Bausch + Lomb Corp (BLCO) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Bausch + Lomb's Second Quarter 2022 Earnings Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Art Shannon. Please go ahead.

早上好，歡迎參加博士倫 2022 年第二季度財報電話會議。 （操作員說明）請注意，此事件正在記錄中。我現在想把會議交給 Art Shannon。請繼續。

Thank you very much. Good morning, everyone, and welcome to our second quarter 2022 financial results conference call. Participating on today's call are Chief Executive Officer, Mr. Joe Papa; and Chief Financial Officer, Mr. Sam Eldessouky. In addition to this live webcast, a copy of today's slide presentation and a replay of this conference call will be available on our website under the Investor Relations section. Before we begin, we'd like to remind you that our presentation today contains forward-looking information. We would ask that you take a moment to read the forward-looking statement legend at the beginning of our presentation as it contains important information.

非常感謝。大家早上好，歡迎參加我們的 2022 年第二季度財務業績電話會議。參加今天電話會議的有首席執行官 Joe Papa 先生；和首席財務官 Sam Eldessouky 先生。除了這次網絡直播之外，今天的幻燈片演示副本和本次電話會議的重播也將在我們網站的投資者關係部分提供。在開始之前，我們想提醒您，我們今天的演示文稿包含前瞻性信息。我們希望您花點時間閱讀我們演示文稿開頭的前瞻性陳述圖例，因為它包含重要信息。

This presentation contains non-GAAP financial measures. For more information about these measures, please refer to Slide 2 of the presentation. Non-GAAP reconciliations can be found in the appendix to the presentation posted on our website. Finally, the financial guidance in this presentation is effective as of today only. It is our policy to generally not update guidance until the following quarter and not to update or affirm guidance other than through broadly disseminated public disclosure. With that, it is my pleasure to turn the call over to Joe.

本演示文稿包含非公認會計原則財務措施。有關這些措施的更多信息，請參閱演示文稿的幻燈片 2。非 GAAP 對賬可在我們網站上發布的演示文稿的附錄中找到。最後，本演示文稿中的財務指導僅在今天有效。我們的政策是在下個季度之前通常不會更新指導，並且除了通過廣泛傳播的公開披露之外不會更新或確認指導。有了這個，我很高興將電話轉給喬。

Thank you, Art, and thank you, everyone, for joining us today for the second quarter Bausch + Lomb earnings call. I will begin some comments about Bausch + Lomb as an integrated eye care business and briefly discuss the second quarter highlights. Sam Eldessouky, our CFO, will then review our second quarter financial results in detail and discuss our 2022 guidance.

謝謝你，Art，也謝謝大家今天加入我們參加第二季度 Bausch + Lomb 財報電話會議。我將開始對 Bausch + Lomb 作為一家綜合性眼保健業務進行一些評論，並簡要討論第二季度的亮點。然後，我們的首席財務官 Sam Eldessouky 將詳細審查我們的第二季度財務業績並討論我們的 2022 年指導方針。

Finally, I will conclude by discussing our product pipeline and upcoming catalysts before opening the line for questions. But before we talk about the quarter, I would like to take a moment to address 2 recent announcements. Last month, we announced that I will be stepping down as Chairman and CEO of Bausch + Lomb in the coming months. Having completed the IPO of Bausch + Lomb, it is an appropriate time to transition to new leadership.

最後，我將討論我們的產品線和即將推出的催化劑，然後再開始提問。但在我們談論本季度之前，我想花點時間來談談最近的兩個公告。上個月，我們宣布我將在未來幾個月內辭去博士倫董事長兼首席執行官的職務。 Bausch + Lomb 的 IPO 完成後，正是過渡到新領導層的合適時機。

First and foremost, I want to thank all of the talented Bausch + Lomb employees who are dedicated to our mission of helping people see better to live better. I'm honored to have been a part of this incredible company's history, and I will leave knowing that Bausch + Lomb is well positioned for continued success; second, the XIFAXAN Norwich decision is a Bausch Health matter. We will not comment on it. Bausch Health will discuss the Norwich decision on its earnings call next week.

首先，我要感謝所有才華橫溢的博士倫員工，他們致力於幫助人們更好地看到更好的生活這一使命。我很榮幸能成為這家令人難以置信的公司歷史的一部分，我會離開時知道博士倫已做好準備繼續取得成功；其次，西法桑諾維奇的決定是博士生的事。我們不會對此發表評論。 Bausch Health 將在下週的財報電話會議上討論 Norwich 的決定。

Now let's turn to Slide 4 and talk about the Bausch + Lomb business. For an overview of the important differentiators that support Bausch + Lomb's competitive positioning in the marketplace: Bausch + Lomb is the most integrated eye care company operating today; Bausch + Lomb was the fastest-growing global contact suppliers in 2021; Bausch + Lomb has the highest brand awareness in eye care; Bausch + Lomb is a global leader in consumer health, outpacing U.S. market growth by approximately 1.7x since 2018; and finally, B&L products are available to over 80% of the world's population. This clearly demonstrates the Bausch + Lomb critical mass in eye health.

現在讓我們轉到幻燈片 4，談談 Bausch + Lomb 的業務。有關支持 Bausch + Lomb 在市場上的競爭定位的重要差異化因素的概述： Bausch + Lomb 是當今運營中最具綜合性的眼部護理公司； Bausch + Lomb 是 2021 年增長最快的全球觸點供應商； Bausch + Lomb 在眼部護理領域的品牌知名度最高； Bausch + Lomb 是消費者健康領域的全球領導者，自 2018 年以來超過美國市場增長約 1.7 倍；最後，全球 80% 以上的人口都可以使用 B&L 產品。這清楚地表明了博士倫在眼睛健康方面的臨界質量。

Turning to Slide 5. We see a number of opportunities for stand-alone Bausch + Lomb as an eye health company. First, we believe the company is well positioned for growth in large, durable markets driven by new products and favorable megatrends or tailwinds such as the increasing prevalence of myopia and diabetes and an aging population that utilizes 10x more eye health than those patients under the 8 to 65-year-old, and a growing middle class that are expected to continue driving demand for eye health products. In addition, we have the potential margin expansion over the long term based on new product launches and supply chain efficiencies. Finally, as a publicly traded company, we expect to have balance sheet flexibility to expand investment in the business and additional strategic bolt-on product opportunity, such as our recent announcement in Sanoculis for a surgical glaucoma solution, which I will discuss in more detail later.

轉到幻燈片 5。我們看到獨立的博士倫作為一家眼保健公司有許多機會。首先，我們認為該公司在新產品和有利的大趨勢或順風（例如近視和糖尿病患病率的增加以及對眼睛健康的利用比 8 歲以下患者高出 10 倍的人口老齡化）驅動的大型耐用市場中處於有利地位。到 65 歲，以及不斷壯大的中產階級，預計將繼續推動對眼保健產品的需求。此外，基於新產品的推出和供應鏈效率，我們有可能在長期內擴大利潤率。最後，作為一家上市公司，我們希望擁有資產負債表靈活性，以擴大對業務的投資和額外的戰略性附加產品機會，例如我們最近在 Sanoculis 宣布的手術青光眼解決方案，我將更詳細地討論之後。

Moving now to the second quarter highlights on Slide 6. Our achievements contributed to a strong second quarter organic revenue growth of 6%. First, we have continued momentum in key portfolios. We had great consumer performance in the second quarter with the LUMIFY Biotrue Solution all reaching their record high market shares in the U.S. U.S. market share for eye vitamins franchise increased by 410 basis points compared to the prior year quarter. The Biotrue Solutions franchise grew by 39% in the second quarter and is expanding with 2 new launches underway.

現在轉到幻燈片 6 上的第二季度亮點。我們的成就促成了第二季度 6% 的強勁有機收入增長。首先，我們在關鍵投資組合方面保持勢頭。我們在第二季度的消費者表現非常出色，LUMIFY Biotrue 解決方案在美國的市場份額均達到了創紀錄的高位。與去年同期相比，美國眼部維生素特許經營市場份額增加了 410 個基點。 Biotrue Solutions 特許經營權在第二季度增長了 39%，並且正在擴大，正在進行 2 次新發布。

Next, the investment in fast-growing categories, LUMIFY reported revenue grew by 21% in the second quarter, and we're in the early stages of brand expansion. Reported revenue for the SiHy daily contact lenses grew by approximately 50%. And with the global SiHy market growing at a CAGR of approximately 11%, we continue to see significant growth potential as we launch in more countries.

接下來是對快速增長品類的投資，LUMIFY 報告第二季度收入增長了 21%，我們正處於品牌擴張的早期階段。 SiHy 日常隱形眼鏡的報告收入增長了約 50%。隨著全球 SiHy 市場以約 11% 的複合年增長率增長，隨著我們在更多國家/地區推出產品，我們將繼續看到巨大的增長潛力。

And finally, new product category expansion, we are launching REVIVE, a new family of customizable soft contact lenses designed to meet the needs of more patients. And in June, we filed an NDA for NOV03, a potential first-in-class treatment for dry eye disease associated with Meibomian gland dysfunction. To summarize, our strong second quarter results demonstrate the advantage of our integrated eye care platform, the durability of our brands through challenging economic conditions and the continued ability of our team to execute our goals and drive innovation.

最後，為了擴大新產品類別，我們推出了 REVIVE，這是一個新的可定制軟性隱形眼鏡系列，旨在滿足更多患者的需求。 6 月，我們為 NOV03 提交了 NDA，這是一種潛在的一流治療與瞼板腺功能障礙相關的干眼病。總而言之，我們強勁的第二季度業績證明了我們綜合眼科護理平台的優勢、我們品牌在充滿挑戰的經濟條件下的持久性以及我們團隊執行目標和推動創新的持續能力。

As we look to the future as a stand-alone publicly traded company, we see many opportunities for an eye health company that is well positioned for growth in large, durable markets and in categories that are growing faster than the overall eye health market. And with that, I'll now turn the call over to Sam to cover the financial results in more detail.

當我們展望作為一家獨立的上市公司的未來時，我們看到了一家眼健康公司的許多機會，該公司在大型耐用市場和增長速度超過整體眼健康市場的類別中處於有利地位。有了這個，我現在將電話轉給 Sam，以更詳細地介紹財務結果。

Thank you, Joe. Before we get into the details, I will remind listeners that when we talk about organic revenue growth, we mean on a constant currency basis and adjusted to remove the impact of divestitures and discontinuations.

謝謝你，喬。在我們進入細節之前，我會提醒聽眾，當我們談論有機收入增長時，我們的意思是在不變的貨幣基礎上進行調整以消除資產剝離和停產的影響。

Turning now to our results on Slide 7. We're pleased to report another quarter of strong organic growth. Our durable portfolio continues to drive demand across our key franchises and markets as reflected by our total company revenue of $941 million for the second quarter, up 6% organically and up 1% on a reported basis. The business is demonstrating the benefits of Bausch + Lomb's integrated and diversified platform with high brand recognition, which enabled us to overcome existing macroeconomic challenges, including inflation, the impact of COVID in China and approximately $46 million of currency headwinds.

現在轉向我們在幻燈片 7 上的結果。我們很高興地報告另一個季度的強勁有機增長。我們持久的投資組合繼續推動我們主要特許經營權和市場的需求，這反映在我們第二季度公司總收入為 9.41 億美元，有機增長 6%，報告基礎上增長 1%。該業務正在展示博士倫綜合多元化平台的優勢，該平台具有很高的品牌認知度，這使我們能夠克服現有的宏觀經濟挑戰，包括通貨膨脹、COVID 在中國的影響以及大約 4600 萬美元的貨幣逆風。

While we're seeing a gradual improvement in economic activity in China, COVID-related restrictions continue to limit mobility and disrupt consumer buying patterns. Overall, we're very pleased with our performance in the quarter and believe we have a resilient foundation that will allow us to accelerate growth as we build on the momentum in our current portfolio and continue to launch new products. In the near term, we expect growth to be driven by our key Vision Care franchises, expansion of our U.S. leadership position in consumer eye health and market recovery retail was in our surgical business. We will continue to target cost mitigation initiatives and identify competitive pricing actions to address the impact of inflation and leverage our global footprint to navigate the stop-and-go nature of the COVID recovery.

雖然我們看到中國的經濟活動正在逐步改善，但與 COVID 相關的限制繼續限制流動性並擾亂消費者的購買模式。總體而言，我們對本季度的業績感到非常滿意，並相信我們擁有一個有彈性的基礎，這將使我們能夠在我們現有投資組合的勢頭基礎上加速增長並繼續推出新產品。在短期內，我們預計增長將由我們的主要視力保健特許經營權、擴大我們在消費者眼部健康領域的美國領導地位以及我們的外科業務零售市場復甦推動。我們將繼續針對降低成本的舉措並確定有競爭力的定價行動，以應對通貨膨脹的影響，並利用我們的全球足跡來應對 COVID 復甦的走走停停性質。

Over the long term, we expect to continue to strategically focus our investment to further strengthen the brand equity in our global franchises, execute on the transformation of our ophthalmic pharmaceuticals portfolio by launching new differentiating products, and invest in R&D to capture future opportunities and target megatrends shaping the eye care sector.

從長遠來看，我們預計將繼續戰略性地集中投資以進一步加強我們全球特許經營的品牌資產，通過推出新的差異化產品來執行我們眼科藥物組合的轉型，並投資於研發以抓住未來的機會和目標塑造眼保健行業的大趨勢。

Now I will go into more detail on each of our segments. Revenue in the Vision Care segment, which includes contact lenses and consumer products, grew organically by 11% in the second quarter. Our consumer portfolio, which was up 15% organically, saw broad-based growth in the U.S. and international markets with market share gains in eye vitamins and redness relief products.

現在我將更詳細地介紹我們的每個細分市場。包括隱形眼鏡和消費品在內的視力保健部門的收入在第二季度有機增長了 11%。我們的消費組合有機增長了 15%，在美國和國際市場實現了廣泛的增長，眼部維生素和緩解紅腫產品的市場份額增加。

The eye vitamin franchise Ocuvite + PreserVision grew by 7% on a reported basis. The franchise has continued to demonstrate resilience and as the market leader is continuing to drive growth through increasing awareness of the prevalence of AMD. LUMIFY reported revenue grew by 21%, driven by an increase in demand. LUMIFY continues to expand its market leadership position with revenue in the quarter reaching an all-time high of $35 million. The LUMIFY success has created a new platform for us, which we expect to build on with line extension and geographic expansion strategies. Having already launched in the U.S. and South Korea, we also recently launched LUMIFY in Canada.

據報導，眼部維生素特許經營 Ocuvite + PreserVision 增長了 7%。該特許經營權繼續表現出彈性，並且作為市場領導者，通過提高對 AMD 流行率的認識，繼續推動增長。 LUMIFY 報告稱，在需求增長的推動下，收入增長了 21%。 LUMIFY 繼續擴大其市場領導地位，本季度收入達到 3500 萬美元的歷史新高。 LUMIFY 的成功為我們創造了一個新平台，我們希望在此基礎上進行線路延伸和地理擴張戰略。我們已經在美國和韓國推出，最近還在加拿大推出了 LUMIFY。

Next, our lens care portfolio saw a strong performance driven by both base business and new product launches. We expanded our market share in the U.S. and recapture market share internationally, subsequent to supply challenges resulting from the Milan recall in the prior year. We saw robust revenue growth in the Biotrue franchise. The launch of Biotrue Hydration Plus Multi-Purpose Solution in the U.S. is off to a strong start. Also contributing to growth is the Biotrue eye hydration boost line, which was launched in 2021.

接下來，我們的鏡片護理產品組合在基礎業務和新產品發布的推動下表現強勁。在上一年米蘭召回造成供應挑戰之後，我們擴大了在美國的市場份額並重新奪回了國際市場份額。我們看到 Biotrue 特許經營權的收入增長強勁。 Biotrue Hydration Plus Multi-Purpose Solution 在美國的推出有了一個良好的開端。 2021 年推出的 Biotrue 眼部補水促進系列也有助於增長。

Internationally, AQUALOX, which is a key dry eye franchise, grew organically by 20%, mainly driven by strength in European markets. Growth in lenses was up 10% organically in the U.S. and up 3% organically in the international markets. Excluding the impact of COVID in China, the international portfolio grew approximately 13%. The strong results were primarily driven by 50% growth in Daily SiHy lenses and double-digit organic growth in our core brands, Ultra and Biotrue. We're continuing the global rollout of the Daily SiHy lenses, most recently with the launch of AQUALOX UV IN Japan. We also launched revised custom soft lenses in the U.S., which is an important step in building out our higher-margin specialty lens portfolio.

在國際上，主要乾眼症專營權 AQUALOX 有機增長了 20%，主要受歐洲市場實力的推動。鏡片在美國有機增長 10%，在國際市場有機增長 3%。排除 COVID 在中國的影響，國際投資組合增長了約 13%。強勁的業績主要得益於 Daily SiHy 鏡片的 50% 增長以及我們的核心品牌 Ultra 和 Biotrue 的兩位數有機增長。我們將繼續在全球推出 Daily SiHy 鏡片，最近在日本推出了 AQUALOX UV。我們還在美國推出了修改後的定制軟鏡片，這是建立我們更高利潤的特種鏡片產品組合的重要一步。

Certain products in the Vision Care portfolio have also benefited from strategic pricing actions to help mitigate the impact of inflation with the brand equity of the portfolio continuing to drive demand. We will continue to monitor the market dynamics to ensure our products remain competitively priced.

視力保健產品組合中的某些產品也受益於戰略定價行動，以幫助減輕通貨膨脹的影響，產品組合的品牌資產繼續推動需求。我們將繼續監控市場動態，以確保我們的產品保持具有競爭力的價格。

Moving on to our Surgical segment. Second quarter revenue grew organically by 7% to $184 million, benefiting from the continued recovery as the market works through the COVID-related backlog of elective services. Growth was driven by demand in consumables, which saw a 13% organic and 3% reported growth and implantables, we saw 10% organic growth and 4% reported growth.

繼續我們的外科部分。第二季度收入有機增長 7% 至 1.84 億美元，這得益於市場通過與 COVID 相關的選擇性服務積壓而持續復甦。增長是由消耗品需求推動的，其中有機增長 13%，報告增長 3%；植入物，我們看到有機增長 10%，報告增長 4%。

Growth in implantables was mainly driven by our Envista franchise, and the contribution from our international entry into our premium IOL category through LuxSmart. Finally, in the Ophthalmic Pharmaceuticals segment, second quarter revenues of $168 million declined by 10% on an organic basis. In the U.S., the portfolio is impacted by the tail end of LOE products and competitive market dynamics in our generics portfolio.

植入物的增長主要是由我們的 Envista 特許經營權以及我們通過 LuxSmart 進入我們的優質 IOL 類別的國際貢獻所推動的。最後，在眼科製藥部門，第二季度收入為 1.68 億美元，有機下降了 10%。在美國，該產品組合受到 LOE 產品尾端和我們仿製藥產品組合中競爭性市場動態的影響。

We continue to strategically focus on key promoter brands. Vyzulta TRx growth was up 36% in the quarter, and total revenue grew by 16%. Vyzulta now has been approved in 18 countries. We launched in Thailand in the second quarter, and we're preparing for launch in Brazil in the fourth quarter. The international ophthalmology portfolio was also impacted by COVID-related restrictions in China, which is a key market for us outside of the U.S.

我們繼續戰略性地專注於關鍵的推廣品牌。本季度 Vyzulta TRx 增長了 36%，總收入增長了 16%。 Vyzulta 現在已在 18 個國家獲得批准。我們在第二季度在泰國推出，我們正準備在第四季度在巴西推出。國際眼科產品組合也受到中國與 COVID 相關的限制的影響，中國是我們在美國以外的一個關鍵市場。

We're excited about the steps taken this quarter to continue the transformation of the ophthalmology portfolio. The NDA submission of NOV03 marks a critical milestone. We expect the funding to be accepted in the third quarter, as we make progress towards the launch in the second half of 2023. We're also pleased with our recent launch of Xipere, and we're seeing a positive response from the retina community. We believe that the new product launches and portfolio transformation will provide the Ophthalmic Pharmaceutical segment with a strong foundation to drive growth.

我們對本季度為繼續轉型眼科產品組合而採取的步驟感到興奮。 NOV03 的 NDA 提交標誌著一個關鍵的里程碑。隨著我們在 2023 年下半年的推出取得進展，我們預計第三季度將接受資金。我們也對最近推出的 Xipere 感到高興，我們看到視網膜社區的積極響應.我們相信，新產品的推出和產品組合的轉型將為眼科醫藥板塊的增長提供堅實的基礎。

Turning now to Slide 8. With total revenue of $941 million in the second quarter, we continue our strategy of investing behind new product launches and investing in R&D while maintaining a disciplined cost structure despite incremental costs to stand up the company. Our adjusted EBITDA in the second quarter was $182 million. Our total adjusted gross margin for the quarter was approximately 60%, which is 100 basis points lower than Q2 2021. The change is largely driven by inflation-related headwinds, leading to higher cost in energy, shipping, transportation and center raw materials. We're working actively to mitigate inflation challenges through cost improvement and efficiency enhancing initiatives as well as strategic price increases. We continue to maintain a disciplined approach to cost management and leverage our infrastructure. Our increased SG&A spending of $10 million year-over-year could be attributed mainly to inflation and transportation costs.

現在轉到幻燈片 8。第二季度的總收入為 9.41 億美元，我們繼續我們的戰略，即投資於新產品發布和研發投資，同時保持有紀律的成本結構，儘管增加了成本以支撐公司。我們第二季度調整後的 EBITDA 為 1.82 億美元。我們本季度的總調整後毛利率約為 60%，比 2021 年第二季度低 100 個基點。這一變化主要是由與通脹相關的不利因素推動的，導致能源、航運、運輸和中心原材料成本上升。我們正在積極努力通過提高成本和提高效率的舉措以及戰略性價格上漲來緩解通脹挑戰。我們繼續保持嚴格的成本管理方法並利用我們的基礎設施。我們同比增長 1000 萬美元的 SG&A 支出主要歸因於通貨膨脹和運輸成本。

Our investment in R&D in the quarter increased to roughly 8% of sales as we continue to focus on high-priority projects to accelerate our ability to execute on our R&D pipeline. Finally, adjusted EPS for the quarter was $0.29.

由於我們繼續專注於高優先級項目以加快我們在研發管道上的執行能力，本季度我們對研發的投資增加到銷售額的大約 8%。最後，本季度調整後的每股收益為 0.29 美元。

Moving on to Slide 10. Adjusted cash flow from operations was $165 million in the second quarter. Maintaining working capital efficiency continues to be a key priority. While also balancing strategic inventory management to anticipate the impact of macro headwinds. Second quarter CapEx was $34 million.

轉到幻燈片 10。第二季度調整後的運營現金流為 1.65 億美元。保持營運資金效率仍然是一個關鍵優先事項。同時還平衡戰略庫存管理以預測宏觀逆風的影響。第二季度資本支出為 3400 萬美元。

B&L continues to have a strong balance sheet, which provides us with the flexibility to pursue value-enhancing investment opportunities. Now turning to guidance on Slide 12. We are reaffirming revenue guidance for 2022 in the range of $3.75 billion to $3.8 billion, representing between 4% and 5% in organic revenue growth. We're also maintaining our adjusted EBITDA guidance for 2022 in the range of $740 million to $780 million. We expect adjusted gross margin to be approximately 60% for the year.

B&L 繼續擁有強大的資產負債表，這為我們提供了尋求增值投資機會的靈活性。現在轉向幻燈片 12 的指導。我們重申 2022 年的收入指導在 37.5 億美元至 38 億美元之間，代表有機收入增長 4% 至 5%。我們還將調整後的 2022 年 EBITDA 指引維持在 7.4 億美元至 7.8 億美元之間。我們預計全年調整後的毛利率約為 60%。

While we continue to implement mitigating initiatives, we expect the impact of inflationary pressure to be prolonged. We continue to expect interest expense of approximately $150 million, which includes the impact of previously anticipated interest rate increases on our variable interest rate debt. We also increased full year R&D investment of approximately 8% of revenue, as we continue to accelerate high-priority projects within our R&D pipeline.

在我們繼續實施緩解措施的同時，我們預計通脹壓力的影響將會延長。我們繼續預計利息支出約為 1.5 億美元，其中包括先前預期的利率上調對我們的可變利率債務的影響。我們還增加了佔收入約 8% 的全年研發投資，因為我們繼續加快研發管道中的高優先級項目。

Lastly, as we continue to finalize our separation from BHG and take the required steps to establish B&L stand-alone capital structure post-IPO. We're expecting our tax rate to be in the range of 6% to 8% in 2022, which is lower than our previous guidance of 12%. In summary, we're pleased with our strong Q2 results and growth momentum. We believe that results reflect the resilience of our business and provide a strong financial position from which to execute on our growth strategy. Now back to you, Joe.

最後，隨著我們繼續完成與 BHG 的分離，並採取必要措施在 IPO 後建立 B&L 獨立資本結構。我們預計 2022 年我們的稅率將在 6% 至 8% 之間，低於我們之前 12% 的指導。總之，我們對強勁的第二季度業績和增長勢頭感到滿意。我們相信，業績反映了我們業務的彈性，並提供了一個強大的財務狀況，可以從中執行我們的增長戰略。現在回到你身邊，喬。

Thank you, Sam. I will now discuss our product pipeline and the upcoming catalysts that we expect to drive business results. Beginning with LUMIFY on Slide 14. After launching in May of 2018, LUMIFY became a $100 million-plus brand in 2021. And -- today it is the #1 redness reliever in the category in the U.S. with approximately 47% market share. Building on the phenomenal success of this product and using the power of our fully integrated eye care platform, we're planning to expand the brand geographically and through line extensions. International expansion remains a priority. We have launched LUMIFY in Canada, and we're now available at all major pharmacy retailers and in South Korea. We are planning launches in other geographies and have regulatory approvals and submissions underway in multiple countries. We are also working on LUMIFY eye illumination, especially eye care line for the sensitive eye area, a preservative-free formulation of LUMIFY and a combination product with Ketotifen for allergy symptom control.

謝謝你，山姆。我現在將討論我們的產品線以及我們期望推動業務成果的即將到來的催化劑。從幻燈片 14 上的 LUMIFY 開始。在 2018 年 5 月推出後，LUMIFY 在 2021 年成為價值超過 1 億美元的品牌。而且 - 今天，它是美國同類產品中排名第一的消紅劑，市場份額約為 47%。在該產品取得巨大成功的基礎上，並利用我們完全集成的眼部護理平台的力量，我們計劃在地域上和通過產品線擴展來擴展品牌。國際擴張仍然是一個優先事項。我們在加拿大推出了 LUMIFY，現在在所有主要的藥店零售商和韓國都可以買到。我們正計劃在其他地區推出產品，並在多個國家/地區進行監管審批和提交。我們還致力於 LUMIFY 眼部照明，尤其是敏感眼部區域的眼部護理系列、LUMIFY 的無防腐劑配方以及用於控製過敏症狀的酮替芬組合產品。

Turning now to Slide 15. Our Biotrue franchise is a global mega brand platform that includes contact lens solutions, contact lenses and dry eye products. The franchise generated $92 million of revenue in the second quarter, and importantly, reported revenue grew by 19% versus the second quarter of 2021.

現在轉到幻燈片 15。我們的 Biotrue 特許經營權是一個全球大型品牌平台，包括隱形眼鏡解決方案、隱形眼鏡和乾眼產品。該特許經營權在第二季度創造了 9200 萬美元的收入，重要的是，報告的收入與 2021 年第二季度相比增長了 19%。

We have 2 launches underway. First, the Biotrue Hydration Boost Dry Eye Drops, which were launched in 2021; and second, a Biotrue Hydration Plus Multipurpose Solution, which we launched earlier this year. This product builds on the success of the original Biotrue Multipurpose Solution, which we launched in 2010 and is the #1 multipurpose solution in the United States. Importantly, the Biotrue solutions family continues to grow and more importantly, gain market share, increasing by 380 basis points compared to the first quarter of 2022. Let's take a look at the broader Vision Care portfolio on Slide 16. Beginning with Biotrue One Day lenses, which launched in 2012, year-over-year sales of these lenses grew by 13% on an organic basis and generated $200 million of revenue over the trailing 12 months.

我們正在進行 2 次發射。一是2021年推出的Biotrue Hydration Boost乾眼藥水；第二，我們今年早些時候推出的 Biotrue Hydration Plus 多用途解決方案。該產品建立在我們於 2010 年推出的原始 Biotrue 多用途解決方案的成功基礎之上，是美國排名第一的多用途解決方案。重要的是，Biotrue 解決方案系列繼續增長，更重要的是，獲得了市場份額，與 2022 年第一季度相比增加了 380 個基點。讓我們在幻燈片 16 上看一下更廣泛的視力保健產品組合。從 Biotrue 一日鏡片開始於 2012 年推出，這些鏡片的銷售額同比增長 13%，在過去 12 個月內創造了 2 億美元的收入。

Next, we have Bausch + Lomb Ultra contact lenses launched in 2014. Reported revenue from sales of these lenses grew organically by 10% and generated $173 million of revenue over the trailing 12 months. Finally, we have the ongoing launch of our SiHy daily lenses, up 50% on a reported basis. At a CAGR of approximately 11%, the SiHy Daily market is the fastest-growing segment of the contact lens market and expect our SiHy Daily lenses, which are now available in approximately 2,500 to be an important growth driver for the lens business with global peak sales expected to exceed $250 million.

接下來，我們在 2014 年推出了 Bausch + Lomb Ultra 隱形眼鏡。據報導，這些鏡片的銷售收入有機增長了 10%，在過去的 12 個月中創造了 1.73 億美元的收入。最後，我們正在持續推出我們的 SiHy 日常鏡片，據報導增長了 50%。 SiHy Daily 市場的複合年增長率約為 11%，是隱形眼鏡市場中增長最快的部分，預計我們的 SiHy Daily 鏡片（現已上市約 2,500 只）將成為全球峰值鏡片業務的重要增長動力預計銷售額將超過2.5億美元。

On Slide 17, we featured the newest addition to our specialty lens portfolio. Revive is a new family of customizable soft contact lenses that have relaunch for the goal of providing a more individualized vision correcting solution to a broad range of patients, including those with high or unique prescriptions. Revive soft contact lens that are available in spherical, toric, multifocal and multifocal toric options and can be worn daily for up to 3 months. These customizable lenses also provides with a higher realizable margin structure. We are pleased to offer this new solution for patients with unmet vision needs.

在幻燈片 17 上，我們展示了我們專業鏡頭產品組合的最新成員。 Revive 是一個新的可定制軟性隱形眼鏡系列，其重新推出的目標是為廣泛的患者提供更加個性化的視力矯正解決方案，包括那些具有高或獨特處方的患者。 Revive 軟性隱形眼鏡有球形、复曲面、多焦點和多焦點复曲面選項，每天可佩戴長達 3 個月。這些可定制的鏡頭還提供了更高的可實現利潤結構。我們很高興為視力需求未得到滿足的患者提供這種新的解決方案。

On Slide 18, as I mentioned earlier, we submitted NDA for -- in June for NOV03, a potential first-in-class treatment for dry eye disease associated with meibomian gland dysfunction. If approved by the FDA, we expect to launch NOV03 in the second half of 2023. Consistent statistically significant efficacy, safety and tolerability have now been demonstrated in 2 Phase III studies. The charts on Slide 18 shows the efficacy endpoints for the second Phase III trial. Importantly, all primary and secondary endpoints were achieved, including statistically significant changes from baseline as early as day 15. Dry eye disease is one of the most common ocular service disorders affecting approximately 18 million Americans and 1 study found that approximately 86% of patients with dry eye disease had meibomian gland dysfunction. This is a fast-growing market with unmet patient needs.

正如我之前提到的，在幻燈片 18 上，我們在 6 月提交了 NOV03 的 NDA，這是一種潛在的一流治療與瞼板腺功能障礙相關的干眼病。如果獲得 FDA 批准，我們預計將在 2023 年下半年推出 NOV03。目前已在 2 項 III 期研究中證明了具有統計學意義的一致的療效、安全性和耐受性。幻燈片 18 上的圖表顯示了第二個 III 期試驗的療效終點。重要的是，所有主要和次要終點均已實現，包括早在第 15 天就與基線相比有統計學意義的變化。乾眼病是影響約 1800 萬美國人的最常見的眼部服務障礙之一，一項研究發現，約 86% 的干眼症患者乾眼症有瞼板腺功能障礙。這是一個快速增長的市場，患者需求未得到滿足。

From 2016 to 2021, the U.S. prescription dry eye market grew at a CAGR of approximately 24%. Given the current market dry disease treatments and the results of these 2 Phase III trials, we believe that NOV03 has the potential to be a major future growth driver for our business. On Slide 19, we announced that we expanded our surgical portfolio by making equity investment in Sanoculis and have an option to acquire the company's assets. We also entered into an exclusive European distribution agreement with Sanoculis for innovative minimally invasive surgical procedure for the treatment of glaucoma. MEMS is a stentless simple and fast glaucoma treatment that effectively lowers intraocular pressure without the need for invasive surgery. Globally, approximately 79.6 million people had glaucoma in 2020, and that part is expected to increase by 40% by 2040. Given the market landscape, we believe the transaction represents a great long-term opportunity for our surgical business and clearly fills the gap in our near-term surgical portfolio.

從 2016 年到 2021 年，美國處方乾眼症市場的複合年增長率約為 24%。鑑於目前市場上的干病治療和這兩項 III 期試驗的結果，我們相信 NOV03 有潛力成為我們業務未來的主要增長動力。在幻燈片 19 上，我們宣布我們通過對 Sanoculis 進行股權投資來擴大我們的外科手術組合，並可以選擇收購該公司的資產。我們還與 Sanoculis 簽訂了一項用於治療青光眼的創新微創外科手術的獨家歐洲分銷協議。 MEMS是一種無支架、簡單、快速的青光眼治療方法，無需侵入性手術即可有效降低眼壓。在全球範圍內，2020 年約有 7960 萬人患有青光眼，預計到 2040 年該部分將增加 40%。鑑於市場格局，我們認為這筆交易對我們的外科業務來說是一個巨大的長期機會，並明顯填補了在我們近期的手術組合。

To summarize on Slide 20, Bausch + Lomb operates in eye health ecosystem where is uniquely positioned to be eye care needs. Bausch + Lomb has the highest brand awareness of any eye care company. Bausch + Lomb has long-standing relationships with eye health professionals as well as key retailers and e-commerce channels that reach a broad consumer base. Bausch + Lomb is a fully integrated IO company that offers a comprehensive portfolio of more than 400 products to meet significant patient and consumer needs. Bausch + Lomb severs our patients and consumers throughout all phases of their lives developing and offering new treatments to meet unmet eye health needs and help people see better to live better.

總結幻燈片 20，博士倫在眼保健生態系統中運營，該生態系統具有獨特的眼保健需求。 Bausch + Lomb 擁有所有眼部護理公司中最高的品牌知名度。 Bausch + Lomb 與眼保健專業人士以及主要零售商和覆蓋廣泛消費者群的電子商務渠道建立了長期合作關係。 Bausch + Lomb 是一家完全整合的 IO 公司，提供包含 400 多種產品的全面產品組合，以滿足患者和消費者的重要需求。 Bausch + Lomb 在我們的患者和消費者生命的各個階段為他們提供服務，開發並提供新的治療方法，以滿足未滿足的眼部健康需求，並幫助人們看得更清楚，生活得更好。

Our second quarter results demonstrate the durability of our businesses. Our team remains focused on continuing to generate momentum in our key products, investing in fast-growing categories and expanding into new product categories. Looking ahead, we continue to believe that Bausch + Lomb is well positioned for success as a stand-alone eye health company. With that, operator, let's open up the line for questions.

我們第二季度的業績證明了我們業務的持久性。我們的團隊仍然專注於繼續在我們的主要產品中產生動力，投資於快速增長的類別並擴展到新的產品類別。展望未來，我們仍然相信博士倫作為一家獨立的眼部健康公司已做好準備取得成功。有了這個，接線員，讓我們打開問題的線路。

(Operator Instructions) And the first question comes from Joanne Wuensch from Citi.

（操作員說明）第一個問題來自花旗的 Joanne Wuensch。

Essentially, there are two of them. One, despite the particularly strong second quarter, both on revenue and EPS. You just reiterated guidance. So I'm curious what are the and takes that get you there? And then my second question is my experience or view is that ophthalmology is fairly recession-resistant. I'd be curious if you sort of take that lens and put it on your portfolio, which products do you think could hold up better than others?

本質上，有兩個。一，儘管第二季度的收入和每股收益特別強勁。你只是重申了指導。所以我很好奇是什麼讓你到達那裡？然後我的第二個問題是我的經驗或觀點是眼科具有相當的抗衰退能力。我很好奇如果你把那個鏡頭放在你的投資組合中，你認為哪些產品可以比其他產品更好？

Two very good questions. So as we look to the second half of our year, we are optimistic in what we are seeing in the second half of the year with our business performance. So that part is absolutely clear. Having said that, though, there are a number of macro trends out there right now that we just want to make sure that we understand more about them as we think about our second half guidance. For example, the geopolitical issues that we see in terms of the COVID recovery in China, some of the issues that we see because of the Russia-Ukraine invasion and how we are managing that relative to what it means for inflation, energy costs, especially energy cost in Europe. So we're thinking through that, foreign exchange.

兩個非常好的問題。因此，當我們展望下半年時，我們對下半年的業務表現持樂觀態度。所以那部分是絕對清楚的。話雖如此，但現在有許多宏觀趨勢，我們只是想確保我們在考慮下半年的指導時對它們有更多的了解。例如，我們在中國 COVID 復甦方面看到的地緣政治問題，由於俄羅斯-烏克蘭入侵而看到的一些問題，以及相對於通貨膨脹、能源成本，尤其是能源成本的意義，我們如何管理這些問題歐洲的能源成本。所以我們正在考慮外匯。

We're thing through all those things, and we thought at this time we are absolutely optimistic in how our business is performing, but we want to make sure we also consider those factors as we thought about what was happening with foreign exchange, et cetera, and inflation. So that's the reason why we reiterated our guidance, but very optimistic in our business. As it would relate to the question of the portfolio through recession, I think you said it very well in terms of looking at -- through our lens. We are looking at it as the eye health business as being a business that is relatively recession-resistant in the sense that vision is the most important sense for people. And what we believe is that people are going to continue to want to ensure they get the best vision care health that they possibly can.

我們正在經歷所有這些事情，我們認為此時我們對我們的業務表現絕對樂觀，但我們希望確保在考慮外匯等方面發生的事情時也考慮這些因素和通貨膨脹。這就是為什麼我們重申我們的指導，但對我們的業務非常樂觀的原因。由於它與經濟衰退期間的投資組合問題有關，我認為你在看待問題方面說得很好 - 通過我們的鏡頭。我們將其視為眼部健康業務，因為視覺是人們最重要的感官，因此它是一項相對抗衰退的業務。我們相信，人們將繼續希望確保他們獲得盡可能好的視力保健健康。

So we do think that, that is something that is out there, and we've looked at it historically. We've looked at our overall business and the fact that as we've gone through the business, especially as you've seen in the most recent quarter, our consumer business had very, very strong 15% growth. Contacts was plus 5%. So we're seeing very strong overall growth in the business. And of course, the surgical also being plus 7% we felt were all indicator for us as we're looking and thinking through the surgical business. The only other comment I will make is because of some of the challenges of COVID going back into 2020 and to 2021. To some degree, we still believe there is a backlog of approximately 10 million cataract surgeries that are still going to need to get caught up and we see it happening in '22, '23 and beyond. So those are all going be factors that we think are going to continue to drive the overall performance through the recession time period depending on the magnitude of the recession.

所以我們確實認為，那是存在的，我們已經從歷史上審視了它。我們已經審視了我們的整體業務，並且在我們完成業務時，特別是正如您在最近一個季度所看到的那樣，我們的消費者業務實現了非常非常強勁的 15% 的增長。聯繫人增加了 5%。因此，我們看到該業務的整體增長非常強勁。當然，外科手術也增加了 7%，我們認為這對我們來說都是指標，因為我們正在尋找和思考外科手術業務。我要發表的唯一其他評論是因為 COVID 的一些挑戰可以追溯到 2020 年和 2021 年。在某種程度上，我們仍然認為仍有大約 1000 萬台白內障手術的積壓需要被抓住起來，我們看到它發生在 '22、'23 及以後。因此，這些都是我們認為將繼續推動整體業績在經濟衰退期間的因素，具體取決於經濟衰退的程度。

The next question is coming from Robbie Marcus from JPMorgan.

下一個問題來自摩根大通的 Robbie Marcus。

This is actually Lilly on from Robbie's team. Can you talk a bit about how you're thinking about the cadence over the rest of the year? Do you expect normal seasonality in third quarter and fourth quarter? And are there any other puts and takes we should be keeping in mind for the balance of 2022?

這實際上是來自 Robbie 團隊的 Lilly。你能談談你對今年剩餘時間的節奏的看法嗎？您預計第三季度和第四季度的季節性正常嗎？對於 2022 年的餘額，我們還應該牢記其他的看跌期權嗎？

This is Sam. Let me -- it's a good question. So to addition, our second half tends to be stronger than the first half, and maybe I'll build on what Joe have already covered in the other question, which is when you look at what we've seen in the momentum in the business in the first half, we've seen very nice momentum in our consumer business with growth in the eye redness category with LUMIFY.

這是山姆。讓我 - 這是一個很好的問題。因此，此外，我們的下半場往往比上半場更強，也許我會在 Joe 在另一個問題中已經涵蓋的內容的基礎上再接再厲，即當您查看我們在業務發展勢頭中看到的上半年，我們的消費業務發展勢頭非常好，LUMIFY 的眼睛發紅類別有所增長。

We also saw in the vitamin category with Ocuvite + PreserVision. So we're seeing that nice momentum, and we expect that we carry forward that with us. On the lens, we also have seen very good momentum with the launch of Daily SiHy in the first half, it was up 50% in Q2. We expect that to continue as we go forward into the second half. And on surgical, where the backlog, we'll continue to work through that. So we're seeing the growth in surgical and the elective surgeries benefiting us as we go forward on the surgical front. Bouncing those couple of factors, I think with all the macro market conditions between inflation, the supply chain, the geopolitical environment and currency headwinds that we've been seeing, currency has been quite volatile. So really bouncing all those factors and really working through the different scenarios, that's how we thought about it in the second half, most thinking about the potential outcomes essentially bouncing the tailwinds and headwinds as you think about the second half. But traditionally, we've seen second half to be better than the first half, but we have to be, I'll call it, optimistically cautious as we think about those macro headwinds as we go forward in second half of 2022.

我們還看到了 Ocuvite + PreserVision 的維生素類別。因此，我們看到了良好的勢頭，我們希望我們能繼續推進這一勢頭。在鏡頭上，我們也看到上半年推出的 Daily SiHy 勢頭非常好，第二季度上漲了 50%。我們預計，隨著我們進入下半年，這種情況將繼續下去。在手術方面，積壓的地方，我們將繼續努力。因此，隨著我們在外科領域的發展，我們看到外科手術和擇期手術的增長使我們受益。考慮到這兩個因素，我認為在通貨膨脹、供應鏈、地緣政治環境和我們所看到的貨幣逆風之間的所有宏觀市場條件下，貨幣一直非常不穩定。因此，真正反彈所有這些因素並真正應對不同的情況，這就是我們在下半年的想法，大多數人在考慮潛在的結果時，基本上會在考慮下半年的順風和逆風時反彈。但傳統上，我們看到下半年會好於上半年，但我們必須樂觀謹慎，因為我們在 2022 年下半年繼續思考這些宏觀逆風。

The next question is coming from Craig Bijou from Bank of America.

下一個問題來自美國銀行的 Craig Bijou。

I had a few on SiHy. One, I wanted to see if you guys could provide any directional color on where your Daily SiHy sales are today? And then I also wanted to ask if you could provide a little bit more color on where you're seeing growth. So is it growth in the U.S.? Is it growth from the international markets that you just entered? And then -- do you have a sense for how much of the SiHy use of growth is cannibalization versus new users to Bausch + Lomb?

我在 SiHy 上有幾個。一，我想看看你們是否可以提供任何方向性的顏色來說明你們今天的每日 SiHy 銷售情況？然後我還想問你是否可以在你看到增長的地方提供更多的顏色。那麼它在美國的增長嗎？是你剛剛進入的國際市場的增長嗎？然後 - 您是否知道 SiHy 對增長的使用在多大程度上是對博士倫的新用戶的蠶食？

Sure. Great questions. Let me try to make sure I take them one at a time. First, where it's happening on the sales of SiHy, we're very pleased with what we're seeing with our SiHy, the SiHy lenses, if you -- I'll start with the U.S., but then I'll get it to the rest of the world. We've seen that we've actually been able to double the number of active infused fitters for the SiHy Daily lens versus just a year ago. So the actual number of docs, optometrist ophthalmologists that are fitting is now doubled versus just same quarter a year ago.

當然。好問題。讓我試著確保我一次拿一個。首先，SiHy 的銷售情況，我們對我們的 SiHy、SiHy 鏡片所看到的情況非常滿意，如果你——我將從美國開始，然後我會得到它剩下的世界。我們已經看到，與一年前相比，我們實際上已經能夠將 SiHy Daily 鏡片的主動注入裝配器數量增加一倍。因此，與一年前的同一季度相比，現在適合的醫生、驗光師眼科醫生的實際數量翻了一番。

So clearly, that's mostly U.S. data, to be clear. We're also seeing that where we have our fit set, which is the actual sample, we call it that. We're actually seeing about a 16.5% share of the overall SiHy Daily market. So clearly, that's important to us. I want to be absolutely clear. We do not have the fit set everywhere we want them. They are up about 30% versus a year ago, but we still have more fit sets that we will launch -- and once again, this is U.S. data.

很明顯，這主要是美國的數據，要清楚。我們還看到我們有合適的集合，這是實際的樣本，我們稱之為。我們實際上看到整個 SiHy Daily 市場的份額約為 16.5%。很明顯，這對我們很重要。我想絕對清楚。我們沒有在任何我們想要的地方找到合適的設置。與一年前相比，它們增加了約 30%，但我們仍然有更多的合身套裝要推出——這又是美國的數據。

As it would relate to the international side, the international team is doing very, very well. Europe is now very early in the launch, but we've gone from at the end of 2021, we had about 10 countries launched. We're now up somewhere in that 25, 26 countries already launched. So we're seeing a very nice geographic expansion as we had planned to go out into the marketplace with the SiHy Daily product. Outside the U.S., the international team is referring to it as ULTRA ONEday, building on that overall brand of ULTRA for us.

由於這與國際方面有關，國際團隊做得非常非常好。歐洲現在很早就推出了，但我們已經從 2021 年底開始，我們已經推出了大約 10 個國家。我們現在在已經推出的 25、26 個國家中的某個地方。因此，我們看到了非常好的地理擴張，因為我們計劃通過 SiHy Daily 產品進入市場。在美國以外，國際團隊將其稱為 ULTRA ONEday，建立在 ULTRA 的整體品牌之上。

As it relates to the next question, it was really where the source of the product is coming from. I have the best data source here in the U.S. business. We are not seeing a significant amount of cannibalization. We're seeing it coming from the ACUVUE OASYS, One-day Moist, we're seeing it from daily total pretty much across the board, we're picking up share from those players. Also, a large percentage coming from new starts, which was something that we think is very favorable to us in terms of what we're seeing.

因為它與下一個問題有關，它實際上是產品的來源。我擁有美國業務中最好的數據源。我們沒有看到大量的自相殘殺。我們看到它來自 ACUVUE OASYS，One-day Moist，我們從日常總量中看到它幾乎全面，我們正在從這些玩家那裡獲得份額。此外，很大一部分來自新的開始，就我們所看到的而言，我們認為這對我們非常有利。

The good news -- one of the good news point I'm going to make on this is that, one of the things that we're very pleased about is, at least in terms of the cannibalization question is that notwithstanding the SiHy Daily launch, which is an important launch for us. We did still see the Biotrue demonstrate a 9% reported revenue growth and our ULTRA, the monthly lens showed 5% reported growth. So clearly, we're seeing the growth in the existing lenses that we've been promoting before as we're launching the INFUSE products. So -- and as we mentioned during the call, the INFUSE revenue growth was about 50%.

好消息——我要對此提出的一個好消息是，我們非常高興的一件事是，至少就蠶食問題而言，儘管有 SiHy Daily 發布，這對我們來說是一個重要的發布。我們仍然看到 Biotrue 報告了 9% 的收入增長，而我們的 ULTRA，月度鏡頭報告了 5% 的報告增長。很明顯，當我們推出 INFUSE 產品時，我們看到了我們之前一直在推廣的現有鏡片的增長。所以——正如我們在電話會議中提到的那樣，INFUSE 的收入增長約為 50%。

We still believe our INFUSE product will be over $250 million opportunity over the long term for the product. But we're excited about what we're seeing in terms of the growth. I think I got all. Sam, do you have anything you want to add?

我們仍然相信我們的 INFUSE 產品的長期價值將超過 2.5 億美元。但我們對我們所看到的增長感到興奮。我想我得到了一切。山姆，你有什麼要補充的嗎？

No. Just on the Biotrue and ULTRA, Craig, is if you look at it also organically because currency have a big impact on those products. So if you look at it organically, those 2 products, Biotrue and ULTRA both grew double digits. So Biotrue is up 13% in the quarter and ULTRA is up 10%, both of them organically.

不。就 Biotrue 和 ULTRA，克雷格，如果你也有機地看待它，因為貨幣對這些產品有很大影響。因此，如果您有機地看待它，那兩個產品 Biotrue 和 ULTRA 都增長了兩位數。因此，Biotrue 在本季度上漲了 13%，ULTRA 上漲了 10%，兩者都是有機的。

The next question is coming from Larry Biegelsen from Wells Fargo.

下一個問題來自富國銀行的拉里·比格爾森。

This is Charles on for Larry. First, congrats on a nice quarter. I wonder if you might be able to give some preliminary thoughts on 2023. I know it might be premature to talk absolute numbers, but wondering if you might be able to talk through some of the different puts and takes that might -- or headwinds and tailwinds you might be thinking about in terms of maybe FX, inflation, LOEs or new product launches to consider?

這是查爾斯對拉里的看法。首先，祝賀一個不錯的季度。我想知道您是否能夠對 2023 年給出一些初步想法。我知道談論絕對數字可能為時過早，但想知道您是否能夠通過一些不同的看跌期權來談論可能 - 或逆風和您可能在考慮外匯、通貨膨脹、LOE 或新產品發布方面考慮的順風？

Sure. Great question. And I'll start and Sam may want to put some additional comments on it. So I think really the important comment as we think about the future, we're obviously not guiding to 2023 yet, but our important comment is that our plan is very straightforward, very simple. We think we can continue the momentum in the current portfolio, all the things that we're doing this quarter as an example.

當然。好問題。我將開始，Sam 可能想對此發表一些額外的評論。所以我認為當我們考慮未來時，重要的評論是，我們顯然還沒有指導到 2023 年，但我們的重要評論是我們的計劃非常直接、非常簡單。我們認為我們可以繼續當前投資組合的勢頭，以我們本季度所做的所有事情為例。

We've invested in categories that we think are going to grow faster than the overall eye health market, things like the Daily SiHy lenses, as I talked about, the premium IOLs, the advanced digital microscope. And then importantly, going to new product categories, things like dry eye disease. So those are going to be the factors for us in terms of how we're looking at the growth strategy for this business. Continued momentum, investment category is growing faster than the market and then expands into new categories is what we're looking at.

我們已經投資了我們認為增長速度將超過整個眼部健康市場的類別，比如我談到的 Daily SiHy 鏡片、高級 IOL、先進的數碼顯微鏡。然後重要的是，進入新的產品類別，比如乾眼症。因此，就我們如何看待該業務的增長戰略而言，這些將成為我們的因素。持續的勢頭，投資類別的增長速度快於市場，然後擴展到新的類別是我們正在關注的。

What 2023 is going to be all about for us. it's going to be continuing to look at new products. It's going to be the LUMIFY product looking at the new formulations from LUMIFY plus the geographic expansion on the consumer side, continuing to look at the Biotrue franchise, which -- many people have questions of us, could you continue to grow the Biotrue multipurpose solution in a marketplace where we got dailies are taking over. And I think we're answering the question, yes, we're seeing that kind of growth with the new innovation we're bringing out.

2023 年將是我們的全部。它將繼續關注新產品。它將是 LUMIFY 產品，著眼於 LUMIFY 的新配方，加上消費者方面的地理擴張，繼續關注 Biotrue 特許經營權，許多人對我們有疑問，您能否繼續發展 Biotrue 多功能解決方案在我們獲得日報的市場上正在接管。我認為我們正在回答這個問題，是的，我們正在通過我們推出的新創新看到這種增長。

And then clearly, on the contact lens side for '23, the story is going to be the continued introduction of the INFUSE product. And then now that we've launched the spherical, we're going to transform them to the multifocal in '23 and then ultimately, the toric and multifocal toric lenses, all of that designed to help us. One innovation that we haven't talked much about, but we're really excited about is we've come forward with REVIVE. REVIVE is a product category that allows us to customize lenses for patients to give them vision -- help them with their vision unmet needs where they haven't been able to get that in the past.

然後很明顯，在 23 年的隱形眼鏡方面，故事將是繼續推出 INFUSE 產品。現在我們已經推出了球面鏡片，我們將在 23 年將它們轉換為多焦點鏡片，然後最終是複曲面和多焦點复曲面鏡片，所有這些都是為了幫助我們而設計的。一項我們沒有過多談論但我們真的很興奮的創新是我們提出了 REVIVE。 REVIVE 是一個產品類別，允許我們為患者定製鏡片以賦予他們視力——幫助他們解決他們過去無法獲得的視力需求。

We're going to be able to give them customizable lenses. We think that's going to be great for patients with their unmet vision needs. But importantly, we'll also generate good margins for us as we go forward with our REVIVE portfolio. And then clearly, on the other comment I was talking about on the surgical side, new products, it's going to be the Envista rolling out the LuxSmart eat off in 2022 and then the advanced digital microscope, I think heard some of the highlights.

我們將能夠為他們提供可定制的鏡頭。我們認為這對於視力需求未得到滿足的患者來說非常有用。但重要的是，隨著我們推進 REVIVE 產品組合，我們還將為我們創造可觀的利潤。然後很明顯，關於我在手術方面談論的另一條評論，新產品，它將是 Envista 在 2022 年推出 LuxSmart 吃掉，然後是先進的數碼顯微鏡，我想听到了一些亮點。

Final comment is ophthalmology, which is one of the challenges we've had to be clear in 2022, but the good news is we've got the largest portfolio of ophthalmic prescription products in the world at 100 products, and we're launching Xipere now. Vyzulta continues to do well. And importantly, we've filed the NOV03 product at the end of June, which we are very optimistic about for the future. So those are kind of the key tailwinds that I see, but Sam, anything you just want to add?

最後的評論是眼科，這是我們在 2022 年必須明確的挑戰之一，但好消息是我們擁有世界上最大的眼科處方產品組合，有 100 種產品，而且我們正在推出 Xipere現在。 Vyzulta 繼續表現良好。重要的是，我們已經在 6 月底提交了 NOV03 產品，我們對未來非常看好。所以這些是我看到的關鍵順風，但是山姆，你只想添加什麼？

No. I think that's from the business fundamentals and how we see it from the tailwinds, as you go forward second half and into next year. When you think about the other elements here, which also could impact into -- future impact in 2023 is really currency is a big factor. We've seen -- we guided full year currency impact for us at about $160 million. We've already seen roughly about $75 million of that come through in the first half of 2022. So there's still volatility in the currency, and we expect that to continue.

不。我認為這是從業務基本面來看，以及我們如何從順風中看到它，因為你會在下半年和明年繼續前進。當你考慮這裡的其他因素時，這也可能影響到 - 2023 年的未來影響確實是貨幣是一個重要因素。我們已經看到 - 我們指導全年對我們的貨幣影響約為 1.6 億美元。我們已經看到其中大約 7500 萬美元在 2022 年上半年通過。所以貨幣仍然存在波動，我們預計這種情況會持續下去。

I think we also look at the inflation. We guided -- in our guidance, we factored in roughly about 100 basis points of an impact on inflation. And we're seeing the signs, although we're taking steps to mitigate many of the actions from inflation and it's manageable, but we've seen the impact of inflation is probably a little bit more prolonged as you go through into 2022 and beyond. So those are key factors here that we are going to continue to watch very closely and we're factoring into our thinking as we think about 2023.

我認為我們也關注通貨膨脹。我們提供了指導——在我們的指導中，我們考慮了大約 100 個基點對通脹的影響。我們看到了這些跡象，儘管我們正在採取措施減輕通脹帶來的許多影響，而且這是可控的，但我們已經看到，隨著您進入 2022 年及以後，通脹的影響可能會更長一些.因此，這些是我們將繼續密切關注的關鍵因素，並且在考慮 2023 年時，我們正在考慮我們的想法。

Yes. So new product launches are going to be important. And those are the things that we'll continue to talk about as we think about what's going to happen in '23. I will point out there is a 1 loss of exclusivity, which is good that that's only one. We worked our way through the Loxo exclusivity of [lower max] or Prolensa product sometime late 2023. So we feel that a lot of the tailwinds that are in front of us, we dealt with many of the headwinds. So we're excited about what we see for the future as we shared with all of you as we went out and did the IPO.

是的。因此，新產品的發布將很重要。這些是我們在思考 23 年將要發生的事情時繼續談論的事情。我要指出的是排他性損失 1，這很好，這只是一個。我們在 2023 年末的某個時候通過 [lower max] 或 Prolensa 產品的 Loxo 排他性工作。所以我們覺得我們面前的很多順風，我們處理了很多逆風。因此，當我們出去進行首次公開募股時，我們與大家分享了我們對未來的看法，我們對此感到很興奮。

The next question is coming from Imron Zafar with Deutsche Bank.

下一個問題來自德意志銀行的 Imron Zafar。

First question is on the Surgical business. Can you just talk about the capital spending environment in terms of what the order book looks like? And then maybe to what extent you're experiencing any supply constraints within that business?

第一個問題是關於外科手術的。你能從訂單簿的角度談談資本支出環境嗎？然後，您可能在多大程度上遇到了該業務中的任何供應限制？

Sure. So -- let me start with the overall Bausch + Lomb surgical business. Importantly, during this quarter, we did see some very nice growth in our consumer business plus 13% organically, and also the implantable plus 10%. So we saw some very nice growth there. By definition, our total though only grew about 7%. So you can see that there is some capital spending that has -- is lower than what we saw in the consumables and implantables is probably the best way to answer the question.

當然。所以 - 讓我從整個博士倫手術業務開始。重要的是，在本季度，我們確實看到我們的消費業務增長了 13%，有機增長了 13%，植入式增長了 10%。所以我們在那裡看到了一些非常好的增長。根據定義，我們的總數僅增長了約 7%。所以你可以看到有一些資本支出 - 低於我們在消耗品中看到的，植入物可能是回答這個問題的最佳方式。

As we've been working through the supply constraints, I want to first and foremost to say, the team on our global supply chain has done an outstanding job continuing to work through these questions. There are real supply constraints out there. I think that, that is a fair quick comment. But our team has just done an outstanding job of working through things, everything from microprocessors and all the things that happen are part of the surgical device side. The team has done a great job to help us think through it. You will see that we have made some investment in inventory to try to help us to work through that question. So we've taken some active steps here to think through this to put ourselves in the best position. But to be clear, there are supply constraints and some parts are just like microprocesses, which is just more difficult to get.

由於我們一直在解決供應限制問題，我首先想說的是，我們全球供應鏈上的團隊在繼續解決這些問題方面做得非常出色。那裡確實存在供應限制。我認為，這是一個公平的快速評論。但是我們的團隊剛剛完成了出色的工作，從微處理器到所有發生的事情都是手術設備方面的一部分。團隊在幫助我們思考問題方面做得很好。您會看到我們在庫存方面進行了一些投資，試圖幫助我們解決這個問題。所以我們在這裡採取了一些積極的步驟來思考這個問題，以使自己處於最佳位置。但需要明確的是，存在供應限制，有些零件就像微工藝，只是更難獲得。

And on the other hand, some of the distribution is just taking longer to get from Point A to Point B logistically. But we are working through it. The team has done a great job, and we have taken some action steps like building some inventory, strategic inventory to ensure that we can work through this.

另一方面，從 A 點到 B 點的物流配送需要更長的時間。但我們正在努力解決它。團隊做得很好，我們已經採取了一些行動步驟，比如建立一些庫存、戰略庫存，以確保我們能夠解決這個問題。

Okay. And then one quick product level question on REVIVE. Can you just remind us what the addressable opportunity is for custom lenses and how needle moving that launch could be in '22 and '23?

好的。然後是關於 REVIVE 的一個快速產品級別問題。你能提醒我們定製鏡頭的潛在機會是什麼，以及在 22 年和 23 年推出的針頭移動如何？

Yes. So I don't want to overstate this opportunity in the near term. But in the long term, we do think the ability for us to customizable lenses that have much more flexibility and all the problems and the issues that people need from a diopter point of view, it will give a chance for patients to get custom soft lenses where they just previously have not had the ability because they have a high diopter or just a unique prescription. We're making them available in spherical, toric, multifocal, multifocal toric, all the things that really can customize the product, make it very specific for you as an individual patient who wants a soft contact lens where previously it was just not available.

是的。所以我不想在短期內誇大這個機會。但從長遠來看，我們確實認為我們能夠定制具有更大靈活性的鏡片以及從屈光度的角度來看人們需要的所有問題和問題，這將使患者有機會獲得定制軟鏡片他們以前沒有能力，因為他們有高屈光度或只是一個獨特的處方。我們將它們提供為球形、复曲面、多焦點、多焦點复曲面，所有真正可以定制產品的東西，使其非常適合您作為一個需要軟性隱形眼鏡的個體患者，而以前它是不可用的。

So those are the things that we're excited about I do think it's going to be slow in its uptake, but I think it's very complementary to help us with all the other things we're doing for our RGP lenses, the Zen lenses, the ARISE ORTHO-K. We see that it's not going to be a big 2022 or '23, but over time, we do see this as being a chance to help meet the needs of these patients who have these vision problems.

所以這些是我們感到興奮的事情，我確實認為它的吸收速度會很慢，但我認為它是非常互補的，可以幫助我們完成我們為 RGP 鏡頭、Zen 鏡頭所做的所有其他事情， ARISE ORTHO-K。我們認為這不會是 2022 年或 23 年的大事，但隨著時間的推移，我們確實認為這是一個幫助滿足這些視力問題患者需求的機會。

Longer term, we'll see what happens because I think patients are going to spend the money to improve their vision because it's so important to them. And many patients want these types of lenses that are going to be very happy to have the access to that, we believe.

從長遠來看，我們會看到會發生什麼，因為我認為患者會花錢來改善他們的視力，因為這對他們來說非常重要。我們相信，許多患者想要這些類型的鏡片，他們會非常樂意使用它。

The next question is coming from Georgi Yordanov from Cowen. .

下一個問題來自 Cowen 的 Georgi Yordanov。 .

Ratios on the quarter. So maybe just more broadly on the margins. You've spoken about some of the incremental investments you're making this year -- but maybe if you could comment on how should we be thinking about margins going forward? And what are some of the focuses of the R&D investments -- and then secondly, can you talk about the restrictions that come from the 90% ownership that BHG has on your business? Like what are some of the business activities that might be limited because of that? And how could this potentially impact your business, if at all?

本季度的比率。所以也許只是更廣泛地處於邊緣。您已經談到了您今年正在進行的一些增量投資 - 但也許您可以評論一下我們應該如何考慮未來的利潤率？研發投資的重點是什麼？其次，您能否談談 BHG 對您的業務擁有 90% 所有權的限制？比如有哪些商業活動可能因此受到限制？如果有的話，這對您的業務有何潛在影響？

George, so let me start with the margin, and I'm going to start thinking -- just maybe I'll work my way through the P&L here. I'm going to start with the gross margin, and then I'll just take you down to the EBITDA. And when you think about gross margin year-over-year, we're seeing gross margin -- pressure on the gross margin of about 100 basis points. Majority of that impact is coming really from inflation. So we've seen the inflation -- well actually, we offset many elements of it through strategic pricing and actions that were taken through our supply chain and buildup of inventory, as Joe mentioned earlier, but you're still seeing about 100 basis points coming in through inflation.

喬治，所以讓我從保證金開始，我將開始思考——也許我會在這里通過損益表工作。我將從毛利率開始，然後我將帶您了解 EBITDA。當您考慮同比毛利率時，我們看到毛利率 - 毛利率壓力約為 100 個基點。這種影響大部分來自通貨膨脹。所以我們已經看到了通貨膨脹——實際上，我們通過戰略定價和通過我們的供應鍊和庫存積累採取的行動來抵消它的許多因素，正如喬之前提到的，但你仍然看到大約 100 個基點通過通貨膨脹進入。

To a lesser extent, the product mix also plays a factor here because as we launch new products, short term tend to have pressure on the margins. But the beauty of the element of it is that it does flip as you go forward because as you scale up and as you build up your launch, it does contribute to margin improvement. So you see a short-term pressure on the margin, but you'll see more improvement as you go forward.

在較小程度上，產品組合也是一個因素，因為隨著我們推出新產品，短期內往往會對利潤率產生壓力。但它的美妙之處在於它確實會隨著你的前進而翻轉，因為隨著你的擴大規模和建立你的發布，它確實有助於提高利潤率。因此，您會看到利潤率的短期壓力，但隨著您的前進，您會看到更多改善。

When you think about that EBITDA on a year-to-year basis, I think a couple of factors here. Inflation also factoring the standup of the company. We talked about the fact that 2022 for us is the year where you actually it's a pivoting year because you're building up the infrastructure within B&L. And as you go forward, you're not going to have to incur that same level of buildup in the infrastructure as you go forward, and you'll be able to get the benefit of those products that you're launching. So you'll be able to see that margin and the margin expansion as you go forward.

當您逐年考慮 EBITDA 時，我認為這裡有幾個因素。通貨膨脹也影響了公司的地位。我們談到了這樣一個事實，即 2022 年對我們來說實際上是關鍵的一年，因為您正在 B&L 內部建立基礎設施。而且隨著您的前進，您將不必在基礎設施中產生與前進相同水平的構建，並且您將能夠從您推出的那些產品中受益。因此，隨著您的前進，您將能夠看到該保證金和保證金擴展。

So we're seeing that play out exactly as we planned in the first half of 2022, and we expect it to play out exactly as our plan for the rest of the year and as we go forward. In terms of R&D investment, we increased our R&D investment this quarter, we upped our guidance to about 8%. We ran probably about 8% -- 8% to 9% in Q1. We ran another 8% in Q2. And as we look to the second half of the year, we're projecting we're going to be an 8%. That's about 100 basis points higher than what we had previously communicated, which was about 7% of sales.

因此，我們看到它完全按照我們在 2022 年上半年的計劃進行，我們預計它將完全按照我們今年剩餘時間的計劃以及我們前進的方式進行。在研發投入方面，本季度我們增加了研發投入，我們將指導值上調至 8% 左右。我們可能在第一季度運行了大約 8% - 8% 到 9%。我們在第二季度又跑了 8%。當我們展望今年下半年時，我們預計我們將達到 8%。這比我們之前傳達的大約 7% 的銷售額高出大約 100 個基點。

We're excited. We have Yehia. Dr. Yehia who has joined us. He's really taking full charge with the R&D and accelerating many of our key pipeline project to be able to bring it to market sooner, and we're excited about that. And you're seeing that level of excitement translates into the higher expense and investment within R&D. We expect probably as you go forward, is probably the 7% to 8% is probably a good range to think about for this year, we are going to be more leaning towards the 8%.

我們很興奮。我們有耶希亞。加入我們的 Yehia 博士。他真正全面負責研發並加速我們的許多關鍵管道項目，以便能夠更快地將其推向市場，我們對此感到興奮。而且您會看到這種興奮程度轉化為研發中更高的費用和投資。我們預計，隨著您的發展，今年 7% 到 8% 可能是一個不錯的考慮範圍，我們將更傾向於 8%。

And within the category you asked to which product still focus our investment mainly focused around the surgical. We pivot the R&D Investor or surgical followed by Ophthalmology and then our Vision Care segment. So that's the priority of the 2 of them. And then you had one last question in terms of the restriction of the 90% ownership. We are -- just as a reminder, we are still a restricted sub of (inaudible). However, really, we don't see that type of restriction having any impact on our operation on a day-to-day. So we still have the full freedom to operate and do investments as you've seen what we've done in the first half already in terms of the number of investments that we've done through either license or partnerships that we've done in the different businesses. So we're seeing the flexibility and the freedom to operate. So we're not seeing much of a restriction at all from the 9%. I don't know if you have anything else you want to add?

在您詢問的類別中，我們的投資仍主要集中在外科手術上。我們以研發投資者或外科手術為中心，然後是眼科，然後是我們的視力保健部門。所以這是他們兩個的優先級。最後一個問題是關於 90% 所有權的限制。我們——提醒一下，我們仍然是（聽不清）的受限制的子項。但是，實際上，我們認為這種限制不會對我們的日常運營產生任何影響。所以我們仍然有完全的自由來經營和進行投資，正如你已經看到我們在上半年所做的那樣，就我們通過許可或合作夥伴所做的投資數量而言不同的業務。因此，我們看到了操作的靈活性和自由度。因此，我們根本沒有看到 9% 的限制。不知道大家還有什麼要補充的嗎？

No, Sam, I think you answered it very well. Maybe the only thing I'd add from a big picture point of view to what Sam answer because it was a good answer is that -- what you're seeing, I believe, is that more of a focus at B&L on the eye care business now that we've separated the companies, we really put a lot more focus into what we're working on at B&L. And I think that's one of the reasons that why Yehia has been able to advance the R&D projects and with that comes incremental investment. But importantly, we're advancing the projects which we believe will make a difference in the lives of the patients.

不，山姆，我認為你回答得很好。也許我要從大局的角度對 Sam 的回答進行補充，因為這是一個很好的答案——我相信你所看到的是 B&L 更多地關注眼部護理現在我們已經將公司分開了，我們真的把更多的精力放在了我們在 B&L 的工作上。我認為這就是 Yehia 能夠推進研發項目並隨之而來的增量投資的原因之一。但重要的是，我們正在推進我們認為將改變患者生活的項目。

So I do think that, that's really just an example of some of the focus that you get as B&L now separated out as an eye health company. The only other comment I would add to what Sam said in terms of the margin comment is that, once again, it's going to be about the new products. As we launch these new products, we do think that we're seeing an opportunity to bring forth these new products.

所以我確實認為，這實際上只是你所獲得的一些焦點的一個例子，因為 B&L 現在作為一家眼保健公司分離出來。關於邊際評論，我要補充的唯一其他評論是，再次，它將是關於新產品的。當我們推出這些新產品時，我們確實認為我們看到了推出這些新產品的機會。

And then importantly, as we get more experience with our SiHy Daily lens for example, I expect the yield to continue to get better from the capital equipment that we have. And as we move that yield from a 60% yield in the first year to a 70% to 80% in the second year and then 80-plus percent in the years 3 and 4. That type of yield also is going to help the margin to the comments that Sam was making. But once again, I think the large part of that comes back to this focus that we have as a company now that we have separated the B&L business.

然後重要的是，例如，隨著我們在 SiHy Daily 鏡頭方面獲得更多經驗，我預計我們擁有的資本設備的產量將繼續提高。隨著我們將收益率從第一年的 60% 提高到第二年的 70% 到 80%，然後在第三年和第四年達到 80% 以上。這種類型的收益率也將有助於提高利潤率對 Sam 的評論。但再一次，我認為這在很大程度上回到了我們作為一家公司的關注點，因為我們已經分離了 B&L 業務。

The next question is coming from Doug Miehm from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Doug Miehm。

Just a couple of housekeeping items. Number one, is our P&L now fully burdened for all stand-alone costs? And then maybe you could also just quickly chat about CapEx being maybe a little bit lower this quarter. It looks like you're guiding to an unchanged number. So those are 2 housekeeping items. And then finally, in the event the parent did need a bit more cash and recognizing that they still own 90% of the company. What is the mechanism by which that they could transfer over cash, if necessary in the future. And I'll leave it there.

只是一些家務用品。第一，我們的損益表現在是否完全負擔了所有獨立成本？然後也許你也可以快速聊聊本季度資本支出可能會降低一點。看起來你正在引導一個不變的數字。所以這些是2個家務用品。最後，如果母公司確實需要更多現金並承認他們仍然擁有公司 90% 的股份。如果將來有必要，他們可以通過什麼機制轉移現金。我會把它留在那裡。

Doug, let me take them in order here. So in the first one, with the stand-alone cost. So we guided about $70 million stand-alone costs for this year as you compare to last year, full year 2021. And what we said is we are starting to ramp up into the stand-alone cost throughout the year. So I think when you think about it right now, you probably look at the P&L and you look at B&L, it is what you will see in terms of being able to operate as a stand-alone company. So that caused us a factor in terms of how we think about from our guidance for the full year.

道格，讓我把它們整理好。因此，在第一個中，具有獨立成本。因此，與去年（即 2021 年全年）相比，我們今年指導了約 7000 萬美元的獨立成本。我們所說的是，我們全年都開始增加獨立成本。所以我認為，當您現在考慮它時，您可能會查看損益表和 B&L，這就是您將看到的能夠作為獨立公司運營的情況。因此，這導致了我們如何從全年的指導中思考的一個因素。

In terms of CapEx, you are right, there is about $34 million of CapEx this quarter. Just as a reminder, we did spend roughly about $42 million in Q1. So that gives you about, call it, $76 million. So it's still from a run rate to the $225 million, it is like. But the key factor is all about timing for us. I think there's a couple of factors in terms of the CapEx is tied to a number of projects within our supply chain and manufacturing, and it tend to be timing. And as we see it, we see a big element of that coming into the second half, hence, we did not move or change our full year guidance of $225 million.

就資本支出而言，你是對的，本季度的資本支出約為 3400 萬美元。提醒一下，我們確實在第一季度花費了大約 4200 萬美元。所以這給了你大約7600萬美元。所以它仍然從運行率到 2.25 億美元，就像這樣。但關鍵因素是我們的時機。我認為資本支出有幾個因素與我們供應鍊和製造中的許多項目有關，而且往往是時機。正如我們所看到的，我們看到下半年進入其中的一個重要因素，因此，我們沒有移動或改變我們 2.25 億美元的全年指導。

And the last part, I will start here in terms of what the mechanism of any cash transfer. There's no -- it's an arm length relationship between us and BHG because there's no, I'll call it, relationship where we can actually just submit or send cash to BHG to the cash that you see on the balance sheet, which is roughly $430 million for B&L. That's a B&L cash that's retained by cash at cash from operations that we generated, which is about $165 million. That's the cash stays within B&L. So there's no sort of a requirement or a mechanism that we established that we transfer cash back and forth between B&L and BHG, it's really an arm length and an independent point of view.

最後一部分，我將從這裡開始介紹任何現金轉移的機制。沒有——這是我們和 BHG 之間的公平關係，因為沒有，我稱之為，我們實際上可以向 BHG 提交或發送現金到您在資產負債表上看到的現金的關係，大約是 430 美元百萬為 B&L。這是提單現金，由我們產生的運營現金中的現金保留，約為 1.65 億美元。那就是留在 B&L 中的現金。因此，我們沒有建立任何要求或機制來在 B&L 和 BHG 之間來迴轉移現金，這實際上是一個臂長和一個獨立的觀點。

Next question is coming from Yatin Suneja from Guggenheim Partners.

下一個問題來自 Guggenheim Partners 的 Yatin Suneja。

A couple of questions for me. First, on the pricing. Can you just talk about the level of price increase you are able to take at corporate level? Are there certain businesses where you have more leverage versus the other -- and then what percent actually are you able to realize? And whatever you've done in 2022, at least, are you able to offset the inflation impact? So that's first question broader on price. The second one, any update on Lucentis biosimilar filing?

我有幾個問題。首先，關於定價。你能談談你在公司層面能夠承受的價格上漲水平嗎？是否有某些企業比其他企業擁有更大的影響力——然後你實際上能夠實現多少百分比？不管你在 2022 年做了什麼，至少，你能抵消通貨膨脹的影響嗎？所以這是第一個關於價格的更廣泛的問題。第二個，關於 Lucentis 生物類似藥申請的任何更新？

Sure. Let me start on the pricing, the level increase in which business is. So maybe the first general comment. As we reported in the quarter, for the second quarter, price was 2% of the 6% organic growth and volume was 4%. So we achieved a 2% price increase, first comment. Second comment I'd make on pricing is relative to what we've done I remind you that we took pricing. In January, we took it for our vision products, our contact lens products. And those prices took an effect it was in the mid-single-digit level. We did not take it in every country around the world. We've looked at the inflationary pressures, and think of it almost as a situation of leadership of where we saw the inflation and where we saw the issues we did take pricing.

當然。讓我從定價開始，業務水平的提高。所以也許是第一個一般性評論。正如我們在本季度報告的那樣，第二季度的價格是 6% 有機增長的 2%，而銷量是 4%。所以我們實現了 2% 的價格上漲，首先評論。我對定價的第二條評論與我們所做的有關，我提醒您我們採取了定價。一月份，我們把它用於我們的視覺產品，我們的隱形眼鏡產品。這些價格在中個位數水平產生了影響。我們並沒有在世界上的每個國家都接受它。我們已經研究了通脹壓力，並將其視為一種領導情況，即我們在哪裡看到了通脹，在哪裡看到了我們確實採取了定價的問題。

So that occurred in the January time frame. We did the same thing in the consumer side of pricing. But what -- with the consumer business, especially in some areas, what we had to do there is give advanced notice to the individual customers. And although the price was taken in January, we didn't actually realize it until really mark the March timing, and that's why you're seeing some of the pricing stronger in the second quarter versus the first quarter.

所以這發生在 1 月份的時間範圍內。我們在定價的消費者方面做了同樣的事情。但是，對於消費者業務，尤其是在某些領域，我們必須做的是提前通知個別客戶。儘管價格是在 1 月份制定的，但直到真正標誌著 3 月份的時間，我們才真正意識到這一點，這就是為什麼你會看到第二季度的一些定價比第一季度更強。

As it would relate to what we're thinking about for the rest of this year, and I think part of your question was next year as well. We are looking at additional pricing for 2022. The answer of that is yes. We are looking at not just the I'd call it the selling price, but we're also looking at discounts, rebates, et cetera, all of which contributes to the pricing side. And we have reflected that our comments on our beliefs on pricing in the forecast for the full year is how I would reflect that.

因為這與我們今年剩餘時間的想法有關，我認為你的部分問題也是明年。我們正在考慮 2022 年的額外定價。答案是肯定的。我們不僅關注我稱之為銷售價格，還關注折扣、回扣等，所有這些都有助於定價方面。我們已經反映了我們在全年預測中對我們對定價的看法的評論就是我將如何反映這一點。

Do I think that there's going to be some additional pricing that we will look to take in 2023, at least as we sit here today with the inflation factor is somewhere in that 9% range. And certainly, what we're seeing on the energy side, I do expect us to look at additional pricing in 2023. Obviously, there'll be a situational depending on what happens for the remainder of this year.

我是否認為我們會在 2023 年採取一些額外的定價，至少我們今天坐在這裡，通脹因素在 9% 的範圍內。當然，我們在能源方面看到的情況，我確實希望我們會在 2023 年考慮額外定價。顯然，這將取決於今年剩餘時間會發生什麼情況。

As it would relate to Lucentis biosimilar. We do expect to resubmit the Lucentis biosimilar by the end of 2022. To be clear, that's going to be done by our partner. But yes, we do expect that to be resubmitted by the end of 2022. I think I got all the questions, Sam, do you have anything to add?

因為它與 Lucentis 生物仿製藥有關。我們確實希望在 2022 年底之前重新提交 Lucentis 生物仿製藥。需要明確的是，這將由我們的合作夥伴完成。但是，是的，我們確實希望在 2022 年底之前重新提交。我想我得到了所有的問題，Sam，你有什麼要補充的嗎？

The next question is from Cecilia Furlong with Morgan Stanley.

下一個問題來自摩根士丹利的 Cecilia Furlong。

I wanted to ask, on Xipere, could just talk a bit about your outlook for the balance of this year, where you are in the rollout of the training? and then just kind of a higher-level macro question. On your surgical business side, really, what are you seeing today in terms of either staffing pressures, other limitations that are dampening down what could have been perhaps greater growth just in surgical procedures overall?

我想問一下關於 Xipere 的問題，能否談談您對今年剩餘時間的展望，您在哪裡開展培訓？然後只是一個更高層次的宏觀問題。實際上，在您的外科業務方面，您今天在人員配備壓力和其他限制方面看到了什麼，這些限制正在抑制整個外科手術可能會出現更大的增長？

Sure. So first, we're very excited about what we're seeing with Xipere. I had a chance to talk to a number of the key opinion leaders, I guess it was a couple of weeks ago now. They had their meeting annual meeting in New York City for retinal surgeons and the reaction to Xipere of the key opinion leaders was very, very strong. We have received now a J code, which is an important part of the reimbursement side of Xipere that is now in hand. So we're very excited.

當然。因此，首先，我們對 Xipere 所看到的一切感到非常興奮。我有機會與一些關鍵的意見領袖交談，我想那是幾週前的事了。他們在紐約市召開了視網膜外科醫生年度會議，主要意見領袖對 Xipere 的反應非常非常強烈。我們現在收到了一個J碼，這是Xipere報銷方面的重要組成部分，現在在手。所以我們非常興奮。

I don't want to over play it, though, in the sense that the annual prevalence of treated uveitis patients in the United States for 18-plus somewhere around 125,000 patients and about macular edema effects about 20% of these patients. So it gives you some sense of the magnitude. But the concept of using the suprachoroidal space for the eye to deliver medications is one that has been very well received. And obviously, we're now thinking about not just what we've done with Xipere, but what additional opportunities we can use as I'm going to call it a platform to use the suprachoroidal space of the eye where we can go next with this opportunity.

不過，我不想誇大其詞，因為美國 18 歲以上的葡萄膜炎患者的年患病率約為 125,000 名患者，其中約 20% 的患者患有黃斑水腫。所以它讓你對規模有一些了解。但是，使用眼部脈絡膜上腔來輸送藥物的概念已經非常受歡迎。顯然，我們現在不僅在考慮我們對 Xipere 所做的工作，還考慮我們可以利用哪些額外的機會，因為我將把它稱為使用眼睛脈絡膜上腔的平台，接下來我們可以使用這次機會。

So very excited. We're seeing reimbursement. We're seeing the key opinion leaders talk about it, and they like what they're seeing initially in helping these patients, which, unfortunately, if you can't help these patients, they could potentially go blind. So we're excited in what we're seeing in terms of response to the product. But very early, obviously, in our launch.

所以非常興奮。我們看到了報銷。我們看到關鍵意見領袖談論它，他們喜歡他們最初在幫助這些患者時所看到的，不幸的是，如果你不能幫助這些患者，他們可能會失明。因此，我們對我們所看到的對產品的反應感到興奮。但是很明顯，在我們的發布中。

On the question of the surgical side, I get back to what I had mentioned before. There still is a backlog, we think, on the surgical cataract side of the business. There is still -- we think about 10 million globally surgical procedures, specifically in the cataract world that have been delayed because of COVID. To your point, -- some of this could have happened earlier, but there are some staffing issues that are part of it. That is absolutely clear.

關於手術方面的問題，我回到我之前提到的內容。我們認為，白內障手術方面的業務仍有積壓。仍然有——我們認為全球約有 1000 萬例外科手術，特別是在白內障領域，由於 COVID 而被推遲。就您的觀點而言，其中一些可能發生得更早，但其中有一些人員配備問題。這是絕對清楚的。

But we do see this as being a tailwind for the surgical business for the remainder part of '22 to '23 and going into the future as people still have this cataract problem, notwithstanding the issues with COVID. Therefore, there is going to be opportunities to help more patients in the future. And importantly, we're excited because we've got new innovation coming certainly on our new IOLs. And with the Envista with our LuxSmart IOL portfolio and what we're launching. So exciting opportunities to help more patients as we look at it.

但我們確實認為，這對 22 年至 23 年剩餘時間的外科手術業務來說是一個順風，並且會隨著人們仍然存在這種白內障問題而進入未來，儘管 COVID 存在問題。因此，未來將有機會幫助更多的患者。重要的是，我們很興奮，因為我們的新 IOL 肯定會有新的創新。以及 Envista 與我們的 LuxSmart IOL 產品組合以及我們正在推出的產品。當我們看到它時，有如此令人興奮的機會可以幫助更多的患者。

Operator, I think we have time for one more question here or two more questions.

接線員，我想我們還有時間在這裡再問一個或兩個問題。

Certainly. The next question is coming from Vijay Kumar from Evercore.

當然。下一個問題來自 Evercore 的 Vijay Kumar。

Congrats on the quarter. I'll just limit myself to 2-part one question. One, Sam, on the guidance, it looks like inflation worsened 50 basis points. I'm not sure if pricing assumptions change so that EBITDA range of 740 to 780, should we be perhaps looking at the lower end of the range? And one for Joe. What was the China headwind in the quarter in the contact lens up low singles. I know you've been pretty excited about Daily SiHy. So maybe talk about some of the drivers here.

祝賀本季度。我將把自己限制在第一個問題的兩部分。一，山姆，在指導意見中，通脹似乎惡化了 50 個基點。我不確定定價假設是否會發生變化，使得 EBITDA 範圍在 740 到 780 之間，我們是否應該關注該範圍的下限？還有一個給喬。什麼是中國隱形眼鏡在本季度的逆風單打低位。我知道你對 Daily SiHy 非常興奮。所以也許在這裡談談一些驅動程序。

Vijay, let me take actually the first -- I'll take the 2 parts of the question. So on the guidance, -- when you think about the inflation and it's really an impact as you said like about 100 basis points and you think about how that flows through to the EBITDA. One of the things that we are working through is really taking, I would call it, a disciplined approach or cost structure. And as we're thinking, we're really refocusing in terms of all the spend that -- prioritizing all the spend that feeds into the growth and making sure that's going through. Everything else, we're trying to make sure that we are taking a very structured and disciplined approach to be able to mitigate as much of what we're seeing on headwind coming in from inflation to be able to play within the ranges that we are seeing of the EBITDA of $740 million to $780 million.

Vijay，讓我來回答第一個問題——我將回答問題的兩個部分。因此，在指導方面，當您考慮通貨膨脹時，它確實像您所說的那樣產生了大約 100 個基點的影響，並且您考慮了它是如何流向 EBITDA 的。我們正在努力的其中一件事是真正採取，我稱之為嚴格的方法或成本結構。正如我們所想的那樣，我們真的在重新關注所有支出——優先考慮所有促進增長的支出，並確保這些支出得以實現。其他一切，我們都在努力確保我們正在採取一種非常有條理和紀律嚴明的方法，以能夠盡可能多地減輕我們所看到的來自通脹的逆風，以便能夠在我們所處的範圍內發揮作用看到 EBITDA 為 7.4 億美元至 7.8 億美元。

So that's on your first part. In terms of the China headwind in the quarter, China had an impact pretty much across all our 3 segments, but most pronounced in our lens business. So when we talked on in my prepared remarks, when you think about the growth that we've seen in the lens business internationally, that part grew 3% organically. If you would take China, that would have been about 13% organically. So you see the magnitude on the international side in the lens business is quite significant. The impact in terms of dollar amounts is probably in the range of about $15 million to $20 million that we've seen an impact in this Q2.

所以這是你的第一部分。就本季度的中國逆風而言，中國對我們所有 3 個細分市場的影響都很大，但在我們的鏡頭業務中最為明顯。因此，當我們在我準備好的講話中進行討論時，當您考慮我們在國際鏡頭業務中看到的增長時，這部分有機增長了 3%。如果你拿中國來說，那將是大約 13% 的有機。因此，您會看到鏡頭業務在國際方面的規模非常重要。就美元金額而言，影響可能在大約 1500 萬美元到 2000 萬美元之間，我們在第二季度已經看到了影響。

We have time for just one last question, please.

我們只有最後一個問題的時間了，拜託。

Our final question is coming from Zack Weiner from Jefferies.

我們的最後一個問題來自 Jefferies 的 Zack Weiner。

I just wanted to touch on the INFUSE multifocal launch still on track for later this year? And then can you give any comments on content discounts through, I guess, the rest of this year and maybe potentially into next year as we head towards a tougher economic environment?

我只是想談談今年晚些時候仍在按計劃推出的 INFUSE 多焦點產品？然後，您能否就內容折扣發表任何評論？

Yes. Once again, on the overall INFUSE launch opportunity, we're very excited that we're going into a lot more geographies with it in addition to the geography part of the expansion opportunity. We're also going to launch the multifocal.

是的。再一次，關於整個 INFUSE 的發布機會，我們非常興奮，除了擴展機會的地理部分之外，我們還將進入更多的地區。我們還將推出多焦點。

Look to us to launch multifocal probably end of this year, early next year, probably -- I'd probably focus a little bit more early next year. One of the great things that we're seeing is a lot of demand for our existing spherical lenses. So we want to make sure that when we've launch the multifocal, we've got all the amount of inventory we need to get it to the marketplace and moving forward. So look forward for that to happen end of this year, early next year in terms of multifocal launch timing. One of the comment -- or question, I guess, you asked was the discounts going into the recession. We've actually been able to see -- that's been something we've been working very much to manage.

期待我們可能在今年年底，明年初推出多焦點，可能 - 我可能會在明年初更加專注。我們看到的一件好事是對我們現有球面透鏡的大量需求。因此，我們希望確保當我們推出多焦點產品時，我們已經擁有了將其推向市場並向前發展所需的所有庫存量。因此，就多焦點發射時間而言，期待今年年底，明年初實現這一目標。我猜你問的其中一個評論或問題是進入衰退的折扣。我們實際上已經能夠看到 - 這是我們一直在努力管理的事情。

As I mentioned before, we view the overall eye health thing what I would refer to as recession-resistant or recession-proof, I'd probably say in terms of the characteristics. So we don't expect to see some significant increase in pricing and discounts. It is clearly a competitive market and something that we're all going to try to compete, of course. But I don't see significant incremental discounts, especially knowing that some of the input costs for contact lenses like the polymers and things that we use are going to be linked to the price of oil. So it's something that we're trying to manage our way through as we think about what's happening. Our view is we're going to stay competitive and make sure that we look at ourselves versus the market player competitors out there, and we think we can compete, especially with our new innovation on our INFUSE.

正如我之前提到的，我們將整體眼睛健康視為我所說的抗衰退或抗衰退，我可能會根據特徵說。因此，我們預計價格和折扣不會出現顯著增加。這顯然是一個競爭激烈的市場，當然，我們都將嘗試競爭。但我沒有看到明顯的增量折扣，特別是知道隱形眼鏡的一些投入成本，如聚合物和我們使用的東西，將與石油價格掛鉤。因此，當我們思考正在發生的事情時，我們正在努力管理我們的方式。我們的觀點是，我們將保持競爭力，並確保我們將自己與市場上的競爭對手進行比較，我們認為我們可以競爭，尤其是我們在 INFUSE 上的新創新。

One of the things I didn't talk about, but I think it's an important comment is that we clearly think that our INFUSE product has the ability to help a number of patients where they had some problems with wearing other SiHy Dailies, mostly because they still cause contact lens join us at the end of the day. This is something by putting electrolytes, moisturizers in. We think that we found a way to help those patients to wear their lenses through the entire day, to have great optics and still have comfort. So that's why we're excited about what we're doing with INFUSE.

我沒有談論的一件事，但我認為這是一個重要的評論，我們清楚地認為我們的 INFUSE 產品有能力幫助許多在穿著其他 SiHy 日常用品時遇到問題的患者，主要是因為他們仍然導致隱形眼鏡在一天結束時加入我們。這是通過添加電解質、保濕劑來實現的。我們認為我們找到了一種方法來幫助這些患者全天佩戴鏡片，獲得出色的光學效果並保持舒適。所以這就是為什麼我們對我們正在使用 INFUSE 所做的事情感到興奮。

But just a general comment on pricing. We want to stay competitive compared to our competitors, and we'll do that. But we don't see some major discounts going on in the recession at this time.

但只是對定價的一般評論。與競爭對手相比，我們希望保持競爭力，我們會這樣做。但我們目前沒有看到經濟衰退期間出現一些重大折扣。

Operator, that concludes the comments that we want to make for the day. Thank you very much, everyone, for joining us. Look forward to having additional conversations with you in the future. Have a great day, everyone.

接線員，這結束了我們今天要發表的評論。非常感謝大家加入我們。期待未來與您進行更多對話。祝大家有個美好的一天。

Thank you.

謝謝你。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。