美敦力 (MDT) 2026 Q1 法說會逐字稿

Hello, everyone, and thanks for joining us today for our fiscal '26 first quarter video earnings webcast. I'm Ryan Weispfenning, Vice President and Head of Medtronic Investor Relations.

大家好，感謝您今天收看我們的 26 財年第一季視訊收益網路廣播。我是美敦力公司副總裁兼投資人關係主管 Ryan Weispfenning。

Joining me here today are Geoff Martha, Chairman and Chief Executive Officer; and Thierry Pieton, Chief Financial Officer.

今天與我一起出席的還有董事長兼首席執行官傑夫·瑪莎 (Geoff Martha) 和首席財務官蒂埃里·皮頓 (Thierry Pieton)。

Geoff and Thierry will provide comments on the results of our first quarter, which ended on July 25, 2025, and our outlook for the remainder of fiscal year '26. After our prepared remarks, we'll take questions from the sell-side analysts that cover the company.

傑夫和蒂埃里將對我們截至 2025 年 7 月 25 日的第一季業績以及 2026 財年剩餘時間的展望發表評論。在我們準備好發言之後，我們將回答負責該公司的賣方分析師的問題。

Today's program should last about an hour. Earlier this morning, we issued a press release discussing our results and containing several financial schedules. 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.

今天的節目大約持續一個小時。今天早些時候，我們發布了一份新聞稿，討論了我們的業績並包含幾個財務時間表。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.

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。

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

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，我們無需更新任何前瞻性聲明。

Unless we say otherwise, all comparisons are on a year-over-year basis and revenue comparisons are made on an organic basis, which excludes the impact of foreign currency and first quarter revenue in the current and prior year reported as Other. References to sequential revenue changes compare to the fourth quarter of fiscal '25 and are made on an as-reported basis.

除非我們另有說明，所有比較均按同比計算，收入比較按有機基礎進行，不包括外幣影響以及報告為「其他」的當年和上年第一季收入。連續收入變化參考與 25 財年第四季相比，並且是基於報告的基礎。

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

所有股票參考均基於收入和同比數據，並將我們的第一個財政季度與競爭對手的第二日曆季度進行比較。所有非 GAAP 財務指標的對帳表可在我們的收益新聞稿或我們的網站 investorrelations.medtronic.com 上找到。

And finally, our EPS guidance does not include any charges or gains that would be reported as non-GAAP adjustments to earnings during the fiscal year.

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, over to you, Geoff.

接下來就交給你了，傑夫。

All right. Thanks, Ryan, and hello, everybody. Welcome to the call. Welcome to the new look. And as you've seen from our press releases, we have a lot to talk about today. So why don't we just jump in, and I'll get going on our Q1 results here.

好的。謝謝，瑞安，大家好。歡迎來電洽詢。歡迎來到新面貌。正如您從我們的新聞稿中看到的，我們今天有很多事情要談。那我們為什麼不直接開始呢，我將在這裡開始討論我們的第一季業績。

So we started the fiscal year by delivering another consistent quarter of mid-single-digit revenue growth. And look, we remain confident in our ability to accelerate growth as we move through fiscal '26. Our top line growth for the quarter was in line with our guidance, and EPS came in ahead of guidance.

因此，我們在本財年伊始就實現了另一個持續的中位數個位數營收成長。而且，我們仍然對自己在 26 財年加速成長的能力充滿信心。本季我們的營業收入成長符合我們的預期，每股盈餘也超出了預期。

Look, the entire organization is working with laser focus to execute on the incredible set of opportunities Medtronic has in front of us. And we're pleased to be able to raise our EPS guidance for the full year on the back of the strong start of the year. And as you're going to hear today, Medtronic is -- we're at the forefront of med tech innovation across product categories, and we're on the cusp of an acceleration in our financial results and our strategy.

瞧，整個組織都在全力以赴地抓住美敦力擺在我們面前的一系列不可思議的機會。我們很高興能夠憑藉今年強勁的開局提高全年每股收益預期。正如大家今天所聽到的，美敦力－我們處於各個產品類別醫療技術創新的前沿，我們的財務表現和策略正處於加速發展的階段。

So let me take you through some key portfolio highlights before I turn the call over to Thierry, who's going to walk through the results across all of our businesses.

因此，在將電話轉給 Thierry 之前，請容許我向您介紹一些關鍵的投資組合亮點，Thierry 將介紹我們所有業務的表現。

So I'm going to start with cardiovascular, which grew high single digits again this quarter, and that's off a high single-digit comparison in the prior year. And this is driven by our innovative product portfolio and a relentless execution in what is a core right-to-win area of the market for us. We achieved double-digit growth in cardiac surgery, in ICDs and in Leadless Pacing. And critically, we reached nearly 50% growth in Cardiac Ablation Solutions on the rollout of our PFA systems.

因此，我將從心血管疾病開始，本季該疾病再次實現了高個位數成長，與前一年相比也實現了高個位數成長。這是由我們創新的產品組合和在我們市場的核心製勝領域中的不懈執行所推動的。我們在心臟手術、ICD 和無導線起搏方面實現了兩位數的成長。至關重要的是，隨著 PFA 系統的推出，我們的心臟消融解決方案實現了近 50% 的成長。

This performance is reflective of our execution capabilities. And we're excited that our growth momentum in this pivotal area is only really just beginning. Look, this past quarter, I've witnessed Affera and our competitors in action in several ablation cases. And I can tell you firsthand that the advantages that we're bringing to the market in terms of procedure time and ease of use are truly differentiated. Physician feedback and utilization levels of our equipment are phenomenal. And we have more conviction than ever that we have the right technology and the product pipeline to catapult us to category leadership in cardiac ablation.

這一表現反映了我們的執行能力。我們很高興看到我們在這個關鍵領域的成長勢頭才剛剛開始。看看，在過去的一個季度，我見證了 Affera 和我們的競爭對手在幾起消融案例中的表現。我可以親自告訴您，我們在手術時間和易用性方面為市場帶來的優勢確實與眾不同。醫生對我們設備的回饋和利用率非常高。我們比以往任何時候都更加堅信，我們擁有正確的技術和產品線，可以使我們躍居心臟消融領域的領先地位。

Now in Neuroscience. We grew 3%, supported by high single-digit growth in both Neurosurgery and Neuromodulation. Look, as I mentioned last quarter, our spine AiBLE ecosystem is driving differentiated share gains as health systems, they're not just updating one piece of capital equipment when they upgrade, they're upgrading to the full AiBLE ecosystem, which is a powerful thing for us and creates a real moat, a competitive moat, around that business.

現在從事神經科學研究。我們實現了 3% 的成長，這得益於神經外科和神經調節領域的高個位數成長。正如我在上個季度提到的那樣，我們的脊椎 AiBLE 生態系統正在推動醫療系統的差異化份額增長，它們在升級時不僅僅是更新一件資本設備，而是升級到完整的 AiBLE 生態系統，這對我們來說是一件強大的事情，並圍繞該業務創造了真正的護城河，競爭護城河。

In Neuromod, our innovative closed-loop sensing technology in both Pain Stim and Brain Modulation, combined with our strong commercial execution, is also winning share.

在 Neuromod 中，我們在疼痛刺激和腦調節方面的創新閉環感測技術，結合我們強大的商業執行力，也正在贏得市場份額。

That said, our Neuroscience growth was a bit below trend due to our Specialty Therapies businesses, which was the result of some delivery changes we'll discuss in a few moments. But we expect to improve starting in Q2 and further accelerate in the back half of the fiscal year.

也就是說，由於我們的專業治療業務，我們的神經科學成長略低於趨勢，這是我們稍後將討論的一些交付變化的結果。但我們預計從第二季開始情況會有所改善，並在本財年下半年進一步加速。

Switching to MedSurg. MedSurg grew 2% this quarter, in line with our current expectations. And Diabetes continued to grow above the company average on the strength of our 780G system and Simplera Sync sensor in international markets.

切換到 MedSurg。MedSurg 本季成長了 2%，符合我們目前的預期。憑藉我們 780G 系統和 Simplera Sync 感測器在國際市場上的強勁表現，糖尿病業務的成長速度持續高於公司平均水平。

So looking ahead, we're well positioned to accelerate growth in each of our segments in the second half of the year.

因此，展望未來，我們已做好準備，在下半年加速各部門的成長。

In our earnings deck that we posted earlier today, we outlined several milestones that we have coming over the rest of the fiscal year that will drive this acceleration, the largest, of course, being our CAS business with our continued rollout of our PFA portfolio. In Q2, we expect our CAS business to grow even faster than the nearly 50% growth we posted this past quarter. And we continue to have near-term line of sight to adding an incremental $1 billion in revenue off of our fiscal '25 base. Demand remains extremely high, and we're executing against our plans to quickly ramp mapping system and catheter supply.

在我們今天稍早發布的收益報告中，我們概述了本財年剩餘時間內將要實現的幾個里程碑，這些里程碑將推動這一加速發展，其中最大的當然是我們的 CAS 業務以及我們繼續推出的 PFA 產品組合。在第二季度，我們預計 CAS 業務的成長速度將比上一季近 50% 的增幅還要快。我們近期的目標是在 25 財年基礎上增加 10 億美元的營收。需求仍然非常高，我們正在按照計劃快速增加測繪系統和導管供應。

And CAS is just one of several upcoming growth accelerators for cardiovascular. Let's talk Renal Denervation. We're expecting the final national coverage from CMS on or before October 8, and we expect the US launch of our Symplicity procedure for hypertension to ramp after that.

CAS 只是心血管領域即將出現的幾個成長加速器之一。讓我們來談談腎臟去神經支配。我們預計 CMS 將於 10 月 8 日或之前在全國範圍內進行最終覆蓋，並且我們預計此後我們針對高血壓的 Symplicity 程序在美國的推廣將加速。

And our Peripheral Vascular business will start the launch of our Contego carotid stent system this quarter and our Liberant mechanical thrombectomy system in the second half of the fiscal year.

我們的周邊血管業務將於本季開始推出我們的 Contego 頸動脈支架系統，並於本財年下半年推出我們的 Liberant 機械血栓切除系統。

Now in Neuroscience, we're poised to accelerate growth starting this quarter with further acceleration in the back half of the fiscal year. First, we expect our Pelvic Health business to be a key driver for this segment in fiscal '26 and beyond. Importantly, ahead of our tibial launch this fall, we took the opportunity to make some significant changes to our commercial organization in Pelvic Health in Q1. Now while this had some short-term impact in the quarter as we expected, it sets us up. It sets us up to capitalize on the large opportunity ahead as we anticipate accelerating growth from this business as we go through the year.

現在，在神經科學領域，我們準備從本季開始加速成長，並在本財年下半年進一步加速。首先，我們預期骨盆腔健康業務將成為 26 財年及以後該領域的主要驅動力。重要的是，在今年秋季推出脛骨產品之前，我們藉此機會在第一季度對骨盆健康的商業組織做出了一些重大改變。雖然正如我們預期的那樣，這對本季度產生了一些短期影響，但它也為我們做好了準備。它使我們能夠利用未來的巨大機遇，因為我們預計這項業務將在今年加速成長。

In Neurovascular, we expect growth to accelerate each quarter as we go through the remainder of the fiscal year and as we lap China VBP and product recall comps. And we also have some new products ramping in carotid stenting and our hemorrhagic portfolio.

在神經血管領域，隨著我們度過本財年的剩餘時間以及我們超越中國 VBP 和產品召回公司，我們預計每個季度的成長都會加速。我們也在頸動脈支架植入術和出血性疾病產品組合中推出了一些新產品。

Now in Surgical, we have the US launch for Hugo in the back half of the fiscal year, which we expect to be accretive to growth.

現在，在外科領域，我們將在本財年下半年在美國推出 Hugo，我們預計這將促進成長。

And in Diabetes, we expect performance to accelerate as we launch two new sensors, Simplera Sync this fall and the Abbott-based sensor, which we're calling Instinct in the coming months. Simplera is half the size of our current sensor. It's disposable and it's much easier to put on with no overtape. And with Instinct, our customers will get access to Abbott's most advanced CGM platform.

在糖尿病領域，隨著我們推出兩款新感測器，我們預計性能將會加速，今年秋天我們將推出 Simplera Sync，而基於雅培的感測器（我們將在未來幾個月內稱之為 Instinct）。Simplera 的尺寸是我們目前感測器的一半。它是一次性的，而且不需要膠帶，戴上會更容易。透過 Instinct，我們的客戶將可以使用雅培最先進的 CGM 平台。

And when you combine these improved sensors with our MiniMed 780G and its exclusive meal detection technology, we expect to see a positive inflection in our installed base and revenue growth.

當將這些改進的感測器與我們的 MiniMed 780G 及其獨特的膳食檢測技術相結合時，我們預計我們的安裝基數和收入成長將出現積極的變化。

As for the separation of our Diabetes business, MiniMed we're calling it, it is proceeding according to plan. MiniMed is entering a strong innovation cycle in its own right. The separation will sharpen Medtronic's focus on our core businesses, including high-growth opportunities like we discussed, PFA and Ardian and others. And it will also allow Medtronic to grow revenue and earnings faster without Diabetes than we do with it today. We continue to expect the separation to be immediately EPS accretive even with conservative valuations and this portfolio move will be a value-creating separation for Medtronic shareholders.

至於我們糖尿病業務（我們稱之為 MiniMed）的分離，它正在按計劃進行。MiniMed 本身正在進入一個強勁的創新週期。此次分離將加強美敦力對核心業務的關注，包括我們討論過的PFA、Ardian等高成長機會。而且它還將使美敦力公司在沒有糖尿病的情況下比現在更快地增加收入和收益。即使估值保守，我們仍預期此次分離將立即帶來每股盈餘增值，而這項投資組合變動將為美敦力股東創造價值。

Clearly, look, there's a lot to be excited about at Medtronic in the next few quarters. And as a result of the strength of our product pipeline, we're confident that not only will our revenue growth inflect in the near term, but we'll also achieve higher earnings growth over time. This will come through a combination of natural P&L leverage and decisive urgent action we're taking to improve efficiency in both COGS and our operating expenses.

顯然，美敦力在未來幾季有很多值得興奮的事情。由於我們產品線的強大，我們相信，我們的收入成長不僅會在短期內發生變化，而且隨著時間的推移，我們還將實現更高的獲利成長。這將透過自然的損益槓桿和我們正在採取的果斷緊急行動來實現，以提高銷貨成本和營運費用的效率。

We're creating an environment at Medtronic where innovation fuels growth and growth in turn creates the oxygen needed to fuel more high ROI investments into innovation. We've already started increasing these investments, as you saw this quarter, with our high single-digit increase in R&D. And it is these investments that will make our earnings power durable.

我們正在美敦力創造一個環境，​​讓創新推動成長，而成長反過來又能創造所需的氧氣，以推動更多高投資報酬率的創新投資。正如您在本季看到的，我們已經開始增加這些投資，研發支出實現了高個位數成長。正是這些投資將使我們的獲利能力持久。

Now with that, I'll turn it over to Thierry, who's going to cover the details of our business performance, our financials, and of course, our guidance. So over to you, Thierry.

現在，我將把時間交給蒂埃里 (Thierry)，他將詳細介紹我們的業務表現、財務狀況，當然還有我們的指導。那麼交給你了，蒂埃里。

Thanks, Geoff, and hello, everyone. So I'll start first with our cardiovascular portfolio. So CV grew 7% this quarter, led by Cardiac Ablation Solutions. CAS growth continued to accelerate to nearly 50%, including low 70s growth in both the US and Japan and low 30s growth in international markets.

謝謝，傑夫，大家好。因此，我將首先介紹我們的心血管產品組合。因此，在心臟消融解決方案的帶動下，本季 CV 增加了 7%。CAS 成長率持續加速至近 50%，其中美國和日本的成長率均為 70% 出頭，國際市場的成長率為 30% 出頭。

This rapid growth is being driven by high demand for our Pulsed Field Ablation system including our PulseSelect anatomical catheter and especially our Sphere-9 focal catheter and a Affera mapping system. Affera mapping system utilization is high and the Sphere-9 catheters are being used in a wide variety of cases.

這種快速增長是由對我們的脈衝場消融系統（包括我們的 PulseSelect 解剖導管，特別是我們的 Sphere-9 焦點導管和 Affera 映射系統）的高需求所推動的。Affera 映射系統利用率很高，Sphere-9 導管廣泛應用於各種病例。

Our teams are quickly ramping supply and our mapper hiring is on track. This is allowing us to enter new accounts as well as going deeper into more labs in our established accounts.

我們的團隊正在迅速增加供應，我們的測繪員招募工作也進展順利。這使我們能夠進入新帳戶，並深入現有帳戶中的更多實驗室。

We're still early in the rollout, and we continue to execute with urgency to capitalize on this massive opportunity. We expect to continue to win share in this $11 billion space that is now growing over 25%.

我們仍處於推出的早期階段，我們將繼續緊急執行以利用這一巨大的機會。我們期望繼續在這個價值 110 億美元的領域贏得份額，目前該領域的成長率超過 25%。

As we look forward, we're advancing our PFA pipeline, including our next-gen Affera Sphere-360 catheter. We hear from many EPs that Sphere-360 is the most anticipated single-shot catheter in this space, driven by very positive early clinical data. We're expecting to start the pivotal trial for Sphere-360 this calendar year.

展望未來，我們正在推進我們的 PFA 管道，包括我們的下一代 Affera Sphere-360 導管。我們從許多 EP 那裡聽說，Sphere-360 是該領域最受期待的單次注射導管，這要歸功於非常積極的早期臨床數據。我們預計今年開始對 Sphere-360 進行關鍵試驗。

Next, in structural heart, we grew 6%. We continued to gain traction with our Evolut FX and TAVR device and our differentiated clinical evidence. We're getting our fair share of international revenue from Boston Scientific's market exit. We're also gaining momentum in several geographies, including Japan. We expect all of this to drive continued strength in our TAVR franchise in the quarters ahead.

其次，在結構核心方面，我們成長了 6%。我們的 Evolut FX 和 TAVR 設備以及差異化的臨床證據繼續獲得關注。我們從波士頓科學公司的市場退出中獲得了公平的國際收入份額。我們在包括日本在內的多個地區也取得了發展勢頭。我們預計所有這些都將在未來幾季推動我們的 TAVR 特許經營業務繼續走強。

In Cardiac Rhythm Management, we grew 3%, with 6% growth in defibrillation solutions and 3% in cardiac pacing therapies offset by cardiovascular diagnostics. We continued to see strong adoption of our premium innovative products, including 83% growth of AURORA EV-ICD, 14% growth in Micra leadless pacemakers and 21% growth with our 3830 conduction system pacing lead.

在心律管理方面，我們成長了 3%，其中去顫解決方案增加了 6%，心臟起搏治療增加了 3%，但被心血管診斷所抵消。我們繼續看到優質創新產品的強勁應用，包括 AURORA EV-ICD 成長 83%、Micra 無導線起搏器成長 14% 以及 3830 傳導系統起搏導線成長 21%。

In hypertension, we were very pleased with CMS' proposed NCD for our Symplicity system that they issued last month. as well as the positive comments that came in during the public comment period. And then last week, we received the news that the ACC and AHA issued updated guidelines recognizing Ardian as a treatment option for hypertension. These are very important steps to providing patients access to our innovative Symplicity procedure.

在高血壓方面，我們對 CMS 上個月發布的針對我們的 Symplicity 系統的 NCD 提案以及公眾評論期間收到的積極評論感到非常滿意。上週，我們收到消息稱，ACC 和 AHA 發布了更新的指南，承認 Ardian 是治療高血壓的一種選擇。這些都是讓患者能夠使用我們創新的 Symplicity 手術的非常重要的步驟。

Nearly half of US adults have hypertension and one in four are uncontrolled despite the broad availability of numerous generic drugs. CMS now expects to finalize the NCD on or before October 8, and we expect procedures to ramp following that.

儘管有多種仿製藥可供使用，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無法控制。CMS 現預計將於 10 月 8 日或之前完成 NCD，我們預計此後程序將逐步推進。

Ahead of this, we're working with health care systems across the US to train physicians and help them establish Symplicity service lines. We're rapidly hiring clinical specialists and market development and health care economics managers to drive the future growth. They will work alongside our existing coronary sales force to provide support for this important new treatment.

在此之前，我們正在與美國各地的醫療保健系統合作，培訓醫生並協助他們建立 Symplicity 服務線路。我們正在迅速招募臨床專家、市場開發和醫療經濟經理來推動未來的成長。他們將與我們現有的冠狀動脈銷售團隊一起為這項重要的新療法提供支援。

We also continue to invest in next-gen Ardian technology, including our next-gen catheter that will provide radial access. And we enrolled our first patient in our multi-organ denervation pilot study, which is called SPYRAL GEMINI.

我們也將繼續投資下一代 Ardian 技術，包括可提供徑向通路的下一代導管。我們在多重器官去神經支配試驗研究中招募了第一位患者，該研究名為 SPYRAL GEMINI。

Now turning to the Neuroscience business, which grew 3%. Our Cranial & Spinal Technologies business grew mid-single digits, including 5% US core Spine growth and 8% US Neurosurgery growth. As Geoff mentioned, we had a strong capital equipment quarter as our differentiated AiBLE spine ecosystem continues to win share. Several categories of our enabling equipment grew double digit globally, including Mazor, O-arm, Midas Rex and StealthStation.

現在轉向神經科學業務，成長了 3%。我們的顱腦和脊椎技術業務實現了中等個位數成長，其中美國核心脊椎成長 5%，美國神經外科成長 8%。正如 Geoff 所提到的，由於我們差異化的 AiBLE 主幹生態系統繼續贏得份額，我們本季的資本設備表現強勁。我們的幾類支援設備在全球範圍內實現了兩位數成長，包括 Mazor、O-arm、Midas Rex 和 StealthStation。

In Neuromodulation, we had another very strong quarter, growing 9%. In Pain Stim, we grew 10% globally, including 11% in the US. Our Inceptiv system, with its responsive real-time therapy adjustments, is giving patients greater freedom.

在神經調節方面，我們又度過了一個非常強勁的季度，成長了 9%。在 Pain Stim 領域，我們在全球成長了 10%，其中在美國成長了 11%。我們的 Inceptiv 系統具有響應式即時治療調整功能，為患者提供了更大的自由。

And in Brain Modulation, we grew high single digits as our groundbreaking BrainSense adaptive DBS technology is launching in the US, Europe and Japan. BrainSense is a fully closed-loop brain computer interface that automatically provides personalized, real-time therapy adjustments based on brain activity feedback for patients with Parkinson's disease.

在腦部調節領域，隨著我們突破性的 BrainSense 自適應 DBS 技術在美國、歐洲和日本推出，我們的收入實現了高個位數成長。BrainSense 是一個全閉環腦機接口，可根據帕金森氏症患者的大腦活動回饋自動提供個人化、即時的治療調整。

Next, turning to our MedSurg portfolio, which grew 2%. Our Surgical business also grew 2% this quarter. The business had high single-digit growth in Advanced Energy where our market-leading LigaSure vessel sealing technology won share again for the 12th quarter in a row. This, combined with high single-digit growth in emerging markets, helped offset two ongoing, but stable market pressures, one is in bariatric surgery and the other is from the shift to robotic surgery, and both are primarily in the US.

接下來，談談我們的 MedSurg 投資組合，成長了 2%。本季我們的外科業務也成長了 2%。Advanced Energy 的業務實現了高個位數成長，我們市場領先的 LigaSure 血管封閉技術連續第 12 個季度再次贏得市場份額。再加上新興市場的高個位數成長，這一成長幫助抵消了兩個持續但穩定的市場壓力，一個是減肥手術，另一個是向機器人手術的轉變，這兩個市場主要都在美國。

We continue to expect our Surgical growth to improve over time, starting in the back half of the fiscal year as we begin to expand the launch of Hugo. Earlier this calendar year, we filed for FDA approval for Hugo and we're looking forward to launching it in the important US market.

我們繼續預計，隨著我們開始擴大 Hugo 的推出，從本財年下半年開始，我們的外科手術成長將隨著時間的推移而改善。今年早些時候，我們向 FDA 申請了 Hugo 的批准，我們期待將其推向重要的美國市場。

In international markets, we're making good progress in Surgical Robotics as our revenue and procedure volumes continued to grow.

在國際市場上，隨著收入和手術量持續成長，我們在手術機器人領域取得了良好進展。

Last month, we received CE Mark for LigaSure technology on Hugo. This was an important step for our robotic offering, given that LigaSure is the most preferred vessel sealing technology in the world, having been used over 35 million procedures.

上個月，我們獲得了 Hugo 的 LigaSure 技術 CE 標誌。這對我們的機器人產品來說是重要的一步，因為 LigaSure 是世界上最受歡迎的血管封閉技術，已被用於超過 3500 萬例手術。

Robotics and the ecosystems that robotic-assisted surgery enables are important for our Surgical business. And as we look ahead, we see robotics and our world-class digital and AI capabilities as an important strategic differentiator that will benefit many of our franchises at Medtronic.

機器人技術和機器人輔助手術所支援的生態系統對我們的外科業務至關重要。展望未來，我們將機器人技術和我們世界一流的數位和人工智慧能力視為重要的策略差異化因素，這將使美敦力的許多特許經營店受益。

To wrap up our business performance, in Diabetes, we grew 8%. This included 11% growth in international markets, where our Simplera sensor technology is already available. We've heavily invested in Diabetes over the past few years, and now we're entering a strong innovation cycle with both new technology and new indications. Last month, we received CE Mark for expanded indications for the 780G for type 2 diabetes, children as young as two and during pregnancy.

總結我們的業務表現，在糖尿病領域，我們的業務成長了 8%。其中國際市場成長了 11%，我們的 Simplera 感測器技術已在國際市場上應用。過去幾年，我們在糖尿病領域投入了大量資金，現在我們正進入一個強勁的創新週期，既有新技術，也有新適應症。上個月，我們獲得了 CE 標誌，擴大了 780G 的適應症，可用於治療 2 型糖尿病、2 歲以下兒童和孕婦。

Looking ahead, in addition to launching the two new sensors that Geoff mentioned, we're expecting type 2 approval in the US in the coming months. And we also continue to make progress with our new insulin pump systems. We intend to submit our next-generation durable pump, the MiniMed Flex, to the US FDA by the end of the fiscal year. Flex is much smaller than 780G as the screen on your phone, allowing for more discreet placement while still using the same reservoirs and infusion sets. And Flex will work with both Simplera Sync and Instinct sensors.

展望未來，除了推出 Geoff 提到的兩款新感測器外，我們還預計未來幾個月將在美國獲得 2 型批准。我們的新型胰島素幫浦系統也不斷取得進展。我們打算在本財政年度結束前向美國 FDA 提交我們的下一代耐用幫浦 MiniMed Flex。Flex 比 780G 小得多，就像手機上的螢幕一樣，可以更隱密地放置，同時仍使用相同的儲液器和輸液器。Flex 可與 Simplera Sync 和 Instinct 感測器搭配使用。

Finally, as mentioned, our planned separation of MiniMed is on track. Our preferred path continues to be a two step, IPO and split, which we expect to have fully completed within 15 months from now. Upon separation, we continue to expect approximately 50 basis points of gross margin improvement and 100 basis points of operating margin improvement.

最後，正如所提到的，我們對 MiniMed 的分離計劃正在按計劃進行。我們首選的方案仍然是分兩步走，即 IPO 和拆分，我們預計從現在起 15 個月內將全面完成。分離後，我們仍預期毛利率將提高約 50 個基點，營業利潤率將提高 100 個基點。

Now turning to the financials. Q1 revenue of $8.6 billion grew 8.4% reported and 4.8% organic, in line with our guidance.

現在談談財務。第一季營收為 86 億美元，報告成長 8.4%，有機成長 4.8%，符合我們的預期。

Our adjusted gross margin was 65.1%, down 80 basis points year-over-year. This was expected and stable when compared to Q4.

我們的調整後毛利率為 65.1%，較去年同期下降 80 個基點。與第四季度相比，這是預期的並且是穩定的。

I'll walk you through the four main components that drove the gross margin this quarter. First, we continued to benefit from pricing as we launched new products and maintained pricing discipline on contracting, and this had a 30 basis points benefit.

我將向您介紹影響本季毛利率的四個主要因素。首先，隨著我們推出新產品並在簽訂合約時保持定價紀律，我們繼續從定價中受益，這帶來了 30 個基點的收益。

Second, business mix, as I noted last quarter, continues to be a near-term headwind, approximately 70 basis points this quarter split roughly equally between CAS and Diabetes. CAS today is impacted by the mix of lower-margin capital to higher-margin catheters and Diabetes is early in its manufacturing ramp of the Simplera sensor. Over time, we expect both of these to improve as we scale our CAS business and separate the Diabetes business.

其次，正如我上個季度所指出的，業務組合仍然是近期的阻力，本季約有 70 個基點在 CAS 和糖尿病之間大致平均分配。目前，CAS 受到低利潤資本與高利潤導管組合的影響，而糖尿病部門正處於 Simplera 感測器製造的早期階段。隨著時間的推移，隨著我們擴大 CAS 業務並分離糖尿病業務，我們預計這兩者都會得到改善。

Third, our COGS efficiency programs, net of inflation, continued to benefit gross margin as our global operations and supply chain organization execute to deliver savings on materials and drive efficiencies in our manufacturing plants. This quarter, this was more than offset primarily by the manufacturing ramp of Affera that we incurred last year. The net of these items was a 50 basis points headwind.

第三，由於我們的全球營運和供應鏈組織實施了材料節約計劃並提高了製造工廠的效率，扣除通貨膨脹因素後，我們的 COGS 效率計劃繼續使毛利率受益。本季度，這一成長主要被我們去年增加的 Affera 產量所抵消。這些項目的淨額是50個基點的逆風。

And finally, foreign exchange was a 10 basis points tailwind to gross margin.

最後，外匯對毛利率產生了 10 個基點的順風作用。

Moving down the P&L. Adjusted R&D was up 7.7%, 100 basis points ahead of revenue growth. We're allocating significant capital to high-growth projects across our businesses, including large increases in both Cardiovascular and Diabetes.

降低損益。調整後的研發費用成長了 7.7%，比營收成長高出 100 個基點。我們正在為各個業務的高成長項目分配大量資金，包括心血管和糖尿病領域的大幅成長。

With SG&A, we continued to drive leverage, growing at 170 basis points below revenue growth. Importantly, we drove the significant leverage while also increasing investment in growth areas, including CAS as we hired more mappers, and Ardian as we develop the market. We are extremely focused on making sure we fuel our growth drivers to maximize the opportunities from these technological breakthroughs.

由於銷售、一般及行政費用，我們持續推高槓桿率，成長率比營收成長率低 170 個基點。重要的是，我們在發揮顯著槓桿作用的同時，也增加了對成長領域的投資，包括我們僱用更多測繪員的 CAS 和我們開發市場的 Ardian。我們非常注重確保我們能夠激發成長動力，最大限度地利用這些技術突破帶來的機會。

Our adjusted operating profit was $2 billion, resulting in an adjusted operating margin of 23.6%.

我們的調整後營業利潤為 20 億美元，調整後營業利益率為 23.6%。

Below the operating profit line, our adjusted tax rate was 17.8%, about 70 basis points better than expectations due to jurisdictional mix of profits. The FX impact on EPS was neutral in the first quarter, a couple of cents better than anticipated given rate movements throughout the quarter.

在營業利潤線以下，我們的調整後稅率為 17.8%，由於管轄利潤組合，比預期高出約 70 個基點。第一季度，外匯對每股盈餘的影響是中性的，比整個季度匯率變動所預期的影響要好幾美分。

The net result was adjusted EPS of $1.26, $0.03 above the midpoint of our guidance.

淨結果是調整後的每股收益為 1.26 美元，比我們的預期中位數高出 0.03 美元。

Now let's move to our guidance. On the top line, we continue to expect fiscal year 2026 organic revenue growth of approximately 5%. In Q2, we're expecting 4.5% to 5% organic growth, similar to what we just delivered in the first quarter. As Geoff covered earlier, we're expecting revenue growth to accelerate in the back half of the fiscal year.

現在讓我們開始我們的指導。就營收而言，我們繼續預期 2026 財年的有機收入將成長約為 5%。我們預計第二季有機成長率為 4.5% 至 5%，與第一季的成長率相似。正如 Geoff 先前所述，我們預計本財年下半年營收成長將會加速。

Based on recent FX rates, which have moved substantially over the past quarter, we now see a tailwind of revenue of $550 million to $650 million in fiscal '26. This is over a $0.5 billion positive increase versus three months ago.

根據最近一個季度大幅波動的外匯匯率，我們預計 26 財年的營收將成長 5.5 億美元至 6.5 億美元。與三個月前相比，這一數字增加了 5 億美元以上。

In Q2, FX is currently $50 million to $100 million tailwind based on the recent rates.

根據最近的匯率，第二季外匯交易目前處於 5,000 萬至 1 億美元的順風水準。

Moving down the P&L, we're continuing to drive pricing discipline and to deliver savings on our COGS efficiency programs. These will be offset in the near term by continued business mix primarily in CAS and Diabetes.

在損益表中，我們將繼續推動定價紀律，並透過 COGS 效率計畫節省開支。這些影響將在短期內透過主要在 CAS 和糖尿病領域的持續業務組合來抵消。

Regarding tariffs, you will recall we outlined two scenarios when we gave our annual guidance last quarter. Given where we are in the year, we can take the worst case $350 million scenario off the table for this year. And the $200 million scenario has modestly improved, driven by our execution on mitigation efforts. As a result, tariffs are now expected to be approximately $185 million for fiscal 2026.

關於關稅，您會記得我們在上個季度提供年度指導時概述了兩種情景。考慮到今年的狀況，我們可以排除今年最壞的 3.5 億美元的情況。在我們實施緩解措施的推動下，2 億美元的情境略有改善。因此，預計2026財年的關稅約為1.85億美元。

We also remain committed to increase investment in our current and future growth drivers, resulting in increased R&D and sales and marketing spend. At the same time, we are confident in our ability to drive leverage with our G&A expenses.

我們也將繼續致力於增加對當前和未來成長動力的投資，從而增加研發、銷售和行銷支出。同時，我們對利用一般及行政費用推動槓桿作用的能力充滿信心。

Accordingly, there's no change in our expectation for fiscal 2026 operating profit to grow materially faster than revenue.

因此，我們對 2026 財年營業利潤成長速度將大幅高於營收成長速度的預期並沒有改變。

Given our Q1 results, we're raising our underlying fiscal 2026 EPS growth expectation, which excludes the impact of tariffs to 4.5% versus the prior 4%. FX is now a flat to 1% benefit to fiscal '26 EPS. Including the impact of tariffs, we're now guiding EPS in the range of $5.60 to $5.66, a raise from our prior range of $5.50 to $5.60.

鑑於我們第一季的業績，我們將 2026 財年每股收益成長預期（不包括關稅的影響）從先前的 4% 提高到 4.5%。目前，外匯對 26 財年每股收益的收益為持平至 1%。包括關稅的影響在內，我們目前預計每股收益在 5.60 美元至 5.66 美元之間，高於先前的 5.50 美元至 5.60 美元。

For Q2, we would expect EPS of $1.30 to $1.32, which includes an approximate 1% benefit from foreign currency based on recent rates as well as an approximate $18 million negative impact coming from tariffs.

對於第二季度，我們預計每股收益為 1.30 美元至 1.32 美元，其中包括根據近期匯率計算的約 1% 的外匯收益以及關稅帶來的約 1800 萬美元的負面影響。

As I mentioned last quarter, we're expecting high single-digit EPS growth in fiscal year '27, driven by accelerating revenue growth, improved business mix from CAS and Diabetes as well as the other financial benefit of the Diabetes separation.

正如我上個季度提到的，我們預計 27 財年的每股盈餘將實現高個位數成長，這得益於營收成長加速、CAS 和糖尿病業務組合改善以及糖尿病分離帶來的其他財務收益。

To conclude, our confidence is building. We're advancing our growth drivers to accelerate revenue and growth. And we're executing on efficiencies in manufacturing and supply chain and operating expenses to drive earnings growth. At the same time, we're increasing our growth investments in R&D and sales and marketing, all with a deliberate focus on creating long-term shareholder value.

總而言之，我們的信心正在增強。我們正在推進成長動力，以加速收入和成長。我們正在提高製造和供應鏈以及營運費用的效率，以推動獲利成長。同時，我們正在增加對研發、銷售和行銷的成長投資，所有這些都是為了創造長期股東價值。

Geoff, back to you.

傑夫，回到你身邊。

Okay. Thank you, Thierry. And before we go to Q&A, I want to make a few brief remarks on the shareholder value creation initiatives we announced this morning in partnership with Elliott Management and on the opportunity that we both see ahead for Medtronic.

好的。謝謝你，蒂埃里。在進入問答環節之前，我想簡要談談我們今天早上與 Elliott Management 合作宣布的股東價值創造計劃，以及我們都看到的美敦力未來的機會。

Today, we've announced a series of governance enhancements that will help capitalize on the enormous opportunities in front of us and unlock the full extent of Medtronic's potential. To start, we've appointed two new independent Board members, John Groetelaars and Bill Jellison, each of whom bring deep operational expertise in med tech and fresh perspectives to the table. The Board and I are excited to welcome both John and Bill to Medtronic.

今天，我們宣布了一系列治理改進措施，這將有助於我們抓住眼前的巨大機遇，充分釋放美敦力的潛力。首先，我們任命了兩位新的獨立董事會成員，John Groetelaars 和 Bill Jellison，他們各自在醫療技術領域擁有深厚的營運專業知識，並能帶來新的觀點。董事會和我非常高興地歡迎約翰和比爾加入美敦力。

And as part of our inflection, the leadership and I are reinvigorating our laser focus up and down the organization on two key fronts; growth and creating oxygen to fuel that growth and drive earnings power. These two focus areas need to be linked from the front-line employees of Medtronic up through senior leadership, including me, and all the way to the Board.

作為我們轉型的一部分，我和領導層正在重新集中精力在組織上下兩個關鍵方面：成長和創造氧氣以促進成長並推動獲利能力。這兩個重點領域需要從美敦力的第一線員工到包括我在內的高階領導，一直到董事會連結起來。

So today, we announced that we've created two new board committees to support management. The Growth Committee, which will oversee our portfolio management and capital allocation decisions to accelerate growth; and an Operating Committee, which will provide oversight of our efforts to drive efficiency gains in our operations and expense base.

因此今天，我們宣布成立兩個新的董事會委員會來支持管理。成長委員會將監督我們的投資組合管理和資本配置決策，以加速成長；營運委員會將監督我們為提高營運和費用基礎的效率所做的努力。

This will enable a higher level of organic investment back into our business while also delivering improving margins and accelerating EPS growth. So we'll have a fresh perspective from our two new board members, and these two committees will give us support and focus so we can execute with both speed and urgency.

這將使我們的業務重新獲得更高水準的有機投資，同時提高利潤率並加速每股盈餘成長。因此，我們將從兩位新董事會成員那裡獲得全新的視角，這兩個委員會將為我們提供支持和關注，以便我們能夠快速而緊迫地執行任務。

And finally, we look forward to sharing the culmination of these initiatives at an Investor Day sometime mid-calendar year '26. And at this event, we intend to provide a comprehensive update for investors on our strategy post Diabetes, the value proposition of our go-forward portfolio and new long-term financial targets for sustained value creation.

最後，我們期待在 2026 年中期的投資者日上分享這些舉措的成果。在本次活動中，我們打算向投資者全面介紹我們的糖尿病後策略、未來投資組合的價值主張以及持續創造價值的新的長期財務目標。

So to conclude, here's what we want you to take away from today's announcement with Elliott. Medtronic is turning the page and we'll be entering a new period of greater revenue and earnings growth. We've put in place a stronger foundation for the company. And over the last few quarters, we've discussed how we have an incredible product pipeline that is poised to accelerate our organic growth. And now with our renewed focus on aligning our portfolio and capital allocation for higher growth as well as enhancing operational excellence, we're putting the pieces together in place to translate that accelerating top line into a period of sustained outsized earnings growth.

總而言之，以下是我們希望您從今天與 Elliott 的公告中獲得的資訊。美敦力正在翻開新的一頁，我們將進入收入和獲利成長的新時期。我們為公司奠定了更堅實的基礎。在過去的幾個季度中，我們討論瞭如何擁有令人難以置信的產品線來加速我們的有機成長。現在，我們重新將重點放在調整投資組合和資本配置以實現更高的成長以及提高卓越營運上，我們正​​在將各個部分整合在一起，將加速的營收成長轉化為持續的超額獲利成長。

We're entering a new phase of our transformation to act more boldly and more decisively to deliver the strategic clarity, growth profile, operational rigor, investment strategy and shareholder returns that this company is capable of.

我們正進入轉型的新階段，採取更大膽、更果斷的行動，實現公司所能實現的策略清晰度、成長概況、營運嚴謹性、投資策略和股東回報。

And as I wrap up, I want to thank the Medtronic employees watching today. We've gone through a lot of change together to better position the company to deliver improved performance. I appreciate that you've accomplished this while also keeping the Medtronic mission front and center. You're striving without reserve for the greatest possible reliability and quality in our products and you're doing so with dedication, honesty, integrity and service. Your work is benefiting millions of patients around the world as we alleviate their pain, as we restore their health and we extend their lives. So thank you.

最後，我要感謝今天觀看的美敦力員工。我們共同經歷了許多變革，以使公司處於更有利的地位，從而提高業績。我很欣賞你們在完成這目標的同時，也始終將美敦力的使命放在第一位。您毫無保留地追求我們產品的最高可靠性和質量，並以奉獻、誠實、正直和服務的態度來實現這一目標。你們的工作使全世界數百萬患者受益，我們減輕了他們的痛苦，恢復了他們的健康，延長了他們的生命。所以謝謝你。

Okay. Now it's time to move on to Q&A, where we're going to try to get to as many of you analysts as possible. (Operator Instructions) If you have additional questions, you can reach out to Ryan and the Investor Relations team after the call.

好的。現在是時候進入問答環節了，我們將嘗試與盡可能多的分析師進行交流。（操作員指示）如果您還有其他問題，可以在通話結束後聯絡 Ryan 和投資者關係團隊。

So Ryan, can you please queue up the Q&A instructions.

那麼 Ryan，你能否將問答指示排列起來。

Sure, Geoff. (Operator Instructions) Finally, please be advised that this Q&A session is being recorded.

當然，傑夫。（操作員指示）最後，請注意，本問答環節正在錄音。

Travis Steed, BofA Securities.

美國銀行證券公司的特拉維斯·斯蒂德 (Travis Steed)。

Hey, thanks for taking the question. I guess, first of all, on the pipeline, I see it's coming through this quarter, CAS 72% US growth. It sounds like supply is ramping up nicely there. So love an update on CAS. But also it's not showing up in the total US growth. US growth, 3.5% this quarter, 1% Structural Heart growth.

嘿，謝謝你回答這個問題。我想，首先，就管道而言，我看到它將在本季度實現，CAS 美國增長率為 72%。聽起來那裡的供應正在順利增加。非常喜歡 CAS 的更新。但它也沒有體現在美國整體的成長中。美國成長，本季3.5%，結構性心臟成長1%。

Just want to hear your confidence -- you talked about being confident in the ability to accelerate growth over FY26, but how do you get confidence in kind of the base business still kind of growing mid-single digits so the pipeline can kind of be on top of that?

只是想聽聽您的信心——您談到對 26 財年加速增長的能力有信心，但您如何對基礎業務仍以中等個位數增長有信心，以便管道能夠處於領先地位？

Sure. Yes. Thanks for the question, Travis. Look, let me start with just some context on the quarter. Like I said, another mid-single- digit quarter, 4.8% organic revenue growth coming in within our guidance of 4.5% to 5%. EPS coming in $0.03 above the midpoint.

當然。是的。謝謝你的提問，崔維斯。瞧，讓我先從本季的一些背景開始。正如我所說的，又一個中等個位數的季度，4.8% 的有機收入成長在我們 4.5% 至 5% 的預期範圍內。每股收益比中點高出 0.03 美元。

To your point, the growth drivers are accelerating. You highlighted CAS, I'll come back to that, and we got other ones coming already and we talked about the tibial coming in the back half of the year.

正如您所說，成長動力正在加速。您強調了 CAS，我會回過頭來談這個，我們已經有了其他的，並且我們討論了下半年的脛骨問題。

And you -- but you -- there are a couple of areas that came in a little below trend like in Neuroscience, for example, Pelvic Health, Neurovascular and then we'll get to Diabetes. Demand is strong there, but the US growth came down a bit. So there are a couple of areas, and I'll turn those over to Thierry in a second, that are going to be kind of bouncing back and accelerating.

但你——有幾個領域的發展趨勢略低於預期，例如神經科學，例如骨盆健康、神經血管，然後我們會談到糖尿病。那裡的需求強勁，但美國的成長略有下降。因此，有幾個領域，我馬上就把這些領域交給蒂埃里，它們將會反彈和加速。

And then on the -- and that will impact the US, but also on the US growth, all the new technology that's coming, the continued acceleration in CAS, already in, like I mentioned, Diabetes, Pelvic Health plus the rebound of these. They all will have an outsized impact on -- have an outsized impact on the US growth.

然後 — — 這將影響美國，也影響美國的經濟成長，所有新興技術，CAS 的持續加速，正如我所提到的，糖尿病、骨盆健康以及這些方面的反彈。它們都將對美國經濟成長產生巨大影響。

I mean, Thierry, do you want to talk about the --

我的意思是，蒂埃里，你想談談--

No, I think you hit the main points. So as you said, some of the pieces of the business that had a relatively slower growth in the first quarter were mostly US impacting.

不，我認為您觸及了要點。正如您所說，第一季成長相對較慢的一些業務主要受到美國的影響。

So if you take a couple of these examples, in Pelvic Health, we made some changes in the commercial force, as we said in the commentary, to prepare for the launch of tibial and that's primarily a US impact, I would say.

因此，如果你舉幾個例子，在 Pelvic Health 中，我們對商業力量做了一些改變，正如我們在評論中所說的那樣，為推出脛骨做準備，我想說這主要是對美國的影響。

The second element, I would say, is Diabetes. So Diabetes grew very strongly. Outside of the US, we were up 11% in the international market. The US was a bit slower and that's mostly a product topic. So we have the demand for Simplera, but the ramp- up is only starting and that's impacting the US as well. And so as this ramp-up occurs, we'll see those things start kicking in the US and just changing the profile that we mentioned between US and international markets. So positive going forward in the US.

我想說的第二個因素是糖尿病。因此糖尿病的發生率成長非常強勁。除美國以外，我們在國際市場的銷售額成長了 11%。美國稍微慢一點，主要是因為產品問題。因此，我們對 Simplera 有需求，但成長才剛開始，而且這也對美國產生了影響。因此，隨著這種成長的發生，我們將看到這些事情開始在美國發揮作用，並改變我們所提到的美國和國際市場之間的格局。美國的未來發展十分積極。

Yes. In CAS, we showed in the earnings presentation, that's going to continue to accelerate. As you highlighted, Travis, we're getting the capital systems out there. The utilization is off-the-charts high. Everyone is excited about the catheters we have. There are also catheters that are coming, Sphere-360 in the single-shot space. So it's great.

是的。在 CAS 中，我們在收益報告中表明，這一增長將繼續加速。正如您所強調的，特拉維斯，我們正在建立資本體系。利用率非常高。每個人都對我們擁有的導管感到興奮。還有即將推出的導管，單次注射空間中的 Sphere-360。所以這很棒。

I was just in Japan the week before last. Was there for -- it's 50 years of Medtronic in Japan. I spent a lot of time with physicians, a lot of conversations on CAS. And there, we're the number 1 market share. And Affera's approved but not even launched there. This is on

我上上週剛去過日本。美敦力公司在日本成立 50 週年。我花了很多時間與醫生們在一起，就 CAS 進行了很多交談。我們的市佔率位居第一。Affera 已獲批准但尚未在那裡推出。這是

PulseSelect. And I know our competitor highlighted that they felt they were the number 1, talked about how many cases they've done. We've done meaningfully more in Japan, and I know we're the number 1 there.

脈衝選擇。我知道我們的競爭對手強調他們覺得自己是第一，並談論了他們處理了多少案件。我們在日本取得了更多有意義的成就，我知道我們是那裡的第一名。

And I asked -- I was probing as to why, and they talked about the precision of PulseSelect in that. But really the safety profile of our catheters, both the publicized safety of PulseSelect, but also Affera in our IDE trials. And then they did their own -- the largest centers there in Japan did their own IDE -- their own trials and that safety profile came through. And I think that safety message, obviously, it means a lot in Japan. They really prioritize it. But I think that as PFA grows and becomes more ubiquitous, I think that's going to - it's going to become a bigger kind of driver here in the US as well and that plays to our favor.

我問了——我正在探討原因，他們談到了 PulseSelect 的精準度。但實際上，我們的導管的安全性，包括 PulseSelect 宣傳的安全性，以及我們 IDE 試驗中的 Affera 的安全性。然後他們進行了自己的試驗——日本最大的中心進行了自己的 IDE——自己的試驗，並且安全性得到了檢驗。我認為安全資訊在日本顯然意義重大。他們確實非常重視這一點。但我認為，隨著 PFA 的發展和普及，我認為這將會——它也將成為美國更大的驅動力，這對我們有利。

So I think CAS is in a really good spot to continue to accelerate. And not only did it grow year-over-year, but it accelerated meaningfully sequentially. We saw a strong sequential growth in CAS, especially in Affera, which was, I think, like near 60% sequential.

因此我認為 CAS 處於一個非常好的位置，可以繼續加速發展。它不僅同比增長，而且環比增速顯著。我們看到 CAS 出現了強勁的連續成長，尤其是 Affera，我認為其連續成長接近 60%。

So I mean, any way you slice it, our CAS business from technology to commercial execution, geographic expansion, safety profile data, physician experience, et cetera, is doing really well.

所以我的意思是，無論你如何看待它，我們的 CAS 業務從技術到商業執行、地理擴展、安全概況數據、醫生經驗等等，都表現得非常好。

And Geoff, as you mentioned, the sequential growth is going to continue, right? And you saw that on the chart. We're going to have both higher growth rate in Q2 than we did in Q1 in CAS. And we're also going to have an absolute value, significant sequential growth between the first quarter and the second quarter.

傑夫，正如您所說，連續增長將會持續下去，對嗎？您可以在圖表上看到這一點。我們第二季的成長率將高於中科院第一季的成長率。而且，第一季和第二季之間還將出現絕對值顯著的連續成長。

All right. Thanks, Travis. Appreciate the one question.

好的。謝謝，崔維斯。非常感謝您的提問。

Larry Biegelsen, Wells Fargo Securities.

富國證券的拉里·比格爾森 (Larry Biegelsen)。

New Board committees, one focused on growth, one focused on operations. What can these committees do that you couldn't do before? What would success look like? And how long before investors start to see an impact?

新的董事會委員會，一個專注於成長，一個專注於營運。這些委員會能做哪些以前做不到的事？成功是什麼樣子的？投資者多久才能看到影響？

Yes. Thanks, Larry. Look, the two committees, I think, like I mentioned in the comment, they're going to provide focus to support management. I think particularly like the -- but there's the two committees, one on growth, one on operational performance. Think margins, think continued focus on our supply chain.

是的。謝謝，拉里。你看，我認為，這兩個委員會，就像我在評論中提到的那樣，他們將專注於支持管理。我認為特別喜歡——但有兩個委員會，一個負責成長，一個負責營運績效。想想利潤，想想繼續關注我們的供應鏈。

One thing they're going to do -- a couple of things. One, we're bringing on these two new directors with deep med tech experience. That will be a strong voice on the Board, I believe. We had med tech experience in the past and recently not as much. And so bringing in John and Bill will help a lot and they'll be on those two committees.

他們要做的一件事——幾件事。首先，我們聘請了兩位具有豐富醫療技術經驗的新主管。我相信，這將為董事會帶來強而有力的聲音。我們過去有過醫療技術經驗，但最近經驗不多了。因此，引入約翰和比爾將會有很大幫助，而且他們也會加入這兩個委員會。

The other thing is just the frequency -- so we've rearranged our committees. We didn't just add two committees. We're going to rearrange them so that we keep the same amount of committees, and these will be very focused on those two topics. And the amount of the intervals with management will be higher. It will be, I think, quite a bit higher than we've had in the past. A lot of off-cycle discussions that will help drive this.

另一件事就是頻率——所以我們重新安排了我們的委員會。我們不只是增加了兩個委員會。我們將重新安排這些委員會，以便保留相同數量的委員會，並且這些委員會將重點放在這兩個主題上。且管理間隔的數量將會更高。我認為，這數字將比過去的數字高出不少。許多非週期性的討論將有助於推動這一點。

So that's what I think. It's the focus, it's the interval and it's touch points with management and I think the med tech voice on those two committees.

這就是我的想法。這是焦點，這是間隔，這是與管理層的接觸點，我認為是這兩個委員會中的醫療技術聲音。

Mike Kratky, Leerink Partners.

麥克‧克拉基 (Mike Kratky)，Leerink 合夥人。

Hi everyone. Thanks very much for taking my question. Maybe just going back to the CAS business. So during your last call, you talked about CAS growth accelerating from 30%. You put up another great quarter of nearly 50%. Expecting that to accelerate again. So I'm curious in terms of the ramp that you've seen, is that $2 billion that you've talked about in annual CAS sales now squarely on the table for fiscal '26? Or what reservations would you have about committing to that?

大家好。非常感謝您回答我的問題。也許只是回到 CAS 業務。因此，在您上次電話會議中，您談到了 CAS 成長率將從 30% 加速。你們又取得了一個非常出色的季度，成長率接近 50%。預計這一進程將再次加速。所以我很好奇，就您所看到的成長而言，您談到的 CAS 年度銷售額 20 億美元現在是否已經確定將在 26 財年實現？或者您對承諾這一點有何保留？

Yes. No, thanks for the question, Mike. When I said that, we're sticking to that. Nothing's changed. And I said it's near term. I think getting it in fiscal '26 -- and it's off -- just to be clear, it's another $1 billion on top of our FY25 base, right? So that's what we're anchored on. Sticking to that. I said near term.

是的。不，謝謝你的提問，麥克。當我這麼說的時候，我們會堅持這一點。一切都沒有改變。我說這是短期的。我認為在 26 財年就能實現這一目標 - 而且它已經完成了 - 需要明確的是，這在我們 25 財年的基礎上又增加了 10 億美元，對嗎？這就是我們的立足之本。堅持這一點。我說的是近期。

So near term, it could be for FY26. I think it will go into FY27, but it won't be far. So that's on track. I guess that's accelerating sequentially as well and things are looking good. So no change there.

因此從近期來看，它可能是針對 FY26 的。我認為它將進入 FY27，但不會太遠。一切進展順利。我想這也在逐步加速，而且情況看起來很好。因此沒有變化。

Got it. Thanks very much.

知道了。非常感謝。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Great. Thanks a lot for taking the question. I wanted to follow up on Larry's question on the new directors and the formation of the committee. Geoff, Thierry, maybe you could give us a little more. Besides more touch points and communication, is this something where maybe the size of the company, the dividend, the capital allocation might be up for a discussion how to create more EPS growth?

偉大的。非常感謝您提出這個問題。我想跟進拉里關於新董事和委員會成立的問題。傑夫、蒂埃里，也許你們可以給我們多一點。除了更多的接觸點和溝通之外，是否還可以討論公司規模、股息、資本配置如何創造更多的每股盈餘成長？

I'm just trying to understand how much of this is more a continuation, Geoff, of your strategy since you became CEO? And I know you've talked a lot about portfolio optimization versus maybe evaluating something more of a wholesale change.

傑夫，我只是想了解一下，這在多大程度上是您擔任執行長以來所採取的策略的延續？我知道您已經談論了很多關於投資組合優化的問題，而不是評估更全面的變革。

Yes. Look, Robbie, I'd say, first of all, I think we're entering, like I said in the call, a new chapter here for the company. I mean, when I came in, immediately was met with a couple of challenges that we had to work our way through. Some of our own making, some market like VBP and things like that. But we're -- we've got a stable foundation. We've worked through that. Our growth drivers are kicking in. And we're going to execute to that, right? And you'll see this growth inflection in the back half of the year.

是的。聽著，羅比，我想說，首先，就像我在電話裡說的，我認為我們正在進入公司的新篇章。我的意思是，當我加入時，我們立即遇到了一些挑戰，我們必須努力克服。有些是我們自己製造的，有些是市場製造的，像是 VBP 之類的。但我們——我們已經擁有穩定的基礎。我們已經解決了這個問題。我們的成長動力正在發揮作用。我們會執行這個計劃，對吧？你會在今年下半年看到這種成長轉折點。

But on top of that, I think, we feel confident, our Board feels confident and we -- this is something that was in place before we started engaging with Elliott that we can turn the page to a new chapter and be more aggressive on some of these other drivers, right, that we talked about. And these are the same things that Elliott has talked to us about is whether it be -- it's all about value creation and some bold decisions around a couple of areas.

但除此之外，我認為，我們感到有信心，我們的董事會感到有信心，而且我們——這是我們開始與 Elliott 合作之前就已經存在的，我們可以翻開新的篇章，對一些其他驅動因素採取更積極的態度，對吧，就是我們談到的。這些都是艾利歐特與我們討論過的事情，即這是否都是關於價值創造和圍繞幾個領域的一些大膽決策。

One is more M&A, okay? The Affera deal is looking great. And like I said, we feel like the team has the bandwidth to integrate more such deals like that, not necessarily in AFib, but across the company in these high-growth areas. So more M&A.

一是更多的併購，好嗎？Affera 的交易看起來很棒。正如我所說的，我們覺得團隊有足夠的能力整合更多這樣的交易，不一定是在 AFib 領域，而是在整個公司的這些高成長領域。因此，將出現更多併購。

A reinvigorated laser focus on the portfolio to reorient the whole portfolio between M&A and any kind of portfolio moves towards higher growth. So increase our WAMGR. Diabetes deal is a good proof point, but there's other opportunities we can look at here. So that's one big area.

重新聚焦投資組合，重新調整整個投資組合，使其在併購和任何類型的投資組合之間實現更高的成長。因此，增加我們的 WAMGR。糖尿病交易是一個很好的證明點，但我們還可以看看其他機會。這是一個很大的領域。

And then the second is investing more in the company. So we're -- we've talked about capital allocation within the company where we're investing our R&D and our G&A, where -- our growth-oriented G&A, where is that going, but making sure we're investing more in the company. Are we investing enough behind these big growth drivers?

第二是對公司進行更多投資。因此，我們 - 我們討論了公司內部的資本配置，我們將投資於我們的研發和一般及行政費用，我們的成長導向一般及行政費用將流向何處，但要確保我們對公司進行更多投資。我們對這些巨大的成長動力進行的投資是否足夠？

We think no, we'd want to invest more. You see it in our R&D this quarter growing almost 8%. We'd like to keep that trend going, invest more behind these growth drivers because they're secular growth drivers. And talking to Elliott, they call them transformational growth drivers that we haven't seen in decades. That's their words, not mine.

我們認為不是，我們願意投資更多。您可以看到我們本季的研發成長了近 8%。我們希望保持這種趨勢，在這些成長動力上投入更多，因為它們是長期成長動力。在與艾利奧特交談時，他們稱之為幾十年來我們從未見過的轉型成長動力。這是他們的話，不是我的話。

So these are the themes. Reorienting the portfolio for even higher growth that's durable and then reinvesting more behind our growth drivers. We've got the confidence. We've got the stable operational base to do this. And we can work on those things as these other

這些就是主題。重新調整投資組合，以實現更持久的更高成長，然後對成長動力進行更多再投資。我們有信心。我們有穩定的營運基礎來做到這一點。我們可以像處理其他事情一樣處理這些事情

growth drivers that we've been working on for the past couple of years are taking us -- are accelerating our growth. So we can do both of these at once. And these committees are going to help with that.

過去幾年我們一直致力於開發的成長動力正在加速我們的成長。所以我們可以同時做這兩件事。這些委員會將會對此提供協助。

And super excited to have both John and Bill on the Board. We talked about their med tech background, but specifically operators, strong financial acumen, experienced in doing portfolio moves, M&A. And they're just a good fit. They went through our normal process through our Nominating & Corporate Governance Committee. Everyone was unanimous. Everyone felt it was a good fit. We want them, they want us. And I think they're going to do a great job not just supporting management but also representing all of our shareholders.

我非常高興約翰和比爾能夠加入董事會。我們談到了他們的醫療技術背景，特別是營運商、強大的財務敏銳度、投資組合變動和併購經驗。而且它們非常合適。他們透過我們的提名和公司治理委員會完成了我們的正常流程。大家都一致同意。每個人都覺得很適合。我們想要他們，他們也想要我們。我認為他們不僅會出色地支持管理階層，而且還會代表我們所有的股東。

So that's how I'd answer that question, Robbie. It's all about value creation, and we're going to do what it takes to get there. There's a big opportunity in front of us and it's about capitalizing on this opportunity and accelerating it.

這就是我對這個問題的回答，羅比。這一切都是為了創造價值，我們將盡一切努力實現這一目標。我們面前有一個巨大的機遇，我們要抓住這個機會並加速它的發展。

Great, thanks, Jeff. Can't wait to, see what comes. Appreciate it.

太好了，謝謝，傑夫。迫不及待地想看看會發生什麼。非常感謝。

Matt Miksic, Barclays.

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 some of the progress here that you're making in these major growth drivers. And so on that subject, you've been investing in the groundwork for these major growth drivers now for several years, Diabetes, Ablation, Ardian, and they're just starting to really come through. So we get excited. I think everyone gets excited about seeing the growth come through and hearing about rates like 50% growth in Cardiac Ablation.

嘿，非常感謝您回答這個問題。恭喜你們在這些主要成長動力方面取得的一些進展。關於這個主題，您多年來一直在為這些主要成長動力的基礎工作進行投資，包括糖尿病、消融、Ardian，而它們才剛開始真正發揮作用。所以我們很興奮。我認為每個人都會對看到成長並聽到心臟消融手術 50% 的成長率感到興奮。

But it'd be super helpful if you could try to square, not to temper the enthusiasm because they're great programs, but try to square what these can mean on an annual basis to sort of overall Medtronic portfolio growth just because I think the perception becomes we're accelerating growth, which means we're not going to do 5%, maybe we'll do 6% growth or something like that, which to take that off the list for the long term. But maybe help us walk through a cadence of 25 or 50 basis points over the next 12 months. Is it another 25 or 50 basis points maybe in '27? Just some way of gauging what this means to overall portfolio growth would be super helpful. Thanks.

但如果你能試著平衡一下，那將會非常有幫助，不要因為它們是偉大的計劃而抑制熱情，而是試著平衡這些計劃在年度基礎上對美敦力整體投資組合增長的意義，因為我認為人們的看法是我們正在加速增長，這意味著我們不會實現 5% 的增長，也許我們會實現 6% 或類似的增長，從長遠來看，這將從名單中剔除。但也許可以幫助我們在未來 12 個月內實現 25 或 50 個基點的節奏。27 年是否會再增加 25 或 50 個基點？只需以某種方式衡量這對整體投資組合成長意味著什麼就會非常有幫助。謝謝。

Okay. Mike. I don't know, Thierry, do you want to take that one?

好的。麥克風。我不知道，蒂埃里，你想拿那個嗎？

Yes, I guess I'll take a shot at it. And Geoff, you can comment. So first, you might have seen in the announcement that we'll do an Investor Day sometime in mid-'26 to take you through sort of the next step in our financial profile. So I'm not going to give you very specific targets until we get to that point because that will be the whole purpose of that discussion. When we have that discussion, what we'll do is we'll show you where the company is going. We'll show you the steps to get there. And we'll show you what it means from a financial profile perspective the new sort of framework financially speaking. And we'll give you the indicators that you can use to see that we're tracking towards that path.

是的，我想我會嘗試一下。傑夫，你可以發表評論。首先，您可能已經在公告中看到，我們將在 26 年中期舉辦投資者日，向您介紹我們財務狀況的下一步進展。因此，在我們達到這一點之前，我不會給你非常具體的目標，因為這將是這次討論的全部目的。當我們進行討論時，我們會向您展示公司的發展方向。我們將向您展示到達那裡的步驟。我們將從財務狀況的角度向您展示這種新的財務框架意味著什麼。我們會向您提供指標，以便您了解我們是否正在朝著這個方向前進。

That being said, to be a little more short term, look, Geoff mentioned the magnitude of the opportunity that we've got in CAS. So we're talking $1 billion of incremental revenue over the '25 run rate within a relatively short time frame, right? So this -- you could see the type of impact we're going to have there.

話雖如此，從短期來看，Geoff 提到了我們在 CAS 中獲得的機會的巨大規模。所以我們談論的是相對較短的時間內，25 年的運行率上增量收入為 10 億美元，對嗎？所以——你可以看到我們將在那裡產生什麼樣的影響。

On Ardian, it's also a secular change for us and a massive transformation in terms of run rate. And you can see the size of the opportunity that this represents.

對 Ardian 來說，這對我們來說也是一個長期的變化，也是運行率的巨大轉變。您可以看到這代表著多大的機會。

So these two things alone are going to have a pretty significant impact on our growth rates. And then Geoff mentioned all the other elements such as tibial and Hugo that are going to kick in, et cetera. So it's very clear that we're talking macro level impacts growth opportunities.

因此，僅這兩件事就會對我們的成長率產生相當大的影響。然後傑夫提到了所有其他將要發揮作用的因素，例如脛骨和雨果等等。因此很明顯，我們正在談論宏觀層面影響的成長機會。

And to be clear, we're not giving up on the rest of the business, right? So we've made the underlying changes to make them run smoother. We're addressing with product and innovation some of the businesses that have been slower-growth businesses or franchises for us in the past. So you should see these large opportunities as being incremental, and that's what we're targeting.

需要明確的是，我們不會放棄其餘業務，對嗎？因此，我們進行了根本性的改變，使它們運作得更順暢。我們正在透過產品和創新來解決一些過去成長較慢的業務或特許經營問題。所以你應該將這些巨大的機會視為漸進的，而這正是我們的目標。

For the exact quantification, I'm afraid you're going to have to wait a little bit. You'll start seeing the signs in the second half, and then we'll show the new framework when we talk to you in the mid of '26.

對於確切的量化，恐怕你還需要等待一段時間。您將在下半年開始看到這些跡象，然後我們將在 26 年中期與您交談時展示新的框架。

Yes. No, the only thing I'd add to that is, look, why now? We've got this growth coming, right? We're going to have this inflection in the back half of the year and very tangible new product innovation coming. And even from like this quarter, you have some businesses that were growing below trend that also have nice products coming or lapping an issue like VBP and Neurovascular that also contributes at least to a nice back half growth that will continue.

是的。不，我唯一想補充的是，看，為什麼是現在？我們已經實現了這種成長，對嗎？我們將在今年下半年迎來這項轉捩點，並推出非常切實的新產品創新。即使從本季開始，也有一些業務的成長低於趨勢，但也推出了不錯的產品或解決了 VBP 和神經血管等問題，這至少也為下半年的持續良好成長做出了貢獻。

And that higher growth allows us -- gives us more, just through some natural leverage and our cost control and our operational efficiencies, it gives us more oxygen to reinvest which allows us to do more innovation. So there was that chart of that cycle.

而且更高的成長使我們能夠獲得更多，僅透過一些自然槓桿、成本控制和營運效率，它就為我們提供了更多的再投資機會，使我們能夠進行更多的創新。所以就有了那個週期的圖表。

And the only thing I think is missing from there is portfolio, right? So more growth leads to more oxygen, which leads to more investment, which leads to more innovation and more growth. And then you've got the portfolio in there. So I do think it creates opportunities for a different algorithm here. But that's something we're not going to really talk too much about until we get to that Investor Day. I'd like to think there'll be some milestones along the way, but the broader strategy and algorithm, all that, we'll talk about on that Investor Day.

我認為唯一缺少的就是投資組合，對嗎？因此，更多的成長會帶來更多的氧氣，從而帶來更多的投資，帶來更多的創新和更多的成長。然後你就有了自己的投資組合。所以我確實認為它為不同的演算法創造了機會。但在投資者日到來之前，我們不會談論太多這個話題。我希望在過程中會有一些里程碑，但更廣泛的策略和演算法，所有這些，我們都會在投資者日討論。

If I can just add one comment, Geoff, on that. We're talking about reinvesting more, but I want to be clear that we're not talking reinvesting to the detriment of EPS, right? So it has to be and. So we're very clear on the fact that the growth will allow us to invest more while continuing to generate leverage in the income statement and improving EPS, right? I just want to be clear about that.

傑夫，如果我可以對此添加一條評論的話。我們正在討論增加再投資，但我想明確一點，我們討論的再投資並不是以損害每股收益為代價的，對嗎？所以它必須是和。因此，我們非常清楚，成長將使我們能夠進行更多投資，同時繼續在損益表中產生槓桿作用並提高每股收益，對嗎？我只是想明確這一點。

Good point.

說得好。

Anthony Petrone, Mizuho.

瑞穗的安東尼‧佩特羅內 (Anthony Petrone)。

Great. Congratulations on the announcements this morning. And maybe I'll zone in on one of the growth initiatives, which is Renal Denervation. We're looking at the targeted date of October 8 for the NCD. So maybe just frame for us what you would view as the best case outcome in terms of the targeted population in uncontrolled hypertension. And when you sort of think about this new structure growth initiatives, where would you stack rank Renal Innovation on transforming the growth profile of this company? Can this be a multibillion dollar product category over the next few years?

偉大的。祝賀今天上午的公告。也許我會專注於其中一項增長計劃，即腎臟去神經支配術。我們正在考慮將 NCD 的目標日期定為 10 月 8 日。因此，也許您可以以為我們概括一下，對於未控制的高血壓目標族群而言，您認為最好的結果是什麼。當您考慮這種新的結構成長計畫時，您會如何評價 Renal Innovation 在改變該公司的成長狀況方面所扮演的角色？未來幾年內這能成為價值數十億美元的產品類別嗎？

Yes. Thanks for the question, Anthony. Look, First of all, let's -- there was an update on Ardian this quarter, which I don't think we talked about -- we didn't talk about it in the commentary, but we did get through the comment period, that 30-day comment period ended with CMS. And there was, I think, a record, I'm told, from our reimbursement folks, a record number of comments, overwhelmingly positive in support of Ardian and the guideline -- and the kind of the CMS, how they framed reimbursement and what's required. And that, like we said on our last call, is kind of a best -- is a very good case for us that opens up this market.

是的。謝謝你的提問，安東尼。首先，讓我們——本季度有關於 Ardian 的更新，我認為我們沒有談論過——我們沒有在評論中談論它，但我們確實度過了評論期，30 天的評論期隨著 CMS 的結束而結束。而且，據我所知，我們的報銷人員發表了創紀錄數量的評論，絕大多數都積極支持 Ardian 和指南 - 以及 CMS 的類型、他們如何制定報銷以及需要什麼。正如我們在上次電話會議上所說的那樣，這對我們來說是一種最好的——是一個非常好的案例，可以開拓這個市場。

In addition to that, you're seeing physician societies. We already saw it in Europe a few months ago, now in the US incorporating renal denervation in our -- I guess, seeing our product name here Symplicity, you're going to hear a lot more about that, into the care pathway.

除此之外，您還可以看到醫師協會。幾個月前我們就已經在歐洲看到了它，現在在美國，我們將腎臟去神經支配術納入我們的治療領域——我想，看到我們的產品名稱 Symplicity，您就會聽到更多關於它的信息，將其納入治療途徑。

So all these puzzle pieces that we've been working on for so long, breakthrough FDA device designation, a nice indication for this, the CMS proposed reimbursement, the comments. Now you're seeing the physician societies incorporate Symplicity into the care

因此，我們長期以來一直在努力解決所有這些難題，突破性的 FDA 設備指定，這是一個很好的跡象，CMS 提出的報銷，評論。現在你看到醫生協會將 Symplicity 納入到護理中

pathways, how you take care of these patients. Strong demand from hospitals to say, okay, we need to get serious about this. How do we -- we need to build these care pathways. We've put out -- we've deployed a lot of market development specialists to support them in this. Training of the physicians, although that's not a huge burden, a lot of -- the interventional cardiology community, this is not a big stretch for them. So that's not a huge burden like something completely new. They got the catheter skills.

途徑，你如何照顧這些病人。醫院強烈要求說，好吧，我們需要認真對待此事。我們如何－我們需要建立這些照護途徑。我們已經派出——我們已經部署了大量的市場開發專家來支持他們。對醫生進行培訓，雖然這不是一個巨大的負擔，但對於介入心臟病學界的許多人來說，這並不是什麼大問題。所以這並不像某種全新事物那樣帶來巨大的負擔。他們掌握了導管技術。

And so all the dominoes are falling. The puzzle pieces snapping into place that this is going to be a massive market. Now we're looking at CAS right now, it's very tangible. You see the transition from drugs to ablation. And within ablation from one technology over to PFA, and we've got a great technology there. It's growing like crazy. It's very tangible.

所以所有的骨牌都倒下了。這些拼圖碎片拼湊在一起，顯示這將是一個巨大的市場。現在我們正在研究 CAS，它非常明顯。你看到了從藥物治療到消融治療的轉變。在從一項技術消融到 PFA 的過程中，我們擁有了一項偉大的技術。它正在瘋狂地生長。這是非常明顯的。

I still think Ardian has a chance to even be bigger. The patient population is massive. We've talked about, how many, hundred million people in the US, 100 million to 200 million people in the US that have hypertension. And of those, is that right, about 100 million?

我仍然認為 Ardian 有機會變得更大。患者群體龐大。我們討論過，美國有多少人有高血壓，一億到兩億人。其中，大約有 1 億，對嗎？

Yes. I'll chime in, Geoff. 18 million that are uncontrolled hypertension. And so it's a massive population.

是的。傑夫，我來附和一下。有 1800 萬人患有未控制的高血壓。因此，這是一個龐大的人口群體。

And one in four people with hypertension have -- it's a huge number that's uncontrolled. And so we think this is going to be a -- could be the biggest thing that we ever do. And this is one of those areas that we talked about is investing behind this to really make this market develop and grow and be a driver for us and create a moat around our franchise, our Symplicity franchise, to protect it against competitors.

四分之一的高血壓患者－這是一個巨大數量的未受控制的高血壓患者。因此我們認為這將會是我們做過的最偉大的事。這是我們討論的領域之一，我們對其進行投資，以真正推動這個市場發展壯大，並成為我們的驅動力，並在我們的特許經營權（Symplicity 特許經營權）周圍建立護城河，以保護其免受競爭對手的侵害。

We've got already our next generation of catheters ready to go. We've got new clinical trials, ablating different places that we think in the early work meaningfully helps the blood pressure reduction. So there's a lot of work going on here and just really pleased with the way it's all coming together. Anything else --?

我們的下一代導管已經準備就緒。我們進行了新的臨床試驗，消融我們認為在早期研究中對降低血壓有顯著幫助的不同部位。所以這裡有很多工作要做，我對所有工作的進展感到非常滿意。還要別的嗎--？

Josh Jennings, TD Securities.

道明證券的喬希‧詹寧斯 (Josh Jennings)。

Hi, good morning. Thanks for taking the question. I change that picture, updated. Sorry about that. Wanted to just check back in with the increased focus on the Diabetes franchise with the IPO split -- separation strategy. Just in the US, it sounds like that the slowdown may have been driven by just patients and physicians waiting for next-generation CGM and Instinct, the collaboration with Abbott.

嗨，早安。感謝您回答這個問題。我把那張圖片改了，更新了。很抱歉。只是想重新審視 IPO 拆分策略對糖尿病特許經營權的關注程度。僅在美國，聽起來這種放緩可能是由於患者和醫生在等待下一代 CGM 和與雅培合作的 Instinct。

Multipart question, but just, first, I just want to maybe check and make sure there hasn't been disruption that's leading to a slowdown. And then second, just to set expectations in terms of how we, on a sell-side investors, should be thinking about the ramp from here in the US Diabetes business? And then lastly, just what's left for the approval and launch of Instinct and the integration with 780G? Sorry, three-parter there, but I hope you got all that.

這個問題由多個部分組成，但首先，我只是想檢查一下，確保沒有出現導致速度變慢的中斷。其次，讓我們來設定一下預期，即我們身為賣方投資者該如何看待美國糖尿病業務的成長？最後，Instinct 的批准和發布以及與 780G 的整合還剩下什麼？抱歉，只有三個部分，但我希望您明白了。

Okay. Well, so the three-parter and change the picture, if you want. But why don't I do two things here. I'll have Thierry update you just on the deal. It is on track and let him talk about that. And I will bring Que on to talk about the business specifics. So Thierry, do you want to update us on the deal?

好的。好吧，如果你願意的話，可以分成三個部分並改變圖片。但是我為什麼不在這裡做兩件事呢？我會讓蒂埃里向您報告交易的最新情況。一切都在按計劃進行，讓他來談論這件事。我將邀請 Qu 來談論業務細節。那麼蒂埃里，你想向我們介紹一下這筆交易的最新情況嗎？

Just on the deal, I would say the process is perfectly on track. So there's really two sides. One is the operational separation of the business and the other is the transaction itself on both fronts. The teams are making progress exactly in the way we anticipated. The first investor engagements have been very, very encouraging.

就該協議而言，我想說整個進程一切順利。所以實際上存在兩面性。一是業務的營運分離，二是兩方面的交易本身。這些團隊正按照我們預期的方式取得進展。第一批投資者的參與非常令人鼓舞。

So look, we said three months ago, we thought we'd complete the separation within 18 months. It's three months later, now it feels like 15 months. So everything on track, that's all I would say on this front, Geoff.

所以，你看，我們三個月前就說過，我們認為我們會在 18 個月內完成分開。三個月過去了，現在感覺像15個月了。所以一切都在按計劃進行，這就是我在這方面想說的全部，傑夫。

Okay. Que, do you want to answer the business questions that Josh had?

好的。你想回答 Josh 提出的業務問題嗎？

Yes, Geoff, thanks. Josh, I think you got it right. It's really a matter of timing in the first half. We're really excited about Simplera, and you can see that we're achieving double-digit growth in the international markets where Simplera has been launched. And in the US, the demand is absolutely there.

是的，傑夫，謝謝。喬希，我認為你說對了。上半場確實是時間問題。我們對 Simplera 感到非常興奮，您可以看到我們在 Simplera 推出的國際市場實現了兩位數的成長。而在美國，這種需求是絕對存在的。

So we have this dynamic where patients are waiting for the new CGMs. And to give you a sense of how we're ramping up production, we're going to be producing double what we made in Q1 and in the second half double what we're making in the first half. So production is ramping up really nicely.

因此，我們出現了這樣的情況：患者正在等待新的 CGM。為了讓您了解我們如何提高產量，我們的產量將是第一季的兩倍，下半年的產量將是上半年的兩倍。因此產量正在順利提升。

And then in parallel to that, the Abbot-based sensor, Instinct, we expect to launch in the coming months, so not too far behind Simplera. And to put it in context, it's actually a very big moment for us because we're now going to have two competitive sensors on the market, giving patients choice, significant improvements in form factor and days of wear. And so really, it's a matter of timing and why I'm actually extremely confident that we'll see growth acceleration in the second half.

同時，我們預計將在未來幾個月內推出基於 Abbot 的傳感器 Instinct，因此不會落後於 Simplera 太多。具體來說，這對我們來說實際上是一個非常重要的時刻，因為我們現在將在市場上推出兩種具有競爭力的感測器，為患者提供選擇，並在外形尺寸和佩戴天數方面取得顯著改進。所以實際上，這是一個時間問題，也是為什麼我實際上非常有信心我們將在下半年看到成長加速。

And then you asked about what's left to get Instinct over the line, we told you that we submitted for ACE and iAGC back in April. We got ACE approved in July. So our expectation is that we'll be in a very strong position to launch in the coming months.

然後您問到還需要做些什麼才能讓 Instinct 取得成功，我們告訴您我們在四月就提交了 ACE 和 iAGC。我們在七月獲得了 ACE 批准。因此，我們預計我們將在未來幾個月內處於非常有利的地位。

Yes. Look, I'd summarize it. There's, however you want to phrase it, a super cycle of innovation here that Diabetes has. So on the very front end of -- and we think this transaction is going to be a value creating -- a significant value-creating event for shareholders.

是的。瞧，我會總結一下。無論你怎麼表達，糖尿病都存在著一個超級創新週期。因此，我們認為這筆交易從一開始就將為股東創造價值，是一項重大的價值創造事件。

But meantime, we still -- Medtronic is the owner of this company for one year-plus and we're very focused on it. This is an important part of the company, and we're committed to making this -- capitalize on this cycle of innovation that we've been building towards and this -- making this transaction a meaningful value creator for investors.

但同時，我們仍然——美敦力公司已經擁有這家公司一年多了，我們非常關注它。這是公司的重要組成部分，我們致力於實現這一點——利用我們一直在建立的創新週期，使這筆交易成為投資者有意義的價值創造者。

Matt O'Brien, Piper Sandler.

馬特奧布萊恩、派珀桑德勒。

Morning. Thanks for taking the question. I'd love to ask a little more about Ardian. But I think the other thing to think about here is the overall business as you spin off Diabetes, you've got half the business that's doing really well, growing very quickly. But another half that's a little softer, not growing quite as quickly, maybe some structural headwinds. You do have a couple of new products in tibial and robotics that may be able to help kind of some of these softer areas.

早晨。感謝您回答這個問題。我很想多問一些關於 Ardian 的問題。但我認為這裡要考慮的另一件事是整體業務，當你剝離糖尿病業務時，你會發現有一半的業務表現非常好，成長非常迅速。但另一半則稍微疲軟一些，成長不那麼快，可能存在一些結構性阻力。你們確實有一些脛骨和機器人領域的新產品，可能能夠幫助治療一些較軟的部位。

But are there other products on the organic side of things that can help kind of bring some of these softer businesses up to the other half of the business that's doing so well? Or do we need to wait for more inorganic additions to really help with that side of the business, maybe post the Elliott contributions? Thanks so much.

但是，有機產品方面是否有其他產品可以幫助這些較弱的業務提升到表現良好的另一半業務？或者我們需要等待更多的無機添加來真正幫助該方面的業務，也許發布 Elliott 的貢獻？非常感謝。

Yes. Thanks, Matt. No, look, the short answer to your question is some of the businesses that came in below trend or lower growth in the portfolio, they have very specific growth accelerators already organic.

是的。謝謝，馬特。不，你看，對你的問題的簡短回答是，投資組合中一些低於趨勢或增長較低的企業，它們已經擁有非常具體的有機增長加速器。

We talked about Neurovascular, for example, that's been a good grower for us in the past. And it has to get through a major, probably the biggest VBP impact we've had on any one business. Neurovascular for us is huge in China. And so that is -- we've got a -- we're moving through that and also had a recall, which we're not technically lapping that, but the replacement product now is ramping up, so that's going to accelerate.

例如，我們討論了神經血管領域，這對我們來說過去是一個很好的成長領域。而且它必須經受住重大的、可能是對任何一項業務產生的最大 VBP 影響。在中國，神經血管疾病對我們來說非常重要。這就是——我們正在解決這個問題，同時也進行了召回，從技術上講我們並沒有覆蓋整個召回過程，但是現在替代產品正在增加，所以這個過程將會加速。

And then I mentioned through the Contego partnership, some products that we'll be putting on our Neurovascular and our Peripheral Vascular bag, I'll come to PV in a second, that will help with its growth. And then finally, we've got some hemorrhagic products in Neurovascular.

然後我提到，透過與 Contego 的合作，我們將把一些產品放在我們的神經血管和周邊血管袋上，我馬上就會談到 PV，這將有助於它的發展。最後，我們在神經血管領域獲得了一些出血產品。

So Neurovascular, you're going to see a meaningful acceleration. We talked about Pelvic Health and I think this is an underappreciated one. This overactive bladder is an under -- it's a huge market. It's millions of patients. And the idea of going from basically an implantable device in your upper buttocks, the sacral nerve modulation, to something that's above your fascia on the ankle, it's not quite a wearable, but it's pretty close to wearable, is really going to open up that market.

因此，對於神經血管來說，你會看到顯著的加速。我們討論了骨盆健康，我認為這是一個被低估的問題。膀胱過動症是一個很大的市場。有數百萬患者。而從基本上植入臀部上方的裝置（骶神經調節）到腳踝筋膜上方的裝置，它不完全是可穿戴的，但非常接近可穿戴的，這個想法確實會打開這個市場。

We'll take market share, which will be fun. But the bigger thing, we're going to grow this market like crazy. So that's another one.

我們將佔領市場份額，這將會很有趣。但更重要的是，我們要瘋狂地擴大這個市場。這是另一個。

And Neuroscience, over the years, has been a consistent performer for us, and it's very well positioned competitively and it will be that way. And I think these two will help accelerate it.

多年來，神經科學一直是我們穩定發展的領域，具有極強的競爭力，並且將繼續保持這種狀態。我認為這兩者將有助於加速這一進程。

Peripheral Vascular as well. Again, the Contego transaction, we put those carotid stenting products in their bag. They have some other organic products coming in aspiration, Liberant. And so there's another example as well. Those are some of the slower -- and then we talked to you about Diabetes.

周圍血管也是如此。再次，在 Contego 交易中，我們將那些頸動脈支架產品納入他們的囊中。他們還有一些其他的有機產品即將問世，Liberant。還有另一個例子。這些都是比較慢的——然後我們和你討論了糖尿病。

And then the other two things are big -- look, we -- Surgical we've talked about there are those headwinds. They are stable, but consistent headwinds that we're dealing with there.

然後另外兩件事很重要──你看，我們──外科手術我們已經討論過這些阻力。我們正在應對穩定但持續的逆風。

And then in our other two big franchises, Spine and CRM, we're in great shape. Spine had a mid-single-digit revenue overall and it was like 4.5%. I think we had over 8% in capital worldwide. I know our competitor said something about their capital was a little lower or a lot lower and there was concerns about capital in that area. No, our capital is growing like crazy globally, over 8%, 13% in large capital. We've got a moat around that Spine business that's going to be durable.

在我們的另外兩個大型特許經營權 Spine 和 CRM 方面，我們的狀況也很好。Spine 的整體收入為中等個位數，約為 4.5%。我認為我們在全球的資本佔比超過8%。我知道我們的競爭對手說他們的資本有點低或低得多，人們對該領域的資本感到擔憂。不，我們的資本在全球範圍內瘋狂增長，超過8％，大型資本增長13％。我們在 Spine 業務周圍建立了一條持久的護城河。

And then Cardiac Rhythm, it had some tougher comps to deal with, but there's a lot of innovation there. EV-ICD growing -- well, first of all, Leadless is still growing over 14% this quarter. It's over a decade and still growing in the teens even with competition, 14% this last quarter. You've got EV-ICD growing over 80%. And then our conduction system pacing lead was 20-some percent, 21%, I think. And then we've got a new high-power conduction system lead coming, OmniaSecure. So I think that business is in a great shape.

然後是《心律不整》，它有一些更難處理的對手，但也有很多創新。EV-ICD 正在成長——首先，Leadless 本季仍保持著 14% 以上的成長。十多年來，即使面臨競爭，成長率仍維持在十幾歲的水平，上個季度成長率為 14%。EV-ICD 的成長率已超過 80%。然後我們的傳導系統起搏導極是20%左右，我想是21%。然後我們又推出了新的高功率傳導系統導線，OmniaSecure。所以我認為業務狀況很好。

So you look around the portfolio, you see major growth drivers and you see some, I'll call them, singles or doubles coming in, some of these lower-growth businesses, except for Pelvic Health, that's more than a single -- that's a big one, that are going to get the rest of the company up and really support this back half ramp and keep it durable. Did I miss anything?

因此，環顧整個投資組合，你會看到主要的成長動力，你會看到一些我稱之為單打或雙打的業務，其中一些低增長業務，除了 Pelvic Health 之外，這不僅僅是一個 - 這是一個很大的業務，它將使公司的其他部分振興並真正支持後半部分的增長並保持其持久。我遺漏了什麼嗎？

No, I think that was very comprehensive.

不，我認為這非常全面。

Thanks, Matt.

謝謝，馬特。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Thank you and good morning. I like the new background look at SRS earlier this summer, Hugo had a really significant showcasing. And I'm curious what are your thoughts on what you've learned in the European market and how that could translate to when it comes into the US market.

謝謝，早安。我喜歡今年夏初 SRS 的新背景外觀，Hugo 的展示真的很重要。我很好奇您對在歐洲市場學到的東西有何看法，以及這些經驗如何應用到美國市場。

And I'm also curious if you can give us any sort of metrics on revenue robots placed? Anything that sort of helped ground us to the progress that's being made in that segment? Thank you.

我還想知道您是否可以向我們提供有關機器人收入的任何指標？有什麼事情能幫助我們了解該領域所取得的進展嗎？謝謝。

Thanks, Jo. I think we'll call Mike Marinaro to answer those questions, but I'll start by saying Hugo continues to make progress. This is an important program for us. We're counting on it being one of our growth drivers, particularly when it gets into the US we talked about in the back half of the year. But I'll turn it over to Mike to answer those specific questions. Mike?

謝謝，喬。我想我們會請麥克·馬裡納羅來回答這些問題，但我首先要說的是，雨果正在繼續取得進展。這對我們來說是一個重要的項目。我們指望它成為我們的成長動力之一，特別是當它進入我們在今年下半年談到的美國市場時。但我會讓麥克來回答這些具體問題。麥克風？

Yes. Thanks, Geoff, and thanks, Joanne. So maybe first to answer the questions around what we've learned in the international markets. I think, importantly, we've learned that we have a form factor that's been received very well, particularly the open console, the modular design, which is now really starting to play out in a very meaningful way in general surgery. We're seeing that general surgery applications are really a place where the modularity of the system really shines because you can take a true lap-like approach.

是的。謝謝，傑夫，謝謝，喬安妮。因此，也許首先要回答的是我們在國際市場上學到了什麼的問題。我認為，重要的是，我們了解到我們擁有一種非常受歡迎的外形，特別是開放式控制台和模組化設計，現在它們在普通外科手術中開始發揮非常有意義的作用。我們看到，普通外科手術應用確實是系統模組化真正發揮作用的地方，因為你可以採用真正的膝上式方法。

We're learning that partnership really matters. We're not really selling -- we're selling robots and the performance of the robot, obviously, is critically important. But really we're building partnerships. And so training, education, how we surround the robot, how we come to customers as a full surgical business, these are all critical lessons that we've learned so far and also lessons that we're borrowing from our Spine business, which I think Geoff just talked through that there's really a whole ecosystem play here that we're thinking about then as we come to the US market.

我們認識到夥伴關係確實重要。我們實際上並不是在銷售——我們銷售的是機器人，而機器人的性能顯然至關重要。但實際上我們正在建立合作關係。因此，培訓、教育、我們如何圍繞機器人、我們如何以完整的外科手術業務形式為客戶提供服務，這些都是我們迄今為止學到的重要經驗教訓，也是我們從脊椎業務中藉鑑的經驗教訓，我認為傑夫剛才談到，當我們進入美國市場時，我們正在考慮整個生態系統的運作。

From a performance perspective, we're now in over 30 countries in markets around the globe. We've logged tens of thousands of procedures, and we're seeing significant double-digit growth in our current accounts on a year-on-year basis. So very good progress there. And we're tracking that momentum very carefully because how those accounts perform on a year-on-year basis, obviously, is a good indicator for what we should expect moving forward.

從業績來看，我們的市場現已覆蓋全球30多個國家。我們已經記錄了數以萬計的程序，並且我們的活期帳戶同比增長了兩位數。因此，那裡的進展非常好。我們正在非常仔細地追蹤這一勢頭，因為這些帳戶的同比表現顯然可以很好地預示我們未來的發展。

As you know, we've filed and as we talked about at SRS, Joanne, I think you were there, we filed for FDA approval for our urology study -- our urology indication rather here this year. We're progressing well in talks with FDA. We're preparing to launch -- or rather submit hernia and GYN shortly thereafter. Those are all submitted by very large data sets that we're presenting at major conferences.

如您所知，我們已經提交了申請，正如我們在 SRS 上討論的那樣，喬安妮，我想您也在那裡，我們今年就向 FDA 申請了泌尿科研究的批准——我們的泌尿科適應症。我們與 FDA 的談判進展順利。我們正準備推出——或者更確切地說，提交疝氣和婦科計畫。這些都是由我們在大型會議上展示的非常大的數據集提交的。

So we presented urology at AUA, a very large data set at the European Urology Society, the GYN data at SRS. We're presenting the hernia, Enable Hernia, which will be the data to support our US approval at the American Hernia Society here coming up in September.

因此，我們在 AUA 展示了泌尿外科數據，在歐洲泌尿外科學會展示了非常大的數據集，在 SRS 展示了婦科數據。我們正在展示疝氣，Enable Hernia，這將是支持我們於 9 月在美國疝氣協會獲得美國批准的數據。

So we're taking a very sort of forward-leaning public approach to really displaying the safety and efficacy of the system so that customers and the community can see what that looks like. And we're shortly preparing to enroll our first patient in our GYN-onc study so that we can pursue that indication as well.

因此，我們採取一種非常前瞻性的公共方式來真正展示系統的安全性和有效性，以便客戶和社區可以看到它是什麼樣子。我們很快就準備好招募我們的第一位患者參與我們的婦科腫瘤研究，以便我們也能探索這種適應症。

So there's a whole series of progress that's being made here in addition to our digital ecosystem, which grew significantly last year, both in LAP and robotics, including in competitive systems and is poised to more than double again this year.

因此，除了我們的數位生態系統之外，我們還取得了一系列進展。去年，我們的數位生態系統在 LAP 和機器人技術（包括競爭系統）方面都取得了顯著成長，今年預計將再次翻一番以上。

So I think, Geoff said it. We are making very good progress. We've seen now the performance of the system. We've learned from that. We've seen how critical it is to really come in as full partners, and we're expanding the number of countries and significantly increasing the number of procedures on a quarter-by-quarter basis. But thanks for the question.

所以我認為，傑夫是這麼說的。我們正在取得非常好的進展。我們現在已經看到了該系統的性能。我們從中吸取了教訓。我們已經看到真正成為全面合作夥伴的重要性，我們正在擴大國家數量，並逐季度大幅增加程序數量。但感謝您的提問。

Okay. Thank you, Mike, and thanks, Joanne, for the question. So I think that we're going to bring the call to a close here.

好的。謝謝麥克和喬安妮提出的問題。所以我認為我們的通話到此就結束了。

First, I want to thank all the analysts for their questions and all the support. Thank you for joining us today. And I'd like to announce our next -- our Q2 earnings call is going to be broadcast the week of Thanksgiving, actually, Tuesday, November 18 --

首先，我要感謝所有分析師的提問與支持。感謝您今天加入我們。我想宣布，我們的下一次第二季財報電話會議將於感恩節那周播出，實際上是 11 月 18 日星期二——

The week before.

前一周。

The week before. I'm sorry, the week before Thanksgiving, Tuesday, November 18. That's the week before Thanksgiving. We will update you on our progress. So with that, I'll bring the call to the close, and thanks for joining us, and have a great day.

前一周。抱歉，是感恩節前一周，11 月 18 日，星期二。那是感恩節前一週。我們將向您通報我們的進度。好了，我的通話就到此結束了，感謝您的參與，祝您有愉快的一天。