美敦力 (MDT) 2025 Q3 法說會逐字稿

Good morning. I'm Ryan Weispfenning, Vice President and Head of Medtronic Investor Relations, and I appreciate that you're joining us for our fiscal '25 third quarter video earnings webcast. Before we go inside to hear our prepared remarks, I'll share a few details about today's webcast.

早安.我是美敦力公司副總裁兼投資者關係主管 Ryan Weispfenning，感謝您參加我們的 2025 財年第三季視訊收益網路直播。在我們進去聽我們準備好的發言之前，我將分享一些有關今天的網路廣播的細節。

Joining me are Geoff Martha, Chairman and Chief Executive Officer; and Gary Corona, Interim Chief Financial Officer. Geoff and Gary will provide comments on the results of our third quarter, which ended on January 24, 2025, and our outlook for the remainder of fiscal year '25.

與我一起的還有董事長兼執行長 Geoff Martha；以及臨時財務長 Gary Corona。傑夫 (Geoff) 和加里 (Gary) 將對我們截至 2025 年 1 月 24 日的第三季業績以及 25 財年剩餘時間的展望發表評論。

After our prepared remarks, the Executive VPs from each of our four segments will join us, and we'll take questions from the sell side analysts that cover the company. Today's program should last about an hour.

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，並回答負責該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, 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 GAAP 對帳表。我們也發布了一份收益報告，提供有關我們業績的更多詳細資訊。該簡報可以在我們的收益新聞稿或我們的網站 investorrelations.medtronic.com 上找到。

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的預測有重大差異。有關可能導致我們的實際結果不同的因素的其他資訊包含在我們向美國證券交易委員會提交的定期報告和其他文件中，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 third quarter revenue in the current prior year reported as other, references to sequential revenue changes compared to the second quarter of fiscal '25 and are made on an as reported basis.

除非我們另有說明，所有比較均按同比計算，收入比較按有機基礎進行，不包括外幣影響和當前上年第三季度報告的其他收入，參考與 25 財年第二季度相比的連續收入變化，並按報告的基礎進行。

All share references are on a revenue and year-over-year basis, and compare our third fiscal quarter to our competitors' fourth calendar quarter. Reconciliations of all non-GAAP financial measures can be found in our earnings press release or on our website at investorrelations.medtronic.com.

所有的股票參考都是以收入和同比為基礎的，並將我們的第三財政季度與競爭對手的第四日曆季度進行比較。所有非 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 上找到。

And finally, our EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal year. With that, let's head into the studio and hear about the quarter.

最後，我們的每股盈餘指引不包括在財政年度中作為非 GAAP 收益調整報告的任何費用或收益。接下來，讓我們走進攝影棚，聽聽有關本季的情況。

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Hello everyone and thanks for joining us today. We delivered another quarter of mid-single digit revenue growth for the ninth quarter in a row. We had strong performances in several areas, starting with 22% growth in Cardiac Ablation Solutions, powered by our PFA portfolio.

大家好，感謝您今天加入我們。我們連續第九個季度實現了中等個位數的營收成長。我們在多個領域都表現強勁，首先是心臟消融解決方案成長了 22%，這得益於我們的 PFA 產品組合。

Leadless Pacing, Neuromodulation, and Diabetes all grew double digits, and Structural Heart excluding Congenital and US Cranial and Spinal Technologies both grew high single digits. We advanced our innovation pipeline and are opening up the largest total addressable market in MedTech with Renal Denervation.

無線起搏、神經調節和糖尿病均實現了兩位數增長，結構性心臟（不包括先天性心臟病）和美國顱腦和脊髓技術均實現了高個位數增長。我們推進了創新管道，並正在透過腎臟去神經支配開闢醫療技術領域最大的總目標市場。

It's an exciting time as we're stacking growth drivers on top of growth drivers, with groundbreaking innovation in some of the most attractive markets in MedTech. We overcame a short term US distributor dynamic, and delivered strong earnings power, with high single digit EPS growth coming in ahead of both consensus and the high end of our guidance range, with strong improvements in both our gross margin and operating margin.

這是一個令人興奮的時刻，因為我們在醫療科技領域最具吸引力的一些市場中實現了突破性的創新，並將成長動力層層疊加。我們克服了短期美國分銷商的動態影響，實現了強勁的盈利能力，每股收益實現了高個位數增長，超出了市場普遍預期和指導範圍的高端，毛利率和營業利潤率均有大幅提升。

And as we look ahead to our fiscal fourth quarter, we expect our revenue and EPS growth to accelerate, as we build on momentum in important growth markets and continue to drive earnings leverage. We expect our formula of delivering durable revenue growth, leveraged earnings, and generating strong free cash flow to create significant value for our shareholders.

展望第四財季，我們預計我們的營收和每股盈餘成長將會加速，因為我們在重要成長市場中保持良好勢頭並繼續提高獲利槓桿。我們期望透過實現持久的收入成長、槓桿收益和強勁的自由現金流來為股東創造巨大價值。

Now let's turn to the details of our Q3 business results and discuss our performance. Starting first with our cardiovascular portfolio which grew mid-single digits overall. The highlight was our Cardiac Ablation Solutions business. Now we forecasted strong double digit growth this quarter, and CAS delivered meaningful acceleration, growing 22%.

現在讓我們來看看第三季業務業績的具體細節並討論一下我們的表現。首先從我們的心血管產品組合開始，其整體成長率達到中等個位數。亮點是我們的心臟消融解決方案業務。現在我們預測本季將實現強勁的兩位數成長，CAS 實現了有意義的加速，成長了 22%。

Our Pulse Field Ablation products are driving rapid growth. We've hit a new gear on supply and demand for our PFA portfolio continues to accelerate. We are the only company with two PFA platforms, Affera and PulseSelect, which gives us flexibility.

我們的脈衝場消融產品正在推動快速成長。我們的 PFA 產品組合的供應和需求已進入新階段，並將繼續加速成長。我們是唯一擁有兩個 PFA 平台（Affera 和 PulseSelect）的公司，這為我們提供了靈活性。

Affera has separated itself from the pack as the most desired workhorse platform, with its integrated high density mapping, as well as both PF and RF capabilities in a focal catheter. This is increasing our revenue per case as we replace competitors' mapping and RF catheters. We also have PulseSelect. And as customers use this single shot PFA catheter, they want to use it more and more. PulseSelect gives us just a ton of flexibility to grow the market globally and compete.

Affera 憑藉其整合的高密度映射以及局部導管中的 PF 和 RF 功能，從眾多產品中脫穎而出，成為最受歡迎的主力平台。由於我們取代了競爭對手的測繪和射頻導管，這增加了我們每個病例的收入。我們還有 PulseSelect。隨著客戶使用這種單次注射 PFA 導管，他們希望越來越多地使用它。PulseSelect 為我們提供了極大的靈活性，以在全球範圍內發展市場並參與競爭。

Across both our Affera and PulseSelect platforms, customers appreciate their ease of use, precision, durable efficacy, and now increasingly their differentiated safety profile. We believe the safety profile of our PFA technology is a significant point of differentiation competitively, and it is one of several factors that gives us high confidence in our outlook. Now looking ahead, we expect this rapid growth trajectory to continue.

在我們的 Affera 和 PulseSelect 平台中，客戶欣賞它們的易用性、精確度、持久的功效，以及現在日益增強的差異化安全性。我們相信，PFA 技術的安全性是我們競爭中的重要差異點，也是我們對前景充滿信心的幾個因素之一。展望未來，我們預計這種快速成長軌跡將會持續下去。

For Q4 we expect CAS to accelerate its growth rate and deliver another strong double digit growth quarter. This will be $1 billion business for us this fiscal year, and we have line of sight to $2 billion as our PFA portfolio expands into new accounts around the world.

對於第四季度，我們預計 CAS 將加快其成長率並再次實現強勁的兩位數成長。這將是我們本財年價值 10 億美元的業務，隨著我們的 PFA 投資組合擴展到全球的新帳戶，我們的目標是達到 20 億美元。

Next, in Structural Heart, we grew high single digits excluding Congenital. We continue to see good adoption of our Evolut FX+ TAVR system in the US, and the international launch is off to a very good start. As we look ahead, we have some important upcoming data catalysts as we continue to share long term evidence on the benefits of our Evolut platform.

接下來，在結構性心臟方面，除先天性心臟病外，我們的發生率都增加了個位數。我們繼續看到 Evolut FX + TAVR 系統在美國獲得良好應用，國際發布也取得了非常好的開端。展望未來，我們有一些重要的即將到來的數據催化劑，因為我們將繼續分享有關我們的 Evolut 平台優勢的長期證據。

Our five year low risk data will be presented as a late breaker at ACC next month, and two year data from our SMART trial, which is a head to head versus our largest competitor, will be shared later this spring. Look, we're at a moment now where we've really solidified this business, with product improvements, important clinical data, and strong execution by the team, it's now in a really good spot.

我們的五年低風險數據將於下個月在 ACC 上作為最新消息公佈，而我們與最大競爭對手 SMART 試驗的兩年數據將於今年春季晚些時候分享。你看，我們現在正處於真正鞏固這項業務的時刻，透過產品的改進、重要的臨床數據和團隊的強大執行力，現在它處於一個非常好的位置。

Next, in Cardiac Pacing Therapies, we grew 9%. This business has grown upper single digits for 10 quarters in a row now, on the strength of our Leadless Pacemaker franchise and Conduction System Pacing technology.

其次，在心臟節律治療領域，我們成長了 9%。憑藉我們的無導線起搏器特許經營權和傳導系統起搏技術，該業務已連續 10 個季度保持高個位數成長。

In April, we will mark the 10th anniversary of our first micro Leadless Pacemaker receiving CE mark. And now a decade later, our micro franchise continues to set the standard, delivering outstanding 24% growth in Q3, and we expect the strength to continue.

今年四月，我們將迎來第一款微型無導線起搏器獲得 CE 標誌的十週年紀念日。十年後的今天，我們的微型特許經營繼續樹立標準，在第三季度實現了 24% 的出色增長，我們預計這種強勁勢頭還將持續下去。

Now turning to hypertension and our simplicity blood pressure procedure. We're poised to change the standard of care for uncontrolled high blood pressure. Medicare coding and payment is now in place, and just last month we had a pivotal development when CMS opened a national coverage analysis. This is exciting news, as we will now have Medicare coverage in place within the next eight months.

現在來談談高血壓和我們簡單的血壓程序。我們準備改變不受控制的高血壓的治療標準。醫療保險編碼和支付現已到位，就在上個月，CMS 啟動了全國覆蓋範圍分析，這是我們的關鍵進展。這是令人興奮的消息，因為我們將在未來八個月內實現醫療保險覆蓋。

We're activating new accounts across the US, and helping them set up simplicity clinics and establish care pathways, so they're prepared to quickly ramp procedures when coverage is in place. And upon coverage this will be an immediate growth driver and will become a significant source of growth for the company.

我們正在美國各地啟動新帳戶，並幫助他們建立簡易診所和護理途徑，以便他們準備在覆蓋到位時快速進行程序。一旦獲得報道，這將成為直接的成長動力，並成為公司重要的成長來源。

Nearly half of US adults have hypertension, and one in four of those with hypertension, they just don't have it under control, despite the broad availability of numerous generic medications. So as we take a step back, the patient population is large, the current standard of care is just isn't working. Patients want this new therapy. Physicians can easily do the procedure, and health systems support it.

美國近一半的成年人患有高血壓，儘管有許多仿製藥可廣泛使用，但四分之一的高血壓患者仍無法控制病情。退一步來說，患者數量龐大，現行的護理標準根本不起作用。患者想要這種新療法。醫生可以輕鬆地完成該手術，並且衛生系統也支持它。

The opportunity here is just massive, and we're poised to be the leader in addressing this large and unmet need. And as we look at the overall Cardiovascular portfolio, taking all of these growth drivers together, we expect its growth to meaningfully accelerate in the quarters ahead starting with Q4.

這裡的機會是巨大的，我們準備好成為解決這個巨大未滿足需求的領導者。當我們審視整個心血管產品組合並將所有這些成長動力綜合起來時，我們預計從第四季度開始，其成長將在未來幾季顯著加速。

Turning to our Neuroscience portfolio, which also grew mid-single digits this quarter, in Cranial and Spinal Technologies, we had another strong quarter with 5% global growth, including 8% growth in the US as we went another point of share.

談到我們的神經科學投資組合，本季度該投資組合也實現了中等個位數增長，在顱腦和脊髓技術方面，我們又度過了一個強勁的季度，全球增長率為 5%，其中美國增長率為 8%，我們的份額又上升了一個點。

I've been saying for some time now that the basis of competition in the spine market is rapidly changing. And you saw yet another example last month when a major competitor decided to get out of the spine business. We're causing this disruption, we're causing this disruption with our arsenal of differentiated enabling technology.

我一直在說，脊椎市場的競爭基礎正在迅速改變。上個月你又看到了另一個例子，一個主要的競爭對手決定退出脊椎業務。我們正在造成這種顛覆，我們利用我們差異化的支援技術造成這種顛覆。

Including AI driven pre-op planning software, imaging, robotics, navigation and powered surgical instruments. And we recently expanded into pre and post-op imaging through our partnership with Siemens Healthineers.

包括人工智慧驅動的術前規劃軟體、影像、機器人、導航和動力手術器械。最近，我們透過與西門子醫療的合作，將業務擴展到術前和術後影像領域。

Look, surgeons have to make a choice. And they're standardizing with the company that can offer them this full complement of innovative technologies. And those competitors that can't or can only offer certain pieces, well we're seeing them either struggle or just exit the market altogether.

瞧，外科醫生必須做出選擇。他們正在與能夠為他們提供全套創新技術的公司進行標準化。而那些不能或只能提供某些產品的競爭對手，我們看到他們要麼陷入困境，要麼乾脆退出市場。

Our differentiated best in class able ecosystem is attracting the best spine surgeons as well as the best reps and distributors from competitors. And as these dynamics continue to play out, and we continue to expand our innovation lead, we expect our CST business to deliver sustained above market growth.

我們差異化的一流生態系統正在吸引最優秀的脊椎外科醫生以及來自競爭對手的最佳銷售代表和經銷商。隨著這些動態繼續發揮作用，並且我們繼續擴大我們的創新領先地位，我們預計我們的 CST 業務將實現持續高於市場的成長。

Next, Neuromodulation grew 13%, well above the market. And just like in spine, our game changing innovation and strong commercial execution is disrupting the competitive dynamics. The closed loop sensing technology that we've developed for both pain stim and brain modulation has been a big engineering feat.

接下來，神經調節業務成長了 13%，遠高於市場平均。就像脊椎一樣，我們改變遊戲規則的創新和強大的商業執行力正在顛覆競爭態勢。我們為疼痛刺激和大腦調節而開發的閉環感測技術是一項偉大的工程壯舉。

We now have therapies that can be personalized at scale, which is better for patients and can lessen the load on the healthcare system. And it raises the bar on what it takes to compete, which is evident in our Neuro Mod growth.

我們現在擁有可以大規模個人化的治療方法，這對患者更有利，並可以減輕醫療保健系統的負擔。它提高了競爭的標準，這在我們的 Neuro Mod 的成長中得到了體現。

In pain stim we grew 12%, including 17% in the US, on the strength of our Inceptiv closed loop Spinal Cord Stimulator. On top of being the smallest and thinnest SCS device, Inceptiv instantly adjusts based on neural responses to keep the therapy at an optimal dose, and it has the best full body MRI conditional access on the market, which is a very important feature for patients with chronic pain.

在疼痛刺激方面，由於我們的 Inceptiv 閉環脊髓刺激器，我們的增長了 12%，其中在美國增長了 17%。Inceptiv 不僅是最小、最薄的 SCS 設備，還可以根據神經反應即時調整以保持最佳治療劑量，並且它擁有市場上最好的全身 MRI 條件接入，這對慢性疼痛患者來說是一個非常重要的功能。

In brain modulation, we grew 15%, including 26% in the US, driven by the adoption of our Percept DBS systems. Percept and its brain computer interface technology is transforming treatment for patients with movement disorders like Parkinson's, essential tremor, dystonia, and epilepsy.

在腦調節方面，我們成長了 15%，其中在美國成長了 26%，這得益於我們 Percept DBS 系統的採用。Percept 及其腦機介面技術正在改變帕金森氏症、特發性震顫、肌張力失調和癲癇等運動障礙患者的治療方法。

Last month, we received CEA clearance for our brain sites adaptive DBS for people with Parkinson's. With this groundbreaking technology, Percept devices through a software upgrade can become personalized, fully closed loop systems, with real-time automatic therapy adjustments based on brain activity feedback. Now we expect this launch to drive continued above market growth for our brain mod business in the quarters ahead.

上個月，我們針對帕金森氏症患者的腦部位適應性 DBS 獲得了 CEA 批准。憑藉這項突破性的技術，Percept 設備透過軟體升級可以成為個人化的全閉環系統，並根據大腦活動回饋即時自動調整治療。現在，我們預計此次發布將推動我們的大腦模組業務在未來幾季繼續實現高於市場的成長。

Now turning to our Medical Surgical portfolio, let's discuss our performance in Surgical. This quarter, we experienced a change in US distributor buying patterns, which had a couple of 100 basis point impact on our surgical performance. We expect this to resolve as we start fiscal '26.

現在轉向我們的醫療外科產品組合，讓我們討論一下我們在外科領域的表現。本季度，我們經歷了美國分銷商購買模式的變化，這對我們的外科手術業績產生了幾百個基點的影響。我們預計這個問題將在26財年開始時解決。

Apart from this distributor dynamic, our US hospital customer purchasing, direct from us, and through distributors has been stable. And while we continue to see market and competitive pressures in our Stapling franchise, we're offsetting this by winning share with our LigaSure advanced energy products globally, and by driving strong high single digit growth in emerging markets.

除了這種經銷商動態之外，我們的美國醫院客戶直接從我們這裡購買以及透過經銷商購買一直很穩定。雖然我們在 Stapling 特許經營領域繼續面臨市場和競爭壓力，但我們透過在全球範圍內贏得 LigaSure 先進能量產品的份額，以及在新興市場推動強勁的高個位數增長來抵消這一壓力。

With our Hugo soft tissue robotic platform, we're approaching some important milestones including entering the US market, expanding indications, adding features, and enhancing system performance. In international markets, utilization continues to increase, and we've more than doubled Hugo procedure volume year-over-year.

借助我們的 Hugo 軟組織機器人平台，我們正在接近一些重要的里程碑，包括進入美國市場、擴大適應症、增加功能和增強系統性能。在國際市場上，利用率持續增加，我們的 Hugo 程式數量比去年同期增加了一倍以上。

In the US, we are on track to submit for FDA approval for Hugo, with urology indications by the end of next month. I also have some new information to share with you today. We have finished enrollment in our hernia and benign GYN studies. Further, we recently received FDA approval to initiate our GYN oncology ID study, and are actively moving that forward.

在美國，我們正按計劃於下月底向 FDA 提交 Hugo 的批准，該藥物適用於泌尿科疾病。今天我還有一些新資訊要與大家分享。我們已經完成了疝氣和良性婦科疾病研究的招募。此外，我們最近獲得 FDA 批准啟動我們的婦科腫瘤 ID 研究，並正在積極推進該研究。

We're also making progress adding features and instrumentation. We just completed our first cases using our ICG fluorescent imaging, and we expect to add our LigaSure vessel sealing technology to Hugo later this calendar year. So in total, we are confident in our path forward. Hugo will be a growth driver for our surgical business in fiscal '26, and a meaningful growth driver for Medtronic in the midterm.

我們在增加功能和儀器方面也取得了進展。我們剛剛使用 ICG 螢光成像完成了首批病例，我們預計今年稍後將 LigaSure 血管封閉技術添加到 Hugo 中。所以總的來說，我們對前進的道路充滿信心。Hugo 將成為我們 26 財年外科業務的成長動力，並成為美敦力中期有意義的成長動力。

Finally, in Diabetes, we had our fifth quarter in a row of double digit growth. We printed 10% growth on top of 10% growth in the prior year. Our growth is driven by one, the overall move of the market from standalone CGM with MDI to AID systems, and two, the strength of our MiniMed 780G System within the AID category.

最後，在糖尿病領域，我們連續第五個季度達到兩位數成長。我們在上一年 10% 的成長基礎上又實現了 10% 的成長。我們的成長動力一是市場從具有 MDI 的獨立 CGM 到 AID 系統的整體轉變，二是我們的 MiniMed 780G 系統在 AID 類別中的實力。

We continue to grow our 780G install base, and we're seeing very high CGM attachment rates as well as strong growth in consumables. In Europe, we're getting excellent user feedback on our Simplera Sync sensor, which is half the size and much easier to apply than our previous sensor.

我們繼續擴大 780G 安裝基數，並且我們看到非常高的 CGM 連接率以及消耗品的強勁增長。在歐洲，我們的 Simplera Sync 感測器獲得了用戶的積極回饋，該感測器比我們之前的感測器尺寸小了一半並且更易於使用。

In the US, we've submitted Simplera Sync for FDA approval, and we're also continuing to make progress on the integration work with the Abbott-based sensor. We expect these two new sensors to really accelerate our US growth when fully launched.

在美國，我們已經提交了 Simplera Sync 以供 FDA 批准，我們也在繼續推進與基於雅培的感測器的整合工作。我們預計這兩款新感光元件全面推出後將真正加速我們在美國市場的成長。

Beyond sensors, we're also investing heavily in our robust diabetes technology pipeline, including next gen durable pumps, patch pumps, smart pens, and algorithms. We're also seeking expanded labeling for the 780G, including Type 2 diabetes, which is a meaningful new opportunity.

除了感測器之外，我們還在大力投資強大的糖尿病技術管道，包括下一代耐用泵、貼片泵、智慧筆和演算法。我們也正在尋求擴大 780G 的標籤範圍，包括第 2 型糖尿病，這是一個有意義的新機會。

We expect to file this with the FDA here in the first half of the calendar year. So across Medtronic, we continue to drive mid-single digit growth. And you're now seeing this translate into strong earnings power. We're delivering leveraged earnings as we focus on discipline pricing, holding our SG&A growth below sales, and realizing the benefits of our scale, including more than doubling our underlying COGS productivity.

我們預計將在今年上半年向 FDA 提交此文件。因此，在美敦力公司，我們繼續推動中等個位數的成長。現在您會看到這轉化為強勁的獲利能力。我們正在實現槓桿收益，因為我們專注於嚴格定價，將銷售、一般及行政開支增長控制在銷售額以下，並實現規模效益，包括將基礎銷貨成本生產率提高一倍以上。

Gary will now walk you through a deeper look at our Q3 financial performance and our outlook. Gary, over to you.

加里現在將帶您深入了解我們第三季的財務業績和前景。加里，交給你了。

Thanks Geoff. Our Q3 revenue of $8.3 billion grew 4.1% organic. On the bottom line, adjusted EPS was $1.39 up 6.9%. This was $0.03 above both consensus and the midpoint of our guidance. The EPSB was driven by better than expected operating profit on stronger gross margins and a better than expected tax rate.

謝謝傑夫。我們第三季的營收為 83 億美元，有機成長 4.1%。總體而言，調整後的每股收益為 1.39 美元，成長 6.9%。這比普遍預期和我們預期的中點高出 0.03 美元。EPSB 的推動因素包括：毛利率提高、營業利潤好於預期，稅率比預期好。

We like the shape of the P&L this quarter, with mid-single digit organic growth on the top line, improved growth and operating margin, strong investment behind our growth drivers, resulting in leverage earnings growth. We continue to see breadth and diversification in our revenue growth, with double digit growth in Diabetes, and mid-single digit growth in Cardiovascular and Neuroscience, offsetting Medical Surgical.

我們喜歡本季的損益表狀況，營收實現中等個位數有機成長，成長和營業利潤率提高，成長動力背後有強勁的投資，從而帶來槓桿盈利增長。我們的收入成長持續呈現廣度和多樣化，糖尿病領域實現兩位數成長，心血管和神經科學領域實現中等個位數成長，抵消了外科醫療領域收入的成長。

We continue to see stronger overall growth in our international markets, which grew 5%, including high single digit growth in Japan. Emerging markets grew high single digits, including high teens growth in India, mid-teens growth in Eastern Europe, and low double digit growth in Southeast Asia and the Middle East and Africa.

我們的國際市場持續呈現更強勁的整體成長勢頭，成長了 5%，其中日本實現了高個位數成長。新興市場呈現高個位數成長，其中印度呈現高雙位數成長，東歐呈現雙位數成長，東南亞、中東和非洲呈現低雙位數成長。

Moving down our P&L, our adjusted gross margin was 66.6%, up 50 basis points versus last year and ahead of our expectations. We continue to execute on our COGS efficiency programs, and that's helping to drive margin upside. We also drove the upside with our focus on better pricing and business mix.

從損益表來看，我們的調整後毛利率為 66.6%，較去年同期上升了 50 個基點，且超出了我們的預期。我們繼續執行我們的 COGS 效率計劃，這有助於提高利潤率。我們也透過專注於更好的定價和業務組合來推動成長。

The improved gross margin translated into an operating margin that was also ahead of our expectations. Our adjusted operating margin was 26.2%, up 100 basis points versus a year ago. The organization remains extremely focused on improving our margins over time.

毛利率的提高轉化為營業利潤率，這也超出了我們的預期。我們的調整後營業利益率為 26.2%，較去年同期上升了 100 個基點。組織始終高度重視不斷提高我們的利潤率。

We're also prioritizing investments in our pipeline, and important product launch capabilities, like hiring hundreds of mappers to support PFA growth, and market development specialists in Renal Denervation to accelerate RDN growth.

我們也優先考慮對我們的產品線和重要的產品發布能力進行投資，例如僱用數百名測繪員來支持 PFA 的成長，以及僱用腎臟去神經支配的市場開發專家來加速 RDN 的成長。

At the same time, we're returning significant capital to our shareholders, primarily through our strong and growing dividend, and from time to time, opportunistic share repurchases. Regarding our portfolio, we've increased our focus on finding tuck-in acquisitions that can enhance our growth and margin profile. We're also continuing to actively evaluate our portfolio at the business product line and geographic level, all through the lens of maximizing shareholder value.

同時，我們向股東返還大量資本，主要透過強勁且不斷增長的股息，以及不時的機會性股票回購。關於我們的投資組合，我們更專注於尋找可以提高我們的成長和利潤率的附加收購。我們也將繼續積極評估我們的業務產品線和地理層面的投資組合，一切都從最大化股東價值的角度進行。

Now turning to guidance. We're reiterating our full year revenue and EPS guidance today, and both our revenue and EPS growth will accelerate in the fourth quarter. On the top line, we continue to expect FY25 organic revenue growth to be in the range of 4.75% to 5%.

現在轉向指導。我們今天重申全年營收和每股盈餘預期，第四季我們的營收和每股盈餘成長都將加速。就營收而言，我們繼續預期 25 財年的有機收入成長率將在 4.75% 至 5% 之間。

For Q4, given the strong trajectory of our growth drivers and expected acceleration in the cardiovascular portfolio, we're comfortable with current street organic revenue growth consensus, and expect to deliver our 10th quarter in a row of mid-single-digit revenue growth.

對於第四季度，鑑於我們成長動力的強勁軌跡和心血管產品組合的預期加速，我們對當前街道有機收入成長的共識感到滿意，並預計連續第 10 個季度實現中等個位數的收入成長。

Based on recent rates, FX would have an impact to fiscal '25 in the range of $275 million to $325 million including $125 million to $175 million in the fourth quarter. On the bottom line, we continue to expect fiscal '25 non-GAAP diluted EPS in the range of $5.44 to $5.50, and are comfortable with current full year street consensus.

根據最近的匯率，外匯將對25財年產生2.75億至3.25億美元的影響，其中包括第四季的1.25億至1.75億美元。底線方面，我們繼續預計 25 財年非 GAAP 稀釋每股收益將在 5.44 美元至 5.50 美元之間，並對目前全年市場預期感到滿意。

Based on recent rates, our EPS guide factors in a 5 point impact from foreign currency, and we will have a significantly smaller impact than that in fiscal '26. In Q4, we expect our restored earnings power and strong operating margin expansion to continue, resulting in high single digit adjusted EPS growth in the back half of our fiscal year, consistent to the commitment that we have been sharing all year.

根據最近的匯率，我們的每股盈餘指南考慮了外幣帶來的 5 個點的影響，而且這一影響將比 26 財年小得多。在第四季度，我們預計盈利能力的恢復和強勁的營業利潤率擴張將持續，從而導致我們財年下半年調整後每股收益實現高個位數增長，這與我們全年一直做出的承諾一致。

Further details on our guidance can be found in the guidance slide in our presentation. Geoff, back to you.

有關我們指導的更多詳細信息，請參閱我們簡報中的指導幻燈片。傑夫，回到你身邊。

Thank you, Gary. And I want to thank you for stepping in as CFO over the last few quarters. I know you're going to help ensure a smooth transition as we welcome Thierry, and I look forward to your continued contributions to Medtronic.

謝謝你，加里。我要感謝您在過去幾個季度擔任財務長。我知道在我們歡迎蒂埃里的同時，您將幫助確保平穩過渡，我期待您繼續為美敦力做出貢獻。

Now Thierry will be joining us in a couple of weeks. And as I've heard from several of you in the investment community, it sounds like your checks are confirming what led us to hire him. He has a very strong reputation for his operational focus and ability to lead organizations to drive margin improvement, portfolio management, and earnings power to create shareholder value.

幾週後蒂埃里就會加入我們。而且正如我從投資界的幾位人士那裡聽說的那樣，聽起來你們的檢查證實了我們僱用他的原因。他以營運為重點，並能夠領導組織提高利潤率、進行投資組合管理和獲利能力以創造股東價值，因而享有盛譽。

Now before we go to analyst questions, I'll share a few final thoughts. Look, we've made a number of changes to the company. And the turnaround definitely hasn't been overnight. It's been building with nine quarters in a row of mid-single digit growth.

現在，在我們回答分析師的問題之前，我想先分享一些最後的想法。你看，我們對公司做了許多改變。而這種轉變肯定不是一朝一夕就能實現的。該公司已連續九個季度保持中等個位數成長。

And now we're clearly entering a new phase, with the growth drivers kicking in, and these are big growth drivers. As I said earlier, we're stacking growth drivers on top of growth drivers. We're in the moment with 780G in Diabetes. Closed loop technology in Neuromodulation. And of course PFA in our Cardiac Ablation Solutions business.

現在我們顯然進入了一個新階段，成長動力開始發揮作用，這些都是巨大的成長動力。正如我之前所說，我們正在將一個又一個的成長動力疊加起來。我們現在的糖尿病患者人數是780G。神經調節中的閉環技術。當然還有我們心臟消融解決方案業務中的 PFA。

And we're about to start a massive growth driver with our simplicity procedure in hypertension. And there's even more to come with opportunities like tibial stim for overactive bladder, our Hugo robot, and our Transcatheter, mitral and tricuspid valves among many others. And at the same time, our earnings power is now kicking in, with high single digit EPS growth this quarter and next.

我們即將透過簡化高血壓治療程序來開啟大規模成長的動力。並且還將帶來更多機會，例如針對膀胱過動症的脛骨刺激、我們的 Hugo 機器人、以及我們的經導管、二尖瓣和三尖瓣等等。同時，我們的獲利能力正在發揮作用，本季和下一季的每股收益將實現高個位數成長。

So look, it's a very exciting time to be here at Medtronic. And I want to close by thanking our employees who are listening today and make all of this possible. You're making a difference every day for patients around the world, innovating and advancing healthcare technology and improving healthcare access.

所以，現在加入美敦力公司是一件非常令人興奮的事情。最後，我要感謝今天聆聽我演講的員工，是他們讓這一切成為可能。您每天都在為世界各地的患者帶來改變，創新和推動醫療技術並改善醫療服務。

You're inventing, developing and deploying meaningful technologies they'll change standard of care and create whole new markets. I appreciate your dedication in the Medtronic mission, and I'm really looking forward to what we will collectively accomplish in the days ahead.

您正在發明、開發和部署有意義的技術，它們將改變護理標準並創造全新的市場。我感謝您對美敦力使命的奉獻，我非常期待我們在未來的日子裡共同取得的成就。

With that, let's move to Q&A where we're going to try to get to as many analysts as possible. So we ask that you limit yourself to just one question, and only if needed, a related follow-up. If you have additional questions, you can reach out to Ryan and the investor relations team after the call.

接下來，讓我們進入問答環節，我們將嘗試聯繫盡可能多的分析師。因此，我們要求您將問題限制在一個範圍內，並且僅在必要時進行相關的後續跟進。如果您還有其他問題，您可以在通話結束後聯絡 Ryan 和投資者關係團隊。

So 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) Lastly, please be advised that this Q&A session is being recorded.

（活動說明）最後，請注意，本次問答環節正在錄音。

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.

在今天的會議上，Geoff、Gary 和 Ryan 與糖尿病執行副總裁兼總裁 Que Dallara 一起出席；醫療外科產品組合執行副總裁兼總裁 Mike Marinaro； Sean Salmon，心血管產品組合執行副總裁兼總裁；以及神經科學產品組合執行副總裁兼總裁 Brett Wall。

(Event Instructions) Patrick Wood, Morgan Stanley.

(活動說明) 摩根士丹利 (Morgan Stanley) 的帕特里克伍德 (Patrick Wood)。

Perfect, thank you so much for taking the question. I promise I'll keep it to one. As you guys are moving into '26 -- fiscal '26, obviously, there's Hugo, CAS is accelerating, Inceptiv doing well, Micra, et cetera. So there's a lot of moving parts.

非常好，非常感謝您回答這個問題。我保證只做一件事。隨著你們進入 26 財年，顯然有 Hugo，CAS 正在加速發展，Inceptiv 表現良好，Micra 等等。因此有很多活動部件。

I know it's only Q3, but would it be fair to assume that the base algorithm, call it, mid-single-digits growth and then high singles in the bottom line, that that's a fair assumption moving into fiscal '26, also can we got that as an exit rate in Q4. Is that a fair assumption?

我知道這只是第三季度，但我們是否可以公平地假設基本演算法，即中等個位數成長，然後底線為高個位數，這是進入 26 財年的合理假設，我們也可以將其作為第四季度的退出率。這是一個合理的假設嗎？

Sure, Patrick, thanks for the question. Yeah, we'll -- obviously, we'll give FY26 guidance on our Q4 call. But yeah, our objective is unchanged. We're committed to doing the things that we need to do to drive profitable growth and operating leverage at Medtronic.

當然，派崔克，謝謝你的提問。是的，顯然，我們會在第四季電話會議上提供 26 財年的指引。但是，我們的目標並沒有改變。我們致力於做我們需要做的事情來推動美敦力的獲利成長和經營槓桿。

So as Gary pointed out in the commentary, we reiterated our guidance for this fiscal year of 4.75% to 5% organic revenue growth and high single-digit realized EPS growth in the back half of the year. And so -- and as we look into the future, we think that this -- so we're still committed to that LRP that you outlined.

因此，正如加里在評論中指出的那樣，我們重申了本財年的預期，即有機收入增長 4.75% 至 5%，下半年將每股收益高個位數增長。所以 — — 展望未來，我們認為 — — 我們仍然致力於您所概述的 LRP。

Fantastic. Thanks for taking the question.

極好的。感謝您回答這個問題。

Thanks, Patrick. Next question please Brad.

謝謝，派崔克。請回答下一個問題，布拉德。

Larry Beagleson, Wells Fargo.

富國銀行的拉里·比格森。

Larry, are you there?

拉里，你在嗎？

So thanks for taking the question, guys. I wanted to ask Sean a question on AF Solutions, which is obviously a bright spot in Q3. So Sean talked about the drivers of the acceleration in Q4, and how you're thinking about fiscal '26? And specifically the ramp of Affera, where you are with supply and your ability to get mapping in the field, and that $2 billion line of sight, how quickly can you get there? Thank you.

謝謝大家回答這個問題。我想向 Sean 詢問一個有關 AF Solutions 的問題，這顯然是第三季的亮點。那麼，肖恩談到了第四季度加速發展的驅動因素，以及您對 26 財年的看法？特別是阿費拉礦場的建設，你們的供應情況以及你們在現場測繪的能力，以及那條價值 20 億美元的路線圖，你們能多快到達那裡？謝謝。

Larry, let me take the first swing at that, and then have Sean come in on some of the details. First of all, it's great to see how PFA is. The impact it's having on patients and also increasing physician and hospital productivity, with its speed and efficacy and safety profile.

拉里，讓我先嘗試一下，然後讓肖恩介紹一些細節。首先，很高興看到 PFA 的情況。它對患者產生了影響，並且憑藉其速度、功效和安全性提高了醫生和醫院的工作效率。

And we're really excited about our positioning in the market, and you're starting to see that in our last quarter's results, as you pointed out. And we consider this to be like a hyper growth driver for us, and we're really just getting started.

我們對我們的市場定位感到非常興奮，正如您所指出的，您在我們上個季度的業績中開始看到這一點。我們認為這對我們來說是一個超級成長動力，而我們實際上才剛起步。

Back to the line of sight question, that's what I wanted to get at, the $2 billion line of sight. Here's what I'll say. First of all, the market is super strong and will continue. We see PFA as a roughly $9 billion market and growing in the high teens. And we've got strong demand for both of our platforms, PulseSelect and Affera.

回到視線問題，這就是我想要得到的，20 億美元的視線。以下是我要說的。首先，市場超級強勁，而且這種勢頭還會持續下去。我們認為 PFA 的市場規模約為 90 億美元，並且以百分之十幾的速度成長。我們的兩個平台 PulseSelect 和 Affera 都擁有強勁的需求。

And this gives us a ton of flexibility as we grow the market globally. And as many of you pointed out, Affera is just -- it's getting rave of reviews. I mean it's a high demand. And as I've traveled the globe here in the first couple of weeks of the year, everybody seems to know that name Affera.

這為我們在全球市場擴張提供了極大的彈性。正如你們許多人指出的那樣，Affera 正獲得好評如潮。我的意思是需求量很大。今年頭幾週，我走遍了世界各地，似乎每個人都知道阿費拉 (Affera) 這個名字。

Supply -- and supply is a lot better across the board. Suppliers -- our suppliers are performing well, and our new factory in Galway is a game changer, with an immediate impact for Affera. And so I'd say these, these are not like the $2 billion line of sight, they're not like forward-looking statements. This is in the moment, and we're not stopping at the $2 billion. That's not an end game. That's a line of sight shorter term.

供應－整體供應情況好得多。供應商－我們的供應商表現良好，我們在戈爾韋的新工廠改變了格局，對 Affera 產生了直接影響。所以我想說，這些並不像是 20 億美元的視線，它們不像前瞻性陳述。現在是此時此刻，我們不會止步於 20 億美元。那並不是遊戲的終局。這是短期的視線。

Beyond -- you get -- beyond next year, don't forget that Affera will be moving into the single shot space as well. And so we still have a lot of confidence about the near term and long term opportunity here with PFA and our two platforms. I know Sean, do you want to -- I think Larry had a few other things on there as well, do you want to jump in?

超越——你會得到——超越明年，不要忘記 Affera 也將進入單發領域。因此，我們對於 PFA 和我們的兩個平台的短期和長期機會仍然充滿信心。我知道肖恩，你想——我認為拉里也有一些其他的事情，你想加入嗎？

Yeah, sure, Geoff. I think you've covered it pretty well. We are aggressively expanding both capacity within the factory and within the field. And that's important that we stay ahead of that as we add mapping in. And I think, as Geoff said, we're not just seeing strong demand for Affera, it's launched in that in the third quarter in the United States has driven a lot of growth.

是的，當然，傑夫。我認為你已經講得很清楚了。我們正在積極擴大工廠和現場的產能。當我們新增映射功能時，保持領先地位非常重要。我認為，正如傑夫所說，我們不僅看到對 Affera 的強勁需求，它在第三季在美國推出後就推動了很大的成長。

But we also -- we're in those hospitals, we're getting a lot of the paroxysmal cases with PulseSelect as well. So it's really a kind of dual platform, multiple use sort of penetration to the accounts. We also see a lot of utility for certain geographies that don't use mapping where PulseSelect is a really favorite product too, because of its precision and its proven and durable efficacy, and increasingly, that safety profile, which is really a distinguishing feature for it.

但我們也——我們在那些醫院裡，也接診了許多使用 PulseSelect 的陣發性病例。所以這其實是一種雙平台、多用途的帳戶滲透。我們也看到，對於不使用地圖服務的某些地區，PulseSelect 也是一種非常受歡迎的產品，因為它的精確度、經過驗證的持久功效，以及日益增強的安全性，這才是它的一個顯著特點。

So as we step into next year, I think we've got lots of growth to look ahead to as we expand out that footprint in the field and have capacity really well ahead of the demand, and we push it forward. So things are going to continue to rock for us within the pulse field ablation world, and the team is really excited about it and physicians really appreciate the technology we're bringing.

因此，當我們進入明年時，我認為我們有很多值得期待的成長，因為我們將擴大該領域的足跡，並且產能遠遠超過需求，我們將繼續推動它向前發展。因此，脈衝場消融領域的發展將繼續為我們帶來驚喜，團隊對此感到非常興奮，醫生也非常欣賞我們帶來的技術。

Thank you.

謝謝。

Thanks, Larry. Next question please, Brad.

謝謝，拉里。請回答下一個問題，布拉德。

Robbie Marcus, JPMorgan.

摩根大通的羅比馬庫斯 (Robbie Marcus)。

Oh hi, good morning, and thank you very much for taking the question. There's talk of all these big growth drivers with pulse field ablation and Hugo, especially now with the trials enrolling and submission coming at the end of the month, and also Renal Denervation.

哦，早上好，非常感謝您回答這個問題。大家都在談論脈衝場消融和 Hugo 這些都是巨大的成長動力，尤其是現在月底將開始試驗登記和提交，還有腎去神經支配。

How do you think about balancing the spend of investing in these programs to make sure they're successful versus being able to continue driving margin expansion like we saw in this quarter? Thanks a lot.

您如何看待平衡對這些項目的投資支出以確保它們成功與能夠繼續推動利潤率擴大（如我們本季度所看到的那樣）？多謝。

Yeah, well, thanks for the question, Robbie. Yeah, look, I'd say -- we do have a lot of, I'll call them, growth drivers that come with investment opportunities. And the goal here is to be able to do both, right, is to be able to invest in these things and growth as well as hit our financial algorithm that Patrick asked about. And the gross margin improvement is a key piece of that, right.

是的，謝謝你的提問，羅比。是的，我想說——我們確實有很多，我稱之為投資機會帶來的成長動力。這裡的目標是能夠同時做到這兩點，對吧，就是能夠投資這些事物和成長，並達到帕特里克詢問的我們的財務演算法。毛利率的提高是其中一個關鍵因素，對吧。

So over the last couple of quarters and even years, we've done our -- we've really, I think, gotten better at being able to grow the sales number that mid-single digit without growing the G&A -- SG&A even nearly at the same pace and that will continue.

因此，在過去幾個季度甚至幾年裡，我們已經做到了——我認為，我們確實已經做得更好了，能夠在不增加一般及行政費用（SG&A）的情況下將銷售額提高到中等個位數，而且這種狀況還將繼續下去。

And then adding the gross margin improvement to that gives us a lot more flexibility. So that -- and then finally, I would add tuck-in M&A. I think tuck-in M&A, we've got a strong balance sheet, and tuck-in M&A gives us an opportunity too because the tuck-ins we're doing are just another form of R&D for the most part.

再加上毛利率的提高，我們就可以擁有更大的彈性。所以 — — 最後，我要補充合併與收購 (tuck-in M&A)。我認為，透過內部併購，我們擁有強勁的資產負債表，內部併購也為我們提供了機會，因為我們所做的內部併購在很大程度上只是研發的另一種形式。

And so that's how we do it. But a key for us is stepping up the tuck-in M&A, I'd say, and continuing the margin improvement. Gary, anything to add to that?

這就是我們的做法。但我認為，對我們來說，關鍵是加強內部併購，並持續提高利潤率。加里，還有什麼要補充嗎？

No, you hit it, Geoff. It's been our focus. We grew gross margin in the first half of the year on a constant currency basis, and we'll grow gross margin on an AFX basis in the second half of the year, and that's really what's going to be key to us being able to deliver the high single digit EPS while we fund the growth drivers like investing in mappers, as I talked about in my prepared remarks.

不，你成功了，傑夫。這一直是我們的重點。以固定匯率計算，我們上半年的毛利率有所增長，按外匯計算，下半年的毛利率也將有所增長，這正是我們能夠實現高個位數每股收益的關鍵，同時我們還能為投資製圖師等增長動力提供資金，正如我在準備好的發言中提到的那樣。

Great, thanks a lot.

太好了，非常感謝。

The goal here -- we've got some -- I mean, some of these growth drivers, we've got to continue to make the investment. We want to put the foot -- play offense at this point in time.

這裡的目標——我們已經有一些——我的意思是，對於其中一些成長動力，我們必須繼續進行投資。我們希望在此時採取行動——發動攻擊。

Okay, thank you. Thank you, Robbie. Next question please, Brad.

好的，謝謝。謝謝你，羅比。請回答下一個問題，布拉德。

Vijay Kumar, Evercore ISI.

維賈伊·庫馬爾（Vijay Kumar），Evercore ISI。

Hey guys, good morning and thank you for taking my question, Geoff, I think I had a two parter. When it comes to large companies, this is exactly what we wanted to see, diversified portfolio. We have some moving parts, but would you still have the ability to manage the P&L and drive earnings, right?

嘿，大家早上好，謝謝你回答我的問題，傑夫，我想我有兩個部分。對於大公司來說，這正是我們希望看到的，多元化投資組合。我們有一些活動部件，但你仍然有能力管理損益表並推動盈利，對嗎？

I feel like that's what we got here -- when I look at the print here, US Surgical, I think you called out a distributor timing impact. But what gives you the confidence this is not a share loss? And I think related to that P&L management, right, this gross margin stood out. Any one-timers in gross margins? Maybe talk about what drove the sequential step-up in gross margins and sustainability? Thank you.

我覺得這就是我們所得到的 - 當我看到這裡的印刷品《美國外科雜誌》時，我想你指出了分銷商時機的影響。但是有什麼讓你確信這不是股票損失呢？我認為這與損益管理有關，毛利率非常突出。毛利率中有任何一次性因素嗎？也許可以討論一下推動毛利率和永續性連續上升的因素是什麼？謝謝。

Sure. Well, thanks for the question. I'd say on the Surgical question, first, like I said in the commentary, the performance there was driven by a couple of our larger distributors stepping down their carried inventory levels of Medtronic inventory below their normal levers.

當然。嗯，謝謝你的提問。關於外科問題，首先我想說，就像我在評論中說的那樣，那裡的業績是由我們的幾家較大的分銷商將美敦力的庫存水平降至正常水平以下所推動的。

Like I said, this dynamic cost us about a couple of hundred basis points in Q3 growth. However, we do expect these dynamics to resolve as we enter Q1, when these distributors reach their target inventory levels. So when they get to those inventory levels that they communicated that they want to get to us, that's when this resolves and that's going to be as we enter Q1.

正如我所說，這種動態導致我們第三季的成長損失了大約幾百個基點。然而，我們確實預計，當這些經銷商達到目標庫存水準時，這些動態將會得到解決。因此，當他們達到他們向我們傳達的庫存水準時，這個問題就解決了，那時我們就會進入第一季。

Now your question about share, we do have the ability to see through -- we track this very closely, the end customer purchases, and one, we know they're stable; and two, we're not losing share. We continue, I think, to outperform slightly in the non-robotic space. Robotics in the US, obviously, is a headwind for us. So that's what I'd say to that one. And on the second one, I'll let Gary handle the gross margin question.

現在您關於份額的問題，我們確實有能力看透——我們密切跟踪最終客戶的購買情況，首先，我們知道他們是穩定的；二是我們的份額沒有遺失。我認為，我們在非機器人領域的表現將持續略勝一籌。顯然，美國的機器人技術對我們來說是一個阻力。這就是我要說的。第二個問題，我會讓 Gary 來處理毛利率問題。

Thanks. And Vijay, thanks for your comments on balancing the puts and takes. As Geoff and I have talked about, we're really focused on delivering the earnings power. On gross margin specifically, we were pleased with the performance, 140 bps sequentially and 50 bps year-over-year on an AFX basis.

謝謝。而且 Vijay，感謝您對於平衡投入和收益的評論。正如傑夫和我談到的，我們真正專注於實現盈利能力。具體到毛利率方面，我們對業績感到滿意，以 AFX 計算，環比增長 140 個基點，年增 50 個基點。

The drivers, as Geoff talked about, continuing our COGS efficiency programs and really improving our operating efficiencies. We continue to be disciplined on pricing. And we did see some actually in the gross margin line, foreign exchange favorability.

正如傑夫 (Geoff) 所談到的，驅動因素是繼續我們的 COGS 效率計劃並真正提高我們的營運效率。我們將繼續嚴格遵守定價規定。我們確實在毛利率和外匯優惠方面看到了一些實際影響。

I will say our second half gross margins will be up both on a constant currency and on an AFX basis, and we're really focused on it to not only drive the earnings power, but also to fund the investment as Geoff talked about.

我想說的是，我們下半年的毛利率將會上升，無論是按固定匯率計算還是按外匯計算，我們真正關注的是它，不僅是為了提高盈利能力，也是為了為傑夫所說的投資提供資金。

Yeah. I mean I think that, like Gary said, the focus on the margins in every aspect of them, whether it be pricing, mix, and of course, our cost-down programs, and those are having an impact in improving the margin.

是的。我的意思是，我認為，就像加里所說的那樣，關注各個方面的利潤，無論是定價、產品組合，當然還有我們的成本降低計劃，這些都會對提高利潤率產生影響。

Getting back to surgery, your question on share loss, I'd also say the business is doing well in -- outside the US at mid-single-digit growth. In emerging market, we're seeing high single digit growth. And then we're gaining share worldwide in areas like LigaSure and barb sutures.

回到手術上，你關於份額損失的問題，我想說的是，該業務在美國以外的地區表現良好，增長率達到中等個位數。在新興市場，我們看到了高個位數的成長。我們在 LigaSure 和倒鉤縫線等領域的全球市場份額不斷擴大。

And then really, what we want to do is get this business back to our corporate average, right? And that -- as we look to FY26, Hugo accelerates and becomes more of a growth driver for Surgical at the Surgical level.

然後我們真正想要做的是讓這項業務恢復到我們的企業平均水平，對嗎？而且 — — 展望 26 財年，Hugo 將加速發展，並成為外科領域成長的動力。

And as I mentioned in the commentary, Hugo is approaching some important milestones and some of you has asked about these. And we're seeing solid progress on Hugo as measured by, I'd say, a comprehensive set of leading indicators. And it's these indicators that give us confidence.

正如我在評論中提到的，Hugo 正在接近一些重要的里程碑，你們中的一些人已經問過這些。我想說，透過一套全面的領先指標來衡量，我們看到 Hugo 取得了穩定進展。正是這些指標給了我們信心。

And probably Mike -- maybe Mike Marinaro is in the best position to discuss these. Maybe I'll ask Mike to comment on these leading indicators for Hugo.

也許麥克——也許麥克·馬裡納羅最適合討論這些問題。也許我會請麥克對 Hugo 的這些領先指標發表評論。

Yeah. Thanks, Geoff, and thanks, Vijay, for the question. I think you commented on some of these in your commentary, Geoff. But when we look at a complex program like Hugo, there's many elements that come together to really to make it go, the system, the indications, instruments, of course, and getting into markets around the world.

是的。謝謝 Geoff 和 Vijay 提出這個問題。傑夫，我想你在你的評論中對其中一些進行了評論。但是，當我們審視像 Hugo 這樣複雜的專案時，我們會發現有很多元素需要結合在一起才能真正讓它運作起來，當然還有系統、指示、工具以及進入全球市場。

So we're now in over 25 markets around the world. Our procedure volume has more than doubled on a year-on-year basis. We're seeing utilization improve in current programs, which is a really important measure of success.

現在我們的業務已遍佈全球 25 多個市場。我們的手術量比去年同期增加了一倍以上。我們看到目前專案的利用率正在提高，這是一個非常重要的成功衡量標準。

We track external publications, independent publications. There's been over 170 now at this point. We're looking at the performance and utility of Hugo compared to the market leader, and what we see is that the commentary is broadly comparable, both in procedure times and functionality.

我們追蹤外部出版物、獨立出版物。到目前為止，已經有 170 多個了。我們正在研究 Hugo 與市場領導者相比的表現和實用性，我們發現，無論是在流程時間或功能方面，評價都大致相當。

So that's obviously a great external measure. We're making progress with our advanced capabilities. So we just completed our first ICG cases. LigaSure is obviously critical for Hugo. We expect to introduced that this year.

所以這顯然是一個很好的外部措施。我們正在憑藉先進的能力不斷取得進步。我們剛剛完成了第一個 ICG 案例。LigaSure 對 Hugo 來說顯然至關重要。我們預計今年將推出該技術。

And then I think as Geoff mentioned in the commentary, we are on track to submit to the FDA for the urology indication, and I think at the end of next month. But as importantly, we're increasing our capability in driving the clinical evidence to support multiple indications in the US, having now completed hernia, benign gynecology, moving into GYN here near term, which will then give us a cadence of indication opportunity to really have a fully featured product.

然後我認為正如 Geoff 在評論中提到的那樣，我們正按計劃向 F​​DA 提交泌尿科適應症的申請，我認為時間是在下個月底。但同樣重要的是，我們正在提高推動臨床證據的能力，以支持美國的多種適應症，現在已經完成了疝氣、良性婦科疾病，並將於近期進入婦科領域，這將為我們提供一個適應症機會，真正擁有一款功能齊全的產品。

So we take all of these things together, and you can see that it comes together and really drives the progress and optimism that we see as we're preparing to enter the US market in FY26.

因此，我們將所有這些因素綜合起來，您可以看到，它們結合在一起，真正推動了我們在準備於 26 財年進入美國市場時所看到的進展和樂觀情緒。

Helpful comments. Thank you.

有用的評論。謝謝。

Yes, thanks, Vijay. Next question please, Brad.

是的，謝謝，維傑。請回答下一個問題，布拉德。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Hey, thanks for taking the question. I just wanted to push a little more on the Surgical side since it was kind of the one area that was a little bit different this quarter. I guess curious, why do you think the distributors destocked in the quarter?

嘿，謝謝你回答這個問題。我只是想在外科方面再多推動一點，因為這是本季略有不同的一個領域。我覺得很好奇，您認為分銷商為什麼會在本季減少庫存？

And why didn't you have kind of visibility in that ahead of time? And did you talk to the distributors? And did they say they would kind of return back to normal buying patterns in the quarter? I guess I'm just looking at this US Surgery business, and it's kind of been below Medtronic corporate average for about five quarters now.

那為什麼您沒有提前預見到這一點呢？您與經銷商談過嗎？他們是否說過他們將在本季恢復正常購買模式？我想我只是關注美國外科手術業務，目前大約五個季度以來，其業績一直低於美敦力公司的平均水平。

And there's been a lot of onetime things going on there. But I just wanted to kind of get investors confident that this business can return back to growth next year. And is Hugo required, do you think to get this business back to kind of mid-single digit plus growth?

那裡發生過很多一次性的事。但我只是想讓投資者相信這項業務明年能夠恢復成長。您認為是否需要 Hugo 才能使這項業務恢復到中等個位數以上的成長？

Yeah, okay, Travis, thanks for the question. As I mentioned that this distributor issue that came up, it is temporary. It came in late in the quarter for us. And the distributors' reasons for bringing down their inventory, it's really to hit their goals.

是的，好的，崔維斯，謝謝你的提問。正如我所提到的，出現的這個經銷商問題是暫時的。對我們來說，它是在本季末出現的。而分銷商減少庫存的原因，實際上是為了實現他們的目標。

I'm not going to get into that. It's specific distributors and two of our larger ones. But that's their own goals. And -- but as they get down to very specific inventory levels, that's when -- and then there'll be getting back to that normal trajectory. And like I said, that will happen as we enter Q1.

我不想談論這個。它是特定的分銷商和我們的兩個較大的分銷商。但這是他們自己的目標。而且 — — 但當他們的庫存水準下降到非常具體的水平時，那時 — — 然後就會回到正常軌跡。正如我所說的，當我們進入第一季時，這種情況就會發生。

Now getting back to your point on the US Surgical business, just taking a step back, the competitive issues facing our -- really, it's our Stapling franchise over the last, call it, several quarters, as you've outlined, has brought the Surgical growth levels down below the corporate average, as you pointed out.

現在回到您對美國外科業務的觀點，退一步來說，我們面臨的競爭問題 - 實際上，正如您所概述的，這是我們過去幾個季度的 Stapling 特許經營權，它已經使外科業務的增長水平低於公司平均水平，正如您所指出的。

However, these pressures aren't new. And we're committed to returning the Surgical business to a stronger growth profile more in line with the corporate average. Mike walked you through our confidence in robotics, and that's becoming a growth driver for the surgical business itself in FY26.

然而，這些壓力並不是什麼新鮮事。我們致力於使外科業務恢復到更強勁的成長態勢，更符合企業平均。麥克向您介紹了我們對機器人技術的信心，這將成為 26 財年外科業務本身的成長動力。

And then beyond, it will become more of a -- in the midterm, a more growth driver at the Medtronic level at the $33 billion revenue level you'll start to feel it. In addition, we just got to maintain our strength in emerging markets, where we're seeing the high single digit growth.

之後，它將變得更具——在中期，它將成為美敦力層面更具成長動力的成長點，當營收達到 330 億美元時，你就會開始感受到它。此外，我們必須保持在新興市場的實力，這些市場呈現出較高的個位數成長。

We need to continue to take share with LigaSure and barb sutures on a worldwide basis, and I already talked about Hugo. So we have confidence in this because the progress -- we feel we have confidence in this because the progress we're making and how we're holding in other parts of the business.

我們需要繼續在全球範圍內佔據 LigaSure 和倒鉤縫合線的份額，我已經談到了 Hugo。因此，我們對此充滿信心，因為我們正在取得進展，並且我們在其他業務領域也取得了進展。

Mike, anything you want to add to that?

麥克，你還有什麼要補充嗎？

I think you've outlined it really well, Geoff. The -- we are focused on our areas of growth that you highlighted, where we can gain share. This dynamic that we experienced this quarter was a bit unique. And it did come in late, although we have had conversations. We understand what the objectives are.

我認為你已經概述得非常好，傑夫。我們專注於您強調的成長領域，我們可以在這些領域獲得份額。我們本季經歷的這種動態有點獨特。儘管我們曾經進行過對話，但結果確實有些晚了。我們了解目標是什麼。

We expect that when we hit those levels that we then see more normalized performance moving forward. So that really should address that issue. And then we get it back into our normal sort of rhythm focusing on the areas of growth that you described.

我們預計，當我們達到這些水平時，我們將看到更正常化的表現。所以這確實應該要解決這個問題。然後我們恢復正常節奏，重點關注您所描述的成長領域。

And then the guidance that we've given implies both the top and bottom line acceleration in Q4, even though we still have this distributor issue in Q4, and this is driven largely by acceleration of CV because Cardiovascular will accelerate and drive upside going forward.

然後，我們給出的指導意味著第四季度的頂線和底線都將加速，儘管我們在第四季度仍然存在分銷商問題，但這主要是由 CV 的加速推動的，因為心血管將加速並推動未來的上行。

So when you think about Cardiovascular, we've had about 10 quarters in a row of mid-single digit growth without much, if any, contribution from CAS or Ardian. And let's refer to this as like the CV based business without CAS and Ardian.

因此，當您想到心血管疾病時，我們已經連續 10 個季度實現了中等個位數成長，而 CAS 或 Ardian 的貢獻並不大（如果有的話）。我們將其稱為沒有 CAS 和 Ardian 的基於 CV 的業務。

And we'll continue to see this performance in the base business driven by above-market performance in CRM, I think leadless, conduction system pacing, EV-ICD. And again, as I mentioned in the commentary, Structural Heart is in a great place and with strong evidence and that we'll keep building upon and product improvements that have come out and Evolut FX+.

我們將繼續看到基礎業務的出色表現，這得益於 CRM、無線傳導系統起搏、EV-ICD 等高於市場的表現。正如我在評論中提到的那樣，Structural Heart 處於良好的狀態並擁有強有力的證據，我們將繼續在此基礎上進行產品改進和 Evolut FX+。

I think just better commercial execution against the main competitor there from our team. I mentioned cardiac surgery, where we've revamped the product lineup, refreshed it over the last two years, and now it's been growing at high single digits.

我認為我們團隊的商業執行力比主要競爭對手更好。我提到了心臟外科手術，我們在過去兩年中改進了產品陣容，並對其進行了更新，現在它一直保持著高個位數的成長。

So you have all that in this base business that we don't see changing going forward, that mid-single-digit growth that we've seen over the last 10 quarters. And now you add the contributions from CAS and Ardian on top of that, that you'll accelerate in Q4. And then as you enter into FY26, you pick up the Ardian piece as well and CAS keeps going.

因此，我們認為這個基礎業務未來不會發生任何變化，過去 10 個季度以來，我們一直保持著中等個位數的成長。現在，再加上 CAS 和 Ardian 的貢獻，您將在第四季度加速這一進程。然後，當您進入 FY26 時，您也會獲得 Ardian 部分，並且 CAS 會繼續運行。

Great, thanks a lot for that. Yeah, it does. Thank you.

太好了，非常感謝。是的。謝謝。

Thank you, Travis. Next question, Brad.

謝謝你，崔維斯。下一個問題，布拉德。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Thanks so much. So I wanted to just follow up on the other sort of soft spot in the quarter here around Peripheral Vascular that went from like a mid-single digit growth and previous quarters to this low single digit decline.

非常感謝。因此，我想跟進本季週邊血管領域的另一個疲軟表現，從前幾季的中位數個位數成長，到現在的低個位數下降。

And I guess similar to the questions around distributor stocking is timing for turning that around confidence that, that can kind of turn the corner here since that really was the only business in CV that pulled down a little bit on a pretty solid mid-single digit growth portfolio average. Thanks.

我想，與經銷商庫存問題類似的是，扭轉這種信心的時機已經到來，這可能會出現轉機，因為這確實是 CV 中唯一一項在相當穩健的中等個位數增長投資組合平均值上略有下降的業務。謝謝。

Yeah. Just Matt, you broke up a second there. I think you were talking about peripheral vascular. But yeah, that is really a China issue. That is a China VBP issue that we're dealing with there that will work its way. China -- we've worked through most of the VBP, but there is still a little bit left to go.

是的。只是馬特，你在那裡分手了。我認為您談論的是周邊血管。但這確實是中國的問題。這是一個中國 VBP 問題，我們正在處理這個問題，並將逐步解決。中國—我們已經完成了大部分 VBP，但還有一點點工作要做。

And it's created, I'd say, a little bit of volatility within the China line, and we've been able to overall do well there and actually do well profitably as well. But you see volatility that shows up in an individual business, and that's what happened for Peripheral Vascular this quarter. Anything to add to that Gary or Sean in terms of -- All right.

我想說，這在中國線上造成了一些波動，但我們總體上在那裡表現良好，而且實際上也獲得了良好的利潤。但是您會看到單一業務中出現了波動，這就是本季度外周血管業務所發生的情況。加里 (Gary) 或肖恩 (Sean) 還有什麼要補充的嗎？

Thanks Matt. Next question please, Brad.

謝謝馬特。請回答下一個問題，布拉德。

Josh Jennings, TD Cowen.

喬許詹寧斯（Josh Jennings），TD Cowen。

Thanks so much for taking the question. I was hoping that you guys talked about the massive global opportunity for the Renal Denervation franchise and you laid out the path to unlock in the US. I was hoping to just get an update on the international opportunity, just where the business stands, should we be thinking or could we be seeing some coverage in announcements in different countries?

非常感謝您回答這個問題。我希望你們談論了腎臟去神經支配特許經營的巨大全球機遇，並闡述了在美國解鎖的途徑。我希望獲得有關國際機會的最新消息，了解業務狀況，我們是否應該考慮，或者我們是否可以在不同國家的公告中看到一些報導？

And then what do you expect -- I mean what needs to happen in order for that international ramp for the Spiral unit going forward? Thanks for taking the question.

那麼您期望什麼——我的意思是，為了讓 Spiral 部門能夠順利實現國際擴張，需要做些什麼呢？感謝您回答這個問題。

Sure. Thanks for the question, [John]. I'm going to let Sean answer the global question -- the international question. But before I just got a comment on, look, already and it's been a journey for us. We're -- as we sit here today, we're really excited.

當然。謝謝你的提問，[約翰]。我請肖恩來回答這個全球性問題——國際性問題。但在我剛剛收到評論之前，看，這對我們來說已經是一段旅程了。今天當我們坐在這裡時，我們感到非常興奮。

I mean the NCA is a huge milestone and -- now we have -- we're going to be going after the -- basically, the -- we're excited to change the standard of care in the largest chronic disease issue in healthcare with hypertension. The number one contributor to death.

我的意思是 NCA 是一個巨大的里程碑——現在我們已經——我們將繼續追求——基本上——我們很高興能夠改變高血壓這一醫療保健領域最大的慢性病問題的護理標準。導致死亡的頭號因素。

And this NCA going to an NCD, we have a lot of confidence. We've gone back and looked over the last decade -- last, we haven't seen an example or an NCA doesn't convert to an NCD. And we've got in the FDA or the CMS has laid out really definitive timing for the announcement in July to take effect in October.

對於 NCA 向 NCD 轉變，我們充滿信心。我們回顧了過去十年——最後，我們還沒有看到 NCA 不能轉換為 NCD 的例子。並且我們已經與 FDA 或 CMS 商定了明確的時間安排，即 7 月宣布並於 10 月生效。

So that really unlocks this huge opportunity in the US. And we think it does create a halo effect not just in the US for commercial payers, but globally. And then that's where your question comes in. So Sean, do you want to talk about the international progress and opportunity?

這確實為美國帶來了巨大的機會。我們認為，它確實產生了光環效應，不僅對美國的商業付款人如此，而且對全球也是如此。這就是你的問題所在。那麼肖恩，您想談談國際進展和機會嗎？

Yeah, sure, thanks, Josh, appreciate the questions. Like a lot of these reimbursement efforts, you have to do them country by country by meeting the individual expectations and across Europe and mostly that's the health technology assessment. And we've published numerous cost effectiveness studies, which would support those analyses.

是的，當然，謝謝喬希，我很感謝你的提問。就像許多此類報銷工作一樣，你必須根據每個國家的期望並在整個歐洲範圍內進行，而這主要是健康技術評估。我們發表了大量成本效益研究，支持這些分析。

The other thing that really drives payment decision, the country level is going to be the guidelines that get published. All those society statements have been very supportive to the European guidelines and ESC guidelines.

真正推動支付決策的另一個因素是國家層級發布的指導方針。所有這些社會聲明都大力支持歐洲指南和ESC指南。

So we're seeing country by country increases, including France, which has established reimbursement. And then outside the United States and Europe, we've recently gotten approval within China, and then we have to go to the hospital listing process there. So we'll start in big cities and then go beyond that.

因此，我們看到各國都在增加報銷金額，包括已經建立報銷制度的法國。在美國和歐洲以外，我們最近在中國獲得了批准，然後我們必須在那裡進行醫院上市流程。因此我們將從大城市開始，然後再擴展到更大範圍。

And of course, the only outstanding country for approval is Japan, and we're working on that to getting regulatory approval. And then typically, it's six months from the time of approval to when you get reimbursement for those products. So we're making a good push in every country where we can.

當然，唯一尚未獲得批准的國家是日本，我們正在努力獲得監管部門的批准。通常，從批准到您獲得這些產品的報銷需要六個月的時間。因此，我們正在每一個力所能及的國家大力推進。

But make no mistake about it, the US is going to be the dominant growth driver for Renal Denervation, given both the prevalence of the disease and the setup we have for both Medicare payment as well as the building control insurers' interest in covering this device as well.

但毫無疑問，考慮到這種疾病的流行程度、醫療保險支付的設置以及建築控制保險公司對覆蓋這種設備的興趣，美國將成為腎臟去神經支配的主要成長動力。

Okay, thank you, Josh. Next question please, Brad.

好的，謝謝你，喬希。請回答下一個問題，布拉德。

David Rescott, Baird.

大衛雷斯科特，貝爾德。

Great. Thanks for taking the questions. I wanted to ask on FX. Geoff, I think you called out the opportunity recently to more actively manage the FX risk exposure. Maybe could you help us understand exactly how you can do that, maybe the kind of level or magnitude of control these factors ultimately could have on FX? And then over what period you think you could start to mitigate some of that FX risk? Thank you.

偉大的。感謝您回答這些問題。我想在 FX 上詢問。傑夫，我認為您最近提到了更積極管理外匯風險敞口的機會。也許您能幫助我們確切地了解您如何做到這一點，以及這些因素最終對外匯能產生何種程度或程度的控制？那麼您認為什麼時期可以開始減輕一些外匯風險？謝謝。

So thanks for the question, David. I mean, I'd say on that, on your last point, the actions we've taken have already started to mitigate this, and it's been something we've been working on now for quite a while in a couple of quarters, and you'll start to see the effect. I let Gary outlined exactly what we're doing and the opportunity here.

謝謝你的提問，大衛。我的意思是，關於你的最後一點，我想說，我們採取的行動已經開始緩解這種情況，而且這是我們在過去幾個季度一直在努力的事情，你會開始看到效果。我讓加里詳細概述了我們正在做的事情以及這裡的機會。

Yeah, David, I'll start with your second question, and then I'll come back to what we're doing about it. And I think your second question was just what are we seeing? And what we're seeing this year has been very consistent. So there's no new news for FY25. And then as I talked about in my prepared comments, as we have visibility into '26, we'll have meaningfully less of a headwind on the FX line than we did in FY25.

是的，大衛，我先回答你的第二個問題，然後再談我們正在做的事情。我認為你的第二個問題是我們看到了什麼？我們今年看到的情況非常一致。因此 FY25 沒有新消息。然後，正如我在準備好的評論中談到的那樣，由於我們對 26 年有了清晰的認識，我們在外匯方面面臨的阻力將比 25 財年明顯減少。

Thanks for recognizing what we've been what we've been talking about. And as Geoff said, we're making progress by really taking a greater level of ownership and proactive measures. We're changing our incentive structure to US dollars versus local currency for many of our emerging markets. And it drives commercial changes like dynamic pricing. That might mean updating our pricing as often as every month. And -- this was a big change for us.

感謝您對我們一直在談論的事情的認可。正如傑夫所說，我們透過真正承擔起更高層次的責任並採取積極主動的措施，正在取得進展。對於許多新興市場，我們正在將我們的激勵結構從當地貨幣轉變為美元。它也推動動態定價等商業變革。這可能意味著我們每個月都會更新一次定價。這對我們來說是一個巨大的改變。

And as Geoff mentioned, we're seeing the progress. That activity will help our gross margins. And as we talked about earlier, that's the key to driving the earnings power as well as funding the investments in growth while we deliver against our financial commitments. So thanks for the question. I appreciate it, and please know it's a key area of focus for us.

正如傑夫所說，我們看到了進展。這項活動將有助於提高我們的毛利率。正如我們之前所談到的，這是推動獲利能力以及為成長投資提供資金同時履行財務承諾的關鍵。感謝您的提問。我對此表示感謝，請知悉這是我們關注的重點領域。

The only other thing I'd say to that is -- and Gary's team has done a lot of work on this as well as our global operations and supply team is creating natural hedges in our supply chain as well with our suppliers and how we look at supply chain. So it's a comprehensive view, a comprehensive approach, if you will, that is starting to pay off.

我唯一想說的另一件事是——加里 (Gary) 的團隊在這方面做了很多工作，我們的全球營運和供應團隊正在與我們的供應商一起在我們的供應鏈中創建自然對沖，以及我們如何看待供應鏈。因此，如果你願意的話，這是一個全面的觀點、一個全面的方法，它正在開始產生回報。

Hey, thank you, David. Well, I think we've got time for two more questions, Brad.

嘿，謝謝你，大衛。好吧，我想我們還有時間再問兩個問題，布萊德。

Shagun Singh, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Shagun Singh。

Great. Thank you for taking the question. Geoff, I was very intrigued by your comments around stacking growth drivers on top of growth drivers. And I was wondering if you could put maybe a finer point some of the drivers here could be pretty meaningful. So anything you can share in terms of magnitude of the incremental growth contribution in year one versus year five, anything there?

偉大的。感謝您回答這個問題。傑夫，你關於將成長動力堆疊在成長動力之上的評論讓我非常感興趣。我想知道您是否可以更詳細地說明這裡的一些驅動因素可能非常有意義。那麼，您能分享一下第一年與第五年的增量成長貢獻幅度嗎？

And then can you talk a little bit about the specific timing here? So the line of sight to $2 billion, when do you think you can get there? You said that that's a first stop. So where does it go over time?

那麼您能談談這裡的具體時間嗎？那麼，您認為什麼時候能夠達到 20 億美元的目標呢？你說那是第一站。那麼隨著時間的推移它會去哪裡呢？

In Hugo -- for Hugo, you mentioned growth contributor in FY 2026 as well as meaningful growth in the medium term. So can you define that better? And then just on RDN, you said it will be an immediate growth driver upon coverage. So just any color on the near term appetite and what that looks like? Thank you.

在 Hugo 中—對於 Hugo，您提到了 2026 財年的成長貢獻者以及中期的有意義的成長。那麼您能更好地定義它嗎？然後就 RDN 而言，您說它將成為覆蓋後的直接成長動力。那麼，短期內食慾有何變化呢？謝謝。

Okay. Yeah, thanks for that. That was a loaded question there, Shagun. Thanks for the question. I mean, I'd say the way we're looking at the growth driver is like, look, three are -- these are -- we define a growth driver is areas where we -- it's -- we have high confidence in a large -- fast-growing market that's also a large market and then confidence in our position in that market.

好的。是的，謝謝。這是一個引導性的問題，沙岡。謝謝你的提問。我的意思是，我們會這樣看待成長動力，看，有三個——這些是——我們將成長動力定義為我們對一個大而快速成長的市場充滿信心的領域，這也是一個大市場，我們對我們在該市場中的地位充滿信心。

So three that are here now, obviously, Diabetes, we've talked a lot about. We've had a number in some quarters in a row of double-digit, growth, and we still have, on the basis of 780G, we still haven't gotten our Simplera Sync. That's in front of the FDA for the US. And we've got a pipeline here of other things like patch. We talked about expanded indications for 780G like Type 2, which are meaningful.

所以現在在這裡的這三種疾病，顯然是糖尿病，我們已經討論了很多。我們連續幾季的數字都保持了兩位數的成長，但在 780G 的基礎上，我們仍然沒有獲得 Simplera Sync。這是在美國 FDA 面前的事。我們這裡還有其他東西的管道，像是補丁。我們討論了780G的擴展適應症，例如Type 2，這很有意義。

So there's a lot in Diabetes to come but it's already been growing double digits here for a number of quarters. We talked a lot about PFA and CAS and kind of how we're just moving forward here in that line of sight comment.

糖尿病還有很大的發展空間，但在過去幾個季度裡，糖尿病的發生率已經保持了兩位數的成長。我們大量討論 PFA 和 CAS，以及我們如何在視線評論中取得進展。

I answered that earlier that not only put a specific time frame around that $2 billion, but it's a near term as we've unlocked supply here, right? I came to find out that there was a lot -- people had looked at -- and this is based on both of our platforms. I know there's a lot of questions around Affera and there was -- I think we've kind of cracked the code, if you will, on supply there. And this new factory in Galway, Ireland has really been a game changer for us.

我之前回答過，這不僅為 20 億美元設定了一個具體的時間框架，而且這是一個短期內的事情，因為我們已經解鎖了供應，對嗎？我發現人們已經看過很多內容了，這是基於我們兩個平台的。我知道圍繞阿費拉有很多疑問，而且——我想我們已經破解了那裡供應的密碼。這家位於愛爾蘭戈爾韋的新工廠確實改變了我們的生活。

And of course, Neuro Mod, because I think we're one of the few that's growing in the teens here, I think we're the only one. And this is maybe not quite as big as some of these other markets, but it's still big, a multibillion-dollar market.

當然還有 Neuro Mod，因為我認為我們是這裡為數不多的在青少年中成長的公司之一，我想我們是唯一一家。這個市場也許不如其他一些市場那麼大，但仍然是一個價值數十億美元的市場。

And we've got a fundamental change in technology here with sensing that whether it be SC, a pain stim or DBS, the sensing is very differentiated, and we feel the basis of competition going forward. And that's why we have confidence in this growth profile going forward.

我們在感知技術方面取得了根本性的變化，無論是 SC、疼痛刺激或 DBS，感知都是非常差異化的，我們感受到了未來競爭的基礎。這就是我們對未來成長前景充滿信心的原因。

And the stories that we're getting on this on the ability to what sensing means and particularly when you get to things like adaptive DBS where you can close the loop the impact on the patient and the impact on the healthcare system where it's automatically programmed is massive. And so we see that moving forward.

我們了解到的關於感知能力的故事，特別是當你接觸到諸如自適應 DBS 之類的東西時，你可以閉環對患者的影響以及對自動編程的醫療保健系統的影響是巨大的。我們看到這一趨勢正在向前發展。

Those are all here right now and contributing. And then you get into FY26, Hugo starts to be a meaningful growth driver for our surgical business like we talked about. Ardian kicks in. We haven't quantified that. You have to wait for the Q4 call in terms of the short term impact on Ardian, but obviously, the NCD really unlocks that. And the patients that we're treating right now, the efficacy is just better than we expected and sure and physicians are giving us great feedback.

他們現在都在這裡並做出貢獻。然後進入 26 財年，正如我們所討論的那樣，Hugo 開始成為我們外科業務有意義的成長動力。阿迪安 (Ardian) 開始進攻。我們還沒有量化這一點。您必須等待第四季度的電話會議才能了解對 Ardian 的短期影響，但顯然，NCD 確實可以解決這個問題。而且我們現在治療的病人的療效比我們預期的要好，而且醫生也給了我們很好的回饋。

But then you get out beyond that, and these are -- all these growth drivers are going to keep going, but then you add tibial on that. And tibial is another one that I think we're one of the only ones talking about it and for overactive bladder.

但是，如果你超越這一點，這些都是 - 所有這些增長動力將繼續下去，但是然後你在此基礎上添加脛骨。脛骨是另一個我認為我們是唯一討論該疾病並用於治療膀胱過動症的機構之一。

This is we think this will double the size of that business over the next couple of years once we launch it. I mean it is -- there's such a pent-up demand for this. And it takes this from a -- I call it a tibial for -- stimulation for overactive bladder, takes it from more of a medical device, not quite a wearable, but you're getting close to a wearable when you're just going under the skin on the ankle, but above the (inaudible) with a tiny device that -- and I'm not going to give away all the -- it's a very compelling story that is going to open up that market.

我們認為，一旦我們啟動這項業務，未來幾年其規模將翻倍。我的意思是──對此有如此壓抑的需求。它採用了一種——我稱之為脛骨——刺激膀胱過度活動症的設備，它更像是一種醫療設備，不完全是可穿戴設備，但當你將它插入腳踝皮膚下但在（聽不清楚）上方有一個微小的設備時，你就接近可穿戴設備了——我不會透露所有細節——這是一個非常引人注目的故事，將會打開這個市場。

So you can see we got this flywheel going -- Robbie's question earlier about the investments to keep it going. We feel good about that, especially with the gross margin improvements, and some dry powder we have in M&A to augment that. But that's about the extent of the color I can give at this point, and I probably left one or two out, but those are the ones that are on the top of my mind.

所以你可以看到我們已經讓這個飛輪開始運轉了——Robbie 之前的問題是關於如何進行投資以保持其運作。我們對此感到很滿意，尤其是毛利率有所提高，而且我們在併購方面也擁有一些實力來增強這一點。但這就是我目前所能給出的全部內容了，我可能遺漏了一兩個，但這些是我最先想到的。

Okay, thanks, Shagun. We've got time for one more question, Brad.

好的，謝謝，Shagun。我們還有時間再問一個問題，布拉德。

Pito Chickering, Deutsche Bank.

德意志銀行的 Pito Chickering。

Hey, good morning guys. And I'll make this one quick at top of the hour. A follow-up question just to Travis' on Medical, Surgical. Is there any risk that this is from distributors that are pushing their own privately manufactured products and displacing Medtronic products? In general, as you look at your portfolio in that division, is that a potential risk to the future? Thank you.

嘿，大家早安。我會在整點的時候快速講完這句話。這是針對崔維斯關於醫療和外科的後續問題。是否有這樣的風險：經銷商正在推銷自己私人生產的產品並取代美敦力產品？總體來說，當您審視該部門的投資組合時，這是否會對未來造成潛在風險？謝謝。

No, I'll let Mike answer that question, but I think the short answer is no. But Mike, why don't you tell them why?

不，我會讓麥克回答這個問題，但我認為簡短的回答是否定的。但是麥克，你為什麼不告訴他們原因呢？

Yeah. We've been given no evidence of that at all. We have very active conversations and specific agreements with them around the products that we sell and that they distribute for us. And we're very clear, Pito, on just how that all comes together in the marketplace. And so there is no indication that there's any pressure at all from that front is based on our work together with them.

是的。我們根本沒有得到任何有關該問題的證據。我們與他們就我們銷售的產品以及他們為我們分銷的產品進行了非常積極的對話並達成了具體協議。皮托，我們非常清楚，這一切如何在市場上結合在一起。因此，沒有跡象表明這方面有任何壓力，這是基於我們與他們的合作。

The other thing I'd augment that answer is that, look, we do -- we go through distributors because there's a lot of products here in the Surgical business, right? But the contracting we do a lot of us directly with -- between us and the hospital.

我要補充的另一個答案是，你看，我們確實透過分銷商，因為外科業務中有很多產品，對吧？但我們很多合約都是直接與我們和醫院簽訂的。

So we have very tight contracts that have been tested over time, like if we have a supply shortage and then -- and a competitor takes up that and we get it back, you get our -- we get that supply back. We're right back to where we were based on the contract.

因此，我們簽訂了經過時間考驗的非常嚴格的合同，例如，如果我們出現供應短缺，然後競爭對手接手供應，我們就可以收回供應，我們就可以收回這些供應。我們又回到了合約規定的狀態。

So these contracts with the hospitals are pretty tight as well. So you have the dynamic -- Mike said that these distributors, we have tight contracts to them, but then we have tight contracts we enter directly with the end-user hospital. So that -- it's the first time I got that question, but that's not something that we're concerned about in the business.

因此，與醫院簽訂的這些合約也非常嚴格。所以你就有了這樣的動態——麥克說，我們與這些分銷商簽訂了嚴格的合同，但我們也直接與最終用戶醫院簽訂了嚴格的合約。所以——這是我第一次遇到這個問題，但這不是我們在業務中關心的問題。

Okay, thanks, Pito. Geoff, please go ahead with your final remarks.

好的，謝謝，Pito。傑夫，請繼續你的最後發言。

Okay. Well, thanks to all the (inaudible) for the questions and to all that you've joined us today. We appreciate your support and continued interest in Medtronic, and we hope you'll join us for our Q4 earnings broadcast, which we anticipate we're going to be holding on Wednesday, May 21, where we'll update you on how we finish the fiscal year, including all of our growth drivers and margin expansion, and how that's all tracking, and give you guidance, of course, for FY26. So with that, thanks for spending time with us today, and have a great rest of your day.

好的。好吧，感謝大家（聽不清楚）的提問，也謝謝大家今天加入我們。我們感謝您對美敦力的支持和持續關注，我們希望您能參加我們的第四季度收益廣播，我們預計將於 5 月 21 日星期三舉行，屆時我們將向您介紹我們完成本財年的情況，包括我們所有的增長動力和利潤率擴張，以及所有的跟踪情況，並為您提供 26 財年的指導。所以，感謝您今天花時間與我們在一起，並祝您今天剩餘的時間過得很愉快。