美敦力 (MDT) 2016 Q1 法說會逐字稿

Welcome to Medtronic's first-quarter earnings conference call.

歡迎參加美敦力第一季財報電話會議。

(Operator Instructions)

（操作員指示）

It is now my pleasure to turn the call over to Ryan Weispfenning, Vice President of Investor Relations. Please go ahead, sir.

現在我很高興將電話轉給投資人關係副總裁 Ryan Weispfenning。先生，請繼續。

Thank you, Maria. Good morning. Welcome to Medtronic's first-quarter conference call and webcast. During the next hour, Omar Ishrak, Medtronic Chairman and Chief Executive Officer; and Gary Ellis, Medtronic Chief Financial Officer, will provide comments on the results of our FY16 first quarter, which ended July 31, 2015. After our prepared remarks, we'll be happy to take your questions.

謝謝你，瑪麗亞。早安.歡迎參加美敦力第一季電話會議和網路廣播。在接下來的一個小時裡，美敦力公司董事長兼執行長 Omar Ishrak 和美敦力公司財務長 Gary Ellis 將對截至 2015 年 7 月 31 日的 2016 財年第一季業績發表評論。在我們準備好發言之後，我們很樂意回答您的問題。

First, a few logistical comments. Earlier this morning, we issued a press release containing our financial statements and a revenue by division summary. We also updated our combined historical Covidien/Medtronic financial statement presentation. You should also note that some of the statements made during this call may be considered forward-looking statements and that actual results might differ materially from those projected in any forward-looking statement. Additional information concerning factors that could cause actual results to differ is contained in our periodic reports filed with the SEC. We do not undertake to update any forward-looking statement.

首先，談幾點後勤方面的評論。今天早些時候，我們發布了一份新聞稿，其中包含我們的財務報表和各部門收入摘要。我們也更新了合併後的 Covidien/Medtronic 歷史財務報表。您還應該注意，本次電話會議中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的預測有重大差異。有關可能導致實際結果不同的因素的更多資​​訊包含在我們向美國證券交易委員會提交的定期報告中。我們不承諾更新任何前瞻性聲明。

In addition, the reconciliations of any non-GAAP financial measures are available on the Investors portion of our website at Medtronic.com. Unless we say otherwise, references to quarterly results increasing or decreasing are in comparison to the first quarter of FY15. In addition, unless we say otherwise, all year-over-year revenue growth rates including revenue growth ranges given on today's call are adjusted for the extra selling week in the first quarter and given on a comparable constant currency basis, which adjusts for the negative effect of foreign currency translation and includes Covidien PLC in the prior year comparison, aligning Covidien's prior-year monthly revenue to Medtronic's fiscal quarters. These adjustment details can be found in the reconciliation tables included with our earnings press release. In addition, all foreign currency translation calculations are done on a comparable basis.

此外，任何非 GAAP 財務指標的對帳表格均可在我們的網站 Medtronic.com 的投資者部分查閱。除非我們另有說明，否則提及季度業績的增加或減少都是與 2015 財年第一季相比。此外，除非我們另有說明，今天電話會議上給出的所有同比收入增長率（包括收入增長範圍）均根據第一季度的額外銷售週進行調整，並按可比固定匯率計算，以調整外幣折算的負面影響，並將 Covidien PLC 納入上一年的比較中，使 Covidien 上一年的月收入與美敦力的財政季度保持一致。這些調整細節可以在我們的收益新聞稿中包含的對帳表中找到。此外，所有外幣折算計算均以可比較基礎進行。

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

現在，我很高興將電話轉給美敦力公司董事長兼執行長 Omar Ishrak。

Good morning. Thank you, Ryan. Thank you to everyone for joining us. This morning, we reported first-quarter revenue of $7.3 billion, which represents growth of 12% at the upper end of our mid single-digit range, after adjusting for the extra selling week in our first quarter. Q1 non-GAAP diluted earnings per share was $1.02. Q1 was another strong quarter, where our employees around the world executed and delivered results that were at the high end of our objectives.

早安.謝謝你，瑞安。感謝大家的參與。今天上午，我們報告了第一季的收入為 73 億美元，在調整了第一季的額外銷售週後，成長率為 12%，處於中等個位數區間的上限。第一季非公認會計準則每股攤薄收益為 1.02 美元。第一季又是一個表現強勁的季度，我們遍佈全球的員工執行並交付了達到我們目標高端的成果。

The underlying fundamentals of our business remain solid, with robust contributions from all four of our groups. CVG and Diabetes were in the high single-digits, while RTG and MITG grew in the mid single-digits after adjusting the grow rates for the extra selling week this quarter. From a geographic perspective, our performance in the US was particularly strong with high single-digit revenue growth again after adjusting for the extra week. Our teams continue to execute in important product launches. Our customers around the world are responding to our differentiated healthcare solutions that seek to demonstrate both clinical and economic value.

我們的業務基本面依然穩固，四個集團都做出了強勁貢獻。CVG 和糖尿病的成長率處於高個位數，而 RTG 和 MITG 在調整了本季額外銷售週的成長率後，成長率處於中等個位數。從地理角度來看，我們在美國的表現尤其強勁，在調整了額外一周後，收入再次實現了高個位數成長。我們的團隊繼續執行重要的產品發布。我們遍佈全球的客戶對我們力求展現臨床和經濟價值的差異化醫療保健解決方案做出了積極回應。

We remain focused on our three growth strategies: therapy innovation, globalization and economic value. These strategies aim to create a competitive advantage for Medtronic by capitalizing on three long-term trends we see playing out in healthcare. Namely: the continued desire to improve clinical outcomes; the growing demand for expanded access to healthcare; and the optimization of costs and efficiency in healthcare systems, including the move to value-based healthcare.

我們仍然專注於我們的三大成長策略：治療創新、全球化和經濟價值。這些策略旨在利用我們在醫療保健領域看到的三大長期趨勢，為美敦力創造競爭優勢。即：持續改善臨床結果的願望；擴大醫療保健管道的日益增長的需求；以及醫療保健系統成本和效率的優化，包括轉向基於價值的醫療保健。

We believe our three growth strategies are the right ones to achieve long-term growth. The resulting diversification, differentiated approach and competitive advantages will enable us to deliver on our baseline financial expectations. We have translated each of our strategies into three independent growth vectors, with clearly stated near-term objectives for each one. We continue to quantify and communicate our performance against these goals on a regular basis.

我們相信我們的三大成長策略是實現長期成長的正確策略。由此產生的多樣化、差異化方法和競爭優勢將使我們能夠實現我們的基本財務預期。我們將每項策略轉化為三個獨立的成長向量，並為每個向量明確設定了近期目標。我們將繼續定期量化並傳達我們實現這些目標的績效。

In therapy innovation, we delivered above goal performance again in Q1 with the new therapies growth vector contributing approximately 1,020 basis points to our total Company growth, including the benefit of the extra week. But even after adjusting for the extra week, this result was well above our goal of 150 to 350 basis points of growth. We're seeing strong acceptance for our new therapies across all groups. In addition, our pipeline remains full with a number of new therapies and services expected to come to market over the next few years.

在治療創新方面，我們在第一季再次實現了超越目標的業績，新療法的成長向量為公司整體成長貢獻了約 1,020 個基點，其中包括額外一週的收益。但即使經過額外一週的調整，這一結果仍然遠高於我們設定的 150 至 350 個基點的成長目標。我們看到，我們的新療法得到了各個群體的廣泛認可。此外，我們的產品線仍然很豐富，預計未來幾年將有許多新療法和服務上市。

In our Cardiac and Vascular Group, the recent launches of our CoreValve Evolut R transcatheter valve, IN. PACT Admiral drug coated balloon and Micra Transcatheter Pacing System combined with the continued growth of Reveal LINQ, as well as the upcoming US launch of Evera MRI ICD are all expected to drive strong growth this fiscal year. Our Minimally Invasive Therapies Group is driving growth with its differentiated Endo GIA Reinforced Reload and LigaSure Maryland Jaw and also has a full pipeline of minimally invasive innovations that are expected to launch over the coming quarters.

在我們的心臟和血管集團，我們最近推出了 CoreValve Evolut R 經導管瓣膜，IN。PACT Admiral 藥物塗層球囊和 Micra 經導管心律調節系統，加上 Reveal LINQ 的持續成長，以及即將在美國推出的 Evera MRI ICD，都有望推動本財年的強勁成長。我們的微創治療集團正憑藉其差異化的 Endo GIA Reinforced Reload 和 LigaSure Maryland Jaw 推動成長，同時也擁有全系列微創創新產品，預計將在未來幾季推出。

In Restorative Therapies, we are building momentum from new products in neurovascular, such as the Pipeline Flex device for intracranial aneurysms and Solitaire FR stent thrombectomy device. In RTG's surgical technologies division, a number of new imaging and navigation products are expected to drive growth over the coming quarters. Our Diabetes group is realizing growth from its MiniMed 530G and 640G Systems and has a number of advancements in the pipeline as they continue to drive towards an artificial pancreas. Taken together, we feel confident we can deliver sustained growth from new therapies, contributing significantly to our baseline goal of mid single-digit revenue growth.

在修復療法領域，我們正在透過神經血管新產品積聚動力，例如用於顱內動脈瘤的 Pipeline Flex 設備和 Solitaire FR 支架血栓切除裝置。在 RTG 的外科技術部門，預計許多新的成像和導航產品將在未來幾季推動成長。我們的糖尿病團隊正在透過 MiniMed 530G 和 640G 系統實現成長，並且在持續推動人工胰臟的發展過程中取得了多項進展。總而言之，我們有信心透過新療法實現持續成長，為我們實現中等個位數收入成長的基準目標做出重大貢獻。

Turning to globalization. Our emerging markets growth vector contributed approximately 190 basis points to our Q1 total Company growth, including the benefit of the extra week. After adjusting for the extra week, this result fell below our baseline goal of 150 to 200 basis points for the emerging market growth vector. This was largely due to a planned delay in distributor sales in Saudi Arabia, in preparation for a channel optimization move.

轉向全球化。我們的新興市場成長向量為我們第一季的整體公司成長貢獻了約 190 個基點，其中包括額外一週的收益。經過一週額外調整後，這一結果低於我們為新興市場成長向量設定的 150 至 200 個基點的基準目標。這主要是由於沙烏地阿拉伯分銷商銷售計畫的推遲，為通路優化措施做準備。

We have a controlling interest in the newly formed joint venture with our largest distributor in Saudi Arabia. Starting in the second quarter, this joint venture is expected to deliver incremental revenue and improved margins over our historical performance in Saudi Arabia. While the Middle East and Africa region was weaker this quarter owing to the delayed distributor sales, we did see notable improvements in China, India and Russia.

我們與沙烏地阿拉伯最大的經銷商新成立了合資企業，並擁有其控股權。從第二季開始，該合資企業預計將帶來增量收入和更高的利潤率，超過我們在沙烏地阿拉伯的歷史業績。雖然由於分銷商銷售延遲，本季度中東和非洲地區表現較弱，但我們確實看到中國、印度和俄羅斯的顯著改善。

Mainland China grew in the low double-digits, above our estimated growth of the China medical device market. Our China results benefited from the initial implementation of our channel optimization strategy in the region, which is focused on transitioning our distribution channel to include consolidated platform distributors. We also saw improvements in India, which grew in the mid-teens and Russia, which grew in the upper teens. Over the long term, we believe strongly that the penetration of existing therapies into emerging markets represents the single largest opportunity in med tech. In addition to standard market development activities, our differentiated approach of local channel optimization, government contracts and private partnerships are all aimed at unlocking this opportunity.

中國大陸的成長率為兩位數，高於我們對中國醫療器材市場成長的預期。我們在中國的表現得益於我們在該地區初步實施的通路優化策略，該策略專注於將我們的分銷管道轉型為包括整合的平台分銷商。我們也看到印度和俄羅斯的經濟成長也出現了改善，印度的經濟成長速度分別達到了青少年和青少年時期。從長遠來看，我們堅信現有療法滲透到新興市場是醫療科技領域最大的機會。除了標準的市場開發活動外，我們還採取了本地通路優化、政府合約和私人合作等差異化方法，旨在發掘這項機會。

Turning to economic value. Our services and solutions growth vector contributed approximately 50 basis points to our growth in Q1 on a legacy Medtronic basis or 30 basis points on an overall Medtronic basis. While this overall result was below our goal of 40 to 60 basis points, we intend to grow into our goal as services and solutions are adopted by the legacy Covidien businesses. In Cath Lab Managed Services, we are generating rapid growth as we are fast becoming the idea partner for hospitals that seek to drive operational efficiency. We're now expanding our Cath Lab Managed Services business globally, with new accounts in Eastern Europe, Turkey and Saudi Arabia.

轉向經濟價值。我們的服務和解決方案成長向量為第一季美敦力傳統業務的成長貢獻了約 50 個基點，為美敦力整體業務的成長貢獻了 30 個基點。雖然這整體結果低於我們設定的 40 至 60 個基點的目標，但隨著服務和解決方案被 Covidien 傳統業務所採用，我們打算逐步實現我們的目標。在導管室管理服務方面，我們正在快速成長，並迅速成為尋求提高營運效率的醫院的理想合作夥伴。我們目前正在全球擴展我們的導管室託管服務業務，並在東歐、土耳其和沙烏地阿拉伯開設了新客戶。

Since the program's launch two years ago, we have completed 59 long-term agreements with hospital systems representing $1.3 billion in revenue over an average span of six years. We have a large number of potential contracts at various stages of negotiation with providers around the world. In addition, we have now signed the first three operating room managed services deals in Europe, each spanning nine years. ORMS applies the CLMS business model to an operating room setting, utilizing the breadth of MITG's products and expertise.

自該計劃兩年前啟動以來，我們已與醫院系統達成了 59 項長期協議，平均六年內收入達 13 億美元。我們與世界各地的供應商有大量處於不同談判階段的潛在合約。此外，我們現在已經在歐洲簽署了前三份手術室管理服務協議，每份協議為期九年。ORMS 將 CLMS 商業模式應用於手術室環境，利用 MITG 廣泛的產品和專業知識。

In Diabetes, Q1 was the first full quarter of operating Diabeter, a Netherlands-based diabetes clinic and research center that we intend to expand across Europe. With Diabeter and our continued strong progress with partnerships, such as IBM, we continue to transform our Diabetes group from a market leading pump and sensor Company to a leading provider of holistic diabetes management solutions that we believe will expand access, integrate care and improve outcomes, so that people living with diabetes can enjoy greater freedom and better health. We continue to focus on providing solutions to providers that go beyond purely medical devices, including taking a leadership position in aligning our solutions to new value-based payment models that are emerging in healthcare.

在糖尿病領域，第一季是營運 Diabeter 的第一個完整季度，Diabeter 是一家位於荷蘭的糖尿病診所和研究中心，我們打算將其擴展到整個歐洲。憑藉 Diabeter 以及我們與 IBM 等合作夥伴持續取得的強勁進展，我們繼續將我們的糖尿病集團從市場領先的泵和感測器公司轉變為整體糖尿病管理解決方案的領先提供商，我們相信這將擴大覆蓋範圍、整合護理並改善結果，從而使糖尿病患者能夠享受更大的自由和更好的健康。我們繼續專注於為供應商提供超越純醫療設備的解決方案，包括在將我們的解決方案與醫療保健領域新興的基於價值的支付模式相結合方面發揮領導作用。

We were pleased to see the US Center for Medicare and Medicaid Services propose bundle-payment initiative for hip and knee replacements. While Medtronic does not participate in hips and knees, CMS may well broaden these bundle-payment initiatives to other care pathways where we do have leadership positions. Proposals like this from CMS demonstrate that a move to value-based healthcare is under way. The proposal mandates that participating hospitals be at risk for the cost and quality of the joint replacement surgery and 90 days of post acute care. As bundled payments take hold, we expect to offer unique comprehensive solutions to healthcare providers encompassing our devices, associated diagnostics, and home-based patient monitoring programs, all wrapped in risk sharing business models.

我們很高興看到美國醫療保險和醫療補助服務中心提出髖關節和膝關節置換的捆綁支付計劃。雖然美敦力公司沒有參與髖關節和膝關節疾病治療，但 CMS 很可能會將這些捆綁支付計劃擴展到我們確實佔據領導地位的其他護理途徑。CMS 提出的此類提案表明，向基於價值的醫療保健的轉變正在進行中。該提案要求參與的醫院承擔關節置換手術和術後 90 天急性護理的成本和品質風險。隨著捆綁支付的普及，我們期望為醫療保健提供者提供獨特的綜合解決方案，涵蓋我們的設備、相關診斷和家庭患者監測計劃，所有這些都包含在風險共擔業務模式中。

Next, turning to our integration efforts. The integration of Covidien into Medtronic continues to go extremely well. As I've mentioned before, we have organized our activities in four clearly defined areas: preserve, optimize, accelerate and transform. We've been successfully achieving our first and highest priority, preserve, as evidenced by the continued revenue growth across all of our groups and geographies. We continue to monitor talent retention and overall employee satisfaction, both of which remain strong. Our second priority, optimize, is focused on achieving the expected minimum of $850 million in cost synergies by the end of FY18. As planned, we have already completed over half of our value capture initiatives for the fiscal year. These savings are expected to build as we go through the year, with an FY16 goal of achieving $300 million to $350 million in savings. We're executing on our indirect sourcing plans, where we are using best case contracts and improved purchasing power to achieve meaningful savings. We're also realizing significant real estate savings, having already closed over 60 facilities, most of which were redundant field offices or distribution centers.

接下來，談談我們的整合工作。Covidien 與 Medtronic 的整合進展非常順利。正如我之前提到的，我們將活動組織在四個明確定義的領域：保護、最佳化、加速和轉變。我們已成功實現我們的首要和最高優先事項——保護，我們所有集團和地區的收入持續增長就是明證。我們持續關注人才留任率和整體員工滿意度，這兩項指標均保持強勁。我們的第二個優先事項是優化，重點是到 2018 財年末實現預期至少 8.5 億美元的成本綜效。按照計劃，我們已經完成了本財年一半以上的價值獲取計劃。預計這些節省的金額會隨著今年的推移而增加，2016 財年的目標是節省 3 億至 3.5 億美元。我們正在執行間接採購計劃，利用最佳合約和提高的購買力來實現有意義的節約。我們還實現了顯著的房地產節省，已經關閉了 60 多個設施，其中大部分是多餘的現場辦事處或配送中心。

Our third priority, accelerate, is related to our disciplined process of assessing and prioritizing the numerous revenue synergy opportunities, which include leveraging the legacy Covidien's peripheral vascular sales force to drive sales of drug coated balloons and leveraging Covidien's neurovascular division to enhance our neuroscience strategy in RTG. In accordance with our plans, we have aligned the sales forces and integrated the back offices expeditiously in both of these areas, including moving the North American commercial operations of both businesses onto Medtronic's enterprise system, SAP. Our fourth and final priority is transform.

我們的第三個優先事項是加速，這與我們評估和優先考慮眾多收入協同機會的嚴格流程有關，其中包括利用 Covidien 的傳統外周血管銷售隊伍來推動藥物塗層球囊的銷售，以及利用 Covidien 的神經血管部門來增強我們在 RTG 中的神經科學戰略。根據我們的計劃，我們已經迅速調整了這兩個地區的銷售團隊並整合了後台辦公室，包括將兩個業務的北美商業運營轉移到美敦力的企業系統 SAP 上。我們的第四個也是最後一個優先事項是轉型。

We are positioning the Company to play an increasingly larger role in delivering higher value in healthcare, aligning our solutions to the emerging value-based payment models and partnering with new stakeholders to lead and succeed in the transforming healthcare marketplace. An early example is our Operating Room Managed Services initiative in MITG, where we take over the management and operations of hospital rooms -- hospital operating rooms.

我們正在使公司在提供更高價值的醫療保健領域中發揮越來越大的作用，使我們的解決方案與新興的基於價值的支付模式保持一致，並與新的利益相關者合作，在轉型的醫療保健市場中引領和取得成功。早期的一個例子是我們在 MITG 的手術室管理服務計劃，我們接管醫院房間——醫院手術室的管理和運作。

While we had a number of successes in Q1, we also faced some challenges including under performance in our US Core Spine business. Some of our recent product rollouts are taking longer to reach scale but we are seeking to actively address our performance through a series of near, medium and longer term actions.

雖然我們在第一季取得了一些成功，但我們也面臨一些挑戰，包括美國核心脊椎業務表現不佳。我們最近推出的一些產品需要更長的時間才能達到規模，但我們正在尋求透過一系列近期、中期和長期行動來積極解決我們的績效問題。

In the near term, we intend to sign more large system deals to provide procedural volume share by using our new integrated RTG commercial organization. Over the medium term, we will translate our surgical synergy initiative into a more specific commercial offering and focus the efforts of our new integrated commercial organization in promoting it. Over the longer term, we expect to see the impact of the changes we're making to our product development processes, which include incorporating several methods that have been successful in other parts of the Company.

短期內，我們打算簽署更多大型系統交易，利用我們新的綜合 RTG 商業組織來提供程式化容量份額。從中期來看，我們將把我們的外科協同規劃轉化為更具體的商業產品，並集中我們新的綜合商業組織的努力來推廣它。從長遠來看，我們期望看到對產品開發流程所做的改變所產生的影響，其中包括融入公司其他部門已經取得成功的幾種方法。

Turning to the P&L. Q1 non-GAAP diluted earnings per share was $1.02. Foreign currency translation continues to be a significant headwind affecting our Q1 EPS by $0.13 to $0.14. On a constant currency basis, our non-GAAP diluted EPS growth represented over 400 basis points of leverage, above our baseline expectation of 200 to 400 basis points.

轉向損益表。第一季非公認會計準則每股攤薄收益為 1.02 美元。外幣折算仍然是一個重大阻力，影響我們第一季的每股收益 0.13 美元至 0.14 美元。以固定匯率計算，我們的非 GAAP 稀釋每股盈餘成長代表超過 400 個基點的槓桿率，高於我們 200 至 400 個基點的基準預期。

We delivered $1.1 billion of free cash flow in Q1, after adjusting for certain litigation payments and nonrecurring tax payments. We remain disciplined in allocating our capital with a focus on creating long-term shareholder value. As a result of the Covidien acquisition, we've increased the ability to deploy our cash in the US, solidifying our commitment to return 50% of our free cash flow to shareholders. In June, we announced a 25% increase in our dividend, our 38th consecutive year of increasing our dividend. We expect to not only grow our dividend over time with earnings growth but increase our dividend payout ratio to 40% on a non-GAAP basis within the next few years.

在調整某些訴訟費用和非經常性稅款後，我們在第一季實現了 11 億美元的自由現金流。我們在資本配置方面保持嚴謹，專注於創造長期股東價值。透過收購 Covidien，我們增強了在美國部署現金的能力，鞏固了我們將 50% 的自由現金流返還給股東的承諾。6 月份，我們宣布股息增加 25%，這是我們連續第 38 年增加股息。我們預計，隨著獲利的成長，我們的股息不僅會隨著時間的推移而增加，而且在未來幾年內，我們的股息支付率將提高到非公認會計準則的 40%。

As an S&P dividend aristocrat, we remain focused on delivering dependable long-term dividend growth. In addition, we remain disciplined when evaluating potential M&A opportunities. Any investment we make must be aligned with and ultimately strengthen one or more of our three growth strategies, while at the same time offer high return metrics and minimize near-term shareholder dilution. Gary will now take you through a more detailed look at our first-quarter results. Gary?

作為標準普爾股息貴族，我們始終專注於實現可靠的長期股息成長。此外，我們在評估潛在的併購機會時仍保持嚴謹態度。我們所做的任何投資都必須與我們的三大成長策略中的一個或多個保持一致並最終加強這些策略，同時提供高回報指標並最大限度地減少短期股東稀釋。加里現在將帶您更詳細地了解我們的第一季業績。加里？

Thanks, Omar. First-quarter revenue of $7.274 billion increased 70% as reported, 12% on a comparable constant currency basis, after adjusting for a $529 million unfavorable impact of foreign currency and including the favorable impact from the extra week or at the upper end of the mid single-digit range after adjusting for the extra week. Our first quarter results included an extra week due to our 52 and 53 week fiscal year. While the exact benefit of the extra week is difficult to estimate, based on our analysis, we calculate that it added approximately 6 percentage points of growth on the quarter or approximately 1.5 percentage points of growth for the full fiscal year.

謝謝，奧馬爾。第一季營收為 72.74 億美元，報告顯示成長 70%，以可比固定匯率計算成長 12%，在扣除 5.29 億美元的不利外匯影響併計入額外一周帶來的有利影響後，或在扣除額外一周影響後處於中等個位數區間的上限。由於我們的財政年度有 52 週和 53 週，因此第一季的業績包含額外一周。雖然額外一週的具體效益很難估計，但根據我們的分析，我們計算出它在本季增加了約 6 個百分點的成長，或在整個財年增加了約 1.5 個百分點的成長。

Legacy acquisitions and divestitures from both Medtronic and Covidien contributed 30 basis points net to Q1 growth. Q1 diluted earnings per share on a non-GAAP basis were $1.02, an increase of 3%. Q1 GAAP diluted earnings per share were $0.57, a decrease of 34%. In addition to the $372 million after tax adjustment for amortization expense, this quarter had several GAAP to non-GAAP after tax adjustments, primarily related to the Covidien transaction: a $165 million charge related to amortization of the remaining inventory purchase price step-up; a $53 million charge for acquisition related items; and a $52 million net restructuring charge.

美敦力和 Covidien 的遺留收購和資產剝離為第一季的成長貢獻了 30 個基點。第一季非公認會計準則每股攤薄收益為 1.02 美元，成長 3%。第一季 GAAP 稀釋每股收益為 0.57 美元，下降 34%。除了 3.72 億美元的稅後攤銷費用調整外，本季還有幾項 GAAP 至非 GAAP 稅後調整，主要與 Covidien 交易有關：1.65 億美元的費用與剩餘庫存購買價格遞增攤銷有關；5,300 萬美元的收購相關項目費用；以及 5,200 萬美元的淨重組費用。

Our Cardiac and Vascular Group, which accounted for 35% of our total Company revenue, grew in the high single-digits. This was a result of strong low double-digit growth in Cardiac Rhythm & Heart Failure and mid single-digit growth in both Coronary & Structural Heart and Aortic & Peripheral Vascular divisions. Cardiac Rhythm & Heart Failure, or CRHF, had strong above market low double-digit growth again in Q1. We estimate the overall CRHF market continues to grow in the low to mid single-digits. The market is showing strong preference for our leading differentiated technologies, including our Viva XT CRT-D with its AdaptivCRT algorithm and Attain Performa Quadripolar Lead; the Arctic Front Advanced CryoAblation System; the Evera MRI ICD in Japan; and Reveal LINQ insertable cardiac monitor in the US and Europe.

我們的心臟和血管集團占公司總收入的 35%，實現了高個位數成長。這是由於心律不整和心臟衰竭部門強勁的低兩位數增長以及冠狀動脈和結構性心臟以及主動脈和周邊血管部門的中等個位數增長。心律不整和心臟衰竭（CRHF）在第一季再次實現了高於市場低點的兩位數成長。我們估計整個 CRHF 市場將繼續以低至中等個位數的速度成長。市場對我們領先的差異化技術表現出強烈的偏好，包括採用 AdaptivCRT 演算法和 Attain Performa Quadripolar Lead 的 Viva XT CRT-D；Arctic Front 高級冷凍消融系統；日本的 Evera MRI ICD；以及美國和歐洲的 Reveal LINQ 可插入式心臟監視器。

Strong demand for our Reveal LINQ resulted in diagnostics growth in the high 20%s and is also resulting in meaningful pacemaker pull-through. In Europe, the launch of our premium Micra Transcatheter Pacing System is off to a great start. Micra is one-tenth the size of a traditional pacemaker and is placed directly inside the heart. Looking ahead, the robust productivity of our CRHF pipeline will continue as we expect to launch the Evera MRI ICD in the US imminently. In addition: the MRI-safe version of Viva CRT-D in the US and Europe; the full-market release of the Arctic Front Advanced CryoAblation System in Japan; and the full-market release of the third generation Arctic Front ST cryoballoon in Europe are all expected by the end of this fiscal year.

市場對 Reveal LINQ 的強勁需求使得診斷成長率達到 20% 以上，也帶來了有意義的心律調節器拉通。在歐洲，我們優質的 Micra 經導管起搏系統的推出取得了良好的開端。Micra 的尺寸只有傳統心律調節器的十分之一，可直接植入心臟內。展望未來，我們預計很快就會在美國推出 Evera MRI ICD，因此我們的 CRHF 管道將保持強勁的生產力。此外，美國和歐洲的 MRI 安全版 Viva CRT-D、日本的 Arctic Front Advanced CryoAblation System 和歐洲的第三代 Arctic Front ST 冷凍球囊都將在本財政年度結束時全面上市。

Coronary & Structural Heart, or CSH, grew in the mid single-digits driven by growth in transcatheter heart valves, drug eluting stents and balloons. Transcatheter heart valves grew in the low 30%s globally and in the high 30%s in the US. In Q1, we received US FDA approval for Evolut R, the first and only recapturable heart valve in the US and the first commercial implant started late in the quarter.

冠狀動脈和結構性心臟病（CSH）的銷售額實現了中等個位數成長，這主要得益於經導管心臟瓣膜、藥物洗脫支架和球囊的增長。全球經導管心臟瓣膜的成長率為 30% 以下，而美國則為 30% 以上。在第一季度，我們獲得了美國 FDA 對 Evolut R 的批准，這是美國第一個也是唯一一個可回收心臟瓣膜，並且第一個商業植入物在本季末開始。

Our team is focused on training US centers on this next generation valve with its differentiated 14-French equivalent delivery catheter. We expect it to be in all of our current US accounts by the end of the calendar year. In Europe, Evolut R is driving strong growth, helping us gain share in Western Europe. We estimate, we now hold the number one TAVR position in 11 European countries. In Japan, we received PMDA approval for CoreValve and are anticipating reimbursement approval and launch in our third quarter.

我們的團隊致力於為美國中心提供這種下一代瓣膜及其差異化的 14 法式等效輸送導管的培訓。我們預計它將在今年年底前出現在我們所有的美國現有帳戶中。在歐洲，Evolut R 正在推動強勁成長，幫助我們在西歐獲得市場份額。我們估計，我們目前在歐洲 11 個國家佔據第一的 TAVR 地位。在日本，我們獲得了 CoreValve 的 PMDA 批准，並預計將在第三季獲得報銷批准並推出。

Last week, we announced that we have entered into an agreement to acquire Twelve, a development stage Company that is executing first in human clinical evaluations of a unique transcatheter mitral valve replacement design that we believe represents leadership technology in this space and accelerates our time to market in this important new growth area. In drug eluting stents, we grew in the low single-digits and are holding global share on the strength of Resolute Onyx in CE Mark countries and Resolute Integrity in the US.

上週，我們宣布已達成協議收購 Twelve，這是一家處於發展階段的公司，正在對獨特的經導管二尖瓣置換設計進行首次人體臨床評估，我們相信這代表了該領域的領先技術，並加快了我們在這個重要的新增長領域的上市時間。在藥物洗脫支架領域，我們實現了較低的個位數成長，並憑藉在 CE 標誌國家/地區的 Resolute Onyx 和在美國的 Resolute Integrity 的優勢佔據了全球份額。

It is worth noting that we continue to grow our US DES share as an increasing percentage of US DES sales are included in multi-line CVG customer agreements that leverage our broad cardiology product lines, innovative therapies and wrap-around programs and services. In Q1, we also commenced enrollment in two important clinical trials: our first human trial for our drug filled stent; and our SPYRAL HTN-off and on med study in renal denervation.

值得注意的是，隨著越來越多的美國 DES 銷售納入多線 CVG 客戶協議，我們在美國 DES 市場的份額持續增長，這些協議充分利用了我們廣泛的心臟病學產品線、創新療法和全方位計劃和服務。在第一季度，我們也開始招募兩項重要的臨床試驗：我們的藥物填充支架的首次人體試驗；以及我們的 SPYRAL HTN-off and on med 腎臟去神經支配研究。

In Aortic & Peripheral Vascular Division, or APVD, revenue grew in the mid single-digits, with low double-digit growth in Peripheral Vascular, partially offset by low single-digit declines in Aortic. In Peripheral, we continued to execute a strong US launch of our IN. PACT Admiral drug coated balloon and maintained our leading market position on the strength of our exceptional clinical data.

主動脈和周邊血管部門（APVD）的收入成長了中等個位數，週邊血管部門的收入成長了較低的兩位數，但主動脈部門的收入卻出現了較低的個位數下降，部分抵消了這一成長。在周邊地區，我們繼續在美國大力推行我們的智慧網。PACT Admiral 藥物塗層球囊憑藉我們卓越的臨床數據保持了領先的市場地位。

Q1 was the first full quarter of launch utilizing our combined Medtronic and legacy Covidien Peripheral sales force. We expect to file for expanded indications for IN. PACT Admiral with a PMA-S US filing in the second half of this fiscal year for in-stent restenosis indication, as well as a CE Mark filing by the end of this fiscal year for an AV fistula indication. In Atherectomy, we continue to see strong growth in new accounts from our HawkOne 7 French Directional Atherectomy System, which has helped us stabilize share and see share gains above the knee. Last month, we started the US launch of the Entrust Delivery System, which is used to place our EverFlex self-expanding peripheral stent.

第一季是我們利用美敦力和原有 Covidien Peripheral 銷售團隊進行整合後推出的第一個完整季度。我們期望申請擴大 IN 的適應症。PACT Admiral 將於本財年下半年向美國提交 PMA-S 文件，用於支架內再狹窄適應症，並於本財年末提交 CE 標誌文件，用於 AV 瘻管適應症。在動脈粥狀硬化斑塊切除術方面，我們繼續看到 HawkOne 7 French Directional Atherectomy System 的新客戶強勁成長，這有助於我們穩定市場份額並實現膝蓋以上市場份額的成長。上個月，我們開始在美國推出 Entrust Delivery System，該系統用於放置我們的 EverFlex 自膨式外周支架。

In our Aortic business, while we faced increased competitive pressure outside the US and felt the impact of market reimbursement cuts in Japan, the business grew in the US driven by the continued market adoption of our Endurant IIs AAA stent graft, which resulted in sequential share gains. During the quarter, our Aortic business announced a number of important developments in both its organic and inorganic product pipeline including: first implants of our next generation Endurant Evo AAA stent graft platform; initiation of a US feasibility clinical study for the Valiant LSA branch thoracic stent graft platform; acquisition of the Aptus EndoAnchor product line; and the initiation of a joint development and staged acquisition agreement with Arsenal Medical to commercialize the Company's novel aneurysmal sac-filling foam technology in AAA stent grafting applications.

在我們的主動脈業務中，雖然我們在美國以外面臨著越來越大的競爭壓力，並且感受到了日本市場報銷削減的影響，但在美國，由於市場持續採用我們的 Endurant IIs AAA 支架移植物，我們的業務實現了增長，從而帶來了連續的份額增長。在本季度，我們的主動脈業務宣布了其有機和無機產品線的一系列重要發展，包括：首次植入我們的下一代 Endurant Evo AAA 支架移植平台；啟動 Valiant LSA 分支胸主幹支架移植平台的美國可行性臨床研究；收購 Aptus EndoAnchor 產品線；以及與 Arsenal Medical 啟動聯合開發和分囊化工廠聯合開發和分囊化設備

Now, turning to our Minimally Invasive Therapies Group. Revenue grew in the mid single-digits and accounted for 34% of the total Company revenue. MITG's revenue performance was driven by a high single-digit growth in Surgical Solutions and low single-digit growth in Patient Monitoring & Recovery. The Group benefited from strength in Surgical volumes in the US, which has been occurring now for the past three quarters. Surgical Solutions grew in the high single-digits, with high single-digit growth in advanced surgical, low single-digit growth in general surgical, as well as low double-digit growth in Early Technologies. Advanced Surgical's strong quarter was driven by balanced low double-digit growth in both Advanced Stapling and Advanced Energy, as the business benefited from new products, the continued trend of surgical procedures moving from open to minimally invasive and the underlying strength of surgical volumes in the US.

現在，轉向我們的微創治療組。收入成長了中等個位數，占公司總收入的34%。MITG 的收入表現得益於外科解決方案的高個位數成長和病患監測與復原的低個位數成長。過去三個季度，美國外科手術量持續成長，令該集團受益匪淺。外科解決方案實現了高個位數增長，其中先進外科手術實現了高個位數增長，普通外科手術實現了低個位數增長，早期技術實現了低兩位數增長。Advanced Surgical 本季表現強勁，得益於 Advanced Stapling 和 Advanced Energy 業務的均衡低兩位數增長，而該業務受益於新產品、外科手術從開放式向微創式發展的持續趨勢以及美國外科手術量的潛在強勁增長。

Early Technologies was driven by strong growth in GI Solutions and Interventional Lung Solutions. Patient Monitoring & Recovery grew in the low single-digits. Respiratory & Patient Monitoring, Nursing Care, and Patient Care & Safety all grew in the low single-digits. Respiratory & Patient Monitoring growth was driven by strong US patient monitoring sales. Nursing Care had strong sales in enteral feeding.

Early Technologies 的發展得益於胃腸道解決方案和介入性肺部解決方案的強勁成長。患者監測與復健業務的成長率僅為個位數。呼吸與病人監測、照護以及病人照護與安全均實現了較低的個位數成長。呼吸和病人監測的成長是由美國病人監測強勁的銷售所推動的。護理在腸內餵食方面銷售強勁。

Now moving to our Restorative Therapies Group. Revenue grew in the mid single-digits and accounted for 25% of total Company revenue. Results were driven by mid 20%s growth in Neurovascular and high single-digit growth in Surgical Technologies with low single-digit growth in Spine and Neuromodulation. Spine grew in the low single-digits, in line with the global market. However, in the US, our Core Spine business under performed the market.

現在轉到我們的恢復性治療組。收入成長率達到中等個位數，占公司總收入的25%。業績成長主要得益於神經血管領域 20% 左右的成長、外科技術領域高個位數的成長以及脊椎和神經調節領域低個位數的成長。Spine 的成長率為個位數，與全球市場保持一致。然而，在美國，我們的核心脊椎業務表現不如市場。

We recently realigned our RTG commercial sales management. We expect these changes to result in better alignment of incentives and an improved focus on cross selling in our Surgical Synergy program, which integrates our spine implants and Surgical Technologies imaging and navigation equipment. We also expect the Core Spine business to improve as its numerous recent and upcoming product launches reach scale, including our Elevate Expandable Cage and Solera Voyager System in thoracolumbar, as well as our Divergence standalone Interbody Cage, the ZEVO anterior cervical plate system, the Prestige LP Cervical Disc and Anatomic PEEK PTC Interbody Spacer in cervical.

我們最近重新調整了 RTG 商業銷售管理。我們預計這些變化將導致激勵措施更好地協調，並更加重視我們的外科協同規劃中的交叉銷售，該計劃整合了我們的脊椎植入物和外科技術成像和導航設備。我們也預期核心脊椎業務將會改善，因為其眾多近期和即將推出的產品達到了規模，包括胸腰椎的 Elevate Expandable Cage 和 Solera Voyager 系統，以及頸椎的 Divergence 獨立椎間盤融合器、ZEVO 前路頸椎板系統、Prestige LP 頸椎間盤和 Anatomic PEEK PTC 椎間盤間隔器。

In Neuromodulation, revenue increased in the low single-digits, driven by mid single-digit growth in Gastro and Uro and DBS and low single-digit growth in Pain Stim. Our US Pain Stim business grew in the mid single-digits, in line with the market. In pumps for pain and spasticity, we have implemented the required changes to the distribution processes and are executing against our commitments under the consent decree we received in late April. Following an initial decline in Synchromed II implants, we saw a stabilization in the back half of the quarter.

在神經調節領域，收入實現了低個位數成長，這得益於胃腸道、泌尿系統和深部腦部刺激的中等個位數成長以及疼痛刺激的低個位數成長。我們的美國疼痛刺激業務實現了中等個位數成長，與市場同步。在用於治療疼痛和痙攣的泵方面，我們已經對分銷流程進行了必要的更改，並正在履行我們在 4 月底收到的同意令中的承諾。在 Synchromed II 植入物銷量最初下降之後，我們在本季後半段看到了穩定性。

In Surgical Technologies, revenue grew in the high single-digits, driven by mid-teens growth in Advanced Energy, high single-digit growth in Neurosurgery and mid single-digit growth in ENT. Surgical Technologies continues to benefit from diversified growth coming from disposables, service revenue and the strong adoption of new products including the StraightShot M5 Microdebrider and NuVent sinus balloon.

在外科技術方面，收入實現了高個位數成長，這得益於先進能源的中等雙位數成長、神經外科的高個位數成長和耳鼻喉科的中等個位數成長。外科技術繼續受益於來自一次性用品、服務收入以及包括 StraightShot M5 微型清創機和 NuVent 鼻竇球囊在內的新產品的大力採用所帶來的多元化增長。

Our Neurovascular division posted strong revenue growth in the mid-20%s. New products such as our Pipeline Flex device for the treatment of inner cranial aneurysms and Solitaire FR 4x40 revascularization device for stent thrombectomy are driving solid double-digit growth in Flow Diversion and Stents. We are also seeing increased pull-through of our Neurovascular Access products given the strength of Pipeline and Solitaire. Earlier this week, we acquired Medina Medical and its aneurysm and embolization mesh technology for hemorrhagic stroke, which we believe can disrupt the coil market.

我們的神經血管部門收入實現了 20% 左右的強勁增長。我們的用於治療顱內動脈瘤的 Pipeline Flex 裝置和用於支架血栓切除術的 Solitaire FR 4x40 血管重建裝置等新產品正在推動血流分流和支架業務實現兩位數的穩健增長。鑑於 Pipeline 和 Solitaire 的強勁表​​現，我們的神經血管通路產品的銷售量也不斷增加。本週早些時候，我們收購了 Medina Medical 及其用於治療出血性中風的動脈瘤和栓塞網技術，我們相信這可能會顛覆線圈市場。

Now moving to our Diabetes Group. Revenue grew in the high single-digits and accounted for 6% of total Company sales. Low double-digit growth in Intensive Insulin Management division was driven by continued strong adoption in US of the MiniMed 530G Insulin pump system with the Enlite CGM sensor. Growth was also driven by the continued international launch of the next generation MiniMed 640G Insulin pump system with Enhanced Enlite CGM sensor. We continue to make progress in bringing this technology to the US and plan to submit the PMA for this seem to the FDA later this calendar year. In our non-intensive diabetes therapy division, revenue growth in the high 60%s was driven by sales of professional CGM and infusion ports for Type 2 diabetes.

現在轉到我們的糖尿病組。收入以高個位數成長，占公司總銷售額的6%。強化胰島素管理部門的低兩位數成長得益於美國繼續大力採用配備 Enlite CGM 感測器的 MiniMed 530G 胰島素幫浦系統。配備增強型 Enlite CGM 感測器的下一代 MiniMed 640G 胰島素幫浦系統的持續國際發布也推動了成長。我們繼續在將這項技術引入美國方面取得進展，並計劃在今年稍後向 FDA 提交該技術的 PMA。在我們的非強化糖尿病治療部門，60% 以上的收入成長是由專業 CGM 和 2 型糖尿病輸液港的銷售所推動的。

In our Diabetes Services and Solutions division, high single-digit growth was driven by strong consumable sales in the US. Our Diabetes Group announced several new partnerships in the quarter, including Samsung, Becton Dickinson and Glooko. We also received the FDA approval in Q1 for the MiniMed Connect which allows users to view their insulin pump and CGM data on a smartphone and provides remote monitoring and text message notifications for their caregivers. This product is expected to launch in the second quarter.

在我們的糖尿病服務和解決方案部門，高個位數成長是由美國強勁的消費品銷售所推動的。我們的糖尿病集團在本季度宣布了幾項新的合作夥伴關係，包括三星、Becton Dickinson 和 Glooko。我們還在第一季獲得了 FDA 對 MiniMed Connect 的批准，該產品允許用戶在智慧型手機上查看他們的胰島素幫浦和 CGM 數據，並為他們的護理人員提供遠端監控和簡訊通知。該產品預計將於第二季推出。

Turning to the rest of the income statement. After adjusting for certain non-GAAP items mentioned earlier, the Q1 operating margin was 27.2%, which included a 110 basis point negative impact from foreign currency. On a comparable constant currency basis, this represents a 40 basis point improvement in operating margins versus the prior year, reflecting a relatively stable gross margin, a 110 basis point improvement in SG&A expense as a percent of sales and a negative 60 basis point change in net other expense due to one-time items all on a comparable constant currency basis. Included in the Q1 operating margin were non-GAAP gross margin SG&A as a percent of sales and R&D as a percent of sales of 69.3%, 33.7% and 7.7% respectively. It is worth noting that the non-GAAP gross margin SG&A and R&D were negatively affected by 130 basis points, 30 basis points and 40 basis points from foreign currency respectively.

轉向損益表的其餘部分。在調整了前面提到的某些非 GAAP 項目後，第一季營業利潤率為 27.2%，其中包括外幣帶來的 110 個基點的負面影響。以可比固定匯率計算，這意味著營業利潤率比上年提高了 40 個基點，反映了相對穩定的毛利率，銷售、一般和行政費用佔銷售額的百分比提高了 110 個基點，由於一次性項目導致的淨其他費用下降了 60 個基點，所有這些都按可比固定匯率計算。第一季營業利潤率包括非公認會計準則毛利率、銷售、一般及行政費用佔銷售額的百分比以及研發費用佔銷售額的百分比，分別為 69.3%、33.7% 和 7.7%。值得注意的是，非公認會計準則毛利率SG&A和研發分別受到外幣130個基點、30個基點和40個基點的負面影響。

Also included in the operating margin was net other expense of $61 million including net gains from our hedging program of $64 million. We hedged the majority of our operating results in developed market currencies to reduce the volatility in our earnings from foreign exchange. In addition, a growing portion of our profits are unhedged especially emerging markets currencies, which can create some modest volatility in our earnings.

營業利潤率還包括 6,100 萬美元的淨其他支出，其中包括 6,400 萬美元的對沖計畫淨收益。我們以已開發市場貨幣對沖了大部分經營業績，以減少外匯收益的波動。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。

Assuming current exchange rates for the remainder of the fiscal year, which includes $1.12 euro and JPY122, we expect the FY16 net other expense to be in the range of $185 million to $235 million, which includes an expected impact from the US Medical Device Tax of approximately $210 million. For Q2 FY16, we expect net other expense to be in the range of $55 million to $65 million, based on the previously mentioned exchange rates.

假設本財年剩餘時間的當前匯率為 1.12 歐元兌 122 日圓，我們預計 2016 財年淨其他支出將在 1.85 億美元至 2.35 億美元之間，其中包括美國醫療器材稅的預期影響約 2.1 億美元。對於 2016 財年第二季度，根據前面提到的匯率，我們預計淨其他支出將在 5,500 萬美元至 6,500 萬美元之間。

Overall, we continue to expect the full-year FY16 operating margin to be in the range of 28% to 29% on an as reported basis, which includes over 100 basis points of margin improvement on a comparable constant currency basis, offset by a similar amount of negative FX impact. This results in approximately 400 basis points of operating leverage on a comparable constant currency basis related to the cost synergies, which are the majority of -- which are now expected in SG&A as a result of the Covidien acquisition as well as the continued execution on the legacy leverage initiatives of both Covidien and Medtronic. We continue to expect operating margins in the first half of the year to be below the full-year range, improving in the back half of the year as the foreign exchange headwinds lessen and cost synergies accelerate.

總體而言，我們繼續預期 2016 財年全年營業利潤率將在報告基礎上保持在 28% 至 29% 之間，其中包括以可比固定匯率計算的 100 多個基點的利潤率改善，但會被類似數額的負面外匯影響所抵消。這導致與成本協同效應相關的可比較固定匯率基礎上的經營槓桿率約為 400 個基點，這些成本協同效應佔了目前預計在銷售、一般及行政管理費用中佔的大部分，這是對 Covidien 收購的結果，也是對 Covidien 和 Medtronic 遺留槓桿計劃繼續執行的結果。我們繼續預計上半年的營業利潤率將低於全年水平，隨著外匯逆風減弱和成本協同效應加速，下半年的營業利潤率將有所改善。

Below the operating profit line, Q1 net interest expense was $191 million, a significant increase from the prior-year comparable quarter, but consistent with Q4 FY15 as we are including the incremental interest expense from our December 2014, $17 billion bond offering. At the end of Q1, we had approximately $18 billion in cash and investments and $35.6 billion in debt. Based on current rates, we would expect Q2 net interest expense to be in the range of $175 million to $185 million.

在營業利潤線以下，第一季淨利息支出為 1.91 億美元，較去年同期大幅增加，但與 2015 財年第四季持平，因為我們包含了 2014 年 12 月發行的 170 億美元債券的增量利息支出。截至第一季末，我們擁有約 180 億美元的現金和投資以及 356 億美元的債務。根據當前利率，我們預計第二季淨利息支出將在 1.75 億美元至 1.85 億美元之間。

Our non-GAAP nominal tax rate on a cash basis in Q1 was 18.1%. On a full-year basis, we continue to expect our FY16 non-GAAP nominal tax rate on a cash basis to be in the range of 16% to 18%. We expect to be at the higher end of this range until the presently expired US R&D tax credit is reinstated.

我們第一季的非公認會計準則現金名目稅率為 18.1%。從全年來看，我們繼續預期 2016 財年非 GAAP 現金名目稅率將在 16% 至 18% 之間。我們預計，在目前已到期的美國研發稅收抵免恢復之前，這一數字將處於該範圍的高端。

In Q1, free cash flow was $592 million, which includes $92 million of certain litigation payments as well as $407 million of nonrecurring tax payments that primarily relate to an IRS settlement. We remain committed to returning 50% of our free cash flow, excluding one-time items, to shareholders and also continue to target an A credit profile.

第一季度，自由現金流為 5.92 億美元，其中包括 9,200 萬美元的某些訴訟費用以及 4.07 億美元的非經常性稅款，主要與美國國稅局和解有關。我們仍然致力於將 50% 的自由現金流（不包括一次性項目）返還給股東，並繼續以 A 級信用狀況為目標。

In Q1, we repurchased $750 million of our ordinary shares and paid $538 million in dividends. As of the end of Q1, we had remaining authorization to repurchase approximately 100 million shares. First-quarter average daily shares outstanding on a diluted basis were 1.436 billion shares. For FY16, we continue to expect diluted weighted average shares outstanding to be in the range of 1.433 billion to 1.437 billion shares including approximately 1.433 billion shares in Q2.

第一季度，我們回購了 7.5 億美元的普通股，並支付了 5.38 億美元的股息。截至第一季末，我們剩餘的回購授權約為 1 億股。第一季攤薄後日均流通股數為 14.36 億股。對於 2016 財年，我們繼續預期稀釋加權平均流通股數將在 14.33 億股至 14.37 億股之間，其中包括第二季的約 14.33 億股。

Let me conclude by providing our FY16 revenue outlook and earnings per share guidance. We continue to believe that full-year revenue growth in the range of 4% to 6% on a comparable constant currency basis plus the incremental approximate 150 basis point benefit from our Q1 extra selling week remains reasonable. This operational revenue growth expectation is consistent with our stated baseline financial goal of consistently delivering mid single-digit revenue growth.

最後，我想提供 2016 財年的營收前景和每股盈餘指引。我們仍然相信，以可比固定匯率計算，全年營收成長率將在 4% 至 6% 之間，再加上第一季額外銷售週帶來的約 150 個基點的增量收益，仍然是合理的。這項營運收入成長預期與我們所述的持續實現中等個位數收入成長的基準財務目標一致。

Our revenue outlook assumes 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 benefit of the extra week. While we cannot predict the impact of currency movements, to give you a sense of the FX impact if exchange rates were to remain similar to the beginning of this week 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 $425 million to $475 million impact in Q2.

我們的收入前景假設 CVG、MITG 和 RTG 的成長速度為中等個位數，而糖尿病的成長速度為高個位數至低兩位數，所有這些都是基於可比較的恆定貨幣基礎，並且包括額外一周的收益。雖然我們無法預測貨幣變動的影響，但為了讓您了解外匯影響，如果本財年剩餘時間內匯率與本周初保持相似，那麼我們的 2016 財年收入將受到約 13 億至 15 億美元的負面影響，包括第二季度 4.25 億至 4.75 億美元的負面影響。

Turning to guidance on the bottom line. We continue to expect 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 with the Covidien acquisition. As you think about your FY16 models and quarterly gating, it is worth noting again that a higher percentage of the negative FX impact is in the first half of the year, while more of the value capture synergies to occur later in the fiscal year.

轉向底線指導。我們繼續預期每股現金收益將在 4.30 美元至 4.40 美元之間，其中包括根據當前匯率預計的 0.40 美元至 0.50 美元的負面外匯影響，以及收購 Covidien 後約 3 億至 3.5 億美元的目標價值獲取協同效應。當您考慮 2016 財年模型和季度門控時，值得再次注意的是，外匯負面影響的較大比例發生在上半年，而更多的價值獲取協同效應將發生在財年後期。

While we don't give quarterly earnings per share guidance, I would note that Q1 and Q2 are often similar. But this year, Q1 profitability was favorably affected from the extra week. Thus, we would expect Street models to adjust Q2 down a few pennies from Q1. As in the past, my comments on guidance do not include any unusual charges or gains that might occur during the fiscal year.

雖然我們沒有提供季度每股收益指引，但我注意到第一季和第二季通常相似。但今年，第一季的獲利能力因額外一週而受到正面影響。因此，我們預計街頭模型將第二季的業績從第一季下調幾美分。與過去一樣，我對指導的評論不包括財政年度內可能發生的任何異常費用或收益。

I will now turn it back over to Omar.

現在我將把發言權交還給奧馬爾。

Thanks, Gary. Before opening the lines for Q&A, I'd like to briefly conclude by reiterating that Q1 was a strong quarter. We feel good about the remainder of the fiscal year. We remain focused on reliably delivering on our baseline financial model: mid single-digit constant currency revenue growth, EPS growth of 200 to 400 basis points faster than revenue on a constant currency basis and returning 50% of our free cash flow to shareholders.

謝謝，加里。在開始問答環節之前，我想簡要地重申一下，第一季是一個強勁的季度。我們對本財政年度剩餘時間感到樂觀。我們仍然專注於可靠地實現我們的基本財務模型：中等個位數的固定匯率收入增長，每股收益增長比固定匯率收入增長快 200 至 400 個基點，並將 50% 的自由現金流返還給股東。

As the world continues to move towards value-based healthcare, Medtronic is well-positioned to provide medical technology solutions that improve outcomes while lowering cost. In fact, using biomedical engineering to improve outcomes is the essence of the Medtronic mission that our founder, Earl Bakken, crafted 55 years ago: to alleviate pain, restore health and extend life. This is something I'm extremely passionate about and dedicated to, as our more than 85,000 employees.

隨著世界繼續朝著基於價值的醫療保健邁進，美敦力已做好準備，提供能夠改善治療結果並降低成本的醫療技術解決方案。事實上，利用生物醫學工程來改善治療結果是美敦力創始人 Earl Bakken 55 年前製定的使命的本質：減輕疼痛、恢復健康、延長壽命。作為我們 85,000 多名員工，我對此充滿熱情並全心投入。

We're confident that our three growth strategies: therapy innovation, globalization and economic value, are the appropriate strategies to achieve our mission. The focus on these three strategies is expected to result in both revenue diversification and sustained revenue growth. We expect to further leverage this revenue growth with our productivity initiatives, which have been significantly improved by our transformational acquisition of Covidien. We expect to deliver consistent and reliable results which, when combined with our solid underlying fundamentals, strong secular growth drivers and disciplined capital allocation, will enable us to create long-term, dependable value in healthcare.

我們相信，我們的三大成長策略：治療創新、全球化和經濟價值，是實現我們使命的適當策略。重點關注這三種策略有望實現收入多樣化和持續收入成長。我們希望透過我們的生產力措施進一步利用這一收入成長，而我們對 Covidien 的轉型收購已顯著改善了這些舉措。我們期望提供一致且可靠的結果，結合我們堅實的基本面、強勁的長期成長動力和嚴格的資本配置，這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. In addition to Gary, Geoff Martha, who recently replaced Chris O'Connell as the President of our -- the Restorative Therapies Group is here. Geoff is a proven leader, who has had responsibility for developing Medtronic's growth strategies, executing the Covidien transaction and overseeing the integration. I'm confident in his ability to leverage the opportunities within RTG.

有了這些，我們現在將開通問答電話。除了加里之外，最近取代克里斯·奧康奈爾擔任我們康復治療集團總裁的傑夫·瑪莎也出席了會議。傑夫是一位經驗豐富的領導者，曾負責制定美敦力的成長策略、執行 Covidien 交易並監督整合。我對他利用 RTG 內部機會的能力充滿信心。

Also joining us today to answer your questions is: Mike Coyle, President of our Cardiac and Vascular Group; Bryan Hanson, President of our Minimally Invasive Therapies Group; Hooman Hakami, President of our Diabetes Group. Also given the growing importance of our Cath Lab Managed Service business, Rob ten Hoedt, President of our Europe, Middle East and Africa region is also present.

今天與我們一起回答大家問題的還有：心臟和血管集團總裁 Mike Coyle、微創治療集團總裁 Bryan Hanson 和糖尿病集團總裁 Hooman Hakami。鑑於我們的心導管室託管服務業務日益重要，我們的歐洲、中東和非洲地區總裁 Rob ten Hoedt 也出席了會議。

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

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

David Lewis, Morgan Stanley.

摩根士丹利的戴維‧劉易斯。

Just a quick question for Omar, then one for Gary. Omar, just your business momentum has been very, very strong and that continued obviously in this quarter. You've always talked about 4% to 6%. I guess on a go-forward basis, what's now providing you, as you look about the product portfolio, what gives you that confidence in that 4% to 6% range? What has to go right to continue to deliver on the upper end of that range over the next several quarters, given some of your larger products are beginning to anniversary or the comps are getting more challenging?

先問奧馬爾一個簡單的問題，然後再問加里一個簡單的問題。奧馬爾，您的業務勢頭一直非常強勁，這種勢頭在本季度顯然仍在繼續。您一直在談論 4% 到 6%。我想，從未來的角度來看，當您查看產品組合時，現在為您提供的是什麼讓您對 4% 到 6% 的範圍充滿信心？鑑於你們的一些大型產品即將迎來週年紀念日，或者競爭對手的競爭越來越激烈，那麼在接下來的幾個季度裡，要怎麼做才能繼續保持這一範圍的上限呢？

Well, we think that we've got a pipeline of new products coming out that will replace the products that are lapping in growth. Besides, some of them have continued momentum even after their anniversary period like the transcatheter valve, where the market continues to grow. But as I pointed out, in almost every group -- in every group, we have a very strong pipeline of products coming out, all the way from our diabetes team to RTG, minimally invasive, CVG, all of them have several new products in the pipeline.

嗯，我們認為我們已經推出了一系列新產品，它們將取代那些成長緩慢的產品。此外，有些產品即使在周年紀念日之後仍保持著增長勢頭，例如經導管瓣膜，其市場仍在繼續增長。但正如我指出的那樣，幾乎在每個組別中 - 每個組別中，我們都有非常強大的產品線，從我們的糖尿病團隊到 RTG、微創、CVG，他們都有幾種新產品正在研發中。

So we see this new therapies momentum continuing. In addition, I'm looking to supplement that with significant growth from both emerging markets as well as services and solutions, which kind of diversify our sources of revenue and can contain any surprises that may come up. So we think that range is a pretty reliable range. After the acquisition of Covidien, it has given us even more diversification.

因此，我們看到這種新療法的勢頭仍在持續。此外，我還希望透過新興市場以及服務和解決方案的顯著成長來補充這一點，這將使我們的收入來源多樣化，並可以應對可能出現的任何意外情況。因此我們認為該範圍是相當可靠的範圍。收購 Covidien 之後，我們的業務更加多元化。

Okay. So the upper end of the range, Omar, is not necessarily out of contention here even over the next several quarters?

好的。那麼，奧馬爾，即使在接下來的幾個季度裡，該範圍的上限也不一定就不再具有競爭力了？

Well, I say the whole range, but you're right. I mean, the momentum right now suggests that the upper end of the range is the place to go. But the range is there for a reason. So we're going to stick to the mid single-digit range. We'll do everything we can to get to the upper end of the range. Given our momentum, especially with new therapies and given the fact that in both services and solutions and emerging markets, we expect our momentum to actually pick up in the back half of the year. There's a good possibility we could drive the higher end but the range is, like I said, is there for a reason.

好吧，我說的是整個範圍，但你是對的。我的意思是，目前的勢頭表明，該範圍的上限是應該去的地方。但這個範圍的存在是有原因的。因此我們將堅持中等個位數範圍。我們將竭盡全力達到該範圍的上限。鑑於我們的發展勢頭，特別是新療法，以及服務和解決方案以及新興市場的情況，我們預計我們的發展勢頭將在今年下半年真正回升。我們很有可能推動更高水準的發展，但就像我說的，這個範圍是有原因的。

Okay. Omar, very clear. Thank you. Then, Gary, just one comment on the quarter. Obviously revenue momentum very strong. You had the extra selling week. I think there's some who are saying in this particular quarter with the extra selling week there could have been more leverage to the bottom line. Gross margins were fine. There was some -- it looks like some discretionary spending, obviously some currency.

好的。奧馬爾，非常清楚。謝謝。那麼，加里，對本季僅發表一條評論。顯然收入勢頭非常強勁。您有額外的銷售週。我認為有些人會說，在這個特定季度，如果有額外的銷售週，可能會對獲利產生更大的影響。毛利率不錯。有一些——看起來像是一些可自由支配的開支，顯然是一些貨幣。

Could you give us a sense of why we wouldn't have seen more upside in the first quarter? How we're tracking versus some of the Covidien synergies? We talked about the $850 million number. I think there's an expectation that number could have upside. So this quarter relative to the extra selling week, why was there not more leverage? How you're feeling about potential upside to the Covidien synergy number as we progress through the balance of the year? Thank you.

您能否解釋為什麼我們在第一季沒有看到更多的上漲？我們如何追蹤 Covidien 的一些協同效應？我們討論了 8.5 億美元這個數字。我認為人們預期這個數字可能會上升。那麼，相對於本季的額外銷售週，為什麼沒有更多的槓桿？隨著我們在今年剩餘的時間裡取得進展，您對 Covidien 協同效應數字的潛在上升空間有何看法？謝謝。

Yes, David, I think you addressed kind of why we -- you didn't see quite as much of it hitting the bottom line here in Q1. Overall, obviously we saw very strong growth both in the top line. We feel good about where we ended up on the bottom line, but there is obviously a lot of headwinds. The majority -- the biggest one being obviously the foreign exchange. As we have highlighted, foreign exchange especially in Q1. But in Q1 and Q2 is probably at the peak here in these next couple quarters. We clearly saw that in Q1. We think that will probably become a little bit less as we go through the year.

是的，大衛，我想你已經解釋了為什麼我們——你沒有看到它在第一季對底線產生太大的影響。總體而言，我們顯然看到了營業收入的強勁成長。我們對最終的獲利情況感到滿意，但顯然仍有許多阻力。其中最重要的顯然是外匯。正如我們所強調的，外匯尤其在第一季。但第一季和第二季可能會在接下來的幾季達到頂峰。我們在第一季清楚地看到了這一點。我們認為，隨著時間的推移，這一數字可能會減少。

In addition, the synergies are occurring basically exactly as we expected. When you think back to your point, we're probably a little ahead of schedule on achieving the overall synergies that we've laid out. But we always knew that a majority of those were going to be back-end loaded in the quarter -- or excuse me, in the year because it just takes time for the physicians to be consolidated. We're having to pull together two different companies. There's a lot of investments being made as we do that.

此外，協同效應基本上正如我們預期的那樣。當你回想你的觀點時，我們可能已經提前一點實現了我們所製定的整體綜效。但我們始終知道，其中大部分將在本季度（或對不起，在本年度）後期加載，因為醫生的整合需要時間。我們必須將兩家不同的公司合併在一起。我們在這樣做的同時，也進行了大量投資。

So we knew that the synergies -- we have no expectation that we won't meet or exceed the $850 million that we laid out as an organization. We're well on our way towards that schedule. But we knew from a timing perspective, that's a little bit more in the back end of the year as you would expect. So we weren't going to get as much benefit here obviously in Q1 to offset some of the foreign exchange issues.

因此，我們知道協同效應——我們不期望我們不會達到或超過我們作為一個組織所投入的 8.5 億美元。我們正在順利地實現這項計劃。但從時間角度來看，我們知道，正如您所預期的那樣，今年年底的銷售額還會更高一些。因此，我們在第一季顯然不會獲得太多收益來抵銷一些外匯問題。

So in our view, yes, you might have expected a little bit more to the bottom line, especially on the strength of the revenue growth, but there's a lot of moving parts that we're still dealing with here as we pull these two companies together. Everything's on schedule. Everything's going as we would expect. But the timing's also as we expected. We expected it will be a little less in Q1 and improving as we go through the fiscal year.

因此，在我們看來，是的，你可能對底線業績有更高的期望，特別是在收入成長強勁的情況下，但在我們將這兩家公司合併在一起時，我們仍在處理許多變動因素。一切都按計劃進行。一切都如我們預期的那樣進行。但時機也如我們預期的。我們預計第一季的降幅會略小一些，但隨著財政年度的推進，降幅會逐漸縮小。

Okay. Thank you very much.

好的。非常感謝。

Mike Weinstein, JPMorgan.

摩根大通的麥克溫斯坦。

Congratulations again on the quarter. Let me focus if I can on a couple businesses. One I wanted to touch on was neurovascular, which you said grew mid-20%s and obviously has accelerated on the back of the stroke trials that came out over the past year. Can you just talk about how see that market for stroke developing? The implications for sustainability of the recent performance? Then second, if you can give us any more insight into the upside performance within CRM? How much of that came from Reveal, which has obviously been a very big driver, Reveal LINQ, which has obviously been a big driver in the last few quarters versus the underlying base CRM business, the ICD market, the pacemaker market?

再次恭喜本季取得的成績。如果可以的話，讓我集中討論幾項業務。我想談的一個主題是神經血管疾病，您說該疾病的發病率增長了 20% 左右，而且顯然在過去一年中風試驗的推動下有所加速。您能談談您如何看待中風市場的發展嗎？近期表現對永續性有何影響？其次，您能否提供我們更多有關 CRM 內部優勢表現的見解？其中有多少來自 Reveal，它顯然是一個非常大的驅動力，有多少來自 Reveal LINQ，它顯然是過去幾個季度相對於基礎 CRM 業務、ICD 市場、起搏器市場的一個巨大驅動力？

I'm going to give you a little overview. Then I'll ask Geoff and Mike to help out with more details here. I think Mike, from my overall perspective, the stroke market is one of our biggest opportunities. We're very excited about it. We think we're in the early phases of penetration with our new therapies. So we expect the momentum just from the therapy itself to continue. But looking into the future we're looking at the entire stroke care pathway more carefully. We've got other products that are also impacting the stroke disease area, which we expect will have some level of pull-through from our presence in the stroke market. But beyond that, I think both Geoff and Mike can add more color to that. Certainly Mike can add color to the CRM question. So Geoff, do you want to start?

我將向你作一個簡要的概述。然後我會請 Geoff 和 Mike 幫忙提供更多細節。我認為麥克，從我的整體角度來看，中風市場是我們最大的機會之一。我們對此感到非常興奮。我們認為我們的新療法正處於滲透的早期階段。因此，我們預計治療本身的勢頭將會持續下去。但展望未來，我們會更仔細地審視整個中風照護途徑。我們還有其他產品也對中風疾病領域產生影響，我們預計這些產品將在一定程度上受益於我們在中風市場中的存在。但除此之外，我認為 Geoff 和 Mike 都可以為此增添更多色彩。當然，Mike 可以為 CRM 問題增添色彩。那麼 Geoff，你想開始嗎？

Yes. Sure. We're seeing a lot of the growth in the last quarter come from the Ischemic Stroke market here and thrombectomy. We see that market continuing to grow worldwide in the 25% to 30% range and in the US, even a little higher than that. Obviously, the growth that's coming now in the stroke intervention piece here is from the clinical evidence that's come out recently. We see a number of barriers, though, that -- that's driving a lot of growth.

是的。當然。我們看到上個季度的大量成長來自缺血性中風市場和血栓切除術。我們看到全球市場繼續以 25% 至 30% 的速度成長，而美國的成長率甚至更高。顯然，目前中風介入的進展來自於最近出現的臨床證據。然而，我們看到了許多障礙，這些障礙正在推動巨大的成長。

There are a number of barriers that we're working on that I'd like to comment on. One is the diagnostic space. I'm going to let Mike comment on that and -- there's a play there for our diagnostics in his area. But then there's others like the ER physician education, EMS routing, some focus on neurologists. These are areas that in addition to the intervention, we're focused on all of those areas with our team out of Irvine.

我們正在努力克服許多障礙，我想對此發表評論。一是診斷空間。我會讓麥克對此發表評論——這對我們在他的領域內的診斷有一定作用。但還有其他的，例如急診室醫生教育、EMS 路線，有些則專注於神經科醫生。除了介入之外，我們還與爾灣的團隊一起關注這些領域。

So we'll feeling very good about it. You saw we -- in the hemorrhagic space, that's all ischemic. You saw we did this Medina acquisition, which is around mesh coils which should help us in the hemorrhagic space where we're not leading right now. We think this will help us in a big way there as well. So we feel very bullish about it, just based on the clinical data. But there's a lot of other levers that we're working on, like I mentioned. Maybe Mike, if you want to comment on the diagnostics piece.

所以我們對此感覺非常好。您看到了－在出血空間中，全都是缺血性的。您看到，我們進行了 Medina 收購，該收購涉及網狀線圈，這應該可以幫助我們解決目前尚未領先的出血領域問題。我們認為這也會對我們有很大幫助。因此，僅根據臨床數據，我們對此感到非常樂觀。但正如我所提到的，我們正在研究許多其他手段。也許是麥克，如果你想對診斷部分發表評論。

Yes. Broadly, Mike, give a visual in stroke and then go into the CRM question.

是的。概括地說，麥克，先給一個直觀的描述，然後再討論 CRM 問題。

Sure. I think you asked about the CRM growth. One of the drivers is certainly LINQ in stroke, in cryptogenic stroke. In fact, the size of the revenue contribution of LINQ just in the cryptogenic stroke indication is very similar to the size of the Solitaire contribution in the stent thrombectomy area. We're the only Company that has a complete now profile of both diagnostic and therapeutic devices to treat ischemic stroke. So we view this as one of the largest opportunities within the Company.

當然。我想您問的是 CRM 成長問題。其中一個驅動因素肯定是中風和隱源性中風中的 LINQ。事實上，LINQ 僅在隱源性中風適應症的收入貢獻規模與 Solitaire 在支架血栓切除術領域的貢獻規模非常相似。我們是唯一一家擁有治療缺血性中風的完整診斷和治療設備的公司。因此，我們認為這是公司內部最大的機會之一。

Broadly speaking on cardiac rhythm in general, we have modestly better market conditions. We're taking share in virtually all of the segments that we participate in. So first obviously, LINQ has now fully anniversaried its introduction, which occurred in the fourth quarter of last year. So it's encouraging to see that continued growth momentum in syncope as well as Atrial fibrillation monitoring. So it continues to be a strong driver.

從整體心律來看，我們的市場狀況略有改善。我們在幾乎所有參與的領域都佔有份額。首先顯然的是，LINQ 現在已經迎來了它的周年紀念日，它在去年第四季度推出。因此，看到暈厥和心房顫動監測領域持續成長的勢頭令人鼓舞。因此它將繼續成為一個強大的驅動力。

In addition, especially in syncope, which is more than half of the uses of the product, we get pacemaker pull-through from that. Roughly 8% to 9% of those patients will wind up having a pacing indication in the first year that results in a pacemaker. Over the three year life of the device, we typically would expect to see about 20% of those patients becoming indicated for pacemakers, which is driving new obviously market growth for us and we're capturing virtually all of that share of new pacemakers.

此外，特別是在暈厥（該產品一半以上的用途都是暈厥）中，我們可以從中獲得起搏器的幫助。大約 8% 到 9% 的患者會在第一年出現起搏指徵，因此需要安裝心律調節器。在該設備的三年使用壽命內，我們通常預期約有 20% 的患者需要安裝心律調節器，這顯然為我們帶來了新的市場成長，而我們幾乎佔據了新起搏器的所有份額。

In the ICD market, we've seen modestly improved conditions, mid single-digit growth in initial implants which is very encouraging, which obviously we're benefiting from. But also from share, obviously from the Attain Performa product line, in CRTD segment as well as the MRI-safe Evera product line in Japan where we're seeing some very nice growth.

在 ICD 市場，我們看到了適度改善的條件，初始植入物的數量實現了中等個位數的成長，這是非常令人鼓舞的，顯然我們從中受益。但從份額來看，顯然是來自 Attain Performa 產品線、CRTD 領域以及日本的 MRI 安全 Evera 產品線，我們都看到了非常好的成長。

Then, of course, in the AF segment, we continue to grow well above the market with our CryoAblation technologies really becoming the preferred intervention for paroxysmal atrial fibrillation ablation. All of those are driving growth for us including things like TYRX in the anti-infective pouch. Those items are all contributing to improvements in the market conditions and improvement in our share position.

當然，在 AF 領域，我們的成長速度繼續遠高於市場水平，我們的冷凍消融技術真正成為陣發性心房顫動消融的首選幹預措施。所有這些都在推動我們的成長，包括抗感染袋中的 TYRX 等產品。這些因素都有助於改善市場狀況並提高我們的市場佔有率。

Can I ask one quick follow-up for Omar and Gary. If I think about the time period since the Covidien acquisition, you've made a number of small, call it, technology pipeline acquisitions. I think I can count 8 to 10 just off the top of my head. Can you just talk about the cumulative dilution from all these really small acquisitions. Twelve is not that small, but Medina and RF Surgical and all these other ones. What's the incremental dilution from that, that you're absorbing in your FY16 guidance? Thanks.

我可以快速詢問奧馬爾和加里一個後續問題嗎？如果我回顧一下自從 Covidien 收購以來的這段時間，你們已經進行了許多小型的、可以稱之為技術管道的收購。我想我可以隨心所欲地數出 8 到 10。您能否談談這些小型收購造成的累積稀釋？十二家不算少，但 Medina、RF Surgical 和所有其他公司都一樣。您在 2016 財政年度指導中吸收的增量稀釋是多少？謝謝。

Well, first of all, the way we look at this is the business units themselves make product tradeoffs. In several of them, we kind of cancel existing program to cover for that. So the first responsibility to cover the dilution actually goes right down to the businesses and from there, there's a real savings. Then as we go up, we cover in the group. Then we cover it at a corporate level. Through that we kind of cover the whole dilution. The actual amount, I don't know, Gary, do you have a sense for how much that is?

嗯，首先，我們看待這個問題的方式是業務部門本身會做出產品權衡。在其中幾個項目中，我們取消了現有的項目來解決這個問題。因此，彌補稀釋的首要責任實際上直接落在了企業身上，從此，就有了真正的節省。然後，當我們向上走時，我們會掩護隊伍。然後我們在公司層級進行報告。透過這種方式，我們可以覆蓋整個稀釋過程。我不知道實際金額，加里，你知道是多少嗎？

No. Mike, as far as the -- I haven't even added up myself to say what is it we're covering. Because back to Omar's point, most of this is being either covered by the business unit or the group as they go forward with this. There are several -- the small technology acquisitions that you mentioned where there's actually existing revenue et cetera. That there's almost no dilution. It would be neutral to even slightly positive. Some of them that are more technology based that are going to have more of an impact from the standpoint of more clinical trials like Twelve, for example, on the transcatheter mitral.

不。麥克，就——我甚至還沒有弄清楚我們所涵蓋的內容。因為回到奧馬爾的觀點，大部分都是由業務部門或集團在推進過程中承擔的。有幾項——您提到的小型技術收購實際上有現有收入等等。幾乎沒有稀釋。它可能是中性的，甚至略微積極的。其中一些是基於技術的，從更多臨床試驗的角度來看，它們將產生更大的影響，例如關於經導管二尖瓣的 Twelve 試驗。

That will have more of a dilution impact, but yet that will be basically -- Mike and his team will view that as an R&D program. They'll cover that in their R&D basically budget as they move forward. So I haven't even added it up myself as far as that (inaudible) us, being focused on this discipline and saying, if we do these types of acquisitions, we've got to cover that if it is dilutive to the Company, which some of them will be. Then we've got to make tradeoffs within the rest of the organization. So I couldn't even tell you what the exact number is.

這將產生更大的稀釋影響，但基本上——麥克和他的團隊會將其視為研發計劃。隨著研發的推進，他們將在研發預算中涵蓋這些內容。因此，就我們而言，我甚至還沒有自己把它加起來，（聽不清楚）我們專注於這個學科，並且說，如果我們進行這些類型的收購，如果它對公司有稀釋作用，我們就必須彌補這一點，其中一些是會的。然後我們必須與組織的其他部分做出權衡。所以我什至無法告訴你確切的數字是多少。

Understood. Thank you, guys.

明白了。謝謝你們。

Thanks.

謝謝。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

I wanted maybe to start with Spine given the management change that occurred over the course of the quarter. Maybe Omar and team, if you go into just a little more detail in helping us understand the progression to turning that business around? What specific factors will influence an acceleration of that business? When you think we can get back to a market growth type rate in the core franchise?

考慮到本季發生的管理層變動，我可能想從 Spine 開始。也許奧馬爾和他的團隊，如果您能更詳細地介紹一下，以幫助我們了解扭轉業務的進展？哪些具體因素會影響該業務的加速發展？您認為我們什麼時候才能恢復核心特許經營的市場成長率？

I'll let Geoff add depth to the answer here. Look, my expectation is that getting back to the core growth can't be soon enough. So we want to get there as quickly as possible. I think we're taking aggressive action, especially in the near term, to do with the way in which we're leveraging our integrated sales force with our products and the way we're kind of grouping these products together much more aggressively than before to make a difference in these accounts.

我會讓傑夫在這裡進一步深入回答。瞧，我的期望是盡快恢復核心成長。所以我們希望盡快到達那裡。我認為我們正在採取積極的行動，特別是在短期內，以利用我們的綜合銷售團隊推銷我們的產品，並以比以前更積極的方式將這些產品組合在一起，以在這些帳戶中產生影響。

In the mid-term, we'll drive more technological synergy through surgical synergy. We've got a sales force positioned for that. Longer term, we're addressing some of the speed to market issues in our product development area which we feel are addressing right now. But it did take a little time to come through the product itself. Geoff, please add to that.

中期，我們將透過手術協同來推動更多的技術協同。我們已經為此配備了一支銷售團隊。從長遠來看，我們正在解決產品開發領域中的一些上市速度問題，我們認為這些問題目前正在解決。但產品本身確實需要一點時間才能完成。傑夫，請補充一下。

Sure, David. First two macro comments. One, losing -- being a shared donor in Core Spine in the US is not acceptable to us. We have a real sense of urgency around turning that around. So that's number one. The team's committed to that. Number two, we're making some tangible changes in the Restorative Therapies Group. The biggest one I'd say is managing it as an integrated group versus a holding Company with a series of business units underneath. When you do that, this allows us to leverage our breadth to differentiate and drive growth in very targeted areas, which I'll get to in a second.

當然，大衛。前兩則宏觀評論。首先，失去作為美國 Core Spine 的共享捐贈者對我們來說是不可接受的。我們確實迫切地想要扭轉這種局面。這是第一點。團隊致力於此。第二，我們正在對恢復性治療組做出一些實際的改變。我認為最大的挑戰是將其作為一個綜合集團進行管理，而不是將其作為擁有一系列業務部門的控股公司進行管理。當你這樣做時，我們就可以利用我們的廣度來實現差異化，並推動特定領域的成長，我馬上就會講到這一點。

But the biggest beneficiary of this change, I believe, will be our Spine business globally and the US especially. So some of the specific impacts were, one, we've moved to an integrated sales force in the US and in Europe. That's is enabling us to do some much more efficient health system wide selling. In our case, we can combine some capital equipment from our Surgical Technologies business, navigation and imaging, in with our Spine products. So that's helping a lot. Then more specifically enables us to drive this surgical synergy concept.

但我相信，這項變革的最大受益者將是我們全球的 Spine 業務，尤其是美國的 Spine 業務。因此，一些具體的影響是，第一，我們已經轉向在美國和歐洲建立綜合銷售團隊。這使我們能夠在醫療系統範圍內進行更有效的銷售。就我們而言，我們可以將外科技術業務、導航和成像的一些資本設備與我們的脊椎產品結合。這很有幫助。然後更具體地使我們能夠推動這種手術協同概念。

This is where navigated procedures in Spine, using NAV, using our imaging and driving that to more of a standard of care. So there's several components of that. Again, Spine will benefit from this, a tighter technology integration between our NAV and imaging technology with our spine implants and instruments and an R&D road map based off this surgical synergy offering versus just an R&D road map that's independent spine and independent surgical technologies.

這就是在脊椎中進行導航程序的地方，使用 NAV，使用我們的成像並將其推向更標準的護理。這其中有幾個組成部分。同樣，Spine 將從中受益，我們的 NAV 和成像技術與我們的脊椎植入物和儀器之間的技術整合更加緊密，基於這種手術協同作用的研發路線圖不僅僅是獨立脊椎和獨立手術技術的研發路線圖。

We can get to one rep in the cases versus having an ST rep in there and a spine rep. We're developing and putting together more robust clinical and economic data and just really trying to drive the surgical synergy strategy as a standard of care. Today, we estimate only 14% of Core Spine procedures are navigated. So we see a lot of upside here. A lot of it is driven by working much closer together with our spine and our surgical technologies business.

在這些情況下，我們可以得到一次重複，而不是在其中進行一次 ST 重複和一次脊椎重複。我們正在開發和匯總更可靠的臨床和經濟數據，並真正努力推動手術協同策略成為護理標準。今天，我們估計只有 14% 的核心脊椎手術是可導航的。因此，我們看到這裡有很多好處。這在很大程度上得益於我們脊椎和外科技術業務的更緊密合作。

Then finally, we've got just a laser focus on just improving our innovation cycles in Spine, the speed and the impact. I don't want to pull any punches, we're not as fast as we need to be. That's another contributor to some of these other players gaining share on us. This is something that we're focused on at the spine level, at the RTG level and also pulling in some broader Medtronic resources to improve the speed and effectiveness of our innovation cycles in spine.

最後，我們只需集中精力改善 Spine 的創新週期、速度和影響力。我不想手下留情，我們的速度還沒達到應有的水準。這也是其他一些參與者從我們這裡獲得市場份額的另一個因素。這是我們在脊椎層面、RTG 層面關注的重點，同時也引入了更廣泛的美敦力資源來提高脊椎創新週期的速度和效率。

So we feel like we've got a lot of levers to pull here. We're focused on it. I just laid out some short, medium and longer term. I think the innovation cycles, you won't feel that for a couple of quarters. But the other stuff -- the other initiatives, the integrated selling and surgical synergy you should feel in the more near, medium term.

所以我們覺得我們在這裡有很多可以利用的槓桿。我們專注於此。我只是列出了一些短期、中期和長期的計劃。我認為創新週期，你不會在幾個季度內感受到這一點。但其他的東西——其他的舉措、綜合銷售和外科手術的協同效應你應該會在近期、中期內感受到。

That's good perspective, Geoff. Thank you. Then maybe just following up on that, Omar or Gary, anybody could talk about some of the parallels that may exist between this selling model and what you've been able to realize on the cardiology side of the business. Because I think in your prepared remarks, you talked about an increased number of stents, for example, being on broader product line contract sales.

傑夫，這是很好的觀點。謝謝。那麼也許只是跟進一下，奧馬爾或加里，任何人都可以談談這種銷售模式和你們在心臟病學業務方面所實現的目標之間可能存在的一些相似之處。因為我認為在您準備好的發言中，您談到了增加支架數量，例如更廣泛的產品線合約銷售。

If you look at your performance in those businesses, clearly you're benefiting from the breadth of product lines that you have to offer. Are there any parallels that you could draw between that experience and the spine/imaging navigation side of the business that may give us more confidence in the success of the strategy on the spine side of the business?

如果您看一下您在這些業務中的表現，顯然您會從所提供的廣泛產品線中受益。您能否將該經驗與業務的脊椎/影像導航方面進行比較，以便讓我們對業務脊椎方面的策略成功更有信心？

Yes. Look, I think you described it very well. That's exactly it. I think our near term strategy is exactly what you've described. That we've learned from our CVG experience that putting an integrated sales force together with a complete suite of products with specialists in the field can drive, and some aggressive contracting based on that, can drive pretty quick growth in sales and capture good accounts.

是的。看，我認為你描述得很好。正是如此。我認為我們的近期策略正是您所描述的。我們從 CVG 經驗中了解到，將一支綜合銷售隊伍與一整套產品和該領域專家整合在一起，並在此基礎上進行一些積極的承包，可以推動銷售額的快速增長並獲得良好的客戶。

We really haven't done that in spine because the sales forces have never really been put together. They've been in formal contact but it's not the same as organizationally being integrated. I think that's one of the things that we have done in the last three to four months. We're absolutely going to leverage as we go forward. So the CVG parallel is a good one.

我們實際上還沒有在脊椎方面做到這一點，因為銷售團隊從未真正組成過。他們之間有正式的接觸，但這並不等於組織上的整合。我認為這是我們在過去三到四個月中所做的事情之一。我們絕對會在前進的過程中發揮槓桿作用。因此 CVG 並行是一個很好的選擇。

This is Geoff, just to build on that. Not ashamed to say that we're definitely looking at the play book that Mike Coyle and the CVG team have followed over the last four plus years. We definitely are getting a lot of confidence and inspiration from that. Then don't overlook MITG either, because they've done a lot of this over the last couple of years as they compete against a J&J. So I think we have two parallels to look at that aren't exactly the same but we're drawing lessons from both of those and have already taken steps.

這是傑夫，只是為了在此基礎上進一步闡述。毫不羞愧地說，我們肯定在關注邁克·科伊爾和 CVG 團隊在過去四年多的時間裡所遵循的戰術。我們確實從中獲得了很多信心和靈感。那麼也不要忽視 MITG，因為過去幾年他們在與強生公司的競爭中做了很多這樣的事。所以我認為我們有兩個相似之處，雖然它們並不完全相同，但我們正在從中吸取教訓，並且已經採取了措施。

Then finally, one advantage we have that even CVG, no offense, Mike, doesn't have, is we have real technology integration between the navigation and imaging and the power tools and the implants. So there's real technology integration there to drive procedural innovation that not only gets at economic outcomes, can use procedures more efficiently and faster, but also clinical outcomes.

最後，我們擁有一個優勢，即使 CVG（無意冒犯，邁克）也沒有，那就是我們在導航和成像以及電動工具和植入物之間擁有真正的技術整合。因此，真正的技術整合可以推動程序創新，不僅可以獲得經濟成果，可以更有效、更快地使用程序，還可以獲得臨床結果。

We need to do a better job of developing that data and getting it out there because once surgeons try this, they really like it. There's a lot of surgeons, particularly in spine, that are more experienced and sometimes they say, hey, look, I don't need this. But once they try it, typically they don't want to go back to do an unnavigated. We feel very good about that. We just have to really focus on this more over the next couple quarters.

我們需要更好地開發這些數據並將其傳播出去，因為一旦外科醫生嘗試了這種方法，他們就會非常喜歡它。有很多外科醫生，特別是脊椎外科醫生，經驗更豐富，有時他們會說，嘿，看，我不需要這個。但一旦他們嘗試了，通常就不想再回到未導航的狀態。我們對此感到非常高興。在接下來的幾個季度裡，我們只需要更加關注這一點。

Okay. Great.

好的。偉大的。

Robert Hopkins, Bank of America.

美國銀行的羅伯特霍普金斯。

So wanted to start out first with Omar, I was wondering if you could just elaborate a little bit on your comments on emerging markets, since it's so topical. I guess my question is, specifically what was the growth in emerging markets for Medtronic? Was Middle East and Africa the only area where you saw a slowdown? Then I was just wondering if you could just comment generally on your confidence in the near and intermediate term that emerging market growth can continue?

所以首先想從奧馬爾開始，我想知道您是否可以稍微詳細闡述您對新興市場的評論，因為它非常具有現實意義。我想我的問題是，美敦力在新興市場的成長具體如何？中東和非洲是唯一出現經濟放緩的地區嗎？那麼，我只是想知道您是否可以總體評論一下您對近期和中期新興市場能夠持續成長的信心？

Well, first, I'm very confident. In fact, the Middle East and Africa was really the only region which was significantly impacted because of the reasons that I stated, because of the distributor sales. The underlying operational performance was fine. We expect that to bounce back this very quarter. I think Latin America was a little softer than we'd like, but the other regions were much stronger than they've been historically.

嗯，首先，我非常有信心。事實上，中東和非洲是唯一一個因我所述的原因而受到嚴重影響的地區，因為分銷商的銷售。基礎營運表現良好。我們預計本季該數字將會反彈。我認為拉丁美洲的表現比我們想像的要弱一些，但其他地區的表現比歷史上強勁得多。

In particular, I know that's in everyone's mind here, we were actually quite pleased with what we saw in China. We had low double-digit growth in China, which actually is better than what we've been seeing in most quarters last year. We feel that we've outperformed the overall market. All of the med device market was reasonably strong. We did outperform it but the underlying market was quite robust. We feel at this stage with what we know and what we can -- intelligence that we can get from our own people and the market itself, we feel pretty good that we can continue this and in fact accelerate it in the back half because we'll get some tailwind out of the Middle East. China seems to be okay, at least from what we can see.

特別是，我知道在座的每個人都這麼認為，我們對在中國看到的情況感到非常滿意。我們在中國實現了低兩位數的成長，但實際上比去年大多數季度的成長率要好。我們覺得我們的表現已經超越了整體市場。整個醫療器材市場都相當強勁。我們的表現確實優於它，但基礎市場相當強勁。我們認為，在現階段，憑藉我們所了解的和我們能夠從我們自己的人民和市場本身獲得的情報，我們感覺我們可以繼續這樣做，事實上，在下半年會加速這一進程，因為我們會從中東獲得一些順風。中國似乎還不錯，至少從我們所看到的來看是這樣。

Latin America may be a little more pressure but China seems strong. India is definitely coming back. Russia is definitely strong. Southeast Asia is also well into the teens in growth. So we've got every reason to believe that with our diversified position right now, we have a right to expect double-digit type growth out of emerging markets. I haven't given up, like I said earlier, on the objective of high double-digits because I think that's what we're entitled to. Now we've just got to find a way to unlock it.

拉丁美洲的壓力可能更大一些，但中國似乎實力雄厚。印度肯定會捲土重來。俄羅斯確實強大。東南亞的成長速度也已達十幾歲。因此，我們完全有理由相信，憑藉我們目前的多元化地位，我們有權期待新興市場實現兩位數的成長。正如我之前所說，我沒有放棄達到兩位數的目標，因為我認為這是我們應得的。現在我們只需要找到一種方法來解鎖它。

Great. That's very helpful. Then for my second question, I think I heard mention that Bryan was on the line. So I wanted to ask a question about Covidien's businesses, both this quarter and how they've been trending, just especially on the kind of the core general surgery markets of energy and stapling? Just some thoughts on how is the legacy Covidien business doing? Specifically energy and stapling in the quarter and recent trends?

偉大的。這非常有幫助。然後對於我的第二個問題，我想我聽到有人提到布萊恩在線。所以我想問一個關於 Covidien 業務的問題，包括本季的業務狀況以及發展趨勢，特別是在能源和裝訂等核心普通外科市場方面？我對 Covidien 的傳統業務表現有何看法？具體來說，本季的能源和主食市場以及近期趨勢如何？

Hey, Bob. It's good to hear from you. Yes, so far so good. We've been able to stay focused on the business. We've been able to continue to perform as part of Medtronic as we have in the past. I feel really good about the new products that we've launched. Omar mentioned a couple but we have a whole family of products in advanced stapling and advanced energy that are doing quite well for us. Of course, as you know, Bob, we're not going to sit and wait for those to continue. We've got others coming behind them.

嘿，鮑伯。很高興收到你的來信。是的，到目前為止一切都很好。我們能夠集中精力於業務。我們能夠像過去一樣繼續作為美敦力的一部分開展業務。我對我們推出的新產品感到非常滿意。奧馬爾提到了幾個，但我們在高級裝訂和高級能源領域擁有一系列產品，這些產品對我們來說都表現相當不錯。當然，正如你所知，鮑勃，我們不會坐等這些事情繼續發生。我們後面還有其他人在追趕。

So I see the momentum in surgery, in particular in the US, elevating just because you see more surgical procedures. But I also see that shift from open procedures to MIS. That's creating momentum, not just for us, but really for all players in the surgical marketplace. So a good market that we're in. We've not lost our focus, which is key. We continue to deliver technologies that our patients and customers need.

因此，我看到外科手術的發展勢頭，特別是在美國，正在不斷提升，因為你會看到更多的外科手術。但我也看到了從開放程序到 MIS 的轉變。這不僅為我們創造了動力，也為外科手術市場的所有參與者創造了動力。所以，我們處在一個好的市場。我們沒有失去焦點，這是關鍵。我們將繼續提供患者和客戶所需的技術。

Great. Good to hear from you. Thanks, Bryan.

偉大的。很高興收到你的來信。謝謝，布萊恩。

Thanks, Bob.

謝謝，鮑伯。

Kristen Stewart, Deutsche Bank.

克莉絲汀·斯圖爾特，德意志銀行。

I guess, to follow-up on Bob's question. I was just wondering kind of for Omar and then also for Bryan just kind of under the new kind of Medtronic umbrella has there been any change of thinking for the Covidien Group now on the idea of robotics and the importance of robotics, especially now that J&J has announced that they are teaming up with Google to have a platform? I don't know whether or not being under the Medtronic umbrella has changed kind of thoughts in that realm? Then I have a second follow-up.

我想，這是為了跟進鮑伯的問題。我只是想知道，對於奧馬爾和布萊恩來說，在新的美敦力旗下，Covidien 集團對機器人技術和機器人技術重要性的看法是否有任何改變，尤其是現在強生宣布他們正在與谷歌合作建立一個平台？我不知道在美敦力的保護下，該領域的思想是否改變了？然後我進行第二次跟進。

Okay. First of all, just a few words, then I'll let Bryan make the brunt of the commentary on this one. First, from an overall Medtronic perspective, look, the importance of robotics is pretty clear. It's a trend that we can drive in an application focused way. I feel confident that our team can address that market. I think from an overall change perspective, I think a focus on some longer term investments is probably the biggest single change that I hear from Covidien -- ex-Covidien employees. But I think Bryan is best suited to give more color to that as well as the robotics strategies. Go ahead, Bryan.

好的。首先，我只想說幾句話，然後我會讓布萊恩對此進行主要的評論。首先，從美敦力的整體角度來看，機器人技術的重要性非常明顯。我們可以以應用程式為中心的方式推動這一趨勢。我相信我們的團隊能夠滿足這個市場的需求。我認為從整體變化的角度來看，關註一些長期投資可能是我從 Covidien（前 Covidien 員工）那裡聽到的最大的單一變化。但我認為 Bryan 最適合為這個以及機器人策略賦予更多色彩。繼續吧，布萊恩。

There's been a number of changes, if I think about just broadly how we think about our strategy. But specifically to robotics, we're continuing down the path that we were on previous to the acquisition. We're going to continue that path as part of Medtronic. You spoke a little about some competitors out there that are focusing in the area as well. I actually like to see that because we are making significant investments in this area. It gives me confidence that robotics is here to stay. The embodiment of what's that going to look like and how it's going to get traction, still a question mark in my mind. But I do feel like it's here to stay.

如果我廣義地思考我們的策略，就會發現有很多變化。但具體到機器人技術，我們將繼續沿著收購之前的道路前進。作為美敦力的一部分，我們將繼續走這條道路。您稍微談到了一些專注於該領域的競爭對手。我確實很高興看到這一點，因為我們正在這一領域進行大量投資。這讓我相信機器人技術將會繼續存在。它的具體表現將會是什麼樣子以及它將如何獲得關注，這在我的心中仍然是一個問號。但我確實覺得它會繼續存在。

The way I look at it from a strategic standpoint is, we as an organization are highly focused on optimizing surgical procedures around the world. I kind of look at it as three legs of a stool from a surgical perspective. One is open surgical procedures, because there's a whole heck of a lot of procedures that are still done open. They're done inefficiently. We have advanced energy and stapling products that help the efficiency of those procedures. We're going to continue to invest there.

從策略角度來看，我們作為一個組織高度重視優化世界各地的外科手術程序。從外科手術的角度來看，它就像是凳子的三條腿。一是開放式手術，因為目前仍有大量的手術是在開放式的條件下進行的。這些工作效率很低。我們擁有先進的能量和裝訂產品，有助於提高這些程序的效率。我們將繼續在那裡投資。

The other leg of the stool is, what I would define as traditional MIS. This is an area that I think we've done quite well and have shown our ability to lead the market. We're going to continue to invest from a therapy innovation standpoint on that leg of the stool. We have been making significant investments in robotics and that will continue. I'm looking forward to the day that we actually enter the market with robotics. We're driving revenue and not just investment, but that will come.

凳子的另一條腿就是我所定義的傳統 MIS。我認為我們在這個領域做得相當不錯，並且展現了我們引領市場的能力。我們將繼續從治療創新的角度對這條凳子進行投資。我們一直在機器人領域進行大量投資，並將繼續下去。我期待著我們真正利用機器人技術進入市場的那一天。我們推動的是收入，而不僅僅是投資，但這終將實現。

But to me, all three legs of the stool need to be in play for someone to be sustainably successful in the marketplace. In addition to that, you've heard a little bit of talk about it today, we would overlay our capabilities from a service perspective and bring OR managed services to the table so that we can further optimize the efficiency of the operating room. To me, the combination of those three things I referenced from a therapy standpoint with services really will differentiate us in the space. Robotics is a piece of the puzzle, I guess is what I'm saying, it's not the whole puzzle.

但對我來說，一個人要想在市場上持續的成功，就必須具備三個條件。除此之外，今天您已經聽到了一些關於這方面的討論，我們將從服務角度涵蓋我們的能力，並將 OR 託管服務帶到桌面上，以便我們能夠進一步優化手術室的效率。對我來說，我從治療角度提到的這三件事與服務的結合確實會讓我們在這個領域中脫穎而出。我想說的是，機器人技術只是拼圖的一塊，而不是整個拼圖。

I've got you. Then my follow-up question was just more broadly, Omar, for you. Now that you've had Covidien under your belt for I guess now about eight full months, how are you thinking just about all the businesses? I guess as you look more holistically too at the Medtronic portfolio, do you think at this stage you have come to any conclusions? Or do you think you're close to coming to any conclusions that there's some businesses that maybe don't or no longer fit in the portfolio? That we could see some divestitures? Or do you think that all the pieces still make sense?

我抓住你了。那麼我的後續問題就比較廣泛了，奧馬爾，對你來說。現在您已經管理 Covidien 大約八個月了，您對所有業務有何看法？我想，當您更全面地審視美敦力的產品組合時，您認為現階段您已經得出任何結論了嗎？或者您認為您即將得出任何結論，即有些企業可能不再適合投資組合？我們會看到一些資產剝離嗎？或者您認為所有的部分仍然有意義嗎？

First, from an overall perspective, I think you understand the way in which we've organized into the four groups. So that's our kind of primary strategic alignment. The goals and objectives of each of those groups are clear, into which sorts of market spaces they participate in. Within MIPG, we're still looking through that portfolio. I know there was some questions around some of those businesses. I think right now, we're still looking to see a number of things.

首先，從整體來看，我想您了解我們組織成四個小組的方式。這就是我們的主要策略調整。每個團體的目標和目的都很明確，以及他們參與哪個市場空間。在 MIPG 內部，我們仍在審查該投資組合。我知道人們對其中一些企業存在一些疑問。我認為現在我們仍在關註一些事情。

First of all, do they add to our overall strategy of MITG? We're going through that carefully; we're not prepared to conclude on it completely. But right now, they're all contributing. Do they fulfill our mission and are in line with our mission? They are. So right now, we've got what we've got. We're driving to see if we can get growth from all of them. I think it's a little premature to decide, although I know it's been six to eight months. But we made some changes in the way in which we invest. To see if that investment change will result in or what they result in, I think we need a little longer to assess.

首先，它們是否增強了我們的 MITG 整體策略？我們正在仔細研究這個問題；我們還沒有準備好完全得出結論。但現在，他們都在做出貢獻。他們是否履行了我們的使命並且與我們的使命一致？是的。所以現在，我們已經得到了我們所得到的一切。我們正在努力看看是否能夠從所有這些方面獲得成長。我認為現在做決定還為時過早，儘管我知道已經過去了六到八個月。但我們在投資方式上做了一些改變。要知道這種投資變化是否會帶來什麼結果或帶來什麼後果，我認為我們需要更長的時間來評估。

So I'd say, Kristen, that we're still -- at this stage, we've got everything there. It all fits from a clinical relevance perspective, from a mission perspective. Whether we can, in our new paradigm of investment of some of those business, can we change the equation more? We'll have to see. So it's a little bit -- works in progress still. But by and large, we're treating them like they should be and that they're completely part of MITG. Bryan, do you want to add anything to that?

所以我想說，克里斯汀，我們仍然——在這個階段，我們已經擁有了一切。從臨床相關性角度和任務角度來看，這一切都是符合的。在我們對某些業務進行投資的新模式下，我們是否可以進一步改變這個等式？我們得拭目以待。所以這還有一點——工作仍在進行中。但總的來說，我們以應有的方式對待他們，而他們完全是 MITG 的一部分。布萊恩，你還有什麼要補充的嗎？

It was well said. We're working through our own strategy and some -- again, some mindset shifts associated with our own strategy. We haven't worked through that yet. As we do, we'll get a better feel for the fit of these -- of all aspects of what was legacy Covidien and make decisions based on that. One thing too, not just from the perspective of MITG, but if you look at the broader hospital solutions opportunity and the services that we bring to bear, we also have to look through that paradigm to make sure that the products that we have, if they don't fit the MITG strategy, still might fit the overall hospital solutions strategy. So lots to still work through but clearly we're looking at it.

說得好。我們正在製定自己的策略，以及與我們自己的策略相關的一些思維轉變。我們還沒有解決這個問題。透過這樣做，我們將更了解這些面向——Covidien 原有的各個方面，並在此基礎上做出決策。還有一件事，不僅從 MITG 的角度來看，而且如果你看一下更廣泛的醫院解決方案機會和我們提供的服務，我們還必須透過該範例來確保我們擁有的產品，如果它們不符合 MITG 策略，仍然可能適合整體醫院解決方案策略。因此還有很多工作要做，但顯然我們正在研究它。

Okay. Great. Thanks, guys.

好的。偉大的。謝謝大家。

Joanne Wuensch, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Joanne Wuensch。

One of the things that struck us during this earnings season was the commentary from a number of companies regarding hospital surgical volumes. If we take a big picture or big step back, big picture, what do you see going on in terms of that in the United States? How do you see that in the coming months and quarters?

在這個財報季，令我們印象深刻的事情之一是許多公司對醫院手術量的評論。如果我們從宏觀角度或退一步來看，您認為美國的情況如何？您如何看待未來幾個月和幾個季度的情況？

Well, again, I'll let Bryan and maybe Mike also could comment on that a little bit because they've got two of the bigger businesses here. But clearly, the US is strong. Procedure growth is strong now. On both MITG and CVG, we've taken share. But I think we're all acknowledging that procedure growth is really strong. We think that the revitalized economy as well as the Affordable Care Act are both contributing to that depending on the nature of the procedure. We think it's too early to tell, but we think there's some sustainability to this. But I think maybe, Bryan, your perspective first. Then I'll let Mike Coyle comment on it also for a little bit. So, Bryan, go ahead.

好吧，我再次讓布萊恩和麥克對此發表一些評論，因為他們在這裡有兩家較大的企業。但顯然，美國是強大的。目前程序增長強勁。在 MITG 和 CVG 上，我們都佔據了份額。但我認為我們都承認程式成長確實強勁。我們認為，經濟復甦以及《平價醫療法案》都對此做出了貢獻，這取決於程序的性質。我們認為現在下結論還為時過早，但我們認為這種情況具有一定的可持續性。但我認為也許布萊恩首先要從你的角度考慮。然後我會讓麥克·科伊爾對此發表一點評論。那麼，布萊恩，繼續吧。

Yes. Again, I don't know that I have a whole lot to add to what you said. But it's clear to us, we've got folks that are the in the operating room in the US every day. The best litmus test for me on whether or not surgical procedures are up are when these guys go in the morning and look at the boards and they see the number of procedures either during the week and on the weekends. We're definitely seeing a heightened number of surgical procedures.

是的。再說一次，我不知道我是否還有很多內容可以補充你所說的話。但我們很清楚，我們每天都在美國的手術室工作。對我來說，判斷手術量是否增加的最佳方法是，這些人早上去查看公告板，看看工作日和週末的手術量。我們確實看到外科手術的數量增加。

From every company that I've seen present, everyone's seeing that momentum in their organization. I would expect it to continue though we've had it now for a good three quarters. The question for me will be when it annualizes, what does it look like at that point? But it is contributing so far for us in driving our mid single-digit growth. I would expect it to continue.

從我所見過的每一家公司來看，每個人都在他們的組織中看到了這種動力。我預計這種情況會持續下去，儘管這種情況已經持續了三個季度。我的問題是，當它年化時，它會是什麼樣子？但到目前為止，它對我們推動中等個位數成長做出了貢獻。我希望這種情況能夠持續下去。

Mike, you've also seen some good growth in the cardiac space.

麥克，你也看到了心臟領域的一些良好發展。

Right.

正確的。

So go ahead, why don't you make some comments.

那麼，繼續吧，為什麼不發表一些評論呢？

Sure. I would echo that. Certainly in the pacemaker and ICD arena, we've seen the improvement come in initial implants, which is very encouraging. From my perspective, we're seeing sort of mid single-digit growth in initial implants in ICDs in particular, which is quite a change from what we've seen in recent years. Just anecdotally talking to customer accounts about this, they do seem to think that the availability of insurance for people who absolutely need it because they have a sickness and they can't be turned down for coverage is helping drive those volumes.

當然。我同意這一點。當然，在起搏器和 ICD 領域，我們已經看到初始植入物取得了進步，這是非常令人鼓舞的。從我的角度來看，我們看到 ICD 的初始植入量出現了中等個位數的增長，這與我們近年來看到的情況相比發生了很大變化。只是從與客戶帳戶的軼事談話中得知，他們似乎確實認為，對於那些因為生病而絕對需要保險並且不能被拒絕承保的人來說，保險的可用性有助於推動這些數量的增長。

That's very helpful. Then as a follow-up, when the Covidien agreement was announced last year, one of the ideas was to cross-sell what we call the buffet table of products as you went in to the hospital administrator. Given that it's early days, what kind of feedback are you receiving when you go into say, hey, we've got -- I think the quote was, 6 of the top 10 areas really well covered now by products? Thank you.

這非常有幫助。作為後續行動，當去年宣布與 Covidien 達成協議時，其中一個想法是在您進入醫院管理人員時進行交叉銷售我們所說的自助餐桌產品。鑑於現在還處於早期階段，當您說，嘿，我們已經有了——我記得原話是，前 10 個領域中的 6 個現在已被產品很好地覆蓋時，您會收到什麼樣的反饋？謝謝。

First, we might have said that on day one, I'm not sure but certainly as we laid out our strategies that was not one of our core strategies. It was more around value creation because we had Covidien products which created value within the hospital. We had our Medtronic products which were like chronic disease products. We said that in value-based healthcare, we had a broader set of assets that we could use to participate in a value-based healthcare model where a broader continuum of products helps. So that was our primary notion around the breadth that we had.

首先，我們可能在第一天就說過，我不確定，但肯定的是，當我們制定策略時，這不是我們的核心策略之一。這更多的是為了創造價值，因為我們擁有 Covidien 產品，它可以在醫院內創造價值。我們有美敦力產品，類似慢性病產品。我們說，在基於價值的醫療保健中，我們擁有更廣泛的資產，可以用來參與基於價值的醫療保健模式，其中更廣泛的產品系列可以提供幫助。這就是我們對所擁有的廣度的主要想法。

The fact that we have more -- that we're a more significant partner to a hospital, I think is important. But that alone is not one of our key strategies. I think that gets us in the door but each of our product lines have to perform, perform competitively with the physicians and against our competition. Then if you do have a seat at the table which others don't then we go and leverage that. But that's not our primary integration point with Covidien.

事實上，我們擁有更多——我們是醫院更重要的合作夥伴，我認為這很重要。但這並不是我們的主要策略之一。我認為這讓我們進入了市場，但我們的每條產品線都必須表現出色，與醫生和我們的競爭對手具有競爭力。然後，如果你確實有座位而其他人沒有，那麼我們就會利用這一點。但這不是我們與 Covidien 的主要整合點。

There are others like peripheral vascular and neurovascular which are much more directed revenue synergy efforts where we're seeing very good results. Then in operating room managed services, we're -- this aspect of moving towards value-based healthcare is again where we're seeing real benefit. I think those are the ways in which we can make a true differentiated impact in healthcare. I think the fact that we're just broader helps but that's not a critical growth driver for us on its own.

還有其他領域，例如周邊血管和神經血管，這些領域是更有針對性的收入協同努力，我們看到了非常好的結果。然後在手術室管理服務中，我們——轉向基於價值的醫療保健的這個方面再次看到了真正的好處。我認為這些是我們能夠在醫療保健領域產生真正差異化影響的方式。我認為，我們的業務範圍更廣這一事實有所幫助，但這本身並不是我們成長的關鍵動力。

Yes. This is Gary, just to add to what Omar said. I think that as he indicated, the idea to say that there's a lot more contracted of the entire portfolio, no, that hasn't happened nor did we necessarily expect that was going to be the case. But it clearly has helped us get into -- as we deal with governments or CEOs and hospital systems. It's clearly helped us as we deal with insurance companies, et cetera, that we have the broader portfolio. So we're talking about a lot of different options. But could we point to a bunch of contracts where we negotiated across the product portfolio? The answer is no. We didn't expect that.

是的。我是加里，只是想補充奧馬爾所說的話。我認為，正如他所指出的，整個投資組合中有更多的合同，不，這並沒有發生，我們也不一定期望會發生這種情況。但它顯然幫助我們與政府、執行長和醫院系統打交道。當我們與保險公司等打交道時，擁有更廣泛的投資組合顯然對我們有幫助。所以我們正在討論很多不同的選擇。但是，我們能否指出我們在整個產品組合中談判達成的一系列合約？答案是否定的。我們沒想到這一點。

What we did expect, however, was just the strength of the portfolio will clearly get us in conversations with high-level officials across organizations in much better format. I think that is happening. You're seeing that on some of the hospital solutions. You now see that we have our first hospital solutions in the operating room with basically the former Covidien product line. So we're seeing that all happening. Back to Omar's point, we're seeing the synergies across the individual product portfolio, but not from the standpoint of we're all contract bundling perspective.

然而，我們確實期望投資組合的實力能夠讓我們以更好的形式與各組織的高層官員進行對話。我認為這正在發生。您會在一些醫院解決方案中看到這一點。現在您可以看到，我們在手術室中擁有了第一個醫院解決方案，基本上是以前的 Covidien 產品線。所以我們親眼目睹了這一切的發生。回到奧馬爾的觀點，我們看到了單一產品組合之間的協同效應，但不是從我們所有合約捆綁的角度來看的。

Terrific. Thank you so much.

了不起。太感謝了。

Okay. Thank you.

好的。謝謝。

Okay. Thanks to all of you for your questions. With that and on behalf of our entire management team, I'd like to thank you again for your continued support and interest in Medtronic. We look forward to updating you on our progress in our Q2 call, which we currently anticipate holding on December 3. Thank you all. Have a great day.

好的。感謝大家的提問。在此，我謹代表我們整個管理團隊再次感謝您對美敦力的持續支持與關注。我們期待在第二季電話會議上向您通報我們的進度，目前預計該電話會議將於 12 月 3 日舉行。謝謝大家。祝你有美好的一天。

Thank you. This concludes today's conference call. You may now disconnect.

謝謝。今天的電話會議到此結束。您現在可以斷開連線。