美敦力 (MDT) 2023 Q4 法說會逐字稿

Good morning, I'm Ryan Weispfenning, Vice President and Head of Medtronic Investor Relations. Welcome to Minnesota, land of 10,000 lakes. I appreciate that you're joining us today for Medtronic's Fiscal Year 2023 Fourth Quarter Earnings Video Webcast.

早上好，我是副總裁兼美敦力投資者關係主管 Ryan Weispfenning。歡迎來到擁有 10,000 個湖泊的明尼蘇達州。感謝您今天加入我們，觀看美敦力 (Medtronic) 2023 財年第四季度收益視頻網絡直播。

Before we go inside to hear our prepared remarks, I'll share a few details about today's webcast. Joining me are Geoff Martha, Medtronic Chairman and Chief Executive Officer; and Karen Parkhill, Medtronic Chief Financial Officer; Geoff and Karen will provide comments on the results of our fourth quarter and fiscal year 2023, which ended on April 28, 2023, and our outlook for fiscal year '24. After our prepared remarks, the executive VPs from each of our 4 segments will join us, and we'll take questions from the sell-side analysts that cover the company. Today's program should last about an hour.

在我們進去聽取準備好的發言之前，我將分享有關今天網絡廣播的一些細節。和我一起的是美敦力董事長兼首席執行官 Geoff Martha；美敦力首席財務官 Karen Parkhill； Geoff 和 Karen 將對我們截至 2023 年 4 月 28 日的第四季度和 2023 財年的業績以及我們對 24 財年的展望發表評論。在我們準備好的評論之後，我們 4 個部門中每個部門的執行副總裁將加入我們的行列，我們將回答涵蓋公司的賣方分析師的問題。今天的節目應該持續一個小時左右。

Earlier this morning, we issued a press release containing our financial statements and divisional and geographic revenue summaries. We also posted an earnings presentation that provides additional details on our performance. The presentation can be accessed in our earnings press release or on our website at investorrelations.medtronic.com.

今天早上早些時候，我們發布了一份新聞稿，其中包含我們的財務報表以及部門和地區收入摘要。我們還發布了一份收益演示文稿，其中提供了有關我們業績的更多詳細信息。可以在我們的收益新聞稿或我們的網站 investorrelations.medtronic.com 上訪問該演示文稿。

During today's program, many of the statements we make may be considered forward-looking statements, and actual results may 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 and other filings that we make with the SEC, and we do not undertake to update any forward-looking statement.

在今天的節目中，我們所做的許多陳述可能被視為前瞻性陳述，實際結果可能與任何前瞻性陳述中預測的結果存在重大差異。有關可能導致實際結果不同的因素的更多信息包含在我們的定期報告和我們向美國證券交易委員會提交的其他文件中，我們不承諾更新任何前瞻性聲明。

Unless we say otherwise, all comparisons are on a year-over-year basis, and revenue comparisons are made on an organic basis, which excludes 4 things: One, the impact of foreign currency; two, revenue from our Q1 acquisition of Intersect ENT; three, fourth quarter revenue in the current and prior year from our divestiture of our Renal Care Solutions business; and four, a onetime contribution from an intellectual property agreement.

除非另有說明，否則所有比較都是按年比，收入比較是有機的，排除了四件事：一，外彙的影響；二，我們第一季度收購 Intersect ENT 的收入；三、今年和上一年第四季度我們剝離腎臟護理解決方案業務的收入；第四，知識產權協議的一次性捐助。

References to sequential revenue changes compared to the third quarter of fiscal '23 and are made on an as-reported basis. And all references to share gains or losses refer to revenue share in the first calendar quarter of 2023 compared to the first calendar quarter of 2022 unless otherwise stated. Reconciliations of all non-GAAP financial measures can be found in our earnings press release or on our website at investorrelations.medtronic.com. And finally, our EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal year.

參考與 23 財年第三季度相比的連續收入變化，並以報告為基礎進行。除非另有說明，否則所有提及的份額收益或損失均指 2023 年第一季度與 2022 年第一季度相比的收入份額。所有非 GAAP 財務指標的對賬可在我們的收益新聞稿或我們的網站 investorrelations.medtronic.com 上找到。最後，我們的 EPS 指引不包括本財年將報告為非 GAAP 收益調整的任何費用或收益。

With that, let's head into the studio and hear about the quarter.

有了這個，讓我們進入演播室，聽聽這個季度的情況。

(presentation)

（推介會）

Hello, everyone, and thank you for joining us today. We had a strong finish to our fiscal year with our fourth quarter top and bottom line results coming in ahead of expectations. Our accelerating organic revenue growth was broad-based, with mid-single-digit organic growth in Cardiovascular, Neuroscience and Medical Surgical; and double-digit growth in our Diabetes business in Western Europe, where we're selling our latest generation of products.

大家好，感謝您今天加入我們。我們以超出預期的第四季度營收和利潤業績結束了本財年。我們加速的有機收入增長基礎廣泛，在心血管、神經科學和醫療外科領域實現了中個位數的有機增長；我們在西歐的糖尿病業務實現了兩位數的增長，我們在那裡銷售最新一代的產品。

Now across the company, our growth was driven by procedure volume recovery, supply improvements and innovative product introductions. And despite continued margin pressures from macroeconomic factors like inflation and foreign exchange, we delivered adjusted earnings growth this quarter. And we reduced costs while also continuing to invest heavily in R&D to drive future growth. We're confident in delivering durable revenue growth in the year ahead as our recent revenue headwinds dissipate and we drive execution across our businesses.

現在在整個公司，我們的增長是由程序量恢復、供應改善和創新產品引入推動的。儘管通貨膨脹和外匯等宏觀經濟因素持續給利潤帶來壓力，但我們本季度實現了調整後的收益增長。我們降低了成本，同時繼續大力投資研發以推動未來增長。我們有信心在來年實現持久的收入增長，因為我們最近的收入逆風消散並且我們推動了我們業務的執行。

So let's turn to the details of our Q4 results. Our growth in the quarter started with a strong foundation from our largest businesses, Cardiac Rhythm, Surgical and Spine plus ENT. These businesses have durable established leadership positions. And combined, they made up half of our revenue and grew 5% organic.

那麼讓我們來看看我們第四季度結果的細節。我們在本季度的增長始於我們最大的業務心律、外科和脊柱加耳鼻喉科的堅實基礎。這些企業擁有經久不衰的領導地位。加起來，它們占我們收入的一半，有機增長 5%。

CRM grew 5% and won share in the quarter as we continue to see robust double-digit growth in our Mica leadless pacemaker franchise. Earlier this month, we received FDA approval for our next-generation leadless pacemakers, Micra AV2 and VR2, which extend the battery life by 40% to a projected 16 and 17 years, respectively. And in high power, we released data on our enhanced EV ICD algorithm last weekend at HRS, and we're preparing to launch our Aurora Extravascular ICD later this year.

CRM 在本季度增長了 5% 並贏得了市場份額，因為我們繼續看到我們的 Mica 無引線起搏器特許經營業務實現兩位數的強勁增長。本月早些時候，我們的下一代無引線起搏器 Micra AV2 和 VR2 獲得了 FDA 批准，它們將電池壽命分別延長了 40%，預計分別為 16 年和 17 年。在高功率方面，我們上週末在 HRS 上發布了增強型 EV ICD 算法的數據，我們準備在今年晚些時候推出我們的 Aurora Extravascular ICD。

In Surgical Innovations, we grew 4% or 8% when you exclude China given the provincial stapling VBP impacts in the quarter. Surgical procedures continued to recover and we regained share on supply improvements. Our advanced energy products, in particular, benefited from improving supply, growing high teens. And we also launched our LigaSure [XP] and continued our rollout of the cordless Soni 7.

在 Surgical Innovations 中，考慮到本季度省級縫合 VBP 的影響，如果不包括中國，我們增長了 4% 或 8%。外科手術繼續恢復，我們重新獲得供應改善的份額。我們的先進能源產品尤其受益於供應的改善、青少年的成長。我們還推出了 LigaSure [XP] 並繼續推出無繩 Soni 7。

Now Cranial & Spinal Technologies continued to deliver solid growth as well, growing 5%, including 6% growth in U.S. Core Spine. Look, we're seeing success from our market-leading ecosystem of Aible-enabling technology and the associated pull-through of our best-in-class spinal implants. From our AI-enabled surgical planning platform; to our patient-specific spine implants; to our imaging, navigation and robotic technologies, spine surgeons around the world are increasingly attracted to our differentiated and innovative solutions.

現在 Cranial & Spinal Technologies 也繼續實現穩健增長，增長 5%，其中美國核心脊柱增長 6%。看，我們看到了我們市場領先的支持 Aible 技術的生態系統以及相關的一流脊柱植入物的成功。來自我們支持 AI 的手術計劃平台；我們針對患者的脊柱植入物；憑藉我們的成像、導航和機器人技術，世界各地的脊柱外科醫生越來越被我們差異化和創新的解決方案所吸引。

So it was a solid quarter for our largest businesses. We also had a strong Q4 in our businesses that compete in high secular growth med tech markets. All combined, these businesses made up about 20% of our revenue and grew high single digits organically. And we're feeding these businesses with the investments that they need. And as they grow, we expect them to become a larger part of our revenue mix and drive our durable growth going forward.

因此，對於我們最大的企業來說，這是一個穩健的季度。我們在長期高速增長的醫療技術市場中競爭的業務在第四季度也表現強勁。這些業務加起來約占我們收入的 20%，並實現了高個位數的有機增長。我們正在為這些企業提供他們需要的投資。隨著它們的增長，我們預計它們將成為我們收入組合中更大的一部分，並推動我們未來的持久增長。

So starting with Neurovascular, which is now annualizing at over $1.3 billion, we grew 13%. We saw broad strength across the business in both ischemic and hemorrhagic stroke with double-digit growth in several categories, including aspiration and flow diversion. Stroke is the #2 cause of death globally, and combined with low therapy penetration, we see a large opportunity for Neurovascular to make a difference in the treatment of stroke, driving meaningful growth with strong margins for years to come.

因此，從現在年化超過 13 億美元的 Neurovascular 開始，我們增長了 13%。我們在缺血性和出血性中風領域看到了整個業務的廣泛實力，在多個類別（包括抽吸和流量轉移）方面實現了兩位數的增長。中風是全球第二大死因，再加上治療滲透率低，我們認為 Neurovascular 有很大的機會在中風治療方面發揮作用，在未來幾年推動有意義的增長和強勁的利潤率。

In Structural Heart, we grew 9% organic. We're seeing improvements in the TAVR space, especially in the latter part of our quarter, post spring holidays. We won TAVR share in the U.S. on the strength of Evolut FX, which combines industry-leading durability with enhanced and predictable valve deployment. In Japan, our Structural Heart business grew low double digits, driven by the mid-quarter launch of Evolut FX.

在 Structural Heart，我們有機增長了 9%。我們看到 TAVR 空間有所改善，尤其是在我們季度的後半部分，春假過後。我們憑藉 Evolut FX 贏得了美國 TAVR 的份額，Evolut FX 結合了行業領先的耐用性和增強且可預測的瓣膜部署。在日本，在 Evolut FX 的季度中期推出的推動下，我們的結構心臟業務增長了兩位數。

Next, in Cardiac Ablation Solutions, we grew 5% and made significant advances in our pipeline during the quarter. In March, the impressive results of our landmark PULSED AF pivotal trial, studying our single-shot PulseSelect PFA catheter were presented as a late breaker at ACC and published in the journal circulation. The trial had strong efficacy and safety results in both persistent and paroxysmal patients. We filed our PMA with the FDA, and we expect to be one of the first companies with a PFA catheter in the U.S. market.

接下來，在心臟消融解決方案方面，我們在本季度增長了 5%，並在我們的產品線方面取得了重大進展。 3 月，我們具有里程碑意義的 PULSED AF 關鍵試驗研究了我們的單次 PulseSelect PFA 導管，其令人印象深刻的結果作為晚期破壞者在 ACC 上發表，並發表在期刊發行量上。該試驗在持續性和陣發性患者中均具有很強的療效和安全性。我們向 FDA 提交了 PMA，我們希望成為美國市場上首批擁有 PFA 導管的公司之一。

We also received CE Mark in March for our Affera mapping and ablation system, including our Sphere 9 catheter, and we began our limited market release. Sphere 9 can perform both PFA and RF ablation as well as high-density mapping, all from the same catheter. So with our Sphere 9 focal catheter and our PulseSelect single-shot catheter, we have the full breadth of PFA catheter technology. From PFA to our Affera map nav system, to our leading Arctic Front Cryo solution and AcQCross transseptal access system, we're assembling a leading ecosystem of technologies. And we're poised to become a much more meaningful player in the fast-growing $8 billion EP ablation space.

3 月份，我們的 Affera 標測和消融系統（包括 Sphere 9 導管）也獲得了 CE 標誌，我們開始了有限的市場發布。 Sphere 9 可以執行 PFA 和 RF 消融以及高密度映射，所有這些都來自同一個導管。因此，憑藉我們的 Sphere 9 焦點導管和我們的 PulseSelect 單次注射導管，我們擁有全面的 PFA 導管技術。從 PFA 到我們的 Affera 地圖導航系統，再到我們領先的 Arctic Front Cryo 解決方案和 AcQCross 穿刺進入系統，我們正在組裝一個領先的技術生態系統。我們準備成為快速增長的 80 億美元 EP 消融領域中更有意義的參與者。

In Surgical Robotics, we continued to have positive momentum with the rollout of our differentiated Hugo robotics system in international markets. And we're making progress bringing Hugo to the U.S. as we execute our Expand URO pivotal trial. We also saw a meaningful acceleration in sales of our Touch Surgery Enterprise solution, which is the first AI-powered surgical video and analytics platform for the operating room. With Hugo and Touch Surgery, we're bringing innovative solutions to surgeons around the world. And given the low penetration of robotic surgery and our strong position as a global leader in the surgical space, we expect to deliver meaningful growth over the coming years.

在手術機器人方面，隨著我們在國際市場上推出差異化的 Hugo 機器人系統，我們繼續保持積極勢頭。隨著我們執行我們的 Expand URO 關鍵試驗，我們正在將 Hugo 帶到美國取得進展。我們還看到了 Touch Surgery Enterprise 解決方案的銷售顯著加速，這是第一個用於手術室的人工智能手術視頻和分析平台。通過 Hugo 和 Touch Surgery，我們為世界各地的外科醫生帶來了創新的解決方案。鑑於機器人手術的低滲透率以及我們作為手術領域全球領導者的強大地位，我們預計在未來幾年將實現有意義的增長。

And in Diabetes, it was a big quarter for us as our warning letter was lifted and we received FDA approval of our MiniMed 780G system with the Guardian 4 sensor. These products drove double-digit growth in Western Europe, and we're very excited to begin shipping them to U.S. consumers next week. We expect our U.S. Diabetes growth to ramp over time as our existing customers come up for renewal and as consumers switch to Medtronic. Health care professionals and people living with diabetes are really going to appreciate the innovation we're delivering, particularly the advanced meal detection technology.

在糖尿病方面，這對我們來說是一個重要的季度，因為我們的警告信被解除，我們的 MiniMed 780G 系統獲得 FDA 批准，帶有 Guardian 4 傳感器。這些產品在西歐推動了兩位數的增長，我們很高興下週開始向美國消費者發貨。我們預計隨著我們現有客戶的更新以及消費者轉向美敦力，我們的美國糖尿病增長將隨著時間的推移而增加。醫療保健專業人員和糖尿病患者將真正欣賞我們提供的創新，尤其是先進的膳食檢測技術。

And just this morning, we announced our intent to acquire EOFlow, the manufacturer of the EOPatch, a tubeless, wearable and fully disposable insulin delivery device. The EOPatch is already available in Europe, South Korea and the UAE, and this will accelerate our speed to market in the fast-growing patch pump space with a product that has demonstrated manufacturability. In addition, upon close, we'll work quickly to integrate our clinically proven meal detection technology algorithm, which is in the MiniMed 780G system, into the EOPatch and seek marketing authorization.

就在今天早上，我們宣布了收購 EOPatch 製造商 EOFlow 的意向，EOPatch 是一種無內胎、可穿戴且完全一次性的胰島素輸送設備。 EOPatch 已在歐洲、韓國和阿聯酋上市，這將加快我們在快速增長的貼片泵領域的上市速度，並提供已證明可製造性的產品。此外，在完成交易後，我們將迅速將 MiniMed 780G 系統中經過臨床驗證的膳食檢測技術算法集成到 EOPatch 中，並尋求上市許可。

Look, we have not blinked when it comes to diabetes, and we're shifting to offense as we continue to invest heavily in assembling our ecosystem of durable pumps, smart pens, patch pumps, sensors, algorithms and customer service with multiple programs under development. Having this ecosystem is really important because we believe the market will move from CGM-first to automated insulin delivery, and we are well positioned for that trend. We look forward to updating all of you on these growth opportunities at our Diabetes Analyst and Investor briefing next month at ADA.

看，在談到糖尿病時我們並沒有眨眼，我們正在轉向進攻，因為我們繼續投入大量資金來組裝我們的生態系統，包括耐用泵、智能筆、貼片泵、傳感器、算法和客戶服務，以及正在開發的多個程序.擁有這個生態系統非常重要，因為我們相信市場將從以 CGM 為先轉向自動化胰島素輸送，而我們已為這一趨勢做好準備。我們期待著在下個月在 ADA 舉行的糖尿病分析師和投資者簡報會上向大家介紹這些增長機會。

Now turning to our synergistic businesses. There were several strong performances in the quarter. Our Aortic business grew in the mid-20s as product availability and AAA share improved.

現在轉向我們的協同業務。本季度有幾項強勁的表現。隨著產品可用性和 AAA 份額的提高，我們的主動脈業務在 20 年代中期有所增長。

Cardiac Surgery had a great quarter, growing 8% with strength in perfusion and cannula sales.

心臟外科部門表現出色，增長 8%，灌注和插管銷售強勁。

Cardiac Diagnostics had a high single-digit growth on the continued adoption of our differentiated AI-enabled LINQ II insertable cardiac monitor. And earlier this month, our LINQ II AI technology, which we call AccuRhythm-AI, was awarded the 2023 MedTech Breakthrough Award for the best new technology solution in monitoring.

Cardiac Diagnostics 在繼續採用我們差異化的支持 AI 的 LINQ II 可插入心臟監護儀方面實現了高個位數增長。本月早些時候，我們稱為 AccuRhythm-AI 的 LINQ II AI 技術榮獲 2023 年 MedTech 突破獎，以表彰其在監測領域的最佳新技術解決方案。

Our GI business grew 16% on procedure volume recovery and continued strong adoption of GI Genius, another one of our AI-enabled products. GI Genius uses AI during colonoscopies to help physicians detect polyps. We also announced a strategic collaboration in the quarter with NVIDIA and Cosmo Pharmaceuticals to allow third-party developers to train and validate AI models that can eventually run as apps on the GI Genius platform. We're excited about the potentially game-changing solutions this could offer for GI physicians and their patients.

我們的 GI 業務在手術量恢復方面增長了 16%，並繼續大力採用 GI Genius，這是我們的另一款支持 AI 的產品。 GI Genius 在結腸鏡檢查期間使用 AI 來幫助醫生檢測息肉。我們還在本季度宣布了與 NVIDIA 和 Cosmo Pharmaceuticals 的戰略合作，以允許第三方開發人員訓練和驗證最終可以作為應用程序在 GI Genius 平台上運行的 AI 模型。我們對這可能為 GI 醫生及其患者提供的可能改變遊戲規則的解決方案感到興奮。

Now before I go to Karen, I want to note that we continue to focus on the transformation of Medtronic as we reduce complexity, enhance our capabilities, drive efficiency and improve portfolio management and capital allocation, all with the goal of positioning the company for delivering durable growth. And the progress we're making is beginning to show up in our financial results.

現在，在我去凱倫之前，我想指出，我們繼續專注於美敦力的轉型，因為我們降低了複雜性，增強了我們的能力，提高了效率並改善了投資組合管理和資本配置，所有這些都是為了將公司定位為交付持久增長。我們正在取得的進步開始體現在我們的財務業績中。

I shared with you last quarter that we were planning for significant cost reductions. We began to execute those plans last month, which included reductions in our global workforce. Well, these are never easy decisions, and I am mindful of the personal impact across our teams. These actions were necessary and are allowing us to increase our investments in innovation. They also help us to mitigate the inflationary and foreign exchange impacts on our profitability.

我在上個季度與您分享過我們計劃大幅削減成本。我們上個月開始執行這些計劃，其中包括裁員我們的全球員工隊伍。好吧，這些從來都不是容易的決定，我很注意對我們團隊的個人影響。這些行動是必要的，並使我們能夠增加對創新的投資。它們還幫助我們減輕通貨膨脹和外匯對我們盈利能力的影響。

Look, we're making progress enhancing our global operations, supply chain and quality systems, which is all yielding results, and we continue to advance our active portfolio management processes. We closed on the divestiture of our Renal Care Solutions business during the quarter, and we continue to work on the separation path for our Patient Monitoring and Respiratory Interventions businesses. Now there's still work to be done, but we're making progress setting up the company to deliver durable growth and strong returns.

看，我們在加強我們的全球運營、供應鍊和質量體系方面取得了進展，這些都取得了成果，我們將繼續推進我們積極的投資組合管理流程。我們在本季度完成了腎臟護理解決方案業務的剝離，我們繼續致力於患者監測和呼吸乾預業務的分離。現在還有很多工作要做，但我們在建立公司以實現持久增長和強勁回報方面取得了進展。

With that, I'll turn it over to Karen to discuss our financial performance and give guidance for fiscal '24. Karen?

有了這個，我將把它交給 Karen 來討論我們的財務業績並為 24 財年提供指導。凱倫？

Thanks, Geoff. Our fourth quarter organic revenue increased 5.6%, ahead of expectations. And our non-GAAP EPS of $1.57 grew 3%, was at the upper end of our guidance range and exceeded consensus.

謝謝，傑夫。我們第四季度的有機收入增長了 5.6%，超出預期。我們的非 GAAP 每股收益為 1.57 美元，增長 3%，處於我們指導範圍的上限，超出了共識。

Looking at our revenue by geography. Our international markets remain strong. Non-U.S. developed markets in Western Europe grew 8%; and Japan returned to growth following the COVID impact last quarter, growing 5%. Emerging markets, which make up 17% of our revenue, returned to double-digit growth in the quarter, growing 11%. China also delivered growth of 3% as procedures recovered from prior lockdowns and the impact to our growth from volume-based procurement improved. We had strong growth in many other markets, including low 30s growth in Southeast Asia, low 20s growth in the Middle East and Africa, mid-teens growth in Eastern Europe and low double-digit growth in Latin America.

按地理位置查看我們的收入。我們的國際市場依然強勁。非美國西歐發達市場增長8%；和日本在上個季度受 COVID 影響後恢復增長，增長 5%。占我們收入 17% 的新興市場在本季度恢復了兩位數的增長，增長了 11%。中國也實現了 3% 的增長，因為程序從之前的封鎖中恢復，並且基於數量的採購對我們增長的影響有所改善。我們在許多其他市場實現了強勁增長，包括東南亞 30 多歲的低增長、中東和非洲 20 多歲的低增長、東歐的 15 多歲中期增長以及拉丁美洲的低兩位數增長。

Turning to margins. Our adjusted gross margin was relatively stable sequentially but declined year-over-year due to inflation and a 1 percentage point impact from currency. As I've noted in prior quarters, the impact to our gross margin from inflationary pressures is delayed by 2 to 3 quarters because our incurred manufacturing variances first go onto our balance sheet and then move into our P&L as inventory is sold. While the magnitude of these variances has begun to ease slightly, they do remain high. And as a result, we continue to expect pressure on our gross margins over the coming quarters.

轉向利潤率。我們調整後的毛利率環比相對穩定，但由於通貨膨脹和貨幣影響 1 個百分點，同比下降。正如我在前幾個季度所指出的那樣，通脹壓力對我們毛利率的影響被推遲了 2 到 3 個季度，因為我們產生的製造差異首先進入我們的資產負債表，然後隨著庫存的出售進入我們的損益表。雖然這些差異的幅度已開始略有緩和，但它們確實仍然很高。因此，我們繼續預計未來幾個季度的毛利率將面臨壓力。

Despite that pressure, we drove a 350 basis point sequential improvement in our adjusted operating margin. And on a constant currency basis, our operating margin improved 50 basis points year-over-year as we drove expense reduction, including reduced incentive compensation. Below the operating profit line, our adjusted nominal tax rate was 15.8%, that was above our expectations, from incremental taxes owed on the IP agreement that Ryan mentioned upfront, along with our jurisdictional mix of profits in the quarter.

儘管存在這種壓力，我們還是將調整後的營業利潤率連續提高了 350 個基點。在固定匯率的基礎上，我們的營業利潤率同比提高了 50 個基點，因為我們推動了開支削減，包括減少了激勵性薪酬。在營業利潤線以下，我們調整後的名義稅率為 15.8%，高於我們的預期，這是由於 Ryan 預先提到的知識產權協議所欠的增量稅，以及我們在本季度的管轄區利潤組合。

Our balance sheet remains strong. We continue to direct capital toward investment in future growth opportunities, along with returning a minimum of 50% of free cash flow to our shareholders. We're identifying high-return organic R&D opportunities and driving efficiencies across our business to free up capital to invest in them. We also continue to evaluate opportunities to supplement our organic investments with tuck-in acquisitions to accelerate our long-term weighted average market growth rate. At the same time, you should expect us to be disciplined with a focus on maintaining our growing our returns on invested capital over the long term.

我們的資產負債表依然強勁。我們繼續將資本用於投資未來的增長機會，同時將至少 50% 的自由現金流返還給我們的股東。我們正在尋找高回報的有機研發機會，並提高整個業務的效率，以騰出資金進行投資。我們還繼續評估機會，通過收購來補充我們的有機投資，以加快我們的長期加權平均市場增長率。與此同時，您應該期望我們受到紀律處分，重點是長期保持我們不斷增長的投資資本回報率。

We know our shareholders place strong value in our ability to return capital. In fiscal '23, we returned $4 billion through dividends and share repurchases, and just this morning, we announced that we are increasing our dividend for the 46th consecutive year, reflecting the Board's confidence in our balance sheet and our future earnings power.

我們知道我們的股東非常看重我們的資本回報能力。在 23 財年，我們通過股息和股票回購返還了 40 億美元，就在今天早上，我們宣布連續第 46 年增加股息，反映出董事會對我們的資產負債表和未來盈利能力的信心。

Now turning to guidance. We've delivered a couple of back-to-back quarters of mid-single-digit growth, growing 5% in the back half of the fiscal year, with 5.6% in the fourth quarter. We're encouraged with the procedure recovery in many of our markets. Our product availability is improving, we like our competitive position across our businesses, and we have many new innovative products coming to market.

現在轉向指導。我們連續幾個季度實現了中個位數增長，本財年下半年增長 5%，第四季度增長 5.6%。我們對許多市場的程序恢復感到鼓舞。我們的產品可用性正在提高，我們喜歡我們在業務中的競爭地位，並且我們有許多新的創新產品進入市場。

At this point, we're setting our fiscal '24 organic revenue guidance at 4% to 4.5%. And given it's the start of the year, we think it's prudent for you to model at the lower end of that range. This guidance excludes the impact of foreign currency and revenue from our new Other segment. And I direct you to the guidance slide in our earnings presentation for additional details.

在這一點上，我們將 24 財年的有機收入指導設定在 4% 至 4.5%。鑑於現在是年初，我們認為您在該範圍的低端建模是明智的。該指南不包括我們新的其他部門的外彙和收入的影響。我會引導您查看我們的收益演示文稿中的指導幻燈片，以了解更多詳細信息。

In the first quarter, we're guiding to the high end of our annual range with organic revenue growth of 4.5%, which suggests a sequential performance in line with what we have seen historically from our fourth quarter to our first quarter. By segment, there are puts and takes on each one, but they are all roughly aligned to the corporate average for both the first quarter and the year, with the exception of Diabetes, which we expect will start the year growing below the corporate average, and ramp through the year with the U.S. launch of 780G.

在第一季度，我們以 4.5% 的有機收入增長引導至年度範圍的高端，這表明連續表現與我們從第四季度到第一季度的歷史表現一致。按細分市場劃分，每一個都有看跌期權和看跌期權，但它們都與第一季度和今年的公司平均水平大致一致，但糖尿病除外，我們預計今年年初糖尿病業務的增長將低於公司平均水平，並在美國推出 780G 後實現全年增長。

While the impact of currency is fluid, based on rates at the beginning of May, foreign currency would have a positive impact on full year revenue of $110 million to $210 million, including an unfavorable impact of $50 million to $100 million in the first quarter.

雖然貨幣的影響是可變的，但根據 5 月初的匯率，外幣將對全年收入產生 1.1 億至 2.1 億美元的積極影響，其中包括第一季度 5000 萬至 1 億美元的不利影響。

Moving down the P&L. I've been sharing for several quarters now that macroeconomic factors, like inflation; foreign currency; and to a lesser extent, interest and tax rates, would impact our earnings power in fiscal '24. And we're continuing to prioritize investments in R&D. In fact, when we exclude the separation of our Renal Care business, we expect R&D to grow above revenue, as we've signaled for a while now. At the same time, and as Geoff mentioned, we've been executing our cost reduction plans across the company to lessen the impact of these macro factors on our earnings.

向下移動損益表。幾個季度以來，我一直在分享宏觀經濟因素，如通貨膨脹；外幣;在較小程度上，利率和稅率會影響我們在 24 財年的盈利能力。我們將繼續優先考慮研發投資。事實上，當我們排除我們的腎臟護理業務的分離時，我們預計研發的增長將超過收入，正如我們已經發出了一段時間的信號。與此同時，正如傑夫所提到的，我們一直在全公司範圍內執行我們的成本削減計劃，以減輕這些宏觀因素對我們收益的影響。

Taking all this into account, we expect continued pressure on our margins and are guiding fiscal '24 non-GAAP diluted EPS in the range of $5 to $5.10. The range includes an unfavorable impact of roughly 6% from foreign currency based on rates at the beginning of May and driven by the large benefit last year from our hedging program that we don't expect will repeat this year.

考慮到所有這些因素，我們預計我們的利潤率將繼續承受壓力，並將 24 財年非 GAAP 稀釋每股收益指導在 5 美元至 5.10 美元之間。該範圍包括基於 5 月初匯率的外幣約 6% 的不利影響，以及去年我們預計今年不會重演的對沖計劃帶來的巨大收益。

On a constant currency basis, our EPS guidance implies low single-digit growth this year. For the first quarter, we expect EPS of $1.10 to $1.12. Excluding the approximate 8% impact from foreign currency based on rates at the beginning of May, this would imply constant currency growth of 5% to 7%.

在固定匯率的基礎上，我們的 EPS 指導意味著今年的低個位數增長。對於第一季度，我們預計每股收益為 1.10 美元至 1.12 美元。排除基於 5 月初匯率的外匯約 8% 的影響，這意味著貨幣將持續增長 5% 至 7%。

To close, I want to recognize our outstanding employees around the world who have been helping to drive significant change to transform our company, and they have done this while keeping the Medtronic mission front and center. Thank you for everything you do to make our company stronger and to always put patients first.

最後，我想表彰我們在世界各地的傑出員工，他們一直在幫助推動重大變革以實現我們公司的轉型，他們在做到這一點的同時始終將美敦力的使命放在首位和中心位置。感謝您為使我們的公司更強大並始終將患者放在首位所做的一切。

Back to you, Geoff.

回到你身邊，傑夫。

Okay. Thank you, Karen. Now before we go to analyst questions, I'll close with a few thoughts. It was a good quarter with our broad-based growth. Our Surgical Innovations business is back to mid-single-digit growth, tied to the improvement in our supply. And importantly, surgeon commitment to our differentiated products remained strong. We continue to see growth in Neurovascular and Structural Heart, and we're nearing an inflection point in both Diabetes and Cardiac Ablation Solutions, and both businesses have an arsenal of technologies in their pipeline. At the same time, we're seeing durable growth across our other businesses. And importantly, no business is losing momentum.

好的。謝謝你，凱倫。現在，在我們回答分析師問題之前，我將以一些想法結束。這是一個很好的季度，我們的增長基礎廣泛。我們的外科創新業務恢復到中個位數增長，這與我們供應的改善有關。重要的是，外科醫生對我們差異化產品的承諾依然堅定。我們繼續看到神經血管和結構性心臟的增長，我們正接近糖尿病和心臟消融解決方案的拐點，這兩家公司都在他們的管道中擁有一系列技術。與此同時，我們看到其他業務的持續增長。重要的是，沒有企業正在失去動力。

Behind the scenes, as I've shared with you since becoming CEO, we've really been pushing a comprehensive transformation to set up Medtronic to deliver durable growth and create value for our shareholders. Now it hasn't been a straight line. Some of that's market factors and some of that's been on us. But we've made progress, and you're starting to see this in our results.

在幕後，正如我成為首席執行官以來與您分享的那樣，我們確實一直在推動全面轉型，以建立美敦力，以實現持久增長並為我們的股東創造價值。現在它不是一條直線。其中一些是市場因素，其中一些是我們的因素。但是我們取得了進展，您開始在我們的結果中看到這一點。

We've been making the necessary improvements to ensure long-term durability of our growth. We're investing in our key capabilities, like global operations, IT, quality, and supply chain, to turn our scale into an advantage. We're picking the markets where we're doubling down and redirecting investments to our most important R&D programs. And we're shaping the portfolio, adding tuck-ins and divesting noncore assets. All of these actions are establishing the strong foundation that will allow us to drive sustainable and consistent growth.

我們一直在進行必要的改進，以確保我們增長的長期持久性。我們正在投資於我們的關鍵能力，例如全球運營、IT、質量和供應鏈，以將我們的規模轉化為優勢。我們正在選擇加倍投資的市場，並將投資重新定向到我們最重要的研發項目。我們正在塑造投資組合，增加投資和剝離非核心資產。所有這些行動正在建立堅實的基礎，使我們能夠推動可持續和持續的增長。

Now there's still work to be done, but we are on the right path, and we're confident in the choices that we've made and continue to make. We're executing, and you're starting to see this all come together with our study improvement.

現在還有很多工作要做，但我們走在正確的道路上，我們對我們已經做出並將繼續做出的選擇充滿信心。我們正在執行，您開始看到這一切都與我們的學習改進結合在一起。

Finally, I'd like to join Karen expressing my sincere gratitude for our employees around the world. You've played a huge role in creating some of the world's most meaningful health care innovations and improving the lives of millions of people every year. Thank you. Thank you for all that you do to serve our Medtronic mission every day. And I'm confident that our best days are ahead of us.

最後，我想和 Karen 一起對我們在世界各地的員工表示衷心的感謝。你們在創造一些世界上最有意義的醫療保健創新和每年改善數百萬人的生活方面發揮了巨大作用。謝謝。感謝您每天為服務美敦力使命所做的一切。我相信我們最好的日子就在眼前。

Now let's move to Q&A, where we're going to try to get to as many analysts as possible. (Operator Instructions) If you have additional questions, you can reach out to Ryan and the Investor Relations team after the call.

現在讓我們轉到問答環節，我們將嘗試聯繫盡可能多的分析師。 （操作員說明）如果您還有其他問題，可以在通話後聯繫 Ryan 和投資者關係團隊。

With that, Brad, can you please give the instructions for asking a question?

有了這個，布拉德，你能給出提問的說明嗎？

(Operator Instructions) Please be advised that this Q&A session is being recorded.

（操作員說明）請注意，正在錄製此問答環節。

For today's session, Geoff, Karen and Ryan are joined by Que Dallara, EVP and President of the Diabetes Operating Unit; Sean Salmon, EVP and President of the Cardiovascular portfolio; Brett Wall, EVP and President of the Neuroscience portfolio; and Bob White, EVP and President of the Medical Surgical portfolio.

在今天的會議上，執行副總裁兼糖尿病業務部總裁 Que Dallara 與 Geoff、Karen 和 Ryan 一起參加了會議；執行副總裁兼心血管產品組合總裁 Sean Salmon；執行副總裁兼神經科學產品組合總裁 Brett Wall；執行副總裁兼醫療外科產品組合總裁 Bob White。

(Operator Instructions) We'll take the first question from Robbie Marcus at JPMorgan.

（操作員說明）我們將從摩根大通的 Robbie Marcus 那裡回答第一個問題。

Great. Maybe first question, Geoff and Karen. You can give us a little more color on the guidance here. You're starting off at 4% to 4.5% organic, but want us at the low end of the range. It's a little bit below your long-range goal of 5% organic sales growth. And then a declining EPS for the year. So maybe just walk us through how you ended up at that range. Why are we starting at the bottom? And how do you plan to return to EPS growth?

偉大的。也許是第一個問題，Geoff 和 Karen。您可以在此處為我們的指南提供更多顏色。您的有機含量從 4% 到 4.5% 開始，但希望我們處於該範圍的低端。這略低於您 5% 的有機銷售額增長的長期目標。然後今年的每股收益下降。所以也許只是告訴我們你是如何達到那個範圍的。為什麼我們從底部開始？您打算如何恢復 EPS 增長？

Thanks so much for the question, Robbie. When we were thinking through our guidance for the fiscal year, we thought it was prudent to start the year with guidance that sets us up for success. Geoff talked about it. We have a lot going on at Medtronic, and we're intensely focused on delivering on our commitments that we -- and while -- doing so while we continue to transform the company.

非常感謝你提出這個問題，羅比。當我們考慮本財年的指導方針時，我們認為以為成功做好準備的指導方針開始新的一年是明智的。傑夫談到了它。我們在美敦力 (Medtronic) 有很多事情要做，我們非常專注於履行我們的承諾，我們——同時——在我們繼續改造公司的同時這樣做。

We got -- we have puts and takes, as we always do on the year, but there are no new issues from a growth perspective in FY '24. When we look at our geographies, China remains a drag from lingering VBP, but that's improving over last year. And we're really encouraged by our second half '23 performance of 5%. And as we look early in May, we see good momentum. Our supply chain continues to improve. Our markets continue to recover.

我們得到了——我們有投入和投入，就像我們在這一年裡所做的那樣，但從 24 財年的增長角度來看，沒有新的問題。當我們審視我們的地域時，中國仍然是揮之不去的 VBP 的拖累，但這比去年有所改善。我們對 23 年下半年 5% 的表現感到非常鼓舞。展望 5 月初，我們看到了良好的勢頭。我們的供應鏈不斷改善。我們的市場繼續復甦。

We've got a pipeline that we're really excited about, and it's weighted towards the latter half of the fiscal year, then we've got 780G in the U.S. We've got the full suite of cardiac ablation with Affera. We've got our robot continuing to ramp. And we've got Ardian that's hopefully coming to market, too. So we don't have any new material risk to call out, we feel really good about the coming year.

我們有一條我們非常興奮的管道，它在本財年的下半年加權，然後我們在美國有 780G。我們有 Affera 的全套心臟消融。我們讓我們的機器人繼續斜坡。我們還有希望上市的 Ardian。所以我們沒有任何新的重大風險，我們對來年感覺非常好。

On EPS, we've highlighted for the past few quarters that we've got significant headwinds to EPS growth. That includes mid-single-digit inflation that's impacting our gross margins. I talked about currency of approximately 6% as a headwind and interest and tax is around 1%. So when you combine all of these factors, they are a double-digit headwind to EPS growth. But our guidance is just a mid-single-digit decline. So we've driven significant savings that allow us to protect and fund important R&D and help offset those savings just like we've talked about.

在每股收益方面，我們在過去幾個季度強調了每股收益增長面臨重大阻力。這包括影響我們毛利率的中個位數通貨膨脹。我談到了大約 6% 的貨幣作為不利因素，利息和稅收約為 1%。因此，當您將所有這些因素結合起來時，它們就會成為每股收益增長的兩位數逆風。但我們的指導只是中個位數的下降。因此，我們已經節省了大量資金，使我們能夠保護和資助重要的研發，並幫助抵消這些節省，就像我們談到的那樣。

As we think about our long-range plan, we've got work to do to improve the bottom line. And that's going to be impacted by gross margin, which is obviously impacted by inflation and currency. But over time, we expect our gross margin to stabilize and then improve, and that's going to be one of the key things that will help drive our bottom line into the future. But longer term, our goals have not changed. We're just going to take it 1 year at a time.

當我們考慮我們的長期計劃時，我們需要做一些工作來提高底線。這將受到毛利率的影響，毛利率顯然受到通貨膨脹和貨幣的影響。但隨著時間的推移，我們預計我們的毛利率會穩定下來然後提高，這將是有助於推動我們未來盈利的關鍵因素之一。但從長遠來看，我們的目標沒有改變。我們一次只需要一年。

Great. And maybe just a quick follow-up. Karen, you have a pretty big divergence between first half comps and second half comps. How do you want us to think about the growth rates, and more importantly the exit rate for next year, at the low end of the guidance to start?

偉大的。也許只是快速跟進。凱倫，你在上半場比賽和下半場比賽之間有很大的差異。您希望我們如何考慮增長率，更重要的是明年的退出率，在指導的低端開始？

Yes. So Robbie, the comps are easier in the first half, but our pipeline is weighted towards the back half. And so when we take all that together, you can think about Q2 through Q4 growth rates all being on about the lower end of our full year guidance. That's how we're thinking about it right now.

是的。所以羅比，上半場比賽比較容易，但我們的管道偏重於後半場。因此，當我們將所有這些放在一起時，您可以考慮第二季度到第四季度的增長率都在我們全年指導的低端。這就是我們現在正在考慮的方式。

We'll take the next question from Vijay Kumar at Evercore ISI.

我們將從 Evercore ISI 的 Vijay Kumar 那裡回答下一個問題。

Congrats on the nice execution here. Karen, maybe first one for you, or perhaps Geoff. Can you talk about the cadence of procedures here, how the Q shaped out? I think some of your peers noted a strong start to the year and perhaps a slowdown exiting the Q. I'm just curious on what kind of trends you saw throughout 4Q.

恭喜這裡執行得很好。凱倫，也許第一個給你，或者傑夫。你能在這裡談談程序的節奏，Q是如何形成的嗎？我認為你的一些同行注意到今年開局強勁，可能在 Q 結束後放緩。我只是想知道你在整個第四季度看到了什麼樣的趨勢。

Sure, Vijay. Thanks for the question, good to talk to you. Well, yes, procedure volume was a tailwind for us relative to prior quarters. I mean, Europe in particular recovered well and was out in front. U.S. lagged a little bit, but it began to accelerate in April and May. So like I said, Western Europe, high single-digit growth and staffing issues improving, and beyond that, better product availability resulted in a strong back half of the Q4 for us in Western Europe. But clearly, staffing issues getting better.

當然，維杰。謝謝你的提問，很高興和你交談。嗯，是的，相對於前幾個季度，手術量對我們來說是一個順風。我的意思是，尤其是歐洲恢復得很好並且處於領先地位。美國略有滯後，但在 4 月和 5 月開始加速。所以就像我說的，西歐，高個位數增長和人員配置問題得到改善，除此之外，更好的產品可用性導致我們在西歐的第四季度後半段表現強勁。但顯然，人員配備問題正在好轉。

Emerging markets grew 11%, mid-teens if you exclude China. And then Japan was mid-single digits. So we're seeing, around the world, a strong pickup. Like I said, U.S. lagged, but we saw a strong April and into May, a pickup there. So that's how I'd characterize the procedures.

新興市場增長了 11%，如果不包括中國，則增長了 15% 左右。然後日本是中個位數。因此，我們在世界各地看到了強勁的增長。就像我說的，美國落後了，但我們看到 4 月和 5 月表現強勁，那裡有所回升。這就是我描述程序的方式。

If you kind of look at beyond geography, if you look at it maybe by therapy or product area for us, surgical and GI procedures and MedSurg as well as TAVR procedures and some more elective procedures like pain stim picked up, I think, due to improved staffing. CRM was notable with good initial implant growth, and for Medtronic specifically, coming out of a replacement headwind. Maybe one outlier might be coronary still behind in procedure volume recovery. But that's how I look at it by geography and by therapy area.

如果你超越地理範圍，如果你可能通過我們的治療或產品領域來看待它，外科手術和胃腸道手術以及 MedSurg 以及 TAVR 手術和一些更多的選擇性手術，比如疼痛刺激，我認為，由於改善人員配置。 CRM 以良好的初始種植體生長而著稱，特別是對於美敦力 (Medtronic) 而言，它擺脫了替代逆風。也許一個離群值可能是冠狀動脈在手術體積恢復方面仍然落後。但這就是我從地理和治療領域來看它的方式。

Overall, we're pleased with -- all this, like I said, overall, pleased with the acceleration, and all this is kind of confirmed with what we are seeing in April and even into May.

總的來說，我們很高興——所有這一切，就像我說的，總的來說，對加速感到高興，所有這些都在我們 4 月甚至 5 月所看到的情況中得到了證實。

Understood. No, that's a helpful comment, Geoff. And maybe one related on the fiscal '24 guidance. I think on EPS, Karen has been pretty clear on some of the headwinds Medtronic is facing, but my question is more on top line. You have utilization improving to your point, surgical innovation. I think supply chain is getting better. Comps are easy. Diabetes, I think the approval's an upside surprise versus our prior assumptions. PULSED AF, I think that's going to be incremental.

明白了。不，這是一個有用的評論，Geoff。也許與 24 財年指南相關。我認為在 EPS 上，凱倫已經非常清楚美敦力面臨的一些不利因素，但我的問題更重要。你的利用率提高到你的水平，手術創新。我認為供應鏈正在變得更好。比較很容易。糖尿病，我認為與我們之前的假設相比，批准是一個驚喜。脈沖自動對焦，我認為這將是漸進的。

So when you look at these, the tailwinds, right, why is 4% to 4.5% perhaps the right range, Geoff? Are there any headwinds? I think China is 50 to 100 basis points. Anything else that we're not aware of? Or is just more perhaps being conservative and prudent, perhaps?

所以當你看到這些時，順風，對，為什麼 4% 到 4.5% 可能是正確的範圍，Geoff？有逆風嗎？我認為中國是50到100個基點。還有什麼我們不知道的嗎？或者只是更保守和謹慎，也許？

Yes, I'm going to let Karen answer that one.

是的，我會讓 Karen 回答這個問題。

Yes. So I think, Vijay, just as we talked about it, we just think that 4% to 4.5% for the full year is a good starting point. We have no new risks to call out, you named a lot of the great things that are happening in tailwinds. But for us, it's only Q1, and we just think it's a good place to start.

是的。所以我認為，Vijay，就像我們談到的那樣，我們只是認為全年 4% 到 4.5% 是一個很好的起點。我們沒有新的風險需要指出，你列舉了順風中發生的許多偉大事情。但對我們來說，這只是第一季度，我們只是認為這是一個很好的起點。

The next question comes from Larry Biegelsen at Wells Fargo.

下一個問題來自 Wells Fargo 的 Larry Biegelsen。

Congrats on the strong finish to the fiscal year here. Yes, I'd like to ask about the EOFlow acquisition, specifically the time lines, for Que, the time lines for an AID system in the U.S. and Europe. And I thought we saw that a competitor won at an injunction in Germany recently. So what made you comfortable with the IP? And I'd love to hear, at a high level, any thoughts on how this product is differentiated?

祝賀本財政年度的強勁收官。是的，我想問一下 EOFlow 的收購，特別是 Que 的時間線，美國和歐洲的 AID 系統的時間線。我想我們最近看到一個競爭對手在德國的一項禁令中勝訴。那麼是什麼讓您對 IP 感到滿意？我很想听聽高層對這款產品的差異化有何看法？

And just maybe for Karen, maybe any update on the Patient Monitoring spin? I think people are interested to know how you're going to use the proceeds to offset dilution. We've seen media reports of you potentially selling the business. And depending on the tax basis and the use of proceeds, that could be dilutive as well. So how should we be thinking about this?

也許對於 Karen，也許關於患者監測旋轉的任何更新？我認為人們有興趣知道您將如何使用收益來抵消稀釋。我們已經看到有關您可能出售該業務的媒體報導。根據稅基和收益的用途，這也可能具有稀釋性。那麼我們應該如何思考這個問題呢？

Thanks, Larry, for the questions. I think I'll turn it over to Que to answer the EOFlow questions.

謝謝，拉里，提出問題。我想我會把它交給 Que 來回答 EOFlow 的問題。

We're very excited about the EOFlow acquisition. As you know, we're very familiar with the technologies in the patch space as well as the manufacturing challenges there. From a strategic perspective, we are the only integrated player in a diabetes technological space with both CGM, our algorithms, as well as dosing systems, and very well positioned for AID. So our portfolio is very holistic, we want to meet patients where they are, and this acquisition accelerates the introduction of an AID patch into the market. And we expect to be the next to market with a differentiated product.

我們對 EOFlow 的收購感到非常興奮。如您所知，我們非常熟悉補丁領域的技術以及那裡的製造挑戰。從戰略角度來看，我們是糖尿病技術領域唯一一家同時擁有 CGM、我們的算法和劑量系統的綜合性參與者，並且非常適合 AID。因此，我們的產品組合非常全面，我們希望滿足患者的需求，此次收購加速了 AID 貼片進入市場的速度。我們希望成為下一個推出差異化產品的市場。

So our intention is to combine EOFlow's device with the meal detection algorithm that you see today in the 780G system, along with our next-generation sensor. And expect that to be a very differentiated offering that's next to market. In terms of the -- so I think that addresses the product differentiation and timing.

因此，我們的目的是將 EOFlow 的設備與您今天在 780G 系統中看到的進餐檢測算法以及我們的下一代傳感器相結合。並期望這將是一個非常差異化的產品，緊隨市場。就-所以我認為這解決了產品差異化和時機問題。

In terms of the IP, as you know, I think it's been disclosed previously that we have a covenant not to sue with Insulet. And so we're very confident about our IP position. And this is a very differentiated device with Medtronic's algorithms and sensor technology. So we're very confident in the product differentiation in the market.

就 IP 而言，如你所知，我認為之前已經披露過我們有一個不起訴 Insulet 的契約。因此，我們對我們的知識產權地位非常有信心。這是一款非常與眾不同的設備，採用了美敦力的算法和傳感器技術。所以我們對市場上的產品差異化非常有信心。

Yes. I'll just build on Que's comments in terms of beyond just the product, just the trend here of going from CGM-first to AID, automated insulin delivery. And with our differentiated algorithms there with the meal detection technology, we believe this is big. We're seeing it in -- outside the U.S. with 780G. And we want to have that same technology across a host of insulin delivery devices, whether it be a pen, smart pen, a pump system, and a patch. So this adds to that armamentarium, and we're excited about it. And Que's brought a lot of just better execution of the business as well. So that also helps our confidence in doing a deal like this. So looking forward to the future for our Diabetes business.

是的。我將基於 Que 的評論，不僅僅是產品，這裡的趨勢是從 CGM-first 到 AID，自動化胰島素輸送。憑藉我們在進餐檢測技術方面的差異化算法，我們相信這很重要。我們在美國以外的地區看到了 780G。我們希望在許多胰島素輸送設備上採用相同的技術，無論是筆、智能筆、泵系統還是貼片。所以這增加了那個軍備，我們對此感到興奮。而 Que's 也帶來了很多更好的業務執行。因此，這也有助於我們有信心進行這樣的交易。因此，我們對糖尿病業務的未來充滿期待。

I'll have Karen answer the question around the Patient Monitoring and Respiratory Interventions separation.

我會讓 Karen 回答有關患者監測和呼吸乾預分離的問題。

Yes. Thanks for that question, Vijay. We continue to work on the separation of Patient Monitoring and Respiratory Interventions. And when we announced the separation last year, we said that a spin sets a high bar because it minimizes the tax leakage and it allows our shareholders to participate in what we believe is going to be a significant value creation opportunity.

是的。謝謝你提出這個問題，Vijay。我們繼續致力於將患者監測和呼吸乾預分開。當我們去年宣布分拆時，我們說分拆設置了一個高標準，因為它最大限度地減少了稅收流失，並允許我們的股東參與我們認為這將是一個重要的價值創造機會。

We also said we would consider alternatives and a sale as possible because we do believe that this NewCo could be an attractive asset to many parties. But we also said that the spin bar is really high because it's got attractive attributes for it. And any divergence from this spin path would really need to provide a greater value creation opportunity. But whatever course we take will be in the best interest of our shareholders. How we manage dilution on this will ultimately be determined by the potential transaction, and we'll provide details as we have them at a later date.

我們還表示，我們會盡可能考慮替代方案和出售，因為我們確實相信這家新公司對許多各方來說可能是一項有吸引力的資產。但我們也說過旋轉條非常高，因為它具有吸引人的屬性。與這條旋轉路徑的任何分歧都確實需要提供更大的價值創造機會。但無論我們採取何種做法，都將符合我們股東的最大利益。我們如何管理稀釋最終將取決於潛在交易，我們將在稍後提供詳細信息。

(Operator Instructions)

（操作員說明）

The next question comes from Matt Miksic at Barclays.

下一個問題來自巴克萊銀行的 Matt Miksic。

Can you hear me okay?

你能聽到我說話嗎？

Yes, we can, Matt.

是的，我們可以，馬特。

Great. Congrats on a nice finish to the year and kind of navigating through the resetting of the bar here for fiscal '24. Just wanted to -- given that we came out of HRS last weekend, and there was a fair amount of news flow and presentations for Medtronic. Obviously, the big -- the main topic of the meeting was PFA, as I think everyone knows. I know you expect to be one of the first to the U.S. market. If you could talk maybe a little bit more about how you expect to -- the time line for that, as specific as you can? And then how you expect to sort of navigate this perceived pressure on the single shot market? And I have just 1 follow-up, if I might.

偉大的。祝賀今年取得了不錯的成績，並在此處重新設置了 24 財年的標準。只是想——鑑於我們上週末從 HRS 出來，美敦力有大量的新聞流和介紹。顯然，會議的主要議題是心理急救，我想大家都知道。我知道您希望成為首批進入美國市場的公司之一。如果你能多談談你期望如何 - 時間線，盡可能具體？那麼您希望如何應對單發市場上的這種感知壓力？如果可能的話，我只有 1 次跟進。

Sure. Yes. Well, thanks for that, Matt. It's exciting for the industry, and we believe we're well positioned in those tailwinds you just mentioned. So it is good to see, and I'm going to ask Sean to answer the specific questions around PFA and how we're positioned there.

當然。是的。好吧，謝謝你，馬特。這對行業來說是令人興奮的，我們相信我們在你剛才提到的順風中處於有利地位。所以很高興看到，我將請肖恩回答有關 PFA 的具體問題以及我們在那裡的定位。

Yes, Matt, we really like our position. As you know, we've obtained a CE Mark for our point-by-point solution in Europe, and we just filed the PMA for our single-shot product in the United States, and we'll have a data readout some time next year. We completed enrollment Affera's persistent AF trial in December. So we expect that, that 1-year endpoint will be reached at the mid of this fiscal year.

是的，馬特，我們真的很喜歡我們的職位。如您所知，我們的點對點解決方案在歐洲獲得了 CE 標誌，我們剛剛在美國為我們的單發產品提交了 PMA，我們將在接下來的某個時間讀取數據年。我們在 12 月完成了 Affera 持續性 AF 試驗的入組。所以我們預計，這個 1 年的終點將在本財政年度中期達到。

In terms of how we see the shift. Obviously, we've got 85% of the market to play in, in point-by-point; and we have the other segment that we've been really strong in with cryo at 15%. And I think as we initially launch into Europe, that's a much bigger opportunity for us as we go to point-by-point solutions. And when we come to the United States, being among the first in PFA solutions, and all of those are going to be anatomical or single shot, I think we'll garner interest from that 85% of the market that really wants to get to PFA, and they don't need to do that.

就我們如何看待轉變而言。顯然，我們有 85% 的市場份額，逐點計算；我們還有另一個細分市場，我們在 15% 的 cryo 領域非常強大。而且我認為，當我們最初進入歐洲時，這對我們來說是一個更大的機會，因為我們會採用逐點解決方案。當我們來到美國時，成為 PFA 解決方案的首批解決方案之一，並且所有這些都將是解剖學或單次射擊，我認為我們會從真正想要獲得的 85% 的市場中獲得興趣PFA，他們不需要那樣做。

So I think while you have the potential for some erosion of your base in anatomical, you also have the attraction of having the very first PFA offering coming in for anatomical solutions that will pull interest from that 85% pool. And of course, when we launch Affera globally, we'll have the opportunity to play in a bigger swimming pool. So I think the concerns about cannibalization, I think are overblown, frankly. There's far more greenfield for us than I think people are appreciating.

所以我認為，雖然你有可能在解剖學基礎上受到一些侵蝕，但你也有吸引力，因為第一個 PFA 產品將用於解剖學解決方案，這將吸引 85% 的興趣。當然，當我們在全球推出 Affera 時，我們將有機會在更大的游泳池中玩耍。因此，坦率地說，我認為對同類相食的擔憂被誇大了。我們的綠地比我認為人們欣賞的要多得多。

That's super helpful. And then just one quick follow-up to Larry's question on diabetes. Congrats again on the warning letter and the pump approval and Guardian sensor approval. But Simplera is intriguing. I think a lot of folks are wondering what are your thoughts on timing and you would see potentially some data from that platform, given that, that could move you kind of more to the forefront of sort of sensor technology.

這非常有幫助。然後只是對拉里關於糖尿病的問題的快速跟進。再次祝賀警告信、泵批准和 Guardian 傳感器批准。但 Simplera 很有趣。我想很多人都想知道您對計時有何看法，您可能會從該平台看到一些數據，鑑於此，這可能會讓您更接近某種傳感器技術的前沿。

Yes. Thanks, Matt. There's definitely -- go ahead? As I say, Simplera is definitely a jump forward. And I'll have Que jump in and answer that.

是的。謝謝，馬特。肯定有——繼續嗎？正如我所說，Simplera 絕對是一個飛躍。我會讓 Que 插手回答這個問題。

Thanks, Geoff. We're very excited about Simplera. It's an all-in-one disposable sensor. It's half the size of the Guardian 4 sensor. No fingers to stick and a 2-step insertion process, compared to our current sensor technology. As you know, we submitted to CE Mark last year, last summer, and also to the FDA earlier this year. We hope that -- obviously, we've got to go through the regulatory process, but we're anticipating that, this fiscal year, we should be able to get approval. So that's the best we have in terms of timing.

謝謝，傑夫。我們對 Simplera 感到非常興奮。這是一個一體化的一次性傳感器。它的尺寸只有 Guardian 4 傳感器的一半。與我們當前的傳感器技術相比，沒有手指粘住和兩步插入過程。如您所知，我們去年夏天提交了 CE 標誌，今年早些時候還提交給了 FDA。我們希望 - 顯然，我們必須通過監管程序，但我們預計，在本財政年度，我們應該能夠獲得批准。所以這是我們在時間方面最好的。

The next question comes from Travis Steed at BofA Global Research.

下一個問題來自美國銀行全球研究部的 Travis Steed。

Can you hear me okay?

你能聽到我說話嗎？

Yes we can, Travis.

是的，我們可以，特拉維斯。

Maybe, Karen, if you can talk about some of the cost savings stuff that you built into this $5 to $5.10 EPS growth? And we've estimated like $0.50 offset from the cost savings side and then some of the R&D investments. Just a little bit more color on some of the puts and takes and what you have built in on the EPS guide.

也許，凱倫，如果你能談談你在 5 美元到 5.10 美元的每股收益增長中建立的一些成本節約的東西？我們估計從成本節約方面和一些研發投資中抵消了 0.50 美元。只是在一些 puts 和 takes 以及你在 EPS 指南中內置的內容上多了一點顏色。

And then on FY '25 EPS, should we think about that as more of a transition back to the 8% plus? Or just kind of early comments on how to think about the out-year EPS.

然後在 25 財年的每股收益上，我們是否應該將其視為向 8% 以上的過渡？或者只是關於如何考慮年外每股收益的早期評論。

Yes. Thanks for those questions, Travis. On our cost savings, we said that we are driving significant cost savings. We're not disclosing the exact amount. But just to give you a sense, I mentioned we have mid-single-digit inflation on our gross margins, we have currency impact of approximately 6% and we have interest and tax of around 1%. And all those combined are a double-digit headwind to EPS, but our guidance is just a mid-single-digit decline. So the savings are significant. And obviously, they allow us to protect and fund important R&D innovation.

是的。謝謝你提出這些問題，特拉維斯。關於我們的成本節約，我們說我們正在推動顯著的成本節約。我們沒有透露確切的金額。但只是為了給你一個感覺，我提到我們的毛利率有中個位數的通貨膨脹，我們的貨幣影響約為 6%，我們的利息和稅收約為 1%。所有這些加起來對每股收益構成兩位數的逆風，但我們的指導只是中個位數的下降。所以節省的錢是可觀的。顯然，它們使我們能夠保護和資助重要的研發創新。

When we talk -- when we think about R&D, we've said all along that our goal is to protect and to grow, align with revenue or above revenue when we can. And if we look at this coming fiscal year and we strip away the investment that we had in R&D and RCS in our renal care business that we're separating, our revenue is growing. Our R&D expense, we expect it to grow higher than revenue. So we did protect it, it is important to us.

當我們談論 - 當我們考慮研發時，我們一直在說我們的目標是保護和增長，盡可能與收入保持一致或高於收入。如果我們看看即將到來的這個財政年度，並且我們剝離了我們在我們正在分離的腎臟護理業務中對研發和 RCS 的投資，我們的收入正在增長。我們的研發費用，我們預計它的增長將高於收入。所以我們確實保護了它，它對我們很重要。

And then on FY '25. We're just starting FY '24, so we're not ready to really talk about FY '25. But I mentioned that these last 18 months have been really busy for us. We've been strengthening our core with new people and new structures. We've been understanding our investment needs. We've been driving portfolio moves. We've been cutting expenses. We've been managing through our own setbacks.

然後在 25 財年。我們剛剛開始 24 財年，所以我們還沒有準備好真正談論 25 財年。但我提到過去 18 個月對我們來說真的很忙。我們一直在用新的人員和新的結構來加強我們的核心。我們一直在了解我們的投資需求。我們一直在推動投資組合的變化。我們一直在削減開支。我們一直在應對自己的挫折。

And the transformation that we've been driving amidst all of this is starting to have an impact on our results. You've seen us already move back to mid-single-digit growth on the top line, and we're intensely focused on delivering on our FY '24 commitments and driving a lasting turnaround at Medtronic. That's our priority right now.

我們在這一切中一直在推動的轉型開始對我們的結果產生影響。你已經看到我們的收入已經回到中個位數增長，我們非常專注於兌現我們 24 財年的承諾並推動美敦力的持久轉變。這是我們現在的首要任務。

Longer term, our goals have not changed. We're focused on that durable mid-single-digit revenue growth. We have continued work to do to stabilize and then improve our gross margins, but we have both the plans and the work in place to do that. And ultimately, we're committed to driving a strong and leveraged P&L. But we're going to take this 1 year at a time because that's just where we are right now. So I hope that gives you some context.

從長遠來看，我們的目標沒有改變。我們專注於持久的中個位數收入增長。我們一直在努力穩定並提高我們的毛利率，但我們已經制定了計劃和工作來做到這一點。最終，我們致力於推動強大的槓桿損益。但我們將一次花 1 年時間，因為這就是我們現在所處的位置。所以我希望這能給你一些背景信息。

And just getting back to Karen's earlier -- the answer, earlier part of the answer on the cost actions. I think we're focused on striking the right balance, as she mentioned, between kind of offsetting or mitigating some of the headwinds out there, that affect our EPS, with the durability of our revenue growth. Think about reinvestment in some of the top areas in med tech, right? Diabetes, robotics, electro -- EP for PFA. So these are exciting opportunities, we've just got to balance mitigating some of these headwinds with making sure that we're making the right investments, and she walked through the R&D growth, and to make sure that our revenue is durable.

回到 Karen 的較早時間——答案，關於成本行動的答案的較早部分。正如她所提到的，我認為我們專注於在抵消或減輕影響我們每股收益的一些不利因素與我們收入增長的持久性之間取得適當的平衡。考慮對醫療技術的一些頂級領域進行再投資，對嗎？糖尿病、機器人、電 - PFA 的 EP。所以這些都是令人興奮的機會，我們必須在減輕其中一些不利因素與確保我們進行正確的投資之間取得平衡，她經歷了研發增長，並確保我們的收入持久。

That's super helpful. A quick follow-up on the EOFlow. I know they had a pipeline for a 7-day patch and they had a CGM in their pipeline, too. Is that something you're going to keep? Just a quick update on that.

這非常有幫助。 EOFlow 的快速跟進。我知道他們有一個 7 天補丁的管道，他們的管道中也有一個 CGM。那是你要保留的東西嗎？只是快速更新一下。

And then I did want to ask about TAVR mid-single-digit growth in the quarter, just taking share. Maybe just an update on the overall TAVR market and the trends that you're seeing there would be helpful as well.

然後我確實想問一下本季度 TAVR 的中個位數增長，只是分享一下。也許只是對整個 TAVR 市場的更新以及您在那裡看到的趨勢也會有所幫助。

Que, you want to take the EOFlow question?

Que，您想回答 EOFlow 問題嗎？

Yes. And look, our plans right now to integrate our meal detection technology algorithm as well as our next-generation Simplera sensor to bring an AID patch into the market, we think it's important for patient choice and we want to do that as soon as possible. And we can't really comment any further on additional pipeline details at this point.

是的。看，我們現在計劃整合我們的膳食檢測技術算法以及我們的下一代 Simplera 傳感器，將 AID 貼片推向市場，我們認為這對患者的選擇很重要，我們希望盡快做到這一點。我們目前無法就其他管道細節進一步發表評論。

Thanks, Que. Sean, quick response on the TAVR question?

謝謝，闕。肖恩，快速回答 TAVR 問題？

Sure, Travis. So the market's getting better and better, I'd say. We saw a really nice recovery within Europe, procedures coming back. Particularly in France and Germany, really strong recovery there. And the United States started out a little sluggish in the quarter, had a little bumpy ride from spring breaks. As you know, there's a lot of consolidated volumes, so a little this and that matter. But we exited the quarter really strong.

當然，特拉維斯。所以市場越來越好，我會說。我們看到歐洲內部出現了非常好的複蘇，程序又回來了。特別是在法國和德國，那裡的複蘇非常強勁。美國在本季度開局有些低迷，春假後的旅程有些顛簸。如您所知，有很多合併卷，所以這個和那個很重要。但我們以強勁的勢頭退出了本季度。

We track something called implant rates, just our -- and the number of cases we supported. And we're seeing really good recovery trends, which we think will continue through the year. But right now, low -- I'd say low double to high single digits is about what the fundamentals are for the underlying market.

我們跟踪稱為植入率的東西，只是我們的 - 以及我們支持的案例數量。我們看到了非常好的複蘇趨勢，我們認為這種趨勢將持續到今年。但現在，低——我想說低雙到高個位數是關於基礎市場的基本面。

(Operator Instructions)

（操作員說明）

The next question comes from Matt O'Brien at Piper Sandler Companies.

下一個問題來自 Piper Sandler Companies 的 Matt O'Brien。

(inaudible)

（聽不清）

Matt, are you there? We got a little bit of feedback.

馬特，你在嗎？我們得到了一些反饋。

Yes. I think we've got a problem with your audio, Matt. We'll check that and we'll come back to you. Can we please take the next question, Brad?

是的。我認為你的音頻有問題，馬特。我們會檢查一下，然後再回复您。布拉德，我們可以回答下一個問題嗎？

The next question comes from Pito Chickering at Deutsche Bank.

下一個問題來自德意志銀行的 Pito Chickering。

Can you talk about PFA adoption trends in Europe? Specifically the interplay between PFA growth, PFA pricing, versus losses from cryo market share. So when you put it all together, I guess, how was the European ablation growing for you guys?

您能談談歐洲心理急救的採用趨勢嗎？特別是 PFA 增長、PFA 定價與低溫市場份額損失之間的相互作用。所以當你把它們放在一起時，我想，歐洲消融對你們來說是如何發展的？

Sean, do you want to take that one?

肖恩，你要拿那個嗎？

Yes, we've done well. I mean, it's early, early innings for our PFA offering. As you know, we're just really trying to scale up both training and operations for that. So a little too early to comment on that.

是的，我們做得很好。我的意思是，這是我們 PFA 產品的早期、早期局。如您所知，我們只是真的在努力為此擴大培訓和運營規模。所以對此發表評論還為時過早。

I'd say there's been really continued underlying growth. Just ablation in general continues to grow, of all flavors, but of course PFA will grow the fastest. We'll keep you appraised as to how that's going. We're seeing really good strong trends, though, within Europe and overall. It's a very robust market.

我想說的是真正持續的潛在增長。總的來說，只是消融在各種口味中繼續增長，但當然 PFA 將增長最快。我們會隨時向您評估進展情況。不過，我們在歐洲和整體上看到了非常好的強勁趨勢。這是一個非常強勁的市場。

Okay. And then so a quick follow-up here on the last TAVR question. You're talking about a low double, high-single digit to the marketplace. What do you guys assume within your market share for 2024?

好的。然後在這裡快速跟進最後一個 TAVR 問題。你說的是市場的低雙、高個位數。你們假設 2024 年的市場份額是多少？

I don't think we're giving share guidance, Pito. But we think we're in good shape with the momentum we have with FX. And we look to launch the FX into Europe in the back half of the year. So that's a -- and we've done well in the United States, we've done well in Japan. The products is excellent and being well received.

Pito，我不認為我們正在提供股票指導。但我們認為我們在 FX 方面的勢頭良好。我們希望在今年下半年將 FX 引入歐洲。所以那是——我們在美國做得很好，我們在日本做得很好。產品優良，深受好評。

The next question comes from Matt Taylor at Jefferies.

下一個問題來自 Jefferies 的 Matt Taylor。

Yes. Can you hear me okay?

是的。你能聽到我說話嗎？

Yes, we can now. Yes we can, Matt.

是的，我們現在可以。是的，我們可以，馬特。

Okay, great. I think I was just on mute. Okay. I was hoping you could talk a little bit more about EOFlow. And just reading that release, and it talks about 1% dilution to earnings for the first few years and neutral to accretive thereafter. So I guess I was hoping maybe you could touch on the run rate of the business today and how you assume that ramps revenue-wise over the next couple of years. What are some of the assumptions that go into that dilution assumption for the first couple of years? And what are some of the key guideposts that we should be looking for out of that business as you acquire it?

好的，太好了。我想我只是靜音了。好的。我希望你能多談談 EOFlow。只需閱讀該新聞稿，它就會談到頭幾年收益稀釋 1%，此後中性增長。所以我想我希望你能談談今天的業務運行率，以及你如何假設未來幾年收入會增加。最初幾年的稀釋假設有哪些假設？當您收購該業務時，我們應該從中尋找哪些關鍵指南？

Well, the business, I could say, Matt, is it's new, and the revenue is pretty small right now and it's just in Europe. But I'll let Karen talk about the dilution assumptions.

好吧，我可以說，馬特，這項業務是新的，而且現在的收入很小，而且只是在歐洲。但我會讓凱倫談談稀釋假設。

Yes. So the key here is to integrate this patch pump with our algorithm. And so we'll be spending on that, and that's what drives the dilution. That's the key for the first few years.

是的。所以這裡的關鍵是把這個補丁泵和我們的算法結合起來。所以我們會在這上面花錢，這就是導致稀釋的原因。這是最初幾年的關鍵。

And Que, you want to talk about run rate from there?

Que，你想從那裡談談運行率嗎？

Yes. And any milestones that you might want to look for.

是的。以及您可能想要尋找的任何里程碑。

I think the critical milestone to watch out for is really some development work to integrate our algorithm. We have that ready as part of the 780G system. We're obviously going through our sensor approvals today, so that will be variable. So there's a bit of development work, not a lot, EOFlow has proven manufacturability at scale, the manufacturing exists. And so it is a relatively straightforward integration and approval process to get that to market.

我認為要注意的關鍵里程碑實際上是一些集成我們算法的開發工作。我們已經準備好作為 780G 系統的一部分。我們今天顯然正在通過我們的傳感器批准，所以這將是可變的。所以有一些開發工作，不是很多，EOFlow 已經證明了大規模的可製造性，製造是存在的。因此，將其推向市場是一個相對簡單的集成和批准過程。

Once that AID patch system is available in market with our next-generation CGM, we think, obviously, we'll go through the commercialization and launch process. But we believe it's a very strong offering and second to market with this wearable disposable patch solution.

一旦 AID 補丁系統與我們的下一代 CGM 一起上市，我們認為，顯然，我們將經歷商業化和發布過程。但我們相信，這種可穿戴的一次性貼片解決方案是一個非常強大的產品，並且在市場上排名第二。

The next question comes from Rich Newitter at Truist.

下一個問題來自 Truist 的 Rich Newitter。

Can you hear me?

你能聽到我嗎？

Yes, we can. Can you hear us? Rich?

我們可以。你可以聽見我們嗎？富有的？

Can you hear me?

你能聽到我嗎？

Yes. I don't know, maybe we might have some connection issues with Rich. We'll go to the next question and come back to him.

是的。我不知道，也許我們與 Rich 之間可能存在一些聯繫問題。我們將轉到下一個問題，然後再回到他身邊。

The next question comes from Shagun Singh at RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Shagun Singh。

Great. Can you hear me okay?

偉大的。你能聽到我說話嗎？

Yes. We can hear you.

是的。我們能聽到你的聲音。

Okay, perfect. A quick one on China. I was wondering if you can talk a little bit about your outlook for that business. There seems to be some initial talk of COVID cases, how concerned are you at this point? And if it does become something larger than anticipated, what areas of impact are you worried about?

好的，完美。快速了解中國。我想知道您是否可以談談您對該業務的展望。似乎有一些關於 COVID 病例的初步討論，你現在有多擔心？如果它確實變得比預期的更大，你擔心哪些影響領域？

And then secondly, I just wanted to get your thoughts on M&A. It's encouraging to see you call out something on the M&A front this quarter. And I think you previously indicated that you would hold off for about 12 to 18 months, until the separation has been announced, to be more active on that front. Has anything changed? And perhaps you can just talk about your appetite for M&A deal size and areas you may be interested in.

其次，我只想了解您對併購的看法。很高興看到您在本季度的併購方面大聲疾呼。我想你之前曾表示你會推遲大約 12 到 18 個月，直到宣布分居，以便在這方面更加積極。有什麼改變嗎？也許你可以談談你對併購交易規模和你可能感興趣的領域的興趣。

Well, thanks for those questions. I'll start with the China one and then get to the M&A.

好吧，謝謝你提出這些問題。我將從中國開始，然後進行併購。

On China, yes, we've heard about the -- some of the COVID -- I wouldn't call it an outbreak, but signs of COVID in China. We haven't felt any impact of that at this point. In talking to some of our health care -- or some of our customers, they're not at this point too worried about it. But we're going to watch that closely.

在中國，是的，我們聽說過——一些 COVID——我不會稱之為爆發，而是 COVID 在中國的跡象。目前我們還沒有感受到任何影響。在與我們的一些醫療保健機構或我們的一些客戶交談時，他們目前並不太擔心。但我們將密切關注這一點。

In terms of our overall view on China, I was just there. And look, the economy is back. The health care procedures are back. Obviously, we're still working through volume-based procurement. But it's going to be the largest health care market in the world, and it's an area that we're investing in.

就我們對中國的整體看法而言，我只是在那裡。看，經濟又回來了。保健程序又回來了。顯然，我們仍在通過基於數量的採購進行工作。但它將成為世界上最大的醫療保健市場，這是我們正在投資的領域。

And yes, as we talked about before, this volume-based procurement, we believe, by the end -- as we exit this next fiscal year, as we exit this FY '24, we believe we'll have been through that reset from volume-based purchases and -- procurement, rather. And then grow from there and get back to that double-digit growth. And we've adjusted by taking out some costs in China. Now that the business is more contracted, it's allowed us to take out some sales and marketing costs. And so it's still a profitable business for us that we'll get back to that double-digit growth.

是的，正如我們之前談到的，這種基於數量的採購，我們相信，到最後 - 當我們退出下一個財政年度，當我們退出這個 24 財年時，我們相信我們將經歷從基於數量的採購和採購，而不是。然後從那裡增長並回到兩位數的增長。我們已經通過扣除中國的一些成本進行了調整。現在業務更加緊湊，這使我們能夠承擔一些銷售和營銷成本。因此，我們將恢復兩位數的增長，這對我們來說仍然是一項有利可圖的業務。

Obviously, we're going to have to watch the geopolitics here between the 2 countries, but it's encouraging, some of the more recent conversations the 2 countries are having. And we spend a lot of time on this in China with the U.S. government and are optimistic that this will continue to be a good market for us.

顯然，我們將不得不關注這兩個國家之間的地緣政治，但令人鼓舞的是，這兩個國家最近進行的一些對話。我們在中國與美國政府一起花了很多時間，並且樂觀地認為這將繼續成為我們的好市場。

In terms of M&A, yes, obviously, the EOFlow acquisition looks like one of our -- it is one of our traditional tuck-in type of deals in a high-growth area that we have a strong position in. You asked about -- and that we still have a lot of appetite for those type of deals.

在併購方面，是的，很明顯，對 EOFlow 的收購看起來像是我們的一項——它是我們在高增長領域的傳統交易類型之一，我們在該領域擁有強大的地位。你問過——而且我們仍然對這類交易有很大的興趣。

I would say we are focusing on those deals that we believe are going to have a bigger impact on Medtronic, deals like the Intersect ENT deal, deals like -- for ENT, deals like the Affera deal in our afib business, for PFA that had mapping and navigation and some PFA technology. And this EOFlow fits right into that kind of mold, bringing a patch technology to our Diabetes business.

我想說的是，我們正在關注那些我們認為會對美敦力產生更大影響的交易，例如 Intersect ENT 交易，交易——對於耳鼻喉科，像我們 afib 業務中的 Affera 交易，對於 PFA 有測繪和導航以及一些 PFA 技術。而這款 EOFlow 恰好符合這種模式，為我們的糖尿病業務帶來了貼片技術。

In terms of divestitures, I would say nothing has changed. I mean, we just completed the dialysis joint venture with DaVita, so we're excited about that and closed that officially and that's off and running. It's called Mozarc, is the new company's name.

在資產剝離方面，我想說沒有任何改變。我的意思是，我們剛剛完成了與 DaVita 的透析合資企業，所以我們對此感到興奮，並正式關閉了它，並且它已經關閉並運行。它叫Mozarc，是新公司的名字。

And we're working through, as Karen walked you through, the Patient Monitoring and Respiratory Interventions separation, which is a large body of work. And in terms of those type of large-scale divestitures, the analysis and the thought process continues to look at our portfolio and see where opportunities are. But we're pretty focused right now executing on that one from an execution standpoint.

正如 Karen 帶您完成的那樣，我們正在努力完成患者監測和呼吸乾預的分離，這是一項龐大的工作。就那些類型的大規模資產剝離而言，分析和思考過程繼續關注我們的投資組合，看看機會在哪裡。但是從執行的角度來看，我們現在非常專注於執行那個。

And as you look forward, our appetite, our focus, is still these tuck-in deals. Along -- and think of the 3 examples I gave, and that kind of sizes, could be a little bigger than that, a little smaller. Those are the focus areas. If something bigger comes along, we'd look at it, but it's not what we're hunting for, if you will.

正如你所期待的，我們的胃口，我們的重點，仍然是這些折價交易。沿著 - 想想我給出的 3 個例子，那種尺寸，可能比那個大一點，小一點。這些是重點領域。如果出現更大的東西，我們會看看它，但如果你願意的話，這不是我們正在尋找的東西。

So I hope that answers your question on M&A. I don't know, Karen, if you have anything to add or I covered it.

所以我希望這能回答你關於併購的問題。我不知道，凱倫，如果你有什麼要補充的，或者我已經涵蓋了。

You covered it well.

你涵蓋得很好。

Brad, why don't we try to go back to Rich, if we can, and then we'll take our final 2 questions.

布拉德，如果可以的話，我們為什麼不試著回到里奇，然後我們將回答最後兩個問題。

The next question comes from Rich Newitter at Truist Securities.

下一個問題來自 Truist Securities 的 Rich Newitter。

Thanks for coming back to me, and I apologize for the issues there.

感謝您回到我身邊，對於那裡的問題，我深表歉意。

So maybe I just wanted to start off with Spine. I know that you guys are -- you really have seen a nice turnaround there in the last year or so. Can you talk a little bit about the trends you're seeing there? Any potential disruption that may be emerging, leading up to a potential competitor, M&A between Globus and NuVasive?

所以也許我只是想從 Spine 開始。我知道你們是——你們在過去一年左右的時間裡確實看到了一個很好的轉變。你能談談你在那裡看到的趨勢嗎？任何可能正在出現的潛在破壞，導致潛在的競爭對手，Globus 和 NuVasive 之間的併購？

And then what's going on, on the capital front with Mazor? I'd love to hear kind of any updates on that and the -- some of the capital in that business.

那麼在與 Mazor 的資本戰線上發生了什麼？我很想听聽關於這方面的任何更新以及 - 該業務的一些資本。

Sure. Thanks for the question, Rich. I'm going to turn it over to Brett in a second and talk about the details of capital and some of the other Spine trends. But I'll just start with, one is, we've seen this trend. And I don't know if I call it disruptive, it's been moving for a number of years now, this trend of the value propositioning -- value proposition being, in the industry, centering around enabling technology: Navigation, imaging, robotics, powered instruments, AI-based surgical planning and bringing that all together. We brought that together in our ecosystem called Aible. You are now seeing the impact of that in the marketplace, and you're seeing what it's doing to the marketplace around consolidation.

當然。謝謝你的問題，里奇。我將在一秒鐘內將其轉交給布雷特，並討論資本的細節和其他一些 Spine 趨勢。但我首先要說的是，我們已經看到了這種趨勢。我不知道我是否稱它為顛覆性的，它已經發展了很多年，這種價值主張的趨勢——價值主張在行業中，以支持技術為中心：導航、成像、機器人、動力儀器、基於 AI 的手術計劃並將其整合在一起。我們將其整合到我們名為 Aible 的生態系統中。你現在看到了它在市場上的影響，你看到了它對市場整合的影響。

I mean, this is where the business is heading, the industry is heading. And it takes a lot of technology prowess and it takes a lot of balance sheet to do this. And it's having a big impact on consolidation that you're seeing. And as we move forward, we're really excited about our position. But Brett's been overseeing this business for a number of years now and has a -- and I'll let him talk about more detail on the value proposition and also get into the capital dynamic.

我的意思是，這就是業務的發展方向，行業的發展方向。這需要大量的技術實力，並且需要大量的資產負債表才能做到這一點。它對您所看到的整合產生了重大影響。隨著我們向前邁進，我們對我們的地位感到非常興奮。但布雷特多年來一直在監督這項業務，並且有一個 - 我會讓他談論更多關於價值主張的細節，並進入資本動態。

Yes. Thanks, Geoff. And Rich, thanks for the question. When we look at overall Core Spine, some really good trends there. We're seeing procedures getting back to normal, which is extremely helpful. We've had now multiple quarters of expansion in Core Spine, which reflects the development, as Geoff mentioned, of a broad-based ecosystem in the capital environment.

是的。謝謝，傑夫。里奇，謝謝你的提問。當我們查看整體 Core Spine 時，那裡有一些非常好的趨勢。我們看到程序正在恢復正常，這非常有幫助。我們現在已經在 Core Spine 進行了多個季度的擴展，正如 Geoff 提到的那樣，這反映了資本環境中基礎廣泛的生態系統的發展。

And that ecosystem that we've put together is taking the procedure and changing the procedure with robotics, navigation, imaging, power surgical tools, AI surgical planning. It is the broadest, most expensive, most complete, most comprehensive system in the world of spine today.

我們建立的生態系統正在採用機器人技術、導航、成像、電動手術工具、人工智能手術計劃來實施手術並改變手術。它是當今脊柱世界中最廣泛、最昂貴、最完整、最全面的系統。

And what you'll see with competitors, I think you mentioned 1 transaction that is the 2 organizations are in the middle of, are trying to actually put these teams together. And we're seeing that transformation in spine and more consolidation.

你會看到競爭對手的情況，我想你提到了 2 個組織正在進行的 1 筆交易，他們正試圖將這些團隊真正整合在一起。我們正在看到脊柱的轉變和更多的整合。

If we look at capital in and of itself, we have an exceptionally strong capital footprint across the entire world. What we've seen with capital is continued good growth with capital, but we've also seen now, in the United States, a bit of a transition. That transition is into earn-out or lease agreements. We've seen a higher preponderance of that as we've been in the last few quarters, given some of the current situations across the -- current economic situations. The good news about that is we're getting those sockets. We're converting that into an earn-out type of situations where we get implants on top of the socket. And then we've also seen globally a very strong performance in our hardware.

如果我們審視資本本身，就會發現我們在全球擁有異常強大的資本足跡。我們在資本方面看到的是資本持續良好的增長，但我們現在在美國也看到了一些轉變。這種轉變是進入賺取或租賃協議。考慮到當前經濟形勢下的一些當前情況，我們在過去幾個季度看到了更高的優勢。好消息是我們得到了那些套接字。我們正在將其轉化為一種賺錢的情況，在這種情況下，我們會在插座頂部植入植入物。然後我們在全球範圍內也看到了我們硬件的非常強大的性能。

So this capital component is critical to the business. It's also critical to the growth. And I think we're just seeing that with some of the other consolidations. But the Medtronic footprint here is extensive, strong and very capable.

因此，這種資本成分對企業至關重要。這對增長也至關重要。我認為我們只是在其他一些整合中看到了這一點。但美敦力在這裡的足跡廣泛、強大且非常有能力。

The next question comes from Joanne Wuensch, Citi.

下一個問題來自花旗銀行的 Joanne Wuensch。

A nice way to end the year and start the next. Briefly. My memory is you had 2 patch pump products in development. Are those going to be shut down? Or are those also continuing along?

結束這一年並開始下一年的好方法。簡要地。我記得你們有 2 款貼片泵產品正在開發中。那些會被關閉嗎？或者那些也在繼續？

And I'll ask my second question. Hugo. Could you sort of give us an update on where the launch is outside the United States? And should we be thinking about this as number of robots in the field, or amount of revenue that it generates for the total Medtronic family?

我會問我的第二個問題。雨果。您能否向我們介紹一下美國以外的發射地點？我們應該將其視為該領域的機器人數量，還是它為整個美敦力家族帶來的收入？

Okay. Thanks, Joanne. 2 great questions. Que, do you want to take the patch question?

好的。謝謝，喬安妮。 2個很好的問題。 Que，你想接受補丁問題嗎？

Yes, we have a complementary organic program. If anything, we're stepping on the gas on that program. That continues. It's complementary with next-generation features that we're not prepared to go to at this point for competitive reasons. But that program will help expand our market access, including type 2, the type 2 market.

是的，我們有一個互補的有機項目。如果有的話，我們正在加速該計劃。那繼續。它與下一代功能相輔相成，出於競爭原因，我們目前不准備使用這些功能。但該計劃將有助於擴大我們的市場准入，包括第 2 類市場，即第 2 類市場。

Yes. Just real quick before I turn it over to Bob to talk about Hugo. I just think, just to reemphasize what Que just said there, is that we've never -- although our business hasn't performed well over the years, the last couple of years, we've never lost faith on our technology. And now with the better execution of Que and her new leadership team we're bringing, we are putting our foot on the gas and doubling down on this business. And the patch segment is an important segment. So we feel good about having multiple shots on goal there.

是的。在我把它交給鮑勃談論雨果之前，真的很快。我只是想，只是為了再次強調 Que 剛才所說的話，我們從來沒有——儘管我們的業務多年來表現不佳，但在過去的幾年裡，我們從未對我們的技術失去信心。現在，隨著我們帶來的 Que 和她的新領導團隊的更好執行，我們正在全力以赴並加倍發展這項業務。而補丁段是一個重要的段。所以我們對在那裡多次射門感覺很好。

So that's what I'll say on Diabetes. And Bob, do you want to talk about Hugo?

這就是我要說的關於糖尿病的內容。鮑勃，你想談談雨果嗎？

Yes. Thanks, Geoff, and thanks, Joanne, for the question. So we really liked our momentum, remembering, Joanne, as you know, that less than 5% of procedures that could be done robotically assisted are actually done that way. So a tremendous market development opportunity. And importantly, every quarter, we sell and install more Hugo systems than we did the prior quarter. And the modularity and the interoperability of the Hugo system with our leading surgical franchise is really being recognized by our customers. And it's really about the ecosystem.

是的。謝謝杰夫，也謝謝喬安妮提出的問題。所以我們真的很喜歡我們的勢頭，記住，Joanne，正如你所知，只有不到 5% 的程序可以在機器人輔助下完成，實際上是通過這種方式完成的。如此巨大的市場發展機遇。重要的是，每個季度，我們銷售和安裝的 Hugo 系統都比上一季度多。 Hugo 系統的模塊化和互操作性與我們領先的外科特許經營權真正得到了客戶的認可。這真的與生態系統有關。

So to respond to your question, I would look at both, right? We look at the number of robots, while we don't disclose that. And as Geoff pointed to, we look at this as a meaningful growth driver for Medtronic overall. So we like our position, we like our feedback, and we're excited about our opportunity ahead of us.

因此，為了回答您的問題，我會同時查看兩者，對嗎？我們會查看機器人的數量，但不會透露。正如 Geoff 指出的那樣，我們將其視為美敦力整體增長的重要推動力。所以我們喜歡我們的立場，我們喜歡我們的反饋，我們對我們面前的機會感到興奮。

And Brad, we'll go to the final question.

布拉德，我們將進入最後一個問題。

Our final question comes from Anthony Petrone at Mizuho Securities.

我們的最後一個問題來自瑞穗證券的 Anthony Petrone。

Can you hear me okay?

你能聽到我說話嗎？

Yes, Anthony. Happy belated birthday, by the way.

是的，安東尼。遲到的生日快樂，順便說一句。

Thank you very much. A couple of questions here. One, just on the volume picture, underlying volumes. Is there anything you could share on April and May in particular? You have about a 5.5% organic growth, 4% to 4.5% is the bridge guidance, so maybe just a little bit of color on underlying volumes. Certainly in 1Q, it did seem like we had favorable comps, but an underlying improvement in many markets. So just your comments on underlying volumes.

非常感謝。這裡有幾個問題。一，就在卷圖上，底層卷。您有什麼可以特別分享四月和五月的內容嗎？你有大約 5.5% 的有機增長，4% 到 4.5% 是過渡指導，所以可能只是基礎卷上的一點顏色。當然，在第一季度，我們似乎確實擁有有利的競爭優勢，但在許多市場都有潛在的改善。所以只是你對基礎卷的評論。

And then in the 4% to 4.5%, is there anything of note just on 780G? How much of that is baked into the guidance?

然後在4%到4.5%之間，780G有什麼值得注意的地方嗎？指南中包含了多少內容？

Well, I might ask Sean to comment on the underlying volumes in a second because we see it across Cardiology a lot. But I would just say, Anthony, that the underlying volume is definitely getting stronger and accelerated for us through our Q1 into April and May. And as I mentioned earlier, we've been seeing strong growth out of Western Europe for quite some time, and then Japan came in. And all throughout this, the last quarter, we saw strong growth in emerging markets. U.S. has lagged but has picked up. And I think some of it, we're seeing some of that pickup in particular in surgical procedures in our surgical business, but also across a couple of different cardiovascular procedure lines.

好吧，我可能會請肖恩在一秒鐘內對基礎捲髮表評論，因為我們在心髒病學中經常看到它。但我只想說，安東尼，從我們的第一季度到四月和五月，基礎交易量肯定會越來越強，並且會加速增長。正如我之前提到的，我們看到西歐的強勁增長已經有一段時間了，然後日本進來了。在整個過程中，最後一個季度，我們看到了新興市場的強勁增長。美國落後但已經回升。我認為其中一些，我們看到了一些增長，特別是在我們外科業務的外科手術中，但也跨越了幾個不同的心血管手術線。

I don't know, Sean, if you have any comments on that.

肖恩，我不知道你對此有何評論。

Yes, Geoff, you said it well. We saw a really nice recovery in Europe in particular. As I mentioned before across the board in our procedures. In the U.S., we saw surgery, as kind of a leading indicator, that really grew well in the United States for procedure volume. And throughout the quarter, we saw improving -- improvement, including coronary stents, which has been curiously below the pre-COVID levels for a long time now. So we saw that come up to about 95% of pre-COVID levels toward the back half of the year -- or the back half of the quarter.

是的，傑夫，你說得很好。尤其是在歐洲，我們看到了非常好的複蘇。正如我之前在我們的程序中全面提到的那樣。在美國，我們將手術視為一種領先指標，它在美國的手術量確實增長良好。在整個季度中，我們看到了改善 - 改善，包括冠狀動脈支架，這很長時間以來一直低於 COVID 前的水平。所以我們看到，在今年下半年或本季度後半段，這一數字達到了 COVID 前水平的 95% 左右。

So look, I'm encouraged. May looks strong. We're moving into a better procedure space for sure globally. And it was also impressive to see how fast China snapped back after both the shutdown and the COVID stuff that happened, and in New Year, it happened. So I think all the trends are looking up globally, and I think the U.S. is the place we're most encouraged by as we see the recovery of procedure volumes in cardiology. We saw that with large joints, of course. And I think we're starting to see it in cardiology too now, which is encouraging.

所以看，我很受鼓舞。梅看起來很強壯。我們肯定會在全球範圍內進入一個更好的程序空間。令人印象深刻的是，在停工和 COVID 事件發生後，中國的恢復速度如此之快，而在新年，它發生了。所以我認為所有趨勢都在全球範圍內抬頭，我認為美國是我們最受鼓舞的地方，因為我們看到心髒病學手術量的恢復。當然，我們看到了大關節。而且我認為我們現在也開始在心髒病學中看到它，這是令人鼓舞的。

And Anthony, on your question on the annual guidance and anything of note on 780G. We expect Diabetes to return to good growth in this fiscal year. And we noted that we expect it to begin the year below the corporate average, but obviously ramp throughout the year as we bring the 780G to more and more patients in the United States. And the consumable revenue off of that comes with it.

安東尼，關於你關於年度指導的問題和關於 780G 的任何注意事項。我們預計糖尿病業務將在本財年恢復良好增長。我們注意到，我們預計它會在今年開始時低於公司平均水平，但隨著我們將 780G 帶給美國越來越多的患者，全年顯然會出現增長。隨之而來的是可消費收入。

Geoff, please go ahead with your closing remarks.

Geoff，請繼續您的結束語。

Okay. Thanks, Ryan. All right. Well, okay, everyone. Thanks for the questions. As usual, we really appreciate your support and continued interest in Medtronic.

好的。謝謝，瑞安。好的。嗯，好的，大家。感謝您的提問。與往常一樣，我們非常感謝您對美敦力的支持和持續關注。

And as I mentioned earlier, we'll be coming to you from ADA on June 25 with an update on our diabetes business. And we hope you'll join us for our Q1 earnings broadcast, which we anticipate holding on Tuesday, August 22, where we'll update you on our progress across the company.

正如我之前提到的，我們將於 6 月 25 日從 ADA 向您介紹我們糖尿病業務的最新情況。我們希望您能加入我們的第一季度收益廣播，我們預計將於 8 月 22 日星期二舉行，屆時我們將向您通報我們在整個公司的最新進展。

With that, thanks for spending time with us today, and have a great rest of your day.

至此，感謝您今天與我們共度時光，祝您度過愉快的一天。