美敦力 (MDT) 2024 Q1 法說會逐字稿

Good morning. I'm Ryan Weispfenning, Vice President and Head of Medtronic Investor Relations. I appreciate that you're joining us today for our fiscal 2024 first quarter video earnings webcast. We're broadcasting to you today from our operational headquarters here in Minnesota, where summer is in full force.

早上好。我是瑞安·韋斯芬寧 (Ryan Weispfenning)，美敦力 (Medtronic) 副總裁兼投資者關係主管。感謝您今天加入我們的 2024 財年第一季度視頻收益網絡廣播。今天，我們從位於明尼蘇達州的運營總部向您廣播，那裡正值夏季。

Before we go inside to hear our prepared remarks, I'll share a few details about today's webcast. Joining me are Geoff Martha, Medtronic Chairman and Chief Executive Officer; and Karen Parkhill, Medtronic Chief Financial Officer. Geoff and Karen will provide comments on the results of our first quarter, which ended on July 28, 2023, and our outlook for the remainder of the fiscal year.

在我們進去聽取準備好的發言之前，我將分享有關今天網絡廣播的一些細節。與我一起出席的還有美敦力 (Medtronic) 董事長兼首席執行官傑夫·瑪莎 (Geoff Martha)；和美敦力首席財務官 Karen Parkhill。 Geoff 和 Karen 將對我們截至 2023 年 7 月 28 日的第一季度業績以及我們對本財年剩餘時間的展望發表評論。

After our prepared remarks, the executive VPs from each of our four segments will join us and we'll take questions from the sell-side analysts that cover the company.

在我們準備好的發言之後，我們四個部門的執行副總裁將加入我們，我們將回答覆蓋該公司的賣方分析師的問題。

Today's program should last about an hour.

今天的節目應該持續大約一個小時。

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

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

During today's program, many of the statements we make may be considered forward-looking statements, and actual results may differ materially from those projected in any forward-looking statement. Additional information concerning factors that could cause actual results to differ is contained in our periodic reports and other filings that we make with the SEC.

在今天的節目中，我們所做的許多陳述可能被視為前瞻性陳述，實際結果可能與任何前瞻性陳述中預測的結果存在重大差異。有關可能導致實際結果不同的因素的更多信息包含在我們向 SEC 提交的定期報告和其他文件中。

And we do not undertake to update any forward-looking statement.

我們不承諾更新任何前瞻性聲明。

Unless we say otherwise, all comparisons are on a year-over-year basis and revenue comparisons are made on an organic basis, which excludes the impact of foreign currency and first quarter revenue in the current and prior year reported as other, which stems from prior business separations.

除非我們另有說明，所有比較都是按年比較，收入比較是在有機基礎上進行的，不包括外幣和本年度和上一年報告為其他的第一季度收入的影響，這源於之前的業務分離。

References to sequential revenue changes compared to the fourth quarter of fiscal '23 and are made on an as-reported basis and all references to share gains or losses refer to revenue share in the second calendar quarter of 2023 compared to the second calendar quarter of 2022, unless otherwise stated.

所提及的與23 財年第四季度相比的連續收入變化是在報告的基礎上進行的，所有提及的份額收益或損失都是指2023 年第二季度與2022 年第二季度相比的收入份額， 除非另有說明。

Reconciliations of all non-GAAP financial measures can be found in our earnings press release or on our website at investorrelations.medtronic.com.

所有非 GAAP 財務指標的調節表可在我們的收益新聞稿或我們的網站 Investorrelations.medtronic.com 上找到。

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.

最後，我們的每股收益指引不包括本財年收益的非公認會計原則調整報告的任何費用或收益。

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

接下來，讓我們走進工作室，聽聽這個季度的情況。

Hello, everyone, and thank you for joining us today. We are pleased with the strong start of our fiscal year. We executed and delivered another quarter of mid-single-digit organic revenue growth. Our solid results were broad-based with each of our four segments delivering 6% growth driven by execution, innovation and much improved underlying fundamentals in our markets and supply chain.

大家好，感謝您今天加入我們。我們對本財年的強勁開局感到高興。我們又實現了一個季度中個位數的有機收入增長。我們的堅實業績基礎廣泛，在執行力、創新以及市場和供應鏈的基本面大幅改善的推動下，我們的四個細分市場均實現了 6% 的增長。

We also continued to make great strides on our comprehensive transformation, which is designed to get at the root of what has held back our growth. We're executing large-scale functional improvements to global operations, supply chain and quality.

我們還繼續在全面轉型方面取得重大進展，旨在從根源上解決阻礙我們發展的問題。我們正在對全球運營、供應鍊和質量進行大規模的功能改進。

And we're also decisively allocating capital, particularly to our programs in fast secular growth markets, as well as focusing our R&D investments on technology megatrends like robotics and artificial intelligence that will drive growth in our industry over the next decade. And at the same time, we remain focused on our ongoing portfolio management efforts.

我們還果斷地分配資本，特別是我們在快速長期增長市場中的項目，並將我們的研發投資集中在機器人和人工智能等技術大趨勢上，這些趨勢將在未來十年推動我們行業的增長。與此同時，我們仍然專注於正在進行的投資組合管理工作。

And taken together, we expect this continued focus on executing our transformation will ensure durable top and bottom line growth and create value for our shareholders.

總而言之，我們預計繼續專注於執行轉型將確保持久的營收和利潤增長，並為股東創造價值。

So let's turn now to the details of our Q1 results. We had another strong quarter of growth from our largest businesses: Cranial & Spinal, Surgical & Cardiac Rhythm. These businesses have durable established leadership positions, and combined, they've made up just under half of our revenue and grew 6% organic.

現在讓我們來看看第一季度業績的詳細信息。我們最大的業務又一個強勁的季度增長：顱腦和脊髓、外科和心律。這些業務擁有持久的既定領導地位，加起來，它們占我們收入的近一半，有機增長 6%。

Starting with Cranial & Spinal Technologies, we had another great quarter, growing 6% globally and 8% in the U.S. driven by our market-leading Aible ecosystem. We're seeing growth in both neurosurgery capital equipment and the associated pull-through of our best-in-class spinal implants and biologics as surgeons continue to adopt Aible. Neurosurgery grew 5%, including double-digit growth in Mazor Robotics and high single-digit growth in StealthStation navigation. And Spine & Biologics grew 7% globally and 9% in the U.S.

從顱骨和脊柱技術開始，我們又迎來了一個出色的季度，在我們市場領先的 Aible 生態系統的推動下，全球增長了 6%，美國增長了 8%。隨著外科醫生繼續採用 Aible，我們看到神經外科資本設備以及相關的一流脊柱植入物和生物製劑的增長。神經外科增長了 5%，其中 Mazor Robotics 實現兩位數增長，StealthStation 導航實現個位數高增長。 Spine & Biologics 全球增長 7%，美國增長 9%

These results demonstrate our successful strategy of offering surgeons a differentiated and innovative ecosystem, including our AI-enabled surgical planning platform and patient-specific customized implants, along with imaging, navigation and robotic technologies.

這些結果證明了我們為外科醫生提供差異化​​和創新生態系統的成功戰略，包括我們的人工智能手術規劃平台和患者特定的定制植入物，以及成像、導航和機器人技術。

Now moving to Surgical, we grew 7%. Supply continued to improve, and this drove high single-digit growth in Advanced Surgical Technologies. And we had particular strength in Advanced Energy as we continued the rollout of our LigaSure XP and cordless Sonicision 7.

現在轉向外科，我們增長了 7%。供應持續改善，這推動了先進外科技術的高個位數增長。隨著我們繼續推出 LigaSure XP 和無繩 Sonicision 7，我們在 Advanced Energy 領域擁有特殊優勢。

Cardiac Rhythm grew 5% with mid-single-digit growth in defibrillation solutions, diagnostics and cardiac pacing. And now with in pacing, we had strong mid-teens growth in our Micra leadless pacemaker franchise. And we launched our next-generation micro devices, AV2 and VR2 in the U.S. These tiny 0.8 CC devices have a battery life of 16 and 17 years, respectively, 40% longer than our previous generation and well beyond average battery life of competing products.

心律增長 5%，除顫解決方案、診斷和心臟起搏業務實現中個位數增長。現在，在起搏方面，我們的 Micra 無引線起搏器系列產品實現了強勁的十幾歲左右的增長。我們在美國推出了下一代微型設備 AV2 和 VR2。這些微型 0.8 CC 設備的電池壽命分別為 16 年和 17 年，比我們上一代產品長 40%，遠遠超出競爭對手產品的平均電池壽命。

We're also seeing EPs rapidly adopt conduction system pacing as an alternative to traditional single- or dual-chamber pacing. Our 3830 lead is the only one approved for conduction system pacing in the U.S. and it grew 45% in the quarter.

我們還看到 EP 迅速採用傳導系統起搏作為傳統單腔或雙腔起搏的替代方案。我們的 3830 領先產品是美國唯一一款獲准用於傳導系統起搏的產品，本季度增長了 45%。

Looking ahead, we're preparing to launch the Aurora EV-ICD later this year. Aurora is a game changer for the ICD space. It delivers the benefits of a traditional ICD including the same size, longevity and pacing features, but without leads in the heart or veins.

展望未來，我們準備在今年晚些時候推出 Aurora EV-ICD。 Aurora 是 ICD 領域的遊戲規則改變者。它具有傳統 ICD 的優點，包括相同的尺寸、壽命和起搏功能，但在心臟或靜脈中沒有引線。

Turning to our synergistic businesses. There were several notable performances this quarter. Cardiac surgery grew 8% again this quarter, with strength in perfusion and cannula. Our aortic and ENT businesses both grew double digits driven in part by improved product availability.

轉向我們的協同業務。本季度有幾項引人注目的表現。本季度心臟手術再次增長 8%，其中灌注和插管手術強勁。我們的主動脈和耳鼻喉業務均實現兩位數增長，部分原因是產品可用性的提高。

Peripheral Vascular grew mid-single digits with low double-digit growth in drug-coated balloons and high single-digit growth and superficial vein therapy.

外周血管增長為中個位數，其中藥物塗層球囊實現低兩位數增長，而淺靜脈治療則實現高個位數增長。

Neuromodulation grew mid-single digits in both Pain Stim and brain modulation, driven by new implants of Intellis with DTM and Percept PC with BrainSense.

在帶有 DTM 的 Intellis 和帶有 BrainSense 的 Percept PC 的新植入物的推動下，神經調節在疼痛刺激和大腦調節方面均實現了中個位數增長。

And just last week, we received CE Mark approval for our next-generation spinal cord stimulator, Inceptiv, which will be available in Europe in the coming months. Inceptiv incorporates closed-loop therapy with ECAPs, the result of decades of Medtronic R&D, to unlock the ability to listen and respond to signals along the spinal cord.

就在上週，我們的下一代脊髓刺激器 Inceptiv 獲得了 CE 標誌批准，該產品將於未來幾個月在歐洲上市。 Inceptiv 將閉環療法與 ECAP 相結合，這是美敦力數十年研發的成果，可解鎖沿脊髓聆聽和響應信號的能力。

Both our largest and synergistic businesses had really strong quarters. And our businesses that compete in high secular growth med tech markets, they did as well. All combined, these businesses made up 20% of our revenue and grew in the high single digits in Q1.

我們最大的協同業務都有非常強勁的季度業績。我們在長期高速增長的醫療技術市場中競爭的企業也做到了這一點。這些業務加起來占我們收入的 20%，並且在第一季度實現了較高的個位數增長。

We continue to disproportionately invest in these businesses, and we expect them to become a larger part of our revenue mix and be large contributors to our durable growth in the future.

我們繼續對這些業務進行不成比例的投資，我們預計它們將成為我們收入組合的更大組成部分，並為我們未來的持久增長做出巨大貢獻。

Starting with Structural Heart, transcatheter valves grew 11% globally, including 12% growth in the U.S. and 21% growth in Japan. We continued to see improvements in the TAVR space and adoption of our differentiated Evolut FX valve. Evolut FX combines enhanced and predictable valve deployment with industry-leading durability. And next Monday, we're looking forward to the presentation of the NOTION 10-year data at ESC, which will look at the durability of the CoreValve and Evolut valves compared to surgery over a decade.

從結構心臟開始，經導管瓣膜全球增長了 11%，其中美國增長了 12%，日本增長了 21%。我們繼續看到 TAVR 領域的改進以及我們差異化的 Evolut FX 瓣膜的採用。 Evolut FX 將增強且可預測的閥門部署與行業領先的耐用性相結合。下週一，我們期待在 ESC 上展示 NOTION 10 年數據，該數據將研究 CoreValve 和 Evolut 瓣膜與手術十年相比的耐用性。

In Neurovascular, we grew mid-single digits when you exclude China where the market is subject to volume-based procurement. Global growth was fueled by continued strength in flow diversion. We're seeing strong adoption of our Shield technology for treating aneurysms, which is available on our Pipeline Flex and Pipeline Vantage flow diverters.

在神經血管領域，當您排除中國市場時，我們的增長率為中個位數，因為該市場實行基於數量的採購。全球經濟增長得益於流量分流的持續強勁。我們看到我們的 Shield 技術在治療動脈瘤方面得到了廣泛採用，該技術可在我們的 Pipeline Flex 和 Pipeline Vantage 分流器上使用。

And Cardiac Ablation Solutions grew 5%. And as you know, pulsed ablation has become one of the most anticipated technologies in medtech. And we will be leading the way in bringing PFA catheters to market for both focal and single-shot segments.

心臟消融解決方案增長了 5%。如您所知，脈衝消融已成為醫療技術領域最受期待的技術之一。我們將率先將 PFA 導管推向焦點和單次市場市場。

We're continuing the limited market release in Europe for Affera mapping and ablation system, including our Sphere 9 focal catheter. Sphere 9 can perform both PFA and RF ablation and delivers high-density mapping, all from the same catheter.

我們將繼續在歐洲有限市場發布 Affera 標測和消融系統，包括我們的 Sphere 9 焦點導管。 Sphere 9 可以執行 PFA 和 RF 消融，並提供高密度標測，所有這些都來自同一根導管。

Turning to our single-shot PFA catheter, PulseSelect, we filed for approval with U.S. FDA and expect to be one of the first companies with a PFA catheter in the U.S. market. With our PFA catheters and the Affera map nav system, combined with our leading Arctic Front crowd solution and differentiated AcQCross Transseptal Access System, we're poised to become a more meaningful player in the fast-growing $8 billion EP ablation space.

談到我們的單次 PFA 導管 PulseSelect，我們已向美國 FDA 申請批准，並有望成為美國市場上首批擁有 PFA 導管的公司之一。憑藉我們的PFA 導管和Affera 地圖導航系統，再加上我們領先的Arctic Front 人群解決方案和差異化的AcQCross 房間隔接入系統，我們準備在快速增長的80 億美元EP 消融領域成為更有意義的參與者。

In Robotic Surgical Technologies, we increased our installed base as we continue the international rollout of our differentiated Hugo robotic system. And we've activated new sites in our EXPAND URO U.S. pivotal trial which continues to progress to plan. We expect Hugo to be a meaningful growth driver for us in the years ahead, given its differentiated value proposition, our leading position in minimally invasive surgery and the low penetration of robotic surgery around the world.

在機器人手術技術方面，隨著我們繼續在國際上推出差異化的 Hugo 機器人系統，我們增加了我們的安裝基礎。我們已經在 EXPAND URO 美國關鍵試驗中激活了新站點，該試驗繼續按計劃進行。鑑於 Hugo 的差異化價值主張、我們在微創手術領域的領先地位以及機器人手術在全球的低滲透率，我們預計 Hugo 將在未來幾年成為我們有意義的增長動力。

And in Diabetes, we had a good quarter as we continued to see very strong demand for the MiniMed 780G AID system in markets around the world. 780G is a true second-generation AID system and is the only one with 5-minute adjustments in auto corrections and Meal Detection technology.

在糖尿病領域，我們度過了一個不錯的季度，因為我們繼續看到世界各地市場對 MiniMed 780G AID 系統的強勁需求。 780G是真正的第二代AID系統，是唯一具有5分鐘自動校正和進餐檢測技術調整的系統。

We're getting great feedback that users are feeling a difference within 1 to 2 days. And our real-world evidence indicates that 90% of users are achieving or exceeding their glycemic targets when using or recommended settings as well as getting burden reduction in their diabetes management.

我們收到了很好的反饋，用戶在 1 到 2 天內感受到了不同。我們的現實證據表明，90% 的用戶在使用或推薦的設置時達到或超過了他們的血糖目標，並減輕了糖尿病管理的負擔。

And this differentiated value proposition is showing up in our results. Non-U.S. developed markets grew 18%, our highest growth in 4 years, driven by both 780G adoption and increased CGM attachment rates. And in the U.S., we're seeing great results and momentum from the 780G launch.

這種差異化的價值主張正在我們的結果中得到體現。非美國受 780G 採用率和 CGM 連接率增加的推動，發達市場增長了 18%，這是 4 年來的最高增長。在美國，我們看到 780G 的推出取得了巨大的成果和勢頭。

First, the launch drove low 30s growth in our U.S. durable pump sales. Second, we're seeing our prescriber base rapidly expand. Since we last talked to you at ADA in late June, we've had a 30% increase in unique prescribers with now over 13,000 since launch. Third, we've had over half of our 770G installed base upgrade or place an order for the 780G since launch. And not only is demand coming from our existing installed base, but we're also getting competitive conversions. And finally, we're seeing very high CGM attachment rates in the 780G installed base, which will drive our economics and gives us confidence in accelerating growth.

首先，該產品的推出推動了我們美國耐用泵銷量 30 多歲的低增長。其次，我們看到我們的處方者基礎迅速擴大。自 6 月底我們上次在 ADA 與您交談以來，自推出以來，我們的獨特處方者數量增加了 30%，目前已超過 13,000 名。第三，自推出以來，我們已經有超過一半的 770G 安裝基礎升級或訂購了 780G。需求不僅來自我們現有的安裝基礎，而且我們還獲得了有競爭力的轉換。最後，我們看到 780G 安裝基礎中的 CGM 連接率非常高，這將推動我們的經濟發展，並讓我們對加速增長充滿信心。

So the turnaround in Diabetes is real and underway, and I am pleased with the progress the team is making. And we're just at the beginning of this inflection point for the business. As we shared with you at our ADA investor briefing in June, we see the intensive insulin space moving from primarily stand-alone CGM today to one that is smart dosing through either AID systems or smart MDI.

因此，糖尿病的轉變是真實的並且正在進行中，我對團隊所取得的進展感到高興。我們正處於業務拐點的開始階段。正如我們在 6 月份的 ADA 投資者簡報會上與您分享的那樣，我們看到密集型胰島素領域已從如今主要的獨立 CGM 轉向通過 AID 系統或智能 MDI 進行智能給藥的領域。

And we are well positioned for this trend. We continue to invest heavily in next-generation durable pumps, smart pens, patch pumps, sensors and algorithms with multiple programs under development.

我們已經為這一趨勢做好了準備。我們繼續大力投資下一代耐用泵、智能筆、貼片泵、傳感器和算法，並正在開發多個程序。

And importantly, we're the only company assembling this complete ecosystem of differentiated technology for people living with diabetes.

重要的是，我們是唯一一家為糖尿病患者構建完整的差異化技術生態系統的公司。

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

接下來，我將把它交給凱倫討論我們的財務業績和 24 財年指導方針的提高。凱倫？

Thanks, Geoff. As Geoff mentioned, we had a strong start to our fiscal year, with 6% revenue growth coming in ahead of expectations. We also had good growth on the bottom line with non-GAAP EPS of $1.20, up 6%. This was $0.09 above the midpoint of our guidance range with $0.07 coming from better-than-expected operational performance and $0.02 from FX.

謝謝，傑夫。正如 Geoff 提到的，我們的財年開局良好，收入增長 6%，超出預期。我們的淨利潤也取得了良好的增長，非 GAAP 每股收益為 1.20 美元，增長了 6%。這比我們指導範圍的中點高出 0.09 美元，其中 0.07 美元來自好於預期的運營業績，0.02 美元來自外匯。

We're focused on positioning Medtronic to drive durable growth. You've seen that over the last several quarters on the top line, and as we talked about on our last call, stabilizing and then ultimately improving gross margins remains a priority for us.

我們致力於將美敦力定位為推動持久增長。您已經在過去幾個季度的營收中看到了這一點，正如我們在上次電話會議中談到的那樣，穩定並最終提高毛利率仍然是我們的首要任務。

The breadth of our revenue growth this quarter is notable. As Geoff mentioned, each of our four business segments grew 6%. And by geography, non-U.S. developed and emerging markets, both grew in the high single digits with the U.S. growing mid-single digits. Western Europe grew 8% again this quarter with high single-digit growth in Cardiovascular and Medical Surgical and high teens growth in Diabetes. Emerging markets grew 8% and were affected by new sanctions in Russia and ongoing VBP impact in China. That said, China growth at 4% was better than expected given some provincial VBP delays to later in the year and strong procedure recovery. Excluding China and Russia, emerging markets grew in the high teens with mid-teens growth in Southeast Asia and the Middle East and Africa and high-teens growth in Latin America and South Asia.

本季度我們收入增長的幅度引人注目。正如 Geoff 提到的，我們的四個業務部門均增長了 6%。從地域來看，美國以外的發達市場和新興市場均實現高個位數增長，而美國則實現中個位數增長。西歐本季度再次增長 8%，心血管和醫療外科領域實現高個位數增長，糖尿病領域實現十幾歲增長。新興市場增長了 8%，受到俄羅斯新制裁和中國持續的 VBP 影響的影響。儘管如此，鑑於一些省份 VBP 推遲到今年晚些時候以及手術恢復強勁，中國 4% 的增長率好於預期。除中國和俄羅斯外，新興市場的增長率為十幾歲，其中東南亞、中東和非洲的增長率為中十幾歲，拉丁美洲和南亞的增長率為十幾歲。

Turning to margins. Our adjusted gross margin was relatively stable year-over-year and ahead of expectations with better-than-expected pricing and less-than-expected impact from currency, offsetting inflationary pressures.

轉向邊緣。我們的調整後毛利率同比相對穩定，超出預期，定價好於預期，貨幣影響低於預期，抵消了通脹壓力。

Our operating margin increased 90 basis points, driven by revenue out-performance and our focus on expense management, particularly in our G&A line.

在收入表現出色以及我們對費用管理（尤其是 G&A 業務）的關注的推動下，我們的營業利潤率增長了 90 個基點。

Below the operating profit line, our adjusted nominal tax rate was 15.8%, above expectations, driven by a change in Puerto Rico tax law. The change drove an approximate 120 basis point increase in our tax line, offset by a corresponding decrease in other operating expense. So the change was net neutral to earnings.

在營業利潤線以下，由於波多黎各稅法的變化，我們調整後的名義稅率為 15.8%，高於預期。這一變化導致我們的稅額增加了約 120 個基點，但被其他運營費用的相應減少所抵消。因此，這一變化對收益而言是淨中性的。

Turning to capital allocation. We're prioritizing investments in innovation as we disproportionately invest in high-growth, high-return opportunities. We do this through multiple channels, including organic R&D, minority investments, strategic partnerships and disciplined acquisitions.

轉向資本配置。我們優先投資創新，因為我們不成比例地投資於高增長、高回報的機會。我們通過多種渠道做到這一點，包括有機研發、少數股權投資、戰略合作夥伴關係和嚴格的收購。

At the same time, we prioritize returning a minimum of 50% of our free cash flow to our shareholders, primarily through our strong and growing dividend.

與此同時，我們優先考慮將至少 50% 的自由現金流返還給股東，主要是通過強勁且不斷增長的股息。

We also continue to advance our active portfolio management. Last quarter, we moved our Renal Care Solutions business into a joint venture with DaVita. We've been focused on the separation of Patient Monitoring and Respiratory Interventions. And as we noted in our 10-K, we now expect to complete the separation in the first half of next fiscal year, if not sooner as we've been evaluating different types of transactions to maximize shareholder value.

我們還繼續推進積極的投資組合管理。上季度，我們將腎臟護理解決方案業務轉移到與 DaVita 的合資企業中。我們一直專注於患者監測和呼吸乾預的分離。正如我們在 10-K 中指出的那樣，我們現在預計將在下一財年上半年完成分拆，甚至更早，因為我們一直在評估不同類型的交易以實現股東價值最大化。

We've always said a spin sets a high bar, and it remains the likely way we'll separate these businesses.

我們總是說，分拆設定了很高的標準，這仍然是我們分離這些業務的可能方式。

Now turning to guidance. With our outperformance in the first quarter and improved underlying fundamentals, we're raising our full year revenue and EPS guidance. We now expect fiscal '24 organic revenue growth of 4.5%, an increase from the prior range of 4% to 4.5%. This guidance excludes the impact of foreign currency and revenue from our new Other segment, and I direct you to the guidance slide in our earnings presentation for additional details.

現在轉向指導。由於我們第一季度的優異表現和基本面的改善，我們正在提高全年收入和每股收益指導。我們現在預計 24 財年有機收入增長 4.5%，高於之前的 4% 至 4.5%。本指引不包括外幣和我們新的其他部門收入的影響，我將引導您查看我們收益演示中的指引幻燈片以了解更多詳細信息。

In the second quarter, we're expecting organic revenue growth to be in the range of 4% to 4.5%. On a comp-adjusted basis, this represents an acceleration over the first quarter. And we expect a steady acceleration in underlying growth in the back half of the year as well.

我們預計第二季度有機收入增長將在 4% 至 4.5% 之間。在補償調整後的基礎上，這比第一季度有所加速。我們預計今年下半年的基本增長也會穩步加速。

While the impact of currency is fluid, based on recent rates, foreign currency would have a neutral impact on full year revenue, including a favorable impact of $85 million to $135 million in the second quarter.

雖然貨幣的影響是不穩定的，但根據最近的匯率，外幣將對全年收入產生中性影響，包括第二季度 8500 萬至 1.35 億美元的有利影響。

Moving down the P&L. As we have said before, we expect inflation and currency pressures this fiscal year. And we do expect some of the delayed impact from the provincial VBPs that benefited us in the first quarter to come later in the year.

損益表向下移動。正如我們之前所說，我們預計本財年將出現通脹和貨幣壓力。我們確實預計，第一季度使我們受益的省級 VBP 帶來的一些延遲影響將在今年晚些時候顯現。

However, you are beginning to see the results from the actions we are taking to drive structural changes in our global operations and supply chain. To give a few examples, we're moving to fewer, more strategic suppliers that are giving us better terms. And we're implementing improvements to run our factories more efficiently and reliably.

然而，您已經開始看到我們為推動全球運營和供應鏈結構性變革而採取的行動所取得的成果。舉幾個例子，我們正在轉向數量更少、更具戰略意義的供應商，這些供應商為我們提供了更好的條件。我們正在實施改進，以更高效、更可靠地運營我們的工廠。

There is more to come, and we expect this will drive stabilization in our gross margin over time and then improve it from there.

未來還會有更多的事情發生，我們預計這將隨著時間的推移推動我們的毛利率穩定，然後從那裡開始改善。

On the bottom line, we're raising our fiscal '24 non-GAAP diluted EPS guidance to the new range of $5.08 to $5.16, an increase from the prior range of $5 to $5.10. This is a $0.07 increase at the midpoint, in line with the first quarter operational beat.

總而言之，我們將 24 財年非 GAAP 攤薄後每股收益指引上調至 5.08 美元至 5.16 美元的新範圍，較之前的 5 美元至 5.10 美元的範圍有所提高。中間值增加了 0.07 美元，與第一季度的運營節奏一致。

The guidance range continues to include an unfavorable 6% impact from foreign currency based on recent rates. The projected 6% annual FX impact is unchanged from May as the $0.02 of FX upside in the first quarter is now offset later in the year.

根據近期匯率，指導範圍繼續包括外幣 6% 的不利影響。預計 6% 的年度外匯影響與 5 月份相比保持不變，因為第一季度 0.02 美元的外匯上漲現已在今年晚些時候被抵消。

For the second quarter, we expect EPS of $1.16 to $1.20, including a 6% unfavorable impact from foreign currency based on recent rates.

我們預計第二季度每股收益為 1.16 美元至 1.20 美元，其中包括根據近期匯率計算的 6% 的外匯不利影響。

Before sending it back to Geoff, I'd like to acknowledge our employees who are watching today. I truly appreciate your focus on driving change to execute well and deliver on our priorities. It is that focus that contributes to these results and fulfills our enduring mission to alleviate pain, restore health and extend life for millions of patients around the globe.

在將其發回給傑夫之前，我要感謝今天觀看的我們的員工。我衷心感謝您專注於推動變革，以更好地執行並實現我們的優先事項。正是這種專注促成了這些成果，並履行了我們為全球數百萬患者減輕痛苦、恢復健康和延長生命的持久使命。

Thank you. Back to you, Geoff.

謝謝。回到你身邊，傑夫。

Okay. Thank you, Karen. Now before we go to the analyst questions, I'll close with a few thoughts. First, Q1 was a strong start to our year and we're establishing a track record of delivering dependable mid-single-digit growth. We're executing and bringing innovation in the market. We're making progress in countering the impacts that inflation and currency are having on our margins. And we expect this to lead to stabilization and then improvement over time.

好的。謝謝你，凱倫。現在，在我們討論分析師問題之前，我將用一些想法作為結束語。首先，第一季度是我們今年的強勁開局，我們正在建立可靠的中個位數增長的記錄。我們正在執行並為市場帶來創新。我們在應對通貨膨脹和貨幣對我們利潤的影響方面正在取得進展。我們預計這將導致穩定，然後隨著時間的推移而改善。

We're also seeing improved underlying fundamentals in our supply chain and in our markets, across our businesses and geographies. And like I said earlier, we're at the beginning of an inflection point in our Diabetes business and we're seeing strength in our established market-leading businesses like CRM and Spine. And with our pipeline, we have several important growth catalysts that we expect to come to market over the coming quarters.

我們還看到我們的供應鏈、市場、各業務和地區的基本面得到改善。正如我之前所說，我們的糖尿病業務正處於拐點的開始，我們看到了 CRM 和 Spine 等成熟的市場領先業務的實力。通過我們的管道，我們有幾個重要的增長催化劑，我們預計將在未來幾個季度推向市場。

So we're on the right path and building momentum. And underneath all of this, what may be less visible to you are the steps we've taken to transform the company, tackling the root causes of what have made our growth less dependable in the past. We're ensuring a performance-driven culture, partially driven by a number of new leaders in the company. We're advancing our capital allocation and portfolio management priorities to take advantage of high-growth opportunities. And we're executing on the programs that we believe will lead to scale advantages, whether that's in our now centralized global operations and supply chain organization or in how we go to market with large enterprise customers around the world or in how we're leveraging core technologies and implementing new innovations across our businesses.

因此，我們正走在正確的道路上並正在積聚動力。在這一切的背後，您可能不太明顯的是我們為公司轉型所採取的步驟，解決了過去導致我們增長不那麼可靠的根本原因。我們正在確保一種以績效為導向的文化，這在一定程度上是由公司的一些新領導者推動的。我們正在推進資本配置和投資組合管理優先事項，以利用高增長機會。我們正在執行我們相信將帶來規模優勢的計劃，無論是在我們現在集中的全球運營和供應鏈組織中，還是在我們如何與世界各地的大型企業客戶一起進入市場，或者在我們如何利用核心技術並在我們的業務中實施新的創新。

Now to accelerate this last area, we created a new position of Chief Technology and Innovation Officer and hired Ken Washington this past quarter to fill that role. Ken was recently at Amazon, where he led consumer robotics, and before that, was Chief Technology Officer at Ford Motor Company and VP of the Advanced Technology Center at Lockheed Martin Space Systems. I look forward to sharing more details in the quarters ahead on how Ken is leading our efforts to leverage technologies like robotics and AI across the enterprise, which we believe will lead to new, differentiated therapies for patients and better experiences for our customers.

現在，為了加速最後一個領域的發展，我們設立了一個新的首席技術和創新官職位，並在上個季度聘請肯·華盛頓來填補該職位。 Ken 最近在亞馬遜負責消費機器人業務，在此之前，他曾擔任福特汽車公司的首席技術官和洛克希德·馬丁空間系統公司的先進技術中心副總裁。我期待在未來幾個季度分享更多細節，了解Ken 如何領導我們在整個企業中利用機器人和人工智能等技術，我們相信這將為患者帶來新的差異化療法，並為我們的客戶帶來更好的體驗。

So this is an extensive transformation. Yes, there's still work to be done, but you're seeing some of the benefits in our results. And you should expect to see more of this over time as we continue to work toward delivering durable revenue and earnings growth, which, combined with a growing dividend, is a winning formula for creating value for our shareholders.

所以這是一個廣泛的轉變。是的，還有很多工作要做，但您已經從我們的結果中看到了一些好處。隨著時間的推移，隨著我們繼續努力實現持久的收入和盈利增長，您應該會看到更多這樣的情況，這與不斷增長的股息相結合，是為股東創造價值的製勝公式。

Now let's move to Q&A where we're going to try to get to as many analysts as possible. (Operator Instructions)

現在讓我們進入問答環節，我們將嘗試聯繫盡可能多的分析師。 （操作員說明）

I also want to note that today is the first time we have Mike Marinaro, who runs our Surgical and our Endoscopy businesses joining us for the Q&A. Now Bob White's focus is on the PMRI businesses as we separate, which is a heavy lift. And we have Mike focused on the other two MedSurg businesses. So today, if you have questions on Surgical or Endoscopy, direct to the Mike. And PMRI questions can go to Bob.

我還想指出，今天是我們第一次邀請負責外科和內窺鏡業務的邁克·馬里納羅 (Mike Marinaro) 加入我們的問答環節。現在，隨著我們的分離，鮑勃·懷特 (Bob White) 的重點是 PMRI 業務，這是一項艱鉅的任務。我們讓 Mike 專注於另外兩項 MedSurg 業務。因此，今天，如果您對手術或內窺鏡檢查有疑問，請直接向 Mike 諮詢。 PMRI 問題可以向 Bob 提出。

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

那麼，布拉德，您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, Karen and Ryan are joined by Que Dallara, EVP and President of Diabetes; Mike Marinaro, EVP and President of the Surgical and Endoscopy businesses; Sean Salmon, EVP and President of the Cardiovascular portfolio; Brett Wall, EVP and President of the Neuroscience portfolio; and Bob White, EVP and President of the Medical Surgical portfolio. We'll pause for a few seconds to assemble the queue.

（操作員說明）最後，請注意，本次問答環節正在錄製中。出席今天的會議的有 Geoff、Karen 和 Ryan，執行副總裁兼糖尿病業務總裁 Que Dallara 也參加了今天的會議。 Mike Marinaro，執行副總裁兼外科和內窺鏡業務總裁； Sean Salmon，執行副總裁兼心血管產品組合總裁； Brett Wall，執行副總裁兼神經科學產品組合總裁；以及執行副總裁兼醫療外科產品組合總裁鮑勃·懷特 (Bob White)。我們將暫停幾秒鐘來組裝隊列。

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

我們將回答 Evercore ISI 的 Vijay Kumar 提出的第一個問題。

Geoff, congrats on good print here, good execution. Maybe my first one on Diabetes here. The 30% U.S. growth numbers here, I think that's a revenue number. You know what the comp growth number was in the U.S.? And how much of this was existing customers? How much of this growth is grown by existing customers upgrading the 770G users versus new customer adds?

傑夫，祝賀這裡的良好印刷和良好執行。也許是我在這裡寫的第一篇關於糖尿病的文章。這里美國 30% 的增長數字，我認為這是一個收入數字。您知道美國的複合增長率是多少嗎？其中有多少是現有客戶？這一增長有多少是由現有客戶升級 770G 用戶和新增客戶帶來的？

Thanks, Vijay, for the question. Yes. Well, first of all, let me just say we're really pleased with the momentum we have in Diabetes. I mean and I think we're on the kind of early stages, a growth acceleration there. We're seeing great outcomes in patients.

謝謝維杰的提問。是的。首先，我想說的是，我們對糖尿病領域的發展勢頭感到非常滿意。我的意思是，我認為我們正處於早期階段，那裡正在加速增長。我們在患者身上看到了很好的結果。

Like I mentioned in the commentary, a significant increase in unique prescribers, a much higher attachment rate of CGM, which will really impact our economics. That's where a lot of the profit comes from. And we think this is durable and in line with the market trends of time and range and moving to automated insulin delivery. And we've got a nice pipeline coming down the path as well.

正如我在評論中提到的，獨特處方者的顯著增加，連續血糖監測的使用率更高，這將真正影響我們的經濟。這就是很多利潤的來源。我們認為這是持久的，符合時間和範圍的市場趨勢，並轉向自動化胰島素輸送。我們也有一個很好的管道。

But to answer those specific questions, I'm going to turn to Que, as you know, who runs that business. Que, do you want to touch on Vijay's specific questions?

但為了回答這些具體問題，我將請教負責該業務的闕，如您所知。問，您想談談 Vijay 的具體問題嗎？

Yes. Thanks, Geoff. Thank you, Vijay. We're really pleased with the momentum we're seeing in the U.S. so far. In terms of what's driving the low 30s AID growth in the U.S., it's both our existing installed base of 770G users that have upgraded. We've had more than 50% of that cohort upgrade or in the process of upgrading. But we're also seeing growth coming from new patients. We've had the highest new patient growth in 3 years and that's coming from MDI as well as competitive switches.

是的。謝謝，傑夫。謝謝你，維杰。我們對迄今為止在美國看到的勢頭感到非常滿意。就推動美國 30 歲以下 AID 增長的原因而言，我們現有的 770G 用戶群已經升級。我們已經對超過 50% 的同類進行了升級或正在升級。但我們也看到新患者的增長。我們的新患者增長是三年來最高的，這來自 MDI 以及競爭性開關。

That's helpful to hear. Maybe, Geoff, I have one quick follow up. A lot of questions here on China. The new anticorruption campaign, we're seeing some headlines, a lot of questions on how this would impact device companies.

聽到這很有幫助。傑夫，也許我有一個快速跟進。這裡有很多關於中國的問題。在新的反腐敗運動中，我們看到了一些頭條新聞，以及很多關於這將如何影響設備公司的問題。

Maybe just talk about the high level what you're seeing in China? What was the VBP impact in the quarter? And any signs of perhaps the channel pausing here because of this new anticorruption campaign?

也許只是談談你在中國看到的高水平？本季度 VBP 的影響是什麼？有任何跡象表明該頻道可能會因為這項新的反腐敗運動而暫停嗎？

Yes, you ask about the anticorruption and VBP so -- in China. So look, on the anticorruption, I recognize that there are concerns out there. And we're actively monitoring the situation, which is fluid in nature. But I'll say thus far, we're not seeing any material headwind for our business. And it is kind of pivoting to -- there's a linkage to VBP. It's worth noting that we -- you can argue that we're somewhat a bit insulated from some of this anticorruption with the coverage under VBPs, I mean, volume, in this case, is contracted. And with the hospital pricing is determined with VBP and we're less reliant on the field team and distribution, which has also allowed us to take cost out to mitigate the price impact.

是的，你問的是中國的反腐敗和 VBP。因此，在反腐敗方面，我認識到存在一些擔憂。我們正在積極監測局勢，局勢本質上是不穩定的。但我要說的是，到目前為止，我們的業務沒有看到任何實質性的阻力。它有點轉向——與 VBP 有聯繫。值得注意的是，我們——你可以說，我們在某種程度上與 VBP 覆蓋範圍內的一些反腐敗有所隔離，我的意思是，在這種情況下，數量是收縮的。由於醫院的定價是由 VBP 決定的，我們對現場團隊和分銷的依賴較少，這也使我們能夠降低成本來減輕價格影響。

So no impact at this point from the anticorruption campaign that you read about. And then regarding VBP, I mean this -- it's -- we feel it's been -- it's a 2.5-year kind of impact here and we're -- for us, that fully -- that impact kind of fully takes effect in this fiscal year, FY '24. It's all in our guidance.

因此，您所讀到的反腐敗運動目前還沒有產生任何影響。然後關於 VBP，我的意思是，我們覺得這是一個 2.5 年的影響，對我們來說，這種影響完全生效了。財政年度，24 財年。這一切都在我們的指導下。

As Karen pointed out in the commentary, the China growth this past quarter was at 4%, which is slightly higher than we expected, still well below what it used to be, but -- and where we think it's going to get back. As we kind of lap this -- these last couple of VBP areas in FY '24, we expect this revenue to get back to historical high single-digit, low double-digit growth for us.

正如凱倫在評論中指出的那樣，上個季度中國的增長率為 4%，略高於我們的預期，但仍遠低於過去的水平，但是——以及我們認為它將恢復到的水平。當我們在 24 財年完成這最後幾個 VBP 領域時，我們預計該收入將恢復到歷史高個位數增長和低兩位數增長。

So hope that answers the question. This is something, as you look forward, it's a multibillion dollar of revenue for the company that over the last couple of years has been negative, more recently flat, now starting to get positive. And as we -- as we get out of FY '24, again, we expect a tick up in this growth. So that's coming.

所以希望這能回答這個問題。正如你所期待的那樣，這對公司來說是數十億美元的收入，在過去幾年裡一直是負數，最近持平，現在開始變得正數。當我們結束 24 財年時，我們再次預計這種增長將會加快。所以這就來了。

The next question comes from Robbie Marcus at JPMorgan.

下一個問題來自摩根大通的羅比·馬庫斯。

Great. Congrats on a good quarter. Maybe to start for Geoff or Karen. As we think about guidance for the rest of the year, you raised the organic sales growth from the low end of 4% to 4.5% up to $4.5 million you did 6 in the first quarter.

偉大的。祝賀季度表現良好。也許從傑夫或凱倫開始。當我們考慮今年剩餘時間的指導時，您將第一季度的有機銷售額增長從 4% 的低端提高到 4.5%，達到 450 萬美元，6 。

So maybe just walk us through why growth is going to decelerate for the rest of the year? And what are some of the factors affecting what could drive you above that?

那麼，也許請讓我們了解一下為什麼今年剩餘時間增長將會放緩？哪些因素會影響您超越這一目標？

Yes. Thanks for that question, Robbie. Appreciate it. Q1 was a really great start to our year, and we're really pleased with the breadth of our performance. As Geoff mentioned, it's the third consecutive quarter that we've had of solid mid-single-digit growth. And we're carrying the beat that we had in Q1 and raising our Q2 guide to 4% to 4.5%. And all of that puts our FY '24 guidance at 4.5%.

是的。謝謝你提出這個問題，羅比。欣賞它。第一季度是我們今年的一個非常好的開始，我們對我們的表現非常滿意。正如傑夫提到的，這是我們連續第三個季度實現穩定的中個位數增長。我們將保持第一季度的增長勢頭，並將第二季度的指導值提高至 4% 至 4.5%。所有這些使我們 24 財年的指導值為 4.5%。

It's still early in the year, and we're focused on providing guidance that sets us up for success. I've talked about some of the puts and takes that we've got. We're a little more optimistic on China, Geoff talked about it. We've had procedure volume recovery. We also had some of the VBP impacts that we expected in the first quarter delayed into the -- later in the fiscal year. And we're expecting Russia to be a bigger drag given the new sanctions that were put in place in late May.

現在還處於今年年初，我們的重點是提供指導，幫助我們取得成功。我已經討論了我們的一些看跌期權和看跌期權。 “我們對中國更加樂觀一些，”傑夫談到了這一點。我們已經進行了手術量恢復。我們還預計第一季度的一些 VBP 影響會推遲到本財年晚些時候。鑑於五月底實施的新制裁，我們預計俄羅斯將成為更大的拖累。

But we're focused on offsetting that just as we did in Q1, and we feel good about the improved underlying fundamentals. And we're intensely focused on hitting our commitments.

但我們專注於抵消這一影響，就像我們在第一季度所做的那樣，我們對基本面的改善感到滿意。我們非常注重兌現我們的承諾。

Just on the acceleration for the rest of the year, on a comp-adjusted basis, Q2 represents an acceleration from Q1. And then we expect continued acceleration into the back half each quarter of the fiscal year into the back half. So hopefully, that answers your question.

僅就今年剩餘時間的加速而言，在補償調整的基礎上，第二季度代表了第一季度的加速。然後我們預計本財年後半段每個季度都會繼續加速。希望這能回答你的問題。

Yes. Great. Maybe just one more on margins. Margin expansion or the upside in the quarter came from gross margin. SG&A, I know you had some reductions in the head count.

是的。偉大的。也許只是在邊緣再多一個。本季度的利潤率擴張或上漲來自於毛利率。 SG&A，我知道你們裁員了一些。

So as we just try and think about operating margins for this year and going forward, how should we think about how much more there is to come out of SG&A? And how much more upside there is in gross margin moving back towards where we were pre-COVID.

因此，當我們嘗試考慮今年和未來的營業利潤率時，我們應該如何考慮 SG&A 還能帶來多少收益？毛利率回到新冠疫情爆發前的水平還有多少上升空間。

Yes. Thanks for the question, Robbie. Clearly, we're focused on driving margin expansion and ultimately on the gross margin getting back to pre-COVID levels over time. We saw improved margins this quarter, and we're increasing our full year guidance on gross margin expectations given some of that outperformance.

是的。謝謝你的提問，羅比。顯然，我們的重點是推動利潤率擴張，並最終使毛利率隨著時間的推移恢復到新冠疫情前的水平。本季度我們的利潤率有所提高，鑑於部分錶現優異，我們正在提高對毛利率預期的全年指導。

But in Q1, we did have some better-than-expected currency and pricing. And some of that was due to timing with some provincial tenders in China being delayed a bit and some of the FX improvement that we saw this quarter, we expect to -- FX to impact us a little bit more in the back half of the year.

但在第一季度，我們的貨幣和定價確實好於預期。其中部分原因是中國一些省級招標的時間略有延遲，以及我們本季度看到的一些外匯改善，我們預計外匯將在今年下半年對我們產生更大的影響。

So as we think about margins, we are making investments in our global operations and supply chain to drive cost out of the organization. And I mentioned a couple of examples where we're consolidating our suppliers and focused on improvements in our manufacturing operations to drive continued improvement. And over time, we're focused on stabilizing and improving our margins. And so that will continue to impact us on the operating margin line.

因此，當我們考慮利潤時，我們正在對全球運營和供應鏈進行投資，以降低組織成本。我提到了幾個例子，我們正在整合我們的供應商，並專注於改進我們的製造業務，以推動持續改進。隨著時間的推移，我們專注於穩定和提高利潤率。因此，這將繼續影響我們的營業利潤率。

And on SG&A, as you mentioned, we're focused on continuing to drive leverage in our SG&A line, as you've seen us do for a long period of time.

至於SG&A，正如您提到的，我們專注於繼續提高SG&A線的槓桿率，正如您長期以來看到的那樣。

The next question comes from Larry Biegelsen at Wells Fargo Securities.

下一個問題來自富國銀行證券公司的拉里·比格爾森。

I guess two for Sean, given the upcoming events here with the Simplicity Ad Comm and then the Affera pulse data this weekend. Sean, how are you feeling about the Simplicity panel tomorrow? And if we see a positive recommendation, help us think about timelines for approval and the ramp in the U.S. for renal denervation.

考慮到即將到來的 Simplicity Ad Comm 活動以及本週末的 Affera 脈衝數據，我猜肖恩有兩個。肖恩，您對明天的“簡單性”小組感覺如何？如果我們看到積極的建議，請幫助我們考慮批准的時間表以及美國去腎神經術的推廣。

And second, we're going to see the Affera pulse data this weekend as well. You guys are growing mid-single digits, looks like a little bit below the market right now. What should we be looking for in the Affera pulse data? And how are you feeling about being able to grow your AFib business at or above the market going forward?

其次，我們還將在本週末看到 Affera 脈衝數據。你們正在增長中個位數，現在看起來有點低於市場水平。我們應該在 Affera 脈衝數據中尋找什麼？對於未來能夠將 AFib 業務發展到市場水平或高於市場水平，您有何感想？

Excellent question, Larry. So I guess starting with the Ad Comm panel. Obviously, we've been very confident about the prospects of U.S. approval, and we're exclusively well prepared for that panel. I'm not going to handicap the timing, but typically, it's 3 to 4 months post panel recommendation, you tend to see things. Let's say, an approval in the second half of fiscal year '24 is certainly in order with that kind of timing. And the ramp itself, of course, is going to be dictated by the pace of reimbursement and we're well prepared on that front as well.

很好的問題，拉里。所以我想從廣告通訊面板開始。顯然，我們對美國批准的前景非常有信心，並且我們已經為該小組做好了充分的準備。我不會限制時間安排，但通常情況下，在小組推薦後 3 到 4 個月，您往往會看到一些東西。可以說，在 24 財年下半年獲得批准肯定符合這種時機。當然，坡度本身將取決於報銷的速度，我們在這方面也做好了充分的準備。

As far as our pulse field ablation, we're looking forward to seeing the results like everyone else's. This is a randomized trial, as you know. So that comparative efficacy compared to both cryo and RF ablation for the populations being studied and will be of interest to us. And I think our distinction really in pulse field is that we are the only player that has both a focal solution as well as an anatomic solution in the bag. The anatomic solution or single-shot market is about 15% of the market. And the other 85% is what the point-by-point ablation will bring to us.

就我們的脈衝場消融而言，我們期待看到像其他人一樣的結果。如您所知，這是一項隨機試驗。因此，我們對正在研究的人群與冷凍和射頻消融相比的療效比較感興趣。我認為我們在脈衝領域的真正區別在於，我們是唯一同時擁有焦點解決方案和解剖解決方案的玩家。解剖解決方案或單次市場約佔市場的 15%。而另外的85%，就是逐點消融給我們帶來的。

So certainly very confident in both technologies, both the PulseSelect and Affera mapping and 09 catheter system, which is very different than everything else that's out there, and we look forward to bringing those to customers all around the world.

因此，我們對 PulseSelect 和 Affera 測繪以及 09 導管系統這兩項技術都非常有信心，它們與現有的其他技術非常不同，我們期待著將這些技術帶給世界各地的客戶。

The next question comes from Danielle Antalffy at UBS.

下一個問題來自瑞銀集團的丹妮爾·安塔菲。

Congrats, this was quite a good quarter. Just a quick question on GLP-1s, Geoff. I know this is probably an annoying question for you, but this is something that's been impacting the market broadly. And just curious, you guys touched on many, many areas within medical devices. How are you guys thinking about the impact of GLP-1s over the next, I would say, even a few years, but maybe let's focus on more the next year as these drugs get more readily adopted.

恭喜，這是一個相當不錯的季度。 Geoff，我想問一個關於 GLP-1 的簡單問題。我知道這對您來說可能是一個煩人的問題，但這對市場產生了廣泛的影響。只是好奇，你們接觸了醫療設備的很多很多領域。你們如何看待 GLP-1 在未來的影響，我想說，甚至是幾年，但也許讓我們在明年關注更多，因為這些藥物更容易被採用。

Sure. Thanks, Danielle, for the comments and the question. And yes, it is interesting. First of all, I'd say it's an important class of drugs and like you were monitoring to see how the GLP-1 therapy is being adopted.

當然。謝謝丹妮爾的評論和問題。是的，這很有趣。首先，我想說這是一類重要的藥物，就像您正在監測 GLP-1 療法的採用情況一樣。

That said, our initial work indicates minimal impact to our business. When you -- bariatric -- the one area we've seen some modest impact is bariatric, but this is really a small impact and this is a relatively small part of our Surgery business. And we are hearing from -- the work we do is our internal analysis plus dialogue that we're having with physicians around the world. We actually operate obesity clinics in Europe as well. And they're talking about, longer term, this could actually bring in the bariatric space more patients into the funnel.

也就是說，我們的初步工作表明對我們業務的影響很小。當你——減肥——我們看到一些適度影響的一個領域是減肥，但這確實是一個很小的影響，而且這只是我們外科業務的相對較小的一部分。我們所做的工作是我們的內部分析以及我們與世界各地的醫生進行的對話。實際上，我們也在歐洲經營肥胖診所。他們正在談論，從長遠來看，這實際上可以讓更多的患者進入減肥領域。

Short term, we've seen some impact, again, modest and relative -- bariatric is a relatively small part of our surgery business. Longer term, we'll see how it plays out. There's a bit of optimism there though.

短期來看，我們已經看到了一些影響，同樣是適度和相對的——減肥是我們手術業務中相對較小的一部分。從長遠來看，我們將看看結果如何。不過，還是有一些樂觀的情緒。

No impact in type 1 diabetes, which is the vast majority of our Diabetes business. And just overall, I just don't see GLP-1s having a material impact on our business and medical device therapies at large. That's what our work is showing us at this point.

對 1 型糖尿病沒有影響，而 1 型糖尿病是我們糖尿病業務的絕大多數。總的來說，我認為 GLP-1 不會對我們的業務和整個醫療器械治療產生重大影響。這就是我們的工作目前向我們展示的內容。

And then I guess just one quick follow-up to that, thinking about, again, the diabetes business. Type 2 is a big growth area. You guys have an AID pen. So what are your thoughts specifically on the type 2 diabetes side of things?

然後我想這只是一個快速的後續行動，再次思考糖尿病業務。 2 類是一個巨大的增長領域。你們有一支援助筆。那麼您對 ​​2 型糖尿病方面的具體想法是什麼？

Thanks. Look, I think this is -- AID for insulin-dependent patients, whether they're type 2 or type 1 is pretty under-penetrated. And we see way more upside there than headwinds.

謝謝。聽著，我認為這是——對胰島素依賴患者的援助，無論他們是 2 型還是 1 型，滲透率都相當低。我們看到的好處遠多於逆風。

The next question comes from Travis Steed at Bank of America.

下一個問題來自美國銀行的 Travis Steed。

Congrats on the quarter. I guess I'll ask about TAVR, double-digit growth this quarter. And curious how much success you've had with the new valve versus the 5-year data. I know your competitor is going to have 5-year data pretty soon. And then the 21% Japan growth really stood out. Just curious if that's sustainable or that was more of a one-off in the quarter?

恭喜本季度。我想我會問一下 TAVR，本季度兩位數的增長。並好奇與 5 年數據相比，新閥門取得了多少成功。我知道您的競爭對手很快就會獲得 5 年數據。日本 21% 的增長確實引人注目。只是好奇這是否是可持續的，或者只是本季度的一次性情況？

Well, first, before I turn it over to turn it over to Sean, we are -- if you go back the last couple of quarters, we are pleased with how our TAVR business is performing relative to competition and how the new valve is performing and also the pipeline for the future.

好吧，首先，在我把它交給 Sean 之前，我們 - 如果你回顧過去幾個季度，我們對 TAVR 業務相對於競爭對手的表現以及新瓣膜的表現感到滿意以及未來的管道。

But Sean, why don't you give the specifics on that question.

但是肖恩，你為什麼不給出這個問題的具體細節呢？

Sure. Yes, Travis, the new valve is certainly being well received where we've launched it. It's been launched in the United States and a number of other geographies and Japan notably. The other thing that drove Japan growth was that we got a new indication for end-stage renal disease, which is something we've been lacking in Japan. So it's a large consideration for that population that really helps drive the performance.

當然。是的，特拉維斯，新閥門在我們推出的地方肯定受到了好評。它已在美國和其他許多地區推出，尤其是日本。推動日本增長的另一件事是我們獲得了終末期腎病的新適應症，這是我們在日本所缺乏的。因此，對於真正有助於提高性能的人群來說，這是一個重要的考慮因素。

But yes, our long-term data have been really the signature of that device, and we'll see more of that this coming weekend as well as the 10-year NOTION data. This is the first 10-year data being reported out for TAVR will be on display. And then of course, we have 4-year data coming up on our low-risk study as well to look forward to this fall.

但是，是的，我們的長期數據確實是該設備的簽名，我們將在下週末看到更多這樣的數據以及 10 年的 NOTION 數據。這是首次展示 TAVR 的 10 年數據。當然，我們的低風險研究也將提供 4 年數據，以期待今年秋天的結果。

So we stand behind the valve performance all the way around. And whether it's the acute ease of use or the long-term durability of the valve, it's really shining and we're getting a lot of traction from all of that.

因此，我們始終支持閥門的性能。無論是閥門的極度易用性還是長期耐用性，它都非常耀眼，我們從這一切中獲得了很大的吸引力。

That's helpful. And then the PMRI spend, I assume the time change is more because spends take longer than sells. But maybe some other comments on when we could see the Form 10, can you confirm the operating margin profile of that business is still kind of slightly higher than overall Medtronic? And then do we need to wait for this to get through to see more on the portfolio management side of things?

這很有幫助。然後是 PMRI 支出，我認為時間變化更大，因為支出比銷售花費的時間更長。但也許還有一些關於我們何時可以看到 Form 10 的評論，您能否確認該業務的營業利潤率狀況仍然略高於美敦力整體水平？那麼我們是否需要等待這一消息的通過才能看到更多有關投資組合管理方面的信息？

Yes. Thanks, Travis. I think there's nothing to read into this other than we're focused on maximizing shareholder value, and we've been taking our time to evaluate the alternatives. And we've said all along that the spin sets a high bar and that remains a likely way that we'll separate.

是的。謝謝，特拉維斯。我認為除了我們專注於股東價值最大化之外，沒有什麼值得解讀的，而且我們一直在花時間評估替代方案。我們一直說過，旋轉設置了一個很高的標準，這仍然是我們分開的一種可能的方式。

And so we'll -- we're expecting to close it first half of next fiscal year, if not sooner.

因此，我們預計將在下一財年上半年（甚至更早）結束該項目。

In terms of Form 10, we'll -- you'll see it when you see it. And in terms of the margins of the business, yes, they are good margins and slightly higher than the company.

就表格 10 而言，當您看到它時，您就會看到它。就業務利潤率而言，是的，他們的利潤率很高，並且略高於公司。

Hopefully, that helps.

希望這會有所幫助。

And the business continues to perform well. Like Karen said the margin profile has remained strong. And actually, the competitive dynamics, particularly in the patient monitoring side of it, have probably improved a bit in our favor.

並且業務繼續表現良好。正如凱倫所說，利潤率依然強勁。事實上，競爭動態，特別是在患者監測方面，可能已經有所改善，對我們有利。

So it's a good business, and I think with more focus, I think these numbers can even improve.

所以這是一個很好的生意，我認為只要更加專注，我認為這些數字甚至可以改善。

The next question comes from Matt Miksic at Barclays.

下一個問題來自巴克萊銀行的馬特·米克西奇。

And congrats on a really strong quarter across the board. There's a lot to talk about, but maybe one question on diabetes for Que and then one follow-up.

祝賀整個季度的強勁表現。有很多話要談，但也許可以向闕問一個關於糖尿病的問題，然後再提出一個後續問題。

So just would love to hear how things are progressing with some of the programs that you talked about at ADA, the next-gen sensor and integrated testing and the patch pump that you're in the process of acquiring here?

那麼，我很想听聽您在 ADA 談到的一些項目、下一代傳感器和集成測試以及您正在此處獲取的補丁泵的進展情況嗎？

And then if I could on that, Geoff mentioned something about the next-gen AID pump and I know it's way early to even ask the question, but just curious if you are ready to share any hints about that? And then one quick follow-up, if I could.

然後，如果我可以的話，傑夫提到了一些關於下一代援助泵的事情，我知道現在問這個問題還為時過早，但只是好奇你是否準備好分享有關這方面的任何提示？如果可以的話，然後進行快速跟進。

Yes. Thanks for your questions. As you know, Sinclair, our CGM, our next generation CGM is under review with the marketing FDA. We're in the process of doing that, and it's very difficult to put a precise timeline on when we expect to have approval, but that is progressing.

是的。感謝您的提問。如您所知，Sinclair、我們的 CGM、我們的下一代 CGM 正在接受營銷 FDA 的審查。我們正在這樣做，很難確定我們預計何時獲得批准的精確時間表，但這正在取得進展。

In terms of the integration with 780G, we have completed adult enrollment for the clinical trial in Q1. We expect to complete the peds enrollment in Q2. But that's at the clinical trial stage.

在與780G的整合方面，我們已經在第一季度完成了臨床試驗的成人入組。我們預計在第二季度完成 ped 註冊。但這還處於臨床試驗階段。

We're also -- in terms of the patch, we're making progress there as well in terms of completing that transaction, and we expect that we would close out the EOFlow acquisition at the end of at the end of this calendar year.

我們還 - 就補丁而言，我們在完成該交易方面也取得了進展，我們預計我們將在今年年底完成對 EOFlow 的收購。

And again, very sorry to disappoint you, but difficult to comment on our further programs. They're progressing on as we expect in our internal timelines. But at this stage, it's a bit too early to put details on specific timing.

再次，非常抱歉讓您失望，但很難對我們進一步的計劃發表評論。他們的進展符合我們內部時間表的預期。但在現階段，給出具體時間細節還為時過早。

That's helpful and understandable. Just the follow-up is on sort of seasonality. You've seen July year and I know there's been a number of questions across the sector, given what we've seen over the last couple of everyone's been year-to-date in surgeries and procedure volumes and so on.

這很有幫助並且可以理解。只是後續行動是季節性的。你已經看到了今年 7 月份的情況，我知道整個行業存在很多問題，因為我們在過去幾年中看到了每個人今年迄今為止在手術和程序量等方面的情況。

Just any sense of what kind of summer quarter we should expect, which for you I guess includes just August, but softer than usual, seasonally normal. How would you describe what you've seen in July and what your expectations are built into your fiscal Q2 here?

我們應該期待什麼樣的夏季季度，我想這對你來說只包括八月，但比平常溫和，季節性正常。您如何描述 7 月份的情況以及您對第二財季的預期？

So I would just say, Travis, that the first few weeks of the quarter and what we've seen in July are tracking well. We continue to have strength in the underlying performance and it's tracking of the expectations we set in our guidance.

所以我只想說，Travis，本季度的前幾週以及我們在 7 月份看到的情況進展順利。我們在基本業績方面繼續保持優勢，並跟踪我們在指導中設定的預期。

The next question comes from Chris Pasquale at Nephron.

下一個問題來自 Nephron 的 Chris Pasquale。

Geoff, one for you and then a quick follow-up for Karen. You mentioned artificial intelligence as one of the areas Medtronic is investing in. It's obviously a hot topic in the market more broadly. Could you provide any examples of the work you guys are doing there? Maybe talk about which businesses you see AI as being most relevant for in the near future?

傑夫（Geoff），給你一個，然後是凱倫（Karen）的快速跟進。您提到人工智能是美敦力投資的領域之一。這顯然是更廣泛市場上的熱門話題。您能提供一些你們在那裡所做的工作的例子嗎？也許可以談談您認為人工智能在不久的將來與哪些業務最相關？

Sure. Well, first of all, I think for the medical device industry, the kind of the intersection of traditional biomedical engineering with these digital technologies, whether it be connectivity or data analytics techniques like AI and deep learning, robotics, these are all just a huge opportunity for the industry. This is -- and these are areas that we intend to lead in.

當然。嗯，首先，我認為對於醫療器械行業來說，傳統生物醫學工程與這些數字技術的交叉點，無論是連接性還是數據分析技術，例如人工智能和深度學習、機器人技術，這些都是一個巨大的領域。行業的機會。這是——這些是我們打算引領的領域。

AI specifically, we've got a number of businesses that have first-of-their-kind, AI-powered solutions that have received regulatory approval by the FDA and other regulatory bodies around the world. And what we're seeing here is just improved -- from the AI is just improved outcomes and access. And it's the -- when you combine the AI with good data, not just quantity, but the quality of data and that data is labeled properly, we're seeing the ability to even personal -- like evolve and improve the efficacy over time through the AI and even personalize it. The FDA has approved a couple of products for us in the cardiac rhythm space, in spine, in GI, where you have like what they call a predetermined change control plan where you're allowed to kind of improve that efficacy over time.

具體來說，我們有許多企業擁有同類首創的、人工智能驅動的解決方案，這些解決方案已獲得 FDA 和世界各地其他監管機構的監管批准。我們在這裡看到的只是改進——人工智能只是改善了結果和訪問。當你將人工智能與良好的數據結合起來時，不僅是數量，而且是數據的質量，並且數據被正確標記，我們甚至看到了個人的能力，比如隨著時間的推移不斷發展和提高效率人工智能，甚至對其進行個性化。 FDA 已經批准了我們在心律領域、脊柱、胃腸道方面的幾種產品，在這些產品中，您可以製定所謂的預定變更控制計劃，隨著時間的推移，您可以在某種程度上提高療效。

And some of the businesses that are impacted, like I mentioned, our GI are now calling Endoscopy space, where we have AI in the colonoscopy, you're kind of redefining traditional colonoscopies where the AI is finding polyps that physicians were missing. And this is a significant amount of polyps and it's obviously good for patient outcomes because there's a high correlation to cancer -- colon cancer from these polyps and it's also economically aligned with the hospital's interest as you find more polyps and remove them.

就像我提到的，一些受到影響的企業，我們的胃腸道現在稱為內窺鏡檢查領域，我們在結腸鏡檢查中使用人工智能，這有點重新定義傳統的結腸鏡檢查，人工智能可以發現醫生遺漏的息肉。這是大量的息肉，顯然對患者的治療結果有好處，因為這些息肉與癌症（結腸癌）高度相關，而且當您發現更多的息肉並切除它們時，它在經濟上也符合醫院的利益。

And other area is in our Spine business. This is an industry that's being completely redefined by enabling technology -- transformed and redefined by enabling technology. And we talk about robotics and imaging and navigation and powered instruments, but AI is a key piece of this and we have thousands of surgeries in our AI -- it's powering our AI algorithm. And with each -- and spine is a complicated surgery, especially whether it be degen, or for sure, deformity complex cases. Highly reliant on surgeon training. And the AI is really just improving outcomes here, especially when it's combined with enabling technology.

其他領域屬於我們的脊柱業務。這是一個正在被使能技術徹底重新定義的行業——通過使能技術進行轉變和重新定義。我們談論機器人、成像、導航和動力儀器，但人工智能是其中的關鍵部分，我們在人工智能中進行了數千次手術——它為我們的人工智能算法提供動力。對於每個脊柱來說，都是一項複雜的手術，尤其是無論是退化還是畸形的複雜病例。高度依賴外科醫生培訓。人工智能實際上只是在改善結果，特別是當它與支持技術相結合時。

I could go on, cardiac rhythm in our monitoring, our LINQ monitoring business there, we are cutting down false positives for in detecting AFib by 50% using AI, and that's creating multiple hours of productivity for these clinics around the country and given -- so in this really driving the deployment of that technology.

我可以繼續說下去，我們的監測中的心律，我們的LINQ 監測業務，我們正在使用AI 將檢測AFib 的誤報率減少50%，這為全國各地的這些診所創造了多個小時的生產力，並且考慮到——因此，這確實推動了該技術的部署。

So I'd say it's a huge opportunity. It's a differentiator. I mentioned we hired a new head of technology, Ken Washington, to really help us scale this across all our businesses and better partner with some big tech companies. We've talked about our partnership with NVIDIA. And in the end, I'd say what we're going to see over the next couple of years is you may not be replacing -- AI is not going to be replacing surgeons, but I'll tell you what, surgeons who use AI will be replacing surgeons that don't and we are going to be right in the middle of that mix.

所以我想說這是一個巨大的機會。這是一個差異化因素。我提到我們聘請了一位新的技術主管肯·華盛頓 (Ken Washington)，他將真正幫助我們在所有業務中擴展這一業務，並與一些大型科技公司更好地合作。我們已經討論了與 NVIDIA 的合作關係。最後，我想說的是，未來幾年我們將看到的是，人工智能可能不會取代外科醫生，但我會告訴你，使用人工智能的外科醫生人工智能將取代那些不這樣做的外科醫生，而我們將處於這種混合之中。

Great examples. Karen, you mentioned price as a contributor to the gross margin strength in the quarter. Could you just give us a sense for what price looks like across the company today? Maybe how it compares to where you were a couple of years ago? And if you think that it's sustainable as we move into a less inflationary environment going forward?

很好的例子。凱倫，您提到價格是本季度毛利率強勁的一個因素。您能否讓我們了解一下目前整個公司的價格情況？也許與幾年前相比，情況如何？如果您認為隨著我們未來進入通脹較少的環境，這種情況是可持續的嗎？

Yes. Thanks for the question. As you've heard us talk about, we have been building a pretty strong muscle around pricing. And we're focused on ensuring that we price for the value that we deliver. Typically, historically, pre-COVID, we would experience up to 200 basis points of pricing pressure every year. And we've been able to neutralize that these last couple of years, including this quarter.

是的。謝謝你的提問。正如您所聽到的，我們一直在定價方面建立了相當強大的實力。我們致力於確保我們的定價符合我們所提供的價值。從歷史上看，在新冠疫情之前，我們每年都會經歷高達 200 個基點的定價壓力。我們已經能夠抵消過去幾年（包括本季度）的影響。

We obviously have had VBP pressure this year. And last year, we were able to neutralize that as well as the total company level. By quarter, it may not be fully neutralized depending on how VBP hits us. But we do believe that this pricing muscle that we've built is going to be lasting. And we fully intend to continue to track, monitor, talk about pricing so that even as we move into a lower inflationary environment, we're focused on continuing this pricing muscle that we've built.

今年我們顯然面臨著 VBP 壓力。去年，我們能夠抵消這一點以及整個公司層面的影響。到了季度，它可能不會被完全抵消，具體取決於 VBP 對我們的影響。但我們確實相信，我們建立的這種定價能力將是持久的。我們完全打算繼續跟踪、監控、討論定價，這樣即使我們進入通脹較低的環境，我們也能專注於繼續我們已經建立的定價能力。

I just want to reemphasize that last point there on kind of -- we'll start on margins. On gross margins, and there was a question earlier here, Karen went into detail, I'm not going to repeat that. But on gross margins, the pricing muscle that we've been building. I think we intend that to be enduring.

我只是想再次強調最後一點——我們將從利潤開始。關於毛利率，之前有一個問題，凱倫（Karen）進行了詳細介紹，我不會重複。但在毛利率方面，我們一直在建立定價能力。我認為我們希望這種情況能夠持久。

And then Karen mentioned the cost of goods sold improvements that we're making, productivity around our cost of goods sold line, really driven by our new structure, strategy and capabilities in our global operations and supply chain.

然后凱倫提到了我們正在改進的銷售成本以及圍繞我們的銷售成本線的生產力，這實際上是由我們全球運營和供應鏈中的新結構、戰略和能力推動的。

That will all help gross margin. And as you get down the P&L, we're really focused on getting leverage from SG&A and excited about stabilizing and then improving the margins over time.

這都將有助於毛利率。當你了解損益表時，我們真正專注於從銷售、管理和行政費用（SG&A）中獲得槓桿作用，並對隨著時間的推移穩定並提高利潤率感到興奮。

The next question comes from Jayson Bedford at Raymond James.

下一個問題來自 Raymond James 的 Jayson Bedford。

Can you hear me okay?

你能聽到我說話嗎？

Yes, Jayson, we can hear you.

是的，傑森，我們能聽到你的聲音。

All right. So not to make this a call all around gross margin, but I did have a question. You mentioned stabilization. I just wanted to put a little context around that. What is the expected gross margin for fiscal '24?

好的。因此，並不是要就毛利率進行全面的討論，但我確實有一個問題。你提到了穩定。我只是想提供一些背景信息。 24 財年的預期毛利率是多少？

Yes. At this point, when we gave our guidance back in May, we said we expected it to be around 65% in a quarter. And at this point, we're expecting it to be about 65.5%. We've seen some improvement in the first quarter, and we're carrying some of that through.

是的。此時，當我們在 5 月份給出指導時，我們表示預計一個季度內將達到 65% 左右。目前，我們預計該比例約為 65.5%。我們在第一季度看到了一些改善，並且我們正在將其中的一些進行到底。

Okay. And just, Karen, the drop down for the rest of the year versus first quarter levels, revenue is higher. Is this just strictly a function of the VBP impact hitting more in the back half?

好的。只是，凱倫，今年剩餘時間的收入與第一季度的水平相比有所下降，收入更高。這是否只是 VBP 在後半場衝擊更多的函數？

Yes, it's both VBP and currency. And you're right, higher revenue growth clearly helps on the margin front. But we have seen some timing on VBP that we talked about. We also have some timing on FX. It was a little bit better than we expected down the P&L in the first quarter, and we expect to give some of that back as we look at the currency impact going forward.

是的，它既是VBP，又是貨幣。你是對的，更高的收入增長顯然有助於提高利潤率。但我們已經看到了我們討論過的 VBP 的一些時機。我們對外匯也有一些時間安排。第一季度損益表的下降比我們預期的要好一些，我們預計在考慮未來貨幣影響時會回饋部分收益。

The next question comes from Joanne Wuensch at Citi.

下一個問題來自花旗銀行的 Joanne Wuensch。

Nice quarter or a nice way to start the fiscal year. Two quick questions. Volumes we've seen throughout med tech this season have been quite strong, which leads me to wonder as to sort of a new normalized base or whether or not we're just catching up on some pent-up demand. I'd love your opinion on that.

不錯的季度或開始新財年的好方法。兩個簡單的問題。本季度我們在整個醫療技術領域看到的銷量相當強勁，這讓我想知道是否有一個新的標準化基礎，或者我們是否只是在追趕一些被壓抑的需求。我很想听聽你對此的看法。

And then for Hugo, you talked about activating new sites in the United States. Can you give us maybe an update on the thoughts on timing of a launch in the U.S.? And then anything else you can add for OUS robotic placements would be appreciated.

然後，對於 Hugo，您談到了在美國激活新網站的問題。您能給我們介紹一下在美國推出時間的最新想法嗎？然後您可以為 OUS 機器人展示位置添加任何其他內容，我們將不勝感激。

Sure, Joanne. Yes, good to hear from you. Thanks for the questions. I'll take the first one, and then I'll turn it over to Mike Marinaro to handle the Hugo questions. I think on procedure trends, we're -- as Karen mentioned, I mentioned in the commentary, they're definitely improved, and I'll start in the U.S. where we're up about 5% or so.

當然，喬安妮。是的，很高興收到你的來信。感謝您的提問。我將接受第一個，然後將其交給 Mike Marinaro 來處理 Hugo 問題。我認為就手術趨勢而言，正如凱倫提到的，我在評論中提到，它們肯定有所改善，我將從美國開始，我們的增長率大約為 5% 左右。

But across the board, we're seeing very good procedural trends, and we're largely back to pre-COVID or better -- pre-COVID levels are better. As you know, over the last, I don't know, 18 months or so the rebound has been, I'd say, held back a bit by staffing issues and those have seem to have abated. And like I said, we're getting pretty broad-based procedural pickups and are back to pre-COVID or even better levels.

但總體而言，我們看到了非常好的程序趨勢，並且我們基本上回到了新冠疫情之前或更好的水平——新冠疫情之前的水平更好。如你所知，我不知道，在過去 18 個月左右的時間裡，我想說的是，由於人員配置問題，反彈受到了一些阻礙，而這些問題似乎已經減弱。正如我所說，我們正在獲得相當廣泛的程序性提升，並回到了新冠疫情之前甚至更好的水平。

And outside of the U.S., I'd say it's even stronger. In Western Europe, high single digits and the recovery in Europe is definitely in full swing. Latin America, high teens. And just our -- like our emerging market base when you got to pull out -- if you pull out China, which is VBP, like I said before, this is -- we see the kind of the stabilizing year here for VBP FY '24. And then as you get into FY '25, you get back to some higher growth in China like we've seen before.

在美國之外，我想說它甚至更強大。在西歐，高個位數增長，歐洲的複蘇無疑正在如火如荼地進行。拉丁美洲，青少年。就像我們的新興市場基礎一樣，當你必須退出時，如果你退出中國，也就是 VBP，就像我之前說過的那樣，我們會看到 VBP 財政年度的穩定一年。 24.然後，當你進入 25 財年時，你會像我們之前看到的那樣，在中國恢復更高的增長。

But if you take out China and Russia with the sanctions, we're in the teens, the mid-teens and -- high teens actually in emerging markets. So emerging markets trends are strong. I mentioned Latin America as a standout, Western Europe. So pretty good trends.

但如果你把中國和俄羅斯排除在製裁之外，那麼我們在新興市場實際上處於十幾歲、十幾歲左右甚至十幾歲的水平。因此新興市場的趨勢很強勁。我提到拉丁美洲是一個突出的例子，西歐。非常好的趨勢。

We're not seeing like this -- at least in the areas we're in, I've heard some area like orthopedics, there's been a pent-up demand. But we're not seeing it in the areas we're in. It's been a steady flow versus like a pent-up demand. So I think that's good news for the industry.

我們沒有看到這樣的情況——至少在我們所在的領域，我聽說像骨科這樣的領域，存在著被壓抑的需求。但我們在我們所在的領域並沒有看到這種情況。這是一種穩定的流動，而不是被壓抑的需求。所以我認為這對行業來說是個好消息。

On the Hugo specific questions, I'd like to turn it over to Mike Marinaro, who runs our Surgical business, which includes Hugo and also our endoscopy or formerly GI business reports up to him as well.

關於Hugo 的具體問題，我想將其轉交給邁克·馬里納羅（Mike Marinaro），他負責管理我們的外科業務，其中包括Hugo 以及我們的內窺鏡檢查或以前的胃腸道業務，這些業務也由他負責。

Yes. Thanks for the question, Joanne. And specifically on the U.S., we did comment that we added sites in the quarter, and that's true we had sites and enrollment and continue to progress according to plan in our EXPAND URO study. We're pleased with the progress we're making there and seeing that progress continue here as we've moved into this quarter.

是的。謝謝你的提問，喬安妮。特別是在美國，我們確實評論說我們在本季度增加了站點，確實我們有站點和註冊，並且繼續按照我們的 EXPAND URO 研究計劃取得進展。我們對我們在那裡取得的進展感到高興，並看到隨著我們進入本季度，這種進展仍在繼續。

More broadly, we've seen good progress really and continue to be encouraged about the progress we're making across the program. We're now selling in five regions around the globe: Greater China, Asia, Western Europe, LatAm, North America and Canada. And increased our installations again here in this quarter.

更廣泛地說，我們確實看到了良好的進展，並繼續對我們在整個計劃中取得的進展感到鼓舞。我們現在在全球五個地區銷售：大中華區、亞洲、西歐、拉丁美洲、北美和加拿大。並在本季度再次增加了我們的安裝量。

I think importantly, we've also seen an increasing flow or a steady flow of increasing indication approvals. So we received the general surgery indication in Japan. And so now we have a full suite of approvals across general surgery, gynecology and urology in both Japan and Western Europe, which are two of the three largest markets around the globe.

我認為重要的是，我們還看到適應症批准量不斷增加或穩定。所以我們在日本獲得了普外科指徵。因此，現在我們在日本和西歐（全球三大市場中的兩個）在普外科、婦科和泌尿科領域獲得了全套批准。

Of course, U.S. is the largest and that's one we remain incredibly focused on. Overall, we're seeing that the growth here in Hugo is contributing to the growth we've seen now in the Surgical business across the last couple of quarters, and it will become a more and more important part of our business as we move forward.

當然，美國是最大的國家，我們仍然非常關注這一點。總體而言，我們看到 Hugo 的增長正在推動我們在過去幾個季度中看到的外科業務的增長，隨著我們的前進，它將成為我們業務中越來越重要的一部分。

Yes, really look excited about the setup we have for our business. It's a very large business for us that where the supply capacity has been an issue, that's in a much better spot. The robots out there might just walk through kind of indication expansion and geographic expansion and update on the U.S. trial.

是的，我們對我們的業務設置看起來真的很興奮。對於我們來說，這是一項非常大的業務，在供應能力一直存在問題的地方，這是一個更好的地方。那裡的機器人可能只會經歷某種適應症擴展和地理擴展並更新美國試驗。

I'd like the set up and the competitive dynamics going forward over the next couple of years. We got two major competitors, one with robot, one without. And we're feeling pretty good about where we are with Surgery.

我希望未來幾年的設置和競爭動態能夠繼續下去。我們有兩個主要競爭對手，一個有機器人，一個沒有。我們對手術的進展感覺非常好。

Thanks, Joanne. I still see a number of people in the queue, and I apologize that we won't be able to get to all of you today given timing. We've got time for one more question, please, Brad.

謝謝，喬安妮。我仍然看到很多人在排隊，很抱歉，由於時間原因，我們今天無法與大家聯繫。布拉德，我們還有時間再問一個問題。

Our final question comes from Patrick Wood at Morgan Stanley.

我們的最後一個問題來自摩根士丹利的帕特里克·伍德。

I'll keep it to one given the timing. S&OP and supply chain is obviously not a very sexy topic, but you guys are doing a lot of work on that side. I'm just curious, typically, when we put processes and rationalization in place, there's kind of upfront cost and like your dual running systems and it's kind of difficult for people to transition.

考慮到時間，我會將其保留為一。 S&OP 和供應鏈顯然不是一個非常性感的話題，但你們在這方面做了很多工作。我只是很好奇，通常，當我們將流程和合理化到位時，會產生一定的前期成本，就像雙運行系統一樣，人們很難過渡。

Are you seeing any slight, let's say, short-term challenges or costs associated with that, where the payback is obviously going to come in the next, I don't know, year or 2? Just help us understand how that's looking in the business.

您是否看到任何輕微的短期挑戰或與之相關的成本，而回報顯然會在明年（我不知道）一年或兩年內實現？只需幫助我們了解業務中的情況即可。

Well, let me just start off -- I appreciate your question on supply chain. It's been a big focus area for us. And I know a couple of thousand people at Medtronic that do think it's a pretty sexy place to be and are pretty proud of the work that we're doing.

好吧，讓我開始——我很欣賞你關於供應鏈的問題。這是我們的一個重點領域。我知道美敦力有幾千人確實認為這是一個非常性感的地方，並對我們正在做的工作感到非常自豪。

To answer the question, I'll turn it over to Karen on the cost question.

為了回答這個問題，我將把成本問題交給凱倫。

Yes. Thanks, Patrick. Yes, when we're working on improving processes and driving better cost down, it does take investment. That investment is included in the guidance that we've given and is -- it's part of the reason that our gross margins are not yet stable.

是的。謝謝，帕特里克。是的，當我們致力於改進流程並進一步降低成本時，確實需要投資。這項投資包含在我們給出的指導中，並且是我們毛利率尚未穩定的部分原因。

But we fully expect those investments to pay off over time and to help drive costs down more than inflation as we work to bring our gross margins up. Hopefully, that's helpful.

但我們完全期望這些投資隨著時間的推移會得到回報，並在我們努力提高毛利率的同時，幫助降低成本，而不是通脹。希望這有幫助。

Thanks, Patrick. Geoff, please go ahead with your closing remarks.

謝謝，帕特里克。傑夫，請繼續您的結束語。

Well, first of all, thanks, everyone, for the questions. And as always, we appreciate your support and your continued interest in Medtronic. And we look forward to updating you on our continued progress on our Q2 earnings broadcast, which we anticipate holding on Tuesday, November 21.

嗯，首先謝謝大家提出的問題。一如既往，我們感謝您對美敦力的支持和持續關注。我們期待向您通報第二季度收益廣播的持續進展情況，預計將於 11 月 21 日星期二舉行。

With that, thanks again for joining us today, and have a great rest of your day.

在此，再次感謝您今天加入我們，祝您度過愉快的一天。