Alcon AG (ALC) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Alcon third quarter 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to your host, Dan Cravens. Please go ahead, sir.

各位好，歡迎參加愛爾康2025年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。現在我將把會議交給主持人丹·克雷文斯。請繼續，先生。

Welcome to Alcon's third 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. Joining me on today's call are David Endicott, our Chief Executive Officer; and Tim Stonesifer, our Chief Financial Officer. Our press release, presentation and discussion will include forward-looking statements, including statements about our future outlook.

歡迎參加愛爾康2025年第三季財報電話會議。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。今天與我一起參加電話會議的有我們的執行長大衛恩迪科特和財務長提姆史東西弗。我們的新聞稿、簡報和討論將包含前瞻性聲明，包括關於我們未來展望的聲明。

We undertake no obligation to update forward-looking statements as a result of new information for 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.

除法律另有規定外，我們不承擔因未來發展的新資訊而更新前瞻性陳述的義務。我們的實際結果可能與前瞻性聲明中明示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聲明。

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. 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.

可能導致我們實際業績與前瞻性聲明有重大差異的重要因素已列入我們的20-F表格、盈利新聞稿和中期財務報告中，這些文件均已提交美國證券交易委員會備案，並可在其網站sec.gov上查閱。本公司所使用的非國際財務報告準則（IFRS）財務指標的計算方法可能與其他公司所使用的類似指標不同，因此可能不具可比性。

These non-IFRS financial measures should be considered along with but not as alternatives to the operating performance measures as prescribed per IFRS. 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. In a moment, David will begin by recapping highlights from the third quarter. After his remarks, Tim will discuss our performance and outlook for the remainder of the year. Then David will wrap up, and we will open the call for Q&A.

這些非 IFRS 財務指標應與 IFRS 規定的經營績效指標一併考慮，但不能取代 IFRS 規定的經營績效指標。請參閱我們的新聞稿，以了解我們的非 IFRS 指標與依照 IFRS 列示的直接可比較指標之間的調整表。為便於討論，我們對成長的評論均以不變貨幣表示。稍後，大衛將首先回顧第三節的精彩時刻。在提姆發言結束後，將討論我們今年剩餘時間的業績和展望。然後大衛將總結發言，之後我們將開放問答環節。

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

接下來，我想把電話交給我們的執行長大衛恩迪科特。

Good afternoon, everyone, and thank you for joining us. We entered 2025 knowing that it would be a year of building toward the second half, and the third quarter reflects that progress. While there's still work ahead, we're encouraged by the momentum we're seeing in equipment and ocular health. I'll begin with surgical equipment, where we're seeing clear signs of strength with Unity VCS. As expected, the launch is delivering on its promise of greater efficiency and workflow optimization in vitreoretinal and cataract procedures.

各位下午好，感謝各位的參與。進入 2025 年時，我們就知道這將是為下半年做準備的一年，而第三季也反映了這一進展。雖然前方還有很多工作要做，但我們對設備和眼科健康領域的進展感到鼓舞。我先從外科手術設備說起，Unity VCS 在這個領域展現了明顯的實力。正如預期的那樣，該技術的推出兌現了其承諾，提高了玻璃體視網膜和白內障手術的效率並優化了工作流程。

Surgeons are responding positively to the introduction of 4D Phaco technology. Unlike traditional systems, the 4D Phaco tip moves in a unique multidirectional pattern that enables more efficient lens removal while delivering significantly less energy into the eye. This motion combined with real-time fluidics is designed to enhance chamber stability. The result is greater control and confidence for surgeons and greater efficiency for the hospital or ASC. Importantly, as we articulated in the past, we're being deliberate in pacing installations so that surgeons can observe these significant gains in efficiency.

外科醫師對4D超音波乳化技術的引入反應積極。與傳統系統不同，4D超音波乳化尖端以獨特的多方向模式移動，從而能夠更有效地去除晶狀體，同時顯著減少進入眼睛的能量。這種運動與即時流體控制相結合，旨在提高腔室穩定性。這樣一來，外科醫師就能更好地掌控手術，更有信心，醫院或門診手術中心也能提高效率。重要的是，正如我們過去所闡述的那樣，我們正在有意識地控制安裝進度，以便外科醫生能夠觀察到這些效率上的顯著提高。

We're investing heavily in training, clinical support and workflow integration so that each site can fully realize the benefits of Unity. This approach is helping us build durable momentum and strong customer advocacy and reflects our long-standing commitment to customer-backed innovation with the surgical community. We're also gearing up for the launch of Unity CS, the stand-alone cataract version, which will be widely available in the coming months. Together, Unity VCS and CS represent a step change in Surgical performance, and we're excited about the momentum heading into next year. Turning to implantables.

我們正在大力投資培訓、臨床支援和工作流程整合，以便每個站點都能充分發揮 Unity 的優勢。這種方法有助於我們建立持久的發展勢頭和強大的客戶擁護度，並體現了我們長期以來對外科界客戶支持的創新的承諾。我們也正在為 Unity CS 的發布做準備，Unity CS 是獨立的白內障手術版本，將在未來幾個月內廣泛推出。Unity VCS 和 CS 的結合代表了手術表現的飛躍式提升，我們對明年的發展勢頭感到非常興奮。轉向植入式裝置。

PanOptix Pro is proving to be a meaningful differentiator. It builds on the success of Clareon PanOptix, but now with 94% light utilization and half the light scattered compared to its predecessor. These enhancements reflect a significant advancement in optical design by providing more uninterrupted light distribution and greater image contrast. Importantly, the launch of PanOptix Pro is beginning to stabilize market share dynamics in the US Trifocal IOL category.

PanOptix Pro 正成為一項重要的差異化優勢。它以 Clareon PanOptix 的成功為基礎，但現在的光利用率達到了 94%，與前代產品相比，散射光減少了一半。這些改進體現了光學設計的重大進步，提供了更不間斷的光線分佈和更高的影像對比度。重要的是，PanOptix Pro 的推出開始穩定美國三焦點人工晶體市場的市佔率動態。

Now turning to contact lenses. I was pleased with our results this quarter as we continue to outpace the market. Our toric modalities, in particular, delivered double-digit growth in the quarter and are expanding access for astigmatic patients. It's important because studies show that more than 40% of patients are astigmatic, yet less than half are fitted with toric lenses, representing significant growth opportunity. These lenses feature our proprietary eight and four design, which helps reduce eyelid interaction and allows these lenses to settle quickly.

現在來說說隱形眼鏡。我對我們本季的業績感到滿意，因為我們繼續跑贏大盤。特別是我們的散光矯正技術在本季度實現了兩位數的成長，並擴大了散光患者的治療機會。這一點很重要，因為研究表明，超過 40% 的患者患有散光，但只有不到一半的患者配戴了散光鏡片，這代表著巨大的成長機會。這些鏡片採用我們獨特的八字和四字設計，有助於減少與眼瞼的接觸，使鏡片能夠快速貼合。

And for wearers, this means clear, stable vision and exceptional comfort. This enhances the patient experience as well as supports practice growth and retention for eye care professionals by expanding access to more astigmatic patients. Now moving to ocular health. I'm very pleased with the continued strength of the Systane family of artificial tears, which delivered high single-digit growth in the quarter. We continue to see encouraging momentum in the adoption of our multi-dose preservative-free formulations led by Systane Pro, which we launched in January. These formulations are helping us meet the growing demand for preservative-free artificial tears.

對於配戴者而言，這意味著清晰穩定的視野和卓越的舒適度。這不僅能提升病患體驗，也能透過擴大散光病患的就診範圍，支持眼科專業人員的執業發展和人員留存。接下來談談眼部健康。我對 Systane 系列人工淚液的持續強勁表現非常滿意，該系列產品在本季度實現了接近兩位數的成長。我們看到，以 Systane Pro 為首的多劑量無防腐劑配方產品，其市場推廣動能依然強勁，該產品於 1 月推出。這些配方有助於我們滿足市場對不含防腐劑的人工淚液日益增長的需求。

We're also encouraged by the early performance of Tryptyr, which we launched in August. Unlike traditional prescription dry eye drops, Tryptyr is the first and only prescription drop that stimulates natural tear production as early as day one. This mechanism of action directly and rapidly addresses the core problem in dry eye disease rather than supplementing for evaporation or treating the resulting inflammation. This makes Tryptyr a meaningful advancement for both prescribers and patients. While it's still early, the breadth of initial uptake has been very encouraging, prescribable trialing is high, and we're seeing adoption from both ophthalmologists and optometrists.

我們對8月推出的Tryptyr的早期表現也感到鼓舞。與傳統的處方乾眼藥水不同，Tryptyr 是第一種也是唯一一種從使用第一天起就能刺激自然淚液分泌的處方眼藥水。這種作用機制直接且迅速地解決了乾眼症的核心問題，而不是補充水分以減少蒸發或治療由此產生的發炎。這使得 Tryptyr 對處方醫生和患者來說都是一項意義重大的進步。雖然現在還處於早期階段，但初步的接受度非常令人鼓舞，可處方試驗的比例很高，我們看到眼科醫生和驗光師都在採用。

To support access and streamline the patient experience, we partnered with an easy-to-use digital pharmacy platform to simplify fulfillment. This collaboration is helping patients start the therapy quickly and conveniently, which is especially important in the early stages of launch.

為了支持患者取得藥品並簡化患者體驗，我們與一個易於使用的數位藥局平台合作，以簡化藥品配發流程。這項合作有助於患者快速且方便地開始治療，這在產品上市初期尤其重要。

Now more broadly, our commitment to innovation and clinical excellence was on display at the recent ESCRS and AAO conferences. We supported over 40 studies reinforcing the value of our technologies across cataract and refractive care. I'll take a few moments now to highlight three topics. First, there was new data on Vivity AT-IOLs showing strong patient satisfaction in complex cases like early AMD and mild corneal irregularities. These findings reinforce Vivity's differentiated value proposition in the premium IOL segment.

現在更廣泛地說，我們對創新和臨床卓越的承諾在最近的 ESCRS 和 AAO 會議上得到了充分展現。我們支持了 40 多項研究，進一步證實了我們的技術在白內障和屈光治療領域的價值。現在我將花幾分鐘時間重點介紹三個主題。首先，Vivity AT-IOL 的新數據顯示，在早期 AMD 和輕度角膜不規則等複雜病例中，患者滿意度很高。這些發現進一步鞏固了Vivity在高階人工晶體領域的差異化價值主張。

Second, there were time and motion studies that demonstrated statistically significant efficiency gains with Unity VCS compared to the legacy systems. With cataract volumes rising and incidence of retinal disease increasing, demand for ophthalmic care is outpacing the supply of eye care professionals. These results demonstrate that Unity helps address this imbalance by enabling more efficient procedures and supporting higher patient throughput. Finally, a head-to-head study comparing WaveLight Plus and SMILE Pro revealed that WaveLight's ray tracing technology significantly outperformed SMILE in visual outcomes. Using a three-dimensional digital twin of the eye, WaveLight Plus achieved 20/12.5 vision or better in 98% of the cases versus 82% with SMILE Pro.

其次，時間動作研究表明，與傳統系統相比，Unity VCS 在統計上具有顯著的效率提升。隨著白內障病例增加和視網膜疾病發病率上升，眼科護理的需求超過了眼科護理專業人員的供應。這些結果表明，Unity 透過實現更有效率的流程和支援更高的患者吞吐量，有助於解決這種不平衡問題。最後，一項對 WaveLight Plus 和 SMILE Pro 進行直接比較的研究表明，WaveLight 的光線追蹤技術在視覺效果方面明顯優於 SMILE。WaveLight Plus 利用眼睛的三維數位孿生體，在 98% 的病例中實現了 20/12.5 或更好的視力，而 SMILE Pro 的比例為 82%。

It also delivered superior precision, astigmatism correction and contrast sensitivity. These results underscore the potential of personalized LASIK to set a new benchmark for refractive surgery and reinforces Alcon's leadership in ophthalmic innovation. Moving now to market dynamics. Global cataract procedure volumes grew approximately 3% in the quarter, which is an improvement, but remains below historical averages. Additionally, global AT-IOL penetration was up 130 basis points.

它還具有卓越的精度、散光校正和對比度敏感度。這些結果凸顯了個人化 LASIK 手術在屈光手術領域樹立新標竿的潛力，並鞏固了愛爾康在眼科創新領域的領先地位。接下來我們來談談市場動態。本季全球白內障手術量成長約 3%，雖然有所改善，但仍低於歷史平均值。此外，全球 AT-IOL 滲透率上升了 130 個基點。

In Vision Care, we estimate that the global contact lens market grew approximately 4% in the quarter with a strong US market partially offset by weaker growth internationally. And before I pass it to Tim, I'll briefly comment on our proposed acquisition of STAAR Surgical. We continue to view the transaction as attractive and believe that Alcon is best suited to maximize the value of their implantable polymer lens. And we believe that the ICL is complementary to our refractive laser business.

在視力保健領域，我們估計全球隱形眼鏡市場在本季成長了約 4%，其中美國市場強勁成長，但國際市場成長放緩部分抵銷了這一成長。在把麥克風交給提姆之前，我先簡單談談我們擬議收購 STAAR Surgical 的情況。我們仍然認為這筆交易很有吸引力，並相信愛爾康最適合最大限度地發揮其植入式聚合物晶體的價值。我們相信 ICL 與我們的屈光雷射業務相輔相成。

So we like this deal, but it isn't essential to our long-term growth plan. Last week, we published a presentation expressing our perspective on the upcoming shareholder vote. We believe our offer represents an attractive premium across multiple measures and creates value for both Alcon and STAAR shareholders.

我們喜歡這筆交易，但它對我們的長期發展計畫來說並非至關重要。上週，我們發布了一份演示文稿，表達了我們對即將舉行的股東投票的看法。我們相信，我們的報價在多個方面都具有吸引力的溢價，並且能夠為愛爾康和STAAR的股東創造價值。

So to wrap up, despite a soft first half, we're encouraged by recent signs of improving market conditions and the robust performance of our recently launched products. Our innovation pipeline is strong, our execution is focused, and our teams are energized. I want to thank our associates around the world. Your dedication and passion continue to drive Alcon forward. I'm proud of what we've accomplished together and excited for what's ahead.

綜上所述，儘管上半年業績疲軟，但我們對近期市場狀況改善的跡像以及我們近期推出的產品的強勁表現感到鼓舞。我們的創新管道強大，執行力強，團隊充滿活力。我要感謝世界各地的同事們。你們的奉獻和熱情將繼續推動愛爾康向前發展。我為我們共同取得的成就感到自豪，也對未來充滿期待。

With that, I'll turn it over to Tim, who will walk you through the financials.

接下來，我將把麥克風交給提姆，他將為大家解釋財務方面的內容。

Thanks, David. Our third quarter sales of $2.6 billion were up 5% versus prior year. In our Surgical franchise, revenue was up 5% year-over-year to $1.4 billion. Implantable sales were $432 million in the quarter, up 2% versus the prior year period. As David mentioned, we've been very pleased by the surgeon response to the US launch of PanOptix Pro, which is beginning to stabilize share dynamics in an increasingly competitive market. In consumables, third quarter sales of $745 million were up 5%. This growth reflects improving global cataract procedure volumes as well as price increases. As David mentioned, while procedure volumes in the US improved during the quarter, they were still not back to historical rates.

謝謝你，大衛。我們第三季的銷售額為26億美元，比上年同期成長5%。在我們的外科手術業務中，營收年增 5%，達到 14 億美元。本季植入式醫療器材銷售額為 4.32 億美元，較上年同期成長 2%。正如大衛所提到的，我們對外科醫生對 PanOptix Pro 在美國上市的反應非常滿意，這開始穩定競爭日益激烈的市場中的市場份額動態。在消費品方面，第三季銷售額為 7.45 億美元，成長了 5%。這一增長反映了全球白內障手術量的增加以及價格的上漲。正如大衛所提到的那樣，雖然美國本季的手術量有所改善，但仍未恢復到歷史水平。

In equipment, as we expected, we saw a significant acceleration in the third quarter with sales of $243 million and growth of 13%, driven by the launch of Unity VCS. Turning to Vision Care. Third quarter sales of $1.2 billion were up 5%. Contact lens sales were up 5% to $707 million in the quarter, primarily driven by product innovation and price increases. This growth was partially offset by declines in legacy products, including DAILIES AquaComfort Plus, where we've limited our promotional activity.

正如我們所預期的那樣，在設備方面，第三季出現了顯著的加速成長，銷售額達到 2.43 億美元，成長了 13%，這主要得益於 Unity VCS 的推出。轉向視力保健。第三季銷售額為12億美元，成長5%。本季隱形眼鏡銷售額成長 5% 至 7.07 億美元，主要得益於產品創新和價格上漲。這一增長部分被傳統產品的下滑所抵消，包括 DAILIES AquaComfort Plus，我們已限制了這些產品的促銷活動。

In ocular health, third quarter sales of $462 million were up 6%. Growth was led by eye drops for dry eye and glaucoma, including Systane, Rocklatan and initial sales of Tryptyr, which we launched in August. There was also some pressure resulting from the divestment of certain eye drops to Ocumension in China, which we will lap in the fourth quarter.

在眼科健康領域，第三季銷售額為 4.62 億美元，成長了 6%。成長主要由治療乾眼症和青光眼的眼藥水帶動，包括 Systane、Rocklatan 以及我們在 8 月推出的 Tryptyr 的初期銷售額。此外，由於將某些眼藥水業務剝離給中國歐康明公司，也帶來了一些壓力，我們將在第四季度解決這個問題。

Now moving down the income statement. Third quarter core gross margin was 62.9%, down 50 basis points year-over-year, mainly driven by incremental tariffs. Core operating margin was 20.2%, down 60 basis points, driven by lower gross margin, sales and marketing investments behind new product launches and increased R&D investment. Third quarter interest expense was $51 million, broadly in line with last year. Other financial income and expense was a net benefit of $3 million.

現在來看損益表。第三季核心毛利率為 62.9%，較去年同期下降 50 個基點，主要原因是關稅增加。核心營業利益率為 20.2%，下降 60 個基點，主要原因是毛利率下降、新產品上市後的銷售和行銷投資以及研發投資增加。第三季利息支出為5,100萬美元，與去年同期基本持平。其他財務收入和支出淨收益為 300 萬美元。

The average core tax rate in the first nine months of the year was 17.4%, down from 18.5% in the prior year due to higher discrete tax benefits in the current year. Core diluted earnings were $0.79 per share in the quarter, down $0.02 versus last year. Turning to cash. We generated $1.2 billion of free cash flow in the first nine months of the year compared to $1.3 billion in 2024, primarily due to increased capital expenditures. Our robust cash generation has enabled us to return $550 million to shareholders in the first nine months of the year, comprised of $384 million in share repurchase and $166 million in dividend payments.

今年前九個月的平均核心稅率為 17.4%，低於上年的 18.5%，原因是本年度有較高的特殊稅收優惠。本季核心稀釋後每股收益為 0.79 美元，比去年同期下降 0.02 美元。兌換現金。今年前九個月，我們產生了 12 億美元的自由現金流，而 2024 年預計為 13 億美元，這主要是由於資本支出增加所致。我們強勁的現金流使我們能夠在今年前九個月向股東返還 5.5 億美元，其中包括 3.84 億美元的股票回購和 1.66 億美元的股息支付。

Regarding tariffs, we incurred $57 million of tariff-related charges in the first nine months of the year. Of this amount, $38 million was recognized in cost of sales, and $19 million was recorded on the balance sheet for product not yet sold. As we enter the fourth quarter, we expect to see a step-up in tariff-related charges and cost of sales. Given tariffs are capitalized into inventory and only recognized in cost of sales when the inventory is sold, this creates a timing lag between when the tariff is paid and when it affects profitability. Due to our inventory cycles, we will start to see the full financial impact in Q4.

關於關稅，今年前九個月我們產生了 5700 萬美元的關稅相關費用。其中，3,800萬美元計入銷售成本，1,900萬美元計入資產負債表，作為尚未售出的產品。進入第四季度，我們預計關稅相關費用和銷售成本將會上升。由於關稅被計入庫存，只有在庫存售出時才確認為銷售成本，這造成了關稅支付時間和其對盈利能力的影響之間存在時間滯後。由於庫存週期的原因，我們將在第四季度開始看到全面的財務影響。

We continue to expect a full year impact of approximately $100 million to cost of sales, and we expect to offset this primarily through foreign exchange as well as operational actions. Now moving to our outlook. Our outlook assumes that aggregate eye care markets grow low single digits for the remainder of the year. Exchange rates as of the end of October hold through year-end and the current tariff structure remains in place. Based on these assumptions and our year-to-date performance, we are reaffirming our full year guidance across all metrics.

我們仍然預計全年銷售成本將受到約 1 億美元的影響，我們預計主要透過外匯和營運措施來抵銷這一影響。現在談談我們的展望。我們預計今年剩餘時間內，眼科保健市場整體將維持個位數低成長。10月底的匯率將維持到年底，目前的關稅結構也將繼續有效。基於這些假設和我們今年迄今為止的業績，我們重申我們對全年所有指標的預期。

Sales remained on track at $10.3 billion to $10.4 billion with constant currency growth of 4% to 5%, and we continue to expect acceleration in the fourth quarter driven by new product launches. R&D is expected to finish toward the high end of our 8% to 10% of sales range, which also reflects the impact of recent acquisitions, including Aurion. Our core operating margin outlook remains 19.5% to 20.5%, and nonoperating expense is unchanged at $185 million to $205. We maintain our core average tax rate guidance at approximately 18% and our core diluted EPS range of $3.05 to $3.15, reflecting flat to 2% constant currency growth.

銷售額保持在 103 億美元至 104 億美元的預期水平，按固定匯率計算增長 4% 至 5%，我們繼續預計第四季度在新產品推出的推動下將加速增長。研發支出預計將達到銷售額的 8% 至 10% 的上限，這也反映了近期收購（包括 Aurion）的影響。我們的核心營業利潤率預期仍為 19.5% 至 20.5%，非營業支出維持在 1.85 億美元至 2.05 億美元之間。我們維持核心平均稅率預期在 18% 左右，核心稀釋每股盈餘預期在 3.05 美元至 3.15 美元之間，反映出以固定匯率計算持平至 2% 的成長。

Looking to 2026, while we won't formally guide until February, I'd like to share some color around expected headwinds and tailwinds. On tailwinds, we expect continued acceleration from new product launches, including Unity VCS and CS as well as Tryptyr, PanOptix Pro and Precision7 among others. These innovations should enable Alcon to grow faster than the market. And at the same time, we'll maintain disciplined cost management so that sales growth outpaces SG&A, driving margin expansion through operating leverage. On headwinds, although we've operationalized some mitigating actions, we expect a net incremental impact from tariffs of roughly $50 million to $100 million in 2026 versus 2025, which reflects an evolving sales mix as well as our inventory cycles.

展望 2026 年，雖然我們正式發布指導意見要到 2 月才會發布，但我想和大家分享一下預計的逆風和順風情況。順風之下，我們預計新產品發布將持續加速成長，其中包括 Unity VCS 和 CS，以及 Tryptyr、PanOptix Pro 和 Precision7 等。這些創新應該能讓愛爾康的成長速度超過市場平均。同時，我們將維持嚴格的成本管理，使銷售成長超過銷售、一般及行政費用，透過營運槓桿推動利潤率擴張。儘管我們已經採取了一些緩解措施來應對不利因素，但我們預計，與 2025 年相比，2026 年關稅帶來的淨增量影響約為 5000 萬美元至 1 億美元，這反映了不斷變化的銷售組合以及我們的庫存週期。

And with regards to investment, in 2026, we'll see the full year impact of Aurion and initiate the Phase III clinical trial early in the year. Combined, these are expected to pressure core operating margin by an incremental 40 basis points. Beyond that, we remain focused on disciplined execution and are confident in our ability to deliver sustainable growth and long-term value for shareholders. Finally, I'd like to extend my heartfelt thanks to associates across the organization for their dedication and hard work.

至於投資方面，2026 年我們將看到 Aurion 的全年影響，並於年初啟動 III 期臨床試驗。預計這些因素加在一起將使核心營業利潤率額外承受 40 個基點的壓力。除此之外，我們將繼續專注於嚴謹的執行，並有信心為股東帶來永續成長和長期價值。最後，我要衷心感謝公司全體同事的奉獻和辛勤工作。

And with that, I'll turn it back to David.

接下來，我將把麥克風交還給大衛。

Thanks, Tim. To wrap up, I'm encouraged by the progress we saw across the business in the third quarter. The successful launch and growing adoption of Unity VCS, the strong reception for PanOptix Pro and the early promise of Tryptyr, all underscore the strength of our innovation engine. As we discussed at our Capital Markets Day, we remain intently focused on the long term. The markets we serve are resilient, underpinned by powerful demographic and technological trends.

謝謝你，提姆。總而言之，我對第三季公司各方面的進展感到鼓舞。Unity VCS 的成功發布和不斷增長的採用率，PanOptix Pro 的強勁反響以及 Tryptyr 的早期前景，都凸顯了我們創新引擎的實力。正如我們在資本市場日上所討論的那樣，我們始終專注於長期發展。我們所服務的市場具有很強的韌性，這得益於強勁的人口結構和技術發展趨勢。

We're investing behind operational excellence and R&D so that Alcon continues to lead our industry. And our long-term vision is anchored in a steady flow of new products, a commitment to innovation and a deep understanding of our customers. With our global reach, dedicated teams and rich pipeline, I'm confident that Alcon is well positioned to accelerate growth, expand patient access and deliver sustainable value to our shareholders.

我們正加大對卓越營運和研發的投入，以使愛爾康繼續引領業界。我們的長期願景建立在源源不絕的新產品、對創新的承諾以及對客戶的深刻理解之上。憑藉我們的全球影響力、敬業的團隊和豐富的產品線，我相信愛爾康已做好充分準備，加速成長，擴大患者覆蓋範圍，並為我們的股東創造可持續的價值。

And with that, let's open our line for Q&A.

接下來，我們進入問答環節。

(Operator Instructions)

（操作說明）

Anthony Petrone, Mizuho Group.

Anthony Petrone，瑞穗集團。

Congratulations here on the quarter. One on Unity and one on just the underlying US market. So on Unity, it looks like the cycle is sort of getting started here. The company has commented in the past that 10% of the base, that 30,000 base is sort of how to think about this cycle, but it could be more front-end loaded.

恭喜你本季取得佳績。一份基於 Unity，一份僅基於美國基礎市場。所以，在 Unity 平台上，這個週期似乎正在開始。該公司過去曾表示，10% 的基數，也就是 30,000 個基數，是看待這個週期的一種方式，但可能會更集中在前期。

So maybe just a little bit on the shape of what that S curve will look like into 2026. And then the underlying surgical market in the US, it's still below normal levels. What were the trends in October when you think about underlying cataract volumes, for instance? And what is (technical difficulty)

所以，或許可以稍微談談到 2026 年 S 型曲線的走向。此外，美國的基礎外科手術市場仍低於正常水平。例如，從白內障體積來看，10 月的趨勢是什麼？而這又是什麼呢？（技術難題）

(technical difficulty) have a lot different anything to say really here than what we've said at either the Bernstein conference or the times we've talked about this. We have a 30% or so -- or sorry, a 30,000 unit base that you stretch out over 10 years and you kind of come up with an average, and it's obviously a little more delayed in the back end and a little faster in the front end.

（技術難題）在這裡，我們沒有什麼可說的，這與我們在伯恩斯坦會議上或我們之前談論這個問題時所說的有很多不同。我們大約有 30%——或者抱歉，是 30,000 套單元的基數，你將其拉長到 10 年，然後你就能得出一個平均值，顯然，後期會稍微滯後一些，而前期會稍微快一些。

But again, we'll see that kind of take shape as we go. We'll give you a good sense of where we are. I think we put out on our website not too long ago, an estimate of the shape of several of those first couple of years. So I would refer back to that because that really hasn't changed and we're kind of right on track with what we expected this year. So we feel fine about it. And I would think about it kind of off of what we've given already.

但同樣，我們會邊走邊看，這種情況會逐漸成形。我們會讓你清楚地了解我們所處的位置。我想我們不久前在網站上發布了對頭幾年發展趨勢的估計。所以我會再次提及這一點，因為情況並沒有改變，我們今年的進展基本上符合預期。所以我們覺得沒問題。我會根據我們已經做出的貢獻來考慮這個問題。

On the US cataract market, the quarter in the third quarter, at least was improved, obviously, in the US a fair bit. It was improved overall a fair bit, too, globally. So I guess it was 1% growth or so. It was flat in the US last quarter. Total this year, obviously, was 3% in the cataract procedural market. So significant move up relative to front half of the year. But again, I think we're careful right now about what one data point doesn't make a trend.

就美國白內障市場而言，第三季的情況至少有所改善，這一點顯而易見。從全球範圍來看，整體情況也有了相當大的改善。所以我覺得成長率大概在1%左右。美國上季經濟持平。今年白內障手術市場總份額顯然為 3%。與上半年相比，出現了顯著成長。但是，我認為我們現在對單一數據點不能代表趨勢這一點非常謹慎。

And so let us get into the beginning of the year next year, give you a better number when we look and guide. We'll have a good sense of the full fourth quarter. And I think look, if we're seeing what I think we said, which I've said before is kind of regression of the mean, the historical levels should be somewhere around 4%, US something around 3%. So we'll see. But I guess that's been our historical view and remains what we believe long term is the trend.

所以，讓我們展望明年年初，屆時我們將給出更準確的數字並進行指導。我們將對第四季的整體情況有一個比較清晰的了解。我認為，如果我們看到的是我之前說過的那種均值回歸現象，那麼歷史水準應該在 4% 左右，而美國則在 3% 左右。我們拭目以待。但我認為，這一直是我們的觀點，而且從長遠來看，我們仍然相信這是未來的趨勢。

Ryan Zimmerman, BTIG.

Ryan Zimmerman，BTIG。

David, on the STAAR transaction, you guys put out, I think, pretty pointed comments about your views about it. I guess what I would ask is if it were to fall through, even after this new go-shop period, you highlighted a number of alternative ICL offerings in the market, either coming or in the market. Why wouldn't one of those fit your needs? And I guess, what, in your view, makes STAAR's technology attractive other than they've been in the market, they've had success for some time.

David，關於 STAAR 交易，我認為你們發表了相當尖銳的評論，表達了你們對此的看法。我想問的是，如果這筆交易失敗了，即使在新的詢價期之後，您也重點介紹了市場上一些 ICL 的替代方案，包括即將推出的和已經推出的。為什麼其中一款不能滿足您的需求呢？我想問，除了 STAAR 的技術已經進入市場並取得了一段時間的成功之外，您認為 STAAR 的技術還有哪些吸引人的地方？

Well, let me say that I don't have a lot to add to my prepared remarks because obviously, it's a sensitive period, and I'd encourage anybody really who is interested in detail around this transaction to have a look at what we posted online. I think we like their product. We like their team a lot. I think it would be a good complementary business to us. As I said in my notes, I think it fits nicely with our laser business.

嗯，我想說的是，除了我準備好的發言稿之外，我沒有什麼要補充的，因為很明顯，這是一個敏感時期，我鼓勵任何對這筆交易的細節感興趣的人去看看我們在網上發布的內容。我想我們很喜歡他們的產品。我們非常喜歡他們的團隊。我認為這對我們來說是一個很好的互補業務。正如我在筆記裡寫的那樣，我認為它非常適合我們的雷射業務。

Same customer, same -- we have bigger geographies. We can take care of this, I think, more efficiently. But there are a limited number of proven ICLs. This is a proven one. It's been in the market a while. I think it has very -- the material is unique. It's a columnar material.

同樣的客戶，同樣的情況──我們的業務範圍更廣了。我認為我們可以更有效地處理這件事。但已證實有效的 ICL 數量有限。這是經過驗證的。這款產品已經上市一段時間了。我覺得它非常特別——它的材質很獨特。它是一種柱狀材料。

And I think directionally, a lot of people who've used these products and used other people's products, I think, look at it and say, okay, this is well known. And with elective procedures, you want well known. So what you don't want is to be experimenting with new things. Now that doesn't mean somebody can't come up with a great product. It just means it's going to take some time to establish it.

而且我認為，從方向上看，很多使用過這些產品和其他人的產品的人，都會看著它們說，好吧，這已經是眾所周知的了。如果是擇期手術，你絕對希望選擇知名度高的項目。所以你不應該做的就是去嘗試新事物。但這並不代表就沒有人能創造出優秀的產品。這只是意味著需要一些時間來建立它。

The challenge for STAAR is obvious, which is as kind of a stand-alone single product company, they're just going to have a difficult and very unlikely path to profitable growth. So ultimately, their shareholders will make a choice between a return to the unaffected share price and a long journey with activists in control of that company, or they can take a certain and generous premium from us. But either way, we're going to be in a good place. So we'll figure that out when we get there. But I think directionally, we're -- we hope that this gets done. But as I said in the notes, if it doesn't, we've got a great plan.

STAAR 面臨的挑戰顯而易見，作為一家獨立的單一產品公司，它實現盈利增長的道路注定艱難且希望渺茫。因此，最終，他們的股東將在兩種選擇中做出抉擇：要么讓股價恢復到未受影響的水平，並讓激進投資者長期控制該公司；要么從我們這裡獲得一定且豐厚的溢價。但無論如何，我們都會處於一個有利的位置。所以，我們到了那裡再想辦法吧。但我認為從方向上看，我們希望這件事能夠完成。但正如我在備註裡所說，如果情況沒有好轉，我們還有很好的計畫。

Okay. Very helpful. And then the second one for me. I could be wrong, correct me if I'm wrong, but I think you folded your Hydrus sales force into the broader cataract sales force or something to that effect. Maybe just talk to us about kind of where you stand in surgical glaucoma today and kind of what happens from here? I mean you've moved earlier in the treatment cycle with the BELKIN product and some of the drops, but kind of where you -- what your outlook is on surgical glaucoma, I think, would be appreciated.

好的。很有幫助。然後是我的第二個。我可能錯了，如果我錯了請糾正我，但我認為你們把 Hydrus 的銷售團隊併入了更廣泛的白內障銷售團隊，或者做了類似的事情。或許您可以跟我們談談您目前在青光眼手術治療領域所處的階段，以及未來的發展方向？我的意思是，您使用貝爾金產品和一些眼藥水已經提前進入了治療週期，但是，您對青光眼手術的看法是什麼，我想聽聽。

No. Look, we're bullish on this. I mean -- and I'm going to reframe what you said a little bit, not because it could be understood that way, but it isn't that -- that's not the circumstance. We have actually expanded the number of people that are going to be selling Hydrus. So we have our in-theater group is selling both IOLs and Hydrus now.

不。你看，我們非常看好這個機會。我的意思是──我要稍微改寫一下你剛才說的話，不是因為那樣理解可能會讓人誤解，而是因為事實並非如此──事實並非如此。我們實際上已經擴大了銷售 Hydrus 的人員數量。所以我們現在的手術室團隊同時銷售人工晶體和Hydrus植入物。

And remember, that's -- we had a certain number of Hydrus folks, but they didn't do any IOLs, and we had a whole bunch of IOL folks who didn't do any Hydrus, which didn't make any sense to us since they're talking to the same person in the same OR at the same time. So what we've really done is we've said, let's consolidate that group, make it bigger.

記住，我們有一些使用 Hydrus 設備的人，但他們沒有做任何 IOL 手術；而我們有很多使用 IOL 設備的人，他們也沒有做任何 Hydrus 手術，這讓我們很困惑，因為他們是在同一手術室裡同時和同一個人交流。所以我們實際做的就是，我們說，讓我們整合這個團隊，讓它變得更大。

And then what we're doing with the Voyager and Valeda product is we're creating a new expanded group to add reps into the clinic to go after glaucoma specialists in the clinic where they're treating SLT and in the retina space where they're treating AMD. So we've actually expanded in these areas. And again, I've said this before, which is we have some really nice white spaces here.

然後，我們正在針對 Voyager 和 Valeda 產品創建一個新的擴展團隊，向診所增加代表，以爭取在診所中治療 SLT 的青光眼專家以及在視網膜領域治療 AMD 的專家。所以，我們實際上在這些領域進行了擴張。我之前也說過，我們這裡有一些非常漂亮的留白空間。

We've got glaucoma, we've got retina, we've got refractive. We are moving towards those spaces, not away from them. So I would be -- I wouldn't misinterpret our intention here. We are going to get bigger in both spaces, both -- especially in interventional glaucoma, which we continue to believe is the way of the future.

我們有青光眼，我們有視網膜疾病，我們有屈光不正。我們正在走向那些空間，而不是遠離它們。所以，我不會誤解我們的意圖。我們將在兩個領域都發展壯大，尤其是在介入性青光眼領域，我們仍然相信這是未來的發展方向。

Graham Doyle, UBS.

瑞銀集團的格雷厄姆·多伊爾。

This is Kavya, on for Graham. Just a couple, please. First is, do you expect to exit the year at a 7%-plus top line growth? Why isn't that a good starting point when we're thinking about next year? And then second question is just on equipment again. So at a recent conference, you outlined targets for next year implying 50% volume growth. Is that a sensible starting point for next year for the half of equipment that is driven by Unity?

這是卡維亞，代格雷厄姆發言。就幾個，謝謝。首先，您預計今年營收成長率能達到 7% 以上嗎？為什麼這不正是我們展望明年時的好起點呢？第二個問題還是關於設備方面的。在最近的一次會議上，您概述了明年的目標，這意味著銷量會成長 50%。對於由 Unity 驅動的那一半設備而言，這是否是一個合理的明年起點？

Look, I think we're not going to comment too much on next year until next year. And I think the reason we give a range, of course, is because these are assumptions we're making about the trajectory and the market, and we'll see. So I think the obvious opportunity here is to be at the high end of that. If it doesn't happen, it won't be a surprise to us. We're looking to just try and do as much as we can right now and think about the long term.

我覺得，在明年之前，我們不會對明年的事情發表太多評論。我認為我們給出預測範圍的原因當然是因為這些是我們對市場趨勢和市場狀況所做的假設，讓我們拭目以待。所以我認為顯而易見的機會在於達到高端水準。如果這件事最終沒有發生，我們也不會感到意外。我們現在只想盡我們所能做好每一件事，然後再考慮長遠發展。

So we've been very careful about Unity VCS, in particular, because it really, at this point, is so far in front of every other piece of equipment that's in its class. We just don't have to rush because the worst-case scenario is somebody is going to buy one of our other pieces of equipment. So I think what you're going to see next year in equipment is a robust year. I think it will accelerate from this year for sure. But I wouldn't want to venture a percentage guess until we really get through this year and get into a place where we're really guiding with some certainty around the assumptions. So let me do that for you in February.

因此，我們對 Unity VCS 尤其謹慎，因為就目前而言，它確實遠遠領先於同類其他設備。我們不必著急，因為最糟的情況是有人會買走我們的其他設備。所以我認為明年設備方面將會迎來強勁的一年。我認為從今年開始肯定會加速發展。但在今年真正過去，我們對各種假設有了更確切的認識之後，我不想貿然做出百分比的猜測。那麼，就讓我二月為你做這件事吧。

Tom Stephan, Stifel.

湯姆·史蒂芬，斯蒂費爾。

Great. First one, just on Unity. I know it's early, but can you talk a bit about, I guess, how placements are trending relative to initial expectations? And then maybe how the order book is building compared to those expectations as well?

偉大的。第一個，僅使用 Unity 引擎。我知道現在說這些還為時過早，但您能否談談，相對於最初的預期，目前的就業安置情況如何？那麼，訂單量與預期相比如何呢？

Sure, Tom. I mean, it's kind of as expected. I think we gave some expectations recently at a conference. I think we're on those. Our order book, we don't comment on directionally. It's been very healthy. We could ship a lot more if we chose to. We are being clear about our intention to train these very carefully and make sure people realize the benefits of them. I mean the basic idea here is we're trying to get more efficiency in the OR. And to do that, you have to work with both the surgeon and the staff.

當然可以，湯姆。我的意思是，這也在意料之中。我認為我們最近在一次會議上提出了一些期望。我想我們正在研究這些。我們不就訂單走向發表評論。它一直都很健康。如果我們願意，我們可以運送更多貨物。我們明確表示，我們將非常認真地培訓這些人，並確保人們認識到他們的好處。我的意思是，這裡的基本想法是，我們試著提高手術室的效率。要做到這一點，你必須與外科醫生和醫護人員共同合作。

And what you have to really do is begin to think about, well, if I did 20 cataracts in a day, could I do 21 and how would I do that? It has to do a lot more with the turn of the room, the priming of the machine, the transfer of settings, so everything moves smoothly, the priming of the handpiece. There's a great deal of detail in this. But what we're getting and what we demonstrated at the data we showed at the Academy is we're getting more surgeries in a day, and that's a beautiful thing for the surgeons and for the patients who need the surgery. So I think we're patient on this. I can tell you that we're right on track with what we expected, and our order book is very strong.

你真正需要做的就是開始思考，如果我一天做了 20 例白內障手術，我可以做 21 例嗎？如果可以，我該怎麼做？這與房間的轉動、機器的啟動、設置的轉移以及手柄的啟動等都有著密切的關係，這樣才能保證一切順利進行。這裡面有很多細節。但我們在學會上展示的數據表明，我們每天進行的手術數量更多了，這對外科醫生和需要手術的患者來說都是一件好事。所以我覺得我們應該要在這件事上保持耐心。我可以告訴大家，我們目前的進展完全符合預期，訂單狀況也非常強勁。

Got it. That's great. And then, Tim, maybe for you. I appreciate the comments on kind of the inputs to margins next year between tariffs, Aurion, et cetera. But -- can you touch a bit on sort of how we should be thinking about underlying op margin expansion next year?

知道了。那太棒了。然後，提姆，也許對你來說是這樣。我感謝您對明年關稅、Aurion 等因素對利潤率的影響所做的評論。但是—您能否談談我們該如何看待明年潛在的營業利潤率擴張？

I think in the past, you've talked about 150 bps. 2H '25 by our math is tracking towards closer to 50 to 75 bps, 4Q closer to 100 bps. Just curious if there's any refined thinking on sort of what models should be contemplating on underlying op margin expansion going into next year? Or what gives you the confidence in that 150 bps plus?

我想你以前說過150個基點。根據我們的計算，2025 年下半年的降幅將接近 50 至 75 個基點，第四季將接近 100 個基點。我只是好奇，對於明年潛在的營業利益率擴張，大家有沒有什麼更深入的思考，例如該考慮哪些模型？或者，是什麼讓你對超過 150 個基點的漲幅如此有信心？

Yes. Listen, I think there's no doubt that this year has been challenging. It's been an unusual year for us, right? If you look at the revenue growth of 4% to 5%, that's been below what we have typically delivered in prior years. We've got the tariff pressures, which is a new pressure point. We've got the Aurion investment. We had seven launches this year. So we've obviously put more marketing and sales and our product launches to make sure that those are successful.

是的。聽著，我認為毫無疑問，今年充滿挑戰。對我們來說，今年是不同尋常的一年，對吧？如果看一下 4% 到 5% 的收入成長率，這低於我們往年通常的水平。我們現在面臨關稅壓力，這是一個新的壓力點。我們已經投資了Aurion公司。我們今年一共進行了七次產品發表。因此，我們顯然加大了行銷、銷售和產品發布方面的投入，以確保這些舉措取得成功。

So given all of that, that's what you're seeing this year and the margin pressure. I still believe if you normalize it and you look at historical improvements, we're kind of in the 150, 200 basis point margin improvement. I believe we can continue to do that. And if you assume that, then we do have incremental pressure, as I said in my prepared remarks, on tariffs. We do have some incremental pressure on a full year of Aurion. So -- but net-net, we'd expect to continue to get nice margin expansion next year.

綜上所述，這就是你今年看到的情況以及利潤率面臨的壓力。我仍然認為，如果將其標準化，並參考歷史改進情況，我們目前的利潤率應該在 150 到 200 個基點之間。我相信我們可以繼續做到這一點。如果你假設這一點，那麼正如我在準備好的演講稿中所說，我們在關稅方面確實會面臨越來越大的壓力。我們確實面臨Aurion計畫全面啟動一年的壓力。所以——總而言之，我們預計明年利潤率將繼續穩定成長。

Matt Miksic, Barclays.

馬特·米克西奇，巴克萊銀行。

A question on tariffs. You mentioned the capitalized tariff expense moving through the P&L. I know you're not giving a ton of color on '26, but on the gross margin line, any directionally the effect of that, should we expect kind of a flatter gross margin offset by some of the other operating changes you're making? Or does the FX kind of offset that in the gross profit line? And then just one quick follow-up on IOLs?

關於關稅的問題。您提到了資本化的關稅支出計入損益表。我知道您沒有透露太多關於 2026 年的信息，但是就毛利率而言，從方向上看，這會產生什麼影響？我們是否應該預期毛利率會比較平穩，但會被您正在進行的其他一些營運調整所抵消？或者說，外匯波動是否在一定程度上抵銷了毛利潤中的影響？那麼，關於人工水晶體（IOL）再補充一個問題吧？

Yes. Listen, we'll give you more color on '26 when we get to the February call. But when you think about gross margin, again, we're going to have an incremental $50 million to $100 million of pressure that's going to show up in your gross margin line for next year. And that's basically driven by that we've got a full year impact of the margins. We're not going to have the FX benefit that we had this year, but we do have a lot of operational actions that are going to help mitigate some of that pressure.

是的。聽著，等我們二月的電話會議召開時，我們會詳細介紹2026年的情況。但當你考慮到毛利率時，我們將面臨 5,000 萬至 1 億美元的額外壓力，這將反映在你明年的毛利率上。這主要是因為我們對利潤率有全年的影響。我們不會再像今年那樣獲得外匯收益，但我們有很多營運措施可以幫助緩解這方面的壓力。

So I sort of think about it in that $50 million to $100 million range. And then there are going to be some other things that you're going to see in the gross margin, Ryan. You're going to see a mix impact, you're going to see some other things. So we'll give you more color in '26 when we get there.

所以我認為金額應該在 5000 萬美元到 1 億美元之間。瑞恩，接下來你還會看到毛利率方面還有其他一些因素。你會看到一些綜合影響，也會看到一些其他情況。所以，等我們到了 2026 年，會帶給大家更多精彩內容。

Okay. And then just there are some -- competition has been one of the challenges, maybe volume growth has been another. It seems like things are kind of improving here a little bit. Competition, as you know, is expected to kind of heat up a little more next year. So given that this year was a tough year, is next year kind of an easier year?

好的。還有一些其他因素——競爭一直是挑戰之一，銷售成長或許是另一個挑戰。這裡的情況似乎有所改善。如你所知，明年的競爭預計會更加激烈。有鑑於今年是艱難的一年，明年會不會輕鬆一點呢？

Or do you expect this kind of battle on those two fronts to continue through launch of PanOptix Pro and additional data on Vivity, or other factors that could kind of help you move the needle on or kind of stabilize share and maybe move the needle on volumes?

或者，您是否預計在 PanOptix Pro 發布、Vivity 數據或其他可能有助於您提升市場份額或穩定市場份額並可能提升銷量的因素出現之前，這兩個戰線上的這種競爭將會持續下去？

Yes. Matt, let me give you some context, I think, that may help. I mean, look, I think, as I've said in the past, the next couple of years are going to be very difficult competitively. I think there's just -- it's just not going to be a big growth driver for us because there's just a lot of entrants, as you correctly point out. Now that said, let me make a couple of really positive remarks. I think we've lived also through some slower market, which I think is not a sustainable idea for a long period of time because there's just too many cataracts out there.

是的。馬特，我給你介紹一下背景，我覺得這可能會有所幫助。我的意思是，你看，我認為，正如我過去所說，未來幾年競爭將會非常激烈。我認為，正如你所指出的，這不會成為我們成長的主要動力，因為競爭者太多了。話雖如此，我還是想說幾點非常正面的話。我認為我們也經歷了一段市場放緩的時期，我認為這從長遠來看是不可持續的，因為市場上白內障患者實在太多了。

The second one is that the AT-IOL penetration was up 130 basis points this year -- or sorry, this particular quarter. And it's been up consistently in some really important markets, the US and others. And that's partly due to the competitive selling that's going on out there. More docs are trying it, more people.

第二點是，今年的 AT-IOL 滲透率上升了 130 個基點——或者抱歉，是本季上升了 130 個基點。而且在一些非常重要的市場，例如美國和其他一些市場，它一直持續上漲。部分原因是由於市場上激烈的競爭性銷售。越來越多的醫生和越來越多的人正在嘗試這種方法。

But that actually benefits us quite a lot in markets, where we have the majority of the AT-IOLs. So in the US, where we still have the vast majority of the AT-IOLs that's really what helps us is the penetration moving up. You stabilize share and penetration moves up, we look pretty good. So think about that dynamic a little bit as an offset to what is going to be price pressure and share pressure in most markets.

但實際上，這在 AT-IOL 佔多數的市場中對我們非常有利。所以在美國，我們仍然擁有絕大多數的 AT-IOL，真正幫助我們的是滲透率的提升。如果市佔率穩定下來，滲透率上升，情況就會相當不錯。所以，不妨把這種動態看作是對大多數市場中價格壓力和市佔率壓力的一種抵銷。

Last point I'll make is we are in the process still of launching PanOptix Pro around the world. We haven't had any really competitive time in Europe and in Japan and a few other places where we're just getting Pro going. We won't get PanOptix Pro until next year in Europe. So we're seeing -- I think we see it in Japan right now. I mean our reception has been so strong in the US. We've had to kind of delay a few launches just to make sure that we got the right amount of inventory to go in with.

最後一點是，我們仍在向全球推出 PanOptix Pro。我們在歐洲、日本以及其他一些我們剛起步的職業賽場上還沒有真正參加過比賽。歐洲要到明年才能用 PanOptix Pro。所以我們現在看到——我認為我們現在在日本就看到了這種情況。我的意思是，我們在美國反應非常好。我們不得不推遲一些產品的發布，以確保我們有足夠的庫存。

So we're excited about what the next series of products does. And even in that vein, we just got Vivity onto the Clareon material in Europe. And that's having a nice impact, I think. So we've got that. We've got a few other products.

所以我們對下一代產品的功能感到非常興奮。甚至在這個方面，我們剛剛在歐洲將 Vivity 應用於 Clareon 材料。我認為這產生了很好的影響。我們已經掌握了這一點。我們還有其他一些產品。

We'll talk more about product flow and implantables next year. But I do think that somewhere between the products that we are -- we have and are launching the AT-IOL penetration and some improvement in the market, it's going to be tough because there's going to be a lot of competition, but I think we'll weather through it. And I think we have a solid performance this quarter. I'd like to see us somewhere right around market growth going forward.

明年我們將更深入討論產品流程和植入式醫療器材。但我認為，在我們現有的產品——我們已經推出和正在推出的 AT-IOL 產品——以及市場的一些改善之間，將會面臨很大的挑戰，因為競爭會非常激烈，但我認為我們會挺過去的。我認為我們本季業績表現穩健。我希望未來我們的業績能維持在市場成長的水平。

David Saxon, Needham & Company.

David Saxon，Needham & Company。

David and Tim, maybe, I'll start on the contact lens market. So I think the US kind of drove that 4% growth. So would you consider the US market kind of in that normal 4% to 6% range? And then what's driving that international weakness? And then relative to the DACP comments, I mean, I'm guessing kind of you're in the later innings of converting that base. So maybe talk about how you think about the mix benefit you could see going forward relative to what you've seen historically?

大衛和提姆，或許吧，我會從隱形眼鏡市場著手。所以我認為美國在某種程度上推動了這4%的成長。所以您認為美國市場處於正常的 4% 到 6% 的範圍內嗎？那麼，導致國際疲軟的根本原因是什麼？至於 DACP 的評論，我的意思是，我猜你們現在正處於轉換該基數的後期階段。那麼，或許可以談談您如何看待未來可能出現的組合優勢，以及這種優勢與您過去所看到的相比有何不同？

Yes. Really good questions, David. Thank you. A couple of comments on the global market. Look, it's -- globally, it's still at the normal -- in the normal range, just at the low end of 4%, right? We've always said it's kind of mid-single digits. And the US was considerably better than that and the international market considerably lower than that. But I think really what's happening internationally is Japan is really struggling and has for a while. I think it was negative. It might have been flat. I can't remember quite right off the top of my head. But that's a big market. And Europe, to be fair, Europe wasn't super strong either. So I think it was below kind of historical averages.

是的。大衛，你問的問題真好。謝謝。關於全球市場，我有幾點看法。你看，從全球範圍來看，它仍然處於正常水平，只是在 4% 的低端，對吧？我們一直都說這個數字大概在個位數左右。美國的情況比這好得多，而國際市場的情況則比這差得多。但我認為，國際上真正發生的事情是，日本確實陷入了困境，而且這種情況已經持續了一段時間。我認為結果是陰性。它可能是平坦的。我一時想不起來。但那可是很大的市場。公平地說，歐洲當時並非十分強大。所以我認為它低於歷史平均水平。

So I mean, I think some of that is just a little bit of product, I would just say, lack of new product flow in those markets. We're just getting some things in those markets right now that we're excited about. So I think we should see -- I expect to see kind of normal market growth going forward. But the US, I think, in particular, has -- the 6% growth that we saw in the US was a nice effort, but you see -- still see some of that being given back in a significant amount of price rebating to consumers.

所以我的意思是，我認為其中一些原因只是產品本身的問題，我只能說，是這些市場缺乏新產品供應。我們現在在這些市場上獲得了一些令我們興奮的產品。所以我認為我們應該會看到——我預計未來市場將保持正常的成長。但我認為，尤其是美國——我們看到美國實現了 6% 的增長，這是一個不錯的成績，但你看——仍然看到其中一部分以大量的價格返還給消費者的形式被抵消了。

So my sense of where we're going is that the branded products that do really well are going to build the international market. The branded products in the US that have been around for a stretch will continue to do well. But I think you've got some newer ones in there that are fighting on price that may hold some of the share movement that we have back just a little bit as we go forward.

所以我覺得未來的發展方向是，那些真正暢銷的品牌產品將會建立起國際市場。在美國，那些已經存在一段時間的品牌產品將繼續保持良好的銷售表現。但我認為，其中一些較新的股票正在價格上競爭，這可能會稍微抑制我們目前看到的股價走勢。

On DACP, the mix is certainly benefiting us on a on a gross margin basis, it doesn't really help us a ton on a share level, but it does help us at the margin level. So we're trading that into P1. We're trading it into DACP -- or sorry, the DT1, but the overall share in the US in DAILIES is challenged by competition significantly and price competition, in particular.

就 DACP 而言，這種組合確實在毛利率方面對我們有利，雖然在市場份額方面並沒有給我們帶來太大幫助，但確實在利潤率方面對我們有利。所以我們用它換取P1。我們正在將其兌換成 DACP——或者抱歉，是 DT1，但美國日糧市場的整體份額正受到激烈的競爭，尤其是價格競爭的挑戰。

Okay. And then maybe just on Tryptyr. I mean, per IQVIA, it seems like the TRxs are kind of ramping more gradually than what we saw with another launch a couple of years ago from a competitor. So maybe just talk about that launch, how it compares to kind of your internal expectations and how we think about -- how we should think about that ramp heading into next year?

好的。然後或許就只在 Tryptyr 上。我的意思是，根據 IQVIA 的數據，TRx 的銷售成長似乎比幾年前競爭對手推出的另一款產品緩慢得多。所以，或許我們可以談談這次發布，它與你們內部的預期相比如何，以及我們應該如何看待——我們應該如何看待明年的成長計劃？

Yes. Look, Tryptyr is going really well. As I said in the notes, the eye care community is very excited, and we're pleased with the amount of trial and uptake across the potential prescribing base. Perhaps most encouraging is that patients are playing back the unique efficacy of this mechanism. It's not a supplement to lipid layer.

是的。你看，Tryptyr 進展非常順利。正如我在筆記中所說，眼科界對此感到非常興奮，我們對潛在處方族群的試用和接受程度感到滿意。最令人鼓舞的是，患者們也證實了這種機制的獨特療效。它不是脂質層的補充劑。

It's not an anti-inflammatory, which, again, it's going right at the kind of basic mechanism to create tears, and that is the very core of the disorder. So I mean, we're very excited about what's happening there. I think you got to be careful with the audited data because the audited data source does not capture the third party that we're using to manage the initial uptake of the product.

它不是抗發炎藥，而是直接作用於產生眼淚的基本機制，而這正是疾病的核心所在。所以，我們對那裡正在發生的事情感到非常興奮。我認為你應該謹慎對待審計數據，因為審計數據來源無法捕捉我們用來管理產品初步推廣的第三方數據。

So we're -- we've got a platform that has been used by several companies in eye care. If you go back and you look at some of those launches, you'll find a number of companies that do this work. But there's a digital prescribing platform that helps patients get access to new prescription products, which makes the sample easier, the prior auth easier, the prescription adjudication easier, and it actually delivers it to home to their homes. So it's a pretty cool deal. And a number of folks have used it.

所以，我們——我們有一個平台，已經被多家眼科護理公司使用。如果你回顧一下那些產品發表會，你會發現有很多公司都在做這項工作。但是，有一個數位處方平台可以幫助患者獲得新的處方產品，這使得樣本獲取更容易、事先授權更容易、處方裁定更容易，而且它實際上還會將產品送到患者家中。所以這筆交易相當划算。很多人都用過它。

So it's very commonly understood by the ophthalmology community, and they're taken to it quite rapidly. None of those prescriptions, and that's the majority of what's going on is captured in that audited data you're using. So just be a little cautious about what's in there right now.

因此，眼科界對此非常了解，他們很快就能接受。這些處方，以及大部分正在發生的事情，都沒有被你使用的經審計數據所記錄下來。所以，現在對裡面的東西要稍微謹慎一點。

Veronika Dubajova, Citi Group.

維羅妮卡‧杜巴約娃 (Veronika Dubajova)，花旗集團。

I will keep it to two, please. One, just want to get your flavor, obviously, lots of questions around Unity and whether that's tracking in line with expectations, but there is a number of other products driving growth this quarter. So just would love to get your high-level thoughts on, one, how you feel about the Tryptyr uptake relative to what you were looking at and hoping for this early on? And I think, David, you've touched upon Pro, but maybe just a similar question. And if I can relate to that, I might have missed it, but what your PC-IOL market share in the US was in the third quarter and how that moved sequentially?

我只訂兩個，謝謝。首先，我想了解您的看法，顯然，大家對 Unity 有很多疑問，想知道它的表現是否符合預期，但本季還有許多其他產品在推動成長。所以，我很想聽聽您對以下兩點的看法：第一，您對 Tryptyr 的接受度與您早期觀察和期望的情況相比有何感受？大衛，我想你已經提到了 Pro，但也許可以問一個類似的問題。如果我理解沒錯的話，我可能錯過了相關信息，請問貴公司第三季度在美國的PC-IOL市場份額是多少？環比變化情況如何？

And then one for Tim. I guess if I look at the full year guide, the exit range for the fourth quarter is still pretty wide. I think technically, mathematically, the guidance implies 5% to 9% organic sales growth for the fourth quarter. Tim, I'm just curious if you have a point there where you feel more comfortable given everything that you see at this point in time.

然後，給蒂姆來一個。我想，如果我看一下全年的業績指引，第四季的預期區間仍然相當廣泛。我認為從技術上和數學上講，這一預期意味著第四季度有機銷售額將成長 5% 至 9%。提姆，我只是好奇，鑑於你目前所看到的一切，你是否覺得到了某個時候會更安心一些。

Veronika, let me try and break your two questions into the four that you asked. Just kidding.

維羅妮卡，讓我試著把你的兩個問題拆分成你提出的四個問題。只是在開玩笑。

Fair enough.

很公平。

Look, the Tryptyr growth I just commented on, it's been -- it's better than expectations for us out of the gate. I think we've got a lot of trial, and I think we're just kind of excited about the patient response right now because we knew the product was going to have a little bite to it. But what's exciting to hear is that this thing really works. And when you talk about efficacy that works, all eye drops have a little bit of that bite to them. So we're excited about that balance that we're hearing back from the patients and the doctors that says, this is really working, and we like what we see. There's more to come. We're early, so I should be a little careful about that and circumspect on it. But I think in terms of uptake and breadth of prescribing and all the things that we look at metric-wise, doing very well.

你看，我剛才提到的 Tryptyr 的成長，已經——比我們一開始的預期要好。我認為我們已經做了很多試驗，而且我們現在對患者的反應感到非常興奮，因為我們知道這款產品會有點刺激性。但令人興奮的是，這東西真的有效。說到有效的眼藥水，所有眼藥水都有一定的刺激性。所以我們很高興從病人和醫生那裡聽到這樣的回饋，他們說，這真的很有效，我們很滿意我們所看到的。還有更多精彩內容即將呈現。時間還早，所以我應該在這方面多加小心謹慎。但我認為，就處方普及率和覆蓋範圍以及我們從指標角度來看的所有方面而言，都做得非常好。

On Pro, I would just say PanOptix Pro has done really well, better than we expected in many ways because we -- at some level, we had a certain amount of consignments we thought would take over. We kind of ran out of them, I think, somewhere along in the third quarter and couldn't ship some to the Japan market, which we were trying to get on a little bit sooner. I think we're just getting them out now. So I think we've been excited about the people who -- once they've tried it, they really like it, and they're describing back to us exactly what we had hoped for, which is, look, less light scatter and less -- and more light usage. So a little bit of kind of clarity at distance seems to be the common language we're hearing.

關於 Pro 版，我只想說 PanOptix Pro 的表現非常出色，在許多方面都超出了我們的預期，因為我們——在某種程度上，我們有一些委託訂單，我們認為這些訂單將會佔據主導地位。我想，我們在第三季某個時候就用完了這些產品，所以沒能把一些產品運往日本市場，而我們原本想更早進入日本市場。我想我們現在只是在把它們放出去而已。所以我覺得我們很興奮，因為那些嘗試過的人都很喜歡它，他們向我們反饋的正是我們所希望的，那就是，你看，更少的光散射，更少的——以及更多的光利用。所以，我們聽到的共同語言似乎是：在遠處保持一定的清晰度。

So the qualitative is good. The stability of the share quarter-to-quarter, we had -- it's very hard to read this because remember that there was a recall by one of our competitors in the second quarter. It bounced back in the third. You've got a little bit of noise in there from some slowdown in some of the other competitors. So -- but generally speaking, our share is very good. It's well above -- we have the vast -- well, we have a significant majority of the PC-IOL market and the majority of the whole of the AT-IOL market.

所以定性結果良好。從季度到季度，我們的股價保持穩定——這一點很難解讀，因為請記住，我們的一個競爭對手在第二季度進行了召回。第三局他們反彈了。由於其他一些競爭對手的業務放緩，市場出現了一些波動。所以——但總的來說，我們的份額非常好。遠高於——我們擁有巨大的——嗯，我們擁有 PC-IOL 市場的絕大部分份額，以及整個 AT-IOL 市場的絕大部分份額。

I'll just add one other thing, which is we grew share all over the world in toric, and we grew share all over the world in just normal monofocal business. So when you look at the kind of unit volumes for us right now, we look solid all over the implantables business. PC-IOL is still going to be just balance a very significant competitive fight all over the world. We just like our chances better today, and we're doing well. Q4 exit rate, I'm going to leave that to Tim.

我還要補充一點，那就是我們在世界各地的散光鏡片業務份額都在增長，我們在世界各地的普通單焦點鏡片業務份額也在增長。所以，從我們目前的單位銷售量來看，我們在植入物業務方面整體表現穩健。PC-IOL 仍然會是全球範圍內非常重要的競爭。我們今天更有把握，而且我們目前狀態不錯。第四季的退出率，這部分就留給提姆來回答吧。

Yes. Veronika, thanks for the question. Yes, it is a wider range than we typically have. I would say the thing that's a little different this year is the challenge we've had in calling the markets as well as the new product launches and how those are going to do. So I would say our base case is sort of at that midpoint.

是的。維羅妮卡，謝謝你的提問。是的，這比我們通常擁有的範圍要廣。我認為今年與往年略有不同的是，我們在預測市場走勢以及新產品發布方面面臨挑戰，我們需要預測這些產品的表現。所以我認為我們的基本狀況大概就處於這個中間點。

If markets are a little bit softer and launches don't go as well as we anticipate, then that would be at the lower end. If the markets come back roaring back and the launches continue to do really, really well, that's how you get to the higher end. But the base case is really more towards the midpoint.

如果市場略顯疲軟，產品發布不如預期順利，那麼最終的收益將會低於預期。如果市場強勁復甦，新品發表也持續取得非常好的成績，那麼你就能達到高端市場。但基本情況其實更接近中間值。

Larry Biegelsen, Wells Fargo.

拉里·比格爾森，富國銀行。

Maybe Tim or David, can you help us with a framework for your equipment growth because there's a lot of components there. So we can make an assumption on the phaco and vitrectomy placements based on the color you provided at Baird, which I think showed an incremental 1,200 placements in 2026. So can you confirm that those -- that's about the phaco and vitrectomy is about half of equipment sales? And how is the rest of equipment sales trending in '25 and '26? Just so our estimates aren't complete guesses. And I had one follow-up.

提姆或大衛，你們能否幫我們訂定一個設備發展框架？因為這其中涉及很多組件。因此，我們可以根據您在 Baird 提供的顏色對超音波乳化和玻璃體切除術的植入情況做出假設，我認為該顏色顯示 2026 年植入數量將增加 1200 例。所以你能確認一下嗎——超音波乳化術和玻璃體切除術的銷售額約佔設備銷售額的一半？那麼，2025 年和 2026 年其他設備的銷售趨勢如何？只是為了避免我們的估算完全是猜測。我還有一個後續問題。

Well, look, on the mix, the mix is moving around right now. I would say the mix is -- we really haven't tried to sell much cataract right now. So I'm not sure I can give you a lot of direction on it right now, Larry. We've sold mostly VCS units this year. We sold a few CS lately.

你看，現在混音的情況正在改變。我認為目前的情況是——我們還沒有真正嘗試銷售很多白內障手術產品。所以，拉里，我現在恐怕很難給你太多指導。今年我們主要銷售的是VCS設備。我們最近賣出了一些CS。

But we sold for a period of time, we had an orientation that there was going to be a much higher demand for CS than VCS. We are finding out, particularly in a number of markets that people really want both machines because they're -- it creates an efficiency that I think is unique. I don't have a really good number for you to give you right there. The remainder of the equipment, I would just say, is really pretty positive. I mean we've got -- we're just getting started with Valeda. I think I'm encouraged about that. That's all going to be new for next year.

但有一段時間，我們認為CS的需求量會比VCS高很多。我們發現，尤其是在一些市場，人們真的很想要這兩台機器，因為它們——創造了一種我認為是獨一無二的效率。我手邊沒有一個確切的號碼可以馬上給你。至於其他設備，我只能說，它們真的非常好。我的意思是，我們才剛開始與瓦萊達合作。我覺得這令人鼓舞。明年這一切都將是全新的。

The Voyager thing is really, I think we've just kind of gotten the most of the world kind of glaucoma specialty, world kind of technically on to this notion that you should start with SLT. That was job one that we did this year. I think you're going to see a real uptake of Voyager as we move into next year. We've had a pretty good run of it this year. But I think as we convert a new sales force to do both of those next year, you should see Valeda and Voyager do well and contribute quite a little bit.

Voyager 的真正意義在於，我認為我們已經讓世界上大多數青光眼專科醫生，從技術上講，都認同了應該從 SLT 開始治療的理念。那是我們今年完成的第一項工作。我認為隨著我們進入明年，Voyager 的普及率將會大幅提升。我們今年的成績一直都相當不錯。但我認為，隨著我們明年組建一支新的銷售團隊來負責這兩項工作，Valeda 和 Voyager 應該會表現出色，並做出相當大的貢獻。

And then I think lastly, I would say that the -- our biometer still does well, our microscope does well. We've got some new stuff coming that we'll talk about in January. So I'd probably say we're going to have a good year next year in equipment.

最後，我想說的是——我們的生物測量儀仍然運作良好，我們的顯微鏡也運作良好。我們有一些新東西即將推出，我們將在1月和大家討論。所以我覺得明年我們在設備方面應該會迎來不錯的一年。

You hit refractive?

你擊中了折射？

I did -- WaveLight Plus. Yes, good point. And WaveLight Plus, I think what was most exciting about WaveLight Plus this year has been the ability to kind of refresh the market on how important LASIK is and importantly, how much we can improve it. So when you talk about the percentage that we can get to 20/12.5 or better is really unique. And obviously, we're targeting one of our competitors that has a competitive procedure.

我用的是 WaveLight Plus。是的，說得對。至於 WaveLight Plus，我認為今年 WaveLight Plus 最令人興奮的地方在於它能夠讓市場重新認識到 LASIK 的重要性，更重要的是，它展現了我們能夠對其進行多大的改進。所以，當我們談到能夠達到 20/12.5 或更高的百分比時，這確實非常獨特。顯然，我們的目標是我們的競爭對手之一，因為他們擁有具有競爭力的程式。

But frankly, you just can't do better than the installed base of LASIK machines we've got once you get our new WaveLight Plus product in. So that's done pretty well and a little bit better than expectations this year. Again, relatively small part of our business, but really cooling on the front edge of what we're trying to do in cataract and refractive.

但坦白說，一旦安裝了我們全新的 WaveLight Plus 產品，您就無法找到比我們現有的 LASIK 設備更好的選擇了。所以今年的表現相當不錯，比預期好一些。再次強調，這只是我們業務中相對較小的一部分，但它確實是我們在白內障和屈光手術領域努力的前沿領域。

That's helpful. Just one follow-up on contact lenses, David. Is there any consumer element here? If we look at kind of the year-over-year change in growth, I know at Baird, you talked about just less price, but there's been a pretty big change in the last year or two in the contact lens market growth. In Japan, you just talked about a lack of new product flow. But is there a consumer element here where consumers are stretching lenses, buying less bulk? Anything else you can add?

那很有幫助。大衛，關於隱形眼鏡，我還有一個後續問題。這裡面是否有消費者因素？如果我們看一下同比增長率的變化，我知道在貝爾德，你談到的是價格下降，但在過去一兩年裡，隱形眼鏡市場的成長發生了相當大的變化。在日本，你剛才談到了缺乏新產品供應的問題。但這裡是否有消費者因素，例如消費者為了節省鏡片使用時間而減少購買量？還有什麼要補充的嗎？

I mean I'd have to think about that a little more than I have, but I think there is always some -- we've always known that there was some consumer effect in here. Whether or not it's really affecting this market, I mean, the data would be -- it just depends on what data you're looking at. I mean I think if you think about the moving annual total on the contact lens market as of third quarter was 5%, so right in the center of what we would call the normal range, mid-single digits. It's been 4% for a couple of quarters. That is easily explainable by the lack of price that went into the market this year relative to prior years.

我的意思是，我需要再多考慮一下這個問題，但我認為總是會有一些——我們一直都知道這裡面有一些消費者效應。至於它是否真的對這個市場產生影響，我的意思是，數據會說明一切——這取決於你查看的是什麼數據。我的意思是，我認為如果你看看第三季隱形眼鏡市場的年度總增長率，你會發現它達到了 5%，正好處於我們所說的正常範圍（個位數中段）的中間位置。已經連續幾季維持在4%了。這很容易解釋，因為今年進入市場的價格與往年相比有所下降。

And we were catching up. We had a lot of inflation through COVID. Almost everybody took a significant amount of price in '23 and '24. And I think '25, people just, I think, are taking a little bit of a breather, give the consumer some room. But typically, as we've kind of regressed it, you don't see a lot of change in consumption or trade up. We looked at it in the '09 recession. We've looked at it before and tried to correlate it with consumers. It's not highly correlated, let me say it that way, but I wouldn't say it's not correlated.

我們正在迎頭趕上。新冠疫情期間通貨膨脹非常嚴重。幾乎每個人在 2023 年和 2024 年都付出了相當大的代價。我認為，在2025年，人們只是稍微喘了口氣，給消費者一些空間。但通常情況下，隨著經濟情勢的倒退，消費或升級換代方面並沒有太大變化。我們在 2009 年經濟衰退期間研究過這個問題。我們之前研究過這個問題，並試圖將其與消費者聯繫起來。可以說，它們的相關性並不高，但我不會說它們完全不相關。

Jeff Johnson, Baird.

傑夫·約翰遜，貝爾德。

One maybe follow-up question on Unity. I know you've gotten a lot of questions on it so far, David. But again, referring back to the chart that you put up at our conference, you did talk about some volumes there. We've kind of beat that to death today. What kind of price premium are you recognizing on VCS and do you expect to recognize on CS relative to CONSTELLATION and CENTURION in the past?

關於 Unity，可能還有一個後續問題。大衛，我知道你目前已經收到了很多關於這個問題的提問。但是，再回顧一下您在我們會議上展示的圖表，您確實談到了一些交易量。今天我們已經把這個問題討論得太多了。您認為 VCS 相對於 CONSTELLATION 和 CENTURION 的價格溢價是多少？您預期 CS 相對於 CONSTELLATION 和 CENTURION 的價格溢價又是多少？

At one point, we had heard it was going to be 20% to 30%. Then we heard maybe it was coming in a little lower than that. Just how should we model maybe or think about the price premium on the newer technology?

我們一度聽說這個數字會是 20% 到 30%。後來我們聽說實際數字可能比這還要低。我們應該如何對新技術的價格溢價進行建模或思考？

Well, look, I mean, VCS' list price, I think, is $185,000. We've given some discounting, but not much. And I think you can do the math off of the base two products. There is a premium to the box itself and there's a premium to the packs as we go through it. It does depend on how big the customer is and what they're buying and what the commitments are and how long the contracts are.

嗯，你看，我的意思是，VCS 的標價，我想，是 185,000 美元。我們提供了一些折扣，但不多。我認為你可以根據這兩個基本乘積進行計算。盒子本身有溢價，打開盒子後發現的每包東西也有溢價。這取決於客戶的規模、購買的產品、承諾內容以及合約期限。

So it's a little tricky. But early on, I would just say that the ASP on the product is exactly or better than where we expected. So we don't see any challenge with pricing right now. So I would be thinking about it as pretty much as we've described in the past, probably a 10% to 20% premium on the procedure.

所以這有點棘手。但就目前而言，我只想說該產品的平均售價完全符合甚至超過了我們的預期。因此，我們目前沒有看到定價方面的任何挑戰。所以我會像我們過去描述的那樣考慮，大概會在這個手術上加收 10% 到 20% 的溢價。

All right. That's helpful. And then just over on Tryptyr, can that product be profitable next year? Or will DTC spending maybe push profitability on that product into 2027? And when it's being sold today through BlinkRx, when you get it on to fully reimbursed commercial plans, do you start recognizing more revenue?

好的。那很有幫助。那麼，Tryptyr 這款產品明年能獲利嗎？或者，DTC（直接面向消費者）支出是否會將該產品的獲利能力推遲到 2027 年？如果現在透過 BlinkRx 銷售，並且納入全額報銷的商業計劃，那麼您是否會開始獲得更多收入？

And maybe that's an ignorant question, and it's something I should know, but the pricing on BlinkRx is pretty aggressive right now, and that's a good thing. But when you go to a fully reimbursed on the P&L, will you start recognizing even more than revenue per patient or per box of vials?

也許這是個很無知的問題，也是我應該知道的事情，但 BlinkRx 目前的價格非常有競爭力，這是一件好事。但是，當損益表上採用全額報銷模式時，您是否會開始確認比每位患者或每盒藥瓶收入更高的金額？

Well, look, first on the profitability in DTC, I mean, we won't begin to run DTC on Tryptyr until we have sufficient reimbursement for patients that it makes good sense. So I don't know -- and I haven't really looked at the product level P&L. But what I'd say is that we don't really expect to be fully reimbursed at kind of peak until '27. So I would be thinking modestly about DTC for next year, and I would -- maybe it happens, maybe it doesn't, really just depends on the pace of reimbursement.

嗯，首先，關於 DTC 的盈利能力，我的意思是，在我們獲得足夠的患者報銷，使其變得合理之前，我們不會開始對 Tryptyr 進行 DTC 營銷。所以我不知道——而且我還沒有真正看過產品層面的損益表。但我想說的是，我們預計要到 2027 年才能在高峰期獲得全額補償。所以，我對明年的 DTC 計劃持謹慎態度，而且——也許會，也許不會，這真的取決於報銷的速度。

Through the third party we're using, which you've correctly identified, I would say just we do pay them for their service, and we will recognize more revenue once it comes into our hands, but that is -- that's just -- that's more of just exiting that relationship and taking up in a normal way once we get through the kind of heavy lifting that they do to get the reimbursement, the prior auth, all the work that they do to kind of get this available and then ship it to the patient's home. So all that is a service that is very useful in the early days, but helpful, not forever.

透過我們使用的第三方（您已經正確指出），我想說的是，我們確實會為他們的服務付費，一旦款項到賬，我們就會確認更多收入，但這——這只是——這只是結束這種關係，並在他們完成繁重的報銷、事先授權以及所有使產品可用並將其運送到患者家中的工作後，以正常的方式繼續開展業務。所以，所有這些服務在初期都非常有用，但只是有益的，不會永遠有效。

Young Li, Jefferies.

楊莉，傑富瑞。

Young, are you there? Gary, we can move on to the next.

Young，你在嗎？加里，我們可以繼續下一個了。

Okay. Jack Reynolds with RBC.

好的。傑克雷諾茲，加拿大皇家銀行。

I had a couple, please. The first is on PC-IOL penetration. Could you talk about the penetration in the US versus Europe and I guess, versus APAC, if you've got that data as well? And are you kind of -- how are you seeing pricing develop in Europe?

我要了兩份。首先是關於PC-IOL滲透率。您能否談談美國、歐洲以及亞太地區的市場滲透率（如果您有相關數據的話）？那麼，您如何看待歐洲的定價趨勢呢？

And then kind of coming back to cataracts, kind of more generally, because I actually dropped off the call when the Q&A started. So I think I missed a bit of your first answer. But could you just reflect kind of on what you think drove the weakness earlier in the year? Kind of do you have any better visibility on what the cause of that was? And then therefore, kind of what's driving the kind of the more positive Q3 kind of beyond kind of the mean reversion aspect? Is there anything kind of fundamental driving that? And then what are you seeing so far in Q4?

然後，我們又回到了白內障的話題，更廣泛地說，因為在問答環節開始時，我實際上已經退出了通話。我想我漏聽了你第一個回答的一部分。但您能否反思一下，您認為導致今年稍早業績疲軟的原因是什麼？你現在對造成這種情況的原因有更清楚的了解了嗎？那麼，除了均值回歸之外，是什麼因素推動了第三季更積極的局面呢？是否存在某種根本性的驅動因素？那麼，您目前對第四季的情況有何看法？

Yes. I -- let me start with PC-IOL penetration. The US, I think, was 120 or 130 basis points up. APAC, I don't remember, and EU, we generally don't break those down. But I think what I would say is that Japan, EU, very strong.

是的。我——讓我先從PC-IOL滲透率說起。我認為，美國股市上漲了120或130個基點。亞太地區我記不清了，歐盟我們通常不做細分。但我認為我想說的是，日本和歐盟實力非常強大。

APAC generally very strong, better than the US, I'm sure. And what you see, I think, in the offset is China wrapping around on a large volume influx from our VBP win last year. So on a quarter-on-quarter basis, they were down quite a lot in penetration, but I wouldn't overread that. That was -- that's really just holding back. So what you're seeing, I think, is a good bit of competition and promotion driving the market to use more PC-IOLs. And that's a good thing for everybody. And so we're excited about that. On the pricing -- what was the pricing question?

亞太地區整體實力非常強勁，肯定比美國強。我認為，從抵銷市場可以看出，中國正在利用我們去年在VBP計畫中取得的成功所帶來的大量訂單湧入。因此，從季度環比來看，他們的滲透率下降了很多，但我不會過度解讀這一點。那其實就是──那隻是有所保留。所以我認為，你現在看到的是激烈的競爭和促銷活動，這些因素正在推動市場更多地使用PC-IOL。這對大家都有好處。所以，我們對此感到很興奮。關於定價——定價問題是什麼？

Pricing in Europe.

歐洲定價。

Pricing element in Europe. The pricing element in Europe is obviously probably the lowest in the world or near it. So I think we watch that very carefully because it probably portends pricing around the world, but only once you get all of the players in as you do in Europe. So my sense is that it's probably bottomed out, but it's hard to know. What I think is good news is that pricing around the world has held pretty stable.

歐洲定價因素。歐洲的定價因素顯然可能是世界上最低的，或接近最低。所以我認為我們應該非常密切地關注這一點，因為它可能預示著世界各地的定價，但只有當所有參與者都像在歐洲那樣參與進來之後才會如此。所以我的感覺是它可能已經觸底反彈了，但很難確定。我認為好消息是，全球物價一直保持穩定。

And I think our -- as we introduce new products, we are able to get a little price. So if you think about Pro on PanOptix, we're obviously bringing it in at a slight premium to PanOptix, which gives us some flexibility around the core pricing model that we have. So I think stable but generally declining over time will be the answer.

我認為，隨著我們推出新產品，我們能夠獲得一些價格優勢。所以，如果你考慮 PanOptix 的 Pro 版本，我們顯然會以略高於 PanOptix 的價格推出它，這讓我們在核心定價模式方面擁有一定的靈活性。所以我認為，穩定但整體呈下降趨勢才是答案。

And then just on the cataract volume piece, kind of any color you could share there?

然後，關於白內障體積部分，您能分享您能提供的任何顏色嗎？

I mean, look, I mean, there's 1,000 ideas on cataract volume and what it is. Look, here's what we're certain of. There are some certainties that we can say. One is there's way more cataracts today than there was last year. And there are fewer surgeons in the world, at least in the United States and in Europe than there were last year by a little bit.

我的意思是，你看，關於白內障體積及其定義，有數千種說法。瞧，以下是我們確信無疑的事。有些事情我們可以肯定地說。一是如今白內障患者比去年多很多。而且，至少在美國和歐洲，外科醫生的數量比去年略有減少。

So there is a productivity challenge that has generally improved every year, and there was a pause in productivity. Now why was there a pause in productivity? I don't know. The short version is it could have been staff. It could have been consumers didn't want to go in.

因此，生產力面臨挑戰，雖然整體上每年都在改善，但生產力也曾出現停滯。那麼，為什麼生產力會出現停滯呢？我不知道。簡而言之，可能是工作人員所為。也可能是消費者不想進去。

I don't think so. It could be a general younger docs taking over for older docs who sold their practices. That's definitely part of it, could be private equity dynamics that have taken over practices in the US. We've kind of collected a lot of those ideas, thrown them into a bucket and said, look, this is going to revert to the mean generally because there's too many cataracts to deny that kind of service, we will figure out a way. It will be more days in surgery by the surgeons and probably people picking up their in-office work as a consequence.

我不這麼認為。這可能是年輕醫生接手賣診所的老醫生的生意。這肯定是其中一部分原因，可能是私募股權的運作模式已經主導了美國的商業活動。我們已經收集了很多這樣的想法，把它們放在一個桶子裡，然後說，你看，這總體上會回歸平均水平，因為白內障患者太多了，我們不能拒絕提供這種服務，我們會想辦法的。外科醫生需要進行更多手術，因此人們可能需要恢復辦公室工作。

That could be a collaboration with other professionals, other kinds of eye care professionals. And -- but there's going to have to be a pickup in productivity. I think that's naturally driven by the folks who own these practices and naturally driven by the private equity group. So I think it comes back to the mean, and I would -- one day, we'll know the secret answer to that one, but I've been trying at it for about two years, and I've been wrong. So I'll just give you the bucket of it and let you pick.

這可能包括與其他專業人士、其他類型的眼科護理專業人員的合作。但是——生產力必須提高。我認為這自然是由這些診所的所有者和私募股權集團推動的。所以我覺得最終還是要回到均值的問題上，總有一天我們會知道這個問題的答案，但我已經嘗試了大約兩年，卻一直都錯了。所以我把那桶東西給你，你自己挑吧。

Okay. That's great. And then can I just squeeze on one last one. On Unity, so I'm not going to ask about placements, but I was wondering, in the accounts where you have made a placement, are you seeing kind of higher pull-through of consumables? Kind of are you seeing that kind of that efficiency gain being utilized by surgeons?

好的。那太棒了。最後，我可以再加一個嗎？我在 Unity 平台上，所以不會問關於店鋪投放的問題，但我很好奇，在你投放過店舖的帳號中，消耗品的銷量是否明顯更高？您是否看到外科醫生們正在利用這種效率提升？

I don't have that data. So I'm not sure. I wouldn't expect it to be higher per se because in the beginning, especially in the first -- what has it been six months, nine months, we're getting these guys trained and moving. If anything, it's probably a little bit slower. But I think what you get to when you get up to speed is a faster throughput for the facility. So I think we're in a good place in the long run, but I wouldn't worry too much about it in the near term.

我沒有那部分數據。所以我也不確定。我並不指望它本身會更高，因為在開始階段，尤其是在最初的幾個月，大概有六個月、九個月的時間，我們正在訓練這些人並讓他們採取行動。如果說有什麼差別的話，那就是速度可能稍微慢了一點。但我認為，當你跟上節奏後，就能提高工廠的吞吐量。所以我認為長遠來看，我們處境不錯，但短期內我倒不覺得需要太擔心。

David Adlington, JPMorgan.

David Adlington，摩根大通。

Firstly, just on PanOptix Pro, I just wondered what sort of price premium you're actually achieving, if that's in line with your expectations and whether you'd actually changed your PanOptix pricing at all? And then secondly, just on -- just wanted to check if there have been any stocking in either PanOptix Pro or in Ocular Health?

首先，就 PanOptix Pro 而言，我只是想知道您實際獲得的溢價是多少，這是否符合您的預期，以及您是否真的更改了 PanOptix 的定價？其次，我想確認 PanOptix Pro 或 Ocular Health 是否有現貨？

When you say stocking, you talking about the third quarter?

你說的囤貨是指第三季嗎？

Yes, exactly.

是的，正是如此。

Yes. No, not to my knowledge. I think the -- on the price premium, there's a slight price premium. I think I don't really know the answer to that one. There's a -- we've gone out, I think, with a belief that we can do that. Obviously, the customers will speak and we'll find out. We're kind of -- we're still only maybe what are we six months into this thing. So we'll see whether that pans out or not, so to speak.

是的。不，據我所知沒有。我認為——關於價格溢價，確實存在輕微的價格溢價。我覺得我真的不知道這個問題的答案。我認為，我們帶著一種信念出發，相信我們能夠做到這一點。很顯然，顧客會發表意見，我們就會知道了。我們現在的情況是──我們可能才經歷了六個月左右。所以，我們拭目以待，看看結果如何。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Dan Cravens for closing comments.

我們的問答環節到此結束。我想把發言權交還給丹·克雷文斯，讓他做總結發言。

All right. Well, thank you, everybody, again, for joining us today. If you have any follow-up questions, feel free to reach out to Allen Trang or myself for investor questions or our corporate communications team for any media questions. Thanks again.

好的。再次感謝各位今天蒞臨本節目。如果您有任何後續問題，投資者問題請聯絡 Allen Trang 或我本人，媒體問題請聯絡我們的企業傳播團隊。再次感謝。

And ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路了，祝您有美好的一天。