美敦力 (MDT) 2027 Q1 法說會逐字稿

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Good morning, and welcome to our fiscal '27 first quarter earnings webcast. I'm Ingrid Goldberg, Head of Medtronic Investor Relations. And I'm joined by Geoff Martha, Chairman and Chief Executive Officer; and Thierry Pieton, Chief Financial Officer. Geoff and Thierry will provide comments on the results of our first quarter which ended on July 31, 2026, and our outlook for the remainder of the fiscal year '27. After our prepared remarks, we'll take questions from the sell-side analysts that cover the company.

早安，歡迎收看我們 2027 會計年度第一季財報網路直播。我是 Ingrid Goldberg，Medtronic 投資人關係主管。與我一同出席的有董事長兼執行長 Geoff Martha，以及財務長 Thierry Pieton。Geoff 與 Thierry 將就截至 2026 年 7 月 31 日止之第一季業績，以及 2027 會計年度剩餘期間的展望發表評論。在我們的準備發言之後，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. During today's program many of our statements will be forward-looking and actual results may differ materially as explained in our SEC filings. We undertake no obligation to update any forward-looking statements.

今天稍早，我們發布新聞稿，說明本季業績以及數份財務附表。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造訪 investorrelations.medtronic.com 取得。在今天的節目中，我們的許多陳述將屬於前瞻性陳述，實際結果可能與之有重大差異，如我們向 SEC 提交的文件所述。我們不承擔更新任何前瞻性陳述的義務。

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 currency first quarter revenue in the current and prior year reported as other, as well as significant acquisitions, divestitures or other significant discrete items.

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進行，排除外幣影響（本年度與前一年度第一季中列為「其他」的外幣營收影響），以及重大併購、處分或其他重大一次性項目的影響。

As a reminder, fiscal '27 is a 53-week fiscal year with the extra week occurring in the first fiscal month of the first quarter and is included in our Q1 results. References to sequential revenue changes compared to the fourth quarter of fiscal '26 and are made on an as-reported basis. Unless otherwise stated, all reference is to share gains or losses on a revenue and year over year 52-week basis, comparing our most recently completed fiscal quarter to our competitors most recently completed calendar quarter.

提醒各位，2027 會計年度為 53 週的會計年度，額外的一週發生在第一季第一個會計月，並已納入我們第一季的結果。提及與 2026 會計年度第四季相比的營收序列變動時，係以申報基礎（as-reported）計算。除非另有說明，所有關於市占率增加或減少的提及，係以營收及年對年 52 週基礎衡量，將我們最近完成的會計季度與競爭對手最近完成的曆年季度進行比較。

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

所有非 GAAP 財務衡量指標的調節表，可於我們的財報新聞稿或 investorrelations.medtronic.com 查閱。最後，我們的每股盈餘（EPS）指引不包含在本會計年度中可能被列為非 GAAP 調整項目的任何費用或收益。

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

接下來，我很高興把時間交給 Geoff。

Okay. Thanks, Ingrid, and good morning, everyone. Thank you for joining us. Look, Q1 represents a strong start to fiscal '27, with revenue of $9.8 billion and adjusted EPS of $1.45 both well ahead of expectations. Organic revenue growth was 13.7%, reflecting strong underlying market demand and excellent execution across our businesses.

好的。謝謝你，Ingrid，各位早安。感謝各位加入我們。第一季代表 2027 會計年度的強勁開局，營收達 98 億美元，調整後 EPS 為 1.45 美元，兩者皆大幅優於預期。有機營收成長 13.7%，反映市場基本需求強勁，以及我們各事業部門的卓越執行力。

Importantly, these results reinforce our confidence in the durability of our growth. Our three largest businesses, CRM, CST and Surgical, all delivered strong results this quarter. Cardiac Ablation Solutions continues to perform exceptionally well, and we are making progress in Symplicity, Altaviva and Robotics with Hugo. And at the same time, our recent acquisitions are contributing to reported growth and strengthening our portfolio for the long term. So we are executing, and this quarter's results are a clear proof point.

更重要的是，這些結果強化了我們對成長韌性的信心。我們三大業務——CRM、CST 與 Surgical——本季皆交出強勁成績。心臟消融解決方案（Cardiac Ablation Solutions）持續表現出色，我們在 Symplicity、Altaviva 以及 Hugo 機器人方面也取得進展。同時，我們近期的併購也對申報成長有所貢獻，並在長期上強化我們的產品組合。因此，我們正在落實執行，而本季結果就是明確的佐證。

Our strategic and operational focus is translating into stronger commercial performance and greater consistency with healthy underlying markets, relentless execution, and multiple growth platforms, all gaining scale, Medtronic is increasingly well positioned to deliver on our fiscal '27 targets and our long-term revenue and earnings trajectory. So with that, let's get into the details of what drove the quarter.

我們在策略與營運上的聚焦，正轉化為更強的商業表現與更高的一致性；在健康的基本市場、持續不懈的執行力，以及多個成長平台皆在擴大規模的帶動下，Medtronic 的定位愈發有利，能夠達成 2027 會計年度目標以及長期營收與獲利的成長軌跡。接下來，我們來看推動本季表現的細節。

Starting with Cardiac Rhythm Management, which delivered an outstanding quarter with global growth of 15%. Performance reflected strength across both high-power and low-power therapies with contributions from EV-ICD, Micra, and conduction system pacing, including OmniaSecure.

先從心律管理（Cardiac Rhythm Management）談起，本季表現亮眼，全球成長 15%。表現反映高功率與低功率療法皆具動能，並受惠於 EV-ICD、Micra 與傳導系統節律調控（conduction system pacing）的貢獻，其中包括 OmniaSecure。

At more than $5.5 billion in annual revenue, CRM is one of our largest businesses and has been a long-standing source of strength for the company. As an example, Micra, which launched more than a decade ago, continues to grow at a healthy double-digit rate which underscores the lasting impact of meaningful innovation within CRM.

CRM 年營收超過 55 億美元，是我們最大的業務之一，長期以來也是公司實力的重要來源。例如，Micra 於十多年前推出，至今仍以健康的雙位數速度成長，凸顯在 CRM 領域具意義的創新所帶來的長期影響。

And we're not standing still. We are further advancing innovation across pacing defibrillation and diagnostics supported by a strong pipeline and excellent execution from our teams. Look, CRM is a flagship business for Medtronic. And we continue to view this business as a key source of innovation, one that will drive durable growth for years to come.

而我們並未停下腳步。在強勁的產品線（pipeline）與團隊卓越執行力的支持下，我們正持續推進在節律調控、去顫與診斷方面的創新。CRM 是 Medtronic 的旗艦業務。我們仍將此業務視為創新的關鍵來源之一，並將在未來多年推動具韌性的成長。

Cranial and Spinal Technologies was another Q1 highlight, delivering 13% growth, including 14% in the US and 10% internationally. Our AiBLE ecosystem continues to resonate with customers as it connects technologies that have traditionally operated in silos. By bringing together AI-driven planning, imaging, navigation, robotics, implants and outcomes data across the surgical journey, AiBLE help surgeons make more informed decisions, operate with greater precision, and learn from each and every case.

顱腦與脊椎科技（Cranial and Spinal Technologies）也是第一季亮點之一，成長 13%，其中美國成長 14%，國際市場成長 10%。我們的 AiBLE 生態系持續獲得客戶共鳴，因其能連結過去各自為政的技術。透過在整個手術旅程中整合 AI 驅動的規劃、影像、導航、機器人、植入物與結果數據，AiBLE 協助外科醫師做出更有依據的決策、以更高精準度進行手術，並從每一個病例中學習。

And our recently launched Stealth AXiS platform also meaningfully outperformed this quarter. While we're still early in the launch, adoption is building and customer feedback has been very positive. With US spine robotics penetration still in the single digits, we see a significant opportunity to drive ecosystem pull-through and extend our leadership position in spine and cranial technologies for years to come.

我們近期推出的 Stealth AXiS 平台本季也明顯優於預期。雖然仍處於上市初期，但採用率正在提升，客戶回饋也非常正面。由於美國脊椎機器人滲透率仍在個位數，我們看到龐大的機會可帶動生態系的拉動效應（pull-through），並在未來多年延伸我們在脊椎與顱腦科技的領導地位。

Now moving to Surgical, which delivered another strong quarter with 9% global growth. Surgical is our largest operating unit with over $6 billion in annual revenue. Here, we're leveraging our decades of innovation and operating room partnerships to build a connected surgical ecosystem. And we're going to dive deeper on this in just a few minutes. In addition to these businesses, our next cycle of large growth opportunities are playing a more significant role in our performance.

接著談到外科（Surgical），本季再度繳出強勁成績，全球成長 9%。Surgical 是我們最大的營運單位，年營收超過 60 億美元。在此，我們運用數十年的創新與手術室合作夥伴關係，打造互聯的外科生態系。我們將在幾分鐘後更深入探討。除了這些業務之外，我們下一輪的大型成長機會也在我們的表現中扮演更重要的角色。

Cardiac Ablation Solutions delivered another quarter of excellent performance further strengthening our position in one of the most attractive markets in med tech. In Q1, CAS delivered 88% worldwide growth, reflecting the team's execution and the strength of our platform. Sphere-9 momentum continued with a 9-point increase in US share during the quarter. And I'm pleased to share that we achieved an important commitment this quarter ahead of the timeframe we promised, surpassing the $2 billion mark in trailing 12-month revenue.

心臟消融解決方案（Cardiac Ablation Solutions）本季再度展現卓越表現，進一步鞏固我們在醫療科技中最具吸引力市場之一的地位。第一季 CAS 全球成長 88%，反映團隊的執行力與我們平台的優勢。Sphere-9 動能延續，本季美國市占率提升 9 個百分點。我也很高興分享，我們在本季提前達成一項重要承諾，早於我們承諾的時程，過去 12 個月（TTM）營收突破 20 億美元。

The broader EP space remains healthy, growing in the mid-teens, and we continue to expect CAS to grow at more than 2.5 times the market rate this fiscal year. Our US Affera installed base again grew more than 35% sequentially in Q1, demonstrating that we remain in the early innings of this opportunity.

更廣泛的電生理（EP）領域仍維持健康，成長約在十幾個百分點的中段區間；我們仍預期本會計年度 CAS 的成長速度將超過市場成長率的 2.5 倍。我們在美國的 Affera 裝機基礎（installed base）於第一季再次較前一季成長超過 35%，顯示我們仍處於此機會的早期階段。

And as we look ahead, our runway extends well beyond today's share gains as we build out a comprehensive EP platform, one that spans mapping, ice catheters, focal ablation software, and single-shot innovation, positioning ourselves to serve electrophysiologists with a more -- with more complete solutions and expand the number of patients who can benefit from advanced EP therapies.

展望未來，隨著我們打造完整的 EP 平台——涵蓋定位（mapping）、冷凍導管（ice catheters）、局部消融軟體（focal ablation software）以及單次完成（single-shot）創新——我們的成長跑道將遠不止於當前的市占提升；這將使我們能以更——以更完整的解決方案服務電生理醫師，並擴大可受惠於先進 EP 療法的病患人數。

This quarter, we expanded our offering with CE Mark for Sphere-9 for the treatment of ventricular arrhythmias, including ventricular tachycardia, opening the door to a patient population that is notoriously difficult to treat. And enrollment in our US VT pivotal trial is also underway.

本季，我們擴大了產品供應，Sphere-9 取得 CE 認證，可用於治療心室性心律不整（包括心室頻脈），為一個眾所周知難以治療的病患族群打開大門。此外，我們在美國的 VT 關鍵性樞紐試驗也已開始招募。

We're only at the beginning for CAS with a differentiated platform, a growing installed base, expanding indications and a strong innovation pipeline, we are well positioned to treat more patients to continue to gain share and further extend our leadership in this large and growing market.

對於 CAS 而言，我們仍處於起步階段；憑藉差異化平台、持續成長的裝機基礎、擴大的適應症以及強勁的創新產品線，我們已具備優勢，可治療更多病患、持續提升市占，並在這個龐大且成長中的市場進一步擴大領導地位。

Now turning to Symplicity. Q1 was another strong quarter, and we are increasingly encouraged by this market's evolution, real-world outcomes, well, they just keep getting better as evidenced by the three-year data we recently presented. And we are pleased to share that the SPYRAL AFFIRM clinical trial was accepted for a late-breaker at TCT this fall. Look, the conversations with clinicians is increasingly shifting from awareness to access and more hospitals are approaching us about establishing Ardian programs.

接著談 Symplicity。第一季再度表現強勁，我們也對此市場的演進愈發受到鼓舞；真實世界的結果持續改善，正如我們近期發表的三年期數據所證實。我們也很高興分享，SPYRAL AFFIRM 臨床試驗已獲選為今年秋季 TCT 的 late-breaker（最新突破性研究）。臨床醫師的對話焦點正日益從「認知」轉向「可近性」，也有更多醫院主動與我們接洽，討論建立 Ardian 計畫。

Here, our key focus areas are on expanding coverage and integrating Ardian into the care pathway. Looking ahead for Ardian, our transradial catheter remains on track to launch in the second half of this fiscal year. This is an important step forward as many interventional cardiology procedures are performed via radio access today, making the therapy easier to integrate into existing workflows and potentially improving patient outcomes. These positive signals further reinforce our conviction that Symplicity is one of the most compelling long-term growth opportunities in med tech.

在此，我們的關鍵聚焦領域是擴大給付覆蓋並將 Ardian 納入照護流程。展望 Ardian，我們的經橈動脈導管仍按計畫於本會計年度下半年上市。這是重要的進展，因為目前許多介入性心臟科手術皆採橈動脈途徑，使該療法更容易整合進既有工作流程，並可能改善病患預後。這些正向訊號進一步強化我們的信念：Symplicity 是醫療科技領域最具吸引力的長期成長機會之一。

Now turning to Pelvic Health. The business delivered strong growth this quarter, increasing 15% and driven by significant progress from Altaviva where procedures doubled sequentially. Demand for Altaviva is building. And while we are still early in our launch, Altaviva is gaining traction with physicians as well as the 16 million US patients who still suffer from urge urinary incontinence.

接著談骨盆健康（Pelvic Health）。本季該業務實現強勁成長，成長 15%，主要由 Altaviva 的顯著進展所帶動，相關手術量較前一季倍增。Altaviva 的需求正在累積。儘管我們仍處於上市初期，Altaviva 已在醫師端以及仍受急迫性尿失禁所苦的 1,600 萬名美國病患之間逐步取得動能。

As we continue to expand training, reimbursement support, and patient awareness, we are really encouraged by the progress we are already seeing. And we are confident in Altaviva's ability to become a meaningful contributor to growth for years to come. Okay. Back to Surgical. We have a strong leadership position in surgery built on decades of innovation, trusted technologies and a long-standing partnerships with surgeons worldwide.

隨著我們持續擴大訓練、給付支援與病患認知，我們對目前已看到的進展深受鼓舞。我們也有信心，Altaviva 將在未來多年成為成長的重要貢獻來源。好的。回到外科（Surgical）。我們在外科領域擁有強大的領導地位，建立在數十年的創新、值得信賴的技術，以及與全球外科醫師長期合作夥伴關係之上。

As robotic-assisted surgery continues to expand, we believe our portfolio breadth, our global reach, and our operating room presence uniquely position us to help shape the future of surgery and extend the benefits of these technologies to more patients around the world.

隨著機器人輔助手術持續擴張，我們相信我們的產品組合廣度、全球覆蓋與手術室端的既有布局，使我們具備獨特優勢，能協助塑造外科的未來，並將這些技術的效益延伸至全球更多病患。

Robotic-assisted surgery, or RAS is one of the most compelling growth opportunities in healthcare with global penetration still in the single digits and only 1% in emerging markets. At the same time, RAS is in high demand with procedure volumes up approximately 16% per year over the last decade. There is a significant runway here, and we expect robust expansion for many years to come.

機器人輔助手術（Robotic-assisted surgery，RAS）是醫療保健領域最具吸引力的成長機會之一，全球滲透率仍在個位數，而新興市場僅約 1%。同時，RAS 需求旺盛，過去十年手術量每年約成長 16%。這裡仍有顯著的成長跑道，我們預期未來多年將持續強勁擴張。

Now we've established our foundation in soft tissue robotics with Hugo, where we continue to make meaningful progress. By the end of the fiscal year, we expect Hugo to surpass 50,000 completed procedures with procedure growth continuing at more than twice the market rate. We're also advancing our platform through new capabilities and new indications, including the expected US expansions into general surgery and gynecology.

我們已以 Hugo 在軟組織機器人領域建立基礎，並持續取得實質進展。在本會計年度結束前，我們預期 Hugo 完成的手術數將超過 50,000 例，且手術量成長仍將維持在高於市場成長率兩倍以上。我們也透過新增功能與新增適應症推進平台發展，包括預期在美國擴展至一般外科與婦科。

We are investing in building out a broader surgical ecosystem just like in CST, an ecosystem that integrates robotics, advanced visualization, navigation, instrumentation, and digital technologies, including AI-enabled capabilities like touch surgery. Today, Touch Surgery is used in more than 1,500 operating rooms globally, supporting AI-powered insights, collaboration, and workflows. And with Touch Surgery Aid, unveiled at SRS, we are bringing 300 times more computing power into the operating room and creating a foundation for increasingly advanced AI capabilities over time.

我們正投資打造更廣泛的外科生態系，正如在 CST 所做的一樣；該生態系整合機器人、先進可視化、導航、器械與數位技術，包括如 Touch Surgery 等具 AI 賦能的能力。目前，Touch Surgery 已在全球超過 1,500 間手術室使用，支援 AI 驅動的洞察、協作與工作流程。而透過在 SRS 發表的 Touch Surgery Aid，我們將 300 倍的運算能力帶入手術室，並為未來逐步更先進的 AI 能力奠定基礎。

And now that brings us to Cornerstone Robotics. As announced this morning, we are further enhancing and expanding our robotic portfolio through a strategic investment and distribution agreement for Cornerstone's Sentire Surgical System in select markets outside the US. Sentire compliments Hugo by extending our reach into select international markets and broadening the range of customer needs that we can address as robotic surgery continues to expand globally.

接下來談 Cornerstone Robotics。如同今早宣布，我們透過對 Cornerstone 的 Sentire 外科系統在美國以外部分特定市場的策略性投資與經銷協議，進一步強化並擴展我們的機器人產品組合。Sentire 與 Hugo 形成互補，協助我們延伸至部分國際市場，並在機器人手術持續全球擴張之際，擴大我們可滿足的客戶需求範圍。

So taken together, the platforms, Hugo, Touch Surgery AID, Sentire, and our enhanced surgical instrumentation position Medtronic to build a differentiated global robotics portfolio, combining advanced robotics, AI, visualization and instrumentation to push the field forward, improving surgical precision and workflow and serve a broader range of customers and patients around the world.

綜合而言，Hugo、Touch Surgery AID、Sentire，以及我們強化的外科器械，讓美敦力得以打造具差異化的全球機器人產品組合，結合先進機器人、AI、可視化與器械，推動領域向前發展，提升手術精準度與工作流程，並服務全球更廣泛的客戶與病患。

Look, Q1 performance is further evidence that our strategy is translating into stronger results. We are accelerating growth advancing innovation and focusing the portfolio and deploying capital with discipline. Overall, our progress this quarter reinforces our confidence in fiscal '27 and in our long-term revenue and earnings growth potential.

第一季的表現進一步證明，我們的策略正在轉化為更強勁的成果。我們正加速成長、推進創新、聚焦產品組合，並以紀律方式配置資本。整體而言，本季的進展強化了我們對 2027 會計年度以及長期營收與獲利成長潛力的信心。

With that, I'm going to turn it over to Thierry to walk through more detailed business results, our financials and our updated guidance. So over to you, Thierry.

接下來，我將把時間交給 Thierry，請他說明更詳細的業務成果、我們的財務表現以及更新後的財測指引。交給你了，Thierry。

Thanks, Geoff, and hello, everyone. I appreciate you joining today. Before we begin, I'd like to remind everyone this quarter benefited from the extra selling week, which we estimate contributed approximately $570 million or 670 basis points to total organic enterprise revenue growth. Excluding the impact of the extra week, we delivered our strongest quarterly performance in nearly eight years, excluding COVID comps. Revenue this quarter was $9.8 billion, up 13.7% on both a reported and organic basis.

謝謝你，Geoff，各位大家好。感謝各位今天參與。在開始之前，我想提醒大家，本季受惠於額外的一個銷售週；我們估計這對整體企業有機成長營收的貢獻約為 5.70 億美元，或 670 個基點。若排除額外一週的影響，在不含 COVID 比較基期的情況下，我們交出了近八年來最強的單季表現。本季營收為 98 億美元，無論按報告基礎或有機基礎皆成長 13.7%。

Geographically, we saw nearly 16% growth in the US and 12% internationally. Cardiovascular delivered 19% revenue growth this quarter, excluding 25% in the US and 14% internationally. Electrophysiology therapies or EPT, which includes our CRM and CAS businesses, grew 29%, including 41% in the US and 18% internationally.

就地區而言，美國成長近 16%，國際市場成長 12%。心血管業務本季營收成長 19%，其中美國成長 25%，國際市場成長 14%。電生理治療（Electrophysiology therapies，EPT）包含我們的 CRM 與 CAS 業務，成長 29%，其中美國成長 41%，國際市場成長 18%。

Within EPT, Cardiac Ablation Solutions was again a significant contributor, delivering 88% growth, up 139% in the US. As Geoff outlined, while we are gaining share rapidly in CAS, this business is still in the early stages of its trajectory.

在 EPT 之中，心臟消融解決方案（Cardiac Ablation Solutions）再次成為重要貢獻者，成長 88%，其中美國成長 139%。如 Geoff 所述，儘管我們在 CAS 的市占正快速提升，但該業務仍處於成長軌跡的早期階段。

In Q2, we expect to outpace the market by more than 3x with growth rates moderating over the remainder of the fiscal year as we lap increasingly strong comps. Cardiac Rhythm Management was up 15% worldwide including balanced performance between the US and international markets, gaining 80 basis points of global share.

在第二季，我們預期成長速度將超過市場 3 倍以上；隨著本會計年度後續將面臨愈來愈強的比較基期，成長率將在其餘期間趨於溫和。心律管理（Cardiac Rhythm Management）全球成長 15%，美國與國際市場表現均衡，全球市占提升 80 個基點。

Conduction system pacing continues to gain momentum adding over 200 basis points to CRM in the first quarter. As CSP adoption expands across a growing patient population, Medtronic remains the leader with CSP capable leads in both high and low power segments. Our broad portfolio and innovation pipeline, position us to extend our leadership in this large franchise.

傳導系統起搏（Conduction system pacing，CSP）持續累積動能，於第一季為 CRM 增加超過 200 個基點。隨著 CSP 採用在不斷擴大的病患族群中擴展，美敦力仍為領導者，在高功率與低功率兩個區隔皆提供具 CSP 能力的導線。我們廣泛的產品組合與創新產品線，使我們得以在這個龐大的特許經營領域延續領導地位。

Pivoting to Interventional Cardiology Therapies, which include Structural Heart and Coronary & Renal Denovation. ICT grew 7% globally, driven mainly by 11% in international growth. Structural Heart grew low single digits. Similarly to Q4, US procedure volume trends remain stable.

接著談介入性心臟病治療（Interventional Cardiology Therapies, ICT），包括結構性心臟與冠狀動脈及腎臟去神經化（Denovation）。ICT 全球成長 7%，主要由國際市場 11% 的成長所帶動。結構性心臟業務呈現低個位數成長。與第四季類似，美國手術量趨勢仍維持穩定。

Our internal programs in mitral and tricuspid replacement are on track. And we're taking steps to broaden our opportunity over time through targeted external investments as evidenced by our strategic investment earlier this year in Anteris as well as Pi-Cardia announced this morning. Pi-Cardia is the first FDA cared leaflet modification technology for TAVR procedures for patients at risk for coronary obstruction, one of the fastest-growing segments in Structural Heart.

我們在二尖瓣與三尖瓣置換的內部專案進展如期。此外，我們也透過有針對性的外部投資，採取措施在時間推進中擴大機會；這可從我們今年稍早對 Anteris 的策略性投資，以及今天早上宣布的 Pi-Cardia 看出。Pi-Cardia 是首個獲 FDA 核准、用於 TAVR 手術的瓣葉修飾技術，適用於有冠狀動脈阻塞風險的患者；這是結構性心臟領域成長最快的細分市場之一。

Coronary and Renal renovation grew 13% globally. Our coronary business was up low double digits, with Cath works our AI and advanced computational science platform for angio-based FFR contributing nearly 300 basis points of organic growth.

冠狀動脈及腎臟去神經化全球成長 13%。我們的冠狀動脈業務成長達低雙位數；CathWorks（我們用於血管攝影（angio）為基礎 FFR 的 AI 與先進計算科學平台）貢獻了接近 300 個基點的有機成長。

In Ardian, we continue to make progress in the first quarter. Positive trends across access, market development, and adoption reinforce our confidence in this very large opportunity. Cardiovascular Surgery, which includes our cardiac surgery and aortic businesses grew 8% globally, and Peripheral Vascular Health was up 11%.

在 Ardian 方面，我們在第一季持續取得進展。在通路、市場開發與採用度方面的正向趨勢，強化了我們對這個極大型機會的信心。心血管外科（包含我們的心臟外科與主動脈業務）全球成長 8%，周邊血管健康（Peripheral Vascular Health）成長 11%。

Now moving to Neuroscience. The portfolio grew 9% worldwide, driven by 11% in the US and 7% internationally. Crano and Spinal Technologies delivered 13% growth worldwide. Performance was driven by continued strength in Core Spine, up 14% and neurosurgery up 15%, along with strong contribution from staff access following its first full quarter since commercial launch.

接著談神經科學（Neuroscience）。該產品組合全球成長 9%，其中美國成長 11%，國際市場成長 7%。顱腦與脊椎技術（Crano and Spinal Technologies）全球成長 13%。表現主要由核心脊椎（Core Spine）持續強勁（成長 14%）與神經外科（neurosurgery）成長 15% 所帶動，此外，Staff Access 自商業上市後的第一個完整季度也有強勁貢獻。

Specialty Therapies was up 7%, including 10% in the US and 4% internationally. Within Specialty, Neurovascular grew 4% globally driven by 9% in hemorrhagic and continued strength across flow diversion, intrasaccular embolization, carotid stenting, and access devices. In August, Onyx 12 received US FDA approval for MMA embolization to treat subdural hematomas. All three Onyx viscosities are now approved for a 1-minute shake time versus the conventional 20 minutes.

專科治療（Specialty Therapies）成長 7%，其中美國成長 10%，國際市場成長 4%。在專科治療中，神經血管（Neurovascular）全球成長 4%，主要由出血性（hemorrhagic）成長 9% 所帶動，且在血流導向（flow diversion）、囊內栓塞（intrasaccular embolization）、頸動脈支架（carotid stenting）與通路器械（access devices）方面持續強勁。8 月，Onyx 12 獲美國 FDA 核准用於 MMA 栓塞，以治療硬膜下血腫。目前三種 Onyx 黏度版本皆已核准可採 1 分鐘搖勻時間，相較於傳統的 20 分鐘。

This quarter, we completed our acquisition of Scientia, which represents an important advancement in navigation, enabling neuro interventionalists to reach areas of the brain that have historically been extremely difficult to access. Pelvic Health delivered 15% growth globally.

本季我們完成對 Scientia 的收購，這代表在導航技術上的重要進展，使神經介入醫師能夠到達過去極難進入的腦部區域。骨盆健康（Pelvic Health）全球成長 15%。

In S&M, Medtronic continues to outpace peers and Altaviva's performance is now more than offsetting S&M market softness. We're pleased with the continued progress in Altaviva as physician training expands, reimbursement progresses, and physician experience builds. We expect Pelvic Health to become a stronger and stronger contributor to neuroscience in fiscal year '27 and beyond. ENT grew 7% worldwide, driven by low double-digit growth in the US.

在 S&M 方面，美敦力持續領先同業，而 Altaviva 的表現如今已足以抵消 S&M 市場的疲弱。我們對 Altaviva 的持續進展感到滿意，因為醫師訓練持續擴大、給付（reimbursement）持續推進，且醫師使用經驗逐步累積。我們預期在 2027 會計年度及之後，骨盆健康將成為神經科學業務愈來愈強的貢獻來源。耳鼻喉（ENT）全球成長 7%，主要由美國低雙位數成長所帶動。

Neuromodulation was up 3% globally driven by ongoing SCS market softness and replacement headwinds in DBS. Our neuromodulation position has been strengthened by the acquisition of SPI Therapeutics in peripheral nerve stimulation, and through our distribution agreement with Medical which expands our presence in BVNA. Both segments are growing over 20% annually. Together, these strategic actions increased our exposure to attractive high-growth markets and reinforce our broader pain portfolio.

神經調控（Neuromodulation）全球成長 3%，主要受 SCS 市場持續疲弱以及 DBS 的汰換逆風影響。我們透過收購 SPI Therapeutics（周邊神經刺激領域）以及與 Medical 的經銷協議（擴大我們在 BVNA 的布局），強化了神經調控的市場地位。這兩個細分市場年成長率皆超過 20%。合計而言，這些策略行動提升了我們對具吸引力的高成長市場的曝險，並強化我們更廣泛的疼痛產品組合。

Now turning to Medical Surgical, which had a strong quarter and delivered 10% growth globally with balanced performance in the US and internationally. Surgical revenue increased 9% with similar performance across the US and international markets.

接著談醫療外科（Medical Surgical），本季表現強勁，全球成長 10%，美國與國際市場表現均衡。外科（Surgical）營收成長 9%，美國與國際市場表現相近。

We saw strength in Advanced Energy and Wound Management driven by share gains from our LigaSure vessel sealing and VLOC Barb sutures. As Geoff mentioned, we are pleased with our launch of Hugo which had an increase in contribution in the quarter.

我們在先進能量（Advanced Energy）與傷口管理（Wound Management）方面看到強勁表現，主要由我們的 LigaSure 血管封合與 VLOC 倒刺縫線帶來的市占提升所驅動。如 Geoff 所提到，我們對 Hugo 的上市感到滿意，本季其貢獻度有所提升。

Endoscopy grew high single digits, driven by further momentum of Endoflip 300 system and of PillCam. Acute care and monitoring was up 14% globally, including high teens growth in the US. Results were driven by mid-40s growth in McGRATH video laryngoscopy, high 30s in Microstream capnography, and high single digits in Nellcor pulse oximetry. This performance was a positive tailwind in the quarter. However, we expect ACM to normalize as we move through 2027.

內視鏡（Endoscopy）成長高個位數，主要由 Endoflip 300 系統與 PillCam 的動能持續增強所帶動。急性照護與監測（Acute care and monitoring, ACM）全球成長 14%，其中美國成長達十幾個百分點的高段。成果主要由 McGRATH 影像喉頭鏡成長約 40% 中段、Microstream 呼氣末二氧化碳監測（capnography）成長約 30% 高段，以及 Nellcor 脈搏血氧儀成長高個位數所帶動。這樣的表現為本季帶來正向助力。然而，隨著我們進入 2027 年，我們預期 ACM 將回歸常態化。

Finally, the Diabetes business delivered 15% growth, driven by US acceleration and robust growth internationally. Our strategic intent for the separation of MiniMed is unchanged, create two focused companies that will allow both MiniMed and Medtronic to execute more effectively, pursue their distinct capital allocation strategies, and align with the investor bases that best match their respective financial profiles.

最後，糖尿病業務成長 15%，主要由美國加速成長與國際市場強勁成長所帶動。我們對 MiniMed 分拆的策略意圖維持不變：打造兩家更聚焦的公司，使 MiniMed 與美敦力都能更有效執行、採取各自不同的資本配置策略，並與最符合其各自財務特徵的投資人基礎對齊。

Before we shift to the P&L and guidance, I wanted to spend a moment on what we're seeing in terms of procedure volumes. Now Q1 was a very strong quarter for Medtronic, underpinned by healthy underlying procedure volumes across nearly all of our end markets and geographies.

在我們轉到損益表（P&L）與財測指引之前，我想先花一點時間談談我們所看到的手術量（procedure volumes）情況。第一季對美敦力而言是非常強勁的一季，幾乎所有終端市場與地理區域的基礎手術量都維持健康，為本季表現提供支撐。

Importantly, this strength was broad-based and not concentrated in any one therapy or region. We continue to see resilient demand across chronic disease, high acuity conditions and life-saving interventions, areas where Medtronic is particularly well positioned given our differentiated innovation and strong clinical evidence.

重要的是，這股強勁動能是廣泛分布的，並未集中在任何單一療法或區域。我們持續看到在慢性疾病、高急性病況與救命介入等領域的需求具韌性；鑑於我們具差異化的創新與強而有力的臨床證據，美敦力在這些領域特別具備優勢。

While we continue to monitor the broader environment closely, as usual, the underlying demand backdrop remains constructive and reinforces our confidence in the durability of our growth. Overall, we're pleased with Q1 performance as well as the widespread contribution to revenue from many operating units.

雖然我們仍一如既往密切監測整體環境，但基礎需求背景依然具建設性，並強化我們對成長持久性的信心。整體而言，我們對第一季表現以及眾多營運單位對營收的廣泛貢獻感到滿意。

Now moving down the P&L. Our adjusted gross margin was 65.2%, up 10 basis points year over year. Now let me walk you through the elements that shape gross margin this quarter. We've maintained our discipline on pricing, which provided 30 basis point benefit to the quarter. Net of inflation, cost down contributed 50 basis points this quarter, driven primarily by COGS efficiency programs and strong execution across our portfolios, global operations, and supply chain teams.

接著往下看損益表（P&L）。我們的調整後毛利率為 65.2%，年增 10 個基點。接下來我將帶各位了解本季影響毛利率的各項因素。我們維持定價紀律，為本季帶來 30 個基點的助益。扣除通膨後，降本（cost down）本季貢獻 50 個基點，主要由銷貨成本（COGS）效率專案，以及我們各產品組合、全球營運與供應鏈團隊的強力執行所帶動。

In Q1, we rationalized more than 9,000 SKUs, further streamlining our product portfolio to focus on the areas with the greatest customer impact, while enhancing supply chain performance and delivering cost efficiencies across the enterprise.

在第一季，我們精簡了超過 9,000 個 SKU，進一步精實產品組合，聚焦於對客戶影響最大的領域，同時提升供應鏈表現，並在全企業範圍內帶來成本效率。

Mix was unfavorable by 50 basis points, largely reflective of the diabetes and CAS businesses. Consistent with prior quarters, while the near-term capital mix continues to impact our gross margin, it's reflective of our strong commercial performance and growing installed base, which is expanding our foundation for future pull-through of higher-margin catheter sales over the long term. The tariff-related impact with a slight headwind as tariffs paid were largely offset by related refunds. And finally, the impact from foreign exchange was roughly neutral.

產品組合（mix）對毛利率不利 50 個基點，主要反映糖尿病與 CAS 業務的影響。與前幾季一致，雖然短期的資本設備組合持續影響毛利率，但這也反映我們強勁的商業表現與持續成長的裝機基礎（installed base），長期而言將擴大我們未來帶動較高毛利導管銷售（catheter sales）的基礎。關稅相關影響略為逆風，因已支付的關稅大多被相關退稅所抵銷。最後，外匯影響大致為中性。

Adjusted SG&A was 32.4% of revenue and increased 14% year over year. We continue to make investments to accelerate the commercialization of our growth opportunities, while also integrating several recent acquisitions. Adjusted R&D was 7.9% of revenue in Q1 and increased 6% year over year. Here, we are focused on driving sustainable growth through investments in innovation, complemented by targeted inorganic opportunities.

調整後 SG&A 佔營收 32.4%，年增 14%。我們持續進行投資以加速成長機會的商業化，同時也在整合近期數項收購案。第一季調整後研發費用佔營收 7.9%，年增 6%。在此，我們聚焦於透過創新投資推動可持續成長，並以具針對性的外部（非有機）機會作為補充。

This discipline is reflected in acquisitions like SPR Therapeutics and Scientia, both of which operate in markets with CAGRs exceeding 20%. These businesses are demonstrating strong early traction. And while not reflected in our organic growth today, they're expected to contribute over $150 million to inorganic growth in fiscal year '27.

這項紀律也反映在如 SPR Therapeutics 與 Scientia 等收購案上，兩者皆在年複合成長率（CAGR）超過 20% 的市場中營運。這些業務在早期已展現強勁的市場牽引力。雖然目前尚未反映在我們的有機成長中，但預期在 27 會計年度將為非有機成長貢獻超過 1.5 億美元。

Our adjusted operating profit was $2.3 billion and increased 15% year over year. This resulted in an adjusted operating margin of 23.7%, up 10 basis points from the prior year, while we continue to invest behind our highest priority growth opportunities.

我們的調整後營業利益為 23 億美元，年增 15%。因此調整後營業利益率為 23.7%，較去年提升 10 個基點，同時我們仍持續加碼投資於最優先的成長機會。

Our adjusted tax rate was 17.2%, slightly better than expected. The benefit was mostly timing, and we expect this to be offset later in the year. All in, our adjusted EPS was $1.45, $0.06 above the midpoint of our guidance range and of Street expectations.

我們的調整後有效稅率為 17.2%，略優於預期。這項利多主要來自時點因素，我們預期在今年稍晚會被抵銷。整體而言，我們的調整後 EPS 為 1.45 美元，較我們指引區間中點及華爾街預期高出 0.06 美元。

Now turning to our guidance. As a reminder, our full year guidance includes the diabetes business through fiscal year end. On the top line, we are pleased with the strong performance in the first quarter, and are raising our fiscal year '27 organic revenue growth guidance to 7.25% to 7.75%, which represents a 50 basis point increase from our prior guidance.

接下來談我們的財測指引。提醒一下，我們的全年指引包含糖尿病業務至會計年度結束。在營收方面，我們對第一季的強勁表現感到滿意，並將 27 會計年度有機營收成長指引上調至 7.25% 至 7.75%，較先前指引提高 50 個基點。

In the second quarter, we're expecting roughly 6% organic revenue growth. Based on recent FX rates, we expect foreign exchange to be a roughly $50 million to $150 million headwind for the full year with approximate $25 million to $75 million headwind in 2Q.

第二季我們預期有機營收成長約 6%。依近期匯率水準，我們預期全年外匯將帶來約 5,000 萬至 1.5 億美元的逆風，而第二季約為 2,500 萬至 7,500 萬美元的逆風。

Moving down the P&L and starting with gross margin. We continue to expect pricing and COGS efficiency programs to offset the current impact of business mix, which is primarily from diabetes and CAS. This headwind is expected to reduce following the completion of the MiniMed separation, which we intend to close prior to fiscal year end.

往下看損益表，先從毛利率談起。我們仍預期，定價與銷貨成本（COGS）效率方案可抵銷目前業務組合的影響；該影響主要來自糖尿病與 CAS。隨著 MiniMed 分拆完成（我們計畫在會計年度結束前完成交割），此項逆風預期將減輕。

We continue to make targeted investments that are focused on our highest priority growth opportunities and are intended to strengthen the durability of our long-term revenue profile. Taken together, we expect fiscal year '27 operating profit to grow approximately 10% with operating margin expanding approximately 50 basis points year over year.

我們持續進行具針對性的投資，聚焦於最優先的成長機會，並旨在強化我們長期營收結構的韌性。綜合而言，我們預期 27 會計年度營業利益約成長 10%，營業利益率年增約 50 個基點。

Moving to EPS. Given the strength in the first quarter, we're also raising our fiscal '27 guidance range to $5.94 to $6. For the second quarter, we expect EPS and in the range of $1.32 to $1.34, which includes a roughly neutral impact from foreign exchange at recent rates. To close, we are well positioned for a strong year. I'm encouraged by the strength of our first quarter performance and the continued progress we made against our strategic priorities.

接著談 EPS。鑑於第一季表現強勁，我們也將 27 會計年度 EPS 指引區間上調至 5.94 至 6.00 美元。第二季方面，我們預期 EPS 介於 1.32 至 1.34 美元，其中包含在近期匯率下外匯影響約為中性。最後，我們已為強勁的一年做好準備。我對第一季的強勁表現以及我們在策略優先事項上持續取得的進展感到振奮。

At the same time, our operational focus has begun translating into our financial results. Portfolio simplification, SKU rationalization, cost out, and broader supply chain initiatives are beginning to deliver structural efficiencies down the P&L, and we see further opportunity ahead.

同時，我們對營運的聚焦已開始轉化為財務成果。產品組合簡化、SKU 精簡、成本削減，以及更廣泛的供應鏈計畫，正開始在損益表上帶來結構性效率，我們也看到未來仍有更多機會。

We're pairing that discipline with targeted organic and inorganic investment to accelerate innovation and support commercialization and expand our growth platforms. Look, we are laser-focused on translating stronger growth and enhanced efficiency into durable earnings leverage.

我們將這份紀律與具針對性的有機與非有機投資相結合，以加速創新、支持商業化並擴大我們的成長平台。我們高度聚焦於把更強的成長與更高的效率轉化為可持續的獲利槓桿。

With that, back to you, Geoff.

接下來交回給你，Geoff。

Okay. Thanks, Thierry. Q1 was a strong start to fiscal '27 and another proof point that our strategy is translating into results. What gives us confidence is not simply the strength of the quarter, but also the breadth of our performance this quarter. Growth is being driven by several businesses, multiple innovation platforms and teams who are executing at a high level across Medtronic.

好的。謝謝你，Thierry。27 會計年度第一季是強勁的開局，也再次證明我們的策略正在轉化為成果。讓我們有信心的不僅是單季的強勁表現，也包括本季表現的廣度。成長由多項業務、多個創新平台，以及在美敦力各部門高水準執行的團隊共同驅動。

We look forward to sharing a deeper look at our portfolio and our pipeline and our capital allocation strategy as well as our long-term growth opportunities at our upcoming Investor Day scheduled for December 10 and 11.

我們期待在即將於 12 月 10 日與 11 日舉行的投資人日，分享對我們產品組合、研發管線、資本配置策略，以及長期成長機會的更深入觀點。

With that, I'd like to thank our Medtronic colleagues around the world. The progress we are making reflects the disciplined focus and execution of our teams. I want to thank you for your hard work and continued commitment to reaching more patients. Together, we bring our mission to life for the people who are counting on us the most.

在此，我想感謝全球的美敦力同仁。我們所取得的進展反映了團隊專注且有紀律的投入與執行。感謝各位的辛勤付出，以及持續致力於觸及更多病患。我們攜手讓使命落地，為最需要我們的人帶來改變。

Okay. Let's turn to Q&A now, and Ingrid, please provide the instructions and queue up the analysts.

好的。現在進入問答環節，Ingrid，請提供相關指示並安排分析師提問。

(Operator Instructions)

（接線員指示）

Finally, please be advised that the Q&A session is being recorded. We'll now pause for a few seconds to assemble the queue.

最後提醒各位，問答環節將進行錄音。我們將暫停數秒以整理提問順序。

Travis Steed, Bank of America.

美國銀行的 Travis Steed。

Congrats on a great quarter. I guess I want to -- as is doing really well, but I want to spend a second on kind of the Medtronic business ex-CAS and just some of the ability to accelerate and improve kind of the base business ex CAS at Medtronic kind of going forward, we saw Altaviva having an impact. So maybe just spend some time on that and also the investments this morning with the Cornerstone deal, when does that show up in kind of the base surgery revenue? And how does that contract structured Cornerstone.

恭喜你們繳出非常出色的一季。我想——CAS 的表現確實很好，但我想花點時間談談美敦力在扣除 CAS 後的業務，以及未來在加速並改善扣除 CAS 後的基礎業務方面的能力；我們看到 Altaviva 帶來了一些影響。所以也許請就此多談一些；另外，今天早上宣布的 Cornerstone 交易相關投資，何時會反映在基礎外科營收中？以及 Cornerstone 這份合約的結構是如何設計的？

And then, Thierry, I wanted to also follow up the margin guide, I think ticked down like 10 basis points from 50 basis points from 60 to 50 basis points. Just wanted to clarify that if that's because of some of the investments you've done this year.

另外，Thierry，我也想追問一下你們的毛利率／利潤率指引；我記得好像從 60 個基點下修到 50 個基點，等於下調約 10 個基點。想確認這是否是因為你們今年所做的一些投資所致。

Okay. A couple of other questions here. Thanks for the questions, Travis. I'll start on the first one, just on the business performance and get it ex CAS. I say, first of all, what we like about the quarter is the breadth and the depth of the performance, right?

好的。這裡還有幾個問題。謝謝你的提問，Travis。我先回答第一個，關於業務表現、以及扣除 CAS 後的表現。我想先說，我們喜歡這一季的原因在於表現的廣度與深度，對吧？

You had a number of businesses are -- including our big three performed really well. Cardiac Rhythm, CST, and improving performance in surgical. And on that breadth note, a lot of different countries around the world contributed to the growth.

你看到多項業務——包括我們最大的三個業務——表現都非常好。心律管理（Cardiac Rhythm）、CST，以及外科業務表現的改善。而在廣度方面，全球許多不同國家都對成長有所貢獻。

And then as you point out, we had a number of growth drivers on top of this to give you the depth, right? The CAS being the biggest one, but also some good progress in Altaviva, Ardian, Hugo, so we've got these growth drivers all moving forward.

接著如你所指出的，我們在此基礎上還有多個成長驅動因素，帶來更深的動能，對吧？CAS 是其中最大的一項，但 Altaviva、Ardian、Hugo 也都有不錯的進展，因此這些成長驅動因素都在持續向前推進。

So look, from our perspective, the performance is broad-based, and we had strong execution. And it's really -- as we talked about this last quarter, the compounding impact of a lot of strategic operational and cultural changes that we've made. So beyond CAS, like you said, you're getting to your question, like I said, we have these other growth drivers that we're feeling really good about.

所以你看，從我們的角度來看，表現是全面性的，我們的執行也很強。而且這確實——就像我們上季談到的——是我們所做的許多策略、營運與文化變革所帶來的複利效應。所以除了 CAS 之外，如你所說、回到你的問題，如我所說，我們還有其他成長動能，讓我們感覺非常好。

We can talk about the announcement we made this morning in structural heart with Pi-Cardia as well as in soft tissue robotics with Cornerstone robotics. There's a lot to talk about, and Ardian is making good progress as well. Altaviva is starting to inflect and on top of that, you've got Stealth AXiS, really doing well in CST. So we feel good about these other growth drivers.

我們也可以談談今天早上宣布的消息：在結構性心臟領域與 Pi-Cardia 的合作，以及在軟組織機器人領域與 Cornerstone Robotics 的合作。有很多可以談的，Ardian 也在取得良好進展。Altaviva 開始出現拐點，此外，Stealth AXiS 在 CST 的表現也非常好。所以我們對這些其他成長動能感到樂觀。

But if I go around the horn, I mean, just talk about neuroscience for a second. Lots going on there. I mentioned Stealth AXiS in CST. We talked about Altaviva, we can get more into that. And then in Neurovascular, we see an acceleration here in the back half of the year, getting that business to mid-single digit.

但如果我逐一談一下，我先簡單談談神經科學。那邊有很多事情在進行。我提到過 Stealth AXiS 在 CST。我們也談到 Altaviva，我們可以再深入一些。另外在神經血管方面，我們看到今年下半年加速成長，讓該業務達到中個位數成長。

It's partly the acquisition of Scientia. That's not in our organic growth. On top of that, we'll get to this mid-single digit. But it is getting us into more cases, and we've got a lot of new products there. More indications for Onyx. We've got carotid stenting, and we've got RT. So we've got a number of new products there that are driving.

這部分來自於收購 Scientia。那不包含在我們的有機成長中。除此之外，我們會達到中個位數成長。但它讓我們能參與更多病例，而且我們在那裡有很多新產品。Onyx 有更多適應症。我們有頸動脈支架置放，也有 RT。所以我們有多項新產品在推動成長。

Then, of course, in Pain Stim, in our Neuromod business, we got the new BVNA partnership that's accelerating, as well as SPR, which is moving us upstream. So that business will benefit from that. So you're going to see a nice acceleration in Neuroscience, continued performance in Cardiovascular, and you're seeing the acceleration in Surgery.

接著，當然在疼痛刺激、也就是我們的神經調節業務方面，我們新的 BVNA 合作夥伴關係正在加速，另外還有 SPR，正把我們往更上游推進。因此該業務將從中受益。所以你會看到神經科學有不錯的加速、心血管持續表現良好，同時也看到外科手術業務在加速。

I don't know, Thierry, if you want to add to that and get to the question.

Thierry，我不知道你是否想補充一下並回到這個問題。

I would say one thing that I mentioned, you mentioned the different investments that we made. In aggregate, we should expect around $150 million worth of revenue in the full year from these acquisitions with kind of a partial year impact.

我想補充一點：我提到過、你也提到我們做的不同投資。整體而言，考量到這些收購在本年度只有部分年度的貢獻，我們預期全年大約會帶來 1.5 億美元的營收。

And it's in organic for now, but it will turn into inorganic for now, we'll turn it into organic. And all of these investments and acquisitions are areas where the CAGR is significantly higher than the rest of the business, right? We're talking segments where the growth is typically north of 20%.

目前它算在有機成長裡，但之後會轉為非有機——不對，之後我們會把它轉為有機。而且這些投資與收購所在的領域，其年複合成長率（CAGR）都顯著高於公司其他業務，對吧？我們談的是通常成長率在 20% 以上的細分市場。

So that's further good news down the road. I think one that I would mention, you talked about neuroscience.

所以從長遠來看，這是更進一步的好消息。我想特別提一個，你提到了神經科學。

In neuroscience, in every single segment, we have meaningful innovation happening. So we have Stealth AXiS in CST. You talked about Scientia, Onyx, Neuroguard, Artisse in neurovascular. We've got Stealth AXiS, ENT version for the ENT business and Apex cut that's coming out. So every franchise there has good news going forward.

在神經科學方面，我們每一個細分領域都有具實質意義的創新正在發生。所以我們在 CST 有 Stealth AXiS。你提到 Scientia、Onyx、Neuroguard、Artisse 在神經血管領域。我們也有 Stealth AXiS 的 ENT 版本用於耳鼻喉（ENT）業務，以及即將推出的 Apex cut。因此那裡的每個產品線未來都有好消息。

So look, I think we've got a lot of good news ahead of us. And there was a question on Cornerstone, but maybe to talk about the margin question, Travis. There's -- yes, it's really the result of the investments that we're making. So just to talk about the guidance for a moment. So we're raising the revenue guidance by 50 basis points and slightly raising the EPS.

所以你看，我認為我們前方有很多好消息。另外也有人問到 Cornerstone，但也許先談談毛利率的問題，Travis。是的，這確實是我們正在進行投資的結果。所以先談一下指引。我們把營收指引上調 50 個基點，並小幅上調 EPS。

The way to think about the EPS raise is we took the upside of the first quarter. And then a couple of things I would say part of it about Ascent is driven by tax, which is timing, which we assume is going to come back the other way. for the rest of the year. We've embedded now in the guidance, the foregone interest that is going to come from the investment that we just made in Cornerstone. So it's a $700 million investment, and we're going to have some foregone interest on that.

對於 EPS 上調的理解方式是：我們把第一季的超預期表現納入。另外我想說，Ascent 的部分因素來自稅務，這是時間點問題，我們假設在今年剩餘期間會反向回來。我們也已在指引中納入：剛剛對 Cornerstone 的投資所帶來的利息收入放棄（foregone interest）。這是一筆 7 億美元的投資，我們會因此少一些利息收入。

And then to your point, what we're doing is we're taking a portion of the upside from a revenue perspective and a portion only and reinvesting that to accelerate our commercial performance.

然後如你所說，我們的做法是：把營收面的一部分超預期——只取其中一部分——再投入，用以加速我們的商業化表現。

The last thing I would say is this is only the first quarter, right? And we want to set the business up for success in the remainder of the year.

最後我想說的是，這才第一季，對吧？我們希望讓業務在今年剩餘期間能夠成功。

Yes. I'm sure we're going to get more questions on Cornerstone and Pi-Cardia. But just high level, I'd say, first on Pi-Cardia, excited about the investment. And it's part of a broader theme in Structural Heart, where we're just making -- doubling down on that space. We made the Anteris investment a few months ago in the TAVR space.

是的。我相信我們會收到更多關於 Cornerstone 和 Pi-Cardia 的問題。但先從高層次來說，首先對 Pi-Cardia，我們對這項投資感到興奮。這也是結構性心臟更大主題的一部分：我們正在——加碼投入這個領域。幾個月前我們在 TAVR 領域做了 Anteris 的投資。

We're investing heavily in tricuspid and mitral. We've got an ecosystem that we're building with DASI on the sizing as well and now Pi-Cardia here. It's just another investment in the space, and we're bullish on it, and we're going to keep going there.

我們也在三尖瓣與二尖瓣領域大力投資。我們正在建立一個生態系，包括與 DASI 在尺寸測量（sizing）方面的合作，現在又有 Pi-Cardia。這只是該領域的另一項投資，我們對此看多，而且我們會持續推進。

And in terms of Cornerstone, look, we're just really excited about our progress in soft tissue. We've made a lot of progress. We talked about it in the commentary on Hugo. That's our play in the US. Cornerstone is really about access and choice.

至於 Cornerstone，你看，我們對於在軟組織領域的進展感到非常振奮。我們已取得很大進展。我們在談 Hugo 的評論中也提到過。那是我們在美國的布局。Cornerstone 主要是關於「可及性」與「選擇」。

It's a global play for us. It's one of a number of investments we're making in soft tissue, but this one in particular, it's a global play. It gives customers choice around the world, and we're really excited about it. And it just goes with a bunch of other investments we're making. Our Touch Surgery platform, our digital platform, we believe we're leading, and we've got a nice lead in Touch Surgery, and we were at 1,500 installed base.

對我們而言，這是一個全球性的布局。這是我們在軟組織領域多項投資之一，但特別是這一項，是全球布局。它讓全球客戶有更多選擇，我們對此非常興奮。而且它也與我們正在進行的一系列其他投資相呼應。我們的 Touch Surgery 平台、我們的數位平台，我們相信我們處於領先地位；Touch Surgery 也有不錯的領先優勢，目前裝機基數達到 1,500。

We just rolled out our newest version of that aid, which is like 300 times more computing power in the surgical suite or investments in visualization, robotic instrumentation. So there's a lot going on in soft tissue, and we're really excited about our progress there.

我們剛推出該輔助系統的最新版本，在手術室裡的運算能力大約提升了 300 倍，並且也在視覺化、機器人器械等方面持續投資。所以軟組織領域有很多事情在推進，我們對那裡的進展感到非常興奮。

Larry Biegelsen, Wells Fargo.

Larry Biegelsen，富國銀行。

I'll keep it at one, Geoff, and follow-up on Cornerstone, just maybe expand on the deal rationale. I'm going to just ask it head on. Some investors may think this is a signal that you're not confident in Hugo, address that and maybe a little bit more on the financial implications and which markets you're going to launch this in and whether it includes the US. And just lastly, is there an option to acquire the company.

Geoff，我就問一題，並針對 Cornerstone 追問，或許請再多談一些交易的策略理由。我就直接問了。有些投資人可能會認為這是一個訊號，代表你們對 Hugo 沒有信心；請回應這點，並且也請多談一些財務面的影響、你們打算在哪些市場推出、以及是否包含美國。最後，是否有收購該公司的選項。

Well, look, we've got Mike Marinaro on the line here, too, from our medical surgical portfolio. I'm going to turn it to him for a second, and then maybe, Thierry, you can hit some of the financial questions.

好，我們這邊也有來自醫療外科產品組合的 Mike Marinaro 在線上。我先把問題交給他一下，然後 Thierry，你再回答一些財務相關的問題。

But on the Hugo question, just the opposite. I mean, we're very excited about the progress that we're making in Hugo. We talked about it in the commentary, we'll be by the end of the fiscal year, over 50,000 cases, 250 units installed we're continuing to roll out new -- we're getting new in clinical indications.

至於 Hugo 的問題，恰恰相反。我們對 Hugo 的進展非常興奮。我們在說明中提到過，到本財政年度末，我們將超過 50,000 例手術、安裝 250 台設備；我們也持續推出新的——我們正在取得新的臨床適應症。

We expect multiple new indications by -- in the fall here. We're investing. I was just in our North Haven Connected facility, where we do a lot of the instrumentation last week, and we've got host of new instruments coming out. So we're really bullish about Hugo. That is our US play and other countries as well. But Cornerstone, like I said, does give us it's like more of a global play.

我們預期在今年秋季前後會有多項新的適應症。我們正在投資。我上週才去過我們位於 North Haven 的 Connected 工廠，那裡做了很多器械相關工作，我們也有一系列新器械即將推出。所以我們對 Hugo 非常看多。那是我們在美國的布局，其他國家也是。但 Cornerstone，如我所說，確實讓我們——更像是一個全球性的布局。

Gives our customers -- it helps us drive up access to robotic surgery, which is very underpenetrated, particularly in emerging markets, and it gives our customers choice.

它能讓我們的客戶——幫助我們提升機器人手術的可及性；機器人手術的滲透率仍然很低，尤其是在新興市場，同時也讓客戶有更多選擇。

And maybe I'll call on Mike to provide a little bit more detail and answer some of the other questions and we'll go back to Thierry on the financial side.

接下來我請 Mike 再補充一些細節並回答其他問題，然後我們再回到 Thierry 談財務面。

Yes. Thanks, Geoff. And Larry, thanks for the question. I think Geoff covered it very well. This is a distribution and partnership deal that we're very excited about.

是的。謝謝你，Geoff。Larry，也謝謝你的提問。我認為 Geoff 已經說得很完整了。這是一項我們非常興奮的經銷與合作協議。

As Geoff mentioned, this is a global play. It's an opportunity for us to build out a full portfolio of robotics, a full portfolio offering and an ecosystem. And it builds on the progress that we've made with Hugo. I think Jeff just spoke to it. But this quarter, we've spoken about now our expectations around installs. Really pleased to see with Hugo that our procedure volume, continues to grow at 2 times the market rate and then our digital ecosystem, of course, is now expanding.

如 Geoff 所提，這是一個全球性的布局。這讓我們有機會打造完整的機器人產品組合、完整的產品供應與生態系。而且它是建立在我們在 Hugo 上已取得的進展之上。我想 Geoff 剛剛也提到了。但在本季，我們也談到我們對安裝量的預期。看到 Hugo 的手術量持續以市場成長率的 2 倍成長，我們非常高興；當然，我們的數位生態系也正在擴張。

I think as you've seen at society of robotic surgery, I know you have a prominent presence there. There is a growing suite of capabilities globally. And it's becoming clear to us that there are going to be two or three platforms that we'll win in the market. And this is an opportunity for us to build out a portfolio of offerings that really meets the customer need and the specifics of the customer situation very well where they sit.

我想你在機器人手術學會（society of robotic surgery）上也看到了，我知道你在那裡也有很重要的參與。全球的能力組合正在增加。而且我們越來越清楚，市場上最終會有兩到三個平台勝出。這讓我們有機會打造一個產品組合，能非常貼近客戶需求，並且能很好地符合客戶所處情境的具體要求。

So this is an opportunity for us to take that strategy and expand access in one of the largest markets in med tech that is still highly underpenetrated, and we see it as complementary and really just an expression of our confidence in the progress that we continue to make here with Hugo.

因此，這讓我們能把這個策略帶到醫療科技中最大的市場之一，而該市場的滲透率仍然很低；我們認為這是互補的，也確實展現了我們對 Hugo 持續取得進展的信心。

Lastly, I'd say we're in this to win. This is a critical area for us. We are leaders in surgery. And this investment is an investment to build out that portfolio of offerings because we're here to win, and we're excited about this platform and portfolio that will build together between Hugo, Cornerstone, and our Touch Surgery ecosystem.

最後我想說，我們是要贏的。這對我們而言是關鍵領域。我們是外科領域的領導者。而這項投資是為了建立完整的產品組合，因為我們要在這裡取勝；我們也對這個平台與產品組合感到興奮，未來將由 Hugo、Cornerstone，以及我們的 Touch Surgery 生態系共同打造。

And then on the financials, hi, Larry, just -- so for this year, other than the impact of the foregone interest that I mentioned in the previous question, the impact should be minimal. Starting in '28, we should start seeing the impact of the distribution agreement. And this will contribute to the growth that we're experiencing coming from robotics, generally speaking, first with Hugo and now with Sentire, making that stronger and stronger. So we do expect to see a lift in volume and in margins coming into '28 through the distribution agreement.

至於財務面，嗨，Larry——就今年而言，除了我在上一題提到的放棄利息（foregone interest）影響之外，整體影響應該很小。從 2028 年開始，我們應該會開始看到經銷協議帶來的影響。這將有助於我們在機器人業務上所經歷的成長；一般而言，先是 Hugo，現在再加上 Sentire，讓這股動能更強、更強。因此，我們確實預期透過經銷協議，在 2028 年起帶來量的提升以及毛利率的改善。

The question on the acquisition. Look, we -- on the potential acquisition, we just made a large investment. The investment that we made just provide us some strategic optionality going forward, I would say. But the way we're approaching it is similar to what we do in a lot of these investments. We like to take a position, have a seat on the board, understand how the company is being run, start developing the collaboration.

關於收購的問題。你看，我們——就潛在收購而言，我們剛做了一筆大型投資。我會說，這筆投資讓我們在未來具備一些策略上的選擇權（strategic optionality）。但我們的做法與我們在許多此類投資中的方式相似。我們喜歡先取得一個持股部位、在董事會有一席之地，了解公司如何運作，並開始推動合作。

And then we understand what's under the hood, so to speak, consider our options. So some optionality there.

然後我們再去了解其內部狀況（under the hood），再來評估我們的選項。所以確實有一些選擇權空間。

Just Larry, just to reemphasize, I just want to make sure we're not missing any words here, and there's no earnings peak. We are doubling down here. We have a lot of confidence and conviction about our position in soft tissue right now. And as Mike said, that's the key word in it. We're building a winning strategy here.

Larry，我再強調一次，我只是想確保我們沒有漏掉任何字眼，而且不存在所謂的獲利見頂（earnings peak）。我們是在加碼投入。我們對目前在軟組織領域的定位非常有信心、也很篤定。如 Mike 所說，這就是關鍵字。我們正在打造一個致勝策略。

We feel good about our position. I feel good about Hugo. We've got confidence and conviction, but there's no arrogance. As my college hockey coach used to say, head on a swivel, panther-like stance.

我們對自身的定位感覺良好。我對 Hugo 也很有信心。我們有信心與篤定，但沒有傲慢。就像我大學冰球教練以前說的：頭要不停轉動、像黑豹一樣的站姿。

There's lots going on here, and we've got to continue to invest and continue to execute here. We want to become that meaningful number two and gain on the market leader, and we really like what we believe is a multi-year head start over the next scaled competitor, which is important.

這裡有很多事情在進行，我們必須持續投資並持續把執行做好。我們希望成為有意義的第二名，並縮小與市場領導者的差距；而且我們很看好，我們相對於下一個具規模的競爭者擁有多年的領先優勢，這點很重要。

Thanks, everyone. So Vijay Kumar, you are next. Vijay, Evercore.

謝謝各位。接下來是 Vijay Kumar。Vijay，來自 Evercore。

Congrats on a nice print this morning. I had a two-parter for you, Geoff. One on diabetes split off timing. When you look at Medtronic versus stock prices and MiniMed stock, obviously, it has come off the bottom. What is the hesitancy in announcing the split off?

恭喜今天早上公布了一份不錯的成績。Geoff，我有兩個問題。第一個是糖尿病業務分拆（split off）的時程。當你看 Medtronic 的股價與 MiniMed 的股價時，顯然已經從低點回升。那麼，遲遲不宣布分拆的顧慮是什麼？

One on CAS. I want to make sure I heard this correctly. I think your prior comment was about twice the rate of market growth, and I think today you have said 2.5x the rate of market growth. Did underlying CAS assumptions improve? What is driving this confidence?

第二個是 CAS。我想確認我是否聽對了。我記得你先前的說法是約為市場成長率的 2 倍，而今天你說的是市場成長率的 2.5 倍。CAS 的底層假設是否有所改善？是什麼在驅動這份信心？

Well, thanks, Vijay, for the question. Maybe I'll start with the cash question, and then Thierry can take the diabetes question. Yes, we did say for the balance of the fiscal year, that we would grow 2.5 times the market. And we think the market's mid-teens in Q3 or Q2, rather, it might even be higher than that. So look, we're just -- there's a lot going on in CAS I'd say.

嗯，謝謝你，Vijay，提出這個問題。也許我先從現金的問題開始，然後Thierry可以回答糖尿病的問題。是的，我們確實說過在本財政年度剩餘期間，我們的成長會是市場的2.5倍。而我們認為市場在第三季或更正，第二季是中十幾%的成長，甚至可能更高。所以你看，我們只是——我會說CAS這邊有很多事情正在發生。

First of all, there's still room to run on Sphere-9, right? We're still relatively early in that launch as evidenced by the 35% sequential growth over the prior quarter. It tells you we're still early. And Sphere-9 remains kind of one of a kind in that dual energy point-to-point space. And it's with a lot of different features and benefits that physicians like and it continues to grow, and we're getting more clinical indications there.

首先，Sphere-9還有很大的成長空間，對吧？我們在這個產品的上市推進上仍相對早期，從較前一季35%的季增就可看出。這告訴你我們仍在早期階段。而Sphere-9在雙能量點對點這個領域仍可說是獨一無二。它具備許多不同的功能與優勢，醫師很喜歡，且持續成長，我們也在那裡取得更多臨床適應症。

We're on the -- we took out a CE Mark for VT, geographic expansion, we're just launching in Japan. So it's just a lot of room to run on that one.

我們也——我們已取得VT的CE認證、進行地域擴張，並且正要在日本上市。所以這個產品確實還有很大的成長空間。

And then we're starting to see progress with Sphere-360 in Europe. And we're going to keep going here. We're building out an ecosystem. That's a trend to here at Medtronic. You saw it in CST, this procedural or surgical ecosystem.

另外，我們也開始看到Sphere-360在歐洲的進展。我們會持續推進。我們正在打造一個生態系。這也是美敦力這裡的一個趨勢。你在CST也看到了，這種程序或手術的生態系。

We're doing that in soft tissue, and we're now doing it in various areas of cardiology, as being one, we talked about two investments in ICE technology last quarter, and we're going to keep going. So again, not too dissimilar from soft tissue. I mean, we like our position. And this one, we're further ahead and marching towards that market leadership. But you got to keep investing here, not just in the therapy itself but also the ecosystem around it.

我們在軟組織領域也在做同樣的事，而現在也在心臟科的多個領域推進；其中之一是我們上季談到在ICE技術上的兩項投資，我們會繼續投入。所以再次強調，這與軟組織並沒有太大不同。我的意思是，我們喜歡我們的定位。而在這一塊，我們走得更前面，正朝向市場領導地位邁進。但你必須持續投資，不只是療法本身，也包括其周邊的生態系。

And I forgot about mapping too, the integrated mapping continued to kind of drive mapping upgrades every year. So there's a lot going on in CAS, and that's driving our -- plus you got a great market, right? The market is growing fast. So all that is giving us the confidence and conviction.

我也忘了提到mapping（電生理定位/標測），整合式mapping持續推動每年的mapping升級。所以CAS這邊有很多事情在進行，這也在推動我們——再加上你有一個很好的市場，對吧？市場成長很快。因此這一切都讓我們更有信心與把握。

And then I'll turn over you on Diabetes.

接下來我把時間交給你談糖尿病業務。

Yes. And just on CAS, it's -- you're right, Vijay. It's 2.5 times the market on the full year. We expect it to be north of 3 times the market in the second quarter. So we expect another good quarter in Q2 despite comps that are getting tougher and tougher.

是的。另外就CAS而言——你說得對，Vijay。全年是市場的2.5倍。我們預期第二季會超過市場的3倍。所以即使比較基期愈來愈具挑戰，我們仍預期第二季會是另一個不錯的季度。

On diabetes, look, first, as you mentioned, it's great to see that the stock has come back up, and we're encouraged to see that. I think it's a testament to the fact that the business is performing, right? So they had a good fourth quarter last year.

談到糖尿病，首先，如你提到的，很高興看到股價回升，我們也很受鼓舞。我認為這證明了業務表現確實在改善，對吧？他們去年第四季表現很好。

As you can see in the print here and [Chad and Q] will give you more details a bit later. They had a good first quarter. So growth is accelerating, in particular, in the US They have a ton of favorability from an innovation perspective. Every single launch is happening ahead of schedule, which is great news.

如你在這裡的資料所見，[Chad and Q]稍後會提供更多細節。他們第一季也表現不錯。因此成長正在加速，尤其是在美國；從創新角度來看，他們獲得了大量正面回饋。每一次產品上市都比原定時程更早完成，這是非常好的消息。

So it's super encouraging going forward. There's no hesitation on our side. So no change in schedule or anything like that. We had mentioned that we would do the separation when we think the economics are optimal for our shareholders and for our stakeholders generally speaking and we stick to that position. So no hesitation, no hesitation going forward with the separation just when the time is right.

所以展望未來非常令人振奮。我們這邊沒有任何猶豫。因此時程或其他方面都沒有改變。我們先前提到，會在我們認為對股東以及更廣泛的利害關係人而言經濟效益最優的時點進行分拆，我們也維持這個立場。所以沒有猶豫，未來推進分拆也沒有猶豫，只是要在時機成熟時進行。

Mike Kratky, Leerink.

Mike Kratky，Leerink。

Awesome. Can you hear me right?

太棒了。你們聽得到我嗎？

Yes, yes.

是的，是的。

Great. So congrats on the strong quarter. Thanks very much for taking our question. Really encouraging to see the 35% sequential growth for your US Affera install base after 40% last quarter. So can you provide any additional color on utilization trends in centers after they've added in a fair system?

很好。恭喜你們本季表現強勁。非常感謝讓我們提問。很令人鼓舞的是，你們美國Affera裝機基礎在上季40%之後，本季又有35%的季增。所以你們能否補充一些資訊，談談中心在導入Affera系統後的使用率（utilization）趨勢？

How quickly are you seeing your PSA market share shift in those centers? And where are you seeing your share kind of stabilize over time there?

你們在這些中心看到PSA市占率轉移的速度有多快？以及你們的市占率隨時間推移大概會在什麼水準趨於穩定？

Well, we're seeing -- let me see here, going on my notes here. Well, so first of all, 75% of our US installed base are at high volume centers, right? So right now, we're still concentrated in these high-volume centers, which is not a bad thing, but it also tells us we got room to run in the lower volume centers across the US 30% of our accounts are doing 70% of the ablation, right?

嗯，我們看到——讓我看一下，我翻一下我的筆記。首先，我們美國裝機基礎中有75%是在高量中心，對吧？所以目前我們仍集中在這些高量中心，這不是壞事，但也告訴我們在美國各地的低量中心仍有很大成長空間；我們30%的客戶做了70%的消融手術量，對吧？

These are high-volume centers. That's the 300-plus ablations a year. That's what we define as a high-volume center. And then many of these large accounts have only one or two systems and they're asking for more.

這些就是高量中心。也就是一年300例以上的消融。這就是我們對高量中心的定義。而且這些大型客戶中，很多目前只有一到兩套系統，並且正在要求增加更多。

So we're seeing -- like once Affera goes in there, most of our experience, Mike, is in these high-volume accounts, right? And once our system gets in there, the utilization is high. We're seeing them add systems. And so we're -- that's all good sign. That utilization number is something we're watching every quarter.

所以我們看到——像是Affera一旦進到那裡，我們大多數的經驗，Mike，是在這些高量客戶，對吧？而一旦我們的系統進去，使用率就很高。我們看到他們會再加購系統。因此——這些都是好跡象。這個使用率指標是我們每一季都在追蹤的。

And like I said, so we're focused on those high-volume centers, and we've got a lot of room to run in centers outside of these high-volume centers. You have anything to add there?

而且如我所說，我們聚焦在那些高量中心，同時在這些高量中心以外的其他中心，我們也還有很大的成長空間。你有什麼要補充的嗎？

No. I think I'm glad you picked up on the 35% because it's 35% in Q1 after 40% in Q4. So if you think of just the mathematical mechanical impact of what that means from a pull-through perspective, it's just super encouraging.

沒有。我很高興你注意到35%，因為第一季是35%，而第四季是40%。所以如果你只從數學上的機械性影響來看，這對於帶動後續耗材/手術量（pull-through）的意義非常令人鼓舞。

And for just a variety of reasons. I won't go through all the list of benefits. Affera's becoming the workhorse in these centers. and that bodes well. And then we've got Sphere-360 coming, which, as I mentioned earlier, goes right at the heart of the largest -- our largest PFA competitor.

而且原因有很多。我就不把所有優點逐一列出。Affera正在成為這些中心的主力工具（workhorse），這是個好兆頭。接著我們還有Sphere-360即將推出，正如我先前提到的，它會直接切入我們最大PFA競爭對手的核心領域。

So feeling bullish on CAS right now.

所以我現在對CAS感到相當看多。

Anthony Petrone, Mizuho.

Anthony Petrone，瑞穗（Mizuho）。

Thanks, and congratulations here on a solid quarter. I'll stick to one and maybe go back to Vijay, which is maybe capital allocation and diabetes. There will be a pretty significant hole in the portfolio. It's also growth accretive based on the quarterly numbers for this fiscal quarter, Diabetes going 15%, excluding the week, you're at roughly 7%.

謝謝，也恭喜本季表現穩健。我先問一個問題，之後可能再回到Vijay，那就是資本配置與糖尿病業務。投資組合裡將會出現一個相當大的缺口。而且從本財年本季的季度數字來看，這也會增厚成長：糖尿病業務成長15%，若排除那一週，約為7%。

So maybe how the capital allocation will change post diabetes being completely separated will the cadence of tuck-in deals accelerate? Will you consider scale deals? Is a buyback in the cards here as well, considering that med tech valuations are off the bottom but are certainly not at multiyear highs. So just looking ahead to what the capital allocation program looks like post diabetes.

所以想請教，糖尿病業務完全分拆之後，資本配置會如何改變？補強型（tuck-in）交易的節奏會加快嗎？你們會考慮規模型交易嗎？另外，考量醫療科技估值已脫離低點但仍未回到多年高位，是否也會考慮回購？總之想展望一下，糖尿病分拆後的資本配置計畫會是什麼樣子。

Well, thanks, Anthony, for the question. Thierry can comment on the financial impact here. But on the growth side, at the Medtronic level, it's about 20 basis points, right? It's not -- and with our growth accelerating, we're very comfortable. And as we project forward, we're comfortable with losing that 20 basis points.

謝謝你，Anthony，這個問題問得很好。Thierry可以評論一下這裡的財務影響。但就成長面而言，在美敦力層級大約是20個基點，對吧？這不是——而且在我們成長加速的情況下，我們非常放心。往前推估，我們也能接受少掉這20個基點。

And from a profitability standpoint, from a gross margin standpoint, it's a big step up. Thierry can through that. Look, the diabetes business is, it is fundamentally different from the rest of Medtronic. That's why we made this decision. It's more consumer based.

而從獲利能力來看、從毛利率角度來看，這會是很大的提升。Thierry可以說明一下。你看，糖尿病業務從根本上就與美敦力其他業務不同。這也是我們做出這個決定的原因。它更偏向消費者導向。

There's a number of other reasons. But financially, also that industry is a lower margin business, right, on its best day, materially lower than the rest of Medtronic.

還有其他一些原因。但就財務而言，那個產業本來就是低毛利的業務，對吧？即使在最好的情況下，也明顯低於美敦力其他業務。

And so getting that capital allocation question, I wouldn't say anything has changed. We've already made that switch, and you're seeing it in our performance. We've made that switch to allocating our capital to the highest growth opportunities in the highest growth, but also where you have confidence that they're going to be big. So high growth, large patient pools.

至於你問的資本配置，我不會說有任何改變。我們其實已經完成了那個轉向，你也在我們的表現中看到了。我們已把資本配置轉向最高成長機會所在的領域——不僅是高成長，也是在我們有信心能做大的地方。也就是高成長、且病患族群龐大的領域。

And the third thing is where we feel like we have a right to win. We've got strong commercial presence, a good reputation. We understand the clinical nature of it. We understand the technologies, et cetera. And that's where our capital allocation is focused. We're much more prioritized in these high-growth areas, much more of a top-down at our leadership team level, allocating that capital. And you're seeing the uptick in M&A already, okay? That's broad-based, organic and inorganic.

第三點是我們覺得自己有「必勝權」（right to win）的地方。我們有強大的商業佈局與良好聲譽。我們理解其臨床特性。我們理解相關技術，等等。我們的資本配置就聚焦在這些地方。我們在這些高成長領域的優先順序更明確，也更由領導團隊自上而下地配置資本。而你已經看到併購活動的增加了，好嗎？這是全面性的，包含內生成長與外延成長。

And on the M&A, you've seen over the last 18 months, we've been working on this for probably three years to get that pipeline of M&A going. And it's not the scale deals, it's the tuck-in deals. And it's not just it's venture, an uptick in venture investing an uptick in structured deals where you're making investment and then you have strategic optionality later and then just flat out acquisitions. You're seeing it across the board. Prioritize in those high-growth areas.

至於併購，過去18個月你看到的，其實我們大概花了三年在推動這件事，把併購管線建立起來。而且不是規模型交易，而是補強型（tuck-in）交易。也不只是創投——創投投資增加、結構性交易增加（先投資、之後保留策略選擇權），以及直接收購。你會看到各方面都在進行。並且優先聚焦在那些高成長領域。

And we announced two more investments today. So you're going to see that continue in those areas of cardiology, neuroscience and our medical surgical area.

而且我們今天又宣布了兩項投資。所以你會看到這會持續發生在心臟科、神經科，以及我們的醫療外科領域。

I don't know what to add, Geoff, that was a pretty complete answer. Just a couple of numbers. I mean, Jeff said, it's about 20 basis points of growth. It is lower margin. So when we deconsolidate diabetes, our gross margin will go up about 50 basis points.

Geoff，我不知道還能補充什麼，你的回答已經很完整了。我只補充幾個數字。如Jeff所說，成長影響大約是20個基點。而且它是低毛利。所以當我們將糖尿病業務去合併（deconsolidate）後，我們的毛利率將提高約50個基點。

Our operating margin will go up about 100 basis points. Typically, the R&D as a percentage of revenue is about double in diabetes, what the rest of the business is. So it does give us an opportunity to reallocate capital to the other segments of the company where we typically get better returns.

我們的營業利益率將提高約100個基點。通常糖尿病業務的研發費用占營收比重，大約是其他業務的兩倍。因此這確實讓我們有機會把資本重新配置到公司其他部門，而那些部門通常能帶來更好的報酬。

As Geoff said, it's -- this is not a -- going forward when we did consolidate. It's something that we've already started doing. So if you look at the last 12 months or so, we went from doing about $2.8 billion of R&D and $0.5 billion of acquisitions to almost $3 billion in R&D and $2 billion acquisitions or investments. So we more than doubled the investment in innovation and that's something that we intend to continue doing going forward. So that's the recipe.

如Geoff所說，這——這不是——往前看，當我們還在合併時才開始做的事。這是我們已經開始在做的事情。所以如果你看過去大約12個月，我們從約28億美元的研發、5億美元的收購，提升到接近30億美元的研發，以及20億美元的收購或投資。所以我們把創新投資增加了一倍以上，而這也是我們未來打算持續做的事情。這就是配方。

And again, diabetes, the separation gives us on flexibility to do more of that. From a buyback perspective, no specific plans in that area, but never close to if the conditions are right, doing it for tactical reasons.

再說一次，糖尿病分拆讓我們在做更多這類事情上更有彈性。至於回購，目前沒有特定計畫，但如果條件合適，出於戰術性原因，我們也從不排除。

And just to kind of further emphasize the point and get into our mindset, just go back and look at some of our actions, right? In terms of prioritizing these high-growth areas. We had to take CAS, right, which we just talked about, AFib ablation. We had an organic -- we have an organic program, PulseSelect and at the same time, we thought the space was so important, we decided to go out and invest $1 billion in an inorganic platform. So multiple shots on goal.

再進一步強調這點、也談談我們的思維方式，你只要回頭看看我們的一些行動就知道了，對吧？在優先聚焦這些高成長領域方面。我們必須拿下CAS，對吧？我們剛談到的房顫消融。我們有一個內生——我們有一個內生計畫PulseSelect，同時我們認為這個領域非常重要，所以決定再投入10億美元在外延的平台上。所以是多次出手、提高勝率。

And here we are today announcing these type of results, we picked up another 9 points of share in the highest growth one of the highest growth segments in med tech. I mean we want to put together these decisive winning strategies.

而今天我們宣布這樣的成果，我們在醫療科技中成長最快、也是成長最快之一的細分市場，又多拿了9個百分點的市占。我的意思是，我們希望打造這些果斷、致勝的策略。

And then we talked about soft tissue surgery. Again, a lot of investments organically in Hugo and that ecosystem around it, like the digital platform with touch surgery. And then here we go today announcing an inorganic investment, again, doubling down on these high-growth spaces where we believe we have a right to win and putting together winning strategies.

然後我們也談到軟組織手術。同樣地，我們在Hugo以及其周邊生態系做了大量內生投資，例如Touch Surgery的數位平台。而今天我們又宣布一項外延投資，再次加碼這些高成長領域——我們相信自己有必勝權——並打造致勝策略。

Just one thing I want to add because it's important. You might have seen in the numbers this morning, our free cash flow performance for the first quarter was very strong. Cash conversion is improving. We were at 70% in the first quarter, which is good, but we think we have a strong path of getting to 80%. We've got a strong balance sheet.

我還想補充一點，因為這很重要。你可能在今天早上的數字中看到，我們第一季的自由現金流表現非常強勁。現金轉換率正在改善。第一季我們達到70%，這不錯，但我們認為有很明確的路徑可以到80%。我們的資產負債表很強健。

So independently of the diabetes deal, we've got a lot of firepower to go do this is investment. So we look forward to continuing to deploy capital.

因此，撇開糖尿病交易不談，我們仍然有很強的資金實力可以去做這項投資。所以我們期待持續部署資本。

Matt O'Brien, Piper Sandler.

Matt O'Brien，Piper Sandler。

Great. Can you hear me okay?

很好。你聽得到我說話嗎？

Yes.

是的。

Okay. So just real quick, I know we're running long. On renal denervation, I just want to be sure I'm clear on the message here. because obviously, cash is doing really well. So how are you thinking about the trajectory of that business now, the market opportunity?

好的。我很快問一下，我知道我們時間有點超時了。關於腎動脈去神經術（renal denervation），我只是想確認我對這裡的訊息理解正確，因為很明顯，現金流表現非常好。所以你們現在如何看待這項業務的發展軌跡與市場機會？

Any updates on what you're thinking in terms of the market? And then do you really need transradial to accelerate that franchise over the next several years? Is it a reimbursement thing? What's really the clear message on renal derivation here as we get this update here in Q1. Thank you so much.

你們對市場的看法有任何更新嗎？另外，未來幾年你們真的需要經橈動脈（transradial）來加速這個事業群嗎？這是報銷（reimbursement）方面的問題嗎？在我們於第一季獲得這次更新之際，關於腎動脈去神經術（renal denervation），真正清楚的訊息是什麼？非常感謝。

Well, thanks for the question, Matt, on RDN I still -- we have confidence and conviction that this is going to be one of the biggest things in med tech, right? And there's three things driving. You touched on some of them. One is the improving clinical evidence, which I'll touch upon. The other is broader reimbursement coverage and the third is market development.

Matt，謝謝你關於RDN的提問。我仍然——我們有信心也有堅定的信念，這將會是醫療科技領域最大的事情之一，對吧？而且有三個驅動因素。你提到其中一些。第一是臨床證據持續改善，我會談到。第二是更廣泛的報銷覆蓋，第三是市場開發。

In terms of the evidence, right, the real-world outcomes just keep getting better. I don't know what else to say that we had great three-year data at CRT, where you saw like an 18 -- over 18-point reduction in the office. Over a 13-point reduction in the ambulatory setting. I mean these are materially higher, like 2x, 3x, 4x higher than the clinical trial. We put in the commentary today, spiral a firm was accepted as a late-breaker TCT, so more data coming out. It's I think that's full six-month data coming out in a very visible conference.

就證據而言，真實世界的結果持續變得更好。我不知道還能怎麼說：我們在CRT上有很好的三年數據，你看到門診血壓下降了大約18點——超過18點。在動態血壓（ambulatory）情境下降了超過13點。我的意思是，這些數據實質上更高，像是臨床試驗的2倍、3倍、4倍。我們今天在評論中提到，spiral a firm 已被接受為TCT的late-breaker，所以還會有更多數據釋出。我認為那將是在一個非常受矚目的會議上公布完整的六個月數據。

So what you're seeing is the difference from the trial is material in terms of the improved results. And we're also seeing really strong durability of these results, especially versus like ultrasound. So this is driving -- the conversation is shifting, right? KOLs and hospitals are coming to us to really get some of these programs going as they see this continued improvement in clinical evidence also driving that would be more improvement in reimbursement coverage, right? Beyond the national coverage decision for CMS, we're seeing these commercial payers continue to jump on board.

所以你看到的是，相較於試驗，改善幅度在結果上是很顯著的。而且我們也看到這些結果的持久性非常強，特別是相較於例如超音波（ultrasound）。因此這正在推動——對話正在轉變，對吧？關鍵意見領袖（KOL）與醫院主動來找我們，想真正啟動一些計畫，因為他們看到臨床證據持續改善；同時也推動了報銷覆蓋的進一步改善，對吧？除了CMS的全國覆蓋決定之外，我們也看到商業保險支付方持續加入。

And this quarter, we had a number of them, particularly with some bigger ones like Highmark. So we're seeing that reimbursement coverage improve. And then the market development. That's where a lot of the focus is now. And look, as I know, Matt, you get out there, you talked to a lot of the KOLs and we're out there talking to them as well as the hospital C-suite.

而在本季，我們有不少案例，特別是一些較大的支付方，例如Highmark。所以我們看到報銷覆蓋正在改善。然後是市場開發。這也是目前很多重點所在。而且你看，Matt，我知道你會到外面去，你和很多KOL交流，我們也同樣在外面與他們以及醫院的高層管理團隊（C-suite）交流。

And the conversation, like I said, is shifting the enthusiasm there and we're really partnering with them to build out these programs on the back of the clinical evidence on the back of more insurance coverage, building out those referral pathways in driving consumer/patient awareness on these. So again, we thought we made a good progress on a number of those leading indicators, and it bodes well for the ramp here over the next quarters and years to come.

而且如我所說，對話正在轉變，熱情正在升溫；我們正與他們合作，基於臨床證據、基於更多保險覆蓋來建立這些計畫，建立轉介（referral）路徑，並提升消費者/病患對這些療法的認知。所以再次強調，我們認為在多項領先指標上取得了良好進展，這也為未來幾季與未來幾年的加速成長奠定了良好基礎。

All right. I think we have time for two more. Robbie Marcus, JPMorgan.

好的。我想我們還有時間再問兩個問題。Robbie Marcus，JPMorgan。

Great. Congrats on the nice quarter. Thierry, I wanted to ask on margins. This quarter, it came in just a bit above the Street on operating margin. How are you thinking about reinvesting this top line upside versus driving margin expansion, both in the first quarter and for the rest of the year?

很好。恭喜這一季表現不錯。Thierry，我想問一下毛利/利潤率。本季營業利益率略高於市場預期。你們如何看待把這個營收端的超預期用於再投資，與推動利潤率擴張之間的取捨——不論是第一季或今年剩餘時間？

And then a quick follow up. You talked about tariffs rebates offsetting tariffs paid. Do you have the tariff rebate number, so we can all keep track of that as some of the onetime benefits in the quarter?

然後一個快速追問。你提到關稅退稅（rebates）抵消了已支付的關稅。你們有關稅退稅的金額嗎？這樣我們可以追蹤這些在本季屬於一次性的利多。

Yes. Thanks, Robbie. So I'll start with the rebates with the tariffs, sorry. So the refunds in the first quarter were such that we were a slight net negative on the impact from tariffs. So they almost compensated the full tariffs.

有的。謝謝你，Robbie。那我先從關稅的退稅談起，抱歉。第一季的退稅使得我們在關稅影響上呈現小幅淨負面。也就是說，幾乎抵消了全部關稅。

Going forward for the year, just to be clear, we have not embedded future refunds. So we wanted to remain prudent going forward. So we have a construction for the remainder of the year that doesn't bank on any refunds happening. We are continuing to submit for refunds. So there's a potential upside coming from that.

展望今年接下來的時間，為了說清楚，我們沒有把未來可能的退稅納入預估。我們希望後續仍保持審慎。因此，我們對今年剩餘期間的假設是不依賴任何退稅會發生。我們仍在持續申請退稅。所以這裡存在一些潛在的上行空間。

From a margin expansion perspective, look, we're in growth mode. So we're taking a portion of the upside that we're seeing from a revenue perspective and reinvesting in the growth areas and a portion only.

從利潤率擴張的角度來看，我們目前處於成長模式。因此，我們會把營收端所看到的部分上行拿來再投資於成長領域——但只是一部分。

And so the construction that we've got on a full year basis today still calls for an operating margin that should be up about 50 basis points on a full year basis. which should put us with a net profit up 10%, so significantly higher than our revenue growth.

因此，我們目前對全年所做的規劃仍然預期全年營業利益率約提升50個基點；這應該會使我們的淨利成長10%，也就是顯著高於我們的營收成長。

So look, we're going through all the different parts of the company, right? Cost of goods sold, the manufacturing efficiency, the relationships with the suppliers. We're looking at logistics cost and we're looking at overhead.

所以你看，我們正在檢視公司各個部分，對吧？銷貨成本、製造效率、與供應商的合作關係。我們也在看物流成本，並且檢視管理費用（overhead）。

And we're really looking at how we can drive efficiency at every level and it's starting to pay off. You've seen some of it in the first quarter. And on the full year, we're going to deliver a leveraged P&L.

我們確實在研究如何在每個層級推動效率提升，而這已開始帶來成效。你在第一季已經看到其中一些。而在全年，我們將交付一份具槓桿效應的損益表（P&L）。

All right. I'm waiting for my queue up here on our last question which should come from Rick Wise at Stifel. All right. Thanks. Rick, please go ahead.

好的。我在等我們最後一個問題的排隊，應該是來自Stifel的Rick Wise。好的。謝謝。Rick，請開始。

It might be on mute Rick? You want to go the next one?

Rick，你是不是靜音了？要不要先換下一位？

Yes. All right. Rick, we'll get you on the next one, please. Joanne Wuensch, Citi.

好的。好。Rick，我們下一輪再讓你發言，麻煩了。Joanne Wuensch，Citi。

Really nice quarter. To wrap it up, I think I'll ask about Charlotte, North Carolina, and why are we going there, and what can we expect from the analyst meeting?

這一季表現真的很不錯。最後收尾，我想問一下北卡羅來納州的夏洛特（Charlotte）：為什麼要去那裡？以及我們可以從分析師會議期待什麼？

And my second question sort of probably ties to that one. For a while, I use to think of Medtronic or we used to think of Medtronic as sort of a mid-single-digit revenue grower, high single-digit EPS. Has that formula shifted?

我的第二個問題大概也與前一個問題相關。有一段時間，我過去一直認為美敦力（Medtronic）——或者我們過去一直把美敦力視為——營收以中個位數成長、每股盈餘（EPS）以高個位數成長的公司。這個公式是否已經改變？

Well, look, I'll start with your last -- the back half of the question and let Thierry pile on there. But look, we're -- Thierry mentioned between the strong cash so that we're generating or our cash flows, improving here continues to improve. It's always been good, but it's improving. Had a really strong quarter. We're going to continue focus on that.

嗯，先從你問題的後半段開始，我先回答，然後再請Thierry補充。不過你看——Thierry提到，我們產生的強勁現金，或者說我們的現金流，在這裡持續改善，而且還在繼續改善。一直以來都不錯，但正在變得更好。本季表現非常強勁。我們會持續專注在這一點上。

And then our focus on gross margin and operating margins are going to allow us to invest more, both organically and inorganically. And in ramping up our inorganic tuck-in acquisitions combining that with our organic, you're seeing effectively a doubling of our investment in innovation, and we've been doing this for a while.

接著，我們對毛利率與營業利益率的專注，將使我們能投入更多資源，無論是有機或無機成長。而在加速推進我們的無機「補強型」併購、並結合我們的有機成長之下，你會看到我們在創新上的投資實際上等於加倍，而且我們已經這樣做了一段時間。

And now you're seeing that growth tick up. And clearly, we have aspirations for higher growth than we've done historically. You've seen over the last couple of years, we've gotten the growth to mid-single digits, but we're not satisfied with that. That's why the more investments and the focus on execution. We have -- I can't describe in words the sense of urgency on the investments and the execution to continue.

現在你也看到成長開始上揚。而且很明顯，我們對於比過去歷史表現更高的成長有企圖心。過去幾年你已看到，我們把成長拉升到中個位數，但我們並不滿足於此。這也是為什麼要加大投資並聚焦執行。我們——我無法用言語形容——在投資與執行上持續推進的那種緊迫感。

You've seen in the last two quarters a bit of an inflection of growth and we want to kind of continue with that. So before I get to the Charlotte, Thierry, any other comments on that?

你在最近兩個季度看到成長出現一些拐點，我們希望能延續這個趨勢。所以在我談到Charlotte之前，Thierry，你對這點還有其他補充嗎？

No, no, I think you said it all. So we're clearly at an inflection from a growth perspective. And we're working the P&L. As I just said, we're continuing to make progress in pricing. We're continuing to make progress in cost out.

沒有，沒有，我想你都說到了。所以從成長的角度來看，我們確實正處於一個拐點。我們也在經營損益表（P&L）。如我剛才所說，我們在定價方面持續取得進展。我們在成本削減方面也持續取得進展。

We're reinvesting in innovation, but we're getting leverage from an overhead perspective. So we're really focused on driving the leverage on the income statement as well. And it's one of the things that we'll talk about in Charlotte.

我們再投資於創新，但在間接費用（overhead）方面也取得槓桿效益。因此，我們也非常專注於推動損益表上的營運槓桿。這也是我們將在Charlotte談到的重點之一。

And so Charlotte, why are we going there? So look, the IRCAD facility there in Charlotte is an impressive facility. IRCAD, is mainly historically outside of the physician training outside of the US. This is their first North American site, and we have a big presence in that site. And it's a good way, Joanne to actually see -- especially a lot of our technology now is -- or more and more of it is capital.

那麼，Charlotte——我們為什麼要去那裡？你看，Charlotte的IRCAD設施是一個令人印象深刻的場地。IRCAD過去主要是在美國以外進行醫師訓練。這是他們在北美的第一個據點，而我們在那個據點有很大的布局。而且這也是一個很好的方式，Joanne，讓你實際看到——特別是我們現在很多技術——或越來越多——是資本設備（capital）。

So you got our able platform and Stealth AXiS. You have all of our soft tissue technology, which we keep adding to, you have the digital piece. It really helps to see it in action and IRCAD is set up so that you can actually see it. We'll have physicians there, walking you through it and describing how they're using it. And these are physicians that also use our competition.

你可以看到我們的Able平台與Stealth AXiS。你也能看到我們所有的軟組織技術，我們還在持續擴充；也有數位化的部分。親眼看到它如何運作會很有幫助，而IRCAD的設置讓你可以真正看到它。我們會安排醫師在現場帶你走一遍，並說明他們如何使用。而這些醫師也同時使用競品。

We all have our weak moments, but they'll be able to provide, I think, a good balance of how we stand versus the competition, and we'll talk about where we're going with these technologies as well. And then the other thing, look, on these earnings calls, and some of our other events that we do, the different banking meetings, we don't get a chance to go in depth with some of the other parts of our growth pipeline. And so there's a lot that we haven't talked about that we're going to talk about.

我們都有表現不佳的時候，但我認為他們能提供一個很好的平衡觀點，說明我們相較於競爭對手的定位；我們也會談到這些技術接下來的發展方向。另外一點是，你看，在這些財報電話會議以及我們舉辦的一些其他活動、不同的銀行會議上，我們沒有機會深入談到成長管線中的其他部分。因此，有很多我們尚未談過的內容，我們將會在那裡分享。

And in addition to that, you're going to go down a layer into the org below my leadership team to some of the business unit leaders and experts in these specific areas, and you're going to hear it from them as well. So physicians plus the business unit leaders themselves, new growth new growth investments that we haven't talked about and then going way deeper into some of these big areas like these surgical ecosystems. And in a showcase, a space that is built for this.

此外，你也會再往下一層，從我的領導團隊往下到一些事業部主管與這些特定領域的專家，你也會直接聽他們分享。所以會有醫師加上事業部主管本人，談新的成長、我們尚未談過的新成長投資，並且更深入探討一些重大領域，例如這些手術生態系。而且會在一個為此打造的展示空間中進行。

And so December 10 and 11, please mark your calendar. It's -- we're really excited to share, and I know the team is as well. So thanks for the question, Joanne.

所以請把12月10日與11日記在行事曆上。我們非常期待分享，我知道團隊也是。所以謝謝你的問題，Joanne。

All right. Great. Well, that wraps up the call. So thank you, everyone, very much for joining. I appreciate your support and continued interest in Medtronic.

好的。很好。那麼本次電話會議就到這裡。非常感謝各位的參與。感謝你們的支持，以及對美敦力持續的關注。

And Geoff, if you have any other additional prepared remarks, please go ahead.

Geoff，如果你還有任何其他預先準備的補充說明，請繼續。

I mean, look, thanks for -- thanks, as always, thanks for joining today. Really appreciate the engagement. I appreciate the support and the continued interest in Medtronic. With that, have a great rest of your day, and thank you very much.

我的意思是，你看，謝謝——也一如既往，謝謝大家今天的參與。非常感謝大家的互動。我也感謝你們的支持，以及對美敦力持續的關注。那麼，祝各位今天剩下的時間愉快，非常感謝。