刚过去的周末， 思宇MedTech 注意到美国地方媒体《 Star Tribune 》在其"Strib Exclusive" 专栏刊发了一篇长文 "拆分还是重生" 《A breakup or the cusp of greatness? What Medtronic's big changes mean for its future》 。语气犀利， 直指美敦力多个尖锐问题 ： 近年来的增长停滞、创新疲软、收购整合遗留问题、激进投资者入场带 来的结构性压力等。 虽然《Star Tribune》内容广泛、定位介于地方新闻与财经媒体之间，但 因地处美敦力总部所在的明尼阿波利斯 ，长期追踪当地三大工业与医疗科技巨头—— Medtronic、3M、United Health Group 。在业界，它常常 最早捕捉企业战略转向的风向 ：例如 3M 的医疗业务拆分、美敦力退出呼吸机板块，均由该报率先披 露。 毕竟，在这座城市， 当地资本、分析师乃至美敦力员工几乎都会阅读 Star Tribune 。 因此，这篇以" 拆分还是重生 "为主题的独家专栏， 既像是一次地方媒体的深度追问，也被视为 总部城市的"气压计"与风向仪 。 ...

Financial Data and Key Metrics Changes - The company reported Q1 revenue of €8.6 billion, growing 8.4% reported and 4.8% organic, in line with guidance [38] - Adjusted EPS was €1.26, exceeding the midpoint of guidance by €0.03 [42] - Adjusted gross margin was 65.1%, down 80 basis points year over year, but stable compared to Q4 [38] Business Line Data and Key Metrics Changes - Cardiovascular grew 7% this quarter, driven by nearly 50% growth in Cardiac Ablation Solutions [21][22] - Neuroscience grew 3%, with high single-digit growth in neurosurgery and neuromodulation [11][28] - MedSurg grew 2%, with high single-digit growth in Advanced Energy [31] - Diabetes grew 8%, with 11% growth in international markets [34] Market Data and Key Metrics Changes - The U.S. market showed slower growth in certain segments, particularly in diabetes and pelvic health, while international markets performed better [60] - The company expects to ramp up procedures for the SIMPLICITY system following CMS's proposed national coverage decision [25][27] Company Strategy and Development Direction - The company is focused on accelerating growth through innovation and strategic investments in high-growth areas like CAS and Ardian [19][20] - A planned separation of the diabetes business is expected to enhance focus on core businesses and improve revenue and earnings growth [19][37] - New board committees have been established to enhance focus on growth and operational efficiency [48][49] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in accelerating growth in the second half of fiscal 2026, driven by strong demand and new product launches [7][19] - The company anticipates significant revenue growth from its PFA portfolio and other upcoming product launches [13][14] - Management highlighted the importance of maintaining pricing discipline and improving operational efficiencies to support growth [38][45] Other Important Information - The company is increasing investments in R&D, with a 7.7% increase in adjusted R&D spending [40] - The anticipated impact of tariffs has been adjusted, with expectations now at approximately €185 million for fiscal 2026 [44] Q&A Session All Questions and Answers Question: Update on CAS growth and its impact on U.S. growth - Management confirmed that CAS growth is accelerating and will positively impact U.S. growth, despite some segments showing slower growth [56][58] Question: Impact of new board committees on governance and operations - The new committees will provide focused oversight on growth and operational performance, with increased interaction with management expected to drive improvements [68][70] Question: Commitment to CAS annual sales target - Management reaffirmed the commitment to achieving $2 billion in annual CAS sales, indicating strong confidence in the growth trajectory [76][78] Question: Discussion on capital allocation and potential changes - Management indicated that the new board members and committees will facilitate discussions on capital allocation and value creation strategies [81][89] Question: Overall portfolio growth expectations - Management stated that while significant growth opportunities exist, they will not neglect the rest of the business and expect to see incremental growth from various segments [99][100]