assisted thoracic surgeries.

考慮市場的方式是有一些手動完成的微創手術，視頻輔助胸外科手術。

Some institutions do a lot of it with good results.

一些機構做了很多並取得了良好的效果。

Others do very little of it.

其他人很少這樣做。

If you look at national averages rather than institutional numbers, you see a lot of open surgery done.

如果你看全國平均水平而不是機構數字，你會發現很多開放手術已經完成。

And we think that that is the opportunity.

我們認為這是機會。

I will let Patrick characterize it sort of --

我會讓帕特里克來描述它——

Yes, Tao, we are still pretty early days.

是的，Tao，我們還處於早期階段。

We are in the foundation.

我們在基金會。

We have got a small team in the US focused on it.

我們在美國有一個小團隊專注於此。

But our focus continues to be on driving general surgery growth in hernia and colorectal resections.

但我們的重點仍然是推動普通外科手術在疝氣和結直腸切除術中的發展。

And internationally, we are still highly focused on drug and DVP adoption and some emerging procedures in countries where urology is deeply penetrated.

在國際上，我們仍然高度關注藥物和 DVP 的採用以及泌尿外科深入滲透的國家的一些新興程序。

And when you look around internationally, it is a cancer that is very common in Asia and other parts.

當你環顧國際時，它是一種在亞洲和其他地區非常常見的癌症。

So it's a very big opportunity for us, though perhaps a little bit around the corner from what we are currently focused on.

所以這對我們來說是一個非常大的機會，儘管可能離我們目前關注的目標有點近了。

Okay.

好的。

Great.

偉大的。

And as my follow-up, you mentioned focusing on urology internationally.

作為我的後續行動，你提到了在國際上關注泌尿外科。

I understand that it's still relatively underpenetrated, but it is just the same procedure that you keep on going after internationally.

我知道它的滲透率仍然相對較低，但這與您在國際上繼續追求的程序相同。

Should we be worried that some of the other procedures that are catching on here in the US over the last few years aren't moving the needle yet internationally?

我們是否應該擔心過去幾年在美國流行的其他一些程序尚未在國際上取得進展？

Thanks.

謝謝。

Thanks.

謝謝。

Tao, that will be our last question.

Tao，這將是我們的最後一個問題。

I will answer that, and then we will move on.

我會回答這個問題，然後我們繼續。

I think it depends by country.

我認為這取決於國家。

So we see, for example, nice adoption of thoracic surgery in China.

因此，我們看到，例如，在中國很好地採用了胸外科手術。

We see a pretty different mix of procedures in Korea than we see in the United States.

我們在韓國看到的程序組合與在美國看到的完全不同。

So you have to answer it country by country.

所以你必須逐個國家回答。

I don't think there's a systemic worry here that somehow we are stuck at prostatectomy and won't be able to move any further.

我不認為這裡有系統性的擔憂，即不知何故我們被困在前列腺切除術中，無法再向前邁進。

I do think that it's important for folks on the phone to realize that the profile of procedures in each country is going to differ based on disease state, based on how the reimbursement system works and the relative priorities of their health care system.

我確實認為，對於電話中的人們來說，重要的是要意識到每個國家/地區的程序概況將根據疾病狀態、報銷系統的運作方式和醫療保健系統的相對優先級而有所不同。

So we see that reflected.

所以我們看到了這一點。

We do see multiple procedure adoptions in different countries; just differs on what they are after.

我們確實看到不同國家採用了多種程序；只是他們追求的不同。

Thank you.

謝謝你。

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 flows during these conference calls, 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。

We 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。

Thank you for your participation and support on this extraordinary journey to improve surgery.

感謝您參與和支持這一改善手術的非凡旅程。

I look forward to speaking with you again in three months.

我期待著三個月後再次與您交談。

Thank you.

謝謝你。

Ladies and gentlemen, we thank you for using AT&T executive teleconference service, and you may now disconnect.

女士們先生們，我們感謝您使用 AT&T 高管電話會議服務，您現在可以斷開連接了。