美敦力 (MDT) 2025 Q1 法說會逐字稿

Good morning, and welcome to another Medtronic Earnings Day. 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 '25 first quarter video earnings webcast.

早安，歡迎來到另一個美敦力收益日。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。我很感謝您今天早上加入我們的 25 財年第一季視訊收益網路廣播。

Before we go inside to hear our prepared remarks, I'll share a few details about today's webcast. Joining me are Geoff Martha, Chairman and Chief Executive Officer; and Gary Corona, Interim Chief Financial Officer.

在我們進去聽取準備好的發言之前，我將分享有關今天網路廣播的一些細節。與我一起的還有董事長兼執行長傑夫瑪莎 (Geoff Martha)；臨時財務長加里‧科羅納 (Gary Corona)。

Geoff and Gary will provide comments on the results of our first quarter, which ended on July 26, 2024, and our outlook for the remainder of fiscal year '25. 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. Today's program should last about an hour.

Geoff 和 Gary 將對我們截至 2024 年 7 月 26 日的第一季業績以及我們對 25 財年剩餘時間的展望發表評論。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，我們將回答涵蓋該公司的賣方分析師的問題。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, divisional and geographic revenue summaries and non-GAAP reconciliations. 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.

今天早些時候，我們發布了一份新聞稿，其中包含我們的財務報表、部門和地區收入摘要以及非公認會計原則對帳。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資訊。您可以在我們的收益新聞稿或我們的網站 Investorrelations.medtronic.com 上存取該簡報。

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 our actual results to differ is contained in our periodic reports and other filings that we make with the SEC, and we do not undertake to update any forward-looking statement.

在今天的節目中，我們所做的許多陳述可能被視為前瞻性陳述，實際結果可能與任何前瞻性陳述中預測的結果有重大差異。有關可能導致我們的實際結果出現差異的因素的更多資​​訊包含在我們向 SEC 提交的定期報告和其他文件中，並且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. References to sequential revenue changes compared to the fourth quarter of fiscal '24 and are made on an as-reported basis. All references to share gains or losses are on a revenue and year-over-year basis and compare our first fiscal quarter against our competitors' second calendar quarter.

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”的第一季收入的影響。與 2024 財年第四季相比，連續收入變化的參考是按報告的基礎進行的。所有對股票收益或損失的引用均以收入和同比為基礎，並將我們的第一個財季與競爭對手的第二財季進行比較。

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 GAAP 財務指標的調整表可在我們的收益新聞稿或我們的網站 Investorrelations.medtronic.com 上找到。最後，我們的每股盈餘指引不包括本財政年度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，了解本季的情況。

Hello, everyone, and thanks for tuning in today. As you saw in our results, we're exceeding our commitments and increasing our outlook for the rest of the year. This is now our seventh quarter in a row of delivering mid-single-digit revenue growth. And we drove earnings growth, increasing adjusted EPS to 3% on a reported basis and 8% constant currency. And we're tracking to delivering high single-digit EPS growth on a reported basis as we exit the fiscal year.

大家好，感謝您今天的收看。正如您在我們的業績中看到的那樣，我們正在超越我們的承諾，並提高了今年剩餘時間的前景。這是我們連續第七個季度實現中個位數收入成長。我們推動了獲利成長，將報告基礎上的調整後每股盈餘提高至 3%，以固定匯率計算，將調整後每股盈餘提高至 8%。當我們結束本財年時，我們將在報告的基礎上實現高個位數的每股盈餘成長。

Our underlying markets are healthy. We're driving operating rigor and new product innovation is fueling our diversified growth across many large secular growth markets that matter. At the same time, we continue to invest in our pipeline, which we expect to drive growth in the short, medium and the long term.

我們的基礎市場是健康的。我們正在推動嚴格的運營，新產品創新正在推動我們在許多重要的大型長期成長市場的多元化成長。同時，我們繼續投資於我們的產品線，我們預計這將推動短期、中期和長期的成長。

We're at the front end of many new product cycles. In markets like diabetes, pulse field ablation, TAVR, neuromodulation, hypertension and robotics. We're focused on driving scale across our manufacturing, technology and commercial organizations, and making progress on our ongoing portfolio management work.

我們正處於許多新產品週期的前端。在糖尿病、脈衝場消融、TAVR、神經調節、高血壓和機器人等市場。我們專注於擴大製造、技術和商業組織的規模，並在我們正在進行的投資組合管理工作上取得進展。

Now as we deliver innovation and continue to execute on our transformation, this will lead to strong returns for our shareholders.

現在，隨著我們提供創新並繼續執行轉型，這將為我們的股東帶來豐厚的回報。

Now let's turn to the details of our Q1 results and discuss our performance. Looking first at our highest gross businesses. Combined, they grew 8% and made up 21% of our revenue. We expect their contribution to our overall growth to increase in the coming quarters as we continue to launch new technology.

現在讓我們詳細了解第一季的業績並討論我們的表現。首先看看我們總收入最高的業務。它們合計成長了 8%，占我們收入的 21%。我們預計，隨著我們繼續推出新技術，他們對我們整體成長的貢獻將在未來幾季增加。

Starting with cardiac ablation solutions, we're at one of those moments in med tech where a new technology is causing a rapid shift in the treatment of disease. In this case, PFA is that technology for afib. We've been investing in and developing this technology over many years. We're well positioned here, and we're confident in our ability to execute and take advantage of this opportunity.

從心臟消融解決方案開始，我們正處於醫療技術領域的一個時刻，新技術正在導致疾病治療的快速轉變。在這種情況下，PFA 就是治療心房顫動的技術。多年來我們一直在投資和開發這項技術。我們在這裡處於有利位置，並且對我們執行和利用這一機會的能力充滿信心。

In line with what we said last quarter, our cash growth rate accelerated in Q1, growing over 6%. We're seeing rapid market adoption of our PulseSelect PFA catheters and its growth is more than offsetting crow declines. The PulseSelect launch has been successful with more than 550 physicians in 20 countries, having treated over 10,000 patients. To meet the strong market demand, we're dramatically increasing our PulseSelect catheter manufacturing capacity and expanding into new accounts.

與我們上季度所說的一致，第一季我們的現金成長率加快，成長超過 6%。我們看到市場對 PulseSelect PFA 導管的快速採用，其成長足以抵消烏鴉數量的下降。 PulseSelect 的推出已獲得 20 個國家 550 多名醫生的成功支持，治療了 10,000 多名患者。為了滿足強勁的市場需求，我們正在大幅提高 PulseSelect 導管的製造能力並擴展到新客戶。

As a result, we expect PulseSelect to meaningfully accelerate our overall CAS growth rate through this fiscal year, including a strong acceleration in Q2.

因此，我們預計 PulseSelect 將在本財年大幅加快我們的整體 CAS 成長率，包括第二季的強勁加速。

And then we have our differentiated Sphere-9 focal catheter. This all-in-one catheter can perform high-density mapping as well as pulse field and RF ablations. We expect Sphere-9 will allow us to capture more revenue per procedure as it will take the place of other competitors mapping and RF catheters. We're living and launch in Europe, and we've submitted to FDA for approval earlier this calendar year.

然後我們就有了差異化的 Sphere-9 焦點導管。這種一體化導管可以進行高密度標測以及脈衝場和射頻消融。我們預計 Sphere-9 將使我們能夠在每次手術中獲得更多收入，因為它將取代其他競爭對手的測繪和射頻導管。我們在歐洲開展業務並在歐洲推出，並已於今年稍早向 FDA 提交審批申請。

As we launch and scale Sphere-9 and our fair mapping system, we expect our cash growth will accelerate even further over time as we reach and then exceed market growth in this large and fast-growing $9 billion cardiac ablation space.

隨著我們推出並擴展Sphere-9 和我們的公平映射系統，我們預計隨著時間的推移，我們的現金增長將進一步加速，因為我們達到並超過了這個龐大且快速增長的90 億美元心臟消融領域的市場成長。

Next, in structural heart, we continue to deliver high single-digit growth excluding the impact of our Harmony Pulmonary Valve that we relaunched last year. During the quarter, we started with the limited US launch of our Evolut FX+ TAVR valve and have now begun full market launch this month.

接下來，在結構核心方面，排除去年重新推出的 Harmony 肺動脈瓣膜的影響，我們將繼續實現高個位數成長。在本季度，我們首先在美國有限地推出了 Evolut FX+ TAVR 瓣膜，現在已於本月開始向全面市場推出。

FX+ is important for two reasons. One, it allows for easier coronary access due to the large windows in its frame; and two, it creates an additional opportunity to reiterate our positive SMART trial results with our customers.

FX+ 之所以重要有兩個原因。第一，由於其框架上有大窗戶，它可以更容易進入冠狀動脈；第二，它創造了一個額外的機會來向客戶重申我們積極的 SMART 試驗結果。

SMART showed our superior valve performance in small annulus patients who are primarily women, and this was just another proof point in our broader focus on health equity. The SMART patient population is sizable, making up about 40% of the TAVR space. With this combination of FX+, our superior four-year low-risk data and SMART data, we expect to continue to grow at or above the market in the quarters ahead.

SMART 在小瓣環患者（主要是女性）中展示了我們卓越的瓣膜性能，這只是我們更廣泛關注健康公平的另一個證明點。 SMART 患者族群規模龐大，約佔 TAVR 空間的 40%。憑藉 FX+、我們卓越的四年低風險數據和 SMART 數據的結合，我們預計未來幾季的成長將繼續達到或高於市場水平。

In surgical robotics, we're investing in building a foundation for future growth. In Q1, our installed base continued to grow and utilization per system steadily increased. And in the US, we've now achieved the targeted enrollment for the EXPAND EURO trial. This is a meaningful milestone. And beyond that, enrollment in procedures in our other two US indication studies: hernia and gynecology are going well.

在手術機器人領域，我們正在投資為未來的成長奠定基礎。第一季度，我們的安裝基數持續成長，每個系統的使用率穩定提高。在美國，我們現在已經實現了 EXPAND EURO 試驗的目標註冊。這是一個有意義的里程碑。除此之外，我們另外兩項美國適應症研究（疝氣和婦科）的手術入組進展順利。

We also continue to make progress bringing our advanced surgical technologies to Hugo such as ICG fluorescent imaging and LigaSure vessel sealing.

我們也持續取得進展，將先進的手術技術引入 Hugo，例如 ICG 螢光成像和 LigaSure 血管封閉。

Next, in diabetes, we had another strong quarter, growing 13% and with double-digit growth in both the US and international markets. In the US, we reached the one-year milestone of the launch of the MiniMed 780G AID system. We're driving high single-digit growth in pump revenue and over 30% growth in CGM revenue with our high CGM attachment.

接下來，在糖尿病領域，我們迎來了一個強勁的季度，成長了 13%，美國和國際市場都實現了兩位數成長。在美國，我們實現了 MiniMed 780G AID 系統推出一年的里程碑。憑藉我們的高 CGM 附加價值，我們正在推動泵浦收入實現高個位數成長，並推動 CGM 收入成長超過 30%。

In international markets, we initiated the full market release of the Simplera Sync sensor, and we're getting -- we're just getting great feedback on the ease of insertion and its usage. This adds to the already high satisfaction of our 780G system, where we've been the number one rated AID system by DQ&A for the past two quarters. So we're confident in Simplera and our CGM pipeline.

在國際市場上，我們發起了 Simplera Sync 感測器的全面市場發布，我們剛剛獲得了關於插入簡單性及其使用的良好反饋。這增加了我們對 780G 系統本來就很高的滿意度，過去兩季我們一直是 DQ&A 評為第一名的 AID 系統。因此，我們對 Simplera 和我們的 CGM 管道充滿信心。

And to add to this, two weeks ago, we announced our global partnership with Abbott, where we'll bring to market an integrated CGM based on Abbott's most advanced CGM platform. The sensor will integrate exclusively with our AID and SMART MDI systems.

除此之外，兩週前，我們宣布與雅培建立全球合作夥伴關係，我們將向市場推出基於雅培最先進的 CGM 平台的整合 CGM。該感測器將專門與我們的 AID 和 SMART MDI 系統整合。

It will also allow us to offer more choice to patients, increase our installed base, and grow our diabetes revenue. And we expect to do this while maintaining the same revenue per patient and being neutral to Diabetes gross margin. Look, we're committed to being number one in the fast-growing AID and smart MDI space. And this partnership will help ensure just that.

它還將使我們能夠為患者提供更多選擇，增加我們的安裝基礎，並增加我們的糖尿病收入。我們希望在做到這一點的同時保持每位患者的相同收入並對糖尿病毛利率保持中性。看，我們致力於成為快速成長的 AID 和智慧 MDI 領域的第一名。這種夥伴關係將有助於確保這一點。

Now turning to hypertension. Securing broad reimbursement remains key to unlocking the opportunity to our simplicity blood pressure procedure. We were pleased that CMS has finalized the inpatient payment and has now proposed an outpatient payment. And we continue to engage with CMS at the national and local levels to establish coverage, a key enabler so that this therapy can reach patients.

現在轉向高血壓。確保廣泛的報銷仍然是釋放我們簡單的血壓程序機會的關鍵。我們很高興 CMS 已經完成了住院付款，並且現在提議門診付款。我們繼續在國家和地方各級與 CMS 合作以建立覆蓋範圍，這是使這種療法能夠惠及患者的關鍵推動因素。

Now this is important as hypertension affects more than 1 billion people globally and nearly half of all US adults. Despite the availability of numerous classes of pharmaceuticals, only one in four adults in the US have their hypertension under control. Furthermore, more than 700,000 deaths in the US every year are directly attributable to hypertension.

現在這一點很重要，因為高血壓影響著全球超過 10 億人，以及近一半的美國成年人。儘管有多種藥物可供選擇，但美國祇有四分之一的成年人的高血壓得到控制。此外，美國每年有超過 70 萬人的死亡直接歸因於高血壓。

And the burden of hypertension cost the US healthcare system between $100 billion and $200 billion a year. So you can see why there's just an important role for our simplicity procedure to cost-effectively improve public health.

高血壓的負擔每年對美國醫療保健系統造成 1,000 億至 2,000 億美元的損失。因此，您可以明白為什麼我們的簡單程序在經濟高效地改善公共衛生方面發揮著重要作用。

Now turning to our synergistic businesses. Neuromodulation was a highlight this quarter, growing 10%, well above the market. This is a business where the investments we've made over several years in sensing technology in the brain and the nervous system are now paying off.

現在轉向我們的協同業務。神經調節是本季的一大亮點，成長了 10%，遠高於市場水準。在這項業務中，我們多年來在大腦和神經系統感測技術方面的投資現在正在獲得回報。

Sensing and closed-loop technology is becoming foundational for the neuromod space. It's reinvigorating these markets, and we have a clear lead. First, in pain stim, we grew 11%. This was the first quarter of our inceptive launch in the US. Inceptive is our first closed-loop spinal cord stimulator and it's transforming the way we treat chronic pain.

感測和閉環技術正成為神經模組領域的基礎。它正在重振這些市場，而且我們擁有明顯的領先優勢。首先，在疼痛刺激方面，我們成長了 11%。這是我們在美國啟動的第一季。 Inceptive 是我們的第一個閉環脊髓刺激器，它正在改變我們治療慢性疼痛的方式。

The device automatically senses and adjust stimulation 50 times a second, 24/7 with no required interaction from the patient. And the therapy is delivered from the smallest and the thinnest closed-loop SCS device on the market. It also has the best full body conditional MRI access.

該設備每秒 24/7 自動感應並調整刺激 50 次，無需患者互動。該治療由市場上最小、最薄的閉環 SCS 設備提供。它還擁有最好的全身條件 MRI 訪問。

The other big driver of Neuromod growth was our brain modulation business, which grew 14% on the continued launch of Percept RC with BrainSense technology. Percept transmits electrical signals to specific brain targets affected by debilitating neurological disorders like Parkinson's.

Neuromod 成長的另一個主要推動力是我們的大腦調製業務，隨著採用 BrainSense 技術的 Percept RC 的持續推出，該業務增長了 14%。 Percept 將電訊號傳送到受帕金森氏症等神經系統疾病影響的特定大腦目標。

It then captures and records these signals equipping physicians with the valuable data and the insights needed to personalize the therapy. And just last week, we became the first and only DBS company to receive FDA approval to offer DBS surgery while the patient is asleep. Now this innovation means a less stressful surgery for the patient and potentially shorter procedure times. We look forward to continuing to advance our leadership position in brain modulation.

然後，它會捕捉並記錄這些訊號，為醫生提供個人化治療所需的有價值的數據和見解。就在上週，我們成為第一家也是唯一一家獲得 FDA 批准在患者睡眠時提供 DBS 手術的 DBS 公司。現在，這項創新意味著患者的手術壓力更小，手術時間也可能更短。我們期待繼續提升我們在大腦調節領域的領導地位。

Now looking at our established market leaders. Combined, they made up just under half of our revenue and grew 5%. Collectively, we can depend on this diversification not only for reliable revenue growth, but also their disproportionate contribution to our profits and cash flow that we can then invest in higher-growth areas.

現在看看我們既定的市場領導者。它們合計占我們收入的一半以下，並且成長了 5%。總的來說，我們不僅可以依靠這種多元化來實現可靠的收入成長，而且還可以為我們的利潤和現金流做出不成比例的貢獻，然後我們可以將其投資於高成長領域。

Cardiac rhythm management grew high single digits with high single-digit growth in defibrillation solutions and low double-digit growth in cardiac pacing therapies. Our Micro leadless pacemaker franchise grew over 20% as the market continues to adopt our latest generation of devices.

心律管理實現了高個位數成長，其中去顫解決方案實現了高個位數增長，心臟起搏治療實現了低兩位數增長。隨著市場繼續採用我們最新一代的設備，我們的微型無引線起搏器系列成長了 20% 以上。

In surgical, we grew low single digits. This was lower growth than prior quarters, primarily driven by the difficult comparison from back order fulfillment in the first half of the last fiscal year as well as the Korean market slowdown from the ongoing physician strikes. Now we expect that Surgical will return to more normalized growth in the back half of the fiscal year as these comparisons ease.

在外科手術中，我們的成長幅度較低。這一增長低於前幾個季度，主要是由於上一財年上半年的延期交貨訂單履行情況比較困難，以及持續的醫生罷工導致韓國市場放緩。現在，隨著這些比較的緩解，我們預計 Surgical 將在本財年後半段恢復更正常的成長。

And in Cranial and Spine Technologies, we grew mid-single digits. Our spine business continues to just really outperform the market with 7% global and 9% US core spine growth. This sustained share capture is being driven by our AiBLE ecosystem. AiBLE's differentiated features and the sheer scale around the world is -- it's a winning formula for our Spine business.

在顱骨和脊椎技術領域，我們實現了中個位數的成長。我們的脊椎業務持續真正跑贏市場，全球核心脊椎成長率為 7%，美國核心脊椎成長率為 9%。這種持續的份額獲取是由我們的 AiBLE 生態系統所推動的。 AiBLE 的差異化功能和在全球的龐大規模是我們 Spine 業務的勝利秘訣。

It's good for patients and surgeons, and it's changing the competitive dynamics in Spine. AiBLE is helping us win share and attract the best sales reps and distributors to join our Medtronic team.

這對患者和外科醫生都有好處，並且正在改變 Spine 的競爭動態。 AiBLE 正在幫助我們贏得市場份額並吸引最優秀的銷售代表和經銷商加入我們的美敦力團隊。

With that, I now want to welcome Gary Corona, our Interim Chief Financial Officer, to his first Medtronic earnings broadcast. Gary has taken over for Karen Parkhill to whom we wish all the best as she starts her next chapter.

至此，我現在要歡迎我們的臨時財務長 Gary Corona 參加他的第一次美敦力 (Medtronic) 財報廣播。蓋瑞（Gary）接替了凱倫·帕克希爾（Karen Parkhill），我們祝福她在開啟下一個篇章時一切順利。

Gary joined us a little less than two years ago after an impressive career with General Mills. He's been leading our corporate finance team and has been instrumental in enhancing both our capabilities and our rigor, which has been a key enabler to our beats and raises. And as he stepped into the role, we haven't missed a beat. So I want to welcome Gary.

加里 (Gary) 在通用磨坊 (General Mills) 度過了令人印象深刻的職業生涯後，不到兩年前加入了我們。他一直領導我們的企業財務團隊，在提高我們的能力和嚴謹性方面發揮了重要作用，這是我們進步和加薪的關鍵因素。當他進入這個角色時，我們沒有錯過任何一個節拍。所以我想歡迎加里。

Thanks, Jeff, and I too want to thank Karen for all her contributions to Medtronic and her support of me personally. I'm energized to step into this role and continue the momentum that we have as a company. I

謝謝傑夫，我也要感謝凱倫對美敦力的貢獻以及她對我個人的支持。我很高興能夠擔任這一職務並繼續保持我們公司的發展勢頭。我

'm honored to lead our talented global finance team and want to send a big thank you to the entire Medtronic organization for your support. I've been able to hit the ground running, and I'm excited to work together with Geoff and the leadership team to drive performance and achieve our financial commitments. I'm looking forward to having conversations with many of you in the investment community over the coming weeks.

我很榮幸能夠領導我們才華橫溢的全球財務團隊，並向整個美敦力組織表示衷心的感謝，感謝您的支持。我已經能夠開始工作，我很高興能與 Geoff 和領導團隊合作，推動績效並實現我們的財務承諾。我期待在未來幾週內與投資界的許多人進行對話。

Now I'll recap our Q1 financials and give you some additional details on our outlook. We started this fiscal year by continuing to deliver on our commitments with revenue growth at 5.3%, a full point above the midpoint of our guidance. This translated into EPS that was $0.03 ahead of our guidance midpoint.

現在，我將回顧我們第一季的財務狀況，並向您提供有關我們前景的一些其他詳細資訊。本財年伊始，我們繼續履行承諾，營收成長 5.3%，比我們指導方針的中點高出整整一個百分點。這轉化為 EPS 比我們的指導中點高 0.03 美元。

We're driving diversified growth, and you can see this strength come through when you look by business or by geography as both new product innovation and commercial execution is fueling our results. Our cardiovascular portfolio accelerated to high single-digit growth, and we saw continued momentum in neuroscience and diabetes.

我們正在推動多元化成長，當您按業務或地理位置查看時，您可以看到這種優勢，因為新產品創新和商業執行都在推動我們的業績。我們的心血管產品組合加速達到高個位數成長，我們看到神經科學和糖尿病領域的持續成長動能。

Our US growth also accelerated on contributions from cardiac rhythm management, PFA and neuromodulation. And our international markets grew in the high single digits, including mid-teens growth in emerging markets.

我們在美國的成長也得益於心律管理、PFA 和神經調節的貢獻。我們的國際市場實現了高個位數成長，其中新興市場實現了十幾歲左右的成長。

Moving down the P&L. Our adjusted gross margin was 65.9%, down 50 basis points, but ahead of expectations. As expected, the decline was entirely driven by the 80 basis point impact of currency. However, we continue to make progress on our underlying margin improvement activities.

損益表向下移動。調整後毛利率為 65.9%，下降 50 個基點，但超出預期。如預期，下跌完全是由貨幣80個基點的影響所推動的。然而，我們在基本利潤改善活動上繼續取得進展。

In Q1, pricing from our new innovation and our cost-out programs offset inflation, resulting in a 30 basis point increase in our gross margin on a constant currency basis. Our adjusted operating margin was 24.4%, in line with expectations. This was a decline of 40 basis points versus last year, but up 60 basis points in constant currency.

第一季度，我們的新創新定價和成本削減計劃抵消了通貨膨脹，導致我們的毛利率（以固定匯率計算）增加了 30 個基點。我們調整後的營業利益率為 24.4%，符合預期。與去年相比下降了 40 個基點，但以固定匯率計算上升了 60 個基點。

Turning to capital allocation. Our philosophy hasn't changed. We continue to balance investments for future growth, including tuck-in M&A, with returning capital to shareholders primarily through our dividend and from time to time, through opportunistic share repurchases. This calendar year, we've seen a significant value opportunity in our shares and allocated more capital to share repurchase.

轉向資本配置。我們的理念沒有改變。我們持續平衡未來成長的投資，包括投入併購，主要透過股利以及不時透過機會性股票回購向股東返還資本。今年，我們看到了股票的重大價值機會，並分配了更多資本用於股票回購。

Since our Q4 earnings call in May, we repurchased an incremental $1.5 billion of our shares and in total, $4 billion over the past two quarters. We believe these buybacks will have an attractive return given the conviction we have in growing our revenue, earnings and free cash flow. And as we go forward, we'll continue to focus on tuck-in M&A.

自 5 月召開第四季財報電話會議以來，我們回購了價值 15 億美元的股票，過去兩季總計回購了 40 億美元。鑑於我們對增加收入、獲利和自由現金流的信念，我們相信這些回購將帶來有吸引力的回報。隨著我們的前進，我們將繼續專注於併購。

Now let's cover guidance. Given our Q1 outperformance and positive momentum, we're raising our full year revenue and EPS guidance. We now expect fiscal '25 organic revenue growth of 4.5% to 5%, an increase from the prior range of 4% to 5%.

現在我們來介紹指導。鑑於我們第一季的優異表現和積極勢頭，我們正在提高全年收入和每股收益指引。我們現在預計 25 財年的有機收入將成長為 4.5% 至 5%，高於先前的 4% 至 5%。

For Q2, we're expecting to deliver another quarter of mid-single-digit growth in the top line. And we'd have remodeled organic revenue growth of approximately 4.5%. Based on recent rates, FX would have an unfavorable impact to fiscal '25 in the range of $110 million to $210 million, including $10 million to $60 million in the second quarter.

對於第二季度，我們預計營收將再實現中個位數成長。我們將有機收入成長調整為約 4.5%。根據最近的匯率，外匯將對 25 財年產生 1.1 億至 2.1 億美元的不利影響，其中包括第二季的 1,000 萬至 6,000 萬美元。

Moving down the P&L, we continue to expect our operating margins to expand this year as we drive efficiencies while also investing behind our product launches and in our long-term pipeline. And based on recent rates, currency becomes much less of an impact to our margins and bottom line after the second quarter.

從損益表來看，我們繼續預期今年的營業利潤率將擴大，因為我們提高了效率，同時也投資於我們的產品發布和長期管道。根據最近的匯率，第二季之後，貨幣對我們的利潤和利潤的影響要小得多。

Taking this all together, we're raising our fiscal '25 non-GAAP diluted EPS guidance to a new range of $5.42 to $5.50, an increase from the prior range of $5.40 to $5.50. For the second quarter, we expect EPS of $1.24 to $1.26. The fiscal year '25 guidance range continues to include an unfavorable 5% impact from foreign currency, including an 8% impact in Q2.

綜上所述，我們將 25 財年非 GAAP 攤薄每股收益指引上調至 5.42 美元至 5.50 美元的新範圍，高於先前的 5.40 美元至 5.50 美元的範圍。我們預計第二季每股收益為 1.24 美元至 1.26 美元。 25 財年的指導範圍繼續包括外幣帶來的 5% 的不利影響，其中包括第二季度的 8% 的影響。

Further details on our annual guidance can be found in the guidance slide in our presentation. To wrap up, I want to emphasize that we are laser-focused on driving top line growth and restoring the earnings power of the company. You saw that in our Q1 results, and you see it in our outlook for the rest of the year. We expect our EPS growth to accelerate in the back half as the impact from currency lessons, exiting the year with high single-digit growth.

有關我們年度指導的更多詳細信息，請參閱我們簡報中的指導幻燈片。最後，我想強調，我們專注於推動營收成長和恢復公司的獲利能力。您在我們第一季的業績中看到了這一點，在我們對今年剩餘時間的展望中也看到了這一點。我們預計，受匯率教訓的影響，下半年每股盈餘成長將加速，今年將以高個位數成長結束。

Geoff, back to you.

傑夫，回到你身邊。

All right. Thanks, Gary. Now before we go to the analyst questions, I want to close with a few thoughts. Since becoming CEO, we've made a lot of changes to this company, all designed to improve performance. Chief among these strategies is how we allocate capital to disproportionately focus our R&D, our venture and our M&A investments on the highest growth market opportunities, while still making sure our other businesses are competitive.

好的。謝謝，加里。現在，在我們回答分析師問題之前，我想以一些想法作為結束。自從成為執行長以來，我們對公司進行了許多改變，所有這些都是為了提高績效。這些策略中最主要的是我們如何分配資本，將我們的研發、創投和併購投資重點放在成長最快的市場機會上，同時仍確保我們的其他業務具有競爭力。

And now you're seeing the payoff as we are at the front end of some exciting new product cycles. You're seeing it in diabetes and in neuromodulation, in TAVR and PFA.

現在您已經看到了回報，因為我們正處於一些令人興奮的新產品週期的前端。你可以在糖尿病、神經調節、TAVR 和 PFA 中看到它。

And as I look at our pipeline, I expect this momentum to continue as we invest heavily in future growth opportunities like hypertension and surgical robotics. We've also been working on the fundamentals. The foundation of this company is now much stronger. Quality and operations are in a better spot. And we're investing in enhancing our digital capabilities across the company to improve our speed.

當我審視我們的產品線時，我預計隨著我們大力投資高血壓和手術機器人等未來成長機會，這種勢頭將持續下去。我們也一直致力於基礎工作。現在這家公司的基礎更加牢固了。品質和營運處於更好的位置。我們正在投資增強整個公司的數位能力，以提高我們的速度。

We're playing more offense. We're building capacity in strategic growth areas. We're looking to further increase organic investments and are on the hunt for the right tuck-in M&A opportunities. We've integrated a performance-driven mindset and an incentive structure that reinforces this. And in some cases, we've changed leadership to add increased operating rigor to our mission-driven culture.

我們打得更多的是進攻。我們正在戰略成長領域進行能力建構。我們希望進一步增加有機投資，並尋找合適的併購機會。我們整合了績效驅動的思維方式和強化這一點的激勵結構。在某些情況下，我們更換了領導層，以提高我們的使命驅動文化的營運嚴謹性。

Now taken all together, this is now translating into the top line growth momentum and improved earnings power that you're seeing in our results. And as we continue to execute, this will create meaningful value for society, and for shareholders.

現在總而言之，這正在轉化為您在我們的業績中看到的營收成長動能和獲利能力的提高。隨著我們繼續執行，這將為社會和股東創造有意義的價值。

Finally, I'd like to thank all of our employees around the world. I realize that we've driven a lot of change, and that can be uncomfortable. I appreciate all that you've done to embrace these changes, and it's rewarding to see your efforts paying off.

最後，我要感謝我們在世界各地的所有員工。我意識到我們已經推動了很多變革，這可能會讓人感到不舒服。我感謝您為擁抱這些變化所做的一切，看到您的努力得到回報是值得的。

As we look to the next 75 years of Medtronic, I'm excited about the possibilities before us. Together, we're building a stronger and more resilient company. So thanks for all that you do to fulfill our mission and to serve patients. So with that, let's move to Q&A where we're going to try to get as many analysts as possible. (Event Instructions)

當我們展望美敦力下一個 75 年時，我對我們面前的可能性感到興奮。我們正在共同打造更強大、更有韌性的公司。感謝您為完成我們的使命和為病人服務所做的一切。因此，讓我們進入問答環節，我們將嘗試邀請盡可能多的分析師。 （活動須知）

If you have additional questions, you can reach out to Ryan and the Investor Relations team after the call.

如果您還有其他問題，可以在電話會議後聯絡 Ryan 和投資者關係團隊。

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

那麼，布拉德，您能給予提問的說明嗎？

(Event Instructions)

（活動須知）

Lastly, please be advised that this Q&A session is being recorded. For today's session, Geoff, Gary, 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. We'll pause for a few seconds to assemble the queue.

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、Gary 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，執行副總裁兼醫療外科產品組合總裁； Sean Salmon，執行副總裁兼心血管產品組合總裁；執行副總裁兼神經科學業務總裁 Brett Wall。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。

Hey, guys. Thanks for taking my question. Geoff, congrats on a really nice quarter here. Maybe my first question here is the organic execution in the quarter, well above your guidance expectations, I think, north of 100 basis points. It's also about your annual guidance, right?

嘿，夥計們。感謝您提出我的問題。傑夫，恭喜這裡度過了一個非常美好的季度。也許我的第一個問題是本季的有機執行情況，我認為遠高於您的指導預期，高出 100 個基點。這也與您的年度指導有關，對嗎？

It seems like it was pretty broad-based. Based on your current outlook implies like your back half should be below what your 1Q performance was rate. So maybe just talk about sustainability of 1Q, why these trends can sustain in the back half? Were there any one-offs that drove Q1 performance?

看起來它的基礎相當廣泛。根據您當前的前景，意味著您的後半部分應該低於您第一季的表現。那麼也許只談一季度的可持續性，為什麼這些趨勢能夠在下半年持續下去？是否有任何一次性因素推動了第一季的業績？

Vijay, good to hear from you. Yes, let me just answer that question directly. There was no one-offs that drove the performance. And overall, I'd say it's sustainable because like I said in the commentary, we're in the beginning stages of some real really exciting product cycles here into high-growth markets. In our Q1, I'd see a couple of things sort of like neuromod getting to double digits.

維傑，很高興收到你的來信。是的，讓我直接回答這個問題。沒有任何一次性事件可以推動績效。總的來說，我想說它是可持續的，因為就像我在評論中所說的那樣，我們正處於進入高成長市場的一些真正令人興奮的產品週期的開始階段。在我們的第一季度，我會看到一些類似 Neuromod 達到兩位數的事情。

That is really all about the new technology that we've mined in the first quarter, we had both our pain stim close of therapy inceptive as well as DBS closed-loop therapy out there at the same time. And that growth is really driven by -- that's -- we think that's the new foundational technology sensing in the neuromod market and it's -- that growth is driven strictly by demand of these new products and pricing uplifts that came with them.

這實際上是我們在第一季開發的新技術的全部內容，我們同時啟動了疼痛刺激治療和 DBS 閉環治療。這種成長實際上是由——我們認為這是神經調節市場中新的基礎技術感知所驅動的，而這種增長是由這些新產品的需求和隨之而來的價格上漲嚴格驅動的。

Structural heart, there's a lot of questions around the market there. And we're seeing consistent market growth as we've signaled in that high single digit and we're just really getting -- launching FX+ going from limited market at least a full market release, which is exciting. Plus the accumulation of all the data, smart, low risk, et cetera, is a real tailwind for us.

結構心臟，市場存在許多問題。我們看到市場持續成長，正如我們以高個位數發出的信號一樣，我們剛剛真正實現——從有限的市場推出 FX+ 至少是一個完整的市場發布，這是令人興奮的。再加上所有數據的累積、智慧、低風險等等，對我們來說是真正的順風車。

Two businesses that had a particularly strong Q1 that I'm not sure is going to -- at that high level that throughout the year, one is Diabetes. Diabetes should continue to have growth well above the company average. But we're now annualizing the US launch of 780G. And so I can see diabetes in the teens last quarter.

有兩個業務在第一季表現特別強勁，但我不確定是否會保持全年的高水平，其中一個是糖尿病業務。糖尿病業務的成長應繼續遠高於公司平均水平。但我們現在正在對美國 780G 的推出進行年度預測。因此，我可以看到上個季度青少年出現糖尿病。

I'm not sure we're going to be able to sustain that the whole year. And CRM also had a really good quarter, some great -- we have a really nice product portfolio across the CRM, all the CRM segments. But we're not banking on CRM growing 8% every quarter. Those two -- there was nothing onetime about them, but just really strong execution. And I think across the company, I could just keep going on the list.

我不確定我們是否能夠維持這一整年。 CRM 也有一個非常好的季度，有些很棒——我們在 CRM、所有 CRM 細分市場都有非常好的產品組合。但我們並不指望 CRM 每季成長 8%。這兩個人──沒有什麼一次性的，只有非常強大的執行力。我認為在整個公司，我可以繼續留在名單上。

There's just a lot of new products out there in the early stages. So overall, we feel good about the underlying fundamentals and where we're headed, and we're focused on delivering on our commitments and issuing guidance, issuing guidance sets us up for success.

有很多新產品還處於早期階段。因此，總的來說，我們對基本面和前進方向感到滿意，我們專注於兌現我們的承諾並發布指導，發布指導將為我們的成功奠定基礎。

That's helpful, Geoff. And maybe one follow-up related to that on the guidance question. Gary, welcome to your first earnings call. The gross margin performance here in Q1 really strong. But your guidance still does assume a pretty meaningful step up in operating margins for back half, right?

這很有幫助，傑夫。也許還有一個與指導問題相關的後續行動。加里，歡迎參加您的第一次財報電話會議。第一季的毛利率表現非常強勁。但您的指導仍然假設後半部分的營業利潤率有相當有意義的提高，對吧？

And when I look at your EPS guidance, loan was tweaked, but it looks like there was some benefit from share repurchases. I don't know if your prior guidance had baked in a $1.5 billion share [repur]. So maybe just talk about your margin visibility for second half and did that change over the last three months?

當我查看你們的每股盈餘指引時，貸款進行了調整，但看起來股票回購帶來了一些好處。我不知道您之前的指導意見是否包含 15 億美元的股份 [repur]。那麼，也許只是談談你下半年的利潤可見度，過去三個月這種情況有變化嗎？

Yes. Thanks, Vijay, and it's nice to meet you. I look forward to having a chance to meet all of you in person. Let me tackle your question about buyback first. And I'll take you through the puts and takes of the first quarter EPS.

是的。謝謝，維傑，很高興認識你。我期待著有機會與大家見面。我先回答一下你關於回購的問題。我將帶您了解第一季每股收益的走勢。

Our EPS starts with our top line. And as Geoff mentioned, our revenue growth was really strong, a full point higher than the midpoint of our guide. And Geoff talked about the highlights. The midpoint of our guide, $0.02 of the $0.03 was really driven by the top line strength that he mentioned. Gross margins were strong, about 40 bps ahead of consensus and operating margin was in line.

我們的每股盈餘始於我們的營收。正如傑夫所提到的，我們的收入成長非常強勁，比我們指南的中點高出整整一個百分點。傑夫談到了亮點。我們指南的中點，0.03 美元中的 0.02 美元實際上是由他提到的頂級實力驅動的。毛利率強勁，比市場預期高出約 40 個基點，營業利益率也符合預期。

Below the line, there were some moving pieces, and that netted to about $0.01 with the benefit that you mentioned from the share count helping. But we also had lower interest income and some pressure on the tax rate. So that's a little bit more visibility into Q1.

在此線下方，有一些移動的部分，在您提到的股票計數帶來的幫助下，淨收益約為 0.01 美元。但我們的利息收入也較低，稅率也面臨一些壓力。這樣一來，第一季的可見度就更高了。

As we think about the leverage first half, second half, the underlying leverage we're driving is pretty similar on a constant currency basis with high single digit every quarter. The ramp is really an FX story. Significant pressure on the first half due to FX, and that will wane in the back half. Constant currency growth ticks up slightly as we drive stronger revenue growth as a number of our therapies get to full market release. And as you know, we have -- we tend to have a pretty strong fourth quarter on the margin front.

當我們考慮上半年和下半年的槓桿時，我們所推動的基礎槓桿在固定貨幣基礎上非常相似，每季都處於高個位數。坡道其實是一個FX故事。上半年因外匯因素造成的壓力很大，而下半年這種壓力將會減弱。隨著我們的一些療法全面上市，我們推動了更強勁的收入成長，貨幣持續成長略有上升。如你所知，我們第四季的利潤率往往相當強勁。

So that's the story on how the leverage will play out throughout the year.

這就是槓桿在全年中如何發揮作用的故事。

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。

Okay. Thanks for taking my question and congrats on a good quarter. With my one -- I wanted to ask about diabetes. This is a pretty big shift in strategy for you. You've always been the provider with both the pump and the algorithm and the CGM, all in one.

好的。感謝您提出我的問題，並祝賀本季表現良好。我想問一下關於糖尿病的問題。這對你來說是一個相當大的策略轉變。您一直是泵浦、演算法和 CGM 的提供者，三合一。

Now with Simplera about to launch, maybe just walk us through the strategy of why partnering with Abbott was in your best interest. Does this change your strategy at all? And how do we think about external versus internal investment in Diabetes moving forward?

現在 Simplera 即將推出，也許請向我們介紹為什麼與 Abbott 合作最符合您的利益的策略。這會改變你的策略嗎？我們如何看待糖尿病領域的外部投資和內部投資？

Yes, I'll let Que answer that question. Go ahead, Que.

是的，我會讓闕來回答這個問題。繼續吧，闕。

Thanks, Robbie. I would say our strategy hasn't changed at all. I think what's really changed in the market is really a widespread recognition that AID really does provide better outcomes than CGM alone or MDI alone.

謝謝，羅比。我想說我們的策略根本沒有改變。我認為市場真正發生的變化是人們普遍認識到 AID 確實比單獨使用 CGM 或單獨使用 MDI 能提供更好的結果。

And we always knew that there was a large installed base of users that wanted access to our technology, our AID system. We still believe in the system benefits exceed the sum of the parts, as you mentioned, wrapping it all together with our algorithm, the CGM, the pumping devices. And the typical integration you see in the market is puts a burden -- puts a technology burden on the part of patients.

我們一直都知道有大量的用戶群想要存取我們的技術、我們的 AID 系統。我們仍然相信系統的好處超過了各個部分的總和，正如您所提到的，將其與我們的演算法、CGM、泵送設備包裝在一起。您在市場上看到的典型整合會給患者帶來負擔 - 給患者帶來技術負擔。

And so we wanted to find a way to provide the one Medtronic experience, the one phone number you can call for patients that may prefer a different sensor. And we're pleased to say that we found a path that works for patients from an experience standpoint as well as for Abbott and for ourselves. And so that's what I would say would be in response to your question. The strategy hasn't changed. We've just found a way to expand access to a broader installed base.

因此，我們希望找到一種方法來提供單一的美敦力體驗，即您可以為可能喜歡不同感測器的患者撥打的單一電話號碼。我們很高興地說，我們找到了一條從體驗角度對患者、雅培和我們自己都有效的道路。這就是我要回答你的問題的內容。策略沒有改變。我們剛剛找到了一種方法來擴大對更廣泛安裝基礎的存取。

And I think what hasn't changed is really our commitment towards the system, our confidence in our CGM. The Simplera launches, Simplera and Simplera Sync launches in Europe have gone very well. We're very pleased with the early experience. And we're pleased that we now have FDA approval for Simple in the C, and we're working with the agency to get Simplera sync approved as well for integration with the 780G system.

我認為真正沒有改變的是我們對系統的承諾，以及我們對 CGM 的信心。 Simplera 的推出、Simplera 和 Simplera Sync 在歐洲的推出進展順利。我們對早期的體驗非常滿意。我們很高興現在 FDA 批准了 Simple in the C，並且我們正在與該機構合作，讓 Simplera 同步也獲得批准，以便與 780G 系統整合。

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

下一個問題來自美國銀行全球研究部的 Travis Steed。

Hey, guys. Congrats on the quarter. I'll ask my one question on TAVR. And I just wanted to get kind of what you're sensing in the market today given some of the comments from the competitor there? And looking forward, when you think about the FX launch, how do you expect that to impact the market, impact the share? And is that going to help you with some of the smart data and how you see the TAVR market playing out? Thanks a lot.

嘿，夥計們。恭喜本季。我會問一個關於 TAVR 的問題。我只是想了解您對當今市場的感受，考慮到競爭對手的一些評論？展望未來，當您考慮外匯的推出時，您預計它將如何影響市場、影響份額？這是否會幫助您了解一些智慧數據以及您如何看待 TAVR 市場的發展？多謝。

Travis, I'm going to hand that one over to Sean.

崔維斯，我要把那個交給肖恩。

Thanks for the question. Look, the market, we think is pretty solid. I think we're growing in line with the market in high single digits right now. And of course, the data momentum that we have, the low-risk data versus surgery. I think that's been very compelling, and we're going to read out five-year on that data in the coming year here as well.

謝謝你的提問。看，我們認為市場相當穩固。我認為我們目前正在以高個位數的速度與市場保持一致。當然，我們擁有的數據動力，低風險數據與手術的比較。我認為這非常引人注目，我們也將在來年在這裡宣讀該數據的五年。

And of course, SMART Day has really gotten a lot of attention for the right treatment strategy for small as and particularly in women, and that's resonated really globally to as small analyst is sort of a function of body habits as well. FX has done exceptionally well and its early launch.

當然，「SMART Day」對於小腹肌尤其是女性的正確治療策略確實引起了很多關注，這在全球範圍內引起了共鳴，因為小腹肌分析也是身體習慣的一種功能。 FX 的表現非常出色，推出較早。

We did a full limited market release in the month of July, and we saw that momentum really pick up. So I think that will afford a really good continued access or continued growth of that part of the segment. What people really like is those bigger windows, you can then align onto the native coronary anatomy.

我們在 7 月進行了全面的有限市場發布，我們看到這種勢頭確實有所增強。因此，我認為這將為該細分市場的這一部分提供真正良好的持續訪問或持續成長。人們真正喜歡的是那些更大的窗口，然後您可以與本地冠狀動脈解剖結構對齊。

So overlapping the costs to making sure that you get that material alignment and preserving future access. So that's all done without any trade-off and deliverability. It's got the features of FX, which really improve the usability of that device. And of course, the US is moving into full market launch right now.

因此，重疊成本以確保您獲得材料對齊並保留未來的存取權限。所以這一切都是在沒有任何權衡和可交付性的情況下完成的。它具有 FX 的功能，這確實提高了該設備的可用性。當然，美國現在正在全面啟動市場。

And within this year, we'll also obtain approvals in other geographies, which will keep the momentum going. So for us, I think the market is working really well and we're excited to bring this new technology.

今年內，我們還將獲得其他地區的批准，這將保持這一勢頭。因此，對我們來說，我認為市場運作得非常好，我們很高興能夠引入這項新技術。

The next question comes from Danielle Antalffy with UBS Securities. Danielle, please go ahead.

下一個問題來自瑞銀證券的 Danielle Antalffy。丹妮爾，請繼續。

Great. Thanks so much for taking the questions. Good morning, everyone. Congrats on a good start to the year here. Que, I just wanted to follow up on diabetes. And just how should we be thinking about this partnership with Abbott. Appreciating you're not giving time lines here.

偉大的。非常感謝您提出問題。大家早安。恭喜您今年有一個好的開始。嗯，我只是想跟進糖尿病的情況。我們應該如何考慮與雅培的合作關係。感謝您沒有在這裡給出時間軸。

But how are you thinking about it and how it could grow the installed base, sort of what are you thinking about? I mean, haven't has a pretty large installed base today. So should we be thinking about that as low-hanging fruit for the pump side of the business. Any more color you can give on how we should think about this changing the trajectory for the diabetes business.

但是您如何看待它以及它如何擴大安裝基礎，您在想什麼？我的意思是，今天還沒有相當大的安裝基礎。因此，我們是否應該將其視為泵浦業業務中唾手可得的成果。您可以就我們應該如何看待這改變糖尿病產業的軌跡提供更多的資訊。

I mean I think the most obvious opportunity are for a very large installed base of users that prefer the Abbott sensor to now have access to our technology.

我的意思是，我認為最明顯的機會是對於大量喜歡雅培感測器的用戶來說，他們現在可以使用我們的技術。

So unfortunately, I can't give you timelines, but rest assured that we're working as fast as we can to get to incorporate that sensor into our system and really providing that one Medtronic experience where there's one single app patients can choose between two sensor options, but still experience our IT system and the automation that comes with our algorithm.

因此，不幸的是，我無法給您時間表，但請放心，我們正在盡快將該感測器整合到我們的系統中，並真正提供一種美敦力體驗，其中有一個應用程式患者可以在兩個應用程式之間進行選擇感測器選項，但仍體驗我們的 IT 系統和演算法帶來的自動化。

And so that's the user experience we want to bring to the market. We think that's pretty differentiated, and it allows us to tap into the largest CGM installed base in the world in addition to our own -- growing our own installed base.

這就是我們想要為市場帶來的使用者體驗。我們認為這是非常與眾不同的，它使我們能夠利用除了我們自己的安裝基礎之外的世界上最大的 CGM 安裝基礎 - 發展我們自己的安裝基礎。

The next question comes from Larry Biegelsen at Wells Fargo Securities. Larry, please go ahead.

下一個問題來自富國銀行證券公司的拉里·比格爾森。拉里，請繼續。

Good morning. Thanks for taking my question. For my one question, I wanted to ask about the progress with Hugo for Mike and Jeff. So it sounds like you've reached the targeted enrollment in EXPAND Euro, the pivotal US trial. When are we going to see the data? What's the time line for US filing? Could we see potential launch this year or next year? And Jeff, there's still questions around your commitment to Hugo. Just maybe put any of those concerns to rest here.

早安.感謝您提出我的問題。對於我的一個問題，我想詢問麥克和傑夫與雨果的進展。聽起來您已經達到了美國關鍵試驗 EXPAND Euro 的目標註冊人數。我們什麼時候才能看到數據？美國申請的時間是怎樣的？我們能在今年或明年看到潛在的推出嗎？傑夫，你對雨果的承諾仍然存在疑問。或許這些擔憂都可以在這裡解決。

All right. Thanks, Larry. Well, maybe I'll let Mike answer the first couple of questions, and then I'll come in afterwards.

好的。謝謝，拉里。好吧，也許我會讓麥克回答前幾個問題，然後我再進來。

Yes. Larry. So on Hugo, we are happy with the progress we're making in the clinical work. As mentioned, we have reached targeted enrollment. There is still work to do as we reach the final endpoints and then completing the filing. So we won't be giving a specific date in terms of submission, but very good progress. and very appreciative of the work that we're doing together with our surgeon partners and our teams.

是的。拉里.因此，在 Hugo 上，我們對臨床工作的進展感到滿意。如前所述，我們已經達到了目標入學人數。當我們到達最終終點並完成備案時，仍有工作要做。因此，我們不會給出提交的具體日期，但進展非常好。非常感謝我們與外科醫生合作夥伴和團隊一起所做的工作。

Also, as noted, we're making good progress in the enrollment of both hernia and the gynecology clinical series that will allow us to then have a cadence of indications, which will be critical to the US launch. So very good work across the clinical series and again, appreciative of the work of our surgeon partners and teams.

此外，如前所述，我們在疝氣和婦科臨床系列的入組方面取得了良好進展，這將使我們能夠掌握一系列適應症，這對於在美國的推出至關重要。整個臨床系列的工作非常出色，再次感謝我們的外科醫生合作夥伴和團隊的工作。

Geoff?

傑夫？

Yes. So look, as Mike said, look, there's a couple of things on Hugo here, two inflection points that need to happen for us to to see the impact at the Medtronic level, the US approval and then just getting our leading instrumentation onto the robot and other capabilities. And as Mike mentioned, we're making progress on both. So this is like a a midterm growth driver for us, I'd say, beyond the fiscal year.

是的。所以，正如麥克所說，看，Hugo 這裡有一些事情，我們需要發生兩個拐點才能看到美敦力層面的影響，美國的批准，然後將我們領先的儀器安裝到機器人和其他能力。正如麥克所提到的，我們在這兩方面都取得了進展。因此，我想說，這對我們來說就像是本財年之後的中期成長動力。

But get back to your question on our commitment, Larry. We're absolutely committed to this. And with all due -- it's -- we do think robotics is really across many different surgical areas, including orthopedics, where we play in Spine is a big driver in the space, and we're committed to being not just part of it, but being -- helping to lead that like we're doing in spine.

但回到你關於我們承諾的問題，拉里。我們絕對致力於此。無論如何，我們確實認為機器人技術確實跨越了許多不同的外科領域，包括骨科，我們在脊椎領域發揮的作用是該領域的一個重要驅動力，我們致力於不僅僅是其中的一部分，但就像我們在脊椎領域所做的那樣，幫助引導這一點。

And with -- now we're up against a really strong entrenched competitor here in the soft tissue space. But we are committed -- we have levers to pull. We have a great surgery franchise. We've learned quite a bit about robotics over the years. And also the understanding that it's more than just the robot. It's a lot of other technology that goes in there imaging, navigation, the instrumentation AI, so the digital piece. So there's a lot to it.

現在，我們在軟組織領域面臨著一個真正強大的根深蒂固的競爭對手。但我們有決心——我們有槓桿可以拉動。我們擁有出色的手術專營權。多年來，我們對機器人技術有了相當多的了解。並且也認識到它不僅僅是機器人。還有很多其他技術，包括成像、導航、儀器儀表人工智慧，以及數位部分。所以有很多事情要做。

A lot of levers to pull, and we're committed and we're confident. And I'd just point back to a couple of years ago, other franchises that people were questioning, can you compete whether it's spine or whether it's diabetes or neuromod. We're focused on it.

有很多槓桿可以拉動，我們有決心，也有信心。我只想回顧幾年前，人們質疑的其他特許經營權，無論是脊椎、糖尿病還是神經調節，你能競爭嗎？我們專注於此。

You've seen those all get to a much, much better spot with the focus and investment, and that's where we are on surgery. And my level of confidence on this is high because of the levers we have to pull, the team we have in place, the franchise we have. But knowing that the entrenched competitor is very strong. So understanding that, but still knowing having confidence in our team.

你已經看到，透過關注和投資，這些都達到了一個非常非常好的水平，這就是我們正在進行手術的地方。我對此充滿信心，因為我們必須發揮作用，我們擁有適當的團隊，我們擁有特許經營權。但要知道，這個根深蒂固的競爭對手非常強大。所以理解這一點，但仍然知道對我們的團隊有信心。

The next question comes from David Rescott at Baird Equity Research. David, please go ahead.

下一個問題來自貝爾德股票研究公司的大衛雷斯科特。大衛，請繼續。

Great. Thanks for taking my questions and congrats on the strong start to the year here. Geoff, I heard your comments on being on the hunt for M&A. I'm curious if you could help us kind of understand maybe what areas strategically you think make the most sense in the portfolio when you -- and think about the size of the Medtronic portfolio, I guess, how do you balance that kind of near term, what can be needle moving versus what can move the needle over the two to three-year period and three to five-year period?

偉大的。感謝您回答我的問題，並祝賀您今年取得了良好的開端。傑夫，我聽到了你關於尋求併購的評論。我很好奇您是否可以幫助我們了解您認為在策略上哪些領域在投資組合中最有意義，當您考慮美敦力投資組合的規模時，我想，您如何平衡這種近乎合理的投資組合？而言，在兩到三年和三到五年期間，哪些因素可以起到推動作用，哪些因素可以起到推動作用？

Thanks for the question, David. Yes, I mean, look, on the M&A side, this is one of the areas, just as part of our larger capital allocation strategy, right? Our -- we talk about its cap allocation and big seed capital allocation. We're talking about allocating our money to the areas of highest growth. And the M&A strategy has to play with our organic strategy and both are pointed towards the highest growth areas.

謝謝你的提問，大衛。是的，我的意思是，看，在併購方面，這是其中一個領域，只是我們更大的資本配置策略的一部分，對嗎？我們——我們談論它的上限分配和大種子資本分配。我們正在討論將資金分配到成長最快的領域。併購策略必須與我們的有機策略結合，兩者都指向成長最快的領域。

Ablation -- afib ablation is a case in point where we do the Affair acquisition as well as a needle crossing acquisition. That's -- those are the areas that we're pointed to. But we are still focused on value-creating tuck-in M&A.

消融－心房顫動消融術就是我們進行 Affair 採集和針交叉採集的一個例子。這就是我們所指出的領域。但我們仍然專注於創造價值的併購。

So with that growth and margin profile that I just talked about. So it's -- I don't want to point out specific areas other than the high-growth areas that are whether they be a product tuck-in to an existing business or an adjacency to an existing business tuck-in.

因此，有了我剛才談到的成長和利潤率概況。所以，除了高成長領域之外，我不想指出其他特定領域，即它們是嵌入現有業務的產品還是與現有業務相鄰的產品。

That's where we're focused. And I think nothing's changed there, except that I think over the last 1.5 years or so, we've had a lot of operational focus areas that we've had. And that's been the focus is really getting the operations.

這就是我們關注的焦點。我認為那裡沒有任何變化，除了我認為在過去 1.5 年左右的時間裡，我們已經有了許多營運重點領域。重點是真正進行營運。

Our operations footprint in a better spot, our back order is down, things like that, quality in a better spot. We're in a much better spot there, and I think can focus more of our energies on M&A. And the explanation I just gave is where we'll be focused.

我們的營運足跡處於更好的位置，我們的延期交貨訂單減少了，諸如此類，品質處於更好的位置。我們在這方面的處境要好得多，我認為我們可以將更多的精力集中在併購上。我剛才給的解釋是我們將要關注的重點。

The next question comes from Matt Taylor at Jefferies. Matt, please go ahead.

下一個問題來自傑富瑞 (Jefferies) 的馬特泰勒 (Matt Taylor)。馬特，請繼續。

Hi. Thanks for taking the question. I guess I wanted to double-click on some of the comments that you made on the structural heart market. And I'm really curious about your thoughts on capacity now and going forward.

你好。感謝您提出問題。我想我想雙擊您對結構心臟市場發表的一些評論。我真的很好奇您對現在和未來容量的想法。

And I know you said that you haven't seen signs of a slowdown in the market. But do you have concerns about capacity there longer term or more broadly, is that a limiting factor in that business or any of your businesses? And how would you deal with that as an organization to help free up more capacity to help your therapies run through?

我知道你說過你沒有看到市場放緩的跡象。但是，您是否擔心長期或更廣泛的產能，這是否是該業務或您的任何業務的限制因素？作為一個組織，您將如何處理這個問題，以幫助釋放更多能力來幫助您的治療順利進行？

Well, look, I'd say overall -- I'm going to hand this over to Sean, Matt. But the structural heart space, TAVR, Mitral is coming, tricuspid. It's very underpenetrated still. So I do see a huge and then patient benefits are clear. Sean mentioned the data, whether it be low risk or now our SMART trial.

好吧，聽著，我想說的是，總的來說——我要把這個交給肖恩、馬特。但是結構心臟空間，TAVR，二尖瓣即將到來，三尖瓣。它的滲透率仍然很低。所以我確實看到了巨大的好處，而且患者的好處是顯而易見的。 Sean 提到了這些數據，無論是低風險數據還是現在我們的 SMART 試驗。

The data is clear. It's underpenetrated -- and so I still think this is a strong growth market. I'll let Sean touch again on kind of where we are, where the market is, if you will, on capacity and what we're seeing and then maybe come back. Go ahead, Sean.

數據一目了然。它的滲透率很低——所以我仍然認為這是一個強勁成長的市場。我會讓肖恩再談談我們的處境、市場的處境（如果你願意的話）、產能以及我們所看到的情況，然後也許會回來。繼續吧，肖恩。

Yes. Thanks for the question. We're not hearing from our customers about capacity constraints, of course. So our sample size may be a little smaller than our competitor. But we ask about the future with the service line as they add additional things into the structural heart component of it.

是的。謝謝你的提問。當然，我們沒有從客戶那裡聽到有關容量限制的消息。所以我們的樣本量可能比我們的競爭對手小一點。但我們詢問服務線的未來，因為他們在其結構核心組件中添加了額外的東西。

It doesn't seem like at the operator level, there's concerns in the US, of course, the the freedom of beds for post procedures that goes beyond TAVR. That's been a challenge. But we're seeing some shifting of procedures to lower acuity settings to make room. And of course, the valve clinic, which works these patients up. That's something you just add capacity too when you need future capacity to expand it and you get a long runway to look at it.

當然，美國的操作人員似乎不擔心術後手術床位自由度超出了 TAVR 範圍。這是一個挑戰。但我們看到一些程式轉向降低敏銳度設定以騰出空間。當然，還有為這些患者提供幫助的瓣膜診所。當您需要未來的容量來擴展它並且您有很長的跑道來查看它時，您也只需增加容量即可。

So I think with the expanding indications, we're pursuing a moderate arostinosis population, which is about 2.5 million people in the US and transcatheter mitral replacement valves and things like that. So we'll work with centers to make sure that they have adequate training of operators and help them to expand capacity if it needs to be.

因此，我認為隨著適應症的不斷擴大，我們正在追求中度前列腺素病人群（美國約有 250 萬人）和經導管二尖瓣置換術等。因此，我們將與各中心合作，確保他們對操作員進行充分的培訓，並在需要時協助他們擴大容量。

But in the short run, I really don't see a challenge. And I think hospitals have a long enough runway to plan for the first space that they need it. So I don't think it's a constraint on the future growth prospects of structural heart in total.

但從短期來看，我確實沒有看到挑戰。我認為醫院有足夠長的跑道來規劃他們需要的第一個空間。所以我認為這總體上不會限制結構心臟的未來成長前景。

Yes. And look, I agree with you on this one. And when we see situations like that, when there's capacity. In the past, we've stepped in and helped hospital -- our hospital partners with capacity. Like in Europe, many -- several years ago, we helped build out a number of -- and managed a number of cath labs when there was cath lab capacity constraints across Western Europe, I could see us doing this in the ASC space in the US to help build out that.

是的。看，我在這一點上同意你的觀點。當我們看到這樣的情況時，當我們有能力時。過去，我們曾介入並幫助醫院——我們的醫院合作夥伴提供了能力。就像在歐洲一樣，幾年前，當西歐的導管實驗室容量有限時，我們幫助建立了許多導管實驗室並管理了許多導管實驗室，我可以看到我們在 ASC 領域這樣做美國將幫助實現這一目標。

And we'll partner, we talk with the imaging companies because a lot of the capacity is tied to imaging and work with them and work with our health care delivery partners to build out that capacity. So that's how we would handle it. if we were to see an issue, but we're not -- as Sean said, we're not hearing that in TAVR.

我們將與影像公司合作，因為許多能力與影像相關，我們將與他們合作，並與我們的醫療保健提供合作夥伴合作，以增強這種能力。這就是我們處理它的方式。如果我們發現一個問題，但我們沒有——正如 Sean 所說，我們在 TAVR 中沒有聽到這個問題。

The next question comes from David Roman at Goldman Sachs. David, please go ahead.

下一個問題來自高盛的大衛·羅曼。大衛，請繼續。

Thank you and good morning, everyone. I was hoping you could go into a little more detail on Affera. Geoff, you mentioned that it's still -- obviously, pending FDA review and that you're in limited market release outside the United States. Can you maybe give us a little bit of perspective of what you've seen in Europe now about a year post CE Mark and whether we should use that as a proxy for thinking about how this product ramps in the US?

謝謝大家，早安。我希望你能更詳細地介紹一下 Affera。傑夫，你提到它顯然仍在等待 FDA 審查，而且你在美國以外的市場上的發行有限。您能否向我們介紹一下您在獲得 CE 標誌一年後在歐洲所看到的情況，以及我們是否應該以此為參考來思考該產品如何在美國推廣？

Sure. Thanks for the question, David. A lot of interest, obviously, and in our cash business and afib right now. And maybe I'll go back to Sean on this one.

當然。謝謝你的提問，大衛。顯然，我們現在對我們的現金業務和心房顫動很感興趣。也許我會回到肖恩來討論這個問題。

Yes, Dave, thanks for the question. The demand for PFA has really been unbelievably strong. And we're ramping up our capacity, as Jeff mentioned, meet that stronger growing demand right now. And those gains that we're seeing are more than offsetting that cryo business, of course. And we're really in a unique position having this offering of both a single shot approach with our Pulse select and then the point-by-point approach with Affera.

是的，戴夫，謝謝你的提問。對 PFA 的需求確實非常強勁。正如傑夫所提到的，我們正在提高產能，以滿足目前更強勁的成長需求。當然，我們看到的這些收益不僅僅是抵消了低溫業務。我們確實處於一個獨特的位置，既提供了使用 Pulse 選擇的單次方法，又提供了使用 Affera 的逐點方法。

Pulse, it's really gotten more case volume so far as we're moving that launch both within Europe and the United States. And what we're hearing from customers is the precision and predictability of the handling of the catheter. And importantly, that it shows up really well, both on mapping systems and on ultrasound.

脈衝，到目前為止，我們正在歐洲和美國範圍內推出該產品，它確實獲得了更多的案例量。我們從客戶那裡聽到的是導管操作的精確性和可預測性。重要的是，它在測繪系統和超音波上都表現得非常好。

And that's important because you got to put the electrodes in the right spot of tissue, so you get you get good ablation in isolation without doing extraneous injury, and that's really been appreciated. And of course, the point-by-point approach with a fair is really unique and differentiated for us as well.

這很重要，因為您必須將電極放置在組織的正確位置，這樣您就可以在隔離中獲得良好的消融效果，而不會造成額外的傷害，這真的很值得讚賞。當然，展會的逐點處理方式對我們來說也確實是獨一無二且與眾不同的。

The same catheter being able to create this beautiful map and you can use either energy source, depending on where you want to be anatomically to avoid things like coronary spasm and the ISMS lines. And also, the lattice tip, it's a really maybe underappreciated part of this Sphere-9 catheter. It's got this lattice that has excellent electrode stability, and it's three times wider than a normal kind of ablation electrode, you use for RF. So the precision and speed of that is really fantastic.

同一個導管能夠創建這個美麗的地圖，您可以使用任一能源，這取決於您想要在解剖學上避免冠狀動脈痙攣和 ISMS 線等問題。而且，網格尖端，它可能是 Sphere-9 導管中一個真正未被充分認識的部分。它的晶格具有出色的電極穩定性，並且比用於射頻的普通消融電極寬三倍。所以它的精度和速度真的太棒了。

So look, on the technology side, everything is going really well. You're asking about ramping in Europe, there are more cost constraints in Europe, of course, than what we see in markets like the US and Japan, where new technology even at a higher price seems to get adopted. So the uptick of PFA would be relatively slower but still robust as we go ahead with this technology.

所以看，在技術方面，一切都進展順利。你問的是歐洲的擴張，當然，歐洲的成本限制比我們在美國和日本等市場看到的要多，在這些市場，即使價格更高的新技術似乎也會被採用。因此，隨著我們繼續採用這項技術，PFA 的成長將相對較慢，但仍然強勁。

I think there's some lingering questions on durability, and we'll see some data at the upcoming AP HRS meeting, where we'll show longer-term durability of our pulse select catheters. We've already demonstrated that with Sphere-9.

我認為在耐用性方面存在一些揮之不去的問題，我們將在即將舉行的 AP HRS 會議上看到一些數據，我們將在會議上展示我們的脈衝選擇導管的長期耐用性。我們已經用 Sphere-9 證明了這一點。

And I'd say, look, the opportunity to offer patients something that's really safe, really effective last a long time I think really just open up the aperture for more and more patients to flow through waiting list or a challenge for that business, and I think having a more efficient procedure with great workflow really helps. And then, of course, we can leverage the larger portfolio of Medtronic to help with sort of the economics of this in any country and around the world.

我想說，看，有機會為患者提供真正安全、真正有效、持續很長時間的東西，我認為這實際上只是為越來越多的患者進入等候名單打開了大門，或者對這項業務來說這是一個挑戰，我認為擁有更有效率的程序和出色的工作流程確實有幫助。當然，我們可以利用美敦力更大的產品組合來幫助任何國家和世界各地的經濟發展。

So look, I think the future for pulsed field ablation, we're just getting going, but this is going to be a really robust growth market for a long time to come.

因此，我認為脈衝場消融的未來，我們才剛起步，但在未來很長一段時間內，這將是一個真正強勁成長的市場。

Yes. And just to emphasize something Sean said, we're really excited to be the the only player with differentiated offerings in both the single shot and this point by point segments of the market. Both PulseSelect and Opera have differentiated features. Sean mentioned the handling of the catheter in PulseSelect, and that's really ramping for us quite well right now.

是的。只是為了強調 Sean 所說的，我們真的很高興成為唯一一家在單次和逐點細分市場中提供差異化產品的公司。 PulseSelect 和 Opera 都有不同的功能。 Sean 提到了 PulseSelect 中導管的處理，這對我們來說現在確實進展順利。

And affairs, the ramp, obviously, we don't have approval yet in the US and the ramp for that will be a bit a little behind where we are with PulseSelect. But PulseSelect is doing really well. And I think it's -- I think you just don't -- yes, I think the analyst community is kind of has moved past pallet a little bit. And I'm not sure that's the right call. I mean it's doing really well.

很明顯，我們在美國還沒有獲得批准，而且這方面的進展將稍微落後於 PulseSelect 的情況。但 PulseSelect 做得非常好。我認為，我想你只是不這麼認為，是的，我認為分析師社群已經有點超越了托盤。我不確定這個決定是否正確。我的意思是它做得非常好。

The next question comes from Jayson Bedford at Raymond James. Jayson, please go ahead.

下一個問題來自 Raymond James 的 Jayson Bedford。傑森，請繼續。

Okay. Maybe just to follow on just on the cash question. One, I guess, do you find that folks are waiting for in the US for ARRIS/Sphere-9? And then second, you did talk about an acceleration in cash revenue going forward and acceleration in growth. Do you expect to be in a position to grow faster than the market exiting the year?

好的。也許只是為了繼續討論現金問題。一，我想，你是否發現美國的人們正在等待 ARRIS/Sphere-9？其次，您確實談到了未來現金收入的加速和成長的加速。您預計今年的成長速度是否會快於市場退出時的速度？

Sean, do you want to take these?

肖恩，你想拿走這些嗎？

Yes. I guess on the first question, Jason, of course, people really, really want Affera. The vast majority of the ablation market favors point-by-point solutions with mapping in the United States, in particular. So the appeal of that product is really strong, but no one is waiting for it. I mean there's -- we're getting as much usage, maybe actually more from traditional point-by-point users as we are getting from single-shot users.

是的。我想關於第一個問題，Jason，當然，人們真的非常想要 Affera。尤其是在美國，絕大多數消融市場都傾向於採用測繪的逐點解決方案。因此，該產品的吸引力確實很強，但沒有人在等待。我的意思是——我們從傳統的逐點用戶那裡得到的使用量與從單次用戶那裡得到的使用量一樣多，甚至可能更多。

And as we bring that technology out I think the uptake is going to be pretty robust and rapid on top of what we're already doing with PulseSelect. So yes, I think that we've got the opportunity to grow faster than the market within this fiscal year, depending on the launch timing.

當我們推出這項技術時，我認為除了我們已經在 PulseSelect 上所做的事情之外，人們的採用將會非常強勁且迅速。所以，是的，我認為我們有機會在本財年內實現比市場更快的成長，具體取決於發佈時間。

The next question comes from Joanne Wuensch at Citi. Joanne, please go ahead.

下一個問題來自花旗銀行的 Joanne Wuensch。喬安妮，請繼續。

Good morning and thank you so much for taking my question. Can we some time talking about the renal denervation market and the CMS NTAP for simplicity. How do you see this market developing now that reimbursement is getting behind the product? Thank you.

早安，非常感謝您提出我的問題。為了簡單起見，我們可以花點時間討論一下去腎臟神經市場和 CMS NTAP。既然報銷已經成為產品的後盾，您如何看待這個市場的發展？謝謝。

Yes. Thanks for the question, Joanne. I mean, look, we're -- like I said before, I'm super excited about [that]. And it's good to see the reimbursement taking shape. With the CMS with the outpatient payment determined I'm sorry, the inpatient payment now determined and the outpatient payment on the table here it's getting closer to that unlock, that reimbursement unlock. And I'll let maybe Sean comment on this as well.

是的。謝謝你的提問，喬安妮。我的意思是，看，我們——就像我之前說的，我對此感到非常興奮。很高興看到報銷正在形成。隨著 CMS 確定了門診付款，抱歉，現在確定了住院付款，這裡的門診付款已經越來越接近解鎖、報銷解鎖。也許肖恩也會對此發表評論。

Yes. Thanks, Geoff. And Andrew, thanks for the question. The payment is one part of it. We have coding and coverage, most importantly, that need to come.

是的。謝謝，傑夫。安德魯，謝謝你的提問。付款是其中的一部分。最重要的是，我們需要進行編碼和覆蓋。

So the codes are already established. We've got the -- as you noted, an NTAP we have inpatient coating, but outpatient is going to be more of the kind of procedure volume. We think less than 10% of the procedures are going to be done with more than a single midnight stayer on the inpatient setting. So really, it's it's that TPT or transitional pass-through payment that we're really waiting on. And we did hear from CMS on that this summer just this month where they're supporting our approach here for for that application.

所以程式碼已經建立了。正如您所指出的，我們有 NTAP，我們有住院塗層，但門診將更多地採用這種手術量。我們認為只有不到 10% 的手術是由不只一名午夜住院者在住院環境中完成的。所以說，我們真正等待的是 TPT 或過渡性轉手付款。今年夏天，就在這個月，我們確實從 CMS 那裡聽到了這一消息，他們支持我們針對該應用程式的方法。

This is a breakthrough device so that helps to get into those kind of payment codes. And we expect to see that happen pretty soon. And of course, we're working really closely with CMS and with commercial payers on making sure we have coverage policies that are going to facilitate patient access.

這是一個突破性的設備，有助於輸入此類支付代碼。我們預計很快就會看到這種情況發生。當然，我們正在與 CMS 和商業付款人密切合作，以確保我們的承保政策能夠方便患者就診。

And again, being a breakthrough technology that helps you with the kind of urgency and speed at which we'll see CMS move. So look, I think all things on the reimbursement front are pointing exactly in the direction we're hoping to get them.

再說一遍，這是一項突破性技術，可以幫助您解決 CMS 發展的緊迫性和速度。所以看，我認為報銷方面的所有事情都完全指向我們希望得到的方向。

And we're excited to ramp this technology up and make it available. The -- I will say that the level of excitement we're getting from physicians and from hospital systems about this new service line they can offer as well as patients and the early outcomes for patients that have been treated on the sort of case-by-case basis have been really phenomenal.

我們很高興能夠提升這項技術並使其可用。我想說的是，我們從醫生和醫院系統那裡得到了對他們可以提供的這一新服務線以及患者的興奮程度，以及接受過逐例治療的患者的早期結果- 案例基礎確實非常出色。

So look, I think that unlock, as we've said all along, is going be reimbursement, and we're marching toward that. So we're excited about the opportunity here.

所以看，我認為解鎖，正如我們一直所說的，將是報銷，我們正在朝著這個方向前進。所以我們對這裡的機會感到很興奮。

Thank you, Joanne. I think we've got time for maybe two more questions. Take the next question.

謝謝你，喬安妮。我想我們還有時間再問兩個問題。回答下一個問題。

The next question comes from Matt Miksic at Barclays. Matt, please go ahead.

下一個問題來自巴克萊銀行的馬特·米克西奇。馬特，請繼續。

Hey. Thanks so much for the questions. If I could -- two quick follow-ups on some of the topics that have already been kind of explored here. The first for Sean, just on TAVR, I seem to remember that with the FX launch, there was some effect of price premium. There was some period of kind of stocking as you got into the launch.

嘿。非常感謝您的提問。如果可以的話——對這裡已經探討過的一些主題進行兩次快速跟進。 Sean 的第一個，就在 TAVR 上，我似乎記得隨著 FX 的推出，價格溢價產生了一些影響。當你開始發佈時，有一段時期的庫存。

And I'm just wondering if you could shed any light on the sort of shape of the next few quarters as you really begin to roll out FX. And then the second for Gary on on FX. I think there's some questions around the fact that the top line FX impact actually eased a little bit, but the FX impact on the bottom line, the headwind, 5% remain the same. If you could maybe just flesh out for us again where some of the impacts of FX are in the P&L and how we think about those as the year progresses.

我只是想知道，當你們真正開始推出 FX 時，你們能否透露一下未來幾季的情況。然後是 FX 節目中加里 (Gary) 的第二個節目。我認為存在一些問題，即頂線外匯影響實際上有所緩解，但外匯對底線的影響（逆風）5% 保持不變。如果您能再次為我們詳細說明外匯對損益表的影響，以及隨著時間的推移我們如何看待這些影響。

Sean, do you want to take the question?

肖恩，你想回答這個問題嗎？

Yes, sure. So we are -- across the board, we price for value. And we think there's more value so while modest price premium is built into our TAVR launch but it really is about picking up more volume on cases, more implants.

是的，當然。因此，我們全面定價，按價值定價。我們認為這具有更多的價值，因此雖然我們的 TAVR 推出中包含了適度的溢價，但它實際上是為了增加病例數和更多植入物。

And the dynamics that you typically see when you bring a new product out are customers burning down their shelf inventory as they put a small amount of stocking per valve size, like a par level as they ramp up for new technologies. And we saw both those dynamics occur in the early launch accounts where people are picking up a little bit of inventory, but also taking down inventory for the prior model, the FX in the case of the US.

當您推出新產品時，您通常會看到的動態是，客戶會消耗他們的貨架庫存，因為他們會根據閥門尺寸放置少量庫存，就像他們增加新技術時的標準水平一樣。我們看到這兩種動態都發生在早期的發布帳戶中，人們在購買一些庫存的同時，也減少了先前型號（在美國的情況下為 FX）的庫存。

So it's always a sort of switching dynamics. But I think that, that's already baked into everything we're forecasting for the continued growth of this product.

所以這始終是一種動態切換。但我認為，這已經融入我們對該產品持續成長的預測中。

Matt, this is Gary. And yes, as you mentioned, the US dollar has weakened a bit in the first quarter, and you'll see the benefits of that in the top line where we've communicated an improvement in the impact. If recent rates hold, we now expect FX on revenue to be a negative impact of $120 million to $210 million, and that compares to $275 million to $375 million. On the bottom line, the benefit is delayed due to our hedging program.

馬特，這是加里。是的，正如您所提到的，美元在第一季略有走軟，您會在頂線看到其好處，我們已經傳達了影響的改善。如果當前匯率保持不變，我們現在預計外匯對收入的負面影響將為 1.2 億至 2.1 億美元，而相比之下，這一影響為 2.75 億至 3.75 億美元。歸根結底，由於我們的對沖計劃，收益被延遲了。

But we do expect to realize the benefits in future years where FX will show up for us this year will be a little bit different. It's going to show up a bit more in the gross margin line for us this year. And as we mentioned, the impact of foreign exchange will wane in the back half of the year and as our strong underlying earnings growth on a constant currency basis continues after we delivered a really nice shape of the P&L in the first quarter. We'll see that benefit flow through to reported EPS in the second half.

但我們確實預計未來幾年外匯將為我們帶來的好處將有所不同。今年它在我們的毛利率中會反映得更多一些。正如我們所提到的，外匯的影響將在今年下半年減弱，並且在我們在第一季實現了非常好的損益表之後，我們在固定貨幣基礎上的強勁基本盈利增長仍在繼續。我們將在下半年看到收益流向報告的每股盈餘。

Okay. Thanks, Matt. We've got time for one more question. If we didn't get to your question, if there's any analyst on the line that still have questions, feel free to follow up with me after the call. We'll go to our last question, please, Brad.

好的。謝謝，馬特。我們還有時間再問一個問題。如果我們沒有回答您的問題，如果電話中仍有任何分析師有疑問，請隨時在通話後與我聯繫。我們將討論最後一個問題，布拉德。

The final question comes from Patrick Wood at Morgan Stanley. Patrick, please go ahead

最後一個問題來自摩根士丹利的派崔克‧伍德。派崔克，請繼續

Beautiful. Thank you so much for taking my question. Quite a high level one. But you guys are now, I guess, getting the benefit of some heavy investment in previous years in the base business. And so I guess the question is, does that -- how does that make you feel of the interplay between reinvesting for growth on the product support side, on innovation relative to margins over the next, I don't know, year or two? Like how do you see that interplay going forward of earnings leverage and investing in the base business versus trying to drive the top line? Any updated thoughts there would be great.

美麗的。非常感謝您回答我的問題。相當高水平的一位。但我想，你們現在正在從前幾年對基礎業務的大量投資中獲益。所以我想問題是，這是否讓您感受到產品支援方面的成長再投資與未來（我不知道）一兩年的利潤率創新之間的相互作用？例如，您如何看待獲利槓桿和基礎業務投資與試圖推動營收之間的相互作用？任何更新的想法都會很棒。

Sure. Thanks, Patrick. Look, we're committed to driving leverage down the P&L a company of our size. I mean that's something we should be able to do. We've got a lot of levers to pull that a lot of levers to pull to achieve that things and free up, at the same time, free up even more money for investment, which I'll get to.

當然。謝謝，派崔克。看，我們致力於降低像我們這樣規模的公司的損益表槓桿。我的意思是這是我們應該能夠做的事情。我們有很多槓桿可以拉動很多槓桿來實現這些目標並釋放更多的資金，同時釋放更多的資金用於投資，我將談到這一點。

But we are doing a number of things measures to hold our kind of overhead and enabling expenses low -- flat to low so that we can reinvest more in the top line. So we're doing things that we've really focused on -- just like we have capital allocation focus, we also have a focus on our headcount and allocating human capital where that goes and got that under in a good spot.

但我們正在採取一些措施來控制我們的管理費用並降低開支——持平到低水平，以便我們可以在營收上進行更多再投資。因此，我們正在做我們真正關注的事情——就像我們關注資本配置一樣，我們也關注我們的員工人數和人力資本的分配，並將其放在一個好的位置上。

We're driving -- we're holding our -- really trying to hold our G&A flat as a base case and then target areas we want to add for growth, like for example, as the Ardian reimbursement comes in, we'll be adding more on our direct distribution for that.

我們正在推動——我們正在保持我們的——真正努力保持我們的一般行政費用持平作為基本情況，然後瞄準我們想要增加增長的領域，例如，隨著Ardian報銷的到來，我們將為此我們的直接分銷添加更多內容。

So a very disciplined process to put -- hold our expenses flat as a base case for G&A and then invest in the high-growth areas. And also through a number of programs to drive efficiencies in our enabling functions, including the use of AI to drive some of these efficiencies.

因此，這是一個非常嚴格的流程——將我們的支出保持不變作為一般管理費用的基本情況，然後投資於高成長領域。也透過許多計劃來提高我們支援功能的效率，包括使用人工智慧來提高其中一些效率。

So a lot going on there and really committed to investing back into the business for growth, whether it be on the direct distributor or the sales side, but more importantly, even on the R&D side. And so we've raised that organic investment of -- despite some of the challenges we've had over the last couple of years, we've raised that organic investment.

因此，那裡發生了很多事情，並真正致力於重新投資業務以實現成長，無論是在直接分銷商還是銷售方面，但更重要的是，甚至在研發方面。因此，我們籌集了有機投資——儘管過去幾年我們遇到了一些挑戰，但我們還是籌集了有機投資。

And look, the tuck-in M&A, as I mentioned earlier, we'd like to kind of maybe over time here, increase the cadence of that to support the -- because of the cash flow of the company is strong to support the organic -- that organic R&D. So that's not how we're thinking about it. I think we can drive that earning that leverage down the P&L.

看，正如我之前提到的，我們希望隨著時間的推移，增加併購的節奏，以支持——因為公司的現金流強勁，可以支持有機業務——有機研發。所以我們不是這麼想的。我認為我們可以透過槓桿作用來降低損益表的獲利。

We've got a lot of different levers to pull to do that, at the same time, freeing up even more investment both from our income statement into R&D, but also using the strong cash flow from the balance sheet for tuck-in M&A. That's how we're looking at it, again, prioritizing these high-growth areas, but at the same time, making sure that the rest of our businesses are competitive. And I feel like we've gotten to a good spot on that. And we'll see. We're seeing the benefits of that now, and we're going to continue to see the benefits of that on into the future.

我們有許多不同的槓桿可以做到這一點，同時，從我們的損益表中釋放更多投資到研發，同時也利用資產負債表中強勁的現金流進行併購。這就是我們的看法，再次優先考慮這些高成長領域，但同時確保我們的其他業務具有競爭力。我覺得我們已經在這方面取得了進展。我們拭目以待。我們現在已經看到了它的好處，我們將在未來繼續看到它的好處。

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

好的。謝謝，派崔克。傑夫，請繼續您的結束語。

Okay. Thanks, Ryan. And thanks, everybody, for the great questions. And we certainly appreciate your support and interest in Medtronic. And we hope you'll join us for our Q2 earnings broadcast, which we anticipate holding on Tuesday, November 19.

好的。謝謝，瑞安。謝謝大家提出的好問題。我們當然感謝您對美敦力的支持和興趣。我們希望您能參加我們的第二季財報廣播，我們預計將於 11 月 19 日星期二舉行。

Now that's the week before Thanksgiving in the US this year. Again, as usual, we'll update you on our progress against our long-term strategies and our commitments both short and long term. So with that, thanks for joining us, and have a great rest of your day.

現在是今年美國感恩節的前一週。像往常一樣，我們將再次向您通報我們的長期策略進展以及我們的短期和長期承諾。因此，感謝您加入我們，祝您有個愉快的一天。