Alcon AG (ALC) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Alcon first quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Alcon 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Dan Cravens, VP of Investor Relations. Thank you. You may begin.

現在我很高興介紹您的主持人，投資者關係副總裁 Dan Cravens。謝謝。你可以開始了。

Welcome to Alcon's first quarter 2025 earnings conference call. Yesterday, we issued a press release, interim financial report and presentation. You can find all these documents on our website at investor.alcon.com.

歡迎參加愛爾康 2025 年第一季財報電話會議。昨天，我們發布了新聞稿、中期財務報告和簡報。您可以在我們的網站 investor.alcon.com 上找到所有這些文件。

Please note that starting this quarter in order to streamline our reporting the interim financial report and other filings will be limited to information required by regulations. Non-IFRS results, including constant currency growth and core items will only be presented in the press release and presentation.

請注意，從本季度開始，為了簡化我們的報告，中期財務報告和其他文件將僅限於法規要求的資訊。非國際財務報告準則的結果（包括固定匯率成長和核心項目）將僅在新聞稿和簡報中呈現。

Joining me on today's call are David Endicott, our Chief Executive Officer; and Tim Stonesifer, our Chief Financial Officer.

參加今天電話會議的還有我們的執行長 David Endicott；以及我們的財務長 Tim Stonesifer。

Our press release, presentation and discussion will include forward-looking statements. We expressly disclaim any obligation to update forward-looking statements as a result of new information or future developments, except as required by law. Our actual results may differ materially from those expressed or implied in our forward-looking statements. And as such, you should not place undue reliance on any forward-looking statements.

我們的新聞稿、演示和討論將包括前瞻性陳述。我們明確表示不承擔因新資訊或未來發展而更新前瞻性聲明的任何義務，除非法律要求。我們的實際結果可能與我們的前瞻性陳述中所表達或暗示的結果有重大差異。因此，您不應過度依賴任何前瞻性陳述。

Important factors that could cause our actual results to differ materially from those in our forward-looking statements are included in our Form 20-F, earnings press release and interim financial report, which are all on file with the Securities and Exchange Commission and available on their website at sec.gov.

可能導致我們的實際結果與前瞻性聲明中的結果大不相同的重要因素包含在我們的 20-F 表格、收益新聞稿和中期財務報告中，這些都已提交給美國證券交易委員會，並可在其網站 sec.gov 上查閱。

Non-IFRS financial measures used by the company may be calculated differently from, and may not be comparable to, similar measures used at other companies. These non-IFRS financial measures should be considered along with, but not as alternatives to, the operating performance measures as prescribed for IFRS.

該公司使用的非國際財務報告準則財務指標可能與其他公司使用的類似指標的計算方式不同，且可能無法與其他公司使用的類似指標進行比較。這些非國際財務報告準則的財務指標應與國際財務報告準則規定的營運績效指標一起考慮，但不能取代這些指標。

Please see a reconciliation between our non-IFRS measures with directly comparable measures presented in accordance with IFRS in our press release. For discussion purposes, our comments on growth are expressed in constant currency.

請參閱我們的新聞稿中非國際財務報告準則衡量指標與依照國際財務報告準則呈現的直接可比較指標之間的對帳。為了討論的目的，我們對成長的評論以固定貨幣表示。

In a moment, David will begin by recapping highlights from the first quarter. After his remarks, Tim will discuss our performance and outlook for 2025. Then, David will wrap up, and we will open the call for Q&A.

稍後，大衛將開始回顧第一季的精彩內容。演講結束後，蒂姆將討論我們的表現以及對 2025 年的展望。然後，David 將進行總結，然後我們將開始問答環節。

With that, I'll now turn the call over to our CEO, David Endicott.

說完這些，我現在將電話轉給我們的執行長大衛恩迪科特 (David Endicott)。

Thanks, Dan, and thanks, everybody, for joining us today. As we sit here in mid-May, it is remarkable to reflect on how dynamic this year's been so far.

謝謝丹，也謝謝大家今天加入我們。五月中旬，我們在此回顧今年迄今的蓬勃發展，令人驚嘆不已。

First, we've begun a cascade of product launches that will grow our business for years to come, punctuated by the launch of Unity VCS in both Japan and the US. Second, we acquired a majority position and a great long-term asset in Aurion Biotech, with the potential to change the standard of care in corneal transplantation.

首先，我們已經開始推出一系列產品，這將在未來幾年內促進我們的業務成長，其中最引人注目的是在日本和美國推出的 Unity VCS。其次，我們收購了 Aurion Biotech 的多數股權和一項重要的長期資產，這有可能改變角膜移植的照護標準。

And third, there's been an obvious disruption in the global trade environment. And yet at Alcon, I remain encouraged by the strength and resilience of our underlying business performance. So while the current tariff structure introduces new headwinds, our global network of 17 manufacturing sites and decades of operational experience position us well to implement mitigating strategies.

第三，全球貿易環境明顯受到干擾。然而，在愛爾康，我仍然對我們基礎業務表現的強勁和韌性感到鼓舞。因此，儘管當前的關稅結構帶來了新的阻力，但我們在全球擁有的 17 個製造基地和數十年的營運經驗使我們能夠很好地實施緩解策略。

In most cases, we make products in region, for region and have the ability to transfer production across sites. However, our existing manufacturing footprint is optimized for a predominantly free trade environment. Shifting production across sites require stable trade policy, along with timing capital. We will adapt to whatever final policy decisions are made.

在大多數情況下，我們在特定區域生產產品，並且能夠跨站點轉移生產。然而，我們現有的製造足跡已經針對以自由貿易為主的環境進行了最佳化。跨地點轉移生產需要穩定的貿易政策以及資本時機。無論最終的政策決定是什麼，我們都會適應。

But in the meantime, we continue to work with AdvaMed, Medtech Europe and our local Chinese affiliate to advocate for a Medtech exemption or a zero for zero tariff regime. We remain deeply committed to access to eye care and zero for zero terra structure supports uninterrupted care by ensuring patients and providers can receive the products they need when they need them.

但同時，我們繼續與 AdvaMed、Medtech Europe 和我們當地的中國分支機構合作，倡導醫療技術豁免或零關稅制度。我們始終堅定地致力於提供眼科護理服務，零對零地形結構透過確保患者和提供者能夠在需要時獲得所需的產品來支持不間斷的護理。

In a few minutes, Tim will walk you through our thinking on the current tariff environment. Now I'll shift to discussing the first quarter. We delivered sales of $2.5 billion and sales growth of 3%. We also delivered a core operating margin of 20.8% and core diluted earnings of $0.73 per share. Despite another soft quarter in the US surgical market, these results are a testament to the breadth of our geographic footprint and product portfolio as well as the commitment of our talented teams across the globe.

幾分鐘後，蒂姆將向您介紹我們對當前關稅環境的看法。現在我將轉而討論第一季。我們的銷售額達到 25 億美元，銷售額成長 3%。我們還實現了 20.8% 的核心營業利潤率和每股 0.73 美元的核心稀釋收益。儘管美國外科手術市場又經歷了一個疲軟的季度，但這些結果證明了我們的地理覆蓋範圍和產品組合的廣度，以及我們全球優秀團隊的承諾。

I'm pleased to report that at the recent American Society of Cataract Refractive Surgery Conference, we officially launched Unity VCS and PanOptix Pro. The Unity launch is the culmination of more than 10 years of work by our R&D and engineering teams informed by invaluable input by key opinion leaders around the world.

我很高興地報告，在最近的美國白內障屈光手術學會會議上，我們正​​式推出了 Unity VCS 和 PanOptix Pro。Unity 的推出是我們研發和工程團隊十多年辛勤工作的成果，並藉鑒了世界各地關鍵意見領袖的寶貴意見。

I'd like to take the opportunity to thank all of our teams who've been involved in this transformational change in ophthalmic surgery. Uniti VCS is a combined console for both vitro retinal and cataract surgery, while Uniti CS is a stand-alone cataract system that will be available toward the end of the year.

我想藉此機會感謝所有參與眼科手術這項變革的團隊。Uniti VCS 是一款用於體外視網膜和白內障手術的組合控制台，而 Uniti CS 是一款獨立的白內障系統，將於今年年底上市。

The platform is designed to deliver superior efficiency for both types of procedures while continuing to deliver exceptional outcomes and safety. The system features many first-to-market technologies designed to deliver transformative surgical innovation.

該平台旨在為這兩種類型的程序提供卓越的效率，同時繼續提供卓越的結果和安全性。該系統採用多項首創的市場技術，旨在實現變革性的外科手術創新。

For example, 4D Paco delivers twice as fast lens removal with 41% lower energy delivered to the eye. Additionally, HyperVit30K is the world's fastest retractor and is 1.5 times faster than the existing best-in-class.

例如，4D Paco 可將水晶體摘除速度提高一倍，同時將傳送至眼睛的能量降低 41%。此外，HyperVit30K 是世界上最快的牽開器，比現有同類最佳產品快 1.5 倍。

Lastly, Unity Intelligent Fluidics creates greater stability and control at each procedural step. Unity VCS has received CE Mark and regulatory approvals in Australia, Japan and the US, and we will begin delivering new units later this month.

最後，Unity Intelligent Fluidics 在每個程式步驟中創造了更高的穩定性和控制力。Unity VCS 已獲得 CE 標誌和澳洲、日本和美國的監管部門批准，我們將於本月稍後開始交付新產品。

Now I'll turn to implantables, where we recently launched PanOptix Pro. We believe this next-generation technology builds on our market-leading position and keeps us on the forefront of innovation. This lens builds upon the success of the world's most implanted trifocal PCI by reducing the amount of light scatter by 50%.

現在我將談談植入物，我們最近推出了 PanOptix Pro。我們相信這項下一代技術將鞏固我們的市場領先地位，並使我們始終處於創新的前沿。該晶狀體在世界上植入最多的三焦點 PCI 的成功基礎上，將光散射量減少了 50%。

Our surgeon research suggests that life scatter is a key driver of dysphotopsia such as halos and glare, which is why we're so excited about PanOptix Pro. This lens is now available in the US and initial surgeon and patient feedback has been excellent. We look forward to bringing it to select international markets later this year.

我們的外科醫生研究表明，生命散射是光暈和眩光等視覺障礙的主要驅動因素，這就是我們對 PanOptix Pro 如此興奮的原因。該款鏡片目前已在美國上市，初步外科醫師和病患的回饋都非常好。我們期待今年稍後將其引入精選國際市場。

Now shift to Vision Care, starting with contact lenses. I've been extremely pleased by the performance of all of our innovative lenses built upon our water gradient technology.

現在轉向視力保健，從隱形眼鏡開始。我對我們基於水梯度技術打造的所有創新鏡頭的性能感到非常滿意。

Our major recent innovations, including Precision 1 family, the Total 30 family and DAILIES TOTAL1 for astigmatism grew double digits in the first quarter. We launched Precision 7 at the start of this year, and it's gaining traction with both doctors and patients.

我們近期的主要創新，包括 Precision 1 系列、Total 30 系列和散光專用 DAILIES TOTAL1，在第一季都實現了兩位數的成長。我們在今年年初推出了 Precision 7，它越來越受到醫生和患者的青睞。

Wearers benefit from 16 hours of outstanding comfort even on day seven, due in part to our active flow system, which keeps lenses moist by leveraging a moisturizing agent in the lens with a replenishing agent. Additionally, wearers appreciate the intuitive seven-day replacement schedule, which enhances patient compliance and satisfaction, offering a great choice if a daily disposable SiHy lens is not an option.

配戴者即使在第七天也能享受到 16 小時的出色舒適感，這部分歸功於我們的主動流動系統，該系統利用鏡片中的保濕劑和補充劑來保持鏡片濕潤。此外，佩戴者非常欣賞直觀的七天更換計劃，這提高了患者的依從性和滿意度，如果無法選擇每日丟棄的 SiHy 鏡片，這是一個很好的選擇。

For eye care professionals, this lens allows them to meet diverse patient needs with a lens that balances innovation, comfort and cost effectiveness. As a reminder, Precision 7 targets the reusable lens category, which we estimate is worth approximately $3.8 billion and where Alcon is under-indexed.

對於眼科護理專業人士來說，這種鏡片可以讓他們透過平衡創新、舒適性和成本效益的鏡片來滿足不同患者的需求。提醒一下，Precision 7 的目標是可重複使用的鏡片類別，我們估計該類別的價值約為 38 億美元，而愛爾康在該類別的指數被低估。

Now I'll turn to ocular health I'll start with sustainable improvement for patients who experience irritation or discomfort with their current drops. SYSTANE PRO has been available in the US since February, and we're continuing to expand its rollout to major retailers nationwide. Next, I'll comment on a culture on our dry eye pharmaceutical candidate.

現在我將談談眼部健康，我將從對使用當前眼藥水後感到刺激或不適的患者的可持續改善開始。SYSTANE PRO 自二月起已在美國上市，我們正在繼續將其推廣範圍擴大到全國各大零售商。接下來，我將對我們的乾眼症藥物候選物的文化進行評論。

We continue to expect an FDA response to our filing at the end of May, in line with the PDUFA date that we received last year. Our team has been working hard ahead of the launch. We've expanded our eye drop sales force in the US. We now have a group dedicated to glaucoma and a separate group dedicated to dry eye. Additionally, we continue to engage with payers where appropriate.

我們仍然期待 FDA 於 5 月底對我們的申請做出回應，與我們去年收到的 PDUFA 日期一致。我們的團隊在發布之前一直在努力工作。我們擴大了在美國的眼藥水銷售團隊。我們現在有一個專門研究青光眼的小組和一個專門研究乾眼症的單獨小組。此外，我們將在適當的情況下繼續與付款人合作。

Now turning to BD&L activity. We have two recent exciting developments. First, I'm pleased to report that we acquired the majority interest in Aurion Biotech. Aurion is at the forefront of regenerative medicine. The company's flagship therapeutic candidate, AURN-001 has received breakthrough therapy and regenerative medicine advanced therapy designations from the FDA.

現在轉向 BD&L 活動。我們最近有兩個令人興奮的進展。首先，我很高興地報告，我們收購了 Aurion Biotech 的多數股權。Aurion 處於再生醫學的前沿。該公司的旗艦治療候選藥物 AURN-001 已獲得 FDA 頒發的突破性療法和再生醫學先進療法稱號。

It could represent a paradigm shift in the treatment of corneal endothelial dysfunction, which is a condition leading to corneal edema, vision loss and potential blindness. 001 is an allogeneic cell therapy comprised of corneal endothelial cells derived from healthy donors and a rho-kinase inhibitor that enhances cell survival and integration.

它可能代表角膜內皮功能障礙治療的典範轉移，角膜內皮功能障礙會導致角膜水腫、視力喪失和潛在失明。 001 是一種同種異體細胞療法，由來自健康捐贈者的角膜內皮細胞和增強細胞存活和整合的 rho 激酶抑制劑組成。

001 is administered as a single intracameral injection following a surgical intervention on the corneal endothelium. This therapy offers a minimally invasive alternative to traditional corneal transplants which are limited by donor availability and surgeon complexity. 001 is currently approved in Japan under the trade name of Vyznova.

001 是在角膜內皮接受手術幹預後透過單次前房注射給藥的。這種療法提供了一種微創的替代方法，可以取代傳統的角膜移植，因為傳統的角膜移植受到捐贈者的可用性和外科醫生的複雜性的限制。 001 目前已在日本獲得批准，商品名為 Vyznova。

In the US, we plan to launch Phase 3 clinical trial activities late this year, and we aim to bring the product to market in mid- to late 2028. Given the scale of the unmet need, we expect peak sales of $0.5 billion or greater.

在美國，我們計劃在今年稍後啟動3期臨床試驗活動，並計劃在2028年中後期將產品推向市場。考慮到未滿足需求的規模，我們預計高峰銷售額將達到 5 億美元或更高。

Now we also entered into a definitive merger agreement to acquire LENSAR. The acquisition includes the Ally robotic cataract laser treatment system. We intend for this next-generation technology to ultimately succeed LASIK as our femtosecond laser-assisted cataract surgery platform.

現在我們也簽署了收購 LENSAR 的最終合併協議。此次收購包括 Ally 機器人白內障雷射治療系統。我們希望這項新一代技術最終能取代 LASIK，成為我們的飛秒雷射輔助白內障手術平台。

We're excited for the opportunity to bring LENSAR unique next-generation technologies into our innovative equipment portfolio. The transaction is anticipated to close in mid-to-late 2025, subject to customary closing conditions, including regulatory approval.

我們很高興有機會將 LENSAR 獨特的下一代技術融入我們的創新設備組合。該交易預計將於 2025 年中後期完成，但須滿足包括監管部門批准在內的慣例成交條件。

Finally, I'll briefly discuss market dynamics for the first quarter. In cataract, we estimate that global procedures grew low single digits. Additionally, global ATIL penetration was up approximately 200 basis points year over year.

最後，我簡單談談第一季的市場動態。對於白內障治療，我們估計全球手術量成長率僅為個位數。此外，全球 ATIL 滲透率年增約 200 個基點。

In both cases, the main growth driver was international markets. In contact lens, the retail market remained solid in the first quarter. We estimate that it grew approximately mid-single digits in line with historical trends.

在這兩種情況下，主要的成長動力都是國際市場。隱形眼鏡方面，第一季零售市場保持穩健。我們估計，其成長率約為中等個位數，與歷史趨勢一致。

And with that, I'll pass it to Tim who'll take you through our financial results and discuss our outlook.

說完這些，我將把它交給蒂姆，他將向你們介紹我們的財務結果並討論我們的前景。

Thanks, David. Our first quarter sales of $2.5 billion were up 3% versus prior year. This growth is slightly lower than recent trends and reflects approximately 1 point of headwind from our divestiture and out-licensing of eyedrops to Occumention in China in the fourth quarter of 2024.

謝謝，大衛。我們第一季的銷售額為 25 億美元，比去年同期成長了 3%。這一成長略低於近期趨勢，反映了我們在 2024 年第四季將眼藥水業務剝離並授權給中國 Occumention 所帶來的約 1 個百分點的阻力。

In our surgical franchise, revenue was up 2% year over year to $1.3 billion. Implantable sales were $420 million in the quarter, in line with the prior period. We saw another quarter of strong growth in advanced technology IOLs in China and other international markets. This was offset by soft market conditions in the US that David mentioned earlier as well as competitive pressures.

在我們的外科手術特許經營中，收入年增 2%，達到 13 億美元。本季植入物銷售額為 4.2 億美元，與上一季持平。我們看到中國和其他國際市場的先進技術 IOL 又一個季度呈現強勁成長。但大衛之前提到的美國市場疲軟以及競爭壓力抵消了影響。

In consumables, our first quarter sales were up 6% to $712 million, driven by vitret and cataract consumables, particularly in international markets and price increases. In equipment, sales of $199 million were down 6% year over year. Following the recent launch of Unity VTS, we continue to expect equipment sales to meaningfully accelerate through the second half of the year.

在耗材方面，我們的第一季銷售額成長 6%，達到 7.12 億美元，這得益於玻璃體和白內障耗材，尤其是在國際市場和價格上漲的推動下。設備方面的銷售額為 1.99 億美元，較去年同期下降 6%。繼最近推出 Unity VTS 之後，我們預計設備銷售將在今年下半年大幅加速。

Turning to Vision Care. First quarter sales of $1.1 billion were up 3%. Contact loan sales were up 4% to $688 million in the quarter, primarily due to product innovation as well as price increases.

轉向視力保健。第一季銷售額為 11 億美元，成長 3%。本季度，合約貸款銷售額成長 4%，達到 6.88 億美元，主要得益於產品創新和價格上漲。

As David mentioned, we continue to see strong growth across the PRECISION1 and TOTAL30 families as well as daily Total1 for stigmatism. This growth was partially offset by declines in legacy products where we have limited our promotional efforts. We also faced a strong prior year quarter, mainly driven by the timing of price increases.

正如 David 所提到的，我們繼續看到 PRECISION1 和 TOTAL30 系列以及針對散光的每日 Total1 的強勁成長。由於我們限制了促銷力度，傳統產品的銷售下滑部分抵銷了這一成長。我們也面臨去年同期強勁的業績，這主要得益於價格上漲的時機。

In ocular health, first quarter sales of $432 million were up 2% year over year. Growth was primarily driven by the sustained family that I mentioned previously. Now moving down the income statement.

在眼科保健領域，第一季銷售額為 4.32 億美元，年增 2%。成長主要由我之前提到的穩定家庭推動。現在向下移動損益表。

First quarter core gross margin was 63.2%, broadly in line with the prior year. Core operating margin was 20.8%, down 40 basis points, primarily due to increased investment in R&D. First quarter interest expense was $49 million, broadly in line with last year.

第一季核心毛利率為63.2%，與去年基本持平。核心營業利益率為20.8%，下降40個基點，主要由於研發投入增加。第一季利息支出為 4,900 萬美元，與去年同期基本持平。

Other financial income and expense was a net benefit of $9 million, also broadly in line with last year. The first quarter average core tax rate was 21%, compared to 23.2% in the prior year period as last year included a net expense from discrete items.

其他財務收入和支出的淨收益為 900 萬美元，與去年基本持平。第一季平均核心稅率為 21%，而去年同期為 23.2%，因為去年包含了單一項目的淨支出。

Core diluted earnings were $0.73 per share in the quarter in line with last year on a constant currency basis. Turning to cash. We generated $278 million of free cash flow in the first quarter compared to $229 million in 2024 due to higher cash from operations.

以固定匯率計算，本季核心稀釋收益為每股 0.73 美元，與去年同期持平。轉向現金。由於經營現金流增加，我們第一季產生了 2.78 億美元的自由現金流，而 2024 年為 2.29 億美元。

Before turning to the outlook, I want to take a few moments to address tariffs. As we think about the tariff impact, we're providing our best estimate based on a set of assumptions in an evolving environment.

在談論前景之前，我想花一點時間來談談關稅問題。當我們考慮關稅的影響時，我們會根據不斷變化的環境中的一系列假設提供最佳估計。

As David mentioned, our global manufacturing footprint was built and optimized for a free trade environment. In most but not all markets we're fortunate to manufacture in region for region. However, while we are able to relocate manufacturing, shifting production intelligently requires a stable trade environment.

正如大衛所提到的，我們的全球製造足跡是針對自由貿易環境而建立和優化的。在大多數（但並非所有）市場中，我們很幸運能夠在區域內進行生產。然而，雖然我們能夠轉移製造業，但要明智地轉移生產需要穩定的貿易環境。

We've completed a thorough assessment of the current tariffs and mitigation strategies available to us. These strategies include supplier diversification, optimizing our manufacturing network, managing discretionary spend and implementing selective price actions.

我們已經對目前可用的關稅和緩解策略進行了全面評估。這些策略包括供應商多樣化、優化我們的製造網絡、管理可自由支配的支出和實施選擇性價格行動。

As of today, we estimate that the gross impact from these tariffs will pressure cost of sales by approximately $80 million for the full year versus our outlook in February. As the cost of tariffs are capitalized in the inventory and then flow into the income statement as goods are sold, we expect to see nearly all of the gross impact in the second half of the year.

截至今天，我們估計這些關稅造成的整體影響將使全年銷售成本壓力達到約 8,000 萬美元，而我們 2 月的預測則是如此。由於關稅成本在庫存中資本化，然後在商品銷售時流入損益表，我們預計幾乎所有的總影響都會在下半年顯現。

We expect to fully offset the tariff pressure through operational actions and currency tailwinds. Importantly, these estimates do not reflect any potential impact related to future tariffs and trade policy changes. Now moving to our outlook for the remainder of the year.

我們希望透過營運行動和貨幣順風來完全抵消關稅壓力。重要的是，這些估計並未反映與未來關稅和貿易政策變化相關的任何潛在影響。現在來談談我們對今年剩餘時間的展望。

Our current guidance assumes that the aggregate global eye care market grows approximately 4%. That exchange rate as of mid-May hold through year end, and that the tariff rates and exemptions announced as of May 12, persists through the end of the year.

我們目前的指導假設全球眼保健市場總量成長約 4%。五月中旬的匯率將維持到年底，5月12日宣布的關稅稅率和豁免將維持到年底。

Now starting with sales, we are updating our full year revenue guidance to $10.4 billion to $10.5 billion which reflects the favorable foreign exchange environment. Additionally, given the soft US surgical market, we are updating our sales growth rate guidance to between 6% and 7% in constant currency. In terms of phasing, we continue to expect sales growth to meaningfully accelerate in the second half of the year given the timing of the new product launches.

現在從銷售開始，我們將全年收入預期更新為 104 億美元至 105 億美元，這反映了有利的外匯環境。此外，鑑於美國外科手術市場疲軟，我們將銷售成長率預期更新為 6% 至 7%（以固定匯率計算）。從分階段來看，考慮到新產品推出的時間，我們仍然預計下半年銷售成長將顯著加速。

Moving to operating expenses. We expect incremental R&D expense following our recent BD&L activity. However, we expect to remain within our range of 8% to 10% of sales. Additionally, we expect SG&A to step up in the remainder of the year. We expect the highest spend in the second quarter due to normal seasonality and the timing of new launches.

轉向營運費用。我們預計，在最近的 BD&L 活動之後，研發費用將會增加。不過，我們預期銷售額仍將維持在 8% 至 10% 的範圍內。此外，我們預計今年剩餘時間內銷售、一般及行政費用 (SG&A) 將會增加。由於正常的季節性和新產品推出的時間，我們預計第二季的支出最高。

Turning to profitability. We now expect full year core operating margin to be between 20% and 21%. This updated range reflects approximately 80 basis points of pressure from recent BD&L activity versus our February outlook.

轉向盈利能力。我們現在預計全年核心營業利潤率將在 20% 至 21% 之間。與我們的 2 月展望相比，這項更新後的範圍反映了近期 BD&L 活動帶來的約 80 個基點的壓力。

Moving down the income statement. Following the consolidation of Aurion, we now expect nonoperating income and expense to be between $185 million and $205 million.

向下移動損益表。合併 Aurion 之後，我們預計非營業收入和支出將在 1.85 億美元至 2.05 億美元之間。

Turning to tax, we continue to expect our full year core average tax rate to be approximately 20%. Based on all these factors, we now expect our core diluted earnings guidance range to be between $3.05 to $3.15 per share. This updated range reflects a $0.10 of impact from recent BD&L activity. This range corresponds to year-over-year growth of between 2% and 5% in constant currency.

談到稅收，我們繼續預計全年核心平均稅率約為 20%。基於所有這些因素，我們現在預計核心稀釋收益預期範圍將在每股 3.05 美元至 3.15 美元之間。此更新範圍反映了最近 BD&L 活動造成的 0.10 美元的影響。這一範圍相當於以固定匯率計算的 2% 至 5% 的年增長。

Before I wrap up, I'm pleased to announce that our Annual General Meeting last week, shareholders approved a dividend of CHF0.28 per share, in line with our payout policy of 10% of the previous year's core net income.

在結束之前，我很高興地宣布，上週我們的年度股東大會上，股東批准了每股 0.28 瑞士法郎的股息，這符合我們上一年核心淨收入 10% 的派息政策。

I want to thank our shareholders for their continued support. And finally, I want to take a moment to thank our associates across all levels of the organization. Your dedication and focus continued to drive our performance and position us for long-term success.

我要感謝我們的股東一直以來的支持。最後，我想花點時間感謝我們組織各個層級的同事。您的奉獻和專注繼續推動我們的業績並使我們獲得長期成功。

So to conclude, we remain confident in the long-term fundamentals of the eye care market and our business, 2025 is a watershed year for us. We're bringing a wave of groundbreaking products to market each designed to help improve sight and set new standards of care. These launches reflect the strength of our pipeline, our deep understanding of customer needs and our commitment to shaping the future of eye care.

總而言之，我們仍然對眼保健市場和我們業務的長期基本面充滿信心，2025 年對我們來說是一個分水嶺。我們向市場推出了一系列突破性的產品，每款產品都旨在幫助改善視力並制定新的護理標準。這些產品的推出體現了我們產品線的實力、我們對客戶需求的深刻理解以及我們對塑造眼科保健未來的承諾。

Our continued investment in research and development along with strategic acquisitions, further fuels our innovation engine and expands our capabilities. And we're excited about what's ahead and confident in our ability to drive long-term growth through purposeful market-leading innovation. We appreciate your continued support. Look forward to updating you on our progress next quarter.

我們對研發的持續投資以及策略性收購進一步增強了我們的創新引擎並擴展了我們的能力。我們對未來充滿期待，並有信心透過有目的的、引領市場的創新來推動長期成長。感謝您一直以來的支持。期待下個季度向您通報我們的進展。

So with that, let's open the line for Q&A.

那麼，讓我們開始問答環節。

(Operator Instructions) Veronika Dubajova, Citi.

（操作員說明）Veronika Dubajova，花旗銀行。

I have two, please. The first one is just on the shape of the organic growth rate through the remainder of the year. I can push you a little bit more on how do we get from the three to the six to seven. Could you give us a bit of flavor on where you expect the second quarter to land?

請給我兩份。第一個只是關於今年剩餘時間有機成長率的形態。我可以再多問你一下我們如何從三到六再到七。您能否向我們透露一下您對第二季業績的預期？

And just how much faster the growth in the back half of the year is going to be? And what is the biggest moving part or two related to that growth acceleration and your degree of confidence in those and then if I can a follow-up here.

那麼今年下半年的成長速度究竟會有多快呢？與這種成長加速相關的最大的一兩個推動因素是什麼？您對此的信心程度如何？然後我可以在這裡跟進一下嗎？

Go ahead, Tim. Actually, I'll do my follow up afterwards go forward.

繼續吧，提姆。實際上，我會在之後進行跟進。

Yes. Well, first of all, welcome back, Veronica. Yes. So again, this plan has always been based on growth acceleration in the back half of the year, driven by the cadence and the timing of the product launches. So I'm not going to give Q2 guidance, but -- what I -- what we do feel very comfortable with is this, we will see, call it, high single-digit revenue growth in the back half of the year.

是的。嗯，首先，歡迎回來，維羅妮卡。是的。因此，該計劃始終基於下半年的成長加速，並由產品發布的節奏和時機推動。因此，我不會給出第二季度的指引，但是——我——我們確實感到非常放心的是，我們將在今年下半年看到所謂的高個位數收入成長。

What's going to drive that Unity VCS, we're very excited about PanOptix Pro. You look at Precision 7 SYSTANE PRO. So as we've talked about in the past, a lot of these launches are coming out in the back half of the year, and we expect that to take it to the 6% to 7% revenue growth for the total year.

什麼將推動 Unity VCS，我們對 PanOptix Pro 感到非常興奮。您看一下 Precision 7 SYSTANE PRO。正如我們過去所討論的，許多新產品都將在今年下半年推出，我們預計這將使全年收入成長 6% 至 7%。

Got it. That's helpful. And then my follow-up, probably more for David, but in one of the growing investor concerns out there that we hear a lot in our conversation as the US cataract market continuing to be so subdued -- and are you confident is it just a market issue? Or is this also a competition issue.

知道了。這很有幫助。然後我的後續問題可能更多是針對大衛的，但是我們在談話中經常聽到的一個問題是，投資者越來越擔心美國白內障市場持續低迷——您是否確信這只是一個市場問題？或者這也是一個競爭問題。

So I'd love to get your thoughts, David, on why are we not seeing a better growth rate here? And how comfortable are you with the assumption that you can maintain your competitive advantage, in particular in the premium space?

所以我很想聽聽你的想法，大衛，為什麼我們沒有看到更好的成長率？您對於自己能夠保持競爭優勢（特別是在高端領域）的假設有多放心？

Well, thanks, Veronika and again welcome back. Listen, I think the share thing, I think we feel pretty good about, we're pretty much on where we had expected to be. The market is a little surprisingly soft, I think, in the first quarter to us. I think -- we have seen that really in the third and fourth quarters, as we mentioned.

好吧，謝謝，維羅妮卡，歡迎再次回來。聽著，我認為對於共享的事情，我們感覺很好，我們基本上已經達到了我們預期的水平。我認為，第一季的市場對我們來說有點令人意外的疲軟。我認為——正如我們所提到的，我們在第三季和第四季確實看到了這一點。

So to see it again in the first we'd hoped not to. Obviously, we've adjusted our market to about a 4% growth for the year as a consequence. Look, I think as we wrap around last year, we're going to see a much better growth rate to begin with.

因此，我們希望不要在第一時間再次看到它。顯然，我們已將今年的市場成長率調整為 4% 左右。看，我認為當我們回顧去年時，我們將會看到一個更好的成長率。

But at the core of it, this is a surgeon productivity issue because there's tons of cataracts that are not being done. We know that weight lines, for example, wait lists are getting longer. We know that the surgeons that -- some of the busiest surgeons in the country have generally been the target of private equity acquisitions.

但從本質上講，這是外科醫生的生產力問題，因為大量的白內障手術尚未完成。我們知道，例如體重線、等候名單越來越長。我們知道，國內最忙碌的外科醫生通常都是私募股權收購的目標。

And when they do that, they're generally retiring or taking a step back -- and it takes a little while for the younger guys to come along and fill up the volumes and the skill set that they're losing. So we've heard consistently that while we're improving efficiency per surgeon, it's not yet where it was.

而當他們這樣做的時候，他們通常已經退休或退居二線了——而年輕人需要一段時間才能填補他們所失去的空缺和技能。因此，我們不斷聽到說，雖然我們正在提高每個外科醫生的效率，但還沒有達到原來的水平。

And I do think the beauty of that for us is we're launching Uniti VCS right into that circumstance where we're going to be telling people, look, if you do this and use this properly, you can do more surgeries in a day, whether that's Vitret whether that's cataract.

我確實認為，對我們來說，這樣做的好處是，我們將 Uniti VCS 直接應用於這種情況，我們將告訴人們，看，如果你這樣做並正確使用它，你可以在一天內進行更多手術，無論是 Vitret 還是白內障。

But I do think that the cataract market normalizes over time. I feel like we've seen over the years pretty consistently in the US a 3% growth. I expect that to return to normal in the rest of this year.

但我確實認為白內障市場會隨著時間的推移而恢復正常。我覺得這些年來我們已經看到美國經濟持續保持 3% 的成長率。我預計今年剩餘時間內情況將恢復正常。

Jack Reynolds Clark, RBC Capital Markets.

傑克‧雷諾茲‧克拉克 (Jack Reynolds Clark)，加拿大皇家銀行資本市場 (RBC Capital Markets)。

The first one I had was on contact lenses I was wondering if you could break down the impact of the the timing differences on pricing versus legacy product declines in the quarter and then what that means for the exit rate coming out of Q1 and what you've seen so far in Q2?

我的第一個問題是關於隱形眼鏡的，我想知道您是否可以分解時間差異對定價的影響以及本季​​度傳統產品下滑的影響，然後這對第一季度的退出率意味著什麼，以及您在第二季度迄今為止看到的情況是什麼？

Yes. Well, I probably won't comment too much on Q2, but let me just talk about where we are with the quarter on contact lenses.

是的。好吧，我可能不會對第二季發表太多評論，但我只想談談本季隱形眼鏡的狀況。

Look, the audited data around the world looks like it was a very healthy market, and I think that should be encouraging to people because the consumer looks healthy. In the US, there was unit growth. There was mix trade-up there was price in the market and the market grew in the US about 7%. So we're still seeing that mid-single-digit growth globally, and we expect that to continue for the year.

你看，全球審計數據顯示市場非常健康，我認為這應該會鼓舞人們，因為消費者看起來很健康。在美國，銷量有所成長。市場上出現了混合升級和價格上漲，美國市場成長了約 7%。因此，我們仍然看到全球範圍內中等個位數的成長，我們預計這種成長趨勢將在今年持續下去。

Now for our number, we were wrapping around 11% growth last year. We're doing a sequential growth from fourth quarter to first quarter at -- we finished 11%. So we do if you look at that on average, accommodating pricing volume movements that accommodate price increases.

現在就我們的數字而言，去年我們的成長率約為 11%。從第四季度到第一季度，我們的銷售額實現了連續成長——成長了 11%。所以，如果你從平均值來看，我們確實會適應物價上漲所帶來的物價變動。

Last year, we pulled a little in last year -- last quarter, we pulled a little in. So it just moves around a little bit across the quarter. I would think about this as normalizing continue to normalizing above market growth, and we expect market growth to be in the mid-single digits range.

去年，我們獲得了一點收入——上個季度，我們獲得了一點收入。因此它在本季度只是略有波動。我認為這是繼續正常化，高於市場成長，我們預期市場成長將處於中等個位數範圍內。

That's great. clear. And then I had a couple on Aurion. So the new guidance implies a fairly substantial EBIT loss from Aurion. I was wondering if you could give a breakdown of what is comprised within that cost, i.e., the breakdown of clinical trials versus R&D versus more standard OpEx?

那太棒了。清除。然後我在 Aurion 上也有一些。因此，新的指導意味著 Aurion 的息稅前利潤損失相當大。我想知道您是否可以對該成本的組成進行細分，即臨床試驗、研發以及更標準的營運支出的細分？

And then what your expectations are for clinical trial costs in 2026 through to 2028 when the product launches.

那麼，您對 2026 年至 2028 年產品上市期間的臨床試驗成本有何預期？

Yes. I think you've got the numbers right. It's about 80 bps this year. And again, we -- it's almost all R&D. So I would think about it really as R&D in progress.

是的。我認為你的數字是正確的。今年約80個基點。再說一次，我們——這幾乎都是研發。所以我實際上認為這是正在進行的研發。

We generally don't break apart our clinical activity or our R&D core R&D stuff. So I would probably avoid doing that today on this particular topic. I would say that we're excited about this program that we will take it into clinic late this year and we're excited about the response we've gotten recently from the FDA on the trial progress.

我們通常不會將我們的臨床活動或研發核心研發內容分開。因此，今天我可能會避免在這個特定主題上這樣做。我想說，我們對這個計畫感到非常興奮，我們將在今年稍後將其投入臨床，我們對最近從 FDA 獲得的有關試驗進展的回應感到非常興奮。

So I think we have good alignment with FDA at this point, and I think excellent folks running this program. So we're excited about the team and the program because this really is one of the things that helps patients a lot.

所以我認為我們目前與 FDA 的合作很好，而且我認為有優秀的人員在運行這個計畫。因此，我們對這個團隊和計畫感到非常興奮，因為這確實對患者有很大幫助。

It's a big deal. I mean this is corneal transplant folks that can't really get to that around the world unless this product succeeds. So we're excited about the program and the folks.

這是一件大事。我的意思是，如果該產品不成功，那麼全世界的角膜移植工作者就無法真正做到這一點。因此，我們對該計劃和人們感到非常興奮。

And then, Jack, maybe to help you out for 2025, I would just if you're looking at your models, I would model that into your R&D, and I would just phase it evenly between 2Q, 3Q and 4Q.

然後，傑克，也許為了幫助你應對 2025 年的情況，如果你看一下你的模型，我會將其建模到你的研發中，然後我會在第二季度、第三季度和第四季度之間均勻地分階段實施它。

Okay. Understood. And should we expect an uplift next year?

好的。明白了。我們是否應該期待明年會出現成長？

We'll give you guidance next year on it. It will be part of a blended R&D program. We won't break out the program specifically. We generally don't do that.

明年我們會為您提供相關指導。它將成為混合研發計劃的一部分。我們不會具體分解該計劃。我們一般不會這麼做。

Graham Doyle, UBS.

瑞銀集團的 Graham Doyle。

Just follow-up on Verona's question. I know you don't love to do a quarterly guidance, but I think it's not unfair to ask it, given we've had a downgrade on revenue guidance for Q3, and we've had it now on the back of the Capital Markets Day and a recent guidance.

只是想跟進一下維羅納的問題。我知道你不喜歡做季度指引，但我認為提出這個問題並不公平，因為我們已經下調了第三季的收入指引，而且我們現在已經根據資本市場日和最近的指引做出了這個決定。

Just trying to understand the things that give you confidence on this acceleration, right? Presumably, we're looking at a five or something in Q2 and then 7,8 or something as we go through the rest of the year. So is it that you've got a really strong order book already for Unity?

只是想了解什麼讓你對這種加速充滿信心，對嗎？據推測，我們預計第二季的銷售額將達到 5 左右，而今年剩餘時間的銷售額將達到 7、8 左右。那麼，Unity 的訂單量是否已經非常可觀了呢？

Are you seeing great traction with PanOptix Pro? Just to give us some like concrete pieces that underpin your assumptions just would be super helpful, please.

您是否看到 PanOptix Pro 的巨大吸引力？請給我們一些能夠支持您的假設的具體信息，這將非常有幫助。

Well, let me start with the market. I mean the reason for the narrowing of the range, and again, I think we're comfortable with what we said. It was the first quarter. I mean, at the core of the US market was soft in the fourth quarter.

好吧，讓我先從市場開始。我指的是縮小範圍的原因，而且我認為我們對我們所說的話感到滿意。這是第一季。我的意思是，美國市場的核心在第四季是疲軟的。

When you do the math on that, you take it forward. it's going to be unrealistic, I think, to get the acceleration we need to get to an eight. On the other hand, we feel really good about 6% to 7%, and we feel like maybe we do better than that, but that's really -- there's still a lot of variance in the new product flow.

當你對此進行計算時，你就將它向前推進。我認為，要達到 8 級所需的加速度是不切實際的。另一方面，我們對 6% 到 7% 的成長率感到非常滿意，我們覺得也許我們做得更好，但事實上——新產品流程仍然存在很大差異。

So starting with the basics on this, the second quarter, we think, is a normal quarter. I think it should be roughly around market a little bit better than market growth. And then as you work your way into the back half of the year, think Tim just said it, we're going to see steady, significant acceleration through the third quarter and into the fourth quarter because remember, we haven't shipped any PanOptix Pro til this month.

因此，從基本情況開始，我們認為第二季度是一個正常的季度。我認為它應該大致與市場持平，比市場成長略好一些。然後，當你進入下半年時，想想蒂姆剛才說的，我們將看到第三季度和第四季度穩步、顯著的加速，因為請記住，直到本月我們還沒有發貨任何 PanOptix Pro。

We haven't shipped any Unity VCS until the end of this month. we haven't shipped a whole bunch of the PanOptix Pro to the retailers until really getting through the end of first quarter. So you really haven't seen any new product flow other than P7 hitting right now and maybe SYSTANE Pro a little bit.

直到本月底我們還沒有發布任何 Unity VCS。直到第一季末，我們才向零售商運送了一大批 PanOptix Pro。因此，除了現在推出的 P7 和 SYSTANE Pro 之外，您確實沒有看到任何新產品。

But I think as you get through all of that, really the massive massive -- the substantial change in trajectory occurs on the back of a very strong reception to Unity VCS, a very strong reception to Voyager, a very strong ASCRS output on PanOptix Pro we got preorders in Japan on Unity VCS, we feel good about.

但我認為，當你完成所有這些之後，你會發現，軌蹟的實質變化發生在 Unity VCS 的強烈接收、Voyager 的強烈接收、PanOptix Pro 的強烈 ASCRS 輸出的背景下，我們在日本獲得了 Unity VCS 的預訂，我們對此感覺很好。

So yes, we have a lot of preorders. We need to fill those, and we'll do that over time. The only gating factor I feel like on Unity VCS will be our ability to install it, make sure we ship it on time, make sure everybody uses it correctly, make sure we take the time that's required to get the most out of that machine because it's genuinely a phenomenal piece of equipment, and we've consistently heard that -- there's a lot more to it than that.

是的，我們有很多預訂單。我們需要填補這些空缺，我們會逐步完成。我認為 Unity VCS 的唯一限制因素是我們安裝它的能力，確保我們按時發貨，確保每個人都正確使用它，確保我們花費必要的時間來充分利用這台機器，因為它確實是一件非凡的設備，我們一直聽到這樣的說法——它的作用遠不止於此。

So we're launching seven new products, maybe more than that actually when you get into the specifics of smaller. So there's just a lot going on, Graham. And I think it just doesn't play out in the front half.

因此，我們將推出七款新產品，如果具體到產品細節，實際上可能不只這些。所以有很多事情發生，格雷厄姆。我認為這在前半部分並沒有發揮作用。

I think the other way we've been describing this in prior calls is we think there are about 30,000 units out there. It's a 10-year lifespan. So we've said, hey, look, feathered in 3,000 a year front half of the first couple of years are probably a little bit more than that.

我認為我們在之前的電話會議中描述的另一種方式是，我們認為那裡大約有 30,000 個單位。它的壽命是10年。所以我們說，嘿，你看，前幾年每年 3,000 美元的收入可能比這多一點。

Back half would be a little bit less than that. So if you do that math and then you layer that into the back half of the year, that's going to give you a nice revenue look.

後半部會比這少一點。因此，如果您進行這樣的計算，然後將其疊加到下半年，那麼您的收入就會看起來很不錯。

So that's just if you want to try to do it numerically, I would try to do that math, and you'll see that we get some pretty nice revenue growth or we expect some pretty nice revenue growth.

所以如果你想嘗試用數字來做這件事，我會嘗試做數學計算，你會發現我們獲得了相當不錯的收入成長，或者我們預期會有相當不錯的收入成長。

Okay. That's really helpful. Just quick cheeky one, which is just do you guys have visibility on that. Like those preorders and how that's flowing through in early indications, does that give you the comfort on Q3, Q4?

好的。這真的很有幫助。只是想快速問一下，你們是否對此有了解。就像那些預訂單以及早期跡象顯示的進展一樣，這是否讓您對第三季和第四季感到安心？

Is that where that's coming from rather than just it's a great product and the market should take it. Is there a good indication of interest to a reasonable level that gives you that comfort?

這就是它的由來嗎？而不僅僅是因為它是一款優秀的產品，市場應該接受它。是否有一個合理的興趣指標能讓您感到安心？

Yes.

是的。

Super clear, I'll jump back in the queue.

非常清楚，我會重新回到隊列中。

That was a cheeky answer to a cheeky question.

這是一個厚顏無恥的問題的厚顏無恥的回答。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

When we think about the components of guidance, the market obviously is down 50 basis points from your prior assumptions. But embedded within that 6% or 7% is about 250 basis points from innovation of new products. And within those 250 basis points,

當我們考慮指導的組成部分時，市場顯然比你先前的假設下降了 50 個基點。但這 6% 或 7% 中約有 250 個基點來自新產品的創新。在這 250 個基點內，

I assume some price impact. So I'm wondering David or you can parse out in terms of how you think about price versus new product contributions within that incremental 250 basis points for the year? And then I have a follow-up.

我認為這會對價格產生一定影響。所以我想知道大衛或您能否分析一下，您如何看待今年增量 250 個基點內價格與新產品貢獻之間的關係？然後我有一個後續問題。

Well, I mean, I would think about the year in total as getting the typical price we get. I mean, I would think about it as we're getting typically a couple of points of price every year. If we can keep up with inflation, we're pleased with that.

嗯，我的意思是，我會考慮全年總體而言我們所獲得的典型價格。我的意思是，我會考慮這一點，因為我們每年通常會獲得幾個價格點。如果我們能夠跟上通貨膨脹的步伐，我們會很高興。

And I think that's typically where we're trying to get to. So -- and I would think about that versus the rest of the unit growth and trade up, and I would think about new products as the gap fill -- and there is a lot of enthusiasm around the products right now.

我認為這正是我們想要達到的目標。所以——我會考慮這一點，並將其與其他單位的成長和升級進行比較，我會考慮用新產品來填補空白——目前人們對這些產品充滿熱情。

I think I just came off of two major meetings, the JOS in Japan and Tokyo and then also in Los Angeles, we had the largest surgeon meeting in the world for the US. That was -- I mean, the enthusiasm around the product flow that we have right now is very significant. And I think we need to execute, and we've got a lot to do. But I would just say I feel really good about where we are for the remainder of the year.

我想我剛剛參加了兩次重要的會議，一次是在日本和東京舉行的 JOS，另一次是在洛杉磯舉行的，我們在美國舉辦了世界上最大的外科醫生會議。那是——我的意思是，我們現在對產品流程的熱情非常高。我認為我們需要執行，而且我們還有很多事情要做。但我只想說，我對今年剩餘時間的狀況感到非常滿意。

Okay. And then Tim, I think you called out SG&A being highest in 2Q, but sales are arguably going to be higher in the back half of the year. I'm just curious why we wouldn't see a higher SG&A rate in second half given the pacing and again, the top line cadence, if you will.

好的。然後蒂姆，我認為你提到了銷售、一般和行政費用在第二季度最高，但銷售額在下半年可能會更高。我只是好奇，考慮到節奏和頂線節奏，為什麼我們不會在下半年看到更高的銷售、一般和行政費用率。

Yes. There are really three factors in that Q2 comment. I mean, first of all, if you just look at seasonality -- we do -- we have a lot of advertising on promos, particularly around the DTC area. So if you were to go back to say, '22, '23 and '24, the average incremental spend Q1 to Q2 is roughly $40 million. So again, that's typical seasonality.

是的。Q2 評論中其實有三個因素。我的意思是，首先，如果你只看季節性——我們確實如此——我們在促銷上做了很多廣告，特別是在 DTC 地區。因此，如果回顧 22、23 和 24 年，第一季至第二季的平均增量支出約為 4,000 萬美元。所以，這又是典型的季節性。

I would expect that to hit again in Q2 of this year. And then there are really two other things. The one is that we did have some phasing from Q1 to Q2, we had some favorability in Q1 that we weren't anticipating. Those costs will come through in Q2. I'd call that maybe $15 million or so.

我預計今年第二季這種情況將再次發生。另外還有兩件事。一是我們從第一季到第二季確實有一些階段性的變化，我們在第一季度獲得了一些我們沒有預料到的有利因素。這些成本將在第二季實現。我認為這個數字大概是 1500 萬美元左右。

And then lastly, we have the investments behind the product launches. So we talked a lot last year about how much we're investing in the products, and we want to make sure that we invest appropriately to drive that revenue growth. So you're going to see that starting to hit in Q2. And then as you get to Q3, Q4, back out that DTC piece, whatever you put in there for that, and then it will start to normalize.

最後，我們對產品發布進行了投資。因此，我們去年就我們在產品上的投資進行了大量討論，我們希望確保我們進行適當的投資以推動收入成長。因此，您將在第二季度看到這一現象開始顯現。然後，當您進入 Q3、Q4 時，退出 DTC 部分，無論您在其中輸入什麼，它都會開始正常化。

David Saxon, Needham & Company.

大衛·薩克森（David Saxon），Needham & Company。

Maybe two product-related questions. The first one is just on PanOptix Pro and how you're thinking about that launch relative to the -- your competitors' recall and now relaunch. Has that created any meaningful opportunities? And also, just to hit the backdrop of a weaker US market --

也許是兩個與產品相關的問題。第一個問題是關於 PanOptix Pro 的，您如何看待此次發布相對於競爭對手的召回和重新發布。這是否創造了任何有意義的機會？此外，在美國市場疲軟的背景下--

We're starting to lose you.

我們開始失去你了。

David, you got garbled there a little bit. No, no, not really.

大衛，你的說法有點混亂。不，不，不是真的。

All right. Well here, let's try -- there --

好的。好吧，讓我們來試試——--

We got you now.

我們現在抓住你了。

Now we lost you.

現在我們失去了你。

But let me do PanOptix Pro and then I'll -- if you come back on, we can take we'll take another one. So look, David, on PanOptix Pro, we're obviously excited about that.

但讓我做 PanOptix Pro，然後我會 - 如果你回來，我們可以再拿一個。所以，大衛，看看 PanOptix Pro，我們顯然對此感到興奮。

One of the things I said in the opening remarks was -- the big thing in HILs particularly trifocals has been halos and glare. It's something that we've been working on for a while. PanOptix Pro has 50% less scatter, which is really the source of halos and glare.

我在開場白中說過，HIL 尤其是三焦點鏡片中最大的問題是光暈和眩光。這是我們一直在努力的事情。PanOptix Pro 的散射減少了 50%，散射實際上是光暈和眩光的來源。

So we expect to see a really important uptake as a function of using more light in the lens. And I think that's been a really exciting thing. It's been well received. Certainly, it was well received in Los Angeles, and I think we expect surgeons are going to try it. Relative to recall, I really wouldn't comment on that.

因此，我們期望看到透過在鏡頭中使用更多光線來實現真正重要的吸收。我認為這真是一件令人興奮的事情。它受到了熱烈歡迎。當然，它在洛杉磯受到了熱烈歡迎，我想我們預計外科醫生會嘗試它。相對於回憶，我真的不會對此發表評論。

I think they're back in business. They're going to be a fierce competitor, no matter what, and we're obviously excited about what we've got.

我認為他們已經恢復營業了。不管怎樣，他們都將成為強勁的競爭對手，而我們對於我們所取得的成績顯然感到興奮。

Okay. Great. And then the second one is just on the PDUFA date coming up in a couple of weeks now. I guess once you hear on that or get the response, what is left to do before the launch? Can you get that out in late second quarter here in a limited fashion at least?

好的。偉大的。第二個是在幾週後的 PDUFA 日期。我想，一旦你聽到這個消息或得到回應，在發布之前還剩下什麼要做？你能至少在第二季末以有限的方式實現這一目標嗎？

Or would that fall into third quarter? And then, I mean, I'm assuming all that investment is baked into guidance, but anything to call out other than Tim, what you just said around SG&A for the second half?

或會落入第三季？然後，我的意思是，我假設所有投資都已納入指導，但除了蒂姆之外，還有什麼需要指出的嗎？您剛剛談到了下半年的銷售、一般及行政費用 (SG&A) 是多少？

Yes, of course. And you're right about the incremental investment. It's mostly -- and when we commented on the sales force addition, that's obviously a big part of the investment. We'll have backloaded investment as well for 512, which will support that launch. We do think the launch will -- it will happen probably in the third quarter, but late in the third quarter.

是的當然。您對增量投資的看法是正確的。主要是——當我們評論增加銷售團隊時，這顯然是投資的重要組成部分。我們也將為 512 進行後期投資，以支援該產品的發布。我們確實認為該產品的發布可能會在第三季進行，但時間是在第三季末。

We have to manufacture it. We got to get the PIs and the labels all put together. So obviously, we don't get to do that until we get the final word and agreement with the FDA on what those labeling will look like. So look for that late third quarter, and so there'll be a limited effect this year.

我們必須製造它。我們必須將 PI 和標籤全部放在一起。因此，顯然，在我們與 FDA 就標籤樣式達成最終決定和協議之前，我們不能這樣做。因此，請關注第三季末，今年的影響將有限。

Larry Biegelsen, Wells Fargo.

富國銀行的拉里·比格爾森。

Guys, this is the latest in the call that a tariff question, I think, has come up in Q1 earnings. So -- so here's the tariff question, Tim. The quarterly cadence, I assume it ramps through '25. So will Q4 be the highest impact and lowest gross margin in the year.

夥計們，這是電話會議中最新的一次，我認為，關稅問題出現在第一季收益中。所以——這是關稅問題，提姆。我認為季度節奏會持續到 25 年。那麼第四季將是今年影響最大、毛利率最低的季度嗎？

And how should we think about the annual impact for 2025. Can you still grow margins year over year given the tariff impact? And I had one follow-up.

我們應該如何看待2025年的年度影響。考慮到關稅的影響，利潤率還能逐年成長嗎？我還有一個後續行動。

Yes. As I said in the prepared remarks, the gross impact of the tariffs will be primarily in Q3 and Q4. And that's because when you incur the tariffs, you put it in, you basically amortize it. So it takes time to work its way through the P&L. So we've obviously.

是的。正如我在準備好的演講中所說，關稅的整體影響將主要在第三季和第四季。這是因為當你產生關稅時，你把它投入進去，基本上就攤銷它了。因此，需要時間來處理損益表。所以我們顯然已經這麼做了。

We said that we will offset that in 2025. So we do expect margins to be pretty close to what we guided at the beginning of the year. And then as we get into 2026, we'll give you more color then. There were probably -- if these were to stick for the full year, you would have an annualized impact. So you'd have more gross pressure.

我們說過我們將在 2025 年抵銷這項影響。因此，我們確實預期利潤率將非常接近我們年初預測的水平。當我們進入 2026 年時，我們會為您提供更多色彩。有可能——如果這些措施全年都堅持下去，你就會產生年度化影響。所以你會承受更大的總壓力。

But at the same time, you'd also have probably more mitigation efforts, whether it's pricing, whether it's manufacturing movements or things of that nature, which we would obviously prepare for. But we're looking for a stable environment before you be a stable environment. before you start making a lot of those moves.

但同時，我們也可能採取更多的緩解措施，無論是定價、製造業活動或諸如此類的事情，我們顯然都會為此做好準備。但在創造一個穩定的環境之前，我們要先尋求一個穩定的環境。在你開始採取很多行動之前。

All right. And Tim, you gave some long-term goals at the Capital Markets Day a few months ago. How does the change in the macro environment, including the tariffs affect the outlook, especially the 12% to 15% ex FX core diluted EPS growth.

好的。提姆，幾個月前你在資本市場日上提出了一些長期目標。包括關稅在內的宏觀環境變化將如何影響前景，尤其是 12% 至 15% 的除外匯核心稀釋每股收益成長。

Yes. Listen, we still feel good about our long-term goals. Those goals are five-year goals. So obviously, there's been -- we have a very dynamic environment as we speak here today. which is very different than it was last quarter, which may be different next quarter.

是的。聽著，我們仍然對我們的長期目標感到滿意。這些目標就是五年目標。顯然，我們今天在這裡發言時所處的環境非常活躍。這與上一季的情況有很大不同，下個季度的情況可能也會有所不同。

So I would say, long term, we feel very good about the fundamentals of the business. We're going to continue to invest in innovation. And we feel that if we do that, we will grow faster than the market, whatever that market rate is. We obviously have demonstrated in the past that we have a very good handle on our cost envelope. We'll continue to manage that responsibly.

所以我想說，從長遠來看，我們對業務基本面感到非常滿意。我們將繼續投資於創新。我們認為，如果我們這樣做，我們的成長速度將超過市場，無論市場利率是多少。我們過去顯然已經證明，我們對成本範圍有很好的控制。我們將繼續負責任地管理此事。

And when you grow faster than the market and manage your costs responsibly, you'll get margin expansion that drops down to free cash flow. So we feel very good about all that.

當您的成長速度快於市場並負責任地管理成本時，您的利潤率就會擴大，而自由現金流則會下降。因此我們對這一切感到非常高興。

Patrick Wood, Morgan Stanley.

摩根士丹利的派崔克‧伍德。

Beautiful I'll keep it at one. I love the commentary on the contract side around what you're seeing on the consumer. I'd love to dig in a little bit between cataract and contact and different regions. What you're seeing, whether it's that mix of new fittings.

很漂亮，我會保持這個水平。我喜歡關於合約方面關於消費者所見的評論。我很想深入了解白內障和接觸性黃斑部病變以及不同區域之間的關係。您所看到的，是否是新配件的組合。

You mentioned the data on the US side, which we get, but how is that looking in EMEA, for example? And then when we think of the IOL side, how are we thinking about the marginal mix there? Like are we seeing people shift to like mono plus femto? Or is that not a thing? I'm just anything on the consumer and the marginal volume mix super-interested there?

您提到了美國方面的數據，我們也得到了，但是歐洲、中東和非洲地區的情況如何呢？然後，當我們考慮 IOL 方面時，我們如何考慮那裡的邊際混合？就像我們是否看到人們轉向單聲道加飛秒？或者那根本不是一回事？我對消費者和邊際銷售組合非常感興趣嗎？

Yes. Let me just say that the international markets have been very solid. Really, all of last year and through the first quarter, certainly solid, pretty much everywhere. We've seen a few -- the contact lens in Japan is soft in the market. I think it's been pretty low single digits.

是的。我只想說，國際市場一直非常穩定。確實，去年全年以及整個第一季度，幾乎所有方面都表現穩健。我們已經看到了一些——日本市場上的隱形眼鏡是軟性的。我認為這是一個相當低的個位數。

But on the other hand, we've seen some real growth areas in the United States and in a few other markets that have done well. I think the expectation -- I mean, the surprising thing maybe to some, and I think we've said this historically, is that the consumer is relatively well positioned at this point. And I would make two points on that. One is our contact lens mix on units was up and our unit volumes were up.

但另一方面，我們看到美國和其他一些市場出現了一些真正的成長領域，並且表現良好。我認為預期——我的意思是，對某些人來說可能令人驚訝的事情，而且我認為我們從歷史上已經說過這​​一點，那就是消費者目前處於相對有利的位置。對此我想談兩點。一是我們的隱形眼鏡組合單位數量增加了，我們的單位數量也增加了。

So there wasn't -- in the first quarter, at least, there was a pretty healthy US consumer and international consumers. So all around the world, that seemed to be pretty okay. I think that tells you a little bit more about just this business, which is people who wear contact get used to wearing them and they stay in them.

因此，至少在第一季度，美國消費者和國際消費者的消費狀況都相當健康。所以在世界各地，這似乎都沒什麼問題。我認為這可以讓你更多地了解這個行業，戴隱形眼鏡的人已經習慣了戴隱形眼鏡，並且一直戴著。

And so I think that's just the nature of the resiliency of these markets. The second one is just on the AT-IOLs. And I do think, again, there's always been some question or commentary about, well, what do we see in the AT-IOL penetration?

所以我認為這就是這些市場彈性的本質。第二個只是關於 AT-IOL。我確實認為，總是會有一些問題或評論，那麼，我們在 AT-IOL 滲透中看到了什麼？

And around the world, we saw 200 basis points of movement up in AT-IOL in the first quarter. So these are people who are choosing not to get monofocal lenses and to pay out of pocket for AT-IOLs, which again is healthy. As you know, we have we have two-thirds of the US PC-IOLs, and we have more than half of the total IOLs.

在全球範圍內，我們看到第一季 AT-IOL 上漲了 200 個基點。因此，這些人選擇不配戴單焦點晶狀體，而是自掏腰包購買 AT-IOL，也是健康的做法。如您所知，我們擁有美國三分之二的 PC-IOL，並且擁有超過一半的 IOL。

So when the market moves to AT-IOLs, that's a good thing. And in the US, it was up 100-some-odd basis points internationally. It was up more than that. China, obviously, is helping the international market a lot, but really across the board Europe and a number of other markets, we're really solid on that point. S

因此，當市場轉向 AT-IOL 時，這是一件好事。而在美國，國際利率則上漲了 100 多個基點。漲幅遠超這個數字。顯然，中國對國際市場提供了很大的幫助，但實際上，在歐洲和其他一些市場，我們在這方面做得非常紮實。秒

o I would tell you that the regional mix with the exception of the productivity issue we observed in the market in the US, we feel pretty good about the fundamentals in the market. And this thing in the US, we're just going to have to wade through. I think there is a turnover of surgeons that are going to require the younger surgeons to pick up their game a little bit.

o 我想告訴你，除了我們在美國市場觀察到的生產力問題之外，我們對市場的基本面感覺相當良好。對於美國的情況，我們必須努力克服。我認為外科醫生的流動率會有所提高，這就要求年輕的外科醫生稍微提高自己的水平。

And I look forward to helping them. I think we've got some really great assets to move them forward. And I think if you look at what Voyager does for productivity, if you look at what Uniti VCS does for productivity, when you look at what Pro can do for conversion, these are things that help productivity in the office, and I think that's where we're headed.

我期待著幫助他們。我認為我們擁有一些真正優秀的資產來推動它們前進。我認為，如果你看看 Voyager 對生產力的作用，看看 Uniti VCS 對生產力的作用，看看 Pro 對轉換的作用，這些都是有助於提高辦公室生產力的東西，我認為這就是我們的努力方向。

Anthony Petrone, Mizuho Group.

瑞穗集團的安東尼‧佩特羅內 (Anthony Petrone)。

Maybe two product questions here. Just a little bit on P7 -- we're doing optometry checks and they're actually coming back quite positive on P7. So maybe just where that product is tracking in terms of expectations for 2025?

這裡可能有兩個產品問題。關於 P7 只是一點點——我們正在進行驗光檢查，事實上他們對 P7 的回饋相當積極。那麼，就 2025 年的預期而言，該產品的發展方向為何？

And then the second product question would be on AR-15512 just in terms of dry out. Maybe just a recap on, David, how that product is differentiated versus competition. And when you look at that overall TAM opportunity in the United States, a couple of years out, what do you think a reasonable share expectation could be for that product in US dry eye?

然後第二個產品問題是關於 AR-15512 的乾燥問題。大衛，也許只是回顧一下該產品與競爭對手的差異。當您觀察幾年後美國的整體 TAM 機會時，您認為該產品在美國乾眼症領域的合理份額預期是多少？

Yes. Thanks, Anthony. And I'm glad you're doing the channel checks we do, too. And I think it really does give you the positive vibe that I think you're getting we talked to a lot of folks on P7. We did a lot of work ahead of this.

是的。謝謝，安東尼。我很高興您也像我們一樣進行頻道檢查。我認為它確實給你帶來了積極的感覺，我想你已經感受到了我們在 P7 上與很多人交談過的感覺。我們在此之前做了很多工作。

You'll remember that we had this product approved for about a year before we launched it. We had to convince ourselves. There was a real market out there. I think we're seeing just that. I think it's a more intuitive thing for docs to say, hey, look, put this thing on Monday, it's going to feel great all week.

您會記得，我們​​在推出產品之前已經批准了大約一年。我們必須說服自己。那裡有一個真正的市場。我想我們看到的正是這一點。我認為醫生更直觀的說法是，嘿，看，把這個東西放在星期一，這樣一整週都會感覺很棒。

You can then replace it on the following Monday. And that's just way more intuitive. They feel better about getting patients out of a two-week lens where they may or may not remember what they were going to do with it, when to take it out, how long they were it. And it's just a lot more comfortable, and it's at a price point that works. And so look, if you can't get somebody into a dailies lens, which is really the game, right?

然後您可以在下週一進行更換。這更加直觀。他們更願意讓患者擺脫兩週的隱形眼鏡，因為患者可能記得或不記得他們要用它做什麼、什麼時候取出、戴了多長時間。而且它更加舒適，而且價格也合適。所以你看，如果你不能讓某人進入每日鏡頭，這真的是遊戲，對嗎？

Most people want to get into -- get them into a Sihi daily lens. But that's not for everybody, not everybody can afford it. And you know what this is priced correctly, it does a lot for the patient. And I think we're seeing very nice responses. It's really important to remember that even though 60% of the value in -- or maybe 65% of the value is in the.

大多數人都想進入 Sihi 日常鏡頭。但這並不適合所有人，並不是所有人都能負擔得起。而且您知道這個藥的定價是否正確，它對患者有很大幫助。我認為我們看到了非常好的反響。務必記住，儘管 60% 的價值——或者 65% 的價值在於。

DAILIES lenses in dollars, probably 55% of the patients are still in reusables. And that matters. So we -- and we're under-indexed there. So I think that's a real opportunity for us. We see it progressing nicely so far.

以美元計算，大約有 55% 的患者仍在佩戴可重複使用的鏡片。這很重要。所以我們 — — 我們在那裡的指數較低。所以我認為這對我們來說是一個真正的機會。到目前為止，我們看到進展順利。

On 512, look, this is a very unique product. I mean, this is different than pretty much everything else out there that's been out there or that's out there now because -- it's not an anti-inflammatory and it's not a supplement.

512，你看，這是一個非常獨特的產品。我的意思是，這與目前市面上已有或現有的其他產品幾乎完全不同，因為它不是消炎藥，也不是補充劑。

This is a product that is an agonist for natural tear production. And so very quickly, when this product hits the eye, it is creating natural tiers, and we're excited about that. And we think that's a very different proposition that goes to the core of the problem.

這是一種促進自然淚液生成的激動劑產品。因此，當這款產品吸引眼球時，它很快就會形成自然的層次，我們對此感到非常興奮。我們認為這是一個非常不同的主張，觸及了問題的核心。

And so if you can solve the problem, you don't need to worry about the anti-inflammatory is because you don't need them. If you can solve the problem, you don't need a supplement because you don't have a tiered deficiency of any kind.

所以如果你能解決這個問題，你就不需要擔心消炎，因為你不需要它們。如果您可以解決問題，那麼您就不需要補充，因為您不存在任何類型的分層缺陷。

So what's exciting about the data we're creating is, I think we're creating enough data around this to get very convinced that this is an exciting opportunity. And look, I mean, the market, as you know, is quite large in the United States, and we were excited to see some of the competition that our branded products do well because I think that tells us that there's a reimbursable market out there for us.

因此，我們正在創建的數據令人興奮的是，我認為我們圍繞此創建了足夠的數據，讓我們非常確信這是一個令人興奮的機會。而且，我的意思是，正如你所知，美國的市場相當大，我們很高興看到我們的品牌產品在競爭中表現良好，因為我認為這告訴我們，我們有一個可報銷的市場。

So again, I wouldn't change our outlook on this. I think we're still in that $250 million to $400 million is what we've been saying. I'll stay there, but I'm probably on the higher end of that one now. That's what we like, and we'll see as it hits the market. where it goes from there, and I can update you as we get through that.

所以，我不會改變我們對此的看法。我認為我們仍然處於 2.5 億至 4 億美元的範圍內，這就是我們所說的。我會留在那裡，但我現在可能處於那個水平的高端。這就是我們喜歡的，我們將拭​​目以待它進入市場。接下來會發生什麼，等我們解決了這個問題，我就可以向你通報最新情況。

Tom Stephan, Stifel.

湯姆‧史蒂芬 (Tom Stephan)，Stifel。

First question on contact lenses. David, you sound confident in the end markets holding solid. The legacy lenses seem to be, I think, one of the incremental headwinds in the quarter. Can you just help us with how we should think about that part of your portfolio rest of the year?

關於隱形眼鏡的第一個問題。大衛，聽起來你對終端市場保持穩固很有信心。我認為，傳統鏡頭似乎是本季逐漸增大的阻力之一。您能否幫助我們思考今年剩餘時間我們應該如何看待您的投資組合的這一部分？

And for contact lenses more broadly, are there any factors besides seven that can help drive the reacceleration? And I have a follow-up.

就更廣泛的隱形眼鏡而言，除了這七個因素之外，還有哪些因素可以幫助推動其再加速成長？我還有一個後續問題。

Yes. Look, I mean, I think I wouldn't read too much into the first quarter contact lens number. I really wouldn't. I think you've got some comp issues in there and you've got some price overlaps that have really caused a different number than what was really happening, I think, in the market. What you're asking is a really good question because we're seeing tremendous leverage in our new product.

是的。聽著，我的意思是，我認為我不會過度解讀第一季的隱形眼鏡數量。我真的不會。我認為其中存在一些競爭問題，並且存在一些價格重疊，這確實導致了與市場實際情況不同的數字。您問的是一個非常好的問題，因為我們看到了新產品的巨大優勢。

So we're getting great share motion on daily SiHy sphere, daily syhitoric, reusable. We're getting share -- and it's causing the hemo market, which is, of course, our DCP and to a lesser extent, our Air Optics brands, our legacy brands to decline, and that is an offset I think we've been doing that now for -- I think, ever since we started, we've been saying, look, we're going to move through a phase where the legacy brands go away and the new brands take over.

因此，我們在每日 SiHy 領域、每日 syhitoric 和可重複使用方面獲得了巨大的共享動能。我們的份額正在增加 - 這導致血液市場（當然是我們的 DCP，以及在較小程度上我們的 Air Optics 品牌、我們的傳統品牌）的衰落，我認為這是一種抵消，我們現在一直在這樣做 - 我想，自從我們開始以來，我們就一直在說，看，我們將經歷一個傳統品牌消失、新品牌接管的階段。

One of the things you should observe is that the legacy brands and the reusables, in particular, or -- sorry, the new brands and the reasonable in particular drive the margin. So if you've looked at the segment margin, you'll see us moving up nicely in the gross margin area. That's a beautiful thing.

您應該觀察到的一件事是，傳統品牌和可重複使用產品，或者—抱歉，新品牌和合理產品尤其推動了利潤率。因此，如果您查看了分部利潤率，您會發現我們的毛利率領域正在穩步上升。那是一件美麗的事。

That's because we're moving people from old products where the volumes are declining and the costs are going up to new brands where the costs are coming down and the volumes are going up. So we continue to try and change over our line, if you will. We're doing that pretty efficiently right now.

這是因為我們正在將員工從銷售下降、成本上升的舊產品轉移到成本下降、銷售上升的新品牌。因此，如果您願意的話，我們會繼續嘗試改變我們的路線。我們目前做得非常有效。

But again, I think it will always be a little bit of a drag until those legacy brands retire -- and that in this business that generally takes a long, long time. So we'll see a little bit of drag there. But generally, we're going to outperform the market on a consistent basis going forward, read the market as mid-single digits.

但我再次認為，在這些傳統品牌退出市場之前，這總是會有點拖累——而在這個行業中，這通常需要很長很長時間。因此我們會看到那裡有一點點阻力。但整體而言，我們未來的表現將持續優於市場，市場成長率將達到中等個位數。

Got it. Super helpful. And then seeing to US IOLs, David, I'll stick with you, but I think you alluded to maybe not seeing much that was -- from a share standpoint, outside your expectations -- just a little surprised to hear that given ODYSSEY momentum, just premium portfolio performing well. excite is still growing nicely.

知道了。超有幫助。然後看到美國 IOL，David，我會堅持你的觀點，但我認為你提到的可能沒有看到太多 - 從股票的角度來看，超出你的預期 - 只是有點驚訝地聽到，鑑於 ODYSSEY 的勢頭，優質投資組合表現良好。 excite 仍在良好成長。

So David, can you just dig a little deeper into why you still feel good about US share today? And if you're able to provide maybe any quantification, that would be great.

那麼，大衛，您能否更深入地解釋為什麼您今天仍然對美國股市感到樂觀？如果您能夠提供任何量化數據，那就太好了。

Well, I mean, I think I said it on the market, we're two-thirds of the US PC-IOL market today. And that's after the last 18 months or 24 months of competition from just about everybody in the world.

嗯，我的意思是，我想我在市場上說過，我們目前佔據了美國 PC-IOL 市場的三分之二。這是經過過去 18 個月或 24 個月來自世界各地幾乎所有國家的競爭之後的結果。

So I think what you'd observe I think, is that things like PanOptix and Vivity are very durable, very competitive products in a market where most of the competitors are $100 to $200 cheaper. And so there's a market -- there's always going to be a market for less expensive I think what you're seeing right now is a movement, people trying lenses and people -- some people staying with them because they're good lens.

所以我認為你會發現，像 PanOptix 和 Vivity 這樣的產品非常耐用，在市場上非常有競爭力，而大多數競爭對手的價格都便宜 100 到 200 美元。所以有一個市場——總是會有一個更便宜的市場，我認為你現在看到的是一種運動，人們嘗試鏡頭，而有些人堅持使用它們，因為它們是好鏡頭。

They're nothing wrong with them, but they aren't as good as what we think we can deliver. And I think that's the I think that's where people get real comfortable. When you've seen millions of lenses implanted and great results consistently and then you improve that with Pro, I think that's why people stay with us. And obviously, we have a very large footprint in the surgical market. And so when you go into an OR, you see a lot of our equipment.

它們本身並沒有什麼問題，但並沒有達到我們想像的交付水準。我認為這就是人們真正感到舒適的地方。當你看到植入的數百萬個鏡頭都獲得了出色的效果，然後你又透過 Pro 對其進行了改進，我認為這就是人們選擇我們的原因。顯然，我們在外科手術市場佔有很大的份額。因此，當您進入手術室時，您會看到很多我們的設備。

You see a lot of our reps. You see a lot of our energy in there. And I think there's a real loyalty to what it is that we do here. And I think that's part of why we hang on to share a little bit better than most. Now look, I mean, have we lost share, of course, but we were sitting at, I think, 85 at one point.

您會看到很多我們的代表。你可以看到我們在那裡投入了大量的精力。我認為我們對在這裡所做的事情有著真正的忠誠。我認為這也是為什麼我們比大多數人堅持分享更好的原因之一。現在看看，我的意思是，我們當然已經失去了份額，但我認為我們一度處於 85% 的份額。

I mean, it was we were always going to lose share, and that was just a question of how much and at what pace. So none of that's really surprising. And maybe the one surprise that people just undercall is the amount of growth we've created internationally. I mean, I think our share growth in international in a number of spots but particularly China has been really, really strong. I mean overall, our share is relatively flat.

我的意思是，我們的市場份額總是在下降，問題只是下降多少以及下降速度如何。所以這些都不足為奇。也許人們低估的一個驚喜是我們在國際上創造的成長數量。我的意思是，我認為我們在國際多個地區的份額成長，特別是在中國，成長非常非常強勁。我的意思是總體而言，我們的份額相對平穩。

We've just basically traded share internationally for share in the US. And of course, that price trade is not positive. So that's -- I mean, you're coming up in one market and you're coming down the other one because one started all on its own, and the other one was already in a competitive set when they started. So just -- I guess that's the color around this, why we think it's as expected.

我們基本上是用國際份額換取美國的份額。當然，價格交易並不積極。所以——我的意思是，你在一個市場崛起，而在另一個市場衰落，因為一個市場是獨立起步的，而另一個市場在起步時就已經處於競爭之中。所以只是——我想這就是周圍的顏色，為什麼我們認為它是如預期的那樣。

Brett Fishbin, KeyBanc Capital Markets.

布雷特‧菲什賓 (Brett Fishbin)，KeyBanc 資本市場。

I think most of mine have been asked, so I'll ask a little bit of a nitty-gritty question here. Just noticed that in the guidance revision, the 80 basis point headwind was attributed to both business development activities and licensing.

我想大多數人都已經問過我了，因此我在這裡問一些細節問題。剛剛注意到，在指導修訂中，80 個基點的逆風歸因於業務發展活動和許可。

So it sounds like the Aurion development costs is a good portion of that. Just curious if there was like another element on the licensing side or anything else that was going into that like broader headwind.

因此聽起來 Aurion 開發成本佔了其中很大一部分。只是好奇許可方面是否存在其他因素，或其他任何可能造成更大範圍不利影響的因素。

Yes, it's mostly Aurion. I think the vast majority is -- but there was -- we acquired an asset called Cylite during the quarter as well. You can find that in the notes. And again, we had a little bit of licensing work in there as well.

是的，主要是 Aurion。我認為絕大多數是——但是——我們在本季度也收購了一項名為 Cylite 的資產。您可以在註釋中找到它。而且，我們也在那裡做了一些許可工作。

Xuyang Li, Jefferies.

Xuyang Li，傑富瑞集團。

I guess maybe one more just on USATL. Just on the competitive trialing dynamics, how much are you still seeing currently -- how long do you expect that to persist in '25? And then are you going to be trialing PanOptix Pro as well to support the launch?

我想也許在 USATL 上還會再有一個。僅就競爭性試驗動態而言，您目前仍能看到多少——您預計這種趨勢在 25 年會持續多久？那麼您是否也會試用 PanOptix Pro 來支援此次發布？

So yes, we're continuing to see sampling. I mean it comes in waves, right? When the new products come, it'll take three to six months to get people who want to try it through that process. I think you see successive product after successive product coming into the US market.

是的，我們正在繼續觀察採樣。我的意思是它是波浪式出現的，對嗎？當新產品上市時，需要三到六個月的時間才能讓人們願意嘗試。我認為你會看到一系列產品陸續進入美國市場。

So there are probably four or five now that have been in and each one of them will bring samples with them. So we've been -- we expect that to continue. I mean I think there'll be another J&J launch next year. We'll see some more trialing going on later this year. I'm sure.

現在大概有四、五個人進來了，每個人都會帶來樣品。所以我們一直——我們預計這種情況會繼續下去。我的意思是，我認為明年強生公司還會推出另一款產品。我們將在今年稍後看到更多的試驗。我敢肯定。

And so again, I think that's probably a factor in some of this, but I think a diminishing factor for the next probably 12 months or so.

所以，我再次認為這可能是造成這種情況的一個因素，但我認為在接下來的 12 個月左右，這個因素的影響會逐漸減弱。

All right. Great. Very helpful. And then I guess our Voyager checks at Asker were really positive. I saw the demo and the efficiency really jumps out for both the doc and the staff and I think you're scaling manufacturer for it now, but what's your thoughts on the pathway to making it the standard of care?

好的。偉大的。非常有幫助。我想我們在阿斯克的航海家號檢查結果確實非常積極。我看了演示，醫生和工作人員的效率都非常高，我認為您現在正在擴大製造商的規模，但是您對使其成為護理標準的途徑有何看法？

Great question. Look, I think SLCs stand-alone, I think, is the standard of care. I think the challenge is how do we get it to actually occur at the same rate people believe it should occur. And so that's the magic, I think, of Voyager as we get it out and going. There is an emerging consensus around SLP as the first thing to do because it keeps people off drops, it's easier.

好問題。看，我認為 SLC 是獨立的，我認為，是護理的標準。我認為挑戰在於我們如何讓它真正以人們認為應該發生的速度發生。我認為，這就是航海家號的神奇之處。人們逐漸形成共識，認為 SLP 是首要任務，因為它可以讓人們遠離滴劑，而且更容易。

It's a good place to start. And so for the patient and for the doctor, that seems to be a growing consensus that we see. And I think what you're going to find is that as we get this product out and as more people get the chance to use and experience it.

這是一個很好的起點。因此，對於患者和醫生來說，這似乎是一個日益增長的共識。我認為你會發現，隨著我們推出這款產品，越來越多的人有機會使用和體驗它。

And as they get a confidence that it's really driving pressures down and it does, then I think that is going to really help drive that standard through. I do think that there's a new publication, I think, coming shortly on this product, and that will also help.

當他們確信這確實能降低壓力，而且事實確實如此時，我認為這將真正有助於推動該標準的實施。我確實認為，關於該產品的新出版物即將出版，這也會有所幫助。

Again, I think it demonstrates a similar response to core SLT, which is what we've been looking at only this is a lot more efficient, obviously, for the surgeon, so -- or for the glaucomatologists or general ophthalmologists. So we expect a lot of positive coming on this one. We are manufacturing it right now in Israel, and we are moving that manufacturing to the US as well.

再次，我認為它表現出與核心 SLT 類似的反應，這也是我們一直在研究的，只是對於外科醫生來說這顯然更有效率——或者對於青光眼專家或普通眼科醫生來說。因此，我們期待這次會有很多正面成果。我們目前正在以色列進行生產，並且我們正在將生產轉移到美國。

So we'll have dual locations for that product. So we're excited about getting all that moving.

因此我們將為該產品設立兩個銷售點。因此，我們很高興看到這一切進展順利。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

I guess, Tim, one question for you just on the implantables business. Can you remind us where we are in the phasing of the VBP tailwinds that you've been getting? I know they've been very helpful the last couple of quarters. When do those start to moderate versus the PanOptix Pro tailwind starting to kick in?

提姆，我想問你一個關於植入物業務的問題。您能否提醒我們，我們所處的 VBP 順風階段處於什麼階段？我知道他們在過去幾個季度提供了很大的幫助。與 PanOptix Pro 順風開始發揮作用相比，這些何時開始緩和？

Do you feel like the 0% implantable number we saw in the first quarter? Are we at the trough? should we see some sequential improvement in those year-over-year growth rates over the next few quarters? And then I have one follow-up.

您是否感覺像我們在第一季看到的 0% 的植入率？我們正處於低谷嗎？我們是否應該看到未來幾季年成長率持續改善？然後我還有一個後續問題。

Well, I mean, I read the implant number as a function of the US market largely being very suppressed and I think that has had more of an impact than anything else. I would read going forward that the VVP will have a tailwind through probably the end of next year, sorry, end of mid part of next year and then probably that turns over, assuming they do it on time.

嗯，我的意思是，我認為植入物數量是美國市場受到很大抑制的結果，我認為這比其他任何事情都更有影響力。我認為，VVP 未來可能會在明年年底，抱歉，明年年中年底之前，出現順風，然後情況可能會出現逆轉，前提是他們能按時完成。

And again, there's been some second runs at these China VPPs where the national VBP doesn't come on time. So we'll see I think the scheduled time is for the middle of the year, we'll see what happens actually there.

再次，這些中國 VPP 已經進行過一些二次運行，但國家 VBP 未能按時完成。所以我們會看到，我認為預定的時間是在年中，我們會看看那裡實際上會發生什麼。

But I think, Jeff, if your question was like this quarter and a phasing perspective on a VBP, if you'll recall, Q2 of last year, is when we started stocking the distributors. So I think from when you're looking at a year over year in '25 versus '24, I think it starts to normalize in Q2.

但是我認為，傑夫，如果你的問題是關於這個季度以及 VBP 的分階段觀點，如果你還記得的話，去年第二季度是我們開始向分銷商備貨的時候。因此，我認為，當你觀察 25 年與 24 年的同比情況時，我認為它在第二季度開始正常化。

Yes. That's how I head into my model, and that's my -- I guess, my concern is, do we think implantables could dip even from here, this level before we start back on a recovery as PanOptix Pro build throughout this year? Or are we near a trough at this point?

是的。這就是我進入我的模型的方式，這就是我的——我想，我擔心的是，我們是否認為植入物可能會從現在開始下降，在我們在今年全年隨著 PanOptix Pro 的構建而開始復蘇之前，這個水平會下降？或者說我們現在已經接近低谷了？

I'd have to look at that in some specificity. I think directionally, we continue to grow share in year on prior year. So the actual consumption would be a tailwind for sure, I think, year over year. The question is as you wrap around on the loading of inventory, there may be a temporary number that we have to worry about, probably mostly in the Q2 frame.

我必須具體地看一下這一點。我認為從方向上看，我們的份額將逐年增長。因此，我認為，實際消費肯定會逐年呈現順風態勢。問題是，當你圍繞庫存裝載時，可能會有一個暫時的數字需要我們擔心，可能主要在第二季。

Okay. And David, just as you think about PanOptix Pro building, I think you've talked about potentially been taking PanOptix, keeping that active as well and maybe pricing that down to be a little more competitive with some of the discounting we've seen from other PC IOL players.

好的。大衛，正如您所考慮的 PanOptix Pro 的構建一樣，我想您已經談到了可能採用 PanOptix，保持其活躍度，並可能降低其價格，以便與我們從其他 PC IOL 玩家那裡看到的一些折扣更具競爭力。

I mean how do you think conceptually about PanOptix being such a good product on its own. How many docs might want to take the discounted version, if you will, of PanOptix versus pay the full rate for the PanOptix Pro with the less scattering there?

我的意思是，從概念上來說，您如何看待 PanOptix 本身就是一款如此優秀的產品。如果你願意的話，有多少醫生可能願意購買 PanOptix 的折扣版，而不是支付全價購買散射較少的 PanOptix Pro？

Well, I'm going to dodge your question just because I don't want to give our friends from the competition exactly what we're going to do on this one. I think in truth, you do -- you're 100% right, we have some flexibility here.

好吧，我將迴避你的問題，因為我不想讓我們的競爭對手的朋友確切地知道我們將在這個問題上做什麼。我認為事實上你確實如此——你 100% 正確，我們在這裡具有一定的靈活性。

We like both of these products. The other way to play that one would be to make sure Pro was premium. And I think we'll see how this plays out in the market. But I think it does give us a lot of flexibility. Let me leave it at that.

我們喜歡這兩種產品。另一種做法是確保 Pro 是優質的。我認為我們將會看到這在市場上如何表現。但我認為它確實給了我們很大的靈活性。我就不多說了。

David Adlington, JPMorgan.

摩根大通的戴維‧阿德林頓。

I'm sorry, but we're going to return to Paris please. Just on the $80 million tariff, I just wondered, geographically where that was derived from, is that US to China, US into Europe, just to help us think about where that might go? And then just a clarity that $80 million gross headwind, is that rate as of now.

很抱歉，我們要回巴黎。關於 8000 萬美元的關稅，我只是想知道，從地理上講，這個關稅來自哪裡，是從美國到中國，還是從美國到歐洲，只是為了幫助我們思考這個關稅可能會流向哪裡？然後需要明確的是，8000 萬美元的總逆風是目前的比率。

If we return to prescribed rates following the 90-day suspension, what would that impact be for this year and then potentially annualized into 2026.

如果我們在 90 天的暫停期之後恢復規定的利率，那麼這對今年會產生什麼影響，並且可能對 2026 年產生年化影響。

Yes. Great question. So the $80 million is a split between China it's primarily China and then let's call it and exports to China. So our levels of imports from China is relatively small. So the way I would think about it, we picked 10%.

是的。好問題。因此，這 8000 萬美元是在中國（主要是中國）和對華出口之間分配的。因此我們從中國的進口量相對較小。所以按照我的想法，我們選擇了 10%。

We held them flat from that was announced through the rest of the year. And the reason we did that is, I'm just not quite sure what the rate is going to be in August 15, depending on what you read, as you indicated, some folks think it's going to go back to $125 million.

從宣布這一消息到今年餘下的時間，我們都保持著這一水平不變。我們這樣做的原因是，我不太確定 8 月 15 日的利率是多少，這取決於您所讀到的內容，正如您所說，有些人認為利率將回到 1.25 億美元。

There are other trade associations say that a vast majority of the tariffs that were announced after Liberation Day had been canceled. So then therefore, it would go back to 34%. So we have chosen not to try to speculate as to what's going to happen, and we basically treated it like we treat FX.

其他產業協會也表示，解放日後宣布的關稅絕大多數已被取消。因此，它將回到 34%。因此，我們選擇不去猜測接下來會發生什麼，我們基本上以對待外匯的方式對待它。

We snapped a point in time, and that's what we've assumed going forward. So to answer your question directly, if it is $125 million, and it does go back to August 15, it would have a material impact on four months worth of COGS in China. Now keep in mind, now a lot of that gets hung up on the balance sheet because it takes time to roll through the P&L. But we'll also probably have a significant impact in 2026.

我們確定了一個時間點，這就是我們對未來的假設。因此，直接回答您的問題，如果金額為 1.25 億美元，並且確實追溯到 8 月 15 日，那麼它將對中國四個月的 COGS 產生重大影響。現在請記住，現在很多內容都被掛在資產負債表上，因為滾動損益表需要時間。但我們也可能在 2026 年產生重大影響。

Now what you need to be careful of is if this thing were long term and that was to happen, then obviously, we would take some different strategic moves from a mitigation perspective, again, similar to what we talked about earlier, we look heavily at pricing strategy.

現在你需要注意的是，如果這件事是長期的，而且真的發生了，那麼顯然，我們會從緩解的角度採取一些不同的戰略舉措，同樣，與我們之前談到的類似，我們會非常重視定價策略。

We look at heavily a tax strategy at manufacturing footprint. So I don't really want to speculate on what would happen in 2026. But that's how we -- I don't want to dodge the question, but that's how we thought about it.

我們專注於製造業足跡的稅務策略。所以我真的不想猜測 2026 年會發生什麼事。但這就是我們——我不想迴避這個問題，但這就是我們的想法。

And then maybe just one follow-up. Are you potentially seeing any tailwinds from some of your competition potentially more exposed to tariffs, particularly on the equipment side.

然後可能只需要一個後續行動。您是否有可能看到一些競爭對手可能更容易受到關稅的影響，特別是在設備方面。

No. Look, I think we're all in the same spot. I think a lot of folks have have a nice business in China. We have a big business in China and in Japan, both of which are countries that we mostly import from the US. So that's something to think about.

不。瞧，我認為我們都處於同一個位置。我認為很多人在中國的生意都很好。我們在中國和日本都有很大的業務，這兩個國家都是我們從美國進口最多的國家。這是值得思考的事。

And obviously, most of our competition do the same thing. However, I think we look very carefully in market to see what the pricing potential is for us. And whether or not we can take advantage of our circumstance or somebody else's.

顯然，我們的大多數競爭對手也做同樣的事情。然而，我認為我們會非常仔細地觀察市場，看看我們的定價潛力有多大。以及我們是否可以利用自己的環境或他人的環境。

And so we'll look market to market in the -- if we get into this how do we mitigate things a little more carefully. But right now, our hope in particular, is that cool minds will prevail here, and we will see a zero for zero view on this.

因此，我們將關注各個市場——如果我們進入這個領域，我們如何更謹慎地緩和局勢。但現在，我們尤其希望，冷靜的頭腦能夠佔上風，我們將看到對此持零比零的看法。

As I said earlier, there is not -- the AdvaMed folks will tell you they're as well the Chinese, that there is not a trade imbalance between China and the United States on Medtech products. And so there isn't a logic for it other than its part and getting caught up in a lot of this negotiation.

正如我之前所說，AdvaMed 的人會告訴你他們也是中國人，中國和美國在醫療科技產品方面並沒有貿易不平衡。因此，除了其部分原因和陷入大量談判之外，沒有其他邏輯。

So our point of view right now on the whole of our business is let's ride this out. Let's be smart about it. Let's be -- we can make the moves we need to at the right times.

因此，我們現在對整個業務的觀點是，讓我們渡過難關。讓我們聰明一點吧。讓我們－我們可以在適當的時候採取我們需要的行動。

But let's hold our investments in R&D, let's hold behind the new product flow. And let's let the new products really carry us through the end of the year. I think this is where we started the year. It's exactly where we're going to end the year. We need to get our growth going again, and that's exactly what we're having a good time doing right now.

但讓我們控制對研發的投資，讓我們支持新產品的流程。讓我們讓新產品真正陪伴我們度過今年年底。我想這就是我們新的一年的開始。這正是我們結束這一年的地方。我們需要再次實現成長，而這正是我們現在正在做的事情。

This concludes the question-and-answer session. I'd like to turn the floor back over to Dan Cravens for closing comments.

問答環節到此結束。我想把發言權交還給丹‧克雷文斯 (Dan Cravens)，請他發表最後評論。

All right, everybody, thanks for your time this morning and afternoon. If you have any other follow-up questions, certainly feel for media reach out to our corporate communications team and investors, feel free to reach out to either Alan or myself. Thanks again.

好的，各位，感謝你們今天上午和下午的時間。如果您有任何其他後續問題，請隨時透過媒體聯繫我們的企業傳播團隊和投資者，也可以隨時聯繫艾倫或我本人。再次感謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。