美敦力 (MDT) 2025 Q4 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 fourth quarter video earnings webcast.

早安.我是美敦力公司副總裁兼投資人關係主管 Ryan Weispfenning。非常感謝您參加我們的 25 財年第四季視訊收益網路直播。

Before we go inside to hear our prepared remarks, I'll share a few details about today's webcast. Joining me are Geoff Martha, Chairman and Chief Executive Officer; and Thierry Pieton, Chief Financial Officer. Geoff and Thierry will provide comments on the results of our fourth quarter, which ended on April 25, 2025, and our outlook for fiscal year '26.

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。與我一起出席的還有董事長兼執行長 Geoff Martha；以及財務長 Thierry Pieton。傑夫和蒂埃里將對我們截至 2025 年 4 月 25 日的第四季度業績以及 26 財年的展望發表評論。

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 between 60 and 90 minutes.

在我們準備好發言之後，我們四個部門的執行副總裁將加入我們，我們將回答負責該公司的賣方分析師的問題。今天的節目大約持續60到90分鐘。

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準則對帳表。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。您可在我們的收益新聞稿或我們的網站 investorrelations.medtronic.com 上查閱該簡報。

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 with 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 fourth quarter revenue in the current and prior year reported as Other. References to sequential revenue changes compared to the third quarter of fiscal '25 and are made on an as-reported basis. All share references are on a revenue and year-over-year basis and compare our fourth fiscal quarter to our competitors first calendar quarter.

除非我們另有說明，所有比較均以同比為基礎。收入比較是按有機基礎進行的，不包括外幣的影響以及報告為“其他”的當年和上年第四季度收入。與 25 財年第三季相比，連續收入變動均以報告為基礎。所有股票參考均基於收入和同比數據，並將我們的第四財季與競爭對手的第一個日曆季度進行比較。

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。最後，我們的每股盈餘指引不包括任何將作為非公認會計準則調整報告的財政年度收益費用或收益。

With that, let's head into the studio and hear about the quarter and our outlook for fiscal '26.

接下來，讓我們走進攝影棚，了解本季的情況以及我們對 26 財年的展望。

Hello, everyone, and thanks for joining us today. As you can see in our Q4 results released this morning, we had a strong finish to our fiscal year, growing 5.4%. Our growth drivers are having an impact and are still building momentum. And we've proven to you that our growth is durable as we've now delivered mid-single-digit revenue growth for 2.5 years.

大家好，感謝大家今天加入我們。正如您在今天早上發布的第四季度業績中所看到的，我們的財年取得了強勁的成績，增長了 5.4%。我們的成長動力正在發揮影響，並且仍在積聚勢頭。我們已經向您證明我們的成長是持久的，因為我們現在已經連續兩年半實現了中等個位數的收入成長。

Our cardiovascular growth accelerated as forecasted, growing 8% on broad strength across the portfolio, including nearly 30% growth in CAS. We also delivered double-digit growth in neuro-modulation and diabetes and high single-digit US growth in cranial and spinal technologies. Two of our businesses, CAS and ENT reached important milestones, entering the $1 billion annual revenue club alongside 10 of our other businesses. And we've had a number of important clinical and regulatory updates during the quarter as we continue to advance our pipeline.

我們的心血管產品成長如預期加速，整個產品組合普遍強勁成長 8%，其中 CAS 成長近 30%。我們也在神經調節和糖尿病領域實現了兩位數成長，在美國顱腦和脊椎技術領域實現了高個位數成長。我們的兩項業務，CAS 和 ENT，達到了重要的里程碑，與我們的其他 10 項業務一起進入了年收入 10 億美元的俱樂部。隨著我們繼續推進產品線建設，本季我們發布了一系列重要的臨床和監管更新。

Operationally, we translated our revenue growth into leveraged earnings with high single-digit operating profit and low double-digit EPS growth. Coupled with our Q3 results, we delivered a very strong 9% EPS growth in the back half of the year. And for the full year, we delivered at the upper end of the commitments that we laid out a year ago.

在營運方面，我們將營收成長轉化為槓桿收益，實現了高個位數的營業利潤和低兩位數的每股盈餘成長。加上我們第三季的業績，我們在今年下半年實現了非常強勁的 9% 每股盈餘成長。就全年而言，我們兌現了一年前做出的承諾的最高限額。

We shared with you this morning our view on the potential impact from tariffs, which we have included in our newly issued guidance. Thierry will walk you through this later in the broadcast. But you can see from the significant amount that we've already been able to offset that we are extremely focused on mitigating actions.

今天上午，我們與大家分享了我們對關稅潛在影響的看法，並將其納入我們新發布的指南中。蒂埃里 (Thierry) 稍後將在廣播中向您詳細介紹這一點。但從我們已經能夠抵消的大量影響可以看出，我們非常注重緩解措施。

You also see from our guidance that the underlying fundamentals of the business are strong, and they're getting stronger. We had also announced this morning that we have decided to separate our Diabetes business as we continue to execute on our active portfolio management. Look, we see this as a win for both Diabetes and for Medtronic, and I'm going to touch upon this a bit later.

從我們的指導中您還可以看到，業務的基本面強勁，而且還在不斷增強。我們今天早上也宣布，我們決定分開我們的糖尿病業務，同時繼續執行積極的投資組合管理。瞧，我們認為這對糖尿病和美敦力來說都是一場勝利，稍後我將談到這一點。

So we have several details to cover today, and let's start with our Q4 performance highlights. Starting first with the cardiovascular portfolio. Innovation drove broad-based growth in the quarter, which accelerated to 8%. We delivered double-digit growth in cardiac ablation solutions, structural heart, and cardiac surgery and high single-digit growth in cardiac rhythm management.

今天我們要介紹幾個細節，首先我們先來了解第四季的業績亮點。首先從心血管產品組合開始。創新推動了本季的全面成長，成長加速至 8%。我們在心臟消融解決方案、結構性心臟和心臟手術方面實現了兩位數成長，在心律管理方面實現了高個位數成長。

Cardiac Ablation Solutions growth accelerated as forecasted to nearly 30% with high 30s growth in the US and low 20s in international markets. Our portfolio of pulsed field ablation products, the broadest in the space continues to drive rapid growth around the world. We're opening up new accounts as our supply continues to quickly increase and demand for our Affera PFA products is extremely high.

心臟消融解決方案的成長速度如預期加速至近 30%，其中美國市場的成長率為 30% 多，國際市場的成長率為 20% 出頭。我們的脈衝場消融產品組合是該領域最廣泛的產品，並持續推動全球快速成長。由於我們的供應量持續快速成長，且 Affera PFA 產品的需求極高，因此我們正在開設新客戶。

This quarter, I spent a lot of time talking to EPs and we're hearing great feedback. Physicians are saying that our Sphere-9 Focal Catheter is the most desired PFA catheter on the market. And we're seeing large centers switch to Medtronic. EPs appreciate the efficiency that comes from fewer catheter exchanges, given that Sphere-9 can do mapping, PFA and RF ablation, all from the same catheter.

本季度，我花了很多時間與 EP 交談，我們聽到了很好的回饋。醫生說我們的 Sphere-9 局部導管是市面上最受歡迎的 PFA 導管。我們看到大型醫療中心正在轉向美敦力。由於 Sphere-9 可以透過同一導管進行映射、PFA 和 RF 消融，因此 EP 非常欣賞減少導管更換次數所帶來的效率。

Now across our PFA platforms, customers appreciate their ease of use, their precision, durable efficacy and, of course, the safety. Now if there's a PFA catheter that is driving even more customer excitement than Sphere-9, it's our next-gen Affera Sphere-360 single-shot catheter. Sphere-360 is an integrated mapping and ablation catheter where the entire Lattice tip delivers pulse field energy.

現在，透過我們的 PFA 平台，客戶欣賞其易用性、精確度、持久功效，當然還有安全性。現在，如果有一種 PFA 導管比 Sphere-9 更能激發客戶的興奮，那就是我們的下一代 Affera Sphere-360 單次注射導管。Sphere-360 是一種整合式映射和消融導管，其中整個 Lattice 尖端可提供脈衝場能量。

So the EP doesn't have to rotate the catheter. One year data for Sphere-360 was presented last month at the HRS meeting, which showed excellent efficacy, durability and safety as well as very fast procedure times. We plan to start our US pivotal trial for 360 later this calendar year.

因此 EP 不必旋轉導管。上個月的 HRS 會議上展示了 Sphere-360 一年的數據，顯示出其出色的功效、耐用性和安全性以及非常快速的手術時間。我們計劃於今年稍後在美國開始 360 的關鍵試驗。

So our cash business has a lot of momentum. And its contribution to total company growth continues to increase, including 70 basis points this quarter, and we expect CAS's growth rate to accelerate again next quarter. The business reached $1 billion in revenue in FY25, and we have near-term line of sight to doubling that as we continue to enter new accounts globally with Affera and with PulseSelect.

因此我們的現金業務發展勢頭強勁。其對公司整體成長的貢獻持續增加，包括本季的70個基點，我們預計下個季度CAS的成長率將再次加速。該業務在 25 財年的收入達到了 10 億美元，隨著我們繼續與 Affera 和 PulseSelect 在全球範圍內建立新帳戶，我們近期的目標是將這一數字翻一番。

With the cardiac ablation space now at roughly $10 billion and growing double digits, this is a huge growth opportunity for Medtronic. And our focus is to be the leader in this space.

目前心臟消融領域的規模約為 100 億美元，並以兩位數的速度成長，這對美敦力來說是一個巨大的成長機會。我們的重點是成為該領域的領導者。

Next, our Cardiac Rhythm Management business had a very strong quarter, growing 7% with high single-digit growth in both defibrillation solutions and cardiac pacing therapies. With Defib Solutions, we're seeing strong customer adoption of our Aurora EV-ICD, with its revenue doubling year-over-year as we're taking meaningful share from the incumbent. We are seeing our customers placing larger and faster repeat orders for Aurora.

其次，我們的心律管理業務本季表現非常強勁，成長了 7%，其中去顫解決方案和心臟起搏療法均實現了高個位數成長。借助 Defib Solutions，我們看到客戶對我們的 Aurora EV-ICD 的廣泛採用，由於我們從現有客戶手中奪取了可觀的份額，其收入同比增長了一倍。我們看到客戶對 Aurora 下了更大、更快的重複訂單。

Now in pacing, we continue to have strong growth in leadless pacing and conduction system pacing. Our Micra leadless pacemaker had strong 17% growth and our 3830 conduction system pacing lead grew 19%. In Structural Heart, we grew 10%. With strong growth of our Evolut TAVR platform in the US, Japan and emerging markets.

現在在起搏方面，我們在無導線起搏和傳導系統起搏方面繼續保持強勁增長。我們的 Micra 無導線心律調節器實現了 17% 的強勁成長，而我們的 3830 傳導系統起搏導線則成長了 19%。在結構心臟方面，我們成長了 10%。我們的 Evolut TAVR 平台在美國、日本和新興市場實現了強勁成長。

We continue to differentiate Evolut with positive clinical evidence. Our five-year low-risk data was presented at ACC during the quarter, showing outstanding valve performance for Evolut. And our two-year data from our head-to-head SMART trial was presented at CRT, showing continued superior performance versus the leading competitor's valve.

我們繼續透過積極的臨床證據來區分 Evolut。我們在本季在 ACC 上展示了五年低風險數據，顯示了 Evolut 出色的閥門性能。我們在 CRT 上展示了 SMART 面對面試驗的兩年數據，結果顯示其性能持續優於主要競爭對手的閥門。

The Smart Data and FX+ launch continued to have an impact. To give you just a few examples, a large non-profit system in the upper Midwest that does over 200 TAVR implants a year, recently reviewed their own patient data and found that Smart was consistent with their outcomes, better valve performance with Evolut. And as a result, we went from a low single-digit share to Evolut being their valve of choice.

Smart Data 和 FX+ 的推出持續產生影響。舉幾個例子，美國中西部上游的一個大型非營利系統每年進行超過 200 次 TAVR 植入，最近該系統審查了他們自己的患者數據，發現 Smart 與他們的結果一致，Evolut 的瓣膜性能更好。結果，我們的市佔率從個位數低點上升到 Evolut，成為他們的首選閥門。

Another example would be an East Coast academic center that implants about 200 valves a year. and whose physicians participated in the competitor's first balloon expandable TAVR trials. Well, now they've moved from using the competitors' valve almost exclusively to using our Evolut valves in a majority of their patients.

另一個例子是東海岸的一個學術中心，該中心每年植入約 200 個瓣膜。其醫生也參與了競爭對手的首次球囊擴張式 TAVR 試驗。現在，他們已經從幾乎完全使用競爭對手的瓣膜轉變為在大多數患者身上使用我們的 Evolut 瓣膜。

Now I could keep going with such examples. The point is that our data, our technology and our sales execution are having a significant impact, giving us confidence that we can continue to grow structural heart at or above the market.

現在我可以繼續舉這樣的例子。關鍵在於，我們的數據、技術和銷售執行正在產生重大影響，讓我們有信心能夠繼續在市場上或高於市場上實現結構性成長。

In hypertension, we continue to ramp our market development activities for our Symplicity blood pressure procedure as we await reimbursement coverage from CMS. CMS has indicated that they will finalize the NCD on or before October 11. And ahead of this, they will issue a draft on or before July 13.

在高血壓領域，我們在等待 CMS 的報銷範圍的同時，繼續加強 Symplicity 血壓程序的市場開發活動。CMS 表示他們將在 10 月 11 日或之前完成 NCD。而在此之前，他們將在7月13日或之前發布一份草案。

Many large health care systems are establishing outpatient simplicity service lines today so that they're prepared to rapidly scale to meet the large demand. And we're right there with them. We're hiring market development managers, clinical specialists and health care economics managers to supplement our existing coronary sales force. So we expect simplicity revenue to meaningfully ramp when it's covered. And just like PFA, over time, it will become an important contributor to overall Medtronic growth.

如今，許多大型醫療保健系統正在建立門診簡易服務線，以便準備迅速擴大規模來滿足大量需求。我們就和他們在一起。我們正在招募市場開發經理、臨床專家和醫療經濟經理來補充我們現有的冠狀動脈銷售團隊。因此，我們預計，當簡單性得到覆蓋時，收入將大幅增加。就像 PFA 一樣，隨著時間的推移，它將成為美敦力整體成長的重要貢獻者。

Nearly half of US adults have hypertension and one in four of those with hypertension don't have their blood pressure under control, despite the broad availability of numerous generic drugs. Look, the opportunity here is massive, and we will be the leader in addressing this large unmet need.

儘管市面上有多種仿製藥，但近一半的美國成年人患有高血壓，其中四分之一的高血壓患者血壓沒有得到控制。你看，這裡的機會是巨大的，我們將成為解決這個巨大未滿足需求的領導者。

Now turning to the Neuroscience portfolio. Our cranial and spinal technologies business grew mid-single digits, including 7% growth in the United States as we continue to win share. We've changed the basis of competition in spine to one where enabling technology drives spine implant decisions. And our differentiated able spine ecosystem, including AI-driven pre-op planning software, imaging, robotics, navigation and powered surgical instruments, has by far the largest installed base with over 10,000 capital units well ahead of our competition.

現在轉向神經科學組合。我們的顱腦和脊椎技術業務實現了中等個位數成長，其中在美國實現了 7% 的成長，我們的市場份額不斷擴大。我們已經將脊椎領域的競爭基礎轉變為由支持技術推動脊椎植入決策的競爭基礎。我們差異化的脊椎生態系統，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，迄今為止擁有最大的安裝基礎，超過 10,000 個資本單位，遠遠領先於我們的競爭對手。

Now this is important because when a customer upgrades one of our pieces of capital, they're not just upgrading one product. They're upgrading to the full able ecosystem. So you don't go just from O-arm to new O-arm or navigation to new NAV or robot to new robot, you go from one of these pieces of equipment to the entire AiBLE ecosystem.

現在這一點很重要，因為當客戶升級我們的一項資本時，他們不僅僅是升級一種產品。他們正在升級到功能齊全的生態系統。因此，您不僅僅是從 O 型臂轉到新的 O 型臂，或從導航轉到新的導航，或從機器人轉到新的機器人，而是從其中一個裝置轉到整個 AiBLE 生態系統。

AiBLE is not only appealing to spine surgeons around the world. It's also attracting the competition's best sales reps and distributors to join Medtronic. Some of the world's leading spine and neurosurgery centers, including large iconic teaching institutions, are moving to Medtronic. And combined with the investments we're prioritizing to even further enhance the AiBLE ecosystem, we expect our strength in CST to continue.

AiBLE 不僅對世界各地的脊椎外科醫生具有吸引力。它還吸引了競爭對手的最佳銷售代表和分銷商加入美敦力。一些世界領先的脊椎和神經外科中心，包括大型標誌性教學機構，正在轉向美敦力。結合我們優先考慮的投資，進一步增強 AiBLE 生態系統，我們預計在 CST 方面的優勢將持續下去。

Another business that continues to win share is neuro-modulation, which grew 10%. Our closed-loop sensing technology is driving strong growth in both Pain stim and Brain mod. In Pain Stim, we grew 12%, including 15% growth in the US on the continued strength of our inceptive closed-loop spinal cord stimulator.

另一項持續贏得份額的業務是神經調節，其成長了 10%。我們的閉環感測技術正在推動疼痛刺激和大腦調節的強勁成長。在疼痛刺激方面，我們實現了 12% 的成長，其中在美國由於我們初始閉環脊髓刺激器的持續強勁增長而實現了 15% 的增長。

We continue to win share and have now reached the number 1 global position in SCS. Inceptiv is changing patients' lives as they no longer have to adjust their therapy throughout the day, and they aren't having to come back to the doctor's office to have their device settings changed. So Inceptiv is reducing burden for the patient and for the physician.

我們持續贏得市場份額，目前已在 SCS 領域佔據全球第一的位置。Inceptiv 正在改變患者的生活，因為他們不再需要全天調整治療方案，也不必回到醫生辦公室更改設備設定。因此，Inceptiv 正在減輕患者和醫生的負擔。

In brain modulation, we grew mid-single digits, including 9% growth in international markets on the continued adoption of our BrainSense Adaptive DBS for people with Parkinson's. Look, this is a groundbreaking technology, a fully closed-loop brain computer interface that automatically provides personalized, real-time therapy based on brain activity feedback.

在大腦調節方面，我們實現了中等個位數的成長，其中由於帕金森氏症患者繼續採用我們的 BrainSense Adaptive DBS，國際市場實現了 9% 的成長。看，這是一項突破性的技術，一個全閉環的腦機接口，可以根據大腦活動反饋自動提供個人化、即時的治療。

In the US, we received FDA approval for BrainSense during the quarter. Now following stories on Adaptive DBS technology on Good Morning America, the BBC and several other media outlets, we are seeing patients now proactively talking to their doctors and requesting Adaptive devices.

在美國，我們在本季獲得了 FDA 對 BrainSense 的批准。現在，隨著《早安美國》、BBC 和其他幾家媒體對自適應 DBS 技術的報道，我們看到患者現在主動與醫生交談並要求使用自適應設備。

The early results are very exciting, and we're now entering full market release in the US and Europe with Japan launching next month. So in Neuromod, we have near-term growth drivers, we're the category leader and we're well positioned to capture the future innovations that are coming.

早期結果非常令人興奮，我們現在正在美國和歐洲全面上市，並將於下個月在日本推出。因此，在 Neuromod 中，我們擁有近期的成長動力，我們是該類別的領導者，我們有能力抓住即將到來的未來創新。

Now turning to our medical surgical portfolio and our surgical business, which improved and grew 2%. We continue to drive strong growth in emerging markets and advanced energy. Our market-leading LigaSure vessel sealing technology continues to attract strong surgeon adoption, resulting in our 11th straight quarter of winning share in Advanced Energy.

現在談談我們的醫療外科產品組合和外科業務，這些業務有所改善並成長了 2%。我們持續推動新興市場和先進能源的強勁成長。我們市場領先的 LigaSure 血管封閉技術繼續吸引大量外科醫生採用，使我們連續第 11 個季度在 Advanced Energy 中贏得市場份額。

Now we expect our surgical growth to improve over time as we expand and launch our Hugo soft tissue robotic platform. Hugo continues to reach important milestones, like last quarter, we filed with the US FDA for urologic indication. And the pivotal data from the urology trial, which met its primary safety and effectiveness end points was presented last month at AUA.

現在，隨著我們擴大和推出 Hugo 軟組織機器人平台，我們預計我們的手術成長將隨著時間的推移而改善。Hugo 繼續取得重要的里程碑，例如上個季度，我們向美國 FDA 提交了泌尿科適應症申請。上個月，泌尿科試驗的關鍵數據在美國泌尿外科學會 (AUA) 上公佈，該試驗符合其主要的安全性和有效性終點。

We expect to follow our urology indication in the US with hernia and benign GYN indications. And we will begin enrollment in our GYN oncology trial in the coming months. We also continue to expand instrumentation, having conducted our first cases with LigaSure on Hugo this past quarter. We're expanding Hugo's installed base and are now in 30 countries around the world. And we continue to see strong increases in Hugo procedure volumes and utilization.

我們預期在美國繼續推廣泌尿科適應症，包括疝氣和良性婦科適應症。我們將在未來幾個月開始招募婦科腫瘤學試驗的患者。我們也持續擴大儀器的使用範圍，上個季度我們與 LigaSure 公司合作在 Hugo 上進行了首例病例。我們正在擴大 Hugo 的安裝基礎，目前已覆蓋全球 30 個國家。我們繼續看到 Hugo 程序數量和利用率的強勁增長。

In Surgical, we are also driving impressive expansion in our AI-powered touch surgery ecosystem. Touch Surgery is a foundational intelligence technology used across both robotic and laparoscopic surgery. And we're leading the industry in establishing this digital surgical ecosystem globally. We see our growing digital footprint as a long-term strategic advantage for our Surgical business. And this will apply to other businesses across Medtronic over time.

在外科領域，我們也正在推動人工智慧觸摸手術生態系統的顯著擴張。觸摸手術是機器人手術和腹腔鏡手術中使用的基礎智慧技術。我們在全球範圍內引領產業建立數位化手術生態系統。我們認為不斷成長的數位足跡是我們外科業務的長期策略優勢。並且這將逐漸適用於美敦力的其他業務。

Finally, in Diabetes, we grew 12%, our sixth quarter in a row of double-digit growth. The growth was broad-based with strength in pump, CGM and consumables. We continue to grow our MiniMed 780G installed base in both the US and international markets. People with diabetes are attracted to 780G's highest timing range of any commercial AID system, giving them the ability to achieve more control with less burden.

最後，在糖尿病領域，我們的成長了 12%，這是我們連續第六個季度實現兩位數成長。成長基礎廣泛，泵浦、CGM 和消耗品表現強勁。我們繼續在美國和國際市場上擴大 MiniMed 780G 的安裝基礎。780G 是所有商用 AID 系統中計時範圍最高的，因此糖尿病患者對此非常感興趣，因為它使他們能夠以更少的負擔實現更多的控制。

In Europe, the launch of our Simplera Sync sensor is driving strong mid-teen CGM growth. Simplera is half the size and much easier to apply than our previous sensor. Now in the US, we received FDA approval for Simplera Syn just last month and expect to begin the launch this fall.

在歐洲，我們推出的 Simplera Sync 感測器正在推動強勁的中青少年 CGM 成長。Simplera 的尺寸只有我們之前的感測器的一半，而且更容易使用。現在在美國，我們上個月才剛獲得了 FDA 對 Simplera Syn 的批准，預計今年秋季開始上市。

Regarding our Abbot-based sensor, back-end integration and development work is progressing well. We submitted our interoperable pump and controller for FDA clearance, which paves the way for bringing our AID system with this sensor to the market. We also submitted to the FDA for a 780G label expansion, including for type 2 diabetes and rapid-acting insulins. And looking ahead, we expect to submit for our 8-Series next-generation pump, the MiniMed Flex by the end of the fiscal year.

關於我們基於Abbot的感測器，後端整合和開發工作進展順利。我們已向 FDA 提交了可互通的泵浦和控制器的審批，這為將帶有該感測器的 AID 系統推向市場鋪平了道路。我們也向 FDA 提交了 780G 標籤擴展申請，包括第 2 型糖尿病和速效胰島素。展望未來，我們預計在本財年結束前提交我們的 8 系列下一代幫浦 MiniMed Flex。

So as you can see, we've significantly turned around our Diabetes business, and it's very well positioned. And this morning, we announced our plan to separate Diabetes into a stand-alone public company with a capital market separation through our preferred path of an IPO split.

正如您所看到的，我們的糖尿病業務已經顯著好轉，並且處於非常有利的地位。今天上午，我們宣布了將糖尿病業務拆分為獨立的上市公司的計劃，並透過我們首選的 IPO 分拆方式在資本市場進行分離。

This is a win for both companies. For Medtronic, our portfolio becomes more focused on high-margin growth markets like PFA and renal denervation. At the same time, the independent new Diabetes company will be a scale leader and the only Diabetes company to commercialize a complete ecosystem to address intensive insulin management.

這對兩家公司來說都是一場勝利。對於美敦力而言，我們的投資組合更著重於PFA和腎臟去神經支配等高利潤成長市場。同時，獨立的新糖尿病公司將成為規模領導者，也是唯一將完整生態系統商業化以解決強化胰島素管理的糖尿病公司。

Today's announcement marks a significant milestone in our ongoing active portfolio, management efforts, an important lever to delivering on our long-term strategic and financial objectives. Look, there is a clear strategic rationale for Diabetes to be a stand-alone company. Diabetes is predominantly B2C whereas Medtronic, our businesses are predominantly B2B.

今天的公告標誌著我們正在進行的積極投資組合和管理工作的一個重要里程碑，也是實現我們長期策略和財務目標的重要槓桿。瞧，糖尿病部門成為獨立公司有著明確的策略理由。糖尿病主要是 B2C 業務，而美敦力的業務主要是 B2B 業務。

We sell different types of products to different types of customers. Medtronic's commercial, manufacturing and technology platform synergies are less applicable to the Diabetes business given their distinct customer, go-to-market and supply chain infrastructure.

我們向不同類型的客戶銷售不同類型的產品。由於美敦力公司獨特的客戶、市場進入和供應鏈基礎設施，其商業、製造和技術平台協同效應較不適用於糖尿病業務。

For Medtronic, we will continue to have leading franchises in attractive med tech markets. And this separation shifts and simplifies our portfolio to have even more intense focus on our highest margin growth drivers. These growth drivers are already building momentum and this increased focus will ensure that they reach their full revenue growth potential.

對於美敦力而言，我們將繼續在具有吸引力的醫療技術市場中擁有領先的特許經營權。這種分離轉變並簡化了我們的投資組合，使我們更加專注於利潤率最高的成長動力。這些成長動力已在不斷積聚勢頭，而這種更加註重將確保它們充分發揮其收入成長潛力。

Our portfolio also shifts to higher profitability, allowing us to pick up both margin and earnings. And the shift increases our exposure to markets where we demonstrate our strongest core capabilities and have scale and synergy benefits, which importantly lowers the overall risk profile of the company.

我們的投資組合也轉向更高的獲利能力，使我們能夠提高利潤和收益。這種轉變增加了我們在能夠展示我們最強核心能力、具有規模和協同效應的市場的曝光度，這顯著降低了公司的整體風險狀況。

Now taken all together, we'll be in a great position to continue delivering mid-single-digit or higher organic revenue growth as well as accelerating our earnings leverage. So our direction of travel here is clear. This is about greater focus on the significant opportunities in high-margin growth markets where we are well positioned. And we believe that this will result in a win for Medtronic.

綜合起來，我們將處於有利地位，繼續實現中等個位數或更高的有機收入成長，並加速提高我們的獲利槓桿。因此我們的旅行方向很明確。這意味著我們將更加關注我們佔據有利地位的高利潤成長市場中的重大機會。我們相信，這將為美敦力帶來勝利。

Look, I'm also excited about what the future holds for the Diabetes business. And now I'd like Que Dallara, who will become the CEO of the new Diabetes company to share some of her thoughts. Que joined Medtronic in 2022 and has been instrumental in turning the Diabetes business into what it is today. She is an inspirational transformative leader, who is also strategic and pragmatic.

瞧，我對糖尿病業務的未來也感到興奮。現在我想讓即將擔任新糖尿病公司執行長的 Que Dallara 分享她的一些想法。Que 於 2022 年加入美敦力，在將糖尿病業務發展到今天這一規模的過程中發揮了重要作用。她是一位富有啟發性的變革型領導者，同時又具有策略眼光和務實精神。

Her impressive track record in driving growth and innovation has set the Diabetes business on a path to continued success, ensuring the needs of people with diabetes are met around the globe. So over to you, Que.

她在推動成長和創新方面的出色業績使糖尿病業務走上了持續成功的道路，確保滿足全球糖尿病患者的需求。那麼交給你了，Que。

Thanks, Geoff. I want to start by thanking you for your leadership and vision. Your decision a few years ago to double down on the Diabetes business and significantly increased investment has positioned us well, setting us up to generate significant returns for stakeholders. We wouldn't be where we are without your unwavering support.

謝謝，傑夫。首先我要感謝您的領導能力和遠見。幾年前，您決定加倍投入糖尿病業務並大幅增加投資，這為我們做好了準備，使我們能夠為利益相關者創造可觀的回報。如果沒有你們堅定不移的支持，我們就不會有今天的成就。

I'm very excited to be leading this large-scale direct-to-consumer Diabetes business. We have over 8,000 employees and two global manufacturing facilities and a lot of innovation in the works. Our innovations are driven by the desire to improve outcomes while reducing burden.

我很高興能夠領導這家大型直接面向消費者的糖尿病企業。我們擁有超過 8,000 名員工和兩個全球製造工廠，並且正在進行大量創新。我們的創新源於改善結果並減輕負擔的願望。

And as an independent company, we will have a shareholder base that is aligned to our business and financial profile. This will enable more focused investment in innovation as well as manufacturing scale and automation, positioning us for success in automated insulin delivery and smart MDI while also driving margin expansion over time.

作為一家獨立公司，我們將擁有與我們的業務和財務狀況相符的股東基礎。這將使我們更加專注於創新以及製造規模和自動化方面的投資，使我們在自動胰島素輸送和智慧 MDI 方面取得成功，同時也推動利潤率的長期成長。

Our $2.8 billion Diabetes business has strong momentum in a large $16 billion global addressable market. We've delivered double-digit growth now for six consecutive quarters, along with several recent product approvals and the strategic partnership that we have established with Abbott Diabetes Care, and we have a deep pipeline as we've been investing in CGM options, insulin delivery options such as a pain, patch and durable pump, a fully automated algorithm and a unified digital customer experience.

我們的 28 億美元糖尿病業務在 160 億美元的全球潛在市場中發展勢頭強勁。我們已經連續六個季度實現了兩位數的成長，同時最近獲得了多項產品的批准，並與雅培糖尿病護理建立了戰略合作夥伴關係，並且我們擁有豐富的產品線，我們一直在投資 CGM 選項、胰島素輸送選項（如疼痛、貼片和耐用泵）、全自動演算法和統一的數位客戶體驗。

This full ecosystem not only enables people with diabetes to have a seamless transition between therapies without changing companies, but it also allows them to achieve better control with less burden. And finally, I want to thank and celebrate the dedication of our Diabetes team. Their passion and perseverance is transforming diabetes care to give people the freedom to forget about diabetes and live their best lives. Back to you, Geoff.

這個完整的生態系統不僅使糖尿病患者能夠在無需更換公司的情況下實現療法之間的無縫過渡，而且還使他們能夠以更少的負擔實現更好的控制。最後，我要感謝並讚揚我們糖尿病團隊的奉獻精神。他們的熱情和毅力正在改變糖尿病護理，讓人們可以忘記糖尿病，過上最好的生活。回到你這裡，傑夫。

Thanks, Que. I couldn't agree more. Next, I'm going to turn it over to Thierry to share some additional transaction and financial information on the Diabetes separation as well as take you through a deeper look at our Q4 financial performance and our guidance for the coming year.

謝謝，Que。我完全同意。接下來，我將把時間交給 Thierry，讓他分享一些有關糖尿病分離的額外交易和財務信息，並帶您深入了解我們第四季度的財務業績和對來年的指導。

But before I do that, I want to officially welcome Thierry to his first earnings call with Medtronic. He's now in his 12th week and has already hit the ground running, including playing a critical role and preparing for today's announcement.

但在此之前，我想正式歡迎蒂埃里參加美敦力公司的首次財報電話會議。現在他已經工作了 12 週，並已開始全力工作，包括發揮關鍵作用並為今天的公告做準備。

Thierry is a proven experienced CFO, having most recently been in the automotive industry, where he created significant value for shareholders by increasing margins, earnings power and free cash flow. His extensive experience with M&A, divestitures and forming innovative partnerships is proving to be highly relevant to work here at Medtronic.

蒂埃里是一位經驗豐富的財務官，他最近進入汽車行業，透過提高利潤率、盈利能力和自由現金流為股東創造了巨大的價值。事實證明，他在併購、資產剝離和建立創新合作關係方面的豐富經驗與美敦力的工作高度相關。

His presence is already having a significant impact on our organization. He's brought forward many new ideas on how we can further invest in innovation, accelerating R&D while also driving operating leverage. And he brings with it the expertise to ensure we get it done. It's great having you on board, Thierry.

他的存在已經對我們的組織產生了重大影響。他就我們如何進一步投資創新、加速研發並提高經營槓桿提出了許多新想法。他擁有專業知識，確保我們完成任務。很高興您能加入我們，蒂埃里。

Thank you for the warm welcome, Geoff. This is certainly an exciting time to join Medtronic. I've had the pleasure of visiting many of our facilities and meeting our employees. And also starting to meet with many of you in the investment community. A common question from many of you has been, why did I come to Medtronic? For me, health care is a special industry given the connections to patients. And I've always wanted to return since working in health care earlier in my career.

謝謝您的熱烈歡迎，傑夫。現在加入美敦力無疑是一個令人興奮的時刻。我很高興參觀了我們的許多設施並會見了我們的員工。並且也開始與投資界的許多人會面。你們很多人常問的一個問題是：我為什麼要來美敦力？對我來說，醫療保健是一個與病人密切相關的特殊產業。自從我早期從事醫療保健工作以來，我一直想回來。

In addition to this sector, there were two specific things that stood out about Medtronic. First, I saw an opportunity to apply my background to enhance the operations of the company. And second, Medtronic has a few, large exciting growth opportunities that don't come around very often. And the company is at an inflection point. I'm energized by the opportunities for durable growth and value creation that are ahead of us, and I'm really looking forward to hopefully making a difference here.

除了這個領域之外，美敦力還有兩個特別突出的特點。首先，我看到了運用我的背景來增強公司營運的機會。其次，美敦力擁有一些不常見、令人振奮的巨大成長機會。該公司正處於一個轉折點。我對我們面前的持久增長和價值創造的機會感到振奮，我真誠地希望能夠在這裡有所作為。

Now let's cover our plan to separate the Diabetes business, which represented about 8% of our revenue and 4% of our separate -- our segment operating profit in fiscal year '25. We intend to separate Diabetes through a series of capital market transactions.

現在讓我們來介紹一下分離糖尿病業務的計劃，該業務約占我們 25 財年收入的 8% 和分部營業利潤的 4%。我們打算透過一系列資本市場交易來分離糖尿病業務。

Our preferred path involves two steps. First, we plan to execute an IPO of up to 20% of the Diabetes business. The proceeds are expected to appropriately capitalize the new Diabetes company and provide the ability to retire Medtronic shares.

我們的首選路徑包括兩個步驟。首先，我們計劃對高達 20% 的糖尿病業務進行 IPO。預計所得款項將為新糖尿病公司提供適當的資本，並提供退出美敦力股份的能力。

Second, we intend to execute a split-off where Medtronic will exchange our remaining new Diabetes company shares for Medtronic shares from willing shareholders. We plan to retire those shares, resulting in a lower Medtronic share count. We're targeting completion of the entire separation within 18 months and taking this preferred path should result in a tax-free impact to Medtronic shareholders for US federal income tax purposes.

其次，我們打算進行拆分，美敦力將把我們剩餘的新糖尿病公司股份換成自願股東的美敦力股份。我們計劃退出這些股票，從而減少美敦力的股票數量。我們的目標是在 18 個月內完成整個分離過程，採取此優先途徑將為美敦力股東帶來美國聯邦所得稅的免稅影響。

From a financial standpoint, there are several benefits to Medtronic. Diabetes has lower gross margins and operating margins than overall Medtronic. So upon full separation, we're expecting our adjusted gross and operating margins to improve by approximately 50 basis points and 100 basis points, respectively.

從財務角度來看，美敦力有幾個好處。糖尿病業務的毛利率和營業利潤率低於美敦力整體業務。因此，完全分離後，我們預計調整後的毛利率和營業利潤率將分別提高約 50 個基點和 100 個基點。

Given the share retirement, this separation is expected to be immediately accretive to Medtronic EPS upon completion. We don't expect any change to our dividend policy. So financially, there are some clear short-term financial benefits, but the most important aspect is what Geoff mentioned earlier. This separation will allow us to increase our growth accretive investments in our core businesses, where margins are structurally higher.

鑑於股票退出，預計此次分離完成後將立即增加美敦力每股盈餘。我們預計我們的股利政策不會發生任何改變。因此從財務角度來看，有一些明顯的短期財務利益，但最重要的方面是 Geoff 之前提到的。這種分離將使我們能夠增加對核心業務的成長增值投資，從結構上講，核心業務的利潤率更高。

This is all about capital allocation and creating the conditions to fuel our future growth. So clearly, this separation will be beneficial for both Medtronic and the new Diabetes company, unlocking both strategic value and shareholder value.

這一切都是為了資本配置和創造條件來推動我們未來的成長。因此，顯然，這種分離對美敦力和新的糖尿病公司都有利，可以釋放策略價值和股東價值。

With that, let's now come back to Medtronic overall and recap our Q4 results. As Geoff mentioned earlier, Q4 revenue of $8.9 billion grew 5.4% organic. On the bottom line, adjusted EPS was $1.62, up 11%. Both revenue and EPS were ahead of expectations, driven by outperformance in CRM, Structural Heart and aortic, Diabetes and Neuromod, among others, along with better-than-expected interest and tax expenses.

現在讓我們回到美敦力的整體情況並回顧一下我們的第四季度業績。正如 Geoff 先前提到的，第四季營收為 89 億美元，有機成長 5.4%。最終，調整後的每股收益為 1.62 美元，成長 11%。收入和每股盈餘均超出預期，這得益於 CRM、結構性心臟和主動脈、糖尿病和 Neuromod 等領域的優異表現，以及好於預期的利息和稅收支出。

Our revenue growth was broad-based from a geographic perspective. We grew 5% in the US, our strongest quarterly US growth in 15 quarters as we accelerated on the strength of new technology. Japan grew high single digits and Western Europe and emerging markets grew mid-single digits with strength in India, Southeast Asia and Eastern Europe.

從地域角度來看，我們的收入成長是廣泛的。由於新技術的推動，我們在美國實現了 5% 的成長，這是我們 15 個季度以來在美國最強勁的季度成長。日本實現了高個位數成長，西歐和新興市場實現了中等個位數成長，其中印度、東南亞和東歐表現強勁。

Moving down the P&L. Our adjusted gross margin was 65.1%, down 70 basis points year-over-year as a result of mix from Diabetes and CAS as well as foreign exchange. Our gross margin was actually unchanged on a constant currency basis.

降低損益。我們的調整後毛利率為 65.1%，由於糖尿病、CAS 和外匯的影響，較去年同期下降 70 個基點。以固定匯率計算，我們的毛利率實際上沒有變動。

On the positive side, we continue to see the benefit of increased pricing in particular in areas where we introduce new products such as Neuromod, CRM and Structural Heart, and we continue to improve our ability to offset FX with price in emerging markets.

從積極的一面來看，我們繼續看到價格上漲的好處，特別是在我們推出 Neuromod、CRM 和 Structural Heart 等新產品的領域，而且我們繼續提高在新興市場以價格抵消外匯影響的能力。

This quarter, again, the savings from our COGS efficiency programs more than offset the impact of inflation. Our Medtronic performance system, which we implemented across our manufacturing network, resulted in high single-digit improvement in labor efficiency. We insourced three of our distribution centers to drive cost savings and further improve supply. Finally, we were able to significantly reduce our scrap and obsolescence charges.

本季度，我們的 COGS 效率計劃節省的資金再次超過了通貨膨脹的影響。我們在整個製造網路中實施的美敦力績效系統使勞動效率實現了高個位數的提高。我們將三個配送中心納入內部，以節省成本並進一步改善供應。最後，我們能夠大幅降低廢品和淘汰費用。

With SG&A, we drove significant leverage, particularly with G&A. While at the same time, increasing investment in R&D, more to come on that later. The net of this was leverage on our adjusted op profit line, which grew 7.6% or $175 million. Our adjusted operating margin was 27.8%, an increase of 90 basis points or 200 basis points on a constant currency basis.

透過銷售、一般及行政費用 (SG&A)，我們實現了顯著的槓桿作用，尤其是在一般及行政費用方面。同時，加大對研發的投入，以後還會有更多投入。扣除這筆金額後，我們的調整後營業利潤線的槓桿率成長了 7.6%，即 1.75 億美元。我們的調整後營業利潤率為 27.8%，以固定匯率計算增加了 90 個基點或 200 個基點。

Below the operating profit line, our adjusted tax rate of 16% was better than expected due to favorability in our actual jurisdictional mix of profits for the year, which also resulted in a modest pickup from prior quarters. All in all, as stated in Q4, we delivered EPS of $1.62, up 11% and 16% at constant currency. This was a strong close to the year, where in fiscal year '25, we grew revenue 5% organic and EPS 6% or 10% on a constant currency basis.

在營業利潤線以下，我們的調整後稅率為 16%，優於預期，這得益於我們本年度實際管轄利潤組合的有利性，這也導致前幾季的利潤略有回升。總而言之，如第四季度所述，我們的每股收益為 1.62 美元，以固定匯率計算成長 11% 和 16%。這是對本財年的一個強勁收官，在 25 財年，我們的收入有機增長了 5%，每股收益增長了 6%，按固定匯率計算增長了 10%。

From a capital allocation perspective, we returned $6.3 billion to shareholders in '25 through share repurchases and through our dividend. And this morning, we announced that we're increasing our dividend for the 48th consecutive year.

從資本配置的角度來看，我們在 25 年透過股票回購和股利向股東返還了 63 億美元。今天早上，我們宣布連續第 48 年增加股利。

Now let's move to our '26 guidance. We've now delivered mid-single-digit organic revenue growth for 10 quarters in a row, and we expect this to continue through fiscal year '26 with an increasing contribution from our key growth drivers. We expect organic revenue growth of approximately 5% in fiscal year '26, including 4.5% to 5% growth in Q1. Based on recent FX rates, we would expect a tailwind from FX of $0 to $100 million in the total year with a roughly neutral impact in Q1.

現在讓我們轉到我們的 26 指導。我們現在已經連續 10 個季度實現了中等個位數的有機收入成長，我們預計這種成長動能將持續到 26 財年，主要成長動力的貢獻也將持續增加。我們預計 26 財年的有機收入成長約為 5%，其中第一季將成長 4.5% 至 5%。根據最近的外匯匯率，我們預計全年外匯將帶來 0 至 1 億美元的順風，對第一季的影響大致為中性。

Moving down the P&L. I'll first talk about our underlying business, excluding the impact of the tariffs. Like we saw in the fourth quarter, we expect continued mix headwinds within gross margin from CAS and Diabetes with an increasing impact from Diabetes as we are early in the manufacturing ramp of the Simplera sensor.

降低損益。我先談談我們的基礎業務，不包括關稅的影響。正如我們在第四季度看到的那樣，我們預計 CAS 和糖尿病將繼續對毛利率造成不利影響，而且由於我們正處於 Simplera 感測器製造的早期階段，糖尿病的影響將越來越大。

We will continue to drive pricing discipline, in particular, on the back of new product introduction and to cover FX. We will also accelerate our COGS efficiency programs to significantly outpace inflation. Given my background, this will be a key area of focus for me, together with our businesses, and Greg Smith and our global supply chain team.

我們將繼續推動定價紀律，特別是在新產品推出和涵蓋外匯的情況下。我們還將加速我們的 COGS 效率計劃，以大幅超過通貨膨脹。鑑於我的背景，這將是我、我們的企業以及格雷格史密斯和我們的全球供應鏈團隊關注的重點領域。

In fiscal year '26, we will significantly increase investment in our growth drivers to maximize future growth. For the first time in four years, we're planning to grow R&D faster than revenue. We will also invest in sales and marketing. These investments will be deliberately focused on areas like cardiac ablation as well as in surgical robotics and Ardian as we prepare for scaling the US launches of our Hugo robot and simplicity hypertension procedure.

在26財年，我們將大幅增加對成長動力的投資，以實現未來成長的最大化。四年來，我們首次計劃讓研發成長速度超過營收成長速度。我們還將投資於銷售和行銷。這些投資將重點放在心臟消融以及手術機器人和 Ardian 等領域，我們正準備擴大 Hugo 機器人和簡易高血壓手術在美國的推廣。

On the flip side, we do expect to drive significant leverage with G&A expenses. The net of this will be an operating profit line that grows materially faster than revenue. Below the profit line, we're expecting increases in both interest and tax expense, which combined results in a 300 basis points impact on EPS growth.

另一方面，我們確實希望透過 G&A 費用實現顯著的槓桿作用。扣除這筆金額後，營業利潤的成長速度將遠快於收入的成長速度。在利潤線以下，我們預期利息和稅費都會增加，這將對每股盈餘成長產生 300 個基點的影響。

On the interest, this is driven by the fact that any debt we refinance will likely be at higher rates, given the current higher interest environment, whereas the pressure on the tax side derived primarily from the effects of Pillar 2. This leads to our expectation for approximately 4% EPS growth in fiscal year '26, excluding the impact of tariffs. And foreign exchange is a neutral impact to fiscal '26 at recent rates.

就利息而言，這是因為在當前利率較高的環境下，我們再融資的任何債務的利率都可能更高，而稅收方面的壓力主要來自第二支柱的影響。這使得我們預計 26 財年的每股盈餘將成長約 4%（不包括關稅的影響）。以最近的匯率計算，外匯對 26 財年的影響為中性。

For Q1, we would expect EPS in the range of $1.22 to $1.24 which includes minimal expected impact from tariffs and a 1% to 2% headwind from foreign exchange at recent rates.

對於第一季度，我們預計每股收益將在 1.22 美元至 1.24 美元之間，其中包括關稅的預期最小影響以及按近期匯率計算的 1% 至 2% 的外匯不利因素。

Next, I'll share with you our thinking on tariffs, which we laid out in our earnings presentation this morning. We built our expectations based on two potential scenarios. The low end of the potential impact assumes that the current bilateral US-China tariffs that are in place during the 90-day pause remain throughout fiscal year '26, while the high end assumes that they resume at the higher levels following the 90-day pause.

接下來，我將與大家分享我們對關稅的看法，這些看法已在今天上午的收益報告中闡述。我們根據兩種潛在情境建立了我們的預期。潛在影響的低端假設在90天的暫停期內實施的當前美中雙邊關稅將在整個26財年保持不變，而高端假設在90天的暫停期結束後，這些關稅將恢復到更高的水平。

Through focused efforts from teams across Medtronic, we already have visibility to offsetting a good portion of this headwind, and we have high confidence in our ability to execute additional mitigation efforts. As a result, we forecast a net tariff impact to COGS in fiscal year '26 of approximately $200 million to $350 million.

透過美敦力各個團隊的共同努力，我們已經能夠有效地抵消很大一部分不利因素的影響，並且我們對執行額外緩解措施的能力充滿信心。因此，我們預測26財年的淨關稅對COGS的影響約為2億至3.5億美元。

From a quarterly breakout, we would expect minimal impact in Q1, as I mentioned earlier, and then approximately 10% in the second quarter and approximately 30% and 60% in Q3 and Q4, respectively. All that said, it's highly likely that the impact from tariffs will change, and we'll keep you updated periodically as we go through the year.

從季度來看，正如我之前提到的，我們預計第一季的影響最小，第二季的影響約為 10%，第三季和第四季的影響分別約為 30% 和 60%。儘管如此，關稅的影響很可能會發生變化，我們會在今年定期向您通報最新情況。

So combining our underlying performance with our current tariff expectations, we would have you model fiscal year '26 EPS in the range of $5.50 to $5.60. We've shown you that we can deliver high single-digit EPS growth as we did with the 9% growth in the back half of fiscal year '25.

因此，將我們的基本業績與目前的關稅預期相結合，我們可以預測 26 財年的每股盈餘將在 5.50 美元至 5.60 美元之間。我們已經向您證明，我們可以實現高個位數的每股盈餘成長，就像我們在 2025 財年下半年實現的 9% 的成長一樣。

As we look beyond next year to fiscal year '27, we expect to return to high single-digit EPS growth upon the Diabetes separation, driven by several factors including strong revenue growth and further underpins by FX tailwind at recent rates and the margin and share retirement benefits of the separation. Geoff, back to you.

展望明年至27財年，我們預計糖尿病業務分離後每股收益將恢復高個位數增長，這受到多種因素的推動，包括強勁的收入增長、近期匯率的外匯順風的進一步支撐以及分離帶來的利潤率和股份退休福利。傑夫，回到你身邊。

Okay. Thank you, Thierry. Now before we go to Q&A, I'll make a few closing remarks. Starting with that, we had a strong close to the fiscal year. With 2.5 years of mid-single-digit revenue growth that is now also translating into strong operating profit and EPS leverage.

好的。謝謝你，蒂埃里。現在，在我們進入問答環節之前，我想做幾點總結性發言。從此開始，我們以強勁的勢頭結束了本財政年度。經過 2.5 年的中等個位數營收成長，現在也轉化為強勁的營業利潤和每股盈餘槓桿。

We have durable growth drivers that are taking hold and we also have clear line of sight to improving growth drivers in other businesses. For example, Peripheral Vascular, where we're working with Contego Medical in the carotid market. And we will soon enter the peripheral thrombectomy segment as well.

我們擁有持久的成長動力，並且我們也明確地致力於改善其他業務的成長動力。例如，在周邊血管領域，我們正與 Contego Medical 在頸動脈市場合作。我們很快也將進入周邊血栓切除領域。

In Pelvic Health, we are working to open a large new market when our revolutionary tibial stimulation device is approved. And as for Hugo, procedures and utilization are growing. And the cadence of key milestones is accelerating. We're also working aggressively to manage external factors that are impacting our '26 guide. And as Thierry pointed out, we'll be back to high single-digit EPS growth in '27. So as I assess the overall business, the underlying fundamentals are strong, and they are getting stronger.

在骨盆健康領域，當我們的革命性脛骨刺激裝置獲得批准後，我們正在努力開拓一個巨大的新市場。至於 Hugo，程序和利用率正在成長。關鍵里程碑的節奏正在加快。我們也在積極努力應對影響我們 26 年指南的外部因素。正如蒂埃里 (Thierry) 指出的那樣，27 年我們的每股收益將重回高個位數成長。因此，當我評估整體業務時，其基本面是強勁的，而且還在不斷增強。

We've been working on a number of changes to the company, and those changes are making a difference. We streamlined the operating model and implemented performance-driven incentives. We brought in outside leadership with accretive skill sets which are enhancing execution and improving operating rigor.

我們一直在致力於對公司進行一些變革，這些變革正在產生影響。我們簡化了營運模式並實施了績效驅動的激勵措施。我們引入了具有累積技能的外部領導，以增強執行力並提高營運嚴謹性。

We prioritized investments in groundbreaking innovation that are now paying off and accelerating company growth. We centralized global operations, supply chain and quality, resulting in improved KPIs. And we're adding a performance culture to this mission-minded company and transforming our portfolio. And today's Diabetes announcement accelerates our speed of travel to higher profitable growth, aligned around our core strengths, giving all of our stakeholders increased conviction in our ability to deliver.

我們優先投資突破性的創新，這些創新目前已獲得回報並加速了公司的發展。我們集中了全球營運、供應鏈和質量，從而提高了關鍵績效指標 (KPI)。我們正在為這家具有使命感的公司增添績效文化，並改變我們的投資組合。今天宣布的糖尿病業務加速了我們向更高利潤成長邁進的速度，與我們的核心優勢一致，讓我們所有的利害關係人更加相信我們有能力實現目標。

I want to thank our employees around the world who are listening today. You've truly embraced our [AND] culture. Our culture of driving both our Medtronic mission and performance. This is directly leading to our strong financial outperformance. And it's making a difference for the millions of people around the world that depend on Medtronic to alleviate pain, restore health and extend life.

我要感謝今天聆聽我講話的世界各地的員工。您確實接受了我們的[AND]文化。我們的文化推動著美敦力的使命和表現。這直接導致了我們強勁的財務表現。它為全世界數百萬依賴美敦力來緩解疼痛、恢復健康和延長壽命的人們帶來了改變。

We've made a lot of progress this past year and your efforts have laid the groundwork for the inflection point that we're now entering. And I couldn't be more excited about what we're going to accomplish here in the new fiscal year. So thank you for your dedication and service.

過去的一年我們取得了很大進步，你們的努力為我們現在進入的轉折點奠定了基礎。我對我們在新財政年度將要取得的成就感到無比興奮。感謝您的奉獻與服務。

Finally, as you may have seen in our earnings press release this morning, Sean Salmon is moving on, and this will be his last earnings call with us after more than 20 years of service to Medtronic. Sean has been responsible for leading a number of our successes. He leaves a legacy of having developed strong capable leaders in our cardiovascular businesses as well as a robust technology pipeline, both of which are responsible for driving the CV growth acceleration you saw this quarter.

最後，正如您可能在我們今天早上的收益新聞稿中看到的那樣，肖恩·薩蒙 (Sean Salmon) 即將離任，這將是他在美敦力工作 20 多年後與我們舉行的最後一次收益電話會議。肖恩 (Sean) 帶領我們取得了許多成功。他留下的遺產是在我們的心血管業務中培養了強大而有能力的領導者以及強大的技術管道，這兩者都是推動本季度 CV 成長加速的關鍵。

Sean departs with our cardiovascular portfolio in a leading position. To lead CV going forward, we're promoting Skip Kiil. You've seen Skip's impact in driving above-market growth in our Cranial and Spinal Technologies business. And he had success in other parts of medtech prior to joining Medtronic.

當肖恩離開時，我們的心血管產品組合仍處於領先地位。為了帶領 CV 繼續前進，我們正在提拔 Skip Kiil。您已經看到了 Skip 在推動我們的顱腦和脊椎技術業務超越市場的成長方面所發揮的作用。在加入美敦力之前，他在醫療技術的其他領域也取得了成功。

Skip will augment our deep CV leadership team with his strategic mindset, broad global expertise, strong customer focus and demonstrated track record of developing new markets and driving commercial success. So I want to thank Sean for his service, and we're looking forward to Skip leading our continued success in cardiovascular.

Skip 將憑藉其策略思維、廣泛的全球專業知識、強大的客戶關注度以及開拓新市場和推動商業成功的良好記錄，增強我們深度 CV 領導團隊的實力。因此，我要感謝 Sean 的服務，我們期待 Skip 帶領我們在心血管領域繼續取得成功。

So 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. Wyn, can you please give the instructions for asking a question?

那麼，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，我們要求您只提出一個問題，並且僅在需要時進行相關的跟進。如果您還有其他問題，可以在通話結束後聯絡 Ryan 和投資者關係團隊。Wyn，您能給予提問的說明嗎？

(Operator Instructions).

（操作員指令）。

Lastly, please be advised that this Q&A session is being recorded. For today's session, Geoff, Thierry 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音。在今天的會議上，Geoff、Thierry 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；心血管產品組合執行副總裁兼總裁 Sean Salmon 和神經科學產品組合執行副總裁兼總裁 Brett Wall。我們將暫停幾秒鐘來集合隊列。

This is Travis. I didn't hear anything. So I wanted to ask on -- congrats -- first of all, congrats on all the good news this morning. I wanted to ask on the guidance philosophy with the new CFO. Can I -- it's confident enough to put out the 5% no range. What's being assumed on the pipeline on the revenue side?

這是特拉維斯。我什麼也沒聽到。所以我想問一下——恭喜——首先，恭喜今天早上的所有好消息。我想詢問新任財務長的指導理念。我可以——有足夠的信心給出 5% 的無範圍。在收入方面，管道的假設是什麼？

And then I wanted to ask on the 4% EPS growth ex-tariffs. Curious how you're thinking about what you kind of built in on conservatism on some of the below-the-line items there? And if it's possible to offset some of the headwinds over the course of the year if the revenue comes in better?

然後我想問一下扣除關稅後的每股盈餘成長 4% 的情況。好奇您是如何看待在某些低於標準的項目上建立保守主義的？如果收入增加，是否有可能在一年內抵銷一些不利因素？

And then on FY27, the high single-digit EPS growth, maybe talk about the framework and the visibility to be able to go ahead and kind of give that two years ahead that you can kind of get to the high single EPS growth in FY27.

然後在 27 財年，高個位數的 EPS 增長，也許可以討論框架和可見性，以便能夠繼續前進，並提前兩年實現 27 財年高個位數的 EPS 增長。

Okay. Travis, can you hear me now?

好的。崔維斯，你現在聽得到我說話嗎？

I can. Can you hear me?

我可以。你聽得到我嗎？

Okay. Yes. So we got your question. Sorry about that, there was some sort of connection issue here. But I got your question. I'm going to -- first of all, good question, as Daniel pointed out, and I will take the first part of it and then hand it to Thierry to go through the earnings stuff.

好的。是的。我們收到了您的問題。抱歉，這裡出現了一些連線問題。但我明白你的問題。首先，正如丹尼爾指出的那樣，這是一個好問題，我將先回答第一部分，然後交給蒂埃里來討論收益問題。

But on the growth side, look, we're very bullish on the growth drivers. We -- even in the markets that we're in and the growth drivers that we have. So like even in Q4, our markets grew 7%, even without Diabetes. And we've got strong positions in these markets, and we see growth from our big three portfolios to be mid-single and then some. We're running the company at a higher expectations than we're guiding here.

但從成長方面來看，我們非常看好成長動力。我們——即使在我們所處的市場和我們擁有的成長動力中。因此，即使在第四季度，即使沒有糖尿病，我們的市場也成長了 7%。我們在這些市場中佔據強勢地位，我們看到我們的三大投資組合的成長將達到中等甚至更高。我們對公司的經營抱持比我們在此指導的更高的期望。

Just some examples. I mean you see our CV business accelerating to 8% with nearly 30% growth in cash, which added -- just that alone added 70 basis points to the company growth. And that's without Ardian. Ardian, we'll start ramping through '26. You got neuroscience with double-digit growth and Neuromod and look, CST, what can I say? I mean, it's just separating itself from the pack. And we've got tibial coming in Pelvic Health. And so we've got some growth drivers there.

僅舉幾個例子。我的意思是，我們的 CV 業務加速至 8%，現金成長近 30%，僅此一項就為公司成長增加了 70 個基點。這還沒算上 Ardian 的情況。Ardian，我們將在 26 年開始加速發展。你擁有兩位數成長的神經科學和 Neuromod，看看 CST，我能說什麼？我的意思是，它只是把自己從群體中分離出來。我們在骨盆健康方面有脛骨的研究。因此我們在那裡獲得了一些成長動力。

And, of course, in surgical. Hugo, as we talked about the commentary's building momentum, and we'll start to have more of a meaningful impact on Med Surg next year and then beyond that on the company. So we're bullish about the markets that we're in, the positions we have in those markets and our growth potential. So that's what's baked into the next year's guide and going into '27. I mean, we're at the early stages of these growth drivers with more to come. On the earnings, I'll turn it over to Thierry. Anything which went out of growth.

當然，還有外科手術。雨果，正如我們討論的評論的建設勢頭，明年我們將開始對 Med Surg 產生更有意義的影響，進而對公司產生更有意義的影響。因此，我們對我們所處的市場、我們在這些市場中的地位以及我們的成長潛力充滿信心。這就是明年和 27 年指南中的內容。我的意思是，我們正處於這些成長動力的早期階段，未來還會有更多成長動力。關於收益，我將把它交給蒂埃里。任何停止生長的事物。

No, thanks. I think Geoff, you were pretty complete on the growth. So we feel comfortable that we've got a good opportunity from a growth perspective. From a profitability standpoint, what the construction has, as you may have seen in the details that we've given in the commentary, is actually still getting quite a bit of leverage before tariffs that we operate in profit levels. So we've got a construction that has operating profit that's growing around 7%, so significantly in excess of revenue.

不，謝謝。我認為傑夫，你的成長相當順利。因此，從成長角度來看，我們感到很欣慰，因為我們獲得了一個很好的機會。從盈利能力的角度來看，正如您可能在我們評論中提供的細節中看到的那樣，在關稅之前，建築業實際上仍然具有相當大的槓桿作用，我們可以在利潤水平上運營。因此，我們的建築業務的營業利潤成長了約 7%，大大超過了收入。

And that's despite making a significant investment for the future of the business here. And I mentioned it in the commentary, for the first time in four years, we actually have a plan that has R&D growing quicker than revenue, and that's even with revenue up 5%. So our R&D spend should be increasing around $200 million next year, which is about 7% versus the 5% growth rate.

儘管我們為這裡的業務未來做出了重大投資。我在評論中提到過，四年來我們第一次製定了研發成長速度快於收入的計劃，即使收入成長了 5%。因此，明年我們的研發支出應該會增加約 2 億美元，約 7%，而成長率為 5%。

Despite that, we have significant leverage at the Op profit level. And then to your point, we've got a couple of pressure points below the line. One is around the tax rate, and that's primarily driven by Pillar 2. And so our tax rate should go from about 16.7% this year to about 18% next year. And then as we refinance our debt in a higher interest rate type of environment, that also puts some pressure. So we lose about 300 basis points between the Op profit level and the net.

儘管如此，我們在營運利潤水準上仍具有相當大的槓桿作用。然後回到你的觀點，我們在線下有幾個壓力點。一是有關稅率，這主要由第二支柱推動。因此我們的稅率應該從今年的16.7%左右上升到明年的18%左右。當我們在較高利率環境下為債務再融資時，這也會帶來一些壓力。因此，我們的營業利潤水準和淨利潤之間損失了大約 300 個基點。

On the opportunity to do better, hey, look, we're -- first of all, operationally, we're, as usual, we're going to drive the teams to a higher number than this whether it's from a growth perspective or from a margin standpoint. On the margin side, given my background, this is going to be a key area of focus for me.

關於做得更好的機會，嘿，看，我們 - 首先，在營運上，我們像往常一樣，無論是從成長角度還是從利潤角度，我們都會推動團隊達到更高的數字。在利潤方面，考慮到我的背景，這將是我關注的重點領域。

And my initial view is that there is some opportunity from a cost perspective. I think the supply chain team with Greg has kicked off a lot of very positive initiatives. And we're starting to see the results. And I think there's more to come. So I'll be focusing on that deeply.

我最初的看法是，從成本角度來看存在一些機會。我認為格雷格領導的供應鏈團隊已經啟動了許多非常積極的舉措。我們開始看到成果。我認為未來還會有更多。所以我會深入關注這一點。

And then on the below-the-line items, sure on the tax front, we'll keep working it. Some of the increase between 25% and 26% is due to the temporary safe harbors that we've got in Pillar 2. And there is uncertainty in terms of our ability to qualify for some of those safe harbors going into next year. And do we do everything we can to secure being able to capture that opportunity. So sure, we'll be working on it. So look, we've tried to give a guidance. That's all in, and we'll work from there.

然後，對於低於標準的項目，當然在稅收方面，我們會繼續努力。25% 至 26% 之間的增幅部分歸功於我們在第二支柱中設立的臨時安全港。而對於我們明年是否能獲得一些安全港資格還存在不確定性。我們是否竭盡全力確保能夠抓住這個機會？當然，我們會努力的。所以看，我們已經嘗試給予指導。一切就緒，我們將從那裡開始工作。

You also had a part of the question on '27. Sorry, I wanted to address your -- the second part of the question. Look, as Geoff mentioned, the growth is not a one-off thing in '25 or in Q4 '25. It's going to carry into '26. And some of the new products that are carrying this are going to carry us well into '27.

您也對‘27’提出了部分疑問。抱歉，我想回答你的問題的第二部分。正如傑夫所提到的，成長並不是 25 年或 25 年第四季的一次性現象。這種情況將持續到26年。一些搭載這項功能的新產品將會幫助我們順利進入27年。

So Geoff mentioned CAS and Ardian and tibial that will start having a small impact towards the end of '26 and we'll carry into '27. So first, we expect to continue to have good growth into '27, and that's regardless of the separation of the Diabetes business.

因此，傑夫提到了 CAS、Ardian 和脛骨，它們將在 26 年底開始產生小的影響，並將持續到 27 年。首先，我們預計到 27 年將繼續保持良好的成長勢頭，無論糖尿病業務是否分開。

Just to give you some clarity on that. Diabetes drives about 40 basis points of our growth. So we're comfortable. We could still achieve the mid-single-digit growth even after the Diabetes separation.

只是為了讓你更清楚地了解這一點。糖尿病推動了我們約 40 個基點的成長。所以我們很舒服。即使在糖尿病業務分離之後，我們仍然可以實現中等個位數的成長。

We'll continue to drive the cost out initiatives, as I mentioned earlier. FX should start turning into a smaller head wind towards the end of '26 and into 27. And the last item I wanted to mention is we'll probably talk about it more in detail on the rest of the conversation.

正如我之前提到的，我們將繼續推動降低成本的措施。到 26 年底和 27 年底，FX 的逆風應該會開始減弱。我最後想提的是，我們可能會在接下來的談話中更詳細地討論這個問題。

(technical difficulty) rollout of Simplera. So it's the launch of this product. And as we grow it, the cost is going to go down. But initially, it does put quite a bit of pressure on our margin rate to the tune of about 60 basis points at the GM level, which will translate into the earnings. And again, that will get better as the manufacturing ramps up.

（技術難度）Simplera 的推出。這就是這個產品的發布。隨著我們的成長，成本將會下降。但最初，它確實給我們的利潤率帶來了相當大的壓力，在通用汽車層面大約有 60 個基點，這將轉化為收益。而且，隨著製造業的擴張，情況會變得更好。

Let's take the next question, please, Wyn.

請讓我們回答下一個問題，Wyn。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Great. Good morning, everyone, and Thierry, welcome. Maybe a question for you, and I'll just have one. You said you'll be back to high-single-digit EPS growth in fiscal year '27. That's with -- assuming currency remains the same and favorable, and you execute the Diabetes spin and resulting share buyback, which aren't really quite sustainable in nature. So without those benefits, which are kind of one-time, would fiscal '27 EPS still grow high single digits? Thanks.

偉大的。大家早安，歡迎 Thierry。也許我想問你一個問題，我只想問一個。您說過，27 財年每股盈餘將恢復高個位數成長。那是在假設貨幣保持不變且有利的情況下，你執行糖尿病旋轉和隨之而來的股票回購，但這在本質上並不是非常可持續的。那麼，如果沒有這些一次性的收益，27 財年的每股盈餘是否仍會成長高個位數？謝謝。

Hey, look, I want to insist on the fundamentals here. And I think the first thing to look at, if you think about the construction for '27 is to come back to the performance that we're showing for Q4 here and for the second half of the year. And this is with no FX tailwind and with Diabetes in the portfolio, we just delivered a quarter that's up 5.4% organically on revenue, that has operating margin, up 90 basis points, which is 200 basis points if you actually exclude FX. And we've got EPS that's up 11%, which is really 15.8% if you exclude [EPS]. That earnings growth is actually 9% in the second half of the year. So that's the fundamentals of the business that we're trying to build on.

嘿，看，我想在這裡強調基本原則。我認為，如果您考慮 27 年的建設，首先要看的是我們在第四季度和下半年的表現。在沒有外匯順風且投資組合中有糖尿病的情況下，我們剛剛實現了本季度收入有機增長 5.4%，營業利潤率增長 90 個基點，如果實際排除外匯，則為 200 個基點。我們的每股盈餘上漲了 11%，如果扣除[每股收益]。今年下半年的獲利成長率實際上達到了 9%。這就是我們試圖建立的業務基礎。

Now back to '27. As I said, we're looking at a growth rate that should continue to be positive with all the momentum that Geoff mentioned. We're going to continue driving leverage on the cost side. And so here, you see some signs of improvement that are pretty significant from an operating profit perspective and we're going to continue to work on that.

現在回到'27。正如我所說，在傑夫提到的所有勢頭的帶動下，我們看到成長率應該會繼續保持正成長。我們將繼續在成本方面發揮槓桿作用。因此，從營業利潤的角度來看，您會看到一些相當顯著的改善跡象，我們將繼續努力。

FX, we're just assuming that it's flat. So we're not assuming that it improves where the tailwind that I mentioned on '27 is just the effect of the carryover of the goodness that we'll have based on the current FX rate. And then you're right, there should be some accretion that comes from Diabetes from the separation, and that's going to help. But the target that we have for the teams is to deliver on the framework regardless of the transaction.

FX，我們只是假設它是平的。因此，我們並不認為情況會有所改善，我 27 年提到的順風只是基於當前外匯匯率帶來的好處的延續效應。那麼你是對的，分離後糖尿病應該會有一些積累，這會有所幫助。但我們為團隊設定的目標是，無論交易如何，都要依照框架交付成果。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good morning. Thanks for taking the question. So Geoff, I wanted to focus on the decision to spin Diabetes. I guess a couple of questions. One, did you consider breaking Medtronic up into four separate businesses? One could argue that the remaining three business have scale on their own and have different customers and capital allocation requirements. So why not go further in breaking up the company?

早安.感謝您回答這個問題。所以傑夫，我想集中精力解決糖尿病問題。我想有幾個問題。第一，您是否考慮將美敦力拆分為四個獨立的業務？有人可能會說，其餘三家企業本身就具有規模，並且擁有不同的客戶和資本配置要求。那為什麼不進一步拆分該公司呢？

And the pushback I think you're going to get on Diabetes is that it's growing above Medtronic's corporate average. So why spin it off if your focus is on accelerating top-line growth?

我認為糖尿病領域面臨的阻力在於其成長速度高於美敦力公司的平均值。那麼，如果您的重點是加速營收成長，為什麼要將其分拆出來呢？

Well, look, yeah, good question, Larry. Like why Diabetes? Why now? So first of all, on the Diabetes business, like I said earlier, we believe this is a win-win for both Diabetes and Medtronic. And on Diabetes, we're well down the path of the turnaround. It's ready to stand alone, and we think it's well suited for public markets. This move is going to ensure that they get really both the funding and the focus the franchise needs to reach its full potential.

嗯，是的，問得好，拉里。比如為什麼會得糖尿病？為什麼是現在？首先，關於糖尿病業務，正如我之前所說，我們相信這對糖尿病和美敦力來說是雙贏的。在糖尿病方面，我們已經走在了扭轉的道路上。它已經準備好獨立運作，我們認為它非常適合公開市場。此舉將確保他們真正獲得特許經營權充分發揮其潛力所需的資金和關注。

As much as -- as we're sitting here, Dave, much progress as we've made, we talked about six quarters a row, double digits. And there's more to come here. The product pipeline is very robust.

戴夫，當我們坐在這裡時，我們已經取得了很大進展，我們連續六個季度都談到了兩位數。這裡還有更多內容。產品線非常強大。

We did -- submitted several files to the FDA for approvals on multiple products here in the last couple of months. And we believe with this focus and funding, the business will be a top-tier Diabetes franchise well into the future.

在過去幾個月裡，我們確實向 FDA 提交了多份文件，以獲得多種產品的批准。我們相信，憑藉這樣的專注和資金，該企業未來將成為頂級的糖尿病特許經營企業。

And then for Medtronic, though, it allows us to focus more on our high-margin growth drivers that we just walked through. Like I just mentioned, we're -- even without Diabetes, we're in great markets -- 7% growth last quarter, stable and these are higher-margin sectors for us. And this accelerates our speed of travel to these high-margin growth areas, and it's aligned around our core strengths of the company, not technology strengths as well as our go-to-market channel to healthcare systems.

然而，對於美敦力來說，它使我們能夠更加專注於我們剛剛討論過的高利潤成長動力。正如我剛才提到的，即使沒有糖尿病，我們也處於很好的市場——上個季度增長了 7%，很穩定，而且這些對我們來說是利潤率較高的行業。這加快了我們進入這些高利潤成長領域的速度，並與我們公司的核心優勢（而不是技術優勢）以及我們進入醫療保健系統的市場管道一致。

So we think it's a win-win. It's going to create shareholder value, short and long term. Thierry walked through the accretive nature of the deal, accretive to our EPS, our operating margin and gross margin. And I think -- I don't want to speculate, but I think the Diabetes business is probably worth more outside the company than in.

所以我們認為這是一個雙贏的局面。它將為股東創造短期和長期價值。蒂埃里 (Thierry) 闡述了該交易的增值性質，即增加我們的每股收益、營業利潤率和毛利率。我認為——我不想猜測，但我認為糖尿病業務在公司外部的價值可能比在公司內部更高。

And then back to Robbie's point, I mean, yeah, it will provide a kind of a one-time step-up in margins. But the whole idea, to Thierry's point, is that we're growing them from there and getting to that -- you saw a little bit of that in the last two quarters. And we're going to continue to do that once we get through some of these below-the-line issues.

然後回到羅比的觀點，我的意思是，是的，它將提供一種一次性的利潤提升。但正如蒂埃里所說，整個想法是我們從那裡開始發展並實現這一目標——在過去兩個季度中你已經看到了這一點。一旦我們解決了一些底層問題，我們將繼續這樣做。

But that's it. The rest of the company, we believe, I said, are -- you're right. They do have scale. We think it's better together. There's a lot of synergies, and we've got really robust growth drivers across all three of those portfolios of businesses.

但就是這樣。我說，我們相信，公司的其他成員都是──你是對的。它們確實有規模。我們認為一起做會更好。這三項業務之間存在著許多協同效應，而且我們的成長動力非常強勁。

Vijay Kumar, Evercore.

維傑·庫馬爾（Vijay Kumar），Evercore。

Geoff and Thierry, maybe one sort of on the earnings and margins kind of question. You look at the guidance, a 4% EPS growth ex-tariffs, right? Q1, it's implied as like flattish earnings growth. Why is earnings growth back-end loaded? Is this a mix impact on margins? I think Q4 gross margins came in below. Was there a product mix issue?

傑夫和蒂埃里，也許我想問一下關於收益和利潤率的問題。您看一下指導意見，扣除關稅後每股盈餘成長率為 4%，對嗎？Q1，這意味著獲利成長持平。為什麼獲利成長需要後端加載？這對利潤率有混合影響嗎？我認為第四季的毛利率低於預期。是否有產品組合問題？

And Geoff, when you look at the earnings algorithm, can you commit to EPS growing above revenues irrespective of the FX environment? Thank you.

傑夫，當您查看收益演算法時，您能否保證每股盈餘的成長高於收入，而不受外匯環境的影響？謝謝。

Sure. Look, I think the question is why is the construction back-end loaded? I think in the first quarter, a couple of things I would say. First, it's always a bit lower from a revenue perspective than the fourth quarter and the rest of the year. So that generates a lower absorption from the factories, et cetera. So we typically have a dip between the first quarter and the rest of the year.

當然。瞧，我認為問題是為什麼建置後端要載入？我想在第一季我會說幾件事。首先，從收入角度來看，它總是比第四季和今年其他時間的收入要低。因此，工廠等的吸收量就會降低。因此，我們通常在第一季和今年剩餘時間之間會出現下滑。

The second element, which I think is important this year is, as I mentioned previously, we're investing in the growth areas, both in R&D for cardiovascular, for CAS for Ardian and also in sales and marketing to make sure that we capture the opportunities of growth that are provided by these areas.

我認為今年重要的第二個因素是，正如我之前提到的，我們正在投資成長領域，包括心血管研發、Ardian 的 CAS 以及銷售和行銷，以確保我們抓住這些領域提供的成長機會。

And so in Q4, what you're going to see is a bit of that investment ahead of the return from a growth perspective. The growth in Q4 is slightly lower than the average of the year. We're looking at roughly 4.5% growth versus the 5% on the full year. So we're investing ahead, and we'll reap the benefits of that towards the second half.

因此，在第四季度，從成長角度來看，你會看到部分投資領先於回報。第四季的成長速度略低於全年平均。我們預計今年的成長率約為 4.5%，而全年成長率為 5%。因此，我們正在提前投資，並將在下半年收穫回報。

And the final element is -- there's a little bit of FX headwind into the first quarter that will turn into a tailwind towards the rest of the year. So that kind of explains why we have a better performance towards the back end.

最後一點是——第一季外匯市場略有逆風，但在今年剩餘時間內將轉為順風。這也解釋了為什麼我們的後端表現得更好。

And your question on the leveraged P&L -- leverage EPS growth regardless of FX, I think that was your question. So first, just getting to Thierry's point, just one more point is, I don't think this is back-end loaded as the last year. We did end up hitting -- remember, a year ago, we put out guidance that had the back half of the year growing quite a bit.

您關於槓桿損益的問題——無論外匯如何，槓桿每股收益成長，我認為這就是您的問題。因此，首先，回到蒂埃里的觀點，還有一點，我不認為今年的後端加載與去年一樣。我們最終確實達到了目標——記得，一年前，我們發布的指導意見顯示下半年將大幅成長。

There was some skepticism from the call. We did end up hitting on the higher end of that guidance across the board. I just want to point that out.

電話中出現了一些懷疑的聲音。我們最終確實全面達到了該指導的上限。我只是想指出這一點。

But to your other more strategic question, the answer is, yes, FX over the years, as you guys have -- always dogged us a bit. And yes, we believe and the economists that we're talking to, which is quite a many, is that FX is going to be a tailwind for us for the next couple of years. That being said, what we're doing here is underlying in the operations of the company is creating natural hedges and lowering our exposure to FX through a number of different areas, including something we've already really made a lot of progress on is dynamic pricing in countries that are serial -- where the currencies are devaluating on a consistent basis. And that has had a pretty and fairly meaningful impact, positive impact for us.

但對於您的另一個更具策略性的問題，答案是肯定的，多年來，FX 就像你們一樣 - 總是困擾著我們。是的，我們相信，而且我們正在與之交談的許多經濟學家也認為，外匯將成為未來幾年我們的順風。話雖如此，我們在這裡所做的是公司營運的基礎，即透過多個不同領域創建自然對沖並降低我們對外匯的風險敞口，其中包括我們已經取得很大進展的事情，即在貨幣持續貶值的國家進行動態定價。這對我們產生了相當重要且正面的影響。

But in addition to that and expanding that to other countries around the world, paying our teams on kind of actual FX basis, we are making some structural changes that just lower our overall exposure to FX. And then you combine it with our hedging program. I think it's a good formula. But we've got a -- we're putting in place natural hedges. So the answer is yes.

但除此之外，我們還在將此舉措擴展到世界其他國家，按照實際外匯支付我們的團隊工資，我們正在進行一些結構性改革，以降低我們對外匯的整體敞口。然後將其與我們的對沖計劃結合。我認為這是一個很好的方案。但我們已經——我們正在建立自然對沖。所以答案是肯定的。

I just wanted to give some incremental color maybe to give visibility on the gross margin side. What we're seeing in Q4 and what we'll see for a part of '26 is really two things that are offsetting each other. We do have a negative impact coming from mix, and that's about 80 basis points. And it's a combination of CAS and Diabetes. And that mix impact is offset by the progress that we're making from a pricing and from a cost standpoint, right?

我只是想提供一些增量顏色，以便讓毛利率方面更加清晰。我們在第四季度看到的情況和我們在 26 年部分時間看到的情況實際上是兩件相互抵消的事情。我們確實受到了來自混合的負面影響，大約有 80 個基點。它是 CAS 和糖尿病的結合。而這種混合影響被我們在定價和成本方面取得的進展所抵消了，對嗎？

The progress we're making on pricing and cost, that's going to carry forward. And I'm going to be focusing on what I can do to help accelerate that. The mix effect on CAS and Diabetes -- so look, the Diabetes part, I guess, will be addressed through the portfolio move that we're making. It's not why we're doing it, but it will help.

我們在定價和成本方面取得的進展將會持續下去。我將集中精力於我能做的事情來幫助加速這一進程。對 CAS 和糖尿病的混合效應——所以，我猜，糖尿病部分將透過我們正在進行的投資組合調整來解決。這不是我們這樣做的原因，但它會有所幫助。

The CAS impact on mix actually translates into good news at the operating profit level, number one. Number two, some of it is driven by the fact that right now, a lot of the growth is done on the capital equipment sales. So we're shipping capital equipment first, and the catheters will come after. So the fact that mix within CAS is towards the capital equipment is actually good news for the future because as we increased the catheter sales, that's going to alleviate a big portion of that mix effect.

CAS 對產品組合的影響實際上轉化為營業利潤層面的好消息，這是第一點。第二，部分原因是，目前大部分成長來自於資本設備銷售。因此，我們先運送資本設備，然後再運送導管。因此，CAS 內部的混合面向資本設備這一事實實際上對未來來說是個好消息，因為隨著我們增加導管銷售，這將減輕很大一部分混合效應。

So the dynamic you should see is the mix getting better and the cost initiatives hopefully accelerate. I hope that gives some additional color on why we should be able to continue to leverage.

因此，您應該看到的動態是組合越來越好，成本計劃有望加速。我希望這能進一步解釋為什麼我們應該能夠繼續發揮槓桿作用。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Good morning and congratulations on all the news this morning. I want to pivot here a little bit to products. And I was curious about your commentary regarding the preparation that you and you're seeing hospitals do for renal denervation and reimbursement. And if you could just sort of share a little bit more about what you're seeing, that would be fabulous.

早安，恭喜今天早上的所有新聞。我想在這裡稍微談談產品。我很好奇您對您和您所看到的醫院為腎臟去神經支配和報銷所做的準備的評論。如果您能稍微分享一下您所看到的情況，那就太好了。

Sure. Maybe I'll call on Sean for that one.

當然。也許我會請肖恩來做這件事。

Yeah, certainly. Joanne, thanks for the question. So as you imagine, our focus has been about opening centers that are getting ready to take on this new service line. And that involves making sure that we train physicians how to do the procedure, of course, and educate them on coding and billing for the current fee-for-service Medicare patients.

是的，當然。喬安妮，謝謝你的提問。因此，正如您所想像的，我們的重點是開設準備承擔這條新服務線路的中心。當然，這包括確保我們培訓醫生如何執行該程序，並教育他們如何為當前的按服務收費的醫療保險患者進行編碼和計費。

In addition to that, of course, with the NCD in the frame, that's going to open up a lot of patients. And really, it's about focusing as they build a service line, making sure they are able to work the patients up, rule out secondary causes of the disease. And then get them appropriately to the cath lab for real denervation, which they performed safely.

除此之外，當然，隨著 NCD 的出現，將會有更多的患者得到治療。實際上，他們在建立服務線時要集中精力，確保能夠對患者進行治療，並排除疾病的次要原因。然後把他們適當地送到導管室進行真正的去神經支配，他們安全地完成了這項手術。

There's a lot of enthusiasm, as you can imagine, from customers who are looking for new service lines to grow their practices and absorb their cath labs. So it's really about that. It's training, education, and support for their programs as they build that up.

正如您所想像的，客戶們對尋找新的服務線來擴大業務和吸收導管室抱持著極大的熱情。所以這確實與此有關。這是在他們建立計畫的過程中為他們提供的培訓、教育和支持。

Upon getting reimbursement, there's more to do to activate patients more directly, and we will channel those patients to a physician finder in geographies where patients can then find their way to the treatment. And as you probably recall from the clinical trials, a large proportion of our patients were self-referred by using social media tools. So it's a very efficient way to recruit patients to the effort.

在獲得報銷後，我們可以採取更多措施來更直接地激活患者，我們將把這些患者引導到各個地區的醫生查找器，以便患者能夠找到接受治療的方法。您可能還記得，在臨床試驗中，我們有很大一部分的患者都是透過使用社群媒體工具自我推薦的。因此，這是一種招募患者參與的非常有效的方法。

And of course, we want to do that when all the reimbursement barriers come down. And that's what we're hopeful for and as we move forward into the NCD.

當然，當所有報銷障礙都消除時，我們希望做到這一點。這正是我們向 NCD 邁進時所抱持的希望。

And if I could do a follow-up, the -- how do you think about this revenue ramping? You sort of paralleled it to PFA adoption? And I just want to sort of set -- get expectations set of how to think about that? Thank you.

如果我可以繼續問的話，您如何看待這種收入成長？您認為它與 PFA 的採用類似嗎？我只是想設定一下——設定一下對此的期望？謝謝。

Yeah, Joanne, I think that's a very different thing, right? So PFA is replacing an incumbent procedure that is faster, safer procedure that appears to have just axle efficacy is really a pretty easy switch. It's not so difficult to train on our tools and techniques for that. This is a little bit more involved, of course, because there are other reasons why people have high blood pressure, you have to sort those causes out to get patients into the service line.

是的，喬安妮，我認為這是非常不同的事情，對嗎？因此，PFA 正在取代現有的更快、更安全的程序，該程序似乎只具有軸向功效，實際上是一個非常容易的轉變。對我們的工具和技術進行訓練並不是那麼困難。當然，這有點複雜，因為人們有高血壓還有其他原因，你必須找出這些原因，才能讓病人接受服務。

So it's a longer ramp, but it's a long annuity. This is a massive patient population, as you know, and be able to build that practice. I think you've got to think about this as one of those really important durable growth drivers for the company that will set us up well for a lot of success for a long time.

因此，這是一個較長的坡道，但也是長期年金。如您所知，這是一個龐大的患者群體，並且能夠建立這種做法。我認為你必須將此視為公司真正重要的持久成長動力之一，它將為我們長期取得巨大成功奠定基礎。

Yeah. Just to build on that point -- Joanne, to build on that point that Sean's making, the larger health systems around the country -- I mean not just the larger ones, but a lot of them are really proactively calling us for partnerships around hypertension. Building these clinics, a lot of them virtual, some not, and establishing these patient pathways with us jointly investing. So it's -- this is going to be a big one for us for a long time. And we're -- and of course, we're going to continue to invest in innovation around this, too.

是的。喬安妮，就這一點而言，就肖恩提出的觀點而言，全國各地的大型醫療系統——我的意思不僅僅是大型醫療系統，而且其中許多系統都在積極呼籲我們在高血壓問題上建立合作夥伴關係。建立這些診所，其中許多是虛擬的，有些不是，並由我們共同投資建立這些患者通道。所以，這對我們來說在很長一段時間內都是一件大事。當然，我們也將繼續投資這方面的創新。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

Hi. Thanks for the question. I was wondering actually if you could expound on some of the pipeline ideas that you had for Diabetes and about their differentiation and timelines, if you can?

你好。謝謝你的提問。我實際上想知道您是否可以詳細闡述您對糖尿病的一些管道想法以及它們的區別和時間表，如果可以的話？

Sure. I will hand that one off to Que.

當然。我會把這個交給 Que。

Yeah. Thanks for the question. So if I start with our recent approval of Simplera Sync in the US, we're ramping that. We're going to be launching that in a limited fashion in the fall. And in Europe, that product has already launched commercially. And just to give you an idea of the volume ramp versus last year, we expect to ramp our volume at least 5 times what we did last year. So we have not really begun to see the potential of Simplera on the business.

是的。謝謝你的提問。因此，如果我從我們最近在美國批准 Simplera Sync 開始，我們就會加強。我們將在秋季以有限的方式推出該產品。在歐洲，該產品已經實現商業化上市。為了讓您了解與去年相比銷量的成長情況，我們預計銷量將比去年增長至少 5 倍。所以我們還沒有真正開始看到 Simplera 在業務上的潛力。

Then we have submitted for an ACE pump in iAGC algorithm to FDA in April. So we're ready to launch that, working very well with Abbott to make that happen, and we're ready to launch soon after we receive clearance on that. And then -- so that's our CGM option. It's going to address a lot of the Achilles heel of our common CGM line-up.

然後我們於四月向FDA提交了iAGC演算法中的ACE泵。因此，我們已準備好推出該產品，並與雅培公司進行了良好的合作以​​實現這一目標，並且我們準備在獲得批准後立即推出產品。然後——這就是我們的 CGM 選項。它將解決我們常見的 CGM 系列的許多致命弱點。

And then we also have multiple insulin options. We have InPen in market today, our next-generation durable pump we expect to submit by the end of this fiscal year. And then following the patch will follow after that.

我們還有多種胰島素選擇。目前，我們已經在市場上推出了 InPen，我們預計將於本財年末推出下一代耐用泵。隨後將進行以下補丁。

And what you can see in the line-up is significant improvement to our form factor. That's feedback we've been given. And so that makes it more wearable with all these pumps having phone control, which is a feature a lot of our customers have asked for. And then in addition to that, we have our third-generation closed loop algorithm that we believe will be a very exciting development in terms of burden reduction while driving the clinical outcomes that people expect from us.

您可以從產品陣容中看到，我們的外形尺寸有了顯著的改善。這是我們收到的回饋。所有這些幫浦都具有手機控制功能，這使得它更容易穿戴，這也是許多客戶要求的功能。除此之外，我們還有第三代閉環演算法，我們相信這將在減輕負擔方面取得非常令人興奮的進展，同時推動人們期望的臨床結果。

So when you look at the total ecosystem, I would say a couple of things. One, the form factors are completely upgraded. Not only that, we've completely rearchitected the software, including the algorithm that drives everything. And then you can see the variability of the entire system.

因此，當你觀察整個生態系統時，我想說幾件事。一、外形全面升級。不僅如此，我們還徹底重新設計了軟體，包括驅動一切的演算法。然後你就可以看到整個系統的可變性。

And it's not talked about in the product itself, but when you think about the burden of Diabetes management, there is something very attractive in burden reduction that patients have to only deal with one company, especially when things go wrong. And so our customer -- our tech support and our customer service, not just for patients but also physicians is also a differentiator.

產品本身並沒有提到這一點，但是當你考慮到糖尿病管理的負擔時，減輕負擔是非常有吸引力的，因為患者只需要與一家公司打交道，尤其是在出現問題時。因此，我們的客戶——我們的技術支援和客戶服務，不僅針對患者，而且針對醫生，也是一個差異化因素。

Thanks, Matt. Wyn we have time probably for three more.

謝謝，馬特。溫，我們可能還有時間再做三件事。

Okay. Matt Miksic, Barclays.

好的。巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

Hey. Thanks so much for taking the question and congrats on the strong finish year. And just to make sure I understand the operating line growth, 7% with about 300 basis points, getting you back to 4% EPS growth for the full year, and that's inclusive of all the investments that you're talking about. That's inclusive of the sort of gross margin headwinds around investments and so on, just to be crystal clear, is that right?

嘿。非常感謝您回答這個問題，並祝賀您今年取得了圓滿的成績。為了確保我理解營業線成長率，7% 約為 300 個基點，全年每股盈餘成長率將回到 4%，其中包括您談到的所有投資。這包括投資等方面的毛利率阻力，只是為了清楚起見，對嗎？

Yes, that's correct, but it's before the tariffs impact, right? Just to be clear. And again, the tariffs impact about 2.2 points to 3.2 points on that.

是的，沒錯，但這是在關稅影響之前，對嗎？只是為了清楚起見。再次，關稅對此的影響約為 2.2 個百分點至 3.2 個百分點。

Right. And so congrats on that leverage. I mean I'll just take a minute to -- I know what it's been -- difficult to getting growth of EPS above sales with other headwinds and so on, so getting that operating line growing.

正確的。所以，恭喜你獲得了這樣的影響力。我的意思是，我只需要花一點時間來——我知道這是什麼——在面臨其他不利因素等情況下，很難讓每股收益的增長超過銷售額的增長，因此很難讓營業線增長。

So then on tariffs, you mentioned high confidence in getting to the mitigations you've described, opportunity to take those further? And then just maybe if I could drill down a bit on the spine business, just to get a sense of above-market performance, where if we were to sort of -- the like-for-like spine growth comparing to your pure-play peers, where do you see your growth? Where do you see the market? Any color you can provide on that would be great as well. Thanks so much.

那麼關於關稅，您提到對實現您所描述的緩解措施充滿信心，並有機會進一步採取這些措施？然後，也許我可以深入研究一下脊椎業務，只是為了了解高於市場的表現，如果我們將脊椎業務的同類增長與純粹的同行進行比較，您認為您的成長在哪裡？您認為市場在哪裡？如果您能提供任何顏色就更好了。非常感謝。

Sure. So first of all, thanks for acknowledging the op profit growth. We did, like I said, 8% in Q4. And the guidance for next year is 7%. And if you take out the Diabetes, that's -- that would go 8%. So we've built that muscle, and that's going to continue.

當然。首先，感謝您對營業利潤成長的認可。正如我所說，我們在第四季度實現了 8% 的成長。明年的預期成長率為 7%。如果除去糖尿病，這個數字就會下降 8%。所以我們已經建立了這種實力，並且將繼續下去。

In terms of the spine business. Again, the markets -- I would say the demand is there. The markets have been stable and technology is a differentiator here. And it's pretty extreme. If you go back over the last couple of years, you're seeing a number of our competitors tap out because of the investment and expertise it takes to build out the capital equipment the enabling technology strategy around this. And we've got a big lead here.

就脊柱業務而言。再說一次，我想說市場是有需求的。市場一直很穩定，技術是這裡的差異化因素。這相當極端。如果你回顧過去幾年，你會看到我們的許多競爭對手因缺乏投資和專業知識而退出市場，我們需要圍繞這一目標建立資本設備和支援性技術策略。我們在這裡領先很多。

Like I said in the commentary with the dynamic that we're seeing, by us taking this portfolio of enabling technology and integrating the workflow, we've gone from a product story to a solution story. We branded AI-enabled technology. And so as our customers are upgrading, they're upgrading from a product to a broader ecosystem. So it's not a linear upgrade. It's more algorithmic.

就像我在評論中所說的那樣，根據我們所看到的動態，透過採用這種支援技術組合併整合工作流程，我們已經從產品故事轉變為解決方案故事。我們為人工智慧技術打造了品牌。因此，隨著我們的客戶升級，他們從產品升級到更廣泛的生態系統。所以這不是線性升級。它更具演算法性。

And that's giving us -- and that is durable advantage. And so we're seeing the market growth is stable, and we're seeing our competitive advantage growing. You've seen a bunch of our competitors tap out. Like I said, you see our like probably primary competitor this quarter put up some results -- we'll see where it goes from here, but there's a pretty big difference between us and them this past quarter. And we'll see where it goes from here.

這給我們帶來了持久的優勢。因此，我們看到市場成長穩定，我們的競爭優勢也不斷增強。你已經看到我們的許多競爭對手都退出了。就像我說的，你會看到我們本季的主要競爭對手取得了一些成績——我們將拭目以待，但上個季度我們和他們之間存在很大差異。我們將拭目以待接下來會發生什麼。

But we're feeling good about spine. iand this is something that Brett's highly involved with and leading along with Skip. Would you like to comment on this?

但我們對脊柱感覺良好。這是 Brett 高度參與並與 Skip 共同領導的事情。您想對此發表評論嗎？

Yeah. Sure, Geoff. And Matt, thanks for the question. And we're just seeing, as Geoff said, good stable demand, and the ecosystem is driving that. And if you look at our enabling technology growth last quarter, it remains very attractive, very strong. And we just see that stability continuing. It's an attractor for not only customers; we're seeing a large scale important academic centers come to Medtronic for this.

是的。當然，傑夫。馬特，謝謝你的提問。正如傑夫所說，我們看到的是良好穩定的需求，生態系統正在推動這一點。如果你看看我們上個季度的支援技術成長，你會發現它仍然非常有吸引力，非常強勁。我們看到這種穩定局面仍在持續。它不僅對顧客有吸引力；我們看到許多重要的學術中心為此來到美敦力。

And we're also getting very good response from other sales reps and other individuals that want to join Medtronic. So we're comfortable with how this is moving forward.

我們也得到了其他銷售代表和其他想要加入美敦力的個人的正面回應。因此，我們對事情的進展感到滿意。

So I just think the -- I'm glad you asked the question, Matt, because we talk a lot about PFA and Ardian and robotics, but part of our -- a key part of our growth story is the rest of the company. And we talked about CST or our Spine business, CRM, high-single-digit quarter there, strong growth from leadless, conduction system pacing, EV-ICD, Again, these are durable growth drivers for us that are going to go out.

所以我只是認為——我很高興你問了這個問題，馬特，因為我們談論了很多關於 PFA 和 Ardian 以及機器人技術，但我們成長故事的關鍵部分是公司的其他部分。我們討論了 CST 或我們的脊椎業務、CRM，該季度實現了高個位數成長，無導線、傳導系統起搏、EV-ICD 實現了強勁成長，這些都是我們持久的成長動力。

And then the other thing we mentioned in the commentary, some of the slower-growing parts of the company, we have plans for. Like peripheral vascular, as we enter the curated space with Contego and through an organic program into thrombectomy, taking some technology from our neurovascular business to get into that space.

我們在評論中提到的另一件事是，我們對公司一些成長較慢的部分有計劃。就像週邊血管一樣，我們利用 Contego 進入精心策劃的空間，並透過有機程序進入血栓切除術，利用神經血管業務中的一些技術進入該空間。

And then we get things like public health, which will -- I think it's going to surprise people with the growth there once we launch this [tibial] system, we think that's going to be very disruptive. And we don't see a real answer from our competitors. So the rest -- the growth story is pretty broad at the company. It's not just the lightning bolts of PFA and Ardian. So thanks for the question.

然後我們得到諸如公共衛生之類的東西，我認為一旦我們推出這個[脛骨]系統，它的增長將會讓人們感到驚訝，我們認為這將是非常顛覆性的。但我們並沒有從競爭對手身上看到真正的答案。因此，該公司的其餘部分的成長故事相當廣泛。這不僅僅是 PFA 和 Ardian 的閃電。感謝您的提問。

Thanks, Matt. Two more questions, please, Wyn.

謝謝，馬特。請問還有兩個問題，Wyn。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Good morning, guys. Thanks so much for squeezing me in here. And echo everyone's congrats on all the news this morning. Just a quick question to clarify on some of the commentary around PFA. Obviously, a really important growth driver. I think you talked about reaching $2 billion in sales, so essentially just about doubling.

大家早安。非常感謝您邀請我來這裡。並與大家一起對今天早上的所有新聞表示祝賀。我只是想簡單問一下關於 PFA 的一些評論。顯然，這是一個非常重要的成長動力。我想您談到了達到 20 億美元的銷售額，所以基本上是翻了一番。

I'm just curious how to think about the ramp from just over $1 billion to $2 billion in that CAS business. I mean, is that something that based on your commentary, it seems like that's more near term versus long term. But anything you can add there as far as how we think about getting from that $1 billion to $2 billion.

我只是好奇如何看待 CAS 業務從 10 億美元成長到 20 億美元。我的意思是，根據您的評論，這似乎更多的是短期而非長期的事情。但關於我們如何將 10 億美元增加到 20 億美元，您還能添加什麼嗎？

One of your competitors that was first to market here or close to -- I mean, you guys came to market about the same time. So sorry about that. But they ramped pretty quickly. So just curious if you could give any more color there.

你們的競爭對手之一是第一個或接近第一個進入這裡的市場——我的意思是，你們大約同時進入市場。對此我深感抱歉。但他們很快就升級了。我只是好奇你是否可以提供更多細節。

Yeah. No, they did. They ramped really quickly. And I think we feel very good about our product portfolio here in PFA. And what we're seeing right now is just an incredible demand for Affera. And the capital -- we got to get those capital systems out there, which we're doing. You get these high volume centers; they get one.

是的。不，他們確實這麼做了。他們進步非常快。我認為我們對 PFA 的產品組合感到非常滿意。我們現在看到的是對 Affera 的巨大需求。至於資本——我們必須建立這些資本體系，我們正在這樣做。你可以得到這些高容量的中心；他們得到一個。

And like I said, I spent the last couple of weeks, I'd say, 80% of my time or so has been on PFA, just going to Heartroom Society meeting ,and then a trip to the Northeast United States, just meeting with the leading centers. And the dynamic we're hearing is to get to one Affera system and then there's fighting over that system amongst the different EPs of these systems, and they're now getting their second Affera system.

正如我所說的，過去幾週我大約有 80% 的時間都花在了 PFA 上，只是去參加 Heartroom Society 會議，然後去了美國東北部，與領先的中心會面。我們聽到的動態是，首先要獲得一個 Affera 系統，然後這些系統的不同 EP 之間就會爭奪這個系統，現在他們正在獲得第二個 Affera 系統。

And then we're -- then the catheter sales built from that. Again, it's not a -- once you get the installed base, it's not linear. And the systems are getting this technology. They're not being held back by capital constraints. And if that is an issue, we have opportunities here through contracting to eliminate that friction.

然後我們——然後導管銷售就由此建立。再說一遍，一旦你獲得了安裝基礎，它就不再是線性的了。並且系統正在獲得這項技術。他們沒有受到資本限制的阻礙。如果這是一個問題，我們可以透過簽訂合約來消除這種摩擦。

And then our supply chain has really ramped, right? This was -- we bought Affera; it's a super innovative technology, but then we had to spend quite a bit of time innovating the manufacturing process. That wasn't really designed in with the acquisition. So that's up and running, and we're scaling that. And we're really happy with that.

那麼我們的供應鏈就真的加速了，對嗎？這是－我們收購了阿費拉；這是一項超級創新的技術，但我們必須花費相當多的時間來創新製造流程。這其實並不是收購時的設計。它已啟動並運行，我們正在擴大其規模。我們對此感到非常高興。

And then you've got a nice robust demand -- a robust pipeline. Like I said in the commentary, the only thing that's more exciting than our Sphere-9 catheter that are out there right now is Sphere-360. And that goes right at the heart of the competition, right at them.

然後你就會有強勁的需求——強勁的管道。就像我在評論中所說的那樣，目前唯一比我們的 Sphere-9 導管更令人興奮的是 Sphere-360。而這恰恰擊中了競爭的核心，擊中了他們。

And then we've got Pulse Select, which is not under any kind of supply constraints. And it gives centers around the world an option and a way to blend the pricing as well. So especially in the global area is where the resources aren't as much, you got Pulse; it's a very good system, high quality, very safe. And it's not priced where the Affera is.

然後我們有了Pulse Select，它不受任何供應限制。它也為世界各地的中心提供了一種選擇和一種混合定價的方法。因此，特別是在全球資源不那麼豐富的地區，你就得到了 Pulse；這是一個非常好的系統，高質量，非常安全。而且它的定價與 Affera 的定價不同。

And so what I would say is that we strongly believe in doubling the business. We didn't put a specific timeframe on it, but it's not far off. It's not far off. So I'd say it's more near term, over the next couple of -- maybe -- I don't know if it will exactly happen in the fiscal year, but we're in that ballpark and really excited about it.

所以我想說的是，我們堅信業務能夠翻倍。我們沒有設定具體的時間表，但距離已經不遠了。不遠了。所以我想說這更像是短期內的事情，在接下來的幾年裡——也許——我不知道這是否會在財政年度內準確發生，但我們大概處於這個範圍內，並且對此感到非常興奮。

Thank you, Danielle. Let's take the last question, please, Wyn.

謝謝你，丹妮爾。溫，請讓我們回答最後一個問題。

Shagun Singh, RBC.

沙根·辛格，RBC。

Great. Thank you so much. So a couple of follow-ups on the CAS business. Impressive growth. Can you talk about the mix of cryo? It seems like it's becoming less and less of a headwind. Any color on pricing there? And then on RDN, any updated thoughts on what patient subset you think you could get coverage for?

偉大的。太感謝了。因此，我對 CAS 業務進行了幾點跟進。令人印象深刻的成長。能談談冷凍的混合嗎？看起來逆風已經越來越小了。那裡有定價資訊嗎？然後關於 RDN，您對於哪些患者群體可以獲得保險有什麼最新想法嗎？

Sean, do you want to take the first -- just one?

肖恩，你想先坐一個嗎？就一個？

Sure thing. So first of all, on CAS, cryo become less and less part of the mix, but I think that rate of decline will slow and then that will really aid in the growth of that business going forward. It's still a really valued tool. And particularly in places that don't use general anesthesia and are more cost-constrained, it really is holding up very, very well. So I think it's kind of a near nadir, and it will stay there. And then we'll have growth on top of that.

當然可以。因此，首先，在 CAS 中，低溫療法在組合中所佔的比例越來越小，但我認為下降的速度將會減緩，這將真正有助於該業務未來的成長。它仍然是一個非常有價值的工具。特別是在不使用全身麻醉且成本受限的地方，它確實非常非常有效。所以我認為這幾乎是最低點，而且會保持在那裡。然後我們就會在此基礎上實現成長。

With regard to your question on what we're expecting for coverage of the population of patients. I think what I'd just say is I won't front run the CMS decision-makers here, but what we've been presenting to them is what is the evidence and what are the guidelines professional society is saying? And you know those really track pretty closely.

關於我們對患者群體覆蓋率的期望問題。我想說的是，我不會搶在 CMS 決策者之前，但我們向他們展示的是證據是什麼，專業協會所說的指導方針是什麼？你知道，這些確實跟踪得非常緊密。

So to meet the standard of reasonable and necessary for CMS, I think it's going to be very close to what we've studied and what's being recommended by the guidelines. And that would be patients that both are able to control their blood pressure despite lifestyle and medications. But also those patients that are unable to take medications due to side effects and such.

因此，為了滿足 CMS 合理且必要的標準，我認為它將非常接近我們所研究的內容以及指南所建議的內容。這意味著患者無論生活方式和藥物如何，都能夠控制血壓。但也包括那些因副作用等原因無法服藥的患者。

So I think relatively, broad; we'll find out soon enough in July. But I think just following that evidence and an expert opinion, and the commentary that was collected in the public commentary period will lead to that decision.

所以我認為相對來說比較廣泛；我們很快就會在七月找到答案。但我認為，只要遵循證據和專家意見以及公眾評論期間收集的評論，就能做出這項決定。

Got it. If I could just squeeze in one last one. Just your strategy around portfolio management. I think, Geoff, at some point, you had indicated that you were competitor to areas where you can build an ecosystem, and Diabetes was one of those areas. You're now looking to separate that. Just how should we think about your portfolio management strategy going forward? Thank you for taking the questions.

知道了。如果我能再擠進最後一個就好了。這只是圍繞投資組合管理的策略。傑夫，我想，在某個時候，你曾表示你是可以建立生態系統的領域的競爭對手，而糖尿病就是其中之一。您現在想要將其分開。我們究竟該如何看待您未來的投資組合管理策略？感謝您回答這些問題。

Sure. I mean look, we've been -- as I said before, it's a continuous process. We've been at it. We're going to stay at it. Diabetes is at an end. We exited ventilation -- for different reasons, we exited ventilation. We exited our heart -- our LVAD business. We exited dialysis and now Diabetes.

當然。我的意思是，我們一直——正如我之前所說，這是一個持續的過程。我們一直在做這件事。我們會堅持下去。糖尿病已經終結。我們退出了通風系統—由於不同的原因，我們退出了通風系統。我們退出了我們的心臟—我們的 LVAD 業務。我們已不再接受透析治療，現在又接受糖尿病治療。

And it really comes down to where do we have the secular growth opportunities along with a financial profile like higher margins that works for us, where we have core strengths. And those four, there are different degrees, but I think there's other stuff inside the company that is a higher degree of higher margin growth and aligned around our core synergies and capabilities.

而這實際上取決於我們在哪裡擁有長期成長機會以及適合我們的財務狀況（例如更高的利潤率）以及我們的核心優勢。這四個方面有不同的程度，但我認為公司內部還有其他因素，可以實現更高程度的利潤成長，並圍繞我們的核心協同效應和能力進行調整。

And that's what's really driving it. And so we're -- we like where we are, like I mentioned before, we're in high-growth markets.

這才是真正的推動力。所以，我們喜歡我們現在所處的位置，就像我之前提到的，我們處於高成長市場。

But we'll continue looking at the portfolio. I want this to be both additions and subtractions. We want to do more deals to I think -- the fundamentals of the company are the best I've seen in my nearly 14 years here. And so we are -- the markets that we're in, the technology that we have, our operational -- how we're executing operationally. And we're at a point now where I would like to turn up the heat on some tuck-in M&A to support these strong market positions. So that's part of the portfolio.

但我們將繼續關注投資組合。我希望這既是加法，也是減法。我認為，我們希望達成更多交易——公司的基本面是我在這裡工作近 14 年來見過的最好的。這就是我們所處的市場、我們所擁有的技術、我們的營運——我們的營運執行情況。現在我們正處於這樣一個階段，我希望加強開展一些小型併購，以支持這些強大的市場地位。這就是投資組合的一部分。

And then on the divestiture side, I just talked through that. And it's an ongoing process.

關於資產剝離方面，我剛才已經談過了。這是一個持續的過程。

On that note, just seeing some of the chatter back and forth here, on the Diabetes deal, I do want to clarify the mechanics of it a bit and how this transaction will work because it is it is unique and has unique benefits for Medtronic. So Thierry, could you just hit on that?

就此而言，看到這裡關於糖尿病交易的一些討論，我確實想稍微澄清一下它的機制以及這筆交易將如何運作，因為它是獨一無二的，並且對美敦力有獨特的好處。那麼蒂埃里，你能解答一下嗎？

Sure. Yeah. Thanks, Geoff. So look, the preferred path that we've laid out really has two steps. The first step is we do an IPO of up to 20% of the shares of the new Diabetes company. And what that does is it enables us to raise capital to make sure that the new Diabetes company is fully capitalized. Those proceeds will also cover the costs that are relative to executing the deal overall.

當然。是的。謝謝，傑夫。所以看，我們制定的首選路徑其實有兩個步驟。第一步是我們將新糖尿病公司的 20% 股份進行首次公開發行 (IPO)。這樣做可以讓我們籌集資金，確保新的糖尿病公司有足夠的資本。這些收益也將涵蓋與執行整個交易相關的成本。

And in our projections, it will enable potentially to have some of the proceeds go to Medtronic to potentially apply our capital allocation typical policy. So it provides an opportunity to do a buyback in the first phase.

在我們的預測中，它將有可能使部分收益流向美敦力，從而可能應用我們的資本配置典型政策。因此，它為第一階段的回購提供了機會。

Then there is a second phase, which would -- should occur, I guess, roughly six months after the first phase. And in that second phase, we do a split. And what that means is we post the lock-up period. We give an opportunity for Medtronic shareholders, some of which will have entered the stock to participate to the fit, We give them the option either to keep the Medtronic stock or the swap for stock and the shares in the new Diabetes companies. So the result of that is that it will reduce the share count of Medtronic on a permanent basis.

然後是第二階段，我猜應該發生在第一階段之後大約六個月。在第二階段，我們進行分裂。這意味著我們發布了鎖定期。我們為美敦力股東提供了一個機會，其中一些股東將持有股票以參與此次收購，我們讓他們選擇是保留美敦力股票還是將其換成新糖尿病公司的股票和股份。因此，其結果是，美敦力的股份數量將永久減少。

So this is the accretive effect that it will have on EPS. So it's not a one-off buyback. I want to be clear. It's permanent retirement of the shares corresponding to something probably around 80% of the shares of the new Diabetes company.

這就是它對每股收益所產生的增值效應。所以這不是一次性的回購。我想說清楚。這是永久性的股票退出，約佔新糖尿病公司股票的 80% 左右。

So all this should be a tax-free transaction for US federal income taxes. And the goal is to get everything done within the next 18 months. which means that we will fully consolidate the Diabetes business through 2026 and see the impacts of the deconsolidation and the EPS accretion primarily in 2027.

因此，這一切對於美國聯邦所得稅來說應該是免稅交易。我們的目標是在未來 18 個月內完成所有工作。這意味著我們將在 2026 年之前全面整合糖尿病業務，並在 2027 年主要看到分割和 EPS 成長的影響。

And that one-time EPS bump, we're not looking at that. We see it for what it is. It's a one-time bump, and we're going to apply our algorithm on top of that and grow that EPS year over year like we talked about as part of our algorithm.

我們沒有考慮一次性的每股盈餘成長。我們看清了它的本質。這是一次性的成長，我們將在此基礎上應用我們的演算法，並像我們在演算法中討論的那樣，逐年增加每股收益。

And then additionally, the other benefit, it does reduce with the retired shares. It does reduce the cash burden on the dividend liability. So that's another benefit of it. So it's a unique structure. It's a unique deal, it's a unique structure. And that's why I say it's a win-win.

另外，另一項福利會隨著股票下市而減少。它確實減輕了股息責任的現金負擔。這是它的另一個好處。所以它是一個獨特的結構。這是一項獨特的交易，具有獨特的結構。這就是我說這是雙贏的原因。

So with that, look, sorry for the little technical challenge at the beginning of the call. Thanks for your patience on that. Thanks for going the extra half hour-plus and all the great questions and engagement. I'm sure there'll be a lot of conversations throughout the day. There's a lot of news, a lot of good news. I think we're -- like I said, I'm as excited about the setup as I've ever been, and we're at the early stages of it.

因此，對於通話開始時遇到的小技術難題，我們深感抱歉。感謝您的耐心。感謝您花費額外的半個多小時以及提出的所有精彩問題和參與。我確信這一天將會有很多對話。有很多新聞，很多好消息。我想我們——就像我說的，我對這個設置感到前所未有的興奮，而且我們正處於它的早期階段。

So thanks for all the questions. And to all of those who joined today, we appreciate your support and the continued interest in Medtronic. And we hope that you'll join our Q1 earnings broadcast, which we anticipate holding on Tuesday, August 19, where we'll continue to update you on all the progress here.

感謝大家提出的所有問題。對於今天加入的所有人，我們感謝你們的支持和對美敦力的持續關注。我們希望您能參加我們預計將於 8 月 19 日星期二舉行的第一季財報廣播，屆時我們將繼續向您通報所有進展。

So with that, thanks for spending time with us today, and have a great rest of your day.

所以，感謝您今天抽出時間與我們在一起，並祝您今天剩餘的時間過得愉快。

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Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本記錄中標記為（技術難題）的部分錶示有音訊問題。如果有重播，將會提供缺少的文字。