史賽克 (SYK) 2024 Q3 法說會逐字稿

Welcome to the third-quarter 2024 Stryker earnings call. My name is Luke, and I'll be your operator for today's call. (Operator Instructions) This conference is being recorded for replay purposes.

歡迎參加 Stryker 2024 年第三季財報電話會議。我叫盧克，我是今天電話的接線生。（操作員說明）本次會議正在錄製以供重播之用。

Before we begin, I'd like to remind you that the discussions during this conference call will include forward-looking statements. Factors that could cause actual results to differ materially are discussed in the company's most recent filings with the SEC.

在我們開始之前，我想提醒您，本次電話會議期間的討論將包括前瞻性陳述。該公司最近向美國證券交易委員會提交的文件中討論了可能導致實際結果出現重大差異的因素。

Also, the discussions will include certain non-GAAP financial measures. Reconciliation to the most directly comparable GAAP financial measures can be found in today's press release as an exhibit to Stryker's current report on Form 8-K filed today with the SEC.

此外，討論還將包括某些非公認會計準則財務措施。在今天的新聞稿中可以找到與最直接可比較的 GAAP 財務指標的調節表，作為 Stryker 今天向 SEC 提交的 8-K 表格當前報告的展示。

I'll now turn the call to Mr. Kevin Lobo, Chair and Chief Executive Officer. You may proceed, sir.

我現在將電話轉給董事長兼執行長 Kevin Lobo 先生。您可以繼續了，先生。

Welcome to Stryker's third-quarter earnings call. Joining me today are Glenn Boehnlein, Stryker's CFO; and Jason Beach, Vice President of Finance and Investor Relations.

歡迎參加 Stryker 第三季財報電話會議。今天加入我的是 Stryker 財務長 Glenn Boehnlein；以及財務和投資者關係副總裁 Jason Beach。

For today's call, I'll provide opening comments, followed by Jason with the trends we saw during the quarter and some product updates. Glenn will then provide additional details regarding our quarterly results before opening the call to Q&A.

在今天的電話會議中，我將提供開場評論，然後 Jason 介紹我們在本季看到的趨勢和一些產品更新。然後，格倫將在開始問答電話之前提供有關我們季度業績的更多詳細資訊。

In the third quarter, we delivered robust organic sales growth of 11.5%. Our performance included strong double-digit growth within medsurg and neurotechnology and nearly 10% growth in orthopedics and spine. This broad performance reflects healthy demand across our diverse product portfolio and our team's steadfast commercial execution.

第三季度，我們實現了 11.5% 的強勁有機銷售成長。我們的業績包括醫療外科和神經技術領域兩位數的強勁成長，以及骨科和脊椎領域近 10% 的成長。這種廣泛的績效反映了我們多樣化產品組合的健康需求以及我們團隊堅定的商業執行力。

Our strong results reflect double-digit organic growth from our medical, neurocranial, endoscopy, trauma and extremities, hips, and knees businesses. Our growth was well balanced between the US and international, with both rising double digits organically. All international regions showed strength in the quarter, and we continue to see international markets as key catalysts for our long-term growth.

我們強勁的業績反映了我們的醫療、神經顱、內視鏡、創傷和四肢、臀部和膝蓋業務的兩位數有機成長。我們的成長在美國和國際市場之間保持良好平衡，均實現了兩位數的有機成長。所有國際地區在本季均表現強勁，我們繼續將國際市場視為我們長期成長的關鍵催化劑。

We stayed active on the M&A front, completing several deals in the quarter. In September, we acquired care.ai, which strengthens our healthcare IT and wirelessly connected offerings. We also acquired NICO Corporation, which enables minimally invasive surgery for tumor and intracerebral hemorrhage procedures. Lastly, we acquired Vertos Medical, which provides a minimally invasive solution for treating chronic lower back pain caused by spinal stenosis and enhances our pain management portfolio. We remain committed to complementing our growth through acquisitions and have a strong deal pipeline and healthy financial capacity.

我們在併購方面保持活躍，在本季完成了幾筆交易。9 月，我們收購了 care.ai，這增強了我們的醫療保健 IT 和無線連接產品。我們也收購了NICO Corporation，該公司能夠進行腫瘤和腦出血手術的微創手術。最後，我們收購了 Vertos Medical，該公司為治療椎管狹窄引起的慢性腰痛提供微創解決方案，並增強了我們的疼痛管理產品組合。我們仍然致力於透過收購來補充我們的成長，並擁有強大的交易管道和健康的財務能力。

We delivered adjusted quarterly EPS, $2.87, reflecting 16.7% growth compared to the third quarter of 2023. Finally, we are narrowing our expectations for 2024 to the high end of our previously provided guidance ranges and now anticipate full-year organic sales growth of 9.5% to 10% and adjusted EPS of $12 to $12.10. Our updated guidance reflects the continued momentum from our product innovation, healthy procedure volumes, and terrific commercial execution across the globe.

我們的調整後季度每股收益為 2.87 美元，與 2023 年第三季相比增長 16.7%。最後，我們將 2024 年的預期縮小至先前提供的指導範圍的高端，目前預計全年有機銷售額將增長 9.5% 至 10%，調整後每股收益為 12 美元至 12.10 美元。我們更新的指導反映了我們的產品創新、健康的手術量和全球出色的商業執行的持續勢頭。

We are on track and remain committed to our goal of 200 basis points of margin expansion by the end of 2025. This includes 100 basis points of margin expansion this year while offsetting dilution from an M&A.

我們正步入正軌，並繼續致力於實現 2025 年底利潤率擴張 200 個基點的目標。這包括今年利潤率擴張 100 個基點，同時抵銷併購帶來的稀釋。

I will now turn the call over to Jason.

我現在將把電話轉給傑森。

Thanks, Kevin. My comments today will focus on providing an update on the current environment, capital demand, and recent acquisitions.

謝謝，凱文。我今天的評論將重點介紹當前環境、資本需求和近期收購的最新情況。

Procedural volumes remain healthy in the third quarter, in line with our expectations and underscored by continued adoption of robotic-assisted surgery. We continue to expect strength in procedural demand through the end of the year.

第三季的手術量保持健康，符合我們的預期，並透過繼續採用機器人輔助手術來強調。我們繼續預計到今年年底程序需求將會強勁。

Demand for our capital products was strong in the quarter, with an elevated backlog across our capital businesses. Patient and customer interest in Mako was highlighted by record Q3 installations, both worldwide and in the US, with high utilization rates across the globe. We expect the sustained momentum from installations and utilization will continue to drive growth in our hips and knees businesses.

本季對我們資本產品的需求強勁，我們資本業務的積壓情況增加。第三季全球和美國的安裝量創紀錄，全球利用率很高，凸顯了患者和客戶對 Mako 的興趣。我們預計安裝和使用的持續勢頭將繼續推動我們的臀部和膝蓋業務的成長。

Our latest platform launches continue to experience success in the marketplace. Our Pangea plating system is progressing well, with a full launch expected in the US by the second half of 2025. Our LIFEPAK 35 defibrillator and monitor has a strong order book, and sales have begun to ramp. Additionally, robust adoption of our 1788 visualization platform continues to contribute to the growth we are seeing in our endoscopy business.

我們最新推出的平台持續在市場上取得成功。我們的 Pangea 電鍍系統進展順利，預計 2025 年下半年在美國全面推出。我們的 LIFEPAK 35 除顫器和監視器擁有大量訂單，且銷售量已開始上升。此外，我們 1788 視覺化平台的大力採用繼續促進我們內視鏡業務的成長。

Lastly, we've begun early cases with both our Spine Guidance 5 software featuring Copilot and our Mako Spine Robot. As with prior product launches, these spine offerings will be on a limited market release for some time as we refine training protocols. Mako Shoulder is on track to launch at the end of the year. We continue to receive positive feedback from surgeons who have seen these products.

最後，我們已經開始使用具有 Copilot 功能的 Spine Guidance 5 軟體和 Mako Spine 機器人進行早期案例。與先前的產品發布一樣，隨著我們完善培訓協議，這些脊椎產品將在一段時間內在有限的市場上發布。Mako Shoulder 預計今年底推出。我們不斷收到看過這些產品的外科醫生的正面回饋。

From an inorganic perspective, our 2024 acquisitions reinforce our dedication to improving outcomes across the continuum of care and our commitment to meeting our customers' needs. Year to date, we have closed seven acquisitions while investing approximately $1.6 billion to complete. In 2025, we expect these acquisitions will contribute approximately $300 million to sales.

從無機角度來看，我們 2024 年的收購強化了我們對改善整個護理結果的奉獻精神以及我們對滿足客戶需求的承諾。今年迄今為止，我們已完成七項收購，投資約 16 億美元來完成。到 2025 年，我們預計這些收購將為銷售額貢獻約 3 億美元。

With that, I'll turn the call over to Glenn.

這樣，我就把電話轉給格倫。

Thanks, Jason. Today, I will focus my comments on our third-quarter financial results and the related drivers. Our detailed financial results have been provided in today's press release.

謝謝，傑森。今天，我將重點放在我們第三季的財務表現和相關驅動因素。我們詳細的財務業績已在今天的新聞稿中提供。

Our organic sales growth was 11.5% in the quarter, compared to 9.2% in the third quarter of 2023. This quarter had one more selling day than 2023. We had a 1.2% favorable impact from pricing. We continue to see a positive trend in our pricing initiatives, both in the US and international markets, and both with our medsurg and neurotech and orthopedic and spine segments, each contributing positive pricing for the quarter. Foreign currency had a 0.1% unfavorable impact on sales.

本季我們的有機銷售額成長率為 11.5%，而 2023 年第三季為 9.2%。本季比 2023 年多了 1 個銷售日。定價為我們帶來了 1.2% 的有利影響。我們在美國和國際市場以及我們的醫療外科和神經技術以及骨科和脊椎領域的定價舉措繼續看到積極的趨勢，每個領域都為本季帶來了積極的定價。外幣對銷售產生了 0.1% 的不利影響。

In the US, organic sales growth was 11.4%. International organic sales growth was 11.7%, driven by positive sales momentum across our international markets.

在美國，有機銷售額成長 11.4%。受國際市場積極銷售動能的推動，國際有機銷售額成長 11.7%。

Our adjusted EPS of $2.87 in the quarter was up 16.7% from 2023, driven by strong sales growth and continued margin expansion. Foreign currency exchange translation had minimal impact on our adjusted EPS for the quarter.

在強勁的銷售成長和持續的利潤率擴張的推動下，本季調整後每股收益為 2.87 美元，較 2023 年成長 16.7%。外幣兌換對我們本季調整後每股盈餘的影響很小。

Now, I will provide some highlights on our quarterly segment performance. In the quarter, medsurg and neurotechnology had constant currency sales growth of 12.9% and organic sales growth of 12.7%, which included 13.2% of US organic growth and 11.2% of international organic growth.

現在，我將提供有關我們季度部門業績的一些重點內容。本季度，Medsurg 和 Neurotechnology 的恆定貨幣銷售額成長 12.9%，有機銷售額成長 12.7%，其中美國有機成長 13.2%，國際有機成長 11.2%。

Instruments had US organic sales growth of 9.9%, led by strong double-digit growth in the surgical technologies business. From a product perspective, sales growth was led by waste management, smoke evacuation, tourniquet cuffs, Steri-Shield, and power tools.

在外科技術業務強勁的兩位數成長帶動下，儀器在美國的有機銷售額成長了 9.9%。從產品角度來看，廢棄物管理、排煙、止血帶袖口、Steri-Shield 和電動工具引領了銷售成長。

Endoscopy had US organic sales growth of 10.9%, with strong growth across all businesses. Growth in the quarter was fueled by robust demand for our OR infrastructure and renovations and the continued success of the 1788 platform and sports medicine shoulder products.

內視鏡在美國的有機銷售額成長了 10.9%，所有業務均強勁成長。本季度的成長得益於對手術室基礎設施和翻新的強勁需求以及 1788 平台和運動醫學肩部產品的持續成功。

Medical had US organic sales growth of 18.5%, driven by strong performances across all of its businesses -- acute care, Sage, and emergency care. From a product perspective, the medical business was led by strong sales growth in beds and stretchers, Sage products, transport capital, and defibrillators. The order pipeline for LIFEPAK 35 is robust and continues to drive excitement in the market.

醫療部門的美國有機銷售額成長了 18.5%，這得益於其所有業務（急診、Sage 和緊急護理）的強勁表現。從產品角度來看，醫療業務由床和擔架、Sage 產品、運輸資本和除顫器的強勁銷售成長所帶動。LIFEPAK 35 的訂單管道強勁，並持續推動市場興奮。

Neurovascular had US organic sales growth of 1.5%, which reflects solid performance in our core hemorrhagic products, offset by recovering performance in our flow-diverting stent products due to supply chain issues earlier in the year and competitive pressures in our ischemic business.

神經血管業務的美國有機銷售額成長了1.5%，這反映了我們核心出血產品的穩健表現，但由於今年稍早的供應鏈問題和缺血業務的競爭壓力，我們的分流支架產品的表現有所恢復，從而抵消了這一影響。

And finally, neurocranial had US organic sales growth of 16.1%, led by strong growth in our bone mill, high-speed drills, bipolar forceps, and cranial maxillofacial products.

最後，在骨磨機、高速鑽頭、雙極鉗和顱顏面產品強勁成長的帶動下，神經顱腦在美國的有機銷售量成長了 16.1%。

Internationally, medsurg and neurotechnology had organic sales growth of 11.2%, led by double-digit organic growth in our endoscopy and medical businesses. Geographically, this included strong performances in Canada, the United Kingdom, Australia and New Zealand, Japan, and most of our emerging markets.

在國際範圍內，medsurg 和神經技術的有機銷售額成長了 11.2%，其中內視鏡和醫療業務實現了兩位數的有機成長。從地域來看，加拿大、英國、澳洲和紐西蘭、日本以及大多數新興市場都表現強勁。

Orthopedics and spine had constant currency sales growth of 10.8% and organic sales growth of 9.7%, which included organic growth of 8.6% in the US and 12.3% internationally. Our US knee business grew 8.4% organically, reflecting our market-leading position in robotic-assisted knee procedures and the continued strength of our installed Mako base, as well as continued momentum in new Mako installations.

骨科和脊椎業務的固定貨幣銷售額成長 10.8%，有機銷售額成長 9.7%，其中美國有機成長 8.6%，國際有機成長 12.3%。我們的美國膝關節業務有機增長 8.4%，反映了我們在機器人輔助膝關節手術方面的市場領先地位、已安裝的 Mako 基地的持續實力以及新 Mako 裝置的持續增長勢頭。

Our US hip business grew 10.9% organically, driven by the continued success of our Insignia hip stem and momentum from our Mako robotic hip platform. Our US trauma and extremities business grew 11.8% organically, with double-digit sales growth across our core trauma, upper extremities, and biologics businesses.

在 Insignia 髖關節桿的持續成功和 Mako 機器人髖關節平台的推動下，我們的美國髖關節業務有機成長了 10.9%。我們的美國創傷和四肢業務有機成長 11.8%，核心創傷、上肢和生物製劑業務的銷售額將達到兩位數成長。

Our US spine business grew 2.4% organically, led by performance in our interventional spine business. Our US other ortho business had a slight decline organically of 0.6%, driven by seasonal Mako deal mix and a decline in bone cement.

在介入性脊椎業務的績效帶動下，我們的美國脊椎業務有機成長了 2.4%。受季節性 Mako 交易組合和骨水泥下​​降的推動，我們的美國其他骨科業務有機略有下降 0.6%。

Internationally, orthopedics and spine grew 12.3% organically, including strong performances in South Korea, Japan, Canada, Europe, and most of our emerging markets.

在國際上，骨科和脊椎有機成長 12.3%，其中韓國、日本、加拿大、歐洲和大多數新興市場表現強勁。

Now, I will focus on operating highlights in the second quarter. Our adjusted gross margin of 64.5% was 20 basis points unfavorable from third quarter of 2023. This variance resulted primarily from mix.

下面我將重點介紹一下第二季的經營亮點。我們調整後的毛利率為 64.5%，較 2023 年第三季下降了 20 個基點。這種差異主要是由混合造成的。

Adjusted R&D spending was 6.6% of sales, which was 20 basis points lower than the third quarter of 2023. Our adjusted SG&A was 33.2% of sales, which was 130 basis points lower than the third quarter of 2023, due to natural expense leverage combined with spending discipline, somewhat offset by investments to support growth. In summary, for the quarter, our adjusted operating margin was 24.7% of sales, which was 130 basis points favorable to third quarter of 2023.

調整後研發支出佔銷售額的6.6%，比2023年第三季低20個基點。我們調整後的銷售及管理費用佔銷售額的33.2%，比2023 年第三季低130 個基點，這是由於自然費用槓桿與支出紀律相結合，但支持成長的投資在一定程度上抵消了這一影響。總而言之，本季調整後的營業利潤率為銷售額的 24.7%，比 2023 年第三季有利 130 個基點。

Net adjusted other income and expense of $42 million for the quarter was $19 million lower than 2023, driven by favorable interest income on our invested cash balances. We expect our full-year net adjusted income and expense to be in the range of $230 million to $240 million.

本季調整後其他收入和支出淨額為 4,200 萬美元，比 2023 年減少 1,900 萬美元，這得益於我們投資現金餘額的有利利息收入。我們預計全年調整後淨收入和支出將在 2.3 億美元至 2.4 億美元之間。

The third quarter of 2024 had an adjusted effective tax rate of 15.8%, reflecting the impact of geographic mix and certain discrete tax items. We now expect our full-year adjusted effective tax rate to be at the high end of our previously communicated range of 14% to 15%.

2024 年第三季調整後有效稅率為 15.8%，反映了地理組合和某些離散稅目的影響。我們現在預計全年調整後有效稅率將處於我們先前通報的 14% 至 15% 範圍的高端。

Focusing on the balance sheet, we ended the third quarter with approximately $4.7 billion of cash, marketable securities, and short-term investments. Total debt was approximately $15.5 billion. This debt includes approximately $3 billion from our bond offerings in September 2024, a portion of which will be used to pay down upcoming debt maturities in the fourth quarter.

重點關注資產負債表，第三季末我們擁有約 47 億美元的現金、有價證券和短期投資。債務總額約 155 億美元。該債務包括我們 2024 年 9 月發行的債券中約 30 億美元，其中一部分將用於償還第四季度即將到期的債務。

Turning to cash flow, our year-to-date cash from operations is $2.3 billion, an increase of $120 million from 2023, driven mainly by higher earnings and improvements in inventory and accounts payable, partially offset by higher accounts receivable from sales timing and other expense timing.

就現金流而言，我們今年迄今的營運現金為23 億美元，比2023 年增加了1.2 億美元，主要是由於收益增加以及庫存和應付帳款改善，部分被銷售時間和其他應收帳款增加所抵銷。

Based on our year-to-date performance, sustained demand for our capital products and healthy procedural volumes, we now expect full-year 2024 organic sales growth to be in the range of 9.5% to 10%. This includes a favorable pricing impact of 0.5% to 1%.

根據我們今年迄今的業績、對資本產品的持續需求以及健康的程序量，我們現在預計 2024 年全年有機銷售成長率將在 9.5% 至 10% 之間。這包括 0.5% 至 1% 的有利定價影響。

If foreign exchange rates hold near current levels, we anticipate full-year sales will be slightly unfavorably impacted and adjusted EPS will be negatively impacted by approximately $0.10, both of which are reflected in our guidance. With a strong first nine months of the year, strong Q4 sales and operating margin momentum, we now expect adjusted net earnings per diluted share to be in the range of $12 to $12.10.

如果匯率保持在當前水準附近，我們預計全年銷售額將受到輕微不利影響，調整後每股收益將受到約 0.10 美元的負面影響，這兩者都反映在我們的指導中。鑑於今年前 9 個月的強勁表現、第四季度的銷售和營業利潤率強勁勢頭，我們現在預計調整後每股攤薄淨利潤將在 12 美元至 12.10 美元之間。

And now, I will open up the call for Q&A.

現在，我將開啟問答環節。

(Operator Instructions) Robbie Marcus, JPMorgan.

（操作員指示）Robbie Marcus，摩根大通。

Great. Thanks for taking the questions, and congrats on a great third quarter here.

偉大的。感謝您提出問題，並祝賀第三季度取得了出色的成績。

Kevin, I wanted to ask, medical really stands out. 60% of sales is now in that medsurg and neurotech, and medical grew closer to 20% this quarter. You called out the LIFEPAK had really good orders, but also beds and stretchers as well. There's a lot in that medical line item. So just wanted to see what's going on there, how much is one-time versus sustainable, and then I have a follow-up. Thanks.

凱文，我想問一下，醫療確實很突出。目前 60% 的銷售額來自醫療外科和神經技術領域，本季醫療成長接近 20%。你說 LIFEPAK 的訂單非常好，而且還有床和擔架。該醫療項目包含許多內容。所以只是想看看那裡發生了什麼，一次性的與可持續的有多少，然後我有一個後續行動。謝謝。

Yeah. Thanks, Robbie. We love our medical business. If you look over the past five years, it's probably been our highest-growing division pretty consistently. Now, from quarter to quarter, it does move around a little bit given the capital equipment nature of the business. But it's not unusual for us to post an 18% growth if you just look back over the past, let's say, 8 to 12 quarters.

是的。謝謝，羅比。我們熱愛我們的醫療事業。如果你回顧過去五年，它可能一直是我們成長最快的部門。現在，考慮到該業務的資本設備性質，每個季度它確實會發生一些變化。但如果你回顧過去，比如說 8 到 12 個季度，我們實現 18% 的成長並不罕見。

Why? Because we have tremendous innovation and momentum behind ProCuity, wireless stretchers, LIFEPAK 35, the Sage business is just on fire and it's been performing extremely well. You have Vocera in the mix, and more recently, we've acquired care.ai, of course, nothing really showing for that this quarter. But all of this is just feeding an engine of momentum, great leadership team, great talent and culture. And so I don't see medical slowing down anytime soon.

為什麼？由於我們在 ProCuity、無線擔架、LIFEPAK 35 背後擁有巨大的創新和動力，Sage 業務正在蓬勃發展，並且表現得非常出色。Vocera 也在其中，最近我們又收購了 care.ai，當然，本季沒有任何真正的表現。但這一切都只是為動力引擎、優秀的領導團隊、優秀的人才和文化提供動力。因此，我認為醫療領域不會很快放緩。

Will we have 18s every quarter? Probably not. But you can expect double-digit growth through the medical division for a long time to come.

我們每季都會有18個嗎？可能不會。但在未來很長一段時間內，您可以預期醫療部門將實現兩位數的成長。

Great. Maybe just to follow up, the fourth-quarter implied guide with the updated guidance is still a really good number, but it looks to be just a bit below trend, at least on sales, versus year to date. Is there any impact that we're seeing from the hurricanes or any other disruptions we should be thinking about in fourth quarter? Thanks.

偉大的。也許只是為了跟進，第四季度的隱含指南和更新後的指南仍然是一個非常好的數字，但與今年迄今相比，至少在銷售方面，它看起來略低於趨勢。我們在第四季應該考慮颶風或任何其他幹擾因素是否會產生任何影響？謝謝。

Yeah. No, we're not really counting on any disruption from the hurricanes. Sure, there was a little bit here or there, but we expect those procedures to be made up in the quarter. So no effect whatsoever to do with weather.

是的。不，我們並不真正指望颶風會造成任何破壞。當然，這裡或那裡有一些問題，但我們預計這些程序將在本季度得到彌補。所以與天氣沒有任何影響。

I think it's a reasonable guide. We moved it up, but clearly, we are hoping and aiming to finish at the high end of that guide, closer to the 10%, which you've seen us do in the past couple of years. So that's where we're aiming, but we have big comps. Last year's fourth quarter was 11.5%. So we're running against big numbers, but certainly, we don't have anything negative in terms of the vibes that we're feeling on the business.

我認為這是一個合理的指南。我們將其提高了，但顯然，我們希望並目標是達到該指南的高端，接近 10%，正如您在過去幾年中看到的那樣。這就是我們的目標，但我們有很大的競爭。去年第四季為11.5%。因此，我們面臨著巨大的數字，但當然，就我們對業務的感受而言，我們沒有任何負面情緒。

The momentum is good. Just running against big numbers and we've moved it up, what we feel is a reasonable amount, and we're going to shoot for the high end. So it's certainly possible that we'll have a 10% organic growth quarter and full year.

勢頭良好。只是面對大數字，我們已經將其提高了，我們認為這是一個合理的數字，我們將爭取高端。因此，我們季度和全年的有機成長肯定有可能達到 10%。

Understood. Thanks a lot.

明白了。多謝。

Larry Biegelsen, Wells Fargo Securities.

拉里·比格爾森，富國銀行證券公司。

Good afternoon. Thanks for taking the question, and I'll echo Robbie's congratulations on a really nice quarter here.

午安.感謝您提出問題，我將回應羅比的祝賀，並祝您度過了一個非常美好的季度。

So Kevin, I wanted to ask a little bit about 2025. You're guiding to 9.5% to 10% this year. How sustainable is the momentum in the top-line growth we're seeing? And what are the drivers of the 100 basis points of margin expansion that you called out on the call? And Glenn, given the recent refinancing, should we be thinking about below the line or interest expense differently? Thanks.

凱文，我想問一些有關 2025 年的問題。今年您的目標是 9.5% 到 10%。我們所看到的收入成長動能的可持續性如何？您在電話會議上提出的利潤率擴張 100 個基點的驅動因素是什麼？格倫，考慮到最近的再融資，我們是否應該以不同的方式考慮線下或利息支出？謝謝。

Hey, Larry. it's Jason. I'll jump in here and handle the 2025 piece, and then maybe Glenn can speak to the 100 basis points of op margin expansion as we land this year.

嘿，拉里。是傑森。我將跳到這裡處理 2025 年的問題，然後格倫也許可以談論我們今年實現的營運利潤率擴張 100 個基點。

As we think about next year, we'll talk more obviously about that in January. The one thing I would say, we're certainly happy with the momentum in the business. We stand very committed to the 100 basis points of op margin expansion that begin next year. But beyond that, we'll certainly get into in January.

當我們考慮明年時，我們將在一月份更明確地討論這一點。我想說的一件事是，我們對業務的發展勢頭當然感到滿意。我們非常致力於從明年開始將營運利潤率擴大 100 個基點。但除此之外，我們肯定會在一月進入。

Yeah. And then, just as it relates to op margin -- go ahead. I'm sorry.

是的。然後，就像它與營運利潤相關一樣——繼續吧。對不起。

No. My apologies. Please go ahead.

不。我很抱歉。請繼續。

Okay. Yeah, I just wanted to give you some comments and color around the sort of 100 basis points op margin expansion that we're fully expecting to deliver on this year and the 100 basis points op margin expansion that we'll carry over into next year as well.

好的。是的，我只是想就我們完全期望今年實現的 100 個基點的營運利潤率擴張以及我們將延續到明年的 100 個基點的營運利潤率擴張提供一些評論和看法以及。

First of all, if you look at our results for Q3, we had great momentum. And we feel like that momentum definitely will carry forward into Q4. Just as a reminder, during the year, and honestly, even last year, we started several initiatives to drive this improved leverage. These included looking at low-cost manufacturing sites, looking at insourcing opportunities, looking at site rationalization, working hard on freight optimization coming off of the supply chain crisis, also even looking at R&D product design opportunities, how can we make things cheaper? And then, we also looked at sort of ramping up our direct sourcing negotiations with vendors to offset a lot of the inflationary increases that came across post-pandemic.

首先，如果你看一下我們第三季的業績，我們的勢頭強勁。我們認為這種勢頭肯定會延續到第四季。提醒一下，在這一年裡，老實說，甚至在去年，我們就啟動了幾項措施來推動槓桿率的提高。其中包括尋找低成本製造場地、尋找內包機會、尋找場地合理化、努力擺脫供應鏈危機的貨運優化，甚至還尋找研發產品設計機會，如何讓東西變得更便宜？然後，我們也考慮加強與供應商的直接採購談判，以抵消疫情後出現的通貨膨脹增加。

Moving down to operating expenses, our shared services footprint continues to expand. We continue to push more transactional work into those shared services. We are also seeing good results from sort of IT system rationalization. And that means we're putting more and more of our businesses on similar systems. And it's just a lot inexpensive to operate that way.

談到營運費用，我們的共享服務足跡持續擴大。我們繼續將更多事務性工作推入這些共享服務。我們也看到 IT 系統合理化的良好成果。這意味著我們正在將越來越多的業務置於類似的系統上。而且以這種方式進行操作的成本要低得多。

And then of course, coming off of sort of this hybrid work environment, we also are focusing on office space rationalization. So I have all of that that is ongoing and in process and starting to really deliver. I also am seeing strong price performance, like you just heard, and there is an ongoing focus there. And then lastly, Q4 is our biggest sales quarter of the year, and the amount of natural leverage that will drive because sales are going to go up and our fixed costs are not growing. We'll create a lot of natural leverage that we'll benefit from.

當然，在這種混合工作環境的影響下，我們也專注於辦公空間的合理化。因此，我所有的工作都正在進行中，並開始真正交付。正如您剛剛聽到的那樣，我還看到了強勁的價格表現，人們持續關注這一點。最後，第四季是我們一年中最大的銷售季度，自然槓桿的大小將受到推動，因為銷售額將會上升，而我們的固定成本不會成長。我們將創造大量自然槓桿，讓我們從中受益。

And then the last point I would make, and we talk about this internally in Stryker all the time, the target that we're reaching for is not something we haven't seen before. We've been there. We know what that kind of leverage looks like. So nobody at Stryker doesn't know how that feels or how do you deliver on that. And so there's a lot of confidence, and you heard from Kevin, that we'll deliver the 100 basis points this year and we'll deliver it next year.

我要說的最後一點是，我們一直在 Stryker 內部討論這一點，我們正在實現的目標並不是我們以前從未見過的。我們去過那裡。我們知道這種槓桿是什麼樣的。因此，Stryker 沒有人不知道這種感覺如何，也不知道您如何實現這一目標。因此，大家信心十足，你從凱文那裡聽說，我們將在今年實現 100 個基點，明年也將實現這一目標。

That's super helpful. Just for my follow-up, the hip growth was really strong in Q3, especially outside of the US. What drove that and how should we think about the sustainability? Thank you.

這非常有幫助。就我的後續行動而言，第三季的臀部成長非常強勁，尤其是在美國以外的地區。是什麼推動了這個趨勢？謝謝。

Yeah. Thanks, Larry. We're super excited with the hip performance. It's not just a one quarter thing. Of course, this quarter did pop up a little bit more, but the Insignia launch is now starting to spread around the world. We were kind of constrained on supply and had to delay some of the international markets. They are now starting to receive that product and driving that. In addition, we have Mako Hip really starting to take off. We've got a bit of additional reimbursement in Japan.

是的。謝謝，拉里。我們對它的時尚表現感到非常興奮。這不僅僅是四分之一的事。當然，本季確實出現了更多的情況，但 Insignia 的推出現在開始在全球傳播。我們的供應受到一定程度的限制，不得不延後一些國際市場的銷售。他們現在開始接收該產品並推動該產品的發展。此外，我們的 Mako Hip 真正開始起飛。我們在日本有一些額外的報銷。

And then if you look organically, obviously, the growth was double digits. It looks even bigger because of the SERF acquisition. So there is an inorganic component to the hip business in Europe. That acquisition is off to a great start ahead of the deal model. So we're really excited about that European acquisition, primarily in France, but also in other European markets. But overall, we're delighted with the progress of our hip business, not just internationally, but also in the US. I think we posted a very strong number in the US as well. So our hip business has tremendous momentum.

如果你從有機角度來看，顯然成長是兩位數。由於 SERF 的收購，它看起來甚至更大。因此，歐洲的時尚產業有一個無機組成部分。此次收購在交易模式之前取得了良好的開端。因此，我們對歐洲的收購感到非常興奮，主要是在法國，但也在其他歐洲市場。但總的來說，我們對我們的時尚業務的進展感到高興，不僅在國際上，而且在美國也是如此。我認為我們在美國也發布了非常強勁的數字。所以我們的時尚業務有著巨大的發展勢頭。

Thank you.

謝謝。

Joanne Wuensch, Citi.

喬安妮‧溫施，花旗銀行。

Hi. Very nice quarter. One of the things that I think that investors struggle with is when they see this kind of growth in ortho, an impression that this is not sustainable and either at some level of pent-up demand and volume or pricing that is moved positively that may not remain positively. Can you please address that? Tell me was I right or wrong. Thank you.

你好。非常好的季度。我認為投資者面臨的困難之一是，當他們看到鄰苯二甲酸鹽的這種增長時，他們會產生一種印象，即這是不可持續的，並且在某種程度的被壓抑的需求和數量或定價的積極變化中可能不會保持積極的態度。您能解決這個問題嗎？告訴我我是對還是錯。謝謝。

Thanks, Joanne. I don't know how many quarters it takes for you to start to believe that it's going to be a good market. This has been going on for some time now.

謝謝，喬安妮。我不知道需要多少個季度你才能開始相信這會是一個好的市場。這種情況已經持續了一段時間了。

I think obviously potentially long memories, but we've called the market up more than a year ago. We said that we expected this to be an elevated market just based on looking at surgery schedules and the level of activity and the aging demographics and the great outcomes from these procedures.

我認為顯然可能是長久的記憶，但我們一年多前就已經呼籲市場上漲。我們說，僅根據手術時間表、活動水平、人口老化以及這些手術的巨大成果，我們預計這將是一個上升的市場。

So I said this, I think, one or two quarters ago that this feels like we're kind of in a bit of a new normal. And of course, no one has a crystal ball. We can't predict exactly how the market will evolve, but all signs and signals are pointing to this being kind of like a new normal, at least for the market growth, being no longer low single, kind of a mid-single digit growing. Of course, we're achieving a higher growth rate just based on our innovation and our sales execution.

我認為，我在一兩個季度前就說過，這感覺就像我們處於一種新常態。當然，沒有人擁有水晶球。我們無法準確預測市場將如何演變，但所有跡象和訊號都表明這有點像是新常態，至少對於市場成長來說，不再是低個位數成長，而是中等個位數成長。當然，僅僅基於我們的創新和銷售執行，我們就實現了更高的成長率。

So to me, I'm not surprised to see these kinds of numbers. We're excited about these numbers. And maybe I'll ask Glenn to comment a little bit about prices.

所以對我來說，看到這些數字並不感到驚訝。我們對這些數字感到興奮。也許我會請格倫對價格發表一些評論。

Yeah. And Joanne, I think one of the things that you've seen us deliver on quarter over quarter, and I think even with orthopedics, is just -- we have a very big focus on these contracts as they're coming up and the negotiations related to those contracts. And we're seeing the results. We're seeing that, okay, we're not always getting into positive territory on orthopedics, but we are seeing less negative than we had seen before. And so I don't see that focus going away anytime soon.

是的。喬安妮，我認為你看到我們每個季度都交付的事情之一，我認為即使在骨科方面，我們也非常關注這些即將到來的合約和談判與這些合約有關。我們正在看到結果。我們看到，好吧，我們在骨科領域並不總是進入積極的領域，但我們看到的負面情況比以前少了。因此，我認為這種關注不會很快消失。

Well, as my follow-up, can you comment on early feedback for Mako Spine? And thank you.

好吧，作為我的後續行動，您能對 Mako Spine 的早期回饋發表評論嗎？謝謝你。

Yeah. Thanks, Joanne. It's very early. So so far, so good. That's all I can say. We've just started the cases literally just in the last week or so. So it is a little bit early to give you more color. Certainly on the next call, we'll be able to provide a lot more feedback, but so far in the early stages, it is performing kind of as we expected.

是的。謝謝，喬安妮。時間還很早。到目前為止，一切都很好。我只能說這麼多。我們實際上是在上週左右才開始處理這些案件。所以現在給你更多的色彩還為時過早。當然，在下一次通話中，我們將能夠提供更多回饋，但到目前為止，在早期階段，它的表現與我們預期的一樣。

We're also excited about Copilot, which is part of that same ecosystem. We've had actually a bit more experience with Copilot. So that launched a little bit ahead of Mako Spine. So what's exciting for me is that robotics launches typically tend to be delayed. If you just look at the industry at large, it's not always easy to launch a robotic application on time, and these two came right on time, right on schedule. And so far, we're getting very good feedback, but it's early.

我們也對 Copilot 感到興奮，它是同一生態系統的一部分。事實上，我們對副駕駛有更多的經驗。所以它比 Mako Spine 提前了一點。因此，令我興奮的是，機器人技術的發布通常會被推遲。如果你只看整個行業，按時啟動機器人應用程式並不總是那麼容易，而這兩個應用程式都按時、按計劃推出。到目前為止，我們得到了非常好的回饋，但還為時過早。

And it's not going to have a big impact on our sales for a little while because we do want to make sure everything is going as it should. We get the training right, not just for the surgeon, but also for their staff. As we've learned with previous launches, it pays to go a little bit slow at the beginning to make sure you get everything nailed before you really start to scale. But all signs and signals are pointing to these two products being really successful for our spine business.

在一段時間內，這不會對我們的銷售產生太大影響，因為我們確實希望確保一切都按預期進行。我們不僅為外科醫生提供正確的培訓，還為他們的員工提供正確的培訓。正如我們在之前的發布中了解到的那樣，一開始放慢一點以確保在真正開始擴展之前把所有事情都搞定是值得的。但所有跡象和信號都表明這兩種產品對我們的脊椎業務來說確實非常成功。

Excellent. Thank you.

出色的。謝謝。

Ryan Zimmerman, BTIG.

瑞安·齊默爾曼，BTIG。

Thank you, and congrats on the quarter. Kevin, we had the chance to see the Vocera acquisition really be integrated into your beds, your stretchers, even, to some extent, the LIFEPAK 35 product. And I'm wondering if you could just talk a little bit about kind of where Stryker's headed from a software versus hardware standpoint, how to think about maybe some of the recurring revenue that you expect to get as you create this ecosystem with Vocera, and now maybe care.ai to some extent and other products, and kind of where you're driving the business to versus what we've historically thought of as more traditional medtech, if you will. I'm just curious your thoughts on that focus.

謝謝，並恭喜本季。Kevin，我們有機會看到收購的 Vocera 真正整合到您的床、擔架中，甚至在某種程度上整合到 LIFEPAK 35 產品中。我想知道您是否可以從軟體與硬體的角度談談 Stryker 的發展方向，如何考慮在使用 Vocera 創建這個生態系統時您期望獲得的一些經常性收入，以及現在也許是care.ai在某種程度上和其他產品，以及你推動業務發展的方向，而不是我們歷來認為更傳統的醫療技術，如果你願意的話。我只是好奇你對這個焦點的想法。

Yeah, thanks. We focus on solving the customer problems. That's fundamentally how we think about it. We know our customers very intimately, and we have been evolving as a company. We moved into 3D printing. We moved into robotics. We've moved into digital. We're now moving into workflow and software as a service.

是的，謝謝。我們專注於解決客戶的問題。從根本上來說，這就是我們的想法。我們非常了解我們的客戶，並且我們作為一家公司一直在不斷發展。我們轉向 3D 列印。我們進入了機器人領域。我們已經轉向數位化。我們現在正在轉向工作流程和軟體即服務。

So this is not something that's sort of new. It's been a gradual progression over a number of years, but I do see us getting more and more involved in connected services for our customers. And these are all high-growth spaces with very good marketing profiles. And I think care.ai is incredibly exciting, getting into virtual nursing, which solves a lot of the problems that hospital customers are having around staffing, and being able to integrate that with Vocera.

所以這並不是什麼新鮮事。這是多年來的逐步進展，但我確實看到我們越來越多地參與為客戶提供的互聯服務。這些都是具有非常好的行銷形象的高成長空間。我認為 care.ai 非常令人興奮，它進入了虛擬護理領域，解決了醫院客戶在人員配置方面遇到的許多問題，並且能夠將其與 Vocera 整合。

So we're not done. I would say we're going to continue to expand both organically with follow-on software upgrades because these things, you have to have continual upgrade cycles, but also looking at other acquisitions to continue to bolt on to the Vocera and care.ai solution. We're looking at expanding Vocera into areas like the emergency department of hospitals. So there's a lot more footprint that we can actually extend these technologies into.

所以我們還沒完成。我想說，我們將繼續透過後續軟體升級進行有機擴展，因為這些事情，你必須有持續的升級週期，但也要考慮其他收購，以繼續加強 Vocera 和 care.ai 解決方案。我們正在考慮將 Vocera 擴展到醫院急診室等領域。因此，我們實際上可以將這些技術擴展到更多的領域。

So to me, it's an incredibly exciting platform opportunity for us in the future, these wireless and digital solutions. But just think about it as us continuing to look for ways to get into high-growth spaces that solve customer problems, and we'll just continue to extend it and expand it. But it's not a shift. We're still very focused on hips and knees and neuro, and our other businesses are also, as you see from our results today, high-growth. And we do that with sometimes traditional methods of producing our products and sometimes getting into new technologies like 3D printing.

所以對我來說，這些無線和數位解決方案對我們未來來說是一個令人難以置信的令人興奮的平台機會。但只要想一想，當我們繼續尋找進入高成長領域來解決客戶問題的方法時，我們將繼續擴展它並擴大它。但這不是轉變。我們仍然非常專注於臀部、膝蓋和神經業務，正如您從今天的表現中看到的那樣，我們的其他業務也在高速成長。我們有時會採用傳統的產品生產方法，有時會採用 3D 列印等新技術。

So do expect more of the same. And this diversification towards medsurg, it's been going on for a decade. And they do have a lot more opportunities for new innovations than you would see in the traditional implant business. So I would expect this diversification story to probably continue going forward.

因此，請期待更多相同的事情。這種向 Medsurg 的多元化已經持續了十年。與傳統植體業務相比，他們確實有更多的創新機會。因此，我預計這種多元化的故事可能會繼續下去。

Fair enough. And Jason, you made the comment that you expect procedures to be healthy through year-end. You've historically made those comments in kind of a three- to six-month window. And I know this is trivial, and it's kind of a follow-up to Joanne's question, but any reason why early thoughts on early '25 wouldn't result in any type of similar procedure environment? I mean, it seems like it would suggest even into the first quarter of '25 that there wouldn't be some type of slowdown. And again, I know it's a more near-term question.

很公平。傑森（Jason），您曾說過，您希望整個程序在年底前保持健康。從歷史上看，您在三到六個月的時間內發表了這些評論。我知道這是微不足道的，這是對 Joanne 問題的後續，但是為什麼 25 年初的早期想法不會導致任何類型的類似程式環境？我的意思是，這似乎表明即使到 25 年第一季也不會出現某種類型的放緩。再說一次，我知道這是一個更近期的問題。

Yeah. No, Ryan, I think what I would say is we don't have any indication that would suggest there's any level of slowdown. And I'll tell you, as a reminder, Kevin kind of made this point as well, if you go back to as far back as our Investor Day, we said we kind of see these markets as mid-single-digit growing markets.

是的。不，瑞安，我想我想說的是，我們沒有任何跡象表明存在任何程度的放緩。我要告訴你，作為提醒，凱文也提出了這一點，如果你追溯到我們的投資者日，我們說我們認為這些市場是中等個位數成長的市場。

I think that's how you're going to see kind of this year play out, and we're going to perform 200 to 300 basis points above that. I don't have any reason to believe as we turn the page and go to January that there'll be some material slowdown. So we feel good about how we think we'll end the year and then start off 2025.

我認為這就是今年的情況，我們的表現將比這個高出 200 到 300 個基點。我沒有任何理由相信，當我們翻過這一頁，進入一月時，將會出現一些實質的放緩。因此，我們對今年結束和 2025 年開始的方式感到滿意。

Thank you.

謝謝。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

[Thanks for taking the question.] I wanted to ask one on LIFEPAK. Any sense for if you could comment on the order backlog compared to kind of typical product backlog, some of the early feedback? Do you think this is enough for medical to grow and accelerate the growth rate of medical next year?

[感謝您提出問題。 ] 我想在 LIFEPAK 上問一個問題。與典型的產品積壓相比，您是否可以對訂單積壓進行評論，這有什麼意義嗎？您認為這足以讓醫療成長並加快明年醫療的成長速度嗎？

And then just wanted to make sure, on the installed base, the 100,000 plus, is that an installed base for the market, or is that an installed base for Stryker? There's just some confusing comments out there, so I wanted to clarify that here.

然後只是想確定，在安裝基礎上，這 100,000 個以上的安裝基礎是市場的安裝基礎，還是 Stryker 的安裝基礎？那裡有一些令人困惑的評論，所以我想在這裡澄清一下。

Hey, Travis. It's Jason. First off, on the backlog, I'm not going to try to quantify it for LP35 specifically, but I'll say it's healthy and there is a ton of excitement in the marketplace here. And we certainly think it'll be one of the pieces, as Kevin talks about medical being a double digit grower, LP35 is certainly going to play into that.

嘿，崔維斯。是傑森。首先，關於積壓，我不會嘗試具體量化 LP35，但我會說它是健康的，這裡的市場有很多令人興奮的事情。我們當然認為這將是其中之一，因為凱文談到醫療是兩位數的成長者，LP35 肯定會發揮作用。

In terms of installed base, yeah, the 100,000 that you referenced, that's a good worldwide number for us as we think about Stryker specifically.

就安裝基礎而言，是的，您提到的 100,000 個，這對我們來說是一個很好的全球數字，因為我們特別考慮了 Stryker。

Yeah. So that -- just to be clear, that's our installed base. That's the LIFEPAK installed base, which I think was the root of your question. And given the replacement cycle, you should think of this as a multi-year tailwind for medical. It's just - it's not a one-year, two-year. This is going to be three-, four-, five-year tailwind, just given the lengthy life cycle of these products.

是的。所以，要先明確的是，這就是我們的安裝基礎。這就是 LIFEPAK 的安裝基礎，我認為這是您問題的根源。考慮到更換週期，您應該將其視為醫療領域的多年順風車。只是──這不是一年、兩年。考慮到這些產品的生命週期很長，這將是三年、四年、五年的順風車。

Great. And I had a follow up, kind of a two-part one for you, Kevin. Just how you're thinking about the overall M&A environment and sizable deals later this year, early next year. And Jason, the $300 million you called out on M&A contribution, is that all inorganic revenue? Or is it just any of that flow into organic, and I'm curious how fast that piece of revenue is growing?

偉大的。我為你準備了一個後續行動，分成兩部分，凱文。您如何看待今年稍後、明年初的整體併購環境和大規模交易。傑森，您所說的 3 億美元併購貢獻，都是無機收入嗎？或者只是其中的一部分流入有機領域，我很好奇這部分收入的成長速度有多快？

Yeah, so thanks. First of all, on the question on the organic or inorganic, obviously these deals happened over the course of this year, the seven deals. So we're going to give our guidance for organic sales growth in January. And you should assume that roughly half of the sales that we talked about, roughly half of the $300 million, will end up being inorganic next year. The other roughly half will appear in our organic guide for the year. But we wanted to give you a sort of a sense for all of these. They're small tuck-ins for the most part, but actually very exciting for each one of those individual businesses. So that was the first part.

是的，所以謝謝。首先，關於有機還是無機的問題，顯然這些交易是在今年發生的，七筆交易。因此，我們將給出 1 月份有機銷售成長的指導。你應該假設我們談論的銷售額的大約一半，即 3 億美元的大約一半，明年最終將成為無機銷售額。另一半將出現在我們今年的有機指南中。但我們想讓您對所有這些有所了解。它們在大多數情況下都是小規模的，但實際上對於每項單獨的業務來說都非常令人興奮。這是第一部分。

Oh, M&A environment continues to be great. So we have a very healthy pipeline of deals. We've been active with a large number of deals. We're going to continue to stay active on the M&A front. We do have still significant financial capacity, having only spent $1.6 billion, and continue to generate strong cash. So that will be the number one use of our cash going forward just as it has been in the past, and we look forward to staying active on the M&A front.

哦，併購環境仍然很好。因此，我們擁有非常健康的交易管道。我們一直在積極進行大量交易。我們將繼續在併購方面保持活躍。我們確實仍然擁有強大的財務能力，僅花費了 16 億美元，並繼續產生強勁的現金。因此，這將是我們未來現金的首要用途，就像過去一樣，我們期待在併購方面保持活躍。

Great. Thanks a lot.

偉大的。多謝。

Matthew O'Brien, Piper Sandler Companies.

馬修·奧布萊恩，派珀·桑德勒公司。

Afternoon. Thanks for taking the question.

下午。感謝您提出問題。

Just maybe -- I don't know if this is for you, Kevin or Glenn, but just help reconcile the commentary on, I think you said record new Mako installations, but then the other line was essentially flat this quarter. And I think you said there was an international pressure that you saw this quarter. So that would imply -- is that the case? Are you starting to see a lot of interest build in the multi-platform capability of Mako? Or is there something else just going on where you're seeing such strong domestic demand for Mako?

只是也許 - 我不知道這是否適合你，凱文或格倫，但只是幫助協調評論，我想你說過創紀錄的新 Mako 安裝，但另一條線本季度基本持平。我想你說過本季你看到了國際壓力。那麼這意味著——是這樣嗎？您是否開始看到人們對 Mako 的多平台功能產生了濃厚的興趣？或者是否有其他原因導致您看到國內對 Mako 的需求如此強勁？

Yeah. Just to clarify, in that other ortho line, the two biggest components are revenue from Mako installations and then bone cement. The revenue from Mako installations comes from outright cash sales, finance deals through capital, and rentals.

是的。需要澄清的是，在另一條正交生產線中，兩個最大的組成部分是來自 Mako 裝置的收入，然後是骨水泥。Mako 裝置的收入來自直接現金銷售、資本融資交易和租金。

And as the year progresses, what we typically see in the back half of the year is that more of our customers choose rental agreements, which ultimately usually end up in purchase agreements a year later. And so even though we have a large number of installations, we're only booking rental income on a monthly basis. And so that's what we feel revenue wise in that line.

隨著時間的推移，我們通常會在下半年看到更多的客戶選擇租賃協議，最終通常會在一年後達成購買協議。因此，即使我們有大量的安裝，我們也只按月預訂租金收入。這就是我們認為在這方面的收入方面。

And the other thing that I mentioned is that bone cement continues to decline. And that really is primarily just a factor of the growth we're seeing in our cementless business. And so those are the two pieces that make that up.

我提到的另一件事是骨水泥持續下降。這確實是我們的非水泥業務成長的主要因素。這些就是組成它的兩個部分。

Okay. So I guess just specifically then, I mean, did the domestic Mako number surprise to the upside in the quarter in terms of the installation?

好的。所以我想具體來說，我的意思是，就安裝而言，本季國內 Mako 數字是否出現意外上升？

Didn't surprise to the upside; it continued to be strong. So we've had continued strength in installations both in the US, as well as international. Sometimes the revenue number, it looks volatile because of the deal mix primarily, where you have a lot of cash sales versus a lot of finance deals. But steady, I would call it steady, good growth in installations, both internationally and in the US.

上漲並不令人意外；它繼續強勁。因此，我們在美國和國際上的安裝方面都保持著持續的優勢。有時，收入數字看起來不穩定，主要是因為交易組合，即大量現金銷售與大量金融交易。但我認為，無論是在國際上還是在美國，安裝量的成長都是穩定的、良好的。

Okay. And then as I look at the ortho business, and I know medical has got a ton of growth in front of it, but the ortho business in your three biggest buckets is -- continues to be well above market averages in terms of growth. And I think trauma extremity actually accelerated here in Q3.

好的。然後，當我觀察骨科業務時，我知道醫療領域已經取得了巨大的成長，但三大領域中的骨科業務的成長仍然遠高於市場平均水平。我認為第三季四肢創傷實際上加速了。

So just the confidence that you can continue to take this much market share, I don't know if you've benefited from your competitor issues in large joints here in Q3 or not, but just the confidence in the ability to -- I know it's really put up this level of growth, but to grow so much faster than the market in '25 and even in '26. Thanks.

因此，只要有信心，您可以繼續佔據如此大的市場份額，我不知道您是否從第三季度的大型接頭中的競爭對手問題中受益，但只是對能力的信心 - 我知道它確實實現了這種成長水平，但成長速度比25 年甚至26 年的市場快得多。謝謝。

Well, I'll start with trauma extremities because, if you look, they had a very big calm from last year and still posted a very significant number. And we're very confident in the future of trauma extremities.

好吧，我將從四肢創傷開始，因為如果你看的話，他們去年以來表現得非常平靜，並且仍然發布了非常可觀的數字。我們對四肢創傷的未來充滿信心。

Shoulder, as you know, has been a very strong grower, double digits pretty consistently. Last week, I had a chance to go to the Orthopaedic Trauma Association, which is our core trauma business unit, the biggest of the three business units within trauma extremities, and I would say I got to see the full force of our trauma team at that meeting with the Pangea launch, with the volar plating launch for distal radius fractures. They are absolutely on fire.

如您所知，肩膀一直是一個非常強勁的成長者，一直保持兩位數成長。上週，我有機會去了骨科創傷協會，這是我們的核心創傷業務部門，是創傷四肢領域三個業務部門中最大的部門，我想說我看到了我們創傷團隊的全部力量與盤古大陸發射會面，掌側板發射用於遠端橈骨骨折。他們絕對火了。

And I see core trauma continuing to be a very strong grower. Pangea is just getting started, and they're already posting tremendous growth. Fantastic management team, very engaged. I'll tell you, it was a very exhilarating conference to see that last week, and that momentum will continue.

我認為核心創傷仍然是一個非常強勁的成長因素。Pangea 才剛起步，他們已經取得了巨大的成長。優秀的管理團隊，非常敬業。我告訴你，上週的會議非常令人振奮，而且這種勢頭將會持續下去。

And then, foot and ankle and biologics -- biologics was very strong, double-digit growth. Foot and ankle used to be kind of a high-single digit grower a little bit lower than that this year. So in spite of that, you're still seeing these very, very big growth rates. And we're actually bullish that the foot and ankle will start to pick up a little bit, and that will contribute to future growth. So I would say trauma extremities is a big business and a double-digit kind of overall grower, at least for the foreseeable future.

然後，足部、腳踝和生物製劑——生物製劑非常強勁，實現了兩位數的成長。腳和腳踝曾經是高個位數的成長點，比今年略低。因此，儘管如此，您仍然會看到非常非常大的成長率。我們實際上看好腳和腳踝將開始有所好轉，這將有助於未來的成長。因此，我想說四肢創傷是一項大生意，並且整體增長呈兩位數，至少在可預見的未來是如此。

And then getting back to hips and knees, we just continue to grow the Mako sort of percent of procedures done in knees, percent of procedures done in hips. Cementless continues to grow quarter after quarter after quarter. Insignia was obviously a massively important launch for our hip business. We launched the Hinge product for revisions for knees that is going extremely well. So tremendous product momentum across the board from quarter to quarter.

然後回到臀部和膝蓋，我們只是繼續增加 Mako 類型的膝蓋手術百分比和臀部手術百分比。無水泥繼續逐季成長。Insignia 顯然對我們的時尚業務來說是一次非常重要的推出。我們推出了膝蓋修正的 Hinge 產品，進展非常順利。每個季度的產品都有如此巨大的發展勢頭。

How much market share will we take? Hard to predict exactly. But we've said for quite some time now, we're going to grow above the market. What level above the market? Let's see how that plays out. But we're in a very good position with our portfolio, with our talent, with our culture across all of these orthopedic businesses.

我們將佔據多少市場份額？很難準確預測。但我們已經說過很長一段時間了，我們的成長將高於市場。比市場高出多少水平？讓我們看看結果如何。但我們在所有這些骨科業務中的產品組合、人才和文化都處於非常有利的位置。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾，Evercore ISI。

Hey, guys. Thanks for taking my question, and congrats on a nice print here.

嘿，夥計們。感謝您提出我的問題，並祝賀您在這裡獲得了精美的印刷品。

Kevin, maybe my first one on Mako here. I think in the past, you mentioned about a certain percentage of hips being performed robotically in the US. I think that number was maybe 25%, 30%. Where are we on Mako utilization? Any qualitative numbers? And is it up mid-singles, up double digits? How should we think about utilization? What percentage of hips are being done robotically right now?

凱文，也許是我在 Mako 上的第一個。我想您過去曾提到在美國有一定比例的髖關節手術是透過機器人進行的。我認為這個數字可能是25%、30%。我們對 Mako 的使用情況如何？有什麼定性的數字嗎？是單打中段，還是兩位數？我們該如何考慮利用？現在機器人完成髖關節手術的比例是多少？

Hey, Vijay. It's Jason. I'll dial that number in for you a bit more precisely in January. But what I would tell you is, those numbers continue to progress in a positive direction quarter after quarter. And with the offense that we're playing, we certainly think that'll continue that pace in the fourth quarter and beyond.

嘿，維傑。是傑森。一月我會更準確地為您撥打該號碼。但我要告訴你的是，這些數字每季都在繼續朝著正面的方向發展。就我們目前的進攻而言，我們當然認為第四節及以後的進攻節奏會持續下去。

Yeah. Vijay, we moved to once a year disclosure of that, given that our competitors don't disclose their percentage that are done on their robotic platforms.

是的。Vijay，鑑於我們的競爭對手沒有披露他們在機器人平台上完成的百分比，我們改為每年披露一次。

Understood. And maybe Kevin, one on the macroenvironment here, I know you've said procedure environment remains healthy. I think in the past, you've spoken about wait times as sort of being a leading indicator. When you look at those wait times, where are we right now from procedure scheduling perspective? And I think on the capital side backlog, does it still remain robust to grow sequentially? Thank you.

明白了。也許凱文，一位研究宏觀環境的人，我知道你說過程式環境仍然健康。我想在過去，您曾說過等待時間是一個領先指標。當您查看這些等待時間時，從程式調度的角度來看我們現在處於什麼位置？我認為在資本方面的積壓方面，環比成長是否仍保持強勁？謝謝。

Just on schedule times, the reason we sort of say we still think the market is healthy is wait times are about -- this is, again, not super scientific, just given the data we have, but it's roughly double the wait times that were pre-pandemic. So average wait times were kind of two months or so. Schedule -- surgery schedules were booked out about two months. Now, they're booked out more like four months. There are some surgeons that are booked out an entire year.

就按計劃時間而言，我們之所以說我們仍然認為市場是健康的，是因為等待時間大約是——這又不是超級科學，只是考慮到我們擁有的數據，但它大約是等待時間的兩倍。因此，平均等待時間約為兩個月左右。時間表——手術時間表被預訂了大約兩個月。現在，他們的預訂已經預訂了大約四個月。有些外科醫生全年的預約都已滿。

And so we're just not seeing that go back. It's staying at that kind of normalized level, which gives us -- it doesn't give us a full-year visibility, but it gives us visibility out at least probably four to six months. It was a good idea. You'd start to see things slowing down on the intake ahead of time. So that's why we feel pretty good about it.

所以我們不會看到這種情況再次發生。它保持在那種標準化水平，這給了我們——它並沒有給我們全年的可見性，但它給了我們至少四到六個月的可見性。這是個好主意。你會開始提前看到攝取量減慢。這就是為什麼我們對此感覺很好。

But again, every quarter, we get a chance to talk to you. If we see something change, we'll let you know, but we're not seeing any change whatsoever, at least not now.

但同樣，每個季度我們都有機會與您交談。如果我們看到某些變化，我們會通知您，但我們沒有看到任何變化，至少現在沒有。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Hey, thanks so much for putting me in. Just a couple of clarifying questions on Mako.

嘿，非常感謝你讓我加入。只是澄清幾個關於 Mako 的問題。

So one, I know there was a -- I think it was Matt's question on color around that product line and ways of purchasing and so on. So just a quick one I think is the mix on leasing in the US versus the mix on leasing OUS and more cash purchases in one geography or another. That kind of color might be helpful. And then I had just one quick follow-up.

所以，我知道有一個——我認為這是馬特關於該產品線的顏色和購買方式等的問題。因此，我想簡單介紹一下美國的租賃組合與美國的租賃組合以及某個地區或另一個地區的更多現金購買的組合。那種顏色可能會有幫助。然後我就進行了一次快速跟進。

Yeah. Hi, Matt. In terms of our leasing business relative to Makos, we see more leasing and financing in the US versus OUS. And I would agree that we also see more rentals in the US than OUS.

是的。嗨，馬特。就我們相對於 Makos 的租賃業務而言，我們看到美國的租賃和融資多於美國。我同意，我們在美國看到的租金也比美國以外的租金還多。

Okay. That's super helpful. And then a kind of mix question, given the strength in that business, and frankly in ortho in general is, can you give us any color on maybe the change in the percentage of new robots installations going into ASCs as a site of care versus more traditional acute care centers or [cash] centers? That'd be super helpful if you're willing to share any color. Thanks.

好的。這非常有幫助。然後是一個混合問題，考慮到該業務的實力，坦率地說，一般而言，您能否給我們一些關於作為護理場所的 ASC 的新機器人安裝百分比與更多機器人安裝百分比的變化的任何顏色？傳統的急診中心還是[現金]中心？如果您願意分享任何顏色，那將會非常有幫助。謝謝。

Yeah, thanks. Just like we said before on the previous question, we're going to once a year kind of give you those kind of metrics rather than doing it every single quarter just for competitive reasons. But suffice to say that the percentage of Makos going into ASCs is going up with the increase in the number of ASCs. We love our ASC offense. And typically, as we win our ASC deals, at least one of those operating rooms tends to have a Mako in it.

是的，謝謝。就像我們之前在上一個問題中所說的那樣，我們將每年為您提供一次此類指標，而不是僅僅出於競爭原因每個季度都會這樣做。但可以肯定的是，隨著 ASC 數量的增加，進入 ASC 的 Mako 比例也在上升。我們喜歡我們的 ASC 進攻。通常情況下，當我們贏得 ASC 交易時，至少其中一間手術室往往會有 Mako。

Steven Lichtman, Oppenheimer & Co.

史蒂文·利奇曼，奧本海默公司

Thank you. Hi, guys. Just on spine, you are obviously increasing your presence on the enabling technologies tier. Do you see your platform there, obviously led by Mako, as sort of the driver for accelerated growth as you look ahead? Or are there other pipeline products or M&A areas that you think could help bolster growth in that segment as well?

謝謝。嗨，大家好。就脊椎而言，您顯然正在增加在支援技術層的影響力。展望未來，您是否認為您的平台（顯然是由 Mako 領導）是加速成長的驅動力？或者您認為還有其他管道產品或併購領域也可以幫助促進該領域的成長嗎？

Well, in the short term, I would say the enabling tech is really the engine for growth, both Mako Spine as well as Copilot. Of course, like every business, we have a number of products that the teams are working on. And as those products launch, they'll also be contributors.

嗯，從短期來看，我想說，支援技術確實是成長的引擎，無論是 Mako Spine 還是 Copilot。當然，像每個企業一樣，我們的團隊正在開發許多產品。隨著這些產品的推出，他們也將成為貢獻者。

But for us, the robot was a major gap in the portfolio, and Copilot gives us a bit of a leap forward. And spine surgeons are more than ever interested in enabling technologies. And we know what that's done to hips and knees and are hopeful that that'll really put us back on offense.

但對我們來說，機器人是產品組合中的一個主要空白，而 Copilot 為我們帶來了一些飛躍。脊椎外科醫生比以往任何時候都對支持技術更感興趣。我們知道這對臀部和膝蓋造成了什麼影響，並希望這真的能讓我們重新投入進攻。

We've been kind of playing defense for spine for quite some time. So I would say that's our immediate focus. The team, of course, are working on other innovative products, but this is the biggest area of opportunity for us, at least in the short term.

很長一段時間以來，我們一直在進行脊椎防守。所以我想說這是我們目前的重點。當然，該團隊正在開發其他創新產品，但這對我們來說是最大的機會領域，至少在短期內是如此。

Got it. Thanks. And then Glenn, just -- I think following up on Larry's question from earlier, looking at below the line expenses next year, any direction you can provide on sort of interest expense compared to 2024 based on what you guys have due and are refinancing?

知道了。謝謝。然後格倫，我想繼續拉里早些時候提出的問題，看看明年的線下支出，根據你們的到期債務和再融資情況，與2024 年相比，您可以提供有關利息支出的任何方向嗎？

Hey, Steven. It's Jason. We'll get into more of that certainly in January. But at this point, we won't provide any more guidance relative to 2025.

嘿，史蒂文。是傑森。我們肯定會在一月討論更多內容。但目前，我們不會提供任何有關 2025 年的更多指導。

Okay, understood. Thank you, guys.

好的，明白了。謝謝你們，夥計們。

David Roman, Goldman Sachs.

大衛羅曼，高盛。

Thank you, and good afternoon. I wanted just to dive a little bit more deeply on the international side. And I appreciate, Kevin, this is something that you've been focused on for several years. As we look across the portfolio now, you're still ending up in the 25%-ish of sales being OUS.

謝謝你，下午好。我只是想更深入地了解國際方面。我很感激，凱文，這是你多年來一直關注的事情。當我們現在審視整個產品組合時，最終仍有 25% 左右的銷售額來自 OUS。

Can you give us a sense of which businesses perhaps don't lend themselves to significant OUS expansion versus those that do? And then a number of your competitors have talked about exiting markets OUS. Does that provide an opportunity to accelerate your penetration into those geographies?

您能否讓我們了解哪些企業可能不適合 OUS 大幅擴張，哪些企業適合？然後，您的許多競爭對手都談到了退出 OUS 市場。這是否提供了加速您滲透到這些地區的機會？

Yeah. The biggest opportunity we have isn't really taking advantage of competitors exiting. It's really taking our technologies to these markets and earning our fair share. And by far, the biggest opportunities are in the medsurg portion of our portfolio. Neurovascular is already very well penetrated internationally, but actually it's the reverse of the rest of Stryker, where the majority of their sales are actually outside the United States.

是的。我們擁有的最大機會並不是真正利用競爭對手的退出。它確實將我們的技術帶入這些市場並贏得我們的公平份額。到目前為止，最大的機會是我們投資組合中的 medsurg 部分。神經血管業務在國際上的滲透率已經非常高，但實際上與史賽克其他公司相反，他們的大部分銷售額實際上都在美國境外。

And then we have some other business like hips that are quite strong internationally. Trauma is very strong internationally, but basically all the other divisions of our company, especially in the medsurg, we have massive opportunities.

然後我們還有其他一些業務，例如在國際上相當強大的臀部業務。創傷在國際上非常強大，但基本上我們公司的所有其他部門，特別是在醫療外科領域，我們都有大量的機會。

The businesses that are a little less likely to be great internationally, something like Sage, those products are terrific, but they involve extra costs to prevent infections. And there are certain markets that are just not as interested in those businesses. But I would call them more of one-off types of businesses that the vast majority of our medsurg portfolio lends itself very well to international deployments. Now, something like Vocera will take time. We'll have to do translation. So these things just take time.

那些不太可能在國際上取得成功的企業，例如 Sage，這些產品很棒，但它們需要額外的成本來預防感染。有些市場對這些業務並不那麼感興趣。但我更願意稱它們為一次性類型的業務，我們的 medsurg 產品組合中的絕大多數都非常適合國際部署。現在，像 Vocera 這樣的東西還需要時間。我們得做翻譯。所以這些事情只是需要時間。

The reason -- one of the biggest reasons why we have such a high percentage of US sales is because we keep buying companies that have only US revenue. And then it takes us time to then take those products to international markets. But the way you should think about it is this is a multi-year, 10-, 15-year tailwind for our company, just given our starting position.

原因 - 我們在美國銷售額中佔有如此高比例的最大原因之一是因為我們不斷購買僅在美國銷售的公司。然後我們需要時間將這些產品推向國際市場。但你應該這樣想：考慮到我們的起始地位，這對我們公司來說是一個多年、10 年、15 年的順風車。

If you think of something like power tools, where we had 33% market share five, six years ago, we've now crossed 50%, but we're far from the market share we have in the United States. And it's just not something that spikes dramatically in one year. It takes the steady drumbeat of adding sales forces and penetrating and providing training and education.

如果你想想像電動工具這樣的東西，五、六年前我們的市佔率是 33%，現在我們已經超過了 50%，但我們與美國的市佔率相比還相去甚遠。而且它不會在一年內急劇上升。它需要不斷增加銷售團隊、滲透並提供培訓和教育。

So it's a very nice, gentle push to our revenue and being able to grow double digits organically as we have the last couple of years. We're going to continue to do that for many years to come. So that, for Stryker, provides tremendous upside versus other companies that are already well penetrated in international markets.

因此，這對我們的收入產生了非常好的、溫和的推動，並且能夠像過去幾年一樣實現兩位數的有機成長。我們將在未來的許多年裡繼續這樣做。因此，對於史賽克來說，與其他已經深入國際市場的公司相比，這提供了巨大的優勢。

That's very helpful. And maybe on the Mako expanded applications in shoulder and spine, as you think about what Mako has been able to accomplish on the hip and knee side, really consolidating a lot of market share around robotics as that's become increasingly so standard of care, should we expect to see something similar on the shoulder and spine side, where the application robotics ends up being a significant share driver overall? And is this the path to catalyzing your spine business maybe more specifically to a number one or number two position?

這非常有幫助。也許Mako 在肩部和脊椎方面的應用得到了擴展，當你想到Mako 在臀部和膝蓋方面所取得的成就時，確實鞏固了機器人技術的大量市場份額，因為機器人技術已經變得越來越標準，我們應該嗎？這是促進您的脊椎業務（也許更具體地說是第一或第二位置）的途徑嗎？

Well, I'll start with spine. So in the case of spine, our Mako robotic solution, I wouldn't say is materially different than the other offerings. So it's a very competitive offering. It's a good offering, but we're not first and it's not incredibly differentiated.

好吧，我先從脊椎開始。因此，就脊椎而言，我不會說我們的 Mako 機器人解決方案與其他產品有本質上的不同。所以這是一個非常有競爭力的產品。這是一個很好的產品，但我們不是第一個，也沒有令人難以置信的差異化。

The Copilot product is fabulous. So our ecosystem, I'm delighted with. If you take the Q guidance and incredibly fast camera, plus Copilot, plus Mako Spine together as a system, very exciting. A robot by itself isn't as differentiating as it is in hips and knees.

Copilot 產品非常棒。所以我對我們的生態系統很滿意。如果你把 Q 引導和令人難以置信的快速相機，加上 Copilot，加上 Mako Spine 一起作為一個系統，非常令人興奮。機器人本身並不像臀部和膝蓋那樣與眾不同。

Then I think about shoulder, I'm wildly excited about the potential. Now, we don't necessarily need it. Our shoulder business is absolutely humming and growing extremely well with great implants. We already have the Blueprint software, which is fabulous for surgical pre-planning, but that Blueprint will feed Mako and we will do bone preparation. And so it'll make a very hard procedure much more easy to accomplish.

然後我想到了肩膀，我對它的潛力感到非常興奮。現在，我們不一定需要它。我們的肩部業務絕對蓬勃發展，並且透過出色的植入物發展得非常好。我們已經有了 Blueprint 軟體，這對於手術預先計劃來說非常有用，但該 Blueprint 將為 Mako 提供食物，我們將進行骨骼準備。因此，這將使一個非常困難的過程變得更容易完成。

So I'm extremely bullish on its potential in shoulder, I would say as much as I am in the knee business. So shoulder should be great. Spine, I think, it'll make us very competitive and it'll be good, but not as transformational as the potential is in shoulder.

因此，我非常看好它在肩膀方面的潛力，就像我在膝蓋方面的潛力一樣。所以肩膀應該要很大。我認為，脊椎會讓我們變得非常有競爭力，而且會很好，但不會像肩膀的潛力那樣具有變革性。

Great. I appreciate you taking the questions.

偉大的。感謝您提出問題。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊，腎臟單位研究。

Thanks. Kevin, I wanted to ask about the Vertos acquisition. Pain is a therapeutic area that you had expressed interest in for some time. You're there now, or at least there now in a bigger way with Vertos. Can you talk about your plans for that mild procedure? And do you see that as a platform that you can build on to add other solutions in interventional pain? Or do you view that as more of a one-off tuck-in?

謝謝。Kevin，我想問 Vertos 收購的事。疼痛是您一段時間以來一直表現出興趣的治療領域。您現在已經做到了，或者至少現在與 Vertos 一起以更大的方式做到了。您能談談您對這種溫和手術的計劃嗎？您是否認為這是一個可以在介入疼痛方面添加其他解決方案的平台？還是你認為這更像是一次性的塞進去？

It's definitely not a one-off. We're really excited. We have an amazing IPS business. It's been high performing for quite some time. It's not the first deal we've done. We did the SpineJack acquisition. We did the curved balloons that we bought from CareFusion during the BD acquisition of CareFusion. We picked up the curved balloons. We had our own internal innovation as well. We launched OptaBlate, so we have both the pain as well as the oncology business within our IPS business.

這絕對不是一次性的。我們真的很興奮。我們擁有令人驚嘆的 IPS 業務。它在相當長一段時間內一直表現出色。這不是我們達成的第一筆交易。我們收購了 SpineJack。我們製作了在 BD 收購 CareFusion 期間從 CareFusion 購買的彎曲氣球。我們拿起了彎曲的氣球。我們也有自己的內部創新。我們推出了 OptaBlate，因此我們的 IPS 業務既有疼痛業務，也有腫瘤業務。

But it is a fabulous business. This is solving real problems that patients have, and it debulks the ligament and then the pain subsides and then that obviously obviates the need for more serious surgery. So we're very excited. We want to fill the bag up. We have an amazing leadership team there and sales force that knows how to win.

但這是一項神話般的生意。這正在解決患者所面臨的實際問題，它可以減輕韌帶的體積，然後疼痛就會減輕，然後顯然就不需要進行更嚴重的手術了。所以我們非常興奮。我們想把袋子裝滿。我們擁有一支出色的領導團隊和知道如何獲勝的銷售團隊。

And I wouldn't say we're going to stop. I think we do have another internal innovation that's planned. We haven't communicated yet. We'll probably communicate that in the first quarter, which we're very excited about. And so that business will continue to be a high grower for Stryker in the future. And I wouldn't say we're done.

我不會說我們會停下來。我認為我們確實有計劃進行另一項內部創新。我們還沒有溝通過。我們可能會在第一季傳達這一點，對此我們感到非常興奮。因此，該業務未來將繼續成為 Stryker 的高成長點。我不會說我們已經完成了。

Great. Thanks.

偉大的。謝謝。

Jason Wittes, Roth MKM.

傑森·維茨，羅斯·MKM。

Hi. Thanks for taking the question. So clearly one of the biggest trends in knees is the move towards cementless knees. But if you look at the data, it's almost entirely driven by Mako. At least the numbers I've seen are well above -- or 75% or so. So just looking at the competition, is there any other commercial robot out there that's even capable of making the appropriate cuts to put in a cementless knee? Or is that kind of what's driving sort of this dominance here?

你好。感謝您提出問題。顯然，膝蓋的最大趨勢之一是轉向非骨水泥膝蓋。但如果你看一下數據，它幾乎完全是由 Mako 驅動的。至少我看到的數字遠高於 75% 左右。那麼，看看競爭，是否有其他商用機器人能夠進行適當的切割以植入非骨水泥膝蓋？或者這就是推動這種統治地位的原因嗎？

Well, let's start just sort of rewinding the tape. We've been 10 years in the market with cementless. So we launched cementless prior to Mako. And we have incredible long-term data that shows that our cementless offering provides fantastic results.

好吧，讓我們開始倒帶。我們在無水泥市場上已經有 10 年的歷史了。因此，我們在 Mako 之前推出了無水泥。我們擁有令人難以置信的長期數據，表明我們的非水泥產品提供了出色的結果。

We have good long-term data, five-year registry data that's 99% success rate. So this is a huge advantage for us. When a surgeon's thinking of moving to cementless, knowing they have a proven implant is big. You're right that the cut and the precision of our cut lends itself to really doing a press-fit knee or a cementless knee. And our percentage of cementless with Mako is much higher than our percentage of cementless with standard instruments.

我們擁有良好的長期數據，五年的註冊數據，成功率高達 99%。所以這對我們來說是一個巨大的優勢。當外科醫生考慮轉向非骨水泥治療時，知道他們擁有經過驗證的植入物是很重要的。您說得對，我們的切割和切割精度有助於真正實現壓合膝蓋或非骨水泥膝蓋。我們使用 Mako 進行非骨水泥治療的比例遠高於使用標準器械進行非骨水泥治療的比例。

But we do have quite a lot of surgeons doing standard knee replacement with our cementless offering. And the competition is much later in providing their offering. Some of them are just launching their cementless now. It takes -- it took us time. Surgeons aren't going to switch right away. They're going to want to make sure that there's no aseptic loosening. They're going to follow their patients very carefully for the first six months, one year. Some of the prior versions of cementless hasn't gone well. So some of them are scarred from that.

但我們確實有很多外科醫生使用我們的非骨水泥產品進行標準膝關節置換術。競爭對手提供產品的時間要晚得多。其中一些現在剛推出無水泥。這需要——我們花了時間。外科醫生不會立即更換。他們需要確保沒有無菌性鬆動。他們將在前六個月甚至一年內非常仔細地追蹤患者。一些早期的無水泥版本進展並不順利。所以他們中的一些人因此而傷痕累累。

So I think for the competition, it's just going to take time just like it did for us. It took us time early on. We just have a massive headstart in the timing. And now we have long-term data, which proves that this is a terrific solution. So we love our position. That was our bet. We bet on cementless and robotics and did not launch a brand new knee system. And we are in a good position right now because of it.

所以我認為對於比賽來說，就像我們一樣需要時間。我們一開始就花了時間。我們只是在時間上領先了一步。現在我們有了長期數據，證明這是一個很棒的解決方案。所以我們熱愛我們的立場。這是我們的賭注。我們押注於無骨水泥和機器人技術，並沒有推出全新的膝蓋系統。因此我們現在處於有利的位置。

Yes, agreed. And if I think about hips, same game plan. I mean, obviously slightly different approach, but you're obviously a first mover. In terms of just the implant or just the technology, do you see sort of those things positioning you better in hips right now than everybody else? Or how should we think about how that's going to sort of work its way through? Because obviously, knees were kind of the first focus. And now -- and obviously hips, not that they're new, but they're kind of followed knees.

是的，同意。如果我考慮臀部，同樣的遊戲計劃。我的意思是，顯然方法略有不同，但你顯然是先行者。就植入物或技術而言，您是否認為這些東西現在比其他人更適合您的臀部？或者我們應該如何思考這將如何進行？因為顯然，膝蓋是第一個焦點。現在——顯然是臀部，並不是說它們是新的，但它們有點像膝蓋。

Yeah. The need in knee is more obvious because there's a lot more dissatisfied patients in knees and hips has a much higher satisfaction rate. So sometimes it's not as obvious, the need for hips, and that's why we try to get it in front of surgeons so they can see the power of Mako with pelvic tilt information.

是的。膝關節的需求更為明顯，因為膝關節不滿意的患者較多，而髖關節的滿意度較高。因此，有時對臀部的需求並不那麼明顯，這就是為什麼我們試圖將其擺在外科醫生面前，以便他們能夠透過骨盆傾斜訊息看到 Mako 的力量。

We also have, of course, the Insignia stem, which is doing great. I forgot to mention that the Trident II hip cup. So we have a 3D-printed hip cup which the surgeons absolutely love. That's actually our first, I'd call it replacement product. Most of the 3D printing products we've done across our business, including CMF, as well as our hips in the business, have mostly been innovation around 3D printing to enable cementless as an example. But we actually have replaced our hip cup with a 3D-printed hip cup, which provides fantastic fixation.

當然，我們還有 Insignia 車把，效果非常好。我忘了提Trident II 臀杯。因此，我們擁有外科醫生非常喜歡的 3D 列印髖杯。這實際上是我們的第一個產品，我稱之為替代產品。我們在整個業務中完成的大多數 3D 列印產品，包括 CMF，以及我們業務中的臀部，大部分都是圍繞 3D 列印的創新，以實現無水泥為例。但我們實際上已經用 3D 列印的髖杯取代了髖杯，它提供了極好的固定效果。

And with Mako, you actually don't need to have a fluoroscopy during the direct anterior procedure. So getting lead out of the operating room is a big deal. And we're only just starting to market that. And as surgeons realize that initially they'll reduce the number of shots because it gives them comfort and security doing the direct anterior method of procedure. But we're starting to see more and more surgeons reduce the number of shots and then actually get radiation out of the operating room, which not only makes the surgeon happy, it makes all the surgical staff very happy. And you can do that with Mako for hips.

對於 Mako，您實際上不需要在直接前路手術期間進行透視檢查。因此，將鉛帶出手術室是一件大事。我們才剛開始推銷它。外科醫生意識到，最初他們會減少注射次數，因為這讓他們在進行直接前路手術時感到舒適和安全。但我們開始看到越來越多的外科醫生減少注射次數，然後實際上將輻射帶出手術室，這不僅讓外科醫生高興，也讓所有手術人員都非常高興。你可以用 Mako 的臀部來做到這一點。

So that is one of the compelling advantages that our system has that we're going to continue to start to push. So that should, over time, increase the uptake of Mako Hips. And of course, outside the United States, there's a lot more hip procedures done. It's not nearly as weighted to knees. Other than India, the rest of the world has much more balance between hips and knees, and they're seeing the benefit of the HIP application. Japan's a good example where the hip business is doing extremely well on Mako.

因此，這是我們的系統具有的引人注目的優勢之一，我們將繼續推動這一優勢。因此，隨著時間的推移，應該會增加 Mako Hips 的吸收。當然，在美國以外，也進行了更多的髖關節手術。它幾乎沒有那麼重到膝蓋。除了印度外，世界其他地區的臀部和膝蓋之間的平衡程度要高得多，他們也看到 HIP 應用的好處。日本就是一個很好的例子，時尚事業在 Mako 上表現得非常好。

So yes, there's a lot more upside. It takes a little longer because it's not as obvious that you're going to get these benefits until you actually try it. And that's what we're trying to educate our customers on these benefits.

所以，是的，還有更多的好處。這需要更長的時間，因為在您真正嘗試之前，您並不清楚是否會獲得這些好處。這就是我們試圖讓客戶了解這些好處的原因。

Great. Thanks for all the detail, Kevin, and I'll jump back in queue.

偉大的。謝謝你提供的所有細節，凱文，我會重新排隊。

Mike Matson, Needham & Company.

麥克馬森，李約瑟公司。

Yeah, thanks. Just have another one on Mako. I guess with spine and shoulder coming, you're kind of a different position as a company because you have such a huge installed base already of systems that are out there. So is it safe to assume that your existing installed base will provide an advantage and that you could potentially upgrade some of those to either do spine and/or shoulder? Or do you expect most of those robots doing those procedures to be sort of more greenfield placements?

是的，謝謝。就在 Mako 上再放一張吧。我想隨著脊椎和肩膀的到來，作為一家公司，你的處境會有所不同，因為你已經擁有如此龐大的系統安裝基礎。那麼，是否可以安全地假設您現有的安裝基礎將提供優勢，並且您可以升級其中一些來執行脊椎和/或肩膀？或者您期望大多數執行這些程式的機器人都處於未開發狀態？

I think the answer is probably a bit of both. But what we most benefit from is the brand of Mako. Mako is a brand that is trusted, that is known, that they have success and experience buying already. And so having another application on a proven robot, I think, is a massive advantage.

我認為答案可能是兩者兼具。但我們最受益的是Mako的品牌。Mako 是一個值得信賴的品牌，眾所周知，他們已經取得了成功並擁有購買經驗。因此，我認為在經過驗證的機器人上擁有另一個應用程式是一個巨大的優勢。

Whether they add the application to existing robots or whether they purchase a standalone robot for their spine surgeon, in either case, they have experience with the robot, they have trust with the robot, they have trust with the brand of Mako. I think that gives us a massive advantage, absolutely.

無論他們將應用程式添加到現有機器人中，還是為脊椎外科醫生購買獨立的機器人，無論哪種情況，他們都有使用機器人的經驗，他們對機器人有信任，他們對 Mako 品牌有信任。我認為這絕對為我們帶來了巨大的優勢。

The pricing looks good this year. I know you're not giving guidance for next year, but maybe you could just talk about what you're seeing there, kind of the areas where you're seeing better or worse pricing, and you just see your expectation of the sustainability.

今年的定價看起來不錯。我知道你不會給出明年的指導，但也許你可以談談你在那裡看到的情況，你看到更好或更差定價的領域，你只是看到你對永續性的期望。

Yeah. Mike, I think, gosh, how the years unfolded. You think about Q1, we had positive 0.7; Q2, positive 1.1; and now Q3, positive 1.2. So we are -- we're seeing good results from the programs that we've put in place.

是的。麥克，我想，天哪，這些年是如何展開的。你想想 Q1，我們有正 0.7； Q2，正1.1；現在第三季度，正值 1.2。所以我們——我們看到我們實施的計劃取得了良好的成果。

And keep in mind, too, the programs sort of span the gauntlet from working with large healthcare systems contractually, but even working on smaller scale individual hospitals or even ASCs to drive better pricing. And it's an understanding of why we are driving that kind of pricing. And so I do think that we've exercised this muscle across our business, both in the US and international, that now has just become systemic in our business. And so it is something that will get attention in every deal that we do.

還要記住，這些項目在某種程度上跨越了與大型醫療保健系統簽訂合約合作的挑戰，但甚至與規模較小的個體醫院甚至 ASC 合作以推動更好的定價。這是對我們為何推動這種定價的理解。因此，我確實認為我們已經在美國和國際業務中運用了這種力量，現在它已經成為我們業務的系統性。因此，這是我們所做的每筆交易中都會受到關注的事情。

Moving forward, I don't expect that to change. I'm sure things could get more competitive, and we'll provide that kind of guidance when we hit January. But right now, we're very bullish on this year and where we're going to get to with pricing.

展望未來，我預期這種情況不會改變。我確信事情會變得更具競爭力，我們將在一月提供此類指導。但現在，我們非常看好今年以及定價的方向。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Danielle Antalffy, UBS Equities.

丹妮爾·安塔菲，瑞銀股票。

Hey, everyone. Good afternoon. Thanks so much for taking the question. Congrats on a really good quarter here.

嘿，大家。午安.非常感謝您提出問題。恭喜這裡度過了一個非常好的季度。

Clearly, a lot of momentum here. I was wondering if I could focus the conversation on the orthopedics business, large joint orthopedics. And I appreciate your competitive position with Mako and things like that, but I guess I'm just curious at a high level. I mean, you guys continue to -- it seems like you continue to gain share here.

顯然，這裡有很大的動力。我想知道是否可以將談話重點放在骨科業務、大關節骨科。我很欣賞你與 Mako 的競爭地位以及類似的事情，但我想我只是對高水平感到好奇。我的意思是，你們似乎繼續在這裡獲得份額。

And I'm curious, what is the leading driver there? I mean, is it led by the robot? Is it led by the product offering and Stryker's ability to provide a broad swath of product offerings to the ASC? And then I'll follow up now, the follow-up is on ASC specifically and where we are in the transition of procedures, large joint orthopedic procedures to the ASC. Thanks so much.

我很好奇，那裡的主要司機是什麼？我的意思是，它是由機器人領導的嗎？它是否以產品供應和 Stryker 向 ASC 提供廣泛產品的能力為主導？然後我現在會跟進，後續行動具體是關於 ASC 的，以及我們在程序、大型聯合骨科程序向 ASC 的過渡過程中的情況。非常感謝。

Hey, Danielle. It's Jason. I would say, in terms of our ability to win here, it's a combination of probably all of the things that you just listed frankly.

嘿，丹妮爾。是傑森。我想說，就我們在這裡獲勝的能力而言，這可能是您剛才坦率列出的所有因素的結合。

But I would say we've been very consistent here in terms of the messaging of how we're going to win in the market, how the market's going to play out for several quarters now. If you look and just start with our Mako installed base, and we've had a number of quarters now of record installations. If you think about how that translates into growth in our hips and knees business, that's certainly a positive.

但我想說的是，在我們將如何贏得市場、市場將如何在未來幾季發揮作用的訊息方面，我們一直非常一致。如果您看看我們的 Mako 安裝基礎，您會發現我們已經連續幾季創下了安裝量記錄。如果您考慮一下這如何轉化為我們的臀部和膝蓋業務的成長，這當然是積極的。

And then when you think about from a utilization standpoint, obviously I commented that we'll add a bit more color in January, but that continues to go up. So again, just a variety of positive factors. Glenn talked about price. That certainly is a piece of what we see as well, but certainly several factors.

然後，當您從利用率的角度考慮時，顯然我評論說我們將在一月份添加更多顏色，但這種情況仍在繼續上升。再說一遍，只是各種正面因素。格倫談到了價格。這當然也是我們所看到的一部分，但肯定是幾個因素。

Your question on the ASC environment, Kevin commented on this earlier as well, where we continue to see the Mako footprint built out in the ASC environment, again, helping the hips and knees business. Again, I'll provide in January, we typically do this once a year in terms of percentage of large joints down in the ASC, but that continues to go up as well. So it's certainly a variety of factors that are attributing to our growth over time.

你關於 ASC 環境的問題，Kevin 早些時候也對此發表了評論，我們繼續看到 Mako 足跡在 ASC 環境中建立，再次幫助臀部和膝蓋業務。我將在 1 月再次提供，我們通常每年根據 ASC 中大關節下降的百分比進行一次此操作，但該比例也在繼續上升。因此，隨著時間的推移，肯定有多種因素推動了我們的成長。

Yeah. The last thing I'd add is, when you see sustained performance over time, that's one of the things we really value at Stryker. If you go to our national sales meetings and we have numerous awards for performance over time, to sustain something requires -- yes, you need a portfolio, but people catch up and sometimes someone jumps ahead of you. And so the portfolio by itself is not ever going to be enough to have sustained high performance.

是的。我要補充的最後一件事是，當您看到隨著時間的推移持續表現時，這就是我們在 Stryker 真正重視的事情之一。如果你參加我們的全國銷售會議，並且我們因長期表現而獲得了無數獎項，那麼要維持某些東西就需要——是的，你需要一個產品組合，但人們會追上來，有時有人會跳到你前面。因此，投資組合本身並不足以保持持續的高效能。

It's also the culture in the sales force, the way we hire our sales force, how engaged our sales forces are, how well they execute. That has been a hallmark of Stryker, and it spans the entire corporation, the way we add sales forces and split territories and split divisions. And we are an incredibly sales-driven organization, and our teams are highly engaged and they're very high performing. And sometimes, not always, with the leading product in some cases, but they know how to sell and that's been a strength for a long, long time at Stryker. And that is still very alive today.

這也是銷售人員的文化、我們僱用銷售人員的方式、我們銷售人員的參與程度以及他們的執行情況。這是 Stryker 的標誌，它涵蓋了整個公司，也就是我們增加銷售團隊、劃分區域和部門的方式。我們是一個令人難以置信的銷售驅動型組織，我們的團隊高度敬業且表現非常出色。有時，並非總是如此，在某些情況下，他們擁有領先的產品，但他們知道如何銷售，這一直是 Stryker 很長一段時間的優勢。這在今天仍然非常活躍。

Thank you.

謝謝。

Richard Newitter, Truist Securities.

理查德紐特 (Richard Newitter)，Truist 證券公司。

Hi. Thanks for taking the questions, and congrats on a really strong third-quarter performance.

你好。感謝您提出問題，並祝賀第三季的強勁表現。

So my first question, can you guys put any quantification around the amount of dilution or earnings dilution from the roughly $300 million of deals you did in '24 that you need to overcome? And is all of that going to be absorbed in '24? Is there going to be any kind of impact from a dilution standpoint in '25? And can you quantify either?

所以我的第一個問題是，你們能否對你們在 24 年進行的大約 3 億美元交易中需要克服的稀釋或收益稀釋程度進行量化？所有這些都會在 24 世紀被吸收嗎？從稀釋的角度來看，25 年會產生任何影響嗎？你能量化嗎？

Yeah. Hi, Richard. The only thing we really commented on, and I think Kevin said this, was that we will cover the dilution and it's contemplated in the guidance that we have provided for this whole year. And it's anticipated that that dilution will be covered next year as well.

是的。嗨，理查德。我們真正評論的唯一一件事是，我認為凱文說過這一點，我們將涵蓋稀釋，並在我們為全年提供的指導中考慮了這一點。預計明年也將涵蓋這種稀釋。

Okay, thanks. And if you could -- actually, I'll sneak another one in just -- what divisions the key acquisitions go into if you could just remind us for modeling?

好的，謝謝。如果你可以的話——實際上，我會偷偷地加入另一項——如果你能提醒我們進行建模的話，關鍵收購將進入哪些部門？

And then my second question, my real second question, ischemic stroke, Kevin, what do you think it's going to take product fix? Is that a sales organization fix? How can you reaccelerate the momentum in that franchise? Thank you.

然後我的第二個問題，我真正的第二個問題，缺血性中風，凱文，你認為產品修復會怎麼樣？這是銷售組織的修復嗎？如何才能重新加速該系列的發展動能？謝謝。

Yeah, thanks. The ischemic segment has been more demanding and challenging. We had some supply challenges on our flow-diverting stent portfolio. So that is being rectified, so we're feeling better about that as we end this year and go into next year.

是的，謝謝。缺血部分的要求更高、更具挑戰性。我們的分流支架產品組合面臨一些供應挑戰。所以這個問題正在得到糾正，所以當我們今年結束並進入明年時，我們對此感覺更好。

On the aspiration side, there's just a large number of competitors. We do have -- we launched the Vector 46, a really good catheter and aspiration catheter that's doing well. But we are looking at some sales force changes perhaps because, in some cases, the competitors that only sell that and sales force has a solidly broad suite of products. And so we have had a little bit of experimentation on some dedicated sales reps that are only selling ischemic.

在願望方面，存在大量的競爭對手。我們確實推出了 Vector 46，這是一款非常好的導管和抽吸導管，表現良好。但我們正在關註一些銷售人員的變化，也許是因為在某些情況下，只銷售該產品的競爭對手和銷售人員擁有一套廣泛的產品。因此，我們對一些只銷售缺血性藥物的專門銷售代表進行了一些實驗。

So we're looking at a number of different options to try to shore up that business. But I would say we still love the neurovascular space. It's just that segment has become very competitive with a lot of new entrants. And we're looking at different options to be able to improve that. So we do have a good portfolio. So the portfolio isn't the biggest part of the problem. We did have a supply chain issue that's getting done.

因此，我們正在考慮多種不同的選擇來嘗試支撐該業務。但我想說我們仍然喜歡神經血管領域。只是這個細分市場已經變得非常有競爭力，有很多新進者。我們正在尋找不同的選擇來改進這一點。所以我們確實有一個很好的投資組合。因此，投資組合並不是問題的最大部分。我們確實有一個正在解決的供應鏈問題。

Thank you.

謝謝。

Matt Taylor, Jefferies.

馬特泰勒，杰弗里斯。

Hey, guys. Thanks for taking the question. I wanted to ask you about the sustainability of the pricing trends, which have been better over time in the '25. And then also if you have to think about an upside scenario for '25, what would be the source of that? Is it better ortho growth or medsurg outperformance? Where do you think you could surprise?

嘿，夥計們。感謝您提出問題。我想問您有關定價趨勢的可持續性的問題，隨著時間的推移，定價趨勢在 25 世紀變得更好。然後，如果你必須考慮 25 年的上行前景，那麼其來源是什麼？是 Ortho Growth 比較好，還是 Medsurg 表現比較好？你認為哪裡可以讓你感到驚訝？

Yeah. Matt, on pricing, I think we've told you everything we can on 2024, to be honest. And in January, we'll provide full guidance on where we think pricing will come out for 2025.

是的。Matt，關於定價，老實說，我想我們已經告訴了您 2024 年我們能告訴您的一切。1 月份，我們將提供 2025 年定價的完整指導。

Yeah. Matt, I would just say also, as it relates to kind of sustainability of growth, probably the same answer there that as we think about the different areas of the business, we'll certainly get into more in January as we think about areas of growth.

是的。馬特，我也想說，因為它與成長的可持續性有關，可能與我們考慮業務的不同領域時的答案相同，當我們考慮以下領域時，我們肯定會在一月份進行更多討論生長。

Jeff Johnson, Robert W. Baird & Co.

傑夫·約翰遜、羅伯特·W·貝爾德公司

Thank you. Good afternoon, guys. I'll try to be quick here at the end.

謝謝。下午好，夥計們。最後我會盡量快一點。

So Glenn, I know you've said about everything you can on price, but can I just confirm, I think this is your first quarter of positive orthopedic pricing, at least as far back as my model goes in 2012. And if memory serves, I'll bet it acted like 2006 or '07 when orthopedic pricing first really started to slip across the industry.

格倫，我知道您已經就價格說了一切，但我可​​以確認一下，我認為這是您的骨科定價的第一個季度，至少可以追溯到 2012 年我的模型。如果沒記錯的話，我敢打賭它的表現就像 2006 年或 07 年，當時骨科定價第一次真正開始在整個產業下滑。

And how much of that is Stryker flexing its muscle the way you kind of qualified it earlier in your comments versus just hospitals have realized they've kind of cut to the bone and in an inflationary environment, if they want innovation out of all of you manufacturers, you need to start -- they need to maybe stop asking for those bigger price cuts every year and things like that? Thanks.

這其中有多少是史賽克（Stryker）像您之前在評論中所說的那樣展示了自己的力量，而不是只有醫院意識到他們已經在通貨膨脹的環境中削減了骨頭，如果他們想要你們所有人的創新的話製造商，你需要開始——他們可能需要停止要求每年大幅降價之類的事情？謝謝。

Yeah. I think, first of all, you're correct. This is the first quarter for positive orthopedic pricing growth. Keep in mind a lot of that was driven in international markets and especially in international markets where we saw more extreme FX and inflationary pressures, which we obviously adjust our pricing in those markets to match that. I would say in the US orthopedic market, we're seeing good performance, but we're not necessarily seeing positive performance on pricing in US orthopedics market.

是的。我認為，首先，你是對的。這是骨科產品價格正成長的第一季。請記住，其中許多是由國際市場推動的，尤其是在我們看到更極端的外匯和通膨壓力的國際市場，我們顯然調整了這些市場的定價以適應這種壓力。我想說，在美國骨科市場，我們看到了良好的表現，但我們不一定看到美國骨科市場定價的正面表現。

All right. That's helpful. And then Kevin, just last one. It just -- I think way back many years ago, we used to think about like medical endo and instruments. One would be going through a new cycle, double digits, strong double digits growth. One would be coming up against tough comps from a cycle maybe 18, 24 months earlier. It was in the mid-single digits and then one of the other segments kind of in between.

好的。這很有幫助。然後是凱文，最後一位。我想早在很多年前，我們就曾經考慮過醫療內視鏡和儀器。人們將經歷一個新的周期，兩位數、強勁的兩位數成長。人們可能會遇到 18、24 個月前的一個週期中的艱難比賽。它位於中間個位數，然後其他部分之一介於兩者之間。

You're double digits in all those segments here year to date. Are we -- is there just so much diversity now, a diversification in those three units and they're so big that you can just kind of keep up product cycles across all three and we don't really have to think about at least the valley part of that in any of these segments in given years down to 5% growth or something like that? Just think about conceptually the balance between medical endo and instruments. Thanks.

今年迄今為止，您在所有這些細分市場中的表現都達到了兩位數。我們現在是否有如此多的多樣性，這三個部門的多元化，它們是如此之大，以至於你可以在所有三個部門之間保持產品週期，而我們實際上至少不需要考慮在特定年份中，這些細分市場中的任何一個領域的山谷部分的成長率會下降到5% 或類似的水平？只需從概念上考慮醫療內視鏡和儀器之間的平衡即可。謝謝。

I think that was extremely well said. The way you just described is exactly what the strategy has been -- to diversify away from purely capital businesses, to get into high growth segments, to make these bigger, stronger businesses that's underneath the noise of the business. You can have some parts of the business maybe slowing a little bit, but other parts accelerating and overall living in the double-digit growth land for the overall division.

我認為這句話說得非常好。你剛才描述的方式正是我們的策略——從純粹的資本業務轉向多元化，進入高成長領域，使這些隱藏在業務噪音之下的業務規模更大、更強。業務的某些部分可能會放緩一點，但其他部分會加速，整個部門總體上處於兩位數的成長狀態。

So that is very well said. And frankly, that's what we've experienced if you look at the last three years. You're not seeing the peaks and troughs you used to see in those businesses if you go back six, seven, eight, nine years ago. And you should expect going forward that you're going to have much more sort of sustainable, consistent growth at those divisional levels. So well said.

所以說得很好。坦白說，如果你看看過去三年，這就是我們所經歷的。如果你回到六、七、八、九年前，你就看不到這些企業過去所看到的高峰和低谷了。您應該預期，未來這些部門層級將實現更永續、持續的成長。說得好。

Thank you.

謝謝。

Caitlin Cronin, Canaccord Genuity.

凱特琳·克羅寧，Canaccord Genuity。

Hi. Congrats on a great quarter. Thanks for taking the question.

你好。恭喜您度過了一個出色的季度。感謝您提出問題。

I guess just turning back to M&A, I think you've been focused on top-line growth for your acquisitions, but I've also noted that the margin expansion expectations is really inclusive of the recent acquisitions. I guess just stepping back, how do you think about the margins of potential acquisitions? Is there a floor, or is it more fluid if you're able to see how you can drive efficiencies?

我想回到併購，我認為您一直專注於收購的營收成長，但我也注意到，利潤率擴張預期確實包含了最近的收購。我想退一步來說，您如何看待潛在收購的利潤？如果您能夠了解如何提高效率，是否有底線，或者是否更流暢？

Yeah. Caitlin, I think as we look at our modeling for M&A, obviously we're looking for fast-growing markets. We're looking for things that are creative to Stryker.

是的。凱特琳，我認為當我們審視併購模型時，顯然我們正在尋找快速成長的市場。我們正在尋找對 Stryker 來說具有創意的東西。

And sometimes that accretion is over a longer period of time and sometimes over a shorter period of time. I mean, ultimately we're going to drive all these acquisitions to be accretive and accretive at the op margin line and especially accretive at the EPS line. But the modeling and the timing of that can extend over a period of time. For product tuck-ins, those are fairly immediate. For close adjacencies, those maybe take a little bit longer.

有時這種成長會持續較長的一段時間，有時會持續較短的一段時間。我的意思是，最終我們將推動所有這些收購在營運利潤線上不斷增值，尤其是在每股收益線上增值。但建模和時間安排可能會持續一段時間。對於產品的塞入來說，這些是相當直接的。對於緊密相鄰的區域，可能需要更長的時間。

But being a high-growth acquirer, we're not going to look at dilution as something that scares us off. And as we said, if they're tuck-in deals, we're going to just absorb the early dilution. And we know that that's going to then become accretive over time.

但作為一家高成長收購方，我們不會將稀釋視為令我們望而卻步的事情。正如我們所說，如果它們是固定交易，我們將吸收早期的稀釋。我們知道，隨著時間的推移，這種情況將會不斷增加。

Got it. Thanks so much.

知道了。非常感謝。

Josh Jennings, TD Cowen.

喬許·詹寧斯，TD·考恩。

Great. Thank you. This is Eric on for Josh. Thanks for taking the question.

偉大的。謝謝。這是埃里克替喬許發言。感謝您提出問題。

On ortho, congrats on a really strong quarter and results there. One of your competitors has shared that they're going through a restructuring of their ortho business. I was just curious if you've seen any impact you've seen any impact from that and to what extent it may have been a benefit this quarter. Thank you.

在正交方面，祝賀一個非常強勁的季度和結果。您的一位競爭對手錶示，他們正在重組其骨科業務。我只是很好奇您是否看到了任何影響，以及它在本季度可能帶來的好處有多大。謝謝。

Eric, it's Jason. I would say, typically, we don't comment on competitor comments and continue to rely on the offense that we're playing. So we'll certainly continue to do that as we move forward.

艾瑞克，這是傑森。我想說，通常情況下，我們不會對競爭對手的評論發表評論，而是繼續依賴我們正在打的進攻。因此，隨著我們的前進，我們肯定會繼續這樣做。

There are no further questions. I'll now turn the call over to Kevin Lobo for closing remarks.

沒有其他問題了。現在我將把電話轉給凱文·洛博（Kevin Lobo）做總結發言。

Thank you all for joining our call. We are excited about the business momentum that we have going forward and look forward to sharing the fourth-quarter and full-year results with you in January. Thank you.

感謝大家加入我們的通話。我們對未來的業務勢頭感到興奮，並期待在一月份與您分享第四季度和全年業績。謝謝。

This concludes the third-quarter 2024 Stryker earnings call. You may now disconnect.

Stryker 2024 年第三季財報電話會議到此結束。您現在可以斷開連線。