史賽克 (SYK) 2025 Q3 法說會逐字稿

Welcome to the third quarter 2025 Stryker earnings call. My name is Robbie, 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 would like to remind you that the discussions during this conference call will include forward-looking statements.

歡迎參加 Stryker 2025 年第三季財報電話會議。我叫羅比，我將擔任您今天通話的接線生。（操作員指示）本次電話會議將會錄音，以便重播。在會議開始前，我想提醒各位，本次電話會議的討論內容將包含前瞻性陳述。

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 is an exhibit to Stryker's current report on Form 8-K filed today with the SEC.

可能導致實際結果與預期結果有重大差異的因素已在公司最近向美國證券交易委員會提交的文件中進行了討論。此外，討論還將涉及某些非公認會計準則財務指標。與最直接可比較的 GAAP 財務指標的調節表可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.

現在我將把電話交給董事長兼執行長凱文·洛博先生。先生，您可以繼續前進了。

Welcome to Stryker's third 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 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 quarterly results and guidance before opening the call to Q&A. Our third quarter results demonstrate our broad business strength and ongoing commitment to margin expansion.

歡迎參加史賽克第三季財報電話會議。今天與我一同出席的有史賽克公司財務長普雷斯頓威爾斯，以及財務與投資人關係副總裁傑森比奇。在今天的電話會議上，我將首先致開幕詞，然後由 Jason 介紹我們在本季度看到的趨勢以及一些產品更新。隨後，普雷斯頓將提供有關季度業績和指導的更多細節，之後將開放問答環節。我們第三季的業績反映了我們強大的業務實力和對利潤率持續提升的承諾。

We delivered strong organic sales growth of 9.5% against last year's high 11.5% comparable. We also delivered double-digit adjusted EPS growth of 11.1% despite tariff headwinds, which picked up meaningfully versus Q2. Our organic sales growth was driven by widespread demand across our businesses and included high single-digit growth for MedSurg and Neurotechnology and double-digit growth from Orthopedics.

我們實現了強勁的有機銷售成長，增幅達 9.5%，而去年同期增幅高達 11.5%。儘管面臨關稅方面的不利因素（與第二季度相比，這些不利因素顯著加劇），我們仍實現了兩位數的調整後每股收益成長，達到 11.1%。我們的有機銷售成長得益於各業務領域的廣泛需求，其中醫療外科和神經技術業務實現了高個位數成長，骨科業務實現了兩位數成長。

Geographically, our US organic sales growth of 10.6% included double-digit organic growth from our Vascular, Trauma and Extremities, Neuro Cranial and Instruments businesses and high single-digit organic growth in Hips, Knees and Endoscopy. We delivered 6.3% organic international sales growth with notable contributions from South Korea, Japan and emerging markets. We continue to view international markets as a significant opportunity for long-term growth and look forward to launching many products that have already demonstrated success in the United States.

從地理上看，我們在美國實現了 10.6% 的有機銷售增長，其中包括血管、創傷和四肢、神經顱腦和器械業務的兩位數有機增長，以及髖關節、膝關節和內視鏡業務的高個位數有機增長。我們實現了 6.3% 的國際有機銷售額成長，其中韓國、日本和新興市場貢獻顯著。我們繼續將國際市場視為長期成長的重要機遇，並期待推出許多已在美國取得成功的產品。

We completed two small acquisitions during the quarter. The first, Guard Medical's NPseal products brings simplified solution for negative pressure wound treatment that strengthens our orthopedic instrument offerings. The second, advanced medical balloons brings novel patient care products to our Sage business. These acquisitions demonstrate our commitment to deals that deepen our portfolio and enhance growth. Backed by a healthy deal pipeline and strong balance sheet, we plan to stay active on the M&A front.

本季我們完成了兩項小型收購。首先，Guard Medical 的 NPseal 產品為負壓傷口治療帶來了簡化的解決方案，從而增強了我們的骨科器械產品組合。第二款先進的醫用氣球為我們的 Sage 業務帶來了全新的病患照護產品。這些收購表明我們致力於透過交易深化我們的產品組合併促進成長。憑藉健康的交易儲備和強勁的資產負債表，我們計劃在併購領域繼續保持活躍。

We have good momentum exiting Q3 and expect a strong finish to the year. As a result, we are raising our full year 2025 outlook. We are firmly on track to deliver a second consecutive year of 100 basis points of adjusted operating margin expansion backed by strong execution and conviction in the sustained growth and earnings power of our businesses. I would like to thank our teams for their dedication and passion and living our mission each and every day.

第三季末我們勢頭良好，預計今年將以強勁的勢頭收官。因此，我們上調了2025年全年業績預期。我們憑藉著強有力的執行力和對業務持續成長和獲利能力的堅定信念，穩步朝著連續第二年實現調整後營業利潤率增長 100 個基點的目標邁進。我要感謝我們的團隊，感謝他們的奉獻精神和熱情，感謝他們每天都在實踐我們的使命。

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

接下來，我將把電話交給傑森。

Thanks, Kevin. My comments today will focus on providing updates on the current environment, the integration of Inari and a preview of Investor Day. Procedural volumes remained healthy in the third quarter, in line with our expectations. We anticipate continued strength in procedural volumes through the end of the year. Demand for our capital products was strong once again in the quarter, and we exited Q3 with an elevated backlog. With a steady hospital CapEx environment, we expect continued strength in our order book.

謝謝你，凱文。我今天的演講將重點介紹當前環境的最新情況、Inari 的整合以及投資者日的預覽。第三季手術量維持健康水平，符合我們的預期。我們預計手術量將持續保持強勁勢頭直至年底。本季對我們資本產品的需求再次強勁，第三季末我們的積壓訂單量也居高不下。在醫院資本支出環境穩定的情況下，我們預期訂單量將持續保持強勁成長。

We delivered our best ever Q3 for Mako installations, both in the US and worldwide. Mako continues to see high utilization rates, further bolstering our number one position in US hips and knees. In addition to Mako 4, our numerous recent product innovations continue to drive growth and interest in the marketplace. Notably, LIFEPAK 35 launched in Europe at the end of the quarter.

我們第三季在 Mako 安裝方面取得了有史以來最好的成績，無論是在美國還是在全球範圍內。Mako 的使用率持續保持高位，進一步鞏固了我們在美國髖關節和膝關節置換領域的領先地位。除了 Mako 4 之外，我們近期推出的眾多產品創新也持續推動市場成長和關注。值得注意的是，LIFEPAK 35 於本季末在歐洲上市。

Next, the Inari integration continues to progress well. We continue to convert the business to our Stryker offense with the successful onboarding of our sales professionals. The Inari business delivered double-digit pro forma organic sales growth in the quarter, highlighting robust procedural growth in the teens, partially offset by destocking, which we continue to work through. Inari remains on track to deliver double-digit pro forma sales growth in 2025, and approximately $590 million in sales for the 10 months this year as a part of Stryker.

其次，Inari 的整合工作持續順利進行。我們透過成功招募銷售專業人員，不斷將業務轉型為 Stryker 式的進攻模式。Inari 業務在本季度實現了兩位數的按備考有機銷售增長，其中兩位數的強勁程序性增長尤為突出，但部分增長被去庫存所抵消，我們仍在努力克服這一問題。Inari 仍有望在 2025 年實現兩位數的預估銷售額增長，並且作為 Stryker 的一部分，今年前 10 個月的銷售額約為 5.9 億美元。

Lastly, we look forward to hosting our upcoming Investor Day on November 13, which will be webcast live on the Investor Relations page at stryker.com. During the event, various leaders from across our businesses will discuss our long-term strategy and illustrate how we are built for growth. For our in-person attendees, we will conclude with a product fair that will showcase exciting products and innovations across our MedSurg and Neurotechnology and Orthopedic businesses. Also, you will be able to interact with many of our leaders.

最後，我們期待於11月13日舉辦投資者日活動，屆時將在stryker.com網站的投資者關係頁面進行網路直播。活動期間，我們各業務部門的領導將探討我們的長期策略，並闡述我們如何為成長做好準備。對於親臨現場的與會者，我們將舉辦產品博覽會作為閉幕式，屆時將展示我們醫療外科、神經技術和骨科業務領域的令人興奮的產品和創新成果。此外，您還將有機會與我們的許多領導人互動。

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

接下來，我將把電話交給普雷斯頓。

Thanks, Jason. Today, I will focus my comments on our third quarter financial results and related drivers. Our detailed financial results have been provided in today's press release. Organic sales growth was 9.5% for the quarter compared to the third quarter of 2024, with the same number of selling days in both periods. Pricing had a 0.4% favorable impact as we continue to see positive trends from our pricing initiatives across many of our businesses.

謝謝你，傑森。今天，我將重點談談我們第三季的財務表現及相關驅動因素。我們已在今天的新聞稿中公佈了詳細的財務業績。本季有機銷售額成長9.5%，與2024年第三季相比，兩個時期的銷售天數相同。定價策略帶來了 0.4% 的有利影響，因為我們在許多業務領域持續看到定價措施帶來的正面趨勢。

Additionally, foreign currency had a 0.7% favorable impact on sales. Our adjusted earnings per share of $3.19 was up 11.1% from the same quarter last year, driven by our strong sales growth and margin expansion, partially offset by higher interest expense. Foreign currency translation had a favorable impact of $0.03 on adjusted earnings per share for the quarter.

此外，外匯匯率對銷售額產生了0.7%的有利影響。調整後的每股盈餘為 3.19 美元，比去年同期成長 11.1%，主要得益於強勁的銷售成長和利潤率擴張，但部分被更高的利息支出所抵銷。外幣折算對本季調整後每股盈餘產生了0.03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 an organic sales growth of 8.4%, which included 9.4% of US organic growth and 5.1% of international organic growth. Instruments had US organic sales growth of 11.5%, led by a double-digit performance from the Surgical Technologies business, which includes our Neptune waste management, SurgiCount and smoke evacuation products.

接下來，我將重點介紹我們各季度的業務板塊表現。本季度，醫療外科和神經技術業務的有機銷售額成長了 8.4%，其中美國有機成長了 9.4%，國際有機成長了 5.1%。儀器業務在美國的有機銷售額成長了 11.5%，其中外科技術業務實現了兩位數的成長，包括我們的 Neptune 廢棄物管理、SurgiCount 和菸霧排放產品。

Endoscopy had US organic sales growth of 7.9%, led by a robust double-digit performance from our Sports Medicine business and near double-digit growth from our core endoscopy portfolio, somewhat offset by lower sales in the Communications operating room business due to the timing of infrastructure installations.

內視鏡業務在美國的有機銷售額增長了 7.9%，這主要得益於運動醫學業務強勁的兩位數增長以及核心內視鏡產品組合接近兩位數的增長，但由於基礎設施安裝的時間安排，通信手術室業務的銷售額有所下降，部分抵消了上述增長。

Medical had US organic sales growth of 6.5% that included a double-digit performance in the Acute Care business, which was driven by ProCuity and Vocera. We continue to expect Medical to achieve 10% organic sales growth this year, while we manage the previously discussed supply chain disruptions affecting our emergency care business. Vascular had US organic sales growth of 13.4%, led by the recent launches of our Surpass Elite flow diverting stent and Broadway aspiration system. As a reminder, organic sales growth figures do not include Inari.

醫療業務在美國的有機銷售額增長了 6.5%，其中急性護理業務實現了兩位數的增長，這主要得益於 ProCuity 和 Vocera 的業績增長。我們仍預計今年醫療業務將實現 10% 的有機銷售成長，同時我們將應對先前討論過的、影響我們急診業務的供應鏈中斷問題。血管業務在美國的有機銷售額成長了 13.4%，這主要得益於我們近期推出的 Surpass Elite 血流導向支架和 Broadway 抽吸系統。需要提醒的是，有機銷售成長數據不包括 Inari。

And finally, Neuro Cranial had US organic sales growth of 12.9%, led by strong double-digit growth in our IBS, Craniomaxillofacial and Neurosurgical businesses. Internationally, MedSurg and Neurotechnology's organic sales growth was 5.1% despite the ongoing supply disruptions affecting our medical business and against a very strong prior year comparable growth rate of over 11%, which was driven by our Medical, Endoscopy and Neuro Cranial businesses. The growth this quarter was led by our Neuro Cranial and Instrument businesses. Geographically, this included healthy performances in South Korea and Japan.

最後，Neuro Cranial 在美國的有機銷售額成長了 12.9%，這主要得益於 IBS、顱顏面和神經外科業務的強勁兩位數成長。儘管持續的供應中斷影響了我們的醫療業務，但國際上 MedSurg 和神經技術業務的有機銷售成長率仍達到了 5.1%，而去年同期的成長率非常強勁，超過 11%，這主要得益於我們的醫療、內視鏡和神經顱腦業務。本季成長主要由我們的神經顱腦和儀器業務引領。從地理上看，韓國和日本都取得了不錯的成績。

Orthopedics had organic sales growth of 11.4%, which included organic growth of 12.9% in the US and 7.8% internationally. Our US Knee business grew 8.4% organically, reflecting our market-leading position in robotic-assisted knee procedures and continued momentum from new Mako installations. Our US Hip business grew 8.7% organically, highlighted by the ongoing success of our Insignia Hip Stem and the continued adoption of our Mako robotic hip platform that now has the expanded ability to address more difficult primary hip cases as well as hip revisions.

骨科業務的有機銷售額成長了 11.4%，其中美國市場的有機銷售額成長了 12.9%，國際市場的有機銷售額成長了 7.8%。我們的美國膝關節業務實現了 8.4% 的有機成長，這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 設備安裝帶來的持續成長勢頭。我們的美國髖關節業務實現了 8.7% 的有機成長，這主要得益於 Insignia 髖關節柄的持續成功以及 Mako 機器人髖關節平台的持續普及，該平台現在具備了更強大的能力，可以處理更複雜的初次髖關節手術以及髖關節翻修手術。

Our US Trauma and Extremities business grew 13.2% organically with robust double-digit sales growth in our Upper Extremities and Core Trauma businesses. Our multiyear strong Shoulder growth continues while our Core Trauma performance continues to be driven by Pangea, our differentiated plating portfolio.

我們的美國創傷和四肢業務實現了 13.2% 的有機成長，其中上肢和核心創傷業務的銷售額實現了強勁的兩位數成長。我們肩關節業務多年來持續強勁成長，而核心創傷業務的業績繼續由我們差異化的鋼板產品組合 Pangea 推動。

Our US Other Ortho business grew 38.5% organically, driven by robust installations in the quarter and amplified by Mako deal mix and a strong performance in navigational technology products. Internationally, Orthopedics organic growth of 7.8% included a strong performance from our emerging markets. Our international results also include a nominal amount of Spinal implant revenue because of previously accepted tenders that we are fulfilling before exiting those markets.

我們的美國其他正交業務實現了 38.5% 的有機成長，這得益於本季強勁的安裝量，以及 Mako 的交易組合和導航技術產品的強勁表現。國際上，骨科業務的有機成長率為 7.8%，其中新興市場表現強勁。我們的國際業績還包括一筆數額不大的脊椎植入物收入，這是因為我們之前已經接受了一些投標，在退出這些市場之前，我們正在履行這些投標。

Now I will focus on certain operating and non-operating highlights in the third quarter. Our adjusted gross margin of 65% was favorable by 50 basis points over the third quarter of 2024 despite tariff headwinds, which we now estimate will have a net impact of approximately $200 million for the full year 2025. The adjusted gross margin improvement was primarily driven by business mix and cost improvements as we continue to optimize our supply chain and manufacturing processes.

接下來，我將重點介紹第三季的一些營運和非營運亮點。儘管面臨關稅不利因素，我們調整後的毛利率仍達到 65%，比 2024 年第三季提高了 50 個基點。我們目前估計，關稅不利因素將在 2025 年全年造成約 2 億美元的淨影響。調整後毛利率的提高主要得益於業務組合和成本的改善，因為我們持續優化供應鏈和生產流程。

Our adjusted operating margin was 25.6% of sales, which was 90 basis points favorable to the third quarter of 2024, driven by the gross margin favorability I just discussed as well as lower adjusted SG&A as a percentage of sales due to ongoing spend discipline as part of our long-term focus on continued margin expansion. Adjusted other income and expense of $116 million for the quarter was $74 million higher than 2024 due to increased interest expense from the most recent debt issuances and lower interest income. We now expect our full year 2025 adjusted other income and expense to be approximately $415 million.

我們調整後的營業利潤率為銷售額的 25.6%，比 2024 年第三季度提高了 90 個基點，這主要得益於我剛才討論的毛利率優勢，以及由於我們長期專注於持續擴大利潤率而持續控制支出，導致調整後的銷售、一般及行政費用佔銷售額的比例降低。本季經調整的其他收入和支出為 1.16 億美元，比 2024 年高出 7,400 萬美元，原因是最近發行的債務產生的利息支出增加以及利息收入減少。我們現在預計 2025 年全年調整後的其他收入和支出約為 4.15 億美元。

The third quarter had an adjusted effective tax rate of 14%, reflecting the impact of geographic mix and certain discrete tax items. For 2025, we now expect our full year effective tax rate to be at the lower end of our previously guided range of 15% to 16%. Turning to cash flow, our year-to-date cash from operations was $2.9 billion, driven by year-over-year working capital improvements.

第三季經調整後的實際稅率為 14%，反映了地域組合和某些特定稅收項目的影響。我們現在預計，2025 年全年實際稅率將處於我們先前預期的 15% 至 16% 範圍的下限。從現金流來看，我們今年迄今的營運活動現金流為 29 億美元，主要得益於營運資本年比改善。

And now I will update our full year 2025 guidance. Considering our year-to-date results, continued strong demand for our products and our operational momentum, we are raising our full year guidance and now expect organic net sales growth of 9.8% to 10.2%, and adjusted earnings per share to be in the range of $13.50 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 near current levels.

現在我將更新我們2025年全年業績指引。鑑於我們年初至今的業績、市場對我們產品的持續強勁需求以及我們良好的營運勢頭，我們上調了全年業績預期，目前預計有機淨銷售額將增長9.8%至10.2%，調整後每股收益在13.50美元至13.60美元之間。我們更新後的銷售預期包含了略微有利的價格因素。此外，如果匯率維持在目前水準附近，則預計外匯匯率將對銷售額和每股盈餘產生輕微的正面影響。

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

接下來，我將開放問答環節。

(Operator Instructions) Robbie Marcus, JPMorgan.

（操作說明）羅比·馬庫斯，摩根大通。

Congrats on a nice quarter. Two for me. First, Kevin, you always have great insight into procedure volumes and the equipment market. You clearly had a great quarter on the ortho side, some bright spots on the CapEx side, also a little bit of softness, particularly in medical. I was hoping you could just walk us through what you're seeing globally in terms of procedure volume market and the health of it as well as some of the puts and takes on the capital equipment side globally?

恭喜你本季業績出色。我兩個。首先，凱文，你對手術量和設備市場總是有著非常敏銳的洞察力。顯然，你們在骨科方面取得了不錯的成績，資本支出方面也有一些亮點，但也存在一些疲軟，尤其是在醫療方面。我希望您能為我們介紹一下您目前在全球範圍內觀察到的手術量市場狀況和市場健康狀況，以及全球資本設備方面的一些市場動向？

Yes, sure. Thanks for the question. I would tell you that nothing has really changed if you think about what we've said in the past couple of quarters. Procedure volumes are very healthy, which affects, obviously, our implants as well as our small capital. And the capital markets are really strong. The balance sheets are strong with hospitals. You saw this quarter, in fact, a lot of Mako purchases, which helped -- obviously, we had strong installations, but a lot of those were cash purchases. And a year ago, those were being more leased. So balance sheets are strong. Procedure growth is strong.

當然可以。謝謝你的提問。我會告訴你，如果你回顧過去幾季說過的話，你會發現其實什麼都沒改變。手術量非常健康，這顯然會影響我們的植入物以及我們的小額資本。而且資本市場非常強勁。醫院的資產負債表狀況良好。事實上，本季度我們購買了許多 Mako 產品，這很有幫助——顯然，我們的安裝量很大，但其中許多都是現金購買的。一年前，這些房產更多的是租出去的。因此，資產負債表狀況良好。手術量增長強勁。

As it relates to our business mix, sometimes you see in the Communications area, there was a bit of timing. A lot of these installations of ORs are going to be delayed a little bit, but we have a very healthy order book in Communications. Medical, as you described, sometimes goes up and down. We had a big quarter last year in the third quarter. We're going to have a very strong fourth quarter, off to a fast start in October, and it will be a very strong fourth quarter.

就我們的業務組合而言，有時你會發現，在通訊領域，時機很重要。很多手術室的安裝都會稍微延遲一些，但我們在通訊方面的訂單量非常足夠。正如你所描述的，醫療狀況有時會有起伏。去年第三季我們業績非常出色。我們將迎來非常強勁的第四季度，10 月開局良好，第四季將會非常強勁。

And as you've seen in the past, Medical does move from quarter to quarter. There can be variability. But over the full year, very strong and healthy business. Obviously, we've had some supply chain disruptions in emergency care. That's continued all year. But in spite of that, still going to be a double-digit growth year. It would have been even higher if not for the supply chain challenges. But I would say across the board, the markets that we play in are very healthy.

正如你過去所看到的，醫療產業每季都會有所波動。可能存在差異。但從全年來看，業務非常強勁且健康。顯然，我們在急救護理領域遇到了一些供應鏈中斷問題。這種情況持續了一整年。儘管如此，今年仍將維持兩位數的成長。如果不是供應鏈的挑戰，這個數字還會更高。但總的來說，我們所參與的市場都非常健康。

Great. Maybe one for Preston. Your business every year has a big step-up third quarter to fourth quarter, both on sales and margins. Obviously, we can back into what's implied in guidance. But just help us walk through some of the things to consider, particularly on the margin side and the levers that you pull to get to the step up there? Appreciate it.

偉大的。或許給普雷斯頓一個。貴公司每年第三季到第四季都會大幅成長，銷售額和利潤率都會顯著提高。顯然，我們可以反推指導意見中隱含的內容。但請您幫我們整理一下需要考慮的一些事項，特別是利潤率方面以及您為了達到目標而採取的措施？謝謝。

Absolutely, Robbie. I appreciate it. So I think the thing to keep in mind as you think about the guidance range, particularly as we talk about margins, obviously, we do have a larger sales number that we'll be building on. We're going to continue with our focus around margin improvement that's driving upside on our gross margins as well as in the SG&A lines.

當然，羅比。謝謝。所以我認為，在考慮業績指引範圍時，尤其是在談到利潤率時，需要記住的一點是，顯然，我們有一個更大的銷售數字，我們將以此為基礎進行預測。我們將繼續專注於提高利潤率，從而提升毛利率以及銷售、一般及行政費用。

The big offset this year is tariffs. So we look at the tariff impact, it's more second half weighted. And so that is going to certainly be the offsetting piece of what we would normally see as much bigger margin expansion in the fourth quarter. So we're still expecting operationally to drive better margins, but then that will be partially offset by tariffs in the fourth quarter to get to where we've guided to.

今年最大的抵銷因素是關稅。因此，我們來看關稅的影響，它更體現在下半年。因此，這無疑將抵消我們通常在第四季度看到的更大幅度的利潤率擴張。因此，我們仍然預期營運方面會取得更好的利潤率，但第四季的關稅將部分抵消這一成長，使我們無法達到預期目標。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Congrats on another nice quarter here. So Kevin, you're guiding to 10% organic growth at the midpoint in 2025. How are you thinking about maintaining this momentum next year? What are some of the puts and takes we should consider? And can you expand margins next year with the tariff impact increasing on a year-over-year basis? And I had one follow up.

恭喜你們又一個季度業績出色。所以凱文，你預計到 2025 年中期，有機成長率將達到 10%。您打算如何保持明年的這種發展動能？我們應該考慮哪些買入和賣出策略？明年關稅影響逐年增加，你們能否擴大利潤率？我還有一個後續問題。

Yes. Sure, Larry. We have an Investor Day coming up pretty soon, and we'll share kind of our longer-term outlook at that time. What I would tell you is this is our fourth consecutive year of growing roughly 10% organically. Of course, last year was a little bit higher than that, over 11%. But this is a sustainable, durable high-growth business. So you're going to see more of the same for years to come.

是的。當然可以，拉里。我們即將舉辦投資者日活動，屆時我們將分享我們的長期展望。我可以告訴大家的是，這已經是我們連續第四年實現約 10% 的有機成長了。當然，去年比這略高一些，超過 11%。但這是一個可持續、持久的高成長業務。所以未來幾年你還會看到更多類似的情況。

That's helpful. And Kevin, I'm sure everybody listening picked up on your M&A comments. So maybe just refresh us on areas of interest, if anything has changed, deal size, et cetera. Anything new?

那很有幫助。凱文，我相信所有聽眾都聽到了你關於併購的評論。所以，或許可以簡單介紹一下您感興趣的領域，例如是否有任何變化，交易規模等等。有什麼新消息嗎？

No change, Larry. All of our businesses are lining up their targets that would help enhance their businesses. And as you know, there are adjacencies that we're going to continue to explore. I've been pretty clear about what those are. As you know, peripheral was one of those adjacencies that we pulled the trigger on in the first quarter of this year.

沒有變化，拉里。我們所有企業都在製定有助於提升自身業務的目標。如您所知，我們將繼續探索一些鄰近領域。我已經很清楚地說明了那些是什麼。如您所知，週邊設備是我們今年第一季啟動的幾個相關領域之一。

And so there's no new ones. The same ones I've been talking about. We do have a strong balance sheet. We can do larger deals if they are going to be value creating for the company. It's always hard to predict the exact timing on deals. And so we do plan to be active. It is the number one use of capital. That is our first priority is to use it for acquisitions. And so we remain on the hunt.

所以就沒有新的了。就是我一直說的那些。我們的資產負債表非常穩健。如果能為公司創造價值，我們可以進行更大規模的交易。交易的確切時機總是很難預測。因此，我們計劃積極行動。這是資本的第一用途。我們的首要任務是將其用於收購。因此，我們仍在繼續追查。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

Let me echo the congratulations on the quarter. Kevin and Jason, your Knee number in the US stands out pretty in stark contrast to your other competitor that has announced the spin out of its Orthopedic business. And I'm just wondering kind of Kevin, how do you think about the health of the orthopedics market, how you're preparing to maybe capitalize on any disruption that may come of that and just kind of your outlook on orthopedic. One thing I did notice was price pressure. We did see a little bit of price pressure in this quarter. We haven't seen that for a few quarters. So maybe you could comment on maybe what was driving that as well.

我也要祝賀你們本季取得佳績。Kevin 和 Jason，你們在美國的膝關節產品銷售非常亮眼，與宣布剝離骨科業務的競爭對手形成了鮮明對比。凱文，我只是想問你，你如何看待骨科市場的健康狀況，你準備如何利用可能出現的任何顛覆性變化，以及你對骨科市場的看法。我注意到的一點是價格壓力。本季我們確實看到了一些價格壓力。我們已經好幾個季度沒看到這種情況了。所以，或許您也可以談談造成這種情況的原因。

Yes. Sure. I'll take the first part, and I'll let Preston comment on the price pressure. Listen, we're in a great position with our Knee business. It's not new. This has been building over a number of years with our lead in cementless, the tremendous adoption of Mako for knees. We also have a new hinge, which is the revision system for knees. So this momentum has just been building. And with every Mako that gets installed, we know there's going to be a high adoption of our products. And so we've been growing above the market for quite some time.

是的。當然。我來回答第一部分，至於價格壓力，就讓普雷斯頓來評論吧。聽著，我們在膝關節業務方面處於非常有利的地位。這並非新鮮事。多年來，我們在無骨水泥領域一直保持領先地位，Mako 在膝關節置換領域也得到了廣泛應用，這為我們奠定了基礎。我們還有一種新型鉸鏈，它是膝關節翻修系統。所以這股勢頭一直在不斷增強。隨著每台 Mako 設備的安裝，我們知道我們的產品將會得到更廣泛的採用。因此，我們的成長速度已經超過市場平均相當長一段時間了。

It was a terrific quarter, especially if you consider last year, we had a very big Q3 and so the Knee business is performing extremely well. We're very excited about additional changes that are coming, more software changes for Mako to make it even better to use, actually some new product innovations that we'll talk about on the investor call in a couple of weeks. And so the Knee business is really poised to continue this high growth. And then on price, Preston?

這是一個非常棒的季度，尤其是考慮到去年同期，我們第三季的業績非常出色，因此膝關節業務表現極為良好。我們對即將到來的更多變化感到非常興奮，Mako 的軟體將進行更多更改，使其使用起來更加方便，實際上還有一些新的產品創新，我們將在幾週後的投資者電話會議上討論這些創新。因此，膝關節業務可望繼續保持高速成長。那麼價格方面呢，普雷斯頓？

Yes, as far as pricing is concerned. When we think about where we are, we're pleased with the fact that we've been able to drive positive price for the overall organization over the last several quarters. That's really come out of the work that happened a few years ago. And so we're still driving that. The other thing to consider is now we're anniversarying some of that price improvement year over year over year.

是的，就價格而言。回顧我們目前的狀況，我們很高興在過去的幾個季度裡，我們能夠為整個組織帶來正面的股價表現。這其實是幾年前所進行的工作的成果。所以我們還在繼續推進這項工作。另一點需要考慮的是，我們現在正處於價格逐年下降的周年紀念日。

So now we're driving compounded price that we're seeing. And so when you think about the split between the multiple business on the MedSurg side, we're certainly seeing continued price improvement on that business. And with Orthopedics, we're not back to where we were historically. So we're still performing above historic levels on a pricing standpoint, and we expect that we're going to continue to try to work through the pricing muscle that we've learned to develop and that we have developed to continue to drive positive prices in the future.

所以現在我們看到的價格是複合成長的結果。因此，當我們考慮 MedSurg 業務板塊的多個業務時，我們當然可以看到該業務的價格持續改善。而就骨科而言，我們已經回到了過去的樣子。因此，從定價角度來看，我們仍然高於歷史水平，我們預計我們將繼續努力運用我們已經學會培養的定價能力，在未來繼續推動價格上漲。

Okay. And then second one for me. Thank you for both those answers, appreciate that. On Inari, Kevin, as you like to say, the US business is humming. But maybe if I could ask about the OUS side and when you think you can kind of really take Inari to a bigger international presence maybe than prior -- when it was a stand-alone company.

好的。然後是我的第二個。謝謝你們的解答，非常感謝。凱文，關於伊納裡，正如你常說的，美國業務發展勢頭良好。但或許我可以問一下關於 OUS 方面的情況，以及您認為何時才能真正將 Inari 推向比以前更大的國際市場——也就是它作為一家獨立公司時的市場。

Yes. Thanks. Look, our focus really has been on the US. I mean we've really been all hands on deck. We went through some real challenges in the second quarter, enforcing people's non-competes, going through a lot of churn in the sales force, bringing on new Stryker leaders. That's been -- we've been laser-focused and I love the recovery and the bounce back in Q3. It was really terrific.

是的。謝謝。你看，我們的重點一直都在美國。我的意思是，我們真的全員出動了。第二季我們經歷了一些真正的挑戰，包括執行員工競業禁止協議、銷售團隊人員大量更迭以及引入新的史賽克領導層。一直以來，我們都全神貫注，我很高興看到第三季的復甦和反彈。真是太棒了。

And the outlook for Q4 is very good. We launched the first arterial product that's getting really favorable feedback. We have started to expand internationally, but I don't really -- hasn't really taken off yet. That will start to, I really think, have a big impact in the second half of next year. It's going to take a bit of time, but we do have infrastructure in Stryker that Inari did not have. And that clearly is one of the thesis for us in doing the deal is that international will be very exciting. But I really think it will start to take hold in the second half of next year.

第四季的前景非常樂觀。我們推出的首款動脈產品獲得了非常正面的回饋。我們已經開始拓展國際市場，但我覺得──還沒有真正成功。我認為，這將在明年下半年開始產生重大影響。這需要一些時間，但我們在 Stryker 擁有 Inari 所沒有的基礎設施。很顯然，我們達成這筆交易的其中一個理由是，國際市場將會非常令人興奮。但我真的認為它會在明年下半年開始站穩腳跟。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

I will start with a follow-up on Inari. Just curious if maybe you can elaborate on some of the integration process in the sales force. And like is this quarter, you think kind of a low point in the growth and so we should kind of be sustaining this kind of double-digit growth going forward? And any comment on some of the P/E data that came out. Curious if you had any comments on that.

我會先跟進稻荷神的情況。我很好奇您能否詳細介紹一下銷售團隊的整合流程。你認為本季是成長的低谷期嗎？所以我們應該能夠維持未來兩位數的成長嗎？對於一些已公佈的市盈率數據，您有什麼看法？想知道你對此有何評論。

Yes. Look, we put our own Stryker sales leader in charge of the sales force, and we've been hiring pretty rapidly given the churn that we went through in the second quarter. It takes time for those sales reps to be fully productive. They had a really good Q3. I'm pleased with that. I'm not sure that I call this a low point. We do expect double-digit growth in Q4 and then again in Q1.

是的。你看，我們安排了我們自己的 Stryker 銷售主管負責銷售團隊，而且鑑於我們在第二季度經歷的人員流動，我們一直在快速招聘。銷售代表需要時間才能完全發揮生產力。他們第三季業績非常好。我對此很滿意。我不確定這是否算得上是個低谷。我們預計第四季和第一季都將實現兩位數成長。

However, we are still burning through some of that stocking that had occurred. The stocking will be completed, the burn-through will be completed by the end of the first quarter. So we still have some more of that in Q4 as well as Q1, and then that will be something we don't talk about any more after that. But we are excited about getting sort of the teens level of growth in procedures. That translated to double-digit growth. We do expect a strong Q4 as well as Q1 next year, and then it will really start to take off after that without having that drag of the stocking.

然而，我們仍在消耗之前囤積的一些物資。庫存將在第一季末完成，銷售也將在第一季末完成。所以，我們在第四季和第一季還會有一些這方面的內容，之後我們就不會再談論這個問題了。但我們很高興看到手術量增長到了青少年水平。這意味著兩位數的成長。我們預計第四季和明年第一季業績強勁，之後將真正開始起飛，不再受庫存拖累。

That's helpful. And maybe a question on the Siemens partnership that happened over the quarter in Neurovascular and if there's any more you can kind of say on kind of the goals and timing and kind of what you're trying to do with Siemens and Neurovascular robotics.

那很有幫助。或許可以問一下關於本季在神經血管領域與西門子建立的合作關係的問題，以及您是否可以就與西門子在神經血管機器人領域的合作目標、時間安排和具體目標發表更多看法。

Travis, this is Jason. I would say, when appropriate, we'll certainly disclose more. But at this point, really nothing else to add in as far as that.

崔維斯，這是傑森。我想說，在適當的時候，我們一定會透露更多資訊。但就目前而言，真的沒有其他需要補充的了。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

This is Samantha on for Matt today. We'd like to start off with asking about the Ortho other category that was -- had really nice performance this quarter. Can you just talk a little bit about what all is driving the strength there? And how durable do you see that growth?

今天由薩曼莎代馬特為您報道。我們首先想問骨科其他類別的情況——該類別在本季表現非常出色。您能否簡要談談是什麼因素促成了那裡的實力？你認為這種成長能持續多久？

Yes, this is Jason. I'll take this one. I would say a couple of different things, and it goes back to some of the prepared remarks. I mean if you just look at again another quarter of record installation of Mako, that certainly fuels that category and then there is a bit of, I'll call it, business mix. And I think Kevin touched on this, where outright purchases will drive revenue in that. So really, really strong strength. Is it going to grow at that level every quarter, I would say no, but certainly pleased with the performance in the quarter.

是的，這是傑森。我選這個。我想說幾點不同的話，這要追溯到我事先準備好的一些發言稿。我的意思是，如果你再看看Mako的另一個季度創紀錄的安裝量，這無疑推動了這一類別的發展，然後還有一些，我稱之為，商業組合。我認為凱文也提到了這一點，直接購買將推動收入成長。所以，力量真的非常非常強。它每季都會維持這樣的成長水準嗎？我認為不會，但我對本季的表現非常滿意。

Great. And then also, just could you provide a little bit more commentary on the supply chain disruption in the Medical business? It was a little bit weaker than we were expecting. And does imply a steep rebound in Q4. So just any more commentary you could provide there would be great.

偉大的。另外，您能否再對醫療產業的供應鏈中斷問題發表一些看法？比我們預期的要弱一些。這確實意味著第四季度將出現強勁反彈。如果您還能提供其他評論，那就太好了。

Sure. It's Jason again. So I would say, look, even if you go back to last quarter, we said some of these supply issues would kind of linger throughout the year. Certainly not going to quantify. But as you think about Medical performance in the fourth quarter, in order to get to this 10% growth on the year that we're talking about, you can imagine there's going to be an acceleration in the fourth quarter. October was off to a good start. And so we certainly expect that we'll have positive performance as we go throughout the quarter.

當然。又是傑森。所以我想說，即使回顧上個季度，我們也說過其中一些供應問題會持續一整年。當然不會進行量化。但考慮到第四季的醫療業績，為了實現我們所謂的全年 10% 的成長目標，你可以想像第四季將會加速成長。十月開局不錯。因此，我們當然預期本季業績會保持良好動能。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

This is Nick on for Vijay. Would you break down the drivers of that 10% sales growth for Medical for the year? What's driving that?

這是尼克替維傑報道。能否詳細分析今年醫療保健業務銷售額成長 10% 的驅動因素？是什麼原因導致這種情況？

Yes. I mean when you think about Medical, this is Jason, I mean we don't really get into product level drivers or even business unit level drivers. But when you think about products like LP 35 just launching in Europe, I mean, you'll see an -- start to see an acceleration there. Well, we would say across the lines of business in Medical, very good performance. If you look at Vocera as an example, that accelerated in the third quarter. That will continue to accelerate in the fourth quarter. So it's a big diverse business, frankly, that we expect to perform well in the fourth quarter.

是的。我的意思是，當你想到醫療產業時，例如傑森，我的意思是，我們不太會深入探討產品層面的驅動因素，甚至也不會深入探討業務部門層面的驅動因素。但當你想到像 LP 35 這樣的產品剛剛在歐洲上市時，我的意思是，你會看到——開始看到那裡的市場加速成長。總的來說，我們認為醫療產業的各個業務線都表現出色。以 Vocera 為例，其成長在第三季加速。這一趨勢將在第四季繼續加速。坦白說，這是一個業務範圍很廣的大型企業，我們預計它在第四季度會有良好的業績。

And frankly, it's been a business that's performed double-digit for years. Year after year, it tends to report double-digit growth. They have a very strong order book as well. And in spite of the supply chain challenges, still on track to deliver double digits.

坦白說，這個行業多年來一直保持著兩位數的成長率。年復一年，該公司往往實現兩位數的成長。他們的訂單量也非常可觀。儘管面臨供應鏈挑戰，但仍有望實現兩位數的成長。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

I wanted to just get a sense of the competitive dynamics in the ASC. It's been a place where you've been leading and it's been a place where you've had great success in knees, opportunities for bringing other businesses in there and leveraging your position across some of the other business lines. Any kind of color would be great.

我只是想了解ASC的競爭動態。這裡一直是你的領導職位，也是你在膝蓋領域取得巨大成功的地方，你也獲得了將其他企業引入這裡的機會，並利用你在其他一些業務領域的地位。任何顏色都可以。

Yes. Thanks, Matt. Listen, we love the ASC and the trend in procedures moving to the ASC because we can leverage our full portfolio, and our growth continues to be very high in the ASC. The additional products are really -- that are starting to emerge at a higher level, our torn shoulder, where we're the market leader and you're seeing more shoulders being done in the ASC, even some total ankles potentially moving to the ASC.

是的。謝謝你，馬特。聽著，我們非常喜歡 ASC 以及手術流程轉移到 ASC 的趨勢，因為我們可以充分利用我們的全部產品組合，而且我們在 ASC 的成長一直非常高。其他產品確實開始在更高水平上湧現，例如我們的肩部撕裂修復產品，我們是市場領導者，而且你會看到越來越多的肩部手術在門診手術中心進行，甚至一些踝關節全切手術也可能轉移到門診手術中心進行。

So some of the higher acuity cases, I wouldn't say revisions, but certainly, many other procedures are starting to move to ASC, where we have a very strong position. So the more that procedures move to the ASC in the orthopedic world, the better it is for Stryker because we can then leverage an even broader portfolio than we're already leveraging, including our capital, our disposables and our inputs.

所以一些病情較重的病例，我不會說是翻修手術，但肯定的是，許多其他手術也開始轉移到門診手術中心進行，而我們在這一領域擁有非常強大的地位。因此，骨科手術越是轉移到門診手術中心，對史賽克就越有利，因為我們可以利用比現在更廣泛的資源組合，包括我們的資本、耗材和投入品。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

This is Jenny Rabinowitz on for David. Just a quick one for me. You mentioned briefly at the beginning of the call that you did two smaller product acquisitions in the quarter. I was just curious, can you go into any detail about what those products actually are or the markets they participate in? And are these smaller product acquisitions something we should expect going forward?

這裡是珍妮‧拉比諾維茨，替大衛為您報道。我只需要簡單回答一下。您在電話會議開始時簡要提到，本季度您進行了兩項較小的產品收購。我只是好奇，您能否詳細介紹一下這些產品究竟是什麼，或者它們參與了哪些市場？未來我們是否會預期會出現這類規模較小的產品收購？

Yes. Small tuck-in acquisitions are clearly a part of our offense. The NPseal product is a negative pressure wound treatment that does not require capital equipment. So today, the other options on the market have a pump that's required. This is a really elegant solution, easy to use for the customer and then lower cost solution that drops right into the sales bag of our orthopedic instrument sales reps.

是的。小規模的補充進攻顯然是我們進攻戰術的一部分。NPseal 產品是一種負壓傷口治療方法，無需購置大型設備。所以目前市面上其他產品都需要配備水泵。這是一個非常巧妙的解決方案，對客戶來說很容易使用，而且成本更低，可以直接納入我們骨科器械銷售代表的銷售方案中。

They're already there in the procedure. So it's a beautiful tuck-in. The other product, the balloon is for fecal incontinence and that's part of the Sage business, which works in the intensive care units of hospitals and a very good product solution for a really troubling condition that patients have to go through, provides them with dignity and provides really good care. So we're really excited about that solution, and that's new for us. We have not been in the fecal incontinence space thus far.

它們已經在流程中了。所以這是一道很美的蓋被子。另一款產品，即用於治療糞便失禁的氣球，是 Sage 公司的產品，該公司在醫院的重症監護室工作，對於患者必須經歷的這種非常棘手的疾病來說，這是一個非常好的產品解決方案，它能給予患者尊嚴，並提供非常好的護理。所以我們對這個解決方案感到非常興奮，這對我們來說也是一次全新的嘗試。我們目前還沒有涉足糞便失禁領域。

Pito Chickering, Deutsche Bank.

皮托·奇克林，德意志銀行。

One more question on Ortho. There's been an investor debate around the pull forward of demand of some neglected procedures due to the uncertainties around health care exchanges. Just curious if you view 3Q as just the core growth you're seeing due to market share or pull forward of demand?

關於骨科還有一個問題。由於醫療保健交易所的不確定性，投資者一直在爭論一些被忽視的醫療程序的需求是否會提前出現。我只是好奇，您認為第三季的成長僅僅是市佔率成長帶來的核心成長，還是提早需求拉動所致？

We see it as core growth market. As we enter fourth quarter, we're seeing a continued strong demand. So we don't really foresee any pull forward. And obviously, osteoarthritis, when you have the pain, you want to get your procedures done. And so I think that's a much bigger driver. And I think it's more about the fact that we're growing at a robust rate.

我們將其視為核心成長市場。進入第四季度，我們看到需求依然強勁。所以我們預計不會有任何推進的跡象。很顯然，骨關節炎患者在疼痛難耐時，會想要接受治療。所以我認為這才是更大的驅動因素。我認為這更關乎我們正以強勁的速度成長這一事實。

If you look at our growth rate, obviously, other people -- not everyone's reported yet, but we believe that we're growing considerably faster than the market. But we're seeing order -- like if you look at the surgery schedules and talk to surgeons, they don't really have any anxiety whatsoever about a falloff in procedures. At least we're not hearing that.

如果你看看我們的成長率，顯然，其他人——雖然還沒有所有人公佈數據——但我們相信我們的成長速度遠遠超出市場平均水平。但我們看到秩序井然——比如，如果你看看手術安排表，和外科醫生們談談，他們其實對手術量下降沒有任何焦慮。至少我們沒聽到這種說法。

All right. Perfect. And then I think you talked about the elevated backlog and CapEx is pretty good. Can you share that the feedback that you're hearing with hospitals as they're talking about the uncertainties around health care changes next year and the views of CapEx depending upon what will happen?

好的。完美的。然後我想你提到了積壓訂單增加的問題，資本支出狀況也相當不錯。您能否分享您從醫院聽到的回饋，他們正在討論明年醫療保健改革的不確定性，以及資本支出將取決於未來情況的發展？

Yes. Peter, it's Jason. I'll take this. I mean, when you think about feedback from a hospital perspective and you think about the categories that we play, we play in categories that are moneymakers for the hospitals and they need our capital equipment, right? And so I would say, I think even Kevin said this earlier, environment for us really hasn't changed.

是的。彼得，我是傑森。我要這個。我的意思是，當你從醫院的角度考慮回饋，並考慮我們所處的類別時，我們所處的類別是能為醫院賺錢的類別，而醫院需要我們的資本設備，對吧？所以我想說，就像凱文之前說過的那樣，我們的環境其實並沒有改變。

If you think about the mix of our capital where the majority of our capital is the smaller capital that is closely tied to procedures. We continue to believe in the feedback that we continue to get is that as long as procedures remain strong, we're positioned well in the fourth quarter and well into 2026 as well.

如果你仔細想想我們的資本組成，你會發現我們的資本大部分是與流程密切相關的小額資本。我們繼續相信我們不斷得到的回饋，那就是只要流程保持良好，我們在第四季以及2026年都將處於有利地位。

And if you look at this quarter in particular, even the large capital, Mako was very strong with a lot of outright purchases and then you look at ProCuity, it was extremely strong, which beds are obviously large capital and expensive and the orders are very strong. So those orders are very rarely canceled. And so our hospitals have the budgets. They have the plans. They are planning to go ahead and purchase our capital in spite of what's happening around them.

如果你特別看一下本季度，即使是資本規模較大的公司，Mako 也表現得非常強勁，進行了大量直接購買；再看看 ProCuity，它表現得極其強勁，顯然，床位是資本規模較大且價格昂貴的，訂單量也非常大。所以這些訂單很少被取消。所以我們的醫院有足夠的預算。他們已經有了計劃。儘管周圍發生著種種變故，他們仍計劃收購我們的資本。

Joanne Wuensch, Citibank.

Joanne Wuensch，花旗銀行。

Excellent. I remember to maybe two years ago that we were talking about sprinting back to pre-pandemic levels and margins and 200 basis points of expansion. And you've hit it. The 25.6% you just did in the third quarter went to 2020, 2021. Where do you go from here? And how do we think about continued margin expansion? And I'm sorry if I'm sort of stealing some of the thunder from the Analyst Day.

出色的。我記得大概兩年前，我們還在討論如何迅速恢復到疫情前的水準和利潤率，以及200個基點的成長。你擊中了目標。第三季實現的 25.6% 的成長將延續到 2020 年和 2021 年。接下來你打算去哪裡？那麼，我們如何看待利潤率的持續成長呢？如果我搶了分析師日的風頭，我深感抱歉。

Well, we're going to just defer this question to the Analyst Day, Joanne. So I apologize. We're going to duck the question because that, for sure, is going to be one of the topics that we discuss in a couple of weeks.

喬安妮，這個問題我們還是留到分析師日來討論吧。所以我道歉。我們打算迴避這個問題，因為這肯定會是我們幾週後要討論的話題之一。

Okay. Can I get a second question then?

好的。那我可以問第二個問題嗎？

Sure, you can. Yes, because we didn't answer your first one.

當然可以。是的，因為我們沒有回答你的第一個問題。

I guess I'm going to go to Trauma and get a feel from you of what you're seeing in that particular industry or that particular segment of your business?

我想我應該去創傷科看看，了解一下您在這個特定行業或您業務的這個特定領域觀察到的情況？

Yes. You've seen for quite some time, our Trauma and Extremities business is absolutely on fire. We have great leadership in that business. We have -- the Shoulder business had a phenomenal quarter again in Q3, really tremendous market-leading growth. And this is really without much an impact at all from Mako.

是的。你們已經看到，我們的創傷和肢體治療業務發展勢頭非常強勁。我們在該業務領域擁有優秀的領導團隊。我們的肩部業務在第三季度再次取得了驚人的成績，實現了真正意義上的市場領先成長。而且這實際上並沒有受到 Mako 的太大影響。

So we are still in limited launch with Mako Shoulder. It's being very well received. We're not going to move until full launch until sometime in the first half of next year. So that's still a ways out, but we're very excited about that. It's just the core underlying portfolio of products with Blueprint software, really good, strong leadership.

所以，Mako Shoulder 目前仍處於有限發布階段。它反應非常好。在明年上半年正式發布之前，我們不會採取任何行動。所以距離實現還有一段時間，但我們對此感到非常興奮。它只是以 Blueprint 軟體為基礎的核心產品組合，擁有非常優秀的領導團隊。

And then core Trauma has been amazing with Pangea. We've also launched volar plates for distal radius. Just a series of great product innovations and a tremendous commercial offense has core Trauma really growing at very robust rates. If you look at Foot and Ankle, it's actually a bit soft for us. So we see upside in Foot and Ankle going into next year.

然後，Core Trauma 與 Pangea 的合作非常出色。我們也推出了用於橈骨遠端的掌側鋼板。一系列優秀的創新產品和強大的商業攻勢，使得核心創傷治療業務以非常強勁的速度成長。如果你看一下腳和踝部，你會發現它對我們來說其實有點軟。因此，我們認為足踝疾病市場明年將有上漲空間。

Our Total Ankle performs well. Our Augment performs well. But if you think about the core plates and nails, not quite as good as we would like that performance. We're getting after it, and we think that will be better going forward. But tremendous momentum overall and great business for us, and we're very excited about it.

我們的全踝關節置換術效果很好。我們的增強功能表現良好。但如果你考慮到芯板和釘子，其性能並沒有達到我們預期的水平。我們正在努力，我們認為這樣對未來會更好。但整體而言，發展勢頭強勁，公司業績也非常好，我們對此感到非常興奮。

Michael Matson, Needham & Company, Inc.

Michael Matson，Needham & Company, Inc.

So guess I just a couple more on Inari. So the PEERLESS II trial, just can you give us an update on where things stand with that and when we could potentially see the results? And then the Artix product, I think that's been launched. Can you maybe comment on how that's doing?

看來我只需要再畫幾幅稻荷畫了。那麼，PEERLESS II 試驗，您能否向我們介紹目前的進展情況，以及我們何時可能看到結果？然後是 Artix 產品，我認為它已經發布了。您能否評價一下那方面的狀況？

Yes. I'll take the second question on Artix. It's our first arterial thrombus product that Inari has launched, everything else was venous. It's been extremely well received. It's doing well in the marketplace, performing really as good or if not better than we expected in the market. So off to a very good start.

是的。我來回答關於Artix的第二個問題。這是 Inari 推出的首款動脈血栓產品，之前的產品都是靜脈血栓產品。它受到了極好的評價。它在市場上的表現很好，實際表現甚至比我們預期的還要好。開局非常順利。

It's Jason. In terms of the trial, it will be sometime next year before we start to see results. So you'll hear us talk about that as we get into next year, for sure.

是傑森。就試驗而言，要到明年某個時候我們才能開始看到結果。所以，明年我們肯定會談到這個問題。

Okay. And then just with the Guard Medical acquisition, looking at the website, it looks like it's more for surgical incisions, but is this a sign that Stryker has interest in kind of the broader advanced wound care market?

好的。然後，從 Guard Medical 的收購來看，其網站似乎更側重於外科切口，但這是否表明 Stryker 對更廣泛的高級傷口護理市場感興趣？

Yes. Listen, I wouldn't read too much into this. If you think about Zipline, that was a product for skin closure that we dropped right into the bag of the orthopedic instruments reps. This, of course, is -- its wound treatment with negative pressure, but it drops right into the back of that existing sales rep.

是的。聽著，我覺得沒必要過度解讀這件事。如果你想想 Zipline，那是一款用於皮膚縫合的產品，我們把它直接放進了骨科器械代表的工具箱裡。當然，這是──它採用負壓進行傷口治療，但它會直接落在那位現有銷售代表的背部。

Think about it more as a call point sale that drops right into the bag versus the creation of some new business. That's not how we're thinking about it today. That may change in the future. But for today, we're not thinking about a broader wound strategy. It's really more about optimizing the call point, dropping it into the bag and really providing an elegant solution for the customers.

與其說是創造新業務，不如說是直接入帳的銷售訂單。我們現在不是這樣看待這個問題的。未來情況可能會有所改變。但就目前而言，我們不考慮更廣泛的傷口處理策略。實際上，更重要的是優化呼叫點，將其整合到產品包中，真正為客戶提供優雅的解決方案。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Just a (technical difficulty) question. And I guess this goes to margins going towards guidance here. But we're seeing positive price in MedSurg. You mentioned you anniversaried some price upticks in Q3 in Orthopedics. So how do we think about go forward from here? You still have a pretty positive product cycle, but specifically in Ortho, do you think it's more like flat going forward from here? Or do you still have pricing power there, too?

只是一個（技術難題）問題。我想這應該會為業績指引帶來利潤率上的影響。但我們看到醫療外科的價格走勢積極。您提到第三季骨科產品價格上漲。那麼，我們該如何考慮下一步的發展方向呢？你們的產品週期仍然相當樂觀，但具體到骨科領域，你認為未來是否會趨於平穩？或者說，你在那裡也仍然擁有定價權？

Dan, thanks for the question. So from a pricing standpoint, yes, I mean, we do believe that based on our overall execution of our business from a contracting perspective with new products and innovation across our portfolio, we will have opportunities from a pricing standpoint as we go forward. And that will be in all businesses. It won't be exactly the same across the different business lines. But across all of our businesses, we do believe we have certain levels of pricing power that we will be able to continue as we go forward.

丹，謝謝你的提問。所以從定價的角度來看，是的，我的意思是，我們相信，基於我們從合約角度出發，在整個業務範圍內推出新產品和創新產品，我們未來的定價機會將會很多。這種情況將適用於所有行業。不同業務線的具體情況不會完全相同。但我們相信，在我們所有的業務中，我們都擁有一定的定價權，並且能夠繼續保持這種定價權。

Shagun Singh, RBC.

Shagun Singh，RBC。

This is Kendall on for Shagun. I just had one question on the upcoming Investor Day. I know last time you gave some targets on organic growth, operating margin, EPS growth and free cash flow conversion. I was wondering if those kinds of targets will be laid out again? And if you could add any other color on that? And also, if you had any update on the current tariff environment and any impact on 2026?

這裡是肯德爾，為您報道沙貢。關於即將舉行的投資者日，我只有一個問題。我知道上次你給了一些關於有機成長、營業利潤率、每股盈餘成長和自由現金流轉換率的目標。我想知道這類目標是否還會再出現？如果可以的話，還能在上面加上其他顏色嗎？另外，您能否提供一下當前關稅環境的最新資訊以及對2026年的影響？

Yes, this is Jason. I don't want to spoil any surprises that you'll hear in a couple of weeks. But yes, you're absolutely right. We will update our long-term financial goals, including, I think Kevin mentioned earlier, kind of our current view on margins as well. So expect to see that for sure. As it relates to the tariff environment, Preston, feel free to add on here, but I think Preston said in his script, we're now forecasting roughly a $200 million impact for the year. As you know, this is a fluid environment that we continue to monitor, but that's our latest outlook right now.

是的，這是傑森。我不想劇透，幾週後你們就會聽到一些驚喜。沒錯，你說得完全正確。我們將更新我們的長期財務目標，包括，我想凱文之前也提到過，我們目前對利潤率的看法。所以一定會看到這種情況。關於關稅環境，普雷斯頓，你可以補充一下，但我認為普雷斯頓在他的稿子裡說過，我們現在預測今年將受到大約 2 億美元的影響。如你所知，這是一個瞬息萬變的環境，我們會持續關注，但這是我們目前的最新看法。

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

沒有其他問題了。現在我將把電話交給凱文·洛博，請他作總結發言。

Thank you for joining today's call. We look forward to sharing updates on our business and strategy with you at our Investor Day on November 13 and our fourth quarter results with you in January. Thank you.

感謝您參加今天的電話會議。我們期待在 11 月 13 日的投資者日上與您分享我們業務和策略的最新進展，並在 1 月與您分享第四季度業績。謝謝。

This concludes the third quarter 2025 Stryker earnings call. You may now disconnect.

史賽克2025年第三季財報電話會議到此結束。您現在可以斷開連線了。