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，感謝你們的支持，歡迎參加美敦力第四季度財報電話會議。

(Operator Instructions)

（操作員說明）

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

現在，我很高興將電話轉給投資者關係副總裁 Jeff Warren。

Sir?

先生？

Thank you, Maria.

謝謝你，瑪麗亞。

Good morning and welcome to Medtronic's fourth-quarter conference call and webcast.

早上好，歡迎收聽美敦力第四季度電話會議和網絡直播。

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.

在接下來的一個小時內，美敦力董事長兼首席執行官 Omar Ishrak 和美敦力首席財務官 Gary Ellis 將對我們截至 2015 年 4 月 24 日的第四季度和 2015 財年的業績發表評論。

After our prepared remarks, we'll be happy to take your questions.

在我們準備好發言後，我們很樂意回答您的問題。

First, a few logistical comments.

首先，一些後勤評論。

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.

今天上午早些時候，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匯總的收入，最終確定了我們於 2015 年 5 月 19 日發布的初步收入。

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.

我們還更新了合併歷史 Covidien-Medtronic 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。

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.

您還應注意，本次電話會議期間做出的一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預測的結果大不相同。

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.

有關可能導致實際結果不同的因素的其他信息包含在我們向 SEC 提交的定期報告中，因此，我們不承諾更新任何前瞻性陳述。

In addition, the reconciliations of any non-GAAP financial measures are available on the investors portion of our website at Medtronic.com.

此外，任何非公認會計原則財務指標的對賬可在我們網站 Medtronic.com 的投資者部分獲得。

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，否則提及的季度或年度業績增加或減少分別是與 2014 年第四季度和全年相比，所有同比收入增長率均以可比較的固定匯率為基礎給出，即包括 Covidien PLC 和上年比較，並將 Covidien 上一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.

有了這個，我現在很高興將電話轉給美敦力董事長兼首席執行官 Omar Ishrak。

Good morning, and thank you, Jeff, and thank you to everyone for joining us today.

早上好，謝謝你，傑夫，謝謝大家今天加入我們。

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.

今天上午，我們報告第四季度收入為 73 億美元，增長 7%，第四季度非公認會計原則攤薄後每股收益為 1.16 美元。

Before providing more detail on our Q4 performance, I'd like to recap the fiscal year.

在提供有關我們第四季度業績的更多詳細信息之前，我想回顧一下本財年。

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.

2015 財年對我們公司來說是轉型的一年，第一季度宣布收購 Covidien，隨後在第四季度完成此項交易。

We believe the combination of our two companies meaningfully accelerates our strategies, diversifies our growth profile, and increases our long-term financial flexibility.

我們相信，我們兩家公司的合併將有意義地加速我們的戰略，使我們的增長狀況多樣化，並增加我們的長期財務靈活性。

I will cover the Covidien integration in more detail in a moment.

稍後我將更詳細地介紹 Covidien 集成。

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.

我們 2015 財年的收入增長 6%，處於我們中個位數基準目標的上限，比 2014 財年提高了 230 個基點。

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.

2015 財年是美敦力治療創新強勁的一年，我們的新療法增長向量為我們的全年增長貢獻了 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.

我們所有四個集團在 2015 財年都推出了有意義的創新，包括那些在新疾病領域取得進展的創新，創新我們現有的市場領先技術，或通過關鍵的綜合計劃增強我們的診斷治療和監測產品。

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.

Gary 將在回顧我們的業務成果時更詳細地討論推動我們取得成果的技術以及我們未來的管道。

Revenue in emerging markets, our second growth vector, grew double digits again in FY15, and contributed 150 basis points to our full-year growth.

新興市場的收入是我們的第二個增長載體，在 2015 財年再次增長兩位數，為我們的全年增長貢獻了 150 個基點。

A third growth vector, services and solutions, nearly doubled in revenue in FY15, and added 30 basis points to our full-year growth.

第三個增長載體，服務和解決方案，在 FY15 的收入幾乎翻了一番，為我們的全年增長增加了 30 個基點。

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.

雖然傳統的 Covidien 業務無疑將在未來為這一載體做出貢獻，但鑑於第四季度的所有收入都來自於美敦力的傳統資源，我們認為在 2015 財年以傳統美敦力收入為基礎來看待這一載體更為合適。

Under this methodology, the service and solutions growth vector contributed 50 basis points, within our FY15 goal of 40 to 60 basis points.

在這種方法下，服務和解決方案增長向量貢獻了 50 個基點，在我們 2015 財年 40 至 60 個基點的目標範圍內。

We continued to add additional services and solutions offerings.

我們繼續添加額外的服務和解決方案產品。

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.

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添加 DiaBeater，這是一種獨特的糖尿病綜合護理解決方案。

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.

我們還啟動了我們的手術室管理服務的第一個試點，該服務結合了我們在 Cath 實驗室開發的能力，以及 Covidien 廣泛的手術室技術和專業知識，為醫院提供全方位的服務或產品。

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.

所有這些努力都集中在滿足客戶不斷變化的需求、交付系統效率以及為全球患者提供更集成的互聯護理模式。

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提高關鍵疾病狀態的系統效率和護理整合方面可以發揮的作用，並成為醫療保健系統、支付方、政府和政府的關鍵合作夥伴和合作者他們正在努力以更低的成本提供更好的患者結果。

Looking at the FY15 P&L, non-GAAP diluted EPS was $4.28.

從 2015 財年損益表來看，非公認會計原則攤薄後每股收益為 4.28 美元。

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.

雖然很難將每股收益與上一年進行比較，但鑑於對 Covidien 的收購，我們正在以近似合併的固定貨幣為基礎研究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。

We also feel that these will be the appropriate P&L metrics to evaluate our operating performance as we move through FY16.

我們還認為，這些將是評估我們在 2016 財年運營業績的適當損益指標。

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.

2015 財年，我們的營業利潤率百分比提高了 60 個基點，其中 SG&A 提高了 80 個基點，但被毛利率下降 50 個基點所抵消，所有這些都是在綜合不變貨幣基礎上（對應於 200 個運營槓桿）計算的，以及符合我們的基線預期。

While Gary will cover our earnings guidance in a moment, it is clear that FX is a major headwind in FY16.

雖然 Gary 稍後將介紹我們的盈利指引，但很明顯，外匯是 2016 財年的主要不利因素。

Despite that headwind, I want to emphasize that the management team is focused on driving significant operating leverage this year.

儘管存在逆風，但我想強調的是，管理團隊今年專注於推動顯著的運營槓桿。

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.

現在來看自由現金流，我們在 2015 財年的表現非常強勁，並兌現了以股息和股票回購形式返還 50% 自由現金流的承諾。

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.

我們 2015 財年的業績最終反映了超過 85,000 名員工的奉獻精神和熱情，他們與我們的醫療保健合作夥伴合作，為全球數百萬患者提供治療和服務，以履行我們減輕疼痛、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.

現在，轉向我們的第四季度業績，第四季度是另一個強勁的季度，是與 Covidien 合併後的第一個季度。

Our 7% revenue growth was a result of solid performances across of all of our groups and geographies.

我們 7% 的收入增長是我們所有集團和地區的穩健表現的結果。

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.

從地域上看，我們在新興市場實現了兩位數的增長，在美國實現了強勁的上個位數增長，在美國以外的發達市場實現了中個位數增長。

CVG had another quarter of impressive double-digit growth.

CVG 又實現了令人印象深刻的兩位數增長。

Diabetes delivered strong upper single digit growth, and both MITG and RTG had solid mid-single digit growth.

糖尿病實現了強勁的上個位數增長，而 MITG 和 RTG 均實現了穩健的中個位數增長。

In RTG, we recently reorganized the structure of our sales teams, aligning sales management to disease states.

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。

We expect this to further optimize our focus on our neuroscience, integrated pain solutions, and surgical synergy strategies.

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手術協同策略的關注。

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.

特別是，我們認為這應該有助於我們在脊柱方面的表現，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.

第四季度是與 Covidien 整合的第一季度。

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.

雖然只有四分之一，但我為合併後的組織保持專注並兌現我們的承諾感到自豪，避免在此過渡期間分心。

As I have stated several times before, our first objective with the Covidien integration is to preserve the stated growth objectives of both companies.

正如我之前多次說過的，我們與 Covidien 整合的首要目標是保持兩家公司既定的增長目標。

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.

展望未來，我們認為，從長期來看，我們持續實現中個位數固定貨幣收入增長的基準目標仍然是適當和合理的。

Although similar to this quarter, there could well be times when we exceed our baseline expectations.

儘管與本季度相似，但我們很可能有時會超出我們的基線預期。

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

我們繼續專注於執行我們的三個增長戰略：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.

這些戰略旨在通過利用我們在醫療保健領域看到的三個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日益增長的需求，以及優化醫療保健系統的成本效率，包括轉向基於價值的醫療保健。

In therapy innovation, we continue to deliver above goal performance in Q4.

在治療創新方面，我們在第四季度繼續提供高於目標的表現。

As the new therapies growth vector contributed 560 basis points to our total Company growth.

由於新療法的增長向量為我們公司的總增長貢獻了 560 個基點。

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.

這是產品發布的有力執行，以及我們在過去幾年中做出的決定，即選擇合適的產品，不僅可以解決我們客戶的臨床需求，還可以滿足他們的經濟需求。

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.

展望未來，我們的管道仍然滿載，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.

在全球化方面，新興市場為我們第四季度的公司總增長貢獻了 140 個基點，略低於我們的預期。

We continue to implement changes aimed at improving our emerging market growth profile, including making progress on our public and private partnerships.

我們繼續實施旨在改善我們新興市場增長狀況的變革，包括在我們的公共和私人合作夥伴關係方面取得進展。

On our most recent visit to China, I met with several private hospital CEOs, and discussed potential opportunities to work together.

在我們最近一次訪問中國時，我會見了幾位私立醫院的首席執行官，並討論了合作的潛在機會。

In addition to partnerships, all of our emerging markets are focused on our channel optimization strategy.

除了合作夥伴關係，我們所有的新興市場都專注於我們的渠道優化戰略。

Strengthening our customer relationships to better meet our customers' needs, while also recognizing the unique challenges of the local healthcare systems.

加強我們的客戶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.

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。

In the Middle East, we're building strong joint venture partnerships with the local distributors, to accelerate therapy adoption in the local markets.

在中東，我們正在與當地經銷商建立強大的合資夥伴關係，以加速當地市場的治療採用。

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.

在經濟價值方面，我們的服務和解決方案增長向量在傳統美敦力的基礎上為我們第四季度的增長貢獻了 50 個基點，目標是 40 到 60 個基點。

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 Cardiocom，我們在第四季度又簽署了 14 份商業合同，並繼續增加我們現有醫院和家庭護理提供者賬戶的患者登記。

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.

在我們的 CRHF 診斷業務中，我們已經開始使用我們獨特的基於搜索的診斷服務打入移動心臟門診遙測和事件報告市場。

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.

我們現在已經開始將 CRHF 植入式多個設備提供的心力衰竭診斷數據添加到 Cardiocom 中，創建一個全面的心力衰竭管理服務。

We also started offering Cardiocom as part of a broader bundle offering to our CVG customers.

我們還開始向 CVG 客戶提供 Cardiocom 作為更廣泛捆綁產品的一部分。

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.

在 Cath Lab 託管服務方面，我們正在實現快速增長，因為我們正迅速成為尋求提高運營效率的醫院的理想合作夥伴。

While this business started in Europe, we're now expanding our Cath Lab managed services business globally.

雖然這項業務始於歐洲，但我們現在正在全球範圍內擴展我們的 Cath Lab 託管服務業務。

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.

在第四季度末，我們與醫院系統簽訂了 50 份長期協議，這些協議的平均期限為 11 億美元，平均期限約為 5 到 6 年。

And we also have a full pipeline of potential contractors at various stages of negotiation, with providers around the world.

而且我們還擁有處於談判各個階段的潛在承包商的完整渠道，與世界各地的供應商合作。

Turning to the P&L, Q4 non-GAAP diluted EPS was $1.16.

轉向損益表，第四季度非公認會計原則攤薄後每股收益為 1.16 美元。

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.

儘管由於 Covidien 交易導致移動部件增加，以及外匯逆風增加，但我們的經營業績符合我們的預期，我們的組織在本財年結束時有效地控制了支出。

Our gross margin continues to reflect ongoing elevated levels of spending, to improve our quality systems in neuromodulation.

我們的毛利率繼續反映支出水平的持續提高，以改善我們在神經調節方面的質量系統。

This quarter, we entered into a consent decree with the FDA, which provides the path to resolution of our issues in this division.

本季度，我們與 FDA 簽訂了一項同意令，為解決我們在該部門的問題提供了途徑。

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.

我們非常認真地承擔賦予我們提供優質產品的責任，並最終確保最高水平的質量和監管一直是我個人的首要任務，也是我們在美敦力所做的一切的中心焦點。

We delivered $1.7 billion of free cash flow in Q4.

我們在第四季度實現了 17 億美元的自由現金流。

We remain disciplined in allocating our capital, with a focus on creating long-term shareholder value.

我們在分配資本方面保持自律，專注於創造長期股東價值。

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.

由於收購 Covidien，我們提高了將現金部署到美國的能力，鞏固了我們將 50% 的自由現金流返還給股東的承諾。

With this increased financial flexibility, we are in the process of reevaluating the mix of share buybacks and dividends.

隨著財務靈活性的提高，我們正在重新評估股票回購和股息的組合。

As an S&P dividend aristocrat, we remain focused on delivering dependable long-term dividend growth.

作為標準普爾股息貴族，我們仍然專注於提供可靠的長期股息增長。

In addition, we remain disciplined when evaluating potential M&A opportunities.

此外，在評估潛在併購機會時，我們仍保持自律。

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.

我們所做的任何投資都必須符合併最終加強我們的三個增長戰略中的一個或多個，同時提供高回報指標並最大限度地減少近期股東稀釋。

As we look ahead to FY16, we remain focused on delivering on our baseline financial expectations, as we continue to integrate Covidien into Medtronic.

展望 2016 財年，隨著我們繼續將 Covidien 整合到美敦力，我們將繼續專注於實現我們的基線財務預期。

We have four clear priorities guiding this process: Preserve, optimize, accelerate, and transform.

我們有四個明確的優先事項來指導這一過程：保留、優化、加速和轉型。

I mentioned preserve earlier, our first and highest priority, and we expect to continue to meet the financial commitments of both companies.

我之前提到了保留，這是我們的首要任務，我們希望繼續履行兩家公司的財務承諾。

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 財年年底將產生至少 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.

我們的第三個優先事項是加速，與評估和優先考慮眾多收入協同機會有關，其中包括利用 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 的神經血管部門來加強我們在 RTG 中的神經科學戰略。

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.

我們正在創建業界首個真正的全面中風管理業務，利用我們在神經血管領域的 Solitaire 機械血栓切除術產品和 CVG 的 LINQ 可插入心臟監護儀的變革性治療創新，其在隱源性中風患者管理中的臨床證明作用。

Our fourth and final priority is transform.

我們的第四個也是最後一個優先事項是轉型。

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.

當我們觀察世界各地的醫療保健系統並與之互動時，我們繼續看到推動試驗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訪問挑戰的關鍵機制。

Each of these efforts seek to drive higher levels of patient and system value.

這些努力中的每一項都旨在推動更高水平的患者和系統價值。

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.

在全球範圍內轉向這些基於價值的醫療保健模式為美敦力提供了獨特的機會，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.

醫療技術的正確應用以及與這些技術相關的數據和信息的熟練使用可以結合起來幫助彎曲醫療保健的成本曲線，同時產生更好的臨床結果。

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.

這正在推動我們的組織開發技術產品、服務和商業模式，從而在給定的患者護理連續體中以及在交付系統本身中帶來新的價值形式。

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.

這繼續推動我們的組織超越醫療設備，創建集成的健康解決方案，補充和提高我們的設備價值、傳統的環繞式服務和解決方案。

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.

通過現在解決這些趨勢，我們相信我們還將使美敦力在參與新興的捆綁支付和風險分擔模式中獲得獨特的地位，專注於非常具體的疾病狀態。

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.

我們正在積極與醫院系統、支付方和政府合作，他們在這些模型中工作，我們打算作為領導者繼續這樣做，以利用我們行業領先的產品、深厚的臨床和經濟專業知識、全球足跡，以及資金實力。

Ultimately, we believe this is what will differentiate Medtronic, and uniquely positions us to succeed in the ever-changing global healthcare marketplace.

最終，我們相信這將使美敦力與眾不同，並使我們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.

加里現在將帶您更詳細地了解我們的第四季度業績。

Gary?

加里？

Thanks, Omar.

謝謝，奧馬爾。

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.

在調整了 4.83 億美元的外匯不利影響後，第四季度的收入為 73.04 億美元，增長 60%，按可比固定貨幣計算增長 7%。

Legacy acquisitions and the divestitures from both Medtronic and Covidien contributed 80 basis points to growth.

美敦力和 Covidien 的傳統收購和資產剝離為增長貢獻了 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.

按地域劃分的第四季度收入結果如下：美國增長 8%，占我們總銷售額的 55%。

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.

非美國發達市場增長 5%，占我們總銷售額的 32%，新興市場增長 11%，占我們總銷售額的 13%。

Q4 diluted earnings per share on a non-GAAP basis were $1.16, a decrease of 2%.

按非公認會計原則計算，第四季度攤薄後每股收益為 1.16 美元，下降 2%。

We were breakeven on a Q4 GAAP earnings basis after several significant charges, primarily related to the Covidien acquisition.

在幾項主要與收購 Covidien 相關的重大費用之後，我們在第四季度 GAAP 收益基礎上實現了盈虧平衡。

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.

除了攤銷費用的 3.62 億美元調整外，與 Covidien 相關的稅後非 GAAP 調整包括與庫存購買價格上漲相關的 4.55 億美元費用、與收購相關的 [2.68 億美元費用項目（公司在電話會議後更正），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.

我們還收取了與某些稅收調整相關的 3.49 億美元費用，其中大部分與與 IRS 達成的擬議協議有關，以解決與收購 Kyphon 相關的所有擬議調整。

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.

6100 萬美元的 CVG 產品技術升級承諾費用，以及 2700 萬美元的淨訴訟費用，主要與額外注入客戶的準備金有關。

In our cardiac and vascular group, revenue of $2.596 billion grew 10%.

在我們的心臟和血管組中，25.96 億美元的收入增長了 10%。

This was the result of strong performance in all three divisions.

這是所有三個部門都表現出色的結果。

Cardiac rhythm and heart failure, coronary and structural heart, and aortic and peripheral vascular.

心律和心力衰竭，冠狀動脈和結構性心臟，以及主動脈和外周血管。

In cardiac rhythm and heart failure, or CRHF, revenue of $1.398 billion grew 11%.

在心律和心力衰竭（CRHF）方面，收入為 13.98 億美元，增長了 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.

這一業績是由低功率的青少年低增長、高功率的中個位數增長、AF 解決方案超過 30% 的強勁增長，以及我們在服務和解決方案方面的收入幾乎翻了一番，其中包括 Cardiocom 和 Cath Lab 管理服務收入。

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.

我們估計全球 CRHF 市場正在以中低個位數增長，我們新產品推出的優勢正在導致份額增加和定價動態普遍改善。

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.

全球採用 Reveal LINQ 繼續推動低功耗增長，這導致診斷收入環比增長超過 20%，以及美國心臟起搏器植入物的穩健增長。

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.

LINQ 不僅增加了診斷產品的銷售，而且還增加了起搏器的成功率，因為 LINQ 導致更多的心動過緩診斷和暈厥患者。

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.

展望未來，我們期待今年夏天在國際市場推出微型經導管起搏系統，然後在 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.

在高功率方面，我們的 Attain Performa CRT-D 系統憑藉其差異化的下一代四極技術、自適應 CRT 算法和省時的矢量快速編程，繼續在市場上得到廣泛採用。

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.

High power 在日本也有一個強勁的季度，自第三季度推出我們的 Evera MRI SureScan ICD 以來，我們現在已經獲得了超過 20 個點的 ICD 份額。

We expect to launch the Evera MRI ICD in the US in this fiscal year.

我們預計將在本財年在美國推出 Evera MRI ICD。

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.

我們的 AF 解決方案業務繼續在 AF 市場佔有一席之地，這得益於我們的北極前沿先進的冷凍消融系統的持續強勁增長，該系統的增長速度是整體市場增長率的兩倍多。

Turning to coronary and structural heart, or CSH, revenue of $792 million grew 9%.

談到冠狀動脈和結構性心臟（CSH），收入為 7.92 億美元，增長了 9%。

Our coronary business grew in the low single digits, driven by solid mid-single digit growth in drug-eluting stents.

受藥物洗脫支架中個位數穩健增長的推動，我們的冠狀動脈業務以低個位數增長。

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.

在歐洲，我們推出 Resolute Onyx 導致 DES 份額環比增長 400 個基點，價格下跌的連續放緩。

Resolute Onyx features enhanced visibility and thinner struts, to improve deliverability.

Resolute Onyx 具有增強的可見性和更薄的支柱，以提高交付能力。

We began the US pivotal trial for Resolute Onyx in March, and are currently forecasting an FY18 FDA approval.

我們於 3 月開始了 Resolute Onyx 在美國的關鍵試驗，目前預計 FY18 將獲得 FDA 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.

在我們更廣泛的冠狀動脈產品供應中，我們也看到了強度的增加，特別是在氣球方面，我們在成功推出差異化的 Euphora PTCA 氣球系列後獲得了 400 個基點的份額。

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.

在腎臟去神經支配方面，我們於 4 月宣布啟動 SPYRAL HTN 全球臨床試驗計劃，其中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的不受控制的高血壓。

Based on the outcome of these two initial studies, we will then evaluate next steps for our pivotal study.

根據這兩項初步研究的結果，我們將評估我們關鍵研究的下一步。

Our structural heart business grew in the upper teens, driven by another strong quarter in transcatheter valves, which grew nearly 50%.

我們的結構性心臟業務在青少年時期增長，這得益於經導管瓣膜另一個強勁的季度增長近 50%。

In the US, our continued rollout of CoreValve is driving growth, and resulting in both sequential and year-over-year share gains.

在美國，我們持續推出 CoreValve 正在推動增長，並帶來連續和同比的份額增長。

We added approximately 40 additional new centers in the quarter, and now have more than 275 US centers trained since launch.

我們在本季度增加了大約 40 個新的中心，自推出以來，現在有超過 275 個美國中心接受了培訓。

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.

3 月下旬，我們獲得 FDA 批准在失敗的生物假體中使用 CoreValve，也稱為瓣膜植入瓣，這進一步促進了我們在美國的增長。

As CoreValve is the only TAVR product approved for this indication, it makes CoreValve an indispensable offering for every practicing TAVR center.

由於 CoreValve 是唯一獲准用於該適應症的 TAVR 產品，它使 CoreValve 成為每個 TAVR 執業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，我們的業務連續佔有份額。我們看到客戶對這個下一代自擴展平台的強烈熱情，它可以在手術過程中重新捕獲和重新定位閥門。

Its differentiated 14 French equivalent delivery catheter, allowing access to smaller anatomies, and its redesigned inflow and skirt, to help promote annular sealing.

其差異化的 14 法式等效輸送導管，允許進入較小的解剖結構，其重新設計的流入和裙部有助於促進環形密封。

Evolut R is receiving tremendous feedback on its clinical outcomes, overall ease-of-use, and procedural efficiencies.

Evolut R 正在收到關於其臨床結果、整體易用性和程序效率的巨大反饋。

The FDA submission of Evolut R is complete, and we are targeting a first-half FY16 approval and US launch.

Evolut R 的 FDA 提交已完成，我們的目標是在 2016 財年上半年獲得批准並在美國上市。

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.

FDA 最近還允許我們開始在我們的 SURTAVI 試驗中植入 Evolut R，並將試驗的註冊要求減少到 1,400 名患者，我們認為這將美國中間風險批准的時間表至少提前一年。

We have already enrolled approximately 1,250 patients in SURTAVI, and we expect to complete enrollment over the next several months.

我們已經在 SURTAVI 招募了大約 1,250 名患者，我們預計將在未來幾個月內完成招募。

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.

在日本，我們在 3 月份獲得了 PMDA 對 CoreValve 的批准，併計劃在今年秋天全面推出，此前預計在 10 月份獲得報銷批准。

In our aortic and peripheral vascular division, or APV, revenue of $406 million grew 9%.

在我們的主動脈和外周血管部門（APV）中，4.06 億美元的收入增長了 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.

在我們的 IN 在美國成功推出的推動下，主動脈業務以低個位數增長，外周血管業務在十幾歲左右增長。

PACT Admiral drug-coated balloon.

PACT Admiral 藥物塗層球囊。

We estimate that the IN.

我們估計IN。

PACT Admiral is the leading DCB in the US market, in just its first quarter of launch.

PACT Admiral 是美國市場領先的 DCB，僅在其第一季度推出。

This leadership position was obtained without the benefit of having a full quarter of a combined Medtronic and legacy Covidien peripheral sales force.

這一領導地位的獲得併沒有獲得美敦力公司和傳統 Covidien 外圍銷售團隊一整季度的優勢。

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.

我們預計這家 DCB 將通過其個人收入貢獻以及通過使用多線承包在我們更廣泛的外周血管產品線中推動份額的能力，在未來幾個季度推動我們 APV 部門的增長。

Looking at our DCB pipeline, we expect to obtain FDA approval for our 150 millimeter IN.

看看我們的 DCB 管道，我們希望獲得 FDA 對我們 150 毫米 IN 的批准。

PACT Admiral balloon in Q4 FY16, or early Q1 FY17.

PACT Admiral 氣球在 2016 財年第四季度或 2017 財年第一季度初。

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.

此外，我們預計 Admiral 的擴展適應症將在 2016 財年下半年提交 PMAS US 用於支架內再狹窄適應症，並在 2016 財年末提交 CE 標誌用於 AV 瘻管適應症。

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.

我們現在也在完成對我們重新設計的用於膝蓋以下的 DCB 的台架測試，我們預計將在 2016 財年提交 CE 標誌。

Now turning to our minimally invasive therapies group, which consists of the majority of legacy Covidien businesses.

現在轉向我們的微創治療團隊，該團隊由 Covidien 的大部分傳統業務組成。

Revenue of $2.387 billion grew 6%, which included a net 140 basis point contribution from acquisitions and divestitures.

收入為 23.87 億美元，增長 6%，其中包括來自收購和資產剝離的 140 個基點的淨貢獻。

MITG's revenue performance was driven by double-digit growth in surgical solutions, and low single digit growth in patient monitoring and recovery.

MITG 的收入表現受到手術解決方案的兩位數增長以及患者監測和康復的低個位數增長的推動。

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.

手術解決方案收入為 12.93 億美元，增長 10%，其中高級手術的高個位數增長，普通外科的低個位數增長，早期技術的增長超過 40%。

Advanced surgical had a strong quarter, with balanced low double-digit growth in both stapling and energy.

高級外科手術的季度表現強勁，吻合器和能源的低兩位數增長保持平衡。

Stapling results benefited from the continued rollout of new products, including the Endo GIA Reinforced Reload.

裝訂結果得益於新產品的持續推出，包括 Endo GIA Reinforced Reload。

In energy, we are seeing strong procedural growth, particularly in vessel sealing.

在能源方面，我們看到了強勁的程序增長，特別是在容器密封方面。

Our early technologies business also had solid growth across all three product lines: GI solutions, advanced ablation, and interventional solutions.

我們的早期技術業務在所有三個產品線中也實現了穩健增長：胃腸道解決方案、高級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.

從地理位置來看，美國和中國的外科解決方案均表現強勁，實現了兩位數的增長。

Surgical solutions continues to focus on driving minimally invasive surgery adoption globally.

手術解決方案繼續專注於推動全球微創手術的採用。

Patient monitoring recovery revenue of $1.094 billion grew 2%.

患者監測恢復收入為 10.94 億美元，增長 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.

該部門由以中個位數增長的患者監測業務以及以低個位數增長的護理和氣道和通氣業務的實力引領。

This offset low single-digit declines in patient care.

這抵消了患者護理的低個位數下降。

Growth in the patient monitoring business resulted from a strong US flu season, which drove pulse oximetry sales.

患者監測業務的增長得益於美國流感季節的強勁增長，這推動了脈搏血氧儀的銷售。

Now moving to our restorative therapies group, revenue of $1.854 billion grew 5%.

現在轉到我們的恢復療法集團，18.54 億美元的收入增長了 5%。

Results were driven by growth in surgical technologies, neuromodulation and neurovascular, partially offset by modest declines in spine.

結果是由外科技術、神經調節和神經血管的增長推動的，部分被脊柱的適度下降所抵消。

Spine revenue of $743 million declined 2%.

脊柱收入為 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.

BMP 的低個位數增長被核心脊柱和介入性的低個位數下降所抵消。

Both the global and US core spine markets grew in the low single digits consistent with last quarter.

全球和美國核心脊柱市場均以與上一季度一致的低個位數增長。

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.

在我們的核心脊柱業務中，PL 和頸椎病均有所下降，但隨著我們繼續向市場推出創新技術，預計這兩項業務都會有所改善，並且這些新產品將成為我們銷售組合的重要組成部分。

In PL, we're expecting FY16 rollouts of new technologies for our OLIF25 and the 51 procedures.

在 PL，我們預計 2016 財年將為我們的 OLIF25 和 51 程序推出新技術。

Our new Elevate expandable cage and SOLERA Voyager, our new minimally invasive lumbar pedicle screw system.

我們新的 Elevate 可擴展籠和 SOLERA Voyager，我們新的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.

在頸椎方面，我們繼續看到採用我們的 PRESTIGE LP 頸椎間盤和創新的解剖型 PTC 椎間盤。

We are also now beginning the launch of our divergent standalone interbody cage, and the ZEVO Anterior Cervical Plate System.

我們現在也開始推出我們不同的獨立椎間籠和 ZEVO 頸椎前路板系統。

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.

我們的脊柱部門還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持技術、手術工具、脊柱植入物和專業知識，以改善手術結果和效率。

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.

這包括在脊柱手術中使用 OR 成像和 StealthStation 導航，這兩種支持技術的強勁增長在我們的外科技術部門得到了認可。

In neuromodulation, revenue of $518 million increased 6%, driven by double-digit growth in DBS and midteens growth in gastro-uro.

在神經調節方面，5.18 億美元的收入增長了 6%，這得益於 DBS 的兩位數增長和 Gastro-uro 的青少年增長。

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.

在星展銀行，我們對神經科醫生轉診計劃的全球關注，以及國際市場早期刺激數據的實力繼續推動穩健增長。

In gastro-uro, we continue to see strong growth and sales of the InterStim system.

在 Gastro-uro，我們繼續看到 InterStim 系統的強勁增長和銷售。

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.

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，這是由於負面報銷變化影響了試用活動和新植入物的增長。

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.

然而，憑藉我們的 RestoreSensor SureScan MRI 脊髓刺激系統的優勢，我們的全球疼痛刺激份額按順序增長，該系統具有專有的自適應刺激、自動刺激調整功能以及身體任何部位的 MRI 掃描。

Turning to our surgical technologies division, revenue of $461 million grew 9%, driven by solid balanced growth across all three businesses.

談到我們的外科技術部門，在所有三個業務的穩健平衡增長的推動下，收入 4.61 億美元增長了 9%。

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.

神經外科以中個位數增長，反映了全球 OR 和外科成像單元銷售的創紀錄水平、隱形患者導航服務收入的持續增長以及 Visualase MRI 引導的激光消融的貢獻。

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.

EMT 兩位數的低增長是由於客戶持續大量採用我們的 StraightShot M5 微型除顫器和 NuVent 鼻竇球囊，部分被第三季度發生的 MicroFrance 剝離所抵消。

In advanced energy, strong adoption of our proprietary Aquamantys tissue sealing and PEAK PlasmaBlade technologies drove upper teens growth.

在先進能源方面，我們專有的 Aquamantys 組織密封和 PEAK PlasmaBlade 技術的大力採用推動了青少年的增長。

In neurovascular, revenue of $132 million grew 23%.

在神經血管領域，1.32 億美元的收入增長了 23%。

The division, formerly part of legacy Covidien, had a strong double-digit growth across coils, stents, flow diversion, and access.

該部門以前是傳統 Covidien 的一部分，在線圈、支架、分流和通路方面實現了兩位數的強勁增長。

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.

在支架方面，我們看到我們的 Solitaire FR 血運重建裝置得到了廣泛採用，繼 2 月份在國際中風會議上提出了四項有意義的臨床試驗，隨後在《新英格蘭醫學雜誌》上發表了其中三項研究。

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.

這些研究提供的證據表明，除了 IV TPA 之外，應該改變治療中風的護理標準，將支架血栓切除術作為主要治療方法。

In our flow diversion portfolio, we also saw strong growth as a result of continued US launch of the Pipeline Flex embolization device.

在我們的分流產品組合中，由於 Pipeline Flex 栓塞裝置在美國的持續推出，我們也看到了強勁的增長。

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.

在我們的糖尿病組中，4.67 億美元的收入增長了 8%，由於我們在美國和非美國發達市場繼續採用我們的 CGM 傳感器增強型胰島素泵系統，實現了穩定的高個位數增長。

In the US, we continue to see strong adoption of our MiniMed 530G with the Enlite CGM sensor.

在美國，我們繼續看到我們的 MiniMed 530G 與 Enlite CGM 傳感器的廣泛採用。

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.

在美國以外的發達市場，增長是由我們推出的下一代 MiniMed 640G 系統推動的，該系統在澳大利亞和歐洲配備了增強型 Enlite CGM 傳感器。

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.

除了採用全新的胰島素泵設計和用戶界面外，MiniMed 640G 系統還採用 SmartGuard 技術，該技術可以在傳感器葡萄糖水平預計接近下限時自動暫停胰島素輸送，然後在水平恢復後恢復胰島素輸送。

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.

我們在將這項技術引入美國方面繼續取得進展，併計劃在本日曆年晚些時候提交該系統的 PMA。

In Q4, we continued to advance the development of our artificial pancreas technology through a minority investment in DreaMed Diabetes.

在第四季度，我們通過對 DreamMed Diabetes 的少數投資繼續推進人工胰腺技術的發展。

Which included licensing their MD-Logic artificial pancreas algorithm.

其中包括許可他們的 MD-Logic 人工胰腺算法。

We also continued to make progress in our diabetes services and solutions division, with three business development announcements in Q4.

我們還在糖尿病服務和解決方案部門繼續取得進展，在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.

首先，我們對糖尿病管理統一平台開發商 Gluco 進行了少數投資。

Second, we announced a partnership with IBM Watson Health to develop a new generation of personalized diabetes management solutions.

其次，我們宣布與 IBM Watson Health 合作開發新一代的個性化糖尿病管理解決方案。

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.

第三，我們收購了總部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一種真正獨特的創新護理模式，我們打算隨著時間的推移將其擴展到全球。

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.

總而言之，這些公告表明我們專注於將我們的糖尿病集團從市場領先的泵和傳感器公司轉變為整體糖尿病管理公司，專注於在結果和成本方面產生真正的差異。

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.

轉向損益表的其餘部分，在調整了前面提到的某些非 GAAP 項目以及外匯 10 個基點的負面影響後，我們的第四季度營業利潤率為 29.6%，其中包括非 GAAP 營業毛利率， SG&A 和 R&D 分別為 70.8%、32.6% 和 6.9%，顯示了我們通常在第四季度看到的 SG&A 和 R&D 的槓桿率。

Also included in the operating margin was net other income of $20 million, including net gains from our hedging program of $139 million.

營業利潤率中還包括 2000 萬美元的其他淨收入，其中包括來自我們對沖計劃的 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.

我們以發達市場貨幣對沖大部分經營業績，以減少外匯收益的波動。

In addition, a growing portion of our profits are unhedged, especially in emerging market currencies, which can create some modest volatility in our earnings.

此外，我們越來越多的利潤沒有對沖，尤其是新興市場貨幣，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.

根據當前匯率，我們預計 2016 財年其他淨支出將在 2.15 億美元至 2.75 億美元之間，其中包括美國醫療器械稅的預期影響約 2.05 億美元。

For Q1 FY16, we expect net other expense to be in the range of $65 million to $75 million based on current exchange rates.

對於 2016 財年第一季度，我們預計基於當前匯率的淨其他費用將在 6500 萬美元至 7500 萬美元之間。

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.

值得注意的是，在第四季度，我們以發達市場貨幣對 2016 財年 Covidien 的大部分預期傳統經營業績進行了對沖，這與美敦力以近期市場匯率計算的做法一致。

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.

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介於 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 個基點的運營槓桿，被預計外匯影響約為 70 個基點。

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.

由於我們通過收購 Covidien 實現了成本協同效應，以及繼續執行 Covidien 和 Medtronic 的傳統槓桿計劃，大部分營業利潤率的提高將來自 SG&A。

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.

我們預計上半年的營業利潤率將低於此範圍，下半年會有所改善，因為外匯逆風減弱，成本協同效應加速。

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.

在營業利潤線以下，第四季度的淨利息支出為 1.86 億美元，比前幾個季度顯著增加，因為我們現在將 2014 年 12 月 170 億美元債券發行的增量利息支出包括在內，用於為 Covidien 收購提供資金。

At the end of Q4, we had approximately $19.5 billion in cash and investments, and $36.2 billion in debt.

在第四季度末，我們擁有大約 195 億美元的現金和投資，以及 362 億美元的債務。

In Q1, we expect to retire $1 billion of maturing debt, using existing cash.

在第一季度，我們預計將使用現有現金償還 10 億美元的到期債務。

Based on current rates, we would expect FY16 net interest expense to be approximately $750 million, including approximately $210 million in Q1.

根據目前的利率，我們預計 FY16 的淨利息支出約為 7.5 億美元，其中包括第一季度的約 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.

我們在第四季度以現金為基礎的非 GAAP 名義稅率為 15.4%，低於預期，這主要是由於按司法管轄區確定了利潤組合，這導致我們降低了年度稅率，從而實現了有利的追趕。

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.

我們預計 2016 財年非公認會計原則的現金名義稅率將在 16% 至 18% 的範圍內，因為我們預計在個人過期的美國研發稅收抵免恢復之前將處於該範圍的高端。

In Q4, we generated $1.7 billion in free cash flow.

在第四季度，我們產生了 17 億美元的自由現金流。

We remain committed to returning 50% of our free cash flow, excluding one-time items to shareholders.

我們仍然致力於將 50% 的自由現金流返還給股東，不包括一次性項目。

In Q4, we repurchased $300 million of our common stock, and paid $435 million in dividends.

在第四季度，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。

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.

雖然我們在 4 月份支付的部分股息被視為美國稅收目的作為資本回報，但我們的預期是，我們將越來越多地在美敦力 PLC 層面積累利潤，並隨著時間的推移轉向完全被視為回報的股息的收益。

As of the end of Q4, we had a remaining authorization to repurchase approximately 30 million shares.

截至第四季度末，我們還有剩餘的回購約 3000 萬股的授權。

Fourth-quarter average daily shares outstanding on a diluted basis were 1.441 billion shares.

四季度攤薄後日均流通股為14.41億股。

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.

值得注意的是，我們從股票期權贖回中獲得的現金（第四季度為 1.72 億美元）也將繼續用於在公開市場上回購股票，以部分抵消攤薄影響。

These share repurchases are incremental to our commitment to return 50% of our free cash flow to shareholders.

這些股票回購是對我們將 50% 的自由現金流返還給股東的承諾的增量。

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.

對於 2016 財年，我們預計稀釋後的加權平均流通股在約 14.43 億美元至 14.37 億美元之間，包括第一季度約 14.39 億股。

Let me conclude by commenting on our initial FY16 revenue outlook and earnings per share guidance.

最後，讓我評論一下我們最初的 FY16 收入展望和每股收益指引。

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.

我們認為 4% 至 6% 的基本運營收入增長，加上我們第一季度額外銷售週的 100 至 150 個基點的增量預期收入，均以可比較的固定貨幣為基礎，對 2016 財年來說是合理的。

This operational revenue growth expectation is consistent with our stated baseline financial goal of consistently delivering mid-single digit revenue growth.

這一運營收入增長預期與我們聲明的基線財務目標一致，即持續實現中個位數的收入增長。

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.

我們的收入前景假設 CVG、MITG 和 RTG 在中個位數增長，糖尿病在上個位數到下個位數範圍內增長，所有這些都是在可比較的固定貨幣基礎上進行的，包括額外一周的預期收益。

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.

雖然我們無法預測貨幣變動的影響，但讓您感覺，如果匯率的外匯影響在本財年剩餘時間內保持與昨天相似，那麼我們 2016 財年的收入將受到約 13 億美元的負面影響，至15 億美元，包括第一季度的 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.

轉向關於底線的指導，我們認為將每股現金收益建模在 4.30 美元至 4.40 美元之間是合理的，其中包括基於當前匯率的預期 0.40 美元至 0.50 美元的負面外匯影響，以及大約 3 億美元至 350 美元收購 Covidien 帶來了數百萬目標價值捕獲協同效應。

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.

當您考慮您的 FY16 模型和季度門控時，值得注意的是，這種外匯對每股收益的影響比我們在第三季度財報電話會議上給出的估計低 0.10 美元，而且負外彙的百分比更高。影響發生在上半年，而更多的價值捕獲協同效應發生在本財年後期。

As in the past, my comments on guidance do not include any unusual charges or gains that might occur during the fiscal year.

與過去一樣，我對指導的評論不包括本財政年度可能發生的任何異常費用或收益。

I will now turn it back over to Omar.

我現在將把它交給奧馬爾。

Thanks, Gary.

謝謝，加里。

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.

在開啟問答環節之前，讓我簡要總結一下，第四季度是另一個強勁的季度，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.

展望未來，雖然我們面臨來自外彙的更大阻力，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準財務模型、中個位數的固定貨幣收入增長、每股收益增長 200 至在運營基礎上比收入快 400 個基點，並將我們 50% 的自由現金流返還給股東。

To achieve these goals, we continue to execute on our three primary strategies: therapy innovation, globalization, and economic value.

為了實現這些目標，我們繼續執行我們的三個主要戰略：治療創新、全球化和經濟價值。

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.

我們希望我們努力提供一致和可靠的業績，再加上嚴格的資本配置，將使我們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.

有了這個，我們現在將打開電話線進行問答。

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.

除了 Gary，我還問過我們心臟和血管組總裁 Mike Coyle； Bryan Hanson，我們的微創治療組總裁； Chris O'Connell，Restorative Therapies Group 總裁；和我們糖尿病組總裁 Hooman Hakami 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.

我們很少能回答每個人的問題，所以請限制自己只回答一個問題，並且只跟進一個。

If you have additional questions, please contact our investor relations team after the call.

如果您還有其他問題，請在通話後聯繫我們的投資者關係團隊。

Operator, first question, please?

接線員，請問第一個問題？

Mike Weinstein, JPMorgan.

摩根大通的邁克·溫斯坦。

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.

奧馬爾，作為一個起點，如果我看看你的美國業務，這肯定是你在公司相當長一段時間內表現最好的季度之一，我希望你能談談你對美國醫療器械終端市場健康狀況的看法.

You obviously have, at Medtronic, a number of products that are driving specific Medtronic growth from LINQ to CoreValve, across the portfolio.

顯然，在美敦力，您有許多產品正在推動美敦力在整個產品組合中從 LINQ 到 CoreValve 的特定增長。

How do you feel about the health of the overall US medical device market?

您如何看待整個美國醫療器械市場的健康狀況？

Do you think that it's picked up over the last few quarters?

你認為它在過去幾個季度有所回升嗎？

Yes.

是的。

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.

當然有，因為如果你只看整個程序的數量，看看醫院系統報告的程序，以及我們自己的經驗，市場肯定已經回升。

But I would add like three factors, some of which you mentioned already.

但我想補充三個因素，其中一些你已經提到過。

Which has contributed to our performance.

這對我們的表現做出了貢獻。

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.

首先是市場整體回暖和穩定，現在我認為這與人口統計預期的增加直接相關。

So that's certainly there.

所以那肯定是存在的。

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.

此外，我認為，正如您所指出的，我們新產品的融合，幾乎同時出現，給了我們一個推動力。

There's no question about it.

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.

最後，我們還沒有完全量化它，但是我們的一些植入式設備從非常強勁的診斷監測銷售或 LINQ 設備銷售中產生了拉動效應。

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.

我們不知道那是多少，但我認為這三者加在一起可能是推動美國增長的主要因素。

Gary, let me get to the FY16 guidance.

加里，讓我來看看 2016 財年的指導。

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?

因此，外匯對每股收益的增量影響為 0.10 美元，部分原因是您對沖了季度內的 Covidien 風險敞口，在某些時候利率較低？

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?

然後我從你的評論中假設外匯影響的時間，協同效應的好處的時間，以及你的稅率，還有一個項目，當我們考慮到整個過程中的收益節奏時2016，我們可能應該期待它更多的後半載？

Thanks.

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.

邁克，回到外匯問題，與我們之前對外彙的估計相比，0.10 美元的大部分變化主要是因為我們在第四季度對沖 Covidien，匯率甚至低於我們最初提供了 0.30 美元至 0.40 美元的指導。

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.

所以是的，事實是我們確實在我們的對沖計劃中加入了 Covidien，但不幸的是，當我們在對沖計劃中加入 Covidien 時，我們的匯率可能與我們目前的水平相似，這產生了額外的損失從整體外彙的角度來看。

So that's the majority of the $0.10.

所以這是 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.

其餘的是，僅從我們沒有對沖 100% 甚至美敦力（Medtronic）收益的角度來看，會有一些輕微的影響。

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.

它更像是 80%，因此對外彙的影響仍然會變得更糟，因為他們之前的財報電話會議甚至對美敦力 (Medtronic) 的對沖部分。

But the majority of it was locking in Covidien under contracts, that basically increased the potential negative hit going forward.

但其中大部分是根據合同鎖定 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.

現在，好消息是他們被鎖定了，所以我們顯然需要進一步改變，因此應該盡量減少。

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.

正如您所指出的，正如我們所期待的那樣，我認為現在，從我所看到的一些模型來看，我認為有些人的前端加載可能有點過多。

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.

還會有更多，根據我們前進的結果，今年上半年外匯受到的打擊顯然要大得多，假設利率保持不變，下半年會少一些。

As you said, the tax rate's going to be a bit higher in the first, until we get the R&D credit approved.

正如你所說，在我們獲得研發信貸批准之前，稅率會先高一點。

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.

隨著我們一年的過去，價值捕獲將會發生，所以它顯然會升級，並且在今年下半年對價值捕獲有更多好處。

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.

因此，我認為在每股收益指引方面，一些模型可能需要從上半年轉向下半年。

Okay.

好的。

Perfect.

完美的。

I'll let some others jump in.

我會讓其他人加入。

Thanks.

謝謝。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

I wanted to start with some of your comments towards the end of the call, regarding capital deployment.

我想從你在電話會議結束時的一些評論開始，關於資本部署。

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.

我知道在 2 月份的電話會議中，您已經開始談論與股息和回購混合相關的潛在轉變，並預計 6 月份會更新股息。

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?

A，仍然是這種情況，B，你可以在這個時間點提供圍繞該變化幅度的任何其他顏色嗎？

Well, first, yes.

嗯，首先，是的。

We clearly have more flexibility, as we've talked about several times, with increased access to overseas cash.

正如我們多次談到的那樣，我們顯然擁有更大的靈活性，可以增加獲得海外現金的機會。

And I think also, our increased operating productivity that we'll get from synergies is a factor that we have to consider.

而且我還認為，我們將從協同效應中獲得的運營生產力提高是我們必須考慮的一個因素。

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.

因此，在此基礎上，我們正在研究我們的整體資本配置策略，我們將在很短的時間內盡快向您介紹這一點。

That's I think all I can say at this point.

在這一點上，我想我能說的就這些了。

Okay.

好的。

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.

然後也許只是對脊椎的跟進，這是一項在過去幾個季度中起伏不定的業務，但看起來整個終端市場確實顯示出一些改善的跡象，至少在過去，稱之為， 12個月。

That's not something in which Medtronic has necessarily participated.

這不是美敦力必須參與的事情。

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?

您能否更詳細地說明脊椎的周轉計劃是什麼，以及您從什麼時候開始考慮對該業務進行更重大的改變？

Either the senior management or sales level?

是高級管理人員還是銷售人員？

Well, there are number of points.

嗯，有很多點。

First of all, from an overall perspective, you're right.

首先，從整體上看，你是對的。

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.

業務本身，孤立地看，並沒有完全跟上市場的趨勢，至少在過去的 12 個月裡，我會說。

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.

但這有一個短期策略，這顯然與一些新產品的時間安排有關，我們將在短期內看到這些新產品在接下來的幾個季度中發揮作用。

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.

這有一個長期的方面，因為我們一直說我們在該領域的戰略實際上是一個綜合戰略，利用我們在資本設備和手術工具方面的整體能力，連同脊柱，為我們提供競爭優勢.

And to that effect, we've reorganized our commercial teams at the regional management level.

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.

這已經到位了。

We've done that both in the US and in Europe.

我們在美國和歐洲都這樣做了。

And we'll have to see how that plays out.

我們必須看看結果如何。

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.

我認為這確實是我們的戰略，我們將密切關注未來幾個季度我們在這兩個方面的表現。

Okay.

好的。

Thank you.

謝謝你。

Kristen Stewart, Deutsche Bank.

德意志銀行的克里斯汀·斯圖爾特。

Gary, I was wondering if you could go into a little bit more on the tax rate?

加里，我想知道你是否可以在稅率上多談一點？

You had mentioned that during the quarter you had settled some related to Kyphon.

你曾提到，在本季度你已經解決了一些與 Kyphon 有關的問題。

I'm not sure if that's all of the IRS settlement that you were referring to at the investor day last year.

我不確定這是否就是你在去年投資者日提到的所有 IRS 和解。

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.

然後，就全年 16% 至 18% 的指導而言，也許只是引導我們了解你是如何到達那裡的，因為至少我預計稅率會低一點，鑑於收盤後您對 Covidien 的一些評論，利率下降了約 200 個基點。

Not sure if it's related to the settlement there with the IRS.

不知道這是否與國稅局的和解有關。

Okay.

好的。

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.

首先，關於 Kyphon 方面以及我們在本季度與 Kyphon 相關的指控，這與幾年前美國國稅局提出的與我們收購 Kyphon 有關的問題有關，其中我們基本上使用了美國現金和美國現金的組合來完成，對於其中有多少應納稅等等存在爭議。

So as you recall, we used about $3.3 billion of OUS cash to do that transaction.

您還記得，我們使用了大約 33 億美元的 OUS 現金來進行該交易。

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.

我們最終同意的是，在初步決定中，董事會仍然必須批准這一點，但我們基本上同意與美國國稅局達成和解，最終我們支付了大約 2.75 億美元來解決這個問題。

And then interest on top of that gets you to the charge we took for the quarter overall.

然後，除此之外的興趣讓您了解我們在整個季度中收取的費用。

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.

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。

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.

這更像是與收購相關的一次性項目，但這是我們與 IRS 之間的一個主要懸而未決的問題，我們很高興能解決這個問題並超越它。

As far as the tax rate going forward on the 16% to 18%, that is basically in line with what we've expected.

就未來16%到18%的稅率而言，這基本上符合我們的預期。

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.

如果您以前回過頭來查看美敦力，請記住，現在這一切都是基於現金收益，因此如果您考慮攤銷影響，它實際上是一個較低的利率。

So you've got to make sure you're looking at apples to apples when you look at this, Kristen.

所以當你看這個的時候，你必須確保你看到的是蘋果對蘋果，克里斯汀。

But overall, Medtronic previously, we had been in that 18% to 20% range.

但總體而言，美敦力之前，我們一直處於 18% 到 20% 的範圍內。

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.

Covidien 一直在 16% 到 17% 的範圍內，然後當我們基本上把這一切都拉到一起時，你可以利用這些，正如我們所指出的，當我們挺身而出時，我們將下跌大約 200 個基點.

So as a result we end up on that 16% to 18% range.

因此，我們最終處於 16% 到 18% 的範圍內。

Is it 15.5% to 17.5%?

是 15.5% 到 17.5% 嗎？

That's how we get to the overall numbers.

這就是我們如何獲得整體數字。

So it's in line with what we've expected, and been guiding towards overall.

所以這符合我們的預期，並一直在指導整體。

Obviously, there's still a lot moving parts with respect to the tax planning and strategies, as we go forward.

顯然，在我們前進的過程中，在稅收規劃和戰略方面仍有很多變化。

But we think that range is right in line with what we saw here in Q4, as we went forward.

但我們認為這個範圍與我們在第四季度看到的一致，因為我們繼續前進。

It all depends on R&D tax credit getting renewed, all those types of things.

這完全取決於研發稅收抵免的更新，所有這些類型的事情。

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.

因此，隨著我們前進，我們對自己處於這個範圍內充滿信心，我們將不得不看看它最終會在哪裡結束，但這是我們目前的期望。

And it's in line with what we've been saying previously.

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?

對這個數字的研發稅續簽有什麼影響？

And what is the updated timeline on resolution on the transfer pricing issue?

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.

嗯，研發稅收抵免可能對整體稅率有 50 個基點左右的影響，就整體稅率而言，所以影響不大，但確實有影響。

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.

顯然，這一切都取決於它何時出現，它如何發揮作用，以及當它發生時你有多少追趕。

On the transfer pricing issue with Puerto Rico, the court heard the case.

關於波多黎各的轉讓定價問題，法院審理了此案。

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.

我們正在等待法官對此的決定，無論何時，只要法官做出決定，我們可能要等到我們財政年度結束時才會聽到有關這方面的任何消息，但這一切都取決於他們的時間。

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

法官說他們至少需要一年的時間來審查它。

So it's all based on their timing.

所以這一切都取決於他們的時間。

Okay.

好的。

Thanks very much.

非常感謝。

David Lewis, Morgan Stanley.

大衛劉易斯，摩根士丹利。

Just two quick questions.

只是兩個簡單的問題。

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.

首先，對於 Bryan 而言，外科解決方案業務繼續保持高於市場增長，儘管您的主要競爭對手給予了更加一致的努力，因此儘管表現非常穩定，但您仍繼續在該業務中遇到這些可持續性問題。

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?

因此，我想您是否可以專注於推動成功的因素，以及是什麼讓您對未來的上述市場增長充滿信心？

And I have a quick follow-up.

我有一個快速跟進。

I appreciate the question.

我很欣賞這個問題。

I feel pretty confident, you've got to first reconcile though, the fourth-quarter.

我覺得很有信心，不過你必須先調和，第四節。

It was very strong for surgical solutions, but we did have some portfolio moves in that.

手術解決方案非常強大，但我們確實在其中進行了一些投資組合舉措。

If you pull that out, we're more in the 7% growth range organically, which is still very strong versus market.

如果你把它拉出來，我們更多地處於 7% 的有機增長范圍內，這與市場相比仍然非常強勁。

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.

我們注意到我們的主要競爭對手做了一些額外的努力，但我們對我們的計劃也很有信心，所以我覺得我們可以繼續保持高於市場的增長。

We got strong momentum, as you have already referenced.

正如您已經提到的，我們的勢頭強勁。

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.

我們擁有我認為非常差異化的技術，無論是在先進的訂書機還是先進的能源領域，我們都會繼續在這兩個領域推出產品。

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.

事實上，如果我縱觀外科業務，我們將在 2016 財年推出大約 30 種產品，這將推動大約 6000 萬至 7000 萬美元的收入，就在那些2016 財年推出的產品。

So the momentum is there.

所以勢頭在那裡。

We're not getting lackadaisical in our approach though, just because we've been winning.

不過，我們並沒有因為我們一直在獲勝而變得懶散。

We are very intense in launching products that matter, and executing policy when we do.

我們非常熱衷於推出重要的產品，並在我們這樣做時執行政策。

Okay.

好的。

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.

然後奧馬爾，我猜對你來說，你一直非常專注於這個三管齊下的戰略，我想當我想到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意義，或者可能不適合你的每一個策略。

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?

您是否認為這些業務對美敦力的戰略很重要？既然您至少已經完成了交易，您能否評論有針對性的資產剝離的可能性？

The way we look at these businesses is first, are they in line with our mission or not?

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？

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.

其次，如果是的話，在這種情況下，我們定義的方式是，這些業務通過減輕疼痛、恢復健康或延長生命來共同影響患者的預後。

Second thing we look at is, is there room to improve that further?

我們要看的第二件事是，是否還有進一步改進的空間？

Is there technology capability there that can help us drive the outcomes, better outcomes in a more meaningful way?

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？

Then we look at, is the market space attractive?

那麼我們看看，市場空間是否有吸引力？

Can we grow it?

我們可以種植它嗎？

And is our team capable of delivering?

我們的團隊有能力交付嗎？

And then finally, we look at that in combination with everything else that we have from a broad value-based healthcare perspective.

最後，我們從廣泛的基於價值的醫療保健角度結合我們擁有的其他一切來看待這一點。

So we're going to have to let this thing play out.

所以我們將不得不讓這件事發揮作用。

This is, we're just beginning to put this new structure together with that kind of thinking in the business groups.

也就是說，我們剛剛開始將這種新結構與業務組中的這種思維結合在一起。

And then over time, we'll evaluate what fits or not.

然後隨著時間的推移，我們將評估什麼適合或不適合。

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.

我們一直在關注我們的整體投資組合，我們會剝離我們認為不符合整體戰略的某些項目。

So we'll look at these businesses, just like any other business, in that context.

因此，我們將在這種情況下研究這些業務，就像任何其他業務一樣。

But certainly, the main question, are they in line with our mission or not?

但可以肯定的是，主要問題是，它們是否符合我們的使命？

Can they make a difference for technology?

他們能為技術帶來改變嗎？

We think yes.

我們認為是的。

Thank you very much.

非常感謝。

Bob Hopkins, Bank of America.

鮑勃霍普金斯，美國銀行。

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?

Gary 的第一個問題是關於 2016 年與自由現金流相關的指引，您能否告訴我們您對 2016 年全球自由現金流的預期？

And then, maybe also an update on the percentage of that free cash flow that you think you'll have access to?

然後，也許還會更新您認為可以訪問的自由現金流的百分比？

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.

我認為從您的一些幻燈片中，最近建議 2016 年的自由現金流在 70 億至 75 億美元之間，但只是想確認這一點。

No.

不。

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.

我的意思是，如果你只是拿現金流，在這裡使用我們第四季度的自由現金流，17 億美元，然後使用它，按年計算，你更多的是在 68 億美元到 70 億美元的範圍內。

That's kind of what we've been talking about, overall.

總的來說，這就是我們一直在談論的。

Now, the reality is however, foreign exchange has a big impact on that free cash flow, also.

然而，現在的現實是，外匯對自由現金流也有很大影響。

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.

因此，如果你只看我們的整體年率，這就是我們所處的位置，然後你會回到奧馬爾早些時候的觀點，你會產生一些協同效應，成本和價值捕獲協同效應會受益。

But FX is going to be a headwind on cash flow also.

但外匯也將成為現金流的逆風。

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.

所以我現在的猜測是，我們的數字很可能，顯然基於外匯匯率，明顯低於 70 億美元，並且可能接近 65 億美元到 70 億美元之間，所有活動部分都在進行，僅僅是因為外匯。

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.

正如我們所指出的，我們現在確實認為，根據這些利率，我們可能會更接近，在 2016 財年時間框架內大約 60% 的現金是可用的，這將是我們目前的假設，基於數字我們看到滾滾而來。

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.

所以這就是為什麼我們承諾將 50% 的現金返還給股東，顯然我們在這一點上預期的 60% 組合具有更大的靈活性。

The other thing that's going on, Bob, that's all based on what I would call an operating basis, including the FX piece.

Bob，正在發生的另一件事是基於我所說的運營基礎，包括 FX 部分。

The other, there obviously are still some one-time items that do affect cash flow.

另一方面，顯然仍有一些一次性項目確實會影響現金流。

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.

我剛才談到的自由現金流實際上來自我們的經營業績，這就是我們所有假設的基礎。

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.

但我確實必須考慮這樣一個事實，即在我們繼續收購 Covidien 的過程中，將會有一些額外的重組，諸如此類的事情，以及我們將不得不進行的資本投資。

So that's all taken into account as we think through our overall free cash flow here for the current year.

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。

But in general, I would use right now, I think it's less than $7 billion that we've previously been talking about.

但總的來說，我現在會使用，我認為它不到我們之前談論的 70 億美元。

You're probably down more in the $6.5 billion to $7 billion, just based on what's going on with foreign exchange.

僅根據外彙的情況，您可能會在 65 億至 70 億美元之間下跌更多。

Great.

偉大的。

That's very helpful.

這很有幫助。

Thank you.

謝謝你。

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.

還有一個也是給奧馬爾的，既然您已經擁有 Covidien 顯然只有幾個月，但很想听聽您對您認為可以利用該收購的方式的最新想法，而不僅僅是成本協同效應，我在想特別是關於併購，以及利用您對全球現金流的訪問，並利用您的低稅率。

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?

只是想了解您認為可以真正利用 Covidien 交易的方式的最新信息，以及這在多大程度上幫助您制定併購戰略？

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.

嗯，第一件事是，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。

In drug coated balloon and in neurovascular, where we're getting immediate benefit, and we expect some growth acceleration as a result of that.

在藥物塗層球囊和神經血管中，我們將立即受益，我們預計會因此而加速增長。

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.

除此之外，我們已經開始在幾乎基層與工程師一起探索我們可以利用彼此技術的其他機會。

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.

現在，從併購的角度來看，使用我們擁有的額外現金，我們已經表示我們將主要關注美國的早期技術，那裡可能存在我們無法獲得的機會以我們希望的程度參與，創建一個我們認為可以產生影響的早期技術的長期技術管道，我們已經開始考慮它。

We've actually, already in the ENT area for example, we're already executed on some of these.

實際上，例如，我們已經在耳鼻喉科領域，我們已經在其中一些方面執行了。

And we've got a good pipeline of other activities that we're looking at closely.

我們正在密切關注其他活動。

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.

但除此之外，Covidien 或 MITG 業務有進行收購以定期補充其業務的歷史，我們肯定會繼續鼓勵這一過程。

And in fact, focus it even more according to the way in which we've organized overall business.

事實上，根據我們組織整體業務的方式，更加關注它。

So the M&A activity from us, certainly from a technology perspective, is very close to what we're focusing on.

所以我們的併購活動，當然從技術的角度來看，非常接近我們所關注的。

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.

更大的交易，顯然是機會主義的，我們會考慮，但這是我們整體財務帶寬和管理帶寬的問題，所以這就是我們處理這個問題的方式。

Great.

偉大的。

Thank you.

謝謝你。

Matt Taylor, Barclays.

馬特泰勒，巴克萊。

I wanted to ask one about your emerging market strategy.

我想問一個關於你們新興市場戰略的問題。

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.

你談到了一些你正在追求的合作夥伴關係以及你正在做的一些事情，以試圖提高增長率。

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?

我想我很想知道您是否改變了對可持續增長的看法，以及將 Covidien 整合到美敦力結構中是否可以幫助您在新興市場更快地增長？

Well, a number of points.

嗯，有幾點。

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.

首先，我們對新興市場的長期機會的信心和信念，如果你願意的話，確實是可以肯定的，我們完全沒有動搖這一點。

That's just a matter of fact.

這只是事實。

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.

我們接近這個市場、利用這個機會的方式，特別是在短期內，實際上比我們最初設想的更複雜、更困難。

And so the growth rate has been slower than what certainly we had originally thought.

因此，增長率肯定比我們最初想像的要慢。

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.

我認為話雖如此，我們可以可靠地預期會有相當可觀的兩位數增長，但我們希望這一數字更高。

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.

我們正在研究我們可以做到的方法——我們實際上一直在研究我們可以盡快而不是遲到的方法。

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.

正如我們所了解的那樣，渠道優化是一個關鍵因素，與政府的合作夥伴關係是一個關鍵因素，最後，推薦鏈的發展是我們需要以比以前更大的規模來處理的事情。

These are all important factors.

這些都是重要的因素。

As far as Covidien goes, there are a number of things that make us optimistic that this combination will help us.

就 Covidien 而言，有很多事情讓我們樂觀地認為這種組合將對我們有所幫助。

One, there is a complementary strength in certain markets.

一是某些市場存在互補優勢。

In the Middle East and Latin America, where between Covidien and Medtronic, we have complementary strengths.

在 Covidien 和美敦力之間的中東和拉丁美洲，我們擁有互補的優勢。

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.

因此，我們現在的新興市場形像在中國、中東、非洲和拉丁美洲之間多元化，成為新興市場的三大中心，而此前在獨立的美敦力基礎上，主要是中國。

So that gives us a little bit of diversity in these markets that we didn't have.

因此，這讓我們在這些市場中獲得了一些我們沒有的多樣性。

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.

最後，正如我們之前談到的，我們現在擁有的規模將使我們能夠比以前更有效地滲透到更多的地區，並且只需在全球範圍內增加更多的銷售團隊，無論是在國家內滲透不足的地區，還是在全新的國家，將不得不做出貢獻。

So we haven't pieced all that stuff together yet, and we are in the process of prioritizing some of those investments.

所以我們還沒有把所有這些東西拼湊在一起，我們正在優先考慮其中一些投資。

And again, we're trying to accelerate the growth profile in emerging markets with actually a pretty great sense of urgency.

再一次，我們正試圖以非常強烈的緊迫感加速新興市場的增長。

Thanks for that.

感謝那。

And then, under synergies, you've talked about at least $850 million.

然後，在協同作用下，你已經談到了至少 8.5 億美元。

I think in the past, you've referenced some opportunities to further that number through some network consolidation in your plans.

我認為在過去，您已經參考了一些機會，通過您的計劃中的一些網絡整合來進一步擴大這個數字。

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?

您認為您何時能夠向我們提供有關您認為兩家公司合併後可能產生的協同效應的可量化更新？

I think a number of things.

我想很多事情。

First of all, as we go forward, this is going to reflect in our overall productivity.

首先，隨著我們前進，這將反映在我們的整體生產力中。

I think that's the best way to do it.

我認為這是最好的方法。

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.

儘管我們將跟踪我們的價值獲取工作，但我們是非常詳細和細化的計劃，我認為在某些時候，作為組合的結果的新工作，與已經到位的加速工作相比，變得非常混合向上。

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.

而不是試圖將這些東西分開，我們將致力於從損益表中的不同項目中獲得一定水平的生產力。

And that's the way to do it.

這就是這樣做的方法。

We feel good about a long-term productivity that we can get out of this.

我們對可以從中獲得的長期生產力感到滿意。

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.

這種價值捕獲、協同努力最終將轉變為長期的生產力收益，遠遠超出我們預計的三年。

I think that's the correct way to look at it.

我認為這是看待它的正確方法。

That this becomes a productivity engine of significant magnitude that we didn't have before.

這將成為我們以前沒有的巨大生產力引擎。

And to some extent, we're pretty excited about it.

在某種程度上，我們對此感到非常興奮。

Thanks, Matt.

謝謝，馬特。

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

抱歉，我們已經過了時間，但我們將回答最後兩個問題。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Congrats on a strong quarter.

祝賀一個強勁的季度。

Gary, one clarification.

加里，一個澄清。

It's still not clear to me, is the R&D tax credit assumed in the guidance or not assumed?

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.

關於指導中假設的稅率，拉里，但我們所說的在信貸獲得批准之前，它可能會接近該範圍的高端，但假設它得到批准，那麼這將在那個範圍內。

Okay.

好的。

That's helpful.

這很有幫助。

It's basically assumed in there.

基本上是假設在那裡。

Okay.

好的。

And then for my real questions, first, Gary, the guidance, just bear with me on some numbers here.

然後對於我真正的問題，首先，Gary，指導，請容忍我這裡的一些數字。

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.

該指導意味著固定貨幣每股收益增長約為 5.6% 至 10%，如果包括額外的一周，您的銷售指導約為 5% 至 7.5%。

So therefore, the EPS guidance at the low end of the range doesn't imply any leverage.

因此，該範圍低端的每股收益指引並不意味著任何槓桿作用。

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.

另一種看待它的方式是每股收益指導是應用 4% 到 6% 的基本銷售增長，增加額外一周的好處，然後增加 200 到 400 個基點的每股收益槓桿，這讓你達到 7% 到 11.5%固定貨幣每股收益增長。

And as I said, you're guiding to constant currency EPS growth of 5.6% to 10%.

正如我所說，您正在指導 5.6% 至 10% 的固定貨幣每股收益增長。

Sorry for the long-winded question, but just curious to know why the EPS guidance appears conservative, and I just have one product question.

很抱歉這個冗長的問題，但只是想知道為什麼 EPS 指導顯得保守，我只有一個產品問題。

Thanks.

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.

好吧，拉里，我無法瀏覽你剛剛列出的所有數字，因為我沒有這些數字。

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.

讓我從這個角度來看 - 你是對的，我們的整體收入增長，正如我們所指出的那樣，是中個位數增長加上與額外一周相關的 1% 到 1.5%。

So just taking the midpoint of the range of 5%, you're saying somewhere around 6%, 6.5% revenue growth.

因此，僅取 5% 範圍的中點，您說的是大約 6%、6.5% 的收入增長。

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.

正如我們從營業利潤率的角度在整體評論中所指出的那樣，從我們正在推動的角度來看，我們知道我們前進的營業利潤率提高了 100 個基點，我們正在推動大約 400 個基點的槓桿，以及在外匯之前的運營基礎上的營業收入線。

And so the point is yes, we are getting that 400 basis points of leverage that we've talked about in the calculation.

所以重點是肯定的，我們得到了我們在計算中談到的 400 個基點的槓桿率。

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.

為了抵消，這受到外彙的負面影響，所以一切都會回來，外匯正在抵消我們所討論的大部分整體經營槓桿，我們正在努力推動。

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.

因此，隨著我們前進，考慮已發行的股票數量以及不同年份之間發生的各種稅率，其餘數字變得更加困難。

But no, the guidance is kind of in line with what we were expecting from the overall standpoint of earnings per share growing.

但是，不，該指導與我們從每股收益增長的整體角度來看的預期相符。

Again, as we've talked about, that 200 to 400 basis points faster than the revenue.

同樣，正如我們所談到的，這比收入快 200 到 400 個基點。

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.

但不幸的是，在 0.40 美元到 0.50 美元的外匯衝擊下，你將 4.30 美元到 4.40 美元，再加上 0.40 美元到 0.50 美元，我認為你會明白它是在恆定貨幣基礎上的，是顯著的槓桿作用高於收入增長。

Okay.

好的。

That's helpful.

這很有幫助。

And then on Reveal LINQ, for Mike, it's annualizing now at about $500 million.

然後在 Reveal LINQ 上，對於 Mike 來說，它現在的年化收入約為 5 億美元。

It seems like Q4 was very strong, with over 20% sequential growth.

看起來第四季度非常強勁，連續增長超過 20%。

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?

那麼您在採用該產品方面處於什麼位置，我們應該如何考慮增長，也許是在短期內，也許是未來三到五年？

And do you see any headwinds from either new competition or reimbursement pressure?

您是否看到來自新競爭或報銷壓力的任何不利因素？

Thanks for taking the questions.

感謝您提出問題。

So on LINQ overall, we have to think about it in terms of its three indications for use.

所以在LINQ整體上，我們必須從它的三個使用適應症的角度來考慮它。

So syncope, cryptogenic stroke and atrial fibrillation.

所以暈厥、隱源性中風和心房顫動。

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.

在暈厥方面，我們可能處於 20 多歲到 20 年代中期的滲透率，20%，我只是在談論美國和歐洲，因為那確實是目前唯一產生非常可觀收入的地方，並且我們仍在世界其他地方建立報銷。

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.

在隱源性中風中，它更像是 5% 的滲透，然後當您查看心房顫動時，它更像是 1% 到 2% 的滲透，因此仍然存在大量的增長機會，顯然在產品中。

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.

現在，我們不指望那些在電子領域具有基本能力的競爭對手會看到這一點並忽略它，所以我們預計在某個時候會看到競爭對手，但坦率地說，我們還沒有看到任何東西。

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.

我認為我們現在正處於我們看待我們的五年計劃的一個階段，我們認為這將在其整體診斷銷售方面為整個公司貢獻 10 億美元。

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.

正如 Omar 所指出的，當你看到暈厥患者時，你將其中一個設備放入其中，大約 8% 到 9% 的患者會在一年內安裝起搏器，到第三年時，它更像是 20%，所以它確實是我們在美國看到的低功率增長的根源，就單位增長而言。

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.

所以我們認為這是一條重要的產品線，就它在產品銷售方面對我們的作用而言，但它現在也為我們提供了服務收入機會，長期監測患者。

And so we'll be updating that as our plans develop.

因此，隨著計劃的發展，我們將對其進行更新。

Thank you.

謝謝你。

Thanks, Larry.

謝謝，拉里。

Time for one last question.

最後一個問題的時間。

Bruce Nudell, Credit Suisse.

布魯斯·努德爾，瑞士信貸。

This is Matt in for Bruce.

這是布魯斯的馬特。

Thanks for taking the questions.

感謝您提出問題。

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?

首先，對於邁克來說，就在您的新聞稿中，高度強調在全球範圍內增長 50%，在美國增長 30%，這意味著除美國以外的增長非常顯著，同比增長 60%，我認為是 3000 萬美元加緊，根據我們的數學計算，我們的數字是否合理正確，您能否告訴我們是什麼推動了那裡的收益？

Was there any stocking or destocking ahead of, or with the launch of the new sizes, or anything else there?

在推出新尺寸之前，或在推出新尺寸時，是否有任何庫存或去庫存？

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.

需要明確的是，30% 的數字是心臟瓣膜治療的數字，所以它是我們的經導管瓣膜和手術瓣膜的組合。

So actually, the TAVI growth in the United States is faster than the international growth.

所以實際上，美國的 TAVI 增長速度快於國際增長速度。

Okay.

好的。

That makes sense.

那講得通。

Can you give us any color on how those split out?

你能告訴我們這些是如何分裂的嗎？

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.

因此，我們的總體增長約為 50%，在美國，我們在本季度的 TAVI 收入同比幾乎翻了一番。

So the US is considerably faster, in terms of its overall growth.

因此，就整體增長而言，美國要快得多。

Okay.

好的。

Just one follow-up on the leadless pacer launch you talked about this summer.

只是你今年夏天談到的無鉛起搏器發射的後續行動。

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?

您能否談談您何時可以進行報銷，以及您預計該產品何時全面推出，您是否看到更多的單位份額收益來源，或者您是否有更多的溢價定價機會？

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.

如此重要，我只是想結束，我們不會在美國進行任何有意義的經導管瓣膜庫存，只需完成您的第一個問題。

On the transcutaneous pacing product line, obviously we're talking about OUS now, or Europe, with the CE mark that we now have.

在經皮起搏產品線上，顯然我們現在談論的是 OUS，或者歐洲，我們現在擁有的 CE 標誌。

And there is no separate reimbursement in the sense of this product line obtaining different reimbursement in Europe.

並且在該產品線在歐洲獲得不同報銷的意義上沒有單獨的報銷。

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.

因此，它基本上是針對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一個機會，看到混合轉向更多的單腔起搏，因為該產品線提供的好處就較低的預期並發症發生率而言。

So we think it's an important breakthrough, but you will see us be very deliberate in the rollout of this product.

所以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慎重。

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.

它需要與標準起搏器所具有的完全不同的植入技術，因此您會看到我們在推出此產品時進行了非常重要的培訓和教育，這將限制其發展的一些速度。

Okay.

好的。

Thank you.

謝謝你。

Thanks, everyone.

感謝大家。

And thanks to all of you for those great questions.

感謝大家提出這些好問題。

And with that, on behalf of our entire management team, thank you again for your continued support and interest in Medtronic.

在此，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。

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.

我們期待在第一季度電話會議上向您更新我們的進展情況，我們預計會在 9 月 3 日舉行。謝謝，祝您有美好的一天。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This does conclude today's conference call.

這確實結束了今天的電話會議。

You may now disconnect.

您現在可以斷開連接。