Solventum Corporation (SOLV) 2026 Q2 法說會逐字稿

Good afternoon. My name is Mark, and I will be your conference call operator today. I would like to welcome everyone to Solventum's second quarter 2026 earnings call. As a reminder, this conference is being recorded. (Operator Instructions)

下午好。我叫 Mark，今天將擔任本次電話會議的接線員。歡迎各位參加 Solventum 2026 年第二季財報電話會議。提醒各位，本次會議將被錄音。(接線員指示)

I would now like to turn the program over to your host for today's conference, Amy Wakeham, Senior Vice President of Investor Relations and Finance Communications. Please proceed.

現在我想將會議交給今天的主持人——投資人關係與財務溝通資深副總裁 Amy Wakeham。請開始。

Thank you. Good afternoon, and welcome to Solventum's Second Quarter Fiscal Year 2026 Earnings Call. Joining me on today's call are our Chief Executive Officer, Bryan Hanson; and Chief Financial Officer, Wayde McMillan.

謝謝。下午好，歡迎參加 Solventum 2026 會計年度第二季財報電話會議。今天與我一同出席的有我們的執行長 Bryan Hanson，以及財務長 Wayde McMillan。

A replay of today's earnings call will be available later today on the Investor Relations section of our corporate website. The earnings press release and the presentation are both available there now.

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。財報新聞稿與簡報目前也已在該處提供。

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.

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 資訊不應被單獨視為，或用以取代依 GAAP 報導的財務資訊。

Please review the supporting schedules in today's earnings press release to reconcile the non-GAAP measures with the GAAP reported numbers.

請參閱今日財報新聞稿中的補充附表，以將非 GAAP 指標與 GAAP 報導數字進行調節。

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 based on reasonable assumptions.

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。

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.

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，以完整了解可能導致實際結果與今日所作任何前瞻性陳述出現重大差異的風險因素。

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

在我們的準備發言結束後，將進行問答環節。(活動指示)

I'd like to now hand the call over to Bryan.

現在我想把電話交給 Bryan。

All right. Thanks, Amy, and thanks to everyone joining us today. Before we get into the quarter, I want to talk directly to our team for just a minute.

好的。謝謝你，Amy，也感謝今天加入我們的各位。在進入本季內容之前，我想先直接對我們的團隊說幾句。

I know the work right now isn't easy. With the transformation work, the ERP cutovers and everything else we have in flight, it's a lot.

我知道目前的工作並不輕鬆。轉型工作、ERP 切換，以及我們同時推進的所有事項，確實很多。

And through all of it, you keep showing up, you stay focused and you deliver for our customers. And honestly, that's everything. So thank you. Thank you for making it happen. And speaking of making it happen, let's get into the quarter.

但在這一切之中，你們持續到位、保持專注，並為客戶交付成果。坦白說，這就是最重要的事。所以，謝謝你們。謝謝你們讓一切成真。說到讓一切成真，我們就來談談本季表現。

The quarter came in ahead of plan, top and bottom line. Organic growth and EPS were both ahead of expectations and that comes down to the strong execution and the momentum this team keeps building.

本季在營收與獲利兩端都優於計畫。有機成長與 EPS 皆高於預期，這歸功於團隊強勁的執行力，以及持續累積的動能。

We saw healthy performance across every segment, led by our specialized commercial teams and new product innovation and operating margins also came in better than expected.

我們看到各事業部門皆有健康的表現，主要由專業化的商務團隊與新產品創新帶動，營業利益率也優於預期。

That's the discipline we built into how we run this business showing up in the numbers. And just as we communicated last quarter, these results include the advanced orders we planned for the North America ERP cutover.

這反映出我們在經營這門業務的方式中所建立的紀律，正體現在數字上。而且正如我們上季所溝通的，這些結果包含了我們為北美 ERP 切換所規劃的提前下單。

We also put the balance sheet to work. During the quarter, we accelerated our $1 billion share repurchase program right in line with our balanced capital allocation strategy. So here's the bottom line on the quarter. We delivered across the board. We're clearly on track to achieving our long-range plan earlier than expected.

我們也讓資產負債表發揮效用。本季我們加速推進 10 億美元的庫藏股回購計畫，完全符合我們均衡的資本配置策略。因此，本季的結論是：我們全面交出成果。我們顯然正朝著比預期更早達成長期計畫的方向前進。

And importantly, we did what we said, again, and that say-do equation really matters to us. And as strong as the quarter was, I'm just as encouraged by the progress on our transformation.

更重要的是，我們再次做到我們所說的，而這種「說到做到」對我們非常重要。而且即便本季表現強勁，我對我們轉型進展同樣感到振奮。

And as a quick reminder, our transformation has three phases stabilize and separate the business, reposition it for profitable growth and optimize the portfolio.

快速提醒一下，我們的轉型分為三個階段：穩定並分離業務、重新定位以實現獲利性成長，以及最佳化投資組合。

And importantly, as we've said from the beginning, these phases are not sequential. They're running concurrently.

而且很重要的是，正如我們從一開始就說的，這些階段並非依序進行。它們是同時並行推進的。

Different initiatives are progressing at different speeds, but all three phases continue to move forward and increasingly reinforce one another. Let me start with the separation from 3M because we're now in the final steps.

不同的計畫以不同速度推進，但三個階段都持續向前，並且愈來愈能相互強化。我先從與 3M 的分離談起，因為我們現在已進入最後步驟。

The final phases of our ERP cutover are already in motion. And getting to the other side of this, it's a big deal. It removes a significant amount of complexity from the business.

我們 ERP 切換的最後階段已經啟動。而跨過這個關卡意義重大。它將大幅降低業務的複雜度。

It frees up talent and resources for innovation and margin expansion and it meaningfully improves free cash flow. Just put simply, we're very close to moving from an environment with separation distraction to full operating mode.

它能釋放人才與資源，用於創新與利潤率擴張，並且顯著改善自由現金流。簡單來說，我們非常接近從「分離帶來的分心」環境，轉入全面營運模式。

Now let's talk portfolio optimization because we took another major step today. As we just announced, we're advancing the separation of our Health Information Systems business with a clear objective, pursuing the path that maximizes value. And let me walk you through the thinking because we obviously didn't arrive here casually.

接下來談投資組合最佳化，因為我們今天又邁出了一大步。正如我們剛剛宣布的，我們正在推進健康資訊系統（HIS）業務的分離，目標明確：走一條能使價值最大化的路徑。我來說明背後的思考，因為我們顯然不是輕率做出這個決定。

First, strategic fit. We believe HIS can create greater value outside of Solventum, either as an independent company or combined with a scale player in the space.

第一，策略契合度。我們相信 HIS 在 Solventum 之外能創造更大的價值，無論是成為一家獨立公司，或與該領域具規模的業者合併。

It's a differentiated, trusted business with a highly resilient financial profile. And in a rapidly changing environment, this will better position it to capitalize on the fast-moving advances in AI. The second is value.

這是一項具差異化、值得信賴的業務，財務體質高度穩健。在快速變動的環境中，這將使其更能把握 AI 快速演進所帶來的機會。第二點是價值。

We're confident a separation can unlock shareholder value and our intent is to leverage both the separation method and the use of proceeds to maximize that value and third is focus.

我們有信心，分離能釋放股東價值；我們的意圖是同時運用分離方式與資金用途，使該價值最大化；第三點是聚焦。

For Solventum, this will make us a more dedicated MedTech company, and it will sharpen our focus on MedSurg and Dental. And timing here matters. In April, as you probably remember, we passed the second anniversary of our spin.

對 Solventum 而言，這將使我們成為更專注的醫療科技（MedTech）公司，並讓我們更聚焦於 MedSurg 與 Dental。而時點也很重要。今年 4 月，如各位可能記得，我們已經度過分拆滿兩週年的時間點。

That gives us additional flexibility to evaluate and pursue more significant portfolio actions just like this one. And to support this next chapter, we're planning to host our third Annual Investor Day in Q1 next year.

這讓我們在評估與推進更重大的投資組合行動（就像這次）方面，擁有更大的彈性。為了支持下一個篇章，我們計畫在明年第一季舉辦第三屆年度投資人日。

That's where we're going to lay out the post-HIS long-range plan and provide updates on our RemainCo strategy and innovation pipeline. Just two commitments before I move on. To our HIS team, you should be incredibly proud of what you've built over decades.

屆時我們將說明 HIS 分離後的長期計畫，並更新我們的 RemainCo 策略與創新產品管線。在我繼續之前，有兩點承諾。對我們的 HIS 團隊而言，你們應該為數十年來所打造的一切感到無比自豪。

And to be clear, you are part of the Solventum family until a transaction is finalized. You have my commitment and this leadership team's commitment that we will fully support you through this process.

我也要說清楚，在交易完成之前，你們仍是 Solventum 大家庭的一員。我承諾，且本領導團隊也承諾，我們將在整個過程中全力支持你們。

And to our HIS customers, nothing changes. We'll maintain our investment strategy in this business. We'll keep supporting your operations, and we will absolutely keep executing the innovation road map.

對我們的 HIS 客戶而言，一切不會改變。我們將維持對這項業務的投資策略。我們會持續支持你們的營運，並且一定會持續執行創新路線圖。

Okay. Now moving to the M&A side of portfolio optimization. Acera, which, as you probably remember, is our first acquisition, continues to perform extremely well with year-over-year revenue growth above 40% and gross margin above 80%.

好的。接著談投資組合最佳化中的併購（M&A）面向。Acera——各位可能記得，這是我們的第一筆收購——持續表現非常出色，年對年營收成長超過 40%，毛利率超過 80%。

And that's the M&A playbook, a differentiated technology in a space we know accelerated through customer relationships we already have, and we intend to keep running that tuck-in acquisition playbook in a disciplined way. But portfolio moves are only part of the story.

這就是我們的併購劇本：在我們熟悉的領域中擁有差異化技術，透過既有的客戶關係加速成長；而我們也打算以嚴謹的方式，持續執行這套補強式收購（tuck-in acquisition）劇本。但投資組合的動作只是故事的一部分。

The engine here is organic growth, and that's why we chose our five growth drivers with intention, durable markets, attractive growth and margin profiles and in spaces where we lead with differentiated solutions.

這裡的引擎是有機成長，這也是為什麼我們有意識地選擇了五大成長驅動因素：具韌性的市場、具吸引力的成長與毛利結構，並且位於我們以差異化解決方案領先的領域。

And as a result, we see a multibillion-dollar growth opportunity in front of us and a big portion of it sits inside customers we already serve, where our preferred and differentiated solutions are still underpenetrated.

因此，我們看到眼前有一個數十億美元規模的成長機會，其中很大一部分來自我們已經服務的客戶；在這些客戶中，我們偏好且具差異化的解決方案仍然滲透不足。

And that's what gives us confidence that over time, we can sustainably deliver growth at or above our long-range plan.

這正是讓我們有信心，隨著時間推進，我們能以可持續的方式交付不低於、甚至高於我們長期計畫的成長。

What makes this opportunity especially meaningful is that it goes beyond just market growth. In many cases, growth comes from helping to address challenges the health care systems and patients face every day.

讓這個機會格外有意義的是，它不僅僅超越市場成長本身。在許多情況下，成長來自於協助解決醫療體系與病患每天面臨的挑戰。

So basically, as adoption of our solutions expands, we create shareholder value for sure, but we're also helping improve outcomes for the patients that we serve.

所以基本上，隨著我們解決方案的採用擴大，我們當然會創造股東價值，但同時也在幫助改善我們所服務病患的治療結果。

And let me just make that real with one example of our growth drivers, IV site management. IV-related infections impact an estimated 2 million to 3 million patients every year.

我用我們其中一個成長驅動因素——靜脈注射（IV）穿刺點管理——來舉一個具體例子。與IV相關的感染估計每年影響約200萬到300萬名病患。

They can increase mortality risk by 50%, and they create roughly $10 billion in health care costs in the US alone.

它們可能使死亡風險增加50%，並且僅在美國就造成約100億美元的醫療成本。

And for cancer patients with central lines, the stakes are even higher. Roughly 20% of those bloodstream infections are fatal.

而對於使用中心靜脈導管的癌症病患而言，風險更高。約有20%的這類血流感染會致命。

For patients already fighting cancer, preventable infection should never be the thing that takes their life, and that's where our products can help.

對於已在對抗癌症的病患而言，可預防的感染絕不應該成為奪走生命的原因，而這正是我們產品能夠提供幫助的地方。

Tegaderm CHG is the only transparent dressing cleared by the FDA to reduce catheter-related bloodstream infections. Studies show nearly 60% lower infection rates versus non-CHG solutions, and yet it's used less than 20% of the time.

Tegaderm CHG 是唯一獲 FDA 核准、可降低導管相關血流感染的透明敷料。研究顯示，相較於非CHG解決方案，感染率可降低近60%，然而它的使用率仍不到20%。

Think about that, a clinically differentiated solution, a potentially life or death problem and over 80% of the opportunity is still in front of us.

想想看：一個在臨床上具差異化的解決方案、一個可能攸關生死的問題，而超過80%的機會仍在我們面前。

That's just one example of the kind of upgrade opportunities that exist across the majority of our growth driver markets.

這只是我們多數成長驅動市場中，各類升級機會存在的一個例子。

Of course, attractive markets aren't enough. You need innovation and commercial focus, and that's where we've made real progress.

當然，具吸引力的市場還不夠。你需要創新與商業聚焦，而這正是我們已取得實質進展的地方。

Our innovation and commercial teams are now aligned around these growth drivers, and our new products are showing up in the results.

我們的創新與商業團隊如今已圍繞這些成長驅動因素對齊，而我們的新產品也正在成果中展現。

As an example, in MedSurg, innovation is focused on three of our five growth drivers: IV site management, which I just talked about negative pressure wound therapy and sterilization assurance and recent launches, including our V.A.C. Peel and Place dressing, three new Attest sterilization products and our global expansion of Tegaderm CHG are driving conversions to these higher-value solutions.

例如在 MedSurg（醫療外科）領域，創新聚焦於我們五大成長驅動因素中的三項：我剛提到的IV穿刺點管理、負壓傷口治療，以及滅菌確效；近期的產品上市——包括我們的 V.A.C. Peel and Place 敷料、三款新的 Attest 滅菌產品，以及 Tegaderm CHG 的全球擴張——正在推動客戶轉換至這些更高價值的解決方案。

In Dental, innovation is focused on our core restorative growth driver and a shift towards higher-growth aesthetics. Products like ClinPro Clear, Filtek Easy Match and Easy Match Flowable, our composite warmer and our Clarity aligner attachments are all gaining momentum with our customers. And in HIS, innovation remains focused on revenue cycle management, including new AI-driven autonomous coding and our international expansion efforts.

在 Dental（牙科）領域，創新聚焦於我們核心的修復類成長驅動因素，並轉向成長更快的美學領域。像是 ClinPro Clear、Filtek Easy Match 與 Easy Match Flowable、我們的樹脂加溫器，以及 Clarity 隱形矯正器附件等產品，都正在客戶端累積動能。而在 HIS（健康資訊系統）領域，創新仍聚焦於營收循環管理，包括新的AI驅動自主編碼，以及我們的國際擴張工作。

Across all three segments, our specialized sales teams are accelerating adoption in these markets. And looking ahead, our vitality index improvements are working.

在三個事業部門中，我們的專業銷售團隊正在加速這些市場的採用。展望未來，我們的活力指數（vitality index）改善正在發揮作用。

The pipeline is strong. We're expecting to launch almost 20 new products through the first quarter of 2028. That includes meaningful MedSurg launches in the first half of 2027, particularly in Advanced Wound Care.

產品管線強勁。我們預期在2028年第一季之前將推出近20項新產品。其中包括在2027年上半年於 MedSurg 的重要產品上市，特別是在先進傷口照護（Advanced Wound Care）方面。

We also have some exciting dental innovations in aesthetics starting later this year and a continual stream of market-leading autonomous coding applications in HIS.

我們也有一些令人振奮的牙科美學創新，將從今年稍晚開始推出；同時在 HIS 方面，將持續推出市場領先的自主編碼應用。

So when I take a step back, I see the transformation doing exactly what we designed it to do. The separation is nearly complete. The portfolio is getting more focused. The growth driver strategy is gaining traction, and our commercial structure and innovation is translating into performance.

所以當我退一步來看，我看到這場轉型正如我們設計的那樣在運作。分拆幾乎完成。產品組合正變得更聚焦。成長驅動策略正在取得進展，而我們的商業架構與創新正轉化為績效表現。

Okay. I've thrown a lot at you, so I just want to give you four key takeaways. First one, we delivered another quarter exceeding our expectations, including executing the ERP advanced order plan that we laid out in May.

好。我講了很多，所以我想給各位四個重點結論。第一，我們又交出一個超出預期的季度表現，其中包括執行我們在5月提出的 ERP 提前下單計畫。

The key takeaway here is even in a complex environment, the say-do equation continues. Number two, we're nearing the end of the 3M separation journey.

這裡的重點是，即使在複雜的環境中，「說到做到」仍在持續。第二，我們正接近 3M 分拆旅程的尾聲。

That takes risk off the table, improves free cash flow and lets us put our full energy into growth and margin expansion.

這降低了風險、改善自由現金流，並讓我們能把全部精力投入成長與毛利擴張。

Three, we're continuing to advance portfolio optimization through the separation of HIS, creating a greater focus for both HIS and Solventum, and we're confident this will unlock shareholder value with a full commitment to our HIS team and customers along the way.

第三，我們正透過分拆 HIS 持續推進產品組合優化，為 HIS 與 Solventum 兩者帶來更高聚焦；同時我們有信心，在全程對 HIS 團隊與客戶做出完整承諾的前提下，這將釋放股東價值。

And four, our five growth driver catalysts represent a multibillion-dollar opportunity, much of it inside customers we already serve. And our commercial structure and innovation engine are increasingly converting that opportunity into results.

第四，我們的五大成長驅動催化因素代表一個數十億美元的機會，其中很大一部分就在我們已服務的客戶之中。而我們的商業架構與創新引擎，正日益把這個機會轉化為成果。

Said simply, we're building a more focused, a more disciplined company, one that is well positioned to deliver sustainable growth, margin expansion and shareholder value.

簡而言之，我們正在打造一家更聚焦、更有紀律的公司，並且已做好充分準備，以交付可持續的成長、毛利擴張與股東價值。

And with that, I'm going to turn it over to Wayde. Okay. Wayde, go ahead.

接下來我把時間交給 Wayde。好。Wayde，請。

Thanks, Bryan. We delivered another solid quarter in Q2 with continued momentum across the business. Our commercial and operational performance continues to improve, and we made additional progress across our separation and portfolio activities, all while navigating our largest ERP cutover to date.

謝謝，Bryan。我們在第二季又交出一個穩健的季度，整體業務動能持續。我們的商業與營運表現持續改善；同時在應對迄今規模最大的 ERP 切換之際，我們在分拆與產品組合相關活動上也取得了進一步進展。

Collectively, this increases our confidence in our 2026 outlook and acceleration towards achieving our long-range plan earlier than expected.

綜合而言，這提升了我們對2026年展望的信心，並加速我們朝向比預期更早達成長期計畫。

As usual, I'll begin with an update on our 3M separation progress and portfolio actions, then walk through our second quarter financial performance and conclude with our outlook for the remainder of 2026.

照例，我會先更新我們與 3M 分拆的進度與產品組合行動，接著說明第二季財務表現，最後以我們對2026年剩餘期間的展望作結。

Our separation from 3M remains on track, and we're nearing completion of full separation. Inclusive of the ERP cutover activity since June, we have now exited nearly 70% of our approximately 200 transition service agreements, keeping us on pace to exit 90% by the end of 2026.

我們與 3M 的分拆仍按計畫進行，且正接近完成全面分拆。包含自6月以來的 ERP 切換活動在內，我們目前已退出約200項過渡服務協議（TSA）中的近70%，並維持在2026年底前退出90%的進度上。

We have migrated approximately 950 of 1,200 systems, including the majority of our ERP implementations and all of the Solventum site conversions.

我們已遷移約1,200個系統中的950個，包括我們大多數的 ERP 導入，以及所有 Solventum 據點的轉換。

Our supply chain footprint remained consistent in the quarter with the majority of work focused on settling prior changes and planning for the ERP implementations.

本季我們的供應鏈佈局維持一致，多數工作聚焦於落實先前變更的收尾，以及規劃 ERP 導入。

Global supply chain remains a critical work stream to establish a more efficient operating model while positioning us to capture the benefits of our longer-term transformation plans.

全球供應鏈仍是關鍵工作主軸，用以建立更高效率的營運模式，同時讓我們能掌握較長期轉型計畫所帶來的效益。

Regarding portfolio actions, purification and filtration divestiture activities continue to progress according to plan, including the transition-related work streams supporting separation of the business.

在產品組合行動方面，淨化與過濾業務的剝離活動仍依計畫推進，包括支援該業務分離的各項轉型相關工作流。

Our integration activities related to the Acera acquisition remain on track with several key system conversions already complete.

我們與 Acera 收購案相關的整合活動仍按軌道進行，且已有數項關鍵系統轉換完成。

The business continues to accelerate sales and exceed our expectations. As Bryan discussed earlier, we are moving forward with separating our Health Information Systems business.

該業務持續加速銷售並超出我們的預期。如 Bryan 先前所述，我們正推進分拆我們的健康資訊系統（HIS）業務。

We expect the greater focus on MedSurg and Dental will unlock shareholder value as a pure-play MedTech company.

我們預期，對 MedSurg 與 Dental 的更高聚焦，將使我們作為一家純粹的醫療科技（MedTech）公司釋放股東價值。

We'll provide updates at a future date as appropriate. Now turning to our second quarter results. Starting with top line performance. Sales of $2.2 billion increased 9.5% on an organic basis compared to the prior year and 2.2% on a reported basis.

我們將在適當時點提供後續更新。接著來看我們第二季的結果。先從營收表現開始。銷售額為22億美元，較去年同期有機成長9.5%，按報表口徑成長2.2%。

Foreign currency was a 100 basis points benefit to reported growth, while the net impact of acquisitions and divestitures was an 830 basis points headwind, primarily driven by the sale of Purification and Filtration and partially offset by the Acera acquisition.

外幣對已報告成長帶來100個基點的助益，而併購與處分的淨影響則帶來830個基點的逆風，主要由出售Purification and Filtration所致，並由收購Acera部分抵銷。

Growth in the quarter was driven primarily by volume, including ERP advanced orders of approximately $125 million, while pricing remained within the expected range of plus or minus 1%.

本季成長主要由銷量帶動，其中包含約1.25億美元的ERP提前下單；而定價仍維持在預期的正負1%區間內。

As we shared last quarter, we are managing through planned temporary advanced ordering as a mitigation to the ERP cutovers, which will mostly reverse in Q3.

如同我們上季分享的，我們正透過規劃中的暫時性提前下單來因應ERP切換（cutovers），其影響大多將在第三季反轉。

Q2 organic growth on a normalized basis was approximately 4% when taking into consideration approximately 630 basis points of ERP advanced orders, partially offset by approximately 100 basis points of our SKU rationalization plan headwinds and the partial separation timing benefit shared in Q1, mostly impacting the MedSurg business.

在標準化基礎下，第二季有機成長約為4%；其中考量約630個基點的ERP提前下單，並部分被約100個基點的SKU精簡計畫逆風，以及第一季分享的部分分拆時點利益所抵銷，後者主要影響MedSurg業務。

Acera growth contribution is not yet included in our organic growth and would have added approximately 40 basis points to total growth and 70 basis points to MedSurg. Now moving to the segments.

Acera的成長貢獻尚未納入我們的有機成長，若納入，將為總成長增加約40個基點，並為MedSurg增加70個基點。接下來看各事業部門。

MedSurg delivered $1.4 billion in sales, an increase of 8.9% on an organic basis. ERP advanced orders represented approximately 700 basis points contribution in the quarter with the majority in the Infection Prevention and Surgical Solutions business.

MedSurg銷售額達14億美元，有機基礎下成長8.9%。ERP提前下單在本季約貢獻700個基點，其中大部分來自感染預防與手術解決方案業務。

Within MedSurg, Advanced Wound Care grew 7.1% organically with continued benefit from performance and negative pressure wound therapy and a benefit from advanced orders.

在MedSurg內，先進傷口照護（Advanced Wound Care）有機成長7.1%，持續受惠於performance與負壓傷口治療（negative pressure wound therapy），並受惠於提前下單。

Acera contributed $32 million to reported sales. The business grew 48%, driven by its innovative synthetic tissue matrix technology and continues to outpace this attractive double-digit growth market.

Acera為已報告銷售額貢獻3,200萬美元。該業務成長48%，由其創新的合成組織基質技術帶動，並持續跑贏這個具吸引力的雙位數成長市場。

Infection Prevention and Surgical Solutions delivered organic growth of 10.1%, driven primarily by advanced orders and expanding adoption of antimicrobial solutions within our four site management growth driver.

感染預防與手術解決方案有機成長10.1%，主要由提前下單以及在我們四大場域管理（site management）成長驅動因素中，抗菌解決方案採用率提升所帶動。

Our Dental Solutions segment delivered $396 million in sales, representing organic growth of 15.2%. ERP advanced orders contributed approximately 10 percentage points in the quarter.

我們的牙科解決方案（Dental Solutions）事業部銷售額為3.96億美元，有機成長15.2%。ERP提前下單在本季約貢獻10個百分點。

Underlying performance continued to benefit from innovative new product launches. Health Information Systems delivered $354 million in sales, representing organic growth of 5.4%.

基本面表現持續受惠於創新新產品上市。健康資訊系統（Health Information Systems）銷售額為3.54億美元，有機成長5.4%。

Growth was driven by continued strength in revenue cycle management solutions, supported by healthy customer retention and ongoing commercial execution.

成長由營收循環管理（revenue cycle management）解決方案的持續強勁所帶動，並受健康的客戶留存與持續的商業執行支持。

Now moving down to P&L.

接下來看損益表（P&L）。

Gross margins were 60.1%, an increase of 410 basis points compared with 56% in the prior year. The performance includes a onetime tariff refund benefit of $100 million.

毛利率為60.1%，較去年同期的56%提升410個基點。此表現包含一次性關稅退稅利益1億美元。

Excluding the refund, our gross margins were approximately 55.6%, consistent with our expectations and 40 basis points lower compared to prior year, driven by tariff impact of 150 basis points and inflation headwinds, partially offset by programmatic savings and portfolio optimization.

若排除退稅，我們的毛利率約為55.6%，符合預期，且較去年同期低40個基點，主要因關稅影響150個基點與通膨逆風所致，並由計畫性節省與產品組合優化部分抵銷。

Operating expenses were $701 million, the $35 million reduction versus the prior year reflects portfolio moves along with benefits from cost discipline and our savings initiatives outpacing ongoing investments to support our growth initiatives and the business.

營業費用為7.01億美元，較去年同期減少3,500萬美元，反映投資組合調整，以及成本紀律與節省計畫的效益超過為支持成長計畫與業務所進行的持續投資。

In total, we delivered operating income of $627 million or an operating margin of 28.4%. Removing the approximate 670 basis points benefit of advanced order sales timing and tariff refund, operating margins would have been approximately 21.7%, just above the high end of our initial full year outlook.

整體而言，我們的營業利益為6.27億美元，營業利益率為28.4%。若剔除提前下單銷售時點與關稅退稅合計約670個基點的助益，營業利益率約為21.7%，略高於我們最初全年展望的上緣。

This compares to 21.9% in the prior year with the year-over-year 20 basis points decline driven by 150 basis points of tariff headwinds, mostly offset by ramping transform for the Future savings.

相較之下，去年同期為21.9%；年對年下滑20個基點，主要由關稅逆風150個基點所致，並大多由「Transform for the Future」節省效益的逐步提升所抵銷。

Below operating income, nonoperating expense was $73 million, and our effective tax rate was 20.2%, both consistent with our full year expectations.

在營業利益以下，營業外費用為7,300萬美元，有效稅率為20.2%，兩者皆符合我們的全年預期。

Altogether, we delivered earnings per share of $2.55. This includes a $0.34 contribution from the advanced orders and $0.48 benefit of expected tariff refunds.

綜合而言，我們的每股盈餘為2.55美元。其中包含提前下單對每股盈餘貢獻0.34美元，以及預期關稅退稅帶來0.48美元的利益。

Excluding both, we estimate earnings per share would have been $1.73, ahead of our expectations. Of note, we've recorded certain litigation costs of $157 million related to $204 million of estimated legal charges, net of $55 million related to insurance proceeds received to date that is included in our GAAP to non-GAAP supplemental schedule in the press release and excluded from our non-GAAP operating income and earnings per share. Turning to the balance sheet.

若排除兩者，我們估計每股盈餘將為1.73美元，高於預期。另外，我們已認列特定訴訟成本1.57億美元，係與估計法律費用2.04億美元相關，並扣除迄今已收到且與保險理賠相關的5,500萬美元；該項目已列於新聞稿中的GAAP與非GAAP補充對照表，並自我們的非GAAP營業利益與每股盈餘中排除。接著看資產負債表。

We ended the quarter with $403 million in cash and equivalents and net debt of $4.7 billion. From a free cash flow perspective, we generated $144 million in the quarter, which was above our expectations due primarily to timing of tax payments and insurance proceeds.

本季末我們持有現金及約當現金4.03億美元，淨負債為47億美元。就自由現金流而言，本季我們產生1.44億美元，高於預期，主要因稅款支付時點與保險理賠款入帳所致。

As we've discussed on prior calls, separation-related activities continue to create temporary demands on cash flow during 2026.

如同我們在先前電話會議中討論的，與分拆相關的活動在2026年仍持續對現金流造成暫時性需求。

Despite these headwinds, underlying cash generation year-to-date is ahead of our expectations, and we continue to expect meaningful improvement as separation-related costs decline beginning in Q4. During the quarter, we repurchased nearly 4 million shares for total consideration of $288 million under our authorized share repurchase program.

儘管有這些逆風，年初至今的基本現金創造能力仍高於預期；且我們仍預期自第四季起，隨分拆相關成本下降，現金流將顯著改善。本季我們在已核准的庫藏股回購計畫下回購近400萬股，總對價為2.88億美元。

This brings combined repurchases in the first two quarters to 4.8 million shares for a total purchase of $355 million.

使得前兩季合計回購達480萬股，總購買金額為3.55億美元。

Our balance sheet remains well positioned to support our balanced capital allocation strategy, including tuck-in acquisitions and share repurchases.

我們的資產負債表仍具良好支撐力，可支持我們均衡的資本配置策略，包括補強型併購（tuck-in acquisitions）與股票回購。

Turning to our 2026 outlook.

接下來談我們對2026年的展望。

We are tightening our organic sales growth range to the upper half of our initial 2% to 3% guidance range, raising our organic sales growth range to 2.5% to 3%. Excluding the expected 100 basis points impact of SKU exits this year, this now represents 3.5% to 4% growth.

我們將有機銷售成長區間收斂至原先2%至3%指引區間的上半部，並將有機銷售成長區間上調至2.5%至3%。若排除今年SKU退出預期帶來的100個基點影響，則相當於3.5%至4%的成長。

We continue to estimate currency will have a favourable impact of approximately 100 basis points on sales growth for the full year. Our outlook for operating margin is increasing to a range of 22.2% to 22.7%, an increase versus our prior 21% to 21.5%, which reflects the entire expected tariff refund benefit of approximately 120 basis points.

我們仍預估匯率對全年銷售成長將有約100個基點的正面影響。我們將營業利益率展望上調至22.2%至22.7%，高於先前的21%至21.5%；此反映預期關稅退稅的全部利益，約120個基點。

Our expectation for annual nonoperating expenses of approximately $300 million and a tax rate in the range of 19.5% to 20.5% are both unchanged. Tariffs are now expected to have a neutral impact versus our prior estimate of $100 million to $120 million, given the tariff refund we recognized in Q2.

我們對全年營業外費用約3億美元的預期，以及稅率介於19.5%至20.5%的預期，兩者皆維持不變。鑑於我們在第二季認列的關稅退稅，關稅目前預期對全年影響為中性，相較於先前估計的1億至1.2億美元影響。

Given our continued solid performance through the first half of the year and confidence in executing for the remainder of the year, along with the tariff refund, we are raising our earnings per share guide to $7.10 to $7.20 versus our prior range of $6.40 to $6.60.

基於上半年持續穩健的表現、對下半年執行的信心，以及關稅退稅因素，我們將每股盈餘指引上調至7.10至7.20美元，高於先前的6.40至6.60美元區間。

We now estimate free cash flow will be in a range of $200 million to $300 million versus our prior estimate of approximately $200 million, with the change reflecting the expected benefit of tariff refunds at the high end.

我們目前估計自由現金流將介於2億至3億美元，相較先前約2億美元的估計有所上調；此變動反映在高端情境下預期可受惠於關稅退稅。

The large majority of our free cash flow is still expected in Q4, consistent with timing of winding down separation charges.

我們的自由現金流絕大部分仍預期將在第四季實現，與分拆費用逐步結束的時點一致。

Regarding the third quarter, we expect the Q2 $125 million advanced order sales timing benefit and $0.34 contribution to earnings per share will mostly reverse in Q3. And as a quick reminder, our full year 2026 outlook includes the Health Information Systems segment. We'll update you on the financial impact of the expected separation at a future date.

關於第三季，我們預期第二季1.25億美元的提前下單銷售時點利益，以及對每股盈餘0.34美元的貢獻，將在第三季大多反轉。並快速提醒，我們2026年全年展望包含健康資訊系統（Health Information Systems）事業部。我們將於未來適當時點更新預期分拆的財務影響。

In summary, we delivered another quarter of solid business execution as we manage through very complex separation, transformation and several portfolio initiatives.

總結來說，在我們應對極為複雜的分拆、轉型以及多項投資組合計畫之際，我們又交出了一季穩健的業務執行成果。

As we shared previously, we are accelerating towards achieving our long-range plan targets earlier than expected with the high end of our new SKU sales growth and operating margin guidance already at or near the LRP ranges.

如同我們先前分享的，我們正加速朝向比預期更早達成長期計畫（LRP）目標邁進；我們新的 SKU 銷售成長與營業利益率指引的高端，已經落在或接近 LRP 區間。

Our execution to date on key priorities reinforces our confidence in our full year objectives and our longer-term financial commitments.

截至目前，我們在關鍵優先事項上的執行，進一步強化了我們對全年目標以及更長期財務承諾的信心。

We are making great progress on our three phase transformation and plans for shareholder value creation while serving our mission to enable better, smarter, safer health care to improve lives.

我們在三階段轉型與股東價值創造計畫上取得了很大進展，同時也持續履行使命：以更好、更智慧、更安全的醫療照護改善人們的生活。

With that, we'll turn it back to the operator for the Q&A portion of the call.

接下來，我們把時間交還給接線員，進入本次電話會議的問答環節。

(Operator Instructions) Jason Bednar, Piper Sandler.

(接線員指示) Jason Bednar，Piper Sandler。

Thanks, afternoon and congrats on all the progress here team. I wanted to start with the HIS announcement this afternoon. A few questions. I'm just going to pack them all in here. Have you received any outside interest in the asset that helped spur this decision?

謝謝，下午好，也恭喜團隊在各項進展上取得成果。我想先從今天下午關於 HIS 的公告談起。有幾個問題。我就把它們一次都問完。你們是否收到任何外部對該資產的興趣，進而促成這項決定？

Maybe talk about how far along you are just in this process and the kind of the separation decision. And then I'm interested just in the release, you're framing the decision is transitioning to a stronger growth profile, but maybe elaborate on that since HIS has been growing above the corporate average over the last several years.

也請談談你們在這個流程與分拆決策上目前進行到什麼程度。另外我也想了解，在新聞稿中你們將這項決定描述為轉向更強的成長輪廓，但 HIS 在過去幾年其實一直高於公司平均成長，能否就此多做說明？

Great. I just want to make sure on that last question, Jason, and it's funny, Wayde and I are kind of laughing across the desk because we were questioning whether HIS would be the first one or not. And then we were trying to say what would the sub-question be, you did most of them. On that last question, though, can you just provide context? I just want to make sure I got that right.

好的。Jason，我想先確認你最後那個問題；有趣的是，Wayde 和我隔著桌子在笑，因為我們也在想 HIS 會不會是第一個。然後我們還在想會有哪些追問，你幾乎都問到了。不過關於最後那個問題，你能否再提供一些背景？我想確認我理解得沒錯。

Sure. Yeah. In the -- and sorry, I have it up in front of me, but in the release, there was a reference to transitioning the business to a stronger growth profile, positioning it for a stronger growth profile. And I'm trying to understand that just in the context of HIS running at a growth rate that's been above the corporate average over the last several years that we have the financial data for?

當然。是的。在——抱歉，我現在把稿子打開看——在新聞稿中有提到，這項決定是要讓該業務轉向／定位於更強的成長輪廓。我想在 HIS 過去幾年（我們有財務資料的期間）成長率一直高於公司平均的背景下，理解這句話的含義？

I got you. Yes, that makes sense. I appreciate it. I was thinking about where you saw that. That's really one of the primary reasons why we're looking at this as being able to unlock value.

我懂你的意思。是的，這樣問很合理。謝謝你。我剛剛也在想你是在哪裡看到那段。這其實正是我們認為此舉能夠釋放價值的主要原因之一。

We do have a really strong performing business and particularly now. I mean the performance of the business has gone up since we took charge of it for sure. But we see significant opportunity. Just think about it. If you think about autonomous coding, as a revolution, if you will, inside of revenue cycle management.

我們確實擁有一個表現非常強勁的業務，尤其是現在。我的意思是，自從我們接手以來，該業務的表現確實提升了。但我們看到更大的機會。想像一下：如果把自動化編碼視為收入循環管理內部的一場革命。

It is just beginning. There is no question about that. But to be able to truly maximize it, we're going to have to see a different investment level. We're going to have to see a different pace of innovation. And we truly do believe that this asset on its own or with a scaled player that's in the HIT space, we'll be able to get after that faster than we will.

這才剛剛開始。這點毫無疑問。但要真正把它的潛力發揮到最大，我們需要不同層級的投資。我們需要不同的創新速度。而我們確實相信，這項資產若能獨立運作，或與醫療資訊科技（HIT）領域具規模的業者結合，將能比我們更快推進。

So we love the performance of the business, and it's doing a great job inside of our organization, growing fast, great margins. But we know that there's more value to unlock here if it was on its own again or with an HIT player.

所以我們很喜歡這個業務的表現；它在我們組織內做得非常好，成長快、毛利率／利潤率也很高。但我們知道，如果它再次成為獨立公司，或與一家 HIT 業者結合，這裡還有更多價值可以釋放。

And for us, we see it as a benefit to be a dedicated MedTech company that's going to be focusing on the businesses that we have that are MedTech related. So it's not an easy decision, as you can imagine, because it's an attractive asset, but we definitely see more opportunity with it being separate from us. Relative to how long we are in the process, we're earlier in the process.

對我們而言，成為一家專注的醫療科技（MedTech）公司是有利的，我們將把重心放在現有與 MedTech 相關的業務上。因此這不是一個容易的決定，你可以想像，因為它是一項很有吸引力的資產；但我們確實看到，它若與我們分離，機會會更大。至於流程進度，我們目前仍在較早期階段。

We've gone through the analysis to determine whether we should keep or not. We're obviously looking to separate. There are a number of reasons why we're early in the process.

我們已完成分析，以判斷是否應該保留。而我們顯然正朝分拆方向推進。我們之所以說仍在早期，原因有好幾個。

But one of the big ones is just that from a timing standpoint, we really couldn't look at this as an asset to remove because we had some barriers associated with where we were in the spin process. So when those are out of the way and we're seeing the market change in the way that it is, and we see this opportunity, we want to lean into moving this forward.

其中一個主要原因是時點問題：由於我們在分拆（spin）流程中所處的階段存在一些障礙，我們先前其實無法把它視為可移出的資產。當這些障礙排除、同時我們看到市場正在改變，也看到這個機會時，我們希望積極推動這件事往前走。

Relative to are we getting any inbound offers or any inbound approaches, we've been getting that for a while. So that's not new.

至於是否有收到任何主動的報價或接洽，我們其實已經收到一段時間了。所以這並不是新情況。

Certainly, now, I think it's going to increase as a result of making this public. But there's no question in our mind that there's going to be a pretty large field of interested parties in this asset. Again, it's an attractive asset.

當然，我認為在我們公開這件事之後，相關接洽會增加。但我們毫不懷疑，對這項資產感興趣的潛在買家／對象會相當多。再次強調，這是一項很有吸引力的資產。

Yeah, totally agree. I appreciate all that, Bryan. Maybe just to follow up a little bit. And I know you're super early, but are you agnostic as far as the transaction form, assuming when one occurs, how that takes place?

是的，完全同意。Bryan，謝謝你說明這些。我想再追問一點。我知道你們還很早期，但就交易形式而言，你們是否保持中立（不預設形式），假設未來真的發生交易，會以何種方式進行？

And maybe walk through some of the considerations that you have with respect to speed of transaction and the value considerations when we think about like tax leakage or just overall value on a spin versus a sale?

也請談談你們在交易速度與價值考量上的一些因素；例如我們在比較分拆與出售時，稅負流失（tax leakage）或整體價值的差異。

And maybe the final thing of just remind us how integrated HIS is into Solventum. I don't think it's highly integrated, but maybe refresh us there.

最後也請提醒我們，HIS 與 Solventum 的整合程度有多高。我印象中整合不深，但也請你們再更新一下。

Yeah. Again, all great questions. I'll start maybe with the second one and then go back to the first one. It's not highly integrated. And it's intentional, and it's purposeful.

好的。這些都是很好的問題。我先從第二個問題開始，然後再回到第一個。它的整合程度不高。這是刻意的，也是有目的的。

I mean it is a very different business from a business model standpoint than the rest of our businesses and to try to integrate it just wouldn't make sense.

我的意思是，從商業模式角度來看，它與我們其他業務非常不同，硬要整合其實沒有意義。

There's not a lot of synergies that you could grab between the businesses. So we have left it very separate. And remember, it's not a manufacturing footprint. So from an ease of separation, this is about as easy as you're going to get now.

兩個業務之間可取得的綜效不多。因此我們一直讓它保持相當獨立。而且請記得，它不是製造端的據點／版圖。所以就分拆的容易度而言，這已經算是相對最容易的情況之一。

No separation is easy. I don't want to diminish the work that's going to be in front of us. But on a relative basis, because it's not a manufacturing footprint, and we don't have those synergies that drew those connection points, it will be easier than most.

當然，沒有任何分拆是容易的。我不想淡化我們接下來要做的工作量。但相對而言，因為它不是製造端版圖，而且我們也沒有那些形成連結點的綜效，它會比多數情況更容易。

When I think about the -- how agnostic we are in the separation process, that was what I was trying to get across in the prepared remarks. We are open to the separation process or method as well as if there are proceeds that are involved, which certainly, if there was a certain separation method, there would be proceeds.

至於你問我們在分拆流程上有多「中立」、是否不預設方式——這也是我在事先準備的發言中想傳達的重點。我們對分拆的流程或方法保持開放；同時，如果涉及任何現金收益（proceeds），我們也同樣保持開放——當然，若採取某些分拆方式，確實可能會產生收益。

We would look to use both of those to be able to maximize shareholder value, so we want to leave our options open.

我們會同時考量分拆方式與可能的收益，以最大化股東價值，因此我們希望保留選項彈性。

As I said before, I think we're going to have a lot of interested parties to buy this asset, but we also see a spin as being a very reasonable path to move down. And we believe both of those potential methods could drive shareholder value. Our goal is just to maximize that value.

如我先前所說，我認為會有很多有興趣的買家想收購這項資產，但我們也認為分拆（spin）是一條非常合理的推進路徑。我們相信這兩種潛在方式都能為股東創造價值。我們的目標就是將該價值最大化。

Ryan Zimmerman, US Bancorp.

Ryan Zimmerman，美國合眾銀行（US Bancorp）。

Thank you. Congrats on all the progress as well. When you back out the advanced orders, we saw a nice acceleration in the underlying businesses in MedSurg and Dental. Bryan, I wonder if you could kind of speak to the health of the market, what you're seeing, again, ex the advanced orders because I think, again, if you look at the report thus far this season, there's been obviously questions about utilization and so forth. And I think you can shed some light on that just based on your performance.

謝謝。也恭喜你們取得的各項進展。如果把預先訂單（advanced orders）扣除，我們看到 MedSurg 與 Dental 的基礎業務有不錯的加速。Bryan，我想請你談談市場的健康狀況、你們看到的情況——同樣地，先不含預先訂單，因為我認為如果你看本季到目前為止的財報，市場顯然對使用率（utilization）等有一些疑問。我想你可以根據你們的表現，對此提供一些觀察。

Yeah. We appreciate it. We're paying a lot of attention to what we're hearing out there. There's no question that there's been a lot of noise. And there's been conflicting information that some people are saying that they're seeing that demand wane and others are saying they're not seeing it at all.

是的。謝謝你的提問。我們非常關注外界傳來的訊息。毫無疑問，市場雜音很多。而且資訊彼此矛盾：有些人說他們看到需求在走弱，另一些人則說完全沒有看到。

And we're in that camp. We're not actually seeing right now, at least at this point, any softness in the procedures or the momentum of our business. So we feel pretty good about the environment. And I'm not just talking about MedSurg or Dental, I'm talking about HIS as well. Right now, it feels pretty good.

我們屬於後者。至少就目前這個時間點而言，我們其實沒有看到手術量或我們業務動能有任何疲軟。所以我們對整體環境感覺相當不錯。而且我不只是指 MedSurg 或 Dental，我也包括 HIS。目前看起來相當不錯。

So we're clearly not discounting what we're hearing, but we're not feeling it right now.

所以我們當然不會忽視外界聽到的訊息，但就目前而言我們自己還沒有感受到。

Understood. The other question, I mean, the cash flow is picking up. You obviously got a share buyback going on. Let's say, the HIS business gets done in some fashion, you're going to have certainly more cash proceeds or cash on the balance sheet. And Wayde, I'm curious kind of how you think about putting that to work?

了解。另一個問題是，現金流正在改善。你們顯然也在進行庫藏股回購。假設 HIS 業務以某種方式完成交易，你們肯定會有更多現金收入或資產負債表上的現金。Wayde，我想請教你如何思考把這些資金投入運用？

I mean whether that's more rapid debt pay down, whether that opens up the aperture in terms of M&A size. Just help us understand kind of the capital strategy and maybe I'm getting a little ahead of myself for this Q1 Investor Day next year, but I want to get your thoughts on it today.

例如更快速地償還債務，或是在併購（M&A）規模上擴大可操作的範圍。請幫我們理解資本策略的大方向；也許我有點超前到明年第一季的投資人日（Investor Day），但我想先聽聽你今天的看法。

I'm just curious, you don't think I can answer that question?

我只是好奇，你不覺得我能回答這個問題嗎？

Sorry, Brian. Feel free to take a swing.

抱歉，Brian。你也可以先試著回答看看。

Let me take a shot and then Wayde will correct me when I say it wrong, but -- so what I would say, first of all, the assumption that you're making is that there's proceeds. So that's an assumption of a certain separation process. And then obviously, if there was that direction, it would be significant proceeds. And I would almost kind of bifurcate that. If you look at typical capital allocation, we're going to be looking at a very balanced plan.

我先嘗試回答，然後我講錯的地方 Wayde 會糾正我——我會這麼說：首先，你的前提是假設會有交易所得（proceeds）。也就是假設採取某種分離方式。而且很顯然，如果走那個方向，所得會相當可觀。我會把它大致分成兩部分來看。若看一般的資本配置，我們會採取非常均衡的規劃。

I think you're seeing that with the acquisition of Acera. You saw that with the $1 billion repurchase signal that we gave, and we're acting on it.

你們從收購 Acera 就看得出來。你們也看到我們釋出 10 億美元回購的訊號，而且我們正在執行。

But in this particular situation with these proceeds coming in, we would be more biased to applying those dollars to more direct shareholder application -- shareholder return applications.

但在這個特定情境下，如果有這些所得進來，我們會更偏向把這些資金用在更直接回饋股東的用途——也就是股東報酬相關的運用。

And here's the good news. From a separation standpoint, in HIS, we're in a very different place than we were when we were separating from Purification and Filtration, right?

好消息是，從 HIS 的分離角度來看，我們現在所處的位置，跟當年分拆 Purification and Filtration 時非常不同，對吧？

We had a very different leverage ratio back then. So any proceeds that would come in now, obviously, some portion of those will have to go down to buy down debt.

當時我們的槓桿比率（leverage ratio）完全不同。所以如果現在有所得進來，顯然其中一部分必須用來償還債務。

So we don't hurt our leverage ratio. But the majority of proceeds can again be applied to those things that can drive shareholder value, and that's what we're going to be concentrating on.

以免影響我們的槓桿比率。但大部分所得仍可用於那些能推動股東價值的事項，而這就是我們將專注的方向。

Bryan, that was perfect. I think the only thing I would round off there is just to highlight that we're very happy with our solid investment-grade ratings today. And so I think whether we -- however we transact HIS and move forward in the future, we're looking at solid investment-grade ratings.

Bryan，你講得很到位。我想我唯一要補充的是，我們對目前穩健的投資等級評等（investment-grade ratings）非常滿意。因此無論我們如何處理 HIS 的交易並在未來推進，我們都會以維持穩健的投資等級評等為目標。

And then the only thing I'd add is on the organic side of your question, I think Bryan covered really well. The HIS side of it is in this balance plan that we're in, we're not looking to change our acquisition strategy.

另外我想補充的是，關於你問題中有機成長（organic）的部分，我認為 Bryan 已經說得很好。至於 HIS 的部分，在我們目前這個均衡規劃下，我們不打算改變併購策略。

It would still be a tuck-in acquisition strategy, obviously, we're very happy with the Acera acquisition to date. Our teams are focused on building a queue of future opportunities for us, and building a pretty exciting pipeline for us actually.

我們仍會採取補強型併購（tuck-in acquisition）策略；顯然我們對目前為止的 Acera 收購非常滿意。我們的團隊正專注於為未來建立機會清單，並且實際上正在打造一個相當令人期待的案源管線（pipeline）。

So we're looking forward to do additional tuck-in acquisitions in the future. but we would not be looking to do anything larger scale than that. We've got a playbook here.

因此我們期待未來進一步進行補強型併購。但我們不會尋求比這更大規模的交易。

We're excited about building momentum in the business. You mentioned generating free cash flow in the future, something else we can't wait to get to.

我們對於持續在業務上建立動能感到興奮。你提到未來產生自由現金流（free cash flow），這也是我們迫不及待想達成的另一件事。

This is a very strong cash-generating business. We just have to get through all the separation divestiture costs that we're dealing with right now. So we're pretty excited on all those fronts.

這是一個現金創造能力非常強的業務。我們只是必須先度過目前正在承擔的所有分離／剝離成本（separation divestiture costs）。所以在這些面向上我們都相當期待。

It's good thing we have a combo there. That was one of the key messages we wanted to get out and I forgot it, that we're not going to be shifting to a large transaction as a result of proceeds when they come or if they come. So thank you, Wayde, for catching that.

幸好我們剛好有這樣的搭配。那是我們想傳達的關鍵訊息之一，但我剛剛漏講了：我們不會因為有所得進來（如果有、或當它進來時）就轉向做大型交易。所以謝謝你，Wayde，幫我補上這點。

Travis Steed, Bank of America.

Travis Steed，美國銀行（Bank of America）。

Maybe a little bit of a follow-up to the last one. I guess, first, the health care IT business is a pretty high-margin business. And so how are you thinking about managing the EPS dilution if that is sold? Is there a willingness to buy back stock so you can kind of protect earnings there? And then I don't know if you could comment on why announce the intent to separate versus just announcing when something is done?

我想稍微追問上一題。我想先問，醫療照護 IT 業務的毛利率/利潤率相當高。如果它被出售，你們會如何管理每股盈餘（EPS）的稀釋？你們是否願意回購股票，以在某種程度上保護盈餘？另外，不知道你們能否評論一下：為什麼要先宣布分離意圖，而不是等事情完成後再宣布？

And how you think about the business kind of post the separation, MedSurg, Dental, kind of both medtech, but it's two completely different call points. So just curious what happens in that situation over time.

以及你們如何看待分離後的公司：MedSurg、Dental，雖然都屬於醫療科技（medtech），但面向的是兩個完全不同的客戶接觸點（call points）。所以也想了解在那種情況下，長期來看會如何發展。

Yes. Okay. Let me -- I just don't want to forget that third one is around Dental and MedSurg. So let me start with the EPS dilution question that you referenced, and I would just reiterate, it is a very profitable business. There's no question.

是的。好的。我先——我不想忘記第三個問題是關於 Dental 和 MedSurg。我先從你提到的 EPS 稀釋問題開始，我想重申：那確實是一個獲利能力很強的業務。這點毫無疑問。

But the EPS dilution is, as you obviously know, pretty dependent on the method of separation. And also, as we just talked about before, the use of proceeds as they come in.

但如你所知，EPS 的稀釋程度很大程度取決於分離的方式。也取決於我們剛剛談到的：所得進來後的資金用途。

And we're going to be looking, as I said in prepared remarks, at both of those to be able to minimize dilution, obviously, and also maximize shareholder value. So that's the reason why we're keeping the aperture open. We want to make sure that we're looking at both those levers to be able to do just that.

正如我在事先準備的發言中所說，我們將同時檢視這兩者，以便在顯然要把稀釋降到最低的同時，也把股東價值最大化。因此，我們才會保持選項的開放性。我們要確保同時檢視這兩個槓桿，才能做到這一點。

From an HIS timing standpoint, why I say this. I would say, normally, we probably wouldn't be talking about it until it was done, two factors that drove us to do it.

就 HIS 的時程而言，我之所以這麼說。我會說，一般情況下，我們可能要等到完成後才會談，但有兩個因素促使我們這麼做。

The first one is we've made the decision, obviously. So we made the decision, so we know we're going to do it. And there's just a lot of external noise already on the topic.

第一個是我們顯然已經做出決定了。既然做了決定，我們就知道我們會去做。而且外界對這個議題已經有很多雜音。

And as a result of all that external noise, we need to control the internal and external questions that we're getting. We have to be able to respond to this. So it just put us in a position where we have to communicate it and make sure that we can control that messaging.

也因為那些外部雜音，我們需要掌控內外部向我們提出的問題。我們必須能夠回應這件事。所以這讓我們處於必須對外溝通的位置，並確保我們能掌控訊息傳遞。

When it comes to the medtech business, MedSurg, Dental, you're right, there are different call points and not a lot of synergies there. but there are a lot of synergies when it comes to the intellectual property that we both use -- both the businesses use in their products and also the capability in R&D.

談到醫療科技業務、MedSurg、牙科，你說得對，確實有不同的接觸點，彼此之間協同效益不多。但在智慧財產方面有很多協同效益——兩個業務在其產品中都會使用——以及研發能力也是如此。

We have great overlap in material science and data science. So those are the reasons why they connect. And as you would imagine, as most of you know, most of you actually follow both subsectors, where most of you don't always follow things like HIT. So when we think about medtech, there's a fit for that reason. And clearly, it's a cleaner story for you as well.

我們在材料科學與資料科學方面有很大的重疊。所以這些就是它們能連結在一起的原因。而且如你所想像、也如各位多數人所知，你們大多其實都同時追蹤這兩個子領域，但你們不一定總是追蹤像 HIT 這類的事情。因此當我們思考醫療科技時，基於這些原因是契合的。而且很明顯，對你們來說這也是一個更清楚的故事。

Anything else, Wayde, that I missed? Anything else, Wayde?

Wayde，還有其他我漏掉的嗎？Wayde，還有其他嗎？

No, that sounds good. Thanks.

沒有，聽起來很好。謝謝。

Steven Valiquette, Mizuho Financial Corp.

Steven Valiquette，瑞穗金融集團。

Thanks. Good afternoon. Thanks for the question. Just a follow-up on the question earlier on the overall market utilization trends. From our view, it seemed like there was maybe not a major change in patient volumes overall, but maybe just an acceleration in the shift of patients from inpatient to outpatient setting.

謝謝。下午好。謝謝讓我提問。我想追問先前關於整體市場使用率趨勢的問題。從我們的觀察來看，整體病患量似乎沒有太大變化，但可能只是病患從住院轉向門診場域的速度加快。

So I guess in light of that, I'm curious if you would maybe endorse that same sort of view or maybe saw something different. And maybe just remind us of your general mix of MedSurg revenues or volume tied to inpatient versus outpatient and whether that's drastically different in the market one way or the other.

所以在此背景下，我想了解你是否也認同這樣的看法，或是你們看到不同的情況。另外也請提醒我們，你們 MedSurg 的營收或量體中，大致有多少與住院端相連、多少與門診端相連？以及相較市場而言，你們的組合是否在某一端有明顯差異。

Yeah, and just want to clarify, when you say outpatient, are you thinking like surgery centers or are you thinking care that would occur in the alternate market?

好的，我想先釐清一下，你說的門診，是指像手術中心那種，還是指會發生在替代市場（alternate market）的照護？

Yeah, probably more ASCs more than the latter.

對，可能比較偏向 ASC（門診手術中心），而不是後者。

Yeah, my sense is I haven't seen, and I can't report back that that has accelerated, but it's been a pretty good movement that's been going on for a while. So that movement from the hospital to the surgery center has been happening for a long time.

是的，我的感覺是我沒有看到、也無法回報說短期內有加速，但這一直是一個已經持續一段時間的相當明顯的趨勢。所以從醫院轉到手術中心的移轉已經發生很久了。

I didn't personally see and I can't report that it accelerated in the short-term here, but we do business in both. We have products that are used across almost every procedure, used across multiple mid-surg needs. And as a result of that, we're used in the hospital, we're using the ASC.

我個人沒有看到、也無法回報說它在這段短期內加速，但我們兩邊都有做生意。我們的產品幾乎涵蓋各種手術程序，也涵蓋多種 MedSurg 需求。因此，我們在醫院端有使用，在 ASC 端也有使用。

So it doesn't have as much of an impact on us as maybe somebody in orthopedics or other areas, but clearly there has been a movement, as we all know, to the ASC for some time now.

所以這對我們的影響不像骨科或其他領域的公司那麼大；但很明顯，正如大家所知，轉向 ASC 的趨勢已經持續一段時間了。

That's helpful. Thank you.

很有幫助。謝謝。

Yeah, thanks.

好的，謝謝。

Brett Fishbin, KeyBanc Capital Markets.

Brett Fishbin，KeyBanc 資本市場。

All right. Hey, guys. Thanks for taking the questions. Obviously, a lot of noise here, but one metric that stood out was just a very high level of growth from Acera. Maybe just expand a little bit on what drove the performance this quarter and thoughts on durability over the first year of ownership as you benefit from this integration.

好。嗨，各位。謝謝回答問題。顯然這裡雜音很多，但有一個指標特別突出，就是 Acera 的成長非常高。能否多談一點本季表現的驅動因素，以及在併購後第一年、隨著整合帶來效益時，這種表現的可持續性如何？

Well, by the way, thanks for asking that question because that was one that I was hoping somebody would ask. It's a great profile of what exactly Wayde said before our acquisition strategy looks like.

順帶一提，謝謝你問這個問題，因為這正是我希望有人會問的。這很好地呈現了 Wayde 先前所說，我們的併購策略到底長什麼樣子。

This is a very interesting asset in a space that we know with customer relationships we already have, where we can leverage their relationships on their Acera side and our team's relationships, and it's playing out.

這是一項非常有意思的資產，位於我們熟悉、且我們已經有客戶關係的領域；我們可以同時運用他們在 Acera 端的關係，以及我們團隊的關係，而目前看起來確實正在發揮效果。

I mean this is already in a very attractive $1 billion market in a much larger multibillion-dollar market. And that synthetic tissue that Acera brought on the table that we call Restrata has a lot of differentiated qualities.

我的意思是，這已經是在一個非常具吸引力、規模約 10 億美元的市場中，而且它也位於一個更大的、數十億美元規模的市場裡。而 Acera 帶來的那項我們稱為 Restrata 的合成組織，具有許多差異化特性。

So it's not only in an attractive space, but it is a highly differentiated technology versus what's being used in that space.

所以它不僅處在一個具吸引力的領域，而且相較於該領域目前使用的產品，這是一項高度差異化的技術。

So we're benefiting from all those things right now, and it feels pretty good. It feels pretty good. And we feel just to say, I'm not going to give specific guidance on it, but we absolutely feel that this will continue to be a double-digit grower for us. And the longer it goes at that pace, it's obvious straight math.

因此我們現在正受惠於所有這些因素，感覺相當不錯。感覺相當不錯。我想補充的是，我不會提供具體指引，但我們確實認為這將持續成為我們的雙位數成長動能。而且它維持這樣的速度越久，按簡單的數學就很清楚。

It's going to become a bigger element of our overall portfolio and will have a bigger impact on our overall growth. So we're pretty excited about and really happy with the integration so far.

它會成為我們整體產品組合中更大的組成部分，並對我們的整體成長帶來更大的影響。所以我們對此非常興奮，也對目前的整合進展感到非常滿意。

Great. And then I'll just ask one more follow-up on the revenue trend. Just given the noise, the ERP -- the buy-in ahead of the ERP, guidance came up by 50 bps on an underlying basis. So maybe just removing some of the moving pieces around timing, what got better versus the last time you guided that's driving the increase?

很好。那我再追問一個關於營收趨勢的問題。考量到這些雜音、以及 ERP——在 ERP 上線前的提前拉貨，在排除這些因素後，你們的指引在基礎面上上調了 50 個基點。所以如果把時點相關的變動因素拿掉，和上次給指引相比，是哪些地方變得更好，進而推動這次上調？

Yes, sure. So obviously, we've had a really strong first half to the year, normalized 4%, which would be at the high end of our previous annual guide.

好的，當然。很明顯，我們上半年表現非常強勁，正規化後為 4%，這會落在我們先前全年指引的高端。

And so performing at the high end of our guidance and certainly accelerating over prior years, what gave us the confidence to raise and tighten our range to that 3.5% to 4% on an ex SKU basis. Maybe just add a little bit more color there for you. Obviously, we want to continue to perform at this level.

因此，在指引高端的表現、且相較前幾年確實加速，讓我們有信心把區間上調並收斂到在排除 SKU 影響（ex SKU）後的 3.5% 到 4%。我再補充一些細節給你。很明顯，我們希望能持續維持這樣的表現水準。

But if you just think about the business before normalized because I think a lot of people are focused on that, the first half of the year was 5.8%.

但如果你只看正規化之前的業務表現——我想很多人都聚焦在那裡——上半年是 5.8%。

And clearly, that was elevated by the advanced orders. But just on a pure reported basis, 5.8%, if you're looking at that guidance that you mentioned 3.5% to 4% for the year, that squeeze math puts you at flat for the second half of the year.

而且很明顯，這受到提前下單的拉抬。但如果只看純粹的報告口徑，5.8%；若對照你提到的全年 3.5% 到 4% 指引，用擠壓式的數學推算，代表下半年會是持平。

And that's obviously driven in large part by the advanced orders that we talked about, our mitigation strategy for ERP. And so with those advanced orders reversing mostly in Q3, we're going to expect that Q3 to be in that minus 3% to minus 4% range.

而這顯然在很大程度上是由我們談到的預先下單所驅動，也就是我們針對 ERP 的緩解策略。因此，隨著這些預先下單在第三季大多回轉，我們預期第三季將落在負 3% 到負 4% 的區間。

So I just want to make sure everybody understands that as those advanced orders clear in Q3, we're expecting sales growth to be in that minus 3% to minus 4% range. And then to complete the squeeze math, that puts our Q4 in that same 3% to 4% range, but on a positive side, and that gets the second half to flat growth. So we certainly have some noise in our numbers here across the quarters.

所以我只是想確保大家都理解，當這些預先下單在第三季消化完畢時，我們預期銷售成長會落在負 3% 到負 4% 的區間。接著把這個擠壓效應的數學算完，這會讓我們第四季落在同樣 3% 到 4% 的區間，但會是在正成長的一側，進而使下半年達到持平成長。所以我們的數字在各季度之間確實會有一些雜訊。

But if you just take that step back and look at it on a full year basis, it clears out all that normalized advanced orders between Q2 and Q3. So we're certainly dealing with more variability given an ERP cutover, and this is our last large cutover that we're working through, it creates some noise amongst the quarters.

但如果你退一步、以全年角度來看，就能把第二季與第三季之間那種常態化的預先下單影響消除掉。因此，鑑於 ERP 切換，我們確實會面臨更大的波動性；而這也是我們正在處理的最後一次大型切換，會在季度之間造成一些雜訊。

But on a full year basis, we're very happy to be raising our guide again to that 3.5% to 4% on an ex SKU basis.

但以全年來看，我們非常高興能再次上調指引，在排除 SKU 的基礎上提升到 3.5% 到 4%。

And then I think about that, you have to see how it actually lands. But again, on an XQ basis, wherever we finish this year, our full expectation is we will do better than that next year.

然後我會這樣看：你得看它最後實際落點。但再次強調，以 XQ 基礎來看，不論我們今年最終落在哪裡，我們完全預期明年會做得比今年更好。

And as Wade referenced, at the top end of that range, we're already at the bottom of the LRP that was supposed to be in 2028. So we're certainly not going to stop there. We're going to keep moving.

而如 Wade 所提到的，在該區間的上緣，我們已經達到原本預計 2028 年才會到的 LRP 底部水準。所以我們當然不會停在那裡。我們會持續前進。

All right. Thank you. That was really helpful on the cadence and thanks for clarifying on the midpoint magnitude. Thank you so much.

好的。謝謝。你對節奏的說明真的很有幫助，也謝謝你釐清中點幅度。非常感謝。

Rick Wise, Stifel. Rick.

Stifel 的 Rick Wise。Rick。

Hi, Brian. Hi, Wade. Maybe start off with a little more help help us understand a little more about the Advanced Borders. I get the concept, $125 million, so that just in case there's disruption. But just as I reflect on it, I was just wondering.

嗨，Brian。嗨，Wade。也許先從再多幫我們理解一下預先下單（Advanced Orders）開始。我理解這個概念，1.25 億美元，是為了以防出現中斷。但我回頭想一想，就在想。

Is this a quarter's worth of orders? Is it all used up by the end of this year and so it won't have any impact on next year?

這相當於一個季度的訂單量嗎？它會在今年年底前全部用完，因此對明年就不會有任何影響嗎？

Is it going to be used quickly? But how do we think, given all the orders this quarter, how do we think about the second-half P&L and the potential impact on ex all the moving pieces on sales, margins and EPS?

它會很快被用掉嗎？但我們該如何看待：在本季有這麼多訂單的情況下，我們該如何思考下半年損益表（P&L）以及在排除所有這些變動因素後，對銷售、毛利率與每股盈餘（EPS）的潛在影響？

So maybe I'll start with that and then Wayde, you can provide the last bit color there. I would say the $125 million is not a full quarter. So we did put a full quarter of inventory in and it will absolutely be used in Q3. It's going to be used in Q3. The big question becomes, can we then fill the inventory levels back up.

所以也許我先回答這部分，然後 Wayde 你可以補充最後一些細節。我會說 1.25 億美元並不是一整個季度。所以我們確實建立了一整個季度的庫存，而且它絕對會在第三季被使用。它會在第三季被用掉。最大的問題在於，我們之後能否把庫存水位再補回來。

When you have the ERP cutovers, the reason why you build the inventory is because you can have challenges. And certainly, in every one of these, you have challenges.

當你進行 ERP 切換時，之所以要建立庫存，是因為可能會遇到一些挑戰。而且可以肯定的是，每一次切換都會有挑戰。

So we have to fight through those challenges, build the coffers back up, if you will, from an inventory standpoint and get back to where we would normally be from an inventory standpoint in Q3.

所以我們必須克服這些挑戰，從庫存角度來看，把「彈藥庫」再補回來，並在第三季把庫存水位恢復到我們正常應有的狀態。

But make no mistake that $125 million is going to get burned through really quickly because it's not a full quarter. Outside of that, any other comments you would want to make on the implications to either revenue growth or margin normalization?

但請不要誤會，這 1.25 億美元會很快就被消耗掉，因為它不是一整個季度的量。除此之外，你還有沒有想補充任何關於對營收成長或毛利率常態化影響的看法？

Yeah. I think we could just add, we included in our prepared remarks, the exact basis point impact of advanced orders, $0.34 on earnings per share, and you should just assume as a mirror image that it would be minus $0.34 as we give the $125 million advanced order sales back.

有。我想我們可以補充的是，我們在事先準備的講稿中已經包含了預先下單的確切基點影響：對每股盈餘是 0.34 美元；你應該把它視為鏡像效果，也就是當我們把這 1.25 億美元的預先下單銷售回吐時，會是負 0.34 美元。

The $0.34 comes off of earnings per share as well. And then, of course, we included the expectation for tariff refunds, and we booked that in Q2. That added $0.48 to the first half as well.

這 0.34 美元也會從每股盈餘中扣除。然後，當然，我們也納入了關稅退稅的預期，而且我們已在第二季入帳。這也為上半年增加了 0.48 美元。

So if you're looking at that first half, the second half cadence of earnings per share, obviously, it's the headwind from advanced orders, and then we're not expecting the tariff benefit to repeat again in the second half.

所以如果你在看上半年與下半年每股盈餘的節奏，顯然下半年會面臨預先下單的逆風，而且我們也不預期關稅利益會在下半年再次出現。

But if you normalize it for those two things, you will see earnings per share acceleration from the first half to the second half, and that's based on the confidence that we have in the business and the momentum that we have here.

但如果你把這兩項因素常態化處理，你會看到每股盈餘從上半年到下半年是加速的，而這是基於我們對業務的信心，以及我們目前所具備的動能。

And just as a follow-up question, Bryan, and Wayde, both, you talked about from various perspectives, the sort of the end of this long very difficult to achieve, but faster-than-expected process through implementing these ERP cutovers and transitions. And Bryan, you repeatedly talked about the language like it will free up people. There'll be cost savings, et cetera, et cetera. I assume it lowers costs. Maybe help us think once it's all done from your perspective, what are you going to be able to do?

再追問一個問題，Bryan 和 Wayde 兩位：你們從不同角度談到，這段漫長、非常難以達成但又比預期更快的 ERP 切換與轉換導入流程即將結束。Bryan，你多次提到像是「會釋放人力」這樣的說法。會有成本節省等等。我理解這會降低成本。也許請幫我們想一想，一旦全部完成，從你們的角度，你們將能做些什麼？

Where do you take off your foot, maybe where do you put your foot on the gas pedal and redeploy people, spend -- invest, spend the cost savings and -- how do we think about the potential accelerant impacts once it's all done? Thank you.

你們會在哪些地方把腳從油門上移開，又會在哪些地方踩下油門、重新部署人力、投入——投資、花費這些成本節省？我們該如何看待全部完成後可能帶來的加速效應？

Yes. First of all, again, I appreciate the question. I'll just give you an example. We're actually at the last phases now of ERP, and we're pretty good at it at this point, as you can imagine, and we've seen a lot of challenges, we've managed them.

是的。首先，再次感謝這個問題。我舉個例子。我們其實已經來到 ERP 的最後階段了；如你所想像的，我們現在做得相當熟練，也遇過很多挑戰並加以管理。

But even when things are going well on the ERP cutover, there are a lot of meetings at all levels in the organization, where our brain power is being used on solving problems because no matter how good you are, things happen and you've got to respond to those things and that's happening right now.

但即使 ERP 切換進行得很順利，組織各層級仍然會有大量會議，我們的腦力被用在解決問題上；因為不管你多熟練，事情總會發生，你就必須回應，而這正是現在正在發生的事。

The team is doing a great job, but it is extremely distracting at all levels in the organization. It is going to feel very good to put this behind us.

團隊做得很棒，但這在組織各層級都極度分心。能把這件事拋在腦後，會讓人感覺非常好。

The places that we're going to focus on will be pretty obvious for us. If you think about it, it's going to be the growth driver areas. That gets a disproportionate level of our investment.

我們將聚焦的地方，對我們來說會相當明確。如果你想一想，會是那些成長驅動領域。那些領域會獲得相對更高比例的投資。

It's going to be our multiple savings programs, including programmatic savings and TFF, or Transform for the Future, program. Those are the areas where some of our best of the best right now are spending time on ERP cutovers and not on that. So once we move past this, we'll be able to redeploy those again, really sharp minds on those areas.

也會是我們的多項節省計畫，包括制度化節省（programmatic savings）以及 TFF（Transform for the Future，面向未來轉型）計畫。目前我們一些最優秀的人才正把時間花在 ERP 切換上，而不是花在那些計畫上。所以一旦我們跨過這一關，就能再次把這些非常敏銳的人才重新部署到那些領域。

(Operator Instructions) Larry Biegelsen, Wells Fargo.

（接線員指示）Wells Fargo 的 Larry Biegelsen。

Hi, this is Nathan Treybeck on for Larry. Bryan, I appreciate your earlier comments on 2027, but any finer point you can give on what parts of the portfolio would drive the acceleration relative to '26. And then when you say acceleration, would that be relative to the 3.5% to 4% that you're guiding when adjusting for the SKU exit?

嗨，我是 Nathan Treybeck，代替 Larry 出席。Bryan，我很感謝你先前對 2027 年的評論，但你能否更細緻地說明，相較於 2026 年，投資組合中哪些部分會驅動加速成長？另外，當你說「加速」時，是指在調整 SKU 退出影響後，相對於你所指引的 3.5% 到 4% 嗎？

Yes. So yes, the right way to think about it is adjusting for SKU because we will not have a SKU impact in 2027. Even if we're looking at reducing SKUs, we're not going to talk about it. It will be a much more manageable rate, and we wouldn't talk about it. So any numbers that we're talking about would be the ex SKU that Wayde is talking about.

是的。所以，是的，正確的理解方式是要調整 SKU，因為 2027 年我們不會再有 SKU 的影響。即使我們在看是否要減少 SKU，我們也不會談這件事。那會是一個更可控的幅度，我們也不會特別拿出來談。所以我們所談的任何數字，都會是 Wayde 所說的「不含 SKU」的數字。

So the 3.5% to 4% is the ex SKU number. And the assumption would be that we would accelerate past that next year. I'm not going to speak to specifics on how much past that, but we would be better than that. And we expect it from every one of our business. Every one of our businesses needs to accelerate year-over-year.

所以 3.5% 到 4% 是不含 SKU 的數字。而假設是明年我們會加速、超過那個水準。我不會談具體會超過多少，但會比那個更好。而且我們預期這會來自我們每一個業務。我們每一個業務都需要逐年加速。

That's the plan. So it's MedSurg, it's Dental and it's HIS. All 3 businesses are expected to accelerate. And the areas of concentration for that acceleration will be in our growth drivers. And remember, it's not just the growth drivers.

這就是計畫。所以包括 MedSurg、Dental 以及 HIS。三個業務都預期會加速。而加速的重點領域會在我們的成長驅動因素上。而且請記得，不只是成長驅動因素。

It's the focus there, but it's the research development that we're launching, the innovation -- innovative products that we're launching in that area and the specialization of sales organization. So those are the way that we look at it across the board, every business needs to get better year-over-year.

重點會放在那裡，但也包括我們正在推出的研發、創新——在該領域推出的創新產品，以及銷售組織的專業化。所以我們是用這些方式來看待整體；每個業務都需要逐年變得更好。

Okay, thank you. And so heading into '27, I guess, how should we think about the P&L and I guess the level of noise from stranded cost or any remaining dis-synergies? Is that all cleared away as we head into '27?

好的，謝謝。那麼展望 2027 年，我想我們應該如何看待損益表（P&L），以及來自閒置成本或任何剩餘去協同效應的雜訊程度？在進入 2027 年時，這些都已經清除掉了嗎？

Yes. Sure. So if you're speaking to the HIS transaction, we'll be providing future updates on that and providing information similar to what we did with the Purification and Filtration transaction. It's just too early to provide any detail on that at this time. But you should expect us to follow a similar path where we provide a good amount of information there.

是的。當然。如果你指的是 HIS 交易，我們之後會提供更新，並提供類似我們在 Purification and Filtration 交易時所提供的資訊。只是目前要提供任何細節都還太早。但你可以預期我們會走類似的路徑，提供相當多的資訊。

Outside, of course, HIS is to going to be the new variable. But to your point, a lot of the other stuff is going to be washed out in 2027. Unfortunately, we're going to add to it the HIS separation. So we'll continue to keep you updated though.

當然，HIS 會成為新的變數。但如你所說，其他很多事情在 2027 年都會被沖淡、消化掉。不過很可惜的是，我們會再加上 HIS 分拆這件事。我們也會持續向你更新。

Vik Chopra, BMO Capital Markets.

Vik Chopra，BMO Capital Markets。

Hey, thanks for taking the questions and congrats on a nice quarter. Two for me. Bryan, with this HIS separation, does this transaction mark the final major portfolio action under the transformation plan or are there other businesses that could be candidates for divestiture or a strategic review? And I had a quick follow-up, please.

嗨，謝謝讓我提問，也恭喜本季表現不錯。我有兩個問題。Bryan，隨著這次 HIS 分拆，這筆交易是否標誌著轉型計畫下最後一項重大的投資組合動作？還是還有其他業務可能成為剝離或策略檢視的候選？另外我還有一個簡短追問。

Yes. I mean the straight answer on that is that we're always looking at portfolio optimization. I mean, now whether it's segment level, business level, product level, look, it varies across those things, but we'll always be looking at active portfolio management. That said, and I want to be very clear, we see this now post P&F and eventually post-HIS as being a true medtech company. And so we feel pretty good about having both the MedSurg business and the Dental business.

是的。我的直接回答是：我們一直都在看投資組合最佳化。不管是事業群層級、業務層級或產品層級——這些層面會有所不同——但我們會一直進行積極的投資組合管理。話雖如此，而且我想說得很清楚，我們認為在 P&F 之後、以及最終在 HIS 之後，我們將會是一家真正的醫療科技公司。因此，我們對同時擁有 MedSurg 業務與 Dental 業務感到相當有信心。

But I just don't ever want to take off the table the potential for portfolio optimization in the future.

但我也不想把未來進一步進行投資組合最佳化的可能性完全排除。

Okay. And then a quick follow-up. You talked about 20 product launches by early 2028, including some significant advanced wound care launches next year. I'm just curious which launches have the greatest potential to move the WAMGR? Or is this more of a portfolio effect story?

好的。那再簡短追問一下。你提到到 2028 年第一季前會有 20 項產品上市，其中包括明年一些重要的先進傷口照護產品上市。我想了解哪些上市產品最有潛力推動 WAMGR？或者這更多是一個投資組合效應的故事？

Yes. I'll tell you, I'm not going to get into specifics on the actual products, but you're right, it's almost 20 new products by the first quarter 2028. And that's just a follow-on from what we've referenced, I think previous quarter, maybe the quarter before that as well.

是的。我先說，我不會深入談個別產品的細節，但你說得對，到 2028 年第一季前會有將近 20 項新產品。而這也只是延續我們在我想是上一季、或再前一季所提到的內容。

But we will, because of the proximity to launch at our Investor Day in the first quarter, we're going to talk a lot more about these products. So I'm excited about that from a timing standpoint.

不過，由於距離上市時間很近，我們會在第一季的投資人日更深入地談這些產品。所以就時程而言，我對此感到很期待。

But I want to make sure we see the opportunity to be able to drive performance in the market, not necessarily specific to these individual products, but because of the growth driver opportunities that I talked about in the prepared remarks.

但我想確保大家看到的是：我們有機會在市場上推動表現，未必是因為這些單一產品本身，而是因為我在準備稿中提到的那些成長驅動機會。

We have technologies today forget for a minute what we're going to launch, that's going to help us. But we already have technologies in the market today that are underpenetrated.

我們今天就已經有一些技術——先暫時不談我們將要推出什麼——這些技術會幫助我們。但我們目前在市場上的技術，其實滲透率仍偏低。

They're advanced technologies that solve real patient problems that can reduce cost and it's underpenetrated. I gave you the four site management example, but four of our five growth drivers have that exact same model, a very similar model.

這些是能解決真實病患問題、可以降低成本的先進技術，但滲透率仍偏低。我給了你四站點管理（four site management）的例子，但我們五個成長驅動因素中的四個，都有完全相同或非常類似的模式。

So that's the opportunity that we have to be able to grow the WAMGR and obviously, also grow our overall revenue growth.

所以，這就是我們能夠推升 WAMGR 的機會，當然也能帶動我們整體營收成長。

I will now turn the call back over to Amy for closing remarks. Amy?

我現在把電話交回給 Amy 做結語。Amy？

Great. Thank you, Mark. And thank you, everyone, for listening and for -- and to our analysts for your questions. If anyone does have follow-up questions or need anything else, please don't hesitate to contact the Investor Relations team directly. This concludes our second quarter fiscal year 2026 Conference Call.

很好。謝謝你，Mark。也謝謝各位收聽，以及——也謝謝各位分析師的提問。如果有人有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 會計年度第二季法說會到此結束。

Mark, you can now go ahead and close out the call.

Mark，你現在可以結束電話會議了。

This concludes today's conference call. You may now disconnect.

本次電話會議到此結束。您現在可以掛線。