直覺手術 (ISRG) 2016 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the Intuitive Surgical Q2 2016 earnings release call.

女士們，先生們，感謝你們的支持，歡迎來到 Intuitive Surgical 2016 年第二季度財報電話會議。

(Operator instructions)

（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，這次會議正在錄製中。

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

我現在想把會議轉交給你的主持人，Intuitive Surgical 投資者關係高級財務總監 Calvin Darling。

Please go ahead, Sir.

請繼續，先生。

Thank you.

謝謝你。

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

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

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

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；以及財務和銷售運營副總裁 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, and 10-Q filed on April 19, 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 表格和 2016 年 4 月 19 日提交的 10-Q 表格。

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

這些文件可以通過我們的網站或 SEC 的 EDGAR 數據庫找到。

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

告誡潛在投資者不要過分依賴此類前瞻性陳述。

Please note that this conference call will be available for audio replay on our website at Intuitivesurgical.com on the audio archive section under our investor relations page.

請注意，本次電話會議的音頻重播將在我們網站 Intuitivesurgical.com 的投資者關係頁面下的音頻存檔部分提供。

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

此外，今天的新聞稿和補充財務數據表已發佈到我們的網站上。

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

今天的形式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二季度業績的亮點，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 second-quarter financial results.

Marshall 將對我們第二季度的財務業績進行審查。

Patrick will discuss marketing and clinical highlights.

Patrick 將討論營銷和臨床亮點。

Then I will provide our updated financial outlook for 2016 and finally, we will host a question-and-answer session.

然後我將提供我們對 2016 年的最新財務展望，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。

In the second quarter, our Company performance was strong, highlighted by sustained procedure growth across multiple geographies, improved margins, and continued customer preference of our new products.

在第二季度，我們公司的業績表現強勁，突出體現在多個地區的程序持續增長、利潤率提高以及客戶對我們新產品的持續偏好。

Turning first to procedures, global procedure growth for the quarter was nearly 16%, with prior-quarter trends continuing.

首先談到程序，本季度全球程序增長近 16%，與上一季度的趨勢保持一致。

Drivers of growth included US general surgery, growth in the use of da Vinci surgical systems outside the United States and modest growth in US urology and gynecology.

增長的驅動因素包括美國普通外科、美國以外使用達芬奇手術系統的增長以及美國泌尿外科和婦科的適度增長。

Inguinal hernia repair and ventral hernia repair growth remains strong and growth in colorectal surgery was solid.

腹股溝疝修補術和腹疝修補術增長依然強勁，結直腸手術增長穩固。

Procedure growth was variable by country in Europe, with accelerating growth in Germany.

手術增長因歐洲國家而異，德國增長加速。

Both the Nordics and France experienced modest improvement relative to Q1 growth rates.

相對於第一季度的增長率，北歐和法國都經歷了適度的改善。

In the UK, growth decelerated slightly from Q1.

在英國，增長較第一季度略有放緩。

In Asia, procedure growth in Japan was solid again in the quarter while growth in Korea was robust and accelerated over Q1 growth rate.

在亞洲，日本的程序增長在本季度再次穩健，而韓國的增長強勁並超過第一季度的增長率。

Growth and procedures in China was also strong.

中國的增長和程序也很強勁。

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 130 da Vinci systems in the quarter, up from 118 in Q2 of 2015.

我們在本季度放置了 130 個達芬奇系統，高於 2015 年第二季度的 118 個。

Our most capable model, da Vinci Xi, represented roughly 3/4 of new capital placements.

我們最有能力的模型 da Vinci Xi 約佔新資本配售的 3/4。

System placements orders included an increase in dual consoles and the addition of Integrated Table Motion, leading to higher feature content on average than Q1.

系統安置訂單包括雙控制台的增加和集成桌面運動的增加，導致平均功能內容比第一季度更多。

Placements in Europe and Asia increased over Q1 while US placements were slightly up relative to last quarter.

歐洲和亞洲的安置比第一季度有所增加，而美國的安置相對於上一季度略有上升。

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

Marshal 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 have performed well over the past several quarters and remain focused on optimizing our manufacturing design and supply chains.

我們的運營團隊在過去幾個季度表現良好，並繼續專注於優化我們的製造設計和供應鏈。

Q2 was another strong quarter of operations efficiency and cost reduction performance.

第二季度是運營效率和成本降低績效的又一個強勁季度。

We plan to continue these optimization efforts as they provide significant financial flexibility for us in coming years.

我們計劃繼續這些優化工作，因為它們在未來幾年為我們提供了顯著的財務靈活性。

Turning to highlights of our second-quarter operating results, procedures grew nearly 16% over the second quarter of last year.

談到我們第二季度經營業績的亮點，程序比去年第二季度增長了近 16%。

We shipped 130 da Vinci Surgical Systems, up from 118 in the second quarter of 2015.

我們出貨了 130 台達芬奇手術系統，高於 2015 年第二季度的 118 台。

Revenue for the quarter was $670 million, up 14% from the prior year.

本季度收入為 6.7 億美元，同比增長 14%。

Pro forma gross profit margin was 71.9% compared to 68% in the second quarter of last year.

預計毛利率為 71.9%，而去年第二季度為 68%。

Instrument and accessory revenue increased to $339 million, up 14%.

儀器及配件收入增至 3.39 億美元，增長 14%。

Total recurring revenue in the quarter was $467 million, representing 70% of total revenue.

本季度經常性總收入為 4.67 億美元，佔總收入的 70%。

We generated a pro forma operating profit of $297 million in the quarter, up 30% from the second quarter of last year and pro forma net income was $220 million, up 28% from Q2 of 2015.

本季度我們的預估營業利潤為 2.97 億美元，比去年第二季度增長 30%，預估淨收入為 2.2 億美元，比 2015 年第二季度增長 28%。

Recent launches of Xi products, including Xi intraoperative Table Motion, have been well received, as has expansion of advanced instruments lines, including our stapling products.

最近推出的 Xi 產品（包括 Xi intraoperative Table Motion）廣受好評，同時擴展了先進的儀器系列，包括我們的吻合器產品。

We're continuing to invest in these line extensions to increase the value and utility of our Xi offering.

我們將繼續投資於這些產品線擴展，以增加我們 Xi 產品的價值和實用性。

We have also increased investment in advanced imaging, including significant refinements in our intraoperative 3-D endoscopes, image processing for real-time and pre-operative images and near-infrared fluorescence imaging.

我們還增加了對先進成像的投資，包括對術中 3-D 內窺鏡、實時和術前圖像的圖像處理以及近紅外熒光成像的重大改進。

Our single port, or SP, program is progressing to plan.

我們的單一港口或 SP 計劃正在按計劃進行。

As SP approaches clinical readiness, we are conducting in-house validations and initiating work with clinical trial sites in regulatory agencies.

隨著 SP 接近臨床準備，我們正在進行內部驗證，並開始與監管機構的臨床試驗站點合作。

We expect first markets to include head and neck surgery, urology and colorectal surgery.

我們預計首批市場將包括頭頸外科、泌尿外科和結直腸外科。

Over time, I expect this list of applications to evolve.

隨著時間的推移，我預計這個應用程序列表會不斷發展。

As our businesses 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 investment in imaging, analytics and new product architectures based on our belief that a 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。

We expect quarter-to-quarter variation in spending and increased fixed expenses in the back half of this year.

我們預計今年下半年的支出和固定支出將出現季度變化。

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 remain focused on the following.

隨著我們在 2016 年向前邁進，我們將繼續關注以下方面。

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

首先，擴大達芬奇在普通外科和胸外科，特別是結直腸外科和疝修補術中的應用。

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 capabilities in markets in Europe and Asia and finally, assisting our customers in their efforts to maximize the comprehensive value of their programs.

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

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'll be describing our results on a non-GAAP, or pro forma basis, which exclude specified 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，其中不包括特定的法律和解和應計索賠、基於股票的補償以及已購買 IP 的攤銷。

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 understand our GAAP results later in my script.

稍後我還將在我的腳本中了解我們的 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。

Second-quarter 2016 revenue was $670 million, an increase of 14% compared with $586 million for the second quarter of 2015 and an increase of 13% compared with first-quarter revenue of $595 million.

2016年第二季度營收為6.7億美元，較2015年第二季度的5.86億美元增長14%，較第一季度的5.95億美元營收增長13%。

Second-quarter 2016 procedures increased nearly 16% compared with the second quarter of 2015, and increased 7% compared with last quarter.

2016 年第二季度的程序與 2015 年第二季度相比增長了近 16%，與上一季度相比增長了 7%。

Procedure growth has been driven by general surgery in the US and urology worldwide.

美國的普通外科和全球的泌尿外科推動了手術的增長。

Revenue highlights are as follows.

收入亮點如下。

Instrument and accessory revenue of $339 million increased 14% compared with last year and increased 5% compared with the first quarter of 2016.

儀器及附件收入為 3.39 億美元，與去年同期相比增長 14%，與 2016 年第一季度相比增長 5%。

Growth in instruments and accessory revenue generally reflect procedure growth.

儀器和配件收入的增長通常反映了程序的增長。

Instrument and accessory revenue realized per procedure, including stocking orders, was approximately $1,810 per procedure.

每個程序（包括庫存訂單）實現的儀器和附件收入約為每個程序 1,810 美元。

This metric has fluctuated in a tight range over the past couple of years.

在過去幾年中，該指標一直在窄幅波動。

The slight decrease in the second quarter relative to the second quarter 2015 and the first quarter of 2016 primarily reflects the impact of customer buying patterns, partially offset by increased usage of our stapling and vessel sealer products.

第二季度相對於 2015 年第二季度和 2016 年第一季度的輕微下降主要反映了客戶購買模式的影響，部分被我們的裝訂和容器封口機產品使用量增加所抵消。

While instrument and accessory usage per procedure has been relatively constant, customer buying patterns fluctuate in the short-term.

雖然每個程序的儀器和附件使用量相對穩定，但客戶購買模式在短期內會波動。

System revenue of $203 million increased 15% compared with the second quarter of 2015, and increased 37% compared with last quarter.

系統收入2.03億美元，較2015年第二季度增長15%，較上一季度增長37%。

These increases primarily reflect higher average system selling prices, higher system placements, and revenue associated with lease buyout transactions.

這些增長主要反映了更高的平均係統售價、更高的系統配置以及與租賃買斷交易相關的收入。

130 systems were placed in the second quarter compared with 118 systems in the second quarter of 2015 and 110 systems last quarter.

第二季度放置了 130 個系統，而 2015 年第二季度為 118 個系統，上季度為 110 個系統。

15 systems replaced under operating lease transactions in the current quarter compared with 19 last quarter and 5 systems in the second quarter of 2015.

本季度根據經營租賃交易更換了 15 個系統，而上一季度為 19 個，2015 年第二季度為 5 個。

As a reminder, revenue on operating lease transactions is recognized ratably over the life of the lease.

提醒一下，經營租賃交易的收入在租賃期內按比例確認。

As of the end of the second quarter, there were 66 systems out in the field under operating leases.

截至第二季度末，現場有 66 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 second quarter of 2015 and $4 million in last 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 年第二季度為 100 萬美元，上一季度為 400 萬美元。

We also generated approximately $13 million of revenue during the quarter from lease buyouts compared with $6 million in the first quarter and $4 million in the second quarter of last year.

本季度我們還通過租賃收購產生了大約 1300 萬美元的收入，而去年第一季度為 600 萬美元，第二季度為 400 萬美元。

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

我們在系統 ASP 計算中排除了經營租賃和租賃收購的影響。

Globally our average system selling price of $1.56 million was approximately $60,000 higher than both the second quarter of 2015 and last quarter.

在全球範圍內，我們的平均係統售價為 156 萬美元，比 2015 年第二季度和上一季度高出約 60,000 美元。

The increase compared with prior quarters reflects a higher mix of dual console systems and sales of Table Motion.

與前幾個季度相比的增長反映了雙控制台系統和 Table Motion 銷售額的更高組合。

We introduced intraoperative Table Motion in Europe in the third quarter of 2015, and early this year in the US.

我們於 2015 年第三季度在歐洲推出了術中 Table Motion，並於今年年初在美國推出。

During the first and second quarters we recognize $1 million and $6 million of Table Motion software, respectively.

在第一季度和第二季度，我們分別確認了 100 萬美元和 600 萬美元的 Table Motion 軟件。

Both the mix of dual consoles and number of Table Motion placements will fluctuate quarter to quarter.

雙控制台的組合和 Table Motion 展示位置的數量都會每季度波動。

Service revenue of $128 million increased 13% year over year and increased approximately 3% compared with the first quarter of 2016.

服務收入為 1.28 億美元，同比增長 13%，與 2016 年第一季度相比增長約 3%。

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。

Second-quarter revenue outside of the US of $185 million increased 10% compared with $168 million for the second quarter of 2015 and increased 13% compared with the first quarter of $164 million.

第二季度美國以外的收入為 1.85 億美元，與 2015 年第二季度的 1.68 億美元相比增長 10%，與第一季度的 1.64 億美元相比增長 13%。

The increase compared with the previous year is comprised of 16% growth in recurring revenue, which is driven by procedure growth of 25% and increased systems revenue of 2%.

與上一年相比的增長包括經常性收入增長 16%，這是由 25% 的程序增長和 2% 的系統收入增長推動的。

The increase compared to the first quarter reflects systems revenue growth of 30% and recurring revenue growth of 4%.

與第一季度相比的增長反映了系統收入增長 30% 和經常性收入增長 4%。

Outside the US, we placed 51 systems in the second quarter compared with 46 in the second quarter of 2015, and 36 systems last quarter.

在美國以外，我們在第二季度部署了 51 個系統，而 2015 年第二季度為 46 個，上季度為 36 個系統。

Current-quarter system sales included 22 into Europe, 4 into China and 13 into Japan.

當前季度的系統銷售額包括 22 個進入歐洲、4 個進入中國和 13 個進入日本。

System placements outside the US will continue to be lumpy as some of these markets are in the 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, 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。

Moving on to the remainder of the P&L, the pro forma gross margin for the second quarter of 2016 was 71.9% compared with 68% for the second quarter of 2015 and 70% for the first quarter of 2016.

轉到損益表的其餘部分，2016 年第二季度的備考毛利率為 71.9%，而 2015 年第二季度為 68%，2016 年第一季度為 70%。

Compared with the first quarter of 2016, the higher gross margin reflects reduction in product costs, favorable costs associated with our scope exchange program, manufacturing efficiencies, and higher dual console mix, lease buyouts and Table Motion sales.

與 2016 年第一季度相比，較高的毛利率反映了產品成本的降低、與我們的範圍交換計劃相關的有利成本、製造效率以及更高的雙控制台組合、租賃買斷和 Table Motion 銷售。

Future margins will fluctuate based on the mix of our newer products, the mix of systems and instrument accessory revenue, cost associated with our scope exchange program, our ability to further reduce product costs, improved manufacturing efficiency and in the long-term, the potential reinstatement of medical device tax.

未來的利潤率將根據我們新產品的組合、系統和儀器附件收入的組合、與我們的示波器交換計劃相關的成本、我們進一步降低產品成本的能力、提高製造效率以及從長遠來看的潛力而波動恢復醫療器械稅。

Pro forma operating expenses increased 9% compared with the second quarter of 2015 and decreased nearly $2 million compared with last quarter.

預計營業費用與 2015 年第二季度相比增長 9%，與上一季度相比減少近 200 萬美元。

The increase over the second quarter of 2015 reflects increased investments in advanced imaging, advanced instrumentation and next-generation robotics, and increased headcount.

2015 年第二季度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以及員工人數的增加。

The decrease compared with the prior quarter reflects lower payroll taxes, partially offset by increased headcounts, headcount costs, particularly in our product operations areas.

與上一季度相比的減少反映了較低的工資稅，部分被增加的員工人數和員工成本所抵消，特別是在我們的產品運營領域。

Our pro forma effective tax rate for the second quarter was 27.8% compared with an effective tax rate of 25.6% for the second quarter of 2015 and 27.4% last quarter.

我們第二季度的備考有效稅率為 27.8%，而 2015 年第二季度的有效稅率為 25.6%，上一季度為 27.4%。

The increase in the tax rate compared with 2015 reflects one-time benefits reflected in 2015.

與 2015 年相比稅率的增加反映了 2015 年反映的一次性福利。

Our second-quarter 2016 pro forma net income was $220 million, or $5.62 per share, compared with $173 million, or $4.57 per share, for the second quarter of 2015 and $170 million, or $4.42 per share, for the first quarter of 2016.

我們 2016 年第二季度的備考淨收入為 2.2 億美元，即每股 5.62 美元，而 2015 年第二季度為 1.73 億美元，即每股 4.57 美元，2016 年第一季度為 1.7 億美元，即每股 4.42 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 net income was $185 million, or $4.71 per share, for the second quarter of 2016 compared with $135 million, or $3.56 per share, for the second quarter of 2015 and $136 million, or $3.54 per share, for the first quarter 2016.

2016 年第二季度 GAAP 淨收入為 1.85 億美元，即每股 4.71 美元，而 2015 年第二季度為 1.35 億美元，即每股 3.56 美元，2016 年第一季度為 1.36 億美元，即每股 3.54 美元。

We ended the quarter with cash and investments of $4.2 billion, up from $3.8 billion as of March 31, 2016.

本季度末，我們的現金和投資為 42 億美元，高於 2016 年 3 月 31 日的 38 億美元。

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

增加的主要原因是運營產生的現金和股票期權行使的收益。

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。

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 second-quarter procedure growth of nearly 16%, US procedures grew approximately 13% and total US procedures grew approximately 25%.

在我們第二季度近 16% 的程序增長中，美國程序增長了約 13%，美國程序總數增長了約 25%。

During the first half of 2016, global procedure growth increased to approximately 16% compared to approximately 15% in the second half of 2015, and approximately 13% in the first half of 2015.

與 2015 年下半年的約 15% 和 2015 年上半年的約 13% 相比，2016 年上半年，全球手術增長增至約 16%。

We expect our procedure growth rate to moderate in the second half of 2016.

我們預計我們的程序增長率將在 2016 年下半年放緩。

In the United States, second-quarter procedure growth continued to outpace our expectations.

在美國，第二季度的程序增長繼續超出我們的預期。

Second-quarter growth in our mature procedures slowed modestly compared to the first quarter.

與第一季度相比，我們成熟程序的第二季度增長略有放緩。

General and thoracic procedure growth remained robust.

一般和胸腔鏡手術增長依然強勁。

In US urology, second-quarter growth in da Vinci prostatectomy and kidney procedures slowed modestly compared to the first quarter of 2016.

在美國泌尿外科，與 2016 年第一季度相比，第二季度達芬奇前列腺切除術和腎臟手術的增長略有放緩。

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 diagnoses 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診斷相似的水平。

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

在美國婦科，第二季度手術量同比溫和增長，增長由惡性和復雜的良性子宮切除術帶動。

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

繼續最近的趨勢，我們估計第二季度婦科腫瘤學家進行了更大比例的達芬奇子宮切除術。

Similar to the first quarter, US single-site gynecology procedures declined compared to the second quarter of 2015.

與第一季度相似，與 2015 年第二季度相比，美國單點婦科手術有所下降。

In the US, procedures for benign gynecologic conditions slightly grew during the first half of 2016, exceeding our expectations.

在美國，良性婦科疾病的手術在 2016 年上半年略有增長，超出了我們的預期。

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

第二季度美國普通外科手術的採用率仍然很高，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。

Hernia repair continues to contribute the largest volume of new procedures in general surgery and surgeon retention and expansion remains encouraging.

疝修補術繼續貢獻最大數量的普通外科新手術，外科醫生的保留和擴張仍然令人鼓舞。

Cholecystectomy procedures slightly declined in the second quarter, with growth in multi-port procedures nearly offsetting declines in single-site procedures.

膽囊切除手術在第二季度略有下降，多端口手術的增長幾乎抵消了單點手術的下降。

Second quarter was another quarter with a large number of clinical publications and presentations evaluating da Vinci surgery.

第二季度是另一個有大量臨床出版物和演示文稿評估達芬奇手術的季度。

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

其中，我選擇了一些您可能會感興趣的研究。

Intuitive is among the founding partners for the American Hernia Society Quality Collaborative Initiative, or the AHSQC, and in this quarter two preliminary analysis comparing da Vinci to open or laparoscopy complex ventral hernia repair were brought forward.

Intuitive 是美國疝氣協會質量合作倡議 (American Hernia Society Quality Collaborative Initiative) 或 AHSQC 的創始合作夥伴之一，本季度提出了兩項初步分析，將達芬奇與開放式或腹腔鏡手術進行的複雜腹疝修補術進行比較。

The first was a podium presentation at the American Hernia Society Annual Meeting by Dr. Poulose from Vanderbilt comparing da Vinci to open retromuscular hernia repair.

第一個是來自范德比爾特大學的 Poulose 博士在美國疝氣學會年會上的講台上的演講，他比較了達芬奇與開放式肌肉後疝修補術。

This patient matched analysis, involving data from multiple institutions, found that da Vinci reduced hospital length of stay by three days without significant differences in surgical site infections, readmissions or re-operations.

這項涉及來自多個機構的數據的患者匹配分析發現，達芬奇將住院時間縮短了三天，但在手術部位感染、再入院或再次手術方面沒有顯著差異。

In addition, a paper was published in Surgical Endoscopy by Dr. Warren and colleagues from the University of South Carolina.

此外，南卡羅來納大學的 Warren 博士及其同事在 Surgical Endoscopy 上發表了一篇論文。

The authors used their institution's submissions to AHSQC to compare da Vinci to laparoscopic retromuscular hernia repair.

作者使用他們機構提交給 AHSQC 的文件來比較達芬奇與腹腔鏡肌肉後疝修補術。

Their study found that with a longer operative time, da Vinci reduced the hospital length of stay by one day and also enabled a greater percentage of patients to receive facial closure and extra peritoneal placement of mesh, to which the authors attributed a reduced the likelihood of hernia recurrence or (inaudible) adhesions.

他們的研究發現，隨著手術時間的延長，達芬奇將住院時間縮短了一天，並且還使更大比例的患者接受了面部閉合和額外的腹膜放置網片，作者將其歸因於疝復發或（聽不清）粘連。

Next, as Marshall mentioned earlier, sales of our intraoperative Table Motion technology were strong in the quarter.

接下來，正如 Marshall 之前提到的，我們的術中 Table Motion 技術在本季度的銷售強勁。

During the quarter the first clinical publication reviewing this technology was published in the International Journal of Colorectal Disease by Dr. Morelli and colleagues from the University of Pisa.

本季度，比薩大學的 Morelli 博士及其同事在《國際結直腸疾病雜誌》上發表了第一篇審查該技術的臨床出版物。

In a small case of series of colorectal resections, surgeons used Table Motion to reposition the patient an average of three to four times per procedure.

在一系列結直腸切除術的小病例中，外科醫生平均每次手術使用 Table Motion 重新定位患者三到四次。

The authors suggested that the technology may improve patient safety by reducing the amount of time in extreme patient positions and stated, quote, the da Vinci Xi plus the new operating table gives the potential to optimize gravity exposure and provide the quick access to different surgical objectives that is important in colorectal surgery, close quote.

作者建議該技術可以通過減少患者處於極端姿勢的時間來提高患者的安全性，並指出，引用達芬奇 Xi 加上新的手術台可以優化重力暴露並提供快速進入不同手術目標的機會這在結直腸手術中很重要，關閉引用。

Turning abroad, procedure growth outside of the United States was approximately 25% in the second quarter, led by the global adoption of da Vinci prostatectomy, with 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的帶動下，美國以外的手術在第二季度增長了約 25%，腎臟手術和結直腸切除術做出了巨大貢獻。

Compared to the first quarter of 2016, second-quarter procedure growth improved in Europe and was similar to the first quarter in Asia.

與 2016 年第一季度相比，歐洲第二季度手術增長有所改善，與亞洲第一季度相似。

Outside of the US, second-quarter procedure performance varied by country, with strong growth in Germany, China and South Korea.

在美國以外，第二季度的程序表現因國家/地區而異，德國、中國和韓國增長強勁。

In certain countries where our urology business has become more mature, such as the United Kingdom and Nordic countries, procedures continue to grow at a slower rate.

在我們的泌尿外科業務變得更加成熟的某些國家，例如英國和北歐國家，手術繼續以較慢的速度增長。

Emerging procedures are in an early stage in these markets and we are engaged with a broad range of stakeholders working to enable procedure adoption in the gynecological and general surgery.

新興程序在這些市場中處於早期階段，我們與廣泛的利益相關者合作，致力於在婦科和普通外科中採用程序。

In Japan, partial nephrectomy growth accelerated in the first-quarter following approval of national reimbursement.

在日本，在批准國家報銷後，第一季度腎部分切除術的增長加速。

During the quarter a meta-analysis sponsored by the South Korean National Evidence-Based Healthcare Collaborating Agency, or NECA, was published in the annals of Surgical Treatment and Research that reviewed da Vinci in laparoscopic colon cancer resectioning.

在本季度，一項由韓國國家循證醫療保健合作機構 (NECA) 贊助的薈萃分析發表在外科治療和研究年鑑中，回顧了達芬奇在腹腔鏡結腸癌切除術中的應用。

The meta analysis included nearly 700 patients and found that with a longer operative time, da Vinci surgery resulted in a more rapid return of normal diet and bowel functioning, lower blood loss and a shorter hospital stay.

薈萃分析包括近 700 名患者，發現隨著手術時間的延長，達芬奇手術可以更快地恢復正常飲食和腸道功能，減少失血並縮短住院時間。

This government sponsored health technology assessment adds to the number of HTAs that have evaluated da Vinci surgery in a broad range of procedures over the years.

多年來，這項政府資助的衛生技術評估增加了在廣泛的程序中評估達芬奇手術的 HTA 的數量。

I will conclude my remarks by highlighting one of the largest population-based studies on the impact of da Vinci prostatectomy published in the Journal of Urology by Dr. Pearson and colleagues from the University of Chicago.

最後，我將重點介紹芝加哥大學 Pearson 博士及其同事在《泌尿外科雜誌》上發表的關於達芬奇前列腺切除術影響的最大人群研究之一。

Using data from the National Cancer Database, this study includes nearly 100,000 prostatectomy patients treated with either da Vinci or open surgery.

這項研究使用來自國家癌症數據庫的數據，包括近 100,000 名接受達芬奇手術或開放手術治療的前列腺切除術患者。

After matching the patient populations for risk factors, da Vinci surgery was shown to reduce positive surgical margins across low-, medium- and high-risk cohorts, as well as reduce the use of radiation therapy, 30-day readmissions and 30-day mortality compared to open surgery.

在將患者人群與風險因素進行匹配後，達芬奇手術被證明可以降低低、中、高風險人群的陽性手術切緣，並減少放射治療的使用、30 天再入院率和 30 天死亡率與開放手術相比。

Dr. Koch from Indiana University published a letter alongside the study titled Robotic Versus Open Prostatectomy: End of the Controversy, in which he stated that any debate over robotic prostatectomy should be put to rest.

印第安納大學的科赫博士在題為“機器人與開放式前列腺切除術：爭議的終結”的研究的同時發表了一封信，他在信中表示，任何關於機器人前列腺切除術的爭論都應該停止。

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 12% to 14% 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 年全年的程序增長比 2015 年執行的大約 652,000 例程序增長 12% 至 14%。

We are increasing our estimate for 2016.

我們正在增加對 2016 年的估計。

We now anticipate full-year 2016 procedure growth within a range of 14% to 15%.

我們現在預計 2016 年全年手術增長率將在 14% 至 15% 之間。

In regards to certain forward-looking metrics, we have the following expectations.

關於某些前瞻性指標，我們有以下預期。

We anticipate fewer lease buyouts and lower upgrade and other systems revenue in Q3 and Q4 than we saw in Q2.

我們預計第三季度和第四季度的租賃收購以及升級和其他系統收入將低於我們在第二季度看到的收入。

Second-half 2016 system ASPs will likely be lower than Q2, driven by product and channel mix.

受產品和渠道組合的驅動，2016 年下半年系統平均售價可能低於第二季度。

We expect a directionally higher proportion of our system placements in Q3 and Q4 to come from operating leases than we saw in Q2.

我們預計，與第二季度相比，我們在第三季度和第四季度的系統配售中，來自經營租賃的比例將更高。

Turning to gross profit, on our last call we forecast 2016 pro forma gross profit margin to be within a range of between 69% and 70% 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 69% 至 70% 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 70% and 71% of net revenue.

我們現在預計 2016 年全年備考毛利占淨收入的比例在 70% 至 71% 之間。

Turning to operating expenses, based upon investments we are making in key areas of the business, we expect expense growth will accelerate in the second half of 2016.

談到運營費用，根據我們在關鍵業務領域的投資，我們預計 2016 年下半年費用增長將加速。

We continue to forecast pro forma 2016 operating expenses to grow between 12% and 15% above 2015 levels.

我們繼續預測 2016 年備考運營費用將比 2015 年水平增長 12% 至 15%。

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 other income to total approximately $30 million in 2016, higher than the $20 million to $25 million forecast on our last call, due primarily to higher interest income.

我們預計 2016 年其他收入總額約為 3000 萬美元，高於我們上次電話會議預測的 2000 萬至 2500 萬美元，這主要是由於利息收入增加。

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 international 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國際利潤的組合。

That concludes our prepared comments.

我們準備好的評論到此結束。

We will now open the call to your questions.

我們現在將打開您的問題的電話。

(Operator Instructions)

（操作員說明）

Ben Andrew, William Blair & Company.

本安德魯，威廉布萊爾公司。

Good afternoon.

下午好。

Thanks for taking the question.

感謝您提出問題。

Gary, maybe just start out by talking about the increased investments in OpEx in the back half.

加里，也許只是從談論後半部分增加對運營支出的投資開始。

Obviously you guys have always been looking for opportunities there, but talk about, more granularly, about where those investments are coming and when we may see some payoffs.

很明顯，你們一直在尋找機會，但更具體地談談這些投資的去向以及我們何時可以看到一些回報。

I recall it took about a year for the European investments to kick in.

我記得歐洲投資花了大約一年時間才開始。

Sure.

當然。

As we've said before, I think the message here has been pretty consistent.

正如我們之前所說，我認為這里傳達的信息非常一致。

Some of the investments are in technology, things like SP starting to move into field-based investment and scale, rather than just the upfront D, so you are seeing some growth in that.

一些投資是在技術方面，比如 SP 開始轉向基於現場的投資和規模，而不僅僅是前期 D，所以你看到了一些增長。

We have some other technology investments that are a little broader.

我們還有一些更廣泛的技術投資。

We've talked about imaging and that is a multi-step process.

我們已經討論過成像，這是一個多步驟的過程。

Some of it is on the acquisition side, new kinds of endoscopes, some of it is on the software side and some of it is in the ability to enhance our florescence imaging portfolio.

其中一些是在採購方面，新型內窺鏡，一些是在軟件方面，一些是在增強我們的熒光成像產品組合的能力方面。

Some of those things will become commercial in future quarters.

其中一些東西將在未來幾個季度變得商業化。

Some of them are a little longer, multi-year types of investments.

其中一些是更長的、多年期的投資類型。

With regard to investments outside of R&D, we've been growing our investments in regions around the world where we think there's real opportunity, from Japan to Germany and France and others.

關於研發以外的投資，我們一直在增加對世界各地我們認為存在真正機會的地區的投資，從日本到德國和法國等。

That will continue.

那將繼續。

I think that some of those investments are doing well for us.

我認為其中一些投資對我們來說效果很好。

We have opportunity to perform better than we have thus far.

我們有機會比迄今為止表現得更好。

The right kinds of investments there are sometimes for the clinical data and clinical trials, sometimes another market developing efforts, sometimes in our resources and headcount.

正確的投資類型有時是針對臨床數據和臨床試驗，有時是另一種市場開發工作，有時是我們的資源和員工人數。

Again, those things can be affective from a couple of quarters out to multi years out depending on what the activity is.

同樣，這些事情可能會影響幾個季度到多年，具體取決於活動的內容。

Okay.

好的。

Two more quick ones for me, please.

請再給我兩個快速的。

In Europe you talked about some of the investments in emerging procedures.

在歐洲，您談到了對新興程序的一些投資。

Is that a protracted multi-year process to move beyond urology and the initial GYN procedures that you've started to mature in certain geographies?

這是一個漫長的多年過程，超越泌尿外科和您在某些地區已經開始成熟的初始 GYN 程序嗎？

I think you can see early success sooner than years, but I think broad adoption in many of these places is a multi-year process.

我認為你可以在幾年內看到早期成功，但我認為在這些地方中的許多地方廣泛採用是一個多年的過程。

It starts with leading surgeons and key opinion leaders and surgical society endorsement and goes from there.

它從領先的外科醫生和主要意見領袖以及外科學會的認可開始，然後從那裡開始。

In some cases, we need interactions with payers and reimbursement.

在某些情況下，我們需要與付款人和報銷部門進行互動。

I don't think you have to wait years to see the early indicators, but full penetration is often more than a year process.

我認為您不必等待數年才能看到早期指標，但完全滲透通常需要一年以上的過程。

Great.

偉大的。

Finally, the SP, you did say had a [knack].

最後，SP，你確實說過有一個[訣竅]。

Can you be more precise?

你能更精確嗎？

Would that be sleep apnea or is this more thyroidectomy?

那是睡眠呼吸暫停還是更多的甲狀腺切除術？

Do you have some initial thoughts on where specifically, please?

請問您對具體地點有一些初步想法嗎？

Thank you.

謝謝你。

Yes.

是的。

I think in the beginning it's really starting into markets we are already participating in, so transoral, more than, for example, thyroidectomy.

我認為一開始它真的開始進入我們已經參與的市場，所以經口，比甲狀腺切除術更多。

I think this is more around surgery in the throat.

我認為這更多是圍繞喉嚨手術。

For sure, there's cancer indications for that.

當然，有癌症適應症。

There may be benign indications.

可能有良性跡象。

Part of what we are talking to regulatory bodies about are clinical requirements for them to make some of those assessments.

我們與監管機構討論的部分內容是他們進行某些評估的臨床要求。

It varies from what happens in Europe to what happens in the US to what happens in Asia.

從歐洲發生的事情到美國發生的事情再到亞洲發生的事情，情況各不相同。

That will play out in time, but think of head and neck starting point as [towards].

這會及時發揮作用，但將頭部和頸部的起點視為[朝向]。

It may have other applications in neck surgery over time.

隨著時間的推移，它可能在頸部手術中有其他應用。

I think SP is a pretty powerful platform, and where we start and where it evolves to will differ as surgeons get a chance to experience it for themselves.

我認為 SP 是一個非常強大的平台，隨著外科醫生有機會親身體驗，我們的起點和發展方向將有所不同。

Thank you.

謝謝你。

Tycho Peterson, JPMorgan.

摩根大通第谷彼得森。

Thanks.

謝謝。

First question, Gary, can you maybe just provide a little more clarity on SP timelines?

第一個問題，加里，你能否更清楚地說明 SP 時間表？

Understand you're lining up initial sites now.

了解您現在正在排隊初始站點。

It sounds like from some of the recent discussions you are not expecting that to be much of a revenue contributor in 2017.

從最近的一些討論來看，您似乎不希望它在 2017 年成為很大的收入貢獻者。

So can you maybe talk a little bit about how we should think about the rollout next year?

那麼，您能否談談我們應該如何考慮明年的推出？

Sure.

當然。

First step here is clearances and some clinical data to support to support that clearance.

這裡的第一步是許可和一些臨床數據來支持該許可。

2017 will be really focused on data generation.

2017 年將真正專注於數據生成。

While I expect some revenue, I don't think it will be immaterial revenue contributor in 2017.

雖然我預計會有一些收入，但我認為這不會是 2017 年無形的收入貢獻者。

A lot of that will be building the foundation, the evidence foundation, some of the clinical work.

其中很多將建立基礎、證據基礎和一些臨床工作。

And then I think 2018 it starts to become more of a material contributor for us.

然後我認為 2018 年它開始成為我們的物質貢獻者。

As we get our clearances and start to solidify that timeline, we will call that out more for you.

當我們獲得許可並開始鞏固該時間表時，我們會為您提出更多要求。

Okay.

好的。

Switching over to hernia, I think you've talked in the past about doing initial trial work.

切換到疝氣，我想你過去曾談到過做初步的試驗工作。

Can you talk a little bit about where that stands in terms of any patient enrollment and how we should think about timelines around the trail for 30-day, 1-year and 2-year follow-up?

你能談談在任何患者登記方面的情況以及我們應該如何考慮 30 天、1 年和 2 年隨訪的時間表嗎？

I will turn that to Patrick.

我會把它交給帕特里克。

Yes, so we have a number of different initiatives ongoing as it relates to sponsoring evidence development in hernia repair.

是的，所以我們正在進行許多不同的舉措，因為它與讚助疝修補術的證據開發有關。

The two presentation publications that I mentioned on the call from the AHSQC is among the investments we've made in helping to support surgeons bring forward the outcomes that they are getting with da Vinci compared to the alternatives.

我在 AHSQC 的電話會議上提到的兩個演示出版物是我們為幫助支持外科醫生提出與其他選擇相比他們使用達芬奇獲得的結果所做的投資之一。

Okay.

好的。

Last one, you had noted some delays in Europe around tenders from competitive [bake-offs].

最後一個，你注意到歐洲圍繞競爭性 [bake-offs] 的招標出現了一些延誤。

Anything change from your perspective this quarter?

從您的角度來看，本季度有什麼變化嗎？

Nothing new to note.

沒有什麼新鮮事需要注意。

I think that tender offers and competitive interaction is the new normal.

我認為要約收購和競爭性互動是新常態。

I think our teams are doing great.

我認為我們的團隊做得很好。

I think their performance has been effective.

我認為他們的表現是有效的。

I think we're communicating well.

我認為我們溝通得很好。

We have a broad portfolio that allows us to engage the customer at different levels depending on what their needs are, so nothing new to report.

我們擁有廣泛的產品組合，使我們能夠根據客戶的需求在不同層次上吸引客戶，因此沒有什麼新鮮事要報告。

Okay, thanks.

好的謝謝。

Thank you.

謝謝你。

David Lewis, Morgan Stanley.

戴維劉易斯，摩根士丹利。

Good afternoon.

下午好。

Just a couple of quick questions.

只是幾個簡單的問題。

Gary, one for you and then a clarifying financial question.

加里，一個給你，然後是一個澄清的財務問題。

Gary, I appreciate the incrementally more detail you gave us in the pipeline this quarter.

加里，我很感激你在本季度為我們提供了越來越多的細節。

So two pieces, first is analytics.

所以有兩部分，首先是分析。

Can you give a broader sense of what the word analytics mean to you at Intuitive?

您能否更廣泛地了解“分析”一詞對您在 Intuitive 意味著什麼？

And then on imaging, is the next disclosure we're likely to see an advanced imaging approval or simply an announcement of imaging clinical study?

然後在成像方面，我們可能會看到下一次披露是高級成像批准還是只是宣布成像臨床研究？

Then I had a quick financial follow-up.

然後我進行了快速的財務跟進。

I think analytics has multiple components in it.

我認為分析有多個組成部分。

As you may know, the majority of our systems are real-time connected to the Internet today.

您可能知道，如今我們的大部分系統都實時連接到 Internet。

I think over 90% of systems are online.

我認為超過 90% 的系統都是在線的。

They report back information to us mostly around the system performance itself, what itself is doing rather than patient information.

他們向我們報告的信息主要圍繞系統性能本身，即它本身在做什麼，而不是患者信息。

That patient data can be turned into insights for the Company and for our customers and we have been doing that for some time now.

患者數據可以轉化為對公司和我們客戶的見解，我們已經這樣做了一段時間了。

So there's that type of analytics.

所以有這種類型的分析。

Going forward, I think that as our computational structures get more powerful, we can bring some of that intelligence more real-time.

展望未來，我認為隨著我們的計算結構變得更加強大，我們可以更加實時地帶來一些智能。

So rather than off-line insights, you can start generating real-time insights.

因此，您可以開始生成實時洞察，而不是離線洞察。

That's a multi-year pathway.

這是一個多年的途徑。

I think it's interesting and challenging.

我認為這很有趣也很有挑戰性。

I think there's long-term potential in it.

我認為它有長期的潛力。

We're moving down that pathway, making sure that we have good access and fast access and low-latency access to our devices in the field.

我們正在沿著這條路前進，以確保我們能夠良好地訪問、快速訪問和低延遲地訪問我們在現場的設備。

And then bringing to bear information that can help surgeons as they are performing the procedure.

然後提供可以在外科醫生執行手術時提供幫助的信息。

You will see from us in future years a series of products that come out using that set of digital pipeline.

在未來的幾年裡，你會從我們這裡看到一系列使用那套數字管道的產品。

Turning to imaging, there are a couple different things.

談到成像，有幾個不同的東西。

We are releasing endoscopes at a fairly regular clip and improving method of technologies.

我們正在相當定期地發佈內窺鏡並改進技術方法。

We made a technology change in the type of imaging we use when we switch to Xi that has allowed for a faster iteration for us in the kinds of imaging we do.

當我們切換到 Xi 時，我們對使用的成像類型進行了技術更改，這使得我們可以更快地迭代我們所做的成像類型。

So there's that kind of thing going on at kind of regular heart beat.

所以這種事情會以一種有規律的心跳發生。

Our customers are pretty well aware of where those things are.

我們的客戶非常清楚這些東西在哪裡。

There are other things we've talked about, other indications for fluorescence.

我們還談到了其他事情，其他熒光跡象。

We're more likely to talk to you about what's happening clinically there than to announce a launch, so you will have some warning prior to launch.

我們更有可能與您討論臨床上正在發生的事情，而不是宣布發布，因此您會在發布前收到一些警告。

Okay, that's helpful.

好的，這很有幫助。

Calvin or Marshall, thinking about the systems guidance in the back half of the year, a couple components.

Calvin 或 Marshall，考慮下半年的系統指導，幾個組成部分。

I note that this quarter that operating leases were down for the first time in several quarters, yet I think you said operating leases will pick back up in the back half of the year.

我注意到本季度經營租賃在幾個季度內首次下降，但我認為你說經營租賃將在下半年回升。

What is the driver there?

那裡的司機是什麼？

On mix, or ASP is going lower for systems in the back half, I am assuming that is tied to your view of different geographies, less Xis or less consoles, dual consoles.

在混合方面，或者後半部分系統的 ASP 下降，我假設這與您對不同地理位置的看法有關，Xis 較少或控制台較少，雙控制台。

Just give us some flavor on those two dynamics, why are you so confident operating leases tick back up and ASPs tick down.

請給我們介紹一下這兩種動態，為什麼您如此有信心經營租賃回升而平均售價下降。

Thank you.

謝謝你。

Philosophically, first of all, we provide our customers leases to provide some flexibility in how they get into robotics and it's proven out to be -- to work out pretty well for both them and us.

從哲學上講，首先，我們為客戶提供租約，為他們如何進入機器人技術提供一些靈活性，事實證明，這對他們和我們來說都很好。

This last quarter, we just saw a fewer number than the previous quarter.

最後一個季度，我們看到的數量比上一季度少。

The previous quarter, if you recall, was [19].

如果您還記得的話，上一季度是 [19]。

We would expect it to be more like Q1 than it was Q2 so that's the increase that Calvin was referring to.

我們預計它更像是第一季度而不是第二季度，所以這就是加爾文所指的增長。

As far as ASPs go, seasonally, systems revenue is stronger in Q4.

就 ASP 而言，季節性地，第四季度的系統收入更為強勁。

Systems drive a slightly lower gross margin than do instruments and accessories, so that mix alone will cause margins to go down.

系統驅動的毛利率略低於儀器和配件，因此單單是組合就會導致利潤率下降。

We also would expect a little bit better performance again due to seasonal factors in the non-US markets or outside of US so that mix also will drive revenues down a little.

由於非美國市場或美國以外的季節性因素，我們還預計業績會再次好一些，因此這種組合也會使收入略有下降。

And then we expect to continue to see growth in stapling and vessel sealing in our newer technology products and those also drive slightly lower margin.

然後我們預計我們的新技術產品中的裝訂和容器密封將繼續增長，而這些產品也將略微降低利潤率。

A lot of mix will cause margins to go down in the next couple quarters.

大量的混合將導致未來幾個季度的利潤率下降。

Marshall, none of these things seem to me to be new dynamics.

Marshall，在我看來，這些都不是新動態。

These seem to be ordinary operating dynamics for Intuitive.

這些似乎是 Intuitive 的普通操作動態。

Is that sort of how you see it?

你是這樣看的嗎？

For the most part, the seasonal things are.

在大多數情況下，季節性的東西是。

I think the new thing is, is as we drive new product revenue, that increases over previous quarters.

我認為新的事情是，隨著我們推動新產品收入，這比前幾個季度有所增加。

David, if we're talking about margins, the one thing that was kind of different in the second quarter was on the service side.

大衛，如果我們談論的是利潤率，那麼第二季度有點不同的一件事是在服務方面。

You saw a pretty market increase in the service gross profit in the second quarter and during the quarter we were able to utilize more refurbished scopes for our scope replacement program with customers.

你看到第二季度服務毛利的市場增長相當可觀，在本季度，我們能夠利用更多翻新的範圍與客戶進行範圍更換計劃。

We're going to be expanding the program as the base builds out in the second half and that's going to require a much higher portion of the new scopes at higher cost and lower margin to replenish.

隨著下半年基地的建設，我們將擴大該計劃，這將需要以更高的成本和更低的利潤來補充更多的新範圍。

That's something that will be a headwind in the second half.

這將是下半場的逆風。

Okay, thank you very much.

好的，非常感謝。

Bob Hopkins, Bank of America.

美國銀行的鮑勃·霍普金斯。

Thanks, can you hear me okay?

謝謝，你能聽到我說話嗎？

We can.

我們可以。

Oh, great.

哦，太好了。

Good afternoon.

下午好。

Marshall, just to continue on this conversation around margins.

Marshall，我想繼續圍繞邊距展開對話。

Last quarter, you commented on mix and how you didn't think you would be able to sustain 70% and now the guidance is going up on gross margin.

上個季度，您評論了混合以及您認為您無法維持 70% 的情況，現在毛利率的指導正在上升。

I understand there's a lot of moving pieces here.

我知道這裡有很多動人的片段。

So just from a top-down perspective, from where you sit today when you look forward at the business, should we be thinking about low 70%s gross margin as something that can be sustained over time?

因此，從自上而下的角度來看，從你今天所處的位置來看，當你展望業務時，我們是否應該考慮將 70% 的低毛利率視為可以隨著時間的推移持續下去的東西？

Just give us a sense of what you've been learning here in the first half of this year as it relates to a more sustainable outlook for gross margins longer term.

請讓我們了解您今年上半年在這裡學到的東西，因為它與更可持續的毛利率前景有關。

Yes.

是的。

I think we've given you the guidance for the remainder of the year.

我想我們已經為您提供了今年剩餘時間的指導。

We think that is the best crystal ball we have at this point.

我們認為這是我們目前擁有的最好的水晶球。

There are a lot of moving parts and it's hard to predict exactly where each one will come out.

有很多活動部件，很難準確預測每個部件會出現在哪裡。

I will leave it at that.

我會保留它。

I don't want to get into where we think it will go long-term.

我不想進入我們認為它會長期發展的地方。

Long-term, those same moving parts will cause us not to have high confidence in exactly where they will come out, although know that we will manage things very diligently.

從長遠來看，這些相同的活動部件會讓我們對它們的確切位置沒有很高的信心，儘管我們知道我們會非常勤奮地管理事情。

As you know, last year we put in programs to reduce the cost of Xi and Xi-related product and those been successful and that's part of what we're seeing here in the year-to-year improvement.

如你所知，去年我們實施了降低 Xi 和 Xi 相關產品成本的計劃，這些計劃取得了成功，這是我們在這裡看到的逐年改進的一部分。

But I mean in terms of thinking about the biggest moving pieces, one of the things that you have us focus on as we think a little bit longer term what we try to consider what a sustainable gross margin might look like for the Company.

但我的意思是，就考慮最大的變動因素而言，你讓我們關注的事情之一是我們認為從長遠來看，我們試圖考慮公司可持續毛利率的情況。

I don't think we've put a stake in the ground and I don't think I am prepared to do that right now.

我不認為我們已經在地面上投入了股份，我認為我現在不准備這樣做。

Okay.

好的。

We can take it off-line, but thank you for that.

我們可以讓它離線，但謝謝你。

Gary, one other thing I wanted to ask about, two quick things.

加里，我想問的另一件事是兩件事。

One on just on the eye-popping number of $4.2 billion now in cash on the balance sheet and you get this question quite frequently.

資產負債表上現在有 42 億美元的現金，這一數字令人瞠目結舌，你經常會聽到這個問題。

But I am just curious now with this almost 20% of the market cap in cash, are there sizable M&A targets out there that you are considering, and that's why there hasn't been anything incremental done with the cash?

但我現在很好奇，現金佔市值的近 20%，是否有你正在考慮的大規模併購目標，這就是為什麼沒有用現金做任何增量的原因？

Just would love to get an updated view there.

只是想在那裡獲得更新的視圖。

Then you mentioned on the topic of advanced imaging and timelines for new products, you said some of these new approvals could come in future quarters.

然後你提到了高級成像和新產品時間表的話題，你說其中一些新批准可能會在未來幾個季度獲得。

When you made that comment, were you talking about advanced imaging specifically?

當您發表該評論時，您是在專門談論高級成像嗎？

Well let's speak to cash and then we'll go to the organic side.

好吧，讓我們談談現金，然後我們將轉到有機方面。

We look at the cash and think we are in an interesting point in the Company's evolution here.

我們看看現金，認為我們正處於公司發展的一個有趣的時刻。

On the one hand, I think that the customer acceptance of our products has been really high.

一方面，我認為客戶對我們產品的接受度非常高。

We are seeing, I think, great momentum on the clinical side in terms of clinical acceptance.

我認為，我們在臨床接受方面看到了臨床方面的巨大勢頭。

We have a couple of things going on.

我們有幾件事正在進行。

We have some new platforms we want to bring to market that I think are outstanding, are very well done and well conceived.

我們有一些新平台想推向市場，我認為這些平台非常出色，做得很好，構思也很好。

That will take some investment for us to do.

這需要我們進行一些投資。

The other thing is that we see a proliferation of folks who want to enter the market with competitive offerings.

另一件事是，我們看到越來越多的人想要以有競爭力的產品進入市場。

That's both an opportunity for us and a requirement for some diligence.

這對我們來說既是機會，也是我們勤奮工作的要求。

The opportunity is, some of those technologies are interesting and may be interesting to us.

機會是，其中一些技術很有趣，我們可能也會感興趣。

Other ones are things where we may want to speed up or adjust our strategy as the market evolves.

其他一些是我們可能希望隨著市場的發展而加快或調整我們的戰略的事情。

As we think about the cash broadly, our first thought is, can we use the cash productively to drive future growth organically?

當我們廣泛考慮現金時，我們首先想到的是，我們能否有效地使用現金來有機地推動未來增長？

Our second thought is are there M&A opportunities that for the long-term that are good for the Company.

我們的第二個想法是，是否存在長期對公司有利的併購機會。

The answer to both of those is are there opportunities.

這兩個問題的答案是有沒有機會。

The third are, are there other ways we can deploy capital with a long-term view for the benefit of shareholders and that might be in buybacks or dividends or other things.

第三個是，我們是否可以通過其他方式從長遠來看為股東的利益配置資本，可能是回購或派息或其他方式。

We're disciplined and thinking about capital allocation.

我們紀律嚴明，正在考慮資本配置。

I think this is a special time in the Company's history and we're walking through how we think about cash with a fair amount of discipline and diligence.

我認為這是公司歷史上的一個特殊時期，我們正在通過相當多的紀律和勤奮來了解我們如何看待現金。

You had asked the question on product releases.

你問過關於產品發布的問題。

Why don't you ask it again to make sure I hit it.

你為什麼不再問一遍，以確保我擊中了它。

Sure.

當然。

You made a comment about the timing about new product releases.

您對新產品發布的時間發表了評論。

You said some will take many years and some of those approvals could come in future quarters.

你說有些需要很多年，其中一些可能會在未來幾個季度獲得批准。

I was just curious as to whether that was a broad comment or whether you were specifically speaking to advanced imaging.

我只是想知道這是否是一個廣泛的評論，或者您是否專門針對高級成像。

A broad comment.

廣泛的評論。

There are some imaging things that are nearer product things that look a lot like what we have today, and there are long-term imaging investments.

有一些成像產品更接近產品，看起來很像我們今天擁有的產品，並且有長期成像投資。

So the submission pipeline and our regulatory interactions are pretty full pipeline.

因此，提交管道和我們的監管互動非常完整。

Thank you very much.

非常感謝你。

Thank you.

謝謝你。

Larry Keusch, Raymond James

拉里·庫施，雷蒙德·詹姆斯

Thank you.

謝謝你。

I just wanted to pick up on your last answer on the imaging.

我只是想了解你關於成像的最後一個答案。

If you were to sort of think about all the efforts in analytics and imaging that the Company is working on, and you were to take this out several years, what would be the benefits to the surgeon, at that time, with these technologies embedded versus what's available today in Xi?

如果你想一想公司在分析和成像方面所做的所有努力，並且你要花幾年的時間，那麼在那個時候，嵌入這些技術對外科醫生來說有什麼好處呢？今天在 Xi 有什麼？

Yes, it's a good question.

是的，這是個好問題。

There's a couple of things that I think drive some of the variability that you see in surgery.

我認為有幾件事會導致您在手術中看到的一些可變性。

It's really interesting, if you ask the question in there's some research out there, surgery in general, not just Intuitive, how much better in terms of outcomes and lower complications is the top 10th percentile surgeon versus the average surgeon?

這真的很有趣，如果你問這個問題，那裡有一些研究，一般的手術，而不僅僅是直覺，在結果和較低的並發症方面，排名前 10% 的外科醫生與普通外科醫生相比好多少？

The spread is quite big as you look at that.

正如你所看到的那樣，價差相當大。

There's a lot of variability in surgical performance.

手術性能有很多可變性。

You asked the question, what drives that variability.

你問了這個問題，是什麼驅動了這種可變性。

Why?

為什麼？

Some of that, not all of it, but some of it is what you are looking at in visual images is subtle.

其中一些，不是全部，但其中一些是你在視覺圖像中看到的是微妙的。

Where are nerves, where are cancer boundaries, where are ureters, what's the right tissue to section plain.

神經在哪裡，癌症邊界在哪裡，輸尿管在哪裡，什麼是適合切片的組織。

Those things are subtle and take a long time for people to internalize and the best do it better.

這些事情很微妙，人們需要很長時間才能內化，最好的人會做得更好。

So what we're trying to do here is find technologies that make it easier for other surgeons to be as good as the best.

所以我們在這裡試圖做的是找到讓其他外科醫生更容易成為最好的外科醫生的技術。

We think that matters.

我們認為這很重要。

Imaging will play a large role in that.

成像將在其中發揮重要作用。

So play forward a decade, what you would really like to be able to do is mark tissues of interest in real time.

所以向前發展十年，您真正希望能夠做的是實時標記感興趣的組織。

Paint for the surgeon what the elements and boundaries are that allow for a good dissection or the popular resection or the best margin performance and that's what's really directing our investments.

為外科醫生畫出允許良好解剖或流行切除或最佳利潤表現的元素和邊界是什麼，這才是真正指導我們投資的東西。

Okay.

好的。

That's really helpful.

這真的很有幫助。

For Marshall, I guess, two quick ones.

對於馬歇爾，我想，兩個快速的。

Per procedure revenue certainly was at a lower level than we've seen in some time.

每個程序的收入肯定比我們在一段時間內看到的要低。

You've definitely mentioned some customer buying patterns in there, so if you could help us understand what that means.

你肯定在那裡提到了一些客戶購買模式，所以如果你能幫助我們理解這意味著什麼。

Then on China, you did a number of systems in the quarter.

然後在中國，你在這個季度做了很多系統。

Just wanted to figure out where we were with the quota and those kinds of one offs now in any given quarter?

只是想弄清楚我們現在在任何給定季度的配額和那些一次性優惠的位置？

As it relates to my comments on customer buying patterns, we are able to measure or look at what happens with instrument and accessory usage.

由於它與我對客戶購買模式的評論有關，我們能夠測量或查看儀器和配件使用情況。

And from that what we've determined is that the usage really hasn't changed a lot surgery by surgery.

從中我們確定的是，使用確實沒有太大改變手術手術。

When we see fluctuations in what they are buying versus what they are using, there are times when they use more than they buy and times when they buy more than they use.

當我們看到他們購買的東西與他們使用的東西之間的波動時，有時他們使用的比他們購買的多，有時他們購買的比他們使用的多。

It just happens -- and it's going to fluctuate quarter to quarter and that was my comment on the short term.

它只是發生了——而且每個季度都會波動，這是我對短期的評論。

What we saw this quarter was, they used more than they purchased.

我們在本季度看到的是，他們使用的比購買的多。

I don't have a great explanation for it beyond that.

除此之外，我沒有很好的解釋。

That's just what we see.

這就是我們所看到的。

On the other hand, we do have distributors that buy in bulk because they are holding inventory to sell to their end customers, and we do see fluctuation in those numbers as well.

另一方面，我們確實有大量購買的分銷商，因為他們持有庫存以出售給他們的最終客戶，我們也確實看到這些數字存在波動。

The combination of the two direct hospitals that we sell to as well as distributors, we can actually measure or identify what is customer buying pattern.

我們銷售給的兩家直營醫院以及分銷商的組合，我們實際上可以衡量或確定什麼是客戶購買模式。

We don't see anything there that alarms us in one way or another.

我們在那裡看不到任何以某種方式提醒我們的東西。

Okay.

好的。

And China?

中國呢？

In China, we sold four systems this quarter.

在中國，我們本季度售出了四套系統。

Those systems were sold to military hospitals.

這些系統被賣給了軍隊醫院。

The quota that we were selling to in the couple of past years expired at the end of December.

我們過去幾年出售的配額在 12 月底到期。

We are waiting for the government to approve a new quota.

我們正在等待政府批准新的配額。

We don't have great information as to when that will occur.

關於何時會發生，我們沒有很好的信息。

Might describe the difference between military hospitals and non-military hospitals vis-a-vis quotas.

可能會描述軍隊醫院和非軍隊醫院在配額方面的區別。

Yes.

是的。

The quota system that we had was for public hospitals, and there is a process by which you were classified high-technology and there's a quota established by the government.

我們的配額系統是針對公立醫院的，有一個過程可以將您歸類為高科技，並且政府制定了配額。

It's in conjunction with their normal budget process.

它與他們的正常預算流程相結合。

Their normal budget process this year has been delayed so that's why we're not sure exactly when they will approve that and then we will get a quota for it.

他們今年的正常預算流程被推遲了，所以我們不確定他們到底什麼時候會批准，然後我們會得到一個配額。

Military hospitals buy independent from those public hospitals, and we've been selling to military hospitals all along, frankly, and have a number of placements at them.

軍隊醫院獨立於那些公立醫院購買，坦率地說，我們一直在向軍隊醫院出售產品，並且在他們那裡有很多安置。

Okay, great.

好，太棒了。

Very helpful, thank you.

非常有幫助，謝謝。

Brandon Henry, RBC Capital Markets.

加拿大皇家銀行資本市場的布蘭登亨利。

Yes, thanks for taking my question.

是的，謝謝你提出我的問題。

Obviously, Intuitive has posted better than expected gross margins in the first half of the year and I think we're all trying to figure out how sustainable that is.

顯然，Intuitive 今年上半年的毛利率好於預期，我認為我們都在努力弄清楚它的可持續性。

Could you help us try to quantify or maybe bucket into several categories, what were the drivers of the year-over-year increase in gross margins in the first half of the year for 2016 versus the first half of the year in 2015?

您能否幫助我們嘗試量化或分為幾個類別，2016 年上半年與 2015 年上半年毛利率同比增長的驅動因素是什麼？

Yes.

是的。

I'm not sure we can list out item by item a specific contribution, but we have been focusing obviously on reducing costs for quite some time and managing our fixed costs and we are really pleased with the progress.

我不確定我們是否可以逐項列出具體的貢獻，但我們顯然已經在很長一段時間內專注於降低成本並管理我們的固定成本，我們對取得的進展感到非常滿意。

We look at where we sit; six months into the year we're at 71% on a year-to-date basis and that coincides with the upper end of the 70% -- 70%, 71% guidance range.

我們看著我們坐的地方；今年年初至今的六個月，我們達到了 71%，這與 70% - 70%、71% 的指導範圍的上限相吻合。

But Q2 was an exceptionally strong quarter gross margin and I think we wanted to leave some specific comments there, specifically on the product side.

但第二季度的毛利率異常強勁，我想我們想在那裡留下一些具體的評論，特別是在產品方面。

We would expect a higher proportion of sales of newer products as was described and a lower proportion of dual consol sales and probably more sales through distributors at lower pricing and lower margins.

正如所描述的那樣，我們預計新產品的銷售比例會更高，雙控制台銷售的比例會降低，並且可能會以較低的價格和較低的利潤率通過分銷商進行更多的銷售。

I think I already mentioned previously on the service side, we had some real benefits on the scope exchange in the second quarter, which are unlikely to continue in the second half.

我想我之前已經在服務方面提到過，我們在第二季度的範圍交換中獲得了一些真正的好處，這種好處不太可能在下半年持續下去。

Okay.

好的。

Separately, I think you guys mentioned some slight slowing in prostatectomy growth in Q2.

另外，我想你們提到了第二季度前列腺切除術的增長略有放緩。

Can you give us some more details on this comment and discuss what's implied for prostatectomy growth in the updated guidance range?

您能否就此評論向我們提供更多詳細信息，並討論更新指南範圍內對前列腺切除術增長的暗示？

Or are we now through the bolus of patients that previously deferred treatment?

或者我們現在正在通過以前推遲治療的患者的推注嗎？

Thanks.

謝謝。

It's tough to know where exactly you are with a patient population that may have differed treatment.

很難知道您與可能接受不同治療的患者群體的確切位置。

What we saw in the quarter was just a slight slowing of growth from what we saw in the first quarter and second half of 2015 or frankly all throughout 2015.

我們在本季度看到的只是與我們在 2015 年第一季度和下半年或坦率地說整個 2015 年看到的增長略有放緩。

How much of that is associated with having worked through any potential bolus that may be out there is difficult to predict.

很難預測其中有多少與完成可能存在的任何潛在推注有關。

Though I think as you've heard us say a few times in the past that over time we do expect that prostatectomy volumes are likely to return towards the rate of diagnosis.

儘管我認為正如您過去多次聽到我們所說的那樣，隨著時間的推移，我們確實預計前列腺切除術的數量可能會恢復到診斷率。

And our recent history and the recent growth rates we've seen in 2015 and the first half of 2016, we believe exceed that growth rate.

我們最近的歷史和我們在 2015 年和 2016 年上半年看到的近期增長率，我們相信超過了這個增長率。

Okay, thank you.

好的謝謝。

Rick Wise, Stifel Nicholas.

里克懷斯，斯蒂菲爾尼古拉斯。

Good afternoon, everybody.

大家下午好。

Let me start off with procedures again.

讓我再次從程序開始。

I just wanted to make sure I understood the comment about the second-half procedure growth slowing.

我只是想確保我理解有關下半年程序增長放緩的評論。

Yes, I see that comps are modestly tougher.

是的，我看到 comp 稍微更難一些。

Is it something about OUS?

跟OUS有關嗎？

Is it the urology recovery, if you will, slowing?

是泌尿科恢復，如果你願意，放緩？

Can you help us better understand your thinking there?

你能幫助我們更好地理解你在那裡的想法嗎？

You mentioned the growth rate comparisons get a little harder in the second half of the year.

你提到下半年的增長率比較會變得更加困難。

The mature procedure contributions that we saw in the first half of the year, we don't think will be as strong in the second half of the year.

我們在今年上半年看到的成熟程序貢獻，我們認為下半年不會那麼強勁。

We continue to expect and will continue to drive growth in US general surgery and our overseas markets in urology and early-stage immersion procedures.

我們繼續期望並將繼續推動美國普通外科和我們在泌尿外科和早期浸入手術的海外市場的增長。

Okay.

好的。

Back on gross margin.

回到毛利率。

Clearly, it sounds from your comments that Table Motion adoption which has been, in your words, well received, has been one factor helping margins.

很明顯，從您的評論中可以看出，Table Motion 的採用，用您的話來說，廣受好評，是有助於提高利潤率的一個因素。

Where are we in sort of the penetration of the installed base?

我們在安裝基礎的滲透方面處於什麼位置？

3% converted, 50%?

3% 轉化，50%？

Is this a tailwind now, leaving aside all the other moving factors, is this a positive tailwind now for a year or two or three?

現在這是順風嗎，撇開所有其他移動因素，這是現在一年或兩年或三年的積極順風嗎？

I don't think I want to get into specific units on this.

我不認為我想就此進入特定的單元。

We are really pleased with the progress we're making and the strong market response from the customers.

我們對我們正在取得的進展以及客戶的強烈市場反應感到非常高興。

I think Marshall mentioned in his script we had $6 million of revenue attributable to Table Motion.

我想馬歇爾在他的劇本中提到我們有 600 萬美元的收入歸因於 Table Motion。

It was roughly split 50-50 between new installations and systems in the field.

在該領域的新安裝和系統之間大致分為 50-50。

Again, it was a strong quarter, but I think we will see how it heads.

同樣，這是一個強勁的季度，但我認為我們會看到它的發展方向。

The history of selling back to the installed base rather than new installs is that you have a few quarters of strong performance and then it tends to tail off.

回售給已安裝基礎而不是新安裝的歷史是，你有幾個季度的強勁表現，然後它往往會減弱。

Folks who are going to be interested in intend to move forward quickly and then mostly it will be a go forward.

有興趣的人打算快速前進，然後大多數情況下都會向前邁進。

So you can look at history and that gives you a guide as to how much that is.

所以你可以看看歷史，它會給你一個指導，告訴你有多少。

Yes, and we do have around 750 or so da Vinci Xis out in the world at this point in time and we've made some progress on that.

是的，目前世界上確實有大約 750 台達芬奇西斯，我們在這方面取得了一些進展。

There's still some more out there.

還有一些在那裡。

Got it.

知道了。

One last one for you, Gary, if I could.

最後一張給你，加里，如果可以的話。

At stages this year, it was very clear this year that Intuitive's messaging around looking at total procedures costs in the hospital for robotics and how much economic sense it made -- robotics makes.

在今年的各個階段，今年很明顯，Intuitive 的信息圍繞著看機器人技術醫院的總手術成本以及它在經濟上的意義——機器人技術。

When I listen to the looming competition from Medtronic at their Analyst Day and your friends at Berg, they are very focused on lowering per-procedure robotic costs too, it seems like in their words, laparoscopic levels.

當我在他們的分析師日和你在 Berg 的朋友聽到美敦力即將到來的競爭時，他們也非常專注於降低每個程序的機器人成本，用他們的話來說，似乎是腹腔鏡水平。

How do you react, how do you deal, how do you compete with that approach given their entrenched instrument capabilities?

鑑於他們根深蒂固的工具能力，你如何反應，你如何處理，你如何與這種方法競爭？

Will your new platforms address that per-procedure cost aspect of positioning you to better address some of these factors?

您的新平台是否會解決您定位的每個程序成本方面，以更好地解決其中一些因素？

Thanks so much.

非常感謝。

Sure.

當然。

I think the first thing -- some of the messaging coming out around opportunities on price, on per-procedure price, I think there's a big challenge for new entrants there which is what benefit do you bring at which price points.

我認為第一件事——一些消息圍繞價格機會、按程序價格出現，我認為新進入者面臨巨大挑戰，即你在哪個價位帶來什麼好處。

I think you're going to have to show benefit over laparoscopy.

我認為你將不得不證明腹腔鏡檢查的好處。

What can be done that lap can't do?

有什麼是膝不能做的？

That's going to require some innovation and some technology and that technology is going to have to be paid for.

這將需要一些創新和一些技術，而這些技術將需要付費。

I think over time, folks are going to have to come out and show what it is they plan to do to make that happen.

我認為隨著時間的推移，人們將不得不站出來展示他們計劃做些什麼來實現這一目標。

As we look at it, I do think there are opportunities for Intuitive to manage different price points.

在我們看來，我確實認為 Intuitive 有機會管理不同的價格點。

We have already in terms of our capital line, and it's also true in our instrument line and we can continue to do that.

我們已經在我們的資本線方面，在我們的工具線方面也是如此，我們可以繼續這樣做。

I think customers will have choice and the choice will be, at what point do they want to enter and what benefit and value do they find that price point.

我認為客戶將有選擇，選擇將是，他們想在什麼時候進入，以及他們在那個價位上找到什麼好處和價值。

Intuitive will offer multiple price points.

Intuitive 將提供多個價位。

We will give them an opportunity.

我們會給他們機會。

We have all ready and we will continue to.

我們都準備好了，我們會繼續這樣做。

What value they find at what price point will be their decision.

他們在什麼價格點找到什麼價值將由他們決定。

There has so far been just one or two companies who have been out there having those conversations and driving it.

到目前為止，只有一兩家公司在那裡進行這些對話並推動它。

I think we understand it reasonably well.

我認為我們相當了解它。

Interesting perspective, Gary.

有趣的觀點，加里。

Next question, please.

請下一個問題。

Tao Levy, Wedbush Securities.

陶利維，韋德布什證券。

Great, thanks.

太謝謝了。

Good afternoon.

下午好。

Your utilization per system in the US keeps on hitting new highs.

您在美國的每個系統的利用率不斷創下新高。

I'm just wondering, where is the increase in capacity that the hospitals are finding?

我只是想知道，醫院的容量增加在哪裡？

Where is that coming from?

那是從哪裡來的？

Are they utilizing the workweek schedules a little bit more effectively versus in prior years?

與往年相比，他們是否更有效地利用工作週時間表？

I think it's more than one thing for me.

我認為這對我來說不止一件事。

One is, we are seeing health systems integrated delivery networks optimizing the placement of their products and optimizing the flow of patients and surgeons around that product.

一是，我們看到衛生系統集成交付網絡優化了他們產品的放置，並優化了圍繞該產品的患者和外科醫生的流動。

That's kind of an operational efficiency of the hospital level or health system level that's been driving it.

這是一直在推動它的醫院級別或衛生系統級別的運營效率。

I think it's great.

我認為這很棒。

It's been great for our customers and we support it.

這對我們的客戶來說很棒，我們支持它。

I think the second thing is that some of the new procedure categories we are coming into allow for higher volume procedures out of single sites.

我認為第二件事是我們正在進入的一些新程序類別允許從單個站點進行更高容量的程序。

So more repeatable shorter procedure durations give you higher utilization, just kind of the nature of the mix of product that's coming in.

因此，更可重複的更短的程序持續時間可以為您提供更高的利用率，這就是即將到來的產品組合的性質。

Lastly, I think in some of the markets, we are seeing referral consolidations.

最後，我認為在某些市場中，我們看到了推薦合併。

So low-volume surgeons are referring to higher volume surgeons essentially passing patients to those who do more and that also drives up utilization.

因此，低手術量的外科醫生指的是高手術量的外科醫生，本質上是將患者轉移給工作量更大的外科醫生，這也提高了利用率。

There are kind of multiple factors there that have supported the growth.

有多種因素支持了增長。

I don't know that it goes on forever.

我不知道它會永遠持續下去。

I don't think there's infinite growth in utilization possible, but so far so good.

我認為利用率不可能無限增長，但到目前為止還不錯。

Got you.

明白了

Lastly, the percent of your applicable procedures that are currently using the robotic vessel sealer or stapler, do you give sort of a rough metric of where that stands today that you can share?

最後，您目前使用機器人容器封口機或訂書機的適用程序的百分比，您是否給出了今天可以分享的粗略指標？

Hey, Tao.

嘿，陶。

Certainly, we have seen growth in our sealer adoption each quarter over the past few years.

當然，在過去幾年中，我們每個季度都看到我們的封口機採用率有所增長。

And particularly in procedures where there's a high value associated with using those, whether it be in colorectal resection, even in some gynecologic procedures vessel sealers.

尤其是在與使用這些產品相關的高價值手術中，無論是結直腸切除術，甚至是一些婦科手術中的血管封閉劑。

There's still a lot of runway left and in particular as you think about the white reloads that are only available on our Xi systems, as the Xi installed base becomes larger, opening up more opportunities for those to be used in thoracic procedures.

仍然有很多跑道，特別是當您考慮僅在我們的 Xi 系統上可用的白色重載時，隨著 Xi 安裝基數變得更大，為胸腔手術中使用的那些提供了更多機會。

There's going to be plenty of runway ahead as the installed base continues to move towards our newest technology.

隨著安裝基礎繼續轉向我們的最新技術，未來會有很多跑道。

But you don't have a procedure -- sorry, a percent that you can share just to get a sense of how long that runway is?

但是你沒有一個程序——抱歉，你可以分享一個百分比來了解跑道有多長？

Not at this time.

不是在這個時候。

Operator, we will take one more question from one more questioner.

接線員，我們再接受一位提問者的提問。

Richard Newitter, Leerink Partners.

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

Thanks for squeezing me in.

謝謝你把我擠進去。

I just had a quick one, a follow-up on Table Motion.

我剛剛有一個快速的，Table Motion 的跟進。

It sounds like that product is certainly gaining traction and I was just curious to know, is this feature being used in the way that you would've expected it to?

聽起來該產品確實越來越受歡迎，我只是想知道，這個功能是否按照您預期的方式使用？

What I would really like to know is, do you think or can you tell us what procedures or new increment procedures does this potentially open up for you?

我真正想知道的是，您認為或可以告訴我們這可能為您打開哪些程序或新的增量程序？

Or could you begin to see it open up where you aren't already being used today?

或者您是否可以開始看到它在您今天尚未使用的地方開放？

Thank you.

謝謝你。

I think that early experience has been that it's well-received, particularly by multi-quadrant general surgeons, which is really where Xi was positioned and one of the big motivations for Table Motion.

我認為早期的經驗是它很受歡迎，特別是受到多像限普通外科醫生的歡迎，這確實是 Xi 的定位，也是 Table Motion 的一大動機。

As frequently happens in this space, something that is a fundamental capability that's good in one place tends to have applications in others, and I suspect we will see that.

正如這個領域經常發生的那樣，在一個地方很好的基本能力往往在其他地方有應用，我想我們會看到這一點。

As we get more data on it, we're happy to share it with you.

隨著我們獲得更多有關它的數據，我們很樂意與您分享。

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 flows during these conference calls, our organizational focus remains on increasing value by enabling surgeons to into 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've 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。

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

感謝您參與和支持這一改善手術的非凡旅程，我們期待在三個月後再次與您交談。

Thank you.

謝謝你。

That concludes our conference for today.

我們今天的會議到此結束。

Thank you for your participation and for using 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。