史賽克 (SYK) 2025 Q1 法說會逐字稿

Welcome to the first quarter 2025 Stryker earnings call. My name is Luke, and I'll be your operator for today's call. (Operator Instructions) This conference call is being recorded for replay purposes. Before we begin, I'd like to remind you that the discussions during this conference call will include forward-looking statements.

歡迎參加 2025 年第一季 Stryker 收益電話會議。我叫盧克，今天我將擔任您的電話接線生。（操作員指示）本次電話會議將被錄音以供重播。在我們開始之前，我想提醒您，本次電話會議中的討論將包括前瞻性陳述。

Factors that could cause actual results to differ materially are discussed in the company's most recent filings with the SEC. Also, the discussions will include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found in today's press release that's an exhibit to Stryker 's current report on Form 8-K filed today with the SEC.

該公司在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。此外，討論還將包括某些非公認會計準則財務指標。今天的新聞稿中可以找到與最直接可比較的 GAAP 財務指標的對賬，該新聞稿是 Stryker 今天向美國證券交易委員會提交的 8-K 表格當前報告的附件。

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

現在我想將電話轉給董事長兼執行長凱文·洛博先生。先生，您可以繼續。

Welcome to Stryker's first quarter earnings call. Joining me today are Preston Wells, Stryker's CFO; and Jason Beach, Vice President of Finance and Investor Relations. For today's call, I'll provide opening comments followed by Jason with the trends we saw during the quarter and some product updates. Preston will then provide additional details regarding our quarterly results before opening the call to Q&A.

歡迎參加史賽克第一季財報電話會議。今天與我一起出席的還有 Stryker 的財務長 Preston Wells；以及財務與投資者關係副總裁 Jason Beach。在今天的電話會議上，我將提供開場白，然後傑森將介紹我們在本季度看到的趨勢和一些產品更新。在開始問答環節之前，普雷斯頓將提供有關我們季度業績的更多詳細資訊。

In the first quarter, we delivered robust organic sales growth of 10.1% with double-digit growth in MedSurg and neurotechnology and high single-digit growth in orthopedics despite one less-selling day and a 10% comparable from a year ago. This performance reflects the sustained demand across our product portfolio and our team's vigorous commercial execution.

第一季度，我們實現了 10.1% 的強勁有機銷售額成長，其中 MedSurg 和神經技術領域實現了兩位數成長，骨科領域實現了高個位數成長，儘管銷售額比去年同期少了一天且同比下降了 10%。這項業績反映了我們產品組合的持續需求以及我們團隊強勁的商業執行力。

Our results were led by a very strong US performance, including double-digit organic growth from our trauma and extremities, neurocranial, medical, endoscopy, and instruments businesses, and strong high single-digit organic growth in our hips and knees businesses.

我們的業績得益於美國市場的強勁表現，包括創傷和四肢、腦神經、醫療、內視鏡和器械業務的兩位數有機增長，以及髖關節和膝關節業務的強勁高個位數有機增長。

Internationally, we had healthy growth across a broad range of markets with notable strength in Australia and New Zealand, Japan, and Europe. We continue to see international markets as a significant catalyst for future growth. We delivered quarterly adjusted EPS of $2.84 a share, reflecting 13.6% growth compared to the first quarter of 2024, driven by our strong sales performance and margin expansion.

在國際上，我們在廣泛的市場中實現了健康成長，在澳洲、紐西蘭、日本和歐洲表現尤為突出。我們繼續將國際市場視為未來成長的重要催化劑。我們實現的季度調整後每股收益為 2.84 美元，與 2024 年第一季相比增長 13.6%，這得益於我們強勁的銷售業績和利潤率的擴大。

On the M&A front, we completed the acquisition of Inari Medical at the end of February. Integration is going well and we're excited to have Inari as part of Stryker. Additionally, we have completed the sale of our US spinal implants business. We're grateful to our former spine team members for their contributions and wish them continued success.

在併購方面，我們在二月底完成了對 Inari Medical 的收購。整合進展順利，我們很高興 Inari 成為 Stryker 的一部分。此外，我們也完成了美國脊椎植入物業務的出售。我們感謝前脊椎團隊成員的貢獻，並祝福他們繼續取得成功。

We have momentum exiting Q1 and now anticipate full year organic sales growth of 8.5% to 9.5% and adjusted earnings per share of $13.20 to $13.45. 2025 will mark the fourth consecutive year that we will hover around double digit organic sales growth, following 9.7% in 2022, 11.5% in 2023, and 10.2% in 2024. The durability of our high growth is a result of our commercial execution, extensive innovation pipelines across the company.

我們在第一季取得了良好的發展勢頭，目前預計全年有機銷售額將成長 8.5% 至 9.5%，調整後每股收益將達到 13.20 美元至 13.45 美元。 2025 年將是我們連續第四年實現兩位數有機銷售額成長，2022 年為 9.7%，2023 年為 11.5%，2024 年為 10.2%。我們的高成長的持久性得益於我們的商業執行力以及整個公司廣泛的創新管道。

Our guidance also implies that our operating margin expansion will be approximately 100 basis points, despite the negative impact of tariffs, dilution from Inari, and the loss of spinal implant contributions for nine months.

我們的指引也意味著，儘管受到關稅、Inari 稀釋以及九個月內脊椎植入物貢獻損失的負面影響，我們的營業利潤率仍將擴大約 100 個基點。

Finally, I'd like to express gratitude to our teams for their unwavering dedication to our culture, exemplified by Stryker being recognized for the 15th consecutive year on Great Place to Work's 100 Best Companies to Work for list. Our operating model, exceptional talent, and differentiated culture continue to set us apart.

最後，我要感謝我們的團隊對我們文化的堅定奉獻，史賽克連續 15 年榮登「最佳工作場所 100 家最佳雇主」榜單就是一個例證。我們的營運模式、傑出的人才和差異化的文化繼續使我們脫穎而出。

I will now turn the call over to Jason.

現在我將把電話轉給傑森。

Thanks, Kevin. My comments today will focus on providing an update on the current environment, capital demand, and select product highlights. Procedural volumes remain healthy in the first quarter, underscored by continued adoption of robotic assisted surgery. We also continue to benefit from a stable pricing environment, favorable demographic trends, and the ongoing shift toward ASCs. We expect the strength in procedural demand to continue through the remainder of the year.

謝謝，凱文。我今天的評論將重點介紹當前環境、資本需求和精選產品亮點。第一季的手術量保持健康，這得益於機器人輔助手術的持續採用。我們也繼續受益於穩定的定價環境、有利的人口趨勢以及持續向 ASC 的轉變。我們預計，強勁的程序需求將持續到今年剩餘時間。

Demand for our capital products was strong once again in the quarter, with an elevated order book across our capital businesses. Mako continues to drive patient and customer interest, highlighted by our best ever Q1 for installations in the US and worldwide, with high utilization rates across the globe. We expect the sustained momentum from installations and utilizations will continue to drive growth in our hips and knees businesses.

本季度，我們的資本產品需求再次強勁，資本業務的訂單量增加。Mako 繼續激發患者和客戶的興趣，其亮點是我們在美國和全球的安裝量創下歷史新高的第一季度，全球利用率也很高。我們預計安裝和利用的持續勢頭將繼續推動我們的髖關節和膝關節業務的成長。

We continue to receive positive feedback on Mako's spine and shoulder, and remain on track for a full US commercial launch of Mako's spine in the second half of this year and Mako's shoulder in the first quarter of 2026.

我們繼續收到有關 Mako 脊椎和肩部的正面回饋，並計劃於今年下半年在美國全面推出 Mako 脊椎產品，並於 2026 年第一季在美國全面推出 Mako 肩部產品。

We recently launched our next generation Mako's 4 smart robotic system. It features a larger monitor for improved visibility, a smaller OR footprint for fast setup and transport, and integrates more seamlessly with our fourth generation Q Guidance System. We remain excited about the momentum Mako provides for our business.

我們最近推出了下一代 Mako 4 智慧機器人系統。它具有更大的顯示器以提高可視性，更小的 OR 佔地面積以便快速設置和運輸，並且與我們的第四代 Q 引導系統更無縫地整合。我們對於 Mako 為我們的業務帶來的發展勢頭感到興奮。

In addition to being a leader in robotics and orthopedics, we are also the leader in cementless knees, which continue to grow at a steady pace. During Q1, there are two publications showing 10-year survivorship, exceeding 99% for a cementless offering.

我們除了是機器人和骨科領域的領導者之外，也是非骨水泥膝關節領域的領導者，並且在該領域持續保持穩定的成長。在第一季度，有兩份出版物顯示非水泥產品的 10 年存活率超過 99%。

Next, our latest platform launches continue to thrive in the marketplace. Our LIFEPAK 35 defibrillator and monitor continues to experience robust demand, fueling a strong order book, and driving meaningful sales in the quarter. We are excited about the international opportunities that remain for LIFEPAK 35, and anticipate launching in additional international markets later this year, including Europe and Japan.

接下來，我們最新推出的平台將繼續在市場上蓬勃發展。我們的 LIFEPAK 35 除顫器和監視器繼續受到強勁的需求，推動了強勁的訂單，並推動了本季有意義的銷售。我們對 LIFEPAK 35 剩餘的國際機會感到非常興奮，並預計今年稍後將在歐洲和日本等更多國際市場推出該產品。

Our Pangea plating system also continues to drive strong growth and increased awareness of our comprehensive offering of trauma products. We continue to progress through our launch cadence and expect to release Pangea in Australia and Canada this year, and in Japan in the first half of 2026.

我們的 Pangea 鋼板系統也持續推動強勁成長，並提高人們對我們全面的創傷產品所提供的認知度。我們將繼續推進發布節奏，預計今年在澳洲和加拿大發布 Pangea，並於 2026 年上半年在日本發布。

Lastly, as Kevin mentioned in his remarks, we completed the acquisition of Inari during the quarter. Inari's performance to date was strong as we expected, and its results are reported within our vascular division that includes both the neurovascular and peripheral vascular businesses. In addition to Inari, our prior year acquisitions performed well as anticipated.

最後，正如 Kevin 在演講中提到的，我們在本季完成了對 Inari 的收購。正如我們預期的那樣，Inari 迄今為止的業績表現強勁，其業績報告在我們的血管部門內，該部門包括神經血管和周邊血管業務。除了 Inari 之外，我們去年的收購也表現良好，符合預期。

With that, I will now turn the call over to Preston.

說完這些，我現在將電話轉給普雷斯頓。

Thanks, Jason. Today, I will focus my comments on our first quarter financial results and the related drivers. Our detailed financial results have been provided in today's press release. Our organic sales growth was 10.1% in the quarter compared to 10% in the first quarter of 2024. This quarter had one fewer selling day than 2024. We had a 0.7% favorable impact from pricing with both our MedSurg and Neurotechnology and Orthopaedics segment seeing positive trends from our pricing initiatives.

謝謝，傑森。今天，我將重點放在我們的第一季財務表現和相關驅動因素。我們的詳細財務結果已在今天的新聞稿中提供。本季我們的有機銷售額成長率為 10.1%，而 2024 年第一季為 10%。本季的銷售日比 2024 年少一天。我們的定價措施為我們帶來了 0.7% 的有利影響，我們的 MedSurg 和神經技術及骨科部門都看到了積極的趨勢。

Foreign currency had a 0.9% unfavorable impact on sales. Geographically, US organic sales growth was 10.7% and international organic sales growth was 8.5%, with strong sales momentum in Australia, New Zealand, Japan and Europe. Our adjusted EPS of $2.84 was up 13.6% from 2024, driven by our strong sales growth, higher gross margins and operating margin expansion. Foreign currency translation had an unfavorable impact of $0.03.

外幣對銷售額產生了0.9%的不利影響。從地理來看，美國有機銷售額成長 10.7%，國際有機銷售額成長 8.5%，澳洲、紐西蘭、日本和歐洲的銷售勢頭強勁。我們的調整後每股收益為 2.84 美元，較 2024 年增長 13.6%，這得益於我們強勁的銷售成長、更高的毛利率和營業利潤率的擴大。外幣折算產生了0.03美元的不利影響。

Now I will provide some highlights around our quarterly segment performance. In the quarter, MedSurg and Neurotechnology had organic sales growth of 10.7%, which included 11.4% of US organic growth and 8.2% of international organic growth. Instruments had US organic sales growth of 10.4%, led by a robust double-digit performance in the Surgical Technologies business. Endoscopy had US organic sales growth of 11.1%, led by double-digit performances in our Core Endoscopy and Sports Medicine portfolios. Medical had US organic sales growth of 12.6%, driven by double-digit performances in the emergency care and Sage businesses.

現在我將介紹一些我們季度分部業績的亮點。本季度，MedSurg 和 Neurotechnology 的有機銷售額成長了 10.7%，其中包括 11.4% 的美國有機成長和 8.2% 的國際有機成長。儀器業務在美國的有機銷售額成長了 10.4%，其中外科技術業務的兩位數強勁成長功不可沒。內視鏡美國有機銷售額成長 11.1%，主要得益於核心內視鏡和運動醫學產品組合的兩位數成長。醫療業務在美國的有機銷售額增長了 12.6%，這得益於急救護理和 Sage 業務兩位數的業績增長。

As it nears the one-year anniversary of its US launch, LIFEPAK 35 continues to drive considerable excitement in the market with a strong pipeline. Vascular had US organic sales growth of 5.6%, reflecting solid performance in our hemorrhagic products. And as a reminder, organic sales do not include Inari.

LIFEPAK 35 在美國上市已近一週年，其強大的產品線繼續在市場上引起巨大轟動。血管產品在美國的有機銷售額成長了 5.6%，反映出我們出血產品的穩健表現。需要提醒的是，有機銷售額不包括 Inari。

And finally, Neuro Cranial had US organic sales growth of 13%, led by strong double-digit growth in our Neurosurgical, E&T and Cranial Maxillofacial businesses. Internationally, MedSurg and Neurotechnology's organic sales growth of 8.2% despite some supply disruptions affecting our medical business that continued this quarter and will linger through Q2.

最後，神經顱腦業務在美國的有機銷售額成長了 13%，這主要得益於神經外科、E&T 和顱顏面業務的強勁兩位數成長。在國際上，儘管一些供應中斷影響了我們的醫療業務，並且這種情況在本季度持續並將持續到第二季​​度，但 MedSurg 和 Neurotechnology 的有機銷售額仍增長了 8.2%。

Growth was led by our Neuro Cranial, Endoscopy and Instruments businesses. Geographically, this included strong performances in Australia, New Zealand, Europe and most of our emerging markets. Orthopaedics had organic sales growth of 9.3%, which included organic growth of 9.5% in the US and 8.8% internationally.

我們的神經顱腦、內視鏡和儀器業務引領了成長。從地域來看，澳洲、紐西蘭、歐洲和大多數新興市場均表現強勁。骨科業務有機銷售額成長 9.3%，其中美國有機成長 9.5%，國際有機成長 8.8%。

Our US Knee business grew 8.3% organically, fueled by our market-leading position of robotic-assisted knee procedures and continued momentum from new Mako installations. Our US Hip business grew 7.6% organically, reflecting the ongoing success of our Insignia Hip Stem and the continued adoption of our Mako robotic hip platform.

我們的美國膝關節業務有機增長了 8.3%，這得益於我們在機器人輔助膝關節手術領域的市場領先地位以及新 Mako 安裝的持續增長勢頭。我們的美國髖關節業務有機增長了 7.6%，反映了我們的 Insignia Hip Stem 的持續成功以及 Mako 機器人髖關節平台的持續採用。

Our US Trauma and Extremities businesses grew 15.2% organically, with very strong double-digit sales growth in our core trauma and upper extremities businesses. Our core trauma performance was led by Pangea, our differentiated plating portfolio, which continues to maintain robust interest and adoption in the market. The US Spinal Implant's business was flat organically in the quarter. The US other ortho business declined 1.9% organically against a very strong comparable of 28% in the same quarter last year.

我們的美國創傷和四肢業務有機成長了 15.2%，其中核心創傷和上肢業務的銷售額實現了非常強勁的兩位數成長。我們的核心創傷表現由差異化電鍍產品組合 Pangea 引領，該產品組合繼續在市場上保持著濃厚的興趣和採用。本季度，美國脊椎植入物業務有機持平。美國其他正畸業務有機下降 1.9%，去年同期則表現強勁，成長 28%。

This quarter's organic change was primarily driven by Mako deal mix away from direct purchases and a decline in bone cement. Internationally, Orthopaedics growth of 8.8% organically included strong performances in Japan, Europe, South Korea, Canada and many of our emerging markets.

本季的有機變化主要是由於 Mako 交易組合不再直接購買以及骨水泥的下降。在國際上，骨科業務有機成長 8.8%，其中包括日本、歐洲、韓國、加拿大和許多新興市場的強勁表現。

Now I will focus on certain operating and nonoperating highlights in the first quarter. Our adjusted gross margin of 65.5% was favorable by 190 basis points compared to the first quarter of 2024. This improvement was primarily driven by manufacturing cost improvements, positive pricing and business mix.

現在我將重點介紹第一季的一些經營和非經營亮點。我們的調整後毛利率為 65.5%，與 2024 年第一季相比提高了 190 個基點。這項改善主要得益於製造成本的改善、積極的定價和業務組合。

Our adjusted operating margin was 22.9% of sales, which was 100 basis points favorable to the first quarter of 2024, driven by the gross margin favorability I just discussed, somewhat offset by higher SG&A spending. The increase in SG&A spending versus the same quarter last year was driven by the Inari deal and other investments to support our growth.

我們的調整後營業利潤率的 22.9%，比 2024 年第一季高出 100 個基點，這得益於我剛才討論的毛利率優勢，但銷售、一般及行政費用 (SG&A) 支出的增加在一定程度上抵消了這一優勢。與去年同期相比，銷售、一般及行政費用 (SG&A) 支出的增加是由於 Inari 交易和其他支持我們成長的投資所致。

Adjusted other income and expense of $73 million for the quarter was $24 million higher than 2024, driven by higher interest expense related to our September 2024 and January 2025 debt issuances, partially offset by interest income from higher levels of invested cash.

本季調整後的其他收入和支出為 7,300 萬美元，比 2024 年高出 2,400 萬美元，這主要是由於我們 2024 年 9 月和 2025 年 1 月發行債務相關的利息支出增加，但部分被投資現金水準增加帶來的利息收入所抵銷。

For 2025, we expect our full year adjusted other income and expense to be approximately $430 million. As a reminder, our previous guidance of approximately $260 million excluded the impact of Inari. We utilized cash on hand and incurred additional debt to fund the acquisition, and our updated guidance reflects additional interest expense from net debt as well as reduced interest income from lower levels of invested cash on hand.

到 2025 年，我們預計全年調整後的其他收入和支出約為 4.3 億美元。提醒一下，我們之前約 2.6 億美元的指導不包括 Inari 的影響。我們利用庫存現金並承擔額外債務來為收購提供資金，我們更新後的指引反映了淨債務帶來的額外利息支出以及庫存現金投資水準較低帶來的利息收入減少。

The first quarter had an adjusted effective tax rate of 13.7%, reflecting the impact of geographic mix and certain discrete tax items. For 2025, we continue to expect our full year effective tax rate to be in the range of 15% to 16%. Turning to cash flow. Our year-to-date cash from operations was $250 million, reflecting the results of net earnings, normal first quarter seasonal cash outflows and onetime costs associated with the Inari deal.

第一季調整後有效稅率為13.7%，反映了地理分佈和某些單獨稅項的影響。對於 2025 年，我們繼續預計全年有效稅率將在 15% 至 16% 之間。轉向現金流。我們今年迄今的營運現金流為 2.5 億美元，反映了淨收益、正常第一季季節性現金流出以及與 Inari 交易相關的一次性成本的結果。

Now I will discuss our full year 2025 guidance. Considering our first quarter results, strong demand for our capital products and our commercial momentum in the end markets in which we operate, we are raising our organic net sales growth guidance and now expect sales growth of 8.5% to 9.5%. Our updated sales guidance reflects a modestly favorable pricing impact and a slightly unfavorable foreign exchange impact should rates hold near current levels.

現在我將討論我們 2025 年全年的指導。考慮到我們第一季的業績、對我們資本產品的強勁需求以及我們經營的終端市場的商業勢頭，我們提高了有機淨銷售額增長預期，目前預計銷售額增長率為 8.5% 至 9.5%。我們更新後的銷售指引反映出，如果利率維持在當前水準附近，則對定價的影響將略微有利，而對外匯的影響則略微不利。

As a reminder, our previous adjusted EPS guidance was $13.45 to $13.70, excluding $0.20 to $0.30 of dilution from the Inari acquisition. We are reiterating that guidance and now expect our adjusted EPS to be in the range of $13.20 to $13.45. This guidance includes the net impact of tariffs and our offsetting mitigation efforts.

提醒一下，我們先前調整後的每股盈餘預期為 13.45 美元至 13.70 美元，不包括 Inari 收購帶來的 0.20 美元至 0.30 美元的稀釋。我們重申該指導意見，目前預計調整後的每股盈餘將在 13.20 美元至 13.45 美元之間。該指南包括關稅的淨影響和我們的抵消緩解措施。

We are currently estimating a tariff impact of approximately $200 million in 2025 based on what has been announced and what is in effect today, including the 10% baseline, product-specific and geographic-specific tariffs. We are taking thoughtful measures to address the estimated impact, and we expect to offset tariff costs through our continued sales momentum, the leveraging of our manufacturing footprint, disciplined spending and better-than-expected foreign currency impacts. We now expect a negative foreign exchange impact in the range of $0 to $0.10, should rates hold near current levels.

根據已宣布的和目前生效的措施，包括 10% 的基準關稅、針對特定產品和特定地理區域的關稅，我們目前估計 2025 年的關稅影響約為 2 億美元。我們正在採取周到的措施來應對預期的影響，並希望透過持續的銷售動能、利用我們的製造足跡、有紀律的支出和好於預期的外匯影響來抵消關稅成本。如果利率維持在當前水準附近，我們預計外匯將產生 0 至 0.10 美元的負面影響。

And finally, beginning in Q2, our operating results will no longer include the results of the International Spinal Implants business as those results are now attributable to VB Spine as part of the sale agreement.

最後，從第二季開始，我們的經營業績將不再包括國際脊椎植入物業務的業績，因為根據銷售協議，這些業績現在歸屬於 VB Spine。

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

現在，我將開始問答環節。

(Operator Instructions) Marcus Robert, JPMorgan.

（操作員指示）摩根大通的馬庫斯·羅伯特。

Great. Thanks for taking the questions. Congrats on a really nice quarter. I'm sure this was a really fun few weeks for you, Preston, with all that's going on. And maybe we could start there on tariffs. You're absorbing the entire impact, $200 million. How should we think about where that absorption is coming from?

偉大的。感謝您回答這些問題。恭喜您度過了一個非常愉快的季度。我相信普雷斯頓，考慮到發生的一切，這幾週對你來說一定很有趣。也許我們可以從關稅問題開始。你正在承受全部影響，2億美元。我們該如何思考這種吸收來自哪裡？

What's your ability to mitigate as much as possible? And how should we think about the exit rate into next year versus those mitigation efforts?

您有什麼能力盡可能減輕影響？我們該如何看待明年的退出率與緩解措施？

Yes. So Robbie, just to get after that. So as you said, $200 million is what we're currently estimating. And just to just talk through that piece for a second, that's based on what's currently in effect today. So what it does not include, it does not include anything that was paused for the 90 days. So it's all the items that we know about today. Given the dynamic environment, that's where we feel comfortable in terms of where our projections are going to be.

是的。所以羅比，我們只需要完成這件事就可以了。正如您所說，我們目前估計的金額是​​ 2 億美元。只需簡單討論一下這一點，它就基於目前有效的內容。所以它不包括的是，它不包括暫停 90 天的任何內容。這就是我們今天所知道的所有事物。考慮到動態環境，我們對於自己的預測感到很放心。

And in terms of how we're planning on offsetting that, obviously, we have great sales momentum that's continuing on the top line. So the raise that we talked about in our guidance will be a part of that. Price will be a part of that as we think about how we're going after that top line growth. We also know that we're looking at some different discretionary factors in terms of our spend and how we're looking at areas there.

關於我們計劃如何抵消這一影響，顯然，我們的銷售勢頭強勁，並將繼續保持成長。因此，我們在指導中談到的加薪將是其中的一部分。當我們考慮如何實現營收成長時，價格將是其中的一部分。我們也知道，我們在考慮支出以及我們如何看待這些領域方面的一些不同的自由裁量因素。

And then also as we think about our supply chain and really just making sure that we're optimizing our supply chain to the best of our ability, to minimize the impact in the short term from a tariff standpoint. And then we also have positive FX momentum that's also helping us as we think about where we are today.

然後，當我們考慮我們的供應鏈時，我們實際上只是確保我們盡最大努力優化我們的供應鏈，從關稅的角度盡量減少短期影響。然後，我們也擁有正面的外匯勢頭，這也有助於我們思考我們目前的狀況。

So in terms of the geography of where that's going to hit, obviously, the tariffs will occur in our stated cost line to our cost of goods sold area. And then a lot of the mitigations will happen really in OpEx as well as throughout the P&L, when we're talking about delivering on the top line.

因此，就關稅將影響的地理位置而言，顯然，關稅將發生在我們規定的成本線和銷售成本區域內。當我們談論實現營收時，許多緩解措施實際上將發生在營運支出以及整個損益表中。

Great. Maybe a quick follow-up, Orthopaedics, that had been running a little bit more in line with estimates the past few quarters. You had a great beat. Here, we've seen three of the four main competitors report. I would say, two of those, including you, have been really good results, one, a little less so.

偉大的。或許可以快速跟進骨科，過去幾季的運作情況與預期更加一致。你的節拍很棒。在這裡，我們看到了四個主要競爭對手中的三個的報告。我想說，其中有兩個人（包括你）取得了非常好的成績，還有一個人則稍遜一籌。

What are you seeing in terms of the ortho market, the sustainability of the growth and just the current environment here in your positioning?

就鄰苯二甲酸酯市場、成長的可持續性以及當前的定位環境而言，您有何看法？

The ortho market, as we said, at AOS and as we said at the end of last year, continues to be healthy. Demand is strong. Surgeons still have significant backlogs, and we've been pretty consistent in stating that we expect the market to grow in the 4% or 5% range, and then we expect to grow above that since we have been share takers for quite some time.

正如我們在 AOS 以及去年年底所說的那樣，鄰苯二甲酸市場繼續保持健康。需求強勁。外科醫生仍然有大量積壓訂單，我們一直非常一致地表示，我們預計市場將增長 4% 或 5%，然後我們預計增長將超過這一水平，因為我們已經佔據市場份額很長一段時間了。

We continue to have tremendous momentum with Mako, with cementless knees. Our Hip business obviously continues to grow very, very well. So we are very pleased with our performance. We have a great leadership team running our joint replacement business. And of course, you saw the Trauma and Extremities numbers were outstanding, and that should continue throughout the year.

儘管 Mako 的膝蓋沒有植入水泥，但我們仍能保持強勁勢頭。我們的時尚業務顯然繼續保持著非常非常好的成長。所以我們對我們的表現非常滿意。我們擁有一支優秀的領導團隊來管理我們的關節置換業務。當然，您會看到創傷和四肢殘疾的數字非常出色，而且這種情況應該會持續一整年。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Good afternoon. Thanks for taking the question. I'll echo my congratulations on a really impressive quarter here. 10% organic growth in Q1, Kevin, with one less selling day, so closer to 11% underlying. The guidance of 8.5% to 9% -- 8.5% to 9.5%, I'm sorry, or 9% at the midpoint, implies slightly slower growth Q2 through Q4. So just talk about the environment beyond Orthopaedics that you addressed in the last question and your momentum. Is there anything you're seeing that concerns you? And I had one follow-up.

午安.感謝您回答這個問題。我要對本季度取得的令人印象深刻的成績表示祝賀。凱文，第一季有機成長率為 10%，銷售日減少了一天，因此基本成長率更接近 11%。8.5% 至 9% 的指導值（抱歉，是 8.5% 至 9.5%，或中間值為 9%）意味著第二季至第四季的成長速度會略有放緩。那麼，請談談您在上一個問題中提到的骨科以外的環境以及您的發展勢頭。您所看到的有什麼讓您擔心的事嗎？我還有一個後續行動。

This is kind of the same place that we were at last year at this time, if you remember, and we made our raise. And do I think we could finish higher than the range? It's possible. It's just early in the year right now. There are no big red flags that I'm worried about from the top line standpoint.

如果您還記得的話，這和我們去年此時的情況差不多，當時我們進行了加薪。我是否認為我們的成績能夠高於這個範圍？這是有可能的。現在才剛進入年初。從營收角度來看，並沒有什麼讓我擔心的重大危險訊號。

We did mention in our prepared remarks that Medical is having some supply chain disruptions that will continue through Q2, but that is factored in our guidance. And the rest of the businesses are really in terrific shape, launching new products, getting new approvals in outside markets. And so we feel very good about the top line. And is it possible we could do another 10%? Sure, that is possible.

我們確實在準備好的發言中提到，醫療產業的一些供應鏈中斷將持續到第二季​​度，但這已計入我們的指導中。其餘企業的發展狀況也十分良好，紛紛推出新產品，並在外部市場獲得新的批准。因此，我們對營收表現感到非常滿意。我們有可能再做 10% 嗎？當然，這是有可能的。

All right. That's super helpful. And Preston, the gross margin was really strong this quarter. Talk about how to think about the rest of the year for the gross and operating margin because I assume the tariffs are going to hit the gross margin probably third and fourth quarter.

好的。這非常有幫助。普雷斯頓，本季的毛利率確實很高。談談如何看待今年剩餘時間的毛利率和營業利潤，因為我認為關稅可能會在第三季和第四季影響毛利率。

Any color you can help provide on just kind of the cadence of margins to help reach that operating margin year-over-year of 100 basis points improvement that Kevin talked about would be helpful.

如果您能提供有關利潤率節奏的任何信息，以幫助實現 Kevin 所說的營業利潤率同比增長 100 個基點的目標，那將會很有幫助。

Yes, Larry, you mentioned it. I mean our focus really is on that 100 basis points of op margin improvement. And in the past, what we've said is it's going to be a bit of a balance in terms of where that comes from, both from the gross margin as well as in OpEx. And that continues. And our expectation is that's going to continue.

是的，拉里，你提到了這一點。我的意思是，我們的重點確實是營業利潤率提高 100 個基點。過去，我們說過，無論是毛利率還是營運支出，都需要達到一定的平衡。這種情況還在繼續。我們期望這種情況能夠持續下去。

As you know, there's a lot going on in these various lines. We have some positive impact in our gross margin as a result of some of the efforts and activities that we've been taking on as well as the business mix, which is being driven by Inari. As we go through the rest of the year, we're going to have some offsetting negatives in that, which will come from tariffs.

如您所知，各個領域都有很多事情要做。由於我們一直在努力和開展活動，以及由 Inari 推動的業務組合，我們的毛利率產生了一些積極影響。在今年剩餘的時間裡，我們將面臨一些抵消性的負面影響，這些負面影響將來自關稅。

So really, as we think about it, we're still focused on driving the 100 basis points at the bottom. It will come from both gross margin and from OpEx through the different initiatives that we have. Slightly different than maybe what we thought at the beginning of the year with now tariffs in Inari, but all the same, still driving to the 100 basis points.

因此，實際上，當我們考慮這一點時，我們仍然專注於推動底部的 100 個基點。它將透過我們採取的不同措施從毛利和營運支出中獲得。與我們今年年初對伊納裡現在的關稅的想法略有不同，但同樣，仍然朝著 100 個基點的方向發展。

Joanne Wuensch, Citi.

花旗銀行的 Joanne Wuensch。

Good evening. Thank you for taking the question, very nice quarter. I'll put both of mine upfront. CapEx environment is a question we've been asking most management teams throughout the season, both in the US and outside the United States. I'd love to see what you're thinking about that.

晚安.感謝您回答這個問題，這是一個非常好的季度。我會把我的兩件事放在前面。資本支出環境是我們在整個賽季中一直在向大多數管理團隊詢問的問題，無論是在美國國內還是美國境外。我很想知道你對此有何看法。

And then also with Inari close now, I think, for two months, what are you seeing with that? Is it going according to plan? Any surprises, positive, negative you can share?

而且現在 Inari 已經關閉了兩個月了，我想，您看到了什麼？一切都按照計畫進行嗎？您能分享任何驚喜、正面的或負面的事情嗎？

Joanne, it's Jason. I'll start with the CapEx side here, and then I'll hand it over to Kevin to talk a little bit about Inari. But just if you think about the performance in our capital businesses in the first quarter, double-digit growth kind of across the board there.

喬安妮，我是傑森。我將從這裡的資本支出方面開始，然後我會交給 Kevin 來談談 Inari。但如果你看一下我們第一季資本業務的表現，你會發現全面實現了兩位數的成長。

We continue to see really nice growth in our capital businesses. There's really nothing in the environment today that would give us any indication of a slowdown. And we feel good about the business as we move throughout this year as well.

我們的資本業務持續呈現良好的成長動能。當今的環境確實沒有任何跡象顯示經濟正在放緩。我們對今年的業務進展也感到很滿意。

And related to Inari, I would say we're very pleased with the early integration. We had it for about 8 or 9 days in the month of February and then the full month of March. And so far, so good. We had a terrific performance on the top line. The culture is very consistent with Stryker's culture.

關於 Inari，我想說我們對早期的整合感到非常滿意。我們在二月有大約 8 或 9 天的時間處於這種狀態，然後整個三月也是如此。到目前為止，一切都很好。我們在頂級賽事中的表現非常出色。這種文化與史賽克的文化非常一致。

And Tim Lanier, who is running our Trauma and Extremities business, is now running the Inari business as the President of Inari. And he had prior experience in the peripheral vascular space back from his EV 3 days, and he's digging in, and we're really excited about what he's seeing from the commercial organization as well as from our pipeline at Inari. So far, so good is how I characterize it. We look forward to their continuing contributions to Stryker.

負責我們創傷和四肢業務的 Tim Lanier 現在擔任 Inari 業務總裁，負責 Inari 業務。他曾在 EV 3 計畫中累積了周邊血管領域的相關經驗，並且正在深入研究，我們對他從商業組織以及我們在 Inari 的管道中看到的情況感到非常興奮。到目前為止，我對它的評價是：一切都很好。我們期待他們繼續為史賽克做出貢獻。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Yeah. Thank you. Let me echo the congrats on a strong quarter. I want to ask about the OUS hip number. It was pretty good, to say the least, and it stands out amongst the broader market. I'm kind of wondering what we should think about the durability of that segment given how well it's going outside the US for the past really four quarters now.

是的。謝謝。讓我再次祝賀本季業績表現強勁。我想問一下 OUS 髖關節號碼。至少可以說，它相當不錯，並且在更廣泛的市場中脫穎而出。我有點好奇，考慮到過去四個季度該領域在美國以外的表現如此良好，我們應該如何看待該領域的持久性。

Just to be clear though, we are benefiting from the [SERF] acquisition. If you look at our growth that's nonorganic. So there was a nonorganic component. But even that said, the organic growth internationally has been very strong in our Hip business. And this is without the benefits of Insignia.

但需要明確的是，我們從 [SERF] 收購中受益。如果你看我們的成長，你會發現它是非有機的。因此存在非有機成分。但即便如此，我們的時尚業務在國際上的有機成長仍然非常強勁。這還沒有 Insignia 的優點。

So the Insignia stem in Europe is still not launched. It's just getting launched in some of the Asia Pacific markets. And so I think good times are still ahead of us within the Hip business internationally, but we did pick up some benefit from the SERF acquisition.

因此，歐洲的 Insignia 閥桿仍未推出。它剛剛在亞太部分市場推出。因此，我認為國際上的 Hip 業務仍將迎來美好時光，但我們確實從 SERF 收購中獲得了一些好處。

And actually, we've now launched a couple of their products now in the United States as well. So that will be contributing. It will no longer be inorganic starting in the second quarter of this year. So next quarter, you'll see it all on a more organic basis.

事實上，我們現在也已經在美國推出了他們的幾款產品。所以這會有所貢獻。從今年第二季開始它將不再是無機的。因此，下個季度，您將以更有機的方式看到這一切。

Okay. Very helpful, Kevin. And then turning to Trauma and Extremities, I'm wondering if you could unpack that a little bit because that has also been strong. I mean you have the, Pangea plating system. But is there anything in there, particularly in the extremities line, that we should think about in terms of the momentum you're seeing in that segment?

好的。非常有幫助，凱文。然後談到創傷和四肢，我想知道您是否可以稍微解釋一下，因為這也很強大。我的意思是，你有 Pangea 電鍍系統。但是，根據您在該部分看到的勢頭，我們是否應該考慮其中的什麼東西，特別是在極端線上的東西？

Sure. It starts with Pangea. I mean, Pangea has been just a wild success, is how I'd characterize it. Really a fantastic launch so far. And again, not yet approved in many international markets, but in the US, has been absolutely on fire. Surgeons love it. It's performing extremely well. That's lifting the core trauma business.

當然。一切始於盤古大陸。我的意思是，Pangea 取得了巨大的成功，這就是我對它的評價。到目前為止，這確實是一次非常棒的發布。儘管該藥物在許多國際市場上尚未獲得批准，但在美國卻非常暢銷。外科醫生很喜歡它。它的表現極為出色。這提升了核心創傷業務。

And then upper extremities continues to be a fantastic grower for us, has been since we acquired, right, quarter after quarter after quarter after quarter of strong double-digit growth. That was the same again in Q1 of this year. So those are the two engines that are really powering the Trauma and Extremities businesses. So we're very bullish on this division for the rest of this year.

上肢業務對我們來說繼續保持著驚人的成長勢頭，自從我們收購以來，每個季度都保持著強勁的兩位數成長。今年第一季的情況也是如此。因此，這兩個引擎真正推動創傷和四肢業務的發展。因此，我們對今年剩餘時間該部門的表現非常樂觀。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

Hey, congrats on the good quarter. Just one more tariff follow-up question. A couple of things I was going to ask. On the $200 million, curious how much of that's being offset by currency? Any details on kind of how much of that exposure is by country?

嘿，恭喜本季取得好成績。再問一個關於關稅的後續問題。有幾件事我想問。關於這 2 億美元，好奇其中有多少是透過貨幣抵銷的？有沒有關於各國的風險敞口大小的詳細資訊？

What the impact would be if the 90-day pause doesn't stick and kind of goes back to the higher rates? And how do think about 2026, it's good to annualize that? Or if you've got extra offsets in 2026 that you think you can pull? And I know I was going to ask about exemptions too. I know you guys have a lot of close relationships with AdvaMed. So curious how those discussions are going for any assumptions for medical devices.

如果 90 天的暫停期沒有持續下去並回到更高的利率，會產生什麼影響？您如何看待 2026 年，將其年度化是否合適？或者您認為 2026 年可以獲得額外的補償？我知道我也想問豁免問題。我知道你們與 AdvaMed 有著密切的關係。所以我很好奇這些討論對於醫療設備的假設進展如何。

Travis, that was a lot of questions in one. No. So just to answer the tariff piece first, and then we can talk a little about AdvaMed. But in terms of the tariff itself, as we said, $200 million is based on what we know today. And I think given the environment that we're in, it's really difficult to try to extrapolate out what that may mean kind of even beyond this year, just knowing that there's a lot of things that could still happen and likely will still happen.

崔維斯，這個問題有很多。不。因此，我們先來回答關稅問題，然後我們可以談談 AdvaMed。但就關稅本身而言，正如我們所說，2億美元是基於我們今天所知的情況。我認為，考慮到我們所處的環境，很難推斷這對今年以後意味著什麼，只是知道有很多事情仍有可能發生，而且很可能仍會發生。

So we're not going to speculate on what it's going to look like next year for sure as we still try to just make sure we've got this year under control. So in terms of the tariff costs, really, the number we're focused on is $200 million for this year. The one element I would say is there is a piece of this year's cost, that because it's going into our standards, that will be held on the balance sheet and then amortized through as we sell product in the next year. So that -- just as we think about what the full impact is, that just gives you some information there.

因此，我們不會猜測明年的情況會是怎樣，因為我們仍在努力確保今年的情況得到控制。因此，就關稅成本而言，我們今年真正關注的數字是 2 億美元。我想說的一個因素是，今年的成本中有一部分，因為它已經進入了我們的標準，所以將保留在資產負債表上，然後在我們明年銷售產品時攤提。所以——正如我們思考其全部影響一樣，這只是為您提供了一些資訊。

In terms of AdvaMed, I know there's a lot of those conversations that are going on. As of right now, there really is no blanket exemption for med device. There's discussions that will continue to happen. And just like anything else, because of the dynamic environment that it is, anything to happen in terms of exemptions into the future, we're planning right now on what we know and the mitigation factors that we have in place are based on that, and that's what we're going to really be focused on for the short term and until things change.

就 AdvaMed 而言，我知道正在進行很多這樣的對話。截至目前，醫療設備確實沒有全面豁免。有關討論將會繼續進行。就像其他任何事情一樣，由於環境的動態變化，未來在豁免方面可能發生的任何情況，我們現在都在根據我們所知道的情況進行規劃，並且我們制定的緩解因素也是基於此，這也是我們在短期內以及情況發生變化之前真正要關注的重點。

Great. I'll stick to the one since it was a long one.

偉大的。我會堅持使用這個，因為它很長。

Vijay Kumar, Evercore ISI.

維傑·庫馬爾（Vijay Kumar），Evercore ISI。

Hey, guys. Congrats on an excellent hearing that. Thanks for the questions. If you could just comment on cadence of margins, how should we think about progression? And I'm assuming tariff is mostly a back half impact in that $200 million, is this China versus Europe? Or what proportion is China versus ex-China would be helpful.

嘿，大家好。恭喜您獲得如此出色的聽力。感謝您的提問。如果您能評論一下利潤的節奏，那麼我們該如何看待進展？我假設關稅主要是這 2 億美元中的後半部分影響，這是中國與歐洲之間的對決嗎？或者中國與中國以外地區的比例是多少會有所幫助。

Yes, Vijay. So thinking about the progression of our margin expansion, we're really pleased with the progress that we've made in terms of the programs and activities that we have in place. And really expect a more even flow of our margin improvement throughout the rest of this year as we think about getting to the 100 basis points for the full year.

是的，維傑。因此，考慮到我們的利潤率擴張的進展，我們對我們所實施的計劃和活動所取得的進展感到非常滿意。我們確實希望在今年剩餘時間內我們的利潤率能夠更均勻地提高，因為我們計劃在全年實現 100 個基點的利潤率。

When you think about tariffs, you're right, tariffs are going to be more back half loaded, just given the nature of going into inventory and then just the timing of where we are in the year. Offsetting that, though, we're going to have our mitigation factors that we're working on. And what we hope to happen is to offset those almost in one-to-one fashion as it comes through the back half of the year.

當您考慮關稅時，您是對的，考慮到進入庫存的性質以及我們在今年所處的時間，關稅將會更加靠後。不過，為了抵消這項影響，我們正在努力尋找緩解因素。我們希望在下半年幾乎以一比一的方式抵消這些影響。

So again, our expectation is that we have a much more consistent flow from a margin standpoint on the bottom line as we think about the rest of this year to get to the 100 basis points. In terms of the percentages of where tariffs are coming from and things of that nature, we're not going to get into all of those details. But you can certainly look at where the percentages of our business are. And as we said, we're about 2% of our business is in China.

因此，我們再次預期，從利潤率的角度來看，我們的利潤流將更加穩定，因為我們考慮在今年剩餘時間內達到 100 個基點。至於關稅的來源比例以及諸如此類的事情，我們不會深入討論所有細節。但你當然可以看看我們的業務所佔的百分比。正如我們所說，我們約有 2% 的業務在中國。

Understood. And Kevin, maybe one for you on the Medical side. Any comments on how LP 35 launch is going? I think in the past, you've commented about share gains. Curious on opportunity that you're seeing within Medical?

明白了。凱文，也許在醫療方面適合你。對於 LP 35 的發布進度有何評論？我認為過去您曾評論過股價上漲的情況。您對醫療領域內的機會感到好奇嗎？

Yes. So far, the launch is going very well. It's being very well received. The orders are picking up at a healthy rate. And again, we're pending approvals in many other international markets, and we're excited about that. I think that was mentioned in Jason's opening remarks.

是的。到目前為止，發布會進展順利。它受到了熱烈歡迎。訂單正在以健康的速度成長。我們正在等待許多其他國際市場的批准，我們對此感到非常興奮。我認為傑森在開場白中提到過這一點。

But we have a winner of a product, just like Pangea. It's going to take some time. Obviously, their high purchase price needs a little bit of time to trial and customers to make sure they have that in their budgets, but so far, it's off to a very good start. But it a strong contributor to our growth in the first quarter because we did have supply chain challenges.

但我們的贏家產品是 Pangea。這需要一些時間。顯然，其高昂的購買價格需要一點時間來試用，客戶也需要確保他們的預算足夠，但到目前為止，這是一個非常好的開始。但它對我們第一季的成長做出了巨大貢獻，因為我們確實面臨供應鏈挑戰。

And it showed up more in the print internationally, but it actually did affect some of our US business also, but it was offset by the strength of Pangea to deliver those double-digit growth. So, so far, so good on the pending launch and expect it will continue to be a big contributor. Keep in mind, we have over about 100,000 of these prior generation defibrillators out there in the marketplace. So it's going to be a tailwind that'll last many, many years into future.

這種影響在國際印刷品中表現得更為明顯，但實際上也影響了我們的部分美國業務，但 Pangea 的強勁增長抵消了這一影響，實現了兩位數的增長。所以，到目前為止，即將推出的產品一切順利，並預計它將繼續發揮巨大貢獻。請記住，市場上有大約 100,000 台上一代去顫器。因此，這將成為未來許多年持續的順風。

David Roman, Goldman Sachs.

高盛的大衛‧羅曼（David Roman）。

Thanks, pricing environment. Obviously, that's something that, coming into the year, you had contemplated not realizing the same level of benefits that you accrued in 2024. Can you just talk to us about what has evolved over the course of the year? And just to clarify, this is pure price, not the impact of new product momentum?

謝謝，定價環境。顯然，進入今年，您就已經考慮到無法實現與 2024 年相同水準的收益。您能跟我們談談這一年來發生的事情嗎？需要澄清的是，這是純粹的價格影響，而不是新產品動能的影響？

Yes, David, absolutely. So as we think about where price has evolved for us over the last several years, it's a muscle that we have really begun to learn how to use and exercise. You saw that in our results at the end of last year, you see a really positive impact in terms of our pricing results during the first quarter, and certainly something that we'll continue to focus on as we go forward.

是的，大衛，絕對是。因此，當我們思考過去幾年價格的變化時，我們會發現，我們真正開始學習如何使用和鍛鍊價格這塊肌肉。您可以從我們去年年底的業績中看到，第一季的定價結果確實產生了正面影響，這也是我們今後將繼續關注的事情。

And we are seeing positive price coming out of our MedSurg and Neurotechnology businesses. But even on the Ortho side, we've seen less negative price there. And so I would say, ultimately, it's an area that we'll continue to focus on. And certainly, in this environment that continues to be dynamic with tariffs, will be one of the levers that we're looking at pulling in terms of offsetting some of the tariff impact.

我們看到 MedSurg 和神經技術業務正在產生積極的價格。但即使在 Ortho 方面，我們也看到負價格有所減少。所以我想說，最終，這是我們將繼續關注的領域。當然，在這種關稅持續變化的環境下，這將是我們為抵消部分關稅影響而考慮採取的手段之一。

Okay. And then maybe just on Pangea, it sounds like you're moving relatively quickly towards full market release. I think at AOS, you talked about having inventory available to some subsegment of the sales force. On this call, you're introducing geographic expansion. It sounds like you're getting very close fully hitting an inflection on that rollout.

好的。然後也許就 Pangea 而言，聽起來你們正在相對較快地走向全面市場發布。我認為在 AOS，您談到了為銷售團隊的某些子部門提供庫存。在這次電話會議中，您介紹了地理擴張。聽起來你已經非常接近完全實現這一轉變了。

How should we think about kind of maybe what's transpired here in the past 1.5 months or so since AOS and where you are in that US and OUS rollout?

我們應該如何看待自 AOS 推出以來過去 1.5 個月內發生的事情以及您在美國和 OUS 推廣中處於什麼位置？

Yes, Dave, it's Jason. Similar to what I said in my prepared remarks, I mean, we're seeing, obviously, very good momentum with Pangea and a material impact to the Trauma and Extremities results in Q1. As you think about just kind of the launch cadence, we do expect to release Pangea in Australia and Canada later this year, Japan in the first half of 2026. So I would say it's continuing to ramp and will be a material contributor to that division as we move forward.

是的，戴夫，我是傑森。與我在準備好的發言中所說的類似，我的意思是，我們顯然看到 Pangea 的發展勢頭非常好，並且對第一季的創傷和四肢結果產生了重大影響。當您考慮發射節奏時，我們確實預計將於今年稍後在澳洲和加拿大發布 Pangea，並於 2026 年上半年在日本發布。因此我想說，隨著我們前進，它將繼續成長，並將成為該部門的重要貢獻者。

Yes. And in the US, we still haven't fully launched. So we're continuing to roll out sets. We're getting close to it being fully launched, but that's the base Pangea system. We still also have MIS. We have additional plates that are still going to be launched over the course of this year.

是的。而在美國，我們還沒有完全推出。因此我們將繼續推出系列產品。我們即將全面啟動它，但那是基礎的 Pangea 系統。我們還有 MIS。我們今年還將推出其他車牌。

So it's not something that will just stop. It will be kind of on continuous launch mode for the next couple of years, but the big bolus of sets are out in the field now and have been contributing to our growth in the United States.

所以這不是一件會就此停止的事情。未來幾年，它將處於持續的發射模式，但大量的設備現在已經投入使用，並為我們在美國的發展做出了貢獻。

Philip Chickering, Deutsche Bank.

菲利普‧奇克林，德意志銀行。

Hey, good afternoon, guys. And thanks for taking my questions. Another sort of tariff question here. Looking at the inventory days, you guys run about 7 months. So just looking at the timing of the tariffs, would the tariffs be fully impacting your run rate by the fourth quarter? Or will we not see that until the first quarter of '26?

嘿，大家下午好。感謝您回答我的問題。這裡還有另一種關稅問題。從庫存天數來看，你們的庫存天數大約是 7 個月。那麼，僅從關稅的時間來看，關稅會在第四季全面影響你們的運作率嗎？或者我們要到 26 年第一季才能看到這一點？

Yes, Philip, good question. So it will vary. So while we look at the overall impact of about 7 months in terms of our carrying days, it really varies by business. And so as we think about tariffs, the way the tariffs are going to be impacting, it really varies across our different lines of business in terms of where items are sourced, how they're sourced, where we have opportunities for dual sourcing. So it's not going to be that clean in terms of just looking at it versus that.

是的，菲利普，問得好。所以它會有所不同。因此，雖然我們從帳面天數來看大約 7 個月的整體影響，但它確實因業務而異。因此，當我們考慮關稅時，關稅的影響方式在我們不同的業務線中確實有所不同，包括產品的來源地、採購方式以及我們在哪裡有雙重採購的機會。因此，如果只從外觀上看，結果不會那麼清楚。

So I think you should see the largest in terms of the run rate impact likely will be what we see at the end of the second -- at the end of the year, will be likely the run rate that we have based on what we know today. So I just want to make sure that we're clear on that. And based on what's in place today, as we get to the second half of the year here and really the fourth quarter, that should be a pretty good indication of where tariffs are running based on what the rate -- based on what the tariffs are in place right now.

因此，我認為您應該看到，就運行率影響而言，最大的可能是我們在第二季末看到的——在年底，很可能是我們根據今天所知的情況得出的運行率。所以我只是想確保我們清楚這一點。根據目前的情況，隨著我們進入今年下半年和第四季度，這應該可以很好地表明關稅的運作情況——基於目前的關稅稅率。

Okay. Great. And then looking at the other Ortho category, it looked to be flat year-over-year on the revenue side. We talked about record Mako placements. And just more reflective of customers switching to leases versus purchases.

好的。偉大的。然後看看其他 Ortho 類別，其收入方面似乎與去年同期持平。我們討論了 Mako 的記錄放置情況。這更多地反映了客戶轉向租賃而不是購買。

And there's any read through there on how hospitals are viewing CapEx purchases today versus buying if they're more cautious on the CapEx environment.

並且，那裡有關於醫院如何看待當前的資本支出購買以及如果他們對資本支出環境更加謹慎的話購買情況的解讀。

Yes. We've been seeing this trend happening really over the last year plus as we continue to roll out Mako. And now, obviously, with Mako 4 introduces another system into our portfolio as we transition folks. So I don't think it's an indication really of what the overall capital environment is. I think it's more an indication of how people are buying robots today and how they're then transitioning those.

是的。隨著我們繼續推出 Mako，我們在過去一年中確實看到了這種趨勢的發生。現在，顯然，隨著我們人員的轉變，Mako 4 在我們的產品組合中引入了另一個系統。所以我不認為這能真正反映出整體資本環境的狀況。我認為這更能顯示人們如今如何購買機器人以及他們如何轉變機器人。

A lot of times when we see people taking on rentals in particular, those rentals do end up turning into direct sales over time. So again, I think it's just a trend that we've seen in the past and just continue to see in the first quarter.

很多時候，我們看到人們承接租賃業務，這些租賃最終會隨著時間的推移而變成直接銷售。所以，我認為這只是我們過去看到的一種趨勢，並且在第一季仍將繼續看到。

Great. And Preston, it's great to have you back on the call.

偉大的。普雷斯頓，很高興您再次參加我們的通話。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

This is [Phil] on for Matt. Congrats on the great start to the year. For starters, I wanted to hear your updated thoughts on M&A in this post Spine Implant unit sale? I mean, you're below 3 times, so why we still see a period of debt digestion or more further -- or I guess, further tuck-in deals? I know in the past, you've highlighted things like soft tissue robotics, neuromod, but curious to hear your updated thoughts.

這是 [Phil] 為 Matt 主持的。恭喜您今年有了一個好的開始。首先，我想聽聽您對這篇關於脊椎植入物單元銷售的文章中的併購的最新想法？我的意思是，你的比率低於 3 倍，那麼為什麼我們仍然會看到一段債務消化期或更多的時期 - 或者我猜，進一步的收購交易？我知道過去您曾強調過軟組織機器人、神經模組等事物，但我很想聽聽您最新的想法。

Yes. Just in terms of our overall ability of where we are. I mean we're in a very good position from a liquidity standpoint, and certainly still have the ability to go out and tap the debt markets if necessary and the right deal comes through.

是的。就我們的整體能力而言。我的意思是，從流動性的角度來看，我們處於非常有利的地位，如果有必要並且達成正確的交易，我們當然仍然有能力進入債務市場。

So we're just continuing to manage in terms of our overall credit ratings in terms of investment grade, and we'll just focus on what opportunities are available and then go out and make sure we have the right funding to support those opportunities.

因此，我們只是繼續管理我們的整體信用評級和投資級別，我們只會專注於有哪些機會，然後確保我們有足夠的資金來支持這些機會。

I'll turn it over to Kevin to talk more about the specific markets.

我將讓凱文進一步討論具體市場。

Yes. So our first priority always is the existing businesses that we have. If they have tuck-ins that will fit their business regardless of size, small, medium or larger tuck-ins, that's always a priority because those deals, we know, are going to be successfully integrated and drive tremendous value. That's been our formula. So that's in play.

是的。因此，我們的首要任務始終是我們現有的業務。如果他們擁有適合其業務的整合，無論規模大小，小型、中型或大型整合，這始終是優先事項，因為我們知道，這些交易將會成功整合並帶來巨大的價值。這就是我們的公式。這就是正在進行的事情。

There are -- our BD teams are actively working with targets and identifying the ones that they would like to pursue. So that offense has never stopped and it's not stopping even after doing Inari because we do have sufficient bandwidth right now to be able to go to the debt markets if we need to and be able to acquire other companies.

我們的 BD 團隊正在積極地與目標合作並確定他們想要追求的目標。因此，這種進攻從未停止過，即使在完成 Inari 之後也不會停止，因為我們現在確實有足夠的頻寬，可以在需要時進入債務市場並收購其他公司。

There are other adjacencies, which as you know, peripheral was one of the ones I talked about for many years, and we finally pulled the trigger on that one. Those other ones you mentioned are among the list of adjacencies that we continue to pursue. But they're not prioritized ahead of our tuck-ins.

還有其他鄰接關係，如你所知，外圍設備是我多年來談論過的一個，我們最終在那個方面下定了決心。您提到的其他內容都屬於我們將繼續追求的鄰接關係清單。但它們的優先順序並不高於我們的美食。

So tuck-ins will continue to be the vast majority in terms of number of deals we do. And then, of course, those other ones, should a good deal materialize, we definitely activate on that.

因此，就我們達成的交易數量而言，包價交易仍將佔絕大多數。當然，如果其他方面能夠達成良好協議，我們肯定會採取行動。

That's helpful. And then one final one on the Spine divestiture and your thoughts on Mako Spine still launching in the second half of this year. But just the relationship between Mako Spine and VB Spine, how innovation might work going forward and how you view the separation of the robot and the implant themselves?

這很有幫助。最後再問一次關於 Spine 剝離的問題，以及您對 Mako Spine 是否會在今年下半年推出的看法。但僅僅是 Mako Spine 和 VB Spine 之間的關係，創新將如何向前發展，以及您如何看待機器人和植入物本身的分離？

We will continue to work with VB Spine. They have an exclusive arrangement with us on Mako Spine on the robot. And so we will contract with them. It will be a little more complicated because now two different companies versus one company. But two different divisions of Stryker can sometimes be complicated as well as we've seen in the past.

我們將繼續與 VB Spine 合作。他們與我們就機器人 Mako Spine 達成了獨家協議。因此我們將與他們簽訂合約。這會稍微複雜一些，因為現在是兩家不同的公司，而不是一家公司。但正如我們過去所見，史賽克的兩個不同部門有時會很複雜。

But we're excited to work with them and do deals with them together, and we will obviously get the revenue for the Mako sales that we make, and they will get the revenue from their implants, but it is a partnership, and we're going to continue to work together, and we're excited about it.

但我們很高興能與他們合作並達成交易，我們顯然會從我們生產的 Mako 銷售中獲得收入，他們會從他們的植入物中獲得收入，但這是一種合作關係，我們將繼續合作，我們對此感到興奮。

We also have the Copilot product that's out of our Neurosurgery business, which surgeons are very excited about, that also operates within the same ecosystem with the Q Guidance camera card, which is part of the Mako system as well.

我們也有神經外科業務以外的 Copilot 產品，外科醫生對此非常興奮，它與 Q Guidance 攝影卡在同一個生態系統中運行，後者也是 Mako 系統的一部分。

So it is a comprehensive offering, and we're excited to be selling the capital portions of that and VB Spine will sell the implants. But so far so good, our teams are working together very well. And in fact, that it is the same sales force that we had within Stryker that has now transferred over to VB. So we know each other and will continue to work well together.

因此，這是一項綜合性服務，我們很高興能夠銷售其中的資本部分，而 VB Spine 將銷售植入物。但到目前為止一切都很好，我們的團隊合作得很好。事實上，我們 Stryker 內部的銷售團隊現在已經轉移到 VB。因此我們彼此了解並將繼續良好地合作。

Richard Newitter, Truist.

Richard Newitter，Truist。

This is [Ravi] here for Rich. I just want to go back on to the kind of CapEx commentary that you were mentioning earlier. I appreciate that you have a strong kind of outlook into the rest of 2025. But how are some of the early conversations about 2026 shaping up, particularly in the C-suite of hospitals? Any nervousness that you're sensing on that part?

我是 [Ravi]，為 Rich 服務。我只是想回到您之前提到的那種資本支出評論。我很欣賞您對 2025 年剩餘時間的展望。但是，關於 2026 年的一些早期討論進展如何，特別是在醫院的高階主管？您感覺那部分有什麼緊張嗎？

And I'll just ask the second one upfront. With Inari now in-house, can you maybe talk a little bit about R&D priorities and what you might be seeing anything from Peerless One?

我先問第二個問題。現在 Inari 已在公司內部，您能否談談研發重點以及您可能從 Peerless One 看到什麼？

Yes, this is Jason. I'll start here and talk a little bit about the CapEx, and I'll turn it back over to Kevin to talk about Inari. But I would say a couple of different things, right? We're just exiting the first quarter here, so any 2026 conversation would be pretty early at this point.

是的，這是傑森。我將從這裡開始，稍微談論一下資本支出，然後再將話題轉回給 Kevin，讓他談論 Inari。但我想說幾件不同的事情，對嗎？我們剛結束第一季度，因此現在談論 2026 年還為時過早。

But the other thing that I would add is just if you go back and you think about our mix of capital and how that plays out for us, we have about 10% of our capital that's kind of this larger capital, so think booms, lights, beds, those kinds of things. And then 15%-ish of our revenue is the smaller capital that's very closely tied to procedures. So camera, heavy-duty power, those kinds of things.

但我想補充的另一件事是，如果你回頭想想我們的資本組合以及它對我們的影響，你會發現，我們大約有 10% 的資本是較大的資本，例如吊桿、燈光、床位等等。然後，我們收入的 15% 左右是與程序密切相關的較小資本。例如相機、重型電源等等。

And so as long as procedures stay strong, we've got all the reason to believe that there will be a need for that type of capital. Keeping in mind, it goes through sterilization. It gets beat up, it needs to be replaced. So we feel good about that for the remainder of 2025 and then even as we think about early 2026.

因此，只要程序保持強勁，我們就有充分的理由相信需要這種類型的資本。請記住，它經過了消毒。它被損壞了，需要更換。因此，我們對 2025 年剩餘時間以及 2026 年初的情況感到樂觀。

Yes. As it relates Inari, they already have the FlowTriever, ClotTriever and [LimFlow]. Those three products are doing very well. We're excited about those. And there are let's say, improvements that are in the works and the R&D organization that -- I can't get into that right now as we normally don't talk about products that are in the R&D pipeline, but we do have improvements to those.

是的。就 Inari 而言，他們已經擁有 FlowTriever、ClotTriever 和[LimFlow]。這三種產品都賣得很好。我們對此感到很興奮。並且可以說，正在進行中的改進和研發組織——我現在無法談論這個，因為我們通常不會談論正在研發的產品，但我們確實對這些產品進行了改進。

And then we have Artix, which was just recently launched, which is in our first arterial product, which so far is getting very favorable response from customers, and that will start to become a contributor to our growth in the future quarters. So we're excited about having Inari within our portfolio, and they have a very strong management team, and we're looking forward to a really bright future.

然後我們有最近剛推出的 Artix，這是我們的第一款主幹產品，到目前為止得到了客戶的非常積極的反饋，並將在未來幾個季度開始成為我們成長的貢獻者。因此，我們很高興將 Inari 納入我們的投資組合，他們擁有非常強大的管理團隊，我們期待著真正光明的未來。

Chris Pasquale, Nephron Research.

克里斯‧帕斯誇萊 (Chris Pasquale)，腎元研究機構。

This is [Carol] calling in for Chris. I know we've talked at length about the short-term labor to offset some of the tariff impacts. I'm kind of curious if you can talk about any steps that you're taking to mitigate your potential exposure in 2026?

我是 [Carol]，替 Chris 打來的。我知道我們已經詳細討論了短期勞動力如何抵消部分關稅影響。我很好奇，您能否談談您將採取哪些措施來減輕 2026 年的潛在風險？

Specifically on a manufacturing footprint, you talked a little bit about expanding your manufacturing footprint internationally as a lever for margin expansion. So I'm kind of curious to hear that strategy has changed at all given the use case and developments.

具體來說，在製造足跡方面，您談到了擴大國際製造足跡作為擴大利潤率的槓桿。因此，我有點好奇，考慮到用例和發展，該策略是否發生了變化。

Yes. Thanks for the question. So as I said before, we're really not speculating at this point on 2026, just given how dynamic and how quickly this has all changed and continues to change. With respect to how we're thinking about manufacturing as well, at this point, nothing's changed also.

是的。謝謝你的提問。所以正如我之前所說，我們現在並不是在猜測 2026 年會發生什麼，只是考慮到這一切已經發生了多麼巨大的變化，而且變化還在繼續。關於我們如何看待製造業，目前來看，也沒有任何改變。

Just as a reminder, in our industry, of course, it's very difficult to move manufacturing, and it takes a long time to do so. So we want to be very careful about how we're approaching anything like that. At this point, we have no plans that have changed in terms of how we're expanding.

需要提醒的是，在我們的產業中，轉移製造業當然非常困難，而且需要很長時間。因此，我們要非常謹慎地處理類似的事情。目前，我們的擴張計劃沒有任何改變。

We're thinking about our footprint. We are trying to leverage though where we can, some opportunities in terms of dual sourcing where we have opportunities to produce certain products in certain regions just depending on where the tariffs are coming from in terms of mitigating those. But from a long-term standpoint, at this point, we are not looking at any major changes to our manufacturing footprint.

我們正在考慮我們的足跡。我們正在盡力利用雙重採購方面的一些機會，我們有機會在某些地區生產某些產品，具體取決於關稅的來源地，以減輕這些關稅。但從長遠角度來看，目前我們並不考慮對我們的製造足跡進行任何重大改變。

Great. And I guess from an industry perspective, taking everything aside, kind of curious to get your thoughts on the FDA layoffs that happened recently. Do you think the disruption there could be an issue of getting new products getting approved?

偉大的。我想從行業角度來看，拋開所有因素，我很好奇您對最近發生的 FDA 裁員事件有何看法。您是否認為那裡的混亂可能會對新產品的批准造成影響？

The initial reductions to the FDA have largely been replaced. So we pay for the FDA resources through user fees. The MDUFA. You heard three, four or five that we negotiated, a lot of that talent is paid for by industry. And when those people were released, we, through the trade association called the government and said, listen, these are people that we're funding through our user fees.

FDA 最初的削減已基本被取代。因此，我們透過使用者費用來支付 FDA 資源的費用。MDUFA。您聽到了我們談判的三、四或五個人，其中許多是由產業支付的。當這些人被釋放後，我們透過行業協會致電政府，說，聽著，這些人是我們透過用戶費用資助的。

They were -- those jobs were largely reinstated. And so there was a slight disruption, but it was literally a week or two, and those people were brought back on staff. So we're not seeing any major slowdowns. I don't anticipate any major slowdowns. If those had stayed into effect, that probably would have had an issue or an impact. But for now, as far as we know, those resources were largely restored and things are back on a good footing.

這些工作基本上都恢復了。因此出現了輕微的混亂，但實際上只持續了一兩週，那些人就被重新調回工作崗位了。因此我們沒有看到任何重大的放緩。我預計不會有任何重大的放緩。如果這些措施繼續有效，可能會產生問題或影響。但目前，據我們所知，這些資源已基本恢復，情況正在改善。

Matthew Miksic, Barclays.

巴克萊銀行的馬修‧米克西克 (Matthew Miksic)。

Thanks so much for taking the question Apologies, we're all juggling a number of calls right now. But wondering if you could talk a little bit about any of the conversations you're having with hospitals about budgets, if that's an issue, or started to come out and how you're thinking about that.

非常感謝您回答這個問題。抱歉，我們現在正在接聽多通電話。但我想知道您是否可以談談您與醫院就預算進行的對話，這是否是一個問題，或者是否開始出現，以及您對此有何看法。

And then also just a comment on Shoulders. I know you mentioned the shoulder robot early in the call, but maybe what is driving your growth there? What has been, just kind of walk us through. Where has the strength been? How do you expect that to continue as you kind of move through the interim launch?

然後也只是對肩膀進行評論。我知道您在通話開始時提到了肩部機器人，但是是什麼推動了您在那裡的發展？發生了什麼事，只是帶我們回顧一下。力量去哪了？當您進行中期發佈時，您預計這種情況會如何持續？

Yes, Matt, I'll take the first part of that, and I'll turn it over to Kevin to touch on Shoulder and how we feel about that. But as it relates to conversations with hospitals and the CapEx environment, hospitals are doing well, right?

是的，馬特，我將負責第一部分，然後我將把它交給凱文來談談《肩膀》以及我們對此的感受。但就與醫院和資本支出環境的對話而言，醫院的表現良好，對嗎？

And so that environment for us is very positive. I mentioned at the beginning of the call as well. If you look at our capital businesses, we grew double digit, both in the US and on a worldwide basis. So things going well there and no signs of slowdown from that standpoint.

所以，對我們來說，這種環境是非常正面的。我在通話開始時也提到過。如果你看看我們的資本業務，我們在美國和全球範圍內都實現了兩位數的成長。所以從這個角度來看，那裡的情況進展順利，沒有放緩的跡象。

Yes. As it relates to Shoulder, this is not a new story. We've had this tremendous growth in Shoulders. It was happening prior to us acquiring Wright Medical, and it has continued post acquisition. We have some really amazing call it, newer products. So the perform system is a very modern shoulder system. We added the fracture stem, reverse stemless in the past, sort of, let's call it, 18 months to 2 years.

是的。就與 Shoulder 相關而言，這並不是一個新故事。我們的 Shoulders 業務取得了巨大的成長。這種情況在我們收購 Wright Medical 之前就已經發生，並且在收購之後仍在繼續。我們有一些真正令人驚嘆的新產品。因此，表演系統是一種非常現代化的肩部系統。我們過去添加了骨折柄，反向無柄，大概，我們稱之為 18 個月到 2 年。

We have Shoulder iD, which is a patient-specific glenoid, which is amazing to be able to put into -- that's the most difficult part of the procedure, to not to have to use augments to be able to just stick that implant, and that's perfectly designed to match the patient's anatomy.

我們有 Shoulder iD，這是一種針對特定患者的關節盂，能夠將其放入是很神奇的——這是手術中最困難的部分，不需要使用增強物就可以將植入物粘住，而且它的設計完美地匹配患者的解剖結構。

And then we have pyrocarbon, which is a very new, very novel hemiarthroplasty product for shoulders that has been on the market outside the US for about a decade and has got approval in the United States about a year ago.

然後我們有熱解碳，這是一種非常新的、非常新穎的肩關節半置換產品，它已經在美國以外的市場上銷售了大約十年，大約一年前在美國獲得了批准。

So that's all creating very much a lot of continued excitement around our Shoulder business with a terrific management team that knows how to execute. We are the leader in shoulder arthroplasty, and we're continuing to drive high growth through a very, very successful product portfolio and the Blueprint software, which uses AI to actually help the surgeon know which implant to put in for the patient based on their anatomy.

因此，這一切都為我們的 Shoulder 業務帶來了持續的興奮，我們擁有一支知道如何執行的優秀管理團隊。我們是肩關節置換術的領導者，我們將繼續透過非常成功的產品組合和 Blueprint 軟體推動高成長，該軟體使用人工智慧來幫助外科醫生根據患者的解剖結構了解應該為患者植入哪種植入物。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Beautiful. Thanks so much for taking the question, guys. I'll just ask them both upfront, if I can. I'd love if you could unpack a little bit more on the Endoscopy side of things. I know you talked about sports med and visualization outside, but any extra details there would be awesome.

美麗的。非常感謝大家回答這個問題。如果可以的話，我會提前問他們兩個。如果您能詳細介紹一下內視鏡檢查方面的情況，我將非常高興。我知道您在外面談到了運動醫學和視覺化，但如果您能提供任何額外的細節就更好了。

And then the second one, just to riff on Shoulder again. Just like any extra details you've got on, I know you're a limited release on Mako Shoulder, but just feedback you've been having, how you think about that when we move into '26? And is that a more or less meaningful addition than, say, what we saw Mako do with knee and then hip?

然後是第二首歌，只是再次重複一下 Shoulder。就像您掌握的任何額外細節一樣，我知道您在 Mako Shoulder 上進行了有限發行，但只是您收到的反饋，當我們進入 '26 年時您對此有何看法？那麼，與我們看到 Mako 對膝蓋和臀部所做的動作相比，這是否是一個更有意義的補充？

Okay. Great. I'll start with the Shoulder question. And what I'd tell you is that the Shoulder business is doing great without really the Mako impact. So right now, we're just in a limited release.

好的。偉大的。我先從肩部問題開始。我想告訴你的是，Shoulder 的業務在沒有受到 Mako 的影響的情況下表現得很好。所以現在，我們只是在有限度地發行。

It's -- Mako has not been a contributor and wasn't in the first quarter in any meaningful way to the growth, but we are very excited about how it's being received in the market, and we think it will be a very meaningful contributor starting in 2026.

Mako 尚未做出貢獻，並且在第一季也沒有對成長做出任何有意義的貢獻，但我們對它在市場上的接受度感到非常興奮，我們認為從 2026 年開始它將成為一個非常有意義的貢獻者。

And that's really because if you're a surgeon that doesn't do a lot of these procedures, but you have a Mako and you do hips and knees, but you do a smaller number of shoulders, this is fantastic. It makes the procedure easier to do. And right now, we have just glenoid eventually we'll also add the humoral portion of the procedure.

這是因為，如果你是一名不做很多此類手術的外科醫生，但你擁有 Mako，可以做臀部和膝蓋手術，但只做少量的肩部手術，那麼這真是太棒了。這使得該過程更容易執行。現在，我們只有關節盂，最終我們還會添加體液手術部分。

But again, the glenoid is the trickiest part. And so what we're hearing so far is very positive feedback, and we're excited about that. And as it relates to Endoscopy, our 1788 camera continues to absolutely win with customers, and it continues to be an engine of very high growth.

但再次強調，關節盂是最棘手的部分。到目前為止我們聽到的都是非常正面的回饋，我們對此感到非常興奮。就內視鏡檢查而言，我們的 1788 相機繼續受到客戶的青睞，並繼續成為高速成長的引擎。

And then sports medicine has been a strong double-digit grower. We have launched about five or six different shoulder products in the last year, and the most important of which is AlphaVent Knotless, which is a terrific product that's getting great feedback.

運動醫學領域則實現了兩位數的強勁成長。去年我們推出了大約五到六種不同的肩部產品，其中最重要的是 AlphaVent Knotless，這是一款非常棒的產品，獲得了很好的回饋。

And so both in the US and outside the US, we had very strong double-digit growth in sports med, and we really have a fixed sports med business now. It started very, very small over a decade ago and really mostly through organic growth because all of these shoulder products we're launching are really all organically driven.

因此，無論在美國或美國以外，我們在運動醫學領域都實現了非常強勁的兩位數成長，現在我們確實擁有固定的運動醫學業務。十多年前，公司起步時規模很小，主要透過有機成長實現，因為我們推出的所有這些肩部產品實際上都是有機驅動的。

We have built a very strong implant portfolio. We've only done the Pivot deal, the IV deal and InSpace. Only three small acquisitions in sports. The rest have all been organic growth, and we're really excited about that. So those are the two biggest contributors. We have a really strong team in Endoscopy.

我們已經建立了非常強大的植入物組合。我們只做過 Pivot 交易、IV 交易和 InSpace。體育領域僅有三次小型收購。其餘全部實現了有機成長，我們對此感到非常興奮。所以這是兩個最大的貢獻者。我們在內視鏡領域擁有一支非常強大的團隊。

And then, of course, booms and lights in the United States were pretty strong as well. We have a new light called Oculan that just launched, which will also be a big contributor actually in future quarters. We have very strong orders in our communications business unit, and so you'll see that start to contribute as well. So Endoscopy, it's been a consistent high performer, and that will not change this year.

當然，美國的繁榮和燈光也相當強勁。我們剛剛推出了一款名為 Oculan 的新燈，它實際上也將在未來幾季做出巨大貢獻。我們的通訊業務部門的訂單非常強勁，因此您會看到這也開始帶來貢獻。內視鏡檢查一直表現優異，今年也不會改變。

Shagun Singh, RBC.

沙根·辛格，RBC。

So two quick ones for me. On international, you indicated that it could be a significant catalyst for future growth. I'm wondering if you can elaborate on that in terms of just mix of growth expectations?

所以對我來說有兩個簡單的問題。在國際方面，您表示這可能是未來成長的重要催化劑。我想知道您是否可以從成長預期組合的角度來詳細說明這一點？

And then the second question is just on operating margins. Obviously, you guys are doing a great job, and you've elaborated on it. But can you share any long-term expectations on where we could see gross margins and operating margins go?

第二個問題是關於營業利益率。顯然，你們做得很好，並且對此進行了詳細說明。但您能否分享一下我們對毛利率和營業利潤率走向的長期預期？

I'll take the first part of the question around international. So now obviously, with Inari coming in, largely a US based business. And all the acquisitions we've done in the recent past have been heavily weighted to the US. It's now about 75% of our sales are in the US. And just -- even just looking at Inari, only 7% of our sales are in international markets with fabulous products. And if you look at our Neurovascular business, it's -- we actually have more of our sales outside the United States. So that alone has a massive opportunity internationally.

我將回答有關國際的問題的第一部分。因此，現在很明顯，隨著 Inari 的加入，它基本上是一家美國企業。我們近期進行的所有收購都主要針對美國。目前我們約有 75% 的銷售額來自美國。僅就 Inari 而言，我們只有 7% 的銷售額來自國際市場，而且產品品質極佳。如果你看一下我們的神經血管業務，你會發現我們的銷售額實際上更多來自美國以外。因此，僅此一點就具有巨大的國際機會。

And taking all of these great products we've launched and then taking those international markets, we know it's going to be a successful formula. We're seeing it with Mako. And there's always a time delay because of the regulatory process, especially with Europe following the MDR legislation. It takes longer to get these products. We know they're successful, they will be successful.

我們知道，將我們推出的所有這些優秀產品推向國際市場，這將是一個成功的模式。我們在 Mako 身上看到了這一點。而且由於監管流程，總是存在時間延遲，尤其是歐洲遵循 MDR 立法。獲得這些產品需要更長的時間。我們知道他們已經成功，他們也會成功。

And so the surge that you've seen here in the US in the last two or three years, there's going to be a bit of a time delay, and you're going to see that surge in international markets like we're seeing right now with Mako surging in Japan, and surging in other international markets, that's going to be our formula. And starting with only 25% of our total company there, there's no question that, that is going to be a huge engine of growth in the years to come.

因此，您在過去兩三年中在美國看到的激增，將會有一點時間延遲，並且您將看到國際市場的激增，就像我們現在看到的 Mako 在日本的激增以及其他國際市場的激增一樣，這將是我們的公式。儘管我們公司在那裡只佔總員工總數的 25%，但毫無疑問，那裡將成為未來幾年龐大的成長引擎。

Shagun, I'll take the second part of this of longer-term gross and op margin goals. First off, as you know, we don't guide to gross margin. And if you think about op margin expansion and if you go back to Investor Day back in '23, we said '26 and beyond, kind of 30 basis points of expansion was the floor. We obviously have an Investor Day coming up in November, and we'll certainly do the work to update that as we think about '26 and beyond.

沙岡，我將討論長期毛利率和營業利潤率目標的第二部分。首先，如您所知，我們不指導毛利率。如果你考慮營業利益率的擴張，並回顧 1923 年的投資者日，我們說 1926 年及以後，30 個基點的擴張是底線。顯然，我們將在 11 月舉辦投資者日活動，在考慮 26 年及以後時，我們一定會努力更新活動。

Mike Matson, Needham & Company.

麥克‧馬森 (Mike Matson)，Needham & Company。

Yes. So with the update to the revenue guidance, sorry, the organic revenue guidance specifically, you're calling out a slightly unfavorable foreign exchange impact. Can you maybe explain what that means? Because I guess I thought that this was constant currency growth?

是的。因此，隨著收入指引的更新，抱歉，具體來說是有機收入指引，您指出了略微不利的外匯影響。你能解釋一下這是什麼意思嗎？因為我猜我認為這是持續的貨幣成長？

Yes. So good point. So as we think about where our revenue growth, our organic growth is going to be that. So what we're just saying is, in total, we are expecting some unfavorable currency impacts really as it flows down through to our EPS.

是的。非常好的觀點。因此，當我們思考我們的收入成長在哪裡時，我們的有機成長就是那個。因此，我們只是想說，總的來說，我們預期貨幣確實會有一些不利的影響，因為它會影響我們的每股盈餘。

Okay. Got it. All right. And then just with the Spine divestiture, I don't know if you guys are willing to disclose how much you got for that business? I assume we'll see something in the second quarter cash flow statement. But -- if maybe you could tell us how much they -- VB paid and what you're doing with the proceeds I assume, repaying debt, but let me know if that's not right.

好的。知道了。好的。然後就 Spine 的剝離而言，我不知道你們是否願意透露這項業務的收益是多少？我認為我們會在第二季現金流量表中看到一些資訊。但是——也許您可以告訴我們他們——VB 支付了多少錢，以及您打算如何處理這些收益，我猜是用來償還債務的，但如果不正確，請告訴我。

Yes. So we did not disclose the overall price that we received for that. And so we're getting some -- we're going to have it come back to us actually through some milestones as well. So a little broken up over time as we see that coming back in. And it will certainly be part of our overall financing as we look at opportunities, whether that's paying down debt or looking at future M&A opportunities as well.

是的。因此，我們沒有透露我們收到的總價格。因此，我們得到了一些東西——我們實際上也會透過一些里程碑將其回報給我們。因此，隨著時間的推移，當我們看到它再次出現時，情況就變得有點破碎了。當我們尋找機會時，它肯定會成為我們整體融資的一部分，無論是償還債務還是尋找未來的併購機會。

Caitlin Cronin, Canaccord Genuity.

凱特琳‧克羅寧 (Caitlin Cronin)，Canaccord Genuity。

Congrats on another great quarter. I'll just ask both of my questions upfront. So I think you noted earlier in the call that the tuck-in acquisitions you made last year were going well. Just any more color on those? And also with continued strong Ortho performance, anything to really take away from that and how you're performing in the ASP?

恭喜您又一個出色的季度。我會提前問這兩個問題。所以我認為您在電話會議早些時候提到過，您去年進行的收購進展順利。這些上面還有顏色嗎？此外，由於 Ortho 的表現持續強勁，您能從中真正獲得什麼嗎？您在 ASP 中的表現如何？

Yes, I'll take the ASC portion of this and Kevin will touch on M&A here. But I think this is very consistent in terms of what we've said in prior quarters, where we continue to see more and more procedures move to the ASC.

是的，我將負責 ASC 部分，Kevin 將在這裡談論 M&A。但我認為這與我們在前幾個季度所說的非常一致，我們繼續看到越來越多的程序轉移到 ASC。

If we think about our percentage of knees and hips that are done in the ASC, that continues to tick up every quarter. And the first quarter was no exception there, and has truly been a great tailwind to our business in the first quarter.

如果我們考慮一下在 ASC 中完成的膝蓋和臀部手術的百分比，這個數字每個季度都在持續上升。第一季也不例外，並且確實為我們第一季的業務帶來了巨大的推動力。

Yes. And as it relates to the seven deals that we closed last year, I would say -- and this is quite surprising that all seven are actually on the model or ahead of the model, which normally, you have a couple that are sort of off to a slower start. So actually, they're all performing very well.

是的。就我們去年完成的七筆交易而言，我想說——這相當令人驚訝，所有七筆交易實際上都符合該模型或領先於該模型，而通常情況下，有幾筆交易的起步會比較慢。所以實際上，他們的表現都非常好。

I would tell you that the Artelon deal and the Vertos deals are really off to a very fast start. So those -- if I had to kind of pick a couple -- sorry for those people in the other deals, they're all great, we love them all. But I'd say those two really have really jumped out of the gate fast, and we're really excited.

我想告訴你，Artelon 交易和 Vertos 交易確實起步非常快。所以那些 — — 如果我必須挑選幾個 — — 對不起那些參與其他交易的人，他們都很棒，我們都愛他們。但我想說的是，這兩個人確實進展得非常快，我們真的很興奮。

Those tuck-ins, for us, they work really, really well. When we already have the call point, we already have the sales force and we bring a product like this in there, we know we're going to -- good things are going to happen, and that has proven out with these seven deals.

對我們來說，這些塞子確實非常有效。當我們已經有了呼叫點，已經有了銷售隊伍，並且我們將這樣的產品帶入那裡時，我們知道我們將會發生好事，這七筆交易已經證明了這一點。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Congrats on a good start to the year. I know the capital equipment question has been beaten to death here. So I'm going to actually ask it a little bit of a different way, I think. And I think one of the lingering questions is will we go into a recession?

恭喜您今年有一個好的開始。我知道資本設備問題在這裡已經被討論得夠多了。所以我想我實際上會以稍微不同的方式來問這個問題。我認為一個揮之不去的問題是我們會陷入經濟衰退嗎？

I mean I think it depends on the day of the week as to what the outlook might look like. But I'm just curious if you guys could talk about how recession-proof or not or where you see the most exposure to your businesses?

我的意思是，我認為前景如何取決於一周中的哪一天。但我只是好奇，你們能否談談你們的業務是否能抵禦經濟衰退，或者你們認為哪些方面對你們的業務影響最大？

And the follow-up I'll just ask now on the capital equipment side. From my perspective, where I've been a little concerned is less about the capital budget number and more about sort of a paralysis as hospitals wait to see what happens with any budget, Medicare -- changes to Medicare or things like that. And it sounds like you're not seeing anything change there, but just curious if you could comment on that.

我現在想問的是關於資本設備方面的後續問題。從我的角度來看，我有點擔心的不是資本預算數字，而是醫院在等待預算、醫療保險或類似事項的變化時出現的癱瘓。聽起來你沒有看到任何變化，但我只是好奇你是否可以對此發表評論。

So far, we're not seeing any signs of slowdown. Our order book is really elevated. Our backlog is as high as it's ever been. And so we're not seeing any signs of that. Who knows what can happen down the line. But our order book is really out to most of the -- towards most of the end of the year.

到目前為止，我們還沒有看到任何放緩的跡象。我們的訂單量確實增加了。我們的積壓工作量達到了前所未有的水準。所以我們沒有看到任何這樣的跡象。誰知道接下來會發生什麼事。但我們的訂單實際上大部分時間都在年底前完成。

So we have a pretty good visibility line of sight, usually around six month line of sight into capital. Nobody is canceling orders. We're not seeing inertia setting in hospitals at all. They are changing a little bit sometimes whether they want more financing or not. So the forms of payments might change a little bit. But we're seeing really healthy demand across. We wouldn't be raising guidance if we were concerned about any kind of capital slowdown.

因此，我們擁有相當好的視線可視性，通常可以看到首都大約六個月的視線。沒有人取消訂單。我們根本沒有看到醫院有任何惰性。無論他們是否需要更多融資，他們有時會發生一些變化。因此付款方式可能會發生一些變化。但我們看到整體需求確實很旺盛。如果我們擔心任何形式的資本放緩，我們就不會提高指導。

So from our standpoint, and frankly, if you think about our business, small capital is recession proof because they need to be able to do those procedures. What could really be affected by a recession, Beds could sometimes be slowed down a little bit. It's a very small part of our overall portfolio now.

因此，從我們的角度來看，坦白說，如果你考慮我們的業務，小資本是能夠抵禦經濟衰退的，因為他們需要能夠完成這些程序。真正受到經濟衰退影響的是，床位有時可能會稍微減少一些。現在它只是我們整體投資組合中很小的一部分。

And we always said elective procedures, most of the parts are not. Most of our procedures are urgent or needed. You could say maybe you could delay a knee procedure, that's about it. And so we're not really nervous at all. In fact, what we're seeing is elevated demands for hips and knees, a sustained demand. And people are -- once they get that surgery schedule, they're not prone to cancel it. So again, through the end of this year, we have pretty good visibility. We don't see any red flags or warning signs at this time.

我們總是說選擇性手術，但大多數情況並非如此。我們的大多數程序都是緊急或必要的。你可以說也許你可以延後膝蓋手術，就是這樣。所以我們其實一點也不緊張。事實上，我們看到對臀部和膝蓋的需求不斷增加，而且是持續的需求。人們一旦得到手術安排，就不會輕易取消它。因此，到今年年底，我們的前景將相當光明。目前我們沒有看到任何危險信號或警告信號。

Matt Taylor, Jefferies.

馬特泰勒，傑富瑞。

I'll just ask one kind of conceptual question about tariffs. So I was wondering, if we woke up tomorrow and the tariffs were gone, maybe theoretically had this $200 million back or some function of that, can you talk about how much you would put back into the business versus what would drop through to the bottom line? I just want to understand that a little bit better as we may see things change again and again.

我只想問一個有關關稅的概念性問題。所以我想知道，如果我們明天醒來發現關稅取消了，也許理論上可以收回這 2 億美元，或者收回其中的某些部分，您能談談您會將多少錢重新投入到業務中，以及有多少會影響到利潤嗎？我只是想更好地理解這一點，因為我們可能會看到事情一次又一次地發生變化。

Yes. So we're not going to give the specific numbers because as we talked about, we're trying to solve for this tariff impact in a variety of ways. Certainly, we would put some investment back into the business. But I think it's safe to say that without the tariffs, we certainly would have a raise on the bottom line as a result.

是的。因此我們不會給出具體的數字，因為正如我們所討論的，我們正在嘗試透過各種方式解決關稅影響。當然，我們會將一些投資重新投入業務。但我認為可以肯定地說，如果沒有關稅，我們的利潤肯定會上升。

Yes. If you see the tariffs going down, you should expect a race from us on the bottom line. And we would have raised our earnings without question, had the tariffs not appeared at this time.

是的。如果你看到關稅下降，你就應該預料到我們會在利潤上競爭。如果此時關稅沒有出現，我們的收入肯定會增加。

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。現在我將把電話交給 Kevin Lobo 來做結束語。

Well, thank you all for joining our call. As you can see, we have a very strong start to the year, and we're excited about working through tariff challenge as well as continuing with the great business momentum and sharing our Q2 results with you in July. Thank you.

好吧，感謝大家參加我們的電話會議。如您所見，我們今年的開局非常強勁，我們很高興能夠克服關稅挑戰，繼續保持良好的業務勢頭，並在 7 月份與您分享我們的第二季度業績。謝謝。

This concludes the first quarter 2025 Stryker Earnings Call. You may now disconnect.

史賽克 2025 年第一季財報電話會議到此結束。您現在可以斷開連線。