史賽克 (SYK) 2025 Q2 法說會逐字稿

Welcome to the second-quarter 2025 Stryker earnings call. My name is Megan, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Following the conference, we will conduct a question-and-answer session. This conference call is being recorded for replay purposes.

歡迎參加 2025 年第二季 Stryker 收益電話會議。我叫梅根，今天電話的接線生由我來接聽。此時，所有參與者都處於只聽模式。會議結束後，我們將進行問答環節。本次電話會議將會錄音以供重播。

Before we begin, I would like to remind you that the discussion 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. Also, the discussion will include certain non-GAAP financial measures. Reconciliation to the most directly comparable GAAP financial measures can be found in today's press release that is an exhibit to Stryker's current report on Form 8-K filed today with the SEC.

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。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。與最直接可比較的 GAAP 財務指標的對帳可以在今天的新聞稿中找到，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 will now turn the call over to Mr. Kevin Lobo, Chair and Chief Executive Officer. You may proceed, sir.

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

Welcome to Stryker's second-quarter earnings call. Joining me today are Preston Wells, Stryker CFO, and Jason Beach, Vice President of Finance and Investor Relations. For today's call, I will 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 and guidance before opening the call to Q&A.

歡迎參加 Stryker 第二季財報電話會議。今天與我一起出席的還有 Stryker 財務長 Preston Wells 和財務與投資者關係副總裁 Jason Beach。在今天的電話會議上，我將發表開場白，然後 Jason 將介紹我們在本季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和指導的更多詳細資訊。

Our second-quarter results reflect being in diverse and attractive end markets our focus on innovation, and disciplined operational execution. We delivered double-digit organic sales growth of 10.2% and adjusted EPS growth of 11.4%, while managing through the impacts of tariffs, Inari dilution, and the spinal implant divestiture. Our robust organic sales growth was driven by strong demand across our product portfolio and included double-digit growth from MedSurg and Neurotechnology and high single-digit growth from Orthopaedics.

我們第二季的業績反映出，在多元化和有吸引力的終端市場中，我們專注於創新和嚴格的營運執行。我們實現了 10.2% 的兩位數有機銷售額增長和 11.4% 的調整後每股收益增長，同時克服了關稅、Inari 稀釋和脊柱植入物剝離的影響。我們強勁的有機銷售成長是由我們產品組合的強勁需求推動的，其中包括 MedSurg 和神經技術的兩位數成長以及骨科的高個位數成長。

Geographically, our US organic sales growth of 11.5% included double-digit organic growth from our Endoscopy, Neurocranial, Trauma and Extremities, and Instruments businesses, and high single-digit organic growth in Medical and Hips. We delivered 6.5% organic international sales growth despite supply chain challenges, with notable contributions from South Korea and emerging markets. We continue to view international markets as a big opportunity for future growth.

從地理上看，我們在美國有機銷售額增長了 11.5%，其中包括內視鏡、腦神經、創傷和四肢以及器械業務的兩位數有機增長，以及醫療和髖關節業務的高個位數有機增長。儘管面臨供應鏈挑戰，我們仍實現了 6.5% 的有機國際銷售成長，其中韓國和新興市場的貢獻尤其顯著。我們繼續將國際市場視為未來成長的巨大機會。

As a growth company, we are excited to continue delivering innovation, both internally and through M&A. We maintain a healthy deal pipeline and are well prepared to capitalize on a broad range of opportunities. We exited Q2 with strong momentum and are well positioned for the second half of the year. As a result, we are raising our full-year 2025 outlook, which includes delivering another 100 basis points of adjusted operating margin expansion. We are confident in the durability of our growth and earnings power across our businesses.

作為一家成長型公司，我們很高興能夠繼續透過內部和併購實現創新。我們保持著健康的交易管道，並做好充分準備利用廣泛的機會。我們以強勁的勢頭結束了第二季度，並為下半年做好了準備。因此，我們上調了 2025 年全年預期，其中包括將調整後的營業利潤率再提高 100 個基點。我們對各項業務的成長和獲利能力的持久性充滿信心。

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

說完這些，我現在將電話轉給傑森。

Thanks, Kevin. My comments today will focus on providing an update on the current environment, capital demand, and the integration of Inari Medical. Procedural volumes remained healthy in the second quarter, driven by the continued adoption of robotic-assisted surgery, a stable pricing environment, favorable demographic trends, and the ongoing shift toward ASCs. We anticipate continued strength in procedural volumes as we move into the second half of the year.

謝謝，凱文。我今天的評論將重點放在當前環境、資本需求以及 Inari Medical 的整合。受機器人輔助手術的持續採用、穩定的定價環境、有利的人口趨勢以及向 ASC 的持續轉變的推動，第二季度的手術量保持健康。我們預計，進入下半年，程序化交易量將持續保持強勁。

Demand for our capital products was strong once again in the quarter, and we exited Q2 with an elevated backlog. With healthy hospital CapEx budgets, we expect continued strength in our order book for the remainder of the year. We are also excited to share that during the quarter, we reached a milestone of 2 million robotic procedures performed with Mako. We are the clear leader in orthopedic robotics and continue to launch new applications such as revision hip which is receiving very positive surgeon feedback.

本季度，我們的資本產品需求再次強勁，我們在第二季結束時積壓了較多訂單。由於醫院資本支出預算充足，我們預計今年剩餘時間內訂單量將持續保持強勁。我們也很高興地告訴大家，在本季度，我們利用 Mako 完成了 200 萬次機器人手術，這是一個里程碑。我們是骨科機器人領域的領先者，並將繼續推出新的應用，例如髖關節修復術，該技術得到了外科醫生的非常積極的回饋。

Also, we delivered our best-ever Q2 for Mako installations, both in the US and worldwide, with high utilization rates across the globe. We expect sustained momentum from installations and utilization to continue to drive growth in our hips and knees businesses. The launches of Mako Spine and Shoulder are going well and remain on track for full launches as discussed on our last earnings call.

此外，我們在美國和全球的 Mako 安裝量都創下了有史以來最好的第二季業績，全球利用率都很高。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。Mako Spine 和 Shoulder 的發布進展順利，並有望按照我們上次收益電話會議上討論的全面發布計劃進行。

Our platform launches such as LIFEPAK 35 and the Pangea Plating System continue to have success in the marketplace and are driving meaningful contributions to growth. We recently received approval for LIFEPAK 35 in Europe and are on track to launch in late Q3. As a reminder, many of our new products are still pending approval in Europe, such as Insignia and Pangea. In addition to these launches over the past several quarters, we have introduced a number of next-generation and innovative products across our diverse businesses that continue to drive our growth.

我們推出的 LIFEPAK 35 和 Pangea Plating System 等平台繼續在市場上取得成功，並為成長做出了有意義的貢獻。我們最近獲得了歐洲對 LIFEPAK 35 的批准，並預計在第三季末推出。提醒一下，我們的許多新產品仍有待歐洲批准，例如 Insignia 和 Pangea。除了過去幾季推出的這些產品之外，我們還在各個業務領域推出了許多下一代創新產品，繼續推動我們的成長。

Lastly, we continue to make solid progress on the integration of Inari. We did experience some disruption in Q2, including working through destocking over the first half of the year, as well as the onboarding of new sales professionals. We have moved quickly to convert the business to our Stryker offense which will position us well for the future. Even as we navigate these changes, we still expect double-digit pro forma revenue growth for 2025.

最後，我們在 Inari 整合方面繼續取得紮實進展。我們在第二季確實遇到了一些中斷，包括上半年的去庫存工作以及新銷售專業人員的加入。我們已迅速採取行動，將業務轉變為我們的 Stryker 進攻，這將使我們為未來做好充分準備。即使我們正經歷這些變化，我們仍然預計 2025 年的預測收入將達到兩位數成長。

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 second-quarter financial results and related drivers. Our detailed financial results have been provided in today's press release. Organic sales growth was 10.2% for the quarter, compared to 9% in the second quarter of 2024. This quarter had the same number of selling days as 2024. Pricing had a 0.5% favorable impact, with both our MedSurg and Neurotechnology and Orthopaedics segments continuing to see overall positive trends from our pricing initiatives. Additionally, foreign currency had a 0.8% favorable impact on sales.

謝謝，傑森。今天，我將重點放在我們的第二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。本季有機銷售額成長率為 10.2%，而 2024 年第二季為 9%。本季的銷售天數與 2024 年相同。定價產生了 0.5% 的有利影響，我們的 MedSurg 和神經技術和骨科部門繼續從我們的定價舉措中看到整體積極的趨勢。此外，外幣對銷售額產生了 0.8% 的有利影響。

Our adjusted earnings per share of $3.13 was up 11.4% from the same quarter last year, driven by our robust sales growth and margin expansion, partially offset by higher interest expense. Foreign currency translation had a favorable impact of $0.04.

我們的調整後每股收益為 3.13 美元，較去年同期增長 11.4%，這得益於我們強勁的銷售成長和利潤率擴大，但利息支出增加部分抵消了這一增長。外幣折算產生了 0.04 美元的有利影響。

Now I will provide some highlights around our quarterly segment performance. In the quarter, MedSurg and Neurotechnology had organic sales growth of 11%, which included 12.5% of US organic growth and 5.7% of international organic growth. Instruments had US organic sales growth of 10.1%, led by double-digit performance from our Surgical Technologies business, which includes our Neptune waste management and smoke evacuation products. The number of states that have passed smoke-free legislation continues to rise, with 19 states to date having approved smoke-free operating rooms. These states represent over half the national population.

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 11%，其中包括 12.5% 的美國有機成長和 5.7% 的國際有機成長。儀器業務在美國的有機銷售額成長了 10.1%，這主要得益於外科技術業務的兩位數業績成長，其中包括我們的 Neptune 廢棄物管理和菸霧疏散產品。通過無菸立法的州數量持續增加，迄今已有 19 個州批准了無菸手術室。這些州的人口占全國人口的一半以上。

Endoscopy had US organic sales growth of 18.6%, with strong double-digit performances across all businesses. Growth was fueled by robust demand for operating room infrastructure and renovations, and the continued success of the 1788 video platform as well as our Sports Medicine business which has expanded its portfolio through the launch of several new shoulder products.

內視鏡業務在美國的有機銷售額成長了 18.6%，所有業務均實現了強勁的兩位數表現。成長的動力來自於手術室基礎設施和裝修的強勁需求，以及 1788 視訊平台和運動醫學業務的持續成功，運動醫學業務透過推出多款新的肩部產品擴大了其產品組合。

Medical had US organic sales growth of 9.9%, led by double-digit performance in the Acute Care business, somewhat offset by lower sales in the Emergency Care business due to continuing supply disruptions that are now expected to linger through the end of the year. From a product perspective, these supply matters do not affect LIFEPAK 35.

醫療業務在美國的有機銷售額增長了 9.9%，其中急性護理業務實現了兩位數的增長，但緊急護理業務的銷售額下降在一定程度上抵消了這一增長，原因是持續的供應中斷預計會持續到年底。從產品角度來看，這些供應問題不會影響 LIFEPAK 35。

Vascular had US organic sales growth of 1.4%. We expect improved growth in the second half of this year, led by recent launches of our Surpass Elite flow-diverting stent, AXS Lift intracranial base catheter, and Broadway large-bore aspiration catheter. As a reminder, organic sales figures do not include Inari.

Vascular 美國有機銷售額成長 1.4%。我們預計今年下半年的成長將會有所改善，這主要得益於我們最近推出的 Surpass Elite 血流轉向支架、AXS Lift 顱底導管和 Broadway 大口徑抽吸導管。提醒一下，有機銷售數據不包括 Inari。

And finally, Neurocranial had US organic sales growth of 14.8%, led by strong double-digit growth in our Neurosurgical and IBS businesses, and near double-digit growth in our Cranial Maxillofacial business. Internationally, MedSurg and Neurotechnology's organic sales growth was 5.7%, despite the supply disruptions in Medical mentioned earlier. Growth was led by our Neurocranial, Instruments, Endoscopy, and Vascular businesses. Geographically, this included strong performances in South Korea, Canada, and our emerging markets.

最後，Neurocranial 美國有機銷售額成長了 14.8%，這得益於神經外科和 IBS 業務的強勁兩位數成長，以及顱顏面業務的接近兩位數成長。在國際上，儘管前面提到了醫療供應中斷，但 MedSurg 和 Neurotechnology 的有機銷售額增長了 5.7%。我們的神經顱腦、儀器、內視鏡和血管業務引領了成長。從地理上看，韓國、加拿大和新興市場均表現強勁。

Orthopaedics had organic sales growth of 9%, which included organic growth of 9.7% in the US and 7.5% internationally. Our US Knee business grew 6.2% organically, reflecting our market-leading position in robotic-assisted knee procedures and continued momentum from new Mako installations. Our US Hips business grew 8.4% organically, reflecting the ongoing success of our Insignia hip stem and the continued adoption of our Mako robotic hip platform. Our US Trauma and Extremities business grew 13.6% organically, with double-digit sales growth in our Core Trauma and Upper Extremities businesses.

骨科業務有機銷售額成長 9%，其中美國有機成長 9.7%，國際有機成長 7.5%。我們的美國膝關節業務有機增長了 6.2%，反映了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 安裝帶來的持續增長勢頭。我們的美國髖關節業務有機增長了 8.4%，反映了我們的 Insignia 髖關節柄的持續成功以及 Mako 機器人髖關節平台的持續採用。我們的美國創傷和四肢業務有機成長了 13.6%，其中核心創傷和上肢業務的銷售額實現了兩位數成長。

Our Core Trauma performance continues to be driven by Pangea, our differentiated plating portfolio, which also hit its one-year anniversary of launch in the quarter and continues to generate robust interest and adoption by the market. Our US Other Ortho business grew 5.6% organically, led by the strength of Mako installations and a strong performance in navigational technology products, offset by bone cement.

我們的核心創傷表現繼續受到差異化電鍍產品組合 Pangea 的推動，該產品組合在本季度也迎來了推出一周年，並繼續引起市場的濃厚興趣和採用。我們的美國其他骨科業務有機增長了 5.6%，這主要得益於 Mako 安裝的強勁增長和導航技術產品的強勁表現，但骨水泥的出現抵消了這一增長。

Internationally, Orthopaedics organic growth of 7.5% included strong performances in South Korea, Japan, and many of our emerging markets. Additionally, our international results do include a nominal amount of spinal implant revenue because of previously accepted tenders that we are fulfilling before exiting those markets.

在國際上，骨科有機成長 7.5%，其中包括韓國、日本和許多新興市場的強勁表現。此外，我們的國際業績確實包括少量脊椎植入物收入，因為我們在退出這些市場之前正在履行先前接受的招標。

Now I will focus on certain operating and non-operating highlights in the first quarter (sic - second quarter). Our adjusted gross margin of 65.4% was favorable by 120 basis points over the second quarter of 2024, despite the impact of tariffs. The improvement was primarily driven by cost improvements in businesses. Our adjusted operating margin was 25.7% of sales, which was 110 basis points favorable to the second quarter of 2024, driven by the gross margin favorability I just discussed. Adjusted operating expenses as a percentage of sales were consistent with the prior year.

現在我將重點介紹第一季的一些營運和非營運亮點（原文如此 - 第二季）。儘管受到關稅的影響，我們的調整後毛利率仍為 65.4%，比 2024 年第二季高出 120 個基點。這項改善主要得益於企業成本的改善。我們的調整後營業利潤率的 25.7%，比 2024 年第二季高出 110 個基點，這得益於我剛才討論的毛利率優勢。調整後的營業費用佔銷售額的百分比與去年持平。

Adjusted other income and expense of $106 million for the quarter was $52 million higher than 2024, due to the increased interest expense from our September 2024 and January 2025 debt issuances, slightly offset by favorable foreign exchange impacts. For 2025, we continue to expect our full-year adjusted other income and expense to be approximately $430 million.

本季調整後的其他收入和支出為 1.06 億美元，比 2024 年高出 5,200 萬美元，原因是我們 2024 年 9 月和 2025 年 1 月發行的債務導致利息支出增加，但外匯的有利影響略有抵銷。到 2025 年，我們仍然預計全年調整後的其他收入和支出約為 4.3 億美元。

The second quarter had an adjusted effective tax rate of 15.9%, 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%.

第二季調整後有效稅率為15.9%，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。

Turning to cash flow, our year-to-date cash from operations was $1.4 billion, driven by higher net earnings and year-over-year working capital improvements.

談到現金流，我們年初至今的營運現金流為 14 億美元，這得益於更高的淨收益和年比營運資本的改善。

And now I will discuss our full-year 2025 guidance. Considering our year-to-date results, strong demand for our products, and our operational momentum, we're raising our full-year guidance and now expect organic net sales growth of 9.5% to 10%, and adjusted earnings per share to be in the range of $13.40 to $13.60. Our updated sales guidance includes a modestly favorable pricing impact. In addition, foreign exchange is expected to have a slightly positive impact on both sales and earnings per share should rates hold at their current levels.

現在我將討論我們 2025 年全年的指導。考慮到我們年初至今的業績、強勁的產品需求以及強勁的營運勢頭，我們上調了全年業績指引，目前預計有機淨銷售額增長 9.5% 至 10%，調整後每股收益將在 13.40 美元至 13.60 美元之間。我們更新後的銷售指引已包含略微有利的定價影響。此外，如果利率維持在當前水平，則預計外匯將對銷售額和每股盈餘產生略微積極的影響。

We now estimate a net impact from tariffs of approximately $175 million in 2025. This estimate, which is consistent with the amount we have previously discussed, does reflect the reduction in the bilateral US-China tariff rates and the announcement of a new framework agreement with the European Union. We continue to take thoughtful measures to address this estimated impact, which we are offsetting to our continued sales momentum, the leveraging of our manufacturing footprint, disciplined cost management, and better-than-expected foreign currency impacts.

我們現在估計，2025 年關稅的淨影響約為 1.75 億美元。這項估計與我們先前討論的金額一致，確實反映了中美雙邊關稅稅率的降低以及與歐盟宣布達成新的框架協議。我們將繼續採取周到的措施來應對這一預計的影響，並透過持續的銷售勢頭、利用我們的製造足跡、嚴格的成本管理以及好於預期的外匯影響來抵消這一影響。

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

現在，我將開始問答環節。

(Operator Instructions)

（操作員指示）

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Congrats on a nice quarter here. Kevin, there's a lot of uncertainty in the market right now. What’s giving you the confidence to raise both your organic growth and your EPS guidance? How much did the supply issue impact growth this quarter, and when exactly do you expect to resolve the issue? And I have one follow-up, please.

恭喜本季取得良好成績。凱文，目前市場存在著許多不確定性。什麼讓您有信心提高有機成長和每股盈餘預期？供應問題對本季的成長有多大影響？您預計什麼時候能夠解決這個問題？我還有一個後續問題。

Yes, thanks, Larry. I would say what Jason mentioned related to procedural strength, and we've even seen that in the month of July, continued procedural strength, and that includes implants as well as other procedures across the surgical space. Strong capital demand, our order book is very healthy. We're not seeing any slowdown at all on capital. The supply issues are really limited to Medical. The rest of our supply chain is in really good shape.

是的，謝謝，拉里。我想說傑森提到的與程序強度有關，我們甚至在七月就看到了程序強度的持續增長，其中包括植入物以及整個外科手術領域的其他程序。資本需求強勁，我們的訂單非常健康。我們沒有看到資本有任何放緩的跡象。供應問題實際上僅限於醫療領域。我們的其餘供應鏈狀況良好。

And those issues will continue to persist throughout the year, but Medical has a lot of other products that are continuing to sell very well, including LIFEPAK 35, and we're very excited that LIFEPAK has now received the European approval, so that you'll start to see in Q4. So overall, strength across our portfolio, strong procedural volumes, strong capital demand, and that's why we decided to raise it to the level we are. We're very confident in the topline outlook.

這些問題將持續存在一整年，但 Medical 還有很多其他產品繼續暢銷，包括 LIFEPAK 35，我們非常高興 LIFEPAK 現在已獲得歐洲批准，因此您將在第四季度開始看到這一點。整體而言，我們的投資組合實力雄厚，程序量強勁，資本需求強勁，這就是我們決定將其提升到現有水準的原因。我們對營收前景非常有信心。

That's very helpful. And Kevin, remanufactured instruments are a hot topic again. You have unique insight into this with sustainability. How are you thinking about remanufactured instruments for soft tissue robotics? Do you see that as a good opportunity for Stryker, and if so, how would you enter the market?

這非常有幫助。凱文，再製造樂器再次成為熱門話題。您對永續性有著獨到的見解。您如何看待軟組織機器人再製造器械？您是否認為這對 Stryker 來說是一個好機會？如果是，您將如何進入市場？

Thanks, Larry. We don’t really talk about our pipeline, and this would be a pipeline product. And so there is another company that’s obviously getting into the business, and if we decide to enter that, we’ll let you know when we do.

謝謝，拉里。我們實際上並不談論我們的管道，這將是一個管道產品。顯然，還有另一家公司正在進入這個行業，如果我們決定進入，我們會及時通知您。

Robbie Marcus, JPMorgan.

摩根大通的羅比·馬庫斯。

Congrats on a nice quarter. Maybe the first one, Preston, impressive margins here in the quarter. The EPS guide is now basically back to where it was almost pre-tariff and pre-NRE dilution. Maybe just walk us through what's driving the strength in the underlying margins here to get you almost back to the original guidance, especially as you're absorbing all of these dilutive pressures?

恭喜本季取得良好業績。也許是第一個，普雷斯頓，本季的利潤率令人印象深刻。EPS 指南現在基本上回到了關稅和 NRE 稀釋之前的水平。也許您可以向我們介紹一下是什麼推動了這裡的潛在利潤率的強勁增長，使您幾乎回到了最初的指導，特別是當您吸收了所有這些稀釋壓力時？

Yes. Thanks for the question, Robbie. So a few things. I guess, first, I'd point to, we started as we came through the pandemic several years ago, really focus on price. And so that focus on price has continued. And so we're seeing the benefits of that flowing down and really helping us to drive margin. In addition, we've talked about this continued focus on our manufacturing efficiency and really getting our operations into a more efficient manner in terms of supporting the sales growth that we have. And so we're really starting to see that take shape as well. And we have a lot of different initiatives going on from different lean initiatives in our manufacturing facilities to different initiatives happening across our procurement organization as we think about how we source product, where we source product. And so all of those are certainly helping us to drive the additional margin improvements that you're seeing.

是的。謝謝你的提問，羅比。有幾件事。我想首先指出的是，幾年前我們經歷疫情時就開始真正關注價格。因此，對價格的關註一直持續著。因此，我們看到了其帶來的好處，並確實幫助我們提高利潤率。此外，我們還討論了繼續專注於製造效率，並在支持銷售成長方面真正使我們的營運更有效率。因此我們也確實開始看到它逐漸成形。我們正在進行許多不同的舉措，從製造工廠中的不同精實舉措到整個採購組織中正在實施的不同舉措，我們思考如何採購產品、從哪裡採購產品。因此，所有這些無疑都在幫助我們推動您所看到的額外利潤率的提高。

I think we're also just getting more efficient with where we have product and how we're moving products through our supply chain, which is leading to some reduced costs as well. And then finally, I would just point to, we continue to look at how we support the business from an OpEx standpoint, really thinking about G&A as we look at shared service centers and other areas like that as we continue to support the business. The good news, Robbie is, and I'm really pleased with, in the first quarter, we saw a consistent a consistent delivery of that op margin. So 100 basis points in the first quarter, 100 basis points in the second quarter, which is really helping us to be much more consistent as we drive to the number that Kevin was talking about, our overall 100 basis points of delivery for the year. So all these elements that we've been putting in place over the last few years are really starting to take shape and allowing us to drive a more consistent margin story.

我認為，我們在產品所在地以及產品在供應鏈中的運輸方式上也變得更加高效，這也降低了成本。最後，我想指出的是，我們將繼續從營運支出的角度來研究如何支援業務，在研究共享服務中心和其他類似領域時，真正考慮 G&A，並繼續支援業務。好消息是，羅比，我真的很高興，在第一季度，我們看到了持續穩定的營業利潤率。因此，第一季為 100 個基點，第二季為 100 個基點，這確實幫助我們在實現 Kevin 所說的數字（即全年總體交付量為 100 個基點）時更加保持一致。因此，我們在過去幾年中實施的所有這些要素現在都開始成形，並使我們能夠實現更穩定的利潤率。

Great. Maybe a follow-up. Kevin, in the outpatient rule, we saw proposal to move heart ablation into the ASC for the first time. I know you -- one of your favorite things is whenever you see construction cranes up, you love it. I was wondering if I could just get your thoughts on where we are in the ASC build out?

偉大的。或許還有後續行動。凱文，在門診規則中，我們第一次看到將心臟消融術移入 ASC 的提議。我知道你——你最喜歡的事情之一就是每當你看到建築起重機時，你都會喜歡它。我想知道您是否可以了解我們對 ASC 建設現狀的看法？

I know most people, with respect to Stryker, are focused on orthopedics, but how are you thinking about ASCs across other parts of the hospital and Stryker's part in it?

我知道大多數人對於 Stryker 的關注點都集中在骨科，但您如何看待醫院其他部門的 ASC 以及 Stryker 在其中所扮演的角色？

Yeah. Listen, I don't think there's going to be any slowdown at all in the ASC trend. And obviously, we saw it first with sports medicine and foot and ankle and then you saw it with hips and knees and it will continue, whether it's cardiology, even general surgery, I could see a lot of those type of more elective procedures being done in ASCs. This trend is not going to stop because it actually lowers the cost of healthcare. It's a pleasurable experience for the surgeons.

是的。聽著，我認為 ASC 趨勢不會有任何放緩。顯然，我們首先在運動醫學和足踝領域看到了它，然後你會看到它出現在臀部和膝蓋領域，並且它將繼續下去，無論是心臟病學，甚至是普通外科，我可以看到很多這類更多的選擇性手術在 ASC 中進行。這種趨勢不會停止，因為它實際上降低了醫療成本。對外科醫生來說，這是一次愉快的經驗。

It's a pleasurable experience for the patients. And I could see that healthy patients like to go to a place like this where there aren't sick people. And so I absolutely see this trend continuing. If you look at something even like total ankle, right, we just had nice reimbursement increases, both in the hospital outpatient as well as in the ASCs for total ankle. So if you asked me five years ago, would we be doing total ankles in the ASCs? I wasn't even sure about that.

對患者來說，這是一次愉快的經驗。我發現健康的病人喜歡去這種沒有病人的地方。因此我絕對認為這種趨勢將會持續下去。如果您看一下像全踝關節這樣的手術，對吧，我們的報銷金額剛剛大幅增加，無論是在醫院門診還是在 ASC 中，全踝關節的報銷金額均有增加。因此，如果五年前你問我，我們會在 ASC 中進行全踝關節手術嗎？我什至不確定這一點。

And now the reimbursement was raised $7,000 because fusions aren't nearly as successful as total ankles. So this trend is absolutely going to continue. There's no doubt about it. And I think you'll see it across all specialties.

現在，由於融合手術的成功率遠不及全踝關節手術，因此報銷金額已提高至 7,000 美元。所以這種趨勢絕對會持續下去。毫無疑問。我認為您會在各個專業領域看到它。

And we like construction, as you say, because we do have a lot of products. Even in those specialties we don't play in, we do provide a lot of infrastructure that's used even in other specialties.

正如您所說，我們喜歡建築，因為我們確實有很多產品。即使在我們沒有涉足的專業領域，我們也確實提供了許多在其他專業領域也使用的基礎設施。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Preston, last quarter, I think you called out the tariff impact at about $200 million. And if I heard you correctly, it's $175 million now, most companies we've seen have come down maybe by about half. I'm just wondering if you could elaborate on why it's only coming down by about $25 million? Is that a reflection of some of the manufacturing locations and so forth? Comment on that.

普雷斯頓，上個季度，我認為您所說的關稅影響約為 2 億美元。如果我沒聽錯的話，現在是 1.75 億美元，我們看到的大多數公司的估值可能下降了一半左右。我只是想知道您是否可以詳細說明為什麼它只下降了約 2500 萬美元？這是否反映了一些製造地點等等？對此作出評論。

You were right. Last quarter, we did call out $200 million. We've come down to about $175 million. A few things I would probably point to, in our original estimate, you may recall, we were just quoting what was in place at the time.

你是對的。上個季度，我們確實撥款 2 億美元。我們已經降至約 1.75 億美元。我可能會指出幾件事，在我們最初的估計中，您可能還記得，我們只是引用了當時的情況。

So at that point in time, we really had the baseline 10% that was included for most areas other than some of the specific industry elements around steel and aluminum and then I think Canada and China had -- or Canada, China, and Mexico had some different ones at that point in time.

因此，在那個時間點，我們確實有涵蓋大多數領域的 10% 基準，除了鋼鐵和鋁等一些特定行業元素之外，然後我認為加拿大和中國 - 或者加拿大、中國和墨西哥在那個時間點有一些不同的基準。

As we fast forward here into the second quarter, the big change that we're seeing or the two big changes that we're seeing, the bilateral agreement with China and the US, has brought that tariff down pretty significantly. And so we saw some benefit in our number as a result of that. But then we did see some offsetting increase as Europe has entered into the framework of going to 15%, which would have been, in our model, 10% previously. So we're seeing some puts and takes, which is what gets us to that number.

隨著我們快進到第二季度，我們看到的重大變化或兩個重大變化，即與中國和美國的雙邊協議，已經使關稅大幅下降。因此，我們看到我們的數字因此獲得了一些好處。但隨後我們確實看到了一些抵消性成長，因為歐洲已經進入了 15% 的框架，而在我們的模型中，之前這個比例是 10%。因此，我們看到了一些投入和產出，這就是我們得出這個數字的原因。

And you're right, it is reflective of how our manufacturing footprint is set up.

你說得對，它反映了我們的製造足跡是如何建立的。

Yes. It's our manufacturing footprint in Europe as well as us not being as strong in China as other companies. So that's why it affects us maybe to a little bit of a lesser degree than others.

是的。我們的製造足跡遍佈歐洲，而且我們在中國的業務不如其他公司強大。所以這就是為什麼它對我們的影響可能比對其他人的影響要小一些。

Fair enough. And then second question is just we've seen some installed base numbers out there on orthopedic robotics out in the market. Kevin, I'd love your thoughts on what you see as greenfield opportunity within Mako at this point? And obviously, an installed base number is always appreciated. But how do you think about that versus maybe adding the second and third robots at various sites around the world?

很公平。第二個問題是，我們已經看到了市場上骨科機器人的一些安裝基數。凱文，我很想知道您對目前 Mako 內部的全新機會有何看法？顯然，安裝基數總是受人重視的。但是，您如何看待這一點，而不是在世界各地的各個地點添加第二個和第三個機器人？

Well, listen, I can tell you in the United States, there's very few places that only have one Mako. If they have on Mako, they tend to have more than one. And the universe of opportunity for us is every single operating room that does hips and knees. That's our universe. So there's 5,000 hospitals that do procedures, and they have a lot of operating rooms.

好吧，聽著，我可以告訴你，在美國，只有一種 Mako 的地方很少。如果他們有 Mako，他們往往會有不只一個。對我們來說，充滿機會的領域是每一個進行髖關節和膝關節手術的手術室。這就是我們的宇宙。有 5,000 家醫院可以進行手術，而且有很多手術室。

So there's still a huge room for us to continue to grow with robotic installations, installed base number we may provide at the end of the year when we provide our sort of percent of procedures being done, which continues to climb. So I'll talk to Jason and Preston. We may provide that number at the end of the year. We tend not to like to be the only person providing these numbers, but we'll take that under consideration.

因此，我們在機器人安裝方面仍有巨大的成長空間，到年底，我們可能會提供已完成程序的百分比，該百分比將繼續攀升。所以我會和傑森和普雷斯頓談談。我們可能會在年底提供該數字。我們不想成為唯一提供這些數字的人，但我們會考慮到這一點。

And I would tell you, internationally, we're really starting to pick up steam. And we're kind of where we were in the US about five years ago, especially places like Japan and parts of Europe and Latin America. So we still have a long runway to go. I would say we're still in the early innings overall in the robotic penetration.

我想告訴你，在國際上，我們確實開始加速發展。我們現在的處境和五年前的美國差不多，尤其是日本、歐洲和拉丁美洲的部分地區。所以我們還有很長的路要走。我想說我們在機器人滲透方面總體上仍處於早期階段。

Joanne Wuensch, Citibank.

花旗銀行的 Joanne Wuensch。

I have two. One of them, the supply issue that you're talking about in MedSurg, can you remind us, please, how long it is going to take to resolve that?

我有兩個。其中之一，就是您在 MedSurg 中談到的供應問題，您能否提醒我們，解決這個問題需要多長時間？

And then I'll put my second question right upfront. You launched a new Mako device, I think it was Gen 4 in the spring at AAOS, which had the shoulder and the hip and the and the spine applications all together. How is that going? And anything you'd say on shoulder and spine, that would be great.

然後我會先提出我的第二個問題。您推出了一款新的 Mako 設備，我認為它是春季在 AAOS 上推出的第四代設備，它將肩部、臀部和脊椎應用融為一體。怎麼樣？如果您對肩膀和脊椎有什麼看法，那就太好了。

Joanne, I'll take the first part of this, Joanna, as it relates to the supply issues and then Kevin can jump in here on Mako. But as it relates to the supply issue, and I think Preston touched on this as well. Largely in the Medical division, we do expect it will kind of linger throughout the remainder of the year. That being said, I think what you'll see of Medical in the back half of the year, growth will accelerate and double digit in terms of organic sales growth for them well within reach as we think about the full year.

喬安妮，喬安娜，我將負責第一部分，因為它與供應問題有關，然後凱文可以加入關於馬科的討論。但就供應問題而言，我認為普雷斯頓也談到了這一點。主要是在醫療部門，我們確實預計這種情況將在今年剩餘時間內持續下去。話雖如此，我認為您將在今年下半年看到醫療業務的成長將會加速，並且就全年而言，其有機銷售額成長將達到兩位數。

Yeah, great. As it relates to Mako 4, so we're really excited about this launch, and this is not yet a global launch, so that we do have countries around the world where we're still selling Mako 3. And what we added with Mako 4, so the hip revision application is only available on Mako4. The spine application is only available on Mako 4. Right now, the shoulder, we are in a limited launch on shoulder because that's actually on the Mako 3, and we're in the process of of migrating the shoulder to Mako 4.

是的，很棒。由於它與 Mako 4 相關，所以我們對這次發布感到非常興奮，而且這還不是全球發布，所以我們在世界各地的一些國家仍然在銷售 Mako 3。我們在 Mako 4 中添加了此功能，因此髖關節修復應用僅在 Mako4 上可用。脊椎應用僅適用於 Mako 4。目前，我們正在有限地推出該肩部，因為它實際上是在 Mako 3 上，我們正在將肩部遷移到 Mako 4。

So that will be available starting at the beginning of next year on Mako 4. And that's why part of the reason why the shoulder launch won't be a full launch until next year because we do want to launch that with Mako 4, but so far, so good. The feedback has been very good. We haven't moved to a full launch on Spine yet for the same reasons of just getting the workflow right and getting good feedback. And obviously, we have to partner with VB Spine to be able to do these deals, which include the robot as well as the implants.

因此該功能將於明年年初在 Mako 4 上推出。這就是為什麼肩部發射要到明年才會全面發射的原因之一，因為我們確實想用 Mako 4 來發射它，但到目前為止，一切都很好。反饋非常好。出於同樣的原因，我們還沒有全面推出 Spine，只是想確保工作流程正確並獲得良好的回饋。顯然，我們必須與 VB Spine 合作才能達成這些交易，其中包括機器人和植入物。

And we're working through those commercial contracts and methodologies. But everything so far is looking really good. We have very good applications, very well received by customers, not going to have much of an impact on our sales this year, start to see much more of an impact next year.

我們正在研究這些商業合約和方法。但到目前為止一切看起來都很好。我們擁有非常好的應用程序，受到客戶的一致好評，今年不會對我們的銷售產生太大影響，但明年就會看到更大的影響。

Travis Steed, Bank of America.

美國銀行的特拉維斯·斯蒂德 (Travis Steed)。

I wanted to ask a question on Inari. I don't know if you could maybe help with how the business grew this quarter with the destocking and rep transitions and what gives confidence in double-digit growth in 2025? And then can you get back to market growth rate in 2026?

我想問一個關於 Inari 的問題。我不知道您是否能幫助解釋一下，在去庫存和銷售代表轉型的情況下，本季度的業務是如何增長的，以及如何讓您對 2025 年實現兩位數增長充滿信心？那麼你能在 2026 年恢復市場成長率嗎？

Yeah. Listen, destocking is not fun. We've been through this before, by the way, when we bought other companies like K2M, we went through that. And a lot of these kind of earlier start-ups have these kind of practices. One of their practice was quarterly incentives, which helped to drive the stocking. We've done away with that practice.

是的。聽著，去庫存並不是一件有趣的事。順便說一句，我們以前也經歷過這種情況，當我們收購 K2M 等其他公司時，我們也經歷過這種情況。很多早期的新創企業都有這種做法。他們的做法之一是實行季度激勵，這有助於推動庫存。我們已經廢除了這種做法。

We've also replaced the sales leader with a Stryker sales leader. We've replaced the marketing leader with a marketing leader from Stryker. Of course, the President came from Stryker as well and had prior experience in the peripheral vascular space. So we have a Stryker leadership team that's really in place, which is exciting.

我們也用 Stryker 銷售主管取代了原來的銷售主管。我們已用來自 Stryker 的行銷主管取代了原來的行銷主管。當然，總裁也來自史賽克，並且在周邊血管領域擁有豐富的經驗。因此，我們擁有一支真正到位的史賽克領導團隊，這令人興奮。

We also took some medicine on forcing all the sales reps to sign noncompetes outside of California. And that was a bit of a gutsy move when you're buying a deal for sales, and then you're making sales people sign noncompetes. Some people elected not to do that. And we took our medicine, and we've been rapidly hiring new salespeople.

我們也採取了一些措施，強制所有銷售代表在加州以外簽署競業禁止協議。當你購買銷售協議並讓銷售人員簽署競業禁止協議時，這是一個大膽的舉動。有些人選擇不這樣做。我們採取了措施，並迅速招募新的銷售人員。

The good news is the underlying actual procedural demand was double digits. So we -- it's not like we -- our procedures and the surgeons doing our products for a global market. So we're in pretty good shape from a procedural standpoint, and stocking will burn out. So we're not too worried. In fact, the second half of the year will be good. And the overall year, we expect to be in double-digit growth lands.

好消息是，實際程式需求是兩位數。因此，我們——這不像我們——我們的手術和外科醫生為全球市場製造我們的產品。因此，從程序的角度來看，我們的狀況非常好，而且長襪將會燒壞。所以我們並不太擔心。事實上，下半年會很好。我們預計全年將實現兩位數的成長。

So most of the bad medicine has been taken already. There's still a little bit more stocking probably to burn, but overall, we're setting us up for the future. And we've learned through in the past is taking medicine early on these kind of deals. And we love the pipeline.

因此，大部分壞藥已經被服用過了。可能還會有一點點襪子需要燒掉，但總的來說，我們已經為未來做好了準備。我們過去的經驗是，在處理此類交易時要儘早採取措施。我們喜歡這條管道。

I was just actually had at Inari earlier this week, my second visit down there. And the pipeline is great. Talent is really good, but we've moved them now to a Stryker sales offense and put Stryker people in charge, and this is what we're really good at. They are -- they develop this market. They have amazing clinical trials that are underway as well.

本週早些時候我剛去過伊納裡，這是我第二次去那裡。而且管道很棒。人才確實很好，但現在我們已將他們轉移到史賽克的銷售攻勢中，並讓史賽克的人負責，而這正是我們真正擅長的。他們正在開發這個市場。他們正在進行令人驚嘆的臨床試驗。

International is still tiny for them, and it has a huge opportunity leveraging our infrastructure. So very, very pleased with Inari being part of the Stryker portfolio, and there are good times ahead even as early as the second half of this year and certainly into '26 to '27.

國際對他們來說仍然很小，利用我們的基礎設施蘊藏著巨大的機會。我非常高興 Inari 成為 Stryker 投資組合的一部分，並且早在今年下半年，甚至在 2026 年至 2027 年，未來都會迎來美好時光。

Great. And then maybe the follow-up question. There's some stuff in DC on Medicaid exchange cuts. I don't know how you're thinking about if there's any potential impact on that on the elective procedures?

偉大的。然後也許還有後續問題。華盛頓特區有一些關於醫療補助交換削減的事情。我不知道您如何看待這是否會對選擇性程序產生任何潛在影響？

And like the Knee business did decelerate a little bit this quarter. I hear you on the strong volumes, but I think there was some stuff international like slowdown in US and international Knees. I don't know if there's anything to kind of call out that was one-time in US Knees this quarter.

本季膝蓋業務確實有所放緩。我聽說銷售強勁，但我認為也有一些國際因素，例如美國和國際 Knees 的放緩。我不知道本季度美國膝蓋是否有任何值得注意的一次性事件。

Yeah, it sounds like a couple of questions there, Travis, but I'll take it. This is Jason. So first off, on the bill side of this, as you can imagine, we are continuing to monitor the situation. As you think about procedures for us that involve Medicaid, it's really an immaterial amount of procedures for us. So really knowing what we know today, no concerns there for us as we think about the bill. But again, we'll continue to monitor that.

是的，聽起來好像有幾個問題，崔維斯，但我會回答。這是傑森。首先，就法案方面而言，正如你所想像的，我們將繼續監控情況。當您考慮涉及醫療補助的程序時，您會發現這對我們來說實際上是無關緊要的程序。因此，根據我們今天所了解的情況，我們在考慮該法案時就無需擔心。但我們會繼續監控此事。

On the Knee front, I'll say a couple of different things. So as you think about how we exited Q2, June can be with vacations and some of those things, a little bit of a slower month. We saw a little bit of that. I'll tell you, as we went into July off to a really nice start for the quarter. So overall, I would say no concerns about the Knee market.

關於膝蓋方面，我想說幾件不同的事情。因此，當您思考我們如何結束第二季時，您可能會發現，六月可能會有假期和其他一些事情，因此是一個稍微慢一點的月份。我們看到了一點這樣的情況。我會告訴你，隨著七月的到來，我們本季的開局非常好。所以總的來說，我認為對膝蓋市場沒有什麼好擔心的。

We continue to think this will be kind of a mid-single-digit market with us growing above market, obviously. And then just the last thing I would say, it's one quarter, right? So you see some of these fluctuations as you go throughout the year. But overall, we feel really good about the year.

我們仍然認為這將是一個中等個位數的市場，顯然我們的成長將高於市場。最後我想說的是，這是一個季度，對嗎？因此，隨著時間的流逝，您會看到一些波動。但總體而言，我們對今年的業績感覺非常好。

David Roman, Goldman Sachs.

高盛的戴維·羅曼。

This is Jenny Rabinowitz on for David. You probably have the international expansion opportunity for a few quarters. And you have Pangea and Insignia launching in Europe. I was hoping you could break down how you're thinking about inorganic versus organic investment, especially as it relates to international and expansion in new countries? Thinking also here, any reflections on SERF, you kind of anniversary the acquisition and expansion for Orthopaedics in Europe?

我是珍妮‧拉比諾維茨 (Jenny Rabinowitz)，代表大衛報道。您可能有幾個季度的國際擴張機會。Pangea 和 Insignia 已在歐洲推出。我希望您能詳細解釋一下您對無機投資和有機投資的看法，特別是與國際投資和新國家擴張相關的投資？也在這裡思考，對 SERF 有什麼看法，您是否對歐洲骨科的收購和擴張有所紀念？

Yeah. So SERF has gone extremely well. We're really, really pleased. You can see our Hip business has done very well internationally.

是的。因此 SERF 進展非常順利。我們真的非常高興。您可以看到我們的 Hip 業務在國際上表現非常出色。

And yes, it laps and it's now it's going to become part of organic. And in fact, we're actually going to be bringing our first SERF product to the United States shortly. So very pleased with that acquisition and integration. We haven't done a lot of deals like that, that are primarily revenue-based outside the United States. We continue to look for those types of opportunities.

是的，它已經重疊，現在它將成為有機物的一部分。事實上，我們很快就會把我們的第一款 SERF 產品帶到美國。我對這次收購和整合感到非常高興。我們還沒有做過很多這樣的交易，這些交易主要基於美國以外的收入。我們將繼續尋找此類機會。

I would tell you that the biggest opportunity, frankly, is increasing the penetration of products we already have in our portfolio internationally and especially acquisitions that primarily have US revenue, taking those acquisitions to the international markets such as Inari.

坦白說，我想告訴你，最大的機會是增加我們產品組合中現有產品的國際滲透率，特別是主要在美國有收入的收購，並將這些收購推向國際市場，例如 Inari。

So obviously, this quarter, international was a little bit slower than it's been over the past three or four years, but nothing alarming there. Pangea, just to be clear, is not yet approved. So that probably won't be approved until next year. And Insignia is still not approved. The only one that just got approved is LIFEPAK 35.

因此顯然，本季國際業務比過去三、四年略有放緩，但並沒有什麼值得擔憂的。需要明確的是，Pangea 尚未獲得批准。因此該提案可能要到明年才能獲得批准。但 Insignia 仍未獲得批准。唯一剛剛獲得批准的是 LIFEPAK 35。

So unfortunately, this EU MDR has been a real challenge, not just for Stryker, but for the whole industry of a much slower regulatory pathway for products. And so a lot of the super-cycle launches that we're enjoying in the United States have still not arrived in many other international markets. In some cases, we're launching in Japan before Europe, which was unheard three or four, five years ago prior to EU MDR.

因此，不幸的是，歐盟 MDR 不僅對史賽克而言是一個真正的挑戰，對整個產業而言，產品監管途徑也變得更加緩慢。因此，我們在美國享受到的許多超級週期產品尚未進入許多其他國際市場。在某些情況下，我們先於歐洲在日本推出產品，這在三、四、五年前歐盟 MDR 出台之前是聞所未聞的。

So I think this slight slowdown here, it's still a good growth rate? And when you're above 6% growth, that's still pretty good, but not that we're accustomed to, we do expect to get back in the second half of this year, international growth will be much better than it was in the second quarter.

所以我認為這裡略微放緩，但這仍然是一個良好的成長率？當成長率超過 6% 時，這仍然相當不錯，但這並不是我們所習慣的，我們確實預計今年下半年國際成長將比第二季好得多。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

So two questions here. The first one is on the guidance raise, really nice raise here. But could you bridge us the EPS increase you saw as it relates to a better price than expected FX due to the tariffs versus your core operational strength?

這裡有兩個問題。第一個是關於指導性加薪，這裡的加薪確實不錯。但是，您能否向我們解釋一下您所看到的每股收益成長，因為它與關稅導致的外匯價格優於預期有關，而不是與您的核心營運實力有關？

Yeah. So Pito, thanks for the question. We can walk through a little bit as we think about the guide is really reflective, as Kevin mentioned before, on our strong performance and our expectation really on the top line of where we expect to continue for the rest of the year. The bottom part of that EPS side of that is really just the flow-through of that upside that we see. As you remember, when we talked about tariffs, part of the way that we're covering off on tariffs is through some spend discipline in some other areas.

是的。Pito，謝謝你的提問。正如凱文之前提到的那樣，我們可以稍微回顧一下，我們認為這份指南確實反映了我們的強勁表現，並且我們對今年剩餘時間的預期也確實處於最高水平。EPS 的底部其實只是我們看到的上行趨勢的流轉。您還記得，當我們談論關稅時，我們解決關稅問題的方法之一是透過在其他一些領域進行一些支出約束。

And so that's not necessarily going to 100% flow through to the bottom line as we're still trying to spend behind our growth initiatives. The other element, really, we do see some favorable FX that does flow through a little bit as well. So really, what you're just seeing is that top-down flow-through from the strong performance that we've had.

因此，這並不一定會 100% 轉化為利潤，因為我們仍在努力為成長計畫投入資金。另一個因素是，我們確實看到了一些有利的外匯影響。所以實際上，您所看到的是我們強勁表現所帶來的自上而下的流通。

The other thing I would just point to, we do have a little bit of a wider range on the bottom and a lot of that just reflects some of the continued uncertainties primarily to do with macroeconomic elements like tariffs that we know are still going to have some pluses and minuses for the rest of the year.

我想指出的另一件事是，底部的範圍確實有點擴大，這在很大程度上反映了一些持續存在的不確定性，主要與關稅等宏觀經濟因素有關，我們知道，在今年剩餘時間內，這些因素仍將帶來一些利弊。

Great. And the follow up is, I’m struggling to understand the 19%-plus growth you saw in Endo in US this quarter, up quite a bit versus first quarter. Comps were easing here, but still a pretty big move up. Are there any reclassifications skewing that number? Or can you walk us through that great growth?

偉大的。接下來的問題是，我很難理解本季 Endo 在美國實現了 19% 以上的成長，與第一季相比成長了不少。雖然這裡的銷售額有所下降，但漲幅仍然很大。是否有任何重新分類導致該數字發生偏差？或者您能向我們介紹一下這一巨大的成長嗎？

Yeah. First thing I'd say, no reclassifications, no accounting issues whatsoever, just pure fantastic performance from the Endoscopy division. And look at last year, it was an 8% comp. So it wasn't exactly soft, but yeah, it was a little bit lower than the typical double digit, but it was a boomer of a quarter for our Endoscopy division and really across the portfolio. So the booms and lights in our communications business had a phenomenal quarter.

是的。首先我想說的是，沒有重新分類，也沒有任何會計問題，只是內視鏡部門的出色表現。看看去年，成長率是 8%。所以它並不完全是疲軟的，但是是的，它比典型的兩位數略低一點，但對於我們的內視鏡部門以及整個產品組合來說，這是一個繁榮的季度。因此，我們的通訊業務在本季蓬勃發展，業績斐然。

And they have great orders. They have the new Oculan light that they've launched, which has tremendous demand. So communications will continue to hum the rest of this year. And then, of course, 1788 and what we call the Endoscopy business unit had a terrific quarter. And that's just been a consistent trend that we've had.

而且他們有大量的訂單。他們推出了新的 Oculan 燈，需求量龐大。因此，今年剩餘時間裡，通訊仍將持續繁忙。當然，1788 年以及我們所謂的內視鏡業務部門經歷了一個非常棒的季度。這一直是我們的一貫趨勢。

And then Sports Medicine is just on fire. You're talking about very strong double-digit growth. They've launched about six shoulder products over the past, let's call it, six to eight months. And those products, that shoulder was the one area where we're not quite as strong as hip and knee in sports medicine, and they had an absolute boomer. So you had sort of all the business units clicking at the same time.

現在運動醫學正處於熱潮之中。您說的是強勁的兩位數成長。在過去的六到八個月裡，他們推出了大約六款肩部產品。而那些產品，在運動醫學領域，肩膀是我們沒有像臀部和膝蓋那麼強大的部位，而且它們絕對是嬰兒潮世代。因此，所有業務部門都會同時點擊。

We also have our reprocessing business that's part of the Endoscopy. They also had a solid quarter as well. So really one of those quarters where everything caught fire, but this is a division that has been performing very consistently, very high growth quarter after quarter after quarter, just a little bit higher than normal, let's say, this quarter, which, of course, we enjoy.

我們還有屬於內視鏡檢查一部分的再處理業務。他們本季的業績也十分穩健。所以這確實是個一切都火爆的季度之一，但這個部門的表現一直非常穩定，每個季度都保持著非常高的增長，比正常水平略高一點，比如這個季度，當然，我們很高興。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩、派珀·桑德勒。

I'd love to talk a little bit about Mako again. Just the commentary about record-new system adds is great to hear again. But I mean, you've been doing that for a while. Anything you can call out as far as what's driving that again here? I know it's Q2, but is it having the shoulder application, the spine application where people are interested?

我很想再說一次 Mako。很高興再次聽到有關新系統添加的評論。但我的意思是，你已經這樣做了一段時間了。您能說說是什麼原因導致這種情況再次發生嗎？我知道這是 Q2，但是人們感興趣的是肩部應用、脊椎應用嗎？

Or is there any kind of pause around competitive launches? Just anything to call out there because, again, you continue to put up these great Mako numbers quarter after quarter.

或者競爭性產品的發表會是否會暫停？只是任何值得一提的事情，因為，你每個季度都會繼續提供這些出色的 Mako 數字。

Yeah. Listen, I was really pleased with this quarter, and this is the first quarter of of a new Mako, so Mako 4. And I was honestly just not sure that a new robot might cause a little bit of a pause, hasn't caused any pause whatsoever. Our team is executing. The robot is performing extremely well.

是的。聽著，我對這個季度感到非常滿意，這是新款 Mako（也就是 Mako 4）的第一季。老實說，我只是不確定新機器人是否會引起一點停頓，但它並沒有引起任何停頓。我們的團隊正在執行。該機器人的性能極其出色。

The word is out. We have a fantastic robot. The revision hip, the surgeons are buzzing about it, just makes a very hard procedure, easy to do. They can see exactly where they're putting their screws and in which part of the bone. And you help a surgeon out on something that's very difficult, they enjoy that very much.

話已出口。我們有一個很棒的機器人。髖關節修復手術讓外科醫生們興奮不已，因為它讓原本很困難的手術變得簡單。他們可以準確地看到將螺絲放置在哪裡以及在骨頭的哪個部位。當你幫助外科醫生解決一些非常困難的事情時，他們會非常樂意。

But I was actually a little bit pleasantly surprised with the performance just based on when you're changing a cycle, other companies have gone through, we do this in cameras, and we do this in power tools. We've never done it before in Mako, and it has been absolutely seamless in the United States, this transition, and they want their next robot and their next robot. There's been a few cost customers that are saying, well, I just bought a 3? Can I upgrade it to a 4? So we're having some of those discussions, but we'll be very friendly to our customers and help them upgrade if they want to upgrade to the new robot.

但實際上，我對性能感到有點驚喜，僅僅基於你改變一個週期，其他公司已經經歷過，我們在相機中這樣做，我們在電動工具中這樣做。我們以前從未在 Mako 做過這樣的事情，而在美國，這種轉變絕對是無縫的，他們想要他們的下一個機器人和下一個機器人。有少數成本客戶說，好吧，我剛買了 3？我可以將其升級到 4 嗎？因此，我們正在進行一些討論，但如果客戶想要升級到新機器人，我們會非常友好地對待他們並幫助他們升級。

A lot of customers are saying, okay, well, I'll just keep the one I have, and I'm just going to buy another one for the next operating room. So we expect this to continue. And the funnel, like we have a visibility into the future. So we expect this momentum on Mako to continue. And there are a lot of operating room still that don't have robots. So those are all targets.

很多顧客都說，好吧，我就保留現有的一個，然後我要再買一個給下一個手術室。因此我們預計這種情況將會持續下去。透過這個漏斗，我們可以預見未來。因此我們預計 Mako 的這種勢頭將會持續下去。但仍有許多手術室沒有機器人。這些都是目標。

Got it. I appreciate that. And then as the follow-up, Kevin, you're pretty transparent as far as just the thoughts on your M&A strategy and you were talking about a full pipeline. Should we expect another sizable type transaction, maybe not quite as big as Inari for you guys in the near future or somewhat in the near future. And you've also given us kind of some of the areas that you're interested in.

知道了。我很感激。然後作為後續問題，凱文，就您的併購策略的想法而言，您非常透明，並且您談到了完整的管道。我們是否應該期待另一筆大規模交易，也許在不久的將來，對你們來說，規模不如 Inari 那麼大。您也向我們介紹了一些您感興趣的領域。

Anything else that you just kind of highlight that might be new to that list, or something else that you're really a little more focused on I don't know if it's soft tissue robots, et cetera?

您還想強調一下這個清單中可能出現的新事物，或者您真正關注的其他事物，我不知道它是否是軟組織機器人等等？

Yeah. No change to the adjacencies. I would say that they're still the same ones that I've talked about in the past. Obviously, with Inari now in the fold. If we do another deal in the peripheral vascular, that kind of space, that won't be an adjacency anymore, that will that will kind of be a tuck-in. So don't assume that that peripheral deal is the only deal we're going to do.

是的。鄰接關係沒有改變。我想說它們仍然是我過去談論過的那些。顯然，Inari 現在已經加入。如果我們在周邊血管中做另一個處理，那麼那種空間就不再是相鄰的，而是一種塞入。所以不要以為那項外圍協議就是我們要做的唯一協議。

We always -- once we get into a space, we want to continue. So that -- there's a pipeline there of deals that they were looking at themselves that we're going to start to evaluate. I would say that we have the financial bandwidth to be able to do another a resized deal, but I can't really predict when. Deals are uncertain. You don't know when you're going to do a deal and and what size. The bulk of our deals will continue to be of the tuck-in variety.

我們總是——一旦我們進入一個空間，我們就想繼續下去。所以——他們自己正在考慮一系列交易，我們將開始對其進行評估。我想說，我們有足夠的財力來完成另一筆調整規模的交易，但我真的無法預測具體時間。交易尚不確定。你不知道什麼時候會達成交易，以及交易規模有多大。我們的大部分交易仍將是小規模交易。

If you think about last year, seven deals we did. That's kind of the normal Stryker offense. And then every once in a while, we do a bigger deal like a right medical or an NRE. So I really can't give you more on that. We we are always looking at deals, right?

如果你回想一下去年，我們就達成了七筆交易。這正是 Stryker 的正常進攻方式。然後，我們不時會做一些更大的交易，例如正確的醫療或 NRE。因此我實在無法給你更多資訊。我們總是在尋找交易，對嗎？

Our teams are out there scouring the market. We have a nice pipeline, and we have a number of IOIs in process, but those sometimes wash out based on the price, based on our due diligence. And so it's kind of hard to predict, but I'd be pretty surprised if we don't announce anything for the rest of the year. That will be a deal or two or three, I don't know exactly how many. Most will be tuck-in.

我們的團隊正在外面搜尋市場。我們擁有良好的管道，並且有許多 IOI 正在進行中，但這些 IOI 有時會根據價格和我們的盡職調查而被取消。所以這有點難以預測，但如果我們在今年剩餘時間內不宣布任何消息，我會感到非常驚訝。那將會是一筆、兩筆或三筆交易，我不知道具體有多少筆。大多數人都會被塞進去。

And it's not impossible that we wouldn't do something bigger. We certainly have the bandwidth financially and you know I like to spend money. So we'll be active.

我們也不排除不做更大的事情的可能性。我們的財務狀況確實允許我們這麼做，而且你知道我喜歡花錢。所以我們會積極行動。

Vijay Kumar, Evercore.

維傑·庫馬爾（Vijay Kumar），Evercore。

Congrats on a nice quarter, Kevin. Maybe two product segment kind of questions. First on medical [is there a comps] excluding a little bit, obviously, questions around the CapEx environment. So maybe if you could just touch upon the broader CapEx environment in LP35 launch and how that's progressing?

恭喜凱文 (Kevin) 本季取得良好業績。也許是兩個產品細分類型的問題。首先是關於醫療方面的問題，[是否有可比較數據] 顯然排除了一點有關資本支出環境的問題。那麼，您能否談談 LP35 發佈時的更廣泛的資本支出環境以及其進展？

Yeah, Vijay, this is Jason. I think I got most of your question there, so I'll take a run at it here. But I think the question is on the capital environment. I would say, and similar to my prepared remarks here, we feel really good about the capital environment. If you look at our capital backlog, again, it remains very elevated.

是的，維傑，這是傑森。我認為我已經知道了您的大部分問題，因此我將在這裡進行解答。但我認為問題在於資本環境。我想說，與我在這裡準備好的發言類似，我們對資本環境感到非常滿意。如果你看一下我們的資本積壓，你會發現它仍然很高。

No signs of slowdown there as we think about the rest of the year. So we're really confident in that business for sure.

當我們考慮今年剩餘時間時，沒有放緩的跡象。因此我們對這項業務確實充滿信心。

Yes. And LIFEPAK 35, yes, LP-5 is doing really well. really strong order book. Again, we're still waiting for certain approvals. Just getting the European approval is exciting.

是的。是的，LIFEPAK 35、LP-5 表現非常好，訂單量非常強勁。再次強調，我們仍在等待某些批准。獲得歐洲的批准令人興奮。

So September, we're going to have kind of a launch in Europe of LP35. But great customer feedback. It's doing really, really well. And these medical launches, they're a little different than sort of cameras or power tools. Like this will have a long -- it will be -- we'll be talking about it as a kind of a new product three years from now.

因此，9 月我們將在歐洲推出 LP35。但客戶反饋非常好。它的表現確實非常好。這些醫療發射裝置與相機或電動工具略有不同。就像這將會有一個漫長的——它將是——三年後我們將把它作為一種新產品來討論。

They have a longer cycle of contribution to growth, a longer tailwind than you see with -- even ProCuity is continuing to -- had a really great quarter in Q2. It was launched a few years ago, but it that these are long-term product cycles. So there'll continue to be tailwinds for a long time to come.

他們對成長的貢獻週期更長，順風期也比你看到的更長——甚至 ProCuity 也繼續如此——其第二季度表現非常出色。它是幾年前推出的，但這些都是長期的產品週期。因此，未來很長一段時間內，順風仍將持續存在。

That's helpful, Kevin. And maybe one on Knees here. Comps did -- what was this just comping quarter sequentially or anything else that's going on within the knee performance?

這很有幫助，凱文。也許還有一個跪在這裡。比較結果－這只是按季度連續比較的結果，還是膝蓋表現中發生的其他事情？

No, I wouldn't say there's anything else material to call out other than what I've already said. Again, feel really good about the Knee market, feel good about the full year. And like I said earlier, July off to a good start here. So really nothing additional to add.

不，除了我已經說過的內容之外，我不會說還有其他重要內容需要指出。再次，對膝關節市場感覺非常好，對全年感覺很好。正如我之前所說的，七月的開局不錯。所以真的沒有什麼好補充的。

Matt Miksic, Barclays.

巴克萊銀行的馬特‧米克西克 (Matt Miksic)。

So I wanted to follow up on Interventional spine. Just the launch of OptaBlate and investments that you've made in that segment. It would be great if you could talk a little bit about any of the quantitative or qualitative metrics about the launch so far, the other products and the investments that you're making and the growth? And then I had one follow-up.

所以我想跟進介入脊椎。只是 OptaBlate 的推出以及您在該領域所做的投資。如果您能談談迄今為止發布的產品、其他產品以及您正在進行的投資和成長的定量或定性指標，那就太好了？然後我進行了一次後續行動。

Yeah. Listen, we love our Interventional Spine business. Obviously, that's reported under neurocranial. And we've been -- frankly, one of the fastest-growing businesses in Stryker over the past three or four years has been IBS. We've added to that with OptaBlate. Initially the OptaBlate launch, which is an organic launch, and now we have the OptaBlate BVN launch which has just happened.

是的。聽著，我們熱愛我們的介入性脊椎業務。顯然，這是根據神經顱腦報告的。坦白說，過去三、四年來，IBS 一直是 Stryker 發展最快的業務之一。我們已透過 OptaBlate 對此進行了補充。最初推出的 OptaBlate 是一次有機推出，現在我們剛剛推出了 OptaBlate BVN。

We also have the Vertas acquisition we did last year, which for now is not appearing in organic sales growth, but will later this year. I would say that business is just cooking on gas. We have an amazing leader of the business, a great management team, and we are very focused on the space.

我們去年也收購了 Vertas，目前尚未實現有機銷售成長，但今年稍後將會實現。我想說，生意就像是用瓦斯煮飯一樣。我們擁有一位出色的業務領導者和優秀的管理團隊，並且我們非常專注於這個領域。

And we have done really, really well with balloons early on, the CareFusion acquisition that we did with the Curve Balloon has been terrific. We did the SpineJack deal in Interventional Spine. Now we have OptaBlate.

我們早期在球囊方面做得非常出色，我們對 CareFusion 的收購以及對 Curve Balloon 的研發也非常成功。我們在介入性脊椎領域開展了 SpineJack 交易。現在我們有了 OptaBlate。

And so we're covering oncology as well as pain and then adding salespeople. It's just a fantastic business, a little gem. It's not huge yet, but it's growing really, really fast. But it's one of the gems of Stryker, and it's kind of how we drive this kind of growth so consistently is you have a number of these smaller business units that we continue to fuel with really high growth, like very consistent strong double-digit growth.

因此，我們不僅涉及腫瘤學，還涉及疼痛學，然後還增加了銷售人員。這真是個奇妙的生意，一顆小寶石。雖然它現在還不算很大，但成長速度非常非常快。但這是史賽克的瑰寶之一，也是我們持續推動這種成長的方式，因為我們擁有許多較小的業務部門，我們持續為它們提供真正高的成長動力，例如非常持續強勁的兩位數成長。

And I don't think that's going to slow down whatsoever. It's going to continue, especially with these -- Vertas is off to a really good start. And then the BVN is very new, but so far getting good feedback.

我不認為這一進程會有任何減緩。這種趨勢將會持續下去，尤其是有了這些——Vertas 已經有了一個非常好的開始。BVN 非常新，但到目前為止已經得到了良好的回饋。

That's great. Then to follow-up just the sort of quote, keyword bingo here, but AI is something that we haven't talked about in a while. I know, Robert, I'm sure, wakes up every day thinking about it, and probably goes to sleep working on it.

那太棒了。然後繼續跟進這種引用，這裡的關鍵字是賓果遊戲，但人工智慧是我們有一段時間沒有談論過的東西。我知道，羅伯特，我確信，每天醒來都會想著這件事，並且可能在睡覺時還在思考這件事。

But maybe talk a little bit about some of the digital efforts that you have underway around whether it's Orthopaedics or other segments of the business? And where we might start to see more of Stryker putting its substantial data and assets and digital technology to work to deliver solutions in that area?

但也許您可以稍微談談您正在進行的一些數位化努力，無論是在骨科還是其他業務領域？我們可以從哪裡開始看到史賽克更多地利用其大量數據、資產和數位技術來為該領域提供解決方案？

We have a lot going on in the world of AI. You know that Blueprint is already FDA approved and uses AI to create the surgical plan and inform the surgeon as to which implant they should be doing. Preplanning is going to be continued. We're going to proliferate that across our portfolios as one area of opportunity.

我們在人工智慧領域有很多事情要做。您知道 Blueprint 已經獲得 FDA 批准，並使用 AI 制定手術計劃並告知外科醫生應該進行哪種植入。預先規劃將持續進行。我們將把它作為一個機會領域擴展到我們的整個投資組合中。

We have the SurgiCount that quantifies hemoglobin that's AI product approved. We have a number of other projects. And in addition to that, we've hired a new Chief Digital Information Officer, Debra King, who started pretty recently and has a lot of experience more on the generative AI and is also going to bring a lot of infrastructure that can then be used by our divisions.

我們有經過 AI 產品認證的 SurgiCount 來量化血紅素。我們還有許多其他項目。除此之外，我們還聘請了一位新的首席數位資訊長黛布拉·金 (Debra King)，她最近才加入，在生成人工智慧方面擁有豐富的經驗，還將帶來大量可供我們部門使用的基礎設施。

And I would say that this is a topic that we'll probably cover in our Investor Day that's planned for later this year. We'll get the specific date out shortly. But rather than spending up time on the earnings call going through this, I think we'll give you a lot more information on that later this year.

我想說，我們可能會在今年稍後舉行的投資者日上討論這個主題。我們將很快公佈具體日期。但我認為我們不會花時間在收益電話會議上討論這個問題，而是在今年稍後向大家提供更多相關資訊。

But suffice to say, we are absolutely aggressively working in this area and see this as a tremendous opportunity to bring more science to healthcare versus just relying on one surgeon's experience in their residency and in their training to be able to bring more data to life.

但可以說，我們絕對積極地致力於這一領域，並將此視為為醫療保健帶來更多科學的巨大機會，而不是僅僅依靠一名外科醫生在住院和培訓中的經驗來將更多數據變為現實。

So we have a lot of projects underway. We'll share more later.

所以我們有很多項目正在進行中。我們稍後會分享更多。

Steve Lichtman, Oppenheimer & Company.

史蒂夫·利希特曼，奧本海默公司。

Have you talked about Salesforce changeout at Inari as you put noncompetes in place. Can you talk about how much sales vicinity you're assuming as a result? And I know you mentioned still double-digit growth, but has the absolute expected reported -- expected revenue contribution from Inari at all?

在製定競業禁止協議時，您是否談論過 Inari 的 Salesforce 變革？能談談您預計的銷售範圍有多大嗎？我知道您提到仍然保持兩位數的成長，但 Inari 的預期收入貢獻是否絕對呢？

Yes. Look, for the full year, I think we talked about something like $590 million for the full year. We're going to be right around that number. So we are absorbing these changes, these challenges of sales rep attrition. It was starting to happen even before the deal closed, and we accelerated that with the noncompetes.

是的。你看，就全年而言，我想我們談論的是 5.9 億美元左右的全年金額。我們將會接近這個數字。因此，我們正在吸收這些變化、這些銷售代表流失的挑戰。這種現像在交易完成之前就已經開始出現，而我們透過競業禁止協議加速了這一進程。

And look, a lot of those people that decided not to sign on were not necessarily all regrettable, not necessarily Stryker type of salespeople. We've been aggressively hiring. So no, we're not calling down our number, but it's a little bumpier, so it was a little lower as we destocked and as we dealt with the turnover, but the reps are coming on, and we're going to expect very good numbers in Q3 and Q4.

而且，許多決定不簽約的人不一定都是後悔的，也不一定是史賽克類型的銷售人員。我們一直在積極招募。所以，不，我們並沒有降低我們的數字，但是它有點不穩定，所以當我們去庫存和處理營業額時，它會稍微低一些，但銷售代表正在增加，我們預計第三季度和第四季度的數字會非常好。

Yes. Steve, maybe just to add just a finer point on that on the $590 just to be crystal clear here. That would be for the 10-month period since we've owned them.

是的。史蒂夫，也許我只是想就 590 美元的問題補充一點更詳細的觀點，這樣就更加清楚了。這是我們擁有它們以來的 10 個月的時間。

Right, right. And then just on tariffs, can we still expect the impact all in the second half? Was there anything in 2Q? I thought in the prepared remarks, I heard something and just in the cadence of that $175 million between 3Q and 4Q. Can you talk to that a little bit?

對，對。那麼就關稅而言，我們還能預期下半年會產生什麼影響嗎？第二季有什麼事情嗎？我認為在準備好的發言中，我聽到了一些內容，並且是在第三季和第四季之間 1.75 億美元的節奏中。能稍微談一下這個嗎？

Absolutely. So when you think about tariffs, there is some impact of tariffs in the second quarter. But remember, because most of the tariffs are flowing through our COGS number, they're flowing into inventory first and then onto the P&L. So we will see a bigger impact in the second half of the year than certainly what we saw in the second quarter or even the first half of the year. So back end loaded because it's going to flow through, through inventory and then to the P&L.

絕對地。因此，當你考慮關稅時，第二季的關稅會產生一些影響。但請記住，由於大多數關稅都流經我們的 COGS 數字，因此它們首先流入庫存，然後流入損益表。因此，我們將看到下半年受到的影響比第二季甚至上半年更大。因此後端加載，因為它將流經庫存，然後流向損益表。

And certainly, also, as we pick all of the tariffs up in terms of getting to the final numbers, we'll see that more consistently in the back half of the year.

當然，當我們將所有關稅納入最終數字時，我們會在今年下半年更持續地看到這種情況。

Chris Pasquale, Nephron Research.

克里斯‧帕斯誇萊 (Chris Pasquale)，腎元研究機構。

I wanted to ask a couple of questions on the Robotics business. the ortho robot landscape now includes a variety of different form factors. You've got some competitors taking more of a portfolio approach to try and provide different solutions to physicians who may have different preferences. You guys have been more one size fits all with Mako. Do you see a limit to that strategy?

我想問幾個關於機器人業務的問題。正畸機器人領域現在包括各種不同的外形尺寸。一些競爭對手採取了更多的投資組合方法，嘗試為有不同偏好的醫生提供不同的解決方案。你們對 Mako 的態度更加一致。您認為該策略有其限制嗎？

Or do you think Mako, in a single form factor, can continue to kind of cover all your basis?

或者您認為 Mako 可以以單一的形式繼續涵蓋您的所有基礎？

Yes. Listen, like I said before, I had a question earlier about a different product. We're not going to talk about our pipeline of robotic solutions and whether something else will be added to the Mako portfolio, I'm not going to preview that. So that will happen -- if that's something like that happens, I'll let you know when it does. But we have an absolute winning solution right now, winning in the United States, winning globally.

是的。聽著，就像我之前說的，我之前對另一種產品有疑問。我們不會談論我們的機器人解決方案系列，也不會談論是否會在 Mako 產品組合中添加其他產品，我不會對此進行預覽。所以那會發生——如果發生那樣的事情，我會告訴你。但我們現在有一個絕對成功的解決方案，在美國取得成功，在全球取得成功。

We know we have the best rollout in the market. And our solution is add applications, add applications continue. We're not finished, right? We've got other applications planned that we're going to continue to add to the robot to create tremendous value. So hospital buys one robot.

我們知道我們在市場上擁有最好的產品。我們的解決方案是添加應用程序，繼續添加應用程式。我們還沒完成，對吧？我們已經計劃了其他應用程序，我們將繼續添加到機器人中以創造巨大的價值。所以醫院買了一台機器人。

They get all these different applications that they can use. So we know that we're in a good position. We have a winning hand. We're going to continue to play this hand. But could we do something different in the future?

他們獲得了所有這些可以使用的不同應用程式。所以我們知道我們處於有利地位。我們已占得先機。我們將繼續玩這手牌。但是我們將來可以做一些不同的事情嗎？

It's possible. We'll let you know at that time, but not before.

這是有可能的。我們會在那時通知您，但不會事先通知。

Okay. I think my follow-up question also straight into the pipeline territories. So maybe I'll pivot and ask about trauma. It's been a real standout. You noted that you're now lapping the Pangea launch.

好的。我想我的後續問題也直接涉及管道領域。所以也許我會轉而詢問有關創傷的問題。它確實很出色。您注意到您現在正在進行 Pangea 發射。

I know you guys tend to talk about product rollouts being multiyear affairs. But how do you think about your ability to sustain double-digit trauma growth as those comps get tougher?

我知道你們傾向於談論產品推出是多年的事情。但是，隨著這些競爭變得越來越激烈，您如何看待自己維持兩位數創傷成長的能力？

We sustained double-digit growth in a lot of our businesses as comps get tougher. You just look at neurocranial, just look at in dose look at this is something we do. This launch has been fantastic, just an absolutely beautifully executed super complex launch. And we're actually still adding to it. So we just added some MIS plates.

儘管競爭愈發激烈，我們的許多業務仍保持了兩位數的成長。你只要看一下神經顱骨，只要看一下劑量，看看這就是我們所做的事情。這次發射太棒了，是一次執行得絕對漂亮、超級複雜的發射。事實上我們還在繼續添加內容。所以我們只是添加了一些 MIS 板。

So it's such a comprehensive system that it's not like the launch ever completely stops. You're going to continue to add little features here and there to keep it fresh and it hasn't even launched yet in Europe. That won't be until next year that it starts.

所以這是一個非常全面的系統，發射永遠不會完全停止。您將繼續在這裡和那裡添加一些小功能以保持它的新鮮感，它甚至還沒有在歐洲推出。這項工作要到明年才會開始。

So this tremendous growth, even OUS, our growth is really strong in spite of Pangea and not being everywhere in OUS. So that, combined with upper extremities being on fire, foot and ankle starting to get better. and certainly, the change in reimbursement for total ankle where we have a very high market share is going to be exciting. Timed beautifully with the launch of our Encompass brand new total ankle, just fortuitous for us, tells me that trauma extremities continued to be a high-growth division for the company.

因此，這種巨大的成長，甚至在 OUS，儘管 Pangea 並沒有遍布 OUS，但我們的成長確實非常強勁。因此，加上上肢受傷，腳和腳踝的情況開始好轉。當然，我們佔有很高市場份額的整個腳踝的報銷變化將是令人興奮的。與我們推出的 Encompass 全新全踝關節產品時機完美契合，這對我們來說非常幸運，這表明創傷肢體治療將繼續成為公司的高成長部門。

Richard Newitter, Truist Securities.

Truist Securities 的 Richard Newitter。

Just two quick ones for me, following up to Chris' question just then on robotics portfolio. What's your view on fully autonomous robotic your competitor obviously has a solution or wants a solution there. Do you see the market going there? Is there an appetite for that? And then just a second question upfront here.

我只想快速問兩個問題，回答克里斯剛才關於機器人投資組合的問題。您對全自動機器人有何看法？您的競爭對手顯然有解決方案或想要解決方案。您認為市場正在往那裡發展嗎？有這種興趣嗎？這裡我先問第二個問題。

On Neurovascular, Kevin, just curious if you can comment at all on US neovascular end market, particularly in ischemic?

關於神經血管，凱文，我只是好奇您是否可以對美國新生血管終端市場（特別是在缺血性方面）發表評論？

Yes. So let me start with autonomous. So just to be clear, we're aware of their portfolio, and we know that they are pursuing autonomous. We have the capability today to do Mako autonomous. I've actually been in the lab where I've actually seen it operate autonomously.

是的。那麼就讓我從自主開始吧。所以需要明確的是，我們了解他們的投資組合，我們知道他們正在追求自主。我們今天有能力讓 Mako 能自主生產。我實際上已經去過實驗室並親眼看到它自主運作。

We have chosen not to pursue that because of the regulatory burden and the expenses required to get it through FDA. And so at some point in the future, if the market really has an appetite for autonomous, we can turn that feature on. And -- but right now, that's not our focus. Our focus is using our R&D dollars to add new applications that provide tremendous value.

由於監管負擔和通過 FDA 審批所需的費用，我們選擇不這樣做。因此，在未來的某個時候，如果市場確實對自動駕駛有興趣，我們可以啟用該功能。但目前這不是我們的重點。我們的重點是利用研發資金來增加能夠提供巨大價值的新應用程式。

And even if they try to move our robot outside of the haptic boundaries, they can't. So whether they're putting their hand on it to make it move or whether it's done autonomously, honestly, that's not a big value add for a surgeon in our opinion. But should the market start to move that way, we already have that capability today with Mako.

即使他們試圖將我們的機器人移出觸覺邊界，他們也做不到。因此，無論他們是用手來移動它，還是自主移動，老實說，我們認為這對外科醫生來說並沒有太大的附加價值。但如果市場開始朝這個方向發展，我們今天透過 Mako 已經具備了這種能力。

And then as to Neurovascular, yes, the NV market, obviously, the market for hemorrhagic is still stable, I would say, and we continue to do well in the hemorrhagic side of the market. And the ischemic market was a little bit slower, and we've seen that market kind of vary from quarter to quarter, and there's a lot of entrants in that market. Obviously, it was a bit of a soft quarter for us in Neurovascular this quarter, but we have three product launches that we mentioned in the prepared remarks that give us optimism that we're going to have a much better second half.

然後至於神經血管，是的，NV 市場，顯然，我想說，出血市場仍然穩定，我們在出血市場方面繼續表現良好。缺血性市場稍微慢一些，我們發現該市場每季都有所變化，並且有許多進入者。顯然，本季我們的神經血管業務表現略顯疲軟，但我們在準備好的評論中提到了三款產品的推出，這讓我們樂觀地認為下半年的業績會好得多。

Mike Matson, Needham & Company.

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

I just wanted to follow up on the Neurovascular question. You mentioned the Broadway large-bore catheter. Can you talk a little more about the timing on that? Will it actually have labeling for aspiration use in stroke?

我只是想跟進一下神經血管問題。您提到了百老匯大口徑導管。能否再多談談時間安排？它實際上會貼有用於中風吸入的標籤嗎？

Yes. So it is approved, and we have just started to launch it with the sales force. So initial cases have gone extremely well. It's made in completely different ways. The manufacturing process is completely different to all of our existing catheters.

是的。因此它已獲得批准，我們剛開始與銷售人員一起推出它。因此，初期案件進展非常順利。它是以完全不同的方式製作的。其製造流程與我們現有的所有導管完全不同。

So it's a proprietary manufacturing method that really improved trackability. It's, I think, the lumen is 0.084, I believe, women's. So large lumen size, very trackable, getting great feedback, but it's just being launched right now. So approved in the US, being launched in the US will take some time before it's launching in other markets relevant.

因此，這是一種真正提高可追蹤性的專有製造方法。我認為，流明是 0.084，我相信，是女款的。流明尺寸如此之大，追蹤性極佳，獲得了很好的反饋，但它現在才剛剛推出。因此，在美國獲得批准並在美國推出需要一段時間才能在其他相關市場推出。

And is it cleared for delivery use or for actual aspiration use?

它是否適合用於輸送或實際吸入？

It’s cleared for aspiration use.

它已獲準用於抽吸。

All right, thanks. And one more on shoulders. I think shoulders have started to move into the ASC setting. What are you seeing there, and how does that balance out with increased volume but potential pricing pressure?

好的，謝謝。肩膀上還有一個。我認為肩膀已經開始進入 ASC 設定。您看到了什麼？這與銷售量增加和潛在的價格壓力如何平衡？

Yes. We obviously have a very expensive shoulder implant, really the best children plant on the market with the perform system. And there is a little bit less pricing in the ASC, but more volume to pick up. And a lot of people suffering with shoulders, we had another quarter, every quarter is good double-digit growth in shoulder, and we continue to love our shoulder business. We also have some products and offerings that nobody else has, right?

是的。顯然，我們擁有非常昂貴的肩部植入物，這確實是市場上採用性能係統的最佳兒童植入物。ASC 中的定價稍微低一些，但可供選擇的數量卻更多。許多人都飽受肩部疾病的折磨，我們又度過了一個季度，每個季度的肩部疾病都實現了兩位數的增長，我們繼續熱愛我們的肩部疾病業務。我們還有一些別人沒有的產品和服務，對嗎？

So you have the hemiarthroplasty with PyroCarbon. You have the shoulder ID, which is custom glenoid customized to the patients so you don't have to have separate augments. And so this pipeline is fantastic. The existing implants are modern. We have Blueprint software to help with preplanning.

因此，您可以使用 PyroCarbon 進行半關節置換術。您擁有肩部 ID，這是根據患者定制的關節盂，因此您無需使用單獨的增強件。所以這條管道非常棒。現有的植入物都是現代化的。我們有 Blueprint 軟體來幫助預先規劃。

So we have just a terrific offering.

因此，我們有一個非常棒的奉獻。

And so yes, we've lost a little bit of price on some of those procedures I move to the ASC, but it certainly hasn't slowed down our growth at all, let alone the fact that next year, we're going to move to full launch on Mako Shoulder. So I don't expect shoulder to be slowing down anytime soon.

是的，我們在轉移到 ASC 的一些手術上確實損失了一點價格，但這絲毫沒有減緩我們的增長速度，更不用說明年我們將全面推出 Mako Shoulder 了。所以我不認為肩膀的狀況會很快減緩。

Shagun Singh, RBC.

沙根·辛格，RBC。

Two quick ones for me. Just on your implied second half guide, it seems like a step down in the back half versus front half on an adjusted basis, still really strong, but just wondering if it's conservatism or any factors to call out there? And then for my second question, I was just wondering if, Kevin, you could talk at high level directionally on 2026. Any areas that you are most excited about?

對我來說，有兩個簡單的問題。僅根據您隱含的下半年指南，似乎在調整的基礎上後半部分相對於前半部分有所下降，但仍然非常強勁，只是想知道這是保守主義還是任何需要注意的因素？然後對於我的第二個問題，我只是想知道，凱文，您是否可以就 2026 年進行高層次的方向性討論。您最感興趣的領域有哪些？

And then just thinking through 2026 as well, we've been speaking with some hospitals especially those who have very high exposure to Medicare, Medicaid, they have talked about budgets coming down in '26 versus '25. It sounds like you're not hearing it about it in for '25, but just any color on '26 would be great.

然後也考慮到 2026 年，我們一直在與一些醫院進行溝通，特別是那些對醫療保險、醫療補助有很高了解的醫院，他們談到 2026 年的預算相對於 2025 年會下降。聽起來你沒有聽說過 25 年的這個消息，但 26 年的任何顏色都很棒。

Shagun, I will take's those questions. First, as we think about the guide in the second half of the year, certainly, we have higher comps as we think about our sales growth that we have to get through in the back half. But Also, as you know, our plan always is we want to make sure that we beat and raise as we go throughout the year. And so I think we're very well set up to deliver on what we have and ideally, if we overperform to raise guidance as we continue to perform in the second half of the year.

沙岡，我會回答這些問題。首先，當我們考慮下半年的指導時，當然，當我們考慮下半年必須實現的銷售成長時，我們的業績會有更高的成長。但同時，正如你所知，我們的計劃始終是確保我們在全年中超越並不斷提高。因此，我認為我們已經做好了充分的準備來實現我們現有的目標，理想情況下，如果我們的表現超出預期，那麼隨著下半年的持續表現，我們將提高預期。

As for 2026, we're not going to provide any update on '26 until we get through the end of this year. So at this point, we have no comments with regards to how we think about 2026 at this point.

至於 2026 年，我們不會在今年年底之前提供任何有關 2026 年的更新資訊。因此，目前我們對 2026 年的看法還沒有任何評論。

Yes. The only thing I'd say, Shagun, is that hospitals need our procedures. They're very revenue-producing the places that we play in health care. And so if their financials are affected by less revenue from -- based on the bill that was passed, they're certainly not going to come after our procedure areas. We're the ones that are making a lot of the money in the hospital.

是的。沙岡，我唯一想說的是，醫院需要我們的程序。我們所從事的醫療保健行業產生了大量的收入。因此，如果他們的財務狀況因收入減少而受到影響——根據已通過的法案，他們肯定不會追究我們的程序領域。我們是在醫院賺大錢的人。

So if anything, they'd like to do more of our procedures to help with their financial pressure. So it will take a long time before it really starts to hit our business based on where we play within the healthcare system.

因此，如果有的話，他們願意採取更多我們的措施來幫助他們緩解財務壓力。因此，根據我們在醫療保健體系中所處的位置，它還需要很長時間才能真正開始影響我們的業務。

Danielle Antalffy, UBS.

瑞銀的丹妮爾·安塔爾菲 (Danielle Antalffy)。

Kevin, just two questions for me. First, on China. I know you guys have highlighted this is an area where you're underindexed and there's a lot of potential for growth there. I'm just curious, I mean, there's been a lot of been very -- evolving very quickly with tariffs, but also the broader health care market in China. Curious about how you're thinking about China from a growth perspective, and how much that's a focus for you guys today?

凱文，我只想問兩個問題。第一，關於中國。我知道你們已經強調了這是你們被低估的領域，並且那裡有很大的成長潛力。我只是好奇，我的意思是，關稅以及中國更廣泛的醫療保健市場正在發生非常迅速的變化。我很好奇您從成長的角度如何看待中國，以及今天這對你們來說有多重要？

And then just one quick follow-up after that.

然後再進行一次快速跟進。

Yes. We don't have a large China business, as you probably know. And VBP hurt everybody, but us a little bit less than some of our competitors because of our presence. But look, it's a giant market. Long term, you have to be in China.

是的。您可能知道，我們在中國的業務規模並不大。VBP 給所有人造成了傷害，但由於我們的存在，對我們造成的傷害比一些競爭對手要小一些。但看看吧，這是一個巨大的市場。從長遠來看，你必須留在中國。

We're not withdrawing from China, but we're also being very thoughtful about the types of investments that we do and having to have sometimes some localized products, which we're experimenting with in our DRE division is one example. So we're being, I guess, careful and trading carefully is the way I would describe it, being thoughtful about our distributor arrangements. And it's not something that we're pouring a lot of money into, but we're not taking any steps to leave or to exit. We're going to hang in there, and we're going to continue to to sort of build -- have the building blocks to have a sustainable growing business. And China had a very good second quarter.

我們不會撤出中國市場，但我們也會非常慎重地考慮我們所做的投資類型，有時必須推出一些在地化產品，我們在 DRE 部門進行的試驗就是一個例子。所以我想，我們會很謹慎，謹慎交易，認真考慮我們的經銷商安排。我們並沒有在該領域投入大量資金，但我們也不會採取任何措施離開或退出。我們會堅持下去，繼續建造——奠定業務永續發展的基礎。中國第二季表現非常好。

That's having a good year this year. But we've been through some challenges in China. So I'm not nearly as bullish as I was, let's say, five or six years ago, before in the pre VBP era. It's a lot different in the market right now, but it is a market that we're going to continue to be active in as we are in a lot of other international markets.

今年真是好年景。但我們在中國也遇到了一些挑戰。因此，我不再像五、六年前，也就是 VBP 時代之前那樣樂觀了。目前的市場有很大不同，但我們將繼續在這個市場保持活躍，就像我們在許多其他國際市場一樣。

Okay. And then my follow-up was on international. And you mentioned with Mako where we were five years ago in the US. Is there anything structural about the international market that would make the ramp look different for Mako than it did in the US? Or should we think of the US as a good proxy for how to model Mako uptake over the next few years internationally?

好的。然後我的後續行動是國際性的。您提到了我們五年前在美國和 Mako 在一起的情況。國際市場是否存在什麼結構性因素，導致 Mako 的成長與美國市場不同？或者我們應該將美國視為未來幾年國際上 Mako 吸收模型的良好代表？

Yes. Thanks. It's a good proxy. Japan, it's a good project for Japan. So Japan has a financial wherewithal.

是的。謝謝。這是一個很好的代理。日本，這對日本來說是一個很好的項目。因此日本擁有足夠的財力。

They like technology, they can afford this. So I say Japan is a good proxy and some of the European countries are good proxies. The countries that are not quite as good a proxy would be something like France, which is all government paid. It takes a long time, and Canada is another example where all of a sudden, they are now starting to be very interested in Mako because they've seen long-term data that shows that it's really high performing. The Australian data was tremendous.

他們喜歡技術，他們也負擔得起。所以我認為日本是一個很好的代理，一些歐洲國家也是很好的代理。代理效果不太好的國家是法國之類的國家，其費用全由政府負擔。這需要很長時間，加拿大就是另一個例子，他們突然開始對 Mako 非常感興趣，因為他們看到的長期數據表明它的性能確實很高。澳洲的數據非常驚人。

So it showed that Mako not only performed better than manual instruments, but perform better than navigation. And that is very credible on a global stage. So that data that came out is something that we're using internationally to help drive the business. So it does vary by country. I would say, countries like the UK countries like Italy, that will be moving kind of like the United States, but there are some other countries that are fully socialized medicine. It will move a little bit slower. It's just the nature of the business.

因此，這表明 Mako 不僅比手動儀器表現更好，而且比導航表現更好。這在全球舞台上是非常可信的。因此，我們在國際上使用這些數據來幫助推動業務發展。所以它確實因國家而異。我想說，像英國、義大利這樣的國家將會像美國一樣發展，但也有一些其他國家已經完全實行社會化醫療。它的移動速度會慢一點。這只是業務的本質。

Matthew Aspro, Jefferies.

馬修‧阿斯普羅，傑富瑞集團。

This is Matt for Matt Taylor. Wanted to quickly ask about how do you expand a little bit of how you're thinking about the recent OBA and the implications for your business? Primarily, are you seeing any shifts in the behavior of purchasing or CapEx budgeting from hospitals given the favorable CapEx treatments they have from accelerated depreciation and et cetera? And then also maybe a follow-up to that is how should we be thinking about the tax rate for your business heading into 2026?

我是 Matt Taylor 的 Matt。想快速詢問一下您如何詳細闡述您對最近的 OBA 的看法以及它對您業務的影響？首先，考慮到加速折舊等因素為醫院帶來的有利的資本支出治療，您是否看到醫院的採購行為或資本支出預算發生了任何變化？那麼接下來的問題是，我們該如何考慮貴公司 2026 年的稅率？

Yes, Matt, it's Jason. I'll take the first part of this, and Preston will pick up on the tax rate portion of this. But kind of like I said earlier, as we think about the bill, we are continuing to monitor the bill. As it relates to the Medicaid piece, a small part of our procedures are Medicaid-related. So feel really good about that.

是的，馬特，我是傑森。我將負責第一部分，普雷斯頓將負責稅率部分。但就像我之前說的，當我們考慮這項法案時，我們會繼續監控它。由於它與醫療補助部分相關，我們的一小部分程序與醫療補助有關。所以對此感覺非常好。

I think as we think about the capital environment again, and Kevin mentioned this as well. If you think about the majority of our capital, it's closely tied to procedures, right? So as procedures continue to be strong, we expect that there'll be a high need of our capital, and so we're positioned well on that front.

我認為當我們再次思考資本環境時，凱文也提到了這一點。如果您想想我們的大部分資本都與程序密切相關，對嗎？因此，隨著程序繼續強勁，我們預計對資本的需求將會很高，因此我們在這方面處於有利地位。

And as it relates to the tax implications of the bill, so we expect that over the next year or so, we will see some benefit in terms of our cash tax just given the bill. But from an ETR standpoint, we would relatively be in the similar area that we are this year. So this year, our guide is 15% to 16%. And as we get into next year, we'll confirm what that's going to be, but we don't expect it to have a significant impact on our ETR at this point.

由於這與該法案的稅收影響有關，因此我們預計，在未來一年左右的時間裡，我們將看到該法案在現金稅方面帶來一些好處。但從 ETR 的角度來看，我們今年的處境也相對類似。因此今年我們的預期是 15% 到 16%。隨著明年的到來，我們將確認具體情況，但我們預計它目前不會對我們的 ETR 產生重大影響。

Caitlin Cronin, Canaccord.

凱特琳‧克羅寧 (Caitlin Cronin)，Canaccord。

Congrats on a great quarter. I guess, just starting off with Hips, I think it was a strong number. Are you guys seeing any pressure from the competitor launches in hips? And then just any update on whether you're continuing to trend higher and kind of the percentage if procedures done robotically?

恭喜本季取得優異成績。我想，從 Hips 開始，我認為這是一個很強的數字。你們是否看到競爭對手在臀部推出產品時帶來的壓力？然後有任何更新關於您是否繼續呈上升趨勢以及機器人程式所佔百分比是多少嗎？

Yes, I would say on robotic procedures trending, both knees and hips continue to climb. And we're very excited about the Hip 4.0 software because if you recall, the first five or six years, maybe seven years after the acquisition, the hip percentage hadn't really changed very much. But this new software is very good. And especially now that we've added revision hip, I expect that to continue to improve. And Insignia has been an absolute home run of a product for us and has really taken off, and I can't wait until for it to get approved in Europe. So that will continue to contribute to our growth.

是的，我想說，隨著機器人手術的趨勢發展，膝蓋和臀部都會繼續攀升。我們對 Hip 4.0 軟體感到非常興奮，因為如果你回想一下，在收購後的前五、六年，也許是七年，髖關節百分比實際上並沒有太大變化。但這個新軟體非常好。特別是現在我們已經添加了髖關節修復，我希望情況能繼續改善。對我們來說，Insignia 絕對是一款全壘打產品，並且取得了真正的成功，我迫不及待地希望它能在歐洲獲得批准。因此這將繼續促進我們的成長。

We've done a lot of training around direct interior, which has been terrific. And so overall, we run a really good offense in terms of our commercial offense, and we just focus more on ourselves and what we're doing with the customers rather than focusing on the competition, and that's been paying off for us.

我們圍繞著直接內部進行了大量培訓，效果非常好。因此，總體而言，我們在商業進攻方面表現非常好，我們只是更加關注自己以及我們為客戶所做的事情，而不是關注競爭對手，而這對我們來說是值得的。

That's great. And then just a quick one on navigation. I think you called that out earlier being strong. Was that related to key guidance and maybe the momentum in the financial portion of the enabling tech portfolio?

那太棒了。然後簡單介紹一下導航。我想你之前已經說過這一點了。這是否與關鍵指導以及支援技術組合的財務部分的勢頭有關？

Yes, that's exactly right. So when we say enabling tech, we mean the Q guidance. And the Q guidance just a reminder, with Mako I, that's half of the system. So you can use it for spine to do navigation, but you could also combine it with the Mako robotic arm to use Mako. So we have this reuse of software type of approach, which is really effective.

是的，完全正確。因此，當我們說支援技術時，我們指的是 Q 指導。Q 指導只是提醒一下，有了 Mako I，這就是系統的一半。因此，您可以使用它來對脊椎進行導航，但也可以將它與 Mako 機械手臂結合起來使用 Mako。所以我們有這種重複使用軟體類型的方法，這確實很有效。

We also have the Copilot product that's reported under our neurosurgery business under neurocranial, which is a burn that has haptic feedback as you get close to the key critical anatomy in the spine that will actually buzz and they actually turn off before the surgeon hits those structures. So that has been very, very favorably received by customers. So to be able to use Copilot, you have to have the Q guidance system. And so even though the revenue part of it is an enabling tech and part of the revenue is in neurosurgery, it does operate as a system, and we had a really good quarter in Q2.

我們還有根據神經外科業務的神經顱腦下報告的 Copilot 產品，這是一種具有觸覺反饋的燒灼裝置，當您接近脊柱中的關鍵解剖結構時，它會發出嗡嗡聲，並且在外科醫生接觸這些結構之前它們實際上會關閉。因此，它受到了客戶的熱烈歡迎。因此，為了能夠使用 Copilot，您必須擁有 Q 導航系統。因此，儘管它的收入部分來自支援技術，部分收入來自神經外科手術，但它確實作為一個系統運行，而且我們在第二季度表現非常好。

Josh Jennings, TD Cowen.

喬許‧詹寧斯 (Josh Jennings)，TD Cowen。

This is Eric on for Josh. On capital, I understand you guys bucket items into large and capital items. -- for large items in particular, I was wondering if there's any detail you can share on the portion of outright capital sales versus financing options or placements for that category. And maybe an easier one to answer is just whether or not that has seen any meaningful shift in the ratio over the past several quarters.

我是埃里克，代替喬希。關於資本，我理解你們將項目分為大額項目和資本項目。 ——特別是對於大額項目，我想知道您是否可以分享有關直接資本銷售與該類別的融資選擇或配售比例的詳細資訊。也許一個更容易回答的問題是，過去幾季中這一比例是否發生了有意義的變化。

Yes, this is Jason. I'll take this one. So as you think about our capital as a percent of kind of total revenue, right? You have about 15% of our total revenue. That's the smaller capital more closely tied to procedures.

是的，這是傑森。我要這個。那麼，您認為我們的資本佔總收入的百分比是多少嗎？您大約占我們總收入的15%。即較小的資本與程序更加緊密地連結在一起。

And then you've got the larger capital that's closer to 9% to 10% of our total revenue. And that business continues to do really well. I think Kevin mentioned earlier our communications business where you see a large percentage of our large capital did really well in the quarter, and other areas of our business that has this large capital as well continues to perform really well. So we're really happy with both the large and small capital.

然後你就擁有了更大的資本，接近我們總收入的 9% 到 10%。而且該業務持續表現良好。我想凱文之前提到過我們的通訊業務，你可以看到我們大部分的資本在本季度表現非常好，而且我們其他擁有大量資本的業務領域也繼續表現良好。因此，我們對大資本和小資本都感到非常滿意。

Yes. The only trend towards more financing has really been on the robots under Mako where there has been -- especially in the ASC. Most of those deals in the surgery centers are financed versus hospitals, which tend to do more outright purchasing just historically, but not a major change that we're seeing from the trend that we've seen over the past year to 18 months.

是的。唯一真正增加融資的趨勢是出現在 Mako 領導下的機器人領域——尤其是在 ASC 領域。手術中心的大多數交易都是融資交易，而醫院則傾向於進行更多的直接採購，但從過去一年到一年半的趨勢來看，這種情況並沒有發生重大變化。

Okay. Understood. And then I know there was a question earlier on Mako internationally, but if I could focus on Mako spine and shoulder, in particular. I appreciate the reiteration of the US launch timeline there, but I was just curious if you could share your thinking around those new offerings in international markets and what the commercial opportunity could look like outside the US?

好的。明白了。然後我知道之前有人在國際上詢問 Mako 的情況，但我是否可以特別關註一下 Mako 的脊椎和肩部。我很感謝您重申美國的發佈時間表，但我只是好奇您是否可以分享您對國際市場上這些新產品的看法，以及美國以外的商業機會是什麼樣的？

Yes. I would say the opportunity is large, right? And as you think about just the initial launch, we're looking at the end of this year for Mako Spine and then the first part of next year for for Mako shoulders. So it will be a deliberate lengthy launch. But yes, there's lots of opportunity both in the US and outside.

是的。我想說機會很大，對吧？當您想到首次發佈時，我們預計今年年底將推出 Mako Spine，明年年初將推出 Mako Shoulders。因此這將是一次經過深思熟慮的漫長發布。但確實，美國國內和國外都有很多機會。

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

沒有其他問題了。我將把電話轉給 Kevin Lobo 做最後發言。

Thank you all for joining our call. We look forward to sharing our Q3 results with you in October. Thank you.

感謝大家參加我們的電話會議。我們期待在十月與您分享我們的第三季業績。謝謝。

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

史賽克 2025 年第二季財報電話會議到此結束。您現在可以斷開連線。