美敦力 (MDT) 2021 Q4 法說會逐字稿

Good morning, and welcome to Medtronic's Fiscal Year 2021 Fourth Quarter Earnings Video Webcast. I'm Ryan Weispfenning, Vice President and Head of Medtronic Investor Relations.

早上好，歡迎收看美敦力 2021 財年第四季度收益視頻網絡直播。我是 Ryan Weispfenning，副總裁兼美敦力投資者關係主管。

Before we start the prepared remarks, I'm going to share with you a few details to keep in mind about today's webcast. Joining me today 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 2021, which ended on April 30, 2021. After our prepared remarks, we'll take questions from the sell-side analysts that cover the company. And today's event should last about an hour.

在我們開始準備好的發言之前，我將與大家分享一些關於今天網絡廣播的細節，以供大家牢記。今天加入我的是美敦力董事長兼首席執行官 Geoff Martha；和美敦力首席財務官 Karen Parkhill。 Geoff 和 Karen 將對我們截至 2021 年 4 月 30 日的第四季度和 2021 財年的業績發表評論。在我們準備好的評論之後，我們將回答涵蓋公司的賣方分析師的問題。今天的活動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 from the link 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。可以通過我們的收益新聞稿中的鏈接或在我們的網站 investorrelations.medtronic.com 上訪問該演示文稿。

As we mentioned last quarter, the fourth quarter marks the first time that we're using the new nomenclature and reporting structure of our new operating model. For more information on these changes, please see the relevant slides in our earnings presentation.

正如我們上個季度提到的，第四季度標誌著我們首次使用新運營模式的新術語和報告結構。有關這些變化的更多信息，請參閱我們的收益演示中的相關幻燈片。

During today's webcast, 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. Unless we say otherwise, all comparisons are on a year-over-year basis, and revenue comparisons are made on an organic basis. Fourth quarter organic revenue comparisons adjust only for foreign currency as there were no acquisitions or divestitures made in the last 4 quarters that had a significant impact on total company or individual segment quarterly revenue growth.

在今天的網絡廣播中，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。除非我們另有說明，否則所有比較都是按年比較，收入比較是在有機基礎上進行的。第四季度有機收入比較僅針對外幣進行調整，因為過去 4 個季度沒有對公司總收入或個別部門的季度收入增長產生重大影響的收購或資產剝離。

Full fiscal year organic revenue comparisons exclude the impact of foreign currency, the benefit in the first 12 months of our Titan Spine acquisition and the benefit of the extra week in our first quarter. References to sequential improvement compare to the third quarter of fiscal '21 and are made on an as-reported basis. All references to share gains or losses are on a revenue and calendar quarter basis unless otherwise stated. Reconciliations of all non-GAAP financial measures can be found in the attachment to 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.

全財年有機收入比較不包括外彙的影響、我們收購 Titan Spine 前 12 個月的收益以及第一季度額外一周的收益。與 21 財年第三季度相比的連續改進參考是在報告的基礎上進行的。除非另有說明，否則所有提及的股票收益或損失均以收入和日曆季度為基礎。所有非 GAAP 財務指標的對賬可在我們的收益新聞稿附件或我們的網站 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。

And with that, let's get started.

有了這個，讓我們開始吧。

Hello, everyone, and thank you for joining us today. We reported a strong quarter this morning. The expectations that we set for Q4 on the last earnings call were seen by many in the financial community as aggressive. Yet we executed and we delivered, beating Street estimates on revenue, margins and EPS. Most of our end markets are returning to near-normal pre-COVID growth. While some geographies are lagging due to COVID's persistence, momentum built throughout the quarter, and we feel confident about the year ahead. Karen will give you more color on our guidance later in this call. But the key takeaway is that we're guiding above Street estimates on the top line while simultaneously accelerating our investments at the front end of major product launches in surgical robotics and renal denervation.

大家好，感謝您今天加入我們。今天早上我們報告了一個強勁的季度。我們在上次財報電話會議上為第四季度設定的預期被金融界的許多人視為激進。然而，我們執行並交付了收入、利潤率和每股收益，超出了華爾街的預期。我們的大多數終端市場正在恢復接近正常的 COVID 前增長。雖然一些地區由於 COVID 的持續存在而落後，但整個季度都在建立勢頭，我們對來年充滿信心。凱倫將在本次電話會議的稍後部分為您提供更多關於我們指導的顏色。但關鍵要點是，我們在最高線上指導高於華爾街的估計，同時加快我們在手術機器人和腎去神經術主要產品發布前端的投資。

Now in robotics and renal denervation, we're investing in our marketing, customer service and support capabilities to maximize these product launches. We're also investing in R&D broadly with meaningful programs across the company. As we talked about at our Investor Day last year, we have a packed pipeline across our businesses with a number of meaningful opportunities. And our top priority is to invest in our business and pipeline to take advantage of those opportunities.

現在在機器人技術和去腎神經術領域，我們正在投資於我們的營銷、客戶服務和支持能力，以最大化這些產品的發布。我們還在全公司範圍內通過有意義的計劃廣泛投資於研發。正如我們在去年的投資者日所談到的那樣，我們在我們的業務中擁有大量有意義的機會。我們的首要任務是投資於我們的業務和管道，以利用這些機會。

As a result, we plan on increasing our R&D spend by more than 10% in FY '22, the biggest dollar increase in R&D spend in our company's history, all while delivering strong EPS growth. We're ultra-focused on accelerating our top line growth, and we're making incremental investments to put us in a place to drive a sustainable, higher level of growth than you've historically come to expect from Medtronic.

因此，我們計劃在 22 財年將研發支出增加 10% 以上，這是我們公司歷史上研發支出的最大增幅，同時實現強勁的每股收益增長。我們非常專注於加速我們的收入增長，並且我們正在進行增量投資，以使我們能夠推動可持續的、更高水平的增長，這超出了您以往對美敦力的期望。

Before I get into some details on the fourth quarter, I'd like to reflect on the past year, my first as CEO. It's certainly been a difficult environment with the pandemic, but our organization has risen to the challenge and achieved so much in such a short period of time and under unique circumstances. Now it's become cliché for companies to say that they're expecting to emerge from the pandemic stronger as I've heard this phrase echoed from many of our competitors. But you've been hearing this from us from day 1. And I think you'll find it hard to name another company in our space that has done more to emerge from this pandemic stronger than Medtronic, whether it was investing in our employees, helping our customers and patients, sustaining our R&D programs or changing our operating model, and putting in place a new Medtronic mindset culture. This past year was transformational for us.

在我詳細介紹第四季度的一些細節之前，我想回顧一下過去的一年，這是我擔任首席執行官的第一年。大流行肯定是一個艱難的環境，但我們的組織已經迎接挑戰，並在如此短的時間內和在獨特的情況下取得瞭如此多的成就。現在，公司說他們期望從大流行病中走出來變得更強大已經成為陳詞濫調，因為我從我們的許多競爭對手那裡聽到了這句話。但是你從第一天起就從我們這裡聽到了這一點。而且我認為你會發現很難在我們的領域中說出另一家公司在擺脫這種流行病方面做得比美敦力更強大，無論是投資於我們的員工，幫助我們的客戶和患者，維持我們的研發計劃或改變我們的運營模式，並建立新的美敦力思維文化。過去的一年對我們來說是變革性的。

In fiscal 2021, customers eliminated the vast majority of their quarter end bulk purchases, resulting in a more balanced order flow across the quarter. This has improved our predictability and our pricing, made our business easier to manage and reduced stress on our operations. This past fiscal year, we also accelerated our tuck-in acquisitions, adding key technologies like AI-driven spine planning tools for Medicrea and market-leading smart pen technology from Companion Medical, among others. We also advanced our organic pipeline with more than 230 regulatory approvals in the U.S., Europe, Japan and China in FY '21.

在 2021 財年，客戶取消了絕大多數季度末的大宗採購，從而使整個季度的訂單流更加平衡。這提高了我們的可預測性和定價，使我們的業務更易於管理並減輕了我們運營的壓力。在過去的財政年度，我們還加快了收購步伐，增加了關鍵技術，例如用於 Medicrea 的人工智能驅動的脊柱規劃工具和來自 Companion Medical 的市場領先的智能筆技術等。 21 財年，我們還在美國、歐洲、日本和中國獲得了 230 多項監管批准，從而推進了我們的有機產品線。

FY '21 was also the year that we stepped up and helped our customers and communities during the pandemic. As a leading manufacturer of high-acuity ventilators, we significantly increased our production and open-sourced our IP to allow others to produce our ventilators around the world. We continue to support communities in need, most recently as a key member of the Global Task Force on Pandemic Response, which was organized by the U.S. Chamber of Commerce and supported by the Business Roundtable. With the help of other task force members, we're working to supply 1,000 ventilators to India. Medtronic and the Medtronic Foundation also just announced an additional $3 million for COVID relief efforts in underserved areas of India, Brazil and the U.S. and other regions, which brings our combined support of COVID-19 efforts to $56 million.

21 財年也是我們在大流行期間加強並幫助我們的客戶和社區的一年。作為高敏度呼吸機的領先製造商，我們顯著提高了產量並開源了我們的 IP，以允許其他人在世界各地生產我們的呼吸機。我們繼續支持有需要的社區，最近作為全球流行病應對工作組的主要成員，該工作組由美國商會組織，並得到商業圓桌會議的支持。在其他工作組成員的幫助下，我們正在努力向印度提供 1,000 台呼吸機。美敦力 (Medtronic) 和美敦力基金會 (Medtronic Foundation) 剛剛還宣布追加 300 萬美元用於印度、巴西、美國和其他地區服務欠缺地區的 COVID 救災工作，這使我們對 COVID-19 工作的綜合支持達到 5600 萬美元。

And in FY '21, we announced our goal of becoming carbon neutral in our operations by the end of the decade. We've set aggressive targets to reduce our environmental footprint as we focus on creating a sustainable future for our business, our communities and our planet. We've always had a strong mission to guide this company, which includes integrating a strong corporate purpose into our strategy and maintaining good citizenship. And this year, we've enhanced our corporate culture to emphasize our commitment to being bold, more competitive and moving with greater speed and decisiveness, which we believe will help drive the execution of our mission.

在 21 財年，我們宣布了到本十年末在我們的運營中實現碳中和的目標。我們設定了積極的目標來減少我們的環境足跡，因為我們專注於為我們的業務、我們的社區和我們的星球創造一個可持續的未來。我們一直肩負著指導這家公司的強大使命，其中包括將強大的企業宗旨融入我們的戰略並保持良好的公民意識。今年，我們加強了我們的企業文化，以強調我們對大膽、更具競爭力以及以更快速度和果斷行動的承諾，我們相信這將有助於推動我們使命的執行。

We're also focused on becoming a more diverse and inclusive organization, and I was very proud that Medtronic was recognized earlier this month as #11 on DiversityInc's Top 50 U.S. Companies for Diversity, one of the biggest jumps by any company. We know we have room to improve, and we're striving to be a company that attracts, develops and retains top talent from all gender and ethnic backgrounds.

我們還專注於成為一個更加多元化和包容性的組織，我感到非常自豪的是，美敦力本月早些時候在 DiversityInc 的美國多元化公司 50 強中排名第 11 位，這是所有公司中最大的躍升之一。我們知道我們還有改進的空間，我們正在努力成為一家能夠吸引、培養和留住所有性別和種族背景的頂尖人才的公司。

To sum up F '21, it was a year marked by progress and accomplishments that will propel us into FY '22 with a stronger foundation for growth and a greater ability to execute, deliver and exceed our own expectations. We have momentum, energy and a pipeline that gives our team optimism about what we can accomplish this year.

總結 F '21，這是充滿進步和成就的一年，這將推動我們進入 FY '22，為增長奠定更堅實的基礎，並提高執行、交付和超越我們自己期望的能力。我們有動力、能量和渠道，讓我們的團隊對今年可以取得的成就感到樂觀。

Now let's turn to the fourth quarter results and start with a look at market share as we've been doing the last few earnings calls. We continue to gain share in an increasing number of our businesses, driven by our differentiated product offerings. And we've put in place operating mechanisms to ensure that we continue to drive this competitive culture across the organization. Market share is one of the key metrics that we will hold our teams accountable to deliver in evaluating performance. And in FY '22, it will be included as a metric in our annual incentive compensation. While the impact of COVID on procedures, along with the timing of our quarter, does mask some of the underlying market dynamics, we are seeing a growing trend of share gains for Medtronic.

現在讓我們來看看第四季度的業績，從我們最近幾次財報電話會議上的市場份額開始。在我們差異化的產品供應的推動下，我們繼續在越來越多的業務中獲得份額。我們已經建立了運營機制，以確保我們繼續在整個組織內推動這種競爭文化。市場份額是我們將要求我們的團隊負責評估績效的關鍵指標之一。在 22 財年，它將作為一項指標包含在我們的年度激勵薪酬中。雖然 COVID 對程序的影響以及我們季度的時間安排確實掩蓋了一些潛在的市場動態，但我們看到美敦力的股票收益呈增長趨勢。

Leading the list for share gains this quarter is one of our largest businesses, Cardiac Rhythm Management, which has gained share over the past several quarters. We estimate that our CRM business has gained 2 to 3 points year-over-year. And CRM is now at the highest share level in more than a decade with strong gains from around the globe. Now these gains have been driven by Micra, our leadless pacemaker, which grew 74% in Q4 and is now annualizing at nearly $400 million. Micra is a great example of the innovation and disruption that we're driving at Medtronic. But it's not just Micra generating our share gains, our Cobalt and Crome high-power devices are also contributing, driving our CRT-D product line to 74% growth in Q4.

本季度領先的份額增長名單是我們最大的業務之一，即心律管理，它在過去幾個季度中份額有所增加。我們估計我們的 CRM 業務同比增長了 2 到 3 個百分點。 CRM 現在處於十多年來的最高份額水平，並且在全球範圍內取得了強勁的增長。現在，這些收益是由我們的無引線起搏器 Micra 推動的，它在第四季度增長了 74%，現在年化收入接近 4 億美元。 Micra 是我們在美敦力推動的創新和顛覆的一個很好的例子。但不僅僅是 Micra 為我們帶來了份額增長，我們的 Cobalt 和 Crome 高功率設備也在做出貢獻，推動我們的 CRT-D 產品線在第四季度增長了 74%。

In TAVR, our share was up over 1 point year-over-year and was stable sequentially. We reached an all-time record of U.S. TAVR implants in the quarter. Late last month, we announced interim results of our OPTIMIZE PRO study, which showed that our new implant technique is resulting in single-digit pacemaker rates.

在 TAVR 中，我們的份額同比增長超過 1 個百分點並且環比穩定。我們在本季度創下了美國 TAVR 植入物的歷史記錄。上個月末，我們公佈了我們的 OPTIMIZE PRO 研究的中期結果，該研究表明我們的新植入技術正在實現個位數的起搏器率。

In addition, last week at EuroPCR, we announced very strong low-risk data, which showed that the advantages of our Evolut TAVR system are maintained over surgical valves at 2 years post-procedure. Importantly, our data showed no convergence of the TAVR and SAVR curves for death or disabling stroke as well as continued low valve thrombosis rates out to year 2. This stands in contrast to our competition's PARTNER 3 data. And we'll leverage this data with implanting physicians as we continue to go on the offensive and win share in this important growth market.

此外，上週在 EuroPCR 上，我們公佈了非常強大的低風險數據，這些數據表明，我們的 Evolut TAVR 系統在術後 2 年仍保持著優於手術瓣膜的優勢。重要的是，我們的數據顯示死亡或致殘性中風的 TAVR 和 SAVR 曲線沒有收斂，並且瓣膜血栓形成率持續低至第 2 年。這與我們競爭對手的 PARTNER 3 數據形成對比。隨著我們繼續進攻並在這個重要的增長市場中贏得份額，我們將利用這些數據與植入醫生合作。

In our Gastrointestinal business, we estimate that we gained share, both year-over-year and sequentially. Our GI diagnostic product lines grew in the low 50s, driven by high 60s growth of our PillCam. Last month, we received FDA clearance for our GI Genius module, which uses artificial intelligence to assist physicians in detecting both precancerous and cancerous growths during colonoscopies. GI Genius can highlight lesions real-time and identify polyps that might otherwise go undetected by the human eye, improving the quality of colonoscopies.

在我們的胃腸道業務中，我們估計我們的份額同比和環比都增加了。我們的 GI 診斷產品線在 50 年代末增長，這主要受 60 年代 PillCam 高速增長的推動。上個月，我們的 GI Genius 模塊獲得了 FDA 的許可，該模塊使用人工智能來幫助醫生在結腸鏡檢查期間檢測癌前病變和癌變。 GI Genius 可以實時突出顯示病變並識別可能無法被人眼檢測到的息肉，從而提高結腸鏡檢查的質量。

In our Cranial & Spinal Technologies business, we estimate that we gained share in both Spine and Neurosurgery, both year-over-year and sequentially. Our strategy of bringing a digital ecosystem of enabling technology to spine procedures is working. We had record sales of our StealthStation navigation systems, O-arm imaging systems, Midas Rex capital and Advanced Energy products. And we estimate that our Mazor Robotics system continues to outpace our closest competitor.

在我們的顱骨和脊柱技術業務中，我們估計我們在脊柱和神經外科領域的份額同比和連續增長。我們將支持技術的數字生態系統引入脊柱程序的戰略正在奏效。我們的 StealthStation 導航系統、O 形臂成像系統、Midas Rex capital 和 Advanced Energy 產品的銷售額創下歷史新高。我們估計我們的 Mazor Robotics 系統繼續超越我們最接近的競爭對手。

In ENT, we estimate that our share is up over 1 point year-over-year. The ongoing launches of our NIM VITAL neuro-monitoring system and StealthStation FlexENT navigation system, coupled with share gains in disposable sinus blades, are driving our above-market performance.

在耳鼻喉科，我們估計我們的份額同比增長超過 1 個百分點。我們持續推出的 NIM VITAL 神經監測系統和 StealthStation FlexENT 導航系統，加上一次性鼻竇刀片的份額增長，推動了我們高於市場的業績。

In Pelvic Health, share gain continued with the momentum created by the launch of InterStim Micro and the SureScan leads. Our sales growth outpaced tax audits in the calendar first quarter, and we did this despite having a far larger sales base. While the European sacral neuromodulation market remains sluggish due to COVID resurgence, the U.S. market continues to accelerate.

在 Pelvic Health 領域，隨著 InterStim Micro 的推出和 SureScan 的領先地位所創造的勢頭，市場份額繼續增長。我們的銷售增長在第一季度超過了稅務審計，儘管我們的銷售基礎要大得多，但我們還是做到了這一點。儘管歐洲骶神經調節市場因 COVID 復甦而持續低迷，但美國市場繼續加速發展。

Turning to Neuromodulation. We estimate that we have gained about 1 point of Pain Stim share year-over-year and even more sequentially. Our SCS product line grew 73% in Q4, and we continued to outpace the competition in the calendar first quarter. The market continues to show strong enthusiasm for our DTM SCS therapy, which now carries a superiority label from the FDA. And our strategy of going after competitive account conversions is yielding great results. Our DTM trial adoption remained robust and grew sequentially, a good leading indicator for future growth in our Pain Stim business.

轉向神經調節。我們估計，我們的 Pain Stim 份額同比增長了約 1 個百分點，甚至更多。我們的 SCS 產品線在第四季度增長了 73%，我們在第一季度繼續領先於競爭對手。市場繼續對我們的 DTM SCS 療法表現出強烈的熱情，該療法現在帶有 FDA 的優勢標籤。我們追求有競爭力的帳戶轉換的策略正在產生很好的效果。我們的 DTM 試驗採用率保持強勁並連續增長，這是我們 Pain Stim 業務未來增長的良好領先指標。

In Brain Modulation, while we estimate we lost a couple of points of share year-over-year, we continue to gain sequential share on the back of the Percept PC launch. Percept has resulted in 10 points of new implant share gains in the U.S. since its launch last summer.

在 Brain Modulation 中，雖然我們估計我們的份額同比下降了幾個百分點，但在 Percept PC 發布的支持下，我們繼續獲得連續份額。自去年夏天推出以來，Percept 在美國的新植入物市場份額增長了 10 個百分點。

So there are a number of businesses where we're gaining share, but there are still some businesses where we've got some work to do. In cardiac diagnostics, as we discussed last quarter, we continue to be supply-constrained with our new LINQ II system in Q4 as we ramp our unique wafer scale manufacturing. We estimate we lost about 1 point sequentially and mid-single-digit share points year-over-year, primarily to Boston Scientific. We're working through the supply ramp-up and expect to have improved supply in the back half of the fiscal year.

因此，我們在許多業務中獲得了份額，但仍有一些業務我們需要做一些工作。在心臟診斷方面，正如我們上個季度所討論的那樣，隨著我們獨特的晶圓規模製造的推進，我們在第四季度繼續受到我們新的 LINQ II 系統的供應限制。我們估計我們連續損失了大約 1 個百分點，同比損失了中等個位數的份額，主要是波士頓科學公司。我們正在努力增加供應量，預計本財年下半年供應量將有所改善。

In addition, we implemented a product ship hold on the LINQ II last week as we analyze an issue. In the meantime, customers are continuing to use our Reveal LINQ. Once we resolve the issue, we're confident that the proven market leadership of Reveal LINQ and the competitive differentiation of LINQ II will allow us to continue to win in this space.

此外，我們上週在分析問題時在 LINQ II 上實施了產品發貨暫停。與此同時，客戶繼續使用我們的 Reveal LINQ。一旦我們解決了這個問題，我們相信 Reveal LINQ 久經考驗的市場領導地位和 LINQ II 的競爭優勢將使我們能夠繼續在這個領域取勝。

In our Aortic business, we announced the voluntary recall of our Valiant Navion thoracic stent graft system in February. We also announced that we would be working to ramp production of our previous generation product, the Valiant Captivia, but that we would not be at full production until September. The loss of Navion had a $35 million impact to revenue in Q4 and resulted in us losing high-teens share in the thoracic stent graft market. That said, our customers have expressed strong interest in using the Valiant Captivia product when inventory is available. And looking ahead, we're estimating that the quarterly revenue impact will decrease as we go through FY '22 from $30 million in Q1 to $15 million in Q4.

在我們的主動脈業務中，我們於 2 月宣布自願召回我們的 Valiant Navion 胸腔覆膜支架系統。我們還宣布，我們將努力提高上一代產品 Valiant Captivia 的產量，但要到 9 月份才能全面投產。 Navion 的損失對第四季度的收入產生了 3500 萬美元的影響，並導致我們在胸支架移植物市場失去了十幾歲的份額。也就是說，我們的客戶對在有庫存時使用 Valiant Captivia 產品表現出濃厚的興趣。展望未來，我們估計隨著 22 財年的到來，季度收入影響將從第一季度的 3000 萬美元減少到第四季度的 1500 萬美元。

In Neurovascular, we estimate we lost a couple of points of share year-over-year, driven primarily by new competitive flow diverters from Stryker and Terumo. That said, we saw our share stabilize sequentially as we launched our Solitaire X 3-millimeter stent retriever in the U.S. and started the limited launch of our Pipeline Vantage flow diverter in certain CE Mark countries. We expect our new products to drive sequential share gains going forward.

在 Neurovascular 方面，我們估計我們的份額同比下降了幾個百分點，這主要是受來自 Stryker 和 Terumo 的新競爭流量分流器的推動。也就是說，隨著我們在美國推出 Solitaire X 3 毫米支架回收器並開始在某些 CE 標誌國家有限推出我們的 Pipeline Vantage 分流器，我們看到我們的份額連續穩定。我們預計我們的新產品將推動未來的連續份額增長。

In Diabetes, we continue to execute on our turnaround strategy, growing 9% this quarter. This is still below market and we estimate we lost about 5 points of share year-over-year. However, our share was stable sequentially. Our new MiniMed 770G and 780G insulin pumps are giving us momentum, resulting in very strong double-digit global insulin pump growth.

在糖尿病方面，我們繼續執行我們的扭虧為盈戰略，本季度增長了 9%。這仍然低於市場，我們估計我們的份額同比下降了大約 5 個百分點。然而，我們的份額環比穩定。我們新的 MiniMed 770G 和 780G 胰島素泵為我們提供了動力，導致全球胰島素泵實現非常強勁的兩位數增長。

Next, let's turn to our pipeline. We're launching a number of products across the company and even more coming. We expect our robust pipeline to be the key driver of accelerating our top line growth as we're at the front of some large opportunities to win share, create new markets and disrupt existing markets. And as I noted earlier, we're continuing to fuel R&D investments, such that our pipeline can be a continuous source of sustained revenue growth over the coming years.

接下來，讓我們轉向我們的管道。我們正在全公司範圍內推出許多產品，而且還會推出更多產品。我們預計我們強大的管道將成為加速我們收入增長的關鍵驅動力，因為我們正處於贏得份額、創造新市場和擾亂現有市場的一些巨大機會的前沿。正如我之前指出的那樣，我們將繼續推動研發投資，以便我們的管道可以成為未來幾年持續收入增長的源泉。

Starting with Cardiovascular. One of our largest future drivers is renal denervation as we develop our solution to go after the multibillion-dollar addressable market in hypertension. We're expecting to present our ON MED pivotal trial results later this year, likely at the TCT Conference in November. And these results are likely to be one of the most highly anticipated events in med tech this year.

從心血管開始。我們未來最大的驅動力之一是腎臟去神經術，因為我們正在開發我們的解決方案，以追逐價值數十億美元的高血壓潛在市場。我們預計將在今年晚些時候公佈我們的 ON MED 關鍵試驗結果，可能會在 11 月的 TCT 會議上公佈。這些結果可能是今年醫療技術領域最受期待的事件之一。

In Cardiac Rhythm Management, we're planning to file for CE Mark for our disruptive extravascular ICD technology this quarter. Let me repeat that. I said this quarter. And in our Cardiac Ablation Solutions business, we're expecting a first-line therapy indication for our Arctic Front cryoballoon in the U.S. this coming quarter. We also continue to make good progress on bringing our disruptive pulse field ablation system in the market with strong enrollment in our PULSED AF pivotal trial.

在心律管理方面，我們計劃在本季度為我們的破壞性血管外 ICD 技術申請 CE 標誌。讓我重複一遍。我說這個季度。在我們的心臟消融解決方案業務中，我們預計下個季度美國的 Arctic Front cryoballoon 將獲得一線治療適應症。我們還繼續在將我們的破壞性脈衝場消融系統推向市場方面取得良好進展，我們的 PULSED AF 關鍵試驗的註冊人數眾多。

In Structural Heart, we received FDA approval in Q4 for our Harmony transcatheter pulmonary valve, the first-of-its-kind and a breakthrough treatment for patients with congenital heart disease. In TAVR, we received low-risk Shonin approval in Japan and are expecting reimbursement approval later this fiscal year. We also expect the U.S. rollout of our next-generation TAVR valve, the Evolut FX, later this calendar year, which will feature enhanced deliverability and ease of use.

在結構心臟方面，我們的 Harmony 經導管肺動脈瓣膜在第四季度獲得了 FDA 的批准，這是針對先天性心髒病患者的首創和突破性治療。在 TAVR 中，我們在日本獲得了低風險 Shonin 批准，預計本財年晚些時候將獲得報銷批准。我們還預計，我們的下一代 TAVR 瓣膜 Evolut FX 將於本日曆年晚些時候在美國推出，它將具有更高的交付能力和易用性。

Turning to our Medical Surgical portfolio. Another very important program is our Hugo robotic-assisted surgery platform. At the end of March, we reported that we'd submitted Hugo for CE Mark and U.S. IDE approval. Well, today, I'm happy to report that the FDA has granted the IDE approval, and we're preparing to commence our EXPAND Euro trial in the U.S. to study Hugo in neurologic procedures. We also had our first revenue from Hugo placements at hospitals outside the U.S. in Q4. These systems will collect clinical data to support regulatory approvals in the U.S. and around the world.

轉向我們的醫療外科產品組合。另一個非常重要的項目是我們的 Hugo 機器人輔助手術平台。 3 月底，我們報告說我們已提交 Hugo 以獲得 CE 標誌和美國 IDE 批准。那麼，今天，我很高興地報告說，FDA 已經批准了 IDE，我們正準備在美國開始我們的 EXPAND Euro 試驗，以研究 Hugo 的神經程序。我們還在第四季度從美國以外醫院的 Hugo 安置中獲得了第一筆收入。這些系統將收集臨床數據以支持美國和世界各地的監管批准。

As you think about modeling the revenue from our Surgical Robotics business, we're expecting $50 million to $100 million in FY '22, and that's likely to roughly double or triple in FY '23. We expect soft tissue robotics to be a meaningful growth driver going forward, not just for MedSurg, but for overall Medtronic.

當您考慮對我們的手術機器人業務的收入進行建模時，我們預計 22 財年將達到 5000 萬至 1 億美元，而 23 財年可能會增加一倍或三倍。我們預計軟組織機器人技術將成為未來有意義的增長動力，不僅對 MedSurg 如此，對整個美敦力也是如此。

In our Neuroscience portfolio, we have some exciting near-term milestones coming in our Neuromodulation business. We're expecting to launch our Vanta recharge-free spinal cord stimulator in the first half of this fiscal year. This is a big opportunity for us to gain additional share in Pain Stim given our low share in the recharge-free portion of the market. We're also on track to submit our ECAPS device to the FDA later this calendar year, which has the potential to be a disruptive technology in the spinal cord stim space.

在我們的神經科學產品組合中，我們的神經調節業務有一些令人興奮的近期里程碑。我們預計在本財年上半年推出 Vanta 免充電脊髓刺激器。鑑於我們在免充電市場的份額較低，這對我們來說是獲得更多 Pain Stim 份額的大好機會。我們也有望在今年晚些時候向 FDA 提交我們的 ECAPS 設備，這有可能成為脊髓刺激領域的一項顛覆性技術。

And in Brain Mod, we're expecting FDA approval for our SenSight directional lead later this calendar year. This will close a key competitive gap and further differentiate our Percept PC system, which I mentioned earlier, was already taken a lot of share in DBS.

在 Brain Mod 中，我們期待 FDA 在本日曆年晚些時候批准我們的 SenSight 定向領先。這將縮小一個關鍵的競爭差距，並進一步區分我之前提到的我們的 Percept PC 系統，該系統已經在 DBS 中佔據了大量份額。

And in Pelvic Health, we received IDE approval last month to start our TITAN 1 feasibility study. This trial will evaluate our implantable tibial system, a device that we think could substantially increase our ability to serve overactive bladder patients, many of whom do not seek therapy or remain on current therapy.

在盆腔健康方面，我們上個月獲得了 IDE 的批准，可以開始我們的 TITAN 1 可行性研究。該試驗將評估我們的植入式脛骨系統，我們認為該設備可以大大提高我們為膀胱過度活動症患者提供服務的能力，其中許多人不尋求治療或繼續接受目前的治療。

In Neurovascular, in addition to the Solitaire X 3-millimeter stent retriever and Pipeline Vantage flow diverter that I mentioned earlier, we're rolling out 5 additional products this calendar year. This includes meaningful innovation for the stroke market, like our Pipeline Shield flow diverter in the U.S. and Rist Radial Access system.

在神經血管領域，除了我之前提到的 Solitaire X 3 毫米支架取栓器和 Pipeline Vantage 分流器之外，我們今年還將推出 5 種額外產品。這包括對沖程市場有意義的創新，例如我們在美國的 Pipeline Shield 分流器和 Rist Radial Access 系統。

In Diabetes, we recently received CE Mark approval for our Zeus CGM sensor, which we'll be marketing as the Guardian 4 sensor. The no calibration data that was used to support the CE Mark approval will be presented next week at the virtual ATTD Conference, and the abstract is available on the ATTD website. We're pleased with the accuracy of Guardian 4 and that it has now been labeled for dosing without fingersticks.

在糖尿病領域，我們最近獲得了 Zeus CGM 傳感器的 CE 標誌批准，我們將作為 Guardian 4 傳感器進行營銷。用於支持 CE 標誌批准的無校準數據將於下週在虛擬 ATTD 會議上公佈，摘要可在 ATTD 網站上獲得。我們對 Guardian 4 的準確性感到滿意，並且它現在已被標記為無需指尖即可給藥。

Starting this fall, Europeans will not only have access to the 780G with the highest reported time and range of any insulin pump, but also our Guardian 4 sensor with no fingersticks required and our extended infusion set with an industry-leading 7-day wear. We think this is a highly differentiated product offering and one that we can't wait to bring to other markets. In the U.S., the 780G and Guardian 4 sensor are under active review with the FDA.

從今年秋天開始，歐洲人不僅可以使用 780G，它是所有胰島素泵中報告的時間和範圍最長的，而且我們的 Guardian 4 傳感器不需要手指刺，我們的延長輸液器具有行業領先的 7 天磨損。我們認為這是一種高度差異化的產品，我們迫不及待地想將其推向其他市場。在美國，780G 和 Guardian 4 傳感器正在接受 FDA 的積極審查。

Finally, we're making progress on our Synergy sensor, which is disposable, easier to apply and half the size of our current sensor. We intend to submit this sensor to the FDA in the first half of the fiscal year once we complete our manufacturing module.

最後，我們在 Synergy 傳感器方面取得了進展，它是一次性的，更易於應用，而且尺寸只有我們當前傳感器的一半。一旦我們完成製造模塊，我們打算在本財政年度上半年將此傳感器提交給 FDA。

I'll now turn it over to Karen to discuss our financial performance and guidance. Karen?

我現在將其轉交給 Karen 討論我們的財務業績和指導。卡倫？

Thank you, Geoff. Our fourth quarter organic revenue increased 32%, and adjusted EPS increased 159%, significant growth as we anniversary the downturn we experienced at the start of the pandemic last year.

謝謝你，傑夫。我們第四季度的有機收入增長了 32%，調整後的每股收益增長了 159%，隨著我們紀念去年大流行開始時經歷的低迷，我們實現了顯著增長。

Our end markets continue to recover from the impact of COVID. And we continue to execute on our strategy and launch new products, resulting in a sequential revenue increase of 5% and sequential adjusted EPS growth of 16%. Our adjusted EPS was $0.08 better than consensus with $0.02 on higher operating profit and $0.06 from a lower-than-estimated tax rate. Our recovery from the COVID resurgence in December and January improved throughout the quarter as expected. March was stronger than February, and April was stronger than March. We were particularly pleased with the strength of the last several weeks of the quarter, which we believe sets us up nicely for the start of our new fiscal year.

我們的終端市場繼續從 COVID 的影響中恢復過來。我們繼續執行我們的戰略並推出新產品，導致收入環比增長 5%，調整後每股收益環比增長 16%。我們調整後的每股收益比市場預期高 0.08 美元，營業利潤增加 0.02 美元，稅率低於預期 0.06 美元。正如預期的那樣，我們從 12 月和 1 月 COVID 復甦中恢復過來，整個季度都有所改善。三月強於二月，四月強於三月。我們對本季度最後幾週的強勁表現感到特別滿意，我們相信這為我們新財年的開始做好了準備。

From a geographic standpoint, we had strong 47% growth in the United States. Outside of the U.S., our developed markets grew 11% with continued pockets of COVID resurgence in parts of Western Europe, Japan and Canada. Our emerging markets grew 41%, driven by China growth in the low 90s.

從地域的角度來看，我們在美國實現了 47% 的強勁增長。在美國之外，隨著西歐、日本和加拿大部分地區 COVID 的持續復甦，我們的發達市場增長了 11%。我們的新興市場增長了 41%，受中國 90 年代低增長的推動。

Our adjusted margins continued to improve sequentially with 120 basis points on our gross margin and 190 basis points on our operating margin. Our adjusted nominal tax rate was 9.6%, better than initially estimated given a favorable jurisdictional mix of profits, along with certain onetime benefits.

我們調整後的利潤率繼續改善，毛利率為 120 個基點，營業利潤率為 190 個基點。我們調整後的名義稅率為 9.6%，比最初估計的要好，因為有利的管轄區利潤組合以及某些一次性福利。

We've said throughout this past year that the actions we're taking during the pandemic to not only support our employees and our customers but also continue investing would impact our free cash flow. That said, we're pleased that we generated $4.9 billion of free cash flow, converting 81% of our non-GAAP earnings into cash, just above our long-term conversion target of 80%.

在過去的一年裡，我們一直在說，我們在大流行期間採取的行動不僅是為了支持我們的員工和客戶，而且是為了繼續投資，這將影響我們的自由現金流。也就是說，我們很高興我們產生了 49 億美元的自由現金流，將 81% 的非 GAAP 收益轉化為現金，略高於我們 80% 的長期轉化目標。

During the quarter, we repaid in full a JPY 300 billion term loan that was issued earlier in the fiscal year. And our year-end cash position remains above $10.5 billion. You can be assured that despite the pandemic, Medtronic continues to be in a strong financial position to drive our long-term strategies.

本季度，我們全額償還了本財年早些時候發放的 3000 億日元定期貸款。我們的年終現金頭寸仍保持在 105 億美元以上。您可以放心，儘管發生了大流行，但美敦力 (Medtronic) 的財務狀況仍然強勁，可以推動我們的長期戰略。

Reflecting the confidence that we and our Board have in the future growth of this company, this morning, we announced that we are increasing our dividend by 9%. We are an S&P dividend aristocrat, having increased our dividend now for 44 years, and the dividend is an important part of the total return we generate for our shareholders. We also restarted our share repurchase program in the fourth quarter with a focus on covering dilution from our stock-based compensation.

為了反映我們和董事會對這家公司未來發展的信心，今天上午，我們宣布將股息提高 9%。我們是標準普爾股息貴族，44 年來一直在增加股息，股息是我們為股東創造的總回報的重要組成部分。我們還在第四季度重啟了我們的股票回購計劃，重點是彌補基於股票的薪酬帶來的稀釋。

Now turning to our guidance. We're confident in the continuing procedure recovery around the globe and the resilience of our end markets and as a result, today, reinstate giving formal guidance. We expect strong organic revenue growth acceleration in fiscal '22 to 9%, plus or minus, 1 point above current Street consensus. And while the impact of currency is fluid, if recent exchange rates hold, foreign currency would have a positive impact on full year revenue of $400 million to $500 million.

現在轉向我們的指導。我們對全球持續的程序恢復和我們的終端市場的彈性充滿信心，因此，今天恢復提供正式指導。我們預計 22 財年的有機收入增長將強勁加速至 9%，正負比當前的華爾街共識高出 1 個百分點。雖然貨幣的影響是可變的，但如果近期匯率保持不變，外幣將對 4 億至 5 億美元的全年收入產生積極影響。

By segment, we expect Cardiovascular and Neuroscience to grow 10% to 11%; Medical Surgical to grow 6% to 7%; and Diabetes to grow 3% to 4%, all on an organic basis. You'll remember that last year, we had an extra week in our fiscal calendar, and these growth rates have not been adjusted for that extra week given the offset that we had from customer bulk purchases. As a result, we do not intend to adjust our organic growth in fiscal '22 for the extra week in fiscal '21.

按細分市場，我們預計心血管和神經科學將增長 10% 至 11%；醫療外科增長 6% 至 7%；和糖尿病增長 3% 到 4%，所有這些都是在有機基礎上進行的。你會記得去年，我們的財政日曆中有一個額外的一周，考慮到我們從客戶批量購買中獲得的抵消，這些增長率沒有針對那個額外的一周進行調整。因此，我們不打算在 21 財年的額外一周調整 22 財年的有機增長。

In the first quarter, we're comfortable with Street consensus on revenue, which implies organic growth of 17% to 18% and a currency tailwind between $200 million and $250 million at recent rates. By segment, we expect Cardiovascular to grow 14% to 15%, Medical Surgical to grow 18% to 19%, Neuroscience to grow 25% to 26% and Diabetes to be flat. With so many big opportunities in front of us, we're prioritizing R&D and commercial investments with growth above and beyond what you would see in a normal year, and we're allocating this capital across our businesses to our best opportunities.

在第一季度，我們對街頭對收入的共識感到滿意，這意味著有機增長為 17% 至 18%，按近期匯率計算，貨幣順風在 2 億至 2.5 億美元之間。按細分市場劃分，我們預計心血管將增長 14% 至 15%，醫療外科將增長 18% 至 19%，神經科學將增長 25% 至 26%，而糖尿病將持平。面對如此多的大機遇，我們優先考慮研發和商業投資，其增長速度將超過正常年份，我們正在將這些資金分配給我們的業務，以抓住我們最好的機會。

As you know, 2 of our largest opportunities are surgical robotics and renal denervation. We're purposely making significant investments in them to ensure we fully capitalize on the multibillion-dollar opportunities ahead. Just to give you a sense, when you combine the facts that it's early in the revenue cycle of these 2 programs with our heavy investment, we are planning for an operating loss of approximately $400 million next fiscal year from these combined programs. Yet it is important to note that even with these kind of investments, we're still expecting operating margin expansion.

如您所知，我們最大的兩個機會是手術機器人和去腎神經術。我們有目的地對它們進行大量投資，以確保我們充分利用未來數十億美元的機會。只是為了給你一個感覺，當你將這兩個項目處於收入周期早期的事實與我們的巨額投資結合起來時，我們計劃在下一個財政年度從這些合併項目中產生大約 4 億美元的運營虧損。但值得注意的是，即使進行了此類投資，我們仍預計營業利潤率會擴大。

This is the power of Medtronic's business model, that we can simultaneously make large-scale investments in some of the most important future technology areas in med tech, cover the dilution and deliver strong profitability and returns for our shareholders.

這就是美敦力商業模式的力量，我們可以同時對醫療技術中一些最重要的未來技術領域進行大規模投資，彌補稀釋並為我們的股東帶來強勁的盈利能力和回報。

On the bottom line, we expect non-GAAP diluted EPS in the range of $5.60 to $5.75 in fiscal '22, which includes a benefit of $0.10 to $0.15 from currency at recent rates. For the first quarter, we expect EPS of $1.31 to $1.34, above current Street consensus of $1.29 to $1.31. And first quarter EPS would include a currency tailwind of about $0.03 at recent rates.

最重要的是，我們預計 22 財年的非 GAAP 稀釋每股收益在 5.60 美元至 5.75 美元之間，其中包括按近期匯率計算的 0.10 美元至 0.15 美元的收益。對於第一季度，我們預計每股收益為 1.31 美元至 1.34 美元，高於目前 1.29 美元至 1.31 美元的華爾街共識。第一季度每股收益將包括按近期匯率計算的約 0.03 美元的貨幣順風。

Before I hand it back over to Geoff, I'd like to take a moment to recognize all of the employees across Medtronic who scaled mountains this year, leaning in to deliver a great year under difficult circumstances. I'm proud to be part of such a terrific team, and I couldn't be more excited about the opportunities ahead of us. Back to you, Geoff.

在我把它交還給 Geoff 之前，我想花點時間來表彰今年美敦力公司所有的員工，他們在困難的情況下奮起直追，度過了美好的一年。我很自豪能成為這樣一支出色團隊的一員，我對擺在我們面前的機會感到無比興奮。回到你身邊，傑夫。

Okay. Thank you, Karen. Now I'd like to close by emphasizing that there's a lot of energy here at Medtronic, and our momentum is building. You're seeing us perform better than our competition. We've executed in the short term, and we're investing for the long term. We've accomplished a lot in FY '21, and this is a good start, but our expectations are higher. What will truly differentiate us is accelerating and delivering sustained revenue growth at or above our markets, not just over a year or 2, but over the next decade. We have incredible programs in our development pipeline with robust expected financial returns. We're developing the next-generation of medical devices that incorporate technologies like artificial intelligence, big data and miniaturized electronics. These programs have the potential to truly change the future of medicine. When we look at the opportunities ahead of us and how we expect to translate these into strong returns for our shareholders, the future is bright.

好的。謝謝你，凱倫。現在我想強調美敦力充滿活力，我們的勢頭正在增強。您看到我們的表現優於我們的競爭對手。我們在短期內執行，我們在長期投資。我們在 21 財年取得了很多成就，這是一個良好的開端，但我們的期望更高。真正讓我們與眾不同的是在我們的市場或之上加速並實現持續的收入增長，不僅僅是一年或兩年，而是在未來十年。我們的開發管道中有令人難以置信的項目，具有強勁的預期財務回報。我們正在開發融合人工智能、大數據和微型電子產品等技術的下一代醫療設備。這些計劃有可能真正改變醫學的未來。當我們審視擺在我們面前的機會以及我們期望如何將這些機會轉化為股東的豐厚回報時，未來是光明的。

And finally, to our 90,000 employees around the world, thank you for everything that you've accomplished this past year. I'm sure they would agree with me when I say if there's one thing you should take away from today's call, it's that at Medtronic, we're just getting started.

最後，感謝我們在全球的 90,000 名員工，感謝你們在過去一年所取得的一切成就。我敢肯定，當我說如果你應該從今天的電話中帶走一件事時，他們會同意我的看法，那就是在美敦力，我們才剛剛開始。

With that, let's now move to Q&A. We'll try to get to as many analysts as possible, so we ask that you limit yourself to one question. If you have additional questions, you can reach out to Ryan and the Investor Relations team after the call. By the way, it's worth noting that the IR Magazine recently recognized our Investor Relations as the best of all companies in the United States, an award we're very proud to receive as it was the result of voting from hundreds of investors and analysts, and we look forward to continuing to provide you with transparent communication and a high level of service.

有了這個，讓我們現在轉向問答。我們會盡量聯繫盡可能多的分析師，因此我們要求您只回答一個問題。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。順便說一句，值得注意的是，IR 雜誌最近將我們的投資者關係評為美國所有公司中最好的，我們非常自豪能夠獲得這個獎項，因為它是數百名投資者和分析師投票的結果，我們期待繼續為您提供透明的溝通和高水平的服務。

With that, Francesca, can you please give the instructions for asking a question.

那麼，弗朗西斯卡，你能給出提問的說明嗎？

(Operator Instructions) Lastly, please be advised that this Q&A session is being recorded. For today's session, Geoff Martha and Karen Parkhill are joined by Sean Salmon, EVP and President of the Cardiovascular portfolio and the Diabetes operating unit; Bob White, EVP and President of the Medical Surgical portfolio; and Brett Wall, EVP and President of the Neuroscience portfolio. We will pause for a minute to assemble the queue.

（操作員說明）最後，請注意，正在錄製此問答環節。在今天的會議上，Geoff Martha 和 Karen Parkhill 與執行副總裁兼心血管產品組合和糖尿病業務部門總裁 Sean Salmon 一起參加了會議； Bob White，執行副總裁兼醫療外科產品組合總裁；和執行副總裁兼神經科學產品組合總裁 Brett Wall。我們將暫停一分鐘以安排隊列。

We'll take the first question from Bob Hopkins at BofA Securities.

我們將從美國銀行證券公司的 Bob Hopkins 那裡回答第一個問題。

And just to make sure the technology is working okay. Can you hear me this morning?

並且只是為了確保該技術正常運行。今天早上你能聽到我說話嗎？

Yes, we can hear you, Bob.

是的，我們能聽到你的聲音，鮑勃。

Great. Thanks, Geoff. Congrats on the momentum. I guess for my one question, given that it's such an important topic, Geoff, and you're such a major player around the globe. And I'm sure investors would love to hear a little more detail on just what you're seeing currently with the recovery in surgical procedures and what you saw over the course of the quarter, specifically, are things continuing to improve here early in fiscal Q1? And are you now seeing year-over-year growth above pre-COVID revenue levels currently?

偉大的。謝謝，傑夫。祝賀勢頭。我想我的一個問題是，鑑於這是一個如此重要的話題，傑夫，而且你是全球如此重要的參與者。而且我敢肯定，投資者希望聽到更多細節，了解您目前看到的外科手術恢復情況以及您在本季度看到的情況，具體來說，財政初期這裡的情況是否繼續改善Q1？您現在是否看到目前的收入同比增長高於 COVID 之前的水平？

Yes. Thanks for the question, Bob. I mean the way we look at this is by geography and then by product line or therapy. But I'll start with the answer. Overall, we're nearing a full recovery. And we're seeing with each month of the quarter, every month was better than the prior month, and that continued to improve and accelerate into May, largely driven by the U.S. market.

是的。謝謝你的問題，鮑勃。我的意思是我們看待這個問題的方式是按地理，然後按產品線或療法。但我將從答案開始。總體而言，我們正在接近全面復甦。我們看到本季度的每個月，每個月都比上個月好，並且在 5 月份繼續改善和加速，這主要是受美國市場的推動。

I mean once we hit that vaccination inflection point, I mean, I know a couple of months ago, people were worried that it wasn't moving fast enough. Then we hit an inflection point and things really opened up. And so in the U.S., we're, depending what therapy you want to look at, anywhere from 85% to over 100% of pre-COVID levels, and like I said, every month got better. And then you got to look around the world. China is pretty much back to normal totally. And Europe being our second biggest, Western Europe, if you look at that as 1 market, that is lagging behind the U.S. But look, we're confident that when you have a health care system like they have with that kind of infrastructure, once they get the vaccinations going, it will hit that same inflection point in the United States and open up. But as you know, they're a couple of months behind.

我的意思是，一旦我們達到疫苗接種拐點，我的意思是，我知道幾個月前，人們擔心它的進展速度不夠快。然後我們遇到了一個拐點，事情真的開始了。因此，在美國，根據你想看的治療方法，我們可以達到 COVID 前水平的 85% 到 100% 以上，就像我說的，每個月都在好轉。然後你必須環顧世界。中國幾乎完全恢復正常。歐洲是我們的第二大市場，西歐，如果您將其視為第一個市場，那將落後於美國。但是，我們相信，當您擁有像他們那樣具有這種基礎設施的醫療保健系統時，一旦他們開始接種疫苗，它將在美國達到同樣的拐點並開放。但如你所知，他們落後了幾個月。

The harder one to peg down is the emerging markets, I mean, places like India, where the virus is still raging. Southeast -- other parts of Southeast Asia, Latin America, they don't have the same infrastructure even when they get the vaccine, and there's a lot of people, so there's a lot of vaccines that you need to get there. So that's a harder one to pin down. But overall, as a company, like I said, we're nearing a full recovery despite the emerging market piece, really driven by the acceleration of United States. And like I said, we expect Europe to come not too far behind.

更難確定的是新興市場，我的意思是，像印度這樣的地方，病毒仍在肆虐。東南亞——東南亞的其他地區，拉丁美洲，即使他們接種了疫苗，他們也沒有相同的基礎設施，而且那裡有很多人，所以你需要很多疫苗才能到達那裡。所以這更難確定。但總的來說，作為一家公司，就像我說的那樣，儘管新興市場確實受到美國經濟加速的推動，但我們正接近全面復甦。就像我說的，我們希望歐洲不會落後太多。

Any thoughts on Japan?

對日本有什麼想法嗎？

Japan, it was doing pretty well, and then it slowed down a bit and is starting to come back. But like many of the developed market, it slowed down in that December-January time frame, but it is starting to come back for us as well.

日本，它做得很好，然後它放慢了一點並開始回升。但與許多發達市場一樣，它在 12 月至 1 月的時間框架內放緩，但它也開始為我們回歸。

We'll take the next question from Robbie Marcus from JPMorgan.

我們將從摩根大通的 Robbie Marcus 那裡回答下一個問題。

Great. I'll add my congrats on the quarter. So Karen, maybe for you, there's a lot to unpack here in the guide, and it's great to see revenues come in above The Street, offset a little on EPS. I was hoping you could give a bit more color to what's assumed in there in terms of any bolus of recovery patients over the balance of the year. Anything you could give us on top and bottom line cadence throughout the recovery through the year? And just how we think about operating margin versus some of the below the line items would be great.

偉大的。我將對本季度表示祝賀。所以 Karen，也許對你來說，指南中有很多內容需要解釋，很高興看到收入高於 The Street，在 EPS 上有所抵消。我希望你能為其中假設的在今年餘下的康復患者的任何推注方面提供更多顏色。在整個一年的複蘇過程中，你能給我們提供什麼關於頂線和底線的節奏嗎？以及我們如何考慮營業利潤率與某些以下項目的關係會很棒。

Thanks, Robbie. So in terms of revenue, clearly, we're seeing a strong end to our fiscal year, and that's continuing into the first quarter, and we expect that momentum to continue. So from a revenue perspective, we expect increasing revenue growth on a 2-year stack basis throughout the year.

謝謝，羅比。因此，就收入而言，很明顯，我們看到了本財年的強勁結束，並且這種情況一直持續到第一季度，我們預計這種勢頭將繼續下去。因此，從收入的角度來看，我們預計全年的收入增長將以 2 年的堆棧為基礎。

In terms of bolus of revenues, we just expect it to be steady, steady increase. In terms of operating margin, we expect an operating margin expansion this year even with our significant increase in investment, particularly against the robot and Ardian and that's what's driving a guide in line with Street expectations. Hopefully, that's helpful.

就收入而言，我們只是希望它能夠穩定、穩定地增長。在營業利潤率方面，我們預計今年的營業利潤率會擴大，即使我們的投資顯著增加，特別是針對機器人和 Ardian，這也是推動符合華爾街預期的指南的原因。希望這會有所幫助。

Yes. Maybe just a quick follow-up there on operating margin because there's a lot of room in improvement. Is something like in the 28% to 28.5% range the right place to be?

是的。也許只是對營業利潤率進行快速跟進，因為還有很大的改進空間。 28% 到 28.5% 的範圍是否合適？

Yes. I would say you can expect a few points, roughly a little bit over 3 points of improvement in the year. And so we're driving that expansion at the same time that we're driving important investment.

是的。我會說你可以期待一些點，一年中大約有 3 個多點的改進。因此，我們在推動重要投資的同時推動擴張。

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

我們將接受來自 Evercore ISI 的 Vijay Kumar 的下一個問題。

Geoff, congrats on a solid print here. I did have one question on surgical robotics. Actually, it's a two-parter. One, the $50 million to $100 million expectation and perhaps doubling or tripling. What's -- I guess can you talk about the assumptions behind the wide range? Is that a timing related on perhaps when you might get the approvals in the major markets? And then related to that, when -- I think you guys called out $400 million of operating losses, right? With the revenue of $50 million to $100 million, I think that implies perhaps $1 billion of step-up on the OpEx side. Where is that spend going? And then how should we think about profitability on these new initiatives?

Geoff，恭喜你打印出完整的照片。我確實有一個關於手術機器人的問題。其實就是二人組。一是 5000 萬到 1 億美元的預期，甚至可能翻一番或三倍。什麼是 - 我想你能談談大範圍背後的假設嗎？這是否與您何時可以在主要市場獲得批准有關？然後與此相關的是——我想你們指出了 4 億美元的運營虧損，對吧？收入在 5000 萬到 1 億美元之間，我認為這意味著運營支出方面可能增加 10 億美元。這筆錢花在了哪裡？那麼我們應該如何考慮這些新舉措的盈利能力呢？

Vijay, I might start by saying that the $400 million of operating losses that we shared with you is both the robot and Ardian combined. It's not just the robot.

Vijay，我可能首先要說的是，我們與您分享的 4 億美元運營虧損是機器人和 Ardian 的總和。不僅僅是機器人。

And in terms of our assumptions behind the $50 million to $100 million, you can expect it to accelerate into the year, particularly in the back half and the fourth quarter. And we're pleased to be launching this robot. And we're really excited about the prospects beyond this fiscal year into FY '23 where we said that it should double or perhaps even triple.

就我們在 5000 萬至 1 億美元背後的假設而言，您可以預期它會加速進入今年，尤其是在下半年和第四季度。我們很高興推出這款機器人。我們對本財年到 23 財年的前景感到非常興奮，我們說它應該翻一番甚至三倍。

Okay. And that spend, perhaps can you clarify how much of that is R&D versus -- separated out of the commercial organization?

好的。而這筆支出，也許你能澄清其中有多少是研發與商業組織分開的？

Yes. I'm going to let Bob White comment, too. But you can expect it's a lot. We're going to continue in R&D spending, and we're going to be building out sales force and customer service and support as well.

是的。我也要讓 Bob White 發表評論。但你可以期待它很多。我們將繼續進行研發支出，我們還將建設銷售隊伍以及客戶服務和支持。

Yes. That's right, Karen. That spend is really built as we now commercialize the robot. And as I've talked about in the past, Vijay, we've got a really exciting product pipeline across those 4 vectors in innovation: instrumentation; data and analytics; visualization; and of course, the robotic system as well.

是的。沒錯，凱倫。隨著我們現在將機器人商業化，這筆支出確實是建立起來的。正如我過去所說的那樣，Vijay，我們在這 4 個創新向量中擁有一個非常令人興奮的產品線：儀器；數據和分析；可視化；當然，還有機器人系統。

We'll take the next question from Joanne Wuensch from Citi. Joanne.

我們將接受來自花旗銀行的 Joanne Wuensch 的下一個問題。喬安妮。

Can you hear me okay?

你能聽到我說話嗎？

Yes, we can, Joanne.

是的，我們可以，喬安妮。

Wonderful. I'd like to spend just a couple of minutes on diabetes. There's 2 major medical meetings coming up, ATTD and ADA, and you're launching Guardian Sensor 4 and the smart insulin pen outside the United States. So it's sort of a multipart question. But first of all, what should we be expecting at these 2 meetings? As it relates to the sensor, could you give us some of the parameters? I know it's 0 calibrations, but I'm curious on MARD. And then lastly, how do you look to price these products as you bring them first outside the United States and then into the United States?

精彩的。我想花幾分鐘談談糖尿病。即將召開 2 場重要的醫學會議，ATTD 和 ADA，您將在美國境外推出 Guardian Sensor 4 和智能胰島素筆。所以這是一個多部分的問題。但首先，我們應該對這兩次會議有何期待？因為它涉及到傳感器，你能給我們一些參數嗎？我知道它是 0 校準，但我對 MARD 很好奇。最後，當您先將這些產品帶到美國境外，然後再將它們帶入美國時，您如何看待這些產品的定價？

Okay. Joanne, maybe I'll have Sean answer those questions.

好的。喬安妮，也許我會讓肖恩回答這些問題。

Okay. Thanks, Joanne. Yes, so we've got a lot coming out next week at ATTD. You pointed to the sensor data, which will be released. There's the abstract available on the website right now, which includes the MARD numbers. We also have information coming out on the 780G experience, which I'd point you to, to look at. The first 4,000 patients in the real-world experience are being launched there. We'll have additional smart pen data coming out at the ADA meeting.

好的。謝謝，喬安妮。是的，所以下週我們將在 ATTD 上發布很多內容。您指著即將發布的傳感器數據。現在網站上有摘要，其中包括 MARD 編號。我們還發布了有關 780G 體驗的信息，我會指出這些信息供您查看。現實世界體驗中的前 4,000 名患者正在那裡啟動。我們將在 ADA 會議上發布更多智能筆數據。

But in terms of your specific question on MARD, that's really not a great metric to look at. There's sort of an overall average of how the difference is looking across the full range of the sensor. But what you really want to know is when your blood sugar is high or when it's low, is your sensor accurate? And those data are really accurate, and you'll see that in the presentation.

但就你關於 MARD 的具體問題而言，這確實不是一個值得關注的好指標。在整個傳感器範圍內的差異看起來有一種總體平均值。但您真正想知道的是，當您的血糖高或低時，您的傳感器是否準確？這些數據非常準確，您會在演示文稿中看到這一點。

And the other thing that's important is the trending. Is the blood sugar reliably being -- going up or down? And that's really what matters. So kind of like A1C is a big average over time for glycemic control and time and range replace that metric. Really, the accuracy at the right places in the ranges is what's important. And you'll see that in the data that's being presented.

另一件重要的事情是趨勢。血糖可靠地上升還是下降？這才是真正重要的。所以有點像 A1C 是血糖控制的一個很大的平均值，時間和範圍取代了這個指標。確實，範圍內正確位置的準確性很重要。你會在呈現的數據中看到這一點。

In terms of pricing, there's no plan to change the pricing between what we've done with Guardian Sensor 3 and Guardian Sensor 4 in any market.

在定價方面，沒有計劃改變我們在任何市場上對 Guardian Sensor 3 和 Guardian Sensor 4 所做的定價。

We'll take the next question from Chris Pasquale at Guggenheim Securities.

我們將從古根海姆證券公司的 Chris Pasquale 那裡回答下一個問題。

Can you hear me okay?

你能聽到我說話嗎？

Yes, we can hear you just fine, Chris.

是的，我們可以很好地聽到你的聲音，克里斯。

Great. I wanted to follow up on the Diabetes business. 3% to 4% growth coming off of the year in which sales were flat doesn't imply a ton of progress on the turnaround in FY '22. I'm curious whether that guidance really assumes any contribution from 780G and Zeus in the United States. And maybe tied into that, just your latest expectations on the timing of potential FDA approvals for those products.

偉大的。我想跟進糖尿病業務。在銷售額持平的那一年實現了 3% 至 4% 的增長並不意味著 22 財年的扭虧為盈取得了很大進展。我很好奇該指南是否真的假設了美國 780G 和 Zeus 的任何貢獻。也許與此相關的是，您對這些產品可能獲得 FDA 批准的時間的最新預期。

Yes. Chris, I'll take the first part, and I'm going to let Sean comment on the second part. But one thing to keep in mind with our diabetes guide is that we purposely did not adjust for the extra week across the whole company that we had last year because the reduction in bulk purchases offset it. But that reduction in bulk purchases did not affect our Diabetes business. So really, we need to look at it with the loss of the extra week that is indeed affecting them. And that loss of the extra week is about 150 basis points on the year. So hopefully, that's helpful.

是的。克里斯，我將負責第一部分，我將讓肖恩評論第二部分。但是我們的糖尿病指南要記住的一件事是，我們故意沒有對去年整個公司多出的一周進行調整，因為大宗採購的減少抵消了它。但大宗採購的減少並未影響我們的糖尿病業務。所以說真的，我們需要從確實影響他們的額外一周的損失來看待它。額外一周的損失約為 150 個基點。希望這會有所幫助。

Yes. I'd just build on what Karen said, we also had a bit of a comparable issue within some international markets where there was some stockpiling of the consumables that get used, so that's a little bit of -- in your comparison. But the bigger effect for us is that the installed base in the last 6 months, so those coming out of warranty in the last 6 months, was just higher than what we're going to see in the first half of the fiscal year. So just getting a difference in how many patients come out with timing. Certainly, the new product flows, you mentioned 780 and Zeus for the U.S., will be the most important for us to continue to move both patients from the installed base as well as those new patients, those coming out of MDI or competitors.

是的。我只是以卡倫所說的為基礎，我們在一些國際市場上也有一些類似的問題，在這些市場上有一些消耗品的庫存，所以這有點——在你的比較中。但對我們來說更大的影響是過去 6 個月的安裝基數，也就是過去 6 個月保修期內的安裝基數，僅高於我們將在本財年上半年看到的水平。所以只是在有多少患者出現時間上有所不同。當然，新產品流，你提到美國的 780 和 Zeus，對於我們繼續從已安裝的基礎上轉移患者以及那些來自 MDI 或競爭對手的新患者來說將是最重要的。

I don't have an update on the timing. We're in active review, as Geoff said, on the filing. And we -- the reviewer that's working with us is the same one that reviewed the 770 device. So we think that, that familiarity is going to be helpful. But there's no update on timing at this point.

我沒有關於時間的更新。正如 Geoff 所說，我們正在對申請進行積極審查。而我們——與我們合作的審閱者與審閱 770 設備的審閱者是同一個人。所以我們認為，熟悉程度會有所幫助。但目前沒有關於時間的更新。

Yes. Just -- it's good to see though the pipeline starting to show up here. I mean we're looking forward to get to the U.S., but the 780G, the new sensor, the extended-wear infusion set, it's a pretty powerful combination. And we're seeing great clinical results and great patient feedback, and I think you'll see that in the data that comes out. And it's a good leading indicator of what we're going to see in the United States when it gets here.

是的。只是 - 很高興看到管道開始出現在這裡。我的意思是我們期待著到達美國，但 780G、新傳感器、長效輸液器，是一個非常強大的組合。我們看到了很好的臨床結果和很好的患者反饋，我想你會在公佈的數據中看到這一點。這是一個很好的領先指標，表明我們將在美國看到什麼。

We'll take the next question from Larry Biegelsen from Wells Fargo Securities.

我們將從 Wells Fargo Securities 的 Larry Biegelsen 那裡回答下一個問題。

One -- just one for Sean on renal denervation. So Sean, for the ON MED data at TCT, is the pilot data a good proxy? I think with the OFF MED, we saw a little degradation in the efficacy. Would you expect the same here?

一個 - 就一個關於腎去神經支配的肖恩。那麼肖恩，對於 TCT 的 ON MED 數據，試點數據是一個很好的代理嗎？我認為使用 OFF MED，我們看到療效有所下降。你會在這裡期待同樣的事情嗎？

And can you have reimbursement? How should we think about the ramp given the uncertainty around reimbursement? I think we all understand it's a big opportunity. You guys are really excited about it. But how do we think about -- is it something that could be a slow ramp because reimbursement may not be in place upon approval.

你能報銷嗎？鑑於報銷的不確定性，我們應該如何考慮斜坡？我想我們都明白這是一個巨大的機會。你們真的很興奮。但是我們如何考慮 - 這是否可能是一個緩慢的增長，因為報銷可能不會在批准後到位。

Yes. Thanks, Larry. I think there is a good proxy for that pilot study. It sort of informed our decision should we continue on and is this is worth studying. So we think that magnitude of benefit could be there. But you're right to point out that when you get into more centers, more patient and physician variables, things can move around a little bit, so we'll see what that looks like. But we're confident that the trial is designed properly to get us the right answer.

是的。謝謝，拉里。我認為該試點研究有一個很好的代理。它告訴了我們是否應該繼續下去的決定，這是否值得研究。所以我們認為可能會有很大的好處。但是你指出的是正確的，當你進入更多的中心，更多的患者和醫生變量時，事情可能會發生一些變化，所以我們會看到它的樣子。但我們相信，試驗設計得當，可以讓我們得到正確的答案。

But reimbursement is certainly the hurdle. We do have CE Mark. We have approval in a lot of countries. But getting that paid for is going to be important. And in the United States, we're awaiting eagerly the proposed rule on MCIT to allow 4 years of coverage as we develop further evidence upon approval. Now that doesn't cover payment. We still work to do there. We still have to go payer by payer because a lot of the patients will fall into the non-Medicare bucket of patients. But we've been working that for a number of years, frankly, to make sure that we have the right evidence to satisfy their needs, which really, frankly, drove the need for an ON MED trial to begin with. But yes, we've got a lot of work ahead of us, but we're very excited about the opportunity, and it's getting closer and closer.

但報銷肯定是障礙。我們確實有 CE 標誌。我們在很多國家都獲得了批准。但獲得報酬將很重要。在美國，我們正在熱切等待關於 MCIT 的擬議規則允許 4 年的覆蓋範圍，因為我們在批准後開發進一步的證據。現在這不包括付款。我們仍然在那里工作。我們仍然必須逐個付款人付款，因為很多患者將屬於非醫療保險患者。但坦率地說，我們多年來一直致力於此，以確保我們擁有滿足他們需求的正確證據，坦率地說，這確實推動了對 ON MED 試驗的需求。但是，是的，我們還有很多工作要做，但我們對這個機會感到非常興奮，而且它越來越近了。

We'll take the next question from Rick Wise from Stifel.

我們將接受來自 Stifel 的 Rick Wise 的下一個問題。

I guess I have a question that maybe is for both Geoff and Karen. It's about cash. And maybe talk about your cash generation potential in the year ahead and your thoughts about some of the key drivers there. But maybe, Geoff, you could expand on your thoughts about the use of cash in the sense that -- I mean you all indicated that you're buying back stock to offset dilution. You've raised the dividend. So that sort of leaves M&A. Is the year ahead going to be a year of more intense M&A activity? You have so much going on internally. Is this a priority? And maybe any color about how you're thinking about your priorities as you look ahead.

我想我有一個問題可能是給 Geoff 和 Karen 的。這是關於現金的。也許談談你在未來一年的現金產生潛力以及你對那裡的一些關鍵驅動因素的看法。但也許，傑夫，你可以從某種意義上擴展你對現金使用的想法——我的意思是你們都表示你們正在回購股票以抵消稀釋。你提高了股息。所以那種離開併購。未來一年會是併購活動更加激烈的一年嗎？你內部發生了很多事情。這是優先事項嗎？可能還有關於你在展望未來時如何考慮優先事項的任何顏色。

Sure. Thanks for the question, Rick. In terms of like our priorities, our priorities are investing in growth. And today, we announced the largest increase in R&D in our history and it's because we're seeing these large market opportunities with clear patient need where Medtronic has a right to win. And so we're looking at those holistically, investing organically in R&D, but also other growth investments like we talked about ahead of certain product launches like Guardian and the robot. So we're investing in sales and marketing and other related growth investments.

當然。謝謝你的問題，瑞克。就我們的優先事項而言，我們的優先事項是投資於增長。今天，我們宣布了我們歷史上最大的研發增長，這是因為我們看到了這些巨大的市場機會和明確的患者需求，美敦力有權贏得這些機會。因此，我們從整體上看待這些，有機地投資於研發，還有其他增長投資，就像我們在某些產品發布之前談到的那樣，比如 Guardian 和機器人。因此，我們正在投資於銷售和營銷以及其他相關的增長投資。

But inorganic is a big -- it still is a priority. We did a number of a number of deals last year, tuck-in deals. And I'd say tuck-ins are still the focus. And those tuck-in deals could be up to several billion dollars. I mean the ones we did over the last 18 months have been smaller than that. But I wouldn't mistake size for impact. Some of these ones like Medicrea, which is the AI planning tool and outcomes tracking tool for spine, is a real nice piece of the puzzle for our Spine strategy. And a couple of questions here on the call today about our smart pen, the Companion Medical. So these are impactful deals. And we look to continue those. And so it's still a priority and over and above -- over buybacks. And we'll see how the year plays out. It's tough to predict, right? We're going to remain disciplined here.

但無機物很大——它仍然是一個優先事項。去年我們做了很多交易，即期交易。我想說塞進去仍然是重點。而這些折價交易可能高達數十億美元。我的意思是我們在過去 18 個月裡所做的比這要小。但我不會把尺寸誤認為是影響。其中一些像 Medicrea 一樣，它是脊柱的人工智能規劃工具和結果跟踪工具，是我們脊柱戰略的一個很好的拼圖。今天在電話會議上有幾個關於我們的智能筆 Companion Medical 的問題。所以這些都是有影響力的交易。我們希望繼續這些。因此，它仍然是一個優先事項，而且高於回購。我們將看看今年的結果如何。很難預測，對吧？我們將在這裡保持紀律。

But I think the theme you -- I'd walk away with is that we're committed to investing in growth, both organically, inorganically and doing what it takes to do that and still deliver on the EPS growth expectations that we set out. And so that's what the team is focused on, and you're seeing the benefits of that. I don't know, Karen, if you want to...

但我認為你的主題 - 我會走開是我們致力於投資增長，無論是有機的，無機的，並儘其所能做到這一點，並且仍然實現我們設定的 EPS 增長預期。這就是團隊關注的重點，您會看到這樣做的好處。我不知道，凱倫，如果你想...

Yes. I would just add, Rick, your first question on cash generation in the years ahead, clearly, we are focused on driving strong conversion of our non-GAAP EPS into cash. And we've said we've targeted greater than 80% conversion rate. That doesn't change. So we remain focused on delivering that. And we also are growing cash, along with our earnings. And you're -- we're focused on driving continued working capital productivity in our day sales outstanding, our days payable, our inventory. So you can expect us to continue to have this keen focus on cash flow and driving strong results from it.

是的。里克，我只想補充一下，你關於未來幾年現金生成的第一個問題，顯然，我們專注於推動我們的非 GAAP 每股收益強勁轉換為現金。我們說過我們的目標是超過 80% 的轉化率。那不會改變。因此，我們仍然專注於實現這一目標。我們的現金和收入也在增加。你是——我們專注於在我們的日銷售額、應付天數和庫存中推動持續的營運資本生產率。因此，您可以期待我們繼續密切關注現金流並從中推動強勁的業績。

We'll take the next question from Matt Miksic from Credit Suisse.

我們將接受來自瑞士信貸的 Matt Miksic 的下一個問題。

Matt, you there?

馬特，你在嗎？

Can you hear me okay?

你能聽到我說話嗎？

Yes, now we can.

是的，現在我們可以了。

So one on your robotic surgery programs, if I could. The first part, if you could maybe just talk a little bit about how some of the pandemic conditions around the world are affecting your progress so far, how you're thinking about fiscal '22 and some of the range that you've put out there in that $50 million to $100 million.

所以，如果可以的話，關於你的機器人手術項目。第一部分，如果你能談談迄今為止世界上的一些流行病如何影響你的進展，你如何看待 22 財年以及你提出的一些範圍那裡有5000萬到1億美元。

And then secondly, there has been this -- what feels like a bit of an inflection point in terms of robotic surgery momentum and placement throughout the back end of last year and the first part of this year. I'm just wondering how -- if you could describe your -- how you compare the fourth quarter to the third quarter and how the cadence feels in terms of new placements and pull-through in your current programs, Azure?

其次，在去年年底和今年上半年，就機器人手術的勢頭和安置而言，感覺有點像一個轉折點。我只是想知道 - 如果你能描述你的 - 你如何比較第四季度和第三季度以及在你當前的計劃 Azure 中的新安置和拉動方面的節奏感覺如何？

Sure. Okay. Yes, I was going to ask you to clarify because you said robotics, I wasn't sure. So on the Spine side, look, Matt, I know you followed this for years. The strategy of surrounding the spine procedure and preceding the spine procedure and following up the spine procedure with enabling technology from surgical planning, to navigation, interoperative imaging, the robot, this is paying off. I mean we had record sales last quarter of our capital equipment tied to spine procedures and continue to outpace the competition on the robotic sales. But more than anything, okay, more important than all of that is the surgeon feedback that we're getting has hit an inflection point. They are now talking about the outcomes that they're getting from this.

當然。好的。是的，我本來想請你澄清的，因為你說的是機器人技術，我不確定。所以在 Spine 方面，看，馬特，我知道你多年來一直關注它。圍繞脊柱手術、在脊柱手術之前和在脊柱手術之後採用從手術計劃到導航、術間成像、機器人的使能技術的策略正在取得成效。我的意思是，我們上個季度與脊柱手術相關的資本設備的銷售額創下歷史新高，並繼續在機器人銷售方面超過競爭對手。但最重要的是，好吧，比這一切更重要的是我們得到的外科醫生反饋已經達到了一個拐點。他們現在正在談論他們從中獲得的結果。

It's the planning, the precision of the planning to get the right alignment plan in there, and then the accuracy of executing to that plan with nav and the robot and then the ability to follow it up and access images in the PACS system through Medicrea to come back and retrain or continue to evolve our algorithms and also show surgeons are you really getting that alignment that you thought. This is coming together. And we -- I think we're separating ourselves from the pack and really getting closer to what our ultimate goal here is to transform spine surgery from the art that it is today to a science and then demonstrate it with outcomes.

這是規劃，規劃的精確度以獲得正確的對齊計劃，然後是使用導航和機器人執行該計劃的準確性，然後是跟踪它並通過 Medicrea 訪問 PACS 系統中的圖像的能力回來重新訓練或繼續改進我們的算法，並向外科醫生展示您是否真的得到了您認為的那種對齊方式。這是一起來的。而且我們 - 我認為我們正在將自己從人群中分離出來，真正接近我們的最終目標，即將脊柱手術從今天的藝術轉變為一門科學，然後用結果來證明它。

So that is something we're very excited. Like you mentioned the momentum. The momentum -- the lagging -- the momentum from the enabling technology, like I said, record sales, and it's because the buzz is out there from surgeons starting to talk about the results they're getting from using this. And people that were sitting on the sidelines are jumping in and the bus is moving. The train's left the station on this one. And the feedback from our field, again, a lagging indicator, is palpable, the energy. So we're feeling really good about Spine and Robotics. And then the lessons that we've learned from spine, we are spending a lot of time, our Spine team, and Brett Wall, working with Bob White and Megan Rosengarten on the soft tissue robot. I think a lot of those lessons learned. I mean the markets aren't the same, they are different, but there are some lessons learned, and there are some synergies there that we will incorporate into our Hugo soft tissue robot launch.

所以這是我們非常興奮的事情。就像你提到的勢頭。勢頭——滯後——來自使能技術的勢頭，就像我說的，創紀錄的銷售，這是因為外科醫生開始談論他們從使用這項技術中獲得的結果。坐在場邊的人跳了進去，公共汽車也在移動。火車在這一站離開了車站。來自我們領域的反饋，同樣是一個滯後指標，是顯而易見的能量。所以我們對 Spine 和 Robotics 感覺非常好。然後是我們從 Spine 中吸取的教訓，我們花了很多時間，我們的 Spine 團隊和 Brett Wall 與 Bob White 和 Megan Rosengarten 一起研究軟組織機器人。我認為從中吸取了很多教訓。我的意思是市場不一樣，它們是不同的，但是我們吸取了一些教訓，並且有一些協同作用，我們將把它們納入我們的 Hugo 軟組織機器人發布中。

We'll take the next question from Jayson Bedford from Raymond James.

我們將從 Raymond James 的 Jayson Bedford 那裡回答下一個問題。

I just wanted to get back, Karen, to the operating margin commentary. It looks like you did just under 24% in fiscal '21. I think you mentioned you're expecting a little over 300 bps in fiscal '22. So is the anticipation that op margin in '22 is going to be around 27%?

凱倫，我只想回到營業利潤率評論。看起來你在 21 財年的表現略低於 24%。我想你提到過你預計 22 財年會超過 300 個基點。那麼，預計 22 年的營業利潤率將達到 27% 左右嗎？

Yes. So 27%, 27.5%, in that range for the year. But keep in mind that our op margin should improve as we go through the year. And so by the end of the year, we expect it to be above that 28%.

是的。所以 27%、27.5% 在這一年的範圍內。但請記住，隨著我們度過這一年，我們的營業利潤率應該會提高。因此，到今年年底，我們預計它會超過 28%。

Okay. Just any commentary on gross margin?

好的。關於毛利率的任何評論？

Yes. Gross margin, we also expect a sequential improvement, about 0.5 point of sequential improvement in the gross margin through the year.

是的。毛利率，我們還預計環比改善，全年毛利率環比改善約 0.5 個百分點。

We'll take the next question from Danielle Antalffy from SVB Leerink.

我們將接受來自 SVB Leerink 的 Danielle Antalffy 的下一個問題。

Geoff, I just wanted to follow up on a comment you made earlier regarding it depends on the business line as to the recovery. Where are the business lines that are lagging? And sort of when are you expecting those business lines to get back to full recovery relative to some that have already gotten there?

傑夫，我只是想跟進你之前發表的關於恢復取決於業務線的評論。滯後的業務線在哪裡？相對於已經恢復的業務線，您預計這些業務線何時會恢復全面復甦？

Well, in the -- I'd say in the United States, even the ones that are lagging, I would expect them to get back to a full recovery in our fiscal Q1. And the ones that are lagging are the more elective areas like ENT, our GI business, our endovenous business. And it is all those businesses that I mentioned, we talked in the commentary about ENT and GI gaining share. So it's not a competitive thing. It really is a COVID issue. And in the United States, we expect those to get back in our fiscal Q1. And then we talked about before, Europe is lagging by a few months, and emerging markets is hard to predict. But it comes down to the elective nature. There's a spectrum. Maybe stroke, on one end, not very elective, at least from my perspective. And on the other end, you have some of these ones I just mentioned, like ENT, GI, endovenous. I don't know if that answered your question, Danielle. We might have lost her.

好吧，在 - 我會說在美國，即使是那些落後的國家，我希望他們能夠在我們的第一財政季度恢復全面復甦。落後的是更重要的領域，如耳鼻喉科、我們的 GI 業務、我們的靜脈內業務。正是我提到的所有這些企業，我們在評論中談到了 ENT 和 GI 獲得份額。所以這不是一件有競爭力的事情。這確實是一個 COVID 問題。在美國，我們預計這些將在我們的第一財季回歸。然後我們之前談到，歐洲落後幾個月，新興市場很難預測。但這歸結為選修課。有一個頻譜。也許中風，一方面，不是很選修，至少從我的角度來看。在另一端，你有我剛才提到的一些，比如耳鼻喉科、胃腸道、靜脈內。我不知道這是否回答了你的問題，丹妮爾。我們可能失去了她。

We'll take the last question from Steve Lichtman from Oppenheimer.

我們將接受 Oppenheimer 的 Steve Lichtman 的最後一個問題。

Geoff, I was wondering if you could talk about the benefits you're seeing from the more decentralized operating structure now what you're in. Is it delivering what you had hoped? Any comments on the changes you're seeing on the ground would be helpful. And just to clarify, FY '22 will be the first year that market share will be included in compensation?

傑夫，我想知道你是否可以談談你現在所處的更加分散的運營結構所帶來的好處。它是否提供了你所希望的？任何關於您在實地看到的變化的評論都會有所幫助。澄清一下，22 財年將是市場份額納入薪酬的第一年？

Yes. The answer to your last question is yes. FY '22 will be the first year. We needed to work on how to measure this over the course of FY '21 precisely enough to put it in comp.

是的。你最後一個問題的答案是肯定的。 FY '22 將是第一年。我們需要研究如何在 21 財年期間精確地衡量這一點，以便將其納入 comp.

So in terms of the operating model, I'd say, look, the dust is still settling a bit. But we're definitely past, I'd say, the most difficult part, and I'm excited about where we're headed. We've got increased role clarity and accountability across the org in this new decentralized model. And people are now looking forward and focused on their key metrics. So like for our operating units, it's this innovation pipeline, it's their market growth, it's their market share, as we just talked about. And this market share one is liberating for us because instead of comparing ourselves to ourselves, we're comparing ourselves to the market with the clear expectation to grow at or above the market. That clarifies a lot.

因此，就運營模式而言，我會說，看，塵埃仍在落定。但我們肯定已經過去了，我想說，最困難的部分，我對我們前進的方向感到興奮。在這個新的去中心化模型中，我們在整個組織中提高了角色清晰度和問責制。人們現在期待並專注於他們的關鍵指標。因此，就像我們的運營單位一樣，正如我們剛才談到的，這是創新渠道，是他們的市場增長，是他們的市場份額。這個市場份額對我們來說是一種解放，因為我們不是將自己與自己進行比較，而是將自己與市場進行比較，並明確期望在市場上或之上增長。這澄清了很多。

For our regions, things like strategic account growth over and above what we're getting in the traditional med tech model of selling to the specialist physician and focused on those patients, but in addition to that, the strategic account growth. For our Executive Committee, right, for the people on this call, measurements around capital allocation to the high-growth segments, portfolio management, all in a focus to increase our overall company weighted average market growth rate, right?

對於我們的地區，諸如戰略客戶增長之類的事情超出了我們在向專科醫生銷售並專注於這些患者的傳統醫療技術模式中所獲得的，但除此之外，還有戰略客戶增長。對於我們的執行委員會，對於參加這次電話會議的人來說，圍繞高增長領域的資本配置、投資組合管理進行衡量，所有這些都是為了提高我們公司整體加權平均市場增長率，對吧？

So -- and then finally, I'd say there's lots of excitement, more than I would have thought maybe even, about the culture changes, this thing we're calling the Medtronic Mindset that has these -- it really works alongside our mission. Medtronic is known for a mission-driven company. We always want to be known for that. That's kind of our ROI, if you will. But adding these things, like acting boldly, competing to win, move with speed and decisiveness, delivering results the right way, adding these into the mix alongside our mission has generated a lot of energy, and it's kind of taken off organically inside the company. And so I'd say, overall, really happy with where it's going, and we're starting to see the results of this.

所以——最後，我想說有很多令人興奮的事情，甚至比我想像的還要多，關於文化的變化，我們稱之為具有這些的美敦力心態——它確實與我們的使命一起工作.美敦力以使命驅動型公司而聞名。我們總是希望因此而出名。如果你願意的話，這就是我們的投資回報率。但是添加這些東西，比如大膽行動、競爭取勝、快速果斷地行動、以正確的方式交付結果，將這些與我們的使命一起添加到組合中產生了很多能量，並且它在公司內部有機地起飛.所以我想說，總的來說，對它的發展方向非常滿意，我們開始看到它的結果。

Geoff, please go ahead with your closing remarks.

Geoff，請繼續您的結束語。

Sure. All right. Well, thanks, everybody, for the questions. And we really appreciate your support and your continued interest in Medtronic. And we hope you'll join us for our Q1 earnings webcast, which we anticipate holding on August 24 where we'll update you on our progress. And so with that, again, thanks for tuning in today, and please stay healthy and safe, and have a great rest of your day.

當然。好的。嗯，謝謝大家的提問。我們非常感謝您的支持以及您對美敦力的持續關注。我們希望您能加入我們的第一季度收益網絡廣播，我們預計將於 8 月 24 日舉行，屆時我們將向您通報我們的最新進展。因此，再次感謝您今天的收看，請保持健康和安全，祝您一天愉快。