美敦力 (MDT) 2024 Q3 法說會逐字稿

Good morning, and welcome to Minnesota, where we finally have some snow. I'm Ryan Weispfenning, Vice President and Head of Medtronic Investor Relations. And I appreciate that you're joining us this morning for our fiscal '24 third quarter video earnings webcast.

早安，歡迎來到明尼蘇達州，這裡終於迎來了一場雪。我是美敦力公司副總裁兼投資人關係主管 Ryan Weispfenning。感謝您今天上午參加我們2024財年第三季的視訊收益網路直播。

Before we go inside to hear our prepared remarks, I'll share a few details about today's webcast. Joining me are Geoff Martha, Medtronic Chairman and Chief Executive Officer; and Karen Parkhill, Medtronic Chief Financial Officer. Geoff and Karen will provide comments on the results of our third quarter, which ended on January 26, 2024, and our outlook for the remainder of the fiscal year. After our prepared remarks, the executive VPs covering our segments will join us, and we'll take questions from the sell-side analysts that cover the company. Today's program should last about an hour.

在我們進入會議室聆聽準備好的發言之前，我將分享一些關於今天網路直播的細節。美敦力董事長兼執行長傑夫瑪莎 (Geoff Martha) 和財務長凱倫帕克希爾 (Karen Parkhill) 將與我一同出席。傑夫和凱倫將就我們截至2024年1月26日的第三季業績以及本財年剩餘時間的展望發表評論。在我們準備好的演講結束後，負責我們各部門的執行副總裁將加入我們，我們將回答負責公司的賣方分析師的問題。今天的節目大約持續一個小時。

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各部門和地區收入摘要。我們也發布了一份收益報告，詳細介紹了我們的業績。您可以在我們的收益新聞稿中或造訪我們的網站 investorrelations.medtronic.com 取得該報告。

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 statements. Additional information concerning factors that could cause actual results to differ is contained in our periodic reports and other filings that we make with the SEC and we do not undertake to update any forward-looking statement.

在今天的節目中，我們所做的許多陳述可能被視為前瞻性陳述，實際結果可能與任何前瞻性陳述中的預測有重大差異。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 (SEC) 提交的定期報告和其他文件。我們不承擔更新任何前瞻性陳述的義務。

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 third quarter revenue in the current and prior year reported as other, which stems from prior business separations. There were no acquisitions made in the last 4 quarters that had a significant impact on total company or individual segment quarterly revenue growth.

除非另有說明，所有比較均按同比計算，收入比較按有機增長計算，排除了外匯影響以及本年度和上年度第三季度收入（因先前業務分離而報告為“其他”）。過去四個季度，公司未進行任何對公司整體或單一部門季度營收成長產生重大影響的收購。

References to sequential revenue changes compared to the second quarter of fiscal '24 and are made on an as-reported basis. And all references to share gains or losses, referred to revenue share in the fourth calendar quarter of 2023 compared to the fourth calendar quarter of 2022, unless otherwise stated.

與2024財年第二季相比，本季營收的季比變動均以報告為準。所有提及的份額盈虧，均指2023年第四季與2022年第四季相比的營收份額，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. 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.

所有非公認會計準則 (Non-GAAP) 財務指標的對帳表可在我們的收益新聞稿或我們的網站 investorrelations.medtronic.com 上查閱。最後，我們的每股盈餘預期不包含任何將在本會計年度以非公認會計準則 (Non-GAAP) 調整收益的費用或收益。

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

接下來，讓我們走進攝影棚，了解一下本季的情況。

(presentation)

（推介會）

Hi, everyone, and thank you for joining us today. Our momentum and solid execution continued this quarter as we establish a track record of consistently delivering mid-single-digit organic revenue growth. Diabetes took another step forward with double-digit growth supported by a return to growth in the U.S. I'd also note the particular strength we saw in multiple businesses like Core Spine, Cardiac Surgery, Structural Heart and Cardiac Pacing. And we had strong growth across international markets as we expand access to our innovative health care technologies all around the globe.

大家好，感謝各位今天蒞臨。本季度，我們延續了強勁的勢頭和穩健的執行力，持續保持中等個位數的有機收入成長。糖尿病業務在美國市場恢復成長的推動下，再創佳績，實現了兩位數成長。我還想指出，我們在核心脊椎、心臟外科、結構性心臟和心臟節律器等多個業務領域都表現出色。隨著我們創新醫療技術的覆蓋範圍不斷擴大，我們在國際市場也取得了強勁成長。

At the same time, we've had a rapid cadence of new product approvals, and we're continuing to differentially invest in our pipeline of highest growth opportunities. We're advancing innovative core technologies like robotics, AI and closed-loop systems. And with 5 AI products already FDA approved, we're leading the way in bringing the tech into med tech.

同時，我們的新產品審批節奏加快，並持續對成長潛力最大的產品線進行差異化投資。我們正在推動機器人、人工智慧和閉環系統等創新核心技術。目前，已有5款人工智慧產品獲得FDA批准，我們在將人工智慧技術引入醫療科技領域方面處於領先地位。

We also continue to make progress on our comprehensive transformation of the company. We're incorporating a performance-driven culture that's based on execution, speed and playing to win. And we're leveraging our scale to drive efficiencies. So when you look at our financials this quarter, you're seeing the early results of our focus on restoring earnings power and converting our earnings into strong cash flow. And we're using that cash to both invest in high-return opportunities and return value to our shareholders.

我們在公司全面轉型方面也持續取得進展。我們正在融入以績效為導向的企業文化，這種文化是基於執行力、速度和拼搏精神。我們正在利用規模經濟來提升效率。因此，當您查看本季度的財務狀況時，您會看到我們專注於恢復盈利能力並將盈利轉化為強勁現金流的初步成果。我們將利用這些現金投資於高回報機會，並為股東創造價值。

So we're executing and we're delivering. And we expect to continue over the coming quarters and years, given our momentum, our ongoing transformation, our breakthrough innovation, our exposure to strong secular growth markets and our numerous catalysts across the business.

所以，我們正在執行，我們正在交付。鑑於我們的發展勢頭、我們正在進行的轉型、我們的突破性創新、我們在強勁的長期成長市場的佈局以及我們業務中眾多的催化劑，我們預計未來幾個季度和幾年，這種勢頭將持續下去。

Now before I get into the details of our Q3 results, I do want to mention that we provided a portfolio management update this morning on our Patient Monitoring and Respiratory Interventions businesses. After a comprehensive review, we have decided to exit our unprofitable ventilator product line and retain and bring together our remaining PMRI businesses into one business, which we're calling Acute Care and Monitoring.

在詳細介紹我們第三季的業績之前，我想提一下，我們今天早上提供了病患監護和呼吸介入業務的投資組合管理更新。經過全面審查，我們決定退出尚未盈利的呼吸機產品線，保留剩餘的PMRI業務，並將其整合為一個業務，我們稱之為急性護理和監護。

Now we've determined it is in the best interest of Medtronic, it's stakeholders, the ACM business, both near and long term to exit vents because of its increasing on profitability and market preference shift to lower acuity ventilators.

現在我們已經確定，退出呼吸器市場符合美敦力、其利益相關者以及 ACM 業務的最佳利益，無論是短期還是長期，因為其盈利能力不斷提高，並且市場偏好轉向低敏銳度呼吸機。

Now as we exit vents, I want to recognize the strong legacy of our business and the Puritan Bennett brand. And we're committed to serving the needs of our customers and honoring our ventilator service contracts. And I also want to thank the employees in our ventilator business who played an incredible role during the pandemic to dramatically expand production to get ventilators to the communities around the world that needed them. And while we exit, we do believe that existing manufacturers can meet the customer demand for new ventilators going forward.

在我們退出呼吸器業務之際，我想讚揚我們業務和Puritan Bennett品牌的悠久歷史。我們致力於滿足客戶的需求，並履行呼吸器服務合約。我還要感謝呼吸機業務的員工，他們在疫情期間發揮了重要作用，大幅擴大了產量，將呼吸機送達世界各地需要它們的社區。雖然我們退出了，但我們堅信現有的製造商能夠滿足未來客戶對新型呼吸器的需求。

Now, at the same time, we decided to retain and refocus the remaining PMRI businesses. Three main factors have driven this decision. First, we have strong conviction in our ability to lead and drive growth in Acute Care and Monitoring given our improved competitive position and our ability to properly fund this business with savings from exiting vents.

現在，我們決定保留並重新調整剩餘的PMRI業務。主要有三個因素促成了這個決定。首先，鑑於我們競爭地位的提升，以及我們有能力利用現有呼吸器節省下來的資金為急性護理和監測業務提供充足的資金，我們堅信我們有能力引領和推動急性護理和監測業務的成長。

Second, the importance of data in this space is changing rapidly. It's becoming the basis of innovation. And this fact further improves our competitive differentiation.

其次，數據在這個領域的重要性正在快速改變。它正在成為創新的基礎。這一事實進一步提升了我們的競爭優勢。

And lastly, as a company more broadly, we continue to prioritize profitable innovation-driven growth and category leadership and ACM can deliver both. That does not mean we will shy away from additional portfolio moves going forward, but the bar is high for any strategic activity that dilutes our focus on our profit and growth.

最後，從更廣泛的角度來看，作為一家公司，我們將繼續優先考慮盈利性創新驅動的成長和品類領導力，而ACM能夠同時實現這兩者。這並不意味著我們會迴避未來進一步的投資組合調整，但任何削弱我們對利潤和成長關注的策略活動都面臨著很高的門檻。

So when you take these decisions together, we're able to provide increased investment for Acute Care and Monitoring using the savings from vents and bringing 2 businesses together, all without creating dilution to our P&L.

因此，當您一起做出這些決定時，我們能夠利用通風口節省的資金為急性護理和監測提供更多投資，並將兩個企業合併在一起，而不會對我們的損益表造成稀釋。

Now let's get into the details behind our Q3 results. We continue to look at our portfolio in 3 categories: Established market leaders, synergistic and highest growth businesses. In this quarter, all 3 grew in line with our expected growth algorithm. Our established market leader and synergistic businesses grew mid-single digits, while our highest growth businesses posted high single-digit growth, and we expect their contribution to our overall growth to further accelerate in the quarters ahead.

現在，讓我們來詳細了解一下我們第三季業績的背後。我們繼續將投資組合分為三個類別：成熟的市場領導者、協同業務和最高成長業務。本季度，這三個類別的成長均符合我們的預期成長演算法。成熟的市場領導者和協同業務實現了中等個位數的成長，而最高成長業務實現了高個位數的成長，我們預計它們對我們整體成長的貢獻將在未來幾季進一步加快。

Now looking first at the established market leaders. Combined, they made up just under half of our revenue and grew 4%.

現在我們先來看看那些老牌的市場領導者。他們合計貢獻了我們近一半的收入，並且成長了4%。

Starting with Cranial & Spinal Technologies. We're driving consistent above-market growth on the continued adoption of our AiBLE ecosystem. CST delivered high single-digit growth in Core Spine, mid-teens growth in Biologics and high single-digit growth in Enabling Technology. We had strong double-digit unit growth in StealthStation navigation, O-arm imaging and Mazor Robotics systems, a leading indicator for future growth in this business. We also continue to see strong adoption of unit adaptive spine intelligence, our integrated AI-based surgical planning solution.

首先從顱腦和脊椎技術開始。由於我們AiBLE生態系統的持續應用，我們正持續推動高於市場的成長。 CST的核心脊椎業務實現了高個位數成長，生物製劑業務實現了15%左右的成長，使能技術業務也實現了高個位數成長。 StealthStation導航系統、O型臂成像系統和Mazor機器人系統實現了強勁的兩位數成長，這是該業務未來成長的領先指標。此外，我們基於人工智慧的整合手術計畫解決方案—自適應脊椎智慧系統也持續獲得廣泛應用。

Now with AiBLE, we're offering a complete robust ecosystem of enabling technologies and associated implants for spine surgeons. Our global footprint, which includes over 10,000 systems is over 4x greater than the nearest competitor. And with this scale and extensive and rapidly increasing installed base, we're transforming the spine industry. We are leading the way. As more surgeons adopt our integrated spine technologies and in an environment where there is disruption from consolidation, we're attracting the best sales teams to Medtronic to grow and expand our business.

如今，憑藉 AiBLE，我們為脊椎外科醫生提供了一個完整而強大的賦能技術及相關植入物生態系統。我們的全球業務覆蓋超過 10,000 套系統，是排名第二的競爭對手的四倍多。憑藉如此規模以及廣泛且快速增長的安裝基礎，我們正在改變脊椎行業。我們正引領潮流。隨著越來越多的外科醫生採用我們的整合脊椎技術，在產業整合帶來顛覆性影響的環境下，我們正在吸引最優秀的銷售團隊加入美敦力，以發展壯大我們的業務。

Next, in surgical, we grew 3%. Our Wound Management business, 1 share, growing in the high teens on the strength of our V-Loc barbed sutures. We also had solid mid-single-digit growth in Hernia products as we won share in synthetic permanent mesh with our ProGrip platform. And as expected, our surgical growth continue to have a modest impact from declines in bariatric surgery.

其次，外科手術業務成長了3%。我們的傷口管理業務（佔1%）憑藉V-Loc倒刺縫合線的強勁成長，實現了兩位數的高成長。我們的疝氣產品也實現了穩健的中個位數成長，這得益於我們憑藉ProGrip平台贏得了合成永久性網片的市場份額。正如預期，我們的外科手術業務成長持續受到減重手術業務下滑的溫和影響。

Now we still believe this impact will be temporary as more patients become eligible for surgery, and as patients seek a more permanent treatment to weight loss.

現在我們仍然相信這種影響將是暫時的，因為越來越多的患者有資格接受手術，並且患者尋求更持久的減肥治療方法。

To wrap up our established market leaders, cardiac rhythm also grew 3%, driven by high single-digit growth in cardiac pacing. Our Micra leadless pacemakers continued to post strong results, growing 15%, driven by the launch of our next-generation Micra AV2 and VR2 devices. We're also benefiting from the adoption of conduction system pacing, an alternative to traditional single or dual chamber pacing. Our 3830 lead, the only one on the market approved for conduction system pacing, continue to grow strong double digits.

總結我們成熟的市場領導者，心律產品也成長了3%，這得益於心臟起搏器產品高個位數的成長。我們的Micra無導線起搏器持續保持強勁業績，成長了15%，這得益於我們新一代Micra AV2和VR2設備的推出。我們也受惠於傳導系統起搏器的普及，這是傳統單腔或雙腔起搏器的替代方案。我們的3830導線是市場上唯一獲準用於傳導系統起搏的導線，繼續保持強勁的兩位數成長。

In CRM, we also began training and a limited launch of our AURORA EV-ICD. Now we expect the EV-ICD to reaccelerate our defibrillation solutions growth in the coming quarters. As I've shared with you in the past, AURORA is a game changer in the ICD space. It delivers the benefits of a traditional ICD including similar size, longevity, and pacing features, but without the leads in the harder veins. And these benefits can be realized with one device and only one implant procedure.

在客戶關係管理 (CRM) 方面，我們也開始了 AURORA EV-ICD 的培訓和小規模上市。我們預計 EV-ICD 將在未來幾季重新加速我們去顫解決方案的成長。正如我之前分享過的，AURORA 是 ICD 領域的顛覆者。它擁有傳統 ICD 的優勢，包括相似的尺寸、使用壽命和起搏功能，但無需在更硬的靜脈中插入導線。而且，這些優勢只需一台設備、一次植入手術即可實現。

We expect our advantages will not only displace the competitors device, we will expand the population far beyond the existing segment and be a strong growth driver for CRM.

我們預計，我們的優勢不僅取代競爭對手的設備，還會擴大現有細分市場以外的用戶群，成為 CRM 的強勁成長動力。

Now turning to our synergistic businesses. Combined, they grew mid-single digits in Q3, and I'll highlight some of the drivers here. Let's start with Aortic, which grew 13% on supply recovery and continued momentum of our Endurant AAA franchise. Cardiac Surgery grew 10%, driven by strength in perfusion and cannula and ECLS oxygenators given competitor quality issues and the strong sales in international markets of our Avalus surgical valve.

現在談談我們的協同業務。總體而言，這些業務在第三季實現了中等個位數的成長，我將在此重點介紹一些驅動因素。首先是主動脈瓣膜業務，由於供應恢復以及 Endurant AAA 特許經營權的持續增長，該業務增長了 13%。心臟外科業務成長了 10%，這得益於灌注、插管和體外生命維持氧合器業務的強勁成長，儘管競爭對手存在品質問題，而且我們的 Avalus 手術瓣膜在國際市場上銷售強勁。

Coronary grew 7%, driven by double-digit growth in both guide catheters and balloons. And we increased our drug-eluting stent share in the U.S. and in Europe on the continued rollout of our Onyx Frontier drug-eluting stent.

冠狀動脈疾病成長了7%，這得益於導引導管和球囊都達到兩位數成長。隨著Onyx Frontier藥物洗脫支架的持續推廣，我們在美國和歐洲的藥物洗脫支架市場份額有所提升。

Now turning to businesses in our highest growth markets. As I mentioned earlier, together, these businesses grew in the high single digits this quarter, and we expect their contribution to our growth to accelerate going forward. Now Diabetes led the way, growing double digits on the global adoption of our game-changing MiniMed 780G system. We're seeing strong sequential momentum, growing 5% over the prior quarter.

現在談談我們成長最快的市場。正如我之前提到的，這些業務本季整體實現了高個位數成長，我們預計它們對我們成長的貢獻將在未來加速。目前，糖尿病業務處於領先地位，得益於我們顛覆性 MiniMed 780G 系統的全球採用，該業務實現了兩位數的成長。我們看到了強勁的環比成長勢頭，環比增長了 5%。

Our customer base is growing sequentially, and we're driving more revenue per customer.

我們的客戶群正在不斷成長，我們正在為每位客戶創造更多的收入。

In the U.S., we not only returned to growth, we grew mid-single digits, driven by nearly 50% revenue growth in insulin pumps. We doubled our new users year-over-year, attracting those on multiple daily injections as well as users of competitor systems. Users are choosing 780G for the outcomes it delivers. With intensive insulin users, these outcomes matter. And the 780G is highly differentiated. It's the only AID system to automatically adjust and correct sugars every 5 minutes. It offers flexible glucose targets as low as 100 and features our proprietary meal detection technology.

在美國，我們不僅恢復了成長，而且實現了中等個位數的成長，這得益於胰島素幫浦近50%的收入成長。我們的新用戶年增了一倍，吸引了每日多次注射胰島素的用戶以及競爭對手系統的用戶。使用者選擇780G是因為它的療效。對於胰島素重度使用者來說，這些療效至關重要。 780G具有高度的差異化。它是唯一每5分鐘自動調整校正血糖的輔助胰島素治療系統。它提供低至100的靈活血糖目標，並配備了我們專有的膳食檢測技術。

This leads to high time and range for users. And this type of glycemic control is coming with less effort and burden. As users realize the relief that comes from spending more time in automation with our SmartGuard technology. It's worth pointing out that in a recent third-party survey of nearly 2,000 U.S. diabetes pump users, the 780G scored #1 in overall pump satisfaction. And among Type 1 CGM users, our Guardian 4 Sensor mirrored competitor sensors in overall satisfaction.

這為用戶節省了大量時間和精力，並減輕了用戶負擔。使用者意識到，使用我們的 SmartGuard 技術，將更多時間投入到自動化控制中，可以減輕他們的負擔。值得一提的是，在最近一項針對近 2,000 名美國糖尿病幫浦使用者的第三方調查中，780G 在幫浦的整體滿意度方面排名第一。在 1 型連續血糖監測 (CGM) 用戶中，我們的 Guardian 4 感測器在整體滿意度方面與競爭對手的感測器不相上下。

And during the quarter, we secured CE Mark for our Simplera Sync sensor for use with the 780G, and we look to begin the limited release this spring. And in the U.S., we're planning to submit the 780G with Simplera Sync to the FDA in the first half of this calendar year. Simplera Sync is half the size of our current sensor. It has a disposable design and is much easier to put on.

本季度，我們為與 780G 配套使用的 Simplera Sync 感光元件獲得了 CE 標誌，並計劃於今年春季開始限量發售。在美國，我們計劃在今年上半年向 FDA 提交搭載 Simplera Sync 的 780G 的申請。 Simplera Sync 的尺寸是我們現有感測器的一半。它採用一次性設計，佩戴更加方便。

Now we've been driving the Diabetes turnaround for some time. And I got to tell you, it certainly feels really good to return to double-digit growth, but we're not finished here. There is definitely more work to be done as we work to bring to market an even more robust ecosystem of differentiated technology for people living with diabetes including, next-generation durable pumps, smart pens, patch pumps, sensors and algorithms. And as the intensive insulin management space moves to using smart dosing through either AID or Smart MDI, we expect an acceleration in the growth contribution from our Diabetes business.

我們已經推動糖尿病業務復甦一段時間了。我必須告訴你們，重回兩位數成長確實感覺很好，但我們的腳步還沒結束。我們致力於為糖尿病患者打造一個更強大的差異化技術生態系統，包括下一代耐用型胰島素幫浦、智慧筆、貼片幫浦、感測器和演算法，這肯定還有更多工作要做。隨著強化胰島素管理領域轉向透過輔助胰島素滴注器 (AID) 或智慧劑量滴注器 (MDI) 使用智慧劑量，我們預期糖尿病業務的成長貢獻將加速。

Now turning to Cardiac Ablation Solutions. We delivered 11% growth in international markets, including 9% growth in Western Europe. Our strong international growth as well as our overall performance continues to be driven by our leading Arctic Front cryo solution as Pulse Field Ablation is still in the early stages. We're seeing, though, a lot of enthusiasm in the market for our PFA products.

現在談談心臟消融解決方案。我們在國際市場實現了11%的成長，其中西歐市場成長了9%。我們強勁的國際成長以及整體業績繼續受到我們領先的Arctic Front低溫解決方案的推動，因為脈衝場消融仍處於早期階段。不過，我們看到市場對我們的PFA產品表現出極大的熱情。

In Europe, we're the only company with PFA offerings for both the single shot and the focal segments. And in single shot, we have now started the limited market release of our PulseSelect PFA system here in fiscal Q4. And we're seeing very efficient procedures and after just a couple of cases. And so the learning curve is really short. The catheter handling and maneuverability has been excellent due to its small shaft and our custom 10 French bidirectional sheath. Clinicians are also reporting no noticeable muscle contraction with our PFA product, which is beneficial for patient experience.

在歐洲，我們是唯一同時提供單次注射和局部PFA產品的公司。在單次注射方面，我們已於第四財季開始在當地限量發售PulseSelect PFA系統。僅用了幾個病例，我們就見證了非常有效率的手術。因此，學習曲線非常短。由於導管桿較小，並採用我們定制的10 French雙向鞘管，導管的操作和操控性非常出色。臨床醫生也報告稱，使用我們的PFA產品時沒有明顯的肌肉收縮，這極大地提升了患者的體驗。

In focal, we continue to ramp manufacturing of the Affera mapping system and Sphere9 catheter and remain in limited market release in Europe. Sphere9 is the only catheter that can perform both pulse field ablation and radio frequency ablation and high-density mapping. It's really an all-in-one catheter.

重點是，我們將繼續增加Affera標測系統和Sphere9導管的生產，並繼續在歐洲進行小規模市場推廣。 Sphere9是唯一一款能夠同時進行脈衝場消融、射頻消融和高密度標測的導管。它是一款真正意義上的一體化導管。

In the U.S., our cast business declined in the quarter. We faced the first full quarter of competition in the cryoablation space, which is a space we created and had been the only player. In addition, many customers actually held back purchases as they awaited the launch of our PulseSelect PFA catheter, which is now commercially available.

在美國，我們的石膏業務在本季出現下滑。我們在冷凍消融領域面臨了第一個完整季度的激烈競爭，而這個領域是我們一手打造的，也是唯一的參與者。此外，許多客戶實際上推遲了購買，因為他們正在等待我們現已上市的PulseSelect PFA導管的上市。

We do expect to improve from here as we roll out the recently approved next-generation Nitron CryoConsole and PulseSelect, the only PFA catheter FDA-approved for both paroxysmal and persistent AF. And in addition to the European feedback, clinicians have consistently commented on how well it's visualized and how easily it connects to their mapping system.

隨著我們推出最近核准的新一代 Nitron CryoConsole 和 PulseSelect，我們確實期待未來能有所改進，這兩款產品是唯一獲得 FDA 批准用於陣發性和持續性心房顫動的 PFA 導管。除了歐洲的回饋外，臨床醫生也一致稱讚其視覺化效果出色，並且易於連接到他們的標測系統。

So we're also making progress in bringing our Affera mapping system and Sphere9 catheter to the U.S. with the last patient follow-up in our Sphere Per-AF pivotal trial now completed. We expect to see the results at a medical meeting in the first half of this calendar year.

我們在將Affera標測系統和Sphere9導管引入美國方面也取得了進展，Sphere Per-AF關鍵試驗的最後一位患者追蹤現已完成。我們預計將在今年上半年的醫學會議上公佈結果。

With an $8 billion market size, expanding our share in this under-penetrated cardiac ablation space is a big opportunity for us. We expect our growth profile to improve over time, first, moving towards market growth and then winning share as we bring our rich pipeline of innovation to patients who need this technology.

心臟消融市場規模高達80億美元，擴大我們在尚未普及的心臟消融領域的份額對我們來說是一個巨大的機會。我們預計，隨著時間的推移，我們的成長前景將不斷改善，首先是邁向市場成長，然後隨著我們豐富的創新產品線惠及有需要的患者，我們將持續贏得市場份額。

In Neurovascular this quarter, we grew high single digits when you exclude sales in China where the market is subject to volume-based procurement. We continue to have strong double-digit growth in flow diversion globally. This is being driven by our innovative Shield Technology for treating brain aneurysms, which is available on both Pipeline Flex and Vantage flow diverters.

本季度，神經血管業務（不包括實行批量採購的中國市場）的銷售額實現了高個位數成長。我們在全球的血流分流產品中持續保持強勁的兩位數成長。這得歸功於我們用於治療腦動脈瘤的創新Shield技術，該技術適用於Pipeline Flex和Vantage血流分流器。

In Robotic Surgical Technologies, we continued growing the installed base for our differentiated Hugo robotic system in international markets. In the U.S., our EXPAND URO pivotal trial continues to enroll, and we expect to have first enrollment in our hernia trial very soon.

在機器人手術技術方面，我們差異化的Hugo機器人系統在國際市場的安裝量持續成長。在美國，我們的EXPAND URO關鍵試驗仍在持續招募患者，預計疝氣試驗很快將迎來首批患者入組。

We expect Hugo, equipped with advanced digital capabilities, to be a meaningful growth driver for us in the years ahead. We believe surgeon preference for our open console and modular design, our leading position in minimally invasive surgery and instrumentation, our connected digital ecosystem and data-enabled insights, along with our world-class surgical training program and partnerships, will meaningfully advance the low penetration of robotic surgery around the world.

我們期待，憑藉先進的數位化能力，Hugo 將成為我們未來幾年重要的成長動力。我們相信，外科醫生對我們開放式控制台和模組化設計的青睞、我們在微創手術和器械領域的領先地位、互聯的數位生態系統和數據驅動的洞察力，以及我們世界一流的外科培訓項目和合作夥伴關係，將有力地推動全球機器人手術的低滲透率。

Now turning to Structural Heart. We grew high single digits in the quarter, including mid-single digits sequentially as we see ongoing adoption of Evolut FX and its improved design and market-leading valve performance.

現在談談結構性心臟。由於我們看到 Evolut FX 的持續採用及其改進的設計和市場領先的瓣膜性能，我們在本季度實現了高個位數增長，包括環比中等個位數增長。

In Europe, where FX was launched for the first full quarter, we grew double digits. And Japan grew in the low 20s on the continued adoption of FX. I'm pleased to share the news today that we have submitted Evolut FX plus to the FDA for approval. FX Plus has 3 windows in the frame to allow easy coronary access while providing the same dependable valve performance of our Evolut platform.

在歐洲，FX 於第一季正式上市，實現了兩位數的成長。在日本，由於 FX 的持續普及，成長率也達到了 20% 出頭。今天我很高興地宣布，我們已向 FDA 提交了 Evolut FX plus 的批准申請。 FX Plus 的框架上有三個窗口，方便冠狀動脈介入，同時提供與 Evolut 平台同樣可靠的瓣膜性能。

And we were also pleased to hear that 1-year trial results of our SMART trial will be presented as a late breaker at ACC on April 7. We're excited to see the results and are looking forward to having both FX plus and the SMART trial as well as the continued strength of our 4-year low-risk data as catalysts for our Structural Heart business.

我們也很高興聽到我們的 SMART 試驗的 1 年試驗結果將於 4 月 7 日在 ACC 上作為最新消息公佈。我們很高興看到結果，並期待 FX plus 和 SMART 試驗以及我們 4 年低風險數據的持續強勁成為我們結構性心臟業務的催化劑。

Now with that, let's go to Karen for a deeper look at our Q3 financial performance and our fiscal '24 guidance raise. Karen?

現在，讓我們來聽聽 Karen 對我們第三季財務業績和 24 財年指導價成長的深入了解。 Karen？

So looking at our financials. Our third quarter was another quarter where we delivered on our commitments. Our revenue grew 4.6% ahead of expectations, and adjusted EPS was $1.30, $0.04 above the midpoint of our guidance range. We attribute the beat to stronger-than-expected revenue growth and gross margin, offset by $0.04 from greater-than-anticipated currency impact, primarily from the devaluation in the Argentine peso in December.

回顧我們的財務狀況。第三季我們再次兌現了承諾。我們的營收成長4.6%，超出預期，調整後每股收益為1.30美元，比我們預期區間的中點高出0.04美元。我們將這超出預期的業績歸因於強於預期的營收成長和毛利率，但卻被高於預期的匯率影響（主要是12月份阿根廷比索貶值）所抵銷了0.04美元。

We're delivering durable mid-single-digit revenue growth and have now for several quarters. As Geoff mentioned, international markets were an important driver for us. Our non-U.S. developed markets grew 6%, including 8% growth in Western Europe and 7% growth in Japan. In fact, we had double-digit growth in several of our businesses across both of those regions.

我們持續保持中等個位數的收入成長，並且已經持續了幾個季度。正如傑夫所提到的，國際市場是我們的重要驅動力。我們在美國以外的已開發市場成長了6%，其中西歐成長了8%，日本成長了7%。事實上，我們在這兩個地區的多項業務都實現了兩位數的成長。

Emerging markets grew 10%. We had high-teens growth in the Middle East and Africa and mid-teens growth in South Asia. China grew low double digits as some of the VBP we expected there continues to be delayed. And Eastern Europe grew in the low single digits, given Russian sanctions.

新興市場成長了10%。中東和非洲地區實現了高雙位數成長，南亞地區實現了中雙位數成長。由於我們預期的部分VBP計劃持續延期，中國地區實現了低雙位數成長。受俄羅斯制裁影響，東歐地區實現了低個位數成長。

In the U.S., we grew 2%. We have several new product approvals that are at the earliest stages of their launches and expect those launches to positively impact our U.S. growth over the next couple of quarters and beyond.

在美國，我們的銷售額成長了2%。我們有幾款新產品已獲批，目前正處於上市初期，預計這些產品的上市將在未來幾個季度及以後對我們在美國的成長產生積極影響。

Looking down the P&L, we delivered a strong quarter. Both our adjusted gross and operating margins were ahead of expectations. Our adjusted gross margin of 66.1% improved year-over-year, overcoming a 60 basis point headwind from foreign exchange and continued elevated inflation. We attribute the favorability primarily to the delayed China VBP and lower freight costs.

從損益表來看，我們本季業績強勁。調整後毛利率和營業利潤率均超乎預期。調整後毛利率達66.1%，年成長，克服了外匯匯率和持續高企的通膨帶來的60個基點的不利影響。我們認為，這主要得益於中國VBP的延遲以及運費的下降。

We also continue to see traction from our pricing efforts and an early benefit from our comprehensive COGS efficiency efforts. While our adjusted operating margin of 25.2% declined 70 basis points, it was entirely driven by currency. In fact, operating margin on a constant currency basis was up 160 basis points from improvement in gross margin and strong SG&A leverage as we continue to drive efficiencies across the enterprise.

我們的定價策略持續取得進展，全面的銷貨成本效率提升也帶來了初步效益。雖然我們調整後的營業利潤率為25.2%，下降了70個基點，但這完全是由匯率因素造成的。事實上，由於我們持續提升整個企業的效率，以固定匯率計算的營業利潤率因毛利率的提高和強勁的銷售、一般及行政管理（SG&A）槓桿率而上升了160個基點。

Below the operating margin line, our adjusted tax rate was a little higher than anticipated, mainly due to the jurisdictional mix of profits. On the flip side, income on our investments was also a little better than expected with higher rates.

在營業利益率線以下，我們的調整後稅率略高於預期，這主要歸因於利潤的司法管轄區組合。另一方面，由於稅率較高，我們的投資收益也略優於預期。

It's worth noting that while our adjusted EPS was flat year-over-year, it grew 8.5% on a constant currency basis from the leverage we drove down the P&L. We also significantly improved our free cash flow and conversion in the quarter.

值得注意的是，雖然我們的調整後每股盈餘與去年同期持平，但由於我們降低了損益表的槓桿率，以固定匯率計算，每股盈餘成長了8.5%。本季度，我們的自由現金流和轉換率也顯著改善。

Now turning to guidance. Given our top and bottom line beat and continued strength in our underlying fundamentals, we're raising our full year revenue and EPS guidance. We now expect full year organic revenue growth of 4.75% to 5%. For the fourth quarter, we're expecting organic revenue growth to be in the range of 4% to 4.5%. On a comp adjusted basis, this is an acceleration from the third quarter as we continue to ramp our recent product launches.

現在談談業績指引。鑑於我們的營收和利潤都超出預期，且基本面持續強勁，我們上調了全年營收和每股盈餘指引。我們目前預計全年有機營收成長率為4.75%至5%。對於第四季度，我們預期有機營收成長率將在4%至4.5%之間。經調整後的營收成長速度較第三季有所加快，因為我​​們近期的產品發布仍在持續推進。

With the exit of ventilators that we announced today, we are moving the associated revenue to the other segment starting in the fourth quarter. As is the case with all revenue in other, we will exclude it from our organic revenue growth and additional details can be found in our third quarter earnings presentation.

隨著我們今天宣布退出呼吸器業務，我們將從第四季度開始將相關收入轉移至其他業務部門。與其他業務部門的所有收入一樣，我們將該部分收入排除在我們的有機收入成長之外。更多詳情請參閱我們第三季的收益報告。

Regarding currency, based on recent rates, we would see a full year revenue impact in the range of an unfavorable $15 million to a favorable $35 million, including an unfavorable impact of $70 million to $120 million in the fourth quarter.

關於貨幣，根據最近的匯率，我們預計全年收入影響將在不利的 1500 萬美元至有利的 3500 萬美元之間，其中第四季度的不利影響為 7000 萬美元至 1.2 億美元。

On the bottom line, with the beat in the third quarter, we're raising our full year EPS guidance by $0.04 at the midpoint to a new range of $5.19 to $5.21. I'd point out that given our durable performance, we've been able to increase this guidance by $0.15 at the midpoint from where we initially started the year. For the fourth quarter, we expect adjusted EPS of $1.44 to $1.46. And regarding currency, based on recent rates, we're seeing an unfavorable impact of 7% on full year EPS, including an unfavorable 5% impact in the fourth quarter.

總而言之，鑑於第三季業績超出預期，我們將全年每股收益預期中位數上調0.04美元，至5.19美元至5.21美元的新區間。需要指出的是，鑑於我們持續的業績表現，我們得以將全年每股收益預期中位數較年初水準上調0.15美元。對於第四季度，我們預計調整後每股收益為1.44美元至1.46美元。關於匯率，根據近期匯率，我們預計全年每股盈餘將受到7%的不利影響，其中第四季將受到5%的不利影響。

Lastly, while we'll give our fiscal year '25 guidance on our earnings call in May after we finish our planning, I want to share our early thoughts. You've seen us deliver durable revenue growth for several quarters, and we expect that to continue.

最後，雖然我們會在5月完成規劃後，於財報電話會議上公佈2025財年的業績指引，但我想分享我們初步的想法。大家已經看到我們連續幾季實現了持續的營收成長，我們預期這種成長態勢將持續下去。

Down the P&L, inflation, currency and tax are currently headwinds to earnings growth. And we expect to continue to increase our investments in R&D. That said, we're very focused on driving offsets where we can and improving the earnings power of the company.

從損益表來看，通貨膨脹、匯率和稅收目前是獲利成長的阻力。我們預計將持續增加研發投入。即便如此，我們仍然非常注重盡可能地彌補損失，並提升公司的獲利能力。

And regarding the portfolio management decisions we announced today, while the Street's FY '25 numbers didn't yet reflect the potential separation. With today's decision, we're able to increase investment in innovation-driven growth without near-term earnings dilution or an ongoing impact to cash flow, all with a focus on optimizing long-term shareholder value.

關於投資組合管理決策，我們今天宣布了這些決策，儘管華爾街25財年的業績數據尚未反映出潛在的分割。今天的決策使我們能夠增加對創新驅動型成長的投資，而不會造成短期獲利稀釋或對現金流造成持續影響，所有這些都將重點放在優化長期股東價值上。

I want to close by expressing my sincere gratitude to all of our employees for your hard work and unwavering commitment to the Medtronic mission. Your dedication was instrumental in achieving our results this quarter and making a difference for so many people around the world. Thank you.

最後，我要向全體員工致上最誠摯的謝意，感謝你們的辛勤工作以及對美敦力使命的堅定承諾。你們的奉獻精神對我們本季所取得的業績至關重要，也為全球眾多患者帶來了福祉。謝謝！

Geoff, turning it back to you to take it home.

傑夫，把它還給你，讓你帶回家。

Okay. Thank you. But before I wrap up, I want to note that Tom Holloran passed away last week at the age of 94. Tom provided decades of leadership to our company. First as General Counsel, then as President and as a Director on our Board for many, many years. In the early '60s, Tom was one of the instrumental people who created our Medtronic mission, together with our founder, Earl Bakken. Tom was also a significant leader in the Twin Cities and beyond and served on several company Boards. Our thoughts are with Tom's family as they celebrate his life.

好的，謝謝。但在結束之前，我想提一下，湯姆·霍洛蘭上週去世，享年94歲。湯姆為我們公司貢獻了數十年的領導力。他先是擔任總法律顧問，然後擔任總裁，並在董事會任職多年。上世紀60年代初，湯姆與公司創辦人厄爾·巴肯一起，是創造美敦力使命的關鍵人物之一。湯姆也是雙城地區及其他地區的重要領導者，並曾在多個公司董事會任職。值此湯姆逝世之際，我們與他的家人同在。

Now before we go to analyst questions, I'll close with a few brief concluding comments on our progress. You've seen now for several quarters in a row that we're delivering on our commitments with durable mid-single-digit revenue growth. And when you look over the last couple of quarters, we've had a rapid cadence of meaningful innovative product approvals, many of which are just getting started, including EV-ICD, both PulseSelect and Affera in PFA, inceptive for SCS, Percept RC for DBS and, of course, our new Simplera Sync sensor in Diabetes. And we can't forget Simplicity for hypertension.

在開始分析師提問之前，我想先簡短地總結一下我們的進展。大家已經連續幾個季度看到，我們持續履行承諾，實現了中等個位數的收入成長。回顧過去幾個季度，我們快速獲得了一系列意義重大的創新產品批准，其中許多產品才剛起步，包括EV-ICD、用於PFA的PulseSelect和Affera、用於SCS的Inceptive、用於DBS的Percept RC，當然還有我們用於糖尿病的全新Simplera Sync感測器。當然，我們也不能忘記用於高血壓的Simplicity。

When you combine these with our investments to enter surgical robotics, along with the strong execution we're having in businesses like Spine and Diabetes, this is what gives us confidence in our ability to continue delivering durable growth.

當你將這些與我們進入手術機器人領域的投資以及我們在脊椎和糖尿病等業務中的強大執行力結合起來時，我們就會對繼續實現持久增長的能力充滿信心。

At the same time, we've been sharing with you our efforts to restore the earnings power of the company. And we're seeing those efforts begin to show up in our financials. And the comprehensive transformation that we've been working on streamlining our operating model, aligning incentives, revamping our capital and portfolio management activities and instilling a performance-driven culture, well, this is also having an impact.

同時，我們一直在與大家分享我們為恢復公司獲利能力所做的努力。我們看到這些努力已開始在財務表現中顯現。我們一直在進行的全面轉型，包括精簡營運模式、調整激勵機制、改善資本和投資組合管理活動，以及灌輸以績效為導向的文化，這些也正在產生影響。

These changes take time, and we're certainly not done, but it's very encouraging to see our progress and where we stand today. And equal exciting are the catalysts that we see coming, which we believe will lead to significant advancements for patients and value creation for both health care systems around the world and our shareholders.

這些改變需要時間，而且我們當然還沒有完成，但看到我們取得的進展和目前的狀況，我們感到非常鼓舞。同樣令人興奮的是，我們看到了即將到來的催化劑，我們相信這些催化劑將為患者帶來顯著的進步，並為全球醫療保健系統和我們的股東創造價值。

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

那麼，接下來我們進入問答環節，我們將盡可能聯繫分析師。 （操作員指示）如果您還有其他問題，可以在通話結束後聯絡 Ryan 和投資者關係團隊。

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

布拉德，您能否給予提問的說明？

(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 Medical Surgical portfolio; Sean Salmon, EVP and President of the Cardiovascular portfolio; and Brett Wall, EVP and President of the Neuroscience portfolio. (Operator Instructions)

（操作員指示）最後，請注意，本次問答環節正在錄製中。今天的問答環節，除了Geoff、Karen和Ryan之外，還有糖尿病業務執行副總裁兼總裁Que Dallara、外科醫療業務執行副總裁兼總裁Mike Marinaro、心血管業務執行副總裁兼總裁Sean Salmon以及神經科學業務執行副總裁兼總裁Brett Wall。 （操作員指示）

We'll take the first question from Larry Biegelsen at Wells Fargo.

我們將回答富國銀行的拉里·比格爾森提出的第一個問題。

Congratulations on another nice quarter here. I wanted to just focus my one question on the fiscal 2025 comments, Geoff and Karen. You talked about durable growth. Is that -- should we think about that as mid-single-digit organic growth? And just help us -- I think there'll be some concerns about what we're seeing in the Afib business, given the low double-digit decline in the U.S. What are the puts and takes to consider there?

恭喜你們又一個季度取得佳績。傑夫和凱倫，我只想問一個關於2025財年展望的問題。你們提到了持久增長。這應該算是中等個位數的有機成長嗎？另外，考慮到美國房顫業務的兩位數低位下滑，我認為大家會對房顫業務的情況感到擔憂。這方面有哪些利弊需要考慮？

And on earnings, Karen, can you quantify those headwinds, inflation, tax and FX in fiscal '25? And consensus is at about 5%. Are you comfortable with consensus EPS growth?

關於獲利，Karen，您能量化一下2025財年的不利因素、通膨、稅收和外匯因素嗎？市場普遍預期每股收益成長約5%。您對市場普遍預期的每股盈餘成長感到滿意嗎？

Well, first of all, thanks for the questions, Larry. Maybe I'll start with the CAS one. And then Karen, maybe Sean and I will take the Afib one and then Karen can talk about the FY '25 question.

嗯，首先，謝謝你的提問，Larry。我先從CAS的問題開始。然後Karen，也許Sean和我會討論心房顫動的問題，最後Karen可以談談2025財年的問題。

So I'm going to phone a friend to have Sean here in a second here. But on our Afib business, look, we are confident in the investments that we made that are going to bear fruit here. We haven't seen it translate into financials yet, but there's lots of leading indicators here that we're seeing that give us confidence both in -- one in continued, I think, stronger performance than people might think in Cryo, but importantly, in PFA for both PulseSelect or organic program and then Affera. But Sean, do you want to comment on this a little more specifically for Larry?

所以我馬上要打電話給朋友，要肖恩過來。至於我們的心房顫動 (AFIB) 業務，你看，我們對所做的投資充滿信心，這些投資一定會取得成果。我們還沒有看到這些投資轉化為財務成果，但我們看到了許多領先指標，這些指標讓我們對Cryo的業績持續強勁充滿信心，我認為這一點比人們想像的還要好，但更重要的是，對PulseSelect或有機專案以及Affera的PFA也充滿信心。肖恩，你想就此向拉里更具體地談談嗎？

Yes, sure, Geoff. So Larry, in the U.S., what we had experienced was the first time ever a competitor in the Cryo segment. So we had 100% market share, and we had a competitor ramp up their production. We felt that in the fourth quarter. I think there's also some anticipation for new products we're launching, including a Nitron Console, a refresh on our capital equipment for Cryo and, of course, the PulseSelect which just started its launch in the United States after the quarter closed. And that's doing very, very well. The feedback has been exceptional. Doing well in the United States, doing well outside the United States. And I think those catalysts to growth of Pulse Field for both the PulseSelect, that's the single-shot technology as well as our point-by-point ablation is driving a lot of enthusiasm.

是的，當然，傑夫。拉里，在美國，我們經歷了冷凍治療領域第一次遇到競爭對手。我們擁有100%的市場份額，競爭對手也正在提高產量。我們在第四季就感受到了這一點。我認為大家對我們即將推出的新產品也抱有期待，包括Nitron控制台，這是我們冷凍治療資本設備的升級，當然還有PulseSelect，它在本季結束後剛在美國上市。而且表現非常出色，回饋非常好。在美國和美國以外都表現良好。我認為這些推動Pulse Field成長的催化劑，無論是PulseSelect的單次注射技術，還是我們的逐點消融技術，都激發了人們的熱情。

So I think we're going to see a return to growth. And into next year, we'll really feel the full force of those launches. So it's a step back, certainly in the United States, with the 11% growth worldwide or outside the United States, I should say, is giving us a lot of confidence. This is a pipeline that's poised to return us to growth in that segment.

所以我認為我們會看到恢復成長。到明年，我們將真正感受到這些新藥上市的全部力量。所以，這在美國肯定是倒退，但全球或美國以外地區11%的成長率，應該說，給了我們很大的信心。這些新藥上市項目有望讓我們在該領域恢復成長。

Thanks, Sean.

謝謝，肖恩。

And on FY '25, Larry, I would just start with the fact that we're really pleased with our performance through these last several quarters. Q3 was another solid quarter. Our fifth consecutive quarter of solid mid-single digits. And I would point out that we drove that mid-single-digit growth this quarter, off of mid-single-digit comps last year. And that's what we expect to continue into FY '25.

關於2025財年，拉里，首先我想說的是，我們對過去幾季的業績非常滿意。第三季業績表現穩健，這是我們連續第五個季度維持中等個位數的穩健成長。我想指出的是，本季我們實現了中等個位數的成長，而去年同期的業績也維持了中等個位數的成長。我們預計這種成長態勢將持續到2025財年。

We've been working through our planning process, and we expect to wrap that up in advance of our Q4 earnings call. So we'll give our guidance in May. Not ready to give you real specifics but from a high level, we've had no major changes to the puts and takes for next year that we discussed on our earnings call in Q2. And we're focused on obviously setting up guidance that sets us up for success, prioritizes innovation and allows us to deliver on our commitments.

我們一直在推進規劃流程，預計在第四季度財報電話會議之前完成。因此，我們將在五月發布業績指引。目前還不能透露具體細節，但總體而言，我們對第二季財報電話會議上討論的明年業績預期沒有重大調整。我們顯然專注於制定指引，為成功奠定基礎，優先考慮創新，並使我們能夠兌現承諾。

But just on margins and down the P&L. There are puts and takes. We've got inflation that's stabilizing a bit, but it's still higher than historical. Currency is always dynamic. But at recent rates, we are facing a decent headwind from FX, and we'll just have to see how that shakes out.

但這只是利潤率和損益表的下降。有看跌期權，也有看漲期權。我們的通膨正在逐漸穩定，但仍高於歷史水準。貨幣總是動態的。但以最近的匯率，我們正面臨來自外匯的相當大的阻力，我們只能拭目以待。

Global tax reform is likely to be a headwind, but as always, we're focused on driving offsets where we can. And as you know, we've made good and real progress on our COGS cost out work and that started with centralizing our global ops and supply chain and focusing those teams on putting in place tangible programs that we now have in place to drive that cost at work.

全球稅改可能會帶來不利影響，但一如既往，我們專注於盡可能地抵消成本。如您所知，我們在降低銷貨成本方面取得了良好且切實的進展，這始於集中我們的全球營運和供應鏈，並讓這些團隊專注於實施切實可行的計劃，我們現在已經實施了這些計劃來降低成本。

And always, we're continuing to focus on driving pricing as an important lever. We've built a new muscle around pricing, and we're just making it stronger and stronger.

我們始終致力於推動定價，將其作為重要的槓桿。我們已經在定價領域打造了新的力量，並且正在不斷增強。

And then we're always focused on controlling expenses. We've got discipline on our largest driver of our expense, which is our headcount, and we expect that to continue. So really, no major changes from what we laid out last quarter.

我們始終專注於控制開支。我們對最大的開支驅動因素——員工人數——進行了嚴格的控制，預計這種情況將持續下去。所以，與上個季度相比，我們的計畫並沒有發生重大變化。

(Operator Instructions) Brad, can we take the next question, please?

（操作員指示）布拉德，我們可以回答下一個問題嗎？

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。

I wanted to ask on the Patient Monitoring business. The original intent was to try and sell it or spin it. You're now keeping it and exiting the Ventilator business. Just maybe walk us through the thought process, what happened in the market and why this is the best outcome for Medtronic?

我想問一下關於病人監護業務的問題。最初的計劃是嘗試出售或轉型。現在您保留了它，並退出了呼吸機業務。能否請您談談您的想法？當時市場發生了什麼事？為什麼這對美敦力來說是最好的結果？

Sure. I'll take that one, Robbie. So a couple of things. I'll start with -- a couple of things have changed. And I'll start with what we have, we do have strong conviction in driving profitable category leadership in this, what we're calling Acute Care and Monitoring business. And a couple of dynamics have changed. And just as a reminder, the Monitoring component -- the Patient Monitoring component is the biggest part of that -- of those businesses that we intended to spin.

當然。我接這個，羅比。所以有幾件事。我先說——有幾件事發生了變化。我先說說我們現有的情況。我們堅信，我們在這個領域，也就是我們所說的急性護理和監測業務，能夠保持獲利能力，並佔據領先地位。而且，有些動態也發生了變化。提醒一下，在我們打算剝離的業務中，監測部分——也就是病人監測部分——是其中最重要的部分。

I think the biggest thing that changes our -- 2 things, our improved competitive positioning is -- in our monitoring business, in particular, changed over the last year. As we are working on the process, we continue to run the business, and it performed well. And the competitive dynamics versus our main competitor, Masimo, changed significantly for the positive for us. And we believe that we can ensure that, that change is durable with the increased investment. And we found a way to make that increased investment, which leads to the decision to wind down the vents business.

我認為改變我們最大的因素——兩點，我們競爭地位的提升——是——尤其是在我們的監測業務方面，在過去一年裡發生了變化。我們正在努力改進，繼續經營這項業務，而且表現良好。與我們的主要競爭對手Masimo相比，競爭態勢發生了顯著的正面變化。我們相信，隨著投資的增加，我們可以確保這種變化能夠持久。我們找到了增加投資的方法，這促使我們決定逐步淘汰呼吸器業務。

It's a very difficult decision, but the business became increasingly unprofitable throughout the last year. The growth slowed even more. And the dynamics within the vent segment are changing, moving to lower acuity ventilators. And our kind of, I'd say, unique and worthy contributions are more in the higher acuity hospital based.

這是一個非常艱難的決定，但去年我們的業務獲利能力越來越差，成長速度甚至進一步放緩。呼吸器市場的格局也在發生變化，轉向低危險重症呼吸機。而我們這種獨特且有價值的貢獻，更多的是在高危險重症醫院。

And so with that market changing and becoming increasingly unprofitable, our decision to wind that down creates the oxygen, the investment, if you will, that we can fund the monitoring side of the equation here and ensure that this -- our competitive positioning versus Masimo, we feel like we can extend it.

因此，隨著市場變化和盈利能力的下降，我們決定逐步減少這項業務，這創造了氧氣，如果你願意的話，我們可以為這裡的監控方面提供資金，並確保這一點——我們相對於 Masimo 的競爭地位，我們覺得我們可以延長它。

And another dynamic that has emerged is the use of data and the importance of data in the space, and that's been changing and becoming increasing and actually, I'd say it's the basis for innovation. And our confidence in taking that data and translating that into meaningful iteration, rapid iterations as well as disruption over time is pretty high given what we've been able to do with AI and other parts of the company.

另一個出現的動態是資料的使用及其在行業中的重要性，這種趨勢一直在變化，並且日益增強。實際上，我認為它是創新的基礎。鑑於我們在人工智慧和公司其他部門的成就，我們對利用這些數據並將其轉化為有意義的迭代、快速迭代以及持續顛覆的能力充滿信心。

And so you add all this together, and I probably say the -- last thing I'll make a comment on is, as a company more broadly, we continue to prioritize profitable growth and category leadership. And when you take all these factors together, we believe we're able to provide increased investment for this Acute Care and Monitoring business, or we're calling it ACM now, using the savings from vents and also bringing the 2 -- these were 2 separate businesses, Respiratory Interventions business with ventilators in it and our Monitoring business, bringing them together at the leadership level also creates some savings. And then we can fund the incremental investment needed for the monitoring business, all without dilution to our P&L.

綜上所述，我最後想說的是，作為一家更廣泛的公司，我們始終優先考慮獲利成長和品類領導力。綜合考慮所有這些因素，我們相信我們能夠為急性護理和監測業務（我們現在稱之為ACM）增加投資，利用呼吸機業務節省下來的資金，並將我們兩個獨立的業務——包含呼吸機的呼吸介入業務和我們的監測業務——在領導層面整合起來，也能節省一些資金。這樣，我們就可以為監控業務所需的增量投資提供資金，而所有這些都不會稀釋我們的損益表。

So the last thing I want to say is this is a difficult decision. And it doesn't take anything away from our employees who play such a pivotal role during COVID in driving ventilator innovation and responding to the global needs during the COVID pandemic. And I also want to give a nod to the -- just the legacy of Puritan Bennett brand, which has been so strong. And we're proud of the rich legacy of this business and Puritan Bennett Ventilators and this decision has not been easy.

所以，我最後想說的是，這是一個艱難的決定。但這不會影響我們員工的貢獻，他們在新冠疫情期間發揮了至關重要的作用，推動了呼吸器的創新，並響應了全球需求。我還要對Puritan Bennett品牌的悠久歷史表示敬意，它一直以來都非常強大。我們為這項業務和Puritan Bennett呼吸器的悠久歷史感到自豪，做出這個決定並不容易。

And the last thing I'll say is, this does not mean that we're going to shy away from additional portfolio moves. So don't read anything into that. But the bar is high for any strategic activity that's going to dilute our focus or our earnings.

最後我想說的是，這並不代表我們會迴避進一步的投資組合調整。所以，不要對此過度解讀。但任何削弱我們專注力或收益的策略活動，其門檻都很高。

We'll take the next question. Please, Brad.

我們來回答下一個問題。布拉德，請回答。

The next question comes from Joanne Wuensch at Citi.

下一個問題來自花旗銀行的 Joanne Wuensch。

There are a lot of products that I could ask about. So I'm just going to throw a couple of headline ones out there. Diabetes, congratulations on a return to U.S. growth. Is there a way to peel that apart a little bit on the new accounts or new patients versus renewals?

我可以問的產品很多，所以只想提幾個重點。糖尿病，祝賀美國市場恢復成長。有沒有辦法把新增帳戶或新增病患與續保情況稍微分開分析一下？

And I guess my second question has to do with Hugo and if you can give us a little bit of a state of an update on how those launches are going outside the United States?

我想我的第二個問題與 Hugo 有關，您能否向我們介紹一下這些發射在美國以外地區的進展？

Thanks, Joanne, for the questions. Obviously, we're -- we've been working on this Diabetes turnaround for some time, and it hasn't been a straight line. But we definitely have some momentum here on 780G, that platform, and just our capabilities here to use the data like I was talking about the Patient Monitoring business here as well, to create algorithms that really are differentiated and drive differentiated outcomes for patients. And that's playing out globally and now in the United States. So I'll have Que -- maybe Que, if you could come in and answer Joanne's -- if you could "Peel it apart" a little bit more for Joanne. I'll appreciate it.

感謝 Joanne 的提問。顯然，我們致力於扭轉糖尿病的局面已經有一段時間了，雖然進展並非一帆風順。但我們在 780G 平台上確實取得了一些進展，而且我們能夠利用數據，就像我之前提到的患者監測業務一樣，創建真正差異化的演算法，為患者帶來差異化的治療結果。這種做法正在全球推廣，現在也在美國。所以，請 Que 回答 Joanne 的問題，請您為 Joanne 進一步「剖析」。我將不勝感激。

Yes. Look, we're very pleased with the progress that we've made every quarter since 780G had launched. And we are seeing new patients grow significantly as well as renewals. So both are progressing very well.

是的。自780G推出以來，我們對每季的進展感到非常滿意。我們看到新患者和續約患者都在顯著成長。所以，兩方面都進展順利。

Look, it will take time to rebuild our installed base, but you can see with the pump growth that we saw in the U.S., high 40s year-over-year. That's going to be followed by consumables and CGM growth as well. So we expect to continue to make progress every quarter, but pretty pleased with how the markets reacted to the product introduction.

重建我們的安裝基礎需要時間，但您可以看到，我們在美國看到的泵浦產品年增高達40%。消耗品和CGM（持續流量模型）也將隨之成長。因此，我們預計每季都會繼續取得進展，但市場對新產品的回饋非常令人滿意。

Okay. Thanks, Que. Mike Marinaro, can you jump in on Hugo here?

好的。謝謝，Que。 Mike Marinaro，你能不能談談 Hugo 的事？

Yes. Thanks, Joanne, for the question. We continue to see very good progress with Hugo outside the United States with an expansion of installations in countries around the globe. In fact, we entered into 2 new subregions in Central and Eastern Europe and are continuing to see very good response to the things we've talked about previously.

是的。謝謝喬安妮的提問。我們持續看到Hugo在美國以外的市場取得了良好的進展，其設施在全球多個國家不斷擴展。事實上，我們進入了中歐和東歐兩個新的子區域，我們之前談到的反應也持續良好。

So the open console, the very crisp visualization and increasingly very good feedback around our Touch Surgery Enterprise platform, which on its own continues to expand and had a very good quarter with installations, both with Hugo and in our broader surgical business.

因此，開放式控制台、非常清晰的可視化以及圍繞我們的 Touch Surgery Enterprise 平台的日益良好的反饋，該平臺本身繼續擴展，並且在本季度的安裝情況非常好，無論是與 Hugo 合作還是在我們更廣泛的外科手術業務中。

Also, as Geoff noted during the commentary, we continued very good progress with our expand Euro IDE here in the U.S. and are preparing for our first patient enrollment in hernia IDE. So in total, a good reception, a sharpening sort of appreciation for the features of Hugo, I think an emergence of the digital ecosystem and an appreciation for that as well.

此外，正如 Geoff 在評論中提到的，我們在美國擴展 Euro IDE 的進程非常順利，並且正在為首例疝氣 IDE 患者入組做準備。總而言之，Hugo 的反應不錯，人們對其功能的認可度不斷提升，我認為數位生態系統的興起以及人們對其的認可度也很高。

Yes, I'd say, Joanne, on this one -- thanks, Mike, first of all. And I'd say on this one, the robotic system and the features are differentiated and had been well received, but it's broader than that, as Mike pointed out. I mean, it's about the digital platform that comes with it and -- as well as the instrumentation as we transition instrumentation in our laparoscopic business onto the robot, particularly stapling and energy. All these moves build momentum -- build capabilities and momentum over time.

是的，喬安妮，關於這一點，我想說——首先感謝麥克。我想說的是，機器人系統及其功能是差異化的，並且廣受好評，但正如麥克指出的那樣，它的意義遠不止於此。我的意思是，它與隨之而來的數位平台以及——隨著我們將腹腔鏡業務中的器械轉移到機器人上，尤其是吻合器和能量器械，也與此相關。所有這些舉措都在積聚勢頭——隨著時間的推移，累積能力和發展勢頭。

We're seeing -- we saw that play out in the Spine business. We bought Mazor, and it wasn't an overnight change. You saw where our last couple of quarters have been, but it took the integration of these things. Mazor with our navigation and then imaging and then getting these AI-guided surgical planning systems, all these things coming together, every quarter, more progress have built the ecosystem we have today that's really driving not just the growth for Medtronic but the growth for the spine industry right now. And we expect to do the same thing in soft tissue surgery.

我們看到——我們看到了脊椎業務的這種發展。我們收購了Mazor，這並非一朝一夕就能實現的。大家也看到了我們過去幾季的進展，但這需要我們整合這些技術。 Mazor結合我們的導航、成像技術，以及AI引導的手術計劃系統，所有這些技術結合在一起，每個季度都會取得新的進展，構建了我們如今的生態系統，這不僅推動了美敦力的增長，也推動了脊柱行業的增長。我們希望在軟組織外科領域也能有同樣的進展。

We'll take the next question, please, Brad.

布拉德，請我們回答下一個問題。

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。

Geoff, curious if you could talk a little bit more on the gross margin productivity. Some of the things you're driving there. And can you still get the kind of 2 to 3x annual cost savings on the gross margin line?

傑夫，您能否再多談談毛利率生產力？您在這方面做了哪些努力？您還能在毛利率上達到每年2到3倍的成本節約嗎？

And last month, at the investor conference, you talked a lot about leveraged EPS growth. I'm just curious if that's a comment that applies to FY '25 or if that was more of a longer-term comment?

上個月的投資者會議上，您多次談到了槓桿每股收益成長。我只是好奇，這是否適用於2025財年，還是更長期的？

Sure. Let me -- I'll start it off and transition to Karen. On the gross margin, a couple of things that I'd point out. One is pricing, Karen talked about that. I do think -- what we're seeing here is a lot of innovation in the industry and a lot at Medtronic. And this innovation we're finding is valued. It drives value in the health system. And I think we've gotten better at showing the health economics of the innovation that applies from the innovation in addition to the clinical value. I think in the past, we were pretty indexed on clinical value. And more recently, we keep that focus and then add the health economics, and it's getting paid for. And we're, I think, doing a better job of making those points and getting that pricing. And I do think it's durable. So the pricing has increased, I'd say, for the company overall 200 basis points or so relative to the past. And I think we're going to keep pushing for even more.

當然。我先說說我的感受，然後請Karen發言。關於毛利率，我想指出幾點。首先是定價，Karen已經談了。我認為，我們看到產業中有很多創新，美敦力也有很多創新。我們發現這些創新很有價值，它推動了醫療體系的價值。我認為，除了臨床價值之外，我們在展示創新帶來的健康經濟學方面做得更好了。過去，我們主要關注臨床價值。最近，我們繼續關注這一點，並增加了健康經濟學，它正在獲得回報。我認為，我們在體現這些價值和定價方面做得更好了。而且我認為這種趨勢是持久的。所以，我認為公司整體的定價比過去漲了200個基點左右。我認為我們將繼續努力，爭取更高的價格。

On the converse, if you don't have the innovation, be prepared for that as well because I think hospitals have gotten more sophisticated in the purchasing and your price is going to pay for that if you're not keeping up with the innovation. But we -- given where we are on the product cycles and given this pricing loss, so we feel good about that being incremental especially to the historical baseline.

相反，如果你沒有創新，也要做好準備，因為我認為醫院的採購流程已經變得更加複雜，如果你跟不上創新的步伐，你的價格就會為此付出代價。但考慮到我們目前的產品週期以及這次的定價損失，我們對這種漸進式的定價感到滿意，尤其是在歷史基準的基礎上。

The other you asked about is cost of goods sold productivity. And the answer -- the short answer to your question is yes, we do think it's sustainable. We've got lots of opportunity here. Can you think about it, we have this pretty big footprint of factories and distribution centers and too many suppliers, as I said in the past.

您問到的另一個問題是銷售成本與生產力。答案是肯定的，我們確實認為這是可持續的。我們在這方面有很多機會。您能想一想嗎？正如我之前所說，我們的工廠和配送中心規模龐大，供應商也太多了。

Now with Greg Smith coming in a couple of years ago and we've centralized that, we can take a strategic look across that portfolio and we have a long list of cost down programs. And then we've ensured that we've effectively contracted those between our global operations and supply chain team and our operating units. Because it takes release product engineering to make sure that these cost programs can happen that are in our operating units. So we feel good about that, and we feel that that's sustainable.

幾年前，格雷格史密斯加入後，我們集中管理了這些成本削減計劃，以便對整個產品組合進行策略性審視，並製定了一系列成本削減計劃。此外，我們確保在全球營運和供應鏈團隊以及各營運部門之間有效地簽訂了合約。因為需要進行產品發布工程，才能確保這些成本削減計畫能夠在我們營運部門內順利實施。因此，我們對此感到滿意，並認為這是可持續的。

So those are 2 big changes that impact positively gross margins now and into the future. And speaking of the future, I'll turn it over to Karen to talk about your FY '25 leverage question.

所以，這兩項重大變動對現在和未來的毛利率都有正面影響。說到未來，我將把時間交給Karen，請她談談您關於2025財年槓桿率的問題。

Yes. So just on -- I'll just add on gross margins, too. We're pleased with our performance that we had this quarter. We overcame a 60 basis point headwind from FX and continued inflationary pressures. And a lot of that was driven by strong pricing, which Geoff talked about. We also did have some continued delays in China VBPs, in Aortic and Peripheral Vascular and Stapling. And those VBPs could be coming through this coming fourth quarter -- this current fourth quarter and potentially into next year. So that's just something going on in gross margins.

是的。所以我還要補充一下毛利率。我們對本季的業績感到滿意。我們克服了外匯和持續通膨壓力帶來的60個基點的不利影響。這很大程度得益於Geoff提到的強勁定價。此外，我們在中國VBP（主動脈和周邊血管吻合器）的交付也持續延遲。這些VBP可能會在即將到來的第四季度——也就是目前的第四季度，甚至可能持續到明年——交付。所以，這只是毛利率方面發生的事情。

As we talk -- as we think about leverage down the P&L, clearly, we're focused on driving leverage. And I think we talked about it last quarter, Travis, clear leverage is where your bottom line grows faster than your top line. We're focused on getting there eventually. We're not ready to talk about that for FY '25. It's still too early for our planning guidance. And I've already pointed out lots of different puts and takes for next year.

當我們討論——當我們考慮降低損益表中的槓桿率時，顯然，我們專注於提高槓桿率。 Travis，我想我們上個季度討論過這個問題，明確的槓桿率是指你的底線成長速度快於頂線成長速度。我們專注於最終實現這一目標。我們還沒準備好在2025財年討論這個問題。現在就制定我們的規劃指引還為時過早。我已經指出了明年的許多不同的優缺點。

Yes. Karen said pricing on the gross margin side, pricing, cost of goods sold productivity, a lot of focus there. Karen mentioned earlier on the call about discipline around our G&A. Our people are the #1 driver of our cost there. And so we've put a discipline in there that we're holding to. And then finally, just setting up the portfolio for profitable growth.

是的。 Karen 提到了毛利率、定價、銷售成本、生產力等方面的重點。 Karen 之前在電話會議上提到了我們對一般及行政管理的嚴格要求。員工是我們成本控制的首要驅動力。因此，我們在這方面製定了嚴格的規定，並且堅持執行。最後，我們的目標是建立獲利成長的投資組合。

And the decision on -- with the changing dynamics, the decision to hold our monitoring business because of the confidence in the profitable growth is evidence of that, is setting up the portfolio the right way. So I'll leave it there on the focus of -- on recovering the earnings power of the company and we'll provide more details on that FY '25 look next quarter.

鑑於市場環境的變化，我們基於對獲利成長的信心而決定保留監控業務，這證明了這一點，也表明我們以正確的方式建立了投資組合。因此，我的重點將放在恢復公司的獲利能力上，我們將在下個季度提供更多關於2025財年展望的細節。

Next question, Brad?

下一個問題，布拉德？

The next question comes from Vijay Kumar at Evercore ISI.

下一個問題來自 Evercore ISI 的 Vijay Kumar。

I guess one on earnings questions here. I look at your peers, their earnings have grown versus fiscal '19 -- 2019 pre-pandemic levels. Medtronic earnings have essentially been flattish. Can Medtronic commit to perhaps about trend earnings growth over the medium term as you play catch up similar to what your peers have done?

我想這裡先提一個關於獲利的問題。我觀察了你們同行，他們的獲利與2019財年（疫情前的2019財年）相比有所成長。美敦力的獲利基本持平。隨著你們努力追趕同行，美敦力能否在中期內實現接近趨勢水準的獲利成長？

And I think related to that, Geoff, in the past, you mentioned about a $400 million drag from investments in Ardian, Hugo. Where are we on those investments? Are they still a drag? When can those be profitable to the business?

傑夫，我想與此相關，你之前提到過，對Ardian和Hugo的投資拖累了4億美元。這些投資目前進展如何？它們仍然會拖累公司嗎？這些投資什麼時候才能為公司帶來利潤？

Thanks, Vijay, for the questions. I'll start with the latter question on Ardian and Hugo and let Karen handle the earnings growth ones and further comment on the Ardian and Hugo. I'd say on -- look, Hugo -- the way we're looking at Hugo is a part of our broader surgical franchise, an important part of that and it needs investment. And it is -- if you look at Hugo specifically, it is taking a meaningful amount of investment to keep it going here. We've reached -- I love the milestone that we're at now in terms of a robot that's out there that's performing well and has got great features that are valued by physicians globally. The feedback has been strong, but we still got more work to do.

感謝 Vijay 的提問。我先從後一個關於 Ardian 和 Hugo 的問題開始，Karen 會處理獲利成長的問題，然後再進一步評論 Ardian 和 Hugo。我想說的是——你看，Hugo——我們認為 Hugo 是我們更廣泛的外科手術業務的一部分，是其中很重要的一部分，它需要投資。如果你具體看看 Hugo，你會發現它需要大量的投資才能繼續發展。我們已經達到了——我喜歡我們現在所處的里程碑，因為這款機器人性能出色，功能強大，受到全球醫生的青睞。回饋很積極，但我們還有很多工作要做。

We've got to get our instruments on there. We've got to complete the U.S. trial. We've got to continue to build out a U.S. -- a capital equipment U.S. sales force. So this is a tall order. But our confidence in executing there is high, and it's important to this huge business, our surgical business, which is our biggest business and drives a lot of profit and cash flow.

我們必須把我們的器械送到那裡。我們必須完成美國的試驗。我們必須繼續在美國建立一支資本設備銷售團隊。所以，這是一個艱鉅的任務。但我們對在那裡完成任務充滿信心，這對我們龐大的業務——外科手術業務——至關重要，它是我們最大的業務，並帶來大量的利潤和現金流。

And I say our confidence is high. I know we're up against a strong competitor in Intuitive. But we like our competitive positioning overall and especially against the other potential robotic companies there and dynamics of this market, we think, play in our favor. So there's investment there.

我說我們信心滿滿。我知道我們在Intuitive這個領域面臨強大的競爭對手。但我們看好我們整體的競爭定位，尤其是相對於其他潛在的機器人公司，而且我們認為這個市場的動態對我們有利。所以，我們在那裡有投資。

On Ardian, and by the way, we're really trying to call it Simplicity now. We've got to get -- we'll get ready for some consumer education on this hypertension therapy. So we're trying to get rid of the Ardian term as much as possible. So we've got a square [jargon] on around here on that one. But on hypertension, this one, we believe, will start to show some profits here. So it's much less of a drag, and we hope to, in the next couple of quarters and in the medium term, this to generate not just revenue but income. It's a highly profitable product line for us with high gross margins, and it will be a positive to our overall mix.

順便說一下，關於Ardian，我們現在真的想把它叫做Simplicity。我們必須做好準備，對消費者進行一些關於這種高血壓療法的教育。所以我們正在盡可能地去掉「Ardian」這個字。所以，我們在這方面有一些固定的術語。但就高血壓而言，我們相信，這個產品會開始帶來一些利潤。所以，它的拖累效果要小得多，我們希望在接下來的幾季以及中期內，它不僅能創造收入，還能創造收益。對我們來說，這是一個利潤豐厚的產品線，毛利率很高，這將對我們的整體產品組合產生正面的影響。

And like I said, Hugo is going to take investment, but this one, I think, will provide oxygen, not in the next quarter or 2, but over the medium term here. So I'll leave it there, but it's -- and turn it over to Karen.

正如我所說，Hugo 需要投資，但我認為，這筆投資將提供動力，不是在下一季或兩個季度，而是在中期內。所以我就不多說了，現在就交給 Karen 吧。

Yes. And I would just say on earnings, we've made good progress on driving the earnings power of the company just in this year. I noted that we've been able to increase our guidance on the bottom line by $0.15 at the midpoint from where we initially started the year, and that's driven by the strong track record that we've drove -- that we've driven in the last -- the first 3 quarters of this year. And we do expect that to continue.

是的。關於獲利，我想說的是，今年我們在提升公司獲利能力方面取得了良好的進展。我注意到，我們已將獲利預期中位數較年初水準上調了0.15美元，這得益於我們在過去三個季度（即今年前三個季度）取得的良好業績。我們確實希望這種勢頭能夠持續下去。

Over the medium and long term, we are committed to the right earnings growth. There's no debate about that. And we're focused on overcoming the headwinds that we've got over that time frame and delivering on that growth.

從中長期來看，我們致力於實現合理的獲利成長。這點毋庸置疑。我們專注於克服這段時間所遇到的阻力，以實現成長。

We probably have time for 2 more questions, Brad, take 2 more.

我們可能還有時間回答另外兩個問題，布拉德，再回答兩個。

The next question goes to Matt Miksic at Barclays.

下一個問題是問巴克萊銀行的 Matt Miksic。

Great. So maybe just a follow-up here on some of the products that you've mentioned recently approved and I think some of the products that you hope to see approved in the coming quarters, and I'm thinking of like AURORA and PulseSelect and maybe additions to the U.S. approved products in Diabetes. And I know Sean mentioned sort of the rough trajectory for AF ablation. But maybe on that business, for example, any additional color around cadence? Is this something that we start to see improve in the fourth quarter? Or is this sort of like an early to mid-'25 kind of process on some of the same commentary for sort of cadence and trajectory in AURORA and for example, maybe the Diabetes business would be super helpful.

太好了。所以，我想跟進一下您提到的最近獲批的一些產品，以及您希望在未來幾季度看到的一些產品，例如AURORA和PulseSelect，以及美國獲批的糖尿病產品。我知道Sean提到了心房顫動消融的大致發展軌跡。但關於這個業務，例如節奏，您能不能再詳細一點？我們會在第四季開始看到這方面的改善嗎？或者，這有點像是2025年初期到中期對AURORA的節奏和發展軌跡進行一些類似的討論，例如糖尿病業務，也許會非常有幫助。

Sure. So maybe I'll start with Sean. Before I turn it over to Sean, as I pointed out in the commentary, all the puts and takes in the -- our ablation business, what we call Cardiac Ablation Solutions, our Afib business, we do see an acceleration in this business even in the fourth quarter here. So -- but I'll turn it over to Sean to talk about Afib and then AURORA.

好的。我先從肖恩開始。在把時間交給肖恩之前，正如我在評論中指出的那樣，我們消融業務，也就是我們所說的心臟消融解決方案，也就是心房顫動 (AFib) 業務，我們確實看到這項業務在第四季度有所加速。所以，我先把時間交給肖恩，讓他談談心房顫動 (AFib)，然後再談 AURORA。

Yes. Thanks, Geoff. And Matt, the trajectory is obviously going to be upward for both the EV-ICD as well as the CAS business in total. As you launch these new technologies, there's some training that you have to do to make sure that the physicians are comfortable with how to use the products. And that's, of course, something we're very deliberate about to make sure that there's a good patient outcome and good acceptance of the technology. And that's something we do pretty frequently in our business. So we're really, really good at it. And the feedback has been excellent.

是的，謝謝，Geoff。 Matt，EV-ICD 以及 CAS 業務的整體發展軌跡顯然會呈現上升趨勢。在推出這些新技術時，需要進行一些培訓，以確保醫生能夠熟練產品的使用方法。當然，我們會非常謹慎地進行培訓，以確保患者獲得良好的治療效果，並提高人們對該技術的接受度。在我們的業務中，我們經常這樣做。所以我們在這方面做得非常好。反饋也非常好。

The procedure efficiency on PulseSelect has been -- we're getting these cases done in like half an hour. And the acceptance on AURORA has been exceptional, too. So as I said, I think it's the same story for both those technologies where you push growth now, but into next year, we'll see the full impact of these innovations.

PulseSelect 的流程效率很高——我們大約半小時就能完成這些病例。 AURORA 的接受度也非常高。所以，正如我所說，我認為這兩種技術的情況都是一樣的，現在推動成長，但到了明年，我們將看到這些創新的全面影響。

Que, you want to comment on Diabetes?

Que，您想評論糖尿病嗎？

Yes. Look, we continue to push the pipeline in diabetes, starting with Simplera approved with CE Mark last September, followed by Simplera Sync recently approved that we announced at JPMorgan and we completed our clinical trials for 780G with Simplera Sync in the U.S., which we expect us to [meet] in this first half of the calendar year. So that's the cadence that you should expect.

是的。我們持續推動糖尿病領域的研發管線，首先是去年9月獲得CE認證的Simplera，其次是最近在摩根大通宣布的Simplera Sync，以及我們在美國完成的780G Simplera Sync臨床試驗，我們預計將在今年上半年完成。所以，這是大家應該期待的節奏。

And as Geoff mentioned in his opening comments, we have next-generation products that we discussed at ADA last year that we continue to make progress on and aggressively moving to get next-generation tethered pumps and patch pumps out to the market.

正如 Geoff 在開場白中提到的那樣，我們擁有去年在 ADA 上討論過的下一代產品，我們正在繼續取得進展，並積極推動下一代系留泵和貼片泵推向市場。

I apologize to the analysts that we weren't able to get to you. We have time though for one more, Brad.

很抱歉，我們沒能聯絡到您，請向各位分析師致歉。不過，布拉德，我們還有時間再問您一個問題。

The final question comes from Anthony Petrone at Mizuho Securities.

最後一個問題來自瑞穗證券的安東尼佩特羅內。

Okay. Great. One, condolences on passing of Tom to the team and his family. And maybe one just going to Structural Heart. Maybe just to set up on the SMART study, quick two-part question. One, was that ahead of schedule? Was it expected to be at TCT instead of ACC? So is the late breaker getting approved a surprise? And then maybe just high level, how do you think that study will play out once we have the results? It is head-to-head in TAVR, in high-risk symptomatic severe. So just thoughts on how you think that data is received once it's out there post ACC at that session in the coming weeks?

好的。太好了。首先，我對湯姆的去世向團隊和他的家人表示哀悼。也許還有一個問題會提交給結構性心臟中心。也許只是為了了解SMART研究，我快速問兩個問題。第一，這項研究是否提前完成了？預計是在TCT而不是ACC進行嗎？那麼，這項新研究獲得批准是否是一個意外？然後，也許只是高層的問題，您認為一旦我們得到結果，這項研究將如何進行？它是在TAVR和高風險、有症狀的重症患者中進行的正面交鋒。那麼，您認為在未來幾週ACC會議結束後，數據公佈後，人們會如何看待這些數據？

Well, thanks -- first of all, Anthony, thanks for the comment Tom Holloran. He's a real legend around here and just a great guy. So we're going to miss him.

嗯，謝謝——首先，安東尼，感謝湯姆·霍洛蘭的評論。他是我們這裡的傳奇人物，非常棒。我們會想念他的。

On Structural Heart, 2 comments before I turn it over to Sean. First, I really applaud the business for their evidence generation in total. On -- we just did our low-risk data and we publish it every year, not just when it's convenient. And then they had the courage to do a head-to-head, which is not something that's often done in our space.

關於Structural Heart，在交給Sean之前，我想說兩點。首先，我非常讚賞這家公司在證據生成方面的整體實力。我們收集了低風險數據，並且每年都會發布，而不是只在方便的時候才發布。而且，他們有勇氣進行面對面的比較，這在我們這個行業並不常見。

And so I can tell you that I, for one, love that, just the commitment to data and the competitiveness to go head-to-head. And I'm very much looking forward to the results that are going to come out in early April at ACC. But in terms of the specifics of what you're asking on how it might play out, I'll turn that over to Sean.

所以我可以告訴你，我個人非常喜歡這種對數據的投入，以及那種面對面較量的競爭精神。我非常期待四月初ACC即將公佈的結果。至於你問到的具體結果，我會交給Sean來回答。

Yes. Thanks, Anthony. The completement of enrollment happened in October of '22. So that's a 12-month endpoint for the study, and that pushes you really out of the window for TCT. So I think we're on schedule, I'd say. Pleased to have been accepted as a late breaker at ACC. But that's really, as expected, I'd say.

是的。謝謝，安東尼。招生工作於2022年10月完成。所以這是這項研究的12個月終點，這對TCT來說真的是一個很大的挑戰。所以我認為我們的進度是按計劃進行的。很高興被ACC錄取為「晚入學者」。不過，這真的是在意料之中。

In terms of the trial itself and how it'll be received, I think just right, the momentum that we have on data from the notion 10-year data that's low-risk patients out to 10 years showing superior durability of our valve compared to surgical implants and then our 4-year low-risk study with hard endpoint benefits and a widening benefit on serious outcomes like mortality and disabling stroke. And, of course, going head-to-head in a really important patient population, those with a small (inaudible) we said that's about 40% of the global market, really prevalent among women and within smaller patient populations like in Japan, for example.

就試驗本身及其反應而言，我認為進展順利。我們10年低風險患者的數據顯示，我們的瓣膜比外科植入物更耐用，而4年低風險研究則顯示，我們獲得了硬終點獲益，並且在降低死亡率和致殘性中風等嚴重併發症方面也取得了更廣泛的獲益。當然，我們也在一個非常重要的患者群體中進行正面交鋒，這個群體的規模很小（我們說的聽不清楚），大約佔全球市場的40%，在女性和較小的患者群體中非常普遍，例如在日本。

So that's -- I think it's really important and compelling data. It's a 1-year outcome, which portends long-term outcomes. And I think that we're excited for the reception of these results. And we do think that, that's a catalyst for growth for us with our really unique position in that particular subset of patients, which is a big chunk of the market at 40%.

所以——我認為這是非常重要且令人信服的數據。這是一年的結果，預示著長期結果。我們對這些結果感到非常興奮。我們確實認為，這對我們來說是一個成長的催化劑，因為我們在這個特定患者群體中擁有獨特的地位，而這群人佔據了40%的市場。

Okay. Thanks, Sean. And so just to wrap it up here. One final comment on the ventilation -- the monitoring and ventilation decisions. As a result of these portfolio decisions, Bob White will be leaving Medtronic, and he's been just such an impactful and important leader for the company for a long time. And although the friendship will remain strong, we're definitely going to miss working with him day to day, and I want to wish him well. And I know that comes from the Board of Directors and the executive committee and everybody at Medtronic who's interacted with Bob. Just a high ethical leader and just a good guy and we wish him well.

好的。謝謝，肖恩。就此結束。最後再說一下關於呼吸器－監測和呼吸器的決策。由於這些產品組合的決策，鮑伯懷特將離開美敦力，他長期以來一直是公司極具影響力的重要領導者。雖然我們的友誼將永存，但我們一定會懷念與他共事的日常時光，我祝他一切順利。我知道，美敦力董事會、執行委員會以及所有與鮑伯有互動的人都為此感到高興。他是一位高尚的道德領袖，一位好人，我們祝福他一切順利。

And in terms of -- and so for (inaudible) today, I just want to thank everybody for the questions. Definitely appreciate your support and continued interest in Medtronic, and we hope you'll join us again for our Q4 earnings broadcast, which we anticipate holding on Thursday, May 23. And again, we'll update you on our progress and how we finish the fiscal year, but also look ahead to fiscal '25. So with that, thanks for spending time with us today, and have a great rest of your day.

就今天（聽不清楚）而言，我只想感謝大家的提問。非常感謝大家對美敦力的支持和持續關注，我們希望您能再次參加我們第四季度財報發布會，預計發布會將於5月23日星期四舉行。我們將再次向您通報我們的進展以及本財年的收尾情況，同時也展望25財年。感謝您今天抽出時間與我們互動，祝您今天過得愉快。