美敦力 (MDT) 2026 Q4 法說會逐字稿

Good morning, and welcome to our fiscal '26 fourth-quarter earnings webcast. I'm Ingrid Goldberg, Head of Medtronic Investor Relations. I'm joined by Geoff Martha, Chairman and Chief Executive Officer; and Thierry Piéton, Chief Financial Officer.

早安，歡迎收看我們 2026 會計年度第四季財報網路直播。我是 Ingrid Goldberg，美敦力投資人關係主管。今天與我一同出席的有董事長暨執行長 Geoff Martha，以及財務長 Thierry Piéton。

Geoff and Thierry will provide comments on the results of our fourth quarter, which ended on April 24, 2026, and our outlook for fiscal year '27. After our prepared remarks, we'll take questions from the sell-side analysts that cover the company.

Geoff 與 Thierry 將就截至 2026 年 4 月 24 日止的第四季業績，以及 2027 會計年度的展望發表評論。在我們的準備講稿之後，我們將接受涵蓋本公司的賣方分析師提問。

Earlier this morning, we issued a press release discussing our quarterly results and 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.

今天稍早，我們已發布新聞稿，說明本季業績並附上數份財務附表。我們也上傳了財報簡報，提供更多關於我們表現的細節。該簡報可透過我們的財報新聞稿或至 investorrelations.medtronic.com 之網站取得。

During today's program, many of our statements will be forward looking, and actual results could differ materially as explained in our SEC filings. We undertake no obligation to update any forward-looking statements.

在今天的節目中，我們的許多陳述將屬於前瞻性陳述，實際結果可能與我們在 SEC 申報文件中所說明者有重大差異。我們不承擔更新任何前瞻性陳述之義務。

Unless otherwise stated, all comparisons are on a year-over-year basis, and revenue comparisons are made on an organic basis, which excludes the impact of foreign exchange, prior-year revenue from the divestiture of the Dutch Obesity Clinic, also known as NOK, 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 '26 and are made on an as reported basis. All share references on its revenue and year-over-year basis and compare our fourth fiscal quarter to our competitor's first calendar quarter.

除非另有說明，所有比較皆以年對年為基礎；營收比較以有機基礎計算，排除匯率影響、前一年度因出售荷蘭肥胖診所（亦稱 NOK）所產生的營收，以及本年度與前一年度第四季中列為「其他」的營收。提及相較於 2026 會計年度第三季的序列營收變動，係以申報口徑（as reported）計算。所有市占率相關引用皆以營收與年對年為基礎，並將我們的會計年度第四季與競爭對手的曆年第一季進行比較。

Reconciliations of all non-GAAP financial measures can be found in our earnings press release or on our website at investorrelations.medtronic.com. And finally, our EPS guidance does not include any charges or gains that will be reported as non-GAAP adjustments to earnings during the fiscal year.

所有非 GAAP 財務衡量指標之調節表，可於我們的財報新聞稿或 investorrelations.medtronic.com 網站查閱。最後，我們的 EPS 指引不包含在本會計年度中將以非 GAAP 調整項列報於盈餘的任何費用或利益。

With that, I'm now pleased to hand it over to Geoff.

接下來，我很高興把時間交給 Geoff。

Okay. Thanks, Ingrid, and good morning, everyone, and thank you for joining us.

好的。謝謝你，Ingrid。各位早安，也感謝大家加入我們。

In our fourth quarter of fiscal 2026, we delivered $9.8 billion in revenue, up 9.9% on a reported basis and 6.6% organically. So for the full fiscal year, we delivered $36.4 billion in revenue, up 8.4% reported and up 5.8% organically, marking our strongest top-line performance in 10 years. And on the bottom line, we delivered Q4 and FY26 adjusted EPS of $1.55 and $5.53, respectively, ahead of expectations and reflective of our commitment to operational rigor as we invest in durable growth.

在 2026 會計年度第四季，我們實現 98 億美元營收，申報口徑年增 9.9%，有機成長 6.6%。因此在整個會計年度，我們實現 364 億美元營收，申報口徑成長 8.4%，有機成長 5.8%，創下我們 10 年來最強勁的營收表現。在獲利方面，我們第四季與 2026 會計年度調整後 EPS 分別為 1.55 美元與 5.53 美元，優於預期，並反映我們在投資可持續成長的同時，對營運紀律的承諾。

These results represent the compounding impact of deliberate choices we've made across strategy, operations, and culture. We saw continued strong execution across our largest foundational businesses like CRM, CST, and Surgical. And we made material progress on our highest growth platforms. We marched toward leadership in CAS, Advanced Symplicity and Hugo and built momentum in Altaviva and Stealth AXiS, all while supporting our uniquely deep pipeline of innovation.

這些成果體現了我們在策略、營運與文化上所做出審慎選擇的複利效應。我們在 CRM、CST 與 Surgical 等最大且具基礎性的業務上，持續展現強勁的執行力。同時，我們在最高成長的平台上也取得實質進展。我們朝向在 CAS、Advanced Symplicity 與 Hugo 的領導地位邁進，並在 Altaviva 與 Stealth AXiS 上建立動能，同時支撐我們獨具深度的創新產品線。

In Q4, we advanced our commitment to further focus the company, deploying capital in line with our capital allocation priorities and meaningfully increasing our investments in M&A, ventures, and partnerships. And I'm incredibly proud of our teams. Through a dynamic macro environment, we have executed and we've executed with discipline to deliver an excellent fiscal '26 that will continue into fiscal '27.

在第四季，我們推進進一步聚焦公司的承諾，依照資本配置優先順序部署資本，並大幅提高在併購（M&A）、創投與合作夥伴關係上的投資。我也為我們的團隊感到無比自豪。在多變的總體環境下，我們仍以紀律執行，交出優異的 2026 會計年度成績，並將延續至 2027 會計年度。

And now, let's turn to the details of our fiscal fourth quarter, beginning with Cardiac Ablation Solutions. CAS delivered another outstanding quarter with 78% worldwide growth and gaining an additional 8 points of US share. PFA saw exceptional global growth of 145%, with Sphere-9 continuing to demonstrate broad versatility. And we're still in the early innings for Affera. In the US, we increased our installed base by 40% sequentially, and we see significant runway for continued expansion.

現在讓我們深入說明 會計年度第四季的細節，先從心臟消融解決方案（CAS）開始。CAS 再度交出亮眼的一季，全球成長 78%，並在美國市占率再提升 8 個百分點。PFA 全球成長表現卓越，達 145%，Sphere-9 持續展現廣泛的多用途性。而 Affera 仍處於早期階段。在美國，我們的裝機基數較前一季增加 40%，並看到持續擴張的顯著成長空間。

Globally, we're now rolling out Prism-2, our next-generation mapping software. Prism-2 unlocks meaningful benefits, including improved navigation using hybrid impedance and magnetic mapping, to better visualize non-sensor based catheters. As we look ahead, we're expanding our entire EP ecosystem, expanding geographically into new indications and with an exciting cadence of new innovation.

在全球方面，我們正推出下一代標測軟體 Prism-2。Prism-2 帶來顯著效益，包括透過混合阻抗與磁性標測改善導航能力，以更好地可視化非感測器型導管。展望未來，我們將擴大整體電生理（EP）生態系，於地理版圖與新適應症上擴張，並以令人振奮的節奏推出新一波創新。

In Q4, we launched Sphere-9 in Japan, where we expect to extend our market leadership. We also secured FDA approval for our US VT pivotal trial, which we aim to begin enrolling in the first half of FY27. This is an important population due to the complexity of these potentially life-threatening arrhythmias that are often really difficult to treat.

在第四季，我們於日本推出 Sphere-9，預期可延伸我們的市場領導地位。我們也取得 FDA 對美國 VT 關鍵性試驗的核准，目標在 2027 會計年度上半年開始收案。這是一個重要的病患族群，因為這些可能危及生命的心律不整相當複雜，且往往非常難以治療。

Now, further strengthening our EP offering is our Sphere-360 catheter, the only rotation-free, large-tip, single-shot catheter that's available. Sphere-360 is CE marked and launching in Europe. Early physician feedback is really strong, and our US pivotal trial is enrolling swiftly.

此外，進一步強化我們 EP 產品組合的是 Sphere-360 導管，這是目前唯一可用、免旋轉（rotation-free）、大端頭（large-tip）、單次施作（single-shot）的導管。Sphere-360 已取得 CE 認證並在歐洲上市。醫師的早期回饋非常正面，而我們在美國的關鍵性試驗也正快速收案。

And as you saw in our additional press release this morning, we are continuing to invest in a fully integrated EP ecosystem, with two targeted investments in ICE catheter technology that will give physicians real-time visualization of the heart. This will further enhance the Affera platform over time to extend our capabilities. Now, through innovation, purposeful investment, and global execution, we plan to completely surround the electrophysiology space and offer patients and physicians a more complete end-to-end set of EP solutions.

此外，如同大家今天早上在我們的補充新聞稿中所見，我們持續投資於完整整合的 EP 生態系，並針對 ICE 導管技術進行兩項策略性投資，讓醫師能即時可視化心臟。這將隨時間推進進一步強化 Affera 平台，延伸我們的能力。透過創新、具目的性的投資與全球執行，我們計畫全面布局電生理領域，為病患與醫師提供更完整的端到端 EP 解決方案。

Next, I'd like to share our progress with Symplicity Spyral, which is a novel one-time, minimally invasive approach to treat hypertension. Hypertension represents a massive unmet need. Now, despite the use of multiple medications, roughly 18 million people still live with the uncontrolled hypertension in the US alone.

接下來，我想分享我們在 Symplicity Spyral 的進展；這是一種新穎的一次性、微創方式，用於治療高血壓。高血壓代表著龐大的未被滿足醫療需求。即使使用多種藥物，在美國仍約有 1,800 萬人處於血壓控制不佳的狀態。

Our Symplicity Physician Finder now spans 200 doctors across more than 300 accounts, connecting patients with physicians as demand grows. We've also seen a significant uptick in prior authorization approvals, and since the NCD, we have doubled average weekly procedure volumes. And now, Symplicity is annualizing at $100 million.

隨著需求成長，我們的 Symplicity Physician Finder 現已涵蓋超過 300 個客戶據點、共 200 位醫師，協助病患與醫師建立連結。我們也看到事前授權（prior authorization）核准數顯著上升；自 NCD 之後，我們的每週平均手術量已翻倍。目前 Symplicity 的年化營收已達 1 億美元。

At CRT this year, we presented late-breaking long-term data reinforcing the clinical outcomes of RF renal denervation. In over 2,000 patients, Symplicity delivered sustained mean systolic blood pressure reductions of 13.3 and 18.1 milligrams of mercury in ambulatory and in-office settings at three years, respectively, with 90% of patients achieving a meaningful benefit. And as a reminder, a 10-point reduction in BP is proven to show a greater than 20% reduction in major cardiovascular events like heart attack, stroke, and heart failure. So this is critical and underscores the impact of Symplicity on patients and the healthcare system itself.

在今年的 CRT 會議上，我們發表了突破性（late-breaking）的長期數據，進一步強化射頻（RF）腎交感神經去神經術的臨床結果。在超過 2,000 名病患中，Symplicity 在三年時於動態血壓監測與門診量測情境下，分別達到 13.3 與 18.1 毫米汞柱的平均收縮壓持續下降，且 90% 的病患獲得具臨床意義的效益。提醒大家，血壓降低 10 個點已被證實可使心肌梗塞、中風與心衰竭等重大心血管事件降低逾 20%。因此這點至關重要，也凸顯 Symplicity 對病患以及整體醫療體系的影響。

Importantly, we stand apart as the proven platform in a category with enormous unmet need and we intend to lead it. We are confident in the foundation we've established with robust and growing clinical evidence, a broad label, expanding reimbursement, and growing demand from both physicians and patients. We are well positioned and in the early stages of this ramp to redefine the standard of care in a historically drug-based setting with a new option for managing hypertension.

重要的是，我們作為一個在需求極度未被滿足的類別中已被驗證的平台而與眾不同，我們也打算引領這個領域。我們對已建立的基礎充滿信心：強勁且持續成長的臨床證據、廣泛的適應症標示、持續擴大的給付/報銷覆蓋，以及來自醫師與病患雙方不斷成長的需求。我們已具備良好定位，且正處於這一成長爬坡的早期階段，將在一個歷來以藥物為主的治療環境中，以管理高血壓的新選項重新定義照護標準。

Now, we're also starting to see meaningful impact from Hugo, our surgical robotics system. Our worldwide procedure volume growth is 2 to 3x the market and utilization is increasing. Last quarter, we launched Hugo for urology in the United States, placing systems at leading institutions and treating our first patients. Feedback from surgical teams has been positive, both in terms of their experience and early clinical outcomes.

現在，我們也開始看到我們的手術機器人系統 Hugo 帶來的實質影響。我們全球手術量的成長為市場的 2 到 3 倍，且使用率正在提升。上季，我們在美國推出用於泌尿科的 Hugo，並在領先機構完成系統裝機，治療了首批病患。手術團隊的回饋正面，無論是使用體驗或早期臨床結果皆是如此。

We are pleased to announce that in late April, we submitted to the FDA for 510(k) clearance for general surgery and gynecologic indications, as well as for our LigaSure RAS vessel sealer. We also recently received FDA clearance for our ProGrip Advanced, a new mesh optimized for robotic-assisted ventral hernia repair procedures. And our Touch Surgery digital ecosystem continues to represent a clear advantage, with over 1,400 installations, up 30% plus sequentially.

我們很高興宣布，於四月下旬，我們已向 FDA 提交一般外科與婦科適應症的 510(k) 許可申請，同時也為我們的 LigaSure RAS 血管封合器提出申請。我們近期也取得 FDA 對 ProGrip Advanced 的許可，這是一款針對機器人輔助腹側疝氣修補手術最佳化的新型補片。此外，我們的 Touch Surgery 數位生態系持續展現明顯優勢，安裝數已超過 1,400 套，較前一季成長 30% 以上。

We are complementing our strong foundation with data and analytics, driving a more precise, intelligent, and a predictable future in surgery. Digital is creating real value in the OR, and we are investing and innovating to lead in this space.

我們以數據與分析來補強既有的堅實基礎，推動手術邁向更精準、更智慧且更可預測的未來。數位化正在手術室（OR）創造真正的價值，我們正投入資源並持續創新，以在此領域取得領先。

We are building our robotics program deliberately. We are driving utilization and procedure growth globally, making steady progress in the United States, and investing to strengthen our broader surgical franchise over time. Hugo is having an impact on our MedSurg portfolio, and we are pleased with the early progress.

我們正審慎地打造我們的機器人計畫。我們在全球推動使用率與手術量成長，在美國穩步推進，並投資以隨時間強化我們更廣泛的外科業務版圖。Hugo 正對我們的 MedSurg 產品組合產生影響，我們對早期進展感到滿意。

Now moving to Altaviva. Momentum here continues to build, and we are encouraged by the strong physician feedback and early patient demand. Altaviva redefines what is possible for patients with urge urinary incontinence. With same-day activation, up to 15 years longevity, and full body MRI access while the device remains on, patients can start therapy sooner (technical difficulty)

接著談 Altaviva。此處的動能持續累積，我們受到醫師強勁回饋與早期病患需求的鼓舞。Altaviva 重新定義了急迫性尿失禁病患的可能性。具備當日啟用、最長可達 15 年的使用壽命，且在裝置保持開啟狀態下可進行全身 MRI，病患能更快開始治療（技術困難）

We've trained nearly 1,000 physicians since launch, and that investment is starting to translate into commercial momentum. Sequentially, active implanters are up 3 times, and patients treated are up 2.5 times. Importantly, as physicians gain more experience and move through prior authorization more swiftly, implants are accelerating.

自上市以來，我們已訓練近 1,000 位醫師，而這項投資正開始轉化為商業動能。按季來看，活躍植入醫師數增加至 3 倍，治療病患數增加至 2.5 倍。重要的是，隨著醫師累積更多經驗並更迅速完成事前授權流程，植入量正在加速。

Finally, we executed our focused portfolio strategy. In early March, we completed the MiniMed IPO, establishing it as a standalone publicly traded company. We also advanced our M&A and venture initiatives, targeting higher growth segments to accelerate innovation in markets where we have a right to win.

最後，我們執行了聚焦的產品組合策略。三月上旬，我們完成 MiniMed 的 IPO，使其成為獨立的上市公司。我們也推進了併購（M&A）與創投計畫，鎖定更高成長的細分領域，以加速在我們具備勝出優勢的市場中進行創新。

In our coronary portfolio, we closed on the CathWorks transaction. CathWorks' FFRangio system uses a combination of AI and advanced computational science to improve decision-making in the cath lab. The company recently presented positive one-year data from the ALL-RISE trial validating FFRangio as a non-invasive technology poised to disrupt the gold standard traditional wire-based FFR, which is a $1 billion segment growing in the low-double digits.

在我們的冠狀動脈產品組合中，我們完成了 CathWorks 交易的交割。CathWorks 的 FFRangio 系統結合 AI 與先進計算科學，以改善導管室（cath lab）的決策制定。該公司近期公布 ALL-RISE 試驗的一年期正面數據，驗證 FFRangio 作為一項非侵入性技術，具備顛覆傳統以導絲為基礎之 FFR（目前的黃金標準）的潛力；該領域為 10 億美元規模，且以低雙位數成長。

We announced plans to acquire Scientia and SPR Therapeutics, as well as investments in Beluga Medical and CardioACC. Scientia will meaningfully expand our neurovascular platform with differentiated guidewire technologies for stroke, enabling every neurovascular procedure to start with Medtronic. SPR Therapeutics for PNS will build out our portfolio of chronic pain management therapies. And Beluga Medical and CardioACC will advance development of next-generation ICE catheters that will further advance our EP toolkit.

我們宣布計畫收購 Scientia 與 SPR Therapeutics，並投資 Beluga Medical 與 CardioACC。Scientia 將以具差異化的中風導引導絲技術，顯著擴展我們的神經血管平台，使每一例神經血管手術都能以美敦力（Medtronic）作為起點。SPR Therapeutics（PNS）將擴充我們的慢性疼痛管理治療產品組合。而 Beluga Medical 與 CardioACC 將推進下一代 ICE 導管的開發，進一步強化我們的電生理（EP）工具組。

In our venture portfolio, we invested in emerging technologies, including Pulnovo, a first-of-its-kind, minimally invasive system designed to address pulmonary artery denervation. And we entered into a distribution agreement with Merit Medical for ViaVerte, which brings an FDA-cleared solution for chronic vertebrogenic back pain. Now, both of these transactions will expand our reach into new and high-growth adjacencies where we hold leadership positions.

在我們的創投產品組合中，我們投資於新興技術，包括 Pulnovo——一套同類首創的微創系統，旨在處理肺動脈去神經化（pulmonary artery denervation）。我們也與 Merit Medical 簽訂 ViaVerte 的經銷協議，該產品提供一項已獲 FDA 核准/許可、用於慢性椎體源性背痛的解決方案。現在，這兩筆交易都將擴大我們在新興且高成長的相鄰領域的觸及範圍，而我們在這些領域具備領導地位。

These investments are deliberate and tightly aligned to our strategy of reinforcing leadership positions, building scalable ecosystems, and extending our reach and attractive markets. Together, these meaningful tuck-in investments position us to drive sustainable growth for the near and the long term.

這些投資是經過審慎規劃，並與我們強化領導地位、打造可擴展生態系、以及延伸觸及至具吸引力市場的策略高度一致。綜合而言，這些具意義的補強型投資（tuck-in）使我們能在短期與長期推動可持續成長。

Now, these are just a few highlights from the quarter. Looking across the business, multiple operating units contributed to the strength in Q4, like CST with Stealth AXiS or CRM with OmniaSecure and Micra, and many others, which Thierry will cover in more depth.

以上只是本季的幾項重點。放眼整體業務，多個營運單位對第四季（Q4）的強勁表現有所貢獻，例如 CST 的 Stealth AXiS，或 CRM 的 OmniaSecure 與 Micra 等等；Thierry 將會更深入說明。

So to close, I want to start with thanking our teams, not only for delivering a strong year, but embracing the changes that have enabled this performance. In a world with many moving pieces, we are executing. We are delivering. We are delivering on our strategic priorities and accelerating access to life-changing therapies, all while creating meaningful value for patients, for physicians, for healthcare systems, and for our shareholders.

最後作結，我想先感謝我們的團隊，不僅交出亮眼的一年，也擁抱了促成這項表現的變革。在一個充滿多重變動因素的世界裡，我們正在落實執行。我們正在交付成果。我們正落實我們的策略優先事項、加速讓改變生命的療法可被取得，同時為病患、醫師、醫療體系以及我們的股東創造有意義的價值。

Now with that, I'm going to turn it over to Thierry. He's going to walk through the financial results of both the quarter and the full year before turning to guidance. Thierry?

接下來，我要把時間交給 Thierry。他將先說明本季與全年財務結果，接著談展望指引。Thierry？

Hey, thanks, Geoff. And hello, everyone. I appreciate you joining today.

嗨，謝謝你，Geoff。各位大家好。感謝各位今天撥冗參與。

Let's start with cardiovascular, which delivered 10% revenue growth this quarter, led by 14% in the US and 7% in international markets.

先從心血管業務開始，本季營收成長 10%，其中美國成長 14%，國際市場成長 7%。

Driving this performance was 78% growth in CAS. Including 124% in the US.

推動這項表現的是 CAS 成長 78%。其中美國成長 124%。

In a 14 billion market that grew about 20% in 4Q, we're now annualizing over 2 billion in revenue and are on track to reach 2 billion trailing in the first quarter of fiscal year '27.

在一個規模 140 億美元、於第四季約成長 20% 的市場中，我們目前年化營收已超過 20 億美元，並正按計畫在 2027 財年第一季達到過去 12 個月（trailing）20 億美元的水準。

Cardiac rhythm management delivered 5% growth in both US and international markets. Defibrillation delivered mid single-digit growth. Including high 10s in ICD and mid-60s in EV ICD.

心律管理（Cardiac rhythm management）在美國與國際市場皆實現 5% 成長。除顫業務實現中個位數成長。其中 ICD 為高十位數成長，EV ICD 為約 60% 中段的成長。

We saw strong momentum in the recently launched Omnia Secure defibrillation lead following our indication expansion that allows for conduction system pacing.

在我們擴大適應症、允許傳導系統起搏（conduction system pacing）之後，近期上市的 Omnia Secure 除顫導線展現強勁動能。

Cardiac pacing therapies delivered mid-single-digit growth driven by mid-teens in Micra and high 10s in the Select Secure 3,830 lead for CSP.

心臟起搏治療實現中個位數成長，主要由 Micra 的十幾％中段成長，以及用於 CSP 的 Select Secure 3,830 導線的高十位數成長所帶動。

Turning to structural hard performance in the quarter was flat. We saw strong international performance while the US was softer in part due to the low risk data.

至於結構性心臟（Structural Heart），本季表現持平。我們看到國際市場表現強勁，而美國市場較為疲弱，部分原因是低風險數據所致。

We're encouraged though by the trajectory we've seen in the field as weekly US procedure volumes have stabilized over the last eight weeks.

不過，我們對現場所見的走勢感到鼓舞，因為過去八週美國每週手術量已趨於穩定。

Structural hard clearly remains a strategic priority for us with internal programs in mitral and tricuspid replacement. And targeted external investment in TAVR, including Anteris, paving the way forward.

結構性心臟顯然仍是我們的策略重點，內部在二尖瓣與三尖瓣置換方面均有研發計畫。同時也針對 TAVR 進行有目標的外部投資，包括 Anteris，為未來鋪路。

Coronary declined in the quarter but was offset by strength in renal denervation as described by Geoff.

冠狀動脈業務本季下滑，但如 Geoff 所述，腎動脈去神經術的強勁表現抵銷了影響。

Importantly, we saw clear acceleration of simplicity in the back half of the year.

重要的是，我們看到「簡化（simplicity）」在下半年明顯加速。

We're pleased to see the sequential lift and feel well positioned to drive momentum going forward.

我們很高興看到環比提升，並認為我們已具備良好條件，能在未來持續推動動能。

Finally, peripheral vascular health delivered low single-digit growth and cardiac surgery was up mid single-digit.

最後，周邊血管健康（Peripheral Vascular Health）實現低個位數成長，而心臟外科（Cardiac Surgery）則為中個位數成長。

Moving to neuroscience, our position in neuroscience is strong. We have the most comprehensive portfolio and are the number one player and category leader across each of our segments.

接著談神經科學（Neuroscience），我們在神經科學領域的地位強勁。我們擁有最完整的產品組合，並在各個細分領域皆為第一大業者與類別領導者。

We're investing across the portfolio to advance pipeline innovation and accelerate long-term growth. This quarter, we delivered 3% revenue growth globally, driven by 6% in international markets.

我們正於整體產品組合持續投資，以推進研發管線創新並加速長期成長。本季我們全球營收成長 3%，其中國際市場成長 6%為主要驅動。

Cranial and spinal technologies was at 3% in both US and international markets. CoreSpine gained share this quarter, growing 6% on continued modulus expansion and distributor conversions.

顱腦與脊椎技術（Cranial and Spinal Technologies）在美國與國際市場皆為 3%。CoreSpine 本季市占提升，受惠於 modulus 持續擴張與經銷商轉換，成長 6%。

In neurosurgery, results improved sequentially, supported by low double-digit growth in navigation.

在神經外科（Neurosurgery）方面，業績環比改善，主要由導航（navigation）低雙位數成長所支撐。

Following the launch of Stealth Access late in the quarter.

這是在本季後期推出 Stealth Access 之後。

Stealth Access platform is an important growth driver for our CST business. The early commercial launch is progressing well, physician feedback has been very positive, and sales are off to a very strong start.

Stealth Access 平台是我們 CST 業務的重要成長驅動因素。早期商業化上市進展順利，醫師回饋非常正面，銷售也有非常強勁的起步。

This quarter, we achieved FDA clearance across spine, cranial, and ENT indications, as well as CE mark for spine and cranial. Broadening the platform's reach across our portfolio.

本季我們在脊椎、顱腦與耳鼻喉（ENT）適應症取得 FDA 核准，同時脊椎與顱腦也取得 CE 認證。進一步擴大該平台在我們產品組合中的覆蓋範圍。

LookStealth is a force multiplier, driving pull-through across planning, robotics, and our broader able ecosystem.

LookStealth 是一個「倍增器」，可帶動規劃、機器人以及我們更廣泛的 able 生態系的連動採用。

It promotes the adoption of robotics in spine surgery, creates efficiencies that allow more physicians to integrate it without disrupting workflow.

它促進脊椎手術中機器人的採用，並創造效率，使更多醫師能在不干擾工作流程的情況下導入。

All of this makes our install base stickier over time.

這些因素都讓我們的裝機基礎（install base）隨時間更具黏著度。

With robotics penetration still in the high single-digits, we see significant runway ahead.

在機器人滲透率仍處於高個位數的情況下，我們看到未來仍有顯著的成長跑道。

Specialty therapies delivered 3% growth. Neurovascular was up 6%, driven by 11% growth in hemorrhagic, including healthy adoption in NeuroGuard and ARTs.

專科治療（Specialty Therapies）成長 3%。神經血管（Neurovascular）成長 6%，主要由出血性（hemorrhagic）11%成長帶動，其中 NeuroGuard 與 ARTs 的採用情況良好。

We are actively investing in neurovascular, as evidenced also by our planned Scientia acquisition.

我們正積極投資神經血管領域，這也反映在我們規劃中的 Scientia 收購案上。

Scientia represents a significant advancement in navigation, enabling neurointerventionalists to reach areas of the brain that were historically extremely difficult to get to.

Scientia 代表導航技術的一大進步，使神經介入醫師能到達過去極難觸及的腦部區域。

ENT delivered another quarter of mid-single-digit growth, including high single-digit in international markets.

ENT 本季再度實現中個位數成長，其中國際市場為高個位數成長。

In pelvic health, results were flat as solid growth in AltoViva was offset by broader market softness in sacral nerve modulation.

在骨盆健康（Pelvic Health）方面，業績持平；AltoViva 的穩健成長被薦神經調節（sacral nerve modulation）整體市場疲弱所抵銷。

Given the progress our teams have made, we look forward to seeing AltoViva continue to scale into 2027.

鑑於團隊所取得的進展，我們期待 AltoViva 能持續擴大規模並延伸至 2027 年。

Finally, neuromodulation was up low single-digit. This is another area of strategic focus and investment as demonstrated by our expansion in BVNA and planned acquisition. Of SPI Therapeutics, an attractive space growing over 20% annually.

最後，神經調節（Neuromodulation）為低個位數成長。這也是我們策略聚焦與投資的另一領域，從我們在 BVNA 的擴張以及規劃中的收購可見一斑。包括對 SPI Therapeutics 的收購規劃；該領域具吸引力，年成長率超過 20%。

Now turning to medical surgical, which delivered 5% growth globally, including 8% in the US.

接著談醫療外科（Medical Surgical），全球成長 5%，其中美國成長 8%。

Surgical revenue increased 3% globally, split evenly between the US and international markets.

外科（Surgical）營收全球成長 3%，美國與國際市場各占一半。

Performance was driven by high single-digit growth in both advanced energy and wound management.

表現主要由先進能量（advanced energy）與傷口管理（wound management）雙雙高個位數成長所帶動。

As well as an increased contribution from Hugo.

以及 Hugo 貢獻提升。

This was partially offset like in prior quarters by continued pressure in bariatrics.

如同前幾季，這部分被減重手術（bariatrics）持續承壓所部分抵銷。

Endoscopy delivered high single-digit growth driven by strong adoption of EndoFlip in the US and Western Europe and market share gain in NextPowder in the US.

內視鏡（Endoscopy）實現高個位數成長，主要由 EndoFlip 在美國與西歐的強勁採用，以及 NextPowder 在美國的市占提升所驅動。

And then acute care and monitoring was up 11% including high 10s growth in the US.

另外，急性照護與監測（Acute Care and Monitoring）成長 11%，其中美國為高十位數成長。

Results were driven by mid-teens growth in nail core pulse oximetry, high single-digit growth in respiratory and airways, as well as mid single-digit in perioperative.

成果主要由 Nellcor 脈搏血氧監測（pulse oximetry）中十位數成長、呼吸與氣道（respiratory and airways）高個位數成長，以及圍手術期（perioperative）中個位數成長所帶動。

The outside strength we've seen in ACM was a positive tailwind to the quarter. Looking ahead, we anticipate this growth to normalize as we head into fiscal year '27.

我們在 ACM 看到的超預期強勁表現，為本季帶來正向助力。展望未來，隨著我們進入 2027 財年，我們預期此成長將回歸常態化。

Overall, we are very pleased with the Finnish medical surgical had to close the year.

整體而言，我們對醫療外科業務在年末的收官表現感到非常滿意。

Rounding out with the diabetes business, we completed the Mini-Med IPO during the quarter, marking an important milestone in establishing Mini-Med as a standalone publicly traded company.

最後談糖尿病業務，本季我們完成 MiniMed 的 IPO，這是將 MiniMed 建立為獨立上市公司的重要里程碑。

For the quarter, the diabetes business delivered 15% reported growth or 8.1% organic, driven by strong international execution and continued momentum in US CGM and new patient starts.

本季糖尿病業務報告成長 15%，或有機成長 8.1%，主要由國際市場執行強勁，以及美國 CGM 動能延續與新病患啟用增加所帶動。

As the team prepares for the commercial launch of MiniMed Flex during the summer.

同時團隊正為夏季 MiniMed Flex 的商業上市做準備。

Look, we're excited to see the MiniMed team share more detail on their first earnings call later this morning.

我們也很期待稍後今天上午 MiniMed 團隊在其首次財報電話會議上分享更多細節。

Before we move into the details of Q4 and guidance, I'd like to remind everyone that the diabetes financials as reported by Medtronic are prepared on a different basis than the standalone MiniMed ones. Accordingly, you cannot precisely estimate Medtronic Remainco financials. By subtracting one set of financials from the another. As with prior similar transactions pro split when Medtronic is no longer the majority shareholder of Minimed, we will provide Medtronic guidance that will reflect updated operational performance metrics and share count.

在我們進入第四季細節與財測指引之前，我想提醒各位：美敦力（Medtronic）所揭露的糖尿病財務數據，其編製基礎與獨立的 MiniMed 財報不同。因此，你無法透過將一套財務數據從另一套中相減，來精確估算美敦力 Remainco 的財務表現。把一套財務數據從另一套中扣除。如同以往類似交易，在美敦力不再是 MiniMed 的控股股東後，我們將提供能反映更新後營運績效指標與股數的美敦力財測指引。

Now turning to financials, revenue this quarter of 9.8 billion grew 9.9% reported or 6.6% organic. This represented a 60 basis points acceleration from last quarter on a far more challenging comp.

接著看財務表現，本季營收 98 億美元，報告成長 9.9%，或有機成長 6.6%。在更具挑戰性的比較基期下，較上季加速 60 個基點。

This caps the strongest annual performance we have seen in 10 years. Geographically, performance was balanced with 7% growth in the US and 6.2% internationally.

這也締造了我們 10 年來最強的年度表現。就地區而言，表現均衡：美國成長 7%，國際市場成長 6.2%。

Before I turn to the P&L, I want to pause and take a moment to acknowledge our Medtronic colleagues.

在我轉到損益表（P&L）之前，我想先停一下，花點時間向我們的美敦力同仁致意。

Especially those in the Middle East and impacted countries who, despite the ongoing conflict, have remained focused on serving our customers and our patients.

特別是那些在中東及受影響國家的同仁；儘管衝突仍在持續，他們依然專注於服務我們的客戶與病患。

Their performance under tremendously difficult circumstances reflects their commitment, resilience, and the strength of our mission and culture.

他們在極其艱難的環境下所展現的表現，反映了他們的承諾與韌性，以及我們使命與文化的力量。

So thank you.

所以謝謝大家。

On that note.

說到這點。

I will now turn to walking us through the fourth quarter P&L. Our adjusted gross margin was 65.4% up 30 basis points year over year and up 50 basis points sequentially.

接下來我將帶大家走過第四季損益表（P&L）。我們的調整後毛利率為65.4%，年增30個基點，季增50個基點。

Let me walk you through the elements shaping gross margin this quarter as I usually do.

如同我一貫的作法，讓我帶大家看本季影響毛利率的各項因素。

Similar to Q3, our disciplined pricing provided 30 basis points benefit.

與第三季類似，我們嚴謹的定價帶來30個基點的助益。

Net of inflation cost down contributed 60 basis points driven by COGS efficiency programs. As our portfolios, global operations and supply chain teams delivered material savings, improved efficiencies and higher yields.

扣除通膨後的成本下降貢獻了60個基點，主要由銷貨成本（COGS）效率方案所驅動。隨著我們的產品組合、全球營運與供應鏈團隊帶來實質節省、效率提升與更高良率。

Mix was unfavorable by 60 basis points, largely reflecting the diabetes business, as well as higher mix of lower margin capital to higher margin catheters in our CAS business.

產品組合（mix）不利影響為60個基點，主要反映糖尿病業務，以及在我們CAS業務中，低毛利資本設備占比提高、相對於高毛利導管的占比變化。

While a near term headwind to gross margin rate, this represents a favorable leading indicator.

雖然短期內對毛利率形成逆風，但這代表一項正向的領先指標。

As it reflects further penetration of the market and strong pull through potential for future catheter sales.

因為這反映市場滲透進一步提升，且未來導管銷售具有強勁的帶動（pull-through）潛力。

Tariffs impacted the business by $74 million or 80 basis points in line with expectations and finally foreign exchange was an approximate 80 basis points tailwind.

關稅對業務的影響為7,400萬美元或80個基點，符合預期；最後，外匯約帶來80個基點的順風。

Moving to overhead, adjusted R&D was roughly 7% of revenue in the fourth quarter and fiscal year R&D. Grew 150 million as we marched towards higher investment goals.

接著看費用端，第四季調整後研發（R&D）約占營收7%，而本財年研發費用。隨著我們朝更高投資目標邁進，增加了1.5億美元。

Q4 to date, we closed or announced nearly 2 billion of additional investments as we executed our M&A and venture capital strategy.

截至第四季目前為止，我們已完成或宣布近20億美元的額外投資，持續執行我們的併購（M&A）與創投策略。

We expect recent M&A to contribute approximately 150 million to inorganic revenue growth in fiscal year '27 and to be a healthy contributor to our organic based in the out years.

我們預期近期的併購在2027財年將為非有機營收成長貢獻約1.5億美元，並在往後年度對我們的有機成長帶來良好助益。

Within our venture portfolio, we also made 16 venture investments this fiscal year, totaling approximately 250 million.

在我們的創投投資組合中，本財年我們也進行了16筆創投投資，合計約2.5億美元。

Each of these investments are in growth accretive adjacencies and should generate strong returns and potential acquisition opportunities in the years ahead.

這些投資皆位於可提升成長、具互補性的鄰近領域，應可在未來數年帶來強勁報酬，並創造潛在的收購機會。

We're committed to accelerating our pace of innovation and top-line growth through a prudent. And strategic combination of organic and inorganic investment.

我們致力於以審慎的方式加速創新步伐與營收成長。並透過有機與非有機投資的策略性組合來達成。

Adjusted SG&A was 30.5% of revenue in the quarter, up 30 basis points year over year.

本季調整後銷售、一般及行政費用（SG&A）占營收30.5%，年增30個基點。

With favorability below the line, this quarter we made the deliberate decision to accelerate investment in our commercial firepower to support our key growth areas.

在業外項目帶來有利影響的情況下，本季我們刻意決定加速投入商業端戰力，以支持我們的關鍵成長領域。

Our adjusted operating profit was 2.5 billion. Resulting in an adjusted operating margin of 25.5%. This included impacts of 160 basis points from the Minimed Blackstone payment and 80 basis points from tariffs.

我們的調整後營業利益為25億美元。因此調整後營業利益率為25.5%。其中包含Minimed Blackstone付款影響160個基點，以及關稅影響80個基點。

Our adjusted tax rate was 17.7%, slightly better than expected.

我們的調整後有效稅率為17.7%，略優於預期。

All in all, adjusted EPS was $1.55 above the midpoint of our guidance range and above the street expectations.

總體而言，調整後每股盈餘（EPS）為1.55美元，高於我們指引區間的中點，也高於市場預期。

Free cash flow was $5.4 billion in fiscal year '26, the strongest it has been since 2022 and ahead of our expectations. We've made solid progress in working capital over the year. The team delivered notable progress in accounts receivable and controlled inventory effectively.

2026財年的自由現金流為54億美元，為自2022年以來最強，且優於我們的預期。我們在本年度的營運資金方面取得扎實進展。團隊在應收帳款方面有顯著改善，並有效控管存貨。

Our CapEx spend was up roughly $50 million and grew at a significantly lower rate than revenue.

我們的資本支出（CapEx）約增加5,000萬美元，且其成長率顯著低於營收成長率。

Because of this, we ended the year with a 9.2 billion in cash and investments, positioning the company very favorably to execute on M&A opportunities.

因此，我們在年底持有92億美元的現金與投資，使公司在執行併購機會方面具備非常有利的條件。

Look, our performance this year underscores the strength of our portfolio and the consistency of our execution. While we faced headwinds like tariffs and a transitional product mix, we made meaningful progress in our efficiency initiatives, driving COG's improvements. And achieving gross profit leverage ex-tariffs.

各位，我們今年的表現凸顯了產品組合的實力與執行的一致性。儘管面臨關稅與產品組合轉換等逆風，我們在效率計畫上取得實質進展，推動銷貨成本（COGS）改善。並在排除關稅影響後達成毛利槓桿。

Importantly, we remain disciplined in balancing performance with investment.

重要的是，我們仍然嚴守在績效與投資之間的平衡。

We purposefully increased investment in SG&A, R&D and M&A to support innovation and commercialization in some of the most attractive and durable growth markets in medtech.

我們有意提高在SG&A、R&D與M&A上的投資，以支持在醫療科技（medtech）中一些最具吸引力且最具持久性的成長市場之創新與商業化。

I'd like to thank our teams for all the progress made this year, and I look forward to seeing this momentum carrying into the next fiscal year. Speaking of '27, now turning to the guidance. I want to note that our full-year guidance continues to include the diabetes business as Medtronic remains the majority shareholder of Minimed through the spit-off process. Today, we're guiding fiscal year '27 organic revenue growth of 6.75% to 7.25%. Including approximately 11.5% to 12% organic growth in the first quarter.

我要感謝我們的團隊今年所取得的所有進展，也期待這股動能延續到下一個財年。談到2027年，接下來轉向指引。我要說明，我們的全年指引仍包含糖尿病業務，因為在分拆（spit-off）流程期間，美敦力仍是Minimed的控股股東。今天，我們給出的2027財年有機營收成長指引為6.75%至7.25%。其中包含第一季約11.5%至12%的有機成長。

This guidance includes a roughly 25 basis points tailwind from the diabetes business.

此指引包含糖尿病業務約25個基點的順風。

It also incorporates the benefit from the additional selling week which is recognized in the first fiscal quarter.

也納入額外銷售週的效益，該效益將在第一個財政季度認列。

We expected to contribute approximately 125 basis points to the four-year growth and 500 to 600 basis points in the first quarter.

我們預期其將對全年成長貢獻約125個基點，並在第一季貢獻500至600個基點。

Additionally, based on recent FX rates, we expect a foreign exchange to be a neutral to roughly 100 million headwinds for the full year, with an approximate neutral to 50 million tailwind to the first quarter.

此外，基於近期匯率水準，我們預期外匯對全年影響為中性至約1億美元的逆風，而對第一季則約為中性至5,000萬美元的順風。

Moving down the P&L, we expect our fiscal '27 margin to be roughly in line with the previous year, excluding tariffs.

往下看損益表（P&L），我們預期在排除關稅影響後，2027財年毛利率大致與前一年持平。

Pricing and COGS efficiency programs are expected to offset the impact of business mix. Primarily from diabetes. This pressure point will disappear upon separation.

定價與銷貨成本（COGS）效率方案預期可抵銷業務組合的影響。主要來自糖尿病業務。此壓力點在分拆後將消失。

We anticipate a tariff impact to COGS of approximately 250 million in total, including 75 million in the first quarter. Including tariffs, we expect fiscal year '27 gross margin to decrease by roughly 20 basis points.

我們預期關稅對銷貨成本（COGS）的影響合計約2.5億美元，其中第一季為7,500萬美元。包含關稅在內，我們預期2027財年毛利率將下降約20個基點。

We continue to invest in innovation to accelerate the launch of key products.

我們將持續投資創新，以加速關鍵產品的上市。

This includes incremental spend as we integrate several acquisitions. Overall, we expect our fiscal '27 operating margin to be up 60 basis points, driven by the absence of Blackstone milestone payments we saw this year and operating leverage.

其中包含在整合數項收購案時的增量支出。整體而言，我們預期2027財年營業利益率將提升60個基點，主要由於今年看到的Blackstone里程碑付款不再發生，以及營運槓桿所帶動。

Below the operating profit line, we're expecting an approximate 200 basis points headwind, driven by an increase in net interest expense as well as a slightly higher tax rate.

在營業利益線以下，我們預期約有200個基點的逆風，主要由淨利息費用增加以及有效稅率略為提高所致。

We're guiding 27 EPS of $5.90 to $6. Fiscal year '27 incorporates several dynamic components, and I would like to be explicit around our assumptions on the inputs.

我們給出的2027年EPS指引為5.90至6.00美元。2027財年包含數個動態組成，我想就我們對各項輸入假設明確說明。

We have included an approximate 150 basis points benefit from the extra selling week to the full year.

我們已將額外銷售週對全年的效益納入，約為150個基點。

Because we do not yet know the timing of the Minimet separation. We're taking a conservative approach and including the full year of the diabetes business in our estimates, including the associated monthly. Dilution and assuming no separation share count benefit in fiscal '27.

由於我們尚不清楚Minimet分拆的時點。我們採取保守作法，在估算中納入糖尿病業務的全年表現，包括相關的每月。稀釋影響，並假設2027財年不會因分拆而帶來股數（share count）方面的效益。

Should we separate prior to year end, as per our intent, we could see potential upside from our current guidance.

若我們依照原先意圖在年底前完成分拆，我們可能會看到相較於目前指引的潛在上行空間。

We are factoring 2% dilution from M&A, which is roughly one point higher than what we shared last quarter, as the timing of several of our deals actually occurred earlier than anticipated.

我們已將併購（M&A）帶來的2%稀釋納入考量，約比我們上季分享的高出1個百分點，因為我們數筆交易的時點實際上早於預期發生。

We're taking the full tariff impact of $250 million, as mentioned previously, an increase of $65 million versus prior year. We have not taken into consideration any government refund.

如先前所述，我們已反映2.5億美元的關稅完整影響，較前一年增加6,500萬美元。我們尚未將任何政府退稅納入考量。

We've embedded also a roughly one point headwind from increased fuel and transportation costs due to the conflict in the Middle East. And finally, based on recent FX rate, we expect foreign exchange to have a neutral to 1% accretive impact for the full year.

我們也納入了約1個百分點的逆風，來自中東衝突導致燃料與運輸成本上升。最後，基於近期匯率水準，我們預期外匯對全年影響為中性至1%增益。

For the first quarter, we would expect EPS in the range of $1.38 to $1.40, including a 600 to 700 basis points benefit from the extra selling week as well as roughly neutral impact from foreign exchange at recent rates.

就第一季而言，我們預期EPS落在1.38至1.40美元區間，其中包含因額外銷售週帶來的600至700個基點助益，以及在近期匯率下外匯影響約為中性。

Look all of this taken together. Our approach to guidance for the full fiscal year positions us well for a strong performance in 2027.

把這些因素綜合起來看。我們對全年財年的指引作法，讓我們在2027年具備強勁表現的良好定位。

And with that, back to you, Geoff.

接下來交回給你，Geoff。

Okay, thanks, Thuri.

好的，謝謝，Thuri。

Now, as we come to a close, I'd like to take a step back.

現在，在接近尾聲之際，我想先退一步回顧。

The macro backdrop, as has been challenging and dynamic.

宏觀背景一直充滿挑戰且變化快速。

But MedTech is structurally resilient because the fundamentals are durable. People are living longer, chronic disease is rising, and the demand for medical procedures will only grow.

但醫療科技（MedTech）在結構上具韌性，因為基本面穩健持久。人們壽命更長、慢性疾病增加，而對醫療處置的需求只會持續成長。

AI, digital, robotics, as well as advanced electronics are meaningful accelerants.

AI、數位化、機器人，以及先進電子技術，都是重要的加速器。

And at Medtronic, we are uniquely positioned to integrate these technologies for safer care, improved outcomes, and stronger health care economics that scale globally.

在美敦力（Medtronic），我們具備獨特優勢，能整合這些技術以提供更安全的照護、改善療效，並打造可在全球規模化的更強健醫療經濟效益。

I also want to take a moment to recognize Brett Wall, who will be leaving Medtronic this summer following an extraordinary 25-year career.

我也想花點時間表揚Brett Wall；在25年卓越職涯之後，他將於今年夏天離開美敦力。

Brett has been an integral part of our leadership team and played a defining role in shaping our neuroscience portfolio, including helping establish interventional stroke as a global standard of care and advancing innovation across neuromodulation.

Brett一直是我們領導團隊的重要成員，並在塑造我們的神經科學產品組合上扮演關鍵角色，包括協助將介入性中風治療建立為全球照護標準，以及推動神經調控領域的創新。

His impact on patients, on our strategy, and our culture, it's been significant.

他對病患、對我們的策略以及企業文化的影響都非常深遠。

And we are deeply grateful for his contributions.

我們對他的貢獻深表感謝。

As part of this planned transition, Dr. Qualey Thompson will step into the role of executive Vice President and President of our neuroscience portfolio.

作為這項既定交接計畫的一部分，Qualey Thompson醫師將接任執行副總裁暨神經科學產品組合總裁一職。

Qualey is a proven leader with a strong track record of execution, deep clinical and operational experience, most recently leading our CRM business.

Qualey是經驗證的領導者，具備強勁的執行紀錄、深厚的臨床與營運經驗，最近則是領導我們的CRM業務。

He is well positioned to lead neuroscience into its next phase of growth.

他非常適合帶領神經科學業務進入下一階段的成長。

Again, we want to thank Brett for his leadership, and we look forward to Qualey's continued impact.

再次感謝Brett的領導，也期待Qualey持續帶來影響力。

So we delivered a strong finish to the year, powered by the breadth of our portfolio and discipline execution across the business.

因此，我們在年度末交出強勁收官，動能來自我們產品組合的廣度，以及全公司嚴謹的執行力。

And look, we are not letting up.

而且我們不會鬆懈。

We are investing in the future. We are building momentum in our key growth areas, advancing innovations across the portfolio, and deploying capital through targeted M&A, ventures, and partnerships.

我們正在投資未來。我們在關鍵成長領域累積動能、推進全產品組合的創新，並透過聚焦的併購（M&A）、創投與合作夥伴關係來部署資本。

Together with strong commercial execution and market development, these actions give us confidence in our ability to deliver durable, innovation-led growth for FY27 and years to come.

結合強勁的商業執行與市場開發，這些行動讓我們有信心在FY27及未來多年，交付具持久性、以創新驅動的成長。

With that, let's turn to Q&A. Ingrid, can you please provide the instructions and queue up the analysts?

接下來進入問答。Ingrid，請提供相關指示並安排分析師提問。

(Event Instructions) Vijay Kumar, Evercore.

（活動指示）Vijay Kumar，Evercore。

Hey, guys.

嗨，各位。

Thank you for taking my question, and Geoff, congrats on a nice sprint here. Maybe, Geoff, I'll start with the guidance question. Fiscal '27, excluding the extra week, I think underlying 5.5% to 6%, that's an acceleration in line with the prior assumptions. I think as CAS slows down, that's been a concern for the market, right? Can you just talk about what are the offsets, what segments accelerate to offset CAS and drives the confidence in this 5.5% to 6% organic?

謝謝讓我提問，Geoff，也恭喜你這段時間表現亮眼。我先從指引問題開始。FY27若排除額外一週，我認為基礎成長約5.5%到6%，這樣的加速與先前假設一致。我想隨著CAS放緩，市場一直有些擔憂，對吧？你能否談談有哪些抵銷因素、哪些事業部會加速以抵銷CAS，並支撐你們對5.5%到6%有機成長的信心？

Well, thanks for the question, Vijay.

謝謝你的問題，Vijay。

Let me just start with the CAS comment you made, and then I'm going to turn it over to Thierry to answer the ins and outs and puts and takes of the guidance question. But on CAS, look, the impact of CAS to our growth will be very similar next year to this year. I mean, we see the market in FY27.

我先回應你提到的CAS，然後我會把指引問題的來龍去脈、各項增減因素交給Thierry說明。關於CAS，明年CAS對我們成長的影響會與今年非常相近。我的意思是，我們看到FY27的市場是——

Growing. First of all, in Q4, we think the cash market grew around 20%. In FY27, we're thinking mid to high 10s market growth, and we're going to grow north of two times that of the market rate. And again, the business has gotten a lot bigger, so its contributions to our growth are even more because of the size.

在成長。首先，在第四季，我們認為CAS市場成長約20%。在FY27，我們預期市場成長在十幾%的中段到高段，而我們的成長將超過市場成長率的兩倍。而且，這項業務規模已大幅擴大，因此因為規模效應，它對我們成長的貢獻更大。

Yeah, so we're annualizing, that business is annualizing now $2 billion. We're going to hit that $2 billion backward-looking revenue mark that I laid out there. We're going to hit that in Q1.

是的，所以我們目前這項業務年化已達20億美元。我剛才提到的回溯口徑20億美元營收里程碑，我們會在第一季達成。

That implies, we're about 15% share right now in marching towards market leadership in cash. So I don't, we're not, look, we're not talking about cash slowing down or its impact on our growth. I just laid out what I think it will grow, but the impact is strong. So I just want to clarify that first, and then maybe, Thierry, you talk about the guidance.

這意味著我們目前市占約15%，正朝向在CAS市場取得領導地位邁進。所以我不——我們不是在談CAS放緩或它對我們成長的影響。我剛才已說明我認為它會如何成長，但其影響力依然強勁。我只是先澄清這點，接著也許Thierry你來談談指引。

Sure. Hi, Vijay.

好的。嗨，Vijay。

So look, just maybe to give you the couple of components of the growth rate here.

那我簡單說明一下這裡成長率的幾個組成要素。

The cardiovascular business should have a performance next year that's pretty much in line with what we've seen in '26. So it's got really strong momentum. Geoff just talked about CAS. We're clearly still in the early innings of the CAS development here.

心血管業務明年的表現應該會與我們在'26年看到的情況大致一致。因此它具備非常強的動能。Geoff剛談到CAS。我們顯然仍處於CAS發展的早期階段。

You probably saw in the commentary that from an install base perspective, the install base was up 40% in the fourth quarter alone. So that gives us a ton of headroom.

你可能也在評論中看到，從裝機基礎（install base）的角度來看，僅第四季裝機基礎就成長了40%。這讓我們有很大的成長空間。

To grow the catheter cells going forward. CRM will continue to be strong mid-single-digit.

以推動未來導管銷售的成長。CRM將持續維持強勁的中個位數成長。

We have a lot of strength coming from innovation, from Micra, from Omnia, from EVICD, and that's going to carry into 27. And then, staying in the cardiovascular portfolio, we expect to continue to see some strong lift coming from Ardian, so Ardian. Is now annualizing about 100 million revenue a year and we expect that to continue to grow significantly into 27 and beyond. And then we've incorporated a prudent guidance for structural heart.

我們在創新方面有很多強項，來自Micra、Omnia、EVICD，這些動能會延續到27年。接著，在心血管產品組合中，我們預期Ardian也會持續帶來強勁拉升，因此Ardian。目前年化約1億美元營收，我們預期在27年及之後仍將顯著成長。此外，我們也對結構性心臟業務納入了審慎的指引。

As we mentioned in the commentary, the business has been pretty stable over the last weeks and that's what we've incorporated in the guidance going forward. So strong continuation in cardiovascular. Then we've got the neuroscience portfolio. Hey, look, in neuroscience, we're leading in every segment we're in and we're gaining share. And on top of that, we've got meaningful innovation in almost every segment out there. If you take CST, we have stealth access. Stealth access is off to a really good start.

如同我們在評論中提到的，過去幾週業務相當穩定，而這也已納入我們對未來的指引之中。因此，心血管業務持續強勁。接著是我們的神經科學產品組合。你看，在神經科學領域，我們在所參與的每個細分市場都處於領先地位，並且正在提升市占率。此外，我們在幾乎每個細分領域都有具實質意義的創新。以 CST 來看，我們有 stealth access。stealth access 的起步非常好。

About 50% of the revenue we get in CST is coming from consumables. And the more we sell stealth access, the more we're going to have pull-through on the consumables side, and we're super excited about that.

我們在 CST 取得的營收約有 50% 來自耗材。而我們賣出越多 stealth access，就會在耗材端帶來越多的拉動效應（pull-through），我們對此非常興奮。

In the neurovascular business, you saw that we made progress this quarter that's going to continue into '27. We've got a ton of innovation coming there.

在神經血管業務方面，你看到我們本季取得的進展將會延續到 '27。那裡我們有大量創新即將推出。

With neuro guard product and with MMA and that's going to continue going forward and on top of that We'll the inorganic impacts coming from the acquisitions, but expect neuroscience overall to continue to grow Things to accelerate to accelerate. Yeah continuing in neuroscience in PEVIC health Look AltaViva is off to a good start and it's going to continue to grow into next year so you can see every single franchise in. In neuroscience is going to accelerate going forward. And then if you look at MedSurg, look, MedSurg had a great quarter in Q4 with surgical being pretty strong, around 3%, both US and OUS. We had great performance from ACM and from Endo.

透過 neuro guard 產品以及 MMA，這些都會在未來持續推進；此外，併購帶來的非有機影響也會反映出來，但預期神經科學整體仍將持續成長、並加速、再加速。是的，神經科學在 PEVIC health 方面也會延續；你看 AltaViva 起步良好，並將持續成長到明年，因此你可以看到神經科學的每一個事業群都將在未來加速。神經科學在未來將會加速成長。再看 MedSurg，MedSurg 在第四季表現非常好，外科業務相當強勁，約 3%，美國與美國以外（OUS）皆然。ACM 與 Endo 的表現也非常出色。

Look, I think that business has great momentum.

你看，我認為那項業務動能非常強。

But we expect that growth to normalize a little bit, or we haven't reflected, I would say, the run rate that we see in Q4 fully in the guidance that we're taking into consideration for '27. And then to finish with Minimed, the team will comment more in detail in the following call after this.

但我們預期該成長會稍微正常化；或者我會說，我們並未在納入 '27 指引時，把第四季所看到的運行水準（run rate）完全反映進去。最後談到 Minimed，團隊會在接下來的電話會議中更詳細說明。

But Minimed had a strong Q4. We expect continued strength into '27. And mini-med should bring about sort of 20 to 25 basis points of growth in the construction next year. So look, all in all, if you look at what happened in '26, we started the year with a 5% guidance. Gradually, we increased it to 5.5. We ended the year at 5.8. The midpoint of our guidance this year for '27 is right at that level, 5.8. So I think we're positioning the business for success going into this year.

不過 Minimed 在第四季表現強勁。我們預期這股強勢將延續到 '27。而 Minimed 明年應可為整體成長貢獻約 20 到 25 個基點。總的來說，如果你看 '26 發生的情況，我們年初給的是 5% 的指引。我們逐步上調到 5.5%，年末達到 5.8%。今年 '27 指引的中位數正好就在那個水準，也就是 5.8%。因此我認為，我們正為今年的成功做好布局。

Hey, thanks for a very comprehensive answer. Maybe I'll limit myself to one and pass it on to others. Thank you.

嘿，謝謝你非常全面的回答。我可能就先問一個，然後把時間留給其他人。謝謝。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，富國銀行（Wells Fargo）。

Good morning. Thanks for taking the question, Geoff.

早安。謝謝你讓我提問，Geoff。

Congrats on a strong finish here. Geoff, I'm going to ask the one question I think that one area people are concerned about. Which is your TAVR business.

恭喜你們在這裡強勁收官。Geoff，我要問一個我認為大家比較擔心的領域。也就是你們的 TAVR 業務。

The Evolut six and seven-year data did get a lot of attention this year.

Evolut 的六年與七年期數據今年受到很多關注。

What did you see, or earlier this year, sorry, what did you see from a share standpoint in your TAVR business in fiscal Q4? Was there any difference in U.S. Versus international? And what are you assuming for your TAVR business in fiscal '27? Thanks for taking the question.

你們在本會計年度第四季的 TAVR 業務市占率方面看到了什麼（或今年稍早，抱歉）？美國與國際市場之間是否有任何差異？以及你們對會計年度 '27 的 TAVR 業務做了哪些假設？謝謝讓我提問。

Thanks for the question, Larry. I'd say I know there's been a lot of talk on TAVR and Evolut. I'll say this, just repeat what Thierry said a second ago. The business has stabilized, right?

謝謝你的問題，Larry。我知道關於 TAVR 和 Evolut 的討論很多。我想說的是，就重複 Thierry 剛剛說的。這項業務已經穩定下來了，對吧？

Over the last eight to 10 weeks, it's been stable.

在過去 8 到 10 週，它一直很穩定。

We did experience a slowdown in growth, and it really was tied, we believe, to the low-risk data that came out. It's more of a U.S. Dynamic, I would say. I mean, again, I just want to emphasize it's. It's, kind of old, it's an older technology. It's an old, procedure, the procedure tactics we've changed and, it's limited to a large size, valve, which is more used in the United States. So it's not really impacting us outside the US like it is in it's stabilized and we're moving forward now, right? So we're heavily investing into this business.

我們確實經歷了成長放緩，而我們認為這與公布的低風險（low-risk）數據有關。我會說這比較是美國市場的動態。我的意思是，我再次想強調，這是。這算是較舊的技術。這是一個較舊的手術方式，手術策略已經改變，而且它受限於大尺寸瓣膜，而這在美國使用得更多。所以它對美國以外市場的影響不像在美國那麼大；目前已經穩定下來，我們也正在往前推進，對吧？因此我們正在大力投資這項業務。

We announced a big investment last quarter, we're investing in this DASI software where we've got Mitral and Tricuspid, and so we're feeling good going forward, we got some new fresh leadership there that's running fast.

我們在上季宣布了一項重大投資；我們正在投資這套 DASI 軟體，涵蓋二尖瓣（Mitral）與三尖瓣（Tricuspid），因此我們對未來感到樂觀；那邊也有新的領導團隊，推進速度很快。

So I don't know if you have anything to add to that, Thierry, in terms of next?

所以我不知道你是否要補充一些，Thierry，關於接下來的部分？

-- No, I would just say, look, in Q4, we grew 6.6% despite the headwind that we had from TAVR, in particular in the U.S., as you said, Geoff. And what we've seen over the last eight weeks is a stabilization of that business, and that's what we've modeled going forward.

-- 不，我只想說，你看，第四季我們成長了 6.6%，儘管我們受到 TAVR 的逆風影響，尤其是在美國，如你所說，Geoff。而我們在過去八週看到的是該業務已趨於穩定，這也是我們對未來所建立的模型假設。

Travis Steed, Bank of America.

Travis Steed，美國銀行（Bank of America）。

Thanks for the question. I'll start with.

謝謝讓我提問。我先從……開始。

Med surge grew 5% this quarter, surgery grew 3% this quarter. Maybe it's how you factor these businesses in as you talked about accelerating growth next year into the guidance and to keep these businesses at kind of these higher growth levels. And then Hugo, when does that start to show up on the surgery growth and when do you expect Hugo to start contributing positively to the margin and EPS profile versus being an R&D investment and think about the return on that program?

MedSurg 本季成長 5%，外科本季成長 3%。也許想請教你們在談到明年加速成長並納入指引時，如何把這些業務納入考量，並讓這些業務維持在這種較高的成長水準。另外，Hugo 何時會開始反映在外科成長上？以及你們預期 Hugo 何時會開始對毛利與 EPS 結構帶來正向貢獻，而不再只是研發投資？也請談談對該計畫回報的看法。

Well, look, I'd say, first of all, on med-surg, it was a great quarter, and it was pretty much across the board, right?

嗯，你看，我會說，首先就 MedSurg 而言，這是一個很棒的季度，而且幾乎是全面性的表現，對吧？

The surgical business accelerated to 3%, as Thierry just pointed out.

如 Thierry 剛剛指出，外科業務加速到 3%。

You have ACM at, nearly 11%, our endo business at 9%. I mean, Mike, McMarin, and the team have done a great job building to this.

ACM 接近 11%，我們的 Endo 業務是 9%。我的意思是，Mike、McMarin 以及團隊在打造這些成果方面做得非常好。

And like I said, it was a great quarter. And in there, Hugo contributed, right? We had told you that we thought Hugo would have an impact towards the end of FY26, and it did in Q4.

如我所說，這是一個很棒的季度。而在其中，Hugo 也有貢獻，對吧？我們曾告訴各位，我們認為 Hugo 會在 FY26 接近年底時帶來影響，而它確實在第四季發揮了作用。

We're feeling really good about the feedback we're getting on the launch. We announced this morning the submission to the new indications, general surgery, Gyne and Ligashore RAS. So we've got those submitted and the feedback we're getting on the early cases is good. We're seeing, the smooth case rate is up.

我們對於上市後收到的回饋感到非常振奮。我們今天早上宣布已提交新的適應症申請，包括一般外科、婦科以及 Ligashore RAS。因此我們已完成提交，而我們從早期案例收到的回饋也很不錯。我們看到手術順利完成率正在上升。

That means how many cases, everything goes well in a case. So that's really important, especially in the US where the physicians really test the system. Our procedures are meaningfully up and utilization continues to be strong.

這代表在一台手術中，有多少案例是全程都進行得很順利。所以這點非常重要，特別是在美國，醫師會非常嚴格地測試這套系統。我們的手術量顯著增加，使用率也持續強勁。

We've got additional placements, installations in the US, outside of the US.

我們在美國以及美國以外也有更多的佈署與安裝。

And complimentary to this is our touch surgery platform is installs are up 30% sequentially. We're now in over, 1,400 ORs globally. This is going to be a real differentiator.

此外，作為互補，我們的 Touch Surgery 平台安裝量較上一季成長 30%。我們目前已在全球超過 1,400 間手術室（OR）部署。這將會成為真正的差異化優勢。

I want to get to the point where we're talking about the enabling technology, not just Hugo, but all the enabling technology, including the digital piece, kind of like we do with in spine with Able. That's what we're building to. Obviously, Hugo's a big piece of that. So we're feeling very positive right now.

我希望我們能走到一個階段：我們談的是賦能技術（enabling technology），不只是 Hugo，而是所有賦能技術，包括數位化的部分，就像我們在脊椎領域談 Able 那樣。這就是我們正在打造的方向。顯然，Hugo 是其中很重要的一塊。所以我們目前感覺非常正面。

I think you said it on, Geoff.

我想你剛才已經說到了，Geoff。

Great. Thank you.

很好。謝謝。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Can you hear me okay? Yes, we can hear you, Ryan.

你們聽得到我嗎？是的，我們聽得到你，Ryan。

Wonderful.

太好了。

Thank you. So a lot of directions to go here, but I'm actually going to ask a little bit of a margin question to Thierry.

謝謝。這裡有很多方向可以問，但我其實想先問 Thierry 一個關於毛利率的問題。

Assuming you lap some of these tariff dynamics kind of midway through fiscal year '27.

假設你們在 2027 財年中段左右開始與部分關稅動態形成比較基期（lap）。

Potentially Minimed is coming off. And again, I appreciate that you're including it for the full year, but it would seem that there is opportunity potentially for a gross margin step-up in 2020, particularly in the second-half of 2027. And so is there anything else that we should be considering in terms of constraining gross margins as we think about it in the context of the 2027 guide?

Minimed 可能也會剝離出去。再次感謝你們仍將其納入全年，但看起來在 2027 年，特別是 2027 年下半年，毛利率可能有機會出現一個台階式上升。因此，當我們在 2027 年指引的脈絡下思考時，還有沒有其他我們應該納入考量、可能限制毛利率的因素？

No, so look, I think the dynamics and the gross margin are pretty similar to what we've seen so far. So kind of peeling through the different parts will have negative impact from the carryover of the tariffs issue or the tariffs topic, I should say, in the first half. It's kind of garbage time.

沒有。你看，我認為毛利率的動態與我們目前看到的情況相當類似。所以拆解各個部分來看，上半年會受到關稅議題（我應該說關稅主題）的延續影響而帶來負面衝擊。那有點像是「垃圾時間」。

To the tune of someone else that's on the line, sorry.

跟線上另一位的說法一致，抱歉。

Yeah, so we'll about 65 million of carryover coming from tariffs in the first quarter and the second quarter. To your point, we'll lap that in the second-half. And then if you look at excluding tariffs operationally, we expect to continue to see pricing lift as we did in '26. We expect to continue to see good traction from a cost of goods sold net cost out perspective. The team is gradually netting out better and better performance of cost out net of inflation. And we expect that to continue. Then we've got the mixed topic. And as there are two drivers behind that. One is diabetes. To your point, if we are to separate diabetes before the end of the year, which is our intent, then we should see some lift in the gross margin rate coming from that. And then the other dimension of the mixed impact is coming from CAS. It's actually getting better because the margin of cash is improving. And so we should see that being less of a headwind going into the second-half. So look, all in all, what we've embedded in the guidance here is a gross margin that's basically flattish, slightly up excluding tariffs or I would say very slightly up excluding tariffs with a better performance in the second-half than in the first half.

是的，所以第一季和第二季會有大約 6,500 萬美元的關稅延續影響。如你所說，我們在下半年就會與之形成比較基期（lap）。接著，如果排除關稅，從營運面來看，我們預期會像 2026 年一樣持續看到定價帶來的提升。我們也預期在銷貨成本（COGS）的淨降本（net cost out）方面持續取得良好進展。團隊正逐步在「扣除通膨後的降本」上交出越來越好的表現。我們預期這會持續下去。然後是組合（mix）議題。這背後有兩個驅動因素。第一是糖尿病業務。如你所說，如果我們在年底前分拆糖尿病業務（這是我們的意圖），那毛利率將因此出現一些提升。第二個組合影響的面向來自 CAS。其實情況正在改善，因為 CAS 的毛利率正在提升。因此進入下半年時，這項因素帶來的逆風應該會減弱。總之，我們在這份指引中所納入的，是一個基本持平的毛利率；若排除關稅，我會說毛利率非常小幅上升，而且下半年的表現會優於上半年。

And then the good news is growth is accelerating.

而且好消息是，成長正在加速。

And with growth, we're getting operating margin leverage with better absorption of the overhead. And this will come primarily from the SG&A line going into this year. So yeah, we'll accretion in operating margin in particular in the second-half of the year.

隨著成長，我們也會因為間接費用吸收更好而帶來營業利益率的槓桿效應。這主要會在今年的 SG&A（銷售、一般及行政費用）項目上體現。所以，是的，我們的營業利益率會提升，尤其是在下半年。

Thank you. Nice end to the year.

謝謝。年底收得很漂亮。

Josh Jennings, TD Cowen.

Josh Jennings，TD Cowen。

Hi, good morning. Thanks for taking the question.

嗨，早安。謝謝讓我提問。

I was hoping to just get a bead on the China franchise, not the sexiest question here, but historically, China has been a growth channel. There have been some headwinds with VBP for a couple of business years, but what's the outlook for 2027? Maybe help us think about. Exposure there as a percentage of revenue? And is that, is the China franchise going to be accretive or dilutive to the organic revenue growth guidance? Thanks for taking the question.

我想了解一下中國業務的狀況。這不是最吸睛的問題，但歷史上中國一直是成長管道。過去幾個營運年度受到 VBP 的一些逆風影響，但 2027 年的展望如何？也許可以幫我們思考一下：中國的營收曝險占比大概是多少？以及在有機營收成長指引的脈絡下，中國業務是增益（accretive）還是稀釋（dilutive）？謝謝讓我提問。

Look, thanks for the question. We haven't got the China question in a while. Look, China is, we still view China as a growth market. So when we think about China, we think about it as a growth market, as an end market. We don't have a whole lot of exposure in terms of manufacturing in China for.

好的，謝謝你的問題。我們有一段時間沒被問到中國的問題了。你看，我們仍然把中國視為一個成長市場。所以當我們思考中國時，我們把它視為一個成長市場、作為終端市場。就製造面而言，我們在中國用於……的曝險並不大。

Export outside of China. So we don't really have much exposure there. That's very small. It's really about how it continues to be a profitable growth market for the company. And look, we've had to navigate a number of these VBP, and I think VBP is here to stay, but the worst is behind us. And the team's navigated it well. We've been able to increase. The procedures and lower our costs because we're on these big contracts, these big tenders, and we'd be able to pull out costs, increase volume even though pricing is down. And it remains growing at the corporate average right now, and that average for the company is improving, as you see.

出口到中國以外地區。所以我們在那方面其實沒有太多曝險。那部分非常小。重點在於它如何持續成為公司一個具獲利性的成長市場。而且你看，我們必須因應多輪 VBP，我認為 VBP 會持續存在，但最糟的階段已經過去了。團隊也應對得很好。我們能夠提升……手術量並降低成本，因為我們拿到這些大型合約、這些大型標案；即使價格下降，我們仍能透過拉高量來攤薄成本、提升量。目前它的成長仍與公司平均水準一致，而如你所見，公司平均也正在改善。

And profitability is also strong.

而且獲利能力也很強。

For years, there's been this misconception that China's not profitable.

多年來一直有個誤解，認為中國不賺錢。

Prior to VBP, I admit it was even more profitable, but it's still accretive from a profitability standpoint and it's a growth region for the company.

在VBP之前，我承認那時候甚至更有利可圖，但從獲利能力的角度來看，它仍然是增厚的，而且對公司而言這是一個成長區域。

Okay.

好的。

David Roman, Goldman Sachs.

David Roman，高盛。

Thank you, Ingrid. Good morning. I wanted just to come to a comment you made on CAS during the prepared remarks. I think you talked about visualizing, excuse me, other catheters on Afera and how you were thinking about integration of some of the investments you're making on expanding the accessory business within CAS as well as the potential to integrate some of the other established technologies onto Afera and then maybe we'll just ask. My follow-up front here. I know, Thierry, you talked about tariffs as you reflected in the guidance, but there do seem to be a lot of other unresolved considerations on tariffs such as USMCA and then 232. So maybe just your latest updated thoughts there would be helpful.

謝謝你，Ingrid。早安。我想回到你在事先準備的發言中對CAS所做的一個評論。我記得你談到在Afera上可視化——不好意思——其他導管，以及你如何思考把你們在CAS內擴大配件業務所做的一些投資進行整合，同時也談到把其他既有技術整合到Afera上的潛力，然後也許我們就接著問。我這邊先追問一下。我知道Thierry，你在展望指引時談到了關稅，但關稅方面似乎還有許多其他尚未解決的考量，例如USMCA以及232條款。所以如果你能更新一下你們最新的看法，會很有幫助。

Well, first on CAS, I mean, they're on a fairer platform. Like we look at it as a three-in-one kind of -- we view it as the premier platform out there. And I think the numbers are bearing that out.

好，先談CAS。我是說，它們是在Afera平台上。我們把它看作是一種三合一的——我們認為它是目前市面上首屈一指的平台。而我想數據也證明了這一點。

And we've worked hard to get to this point, and we're still in the early innings of the launch of Afera in the US, as Thierry pointed out, and globally. And there's a couple of vectors of growth. One is the innovation you pointed out. We're really surrounding electrophysiologists.

我們為了走到今天這一步付出了很多努力，而且正如Thierry所指出的，我們在美國推出Afera仍處於非常早期的階段，全球也是如此。而成長有幾個向量。其中之一就是你提到的創新。我們正在真正地圍繞電生理醫師（EP）打造完整方案。

So we have more catheters coming out. Fierce 360 is in Europe. We started the trial in the US for single shot. It was right at our biggest competitor.

所以我們會推出更多導管。Fierce 360已在歐洲上市。我們已在美國啟動單次（single shot）的試驗。它正面對上我們最大的競爭對手。

The mapping. We just launched our second generation mapping software. And as you pointed out, David, it's got this ability to sense other, pick up other catheters. And then we're bringing in, we did made two investments in ice catheter companies. So we're going to build out our ecosystem and surround the EP. In terms of if your question is about are we opening the system, I don't think we have plans for that right now. I mean, we're really building out our propriety. Proprietary technology and ensuring that we have that tight workflow. That is our plan to have that tight workflow and get the best clinical outcomes and the best experience for the physicians.

再來是建圖（mapping）。我們剛推出第二代建圖軟體。而如你所說，David，它具備感測其他、捕捉其他導管的能力。另外，我們也對兩家ICE導管公司進行了投資。因此我們將建立我們的生態系，全面支援EP。至於如果你的問題是我們是否要開放系統，我認為目前沒有這樣的計畫。我的意思是，我們正在持續打造我們的專有——專有技術，並確保我們擁有緊密的工作流程。我們的計畫就是維持那樣緊密的工作流程，以取得最佳臨床結果，並為醫師帶來最佳體驗。

And on the tariff side, I think we mentioned it in the commentary. Look, we continue to monitor the environment there, which is still a little volatile as you mentioned. I think we continue to look at the 232 situation. On the flip side, we've incorporated sort of a status quo in tariffs. So we haven't incorporated any potential upside from reimbursements that could occur on which we have applied for. So we took a balanced approach on it, I would say.

至於關稅方面，我想我們在說明中有提到。你看，我們會持續監測那邊的環境，如你所說仍有些波動。我們也持續關注232條款的情況。另一方面，我們在關稅上納入了某種「維持現狀」的假設。因此，對於我們已提出申請、可能發生的補償（reimbursements）上行空間，我們並未納入。所以我會說，我們採取了較為平衡的做法。

Robbie Marcus, JPMorgan.

Robbie Marcus，摩根大通。

Great. Good morning. Thanks for taking the questions.

很好。早安。謝謝讓我提問。

Two quick ones for me.

我有兩個簡短問題。

First, Geoff, I wanted to ask on Minimed.

第一個，Geoff，我想問MiniMed。

I see consensus numbers have strong organic sales growth, margin and free cash flow improvements over the coming years.

我看到市場共識預估在未來幾年有強勁的有機銷售成長、毛利率以及自由現金流改善。

If that's the case, can you just remind us what's the rationale for separating it here? Wouldn't you want to keep a business with strong improvements and inflections in profitability and growth going forward?

如果是這樣，你能否提醒我們為什麼要在這裡把它分拆？難道你們不會想保留一個未來獲利能力與成長都將出現強勁改善與拐點的業務嗎？

Look, I mean, we're separating it not because of our confidence in the outlook of the business. I mean, to your point, we think it's going to do really, it's doing well today. And it's going to accelerate from here with the product pipeline that they have, which I'm sure Q will give updates on the call after this. I mean, but it's the best we've seen and it's comprehensive across all aspects of managing insulin dependent patients. So we feel really good about that.

你看，我們分拆它並不是因為我們對該業務的前景沒有信心。如你所說，我們認為它會表現得非常好——它今天就做得很好。而且憑藉他們的產品線（pipeline），從現在起還會加速成長；我相信Q會在接下來的電話會議中提供更新。我的意思是，那是我們所見過最好的，而且在胰島素依賴型患者管理的各個面向都很完整。所以我們對此感到非常有信心。

I think as we focus, we have a lot of growth drivers to focus on. And these other growth drivers that we talked about today, whether it be CaaS or RDN, Hugo, AltaViva, StealthAccess, all of them, I think, take more advantage of and benefit from either technology platforms that cut across the company, especially in robotics and areas like that, or our commercial footprint where MiniMed does not really, capitalize on that as much. And the second is, look, we're very disciplined around capital allocation.

我想當我們聚焦時，我們有很多成長驅動因素需要專注。而我們今天談到的其他成長驅動因素——不論是CaaS或RDN、Hugo、AltaViva、StealthAccess——我認為它們更能利用並受益於跨公司共用的技術平台，特別是在機器人等領域，或是受益於我們的商業版圖；而MiniMed其實沒有那麼能——充分利用這些。第二點是，你看，我們在資本配置上非常自律。

And it's hard to constantly allocate capital to something, even though the growth is there. But the rest of Medtronic is growing much faster now. So the gap between MiniMed and the rest of Medtronic isn't as much as it used to be in terms of growth.

而要持續把資本配置到某個項目上其實很難，即便它確實有成長。但現在美敦力其他業務的成長速度快得多。因此，就成長而言，MiniMed與美敦力其他業務之間的差距，已不像過去那麼大。

And profitability, though, it's just a structurally lower profitable segment. And so it's kind of hard to allocate capital that way. I think both businesses will do better separated.

至於獲利能力，它在結構上就是一個獲利較低的部門。所以用那樣的方式去配置資本會有點困難。我認為兩個業務分開之後都會做得更好。

And we've, for our own reputation and patience, we've.

而且我們，為了我們自己的聲譽以及耐心，我們已經。

We did not, we think we're separating at the right time. We've put a lot of time and money into the business. It's ready to go. It's got a great management team and it's going to do well for patients. It's going to do well for physicians and it's going to do well for shareholders. And the rest of Medtronic, we're accelerating and we're going to do well as well. So we're feeling really good about that decision and excited about the future of both organizations.

我們並沒有——我們認為現在是分拆的正確時點。我們在這個業務上投入了大量時間與資金。它已經準備就緒。它有一支很棒的管理團隊，並且會為患者帶來良好成果。它會為醫師帶來良好成果，也會為股東帶來良好成果。而美敦力其他業務方面，我們正在加速，也會表現得很好。所以我們對這個決策感覺非常好，也對兩個組織的未來感到興奮。

Fantastic. Maybe a quick one, Thierry. I look at consensus. I realize you just got to fiscal '27. I look at consensus for 7% EPS growth for 2028, realizing there's one fewer selling week, which is 150 plus basis points. To EPS this year. Should we be thinking about a similar headwind next year? And how do you want people to think about the year-to-year there just so we could get it correct at this update? Appreciate the questions.

太棒了。也許再一個簡短的問題，Thierry。我看市場共識預估。我知道你們剛把展望拉到2027財年。我看到市場共識對2028年EPS成長的預估是7%，並且考量到少了一個銷售週，這相當於150個以上的基點。對今年的EPS造成影響。我們是否應該預期明年也有類似的逆風？以及你希望大家如何看待這種年度之間的影響，好讓我們在這次更新中能正確建模？感謝回答。

Yeah, thanks Robbie. Hey, look, we'll give '28 guidance. When we give '28 guidance, it's kind of early, but just kind of directionally, some of the headwinds that we've got like tariffs, et cetera, disappear going into '28. And we expect the growth to continue. So we went through all the growth areas that we've got in the portfolio today. And a lot of these are in early innings.

是的，謝謝你，Robbie。嘿，你看，我們會提供'28年的指引。當我們提供'28年指引時，確實還算早，但就方向性而言，我們目前面臨的一些逆風因素，例如關稅等，到了'28年將會消失。而我們預期成長將會持續。所以我們已經把目前投資組合中的所有成長領域都走過一遍。而其中很多都還在非常早期的階段。

CAS is still going to continue to accelerate. Ardeon is very early in its development. Altoviva is also very early. And then we've got a long list of innovation that's kicking in the rest of the portfolio. So yes, there will be pressure coming from the. 53rd week going away, but we have a lot of things going the other way. So we look forward to talking about that later in the year.

CAS仍將持續加速。Ardeon仍處於非常早期的開發階段。Altoviva也同樣非常早期。此外，我們還有一長串創新項目，正在投資組合其餘部分逐步發力。所以是的，隨著第53週因素消失，確實會帶來一些壓力，但我們也有很多因素在另一端提供支撐。因此我們期待在今年稍晚再就此進一步交流。

Great.

很好。

Thank you for taking the questions.

謝謝你回答問題。

Mike Kratky, Leerink Partners.

Leerink Partners 的 Mike Kratky。

Awesome. Can you hear me all right?

太棒了。你聽得到我嗎？

Yes.

聽得到。

Great. So thanks for taking my questions and congrats on the strong quarter. Maybe just one quick one, but in terms of your commercial strategy and mechanical thrombectomy, to what extent is Librandt bringing differentiation to this market? How are you thinking about your ability to carve out share of the market with two well-intense competitors?

很好。謝謝讓我提問，也恭喜本季表現強勁。也許先問一個簡短的：就你們的商業策略與機械取栓（mechanical thrombectomy）而言，Librandt 在這個市場上帶來了多大程度的差異化？面對兩家實力很強的競爭對手，你們如何看待自己切入並取得市占的能力？

And what could that opportunity look like?

而那個機會可能會是什麼樣子？

Yeah, like we're not, we try not to guide at a product level, so I can't get too specific there, but I do think.

是的，我們通常不會在單一產品層級提供指引，所以我沒辦法講得太具體，但我確實認為。

We have a strong commercial footprint out in our peripheral vascular business. And this is a product we've worked on for a while and it's gotten, getting great clinical results, physician duty back is good. And I think, we're putting that product in the bag of our peripheral vascular business.

我們在周邊血管業務方面有很強的商業佈局。而這是一款我們投入了一段時間的產品，目前已經取得、也正在取得很好的臨床結果，醫師端的回饋也很正面。我認為，我們正把這個產品納入我們周邊血管業務的產品組合中。

Plus it's got, we got this agreement with Contigo that's also helping that business and help me, what else? Signed too.

另外，我們也與 Contigo 達成了協議，這也在協助該業務，還有幫我一下，還有什麼？也簽了。

That is peripheral vascular. So we've got a number of new products there. It's not just one thing. So I look at the business and the direction of travel of the overall business, putting more competitive products in that scaled sales force. And it's it's I appreciate the question, Mike. We don't get a lot of questions around peripheral vascular, but it's, kind of sneakily, kind of improving their growth profile, which is part of the exciting story of Medtronic because we you've got these three groupings. You've got these big growth drivers that we were all talking about, like Cass, and now you're going to hear more about RDN and Hugo now. But both those guys had good fourth quarters. And then you got AltaViva and.

那是周邊血管。所以我們那邊有多項新產品。不只是單一產品。因此我看的是整體業務以及整體業務的前進方向：把更具競爭力的產品放進那支具規模的銷售團隊。而且——我很感謝你的問題，Mike。我們不常被問到周邊血管，但它其實正在「悄悄地」改善其成長輪廓，這也是美敦力令人興奮的故事之一，因為我們有這三個群組。你有我們一直在談的那些大型成長驅動因素，例如 CAS，而接下來你也會聽到更多關於 RDN 和 Hugo。但這兩者在第四季都有不錯的表現。然後你還有 AltaViva 以及。

In stealth access, these thoroughbreds coming out of the gate hot. And then you got our big businesses, CST, which we kind of just talked about, surgery is doing well, and cardiac rhythm is just crushing it, like where other companies. See a mature market. Our cardiac rhythm management sees opportunity and innovates and drives the market. We're not worried about competition. It's about innovation and growing that market, lowering any kind of bar for pacing and CRM, and it's a wonderful story. But then the rest of the company is also doing well. There's puts and takes, but it's also doing well. Peripheral vascular is part of that story of adding new products. To the business. And it all comes back to our capital allocation strategy of feeding the big markets and the hot hands, but also making sure that there's the right amount of capital for the rest of the businesses and hence focusing the portfolio to enable that, getting back to the diabetes question that Robbie had. So I appreciate the question, Mike, and I'm sure the peripheral vascular team does as well.

在 stealth access 方面，這些「純種馬」一出閘就跑得很快。接著你還有我們的大型業務：CST——我們剛剛大概談過——外科表現良好，而心律業務更是表現非常強勁，就像其他公司。把它視為成熟市場。我們的心律管理（cardiac rhythm management）則看見機會，並透過創新來推動市場。我們不擔心競爭。重點在於創新與擴大市場，降低起搏與 CRM 的各種門檻，這是一個很精彩的故事。但公司其他部分也表現不錯。當然有取捨與拉扯，但整體也做得很好。周邊血管就是這個「新增產品」故事的一部分。把新產品帶進這個業務。而這一切都回到我們的資本配置策略：投入大型市場與表現最強的領域，但同時也確保公司其他業務有適當的資本，因此我們會聚焦投資組合以達成這點——回到 Robbie 先前問的糖尿病問題。所以我很感謝你的提問，Mike，我相信周邊血管團隊也同樣感謝。

Understood. Thanks very much.

了解。非常感謝。

Great, thanks everyone.

很好，謝謝大家。

So with that, I think I'm going to turn the call back over to Geoff for some final remarks.

那麼接下來，我想把電話會議交回 Geoff，請他做一些最後的結語。

Okay, well first of all, thank you for joining the call and all the questions. It was a really important moment for the company as we are really accelerated and really well positioned, putting up big numbers and really well positioned for the future and particularly in a tougher market backdrop. So I appreciate your support.

好的，首先，感謝各位參與本次電話會議以及提出的所有問題。這對公司而言是非常重要的時刻，因為我們正在加速前進、定位非常良好，交出亮眼的數字，並且在未來也具備非常好的位置，尤其是在更具挑戰的市場環境之下。因此我很感謝各位的支持。

And your continued interest in Medtronic.

以及各位對美敦力持續的關注。

And with that, I'd say just have a great rest of your day and thanks again.

那麼就到這裡，祝各位今天剩下的時間愉快，再次感謝。