Solventum Corporation (SOLV) 2026 Q1 法說會逐字稿

Hello and welcome to Solventum's first-quarter fiscal year 2026 earnings call. (Operator Instructions)

各位好，歡迎參加 Solventum 2026 會計年度第一季財報電話會議。(Operator Instructions)

I would not like to turn the conference over to Amy Wakeham, the Senior Vice President of Investor relations and Finance communications. You may begin.

我現在想把會議交給投資人關係與財務溝通資深副總裁 Amy Wakeham。您可以開始了。

Thank you. Good afternoon, and welcome to Solventum's first-quarter fiscal year 2026 earnings call. Joining me on today's call are Chief Executive Officer, Bryan Hanson; and Chief Financial Officer, Wayde McMillan. A replay of today's earnings call will be available later today on the Investor Relations section of our corporate website.

謝謝。各位下午好，歡迎參加 Solventum 2026 會計年度第一季財報電話會議。今天與我一同出席的有執行長 Bryan Hanson，以及財務長 Wayde McMillan。今天的財報電話會議重播將於稍晚在我們公司網站的投資人關係專區提供。

The earnings press release and presentation are both available there now. During today's call, our discussion and any comments we make will be on a non-GAAP basis unless they are specifically called out as GAAP. The non-GAAP information discussed is not intended to be considered in isolation or as a substitute for the reported GAAP financial information. Please review the supporting schedules in today's earnings press release to reconcile the non-GAAP measures with the GAAP reported numbers.

財報新聞稿與簡報目前也都已在該處提供。在今天的電話會議中，除非特別指出為 GAAP，否則我們的討論與任何評論皆以非 GAAP 基礎呈現。所討論的非 GAAP 資訊不應被孤立看待，亦不應作為已揭露 GAAP 財務資訊的替代。請查閱今日財報新聞稿中的附表，以將非 GAAP 指標與 GAAP 公告數字進行調節。

Our discussion on today's call will include forward-looking statements, including, but not limited to, expectations about our future financial and operating performance. These statements are made based on reasonable assumptions. However, our actual results could differ. Please review our SEC filings for a complete discussion of the risk factors that could cause our actual results to differ materially from any forward-looking statements made today.

我們今天的討論將包含前瞻性陳述，包括但不限於對未來財務與營運表現的預期。這些陳述係基於合理假設作出。然而，我們的實際結果可能有所不同。請查閱我們向 SEC 提交的文件，以了解可能導致實際結果與今日任何前瞻性陳述出現重大差異之風險因素的完整討論。

Following our prepared remarks, we'll hold a Q&A session. (Event Instructions)

在我們的準備發言之後，將進行問答環節。(Event Instructions)

And with that, I'd like to now hand the call over to Bryan.

接下來，我想把電話交給 Bryan。

All right. Great. And thanks, Amy, and to all of our shareholders and everyone else following the Solventum story, I just want to say thanks, and welcome to our first-quarter 2026 earnings call. And I'm going to start by addressing our Solvers around the world because I'm pretty sure that a few of them are listening in today.

好的。很好。謝謝 Amy，也感謝所有股東以及所有關注 Solventum 發展的朋友；我想先說聲謝謝，並歡迎各位參加我們 2026 年第一季財報電話會議。我也想先向全球的 Solvers 致意，因為我很確定今天有一些同仁正在收聽。

I just want to say thank you. I thank you once again for delivering on your commitments in our fast-paced transformation environment. I know it's not easy. I know it's not easy with the amount of change.

我只想說聲謝謝。再次感謝各位在快速推進的轉型環境中，仍能兌現承諾、達成目標。我知道這並不容易。在如此大量的變革之下，我知道這真的不容易。

But the results that we're sharing today, well, they just don't happen without you and your hard work. And I just want to say I'm extremely proud of not just your dedication, but the results that you continue to deliver.

但我們今天分享的成果，沒有你們與你們的辛勤付出，是不可能發生的。我也想說，我不僅為你們的投入感到無比自豪，也為你們持續交出的成果感到非常驕傲。

This team's ability to drive outcomes while navigating ongoing separation efforts, ERP implementations and acquisitions and divestitures, well, it's just -- it's a testament to the strong talent that we have in the organization. It's a testament to you. And it's a testament to the culture that we've already built. So again, to our global team members, thank you very much for making it happen.

這個團隊在持續推進分拆工作、ERP 導入，以及併購與資產處分的同時，仍能推動成果落地——這充分證明了我們組織內擁有的強大人才。這是對你們的肯定。也是對我們已經建立起來的企業文化的肯定。因此，再次向全球團隊成員致上誠摯謝意，謝謝你們讓一切成真。

Okay. Now let's get into it. We delivered first quarter results ahead of our plan and ahead of expectations. Organic sales growth and EPS both exceeded our plan. And it's again reflecting a very strong execution across the organization and the momentum that we've already built.

好。現在進入正題。我們第一季的表現優於計畫，也優於市場預期。有機銷售成長與 EPS 皆超出我們的計畫。這再次反映出全組織非常強勁的執行力，以及我們已經建立起來的動能。

We saw solid performance across all segments, driven by strong commercial execution and new product launches. And thanks to positive volume, mix, and continued progress on our savings initiatives, we also achieved better-than-expected performance on margins as well. This is a clear reflection of the discipline and the rigor we've built into how we manage this business.

在強勁的商業執行與新產品上市帶動下，各事業部門皆呈現穩健表現。同時，受惠於正向的銷量、產品組合，以及我們在節省計畫上的持續進展，我們的利潤率表現也優於預期。這清楚反映出我們在經營管理上所建立的紀律與嚴謹度。

Q1 is a clear indication that we are well on our way to delivering our 2026 guidance and importantly, our go-forward LRP objectives. It's clear that our transformation journey is working. It's making progress. We've mentioned before, we've rebuilt our commercial engine with just clearer accountability and needed specialization and stronger leadership.

第一季清楚顯示，我們正穩步邁向達成 2026 年財測指引，更重要的是，達成我們未來的 LRP 長期計畫目標。很明顯，我們的轉型旅程正在奏效。而且正在推進。我們先前提過，我們已重建商業引擎，建立更清晰的責任歸屬、必要的專業分工，以及更強的領導力。

And now innovation is reinforcing the commercial momentum that we've built. And we expect to have close to 20 new products launched over the next two years. And as we would expect -- as anyone would expect, a meaningful portion of them will be within our growth driver areas. This will be additional fuel now for that new and enhanced commercial team. And when it comes to operational efficiency and the separation from 3M, we've made meaningful progress on our ERP cutovers as well as the overall separation process. And I can tell you that the team continues to execute against these milestones with purpose.

現在，創新正在強化我們已建立的商業動能。我們預期在未來兩年內將推出接近 20 項新產品。而如同大家所預期，其中相當一部分將落在我們的成長驅動領域。這將為這支全新且更強化的商業團隊提供額外動能。在營運效率與自 3M 分拆方面，我們在 ERP 切換以及整體分拆流程上也取得了實質進展。我可以告訴各位，團隊仍以明確目標持續推進並達成這些里程碑。

Now that said, we cannot wait to get to 2027 and put the majority of the separation work behind us. We expect the resources and the bandwidth we free up to create significant value. And that's exactly what our Transform for the Future program is designed to capture. And as a reminder, our Transform for the Future program is a multiyear $500 million savings program, and it is our way of proactively reshaping our operating structure while freeing up resources to invest for the long term.

話雖如此，我們也迫不及待想迎接 2027 年，將大部分分拆工作拋在身後。我們預期釋放出的資源與產能將創造顯著價值。這正是我們「Transform for the Future」計畫所要捕捉的價值。提醒各位，「Transform for the Future」是一項為期多年的 5 億美元節省計畫；其目的在於主動重塑我們的營運架構，同時釋放資源以投入長期發展。

We are streamlining systems, increasing automation, and optimizing our global footprint while repositioning spend toward the highest return areas of our business. This program is already paying dividends and will deliver more meaningfully in 2027 and beyond.

我們正在精簡系統、提升自動化程度，並優化全球布局，同時將支出重新配置到本公司回報最高的領域。此計畫已開始帶來成效，並將在 2027 年及之後更顯著地貢獻成果。

When looking at our portfolio optimization program, we've moved rapidly here with clear proof points of our ability to execute, ranging from SKU rationalization to the sale of the P&F business to the acquisition of Acera, and we are just getting started. We see portfolio optimization as a perpetual lever for value creation here at Solventum.

就投資組合優化計畫而言，我們在此推進迅速，且已有明確的執行成果作為佐證，從 SKU 精簡，到出售 P&F 業務，再到收購 Acera；而我們才正要開始。我們將投資組合優化視為 Solventum 持續創造價值的長期槓桿。

In other words, as we said in our original Investor Day, we will continually assess our businesses for strategic and financial fit. And when we determine that someone else can offer more value for our business than we derive or we see another path to increase shareholder value, we will act decisively just like we did with the Purification and Filtration business.

換句話說，正如我們在最初的投資人日所說，我們將持續從策略與財務適配性角度評估各項業務。當我們判斷其他人能為該業務提供的價值高於我們自身所能取得的價值，或我們看到另一條能提升股東價值的路徑時，我們將果斷行動，就如同我們對淨化與過濾（Purification and Filtration）業務所做的一樣。

Relative to our SKU rationalization, we're more than halfway through this process and expect to finish by the end of this year. Our separation of P&F is on track and progressing well. And Acera, although it's early, the performance reinforces our ability to identify, close, and effectively integrate attractive assets in our space.

就 SKU 精簡而言，我們已完成超過一半的流程，並預期在今年年底前完成。P&F 的分拆進度符合預期且推進順利。而 Acera 雖然仍在早期階段，但其表現再次印證我們有能力在本領域識別、完成交易並有效整合具吸引力的資產。

In fact, Acera is another great proof point that portfolio optimization isn't just a strategic priority. It's a value creation lever that we absolutely know how to pull. We targeted the right asset, a fast-growth business that is aligned to our existing call points and as a result, immediately beneficial to our combined commercial teams.

事實上，Acera 也是另一個很好的例證，說明投資組合優化不僅是策略優先事項。它更是一項我們非常清楚如何運用的價值創造槓桿。我們鎖定了正確的標的——一家高速成長、且與我們既有客戶接觸點一致的企業，因此能立即為我們整合後的商業團隊帶來效益。

And importantly, we see Acera as just the beginning. We have a target-rich environment for additional tuck-in acquisitions and a balance sheet that gives us the flexibility to pursue them while also returning capital to shareholders. And as you probably remember, we have Board approval for up to $1 billion in share buybacks. And given the substantial value we see in our shares and the quality of our business, one should expect that we will accelerate execution of that approval. Okay. So moving to our three operating segments. I'll start with MedSurg, which, of course, is our largest business. We continue to see strong underlying performance in our growth driver areas.

而且重要的是，我們將 Acera 視為僅僅是個開始。我們在追加的小型併購（tuck-in acquisitions）方面有許多具吸引力的標的，同時我們的資產負債表也讓我們具備彈性，既能推動這些併購，也能回饋資本給股東。而且如各位可能還記得，我們已獲董事會核准，最多可進行 10 億美元的庫藏股回購。鑑於我們認為公司股票具備相當價值，以及我們業務的高品質，大家應可預期我們將加速執行這項核准。好的。接著談我們的三個營運部門。我先從 MedSurg 開始，當然這是我們最大的業務。我們在成長驅動領域仍持續看到強勁的基本面表現。

Negative pressure wound therapy was led by ongoing demand for traditional and single-use therapy, continued expansion of our V.A.C Peel and Place Dressing and, of course, our specialized sales force. And now with Acera, it opens the door to the fast-growth acute care synthetic tissue space and really slots perfectly into our advanced wound care infrastructure.

負壓傷口治療的成長主要來自對傳統與一次性治療的持續需求、我們 V.A.C Peel and Place Dressing 的持續擴張，當然也包括我們的專業銷售團隊。而現在有了 Acera，這為我們打開了快速成長的急性照護合成組織市場大門，並且能非常契合地納入我們的先進傷口照護基礎架構。

We're obviously early in integration, but the thesis is playing out. The team is executing. The product portfolio is resonating with our customers, and we expect Acera to be a meaningful contributor to reported growth as the year progresses.

我們顯然仍處於整合初期，但這項併購論點正在逐步驗證。團隊正在落實執行。產品組合正獲得客戶共鳴，我們預期 Acera 將隨著年度推進，對已揭露的成長帶來具意義的貢獻。

In our Infection Prevention and Surgical Solutions business, one Tegaderm CHG remains a consistent performer as our team successfully upsell this important clinical solution, and we're encouraged by the adoption of the recent test sterilization product launches as well. And both of these areas are benefiting from our specialized sales teams.

在我們的感染預防與手術解決方案業務中，Tegaderm CHG 仍是一項穩定的績效來源，因為我們的團隊成功向上銷售這項重要的臨床解決方案；同時，我們也對近期測試用滅菌產品的上市所帶來的採用情況感到鼓舞。而這兩個領域也都受惠於我們的專業銷售團隊。

In Dental Solutions, we are building on the momentum we saw in 2025. Our Clarity brand relaunch, the Filtek Easy Match and Clinpro Clear are resonating with our customers and benefiting again from a more specialized sales team. And as we exited 2025, this team made significant strides in improving back orders, and I can tell you that our customers are noticing. I want to thank our supply chain and the Dental teams for making it happen.

在牙科解決方案方面，我們正延續 2025 年所看到的動能。我們的 Clarity 品牌重新上市、Filtek Easy Match 與 Clinpro Clear 正獲得客戶共鳴，並再次受惠於更專業化的銷售團隊。而在 2025 年結束時，該團隊在改善缺貨待交（back orders）方面取得重大進展，我可以告訴各位，我們的客戶已經注意到了。我要感謝我們的供應鏈與牙科團隊促成這一切。

Okay. Moving to our Health Information Systems business. We continue to benefit from the strength of our revenue cycle management sub business. And inside RCM, our autonomous coding offering continues to gain traction in both outpatient and inpatient settings. And our international expansion is providing a really strong tailwind as well.

好的。接著談我們的健康資訊系統（Health Information Systems）業務。我們持續受惠於營收循環管理（RCM）子業務的強勁表現。而在 RCM 之中，我們的自主編碼（autonomous coding）方案在門診與住院場景都持續獲得更多採用。同時，我們的國際擴張也帶來非常強勁的順風。

Relative to AI and autonomous coding, I'm going to reiterate what I said on our last call. We see AI as a helpful tool to deliver better outcomes when it comes to autonomous coding. But what differentiates the outcomes is the data. It's the rules. It's the rigor behind them.

關於 AI 與自主編碼，我要重申我在上次電話會議中所說的。我們認為 AI 是一項有助於在自主編碼方面交付更佳成果的工具。但真正讓成果有所差異的是資料。是規則。以及其背後的嚴謹性。

And we are differentially able to leverage AI, thanks to our unique ability to efficiently and effectively train it. We built deep rules and algorithms designed to ensure accurate and compliant reimbursement coding. And this, combined with our vast data sets, our proprietary workflows, it allows us to more effectively train and maximize AI and ultimately, as a result of that, deliver autonomous coding that our customers can trust.

而我們能以差異化方式運用 AI，得益於我們獨特的能力，能夠高效率且有效地訓練它。我們建立了深厚的規則與演算法，旨在確保報銷編碼（reimbursement coding）的準確性與合規性。再加上我們龐大的資料集與專有工作流程，使我們能更有效地訓練並最大化 AI 的效能，最終因此提供客戶可以信賴的自主編碼。

And I can tell you the economics of autonomous coding, they're compelling. Our customers benefit by improving productivity, eliminating FTE cost infrastructure and improving revenue capture, thanks to increased accuracy. That's a powerful value proposition, reduce cost, improve productivity and capture more revenue. And you can see why our customers are interested in this pathway. Now shifting gears to everyone's favorite topic, tariffs.

我可以告訴各位，自主編碼的經濟效益非常吸引人。客戶可透過提升生產力、消除全職人力（FTE）成本架構，並因準確度提升而改善營收攫取（revenue capture）而受益。這是一個強而有力的價值主張：降低成本、提升生產力並攫取更多營收。各位也就能理解為何客戶對這條路徑感興趣。現在切換到大家最關心的主題：關稅。

We continue to expect the annual headwinds to be in that range of $100 million to $120 million. And I can tell you from the very beginning, our supply chain teams have been actively working on mitigation strategies since we first saw tariff headwinds emerge. And our Transform for the Future program gives us additional firepower to offset these headwinds. And as a result, we've committed to expanding operating margins 50 to 100 basis points in 2026, and we absolutely intend to do so.

我們仍預期年度逆風將落在 1 億至 1.2 億美元的區間。我可以告訴各位，從一開始，我們的供應鏈團隊在首次看到關稅逆風浮現時，就已積極著手因應與緩解策略。而我們的「Transform for the Future」計畫也提供額外火力來抵銷這些逆風。因此，我們已承諾在 2026 年將營業利益率擴張 50 到 100 個基點，而且我們絕對會做到。

But let me just zoom out for a moment because I think it's important to keep the bigger picture in view. Going into Q1, we had people ask whether we could maintain the momentum we saw in 2025. Is it sustainable? And I could see why. We did triple our comparable annual sales growth in 2025, but that was before the full benefits of our recent product launches, our pipeline innovation and the commercial enhancements that we made in 2025.

不過我想先拉遠一點看，因為我認為把握大局很重要。進入第一季時，有人問我們是否能維持 2025 年所看到的動能。這是否可持續？我能理解為什麼會有這樣的疑問。我們在 2025 年確實將可比年度銷售成長提高到原來的三倍，但那是在我們近期產品上市、研發管線創新，以及 2025 年所做的商業化強化尚未完全發揮效益之前。

So for our full year 2026 expectations, excluding SKU exits represent continued progress on that ramp. And as I've said in the past, and I'll say again, it's not a question of whether we get to our LRP targets of 4% to 5% organic sales growth. It's a question of when.

因此，就我們 2026 全年展望而言，排除 SKU 退出的影響，代表我們在那條爬坡曲線上仍持續取得進展。而且如我過去所說、我也再說一次：問題不在於我們是否能達成長期計畫（LRP）所設定的 4% 到 5% 有機銷售成長目標。問題在於何時達成。

All right. So let me summarize the key messages that I want you to take away from the call today because we put a lot out there already and Wayde hasn't even gone yet. But number one, our underlying commercial momentum, it's real. It's continuing. And our new product pipeline will be the fuel that, that momentum needs to continue from here.

好。我來總結一下今天電話會議希望各位帶走的重點訊息，因為我們已經分享了很多，而 Wayde 還沒開始。第一，我們的基本商業動能是真實的。而且仍在延續。我們的新產品研發管線將成為維持這股動能所需的燃料。

Number two, our operational programs, the Transform for the Future, programmatic supply chain savings and the separation progress that we have made give us additional confidence in the margin expansion story for the full year and of course, well beyond.

第二，我們的營運計畫——「Transform for the Future」、系統性的供應鏈節省，以及我們在分拆（separation）方面取得的進展——讓我們對全年、以及更長期的利潤率擴張故事更具信心。

Number three, we have moved with speed and importantly, impact on portfolio optimization, but we are by no means finished. We will continue to actively shape this portfolio for the long term.

第三，我們在投資組合優化方面行動迅速，而且更重要的是，帶來了實質影響，但我們絕對還沒有完成。我們將持續積極地為長期塑造這個投資組合。

And number four, the ramp toward our long-range plan is happening. It is real. And I think it's pretty clear it's happening faster than most people thought possible.

第四，朝向我們長期計畫的爬坡正在發生。這是真實的。而且我認為很清楚的是，它發生的速度比大多數人原先認為可能的還要快。

And with that, I'm going to hand things over to Wayde to walk through our financial details. And then, of course, we'll open things up to questions.

接下來，我把時間交給 Wayde，請他帶各位看我們的財務細節。然後，當然，我們會開放提問。

Okay. Now Wayde, go ahead.

好的。Wayde，請開始。

Thanks, Bryan. We're off to a great start in 2026, delivering first quarter results that were ahead of our plan and expectations on both sales and earnings. As usual, I'll begin with an update on separation progress and portfolio actions, then walk through the quarter and conclude with a review of full year outlook. Our separation from 3M continues to progress well, and we have exited just over 50% of the transition service agreements and are on pace to exit over 90% by the end of 2026.

謝謝，Bryan。我們在 2026 年有個很好的開局，第一季在銷售與獲利兩方面的結果都優於我們的計畫與預期。照例，我會先更新分拆進度與投資組合行動，接著回顧本季表現，最後說明全年展望。我們自 3M 分拆的進展持續良好，我們已退出略高於 50% 的過渡服務協議（transition service agreements），並正按計畫在 2026 年底前退出超過 90%。

We have also migrated 75% of over 1,200 system applications, which captures the recent and successful ERP cutover in Asia Pacific, including China. We're now looking ahead to our next wave of ERP cutovers, which includes the US and Canada planned for Q3. There was also meaningful progress across our facilities with the move of our St. Paul, Minnesota facility from the legacy 3M campus to our new stand-alone facility in Eagan, Minnesota, and we achieved a meaningful milestone with the completion of our site migration activities covering several hundred sites around the globe.

我們也已遷移超過 1,200 個系統應用程式中的 75%，其中包括近期在亞太地區（含中國）成功完成的 ERP 切換。我們現在正展望下一波 ERP 切換，其中包括計畫於第三季在美國與加拿大進行的切換。我們在各項設施方面也取得了具意義的進展，包括將明尼蘇達州聖保羅的設施從原 3M 舊園區搬遷至位於明尼蘇達州伊根的新獨立設施；同時，我們也達成一項重要里程碑，完成涵蓋全球數百個據點的場址遷移活動。

We also finished a strategic expansion of our manufacturing facility in South Dakota, which enhances our supply chain's flexibility to support existing product growth and new product launches. With further work to streamline our distribution centers, we are now down to 54 worldwide.

我們也完成了對南達科他州製造設施的策略性擴建，提升了供應鏈的彈性，以支援既有產品成長與新產品上市。隨著我們進一步精簡配送中心的作業，我們目前全球配送中心已降至54個。

Regarding our recent portfolio activities, we continue to make progress on the P&F divestiture with the majority of transition service agreements to be completed in 2027. And the Acera integration efforts are tracking to plan while maintaining strong momentum of the commercial team.

關於近期的投資組合活動，我們在P&F剝離方面持續取得進展，多數過渡服務協議預計將於2027年完成。同時，Acera整合工作按計畫推進，並維持商業團隊的強勁動能。

Now turning to our first quarter results. Starting with top line performance. Sales of $2 billion increased 2.1% on an organic basis compared to prior year and decreased 3% on a reported basis. Foreign currency was a 270 basis point benefit to reported growth, while the net impact of acquisitions and divestitures was a 780 basis point headwind on reported growth.

接著說明第一季業績。先從營收表現開始。銷售額20億美元，按有機基礎較去年同期成長2.1%，按報告基礎則下降3%。外匯對報告成長率貢獻270個基點的正面影響，而併購與剝離的淨影響則對報告成長率造成780個基點的負面影響。

Growth in the quarter was driven by stronger-than-expected performance across all segments, primarily from volume, while pricing remained within the expected range. Our SKU rationalization remains on track with 100 basis points impact in the quarter, tracking in line with our full year expectation.

本季成長主要來自各事業部門優於預期的表現，主要由銷量帶動，而定價仍落在預期範圍內。我們的SKU精簡計畫仍按進度推進，本季影響為100個基點，與全年預期一致。

Organic growth on a normalized basis would have been approximately 4% when taking into consideration some separation-related timing benefits that accelerated sales volume of approximately 70 basis points from Q2 into Q1, along with the difficult year-over-year comparison and SKU headwinds, all before the contribution of Acera, which would have added another approximately 40 basis points.

若以常態化口徑計算，考量部分與分拆相關的時點性利多使約70個基點的銷售量自第二季提前至第一季，以及艱難的年對年比較與SKU不利因素（且尚未計入Acera的貢獻；Acera將額外貢獻約40個基點），則有機成長約為4%。

Moving to the segments. MedSurg delivered $1.2 billion in sales, an increase of 1.2% on an organic basis. Within MedSurg, Advanced Wound Care grew 2.1%. Negative Pressure Wound Therapy performance was driven by strong brand, new product launches and commercial enhancements. Acera contributed $28 million to reported sales, which is reflected in the Advanced Wound Care business.

接著看各事業部門。MedSurg銷售額12億美元，按有機基礎成長1.2%。在MedSurg內，先進傷口照護成長2.1%。負壓傷口治療的表現由強勢品牌、新產品上市與商業面強化所帶動。Acera對報告銷售額貢獻2,800萬美元，已反映於先進傷口照護業務中。

Infection Prevention and Surgical Solutions performed well with a tough year-over-year comparison at 0.6% growth, reflecting improved commercial alignment and continued customer demand as well as the previously mentioned separation-related timing benefits.

感染預防與外科解決方案在艱難的年對年比較下仍表現良好，成長0.6%，反映商業對齊改善與客戶需求持續，以及前述與分拆相關的時點性利多。

As a reminder, IP&SS growth in the prior year was just over 8% as the primary beneficiary of order timing related to customers buying ahead of ERP and distribution center moves and SKU exits. Our Dental Solutions segment delivered $354 million in sales, an increase of 3.4% on an organic basis. Growth was driven by innovation as well as separation-related timing benefits. Core restoratives led overall performance, driven by strong underlying demand and commercial execution, leveraging new product launches.

提醒一下，去年IP&SS成長略高於8%，主要受惠於訂單時點因素，因客戶在ERP與配送中心搬遷以及SKU退出前提前採購。我們的牙科解決方案事業部銷售額3.54億美元，按有機基礎成長3.4%。成長由創新以及與分拆相關的時點性利多所帶動。核心修復材料帶動整體表現，受惠於強勁的基本需求與商業執行，並藉由新產品上市加乘。

Our Health Information Systems had another strong result with $342 million in sales, an increase of 4.7% on an organic basis, driven by strength across Revenue Cycle Management and Performance Management solutions, offset by expected double-digit declines in clinician Productivity Solutions. Combined with strong customer retention, the pipeline activity and backlog conversion continue to support confidence in our sales growth.

健康資訊系統再度繳出強勁成績，銷售額3.42億美元，按有機基礎成長4.7%；成長來自營收循環管理與績效管理解決方案的強勢表現，部分被臨床人員生產力解決方案預期的兩位數下滑所抵銷。結合強勁的客戶留存，商機管線活動與在手訂單轉換持續支撐我們對銷售成長的信心。

From an operational standpoint, we made further progress in supply chain execution during the quarter. Back orders across the portfolio continued to improve, reflecting improved manufacturing performance and the benefits of ERP and distribution actions.

從營運角度來看，我們在本季供應鏈執行方面持續取得進展。整體產品組合的缺貨待交訂單持續改善，反映製造表現提升，以及ERP與配送相關措施帶來的效益。

Looking down the P&L, even in the face of tariffs and inflation, our gross margins of 56.4% improved 80 basis points over prior year, driven by favorable programmatic savings, portfolio moves as well as sales leverage and mix. And we were above our expectations as typical first quarter seasonality was more than offset by benefits from additional sales, favorable mix and higher programmatic savings.

從損益表來看，即使面對關稅與通膨，我們的毛利率56.4%仍較去年提升80個基點，主要由有利的計畫性節省、投資組合調整，以及銷售槓桿與產品組合所帶動。此外，我們的表現優於預期，因第一季典型的季節性影響被額外銷售、有利組合與更高的計畫性節省效益所抵銷。

Operating expenses decreased versus prior year, although 100 basis points higher as a percentage of sales. This reflects the impact of portfolio moves, partially offset by the benefit of our savings programs, including Transform for the Future, outpacing investments.

營業費用較去年下降，但占銷售額比重提高100個基點。這反映投資組合調整的影響，部分被我們的節省計畫（包括「Transform for the Future」）所帶來的效益抵銷，且節省幅度超過投資增加。

In total, we delivered adjusted operating income of $392 million or an operating margin of 19.5%, similar to last year and consistent with our expectations for a sequential seasonal decrease as operational improvements mostly offset the impact of tariffs and inflation. Net interest expense decreased year over year, primarily due to a lower average debt balance following the paydown of debt in our third quarter 2025 using proceeds from the P&F divestiture. Our effective tax rate of 20.4% was within our full year guidance range expectations. Altogether, we delivered earnings per share of $1.48 or 11% growth, ahead of expectations.

整體而言，我們的調整後營業利益為3.92億美元，或營業利益率19.5%，與去年相近，並符合我們對季節性逐季下滑的預期；營運改善大致抵銷了關稅與通膨的影響。淨利息費用年對年下降，主要因我們在2025年第三季使用P&F剝離所得償還債務後，平均負債餘額降低。有效稅率20.4%落在我們全年指引區間的預期內。綜合而言，我們每股盈餘為1.48美元，成長11%，優於預期。

Shifting to our balance sheet. We ended the quarter with $561 million in cash and equivalents and net debt of $4.5 billion. From a free cash flow perspective, we finished ahead of our expectations, mainly due to timing within the year. We had several expected demands on cash flow in Q1, including higher separation costs and tax payments related to the P&F divestiture as well as normal seasonality for annual compensation and expense timing. Like last year, we expect Q1 to be the lowest quarter of the year.

接著看資產負債表。本季末現金及約當現金為5.61億美元，淨負債為45億美元。就自由現金流而言，我們的表現優於預期，主要因年度內時點因素。第一季現金流有數項預期中的資金需求，包括較高的分拆成本、與P&F剝離相關的稅款支付，以及年度薪酬與費用時點的正常季節性。如同去年，我們預期第一季將是全年自由現金流最低的一季。

Looking ahead, free cash flow will improve with Q4 representing the strongest quarter due to step-down of separation-related costs, timing of tax and interest payments and outlook for improved operating results as we exit 2026. On our fourth quarter earnings call, we indicated the separation costs and P&F divestiture transient headwinds will mostly complete in 2026, and we continue to expect significant improvement in 2027.

展望未來，自由現金流將改善，其中第四季將是最強的一季，原因包括分拆相關成本逐步下降、稅款與利息支付時點，以及在2026年結束時營運結果改善的展望。在第四季財報電話會議中，我們指出分拆成本與P&F剝離的短期逆風將大多在2026年完成，我們仍預期2027年將有顯著改善。

We also started the first quarter of our share repurchase program and repurchased approximately 923,000 shares for total consideration of $67 million for the three months ended March 2026. Our balance sheet strength is well positioned for us to execute our balanced capital plan, inclusive of share repurchases and tuck-in acquisitions.

我們也在第一季啟動股票回購計畫，於截至2026年3月的三個月內回購約923,000股，總對價為6,700萬美元。我們的資產負債表實力使我們能夠執行均衡的資本配置計畫，包括股票回購與補強型併購。

Regarding our full year 2026 outlook, we delivered a solid first quarter performance, benefiting from commercial execution, increased contributions from innovation and portfolio moves. Our confidence in underlying growth and operating performance continues to increase, and we are off to a great start with important ERP and separation milestones still to go while navigating an elevated macro headwind environment.

關於2026年全年展望，我們第一季表現穩健，受惠於商業執行、創新貢獻提升以及投資組合調整。我們對基本成長與營運表現的信心持續提升；在宏觀逆風仍高的環境下，我們已取得良好開局，同時仍有重要的ERP與分拆里程碑待完成。

As a result, we are maintaining our full year organic sales growth and free cash flow guidance as provided on our fourth quarter call. And following the better-than-expected start to the year, we now estimate that our earnings per share will be toward the high end of our initial $6.40 to $6.60 range.

因此，我們維持在第四季電話會議所提供的全年有機銷售成長與自由現金流指引。此外，鑑於年初表現優於預期，我們目前估計每股盈餘將落在初始6.40至6.60美元區間的高端。

We also want to provide some added insights about sales phasing as it relates to the last large ERP cutover, which is planned for the US in Q3. We estimate over $100 million of sales timing benefit in Q2 that we expect will reverse in 2026, mostly in Q3. The additional sales phasing is an important part of our mitigation strategy, and we will update you on our Q2 and subsequent calls on the eventual impact.

我們也希望就銷售時點安排提供一些補充說明，這與最後一次大型ERP切換相關，該切換計畫於第三季在美國進行。我們估計第二季將有超過1億美元的銷售時點性利多，且預期將在2026年回轉，主要發生在第三季。額外的銷售時點安排是我們緩解策略的重要一環，我們將在第二季及後續電話會議中向各位更新最終影響。

Turning back to the full year. We continue to estimate a foreign exchange benefit of approximately 100 basis points on sales growth and are holding operating margin in the range of 21% to 21.5%, an increase of 50 to 100 basis points over prior year despite significant headwinds from tariffs annualizing and inflationary impacts. No change to our tax rate expectations of 19.5% to 20.5%.

回到全年展望。我們仍估計外匯將對銷售成長帶來約100個基點的正面效益，並維持營業利益率在21%至21.5%區間；儘管面臨關稅年化與通膨影響等重大逆風，仍較去年提升50至100個基點。稅率預期維持不變，為19.5%至20.5%。

In summary, we delivered a strong start to 2026. Business momentum is improving. The work on the portfolio is having a positive impact, and our execution is creating a clear path to margin expansion and cash conversion.

總結來說，我們在2026年取得了強勁的開局。業務動能正在改善。投資組合相關工作正帶來正面影響，而我們的執行正在為毛利率擴張與現金轉換建立清晰路徑。

With that, I'll turn it back to the operator for Q&A.

接下來，我把時間交回給主持人進行問答。

(Operator Instructions)

(主持人指示)

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc Capital Markets。

Just wanted to start off with one on some of the phasing commentary around the ERP event. Just maybe if you could flesh out a little bit where you expect to see the benefit relative to the different segments in 2Q just from a modeling perspective, so we can help understand the transition.

我想先從你們對ERP事件在時點分布（phasing）方面的一些評論開始問起。從建模角度來看，能否再多補充一點，你們預期在第二季（2Q）不同事業部門各自會看到哪些效益，幫助我們理解這個轉換？

Sure. Hey, Brett, it's Wayde. So as we called out in the prepared remarks, as you said, Brett, we are estimating over $100 million additional sales in Q2 as we're working with our customers and distributors to advance orders before we begin our Q3 cutover of ERPs in the US and Canada. This is going to mostly impact IPSS and Dental to your question.

當然。嗨，Brett，我是Wayde。如同我們在事先準備的講稿中提到的，正如你所說，Brett，我們估計第二季將增加超過1億美元的額外銷售，因為我們正與客戶及經銷商合作，在我們於第三季（Q3）開始美國與加拿大ERP切換之前，提前拉貨下單。就你問到的部分，這將主要影響IPSS與牙科（Dental）。

And this is a key mitigation strategy for us to really ease the number of orders and shipments in Q3 as we ramp up on new ERP functionality. And keep in mind, the US is a very different region and that the majority of our sales go through distribution. And this helps mitigate any challenges with ERP cutovers with advanced orders into the distributors.

這對我們而言是一項關鍵的緩解策略，能在我們逐步啟用新的ERP功能時，真正降低第三季的訂單與出貨量。另外請記住，美國是一個非常不同的區域，我們大多數的銷售是透過通路分銷完成。透過將訂單提前推進到通路商，這有助於緩解ERP切換可能帶來的任何挑戰。

And then importantly here, when we eventually report Q2, we will provide the amount of orders shipped in advance and then adjust our second half accordingly. So as we've shared previously, it's difficult to predict advanced orders and volume, and therefore, we're giving you a heads up here on magnitude, but not precision, and we'll update you when we report our Q2. So the key is we're not adjusting our full year guide. We expect all Q2 advanced orders will be offset in the second half of 2026, mostly in Q3.

此外很重要的一點是，當我們最終公布第二季業績時，我們會提供提前出貨的訂單金額，並據此調整我們下半年的表現。如同我們先前分享的，提前下單與出貨量很難精準預測，因此我們在此先就量級（magnitude）提醒大家，但不提供精確值（precision）；我們會在公布第二季時再更新。重點是，我們不會調整全年指引。我們預期第二季所有提前下單都會在2026年下半年被抵消，主要發生在第三季。

And the good news here really is that we're nearing the end of our heavy lift on ERPs from 3M. And this will be the last large cutover as we plan to be done with ERPs and 90% of the TSAs by the end of the year.

而好消息是，我們在承接自3M的ERP繁重工作已接近尾聲。這將是最後一次大型切換；我們計畫在年底前完成ERP以及90%的TSA（過渡服務協議）。

I might just draft off of that, too. It sounds a little messy in big numbers that we're throwing around, but we feel pretty confident on this one. We got -- we're lucky because it's a big region, obviously, the biggest region that we have in the ERP cutover. But we feel like the mitigation efforts that we have here are fantastic.

我也補充一下。我們拋出的一些大數字聽起來可能有點複雜，但我們對這件事相當有信心。我們算是很幸運，因為這顯然是一個大區域，也是我們ERP切換中最大的區域。但我們認為目前的緩解措施非常到位。

It puts us in a really nice position to have almost all of our business run through distribution in the US. And because we can stock up with those distributors, even if we have a challenge, we can cover our customers and continue to recognize revenue, which is great. And then in addition to that, as we said, it's our last one. So I think the team has gotten pretty good here. So we've got a tuned-up team that's capable on top of a really strong contingency program.

這讓我們處於非常有利的位置，因為我們在美國幾乎所有業務都透過通路分銷進行。而由於我們可以在通路商端先行備貨，即使遇到挑戰，我們也能保障客戶供應並持續認列營收，這很棒。此外，如我們所說，這也是最後一次切換。所以我認為團隊在這方面已經相當熟練。我們有一支調校到位、能力成熟的團隊，再加上一套非常強的應變方案。

All right. Super clear. And I'll just ask one quick related follow-up. So just thinking about 2Q and that $100 million or so benefit. Just on an underlying basis, is there any major callouts or reason to think that the -- call it, ERP benefit run rate wouldn't be somewhere within the 2% to 3% current guidance range?

好的。非常清楚。我再快速追問一個相關問題。就第二季以及那大約1億美元的效益來看，如果看基本面，是否有任何重大事項需要特別注意，或有任何理由認為——姑且稱之為——ERP效益的年化/常態化水準不會落在目前指引區間的2%到3%之內？

So in other words, if you neutralize the impact of it? I think -- is that what you're saying, Brett? I just want to make sure, are you saying that if we neutralize the benefit of that $100 million, what the growth rate would typically be in Q2? Is that what you're saying?

換句話說，如果把它的影響中性化？我想——你是這個意思嗎，Brett？我只是想確認一下：你是說如果我們把那1億美元的效益影響剔除，第二季通常的成長率會是多少？你是這個意思嗎？

Yeah. Essentially just asking underlying growth, if you would expect the underlying growth rate to still be somewhere within the guidance range or if there was any other major call-outs that we should be thinking about for 2Q? Thanks again.

對。基本上就是在問基本面成長：你是否預期基本面成長率仍會落在指引區間內，或第二季還有其他需要我們注意的重大事項？再次感謝。

No, that's it. And that's the intent of calling out the heads up here on this advanced ordering to just make sure that we've given the heads up because we do think it will be a larger magnitude than we experienced last year. And we're not giving quarterly guidance, but you should assume that given the strong performance in Q2 that we should continue that momentum -- or pardon me, in Q1, we should continue that momentum in Q2 and through the rest of the year.

沒有，就這些。而我們之所以特別提前提醒這次提前下單，是為了確保大家先知道，因為我們確實認為其量級會比去年更大。我們不提供季度指引，但你們可以假設，鑑於第二季的強勁表現，我們應該會延續這股動能——抱歉，我是說第一季的強勁表現——我們會在第二季以及今年剩餘時間持續延續這股動能。

Good way to look at it.

這樣看很合理。

David Roman, Goldman Sachs.

David Roman，高盛（Goldman Sachs）。

I know in your prepared remarks, you talked mostly about the contribution to revenue growth coming from volume and mix versus price. Can you maybe give us a little bit more flavor of what the volume versus mix contribution is and what you're seeing from a new product launch perspective year-to-date?

我知道你們在事先準備的講稿中，主要談到營收成長的貢獻多來自銷量（volume）與組合（mix），而非價格（price）。你們能否再多提供一些細節：銷量與組合各自的貢獻大概如何？以及從今年迄今的新產品上市角度，你們看到了什麼？

Yeah. Maybe I'll start with the new product launches. I'd tell you that as I referenced even in my prepared remarks, one of the biggest catalysts we have right now, and we've been talking about is the commercial enhancements. But now we're feeding that commercial machine with some really nice product launches, and I've talked about those in my prepared remarks.

可以。我先從新產品上市談起。我想說，正如我在事先準備的講稿中也提到的，我們目前最大的催化劑之一——而且我們一直在談——是商業端的強化。但現在我們也用一些非常不錯的新產品上市，來為這部商業機器提供燃料；我在講稿中也談到了這些。

They are definitely helping us, and we have more coming, as I talked about, 20 new products that we're going to be launching over the next two years. So it's definitely a combination of the enhanced commercial organization, the focus that we have in growth drivers, and we're peppering in some really nice product launches as well.

這些確實在幫助我們，而且接下來還會有更多，正如我提到的，我們將在未來兩年推出20項新產品。所以這絕對是多重因素的組合：強化後的商業組織、我們對成長驅動因素的聚焦，以及我們也穿插推出一些很不錯的新產品。

But, Wayde, maybe you can talk about that.

不過，Wayde，也許你可以談談那部分。

Yeah, sure. On volume mix price, the way to think about it would be our price continues to be in that plus, minus 1%. So that means the majority of our growth is all volume-based and significant contribution from volume.

好的，當然。就銷量、組合與價格來看，我們的價格仍維持在正負1%的區間。因此，絕大部分的成長都來自銷量，且銷量的貢獻相當顯著。

Okay. Very helpful. And maybe just a follow-up. I know that this is the first quarter that you initiated the share repurchase program, another quarter with a lot of macro-related volatility and recognizing that there are different timing elements in a quarter when you can and can't buy back stock.

了解。非常有幫助。我再追問一下。我知道這是你們啟動庫藏股回購計畫的第一個季度，同時宏觀環境波動仍然很大，而且也理解在一個季度內，回購股票有不同的時間限制（有時能買、有時不能買）。

So how did you think about deploying the buyback in the quarter? And was there anything like competing considerations for capital that may have driven the amount to be where it was? Or is this something that we should expect to ramp over the course of the year?

所以你們在本季度是如何思考回購資金的部署？是否有任何資本配置上的相互競爭考量，導致回購金額落在目前這個水準？或者我們是否應該預期回購會在今年逐步加速？

Do you want to take that Wayde, around the offsetting dilution here?

Wayde，你要回答這題嗎？關於這裡的稀釋抵銷（offsetting dilution）。

Yeah, yeah. So I can start us off there. So as you mentioned, David, we're very happy to have our share repurchase program kicked off. We started it here in Q1. And we have multiple layers to it.

對、對。所以我可以先從這裡開始。如你提到的，David，我們非常高興我們的股票回購計畫已經啟動。我們在第一季就開始了。而且它有多個層面。

The first layer is to repurchase shares to offset dilution of stock-based comp and to hold our share count flat. And then we also have an opportunity to buy given if we see value in the shares. And so we'll be certainly looking at that where the stock has been more recently here in Q2.

第一個層面是回購股票，以抵銷以股票為基礎的薪酬所造成的稀釋，並讓我們的流通股數維持不變。此外，如果我們看到股價具有價值，我們也有機會進一步買進。因此，當股價在第二季近期所處的位置，我們當然會關注這一點。

We're not commenting on Q2 yet. We'll do that when we report Q2. But you can imagine, we see a lot of value in the stock where it's trading today. And then we're going to balance that with our M&A plan and our acquisitions.

我們目前不評論第二季。我們會在公布第二季業績時再談。但你可以想像，以目前的交易價格來看，我們認為這檔股票很有價值。接著我們也會在這之間取得平衡，兼顧我們的併購（M&A）計畫與收購。

And as you know, it's a balanced plan for us. We're going to be -- just like when we launched the authorization program, we also launched the first acquisition of Acera. And so we're going to have a balanced plan. We're going to be looking at tuck-in acquisitions and where we can drive value there. We'll also be looking at our share repurchase program with a minimum of anti-dilution and then being opportunistic where we see value in the stock.

如你所知，這對我們而言是一個平衡的計畫。我們會——就像我們推出回購授權計畫時一樣，我們也同時宣布了對 Acera 的第一筆收購。因此我們會採取平衡策略。我們會尋找補強型（tuck-in）收購，以及我們能在那裡創造價值的機會。我們也會檢視我們的股票回購計畫，至少先做到反稀釋，並在看到股價有價值時把握機會。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Just want to follow up on some of the ERP cutover dynamics here. I think you called out, Wayde, about a 70 basis point impact from some order pull forward. And so as you think about what occurred in Asia with the ERP cutover, what did you see in terms of impact when you did that cutover that informs kind of -- and again, appreciating the logic behind the dynamics of 2Q versus 3Q with the US.

我想追問一下這裡 ERP 切換的一些動態。我記得你提到，Wayde，因為部分訂單提前拉貨，大約有 70 個基點的影響。因此，當你回顧亞洲在 ERP 切換時發生的情況，你在切換時看到哪些影響，能用來理解——同時也理解美國在第二季對第三季這些動態背後的邏輯。

But what have you seen thus far with that cutover? And how much of that 70 basis points was reflective of preparation for the Asia ERP cutover?

但到目前為止，你們在那次切換中看到了什麼？而那 70 個基點中，有多少是反映為了亞洲 ERP 切換所做的準備？

Yeah, sure. And -- so obviously, a lot of questions around ERP, and it makes sense because we've got a lot of people around the company working on delivering these. And our primary objective is always to ensure we get product available for our customers. So we want to make sure, number one, we're servicing our customers. And we certainly want to keep ourselves on track from a financial standpoint as well.

好的，當然。而且——顯然大家對 ERP 有很多問題，這也合理，因為公司裡有很多人正在投入交付這些專案。我們的首要目標永遠是確保產品能供應給客戶。所以第一，我們要確保能服務客戶。同時我們也希望在財務面保持在正軌上。

So you brought up Asia Pac. So the good news there is we have had a very successful ERP cutover in Asia Pacific, and that included multiple countries plus China for us. And so that one is actually in the rearview mirror now, Ryan. And that is -- the team did a really nice job. We started with Europe, many countries in Europe, moved to Asia Pacific, and now we're moving to the US.

你提到了亞太。好消息是，我們在亞太的 ERP 切換非常成功，涵蓋了多個國家以及中國。所以那一段現在已經過去了，Ryan。而且——團隊做得非常好。我們先從歐洲開始，在歐洲的許多國家推進，接著到亞太，現在正移轉到美國。

So the 70 basis points that you referenced that we called out in the prepared remarks was related to volume that's been purchased ahead of mostly SKU exits and some of the separation work that we're doing, not necessarily for ERP. There's a little bit of ERP in there. But given that the ERP cutovers aren't until Q3, the majority of that is other separation activity.

你提到的那 70 個基點，我們在事先準備的講稿中指出，主要與因多數 SKU 退出以及我們正在進行的一些分拆工作而提前採購的量有關，不一定是因為 ERP。其中有一點點與 ERP 有關。但由於 ERP 切換要到第三季才進行，其中大部分其實是其他分拆活動。

Think about countries where we're going to have a couple of months where we don't have registrations. We're cutting our registrations over from 3M to Solventum. So we had to ship some advanced orders to keep customers stocked as we transition and have a blackout on registrations. So lots of complexity.

想像一下某些國家，我們會有幾個月沒有註冊。我們正把註冊從 3M 轉到 Solventum。因此在我們轉換期間、註冊出現空窗時，我們必須先出貨一些提前的訂單，讓客戶在過渡期間仍有庫存。所以複雜度很高。

We don't always share a lot of the details about what the teams are working through to deliver the separation and cutover from 3M. But the 70 basis points in the quarter, just to clarify, was volume that we would have normally seen in Q2. And so we've essentially got 70 basis points of extra volume here in Q1 from Q2.

我們不一定會分享團隊為了完成與 3M 的分拆與切換所處理的所有細節。但為了澄清，本季的 70 個基點，是我們原本會在第二季看到的出貨量。因此我們等於把第二季的量，有 70 個基點提前到第一季。

Understood. Appreciate that, Wayde. And looking at margins, gross margins really came in well ahead of consensus is nice to see. I don't believe there's any refund activity in there, but you didn't call out -- I think your comments suggests that you're still holding the line on tariff assumptions for the year. But where is your head at on tariff refund or what we could see potentially through the year with some of those changes on the tariff rate?

了解。謝謝你的說明，Wayde。再看毛利率，毛利率明顯優於市場共識，這很高興看到。我不認為裡面有任何退稅（refund）活動，但你沒有特別提到——我想你的評論暗示你們仍維持今年關稅假設不變。但你對關稅退稅的看法是什麼？或是今年內隨著關稅稅率的一些變動，我們可能看到什麼？

Sure. Yeah, I think two questions there, really. One, gross margin was strong in the quarter. As we mentioned on the call, we had a benefit of sales and mix as well as some of the higher programmatic savings. And we normally expect some seasonality headwinds in Q1. We saw those, but they were more than offset by those things that came in better than expected.

當然。是的，我想這其實是兩個問題。第一，這一季毛利率很強。如我們在電話會議中提到的，我們受惠於銷售與產品組合，以及一些較高的計畫性節省。而第一季通常會有一些季節性逆風。我們確實看到了，但被那些優於預期的因素所抵銷，甚至超過。

So really pleased that the team was able to deliver the programmatic savings and the margin expansion, especially in the face of tariffs, as you mentioned. So getting 80 basis points of margin expansion here. And we certainly benefited from the portfolio moves we've made as well, both the P&F divestiture and Acera acquisition are accretive to our gross margins.

所以我們非常高興團隊能夠交付計畫性節省與毛利率擴張，尤其是在你提到的關稅壓力之下。因此毛利率在這裡擴張了 80 個基點。我們也確實受惠於我們所做的投資組合調整，包括 P&F 事業的出售以及收購 Acera，兩者都能提升我們的毛利率（具增益性）。

And so then as you move to tariffs, the big headwind inside of that is certainly a fluid situation, as we all know. We're monitoring it, managing it very closely. But without clarity at this point, we're just holding our estimate in that same $100 million to $120 million for the year.

接著談到關稅，這裡面最大的逆風當然是一個非常變動的情況，大家都知道。我們正在密切監控並非常仔細地管理。但在目前缺乏明確性之下，我們只是維持全年同樣的估計，仍為 1 億到 1.2 億美元。

Our Q1 came in right at the high end of that range from a quarterly basis. So we're still within our range. And it certainly does not include any booking of any potential refunds or anything there. We are not doing that at this point. We are in process of working on refunds like most companies are, but we have not booked anything in our results yet, and that will be something that we look at down the road.

我們第一季的結果，按季度來看正好落在該區間的高端。所以我們仍在區間內。而且其中當然不包含任何可能退稅的入帳或其他相關項目。我們目前不會這麼做。我們正像多數公司一樣在進行退稅申請，但我們尚未在業績中入帳任何金額，這會是我們之後再評估的事項。

Wayde, on the gross margin side, that came up, maybe you could talk about anything you want to provide for the rest of the year. I don't know if you want to here -- or you want to do it --?

Wayde，既然提到毛利率，也許你可以談談你願意提供的、對今年剩餘時間的任何看法。我不確定你是否想在這裡——或你想要在——？

Yeah, it's probably perfect timing, Bryan. Actually, thanks for bringing that up. So we do want to make sure everyone understands this was a strong quarter for us. And so we do expect the rest of the year to be slightly below Q1.

是的，Bryan，時機剛好。其實謝謝你提出這點。所以我們確實想確保大家理解，這一季對我們來說表現很強。因此我們預期今年剩餘時間會略低於第一季。

Our estimate, we think, is closer to 56% is probably a good estimate for the coming quarters for the rest of the year here. So strong Q1, a little above 56%. We think the rest of the year is going to come in closer just under 56% would be a good estimate.

我們的估計，我們認為接下來幾個季度、也就是今年剩餘時間，接近 56% 可能是一個不錯的估計值。所以第一季很強，略高於 56%。我們認為今年其餘時間大概會更接近、略低於 56%，作為估計會比較合適。

Jason Bednar, Piper Sandler.

Jason Bednar，Piper Sandler。

I'm going to layer on to the whole ERP cutover topic, but from a different angle. So you sound super confident around the planning. Maybe talk about what this big US ERP change means for your OpEx savings plans?

我想在整個 ERP 切換的議題上再加一層，但從不同角度來看。你們在規劃方面聽起來非常有信心。能否談談這次美國大型 ERP 變更對你們營運費用（OpEx）節省計畫意味著什麼？

When do you begin realizing cost savings from this switch, see those benefits later this year, early next year? And is that wrapped into your restructuring cost savings program? Or is that -- are these two distinct items?

你們何時開始能從這次切換中實現成本節省，是在今年稍晚、還是明年初看到效益？而這是否已包含在你們的重整成本節省計畫中？還是說——這兩者是不同的項目？

Yeah. And maybe I'll just quickly say on the mitigation plan. I just want to call out the team right now because everyone is working really hard on the ERP cutovers. And as you can imagine, it's a very large group of cross-functional people that are just flat out right now. I just want to give them kudos because the mitigation process that we've gone through is probably the best I've ever seen.

是的。另外我也想快速補充一下關於緩解計畫。我現在想特別表揚團隊，因為大家都在 ERP 切換上非常努力地工作。而且如你所想，這是一個非常龐大的跨職能團隊，現在幾乎是全力以赴。我想給他們肯定，因為我們走過的緩解流程，可能是我見過最好的。

So I feel very confident coming into Q3. But really coming into your question, on does this open up margin opportunity, Wayde, maybe I'll flip that over to you.

所以我對進入第三季非常有信心。但回到你的問題，這是否會帶來毛利空間的機會，Wayde，也許我把這題交給你。

Yeah. So not the primary objective. Primary objective here is separation from 3M. And because we were in a separation situation, there wasn't a lot of preplanning going around with the ERP cutovers. And so OpEx does not benefit significantly from the ERP cutovers at this time.

好的。所以這不是主要目標。這裡的主要目標是與 3M 分離。而因為我們處於分拆情境，針對 ERP 切換並沒有太多前期規劃。因此目前營運費用（OpEx）並未從 ERP 切換中顯著受益。

However, Transform for the Future is designed to then pick up on the systems that we have and start to work on what we can see from savings going into the future. And so first, we got to separate from 3M. We get the systems stood up. Then we'll be looking at through our Transform for the Future program for additional system benefits, automation, system efficiencies.

不過，「Transform for the Future」的設計，是在我們既有系統的基礎上接續推進，開始著手我們所能看到的、面向未來的節省機會。所以首先，我們必須先與 3M 分離。把系統建置起來。接著我們會透過「Transform for the Future」計畫，尋求額外的系統效益、自動化、系統效率提升。

But that really is hand in glove with the rest of the Transform for the Future work we're doing, which thinks about structural areas as well. And it's not just efficiencies, but certainly looking for effectiveness there. What I would say on operational -- our operating expenses, though, just to make sure we cover this, is we had $740 million of OpEx in Q1, which is lower in dollars, but higher in as a percentage of OpEx.

但這確實與我們正在進行的其他「Transform for the Future」工作密切配合，該計畫也會思考結構性領域。而且不只是效率，當然也會尋求效能提升。至於營運——我們的營運費用，我想補充說明以確保涵蓋到：我們第一季的 OpEx 為 7.40 億美元，金額較低，但以 OpEx 的百分比來看較高。

And that -- some of that was due to seasonality, which we always see higher seasonal expenses in Q1. But we do expect our operating expenses to step down from Q1 into Q2, 3 and 4. And I just want to make sure everybody understands that as well, that there are seasonal pressures on Q1 OpEx that we have every year around compensation related and other timing of expenses that happen in the first quarter.

其中一部分是季節性因素所致，我們第一季一向會看到較高的季節性費用。但我們確實預期營運費用會從第一季到第二、第三與第四季逐步下降。我也想確保大家理解：第一季的 OpEx 每年都會受到季節性壓力影響，主要與薪酬相關，以及其他在第一季發生的費用時點有關。

That's one of the reasons our operating margins are always a seasonally low quarter for us. And then we look for a step down in OpEx expenses as we go through the rest of the year, which helps us increase our operating margins as we move through the year as well.

這也是我們營業利益率通常在第一季呈現季節性偏低的原因之一。接著隨著年度其餘時間推進，我們會看到 OpEx 下降，這也有助於我們在年度進程中提升營業利益率。

All right. Very clear. I want to -- so just as a follow-up, Bryan, I think you mentioned 20 new products that are to come on over the next couple of years. Sorry if I have any of the details wrong going through the airport.

好的。非常清楚。我想——作為追問，Bryan，我記得你提到未來幾年會推出 20 個新產品。如果我在機場趕路時把細節記錯了，先說聲抱歉。

But any breakout you're able to give around the segmenting of those new products? What does the cadence look like of the launch activity? And just how are you thinking about the contribution to growth from these new products?

但你能否就這些新產品的分項（例如按事業部/領域）提供一些拆解？推出活動的節奏會是什麼樣子？以及你們如何看待這些新產品對成長的貢獻？

And sorry, I'm going to layer on one more. Just can you clarify, are these brand-new products? Or are these relaunches of existing products? I know you've talked about that latter item before. So just trying to figure out if these are, again, distinct or kind of captured within each other.

抱歉，我再加問一個。你能否澄清：這些是全新的產品嗎？還是既有產品的重新上市？我知道你之前談過後者。所以我想弄清楚，這些是彼此獨立，還是某種程度上彼此包含。

Yeah. Thanks for the question. You remembered exactly. I said almost 20 and you nailed it. So I appreciate that.

好的。謝謝你的問題。你記得完全正確。我說的是「接近 20 個」，你抓得很準。所以我很感謝。

I would say that it's mainly -- your last question there, it's mainly new products. There are some relaunches in certain areas where we're going to do capacity expansion because we have great demand. We just don't have the capacity. And once we get that demand, then we're going to relaunch the product on a global basis. But most of these, the largest majority would be new products in each of our businesses.

我會說主要——就你最後那個問題而言，主要是新產品。在某些領域也會有一些重新上市，因為我們將進行產能擴充，需求非常強。只是我們目前沒有足夠產能。一旦我們把需求承接下來，就會在全球範圍重新推出該產品。但大多數、絕大部分會是我們各個事業的新產品。

From a cadence perspective, you're asking about that. It's a pretty steady cadence. I'd say it's going to accelerate through the two years, but I don't want to give the impression it's back-end loaded.

就節奏而言，你問到這點。會是相當穩定的節奏。我會說在這兩年期間會加速，但我不想讓人覺得是後段集中推出。

That's not the case. It's going to be a nice cadence this year, the same thing next year. And it's really dedicated to our growth driver areas. There are some outside of that, but mainly growth driver areas and then across each of our businesses.

並不是那樣。今年會有不錯的推出節奏，明年也是一樣。而且這些主要聚焦在我們的成長驅動領域。也有一些不在其中，但主要仍是成長驅動領域，並且涵蓋我們各個事業。

What I would tell you, when we think about the portfolio, we're really thinking kind of singles, doubles, triples, right? We're not looking at one item as the game changer as the home run we need. So it really reduces the risk of the portfolio launches that we have. It's a combined portfolio that will launch on a cadence that we think is acceptable and digestible to the organization. And it will give that new commercial team the fuel they need to be able to hit our LRP targets and hopefully at some point beyond.

我想告訴你的是，當我們思考產品組合時，我們其實是在想單打、二壘打、三壘打，對吧？我們不把某一個項目視為改變戰局、必須要的全壘打。因此能大幅降低我們這個產品組合上市的風險。這是一個整體組合，會以我們認為組織可以接受、也能消化的節奏推出。並且會為新的商務團隊提供他們所需的「燃料」，以達成我們的 LRP 目標，並希望在某個時間點能超越目標。

Travis Steed, Bank of America.

Travis Steed，美國銀行。

Congrats on the good quarter. I guess I'll follow up on some of the portfolio comments that you made in the prepared remarks. Just curious if there's anything else you could say on that. Do you have any signs that someone else maybe might be willing to pay a higher value than the public investors are valuing parts of the business at? And kind of timing, is there anything that might slow that down?

恭喜這一季表現不錯。我想追問一下你在事先準備的發言中提到的一些產品組合相關評論。想知道你是否還能多說一些。你們是否看到任何跡象，顯示可能有其他人願意為業務的某些部分支付比公開市場投資人目前給的估值更高的價格？以及在時程上，有沒有什麼因素可能會讓進度放慢？

It seems like something that could happen fairly quick. Just anything else you could say on the portfolio side?

看起來這可能會相當快就發生。在產品組合方面，你還能補充些什麼嗎？

Yeah. We obviously had a feeling people might ask about that because we're leaning in on this being a vector of value creation. I would say that the good news is where we are from a spin perspective, in a spin environment, I think most people know that there are considerations outside of the typical things you look at on whether you do or don't transact.

是的。我們當然有預期大家可能會問這個，因為我們正把它作為價值創造的一個向量來加大著力。我會說好消息是，就我們目前在分拆（spin）的角度、在分拆環境下的位置而言，我想大多數人都知道，除了你通常會看的那些因素之外，還有一些額外的考量，會影響你是否進行交易。

And the further the spin gets in the rearview mirror, the more flexibility we have. So I think that by itself kind of indicates where we are. And then it's just a simple formula that you said. I don't want to lean in one direction or the other because I don't want to give anything away. But my sense is that as we see others that view our businesses either strategically more relevant to them or financially, we're going to pay attention to it, right?

而且這次分拆在後照鏡裡越走越遠，我們的彈性就越大。所以我認為這本身某種程度上就說明了我們目前所處的位置。接著就是你提到的一個簡單公式。我不想偏向任何一邊，因為我不想透露任何訊息。但我的感覺是，當我們看到其他人不論是從策略上認為我們的業務對他們更具相關性，或是從財務角度來看，我們都會留意，對吧？

We're going to unlock shareholder value, whether that be a transaction or other methods of being able to drive shareholder value, that would be our intent. I don't want to speak to time line because I don't want to set any expectations. I just know that we're constantly looking at this as anybody would -- should. And that means both ways. We're looking at things that could exit, and we're looking at things that should come in.

我們會釋放股東價值，不論是透過交易或其他能夠推動股東價值的方法，這會是我們的意圖。我不想談時間表，因為我不想設定任何預期。我只知道我們一直在持續檢視這件事，就像任何人都會——也應該——做的一樣。而且這是雙向的。我們在看哪些東西可能要退出，也在看哪些東西應該納入。

And Acera is a great example on the other side of that equation of exactly the type of deal we're looking for when it comes to portfolio optimization. It's a perfect asset, right? It's got great growth. It fits very squarely into the business that we have today. As a result, it's lower risk because we know the space, right?

而 Acera 正是這個等式另一端的一個很好的例子，完全符合我們在投資組合優化方面所尋找的交易類型。它是一個完美的資產，對吧？它有很好的成長。它非常契合我們今天既有的業務。因此風險較低，因為我們了解這個領域，對吧？

And so you're going to expect us to do more of that. As I said, I think we've got a pretty target-rich environment, and we can do those as well as give cash back to our shareholders. So we feel like we're in a good position here.

所以你們可以期待我們做更多這類事情。如我所說，我認為我們有一個相當多目標可選的環境，我們既可以做這些，也可以把現金回饋給股東。因此我們覺得目前處於一個不錯的位置。

(Operator Instructions)

（接線生指示）

Rick Wise, Stifel.

Rick Wise，Stifel。

Nice to see another excellent quarter here. It's hard to resist coming back to the second quarter Wayde, only because I just always think it's important to get the numbers right so that you all can do your thing. And as you say, a lot of moving pieces here.

很高興看到又一個非常出色的季度。Wayde，我很難不回到第二季的話題，只是因為我一直覺得把數字弄準很重要，這樣你們才能做你們該做的事。而且如你所說，這裡有很多變動因素。

I'm just coming at it another way, I mean, consensus is a shade over $2 billion for the second quarter coming into the call. I mean, do you feel like that adequately reflects or is a reasonable midpoint way to think about the second quarter? And again, just reflecting all the puts and takes.

我只是換個角度問，市場共識在電話會議前對第二季的預估略高於 20 億美元。你覺得這是否已充分反映，或作為思考第二季的一個合理中點？同樣地，這也反映了各種利多與利空的拉扯。

Yeah, Rick. So it's probably worth coming back to this one because it is certainly a dynamic that we want to make sure people understand in the quarter. So what we're not commenting on this guidance for the quarters here as we go. But what I would say is I wouldn't change the total year for the quarterly phasing here. So number one thing our guidance stays the same for the year, I would like people to think about nothing changes for the total year.

是的，Rick。所以可能值得再回到這點，因為這確實是一個我們希望大家在本季能理解的動態。我們不會在這裡對各季度的指引逐季做評論。但我要說的是，我不會改變全年在季度分布（phasing）上的總體看法。所以第一件事，我們全年指引維持不變；我希望大家認為全年總額沒有任何改變。

In fact, you might not even look at your models for Q2, just keep them the way they are. When we get to Q2, we're going to overachieve because of a certain amount of advanced ordering. It's going to be higher or lower than 100. 100 is a very round large number. We have a lot of active work going on across multiple distributor channels now.

事實上，你們甚至可以不用去看你們對第二季的模型，就維持原樣。等到第二季，我們會因為一定程度的提前下單而超出預期。這個數字會高於或低於 1 億；1 億是一個很圓、很大的數字。我們目前在多個經銷通路上都有很多積極的工作在進行。

When that number lands in Q2, we'll let everybody know, we can call it out, and then we'll get a clear read-through of our numbers without that advanced ordering. And then we're just going to take that advanced order number, and we're going to take it out of the second half, mostly in Q3.

當這個數字在第二季落地時，我們會讓大家知道，我們可以把它單獨點出來，然後你們就能在扣除這些提前下單後，更清楚地看懂我們的數字。接著我們會把這筆提前下單的數字，從下半年扣回去，主要會在第三季。

So we don't want to get too precise around that number and what we're thinking about for Q2 at this point, just giving a heads up that we are using this mitigation strategy. It's great that we have a higher amount of products through distribution in the US. So it gives us a real nice mitigation strategy for the ERPs here.

所以我們現在不想對這個數字以及我們對第二季的想法講得太精準；只是先提醒大家，我們正在使用這個緩解策略。美國透過經銷體系的產品量更高，這點很好。因此，這為我們因應這些 ERP（提前回補/提前採購）提供了一個很不錯的緩解策略。

I think it's a -- if you think about it, it's -- I think in the other question that we had, you can kind of expect Q2, again, not guiding to it, but in the normalized range in the guidance that we've given. And this is going to be substantially higher. Q2 is going to come in substantially higher. We just don't want you to try to model it because it will be wrong. So when we get to Q2, we have the actuals, as Wayde said, we'll give you the information, and then we'll help you with your models in Q3 and Q4.

我認為這是——如果你想一想——我想在先前那個問題裡，你大概可以預期第二季（再次強調，我們不對其提供指引）會落在我們已給出的指引中的常態區間。而且這個數字會顯著更高。第二季會顯著更高。我們只是不希望你們試著去建模，因為那會是錯的。所以等到第二季，我們有實際數據後，如 Wayde 所說，我們會提供資訊，然後協助你們在第三季與第四季更新模型。

On that and how the What's $100 million going to look like? Is it going to be higher or lower? What's the gross margin on it?

關於這點，那 1 億美元會長什麼樣子？會更高還是更低？它的毛利率是多少？

We're not going to change investments. So if you just do a natural look at it. It's about 5% extra sales. It's about 30% dropped through on EPS. And so again, I wouldn't recommend taking that from any angle of precision just given that we haven't finalized what that phasing is going to look like other than it's going to be large magnitude.

我們不會改變投資。所以如果你用自然的方式來看。大約是額外 5% 的銷售。大約有 30% 會反映到 EPS。因此，同樣地，我不建議從任何精準角度去解讀，因為我們尚未最終確定這個分布（phasing）會長什麼樣子，只知道量級會很大。

And so with that in mind, I think Q2 looks like another strong quarter for us. We should see improved earnings per share, and then certainly this phasing is going to drop through an additional amount. We just don't know exactly what it will be at this point.

因此基於這點，我認為第二季對我們來說看起來會是另一個強勁的季度。我們應該會看到每股盈餘改善，而這個分布（phasing）當然也會帶來額外的貢獻。只是我們目前還不知道確切會是多少。

Okay. And I guess I can't think of anything much more related and making Amy happy than talking about 2Q EPS. I mean you nudged us -- that you nudged your range more towards the upper end. And again, if consensus is $1.65, I think, for the second quarter. Again, Wayde -- leave it alone, even with the -- I mean, Acera, there's going to be more Acera.

好的。我想不出還有什麼比談第二季 EPS 更能讓 Amy 開心的了。我的意思是，你們把區間稍微往上緣推了一點。而且如果市場共識是第二季 1.65 美元，我想是這樣。再說一次，Wayde——就先別動它，即使有——我是說，Acera 會有更多 Acera。

Acera is accelerating more new product, more cost reduction. You have an extra $100 million in revenue, presumably some leverage there. I mean, again, just conceptually, what do we do with that? Where do we stick it, so to speak?

Acera 正在加速推出更多新產品、更多成本降低。你們還多了 1 億美元營收，推測會有一些槓桿效益。我的意思是，概念上，我們該怎麼處理？換句話說，我們要把它放在哪裡？

Yeah. I definitely see the challenge, Rick. Yeah. So if we just set aside the phasing for a second, and we look at the business, you're right. We should see improvement in EPS in Q2 because Q1 is our lowest operating margin quarter. And we had a very tough comp in sales in the first quarter. And so that puts some pressure on our operating growth.

是的。我完全理解這個挑戰，Rick。是的。所以如果我們先把分布（phasing）放一邊，單看業務本身，你說得對。第二季我們應該會看到 EPS 改善，因為第一季是我們營業利益率最低的季度。而且第一季在銷售上有一個非常艱難的比較基期。因此這對我們的營運成長造成一些壓力。

But from a dollar standpoint, we're going to see Q2 from a dollar standpoint, have a good sales growth quarter. We're going to see higher operating margins, and that should help drive improvement in earnings per share. But if you bring that phasing back into it, so we get an extra $100 million. If you just do the math on that, and we're not going to be increasing our investments or anything like that. So you're going to see a pretty clear drop-through in gross margins.

但從金額角度來看，第二季在金額上會是一個不錯的銷售成長季度。我們會看到更高的營業利益率，這應該有助於推動每股盈餘改善。但如果把那個分布（phasing）再加回來，我們會多出 1 億美元。如果你就此做數學計算，而我們不會增加投資或做任何類似的事。所以你會看到毛利率有相當清楚的落底貢獻（drop-through）。

Now we're going to wait to see what the mix looks like on that and how the -- what's the $100 million going to look like? Is it going to be higher or lower? What's the gross margin on it? We're not going to change investments.

現在我們要等著看那邊的組合會是什麼樣子，以及——那 1 億美元會呈現什麼樣貌？會更高還是更低？它的毛利率是多少？我們不會改變投資。

So if you just do a natural look at it, it's about 5% extra sales. It's about 30% drop-through on EPS. And so again, I wouldn't recommend taking that from any angle of precision, just given that we haven't finalized what that phasing is going to look like other than it's going to be a large magnitude.

所以如果你只是用自然的方式來看，大約是額外 5% 的銷售額。每股盈餘（EPS）的落底貢獻（drop-through）大約是 30%。因此再次強調，我不建議從任何精準角度去解讀，因為除了知道規模會很大之外，我們還沒有把那個分期（phasing）最終定案會長什麼樣子。

And so with that in mind, I think Q2 looks like another strong quarter for us. We should see improved earnings per share. And then certainly, this phasing is going to drop through an additional amount. We just don't know exactly what it will be at this point.

因此在這個前提下，我認為第二季（Q2）對我們來說看起來會是另一個強勁的季度。我們應該會看到每股盈餘改善。然後當然，這個分期也會再額外落底貢獻一些。只是我們目前還不知道確切會是多少。

Steven Valiquette, Mizuho Securities.

Steven Valiquette，瑞穗證券。

So I guess for us, just within the HIS segment, you mentioned that the autonomous coding offering is still gaining pretty good traction here in both the outpatient and inpatient settings. Our understanding is that some customers will embrace this -- the fully autonomous coding maybe for some portion of their coding needs for medical billing, but not quite 100% yet.

所以我想就 HIS 事業部門而言，你提到自動化編碼（autonomous coding）的產品在門診與住院場景都仍在獲得相當不錯的採用動能。我們的理解是，有些客戶會採用這種——完全自動化編碼，可能用於其醫療帳務編碼需求的一部分，但還沒有到 100%。

Others may still be in pilot phase, but some might still be using primarily your more traditional computer-assisted coding or CAC solutions. So I guess what I'm really trying to get to is if you're able to kind of answer this would be just what's the rough approximation for just your current mix of full AI autonomous coding versus CAC revenue within the franchise, if you think about it that way or maybe from a customer standpoint, but not a revenue standpoint?

其他客戶可能仍在試點（pilot）階段，但也有一些可能主要仍在使用你們較傳統的電腦輔助編碼（CAC）解決方案。所以我真正想問的是，如果你能回答的話：就你們目前在這個產品線（franchise）中，完整 AI 自動化編碼相對於 CAC 的大致組合比例（mix）是什麼？如果用這種方式來看，或許從客戶採用角度，而不是從營收角度？

It's a great question, actually. I'd say the good news, I'll just take a step back is that our team is really increasing in their level of confidence on how much of the coding can eventually be done fully autonomous. So we're talking now 80%, 90% of all coding, whether that be inpatient or outpatient. We're talking about a high level of coding that should be able to migrate in that direction.

這其實是個很好的問題。我想先退一步說個好消息：我們的團隊對於最終有多少編碼工作可以做到完全自動化，信心正在大幅提升。所以我們現在談的是所有編碼的 80%、90%，不論是住院或門診。我們談的是很高比例的編碼應該都能朝那個方向遷移。

Now to be honest, when you look at it and implement it, it takes longer than just saying it. So you're in a definitely mixed situation where some are using it in certain aspects and others are not using it in those same aspects. And we're going to continue to proliferate it. I'll give you probably a good view, and I think it's safe for us to say, just during the strat plan period, our assumption is, given the progress that we're making, -- and really the trust that our customers have in our capability to do this in a safe way because the risk associated with doing it wrong is pretty significant from a revenue capture standpoint and also compliance.

但老實說，當你實際去看並導入時，所花的時間會比口頭說的更久。所以你確實會處在一個混合狀態：有些人在某些面向使用它，其他人在那些相同面向則沒有使用。而我們會持續推廣它。我給你一個可能相當好的視角，而且我認為我們可以很安全地說：在策略規劃期間（strat plan period），基於我們正在取得的進展——以及客戶對我們能以安全方式做到這件事的信任，因為做錯所伴隨的風險，從營收攫取（revenue capture）以及合規（compliance）的角度來看都相當重大。

But even with those as a backdrop, the progress that we're making, we think we can get close to 50%, 5-0 percent of our customers during the strat plan period moving over to autonomous coding. And then in those hospitals, in those systems, we'll continue to move up the ladder on the percentage of autonomous coding that they use. So you're going to start with a particular swim lane and then you're going to expand from there.

但即便在這些背景之下，考量我們的進展，我們認為在策略規劃期間，我們可以讓接近 50%（5-0%）的客戶轉向自動化編碼。而在那些醫院、那些系統中，我們會持續把他們使用自動化編碼的比例往上推進。所以你會先從某一個特定的泳道（swim lane）開始，然後再從那裡擴展。

But you're right on. It's happening. Our confidence is growing. The confidence from our customers is growing. And as I said before, the benefit for our customers is pretty significant. When you bring this in, you see FTE infrastructure reductions, you see productivity because you're getting much faster speed in getting that reimbursement.

但你說得沒錯。這正在發生。我們的信心在提升。客戶的信心也在提升。而如我先前所說，對客戶而言的效益相當顯著。當你導入這個，你會看到全職人力（FTE）基礎架構的縮減，你會看到生產力提升，因為你能更快拿到那筆給付（reimbursement）。

And then you're getting reimbursement and revenue capture that's higher because you don't have as many mistakes. So it's a really nice package for our customers, and we're moving extremely rapidly, but we're doing it safely. We want to make sure that we don't cause problems for our customers.

而且你會得到更高的給付與營收攫取，因為錯誤變少了。所以對客戶來說這是一個非常好的整體方案；我們推進得非常快，但我們是在安全地推進。我們要確保不會替客戶造成問題。

David Roman, Goldman Sachs.

David Roman，高盛。

I really appreciate your taking the additional follow-up. And I hate to come back to the Q2 dynamic, just getting so many questions on this that I thought it would be helpful for us if you just to clarify here on just the broad call, which is is the message leave Q2 the same, we're going to beat Q2 and then lower the back half to rightsize that? Or is the message on an underlying basis, Q2 would improve and there will be some unknown upside that may or may not come out of the back half of the year. I think there's just some confusion from investors about what exactly the message is here about how to think about Q2 and then the implications for the back half.

非常感謝你願意再多做一些追問的回覆。我也不太想再回到第二季（Q2）的動態，但我們收到太多相關問題，所以我覺得如果你能在這通電話上做個釐清，會對我們很有幫助：訊息是「第二季維持不變，我們會超越第二季，然後把下半年下修來重新校準（rightsize）」嗎？還是訊息是「在基本面上，第二季會改善，並且可能會有一些未知的上行空間，可能會、也可能不會在下半年顯現」？我想投資人對於這裡到底要傳達什麼訊息、該如何看待第二季以及對下半年的意涵，有一些困惑。

Yeah. Sure, David. And Bryan, I can start this one. We certainly talked a lot about this before the call, whether we thought it would be helpful to give a heads up for over $100 million phasing or if we just wait for Q2 to come in. And we said we think it would be more helpful even though may be challenging for people.

是的。當然，David。Bryan，我可以先回答這題。我們在電話會議前確實談了很多：我們是否應該先就超過 1 億美元的分期（phasing）給大家一個提示，或是乾脆等第二季結果出來再說。我們認為先提示會更有幫助，即使對大家來說可能會有挑戰。

So to restate it, we would recommend, of course, you all can do whatever you'd like to do, but our recommendation would be to not change your models for Q2 because just like you said, whatever the advanced orders are in Q2, we're just going to take the mirror image of that and take it out of the second half, mostly in Q3. So if you want to just take a simple approach, don't change anything. And when Q2 happens, we'll take the mirror image, reduce the second half or whatever the advanced orders were.

所以再重申一次，我們當然建議——你們都可以做任何你們想做的，但我們的建議是：不要改你們對第二季的模型，因為就像你說的，第二季不管有多少提前下單（advanced orders），我們會把它做成鏡像，從下半年扣掉，主要是在第三季（Q3）。所以如果你想用一個簡單的方法：什麼都不要改。等第二季發生後，我們就把鏡像做出來，把下半年減掉，或把提前下單的部分扣回去。

They'll end up being either above or below that $100 million, but we think it's going to be at that kind of a magnitude. To clarify, and this was to Rick's question, I did just want to share with people that we do see momentum in the business. We do see our growth rate strengthening. Q1 was a very tough comp. So we would expect our growth rate to improve.

最終它可能會高於或低於那 1 億美元，但我們認為大概會是那樣的量級。另外釐清一下——這也是回應 Rick 的問題——我確實想跟大家分享，我們看到業務動能在增強。我們看到成長率在走強。第一季（Q1）是一個非常艱難的比較基期。所以我們預期成長率會改善。

And we'd also expect our earnings per share to improve because our operating margin is also improving. And we expect operating margin improvement off that Q1 seasonally low operating margin. So really two separate things there. But hopefully, that clarifies it, David, and thanks for bringing that back up.

而且我們也預期每股盈餘會改善，因為我們的營業利益率也在改善。我們預期營業利益率會從第一季季節性偏低的營業利益率水準回升。所以這裡其實是兩件不同的事。但希望這能釐清你的疑問，David，也謝謝你把這個問題再提出來。

Yeah. No, that's very helpful. And then maybe just lastly, as you exit the year then, when all is said and done, you would expect 2026 growth to improve versus 2025 and continue to put you on a trajectory toward the LRP targets that you issued?

好的。不，這非常有幫助。那最後一個問題：當你們在年底結束時，所有事情塵埃落定，你們會預期 2026 年的成長相較 2025 年會改善，並且持續讓你們走在朝向你們所發布的長期計畫（LRP）目標的軌道上嗎？

Absolutely. Yes, that's the whole goal. We've said before, we expect all of our segments to improve on an underlying basis. They all have growth drivers. They've all got commercial improvements, innovation improvements.

當然。是的，那就是整體目標。我們之前說過，我們預期所有事業部門在基本面上都會改善。它們都有成長驅動因素。它們也都有商業面改善、創新面改善。

We've got a lot of momentum in all three businesses. And that's on an underlying basis. As we know, Dental had a significant improvement in second half last year in back orders. And so you have to look at Dental on an underlying basis without that tough comp. But other than that, yes, we would expect the improvement across all of 2026 across all three businesses.

我們在三個業務上都有很強的動能。而且這是以基本面來看。如我們所知，牙科業務去年下半年在積壓訂單方面有顯著改善。因此，你必須在不受那個艱難比較基期影響的情況下，以基本面來看牙科業務。但除此之外，是的，我們預期在2026年全年、三個業務都會持續改善。

Okay, great. I really appreciate you taking the questions and those additional clarifications.

好的，很棒。非常感謝你回答問題並提供那些額外的釐清。

You want me -- I think it was the last question. Okay. Maybe what I'll do, if we can, operator, before I pass it to Amy to close this out. Amy said, I did remember to do that. I just wanted to say a couple of words directly to our team members.

你要我——我想那是最後一個問題。好的。也許我會這麼做，如果可以的話，接線員，在我把時間交給Amy做結語之前。Amy說，我確實記得要做那件事。我只是想直接對我們的團隊成員說幾句話。

A lot of them, I think, are listening in right now. What I know for a fact at Solventum is we focus on the thing we need to do next. We don't spend a lot of time talking about the things we've already done.

我想其中很多人現在正在收聽。我在Solventum確信的一點是，我們專注於下一件需要做的事。我們不會花太多時間談論已經做過的事情。

And I want to just take a minute publicly and complement our team and really give them credit for a very fast-paced transformation and the results that they're delivering. And I'm just going to give you a quick summary of things that they've accomplished here just since then. I'm not going to complete laundry list, but it's some of the key things that have occurred, and I want to make sure they're getting credit for it.

我想花一分鐘在公開場合稱讚我們的團隊，並真正肯定他們在快速轉型以及所交付成果上的貢獻。我將快速總結一下他們自那之後所完成的一些事情。我不會列出完整清單，但這些是發生過的一些關鍵事項，我想確保他們因此獲得應有的肯定。

I'll just start with almost 100% of the LT and 60% of our XLT are new to the organization. And we've made those changes with a very little impact to the movement of the organization. We completed our first global restructuring. I think everybody remembers Solventum Way with over $100 million in savings, and that put us in place to have a structure that will drive our new culture. We created a new mission.

我先從幾乎100%的LT以及我們60%的XLT都是新加入組織的人開始說。而我們在做出這些變動時，對組織運作的影響非常小。我們完成了第一次全球重組。我想大家都記得Solventum Way，節省超過1億美元，這讓我們具備能推動新文化的組織架構。我們制定了新的使命。

We created a new value system, our cultures. And all of that has been digested by our team with 90% of the team members understanding it and getting behind it and it's giving them energy.

我們建立了新的價值體系、我們的文化。而這一切都已被團隊消化吸收，90%的團隊成員理解並支持，並且這也為他們帶來能量。

We scored above benchmark on our first global employee survey. That's a little surprising when you think about it because we have a lot of challenging situations, changing environment, turbulent environment. It gives you a sense of the type of people we have in this organization. They can go through that kind of fire and still feel good. Which is amazing.

我們第一次全球員工調查的得分高於基準。想一想其實有點令人意外，因為我們面臨許多具挑戰性的情況、環境在變、也很動盪。這讓你感受到我們組織裡是什麼樣的人。他們能經歷那樣的考驗，仍然感覺良好。這很了不起。

We completely revamped our R&D team -- R&D process. We increased our vitality index because of that from 2% -- from 2% to the mid-teens, significantly increasing the pipeline value that we have.

我們徹底改造了我們的研發團隊——研發流程。因此我們的活力指數從2%——從2%提升到十幾%的水準，大幅提高了我們所擁有的產品管線價值。

We identified our primary markets and our growth drivers. But importantly, inside of that, people might have missed this, we specialized over 1,000 reps around the globe to be able to drive those growth drivers. That is a significant commercial change that we put into place, completed more than half of our complex separation from 3M, and that includes multiple and concurrent ERP cutovers, some of those we just talked about and also concurrent manufacturing and distribution center changes, closes and also openings.

我們識別了主要市場與成長驅動因素。但更重要的是，在這之中，大家可能忽略了這點：我們在全球讓超過1,000名業務代表專業化，以便推動這些成長驅動因素。這是我們落實的一項重大商業變革；我們也完成了與3M複雜分拆作業的一半以上，其中包括多項並行的ERP切換（其中一些我們剛才也談到），以及並行的製造與配送中心變更、關閉與開設。

We implemented a multiyear SKU rationalization program. We sold and began separating our P&F business for $4 billion, which, by the way, is the best -- is one of the best, if not the best, multiples in the sector. We paid down half the original $8 billion debt that we have when we got on spin, acquired and began integrating Acera, announced and started implementing a $1 billion share repurchase program and kicked off a multiyear global cost savings program aimed at $0.5 billion of savings.

我們推動了一項多年期的SKU精簡計畫。我們以40億美元出售並開始分離我們的P&F業務；順帶一提，這是該產業中最好的——或至少是最好的倍數之一。我們在分拆時承接的原始80億美元債務已償還一半；我們收購並開始整合Acera；我們宣布並開始執行10億美元的庫藏股回購計畫；並啟動一項多年期的全球成本節省計畫，目標節省5億美元。

And all of that, while this team has tripled the comparable sales growth from our starting point. And I'd say this team has been a little bit busy. And I just want to take a second to say that, that is not possible if we don't have a deeply connected team with an experienced team. So I just want to say thank you to our global team members and to everyone else, I just want to say thanks for listening. Thanks for being a part of it today.

而在完成所有這些的同時，這個團隊也把可比銷售成長率從起點提高了三倍。我會說這個團隊確實有點忙。我也想花一點時間說，若沒有一個高度凝聚、且經驗豐富的團隊，這些是不可能做到的。所以我想對我們全球的團隊成員說聲謝謝；也對所有其他人，我想說謝謝收聽。謝謝今天與我們一同參與。

Great. Thank you, Bryan. Thank you, everyone, for listening and to our analysts for your questions. As a reminder, if you have any follow-ups or need anything else, please don't hesitate to contact the Investor Relations team directly. This concludes our first-quarter fiscal year 2026 conference call.

很好。謝謝你，Bryan。也謝謝各位收聽，並感謝分析師們的提問。提醒一下，如果你有任何後續問題或需要其他協助，請隨時直接聯絡投資人關係團隊。本次為2026會計年度第一季電話會議到此結束。

Sarah, you can go ahead and close things out.

Sarah，你可以開始做結尾了。

Thank you. This concludes today's conference call. Thank you for joining. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。