史賽克 (SYK) 2025 Q4 法說會逐字稿

Welcome to the fourth-quarter and full-year 2025 Stryker earnings call. My name is Leila, and I'll be your operator for today's call. (Operator Instructions) This conference call is being recorded for replay purposes.

歡迎參加 Stryker 2025 年第四季及全年財報電話會議。我叫萊拉，今天由我來為您接聽電話。（操作員指示）本次電話會議將會錄音，以便重播。

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

在會議開始前，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。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。

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.

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 fourth-quarter earnings call. Joining me today are Preston Wells, Stryker's CFO; and Jason Beach, Vice President of Finance and Investor Relations.

歡迎參加史賽克第四季財報電話會議。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。

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

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和一些產品更新。隨後，普雷斯頓將提供有關我們結果和指導的更多細節，然後開放問答環節。

Our 2025 results were outstanding for both Q4 and the full year across all key financial metrics. Against double-digit comparatives from the prior year, organic sales growth was 11% for Q4 and 10.3% for the full year, surpassing $25 billion in sales. Globally, for the full year, our Neurocranial, Endoscopy, Instruments and Trauma and Extremities businesses, all delivered double-digit organic sales growth, demonstrating continued robust demand across our product portfolio.

我們在2025年第四季和全年所有關鍵財務指標方面都取得了優異的成績。與去年同期兩位數的成長率相比，第四季度有機銷售額成長了 11%，全年有機銷售額成長了 10.3%，銷售額超過 250 億美元。在全球範圍內，全年來看，我們的神經顱腦、內視鏡、器械以及創傷和四肢業務均實現了兩位數的有機銷售增長，表明我們產品組合的需求持續強勁。

Full-year US organic sales growth was an impressive 11.2%, and international organic sales growth of 7.5%. International results were led by strong performances in our emerging markets, South Korea and Japan. These countries and our other international markets continue to represent significant growth opportunities for us, and we look forward to launching products internationally that have already demonstrated success in the United States.

美國全年有機銷售額成長了令人矚目的 11.2%，國際有機銷售額成長了 7.5%。國際業績主要得益於我們在新興市場韓國和日本的強勁表現。這些國家和我們的其他國際市場繼續為我們帶來巨大的成長機會，我們期待將已經在美國取得成功的產品推向國際市場。

We also had excellent earnings and cash flow performance in 2025. While managing tariff headwinds, our teams delivered a second consecutive year of at least 100 basis points of adjusted operating margin expansion. This performance demonstrates strong operational execution and earnings power that we have been building up over time. Preston will cover cash flow, which was also a standout for us in 2025.

我們在 2025 年也取得了優異的獲利和現金流表現。在應對關稅不利因素的同時，我們的團隊連續第二年實現了至少 100 個基點的調整後營業利潤率成長。這項業績反映了我們長期以來累積的強大營運執行力和獲利能力。Preston 將能夠滿足現金流需求，這也是我們在 2025 年重點關注的方面。

Overall, our financial results reflect the durability of our high-growth offense with the following structural components: exceptional talent and culture, active M&A, a steady cadence of product launches and systematic specialization by creating new business units and splitting sales forces.

總體而言，我們的財務表現反映了我們高成長進攻的持久性，其結構組成部分包括：卓越的人才和文化、積極的併購、穩定的產品發布節奏以及透過創建新的業務部門和拆分銷售隊伍實現的系統性專業化。

The new SmartCare business unit within Medical combines Vocera and care.ai, and we have split multiple sales forces in the past two years. One example is the new breast care sales force within endoscopy that launched at the beginning of 2025 and has contributed to their terrific growth.

醫療部門新成立的 SmartCare 業務單位整合了 Vocera 和 care.ai，並且在過去兩年中我們拆分了多個銷售團隊。例如，內視鏡業務部門新成立的乳房護理銷售團隊於 2025 年初成立，並為其取得了巨大的成長做出了貢獻。

We have momentum entering 2026 and expect to continue delivering growth at the high end of med tech, which is reflected in our full year 2026 guidance. Our financial position remains strong, providing firepower to execute on M&A in 2026.

進入 2026 年，我們勢頭強勁，預計將繼續在高端醫療技術領域實現成長，這體現在我們 2026 年全年業績預期中。我們的財務狀況依然強勁，為2026年的併購活動提供了充足的資金。

I would like to thank our teams for another terrific year, fueled by their commitment to our mission and unwavering dedication to our customers.

我要感謝我們的團隊，感謝他們在過去一年所取得的輝煌成就，這得益於他們對我們使命的堅定承諾和對客戶毫不動搖的奉獻精神。

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 an update on the current environment as well as a few other highlights.

謝謝你，凱文。我今天的演講將主要集中在介紹當前情況以及其他一些重點內容。

Procedural volumes remained healthy in the fourth quarter, and we continue to expect the markets will remain strong in 2026, underscored by the continued adoption of robotic-assisted surgery, favorable demographics and durable demand for our capital products. Our US capital-related businesses delivered robust performance in the quarter, helping to drive double-digit organic sales growth for Q4 in our Instruments, Medical, and Endoscopy divisions.

第四季手術量維持健康水平，我們繼續預期 2026 年市場將保持強勁，這得益於機器人輔助手術的持續普及、有利的人口結構以及對我們資本產品的持續需求。本季度，我們與美國資本相關的業務表現強勁，推動了我們的儀器、醫療和內視鏡部門第四季度兩位數的有機銷售成長。

Hospital CapEx budgets remain healthy, and our capital order book continues to be elevated as we enter 2026. Next, powered by Mako 4, we delivered a stunning quarter and year of Mako installations with yet another record quarter, both in the US and worldwide. Our installed base now includes more than 3,000 Mako systems worldwide. Alongside our record number of installations, we also continue to see steady increases in utilization bolstering our number one position in US Knees and Hips.

醫院資本支出預算依然健康，進入 2026 年，我們的資本訂單量持續維持在高水準。接下來，在 Mako 4 的推動下，我們取得了令人矚目的季度和年度 Mako 安裝量，並在美國和全球範圍內再次創下季度紀錄。目前，我們在全球已安裝超過 3,000 套 Mako 系統。除了創紀錄的安裝數量外，我們還看到使用率持續穩定成長，鞏固了我們在美國膝關節和髖關節領域的領先地位。

As we exited the year, over two-thirds of our Knees and over one-third of our Hips were performed on Mako in the US. Globally, utilization rates were approximately 50% for Knees and over 20% for Hips. We have significant momentum heading into 2026 and continue to receive very positive feedback on the latest Mako applications, including advanced primary with revision Hips, Spine as well as Shoulder, which will launch on Mako 4 midyear.

到年底，我們超過三分之二的膝關節手術和超過三分之一的髖關節手術都是在美國使用 Mako 進行的。在全球範圍內，膝關節置換術的使用率約為 50%，髖關節置換術的使用率超過 20%。進入 2026 年，我們勢頭強勁，並持續收到關於最新 Mako 應用的非常積極的反饋，包括高級初級髖關節、脊柱和肩關節翻修應用，這些應用將在年中在 Mako 4 上推出。

Finally, Inari, which is now known as our peripheral vascular business, had a strong finish to the year, highlighted by robust procedural growth in the high teens that was partially offset by destocking, which will be minimal in Q1.

最後，現在被稱為我們外周血管業務的 Inari 公司，今年業績強勁，手術量實現了接近 10% 的強勁增長，但部分增長被去庫存所抵消，而去庫存將在第一季度降至最低。

We are set up for success in 2026 as the business approaches its one-year anniversary as a part of Stryker. As a reminder, peripheral vascular is reported as part of our Vascular division results.

隨著公司加入史賽克集團一周年紀念日的臨近，我們已為 2026 年的成功做好了準備。再次提醒，週邊血管病變已納入我們的血管科結果報告。

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 the fourth-quarter financial results and the related drivers. Our detailed financial results have been provided in today's press release.

謝謝你，傑森。今天，我將重點放在第四季度財務表現及其相關驅動因素。我們已在今天的新聞稿中公佈了詳細的財務業績。

Organic sales growth was 11% for the quarter compared to 10.2% in the fourth quarter of 2024, with the same number of selling days in both periods. Pricing had a slightly favorable impact. And additionally, foreign currency had a 1% favorable impact on sales. F

本季有機銷售成長率為 11%，而 2024 年第四季為 10.2%，兩期間的銷售天數相同。價格因素略有有利影響。此外，外匯匯率對銷售額產生了 1% 的有利影響。F

or the full year, our organic sales growth was 10.3% against a strong comparable of 10.2% in 2024. The impact from price was favorable by 0.4%, while foreign currency had a 0.5% favorable impact. And 2025 had the same -- have had one fewer selling day than 2024.

若以全年計算，我們的有機銷售成長率為 10.3%，而 2024 年同期成長率為 10.2%。價格因素帶來0.4%的有利影響，而外匯因素帶來0.5%的有利​​影響。2025 年的情況也一樣——比 2024 年少了一個銷售日。

Our fourth-quarter adjusted earnings per share of $4.47 was up 11.5% from the same quarter last year, driven by sales growth and operating margin expansion, partially offset by tariffs, higher interest expense and a higher effective tax rate. Foreign currency translation had an unfavorable impact of $0.02.

我們在第四季度調整後每股收益為 4.47 美元，比去年同期增長 11.5%，主要得益於銷售成長和營業利潤率擴張，但部分被關稅、更高的利息支出和更高的實際稅率所抵消。外幣折算產生了0.02美元的不利影響。

Our full-year adjusted earnings per share of $13.63 was up 11.8% from 2024, driven by our outstanding sales growth and the return to pre-COVID adjusted operating margins with a second consecutive year of at least 100 basis points of expansion. Our margin expansion included improvements in gross margin from business mix and cost improvements despite the impact of tariffs. For the year, foreign currency translation had a favorable impact of $0.01.

我們全年調整後每股收益為 13.63 美元，比 2024 年增長 11.8%，這得益於我們出色的銷售增長以及恢復到 COVID 疫情前的調整後營業利潤率，並且連續第二年實現了至少 100 個基點的增長。儘管受到關稅的影響，但我們的利潤率擴張得益於業務組合和成本改善帶來的毛利率提升。本年度，外幣折算產生了 0.01 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 exceptional organic sales growth of 12.6%, including US organic growth of 13% and International organic growth of 10.9%. Instruments had US organic sales growth of 19.1% with high-teens growth from both our organic -- our Orthopaedic instruments and Surgical Technologies businesses.

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實現了12.6%的卓越有機銷售成長，其中美國有機成長13%，國際有機成長10.9%。儀器業務在美國的有機銷售額增長了 19.1%，其中骨科儀器和外科技術業務的有機銷售額均實現了接近 10% 的增長。

Performance was fueled by strong capital demand in power tools, Steri-Shield, smoke evacuation and Neptune Waste Management. Endoscopy had US organic sales growth of 11.1%, led by robust double-digit performances from our sustainability and Sports Medicine businesses and high-single-digit growth from our core Endoscopy portfolio.

強勁的資金需求推動了電動工具、Steri-Shield、煙霧排放和 Neptune Waste Management 的發展。內視鏡業務在美國的有機銷售額增長了 11.1%，這主要得益於可持續發展和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的高個位數增長。

We continue to see strong demand for our Sports Medicine shoulder products and 1788 video platform. Medical had US organic sales growth of 13.6% that included strong double-digit performances in Acute Care and Sage businesses. From a product perspective, Medical's fourth quarter growth was driven by LIFEPAK 35, ProCuity, Vocera, and Sage products.

我們持續看到市場對我們的運動醫學肩部產品和 1788 視訊平台的強勁需求。醫療業務在美國實現了 13.6% 的有機銷售成長，其中急診和 Sage 業務均實現了強勁的兩位數成長。從產品角度來看，醫療業務第四季的成長主要得益於 LIFEPAK 35、ProCuity、Vocera 和 Sage 產品。

We do not expect the supply constraints we experienced in 2025 to negatively impact growth rates in 2026. Vascular had US organic sales growth of 4.3%, reflecting a strong double-digit performance in our hemorrhagic business that was powered by the recent launch of our Surpass Elite flow diverting stent. This performance was offset by competitive pressures in our ischemic business. As a reminder, Vascular's organic sales growth figures do not include our peripheral vascular business.

我們預計2025年遇到的供應限制不會對2026年的成長率產生負面影響。血管業務在美國的有機銷售額增長了 4.3%，反映出我們出血業務的強勁兩位數增長，而這主要得益於我們最近推出的 Surpass Elite 血流導向支架。這一業績被缺血性疾病業務領域的競爭壓力所抵消。需要提醒的是，血管業務的有機銷售成長數據不包括我們的周邊血管業務。

And finally, Neurocranial had US organic sales growth of 9.9%, led by an outstanding double-digit performance in our IVS business and near double-digit performance for our craniomaxillofacial business. Internationally, MedSurg and Neurotechnology organic sales growth was 10.9%, led by double-digit growth in our Endoscopy and Neurocranial businesses.

最後，Neurocranial 在美國實現了 9.9% 的有機銷售成長，這主要得益於 IVS 業務的出色兩位數成長和顱顏面業務接近兩位數的成長。在國際市場，醫療外科和神經技術業務的有機銷售額成長了 10.9%，其中內視鏡和神經顱腦業務實現了兩位數的成長。

Geographically, a slower capital environment in Europe during the quarter was offset by robust demand in other international markets, including very strong performances in Australia and New Zealand, our emerging markets and South Korea.

從地理上看，本季歐洲資本環境放緩，但其他國際市場強勁的需求抵消了這一影響，其中包括澳洲和紐西蘭、我們的新興市場以及韓國的強勁表現。

Orthopaedics had organic sales growth of 8.4%, including US organic growth of 9.6% and International organic growth of 5.4%. Our US Knee business grew 7.6% organically, reflecting our market-leading position in robotic-assisted knee procedures and continued momentum from recent Mako installations.

骨科產品的有機銷售額成長了 8.4%，其中美國有機銷售額成長了 9.6%，國際有機銷售額成長了 5.4%。我們的美國膝關節業務實現了 7.6% 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近期 Mako 設備安裝帶來的持續成長勢頭。

Our US Hips business grew 5.6% organically, highlighted by the enduring success of our Insignia Hip Stem and continuing adoption of our Mako robotic kit platform with expanded ability to address more difficult primary Hip cases as well as Hip revisions.

我們的美國髖關節業務實現了 5.6% 的有機成長，這主要得益於 Insignia 髖關節柄的持續成功，以及 Mako 機器人套件平台的不斷普及，該平台能夠處理更複雜的初次髖關節病例以及髖關節翻修手術。

Our US Trauma and Extremities business grew 8.5% organically in the quarter, led by double-digit growth in our upper extremities business as our multiyear strong Shoulder growth trajectory continued throughout the year.

本季度，我們的美國創傷和四肢業務實現了 8.5% 的有機增長，其中上肢業務實現了兩位數的增長，而我們多年來強勁的肩部業務增長勢頭在全年得以延續。

Additionally, our core Trauma business had solid high single-digit growth against a very high prior year compare. Core Trauma's performance continues to be driven by Pangea, our differentiated plating portfolio, as well as our market-leading position in nailing.

此外，我們的核心創傷業務在上一年非常高的基數基礎上實現了穩健的高個位數成長。Core Trauma 的業績持續成長，這主要得益於 Pangea 產品線、我們差異化的鋼板產品組合以及我們在釘接領域的市場領先地位。

Our US Other Ortho business grew 28.7% organically, driven by robust installations in the quarter, led by momentum from the successful launch of Mako 4 in the US. Internationally, Orthopaedics had an organic growth of 5.4% against the double-digit comparable in the prior year. Growth was led by strong performances in Canada and many of our emerging markets.

我們的美國其他骨科業務實現了 28.7% 的有機成長，這主要得益於本季度強勁的安裝量，而這又得益於 Mako 4 在美國的成功上市。國際上，骨科業務的有機成長率為 5.4%，而去年同期成長率為兩位數。加拿大和許多新興市場的強勁表現帶動了成長。

As a reminder, our international results include a nominal amount of spinal implant revenue because of previously accepted tenders that we are fulfilling before exiting those markets.

需要提醒的是，我們的國際業績中包含少量脊椎植入物收入，這是因為之前我們已接受了一些投標，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 nonoperating highlights in the fourth quarter. Our adjusted gross margin of 65.2% was 10 basis points lower than the fourth quarter 2024, reflecting the impact of tariffs that were mostly offset by business mix and cost improvements as we continue to optimize our supply chain and manufacturing processes.

接下來，我將重點介紹第四季的一些營運和非營運亮點。我們調整後的毛利率為 65.2%，比 2024 年第四季低 10 個基點，這反映了關稅的影響，但隨著我們不斷優化供應鍊和製造流程，業務組合和成本改善在很大程度上抵消了關稅的影響。

Our adjusted operating margin was 30.2% of sales, which was 100 basis points favorable to the fourth quarter of 2024, driven by lower adjusted SG&A as a percentage of sales, primarily due to our ongoing focus on operational excellence and margin expansion.

我們調整後的營業利潤率的 30.2%，比 2024 年第四季提高了 100 個基點，主要得益於調整後的銷售、一般及行政費用佔銷售額的比例下降，而這又主要歸功於我們持續專注於卓越營運和利潤率擴張。

Adjusted other income and expense of $107 million for the quarter was $56 million higher than 2024 due to increased interest expense from debt issuances early in the year and lower interest income. For 2026, we expect our full year other income and expense to be approximately $420 million.

本季經調整的其他收入和支出為 1.07 億美元，比 2024 年增加了 5,600 萬美元，原因是年初發行債務導致利息支出增加以及利息收入減少。預計 2026 年全年其他收入和支出約為 4.2 億美元。

The fourth quarter had an adjusted effective tax rate of 16.1%, reflecting the impact of geographic mix and certain discrete tax items. For 2026, we expect our full year effective tax rate to be in the range of 15% to 16%.

第四季經調整後的實際稅率為 16.1%，反映了地理組合和某些特定稅收項目的影響。我們預計 2026 年全年實際稅率將在 15% 至 16% 之間。

Turning to cash flow, our year-to-date cash from operations was $5 billion, an increase of $802 million from 2024 that was primarily driven by higher earnings and year-over-year working capital improvements. As a result, we delivered free cash flow as a percentage of adjusted net earnings this year of 81% compared to 75% last year.

再來看現金流，我們今年迄今的經營活動現金流為 50 億美元，比 2024 年增加了 8.02 億美元，這主要是由於更高的收益和同比營運資本的改善所致。因此，今年我們實現的自由現金流佔調整後淨收益的百分比為 81%，而去年為 75%。

Consistent with the long-range plan we presented at our Investor Day, we will continue to target a range of 70% to 80% for free cash flow as a percentage of adjusted net earnings. And now I will provide full year 2026 guidance. Given our strong exit from 2025, our presence in healthy end markets, sustained procedural volumes and strong demand for our capital products, we expect 2026 organic net sales growth to be in the range of 8% to 9.5% and adjusted net earnings per share to be in the range of $14.90 to $15.10.

根據我們在投資者日上提出的長期計劃，我們將繼續把自由現金流佔調整後淨收益的百分比目標設定在 70% 到 80% 之間。現在我將提供2026年全年業績指引。鑑於我們 2025 年的強勁退出、我們在健康的終端市場中的地位、持續的手術量以及對我們資本產品的強勁需求，我們預計 2026 年有機淨銷售額增長將在 8% 至 9.5% 之間，調整後每股淨收益將在 14.90 美元至 15.10 美元之間。

Our full year 2026 sales guidance includes a modestly positive impact from price. Additionally, if foreign exchange rates hold year-to-date levels, we anticipate a slightly favorable impact on both sales and adjusted earnings per share. Compared to 2025, we will have the same number of selling days in each quarter during 2026.

我們對 2026 年全年銷售預期包括價格帶來的適度正面影響。此外，如果外匯匯率維持在年初至今的水平，我們預期銷售額和調整後每股盈餘將受到略微有利的影響。與 2025 年相比，2026 年每季的銷售天數將維持不變。

Finally, we expect the seasonality of our sales to be similar to 2025. In addition, we expect full year tariff impacts to be approximately $400 million, which includes an incremental $200 million compared to 2025 that will be realized in the first half of the year.

最後，我們預計我們的銷售季節性將與 2025 年類似。此外，我們預計全年關稅影響約為 4 億美元，其中包括與 2025 年相比新增的 2 億美元，這部分影響將在今年上半年實現。

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

接下來，我將開放問答環節。

(Operator Instructions) Larry Biegelsen, Wells Fargo.

（操作說明）拉里·比格爾森，富國銀行。

Congratulations on a really strong end to the year and a strong 2025. Kevin, you're guiding to 8% to 9.5% organic growth for 2026 versus 8% to 9% to start last year. What's giving you the confidence to start this year slightly higher?

祝賀你們以非常出色的成績結束了這一年，也祝福你們在2025年取得更大的成功。凱文，你預計 2026 年的有機成長率將達到 8% 至 9.5%，而去年年初的有機成長率為 8% 至 9%。是什麼讓你有信心在今年伊始就取得比往年略高的成就？

And at the Investor Day in November, you seem to believe it was possible to grow in 2026, 10%, given the market conditions at the time. Is that still the case? And I had one follow-up.

在 11 月的投資者日上，您似乎認為，鑑於當時的市場狀況，到 2026 年實現 10% 的成長是可能的。現在情況仍然如此嗎？我還有一個後續問題。

Thanks, Larry. As you saw, this is our fourth consecutive year of double-digit organic sales growth. At some point, you start to think maybe the comparatives will catch up to us. But given the order book, given the strength of the Mako performance we had in fourth quarter, which, of course, then contributes to implant growth in the future; we really feel more positive, I'd say, modestly more positive this year than we did one year ago, which gives us the confidence to start the year with that range, a little wider range, but a little on the higher end.

謝謝你，拉里。正如你所看到的，這是我們連續第四年實現兩位數的有機銷售成長。到了某個時候，你會開始想，也許比較級的程度會追上我們。但鑑於訂單情況，鑑於 Mako 在第四季度的強勁表現（這當然會促進未來的植入物增長），我們今年的信心確實比一年前要強得多，這讓我們有信心以這個範圍（範圍稍寬一些，但略高一些）開始新的一年。

And as I said at this call a year ago, 10% is certainly possible, but it does depend on a lot of things that are in the macro environment, procedure growth. But we do have a strong order book, we do feel good about procedures, and it's certainly possible that we could do a fifth year in a row.

正如我一年前在這次電話會議上所說，10% 的增長當然是有可能的，但這取決於宏觀環境和手術量增長等諸多因素。但我們訂單充足，對流程也很有信心，我們完全有可能連續第五年做到這一點。

That's helpful. And for my follow-up, Kevin, you elevated Spencer Stiles to President and Chief Operating Officer in December. It's not the first time Stryker's had a President. I think Tim Scannell had that role until 2021. So can you please talk about why this was the right time for this change, what it means for Stryker, and perhaps what it means for you going forward?

那很有幫助。凱文，我的後續問題是，您在 12 月提拔了 Spencer Stiles 為總裁兼營運長。這並非史賽克公司第一次擁有總裁。我認為蒂姆·斯坎內爾一直擔任這個職位到 2021 年。那麼，您能否談談為什麼現在是進行這項變革的合適時機，這對史賽克公司意味著什麼，以及對您未來的發展意味著什麼？

Yes. Thanks, Larry. As you know, we did it before. And I think Spencer clearly is ready for a challenge. He's been at Group President for some time now. It provides him really a tremendous platform to lead our global commercial organization. It also enables a cascade of other promotions, including Dylan Crotty to head up orthopedics and then a ripple down throughout the organization.

是的。謝謝你，拉里。如你所知，我們以前就這麼做過。我認為斯賓塞顯然已經準備好迎接挑戰了。他擔任集團總裁已經有一段時間了。這為他提供了一個非常強大的平台，讓他能夠領導我們的全球商業組織。這也引發了一系列其他晉升，包括 Dylan Crotty 領導骨科，然後這種晉昇在整個組織內產生連鎖反應。

So this is really a great chance for our fantastic leaders to assume more responsibility. And I look forward to partnering with Spencer to lead the company as we continue to grow. $25 billion in sales and clearly, with momentum behind us does enable us to have additional leaders running large businesses.

所以，這對我們優秀的領導者來說，確實是承擔更多責任的絕佳機會。我期待與史賓塞攜手領導公司，帶領公司繼續成長。 250億美元的銷售額，以及我們強勁的發展勢頭，顯然使我們能夠擁有更多領導者來管理如此龐大的企業。

Robbie Marcus, JPMorgan.

羅比馬庫斯，摩根大通。

I'll add my congratulations on a nice quarter. Two for me. Maybe to build on Larry's question on just sort of the confidence going forward, clearly, the capital equipment market ended on a really strong year in 2025. Kevin, how are you thinking about pricing, both for your capital business and your implant business in 2026, and your expectations for the capital environment in 2026, US and outside the US?

我謹祝賀你們本季業績出色。我兩個。也許可以接著 Larry 關於未來信心的問題繼續討論，很明顯，資本設備市場在 2025 年取得了非常強勁的成績。Kevin，你如何看待2026年你的資本業務和植入物業務的定價？你對2026年美國及美國以外的資本環境有何預期？

And then I have a follow-up.

然後我還有一個後續問題。

Robbie, just on the pricing piece of it, we've talked about pricing before. It's something that we certainly have been focused on the last few years, and I think you've seen that reflected in our price gains that we've been able to deliver over the last couple of years.

羅比，關於定價方面，我們之前已經討論過定價問題了。過去幾年，我們一直非常關注這一點，我想大家已經從我們過去幾年取得的價格成長中看到了這一點。

And now as we see the numbers, we're building price gains on top of price gains from before, and so we expect that to be something that continues into next year, just given the muscle that we've developed and the focus that we have.

現在從數據來看，我們是在先前價格上漲的基礎上繼續上漲的，因此我們預計這種情況會持續到明年，這得益於我們已經累積的實力和我們所專注的方面。

So if we think about 2026, we expect 2026 to look pretty similar from a price standpoint to 2025.

因此，展望 2026 年，我們預期 2026 年的價格狀況將與 2025 年非常相似。

Robbie, it's Jason. Just as it relates to kind of the overall capital environment, I mean you said it well, we had a strong finish to the year, if you think about our capital businesses. And then if you just consider similar to what I said in some of my prepared remarks, from an elevated backlog perspective, the environment is pretty good. And so we feel really good about the capital environment as we go into 2026.

羅比，我是傑森。就整體資本環境而言，我的意思是，你做得很好，如果我們考慮我們的資本業務，就會發現我們今年的收官表現非常強勁。然後，如果你像我在事先準備好的演講稿中提到的那樣，從更高的積壓工作角度來看，環境相當不錯。因此，我們對2026年的資本環境感到非常樂觀。

Great. Maybe looking at the quarter, there were a couple businesses that did particularly well. You mentioned Mako, the other number was particularly strong as was Endoscopy and Instruments. And one that stood out on the opposite side -- or two, Trauma and Extremities and Vascular; I was hoping you could just give us a little more color what happened there? Is there stocking, destocking and just a little more? Appreciate it.

偉大的。從季度來看，可能有幾家企業表現特別出色。你提到了 Mako，另一個數字也特別強勁，內視鏡和器械也是如此。還有一兩個比較突出的地方——創傷、四肢和血管；我希望您能給我們詳細介紹一下那裡發生了什麼？是否有進貨、退貨以及其他一些事項？謝謝。

Well, that's a lot of questions, Robbie. So let me just say on the positive side, Endoscopy and Instruments and Mako, we're absolutely on fire at the end of the year. I mean Instruments included power tools as well as the products Preston mentioned in his remarks. Endoscopy was a really amazing performance if you think Sports and sustainability well, but the camera is a few years into its launch.

羅比，你問的問題真不少。所以，讓我從積極的方面來說，內視鏡和儀器以及 Mako，我們在年底絕對是勢頭強勁。我的意思是，儀器包括電動工具以及普雷斯頓在演講中提到的產品。如果從體育和永續發展的角度來看，內視鏡技術確實是一項了不起的成就，但這項技術推出至今已有幾年時間了。

And unlike prior years, if you look at our prior launches, our growth would start to wing a little bit. Our camera is just phenomenal with fluorescence imaging, we're continuing to solve that very, very well. And Mako was -- this transition to Mako 4 has been incredible. It is the first time we've had a change of the actual robot to a new robot since we bought Mako.

與往年不同的是，如果你回顧我們先前的發布，你會發現我們的成長開始出現一些下滑。我們的相機在螢光成像方面表現非常出色，我們正在不斷改進，並且做得非常好。Mako 的過渡——向 Mako 4 的過渡——簡直令人難以置信。這是我們自購買 Mako 以來第一次更換機器人。

And to be honest, coming into the year, I wasn't sure how this new transition would go, and the team has done a phenomenal job. But the extra application certainly helps, the feedback has been terrific.

說實話，年初的時候，我並不確定這次新的過渡會如何進行，但團隊做得非常好。但額外的申請流程確實很有幫助，回饋也非常好。

On the other side of the fence, I mean, I'm still extremely bullish on Trauma and Extremities. We had a monster comp from the prior year because Pangea was really gaining steam, and we still don't have Pangea in Europe and some other markets. Shoulder continues to be on fire. Our Foot & Ankle business was a bit soft this year, and we are now launching a new total ankle called Incompass with much better reimbursement from CMS, which is pretty exciting.

另一方面，我仍然非常看好創傷和肢體疾病板塊。由於 Pangea 平台發展勢頭迅猛，我們上一年的業績與去年相比出現了巨大的下滑，而且 Pangea 平台目前尚未進入歐洲和其他一些市場。肩膀持續灼痛。今年我們的足踝業務有點疲軟，但我們現在推出了一款名為 Incompass 的新型全踝關節假體，它從 CMS 獲得了更好的報銷，這非常令人興奮。

We won't see much of that impacted first quarter. But starting in second quarter, that will start to really kick in. So I don't feel in any way, shape or form as that business is slowing down. It's just a question of comps. And over the course of the year, you're going to see them have another really strong year in 2026.

第一季我們預計不會看到太多此類影響。但從第二季開始，這種情況就會真正開始顯現。所以我絲毫沒有感覺到這項業務正在放緩。這只是比較的問題。在接下來的一年中，你會看到他們在 2026 年又將迎來一個非常強勁的年份。

On the vascular side, I think we commented that the ischemic sector has been tough for us. It's not just new for the fourth quarter. That's been going on for the last couple of years. We did launch a new large four catheter called Broadway. It's a 0.084 lumen, that was a big gap in our portfolio. That feedback has been very positive, but it's the early days of that launch in the US, and then we'll be launching that around the world.

在血管方面，我認為我們之前提到過，缺血性疾病領域對我們來說一直很棘手。這並非第四季才出現的新情況。這種情況已經持續好幾年了。我們推出了一款名為 Broadway 的新型大型四導管。它的亮度只有 0.084 流明，這是我們產品組合中的一個重大缺口。目前回饋非常積極，但這項服務在美國的推出還處於早期階段，之後我們將在全球推出。

So I think over time, that will start to improve somewhat. But our hemorrhagic business continues to be very strong, and we are now the largest neurovascular player in the marketplace. We took over leadership roughly about a year ago and have continued to be the largest player.

所以我認為隨著時間的推移，這種情況會有所改善。但是，我們的出血性疾病業務依然非常強勁，我們現在是市場上最大的神經血管疾病治療企業。我們大約在一年前接管了領導地位，並一直保持著最大參與者的地位。

Joanne Wuensch, Citi.

Joanne Wuensch，花旗銀行。

There's a number of bits and pieces of the competitive landscape that's changing for you, and I'd love to get some commentary or thoughts, Penumbra being bought by Boston Scientific, J&J announcing the spinout of their ortho business. How do you think about either those moves specifically or just sort of generally on how the landscape may or may not be changing?

競爭格局中有很多方面正在發生變化，我很想聽聽你的評論或想法，例如Penumbra被Boston Scientific收購，強生宣布剝離其骨科業務。您如何看待這些具體舉措，或從整體來看，您認為市場格局可能會改變嗎？

Joanne, it's Jason. I'll take a run at this. But I would say, first off, in terms of our strategy and how we go to market, absolutely no change. We have tremendous teams on both of those businesses and certainly like our chances here in 2026.

喬安妮，我是傑森。我來試試。但首先我想說的是，就我們的策略和市場策略而言，絕對沒有任何改變。我們在這兩個業務領域都擁有非常優秀的團隊，我們當然對2026年的機會充滿信心。

Okay. My second question, not quite a follow-up, is there's a fair amount of concern about patient volumes sort of with changes in the Affordable Care Act coverage. Is there anything that you can comment on that or what you're seeing or what you expect for patient volumes throughout the year?

好的。我的第二個問題，與其說是後續問題，不如說是大家對平價醫療法案覆蓋範圍的變化導致的患者數量相當擔憂。您對此有什麼看法？或者您對全年患者數量有什麼預期？

Yes. Joanne, it's Jason again. What I would say is as we ended the year and certainly starting off 2026, volumes continue to be robust. Tough to speculate, obviously, as you go into later in the year. But we continue to believe, as you think about the ortho markets, these are going to be mid-single-digit growing markets, and we're going to outperform the markets in 2026 just like we did last year.

是的。喬安妮，又是傑森。我想說的是，隨著2026年接近尾聲，銷量依然保持強勁勢頭。顯然，到了年底，很難做出預測。但我們仍然相信，就骨科市場而言，這些市場將以中等個位數的速度成長，我們將在 2026 年像去年一樣跑贏大盤。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

And let me echo the congratulations on the quarter and the year. So just maybe a little in the weeds, but there's actually a local coverage determination this morning around total joint Arthroplasty and robotics, I think, specifically with CGS. It wasn't very impactful, but it would appear to me that there's been some efforts to get incremental reimbursement for the use of robotics. I could be wrong in that assumption.

我也要向你們表示祝賀，祝賀你們取得了本季和今年的佳績。所以，可能有點離題了，但今天早上確實有一項關於全關節置換術和機器人手術的地方性醫療覆蓋範圍決定，我認為，特別是與 CGS 有關。雖然影響不大，但依我看來，已經有人努力爭取逐步提高使用機器人技術的報銷額度。我的假設可能錯了。

And in the response, some of the [MACs] argued that the evidence may not be sufficient to warrant this. I'm curious if you have any thoughts about what's going on here? Whether this does create any risk in your view from payers or alternatively, an opportunity to get incremental reimbursement for robotic usage, specifically for specific robotic systems in the market in orthopedics?

而一些[MAC]在回應中辯稱，證據可能不足以支持此做法。我很想知道你對這裡發生的事情有什麼想法？您認為這是否會為支付方帶來任何風險？或者，這是否為獲得機器人使用方面的額外報銷機會，特別是針對骨科市場上特定的機器人系統？

Well, I'm not familiar with that particular case that you're citing, but what I can say is in other parts of the world, there is extra reimbursement for robotic procedures, whether it's in Japan or in other markets around the world. We have examples where we do get extra reimbursement. And we love the opportunity for that. In fact, in Australia, there are studies that are showing that Mako outperforms other robotic systems as well as navigation as well as manual.

嗯，我對你提到的那個具體案例不太了解，但我可以說的是，在世界其他地方，無論是在日本還是在世界其他市場，機器人手術都會獲得額外的報銷。我們有獲得額外報銷的例子。我們非常珍惜這樣的機會。事實上，在澳大利亞，有研究表明，Mako 在導航和手動操作方面都優於其他機器人系統。

So it kind of stands on its own in Australian data that has been peer-reviewed and published. So we love our chances of being able to demonstrate that data. We've been in the market for long enough now that the data is starting to come out and would support potentially extra reimbursements.

因此，它在澳洲經過同行評審和發表的數據中具有獨立性。因此，我們非常有信心能夠展示這些數據。我們進入市場已經足夠長的時間了，現在數據開始出現，這些數據可能支持額外的報銷。

I can't imagine or don't foresee any reduction in reimbursement. And certainly, you can see with the uptake of robotics and over two-thirds of our knees being done robotically. Surgeons aren't going to be going backwards. It's only going to continue.

我無法想像，也不預見到報銷金額會減少。當然，從機器人技術的普及程度可以看出，超過三分之二的膝關節置換手術都是由機器人完成的。外科醫生不會走回頭路。這種情況還會繼續下去。

Okay. Fair enough, Kevin. And I'll maybe zoom out a little bit then on operating margins and turn this to Preston. But 150 basis points, I think, through 2028 was the Target, Preston, at the Analyst Day not too long ago. As you sit here today, just given the performance that we have seen, how would you characterize that trajectory?

好的。說得對，凱文。然後我可能會稍微縮小一下對營運利潤率的關注範圍，把目光轉向普雷斯頓。但普雷斯頓在不久前的分析師日上給出的目標，我認為到 2028 年將達到 150 個基點。就你今天坐在這裡，根據我們所看到的成績，你會如何描述這一發展軌跡？

How would you characterize your confidence to achieve that? I think if I look at kind of where numbers are, that was kind of in the range of possibilities. But I think we are still kind of left wondering kind of the pace at which you may have achieved those targets.

你如何形容你實現這目標的信心？我認為，如果我看一下數字的大致分佈情況，那確實在可能的範圍內。但我認為我們仍然有點好奇你們是以多快的速度實現這些目標的。

Ryan, good question. So as we think about it, the confidence is the same. We gave you those -- that guide for the next three years because we believe very much in the ability to go out and achieve it based on the activities and actions that we have going on internally, focus on operational excellence, particularly with areas like Lean and other elements with regards to like shared services and things of that nature.

瑞恩，問得好。所以仔細想想，信心其實是一樣的。我們把這些——未來三年的指南——交給你們，是因為我們深信，憑藉我們內部正在進行的活動和行動，我們有能力實現目標，專注於卓越運營，尤其是在精益等領域以及共享服務等其他方面。

But when we think about what we gave you for '26 here, we gave you a lot of the different pieces in terms of our overall growth and what we expect from an EPS standpoint. I think if you plug that in, you'll see it's a healthy margin that we're planning for '26 that really lead you down that path for that expectation of delivering 150 and above potentially as we go through the next three years.

但當我們回顧 2026 年的情況時，我們向大家展示了我們在整體成長方面的許多不同方面，以及我們對每股盈餘的預期。我認為，如果你把這個數據代入進去，你就會發現我們為 2026 年制定的健康利潤率計劃，確實會引領我們朝著未來三年內實現 150 輛及以上銷量的預期目標邁進。

Travis Steed, Bank of America.

特拉維斯·斯蒂德，美國銀行。

Congrats on a good quarter. I wanted to focus on MedSurg, just kind of bigger picture, like if you put the numbers against all the markets in med tech, your MedSurg business actually is probably one of the fastest-growing med tech markets at the moment.

恭喜你本季業績出色。我想重點關注內外科領域，從更宏觀的角度來看這個問題。例如，如果你把數據和所有醫療技術市場進行比較，你會發現你的內外科業務實際上可能是目前成長最快的醫療技術市場之一。

Just curious, like what's driving that growth? How do you have the confidence to keep doing that longer term? Is it like surprising how good the growth is in that MedSurg business?

我很好奇，是什麼因素推動了這種成長？你如何有信心長期堅持做這件事？醫療外科業務的成長速度之快是否令人驚訝？

Yes. I kind of alluded to some of that in my prepared remarks, and I think it's something that's not fully understood. First, it starts off with our tremendous market share. So we have incredibly high market shares across our MedSurg portfolio, a very strong position. We are constantly upgrading these products, launching next generations of each of these products.

是的。我在事先準備好的發言稿中也稍微提到過這一點，我認為這方面還沒有得到充分的理解。首先，我們擁有龐大的市場佔有率。因此，我們在醫療外科產品組合中擁有極高的市場份額，處於非常強勢的地位。我們不斷對這些產品進行升級，推出每款產品的下一代產品。

And then we fill in little acquisitions that are very fast growing. If you remember, acquisitions like NICO, that just continues to fuel extra growth in our [AS] business and on and on. And then we specialized sales forces and split sales forces continually.

然後我們再填補一些快速成長的小型收購案。如果你還記得的話，像 NICO 這樣的收購，只會不斷推動我們 [AS] 業務的額外成長，如此循環往復。然後我們不斷地對銷售團隊進行專業化和分割。

A couple of examples. We split our CMS sales force a couple of years ago into an oral maxillofacial sales force and a neuro sales force. We split our Sage sales force into an infection sales force and an injury sales force, and I can go on and on. We created a separate sales force for law enforcement within our emergency care business.

舉幾個例子。幾年前，我們將CMS銷售團隊拆分為口腔顎面外科銷售團隊和神經外科銷售團隊。我們將 Sage 銷售團隊分為感染產品銷售團隊和損傷產品銷售團隊，我還可以繼續列舉。我們在急救護理業務內部設立了一支專門服務執法部門的銷售團隊。

So we don't talk about all these publicly for competitive reasons, but this is part of the offense as we bring those cost innovations, add in little tuck-in acquisitions, split sales forces, and that just fuels continual growth. And we already have a number of sales force splits that we're contemplating for the next couple of years.

出於競爭原因，我們不公開談論所有這些，但這是我們進攻策略的一部分，因為我們引入了成本創新，增加了一些小規模的收購，拆分了銷售團隊，這只會推動持續成長。我們已經在考慮未來幾年內進行一些銷售團隊拆分方案。

We had the -- if you think about the Vertos deal, that enabled us to add specialized pain salespeople because today, the IVS business sells to interventional oncologists as well as pain docs. So that's really part of the formula, the secret sauce, if you will, high market shares, continue internal innovation, constant tuck-ins, which enable us sometimes to even create separate business units.

想想Vertos的交易，它使我們能夠增加專業的疼痛治療銷售人員，因為如今，IVS業務不僅向疼痛科醫生銷售產品，也向介入腫瘤科醫生銷售產品。所以這其實是成功秘訣的一部分，或者說是秘方：高市場份額、持續的內部創新、不斷的整合，有時甚至使我們能夠創建獨立的業務部門。

If you recall, we split Surgical a while ago back in 2019, '20 into orthopedic instruments and Surgical Technologies, and Surgical Technologies crossed $1 billion this year. So it's just would have never happened if we had not split the business units. So those are the kind of things we do in MedSurg, and it's totally continually sustainable.

如果你還記得的話，我們在 2019 年和 2020 年將 Surgical 業務拆分為骨科器械和 Surgical Technologies，而 Surgical Technologies 今年的營收突破了 10 億美元。如果我們當初沒有拆分業務部門，這一切就永遠不會發生。所以，這些就是我們在內外科所做的工作，而這種工作方式是完全可持續的。

And if you look over the last five, six, seven years, this is our offense, and we expect that to continue going forward.

回顧過去五、六、七年，這就是我們的進攻風格，我們希望這種風格能持續下去。

That's helpful. And Kevin, how do you think about tuck-ins in 2026 or maybe a chunk or tuck-in? And then Preston, how do you think about protecting margins with potential bills in 2026?

那很有幫助。凱文，你覺得 2026 年的「塞進麵包裡」或「一塊麵包」或「塞進麵包裡」怎麼樣？那麼，普雷斯頓，你如何看待2026年可能推出的法案來保護利潤率？

Yes. We have really a strong balance sheet right now. And so we're on offense right now, looking at deals. The deal pipeline is very healthy with tuck-ins and even looking at other adjacencies as we always do. So we're excited about the potential to do acquisitions in 2026, but I'm not going to say more than that right now.

是的。我們目前的資產負債表非常穩健。所以我們現在正處於進攻階段，尋找交易機會。交易管道非常健康，我們不僅進行了一些補充收購，而且像往常一樣關注其他鄰近領域。所以我們對 2026 年收購的潛力感到興奮，但我現在不會透露更多。

Yes, Travis, from a tuck-in standpoint, we've generally said that for tuck-in type deals, those are elements that we try to build into our margin expectations. But as we do each of these deals, certainly, it's something that we would communicate back to you all in terms of what our expectations are.

是的，Travis，從補充收購的角度來看，我們通常認為，對於補充收購類型的交易，這些都是我們試圖納入利潤預期的因素。但是，在進行每一筆交易時，我們當然會把我們的預期結果回饋給大家。

Vijay Kumar, Evercore ISI.

Vijay Kumar，Evercore ISI。

Congrats on a nice win here. Kevin, maybe one on innovation for you. I think in the past, you've spoken about product super cycles. What are you excited about when you look at '26? Feels like some of the super cycles are probably in the second and third year. So what is incremental? What are you excited about?

恭喜你取得一場漂亮的勝利。凱文，或許你可以寫一篇關於創新的文章。我想你以前也談過產品超級週期。展望2026年，你最期待的是什麼？感覺有些超級週期可能出現在第二年和第三年。那麼，什麼是增量？你最期待的是什麼？

Yes. Thanks, Vijay. I'd say, look, there's a ton of innovation always going on in this company. And even if you think of something like ProCuity, that's in its, whatever, third or fourth year, but it's still -- that's our long-term cycle. That still behaves like a new product in our hands because it's just a long buying cycle.

是的。謝謝你，維傑。我想說，你看，這家公司一直在進行大量的創新。即使你想到像 ProCuity 這樣的項目，它已經進入第三年或第四年了，但這仍然是——這是我們的長期週期。在我們手中，它仍然像一個新產品一樣，因為它的購買週期很長。

But we have a number of other exciting launches. We have the Mako RPS, the handheld robot. Initial cases started this month. They're going extremely well. That's a brand-new segment for us between our manual power tools and Mako. We have the Vocera Sync Badge that launched towards the latter part of last year, which is getting tremendous feedback.

但我們還有其他一些令人興奮的新品發布。我們有 Mako RPS，這是一款手持式機器人。首批病例始於本月。他們進展得非常順利。這是我們在手動電動工具和 Mako 工具之間開闢的一個全新領域。我們去年下半年推出的 Vocera Sync Badge 獲得了巨大的迴響。

We have all kinds of OptaBlate BBNA and IVS, the Incompass total ankle, which I talked about. We have Artix, which is a new arterial product within Inari. I can go on and on. I could go on for another 10 minutes, but there aren't right now, this, let's say, the new camera tool to -- the new camera. Those are sort of flagship products in the past that we would always focus on.

我們有各種 OptaBlate BBNA 和 IVS，還有我之前提到的 Incompass 全踝關節置換術。我們有 Artix，這是 Inari 旗下的新型動脈產品。我可以一直說下去。我還可以再講 10 分鐘，但現在沒有，比如說，新的相機工具——新的相機。這些都是我們過去一直在重點關注的旗艦產品。

But the reality is, as we become much more diversified, even those launches become a little bit less important to the overall company as the split of CMF is driving CMF to double-digit growth. And all these other tuck-ins like NICO and all of these little products contribute to really high growth.

但現實情況是，隨著我們業務更加多元化，即使是這些新產品的推出對整個公司的重要性也會略有降低，因為 CMF 的拆分正在推動 CMF 實現兩位數的成長。而像 NICO 這樣的其他小型產品以及所有這些衍生產品都為真正的高成長做出了貢獻。

And then when you have those other new bigger platforms launch, that gives you just an extra jolt. But the fact that Endoscopy posted these kind of numbers with a camera that's three -- or almost three to four years into its cycle is really impressive. And of course, we do have 1888 in development, and you'll be hearing about that at the right time. But I would tell you, I feel great about the health of our R&D pipelines across the company.

然後，當其他規模更大的新平台推出時，這會為你帶來額外的推動力。但內視鏡技術能夠用一款已經問世三到四年的攝影機取得這樣的成績，著實令人印象深刻。當然，我們確實正在開發《1888》，到時候你們就會聽到相關消息。但我可以告訴你，我對公司整體研發管線的健康狀況感到非常滿意。

That's helpful, Kevin. And maybe one follow-up on Inari. You did bring up some destocking. Can you just talk about visibility on what gives us the constant destocking? Or any sales force disruption that perhaps impacted numbers here in Q4?

那很有幫助，凱文。或許還可以寫一篇關於稻荷神的後續報道。你確實提到了清倉處理的問題。您能否談談造成我們不斷去庫存的原因，以及這種去庫存化現象背後的原因？或者銷售團隊的任何變動可能影響了第四季的業績？

Yes, Vijay, it's Jason. As it relates to the sales disruption, I would tell you, we're beyond that at this point. I even made the comment in my prepared remarks as it relates to destocking, minimal in Q1. I will tell you, Q4, we had a little bit more destocking than maybe we anticipated.

是的，Vijay，我是Jason。至於銷售中斷的問題，我可以告訴你，我們現在已經度過了那個階段。我甚至在準備好的發言稿中也提到了這一點，這與第一季的去庫存量極少有關。我可以告訴你，第四季度，我們的去庫存量可能比預期的要多一些。

But good visibility as we move into 2026, knowing it will be minimal in Q1. And then obviously, we start to get to organic growth rates as you get into late Q1 into Q2.

但隨著我們進入 2026 年，前景依然良好，因為我們知道第一季前景將非常渺茫。然後很明顯，到了第一季末到第二季度，我們就開始看到有機成長率了。

Matthew O'Brien, Piper Sandler.

馬修·奧布萊恩，派珀·桑德勒。

I'd love to double-click a little bit on the Mako commentary, just given how strong it was. If you wouldn't mind talking a little bit about the US OUS strength on the record placement side. And is it fair to think after a period of trialing with some competitive systems, it's kind of over in terms of some of that trialing or even its -- thoughts about using something outside of Mako and that you guys are winning a disproportionate number of these RFPs?

鑑於 Mako 的評論非常精彩，我很想再仔細看看。如果你不介意的話，能否談談美國在世界紀錄排名方面的優勢？在與一些競爭系統進行了一段時間的試用之後，是否可以這樣認為：就某些試用而言，或者甚至就使用 Mako 以外的系統而言，已經有些結束了？而且你們在這些 RFP 中贏得了不成比例的數量？

And I guess what I'm really trying to get at is the durability of your implant strength, which has been great for several years. And then I do have a follow-up.

我想表達的重點是你們植入物的強度是否持久，這幾年來一直很好。然後我還有一個後續問題。

Yes. Thanks. Listen, Mako 4 has been an absolute home run. We already felt like we had the best robot in the market, and we've just only added to that with these additional applications. The feedback on revision hip, one surgeon actually told me he thought it was a cheat code for revisions, those were his words. It just makes a very hard procedure, very easy to do, providing tremendous value to the surgeon.

是的。謝謝。聽著，Mako 4 絕對是個巨大的成功。我們之前就覺得我們擁有市場上最好的機器人，而這些額外的應用就讓它更加完善而已。關於髖關節翻修手術的回饋，一位外科醫生竟然告訴我，他認為這是翻修手術的作弊碼，這是他的原話。它使原本非常困難的手術變得非常容易，為外科醫生提供了巨大的價值。

So these extra applications make it totally compelling, a great investment for a hospital. I think we're in obviously a clear leading position, and there's still a lot of hospitals that only have one Mako, and they're starting to add more and more and more. I think we're up to 30% to 40% now have more than one Mako.

因此，這些額外的應用使其極具吸引力，對醫院來說是一項極好的投資。我認為我們顯然處於明顯的領先地位，而且還有很多醫院只有一台 Mako，但他們正在不斷增加 Mako 的數量。我認為現在有 30% 到 40% 的人擁有不只一輛 Mako。

Every operating room for us is an opportunity for a Mako to be installed. And we have clearly the wind at our backs on that. And we're seeing it start to take off in international markets, Japan being the most important one where it took a while, first of all, to get the regulatory approval. They're obviously very data-conscious there.

對我們來說，每個手術室都是安裝 Mako 的機會。而我們在這方面顯然佔盡優勢。我們看到它開始在國際市場上流行起來，其中日本是最重要的市場，首先，它花了一段時間才獲得監管部門的批准。他們顯然非常注重數據。

But now Japan is really starting to take off. In fact, even other countries in Asia Pacific are starting to really drive the incremental growth. So we're very bullish on this. I think the Shoulder is going to be a really exciting when we bring that to the market. Our limited launch has been on the Mako 3 robot, but we -- so that's why we're staying in a limited mode because we really want to get that on the Mako 4 robot, which again will be sometime in the middle of the year.

但現在日本真的開始起飛了。事實上，亞太地區的其他國家也開始真正推動經濟成長。所以我們對此非常看好。我認為肩部產品推向市場時一定會非常令人興奮。我們目前只在 Mako 3 機器人上進行了小規模發布，但是——所以我們仍然保持小規模發布，因為我們真的想把它應用到 Mako 4 機器人上，而 Mako 4 機器人的發佈時間預計在今年年中。

And obviously, the Shoulder business continues to grow exceptionally well without Mako. But again, hard procedure to do. Every time the harder the procedure is, the more Mako brings value. So we're in the pole position, and we're going to continue to press our lead.

顯然，即使沒有 Mako，肩部業務也繼續保持著非常好的成長勢頭。但話說回來，這確實是一個很難操作的過程。每次手術難度越大，Mako 的價值就越凸顯。所以我們目前處於領先地位，我們將繼續擴大領先優勢。

And then you mentioned RPS. Kevin, why go with an x-ray for the imaging versus CT, which has been so successful with traditional Mako? And how do we frame up how big that could be for you guys between ASCs, International, et cetera?

然後你提到了RPS。Kevin，為什麼選擇 X 光成像而不是 CT 成像？ CT 影像在傳統的 Mako 系統中一直非常成功。那麼，對於你們這些參加美國電影協會（ASC）、國際影展等影展的人來說，這究竟有多大的影響力呢？

Yes. Look, this is a really great solution for some surgeons that aren't ready to go through the change management of Mako, Mako requires a lot of change for the surgeon as well as for the staff. And if you think about this handheld, it really is very simple, very easy to use. It doesn't require a surgeon to go through that type of transition.

是的。你看，對於一些還沒準備好接受 Mako 系統變革管理的醫生來說，這確實是一個很棒的解決方案。 Mako 系統對醫生和工作人員來說都需要做出很多改變。仔細想想這款手持設備，它其實非常簡單，非常容易使用。這種轉變並不需要外科醫師參與。

This launch is just for total knee. So if you want a robot that can do multiple applications, obviously, that's not possible with this. But if you think about in the ASC, some surgeons not wanting the complexity of Mako, I think it's just going to open up new customers for us that weren't ready for Mako but want something better than using the manual instruments and have the visualization.

本次發布僅針對全膝關節。所以，如果你想要一個可以執行多種應用的機器人，顯然，這款機器人無法做到這一點。但如果你考慮到 ASC 的情況，一些外科醫生可能不想要 Mako 的複雜性，我認為這只會為我們開拓新的客戶群體，他們之前還沒有準備好使用 Mako，但想要比使用手動器械更好的東西，並且需要可視化功能。

And we're using the intellectual property from Mako to provide some haptic boundaries. And the feedback has been incredible from the surgeons using it, but this is easy to use. It provides tremendous value. So I do believe this will be an extra accelerator for our Knee business and something that will live between Mako as well as our manual instruments. And it will be sold by the same sales force that sells Mako.

我們正在利用 Mako 的知識產權來提供一些觸覺邊界。使用過該產品的外科醫生回饋非常好，而且該產品使用起來也很方便。它具有巨大的價值。所以我相信這將進一步加速我們的膝關節業務發展，並成為 Mako 和我們的手動器械之間的競爭產品。而且它將由銷售 Mako 的同一支銷售團隊負責銷售。

So the positioning, it's really about meet the surgeons where they are and provide the value that they're looking for. And right now, we understand our customers very well, and we believe there is a home for this. And it's under the Mako name. So you can believe we feel very good about the performance.

所以定位的關鍵在於了解外科醫生的需求，並提供他們所尋求的價值。現在，我們非常了解我們的客戶，我們相信這款產品會找到市場。它以 Mako 的名義運作。所以您可以相信我們對這次演出非常滿意。

We would never want to tarnish the performance of the Mako brand. So we know this product can sing.

我們絕不會想損害 Mako 品牌的聲譽。所以我們知道這款產品可以唱歌。

David Roman, Goldman Sachs.

大衛羅曼，高盛集團。

I wonder -- maybe at the Analyst Meeting, you introduced, I think, in video form the form factor for a handheld version of Mako that I think you plan to provide more details on over the course of this year. Maybe any latest thinking on your robotic strategy from a portfolio standpoint as you roll out Mako 4? And any updates you can provide on the handheld instrumentation?

我想知道——或許在分析師會議上，您以視頻形式介紹了 Mako 掌上版的外形尺寸，我認為您計劃在今年內提供更多細節。在推出 Mako 4 之際，您能否從投資組合的角度談談您對機器人策略的最新想法？關於手持式儀器，您能否提供一些最新進展？

Yes. I think I just mentioned that we started cases on the handheld, are going very well. It will be on display at Academy. So it will be in the booth, you'll be able to see it, you'll be able to talk to our people about it. That's the coming-out party for Mako RPS, will be AAOS. It's not very far from now. So I'd say just stay tuned. You'll get the chance to really see it in full color.

是的。我想我剛才提到過，我們已經開始在掌上設備上進行測試，進展非常順利。它將在學院展出。所以它會在展位上，您可以看到它，也可以和我們的工作人員談論它。那是 Mako RPS 的首次亮相，將是 AAOS。離現在不遠了。所以，敬請期待吧。你將有機會真正看到它的全彩效果。

Okay. Then maybe just a follow-up. On Spencer moves into this role as President and CEO, I think you kind of talked about this in Larry's question. But as you take on perhaps more of some of the day-to-day operational responsibilities, Kevin, are there priorities where you can now allocate more time or that might require more of your focus or that's on the strategy, M&A or long-term growth side of the business?

好的。那或許只需要後續跟進。關於 Spencer 擔任總裁兼執行長這個角色，我想你在 Larry 的問題中已經談到了這一點。但隨著你承擔更多日常營運職責，凱文，你現在可以投入更多時間或精力處理哪些優先事項，或者說，哪些事項需要你投入更多精力，例如公司的策略、併購或長期成長方面？

Yes. Obviously, when you have somebody in this role that can handle the overall commercial part of the business, that allows me, frankly, to spend more time with our operations team, spend more time with our -- we have a brand-new leader for information technology and AI. I really want to make sure we are an AI forward company.

是的。顯然，當有一位能夠處理公司整體商業事務的人擔任這個職位時，坦白說，這讓我可以花更多的時間與我們的營運團隊在一起，花更多的時間與我們的——我們有了一位全新的資訊技術和人工智慧領導者。我真心希望確保我們成為一家人工智慧領域的領導者。

We've done a terrific job on AI for customer solutions, but we really haven't made a lot of progress yet on productivity with AI. We've done a great job on lean and much better job on inventory, but there's a lot of work we can do to drive productivity in AI. And that I can now spend a bit more of my time engaging in those other parts of the business that in the past with sort of the gravitational pull would be towards the commercial side of the business.

我們在人工智慧客戶解決方案方面做得非常出色，但在人工智慧提高生產力方面，我們還沒有取得太大進展。我們在精實生產方面做得很好，庫存管理方面也做得更好，但我們在人工智慧領域還有很多工作可以做，以提高生產力。我現在可以花更多的時間參與公司的其他業務領域，而過去由於某種引力作用，這些業務領域往往集中在商業方面。

So I'm excited about the division of labor that we're going to have in this job and the freedom that will afford me to spend on these other areas. And of course, looking at adjacencies, BD will always be a big part of my job. But having Spencer involved in that as well will be terrific for when he's running an ortho group, his head is down running ortho and for him to be able to have a little bit more bandwidth there, together with me, will be -- I think will be excellent for Stryker.

所以我很興奮，因為這份工作中我們將要實行的勞動分工，以及它將帶給我的自由，讓我能夠把精力投入其他領域。當然，從鄰近性角度來看，業務拓展始終是我工作的重要部分。但讓 Spencer 也參與其中，對他管理骨科團隊來說將是件好事。他現在專注於骨科工作，如果能和我一起抽出更多精力，我認為這對 Stryker 來說將是極好的。

Caitlin Roberts, Canaccord Genuity.

Caitlin Roberts，Canaccord Genuity。

Congrats on a great quarter. As you end the year, any update on the percentage of Hips, Knees, Shoulders flowing through the AC channel for you guys?

恭喜你本季表現出色。在年末之際，你們有沒有關於髖部、膝蓋、肩部肌肉通過肩鎖關節通道所佔比例的最新資訊？

Yes, Caitlin, it's Jason. As you know, we did not disclose that in our prepared remarks. I think we've said recently that Hips and Knees are kind of in the high teens. And we've ticked up quarter after quarter in that environment. So very happy with the ASC performance.

是的，凱特琳，是傑森。如您所知，我們在事先準備好的演講稿中並未提及此事。我想我們最近說過，髖關節和膝關節的年齡都接近二十歲。在這種環境下，我們的業績每季都在穩定成長。對ASC的表現非常滿意。

Great. And then just some more color on transplant Triathlon Gold and if that has launched already.

偉大的。然後再補充一些關於移植鐵人三項黃金計劃的信息，以及該計劃是否已經啟動。

Yes. Triathlon Gold is in limited launch right now. Feedback is extremely positive. You can do it both cemented and cementless, which is a huge draw for surgeons, as you know, so many of our knees are now cementless, and that percentage of cementless continues to grow, and the ability to both is really tremendous. And that will also be on display at AAOS.

是的。Triathlon Gold目前正處於限量發售階段。反饋非常正面。你可以選擇使用骨水泥或不使用骨水泥進行膝關節置換術，這對外科醫生來說是一個巨大的吸引力，因為你知道，我們現在很多膝關節置換術都是不使用骨水泥的，而且不使用骨水泥的比例還在不斷增長，能夠同時進行這兩種手術真是太棒了。這也將在AAOS上展出。

You'll be able to see that and be able to interact with our people as they can explain that product to you. But we are extremely pleased with the design. Again, it's a limited launch. We always like when these implant launches, we tend to want to have a limited launch for the number of surgeons, make sure everything is going smoothly with the instrumentation and the actual performance.

您將能夠看到產品，並能與我們的工作人員互動，他們會向您解釋產品。但我們對這個設計非常滿意。再次強調，這是限量。我們一直都很喜歡這些植入物上市，我們傾向於限制外科醫生的數量，以確保儀器和實際性能一切順利。

But so far, so good, this should be a winner for us.

但目前為止一切順利，這應該會讓我們贏得勝利。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

Congrats on a really, really impressive performance, everybody. So one on kind of growth and one on margins for Preston, if I could. So on the growth side, I was hoping you could maybe talk a little bit about the differences in the way -- the growth drivers in the US and the growth drivers OUS. Obviously, US have got like bigger contribution of ASCs, and maybe robots are making different kinds of contributions, different part of the life cycle in the US versus the US.

恭喜各位，你們的表現真是太棒了！所以，如果可以的話，我想就普雷斯頓的成長情況和利潤率做一個分析。所以，在成長方面，我希望您能談談美國的成長驅動因素和美國以外的成長驅動因素之間的差異。顯然，美國在自動化手術中心（ASC）方面做出了更大的貢獻，而且機器人在美國的貢獻方式和生命週期的不同階段可能與其他國家不同。

And then maybe just as part of that, I get the question sometimes about the recurring nature of your business, some of the -- I don't know if you've ever carved it out and talked about it, but there's clearly parts of the business rollout being one of them where you -- it's a recurring model. Any color you can give us as to how big or important or where the strengths are there?

然後，也許就作為其中的一部分，我有時會被問到關於你業務的周期性性質的問題，其中一些——我不知道你是否曾經專門討論過，但很明顯，業務推廣的某些部分就是其中之一——這是一個週期性模式。你能用某種顏色來描述一下這些顏色的大小、重要性或優點嗎？

And as I mentioned, one quick follow-up for Preston.

正如我之前提到的，還有一個關於普雷斯頓的後續問題。

Sure. I'll start with that question. The dynamics internationally are not different than the United States. We have premium products that we sell through specialized sales forces. The reason that we're having -- experiencing higher growth in the US right now versus these markets primarily is because of the timing of launches.

當然。我先回答這個問題。國際上的動態與美國並無不同。我們擁有優質產品，並透過專業的銷售團隊進行銷售。我們目前在美國市場取得比這些市場更高的成長，主要原因在於產品上市的時機。

So we get these approvals early in the US, Europe, in particular with EU MDR has been extremely frustrating and it's taking us Insignia, Pangea, these -- LIFEPAK just got approved. These products aren't yet on the market, and they're really important products. And then Mako has taken longer for us to really get that going. And that's not unusual, where these international markets tend to want to wait to see more data before they'll start to grow.

因此，我們在美國和歐洲，特別是歐盟醫療器材法規 (EU MDR) 方面，很早就獲得了這些批准，這讓我們非常沮喪，Insignia、Pangea 等產品——LIFEPAK 剛剛獲得批准。這些產品尚未上市，但它們是非常重要的產品。然後，Mako 花了我們更長的時間才真正運作。這並不罕見，這些國際市場往往希望在看到更多數據之前不會開始成長。

But aside of the last two years, we had about five years in a row where International was growing faster than the US. We've now stepped up our US growth rate really significantly, but the opportunity in International is significant. And as these products do reach these markets, you should expect to see a pretty similar dynamic as to what you see in the United States.

但除了最近兩年，國際業務連續五年成長速度都超過了美國業務。我們現在已經大幅提高了美國市場的成長速度，但國際市場的機會也很大。當這些產品進入這些市場時，你應該會看到與美國非常相似的動態。

So obviously, pricing and margins can vary by country, some being as good as the US, some being a little less. We don't see the growth opportunity being really much different outside the US than it is in the United States.

顯然，不同國家的定價和利潤率會有所不同，有些國家可能和美國一樣好，有些國家則稍遜一籌。我們認為美國以外地區的成長機會與美國本土並沒有太大差異。

Anything on the recurring --

任何循環播放的內容--

Yes, Matt, I'll take that. No, no problem. This is Jason. I think the way I would characterize that, and you've heard us kind of say this in the past, is 25%-ish of our revenue is capital related. And of that split, 15% of the capital is more closely tied to procedures, so the smaller capital.

是的，馬特，我接受。沒問題。這是傑森。我認為，我對此的描述方式是（你們過去也聽我們說過類似的話），我們大約 25% 的收入與資本相關。在這部分資金中，15% 的資金與流程連結更為緊密，因此資金較少。

And then the 10% revenue, the larger capital, so booms, live, beds, et cetera; and then kind of that 75%, I would say, procedurally driven, whether it's reoccurring and disposables, the implants, et cetera.

然後是 10% 的收入，更大的資本，所以繁榮、生活、床位等等；然後是那 75%，我認為是程序驅動的，無論是重複的還是一次性的，植入物等等。

Got it. And then for Preston. There's a couple of questions on margins, but the one that we often wonder at this point in the year is you've got a range for the top line and a chance to beat the top end of the range. How should we think about the flex in the model, if any, possibly when you break through the higher end of the range where thinking about OpEx investment versus drops to the bottom line?

知道了。然後是普雷斯頓。關於利潤率還有一些問題，但我們每年這個時候常會想的是，你們的營收有一個範圍，並且有機會超過這個範圍的上限。我們應該如何看待模型中的靈活性（如果有的話），尤其是在突破範圍的高端時，需要考慮營運支出投資與最終利潤之間的權衡？

Yes, absolutely. So we have a range on the top, as you said. And certainly, if we deliver that and if we're able to deliver towards the top end of that range, it does drop some additional margin or additional profits down. But also remember, there's some costs that come with that in terms of, obviously, tariffs are fluctuating with our business.

是的，絕對的。所以，正如你所說，我們頂部有一個範圍。當然，如果我們能夠實現這一點，並且能夠達到該範圍的上限，那麼確實會降低一些額外的利潤率或額外利潤。但也要記住，這樣做也會帶來一些成本，很顯然，關稅會隨著我們業務的波動而波動。

And then also just the investment that it takes for us to put back in to have those growth rates. So it's something that we balance as we look at the entirety of our P&L. And obviously, with both the growth rates but then funding for future growth rates as well when we look at what we dropped down from a margin standpoint.

此外，我們還需要投入資金才能實現這些成長率。所以，這就是我們在全面檢視損益表時需要權衡的因素。顯然，從利潤率的角度來看，我們不僅要考慮成長率，還要考慮未來成長率的資金投入。

But I think you could look at this year as a good example, right? So we moved up our top line this year. We also moved up our bottom line. this year. So that could be a good proxy for you to see that. If we start moving the top line up, we're not going to just reinvest all of it.

但我認為今年就是一個很好的例子，對吧？所以我們今年的營收有所成長。今年我們的淨利潤也有所提高。所以這或許能讓你更了解狀況。如果我們開始提高營收，我們不會把所有利潤都再投資出去。

There will be an amount that we drop through. If we see some opportunities for -- we're always looking to sort of self-fund reinvestment. But this is a good -- you could look at 2025 is a good proxy for what hopefully will happen in 2026.

我們會扣除一部分費用。如果我們看到一些機會——我們總是會尋求某種形式的自籌資金再投資。但這是一個好兆頭——你可以把 2025 年看作是 2026 年可能發生的事情的一個好參考。

Chris Pasquale, Nephron Research.

克里斯·帕斯誇萊，腎臟單位研究。

And then one on pricing and then one on Inari. So the pricing benefit you reported for MedSurg this quarter, I think it was the smallest we've seen since 2022. Was there anything sort of quirky about this quarter that drove that? And since MedSurg has been the primary driver of the net positive pricing across the broader business, are you expecting to see that go back up here as we go into '26?

然後是關於定價的，再然後是關於稻荷神的。所以，您報告的 MedSurg 本季的價格優勢，我認為是自 2022 年以來我們所看到的最小的。本季是否存在什麼特殊情況導致了這種情況？鑑於 MedSurg 一直是整個業務淨正定價的主要驅動力，您是否預計隨著我們進入 2026 年，它的定價會再次上漲？

Yes. There was one deal in particular outside the US that drove some negative pricing on the MedSurg side. But overall, the fundamentals still remain the same, and we would expect to continue to see a pretty steady cadence of price coming from that business in 2026.

是的。在美國以外，有一筆交易尤其導致 MedSurg 方面的一些產品價格負成長。但總體而言，基本面仍保持不變，我們預計 2026 年該業務的價格將繼續保持相當穩定的節奏。

Okay. That's helpful. And then on Inari and the clinical pipeline there, we saw one competitor's pulmonary embolism trial readout back at TCT. We're going to see another one at ACC in late March. ClinicalTrials.gov right now has PEERLESS II wrapping up this year. Is that still accurate? And when should we expect to see your data?

好的。那很有幫助。然後，關於 Inari 及其臨床研發管線，我們在 TCT 上看到了競爭對手的肺栓塞試驗結果。三月下旬，我們將在 ACC 看到另一場比賽。ClinicalTrials.gov 目前顯示 PEERLESS II 試驗將於今年結束。這個說法現在還準確嗎？我們什麼時候可以收到您的資料？

Chris, it's Jason. No, it's actually going to be closer to middle of next year in terms of results.

克里斯，我是傑森。不，實際上要到明年年中才能出結果。

Danielle Antalffy, UBS.

Danielle Antalffy，瑞銀集團。

Congrats on a really strong 2025. Just following up on Chris' question on pricing, just at a higher level, curious, I know you guys had talked about -- broadly speaking, that you saw over the last 2 years starting -- you're expecting that to wane. It sounds like that's reflected in guidance. But I'm just curious about how you're seeing potentially your hospital customers, ASC customers, are they changing the way they're contracting at (technical difficulty) or on price?

恭喜您在2025年取得巨大成功。我只是想就 Chris 關於定價的問題做個補充，從更高的層面來說，我很好奇，我知道你們之前討論過——總的來說，你們在過去兩年裡看到——你們預計這種情況會逐漸減弱。聽起來這一點在指導方針中有所體現。但我很好奇，您如何看待您的潛在醫院客戶、門診手術中心客戶，他們是否因為技術困難或價格原因而改變合約方式？

I'm just curious because, obviously, one of the narrative is with ACA subsidies expiring, hospitals could be more constrained from a budget perspective and as we move further away from the change in purchasing pattern during COVID.

我只是好奇，因為很明顯，其中一種說法是，隨著《平價醫療法案》補貼到期，醫院的預算可能會受到更多限制，而且隨著我們逐漸遠離新冠疫情期間的採購模式變化，情況可能會更加複雜。

Danielle, thanks for the question. In terms of price, I mean, price has always been something that's been a negotiation in terms of where we've been trying to gain price. And it's something that we quite frankly have gotten better as we've talked about over the last few years. And certainly, as we look at contracting, that's an element of where we've really improved over the last few years.

丹妮爾，謝謝你的提問。就價格而言，我的意思是，價格一直是我們需要談判才能達成的目標，我們一直在努力爭取更高的價格。坦白說，在過去的幾年裡，隨著我們不斷討論這個問題，我們在這方面已經做得越來越好了。當然，就合約簽訂而言，這是我們在過去幾年中真正取得進步的一個方面。

And so I think our ability to go out and make sure that we are working those contracts appropriately across our entire book of business has really helped us in terms of that pricing element. And we expect that to continue into 2026. And as you said, it is built into what our expectations are from a top line and guidance standpoint.

因此，我認為我們能夠確保我們在整個業務範圍內正確執行這些合同，這確實在定價方面對我們有所幫助。我們預計這種情況會持續到2026年。正如你所說，這已經融入我們從營收和績效指引角度所預期的目標。

Yes. I think overall, for the full year, you should expect a pricing result that's not that different than we had in 2025. From quarter to quarter, it may move a little bit, but we expect something pretty similar in '26 as we experienced in '25.

是的。我認為總體而言，全年的定價結果應該與 2025 年的定價結果不會有太大差異。每個季度之間可能會有一些波動，但我們預期 2026 年的情況與 2025 年的情況非常相似。

Patrick Wood, Morgan Stanley.

派崔克‧伍德，摩根士丹利。

ASCs, obviously, we've all talked about Hips and Knees a fair bit, but CMS moved the back end of last year to really delete all the rest of the inpatient-only list, and it seems kind of clear where the direction is going.

顯然，我們都對 ASC（門診手術中心）的髖關節和膝關節手術進行了很多討論，但 CMS（美國醫療保險和醫療補助服務中心）在去年年底徹底刪除了所有其他僅限住院手術的項目，其發展方向似乎已經很明顯了。

From your perspective, like what are the implications for that, if any, within Endoscopy and everything else? Is your share in some of these categories high enough that it's like, hey, it's just a change of site of care? Or is this like a marginal change that actually matters to the business?

從您的角度來看，這會對內視鏡檢查及其他領域產生哪些影響（如果有的話）？你在某些類別中的份額是否足夠高，以至於人們會覺得，嘿，這只是治療地點的改變而已？或者這只是一個微小的變化，但實際上對企業來說意義重大？

Yes. I think you answered it well. Our high market share, it's just a new site for us. But I think what really can help us is, again, that they have new construction of ASCs, it just gives us -- if new procedures are added and start being done in ASCs, the procedures where we have implants, that only helps us to provide a more full offering to the ASC.

是的。我覺得你回答得很好。我們擁有很高的市場份額，這只是我們一個新網站。但我認為真正能幫助我們的是，他們新建了門診手術中心，這給我們帶來了——如果增加新的手術項目並在門診手術中心進行，例如植入手術，這只會幫助我們為門診手術中心提供更全面的服務。

We already have the broadest offering by far in the industry, which is why we win at a very high rate, new construction and big rebuilds of ASCs. So the more procedures that go, the more that provides -- we provide that full service, and they need financing for their capital equipment in these ASCs, unlike hospitals that have the capital balance sheets to be able to provide to buy capital.

我們目前在業界擁有最廣泛的產品系列，因此我們在新建專案和大型ASC改造專案中都能取得很高的中標率。因此，手術越多，提供的服務就越多——我們提供全方位服務，而這些門診手術中心需要為其資本設備融資，這與擁有足夠資本資產負債表來購買資本的醫院不同。

So we look forward to this change as things move to the ASC, which I think will continue. Clearly, you can see CMS is pushing it. We've seen this trend happening. Our Sports business tends to be a big beneficiary, and they had an absolutely phenomenal year.

因此，我們期待這種變化，因為事情會朝著 ASC 的方向發展，我認為這種趨勢將會持續下去。很明顯，CMS正在大力推動這件事。我們已經看到這種趨勢正在發生。我們的體育業務往往是最大的受益者，他們今年的業績絕對非常出色。

Again, they continue to grow extremely well and benefit from this push to the ASC because if they're doing orthopedic, hips and knees, they always do sports as well, and they tend to be a big part of these contracts. So we look forward to the change of procedures moving to ASC. And I think it only helps Stryker, just given the breadth of our portfolio.

再次強調，他們發展勢頭良好，並受益於向 ASC 的轉型，因為如果他們從事骨科、髖關節和膝關節手術，他們通常也會從事運動醫學手術，而且他們往往是這些合約的重要組成部分。因此，我們期待流程的改變，並轉向門診手術中心。我認為這只會對史賽克有利，因為我們的產品組合非常廣泛。

Great. And then just very quickly on the M&A side of things. if I remember correctly, when you guys did Inari, you sort of referenced it as part of launch pad or so something to that. It was clear that channel on vascular in general was something you wanted to continue to build out. Is that still the case? Would you look at things like calcium management and other things that are sort of ancillary to that? Is that still a key focus area or not so much?

偉大的。然後簡單說說併購方面的事。如果我沒記錯的話，你們收購 Inari 的時候，好像把它當作啟動平台之類的東西提到過。很明顯，血管方面的通道是你想要繼續拓展的領域。現在情況仍然如此嗎？你會考慮鈣管理以及其他一些與之相關的輔助因素嗎？這仍然是重點關注領域嗎？還是不再那麼重要了？

Yes. Listen, whenever we buy a business that enters a space, we never are one and done. We're going to continue to build all around that business and fortify the PV business. And obviously, that links to a broader vascular set of customers that once we start to get now a customer, we want to help solve their problems.

是的。聽著，每當我們收購一家進入某個領域的企業時，我們從來不會就此止步。我們將繼續圍繞該業務進行全面發展，並鞏固光伏業務。顯然，這與更廣泛的血管疾病客戶群有關，一旦我們開始獲得客戶，我們就希望幫助他們解決問題。

So yes, that's now part of our acquisition set that previously wasn't the case. And then same thing with HIT. So we did Vocera, then we did care.ai. Don't be surprised if we do more acquisitions in the health IT space. So we're constantly on the hunt. Every time we buy something, it opens up new windows for us. And we are definitely looking at the broad universe in that vascular world.

所以，是的，這現在是我們收購範圍的一部分，而以前並非如此。HIT 也是一樣。所以我們收購了Vocera，然後又收購了care.ai。如果我們在醫療資訊科技領域進行更多收購，請不要感到驚訝。所以我們一直在尋找。我們每次購物，都會為我們打開新的視窗。我們無疑是在關注血管世界的廣闊領域。

Mike Matson, Needham & Company.

Mike Matson，Needham & Company。

Just a couple more on Mako. So with Mako 4, are you getting pricing increase relative to the older version? And then a similar question with -- as you start to launch Mako Shoulder and Spine, are there -- I seem to remember you talking about some upgrade fees the customer would have to pay even if they have an existing Mako system that they want to add that capability to. And are these things that could become meaningful drivers for that part of the business?

Mako上還有幾張照片。那麼，Mako 4 的價格相對於舊版是否有上漲？然後，還有一個類似的問題——當您開始推出 Mako 肩部和脊柱時，是否存在——我似乎記得您說過，即使客戶已經擁有 Mako 系統並希望添加該功能，他們也必須支付一些升級費用。這些因素是否有可能成為推動該業務部門發展的重要因素？

Yes. Listen, we're not going to get into pricing. For competitive reasons, we're not going to disclose our pricing at least for the base robot. But every time you have extra applications, you have to pay a software fee or license, if you will, to be able to use the new software.

是的。聽著，我們不談價格。基於競爭原因，我們不會公開我們至少基本款機器人的價格。但是，每次您需要額外的應用程式時，您都必須支付軟體費或許可費（或說許可證費），才能使用新軟體。

So if they buy the Mako 4 for knees and hips, but then they want to add shoulder, then there is a charge for that, a onetime charge that upon the installation of that software. That's been consistent throughout our Mako approach.

所以如果他們購買了 Mako 4 用於膝蓋和髖關節，但後來又想添加肩關節，那麼就需要為此付費，這是一次性費用，在安裝該軟體時收取。這一點在我們整個 Mako 方法論中都始終如一。

Okay. Got it. And then just on the tariff impact, the $200 million this year, last year, you said you would fully absorb that. Is that the case again this year? And is there any ability to mitigate any of the impact, the $200 million? Can that come down over time with mitigation efforts?

好的。知道了。至於關稅的影響，今年和去年的 2 億美元，你曾說過你會完全承擔這筆費用。今年也是這種情況嗎？是否有任何辦法減輕這2億美元帶來的影響？隨著緩解措施的實施，這種情況能否逐漸降低？

Yes. The way you see with that $200 million really is the net result of mitigation activities that we've been taking for the past year as this whole tariff item has really come to bear over the last year. So that is reflective of the annualization really of all the work and activity that's been done. And as you look at our guidance that we gave, you can see when you do the work around the margin pieces of it that we have, in fact, built that into our expectations.

是的。您所看到的這 2 億美元實際上是我們過去一年來採取的緩解措施的最終結果，因為這項關稅問題在過去一年確實產生了影響。所以這確實反映了所有已完成的工作和活動的年度化。當你查看我們提供的指導時，你會發現，當你仔細研究其中的邊際部分時，我們實際上已經將這些納入了我們的預期之中。

Yes. A total of $400 million, and we're still driving margin expansion. We drove a significant amount this year, but $200 million, we've got another $200 million, and you'll do the math through your models, you'll see we're going to drive meaningful op margin expense in the face of this extra $200 million.

是的。總計 4 億美元，而且我們仍在努力擴大利潤率。我們今年投入了相當可觀的資金，但只有 2 億美元，我們還有另外 2 億美元，你們用模型算一下，就會發現這額外的 2 億美元將導致我們產生可觀的營運利潤率支出。

So our margin muscle is really good. This is not something I could have said seven, eight years ago. I think if we had this level of tariffs, you would not be seeing us continue to drive expansion to the level that we are. So we have built some earnings power in our company.

所以我們的利潤空間真的很大。七、八年前，我絕對不會說出這樣的話。我認為，如果我們維持目前的關稅水平，就不會看到我們繼續以現在的規模推動經濟擴張了。因此，我們公司已經累積了一定的獲利能力。

Shagun Singh, RBC.

Shagun Singh，RBC。

One on Mako. You guys shared some metrics, two-thirds, one-third of Knees and Hips on Mako and then utilization rate, 50% and 20%, respectively. Where do you think these metrics go over time? And what are the key drivers there?

一個在 Mako 上。你們分享了一些指標，Mako 上膝蓋和髖關節的使用率分別為三分之二和三分之一，利用率分別為 50% 和 20%。你認為這些指標會隨著時間而產生怎樣的變化？那麼，其中的關鍵驅動因素是什麼？

And then as we think about market penetration of ReconRobotics, anything you can share with respect to where we stand from a procedure and then a capital placement standpoint?

那麼，當我們考慮ReconRobotics的市場滲透率時，您能否分享一下我們在流程和資金配置方面的位置？

Well, as it relates to robotics, I don't think there's any limit. I think robots can become standard of care at some point in time. I don't -- it's not like cementless where -- I don't think cementless knees will get to 100 because of bone quality. In the case of robotics, I don't see a limit to how much can be done. And we're over two-thirds in the US and over one-third.

就機器人技術而言，我認為沒有任何限制。我認為機器人輔助醫療在未來某個時候可能會成為標準治療手段。我不認為──這跟無骨水泥膝關節置換術不一樣──我不認為無骨水泥膝關節置換術能達到100%的適應能力，因為骨質的問題。就機器人技術而言，我認為其發展潛力是無限的。我們在美國擁有超過三分之二的人口，在其他國家擁有超過三分之一的人口。

And what I like is I see the Hip starting to inflect upwards. So with the launch of Mako 4 for that, the new software, it's called the 5.0 software for Hip, which is really amazing for revisions. But once the surgeon starts to Europe for revisions, they start to realize it could be very good for primaries also. So very bullish on that potential.

我喜歡的是，我看到臀部開始向上彎曲。因此，隨著 Mako 4 的發布，新的軟體，也就是 Hip 的 5.0 軟體，在修改方面真的非常出色。但是，一旦外科醫生開始前往歐洲進行修復手術，他們就會意識到，這對初次手術也可能非常有益。所以我非常看好這種潛力。

Richard Newitter, Truist.

Richard Newitter，Truist。

I just wanted to go back to the price comment. I hear you loud and clear, Kevin, your overall price assumption is not dramatically different from last year for '26. But just within the components, I just want to kind of reconcile some comments I think I heard you make in the past between MedSurg and Ortho.

我只是想回到價格這個話題。凱文，我完全明白你的意思，你對 2026 年的整體價格預期與去年相比並沒有太大變化。但就各個組成部分而言，我只是想調和一下我之前聽到你對 MedSurg 和 Ortho 的一些評論。

And just tell me, if you can, if this is directionally correct. But my understanding was that MedSurg is, over the long-range plan, I would presume in '26 as well; about positive 100 to 200 basis points.

如果可以的話，請告訴我這個方向是否正確。但我的理解是，從長遠計劃來看，MedSurg 預計在 2026 年也會如此；大約會有 100 到 200 個基點的正增長。

And then your Ortho, I think, has tended to be in a negative 1% to negative 2% range. And maybe that's a little bit more towards the negative 2% part of that range, then you net those two out, and you're somewhere similar as to last year. Is that the right way to think about it? Sorry to get so specific, but I'm just -- I think it would be helpful to investors.

而且，我認為你的矯正治療效果往往在負 1% 到負 2% 的範圍內。也許這個數字更接近負 2% 的範圍，然後把這兩個數字減去，結果就跟去年差不多了。這種思考方式正確嗎？很抱歉說得這麼具體，但我只是覺得──這對投資人會有幫助。

Yes. Look, I'm not going to be that specific. I think your outer ranges are probably a little bit high on both sides on both the implant side as well as the MedSurg side. But MedSurg will be positive. The orthopedics will be slightly negative, and the two will net to something similar to what we experienced this year going forward. I'm not excited or worried at all about our price.

是的。聽著，我不會說得那麼具體。我認為你的外側範圍可能在植入側和內外科側都偏高一些。但內外科方面會是正面的。骨科方面會略有負面影響，兩者加起來，未來幾年的情況將與我們今年所經歷的情況類似。我對我們的價格一點也不興奮或擔心。

We have a really good offense. We understand what happens quarter by quarter. We feel like we're in a pretty stable pricing environment. And keep in mind, these are just like-for-like products. right? So this does not include when we launch a new product, we obviously launched at a higher price, and those products don't show up in price for at least another year until it anniversaries.

我們的進攻火力非常強勁。我們了解每季發生的情況。我們感覺目前的價格環境相當穩定。請記住，這些只是同類產品，對吧？所以這還不包括我們推出新產品的情況，顯然我們會以更高的價格推出這些產品，而且這些產品的價格至少要等到一年後的周年紀念日才會下降。

So I just want to make sure you remember that as well.

所以我也想確保你記住這一點。

Got it. And then maybe just on Triathlon Gold. This sounds like a pretty interesting incremental opportunity for you to kind of gain back some share in an area where you just didn't have a product. Could you just quantify kind of what percentage of the market this potentially just gives you re access to and how we should think about that and if that's the right way to think about it?

知道了。然後或許就只參加鐵人三項黃金賽了。這聽起來像是一個非常有趣的增量機會，可以讓你在之前沒有產品的領域重新奪回一些市場份額。您能否量化一下，這可能使您重​​新獲得多少市場份額，以及我們應該如何看待這一點，這種思考方式是否正確？

Yes. Look, it's an important product that is actually premium priced versus a standard implant. It's roughly 5% of the market, but we didn't have an offering. So we would have Stryker loyal surgeons that would actually switch to a competitor to be able to do this if they had a metal-sensitive patient.

是的。你看，這是一款重要的產品，它的價格比普通植入物高得多。它大約佔市場份額的5%，但我們沒有提供相應的產品。因此，如果遇到對金屬過敏的患者，一些忠於史賽克的醫生可能會轉而使用競爭對手的產品來完成手術。

And frankly, what my hope is, given that you can do this cementless and if the product performs really well, that 5% might actually grow. It's not just for metal sensitivity. This is, let's call it, an advanced bearing implant. So I'm not going to promise that, but there is the potential for this to continue to grow and grow the market beyond 5% of the total implants.

坦白說，我希望，鑑於這種做法無需水泥，而且產品性能確實很好，這 5% 的增長幅度實際上可能會擴大。這不僅僅是金屬過敏。我們姑且稱之為一種先進的軸承植入物。所以我不能保證這一點，但這確實有潛力繼續增長，並使市場份額超過植入物總量的 5%。

It's really a wonderful product that feedback so far has been very positive. But but it's roughly 5%, we were not playing at all. Stryker surgeons were not using our products. So this was an important gap in our portfolio that we've now filled.

這真是一款很棒的產品，目前為止收到的回饋都非常正面。但是，大概只有 5%，我們根本沒上場比賽。Stryker公司的外科醫生並沒有使用我們的產品。所以，這是我們產品組合中的重要空白，現在我們已經填補了它。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

Preston, just one follow-up question. You pointed in your prepared remarks a softer capital environment in Europe. Could you flash that out a little bit? Number one. And number two, Kevin, you pointed to some of the challenges of the MDR stuff in Europe. Obviously, that's not new for you guys. Did that have any impact on the MedSurg business in Europe?

普雷斯頓，我還有一個後續問題。您在事先準備好的演講稿中指出，歐洲的資本環境較為寬鬆。能稍微展示一下嗎？第一。第二點，凱文，你指出了歐洲 MDR 方面的一些挑戰。顯然，這對你們來說並不新鮮。這是否對 MedSurg 在歐洲的業務產生了任何影響？

And with the new proposals to simplify some of that MDR stuff, I know they're not going to vote on it in Europe until later this year, but could that accelerate some of your product approval there?

雖然有新的提案旨在簡化 MDR 的一些內容，我知道歐洲要到今年晚些時候才會對此進行投票，但這能否加快你們產品在那裡的審批速度呢？

Yes, I'll take the second part of the question on MDR, yes, we're really excited. Europe has woken up to the reality that they are stunting innovation and not giving patients access to products in a timely manner. They, in many ways, overreacted to some -- a couple of safety issues that have occurred in Europe.

是的，關於 MDR 問題的第二部分，我來回答，是的，我們非常興奮。歐洲已經意識到，他們正在阻礙創新，並且無法讓患者及時獲得所需產品。在很多方面，他們對歐洲發生的一些安全問題反應過度。

So we welcome the changes, and that will help us accelerate the launch of our products. It's frankly a little bit even more important on the implant side than it is on MedSurg side with products like Insignia and Pangea taking longer to get to the market, but it affects the entire portfolio, not just for us but for the entire industry.

因此，我們歡迎這些變化，這將有助於我們加快產品上市速度。坦白說，植入物方面比醫療外科方面更為重要，因為像 Insignia 和 Pangea 這樣的產品需要更長時間才能上市，但這會影響整個產品組合，不僅對我們，而且對整個行業都是如此。

Yes, Jeff, it's Jason. On the capital environment, Europe, I'm not going to get really specific here. But what I would say like our capital businesses in the US, there are some quarter to quarter where you get ups and downs of the capital business just based on purchasing cycle. So as we move into 2026, look, the order book here is healthy, and I think we'll have a good 2026 there in Europe.

是的，傑夫，我是傑森。關於歐洲的資本環境，我在這裡就不具體談了。但我想說的是，就像我們在美國的資本業務一樣，資本業務的表現會隨著採購週期而出現季度性的波動。所以，展望 2026 年，你看，這裡的訂單情況良好，我認為 2026 年我們在歐洲會迎來一個好年。

Matt Blackman, TD Cowen.

馬特·布萊克曼，TD·考恩。

It's Drew on for Matt. Just a couple of questions, one for Kevin and one for Preston. Kevin, you brought up the breast care opportunity, now that you have a specialized sales force. Can you just talk about what that might mean for the Endo business? Are you going to be able to push more through your installed base? Or is this about utilization --

這是德魯為馬特效力。我問幾個問題，一個問凱文，一個問普雷斯頓。凱文，既然你們現在有了一支專業的銷售團隊，你也提到了乳房護理方面的商機。您能談談這對Endo業務可能意味著什麼嗎？你能否在現有用戶群中推廣更多產品？或者，這與使用率有關？--

Yes. Thanks. First of all, the breast care sales force is within our Endoscopy business. So we were already calling on them, but we didn't have a focus and the acquisition of MOLLI, the marker, in addition to NOVADAQ, in addition to the tissue from NOVADAQ, in addition to the Invuity retractors, we -- the Invuity was bought by our Instruments business, but we moved it over to Endoscopy because it's absolutely perfect for those procedures, breast reconstruction procedures.

是的。謝謝。首先，乳房護理銷售團隊隸屬於我們的內視鏡業務部門。所以我們已經開始聯繫他們了，但我們沒有一個重點，收購了 MOLLI（標記物）、NOVADAQ、NOVADAQ 的組織、Invuity 牽開器，我們——Invuity 是由我們的儀器業務收購的，但我們將其轉移到了內視鏡部門，因為它非常適合這些手術，乳房重建手術。

So a combination of acquired products and our -- obviously, our internal products within Endoscopy, created enough of a basket to have a dedicated sales force. It was really successful in year one. And yes, we look to continue to expand within breast care. We could potentially do additional acquisitions to fill out the bag, continue to add more specialized salespeople.

因此，收購的產品和我們——顯然，我們內視鏡業務內部的產品——結合起來，形成了足夠的產品組合，足以組建一支專門的銷售團隊。第一年就非常成功。是的，我們希望繼續拓展乳房護理領域的業務。我們可能會進行更多收購來充實我們的投資組合，並繼續增加更多專業的銷售人員。

But this is what we do at Stryker. We did this in GI. If you recall, when we launched Neptune, we created a GI sales force and we did the acquisition of the [Palm], the mass procedural-specific mask, as well to add into that sales force. We do this all the time in our MedSurg businesses. It's part of the fuel for growth, and that's why we stay so high in our growth rates as we just don't sit still.

但這就是我們在史賽克所做的。我們在胃腸道中做了這件事。如果你還記得的話，當我們推出 Neptune 時，我們創建了一個 GI 銷售團隊，並且我們還收購了 [Palm]，這是一款大規模手術專用面罩，以擴充該銷售團隊。我們在醫療外科業務中一直都是這樣做的。這是成長的動力之一，也是我們維持高成長率的原因，因為我們從不停滯不前。

We either bring in these tuck-in acquisitions, couple them together and create a specialized sales force. And then at some point, if we do a big enough deal, we could create a separate business unit as we've done with SmartCare and as we've done with other business units in the past.

我們要麼引進這些補充收購對象，要麼將它們結合起來，打造一支專業的銷售團隊。然後，如果將來我們達成一筆足夠大的交易，我們就可以像之前對 SmartCare 和其他業務部門所做的那樣，創建一個獨立的業務部門。

I appreciate that. And maybe, Preston, on the free cash flow, really great growth this year. I hear you on the conversion range. But can you just maybe talk about what you're expecting for CapEx, it was flat year over year? (inaudible) yes, for 2026, what you're expecting more for free cash flow?

我很感激。或許，普雷斯頓，就自由現金流而言，今年可能會有非常強勁的成長。我明白你說的轉換範圍的問題。但您能否談談您對資本支出的預期？它與去年持平。（聽不清楚）是的，對於2026年，您對自由現金流的預期會更高嗎？

Yes. So from a free capital standpoint, I said before, I mean, we're still going to target in that same range of 70 to 80. That's been the range that we've been targeting for the last few years. We feel like that's a good place for us. We can balance investment with also obviously being more productive from a cash perspective.

是的。所以從自由資本的角度來看，正如我之前所說，我們仍然會把目標定在 70 到 80 的範圍內。過去幾年，我們一直瞄準的就是這個範圍。我們覺得那裡很適合我們。我們可以在投資的同時，顯然也能在現金流方面提高生產效率。

When it comes to capital, I mean, really, our capital focus is around how we support growth. So whether that's investments we're making in our plants or obviously, investments we're making in our IT systems for structure as well in terms of how we're running our businesses.

說到資本，我的意思是，實際上，我們的資本重點在於如何支持成長。所以，無論是我們對工廠的投資，或是我們對IT系統的投資（這同樣關係到我們業務的營運結構），都是如此。

So there's really no change in our overall approach that we're thinking about from a cash flow standpoint. We are looking at how do we improve areas like working capital, which gives us even more flexibility from a cash standpoint as we move forward.

所以從現金流的角度來看，我們整體的做法並沒有什麼改變。我們正在研究如何改善營運資金等領域，這將使我們在未來的發展中，在現金流方面擁有更大的靈活性。

Jayson Bedford, Raymond James.

傑森貝德福德，雷蒙德詹姆斯。

Well, we have no further questions after Jayson. So I'll now hand the call over to Kevin Lobo for closing remarks.

好了，傑森之後我們沒有其他問題了。現在我將把電話交給凱文·洛博，請他作總結發言。

So thank you all for joining our call. As you can see, we have strong momentum entering 2026, and we look forward to sharing our first quarter results with you in April. Thank you.

感謝各位參與我們的電話會議。如您所見，我們在進入 2026 年後發展勢頭強勁，我們期待在 4 月與您分享我們第一季的業績。謝謝。

This concludes the fourth-quarter and full-year 2025 Stryker earnings call. You may now disconnect.

史賽克公司 2025 年第四季及全年財報電話會議到此結束。您現在可以斷開連線了。