美敦力 (MDT) 2015 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Medtronic's fourth-quarter earnings call.

女士們、先生們，感謝大家的支持，歡迎參加美敦力第四季財報電話會議。

(Operator Instructions)

（操作員指令）

It is now my pleasure to turn the call over to Jeff Warren, Vice President of Investor Relations. Sir?

現在我很高興將電話轉給投資者關係副總裁傑夫沃倫 (Jeff Warren)。先生？

Thank you, Maria. Good morning and welcome to Medtronic's fourth-quarter conference call and webcast. During the next hour Omar Ishrak, Medtronic's Chairman and Chief Executive Officer, and Gary Ellis, Medtronic's Chief Financial Officer, will provide comments on the results of our fourth-quarter and FY15, which ended April 24, 2015. After our prepared remarks, we'll be happy to take your questions.

謝謝你，瑪麗亞。早安，歡迎參加美敦力第四季電​​話會議和網路廣播。在接下來的一個小時裡，美敦力公司董事長兼執行長 Omar Ishrak 和美敦力公司財務長 Gary Ellis 將對截至 2015 年 4 月 24 日的第四季和 2015 財年業績發表評論。在我們發表準備好的發言後，我們將很樂意回答您的問題。

First, a few logistical comments. Earlier this morning, we issued a press release containing our financial statements and our revenue by business summary, which finalizes the preliminary revenue we issued on May 19, 2015. We also updated our combined historical Covidien-Medtronic financial statement presentation to include FY15 comparable revenue, as well as combined P&L for the past eight quarters.

首先，我要談幾點後勤方面的評論。今天早上，我們發布了一份新聞稿，其中包含我們的財務報表和按業務摘要劃分的收入，這最終確定了我們在 2015 年 5 月 19 日發布的初步收入。我們也更新了 Covidien-Medtronic 合併歷史財務報表，以包括 2015 財年可比收入以及過去八個季度的合併損益表。

You should also note that some of the statements made during this call may be considered forward-looking statements, and that actual results might differ materially from those projected in any forward-looking statement. Additional information concerning factors that could cause actual results to differ is contained in our periodic reports filed with the SEC, therefore, we do not undertake to update any forward-looking statement. In addition, the reconciliations of any non-GAAP financial measures are available on the investors portion of our website at Medtronic.com.

您還應注意，本次電話會議中的某些陳述可能被視為前瞻性陳述，實際結果可能與任何前瞻性陳述中的預測有重大差異。有關可能導致實際結果不同的因素的附加資訊包含在我們向美國證券交易委員會提交的定期報告中，因此，我們不承諾更新任何前瞻性聲明。此外，任何非 GAAP 財務指標的對帳表格均可在我們網站 Medtronic.com 的投資者部分查閱。

Finally, unless we say otherwise, references to quarterly or annual results increasing or decreasing are in comparisons to the fourth-quarter and full-year 2014 respectively, and all year-over-year revenue growth rates are given on a comparable constant currency basis which includes Covidien PLC, and the prior-year comparison, and aligns Covidien's prior-year monthly revenue to Medtronic's fiscal quarters.

最後，除非我們另有說明，對季度或年度業績的增加或減少均分別與 2014 年第四季度和全年相比，並且所有同比收入增長率均以可比的恆定貨幣基礎給出，其中包括 Covidien PLC 和去年同期的比較，並將 Covidien 去年的月收入與美敦力的財政季度保持一致。

With that I'm now pleased to turn the call over to Medtronic Chairman and Chief Executive Officer, Omar Ishrak.

現在我很高興將電話轉給美敦力公司董事長兼執行長 Omar Ishrak。

Good morning, and thank you, Jeff, and thank you to everyone for joining us today. This morning we reported fourth-quarter revenue of $7.3 billion, which represents growth of 7%, and Q4 non-GAAP diluted earnings per share of $1.16.

早安，謝謝你，傑夫，也謝謝大家今天加入我們。今天上午，我們報告了第四季度營收為 73 億美元，成長 7%，第四季非 GAAP 攤薄每股收益為 1.16 美元。

Before providing more detail on our Q4 performance, I'd like to recap the fiscal year. FY15 was a transformational year for our Company, with the announcement of the Covidien acquisition in Q1, and the subsequent closing of this transaction in Q4. We believe the combination of our two companies meaningfully accelerates our strategies, diversifies our growth profile, and increases our long-term financial flexibility. I will cover the Covidien integration in more detail in a moment.

在提供有關我們第四季度業績的更多細節之前，我想先回顧一下本財年。2015 財年是我們公司的轉型之年，我們在第一季宣布收購 Covidien，並於第四季完成這項交易。我們相信，兩家公司的合併將顯著加速我們的策略，實現我們的成長模式多元化，並增強我們的長期財務靈活性。稍後我將更詳細地介紹 Covidien 整合。

Our FY15 revenue grew 6%, which was at the upper end of our mid-single-digit baseline goal, and represented a 230 basis point improvement from FY14. FY15 was a strong year for therapy innovation at Medtronic, with our new therapies growth vector contributing 410 basis points to our full-year growth, well above our stated goal of 150 to 350 basis points.

我們的 2015 財年營收成長了 6%，處於我們中等個位數基準目標的上限，比 2014 財年提高了 230 個基點。2015財年是美敦力治療創新強勁的一年，我們的新療法成長載體為我們的全年成長貢獻了410個基點，遠高於我們設定的150至350個基點的目標。

All four of our groups launched meaningful innovations in FY15, including those that make advances into new disease areas, innovate on our existing market-leading technologies, or enhance our diagnostic therapy and monitoring products with key wraparound programs. Gary will discuss the technologies that drove our results, as well as our future pipeline in more detail shortly, when he recaps our business results.

我們四個集團都在 2015 財年推出了有意義的創新，包括在新的疾病領域取得進展、在現有市場領先技術上進行創新，或透過關鍵的全方位計畫增強我們的診斷治療和監測產品。當 Gary 回顧我們的業務成果時，他將更詳細地討論推動我們取得成果的技術以及我們未來的產品線。

Revenue in emerging markets, our second growth vector, grew double digits again in FY15, and contributed 150 basis points to our full-year growth. A third growth vector, services and solutions, nearly doubled in revenue in FY15, and added 30 basis points to our full-year growth. While legacy Covidien businesses will no doubt contribute to this vector in the future, we feel for FY15 is more appropriate to look at this vector using the legacy Medtronic revenue as the base, given all of the revenue in Q4 came from legacy Medtronic resources.

新興市場的營收作為我們的第二大成長動力，在2015財年再次實現兩位數成長，為我們的全年成長貢獻了150個基點。第三個成長動力是服務和解決方案，2015財年收入幾乎翻了一番，為我們的全年成長貢獻了30個基點。雖然傳統的 Covidien 業務將來無疑會為此向量做出貢獻，但我們認為，對於 2015 財年來說，使用傳統的 Medtronic 收入作為基礎來看待這一向量更為合適，因為第四季度的所有收入均來自傳統的 Medtronic 資源。

Under this methodology, the service and solutions growth vector contributed 50 basis points, within our FY15 goal of 40 to 60 basis points. We continued to add additional services and solutions offerings. In addition to our existing Cardiocom and Cath Lab managed services platforms, we were excited to add DiaBeater in Q4, a unique diabetes integrated care solution.

根據此方法，服務和解決方案成長向量貢獻了 50 個基點，而我們的 2015 財年目標是 40 至 60 個基點。我們繼續增加額外的服務和解決方案產品。除了我們現有的 Cardiocom 和 Cath Lab 託管服務平台外，我們很高興在第四季度增加了獨特的糖尿病綜合護理解決方案 DiaBeater。

We also initiated our first pilot of our operating room managed services, which combines the capabilities we have developed in the Cath Lab, together with Covidien's breadth of operating room technology and expertise, to provide a full service OR offering to hospitals. All of these efforts are focused in addressing the evolving needs of our customers, regarding delivery system efficiency, and more integrated connected care models for patients around the world.

我們也首次試辦了手術室管理服務，該服務將我們在心臟導管室開發的功能與 Covidien 廣泛的手術室技術和專業知識相結合，為醫院提供全方位的手術室服務。所有這些努力都是為了滿足客戶不斷變化的需求，包括交付系統效率以及為世界各地的患者提供更一體化的互聯護理模式。

We feel we're well-positioned to demonstrate the role medical technology and related services can play in improving system efficiency and care integration in key disease states, and to serve as a key partner and collaborator with healthcare systems, payors, governments, and governments who are working to deliver better patient outcomes at lower costs.

我們認為，我們有能力展示醫療技術和相關服務在改善主要疾病狀態下的系統效率和護理整合方面所能發揮的作用，並成為醫療保健系統、付款人、政府和政府的重要合作夥伴和合作者，致力於以更低的成本提供更好的患者治療結果。

Looking at the FY15 P&L, non-GAAP diluted EPS was $4.28. While it is difficult to compare EPS to the prior year, given the acquisition of Covidien, we are looking at some key operating P&L line items on an approximate combined constant currency basis, in order to better assess our operating performance. We also feel that these will be the appropriate P&L metrics to evaluate our operating performance as we move through FY16. In FY15, our operating margin percentage improved by 60 basis points, including an 80 basis points improvement in SG&A, offset by 50 basis point decline in gross margins, all on a combined constant currency basis, which corresponds to 200 points of operating leverage, and was in line with our baseline expectations.

從 2015 財年的損益表來看，非 GAAP 稀釋每股盈餘為 4.28 美元。雖然由於收購了 Covidien，很難將每股收益與上一年的每股收益進行比較，但我們正在以近似的合併固定匯率基礎來查看一些關鍵的經營損益項目，以便更好地評估我們的經營業績。我們也認為，這些將是評估 2016 財年營運表現的適當的損益指標。2015 財年，我們的營業利潤率百分比提高了 60 個基點，其中銷售、一般及行政費用提高了 80 個基點，但毛利率下降了 50 個基點，這均按合併固定匯率計算，相當於 200 個基點的營業槓桿，符合我們的基本預期。

While Gary will cover our earnings guidance in a moment, it is clear that FX is a major headwind in FY16. Despite that headwind, I want to emphasize that the management team is focused on driving significant operating leverage this year.

雖然 Gary 稍後會介紹我們的獲利預測，但很明顯外匯是 2016 財年的一大阻力。儘管面臨阻力，我想強調的是，管理團隊今年的重點是推動顯著的經營槓桿。

Looking now at free cash flow, we had a very strong year in FY15, and met our commitment to return 50% of our free cash flow in the form of dividends and share buybacks. Our FY15 results ultimately reflected the dedication and passion of over 85,000 employees collaborating with our partners in health care to deliver therapies and services to millions of patients around the globe, to fulfill our mission of alleviating pain, restoring health, and extending life.

現在看看自由現金流，2015財年我們表現非常強勁，並履行了以股息和股票回購形式返還50％自由現金流的承諾。我們的 2015 財年業績最終反映了超過 85,000 名員工的奉獻和熱情，他們與醫療保健領域的合作夥伴共同努力，為全球數百萬患者提供治療和服務，以實現我們減輕疼痛、恢復健康和延長生命的使命。

Now, moving to our Q4 performance, Q4 was another strong quarter, the first as a combined Company with Covidien. Our 7% revenue growth was a result of solid performances across of all of our groups and geographies. Geographically, we had double-digit growth in emerging markets, strong upper single digit growth in the US, and mid-single digit growth in developed markets outside the US.

現在來看看我們的第四季業績，第四季又是一個強勁的季度，這也是我們與 Covidien 合併後的第一個季度。我們 7% 的營收成長得益於我們所有集團和地區的強勁表現。從地理來看，我們在新興市場實現了兩位數的成長，在美國實現了強勁的個位數成長，在美國以外的已開發市場實現了中個位數的成長。

CVG had another quarter of impressive double-digit growth. Diabetes delivered strong upper single digit growth, and both MITG and RTG had solid mid-single digit growth.

CVG 又一個季度實現了令人印象深刻的兩位數成長。糖尿病實現了強勁的上個位數成長，MITG 和 RTG 均實現了穩健的中個位數成長。

In RTG, we recently reorganized the structure of our sales teams, aligning sales management to disease states. We expect this to further optimize our focus on our neuroscience, integrated pain solutions, and surgical synergy strategies. In particular, we believe this should help our performance in spine, as we believe it will allow us to take better advantage of our overall breadth.

在 RTG，我們最近重組了銷售團隊的結構，使銷售管理與疾病狀態保持一致。我們希望這將進一步優化我們對神經科學、綜合疼痛解決方案和外科協同策略的關注。特別是，我們相信這將有助於提高我們在脊椎方面的表現，因為我們相信這將使我們能夠更好地利用我們的整體廣度。

Q4 was the first quarter of integration with Covidien. While it has only been one quarter, I am proud of that combined organization is staying focused and delivering on our commitments, avoiding any distractions during this transition period. As I have stated several times before, our first objective with the Covidien integration is to preserve the stated growth objectives of both companies.

第四季是與 Covidien 整合的第一個季度。雖然只過了一個季度，但我很自豪合併後的組織能夠集中精力、履行承諾，避免在過渡期間受到任何干擾。正如我之前多次提到的，我們與 Covidien 整合的首要目標是維持兩家公司既定的成長目標。

As we look ahead, we believe that our baseline goal of delivering mid-single-digit constant currency revenue growth on a consistent basis is still appropriate and reasonable over the long-term. Although similar to this quarter, there could well be times when we exceed our baseline expectations.

展望未來，我們相信，我們持續實現中等個位數恆定貨幣收入成長的基本目標在長期內仍然是合適且合理的。儘管與本季的情況類似，但有時我們也可能超出我們的基準預期。

We continue to focus on executing on our three growth strategies: Therapy innovation, globalization and economic value.

我們持續專注於執行我們的三大成長策略：治療創新、全球化和經濟價值。

These strategies are designed to create a competitive advantage for Medtronic by capitalizing on the three long-term trends we see playing out in healthcare: Namely, the desire to improve clinical outcomes using technology the growing demand for expanded access to healthcare in developing countries and the optimization of cost efficiency in healthcare systems, including the move to value-based healthcare.

這些策略旨在利用我們在醫療保健領域看到的三大長期趨勢為美敦力創造競爭優勢：即利用技術改善臨床結果的願望、發展中國家對擴大醫療保健服務的需求日益增長以及醫療保健系統成本效率的優化，包括向基於價值的醫療保健轉變。

In therapy innovation, we continue to deliver above goal performance in Q4. As the new therapies growth vector contributed 560 basis points to our total Company growth. This is a result of strong execution of product launches, as well as decisions we have made over the past few years to select the right products that solve not only our customers' clinical needs but meet their economic needs as well. And as we look ahead, our pipeline remains full, with a number of new therapies and services expected to come to market over the next few years.

在治療創新方面，我們在第四季度繼續實現超出目標的業績。由於新療法的成長載體為我們公司的整體成長貢獻了560個基點。這是強而有力地執行產品發布的結果，也是我們過去幾年所做的決定的結果，選擇合適的產品不僅能解決客戶的臨床需求，還能滿足他們的經濟需求。展望未來，我們的產品線依然齊全，預計未來幾年將有許多新療法和服務進入市場。

In globalization, emerging markets delivered 140 basis points to our Q4 total Company growth, just below our stated expectations. We continue to implement changes aimed at improving our emerging market growth profile, including making progress on our public and private partnerships. On our most recent visit to China, I met with several private hospital CEOs, and discussed potential opportunities to work together.

在全球化背景下，新興市場為我們第四季的整體公司成長貢獻了 140 個基點，略低於我們的預期。我們將繼續實施旨在改善新興市場成長狀況的變革，包括推動公共和私人合作夥伴關係。在我們最近一次訪華期間，我會見了幾家私立醫院的首席執行官，討論了潛在的合作機會。

In addition to partnerships, all of our emerging markets are focused on our channel optimization strategy. Strengthening our customer relationships to better meet our customers' needs, while also recognizing the unique challenges of the local healthcare systems.

除了合作夥伴關係之外，我們所有的新興市場都專注於我們的通路優化策略。加強與客戶的關係，以更好地滿足客戶的需求，同時也認識到當地醫療保健系統面臨的獨特挑戰。

In countries like India and China, where we have a vast number of distributors, we're consolidating logistics to platform distributors in order to meet more stringent supply chain policies. In the Middle East, we're building strong joint venture partnerships with the local distributors, to accelerate therapy adoption in the local markets.

在我們擁有大量分銷商的印度和中國等國家，我們正在將物流整合到平台分銷商，以滿足更嚴格的供應鏈政策。在中東，我們正在與當地經銷商建立強大的合資夥伴關係，以加速當地市場對治療方法的採用。

In economic value, our services and solutions growth vector contributed 50 basis points to our growth in Q4 on a legacy Medtronic basis, within the goal of 40 to 60 basis points. In Cardiocom, we signed an additional 14 commercial contracts in Q4, and continued to increase patient enrollment in our existing hospital and home care provider accounts.

在經濟價值方面，我們的服務和解決方案成長向量在傳統美敦力基礎上為我們第四季的成長貢獻了 50 個基點，而目標則是 40 至 60 個基點。在 Cardiocom，我們在第四季度又簽署了 14 份商業合同，並繼續增加現有醫院和家庭護理提供者帳戶的患者註冊量。

In our CRHF diagnostics business, we've begun penetrating the mobile cardiac outpatient telemetry and event report markets, using our unique seek-based diagnostics service. We have now started adding the heart failure diagnostic data provided by CRHF implantable multiple devices into Cardiocom, creating a comprehensive heart failure management service. We also started offering Cardiocom as part of a broader bundle offering to our CVG customers.

在我們的 CRHF 診斷業務中，我們已經開始利用我們獨特的基於搜尋的診斷服務，滲透到行動心臟門診遙測和事件報告市場。目前我們已經開始將CRHF植入式多種裝置提供的心臟衰竭診斷數據添加到Cardiocom中，從而創建全面的心臟衰竭管理服務。我們也開始向 CVG 客戶提供 Cardiocom 作為更廣泛的捆綁服務的一部分。

In Cath Lab managed services, we are generating rapid growth, as we are fast becoming the ideal partner for hospitals that seek to drive operational efficiency. While this business started in Europe, we're now expanding our Cath Lab managed services business globally.

在心臟導管室管理服務方面，我們正在快速成長，因為我們正迅速成為尋求提高營運效率的醫院的理想合作夥伴。雖然這項業務始於歐洲，但現在我們正在全球擴展我們的心臟導管室管理服務業務。

At the end of Q4, we had 50 long-term agreements with hospital systems representing $1.1 billion in revenue over the life of these contracts, which have an average age -- average span of about five to six years. And we also have a full pipeline of potential contractors at various stages of negotiation, with providers around the world.

截至第四季末，我們與醫院系統達成了 50 份長期協議，這些合約在有效期內創造了 11 億美元的收入，合約平均期限約為五至六年。我們也擁有一批處於不同談判階段的潛在承包商，供應商遍佈全球。

Turning to the P&L, Q4 non-GAAP diluted EPS was $1.16. Despite the incremental moving parts due to the Covidien transaction, and increased headwinds from foreign exchange, our operating results were in line with our expectations, with our organization controlling spending effectively as we ended the fiscal year.

談到損益表，第四季非 GAAP 稀釋每股收益為 1.16 美元。儘管由於 Covidien 交易導致變動部分增加，且外匯阻力加大，但我們的經營業績符合預期，在財政年度結束時，我們的組織有效地控制了支出。

Our gross margin continues to reflect ongoing elevated levels of spending, to improve our quality systems in neuromodulation. This quarter, we entered into a consent decree with the FDA, which provides the path to resolution of our issues in this division. We take the responsibility that has been entrusted to us to provide quality products very seriously, and end ensuring the highest level of quality and regulatory has and always will be a personal priority for me, and a central focus of everything that we do at Medtronic.

我們的毛利率繼續反映出我們持續不斷提高的支出水平，以改善我們的神經調節品質系統。本季度，我們與 FDA 達成了同意令，為解決該部門的問題提供了途徑。我們非常重視提供優質產品所肩負的責任，確保最高品質和監管水準一直是我的首要任務，也是美敦力一切工作的核心。

We delivered $1.7 billion of free cash flow in Q4. We remain disciplined in allocating our capital, with a focus on creating long-term shareholder value. As a result of the Covidien acquisition, we have increased ability to deploy our cash to the US, solidifying our commitment to return 50% of our free cash flow to shareholders.

我們在第四季實現了 17 億美元的自由現金流。我們在資本配置方面保持嚴謹，並專注於創造長期股東價值。收購 Covidien 後，我們增加了向美國部署現金的能力，鞏固了向股東返還 50% 自由現金流的承諾。

With this increased financial flexibility, we are in the process of reevaluating the mix of share buybacks and dividends. As an S&P dividend aristocrat, we remain focused on delivering dependable long-term dividend growth.

隨著財務靈活性的增強，我們正在重新評估股票回購和股利的組合。作為標準普爾股息貴族，我們始終專注於實現可靠的長期股息成長。

In addition, we remain disciplined when evaluating potential M&A opportunities. Any investment we make must be aligned with and ultimately strengthen one or more of our three growth strategies, while at the same time offer high return metrics and minimize near-term shareholder dilution.

此外，在評估潛在的併購機會時，我們仍保持嚴謹。我們所做的任何投資都必須與我們的三大成長策略中的一個或多個保持一致並最終加強這些策略，同時提供高回報指標並最大限度地減少短期股東稀釋。

As we look ahead to FY16, we remain focused on delivering on our baseline financial expectations, as we continue to integrate Covidien into Medtronic. We have four clear priorities guiding this process: Preserve, optimize, accelerate, and transform.

展望2016財年，我們將繼續把Covidien整合到Medtronic中，同時仍將專注於實現我們的基本財務預期。我們有四個明確的優先事項來指導這個過程：保護、優化、加速和轉變。

I mentioned preserve earlier, our first and highest priority, and we expect to continue to meet the financial commitments of both companies. Our second priority, optimize, is focused on achieving the detailed cost savings plans that are expected to result in a minimum of $850 million in cost synergies by the end of FY18.

我之前提到過，保護是我們首要和最高優先事項，我們希望繼續履行兩家公司的財務承諾。我們的第二個優先事項是優化，專注於實現詳細的成本節約計劃，預計到 2018 財年末將產生至少 8.5 億美元的成本協同效應。

Our third priority, accelerate, is related to assessing and prioritizing the numerous revenue synergy opportunities which today include leveraging Covidien's peripheral vascular sales force to drive sales of drug-coated balloons, as well as leveraging Covidien's neurovascular division to enhance our neuroscience strategy in RTG. We are creating the industry's first true comprehensive stroke management business, leveraging our transformative therapy innovations with Solitaire mechanical thrombectomy product in neurovascular, and CVG's LINQ insertable cardiac monitor, with its clinically proven role in the management of cryptogenic stroke patients.

我們的第三個優先事項是加速，它與評估和優先考慮眾多收入協同機會有關，這些機會目前包括利用 Covidien 的外周血管銷售隊伍來推動藥物塗層球囊的銷售，以及利用 Covidien 的神經血管部門來增強我們在 RTG 中的神經科學戰略。我們正在創建業界首個真正的綜合性中風管理業務，利用我們在神經血管領域的 Solitaire 機械血栓切除產品的變革性治療創新，以及 CVG 的 LINQ 可插入式心臟監護儀，其在隱源性中風患者管理中的作用已得到臨床驗證。

Our fourth and final priority is transform. As we observe and interact with healthcare systems around the world, we continue to see a push for experimentation with new models of delivery system operations, new payment schemes, and integrated patient care as a critical mechanism to balance their cost and access challenges.

我們的第四個也是最後一個優先事項是轉型。當我們觀察並與世界各地的醫療保健系統互動時，我們繼續看到人們推動嘗試新的交付系統運營模式、新的支付方案和綜合患者護理，作為平衡成本和獲取挑戰的關鍵機制。

Each of these efforts seek to drive higher levels of patient and system value. The move to these value-based healthcare models around the world presents a unique opportunity for Medtronic, because we believe medical technology can play an increasingly larger role in delivering higher levels of value in healthcare.

所有這些努力都是為了提高病人和系統的價值。全球範圍內向這些基於價值的醫療保健模式的轉變為美敦力提供了一個獨特的機會，因為我們相信醫療技術可以在提​​供更高水平的醫療保健價值方面發揮越來越大的作用。

The proper application of medical technology with and the adept use of data and information associated with these technologies can be paired to help bend the cost curve in healthcare, and produce better clinical outcomes at the same time. This is pushing our organization to develop technology offerings, services, and business models that bring new forms of value across a given patient care continuum, and within the delivery system itself.

醫療技術的正確應用以及與這些技術相關的數據和資訊的熟練使用可以結合起來，有助於降低醫療保健成本曲線，同時產生更好的臨床結果。這推動著我們的組織開發技術產品、服務和商業模式，為給定的患者護理過程以及交付系統本身帶來新的價值形式。

This continues to drive our organization to move beyond medical devices, to create integrated health solutions that complement and enhance our devices' value, traditional wraparound services, and solutions. By addressing these trends now, we believe we will also uniquely position Medtronic to participate in the emerging bundled payment and risk sharing models, focused on very specific disease states.

這將繼續推動我們的組織超越醫療設備，創造綜合健康解決方案，以補充和提高我們設備的價值、傳統的全方位服務和解決方案。透過現在應對這些趨勢，我們相信美敦力也將擁有獨特的優勢，可以參與新興的捆綁支付和風險分擔模式，專注於非常特定的疾病狀態。

We're actively partnering and collaborating with hospital systems, payors and governments, who are working in these models, and we intend to continue to do so as a leader intent on leveraging our industry-leading products, deep clinical and economic expertise, global footprint, and financial strength. Ultimately, we believe this is what will differentiate Medtronic, and uniquely positions us to succeed in the ever-changing global healthcare marketplace.

我們正在積極地與採用這些模式的醫院系統、付款人和政府合作，並且我們打算繼續作為領導者這樣做，致力於利用我們行業領先的產品、深厚的臨床和經濟專業知識、全球影響力和財務實力。最終，我們相信這將使美敦力與眾不同，並使我們佔據獨特的優勢，在不斷變化的全球醫療保健市場中取得成功。

Gary will now take you through a more detailed look at our fourth-quarter results. Gary?

加里現在將帶您更詳細地了解我們第四季的業績。加里？

Thanks, Omar. Fourth-quarter revenue of $7.304 billion increased 60% as reported, or 7% on a comparable constant currency basis, after adjusting for a $483 million unfavorable impact of foreign currency. Legacy acquisitions and the divestitures from both Medtronic and Covidien contributed 80 basis points to growth.

謝謝，奧馬爾。第四季營收為 73.04 億美元，在扣除 4.83 億美元不利外匯影響後，報告成長 60%，以可比固定匯率計算成長 7%。遺留收購以及美敦力 (Medtronic) 和 Covidien 的資產剝離為成長貢獻了 80 個基點。

Q4 revenue results on a geographic basis were as follows: Growth in the US was 8%, and represented 55% of our overall sales. The non-US developed markets grew 5%, and represented 32% of our overall sales, and growth in the emerging markets was 11%, and represented 13% of our overall sales.

按地區劃分的第四季營收結果如下：美國成長了 8%，占我們整體銷售額的 55%。美國以外的已開發市場成長了 5%，占我們整體銷售額的 32%，新興市場成長了 11%，占我們整體銷售額的 13%。

Q4 diluted earnings per share on a non-GAAP basis were $1.16, a decrease of 2%. We were breakeven on a Q4 GAAP earnings basis after several significant charges, primarily related to the Covidien acquisition. In addition to the $362 million adjustment for amortization expense, the Covidien-related non-GAAP adjustments on an after-tax basis included a $455 million charge related to the inventory purchase price step-up, a $[268] million charge for acquisition related items (company corrected after the call), and a $157 million net restructuring charge.

第四季非公認會計準則每股攤薄收益為 1.16 美元，下降 2%。在扣除幾項主要與 Covidien 收購相關的重大費用後，我們在第四季度的 GAAP 收益基礎上實現了盈虧平衡。除了3.62億美元的攤銷費用調整外，Covidien相關的稅後非GAAP調整還包括4.55億美元的庫存購買價格上漲相關費用、[2.68]億美元的收購相關項目費用（公司在電話會議後進行了更正）以及1.57億美元的淨重組費用。

We also had a $349 million charge related to certain tax adjustments, the majority of which related to the proposed agreement reached with the IRS resolving all proposed adjustments associated with the Kyphon acquisition. A $61 million CVG product technology upgrade commitment to charge, and a $27 million net litigation charge, primarily related to provision for additional infused clients.

我們還產生了與某些稅收調整相關的 3.49 億美元費用，其中大部分與美國國稅局達成的擬議協議有關，該協議旨在解決與 Kyphon 收購相關的所有擬議調整。6,100 萬美元的 CVG 產品技術升級承諾費用和 2,700 萬美元的淨訴訟費用，主要用於為額外注入的客戶提供服務。

In our cardiac and vascular group, revenue of $2.596 billion grew 10%. This was the result of strong performance in all three divisions. Cardiac rhythm and heart failure, coronary and structural heart, and aortic and peripheral vascular.

在我們的心臟和血管集團，收入為 25.96 億美元，成長了 10%。這是三個部門強勁表現的結果。心律和心臟衰竭、冠狀動脈和結構性心臟以及主動脈和周邊血管。

In cardiac rhythm and heart failure, or CRHF, revenue of $1.398 billion grew 11%. This performance was driven by low teens growth in low power, mid-single digit growth in high power, strong growth of over 30% in AF solutions, as well as nearly doubling our revenue in services and solutions, which includes Cardiocom and Cath Lab managed service revenue.

在心律和心臟衰竭（CRHF）方面，收入為 13.98 億美元，成長了 11%。這一業績得益於低功率領域的低十幾歲成長、高功率領域的中等個位數成長、AF 解決方案領域超過 30% 的強勁成長，以及服務和解決方案收入幾乎翻倍，其中包括 Cardiocom 和 Cath Lab 託管服務收入。

We estimate that the global CRHF market is growing in the low to mid-single digits, and the strength of our new product introductions is resulting in share gains and generally improved pricing dynamics. Low-power growth continues to be driven by the global adoption of Reveal LINQ, which resulted in diagnostic revenue growth of over 20% sequentially, as well as solid pacemaker implant growth in the US.

我們估計全球 CRHF 市場正以低至中等個位數成長，而我們新產品的強勁推出將帶來市場份額的成長和整體定價動態的改善。低功耗成長持續受到 Reveal LINQ 的全球採用的推動，這導致診斷收入較上季成長超過 20%，以及美國心律調節器植入的穩定成長。

LINQ is resulting in not only increased diagnostics sales, but also pacemaker pull through, as LINQ is resulting in more bradycardia diagnosis and syncope patients. Looking forward, looking ahead, we look forward to the launch of the micro transcatheter pacing system in international markets this summer, followed by a US launch in FY17.

LINQ 不僅增加了診斷銷售額，還增加了起搏器銷售額，因為 LINQ 導致更多的心搏過緩診斷和暈厥患者。展望未來，我們期待今年夏天在國際市場推出微型經導管心律調節系統，隨後在2017財年在美國推出。

In high power, we continue to see strong market adoption of our Attain Performa CRT-D system with its differentiated next generation quadripolar technology, adaptive CRT algorithm and time-saving vector express programming. High power also had a strong quarter in Japan, where we have now gained over 20 points of ICD share since the launch of our Evera MRI SureScan ICD in Q3.

在高功率領域，我們繼續看到市場強烈採用我們的 Attain Performa CRT-D 系統，該系統具有差異化的下一代四極技術、自適應 CRT 演算法和節省時間的向量快速編程。高功率產品在日本也表現強勁，自從我們在第三季推出 Evera MRI SureScan ICD 以來，我們的 ICD 市佔率已成長了 20 個百分點。

We expect to launch the Evera MRI ICD in the US in this fiscal year. Our AF solutions business continues to take share in the AF market, on the continued strong growth of our Arctic Front advanced CryoAblation system, which is growing at more than double the overall market growth rate.

我們預計本財年在美國推出 Evera MRI ICD。我們的 AF 解決方案業務持續在 AF 市場中佔有一席之地，這得益於我們的 Arctic Front 先進冷凍消融系統持續強勁成長，其成長率是整體市場成長率的兩倍多。

Turning to coronary and structural heart, or CSH, revenue of $792 million grew 9%. Our coronary business grew in the low single digits, driven by solid mid-single digit growth in drug-eluting stents.

談到冠狀動脈和結構性心臟（CSH），收入為 7.92 億美元，成長 9%。我們的冠狀動脈業務實現了低個位數成長，這主要得益於藥物洗脫支架業務的穩健中個位數成長。

In Europe, our launch of the Resolute Onyx resulted in 400 basis points of DES share gain sequentially, and a sequential slowing of pricing declines. Resolute Onyx features enhanced visibility and thinner struts, to improve deliverability. We began the US pivotal trial for Resolute Onyx in March, and are currently forecasting an FY18 FDA approval.

在歐洲，我們推出了 Resolute Onyx，導致 DES 份額環比增長 400 個基點，並且價格下跌的勢頭也環比放緩。Resolute Onyx 具有增強的可視性和更薄的支柱，以提高可交付性。我們於 3 月在美國開始了 Resolute Onyx 的關鍵試驗，目前預計該藥物將獲得 2018 財年 FDA 的批准。

In our broader coronary product offering, we are also seeing increased strength, particularly in balloons, where we gained 400 basis points of share on the successful rollout of our differentiated Euphora PTCA balloon family. In renal denervation, we announced in April the initiation of the SPYRAL HTN global clinical trial program, which includes two global prospective randomized sham-controlled trials studying uncontrolled hypertension in patients both on and off medication. Based on the outcome of these two initial studies, we will then evaluate next steps for our pivotal study.

在我們更廣泛的冠狀動脈產品系列中，我們也看到了實力的增強，特別是在球囊方面，我們成功推出了差異化的 Euphora PTCA 球囊系列，獲得了 400 個基點的市場份額。在腎臟去神經支配方面，我們在 4 月宣布啟動 SPYRAL HTN 全球臨床試驗計劃，該計劃包括兩項全球前瞻性隨機假對照試驗，研究服藥和停藥患者中不受控制的高血壓。根據這兩項初步研究的結果，我們將評估關鍵研究的下一步。

Our structural heart business grew in the upper teens, driven by another strong quarter in transcatheter valves, which grew nearly 50%. In the US, our continued rollout of CoreValve is driving growth, and resulting in both sequential and year-over-year share gains. We added approximately 40 additional new centers in the quarter, and now have more than 275 US centers trained since launch.

我們的結構性心臟業務實現了高成長率，這得益於經導管瓣膜業務又一個強勁的季度，該業務增長了近 50%。在美國，我們持續推出 CoreValve 正在推動成長，並帶來連續和同比的市佔率成長。我們在本季增加了大約 40 個新中心，自推出以來，現已培訓了超過 275 個美國中心。

In late March, we received FDA approval for the use of CoreValve in a failed bioprosthesis, also known as valve in valve implantation and this further contributed to our US growth. As CoreValve is the only TAVR product approved for this indication, it makes CoreValve an indispensable offering for every practicing TAVR center.

3 月底，我們獲得 FDA 批准使用 CoreValve 治療失敗的生物假體，也稱為瓣中瓣植入，這進一步促進了我們在美國市場的成長。由於 CoreValve 是唯一獲準用於此適應症的 TAVR 產品，因此 CoreValve 成為每個 TAVR 中心不可或缺的產品。

In international markets, our business took share sequentially, due to the strong adoption of our CoreValve Evolut R. We are seeing strong customer enthusiasm for this next-generation self-expanding platform, with its options to recapture and reposition the valve during the procedure.

在國際市場上，由於我們的 CoreValve Evolut R 的廣泛採用，我們的業務份額連續增長。

Its differentiated 14 French equivalent delivery catheter, allowing access to smaller anatomies, and its redesigned inflow and skirt, to help promote annular sealing. Evolut R is receiving tremendous feedback on its clinical outcomes, overall ease-of-use, and procedural efficiencies.

其差異化的 14 法國等效輸送導管可以進入更小的解剖結構，其重新設計的流入和裙邊有助於促進環狀密封。Evolut R 因其臨床結果、整體易用性和程序效率而收到了大量回饋。

The FDA submission of Evolut R is complete, and we are targeting a first-half FY16 approval and US launch. The FDA also recently allowed us to begin implanting Evolut R in our SURTAVI trial, and to reduce the enrollment requirements for the trial to 1,400 patients, which we believe brings in the timeline for the US intermediate risk approval by at least a year. We have already enrolled approximately 1,250 patients in SURTAVI, and we expect to complete enrollment over the next several months.

Evolut R 的 FDA 提交已經完成，我們的目標是在 2016 財年上半年獲得批准並在美國上市。FDA 最近還允許我們在 SURTAVI 試驗中開始植入 Evolut R，並將試驗的入組要求減少到 1,400 名患者，我們相信這將使美國中級風險批准的時間表至少提前一年。我們已經在 SURTAVI 中招募了大約 1,250 名患者，預計將在接下來的幾個月內完成招募。

In Japan, we received PMDA approval for CoreValve in March, and plans are underway for a full launch this fall, following anticipated reimbursement approval in October. In our aortic and peripheral vascular division, or APV, revenue of $406 million grew 9%. The aortic business grew in the low single digits, and the peripheral vascular business grew in the mid-teens, driven by the successful US launch of our IN. PACT Admiral drug-coated balloon.

在日本，我們於 3 月獲得了 CoreValve 的 PMDA 批准，並計劃於今年秋季全面推出，預計 10 月將獲得報銷批准。我們的主動脈和周邊血管部門（APV）的收入為 4.06 億美元，成長了 9%。在我們 IN 在美國成功上市的推動下，主動脈業務實現了低個位數成長，週邊血管業務實現了十幾歲左右的成長。PACT 海軍上將藥物塗層氣球。

We estimate that the IN. PACT Admiral is the leading DCB in the US market, in just its first quarter of launch. This leadership position was obtained without the benefit of having a full quarter of a combined Medtronic and legacy Covidien peripheral sales force. We expect this DCB to drive growth in our APV division over the coming quarters, through both its individual revenue contribution, as well as its ability to drive share across our broader peripheral vascular product line, through the use of multi-line contracting.

我們估計是IN。PACT Admiral 在推出後的第一個季度就成為美國市場領先的 DCB。在獲得這項領導職位之前，我們並未擁有 Medtronic 和原 Covidien 週邊設備銷售隊伍的四分之一的人員。我們預計，該 DCB 將在未來幾季推動我們 APV 部門的成長，這既透過其單獨的收入貢獻，也透過多線承包來推動我們更廣泛的外周血管產品線的份額。

Looking at our DCB pipeline, we expect to obtain FDA approval for our 150 millimeter IN. PACT Admiral balloon in Q4 FY16, or early Q1 FY17. In addition, we expect to file for expanded indications for Admiral with a PMAS US filing in the second half of FY16 for in-stent restenosis indication, as well as a CE mark filing by the end of FY16 for AV fistula indications. We are also finalizing bench testing now on our redesigned DCB for use below the knee, which we expect to expect to submit for CE mark in FY16.

看看我們的 DCB 管道，我們預計 150 毫米 IN 將獲得 FDA 批准。PACT Admiral 氣球計劃於 2016 財年第四季或 2017 財年第一季初推出。此外，我們預計將於 2016 財年下半年為 Admiral 提交 PMAS US 申請擴大適應症，用於支架內再狹窄適應症，並在 2016 財年末提交 CE 標誌申請，用於 AV 瘻管適應症。目前，我們也正在對重新設計的膝下用 DCB 進行最後的台架測試，預計將在 2016 財年提交 CE 標誌申請。

Now turning to our minimally invasive therapies group, which consists of the majority of legacy Covidien businesses. Revenue of $2.387 billion grew 6%, which included a net 140 basis point contribution from acquisitions and divestitures. MITG's revenue performance was driven by double-digit growth in surgical solutions, and low single digit growth in patient monitoring and recovery.

現在談談我們的微創治療集團，該集團由大多數傳統的 Covidien 業務組成。營收 23.87 億美元，成長 6%，其中包括來自收購和資產剝離的淨貢獻 140 個基點。MITG 的收入表現得益於手術解決方案的兩位數增長以及患者監測和恢復的低個位數增長。

Surgical solutions revenue of $1.293 billion grew 10%, with high single-digit growth in advanced surgical, low single digit growth in general surgical, and growth of over 40% in early technologies. Advanced surgical had a strong quarter, with balanced low double-digit growth in both stapling and energy.

外科解決方案收入為 12.93 億美元，增長 10%，其中先進外科手術呈高個位數增長，一般外科手術呈低個位數增長，早期技術呈 40% 以上增長。先進外科業務本季表現強勁，縫合器和能源業務均實現了均衡的低兩位數成長。

Stapling results benefited from the continued rollout of new products, including the Endo GIA Reinforced Reload. In energy, we are seeing strong procedural growth, particularly in vessel sealing. Our early technologies business also had solid growth across all three product lines: GI solutions, advanced ablation, and interventional solutions.

縫合績效受惠於新產品的持續推出，包括 Endo GIA Reinforced Reload。在能源領域，我們看到了強勁的程序成長，特別是在血管密封領域。我們早期的技術業務在所有三個產品線上也實現了穩健的成長：胃腸道解決方案、先進消融和介入解決方案。

Geographically in surgical solutions, both the US and China had strong quarters, delivering double-digit growth. Surgical solutions continues to focus on driving minimally invasive surgery adoption globally.

從外科解決方案的地理位置來看，美國和中國均表現強勁，實現了兩位數的成長。外科解決方案持續致力於推動全球微創手術的普及。

Patient monitoring recovery revenue of $1.094 billion grew 2%. The division was led by strength in the patient monitoring business, which grew in the mid-single digits, as well as both nursing care and airway and ventilation, which grew in the low single digits. This offset low single-digit declines in patient care. Growth in the patient monitoring business resulted from a strong US flu season, which drove pulse oximetry sales.

患者監測恢復收入為 10.94 億美元，成長了 2%。該部門主要由病人監護業務（成長率為中等個位數）以及護理、氣道和通風業務（增長率為低個位數）的強勁表現所帶動。這抵消了患者護理費用的個位數下降。美國流感季節的到來推動了脈搏血氧儀的銷售，從而帶動了病人監測業務的成長。

Now moving to our restorative therapies group, revenue of $1.854 billion grew 5%. Results were driven by growth in surgical technologies, neuromodulation and neurovascular, partially offset by modest declines in spine. Spine revenue of $743 million declined 2%.

現在轉到我們的修復療法組，收入 18.54 億美元，成長 5%。結果受到外科技術、神經調節和神經血管技術的增長的推動，但被脊椎的輕微下降部分抵消。脊椎收入為 7.43 億美元，下降 2%。

Low single-digit growth in BMP was offset by low single-digit declines in core spine and interventional. Both the global and US core spine markets grew in the low single digits consistent with last quarter. In our core spine business, both PL and cervical declined, but both of these businesses are expected to improve as we continue to launch innovative technologies into the market, and these new products become a larger part of our sales mix.

BMP 的低個位數成長被核心脊椎和介入的低個位數下降所抵消。全球和美國核心脊椎市場均保持低個位數成長，與上一季一致。在我們的核心脊椎業務中，PL 和頸椎業務均有所下降，但隨著我們繼續向市場推出創新技術，並且這些新產品成為我們銷售組合中更大的一部分，這兩項業務預計都會改善。

In PL, we're expecting FY16 rollouts of new technologies for our OLIF25 and the 51 procedures. Our new Elevate expandable cage and SOLERA Voyager, our new minimally invasive lumbar pedicle screw system.

在 PL 中，我們預計在 2016 財年推出針對 OLIF25 和 51 個程式的新技術。我們的新型 Elevate 可擴展椎間籠和 SOLERA Voyager，我們的新型微創腰椎椎弓根螺釘系統。

In cervical, we continue to see adoption of our PRESTIGE LP cervical disc, and innovative anatomic PTC interbody spacer. We are also now beginning the launch of our divergent standalone interbody cage, and the ZEVO Anterior Cervical Plate System.

在頸椎方面，我們繼續看到 PRESTIGE LP 頸椎間盤和創新解剖 PTC 椎間盤間隔器的採用。我們現在也開始推出不同的獨立椎間融合器和 ZEVO 前路頸椎板系統。

Our spine division also continues to develop and deploy our differentiated surgical synergy program, which integrated our enabling technologies, surgical tools, spinal implants and expertise to improve surgical outcomes and efficiencies. This includes utilizing OR imaging and StealthStation navigation in spine procedures, and the strong growth from these two enabling technologies is recognized in our surgical technologies division.

我們的脊椎部門也繼續開發和部署我們的差異化手術協同計劃，該計劃整合了我們的支援技術、手術工具、脊椎植入物和專業知識，以改善手術結果和效率。這包括在脊椎手術中利用 OR 成像和 StealthStation 導航，這兩項支援技術的強勁增長得到了我們外科技術部門的認可。

In neuromodulation, revenue of $518 million increased 6%, driven by double-digit growth in DBS and midteens growth in gastro-uro. In DBS, our global focus on the neurologist referral programs, and the strength of the early stim data in international markets continues to drive solid growth. In gastro-uro, we continue to see strong growth and sales of the InterStim system.

在神經調節領域，收入達到 5.18 億美元，成長 6%，這得益於 DBS 的兩位數成長和胃泌尿系統的十五六位數成長。在 DBS，我們全球關注的神經病學專家轉診計劃以及國際市場早期刺激數據的強勁勢頭繼續推動著穩健的成長。在胃泌尿領域，我們繼續看到 InterStim 系統的強勁成長和銷售。

Our pain stim business was flat this quarter, reflecting a continued decline in US market, resulting from a negative reimbursement change that affected trialing activity and new implant growth. However, we grew our global pain stim share sequentially on the strength of our RestoreSensor SureScan MRI spinal cord stimulation system, with its proprietary adaptive stim, automatic stimulation adjustment feature, and access to MRI scans anywhere in the body.

本季度，我們的疼痛刺激業務持平，反映了美國市場的持續下滑，這是由於報銷變化導致試驗活動和新植入物成長受到影響。然而，憑藉我們的 RestoreSensor SureScan MRI 脊髓刺激系統，我們全球疼痛刺激份額不斷增長，該系統具有專有的自適應刺激、自動刺激調節功能以及對身體任何部位進行 MRI 掃描的功能。

Turning to our surgical technologies division, revenue of $461 million grew 9%, driven by solid balanced growth across all three businesses. Neurosurgery grew in the mid single digits, reflecting record worldwide OR and surgical imaging unit sales, continued strength in stealth patient navigation service revenue, and the contribution of Visualase MRI-guided laser ablation. EMT low double-digit growth was a result of continued strong customer adoption of our StraightShot M5 microdebrider, and NuVent sinus balloon, partially offset by the MicroFrance divestiture, which occurred in Q3.

談到我們的外科技術部門，營收達到 4.61 億美元，成長 9%，這得益於三大業務的穩健均衡成長。神經外科手術實現了中等個位數成長，反映了全球手術室和外科影像單元銷售創紀錄、隱形患者導航服務收入持續強勁、以及 Visualase MRI 導引雷射消融的貢獻。EMT 低兩位數成長是由於客戶持續大力採用我們的 StraightShot M5 微型清創器和 NuVent 鼻竇球囊，但第三季度 MicroFrance 的剝離部分抵消了這一增長。

In advanced energy, strong adoption of our proprietary Aquamantys tissue sealing and PEAK PlasmaBlade technologies drove upper teens growth. In neurovascular, revenue of $132 million grew 23%. The division, formerly part of legacy Covidien, had a strong double-digit growth across coils, stents, flow diversion, and access.

在先進能源領域，我們專有的 Aquamantys 組織密封和 PEAK PlasmaBlade 技術的大力採用推動了十幾歲的成長。在神經血管領域，收入 1.32 億美元，成長 23%。該部門前身是 Covidien 公司的一部分，在線圈、支架、血流改道和通路方面實現了強勁的兩位數成長。

In stents, we saw strong adoptions of our Solitaire FR revascularization device, following the presentation of four meaningful clinical trials at the International Stroke Conference in February, and subsequent publication of three of these studies in the New England Journal of Medicine. These studies provided evidence that the standard of care for the treatment of stroke should be changed to include stent thrombectomy as a primary treatment, in addition to IV TPA. In our flow diversion portfolio, we also saw strong growth as a result of continued US launch of the Pipeline Flex embolization device.

在支架方面，繼 2 月在國際中風會議上展示四項有意義的臨床試驗，並隨後在《新英格蘭醫學雜誌》上發表其中三項研究之後，我們的 Solitaire FR 血運重建裝置得到了廣泛的採用。這些研究提供的證據表明，中風治療的標準治療方法應該改變，除了靜脈注射TPA以外，支架血栓切除術應該作為主要治療方法。在我們的流量轉移產品組合中，由於美國持續推出 Pipeline Flex 栓塞裝置，我們也看到了強勁的成長。

In our diabetes group, revenue of $467 million grew 8%, with solid upper single-digit growth from the continued adoption of our CGM sensor-augmented insulin pump systems in both the US and non-US developed markets. In the US, we continue to see strong adoption of our MiniMed 530G with the Enlite CGM sensor.

在我們的糖尿病集團，營收為 4.67 億美元，成長了 8%，由於美國和美國以外的已開發市場持續採用我們的 CGM 感測器增強胰島素幫浦系統，實現了穩健的個位數成長。在美國，我們繼續看到搭載 Enlite CGM 感測器的 MiniMed 530G 的廣泛採用。

In non-US developed markets, growth was driven by the launch of our next-generation MiniMed 640G system, with the enhanced Enlite CGM sensor in Australia and Europe. In addition to incorporating a brand-new insulin pump design and user interface, the MiniMed 640G system features SmartGuard technology, which can automatically suspend insulin delivery when sensor glucose levels are predicted to approach a low limit, and then resume insulin delivery once levels recover. We continue to make progress in bringing this technology to the US, and plan to submit the PMA for this system later this calendar year.

在非美國已開發市場，成長得益於我們在澳洲和歐洲推出的配備增強型 Enlite CGM 感測器的下一代 MiniMed 640G 系統。除了採用全新的胰島素幫浦設計和使用者介面外，MiniMed 640G 系統還採用了 SmartGuard 技術，當預測感測器血糖水平接近低限時，該技術可以自動暫停胰島素輸送，然後在血糖水平恢復後恢復胰島素輸送。我們繼續在將這項技術引入美國方面取得進展，並計劃在今年稍後提交該系統的 PMA。

In Q4, we continued to advance the development of our artificial pancreas technology through a minority investment in DreaMed Diabetes. Which included licensing their MD-Logic artificial pancreas algorithm. We also continued to make progress in our diabetes services and solutions division, with three business development announcements in Q4.

第四季度，我們透過對 DreaMed Diabetes 的少數股權投資繼續推進我們的人工胰臟技術的開發。其中包括授權他們的MD-Logic人工胰腺演算法。我們的糖尿病服務和解決方案部門也持續取得進展，第四季度發布了三項業務發展公告。

First, we made a minority investment in Gluco, a developer of a unified platform for diabetes management. Second, we announced a partnership with IBM Watson Health to develop a new generation of personalized diabetes management solutions. And third, we acquired DiaBeater, the Netherlands-based diabetes clinic and research center, which has developed a truly unique innovative care model for people with diabetes that we intend to expand globally over time. Taken together, these announcements signify that we are focused on transforming our diabetes group from a market-leading pump and sensor Company into a holistic diabetes management Company, focused on making a real difference in outcomes and costs.

首先，我們對糖尿病管理統一平台開發商 Gluco 進行了少數股權投資。第二，我們宣布與IBM Watson Health合作開發新一代個人化糖尿病管理解決方案。第三，我們收購了位於荷蘭的糖尿病診所和研究中心 DiaBeater，該中心為糖尿病患者開發了真正獨特的創新護理模式，我們打算隨著時間的推移在全球範圍內推廣這種模式。總的來說，這些公告表明我們致力於將我們的糖尿病集團從市場領先的泵和感測器公司轉變為整體糖尿病管理公司，致力於在結果和成本方面實現真正的改變。

Turning to the rest of the income statement, after adjusting for certain non-GAAP items mentioned earlier, as well as the 10 basis point negative impact from foreign exchange, our Q4 operating margin was 29.6%,which included non-GAAP operational gross margin, SG&A, and R&D of 70.8%, 32.6%, and 6.9%, respectively, demonstrating the leverage we normally see in the fourth-quarter in SG&A and R&D. Also included in the operating margin was net other income of $20 million, including net gains from our hedging program of $139 million.

談到損益表的其餘部分，在調整了前面提到的某些非 GAAP 項目以及外匯帶來的 10 個基點的負面影響後，我們第四季度的營業利潤率為 29.6%，其中包括非 GAAP 營業毛利率、銷售、一般及行政費用以及研發費用分別為 70.8%、32.6% 和 6.9%，顯示出在第四季度的成本在第四季度。營業利潤率還包括 2000 萬美元的淨其他收入，其中包括來自我們的對沖計劃的 1.39 億美元的淨收益。

We hedged the majority of our operating results in developed market currencies to reduce volatility in our earnings from foreign exchange. In addition, a growing portion of our profits are unhedged, especially in emerging market currencies, which can create some modest volatility in our earnings.

我們以已開發市場的貨幣對沖了大部分經營成果，以減少外匯收益的波動。此外，我們越來越多的利潤未經對沖，特別是以新興市場貨幣計價的利潤，這可能會導致我們的收益出現一定程度的波動。

Based on current exchange rates we expect FY16 net other expense to be in the range of $215 million to $275 million, which includes an expected impact from the US medical device tax of approximately $205 million. For Q1 FY16, we expect net other expense to be in the range of $65 million to $75 million based on current exchange rates. It is worth noting that in Q4, we hedged the majority of the expected FY16 legacy Covidien operating results in developed market currencies, consistent with Medtronic's practice at recent market rates.

根據目前匯率，我們預計 2016 財年淨其他支出將在 2.15 億美元至 2.75 億美元之間，其中包括美國醫療器材稅預計產生的影響約 2.05 億美元。對於 2016 財年第一季度，根據當前匯率，我們預計淨其他支出將在 6,500 萬美元至 7,500 萬美元之間。值得注意的是，在第四季度，我們以已開發市場貨幣對沖了大部分預計的 2016 財年 Covidien 原有經營業績，這與美敦力按近期市場匯率採取的做法一致。

Overall, we expect FY16 operating margins to be in the range of 28% to 29% on an as-reported basis, which includes over 100 basis points of improvement, or approximately 400 basis points of operating leverage related to cost synergies, offset by an expected FX impact of approximately 70 basis points. The majority of the operating margin improvement will come in SG&A, as a result of the realization of cost synergies from our Covidien acquisition, as well as continued execution on legacy leverage initiatives of both Covidien and Medtronic. We would expect operating margins in the first half of the year to be below this range, improving in the back half of the year, as the foreign exchange headwinds lessen, and cost synergies accelerate.

總體而言，我們預計 2016 財年的營業利潤率將在報告的基礎上達到 28% 至 29% 之間，其中包括超過 100 個基點的改善，或與成本協同效應相關的約 400 個基點的營業槓桿，但預計外匯影響約為 70 個基點。大部分營業利潤率的提升將來自於銷售、一般及行政開支，這是由於我們收購 Covidien 後實現了成本協同效應，以及繼續執行 Covidien 和 Medtronic 的遺留槓桿計劃。我們預計今年上半年的營業利潤率將低於此範圍，隨著外匯逆風減弱和成本綜效加速，下半年的營業利潤率將會有所改善。

Below the operating profit line, Q4 net interest expense was $186 million, a significant increase from prior quarters, as we are now including incremental interest expense from our December 2014 $17 billion bond offering, used to fund the Covidien acquisition. At the end of Q4, we had approximately $19.5 billion in cash and investments, and $36.2 billion in debt.

在營業利潤線以下，第四季淨利息支出為 1.86 億美元，較前幾季大幅增加，因為我們現在包括了 2014 年 12 月為資助 Covidien 收購而發行的 170 億美元債券的增量利息支出。截至第四季末，我們擁有約 195 億美元現金和投資，以及 362 億美元債務。

In Q1, we expect to retire $1 billion of maturing debt, using existing cash. Based on current rates, we would expect FY16 net interest expense to be approximately $750 million, including approximately $210 million in Q1.

在第一季度，我們預計將利用現有現金償還 10 億美元到期債務。根據當前利率，我們預計 2016 財年淨利息支出約為 7.5 億美元，其中第一季約為 2.1 億美元。

Our non-GAAP nominal tax rate on a cash basis in Q4 was 15.4%, this was lower than expected, due primarily to the finalization of profit mix by jurisdiction, which resulted in a favorable catch-up as we reduced our annual tax rate. We would expect our FY16 non-GAAP nominal tax rate on a cash basis to be in the range of 16% to 18%, as we expect to be at the higher end of the range until the personally expired US R&D tax credit is reinstated.

我們第四季的非公認會計準則現金名義稅率為 15.4%，低於預期，這主要是由於各司法管轄區最終確定了利潤組合，因此我們降低了年度稅率，從而實現了有利的追趕。我們預計 2016 財年非 GAAP 現金名義稅率將在 16% 至 18% 之間，因為我們預計在個人已到期的美國研發稅收抵免恢復之前，該稅率將處於該範圍的高端。

In Q4, we generated $1.7 billion in free cash flow. We remain committed to returning 50% of our free cash flow, excluding one-time items to shareholders.

第四季度，我們產生了 17 億美元的自由現金流。我們仍致力於將 50% 的自由現金流（不包括一次性項目）返還給股東。

In Q4, we repurchased $300 million of our common stock, and paid $435 million in dividends. While a portion of our dividend paid in April was treated for US tax purposes as a return of capital, our expectation is that we will increasingly accumulate profits at the Medtronic PLC level, and move over time toward a dividend that is treated completely as a return of earnings.

第四季度，我們回購了 3 億美元的普通股，並支付了 4.35 億美元的股息。雖然我們在四月份支付的股息中有一部分是出於美國稅收目的被視為資本回報，但我們預計，我們將在 Medtronic PLC 層面不斷累積利潤，並隨著時間的推移，將股息完全視為收益回報。

As of the end of Q4, we had a remaining authorization to repurchase approximately 30 million shares. Fourth-quarter average daily shares outstanding on a diluted basis were 1.441 billion shares. It is important to note that the cash we receive from stock option redemptions, which was $172 million in Q4, will also continue to be used to repurchase shares on the open market to partially offset the dilutive impact.

截至第四季末，我們剩餘的回購授權約為 3,000 萬股。第四季攤薄後日均流通股數為 14.41 億股。值得注意的是，我們從股票選擇權贖回中獲得的現金（第四季為 1.72 億美元）也將繼續用於在公開市場上回購股票，以部分抵消稀釋影響。

These share repurchases are incremental to our commitment to return 50% of our free cash flow to shareholders. For FY16, we would expect diluted weighted average shares outstanding to be in the range of approximately $1.443 billion to $1.437 billion shares, including approximately 1.439 billion shares in Q1.

這些股票回購是我們向股東返還 50% 自由現金流的承諾的增量。對於 2016 財年，我們預計稀釋加權平均流通股數將在約 14.43 億股至 14.37 億股之間，其中第一季約為 14.39 億股。

Let me conclude by commenting on our initial FY16 revenue outlook and earnings per share guidance. We believe that underlying operational revenue growth in the range of 4% to 6%, plus the incremental expected revenue from our Q1 extra selling week of 100 to 150 basis points, all on a comparable constant currency basis, is reasonable for FY16. This operational revenue growth expectation is consistent with our stated baseline financial goal of consistently delivering mid-single digit revenue growth.

最後，我想談談我們對 2016 財年的初步收入前景和每股盈餘預測。我們認為，以可比恆定匯率計算，2016 財年基本營運收入成長率在 4% 至 6% 之間，加上第一季額外銷售週帶來的 100 至 150 個基點的預期增量收入，是合理的。這項營運收入成長預期與我們所述的持續實現中等個位數收入成長的基本財務目標一致。

Our revenue outlook assumes that CVG, MITG and RTG grow in the mid-single digits, and diabetes grows in the upper single to low double-digit range, all on a comparable constant currency basis, and including the expected benefit of the extra week. While we cannot predict the impact of currency movements, to give you a sense, if the FX impact of exchange rates were to remain similar to yesterday for the remainder of the fiscal year, then our FY16 revenue would be negatively affected by approximately $1.3 billion to $1.5 billion, including a negative $540 million to $600 million impact in Q1.

我們的收入前景假設 CVG、MITG 和 RTG 將以中等個位數增長，而糖尿病將以高個位數至低兩位數增長，所有這些都是基於可比的恆定貨幣基礎，並包括額外一周的預期收益。雖然我們無法預測貨幣變動的影響，但為了讓您有個大概的了解，如果匯率的影響在本財年剩餘時間內與昨天保持相似，那麼我們的 2016 財年收入將受到約 13 億至 15 億美元的負面影響，包括第一季 5.4 億至 6 億美元的負面影響。

Turning to guidance on the bottom line, we believe it is reasonable to model cash earnings per share in the range of $4.30 to $4.40, which includes an expected $0.40 to $0.50 negative foreign currency impact based on current exchange rates, and approximately $300 million to $350 million of targeted value capture synergies from the Covidien acquisition. As you think about your FY16 models and quarterly gating, it is worth noting that this FX impact to earnings per share is $0.10 more negative than the estimate given on our Q3 earnings call, as well as the fact that a higher percentage of the negative FX impact is in the first half of the year, while more of the value capture synergies occur later in the fiscal year.

談到底線指引，我們認為將每股現金收益控制在 4.30 美元至 4.40 美元之間是合理的，其中包括根據當前匯率預計的 0.40 美元至 0.50 美元的負面外匯影響，以及收購 Covidien 帶來的約 3 億至 3.5 億美元的目標價值獲取協同效應。當您考慮 2016 財年模型和季度門控時，值得注意的是，外匯對每股收益的影響比我們第三季度收益電話會議上給出的估計要低 0.10 美元，而且外匯負面影響的百分比更高發生在上半年，而更多的價值獲取協同效應發生在財年後期。

As in the past, my comments on guidance do not include any unusual charges or gains that might occur during the fiscal year. I will now turn it back over to Omar.

與過去一樣，我對指引的評論不包括財政年度內可能發生的任何不尋常的費用或收益。現在我將把議程交還給奧馬爾。

Thanks, Gary. And before opening the lines for Q&A, let me briefly conclude by stating that Q4 was another strong quarter, a good finish to a successful and transformative year.

謝謝，加里。在開始問答環節之前，請容許我先簡單總結一下，第四季又是一個表現強勁的季度，為成功和變革的一年畫上了圓滿的句號。

As we look ahead, while we are facing increased headwinds from foreign exchange, we must remain focused on the operations of the Company, striving to reliably deliver on our baseline financial model, mid-single-digit constant currency revenue growth, EPS growth 200 to 400 basis points faster than revenue on an operational basis, and returning 50% of our free cash flow to shareholders. To achieve these goals, we continue to execute on our three primary strategies: therapy innovation, globalization, and economic value. We expect our efforts to deliver consistent and reliable performance, combined with disciplined capital allocation, will enable us to create long-term dependable value in healthcare.

展望未來，雖然我們正面臨外匯帶來的不利影響，但我們必須繼續專注於公司的運營，努力可靠地實現我們的基本財務模型，即中等個位數的恆定匯率收入增長、每股收益增長比運營收入增長快 200 至 400 個基點，並將 50% 的自由現金流返還給股東。為了實現這些目標，我們繼續執行我們的三大主要策略：治療創新、全球化和經濟價值。我們期望，透過努力提供一致、可靠的效能，結合嚴格的資本配置，我們將能夠在醫療保健領域創造長期可靠的價值。

With that, we will now open the phone lines for Q&A. In addition to Gary, I've asked Mike Coyle, President of our Cardiac and Vascular Group; Bryan Hanson, President of our Minimally Invasive Therapies Group; Chris O'Connell, President of Restorative Therapies Group; and Hooman Hakami, President of our Diabetes Group, to join us.

因此，我們現在將開通電話熱線以供問答。除了加里 (Gary) 之外，我還詢問了心臟和血管集團總裁邁克·科伊爾 (Mike Coyle)；我們的微創療法集團總裁 Bryan Hanson；修復療法集團總裁 Chris O’Connell；以及我們糖尿病小組總裁 Hooman Hakami 也加入我們。

We are rarely able to get to everyone's questions, so please limit yourself to only one question, and only one follow-up. If you have additional questions, please contact our investor relations team after the call. Operator, first question, please?

我們很少能夠回答每個人的問題，因此請限制自己只提出一個問題和一個後續問題。如果您還有其他問題，請在通話結束後聯絡我們的投資者關係團隊。接線員，請問第一個問題嗎？

Mike Weinstein, JPMorgan.

摩根大通的麥克溫斯坦 (Mike Weinstein)。

Omar, as a starting point, if I looked at your US business, this is certainly one of your better quarters in quite some time at the Company, and I was hoping you could touch on your view of the health of US medical device end markets. You obviously have, at Medtronic, a number of products that are driving specific Medtronic growth from LINQ to CoreValve, across the portfolio. How do you feel about the health of the overall US medical device market? Do you think that it's picked up over the last few quarters?

奧馬爾，首先，如果我看一下貴公司的美國業務，這無疑是公司一段時間以來表現較好的一個季度，我希望您能談談您對美國醫療器械終端市場健康狀況的看法。顯然，美敦力擁有從 LINQ 到 CoreValve 等多種產品，這些產品正在推動美敦力在整個產品組合中的特定成長。您如何看待美國整體醫療器材市場的健康狀況？您認為過去幾季這種趨勢有所回升嗎？

Yes. Of course it has, because if you just look overall at the number of procedures, look at what hospital systems are reporting in terms of their procedures, and our own experience, certainly the market has picked up. But I would add like three factors, some of which you mentioned already. Which has contributed to our performance.

是的。當然有，因為如果你只看整體手術數量，看看醫院系統就其手術情況所報告的情況，以及我們自己的經驗，就會發現市場肯定已經回暖。但我想補充三個因素，其中一些您已經提到了。這對我們的表現有所貢獻。

First is that there's an overall pick up and stabilization, in fact, of the market, and now I think correlating directly with the increased expectation from demographics. So that's certainly there. I think in addition, like you pointed out, convergence of our new products, coming all together at roughly the same time, has given us a boost. There's no question about it.

首先，事實上，市場總體上正在回暖和穩定，我認為這與人口統計學預期的提高直接相關。所以這肯定是存在的。此外，我認為，正如您所指出的，我們的新產品大致同時推出，這給了我們很大的推動力。毫無疑問。

And then finally, we haven't fully quantified it yet, but there is a pull through effect of some of our implantable devices from very strong diagnostic monitoring sales, or LINQ device sales. We don't know how much that is, but I think the three of these put together are probably the main factors driving this increased growth in the US.

最後，我們還沒有完全量化它，但我們的一些植入式設備確實受到了非常強勁的診斷監測銷售或 LINQ 設備銷售的拉動。我們不知道這個數字有多少，但我認為這三個因素加在一起可能是推動美國經濟成長的主要因素。

Gary, let me get to the FY16 guidance. So the incremental impact on EPS from FX, that $0.10, is that in part because you hedged intra-quarter the Covidien exposure, at what at some point were less favorable rates? And then I assume from your commentary just about the timing of the impact of FX, the timing of the benefit of the synergies, as well as your tax rate, and one more item, that as we think about the earnings cadence over the course of 2016, that we probably should expect it to be more back half loaded? Thanks.

加里，讓我來介紹一下 2016 財年的指引。那麼外匯對每股盈餘的增量影響（0.10 美元）是否部分是因為您在季度內對 Covidien 風險進行了對沖，當時的利率不太有利？然後，我從您關於外匯影響的時間、協同效應的時間以及您的稅率的評論中推斷，還有一件事，當我們考慮 2016 年的盈利節奏時，我們可能應該預計它會更多地向後傾斜一半？謝謝。

Mike, back to the issue on the foreign exchange, the majority of the $0.10 change from what we had previously estimated on the FX is primarily related to the fact that as we hedge Covidien in the fourth-quarter, the rates were even lower than where we provided guidance originally, on the $0.30 to $0.40. So yes, the fact is we did get Covidien in our hedging program, but unfortunately by the time we got them in our hedging program, we were at probably the rates are similar to where we're at currently, and that generated an additional loss from the standpoint of foreign exchange overall. So that's the majority of the $0.10.

麥克，回到外匯問題上，與我們先前對外匯的估計相比，0.10 美元的變化主要是因為我們在第四季度對 Covidien 進行了對沖，匯率甚至低於我們最初提供的指導值，即 0.30 美元至 0.40 美元。是的，事實上我們確實將 Covidien 納入了我們的對沖計劃，但不幸的是，當我們將其納入我們的對沖計劃時，我們的匯率可能與目前的匯率相似，從整體外匯的角度來看，這產生了額外的損失。這就是 0.10 美元的大部分。

The rest of it is, there's some slight impact just from the standpoint that we don't hedge up to 100% of our, even the Medtronic earnings. It's more like 80%, so there was still some impact on the foreign exchange getting a little bit worse, since their earnings call previously even on the Medtronic hedge component. But the majority of it was locking in Covidien under contracts, that basically increased the potential negative hit going forward.

其餘部分，從我們沒有對沖 100％ 的收益（甚至是美敦力的收益）的角度來看，會受到一些輕微的影響。它更像是 80%，所以對外匯仍然有一定影響，因為他們之前的收益電話會議甚至提到了美敦力的對沖部分。但其中大部分是透過合約鎖定了 Covidien，這基本上增加了未來潛在的負面影響。

Now, the good news is they're locked in, so we need further change as we go forward obviously, which should be minimized as a result of that. As you indicated, as we look forward, I think right now, from what I've seen out there for some of the models, I think some people have probably a little bit too much front-end loaded. There is going to be more, based on the results as we go forward here, foreign exchange is clearly much heavier hit in the first half of the year, and assuming the rates stay the same, would be less in the back half.

現在，好消息是他們已經被鎖定了，因此我們顯然需要在前進的過程中進行進一步的改變，而這種改變應該被最小化。正如您所說，展望未來，我認為現在，從我所看到的一些模型來看，有些人可能在前端加載了太多內容。根據我們未來的結果，還會有更多的影響，外匯在上半年顯然受到更嚴重的打擊，並且假設利率保持不變，下半年受到的打擊會較小。

As you said, the tax rate's going to be a bit higher in the first, until we get the R&D credit approved. And the value capture is going to occur as we go through the year, so it's clearly going to be escalating, and will have more benefit on value capture in the back half of the year. So I think some of the models need to be shifting probably a little bit more from the first half to the second half on the earnings per share guidance.

正如你所說，在我們獲得研發抵免批准之前，稅率一開始會稍微高一些。價值獲取將會隨著一年的過去而發生，因此它顯然將會不斷升級，並將在下半年為價值獲取帶來更多益處。因此，我認為，在每股盈餘預測方面，有些模型可能需要從上半年到下半年做出一些調整。

Okay. Perfect. I'll let some others jump in. Thanks.

好的。完美的。我會讓其他人加入進來。謝謝。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

I wanted to start with some of your comments towards the end of the call, regarding capital deployment. I know in the February call you had started to talk about a potential shift, as related to the mix of dividends and buybacks, with the anticipation of a dividend update in June. A, is that still the case, and B, any additional color you could provide around the magnitude of that shift at this point in time?

我想先談談您在通話結束時關於資本部署的一些評論。我知道在二月的電話會議上，您就開始談論與股息和回購組合有關的潛在轉變，並預計六月會更新股息。A，情況仍然如此嗎？

Well, first, yes. We clearly have more flexibility, as we've talked about several times, with increased access to overseas cash. And I think also, our increased operating productivity that we'll get from synergies is a factor that we have to consider. And so, based on that, we're examining our overall capital allocation strategy, and we're going to update you shortly on this, in a pretty short timeframe. That's I think all I can say at this point.

嗯，首先，是的。正如我們多次談到的那樣，隨著獲得海外現金的管道增多，我們顯然擁有了更大的靈活性。而且我認為，透過綜效提高的營運生產力也是我們必須考慮的因素。因此，基於此，我們正在審查我們的整體資本配置策略，我們將在很短的時間內向您通報最新情況。我想這就是我現在能說的全部。

Okay. And then maybe just a follow-up on spine, this is a business that has ebbed and flowed over the past several quarters, but it does look like the overall end market has shown some signs of improvement, at least over the past, call it, 12 months. That's not something in which Medtronic has necessarily participated. Could you go into a little bit more detail on exactly what the turnaround plan is for spine, and at what point you start to think about more significant changes in that business? Either the senior management or sales level?

好的。然後也許只是對脊椎的後續關注，這是一項在過去幾個季度起伏不定的業務，但看起來整體終端市場已經顯示出一些改善的跡象，至少在過去的 12 個月裡是如此。美敦力未必會參與此事。您能否更詳細地介紹一下脊椎業務的扭虧為盈計畫到底是什麼，以及您從什麼時候開始考慮對該業務進行更重大的改變？高階管理層還是銷售等級？

Well, there are number of points. First of all, from an overall perspective, you're right. The business itself, spine taken in isolation, hasn't quite kept up with the way the markets have trended, at least in the last 12 months, I'd say.

嗯，有很多要點。首先，從整體來看，你是對的。我想說，就業務本身而言，至少在過去 12 個月中，還沒有完全跟上市場的發展趨勢。

But there's a short-term strategy to this, which is clearly related to the timing of some of the new products, which we'll see play through in the coming quarters here in the short term. There's a longer-term aspect of this, in that we've always said that our strategy in that space is really an integrated strategy that uses our overall capabilities in capital equipment and in surgical tools, together with spine, to give us the competitive advantage. And to that effect, we've reorganized our commercial teams at the regional management level.

但這有一個短期策略，顯然與一些新產品的推出時間有關，我們將在未來幾季的短期內看到這些新產品的發揮。這其中有一個長期的方面，我們一直說，我們在該領域的策略實際上是一種綜合策略，它利用我們在資本設備和手術工具以及脊椎方面的整體能力，為我們帶來競爭優勢。為此，我們在區域管理層面重組了我們的商業團隊。

That's already in place. We've done that both in the US and in Europe. And we'll have to see how that plays out. I think that's really our strategy, and we're going to monitor how we deliver on these two aspects in the coming quarters very closely.

這已經是到位了。我們在美國和歐洲都這樣做過。我們將拭目以待事情將如何發展。我認為這確實是我們的策略，我們將密切關注未來幾季我們在這兩個方面的進展。

Okay. Thank you.

好的。謝謝。

Kristen Stewart, Deutsche Bank.

克莉絲汀·斯圖爾特，德意志銀行。

Gary, I was wondering if you could go into a little bit more on the tax rate? You had mentioned that during the quarter you had settled some related to Kyphon. I'm not sure if that's all of the IRS settlement that you were referring to at the investor day last year.

加里，我想知道您是否可以更詳細地介紹稅率？您曾提到，在本季您已經解決了一些與 Kyphon 相關的問題。我不確定這是否就是您在去年投資者日提到的全部 IRS 和解金額。

And then also, just on the guidance for the full year of 16% to 18%, maybe just walk us through how you get there, just given the fact that at least I was expecting the tax rate to be a little bit lower, given some of the commentary that you had with Covidien, post-close, with the rate dropping by about 200 basis points. Not sure if it's related to the settlement there with the IRS.

另外，關於全年 16% 至 18% 的預期，您能否向我們介紹一下您是如何實現這一目標的，考慮到我預計稅率會稍微低一些，考慮到您對 Covidien 的一些評論，在收盤後，稅率將下降約 200 個基點。不確定這是否與與美國國稅局的和解有關。

Okay. With respect to, first of all the Kyphon aspect and the charge we took in the quarter related to Kyphon, this relates to an issue we've had that was raised by the IRS related to our acquisition of Kyphon, several years ago, in which we used a combination of basically OUS cash and US cash to accomplish and there was a dispute on how much of that was taxable, et cetera. So as you recall, we used about $3.3 billion of OUS cash to do that transaction.

好的。首先關於 Kyphon 方面以及我們在本季度與 Kyphon 相關的費用，這與我們幾年前收購 Kyphon 時美國國稅局提出的一個問題有關，當時我們基本上使用 OUS 現金和美國現金的組合來完成收購，並且對於其中有多少應納稅等存在爭議。所以正如你記得的那樣，我們使用了大約 33 億美元的 OUS 現金來完成這筆交易。

What we ended up agreeing with, in a preliminary decision, the Board still has to approve this, but we agreed to basically on a settlement with the IRS where we ended up paying about $275 million to settle that. And then interest on top of that gets you to the charge we took for the quarter overall. This is not the transfer pricing issue that we've talked about in some of the other previous meetings, where -- which will have a significant impact on the cash flow going forward. This is more of a one-off item related to the acquisition, but it was a major outstanding issue we had with the IRS, and we were happy to get this one settled and move beyond it.

我們最終在初步決定中同意，董事會仍需批准這一點，但我們基本上同意與美國國稅局達成和解，最終我們支付了約 2.75 億美元來解決此事。然後加上利息，就得到了我們整個季度收取的費用。這不是我們在之前的一些會議上討論過的轉讓定價問題，這將對未來的現金流產生重大影響。這更像是與收購相關的一次性項目，但這是我們與美國國稅局之間存在的重大懸而未決的問題，我們很高興能夠解決這個問題並繼續前進。

As far as the tax rate going forward on the 16% to 18%, that is basically in line with what we've expected. If you went back and looked at Medtronic previously, and remember, this is all now on cash earnings, and so it's actually a lower rate if you put in the amortization impact. So you've got to make sure you're looking at apples to apples when you look at this, Kristen.

至於未來稅率從 16% 升至 18%，這基本上與我們的預期一致。如果您回頭看一下之前美敦力的情況，請記住，現在這些都是現金收益，因此，如果考慮攤銷影響，利率實際上會更低。所以，當你看這個問題時，你必須確保你正在比較同類事物，克里斯汀。

But overall, Medtronic previously, we had been in that 18% to 20% range. Covidien had been in that 16% to 17% range, and then as we basically pulled this all together, you leverage those, and as we indicated, we're going to get about a 200 basis point drop as we come forward related to that. So as a result we end up on that 16% to 18% range. Is it 15.5% to 17.5%? That's how we get to the overall numbers.

但總體而言，美敦力此前一直處於 18% 至 20% 的範圍內。Covidien 的降幅一直處於 16% 至 17% 的範圍內，然後，當我們基本上把這些因素綜合起來，利用這些因素，正如我們所指出的，隨著與此相關的進展，我們將獲得大約 200 個基點的降幅。因此最終結果處於 16% 到 18% 的範圍。是15.5%到17.5%嗎？這就是我們得到總體數字的方式。

So it's in line with what we've expected, and been guiding towards overall. Obviously, there's still a lot moving parts with respect to the tax planning and strategies, as we go forward. But we think that range is right in line with what we saw here in Q4, as we went forward. It all depends on R&D tax credit getting renewed, all those types of things. So as we go forward, we feel confident that we're in that range, and we'll have to see where it ultimately ends up, but that's our current expectation. And it's in line with what we've been saying previously.

因此，這符合我們的預期，並且在整體指導範圍之內。顯然，隨著我們不斷前進，稅務規劃和策略方面仍有許多活動空間。但我們認為，隨著我們繼續前進，範圍與我們在第四季度看到的情況一致。這一切都取決於研發稅收抵免是否能更新，諸如此類的事情。因此，隨著我們不斷前進，我們有信心我們處於這個範圍內，我們必須看看它最終會達到什麼程度，但這是我們目前的期望。這與我們之前所說的一致。

And what's the impact on the R&D tax renewal for that number? And what is the updated timeline on resolution on the transfer pricing issue?

這個數字對研發稅務更新有什麼影響？轉讓定價問題解決的最新時間表是什麼？

Well, the R&D tax credit probably has an impact of 50 basis points or so to the overall rate, as far as where that is, so it's not huge but it does have an impact on it. And it all depends obviously when that comes in, how it plays out, as far as how much catch-up you have when it occurs. On the transfer pricing issue with Puerto Rico, the court heard the case. We're waiting for the judge's decision on that, and that will be, whenever the judge decides, it's probably going to be towards the end of our fiscal year before we hear anything on that, but it's all based on their time.

嗯，研發稅收抵免可能會對總體稅率產生 50 個基點左右的影響，就其本身而言，雖然影響不大，但確實有影響。顯然，這一切都取決於這種情況何時發生、如何發展，以及發生時你能獲得多少追趕。就與波多黎各有關的轉讓定價問題，法院審理了此案。我們正在等待法官對此做出裁決，無論法官何時做出裁決，我們可能都要等到財政年度結束時才能聽到任何消息，但這取決於他們的時間。

The judge has said that they want at least a year to review it.

法官表示他們需要至少一年的時間來審查此案。

So it's all based on their timing.

所以一切都取決於他們的時間安排。

Okay. Thanks very much.

好的。非常感謝。

David Lewis, Morgan Stanley.

摩根士丹利的戴維‧劉易斯 (David Lewis)。

Just two quick questions. First for Bryan, surgical solutions business continues to remain above market growth, even though you're getting a much more concerted effort from your chief competitor, so you keep on getting these questions of sustainability in that business, despite very consistent performance. So I guess if you could focus on what's driving that success, and what gives you the confidence in above market growth going forward? And I have a quick follow-up.

只需兩個簡短的問題。首先對於布萊恩來說，即使你的主要競爭對手付出了更一致的努力，外科解決方案業務仍然繼續保持高於市場的成長，因此儘管表現非常穩定，你仍然會在該業務中不斷遇到這些永續性問題。所以我想您能否集中精力研究一下推動這一成功的因素，以及什麼讓您對未來超越市場的成長充滿信心？我還有一個快速的跟進。

I appreciate the question. I feel pretty confident, you've got to first reconcile though, the fourth-quarter. It was very strong for surgical solutions, but we did have some portfolio moves in that. If you pull that out, we're more in the 7% growth range organically, which is still very strong versus market.

我很感謝你提出這個問題。我非常有信心，不過你必須先解決第四季的問題。它對於外科手術解決方案來說非常強大，但我們確實在其中進行了一些投資組合調整。如果你把它拿出來，我們的有機成長率超過了 7%，與市場相比，這仍然非常強勁。

And we have noticed a little extra effort by our chief competitor, but we have a lot of confidence in our plan as well, so I feel that we can continue with that above market growth. We got strong momentum, as you have already referenced. We have what I believe to be very differentiated technologies, both in advanced stapling as well as advanced energy, and we continue to launch products in both those areas. As matter of fact, if I look across the surgical business, somewhere in the neighborhood of 30 products that we're going to launch in FY16, and that will drive somewhere in the neighborhood of $60 million to $70 million of revenue, just in those products launched in FY16.

我們也注意到我們的主要競爭對手付出了一些額外的努力，但我們對我們的計劃也非常有信心，所以我覺得我們可以繼續保持高於市場的成長。正如您剛才提到的，我們獲得了強勁的發展勢頭。我認為，我們擁有非常差異化的技術，包括先進的裝訂技術以及先進的能源技術，我們將繼續在這兩個領域推出產品。事實上，如果我看一下外科業務，2016 財年我們將推出約 30 種產品，僅在 2016 財年推出的這些產品將帶來約 6,000 萬至 7,000 萬美元的收入。

So the momentum is there. We're not getting lackadaisical in our approach though, just because we've been winning. We are very intense in launching products that matter, and executing policy when we do.

因此，這種勢頭是存在的。我們不會因為一直在獲勝而變得懶散。我們非常熱衷於推出重要的產品，並在推出時執行政策。

Okay. And then Omar, I guess for you, you've been very focused on this three-pronged strategy, and I guess as I think about certain business lines within patient monitoring and recovery, they seem a little less strategic, or perhaps not fitting with every piece of your strategy. Do you see these businesses as important to the Medtronic strategy, and can you comment on the likelihood of targeted divestitures, now that you've got the deal at least closed?

好的。然後奧馬爾，我想你一直非常專注於這個三管齊下的策略，我想當我考慮患者監測和康復中的某些業務線時，它們似乎不太具有戰略性，或者可能不適合你的每個戰略部分。您是否認為這些業務對於美敦力的策略至關重要？

The way we look at these businesses is first, are they in line with our mission or not? And second, if they are, and in this situation, the way we define that is that these businesses collectively impact patient outcomes through alleviating pain, restoring health, or extending life. Second thing we look at is, is there room to improve that further?

我們看待這些業務的方式首先是，它們是否符合我們的使命？其次，如果是的話，在這種情況下，我們定義這些業務透過減輕疼痛、恢復健康或延長生命共同影響患者的結果。我們要看的第二件事是，還有進一步改進的空間嗎？

Is there technology capability there that can help us drive the outcomes, better outcomes in a more meaningful way? Then we look at, is the market space attractive? Can we grow it? And is our team capable of delivering?

那裡是否有技術能力可以幫助我們以更有意義的方式推動成果、更好的成果？那我們來看看，市場空間有吸引力嗎？我們可以種植它嗎？我們的團隊有能力完成這項任務嗎？

And then finally, we look at that in combination with everything else that we have from a broad value-based healthcare perspective. So we're going to have to let this thing play out. This is, we're just beginning to put this new structure together with that kind of thinking in the business groups. And then over time, we'll evaluate what fits or not.

最後，我們從廣泛的基於價值的醫療保健角度，將其與我們擁有的所有其他因素結合起來進行研究。所以我們必須讓這件事順利進行。也就是說，我們才剛開始在業務組中將這種新結構與這種思維結合。然後隨著時間的推移，我們會評估什麼適合，什麼不適合。

We're constantly looking at our overall portfolio, and we do divestitures of certain items that we feel does not fit into that overall strategy. So we'll look at these businesses, just like any other business, in that context. But certainly, the main question, are they in line with our mission or not? Can they make a difference for technology? We think yes.

我們不斷審視我們的整體投資組合，並剝離一些我們認為不符合整體策略的項目。因此，我們會在這種背景下審視這些業務，就像審視其他業務一樣。但當然，主要問題是，它們是否符合我們的使命？他們能夠為科技帶來改變嗎？我們認為是的。

Thank you very much.

非常感謝。

Bob Hopkins, Bank of America.

美國銀行的鮑伯霍普金斯。

So first question for Gary, just on the 2016 guidance as it relates to free cash flow, can you give us a sense as to what you expect for 2016 global free cash flow? And then, maybe also an update on the percentage of that free cash flow that you think you'll have access to? I think from some of your slides, recently suggested between $7 billion and $7.5 billion in free cash flow in 2016, but just wanted to confirm that.

所以第一個問題是針對 Gary，關於 2016 年自由現金流的指引，您能否告訴我們您對 2016 年全球自由現金流的預期？然後，也許還會更新您認為您可以獲得的自由現金流百分比？我認為從您最近的一些幻燈片來看，2016 年的自由現金流將在 70 億至 75 億美元之間，但我只是想確認這一點。

No. I mean for cash flow if you just take, use our fourth-quarter free cash flow here, $1.7 billion, and use that, annualize that, you're more in that $6.8 billion to $7 billion range. That's kind of what we've been talking about, overall. Now, the reality is however, foreign exchange has a big impact on that free cash flow, also. And so, if you just look at our annual rate overall, that's where we'd be at, and then you'd have back, to Omar's point earlier, you have some synergies come into play, the cost and value capture synergies benefited. But FX is going to be a headwind on cash flow also.

不。我的意思是，對於現金流，如果您只使用我們第四季度的自由現金流 17 億美元，然後使用它，將其年化，那麼您將處於 68 億至 70 億美元的範圍內。總的來說，這就是我們一直在談論的內容。然而現實是，外匯對自由現金流也有很大的影響。因此，如果您只看我們的整體年利率，這就是我們所處的水平，然後您就會回到奧馬爾之前的觀點，即一些協同效應開始發揮作用，成本和價值獲取協同效應受益。但外匯也會對現金流造成阻力。

So my guess is right now, our numbers are probably, clearly based on FX rates, are clearly below $7 billion, and probably closer to between $6.5 billion and $7 billion with all the moving parts that are going on, just because of foreign exchange. And as we indicated, we do think right now that based on those rates, we're probably going to be closer to, somewhere around 60% of that cash is accessible in the FY16 timeframe, would be our current assumption, based on the numbers that we see rolling in. So that's why our 50% commitment to return cash to shareholders, obviously we have much more flexibility around with that 60% mix that we are expecting at this point. The other thing that's going on, Bob, that's all based on what I would call an operating basis, including the FX piece.

因此，我的猜測是，現在，我們的數字可能（顯然基於外匯匯率）明顯低於 70 億美元，而考慮到所有正在發生的變動，可能更接近 65 億美元至 70 億美元之間，這僅僅是因為外匯。正如我們所指出的，我們現在確實認為，基於這些利率，我們可能更接近於，根據我們看到的數字，我們目前的假設是，在 2016 財年期間大約有 60% 的現金是可用的。這就是我們承諾向股東返還 50% 現金的原因，顯然，我們對目前預期的 60% 比例擁有更大的靈活性。鮑勃，正在發生的另一件事，都是基於我所說的營運基礎，包括外匯部分。

The other, there obviously are still some one-time items that do affect cash flow. That free cash flow I just talked about is really coming from our operating results, and that's what we based all of our assumptions on. But I do have to think about the fact that there are going to be, there'll some additional restructuring, things like that, and capital investments we're going to have to make as we go forward with Covidien acquisition. So that's all taken into account as we think through our overall free cash flow here for the current year. But in general, I would use right now, I think it's less than $7 billion that we've previously been talking about. You're probably down more in the $6.5 billion to $7 billion, just based on what's going on with foreign exchange.

另外，顯然仍有一些一次性項目會影響現金流。我剛才談到的自由現金流其實來自於我們的經營業績，我們所有的假設都是以此為基礎的。但我確實必須考慮這樣一個事實，即在我們推進 Covidien 收購的過程中，我們將不得不進行一些額外的重組等，以及進行資本投資。因此，當我們考慮本年度的整體自由現金流時，所有這些都被考慮在內。但總的來說，我現在使用的金額我認為低於我們之前談論的 70 億美元。根據外匯狀況來看，損失可能還會在 65 億至 70 億美元之間。

Great. That's very helpful. Thank you. And then one also for Omar, now that you've had Covidien for obviously just a few months, but would love to hear your updated thoughts on ways that you think you can leverage that acquisition beyond just the cost synergies, and I'm thinking specifically about M&A, and leveraging your access to your global cash flow, and leveraging your low tax rate. Just wanted to get an update on ways that you think you can really leverage this Covidien transaction, and the degree to which that helps you with an M&A strategy going forward?

偉大的。這非常有幫助。謝謝。然後還有一件事要問奧馬爾，現在你收購 Covidien 顯然只有幾個月的時間，但我很樂意聽聽你的最新想法，你認為除了成本協同效應之外，你還可以通過哪些方式來利用這次收購，我特別考慮的是併購，利用你的全球現金流，以及利用你的低稅率。只是想了解一下您認為可以真正利用此次 Covidien 交易的方式，以及這對您未來的併購策略有多大幫助？

Well, the first thing is that beyond the cost synergies I just want to remind you that there are two very specific areas that we've called out. In drug coated balloon and in neurovascular, where we're getting immediate benefit, and we expect some growth acceleration as a result of that. Beyond that, we've begun to explore, at a pretty much grassroots levels with engineers, other opportunities where we can leverage each other's technologies.

嗯，首先，除了成本協同效應之外，我只想提醒你，我們已經提到了兩個非常具體的領域。在藥物塗層球囊和神經血管領域，我們獲得了立竿見影的效益，我們預計其將帶來一定程度的成長加速。除此之外，我們已經開始與工程師一起在基層探索其他可以利用彼此技術的機會。

Now, from an M&A perspective, which is using the extra access we have to that cash, we've stated that we're going to look at early technologies in the US primarily, where there may be opportunities which we haven't been able to participate in to the degree that we would like to, to create a long-term technology pipeline of early stage technologies that we think can make a difference, we've begun to look at it. We've actually, already in the ENT area for example, we're already executed on some of these. And we've got a good pipeline of other activities that we're looking at closely.

現在，從併購的角度來看，也就是利用我們對現金的額外使用權，我們已經表示，我們將主要關注美國的早期技術，這些技術可能存在我們尚未能夠以我們所希望的程度參與的機會，以創建一個我們認為可以發揮作用的早期技術的長期技術渠道，我們已經開始研究它。事實上，我們已經在耳鼻喉科領域執行了其中一些任務。我們還有一系列其他活動正在密切關注。

But beyond that, the Covidien or the MITG business, has had a history of doing acquisitions to supplement their business with regularity, and we'll certainly continue to encourage that process. And in fact, focus it even more according to the way in which we've organized overall business. So the M&A activity from us, certainly from a technology perspective, is very close to what we're focusing on. Bigger deals, obviously opportunistically, we look at it, but that's a matter of our overall financial bandwidth and our management bandwidth, so that's the way in which we're approaching this.

但除此之外，Covidien 或 MITG 公司一直有定期進行收購以補充其業務的歷史，我們肯定會繼續鼓勵這個過程。事實上，根據我們組織整體業務的方式，我們會更加關注這一點。因此，從技術角度來看，我們的併購活動與我們的關注點非常接近。顯然，我們會從機會主義的角度來看待更大的交易，但這是我們整體財務頻寬和管理頻寬的問題，所以這就是我們處理此事的方式。

Great. Thank you.

偉大的。謝謝。

Matt Taylor, Barclays.

巴克萊銀行的馬特泰勒 (Matt Taylor)。

I wanted to ask one about your emerging market strategy. You talked a little bit about some partnerships there that you're pursuing and some things you're doing to try to get the growth rate higher. I guess I was curious to see whether you had changed your views on what that growth could be sustainably, and whether or not Covidien integrated into the Medtronic structure could help you to grow faster in EM?

我想問一個關於你們的新興市場策略的問題。您談到了您正在尋求的一些合作關係以及您為提高成長率所做的一些事情。我很好奇，您是否改變了對永續成長的看法，以及將 Covidien 整合到 Medtronic 結構中是否可以幫助您在 EM 中更快發展？

Well, a number of points. First of all, our confidence and our belief and really, surety if you like, in the long-term opportunity in emerging markets is completely unchanged, and we are not at all wavering on that. That's just a matter of fact.

嗯，有幾點。首先，我們對新興市場的長期機會的信心和信念，或者說是保證，是完全沒有改變的，我們對此絲毫沒有動搖。這只是事實問題。

The way in which we approach that market, to tap into that opportunity, particularly in the short term, actually has been more complex and more difficult than we first envisaged. And so the growth rate has been slower than what certainly we had originally thought. I think having said that, there's certain fairly respectable double-digit growth that we can expect reliably, but we want that to be higher.

我們進入該市場、挖掘該機會的方式（特別是在短期內）實際上比我們最初設想的更加複雜和困難。因此，成長率肯定比我們最初預想的要慢。我認為話雖如此，我們可以可靠地預期一定的相當可觀的兩位數增長，但我們希望這個數字更高。

And we're looking at methods to which we can -- we are continually actually looking at methods to which we can do that sooner rather than later. And as we're learning, channel optimization is a key factor, partnerships with governments is a key factor, and finally, referral chain development is something that we need to approach with far greater scale than we've had before. These are all important factors.

我們正在尋找可以儘早實現這一目標的方法——我們實際上正在不斷尋找可以儘早實現這一目標的方法。我們正在學習，通路優化是一個關鍵因素，與政府的合作也是一個關鍵因素，最後，推薦鏈開發是我們需要以比以前更大規模來實現的。這些都是重要因素。

As far as Covidien goes, there are a number of things that make us optimistic that this combination will help us. One, there is a complementary strength in certain markets. In the Middle East and Latin America, where between Covidien and Medtronic, we have complementary strengths.

就 Covidien 而言，有許多因素讓我們樂觀地認為這種結合將對我們有所幫助。一是某些市場存在互補優勢。在中東和拉丁美洲，Covidien和Medtronic之間具有互補的優勢。

As a result, we now have our emerging market profile diversified between China, Middle East and Africa and Latin America as the big three centers within emerging markets, while previously on the standalone Medtronic basis it was primarily China. So that gives us a little bit of diversity in these markets that we didn't have.

因此，我們現在的新興市場分佈多元化，中國、中東和非洲以及拉丁美洲成為新興市場的三大中心，而先前美敦力單獨的市場主要集中在中國。這讓我們在這些市場中擁有了一點我們以前沒有的多樣性。

And finally as we've talked about before, simply the scale that we now have will allow us to penetrate more geographies much more efficiently than we could before, and just adding more sales teams around the world, either in underpenetrated regions within countries, or in brand-new countries, will have to contribute. So we haven't pieced all that stuff together yet, and we are in the process of prioritizing some of those investments. And again, we're trying to accelerate the growth profile in emerging markets with actually a pretty great sense of urgency.

最後，正如我們之前談到的，我們現在的規模使我們能夠比以前更有效地滲透到更多的地區，並且只需在世界各地增加更多的銷售團隊，無論是在國家內部滲透不足的地區，還是在全新的國家，都將做出貢獻。因此，我們還沒有把所有這些東西拼湊在一起，而且我們正在對其中一些投資進行優先排序。而且，我們正以極大的緊迫感試圖加速新興市場的成長。

Thanks for that. And then, under synergies, you've talked about at least $850 million. I think in the past, you've referenced some opportunities to further that number through some network consolidation in your plans. When do you think you'll be in a position to give us a quantifiable update on what you think the synergies could be between the two companies in combination?

謝謝。然後，在協同效應下，您談到了至少 8.5 億美元。我想，您過去曾在計劃中提到透過網路整合來進一步提高這一數字的機會。您認為何時能夠向我們提供一份量化的最新信息，說明您認為兩家公司合併後能產生怎樣的協同效應？

I think a number of things. First of all, as we go forward, this is going to reflect in our overall productivity. I think that's the best way to do it. Although we will keep track of our value capture efforts, we're very detailed and granular programs, I think at some point, new efforts that are a result of the combination, versus efforts that were already in place that get accelerated, gets very mixed up.

我認為有很多事情。首先，隨著我們不斷前進，這將反映在我們的整體生產力上。我認為這是最好的方法。雖然我們會追蹤我們的價值獲取工作，我們是非常詳細和細緻的計劃，但我認為在某種程度上，組合產生的新努力與已經到位並加速的努力會變得非常混亂。

And instead of trying to divide those things up, we're going to commit to certain levels of productivity that we get out of different line items in our P&L. And that's the way to do it. We feel good about a long-term productivity that we can get out of this. That value capture, the synergy effort is going to eventually morph into a long-term productivity benefit, extending way beyond the three years that we've projected.

我們不會試圖把這些東西分開，而是致力於從損益表中的不同項目中獲得一定的生產力水準。這就是做事的方法。我們對由此獲得的長期生產力感到非常滿意。這種價值獲取和協同效應最終將轉化為長期生產力效益，遠遠超出我們預期的三年。

I think that's the correct way to look at it. That this becomes a productivity engine of significant magnitude that we didn't have before. And to some extent, we're pretty excited about it.

我認為這是正確的看待這個問題的方式。這將成為我們以前從未有過的強大生產力引擎。從某種程度上來說，我們對此感到非常興奮。

Thanks, Matt. Sorry, we've gone past the top of the hour, but we'll take two last questions.

謝謝，馬特。抱歉，已經過了時間，但我們還要回答最後兩個問題。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Congrats on a strong quarter. Gary, one clarification. It's still not clear to me, is the R&D tax credit assumed in the guidance or not assumed?

恭喜您本季業績強勁。加里，澄清一點。我仍然不清楚，指導中是否假設了研發稅收抵免？

On the tax rate it's assumed in the guidance, Larry, but what we're saying it will probably be toward the higher end of the range until the credit is approved, but assuming it gets approved, then that would be in that range.

關於稅率，拉里，這是指南中假設的，但我們所說的是，在信貸獲得批准之前，它可能會趨向於範圍的高端，但假設它獲得批准，那麼它將在該範圍內。

Okay. That's helpful.

好的。這很有幫助。

It's basically assumed in there.

這基本上是假設的。

Okay. And then for my real questions, first, Gary, the guidance, just bear with me on some numbers here. The guidance implies constant currency EPS growth of about 5.6% to 10%, and your sales guidance is about 5% to 7.5%, if you include the extra week. So therefore, the EPS guidance at the low end of the range doesn't imply any leverage.

好的。然後對於我真正的問題，首先，加里，指導，請耐心聽我講一些數字。該指引意味著以固定匯率計算的每股收益成長率約為 5.6% 至 10%，如果算上額外一周，您的銷售指引約為 5% 至 7.5%。因此，處於範圍低端的每股收益指引並不意味著任何槓桿。

Another way of looking at it is the EPS guidance is applying the 4% to 6% underlying sales growth, adding the benefit of extra week and then adding the 200 to 400 basis points of EPS leverage, that gets you to 7% to 11.5% constant currency EPS growth. And as I said, you're guiding to constant currency EPS growth of 5.6% to 10%. Sorry for the long-winded question, but just curious to know why the EPS guidance appears conservative, and I just have one product question. Thanks.

另一種看法是，每股盈餘指引是應用 4% 到 6% 的基礎銷售成長，加上額外一週的好處，然後加上 200 到 400 個基點的每股盈餘槓桿，這樣就可以實現 7% 到 11.5% 的固定匯率每股盈餘成長。正如我所說，您預計以固定匯率計算的每股盈餘成長率為 5.6% 至 10%。抱歉，問題問得這麼長，但我就是好奇為什麼每股盈餘指引看起來很保守，而且我只有一個產品問題。謝謝。

Well, I can't go through all the numbers you just laid out, Larry, because I don't have those in my mind. Let me look at it from the way -- you're right, our revenue growth overall, as we indicated is the mid-single digit growth plus 1% to 1.5% related to the extra week. So just taking the midpoint of the range of 5%, you're saying somewhere around 6%, 6.5% revenue growth. What, as we indicated on the comments overall from the operating margin perspective as we looked at it, we know from the standpoint of what we're driving there, as far as the 100 basis points of improvement on the operating margin as we go forward, we're driving about 400 basis points of leverage, and the operating income line on an operational basis before foreign exchange.

好吧，拉里，我無法仔細查看你剛才列出的所有數字，因為我腦子裡沒有這些數字。讓我從以下角度來看——您說得對，我們的整體收入增長，正如我們所指出的，是中等個位數增長加上與額外一周相關的 1% 到 1.5% 的增長。因此，僅取 5% 這個範圍的中間值，您所說的收入成長率大約是 6%、6.5%。正如我們在評論中所指出的，從營業利潤率的角度來看，我們知道，就未來營業利潤率提高 100 個基點而言，我們將推動約 400 個基點的槓桿率，以及外匯之前的營業收入線。

And so the point is yes, we are getting that 400 basis points of leverage that we've talked about in the calculation. To offset, that's negatively impacted by foreign exchange, and so it's all going to get back, and foreign exchange is offsetting the majority of the overall operating leverage that we've talked about, that we're trying to drive towards. So the rest of the numbers get a little more difficult as think about the number of shares that have been issued and the various tax rates that are going on between the various years, as we go forward.

所以問題是，是的，我們得到了在計算中討論的 400 個基點的槓桿率。為了抵​​消這一影響，外匯產生了負面影響，所以一切都會恢復，外匯正在抵消我們所討論的、正在努力實現的大部分整體經營槓桿。因此，當我們考慮已發行的股票數量以及不同年份之間的各種稅率時，其餘數字會變得更加困難。

But no, the guidance is kind of in line with what we were expecting from the overall standpoint of earnings per share growing. Again, as we've talked about, that 200 to 400 basis points faster than the revenue. But unfortunately with $0.40 to $0.50 of FX hit, you take the $4.30 to $4.40, and add $0.40 to $0.50 to that, I think you're going to get to the point that it is on a constant currency basis, is significant leverage over and above the revenue growth.

但事實並非如此，從每股盈餘整體成長的角度來看，該指引與我們的預期是一致的。再次，正如我們所討論的，這比收入快 200 到 400 個基點。但不幸的是，由於外匯損失了 0.40 到 0.50 美元，加上 4.30 到 4.40 美元，再加上 0.40 到 0.50 美元，我認為，以恆定匯率計算，你會發現，這對收入成長產生了顯著的槓桿作用。

Okay. That's helpful. And then on Reveal LINQ, for Mike, it's annualizing now at about $500 million. It seems like Q4 was very strong, with over 20% sequential growth. So where are you in the adoption of that product, and how should we think about the growth, maybe in the near term, and perhaps the next three to five years? And do you see any headwinds from either new competition or reimbursement pressure? Thanks for taking the questions.

好的。這很有幫助。然後就 Reveal LINQ 而言，對 Mike 來說，現在的年化收入約為 5 億美元。看起來第四季表現非常強勁，季增超過 20%。那麼，您對該產品的採用程度如何？您是否看到來自新競爭或報銷壓力的任何阻力？感謝您回答這些問題。

So on LINQ overall, we have to think about it in terms of its three indications for use. So syncope, cryptogenic stroke and atrial fibrillation.

所以對於LINQ整體來說，我們要從三個使用指徵來思考。因此，暈厥、原因不明的中風和心房顫動。

On the syncope side, we're probably in the low to mid-20s penetrated, 20% and again I'm just talking about the US and Europe, because that really is the only place currently where it's generating the very significant revenues, and we're still building up reimbursement in other places around the world. In cryptogenic stroke, it's more like 5% penetrated, and then when you look at atrial fibrillation, it's more like 1% to 2% penetrated so there's still plenty of growth opportunity left, obviously in the product.

在暈厥方面，我們的滲透率可能處於 25% 左右，也就是 20%，我再次強調，我指的是美國和歐洲，因為那確實是目前唯一能夠產生非常可觀收入的地方，而且我們仍在世界其他地方建立報銷管道。對於原因不明的中風來說，其滲透率更像是 5%，而對於心房顫動來說，其滲透率更像是 1% 到 2%，因此顯然在產品方面仍有很大的成長機會。

Now, we don't expect competitors looking, who have basic capabilities in electronics, are going to look at this and ignore it, so we expect at some point were going to see competitors, but frankly, we haven't seen anything yet. I think we're now at a point as we look at our five-year plan where we think this will be a $1 billion contributor to the overall Company in terms of its overall diagnostic sales. And as Omar pointed out, when you look at syncope patients you put one of these devices in, roughly 8% to 9% of those patients will wind up with a pacemaker within a year, and by the time you get out to year three, it's more like 20%, so it really is the source of the low-power growth that we have seen in the United States, in terms of growth in units.

現在，我們不希望那些擁有電子基本能力的競爭對手看到這一點並忽略它，所以我們預計在某個時候我們會看到競爭對手，但坦白說，我們還沒有看到任何東西。我認為，當我們審視我們的五年計畫時，我們現在正處於這樣一個階段，我們認為這將為整個公司的整體診斷銷售額貢獻 10 億美元。正如奧馬爾指出的那樣，當你為暈厥患者安裝這些設備時，大約有 8% 到 9% 的患者會在一年內安裝起搏器，而到第三年，這個比例會上升到 20% 左右，所以從單位增長來看，這確實是美國低功耗增長的根源。

So we think it's an important product line, in terms of what it does for us on product sales, but it also provides us now with service revenue opportunity, longer-term to monitor patients. And so we'll be updating that as our plans develop.

因此，我們認為這是一條重要的產品線，不僅因為它對我們產品銷售的作用，還因為它為我們提供了服務收入機會，可以更長期地監控患者。因此，我們會隨著計劃的進展而不斷更新。

Thank you.

謝謝。

Thanks, Larry. Time for one last question.

謝謝，拉里。現在是最後一個問題了。

Bruce Nudell, Credit Suisse.

瑞士信貸的布魯斯·努德爾（Bruce Nudell）。

This is Matt in for Bruce. Thanks for taking the questions. First, for Mike, just in your press release, height highlighted to have a growth of 50% worldwide, 30% in the US, which implies pretty significant growth ex-US, 60% year-over-year, I think a $30 million step up, according to our math, so are our numbers reasonably correct, and can you give us any color on what drove the gains there? Was there any stocking or destocking ahead of, or with the launch of the new sizes, or anything else there?

這是馬特代替布魯斯。感謝您回答這些問題。首先，對麥克來說，就在你們的新聞稿中，高度強調了全球增長了 50%，在美國增長了 30%，這意味著美國以外的增長相當顯著，同比增長 60%，我認為根據我們的計算，增長了 3000 萬美元，那麼我們的數字是否合理正確？在推出新尺寸產品之前或推出新尺寸產品時，是否有任何補貨或去庫存的情況，或者有其他情況嗎？

Just to be clear, the 30% number is the heart valve therapies number, so it's a combination of our transcatheter valves and surgical valves. So actually, the TAVI growth in the United States is faster than the international growth.

需要明確的是，30% 這個數字是心臟瓣膜治療的數量，因此它是我們的經導管瓣膜和手術瓣膜的組合。因此實際上，美國的 TAVI 成長速度快於國際成長速度。

Okay. That makes sense. Can you give us any color on how those split out?

好的。這很有道理。您能告訴我們它們是如何分裂的嗎？

So our growth in overall was about 50% and in the US, we almost doubled our revenues in TAVI during the quarter on a year-over-year basis. So the US is considerably faster, in terms of its overall growth.

因此，我們整體的成長幅度約為 50%，在美國，我們本季的 TAVI 營收比去年同期幾乎翻了一番。因此，從整體成長來看，美國的成長速度要快得多。

Okay. Just one follow-up on the leadless pacer launch you talked about this summer. Can you talk about when you'll have reimbursement in place, and when you expect that product to be fully launched, and do you see that more of a source of unit share gains, or is the opportunity there for you more in premium pricing?

好的。這只是對您今年夏天談到的無鉛起搏器發射的後續行動。您能否談談何時可以實施報銷政策，以及您預計該產品何時全面推出，您是否認為這更多的是單位份額增長的來源，還是溢價為您提供了更多的機會？

So important, I just did want to finish up that we don't do any meaningful stocking of transcatheter valves in the US, just finish your first question. On the transcutaneous pacing product line, obviously we're talking about OUS now, or Europe, with the CE mark that we now have. And there is no separate reimbursement in the sense of this product line obtaining different reimbursement in Europe.

非常重要，我只是想說完這一點，我們在美國沒有進行任何有意義的經導管瓣膜儲存，只需完成您的第一個問題即可。關於經皮起搏產品線，顯然我們現在談論的是OUS或歐洲，以及我們現在擁有的CE標誌。並且，該產品線在歐洲獲得不同的報銷，因此不存在單獨的報銷。

So it basically is being targeted at a specific set of patients who might be at risk for infection, and single chamber patient population, although we do see an opportunity to see a mix shift toward more single chamber pacing because of the benefits this product line offers in terms of lower expected complication rate. So we think it's an important breakthrough, but you will see us be very deliberate in the rollout of this product. It requires very different implant technique than what the standard pacemaker has, and so you will see us doing very significant training and education as we roll this out, and that will gate some of the speed with which it grows.

因此，它基本上是針對一組可能有感染風險的特定患者和單腔患者群體，儘管我們確實看到了向更多單腔起搏轉變的機會，因為該產品系列在降低預期併發症發生率方面具有優勢。因此，我們認為這是一個重要的突破，但你會看到我們在推出這款產品時非常謹慎。它所需的植入技術與標準起搏器非常不同，因此，在我們推出這項技術時，你會看到我們會進行非常重要的培訓和教育，這將限制其發展速度。

Okay. Thank you.

好的。謝謝。

Thanks, everyone. And thanks to all of you for those great questions. And with that, on behalf of our entire management team, thank you again for your continued support and interest in Medtronic. We look forward to updating you on our progress on our Q1 call, which we anticipate holding on September 3. Thank you, and have a great day.

謝謝大家。感謝大家提出這些精彩的問題。最後，我代表我們整個管理團隊再次感謝您對美敦力的持續支持和關注。我們期待在 9 月 3 日舉行的第一季電話會議上向您通報我們的進展。

Thank you, ladies and gentlemen. This does conclude today's conference call. You may now disconnect.

謝謝各位，女士們、先生們。今天的電話會議到此結束。您現在可以斷開連線。