美敦力 (MDT) 2021 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Medtronic First Quarter Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們，先生們，感謝各位的支持，歡迎參加美敦力第一季業績電話會議。 （接線員指示）請注意，今天的會議正在錄音中。

I would now like to hand the conference over to Ryan Weispfenning, Vice President, Head of Investor Relations. Please go ahead, sir.

現在，我想把會議交給副總裁兼投資人關係主管Ryan Weispfenning。先生，請發言。

Thank you. Good morning, and welcome to Medtronic's Fiscal Year 2021 First Quarter Conference Call and Webcast, Geoff Martha's first quarter as Chief Executive Officer.

謝謝。早安，歡迎參加美敦力2021財年第一季電話會議和網路直播，這是Geoff Martha擔任執行長的第一季。

Another first today is that we're presenting our prepared remarks by video. We hope that you'll appreciate this new format, and please let me know if you have any feedback.

今天的另一個創新是，我們將透過影片呈現準備好的發言稿。希望大家喜歡這種新形式，如有任何回饋，請隨時告知我。

Today's earnings call should last about an hour. Geoff, along with Karen Parkhill, Medtronic Chief Financial Officer, will provide comments on the results of our first quarter which ended on July 31, 2020. After our prepared remarks, we'll take questions from the analysts.

今天的財報電話會議大約持續一小時。 Geoff 將與美敦力財務長 Karen Parkhill 就截至 2020 年 7 月 31 日的第一季業績發表評論。在我們準備好的發言之後，我們將回答分析師的問題。

Before I turn it over to Geoff, here's a few things to keep in mind. Earlier this morning, we issued a press release containing our financial statements and a revenue by division summary. We also issued an earnings presentation that provides additional details on our performance.

在把時間交給傑夫之前，我想先提醒大家幾點。今天早上，我們發布了一份新聞稿，其中包含我們的財務報表和各部門的收入摘要。我們也發布了一份獲利報告，詳細介紹了我們的業績。

During today's prepared remarks and Q&A session, 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 given risks and uncertainties, including those related to the impact COVID-19 has had and is expected to continue to have on our business. 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.

在今天的準備好的發言和問答環節中，我們做出的許多陳述可能被視為前瞻性陳述，鑑於風險和不確定性，包括與COVID-19對我們業務已經造成並預計將繼續造成的影響相關的風險和不確定性，實際結果可能與任何前瞻性陳述中的預測存在重大差異。有關可能導致實際結果出現差異的因素的更多信息，請參閱我們向美國證券交易委員會提交的定期報告和其他文件。我們不承諾更新任何前瞻性陳述。

Unless we say otherwise, all year-over-year revenue comparisons mentioned during this call are given on an organic basis, which adjusts for 3 things: First, the inorganic impact of our Titan Spine acquisition; second, foreign currency; and third, the extra week that we had in the first fiscal month this quarter compared to the first quarter of fiscal year 2020. The extra week is a result of our 52-, 53-week fiscal year calendar which results in an extra week every 5 or 6 years.

除非我們另有說明，本次電話會議中提到的所有同比收入比較均以有機基礎計算，並根據以下三個因素進行調整：首先，我們收購 Titan Spine 的無機影響；其次，外幣；第三，與 2020 財年第一季度相比，本季度第一個財月多出了一周。多出的一週是由於我們的財政年度日曆為 52 週或 53 週，這導致每 5 年或 6 年就會多出一週。

Finally, 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.

最後，所有非 GAAP 財務指標的對帳可以在我們的收益新聞稿附件中或我們的網站 investorrelations.medtronic.com 上找到。

With that, I'll turn it over to Medtronic Chief Executive Officer, Geoff Martha. Geoff?

接下來，我將把發言權交給美敦力執行長傑夫瑪莎 (Geoff Martha)。傑夫？

Okay. Thanks, Ryan, and I appreciate everyone joining us today. But before we dive into our Q1 results, I want to once again thank the frontline health care workers who continue to fight COVID-19 every day. We are thankful beyond words for your sacrifice and tireless resolve.

好的。謝謝瑞安，謝謝大家今天加入我們。在深入探討第一季業績之前，我想再次感謝每天奮戰在對抗新冠肺炎疫情的第一線醫護人員。我們對你們的犧牲和不懈努力感激不盡。

I also want to acknowledge all of the Medtronic employees who have gone that extra mile to support our customers and patients during this difficult time. Thank you for showing that our mission, written 60 years ago, still inspires us and really defines who we are as a company.

我還要感謝所有美敦力員工，感謝他們在這段艱難時期不辭辛勞地支持我們的客戶和病人。感謝你們，讓我們看到，60年前寫下的使命至今仍激勵著我們，並真正定義了我們作為一家公司的意義。

I also want to acknowledge the wildfires burning in Northern California. Medtronic has been a long-time member of the Santa Rosa community. And while our operations aren't currently affected, our thoughts are with those heroes battling these terrible blazes and the people affected, including some of our employees. We hope for a quick containment, and we're standing by, ready to assist.

我也想提及北加州正在燃燒的山火。美敦力公司長期以來一直是聖羅莎社區的一員。雖然我們的營運目前沒有受到影響，但我們的思念與這些正在與可怕大火搏鬥的英雄們以及受影響的人們，包括我們的一些員工。我們希望火勢能夠迅速控制，我們隨時準備好提供協助。

Okay. Now let's switch gears to Q1. Our results reflect a very strong recovery from the depth of the pandemic that we saw back in April. Procedure volumes began to recover this quarter in multiple markets around the world, and we drove market share gains in a number of our large businesses. Our revenue declined 17% on an organic year-over-year basis. And our adjusted EPS of $0.62, while down 51%, was well ahead of expectations.

好的。現在讓我們轉到第一季。我們的業績反映出，我們已經從4月疫情最嚴重時期強勁復甦。本季度，全球多個市場的手術量開始回升，我們推動了多項大型業務的市場份額成長。我們的收入年比有機下降了17%。調整後每股收益為0.62美元，雖然下降了51%，但遠遠超出預期。

We've seen a faster than expected recovery. Our pipeline is kicking in, and we're increasing our cadence of tuck-in M&A. But most importantly, we're finding a new gear at Medtronic, and we're becoming a more nimble and a more competitive organization. And in the coming weeks, you're going to hear more from me on this topic as we begin to outline the new Medtronic.

我們看到了比預期更快的復甦。我們的產品線正在啟動，我們也正在加快內部併購的節奏。但最重要的是，美敦力正在煥然一新，成為一個更靈活、更具競爭力的組織。在接下來的幾周里，隨著我們開始勾勒新的美敦力，你們將會聽到我更多關於這個主題的報導。

When the pandemic first hit, we had to postpone our biannual Investor Day originally scheduled for June. Well, today, we're announcing that we've rescheduled the meeting, and we're now going to host a virtual meeting with you on Wednesday, October 14. We're going to use that opportunity to lay out where we're headed, including a deeper dive on our pipeline now that it's coming to fruition as well as the actions we're taking to simplify the company. So we look forward to being with you, virtually at least, on October 14.

疫情爆發之初，我們不得不推遲原定於六月舉行的兩年一度的投資者日活動。今天，我們宣布會議已重新安排，並將於10月14日星期三與您舉行線上會議。我們將藉此機會規劃未來發展方向，包括深入探討我們目前已取得成果的現有產品線，以及我們正在採取的精簡公司措施。因此，我們期待至少在10月14日與您線上相聚。

Now I'd like to do something a little different than our past earnings calls and lead with a discussion of market share. Collectively, our results in the month of June were stronger than many of our competitors, and that strength continued into July and now into the first few weeks of August. In some businesses, we're benefiting from the actions we took at the start of the pandemic to better partner with our customers. In other businesses, we're seeing the benefit of new product launches as our pipeline kicks in across the company. In fact, we've already had over 130 regulatory approvals this calendar year in the U.S., in Europe, Japan and China. We've included a key approvals slide in our earnings presentation that outlines all of this.

現在，我想和以往的財報電話會議略有不同，先討論市場佔有率。整體而言，我們6月份的業績強於許多競爭對手，這種強勁勢頭一直延續到7月份，以及8月初的幾週。在某些業務領域，我們受惠於疫情初期採取的行動，更好地與客戶合作。在其他業務領域，隨著公司產品線的全面啟動，新產品的推出也帶來了效益。事實上，我們今年已經在美國、歐洲、日本和中國獲得了超過130項監管部門的批准。我們在財報演示中加入了一張重要的審批PPT，概述了所有這些審批情況。

We're gaining share in our largest businesses, like Spine and CRHF pacing and High Power. For example, our U.S. Core Spine business declined in the high single digits, which was better than the market. We estimate that we gained over 0.5 points of share in the second calendar quarter. Our differentiated offerings of enabling technologies, which includes robotics, imaging and navigation, combined with our implants, is reshaping the spine industry.

我們在脊椎、CRHF 起搏和高功率等主要業務領域的市佔率正在成長。例如，我們的美國核心脊椎業務下滑幅度達到高個位數，但優於市場表現。我們估計，第二季的市佔率成長了超過 0.5 個百分點。我們差異化的賦能技術產品，包括機器人、成像和導航，與我們的植入物結合，正在重塑脊椎產業。

In CRHF, we estimate that we gained significant implant share in both the high and low power markets in the second calendar quarter, with the greatest gains coming in the U.S. Micra, our leadless pacemaker, grew in the low 40s globally and approximately 60% in the U.S.

在 CRHF 領域，我們估計我們在第二季度的高功率和低功率市場都獲得了顯著的植入份額，其中最大的增幅來自美國。我們的無導線心律調節器 Micra 在全球的成長率為 40% 出頭，在美國的成長率約為 60%。

While many have been focused on how Micra is expanding the market and taking share, our new Cobalt and Crome ICD and CRT-D platforms are also beginning to drive meaningful implant share in high power. We launched these devices mid-quarter in the U.S., and we're now working with a growing number of providers across the country who have not implanted with Medtronic in years. Electrophysiologists are choosing Cobalt and Crome for their unique AF and heart failure therapeutic algorithms, the high 40 joule output, extended battery longevity, heart failure management capabilities as well as their BlueSync remote programming and remote device management. These features provide layers of competitive advantage for us. We saw a 35% sequential increase in SmartSync accounts globally. And our proprietary remote control programming technology, which was launched in the previous quarter, saw a sixfold increase in adoption sequentially.

雖然許多人都關注 Micra 如何擴大市場和搶佔份額，但我們的新 Cobalt 和 Crome ICD 和 CRT-D 平台也開始在高功率植入物領域佔據有意義的份額。我們在本季中期在美國推出了這些設備，現在我們正在與全國越來越多多年未與美敦力公司進行植入的供應商合作。電生理學家選擇 Cobalt 和 Crome 是因為它們獨特的 AF 和心臟衰竭治療演算法、40 焦耳的高輸出功率、更長的電池壽命、心臟衰竭管理功能以及 BlueSync 遠端編程和遠端設備管理。這些功能為我們提供了多層競爭優勢。我們看到全球 SmartSync 帳戶較上季成長了 35%。而我們上一季推出的專有遠端控製程式技術的採用率則是較上季成長了六倍。

In addition, utilization of our TYRX absorbable antibacterial envelopes increased by nearly 9 points sequentially to 50% of our U.S. transvenous pacing and ICD implants as hospitals are focusing on minimizing patient rehospitalization rates during COVID.

此外，由於醫院致力於在 COVID 期間最大限度地降低患者再住院率，我們的 TYRX 可吸收抗菌包膜的利用率連續增加了近 9 個百分點，達到美國經靜脈起搏和 ICD 植入物的 50%。

We've also begun to return to sequential implant share capture in TAVR, one of our largest growth drivers. In the second calendar quarter, we maintained our share and market leadership in Europe and gained approximately 1 point of implant share sequentially in the U.S. as we opened new NCD accounts and saw great response from interventional cardiologists and cardiac surgeons to the bicuspid, leaflet immobility and hemodynamic clinical data that was shared at ACC in the spring.

我們也已開始恢復經導管主動脈瓣置換術（TAVR）的連續植入市場份額，這是我們最大的成長動力之一。在第二季度，我們在歐洲保持了市場份額和市場領先地位，在美國植入市場份額環比增長了約1個百分點，這得益於我們新增了非傳染性疾病（NCD）客戶，並且介入心臟病專家和心臟外科醫生對春季ACC大會上分享的二尖瓣、瓣葉固定和血流動力學臨床數據反響熱烈。

In fact, we've received approval from the FDA just last week to remove bicuspid labeling limitations for low-risk TAVR on the strength of these data. This labeling change complements the approval we received earlier this summer as the only CE Marked TAVR system with a bicuspid indication for intermediate-risk patients. These are important regulatory milestones given the large size of the bicuspid patient population, including 60% of the low-risk population.

事實上，基於這些數據，我們上週剛獲得FDA批准，取消了低風險TAVR的雙尖瓣標籤限制。此標籤變更是我們今年夏初獲得的唯一獲得CE認證、適用於中危險群患者雙尖瓣瓣膜適應症的TAVR系統的補充。鑑於雙尖瓣瓣膜患者群體龐大，包括60%的低危險群，這些是重要的監管里程碑。

I'll also point out the share gains that we're seeing in Pain Stim business within neuromodulation, where we've been rolling out our new DTM therapy. The superiority data that we have for DTM is resonating in the market. We're taking advantage of this by focusing on customers that either don't use Medtronic devices or split their business across multiple companies, and we're having great success with this strategy. In fact, almost half of our DTM implants in the quarter occurred with these type of customers. And equally important, our SCS trials, which are a predictor of our future implants, were ahead of our expectations and even caught up to prior year levels in June. This bodes really well for our Pain Stim business going forward.

我還要指出的是，我們在神經調節領域疼痛刺激業務的份額正在成長，我們一直在推廣新的DTM療法。我們擁有的DTM優勢數據在市場上引起了共鳴。我們充分利用了這一點，專注於那些不使用美敦力設備或將業務分散到多家公司的客戶，而這項策略取得了巨大的成功。事實上，本季我們幾乎一半的DTM植入物都來自這類客戶。同樣重要的是，我們的SCS試驗（預測我們未來植入物數量的指標）超出了我們的預期，甚至在6月份就達到了去年同期的水平。這對我們疼痛刺激業務未來的發展來說是一個非常好的兆頭。

So while we're driving share gains in many important businesses, there are also areas that we need to improve. In DBS and Pelvic Health, while we lost share in the quarter, we're very bullish on where we're headed. In DBS, we received FDA approval for our Percept PC deep brain stimulation system with BrainSense technology in late June. Percept is the first DBS to record brain signals while delivering therapy, and we expect this to drive share gains in this high-growth market going forward. In fact, we believe this is the beginning of a multiyear run in DBS with our directional lead launching next year followed by a closed-loop DBS system. We're redefining the standard of care and creating a significant technology gap between us and our competitors.

因此，雖然我們在許多重要業務領域推動了市場份額的成長，但也有一些領域需要改進。在深部腦電刺激 (DBS) 和骨盆健康方面，雖然我們在本季的市佔率有所下降，但我們對未來的發展方向非常樂觀。在深部腦電刺激 (DBS) 領域，我們搭載 BrainSense 技術的 Percept PC 深部腦部刺激系統已於六月底獲得美國食品藥物管理局 (FDA) 的批准。 Percept 是第一個在治療過程中記錄腦部訊號的深部腦電刺激系統，我們預期這將推動我們在這個高成長市場的市佔率成長。事實上，我們相信這只是深部腦電刺激 (DBS) 多年發展的開端，我們的定向引導產品將於明年推出，隨後將推出閉環深部腦電刺激系統 (DBS)。我們正在重新定義醫療標準，並在我們與競爭對手之間拉開巨大的技術差距。

In Pelvic Health, we just received FDA approval for our InterStim Micro device which has important features over the competition. Our device is 50% smaller; it recharges far faster; and importantly, the recharger doesn't need to be perfectly aligned for a successful charge. Additionally, Medtronic is the only company to offer physician practices the choice of recharge and recharge-free, and this is very important in the neuromodulation space. The physicians' feedback on our InterStim Micro rechargeable product has been universally positive. And there are several early indications that our share in the U.S. is rebounding quickly, much like we saw in Europe following the Micro launch earlier this year. In just a few weeks, we're winning back accounts, and we're seeing cases our competitors' device is being explanted and replaced by Micro. We've been waiting for this. Patients now have the ability to choose a smaller, better rechargeable product. Physician practices prefer to deal with 1 company, and our team is enjoying taking back the share.

在骨盆腔健康領域，我們的InterStim Micro設備剛獲得FDA批准，該設備具有優於競爭對手的重要特性。我們的設備體積縮小了50%；充電速度更快；更重要的是，充電器無需完美對準即可成功充電。此外，美敦力是唯一一家為醫生提供可充電和免充電選擇的公司，這在神經調節領域至關重要。醫生們對我們InterStim Micro可充電產品的回饋普遍正面。一些早期跡象表明，我們在美國市場的份額正在迅速反彈，就像今年稍早Micro產品在歐洲上市後看到的那樣。短短幾週內，我們就重新贏得了客戶，我們看到競爭對手的設備正在被Micro產品取代。我們一直在等待這一刻。患者現在可以選擇更小巧、性能更佳的可充電產品。醫生們更傾向於選擇一家公司，我們的團隊也很高興能夠重新奪回市場份額。

Finally, in Diabetes. Look, we're missing out on the better growth of this market and nobody at Medtronic is comfortable with this dynamic, and we're pushing on several fronts to advance our technology. We're actively increasing both our near- and our long-term growth opportunities through increased organic investment, innovative funding with our recently announced Blackstone partnership; and inorganic activity, highlighted by the announcement earlier this month of our pending acquisition of Companion Medical. Companion's smart pen technology expands our ecosystem to include the multi-daily injection portion of the diabetes market with a patient population that is nearly 12x larger than that, that use insulin pumps.

最後，在糖尿病領域。我們錯過了這個市場更好的成長機會，美敦力內部沒有人對此感到滿意，我們正在多個方面推進技術進步。我們正在積極增加內生性投資、與最近宣布的黑石合作進行創新融資，以及外生性投資，其中最引人注目的是本月初宣布即將收購 Companion Medical。 Companion 的智慧筆技術擴展了我們的生態系統，涵蓋了糖尿病市場中每日多次注射的部分，該市場使用胰島素幫浦的患者數量幾乎是每日多次注射的12倍。

But make no mistake, we are still very focused on regaining technology leadership and the pump and the sensor market. However, we're also going to meet patients where they are and provide them with real-time, data-guided support. We expect to build a system that combines InPen with our smart CGM technology, including our Nutrino and Klue artificial intelligence algorithms, all of this designed to deliver better outcomes and reduce the burden of managing the disease for MDI patients.

但毋庸置疑，我們仍然非常專注於重奪技術領先地位以及泵浦和感測器市場。然而，我們也將深入患者，為他們提供即時的數據指導支援。我們期望建立一個將 InPen 與我們的智慧 CGM 技術（包括 Nutrino 和 Klue 人工智慧演算法）相結合的系統，所有這些旨在為 MDI 患者提供更好的治療效果，並減輕疾病管理的負擔。

See, Companion is just one more example of how we're going on the offensive as a company through an increased cadence of tuck-in acquisitions. In fact, in addition to Companion, we've done 2 other major tuck-in acquisitions this calendar year with Digital Surgery and Medicrea. Combined, these 3 deals total approximately $1 billion in total consideration.

瞧，Companion 只是我們公司透過加快收購節奏來發動攻勢的另一個例子。事實上，除了 Companion 之外，我們今年還完成了另外兩筆重大收購，分別是 Digital Surgery 和 Medicrea。這三筆交易的總對價約為 10 億美元。

Data and analytics are the next big frontier in surgery. That's why we acquired the pioneering technology company, Digital Surgery, the leader in surgical artificial intelligence. We're integrating their technology into our soft tissue robotic-assisted surgery system and also intending to use their surgical video management and clinician decision support solutions beyond robotics. In fact, we plan on a limited launch this fall for the Touch Surgery Enterprise, which is an extremely easy-to-use surgical video capture solution paired with a computer and connected to the cloud.

數據和分析是外科手術的下一個重要前沿。正因如此，我們收購了外科手術人工智慧領域的先鋒科技公司Digital Surgery。我們正在將他們的技術整合到我們的軟組織機器人輔助手術系統中，並計劃將其手術視訊管理和臨床醫生決策支援解決方案應用於機器人技術以外的領域。事實上，我們計劃今年秋季限量推出Touch Surgery Enterprise，這是一款極其易於使用的手術視訊擷取解決方案，可與電腦配對並連接到雲端。

Medicrea, a pending acquisition we announced last month, has differentiated technology that incorporates artificial intelligence into surgical planning for spine cases and then uses the plan to create personalized spinal implants. With Medicrea, Medtronic will be the first company to offer an integrated spine surgery solution that includes AI-driven surgical planning, personalized implants and robotic-assisted surgical delivery. This further extends our competitive advantage in Spine.

我們上個月宣布即將收購的 Medicrea 公司，擁有差異化技術，將人工智慧融入脊椎手術規劃，並利用該規劃創建個人化脊椎植入物。收購 Medicrea 後，美敦力將成為首家提供一體化脊椎手術解決方案的公司，涵蓋人工智慧驅動的手術規劃、個人化植入物和機器人輔助手術。這進一步增強了我們在脊椎領域的競爭優勢。

We will continue to use the strength of our balance sheet to supplement our organic growth and help drive increased and sustained revenue growth into the future.

我們將繼續利用資產負債表的優勢來補充我們的有機成長，並幫助推動未來收入的持續成長。

Next, let's turn to our pipeline, which is not just a share-taking pipeline, it expands the total addressable market for Medtronic as we intend to bring innovative technology to large health care opportunities such as hypertension and cancer screening.

接下來，讓我們談談我們的產品線，這不僅僅是一個佔有份額的產品線，它還擴大了美敦力的整體可尋址市場，因為我們打算將創新技術帶入高血壓和癌症篩檢等大型醫療保健領域。

So starting with our Cardiac and Vascular Group. I've already mentioned the impact that our recent launches of Micra AV and Cobalt and Crome are having in our CRHF division. But in addition to that, our next-generation cardiac diagnostic, LINQ II, received FDA approval in the quarter. And we began the limited U.S. release and expect the full market launch by calendar year-end.

首先從我們的心臟和血管集團開始。我已經提到了我們最近推出的 Micra AV、Cobalt 和 Crome 對心臟和心臟衰竭 (CRHF) 部門的影響。除此之外，我們的下一代心臟診斷產品 LINQ II 已於本季獲得 FDA 批准。我們已開始在美國小範圍上市，預計年底全面上市。

In our Cardiac Ablation Solutions business, we started the European limited release of our DiamondTemp cardiac ablation system with its unique closed-loop, temperature-controlled RF system. And in June, our Arctic Front Advance cryo system became the first ablation system to receive FDA approval to treat patients with persistent AF. And this Saturday, results from our STOP AF First trial, which studied our cryoballoon as a first-line treatment for paroxysmal AF, will be presented virtually as a late-breaking trial at ESC.

在我們的心臟消融解決方案業務領域，我們已開始在歐洲限量發售DiamondTemp心臟消融系統，該系統配備獨特的閉環溫控射頻系統。今年6月，我們的Arctic Front Advance冷凍系統成為首個獲得FDA核准用於治療持續性心房顫動患者的消融系統。本週六，我們的STOP AF First試驗（該試驗研究了冷凍球囊作為陣發性房顫的一線治療方案）的結果將作為一項最新突破性試驗在歐洲心臟學會（ESC）線上會議上進行展示。

And in our Coronary business, our Resolute Onyx drug-eluting stent became the first and only stent to receive CE Mark for 1-month DAPT treatment for high bleeding risk patients. And we expect FDA approval for this differentiated labeling later this calendar year.

在我們的冠狀動脈業務中，我們的Resolute Onyx藥物洗脫支架成為首個也是唯一獲得CE認證的支架，可用於高出血風險患者1個月DAPT治療。我們預計FDA將在今年稍後批准此差異化標籤。

In CVG, we also resumed a number of important clinical trials that were on hold due to the pandemic, including our pivotal trials for our extravascular ICD, our Intrepid transcatheter mitral valve, our PulseSelect pulse field ablation system and our Symplicity Spyral renal denervation system.

在 CVG，我們也恢復了許多因疫情而暫停的重要臨床試驗，包括我們的血管外 ICD、我們的 Intrepid 經導管二尖瓣、我們的 PulseSelect 脈衝場消融系統和我們的 Symplicity Spyral 腎去神經系統的關鍵試驗。

In our ON MED renal denervation trial, half of the sites have resumed enrollment, and we're aiming to complete the trial and present the data next calendar year. We're in the lead with Ardian, and this represents a multibillion-dollar opportunity to better treat the millions of patients around the world who suffer from hypertension.

在我們的 ON MED 腎臟去神經支配試驗中，一半的研究中心已經恢復了患者入組，我們計劃在明年完成試驗並公佈數據。我們與 Ardian 合作，處於領先地位，這代表著一個價值數十億美元的機遇，為全球數百萬高血壓患者提供更好的治療。

As I've already mentioned, we're now launching a number of products across the Restorative Therapies Group, like the DTM spinal cord stimulator, our InterStim Micro sacral nerve stimulator and our Percept PC deep brain stimulator. Look, RTG is on a roll, and we expect these products to drive growth and take share going forward. And we intend to keep the RTG momentum going well into the future. We're making large investments in new products for neurovascular, for ENT and for enhancements to our Mazor X spinal robotics system.

正如我之前提到的，我們目前正在整個恢復性治療集團推出一系列產品，例如DTM脊髓刺激器、InterStim Micro骶神經刺激器和Percept PC深部腦刺激器。 RTG目前發展勢頭強勁，我們預計這些產品將推動成長並擴大市場份額。我們計劃在未來繼續保持RTG的良好勢頭。我們正在大力投資神經血管、耳鼻喉科以及Mazor X脊椎機器人系統的新產品。

In Diabetes, we continue to execute on our near-term pipeline. We're on track for the MiniMed 770G approval later this summer. We've received CE Mark approval for our MiniMed 780G advanced hybrid closed-loop system, and we'll launch this fall. We also continue to make meaningful progress on our sensor pipeline. Our U.S. pivotal trial for Synergy is now underway. Enrollment is going well, and we're getting great feedback on this disposable sensor that is 50% smaller than our current product.

在糖尿病領域，我們持續推動近期產品線的建設。 MiniMed 770G 預計將在今年夏末獲得批准。我們的 MiniMed 780G 先進混合閉環系統已獲得 CE 標誌認證，並將於今年秋季上市。我們的感測器產品線也持續取得重大進展。我們在美國針對 Synergy 的關鍵試驗正在進行中。患者招募工作進展順利，這款比我們現有產品小 50% 的一次性感測器獲得了良好的回饋。

In our Minimally Invasive Therapies Group, we continue to make progress on bringing our soft tissue robotics system to market. Our final validation and verification testing is going very well, and our surgeon feedback continues to be positive. On the last earning call, we told you that our time line had been disrupted by COVID-19, but we've been managing through this and mitigating the impact to our time lines. In fact, we expect to be in a position to file for CE Mark and U.S. IDE approval in the first calendar quarter of 2021. Now COVID could change that, but we thought it was important to update you as to where we are today and let you know that we have a high level of confidence as we move towards commercialization.

在我們的微創治療集團，我們持續推動軟組織機器人系統市場化。最終的驗證和確認測試進展順利，外科醫生的回饋也持續積極。在上次財報電話會議上，我們曾告知大家，我們的時間表受到了新冠疫情的影響，但我們一直在努力應對，並儘量減少其對時間表的影響。事實上，我們預計在2021年第一季申請CE標誌和美國IDE認證。雖然新冠疫情可能會改變這一現狀，但我們認為有必要向大家通報我們目前的進展，並讓大家知道，我們對邁向商業化充滿信心。

In MITG, we've also been rapidly developing new solutions to treat COVID-19, including adding remote management capability to our Puritan Bennett 980 ventilator, integrating Nellcor pulse oximetry sensors with Vapotherm's closed-loop high-flow ventilation system, and enhancing our Vital Sync remote monitoring solution to allow caregivers to remotely monitor our pulse oximetry and our capnography devices through a mobile application.

在 MITG，我們也一直在快速開發治療 COVID-19 的新解決方案，包括為我們的 Puritan Bennett 980 呼吸機添加遠端管理功能，將 Nellcor 脈搏血氧儀感測器與 Vapotherm 的閉環高流量通氣系統集成，以及增強我們的 Vital Sync 遠端監控解決方案，以允許護理人員透過移動血管和二氧化碳來監控我們的二氧化碳應用程式。

Many of these features, they were developed in days and weeks, which in the past might have taken us months and quarters. But because we found new ways, we're moving faster. We're partnering with others, whether that's on technology development or in supply chain relationships. We're working with our regulators to ensure they have everything they need to streamline their decision-makers. And our own people are stepping up across the company. As one example, we increased our internal ventilator production fivefold in a matter of just a few months, from 200 a week to over 1,000 a week.

許多功能都是在幾天甚至幾週內開發完成的，而過去我們可能需要幾個月甚至幾季的時間。但由於我們找到了新的方法，我們的進展速度更快。我們正在與其他各方合作，無論是在技術開發方面，還是在供應鏈關係方面。我們正在與監管機構合作，確保他們擁有精簡決策所需的一切。我們自己的員工也在全公司範圍內加緊努力。例如，在短短幾個月內，我們的內部呼吸器產量就增加了五倍，從每週200台增加到每週1000多台。

This is what I mean when I say Medtronic is finding a new gear. We've been operating with a high sense of urgency, and we're going to carry this forward. I've discussed in the past how our organization needs to simplify and become less bureaucratic. In the coming weeks, you're going to hear more about the actions we're taking to become a more nimble and a more competitive organization, empowering our business units while also allowing them to take advantage of Medtronic's global scale. I'm really excited about this direction. And I'm convinced that by empowering our general managers, we can become more competitive, we can accelerate our innovation, we can serve our customers better and we're going to unlock a lot of value for our shareholders.

這就是我說美敦力正在尋找新動力的意思。我們一直保持著高度的緊迫感，並將持續推進。我過去曾討論過，我們的組織需要如何精簡，減少官僚主義。在接下來的幾周里，您將了解更多關於我們正在採取的行動，以成為一個更靈活、更具競爭力的組織，賦予我們的業務部門權力，同時也讓它們能夠利用美敦力的全球規模。我對這個方向感到非常興奮。我相信，透過賦予總經理權力，我們可以提高競爭力，加速創新，更好地服務客戶，並將為股東創造巨大的價值。

So with that, let me now ask Karen to take you through a discussion of our first quarter financials and our outlook. Karen, over to you.

那麼，現在請Karen為大家介紹一下我們第一季的財務狀況和前景。 Karen，輪到你了。

Thank you. As Geoff mentioned, our first quarter organic revenue decline of approximately 17% was better than initially expected and an 8 point improvement over last quarter.

謝謝。正如Geoff所提到的，我們第一季有機收入下降約17%，好於最初的預期，比上一季改善了8個百分點。

CVG and RTG, in particular, had double-digit improvements from their fourth quarter decline. Within CVG, Cardiac Rhythm & Heart Failure improved the most, declining in the mid-teens, thanks to both rebounding procedures and share capture from new products. And within RTG, Core Spine and Pain Stim had strong sequential improvements with the bounce back of these more deferrable procedures in the United States.

尤其是CVG和RTG，相較於第四季的下滑，實現了兩位數的成長。在CVG中，心律不整和心臟衰竭治療的改善最為顯著，下降幅度在15%左右，這得益於手術的反彈和新產品的市佔率成長。而在RTG中，核心脊椎和疼痛刺激治療的環比增長強勁，這得益於這些可延期手術在美國的反彈。

I would note that our organic revenue decline excludes the benefit we received from an extra week of sales in the first fiscal month of the quarter, which we estimate added approximately $360 million to $390 million in revenue, less than our extra week would have been without a pandemic. But it's important to note, this benefit was offset by our plan to reduce customer bulk purchases.

需要指出的是，我們的有機收入下降不包括本季第一個財月額外一周銷售帶來的收益，我們估計這週的銷售額增加了約3.6億至3.9億美元，這比沒有疫情影響的情況下額外一周的銷售額還要少。但要注意的是，這部分收益被我們減少客戶大宗採購的計畫所抵銷。

Hopefully, you'll recall from prior earnings calls that we intended to use a good portion of the benefit from this extra week to reduce the practice of customers placing large bulk orders as we're working to better balance these across the quarter. We began this process earlier than planned due to depressed demand with COVID in the fourth quarter, and we still had some residual reduction in customer inventory levels this quarter. As we look ahead, the vast majority of the bulk reduction is behind us. There are only a small number of areas, such as our TAVR business, where we've been transitioning to a consignment model in select U.S. accounts and where we should see another quarter or 2 of modest headwind.

希望您還記得，在先前的財報電話會議上，我們計劃利用這額外一周的大部分收益來減少客戶下大宗訂單的做法，因為我們正在努力在整個季度更好地平衡這些訂單。由於第四季度新冠疫情導致需求低迷，我們比計劃提前啟動了這一流程，但本季客戶庫存水準仍有一些剩餘的下降。展望未來，絕大多數大宗訂單的減少已經過去。只有少數領域，例如我們的經導管主動脈瓣置換術 (TAVR) 業務，我們正在向部分美國客戶過渡到代銷模式，預計這些領域在未來一兩個季度仍會面臨溫和的逆風。

On the bottom line, our adjusted EPS was $0.62, a decline of 51%, including an estimated benefit from the extra week of approximately $0.06 to $0.10. As our revenue improved throughout the quarter, we saw a strong flow through to our bottom line, resulting in EPS well ahead of expectations.

最終，我們的調整後每股收益為0.62美元，下降了51%，其中包括額外一周帶來的約0.06美元至0.10美元的預計收益。隨著整個季度營收的改善，我們看到了強勁的獲利成長，最終每股收益遠超預期。

That said, with the decline in revenue, we continue to see deleveraging down our P&L. Several of our plants ran at less than full capacity, resulting in a larger period expense of our fixed overhead costs and a decline in our gross margin, as we expected. We also had increased SG&A and R&D spend, as I signaled last quarter, given both the extra week and the increased investment we are making in our pipeline and product launches. As a result, our operating margin was 16.5%, down 12 points year-over-year, but an improvement of 40 basis points from last quarter.

儘管如此，隨著收入的下降，我們的去槓桿化仍在持續，導致我們的損益表持續下滑。我們的幾家工廠的產能不足，導致固定間接成本的期間費用增加，毛利率也如預期般下降。正如我上個季度所暗示的，由於額外的一周時間以及我們在產品線和產品發布方面加大的投資，我們的銷售、一般及行政費用（SG&A）和研發支出也有所增加。因此，我們的營業利潤率為16.5%，年減12個百分點，但較上一季提高了40個基點。

Turning to our balance sheet. Our financial position is strong with ample liquidity to act on opportunities. We remain focused on investing both organically and inorganically through tuck-in acquisitions and minority investments to drive our long-term growth strategies. We've increased our cadence of M&A and we're increasing our level of R&D investment with partners like Blackstone Life Sciences, who will invest more than $300 million over the next several years, to help us accelerate specific pump and CGM programs in diabetes. These creative strategies will enable us to accelerate our planned investment and our growth. I view this as a key win for our company; the patients we serve; and you, our shareholders.

談談我們的資產負債表。我們的財務狀況強勁，擁有充足的流動性來抓住機會。我們仍然專注於透過補充收購和少數股權投資進行內生式和外生式投資，以推動我們的長期成長策略。我們加快了併購節奏，並與黑石生命科學等合作夥伴一起加大研發投入。黑石生命科學將在未來幾年投資超過3億美元，幫助我們加速糖尿病專用幫浦和動態血糖監測（CGM）計畫的研發。這些創新策略將使我們能夠加快計劃中的投資和成長。我認為這對我們公司、我們服務的患者以及各位——我們的股東來說都是一項關鍵的勝利。

Turning more to the macro level. We expect both organic and inorganic investments to fuel a longer-term revenue growth acceleration, creating strong returns for our shareholders, supplemented by our growing dividend. As an S&P Dividend Aristocrat, we've increased our dividend for 43 years, and our current yield of 2.3% is in the upper quartile of S&P 500 health care companies.

再從宏觀層面來看。我們預計，內生投資和外生投資都將推動長期收入加速成長，為股東創造強勁回報，並輔以不斷成長的股息。身為標普股息貴族，我們已連續43年提高股息，目前2.3%的股息殖利率在標普500指數醫療保健公司中處於上四分位數。

Looking ahead, the uncertainty of the COVID-19 pandemic continues to make it difficult to provide our traditional annual and quarterly guidance. However, as we shared last quarter, we intend to be as transparent as possible to help you understand how we're thinking about the trajectory of our business.

展望未來，COVID-19疫情的不確定性持續影響我們發布傳統的年度和季度業績指引。然而，正如我們上個季度所分享的，我們致力於盡可能透明地發布訊息，以幫助您了解我們對業務發展方向的思考。

We've experienced a faster-than-expected recovery. On the top line, May was better than April and June was better than May, and that improvement has continued into July and August. While there's still uncertainty regarding the recovery, if these trends hold, we would expect our second quarter organic growth rate to improve at a rate similar to what we saw between the fourth and the first quarters, where the fourth was down 25% and the first declined 17%. From there, we expect sequential improvement in the third and fourth quarters, and we still expect to be back to normal growth in the fourth quarter on a 2-year stacked basis.

我們經歷了比預期更快的復甦。就營收而言，5月份好於4月份，6月份好於5月份，這種好轉一直持續到7月和8月。儘管復甦仍存在不確定性，但如果這些趨勢持續下去，我們預計第二季的有機成長率將以與第四季和第一季類似的速度回升，其中第四季下降了25%，第一季下降了17%。此後，我們預計第三季和第四季將出現環比改善，並且我們仍然預計第四季將恢復到兩年疊加的正常成長水平。

When we look at our second quarter expectations by group. MITG should be better than the company average, given continued increased demand in our Respiratory business and increased volumes in Surgical Innovations. CVG has the potential to be a little better than company average given its new product introductions. Diabetes is expected to perform roughly in line. And RTG could be a little below the total company given its higher mix of capital equipment sales, but we're still seeing some sequential improvement.

我們按部門劃分來看第二季的預期。鑑於呼吸業務需求持續成長以及外科創新業務銷售的成長，MITG 應該會優於公司平均水準。鑑於 CVG 的新產品推出，其業績有可能略高於公司平均。預計糖尿病業務的表現大致與公司平均值持平。鑑於 RTG 的資本設備銷售組合較高，其業績可能略低於公司整體水平，但我們仍看到其較上季有所改善。

Looking at the P&L. We're investing to support numerous product launches, and we're investing in R&D programs to ensure our pipeline remains full. Despite the pandemic, we're not pulling back. Instead, we're focused on making the necessary investments to accelerate our revenue growth and ensure the long-term health of our company. Having said that, we could see a couple of points of sequential improvement in both our gross and operating margins in the second quarter compared to the first. And we expect continued margin improvement through the second half until we return to more normal margins some time toward the end of our fiscal year.

看看損益表。我們正在投資支援眾多產品的發布，並投資研發項目，以確保我們的產品線保持充足。儘管疫情肆虐，我們並沒有退縮。相反，我們專注於進行必要的投資，以加速收入成長並確保公司的長期健康發展。話雖如此，與第一季相比，我們第二季的毛利率和營業利潤率都有望環比提升幾個百分點。我們預計利潤率將持續改善，直到本財年末某個時候恢復到更正常的水平。

Regarding currency, the picture has improved with a weakening dollar. On revenue, assuming recent rates hold constant, our second quarter impact flips to a slight tailwind after 2 years of a headwind, and the full year benefit is now over $100 million. On the bottom line at recent rates, the second quarter headwind should be similar to the first, and the full year has improved by about $0.05 from the $0.20 impact I mentioned last quarter.

就貨幣而言，隨著美元走弱，情況有所改善。就收入而言，假設近期匯率保持不變，我們第二季度的業績在經歷了兩年的逆風之後，將轉為略微的順風，全年收益現已超過1億美元。就利潤而言，以近期匯率計算，第二季的逆風應該與第一季類似，全年業績較我上一季提到的0.20美元有所改善，約為0.05美元。

As I wrap up, I would want you to take away that whatever the recovery looks like, we intend to outpace our end markets. We're focused on competing and winning, and we have the industry's best and broadest pipeline, the resources and the people to do it. The future is bright, and I'm proud to be part of this team, driving our imperative to fuel our growth and also fulfill our mission, ensuring that millions of people around the world can benefit from our products and services.

最後，我想讓各位記住，無論復甦如何，我們都致力於超越終端市場。我們專注於競爭和獲勝，我們擁有業內最優秀、最廣泛的產品線、資源和人才。未來是光明的，我很自豪能成為這個團隊的一員，推動我們不斷成長，並履行我們的使命，確保全球數百萬人能夠受益於我們的產品和服務。

Back to you, Geoff.

回到你這裡，傑夫。

Okay. Thanks, Karen. I hope you got a sense today for our recovery trajectory as well as how we're changing at Medtronic, and we'll continue this conversation at our Investor Day on October 14.

好的。謝謝，凱倫。希望您今天對我們的復甦軌跡以及美敦力的變革有所了解，我們將在10月14日的投資者日繼續討論這個問題。

During the pandemic, our entire leadership team came together to determine how we could better serve our customers and evolve our culture. We worked together to find this new gear, and we're on our way to becoming a more nimble and competitive organization. We're playing offense, and we're energized to use this moment when our pipeline is kicking in to expand our markets and take share. And importantly, we're driving towards faster and broader top line growth, not just as we emerge from the pandemic, but sustainable growth over the long term.

疫情期間，我們整個領導團隊齊心協力，共同探討如何更好地服務客戶，並發展我們的文化。我們齊心協力，找到了新的方向，並且朝著更靈活、更具競爭力的方向發展。我們積極進攻，並充滿活力地利用現有通路的良好契機，拓展市場，搶佔市場份額。更重要的是，我們正在努力實現更快、更廣泛的營收成長，這不僅是在疫情結束後，更是在長期的可持續成長。

So with that, let's now move to Q&A. In addition to Karen and me, we also have our 4 group presidents: Mike Coyle, Bob White, Brett Wall and Sean Salmon, here to answer your questions. And as usual, we want to get to as many questions as possible, so please help us by limiting yourself to one question and, if necessary, a related follow-up. If you have additional questions, please contact Ryan and our Investor Relations team after the call.

那麼，現在進入問答環節。除了我和Karen之外，我們還有四位集團總裁：Mike Coyle、Bob White、Brett Wall和Sean Salmon，他們將在這裡解答大家的問題。像往常一樣，我們希望盡可能多地回答問題，所以請盡量只提一個問題，並在必要時進行相關的後續提問。如果您還有其他問題，請在電話會議結束後聯絡Ryan和我們的投資者關係團隊。

Operator, first question, please?

接線員，請問第一個問題？

Your first question comes from the line of Vijay Kumar with Evercore ISI.

您的第一個問題來自 Evercore ISI 的 Vijay Kumar。

Geoff, congrats on a solid [prints] here. I had one question and a follow-up. I'll ask them in the same question.

傑夫，恭喜你取得了不錯的成績。我之前有一個問題，還有一些後續問題。我會在同一個問題裡問。

I guess it's interesting, you started your comments with a focus on market share, Geoff. One, is the implication here that Medtronic's focus on market share, the implication is that you guys need to be growing in line to above market -- end markets? Because I do feel like one of the better thesis is Medtronic is too big to grow. Is that about to change with this focus on market share? And what is driving this, right? Is this -- has something changed here internally to drive this focus on market share to see that being reflected in numbers?

我覺得這很有意思，傑夫，你一開始就關注市場佔有率。首先，美敦力對市場佔有率的關注是否意味著你們需要維持高於市場——終端市場——的成長速度？因為我確實覺得一個更合理的論點是美敦力規模太大，無法成長。關注市佔率會改變這種現狀嗎？是什麼推動了這種趨勢？是內部發生了哪些變化，促使我們關注市場份額，並最終將其反映在數據上嗎？

And as a follow-up, I think a robotic time line, calendar first quarter '21. I think the ultimate time line was mid of this year, this 5, 6 months. I just want to make sure that was just purely a function of COVID and software issues, et cetera, that have been resolved. And what does it mean for robotic market share, right? If you're focused on market share across your segments, does it mean that Medtronic should gain its a fair share or perhaps more than fair share in that robotic surgery?

接下來，我認為機器人手術的時間表應該在2021年第一季。我認為最終的時間表是在今年年中，也就是今年5、6個月後。我只是想確認一下，這純粹是新冠疫情和軟體問題等因素造成的，這些問題已經解決。這對機器人市場佔有率意味著什麼？如果您關注的是各個細分市場的市場份額，這是否意味著美敦力應該在機器人手術領域獲得公平甚至更高的份額？

Okay. Thanks, Vijay. I appreciate the questions. On the first one regarding market share, you're asking why the focus, what's changed? We spent the last couple of years talking about our pipeline. And this has been a big focus on the company. And like we've talked about, our pipeline is the best it's been in a long time. And as we went through this CEO transition, I spent a lot of time with the team, on Zoom calls all the time. And we're determined to make this pipeline count, not just for patients and our customers, but for shareholders.

好的。謝謝，Vijay。我很感謝你的提問。關於第一個關於市場佔有率的問題，你問的是為什麼重點改變了？過去幾年，我們一直在討論我們的產品線。這一直是公司的重點。正如我們之前提到的，我們的產品線處於長期以來的最佳狀態。在執行長換屆期間，我花了很多時間與團隊在一起，一直透過Zoom進行視訊會議。我們決心讓這些產品線發揮作用，不僅對患者和客戶，也對股東。

And so we feel that, sometimes, our market share is commensurate with our technology, meaning our technology should yield more market share. And this is an organizational focus that we want to take on in terms of just really focused on -- really a deeper focus on understanding the end markets and our competitors, what the competitors are doing. And making sure that we understand that and compete effectively.

因此，我們認為，有時我們的市場份額與我們的技術水平是相稱的，這意味著我們的技術應該帶來更高的市場份額。這是我們想要關注的組織重點，我們真正專注於──更深入地了解終端市場和我們的競爭對手，以及競爭對手的動向。並確保我們了解這些，並有效地競爭。

And this isn't -- this is an organizational focus. This isn't just -- I'm not talking about our field. It's everybody. And understanding each one of these competitive battles that we face, first recognizing those, understanding what it's going to take to win and tracking them. And all these competitive battles add up, and there's no rounding error when it comes to one of these competitive battles.

這並非——這是組織的重點。這不僅僅是——我說的不是我們這個領域，而是每個人。我們要理解我們面臨的每一場競爭，首先要認識到這些競爭，理解如何才能取勝，並持續關注它們。所有這些競爭都會累積起來，在任何一個競爭中，都不能出現四捨五入的誤差。

So it is an enhanced focus on market share, and we felt like now is the time to do this given all the products that we have coming out. We want to make it -- like I said, we want to make the pipeline count, not just for our patients, which is first and foremost, and our customers, but for our shareholders as well. So I felt that was the moment to do this. And we're really excited about that.

因此，我們更加重視市場份額，考慮到我們即將推出的所有產品，我們覺得現在是時候這樣做了。就像我說的，我們希望讓產品線發揮作用，不僅對我們的患者（這首先也是最重要的）和我們的客戶，也對我們的股東。所以我覺得現在是時候這樣做了。我們對此感到非常興奮。

And yes, the expectation is overall, in aggregate, to grow at the market or higher. And we haven't done that in the recent past. And so in some cases, we need to exceed the market growth and -- to make up for a couple of areas where we're behind. But the expectation for every single one of our segments is to grow at least at the market share. And we've made that really clear. And as you talk to people in Medtronic, I think that message is out there.

是的，整體而言，我們的預期是保持與市場同步或更高的成長。但我們近期並沒有做到這一點。因此，在某些情況下，我們需要超越市場成長，彌補一些落後的領域。但我們對每個細分市場的預期是至少保持與市場佔有率同步的成長。我們已經明確表達了這一點。當你與美敦力的員工交談時，我認為這個訊息已經傳達出去了。

Your second question about the robot. Yes, I mean, the delays were driven by COVID. Yes, the software issues we've talked about in the past, we believe are resolved, and we're in the final validation and verification. And the testing has gone really well. We've got surgeons working on these robots. And like I said, the feedback is great, and we're excited. And we're going to hit our market release date here shortly. And what that means for us is that, that triggers the file -- or the ability for us to file, which we talked about in the commentary I mentioned, in calendar Q1 for both CE Mark and U.S. IDE.

您的第二個問題是關於機器人的。是的，我的意思是，延遲是由於新冠疫情造成的。是的，我們之前討論過的軟體問題，我們相信已經解決了，目前正處於最後的驗證階段。測試進展非常順利。我們的外科醫生已經在使用這些機器人了。就像我說的，回饋很棒，我們很興奮。我們很快就會在這裡發布產品。這對我們來說意味著，這將觸發我們提交文件——或者說，我們有能力提交文件，正如我在評論中提到的，在第一季度，我們將同時提交 CE 標誌和美國 IDE 認證。

So yes, we're -- we feel it has been de-risked. We've got a high level of confidence. And now the excitement is building inside the company and with our surgeons that are working on this. So we're excited.

所以是的，我們覺得風險已經降低了。我們信心滿滿。現在，公司內部以及參與研發的外科醫生都興奮不已。我們非常興奮。

And you asked about a market share forecast. Yes, I'm not prepared to give that right now. I mean, we're going up against a strong competitor. We're really excited about this. My time at Medtronic, I feel like we're in a position where you're defending high market shares from new competitors. It's going to be fun to be on the other end of that equation and coming at a well-established, 100% market share competitor, but coming at them with some great technology with the financial resources of Medtronic, a really energized field sales force. So we're looking forward to this.

你問到市佔率預測。是的，我現在還沒準備好給出這個數字。我的意思是，我們正面臨一個強大的競爭對手。我們對此感到非常興奮。在美敦力工作期間，我覺得我們正處於一個需要捍衛高市佔率、抵禦新競爭對手的位置。站在這個等式的另一端，面對一個老牌、市場份額高達100%的競爭對手，並且憑藉美敦力的財力和充滿活力的現場銷售團隊，憑藉一些優秀的技術與他們抗衡，將會非常有趣。所以我們對此充滿期待。

And I'm not going to give out market share forecasts, but we're going to be a meaningful player in this market. Go big or go home, Vijay. We're going to be meaningful on this, and we're excited.

我不會給出市場份額預測，但我們將成為這個市場中舉足輕重的參與者。要嘛做大，要嘛回家，維傑。我們將會在這個市場上發揮重要作用，我們對此感到興奮。

I love that, go big or go home. Congrats, guys.

我喜歡這樣，要嘛全力以赴，要嘛回家。恭喜你們，夥伴們。

Your next question comes from the line of Bob Hopkins at Bank of America.

您的下一個問題來自美國銀行的鮑伯霍普金斯。

Just one clarification and one question. On the clarification side, you mentioned talking about some disclosures you'll be making over the next couple of weeks about kind of changes at Medtronic. Is that all stuff that's going to come at the Analyst Day? Or are there disclosures coming before that? So that's just the clarification.

我只想澄清一個問題。關於澄清，您提到了未來幾週內將揭露一些有關美敦力公司內部變動的資訊。這些都是在分析師日上公佈的嗎？還是在此之前會透露一些資訊？所以，這只是澄清一下。

And then the question is, Geoff, I was really encouraged to hear your comments about improvements continuing into July and August. And obviously, Karen made those as well. It's a huge issue for Medtronic and for all of medtech because there is a lot of uncertainty out there. So Geoff, I was wondering if you could just make some comments on just what you're seeing out there in July and August in terms of kind of the rescheduled procedures versus new demand? And what you're hearing from hospitals and patients? Just any comments on the kind of the pace of the broader recovery would be much appreciated.

然後問題是，傑夫，聽到您關於7月和8月情況持續改善的評論，我感到非常鼓舞。顯然，卡倫也提到了這一點。這對美敦力以及所有醫療科技公司來說都是一個巨大的問題，因為市場上存在著許多不確定性。所以傑夫，我想知道您能否就您在7月和8月看到的情況，就重新安排的手術和新增需求方面發表一些評論？您從醫院和病人那裡聽到了什麼？任何關於整體復甦速度的評論都將不勝感激。

All right. Thanks, Bob. One, on the clarification, on the changes, these are changes we'll talk more about, like you mentioned, at our Investor Day. And I don't want to go too deep into them today. But the broad brush strokes are some structural changes that empower our businesses to make decisions and to be more -- and this is really getting at speed of decision-making, at being nimble and faster. And as you know, we're competing against a lot of focused -- smaller-focus companies, not just here, but in China and other places around the world. And then -- but at the same time, allowing these businesses to benefit from very specific and meaningful areas where our scale makes a difference, like technology platforms.

好的。謝謝，鮑伯。首先，關於澄清，關於這些變化，正如你所提到的，我們將在投資者日上詳細討論。今天我不想深入探討。但總體而言，這些結構性變化將賦能我們的企業做出決策，並使其更加——這實際上提高了決策速度，使其更加靈活和快速。如你所知，我們正在與許多專注的、規模較小的公司競爭，不僅在美國，而且在中國和世界其他地方。同時，我們也允許這些企業從一些非常具體且有意義的領域中受益，在這些領域，我們的規模能夠帶來優勢，例如技術平台。

Any time our businesses are pooling from broader technology platforms in Medtronic, they're able to iterate on a much more consistent -- meaningful iteration on a much faster and consistent basis and also disrupt, like we did with -- what we're doing with Micro right now in the pacing space. Our manufacturing footprint to ensure a high-quality standard all the time at the right price, at the right cost levels. So things, technology, manufacturing, our regional scale as we move into some of these regions, these are all areas that we want to make sure our businesses can benefit from.

每當我們的業務從美敦力更廣泛的技術平台匯集到一起時，它們就能以更一致、更有意義的方式進行迭代，速度更快、更一致，同時還能帶來顛覆性的變化，就像我們目前在起搏器領域對Micro所做的那樣。我們的製造足跡始終確保以合適的價格和成本水準維持高品質標準。因此，技術、製造以及我們進入某些地區時的區域規模，這些都是我們希望確保我們的業務能夠從中受益的領域。

But in terms of disclosures, there's not going to be like disclosures before that. We'll be rolling this out to -- within the company over the next couple of weeks [and in] a month or 2. But I don't think there's going to be any formal disclosures on that until we get to our Investor Day when we talk about it.

但就資訊揭露而言，在此之前不會有任何披露。我們將在未來幾週以及一兩個月內向公司內部推廣。但我認為，在我們討論此事的投資者日之前，不會有任何正式的披露。

And in terms of your question around the market improvements, it is encouraging. A couple of comments there. First, there's a big difference depending on the therapy or product area and the business that we're in. We do have a wide range here. Things that are more urgent like neurovascular, things that are more selective like some of the areas [in RTG] like Pelvic Health or something like that.

關於您提到的市場好轉，情況令人鼓舞。我有幾個看法。首先，根據治療或產品領域以及我們所從事的業務，情況有很大差異。我們的產品範圍很廣，包括更緊急的領域，例如神經血管領域；以及更具選擇性的領域，例如[RTG]中的某些領域，例如骨盆健康等等。

We're seeing, by country, it's different. But we're seeing a much -- we've seen much -- continue to see a much sharper recovery in the United States and Europe. China has been pretty steady. But the whole pile of geographies and all of the therapy areas, all of them are improving. And we're seeing sequential month-over-month improvement. I think the last time we had an earnings call, we were talking about how things ended in April and we had some momentum into May. Well, that every week, it's got -- every month, it's gotten better, into June, July and into the first couple of weeks of August. We continue to see improvements here.

我們看到，不同國家的情況有所不同。但我們看到美國和歐洲的復甦勢頭強勁得多。中國的情況一直相當穩定。但所有地區和所有治療領域都在改善。我們看到情況逐月環比改善。我記得上次財報電話會議的時候，我們討論的是4月的情況如何，以及5月的動能如何。嗯，每個星期，每個月，情況都在好轉，從6月、7月到8月的頭幾週。我們繼續看到這方面的改善。

And then in terms of the patient fear, look, the surveys that we've seen and conducted, that has been -- it's still out there. But it's been, in my opinion, mitigated quite a bit.

至於患者的恐懼，根據我們所看到和所進行的調查，這種恐懼仍然存在。但在我看來，這種恐懼已經減輕了不少。

And the hospitals. I just talked to another hospital CEO on Friday, and this is in the U.S. context. They seem very committed to staying, keeping open for business and serving patients. And I think they also need it financially. And another shutdown, it's something they don't want to do.

還有醫院。我周五剛和另一位醫院的執行長談過，這是在美國的情況。他們似乎非常致力於維持運營，繼續營業並為患者提供服務。我認為他們在經濟上也需要資金。他們不想再關閉醫院。

And then, yes, the other thing that I think -- so these are all things that are going on out there. And we're participating in helping with patient fear, and where we've partnered with the American Heart Association, American Stroke Association. And we're working with physicians, we're working with -- but the other area I want to highlight is stuff that we're doing, right? Like I just mentioned, we're out there working with physicians and their offices and hospitals. We're out there, staying focused on our customers.

是的，我認為還有一件事——這些都是正在發生的事情。我們正在參與幫助患者緩解恐懼，並與美國心臟協會、美國卒中協會合作。我們也在與醫生合作——但我想強調的另一個領域是我們正在做的事情，對吧？就像我剛才提到的，我們正在與醫生、他們的辦公室和醫院合作。我們一直在那裡，專注於我們的客戶。

We're also helping them implement new technologies that really help in this COVID time frame, like our remote capabilities, especially in Cardiac Rhythm right now. That's making a big difference. We talked about the ventilator space. I mean, these were physician-specific requests that came from individual hospitals around product features. And our response to this and how fast we move, this makes a big difference. And these stories circulate within the hospital, and the C-suites have been more engaged with us.

我們也幫助他們實施在新冠疫情期間真正有用的新技術，例如我們的遠端功能，尤其是在目前的心律不整監測方面。這正在產生巨大的影響。我們討論了呼吸機領域。我的意思是，這些都是來自各醫院的醫生針對產品功能所提出的特定要求。而我們對此的反應以及我們的行動速度，都發揮了重要作用。這些故事在醫院內部廣為流傳，高層也更積極地與我們互動。

And so between the market coming back, but from a geography perspective, from a therapy perspective, and the actions that we've taken over the last couple of months, we're in a way better position than we thought we would be just 3 months ago, and we see the continued momentum.

因此，從市場回升的角度來看，從地理角度、從治療角度以及我們在過去幾個月採取的行動來看，我們現在的處境比三個月前想像的要好得多，而且我們看到了持續的勢頭。

Now everybody is a little nervous about the fall with the back to school. I just dropped off 2 college students in the last week. And -- but like I said earlier, I do think hospitals are committed to staying open. And we're feeling better about what was maybe a potential disruption. We don't feel -- we're not as worried about it as we were a couple of months ago. Hope that helps.

現在大家都對秋季開學感到有些緊張。我上星期剛送了兩個大學生回家。不過，就像我之前說的，我確實認為醫院會繼續運作。我們對之前可能出現的混亂局面感覺好多了。我們感覺不像幾個月前那麼擔心了。希望這些建議能有所幫助。

Your next question comes from the line of David Lewis with Morgan Stanley.

您的下一個問題來自摩根士丹利的戴維·劉易斯。

Just 2 for me. I'll ask right up front for Geoff and Karen.

我只要2個。我會直接問Geoff和Karen。

So Geoff, I just -- I know it's early, but what's the profile Medtronic should aspire to relative to the 4% and 8% top and bottom you gave back in 2018? And if we can't get specific numbers, I'm just sort of curious, should investors expect that both of those numbers should move higher? Or is the focus more on revenue for the intermediate term?

所以傑夫，我知道現在還為時過早，但相對於你在2018年給出的4%和8%的峰值和谷值，美敦力應該達到什麼樣的水平？如果我們無法獲得具體的數字，我只是有點好奇，投資者是否應該預期這兩個數字都會上漲？還是更關注中期收入？

And then, Karen, just kind of related question. There's been a series of off- and on-balance sheet transactions, most notably the recent M&A and Blackstone. So that clearly suggests the company's desire to accelerate growth. What does it tell us, if anything, Karen, about sort of the flexibility of the P&L in terms of margin opportunities going forward?

然後，Karen，這個問題有點相關。該公司進行了一系列表內和表外交易，其中最引人注目的是最近的併購和收購黑石集團。這清楚地表明了公司加速成長的願望。 Karen，這是否能說明損益表在未來獲利機會上的彈性？

Well, maybe I'll take a stab. David, first, thanks for the question. Let me take a stab at it, and then I'll hand it off to Karen.

好吧，也許我會嘗試一下。大衛，首先，謝謝你的提問。讓我先試著回答一下，然後我會把這個問題交給凱倫。

But on the 8% EPS, now we're committed to that, right? So talk about market share, we talk about growth. Let me be clear, it's not at the expense of that 8% EPS growth, it's -- and our free cash flow conversion, which we've worked so hard to improve over the last couple of years. So we're not going to take a step back there. We're committed to that. And as we grow -- as we grow more, right? As we grow at the market more in aggregate, which would be a meaningful improvement over the last couple of years, and take share, the growth will get higher. We'll have some optionality of what to do with that incremental earnings, but we're committed to that 8%. And we'll decide, as that growth gets there, what we're going to do with the extra EPS. I'd like to invest some of it, and we'll see what we do with the rest here.

但說到8%的每股盈餘，我們現在就致力於實現這個目標，對吧？所以，說到市場份額，我們談到的是成長。讓我明確一點，這不會以犧牲8%的每股盈餘成長為代價，而是——以及我們過去幾年一直在努力提升的自由現金流轉換率。所以我們不會退縮，我們會致力於實現這個目標。而且，隨著我們進一步發展，對吧？隨著我們在市場上整體成長，這在過去幾年會是一個有意義的進步，市場佔有率也會增加，成長也會更高。對於如何處理這些增量收益，我們將會有一些自主選擇，但我們致力於實現8%的目標。當成長達到目標時，我們會決定如何處理額外的每股盈餘。我想投資一部分，剩下的部分我們再看看如何處理。

But with that, maybe I'll turn it over to Karen for comment.

但既然如此，也許我會把它交給凱倫來評論。

Yes. Thanks, Geoff, and thanks, David, for the questions. Yes, we have a strong balance sheet, and we have been using that to help our growth. And we've supplemented that, as you mentioned, with partners like Blackstone to help us accelerate that growth.

是的。謝謝傑夫和大衛的提問。是的，我們擁有強勁的資產負債表，我們一直在利用這一點來促進成長。正如您所提到的，我們也與黑石等合作夥伴合作，以加速我們的成長。

In terms of the flexibility of the P&L for margin going forward, what I would say is that our bias is going to be on driving revenue acceleration higher and keeping it consistent. And so given that bias, we will be focused on continuing to invest to ensure that our pipeline remains as full as it has been in the recent past.

就未來利潤率的靈活性而言，我想說的是，我們的重點將放在推動收入加速成長並保持穩定。因此，我們將專注於繼續投資，以確保我們的產品線保持在近期的充足狀態。

So could margins improve? Yes, a little bit, but we're more committed to driving that revenue growth acceleration and maintaining a bottom line EPS of 8%-plus than we are on dropping a significant amount to the bottom line. We'll be focused more on investing. Hope that helps.

那麼利潤率能提高嗎？是的，會提高一點，但我們更致力於推動營收成長，並將每股盈餘保持在8%以上，而不是大幅降低利潤。我們會更專注於投資。希望這些建議能有所幫助。

Super helpful.

超有幫助。

Your next question comes from the line of Robbie Marcus with JPMorgan.

您的下一個問題來自摩根大通的羅比馬庫斯。

And I'll be the first to tell you I did kind of like the video format. It was good to see you after being virtual for so long.

我得先告訴你，我其實還挺喜歡視訊直播的。隔了這麼久才在網路上見到你，真是太好了。

Maybe on the question, and I'll kind of loop 2 in here. The first is we're seeing you year-over-year increases in R&D while we're seeing most of your peers down year-over-year. You're clearly leaning in on R&D. I was wondering, where are these dollars going? What are the projects that you're seeing and you're investing in?

關於這個問題，我在這裡補充一下。首先，我們看到貴公司的研發投入逐年增加，而大多數同業的研發投入卻逐年減少。貴公司顯然在加大研發投入。我想知道，這些資金都花在哪裡了？您正在關注和投資哪些項目？

And then maybe along those lines, you're also clearly investing heavily in Diabetes. There was speculation a while ago, maybe you'd exit that business. It looks to me less likely given how much you're putting into resources here. What's the latest thoughts? You have new management. Lots of investment there. How should we be thinking about this business? And is this a 3- to 5-year turnaround story? Or is it something we could see in the shorter term?

或許從這些方面來看，您顯然也在大力投資糖尿病領域。不久前有人猜測，您可能會退出該業務。但考慮到您在這方面投入的資源，我覺得退出的可能性較小。您最近有什麼想法？您更換了管理階層，投入了大量資金。我們該如何看待這項業務？這是一個需要3到5年才能扭轉乾坤的行業嗎？還是說，這只是短期內就能看到的結果？

Okay. Thanks, Robbie. A lot into those questions there. Well, first, thanks for the compliment on the video. I'm glad it went well. My wife was skeptical, but I thought it was okay. We'll see how we go going forward here.

好的。謝謝，羅比。我回答了很多問題。首先，謝謝你對影片的稱讚。很高興影片進行得很順利。我妻子有點懷疑，但我覺得還不錯。我們拭目以待，看看接下來會如何發展。

In terms of the R&D increases, yes, we want to put more into R&D both -- and be creative. And when I look at R&D, we're looking at traditional R&D of our income statement. These creative third-party partnerships like Blackstone, which have a very good return on them, are also something we want to use. And are inorganic, I mean, because most of what we're buying is technology -- technology-oriented tuck-ins, which is -- which are all somewhere on their path to commercialization and/or just been commercialized.

就研發投入成長而言，是的，我們希望在研發方面投入更多，同時也要保持創新。我談到研發時，指的是我們損益表中的傳統研發。像黑石這樣的富有創意的第三方合作夥伴，它們的回報率非常高，也是我們希望利用的。而且這些合作是非有機的，我的意思是，因為我們收購的大部分是技術——以技術為導向的附屬公司，這些公司都處於商業化的階段，或者剛剛商業化。

So all of this gets back to investing in areas in our business. We just have a lot of great ideas. The old idea that our eyes are bigger than our stomach, and we want to get more R&D capability here. We've got -- just to list some of the products. We're talking about our pipeline today that's coming out, right? But the R&D -- and there's some R&D that needs to go into sustaining that and iterating that, things like spinal robotics and things like that. I mean, we're not done, we're just getting started. So there's a lot more to go into there.

所以，所有這些都回歸到我們業務領域的投資。我們有很多很棒的想法。老生常談的「眼大胃王」概念，我們希望提升研發能力。我們——只是列舉一些產品。我們今天談論的是即將推出的產品線，對吧？但研發方面——還有一些研發需要投入來維持和迭代，例如脊椎機器人等等。我的意思是，我們的工作還沒結束，我們才剛開始。所以，還有很多事情要做。

But some of the things that are on the pipeline, like Ardian, that's a multibillion-dollar opportunity there. The EV ICD, I'll start with cardiac here. Pulse select -- the pulse field ablation. I mean, just those 3 are, I'd call, more medium term for us and are very exciting and I think could use more investment to speed up and drive bigger impact.

但一些正在研發的產品，像是Ardian，就蘊藏著數十億美元的商機。 EV ICD，我先從心臟領域說起。 Pulse Select——脈衝場消融。我的意思是，我認為這三個項目對我們來說還處於中期階段，非常令人興奮，我認為可以透過增加投資來加速發展，並產生更大的影響。

And in RTG, there's always more to invest in, in neurovascular. Brett Wall and Stacey Pugh make sure of that. There's lots of products there, and that's a high-growth area.

在 RTG，神經血管領域總有更多投資機會。 Brett Wall 和 Stacey Pugh 確保了這一點。該領域產品豐富，而且是一個高成長領域。

Like I mentioned, DBS, we have the directional lead system coming out. We want to invest in closed loop. I just think, look, neuromodulation is a big growth opportunity for this -- for the industry, for the company. And I think it's going to have a huge impact on patients.

正如我所提到的，DBS，我們即將推出定向導聯繫統。我們想投資閉環系統。我只是覺得，神經調節對這個產業、公司來說都是一個巨大的成長機會。而且我認為它將對患者產生巨大的影響。

And then MITG, obviously, the soft tissue robot, we talked about the time line there. But we still have to commercialize that. That's going to take some investment, may not show up in the R&D line, but we need to invest there. And we mentioned in the commentary, some of the products starting to come out from our Digital Surgery acquisition, this Touch Surgery Enterprise. We're very excited about that as we move -- we believe we're leading in robotics, soft tissue robotics, the AI side of it. And so there's a lot of opportunity there.

然後是MITG，顯然是軟組織機器人，我們討論了時間表。但我們仍然需要將其商業化。這需要一些投資，可能不會出現在研發線上，但我們需要在這方面進行投資。我們在評論中提到，我們收購的Digital Surgery公司Touch Surgery Enterprise的一些產品即將問世。我們對此感到非常興奮——我們相信我們在機器人技術、軟組織機器人技術和人工智慧方面處於領先地位。因此，這方面有很多機會。

And then of course Diabetes. We've got to catch up on the sensor side. And we're -- I don't know if everybody picked up, but we're really excited about the sensor pipeline here. It's -- I wish it were happening even faster, but it is accelerated from what we -- we're well into the Synergy trial -- enrollment, rather, and getting great feedback on that.

當然還有糖尿病。我們必須在感測器方​​面迎頭趕上。我不知道大家是否注意到了，但我們對感測器的進展感到非常興奮。我希望它能進展得更快，但從我們目前的情況來看，它確實在加速發展——我們已經深入Synergy試驗——招募患者，並獲得了很好的回饋。

So there's lots of opportunities for R&D investment. And that's probably, I don't know, 70%, 80% of what we're talking about internally is this pipeline and how do we feed it, how do we speed it up? So very excited about that.

所以，研發投資的機會很多。我們內部討論的大概70%到80%都是關於研發管線，以及如何提供動力，如何加速其發展？我對此非常興奮。

And then speaking on Diabetes, you said 3 to 5 years. I'm not even going to ask Sean this question because I know the answer. It's not 3 to 5 years. It's going to be faster than that. And I think when we get 780 out there, it's going to be a big step forward. Like I mentioned, our sensor pipeline, which is the weak spot here, that is -- we feel good about that. And again, I wish it were faster, but it isn't 3 to 5 years.

然後談到糖尿病，您說需要3到5年。我什至不會問肖恩這個問題，因為我知道答案。不是3到5年，而是會更快。我認為，當我們推出780時，這將是一個巨大的進步。就像我提到的，我們的感測器產品線，也就是我們目前的薄弱環節，我們對此感到滿意。我再次強調，我希望它能更快，但不是3到5年。

So -- and the rumors about Diabetes, they didn't come from us. I mean, we're committed to this, and we've never blinked, and we're not going to.

所以——關於糖尿病的謠言不是我們說的。我的意思是，我們致力於此，我們從未懈怠，也不會懈怠。

Your next question comes from the line of Joanne Wuensch with Citibank.

您的下一個問題來自花旗銀行的 Joanne Wuensch。

As has been communicated with investors this morning, one of the themes that's coming across is a sense of being reinvigorated or "a different Medtronic." So what you see, Geoff, because you're relatively new in the CEO role and you get to do it in the midst of a pandemic. What do you see that is different that how you're going to make your mark on the company?

正如今天早上與投資者溝通的那樣，我們感受到的一個主題是重振精神，或者說是「一個不一樣的美敦力」。傑夫，您認為，由於您擔任執行長的時間相對較短，而且是在疫情期間出任首席執行官，您認為公司有什麼不同之處嗎？

And on the other side of this pandemic, how do you think Medtronic is going to look different? Because it seems to me that the way Medtronic has approached managing its employees during the pandemic may be somewhat different than the way others have.

疫情過後，您認為美敦力會有什麼改變？因為在我看來，美敦力在疫情期間管理員工的方式可能與其他公司有所不同。

In terms of reinvigorated, I think we do feel reinvigorated, and it's in large part because of where we sit right now as a company. I mean, this pipeline is exciting, and it's something that we've been investing in for a long time.

說到重振，我認為我們確實感到了重振，這很大程度上是因為我們公司目前的處境。我的意思是，這條產品線令人興奮，而且我們長期以來一直在投資它。

And look, the COVID has been -- has extracted a huge human toll and an economic toll. But -- so I'm looking for bright spots coming out of COVID. And one of them has been the ability for, during this time, our leadership team to sit down together, like I said, a lot of Zoom calls and some face-to-face, but -- and really look at where we are as a company and take a step back.

瞧，新冠疫情已經造成了巨大的傷亡和經濟損失。但是，我正在尋找疫情帶來的亮點。其中之一就是，在這段時間裡，我們的領導團隊能夠聚在一起，就像我說的，透過許多Zoom會議和一些面對面的交流，認真審視我們公司的現狀，並退一步思考。

And what we're seeing is way more opportunities than challenges. But top of -- I mean look, we've got our mission, especially during a pandemic like this, really shows how valuable that mission is, and it helps us clarify our decisions and really helps us, in our opinion, stand out relative to others in how we act and how we show up. And so we've always had that, and that has shown even just how -- we're reminded how powerful that is during a crisis like we face now.

我們看到的機會遠多於挑戰。但最重要的是——我的意思是，你看，我們有我們的使命，尤其是在這樣的疫情期間，這真正體現了我們的使命有多麼寶貴，它幫助我們理清決策，並真正幫助我們在行動和表現上脫穎而出。我們一直秉持著這樣的理念，這也提醒我們，在我們目前面臨的危機中，我們的使命有多麼強大。

We've got a very -- we've got great technology, great market positions. We've got a very experienced leadership team, and I come back to this pipeline. And so when we started to look at all this, we feel like there's just a huge opportunity. We want to make this pipeline count. And so that's why we're excited. And if it feels like we're reinvigorated, that's good. I don't know if I want to use that word, but I can tell you that we're excited because of all this and the opportunity.

我們擁有非常——我們擁有卓越的技術、卓越的市場地位。我們擁有一支經驗豐富的領導團隊，我再次談到了這條產品線。所以，當我們開始審視這一切時，我們覺得這是一個巨大的機會。我們希望讓這條產品線發揮作用。這就是我們感到興奮的原因。如果我們感覺自己煥然一新，那就太好了。我不知道我是否想用這個詞，但我可以告訴你，我們對這一切以及這個機會感到非常興奮。

And it's not just like, hey, here's the pipeline, and it's going to work its way through. And then there's like a -- then there's peaks and troughs. That's not it. We're refilling this pipeline. I just mentioned all these -- I just went through the last question, all of these things about the R&D, where we're putting it. There's so much to do, so much opportunity. So yes, we are excited. And that's why we also are focusing on this market share opportunity. We want to make this pipeline count.

這不僅僅是說，嘿，這是研發管線，它會順利推進。然後會有高峰和低谷。不是這樣的。我們正在補充這條研發管線。我剛才提到了所有這些——我剛剛回答了最後一個問題，所有這些關於研發的事情，以及我們將其投入到哪裡。有很多事情要做，有很多機會。所以，是的，我們很興奮。這就是為什麼我們也關注這個市場份額機會。我們希望讓這條研發管線發揮作用。

And how we'll look different? One, we want to -- in the near term, we want to be growing at or above the market. So whatever the recovery is, it's hard to forecast. We're trying our best, as you guys are, to forecast recovery. But we want to be on the leading edge of that and doing better relative to our competitors. And our pipeline is going to lead the way, and we're going to have great commercial execution here. And so that should be a meaningful increase to our growth relative to our competition. So that looks different.

那麼，我們的表現會有何不同？首先，我們希望－在短期內，我們的成長速度能夠達到或超過市場水準。因此，無論復甦情況如何，都很難預測。我們和你們一樣，正在盡力預測復甦。但我們希望走在前列，並比競爭對手做得更好。我們的產品線將引領潮流，我們的商業執行也將非常出色。因此，這應該會顯著提升我們相對於競爭對手的成長速度。所以，這看起來有所不同。

And look, our employees have always had a strong loyalty and allegiance to Medtronic. But I think that's increased over the last couple of months as people realized what -- how much the mission means. But we still have work to do and working on things like what is our role here in some of social justice issues that are out in the communities that spill into our offices. And so you're going to see us more aggressive on those, taking stronger stands on some of those issues.

瞧，我們的員工一直對美敦力懷有強烈的忠誠和擁護。但我認為，在過去的幾個月裡，隨著人們意識到這項使命的意義，這種忠誠度有所提升。但我們仍有工作要做，例如我們在一些社會正義問題上應該扮演什麼角色，這些問題存在於社區中，並蔓延到我們的辦公室。所以，你會看到我們在這些議題上更積極主動，在某些議題上採取更強硬的立場。

But over time, longer term, we want to put the tech in medtech. And we want to shift -- we want to pool in some of these digital technologies to change our offerings. And over time, we're very device-centric, in addition to the devices, we want to pull in data and analytics. And you start to see that in pockets of Medtronic, like with the Nutrino acquisition in Diabetes, the Digital Surgery, acquisition in MITG for the soft tissue robot. We're working with, partnering with companies like Viz.ai for stroke detection.

但從長遠來看，我們希望將科技融入醫療科技領域。我們希望轉型——我們希望整合一些數位技術來改變我們的產品。隨著時間的推移，我們將更加以設備為中心，除了設備之外，我們還希望引入數據和分析。這一點在美敦力的一些領域已經開始體現，​​例如收購糖尿病業務部門的Nutrino、收購數位外科手術部門，以及收購軟組織機器人部門MITG。我們正在與Viz.ai等公司合作進行中風檢測。

And so having our offerings be smarter and self-learning, and our offerings providing a lot of data and insights in addition to therapy back to our customers, I think this is an area that, that -- this is going to take some time, but this is something we're committed to.

因此，讓我們的產品更加聰明、更具自學能力，除了為客戶提供治療之外，我們還為客戶提供大量數據和見解，我認為這是一個需要一些時間的領域，但這是我們致力於實現的目標。

Next question comes from the line of Larry Biegelsen with Wells Fargo.

下一個問題來自富國銀行的拉里·比格爾森。

And mine -- or for Karen. Just Karen, one clarification. How much of the extra week was offset by reduced bulk purchases in the quarter? And for my question, last quarter, you gave some helpful commentary on the exit rates in the last month. What did you see in July relative to what looks like about a negative 9% organic year-over-year growth rate you're guiding to in fiscal Q2? And can you get to flat or growth in fiscal Q3?

還有我的——或者說是給凱倫的。凱倫，我想澄清一下。本季大宗採購的減少抵銷了多少額外的一周？關於我的問題，上個季度，您對上個月的退出率給出了一些很有幫助的評論。相對於您預期的第二財季有機年成長率約為-9%，您在7月看到了什麼？第三財季的業績能否持平或成長？

Thank you. Thank you, Larry. So in terms of the extra week, basically, all of it was offset by the reduction in customer bulk purchases. So the net effect was essentially very minimal.

謝謝。謝謝你，拉里。所以，就額外一週而言，基本上所有的影響都被顧客大宗採購的減少所抵消了。所以，淨效應其實非常小。

In terms of the monthly trends that we're seeing, we're not going to give year-over-year monthly comparisons, and that's really because the reduction in bulk sales and the different number of selling days in the quarter can make that confusing. But I would want you to take away that our -- and Geoff talked about this, our average daily sales rate saw a significant step up in May and then again in June, and that continued into July and August. And we believe this trend will continue.

就我們所看到的月度趨勢而言，我們不會提供同比的月度比較數據，這主要是因為批量銷售的減少以及季度內銷售天數的不同可能會造成混淆。但我想讓大家記住，正如傑夫所說，我們的平均日銷售率在5月份和6月份顯著上升，並且持續到了7月和8月。我們相信這種趨勢將會持續下去。

We've signaled that we believe our second quarter should see improvement roughly equal to the improvement that we saw between the fourth quarter and the first quarter. And just to remind you, the fourth quarter declined 25%, the first quarter 17%. That's a differential of about 8%. That's the kind of improvement that we would expect to see in the second quarter. And then we would expect to continue that improvement into the back half. And by the time we reach our fourth quarter, we would expect to be back to more normal growth when you look at it on a 2-year stacked basis.

我們已經表示，我們相信第二季的改善幅度應該大致相當於第四季和第一季之間的改善幅度。需要提醒的是，第四季下降了25%，第一季下降了17%。兩者之間的差距約為8%。這正是我們預期第二季將出現的改善幅度。我們預計這種改善將延續到下半年。到第四季度，我們預計以兩年疊加的周期來看，經濟將恢復到更正常的成長水準。

I think we have time for maybe 2 more questions.

我想我們還有時間再回答兩個問題。

Our next question comes from Danielle Antalffy with SVB Leerink.

我們的下一個問題來自 SVB Leerink 的 Danielle Antalffy。

I second Robbie's comments on the visual, too. So thanks for that.

我也同意Robbie對視覺效果的評論。謝謝你。

If I could just ask a question, Geoff, on the commentary around market share gains. And I'm curious, just more specifically, tied to sort of what you're talking about with the new infrastructure investments and things like that, that we'll hear more about on the Analyst Day, how much of this sort of reinvigorated effort around really gaining market share and being more aggressive is tied to things like that versus potentially having to build out further from a product perspective and innovate even more on the pipeline? And that's my only question.

傑夫，我想問一個問題，關於市場佔有率成長的評論。更具體地說，我很好奇，與您提到的新的基礎設施投資之類的事情（我們將在分析師日聽到更多相關內容）相關，這種為了真正獲得市場份額和採取更積極行動而做出的重新努力，有多少是與這些事情相關的，還是可能從產品角度進一步拓展，並在產品線方面進行更多創新？這是我唯一的問題。

Well, on the innovation side, I mean, like I said, we feel like we've got a great pipeline, the best we've had, and it's coming to fruition now. And we've got more out there in the medium and long term. But we're not ever going to be satisfied on our pipeline. I mean, innovation is the lifeblood of the company. So we're always going to want to invest more. And really just not -- ultimately, the ultimate judge here would be the level of innovation and the outcomes we can produce with these technologies, both for patients and economic outcomes for the health system. So that's the ultimate.

嗯，就創新方面而言，就像我說的，我們感覺我們擁有很棒的研發管線，是我們迄今為止最好的，現在正在取得成果。從中長期來看，我們還有更多產品線。但我們永遠不會滿足於現有的研發管線。我的意思是，創新是公司的命脈。所以我們總是希望加大投資。而且，最終的評判標準是創新水平以及我們利用這些技術所能帶來的成果，無論是對患者還是對醫療系統的經濟效益。所以，這才是最終的評判標準。

But we don't want to be outspent either. So we are investing more, using these creative, like the Blackstone partnership, using our balance sheet more, trying to get more efficient. We're always going to try to get more efficient in R&D. So we're never going to be satisfied with innovation. Omar used to talk about -- he talks about health care as being like a, by definition, an unlimited demand. As soon as you solve one problem, people want another problem solved, and they want it solved faster. So we're going to keep going on the innovation.

但我們也不想被過度投入。所以我們正在加大投資，利用這些創新資源，像是與黑石的合作關係，多利用我們的資產負債表，努力提高效率。我們始終致力於提高研發效率。所以我們永遠不會滿足於創新。奧馬爾曾經說過──他把醫療保健定義為一種無限的需求。一旦你解決了一個問題，人們就會想要解決另一個問題，而且他們希望這個問題能更快解決。所以我們將繼續創新。

And the market share, it's really -- it's 2 things that we're going to need to do -- well, 3 things really. You need to have the products, right? You have the pipeline, which we've talked about. The other 2 areas that we've talked about is structurally allowing to help increase that innovation, allowing our business units to have more levers to pull, to be more nimble and faster to compete with -- the marketplace in medtech is pretty competitive.

至於市場份額，我們實際上需要做兩件事——嗯，實際上是三件事。你需要有產品，對吧？你需要有產品線，我們已經討論過了。我們討論的另外兩個面向是從結構上幫助提升創新能力，讓我們的業務部門擁有更多槓桿，更靈活、更快速地應對競爭——醫療科技市場的競爭非常激烈。

Like I said, we face a lot of smaller and maybe more focused competition. And I don't really like this idea, well, they're smaller, so they should grow faster. I don't -- I'm not a believer in that. And so neither is our leadership team for that matter, and we're not accepting that. So we want to treat our businesses and give them the ability to compete against anybody, whether it's a big, well-funded or competitor with lots of technology or more established competitor or a smaller, up and coming competitor. We want to be able to compete with all. So making some structural changes to better position them for that.

就像我說的，我們面臨的競爭對手規模更小，也可能更集中。我不太喜歡這種想法，因為他們規模小，所以應該會成長更快。我不信——我不信。我們的領導團隊也不信，我們也不會接受這種說法。所以，我們希望賦予我們的企業與任何對手競爭的能力，無論是資金雄厚的大型企業，還是技術雄厚的成熟企業，還是規模較小、正在崛起的新興企業。我們希望能夠與所有對手競爭。因此，我們正在進行一些結構性改革，以便更好地定位它們。

And then the third is just the cultural piece, is just setting that expectation that we're always going to be a mission-driven company. We're always going to be an innovation-driven company. We're always going to be that company that's pushing the envelope here and starting new therapy areas like an Ardian. We're going to be that company. But we also want to be the company that is able to kind of hold the share in these markets that we establish; and in some cases, like soft tissue robotics where we weren't the first, to come in as a meaningful second. And I think there's room for improvement in the mindset of the company on competing like that. So that's a cultural.

第三點是文化方面，就是建立這樣的期望：我們永遠是一家以使命為導向的公司。我們永遠是一家以創新為導向的公司。我們永遠是那種不斷突破極限、開拓新治療領域的公司，像是Ardian。我們會成為這樣的公司。但我們也希望成為一家能夠在我們建立的市場中佔據一定份額的公司；在某些情況下，例如在軟組織機器人領域，我們並不是第一家，但我們希望成為真正意義上的第二家。我認為公司在這種競爭心態上還有進步的空間。所以，這是一種文化。

So pipeline, always first. Some structural changes that we think we can work through without too much disruption here. And then the cultural changes around expectations on competing.

所以，通路永遠是第一位的。我們認為一些結構性變化可以在不造成太大干擾的情況下完成。然後是圍繞競爭預期的文化變革。

Well take the last question, Regina.

我們來回答最後一個問題，Regina。

Our final question comes from the line of Raj Denhoy with Jefferies.

我們的最後一個問題來自 Jefferies 的 Raj Denhoy。

Wonder if maybe I could ask about Companion Medical. You talked about the potential for that product in the diabetes market. But maybe you could share a little bit about your internal projections for revenue growth for that and when it can start to be a meaningful contributor to your growth.

我想知道我是否可以問一下Companion Medical。您談到了該產品在糖尿病市場的潛力。或許您可以分享一下您對該產品收入成長的內部預測，以及它何時能開始對您們的成長做出有意義的貢獻。

Well first on Companion, we're -- we haven't finalized the acquisition, so we're limited in what we can say. But Sean is the real champion and architect behind on that deal. And so maybe, Sean Salmon is on the phone here. I'll turn it over to Sean for some comments.

首先關於Companion，我們還沒有最終敲定收購，所以能透露的資訊有限。但Sean才是這筆交易的真正推動者和幕後策劃者。所以，Sean Salmon可能正在打電話過來。我把時間交給Sean，聽聽他的意見。

Yes. Great. Yes. Thanks for the question, Raj. Yes. So as Geoff said, the deal is not yet finalized, but the opportunity is very attractive. You heard Geoff's commentary, so there's about 12x the number of patients. It's -- we think by our modeling, it's about 13.5 million patients worldwide who are using multiple daily injections to treat their diabetes. And it's a very, very underpenetrated opportunity. So for us to go into that market and add value to those who either choose to be there or have to be there because of other considerations is where we want to meet those patients.

是的，太好了。是的。謝謝你的提問，Raj。是的。正如Geoff所說，這筆交易尚未最終敲定，但機會非常誘人。你聽到了Geoff的評論，所以病人數量大約是現在的12倍。根據我們的模型，我們認為全球約有1350萬名患者每天使用多次注射來治療糖尿病。這是一個滲透率非常低的機會。因此，對我們來說，進入這個市場，為那些選擇進入或出於其他考慮而不得不進入該市場的患者增加價值，正是我們想要滿足這些患者的需求。

And this really dovetails very nicely into our improving sensor pipeline and adding the capabilities that we've added in the company over time, those building blocks for the powerful AI and data science capabilities, which we think when deployed against, knowing how much insulin you're getting at what time, you can markedly improve the outcomes for patients who choose to use multiple daily injections.

這與我們不斷改進的感測器管道以及我們隨著時間的推移在公司中添加的功能非常契合，這些是強大的人工智慧和數據科學功能的基石，我們認為，當部署這些功能時，知道你在什麼時候注射了多少胰島素，你可以顯著改善選擇每天多次注射的患者的治療結果。

So that does a few things, right? We can capture more of the patients who are upstream and maybe move patients who get comfortable with technology into some other solutions that we have in our automated insulin delivery systems.

這確實有幾個作用，對吧？我們可以吸引更多上游患者，或許也能讓那些適應新技術的患者使用其他自動化胰島素輸送系統的解決方案。

Great. And maybe just, Geoff, one follow-up relative to acquisitions broadly, right? So Companion and other kind of tuck-in deals you've talked about. Should one assume that you have no appetite for larger deals, or you continue to focus really just on the tuck-in side of things? Really just any broader thoughts there would be helpful.

太好了。 Geoff，也許還有關於收購的後續問題，對吧？您之前提到了Companion和其他類型的「tuck-in」交易。您是否應該認為您對更大規模的交易沒有興趣，或者您仍然只專注於“tuck-in”交易？任何更廣泛的想法都會有所幫助。

Focus is on the tuck-ins. And the tuck-ins can get up to $1 billion or low billions. But that's the focus, is we've got -- that's the focus. We like where we are right now and the tuck-ins will help us. But we're not focused beyond that.

重點在於回購。回購金額可能高達10億美元，也可能只有區區數十億美元。但這就是重點，這就是我們的重點。我們喜歡目前的狀況，回購對我們有幫助。但我們不會關注其他方面。

Geoff, would you like to conclude?

傑夫，你想總結一下嗎？

Okay. Well, thanks for the questions. And look, I really appreciate -- we all really appreciate your support and interest in Medtronic. And we're looking forward to presenting more details of our longer-term strategy at our October 14 Investor Day, and then updating you on our quarterly progress on our Q2 Earnings Call, which we anticipate holding on November 24.

好的。謝謝您的提問。我非常感謝—我們都非常感謝您對美敦力的支持和關注。我們期待在10月14日的投資者日上展示更多長期策略的細節，並在預計11月24日舉行的第二季財報電話會議上向您通報季度進度。

So thanks for joining us today, stay healthy and safe, and have a great day.

感謝您今天加入我們，祝福您身體健康、平安，有美好的一天。

Ladies and gentlemen, that will conclude today's call. Thank you all for joining, and you may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝各位的參與，現在可以掛斷電話了。